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trunitial trle JULY 4, 1908. 'VOL. 87. NO. 2245. I Published every Saturday by WILLIAM B.DANA COMPANY,Front, Pine and Depeyster Sta., N. Y. C. William B.Dana, Preet.; Jacob Seibert Jr., Y/ oe-Pre.t See.; Arnold G. Dana, Trees. Andrews of all, Office of the Company. MU CLEARINGS-FOR JUNE,SINCE JANUARY 1 AND FOR WEEK ENDING JUNE 27. 1008. S 1907. $ Inc. or Dec. New York 5,653,859,917 6,369,172,965 -11.2 606538,898 -20.4 ?hiladelphla 482,850,842 Pittsburgh 238,607,050 -28.9 169,529795 3altimore 123,982,022 -17.5 102,212,110 34,528,201 -3.3 3urfalo 33,385678 31,193,194 -23.0 24,009,729 kibany 26,529,807 -7.6 24,525,791 Washington 16,341,544 -12.0 14,377,122 Rochester 9.373,818 +4.0 9,747,939 3cranton 9,021,796 -15.4 7,636,524 Iyracuse 6,033,840 -12.0 5,310,896 Reading 6,145,329 -7.0 5,713,553 ;Vilmington 4,869,633 +1.0 4,916,428 Wilkes-Barre 4,491,747 +38.2 6,206,124 Wheeling, W.Va +6.2 4,642,196 4,939,900 Elarrisburg 2,953,575 -9.5 2,672,232 Erie 2,302,369 -15.8 1,937,819 hester 2,182,700 -11.9 1,921,500 3inghamton 2,054,487 +14.8 2,359,674 3reensburg 1,189,935 +0.7 1,197,620 Fmnklin 804,606 +14.0 917,117 Frederick 6,560,227,810 7,502,959,662 -12.6 Total Middle 5 043,424,27n -12.4 563,726,446 3oston 31,293,30Y -14.6 26,719,000 Providence 15,504,32' -15.1 13,168,232 Hartford 10,543,274 -7.9 9,711.016 New Haven 8,792,606 -13.8 7,581,635 Ipringile10 9,504,421 -20.0 7,029,015 ?ortland -9.1 6,853,428 6,229,810 Worcester 3,992,590 +8.0 4,313,503 Fall River 3,413,494 -10.6 3,051,716 New Bedford 2,144,648 -4.3 2,051,700 Lowell 1,987,581 -6.4 1,860,890 Holyoke 737,453,888 -12.5 645,442,963 Total New England 052,873,903 1,030,270,994 -7.5 Nees° , 5 115,02 2,mo -14.2 98,663,650 "lncffinati 75,624,948 -20.9 59,820,975 Neveland 61,149,222 -8.6 55,870,453 Detroit . 45,607,878 45.106,887 +1 1 Ifilwaukee 35,328,790 -4.7 33,658,127 Indianapolis 23,868,700 -5.3 22,602,200 3olumbus 19,094,089 -26.1 14,115,456 roledo 11,506,849 -16.0 9,661,360 Peoria 10,676,981 -17.7 8,783,459 3mnd Rapids 9,763,408 -26.5 7,171,368 Evansville 8,437,052 -16.7 7,027,476 Dayton 4,458,730 -2.0 4,371,378 Kalamazoo 3,672,481 -4.0 3,524,868 3pringfield, Ill 3,470,195 +11.3 3,961,905 Fort Wayne 3,156,144 -2.5 3,077,149 kkron 3,077,669 -5.3 2,915,364 Youngstown 2,901,144 -13.0 2,523,666 Rockford 2,616,418 -32.6 1,764,969 7anton 2,555,498 -10.5 2,288,278 Lexington 2,100,770 -5.0 2.000,647 bulb Bend 2,020,712 -0.7 2,006,977 3loomIngton 1,918,972 -12.4 1,680,615 Springfield, Ohio ____ 1,728,825 +5.6 1,824,414 3uincy 1,714,030 +14.9 1,908,565 Decatur 1,677,827 -12.8 1,452.839 dansfleid 1,492,410 -6.1 1,401,468 rackson 1,019,924 -9.0 927,978 Faeksonville, III +9.3 019,991 677,833 ton Arbor Total Middle West.. 1,354,225,218 1,486.050,310 -3.9 -18.6 168,501,207 137,195,869 San Francisco 1 48,836,027 -14. 41,939,967 ,- os Angeles 42,966,552 -16.9 35,713,630 3eattle 31,974,904 -25.6 23,778,624 ?ortland -10.9 25,697,694 22,904,330 Salt Lake City 25,540,415 -9.9 23,000,000 Ipokane 21,433,018 -20.3 17,093,700 racoma 10,856,077 -44.9 5,980,599 )akland 3,430,204 -57 3,234,206 Helena 2,407,953 -13.3 2,086,943 Fargo 2,011,847 -14.0 1,719,053 Ian Jose 1,921,680 +12.3 2,150,770 Sioux Falls 385,667,578 -17.9 316,805,700 Total Pacific 125,883,914 -3.3 121,692,681 Karma City 105,445,757 -31.5 72,225,848 dinneapoiLs 47,738,685 +1.5 48,448,814 3maha +1.2 87.941,941 It. Paul 38,379,990 32,889,900 +5.0 Denver 34,523,161 24,980,972 -8.2 22,926,460 R. Joseph Des Moines 11,360,877 +9.4 12,433,981 9,852,485 -11.4 31oux City 8,724,115 Lincoln 5,558,597 -0.7 5,516,381 Wichita 6,000.000 5,820,559 +3.1 ft/peke 4,390,440 4,311,546 +1.8 3,920,571 3.875,505 11.2 Davenport 8.1 2,948,632 2,727,620 3edar Rapids 0.4 2,698,549 2,535,662 :7olorado Springs ____ 1,976,240 2,300,149 -14.1 Pueblo 1,139,810 1,480,948 -23.0 Fremont 387,945,67i 424,718,617 -8.7 Total other West.240,615,382 257,990,520 -6.7 It. Louis 53,000,000 86,685,084 -40.5 New Orleans 46,201,536 53,056,368 -12.9 Louisville 32,883,317 45,650,070 -27.9 Houston 21,822,500 24,511,000 -11.0 3alveston 23,873,766 25,307,687 -5.7 Richmond 15,665,090 18,139,300 -13.0 ktlanta 19,503,621 111,498.900 +18.2 Ifemphis 15,509,442 -26.3 11,431,210 Nashville 14,914,521 +23.1 19,104,811 Fort Worth 12,669,398 -4.2 12,132,5643 Savannah 11,068,873 -23.8 8,437,107 Norfolk 6,768,076 611,046 -29.7 9, Birmingham 6,525,996 -10.8 5,824706 facksonville 6,220,859 -13.2 5,397,160 Knoxville 8,947,495 -9.7 5,370,320 Mattanooga 5,890,107 -19.5 4,750,106 dobile 5,097,390 -0.3 4,777,908 Little Rock 4,783,506 -5.9 4,000,000 kugusta 9,783,616 -12.0 4,211,083 3harieston 4,067,106 -2.4 3,968,227 Dklahoma 2,385,503 -9.7 2,153,115 1,90(1,384 -45.9 1,028,364 ° Min?nkion, N. c _ _ _ +1.2 2,012,961 2,036,671 Beatimon$ 1,299,882 +10.8 1,440,165 ;:olumbus, Ca 622,534,520 -10.6 556,886,815 Total Southern...-. 9,821,534,180 11,159,390,575 -12.0 Total all 4;167,674,271 4,790,217,610 -13.0 Cititside New York 1908. $ 34,958,614,180 2886370099 1,030,706,812 591,772638 198,267,318 132,210354 , 138,407 370 87,061,614 55,597,333 49,244,579 31,771,168 31,114,678 29,142,316 34,212.061 25,540,216 14,901,772 11,681,880 11,953,900 13,003,426 6,763,636 5,573,198 40,344,167,444 3,486.614,442 160,392,900 82,447,989 59,100,930 46,187,150 42,458,020 36,301,283 23,935,037 18,392,038 11,966,145 11,000,907 3,978,916,841 6,744,050,014 607,164,500 362,078,306 333,162,082 259,427,135 179,077,521 121,463,500 91,059.563 04,937.171 52,908,797 44,729,747 38,643,718 24,082,014 20,906,858 20,603,080 14,458,071 15,859,095 15,138,653 10,931,597 16,024,633 10,105,695 13,026,828 10,236,608 12,540,673 10,271,176 i,,816,340 ,975,970 .515,083 3,738,451 8,119,837,479 817,2/34,168 243,633,768 190,077,501 193,388,963 111,854,285 135,394,556 100,829,136 36,025,892 16,208,333 12,825,929 10,593,032 12.844,188 1,831,044,751 836,540,912 477,485,045 294,634,659 229,921,516 190,412,808 131,708,670 74,313,314 04,392,223 30,013,475 34,429,821 25,572,661 27,790,193 20,491,723 15,791,991 12,789,901 7.859,130 2,464.954,042 1,472,949,149 395,006,905 284,803,163 232,382,904 156,908,500 143,716,417 109,535,429 124,810,710 85,221,762 108,893,305 80,410,492 50,441,183 45,611,400 36,319,178 35,513,521 34,669,660 31,644,624 33,491,738 37,000,292 31,776,985 22,417,328 15,717,580 6,768,405 14,105,510 8.784„289 3,599,700,586 60,338,621,143 25,330,000,96T1 reTabie Clearings by Telegraph and Canadian Castings oil Vaal: lh Week ending June 27. Six Months. June. Clearings al 1907. 3 97,903,013,988 3,734,367621 1,423,314,077 746,524,195 , 218,185411 192,867, 839 160.162 416 96,121,332 56,991,035 51,952,482 36,898,917 35,535,328 31,165,608 27,741,230 28,036,182 18.001,890 13,182,640 14,214,100 15,127,452 7,214,458 5.238,019 54,815,854,220 4,381,268,859 202,352,500 96,703,557 05,538,775 54,806,484 48,792,406 42,886,530 28,201,719 10,431,308 13,277,396 13,077,853 4,966,487,387 6,211,848,627 714,970,600 444,001,167 350,000,010 277,192,988 207,561,051 143,849,400 109,220,053 74,170,946 62,680,268 52,545,801 54,510,193 26,463,129 21,965,765 20,818,750 18,094,389 19,289,256 17,122,440 14,030,905 17,361,007 12,555,129 13,061,326 11,148,569 12,210,050 9,949,694 9,515,147 3,320,890 6,780,252 3,630,319 8,945,680,121 1,154,801,803 325,567,192 240,048,113 181,833,380 161,320,483 141,248,6434 119,744,816 85,436,956 24,744,423 13,433,375 12,271,842 11,255,974 2,458.707,021 791,719,068 526,485,573 282,684,473 223,424,825 196,675,374 153,515,154 79,311,997 58,055,711 34,650,542 35,064,534 25,015,449 30,371,642 17,813,045 17,630,308 14,911,123 3,427,828 2,495,642.646 1,596,544,853 493,291,452 343,190,016 283,220,576 177,935,000 159,590,321 130.308.845 123,113,351 101,116,380 95,925,785 97,891,502 70,433,710 58,537,318 40,144,873 41,170,006 36,469,846 44,453,208 35,985,863 39,962,696 34,914,415 20,116,535 17,505,392 11,677,645 13,341,021 0,022,922 4,081,870,094 77,764,241,485 29,001,227,497 Inc. or Dec. 1908. 1907. s $ Inc. or Dec. 1906. 1905. $ $ 11.6 1,812,509,969 1,775,663,325 -29.0 154,364,734 142,230,944 53,495,406 -37,0 52,398,957 -32.5 26,834,993 24,436,809 -11.2 , 6,264512 6,964,940 4,622 208 -27.7 0,259,077 -18.2 5,468,661 4,825,944 -12.3 3,342,428 3,092,485 1,967,557 1,770,365 -4.0 1,273,630 1,419,274 -9.9 1,121,424 -24.9 1,434,552 1,252,103 -14.7 1,213,920 992,425 -6.5 1,029,821 816,0/4 +21.3 888,273 924,314 +0.7 -21.5 5%3,578 580,475 552,252 496,247 -20.7 457,000 394,000 -16.0 383,867 +22.3 489,023 205,946 289,396 -5.3 , 17 -.0 1,164260,274 1,485,389,471 :„ -227 58,553,416 36;896196 -27.6 29,063.247 19,600,770 -20.7 7,807,822 6933,584 -9.1 7,224,275 5,224,570 -31.4 5,239,186 4286,795 -13.6 3,100,641 2,718,973 -9.4 2,219,993 2.131,797 -2.1 1,901,181 1,716,177 -5.2 1,494,843 1,122,699 -13.9 1,495,213 1,275,861 -12.4 1,090,467 1,019,994 -6.5 1,116,645 1,354,629 +23.3 983,025 990,000 -8.9 706,502 654,915 -16.9 574,468 426,318 -11.4 431,7(10 362,600 -15.9 529,121 432,521 -14.0 285,153 270,000 -6.4 +6.4 -26.4 1,355,737,796 1,755,590,925 -22.0 2,079,278,421 2,022,980,437 115,279,873 143,227,250 -19.0 158,331,122 145,451,803 -20.4 6,074,300 6,946,100 7,383,700 -27.4 -20.7 5,363,4W 2,576,593 3,317,569 3,262,184 -24.8 -14.7 2,453,534 2,247,600 2,082,061 2,195,539 -11.0 1,953,061 -9.7 1,897.020 1,643,501 1,921,568 -13.7 -15.0 1,657,673 1,510,278 1,610,851 1,829,585 -18.0 -13.0 1,500,127 1,413,103 1,385,290 -15.2 1,466,414 1,745,875 -16.0 650,373 4-3.1 852,867 885,909 -15.4 913,749 436,201 561,254 623,823 -19.6 -5.3 501,367 403,178 427,426 453,685 -8.4 -9.9 424,69/ 434.354 -15.9 480,897 434,875 -13.9 374.353 131,888,248 163,955,043 -19.6 157,638,938 163,641,oc8 -19.9 188,418,941 204,171,357 240,931,322 -15.3 200,079,941 -7.5 28,198,750 -21.7 23,291,300 23,340,800 22,073,150 -15.1 13,0/6,742 16,638,353 -20.8 13,184,845 16,324,950 -18.5 13,474,578 -16.5 10,594,846 11,266,236 11,846,389 -4.8 10,484,408 +7.7 11,290,991 8,453,867 -6.4 7,333.713 7,541,106 -1.3 6,642,122 7,329,453 7,446,155 -13.7 5,303,600 -4.4 -15.6 5,100,503 4,997,100 5,070 200 . , -16.6 4,127,132 -18.5 3,361,990 4,436,462 3,523,230 2,259.147 -6.9 -12.4 2,102,400 2,097,539 2,210,673 2,345,390 -23.7 -15.6 1,964,302 1,789,475 2,350,817 1,709,421 -17.3 1,265,456 1,408,340 -14.9 1,413,961 1,750,623 -18.4 -29.1 1,571,872 1,858,138 1,428,313 788,506 1,010,694 -7.4 672,502 -9.0 935,710 659,206 774,924 -11.4 759,9711 686,822 -4.8 828,023 820,749 739,874 -2.5 -1.0 721,097 511,419 430,700 800,000 -25.0 -20.1 600,000 472,270 612,907 756,862 -15.5 -17.8 639,689 622,274 487,543 748,814 -19.8 -11.6 600,325 372,360 477,745 500,803 -32.9 -26.3 390,000 678,431 480309 532,360 -12.7 -2.5 464,745 ,.434,037 346'119 496,965 -21.0 -19.5 392,516 441,923 336,564 404,411 +0.07 -0.3 404,718 317,447 293,176 385,713 -21.6 -8.2 302,571 302,785 293,786 335,418 +9.9 +2.7 368,570 298,978 334,052 284,288 +37.0 +3.2 380,546 336,421 400,740 -29.3 281,863 -17.9 283,122 210,000 252,000 +22.8 200,000 -4.1 309,448 185,511 229,697 -15.4 238,193 -3.9 194,326 128.081 -18.4 75,357 108,948 +3.0 104,543 292,386,321 343,625,481 -15.2 289,875,642 273,190,828 -9.2 35,061,106 31,782,173 38,163,128 -25.6 28,387,774 -29.2 9,000,030 9,163,481 9,987,751 -12.5 -25.2 8.738,473 6,381,379 7,660.272 9,336,837 -12.6 8,160,296 -20.8 3,948,810 4,524,335 7,032,872 -24.4 -21.1 5,319,469 4,592,8/3 4,822,498 5,468,702 -11.7 -26.1 4,827,364 2,770,408 3,361,404 5.544,787 +24.9 -4.1 5,682,955 2,988,782 3,540,555 6,219,431 -34.5 -15.8 3,421,535 3,057,284 2,117.164 -43.6 1,193,456 -57.8 682,699 882,648 614,697 +19.9 -25.0 736,870 366,894 443,306 474,944 -26.6 -4.5 398,442 326,261 440,000 -19.1 -13.7 355,097 282,,Q20 218,327 425,000 -15.1 +14.1 360,803 66,287,719 69,569,876 84,825,373 -20.4 67,533,334 -25.6 20,570,658 27,244,114 -2.0 19.847,237 26,693,333 +5.7 14,863,360 18,823,325 21,734,763 -32.9 14,577,174 -9.3 9,197,843 +1.0 10,296,944 10,398,512 9,611,442 +4.2 7,964,359 8,695,866 -7.6 6.332,788 8,037,441 +2.5 5,924,917 7,302,545 +1.3 5,677,908 7,400,000 -3.1 5,635,663 -5.1 4,546,411 5,251,970 -14.2 5,345,773 2,356,913 2,520,600 +1.4 2,300,000 2,554,971 -6.3 2,156,477 -14.6 1,095,865 1,697,259 1,841,591 -6.3 1,099,302 -18.9 994.219 887,840 -11.1 1,141,112 +29.9 971,413 1,329,336 1,482,415 -1.8 955,324 -6.0 645,653 +2.2 898.308 865,333 754,823 +27.8 685,151 964,988 674.297 -8.5 605,123 +8.4 435,944 450,416 656,201 +15.0 675,000 +3.7 811,527 750,000 700,000 -10.4 400,000 582,315 -32.2 364,085 394,995 -14.2 221,023 256,193 -20.7 258,852 203,287 -6.7 75,179,822 69,247,357 83,036,829 91,651,164 -9.4 -1.2 52,179,961 48.679,577 58,389,187 -12.3 51,227,419 --7 7 14,501,393 15,008,818 -14.7 2C,118,583 12,800,000 -19.9 10,844,372 11,553,237 -13.1 10,884,585 10,040,788 -17.0 7,828,350 10,820.633 -23.9 5,325,673 8,289,813 -17.9 5,156,000 5,164,000 +6.0 4,861,500 5,500,000 -11.8 5,442,758 6,000,665 -14.8 5,254,126 .5,113,736 -10.0 3,858,430 -20.8 3,177,178 2,619,113 3.057,949 -15.0 3,285,833 +6.1 2,772,597 4,182,559 3,487,685 +1.4 3,561,297 -24.7 2,812,441 2,683,0611 2,456,337 -15.7 3,367,910 +23.0 2,004,422 2,221,849 4,143,368 +13.5 2,886,500 +1.8 2,615,468 3,460,683 2.937.128 -17.9 2,326,244 -23.3 2,121,851 1,629,804 1,772,176 +.28.4 2,437,841 -38.9 1489,696 1,618,392 1,561,837 ..21.1 1,422,463 -17.4 880,959 1,175,812 1,133,606 -9.5 1,288,235 -9.3 1,168,911 1,060,884 1,362,414 -13.8 1,286,730 -10.9 1,068,984 595,061 1,078,837 -4.9 1,292,252 -4.0 1,039,953 1,263,820 1,920,981 -28.8 1,075,755 -3.0 1,043,009 1,009,612 787,390 -7.0 964,426 +3.7 1,000,223 1,695,638 1,064,858 -5.4 1,125,000 -11.7 939,200 992,884 1,006,393 -9.0 921,939 -21.5 723,523 750,000 -14.2 600,000 -19.6 482,580 337,545 4 -- Zag 2 -10.2 416,914 -.-43.4 • 236,000 521,130 -42.0 427,085 -14.8 363,698 321,836 160,773 +5.7 260,000 -10.0 280,000 286,000 240,000 -2.6 122,124,401 139,801.374 -12.6 121,187,139 125,009,055 .-11.8 -22.4 2,052,786,929 2,579.449.360 -20.4 2,792,729./338 2,720,357,805 883.446,655 1,094.059.889 -18.8 980,21%869 944,694,47/ -15.0 THE CHRONICLE 2 Lxxxvn. but was rapidly heading in the same direction when the financial cataclysm came and disclosed how utterly The index to Volume 86 of the "Chronicle"—which hollow affairs were, in the absence of the support which volume ended with the issue of June 27—will be sent to had previously been received from the orders of the our subscribers with next Saturday's number, July 11. railroads. Last autumn's financial troubles did not bring about the weakness and depression in trade; they simply revealed it. The collapse experienced THE FINANCIAL SITUATION. We commend to the consideration of next week's would have come any way, even if there had been no National Democratic Convention at Denver the re- financial panic, though it would have come more turns of railroad earnings which have come to hand this slowly. Under the conditions ruling, it was in any -week, and if that body has any intention of nominat- event inevitable. We have now reached the second stage in the curtailing,a radical candidate or adopting a radical platform, we ask it, in the name of the business interests of the ment of the spending power of the railroads. With country, to desist. Radicalism has brought our rail- mills, furnaces and manufacturing plants wholly or roads to the verge of ruin, and it is largely because the partly idle, as the result of the diminution of the orders spending power of the railroads has been enormously of the railroads, shipments of freight over the railroads curtailed that manufacturing industries are suffering were heavily reduced. Manufacturing establishments so seriously and that all business is depressed. The needed less raw material and fuel, and turned out a first curtailment of the spending power of the railroads correspondingly diminished volume of finished goods. came when, by reason of adverse legislation and un- So the thing cut both ways, and the result has been a wise Government regulation of the affairs of our trans- heavy diminution in the traffic of the roads. This loss portation lines, the ability of the roads to raise capital in traffic means a great loss in the earnings of the railfor their current needs was in large measure cut off. roads, and the loss in earnings in turn means a further Owing to the assaults upon the carrying interests, the curtailment in the spending power of the roads. Not confidence of investors and capitalists in the security many people appreciate what a serious matter it is and stability of railroad investments was undermined to have the earnings of the railroads reduced even in a small percentage, because few have a proper concepand the flow of capital into that field was checked. For fully two years before the occurrence of the finan- tion of the magnitude of the gross revenues of the railcial disturbances of last October and November, large road transportation system of the United States. corporate undertakings had found it difficult to float Before the advent of the panic, the gross earnings of new obligations except of a gilt-edged character and the country's railroads was, roughly, 23/b thousand where the credit of the company was unexceptional. million dollars. On such a total, even a shrinkage of No longer able to borrow, the railroads had to cut down 10%, it will be observed, means a loss of $250,000,000 their orders for cars,for locomotives,for rails, for ties, per annum. As a matter of fact, the ratio of decrease and for the thousand different things needed in the has been running all the way from 20 to 25%, which construction and operation of a road. With the pur- means that railroad earnings are falling off at the rate chases of the railroads curtailed, mills, factories and of $500,000,000 to $600,000,000 a year. In other furnaces gradually found themselves reduced to idle- words, the railroads are now having that much less ness where previously there had been unprecedented to spend for materials and supplies, and this great activity and unalloyed prosperity. There is no way diminution in their ordinary outlays serves further to of measuring the magnitude and extent of the curtail- intensify the existing business depression. We will illustrate what is going on by the monthly ment of these capital expenditures. For the railroads the contraction would reach hundreds of mil- statement of one large system, namely the Pennsylalone lions of dollars per annum, and if the trolley lines also vania RR. Many other returns of like tenor may be be included, and likewise other large corporate under- found to-day in the tables of earnings in our Railroad takings (for they are all suffering from the general News Department. Everyone will grant, we think, distrust and from the attacks on corporations and on that the Pennsylvania, by reason of the diversified capital and on wealth), the amount of investment capi- nature of its business, may be accepted as a typical tal thus cut off from reproductive enterprise would system. The return which has come in this week is doubtless foot up in the neighborhood of 1,000 million for the month of May and shows a loss on the lines directly operated east of Pittsburgh and Erie heavier dollars. At first the influence of this suspension of the pur- than that recorded in any previous monthly statement, chasing and spending power of the railroads was not reaching no less than $3,722,000. On the lines directly very perceptible, for all establishments were being operated west of Pittsburgh and Erie there is a further kept busy on old orders; but gradually it became ap- decrease of $2,591,000, making for the combined lines parent that serious relapse was in store for the indus- the prodigious loss of $6,313,000. This is only for a tries of the United States. The copper industry was single month, and is therefore at the rate of $75,the first to feel and show the effects; all of a sudden it 000,000 a year. The Pennsylvania is, of course, a big completely collapsed. The price of the metal, it will system, and yet it comprises only about 5% of the be remembered, dropped from 25 cents a pound to total railroad mileage of the country. From this it 12 cents, and even at this low figure no buying orders can he judged what the loss must be on the railroads of any magnitude were in evidence. The reason was as a whole. To meet this large reduction in revenues, that trolley roads and other electrical enterprises in expenses on the Pennsylvania were heavily cut down, which copper is used so largely were no longer able to but even then there remained a loss in net for the borrow, and consequently could not continue the prose- month for the combined lines in the sum of $1,265,900. The curtailment in expenditures reached $5,047,100. cution of their work. The iron and steel industry was slower in showing the effects of the same situation, In that month, therefore, this one large system had CHRONICLE INDEX. JULY 4 1908.1 THE CHRONICLE to reduce its expenditures at the rate of $60,000,000 a year. And what the Pennsylvania RR. is doing is being duplicated on the railroads everywhere throughout the United States. Accordingly, there is no difficulty in locating the cause of the existing depression in trade. There can be no improvement in business of a permanent nature until the railroads are again allowed to enjoy the prosperity which they formerly experienced. This prosperity cannot be restored until they once more receive the treatment and fair dealing to which they are entitled in common with all other important interests. It is for this reason that we appeal to the Democratic Convention not to encourage further radical experiments and notions, but to declare in favor of conservative action. With proper encouragement from the two great political parties, business would quickly revive. There was this week an export of $300,000 gold hence to Berlin; the amount was so small as to be of little significance, except possibly that the shipment may have been for the purpose of demonstrating the continued ability of the Reichsbank to attract gold through interest-free advances from New York. It is said, though, that the Bank has for some time been discounting bills quite freely, not only those drawn on London and Paris, but those on New York, and in this way it has been helped in procuring gold from all these centres. Probably some of these discounted bills would have been liquidated with exchange had it not been for the fact that remittance in gold was more profitable because of the practical premium on the metal resulting from the device of interest-free advances. In noting the large output of gold at the South African mines, attention has been called to the fact that gold mining companies, especially in the Transvaal, have succeeded in reducing in a surprising way the cost of production, so that ore which has hitherto been regarded as unworkable is now showing a profit. Therefore it is thought likely that the South African production will, before long, reach a maximum of 100 millions sterling annually. While the Bank of France and French bankers are still steadily accumulating gold in the London bullion market, it is regarded in the British capital as regrettable that London banks are not embracing the opportunity likewise to procure gold for the augmentation of their reserves. Probably the reason is that the metal commands a premium in the market, which, though slight, is sufficient, partially at least, to offset the advantage resulting from increased reserves. It is reported from Washington that the Secretary of the Treasury will take no action at present in the matter either of redemption or refunding of the 3%s of 1908-18. These bonds are redeemable at the pleasure of the Government after ten years from the date of their issue, and payable twenty years from such date. Therefore the Secretary can exercise the option of redemption on Aug. 1, or he may, it is claimed, defer the exercise of such option until a later period, when Treasury conditions may be more favorable than they now are for the disposition of the bonds. Should this rumor of the Secretary's intentions be confirmed, the postponement of redemption would remove apprehension of further large recalls of public deposits, in 3 addition to the 45 millions already called. Moreover, if refunding shall not be undertaken, the market for the 2% consols would not be disturbed by expectations of increased issues thereof, as the result of the exchange of the 3 per cents for the consolidated 2%. Furthermore, by refraining from refunding operations, the Secretary would have a firm market for the Panama Canal issues which he desires to place in the near future. In perfecting the organization of the National Currency Association by bankers of this city, among the by-laws adopted was one providing that any member could, with the permission of the Secretary of the Treasury, at any time withdraw from the association. In revising the by-laws, Mr. Cortelyou struck out this section entirely, claiming that the Emergency Currency Law does not provide for the withdrawal of a bank after it has joined the association. It is stated, ho w ever, that unless some way shall be found to provide for the withdrawal of banks, one or more institutions which were among those that organized the New York City association will refuse to continue to participate in the affairs of such association. The banks of this city are inclined to exercise caution in perfecting the organization of the Currency Association that has been tentatively formulated. If the law makes all the banks in such association jointly and severally liable for the redemption of any currency circulation that is taken out by its members, any bank, unless it can withdraw from the association, upon retiring its own quota of circulation, might be made the guarantor of all other emergency notes of the institutions with which it was associated. The provisions of the law here stated might, therefore, militate against the organization of associations throughout the country. Last week, in commenting upon the evidences of the harmonization of the political interests of England, Russia and France—as evidenced by the conference between the King of England and the Emperor of Russia at Reval—it was suggested that, as the result of these conferences and of the disclosure by the Czar to King Edward of the progress which had been made in Russia toward the political rehabilitation and the internal development of that Empire, there might soon be announced the issue by Russia of an international loan for a substantial amount, which would be placed in France and in England. This week a St. Petersburg cable reported the adoption by the Russian Douma of a bill authorizing the expenditure by the Ministry of War of 46 million dollars for the procurement of army supplies and material; this appropriation will be specifically devoted to the military needs of Transbaekalia and Vladivostok. The Russian War Office also obtained from the Douma the tentative approval of its expenditure of 100 million dollars for the same purposes, together with the estimated expenses of building the Amur Railroad; the Douma had already given its consent to the total expenditure of more than 300 millions to assure the defences of Russia's Far Eastern possessions. The significance of these assents and authorizations by the Douma to an aggregate of 446 million dollars seems to be that the Russian Parliament is now fully in accord with the defensive and industrial policies of the Government, whereas heretofore it has been reluctant 4 THE CHRONICLE to authorize loans for this purpose; this seems to sustain the contention that the Douma is recognized as a co-ordinate branch of the Government. Moreover, what appears to be still more significant of the influence of the Douma on the Government is the fact, as stated in the St. Petersburg cable, that the dissatisfaction of the Douma with the position in the army which is occupied by the Grand Dukes, as evidenced by their dominating authority, had resulted in the consideration by the Emperor of reforms in the army organization that would tend to abolish the causes for dissatisfaction. It seems clear that the borrowings of 446 millions dollars, as above noted, which have been authorized by the Douma, cannot be effected through internal loans; the recent 100-million domestic loan was, it is reported, placed with difficulty. Now, however, because of the co-operation of the Douma with the Imperial Council and the authorization of liberal loans for defence and internal development, it seems likely that the necessary borrowing will be in the form of international loans. The requirement of French bankers, that Russian bond issues must be authorized by the Douma, has been complied with; the expenditures are for internal development and defence, and thus they differ from the purposes of refunding the debt or of meeting interest demands, and hence should command a lower rate of interest than have previous loans. It seems probable, therefore, that when the issue shall be announced the bonds will be international and be largely absorbed by French bankers, and thus give at least partial employment to the vast accumulations of capital in Paris. [VOL Lxxxvix • But the accomplishment in the line of local travel is too specific to be omitted. All five boroughs of the Greater City, says the Chairman, "have felt the effect of the Commission's work in improving existing transportation facilities; from Staten Island to the Bronx, and from Coney Island to the Hudson River, nearly every section of the city is rejoicing in a better street car service than it had a year ago." This agrees ill with the cutting off of transfers, the abandonment of some subordinate lines, and the cancellation of leases announced only this week; the Commission has shown that it sees the point by rushing into print to say that it will not permit any public inconvenience, yet there is a limit to the effectiveness of its fiat orders and the results of this are yet to be shown. In view of the dismembering of the surface roads system and the reduction of public conveniences already wrought within this first year, it is well for the Commission to praise its "work in improving existing transportation facilities," for others are not likely to be "rejoicing." And how about the facilities which have ceased to be "existing"? "Definite steps towards building new subways" have been taken, we are told. But we recall that some were taken before this piece of political omnipotence was conceived. And if the Commission is to be allowed, against the evidence of the senses of observant citizens, to claim credit for every large or small improvement in details of all transportation and other public companies, it must consent to have charged against it all the disintegration accomplished, including therein (as an integral part, although one, perhaps, borne in silence by the immediate sufferers) all the loss to individual investors who held things once good and now put out of the "existing" class. We are triumphantly told, also, that all this great accomplishment has cost "only" a very small amount, less than the old Rapid Transit Commission expended. Possibly; the cases must be alike before comparisons can be just; the question may also be, what we get, rather than simply what is paid for it; and it is not to be forgotten that the law fixes absolutely no limit to cost, except on the Commissioners' salaries. The Commission has made one discovery for which it should have credit. In the matter of the Long Acre Light & Power Co., it "has decided that where the field is monopolistic" the entrance of competitors is undesirable. This discovery is said to be "after much study"; but many persons knew it long ago. One of the morning journals made the rather cruel suggestion a few days ago that it is still a little early to pass upon the results of the Commission's first year; that whether the Commission is really a success cannot be determined until about October 1, at which date it will be known whether the Chairman has obtained the party nomination for Governor. A political body—with a political origin, a political bent, a political-personal aspiration, and a political standard of judgment upon it—such must a governing commission always be. This one is an experiment, illomened by being one product of a season of hysteria. It must yet come to the bar of a sobered judgment before people who have begun to reason again. The Book of Wisdom advises to let another man praise thee, and not thine own mouth. But sometimes other men seem to be dilatory about it, and the person conscious of good desert cannot wait. The members of the Public Service Commission are in this position, and so their Chairman has issued a statement of what has been done for an inappreciative public during the first year now just completed. The first thing mentioned is that the Commission "has issued a great many orders to street railroads and other corporations." We suppose this is certainly so, for receiver Whitridge of the Third Avenue road said in May that it (the Commission) had flung orders at him at an average of one every five days, some of them being physically as well as financially impossible. The next service named is procuring more transportation in the subway and on the Brooklyn Bridge, the five-cent fare on a local piece of the Putnam Division of the Central, &c. The company says the change of fare was a voluntary action to equalize rates; many changes made on the bridge and elsewhere were in natural course of betterment, and the Commission placidly claims everything which has occurred in the year in the direction of larger traffic facilities, as though the practical men in charge had fallen asleep amid all the pressure of passenger movement and could not move a finger until somebody came from Albany to start them. Yet the Commission is modest; it does not claim the construction of the bridges and tunnels, and it says nothing (although there is still Bank clearings and commercial failure statistics contime) about the crops of 1908, which are certainly credit of somebody,human sidered conjointly are evidences more or less accurate important,and stand to the of the prevailing business situation. That is to say, or divine. JULY 4 1908.1 THE CHRONICLE a healthy and prosperous state of trade means a full volume of business passing through the banks and large and increasing totals of clearings, with failures of moderate or decreasing proportions. That was not the situation in the United States the first six months of the current calendar year, a fact clearly depicted by our usual compilation of clearings for the period and by the failures data, to which reference is made further below. It is to be said, however, that . results for the latest month of the half-year period as unfavorable as for previous similar interare not vals. As regards bank clearings, the aggregate for the month of June 1908 for the whole country exhibits a slightly smaller percentage of loss from the similar period of last year than was noted in May or in any of the earlier months of the year. This less unsatisfactory showing cannot be called a favorable one, as it is due entirely to better comparisons between this year and last at points outside of New York, and not, as in May, to a seeming improvement at this city. It will be remembered that during May operations on the New York Stock Exchange were comparatively active, exceeding by a fair amount the dealings for the month of 1907. But the activity then displayed did not continue into June, the dealings in which month were only 9,652,437 shares (20,975,022 shares was the May total), comparing with 9,749,415 shares in June 1907. For the six months the aggregate transactions have been but 84,649,438 shares, against 116,194,569 shares a year ago. On the Boston Exchange a similar situation has prevailed, the stock transactions in June this year of 621,132 shares comparing with 665,819 shares for the period of 1907, with the half-year totals 5,195,563 shares and 8,872,571 shares respectively. Bond operations, on the other hand, have been relatively large of late months, exceeding both for the month and six months, at New York and Boston, the transactions of the previous year. But it is the share sales that are an important item in the making of bank clearings—how important will be realized when we state that the decrease in market value for the six months of 1908 is fully 3,500 millions of dollars. Figuring that this would represent a volume of clearings at least double its amount, over one-half of the loss at New York is accounted for Of the 114 cities included in our compilation of clearings on the first page of this issue, 24 report gains over last year in June and 13 in the six months. For the whole country the decrease in June, as compared with 1907, reached 12% and for the six months is 22.4%. Contrasted with two years ago the losses are 19.8% and 24.8% respectively. Outside of New York the loss in the aggregate for the month is 13% and for the half-year 15%, compared with 1907, and the declines from 1906 reach 5.9% and 6.5% respectively. Analysis of the various groups into which we have divided the cities brings to light no features so essentially different from those prevailing in earlier months as to warrant special comment. Suffice it to say, therefore, that losses are recorded all along the line for both the month and half-year period, with the most favorable exhibit in the "Other Western" group, where the decline for the six months is only 1.2%. 5 Commercial failures in the United States in the first half of 1908, according to Messrs. R. G. Dun & Co.'s compilations, were in number 8,907, or very much less favorable than a year ago, indeed establishing a new record in that particular for the period covered, the total having been 5,607for the corresponding interval of the previous year. The aggregate of liabilities involved by the insolvencies of the elapsed portion of 1908 is $124,374,833,which also contrasts very unsatisfactorily with the $69,568,662 of 1907. It is furthermore true that there are but few similar periods in the record of failures that make as poor a showing as that just ended. The most conspicuous of these was in 1893, when abnormally heavy liabilities ($121,541,239) in the second quarter swelled the half-year aggregate to $168,879,539, or 44M millions more than the 1908 total. Other years in which the current aggregate was exceeded were 1884 and 1878. But there is a less discouraging side to the 1908 exhibit than is apparent in the result for the half year taken as a whole. It is by subdividing the halfyear into quarterly periods that the best feature of the showing is disclosed. In that way we find that while in the first three months of 1908 the volume of failures was greater than in the corresponding period of any earlier year, numbering 4,909, with liabilities of $75,706,191, there were only 3,800 bankruptcies, involving $48,668,642, in the second quarter, and that for the final month, June, the liabilities were noticeably less than for the same time in 1907. There is of course one very important point to be considered in making comparison between failures figures for recent and distant years, and that is the fact that the number of firms in business is constantly and largely increasing. Consequently a volume of commercial disasters that would have seemed very great ten or twenty years ago now appears moderate. Referring to that point, Messrs. Dun & Co. remark in effect that the actual Mercantile mortality was remarkably light after the panic of last October, the defaulted liabilities to each firm in business even in the first quarter of. 1908 having been only $53 38 against over $100 in a number of earlier years. In the sceond quarter the average was of course very much less. From the actual failures data as compiled by Messrs. R. G. Dun & Co., we learn that the number of insolvencies in June was 1,112, with liabilities of $14,708,793, against 815 in number and indebtedness of $16,445,565 in the month last year. Manufacturing disasters make up $5,491,340 of the June 1908 aggregate, as compared with $12,086,525 in 1907; among traders the liabilities amounted to $5,854,765, against $3,698,084 last year, and failures of brokers, transporters, &c., involved $3,362,688 this year, as contrasted with $660,956 a year ago. Suspensions of financial institutions in June numbered 28, with liabilities of $2,243,626, against 4, with liabilities of $275,000, in the month of 1907. For the six months, as already stated, the mercanitle disasters numbered 8,709, with liabilities of $124,374,833 in 1908, against 5,607 and $69,568,662 in 1907. These totals were made up of 2,142, with liabilities of $53,442,304 in the manufacturing industry this year, as compared with 1,295 and debts of only $36,684,648 in 1907; 6,235 trading failures, with 6 THE CHRONICLE liabilities of $49,010,022 in 1908, against 4,120 and $26,744,786 a year ago, and other bankruptcies numbering 332 with liabilities of $21,922,507 this year, contrasted with 192 and but $6,139,228 in 1907. Among banks and other financial institutions the casualties in the first half of 1908 were 120, involving $79,880,245, against only 22 with liabilities of $7,904,028 in the like period a year ago. Lines east of Pittsburgh. May. Gross Expenses Net 1908. Lxxxvii. 1907.' 1906. 1905. 1904. 1903. 10,810,233 14,532,233 11,859,033 11,422,133 10,106,138 10,624,538 7,483,864 10,431,964 8.318,764 7,812,464 6,789,974 .6,918,774 3,326,369 4,100,269 3,540,259 3,609,669 3,316,164 3,705,764 Jan. 1 to May 31. 52,707,562 65,106,162 57,466,162 50,566,762 46,918,117 49,327,417 Gross Expenses - - - - 40,126,320 49,536,420 41,899,720 38,500,520 35,802,259 35,510,759 Net 12,581,242 15,569,742 15,566,442 12,066,242 11,115,858 13,816,658 Note.—These figures include the Buffalo & Alleghany Valley Division for all years. Cotton was reported upon officially by the DepartThere was no change in official rates of discount by ment of Agriculture Wednesday at noon. The report any of the European banks this week; unofficial or open which cofered the condition of the crop on June 25, market rates were easy at all centres. The notable while not up to the expectations of the most sanguine, feature of the statement of the New York Associated nevertheless indicated an improvement of 1.5 points Banks last week was the increase of $6,959,325 in since May 25, the average percentage for the belt being reserve, to $68,233,025, the maximum thus far restated at 81.2, against 79.7 one month earlier, 72 on ported; computed upon deposits less those of public June 25 1907 and a ten-year average of 81.8 The funds the increase in reserve was $6,918,075 to $72,Department's advices indicate that the improvement 962,775. Loans decreased $19,747,700 and deposits noted has been shared in quite generally, but nowhere $14,347,700; cash was augmented $3,372,400. The conspicuously. The only States showing no improve- holdings of cash reserve in vaults of trust companies ment over May 25 are Louisiana and Arkansas, where were increased $2,685,300 during the week. The the condition is given the same as it was a month bank statement of this week, which was issued on earlier, and Oklahoma, where the overflowing of Friday, Saturday being a holiday, showed as the most , territory in southern sections has, according to the striking feature a decrease of $20,647,675 in reserve, Department, materially impaired the promise of yield. due largely to a loss of $19,392,700 in cash. InasContrasted with June 25 1907, the condition in about much as the banks lost about 13 2-5 millions of cash to every State, except Oklahoma, is much more satisfac- trust companies, through operations incident to the tory, and it is only the impaired prospect the flooding reinforcement of their cash reserve in vault, the aboveof fields has caused in Oklahoma that puts the present noted loss is thus partly accounted for; as a matter outlook a little under the ten-year average. The .of fact the loss was probably much in excess of the conclusion, therefore, to be drawn from this June 25 figures given,since it states merely the average for report is that,with normal conditions of weather from the week, not the actual withdrawals; further losses now on, a fairly satisfactory yield from the acreage may have been due to withdrawals for holiday purplanted should be secured, the ultimate out-turn de- poses and those caused by semi-annual disbursements pending upon future weather and date of killing frost, of interest. The Secretary of the Treasury on Thursthe latter,of course,being as yet a long way off. But day issued a call for the surrender of 45 millions of pubas the current crop is rather ahead of recent ones in lic deposits on or before July 15. This call exempts from point of maturity, frost is to some small extent less to its provisions depositories having $50,000 or less of Govbe feared. .•:.! ernment funds; of the 1,433 banks, about 700 are thus immune from the operation of the call. We have referred in the beginning of this article to Banks having a larger amount than $50,000 of dethe large loss in earnings shown by the Pennsylvania posits will be required to surrender about 60% of RR.in its return for the month of May. On the lines their holdings. directly operated east of Pittsburgh and Erie the gross has fallen off $3,722,000, which was met by a reducThe preparations by banks and trust companies tion in expenses to the extent of $2,948,100, leaving a for the distribution of about 175 millions of interest decrease in net of $773,900. For the western lines and dividends on July 1, through calling of loans on the result has been almost equally bad, a 'loss of Tuesday, caused only a slightly firmer tone in call $2,591,000 in gross earnings being shown, attended by money on that day, and after such distribution had a reduction in expenses of $2,099,000,1eaving $492,000 begun on Wednesday the market was perceptibly loss in net. For the combined lines, therefore, there easier. The range during the week for money on call has been a decrease of no less than $6,313,000 in gross at the Stock Exchange, representing bank and trust for the month and a decrease of $1,265,900 in the net. company balances, was 1970 to 17 ,: with the bulk of 0 Last year in May the combined lines showed $3,988,300 the busimess and the average 1 2%; banks and trust gain in gross and $846,200 gain in net. For the five companies loaned at 137 as the minimum. Time 0 months of the current calendar year, to May 31, the loans on good mixed Stock Exchange collateral were Pennsylvania has fallen $12,398,600 behind in its quoted at 11 % for thirty, 1%@2% for sixty and A gross on the eastern lines and $9,454,000 behind in its 2@23.1% for ninety days, 29% for four, 3@3}4% gross on the western lines, making together $21,852,600 for five and 31 2% for six months and ,3M©4% for decrease in gross. In the net there is a loss for the over-the-year; the inquiry was chiefly for the longer five months of $2,988,500 on the eastern lines and of maturities. The business in commercial paper was $2,007,200 on the western lines, making a combined small, owing to the comparatively light offerings; loss in net of $4,995,700. In the following we rates were 3M@4% for sixty to ninety-day endorsed furnish a comparison for the last six years of the bills receivable and for four months' single names earnings of the eastern lines, being the only portion and 43/270 for choice to good six month' unendorsed of the systom for which we have the data for such a notes. comparison. JULY 4 1908.] THE CHRONICLE The Bank of England rate of discount remains unchanged at 23/2%. The cable reports discounts of sixty to ninety-day bank bills in London 1A@131%. The open market rate at Paris is 1%% and at Berlin and Frankfort it is 3%. According to our special cable from London, the Bank of England lost £797,220 bullion during the week and held £38,607,393 at the close of the week. Our correspondent further advises us that the loss was due almost wholly to shipments to the interior of Great Britain, the net exports having been but £22,000. The details of the movement into and out of the Bank were as follows: Imports, £10,000 (wholly from South Africa); exports, £32,000 (of which £27,000 to South America and £5,000 to South Africa), and shipments of £775,000 net to the interior of Great Britain. 7 are negotiating sterling or franc loans, through finance bills, in order to fortify themselves against the possibility of any monetary derangement occurring at what they regard as the critical period of the year; in many cases such foreign loans ,are at fractionally higher rates than are offered for domestic money on equally high-grade collateral. In previous seasons European capital has been largely and advantageously employed in financing our grain and cotton export movements; now, with foreign capital so abundant that it commands but little more than 1% in the great banks, it is unemployed here because of the uncertainty which exists regarding the immediate future of our situation. Compared with Friday of last week, the market on Saturday was 10 points lower for long at 4 8560@ 4 8570 and unchanged for short and cables at 4 8695 @4 87 for the former and 4 8720@4 8730 for the latter. On Monday long rose 5 points to 4 8560@4 8575, short fell 10 points to 4 8685@4 8695 and cables 5 points to 4 8715@,4 8725. On Tuesday long was unchanged while short was 5 points higher at 4 8690@, 4 8695 and cables were 5 points lower at 4 8715® 4 8720. On Wednesday long fell 15 points to 4 8550® 4 8560; short and cables were unchanged. On Thursday long rose 15 points to 4 8560@4 8575, short fell 5 points to 4 8685(4)4 8695 and cables 5 points to 4 8710®4 8715. On Friday long rose 10 points and short and cables 5 points. The following shows daily posted'rates for sterling exchange by some of the leading drawers • The foreign exchange market was dull, irregular and without special feature. The demands for remittance for the half-year mercantile and other settlements, which contributed to the firm tone last week, seemed to have been satisfied, and there appeared to be no new inquiry for bills except that which resulted from the remittance of July interest and dividends on securities held abroad. The business over the counter was small and confined to the purchase of such commodity bills as were offered. The sale to a syndicate of French bankers of 30 million 4% bonds of the National Railways of Mexico was the only important incident of the week. This seemed to indicate that the French market was in a receptive condition for propFri., Mon., Tues.. Wed., Than., erties of a substantial character, and also that were June 26 June 29 June 30 July 1 July 2 July 3 60 days 4 86% American securities equally attractive to be offered, Brown & Co 86M 86% 86% 86% 8634 Bros. Sight- - 4 88 88 88 88 88 88 Pea-60days 4 86% 86% 86;i 86% they would be as readily absorbed. There was no evi- Kidder,& Co 86% 86% body Sight- - 4 88 88 88 88 88 88 60 days 4 86% 86% 86 86% 86% 86% dence of drawing of exchange against this negotiation Bank British North America-- _ Sight- - 4 88 88 88 88 88 88 Bank of 60 days 4 865 86% 86M 86% 86% 86% and no speculative selling of bills in expectation of Montreal Sight4 4 88 88 88 88 88 Canadian Bank 60 days 4 86% 86% 86% 86M 86X 86% their being covered with drafts against the credits of Commerce Sight- - 4 88 88 88 88 88 88 Held elbach.Ickel-60 days 4 86% 8634 86% 86% 86% 86% helmer & Co- - _ -- - Sight- _ 4 88 created by the transactions in the bonds. 88 88 88 88 88 Lazard 60 days 4 86% 86% 86% 863.6 86% 86% Freres Sight- - 4 88 88 88 The tendency of the discount markets abroad is Merchants' Bank 88 88 88 60 days 4 86% 863. 863 86% 86;i 8634 Sight- - 4 88 88 88 88 88 distinctly toward lower rates—as shown by the fact of Canada 88 that the Bank of England has technically lost control The market closed on Friday at 4 8575@4 8585 for of the open market and that at Paris and at Berlin long, 4 8690@4 87 for short and 4 8710@4 8720 for unofficial rates are below the Bank figures; in New cables. Commercial on banks 4 8540@4 8550 and York, however, the tendency is in the direction of documents for payment 4 84%@4 853 . Cotton for higher rates. Notwithstanding this fact, there ap- payment 4 84%@4 849, cotton for acceptance 4 8540 pears to be no disposition by our bankers to take ad- @48550 and grain for payment 4 853'@4 853. vantage of the possible establishment of such relative The following gives the week's movement of money monetary conditions as those foreshadowed, and to conduct operations in exchange loans or finance bills, to and from the interior by the New York banks which have heretofore at this season been more or less Received by Shipped by Net Interior Week ending July 3 1908. N. Y. Banks. N. Y. Banks. Movement. advantageous and profitable. The rates for ninetyCurrency , $9,412,000 $6,354,000 Gain $3,058,000 day money are, it is true, higher than are discounts Gold 1,462,000 946,000 Gain 516,0000 for a corresponding period abroad, but it is a question Total gold and legal tenders $10,874,000 $7,300,000 Gain $3,574,000 whether foreign Capital, represented by the proceeds With the Sub-Treasury operations, the result is as of ninety-clay exchange, could be freely placed at the follows. Comparison with the bank statement this quoted figures: The six mOnths' time loan rate is more attractive, ahd foreign loans might be effected week is disturbed by the fact that the trust companies, for three months, with a stipulation for their exten- in order to comply with the new law requiring larger cash reserves in their own vaults, withdrew very consion for another ninety-day period. There is, howsiderable amounts of money from the banks—probably ever, the risk of possibly unsettled conditions devel$15,000,000 to $20,000,000. oping in the later months of the year, as the result of the Presidential election or of monetary derangements Into Out of Net Change in Week ending July 3 1908. Banks. Banks. Bank Holdings. that might be caused by the demonstration of the in- Banks'Interior movement,as above_ $10,874,000 $7,300,000 Gain $3,574,000 efficiency of the recently-enacted emergency currency Sub-Treasury operations- - -- ------- 29,400.000 28,900,000i Galn 500,000 $40,274,000, $36,200,000 Gain *4,074,000 measure to afford relief to tense situations. Bor- Total gold and legal tenders rowers having desirable collateral which they are wilThe following table indicates the amount of bullion ling to pledge for contracts maturing six months hence in the principal European banks THE CHRONICLE [VoL. Lxxxvi]. have seemed flatly impossible. No less striking is the fact that these political victories have been achieved, .£ x of success in the field of battle or in 38,607,393 35,208,911 England-- 38,607,393 35,208,911 not on the basis France-- - 125,728,603 37,706,168 163,434,771 110,920,437 39,630,072 150,550,509 international diplomacy, but of repeated and, at times, Germany a 35,688,000 14,790,000 50,478,000 29,573,000 11,962,000 41.535,000 Russia d-- 111,722,000 7,688.000 119,410,000 116,199,000 6,582,000 122,781,000 Overthrown by Napoleon III. Ails. -H _b 46,884,000 13,393.000 60,277,000 45,423,000 12,476,000 57,899,000 ignominious defeat. pain -- - 15,615,000 26,984,000 42,599,000 15,549,000 25,877,000 41,426,000 36,225,000 4,300,000 40,525,000 32,396,000 4,827,700 37,223,700 in the Italian campaign of 1859, the Austrian Emperor Italy • Nethlands 7,703,500 4,274,600 11,978,100 5,382,900 5,738,600 11,121,500 Nat.Belg a 4,150,667 2,075,333 6,226,000 3,144,000 1,572,000 4,716,000 was forced into war with Prussia in 1866, and there 3.886,000 Sweden 3,886,000 4,140,000 4,140,000 Switzland 3.634,000 3,634,000 1,265,000 1,265,000 again was overwhelmingly defeated. Strange as it may • Norway - - _1.433,000 1,453,000 1,680,000 1,680,000 union 'Total week 431,297,163 111,211,101 542,508,264 490,881,248 108,665,372 509,546,620 seem, it was this last disaster which led to the _Prey.week 436,773,067 112,925,634 549,698,701 406,270,180 110,888,467 517,158,647 between Austria and Hungary which has survived a The division (between gold and silver) given In our table of coin and bullion all the vicissitudes of the forty subsequent years. at the Bank of Germany and the Bank of Belgium is made from the best estimate Nor are these the only peculiar incidents in the career we are able to obtain; in neither case Is It claimed to be accurate, as those banks make no distinction in their weekly returns, merely reporting the total gold and of the Austrian Emperor. No sovereign of our day, silver; but we believe the division we make is a close approximation. b The Austro-Hungartan Bank Statement is now issued in Kronen and Helier and no public man, has been the victim of such a series nstead of Gulden and Kreutzer. The reduction of the former currency to sterling personal misfortune. His favorite Pounds was by considering the Gulden to have the value of 80 cents. As the Kronen of overwhelming has really no greater value than 20 cents, our cable correspondent In London, In brother, selected by the European Powers as Emorder to reduce Kronen to Pounds, has altered the basis of conversion by dividing peror of Mexico, was shot by the Mexicans in 1867. the amount of Kronen by 24 Instead of 20. d The total of gold In the Bank of Russia includes the balance held abroad— His wife, of whom the Emperor was devotedly fond, that Is, the amount held for Russian account In other Continental banks. The proportion so held, antl consequently duplicated in the above statement, Is about was murdered by an anarchist in Switzerland in 1897. one-Ilarter of the total. His only son, and the sole legal heir to the throne among Francis Joseph's children—a man of promise and intelligence—died by his own hand under circumTHE EMPEROR OF AUSTRIA. A few weeks ago a national jubilee was held at stances of the greatest mystery in 1889. All these Vienna in celebration of the completion Of his sixtieth family misfortunes and all these political reverses the year on his Austrian throne by the Emperor Francis Emperor has faced without losing either fortitude Joseph. In the written accounts of this affair, or capacity to continue working in the service of his it is made evident that the occasion was of striking Government. It is not wonderful that the feeling significance. Queen Victoria's Jubilee in 1897 was of the mixed races in his dominion should an event of mark in the history of the British Empire, have come to partake of a sort of filial loyalby reason of the demonstrations of loyalty which it ty, largely in recognition of his personal charcalled forth, especially from her colonial dominions. acter; nor is it surprising that discussions throughout Austria, which is not a colonizing country, could pro- Europe should repeatedly converge on what would hapvide no such pageant as occurred in London, but in pen with this curious domain when the old Emperor dies. Surrounded as it is by so many peculiar and unusual another way it was able to marshal a group of races from its own immediate dominions such as probably conditions, this problem has been differently answered no other nation of the world, even Russia, could have by equally good judges. The tendency perhaps, among leaders in politics and diplomacy has been to assembled. look for the sequel in some sort of disintegration which The striking fact about the present Austrian Empire is that it is made up of a body of co-ordinate should involve a partial remodeling of the map of States differing in race, in language, in social customs, Central Europe. Certainly it is true that the wideand largely in political sympathies, yet each one of awake and progressive Magyar population, who have which shares with the others in the administration of chafed from the first at the hegemony of the Viennese government. It is unlike the Russian Empire be- people, whom they dislike, has at times shown evicause there the power is centralized in one of the dence of a purpose to set up for themselves in the politigroups, the rest being virtually dependencies. It is cal business when the old Emperor should no longer unlike the German Empire, which is made up of States hold the States together. We doubt such an ending not only co-ordinate politically but closely allied in of the matter, and for the reason that nations in these language and sentiment. In fact, the Austrian Gov- days have come to occupy a position with regard to ernment is wholly unique among the nations of mod- other nations vitally different from what they have ern times, and the peculiar nature of the States which ever occupied in the past. It is easy to say that go to make it up has created a score of problems, Germany or Russia or Italy would be glad to approranging from disputes over Imperial finance to quar- priate some part of the present Austrian dominion on its rels over the language which should be used in Parlia- disintegration; but it may with equal certainty be mentary debate. It is this strangely confused compo- assumed that no one Power would be content to see sition of nationalities which recognizes Francis Joseph its neighbors acquiring such advantage, and that the as their joint sovereign which lent so singular an in- people composing the Austrian Empire are quite as terest to the demonstration of last month in his honor. well aware of both points of view as any outsider According to accounts, the demonstration was one could be. It is quite possible that the accounts of of unanimous respect and loyalty, and this is precisely the disputes and collisions between the various races what would have been expected from the nature of in the dominion have had to do more with superficial the case. No figure in the political history of our time considerations than with the fundamentals, that is more pathetically interesting than the Emperor of when the question of political existence is at stake, Austria. From one point of view, his career might these jarring elements may recognize, as did the be termed triumphant, because he has accomplished, quarreling American States in the days before our own chiefly through the force of his personality and will, Constitution,that in union alone there is strength,and a task in binding together these heterogeneous peoples they may find the real solution of the mattex in a which in advance, and on the face of things, would closer and more permanent union. July 2 1908. Gold. Silver. July 4 1907. Total. • Gold. Silver. Total. JULY 4 1908. THE CHRONICLE INORDINATE GOVERNMENT EXPENDITURES. No one needs to be told that the Government revenue statement for the fiscal year which ended on Tuesday of this week does not make a flattering exhibit The truth is, the situation regarding revenues and disbursements which close students of Government affairs had been looking forward to in recent year with no little apprehension, has, unfortunately, come to pass. The ordinary relations between ingoes and outgoes have been rudely disturbed and for the twelve months there is a tremendous shortage in the receipts below the amount called for by the year's disbursements. The deficit falls only a little short of $60,000,000, the exact amount being $59,656,361. Contrasted with the showing for the year preceding, when revenues ran in excess of expenditures in amount of $86,945,543, the change is obviously a startling one. It is also a change which up to six or seven months ago Treasury officials evidently had no thought of, since in the report of the Secretary of the Treasury to Congress under date of Dec. 2 1907 it was estimated that the fiscal year which has now closed would show asurplus of$42,000,000. Thus there is a difference of over 100 million dollars between the estimated result and the actual result. Of course the tremendous collapse in trade which developed during the latter half of the fiscal year has disturbed all calculations. Those not informed as to Government affairs and who are shallow or superficial, are apt to think that the Government is above the influence of business depression in a country like this and can count on a continued large inflow in good and bad times alike. Experience,however,has shown repeatedly that even a country favored as is the United States is not exempt from the effects of trade depression— that, indeed, when reverses come, they are apt to be proportioned to the previous advance, which means that as the ascent has been rapid, the decline is likely to be equally precipitate. This is precisely what has happened in the year under review. There has been a large falling off in Government revenues from all the various sources. Customs receipts dropped owing to the great contraction in importation of goods because of the business depression, and the internal revenue has in like manner shrunk because of the diminished consumption of goods on which internal imposts are levied. The result is that Government revenues altogether have declined over $65,000,000, dropping from $665,306,134 in 1906-07 to $599,895,763 in 1907-08. It is a noteworthy and a remarkable fact, nevertheless, that even under this,decline in the revenues, the total of the receipts is in excess of that of any preceding fiscal year, with the single exception of the twelve months immediately preceding. This is due to the fact that under the rising tide of business prosperity Government revenues in previous years had been expanding in a perfectly marvelous way. For example, in the two years immediately preceding, the addition had been, roughly, $127,000,000. The loss of $65,000,000 in 1907-08 does not look so very big in view of these large antecedent gains. On the other hand, it must be remembered that the influence of business depression was not felt throughout the whole year, but only during the last eight months. OUR 9 Obviously, if the revenues had been maintained at the large figure of 1906-07, that is, had been $65,000,000 larger than they proved to be, the deficit for the twelve months would not exist. And yet, while there would then be a surplus, this surplus would amount to only about $6,000,000, whereas for 1906-07 there was a surplus in the sum of almost 87 million dollars— $86,945,543. Thus it becomes evident that the trouble has been not alone in falling receipts. A more serious matter has been the further great augmentation in the expenditures. On the basis of the $87,000,000 surplus of 1906-07, even the loss of $65,000,000 in revenues in 1907-08 would still have left a surplus of nearly $22,000,000 had not expenditures been added to. It is here where the principal trouble lies. Congress has been perfectly reckless in the way it has allowed Government expenditures to run up. We have directed attention to this situation in reviewing the figures of previous years, but as receipts were then rising in such a free way, little heed was paid to what was said on that point. As indicating the anxiety that was developing regarding the subject even last year, we reproduce what we had to say with reference to the steady and large augmentation in the expenses just twelve months ago. The expenditures have been growing—as the result, of course, of Congressional appropriations—in such a way as to give occasion for the deepest concern, were it not for the fact mentioned, namely that as Congress, with great prodigality, added to the outlays, there came a corresponding and even greater increase in the inflow of revenues. So heavy are these annual Government expenditures now that in the event of a recession in trade, diminishing the volume of imports and reducing the consumption of articles on which internal taxes are laid, there would again be occasion for very grave concern. For in such a contingency, the prospect of a deficiency instead of a surplus would obviously stare the country in the face. The force of this remark will appear when we say that, large though the revenues have been in all recent years, there have been only two years within that series (besides the latest) when the aggregate of the receipts would have been sufficient to meet the 1906-07 expenditures. The foregoing was the situation in the previous fiscal year. In the late year there was a further augmentation in the expenses in the prodigious sum of over $81,000,000, bringing the total of the expenditures up to.$659,552,124. This is in excess of Government revenues for any and every year with the single exception of 1906-07. It is, for instance, $65,000,000 more than what the Government took in in 1905-06, when revenues were the very largest that had ever been reached up to that time. Another way of indicating the huge magnitude to which expenditures have risen is to note that, while in the latest year the aggregate of t he Government disbursements reached $659,552,124, the total at the time when the Spanish War was actively in progress, and the disbursements on account of the military and naval establishments were necessarily of exceptional dimensions, was but $605,072,180. In other words, we are now spending in the ordinary way, in a time of peace, 54M million dollars more than we were spending nine years before when engaged in a foreign war. The expenditures on account of the Panama Canal during the twelve months are reported to have been $37,827,329 (this comparing with $27,000,000 in 1907 and $19,379,374 in 1905-06); but even with this item 10 THE CHRONICLE excluded, the showing would still be very bad. The truth is, expenditures have increased enormously in every direction. We are spending more on our navy, more on our military establishment, more for pensions and more for practically everything else except interest on the public debt. To show the situation in this respect in comparison with earlier periods, we insert here the table published by us twelve months ago, adding the figures for the latest year. The table shows the expenditures under the different heads for the last four years, and also the amounts for 1896-97, which was the year before the Spanish-American War. [VOL. Lxxxvir. session to give unremitting attention to the subject, and with unsparing hand prune and cut down the appropriations for the ensuing year. There will be no more important matter to engage its attention. Fortunately the state of the Treasury cash has been such as to enable the Government to meet a large deficiency in revenue without embarrassment or inconvenience. For July 1 1908 the available cash balance, after deducting all current liabilities, and also the $150,000,000 gold reserve, still stands at $239,557,993. On July 1 1907 the amount was $268,581,438. This, it will be observed, is a loss of, U. S. Govenrment Fiscal Years ending June 30 roughly, $29,000,000 in face of a deficiency of Expenditures. 1905-06. 1904-05. 1907-08. 1906-07. 1896-97. $ Civil and mIscell— -146,898,930 124.117.119 120,000,627 126,336,5451 90,401,268 $59,657,000 in the revenues. But it should be War 110,284,864 101,671,881 93,659,462 99,616,315k 48,950,268 Public works remembered that cash resources were added to last 93,778,239 76,051,271 66,020,390 43,516,2001 (a) Navy 118,126,348 97,606,595 110,956,167 117,334,003 84,561,546 Indians 14,550,759 15,140,292 12,746,512 14,246,568 13,016,802 November and December, during the panic, by the Pensions 153,887,995 139,290,910 141,031,081 141,770,956 141,053,165 Interest 21,424,990 24,482,524 24,310,326 24,591,024 37,791,110 issue of $24,631,980 of Panama Canal two per cents Total 659,552,125 578,360,592 568,727,565 567,411,611 365,774,159 • and $14,186,500 of three per cent certificates of in(a) In this earlier year the expenditures for public works were not stated separately, debtedness. On the other hand, $36,126,150 of 4s but were Included In "Civil and Miscellaneous" and In "War." Thus expenditures for 1907-08, at $659,552,124, of 1907 which were still outstanding June 30 1907, compare with only $365,774,159 for 1896-97. It is but had been called for redemption July 2 1907, were proper to say that there has been some change in the paid off and retired—at least all but $3,065,550 of the classification of the disbursements in recent years, dis- amount. The further fact should be remembered turbing somewhat the comparison with 1896-97. Ex- that the fund for the kedemption of national bank penditures for so-called "Public Works" have been notes, owing to the retirement of large amounts of the taken out of. "Civil and Miscellaneous" and "War," notes, has been very largely added to during the where they formerly appeared, and are now stated as twelve months, and on June 30 1908 was $72,459,284, a separate item. These expenditures include new as against only $47,658,804 on June 30 1907, adding buildings, river and harbor outlays, and the like; also correspondingly to Goverment cash. the outlays on the Panama Canal, which in the latest Government deposits in the banks (forming part of year reached $37,827,329, as already stated. As the total of cash) fluctuated widely during the twelve this is a wholly new item of expenditures, allowance, months. Starting at $181,700,054 July 1 1907, the of course, should be made for it. But it will be noted amount by Aug. 1 was down to $156,990,205 as a that, as compared with eleven years ago, there has result of the return of $30,000,000 of special Governbeen an enormous growth in the expenditures entirely ment deposits which the banks had been called upon irrespective of the increase in the items now grouped to surrender. In September the amount was slowly under the head of "Public Works." For instance, increased and on Oct. 1 stood at $170,512,212. The the War Department in the latest year spent no less occurrence of the panic in October and November than $110,284,864, whereas in 1896-97 the same De- required the employment of extraordinary measures partment spent only $48,950,268, and this last in- of relief and by Jan. 1 1908 the aggregate of Governcluded some items which are now grouped under ment deposits had risen to $256,920,155. In the inter"Public Works." It is worth pointing out, too, that val since then the amount has been reduced through the aggregate of the Government expenditures of all several calls upon the banks for the surrender of public kinds, large though it is, would be still larger except funds, so that for July 1 1908 the amount of the for a saving of over $16,000,000 in the annual charge deposits is only $165,219,315. As concerns the for interest. money holdings in Treasury vaults,the aggregate does Obviously, with Government revenues now contract- not show much change for the twelve months, being ing as rapidly as they were previously expanding, a $339,612,920 July 11908, against $342,593,811 July 1 point has been reached where curtailment of the 1907. It is proper to state in closing that while the disbursements has become an imperative necessity. deficiency in Government revenues for the twelve The appropriations for the new fiscal year have months was $59656,361, the increase in the public already been fixed by Congress,and they indicate no re- debt for the twelve months was a little less than ductions,but rather further increases. In fact,Congress this sum (minor items accounting for the difference), has attained the distinction of having appropriated it amounting to $59,535,654. In other words, the over a billion dollars ($1,023,350,783) at a single net debt June 30 1908 was $938,132) 409, as against session, though this includes $222,962,392 for the $878,596,755 on June 30 1907. Post-Office Department, an item not included in any of the figures above. Accordingly, the outlook is for RAILWAYS IN THEIR OWN DEFENSE. an even heavier deficiency in Government revenues In a recent address to the alumni of Rutgers College, for 1908-09 than that recorded for 1907-08, even President Loree of the Delaware & Hudson Company though Government officials should not wholly spend reviewed the large service performed by American the amounts appropriated and should practice economy railways in proportion to the capital invested and dis and saving in all cases where Congress has allowed cussed the tendency of the current hostility toward them discretion in the matter—unless, indeed, Govern- them. It is fundamental that all usable material ment receipts should again expand, of which, however, comes from the earth; therefore mining, milling and there seems little likelihood at this time. It will agriculture must rank first in importance, but transtherefore be incumbent upon Congress at the coming portation stands next.. The Government reports for JULY 4 1908.1 THE CHRONICLE 1905 indicate an investment of 30 billions in agriculture, and in manufactures and steam railways 14 billions each. In 1885, said Mr. Loree, the average mile of road was represented by a net capital of $61,400; in 1905 by a capital of $51,201. In 1885 the movement of a unit of traffic represented a capital sum of 13 14-16 cents; in 1905 a capital sum of 5 3-10 cents. Meanwhile the average charge per passenger per mile has fallen from 2.198 to 1.962 cents and the average charge for moving the average ton of freight per mile has fallen from 10 6-10 mills to 7 7-10; besides there has been vast improvement in the character,of the facilities employed, and in the speed, regularity and minor incidents of the service. More than a million and a half of men are directly employed in this service, so that those dependent upon it for livelihood must be nearly 73/ millions, or about one-twelfth of the entire population of the United States. Outside of these, although closely linked to them in a common livelihood, are many thousands of employees of rail mills, car and locomotive works, bridge works, and many other industries dependent upon railways; indeed, there might be interterpolated here the remark that the railway is not only the largest single consumer of products, particularly manufactured products, but is the most varied consumer, there being hardly an article which it does not require. In something less than three generations, continued Mr. Loree, "there has been built up in the railway service of this country a practice and a personnel that for efficiency and character stand without parallel in the world." Before entering the service, applicants are subjected to a strict physical examination; they receive systematic instruction, and are held to a high state of discipline; in the main they are subject to the call of duty at all hours on all days in the year, and therefore the control over them must extend to their personal habits as well as the employment of their time. Their occupation is a hazardous one. Having in mind the character of this service, the restrictions imposed and the service rendered, "it is of the highest importance that relatively the rate of wages paid and the conditions of employment should be such as to attract and retain in this service the pick of the industrial community." Approximately two millions are now added annually to our population, and since the luxuries of yesterday become the necessaries of to-day,the wants grow faster than the population and the number of traffic units approximately doubles every ten years. Such an increase in 1885 meant the addition of 58 billions of traffic units, but in 1905 it meant the addition of 210 billions of those units. These figures suggest in a general way the amount of new capital which needs to be raised and invested in the development of railways in order that future growth of work to be done may be taken care of. Do high ides Of transportation—even if they are really high according to some definite standard of measurement and not merely loosely asserted to be such—cause high prices of commodities? Figures which cannot be successfully disputed have repeatedly shown how small a fraction in retail prices is represented by transportation, and Mr. Loree declared that, in the small city of New Brunswick where he was speaking, or in any other between the Atlantic and the Mississippi, the steam railways collect less than seven 11 cents "to assemble the articles of apparel in which a man goes about the public streets." The carrying charges under what are known as the "classified" rates, he said, are too small to be noticeable in the retail prices of staple articles; in traffic under "commodity" rates, such as coal and iron ore, rates are small in contrast with the European, if compared on the basis of the money unit of value; compared on the more equitable basis of the average daily wage of the common laborer, they are smaller still. On the other hand, returns to the investor Mr. Loree pronounced meagre. Compared with the capital profit of 9.8% in agriculture and 15.1% in manufacturing, the total return on capital invested in railways was but 3.38% in 1885. and 4.9% in 1905; in the latter year 62.8% of the issued stock paid no dividend, and the dividends paid averaged under 6%. Yet for a number of years the roads have been subjected to a great concerted attack. Perhaps the word "concerted" is not the most exact here, as it seems to imply a deliberate plan all pre-arranged; but the attack has been simultaneous and contagious. Back of all the action by States stands the threat, said Mr. Loree, to segregate railway securities from all other forms, and "to assert over such investment a high-handed control, assuming no responsibility for losses but limiting any possible gains to a savings bank rate of interest." Perhaps this dates back to the Granger movement of many years ago, but.the modern revival began with an attempt to check specific abuses in discriminations really unfair, and has proceeded, in a natural excess of a popular emotion once appealed to, until the roads have been put in a position resembling that of convicted malefactors under a suspension of sentence. Everything is taken against them, with barely the right of reply admitted; enactment of rate laws has spread over the country like a prairie fire, caught from Washington; and the latest position is that the roads must provide sufficient facilities, now and hereafter, and cannot be permitted to cut wages or raise rates (except in some very moderate degree, passed upon by authority) whatever happens. The attitude might be paraphrased as a command to be righteous and agreeable, though working miracles become necessary incidentally. This has been the most striking phenomenon of the last three years, and the only new thing to be noted about it is that now the aggression has come to a pause. The next President, according to present indications, will be a man whose training disposes him to see the whole of a case before passing on it, and conserve rather than pull down. People are beginning to think—or, at least, have reached the halt which leads to thinking; they will gradually recognize that no possible demand for new facilities will bring new capital forward until an attitude towards peace and stability returns, and that continued oppression of the roads must lessen efficiency of service and lower the status of the employees. A favorable symptom is the fact that railroad men are "beginning to appeal to the common sense of the public in defense, as Mr. Loree has now done. Representative business men are doing the same, as, for instance, in the recent address of Mr. E. C. Simmons of St. Louis before a convention of commercial clubs, on the text, "Give the Railroads a Chance," and arguing that neither any State nor the whole country 12 THE CHRONICLE has ever had prosperity unless• the railroads were prosperous and that legislation antagonistic to them is the greatest curse at present. The railway employees also perceive the dangers of the drift and are protesting against rate reductions, which must react upon themselves, The most recent instance is the organization of a State Railways Protective Association in Nebraska, which proposes to go into politics so far as necessary and has already issued a pamphlet presenting the side of the employees. Evidently the reactionary movement is ready to begin. It is time. The last public words of Grover Cleveland attested this. "Our people need rest (said he) after a period of terrific hysteria; they need peace, after intense excitement and apprehension; and they need conservatism after the disturbing fever of radicalism." There is good reason for the encouraging belief that they are about to get it. THE RESPONSIBILITY FOR THE LOCAL TRACTION SITUATION. The Federal Court has this week given its decision in the matter of the application of the receivers of the Metropolitan Street Railway Co. and the New York City Railway Co., asking for instructions as to the proper course to pursue in the case of certain crosstown and belt lines forming part of the Metropolitan system, but which are not earning their operating expenses and rentals. The Court (Judge Lacombe) directs the receivers to discontinue the rental payments and cease operating the roads. One of the lines in question was the Central Park North and East River RR., commonly known as the "Belt Line," and there was a similar application with reference to the TwentyEighth & Twenty-Ninth Streets Crosstown RR. We made reference to the subject in our issue of June 13, which was soon after the receivers had applied to the Courtfor instructions, and we take the matter up again to-day, not alone because of the vital interest that the people of this city have in it, but yet more because it furnishes such a signal illustration of the failure of Government policy in the regulation of public service undertakings,:and shows that this policy, instead of being beneficial, is working to the detriment and injury of all interests—stockholders, bondholders, and,most of all, the traveling public. In this last instance the city's experience is of more than local concern, for the experiment in Government regulation which is being tried here finds its counterpart in many other parts of the country. It is in the highest degree important that the folly of the whole thing should be brought to the notice of the public everywhere. As far as the local traveling community is concerned, its paramount interest in these proceedings is the cutting off of the transfer facilities between the abandoned lines and the parent system and the impairment of the service over all of these lines (for there are intimations of a possible return to animal traction),and its likely total abandonment on some of them. One of the daily papers, in commenting on Judge Lacombe's decision, says it is interpreted as the beginning of the end of the transfer system from the north and south surface lines to those running east and west. That is not strictly correct. There are still a number of crosstown lines left in the Metropolitan system between which and the main lines transfers will continue to be exchanged. It is, however, accurate to say that [VOL TACIXVII. under the present and previous action of the Court a very large portion of the transfer privileges which the patrons of the surface lines have enjoyed for so long will become a thing of the past—that as a consequence passengers will have to pay two or even three fares where previously they were obliged to pay only one fare. The Third Avenue RR. was taken out of the Metropolitan system several months ago by the Court because of the enormous losses resulting from its operation. That step involved discontinuance of transfers between the 42d Street and the 125th Street lines at all transfer centres except those of the Third Avenue Co. itself. The throwing over of the "Belt" road means cutting off one of the most important crosstown lines in the city, namely that on 59th Street, and when the receivers also discontinue operation of the TwentyEighth & Twenty-Ninth Streets road, transfers over this crosstown line also will be done away with. It should be remembered, too, that the Third Avenue receiver the past month, by direction of the Court, discontinued the three-cent transfers between the Manhattan Elevated lines and the Third Avenue system (comprising the Third Avenue RR., the Dry Dock East Broadway & Battery, the Forty-Second Street Manhattanville & St. Nicholas Avenue RR. and the Union Railway lines), which had been in use ever since 1899. Moreover, the receiver has in contemplation the discontinuance of transfers between the Union Railway and subsidiary lines like the Westchester Electric and the Yonkers RR. Previously, on the basis of the three-cent transfers, it was possible for a passenger on the payment of eight cents to ride from the City Hall and South Ferry to Yonkers, New Rochelle, Mount Vernon and Larchmont. With the abolition of all transfers he will have to pay fifteen or twenty cents traveling over the same route. The situation is obviously a serious one, and unfortunately there appears no way out of the difficulty, at least at present. The process of disintegration having begun, it seems likely to continue until all unprofitable lines have been lopped off. But at any rate there is no difficulty in fixing the responsibility for this situation. There can be no question that it has been, brought about through the action of the Public Service Commission. It is the result of its first year's work. That body came into existence on July 1 of last year. For some time .previously the sensational press had. been carrying on a crusade against what it was pleased' to term the "traction monopoly on Manhattan Island.". That there was a combination embracing the surface lines, the elevated lines and the subway system admits of no question. But as events have since shown, it was a combination distinctly in the public interest. The Interborough-Metropolitan Co., a holding concern, had been formed, and through an exchange of securities this holding company acquired control on the one hand of the Interborough Rapid Transit Co., comprising the subway and elevated lines, and on the other hand got control of the Metropolitan Street Ry.system, comprising all the surface trolley and horse-car lines. But the sensational press insisted that the combination was opposed to the public interest and must be broken up. Wittingly or unwittingly, the Public Service Commission was used as an instrument to that end. The Commissioners were told that the local traction situation .demanded their attention above JULY 4 1908.1 THE CHRONICLE 13 One of the newspapers, in speaking anent this everything else and that it was their duty to begin week's action of the Court in directing abandonment an immediate investigation of the same. the The Commission yielded to the clamor and began of the lease arrangement of the "Belt" road and were some operating contract with the Twenty-Eighth & Twentythe investigation urged upon it. There in these sensational disclosures and some unsavory develop- Ninth Streets line, declares that the outcome was that all the instances is the "strongest imaginable vindication of • ments, and the upshot of the matter the Commission street railway lines on Manhattan Island and the the creation of the Commission,"since hands. With what will be able to prevent the assumption of future unBronx were landed in receivers' If this glee this event was hailed will be readily recalled. The profitable leases, guaranties and the like. " had been broken up means anything it means that if the Commission had combination or "monopoly "Belt" ' and it had been demonstrated that the surface lines been in existence sixteen years ago, when the and had to seek refuge line lease was made, it could and would and should • could not stand by themselves and shelter in the courts. But these malicious spirits have put its veto upon the granting of transfers at all. took no thought of the consequences. They had Passing that point, however, the idea underlying this accomplished their work of ruin and destruction, but it critic's comment evidently is that the lease should evidently did not occur to them that the chief sufferers have been made upon more advantageous terms to the in would be the public itself. They had a Government Metropolitan. Let us put the criticism to the test is of more body to their liking in the Public Service Commission, this particular case, for a specific instance endowed with authority over the traction lines never value in illustrating the fallacy of this species of argupreviously conferred upon any other Government ment than any amount of generalities. Judge Lacombe gives the facts quite fully in his agency. This public body, too, issued its edicts and orders with great freedom. Unfortunately,while these opinion and we need not go outside that opinion for might have been effective when directed against a solv- any of our figures. He says that a careful examination ent corporation, they proved wholly impotent against of the books shows that the "Belt" line for the year an insolvent corporation, having no means of raising ending March 31 1908 had total gross earnings (cash money to meet deficits or to provide fundsfor additional fares) of $729,846 and that other items of income equipment and facilities. The street surface system,as increased the amount to $749,624. Operating exwe see,is now being broken into bits, but,as we also see, penses and taxes were $650,199, leaving, therefore, net the each additional act of dismemberment is serving to im- earnings of $99,425. But this did not allow for for the year pose additional burdens upon the traveling community. special franchise tax which was assessed The point is made that the Metropolitan Street Ry. 1907 at $47,090. This franchise tax is in litigation, system was over-burdened with charges, except and as Judge Lacombe well says, in the event of a for which insolvency might have been avoided. The successful termination of the litigation the best that figures certainly substantiate the claim, but that does could be hoped for is that the amount would be not alter the fact that while the combination was somewhat reduced. Thus the available net income allowed to exist, the solvency of the street railway lines after the payment of the franchise tax would be only was maintained in face of a large yearly deficiency, $52,335; but the lease rental is $162,000 a year (9% making, therefore, the moral all the plainer. Since on $1,800,000 stock), thus showing a tremendous the combination controlled not only the street railway deficiency. Furthermore, in this, apparently, no lines, which were unprofitable, but also the subway, allowance whatever is made for interest on the "Belt" and elevated lines, which yielded large profits, it was line $1,200,000 of bonds, probably because the able to use these latter to make up the accruing deficits Metropolitan itself owns the bonds, having taken them reon the surface lines. The "monopoly" may have up when they matured Dec. 1 1902 with its own 4s. Judge Lacombe also points out that it been detestable, but it was benefiting the public. It funding heavy should be noted, too, that before the Public Service may be necessary in the near future to incur on this line for construction. Commission appeared on the scene quite comprehensive expenses But was the rental agreement excessive? Judge plans were in process of formation for continuing to Lacombe says that matter is of no moment now, but carry the burden of loss resulting from the operation into of the street railway lines and to provide for their he points out that the agreement was entered out on sixteen years ago "at a time when conditions were partial reconstruction. As we have pointed a previous occasion, in May of last year the Inter- such that the Belt line, operated entirely by horse borough-Metropolitan Co. borrowed $3,000,000 on power, issuing practically no transfers and assessed stock six-months' notes and arranged for the issue of for no franchise tax, earned 10% on its capital Of this over and above all operating expenses and fixed $15,000,000 3-year 5% collateral trust notes. seen, requires $15,000,000, $8,000,000 was to be for the Metropolitan charges." The lease, we have already the in- a payment of only 9% on the stock, and for the first Street Ry. A little later, however, there came • vestigation by the Utilities Commission into the street five years called for the payment of only 8%. Judge railway and subway undertakings, with special probing Lacombe also points out that neither the "Belt" line into the issue of collateral or short-term notes. In the "stock nor its bonds have been increased since the critical time through which the country was at that time sixteen years ago when it was a very profitable moment passing, it was difficult enough to float even property, and in the interim seven miles of its roadway • high-grade, gilt-edged corporate securities and the has been transformed from horse-car tracks to conduit • Interborough-Metropolitan $15,000,000 issue could not electric system, wholly at the expense of the lessee; not by the Belt line be floated at all. Suspension of dividends on Inter_ a dollar of the cost has been repaid borough 'Metropolitan preferred stock and bankruptcy to the lessee by issue of additional stock or bonds, nor, the giving and receivership for the Metropolitan Street Ry. lines as far as the receivers can discover, even by lines." of notes, as was done in the case of other followed as inevitable consequences. 14 THE CHRONICLE Thus the argument that if we had had a Government body sixteen years ago the present situation could never have arisen falls to the ground. On the other hand, it is beyond dispute that if no Government body had come into play, that is, if the Public Service Commission had not been employed to dismember the traction "monopoly," the present state of things would never have been allowed to come to pass. The "monopoly" must have worked out its own salvation. All obligations, even though burdensome, would have been met (since the profits of the subway and elevated lines would have been available for the purpose) and no transfer privileges would have been abolished. Obviously the Commission must accept responsibility for what has happened. The Commission is now engaged in having an appraisement made of all the street railway lines in the Metropolitan system. But suppose its experts do what is expected of them and make the valuation inordinately low, what effect can this have in restoring the old transfer privileges? The system has been disrupted. The unprofitable parts will go to the holders of liens on those parts. Can these lien holders be compelled to accept paper transfers having no cash value and not available in payment for wages and supplies? In the case of the Twenth-Eighth & Twenty-Ninth Streets road it appears that gross earnings for the year ending March 31 1908 were $146,536, while operating expenses and taxes were $143,729, leaving a net income of only $2,807 with which to pay 5% interest on $1,500,000 of bonds, to say nothing of the $1,500,000 of outstanding stock. Can a property with such limited earning capacity be obliged to resume the issue of free transfers? The answer would seem obvious. Evidently there is a lesson in all this for other cities. If any of them contemplate breaking up transit combinations, the experience of New York should deter them from the task. EXISTING BUSINESS DEPRESSION AND ITS CAUSES. Senator Foraker of Ohio on Wednesday delivered an address, on invitation, before the Cincinnati Chamber of Commerce in which he touched on the causes of the existing depression in trade. This depression is occasioning so much suffering and distress, and Mr. Foraker furnishes such an excellent summary of the influences responsible for it, and indicates so clearly the corrective that must be employed to insure a return of prosperity, that we feel it incumbent upon us to reproduce the speech for the information and benefit of our readers. We take the report of the speech as printed in "The Sun" of this city on Thursday morning. It was contained in a dispatch to that paper from Cincinnati, dated July 1, as follows: Ctncinnati.—Senator J. B. Foraker this afternoon addressed the members of the Cincinnati Chamber of Commerce by invitation. Thomas P. Egan, President of the Chamber,in introducing Senator Foraker, took occasion to say that it was July 1, "prosperity day," and that the members had met for the purpose of celebrating the fact that they were having a return of prosperity, in the minds of some people. At the conclusion of his remarks he proposed three cheers for Senator Foraker, after which the Senator spoke. Among other things he said: "I do not know what you expect me to talk about, but I assume that it will be in order to talk about the prosperity [VOL. LXXXVII. we have had, the present lack of prosperity, extent of it, the cause of it and the remedy for it. "I do not know how better to recall the measure of the prosperity we had than to relate that on the 31st day of July 1907, eleven months ago almost to a day, it was my fortune to fall in with Mr. Egan as we came from our respective homes on Walnut Hill to our respective places of business. In the course of our conversation, speaking of the happy industrial conditions we were then enjoying, he said that the crying need of Cincinnati at that time was for 20,000 more workmen than we had; that employment was waiting for that many additional men. "What he said about Cincinnati might have been said in a general way about any other like city in the country. "But after I promised him I would come here I called up one Of the mercantile agencies of our city which keep a record of such matters and was told in answer to an inquiry that there are to-day in Cincinnati from 20,000 to 22,000 idle artisans—men who work at all trades, skilled labor and the higher classes of labor, so to speak. In other words, in eleven months we have passed from a condition where we had work for 20,000 men whom we could not find to a condition where we have 20,000 men for whom we have no work; men who have been out of work now for several months, long enough for many of them to have exhausted their savings and to be now in the condition of real solicitude as to the future. "The question is how are we to remedy this situation, and to enable us to act intelligently we should know what caused it. I understand that you have organized what is called a Sunshine Club and that my good friend, Mr. Wiborg, is shedding sunbeams on every hand,and that you propose to remedy the situation, in part at least, by simply resolving that you will re-employ men and go ahead with your proposed undertakings, trusting to a general revival, and that by your confidence so manifested you will encourage a return of prosperity. Much can be accomplished in that way, but this proposition reminds me of one by which Horace Greeley added great notoriety to his well-earned great fame by proclaiming that the way to resume was to resume. We found out then that on top of that proposition we needed some well-considered legislation, and I apprehend we will have a similar experience now. "One man says the panic was caused by over-trading, by over-credit, by over-capitalization, by a lack of currency, by the fact that we have a Presidential year, &c., &c. "All these things are, no doubt, causes to a greater or less extent, but we have had all these before without affecting prosperity. Four years ago we had a Presidential year and had then unbounded prosperity. "So far as the Presidential campaign of this year is concerned, there is no reason why business should be seriously affected. I can't talk polities here, but I trust I may say that one convention has nominated its candidate and he is known to every man who hears me as exceptionally agreeable in all respects so far as his personality is concerned. (Applause ) He has ability, character and general qualifications and fitness. (Applause.) "The only objection I have to him is that he seems to believe that the country needs more of the so-called Roosevelt policies, while in my opinion we are already suffering from an over-dose of that. (Applause.) I will not pursue that suggestion except to add the single remark that all these so-called causes of the panic are in my opinion relatively unimportant. "The real great cause that has brought upon us our trouble was such legilsation as the Sherman antittrust law, the Hepburn rate billovith its commodity clause, now on trial, and other like legislation enacted by Congress, and by the• State legislatures, together with an announced policy that at a specified time in the future we are to hayo a general revision of the tariff. "Let me speak first about this tariff matter. "To announce in 1907 and 1908 that we will revise the tariff in 1909 is to make business men generally uneasy. What man is to escape? Surely not the iron and steel interests, Mr. President, or any other specified industry can hope to escape. When revision comes, everybody knows that it will be a revision of the whole subject,and now that we have determined that in the future—some time next THE CHRONICLE JULY 4 1908.1 Year—we will have tariff revision, I apprehend that all business liable to be affected by such revision, will be conservative and do all kinds of hedging against possible injury. This determination to revise would have this tendency, to make business men conservative under all circumstances, but particularly at this time." AS to the commodity clause of the rate bill, Senator Foraker said: "But if the Court should hold the clause constitutional— that it is valid and binding—every railroad engaged in hauling coal of its own production must instantly stop under the penalty of heavy fines, together with heavy fines and imprisonment for its officers. In that event there would be not only a great hardship upon the railroads but a greater hardship upon the consumers of coal everywhere. The result would be of a disastrous character to the whole country. "It is because thoughtful, prudent business men foresee this possible situation that there is still a cloud hanging over the business of this country. That cannot be removed by the resolutions of a sunshine club, but by only a judgment of the courts or by an act of Congress. "If the Court should dispose of the clause, that will end it. If not, Congress will have to undo it. I voted against the proposition when it was brought forward in the Senate and proposed an amendment at the recent session modifying it so as to make it only prospective in its application. I regret to say I was unsuccessful in both cases. If the law be upheld and we have the further experience I have suggested) I shall hope to be successful at the next session before I am eliminated." ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S. —The public sales of bank stocks this week aggregate 38 shares, of which 10 shares were sold at the Stock Exchange and the remainder, at auction. The transactions. in t;ust company stock were all in stock of the Carnegie Trust Co.,the total of the several lots sold being 277 shares. The first sale of stock of the First National Bank of Brooklyn since its reorganization was made this week at 260' The table given below in our usual form shows the actual sales of New York City bank stocks made during the week at auction and at the Stock Exchange. Extensive tables showing the bid and asked quotations, deposits, surplus, &c., of banks and trust companies in all important cities of the United States are published monthly in the "Bank and Quotation" section, the July issue of which accompanies to-day's "Chronicle". Bid and asked quotations for all New York City bank and trust company stocks are also published weekly in another department of the paper, and will be found to-day on pages 23 and 24. Low. High. Shares. BANKS—New York. 400 400 5 Columbia Bank •13 Commerce, Nat. Bank of _ _ _ 168j 170 BANK—Brooklyn. 260 260 20 First National Bank TRUST COMPANY—New York. 162M 165 277 Carnegie Trust Co Close. 400 170 June 1008— 171 260 Nov. 1905— 380 162% June 1008— 165 Last previous sale. • Of this amount 10 shares were sold at the Stock Exchange. —The New York Produce Exchange followed the example of the New York Cotton and Coffee exchanges and suspended business yesterday, July 3, in addition to being closed to-day, the 4th inst. The New York Stock Exchange, which is of course closed to-day, continued in session yesterday. —.W. J. Fowler was this week appointed Second Deputy Comptroller of the Currency by President Roosevelt, and was sworn into MS new office on the 1st inst. Mr. Fowler was formerly chief of the national bank organization division in the Comptroller's office. While provision for a salary of $3,000 wa'S made at the recent session of COrigress for the new official, it is stated that there is no law creating the office of Second Deputy Comptroller beyond the mere appropriation. The Solicitor of the Treasury, however, is said to have decided some time ago that the language of the appropriation bill was sufficient authority for the creation of the office, and further that the appointment should rest with the President.' To avoid any possible future question which might arise with regard to the legality of any acts of the new officer, the matter was referred to 15 the Attorney-General, who on June 26 sustained the decision of the Solicitor of the Treasury. It thus happens that while the First Deputy is appointed by the Secretary of the Treasury, under the provisions of the banking Act, the appointment of the Second Deputy is made by the President. —Plans for the organization of a national currency association, in accordance with the provisions of the new currency law, were perfected in Buffalo on Saturday last, at a meeting held at the Buffalo Clearing House. The meeting was attended by representatives of thirty-three banks, whose combined capital amounts to $11,601,800. The proposed organization is to be known as the Buffalo National Currency Association of Western New York. Temporary organization was effected by the election of Stephen M. Clement (President of the Marine National Bank of Buffalo) as President and W. Emerson Bargar (VicePresident of the Third National Bank of Buffalo) as Secretary. Banks from every county in the eighth judicial district (namely Erie, Niagara, Chatauqua, Genesee, Cattaraugus, Wyoming, Allegany and Orleans counties) were represented and it was the sense of the 'meeting that the territory to be covered by the new association should be confined to this district, provided such plan is approved by the Secretary of the Treasury. As soon as all the banks forming the association have adopted the required resolutions, another meeting will be held for final organization Representative E. B. Vreeland, who conceived the plan of these currency associations, made an address at last Saturday's assemblage. —Final steps for the organization of the National Cur rency Association of Washington, D. C., were taken on the 25th ult. The officers of the Association are: President, E. S. Parker, President of the National Metropolitan Bank; Vice-President, W. V. Cox, President of the Second National Bank; Secretary, G. W. White, Cashier of the Commercial National Bank; and Treasurer, E. Quincy Smith, President of the National City Bank. —An announcement from the headquarters of the American Bankers' Association states that while the literary program for the annual convention at Denver is not yet complete, it is known that the following will be among the speakers: Woodrow Wilson, President of Princeton University, Princeton, N. J.; B. E. Walker, President of the Canadian Bank of Commerce, Toronto, and James B. Forgan, President of the First National Bank of Chicago. It has been decided to set apart separate days for the meetings of the Trust Company and Savings Bank sections, so as to give those desiring it a chance to attend both sessions. The Savings Bank Section will therefore meet on Monday September 28 and the Trust Company and Clearing House sections on Tuesday September 29. The various standing and working committees of the American Bankers' Association will hold their sessions on Monday and Tuesday of the convention week. The business sessions of the Association will be held on Wednesday and Thursday, September 30 and October 1. One of the features of the social program will be a trip over the famous Moffat Road, said to be one of the finest pieces of railroad engineering in the West. —We publish this week the text of the Cassidy AntiBucket Shop bill, one of the measures enacted at the 1908 session of the New York Legislature. The bill was approved by Governor Hughes on May 21, and goes into effect on Sept. 1 next. As stated in a reference made • to it in these columns April 25, the new law makes it a felony for any individual,.firm or corporation to enter into a contract for the purchase'or sale upon credit or margin of securities or commodities upon the basis of public market qoutations, without intending a bona fide purchase or sale. One of its provisions makes it obligatory for brokers to furnish upon a written request of a customer for whom an order is executed a written statement containing the names of the persons from whom such securities or commodities were bought or sold. The law defines a "bucket shop" as "any building, or any room, apartment, booth, office or store therein, or any other place, where any contract prohibited by this Act is made or offered to be made." The following is the bill in. full: 16 THE CHRONICLE CHAP. 458. AN ACT to amend the penal code relative to bucket shops, and fixing penalties. Became a law May 21 1908, with the approval of the Governor. Passed, three-fifths being present. The People of the State of New York, represented in Senate and Assemb;y, do enact as follows: Section 1. Title ten of the penal code is hereby amended by adding after chapter ten of such title a new chapter to be chapter eleven of such title, to read as follows: CHAPTER XI. Section 355-a. Acts prohibited; penalty for violation. 353-b. Exhibiting quotations; penalty for violation. 355-c. Written statement to be furnished; presumption. 355-d. Corporations; additional penalty for second offense. 355-e. Definitions. Section 355-a. Acts prohibited; penalty for violation. ---Any person, copartnership, firm. association or corporation, whether acting In his, their or Its own tint, or as the officer, agent, servant, correspondent or representative of another, who shall, 1. Make or offer to make, or assist In making or offering to make, any contract respecting the purchase or sale, either upon credit or margin, oi any securities or commodities, including all evidences of debt or property and options for the purchase thereof, shares In any corporation or association, bonds, coupons, scrip, rights, choses in action and other evidences ot debt or property,and options for the purchase thereof,or anything moveable that is bought and sold, wherein both the parties thereto intend that such contract snail be or may be terminated, closed or settled according to, or upon the basis of the public market quotations of prices made on any board of trade or exchange upon which such commodities or securities are In, and without intending a bona fide purchase or sale of the f ame; or 2. Makes or offers to make or assists in making or offerb.,„w make any contract respecting the purchase or sale, either upon credit or margin, o: any such securities or commodities, wherein both parties Intend tha. such contract shall or may be deemed terminated, closed an settled when such market quotations of prices for such securities or commodities nami d In such contract shall reach a certain figure, without intending a bona tide purchase or-sale of the same; or 3. Makes or offers to make, or assists In making or offering to make any contract respecting the purchase or sale, either upon credit or margin of any such securities or commodities, wherein both parties cl') not intend tie actual bona fide receipt or delivery of such securities or commodities, but do intend a settlement of such contract based upon the difference In such public maraet quotations of prices at which said securities or commodltie, are, or are asserted to be, bought or sold; or , et. 1111 4. Shall, as owner, keeper, proprietor or person in ch tue of or es officer, director, stockholders, agent, servant, corresponden. or represent a tive of such ostler, keeper, proprietor or person In charge, cr of any other person, keep, conduct or operate any bucket E hop, as hereinalter defined; or knowingly permit or allow or Induce any person, co-partnership, firm, association or corporation, whether acting in his, their or its cwn rIgnt, or as the officer, agent, servant, correspondent cr representative of anoiher,to make or offer to make therein, or to assist In making therein, or In offering." to make therein, any of the contracts specified in any of the three preceding subdivisions of this secti in. Shall be guilty of a felony ana on conviction tnereof shall, If a cor oration, be punished by a fine of not more than five thoasand collars ,or each offense, and all other persons so convicted shall be punish( d by a i ne of . not more than one thousand dollars or by Imprisonment for not mote than Ave yJars, or by both such fine and imprisonment. The prosecution, convic.;lon and punishment of a corporation hereunder shall not be deemed to be a prosecution, conviction or punishment of any of Its officers, directors or stockholders. Section 355-b. Exhibiting quotations; penalty for violation.—Any person, firm, co-partnership, association or corporation receiving, commuhlc ttIng, exhibiting or displaying In any manner any statement of quotations of prices of any such securities or commodities with an intent to make cr offer to make or to assist in making or offering to make any contract prohibited In this Act shall be guilty of a felony and on conviction thereof shall be punished as provided in section 355-a hereof. Section 355-c. Written statement to be furnished; presumpticn.— Every person, firm, association, co-partnership or corporation shall furnis upon written demand to any customer or principal for whom such petsol has executed an order for the actual purchase or sale of any such securities or commodities, either for immediate or future delivery, a written statement containing the names of the persons from whom such property was boug t or to whom it has been sold, as the case may be, tne time when, place where, the amount of and the price at which the same was either bought or sold; and If such person, firm, association. co-partnership or corporation shall refuse or neglect to furnish such statement within forty-eight hours after such demand, such refusal shall be prima facie evidence that such purchase or sale was made in violation of this Act. Section 355-d. Corporations: additional penalty for second oftense.— If a domestic Porporation shall be convicted of a second offense hereunder . the Supreme Court shall have jurisdiction upon an action brought by the Attorney-General, in the name of the people, for that purpose, to dissolve such corporation; and if a foreign corporation shall be convicted of a second offense.such C mrt shall have Jurisdiction In an action bronght in like manner to restrain such corporation from doing business In this State. Section 355-e. Definitions.—"Bucket shop" shall mean any building, or any room, apartment, booth, office or store therein,or any other place, where any contract Prohibited by this Act Is made or offered to be made. Section 2. This Act shall take effect September 1st, 1908. —A law prohibiting the carrying on of a "buckershop" business in Connecticut went into effect on the 1st inst. The bill was enacted by the last General Assembly and is intended "to prevent, banish and prohibit the business commonly known and designated as 'bucket shops.'" Violation of the law is punishable by a fine of from $500 to $1,000 and imprisonment of not more than one year. —The New York State Bankers' Association will hold its annual convention the coming week on Thursday and Friday, the 9th and 10th inst., at the Hotel Frontenac, Thousand Islands. Addresses will be delivered at. the meeting by Alexander Gilbert, President of the New York Clearing House Association, and President of the Market & Fulton National Bank of this city; Joseph T. Talbert, Vice-President of the Commercial National Bank of Chicago; W. H. McElroy, Job E. Hedges of New York City, and James A. Emery, who will discuss "The Banker and Class Legislation." On Thursday, after the morning convention, a trip on a specially chartered steamer, will be made to the most beautiful part of the Thousand Islands. The annual banquet will be held on the evening of that day. Side trips have also been arranged for Friday, and in the *evening there will be illuminations,pyrotechnics and music. , Charles Elliot Warren, Cashier of the Lincoln National Bank, is President of the Association and F. 0. Eldredge. , of New York is Secretary. —The Corn Exchange Bank of this city has received authority from the State Banking Department to open a Lxxxvii. • branch in the new Terminal Building at Church and Dey Streets. The proposed branch will begin business about September 12. —Dr. James H. Parker, who was elected a director of the Mutual Alliance Trust Co. of this city last week, was chosen President of the company on the 1st inst., succeeding Paul Schwarz. Dr. Parker is well known in ‘cotton circles both here and in Charleston, S. C. He has been President of the New York Cotton Exchange three times, and is the only one who has ever enjoyed such a distinction. When he retired from the cotton trade in the late '80s, he was elected VicePresident of the National Park Bank, then President of the United States National Bank, until its amalgamation with the Western National Bank; then President of the Produce Exchange Trust Co. He is a director in the National Bank of Commerce, the Panama Railroad Co., the Coal & Iron National Bank and holds many other positions of trust. Mr. Schwarz retires from the presidency of the trust company to engage in mercantile business. He remains a member of its board of directors. —The proposition to reduce the number of directors of the Mechanics' & Traders' Bank of this city from twentyfive to twenty was ratified at a meeting of the stockholders on Tuesday. This is one of the steps toward the reorganization of the institution. —The semi-annual statement of the Long Island Loan & Trust Co. (Temple Bar Building), Brooklyn, for June 30 1908 shows a noteworthy increase over the previous semiannual statement. Deposits are reported at $7,581,215 as against $6,489,355 (Dec. 311907); surplus and undivided profits advanced during this period from $527,631 to $755,496. Aggregate resources are now $10,484,514. Edward Merritt is at the head of the company, with Clinton L. Rossiter, First Vice-President; David G. Legget, Second Vice-President; Frederick T. Aldridge, Secretary, and Willard P. Schenck, Assistant Secretary. —Fred. W. Wurster, ex-Mayor of Brooklyn, has been elected a director of the Manufacturers' National Bank of Brooklyn Borough. —An organization to be known as the New Jersey Savings Bank Association was formed at a meeting of sixteen representatives of savings banks in New Jersey held on June 25 at the Hoboken Bank for Savings. The objects of the organization are the general welfare of savings banks of the State, the securing of proper consideration of all legislative action affecting such institutions, and the discussion of all subjects relating thereto. The officers elected are: President, Charles S. Schultz, President of the Hoboken Bank for Savings; Vice-President, Adrian Lyon, President of the Perth Amboy Savings Institution; and Secretary and Treasurer, Ralph T. Crane, Treasurer of the Montclair Savings Bank. The following executive committee has been chosen: Horace Stetson, Vice-President Half-Dime Savings Bank, Orange; Philander B. Pierson, President Morris County Savings Bank, Morristown; Garrett D. W. Vroom, President Trenton Savings Fund Society; L. M. Coddington, Manager Somerville Dime Savings Bank; Merritt G. Perkins, President Franklin Savings Institution, Newark, and John Headden, President Hudson City Savings Bank, Jersey City. —Charles P. Blinn Jr., lately Assistant Treasurer of the City Trust Co. of Boston, has become Vice-President of the National Union Bank of that city. —The "Boston Evening Transcript" states that an agreement has been reached with the various parties interested in the Boston & Worcester Street Railway stock held by the firm of James F. Shaw & Co., Inc., whereby the securities will be held for a fixed period. An injunction issued by the Court against the transfer and sale of the stocks has been dissolved, there being now no further need for its continuance. The firm was placed in receiver's hands on March 2. —Robert Ohnmeiss Jr., Assistant Treasurer and Paying Teller of the Marine Trust Co. of Atlantic City, N. J., was arrested on the 27th ult. on the charge of embezzling $20,500 from the institution. The accused is said to have confessed to taking the money, which was lost in speculation. A portion of the loss, namely $10,000, is covered by surety bonds. The defaulting clerk has been released under bail of $11,500. JULY 41908.1 THE CHRONICLE —H. W. Tiers, formerly discount clerk of the First National Bank of Pittsburgh, was arrested on the 25th ult. on a warrant sworn out by Bank Examiner W. L. Folds, charging the abstraction of funds of the bank. Bail was furnished to the amount of $10,000. The charge against the former clerk concerned a defalcation of two years ago, for which he is said to have made partial restitution. A statement, as follows, has been given out by Mr. Folds regarding the matter: The defalcation was charged off on the books of the First National about two years ago. During my examination of the First National Bank in January last I noticed some of the items charged off, which led to the later investigation of these items, and in tills way the Tiers defalcation was discovered by me. The amount of the defalcation was $51,000, no more and no less. Cashier F. H. Richard, in the absence of President Skelding, also caused the issuance of a statement which we quote from the "Pittsburgh Dispatch": The full shortage, amounting to 451,000, was discovered two years ago. At that time Tiers made some restitution In cash and deposited with us certain securities, upon which the directors hoped to realize. Inasmuch as we charged off this amount Immediately the First National Bank has no further interest in the matter and the case Is now entirely in the hands of the Government. Since Jan. 1 the accounts and assets of the bank have been thoroughly examined by the Bank Examiner and afterward by Its own committee of auditors, and all were found as represented by the books of the bank. No further shortage exists. The defalcation, according to Mr. Folds, occurred between Feb. 8 1906 and July 26 of that year. In its last statement to the Comptroller of the Currency (May 14) the bank showed surplus and profits of $2,244,394. It has a capital of $1,000,000 and deposits of over $17,000,000. —It was announced this week that National Bank Examiner William L. Folds has been transferred from the Treasury Department to the Department of Justice. It is inferred that the change has been made to permit Mr. Folds to assist U. S. District Attorney John W. Dunkle in preparing the case against William Montgomery, formerly Cashier of the failed Allegheny National Bank of Pittsburgh. —The Ohio Bankers' Association will this year depart from its usual custom of holding its annual meeting within the borders of its own State and will meet in convention next week at the Thousand Islands, N. Y. The trip is to consume one week. The bankers will leave Cleveland by boat at 8 p. m. Monday, the 6th inst., arriving at Buffalo at 7:30 a. m. the following morning. From Buffalo to Clayton the trip will be made by train and from Clayton to Alexandria Bay via the Thousand Islands Steamboat Co. The steamer is scheduled to arrive at Alexandria Bay at 5:45 p.m. on. Tuesday. The business sessions will open on Wednesday morning. The papers to be presented include the following: "Work of the American, Bankers' Association," by Lewis E. Pierson, Chairman of the Executive Council of the American Bankers' Association and President of the Irving National Exchange Bank, New York;"The New Currency Law," by Joseph T. Talbert, Vice-President of the Commercial National Bank of Chicago, and "Ohio Depository Laws," by E. L. Coen, Cashier of the Erie County Banking Co., Vermillion, Ohio. There is to be a searchlight trip on Wednesday night and a "Thousand Island Ramble" on Thursday afternoon. The bankers will start on their return trip on Friday morning and are due to arrive at Cleveland on Saturday morning. —Indictments were returned on the 22d ult. against Day Kies, Treasurer, and E. C. Elenen, Assistant Treasurer, of the Norwalk Savings Bank Co. of Norwalk, Ohio, which suspended in January. The alleged charge against the Assistant Treasurer is that of embezzling the funds of the institution, while Mr. Kies is charged with perjury and the making of false entries in a report of its condition to the State Auditor. —Indictments growing out of the failure of the Broadway Savings Bank Co. of Toledo were returned against George G. Metzger and Albert L. Irish by the Grand Jury on the 17th ult. Mr. Metzger, who was President of the institution, is charged, it is said, with misapplication of the bank's funds and embezzlement, while Mr. Irish is alleged to have aided and assisted Mr. Metzger in making unlawful loans. A bond of $5,000 was furnished by each of the accused. The institution assigned on April 2. —The First National Bank of Chicago makes a very flattering showing in its statement of condition at the commencement of business July 1st. Total resources are $122,418,515, of which the cash resources are $45,306,696. Other interesting figures are its capital paid-in, $8,000,000; 17 surplus fund, $7,000,000; other undivided profits, $741,906; special deposits of U. S. and other bonds, $993,000; and other deposits, $104,700,958 89. The First Trust & Savings Bank (auxiliary institution of the First National) reports deposits exceeding $38,000,000. —The directors of the Commercial National Bank of Chicago have just given publicity to a certified statement of Price, Waterhouse Sz Co., Chartered Accountants, as to the balance sheet of the bank May 29th last. We cull the following figures. At that time it had cash resources, $15,102,891 02; bonds and stocks, $7,720,874 05;total assets, $51,016,635 37; total deposits, $41,804,735 98; capital, $3,000,000; surplus, $3,000,000; undivided profits, $1,383,596. —A permit to organize the Mercantile State Bank of Chicago has been issued to William E. Irwin, Fred. Irwin and Albert S. Boos. The proposed institution is to have a capital of $200,000. It will locate near Milwaukee Avenue and Western Avenue. —The West Chicago State Bank has been organized in Chicago with a capital of $50,000. C.E.Bolles has been chosen President, W.Einfeldt, Vice-President and C.E.Smiley, Cash. —A verdict holding Joseph U. Barnes, former President of the failed Minnesota Title Insurance & Trust Co. of Minneapolis, guilty of the charge of grand larceny, was returned by a jury on the 9th ult. Mr. Barnes had been indicted on the charge a year ago, following the suspension of the institution on March 26 1907. —Plans to merge the Merchants' National Bank of Covington, Ky., with the First National Bank of that city have received the approval of the stockholders. The union will be consummated under the name of the First National Bank. It is understood that there is to be no increase in the capital of the latter ($300,000) but that its stockholders will surrender a sufficient amount of their holdings to provide for the stockholders of the Merchants' National, capital $100,000. The First National, organized in 1864, is the oldest banking institution in Covington. The Merchants' National began business in April two years ago. —The distribution of a 50% dividend to the creditors of the Hibernia Trust & Savings Bank of Charleston, S. C., has been authorized, payable July 8. Frank Q. O'Neill and Henry Buist are the receivers of the institution, which took action toward winding up its affairs in November last. This is the first return to the depositors. —It is reported that the First National Bank of Baton Rouge, La., has brought suit against Oscar Kondert, a former Cashier, recently indicted for embezzlement, and the United States Fidelity Co., for $30,000. It is alleged that the ex-Cashier in 1905, 1906 and 1907 defaulted to the extent of $95,176. The petition, according to the New Orleans "Times-Democrat", states that the bank was repaid $51,316, leaving a shortage of $43,860. The insurance company it is claimed was surety for the former Cashier on a bond of $10,000, with continuation certificates during the years the defrauding is alleged. The original .bond having been mislaid by the bank, the insurance company refuses to pay the $30,000 as provided therein; hence the suit. —A judgment declaring the suspended Market Street Bank of San Francisco insolvent, and appointing Louis H. Mooser receiver of the institution, was signed by Judge Sturtevant of the Superior Court on the 25th ult. The action of the Court was based on a statement of C. G. Fowler, who has been in charge of the bank since it closed its doors on February 21. This statement, it is said, showed an impairment of the institution's assets amounting to over $110,000—more than the reported paid-in capital of $109,305. Efforts to raise the sum of $150,000 to restore the bank to solvency had been under way since June 20, when Judge Sturtevant announced his intention of naming a receiver. Steps were also taken more than two months ago to rehabilitate the institution through a company formed under the name of the Market Street Securities Co., which was to issue $1,000,000 of bonds to be secured by the assets of the bank. It was stated a month ago that the company had succeeded in getting about 65% of the depositors to acceptits bondsin lieu of deposits,but needed about 75 or 80% in order to carry out its plans of reorganization. [VOL. Lxxxvii. THE CHRONICLE 18 Canadian Bank Clearings.-The clearings of the Canadian banks for the month of June 1908 show a decrease from the same month of 1907 of 7.7%, and for the six months the loss reaches 9.1%. June. Six Months. - Clearings at1908. 1907. Inc. or Dec. $ Canada5 % Montreal -- _- - 121,366.912 123,589.767 -1.8 Toronto - --- 88,888,843 101,538,61112.4 - --- 40,000,000 48,933,638 -18.3 Winnipeg_ Vancouver- -- - 14,726,316 15,578,149 -5.5 13.529,506 12,421,333 +8.9 Ottawa 9,541,347 0,433,694 +1.1 Quebec-- _- --Halifax 8,045.131 7,528,504 +6.9 Hamilton- - _ - 5,801.055 7,245,612 -19.9 Calgary 4.902,895 5,708.026 -14.1 St. John 5,527,970 5.557,084 -0.5 London 4,569,235 5,166,003 -11.6 Victoria - - _- 4,500,812 4,848,161 -7.2 Edmonton---- 2,955,202 3,963,920 -25.4 Inc. or Dec. 1907. 1908. $ % 737.122,578 -9.2 622,778,452 -16.4 6.3 269,955.081 86,866,667 4.1 76,037,083 -4.3 48,318,052 +6.4 43,432.181 +1.1 43.170.152 -20.3 34,502,925 -23.8 31,554.578 5.1 32,460,517 -13.5 25,975,821 +3.1 22,756,485 -23.9 9.1 'Total Canada 324,354,224 351,512,502 -7.7 1,856.440.711 2,074,932,572 $ 669.532,021 520,635,652 252,944,363 82,468,601 72.775,766 51,395,440 43,892,276 34,397,924 26,291,775 29,934,139 28,067,093 28,785,118 17,320,543 MONTHLY CLEARINGS. Clearings Outside New York. Clearings, Total All. Month. 1908. 1007. % 1908. 1907. % fi $• 5 $ $ Jan -- 11,359.308,232 15,054,655,406 -24.5 4,609,033,277 5,416,084,522 -14.9 Feb -- 8.756,701,857 11,823.958,740 -25.9 3,860,671.029 4,492,448,964 -14.1 Mch - 9,777,937,943 14,657,900,282 -33.3 4,276,897,604 5,095,622,479 -16.1 1st qr. 29,893,048,032 41,536,514,428 -28.0 April _ 9,764.431,744 12,661.631,615 -22.8 May _ - 10,858.707.179 12,406,704,867 -12.5 June _ 0,821,534,188 11.159,390,575 -12.0 12,746,601,908 4,276,857,436 4,188,873,348 4,167,674,271 15,005,055,965 -15.1 4,994,103,001 -14.4 5,071,850.921 -17.4 13.0 4,790,217,610- 15.9 12,633,405,055 14,856,171,532 -15..0 2d qu_ 30,444,673,111 36,227,727,0576 mos_ 60,338.621,143 77,764,241,485 -22.4 25,380,006,963 29,861,227,497 -15.0 The course of bank clearings at leading cities of the country for the month of June and since January in. each of the last four years is shown in the subjoined statement. BANK CLEARINGS AT LEADING CITIES. ----Jan. 1 to June 30--June 1006. 1905. (000,000s 1908. 1907. 1906. 1905. 1908. 1007. omitted.) $ $ $ $ 5,654 6,360 7,816 6,735 34,059 47,003 53.002 46,884 New York The clearings for the week ending June 27 make an unsatis- Chicago 5,744 6,212 5,433 4,893 830 953 1.030 907 factory comparison with the same week of 1907, the decrease Boston 4,381 4,184 3,773 3,487 564 509 651 643 3,875 3,734 3,380 2,886 Philadelphia 506 483 607 663 in the aggregate having been 5.0%. 1,482 1,507 1,460 1,473 241 246 238 258 St. Louis- 1,340 1,423 1.225 Pittsburgh - - _ _ _ 1,031 226 170 214 239 833 856 1,155 817 San Francisco-- _ Week ending June 27. 137 149 160 133 602 658 715 607 Cincinnati 00 108 102 115 Clearings at722 604 747 102 Inc. or 502 Baltimore -- - _ _ 99 124 120 556 610 1906. 792 1905. Dec. 122 837 98 1907. 94 126 Kansas City 1908. 378 400 444 60 Cleveland 62 76 362 71 466 490 493 53 67 $ 68 395 New Orleans 76 Canada 5 5 397 441 72 4.8 27,637,170 24,159,838 Minneapolis 526 74 64 105 477 27.864,870 29,272,923 M )areal 303 336 46 0.9 18,000,000 14.195,989 Louisville 54 343 48 53 285 18,368,710 18,540,000 T ronto 280 325 56 61 350 333 55 48 8,398.637 10,548,825 -20.4 8,640,602 5,488,411 Detroit Winnipeg 205 238 46 45 277 40 259 35 3,325,623 3,666,399 -9.3 2,147,490 1,471,118 Milwaukee V tncouver 183 27 200 31 202 30 31 160 3,467,408 2,607,825 +33.0 2,126.856 1,981,484 Providence -- Ottawa 212 48 248 48 43 283 295 39 2,007,956 1,896,575 +5.9 1,786,258 1.874,397 Omaha Q Lebec 165 190 33 31 35 218 27 198 1,803,604 1.555,841 +15.9 1.433,018 1,825,187 Buffalo H Illtax 153 38 188 33 38 223 18.1 1,349,369 1,228,533 St. Paul 28 230 1,308,053 1,597,590H tmllton 162 34 941,161 35 174 Indianapolis - - ..-208 32 170 31 1,164,690 1,280,149 -9.0 CAlgary 157 35 33 165 27 26 1,342,470 1,251,890 +7.2 1,032,181 '942,675 Denver 100 197 St. John 128 889,285 24 25 151 719,407 • Richmond 25 907,328 1.131,514 -19.8 160 22 144 Lmdon 125 746.161 20 128 862,662 Memphis 16 123 15 1,024,104 1,209,893 -15.4 18 125 Vtctoria 36 129 808,278 -19.1 230 43 240 Seattle _ 653,865 26 190 39 Elmonton -- Hartford 83 90 07 13 16 14 12 82 88 5.0 66,730,311 54,759,701 Salt Lake City- 23 138 26 22 151 19 112 71,637,818 75,367,702 Total Canada- A Clearings by Telegraph-Sales of Stocks, Bonds, &c. The subjoined table, covering clearings for the current week, usually appears on the first page of each issue, but on account of thelength of the other tables is crowded out once a month The figures are received by telegraph from the leading cities. It will be observed that, as compared with the corresponding week of 1907, there is a decrease in the aggregate of 23.4%. 1907. 1908. Clearings by Telegraph-Week end.July 4 New York Boston Philadelphia _ Baltimore Chicago St. Louts New Orleans $1,356,536,245 141.930,647 107,460,804 28,280,512 208.594,393 53,885,108 10,161.567 51.457,841,379 -7.0 138,034,196 +2.8 128,896,382 16.6 25,268,543 +11.9 210,784,774 -1.0 48,771.160 +10.5 13,483,800 -24.6 Seven cities, 5 days Other cities, 5 days $1.906,849,276 352,816,294 52,023,080.234 410,011,217 -5.7 13.9 - Total all cities, 5 days All cities, 1 day_ $2,259,665,570 $2,433,091,451 515,670,392 -7.1 52,259,665,570 52,948,761,843 -23.4 Total all cities for week Our usual monthly detailed statement of transactions on the various New York Exchanges is appended. The results for the six months of 1908 and 1907 are given below: Six Months 1907. Six Months 1908 Descripie lion. Actual Value. Par Value or Quantity. Actual Value. Aver. Par Value. Price. or Quantity. Aver. Price. 116.194.569 84,649,438 St'k Sh s _ Val_ 57.354,874,425 $5,665,541,946 77.0 $9.913,730,575 $9.160,005,291 92.4 RR..bonds 5386,248,100 5322,516,479 83.5 $208,470,800 $194,375,311 93.2 $498,572 111.1 $448,800 5408,197 110.5 5369,320 Gov't bds. $24.842,978 91.9 527,142,900 $59,985,450 103.6 557,898,500 State bds. 5359,199 209.2 $171,700 5250.963 190.0 5132,000 Bank stk L•liT otal - - 57,799.522,34556,048,703.035 77.6 510149,964,775 $9,380,081.351 92.4 278.684.000 90.9 306,457,550 252,143.670 101.5 Grain, bu. 248,527,750 Tot. value $9,658,765,351 56,300.846,705 The volume of transactions in share properties on the New York Stock Exchange each month since Jan. 1 in 1908 and 1907 is indicated in the following: SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE. 1907. 1908. M'th. Values. Number Shares. Par. Actual. Number of Shares. Values. Par. Actual. $ 5 Jan. 16,594,895 1.396,403,800 1,015.764,111 22,702,760 1,948,477,025 1,854,950,930 833,199,900 609,986,418 16,470.972 1,318,394,800 1,241,478,649 Feb _ 9,839,70 Meh_ 15.939,25 1,387,712,725 1,014,698,437 32.208,525 2,787,043.450 2,609,820,422 • lstqr 42,373,856 3,617,316,425 2,640,448,966 71.382,257 6,053,916,175 5,706,250,001 April 11,648,123 1,024.180,450 782,948,479119,235,652 1,686,695,950 1,508,967,413 May 20.975,022 1,855,881,050 1,470,479,816 15,827,245 1,346,719,475 1,204,698,417 June 9,652,437 857,496,500 771,664,685 9,749,415 826,398,975 740,089,460 2d qr 42,275,582 3,737.558,000 3,025,092,980 44,812,312 3,859,814,400 3,453,755,290 6 m's 84.640.4387,354,874,425 5,665,541.946 116194 569 9,913,730,575 9,166,005,291 The following compilation covers the clearings by months since Jan. 1: Total ---------9,189 10,433 11,633 10,276 50,449 73,194 76,379 67,866 3,162 3.844 4.419 3,890 Other cities- - - - -- - 632 539 702 616 Total all 9,821 11,135 12.249 10,815 60,333 77,613 80,223 71,028 Outside New York_ 4,167 4,766 4.433 4.080 25,38,1 29.710 27,131 24,143 WorietargiCommerciatglitcaislx*enis (From our own correspondent.) London, Saturday June 20 1908. Business on the Stock Exchange has been without much animation all though the week, but the want of animation was chiefly due to the foreign bourses and Stock Exchanges. In the first place,a statement was published by one of the German papers that at a review of the Guards in the neighborhood of Berlin the Kaiser had made a somewhat bellicoSe speech. This speech has not been reported and there is some doubt even as to the exact occasion on which it was made. But it seems to be certain that a somewhat warlike speech was delivered. That created some sensation in Germany, which had its reflection in Paris. Moreover, it is understood that the negotiations between the British and the Russian governments respecting Macedonia are almost concluded and that practically the Russian Government has accepted, with some slight modifications, Sir Edward Grey's proposals. That has given umbrage in Germany, for the Kaiser has put himself forward as the friend and protector of the Sultan, and it is everywhere concluded that Sir Edward Grey's proposals, if adopted, will lead ultimately to the loss of the Sultan's authority in Macedonia. Germany has considerable trade interests in Turkey and she has paraded herself as the protector of Turkey; yet the feeling in Germany itself is that war is out of the question for the sake of maintaining Turkish authority in Macedonia. These negotiations have also given umbrage in Vienna and Buda Pesth, where it is felt that if Russia and England act together upon the basis of Sir Edward Grey's proposals, the Austrian policy in the Balkans is doomed. In addition to all this, the conditiOn of Morocco is depressing business in Paris. It looks as if the Sultan was hopelessly beaten and though France, doubtless, Will recognize the new Sultan, there are naturally fears as to what may be his disposition towards France. Lastly, the unsettled state of the New York market has weighed upon our own Stock Exchange. These political anxieties and the selling which they led to chiefly account for the comparative inactivity in London. But there were some home causes likewise. The India Council, for a long time past, has found it extremely difficult to sell its bills and telegraphic transfers, chiefly because there was only a slight increase in the exports from India, owing to the drought which began at the end of last summer, but mainly because of the great increase in the imports. During the preceding two or three years trade in India had been exceedingly good and when the monsoon burst last year there was a very optimisticfeeling and orders were given for anexceptionally large amount of imports. Unfortunately, the monsoon came to a premature end; the crops failed in many districts; were very short in some more, and the consumptive demand JULY 4 1908.) THE CHRONICLE 19 for the imports proved to be much smaller than was anticip- Receipts at - Flour. Wheat. • Corn. Oats. Barley. Rye. ated. Therefore, the India Council of late has sold very 60 lbs. 56 lbs. little bills and telegraphic transfers, while the Indian Govern- Chicago -- -- bbls.1931bs. bush.41,100 bush. 56 lbs. bush.32 lbs. hush.481bs. hu.29,000 152,344 2,322,302 1.342,412 217,200 Milwaukee 47,075 62,000 60,000 ment in Calcutta has had to sell sterling bills upon London. Duluth - 184.000 108,000 15,300 53,450 252,143 33,842 547 The result is that to finance its operations in London Minneapolis_ 1,181,980 83,010 183,060 53,610 20,620 41,000 117,200 the India Council has had to sell Consols which it held in Toledo - 42,000 2,500 Detroit 3,400 5.014 41,484 37,058 its reserves and the fall in Consols thus occasioned sur- Cleveland.- 866 1.000 95,026 66,761 2.954 St. Louis_ 38,870 81,995 prised the market, which did not quite understand the Peoria - 487,300 457,975 3,900 225 22,000 10.000 195,800 171,500 9,000 6.000 cause. Kansas City.. 133,350 35,200 109,500 Moreover, early in the year options in the South African Tot.wk.'08 318,005 1,809,582 2,628,108 mining department upon a very large scale were bought Same wk.'07 344,643 3,201,300 3,437.322 2,388,027 394,664 74,192 5,498,050 when the prices of mining shares were very much lower Same wk.'06 389,406 1,802,403 5,084,053 3.825,702 422,342 70,883 757,584 42.535 than at present. On Monday next the options will have Since Aug. 1 to be declared,and as there has been a marked rise in prices, 1907-08_ -- 16.853.541 201,900,305 112,190.743 174,937,264 60,384.255 6,463,356 1906-07-- 19,357,852 226,992,317 204,538,482 188,650,634 65,395,594 very many of the option buyers have been selling this week 663.333 1905-06_ -- 18,949,760 213.409,164 180,905,796 211,604,565 74,020,235 7,473.029 and have sent down mining shares seriously. Nevertheless the feeling in all departments is quite hopeful and Total receipts of flour and grain at the seaboard ports for everywhere it is recognized that cheap money will continue throughout the year and that business will steadily improve. the week ended June 27 1908 follow: Flour, The Imperial Bank of Germany on Wednesday put down Wheat, Corn, Rye, Oats. Barley, Receipts bbls. bush. bush. bush. bush. bush. its rate of discount from 4M per cent to 4 per cent. As New York at103,815 86,500 34,400 408,000 26,400 3.900 the position of the Bank has been itnproving of late, it Boston 26,966 81,448 15,653 -- 57,630 945 42,000 54,568 was thought probable that a reduction would be made Philadelphia .. -- 57,878 145,044 118,730 Baltimore- - 22,039 127,096 21,262 735 before long. But nobody expected it just now when the Richmond 2,247 34,126 41.708 12,392 _ New Orleans *---- 14,404 55,500 98,000 end of the half-year is so near. It is to be noted, however, Newport News---- 11,351 that the Imperial Bank has been abld to strengthen its Galveston 18.000 10,000 Mobile 2,950 6,580 reserve, owing to the large shipments of gold from New Montreal 718,844 20,582 1,000 19,948 47.085 York,and there is a reasonable hope that it will still further Total week.--- 262,229 1,211,058 strengthen its reserve as other gold is on the way. There 325,571 671,800 73.485 5,577 Week 1907 369,666 1,454.126 2.277,392 1.214,958 49,339 41.809 is a suspicion, too, that the Imperial Bank desires to make Since Jan. 1 1908-8,584,524 36,390,927 26,809,292 20,404,207 2648,820 1260,930 money cheap because, when the last Imperial and Prussian Since Jan. 1 1907_9,743,742 42,739,714 58,270,999 28,018,671 2656,917 1242.702 loans were brought out at the beginning of the year, the * Receipts do not include grain passing through New Orleans for foreign ports banks took ten millions sterling which were not placed at on through bills of lading. the time. The present is considered a very favorable The moment to sell these ten millions, and the opinion is very endingexports from the several seaboard ports for the week June 27 1908 are shown in the annexed statement: generally held that the Imperial Bank has consented to Wheat, Corn, Flour, Rye, Peas, Burley, Oats, assist the operation. In any case money is unquestionably Exports frombush. bush. bbls. bush. husl.• bush. bush. 144,235 29,902 32,924 easier and cheaper in Germany and is likely to be more New York 7,625 9,909 34,452 1.467 Boston 172,576 9.379 so, as trade is falling off seriously. Philadelphia --- - 175,520 23.588 8;424 --_-108,000 In Paris the accumulation of unemployed money goes Baltimore 1,420 6.947 100 -- - --_-- ----New Orleans 16,587 32,611 480 ----on steadily. This week, for example, the gold held by the Newport News.. 11,351 6.580 Bank of France is nearly 12534 millions sterling. Here Mobile 2,950 817,665 14,232 36,000 - - --- 25,72 at home the rate for three months' bank bills is no better Montreal Total week-- --1,417.906 than 14 per cent, while day-to-day money is barely 1 per 1 54.489 133,982 44,205 18.333 59,724 1,467 Week 1907 1.061.554 1,335,536 230.284 635.981 10,335 9,743 cent. The India Council offered for tender on Wednesday 10 The destination of these exports for the week and since lacs and the applications exceeded 123 lacs at is. 3 29-32d. July 1 1907 is as below: per rupee. Applicants for bills were allotted about 78 Flour Wheat -Corn---Since Since Since per cent of the amounts applied for. English Financial Markets-Per Cable. The daily closing quotations for securities, &c., at London, as reported by cable, have been as follows the past week: London. Week ending July 3. Sat. d 243% Silver. per oz Consols, new,2% per cents- - 87% For account 873% French Rentes(in Paris)- - fr. 94.50 Russian Imperial 4s 873% New 5s... 953% do do Amalgamated Copper Co:-_ - 68 b Anaconda Mining Co 83% Atchison Topeka & Santa Fe 833% 963% Preferred 883% 13altImore & Ohio 86 Preferred 1644 Canadian Pacific 41 Chesapeake & Ohio Chicago Great Western- - ..- - 6% Chicago Milw. & St. Paul- - A37 Denver & Rio Grande.com- 253% 623% Preferred 203% Erie. common 363% First preferred 243% Second preferred Illinois Central 132 Louisville & Nashville 107 Mexican Central 16 Missouri Kansas & Texas_ - - 28 Preferred 61 Nationil RR.of Mexico 52 N.Y.Cent.& Rudson River 105 N.Y. Ontario & Western.- 403% Norfolk & Western,corn- - - - 693% Pref-gred 80 Northern Pacific1393% 62 a Pennsylvania 573% a Reading Co 42 ' a First preferred- -a Second preferred- - _ - - - - 42 Rock Island Co 163% Southern Pacific--.., 87% 17% Southern lty.,common 45 Preferred Union Pacific, common- -.,- _149 Preferred843% r U.S. Steel Corp., edmmon - - 383% 105 Preferred 12 Wabash _ 233% Preferred 55 Extended 4s a Price per share. b Tues. Wed. Mon. Thurs. Fri. 243% • 24 11-16 24 13-10 24 13-16 243% 87 13-16873% 88 873% 873% c87 15-10 873% 88 88 883% 94.90 95.10 95.223% 95.103% 95.15 87 87 d86 86 853% 953% 953% 95 - _ -953% 67 68 673% 67 073% 83% 83i 83%83% 833% 833% a 833% 833% 063% 963% 973% 95 953% 89 883% 883% 883% 883% 86 86 86 86 86 164 164 1633% 104 1643% 40% 40 403% 403% 403% 63% 63% 6% 137 137 136 1373% 1373% 253% 26 20 253% 253 623% 623% 023% 023% 623% 193% 193% 193% 193% 193% 353% 36 36 353% 353% 24 243% 243% 243% 243% 1323% 132 132 132 131 108 1073% 107 1073% 1073% 16 153% 15 153% 15% 28 28 28 283% 273% 61 603% 61 603% 61 52 52 52 513% 513% 10133% 106 107 1063% 105 403% 413% 413% 413% 413% 693% 703% 693% 71 69 80 80 80 80 80 140 140 140 140 139 62 013% 61% 62 61% 57 583% 573% 573% 583% 42 42 42 42 42 42 42 42 42 42 16 16 163% 163% 163% 883 % 873% 883% 883% 883% 173% 173% 173% 173% 173% 45 443% 45 45 45 1473% 1493% 1493% 1493% 1493% 843% 85 85 85 85 383% 383 4 39% 383% 383% 1053% 1053% 105% 105% 1053% 12 12 12 113% 113% 233% 233% 23 253% 223% 55 553% 533% 533% 553% sterling. c For August account. d Ex-dividend. Tom=exciai and iscellantons4.ews Breadstuffs Figures Brought from Page 49. -The statements below are prepared by us from figures collected by York Produce Exchange. The receipts at Western the New lake and river ports for the week ending last Saturday and since Aug. 1 for each of the last three years have been: Week Week July 1 July 1 Week July 1 Exports for:reek June 27. 1907. June 27. 1907. June 27. 1907: de since July 1 tobbls. bush. bbls. bush. bush. bush. United Kingdom.. 94,287 6,414.731 810,285 62,099,880 20.938,146 Continent 13,269 2,513,820 605,011 50.107,733 25,792 23.304,911 So. & Cent. Amer_ 16.370 762.561 404,447 2,700 837 207,344 West Indies - - 8.417 1,352,955 19,607 27,860 1,417,499 Brit. No. Am.C'pis. 921 80,977 78,381 Other countries-718 283.476 92.972 31.884 Total Total 1906-07- 133.982 11,408,520 1,417,996 112,724,639 54,489 45,978,165 230.284 11,406,540 1.061,554 92,438,792 1.351,216 74,697,319 The visible supply of grain, comprising the stocks in granary at the principal points of accumulation at lake and seaboard ports June 27 1908 was as follows: New York Boston Philadelphia Baltimore New Orleans Galveston Montreal Buttalo Toledo Detroit • Chicago Milwaukee Fort William PortArthur Duluth Minneapolis St. Louis Kansas City Peoria Indianapolis On Lakes On Canal and River.-- Wheat, bush. 588.000 112,000 277,000 135,000 45,000 902,000 1.031.000 171,000 166,000 3.519,000 167,000 1.363.000 1,273,000 1.401.000 2,738,000 225,000 639,000 4,000 67,000 534,000 72.000 Total June 27 1908-15,369.000 Total June 20 1908-.16,965,000 Total June 29 1907-46,540,000 Total June 30 1906-- 25,892,000 Total July 1 1905-14,228,000 Total July 2 1904- -14,055,000 Total July 4 1903-.15,970,000 Corn, bush. 43,000 11,000 1,000 152,000 70,000 1,000 Oats, bush. 436,000 10,000 51,000 77,000 80,000 259,000 168,000 119,000 1,493,000 26,000 150,000 840,000 110,000 17,000 620,000 48,000 8.000 24,000 33,000 45,000 212,000 594,000 112,000 120,000 70,000 13,000 107.000 43.000 255,000 512,000 2,000 14,000 1,000 3,671.000 4,433,000 7,230,000 6,466,000 7,257,000 4.346,000 4,354,000 194.000 212,000 731,000 1,437,000 808,000 816.000 679,000 3,259,000 2,809,000 8,694,000 6,059,000 3.570,000 6,277,000 7.218.000 Rye, bush. 4,000 Barley. bush. 78,000 1,000 3.000 43,000 1.000 12,000 105.000 . 105,000 203,000 142,000 59,000 413.000 16,000 72.000 8,000 1,088,000 1,195,000 702,000 848,000 870,0(0 1,223,0(0 446,000 The world's shipments of wheat and corn for the week ending June 27 1908 and since July 1 in 1907-08 and 1906-07 are shown in the following: Wheal. Exports. 1907-08. Week Tune 27. Since July 1. Corn. 1906-07. Sines July 1. 1907-08. Week June 27. Bushels. Bushels. Bushels. Bushels. North Amer. 2,699,000 200,678,000 164,634,000 105.000 Russian - 1,120,000 64.736.000 92,944,000 229,000 Danubian - - 104,000 26.995.000 70.664,000 280,000 Argentine - 2.304,000 121.327,000 105,208,000 1,852,000 Australian _ 136,000 16,404.000 21.368.000 0th. countr's 232,000 24,948,000 32.336,000 1906-07. Since July 1. Since July 1. Bushels. 45,487,000 26,515,000 48,746.000 65,046,000 Bushels. 70,336,000 21,175,000 36,440.000 85,107.000 Total -- - - 6,595.000 455,088,000 487,154,000 2,466,000 185,794,000 213.058,000 . Lxxxvii. THE CHRONICLE 20- The quantity of wheat and corn afloat for Europe on dates mentioned was as follows: Corn. Wheat. United Kingdom. Continent. Bushels. June 27 1908-- 18,880,000 June 20 1908-- 19,600,000 June 29 1907-- 23,320,000 Total. Bushels. Bushels. 11,520,000 30,400,000 13,920,000 33,520,000 16,640,000 39,960.000 United Kingdom. Continent. Bushels. 4,930,000 6,205,000 7,800,000 Total. Bushels. Bushels. 8,755,000 13,685,000 9,945,000 16,150,000 12,600,000 20,400,000 DIVIDENDS. The following shows all the dividends announced for the future by all large or important corporations: Dividends announced this week are printed in italics. Name of Company. Per Cent. When Payable. Books Closed. Days Inclusive. Railroads (Steam). Atch. Topeka & Santa Fe, pref. (No. 20) 2% Aug. 1 Holders of rec. June30a 2% July 10 June 22 to July 11 Atlantic Coast Line RR 1% Aug. 1 Holders of rec. June 30 Canada Southern_ 1 Holders of rec. July 20 Aug Central RR. of New Jersey (quar.)..... 2 I June 25 to July 4 2% July Chattahoochee & Gut/ Aug. 15 Aug. 6 to Aug. 16 1 & Alton, common Chicago Aug. 15 Aug. 6 to Aug. 16 1 Prior lien and participating stock July 15 July 4 to July 15 Preferred & prior lien & particip'g stk.. 2 1 July 2 Chicago Burlington & Quincy (guar.).-- - _ Clev. Cinc. Chic. & St. Louis, pf. (qu.) I% July 20 Holders of iec. June 26 1 July 2 Cumberland Valley, all stock (guar.) Delaware Lackawanna & West. (quar.)_ 2% July 20 Holders of rec. July 3 2% July 15 dJune 23 to July 23 Denver & Rio Grande, preferred Aug. 1 Holders of rec. July 25 Des Moines & Ft. Dodge, pref. (annual) 5 2% July 15 July 2 to July 14 Georgia RR. & Banking (quar.) 1Y, Aug. 1 Holders of rec. July 9a Great Northern (guar.). July 13 Holders of rec. June 23 2 Hocking Valley, common and preferred July 15 Holders of rec. June 30 1 Kansas City Southern, pref. (quar.)13 Aug. 1 July 11 to July 12 Keokuk de Des Moines, preferred July 29 Holders of rec. June 30 6 Lake Shore & Mlchglan Southern July 11 Holders of rec. June 27 2 Lehigh Valley, common July 11 Holders of rec. June 27 1 Common (extra) July 11 Holders of rec. June 27 5 Preferred July 14 June 20 to July 13 3 Little Schuykill Nay. RR. & Coal 2% Aug. 10 July 21 to Aug. 10 Louisville & Nashville Aug. 1 Holders of rec. July 17 6 Mahoning Coal, common July 29 Holders of rec. June 30 3 Michigan Central July 15 June 17 to July 14 3 & Schuylkill Haven Mine Hill 2% July 15 Holders of rec. June 30 Minneapolis & St. Louis, preferred 1% July 15 Holders of rec. June 23 N. Y.Central & Hudson River (guar.).Aug. 3 July 10 to July 14 2 Western New York Ontario & July 15 Holders of rec. June 3 . 4 Northern Central (No. 87) 1% Aug. 1 July 11 to Aug. 2 Northern Pacific (quarterly) Aug. 15 Holders of rec. Aug. 5 2 Pitts. Mc. Chic. & St. Louis, common_ 2% July 15 Holders of rec. July 3 Preferred 7 June 14 to July 7 Ft. Wayne &Chic.,reg., gu.,(qu.) 1% July Pitts. Aug. I Holders of rec. July 15 2 Reading Company, common Sept. 10 Holders of rec. Aug. 24 2b First preferred 3% July 15 July 1 to July 14 . Southern Pacific preferred (No. 8) 2% July 15 July 4 to July 15 Texas Central, preferred July 2 White Pass ,fc Yukon 1 Holders of rec. June 20 July 3 com. &Iprel _ Wrightsville & remade. • Street and Electric Railways. 1 Holders of rec. July 1 2% July Athens (Ga Electric Hy.. common 1 Holders of rec. July 1 July 3 Preferred X July 10 June 23 to July 10 Aurora Elgin & Chicago. corn. (guar.).131 July 10 June 23 12 July 10 Preferred (quar.) June 30 June 25 to June 30 Birmingham Ry. Light & Pow., pref. (qu.) 3 2% July 15 July 3 to July 15 Brooklyn City RR.(guar.) % July 15 July 1 to July 15 Newport & Coo.. com. (quar.)_ Cincinnati 1% July 15 July 1 to July 15 • Preferred (guar.) 2% June 29 Holders of rec. June 27 Citizens' Electric St., Newburyporl, Mass_ July 15 July 1 to 2 Traction of New JerseyCowolidated 1 June 26 to June 30 July 1 Dutut..-Superfor Traction, pref. (guar.)- July 13 Holders of rec. June 27 3 o Electric Co., pref. (No. 12)--El July 15 Holders of rec. July 1 Manchester Tract., Light de Power (quar.L 2 July 31 July 21 to July 31 1 New I' mpshire Elec. Rys., pref- _ July 10 July 1 to July 10 1 New Orleans City RR., common_ 2% July 10 July 1 to July 10 Preferred 2 June 30 June 21 to June 30 Omaha de Council Bluffs, common 1% Jure 30 June 21 to June 30 Preferred $3.75 July 10 Holders of rec. June 29 Philadelphia City Passenger Ry_ 1% Aug. 1 Holders of rec. July 1 Philadelphia Company, common (guar.)- 1 June 26 to June 30 July 1 Rockford & Interurban, common (guar.)- 1 June 26 to June 30 1% July Preferred (guar.) 2% July 15 Holders of rec. July I Co., com. (No. 1) Seattle Electric: 1% July 10 June 26 to July 12 United Rys. of St. Louis, pref. (guar.).Banks. 3 July Fifth National (guar.) (No. 132) 2 Holders of rec. June 25 July Twelfth Ward.. Trust Companies. 12% July 10 July 4 to July 9 Union ((War.) Fire Insurance. On dem 5 Hanover (No. 112) Miscellaneous. July 23 July 11 to July 23 3 American Cement (No. 18) July 20 July 16 to July 21 1 American Chicle, corn. (monthly) July 29 July 16 to July 21 1 Common (extra) Aug. 1 July 18 to Aug. 3 4 American Glue. preferred (guar.) 1% Aug. 26 Aug. 0 to Aug. 26 American Locomotive, common (quar.). 1% July 21 July 7 to July 21 •, ' Preferred (quar.) 1% July 15 Holders of rec. June30a 'Am. Seeding Mach., pref. (guar.) July 15 June 27 to June 30 Am. Smelt. & Rfg., corn. (qu.)(No. 19) 1 July 15 Holders of rec. June 30 Amer. Telephone & Telegraph (guar.).- 2 Jury 15 Holders of rec. July 10 1 American Type Founders, corn. (guar.).1% July 15 Holders of rec. July 10 Preferred (quar.) 5 June 20 to July 5 American Woolen. pref. (quar.) (No. 37) 1% July Anaconda Copper Mining (guar.)(No. 31) 50c. July 15 Holders of rec. July 3 Associated Merchants. 1st pref. (guar.). - 1% July 15 July 7 to July 15 1% July 15 July 7 to July 15 Second preferred (guar.) July 15 Holders of rec. June 24 2 Bell Telephone of Canada (quar.) Bell Telephone of Pennsylvania (quar.). 1% July 15 Jury 4 to July 15 6 Holders of rec. June 30 1% July Butte Electric & Power, common Central Coal & Coke, common (guar.) - 1% July 15 July 1 to July 15 131 .1 uly 15 July 1 to July 15 Preferred (quarterly) 8 Holders of rec. June30a Central & So. Amer. Telegraph (guar.). 1% July 2 July 15 Jury 4 to July 15 ClallIn (H.B.). common (guar.) 1 June 19 to Aug. 2 1% Aug Commonwealth-Edison (quar.) July 10 Holders of rec. June 30 Corn Products Relining, pref. (quar.) July 31 Holders of rec. July10a Distillers' Securities Corp. (qu.)(No. 23) July 10 Holders of rec. Junc30a Distilling Co. of America, pref. (guar.) 2% Aug. 1 Holders of rec. July 15 Edison Eke. Id., Boston (guar.)(No. 77)_ 1 Aug. 1 Holders of rec. July 15 Extra 3% Aug. 3 July 11 to Aug. 3 Electric Company of America 2 July 15 Holders of rec. June ea General Electric (quarterly) July 15 Holders of rec. July 3 Int. Buttonhole Sew. Mach.(qu.)(No. 43) 1 1% Aug 1 July 11 to Aug. 2 International Nickel. pref. (quar.) 1 July 15 Holders of rec. July 3a International Paper, pref. (quar.) 2e Aug. La Belle Iron Works (guar.) Aug. 1 Holders of rec. July 11 1 Massachusetts Gas Companies, common_ July 15 Holders of rec. July 1 Massachusetts Lighting Cos 2% July 15 Holders of rec. June30a Mexican Telegraph (guar.) July 4 1 Minneapolis Gas Light_ Monongahela Ric. Cons. C.& C pref. - 3% July 25 July 16 to July 24 -National Biscuit, corn. (quar.)(No 39). 1% July 15 Holders of rec June29a July 15 July 4 to July 15 1 National Carbon, common (guar.) July 10 July 7 to July 12 2 National Licorice. common_ Books Closed. Days Inclusive. Per When Cent. Payable. Name of Company. Miscellaneous (Continued). National Light, Heat & Power, pref.(qu.). 1% July July 3 New Orleans Gas Light July 3 New York Mututal Gas Light N. Y. & N. J. Telephone (qu.)(No. 99) 1% July July 2 Nova Scotia Steel dc Coal, Ltd., pf. qu.)_ 1% July Otis Elevator, preferred (quar.) July 2 Pacific Coast Power (No. 1) July 2 Procter & Gamble, prof. (quar.) 1% July Quaker Oats, common (quarterly).July Common (extra) July Reece Buttonhole Machine (guar.)(No. 89) 2 Rhode Island Perk. Horseshoe, pref.(qu.) 1% July 2% July Securities Company July Standard Underground Cable (guar.).- 3 Stetson (J. B.), common 10 July July 4 Preferred Streets Western Stable Car L., corn.(qu.) 3.6 July 1% July Swift & Co.(quar.) (No. 87) July Union Bag & Paper, pref.(quar.)(No.37) 1 July Union Switch & Signal, com. & pt. (qu.) 3 July 2 United Fruit (quar.)(No. 36) July 2 United Gas Improvement (quar.) Sept. U.S. Cast Iron Pipe de Fdy., pref. (guar.) July United Slates Rubber,first preferred (guar.) 2 July Second preferred (guar.) July U. S. Smelt. Refg.& Mining, corn.(guar.) 1 14 July Preferred (guar.) 50c. July Utah Consolidated Mining July Va.-Carolina Chem., pref. (qu.)(No. 51) 2 July 5 Wells, Fargo & Co July Western Union Teleg. (quar.)(No. 157). Westinghouse Air Brake (quar.) 2% July 1 June 26 to Jury 1 15 July 1 to July 14 10 Holders of rec. June 27 15 Holders of rec. July 5 to July 5 15 July 1 15 Holders of rec. June 30 16 Holders of rec. July 1 15 Holders of rec. June30a 15 Holders of rec. July 3 15 Holders of rec. July 3 15 Holders of rec. July 3 15 Holders of rec. July 1 15 July 1 to July 15 10 July 4 to July 10 15 Holders of rec. July 9 15 Holders of rec. July 9 25 July 16 to July 26. 6 Holders of rec.Junel3a 15 Holders of rec. June 30 10 July 1 to July 10 15 Holders of rec. June 26 15 Holders of rec. June 30 1 Aug. 12 to Aug. 3/ 31 Holders of rec. July15a 31 Holders of rec. Jul yl5a 15 Holders of rec. July I 15 Holders of rec. July / 15 June 24 to July 1 15 July 1 to July 22 15 July 4 to July 15 June 21 15 10 July 1 to July 10 a Transfer books hot closed. b Also doe arms 2% on 1st preferred, payable Marcia 10 1909 to holders of record Feb. 20 1909:2% on 2d preferred, payable Nov. 10 1908 to holders of record Oct. 23 1908, and 2% payable May 10 1909 to holders of record April 22 1900. d Payable to holders of record June 22 instead of June 26. e Also declared 331s% payable in stock. -Among other securities the following, not Austion Sales. regularly dealt in at the Board, were recently sold at auction: By Messrs. Adrian H. Muller dc Son: Stocks. 600 Y, 3 Standard 011 Co 2 13klyn. Union Elev, RR_ 11 2 United Shoe Machinery Co. pf., $25 each, 527% per sh. 3 National Fuel Gas Co_ _113 2 Georgia Marble Co. pref _$151ot 1 Clinton Hall Association_ $56 2 Louisville Property Co_ _509 lot 20 Lite Ins. Club of N. Y., $10 each $10 lot 50 Motzorongo Co., $10 ea., $10 lot 3 Obispo Rubber Plantat.on Co 51.00 lot 4 Pe in. Allen Portland Cement Co $10 lot 1200 Nat. Salt Co. common_ 1$26 lot 50 Nat. Salt Co. prof 5 Westinghouse Air Brake corn., $5.) each, $07% per sh. 3 Nat. Bank of Commerce 168k Bethlehem & Nazareth 14 Pass. Ry. Co. of Pa. common 51 2 Marconi Wireless Teleg. Co. of America_ _511 % per sh 733 John A. Mead Mfg. Co._$16 lot Stocks. 100 John A. Mead Mfg. Co_ _511 lot 1,000 N. Y. Alaska Dev. Co_$120 lot 10 General Transfer & Stor$100 lot age Co. prof 20 First Nat. Ilk. of Ilklyn.260 400 5 Columbia Bank 277 Carnegie Trust Co_ _ _162 3-165 Bonds. $2,000 Bethlehem & Nazareth Pass. Ry. Co. of Pa. 1st M. 5s 67 $400 Kennedy-Mead Co. of 40 Orange, N. J. bonds $2,000 Allentown & Kutztown 50 Traction Co. bonds $3,750 Mexican Flume & Lum-1 ber Co. S. A. 1st 7s, 1909.1 }$28 Oct. 1906 coupons on $75,000 Mexican Explor. & 1 lot. Devel. Co. corn., $1 each.. $125,000 Cin. Bluff. & Chic. $50,000 RR. 1st 5s, 1933 $10,000 C. K. Davis Coal Co. }WO 30-year 5s_ lot $100 C. K. Davis Coal Co. corn 1 $10,000 West Virginia Pulp & 89 Paper Co. 5s -The following are Imports and Exports for the Week. the imports at New York for the week ending June 27; also totals since the beginning of the first week in January: FOREIGN IMPORTS AT NEW YORK. For week. Dry Goods General Merchandise Total Since January 1. Dry Goods General Merchandise Total 26 weeks 1908. 1007,1 1906. 1905. • $1,532,570 10,294,756 $2,954,839 14.569,973 172,544,22 10,727,211 $2,109,281 ir,262,2e9 $11,827,326 $17,524,812 $13,271,437 $11,371,550 $60,406,785 $94,907,318 $80,680,411 $69,922,422 240,403,973 356,070,563 300,493,871 286,789,488 $300.810,758 $450,977,881 $381,180,282 $356,711,910 The following is a statement of the exports (exclusive of specie) from the port of New York to foreign ports for the week ending June 27 and from Jan. 1 to date: EXPORTS FROM NEW YORK FOR THE WEEK. Total 26 weeks 1905. 1006. 1907. 1908. For the week Previously reported $12.238,081 $11.976,558 $11,498,461 $10,742,096 312,147,370 290,952,438 306,922,914 257,492,794 _ $324.385,451 $302,928,996 $318,421,375 $268,234,800 1:11 EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. Imports. Exports. Geld. Week. Great Britain France Germany West Indies_ Mexico South America All other countries Total 1908 Total 1907 Total 1906 Silver. Great Britain France Germany West Indies Mexico South America All other countries Total 1908 Total 1907 Total 1906 Since Jan. 1 $2,520,412 22,598,379 18,716,000 $79,810 1,303,600 3,800 616,475 9,735 $79,810 $45,768,401 7,483,159 26,468,517 3,500 5,605,422 $570,104 $18,347,369 402,000 1.651,000 41,900 241,116 17,950 3,000 350 $990,054 $20,284,735 1,034,384 21,175,688 1,188,828 28,167,637 Week. Since $3,436,802 $375 6,564 45,887 82,657 7 16 34 08 ; 01 3,2635, 75 1 279,106 1,432,528 1,836.421 5 4 68 3 $135:488 $11,250,690 5,910,274 75,341 44,888,300. $5,245 :8 4 7 75 $52 484 3,248 620 9 , 2_ 19 33 631 78,429 118,609 573,847 395,991 5 ; 22 852. 1. 8 677 137 52 $35:782 $11,053522:066721 Of the above imports for the week in 1908, $11,505 were American gold coin and $5,065 American silver coin. Of the exports during the same time, $79,810 were American gold coin and $17,500 were American silver coin. -The Statement of New York City Clearing-House Banks. detailed statement below shows the condition of the New York City Clearing-House banks for the week ending June 27. The figures for the separate banks are the averages of the daily results. In the case of the totals, however, a departure was made with the statement for Feb. 8, so that in addition of to the averages for the week the actual figures at the end the week are now given. We omit awo etches: (00) in all cases. Banks 00: omitted. 21 THE CHRONICLE JULY 4 1908.] Capital. Surplus. $ 3,304,6 3,293,5 1.677,0 3,720,9 4.887,7 564,0 24,648,8 5,674,8 529,2 2,383,4 144,1 724,9 4,889,8 15,256.7 2,491,0 840,5 1,017,5 466,5 9,650,7 1,282,3 365,9 1,576,9 1,095,4 5,183.1 7,487,1 9,340,3 111,8 3,390,3 1,667,6 20,857,2 1,290,0 781,8 1,108,7 633,2 5,019,5 2,117,5 871,0 928,4 1,203,3 1,239,1 453,1 2,059,4 718.3 1,638,4 2,464,8 657,2 771,7 328,7 2.361,5 Loans. Average. Specie Legal:. De,9osUs. ReAverage. A yerage. Average. eve. The Clearing-House banks' statement of averages for the week ending July 3 is summarized on the following page. The actual figures on Friday morning show the following changes from June 27: Increase in loans of $22,495,500; decrease in specie of $17,778,800; decrease in legal-tenders of 81,613,900; increase in deposits of $5,019,900; decrease in circulation of $12,000, and decrease in surplus reserve of $20,647,675. The State Banking Department furnishes the following report for State banks and trust companies outside of Greater New York. STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK. Week ending June 27 1908. % of Loans. Reserve. Res. Deposits. $78,632,000 $79,950,300 $15,372,000 19.8 State Banks +305,400 +50,800 -50,200 117,989.300 126,109,600 21,168.800 17.0 Trust Companies +349,100 +242.200 -31,900 20,680,0 27.4 43,100,0 50.6 +Increase over last week. -Decrease from last week. 22,903,0 27.0 24,339,0 27.1 -The following is the Reports of Non-Member Banks. 30,558,0 20.2 5,763.0 27.4 statement of condition of the non-member banks for the 215.534.5 44.1 31,061.3 26.2 week ending June 27, based on average daily results: 7,145,0 27.5 We omtt two ciphers (00) in all cases. 7,437,9 25.0 2,430,9 27.0 Legal Deposit with Loans, 6,070,9 28.2 Tender DLec'ts 26,713,7 25.2 Other Net ClearSpecie. and Surand CapiBanks. 154,467,7 26.7 Banks, Depoties Bank ing Investplus. tal. 5,782,5 27.3 dec. Notes. Agent. menu. 3,743,8 36.0 7,374,1 27.3 2,245,6 38.2 N. Y. City. 73,099.1 28.0 Boroughs of $ 19,849,6 27.5 Alan deBrx 162,0 900,0 15,0 49,0 948,0 201.1 4,645,6 25.0 Wash Hgts 100,0 19,9 160.1 109,3 201,1 1,910,5 146.8 1,621,1 200.0 8,721,2 38.5 Century __ _ 408,0 499.3 5,011.9 501,0 4.000,5 365,9 165,1 100,0 Colonial _- 11,799,4 25.9 960,0 100,0 6,357,0 466.2 4,833.0 570,0 475,0 300,0 51,615,0 25'.0 Columbia - 883,4 32,2 84,9 960,0 61.4 168,4 200,0 24,899,7 25.6 Fidelity - - _ 170,9 3,002.1 260,1 26,1 204,1 500,0 680,7 3,155,7 Jefferson _ 97,873.0 27.9 754,6 30,9 78,1 2.914,4 250,0 250,1 1,958,0 251,4 1,448,1 28.8 Mt. Morris_ 5,0 3,898,5 655,7 22,4 293,6 200,0 317.3 3.390,5 23,161,0 26.9 Mutual _-- _ 154,0 256.8 5,064,0 59,6 912.8 300,0 469,7 4,682.8 10,508,0 26.1 19th Ward_ 4,278.0 409,2 3.267,0 215,0 232,0 1,047,0 100,0 112,403,0 25.8 Plaza ____ _ 1,822,9 202,8 49,1 100,0 183,9 1,590,5 161,0 18,900,8 26.1 236 Ward523,5 300,0 6,347,2 824.8 5,862,6 900,8 316,6 3,335,0 21.5 Union Exch 750,0 4,344,8 52,2 679,4 396.3 369,9 3.351,8 100,0 7,727,0 25.4 Yorkville -40,0 4,774,0 410,0 675.5 4,537,0 812,0 212,0 3,222,7 24.7 Coal& I.Nat 500,0 17,0 113,0 15,0 1.269,0 229.1 1.353.0 122,0 200,0 87,716,6 26.7 NewNethI'd 766,0 918.0 109,5 51,5 136,0 26.5 I3att.Pk.Nat 200,0 13,032,7 4,282,4 25.4 Borough of Brooklyn. 5,412,6 23.8 422,7 360,7 3,145.1 13,5 363,0 402,3 2,306,1 150.0 13,653,9 26.0 Broadway _ 69,4 6,816,5 252,0 751.3 5,598,0 920,9 136,2 1,183.3 0,941,0 28.2 Mfrs' Nat-810,0 9.107,5 232,5 1,525,6 1,e37,9 114,4 12,697,1 3,531,2 27.9 Mechanics'. 1.000,0 951.0 942,2 6,703,0 324,0 646,0 6,603,0 Nassau Nat. 750,0 12.403,3 26.0 980,0 583,0 5,672,0 569,2 3.648.0 117,0 664,0 300,0 4,716,0 24.8 Nat. City- 23,398,0 27.4 Jersey City. 196,5 397,5 2,432,7 695,0 6,368,7 400,0 1.225,0 4,221,1 14,532,1 27.9 First Nat- 27,0 188,2 292,1 2,296,3 741.5 2,473,6 126,8 7,719,7 27.1 Hud.Co.Nat 250,0 45,9 121,3 614,8 45,2 2.108,0 200,0 356.7 1.639,0 12,459,0 27.2 Third Nat- Hoboken. 4,632,6 25.4 31,7 189,2 80,9 2,170,8 220,0 599,9 2,394,3 151,9 15,180,2 25.1 First Nat- 89,7 1,935,0 48,7 63.5 72,1 210,3 1,869,3 Second Nat. 125,0 Totals average_ 126,350,0 165,169,1 1231,220,8 316.670,2 79,472.7 1320,176,4 30.4 Tot.June 27 7,747,0 12,638,1 86,482,4 5,965,2 7,324,8 14,95e,0 4,000,7 103356.2 -- _ 8rt 364,0 5,737,8 7,177,0 16,090,6 4,177,9 103993,8 1223,061.5 316,758,4 79.721,8 1312,988,7 30.6 Tot.June 20 7,747,0 12,479,3 86,262,6 5,382,4 7,076,0 15,481,6 4,128,0 102713,8 Actual figures June 27 Tot.June 13 7,747,0 12,479,3 Bank of N. Y- Manhattan Co_ Merchants'-Mechanics' - --America Phenix _ City Chemical Merchants' Ex_ Gallatin Butch. & Drov_ GreenwichAmer. ExchCommerce-Mercantile --- Pacific Chatham Peoples' Hanover Citizen's Cent Nassau _ Market dr Fult'n Metropolitan - Corn Exchange. Imp. &- Traders' Park East iver--Fourth-------Second -- ----First Irving Nat. Ex. Bowery -- - _ . N. Y. CountyGerman-Amer _ Chase------ _ Fifth Avenue- German Exch- _ Germania -___ _ Lincoln Garfield __ Fifth _ Metropolis _ West SideSeaboard Liberty - - _ _ N.Y.Prod. Ex. State _ 14th StreetCopper 2,000,0 2.050,0 2,000.0 3,000,0 1,500,0 1,000,0 25,000,0 3,000,0 600,0 1,000,0 300,0 500,0 5,000,0 25,000,0 3,000,0 500,0 450,0 200,0 3,000,0 2,550,0 500,0 1,000,0 2,000.0 3,000,0 1,500,0 3,000,0 250,0 3.000,0 1,000,0 10,000,0 2,000,0 250,0 500,0 750,0 5,000,0 100,0 200,0 200.0 1,000,0 1,000,0 250,0 1,000,0 200,0 1,000,0 1,000,0 1,000,0 000,0 1,000,0 2,000,0 21,308,0 25,440.0 21,611,0 23,934,0 27.838,4 6,940,0 177,871,7 31,043,6 6,697,7 9,389,8 2,027.6 5,461,8 32,274,5 167,212,5 10,069,1 3,518,7 6,800,0 1,547,9 61,676,9 20,136,4 4,402,0 7,439,5 11,492,3 44,218,0 27,260,3 83,251,0 1,307,2 22,817,0 9,882,0 116,511,1 17,073,5 2,326,0 7.338,2 3,629.4 76,587,7 11,849,4 3.788,0 4,757.1 12,969,8 6,849,2 3,095,0 12,020,8 4,260,0 19,571,0 15,180,5 6,490,2 10,166,0 4,180,0 16,803,0 4,309,0 1,289,0 20,260,0 1,580,0 4,109,0 1.940,0 4,209,0 2,143,0 5,209,0 2,829,5 1,019,0 461,0 87,258,4 6.230,0 6,118,3 2,046,4 1,569,3 300,3 1,190,9 707,0 595,2 63,2 1.513,8 200,0 5,295,0 1.384,1 26,390,7 14,525,4 973,4 521.1 844,2 505,5 976,1 1,024,6 787,4 72,4 9,642,1 10,307,0 5,062,9 320,3 264,7 899,8 2,213,5 1,125,0 2,935,3 118,1 9.752,0 3,169,0 4,738,2 1,550,5 24,220,0 2,947,0 138.8 279,7 3,681,0 2,446,0 498,0 2,249,0 26,565,0 1.877,7 3,529,7 1,322,8 60,0 660,0 695,1 1,210,4 230,8 565,4 18,394,5 4,732,9 2,296,6 1,163,2 800,0 300,0 585,9 704,5 904,2 2,565,7 229,1 1,661,7 433,5 521,7 1.716,5 1.512,8 247,0 923,0 4,627,0 1,714,0 407,7 3,485,7 131,1 1,965,9 226,0 3,175,0 483,7 693,7 282,3 3,442.1 On the basis of averages, circulation amounted to $56,809,200 and United States deposits (included in deposIts) to $19.030.700; actual figures June 27, circulation, $56.560,400; United States deposits, $18,919,000. "The statements compiled by the State Banking Department, 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 institutions in Greater New York are included. NEW YORK CITY BANKS AND TRUST COMPANIES. Week ending June 27 1908. Reserve on P.C. Loans and Deposits. Leads. Deposits. of ReInvestments. Specie. 008 omitted. $ serve. '7ff 1 Clearing-House 316,758,4 79,721,8 1,312,988,7 306,480,2 30.63 Banks-Actual_1,223,061,5 14,347,7 +3.372,4 -19,747,7 +2,560,9 +811,5 Clearing-House Banks-Av'ge.1,231,220,8 316,670,2 79,472,7 1,320,176,4 396,142,9 30.43 -1,082,1 +7,116,4 -8,701,3 +4,552,9 +2.563,5 State Banks 324,556,8 101,286,9 31.0 59,134,0 21,717,7 268,425,2 Average ___ +2,034,6 +4,399,8 +541,1 +3,690,4 +1,207,4 Trust Companies 877,011.2 284,271,8 33.0 58,909,3 5,895,2 824,256,0 Average +14,221.5 +3,848,6 +7.326,8 +2,546,2 +139,1 State Banks and Trust Co's-not 974,765,9 312,367,6 32.7 In Clear-House_ 905,177,8 63,508,7 12,735,0 +15.678,7 +4,254,3 +8,726,5 +2,500,5 +551,0 +Increase over last week. -Decrease from last week. Includes bank notes. b After eliminating the item "Due from reserve depositories and other banks and trust companies in New York City," deposits amount to $776,249,100, an increase of $13,847,700 over last week's figures. -In the case of the Clearing-House banks, the deposits are "net" both for Note. the average and actual figures; in all other cases "gross" deposits are shown. The Clearing-House actual figures included United States deposits amounting to $18,919,000, a decrease of $165,000 from last week: averages included United States deposits of $19,039,700, a decrease of $214,000 from last week. "Reserve on deposits" Includes, for both truet companies and State banks. Net only cash items but amounts due from reserve watt. and in the case of trust companies includm likewise municipal bonds. State banks In New York City are required by law to tarry a reserve amountIns to 15% of deposits, while outside ef New York City only 10% is required, which reserve in both cams need not he more than one-half in cash. Trion companies in Greater New York are required to keep a reserve of 15%. of which only 5% need be in cash and 6% more may be In caunklpal bonds, while in the case of the trust eempanlm in the rest of the State the required reserve is 10%. of which only 3% need be in cash and 3% more mav be In municipal bonds. To-day being la legal holiday, the statement for this week was issued Friday afternoon. For the State banks and trust companies in Greater New York not reporting to the Clearing House it shows an increase in loans and investments of 82,684,700 as compared with last week's figures, an increase in specie of 812,728,200, an increase in legal tenders of $636,900, an increase in total deposits of $18,550,000, an increase in reserve on deposits of 89,534,000 and an increase in net deposits of $13,845,000. New York City, Boston and Philadelphia Banks. Below is a summary of the weekly totals of the ClearingHouse banks of New York City, Boston and Philadelphia. The New York figures do not include results for non-member banks. We omit two ciphers in all these figures. Capital and Surplus. Banks. New York June 6- June 13- June 20_ June 27-July 3- Boston. June 6-June 13-June 20-June 27- Phil. June 6-June 13-June 20June 27- - 286,418,7 286,418,7 290,784.2 291,519,1 291,519,1 Specie. Loans Legal Deposits a Circulation alearints $ 1211.601,9 295.945,3 71,872.0 1282,500,4 56,830,8 1,726.218,5 1213,866,6 301,467,5 74,237,9 1289,256.4 56,634,4 1,158,454,1 1239,922.1 312,117.3 76,909.2 1321,258,5 57,615,7 1,247,530,6 1231,220.8 316,670,2 79,472.7 1320,176,4 56,809,2 1,164.260.3 1241.096,5 306,623,6 78.189,4 1320,470.8 56,459,9 1,356,536,2 44.036,0 44,036,0 44,036.0 44,036,0 191.323.0 191,325,0 190,329,0 189,587,0 54,440,0 54,440,0 54,440.0 54,440,0 21,201,0 22,377,0 23.723.0 24.096.0 226.837,0 227.027,0 228,024,0 230,476,0 2,873,0 3,096,0 3,130,0 3,175,0 73.507,0 73,613,0 75.236,0 74,2700, 227,368,0 10,568,0 229,434,0 10.582,0 231,603,0 10.548,0 227,840.0 10,501,0 157,742,4 122.629.7 121,437.1 115,279,9 268.596.0 17.020.0 268,450,0 16.601,0 271,516,0 16.398.0 272,666,0 16,248,0 134,754.6 103,357,1 108,010.0 104,056,5 a Including Government deposits, and for Boston and Philadelph a the item "due to other banks." At New York, Government deposits amounted to $19,039,700 on June 27, against $19,253,700 on June 20; at Boston to $2,668,000 on June 27 and $2,678,000 on June 20. Annittng and Timturiat. We shall be pleased to mail to institutions and investors copies of the 4th edition of our special circular giving statistics covering 27 of the better class of Railroad and Industrial Stocks listed upon the New York Stock Exchange. Spencer Trask & Co. NEW YORK - WILLIAM AND PINE STS. Branch offices: Chicago, lii.. and Albany. N. Y. MOFFAT & WHITE Members 6 NASSAU STREET, New York Stock Excitants. HANOVER BANK BUILDINka DEALERS IN INVESTMENT SECURITIES Commission Orders Executed tot Cash Only 22 TIIE CHRONICLE Lxxxvii. To-day's (Friday's) actual rates for Paris bankers' francs were 5 16%h@5 16 8d for long and 5 15%a@5 159d for short. Germany bankers' marks were 953' @95 3-16 for long and 9532@95 9-16d for short. Amsterdam bankers Wall Street, Friday Night, July 3 1908. 40 29@40 The Money Market and Financial Situation.-The con- guilders wereat Paris on31 for short. Exchange London to-day 25f. 12c.; week ditions which prevailed in the security markets last week range 25f. 123-ic. high and 25f. 12c. low. have continued without interruption, except that they The week's range for exchange rates follows: Long Short have become more pronounced. The transactions in Sterling, Actual 4 8575 (14 8585 14 8695 @4 8730 14 8720 . 04 87 stocks have diminished day by day to the smallest in recent High ceo 8560 14 8685 4 8550 @4 8695 @4 8715 14 8710 years, and while there is, at the moment, a somewhat HIParts Bankers' Francs gh 5 16%h High 4- 5 163%d 15 15%a 4 05 15%d larger volume of business in bonds reported at the Ex- Low 5 173%a 05 17% @5 153%a 15 15%h 94% Germany Bankers' Marks00,54731 946 change, it will be noted that the increase is limited almost High 095 3-16 1 053% 953% 095 9-1Gd entirely to low-priced speculative issues Moreover, prom- Low Amsterdam Bankers' Guilders inent bond houses report that there is no noticeable inHigh - I 40 29 crease in the demand at the counter, but rather the reverse. 121_ 1 40 27 @ 40 29 Perhaps when the national holiday is passed, the outcome Less: a 1-16 of 1%. d 1-32 of 1(7. I; 1-32011%. of the Denver Convention determined, and the crops further 1-16 of 1%. x 1-32 of Plus: k y 3-32011%. advanced without damage, we shall be able to record a The following little more activity. In the meantime, however, reports New York at the were the rates for domestic exchange on undermentioned cities to-day. Savannah of railway earnings show that when these reports were buying 50c. per $1,000 discount; selling 75c. per $1,000 made up there was no perceptible increase in traffic and premium; Charleston selling $1 per $1,000 premium; latest bank statements indicate a larger accumulation of Orleans bank 50c. per $1,000 discount; commercial New 75c. idle funds for which there is no demand. On the other per $1,000 discount; Chicago 20c. per $1,000 premium; St. hand, it is reported thatIn several cases railway train men Louis 40c. per $1,000 premium; San Francisco $1 25 per are being called back to work, repair shops are becoming $1,000 premium. more active and it is doubtless true that the railroads State and Railroad Bonds. -Sales of State bonds at the are preparing more or less generally for increasing traffic Board are limited to $12,000 Virginia 6s deferred trust in the autumn. Only one shipment of gold, amounting to $300,000 to Ger- receipts at 38. The market for railway and industrial bonds has been many, has been made from here this week. The open market rates for call loans at the Stock Exchange more active, owing to what appears to be a speculative during the week on stock and bond collaterals have: ranged movement in a few low-grade bonds and to rather heavy transactions in New York City 43/s of 1957. Of the former, 2 from 1% to 13 %. To-day's rates on call were 1 4 Commercial paper quoted at 33/2% for endorsements and Rock Island, Interborough-Metropolitan, Union Pacific four months single names and 43' for choice good 4 to 6 issues and United States Steel 5s have been conspicuous for both activity and strength. New York Air Brake 6s have months unendorsed paper. The Bank of England weekly statement on Thursday advanced from 3 to 4 points on limited transactions. A considerable number of bonds sold ex-coupon on the showed a decrease in bullion of £797,220 and the percentage of reserve to liabilities was 44.47, against 51.17 last week. 1st inst. and therefore have the appearance of being lower. United States Bonds. -Sales of Government bonds at the The rate of discount remains unchanged at 23/2% as fixed May 28. The Bank of France shows a decrease of 8,175,000 Board include $2,000 2s coupon 1930 at 104 and $500 3s registered 1908-18 at 100. The following are the daily francs gold and 3,425,000 francs in silver. To-morrow being Independence Day and a legal holiday, closing quotations; for yearly range see third page following. the Clearing-House bank statement was issued to-day. It Interest June June June July July July shows, on the basis of averages, an increase in loans of Periods 27 1 2 29 3 30 $9,875,700; decrease in circulation of $349,300; increase in deposits of $294,400; decrease in specie of $10,046,600; 2s, 1930 - - - ------ registered Q Jan *104 *104 *104 *104 *104 *104 coupon Q -Jan *1043% *1043% *1043% *x104 104 *104 decrease in legal tenders of $1,283,300; and a decrease of 2s, 1930 3s, 1908-18-- -registered Q -Feb *1003 *1003% *1003% *5100 *100 *100 % $11,403,500 in surplus reserve. In the following we give 3s, 1908-18 coupon Q -Feb *1003% kiooy,, *1005% *1003 *1003 *1003% % % 3s, 1908-18- Q-Feb *1003% *1003% *1003% *1003% the figures for the previous week in our usual form in order 4s, 1925 -- - - - -small coupon Q-Feb *1003% *121X *121% *1003% *121X *121g -- -registered *121X *12131 1925 to preserve the record. i3anhrz7 azzite. 4s, coupon Q-Feb *122X *122X *122X *122X *122X *122X 2s, 1936_Panama Canal coup Q -Nov 1908. Averages for week ending June 27. Differences from previous week. Capital 126,350,000 Surplus 165,169,100 Loans and discounts- - 1,231,220,800 Dec. Circulation 56,809,200 Dec. Net deposits 1,320,176,400 Dec. U. S. dep.(Incl. above) 19,039,700 Dec. Specie 316,670,200 Inc. Legal tenders 79.472,700 Inc. Reserve held 25% of deposits_ Surplus reserve.- - - Surplus excluding U. S. deposits 8,701,300 806,500 1,082,100 214,000 4,552,900 2,563.500 396,142,900 Inc. 7,116,400 330,044,100 Dec. 270,525 1907. Averages for week ending June 29. 1906. Averages for week ending June 30. $ 129,100,000 117,972,700 161,720,600 149,608,400 1.126,539,100 1,056,944,900 50,407,300 48,362,400 1,092,031,700 1,049,617,000 31,275,200 15,313,100 200,792,500 187,184.500 74.724,700 87,275,500 275,517,200 273,007,925 274,460,000 262,404,250 66,098,800 Inc. 7.386,925 2,509,275 12,055,750 70,858,725 Inc. 7,333,425 10,328.075 15,884,025 Note. -The Clearing House now issues a statement weekly showing the total of the actual figures on Saturday morning. These figures, together with the returns of separate banks, also the summary Issued by the State Banking Department showing the condition of State banks and trust companies not reporting to the Clearing House, appear on the preceding page. Railroad and Miscellaneous Stocks. -As noted above, business in the stock market is at a very low ebb. From the exceptionally small average noted last week the transactions dropped to less than 110,000 shares on Thursday and to only 73,764 shares to-day-the smallest day's business in several years past. This steady reduction in daily transactions has not been accompanied by any noteworthy change in values and closing quotations to-day are in most cases only fractionally different from those of last week. The prevailing tendency has been to advance and of a list of 28 relatively active issues, 18 are higher-10 of which average a point higher. Among these are New York Central, Reading, Baltimore & Ohio, North West, Northern Pacific Missouri Pacific, Steel preferred, Smelting & Refining and' Consolidated Gas. Foreign Exchange. -The foreign exchange market was dull and irregular this week and without special feature. Gold exports $300,000 to Germany. To-day's (Friday's) nominal rates for sterling exchange were 4 86 14, for sixty day and 4 88 for sight. To-day's (Friday's) actual rates for sterling exchange were 4 8575@4 8585 for long, 4 8690@4 87 for short, and 4 8710@4 8720 for cables. Commercial on banks, 4 8540@4 8550, and documents for payment, 4 84%@,4 853%. Cotton for payment, 4 84%@4 843 , • cotton for acceptance, 4 8540@4 8550 4 and grain for payment 4 853/@4 853%. 8 * This is the price bid at the morning board; no sale was made. For daily volume of business see page 32. The following sales have occurred this week of shares not represented in our detailed list on the pages which follow: STOCKS. Range for Week. Sales Week ending July 3, for Highest. Lowest. Week. -Alice Mining 100 $3 June 27 $3 June 27 Amer Steel Foundries- 300 73%June 30 73%June 30 Preferred 100 35. June 30 35 June 30 Amer Teleg de -150 64 July 2 643%July 2 100 44 June 27 44 June 27 Cable-Bethlehem Steel, pref Comstock Tunnel 600 30c. June 30 32c. June 27 Homestake Mining ----- --420 76 July 1 763%July 3 Illinois Central rights-26,522 33%June 27 35%July 1 International Power200 29 June 27 31 July 2 Keokuk &Des Moines, p1 100 253%July 3 205%July 3 NY &NJ Telephone.. 195 1053%June 27 1073%July 2 Ontario Silver Mining- 200 4%July 2 5 June 27 Range since Jan. 1. Lowest. Highest. SIX Feb $3% 4% Feb 7% 26% Feb 35 Mch 65 50 27% Feb 44 20c. Mch 44e. Jan 76% 67 3 June 4% 29 June 35 20 April 25% Feb 109 90 2 Jan 6 Jan June May June May April June May Mch July June May _ Outside Market. -The dullness in the outside securities markets continued this week, accentuated by the lack of interest on the Stock Exchange. Price changes were insignificant, though, considering the inactivity, were well maintained. The new debenture 4s of the "American Steel, Foundries were traded in for the first time "w. i." up from 42 to 50 and the new stock from 3034 to 33. 'Allis-Chalmers 5s were traded in from 7034 up to 713 . National Rys. % of Mexico 43-s advanced from 933 to 943; then dropped 2 to 913/. The 4s rose from 843% to 8434.-and' fell to 84. Tidewater 6% notes sold from 983' to 983 and back to ,-g 983%. American Writing Paper preferred moved up from 193/b to 21 and down to 20. Standard Oil gained two points to 602, lost the advance, and to-day-sold up again to 6013/ a. Manhattan Transit was weak on the refusal of the Public Service Corporation to allow the Long Acre Light & Power Co. to make the proposed issue of bonds and stock, the latter company being affiliated with the Manhattan Transit Co. From 2 it declined to 13%, recovering later to 1 11-16. A single transaction in Chicago Subway was recorded at 19. British Columbia Copper advanced from 43% to 4% and Butte Coalition from 223' to 225 ,. Greene Cananea went up from 10 to 103% and ends the week at 103. Nevada Consolidated Copper ranged between 113- and 113 . 4 Nevada-Utah rose from 3 to 3 1-16, but fell to 23 . Gold4 field Consolidated fluctuated between 5 5-16 and 5 7-16 and Nipissing between 7 and 73%. Outside quotations will be found on page 32. New York Stock Exchange-Stock Record Daily, Weekly and Yearly OCCUPYING TWO PAGES STOCKS-HIGHEST AND LOWEST SALE PRICES Salurday June 27 Monday June 29 2'ucsday June 30 Wednesday July 1 Thursday Juty 2 Friday July 3 Sales oi the Week Shares • STOCKS NEW YORK STOCK EXCHANGE Range Since Jan. I 1908. On basis ol 1.00-share tot* Lowest I opek oacis ail ra & sabta Fe 66 Feb 14 4 8118 8218 813 8213 8118 8112 8118 8112 8138 8112 8138 8158 4,400 A tch TR 92 *9134 921: 9412 92 *90 700 -L A- Do prof 95 833 Feb 17 8 *90 9438 95 95 *94 *87 90 90 1,640 Atlantic Coast Line RR_ 8812 8812 9012 490 5912 Mch 2 *86 87 *8512 8712 87 *86 8634 863 8714 3,800 Palttmore & Ohio 4 8634 8614 863 8 853 86 7612 Feb TO 8612 86 86 4 86 *82 86 86 *82 86 *82 -1 0 Do pref *82 80 Jan 3 86 *81 87 *82 4712 48 4714 48 4734 4831 4778 4814 11,655 Brooklyn Rapid Transit_ 3714 Feb 10 4634 4738 4612 48 65 *___ 65 *-___ 65 *___ 65 6434 Mch21 Buffalo & Susque. pref__ *.. _ 65 *____ 65 *_ 15912 160 *15912 1603 4 2,220 Canadian Pacific 4 140 Feb 17 159 16014 1593 16053 160 16014 160 160 6212 *5812 63 *6012 623 *6012 6212 *59 61 kJanada Southern 4 54 Mch 4 63 *60 *60 190 193 *190 195 *190 1b5 310 Central of New Jersey 160 Feb 11 *181 190 *181 190 *181 190 8 3978 40 40 3984 397 3912 4014 3914 4014 3914 4018 40 4,785 Chesapeake & Ohio------2513 Feb 19 2612 *25 300 Chicago & Alton RR 3 2 3 2614 2614 25 4 25 4 *25 251* 612 *2412 2512 *24 14 Feb 13 60 *55 5812 5812 5812 *54 100 60 5812 *50 60 Do pref *50 97 Mch24 618 618 ;m1 980 Chicago Great Western 612 318 Feb 8 614 614 614 614 618 614 614 614 50 50 *4.5 Do 4% debentures_-_ *45 *45 *45 50 50 *45 50 50 *45 3312 Mch19 Do 5% pref "A"____ *1712 23 *1714 23 *1714 23 *1714 23 *1714 23 1512 Feb 15 *1712 23 *7 Do 4% pref "B"____ 5 Feb 11 814 *7 814 *7 814 814 *714 814 *7 814 *7 27,900 Chicago Itillw & St Paul__ 10312 Jan 2 8 5 13253 133 8 13214 13418 133 8 1343 13338 13418 13314 13334 13312 134 5 30 Do prof 138 Jan 3 *149 15112 414912 14912 *150 15112 4.150 15112 415112 15112 *149 15112 Do coin ctfs 45% Raid 317 12512 12512 *12412 127 9812 Jan 3 125 125 *12334 12614 412412 12412 424 126 550 Do pref ctfs 45% paid 125 8Jan 2 5 14312 14312 144 145 444 147 444 146 *14434 14714 *14312 147 15112 15112 15112 1513 4 2,505 Chicago & North Western 13512 Jan 2 *149 151 15014 1503 151 15112 15112 152 4 Do pref 10 4185 Jan 11 *200 210 *198 210 5205 205 *198 210 *200 210 *200 210 200 Chic St P Minn do Omaha 114 Feb 25 132 132 *130 138 *13,1 138 *131 138 *L30 138 *130 138 Do pref 14012 Jan 3 *155 165 *155 165 •n55 165 *155 165 *160 165 *100 165 37 8 *3 314 *318 4 312 *3 Chic Un 'I rac ctfs stmpd 5 Apr 3 8 *3 314 *3 *3 38 5 Do pref ctfs stmpd__ _ 4 Apr 10 *3 10 *812 1112 *9 1112 4 *712 10 *812 1112 *712 93 Cleve Gin Chic 44 St L___ 4712 J'nel7 54 *50 55 54 *50 55 *51 64 *51 *50 55 *50 Do pref 8518 Feb 19 95 90 *_ ___ 90 . 90 *__ 90 *.. 90 21 Feb 19 3,200 Colorado do Southern 31 4 4 31 301. 3014 3014 3058 303 3118 303 3118 5i 31 4 50 Jan '2 3 Do 1st preferred 400 5 59 8 59 *58 *53 5814 5814 5812 5812 587 587 *58 .59 3934 Feb 19 Do 2r1 preferred 49 *48 49 4914 700 3 48 4 *48 4834 49 48 49 4814 4814 elaware & Hudson_ 14112 Feb 10 4 *157 16012 *1563 161 *158 161 *151 160 *157 161 *157 161 elaware Lack & West_ 420 Jan 6 523 524 *520 525 *523 525 *500 525 360 520 620 *_ _ 535 *24 26 *2414 26 26 Denver & Rio Grande__ 1414 Feb 19 *24 *2414 2614 *2414 26 *2419 26 63 *58 63 3914 Mch 2 Do pref 63 *57 63 *58 62 *57 63 *58 *57 3212 Apr 15 42 42 *41 42 200 Detroit United *4053 *42 *393 42 4 42 1212 12 12 *1112 12 6 Feb 11 206 Duluth So Shore & Atlan 1112 ---- *1112 13 1112 1212 *11 311 22 4 20 20 Do pref 113 Feb 13 *19 23 *19 22 *1912 2212 *18 22 *18 12 Mch 6 1918 5,035 Erle 193 197 8 3 1878 1912 1914 1912 1912 1912 1918 1033 19 3514 3414 35 2438 Mch 4 3412 35 Do lit pref 35 1,035 3414 3412 *34 4 34 4 343 343 16 Mch 8 8 3 4 235 23 8 *24 Do 2d pref 25 300 2438 2433 243,3 2438 *2312 2453 *2312 243 13078 13114 131 13133 13118 13138 13111 13133 12,650 Great Northern pref 1133 Feb 10 4 8 130 1307 12958 131 6013 5914 5914 5814 5914 *5812 60 Iron Ore . 4812 Jail 2 5918 5918 59 *5818 5912 3,200 ...... Green Bay & W,deb ctfA 71 Mehl9 properties_.1811 1212 12(2 1112 1134 1113 Yu; *1158 133 deb ctf B 20 4 208 n 1 ch24 lipao vana Electric ;a" "if" wit5" W- *20 27 *20 27 *20 27 *20 27 470 Jan 8 Do pref 70 7978 *70 7973 *70 7973 *70 7978 *70 7978 *70 7978 4, 62 Feb 10 8 *79 90 kin g falley tr recta_ pre 85 *79 90 100 Hocking V 90 *79 90 88 *80 *79 69 Mch 19 88 *__ 88 *___ 88 *__ 88 88 _- 88 12212 Feb 17 6,700 I Ilinois Central 12912 130 12914 130 22813 12812 12778 130 1358 12912 12812 129 634 Jan 4 *1012 11 *1012 11 1058 103 4 3,600 A-nterboro-Metropoiltan _ 4 1112 1158 1112 12 1134 113 1718 Feb 19 Do pref. 2838 28 8 *2712 28 4 2878 29 3 3 3078 3012 3058 6,200 2914 307 8 30 10 Feb 19 345 Iowa Central 17 17 *16 *16 *16 17 1512 1612 1612 1612 1634 163 4 2712 Feb 19 Do prof *32 34 34 *32 34 *32 34 *32 34 35 *32 *32 8 Ft S de M,tr cts pret 597 Feb 19 64 63 *56 64 63 *58 65 *55 *58 *56 64 *56 nsas CirefSotitherb__ 18 Feb 25 b pt y *2214 24 *2214 24 24 *23 26 24 *2214 26 *23 *23 46 Feb 19 Do *5312 56 *5314 56 *5412 56 *5312 56 56 *53 56 *53 al{Dorle rerWestern. e E ph 1612 *13 1612 1612 *13 1612 *13 1612 *13 - 12 Jan 4 1612 *13 *13 45 34 May 2 *36 45 43 43 *56 *36 45 *36 43 *35 e.36 Long Island 3if Feb 6 42 40 *30 40 40 40 *30 *30 *30 40 *30 3,30 8714 Feb 19 3 4 10412 1043 10512 105 4 103 10514 105 10513 2.751) Louisville & Nashville 10412 10412 10312 105 120 Jan 4 anhattan Elevated 136 136 136 136 136 136 4136 136 *132 138 *133 133 15 Feb 24 30 30 etropoiltan Street__ *23 *23 31 *23 30 *23 *23 31 *23 30 1412 Jan 2 *1414 143 4 3,900 Mexican Central 17 *15 1514 3 4 *143 1533 *1512 15 4 *14 bo Irust Co certfs 1912 May 1 1,800 1514 1473 1514 1434 15 1514 *15 15 1518 1512 15 15 21 Mch29 800 'Minneapolis & St Louis- 60 Feb 2 27 28 *25 27 27 27 2714 27 27 2612 263 4 27 200 Do pref 70 (36 66 70 6412 6412 *60 *64 7212 *60 72 *64 760 Minn St P & S SMarie 3 b 1 12914 Jan 12 7 2 10812 10912 4 10818 1083 109 10 912 *108 110 *108 110 , *1,0818 109 Do pref *13312 138 *13312 137 *134 137 4134 138 *133 137 *133 138 1712 Mch 2 2714 267 271s 2,310 ho Kansas do Texas 8 273 277 4 8 2714 2712 2733 2712 2712 2712 27 96 Feb 19 100 Do pref 5912 5912 *58 60 *58 60 59 59 *58 *56 60 *58 2812 Feb 19 5,780 Missouri Pacific 48 3 48 4712 4834 4838 48 8 48 48 4 4658 49 46 4 463 3 NI a0hFIrtx.4 St Louis, . 34./ui 'f at 1 tt e t 12 4 9 .. a n i 7 1 *110 120 *110 120 *110 120 *110 120 *110 120 1110 120 preofn-cum PI 46 _ ...... 11 . 7. 17 May12 Do 2d *16 4 i55i2 fa; 15512 1041- 1551 10334 410334 1o334 . 2 ..4:685 N Y Central & Hudson..., 9018 Jan 2 10212 104 1023 103 4 2412 40 40 N Y Chic & St Louis-3912 *37 *37 40 *37 *37 40 90 Jan 3 3912 *36 *36 Jan 14 97 99 *88 97 *88 *88 99 Do lst pre 1)9 *I4T *87 89 *38 60 Feb 8 74 *60 *65 74 Do 2d pref. 74 74 74 *68 *65 *65 72 *66 8Jan 6 135 135 *134/2 137 1137 137 250 N Y N Haven & Hartford 1283 13612 13612 *134 137 *134 138 2918 Feb 19 4033 4034 4012 4013 7,100 N Y Ontario & Western__ 4012 41 3938 4012 4014 41 3958 40 58 Feb 19 *69 70 6912 70 2,830 Norfolk & Western 6712 673 46814 6814 6814 69 4 *6712 68 80 74 Mch29 *70 *70 80 Do adjustment pref.__ 80 *70 80 80 *70 *70 80 *70 1167 Jan 2 s 13634 137 8 31,440 Northern Pacific 13638 137 8 13512 1363 13518 13718 13618 13718 1365 137 103 Feb 10 8 Do subacrlp rects 4 2,280 8 124 12412 *12312 12413 1243 1247 12412 12412 125 125 124 1245 7112 Apr 4 7734 *70 80 80 200 Pacific Coast Co 76 *74 80 77 *77 *77 80 *77 90 May26 *80 100 *75 100 IDo 1st prof *75 100 *80 100 *80 100 *80 100 79 Mch27 90 90 *70 14.) *75 100 *80 *80 100 Do 2d pref 80 80 *80 100 I 1083 Jan 2 4 3 8 12078 12078 12012 1213 1205 12138 12(13 12053 12013 12034 12012 12078 5,575 Pennsylvania *72 59 Jan 7 75 75 *72 100 Plttsb Cln Chic & St L 75 7412 7312 7312 *70 *70 74 *70 8113 Mch 3 98 *90 *88 98 *88 90 I)o pref *88 98 100 *90 95 *88 9218 Feb 17 20 8 5 8 11112 11233 1107 11314 11233 113 8 1127 11378 11333 11413 11312 114 202,400 Readirm *82 78 Jan 2 83 83 82. *82 *82 1st prof 85 482 823 4 *82 83 *82 76 Jan (5 85 *82 87 2d prof *82 87 *82 83 / 3 *82 .2 4 *8112 83 *82 157 1(i 8 1012 Feb 3 , 3 1513 1558 2,500 Rock Island Company 15 3 1558 1512 153 1553 16 1573 16 203 Feb 3 4 3 Do pref 2958 3034 :1014 707 8 2012 3014 2912 29 3 2018 2938 55,300 2978 30 42 d'ne24 48 42 47 *42 *44 47 St L & San Fr. 1st pref__ 48 48 *41 *42 50 *43 1914 Feb 19 *24 26 20 *24 26 2,280 Do 2d pref 26 2312 2311 2414 *2312 25 23 10 Mch 7 cAD oulsrSouthwestern..__ L0 p 14)1- *1514 1612 *1512 1612 *15/3 1614 *1513 1614 *1512 1614 *16 2413 Feb 19 400 3812 *36 , 38 *3613 3838 *3613 385 *3618 3833 39 8 3813 :is! 8614 Feb 17 8614 35,250 Southern Pacific Co SIN 8738 8012 8813 8712 883 x8614 8 4 8618 86'8 86 63 8 1063 8Jan 2 3 1,230 I)o pref 8 1177 1177 117 117 416 117 8 *119 1197 11912 120 411512 119 291 Jan 11 51 ! b 5 4 1718 1714 1714 163 167 8 8 167 1673 1,660 Southern v tr cfs stamped 4 17 1714 163 163.1 *17 *43 45 Do prof do *4212 45 45 45 44 44 100 *43 *43 *4312 45 2312 1,300 Texas & Pacific 123 Feb 29 4 8 8 2212 2278 2338 233 233 *23 *2012 2112 2214 2214 *22 1513 Mch23 30 *28 317 317 *30 3 8 32 874 -I-bird Avenue (N Y) 30 2912 30 *28 30 *28 87 Apr 9 8 912 619 *312 103 4 *912 113 10(9 Toledo Railways & Light 4 *913 1.312 *912 103 4 *914 12; 2012 *19 200 Toledo St L 44 Western.... 12 Feb 6 20 2012 *19 2014 20 *1833 19 8 *1838 1912 *19 3 33 Feb 3 Do prof 4413 4412 4412 4438 4412 1,700 44 4334 437 8 4378 44 44 44 *88 9 90 *88 00 180 Twin City Rapid Transit. 7814 Feb 7 89 89 59018 9018 *89 *88 90 11012 Mch 2 8 14533 14534 204,100 irMow Pacific 3 1433 1457 14478 14614 145 14578 14514 146 : 14414 1451 7914 Apr 2 *82 83 83 8214 8214 450 %-) Do pref._ 83 83 8278 8278 83 83 *82 *19 *18 22 23 23 *20 CnIt Rys I nv't of San Fr. 15 Jan 24 22 *20 23 *20 *20 22 2712 Jan 22 39 367, *313 3534 38 38 700 Do prof 3634 3634 *36 3/ 40 *38 6 1/ch 3, *11 *1.5. 1134 *103, 12 1! , *11 11 12 200 Wahash 11' *111, 19 Ka C ...j r 410 M Range lor PrEcIous Year (1907) Highest Lowest Highest 847 May18 8 95 J'ne29 94 May19 9414 May18 87 J'ne 10 54 May19 6434Mch 21 16238 J'ne 6318 Mayll 193 J'1Y 1 4633 27 J'ne 19 60 May12 813 Jan 3 10 May16 31 Jan 6 10 Jan 6 140 May19 157 May19 12978 May19 148 MaylS 160 May18 205 J'ne25 138 May19 165 May15 4 May18 1434 May13 62 Jan 15 9512 May25 33 May14 4 603 Apr 23 5112 Apr 25 168 Jan 10 540 May 8 2734 May19 70 Maylm 42 J'ne30 1614 Apr 28 26 Apr 24 2334 J'ne 2 44 May19 3012 May19 13414 J'ne 2 6338 May18 7712 Apr 6 1438 May22 23 May 6 74 May26 90 May14 85 May14 142 May18 1213 J'ne 1 3334 J'ne 2 19 May19 3633 Apr 27 70 Jan 13 26 May13 58 J'ne 2 19 4 May16 3 45 May12 90 Apr 24 113 May19 13912 May16 35 Apr 13 20i3 Jan 28 1718 May16 32 May14 6913 May16 115 May18 4 1363 Mcb25 307 May19 8 6358 May19 6412 May26 1144 Jan 14 52 Mch28 17 May12 1077 May19 8 4112 J'Ile 1 102 May12 75 May19 14114 May18 4334 Mayll 7234 May16 81 Jan 9 1387 Maylli 3 12512 May19 2312 Jail 14 90 May2 6 97 Jan 13 12412 May19 74 J'ne 4 98 J'ne 4 11914 May19 8712 May18 8613 May18 1912 May14 4053 MaylL 6134 Jan 18 34 May14 177 May18 3 41 May18 8934 May19 12512 May13 1912 May19 48 J'ne 1 26 May20 39 Apr 13 1514 May 2 21 May18 46 Maylf. 9214 May19 15112 May19 5518 May22 2412 Apr 28 43 Apr 25 1414 V.v21 6638Nov 78 Nov 58 Nov 3 • 75 8Nov 75 Nov 2634Nov 7412Nov 138 Nov 52 Nov 144 Nov x2314Nov 818Nov 48 Sep 67 8Nov 46 Dec 21 Dec 814Dec 9312Nov 130 Nov r-85 Nov 111 Oct 126 Oct 185 Oct 106 Oct 13712Dec 13 Oct 4 8 Dec 48 Nov 86 Dec 17 Nov 91 Nov 2912Nov 123 80ct 5 36912Oct 16 Nov 53 Nov 313 Dec 4 6140ct 10 Nov :.214Nov 28 Nov 20 Nov 107120ct '37 Oct 75 Oct 30 6 4 ct 24120ct 72 Apr 63 Nov 64 Nov 116 Nov 4780ct 14 Nov 912Nov 2,9 D.ec 60 Oct 18 Mch 45 Mch 11 Nov 393 4Nov 26 Dec 8512Nov 80ct 1007 23 Dec 123 4Nov 10814J/in 10158 Jan 1334 Jan 122 Jan 9412 Jan 8358 Jan 853 Feb 4 19513 Jan 6512 Jan 220 Jad 56 Jan 2712 Jan 69 Jan 18 Jan 79 Feb 713, Feb 2613 Jan 15712 Jan 16512 Jan 141 Jan 149 Jan 2,05 Jan 234 Jan 170 Jan 165 Jan 3 3 4 Mal 17 J'ly 9278 Jan 10812 Jan 3878 Jan 691e Jan 884 Jan 22719 Jab 510 - Jan 427 Jan 8 8372 Jan 801R Jan 1912 Jan 39 Jan 4414 Jan 7578 Jlina 67 Jab. 18934 Jan 85 Jan 75 Oct 1412 Jan 47 Jan 8612 Jan 114 Mch 94 Jan 1T2 Jan 39 Jan 7314 Jan 2,37 Jan 9 51 Jan 80 sJan 303 Jan 4 6134 Jan 2812 Jan 6712 Apr 6712 Jan 14513 Jan 146 Feb 107 Jan 6 275 Jan 2312Dec x6212Dec 60 Oct 110 Oct 20 4Nov 3 53 Nov 44t Dec 97 Dec 391 Nov 13120ct 283 Dec 19 40ct 3 85 Nov 41 Oct 1273 8/11ov 28 Oct 56 Oct 70 Oct 100120ct 9112Nov 66 Nov 65 Nov 85 Dec 00312Nov 51 Oct 69120ct 701.0et 73 Oct 67 Nov 1114 Nov 2612Nov 5'8 Oct 24 Nov 1 1 Nov 25 Nov 63140Ct • 100 Oct 10 Nov 2912 Nov 1712Nov 16 Nov 9 Dec 4Dec 163 2934Nov 68 4N ov 3 100 Oct 7, Aug 1019 Nov 20 Nov 11 Orr ..90 :raw su Jan 1404 Jan 168 Jan 4453 Mch 7234 Jan 9234 Jan 147 Jan 5938 Jan 27 Feb 4 1348 Jan 6312 Jan 110 Jan 9134 Jan 189 Jan 9838 Jan 9214 Jan 9012 Jan 18912 Jan 134 Yob 12418 Jan 76 Nov 125 Mcli 1913 Jan 8 78 Jan 10612 Jan 13918 Jan 92 Jan 94 Jan 3018 Jan 6412 Jan 70 Jan 3 48 3 Jan 2512 Jan 6212 Feb 964 Jan 11818 Jan 34 Jan 9412 Jan 3718 Jan 123 Jan 29 Jan 333 Jan 4 8 547 Apr 10812 Jan 183 Jan 96 111.y 62 Jan 7118 Jart Jan BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS. Bid Ask Ask Bid Ask Banks Ask Bid Bid Banks Bid Banks Banks Ask Metropolis 1 375 Oriental V-Hanover __ 475 485 Metropol'14 160 Chemical __ 410 Fifth Ave¶.. 3800 itTi- Pacific v___ iii - ar 415 Iran .54 Traci 525 535 New York 905 NIa sau l s11 415 18.1 N tsMorrii.. : 200 Park . Citizens' Cti 14712 Fifth 300 i56- Irving N Ea 173 170 Aetna 180 Mutual V___ 295 305 People's 11- - 300 285 290 First ---- 675 Jefferson V _ 170 525 City America 11... 500 itT ... ..... 14th St V -- 175 fii- Liberty..-..... 435 465 Coal & 1101. 215 230 Amer Exch. 225 ..._. New Arnst. ____ Fourth_...... 185 Lincoln ___ 515 125 Colonial V_ 700 Battery Pk. 118 2:101 Prod Each'. 150 290 -. i‘Iew Neth'd IN iii- NianhattanV 280 Bowery V _.. 320 335. Columbia ¶1I400 „, _ Sherman _1 135 - NewYorkCc 550:0--CoMmerce - 116814 11.71/ Garfield 325 Mark't4cPul 240 . Bronx Borol! 300 350 M0 Seaboard __ 9 Mechanics'_ 245 250 New York _ 290 120 Germ Am V 123 - 135 155 ConsolTd- 1.15 -Butch 44 Dr 150 -... N'lit 4cDay1, 270 285 Second ____ 8350 215 225 Germ'n ExV 475 500 Mech&Tra 11 185 Copper Century 11_ 170 0 -V Germania 5 500 lid - 13 - - 19th Ward 1 -___ 500 State 11_,... 230 Mercantile _ Corn Ex . 325 _ Chase- . 230 __ 3 . 6012th Ward 1 , 170 North Amei - -- Nferch Exch 165 _ C1latham . 300 ig" East River- 135 - 145 Greenwich 11 2.50 265 Northern _ fib - 160 23d Ward 1, 190 - ---: - -175 Hamilton V_ ___ -__ Merchants'_ 150 ____ Fidelity 11.... 165 Ch4iseaEx 11 200 State * Bid and asked prices; no sales were made on this day. I Ex-r guts. 4 Less than 100 shares. V - - - - banks a Ex-dividend and ilfatd. 9 New sewn I Sala at; Stack Exchange or at auction this week 8 1st Instal m't paid. a Sold at private sale at this price. Banks Bid Ask Banks ' 5 I=A:::: All" 19 " Bow York Stock Record—Concluded—Page 2 24 3TOCKS—HWHEST AND LOWEST SALE PRICES Szturday June 27 2314 *712 *6 *13 *7 *15 *35 2314 11 7 16 9 18 40 Monday June 29 *2214 *878 6 *13 *7 *15 *35 2314 11 614 15 9 18 40 Tuesday June 30 *2214 *84 *6 *13 *7 *12 *35 2314 11 7 16 9 18 40 Wednexlay July 1 223 22 8 8 7 -;(1*13 *7 *16 *35 7 16 9 18 40 Thursday July 2 22 *8 *6 *13 *7 *1618 *36 22 12 7 16 9 1714 40 Friday July 3 .22 *878 *6 *13 *7 *1618 *36 23 11 7 18 9 1714 40 *171 190 *171 195 *17112 195 *17112 195 *17112 195 *17112 195 1012 11 1078 11 111- 1112 1175 11 11 1078 11 11 343 4 34 8 35 3458 3434 3478 3478 355 34 355, 3512 354s 6553 661: 65 6675 6578 6634 0558 6638 6534 661, 86 661: *23 24 *23 24 2334 *23 *23 2334 *23 27 23 4 *23 3 87 *80 *10 87 *80 87 87 *80 *80 87 *JO 87 *1712 19 *17 18 1814 19 *1712 19 *1734 19 *18 19 *75 *75 78 *75 78 78 78 *75 78 *75 *75 78 *412 5 412 412 *412 5 *412 5 *412 5 *412 5 5414 54 *53 54 4 *54 55 4 5434 543 4 513 513 *5412 56 : 3438 3412 3312 34 3458 3455 34 3312 345 3438 3438 34 98 97 9738 973 *9614 98 s 418 §97 *9614 98 *9614 98 2 3012 301: 3018 3012 *30 30 4 *3014 303 *3014 3 4 303 .3838 3 03 4 *130 90 *80 90 90 *80 *80 *80 90 *80 90 90 *185 195 •1.185 195 *185 195 *185 200 1(185 200 *185 200 *7 8 8 *714 814 *714 8 *7 *714 814 *714 814 *3 314 *212 33 314 312 4 *3 4 *3 *314 3 4 *3 3 *1712 19 18 18 *1712 19 *1712 19 *1712 19 *1712 19 267 2675 *2612 27 1 2738 2712 2712 273 4 2714 2714 2612 27 , + 831 9 9 9 9 9 9 9 *83 4 914 *814 9 *19 23 23 *19 *19 *19 20 23 20 20 20 *19 48 4812 4714 48 47 4812 4734 48 4712 481: 4612 48 , 4 10114 10114 10114 1013 102 102 201 1011.1 101 1011 101 101 *5 6 *5 6 8 *5 53:1 *5 6 *5 *5 6 35 32 32 3214 *32 *32 35 *32 34 311: 30 *31 79 7912 *78 §79 79 4 793 793 *7712 7912 *7712 7912 *78 4 7612 7534 7633 76 76 8 7614 761: 7638 7714 3 7538 7618 75 100 1001: 10014 10114 *99 100 9912 99 12 9914 9914 *9914 100 4180 220 *180 220 *180 220 *188 220 *180 220 *180 220 *90 95 *90 95 95 95 *90 95 §0012 901: *90 *90 *7 8 8 71 *7 *612 7 • 7 7 7 3834 37 38 *34 36 36 *34 37 38 36 126 128 412514 12514 12518 12518 125 126 126 126 *124 125 *122 127. *122 127 *124 128 *123 127 *323 127 *122 127 11614 11614 11618 11614 11512 11614 118 11818 11778 11834 x116 116 8812 8832 *88 8912 *88 *8812 90 *87 90 90 *8812 90 4 223 2314 *2234 24 23 24 2234 2314 *2234 24 *2212 24 89 *87 8812 *8712 881. 8914 8734 873 *87 4 881: *87 *87 4212 4134 42 4 41 4213 424 4134 4218 x4118 413 4112 42 258 278 *3 318 *3 314 *278 318 2 4 278 3 278 3 *110 120 *110 120 *110 120 *110 120 *110 120 *110 120 *812 12 4812 12 , *812 1012 *812 1012 *812 1134 *812 12 19 19 22 20 22 20 4.21) *19 22 20 20 *18 25 2512 *2412 25 *2412 2512 2912 2412 2412 2412 *2412 25 *92/2 94 *9212 94 94 *9212 94 *92 94 *92 *9212 94 54 263 4 *27 27 2714 26 27 27 2714 27 2714 2714 27 2112 *19 2114 2012 2012 *19 21 2112 *20 21 *20 *20 125 12612 12512 12814 12312 1243 123 12412 12134 12434 124 124 4 *1614 17 *1614 17 1612 1655 *1612 17 1634 163 *1614 17 4 69 603 69 4 *6712 70 4 3 6712 6712 *66 *68 7114 *6914 71 *3312 3412 34 34 7 7 43412 3412 34 *3312 3412 33 8 33 8 34 *71 *70 90 90 *70 ____ *70 ____ *71 *71 80 79 *73 79 *7312 79 *75 *73 79 *7312 79 *71 *60 70 70 *60 054 95ii ;65- 16'9578 9578 9512 953 9554 9134 9534 9S8 4 13012 1301: 4132 132 134 134 *130 134 *130 134 *130 134 *96 100 *96 100 *96 100 * 96 100 *96 100 *95 100 *5512 65 *5512 70 *5512 65 *5512 65 §60 60 - , *7 712 04 161-1- 10112 10112 10134 10134 10134 10214 102 10278 10278 10338 1712 *7 *7 71 : 712 *7 *7 712 *7 712 2112 *1934 2114 *1934 22 *1934 2112 *1934 2112 *2014 2114 *20 1012 *10 1033 1038 1038 1038 *10 1012 973 1014 914 9 '2 55 55 *54 5512 55 55 5478 5478 *54 5578 55 55 2312 *2212 2312 *2212 23 *2212 2312 *2214 2312 2338 2338 *23 *7412 77 7714 78 77 7612 77 77 7534 77 76 *75 6534 *6412 65 *64 *6312 65 *6312 6512 *64 6534 *6312 65 85 6534 *63 651: *63 65 4 65 *6414 6534 3 *63 65 4 *63 3 48412 8412 *8234 8912 *8314 8412 *8314 84 8418 8418 *8312 85 116 116 *115 11614 *114 118 *114 116 *11412 116 *115 116 10 *914 10 *914 10 * 914 10 *914 10 914 914 *9 *72 80 *72 80 80 *72 80 *72 80 *72 80 *72 6512 6512 6578 6538 6512 8512 6578 6438 643 4 6412 6518 65 49978 9s 9912 9912 0912 9912 9912 991: *9914 993 4 *99 100 518 5 512 5 5 5 518 5 514 5 5 538 68 68 664 6618 *84 66 *64 46612 8612 8613 6618 66 60 60 61 *59 *59 45812 5812 5912 6014 6014 6014 *60 *24 26 *2414 253 *2412 28 25 *2412 26 4 *24 2612 25 9212 9212 9212 492 92 92 9214 *91 92 *91 9134 92 13 *12 13 *1112 13 *12 *1112 13 *1112 13 13 *12 *4012 43 *41 44 42 43 *4012 4212 *41 *40 43 *41 28 28 28 28 *2712 2812 *2712 2812 *27 2712 2712 *26 *83 85 *821. 85 85 85 *82 85 8234 8234 *82 *82 *156 15912 *156 15912 15514 15514 *155 159 *155 159 *155 159 37 *35 37 *35 3712 38 36 *35 37 *35 38 *35 *93 99 99 9518 *95 9518 9518 9513 *93 *93 *9112 99 1813 18 *1734 18 18 1758 18 1712 1758 1818 18 *17 6714 65 6534 6534 6612 6638 6612 §6818 6818 87 *6412 65 5112 511: §52 52 52 52 5214 52 5012 5012 5014 52 97 *91 9612 97 98 96 97 *93 96 *95 95 *90 3618 3614 3614 *3518 36 384 3 614 3638 3638 *3514 3614 35 6412 *57 6'412 6412 *57 641: *57 6412 *57 6412 *57 *57 _ 22 8 267-201 ..- 8 4213s 2138 21 21 - ii5- 22 21 2112 *21 66 66 66 466 6412 6412 6518 6518 *64 3 66 65% 857 85 *70 85 85 85 85 *70 *70 85 *70 *70 *70 *46 48 48 *46 46 *46 *4612 48 48 48 49 *46 *9 12 *9 11 *912 12 *9 12 *9 13 12 *10 29 *21 30 *2112 30 *21 29 *21 *22 30 *21 29 2438 2412 24 *24 25 *24 25 247 8 2412 243 *2412 25 4 9318 9314 9378 93 93 *92 8 9314 93 9278 93 *9212 93 5 *1812 61 45812 61 *5812 61 *58 60 60 *58 61 60 8 3712 3734 3714 3814 3758 3844 373 384 377 384 38 3814 4 10258 10278 10212 10278 10258 10278 10234 10278 103 10314 10314 10358 3318 3314 3.312 34 4 3314 3334 3318 335 333 3412 3358 34 *2214 23 *2212 23 221. 221. 2214 223 *22 *2212 24 23 4 *98 100 10114 1011; *9812 100 *9812 100 101 101 *9812 101 53 *48 *48 5212 *48 55 53 4912 4912 *48 *250 305 *250 305 *250 305 *250 305 *250 305 *245 300 55 55 53 53 53 56 56 *55 56 53 55 *55 5312 5334 554 5534 543 5512 5414 55 2334 54 5:334 54 4 *743, 77 355 82 *75 s.' 75 90 *75 98) *75 100 *75 Sates or the Week Shares STOCKS NEW YORK STOCK EXCHANGE [VOL. lax xxvix. Ramie Since Jan. 1 1908 On basis al 100-share lots Lowest Highest 500 Wabash prof 13 Mch 2 29 May22 5 Mc814 16 May18 Western Maryland 913 Moll i 1014 May22 200 Wheeling & Lake Erle 12l Apr 16 2012 May20 Do 1st pref 0 Feb 2i 1314 Mal 22 Do , KO d 1312 Feb 2s 1912 May15 Wisconsin Central 33 Feb 15 4312Jan 20 Do pref. Industrial&Miscellaneou3 164 Jan 8 1185 Jan 13 3,755 z_ _ dams Express A l 5 Itch 6 117 J'iy 8. 8 ills-Chalmors 3,676 14 Mch 6 .5.8 J'ly 1 5 Do pref 45,150 Amalgamated Copper_ 4518 Feb 15 6034 May15 13 Jan 4 2473 J'neli, Amer Agricultural Chem_ 7813 Jan 4 /37 Joe 12 Do pref 200 American Beet Sugar._ _ 912 Feb 10 247 Apr :3 8 65 Jan 23 78 Apr 23 Do prof 51., Jan 29 200 American Can 4 Feb 20 300 44 Jan 1 57 J'ne 16 Do pref MOO American Car & Foundry 2512 Feb 13 383 May19 8 135 8414 Mch 9 9812 J'ne 12 Do pref 600 American Cotton Oil 4 '243 Feb 19 3453 Jail 14 480 Jan 16 482 Mch14 Do pref American Express ;170 Feb 26 4224 Mayll 37 Jan 8 3 r 14 911 4 American Grass Twine__ Apr 234 Feb 26 American Hide & Leather 100 1212 MOT 4 2012 Mayll Do pref 1212 Feb 8 2912 May28 2,570 American ice Securities 0 Mch 5 12 May14 700 American Linseed 100 17 Mch 1 2612 May14 Do pref 8,551 American Locomotive 313 Feb 25 523 May 7 8 8 1,751 8512 Jan 3 10312 Mayl:. Do pref 3 Mch 2 034 MC1127 American Malt Corp____ 21 Jan 13 3412 hIc1i27 878Do poet 153 Amer Smelters See poet L 55'2 Jan 17 8214 May19 70, 17 7914 Jan 15 56.350 AmerSmelting & Relining 8734 Feb 20 10114 J'ly 3 1,720 Do pref 200 Apr 30 200 Apr 30 52 American Snuff 80 Mob 23 96 Apr :30 Do pret 412 Feb 18 712 J'ne30 1,100 Amer Steel Found tr rents 1,060 2738 Feb 15 3734 J'ne 17 Do pref tr rects 1,375 American Sugar Refining 98 4 Jan 2 13218 May15 3 105 Feb 18 12514 May15 Do pref 2,000 American Teieph & Teleg 101 Jan 6 120 Apr 24 300 American Tobac (new), pf 7213 Jan '2 9212 Mayll 1512 Feb 17 24 May18 1,400 American Woolen 100 Do prof 754 Feb 19 9018 May15 5,150 dAnacondaCopperPar$25 $2712 Feb 19 54014 May15 1,100 dBatopilasailning Par $20 $212 Jan 23 35 Mell2t rooklyn Union Gas__ x85 Feb 21 112 J'ne24 runswick Dock &C Imp 6 Jan 3 1134 May14 110 Feb 7 425 Jan 15 470 Butterick Co 510 fientral Leather 1512 Feb 10 t.712 Mayll 75 4 Jan '2 0558 J'ne a 3 ki Do pref 1,500 Colorado Fuel fc Iron 15.8 Feb 11 3134 May20 5 200 Col & Hock Coal & Iron 143 Mch 8 24 May113 4 3,400 Consolidated Gas (N Y) 1:16 Jan 3 7129 May2, 300 Corn Products Refining 1033 Feb 10 1814 May1:3 200 Do prof 56 Jan 2 7314 Maylt Distillers' Securities Corp 2714 Feb 19 373 Maylt 4 Federal Mining & SmelPg 80 Apr 28 80 Apr 38., 59 Feb 10 7712 J'no Is Sei oralPrugar Bet of N Y 6912 J'nel8 6812 Jare2t, 7312 Feb 3 98 J 11011 ' ---668 280 General Electriclectric D 111 Jan 1.1 192 Maylt Granby Cons M S & P., 7834 Jan 2 10312, Jate 11 Harvester stk tr eft; 52 J'ne li 14 Joe 13 25 5,110 -I- Do prof stk tr eds.__ b9 J'ne li 1t33s J'ly I Int Mer Marine stk tr ens 7 Mehl] 9 Mayll Do pref 16 Feb 25 2334 May 4 al 1214 Jan 18 1,000 International Paper ____ 8 Apr 1 710 Do pref 52 Jan 2 65 Jan It 10L Internal Steam Pump 13 Jan 2 26 5fe823 Do prof 65 Jan 10 78 J'ly 3 1,368. Mackay Companies 52 Feb 25 08 MITY10 597 Feb 25 673 A pary2 8 i 4 May1i Do prof 139 68 Jan 3 88 Mayl) 150 IV atlonal Biscuit Do pref 100 11 107213 100 Nat Enamel'g &Stamp'g jeIT 13 111 May14 le P 9 16 a Do prof ;70 Feb25 480 Jan 15 8 5,910 Natlonpl Lead 550 :36 Feb 10 085 May20 De a ref 13 !!! rnt Range lor Previous Year (1907) Louest 1918Nov Oct 6 Oct 13 Oct 8 Oct 11 Nov 25 Oct Hioltest 341 Jan 3012 Jan 1654 Jan 373 Jan 4 2134 Jan 2578 Jan. 5112 Jan ;150 Aug ( /330 Jan; 16/ Jan 8 Aug 4231 Jan 11 Nov 74134 Oct 1.2178 Jan 2558 Jan 10 Oct 75 Oct 55 Feb 2312 Jan 4Nov 73 50 Jan 75 Mch 712 Apr 3 Oct 6012 Apr 34 Nov 24380ct 4514 Jan 75 Oct 103 Jan 21 Nov 3612 J'ly 70 Nov 90 Jan 175 Oct 247 Jan 814 Jan 3 Oct 614 Jan 212Nov 10 Oct 3012 Jan 8180ct 88 Jan 1914 Jan 1433 Oct 30 Jan. lot.Oct 7534 Feb 3214Nov 11112 Jan 83 Oct 4712 Apr 212J'no 40 Feb 17 Nov 9316 Jan 130 Oct 5814Nov x156 Jan 814Oct 1173 J,a" 8 205 150 Oct 470 Nov 102 Joe 25 ec 91. 415--x106 Nov 58 Oct 60 Oct 11 Oct 68 Nov $2518001 $3 Oct to Nov 6 Oct 27 Oct sNov 117 tni Nov 14 Nov 19 Dec 74 Oct 8 Oct • 46 Oct 26 Dec 60 Oct 47 Oct 92 Feb 70 Feb 89120ct 00 Oct 15712 Feb 131 Jan 133 Jan 958 Jan 4 3612 Jan 2 1027 Jan 4 3023 Feb, 3918 May 125 May141,2 Jan 4918 Jan , 90 Feb 102 Feb. 5778 Jan 283 Ain' 8 19014 Met,. 2434 Jan 88 Jan 78 Feb163 Jan 97 Jan (2212 J'ne 100 May 163 Jun , 162 Fob 81,8 J are 24 Apr 10 Nov 712Nov 1812 Jan 61 Nov 81 Fen 8 Oct 41 Jan 50 Oct 81 Jan 754 Jan 40 Oct 71 Jan 50 Oct 881.0ct 8644 Jan 110 Nov 1173 8 153 Jan 8 64Nov 87 Fob, 475 Sep 7614 Jan 33 Nov 103 Jan• 50 Oct 8 % 6,750 Newhouse M & S_Par $10 8712 j'ne2i 104) J la 2 , $5 Dec $2034 Apr 35 Jan ' 59 r‘anY 18 4712Dec 1414 Jan . 460 New York Air Brake 50 Jan 2 731 Apr 14 893 Jan 4 37 Nov 420 North American Co, new 424 Mch 5 64 May14 4112 Jan 19 Nov 100 'pacific Mall 24 Apr 20 3312 Mo1124 9882 Jan 70140ct 4 890 L eople's G L & C (Chic) 80 Jan 2 933 May19 161 Jan 8 / Nov 312 Mch 17 Pittsburgh Coal Co 8 143 May19 6058 Jan 37 Nov 3612 Feb 14 4712 Mayit, 57 Jan 8Nov 155 Prereel Car. 510 Pressed St D 1714 Feb 10 31 May 6 091 Jan 8 (34 Nov Do prof 69 Jan 3 86 Apr 28 125 400 Pullman Company 147 Jan 3 16112 Apr 29 116'4 Nov 18111 Jan, 5712 Jan 21120ct 100 1)allway Steel Spring 233 Feb 8 4 39 s A-1 11'18 5 ' 9912 Feb, 72 Nov , 200 -Lk Do pref 75 Jan 29 0518 J'ly 1 41 Jan 12 Oct 1,540 Republic Iron dc Steel 1434 Feb 11 2018 May18 108) Jan Do pref 63 J'ne 19 74 Mch lts 2,388 912 5 0ct 773 Jan 4 26 Oct 2,710 Qloss-Sheffield Steelddrn 36 Jan 2 53 J'ne 1 80 Oct 4107 Jan 8712 Jan 7 98 J'ly 420 ..-', Do pref $5312 Melt, 4 900 aTennesseeCopPer Par$25 $254 Feb 17 $433 hic8430 $17 Oct 85 Jan 42 Dec Texas Pacific Land Trust 45 Feb 11 60 Apr 24 818 Jan 4 Oct Bag ft Paper._ 658 Apr 14 4 Feb21 81 Jan pref Union 4478 Jan 6 58 May 4 3 39 4Nov te & Foundr 17 Oct 4912 Jan 1712 Feb 26 20 May18 Cast I 950 U S 89 Jan, 99 Nov 5633 Jan 2 78 May15 5658 lao 620 ub i tedprof States Express 70 Nov 117 Jan 70 Feb 18 90 Jan li 9012 Jan 36 Nov Realty & I mprovem't 3614 Feb 5 523 May25 8 200 II S 512Nov 9 Feb 21 1314 May18 3014 Jan U S Reduction & Refining 68 Jan prof 1814Dec 1 2 1 1‘,1 t i, Feb 1 0 3343 5 :T yls 5212 Feb. 1312Nov po States Rubber_.. 117634 750 U n i ted Sta 1097 Jan 8 62 Oct Do 1st pref 7r, Feb 19 95 May19 800 7818 Jan 42 Feb 21 6114 Jan 2:3 39 Nov Do 2d pref 100 5038 Jan 8 2534 Jan 2 303 May18 217 Oct 8 82,970 United States Steel 4 7913 Nov 1073 Jan 8712 Jan '2 10334 May18 11,433 Do pref 53012 Men, 8,800 dUtah Copper___Par $10 620 Jan I $3412 Mc827 513 Oct 1238Nov 308 Ja..11 300 Virginia-Carolina Chem 18 Feb 27 2534 May14 pref 75 Nov 108 Jan x81 Jan 2 1014 J'ne29 97 Jan 31 Oct f Coal & Coke 93 Jan 7 511 May15 on 2 VI ro 101 p•o IV ells Fargo & Co 5250 Feb 13 3260 Mch30 250 May 300 Jale• 85 Jan 54 Dec 41 Feb 19 6118 May19 706 VT astern Union Teleg 32 Nov 154 Jan 8,685 Westingh'seElfeMfg assen 38 Mch 11 58 Mch26 00 Dec 01(k) May Do 1st nref 68 Mch 24 80 Itich30 BANKS AND TRUST COMPANIES—BANKERS' QUOTATIONS ak Ask Trust Co's Bid Trust Co's Bid BrOok.tin 170 Mut All'nct 160 400 Brooklyn Ti 390 NY Life &Tr 13300 230 510 Citizens' — N Y Trust_ 490 Montauk -- 130 260 Flatbush — 140 500 Guardian T1 225 Standard Tr 3'25 Nassau ..-- - 240 270 196 Franklin -- 173 125 400 425 Nat City.- _ 275 300 150 TitieGu& Ti 375 Hudson --275 Knicicerb'ki -6 5 310 Tr Goof An. 245 2 - -- Hamilton _ _ 250 North Side 1 320 340 00 80 Home _ _ _ _ 185 Law T 1 &Ti 200 Union Trust 1100 1200 Prosp'ctPkI 155 Brooklyn 455 435 Kings Co _ 350 150 Terminal IL Lincoln To. 1921. US aftg fen 325 130 Borough 1_ 130 Lafayette_ _ 100 Manhattan_ 350 400 Unit States_ 1080 1110 Broadway I 400 425 260 Mercantile 750 305 I. Isl L & TI 240 1200 800 VanN'd'nTr Trust Co's First 175 Nassau --- 180 Metropol'tu 490 N F City Washington 466 Home Bk 7_ 100 280 145 People's -- 260 Morton Tr_ 400 420 Westchester 135 290 Manufac'ree 31/0 421- Astor 100 130 95 150 Williamsb 106 Windsor 250 460 Mutual -- Meehan/rs'il 240 Ban'rers"2( 410 •Bid and asked prices: no sales on this daY. 1 Less than 100 3 Tares. I Ea-rights. b New stock. c Ex-div and rig Its. 13 Now quoted dollars per share I Sale at Stock Exchange or at auction this week. 3 Trust Co.card acates. 11 Ranks marked -with a paragraph (1) are State banks. Banks Union Esc' US Each . Wash iI'tslI West Sido Yorkville Il• 13(12 175 Ask 185 Banks Brooklyn /31d Ask Trust Co's N Y City Or'h B'way Tr— Carnegie -_ Central Tr_ Columbia _ _ Commercial Corn'wealth Empire ___ Equit'ble Ti Farm Lo&T Fidelity Bid Ask 315 125 116212 1500 210 220 150 160 85 340 365 376 1050 1100 190 Trust Co's Bid Fifth Av Fulton ---- 240 Guar'ty Tr_ 410 Ask 415 New York Stock Exchange-Bond. Record, Friday, Weekly and. Yearly 1/(141UPYIN“ liONDs N. Y. STOCK EXCHANGE WEgg Exuma JULY 3 414, Prue Friday July 3 Week's Range or Last Sate is..es tz Range Since January 1 ?OUR 1'.1,14Es BOND:a I4.2 N. Y. STOCK EXCHANGE 3 -41' WERK ENDING JULY 3 J -e Iriday July 3 Week's Range or Last Sale Range Since Jamtary 1 4 8td : Low lux, : 88 No Low 11 oe : 8 8: Cent of Ga It 1t-(on) Jiig naye ouh 3d prat 1140431110 g Ws. ..p194i Oct 40 27 3d prof income g Os ;tamp° ... 27 4111 / 4 89% Feb'ue Chatt inv tour mon g 48.1931 Id; 893 89% 8 99'. 104% J'ne'08 Mac & Nor Div 1st g 58.1946 J-J / 41043 8 1001 115 Nov'05 Mid Oa & Atl Div as. 1947 J -J 105 Dee'07 Mobile Div lst g 5s 1046 J -J 100 J'ne'08 Jon RR & 13 of Ga col g os 1937 ii-N * 93 92 100 / 4 Cent ot N 3 gen't gold 5s.1987 J • 3 121 1213,, 1211 124% 11 117 124% / 4 81987 4-2 1191 121% 121 J'ne'OS Registered 1201 / 2122 109 J'ne'08 Am Dock & Imp gn 53..1921 J 107 109 be & ilud it gen gag 5s 1920 J.3 100 118 Leh & Wilke B Coal 56..1912 M-N I 98 Apr'08 98 98 991 / 4 991 / 99% 1 981 4 Con ext guar 412s. 41910 Q•M / 4100 97 ........ N Y & Long Br gen g 46 1941 MA ...... Cent Pacific See So Pacific CO 28 MaY'07 ' , CentVerniont 1st gn 948.61020 Q-/ :113 & Say See All Coast Line 101 J'ne'08 .„. 1001 6Oshio g Usser A..h1908 A-0 / 4103 103 103 May'Os .... 102 105% ' '6s ;3 'ld ; ) 1t2 112 112 2 1071 1st consol g 56 1 3L / 41141 ' aB. 4 10112 Dec'07 Registered / 4 =i; 1001 Sale 1001 101 i. / i 4 1 . 24 so 101% General gold 41/46 6 971 104 Muy'06 ,...,, 1)9/ 4 Registered 971 112 Feb'06 9 / 4 Craig Valley 1st g 58...A941i J-J 992 '98, 2J'ne'08 It & A Div lat con g 46..1989 J -J / 4 911 99 021 / 4 211 cense' g 4a 89 1131 b•eu'lif) / 4 Warm Spr Val 1st g 56..1949 hi-t 100 8 19 1 jGreenbrier Ity lstgu g4s'40 M-14 * 92 4 86 74 ;, 98923444 3F1eabY:(°)68 .474 7214 J'ne'08 .... Chic & Alt RR ref g 3s...1941) A0 / 4 / 4 641 1 60 68 641 Sate 641 / 4 a...1950 J.J Railway 1st lien 31 / 4 801 .37daY'05 .... Registered 1001 8 / 1 97100½ 4 0 Ohio Burt& Q Deny D481 52 j j 180% bale 100 0 -A 1112 F8saio 973 88 894, 321 86 % 97% 51 97 077 1 1838 si.8 General 46 Illinois Div 3 2s , Registered.9 J-J 1949 j.j 93 100¼ 1180 3'96 938 .. 2 9941013' 634 101 4 6 8 73 56 4 Gold 4s. / 2 .1051 1051 / 2 14 r210 3;1 1 1 11 / 2 Iowa Div sing fund 5s-1940 .T-0 10418 . 1919 A j Railroad Sinking fund 43 1919 A-0 "lu &barna Cent See So Ry 913 4 A 98'2 981 19 ?6 21013 / 4 , 4 98 984' 4 Nebraska Extension 48.1927 ,A-N atarn& .111411 See At Coast Line 90 / 2 1011 May'Oe ..... 1011 / 4101 2 , Registered 41bany & 6u8e See Del& kind Oct'07 9334 Southwestern Div 45.-1927 4111-.9N 192 1 Valley See Penn itlt allegiemy Joint bonds See Great North 44.110g & West ties Bun it & P 109°118 2 971/410312 Debenture Os /t1995 4.3 , 801 803, Aj'ne'06 / 4 Ann Arbor 1st g 45 8Apr'Oe •.... 1o47,.1054) 1047 781 Sit. / 4 Han db StJosconsol 6s-1913 Z: 14 12% 1 9 1 -S b'e-Geu g 4s.1995 A-0 138 Sale - 07.., Lich T & a 82 VS% 237 95% 10,11 Ohio& E ill ref & imp g 451955 J.J / 4 02 1 92 Apr'07 11193 A-0 a063 .ktegiscerett 9034j'ne'0b . 4 121 131 1115 Dec'07 951 100 / 4 1st cousol g 6s Adjustment g 4e all/95 Nov 88¼ eats 881 ,b / 4 81) 1 ., 11 0 12 83 i 89 112¼ l la i.1 F, , lu61 / 41121 / 4 General cruise'1st 5s 937 1934 AM-.°N h1995 No, , itegisterea 811 Apr'07 Registered 1937 M-N h 1995 11-N 861, 871 86% Stamped 87% 36 821 89 / 4 line,010.. Jan '0)3, / 4 .1-.1 104 11193 109% 4, CliIe da 11141 C ity let 58.1936 Ut Sale 90 91 , Cony g 4s 1955 J -D 35 853 933 Chicago & Erie See 4 4 / 4 •10•year cony g 58 100 Sale 991 100 184 041 103 24 124 1917 J / 4 1 1171 / 4125 Chic In & Loulsv rat 6s...1947 Le 124 Sale , Debentures 40 Series G.191)9 F -A 11,01514,0ALcaty:00: 1013 8 Refunding gold 5s 00 ,,, 98N LI:011 9 F-A* 991 Series .11 / 4 1910 961 1)6 / 4 Lotusv N A db Ch let 63.1017 2.1-..j3 10.-4 lu0 1011 / 4 1946 881 Nov'04 / 4 berms I 8 1911 F-A . Chic Mil db St P term g 5s 1914 J.J 1023 103, 106 2 94 Nov'mi Series K 1913 F-A 1.8 ,3IH : 1 u:23 A 4 : ,9: 01 General g 4a series A...819811 J-J 100% 6 100 103 3 111.„, Octc i l 1 04/ it ib 1 4 97 971 19 .95¼ 971 / 4 96 06 ' / 4 BaSt Okla Div 1st g 48 1928 M•S Registered 61959 9-4 87 1111.ti Knox & 11 See la & N General g 34 series B.61981) J -J / 1 s / 4 851 9054 / 4 8 91 911 901 / 911 5 80 4 / 4 1101 Oct'05 / 4 93 'Atlantic Coast 1st g 4s.h1952 M.S Chio & L Su Div g 513.-1821 J -J 1073 4 ' Charles & Say 1st g 7s 1930 J•J 120 4 Chic & Moltly Div 56...182t; J -J 1001 112% 1113 May've 1.10 1115 4 101 8 , 123% J'ne'tts / 4 1041 May'Or3 / 4 111. 124 , , kiav le & W 1st gold 66 1934 A-0 1221 Chic & Pao Div (is 104 1043 4 1121.9an'04 1934 A-0 106 1083 1st gold Os Clue & P W 1st g 5s ...... 192 j-j 1 8 112 9'1 J- .1 1 411132: / 4 114% No.."05 / 4 1044j ly 0; 1373 Apr: 8 0 , Ala Mitt let gu gold 08 1925 11-N 1001 Dak & Gt So g 5s 1041 1061 1916 3-4 11)31 / 4 / 4 391 Mar'06 / 4 Bruns& W 1st gu g 48 1113e J -3 liar & Sou asau g Us 1924 J -J et) , o1052 31-21 80¼ Pne'ut .1,Se N coil g 48 84 Haat & 1)Div lat 76 74 1021 1910 J -2 102'2 / 41021 / 4 85 991 / 4 u4 J'ly'07 Sit 139 OCit & ti gu g 4s -1018 3-4 101%1013 4 1911) J--J Atlantic & Dauv See South ay • IL IS: Aa i:t 24 ' 2#j l,Pu O I & 1, 8 xten 1st 7s let 5E r ul 108', Msy've See Sou Pacific instal & N W 1065 1081 LaCrosse & D 1st 5s 4 191t Jj-1 105 99 / 4 alt& Ohio priori g 31 1003: 8 et:418 / 4 933 34 00 , 8.1925 92 Sale 92 991 / 4 94 Mineral Point Div 5s 100 1003 . 8 1910 J.J Registered 90 Apt'ut a1925 91 So Minn Div 1st651910 3-2 lui '044)rne'Uti 1001 104,1 4 / 4 89% 90 92% Gold 4s lug it Alay'ue 98% 31 961 104 98 , 111046 98% 93 / 4 101 1031 South,vest Div lst 63....1909 2-3 / 2 Registered 115 May'08 4104e 97 1)111 / 'Wm & Minn Div g5s....1921 J.- J i' ;:i 4 115 4 Pitts June 1st gold 6s...1922 124) 001.'01 Iu5 ApM L t.'U12,6 i 2 1(18 6 109Z 0 51 05 MU & No 181 31 1., kis.. .1910 9.1) 1031 / 4 81 83 J'ne't/5 , PJuntit II Div 1st g 3 s11125 / 1 4 80 / 4 83 1061 Jail 'lib 83 1918 9-1) 103% 1st cense). tis 1081.1081. IPLE&W Vs Sys ref 481941 90% 92 90/ 1 4.1 87 921 chic &.Northw cons 78....1915 4-4 117 Sale 117 / 4 i i7 2 1153 81184 / 1 Elouthw Inv 1st g 34 .1925 88 851 881 / 4 100 4 , kw J'ne'lP• 4 595 "Th 83% 89% • Extension 45 4 / 1 8 99 99 18813-1926 r 89 Oct'00 . Registered 81925 Registered 981 95% / 4 101 ! &tenon Ltiy 1st gu g 5s..1919 8 1037 Feb'07 01 541 J •Pr: 99 4 A ne g General gold 31 19961827 .. 90 92%. / 4 8 9 6 9.-N 8 4A 98 1 4 8..1930 Con Ohio it 1st o g‘i/ 109 A pr'05 95 n'eu'u7 8J Registered 2,1ifti7 41 106 01 tor & W con let g 5s 1933 1093 J'ne'07 4 1 4 / 4 Sinking fund 6s-187U-1029 .4.0 1111 1121 111/Mar08 / 4 1071 1111 / 4 / 4 111 Ohio River RR 1st g 58 1930 110 J'ne't/8 106) Jan'Us 2 110 110 Registered 108121081 / 4 103 General gold 58 1937 100% May'08 1 4 100% 1004 Sinking fund Os...1979-19' 9 A-0 105'1 1u'3'4y 105/2'ne'08 108 109 1879 9211 2 107 Pitts Cley & TM lat g 66 1922 1191 Mal'94 / 4 104 NovV7 Registered . . 187U-1929 A-0 1/2 • Pitts & West 1st g 4s 1917 / 4 881 Oct'07 4 / 4 Debenture 5s 19011 M-N 190% 1011 1003 .rde•ob 1 Stat 1st Ry 1st gu g 412s 1043 luu Novq)4 1001.1'ne'ob / 4 100 4 1011 Registered , 1909 M-N / 2 Bat Creek & 9 see Mich Cent tu3 b'eb'Oe Debenture 56 105 1051 / 4 Crook Bee N Y C & IL Beeoli Registered Bailey do Car See IllinoisCeni e 97 '' Sinking fund deb Os 19 119 Pn'8 3 51a)0 108/109 1 4 lig . -:x. 1 (,°4 1091 4. 4 Bklyn & 'Montauk Nee Long 1 109 109 mr 06 1 107 109 y !) , 1 134 Registered Bruns & West See AU Coast 1. North Illinois 1st 58 191t) M-8 101% 101% 101% Buffalo N Y & Erie See Erie / 4 WI% May've Ott Cl& St Paul let 58 1900 a4-5 1011 101%1013 8 108 Buffalo It & P gen g 5s 1937 II 1101 Apr'08 / 4 108 1101 / 4 Mil LS& West 1st g 68 1021 all-N 115% 11.6% Apr'08 118 1133% M-N 101 1957 / 4 IUL Is Mar'v ! Consol 4,1s 1014 101, 1 Ext db Imp s Lund g 5a 1929 F-A 1121 / 4113, 111 Apr'08 , 110 111 1,13 04 Dee'07 . All do West lat g 4s gu 1098 A-0 Ashland Div 1st g Us..11)25 81-5 122 14212l'elPte2 103 , C1 db*Mall 1st gu g 58.-1943 J -J 102 103 Mich Div Da g Os 1 103 103 12812 Feb'uo 1924 J -2i.1 . / 4 / 4 i Koch & Pitts 1st g 6s 1921 F-A 1171 • 1151 Apr'08 1 lietnnes 114 115', 10 1/2 105 109 eep 03 1 10 9 / 1922 J -D 1/73 Consul let g 68 4 116 3'110'08 t Chic Rock 18/ .II, Pao 6s 124 f ..1 1194)11)3% 1121 112¼ 117 118 / 4 1 112 1151 / 4 Buffalo & Southwest See Erie 1917 3.9 111% .itegiStered 115 Apr'Oe 115 115 / 4 91 Feb'Oe Butt & Snag 1st ref g 4s41951 J-J * S31 87 91 95 sale 95 91 General gold te 96 ** little. J -J / 4 a 94 1001 Bur t) 11, & N eee 0 R I di P Registered 11)68 3-2 941 ...... 96/ May'08 / 4 1 4 961 97 .2 / 4 1071 1071 111 t Ian So lat ext 63 .. ..... .1913 J.J / 4 93 107/111 1 4 Refunding g 43 / 4 1 44 , 8,5/ S314 Sale tire .7 4 0 40 801 88 1031 1031 5 981 1031 N.Ald Os / 4 / 4 1913 81- 5 1021 / 4 / 4 / 4 Cell trust Seriesil 40 11;1;: ) Va 1 4 . Registered lu0.4 1 1913 41J 48 1912 9?-/Nov'Oti 1 4 94 Cacti& Shawn See 111 Cent 31.s 901 Jan'07 / 4 .tirill Carolina Cent See Seab Air L N 48 93 May'04 Carthage& Ad Bee N IC & 11 0 4s 1103 1'09'07 4 121 P•f511:11 '? .& Ced it Ia 3 LI ,ee's BC it& N 1'48 1916 A-N Con Branch Hy S'ea Mo Pao 634 91 7 • 6 4 625 Sale ' 82 Aug' / i'36 555 69 4 ChM It I & Pao RR 4s..2002 M-N 4 Pout of Ga UR 1st g 5s..p1945 If. A 11?3 112 May'06 8 112 112 621 Jan'08 4 Registered 621 624 / 4 / 1 200211 N / 4 1945 M-N 105 1031 1043 k Consul gold 56 4 1051 11) 971 107 / 4 / 4 Coll trust gold 5s 1141 661 111 591 76 / 4 / 4 / 4 64 2 Sale , 11)1311-S Itegistored 1945 11-N 113 ApeOts ...... But Ceti R en Northernlat pref income g 5s....p1945 Oct 71 J'ne1/8 71 73 55 Con gis4eroo1 tr g 58.. 934 A:13 106 uelst & .1 134 0 1107 Mar'08 6 106 111 11) Stamped • 71 May'08 7-4 711 / 4 65 / 4 12111 Mar'03 2u pret income g 38....p1945 Oct 45 45 451 45 / 4 50 CRIF&N W latgu 53.11)21 A.-0 101 111 Nov'US 2d prof income g 58 stamped 4111 4,1 May'08 / 4 44 50 31 & St List gu e 7s..1927 9-1) I ,111SCELLANEOUS BOA tP: -Continued en exi a'aue. High No MA Ask tow L. S. Government / 4 1031 1041 / 4 S 2s consul registered.41930 104 105 103% J'ne'08 2 104 104 1e 1114 104 S 23 cousol coupon. 81930 ‘24 104 1011 / 4101 14 / 4 k1916 4-F 100 101)4 1011 Mar')) 113s registered tthl 102 1004 101¼ 1013 May'08 k1918 8 3s coupon 107 1'110'02 LT S 3s reg small boads 141918 2 • 01 /101, 1 1 4 1011 Feb'08 / 4 / 4 U 8 38 con small bouds k1918 (1-1' 1001 121, 1221 12012 Mar'08 4 / 4 / 4 118 2 1221 , 1925 11 84s registered / 4 4 / 41231 122/J'ne'06 4 1 4 1203 1231 1925 e.F 1221 61 4s coupon 1031 Mar'05 / 4 1031 103' / 4 SPan Can 10-30 yr 2a.k1030 Q•l'T Vat-elan Government imperial Japanese Governm't 8 891 10 85 , 1925 F-A ; 8914 Sale 891 91 btorling loan 425 89 Sale 883 1925 j'. 4 891 8 8 837 893 / 4 s 6 e 2it series 41 4 791 Sate 791s 1931 81, 4 8114 Ii 75 1 Sterling loan 48 12 10014 104 4 194 Maims ot Cuba Os exten debt.. K.S 1104 Sale 1035 * 971 094 991 4 1 96 93'-. . • V 5 ot Mexico a I g Os of 1899 4-4 92 92 7 901 94¼ / 4 1954 J -D 92 Gold 4s of 1904 t 7 ked. v••51 ices on Mel, etas of $3 to X. • State and City Securities 111 Mar'02 •11.1aumna curr Rind 4s.......20 J 95 / 43'110'0e 1171 Dist of Columbia 3•65s 1924 F- A 2 1)5 ....,,,, 105, Dec'04 Louisiana new consul 46 1914 1-2 tiew York City 8 8111 11-14 107% Sale 1073 108% 1193 1033 New 4 is 1957 / 4 / 4 / 4 / 4 2 1917 11-N 1041 1041 104% 1041 10 1011 1041 New 4, tot 105 110 8 108% 1083 IMO 4490 Corporate Stock _1957 M-N , 104 J'ne'06 102 1041 4 ¼ assessnit bomis 1917 m-N *104's / 4 iiew York State-Highway , 109 1003 4 Improvem't 4s (rects) 1958 M-S 109% Sale 109% 1093 97 11101 Apr'07 •.• 4 Norti/ Can:1111M 0011801 48 1910 -3 126 Mar'07 19111 A-0 110 ...... 6s „ 120 Mar'01 1933 J-3 103 60 Carolina 41 20-40 / 4 8 92 96 May'08 94 96 new settlement 315-1913 J -J 29 90 92 J'ne'08 90 92 Virginia fund debt 38 31 38 Brown Bros otts. • 12 221 42 / 4 tie deferred g A--:° ...... • ..... . • •- • • ... Ri • • L .... ... Street Railway Street Railway rooklyn Rap g Os 1945 A-0 99 Sale 99 99 2 91 100 Met St Ry gen ool tr g 38 1997 F-A 20 k 1st refund cony g 4s....2002 2-9 711 Sale 71 / 4 73% 218 651 b 2002 A.() / 2 Ref g 43 48 City lat eon 58.1910 1941 J-J 104, 104 May'08 8 U91 102 8 Ilway& 7thAv l&tog as 1943 -13 98 102 55 1941 M-N 73k Q Co& 8con gu g 1)2 18J'ne'05 01 9218 92% Cot& 9th Av 1st gu g 58.1903 *1-5 05 U73 4 .13klyn Un El 1st g 4-58 1050 F-A W9 12 933 31 931 1011 4 / 4 / 4 Lax Av & P lIst gu g Os 1993 11.S 97 1950 F -A , Stamped guar 4.58 100 118 .Apr'Oe '18 38 Third Ave 1111 con gu 482000 3-.7 51 ' Kings Co EL 1st g 46- 1949 F.A 1/1½ May'08 811 811 / 4 Cent Tr Co certfs stmpd... / 4 51 ) 52 1949 F-A !. Stamped guar 48 tit) 8()3 4 803 10 77 * 821 / 4 Third Ave By 1st g 5s 1037 3-9 104 '107 Nassau Elec gu g 48.-1951 -4 711 79 4 771 May 08 , / 4 '75 Met•W 5 El(Chic)1st g 48 1936 F-A 80 Donn Ry& List& ref g41 / 4 8'51 J•J 1133 4 95 31arlIe 95 95 Mil Kt Ry & L 30-yr g 5e 11 126 F-A 101% 1951 J•J • Stamped guar 4 Iss 1/53 4 'J4 Mar'08 9312 95 Mimi St Hy let con g 5s. 1910 3-3 Den Con Tr Co 1st g 59-1933 1-0 1 1. 5 3'ne'01) N Orl Ity & It gen 4 2s. 1935 2.3 , Dot United 1st con It 410.1932 J 651 / 4 7932 Dec'417 St Jos lty Et II & P 1st g 56'37 11-N Havana Elea cense! g 55.1952 F-A 81 94 Jan '08 88 94 :it Paul Uity Cab con g 68.1937 -3 94 1956 A-0 67 Sale Inter-Met cal 4128 1143 4 67¼ 740 49% 63% Underground of Lou 5s. .1908 2-1) kilter Rap T 3.yr conv0 1911 311.2.1 1001 Sale 10012 1001 343 100 1001 Union 1;1 (Ohio)1st g 55 1945 A-0 / 4 / 4 / 4 100 , Internat Tree tell tr 46 1011 611 1321 62 May'08 / 4 / 4 60 65 United lilts San Fr s f 48 1327 A-0 70 Manila Bloc 1st db colt 58 1053 M-S 98 May'06 United Eye St L 3 rt g 48 1934 623 4 *No price Stulay; latest price this week. aDue Jan a Due Ayr ajJu,sMay g Due J'ne a,Due 'ly A:Due ,Ing oDtie oct r 5 68 81 81 85 50 J'ne'OS 40 56 9) May'08 113 102 05 99 71. May'08 96 May'Oe 96 96 52 J'ne'08 49 2 68 , 51% 513 4 1 50 62 106 J'nt'06 101 106 , 2.1'sy'06 .. 101) :Ply'06 1071 Fel.)'06 / 4 901 Sop 'Of; / 4 103, Oct '1)0 4 1101 Nov'05 / 4 411 Apr'08 / 4 411 411 / 4 / 4 101 May*O8 100%101 731 May'08 / 4 59 73% 82 J'ne'08 85 76 p Due Atm sOption 43Ale , 26 1$,I,A 1/, N. Y. STOCK EXCHANGE WHIM ENDING JULY 3 New York Bond. Record-continued-Page 2 kriee July .7 Weeic's Range or Last Saba 7; Ra,nge Since January 1 BO 11$ N. Y. STOCK EXCHANGE WeEK ENDING JuLY 3 Price Frio'an Jtey 3 [VOL. Lxxxvilt. il'eek's Range or Last Sate Range since January 1 High No Low litga Bia Ask bozo Hiffit No Low li ton Erie-(Con) hut AS/. Lois Ohio Rock I & Pac-(Con) 101 103 Dec'07 2104 104 4 N Y Sus db W lot ref 5s 1937 J -J 10412 Jan'08 Choc Ok & (.3 gen g 53.o1910 J-2 10012 4 1001 Deo'Oe F-A ...... 1937 2t1 gold 44e 11152 M-N 105 109 111 May'08 Consol gold 5s 89 J'ne'08 89 F-A 89 1)412 4 983 100% General gold 58 Keok db Des M 1st 3s.. .1922' A.0 99% 4 1001 J'ne'08 110 Jan'08 110 110 94 Terminal lot gold 5s 194:% M-N 110 & N 0 See 111Cent " Ohio Regis $5,000 each 1943 M-N Ohio St L db Pitts See Penn Co 102 102 2 [01 103% 121 1284 4 311d Eltot.N J lstglis 1910 A-0 102 & 0 con (38...1934) J.D 126 1261 J'ne'08 Ohio St P 100 101 95 100 111.3008 9$ Dec'03 Wilk & Ea let gu g 58 1941 J Cons 6a reduced to 32 1s.11131/ .1.1) 884 / 4 113% "j 108 113.4 1131 024 124 &v de Ind 1st coo gug6s 1921 J -J *113% ChStP&MInn 18tF6si9i8 11-14 126 128 124 Jan'OS 4 1293 Mar'04 Erie & Pitts See Penn Co Nor Wisconsin lot(33.-1930 2.2 124 112 112 112 Jan'OS 116 1171 Evans db T H 1st cons 63 1921 3-1 104 1154 J'ne'os 2 / St P & 8 City lat g (is...1910 A-0 11512 MI 103 103.4 103 J'ne'ob 1r2 113 1942 A-0 112 Tne0let general gold 56 Chic& West Ind gen g(Ss g1932 Q-11i 111 14 114 A pr'()5 4 91 Mt Vernon let gold 66 1923 A-0 95% 914 943 Ilay'Oq Consol 50•year 4s 1952 J. J 135 95 95 J'ne'06 Still Co Branch 1st g 58 1930 A-0 Chic & W Mich see Pere Alaro Largo & So See Oh H & St I' Choc0& Galt Bee CRI&P 113 Oct'On 12 lint& Pere M See Pere Mai 11 & D 2(1 gold 448...1937 J -2 102 J'ne'07 Fla C& Pei= See Sea Air Line Cln D db 1st gu g 5s...1941 al- N 105 Mar'9S 2 / Fort St U D Co lot g 41 8-1941 2-3 Find & Ft W 1st gn 48 .'23 N ....,. 80 1 104 110 83 Jan'07 10612 1081 Ft W & Den 1st g 613 7512 1921 J-D 107 $ Cin I & W lot gu g 43.1953 J -2 85 74 4 83 May'08 981 Oct '07 86 1ft W & Rio Gr 1st g 4s 11)213 J• Ind Deo & W 1st g 5s...1935 J -J 2 1071 Deo'02 +al Har & A See So Pao Go • let guar gold 58 1935 J •J 90 Deo'07 H of 1882 lot 5s.1913 A-0 0I1StL&C beeOCC&Stl. Georgia & Ala See Sea A Line Cin S & /ieeCUCSt L • •4 Ga Car & Nor See Sea A bine Oleaffield & Mali Bee 13 R & P 14 92 95 94% Sale 94 98 Georgia Pacific lies So By ()ley Cin 0& St L gen g 4s 1993 J 96 May'08 1)6 94 96 Gila V G & Nor See So Pao Co Cairo Div 1st gold 43 1931/ J -J 95 Sep '07 9112 • Clow?'& Oswegat See N Y Cent Cin W & AL Div lat g 48 11191 J • J 91% 4 913 90 93 91% Grand Rap& Ind See Penn RR 1st col tr g 4s 1990 .M-N L 91 Oct '07 Gray's Pt Term See St L S W 11)14 Registered 99 313 921 99 4 96 Sale 96 92 'eb'08 92 92 -CB& Q coil tr 4s 1921 Q:J Gt Nor 1921 J J •Rpr & Vol Div lot g 43-1941/ 2 / 90% 24 921 90% 96 08 bep 8312 Registered.h, W W Val Div lat g 48.-1941/ J • J 105 Jan'04 4 Greenbrier By See Ches & 0 01 St L& C consol 6s 1913t; M-s 1011 93 N ov'07 94'4 97k4 1)54 Apeoft 95% 954 Gulf & S 1st ref& t g 5s 81952 J-3 k]938 (1-2 let gold 4s 984 Out '07 14 an & St Jo See C B & Q k1920 Registered 101/ J'ne'07 ousatonio See N YNH& 11 Gin &(Aeon let g 5s..1928 .2 102 9812103% 102% 1024 .114 Apr'08 114 114 Hock Val letconsol g4120.1999 J - J 10114 1914 J -V 111 0 CO & 1 (*peel7s 99 Oct'0; Registered 19111) J•J 191.4 .1-D Consoisluk fund 7s 4 2 120 1241 4 983 Nov'un 4 1241 1241 97 4 Col & li V let est g 44 194n A-0 94 tienertu co nsol gold 68 1934 J -J 124 95 Dec Ili 95 11)53 F-A Col &'rot lot ex 4s 1934 J•J Registered. 1 94 94 94 94 95 Roust B & W Tex Bee So Pae Inn 1M & W lot prei 48.1940 A-0 Houst& Tex Con See So PasCo o lnd & W lat pi 58...d19613 Q-J 102 1034 102 May'08 91% 91% J'ne•08 85 4 Illinois Central let g 48-1951 2.1 101 013 Peo & East let con 4s 1940 A.0 89 98 10714 Apelf, 45 J'ne'08 40 431 60 1. Registered 4 11151 J-J 1990 Apt Income/Is 91% 91% 4 913 Mar'08 4 913 1951 J-J ls r1/2ed Clev 4S) Marietta Bee Penn lilt ...... 9512 J'ly'Iln Registered Clev db Pitte Bee Penn Co ...... 63. 89 Nov'07 63 : 554 63 1 51 2 2 195 A 0 Extended lot g 312s j 61 194's Col Midland lot g 4s ...... 12 82 70 Oct'04 894 2 / 891 90 90 90% 1951 M.S lot gold 3s sterling Colorado et Son lot g 4s 1929 F-A 1)7 101 4 66 73 821 1.10 J'ne'08 79 Sale 78% 79 4 Coll Trust gold 48 1962 A-0 08 1935 M-N Rotund & eat 448 08 May'01 1952 A-0 , Colum db Green / Nee do Ry 138¼ 101. 95 101 100 J'ne'Ob L RegisteredN JeTex gold 4s 19511 31-N Col & Hoeg Val See Hock Val ...... 9842 97 Mity1)7 Brire4t Registed ge 1962 M-N Col & Tot See Hock Val . ...... 4 1023 Jan'0 gold 48 Cairo 1960 J-D Col Conn Term Bee X & W 2 / 891 3 85 8914 80% 87% 81/4 LontsvDiv&Term g3.28 1953 Conn & Poe ttiva lst g 48.1943 A. ...... 123 May'99 91 Apr'08 91 j.j 894 Middle Div reg 5s 91 1932 Cuba RR 1st 60-yr 5 g 7812 Apr'06 921 F1951 F- A Omaha Div 1st g 38 a 4a Us do AC40 oil St P 764 7614 4 76, May'Ot 2 / 731 80 8t Louis Div&term g 3,3951 J-2 & alias & Waco See Registered 11331 J-2 Del Lack db Western "Ygt; 87% 87 J'neWS 1174 Mlu•'Ob 8314 114%1184 Gold 312s • Morris& Essex let7s 1914 MN 114% 101 14 Oct '111., 1 / ...... Registered 2 1204120; J j 105 1 1951 1915 2.1) 117 118 1202MaY'ae 1st consol gnarls 100 Nov'uu 127 Jrne'05 Spring Div 1st g 34s...1051. 2-2 Registerod ...... 2 / 1021 97% Aug'07 944 Western lAnes 1st g 48..1951 F- A g i 2000 1st rei gu g 31 8 2 / 122 Deo'05 3 117 Mar'08 1171 2 / • 11612 117 Bellev & Car lot lis 1923 -D 110 4 Y Leek & W 1st 65.-1921 97 Mar'07 90 109 Apf Carb & Shaw 1st g•4a 1932 M-S 108%109 1921 If-A 11214 Construct1on 58 ...... 100 Den WI 2 971 i/9 98 98 8ale 98 chic St L & N 0 g 58.-11151 -D 111% 2 / 1923 M-N Term & improve 4s 4 1193 Mar'04 102 Feb'03 8514 Registered 1951 2•D ••• g 340 2000 F-A , Warren lat ref gu ...... 88% Feb'07 2 / 1211 Apr'08 2 / Gold 312.2 1214123 1951 2-b Del Ss kind lot Pa Div 712 11117 11.5 1201 149 aug'ul Registered 1917 H-s Registered 961 2 100 100 07 100 Mar'Os 11 9412100 - 1) 98 Memph Div lot g 4s 11351 J. 1 951 j1) 1916 J-D 10-yr oonv deb 48 97 Mar'08 07 93 97 Alar'07 96 1931 M-S St L Sou lot gu g 4s ...... •••• • J 97 let hen equip g 4128 1 913 1/7 12 Ind B1& West See COCob St L 95 95 95 4 1946 A-0 92 AUb 411 due cony 3128 95 (13 Apr'0/95 12812Feb 08 4 81 12 /1281 Ind III & In lot g 4s ' 2 1950 J-2 2 / Rona & Saratoga lot 78 1921 M-1) 1281 101 109 4 tat & Great Nor lot g 6s 1919 11-N 1033 10414 104 J'ne'08 Del Riv Rtt Bridge See Pa RR 2 / *90 901 70 2 / 891 12 904 954 89 80 J'ne'(/8 80 94 26 gold 5s 19011 31-S Denv & Etir let con g 48 1936 98 jail'Os 60 Oct '11, 93 98 3d 193 J.J 1921 M-S Consol gold 412i3 10014 106 94 J'ne'08 95 al 94 100 geoeiti4s Io da Central 1st gold 501998 -1) 104 12 105 10412 J '110•0tImprovement gold Os 1928 j.1> 78 70 75% J'ne'Us 98 Feb'Os 73 97 1951 M-S 98 Rio Or Juno lot RU g 53 1939 J-D 76 Dec'05 n Uticeoirts1 4.8 RH Nee Erie ... Je Rio gr So lot gold 48.-1940 J-2 85 Mar'08 . 85 1940 j j II at A & It See L & 2,1 85 Guaranteed 84 84 834 91)12 Itan & Mich Bee Tot 6/, 0 C Rio Or West let g 45._ 1939 j-j 83 86 70 KOFtS&M b'eeStL&SF 75 Mge and col trust 4sA 1949 A.0 72% 74 • 744 J'ne'08 97 Jan 4./2 86 K C&MR&B Bee Stla& S Utah Cent lstgu g 4s alt117 A-0 Kan & Yacht° See SI R T D Bee AL & St Des Aim & Ft 71% 7114 110 Sep '04 Kan City Sou let gold 36 1950 A-0 71 Sale 70% Oct 'ot 10 69 Des Moi On Ry lot g 58 1917, 31-N 63 92 Mar'07 Registered 1950 A-0 Det 4111 Mack lot lion g 424 1996 J-D 8712 15 8712 - 80 2 / 871 Kentucky Cent aSee L& N 1995 J -1) Gold 48 Kook & Deis Mo See C R I&P Detroit douthern4 773 773, Knoxville & Ohio See So By 4 773 Jan'08 78 Ohio Sou Div lst g 4s 1941 M-13 1064110% 2 / 1091 Apr'08 4 102 109% 1 ake Erie & W 1st g 5s 1937 -J 1071 Dul & Iron Range lst5s 1937 A-0 101) 110 19812 J'ne'08 100 101 101 Mar'08 21061 .1-1.2d gold 514 / 1061 2 / 106 1111e0 1941 J-J 1937 A-0 Registered 105 10519 1034 May'08 North Ohio let gu g 5s 1945 4-0 106 1916 J -J 26 68 LSho&MichS See N V Cent Dui Short Line See Nor Pao 3 10241054 104 104 107%109 4 s.1940 J -,J 104 2 2 / Leh Val N Viet gu g 41 Dul bto Shore & Atl g 5S-11/37 J-J '1061 1073 IOS Mar'08 106 May'07 Registered 1940 J -2 Uaat or Minn SeeStP Si& AI 4 933 J'ne'08 2 / 871 95 Lehigh Vol(Pa)cons g 40 2003 M-21 .1..last Ten Va & Ga See So Ry 198 Jan '08 108 108 10,312 May'08 ' 10612106½ Len gister e ueV 'I ly lot gu g 53 1941 A-0 113%115 Elgin J ol & East lot g 5s.1941 M-N • 107 105)12001 '111 No Bee Leh& X Elm Cort & 4 1073 May'08 106 107% 991 May'08 2 / 99 105 96 Leh V Coal Co 1st gu g 58 1933 A 4 9 1 2-1 107 11147 M-N Erie lot ext old 4s 1)7 May've 95.2 97 118 • 101413)44 Leh & N V lot guar g 48-11145 31.3 104's Apr'08 1919 31-8 10412 2d ext gold 5s 9114100'-, 99's Registered 99 Mar'08 1923 M-S $d ext gold 412s 113% Jan '0t, 102 104 10614 104 May'08 91 A -5 194 1 M-0 El(7 & X lot pi tis 1920 A-0 104 4th ext gold 58 4 1051 Jan'00 93 Deo'01 ..... (Aold guar 3s 91j4 A-0 1014 1928 J-D 91% 6th ext gold 4s • 117 122 R Bee Cent of1N 119 J'ne'08 Leh Se 1920 M-S 11912 1st ceInsol gold 78 120 1201 Loh & Wilkes b dee Cent ot N J 2 / 129 Jan'00 192(1 12-S lot consol g fund 70 00 / 82 82 Leroy & Caney Val See Mo P 83 81 83 Erie lot con g 4s prior-1996 J -J 79 Long Dock See Erie 70 711 Jan'0 1996 J -2 Registered 4 103 1103 4 6412 1 53 72% Long IsPd-lot con g 5s.h1931 Q-2 110 112 1103 May'Oe 62 2 / 041 1st °onset gen Ben g4s 191313 -2 4 941 8512 Feb'07 41931 14-3 lot consol gold 4s 1996 -2 Registered 112½ May'ob 91% 4 a31 92'2 12 67% 84% 4s General gold 824 Sale 821 I) 11131 2 / 824 1951 F-A Penn coil tr g 48 103 Nov'ub 91 627, 2 43 57 56 1922 M-S 58 Ferry gold 448 1053 A-0 *55 -year cony 43 A 50 4 991 Oct'06 1 40 52 56 52 1932-D 65 Series 13-1963 A-0 do 82 Jan'Oe 82 81 118 118 S d8t 44...r 111411 M. Uill4 118 Jan '08 G a et gol Butt N Y & Erie 1st7s 1916 J-1) 110 J'ne04 Debenture gold 58 1040 Feb US 1908 J -J Bull & S W gold 6s 95 9412 9512 94% 15 110 2 / 1081 112 ar ref gold 4s. 110 J'ne'OS Gu88 92 M.N 106'2 Chic & Erie lst trold 58 1982 M Bklyn & Mout 1st g tis 19111 M-D 101 11.612Jan '05 1119 4:494 2°Lev & Mahon Val g 58 1038 J -J 101 09 2 / ; 9Tt11 . . 981 91114 Sep '07 98% Apr'08 ...a1009 A-0 9812 Jeff RR 1st gu g So. 4 1101 Nov'06 121 124 124 Feb'08 Y Lo Nlat s MR1stcong5s1916 4-0 101 1931 Long Dock consol g 6s 1935 A-0 122 105 Apr'01 11)27 31-S 118 Sep'06 N Y & It .13 1st g 58 68 11322 M-N Coal& RR lat CUT 1011 Nov'On 97 106 106 106 Mar'08 Nor ShLt lot con g gu5s ol932 Q-J Dock & Imp lat cur 68 1913 .790 138 98 Apr'08 98 100 100 100 Feb'08 Louisiana & Ark let g53.1927 31.S N X & Green L gu g 56 1946 M-N I) OOOOOO • ••••• .... • -• ..... ...... dlISCELLANEOUN HON Ds-continund on Next Gas and Electric Light Atlanta G L Co lot g 5s...1947 J-D 13klyn U Gas lot con g 50 1945 M-N 13unalo Gas lot g 5s 1947 A-0 Consol Gas cony deb tis 1901) J Detroit City Gas g 5s 1923 2-2 bet Gas Co con lot g 5:4_1918 F-A E111113kn Bee K Co Ldb EdEL11 BeeNVG&ELH&P LN V lot con g 58 1932 M.S Gas& Elea Berg Coo g fis 1949 2-1) Gen Electric deb g 348_1942 F A 10-yr g deb 511 1917 J -D Gr Rap (.4 .L Co 1st g 50 1015 F-A Hudson Co Gas lot g 58-1949 M-N Han City(Mo)Gas 1st g 5811)22 A-0 Rings Co El L & P g 5a 1937 A.0 4997 A-0 Purolutee money Os Ed E11111kn lot con g 4s 1931) J -J eage• Gas and Electric Light Lac Gas LotSt Llog 58.01910 Q-F 1934 A-0 Ref and ext lot g Os Milwaukee Gas L lot 48_1927 M-N N YGEL IL & P g Os 19413 J -D Purchase money g 4s 19411 F -A Ed El III let cony g 58-1910 NI- S 1995 J- J lot consol gold 50 Ny&Q El L&P lot con g 581030 F-A N Y & Rich Gas lot g 56.1921 M-N Pat & Pas(1& E con g 58.1941) M.S Peo Gee & C let con g (18 1943 A-0 1047 M-S Refunding gold 50 ChG-L& Cke 1st gu g Os 1937 J-2 Con 0 Coot Ch 1st gu g 58.'3(1 J.D Mu Fuel tias 1st gu g 58.1947 M-N Syracuse Lighting lot g 58.'51 J -1) 'VI- S Trenton G &El 1st g Westchester Light'g g 68.1:130 J -D 4 10212103 102 4 1021 12 99 1021 1004 102 Feb'07 9112 Jan '07 , 1 7 12 Sale 4 973 1)3 88 102 9712 4 823 76 81 82 82 J'ne'08 9812101 101)12103 101 J'ne'08 108 108 J'ne'08 10414112 108 89 05 95 Apr 07 99 96 1037 Nov'05 96 Mar'08 e 101 104% Nov'05 EH% Oct'01 1( 10712115 115 114 116 .16.. so 70 70 79 J'no'08 1/4 102% , 102%1034 102%3'114908 4 1'183 119 118% 1183 *iii 106%122 98 104 4 1013 0 1037 J'ne'08 1074 Dec'90 117 93 10012 100 103 10012 2'11'3'09 191% 10112.Apr'08 4 993 1)2 IOU 96% 99 .Web•Os 90 913 Dec'06 110 110 May'05 103 108 1993 112 108 May'08 8 2 / 83 97 100 1011 Feb'07 883 4 883 J'ne'08 4 86 *No price Jeriday: Latest bid a id asked this weeg.a Due Jan 8Duo Web tt Due ...pr e Due slay it Due J•ly g Due .kug o Due 004 q Due .1t0 J Option gal.' 5 92410314 1023 102% 102% 4 2 / 601 54 544 56 12 5(112 J'ne'08 22 103 130, 126 5 122 125 1'25 2 / 0311 98 98 J'ne'08 96% ...... IOU Apr'07 98 • •• ...... • New York Bond Record-Continued-Page JULY 4 1908.] BOND/. N?Y.STOCK EXCHANGE WEEK LNDINO JuLY 3 4t 1, I -'rice Friday July 3 Week's Range or Last Sale z Range Since .4 January 1 LIONI/8. N. Y. STOCK EXCHANGE WEEK END1N(a JULY 3 -:. 14. -,-.4 2. .. , 27 3 Price Friday July 3 Week's Range or Last sale Rangc sine. January 1 High No Low High N Y Cent & I; lt-(Continued) Btu 45/• Low Bid disk Low High Low kW/4 117 J'ne08 1121 / 4117 Donley & Nashv gen g 68.1030 J-D 116 Cart & Ad 1st gu g 4s...1981 J-0 8.Pne'013 ••• 1101 1104 . 110 Gold 5s / 4 1917 M-It 1104 Gouv& °awe 1st gu g 5s 1942 J-D 99 Unified gold 4s 974 Sale 96% IC 95 100 1940 J -J Molt & Mal let gu g 48..1991 M-S 9g- Mar'08 98 $8 1014 I'ly'06 1940 J -J NJ June R gu let 4s. 1986 F-A Registered 105 Oct '02 105 J'ne'08 106 105 / 4 Sink Lund gold 6s 1910 A-0 1041 N Y 8. Harlem g 3128. 2000 M-N 91 100 1014 J'ly'06 102 J'zie'1l8 102 105 1931 111-N 101 Coll trust gold 5s N Y & North 1st g bs...1927 A-0 105 1104 May'07 944 94 J'no'08 -• 88 94 944 N Y & Po lst con gu g 48 1993 A-0 96 100 1014 Deti'06 5-20-yr col tr deed g 4s.1923 A• 111 Nov'07 H & Nash 1st g 68.-1919 J -D 1104 Nor & Mont 1st gu g 58.1918 A •0 104 Mar'08 1034 104 Pine Creek rag guar 6E1.1932 J -D 11(3 ' L eln cto Lex gout 44s 1931 /1-N 104 107 No.'07 1153 Jan '08 ••.. 115% 117 4 114 11130 J -J R W.130con latert5s.h1922 A-0 110 114 111 J'ne'08 N 0 M lot gold 6s l0841i1.4 122 14 bler'416 1930 J -J Oswe & R 2d gu g 58...$1915 F-A No & M 2d gold 68 105 Jan 'Us 105 1415 1074 Aug'06 R W &0T It 1st gu g 58.1918 M-N Pensacola Div gold 0s 1920 M-S 108 117 May'07 1021 M-S Rutland 1st con g 44s..1941 3-) St 1,Div lat gold tis 1064 Oct '05 621 Aug'07 / 4 1980 M-S 2(1 gold 3e Og&LCham 1st gu 48 g1948. J -J 861 82 J'ne'08 / 4 82 87 87.8 Salt 87.8 88 4 86 89¼ Atl Knox & Cin div 48-1055 M-N Rut-Canad let gu g 4e.1949 J -J 85 Jan'0, 85 85 116 J'ly'06 J •L.) 105 ..... St Law & Adir 1st g 58.1996 J-1 1071 A.ti Knox & Nor 1st g5s1946 122 Jan '013 / 4 1084Jan '06 2(1 gold 6.9 Hender Bdge lets f g68.1931 M-S 125 Feb108 1996 A-0 125 421 92 04 04 944 Kentucky Cent gold 4s 1987 J • J 1 88 Utica & Blk Rivittig4s.1922 J-J 993 Apr'08 4 993 t.9% 4 89'8 L&N&M&Mlatg41281945 /1-S 98 0712J'no'08 974 074 Lake Shore gold 3¼e....1997 3-b 9, 132 91¼ 91 89% 94 73 85 82 J'no'013 87 L& N-South M joint 48.1952 J -J 82 Registered 921lfay'08 39 / 4 -D 90 1997 J 1,2 48 11312 blar'07 gu g 5s 1937 F-A 108 N Fla & 13 .. Debenture g 4s 25 887 I .71 981 Sale 93 / 4 94 1928 Ni-S 8 073 4 N800 Bdge gen gn g 4'us 1945 J -J 25-year g 4s 924 161 88.8 1)4', 1931 M-N 924 sate 914 113 Jan '08 Pens & Atl 1st gu g 6s 1921 F•A 107 113 113 Ka A& G It 1st gn o 56.1938 J-J ; 4 .-V13 .... 111 May'07 S & N Ala con gu g 58 1936 F-A 1054 Mahon 0'1 RR let 56..1934 J-J 1043 109 Oct '07 4 9112Jan'08 L & Jett 13dge Co gn g 4s 1945 M-S 914 91: Pine & L Erie 2d g 58.a192/1 A-0 104. . 100 100 100 May 08 LNA&Ch See I ifa Pitts MoK & Y lat gn 65.1932 J-J 117 130 Jan'03 tjjahonCoal See LS82MS 2d g.uar68 1934 .T•J 1114 96 064 16 02 Manhattan Ry consol 48.1990 A-0 064 97 98 McKses& B V latg6s 1918 J-J 102 104 Apr'05 1990 A-0 Registered Mich Cent let consoltio.1900 11-S 104 Deo'Uti 97 18 94 97 97 1 Stmixl tax exempt 1090 A-0 97 Salo 97 58 8 1931 M-S 1094 105 Dec'07 MCK'pt & 13 V See IS Y cent Registered 1931 Q-M 119 J'ne'06 Metropolitan El See Alan Ry 48 90 1940 J -J 1003 Jan '07 4 81 Sale 834 ii 744 85% SI Rex Cent consol gold 4s 1911 J -J Registered 1940 J -J 1064 Nov'00 14 164 J'ne'08 16 1st consol income g 3s.a1939 Jly J L & S Lit g 34s 141 201 / 4 / 4 1951 M-S 110 J'ne'08 90 30 16 1618 May'01 consol income g 35. a1939 J'ly let g 3128 2d 18¼ 10 83 Apr'08 1952 M-N 86 88 88 83 90. 2'iy '01 8 Mex Internet 1st con g 48.1977 1I•S Bat C & Stur let gu g 38.1989 J-D 80 Ireb'us Stamped guaranteed....1977 M-S 11 Y Ohm& St List g 4s 1937 A-0 100 80 80 1004 16 95%101 100 105 biay'uo biex North let goni 68.-11310 J -D Itegietered 1021 Nlar'oi 4 1937 A-0 Mich Cent See N Y Cent West Shore 1st 4s gu....2361 J -J 101 '1011 10314 4 11 98 11)4 Mid of N .1 See Erie Registered 100% 964102 2361 3.3 100 sal. 100 N \\* MLlbS&W Nee elite g Y & Greenw Lake See Brie MU & North See Ch B & St Y g Y & H ar See N Y C & Hutt 128 Apr'Oi• Blinn & St L lst gold 78 1927 J -D 1254 128 g Y Lack & W see D L di W 1909 J-1) 101 J1ne'08 Iowa Ex let gold 75 101 103 i YLE&W 8 Erie eo 118 Jan '07 Pacific Ex 1st gold 68 1921 A-0 g Y & Long Br See Cent of N .1 1134 Mar'05 South West Ex lst g 78 1910 J-D !I IN It & 11-Conv 615-1945 J-J 127 Sal., 123% 127 01 1154 12/71 9 1934 NI-N ibT"**** 102% J'ne'08 1st consol gold 5s 100 102% 84% Cony deben 34s 9 864 884 863 8 863 * 1256 J -J St) J'ne'08 80 1st and refund gold 4s 19411 M-S 80 82 112 Mar'08. 112 1-12 Hours:ammo It eon g 55..1937 11-N 1123 4 Des M.& It D 1st gu 48-'35 J -J 97 Apr'06 N 11 & Derby con cy 58.1918 M-N 1041 / 4 •-- -Minn & St L gu SeeBClt&N , 5: & North See N Y (.; di it T 131 May'08 SLY& S S.51cong 41ntgu'38 J•J 05 -•- 97 97 g Y 0 & W ref lst g 48...g1992 M.S 953 064 05 J'ne.Ob . 4 924 98 102 J'ne'07 13S1/1.& A 1st g 4 int gu 1026 J-J 1)9 • Regis 95,000 only 1014J'ee'06 g1992 31-S Minn Un SeeStPM&M 4 Y & Put See N Y (1 & H 97 963 Sale 964 4 Blo Karr& Tex 1st g 4s 1990 J-D 17 94 09 'I Y & It B See Long Island 83; 2ti gold 4s 8•3 834 Sale g.t.090 F-A 771 84 / 4 YYS&W Sea Erie 1st est gold be 101 11814 101 1944 M-N 95 102 i Y Tex & 3f See So Pac Co lst & refund 48 4 703 763 J'ne'08 4 2004 11-S 744 78 ',Tor cti, South 1st g5ts 991J'ne'01.• . / 4 101 1941 M-N 994 094 70 Gen 8 1 412s '79 711 77 1936 J -J 8 71 b2 'Tort & West gen g 611 1204Jan '08 . 1931 M-N 118 120 1204 801 May'08 •.• 80's 83 / 4 St L Div 1st tel g 4s 2001 A-0 Improvem't & ext g tis..1034 F-A 120 1171 / 421ln 'us . 11741171 / 4 / 4 100 104 1021 Apr'08 .•• 102¼ 1024 Dal 31 Wa 1st gu g 68-1940 . New River 1st g as 127 Oct'Ob 1932 A-0 118 87 Apr'08 Kan C & Pao lst g 4e 1990 87 87 N de W Ity lat con g 48.1096 A-0 944 95 144$ / '/ 4 4 94'4 32 921 971 &to K & 1st gu g 5s 1942 A-0 107 108 107 May'ob 1053 107 8 Registered 1996 A-0 91 Sep 'vi 1942 M-N 102% 103¼ 103 J'no'08 Ok lat gu 6s K 102 104 Div'l lstl& gen g 4s...1944 J -J 89 Marvb . 84.4 90 871e 1021 May*08 • 10218 / 4 K & T of T let gug6s 194.2 971 / 41064 10-25 year cony 4s....1932 J-1) 834 sal. 823 4 8312 I 12 78 87 . Sher Sh & So lat Ku g 5a 11)...s J -D 100410114 1001 J'ne'118 --.• 10041004 Pooah C .1 C joint 48..1941 J •D * 82¼ 83 83¼ 10 77 816.8 1943 Af-S 101 104 102¼ J'no'08 •• 1024 103 Tex& Okla 1st gu g 5s 1094 FetPtiti CO&Tlatgug5s 1922 J -J 98 , 10714 J'ne'08 1920 /1-N 106.8 &to Pacific let con g 6s lt)412 110 Solo V & N E 1st gu g 4a 1989 51-N " -. 871 96 / 4 1134 3'ne'Ob. 03 96 J'no'08 -•-• 88 06 07 Trust gold 55 stamped.a1917 11-S 99 Iorth Illinois See Chi & N W Registered 1044 Feb'07 -•-• ...... alt/17 M-S 11Iorth Ohio See L Erie & W 97 J'ne'ne 1st coll gold 58 19241 F-A 06 871 118 8 Ior Pao -Prior lien g 4a..1907 Q J 1014 Sale 1011 4 1017b 65 99 1Q2 71 "ii 6.8 40-year gold loan 4s 1045 MS 71 Salt 70 704 9 Registered 9 101 101 101 1 973 lel. 4 95 Mar'08 ad 7s ex td at 4% VOL, 1938 32.-N 95 95 General lien gold 3a....a2997 ti_F 68 Sale 61.2 Apr 08 _ 15 68 72 73 7818 a 047 Q-1 1 7 7,2 Cent Br By 1st gu g 4E1 1919 1 -A 85 Feb'08 82'4 IA) 1 85 85 Registered 70 684 70 Cen Branch 11 P 1st g 40 1948 3-1) 844 Jan'08 St Pau[ / 4 831 844 -Dui Div g 4s: .1996 3-0 9612Jan'08. 96½ 814 110 It1er'05 Leroy& C V A Llstg5s 1926 J -J Dul Short L let'gm 5s 1916 ALS * 92 ' 08 Pao It of llo 1st ex g 48.1938 F- A 99¼ Feb. •.•. 914¼ 994 C B& Q coll tr 413 See G-t Nor 112 Dec'0*, 2d extended gold 5s 1938 J -J St P & N P gen g 68. .1923 F-A 1183 116 Irfar'OS . 4 116 117 fit,LIrM& Sgen con g5s1931 A-0 107 Sal', 1043¼ 107 35 103 110 Registered certilic's..11)23 Q-F 117 116 May'08. 1/6 116 106 Alay'ob Gen cos stamp gtd g 5811131 A-0 100 106 St Paul & Dub lat 58. .1931 11-A 108 11714 PLY 07 ' 4 77 743 75 Unified & ref gold 4s 1921) J -J 77 81/ 68 2(1 5s 1017 A-0 103 102 Alay'ob. 102 102 83 83 ltiv & G Div 1st g 40-1933 M-N 823 4 76 let consol gold 48 864 984 Oct '06 1968 J) 93 107 12 Apr'06 Verdi VI & W lat g 6s.11/26 M-S Wash Cent let g 4s 81 93 Maylk 1948 Q-M 98 Dec'06 ,AlobJ &K C 1st cons g 58.1953 J -J Ior Pac Ter Co lot g 68..1933 J-J 1k03 115 .14a)'Ob . 4 119 Al ey'o8 blob & 0810 new gold 60 1927 J-D 11514 1113 119 ler By Cal See So Pac 1051 Jan 'vb / 4 1st extension gold 68..41927 -4 1064 1051 105¼ Ior Wis See C St P Al & 0 / 4 844 Feb•08 General gold 4s 1938 M 844 114¼ lor & Mont ties N Y Cent 102¼ May'Ob F-A 10414 Diontgom Div lot g 5s 11)47 . 10212102 i Ind & W See C CC & St L 75 Ilay.0b 5t L & Cairo coll g 4s..$1930 75 75 -JIllo thy RR See Balt & 0 101 Nov'04 1931 J -J Guaranteed g 4s ...... Ire & Cal See SoPao co M & 0 coll 4s See Southern Ire Short Line See On Pao Mohawk & Mal See N IC&1l Iswego & Rome See N Y C Dlonougaliela Itiv See B & 0 leYdalt1LP Seeii&NW Mont Cent See St P 31 & 111 Dec Coast Co let g 5s....1946 3.1) 104 105 105 J'ne'08 . , 101121063 Morgan's La & r See S P Co L las of Missouri. See Mo Pao Morris & Essex See Be!L & W 'eon RR let real est g 48.1923 M-N 103 103 J'ne608 . 102 103 Wash Chat & / 4 List 7s.1913 J..) 1134 1144 1101 J'ne'08 110121144 Consol gold 5a 105 Nov't), . 1919 NI'S • latzonsol gold 5s 1928 A-0 10941 Li 109 J'ne'08 11)54 110 Consul gold 4s 1943 M-8 1011 1014 1 I- 1; 991 / 4 :. 6 Jasper Branch let g 63 1923 J -J 110¼ Alay'07 Consol gold 4s (w 1)....1948 M N 1017 Sale 1014 1014 /54 100 1024 8 1174 111.14eU5 ohl W & Al lat tis 1917 J •J Convenable g 34s 191-2 .u•N 1154 Sale 954 / 4 953 66 914 061 4 113 J'ly'04 T P Branch let 6s 1917 J• J Convertible g 3128 1915 3-D 92% Sale 92 '34'- 248 88 93% Nash Flor & Sher See L & N Alleg Val gen Fru. g 4a 1942 M-8 95 99 J'neVi 100 Apr'08 / 4 Nat of Alex prior lien 44s.1926 J -I * 971 99 1004 D R It R & Bge lst gn 4s g '38 F- A 1st consol 4s 81 811 11 77 1961 A.-0 Si 8a1 / 4 82 Fiala Bal do W 1st g 4s. 2948 51-N 1074 Oct'Ob New 11 &D See N YNH&11 Sod 13ay & So lat g 5E1_1924 J - J 102 Jan 'Oa NJ Juno RR See N Y Cent U NJ RR &Can gen 43.1944 M•S 11012Sep '04 New do Cin 13dge See Lou N 'eon Co -Guar let g 448.1921 J • J 1027 10512 J'ne'08 . a i 02% 105% IlkIn & Man Bch. See L I N Registered 104 1034 Ply'07 1921 J -J N Y Cent IL Riv g 344 1907 J•J 93 911 02¼ 92 / 4 12 871 931 / 4 4 Guar 312s coll trust reg.1937 M-S SW 4 J'ne'llt3 831 / 4 Registered 90 J'ne'01 01 88¼ 89's, Guar 312s colltr ser B 1941 F-A 86a. SO 4 2.51.ay'Ors . 861 864 , Doben g 48 193 j 9114 M:Nj 03 7 94 9312 94 91 95 Tr Co certif's gu g 34s.1910 34•N 95 J'ne'lli... . 944 4 95 Lake Shore Coll g 312s 11/08 F-A 82 Sale 803 82 4 '14 75 82 Gu 348 tr ct/s() 1942 .1 -13 864 93 844 844 841 FI ' • 4 30 06 Registered 1998 F-A 81 81 Safe 8012 35 73 81 G'.. 312a tr ctl's D 81% 1944 J-D 1 4 90/ Mar'06 . ..• Mich Cent coll g 348.-11198 F -A 80 80 2 7412 81 Guar 1.5-25 year g 4s. .1931 A-0 96 92 L2 Aprim . .. 06" Registered 11818 F-A 71) 70 Apr'08 76 76 CI & Mar let gu g 44s-1935 0,4-N 97 110 Jain '05 Beech Creek 1st gu g 48 1936 J •.1 102 Feb'07 9512 CI Etc P gen go.g4123ser A.'4- J -J 10512 2 4 1031 Aug'03 Registered 1936 J -J 4 102 Mar'04 Series B 1942 A-0 1054 2t1 gu gold 5s. . 1936 J -J 002 Series C 34s 981 Dec'0.:,. / 4 11448 M-N 90 Beech Cr Ext 1st g 34s 611151 A-0 Series D3¼8 90 1950 F-A 90 May'08 . 90 90 4-NEOUS BONDS -Continued on Next Paae Coal and 1 ron Col F & 1 Co gen s I g 5s..1043 F-A 85 Convertible deb g 55-.1911 F- A 75 Col Fuel Co gen gold 6s.19111 M-N Or RP;Coal & C let g 6819111 A-0 Oloart Bit Coal lets I 4s...1940 J -J 'Col Indn 1st& colt 5s gu..1934 F- A 62 Sale Contin'tal0lets f gu as g.1052 F-A Jett & Clear C & I lat g 58.1926 J-1) Kan& 11 C & °1st s f g5s.1951 J-J Pleas Val Coal 1st gs I 58 1028 .1•3 Sunday Creek Co g J -J 80 1951 J -J Tenn Coal gen 5s 954 Salt a1917 A-0 106 108 Tenn Div let g 6s Binn Div let consol 6s..1917 J•J 1064 sale Cali(ill Co 1st gu g 68.11812 •13 103 108 De Bar C & I Co gu g 68.1910 F-A Patron Coal &Colst g 5s 1949 M- S 87½ Victor Friel 1st s I 158 1953 3.3 Telegraph and Telephone 82.4 May'014 Am Telop & Tel coil tr 4s 1920 3-3 88 Sale 88 704 83 88 5 751 884 / 4 70 J'ne'08 Convertible 45 70 50 1936 M-S 854 Salt 844 8512 731 544 86 1074 Oct '04 Comm Cable Co let g 4/1-2397 ...... 85% Mar'08 85.4 85% 109% Apr'06 Met T & T 1st f g5s 1918 M-N 104 Feb'0 I 95 Apr'02 /Itch. State Telep. 1st 64 1924 F-A 968 Sale 965 . 965 8 8 2 I/21 064 / 4 62 624 47 38g4 63 West Union col tr cur 56 1938 3.3 83 86 I'ne'Ob 84 94 107% Deo'04 Id and real est g 443 19S4.1 M-N 85 2 81 874 864 863 4 88 107 May'07 Cony 48, Series A ...... 1936 B N 80 May'0!79 81 75 10512 Dec'06 But tin Tel stood t3s. 1911 M-N 104 Apr'01 105 Oct'00 ...... lndustriaf Manufacturing 78 Feb'07 954 147¼ 4 824 37% Am Cot 011 art 412s 1915 Q•1 , 92; 14 86 ' 913 Salt 91% 9212 106 J'ne'03 • 100 1064 Am 111de & L lat a I g tis 1919 S 90 Sale 894 71 754 94) 90 1064 106 1 93 1083 Amer Ice Secnr deb g6s 1925 A-0 6812 70 4 68 J'ne'08 . 58'-, 70', • 102 Apr'Oe 102 103 Am Spirits Ititg lat g 6a 1915 100 97 Mar'08 -•.- '31 100 101 hisy'08 101/ 101 Am Thread lam col tr 4s 1919 J -J 88 J'ne'u8 8i 83 88 88 J'ne'08 80 884 Am Tobacco 40-yr g 6a 1944 A-0 1054 Malt 105 1o5'a 102, 96% 106% 934 Feb'07 ...... 48. 1951 F.A '724 Sale 721 8 724 117 604 723 8 "No price terffiny; latest Old and asked. aLiue Jar b Duo Feb c Due .o.ar dDueepr h. Due J '1,y Ang • Due on; p Dm, or g Dne tie* s0941013 Sal* 28 ISON Ds N. Y.STOCK EXCHANGE WEgic ENDING JULY 3 New York Bond Price Prieto?, July 3 Week's Range or Last Sate (VOL. LXXXVII. Record Concluded--Page 4 Range Since January 2 BON Ds N. Y. EYTOCK EXCHANGE WEEK ENDING JULY 3 V. I• . Week's Range or Last Sale Price Irttiati July 3 Range Since January 1 Rid High Ask Low Low Rig& Ilia 4.4A Low High No Low !IVA southern Pac Co--(Continuea) Penn Co-/Centinued) 1' 12 121 12 J'ne'08 121%121% 92 Apr'07 90 Morgan's La & T 1st 76 1918 A Erie & Pitts ga g 3128 B.1940 J J 11019 116 Nov'06 ...... 1920 983 Apr'04 4 -J 91) 1st gold 60 1940 J Series C 112 Feli'm 1938 A-0 108 Sep'06 No of Cal guar g 58 4 Gr It& I ex 1st gu g 412s1941 J.J 1023 103 J'ne'08 102 103 1273 Oct'02 8 Ore & Cal 1st guar g 6s 1927 J -J 100% Pitts Ft W & C lst 73-1912 -J 108 103 May'08 98%103 8 119 J'ne'06 1912 J.J 1055 So P of Ar gu 1st g 63...c11/09 J..f 108% 2d7a 101 Dee'07 01910 J-J 107% 1st guar g 6s 119 Apr'04 h1912 A-0 1091 8 3d 78 104% J'ne'08 10442 104 12 E & F. .1912 A-0 10514 So Pao of 116 May'05 Pitts Y& Ash 1st con 5s.1927 51-N 107 11412 Dee'04 A-0 101', X64. lot gold 65 10819 J'ne'08 21081 PCC&8tLgu4125A...1940 A-0 4 116 Dlay'117 1 17 43 81.N 110% 2 107%108 1942 A-0 107% 1st con guar g Se 107 %J'ne'08 Series B guar 104 Apr'Ob 104 101 S Paeof N Mex 1st g tis 191.1 J -J 101 112 19.1'iir'05 1942 M-N 102% Series C guar Coast 1st gu 48 g 1937• J So Pao 1003 Mar'07 , 1945 5I-N 4/6 Series I)4s guar 4 107% Feb 07 ' Tex&NOSabDivlst g6s 1912 31-S 104. 91 May'08 90 01 Series E 312 guar g....1949 F-A 89 05, 98% 4 9819 Apr'08 Con gold 5s 1943 J -J 1953 J-D 01 Series 1 4s guar 923 122 87-1 93% 4 91 1 sale 90 4 o Pac lilt 1st ref 45 1055 J -J 109 112 112 May'05 8 C St L& P 1st con g 53.1932 A-0 1121 82%103 993 . 97% Sale 97 southern-let con g 55- 1994 J -J Petusaeola & Atl See L& Nash 98 114 Nov'06 Registered • 1094 J -J Peo & East Ses00Ces St L 73% 75 74 J'ne'08 71 Develop & gen 4s SerA 1956 A-0 12319 Jan '05 Peo A Pek Un 1st g 6a....1921 Q.F 106 831 4 75 8212 J'ne'08 77% 84 9 4 Mob & 01110 coil tr g 43 1935 81-S 51921 M-N 97 1003 Dec'05 2u gold 41 8 103 J'ne'08 96 103 109 Apr'02 Meru Div 1st g 412-58. 1996 J -J 100'4 W M 6s 1921 J -D Pere Marq-Ch & 82 78 69 82% 82 J'ne'08 11219 Aug'07 1951 ▪ - J St Louis thv 1st g 48 Flint & PM g 6s... .....1920 A-0 105 113 Jan '06 Ala eon It lst g 65 4 1003 Apr'07 1918 J-J Is;comm.( gold 6s 1939 M-N * 95 96 rue'09 81 • All & Danv 1st g 44 1948 J -J 10019 May'08 100% 1003 Pt Huron Dm 1st g 58.1939 A-0 *1040 4 92 J'ne'06 1948 J.J .. Sag Tus & 11 lot gu'g 4s.1931 1-A 82 At1 8o sVad 1st g guar 4a 1949 A-0 2d 4 RifltB&W See Penn RR 07 Ill Feb. 103 ...... & ()Teeny 1st Os 11519 Mar'06 Reading cons 7s.1911 J-D Col Philit & 1916 J -J ...... 1105 Ply'07 8 99'2 1)619 Apr'08 Philippine By 1st 30-yr sf 4s'37 J.J F. T Va & Ga Div g 68-11130 J J 96% 97 94 96 105 105% 105 8 102 108 ' Coil is; gold 68 1956 81-N Pius cut & at b See Penn Co 99 97 81)19 99 May'08 E Teu reor hen g as 1 6 M-S 1 48 3 Pitta Cleve & Tot bee B &0 63 Sep'07 68 Ga Midland 1st 35 A-0 tatto Ft W & Ch See Penn Co 106 109% 109% May'08 tot Pao IV 1st g Us 1622 J -J Pitts McK.ees & Y See N Y Con 108 Jan'08 107 108 Knox & Ohio 1st g 6s 1925 ▪ J 106 109% Feb'08 109 4 109% Pitts Sh & L E 1st g Os...1940iA-0 109 8 , , 1153 Apr'06 8 9212 U es Bir prior lien g 551946 J-J 8 937 VII'97 lst °ousel gold 58 1943 J 96 Oct '06 74 Mortgage gold 4s .1946 J- J Pitts di West See It &0 103 1.67 103 Mar'08 8 Rich & Dan con g (Is....1915 J -J 105 99 111 93 eading Co gen g 4s 99 97% Sale 971 1997 J-J 92 92 92 J'ne'08 Bob Ss stamped 9712J'ne'08 90 Registered 1927 A-0 9414 1997 J•J 97 97% . 08 leel) 03 Rich & Meek lets 4s 194s M-N 94 64 • jersey Cent coil g 48_1961 A. I) 931 05 56 4 9412 073 Apr'Ob 8 931 973 9 s 96 NI- N Beneseuter & Stir Seel)& So Car Ss Gra 1st g 112 Oct '00 Virginia Mid set C 6s 1916 M-8 101 Molt di IND See South By 10812 99 Series 1) 4-55 Bich & Aleck See Southern 1921 M113 Dec'03 91) Series E 3s Bu)Gr West See Den A Rio Gr 1926 M-S 102% May'08 10119103 ar General mped Bach & Pitts Nes B It & P 1936 M-N 107 May'07 M•N Emile Wat alta Og See N Y Cent 1936 90%Jan'07 83 W 0& W 1st ey gu 4s 1924 F -A Rutland Sec N Y Cent 10919 sep'07 WesINC let con g631914 J -J 101 %Lag Tus & IL Sec Pere Marq_ 53 May'08 sieo N S ,ok F tatNg UtJo & Ur lal 1st g 44...1947 J•J 81, 1 82 85 117 Ply'00 .. .. AaillasdiNer 68 1939 J• J • et L & Cairo See Mob & Ohm 102 105 105 Marl/r gtL ' list ot S a x i'e A-0 103 St L & Iron Mount See Al L091 eon gold 4111 11019 Feb'08 P-A 109 • $t L E.0& N See Wabash 9019 9412 9419.Pue'08 Gen refund at g 48 1933 J -J StLliBr See Fr RR A ot St L 111 Deo'06 100 St L M lige Ter gu g 68 1930 St Louis & San Francisco 1931 J.J 112 128 11419 Apr'08 113 1143 Tex.& N 0 See So Pao Co (loners,'gold 6s , 99 112'2 108 j'fle'08 2000 J-D 107% 103 108's Tex& Pao 1st gold 5s 1931 J • J 103 105 108 J'ne'08 General gold 5s 92 Nov000 , 90 Jan'08 90 q2000 Mat 90 90 St I.& lf RR tons g 48-'96 3.3 110 ltlar'06 . 100 May'08 2d Dlv 058 g as Lagoi d 1. 1st 1931 J.J 100 100 Southw Div 1st g 53..1947 A-0 93 10619 Nov'04 . 10'i 108 6719 75 W Min Wes N W lat gu 56'30 F-A - 67 67 Sal. Refunding g 48 1951 J • J 4 8 102 1033 10219 Feb*08 08 Nov'Oti '12oliesternlpiv v &() O st g 1935• J 1033 5-year gold notes 412 190:1 J •D * 95 111 biay'04 "g 51, 1935 A-0 102 1st ..... ........ . . • FAL & So East gu41 2g11109 J.1) ... .. 9714 May'08 •••• . General gold Ss WIN 08 113 81.0'08 11135 J-1) 97 111 114% 116 . KU. S 11 con g tis..11.12b 89 Jail'08 & l gl eraAl ott gu g 45-.1390 A-0 84 89 88 70 71) 6 663 743 70 S& M Ry ref g4411/36 A-0 4 KC 8 80 80 6 763 03 80 83 4 Tol P & W 1st gold 4s 1917 J • J •Kedi M It& 131stgu04.1929 A-0 87 87 May'08 80 794 89 'rot StL& W pr lien g31-2s 1925 J -J 90 Dee'07 07 Oz'rk & Ch lat gu 5s g.1913 A-0 50 721 8 72% 4 67 -year gold 4s 74 74 A-0 72 St L01.113 So See Illinois Cent 95 Deis'06 . For Ham & Bull let g 48./4114 i J -D 87% 87% 1 84% 90 51 oUs.198' 51-N St L S W 1st g 4a 8719 88 103 J'ne'08 I [later& Del let con g as 1928 J.1) 103 104 105 70 May'08 75 66 68 70 .2d g 45 Inc bond otfa...p1989 J -J US sop '06. 1st refund 548 95% 3 56 89 A-0 65 67 Consul gold 4s 1932 .1-D 65 68% 4 4 U n Pao ER 41) 1 gr g 48-1 57 J -J 1003 Sale Um% 10219 101 00 1023 101¼ Apr'07 1942 9 Gray's PtTer lat gu g5is 14)47 J -D 08 100% Registered IGO% rue'Ob 1947 .1- J .Dul See Nor Paciiic St Paul & 8 8 9514 ;Ca 953 953 1st & ref 48(w 95'4 Sale 95i 104 . 2 10219 101% g2008 M-S fit Paul M & Mau 2d 6s...1909 A-0 104 clale 104 2U-yr conv.43 96% 8 901 Salt 597 92 827 83 8 1927 J.J 8 1933 J -J 1257 130 12 12812 May'08 126%1283 . 1st cense). gold 64 97% 1.16% 8 01 ore By di Nay con g 4s 1946 3-B 95% 97% 1)6 134 Lev'uti 124 Registered 1933 J -J 120 1 116 122 Ore Short Line latg 6e 1922 F-A 121 120 8 4 102 108 Reduced to gold 41214-1933 J -J 106% saie 106's 1061 11419 11418 1 106 114% let cousol 565 1161 8Apr'01 1946 3-3 111 4 1933 J•J 1023 . Registered 9019 168 85% 93 Uuar relund 4s 1037 8 t0319 3 104, 1033 1929 J •D 0014 Salt 89 4 1910 31-N 104 4 Dakota ext gold Os Registered 4 873 Mar'07 99 Apr'08 1929 J -D 98 91 99 Mont,ext. 1st gold 43.-1037 3-1) 100 Oct '07 Utah es Nur 1st 74 10019 Oct 'Ut 190s J -J 1937 J -D Registered J • J 104% 105 12 J'ly'07 Uold us 1926 US &Minn Nor Div 1st g 461948 A-0 (JUL NJ RR & COo See ra 1th 124 May'05 Kinn Union lst g 6a....1922 J -J 107 Utah Central See Rio Or Wes 1937 J -J 126 132 130 Apr'0.t Moot C let gu g tis 128 130 Utah & North see Un Pacific 1937 J -J 125 127% 136% May'06 Registered Y Cent 11119 Apr'05 11137 J -J 1l0' 1 117 : 111% Utica db Black R See . 1 1st guar gold 58 . andalia consol g 4s 0419 Oct'07 1955 F..4 11519 Deo'06 Will & S 1 1st gold os..1936 .1-1) 11219 98 Sep'06 T era Cruz diPlst gu 4%31931 J.J at I!& .Nor Pao See Nor Pao Ver Val Intl & W Nee leo P SLY& S'x City See C StPM &() Virginia Mut Bee South By 82 is Sale 82 85 10 78 A.& A Pass Ist gu g 4s...1943 J -J 86 99 110 102 Sep'07 Vs & Soutlivv't lot gu 5s 2003 J -J 105 111 10719 May'08 1st g 6s...1042 M-8 1(10 .b'e Pres & 4 4 104% 14 102 1093 abash 1st gold 68 110 (Jut '05 191)(41-N 104 sait, 1033 ,39 81& N P lat sink I g 58.1919 J -J IX 841 94 593 4 90 9 JO F-A Sim F di West See All Coast L 90 J'ne'07 d gre series A ntu°hi 5 32 Debenture ses 1939 3-3 Belot() Val & N E See Nor & W 51 May'08 37 56 551 4 5514 4 43% 551 1931) J •J • 63 Seaboard Air Line g 48-1950 A-0 55 4 102 FelPub 100 102 rie Dite e equips hi g Sc. 1921 M.S S lien 88 J'ne'98 . 8619 88 1911 M-N Coll tr refund g 5s 113 .11ai'06 1st hen 50 yr g term 43.1954 J .J 88 Jan '04 Atl-Birm 30-yrIst g 48.61033 SI.S ...... 511 81 37% 683 4 4 J.J 1st ref and ext. g 48 31% 52% 62 v6% Mar'06 Car Cent 1st con g 4a...1949 J -J ...... 100 Apr'vr 100 100 Det di Ch Ext 1st g 64 1941 J -J 4 107 1071 Aug'06 Fla Cen do Pen 1st g 63.191b 3-3 ...... 97 Nov'ut Des iloin Div 1st g 4a 1931) J.J lat land gr ext g ae -1930 3-3 80 Wee'07 um Div 1st g 312a 86 109% Mar'06 1941 A-0 Consol gold Ss 1943 J -J 8 963 J'ne'07 Tol & Ch Div 1st g 48 1941 84-S ild 1)5 1 May'08 8 93 100 92 Ga.& Ala Ry 1st con 513 01946 J -J 913% 1011 May'07 St Chas Bridge 1st g 68 1908 A-0 110 Jan'05 1)5 Ga Car & No 1st gug as 1929 J -J 44. 39 41 , 43 4 56 44 Wab Pitts Term 1st g 46 1961 J -D 43 106 Mar'07 95 Seab & Roa 1st be 1926 J -J .. 83. 19 /8 10% 69 411 1954 J.1) 10 Sale Sher Shr & So See Al K & T aeo warrea 48 Del Lao di Wee; SE sit Oca & U See Atl Coast L Wash Cent Bee Nor Pao So Car & Ga See Southern Wash 0 di W See Southern Southern Pacific Co8718.7'1y'07 Wash Terml 1st gu 31 2s 1,945 F-A ...... . 8519 87 85% 86 3 833 88 Oold 4s(Cent Pao coll).k1949 J-D 4 79 70% 46 40 69 West Maryland let g 48 1862 A.0 70 84 Pue'07 Registered k1949 J -D 40 May'08 Oen & coin g 4s au 47 A-0 9712 975 10 . 8 Cent Pao 1st ref gu g 4s1941) 90 97 94.. 99 WVa Cent & P lat g 63 1951 10619 Aug'06 1(8 8 1912 Registered 1940 b•-A 4 973 933 J'ne'0'1 ....... WestN Y & Pa lat g 5.3 1037 3-3 10819 11419 112 114¼ May'05 Mort guar gold 312s..k1921) J-D 81 18 5519 8419 J'ne'08 4 87% 91 91 uen geld 3.48 1/019 May'08 1913 A-0 91 Salt 91 Through St L 1st gu 4s'54 A-0 90 8 , Income 5a 31 Feb'07 d11)43 Nov 10319 Apr'07 Gal Mardi S A lst g 64-1910 F-A 10119 West No Car Bee South Ey 107 107 Alex & Pao 1st g 5s....1931 M-N 100¼10t319 101 Jan '08 100 107 102 J'ne'08 10112101% Wheerg & L E 1st g 5s. .1926 A-0 05 Gila VG& N lstgug 58.1924 M-N 106 10119 May'08 103 103 Wheel Div 1st geld as..1928 J -J • 102 103 Mtu'Or 101 Jan'08 Mous B & W T 1st g 53.1933 M-N 981 981 4 4 4Jan '08 Exton Js Imp gold 5s. .1930 981 1(10 101 1st guar 63 red 1933 M-1`i • 1047 104 Aitg'00 4 72% 60 1134 1st cense' 45. (311¼ Vue'Ob .1949 14.3 99'2 112 May'08 1091 & T()let g 58 int gu..1937 J -J 100% 4112 ............ 20 -year equip s f 68 ...1922 J -J 104 Oct'07 4Nov'07 ...... Consol g 6s int guar...1912 A-0 1093 1.1/75 4 Wilkes do East See Erie Oen gold. 4s int guar..1921 A-0 9112 93 93 J'ne'08 87 93 Wil & Sioux 1 See SEP & Waco& N W div lstg 6E030 '•/1-N 116 Dec'06 86 85% 28 80 83% 85 W's Cent 50-yr 1st gen 45 1949 J -J A.& N W 1st gu g 53....1941 J -J 10919 Feb'Oti ...• R -•-• ---• •-.. ...... W ...... ...••• '2 11.4 8 3 .. -Concluded. MISCELLANEOUS BON DS Miscellaneous Manufacturing A: industrial Adams Ex col it g 4s 1948 M-S Beth Steel 1st ext s f 38..1926 95 03 95 May'08 • 95 1020 8-N Cent Leather 20-year g 53.1925 A-0 .95 Sale 9419 05 35 8519 9519 .A.m SS Coot W Va g as FerrytJo lsteons g 55'48 1.A Consol Tobacco 50-yr g 4s.1551 72 12 62 70 7219 7119 7219 Chic Jo& St Yard col g 63.1915 J.J .Distil Sea Cur cony 1st g 5s.'27 A-0 72 Salt 713 724 10 64 4 75 Det51 & 81 Mgr incomes-1911 A-0 in; raper Co 1st oon g 98 1918 F-A 10119 10119 101% 18 101 103 Int,Mercan Marine 412s-1929 A-0 Consol cony sf g 59 803 4 5 70 78% 8019 1935 J -J 80 tilt Navigation 1st s I 5s.1932 F-A Int St Pump 10-yr cony. Us'13 J -J 96 907 9219 94. J'ne'08 .... • 90 8 Man Bon H & 1.gun g 45 .1940 51-N Lackaw Steel 1st g Ss..._1923 A.0 001 48 1 91 9019 90'4 NatStarch Mfg Co 1st g Us 1920 M-N Newp Ne Ship & D D5s 81990 J -J 80 8319 Ang'07. 70 Apr'07 Y Dock 60-yr 1st g 43 .1951 l•-• A Nat Starch Co s t deb 53 1923 - .1 6519 Providence see deb 48-.1937 al-N 01 5:-• 91 N I" Air Brake 1st cony 63'28 M-N 4 907 Sale 873 8 94 Provident Loan Soc 4193.1921 1I-S Bepub & 1st& coltr5s.1934 A.0 93 93% 94 3 9219 93 95 105 Is Leath Co s!deb g 68 1913 88-14 105 107 103 1 101 107 St Joseph SU( Yds 1st412s.1930 J -J 7919 J'ne'08 st L Tor CupplesStat'n& Prop 13419 81 U 8 Realty& I cons deb g5s'24 J-J 7719 78 -S coup 41963 81-N Co 1st g 41 a-21) year-1917 J •I) 23 98 Sale 9614 9819 1374 8519 9719 U S Steel Corp St 10-60 yr 65. tog ..d1963 M-N 98 1l8 Salt 9614 13 853 95 S Yuba Wat(Jo con g0 1923 • J 4 Va-Car ('hem col it be g 1912 A-0 10019 1001 riae'08 .. 4 1001 sp Val Wat Works 1st 6s 1.1106 51-S 4 1 Westinghouse E & 81st as '31 J -J 80 Sale 80 8319 97 8319 IJ'SRed& [let 1st s f g (98 1931 No price Friday; latest bid and asked this week. a Due Jan 6 Due Feb ci Due Apr s Due May g DueJ ne 901 4 3 83 4 88 873 Sal 4 ' 973 , 100.4 J'no'02 41 Oct '06 100 100 100 Jan '08 42% 47 47 Ape08 40 18 93 72 70 69 68 70 84 84 SI I 76 • 84 ... So Feb V. 04% 86 89 85 .A.Pr'08 90, 4 o7 let., 85 55 86 11lay'05 8d ...... 100% sop'03 (1' 1 113% I'le'00 85 Apr'OS /4 Duo J.lir .;711-.ss.. Is Due Nov 'Outten 3als CHICAGO STOCK EXC ETA VIE-Stock Record-Daily, Weekly and Yearly STOCKS-HIGHAST AND LOWEST SALE PRICES .Saturday June 27. Aihnday June 29. *160 190 *160 *210 *212 3 *0 10 *6 42 42 42 19 19 19 2'uesday June 30. 190 *160 *2/2 3 *6 10 4212 42 *18 19 Wednesdad July 1. 190 *160 *212 3 *6 10 *41 42 19 19 190 3 10 4214 19 Thursday July 2. Friday July 3. 'Sales 0/ the Week Staues Last Sale 170 May'08 Last Salt 212 June'08 May'08 Last Sale 8 ;iii2 19 *1812 19 May'08 Last Sale 4 July'07 Last Salt 18 June'08 Last Salt 43 '4"21: *4113 121; ;ii" 43 45" 43 75 75 *73 7413 7412 7413 7412 75 *75 74 *73 June'OS 17 1612 Last Salt 17 17 4 *-- 163 50 50 Last Sale 4934 June'08 so 44 44 Last Sale 4613 May'08 44 May'OS 21 21 Last Sale 20 21 *_.. 21 May'06 56 *52 *52 55 58 Last Salt 36 58 *52 55 *32 53 66 14 *32 55 55 *53 *53 56 *53 2853 29_ 2813 2878 2812 2831 2812 2878 2812 2873 2813 2878 9758 9734 973 *9712 18 9834 9918 9734 9834 *9712 98 ' 4 97 3 June'08 Last Salt 28 *27 *2612 28 *2613 28 28 *2614 23 4 43 434 412 4 458 434 *412 43 35 5514 *54 5412 5412 5458 55 Last Salt 145 Apr'08 14758 *140 14758 Last Salt 11610 May'08 126 *116 126 4514 4514 *44 4212 4213 *40 101 10012 *10033 10012 *100 10012 *100 Jan'08 Last Salt 42 26 26 ;a "20" ;58" 2(i- 2534 "iti" 2534 26 2534 97 *25 96 96 9512 9714 96 98 96 96 *95 *95 06 June'08 Last Salt 49 *--- 4812 *___ 48 *_.. 48 *_ 48 Last Salt 147 May'08 Ott'07 8 -1"3- -id- --lig Last Sale 1 118 118 *1 *1 4 Apr'08 Last Salt 4 *3 4 *3 4 *3 4 *3 *23 25 Last Sale 25 June'08 25 *23 25 *23 25 *23 13434 135 13412 136 135 13512 131 13314 134 135 13013 131 Mell'08 Last Sale 214 1685 -**10- 2 169 *107 166" *jai" 169. "jai" 100 109 109 "99i8 10019814 98 98 . .4 9713 98 98 08 130 1303 130 1303 100 100 130 4 4 130 12912 130 128 129 34 34 *3314 34 ;55" 34 *3314 34 34 *33 • __ 34 _ Last Sale 3114 Nov'05 . Feb 06 Last Sale 80 ...June'08 _ Last Sale 39 .... Last Sale 212 June'07 June'08 Last Bak 19 8314 8314 "8212 83 ;55" 84 *83 84 *83 84 4 115 115 114 11412 114 1143 11614 11614 *11512 11614 June'08 6912 *---- 6912 *68 *____ 69 Last Sale 69 *11012 112 *11012 112 *11012 112 Last Sale 111 June'08 May'05 Last Sale 534 June'08 Last Salt 92 May'08 ;5i." 33 ;5i" 13 ;5i" "ii" ;5i" 33 Last Salt 40 -*8712 88 88 88 8734 88 88 88 *87 88 3818 8818 8 10012 1003 10038 10038 10013 10078 10012 10012 1005 1003 10012 10058 4 4 125 125 *123 123 *123 125 *123 125 *123 125 *123 125 98 *9714 98 98 98 98 *0711 98 9714 9773 *9714 98 5, 8 5 3 7 3 *3 4 3 4 3 4 3 4 3 8 7 4 3 31 oft 414 312 458 414 412 4 413 43 4 4 43 43 4 4 43 4 *1412 16 *1413 16 *1413 16 15 15 *1413 16 *1413 16 *412 5378 *140 *116 *4214 *-- 434 *412 5378 *5313 14753 *140 126 *116 *4218 44 10012 *10014 412 478 5412 5412 ) 1475 8140 126 *116 ___ *4214 ____ 10012 *Last Sale 3212 Jan'07 Nov'06 Last Sale 10 May'07 Last Sale 16 Nov'06 Last Sale 4 -i=1! Interen Period Price Friday July 3 Week's Range or Last Sale 160 Jan 24 175 Jan 27 J'ne 16 863 Feb 3 7 Mchlti 91. Meh27 42 J'ne22 47 J'ne 3 15 Feb 10 23 May22 212Mch27 4 May21 Lowest Highest 150 Mch 134 Nov 10 Oct 205 Apr 5 Jan 16 Apr 11 Oct 214 Dec 14 Apr 28 Nov 4 683 Nov 17 Dec 43 Nov 3412 Apr 20 Sep 58 Apr 60 Nov 28 Oct 95 Apr 20 Mch 4613 Jan 614 Apr 1914 Jan 65 Jan 87 Jan 28 Jan 72 Jan 47 J'ly 2517 Jan 66 J'ly 90 Jan 34 Jan 99 May 35 Apr 3 Oct 3412 Nov 120 Dec 112 Nov .0 Nov 33 Nov 30 Jan 2a Dec 90 Dec 45 Oct 165 Feb 1 Jan 5 Aug 21 Dec 15 Oct 714 Apr 60 Apr 14018 Sep 130 Apr 8012 Jan 10u Jan 40 Lich 40 J'ne 111 Feb 54 Jan 165 Feb 1 Jan 102.1'ne 51 Feb 13412 Apr 95 Oct 77 Oct 10812 Nov 34 Nov 11213 May 5 87 8 Oct 12912 May 57 May 19 J'ne 23 19 J'ne23 70 Jan 3 8612 Apr 28 10134 Jan '2 11614 May15 51 Mch 3 70 J'ne 16 91 Mch23 112 MaylY 41 Aug 212 Jan 25 Feb 581a Oct 91 Nov 50 Nov 4 973 Nov 46 'Jan 212 Jan 27 Mch 86 Jan 3 117 4 Jan 8414 Jan 120 Jan 5012 Jan 3 92 J'ne24 24 Jan 24 40 Ifay20 72 Jan 16 90 J'ne 2 8 8812 Jan 2 1033 J'ne 11 4 1143 Jan 3 134 Jan 20 87 Jan :3 99 May16 8 3 J'ly 3 4 13 Jan 4 312 J'ly 3 12 Jan 15 14 Apr 25 17 Apr 11 /2 Nov 20 Nov 67 Nov 7512 Nov 100 Nov 85 Oct 4 3 Nov 6 Jan 16 Dec 92% Apr 57 Jan 95 Jan 11312 Jan 17312 May 10234 Jan 214 Apr 1234 Apr 30 Feb 321, Jan 3213 Jan Apr Jan 3012 Mch 9 46 Jan 14 6814 Jan 4 79 Jan 20 15 Apr 29 19 Jan 22 42 Jan 6 5 4 May18 44 May 5 47 May23 20 Jan 31 20 Jan 31 53 May 5 56 May14 603 J'ne 10 71 Jan 13 3 2613 Apr 16 2912 Feb 21 85 Apr 20 103 J'neis 25 Apr 13 31 May 4 4 Feb 13 4113 Jan 1 125 Jan 10 116 Apr 22 37 Mch19 91 Jan 2 42 Jan 9 24 Jan 3 90 Jan 10 40 Feb 20 147 May b 51.. Jan 11 1612 May12 145 Apr 22 127 Apr 13 5512.1an 16 101 J'ne 2 42 Jan 9 30 Jan 11 100 Mayl:i 51 Apr 28 147 May 6 4 Apr 13 21 Feb 26 106 Jan 3 4 3 Feb 25 100 Jan 4 80 Jan 3 113 Jan '2 30 Jan 22 4 Apr 13 30 May19 136 J'ly 2 234 Feb 21 111 Feb 4 10014 J'ly 3 13112 May15 39 Jan 14 38 J'ne 15 19 J'nel5 1614 Chicago Banks and Trust Companies Chicago Bond Record BONDS CHICAGO STOCK EXCHANGE Week ending July 3 Highest Lowest Railroads Chicago City Ry 100 Chicago & Oak Park_100 Do pref 100 -iii Chic Rys part ct1 "2"-100 152 Chicago Subway ---- Chic Union Traction-100 Do pref 100 Kan, City Ry & Lt 100 100 Do pref 40 Metropol W S Elev 100 Do pref 100 North Chicago Street_100 Northwestern Elev o prer 100 Do 100 "Ho South Side Elevated 100 715 Streets W Stable C L-100 100 100 Do pref ---- West Chicago Street 100 Miscellaneous 385 American Can 100 371 Do pref 100 American Radiator 100 Do pref 100 5 Amer Shipbuilding 100 50 Do pref 100 Amer Straw Board -i5i Booth (A) & Co 100 522 Do pref 100 ---- Cal & Chic Canal &D..100 -- Central Trust Bank,.-100 ..... Chic Brew'g & Mait'g Do pref ---- Chic Pneumatic Tool-100 -1.54 Chicago Telephone__-100 Do rights 35 Chic Title & Trust_100 1,690 Commonw'th-Edison_100 100 341 Diamond Match 100 10 Illinois Brick Knickerbocker toe_ _ _101.1 Do pref 100 ---Masonic Temple Milw & Chic Brewing Do pref 100 _ri National Biscuit 100 Do pref 42 100 _ _ National Carbon 100 Do pref Page Wov Wire Fence ---- People'sGasL&Coke_ _100 -- Sears-Roebuck com--100 100 "iii Do pref 100 1,412 Swift & Co 25 The Quaker Oats Co_ 100 100 Do pref 63 1,050 Unit Box Bd & P Co_100 100 Do pref 6,392 100 17 Western Stone Mining -_ Bingham Con Mining 50 Black Mountain 20 _-- Daly-West Hubbard-Elliott Range lor Previous Yea, (1907) Range Since Jan. 1 1908 STOCKS CHICAGO STOCK EXCHANGE 13'ds Sold Range Since Jan. 1 190* , NAME. Ourstandin-i Stock t .verptus and Pro/its t Dividend Record In 1906 In 1907 Per- Last Paid tad % 8 Q-J Jae '08, 2 8 $2,000,000 $1,362,605 High No, Low Ask Low NUM Bankers National Hid An. Dee '07, 6 6 1 100,000 31,681 American Biscuit 63_1910 F - A ---- ---- ---- ---- ---- -- -- Calumet National J-J Ju y '08. 5 10 10 165.474 500,000 t- Chicago City 63_1911 J - J ---- - _ 100 Meh'07 ---- ____ Amer Strawb'd 1st Q-J July '08, 3 12 3.000.000 4,344.676 12 Commercial National -0912 101's 12 10034May'01 ____ Cass Av & F G (St L) 52'12 J - J I---- 101 8 8 Q-J July '08, 2 4,000,000 3,472,644 Continental National ___.. _ Ohio Board of Trade 481927 J - D ,.--, ---- 100 May'07 Q-3 July '08, 113 6 6 8.190 50,000 --8 Sa 9478 1017 Cook Co State Savings 10112 1013 4 28 Chlea3cu City Ry 5e_ _1927 F - A 0 Q-J July '08, 3 12 National 3,000,000 4,924,628 12 Apr'04 Corn Exchange Chic Consol Br&MIt Cs__ .1 - J ----- ---- 103Q-J July '08. 112 6 6 45,677 200,000 Ohio Consal'rrac 4 0_1939 J - D -------- -55 Aug'07 ____ __ ____ Drexel State 8 Q-J July '03. 212 8 381.533 600.000 Auditorium 1st 531929 F - A --------9634 Jan'06 ____ _.... ____ Drovers Dtp National Chic Q-J July '08, 112 6 3 37,471 200.000 __. ...._ __ ----__ Englewood State Ohio Dock Co 1st 4s__1929 A - 0 .. Q-J Inc '08. 3 12 12 8,000,000 7,795.051 --Chic No Shore Eiec 68_1912 A - 0 ---------87 Feb'06._ ____ ____ First National Q-J J'ne '08, 212 160.595 10+10 10 150.000 __ First Nat Fnziewood....„ Chic & Mli Bice Ry 53-1010 J - J -- -___ __ Priv ate Ba nk 638.654 500.000 Foreman Bros B'k'g CoOhio Pneum Tool Q-J July'08, 2 3 6 411.440 7278 Sale 7234 7273 10 73 Fort Dearborn National_ 1.000.000 68 a1921 J - J 1st 5s J-J Jan '08. 212 5 154,1118 --__ 500,000 _1927 P - A:1914 Sale 9914 9914 9514 102 Hamilton National 8 Chic fly 5s fi Q-J July '08. 2 8 995.297 1.500,000 8 8812 Sale 8812 3s12 1 8812 903 Hibernian B'k'g Assn 4 Chic flys 4-55 series "A" .1-J July '08, 5 10 10 104.135 200.000 80 Sale 7118 s() 151 Chic Rys 4-55 serles "B" 783 825 Kaspar State Bank 4 8 _- Q-J J'ne '08 212 353,001 --,._ 79 78 78 1 s 793 Live Stock Exchange Nat 1,260,000 75 8Chic Rys 4-58 series "C" Q-11 May '08, 1 4 300,000 10014 Sale 10014 10014 56,811 3 3 973 10012 Monroe National Chic Rys coil 68_1913 4 412 Jan. Jan '08, 412 80,990 __ 250,000 Ohio 141 & P RR 4s__2002 fit- N --------79 Nov'04 __ __ -- Mutual Bank 8 Q-J July 'OS, 2 6 2,000.000 1,268,711 Nat Bank of Republic - S --------80 Apr'04 Collat Trust g 5s___1913 al 457,201_ _•.__ Q-J July'08, 113 1.500,000 National City Commonw'alth-Edison,, , Au.: 26 190/ 57,421 Began b usine. 260,000 Chle Edison deb 651913 J - J 8100 --- 100 June'08 .....- 100 1101 National Produce 61.780 ___ ___ Q-J July '08, 114 200,000 8 07 1003) North Avenue State_., () 100 11113 10014 10014 _July 1926 A 1st g 55 _ 6 Q-J July '08, 112 6,333 6 50,000 9914 9912 9834 995) North Side State Saving.; 3 _Debenture 5s- _1926 M - S 0114 Sale 6 Q-J J'ne '08. 112 6 38.192 100.000 03 10111 Oakland National 5 -Commonw Elect5sb1943 M - S --- 10112 10114 10114 77.791 ' 250.000 __ .. Prairie National 90 Dee'06 --__ l I linois Tunnel 5s_ ___1928 J - D -,7- ---63,533 d38 Q-J J'ne '08, 2 8 -500,000 Sale 93 5 9534 93 95. Prairie State 95 7 Kan City Ily&LtCo5s 1913 M - N 4 14.264 _-__ .1-1 Jan '08. 2 250,000 8518 83 58 June'o8 --93 Railway Exchange Knieleb'ker Ice 1st 55-1928 A - 0 90 Om nized Oct 12 1906 123,55 300.000 : 881 Security 80 85 May'Os __-_ 81 Lake St El-lst 5s ___1928 1 - j --534 Q-3 July '08. 112 6 78.156 200,000 16 May'05 _ ___ South Chicago Savings 1025 Feb -- ---Income 55 1.000,001 1,194,78: 8 9+1 Q-J July'08. 3 State Bank of Chicago.. Metr W Side El 6 J-D J'ne '08. 3 169.18/ 8114 884 Stock Yards Savings_.. 250,000 6 8714 Jne'08 ...,_ 87 1933 F -A 86 1st 45 6 6 M-N May '08, 3 41,151 200,000 1938 .1 _ j 8312 84 85 84 80 34 10 Union Bank of Chicago Extension g 48 6 6 Q-J July '08. 112 62,640 _____. Union Stock Yards State 200.000 90 Dee'06 -__ North Chic St 1st 5s 1909 J - .1 --.. ...... Q-J July '08, 2 8 8 American Trust 44 Savgs_ 3,000.000 2,542,976 1st 5s Q-J July '08, 134 7 7 io Augqi; Central Trust Co of III_ 2.000.000 1,1106,795 Refunding g 430_1931 A - 0 ---- ---100.434 n500.000 75 Feb 07 . Chicago Say Bk & Tr_ _ Chic CityRy4;481927 M - N-- --_ No 0 1, Chicago Title & Trust_ _ 5,000.000 1.217,047 1 -0 i54 Q-J July '08, 112 6 8 ii 6 8813 8778 8s7 North West El 1st 4s 1911 M - S 88 3 A-0 Ayr '08, 2 6,491 3 50,000 Sale 91 b 9112 3014 93 Citizens Trust & Savirigs 1945 M - N 91 Ogden Gas 5s Q-J July '08. 212 10 538.801 10 600,000 Colonial Trust & Savings 1916 J - D 90 ....- 10012510'06 5s Pearsons-Taft 6 Q-J July '08. 2 6 86,974 200,000 96 II Drovers Trust & Savings 95 Apr'08 ____ M S 4.403 84.979 Ores nized Apr) 13 1907 1.500,000 96 Apr'08 Farwell Trust Co 06 16 M - N 9613 4.60s Series E 2.000,000 1.623,445 . . : 0712 071 First Trust & Sayings 9712Jal '08 7 81- N Series F 4.805 469.559 Q-J July '08, 2 Harris Trust & Savings__ 1.250.000 Pco Gas L&C 1st 68_1043 A - 0 --------112 Mar'08 __. 10912 112 q J'ne '08; 4 4-4 16+4 94 102 Illinois Trust & Savings_ 5,000,000 8,297,191 124 Refunding g 58_ ___1947 M - S 1323 10314 10112 Jne'08 ____ 200,000 43,495 ...... 6 Q-J July '68. 11 9713 103 lienwood Trust & Savo_ 103 8 L&C 1st 55 1937 J - J 810234 10318 103 Chic Gas Q-J July '08: 114 2 200.000 33.281 .._ 9434 1001: Lake View Trust & Saws Consum Gas 1st 53_1936 J - D 8100 -- 16018 Jne'08 ...._ Q-J July '08. 3 12 12 08 100 Merchants' Loan & Tr Co 3.000,000 4,522.183 Mut'l Fuel Gas 1st5s1947 Jet- N 100-..... 100 May'08 ______ 750,000 Q-J July '08. 14 6 351,221 6 4 933 961: Metropolitan Trust & Say 8 954 21 053 South Side Eley 00_1924 J - J 9514 96 8 3 Q-J July 08, 2 1,500.000 1.830.622 1912 Jne'08 --93 100 Northern Trust Co Swift & Co 1st g 53-1914 J - J 1912 100 J-J July '08; 3 200,000 6 45,677 ____ 90 Northwest Trust & Savgs 90 Febafs _. 9() 90 Union El (Loop) 5s-1945 A. - 0 J-J July '08. 3 6 6 200,000 77,093 . Peoples Trust & Savings_ .. Union Pacific cony 45_1911 M - N --------114 Nov'04 . WI Pullman Trust & Savings k500.000 Q-J July '08. 2 8 k8 159,219 6.3 Apr'08 __ United llox Board col 6s'26 Q-F May '08, 2 8 8 500,000 577.367 90 May'07 -_ ____ ..... Royal Trust Co West Chic St 1st 5s-1928 M - N 8......, 91 J-J Jan '08. 2% 5 200,000 13.939 __ 1909 F • A ___ ____ 6812 Sep'05 --- ---- --. Stockmen's Trust & Say_ Tunnel 1st bs .... Q-J inc '08 2 _ 1.000.000 1,054 ,084 Union Trust Co 1914 J - D 73 June'07 Debenture 6s 25,000 Forme riy Jen nine - RE'L &Tr 200,000 8014 Jae'18 .--7212 Sa United States Trust Consul g 55 rets.. -1936 M - N -325.180 6+1 Q-J July '08. 112 6 ___ , Western Trust & Sayings 1,000.0(10 1451932 .1 - j ---- ---- 87 Dee'06 Wes DiveltyRy 4200.000 43.358 Began buslne ss Sept 6 1006 West Side Tr & Say Bank 70 70 Western Stone Co 5s-1909 A - 0 -------- 70 Alay'08 ___ (1.1 .1,11•7'MI ii. ti ft 37 stNn 200 1)00 1,11nntl iA urn Trite S.,Ilk Not..-Acerued interest must beacided to all Chicago bon d orices 8 No price Fridayt May 14 for national banks and May 12 for State inst tutions. * 1110 and asked prices: no sales were made on this day. latest pric.: this week, a Due Dec. 31. b Due June. d Includes special dividend of 30% paid Dec. 13 1905. k Capital Increased from 6300,000, a with extra' q Dividends are oald n Capital and surplus to be Increased stock dividend of 33 1.3% being declared in part payment therefor. Daymentd Q-F. a- BOSTON STOOK EXOHANGE-Stock Record, Daily, Weekly and 'Yearly -NOT PER CENTUM PRICES SHARE PRICES Sa:urtlay fume 21 Monday June 29 Tuesday June 30 Wednesday July 1 Thursday July 2. Friday July 3. Sates ol the iVeelc Shares STOCKS BOSTON STOCK EXCHANGE Range Since Jan. 1 1908 Lowest Highest 6753 Feb 11 8313 Mch 3 18112 Jan 2 125 Feb 17 20014 Feb 11 126 May28 136 Feb 13 284 Jan 10 9 Mch 45 Jan 31 10 Feb 28 50 Feb 27 126 Jan 2 102 Jan 10 16314 Mch 6 138 Apr 21 244 Jan 14 117 Jan '2 67 Apr 27 8412 May19 9334 J'ne 13 20334 Apr 22 140 Jan 20 21018 Apr 16 140 Jan 28 150 Jan 22 330 J'nels 13 Mch27 56 May111 17 Jan 2 6012 Jan 1, 150 J'nelt, 11313 May22 165 Mch 4 138 Apr 21 253 Apr 22 131 Apr 21 79 Jan 27 *___ 24 Last Sal: 24 13 Jan 3 June'08 87 87 377 86 77 Mch 17 87 87 87 87 ;g3" 17 .- 87 513 6 4 Feb 10 578 5 5 4 53 3 4 54 6 3 54 54 3 3 53 4 6 10 012 Feb 2.5 16 1512 1534 1534 *15 15 1614 15 153 153 4 4 15 1253 126 4 9914 Jan '2 12512 120 126 126 12534 126 125 125 124 126 12434 125 106 Feb 18 124 12412 124 125 124 124 124 124 12312 125 118 11812 11734 11812 x116 11614 11618 11612 116 11614 11512 11614 99 Jun 2 *2234 24 *2213 24 *2212 24 16 Jan 2 2312 24 24 *2214 2312 23 7734 Feb 19 8814 83 2814 88 8814 8314 883 8 8814 8814 8814 8812 38 Last Sale 312 June'08 3 Jan 7 33 4 *3 334 *3 4 3 34 3 3 4 *3 3 108 10712 10712 10712 103 9612Jan 11 *107 108 *_ 10712 10712 * 17 Last Sale 17 May'08 1434 Jan 0 1558 *16 *15 *1612 18 1612 *513 6 Last Sale 534 June'08 414 Mch13 *512 6 *512 6 *512 6 20812 209 209 210 201 Mch 17 200 209 *___ 20312 20734 20134 208 208 135 111 Jan 2 13312 13414 13313 13312 *133 134 134 134 134 134 134 99 IvIch23 5312 5234 53 53 54 54 54 5212 5212 53 53 *53 8513 8512 85 85 85 85 77 Jan 2 85 85 85 85 85 85 198 198 192 Apr 10 198 198 *196 193 198 11)8 *196 199 *--__ 199 *113 2 Last R(71 13 1 Mch 2 *112 2 4 June'08 *13 4 2 *13 4 2 June'08 40 .Mch 5 *40 50 Last Sale 40 *40 50 *40 50 *40 50 *75 -80 78 78 75 Mch23 *75 __ _ *75 *75- *77 112 105 Jan 4 112 11212 113 113 - 112 11212 11213 1121'2 112 - 113 113 153 159 147 Jan 2 159 139 157 157 1561e 158 158 15812 157 158 93 4 9 Apr 10 4 *913 93 4 93 93 4 93 4 4 3 93 4 93 93 4 93 4 93 4 94 8812 Jan 2 3 8 2 100 10012 100 10038 10014 100 3 *10013 1007 10012 1007 10034 1007 3 *21 20 Jan 3 *21 23 23 23 23 *22 *21 23 *21 24 23 June'08 23 May22 Last. Sale 25 *24 26 *2312 2512 *2313 2512 *2313 2513 141,2act1842ale 138 June'08 114 31c1123 13 4 *---13 *---4 13 * 4 14112 14112 142 14123144 . United 142 14212 14i 142 14214 143 C0 1:.00 11412 Jan 2 &7 : 25 : -12 3 5338 5333 533 "NO 3812 Jan 4 5112 5112 53 4912 511. 5012 51 54 51 28 2812 2812 2, 07 u Do peefuorp 28 28 247 Jan 3 8 273 273 *2712 28 • 2734 28 4 s ster l 871 4 4 28 3814 38 3818 38 4 373 3818 378 38 4 375 3753 3738 38 8 100 '20 Jan 2 25 10258 10313 103 10313 10314 10358 10253 103 10212 10233 10214 103 100 8712 Jan 2 4 Feb 3 Last Sale 3 6 _ 6 *_ _ June'03 5 349 West Telef & Teleg-100 _ 6 6 * Do Prcp '885 *65 *65 _ *65 66 *65 66 65 65 *13 _ _100 59 Jan 9 Last Sale 2712 Apr'08 197 Feb 18 3 m D tinp E fin 50 5 Weso gretlir& :fg Last Sale 347 3 Feb'08 Do pref . 5t, 3473 Feb 19 25 87 May 6 812 May19 21 Maylu 13214 Mayle 129 Mayl. 12012 J'nel. 24 May19 9013 May18 312 J" 4 3 11013 Febr 1814 Apr lb 6 May13 214 Apr 2, 141 May18 5812 May18 8712 Apr 22 200 Jan 18 2 Jan 23 59!,Jan 14 80 Jan 14 119 Jan 20 1613 Apr 29 4 10 Feb 21 10312 MayL, 23 J'ne 11 25 Jan 14 212 Jan 28 14512 J'ne 2 58 J'ne 4 '2813 Feb 26 3913 May18 1035 J'1Y 3 3 8 Jan 31 70 Jan 16 2712 Apr 11 13473 Feb 10 lianoe jor Previous real (1907( *8113 8133 *8133 8158 *8114 81 2 *8112 813 43134 82 8134 82 4 , 3 *9312 9412 *9412 9512 *3112 9212 92 4 9234 *9313 9412 *202 --- 202 202 *201 ---- 202 202 *202 205 *55:i" 13334 1333 *--- 134 *13113 134 13334 134 *133 134 4 13334 134 - 208 Last Sale 210 June'08 *208 ---- *___ 208 4.-- 208 *13114 13112 131 131 131 131 130 13012 130 13012 130 130 ,151 151 *248 ---- *55F :::: *55F :::: *555" Entleire 300 June'08 *11 12 *11 12 12 *11 *11 10 12 10 53 3 3"" *53 *52 53 56 36 56 "EF .. *53 56 *53 *10 *10 11 11 11 *10 *10 Last Sale 1072 June'08 11 *50 33 *50 53 *____ 53 *50 Last Sale 33 June'08 53 *148 149 *148 140 *148 149 *148 149 Last Salt 150 June'08 *110 *110 ---- *110 Last Sale 110 June'08 *110 Las: Sale 16314 J'ne'08 ---Last Sal, 138 April'08 Last Sale 250 June'08 125 153" 1716"" 125" 125 12513 12512 125 :: fiE - 125" 1.25 73 *72 73 7234 73 *72 73 *72 73 *72 73 *72 Oet'07 Last Sale 73 Last Satz' 190 Sep'07 *9 10 ;i5" 1012 "111" 16 ";5" 10 10 1.-';912 162 *0 *4312 48 *46 4712 46 46 *4612 48 47 4612 4612 47 Last Sale 15% Apr'08 136 136 1.535 13534 136" 136 4 133 13512 135" ac" 136 130 . 140 140 Last Sale 255 18214 18214 *182 183 18212 18212 *155 fiS" *igi- 183 *,26 *26 _ *26 _ _ _ *26 -Last Sate 25 Jtviai 81 81 81 81 *79 80 4 8114 813 8212 x80 93 92 92 *--_- 93 93 "55 93 93 9212 93 93 14418 145.33 14358 14534 145 146 14514 145 4 14512 14513 3 4 4 4134 823 *3212 8312 *8213 8312 *8212 8312 Last Sale 823 2.Iay'OS 166 156 154 154 8 8314' KAI .272 831:1 8312 8312 -8312 Wi 7 1 .. 314 8212 83 4 8 *102 1023 10234 1023 *102 102 4 102 102 102 10214 10134 10213 4 3 4 Last Salt 140 Apr'08 ilroads p0 oR & 110 Atch Tprea Santa Fe_100 pr 100 10 Boston & Albany..100 4 Boston Elevated 100 49 Boston & Lowell 100 100 -aii Boston & Maine Do pre! 2 Boston & ProvIdence..100 10n ---- Boston Suburban El Cos.. Do pref.. - Boston & Wor Elec Cos 65 -__ Do pref ---- Chic Juno Ry & USY_100 Do pref ---100 ---- Con & Mont,Class 4 100 ---- Conn & Pass Riv pref.100 -__ Connecticut RIver_100 Fitchburg pref 100 " i55 Ca By & Electric 100 100 Do pref 100 ----•Maine Central 100 „Mass Electric Cos- _ _100 Do pret 100 77 _Aexlcan Central. _ _NI Y N H & Hartford_100 185 Northern N H 100 1 Norwich & 1Vor pret-100 Old Colony 100 6 Rutland pref no sea Me Electric 100 _130 Do pre 100 72 Union Pacific 100 2.973 Do pref 100 Vermont & Ma38 100 --H West End St 50 100 Do pre 50 62 Worc Nash & Roch--100 Miscellaneous ---Amer Agricul Chem._ 100 100 Do pref " Hi Amer Pneu Service 50 845 Do pref 50 280 Amer Sugar Henn100 413 Do pref 100 334 Amer Telep do Teleg 100 .3,341 American Woolen---.100 Do pref 315 100 275 Boston Land 10 Cumber] Telep & Tel-100 31 Dominion Iron & SteelEast Boston Land -__ Edison Elec Illum 100 7 100 -2a 7 General Electric 295 Massachusetts Gas Cos100 _4 7 .4 umDne iiosotieih.dapocpneFror aLei : Do 0 100 431 Mergenthaler tin° _100 ctephone..- 10 , l hd _ N E Cotton Yam----100 Do pref 100 7 N E Telephone 100 156 Pullman Co 100 10 203 Reece Button-Hole 2,33 S0rring 5 0 rty ift & 9 ' 100 too. Class A Cn 25 prof 25 ---- ---. Lowest it 471/esi (i712Nov 10713 Jan 7934 Nov 10113 Jan 180 Dec 240 Feb 11734 is ov 152 Jan 200 J'ne 231 Jan 129 Nov 170 May 150 Oct 163 Jan 285 Oct 301 Feb 8 J'ly 15 Feb 50 Aug 65 Jan 10 Nov 2834 Jan 55 Nov 80 Jan 128 Dec 160 Jan 993 Oct 120 Jan 4 170 Oct 188 Feb 152 J'ly 136 Mch 244 Dec 280 Jan 116 Nov 135 Jan 6912 Dec 114 Mch 73 Oct 88 Mch 190 Aug 138 Jan 7 Dec , 2012 Jan 8 4 Jan 2 1212Jan 1 40 Jan 2 5012 Jan 1 37 Oct 7112 Jan 1533 Apr 25 19 Mch3ll 14 Nov 2534 Jan 128 Jan 6 14054 May18 12712 Nov 19012 Jan Apr 1 145 Dec 160 Jan 140 Inc 29 145 100 Apr 6 205 Feb 26 205 Nov 226 Feb 175 Jan 11 188 Apr 1 175 Oct 21)014 Jan 25 Jan 15 21) Apr 1 25 Nov 45 Jan 82 Aug 70 Feb 1/ 8212 J'ne30 94 Jan 883 Jan 2 95 Feb 8 8 3334 Nov 103 Jam 11012 Mch 2 15153 May19 10012 Oct 18212 Jan 03 Jan 7834 Apr 4 8473 May22 1834,Nov 150 Jan 13 150 J'ne 1 14518 Nov 170 Jan 76 Jan 2 873 meb31 14 Dec 95 Jan 4 06 Jan '2 103 API' 7 04 Nov 110 Mch 139 Mch3U 140 Mch3L 140 Aug 147 Jun 3.13 Oct 7213 Nov 312 Nov 912 Oct 03 Dec 105 Dec 804 Nov 1214 Nov 69 Oct 3 Mch 9312 Nov 1212 Oct 312 Oct 105 Nov 91 Oct 43 Oct 75 Nov 185 Nov 114 Dec 46 J ne 80 Oct 116 Nov 137 Nov 9 Nov 7613 Nov 20 J'ne 2412 Nov 1 Oct 10112 Oct 36 Oct 2358 Nov 22 Oct 7913 Nov 4 Nov 50 Nov 2614 Nov 76 May 26 Jan 95 Feb 4 143 Jan 33 Jan 13714 Feb 4 1313 Jan 13412 Jan 3612 Jan 10212 Jan 4 Jan 1A5 Jan -1 5 Feb 2 914 Jan 230 Jan 162 Jan 6653 Jan 8612 Apr 215 1 1ch 1 . 434 Jan 75 XIV 90 Jan 126 Jan 182 Jan 11 Jan 113 Jan 2212 Jan 2712 J'ly 673 Jan 120 Dec 69 Jan 29 Jan 5038 Jan 1073 Jan 4 9 Jan 82 Jan 7812 Jan 80 Feb 612 Feb 4 4 53 Nov 433 J'ly 3 4 113 Feb 21 43 4,655 Adventure Con 3 23 95 24 Apr 23 3312 Jan 20 20 Oct 2312 2914 29 7414 Jan 31 507 Allottez 6573 66 66 4218 Dec 121 Jan 663 6,991 Amalgamated Copper 100 45 Feb 1' 8 695 May19 3 53 Jan Dzet Sale 27 June'08 19 Nov 3 Am Zinc Lead & Sm 25 20 4 Jan 13 30 J'ne 2 2 73 Feb 4133 413 _ 31. 3 313 26 Oct •"158 Anaconda 25 '28 Feb 10 4614 May19 153 Jan 3 314 314 6 Jan 15 23 Oct 4 219 Arcadian 314 Apr 20 ,- 25 734 Oct 2812 May 1713 1713 1734 18 • 538 Arizona Commercial.- 25 14 Jan '2 2034 Jan 29 2 An Last Sale 12 .33 Sep June'08 --- Arnold 25 .40 Feb 14 .50 May23 112 Jan 12 May Last Sale 3 Aug'07 -566 Ash Bed 22 Feb 012 Oct 1413 141. 1413 1413 8 Apr 22 1914 May19 a, sn ohn Atn gta ti nil o i 1an s 25 37 Jan 14 Apr 29 4..25 .50 *.25 418 Dec Con Mm & S 50 0 .50 4 63 Jan 2 25 .80 Jan Last Sale .40 June'08 Inc Bonanza (Dev Co). _ 10 .35 Feb 19 .7413 Feb 27 .33 Sep 3314 Mu 83s Nov 1112 1112 1113 117 1014 Apr 13 17 Jan 20 ConC&G (rets) 4:1 8 1414 1414 1412 1412 170 Bos &Corb Cop & SIIM 5 1114 Apr 14 1613 Mtty21 3913 Jan 10 Oct 2212 2213 *2212 23 640 Butte Coalition 15 1512 Jan 2 2514 May14 89 Oct 198 Feb 109 109 109 472 Calumet & Arizona_ 10 03 Feb 20 116 Jan 20 10912 100 Jan 15 335 Oct 1000 Feb 660 660 655 660 80 Calumet & Hecla 25 1565 Mch 16 Oct 47 Fob *23 25 25 2614 043 Centennial 25 21 Feb 10 2814 Jan 15 Last Sale .43 June'08 Cons Niercur Gold.__ 1 .25 Mch 6 .43 J'ne 9 .25 Oct .52 Jan 4414 Oct 103 Jan 72 7234 72 1-Hi Copper Range Con Co.100 5513 Feb 18 7412 May14 , 72 712 Dec 2012 Jan 7 Jan .3 nig J'ne 18 *1053 11 1034 103 4 _2_5_0_ Daly-West 20 7012 Mch 40 Odt Last Sal:" 3113 May'08 Dominion Coal 100 4758 May 4 5112 May 7 85 Nov 114 Jan Last Sale 38 June'08 Do pref 100 9412 Apr 22 98 J'ne16 418 Jan 2 Jan 18 34 Nov 2 155 Em River - 12 -15g -;if4 113 *114 -11- *113 112 *112 ___ . 1 -112 12 90 Mch 6 612 Apr 22 1012 Jan 27 2914 Mch 6 Oct 870 Franklin 9 913 834 9 912 912 25 914 914 914 914 9 912 96 99 *95 99 65 Oct 131 Feb 99 10 Granby Consolidated.loo 80 Jan 2 105 J'ne 8 99 *96 *96 9912 *96 *95 97 678 Jan 2 1114 J'ne 16 514 Oct 1753 Apr 1J318 10 10 1018 1013 1018 10110 1053 1012 1012 7,207 Greene.Cananea 20 1012 10 514 Jan 273 Jan 22 2 Dec 151, J'ly 2 2 15 3 153 2 280 Guanajtutto Consol...- 5 _ 17 3 17 3 3612 Jan 835 Isle Royale (Copper). 25 1734 Feb 17 2614 Jan 27 1113 Oct 19 1914 1912 1913 1913 1913 1912 "1514 16" "ii" 16 - 19 3 235 La Salle Copper 30 Feb 8 Oct 23 1214 Jan 2 1714 Jan 14 , '312 1312 1313 1312 *1358 1413 1353 13 2 1334 13 4 1312 14 5 458 412 412 25 214 Mch 5 J'ne 13 233 Nov 914 Jan 438 438 1,580 Mass Consol 432 432 414 43 4 *412 5 Last Sale .40 June'08 25 .25 Jan 10 .50 Jan 21 .40 Nov 0.40 .50 P.40 .50 *.40 .50 P.40 .50 134 Jan 1514 Jan 5 512 *5 53 8 5 473 Feb 19 10 *43 4 534 Nov 514 *5 i" -- -ili Maxf° eo 8 Jan 13 612 512 *5 11te YlcoCrns M & S 912 2412 Jan 9 9 *9 9 912 912 912 *912 93 634 Oct 25 215 'Michigan 4 , 7 4 Feb 25 123 Jan 20 4 , 912 9 2 9612 Jan 58 58 69 37 Oct 25 45 Feb 19 63 J'ne 10 816 Mohawk 5812 58 58 5812 5812 68 5812 58 2 *58 , 312 May .60 .60 .60 .60 1 Noe .55 .63 P.63 .65 360 Montana Consol C & C 10 .42 Xne 11 8Jan 24 .65 .65 P.60 .65 13 8 8 1112 1112 113 1153 *1112 113 *115 1173 *1153 1173 2019 Jan 534 Nov *1112 117 4 8 3 Jan 2 133 Mch25 3 625 Nevada Consolidated- 5 4 8 6614 661 67 6613 6613 6514 663 30 Oct 120 Jan. 15 4034 Feb 19 683 J'ne 13 3,064 North Butte 2 4 6534 66 4 653 6614 66 8 ---- -50 21. Jan _ 25 .50 Jan 15 .85 Apr 21 12 Sep 201 Old Colony .50 __ .50 .50 .50 *-----50 4.____ .50 03 Feb *3313 34 18 Oct 25 28 Jan 2 40 Jan 28 1, 3 01deD arnInion 610 0 0lo 5 5 8c *34 35 3.4 12 3412 3313 3434 3312 3334 *3312 31 101 106 95 100 101 25 77 Feb 19 106 J'17 3 95 71 Oct 181 Feb 9334 98 9813 101 9812 103 35 Jan 834 Oct *2134 2212 22 4 915 Parrot (Sliver & Copp) 10 1012 Jan 11 233 J'ne 16 2.2 2234 2234 23 2314 2312 231; 2312 2334 12 Mehl! e3 Jan 12 Dec Last Sale 12 Mch'08 Phoenix Consolidated 23 114 Jan 26 *85 86 88 *84 13 83 - -8413 8433 - 4 87 "53 -T3H Quincy 70 Oct 148 Feb 25 77 Feb 19 9313 Jan 15 - 86 843 .* 4 378 * *11 4 33 312 *314 312 4!., Jan 210 2 Mch26 2 Oct (123 Jan 25 565 Rhode Island 314 318 314 312 314 314 712 Jan • *134 2 112 Nov 153 Apr 3 2 253 Jan 20 50 Santa Fe (Gold & Cop) 10 4 134 *134 2 13 1 .4 13 4 *178 213 2433 Jan 713 Oct 10 1313 1312 1314 1311 562 Shannon 93 Feb 10 1434 May18 4 131.2 1312 1314 1314 1314 1314 1314 1314 16 16 16 *1613 17 *1653 1634 1614 1653 1638 1658 16 325 Superior 25 14 Apr 3 1912 May ' 6478 . 62 62 36 ack *53 51 Oct 170 Jan y 25 56 Mch20 77 Jan 20 *57 60 56 6234 *58 27289 8 60 62 4214 Jan 1253 8 933 Nov Trinity25 1218 Feb 19 183 Jan 14 1234 123 4 1213 1212 1213 1212 *12 1234 1212 13 4 7714 Ai ch 7 Dec 458 Mch 24 100 100 United Copper 1364 812 Jan 8 3 84 *612 6 4 *612 6 *612 4" , 91 May 6 22 Oct Last Sale 21i Fei)(ig 100 2334 Apr 16 26 Jan 3 1314 Jan *841 2514 ;Nis '2514 *2414 25 712 Nov Last Sale 2514 June'08 --- - Unitedr'eftesCoal&011 25 2514 3 r Mch31 263 J'ne 0 Do Sta 70 Jan *33,13 3612 3612 3812 2434 Oct 258 11 S Smelt Ref & Mm.. 30 28 Mch 05 3913 May14 3513 3512 353 35 4 *36 3813 3 4 49 .(an 2778 Oct 4153 4153 4134 42 4 42 4103 4153 415; 4153 42 Do pref 50. 37 Feb 10 4314 MayP• 1,376 42 , 79 Jan 2512 Oct 41 41 41 4013 4013 41 4114 4114 1,007 Uta.h Consolidated.... 5 2912 Jan 3 4312 May15 41 4034 403 4 40 8 335 3 34 10 287 May 8 3458 J'ne 27 3312 3334 3333 335 3 1,279 Utah Copper Co3 335 3453 3313 34 331 34 3 1153 Feb 438 458 *413 43 403 43 212 Apr 16 313 Oct 3 43 4 43 4 25 *412 434 350 Victoria 6 May26 4 44 412 4 95 312 Mch 1 May Last Sale 1.0614 Jul'07 -_5 1,Vashnagton _ 4 _ 3v i no In .. 3 *512 6 412 Jan 2 e678 J'ne 2 513 14 Jan 512 512 -;513 "6 - "(;57 512 (212 Nov ";g 2 25 134 93 Oct 108 Feb 25 11312Jan 2 138 May16 152 Wolverine • 132 132 *130 133 *130 133 *130 133 *130 133 *130 138 it's Jan 420 Wyandot 113 112 25 .50 May25 134 *153 133 *112 13 153 153 178 J'ne26 .10 Nov 4 *114 134 b Es-stock die Bofors pay't of assess'ts called in 1907. * BId and asked prices. 4 New stock. e Ass't paid. h Ex-rights. a ha-div. and rights. 334 373 3 15-16 414 312 3 4 3 312 3 8 5 2812 29 29 2.834 29 *28 2912 *28 3 6573 6653 66 6614 6531 6 612 6513 663. 27 *2612 2712 *2612 2712 *2014 2712 *26 _ 4034 4173 *312 4 31:: 312 *314 312 *314 334 *1712 18 18 *17 2 1814 1712 1712 18 , *12 ____ *12 ____ *12 ---*12 ---_ 1E- "1.8" "IS" *15 -- 2 7E8" IS" -ir . 151.25 .25 .50 .5o 4..23 .25 *.70 .80 _ *.40 _ *40 0.40 .60 4..40 17134 11114 1112 1114 1114 11. --112 1112 - 1414 1413 1412 1414 1414 1412 1412 *14 2212 2213 2218 2214 2214 22 22 22 108 10912 109 109 108 108 107 107 660 660 655 660 660 660 *660 670 *23 25 *23 *2312 25 *2312 25 25 P.40 .42 *.40 .43 * .42 .44 P.40 .43 7212 7112 7112 7212 72 7134 7134 71 1038 1053 1013 1013 1034 10 4 *1053 11 3 1334 x36 36 x4158 1:al: Boston Bond Record. JULY 4 1908.i 111ND:.:.1 13,9 . BOSTON STOCK ErXCIPGE -.:, t WEEK ENDING JULY 3 :la, 31 K Range "t...„,",, ts.,3 _5 Since 41- January 2 ' BONDS -. 42 BOSTON STOCK EXCH'GE z., i. WEEK ENDING JULY 3 4.7!. ) Nigh by Low Righ Ask Low Bid &m Bell Telephone 4s....1908 J-J 100 J'ne'08 981 / 4100 Am Teter & Tal coil tr 48.1929 J.j 87 L Sale 871 871 12' 781 8712 / 4 2 / , 4 / 4 Convertible 4......... 1036 M-S 844 Sale 833 ... 841 36. 807. 863 / , 4 Am Writ Paper 1st s t5s g 1919 j.,1 4 11783 Mar'08 4 1783 ¶783 4 AtcnTop & ki Fe gen g 48-1995 A-0 96% 97 975 8J'ne'08 .... 961 994 / 4 Adjustment g 415 87 Apr'OS J'ly 1995 Nov 86 85 1187 • 853 J'ne'07 J'ly 1905 M-N 86 Stamped 8 Doston Elect Light lst 63.11/08 M-8 1924 ALS 110 Feb'04 Consol 5s 1016 J -J Boaton & Lowell 4s 101 Sep '06 1944 J-J / 4 8 Boston 51; Mame 41 114 Mar'06 • Boston Terminal lst 3125 1947 F-A 11212Jan'03 1918 J •J Bur & Mo Riv ex 68 104 Oct'07 1918 j -J 102 105 102 Sep '05 ... . . Non-exempt Os . .. 081 / 2 . 1910 J.J Sinking fund 4s 984 Apr'08 - 97 981, frittte & Boston 1st tis., 1917 A-0 100 J'ne'01 Cedar Rap & Molt 1st 75 1916 M-N 117 117 117 1 117 117 ild 7s 1909 J.1) 1111Ply'05 / 4 Cent Verint 1st g4s..May1920 Q-F 80 80 J'ne'08 76 804 013 & Q Iowa Div 1st 58 1919 A.-0 ¶103 Oct'07 Iowa Div lat 48 1919 A-0 963 3'ne'08 4 4 4 963 963 Debenture fos 1913 M-N 100 Apr'08 100 100 Denver Eaten 45 1022 F-A 977 J'ne'07 8 Nebraska Exten 4a Ha 083 s 1927 M-N 8 983 Apr'08 8 Bde SW 5148 1921 M-S 9712 M.ay'07 Illinois Div 312s 1940 j -J ¶89 May'08 86 ¶89 Joint bonds See (it Northern Ohio J e Ry & Stk Yds 58.1915 4•3 103 103 1034 2 99 1034 Coll trustrefnmUng g 431940 A-0 871 88 j'ne'08 .... 85 / 4 2 884 Ch Mil Jb St P Dub D 68_1920 J -J 122 Apr'06 .... ...... CU h1 & St 1' Wls V div 681920 J.J 126 lfeb'05 Chic & No Mien 1st gu 58.1931 M-N 99 Sale 99 99 99 4 05 Chic & W Mich gen 50.-1921 3-D 99 994 J'ne'08 .... 97 100 Concord & Mont cons 48 1920 4-1) 91 Dee'07 Conn do Pass It 1st g 48 1043 A-0 1124 Jan'03 .... ...... 1927 A-0 Current River 1st 58 104 Nov'06 . Dot Or Rap & W 1st 49-1946 A-0 81% May'08 82% 80 Dominion Coal 1st s f 66 1040 M-N 90 Feb'08 90 90 190z. M-N Fitchburg 65 98 Apr'07 1915 M-8 45 1031Apt'03 / 4 1927 M.S 48 146 96 06 Apr'0i, Freint Elk& bio V lat 08 1933 A.-0 ,. 12812 Apr'08 128 1284 1933 A-0 Unstampen let 68 140 Apr'05 . et Nor 0 il & Q coil tr 481921 J -J 064 Sale 964 33 924119714 97 Registered 4s 1921 Q-J 953 4 967 954 954 4 02 Illinois Steel deben 5s....1910 j.j Non-convert deben 58...1913 A-0 Ia Falls &Sioax 01st 75..1917 A-0 Kan C Clin its Spr 1st 5s. .1925 A-0 Kan C Ft S & Gulf 1st 78..1908 JD Kan C Ft Scott & M 6s....1928 M-N Kan C M & B gen 4s 1034 M-S Assented income 5s 1934 M-S Kan C es Al Ry(11 Br 1st 581929 A-0 Maine Cent cons 1st 7s...1912 A-0 Cons 1st 45 1912 A-0 Maro Hough& Ont ist68 1925 A-0 MexIcan Central cons 48 1911 3-J llit cons ino 3s Jan 1939 Ply 2(t cons Imo 313 Jan 1939 Ply Mich Teleplat 68 1917 J. J Minna Gen Elec con g 5s 1929 J-J New Eng Cot Yarn 58. .1929 F-A New Eng Teleph 65 1908 A-0 58 1915 A-0 na. 1916 A-0 New England eons g 5s. 1945 3- J Boston Term 1st 4s 1939 A-0 NYNIlle 11 con deb 3481956 .1-3 Old Colony gold 45 1024 F-A Oreg Ry & Nay con g 4s. 1946 J-D O'reg Sit Line 1st g 68 1922 F-A Repub Valley 1st a 1 6s. 1919 J-J Rutland 1st con gen 4128 1941 J.J Rutland-Canadian lat 481049 J-J Savannah Elec lstcons 50.1952 J -J Seattle Elec 1st g 5s 1930 F-A Terre Haute Eleo g os 1929 J -J Torrington 1st g 5a 1918 M-S Union .Pac RR & 1 gr g 48 1947 J-J 20-year cony 45 1927 J-J United Fruit cony gen 56 1911 M-8 US Steel Corp 10-60 yr 58 19133 34-N West End Street Ry 4s. 1915 F-A Gold 4¼s 1914 MS Gold denenture 4s 1916 M-N Gold 4s 1917 F-A Western Teleph & Tel 58.1932 J -J Wtsconein Cent 1st gen 481949 J-J Wisconsin Valley Is., 78..1909 J -J Price Friday July 3 Week's R Range or Last Sale Price priday Ju/y .1 Week's Since* Range or 3a Last Sale 41" January 1 Bid Ask Low litgli So Low nigh 99 .9 '38¼ May'08 .... 974 t4 / 4 98 971 98 98 it 95 981 / 4 117 Ape°. .... 117 117 96 Mar'08 .... 90 96 101 J'ne'08 ... 100 101 116 1151 115¼ / 4 2 1094 1161 / 4 89 89 j'ne'OS ..... 8712 91 85 88 884 May'08 .... 884 881 / 4 99 May'07 113% Nov'06 1014 SeP 1,5 ' 115 rne'08 .... 113 115 185 J'ne'08 .... 74 85 116 Apr'08 .... 116 161 / 4 115, ApeU8 .... 1115¼V15¼ 4 , / 4 1021 Aug'04 .... . . .. 98 1 .98 98 98 98 100 Feb'08 .... 100 100 1001Jan'07 / 4 . / 4 186 J'ne'08 ... 791 88 1011Sep 06 / 4 ' 11027 8Jan '05 1121% D1ar'06 102 Aug'07 10712 Nov'05 .... ...... 102 Mai'02 .... ......981May'06 ... / 4 100¼ May'08 ... 100121004 2 97 Apr'07 .... ...... 991 Nov'06 / 4 11997 Feb'08 .... 1997 8 811997 s 11913 J'ne'08 ... 184%1913 4 4 116 Jan '08 .. 116 117 1961 11973 12 186 197.4 / 4 4 3 9(34 Feb'08 .... 964 96.Z4 95 Nov'07 ... ....... ... 102% Jan'06 99 12 May'07 914 Sale 901 4 914 10 79 95 119412Sep'05 8 1095 Aug'05 .... ...... Nars-Buyer pays accrued merest in addition to the purchase price for all Boston Bonds. " No price Friday; latest bid and asked. 11 F at price. Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly Shure Prices -Not Per (Jennies Price.. Baturday June 27 •6 •1(2 .10 •434 •31 10% •4 .214 53 4 88 604 8018 4 383 8310 15's 557 6 *403 4 49 80 Monday June 29 2'ue.sday June 30 Wednesday July 1 10 441 '434 441 .434 414 .434 4 4 / 4 / 4 31; 311 311 313 :313 5 6 31% 4 10% 103 / 4 4 105 8 10% 101 103 •4 5 5 5 *4 *4 / 4 / 4 221 .211 221 22 22 / 4 •21 12 .53 *57, 4 6 6 53 4 87% 88 88 871 88 / 4 88 601 6n.114 603 61 607 / 4 8 4 61 8 11 18 13 1310 Pia / 4 6 604 / 4 4 803 s 601 60% 603 61 .38 / 4 383 4 38% 383 4 381 39 6 1114 91 91 / 4 / 4 04 •93 15% / 4 5 151 153 15% 151 16 / 4 4 4 564 55916 5 0310 561 563 56716 .41 *41 •41 . *41 41 414 414 414 4114 491 4 4914 493 8 49 49 49 / 4 / 4 804 884 864 z831 851 85 DE1.1'111A Inactive Stocks Allegheny Val pref....50 50 American Cement 100 Amer Pipe Mfg Bell Telephone(Pa) 1011 50 Cambria Iron Central Coal & Coke.100 00E801 Trao ot N J...100 Diamond State Steel 10 11 Preferred Easton Con Electric G 50 Eleo Storage Batt. ...100 Preferred 100 1f1 Wayne &W V 100 Germantown Pass 51 Indianapolis St 100 Indiana Union Tr.. 100 Insurance Coot N A..10 Inter Sm Pow &Chem.50 Keystone Telephone..50 50 Preferred KeystoneWatchCase.100 ..10 Lit Brothers 50 Little Schuylkill &Unciall & Schttyl H 50 N Haven iron & Stee1.5 50 Northern Central North Pennsylvania. 50 50 Pennsylvania Salt Pennsylvania aoee1..100 100 Preferred Phila Co(Pitts))ref .50 Phil German 8s Norria.50 50 Plula Traction 10 Railways General Busquen Iron & Steel..5 10 Tidewater Steel 10 Proitrred Tonopah Mining of Nevi 10 Union Tr of Ind United N J RR &0 10( Unit Tract Pitts pret..50 Warwick Iron& Stee1.10 West Jersey ifs Sea S1i.54 Westmoreland Coal....50 Wilk,- 14.9 A: Eiffe 10( 441 4 31% 103 4 5 224 6 88 61 Pie 60.8 384 03 8 16 56% *434 311 / 4 10% *4 .2112 57 8 87% 4 603 601 / 4 ft383 4 94 10 551310 '41 4114 '414 494 4914 8614 843 4 44'4 31% 10% 224 6 88 61 6014 383 4 94 1.7 67 42 50'. 85 t da). 25 73 90 62 , 1214 1014 Balthuore Con.Gas EL L.& Pow 100 Do pref 100 16 Northern Central 50 45 Seaboard(new) 100 Do 2d prof ..10q 8 United By & Electric.. 50 Range Since Jan 1 bus Lowest 20 65 80 4 10 10 Jan 15 Mar25 Jan 2 Feb12 Feb18 Jan b Philadelphia 10 American Railways.... 50 423 Mar 9 441 4414 / 4 4 31% 311 842 Cambria Steel / 4 50 267 Feb 10 8 1314 Electric Co of America 10 8¼ Jan 25 10% 10% Gen Asphalt tr ctis ....100 34 Jan 9 •4 5 Do pref tr etre -.100 197 Jan 6 10 23 .21 8 490 Lake Superior Corp....100 3% Feb29 •6 64 568 Lenigh & Nay tr ctfa 50 784 Jan 2 88 88 3,939 Lehigh Valley 50 525 Feb21) 61, 61 8 100 1516 Jan 20 Ole 191 1,612 Marsden Co 50 54.16 Jan 2 601 6071e 1,652 Pennsylvania RR / 4 / 4 334 Pluladelp'aCo(Pittab) 50 341 Mar 39 .38 / 4 9'. 9% 1,643 Philadelphia Eloctrict 26 51 Veb27 167 17% 26,766 Phila Rapid Transact 50 121 J'ne 9 / 4 6 5613, 65616,30,361 Reading 50 46316 Feb 17 42 50 39 Jan 3 Do 1st prof •41 .411 42 .1 / 4 50 371 Jan 2 Do 2d pier 700 11,405 Union Traction 503 / 4 8 60 z441 J'nel0 50 7316.1an 8518 854 3,012 United Gas Impt 27 Welsbach Co •25 100 25 J ne22 PHILADELPHIA Bonds Al Val E eat is 1910 A-0 Alt &LVElee 4 48'33.F-A Am Rys cony 5s 1911.J-1) At! City 1st 58 g'19.M-N IOU Balls Ter 1st 55 1926.3-D 44 45 Berg& EBrw 1st66'21 J-.1 Betide Steel 68 1998.Q-F Choc& Me 1st581049 J4 Ch Ok & G gen 51PD1 34 Col St By 1st con 58 1932 Con Tract of N 1st 58.'33 304 32 E &A 1st 515s 1020 M-N Elec & Peo Tr stk tr etfs Eq Ii Gas-L lot g 5s 1928 H& Drop con 5s'25 A-0 Indianapolis By 48.1933 Interstate 4s 1943 ..b` -A 211 22 / 4 Lehigh Nay 445 '14.Q-3 1914.Q-F Rita 48 g 5¼ 6 25 Gen M 448 g 1924.Q-F Leh V C 1st 5s g '33. J-J 15 Leh V ext481:A1948.3-D 16 M-S 2d Is 1910 Consol 65 1923 J-I) Annuity 6s 3-D Gen cons 4s 2003.M-N 100 Leh V 'Iran con 48'353.1) 1004 New Con Gas5s1948 J-D Newark Pass con 5s1930 9(1 NY Ph& No 1st48'3934 404 411 Income 4s 1939 51-N / 4 NoOhloTrac con58'19.34 874 4 Penn gen Os r 1010-Var Conaol 56 r 1919. .Var Penn cfa Md Steel con 6s. Pa & NY Can 5s'39.A-0 A.0 Con 48 1939 ..... 735 7% Penn Steel lat 58'17 51-N People's Tr tr certs 48'43 244 P Co 1st& col tr 58'49 M-S Con& col tr 58195151-N 49 4 7.4 73 Phil Elea gold trust etre 49 Trust certifs 48 P 04, it geu 516 g'2U.A4) Gen M 4s g1920..A&O a8kod; no si1108 Ask Bid July .20 .70 '8814 6% 6% .64 12; •12 .12 *10 .10 89 914 9/4 89 .6 6 •12 .12 104 .10 101 10 / 4 Thursday July 9 Sales , A ur v 11 STOCKS of the Week (For Bonds and inactive Stocks see below) Shares Bid Ask 9712 104', 112 102¼ 1061 / 4 893 90 4 38 102 39 1083 4 107 117 1434 4 944 943 104 104 110 103 12 1)5 99 993 4 65 69 PHILADELPHIA Ph & Read 2d 55'33.A-0 Con 31 75 1911 J-D Con M 63 g 1911. J-D Ex Imp M 48 g'47 A.0 Terminal 5s g1941 Q-F P W & B col tr 48'21 34 Portland By 1st 58 1930. /loch By& L con 58'5434 U Trae Intl gen 58'19.34 Un Ry8 Tr etls 48'49J&J United Ry8 DIV 1st coil tr sf5a 1926 M-N U 'frac Pit gen 58'97 34 Welsbach s 155 1930.3-D Wlks-B G&E con58'5534 BALTIMORE Inactive Stocks Ala Cons Coal& Iron 100 Prot 100 Atlanta& Charlotte 100 Atlau Coast Line RR 100 Allan CoastL (Conn)100 Canton Co 100 Cons Cot Duck Corp. ..50 Preferred 50 Georgia Sou & Fla...100 1st prof 100 100 2d pref 100 -B-S Brewing 0 Bonds Anacostia & Pot 58 All & Ch ext 448 '10.34 Atlan (2 L RR481952M-3 All Coast L(Ct)ctla553-1) • Ctfs of indebt 4s. J-J 5-20 yr 4s 1925 Belt CPasa lat53'11 M-N Belt Fundg 58.1916 51-N Exchange 34:1193034 Balt& P 1st68m1'11 A-0 Ball Tree 1st 5s..'29 51.11 -D No Bait Div 5s 1942j Cent'l Ry con581932 Ext.& Imp 58.1932 MS Chas City ity lac 5s'23J-J Bid Ask 1074 116 985 8 67 733 74 4 105 694 '70 69 27 80 89 91 190 2()0 821 85 / 4 21 23 80 85 34 4; 100 1004 99 100 914 9112 92 94 70 73 80 101 102 108 103; 1/5 96 1024 1074 / 1 111 113 108 110 107 100 Range /or Previous Year(19(17) liighest Lowest Highest 271 May13 / 4 76 Apr23 9INJ'ne23 AlayiS 13 blay18 117 Mar28 6 331Jan / 4 80 May 781 Nov / 4 10 Nov 24 Dec 814001 35 Jan 85 Jan 97 Jan 234 Jan 48 Jan 15 J'ne 443 Apr24 434 Dec 51 Jan 4 31% May114 22 Oct 47¼ Jan 107 J'ne22 6 77 Oct 1135 Jan 6 5 Jan 2u 3 Oct Jan 25 Jan 18 13% Nov 36 Jan 94 Api.16 4 Dec 16 Jan 92 blay19 69 Oct 103 Jan 634 May lb 481 Oct 787 6Jan / 4 27 Apr24 8 '.Nov 212Jan 02 May19 z52 Nov 7011 / 40Jan 41 12 Apr24 333 Nov 46',Jap 4 ti./.4 Vile I Ole Nov 9 Apt 18. Mar18 812 Noi 42614 May 4 59% Mayl 353 Oct 693 6Jan . 42 Jan 20 30's Nov 453 8Jan 43 May18 32, Oct 47 Jan 2 561 Apr23 417 No, 60%Jan 4 8 87¼ May b 664 Oct 9618Jan 25 j'ne22 25 May 30 Feb BA LTI.111)ILE Chas RyG & El5s'99 M.S Char!C& A ext.58.'09 34 267s 1910 A-0 City& Sub 1st 58.222 J-D City& Sub(Was)let58'48 Coal & I Ay 1st 58'20E-A Col&Grnv lat6s.19163-.1 etniaol Gas 65 1910 -I) 55 1939 J-D Ga& Ala 1st eon 58'4534 tiaCar&N 1st58 g'2934 Georgia P 1st 6s...'22 J4 (.4880& Fla 1st 5s 194534 G-B-S Brew 3-481951M-8 26 Income 58 1951 51-N Knoiv Trac lst 58'28A-0 Lakelt El 1st gu5s'42111-8 Macon Ity&Ltlat58'53.74 Memphis St 1st 58'45.14 MetSt(Wash)latbs'25F A Mt Ver Cot Duck lot 5s. Npt N&O P 1st 50'38 51.-N General 58. .1941 M-S Norfolk St 1st 55'44..34 North Cent 4148 1925 A-0 Series A 5s 1926. ...J-J Series B 58 1926. Pitt Uu Trac 55 1097.3-3 Poto Val 1st 5s 1941..J4 Say Fla &West55'34 A-0 Seaboard A L 481950 A-0 Saab & Roan 5a 1926.34 South Bound 1st 5s. .A.0 U El L&P 1st4128'29 51-21 Cu Ey& El 1st 43'49 51-8 Income 4a 1949 3D Funding 58 11136...3-D Va Mid 2d ser ha '11.51.S 3d series his 1916..M-S 4th ser 3-4-5s 1921.51-8 5th series 5s 1926.14-S Va (State) 38 new '32.3-3 Fund debt 2.881091.34 West N C con 881914 34 WesVa C&P 1st6g'11 Wil cf.: Weld 5s..1935.34 Ex-rights. U$7.0 paid. 14112'4 Pal& I $1314 paid. 4335 Davi a Receipt& b 9)25 paid. 64180 paid. .1118 Ask 871 90 / 4 1004 10212 100 1073 1u8/ 4 1 4 102 4021. 95 100 107 110 101 102 1071 108 / 4 911 100 974 9E04 109 111 102 105 43 44 147 18 , 101 103 107 903 92', 4 90 02', 107 110 74 744 105 105 1093 4 1093 4 102 93 102 1094 1101.2 551 501 4 / 4 103 104 1003 4 881 / 4 854 85, s 51, 4 ...... 103 103 103 90 91 110 10212 105 101 103 1051 107 4 d4:142 hi Paid THE CHRONICLE 32 [VOL. LIDOETII. Industrai and .(kisce "so Ask Bra Ask 20 64 6) Consol Car Heating__10i) 13 212 100 110 (mils Ely Lgtdeitefrig_100 Consol Rubber Tire100 6 100 TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE 50 re,et 60 20 _. DAILY. WEEKLY AND YEARLY. 25 40 32 92 1) Coil trtureA;:1)51A 1(112 45 l)57_jl: -- Consiteanshit!1- It 30 - :;s breferred_ Stocks. Railroad. ici Corn Prod Ref See Stoch EEC list 105 U.S. State &c., Week ending 10G 578 6 95 105 eCruelble Steel Bonds. Par value. Shares. Bonds. Bonds. 1908. July 3 41 65 55 ePreferreci *7 . lO 85 69 Cumbt•rland Ely Cspper $55,500 123,415 $11,144,000 $826,500 Saturday 128 eDiamond Match Co..101., 160,000 351.673 30,967,030 1.900,000 Monday 10 *11: 134 Dominion Copper Ferry Companies 295,000 175,129 15,594,400 1,480.000 Tuesday 6 *314 3 4 3 Douglas Copper 3 Brooklyn Ferry stock 100 241,000 152,194 13,274,400 2,107,500 Wednesday Econ'y Lt & 13 (Joliet, Ill) 95 B & NY 1st es 1911J-J 890 $2,000 290,500 109,349 2,630,500 9,452,400 Thursday 18 1st hi s f g 5s 1956_J-I) $07 65 249,500 1,833,000 6,922,000 Friday 73,764500 NY &ER Ferry stk..100 50 25 100 16 Electric Boat M- N 50 1st Os 1922 100 Preferred 88 $2,500 N Y de Hob Is May 46 J-D 485 985,524 887.355.150 $10,786,500 61,297,500 Total 100 Electric Vehicle Hob Fy lit 5s 1946M-N 4101 103 100 8 Preferred NY &NJ Is 1946____J-J 495 IA Jan. 1 to July 3. Week ending July 3. Sales at 10 100 35 Empire Steel 10th & 23d Sts Ferry_100 25 New York Stock 56 100 45 Preferred 00 1st into 55 1919 J-D 450 1907. 1908. Exchange. 1908. 1907. 15 eFederal Sugar of N Y See Stk E x list /Union Ferry stock_100 13 66 M- N 78 82 eGeneral Chemical__ _100 55 elst Si 1920 118,834,501 84,984,745 -No, shares Stocks 985,524 2,189,364 90 100 ePreferred $7,584,524,125 $10,084,974,035 Par value $87,355,150 $102,792,550 Goldtkid Consol Mlnesr° *5310 538 10 Short-Term Notes $184.700 Arn Cig ser A 46 '11__M-S 49412 9514 Gold Hill Copper $114.000 Bank shares, par $7,000 1 *5, 7ss Bonds. 1012 Ser B 45 Mch 15 '12M S 4902 9314 Greene Cananea $450,800 Am Tel de Tel g 55 10 J-J 408I2 $371,820 14 $2,500 $2,000 Government bonds.-' *34 Greene Consol Gold.._. `,, 27,689,900 Allan Coast L 55 '10-M-S 99)11i 9812 Greene Gold-Sliver.. 58.685.500 10 560.500 State bonds 1,297,500 38 *14 212,528,300 Bait & Ohlo Is 1909-M-S 10012 1003 Cluggenhe!m Explor' 100 145 160 395,018,100 8 RR.and misc, bonds 4,220,000 10,786,500 j. s 2 g aciWate 2Co Ches & Ohlo6s J1y1 '10J-J 41003, li s58 eliAcc i en . op 11:.. j $454.075,420 $240,669,000 Chic Ft 1 & Pao Os '09A-0 490 Total bonds 83 $12,086,500 $4,782,500 100 30 1E" Chic & W Ind 5s '10..F&A 110018 10012 Hall Signal Co 11 8 Havana Tobacco Co...100 DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA Cln Ham &D4SO '08 M-S 50 60 100 19 21 Preferred C C C& St L 5s, June '11 49672 :0014 EXCHANGES. 80 1st g 3s June 1 '22...J-D 46 Consol Gas es 1909- F-A 4101 10138 9312 Hecker-Jones-Jewell MIL Erie 6s, Apr 8 1911__A-0 498 M-S 100 1st 6s 1922 Boston. Interb B T g 6s1011 M-N 8100 10012 45 9712 lier'g-Hall-Mar, new_100 30 M-S 497 Week ending Os Mch 1910 Bond Untieled Hoboken Land de Imp100 Listed 95 Bond July 3 1908. Listed Unlisted Kan C So g 55 Apr '12-J-J 493 ftl-N 4164;shares. sales. shares. sales. , Is 1909-M-S 4 3 shares. shares. Lack Steel g 2;100 0 e s ef Houston 5pre l (411 M-S 488 Is g 1910 35 100 21) 1,286 7,988 $26,900 Lake Sh & H So 53'10 F A 410034 1 $82,000 1.4 5 Saturday 2,176 6,153 100 100 110 r f Realty 6,870 edste.s oeri a a 15,343 51,503 Lou de Nash g 58 '10-M-S 4991 j 548 luron lredl 8 iN1 144,000 4,385 Monday 15,950 )( 0) 1,841 13,960 1I-R d corn .1( 0 50 42,422 Mex Cent Is July 1 1910 49/ 62,000 2,162 Tuesday 9,482 80 2,583 9,798 30,042 Mich Cent 55 1910 8 -A 11003 100.000 -F 1,597 - 6,869 Wednesday-16 e5 Intern/WI Bank'g Co_10u 100 1 2,530 16,407 -A 492 168.000 74,197 Minn & St L g 5s '11-F 1,039 0,275 Thursday Int'n1 Mer Mar See Stk 2,350 Exc um 15,917 110,000 74,308 Missouri PacIfic3,328 Friday 10,660 90 100 80 9912 Internael Nickel convop F-A 498 68 80 100 70 17,460 $305,377 Natofilex Os eat to'01.1 A-0 49034 10012 79,413 Preferred 14.C87 $726,000 58,389 Total 18 F-A 41004 100% International Salt__10t, 15 N Y Cent Os 1910 58 A-0 to 1st g 55, 1051 N Y C Lines Eqp 5s'08-22 e418% 412% 100 9 5 '08-'1Z 410018 1011s. internat'l Silver NYNH & H 5s 53 100 51 Preferred Norf & West Is 1910M-N 49938 997, 10312 1051s, RR 55 Mch 15 '10 M-s 410034 Pa J-1 36 A weekty review et (Auricle Market will be lounti on a preceding page. ea Lackawanna Steel....-106 34 " 6s1948 StLMS'east 43es '09-J-D Lanston 8ionotype-20 *93 1034 4 480 90 St L&SFg4 100 100 200 98 Lawyers' Mtge Co Street Railways Bid Ask Sonth'n coil tr Si'09-A-0 499 Ski Ask Street Railways -A 480 88 eLeh ie Wilkes-B Coal 50 90 110 South By g 55 1010-F Pub Serv Corp N J (Con) Neu York City 100 125 135 ril ainthern By es 1011.M-N 49112 0812 Lopr J C Bob & Paterson24 Bleeck St & Ful F stk_100 17 100 99 102 Preferred Tidewater 65, 1913, guar 408 98'2 116 M- N 68 43 fg 1949 80 e 1st mtge 4s 1950-J-J U S Rubber g Is '09-M-S 49712 9814 eLorillard (P1, pref_100 125 136 So J Gas 11n& Trac_100 114 116 I B'y & 7th Ave stk__100 160 140 20 Madison Se Garden...100 10 92 95 Wabash Si, May 10 1909 480 M-S 494 Gu g Is 1953 100 •2d mtge 58 1914__J-J 93 M-N 80 3d es 1019 70 Westingh El&M 63 1910 489 94 1001 No Bud Co Ry6s'14 J-J 4105 Con 531043 See Stock Exc list 2 ' J-J 1 4 94 eManhat Beach Co___100 Wheal & L E 5s 08-F-A 189 53 1028 B'way Surf 1st 5s go 1924 100 105 Manhattan Transit__ __20 *15 8 178 Railroad 103 Ext 55 1924____M-N r Cent'l Croaern stk _100 90 130 10 Mitchell Mining 12 Pat City con Os '31_J-D 4116 120 Chic Peo & St L pref_100 e 1st mtge 6s 1922..M-N 100 1.10 8 2 Monongahela ft Coal__50 41 4- ' 43 Deposited stock 2d 65_1914 opt A-0 4100 Cen Pk N de te R stk 100 75 100 e 50 2738 Preferred UndePosi ted s Lock _ _ 2 Ch e Chr't'r de 10th St stk 100 90 120 So Side El (Chic) See &S c8.go list Mortgage Bond Co__100 00 se lien g4 Ses'30M&5 80 Prior 101 10112 Col & 9th Ave 5s See Stock Elie list Syracuse R T 55'46 _hl 58 Nat Bank of Cuba_100 98 Con mtg in Os 1930_J&J 48 Trent P & H Is 1943..J-D 405 100 DryDEB&B100 140 14712 National Surety Income 58, July 1930__ 10 95 United Rye of St L-D 90 • lst gold 53 1932-J Nevada Cons'd Copper_5 *113 117s• Subway 100 18 100 602 61 Chic 4 ly 18 187 1912 Com vot tr ctfs 56 e Scrip 55 1914____F-A 30 Nev- U tali Min & Sin _ _10 *23 4 275 100 Ft W & Den Cy std_100 90 400 e Preferred stock_100 225 303 Eighth Avenue 40 eNew Central Coal_ _ __20 25 Nat Flys of MexicoGen 48 1934_ _See Stock Ex° list e Scrip 8s 1914____F-A 100 105 N J Ter Dock & imp_100 4 As'57(w 1)J-J 91 Stk 92 Pri lien ob'. e 42d & Or St toy stk_100 225 300 UnitRys SanFran See 100 Exc list See Stck Gen 61 451077(w I) A-4) 84 4 843 NY Air 13ralte Gs1011_M-s Exc lIst 30 Wash By & El Co 20 Ave_100 30 420 St Si & St N N I Biscuit (Ss 100 100 78 Preferred 79 North'n Securities Stubs_ 100 125 e 1st mtge Os 1010_M-S 496 f 50 *30 33 eNew York Dock____100 Pitts Bess & L E 48 1951 J- D 80 81 60 2d Income Os 1915_J-J 40 100 72e, ePreferred Preferred 50 *60 100 418 Each ange list e West Chicago St -See Stk Inter-Met N Y Mtge de Security _100 140 e Con g 5s 1936 nets M-N eHalIroad'Securities CoLex Av &PavF 55 See Stk Exc list 4 N Y Transportation___20 ln C stk tr cfs set A '52 -Metropol St Fly See Stk Exc list Niles-Beni-Pond coin _100 00 100 Gas Securities Seaboard Company stock.._100 110 130 5 1:17 Ninth Avenue 718 Niplasing Mines 100 20 New York 40 let preferred 100 Second Avenue stock_100 90 105 Cent UnGas 58 g eOutario Silvei 4 5 43 Cora & 20 pref-See Bait Exc list 00 93 e 1st mtge 55 1900- M-N 24 1u0 40 Otis Elevator corn....100 35 -See Stk Exc list Seaboard Air Line 92 Con Gas (N Y) 1948.___F-A 87 IOU 88 95 Consol 53 Preferred 100 140 150 Coll Is ext May '11 M-S 488 Mutual Gas g) I rig _ -1 ) 203g e Sixth Avenue stoelc_100 100 120 e pr bfer h n- Union Pacific 45 See Stk Each - st" Plttse u rfedBrow New Amsterdam Gas 111) 4034 Sou I3oulev Is 1945__J-J 480 Industrial and Miscei 1st consol Is 1048_ _J-J 93 91 _ A-0 490 100 So Fer 1st Is 1919_ Pittsburgh Coal_See Stk 11 .:xe list deERGas 1st 55'44 J-J 95 100 Adams Exp in 4s 1947J-D 389 NY 8912 Pope Manufacturing_100 12 Third Avenue-See Stock Exc list i8 25 70 s75 Consol Is 1045 87 94 Ahmeek Mining 100 15 Tarry W P & 51 55 1928 $70 90 1st preferred 30 100 115 Alliance Realty 85 N Y & Richmond Gas 100 34 45 100 YkersStFtR5s 1946 A-0 480 241 preferred Allis-Chalmers Co 1st mtg Is 1027--M-N 86 01 50 Nor Un 1st pref_11.10 -53" 10212 28th & 29th Sts 1st 5s '96 J-J 471 j 5s 36 opt '16 72 Pratt is: Whim 75 50 325 e Standard Gas com 100 •Twen ty-Thlrd St stk 100 2 Beatty Assoc (13klyn) 100 115 120 100 n 70 100 100 137 140 American Book e Preferred 90 coin 100 140 150 Union By 1st 5s 1942 FA 485 Brass 100 105 110 Royal Bak Povvd M-N 4100 103 American 1st Os 1930 85 Pi.eie.i.cl____ _ luu 97 100 Westchest 1st Is '43 J-J 470 American Chicle com.103 187 192 Other Cities 5: Lt-100 113 116 Brooklyn 100 93 Preferred 96 Safety Car Heat Amer Light de Tract_100 10614 10712 25 Mining Atlan Ave 55 1909___A-0 495 100 56 100 92 94 30 Seneca Mfg Co Preferred Am Graphophone corn100 100 450 A-0 492 08 Con 5s g 1031 Preferred 50 100 65 Singer Bay State Gas s 1 7 BB&WE 58 1933-A-0 93 100 12 ---4 3 Standard Cordago_100 100 gc Amer Hardware Blugh'n Gas 58 '38_A&0 00 Brooklyn City stock___10 180 180 1st M g Is '31 red_ A-0 22 28 AmMalting 68 1914--J-D 99 Ric Brooklyn Union Gas deb Con 5s-See Stk Each Bac list Adjust Al 53 Apr 1 1931 214 314 100 elds 1009 cony 1907_M-S 115 118 Amer Press Assoe'n_100 comlUll 30 53 1941 A-0 95 100 Bkn Hgts 15t Standard Coupler 40 412 6 Am Soda Fount com_100 Buffalo City Gas stock100 Bkln Q Co & Sub See Stk Exc list Preferred 100 16" Standard Milling Co.._ lUu 100 110 1st preferred 1st Is 1047-See Stock Exc list WO Bklyn Bap Tran-See Stk Exc list 10 7 2d preferred 100 2 90 Bklyn__100 60 100 Con Gas of N J Is "36..J-J 485 100 31 e Coney 1st & Preferred 33 98 Am St Found 65 '35 A&O 4 94 80 Consumers' L H & Pow 1st cons g 4s 1948__J-J 70 Elis 78 1st Os 1030 81 50 14712 155 J-D 498 100 American Surety 53 1938 Brk C & N Is 1939..J-J 90 100 ' Oil of N J_10() 601 608 American Thread pref__5 *4 4 Elizabeth Gas Lt Co 100 275 43 Standard Gept&LorSt 1st 6s_M eeN Bost Stk Exe list & Am Tobac(new) com-100 320 340 Swift Is Co-See Essex & Hudson Gas..100 110 116 -See Stock Ezo list Kings C El 4s 1910-1014___J-J 99, 100 1st 2 34 50 Amor TYpefders com-100 35 Fort Wayne es 1925-J-J 40 Nassau Elec pref____100 Pacific 86 75 100 Preferred Bergen fai- Gas de El G 1st IsCo 100 53 56 Amer Writing Paper_100 95 98 eTexasda Coot N Coal_ IOU 105 115 A-0 Si 1944 Y ___100 "15-F-A 498 101 2 212 ritle ins lit 45 1951-See Stock Exo list e Gr Rap Tonopah Min (Nevada)_1 3 100 106 108 100 10 Preferred *712 7 4 21 Hudson Co Gas N W'bg&Flat 1st ex 4 S4s (3)111100 8 3 1st s f g Is 10 op'00-J-J 82 84 Trenton Potteries..___100 Indiana Nat & Ill Gas Steinway 1st es 1922-J-J 01" 50 Preferred, new 40 N 50 Barney & Smith Car_100 15 1st es 1908 21 Other Cities 100 30 40 Trow Directory 50 30 100 1111 120 Preferred -Indianapolis Gas 42 Buffalo Street By 62 Union Typewriter com100 57 A-0 485 15 95 eBethrm Steel Corp-100 13 1st g 5s 11152 let consol Is 1931 F-A 110412 10012 109 108 111 1st preferreu 100 40 6(3 /Preferred A-0 101 103 Jackson Gas Is g '37-A-0 40(4 Deb 6s 1017 100 102 105 2(1 preferred 50 110 125 100 50 Bliss Company corn Kansas City Gas Columbus (0) St Ry_100 9212 53 United lik Note Corp-5U *51 50 110 125 100 n 7412 70 Preferred 100 104 105 e Laclede Gas 50 *51 Preferred 63 Preferred 100 n75 _ Bond & Mtge Guar.. ..100 295 305 e Preferred Colurn Fty con 5s-SeePhi in list Borden's Cond Milk...100 136 139 eUnited Cigar elfg,pf_100 90 100 50 40 -Crosst'vvn 1st 55'33 J-D 4103 105 Lafay'eGas 1st 65'24_M-N 100 012 63 United Copper 4 100 103 106 Preferred LogdoWabV 1st 65'25 J-D 25 30 64 *Conn By & Ltgcom_ 100 60 100 25 30 Preferred 5 *438 41 8 British Col Copper Madison Gas 68 1926_ A-0 49912 106 100 65 75 ePreferred IOU . 200 4 Butte Coalition Mining 15 *2238 223 U S Casualty Newark Gas 6s 1944-Q-J 4126 60 100 50 Grand Rapids By U S Envelope corn-100 "ii 3 88 Casein Co of Am com-100 1 Newark Consol Gas 100 87 100 75 83 Preferred 100 90 95 ePreferred 100 40 J-D 410212 10312 Preferred 60 e Con g 5s 1048 e Louisv St Is 1930__J&J 4107 109 U SSteel Corporation Casualty Co of Amer-100 110 125 No Hudson L H & Pow Lynn & Bos 1st 53 '24 J- I) 41°012 102 Col tr s 1 5s '51 opt '11 4112 113 100 125 130 A-0 98 Celluloid Co 55 1038 0-Now On Rys do Lgt_100 1238 13 Col tr s f 58 '51 not opt 4112 113 8 15 Cent Fireworks cons boo e 0 & Ind C Nat&Ill_100 e Preferred 100 31 75 U S Tit Go de Indern_100 J-D 32 100 65 271, Preferred 65 1st 6s 1926 Gen Mg 4 SO '35 See S tic Es ifs-C Stk Hxc list 75 Central Foundry 100 214 eU tali Copper Co-See Pat & Pas Gas& Elec_100 70 114 North Chic Street See Ch icago list 30 Waterbury Co, com_100 Preferred 100 312 12 e Con g 5s 1949...._M S 898 100 80 Pub Serv Corp of N J .100 70 100 00 Preferred. 55 62 Deb (Ss 1019 op '01 hi-N 85 6812 St Joseph Gas Os 1937-J-J 475 Tr etre 2% to 6 TOperpet 68 Westchester & Bronx lit 100 180 100 Century Realty Coll Si g notes '09_M-N 805 9614 100 146 150 &Mtge Guar Electric Companies Chesebrough Mfg Co-100 400 430 32 North jersey St By 100 27 240 30 Western Ice 60 City Investing Co.__.100 65 1st 4s 1948 M-N 468 70 Chicago Edison Co See Ch cars list 08 WestIngh Air Brake-50 Cons Tract of N J....100 69 70 e Kings Co El L&PCo 100 113 115 eClaflin (H B), com 100 100 103 West El & Mfg 5s-See St lixc Ust 10(1 oo 95 elst preferred 4 Narragan(Prov) El Co 50 *863 913 J-13 4101 102 1st 53 1933 4 *18 3 I44 10 100 90 35 .. White Knob Min eat preferred New'kPasIty Is '30 J-J 410512 10012 NY&Q El L &PowCu_10) 30 8 *3 10 Preferred 100 60 70 70 Col & Hoek Coolest pf 100 65 -- Preferred Rapid Tran St By-100 235 246 Worthing Pump pref-100 100 105 79 J-J 1st g 58 1017 83 GO United Elec of N J-..100 50 A-0 4102 1st Si 11821 J- D 465 66 95 10112 1st it 4s 1040 Col tr 6s Oct 1956 J-J a Ex-rights. e Sens on Sta. Ex., but not very active t New stock, niNoinnial. a Sale price. x Ex-drf. 4 Buyer pays accrued int * Per share Volume of Business at 8tock Exco.anges Outside Securities 1 Telegr & 1 eiephone eAmer Teleg & Cable_10u eCentral de So Amer__100 Comm'i Un Tel (NY)_23 Ernp & Bay State Tel 100 100 Franklin °Gold & Stock Teleg _100 Hudson River Teieph 100 eN Y & N J Teleph_100 eNorthwestent Teleg__50 25 Pacific) & AtlanUc Southern de Atlan tic_ _25 33 THE CHRONICLE .JULY 4 1908 Xtraestnunt and Aailtoad Antelligeucc. RAILROAD GROSS EARNINGS. from which regular weekly or monthly returns The following table shows the gross earnings of every STEAM railroad two columns of figures give the gross earnings for the latest week or month, and the last two tan be obtained. The first 1 to and including such latest week or month. We add a supplementary columns the earnings for the period from July does not begin with July, but covers some other statement to show the fiscal year totals of those roads whose fiscal year subsequent page. The returns of the street railways are brought together separately on a period. Latest Gross Earninos. ROADS. Week or Month. Current Year. Precious Year. Latest Gross Ear,It's. July 1 to Latest Date. Current Year. Precious Year. Ala Great Southern --See Sout hern Bali way. Ala N 0 & Tex Pac. 57,000 2,753,674 2.890,552 44,000 N 0 & N East. r 1st wkJune 27,000 1,448,214 1,400,760 22,000 Ala & Vicksb-r 1st wkJunt 28,000 1,386,943 1,469,120 21,000 1st wkJune VIcks Sh & Pac_r 38,779 3,003 38,735 3,313 Ala Tenn & North_ _ April 5,715,416 3,505,918 34,237,178 86,393,249 k Atch Top & S Fe. May 111,151 148,758 1,468,915 1,307,502 _ Atlanta Birm & Ati April 1,050,336 2,272,677 24,100,086 24,674,424 Atlantic Coast Lint %lay 5,032,494 7,370,840 613,172,530 75,047,837 Baltimore & Ohio_ _ :day 209,698 282,132 2,657,059 2,957,052 Bangor & Aroostook May 54,048 5,562 55,767 4,370 Bellefonte Central_ _ Slay 35,945,146 ',908,671 May Boston az Malne_r 38,352 43,223 3,438 2,965 April Brldgeton&Saco 8,622,570 - Rh wkJunt 168,447 251,531 8,366,337 1,346,265 Buff Roch & Pitts 189,262 154,740 1,647,802 March _ Buffalo & Susq---151,200 202,300 8,793,700 7,164,700 Canadian Northern. 3d wk Jutu 1,287,000 1,619,000 69,509,338 70,114,812 wk June Canadian Pacific_ _ _ 198,100 184,30( 11,123,012 11,859,850 wk June Central of Georgia_ _ 3d ",280,1136 2,464,508 24,922,887 24,249,172 Central of N Jersey_ May Jimc 161,907 103,775 3,232 1,818 South. 3d wk Chattanooga 1,817,620 2,390,935 23,919,848 23,366,180 Chesapeake & Ohio_ \fay 45,205 55,042 6,071 4,965 Chesterfield & Lane April 851,929 961,177 11,131,716 11,639,299 Chic & Alton By.-r May 22,004,807 5,567,591 May Chic Burl & Quin. r 140,941 172,431 7,859,167 8,749,537 wk June Chic Great West .r 3d wk Jun. 104,81f. 114,040 5,031,702 5,816,365 Chic Ind &.Loulsv_ 3d See New York Cen tral. Chic Ind do Southern 1,224,625 4,995,664 18,414,220 50,742,059 Chic Mllw & St Paul April 1,459,131 3,823,654 38,409,823 62,055,064 Chic & North West_ slay 900,938 1,055,200 11,933,418 11,882,716 Chic St P M & 0--r Slay 30,728 33,651 1,625,688 1,612,320 Chic Term Tran RR 1d wk June 520,071 6,766,772 Dayt_r April Olnklam & way. Cln N 0 & Texas P -See Soul hern Rail Ira. Cincinnati Northern -See New York Cen See New York Cen tral. Cloy Cin Chic & St L , 104,43:: 197,652 2,035,789 2, 38,900 Colorauo fklidland-r May 273,420 285,800 13,933,156 13,062,670 S Col & South Sys-1 Id wk June 210,690 205,533 28,384 24,929 _ February Col Newb do Laur_ 658,493 669,248 62,812 56,432 April Copper Range 201,792 112,956 18,06t May 4,981 Cornwall 320,379 222,491 38,015 18,832 Cornwall & Lebanon February .. 173,511 188,980 1,833,901 1,767,843 lay Cuba Railroad 1,464,284 1,681,207 18,148,317 16,821,337 May I Delaware & Hud 30,920,360 ',955,36( Del Lack & West_ _ May lth wIrJunc 526,10( 632,200 01,368,033 20,998,654 Denver & Rio Gr_ 24,981 1,153,338 1,272,283 23,19C Detroit & Mackinac 3d wk June 85,914 3,798,719 4,192,296 62,549 Det Tol & Iront Syt 3d wk Jun( 5,647.758 160,328 Dui & Iron Range_f May 68,409 2,861,632 3,148,407 49,522 Sh & Atl_--1 3d wk June Dul So 3,851,25: 1,866,662 15,670,370 49,000,879 day Erie See Rock Island S ystem. Evansville & Ter H 17,187 17,203 1,785 1,624 Fairchild& Nor le_ _ day 706,463 710,168 62,999 60,921 Fonda Johns & Glov %lay 195.751 232,304 2,732,087 2,806,023 day Georrla Railroad See Sout been Rail way. Georgia South & Fla 40,602,159 42,505,768 Grand Trunk Syst_ _ 3d wk June 825,675 883,825 5,626,679 5,746,819 77,830 115,672 Trunk West_ _ 1d wk June • Cr 26,211 1,615,526 1,682,219 20,673 Det Gr Hay de Mi. fd wk Jun 35,983 1,661,713 1,854,578 45,146 Canada Atlantic_ hi wk June 3,612,482 3,630,540 51,195,132 50,781,937 Great Northern Syst 'bitty 45,907 1,903,319 2,215,730 29,071 Gulf .3; Ship Island_ 3d wk May 303,603 669,337 5,393,142 6,232,802 _ day Hocking Valley_ 3,709,408 1.862,104 49,685910 51,727,739 Illinois Central _ _ _ _ Slay 6,755,044 8,600,27(1 Inter & Great North 3d wk June 118,00( 133,001 7,524,502 6,997,923 146,901 a Interoceanic(Mez) Id wk June 135,924 53,989 2,931,814 3,070,104 51,637 3d wk Jun. Iowa Centre 125,314 232,596 1,845,496 2,164,351) May Kanawha & Mich 869,269 8,282,673 8,365,528 596.42( Kansas City South_ May See New York Cen tral. Lake Erie & West'n Cen tral. York Lake Shore & M Sou -See New 2,982,167 3,164,357 32,443,535 32,261,828 Lehigh Valley. A day 473,276 428,923 57,508 35,265 Lexington & East_ _ \KB Inc. 167. 431 Dec. 21, 385 ,lay 'Long Island 983,910 954,657 120,264 97,481 & Arkan_ 1prli Louisiana 928,52C 13,518,15. 16.626,510 Louise & NasItv_r 1(1 wk June 787,041 158,325 136,163 11,273 9,522 Macon & illrmIngh_ May 7,826,21i 637,823 Maine Central ---r Slay 71,523 54,411 7,795 4,462 May ManIstlque 330,817 353,62". 33,188 31,417 Maryland & Penn_ _ May 2,794,474 2,995,982 12,869,441 28,492,1110 Slay Central 4 Mexican 154,169 196,040 8,084,451 8,327,295 a Mexican Internat.. 3d wk June 137,200 148,90C 7,602,591 7,250,400 Wk June a Mexican Railway_ 24,421 1,233,26( 1,252,378 24,312 Southern 2d wk June 4 Mexican -See New York Cen tral. Michigan Central 658,573 916,270 87,601 61,373 April .Midland Valley 769,007 788,936 16,463 16,734 3d wk June :Mineral Range 87,735 3,741,61e 3,764,563 70,708 .MInneap & St L-r- 3d wk June 12,403,490 'Minn St P & S S M_ Id wk June 192,671 266,715 11,198,213 24,070,797 1,485.33(1 ',271,841 11,553,551' Mo Kansas de Texas %Tay 15,709,078 .Mo Pac do Iron Mt-o 3d wk June 670,000 866,000 11,780,689 1,505,000 29,000 1,490,000 22,000 Central Branch-o 3.1 wk June wk June 701,000 895,000 13,270,689 17,304,078 system ---o Total 27,208 1,395,369 1,457,583 22,301 .b Mobile Jack & K C Wk Jun 13 804,194 1,122,311 (0,022,722 11,124,678 , Nash / Chatt de St L Slay Mexico 3d wk June 273,498 317,418 15,278,693 15,414,148 4 Nat RR of 905,587 962,643 16,482 17,782 3d wk June Hidalgo de N 157.975 , ' 330.16'. 11,74. fen Sri wk .Thne ROADS. Week or Month. Current Year. Previous Year. July 1 to Latest Dale. Current ear. Previous Year $ 3,782,232 ,033,2et 78,019,066 79,038,571 NYCdc Bud River April 3,09.),65. 1,538,630 .35,614,951, 35,006,054 April Lake Shore & M 324,002 402,123 3,990,410 ,,231,623 Lake Erie & West April 10.1,220 265,887 2,459,261., 2,186,319 Chic Ind & South April ',021,154 2,3(17,877 22,558,100 22,742,333 Michigan Central. April 1,734,810 1,138,884 .:1,249,414 21,055,843 Cleve C C & St L April 197,641 .223,232 2,440,390 2,519,332 Peoria de Eastern. April 862,152 769,007 88,327 65,913 Cincinnati North_ Apell 600,651 1,163,830 10,475,510 11,789,684 Pitts& Lake Erie. April 210.521 251,180 2,444,020 2,376,367 April Rutland 755,711 925,154 8,472,212 8,529,65.1 N Y Chic & St L April 1.5996557 19484401 18839255:. 191243841 April Total all lines_ 00,031 63,041. 9,956 5,88/ April Nevada Central_ 692,771 695,070 7,381,231 7,476,114 N Y Ont & Western May 48,692,88e 1,132,562 NYNH & Hart_ -r Slay 261,321 295,289 3,038,752 2,847,802 N Y Susq do West.. May 1,008,191 2,870,603 26,810,890 28,412,998 Norfolk & Western_ Slay 160,662 1,171,700 11,466,941 11,451,246 Northern Central.. May 1,982,472 6,731,127 63,876,148 82,592,755 Slay Northern Pacific 503,65t, 631,705 6,144,092 6,015,595 April Pacific Coast Co_ 99,851,228 '.931,693 Pennsylvania Co__r Slay 10810232 14532232 138379003 143319203 d Penn-East P & E May Dec. 6,20 3,400 Dec.2,0 i1,000 West of P dc E Stay 10,590,957 1,142,174 Pere Marquette_ _r March 1,370,358 1,485,758 15,465,032 15,202,732 Phlia Halt de Wash May , ,034,992 2,864,544 26,285,212 28,519,865 Pitts Cin Chic & StL May Pitts & Lake Erie -See New York Cen tral. 91,560 111,707 9,331 9,212 Raleigh& Southport Slay 1,294,932 3,995,916 38,720,430 39,537,558 Reading Company. May 3,075,765 3,407,558 35,937,336 35,418,019 'day Coal de Iron Co_ 6,370,697 1,403,468 74,657,766 /4,955,578 day Total both cos_ 198,870 197,126 1,623,067 1,563,350 Rich Fred & Potom April 682,16.9 683,878 63,373 61,744 April Rio Grande Junc_ 590,652 586,868 13,477 12,667 Rio Grande South.. 3d wk June 4,281,369 5,021,911 30,231,553 10,666,060 Island System April Rock 4,316,683 40,340,243 41,243,177 3,075,399 StL & San Fran April 159,506 191,353 1,887,942 1,918,037 Evansv do Ter H Aptil 7,516,274 1,529,947 92,459,740 32,827,275 Total of all lines_ April -See New York Cen era'. Rutland 120,218 131,187 1,362,255 1,434,044 St Jos & Grand Isl. April St Louis de San Fran -See Rock tslani S ystem. St Louis Soutinv.._ _ 3d wic June 1135,820 201,126 9,377,924 10,015,773 r1306.772 01422,346 r13315,702 o13628,40-April Seaboard Air Line 35,634 34,094 May Sierra Railway_ 116,380 128,703 1,711,353 1,444,612 Southern Indiana_ :May 3,228,257 11231606 114717613 114999972 c Southern Pac Co.. Slay Southern Railway.. 3d wk June 894,221 1,076,230 51,594,982 55,219,318 Mobile & Ohlo_ _ 3d wk June 145,118 189,131 0,359,691 10,383,698 Cln N 0 & Tex P. 3d wk June 130,765 180,670 7,668,377 8,149,279 72,492 3,444,018 3,857,480 61,244 Ala Great South_ 3d wk June 43,818 2,124,784 2,214,920 32,518 Georgia Sou & Fla 3d wk Jun. 991,319 1,211,778 21,990 13,703 3d wk June Texas Central 2135,210 263,717 14,071,143 16,252,606 _ 3d wk Jun. Texas do Pacific_ 85,429 81,769 10,810 6,194 Tidewater & ‘Vest_ May 231,236 430,285 3,836,290 4,427,119 Toledo do Ohio Cent May 30,807 1,184,475 1,259,246 29,443 June Toledo Peo & West_ 31:1 wk 06,357 3,718,421 4,086,433 62,471 ToledoSt L & West 3d wk June 59,384 55,568 4,630 4,722 Tombigbee Valley.. Slay 778,663 793,168 81,835 63,274 Tor Ham & Buffalo May 5,846,592 0,957,340 59,008,043 59,644,015 Union Pacific Syst_ 'day 8,478,331 615,060 May Vendetta 963,524 976,16, 96,463 82,930 Virginia & Sou West May 3d wk June 454,657 594,084 24,911,442 26,665,411 Wabash 440,871 525,479 4,803,587 4,550,459 April Western Maryland_ 419,750 450,750 5,214,634 4,849,83.4 Slay kV Jer & Seashore 98,880 147,066 5,126,225 5,817,085 Wheel & Lake Erie. 2d wk June 549,120 666,617 6,225.494 6,175,520 April Wisconsin Central_r 241,832 241,103 21,182 15,989 April Wrightsv dc Tenn 638,647 703,952 9,078,021 8,765,791 Yazoo & Miss Vail. May Previous Current Year. Year. Period. Various Fiscal Years. ran 1 to Bellefonte Central _______ Jan 1 to IDelawaro de HudsonJan 1 to Manistlque Jan 1 to Mexican Railway Tan 1 to Mexican Southern fan 1 to New York Central Lake Shore dc Mich Southern_ Jan 1 to Jan 1 to Lake Erie & Western Chicago Indiana & Southern. Jan 1 to Ian 1 to Michigan Central Cleve Cin Chic & St Louis_ Fan 1 to Ian 1 to Peoria & Eastern Jan 1 to Cincinnati Northern fan 1 to Pittsburgh & Lake Erie Jan 1 to Rutland New York Chicago & St Louis Ian 1 to Ian 1 to Total all lines Jan 1 to Northern Central d Penn-East of Pitts do Erie_ _ _ Jan 1 to a West ot Pittsburgh and Erie Jan 1 to Phila Baltimore & Washington_ fan 1 to Fan 1 to Pitts Cln Chic & St Louis 1)ec 1 to filo Grande Junction Jan Ito Texas & Pacific . , Ian 1 to \Vest Jersey h Seashnt 24,065 22,471 May 31 May 31 7,313,587 7,615,194 26,219 21,610 May 31 June 14 3,602,000 3,636,600 627,624 581,200 June 14 April 30 26,580,907 29,828,030 April 30 12,251,023 14,027,773 April 30 1,356,009 1,594,193 9911,843 954,288 Apr1130 April 30 7,845,061 9,086,395 April 30 7,241,464 7,823,456 922,210 871,976 April 30 310,987 243,61E April 30 April 30 2,613,167 .1,355,347 845,028 772,437 April 30 April 30 3,227,565 3,508.451 April 30 63,957,517 73,301,720 May 31 4,461,892 5,180,592 May 31 52,707,562 65,106,162 Dec. 9,4 54,000 May 31 May 31 6,309,894 6,697,094 May 31 10,019,170 13,181,840 318,639 287,274 April 30 June 21 5,793,217 7,941,576 May 31 1,773.228 1.790,928 -Weekly and Monthly. AGGREGATES OF GROSS EARNINGS Curnt Year Prey's Year ---$ 9,870,161 8,138,475 Apr (42 roads) ___ _ 8,247,262 10,007,732 Apr (44 roads)---_ ---- 10,827,078 14,207,506 Apr (45 roads) 9,81)1 ,307 7,511,345 May (43 roads)---7,958,788 10,166,254 May (44 roads) ____ 8,016.707 10,054,378 May (43 r03(ls)---15,219,751 May (42 roads)---- 10,817,742 9,963,558 7,993,521 June (42 roads) 8,280,764 10.263,171 Juno (43 roads)---8.344,918 10.158.774 _ June (41 roads) _ Weeklu Summaries. • 2d 3d 4th 1st 2d 3d 4th 1st 2d 3d week week week week week week week week week week' Inc. or Dec. -1,731,686 17.54 -1,320,470 18.08 -3.380,428 23.79 -2,079,344 11.02 -2,207,466 21.70 -2,105,920 20.80 -4,402,009 28.02 -1,970,037 19.82 -1 082,413 19.32 -1,813,856 17.85 onthly Summaries. Month Aug Month Sept Month Oct Month Nov Month Dec Month Jan Month Feb Month etch Month Apr Month May Cur'nt Year Prey's Year Inc. or Dec. S $ 1907 (121 roads). 197,288 033 175,726,323 4-21,561,710 12.27 (118 roads). 192 548,022 175 505.039 +17,042.983 9.71 1007 1907 (120 roads). 213,697,727 196,843,678 +16.854,049 8.56 1907 (120 roads) _ 189,988,564 184,197,391 +5,791 173 3.14 1007 (123 roads). 174,422,451 184,893,810 -11,471,359 6.20 1908 (122 roads). 151.758,406 172,283,006 -21,524,600 12.49 1908 (123 roads). 141,256,206 160,150,610 -18.894,404 11.79 1908 (120 roads). 162,495,089 187,435,350 --24,940,261 13.37 1908 (119 roads). 154,137,168 190,046,156 -$5,908,988 18.89 )- 42.073,897 55.395.677 -13,321,780 24.05 1908 ( 53 road8 ija baait earnings of Gulf & Chicago Division. c inelades the Houston is Texas Central and its subsidiary itaaslao/ndes es Indiana RR. k a Maxima currency. b Includes operated. e Includes the Chicago & nastern Illinois in both years. f Inelndes Evansville years. d Covers lines directly Brazos Valley RR. k includes In both yaws awaits, Trinity affiliated lines eseepttnr earnings of 001. & South.. Ft. Worth de Denver OitY and all Pe Prescott is Phoenix By. I These 11srures do not include receipts from sale of coal. ' and Santa the new of .)pneer Enid do Gulf RR., Pecos Valley SYsteln now or Inter-State Commerce Commission method. r These figures are on .0 FITires here are on the old basis of accounting-not the prescribed by the Inter-State Commerce Commissionbasis 34 THE CHRONICLE Latest Gross Earnings by Weeks. -For the third week of June our final.statement covers 41 roads and shows 17.85% decrease in the aggregate over the same week last year. Third week of June. Previously reported (18 roads) _ Alabama Great Southern Central of Georgia Chattanooga Southern Chicago Great Western Chicago Indianapolis & Louisv_ Cln New Orleans & Texas Pac Colorado Fc Southern Detroit do Mackinac Detroit Toledo & Ironton Duluth South Shore & Atlantic_ Georgia Southern & Florida_ _ Interoceanic of Mexico Mexican International Mineral Range Mobile & Ohio National Railroad of Mexico__ _ Hidalgo & Northeastern Nevada-California-Oregon Rio Grande Southern Southern Railway Texas Central Toledo Peoria & Western Toledo St Louis & Western..__ _ Total (41 roads) Net decrease (17.85%) ipoi. 1907. Increase. Decrease. ---r 5,497,546 6,794,745 1,297,109 01,244 72,492 11,248 108,100 13,800 184,301, 1,818 3,232 1,414 140,944 31,487 172,431 104,818 9,222 114,040 130,765 49,905 180,67, 279,425 6,381 285,806 23,190 24,981 1,791 62,540 85,914 23,365 49,523 68,404 18,881 32,518 43,818 11,300 135,024 146,901 10,977 196,049 154,164 41,885 16,463 16,734 271 189,13v 145,118 44,021 317,418 273,408 43,920 1,30, 16,482 17,782 6,622 6,740 127 13,477 12,667 810 894,225 1,070,230 182,005 21,996 13,703 8,293 30,807 29,443 1,364 62,471 96,357 33,886 -15,498 1,829,354 8,344.918 10,158,774 1,813,856 Net Earnings Monthly to Latest Dates. -The table following shows the gross and net earnings of STEAM railroads reported this week. A. full deatiled statement, including all roads from which monthly returns can be obtained, is given mice 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 18. -Gross Earnings- -Net Earnings Previous Current Current yer. Previous a Year. Year. Year. Roads. $ $ $ $ Atch Top & Santa Feb May 6,715,415 c8,505,918 42,473,784 43,002,931 July 1 to May 31 84,287,178c86,393,249427,036,489d32,559,397 Atlantic Coast Line_a__May 1,950,338 2,272,677 '448,634 .283,413 24,100,086 24,674,424 5,523,885 5,990545 July 1 to May 31 45 008 : Bangor & Aroostook__ 282,132 82,501 _ _May 209,698 2,657,059 2,957,052 July 1 to May 31 025,410 000,703 807,842 z Boston Fc Maine_ b_May 2,908,671 July 1 to May 31 35,945,146 8,899,331 Buff Roch & Pitts_ b___May 502,016 863,858 143,099 377,537 July 1 to May 31 7,816,950 7,784,118 2,954,197 3,047,828 870,600 131,800 Canadian Northern May 654,900 358,100 July 1 to May 31 8,338,000 6,530,000 2,272,200 1,785,100 Canadian Pacifica May 5,392,570 6,937,135 1,681,495 2,519,358 July 1 to May 31 65,828,338 65,399,812 20,116,869 22,888,202 636,737 Chesapeake & Ohio_ b__May 1,817,629 2,390,938 844,969 23,919,848 23,366,180 8,090,811 8,236,844 July 1 to May 31 3327,625 961,177 Chicago & Alton a May 851,920 3310,056 11,131,716 11,639,290 33,742,413 34,101,153 July 1 to May 31 849,366 z Chic Burl & Quincy_b_May 5,567,501 21,373,128 72,004,807 July 1 to May 31 Chic & North West_ b_ _ _Mayx4,459,136 5,823,054 x1,488,468 1,813,871 x58,409,823 62,955,064x19,652,032 22,027,572 July 1 to May 31 x284,669 Chic St Panl Minn & 0_ b May x900.938 1,055,205 x11,933,41811,882,716 x3,992,905 July 1 to May 31 c197,652 164,432 Colorado Midland _a__ .May 26,867 c45,018 2,035,789 c2,238,900 376,094 July 1 to May 31 c551,303 385,303 218,512 Colorado F0 Southern_b_May 066,785 1,126,754 13,205,378 12,213,536 4,350,576 4,054,584 July 1 to May 31 56,432 62,812 Apr 14,807 Copper Range- b 14,617 669,248 658,493 183,642 July 1 to Apr 30 22.5917 92,16 4,986 May 18,060 def52 Cornwall_a 112,956 201,702 July 1 to May 31 40,459 94,908 May 173,516 188,980 60,877 Cuba RR 70,588 1,893,901 1,767,843 668,384 July 1 to May 31 581,257 38,614 68,815 64,707 Cuyahoga Telephone Co..May 32,099 r516,826 Delaware & Hudson_b__May 1,464,284 1,681,207 r563,043 7,319,587 7,615,194 r2,600,198 r2,825,909 to May 31 Jan 1 1,258,889 zDel Lacka & West_ b_ _May 2,955,300 12,883,419 July 1 to May 31 30,920,360 472,316 Deny & Rio Grande_a.._May 1,470,890 c1,822,900 c622,153 18,794,133c18,985,754 5,981,990 c6,430,394 July 1 to May 31 118,877 91,738 25,783 Detroit & Mackinac_a__May 13,286 July 1 to May 31 1,086,488 1,196,445 267,968 203,082 160,328 zDuluth & Iron Range b May 951 July 1 to May 31 5,647,758 3,197,199 4.86,662 1,088,246 1,648,103 May 3,851,252 Erle_a 45,670,370 40,000,879 8,336,924 13,872,634 July 1 to May 31 May 664 195,755 232,304 Georgia RR-a 241 385,458 2,732,087 2,806,023 July 1 to May 31 472,733 831,243 z Great Northern_b_ __ _May 3,642,162 17,580,974 July 1 to May 31 50,735,307 17,852 609,337 May 303,003 Hocking Valley_a 247,624 5,393,142 6,232,802 1,350,739 1,910,058 July 1 to May 31 639,356 198,244 gInteroceanic of MexicoMay 604,976 191,839 July 1 to May 31 7,108,150 6,572,235 2,121,135 1,739,419 255,910 1:2,555 201,589 May Iowa Central-a 576,907 5763,81)3 5396,340 2,780,880 2,897,511 July 1 to May 31 232,596 21,437 125,314 Kanawha & MIch_a____May 50,133 175,832 1,845,498 2,164.350 July 1 to May 31 475,236 Long Island_ b dec21,385 Inc70,921 May Inc0.418 Inc167,831 July 1 to May 31 798,181 c1,109,340 Louisville do Nashv_ b_ _ May 3,259,673 c4,050,858 41,104,630c43,886,060 9,987,894c13,866,016 July 1 to May 31 123,079 xMaine Central_ b May 637,823 2,402,623 July 1 to May 31 7,826,216 10,711 Maryland & Penna_a_ _ _May 33,188 31,417 13,809 115,294 July 1 to May 31 330,817 353,627 113,450 089,438 gMexlcan Central May 2,794,474 2,995,982 807,031 July 1 to May 31 32,869,443 28,492,109 9,940,929 8,576,542 gMexican Internatl 276,175 May 620,162 821,540 290,570 July 1 to May 31 7,599,980 7,734,338 2,641,078 2,575,901 Minneapolis F0 St Loa_ May 326,101 kdf.24,786 k93,449 258,018 July 1 to May 31 k923,511 k,1,168,640 3,538,249 3,521,541 236,488 Missouri Kan do Tex_ b_May 1,485,356 2,271,841 825,194 July 1 to May 31 21,553,556 24,070,797 6,582,243 8,758.362 224,263 Nashv Chatt F0 St L_ b_ _May 804,194 1,122,311 226,440 10,022,722 11,124,678 2,244.453 2,298,325 July 1 to May 31 471,976 gNational RR of Mex__May 1,204,394 1,582,701 558,745 14,438,620 14,468,342 5,253,192 5,206,605 July 1 to May 31 [VOL. Lxxxvir. -Gross Earnings - --Net Earnings -Current Previous Current Previous Year. Year. Year. Year. Roads. $ National RR (f Mtx-(C=c1)Hidalgo & Northeast_May 76,589 84,286 19,553 18,942 , July 1 to May 31 006,223 910,265 220,714 239,088 N Y Ontario Fc West_a_May 092,772 695,070 252,159 214,625 July 1 to May 31 7,381,231 7,476,114 2,267,264 2,362,620 xN Y N H& Hart_ b May 4,132,563 825,142 July 1 to May 31 48,692,880 13,343,171 N I' Susq & West_ a_ ___May 261,322 295,289 97,812 71,006 July 1 to May 31 3,038,755 2,847,802 651.805 784,426 Norfolk & Western_ b__May 2,008,197 2,870,603 787,822 1,101,076 July 1 to May 31 26,810,980 28,412,998 9,532,682 10,542,273 Northern Central_ b__May 960,665 1,171,705 259,007 286,707 Jan 1 to May 31 4,461,892 5,180,592 , 771,769 823,469 Pennsylvania lines directly operated East of Pitts & Erleb May10,810,233 14,532,233 3,326,369 4,100,269 Jan 1 to May 31 52,707,562 65,106,162 12,581,242 15,509,742 West of Pitts Fc Erie_May Dec2,591,000 Dec402,000 Jan 1 to May 31 Dec9,454,000 Dec2,007,200 xl'enn Compang-b May 2,931,697 1,086,601 July 1 to May 31 29,851,228 12,142,31)1 Phila Bait & Wash_ b__Alay 1,370,358 1,485,758 345,987 353,687 Jan 1 to May 31 16,309,894 6,697,094 1,172,425 1,000,125 Reading Company Philadelphia & Read b May 3,294,932 3,095,910 1,108,953 1,569,988 July 1 to May 31____38,720,430 39,537,558 14,226,603 14,598,420 Coal & Iron Co_ b_ __ _May 3,075,765 3,407,558 173,707 239,255 July 1 to May 3L_.35,937,336 35,418,019 2,434,401 7,029,835 Total both Cos_ b____May 6,370,697 7,403,468 1,372,750 1,809,243 July 1 to May 31___74,057,766 74,955,578 16,661,184 17,528,256 Reading Company..__May 137,407 133,576 July 1 to May 31_ 1,413,461 1,434,151 Total all companies_ __May 1,510,157 1,942,810 July 1 to May 31_ 18,074,645 17,962,407 St Louis Southwestern.a.MaY 636,181 861,976 240,352 24,573 July 1 to May 31 8,847,648 9,446,185 1,759,438 2,507,887 Southern Pacific_a May 9,228,257 11,231,606 1'2,877,421 0,330,624 July 1 to May 31 _ _ _114717613 1140909723f2,333,332f40,218,065 Southern Rallway_a_ May 3,627,538 4,825,077 880,545 869,960 July 1 to May 31 48,969,055 52,048,689 10,059,481 10,782,110 Mobile & Ohlo_a May 697,639 201,627 047,7-o 128,044 July 1 to May 31 8,919,922 0,815,428 2,368,887' 2,050,085 Cino New Or! & T P a May 587,792 821,124 170,081 178,344 July 1 to May 31 7,267,091 7,612,905 1,551,674 1,443,012 Alabama Great So_a_May 251,733 362,693 56,131 54,165 July 1 to May 31 3,260,185 3,634,592 526,780 658,798 Georgia So & Fia_a__May 135,213 11,848 July 1 to May 31 1,825,950 259,286 Tidewater & Western_ b_May 6,194 10,810 4,442 676 July 1 to May 31 81,769 85,429 13,334 5,889 Toledo 80 Ohio Cent_a_ _May 231,236 39,689 430,285 148,935 July 1 to May 31 3,836,290 4,427,119 1,065,695 1,371,395 Tombigbee Valley Apr 5,408 6,334 1,473 1,426 May 4,722 4,630 1,302 411 July 1 to May 31 55,568 59,384 13,616 16,706 U S Telephone Co ____.April 37,362 34,923 21,556 20,055 Union PacIfic_a May 5,846,592 6,957,340 62,768,803 12,837,079 July 1 to May 31 69,908,043 69,644,015 128,940,593 131,347,934 x Vandalia-b May 615,060 125,624 July 1 to May 31 8,478,331 2,002,062 West Jersey & Seash_b_May 419,750 450,750 81,117 108,317 Jan 1 to May 31 1,773,228 1,790,928 10,477 def59,823 a Net earnings here given are after deducting taxes. b Net earnings her given are before deducting taxes. c Figures revised for previous year so as to accord with the new classification of earnings andiexpenses now required by the Inter-State Commerce Commission. a The company now includes the earnings of the Denver Enid & Gulf RR.. Pecos Valley system and Santa Fe Prescott do Phoenix By. In both years. Fox May taxes and rentals amounted to $407,617, against $206,887 in 10.07; after deducting which, net for May 1908 was 52,066,167, against $2,796,044 last year. For period from July 1 to May 31, taxes and rentals were $2,863,226 in 1908, against $2,170,537 in 1907. f These results are after deducting taxes, which annunted to $402,081 in May 1908, against $401,195 last year and to $3,526,944 for period from July 1 to May 31 1908, against $2,423,413. g These results are In Mexican currency. S For May 1908 additional income showed a deficit of $1,495, against a credit of $5,146 in 1007. and for period from July 1 to May 31 was $23,678 In 1908, against 553,727 last year. k For May 1008 additional income was $10,204, against $13,240 in 1007, and for period from July 1 to May 31 was $191,951 in 1008, against $207,259 last year. r For May 1908 net from Coal Department was $47,233, against $87,355 last year, and from Jan. 1 to May 31 was $416,779 in 1008, against $524,355 last year. s After allowing for miscellaneous charges and credits to income for the month of May 1908; total net earnings were $308,329, against $325,147 last year, and for period from July 1 to May 31 were $3,598,020 this year against $4,030.810. t These results are after deducting taxes, which amounted to 5201,277 in May 1908, against $210,945 in 1907. For period from July 1 to May 31 they were $2,230,715 in 1908 and $1,885,931 last year. z These figures are on the basis of 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. -Int., Rentals, &C.- -Bat, of Net E'ngs.Previous Current Current Previous Year. Year. Year. Year. Roads. $ $ Bangor & Aroostook_ _ _May 23,027 ' 1,367 67,518 81,134 July 1 to May 31 263,799 74,141 851,269 720,004 Colorado Midland cdef10.020 c7.918 May 31,350 30,647 July 1 to May 31 _ cdef193 c175,130 337,114 341,330 Colorado & Southern_ c207,388 192,298 cdef24,729 247,223 July 1 to May 31_ _ 2,446,866 2,153,185 c1,943,926 c1,924,868 Copper Range 1,970 2,180 12,437 ,Apr 12,837 58,667 July 1 to Apr 30 120,375 101,742 124,975 28,329 28,985 42,259 Cuba RR 31,802 May 334,874 207,601 July 1 to May 31 283,6.56 333,510 Cuyahoga Telephone Co_ May 27,331 11,250 20,849 11,283 282,877 4202,267 4359,608 Denver do Rio Grande May 292,118 July I to May 31 3,362,610 3,211,181 43,115,305 03,636,166 Georgia RR 51,152 xdcf56,860 xdef50,513 57,534 May 567,375xdef235,074 z4ef87,102 ulY 1 to May 31 628,236 Hocking Valley 68,310 zdef63,177 x206,282 May 83,858 July 1 to May 31 715,706 x1,251,191 x1,550,995 879,783 Kanawha & Michigan__ _May 20,491 x1,738 23,266 x30,187 July 1 to May 31 235,248 x97,491 245,891 x245,850 3,083 Maryland do Penna 6,738 0,826 May 3,973 July 1 to May 31 43,841 71,463 43,831 60,600 -Int., Rentals, eec.- -Bal. of Net E'ngs.Previous Current Previous Current Year. Year. Year. Year. 8 8. 8 $ . Roads. x305,049 Missouri Kan & Texas__May 8508,398 8534,006xdef244,158 85,895,215 85,436,730 x1,028,715x3,484,010 July 1 to May 31 77,423 74,701 149,017 149,562 Nashv Chatt & St Louis_ May 655,838 571,172 1,673,281 1,642,487 July 1 to May 31 138,649 162,408 75,976 DT Y Ontario & Western_May 89,751 1,335,925 1,530,889 822,731 931,339 July 1 to May 31 700,203 834,096 400,873 May 439,726 Norfolk & Western 4,809,086 4,280,829 4,723,596 6,261,444 July 1 to May 31 1,057,341 622,657 May 887,500 885,478 Reading Company 9,762,500 9,740,255 8,312,145 8,222,152 July 1 to May 31 x9,803 x112,172 36,767 39,108 Toledo & Ohio Cent.._ May x801,022 x972,442 406,029 445.058 July 1 to May 31 x15,347 x14,042 8,983 8,983 U S Telephone Co _ ...April c After allowing for miscellaneous charges and credits to income. These figures are after allowing for other income and for discount and d exchange. The sum of $10,000 is deducted every month from surplus and placed to the credit of the Renewal Fund. h Fixed charges include taxes amounting to $66,494 for May 1908, against $32,866 in 1907, and additions and betterments of $7,054 this year, against $77,769; from July 1 to May 31 taxes were 6622,569 In 1908, agianst $374,291; additions and betterments were $529,048 for the same period, against $482,864 for the previous year. Prior to last July it was the practice to include these items In the expenses. After allowing for other Income received. STREET RAILWAYS AND TRACTION COMPANIES. Latest Gross Earnings. Name of Road. 35 THE CHRONICLE JULY 4 1908.1 Week or Month. May American Rys Co_ eAur Elgin & Chic Ry May Bangor Ry & Elec Co May April Binghamton Ry Birm Ry Lt & Power April Boston & Worcester May Brockton & Ply St By April May Camaguey Co Cape 'Breton El Co_ _ _ April Central Penn Trac.... _ May Chariest Con Ry G&0 May dChicaco & Oak Park May Cleve Painesv & East May Cleve Southw & Col _ January .._ Columbus Electric Co March __- Dallas Electric Co_ _ _ April f Detroit United Ry_ 3d wit June Duluth Street RV._ _ 3d wk June East St Louis & Sub_ May April El Paso Electric Ft Wayne & Wabash Valley Traction Cc May Galv-Hous Eiec Co _ _ April Grand Rapids By Co. May Havana Electric Ity_ Wk June28 Honolulu Rapid Tran April & Land Co Houghton Co St Fly.. April Illinois Traction Co.. May Jacksonville Elec Co. April Kans City Ry& Light April April Knoxville By & Lt Lake Shore Electric_ March Lex & f nter Rys Co_ _ May •Little R'k By & El Co April Memphis Street Ry.. April Met West Side Elev.. June Milw Eiec Ry & Lt Cc May Milw Lt Ht & Trac Cc May Montreal Street Fly.. Wk June 2e April Nashville Ry & Lt_ NJ&HRRy&FyC oMay North Ohio Trite & Lt May North Texas Elec Co_ April Nod & Portsm Tr C May , No Westchester Lt Co May Northwestern Elev_ _ June Oklahoma City Fly.. May Peekskill Light & RP May Pensacola Electric Co March _ _ Portland Ry L & P Cc May Porto Rico Rys Co_ _ _ May Puget Sound Elec Ry February _ Rio de Janeiro Tram Light & Power_ _ _ _ May St Joseph (Mo) By Lt Heat & Power Co.. May Sao Paulo Tr Lt & P. May Savannah Electric Co April Seattle Electric Co_ _ _ April South Side Elevated. June Sou Wisconsin Fly Cc May Springfield Ry& LtCo May Syracuse Rap Tr Ry. May Tampa Electric Co.. April Toledo Rys & Light_ May Wk June27 Toronto Railway_ Twin City Ran Trail_ 3d wk June kUnderground El Ry ,of London, three tube lines Wk Junel 3 Metropolitan Dist. Wk Junel3 United Tramways Wk Junel3 United RR of San Fr_ April United Rys of St L. May Whatcom Co Ry&L1 April Current Previous Year. Year. 246,898 119,040 35,414 22,730 176,527 48,151 8,155 12,694 18,073 60,549 63,695 68,685 23,930 52,811 28,701 91,617 143,445 17,211 159,882 41,536 Current Year. Previous Year. 8 249.169 1,070,700 1,103,084 495,862 116,915 492,203 33,955 20,240 698,618 42,831 7,815 28,337 26,324 5,994 16,880 74,393 67,372 281,284 64,030 270,317 61,399 306,040 280,670 72,558 338,741 358,348 95,800 96,191 24,257 52,811 40,558 49,558 78,724 87,977 26,450 339.060 352,865 84,171 145,407 3,067,943 3,066,860 363,080 385,110 16,865 819,991 811,267 179,605 152,106 175,842 37,966 107,100 101,012 83,447 79,808 80,986 78.487 31,181 38,231 29,243 20,679 319,592 35,880 492,472 45,992 61,864 50,271 55,559 132,239 216,541 323,442 66,730 85,024 117,572 49,461 158,410 79,351 152,171 9,039 163,660 24,733 12,314 19,205 355,774 28,921 117,501 Jan. 1 to latest date. 29,662 19,387 293,871 29,1)14 472,666 47,127 64,111 46,640 49,139 124,972 222,792 313,992 5/,941 87,262 124,857 44,553 158,28/. 79,052 216,91:' 8,087 148,571 22,209 12,424 17,284 323,111 27,733 105,775 505,161 322,316 461,970 306,456 939,76t 858,211 119,822 76,465 1.589,246 137,083 1,941,652 174,009 175,937 225,340 219,068 492,502 1,309,725 1,536,571. 280,732 1,674,271 489,911 181,422 663,209 316,515 711,092 48,023 940,278 97,832 60,250 52,739 1,706,53e 146,414 240,479 118,654 70,951 1,399,199 125,853 1,853,660 180,989 179,576 • 204,221 195,054 482,161 1,380,809 1,502,361 266,364 1,589,097 484,144 160,555 667,015 313,052 845,932 829.46) 91,289 59,330 51,961 1,474,496 139,022 213.291 --Gross Earnings -- -Net Earnings Previous Current Current Previous Year. Year. Year. Year. $ Roads. $ 138,048 Portland By Lt & Pow_May 355,774 177,450 323,111 Jan 1 to May 31 1,706,530 1,474,496 554,852 828,825 Twin City Rap Tr Co_ b_May 527,393 260,725 272,816 496,711 Jan 1 to May 31 2,429,348 2,317.873 1,163,777 1,169,501 a Net earnings here given are after deducting taxes. b Net earnings here given are before deducting taxes. Interest Charges and -Surplus. Duluth St Jan 1 Twin City Jan 1 Roads. By Co to May Rap Tr to May -Int.. Rentals, ecc.- -Bal. of Net E'ngs.Current Previous Previous Current Year. Year. Year. Year. $ $ $ 3 18,416 May 17,641 16,657 8,770 92,083 31 88,006 58,958 25,395 126,972 115,142 Co__May 145,844 145,583 621,178 576,175 31 593,326 542,599 x After allowing for other income received. ANNUAL REPORTS. -An index to annual reports of steam Annual Reports. 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. William Cramp & Sons Ship & Engine Building Co.,Phila. (Report for Fiscal Year ending April 30 1908.) Pres. Henry S. Grove, Philadelphia, June 25 1908, writes: The unsettlement of business following the late severe panic still continues, and as a consequence the volume of current business Is less than In previous years. The uncertainty of commercial conditions makes it diffl cult to form any judgment as to how long this condition of affairs will continue, but much has been accomplished since our last annual report to strengthen the company's effectiveness and resources. EARNINGS FOR FISCAL YEAR ENDING APRIL 30. 1907-08. 1906-07. 1905-06. Net earnings of all departments of the company, and its subsidiaries, viz.: I. P. Morris Co. , and Kensington Shipyard Co., Including miscellaneous Income, and after deduction of Insurance and taxes, but before deduction of bond interest or miscell. Interest_ _ _ _$555,735 $328,328 $704,724 $217,333 $225,333 $233,333 Interest on 20-year 5% serial notes 66,667 64,167 65,417 Interest on 1st mtge. 5% gold bonds 33,752 31,508 34,170 Ground rents & int. on real estate mortgages $242,727 $3,408 $370,972 Net surplus The company has made the following payments and expenditures: In reduction of capital debt, $185,000: 160 20-year 5% serial notes redeemed, as per terms of Issue... _$160,000 25 1st mtge. 5% gold bonds redeemed, as per terms of deed of tr. 25,000 48,000 Mortgages purchased (held in trust) Expended In the purchase of real estate, new tools, machinery, 77,995 and for Improvements, &c BALANCE SHEET APRIL 30. 1908. 1907. 1907. 1908. Liabilities Assets'Capital stock...-. 6,098.000 6,098,000 Real estate, ma. chinery, &c-_-.12,877,74212,971.0141Bonds and mort- • RiMt• 6,134,912 [6,319,912 Bills & sects rec'le 748,133 1,577.3011 gages _ 784,084 Mat'is & supplies_ 472,246 1823,6201Merchand Ise acets 196,387 35,142 73,651 740,883 [188.881 Wages due May 3_ Cash 102,244 105,787 'Accrued interest-Def'd assets (accts. In proc. of adjust.) 713,484 1,068,368'Profit and loss..-. 2,985,802 3.245,751 8 $ 1 I _ Total - 15,552,487 16,627,1851 V. 86. p. 1591. Total 15,552.487 16.627,185 Fore River Shipbuilding Co., Quincy, Mass. (Report for Fiscal Year ending Dec. 31 1907.) Pres.Francis T. Bowles,Quincy,Mass ,Feb.111908,wrote: Additions to the plant and machinery were made during the year to the amount of $50,000, including an extension of 112 feet to the machine shop to provide much-needed additional facilities in that department. All and $120.charged to 320.183 Items of repairs and maintenance have been There areexpense 72,447 67,896 340,711 864,501 000 has been charged off for depreciation. current bills no notes payable 187,86e 163,642 961,802 in process of acand the present accounts payable are only 183,469 46,091 46,913 184,291 356,080 323,005 1,410,881 1,222,889 counting. The cash receipts for the year amounted to $5,354,697 (contrasting with 931,689 188,814 173,529 1,060,051 -Ed.). 58,753 85,512,169 in 1906. 13,763 13,077 59,363 The following vessels were under construction on Dec. 31 1907: Battle65,085 61,399 ship, North Dakota; scout cruisers, Birmingham and Salem; seven sub490,580 108,280 102,889 517,203 168,598 marine boats; one 11,000-ton steel collier, Melrose, since delivered; one steel 44,500 42,383 181,482 delivery; four steel light vessels, Nos. 198.973 198,502 1,028,607 1,033.353 freight steamer, Altamaha, ready for 90 to 93, inclusive; one steel harbor tug, slace delivered. During the year 70,307 69,641 steamer Creole, two steel 129,600 125,335 2,808,803 2,679,753 the battleship Vermont, the freight and passenger 11.000-ton steel colliers, freight steamers, Ocmulgee and Ossabaw. two Everett and Maiden, four submarine boats and one steel harbor lighter 2(1,99e 2281,095 2151,035 have been completed and delivered. for the year was 3,340. The force 212,415 The average number of employees 2191,353 28,623 2213,861 19,026 2141,056 at present employed is 3,045. 26,943 2143,631 110,977 The company's turbine development has made substantial progress, but 568,656 586,977 2,128,343 2,176,030 expenditure of the reserve for that purpose and brought 920,765 947,338 4,248,217 4,326,423 has necessitated the Curtis turbine loss 27,737 118,161 109,063 about in addition the now in surplus of $43,000. Our first presented on 29,494 running with gratifying results, steamer, the Creole, account of the moderate speed of 15 to 16 knots and other circumstances c These figures are for consolidated company. d These are results for the most difficult conditions to make a good showing for the turbine. main line. f No earnings for Detroit Jackson & Chicago By. for Jan. 1007 The single mechanical difficulty encountered, a minor one so far as the Included in these figures. k Does not include the Charing Cross Euston merits of the turbine are concerned, has been overcome. & Hampstead Ry. for last year. BALANCE SHEET DEC. 31. 1907. 1906. 1906. -The following table gives 1907. Street Railway Net Earnings. Assets the returns of STREET railway gross and net earnings Real est., bldgs., &e2,300.361 2,101.984 Capital stock, pret. 2,400,000 2,4150,000 reported this week. A full deatiled statement, including all Mach..equip., &c_ 1,270,642 1.159.240 Capital stock, corn. 2,400,000 2,400,000 Additions roads from which monthly returns can be obtained, is given Patterns &to plant - 49.987 312,758 Acc'ts payable re- 65,121 47,083 110,715 serve • draw's_ 9,750 6,750 30.960 Unearned rentals_ 24,762 once a month in these columns, and the latest statement of Investments _- ___ -Advance payments -this kind will be found in the issue of June 27 1908. The 52,767 on contract3,645,752 3.715,657 150.103 120,000 Acc'ts payable.... 132,585 next will appear in the issue of July 25 1908. Less deprecia'n. 120,000 Turbine develop't -Gross Earnings- --Net Earnings 200.000 3,525,752 3,595,657 resery Previous Current Current Previous 69,100 20,217 167.055 Surplus Year. Year. Res've acc'ts rec.- 143,957 Year. Year. 15,326 17,823 Unearned insuece $ $ $ $ Roads. • 8,222 1,181 Unearned taxes_ _ _ 27,188 71,510 . 69,316 34,298 . Duluth St Ry Co b. __May 8,171 117,478 146,964 Accrued interest.. 334,530 313,304 Jan 1 to May 31 737,922 Work in process-- 430.716 40,447 Material on hand-- 306,895 43,853 107,190 101,012 Ft W & Wab Val Tr Co_MaY 266.457 177,213 Acc'ts receivable.- 307.874 210,014 505,166 461,970 Jan 1 to May 31 140,269 50,271 15,833 Cash on hand--.- 281.262 15,091 46,649 404.936 Lex & Interurb Rys_ _.May 65,656 70,882 225,340 204,221 Jan 1 to May 31 5,030,673 5,328,803 Total ---------5,030,673 5.328.803 Total 76,835 61,913 216,919 Norf & Portsm Tract Co_ May 152,175 294,686 -v.85. P. 97 262,181 845,932 711,093 . Jan 1 to May 31 585,752 2,764,012 36 THE CHRONICLE United Shoe Machinery Corporation. (Report for Fiscal Year ending March 1 1908.) At the annual meeting June 27, President Winslow said: The earnings of the United Shoe Machinery Co. and Its subsidiary companies,from which the income of the corporation is derived, have been satisfactory in view of the general depression in business. The volume of business, taking the entire business Into account, Is greater than for the last fiscal year. The number of machines out on lease In this country March 1 1008 was 65,509, an increase for the year of 7,732. The addition to the factory of the United Shoe Machinery Co. at Beverly, which was reported last year, Is now occupied, and substantially all of the machinery manufacturing of the company In the United States is carried on at this plant. The foreign companies have largely increased their manufacturing capacity, and this fact, together with the lessened demand for machinery In this country, owing to the depression of the boot and shoe trade, has somewhat relieved the pressure of work at the Beverly factory. In carrying out the policy established at the date of Its organization, and ever since continued, of supplying to Its customers the most efficient machines obtainable without regard to the loss occasioned to it by the displacement of its existing machines, the United Shoe Machinery Co. has taken advantage of the opportunity afforded by the conditions of Its manufacturing business In Beverly to hasten the production of new machines; some of which will perform steps In the manufacture of boots and shoes heretofore carried out by hand and others ofiathich, by reason of greater apidity and perfection of operation, will prove to be of great benefit to the rade. Machines out on Lease March 1 and Increase for Year. 1905. 1904. 1508. 1008. 1007. . 42,138 34,105 Total number 48,900 65,509 57,777 8,031 (?) Increase 6,764 7.732 8,877 BALANCE SHEET OF UNITED SHOE MACHINERY CORPORATION OF MASSACHUSit:TTS MARCH I. .!..1..1 J1114 1908. 19a7. 1908. 1907. 1 Resources$ $ I Llabillites-$ $ Cash 1,244,525 1,203,4251Common stock-- _22,387,643 17,857,687 1.0161Preferred stock_-- 9,411,350 9,344,725 Acets receivable_ 6,403 1Acc'ts paable-Stock in other cor65,098 5,195,730 porations 31,325,970 31,193.7011Surplus ----------7 --1 --Total - 32,570,495 32,398,1421 Total -- -------32,570.495 32,398,142 BALANCE SHEET OF UNITED SHOE MACHINERY CO. OF NEW JERSEY. THE OPERATING COMPANY, MARCH 1. 1908. 1907. 1908. 1907. $ $ Ltablittler$ $ Assets1,805,619 1,715,793 Capital stock-- _ -.20,850,519 20,772,894 Real estate 2,438,005 2,095,919 Acets payale-- 314,568 431,601 Machinery 5.993,688 4,095,473 Surplus --------13.543.844 11.126,350 Stock in process 222,218 Cash & debts rec'le 6,477,488 5,602.680 Machinery reserve 222,218 31,632 12,984 400,000 Insurance - - _- -- Patent rights- - _- - 400.000 Leased mach., stk. &bds.of 0th. cos_17,781,409 17.580,617 175,5641 6,573 Miscellaneous --Total --_ ------34,962,782 32,566.047 34,962,782 32,566,047 Total -V. 85, p. 669. Westinghouse Electric & Manufacturing Co. (Assets and Liabilities April 30 1908, with Changes Contemplated by Plan.) • The auditor for the receivers has prepared the following comparative statement showing the actual status of the company April 30 1908 and the changes that the carrying out of the merchandise creditors plan would have effected if completed as of that date: Oct. 23 '07. Apr. 30'08 $ $ AssetsProperty & plant_20.698,404 20,905,286 Stocks and bonds of other cos- - --30.104,453 30,820,452 Mat'is,sup's, dee- - 17,942,065 12,271,606 1,286,059 5,695,347 _ Cash Acc'ts & notes rec_ 9,031,554 8,608,668 to be furnish'd Cash 6,000,000 • by stockholders _ a Special deposit-- 1,535,120 1,535,120 Notes & fleets due by foreign Westinghouse cos, cos. In hands of receivers, &c_- - 3,738,972 2,364,748 Apr.30'08:Apr. 30'08. (After al) Plication of merchand'e cred's pin) $ Indebtedness$ Bonds & debens- -20,469,000 24,969,000 Collateral notes_ - - 8,702,703 8,702;703 Notes issued for • cash 7,919,000 3,419,000 Notes issued for 1 merchandise - 1,290,766} 1,433,482 for Current acc"ts _. 4,142,7151 merchandise-708,586 Interest accrued- 708,586 402,000 Subscrip'n acc'ts_ 402,000 Total debt- 43.634,771,39,634,77 Total assets- - -.84,336,627 88,201,227 -This statement does not include contingent liabilities. As of Oct. 23 1907 Note. these amounted to $3,146,256 and have been reduced to $1,999,094. See V. 85. p. 1644, 1458. a See paragraph headed "other accounts and notes receivable," In V. 85, p. 1644. *The reduction of $4,000,000 in the total debt, after the application of the merchandise creditors' plan, represents the assenting capital stock to be issued to merchandise creditors or others in settlement of floating debt. In addition to securing this reduction in debt, the assets will be increased by the $6.000,000 in cash to be -V.86, p. 1593, 1474. provided by the stockholders. fiSNIERAL INVEISTMEMT NEWS. RAILROADS, INOLUDING ELEOrRIO ROADS. PlAnacostia & Potomac River RR.-0fiering of Guaranteed -The Baltimore Trust & Guarantee First Mortgage Bonds. Co. of Baltimore has purchased and is offering at par and interest the final $462,000 of the authorized issue of $3,000,000 first mortgage 5% gold bonds dated April 1 1899. The bonds now offered have the additional attraction over those heretofore sold in that they are guaranteed, both as to principal and interest, by the Washington Ry. & Electric Co. An advertisement says: The Anacostia & Potomac River RR. Co. Is controlled by the Washington Hallway do Electric Co., and the bonds of this offering have been Issued to provide the funds necessary to connect that system with the new union station In Washington, D. C., and to provide additional equipment. The ability of the road to pay its fixed charges irrespective of the guaranty is shown by its report to Congress for the year ending Dec. 31 1907.-V. 68, p. 773. Lxxxvii. their tracks from Pelham Into Birmingham, a distance of 10 mlies,and the use of their freight and passenger depots In Birmingham, until we can -V. 86, p. 1223, 1009. build our line from Pelham Ala. Into Birmingham. -Final Block of Prior Lien Bonds Baltimore & Ohio RR. Offered.-The block of $2,072,000 prior lien 332% gold bonds which are offered by the Guaranty Trust Co. at 9234 and accrued interest by advertisement on another page completes the amount of bonds ($75,000,000) authorized under this mortgage. With this offering, the mortgage is closed. The following statement is made: These bonds are secured (1) by a first mortgage, subject to a nominal lien of about $71 per mile of track, on the main line of road extending from Baltimore to Wheeling and Pittsburgh, and (2) by a first lien upon equipment valued at $50,000,000. For each of the years ending June 30 1906 and June 30 1907 the total net Income of the company was equal to nearly three times the total Interest and rental charges. After deducting the value of the equipment pledged under this mortgage, the bonds are a mortgage at the rate of about $30,000 per mile upon a double-track road whose gross earnings In 1907 amounted to $20,528 per mile. They are followed by first mortgage 4s, selling at 98 %, sufficient of which are reserved to retire these bonds at maturity. In spite of the pronounced decline In railroad earnings, the net Income of the B. do. 0. for the first eleven months of the current fiscal year was sufficient to pay all prior charges, leaving 5% available for the common stock for the full year, without taking into account the earnings for the month of June. Compare V. 86, p. 1528, 1223. Boston Suburban Electric Companies.-Sale of Notes. Kidder, Peabody & Co., Boston, have purchased from the offering them company 8500,000 2-year 5% notes and• are at 99 and interest. The shareholders recently authorized the trustees to borrow not exceeding $1,500,000. See V. 8,6, p. 1528. Kidder, Peabody & Co. say: .4X.,The $500,000 two-year 5% notes, dated July 11008 and due July 1 1910, are secured by collateral deposited with the Boston Sato Deposit & Trust Co., trustees, as follows: $500,000 par value notes of the Newton Street Hallway Co. 100,000 par value notes of the Natick & Cochituate Street Hallway Co. 150,000 par value shares of the Waltham Gas Light Co. Thls gives a margin of 5J% on the par value of the securities deposited and a margin of about 8)% on the market value thereof. The income from the deposited securities is sufficient to pay double the interest on the notes each year. Denominations of notes $1,000, $5,000, $10,000, $25,000.• -V. 86, p. 1528. -See New Bronx Crosstown Ry.-Proposed New Name. York City Interborough Ry. Co. below. Canadian Northern Railway Co. -Listed in London. The London Stock Exchange has listed scrip (partly paid) for a further issue of £2,000,000 4% perpetual consolidated debenture stock; and a further issue of £600,000 4% perpetual consolidated debenture stock. -V. 86, p. 1099, 1041. Cane Belt RR.-0fiering of Bonds of Atchison System.Eversz & Co., Chicago, are offering at 98 and interest $400,000 first mortgage gold 5s dated June 1 1901 and due June 1 1921, but redeemable at par and interest on 20 days' notice. Denomination $1,000 (c*). Interest payable June 1 and Dec. 1 at the general offices of the Atchison Topeka & Santa Fe Ry. Co., New York, or at the Mercantile Trust Co., St. Louis, trustee. A circular says: The entire capital stock Is owned by the Atchison Topeka & Santa Fe Railway Co., which has a larger Investment In the property than the par value of the outstanding bonds. The road Is located In one of the most productive agricultural sections In Texas,extending from Matagorda. Tex., on the Gulf of Mexico, to the main line of the Gulf Colorado & Santa Fe (Atchison system) at Sealey, a total mileage of 110 miles. The mortgage was originally for $3,000,000, but, by virtue of an agreement entered into between the trustee and the railroad, duly filed for record, the amount of first mortgage bonds issuable was reduced to $750,000, the amount now outstanding, of which the bonds now offered are the unsold portion. The balance, $2,250,000, have been canceled and destroyed. These bonds, therefore, are a first, closed and only lien at less than $7,000 per mile upon all property, Including equipment, now ownctl or hereafter acquired. The Gulf Colorado& Santa Fe Hy. operates the road under a 50-year lease, the terms of the lease providing for maintenance of property and interest on -V. 77, p. 2338. the bonds. Central Park North & East River RR., New York. Special Meeting. -A special meeting of the stockholders will be held in Room No. 1715, No. 115 Broadway, New York City, on July 11 1908, at 10:30 a. in., to elect a new board of directors and to consider all legal proceedings in which the company has an interest. -V.86, L aseCanceled,&c.-See Metropolitan St.Ry.below. p. 1588, 1467. -Favorable Decision as to Chicago & Eastern Illinois RR. Traffic Guaranty. -See St. Louis & San Francisco RR. -V. 86, p. 1284, 917. below. Chicago Southern Ry.-Default-Probable Offer to Purchase Coupons. -The coupons due July 1 on the $4,000,000 first mortgage 5% bonds were not paid at maturity. The Girard Trust Co. of Philadelphia, the mortgage trustee, made the following statement: In view of the negotiations now pending for the exchange of $710,000 outstanding collateral gold notes of this company (being balance of the Issue of $4,000,000 due July 1 1907), the board of directors deem It best not to provide for the payment of the interest on the company's first mortgage gold bonds due July 1 1908, lest such payment antagonize the holders of those notes. It Is expected that arrangements will be completed within a few days to provide the fiscal agents of the company with funds to purchase the coupons of holders who desire to sell. -V.85, p. 863. -The New York -Listed. Chicago & Western Indiana RR. Stock Exchange has listed $229,000 additional consolidated total amount listed Atchison Topeka & Santa Fe Ry.-Offering of Bonds of mortgage 50-year 4% bonds, making the were issued for Controlled Company. -See Cane Belt RR. below. -V. 86, p. to date $20,144,000. The $229,000 bonds the following purposes: 1158, 1098. riAtlanta Birmingham & Atlantic RR.-To Enter Birming- -The company ham over Louisville & Nashville by Sept. 1. has obtained trackage rights over 19 miles of the Louisville & Nashville tracks, between Pelham and Birmingham, and expects to begin running trains into Birmingham on Sept. 1. Vice-President P. S. Arkwright is quoted: We expect to enter Birmingham with the A. B. Itz A. on Sept. 1. We have made a trackage agreement with the L. & N. road for the use o: For additional freight yard and freight house facilities at Polk St., 99th St. and 63d. St. Chicago, under supplemental leases with the Wabash Railroad' Co-----------------------$145,000 the belt For repayment to the proprietary lessee companies and Railway Co. of Chicago the par value amount of general mort- 84,000 gage bonds canceled by the sinking fund or otherwise -V. 86, p. 1589. 1223. Cincinnati Hamilton & Dayton Ry.-Default on Guaran-See Cincinnati Indianapolis & Western Ry. teed Bonds. below. JULY 4 1908.] THE CHRONICLE Purchase of Coupons from 4% Refunding Bonds.—The 4 note-holders' committee, consisting of J. N. Wallace, Harry Bronner, P. S. Smithers, H. S. Redmond and J. H. McClement, announces that,inasmuch as the receiver has not provided funds to pay the interest due July 1 on the 4% refunding bonds, the committee will purchase these coupons at par upon delivery of the same to the Central Trust Co., 54 Wall Street. The 'purchase will not affect the position of the holders of the refunding 4s, as the coupons come after the bonds but ahead of the notes.—V. 86, p. 1589, 856. Cincinnati Indianapolis & Western Ry.—Default—Bondholders' Committee.—Default having been. made July 1 1908 in the payment of interest on the $4,672,000 "first and refunding mortgage" 4% 50-year gold bonds of the Cincinnati Indianapolis & Western Railway Co. and on the $3,162,000 first mortgage 5% 40-year gold bonds of the Indiana Decatur & Western RR.,a committee has been formed,"at the request of holders of a large amount of both series of said bonds, to protect the interests of all said bondholders who shall become parties to an agreement now in process of preparation. Holders of said bonds are requested to deposit the same with Bankers Trust Co. The committee consists of: sylvania erarx, 37 .ie f uV lerrnnewori estabi hed between on indrneag:Iennt e lb A branch line under 9th St., between 6th and 4th avenues, will connect the tunnels with the Interborough Company's subway at Astor Place. The system offers a complete solution of the problem of handling passenger traffic across the Hudson River, and provides terminals In New York City for the Pennsylvania, Erie and Lackawanna railroads, as well as for the 500 miles of surface railway lines terminating in Jersey City and Hoboken. Traffic Agreements.—The Hudson & Manhattan RR. Co. has advantageous traffic agreements with the Pennsylvania RR. Co. and the Erie RR. Co. for Interchange of business. These companies will have ticket offices In the Hudson Terminal and sell tickets good over their own and the Hudson & Manhattan Company's lines. Baggage will also be checked at the Hudson Terminal over the Pennsylvania and Erie lines. Terminal Buildings.—The Hudson Terminal Buildings are the largest office buildings in the world. They were opened for business May 1 1908 and have as tenants, with others, the United States Post Office, which has taken almost an acre of floor space in the Cortlandt Building; also— Union News Co. General Electric Co. American Brake Shoe & Foundry Co. Amer. Locomotive Co. Am. Sheet & Tin Plate Carnegie Steel Co. Co. Railway Steel-Spring Co. Chic. Pneumat. Tool Co. Barber Asphalt Pay. Co. Rogers, Brown & Co. Am. Steel & Wire Co. U. S. Steel Products Ex- Crocker-Wheeler Co. Erie RR. Co. port Co. Equitable Life AssurSouthern By. Co. ance Society. Am. Gas. & Elec. Co. Carbon Steel Co. American Bridge Co. National Tube Co. Status of Construction.—This company is now operating between 19th St. and 6th Ave., New York, and Hoboken, N. J. This operation will be [was) extended to 23d St. and 6th Ave. about June 15. There remains to complete a few short links to put the main system (now nearly finished) Into operation, and the remainder work on the central power station in New Jersey and the purchase of additional equipment. Frederic H. Ecker, Thomas W. Lamont, Wm. A. Readand Albert H. Estimate of Earnings.—The total number of passengers crossing the HudWiggin, New Yorx; Geo. K. Johnson, Philadelphia; and C. E. Cotting, son River on the principal ferries for the year 1907 was, approximately, Boston; with F. N. B. Close as Secretary, No. 7 Wall St., New York, N. Y., 115,000,000. Actual results from the operation of that part of the tunnel and Strong & Cadwalader as Counsel. system between 19th St. and 6th Ave., New York, to the Lackawanna (The Cincinnati Hamilton & Dayton By. owns the entire capital stock Terminal, In Hoboken, justify an estimate of 75% of the existing ferry and has guaranteed the principal and interest of all the bonds In question traffic for the Tunnel Company, or 86,250,000 passengers per annum. Indiana Decatur & Western 5s.—Edl—V. 79, p. except $2,229,000 of the Estimate of Annual Earnings. 2696. Gross Income from 86,250,000 passengers at a 5-cent fare $4,312,100 Columbus Newark & Zanesville Electric Ry.—Earnings. Operating cost, including taxes, will not exceed 40% of gross earnings, or 1,725,100 —The bankers' circular offering the present issue of $736,000 general mortgage 5s, guaranteed by the Indiana Columbus & Eastern Traction Co. and Ohio Electric Ry., reports: Earnings of Columbus Newark & Zanesville Electric. By for year 1907. Other Inc. Int. taxes, &c. Pref. Div. Bal. Sur. Net. Gross. $7,168 $222,670 $381,570 $707,730 $30,000 $136,068 —V. 86, p. 1589. Cumberland Ry. & Coal Co., Toronto.—New Directors, &c.—Percy Cowans of McDougal & Cowans, and J. D. Hayden of Coburg, have been elected directors to succeed Sir George Drummond and E. S. Clouston, who resigned. Huntley Drummond has succeeded his father as President of the company.—V. 85, p. 1338. Des Moines Iowa Falls & Northern Ry.—Proposed Acqui, sition.—The stockholders will vote on July 11 on a proposition to acquire the St. Paul & Des Moines RR., controlled by the same interests.—V. 85, p. 160. Erie RR.—Purchase of July Coupons to Continue until Further Notice.—Referring to previous notices on the subject, J. P. Morgan & Co. announce that they will, until further notice, continue to purchase at par the coupons due July 1 1908 from Erie prior lien and Erie general lien bonds.—Compare V. 86, p. 1466. Hudson Companies (McAdoo Tunnel and Terminal Sys-6% Notes Offered.—Harvey Fisk & Sons, tem), New York. 4 62 Cedar St., New York, are offering at 981 and interest, yielding 6% interest, $500,000 of this company's 6% secured gold coupon notes of $1,000 each, due Aug. 1 1910. Interest payable Feb. 1 and Aug. 1. Standard Trust Co., New York, trustee. See advertisement. A circular says: The Hudson Companies, the company formed to build and equip the tunnels, railroads, terminal buildings and power houses of the Hudson & Manhattan RR. Co., has a paid-up capital of $21,000,000. Of this sum $5,000,000 has been Invested In New York City real estate. The notes are secured by the pledge of Hudson & Manhattan RR. Co. first mortgage 4)% convertible gold bonds, due Feb. 1 1957 (tax exempt in the State of New York), at the rate of $1,500 par value of the bonds for each $1,000 note outstanding, the bonds deposited being a part of the bonds acquired by the Hudson Companies on account of work performed. The notes are subject to redemption on any Interest date upon 30 days' notice at par and interest, plus a premium of 1% per annum upon the principal from date of redemption to maturity, and are convertible at the pleasure of the holder, when called for redemption or at maturity, into Hudson & Manhattan RR. Co. first mortgage 4 A % convertible gold bonds at par. Abstract of Letter from IV. G. McAdoo, President Hudson 4 Manhattan RR., Dated New York, May 22 1908. Franchises.—The Hudson & Manhattan RR.Co. Is the owner of perpetual franchises for its system in New Jersey and New York, subject only to the right of the City of New York to purchase, at any time after 25 years for use as part of some municipal system, the small portion of the line under 6th Ave. from 9th to 33d St. and under 9th St. from 6th to 4th Ave. Stock.—The capital stock consists of $10,000,000 of 5% non-cumulative preferred stock ($5,250,000 outstanding and $4,750,000 In the company's treasury) and $4.0,000,000 of outstanding common stock. Bonds.—The authorized bond issue is $100,000,000 of first mortgage 50year 4 % gold bonds, dated Dec. 29 1906, convertible on any4nterest payment day on or after Feb. 1 1912 at par into common stock at $110 per share. The mortgage securing the bonds covers as a first lien the entire system of the company (including the Hudson Terminal Station and office buildings on Church St. betewen Cortlandt, Dey and Fulton Streets, one block west of Broadway), subject only to $5,000,000 of outstanding New York & Jersey RR. Co. first mortgage 5% bonds covering that portion of the line extending from the foot of 15th St., in Jersey City, under the Hudson River to 33d St. and 6th Ave. and 9th St. and 4th Ave., New York. There are outstanding $57,000,000 of such 43% bonds, of which $5,500,000 are reserved to take up, at 110, said $5,000,000 of New York & Jersey 5% bonds, which are redeemable on any interest day. The $57,000,000 bonds so outstanding are to have priority of lien over any additional bonds which may at any future time be issued under the first mortgage. The mortgage tax has already been paid and the bonds are tax-exempt in the State of New York. Tunnel System—The company's railway extends (see map on page 65 of "Railway and Industrial" Section.—Ed.) from a terminal at 33d St. and 6th Ave., New York, under 6th Ave. to Christopher St.. under Christopher. Morton and Greenwich streets and under the Hudson River to a, terminal under private property in Hoboken, adjoining the Delaware Lackawanna & Western RR. station, where connection is made with the Lackawanna system and 200 miles of surface railway lines terminating at that point. From Hoboken the road extends southwardly to the Eric Rit. station and thence to the Pennsylvania RR.station in Jersey City, where connections are made with the terminal station of that company and with 300 miles of surface railroad lines terminating at that point, and thence under the Hudson River to the Hudson Terminal Buildings on Church St., New York, one block west of Broadway, and extending from Cortlandt to Fulton streets. The road forms a loop line through the Hudson Terminal. From the Pennsylvania RR. Station In Jersey City, another line extends westwardly to Summit Ave., where connection Is made with the main line of the Pennsylvania RR. „A through service in conjunction with the Penn- A Net earnings $2,587,100 Income from baggage, advertising In cars and stations, news • stands and other privileges 300,100 The Terminal Buildings are already largely rented and at prices which assure the full occupancy of these buildings at our schedule rates. They will produce a net income per annum of.. 1,200,100 84,087,100 Total net income Interest on $51,500 000 first mortgage 434% bonds and $5,2,567,100 000,000 New York & Jersey first mortgage 5% bonds Surplus $1,320,100 This statement does not take into account. the large Increase In traffic which every radical Improvement In local transportation facilities, in and around New York, has proven to be inevitable; nor does it take into account the expected profitable local traffic in and between Jersey City and HoIn my judgment, the total traffic of the tunnels will more likely boken be 100,000,000 per annum than 86.250,000. The capacity of the system, with eight-car trains operated at an interval of 1% minutes, is 220,000,000 passengers per annum. When working to this full capacity, the gross earnings, at a five-cent rate, will be $11,000,000, and the surplus, after paying the aforesaid fixed charges, 15,632,500. The company already has the right to build two more tunnels under the Hudson River (making a total:of six), and the Hudson Terminal Station has been built to receive them whenever the demands of business may require their construction.—V. 86, p. 1529, 918. Hudson & Manhattan RR.—011icial Statement—Estimate of Earnings—Right to Build Two Additional Tunnels, Making Six in All—Tenants of Terminal Buildings—$57,000,000 Bonds to Have Prior Lien.—See Hudson Companies above.— V. 86, p. 1409, 547. Indiana Columbus & Eastern Traction Co.—Guaranteed Bonds.—See Columbus Newark & Zanesville Electric Ry. above and also in V. 86, p. 1589.—V. 86, p. 721. Kansas City Mexico & Orient Ry.—Additional Bonus.— The "Railway News" of London for June 20 says: Messrs. Foster and Braithwaite have Issued a circular referring to the public offer of 4% first mortgage fifty-year gold bonds in February 1907, at par, with 30% of preferred and 30% of common stock as bonus attached. They state that at the time that the offer was made It was thought by the vendors—namely, the International Construction Co. and the Union Construction Co. (President, Mr. A. E. Stilwell)—that no more favorable terms of sale would be made in the future. Owing, however, to the financial disturbance in the United States, it has since been found necessary to make concessions to new subscribers. The price at which the bonds are now offered is par, with the bonus Increased to 40% of preferred stock and 40% of common stock. The construction companies have now decided that all subscribers to the public offer made in February 1907 should be allotted an additional 10% of preferred and 10% of common stock, In order that they may be put on an equal footing with the sales now being made. Bonds.—The Texas Railroad Commission on June 20 approved the issuing of an additional $238,000 bonds to cover the cost of construction of the extension from Knox City to Benjamin, Tex.—V. 86, p. 981, 668. Kansas City Railway & Light Co.—Bonds Offered.— Spencer Trask & Co. having sold about two-thirds of their block of $800,000 "first lien refunding" 5% gold bonds are offering the remainder by advertisement on another page at a price to yield about 6%. In addition to the facts given last week (p. 1589) the firm says: These bonds are a first mortgage upon the entire electric lighting property of the company, a first mortgage upon important connecting lines, a first mortgage upon the modern main power station, having a rated capacity of -p. 26,000 h.-p., including two new steam turbine engines of 5,500 h. capacity each, a mortgage upon the entire system, now owned or hereafter acquired, subject to the $10,780,000 underlying bonds, for the retirement of which bonds of this Issue are reserved. The electric lighting franchises are perpetual. The unexpired terms of the street railway franchises range.from 14 to 17 years; whereas the first lien reufnding 5% bonds mature in about five years. Compare V.86, p. 1589. Keokuk & Des Moines Ry.—First Dividend Since 1904'.— The directors have declared a dividend of 1'4% on the $1,524,600 preferred stock, payable Aug. 1 to holders of record July 10 from the surplus earnings which have accumulated since the payment of the last dividend, 13'%, May 2 1904. The road is leased to the -Chicago Rock Island & Pacific, which owns a majority of the_total capital stock. 68, p. 772. • Manhattan Ry., New York.—Listed.—The New York Stock Exchange has listed $11,712,000 additional consolidated mortgage 4% bonds, making the total amount listed 38 THE CHRONICLE to date $39,777,000. • Compare item in last week's "Chronicle," page 1589. Earnings.—The earnings of the Interborough Rapid Transit Co. System -for the 9 months ending March 31 were: MANHATTAN DIVISION. Balance, Gross Charges & Net Other * 9 Mos. surplus. rentals. earnings. end. Mch. 31. earnings. income. $574,713 1907-08 $10,560,070 $5,895,459 $322,059 $5,642,805 1,075,424 5,389,685 1906-07 10,350,081 307,233 6,157,876 SUBWAY DIVISION. 1907-08 7,250,985 $3,989,004 $592,803 $2,340,204 $2,241,603 1,829,110 1,628,252 1906-07----- -5,989,069 270,208 3,187,154 TOTAL SYSTEM. $7,983,009 $2,816,316 1907-08 $17,811,055 $0,884,463 $914,862 7,218,795 2,703,676 577,441 1906-07 16,339,150 9,345,030 Dividends on the Interborough Rapid Transit Co.stock call for $2,362,500 during each of the 9 months, leaving a surplus of $453,816 In 1907-08, against $341,176 in 1906-07.—V. 86, p. 1589, 1467. [VOL. lixxxvit. company having admitted its inability to meet maturing obligations, the trust company filed the bill on behalf of itself and all other creditors and stockholders who may come in and contribute towards the expense of the suit. Thomas L. Chadbourne Jr., a member of the executive committee, says: The bill was tiled by the trust company at the request of individuals owning more than a majority of the "first and refunding mortgage" bonds. Many of the larger bond and stockholders have contributed heavily during the last eight months in the hope of tiding over the situation and keeping the property out of a receivership, but lb view of the protracted depression they have requested the trust company to make application for the appointment of receivers. Committee.—The following reorganization committee has been formed and it is said will shortly issue a plan: George C. Clark of New York, Rathbone Gardner, President of Union Trust Co., Providence; Oakieigh Thorne, President of the Trust Company Metropolitan Street Ry.—Majority Deposited.—Further of America; John I. Waterbury, President of Manhattan Trust Co., New Deposits Until July 31.—The committee, Alexander J. York, and S. L. Schoonmaker.—V. 86, p. 338 Ohio Electric Ry.—Guaranteed Bonds.—See Columbus Hemphill, Chairman, representing the "general mortgage and collateral trust 5% gold bonds due 1997" announces that Newark & Zanesville Electric Ry. above and also in V. 86 a majority of said bonds have now been deposited under the p. 1589.—V. 86, p. 338. agreement of deposit dated March 5 1908, and the engraved Pacific Coast Power Co., Seattle.—Dividend--Amalgamacertificates of deposit of the Guaranty Trust Co. of New tion.—The following is an authoritative statement: York have been listed on the New York Stock Exchange. . Tne Pa, .eile Coast Power Co. has declared a dividend of 2%, payable July under the management of The time within which to deposit bonds under the agreement 16 to stock of record July 1. This company is authorized, 61,102 shares Stone ifc Webster. Out of the 70,000 shares is now extended to and including July 31, after which bonds (par $100) were recently listed on the Boston Stock Exchange. In view of the fact that the Seattle Electric Co. recently declared a diviwill be accepted only upon such terms and penalties as the dend of 2%% on Its common stock and the Seattle-Tacoma Co. a dividend committee may impose. of 2% on its common stock, It will be seen that the assets of the Pacific of Leases Canceled, &c.—Judge Lacombe on Monday granted Coast Power Co. are of great value, consisting of 51,306 sharesanddividend. valuable two operating companies paying comm6n stock the application of the receivers to cancel the leases of the lands and rights on of the above River. It is stated that the developthe White Central Park North SE East River RR. and Twenty-eighth ment of this power will be begun and pusned to completion as soon as & Twenty-ninth Streets Crosstown RR. on the ground that possible. Officers: Frank Dabney, President; Henry B. Sawyer, Treasurer; they are unprofitable, the losses from the operation of the Alvah K. Todd, Secretary, H. Baldwin, John W. Trustees: two lines for the year ending March 31 last having been about Theodore T. Guy E. Tripp, GeorgeR. Ford, Frank Dabney,Hallowell, elfin L. , ' Whitney Jr., Clement $60,000 and $70,000 respectively. Warren. Henry R. Hayes, W. F. Emerson, Alfred R. Patterson, E. H. The Court on the same day denied the motion of the Farmers' Loan & Trust Co., which is foreclosing the mortgage, for the appointment of a receiver, holding that it Is unnecessary, at least at present, to do so to protect the rights of the bondholders. The receivers are authorized to arrange for temporary operation of the roads to enable their managements to do so to advantage, but this must be done without loss to the receivers. George, Nathan H. Daniels Jr., John H. Oakes, G. H. Stevens and Alvah K. Todd. Principal office, Seattle, Wash. Transfer agents, Stone & Webster, 147 Milk St., Boston, Mass. Place of registration, National Shawmut Bank, Boston, Mass. The appraisal, which, it is expected, will take several months, has been ordered to learn the grounds for the contentions of the receivers that the old system of transfers cannot be continued without loss.—V. 86, p. 1590, 1529. By an arrangement with the subscribers to its capital stock, the Pacific Coast Power Co. now offers to receive in exchange for 16,875 shares of Its own capital stock 16,875 shares of the common stock of the SeattleTacoma Power Co. on the following basis: each holder of common stock of the Seattle-Tacoma Power Co. shall have the right to exchange not exceeding three-fourths of the shares standing in his name on Jan. 18 1908 (and a larger afflount if any holders fall to exercise the option) for shares of the Pacific Coast Power Co. on the basis of one share of the Pacific Coast Power Co. for one share of the Seattle-Tacoma Power Co. at the office of Stone & Webster, transfer agents of the Pacific Coast Power Co., Boston, on or before April 27 1908. The Pacific Coast Power Co. Is simultaneously herewith offering to the common stockholders of the Seattle Electric Co. the right to exchange 37,500 shares of the common stock of the Seattle Electric Co. for 51,094 shares of the Pacific Coast Power Co. The following statement was sent on Feb. 27 1908 to Valuation to Be Made.—Chairman Willcox of the Public the common stock holders of the Seattle-Tacoma Power Co. As a result of long continued negotiations to settle the litigation between Service Commission announced this week' that Bion J. ArCo. and the Tacoma Industrial Co., and to nold, the Chicago railroad expert, who has been employed the Seattle-Tacoma Power economical development of the water powers make possible a full and the board for several months in investigating the condi- on the White River in the State of Washington, the Pacific Coast Power Co. by of Washington, with an of has been organized under the tion of the subway, with a view to increasing its carrying original capital of $7,000,000,laws the the State among other things, of purpose, for capacity, has been retained to appraise the properties of acquiring and operating the rights and water powers on the White River belonging respectively to the Seattle-Tacoma Power Co. and the Tacoma the street railways in the city. Industrial Co. Mexican Central Ry.—Payment of Coupons on Deposited Bonds.—The readjustment managers of the Mexican Central Ry. and the National RR. Co. of Mexico notify holders of certificates of deposit of the Central Trust Co. of New York, repr, senting Mexican Central Ry. Co. priority 5% bonds, flu -t mortgage bonds assented and consolidated mortgage 4% bonds, that the coupons due July 1 on these bonds deposited under the plan of readjustment and union dated April 6 last Stone & Webster in a circular Sent on March 3 1908 will be paid to the holders of those certificates by the Central Trust Co. upon presentation, or in Boston by Kidder, Pea- to the holders of common stock of the Seattle Electric Co. gave the following additional information: body & Co., on and after July 1.—V. 86, p. 1344, 1100. The Tacoma Indust lel Co. was Incorporated under the laws of the State Nashville Railway & Light Co.—Bonds Offered.—Isidore acquired valuable lands and water power Newman & Son of New York and New Orleans; Altheimer & of Washington in 1v02, andin the neighborhood of Seattle. The Tacoma privileges on the White River the Puget Sound Power Co. In the exRawlings Investment Co., St. Louis; United States Trust Industrial Co. was taken over by power developed on the Puyallup River Co. of Louisville, Ky., and Nashville Trust Co. of Nashville, pectation,since verified, that the would not be adequate to suply future needs, and that a further independbe Tenn., are offering, at 87M and accrued interest, a limited ent development on the White River would, In all probability,the necessary. Power Co. acquired equitable the At the amount of the present issue ($1,675,000) of refunding and interest same timelands Puget Sound the Nisqually River. and rights on in certain extension mortgage 50-year 5% gold bonds, dated July 1 The Seattle Electric Co., through its ownership of the capital stock the owns the Tacoma Industrial of the Puget 1908 (total authorized issue $15,000,000). Compare "Elec- lands on the Sound Power Co.,the price paid by the Seattle Co. and Co. Electric Nisqually River, tric Railway" Section for June 1908, page 67. representing merely the original cost of the lands and water rights in quesThe surplus earnings after paving interesi, on bonds previously Issued, It is stated, are equal to over 33i times the Interest on this issue, while the net earnings have increased 124% in 4 years. The bonds outstanding are Issued for the nurpose of refunding 81,003,003 6% notes maturing July 1 1908, and for improvements and extensions.—V. 80, n. 1523. National Railways of Mexico..—Sale of Bonds in France elosed.—The following statement was given out June 26 at the office of Laderiburg, Thalmann & Co.: The banking group consisting of Kuhn, Loeb & Co., Speyer & Co., Ladenburg, Thalmann & Co., and Hallgarten & Co., in charge of the Mexican Railroad merger, has definitely closed a negotiation covering about $30,000,000 National Railways of Mexico 4% general mortgage bonds, guaranteed by the Mexican Government with a group of leading French bankers. Compare V. 86, p. 1590, 1410. New York City Interborough Ry.—Proposed New Name.— The Public Service Commission, First District, has granted the company permission to change its name to the Bronx Crosstown Railway Co. The change Is being opposed by the minority stockholders and real estate interests, who have asked for a re-hearing. The Interborough Rapid Transit Co. owns a majority of the stock and all the outstanding bonds, and supplies motive power; seven of the nine directors are also directors of that company. It is claimed that a change of name would give the public the Impression that the road had been severed from the Interb^r ,ugh Rapid Transit system and injure its credit and the faith of the public in the ultimate completion of the road as planned. Under the law, it will be necessary to advertise for six weeks and obtain the approval of the Supreme Court . before the change becomes effective.—V. 82, P• 869, 1269 Norfolk & Southern Ry.—Receivership.—United States Judge Waddill in the United States Circuit Court at Norfolk, Va., on July 1 placed this property in the hands of Thomas Fitzgerald, formerly General Manager of the Baltimore & Ohio; Harry K. Wolcott of Norfolk, and Hugh M. Kerr of Norfolk as receivers, upon a bill filed in the United States Circuit Court by the Trust Company of America, as trustee under the "first and refunding mortgage" of 1907. The tion and cash subsequently expended in connection therewith. At the time of the organization of the Tacoma Industrial Co. another company called the White River Power Co., which was subsequently acquired by the Seattle-Tacoma Power Co., had also acquired rights and water privileges on the White River, and both companies started in to develop their respective water powers. Disputes arose as to the relative rights of these companies, which resulted in litigation which has continued during the last five years without any conclusive result. Under all the cicrumstances it was deemed for the interest both of the Seattle Electric Co. and the Seattle-Tacoma Power Co. that their respective rights on the White River should be conveyed to one corporation. The agreement provided that the Pacific Coast Power Co. should pay for the Tacoma Industrial Company's lands and rights and for an option on the lands and rights on the Nisqually River an amount which would reimburse the Seattle Electric Co. for everything which It had paid out in connection with these properties, and to the Seattle-Tacoma Power Co. for its lands and rights on the White River an amount which would reimburse It for all It had paid out In connection therewith. Pending the adoption of a plan for the permanent financing of the new enterprise, the full purchase price has been paid to each company by notes secured by a mortgage on the property conveyed. If all the common shareholders of each company exercise their privilege of exchanging (three-fourths of) their shares for shares of the Pacific Coast Power Co. upon the agreed basis, the assets and liabilities of the Pacific Coast Power Co. will be substantially as follows: Assets— (1) All the lands and water rights on the White River formerly owned by the Tacoma Industrial Co. and the Seattle-Tacoma Power Co. (2) Option on the lands and water rights on the Nisqually River owned by the Seattle Electric Co. through Its ownership of the stock of the Puget Sound Power Co. (3) 37,500 shares of the ($5,000,000) common stock of the Seattle Electric Co. (see "Electric Railway Section.") (4) 16,875 shares of the ($2,250,000) common stock of the Seattle. Tacoma Power Co. Liabilities— (1) 3-year 6% note given In payment for theproperties of the Tacoma Industrial Co. and option on Nisqually lands, $291,667 secured by mortgage (2) 3-year 6% note given in payment for the properties of 583,333 the Seattle-Tacoma Power Co. and secured by mortgage_ (3) Capital stock, of which 51,094 shares would be held by the common shareholders of the Seattle Electric Co. and 16,875 by the common shareholders of the Seattle-Tacoma 6,796,900 Power Co JULY 4 1908.1 THE CHRONICLE The Seattle-Tacoma Power Co. for many years has maintained a plant for the generation of electricity on the Snoqualmie River, and has been supplying light and power In Seattle and Tacoma. It has been entirely Independent of the Seattle Electric Co., both as regards management and the ownership of Its stock. Of Its outstanding capital stock $1,250,000 Is 6% preferred stock and $2,250,000 Is common stock. (Compare V. 81, p. 781* V. 82, p. 1273.) We are further Informed that the total amount of Seattle-Tacoma common stock and Seattle Electric Co. common stock now held by the Pacific Coast Power Co. Is approximately 51,306 shares. The future prospects of Pacific Coast Power Co., it Is pointed out, Ile not only In the fact that the company Is the owner of this amount of dividend-paying common stock, but also because it owns valuable water rights on the White River within less than 30 miles of both Seattle and Tacoma (embracing the largest undeveloped water power In the State), which when developed will be a source of additional Income.—Ed.1—V. 86, p. 1592. Peoria (Ill.) Railway.—Bonds Offered.—MacDonald, McCoy & Co., Chicago, are offering for sale by advertisement on another page $943,000 "first and refunding 5% serial gold bonds dated June 20 1906, principal and interest unconditionally guaranteed by the Illinois Traction Co. by endorsement on each bond." The total authorized issue of these bonds is $3,600,000, of which $2,705,000 are outstanding and $45,000 have matured and been paid; the remainder are reserved as follows: To refund Central Ry. 5s, $570,000; for future betterments and extensions, $280,000. 39 as mortgage trustee, called a meeting of the bondholders for July 3 in view of the following circumstances, as stated in the call for the meeting: In the proceedings for the voluntary dissolution of the company the receiver has obtained an order directing Knickerbocker Trust Co., as trustee under such deed of trust, to show cause on July 6 1008 why he should not be permitted to refuse to be bound by the conditions of the franchise granted by toe town of Mamaroneck about Feb. 3 1899, and to increase the fare for passengers from the town and village of Mamaroneck to WhitePlains from five to ten cents. Tne granting of such permission may result In the forfeiture of the franchise. The receiver has also obtained leave to issue certificates taking precedence over the mortgage; and the trustee Is Informed that unpaid taxes have been allowed to accumulate.—V. 86, p. 230. Tennessee Central RR.—Company Resumes Possession.— Officers.—The Southern Ry. and the Illinois Central RR. having decided not to exercise their option to purchase this property, their tenancy of the eastern and western divisions respectively ceased on June 30 and the Tennessee Central RR. resumed possession with the following officers: George W. Ristine, Cnicago, President; Eben Richards, New York, VicePresident; C. E. Nor,on, Nashville, Secretary; Thomas W. Serviss, New York, Assistant Secretary and Treasurer. To these officers was added H. Clay Pierce of Nest York as a director. In reply to a telegram from Hon. James S. Brown, the Mayor of Nashville, 11. Clay Pierce of New York says: Earnings for the Calendar Year 1907. f $ 7 0, 0. 131 / 7o 39R y. Il. .1c 87 5e 1r:fa 9 3 Gross earnings $ 2,126,487 277,593. Expenses, including taxes I strongly believe that we can makerennessee Central under Independent management of much more benefit to the citizens of Nashville than It has been doing the past three years and at same time secure reasonable profit for the owners. 31,650,700 $293,806 Net earnings. "The surplus earnings of the companies for the year 19,17 were over six times the interest charge on these bonds." See further particulars In "Electric Railway" Section.—V. 83, p. 38, 436. The executive officers of the Southern and the Illinois Central on June 29 issued the following: In 1005 the Sou,herb and the Illinois Central entered Into a contract Puget Sound Electric Ry., Seattle.—Listed in Boston.— The Boston Stock Exchange on May 9 listed $4,179,000 first consolidated mortgage 5% gold bonds dated Feb. 2 1903, due Feb. 1 1932. "These bonds were issued for the purpose of providing for pur31iase of Tacoma Railway & Power Co. securities and Seattle-Tacoma laterurban By. and Seattle-Tacoma Timber Co. properties and subsequent improvements on the property of the company." These bonds are a pare of an autitorlzed issue of $5,500,000, of wnich amount 31,236,004—numbers 4,265 to 5,500 Inclusive—are reserved to retire bonds of Tacoma Railway & Power Co., due April 1 1929. Purchased for sinking fund and canceled up to March 31 1908, $85,000. BALANCE SHEET MARCH 31 1908. Assets ($12,110,125). (Liabilities ($12,110,125). 1 Property $10,948,534 Stock ($625,040 is pref.) _ $3,426,200 Current assets 558,6/6'Bonds, P. Sd. Elec. fly. 4,179,000 Bills receivable 88,482 Bonds, 1'. Ry. & Pr. Co_ 1,236,000 Treasury bonds 1,500,000 200,0001Coupon notes 585,000 Suspense 79,104 Notes payable 78,569 Trustees of sinking fund_ 424 Accounts payable 236,935113fils not et due 1 52,256 Cash 82,502 1Bond sinking fund 370,598 1Reserves and surplus_ _ Note. -1,250 shares of preferred stock are held in trust by City Trust Co. for the benefit of the company.—V. 84, p. 869. St. Louis Iron Mountain & Southern Ry.—Arkansas Demurrage Law Held Illegal.—Judge Trieber in the United States Circuit Court at Little Rock on June 26 granted a permanent injunction restraining the Arkansas Railroad Commission from imposing the penalties prescribed by the Barker Demurrage Law, passed by the last Legislature, for alleged failure to furnish coal cars to the Denning & Coal Hill mines, as demanded by independent shippers. It was claimed that the company discriminated in favor of the Western by which they purchased the prior lien bonds of the Tennessee Central and obtained an option for three years upon the general mortgage bonds of the Tennessee Central, the bonds of the Nashville Terminal Co. and practically all the capital stock of said companies, except that held by counties and munlelpalitlei. Pending said option, they have paid interest on these securities In the nature of rent and have operated the property under an agreement to steep it free from debt. The option expires July 1. When they entered Into these contracts these companies confidently expected that conditions would justify the exercise of the option, and acting upon that belief they have In every way used their best efforts to develop the business of these properties, and to that end have made valuable permanent improvements upon them. They have also, acting through the Nashville Terminal Realty Co., acquired much real estate In Nashville and vicinity, have erected a modern grain elevator, and have extended tracks to many industries. Despite these efforts, the result of the experience of three years now drawing to a close unfortunately has not justified their expectations. The operations have not been remunerative and have not been such as to warrant the purchase of the securities under the option. These companies were anxious, however, to continue the effort to develop the property and their relation with the City of Nashville If they consistently could do so. • They therefore proposed a plan in detail for a long-term lease of the , property on a basis which, while involving some immediate sacrifice, would. In their opinion, ultimately be reasonably fair and profitable to both parties. This plan was, however, declined by the owners of the property, and while a counter proposition was made, it was on a basis that the railroads felt compelled to decline In turn. There has been a public statement that interest has not been paid upon the bonds and that the surrender of the option Is but a step foward the foreclosure In the interest of the Southern and Tilinola Central companies. There is no foundation for this statement. Under the option contracts the interest has all been provided for up to July 11008 by these companies, and neither the Tennessee Central nor the Terminal Co. Is In default.— V. 86, p. 1593, 1286. Toledo (0.) Railways & Light Co.—Delault.—The reorganization committee, it is understood, provided the $140,925 required to meet the July 1 interest on the $1,066,000 Toledo Consolidated first mortgage 5s, on the $4,234,000 Toledo Traction consolidated 5s and the $337,000 Toledo Heating & Lighting 5s, but,as was expected,default Coal & Mining Co., which it virtually controls. The prosecuting attorneys occurred July 1 on the $4,866,000 4% consols of the Toledo of the districts In which the mines are located, according to press reports The interest due on the $1,250,000 were asked to bring penalty suits aggregating about $1,000,000 against Railways & Light Co. the road, but an agreement was made that nothing should be done until first mortgage bonds of the Toledo dr Western Ry., a conJudge Trieber had rendered his decision.—V. 86, p. 1345, 1043, 1039. trolled property, was also not met at maturity, but it is St. Louis & San Francisco RR.—Favorable Decision.—The intimated may be provided for from earnings within the Appellate Division of the Supreme Court, First Department, next three or four months. reversing the lower court, decided in favor of the company A majority In amount of the 4% consols, Including both investment holdings to $4,866,000, and those the suit brought by Gustave E. Kissel to set aside the traffic collateral amounting amounting to 11,134,000. used by the company as have, it Is stated, been agreement dated April 14 1904 between the Chicago & East- deposited,security,committee has fixed Aug.11008 as the date on or before and the ern Illinois, St. Louis & San Francisco and the St. Louis which the holders of the remainder may deposit their bonds with the New York or the Citizens' Savings & Memphis & Southeastern RR., providing for the issue of Cleveland, Trust Co., New York,committee contemplates the Trust Co., as depositaries. The refunding $5,000,000 Frisco notes and $16,000,000 St. Louis Memphis of the company's underlying issues which mature in 1909 and 1912, in addition this accomplished satis& Southeastern bonds. Compare V. 82, p. 49; V. 79, p. 104. factorily to the consols. It is believed expirecan be1909 to 1914 can be provided the franchises which from renewed, as it is hoped they will be, on a reasonable basis. —V. 86, p. 1590, 1345. The committee (which represents the secured debts and claims as well Sao Paulo (Brazil) Trawraay Light & Power Co.—Listed as the 4% consols) consist of J. R. Nutt, Chairman. Norman B. Ream. Myron T. C. John Sherwin, H. P. McIntosh in London.—The London Stock Exchange has listed $600,000 and W. B.Herrick,The Ledyard Blair,the committee are H. R. Dennis, Hale. Secretaries to 24 Broad St.. New York, and George H. Kelly, American Trust Building, additional capital stock.—V. 86, p. 1282, 1160. Cleveland.—V. 86, p. 1345, 1226. Seattle Electric Co.—Exchange of Stock.—See Pacific Toledo & Western RR.—Payment of July Interest DeCoast Power Co. above and V. 86, p. 1592, ferred.—See Toledo Railways & Light Co. above. Southern Indiana Ry.—See Chicago Southern Ry. above. Twenty-eighth & Twenty-ninth Streets Crosstown RR., —V.86, p. 338. New York.—Lease Canceled.—See Metropolitan Street Ry. Southern Railway.—Question of Wage Reduction again below.—V. 86, p. 1531. Postponed.—On April 1 it was agreed that the question Vera Cruz & RR.—Re-incorporation in Mexico.— of reducing wages be deferred until July 1. (See "Wages" This company, Pacific was which incorporated in 1898 under the V. 86, p. 858.) On June 26 President Finley announced laws of West Virginia, it is announced, has been re-incora further postponement of the matter until Oct. 1 or later, porated under the laws of Mexico.—V. 84, p. 804. as follows: Vera Cruz (Mexico) Terminal Co.,.Ltd.—New Enterprise— In view of the demonstrated greater efficiency of labor and In the hope and with some expectation that present business conditions may show Debenture Offering.—This is the union terminal company an improvement, an understanding has been reached, through the Hon. Martin A. Knapp and the Hon. Charles P. Neill, the mediators under the incorporated under the "English Companies" Acts Nov. 20 Erdmann Act, with all classes of employees that were parties to the settle- 1907 to take over and develop the railway and water terminal ment of April 1 1908 to the eft,at that negotiations temporarily suspended April 1 1008 shall be further postponed until Oct. 1 next, at which time facilities at Vera Cruz, Mexico. The due payment of interest such negotiations may be resumed at the option of the companies through and principal of the company's debentures is secured under the mediators under the Erdmann Act.—V. 86, p. 1468, 1410. the terms of an agreement by the joint and several underSouthern Ry.—See Tennessee Central Ry. below. takings of the Mexican Railway Co., Ltd., the Interoceanic of Syndicate.—An exchange says: Expiration Ry. of Mexico (Acapulco to Vera Cruz), the Vera Cruz The syndicate which was formed to take $20,000,000 4% bonds under & Pacific RR. Co. and the Vera Cruz (Mexico) Railways, and Ltd., he development and general mortgage of 1006 has expired by limitation nd will not be extended. The bonds were underwritten at 89 and Interest, these companies and the Mexican Government own all of the but have been selling at from 733 to 74j..—V. 86, p. 1468, 1410. nominal share capital, £90 in £5 shares, £70 thereof belongTarrytown White Plains & Mamaroneck Ry., New York. ing to the railway companies. There is an authorized issue —Meeting of Bondholders.—The Knickerbocker Trust Co., of £1,000.000 4% coupon debentures, interest payable 40 THE CHRONICLE July 15 and Jan. 15, of which the present, £728,000, were purchased by J. S. Morgan & Co. and the Dresdner Bank at 93%, and offered for public subscription in London last April at 963/2%, through the London & Westminster Bank. These debentures are redeemable on or before Jan. 1 1976 through an accumulative sinking fund, for which they are subject to call on, and after Jan. 1 1913 at par, beginning with £2,240 a year, and increasing gradually; after Jan..1 1923 they may be drawn and redeemed in any amounts at the same price. Trustee for the debenture holders, National Safe Deposit Co., Ltd., London,E. C. The prospectus says: Vera Cruz, the principal port of Mexico, has recently, at great expense, been completed by the Government, but It lacks adequate facilities for effectually dealing with its extensive business, and the company's concession, running for 80 years from May 29 1906, has been granted with the object of securing such facilities. The concession requires the completion of the works by May 29 1910. The principal works to be carried out include about 21 miles of railway, custom houses, warehouses, a joint passenger station and hotel, and a coaling depot, together with engines, rolling and floating stock. The directors are satisfied that the proceeds of this issue available for construction will cover all the costs of the works now contemplated. An amount of £214,600 will be required for the purchase of such portions of the land, premises, tracks, piers, lighters, appliances, &c., of the railway companies as can be utilized advantageously by this company. To compensate the Mexican and Interoceanic railways for the loss of revenue which they will suffer owing to the Terminal Company taking over their pier and lighter businesses, which businesses have hitherto resulted in large profits to those railways, It has also been agreed to pay (In Mexican money) to the Mexican Ry. Co. $289,850 (t29,700) and to the Interoceanic Railway $210,150 (121,500). These sums together make up the total of £265,800, which is taken by the railway companies In fully paid debentures of this issue at.par. [The amount is apportioned as follows: Mexican By. Co., 1148,700; Interoceanic Ry., £100,600; Vera Cruz Pacific RR. £2 800; Vera Cruz Rys., £13,700.--Ed.1 It has been arranged to Include this 1265,800 In the present issue of 1728,000, the shareholders and debenture holders of the railway companies being entitled to preferential allotment to that extent. The profits of the above pier and lighter businesses will accrue to this company from July 1 next. After providing for the 228,000 of debentures to be allotted to the Government for the purchase of land, there will remain a balance of 1272,000 debentures to be reserved for future requirements. The (four proprietary) railway companies have transferred to this company all their rights under the concession in consideration of the issue to them of 14 fully paid shares of £5 each, and of the agreement under which terminal facilities are to be provided by this company, and the railway companies jointly and severally undertake to pay such a sum as shall, after setting off the company's gross receipts, be equal to the amount required annually to pay its working expenses, the Interest on the company's debentures for the time being outstanding and the redemption fund. The rates are to be adjusted from time to time so as to protect the railway companies under this obligation. The principal and interest of the debentures are thus secured not only by the right granted under the concession to levy such rates as shall be sufficient to pay working and maintenance expenses and the interest on and amortization of the capital Invested, but also by the joint and several liability of the railway companies under, the agreement above referred to. The shares of the company's original capital (18 of £5 each- £90) are only to be held by the Mexican Government and by the concessionaire railways or their nominees or officials, and cannot be transferred, except to other railway companies which may In the future have termini at the port of Vera Cruz, or the nominees or officials of such companies. ' The company Is granted free importation for five years of all materials, machinery, vessels, fuel, tools, &c., necessary for construction, maintenance and operation. For the following 10 years an exemption from Import duties to the extent of $20,000 (Mexican currency) per annum will be allowed, and afterwards an abatement of $10,000 per annum. During the continuance of the concession the terminal station, works and services, together with the capital invested, will be exempt from all Federal and local taxes or imposts, with the exception of stamp duty. At the expiration of the concession, the terminal station, lands, buildings and other real property of the company will become the property of the Mexican Government, free from encumbrances, with the exception of the lands, lines and piers of the Mexican Railway Co., which shall revert to them upon repayment of the consideration received therefor from this )mpany. Volume of Traffic Dealt With at Port of Vera Cruz during Five Years ending June 30. --Goods (in Metric Tons)- -Number of Passengers Fiscal Inwards. Outwards. Total. Total. Inwards. Outwards. rollYear1,261,418 12,075 565,674 9,770 21,845 695,744 1902-03 14,297 1,268,363 572,403 13,837 28,134 695,960 1903-04 18,500 1,506,425 15,000 679,000 33,500 827,425 1904-05 21,773 1,620,040 17,193 739,143 880,897 38,966 1905-06 20,394 1,677,408 17,000 715,454 961,954 37,304 1906-07 As the very large proportion of the traffic which passes through the port Cruz can in future only be conducted through the means of and of Vera subject to the charges made by this company, the earnings of the railway companies derived from such traffic In effect constitute an ample security for the debenture interest and redemption fund of this company. As the total annual payment for interest on the debentures and the redemption fund only amounts to £35,000, the surplus net earnings of the two companies as above mentioned are nearly eight times the amount required. For the year ending June 30 1907 the surplus net earnings of the leading companies after payment of debenture interest was as follows: Mexican Ry., 1261,706; Interoceanic By., £44,781. Directors: Marlborough R. Prior, London (Chairman), and Lieut.-Col. Pablo de Escandon and Walter Morcom of Mexico City, representing the Mexican Ry.Co.; Joaquin D. Casasus, Mexico City, and E. CamachoGuisasola, London,representing the Mexican Government; G. W. Hoghton, London, and Martin G. Ribon, Mexico City, banker, representing the Interoceanic Railway of Mexico; Clarendon G. Hyde, London, and J. B. Body, Mexico City, jointly representing the Vera Cruz (Mexico) Railways -V. 86, p. 53. and Vera Cruz & Pacifib Railroad Co. [VOL. Lxxxvii. West Virginia Central & Pittsburgh Ry. Co. at Mercantile Trust Co. of New York City. Potomac Valley Ry. Co., Baltimore & Cumberland Valley RR. Extension Co., Baltimore & Cumberland Valley RR. Co. and Baltimore & Cumberland Valley Ry. Co. at Maryland National Bank of Baltimore. -V. 86, p. 1469, 1346. Western Pacific Ry.-Extension of Syndicate. -The syndicate which in 1905 underwrote the issue of $50,000,000 5% first mortgage bonds was, by the terms of the underwriting agreement, to have expired by limitation July 1, but it is understood has been or will be extended for one year. About two-thirds of the bonds, it is said, have been sold. -V. 86, p. 1227, 1287. Wheeling & Lake Erie RR. -Interest on Equipment Bonds -The July 1 interest on the $2,094,000 equipment Unpaid. trust bonds due Jan. 1 1922 was not met at maturity. -V. 86, p. 1591, 1469. York (Pa.) Railways. -Bonds Offered. -Brown Bros. & Co. New York, Philadelphia and Boston, are offering at par and interest, by advertisement on another page, $3,400,000 first mortgage 30-year 5% gold bonds, dated Dec. 2 1907 and due Dec. 1 1937, subject to redemption in whole or in part at 110 and accrued interest on any interest date upon four weeks' notice. Authorized issue, $10,000,000; outstanding, $3,400,000. Abstract of Letter from Hon. W. F. Bay Stewart, President of York Railways Co. May 15 1908. The company was incorporated under the laws of Pennsylvania in November 1007, and into it has been merged by consolidation a number of street railway companies. It enjoys for itsel and subsidiary companies a perpetual franchise. The street railway EmbrAccs 77 .86 miles of track, including sidings; of tnis, 18.58 mires are within the city and 59.28 miles radiate therefrom throughout the County of York, serving a territory rich In agricultural resources and many manufacturing towns, among them Hanover, Wrightsville (opposite Columbia), York Haven, Dallastown, Dover, Red Lion , Windsor, Hellam, Emigsville, Manchester, Mt. Wolf and Spring Grove. The present population of York Is approximately 60,000, including two contiguous suburbs; York County has a population of approximately 135,000. The last Census of the United States puts the city third in Painsylvania in the number (400) of manufacturing industries. These ponds are secured by a first mortgage upon all the property -and franchises of the York Railways Co., now owned or hereafter acquired; there are no prior liens of any sort. In addition, the company owns 35,000 shares, being all of the capital stock, of the York Light. Heat & Power Co., and 14 shares, being all of the capital stock, of the York Suburban Land Co., which shares are pledged under the mortgage, lending much additional security. No mortgage can be placed upon these properties without the consent of the trustee, so long as the shares of stock are so pledged. By virtue of the ownership of the shares of the York Light, Heat & Power Co., which in turn owns the shares of both the Edison Electric Light Co. and of the Westinghouse Electric Light, Heat & Power Co. the York Railways Co. supplies the major portion of the electric current distributed In the city and county. Neither of the lighting companies has any bonded debt; their franchises are perpetual. The York Suburban Land Co., whose shares are also pledged under the mortgage, owns Brookside Park and Cold Springs Park, both largely patronized: the office building on West Market as well as other valuable city and suburban property, largely in excess St.. of the value thereof as indicated by the amount of the capital stock. Of the balance of this issue of bonds. 52,000,000 are reserved for the specific purposes provided in the mortgage, and the remaining bonds, viz., $4,600,000, can only be issued at the cost price of the purposes specified, provided the net earnings after the payment of all interest and taxes for the twelve months prior to the date of issuance shall be at least equal to the interest and taxes for one year on all the outstanding bonds and of any and all of the proposed additional bonds. Earnings of the Company (including Predecessor Companies and Controlled Lighting and Land Companies) for Calendar Year 1907. $536,699 Interest on $550,000 bonds Gross earnings _ 187,8511 used to construct YorkNet earnings (after $27,500 Interest on $2,850,000 570 1 Hanover line taxes)bonds 142,5001 $17,851 Final surplus In this statement is included the interest on $550,000 bonds used in the construction of the new line from York to Hanover, over private right of day, which did not commence operation until Feb. 29 1908. The YorkHanover line for the current year, although in operation only nine months, should earn,gross, $70,000, and net, $31,500.-V. 86, p. 796. • INDUSTRIAL, GAS AND MISCELLANEOUS. American Locomotive Co. -Ex-Gov. Griggs a Director. Ex-Gov. John W. Griggs of New Jersey has been elected a -V.86, director to succeed S. L. Schoomnaker, who resigned. p. 1102, 722. American Steel Foundries.-Capital Stock Reduced. The amended certificate of incorporation was filed at Trenton, N. J.,. on June 29, reducing the capital stock from $33,050,000, consisting of $17,240,000 of preferred stock and $15,810,000 common stock, to $17,184, 000, all of one class. The holders of the old preferred receive 77% in new stock and 20% in new 15-year 4% debentures and 3% In cash. The holders of the common stock are to receive 25% in new stock. A friend of the company is quoted as saying that the business condition of the company Is so satisfactory that dividends on the new stock will be earned and paid within the next 12 months. -The direc-No Interest on A and B Bonds. Wabash RR. tors have decided to make no interest payment at this time The new stock certificates will be ready for distribution in -V.86, p. 1469, 1410. on the A and B debenture bonds. about two weeks. -V. 86, p. 1411, 1161. Warren & Corsicana Pacific Ry.-Stock to Be Offered at -For -Earnings. American Telephone & Telegraph Co. Auction. -See J. I. Campbell Lumber Co. under Industrials the first five months of 1908 and 1907: below. -V. 80, p. 999. 1907. 1908. Five Months ending May 31Washington (D. O.) Railway & Electric Co.-Offering of Income from dividends $6,443,344 $5,685,090 Interest and other revenue from associated and .Guaranteed Bonds. -See Anacostia & Potomac River RR. licensed companies above and Potomac Electric Power Co. under "Industrials" 1,8g:1 , 3,1r7 Telephone traffic (net) Real estate below. -V. 86, p. 1411, 1221. Other sources West Chester & Wilmington Street Ry.-Bond Issue. $12,593,351 $10,627,158 Total income 850,598 This new company recently filed a mortgage for $500,000 Expenses 870,179 to the Security Trust & Safe Deposit Co. of Wilmington, , $11,723,172 $9,776,560 Net earnings 2,860,447 as trustee, and increased its authorized issue of capital stock Deduct interest 3,224,136 2,631,028 3,050,560 Dividends for 3 months, 2%, April 15 from $254,000 to $500,000. 3ti:r603 1.,T4R,Z igtv, A contract is reported to have been let to the Eastern Construction Co. for the construction of the entire line, 16 1-6 miles long, starting from 23d and Washington Ave., Wilmington, and extending to Walnut and Market streets, West Chester. • -Payment of Underlying Coupons. Western Maryland RR. -Interest coupons maturing July 1 from the bonds of the following companies were paid on presentation at the institutions named: Balance, surplus -V. 86, p. 1532, 1469. -$5,448,476 $4,285,086 -New Stock.-This Apsley Rubber Co., Hudson, Mass. company, one of the largest independent mariplactttrers of rubber boots and shoes, has increased its capital stock from $450,000 to $750,000. The increase will be taken at par largely by the present shareholders." THE CHRONICLE JULY 1 1908.J Balance Sheet Filed in Massachusetts May 19 1908. Liabilities ($1,175,863) Assets ($1,175,863)$450,000 Real estate $246,589 'Capital stock 123,060 219,428:Accounts payable Machinery 332,771 Cash and debts receivable__ 214,462 Floating debt 270,032 Manufactures and mdse_ _ 478,931 'Surplus Patent rights and trade-mks 16,452 I -V. 72, p. 284. I -Amount of Capital Stock Outstanding. Associated Oil Co. -The Los Angeles "Times" of April 28 states that the company has now outstanding $29,735,700 of its authorized issue of $40,000,000 capital stock, additional amounts having been put out from time to time in connection with successive property purchases. -See AmalAcquisition Through Controlled Company. gamated Oil Co. in V. 86, P. 1287.-V. 86, P. 605. -See Butte ElecBillings & Eastern Montana Power Co. tric & Power Co. below. British-Canadian Asbestos Co., Ltd.-Acquisition-Bonds. -Cramp, Mitchell & Shober, 1411 Chestnut St., Philadelphia, who purchased the entire outstanding $1,000,000 bonds of this new company and have sold them, or nearly all of them, to their clients, have favored us with the following: The company was incorporated In May 1008 under the laws of the Dominion of Canada, and acquired on June 1 1908 all of the property of the American Asbestos Co., Ltd., comprising about 879 acres of land at Black Lake Station on the Quebec Central Ry. • The company owns valuable deposits of asbestos and has 14 pits open, 6 of which are in operation, from which It quarries the various grades of asbestos; also 2 mills, operated day and night by electric power supplied by the Shawinigan Water & Power Co. and the St. Francis Hydraulic Co. under long contracts. The old company produced in 1907 about 5,000 tons of all grades of asbestos, and sold for 1908 delivery about 7,500 tons, at an average of over $50 per ton f. o. b. cars. The contracts taken by the new company since June 1 for delivery during 1008 amount to 5,200 tons. The company owns 3 high-power locomotives, 60 freight cars and 2% Mlles of railroad track, connecting with all the workings; also about 50 modern houses, which are rented to employees. The company has outstanding $1,000,000 capital stock (par of shares $100 each) and has authorized an Issue of $1,500,000 first morgtage 5% sinking fund gold coupon bonds, dated July 1 1908, due July 1 1933, of which $1,000,000 are outstanding; interest payable at the Royal Trust Co. In Montreal or at the agency of said bank in New York City. Sinking fund, $50,000 yearly, beginning Jan. 1 1912, to be Invested by purchase of the bonds in the open market, which bonds are to be canceled. -Henry M. Whitney, President, Boston; Hon. Robert Mackay, Officers. Vice-President, Montreal; Edward Slade, Treas. and Gen. Mgr., Black Lake, P. Q., Canada; R. P. Doucet, Secretary, Montreal. Directors.-Hon. Robert Mackay, E. B. Greenshields, William McMaster. Montreal; Thomas McDougall, Quebec; Henry M. Whitney, Boston; Harry A. I3erwind, Howard Ellery Mitchell, Philadelphia. Butte Electric & Power Co.-Dividends Resumed on -The Common Stock.-Rate Increased from 5% to 6%. payment of quarterly dividends on the common stock, t% suspended following the distribution of the regular 1 Y quarterly last September, have been resumed, a dividend having been declared, payable July 6 to holders of 1 of record June 30. Annual Dividend Record. Mch. '03 to Sept. '05. Dec. '05 to Sept. '06. Dec. '06 to Sept.'07 s.-a. (3% p. a.) 1% qu.(4% p. a.) 1M% qu.(5% p.a. Com. stock qu.(5% per an.) Nov. 1901 to May 1908. Pref. stock-1 Acquisition.-This company, through its subsidiary, the Madison River Power Company, recently acquired hydro-electric-power plants and an electric lighting and power system at or near Billings, Montana, and on May 29 1908 organized the Billings & Eastern Montana Power under the laws of New Jersey with $1,000,000 authorized capital stock to take title thereto and to join with the other companies named in making the joint bond issue authorized last March (V. 86, p. 670, 917). -The Electric Bond & Share Co., Offering of Joint Bonds. 62 Cedar St., New York, is offering at 93 2 and interest, $1,000,000 "Billings & Eastern Montana yielding 6 Power Co., Madison River Power Co. and Butte Electric & Power Co. joint mortgage 6% convertible gold bonds," dated June 1 1908 and due June 1 1934. A circular says: Redeemable wholly or In part at the option of the companies at 105% of par and accrued Interest on any interest date on and after June 1 1913, unless previously converted. Convertible at par into the common stock of the Butte Electric & Power Co. at par at the option of the assignee of the conversion privilege (which has been assigned) at any time after Dec. 1 1910. In case of such conversion, it Is provided that the bond will then be redeemed at 105 and accrued Interest. These bonds are secured by a first and paramount mortgage on all present and future acquired property of the Billings & Eastern Montana Power Co. and a refunding and extension mortgage on all present and future-acquired property of the Butte Electric & Power Co. and the Madison River Power Co. Interest payable June 1 and Dec. 1 at office of Butte Electric & Power Co. In the City of New York. Denominations $1,000 and $500 (el. 41 system of Butte and to other consumers, and does all the steam-heating business of the city. The electricity Is generated chiefly by water power furnished by the Madison River Power Co. and the Montana Power Transmission Co., the entire capital stock of both companies being owned by the Butte Electric & Power Co. The Butte Company also controls the lighting and traction company of Great Falls, and owns (through the Madison River Power Co.) the Livingston Water Power Co., the Gallatin Light Power & Railway Co., which does all the traction and lighting business of Bozeman, Mont., and the Billings & Eastern Montana Power Co. Capitalization June 1908. including "Joint Bonds" offered above and all Bonds of Sub. Cos. Authorized. Outstanding. Preferred 5% cumulative $1,000,000 $1,000,000 Common stock 3,000,000 5,000,000 Joint mtge. 6% cony, gold bonds, due June 1 1934 5,000,000 1,000,000 Madison River Power Co. 1st mtge. 5% bonds, due Feb. 1 1935 1,851,000 5,000,000 Butte Electric & Power Co. 1st mtge. 5% bonds, due June 1 1931-1951 2,303,000 5,000,000 Montana Power Transmission Co. 1st mtge. 5% gold bonds, due Aug. 1 1933 634,000 750,000 Of the authorized Issue of $5,000,000 Butte Electric & Power Co. first mortgage bonds, there are outstanding $2,303,000; matured or held In sinking fund $128,000; reserved to be issued only to the extent of 75% of the actual cash cost of additional properties, or securities, acquired and made subject to the mortgage, $2,569,000. Of the oustandIng bonds, $575,000 mature $25,000 annually from June 1 1908 to June 1 1930 Inclusive; $320,000 mature June 1 1931 and $1,408,000 June 1 1951. Any future bonds Issued under this mortgage will mature June 1 1951. A cumulative cash sinking fund beginning In 1916 provides for the payment of three-fourths of the bonds that mature on June 1 1931. A second sinking fund provides that before paying dividends the company shall pay to the trustee annually amount sufficient, without accumulations, for the ultimate redemption of one-fourth of all bonds issued in excess of the first $1,000,000, all of the latter being taken care of by maturities on or before June 1 1931. Description of Properties Comprising the Butte Electric & Power Co. -Owns a sub-station and steam plant (1) Butte Electric & Power Co. about one mile from the heart of the city 180x112 feet, brick and steel, fireproof construction. Constructed In 1901 and added to in 1906, containing a steam plant capable of generating 3,000 horse-power, also modern electrical apparatus for the distribution of power throughout Butte and Its suburbs. -Does all the steam-heating business In Butte. (2) Phoenix Electric Co. Owns a lot In heart of city, 112x60 feet, and is building a cement subway f3r its transmission pipes. Entire property is under the mortgage of the Butte Electric & Power Co. 1. Companies whose Stock is all owned by the Butte Electric & Power Co. -Owns two power stations on the Madison (3) Madison River Power Co. River, about 65 miles from Butte. The older station has a capacity of 3,000 horse-power. The second station, just completed, Is 200x85 feet, steel and concrete. About 12,000 horse-power is now developed In this station. The generators are, however, constructed to carry a 20% overload, which will make the plant capable of generating about 15,000 horsepower if desired. (Compare V. 81, p. 1045; V. 84, p. 511; V. 86, p. 671.) Two high-tension transmission lines lead from this station to Butte. The flow of the Madison River is unusually uniform, but nevertheless the company's reservoir covering nine square miles, Insure sufficient water even during a very dry period. The Madison River Power Co. owns the entire capital stock of the Gallatin Lignt Power & Railway Co. which owns the street railway, a substantial sub-station and electric lighting properties of Bozeman, Montana, a town of about 7,000 people, and growing rapidly. The Madison River Power Co. also owns the entire capital stock of the Livingston Water Power Co., a company owning (free from mortgage debt) the electric light and power plants at Livingston, Montana, and a hydro-electric plant on the Yellowstone River of 1,000 horse-power, Installed capacity. The Madison River Power Co. has extended Its transmission line from Bozeman to Livingston, thus ensuring continuous operation. At a comparatively small expenditure. the Livingston Company can increase its power development on the Yellowstone River to 4,000 or 5,000 horse-power. Livingston is the largest city In Park County, Montana;•and Is the gateway to the Yellowstone Park. At Billings there are two hydro-electric plants situated one mile from the business centre of -p., also steam installation the city, with a combined capacity of 2,200 h. of 600 h. -p. used for reserve, and a complete light and power distributing system extending throughout the city and Its suburbs. Important construction contemplated for the immediate future Is the completion of No. 3 plant upon the Madison River, to develop an additional output of 20,000 h.-p.•, the extension of main transmission line from Liv-p. ingston to Billings and ultimate development at Billings of 4,800 h. (4) Montana Power Transmission Co. -Owns a power-house of rubble masonry construction, 60x100 feet, on Big Hole River, 21 miles from Butte, which can generate 4,000 horse-power, and an ample reservoir. -This company owns a brick building (5) Butte Gas Light & Fuel Co. occupying about one acre of land within city limits, and supplies all the gas distributed In Butte and its suburbs. The demand for gas for fuel purposes Is increasing rapidly. On Oct. 31 1905 the company had 1,301 customers; on Oct. 31 1906, 1,562 customers,,and on Aug. 1 1907, 1812 customers. (V. 81, p. 617; V. 82, p. 1443.) 2. Companies a Majority of whose stock is owned by Butte Electric & Power Company. -This company does all the street (6) Great Falls Electric Properties. railway and electric lighting business of Great Falls, Mont. Population about 18,000. At Great Falls are situated the Boston & Montana Smelters employing over 1,000 men. Power Developed. Horse-power.I Steam (Reserve)- • Horse-power. Hydro-Electric3,400 Mad, River Power Co. No. 1._ 3,000'Butte 200 Mad. River Power Co. No. 2_ _12,000 I Bozeman 200 Montana Power Transmission_ 4,000 !Livingston 600 Livingston Water Power Cd__ 1,000 I Billings Billings & East. Mont.Pow.Co. 2,200 I 4,400 22,200) Total horse-power Total horse-power The maximum output from which were obtained the earnings shown for 1907 was 10,240 h.-p., or less than one-half the 1908 plant capacity. Bond Offering-Status of Enterprise.-Lee, Higginson Installed, in Process of Development and Capable of Development within the District Served. & Co., Boston, some months ago offered a block of first Horse-power Horse-power. I 22,200) Capable of further developm't _22,600 mortgage gold 5% bonds of $1,000 each (c*) dated June 1 Hydro electric.Installed In process-Madison No. 3_20,0001 1901 and due June 1 1951, interest payable June and De- In process-Livingston 65,800 1,0001 Total hydro-electric cember in New York. Trustee, United States Mortgage ISteam reserve and auxiliary__ 4,400 I_ Total Installed and in pro& Trust Co., New York. A circular then issued, revised to 70,200 43,200) Total horse-power cess June 10 1908 by means of a letter written by President WetThe market for power supplied by the Butte Electric & Power Co. Is an Butte has a population more in connection with the sale of the aforesaid "joint unusually good one. during a period of normal of approximately 60.000. activity, there are 10,000 It is estimated that • bonds," affords the following information:• miners in the city, and the largest mines are operated continuously by three (1) Gros§ earnings at the rate of $1,000,000 per annum; (2) net income shifts of men In each twenty-four hours, and for this reason a great many more than double Interest charges; (3) very favorable franchises, un- of the hotels, restaurants, places of amusements, &c., are kept open all limited as to duration; (4) furnishes electric power, all the lighting, both' night. At present the company sells power to comparatively few mines. using electric power 'gas and electric, and all the steam heating business, to Butte and vicinity, More and more Mines are field is open to the for lighting and for hoists, serving a population exceeding 90.000; (5) serves one of the greatest so practically this entire af 8,000 feet, and Butte Company. Butte Is It Is difficult to obtain coal mining regions of the world, as well as an agricultural community and the situated at an elevation can, city of Butte. Recent strikes of copper In new discoveries and In lower except at high prices. The companysteam at a substantial profit, supply power. At the present time remove all doubt as to stability of conditions;(6) present electric power far below the cost of levels of old mines development Is 23,000 horsepower with 27,000 additional horsepower, practically all the available power is sold. In addition to Butte, the company, through its subsidiary companies, which can be made avallabl when needed; (7) the high price of coal in Butte (and therefore of steam horse power) Insures a ready market for supplies power to other mines 'well outside the Butte district, and also to the agricultural towns of Bozeman and Belgrade. The company, all the power of this company which c in be developed at low prices. -The company is erg tnIzed under the laws of New Jersey, therefore, is not dependent entirely either on a mining or an agricultural Organization. • community. and comprises, either directly, or thro igh ownership of stock: The city contract Is for 300 arc lamps at $112 per year per lamp. This fiutte Gas Light & Fuel Co. Mutte Electric & Power Co. contract expires In 1911, bUt the business derived therefrom Is only 7% Phoenix Electric Co. Power Co. Madison River of the total lighting business of the Butte Electric & Power Co. Great Falls Electric Properties. Montana Power Transmission Co. The existing transmission lines are all constructed on private rights o Billings & Eastern Montana Power Livingston Water Power Co. way, owned In fee or covered by perpetual easements, the total length of Co. & Raliwa r Co. Gallatin Light Power The company does all the iight ng, both gas and electric, in the city lines being 248 miles. These are connected with the secondary distribuand suburbs of Butte. Montala; f,..rn1shes power to the street railway tion systems and reserve steam plants at the various places mentioned b so THE CHRONICLE 42 that all of the properties, with the exception of Great Falls and Billings are physically united and guarded against the possibility of any Inter ruption of service. Earrings and Expenses of System. Net Gross Surplus Calendar Preferred Earnings. Earnings. YearInterest. Dividend. Earnings. $85,725 $44,059 1901 (5 mos.)_ __ $164,385 $20,833 $20,833 457,989 226,195 103,337 1902 72,858 50,000 453,198 231,281 89,353 1903 91,928 50,000 514,139 276,599 129,807 1904 50,000 96,702 674,756 1905 367,533 150,833 50,000 166,700 1906 848,660466,115 197,681 50,000 218,434 1,046,461 1907 599,804 282,860 50,000 265,944 1,300,000 539,000 1908 (est.) 879,000 50,000 290,000 1,530,000 1909 (est.) 974,000 50,000 614,000 310,000 The operations for the first five months in 1908 give full assurance that the estimates for 1908 will be more than realized, showing, as above, net earnings from operations at the rate of over three times the annual Interest on all outstanding bonds and, after deducting dividend on preferred stock, a balance of surplus earnings applicable to the common stock outstanding equal to approximately 18%. The Butte Electric & Power Co. has paid since organization a total of $696,717 in dividends to Dec. 31 1907 upon Its preferred and common stock outstanding. The balance of earnings for the year 1907 exceeded 9% for the common stock, not including any earnings from the Billings property since acquired. -V. 86, p 917, 670. Butte Gas Light & Fuel Co. -See Butte Electric -Status. & Power Co. above. J. I. Campbell Lumber Co., Texas.-Foreclosure. -The 55th District Court at Houston, Tex., has granted foreclosure decrees in favor of the First National Bank of Houston in the J. I. Campbell Co. receivership case, in connection with two • judgments aggregating $209,194. The "Houston Post" says: • By the first judgment the bank recovers $105,898 principal and Interest due on notes and $10,536 attorneys' fees. This indebtedness is secured by a lien on 993 shares of the capital stock (total issue, 1,000 shares of $100 each) of the Warren & Corsicana Pacific Ry. and 508 shares of the Texas •Sc eliow Pine Lumber Co., valued at $100 per share. The other judgment is against the Tyler County Lumber Co. for $92,760, Vie amount of forty-five notes of $2,000 each given by the lumber company to J. 1. Campbell and indorsed by him as collateral to the bank. This inacres of land situated In Tyler debtedness is secured by a lien on 8,147 and Polk counties and on toe saw-min plants and appliances and tram road and appliances of the Tyler County Lumber Co. located at Warren, Texas. Lxxxvir. like other private property. The company does not stand In the way of this great public Improvement. We never have stood In the way of a deep waterway. We realize that the government has a right to take our property at any time. This scheme of getting the property for nothing was a political scheme. The company holds that its plans for the large new dam at Dresden Heights, which have been unofficially approved by the War Department, allow sufficient space on the north side of the spillway of the dam for the passage of the proposed Government water-way; and furthermore that the dam, instead of being an obstruction to this enterprise, will actually, according to estimate of the engineers, save fully $500,000 in the cost of -V. 84, p. 1250. constructing such a water-way. -Fine on Subsidiary Confirmed. General Asphalt Co. -The Court of Cassation, the court of last resort, on July 1 confirmed the judgment of the lower court in August last, imposing a fine of about $5,000,000 on the New York & Bermudez Asphalt Co. for alleged complicity in the Matos revolution. Compare V. 86, p. 797; V. 85, p. 534.-V. 86, p. 1463, 1287. Great Falls (Mont.) Electric Properties.-Status. -See Butte Electric & Power Co. above.-V.82, p. 1442. Income Leasehold Co., St. Louis.-Bonds Offered. Whitaker & Co. St. Louis, are offering for sale a block of the $1,000,000 first mortgage sinking fund 5% gold bonds, ' denomination $1,000 each, dated July 1 1906 and due July 1 1936, but redeemable at 105 and interest on any interest day after July 11911. Edwards Whitaker of St. Louis and the Illinois State Trust Co. of East St. Louis, Ill., trustees. Interest payable Jan. 1 and July 1. Listed on St. Louig Stock Exchange. A circular says: Secured by a first mortgage on the 17-story office building known as "Tile Pierce Building," fronting about 240 feet on Fauna St. extending from Pine to Chestnut streets. The company also has outstanding $600,% notes and $1,000,000 stock. Annual rentals under 000 2d M. existing leases and tenancies May 22 1908, $237,000; ground rent, taxes, operating expenses and necessary changes for new tenants for year ending May 22 1909, $114,000; present annual net Income, $123,000; annual sinking fund and interest on 1st M. bonds, $65,000; balance, $58,000; value of unrented space, allowing 10% for normal vacancies, $60,000: estimated annual surolus above annual sinking fund and Interest on first mortgage bonds, $118,000. -The directors Consolidated Gas Co. of New York.-Favorable Decision, La Belle Iron Works. -Stock Dividend. Justice Erlanger on Thursday sustained the demurrer in- have declared a quarterly dividend of 2%, as paid regularly terposed by the company to the complaint in the suit brought since February 1906, payable next month,and also the stock by Attorney-General Jackson to oust it from the use of the dividend of 33 1-3%, which was authorized last year (V. 85, city streets on the ground that its franchises had expired. p. 1534(287). This increases the outstanding stock to pracThe Court also held that "as it Is obvious that no amendment of the com- tically $10,000,000, the total authorized amount. Appliplaint can cure the defect, judgment absolute Is directed In favor of the de- cation will be made, it is reported, to list the stock on the fendant." The suit is a separate one from that brought by the Attorney-V.85, p. 1146, 720. General to revoke the company's charter because of alleged violation of the New York Stock Exchange. anti-trust laws, In which a decision favorable to the company was recently Madison River Power Co. -See Butte Electric -Status. rendered by the higher court (V. 86, p. 798, 483).-V. 86, p. 1287, 983. -V. 86, p. 671. -Bonds Offered.-J. S. & & Power Co. above. Connellsville (Pa.) Water Co. Massachusetts Lighting Company-Earnings. -Jose, W. S. Kuhn, Pittsburgh, Philadelphia and Chicago, are offering at 1023'3 and interest 5% gold bonds dated Oct. 2 Parker & Co., Boston, furnish the following: Thelbusiness continues to show a steady increase In spite of the commer1899, due Oct. 2 1939, guaranteed, principal and interest, by American Water-Works & Guarantee Co. of Pittsburgh. cial depression, recent earnings comparing as follows: 1938. Increase. 1907. $356,526 $395,108 $38,579 Denomination $1,000 (coupon). Interest (April 1 and Oct. Gross sales 11 months ending May 31 Gross sales 29,098 210 28,889 1) payable at Farmers' Loan & Trust Co., Trustee, New -V.85, p. May 603. York. A circular says: Meerschaum Company of 'America, Silver City, N. M. -Authorized bonded debt, $500,000; bonds Financial Statement 1908. outstanding, $455,000; held for betterments, $44,000. Annual revenue, Reduction of Capital Stock.-This New Mexico corporation $53,412; Interest charges and operating expenses, $41,469; net revenue, has filed a certificate reducing its capital stock from $6,000,$9,003. Population supplied, 11,000. Daily pumping capacity, 4,000,000 -The directors at the last meeting The gross earnings have increased over 000 to $750,000. Bonds. gallons. Miles of pipe, 39.09. authorized an issue of $100,000 6% gold bonds. Officers 50% In the past four years. The water supply Is taken from two sources of mountain springs, and the company are: President, Win. J. Seidenberg; ViceImpounded In two reservoirs of 15,000,000 and 5,000,000 gallons respec- of tively, and Is further supplemented, when necessary, by pumping direct President, James L. Hill; Treasurer, Louis W. Boyer, and from the Youghiogheny River and filtering. Recent Improvements have M. Sedden, Secretary. New York office, 25 Broad St. Included new pumps of 3,000,000 gallons capacity and a basin for settling E. -V. 85, p. 603. the water before it passes through the filtration system. Michigan State Telephone Co.-Termination of Common -Merger Ratified.--The mer- Stock Voting Trust. Corn Products Refining Co. -The voting trustees having elected to ger of the Corn Products Co. with the Corn Products Refining terminate the voting trust on July 15, the stock trust certiCo. was formally ratified at the stockholders' meeting in ficates may be exchanged for certificates of the common stock Jersey City on June 29 per plan in V. 86, p. 1412, 1222. at either the offices of the Commercial Trust Co., in Jersey Papers merging the corporations under title of Corn City, or the Registrar & Transfer Co. in New York. The Products Refining Co., with $80,000,000 authorized capital transfer books of the trust certificates will close July 3 and stock ($30,000,000 preferred), were filed in New Jersey on will not reopen. -V.86, p. 1103, 984. June 29.-V. 86, p. 1412. -New Franchise Voted. Minneapolis General Electric Co. -Reduced Dividend. Draper Co., Hopedale, Mass. -Owing The Common Council on June 12, by a vote of 14 to 12, to the decrease in orders for textile machinery occasioned after long negotiation between the city authorities and the by the general business depression, the quarterly dividend company, passed the ordinance granting a new 30-year paid July 1 on the $6,000,000 common stock was only 1%. franchise. To become effective, the franchise must be acThis reduces the annual rate to 4%,contrasting as follows: cepted by the company within 30 days. 1907 12 1906 17 1905 12 1904 12 1903 12 1902 15 & 50% stock 17 The City will have the right to purchase the plant at the end of any 5-year period during the term of the franchise at an appraised valuation. The to be city also retains the right of inspection and regulation of The usua12%(quarterly)dividend was declared on the $2,- charged, with power to readjust rates annually. For lightingpricespresent the 52 000,000 cumulative preferred stock. Compare V. 83, p. rate fixed by the ordinance Is 10 cents per kilowatt hour for the first dehours' use of current per month, based on the consumers' maximum 495; V. 84, p. 273, 751; V. 85, p. 43; V. 86, p. 339. mand, and 6 2-3 cents per kilowatt hour for all excess current used, subject - to a discount of 10% if payment Is made within 10 days from delivery of Economy Light & Power Co., Joliet, &c., Illinois. Favorable Decision in Ejectment Suit.-Judge Julian W. bill.-V. 86, p. 173, 52. -See Butte ElecMontana Power Transmission.-Status. Mack in the Circuit Court on June 25 dismissed the action -V. 82, p. 1443. brought by the State of Illinois to prevent the completion tric & Power Co. above. Moran Company (Shipbuilders), Seattle.-New Bond Issue. of the dam on the Desplaines River at Dresden Heights and to oust the company therefrom. An appeal, it is -The company has filed a new mortgage to the Title Trust said, will be taken. Compare bond offering, V. 84, p. 1250. Co. of Seattle as trustee to secure an issue of $500,000 6% largely for extensions and The suit was begun on Dec. 30 last by Attorney-General Stead at the bonds. The proceeds will be used request of the Legislature, which at the suggestion of Governor Deneen additions to the plant. The advisability of building a. In a special message, passed the so-called Alien-Lantz navigability Act recently been under consideration. providing for the preservation of the navigability of the waters of the structural steel plant has State. 'rhe Court nolds that the Desplaines silver Is not and "never in Its history has been a navigable stream," and sustains the lease for 21 years from the Canal Commissioners. The people will vote at the general election In November next (see "Illinois" In State and City Department, V. 85, p. 1289) on a constitutional amendment authorizing the Issue of bonds to construct a deep water way or canal, In connection with which it was Intended, apparently, to utilize the land leased by the company. Counsel for the company is quoted as saying: "While this suit was brought ostensibly to protect public rights on the theory that we were obstructing navigation, it was clear that the real purpose was to enable the state to get water power rights without paying for them. It has been the intention to extend the drainage canal down the Desplaines River, and the State wanted to obtain possession of the 1,700 acres we hold on both sides of the stream. Under this decision any plan to use this river will have to include buying our property just • In 1906 the company authorized an issue of $1,500,000 4% gold bonds, dated April 2 1906 and due April 1 1916,but at company's option subject, either to call at 105 or extension to April 11926. of these bonds $1,050,000 were issued and $450,000 were reserved to retire a like amount of 5% bonds of the old Moran Bros. Co. Compare V. 86, P. 424. National Fire Proofing Co., Pittsburgh.-Preferred Dividend Omitted. -The directors met June 30 and adjourned without taking any action on the quarterly dividend on the $7,900,500 7% (non-cutnulative) preferred stock. The "Pittsburgh Gazette" quotes a member of the board: We have $500,000:cash on hand and theorders booked during June were larger than In the same month last year. The prospects for business are ,1 ui, 1!)(1S THE CHRONICLE very good and we are figuring on steady Improvement for the last half of the year. The company made money during the past quarter, but the earnings were not sufficient to pay the usual quarterly dividend cf 1% on the preferred stock, and therefore no dividend was declared—V. 86, p. 855. 725. 43 United Shoe Machinery Corporation.—Report.—See "Annual Reports" on a preceding page. New Director.—Edmund Le B. Gardiner has been added to the board as the nineteenth director.—V. 85, p. 669. United States Cast Iron Pipe & Foundry Co.—Regular Dividend on Preferred Stock.—The directors have declared the regular quarterly dividend of 13 % on the preferred stock, 4 payable Sept. 1. North American Co., New York.—New Directors.—W. J. Curtis, of the law firm of Sullivan & Cromwell, and Henry R. Mallory, President of the Mallory Steamship Co., have been elected directors respectively to fill a vacancy and to succeed E. D. Pray.—V. 86, p. 1046, 921. As explained In the annual report published last week (V. 86, p. 1587), the dividend, calling for $187,750, owing to the present be Ogilvie Flour Mills Co., Ltd.—Bonds Offered.—The Bank paid out of the "reserve for additional working capital,"depression, is to 31 amounting May of Montreal offers for subscription at 105% and interest from last to $2,459,897, and a friendly suit is to be brought to determine the validity of the disbursement therefrom.—V. 86, p. 1593, 1586, 173. June 1st $750,000 first mortgage 6% 24-year coupon bonds Westinghouse Electric & Mfg. Co.—Circular—Conditional of $1,000 each. Series "B, maturing June 1 1932, but subject to call at 115 and interest on and after June 11912. Extension of Time to Sept. 1.—A circular issued by the readRoyal Trust Co., Trustee. Coupons payable June 1 and justment committee, James N. Jarvie, Chairman, announces Dec. 1 at Bank of Montreal, Montreal. Advertisement says: an extension of the time for complying with the terms of the plan to Sept. 1, provided certain conditions be complied Capitaltzation.—Common stock, $2,500,000; 7% cumulative preferred stock, $2,000,000. Bomed Deg.—First mortgage 8% bonds Issued In with by that time. The circular says: 1902, $1,000,000; first mortgage 6% bonds, series "13" (present Issue), $750,000; total, $1,750,000. It is proposed to secure the present Issue of bonds by a mortgage on the Fort William properties and 33 elevators in Manitoba and Saskatchewan, which stand on the books at $968, 6, 67 and are not covered by the bond issue of 1902. The Fort William properties alone are considered more than ample to secure the present Issue of $750,000. When the company was formed In 1902, the insurable value of the property amounted to $1,295,000,whereas to-day the amount is $2,871,451. Compare V. 86, p. 1162. Ottawa Electric Co.—New Bond Issue.—The shareholders on June 10 authorized the making of an issue of $750,000 "refunding and first mortgage" 5% bonds maturing in 1933. The "Ottawa Press" says: A half million will be required to retire outstanding bonds first mortgage 20-year 5s redeemable Dec. 1 1920 and the remaining $250,000 will be drawn upon for hydraulic Improvements and other requirements of the company. The company desires to Improve its water power at the Chaudiere,in which connection all the hydraulic lease-holders have Joined for the purpose of constructing a new dam above the cataract. In addition the company has to meet an over-draft and other obligations. (The authorized capital stock is $1,500,000; paid up, $1,000,000; par, A100.) —V. 83, p. 382. The various committees have received subscriptions to the proposed new assenting stock under the merchandise creditors' plan, including subscriptions aggregating almost $600,000 from employees, as follows: By merchandise creditors' payable by surrender of claims $4,135,912 By employees of the company and others, payable In cash at rate of 10% per month, beginning with July 1908 595,650 By .stockholders, payable In cash ($544.080 already paid; remaining installments, 75%, payable 20% Aug. 1; 20% Nov. 1 1908; 20% Jan. 11900 and 15% Apr. 1 1909) 2,214,300 By the Security Investment Co., conditional subscriptions, payable In cash, 25% on plan becoming operative; 20% Aug. 1, 20% Nov. 11908; 20% Jan. 1 1909 and 15% April 11900. This subscription Is to be secured by underlying subscriptions of creditors of the Securities Investment Co., chiefly banks $1,325,000 Subscriptions secured by underlying subscription of George Westinghouse 1,500,000 Total of Security Investment Co. subscriptions__ 2,825,000 Total subscriptions $9,770,862 Of this amount, the subscriptions payable in cash, as distinguished from those payable by the surrender of claims, aggregate $5,634,950. Financial Status.—See "Annual Reports" on a preceding Pittsburgh-Buffalo Co., Pittsburgh.—New Bond Issue.— page.—V. 86, p. 1593, 1474. Old Issue Redeemed.—The company, it is announced, has Western Telephone & Telegraph Co.—See Postal Telegraph retired the remainder ($1,265,000) of the issue of $3,- & Cable Co. of Texas below.—V. 86, p. 803, 672. 000,000 5% 30-year bonds dated Jan. 2 1904, and has made a new issue of $3,000,000 5% bonds free of all tax, dated —With the expiration of the copartnership existing Jan. 2 1908 and due Jan. 2 1938, but redeemable in five under the name of Harvey Fisk & Sons of this city on the years at 105. Of the new bonds $1,265,000 were issued in exchange for the same 1st inst, William M. Barnum, Alexander G. Fisk and Wilamount of old bonds, $735,000 were sold to reimburse the treasury for liam S.. Fanshawe'withdrew from membership in the firm. capital expenditures, leaving $1,000,000 on hand for the same purpose. An exchange says: "The company has established a new coal town at The business is continued under the same name by the Marianna. Pa., in Washington County, where It is opening three mam- following partners: Pliny Fisk, Wilbur C. Fisk, Theodore moth mines and building 2,000 coke ovens. This work, which has been going on since Nov. 1 1906, has been carried out of the working capital, H. Banks, Charles J. Fisk, Albert A. Tilney, Herbert L. and when complete will have cost $2,500,000."—V. 84, p. 163. Denny and Richard H. Higgins. It is announced that Pittsburgh Wheeling & Lake Erie Coal Co.—Interest only Mr. Barnum withdraws to devote more time to varied Slightly Delayed.—The July 1 interest on the $200,000 5% personal interests. His office will continue to be at 62 prior lien bonds due July 1911 and the $634,500 first mortgage Cedar Street, in close relation with the firm. Mr. Fisk 4s due July 1931 was paid July 3 at the Mercantile Trust Co., retires entirely from business for the present on account New York. -4411 of ill health. Mr. Fanshawe has organized a new firm The Wheeling & Lake Erie Coal Mining Co., which is controlled by the under the title of W. S. Fanshawe & Co., with offices in Wheeling & Lake Erie RR.. owns, it Is said, the entire capital stock, $500,- the Hanover Bank Building, where he will engage in the 000 common and $750,000 4% non-cumulative preferred (par $100) .—V.73, business of investment securities. p. 36. Postal Telegraph-Cable Co. of Texas.—Decrease of —Spencer Trask & Co., William and Pine streets, have Stock.—In order to effect a reduction in the franchise tax, issued the fourth edition of their circular entitled "Railroad a certificate has been filed decreasing the capital stock from Bonds," describing forty-three different issues of well-known $2,000,000 to $120,000. The assets are stated as $927,149 bonds listed upon the New York Stock Exchange. The and the liabilities as $769,505. The company's $1,189,000 bonds are divided into three groups; high-grade, sound in30-year gold 5s due Jan. 1 1928 have been assumed by the vestment and semi-speculative. The circular gives the high Western Telephone & Telegraph Co., which owns the and low prices at which the bonds have sold since Jan. 1 1905. entire capital stock. See V. 76, p. 334. —Lee, Higginson & Co., Boston and New York, have Potomac Electric Power Co., Washington, D.0.—Guaran-year convertible 6% gold notes teed Bonds Offered.—Brown Brothers & Co. have purchased issued a circular offering the 3 and are offering at a price to yield about 5.3% $650,000 5% of the Interborough Rapid Transit Co. of New York, dated May 11908. These notes were fully described in the "Chronconsolidated mortgage gold bonds dated 1906, due July 1 icle of May 2, page 1100. 1936. A circular shows: —J. B. Morrow, formerly a partner in the firm of Chas. First consols authorized, $7,000,000; issued, $1,950,000; reserved to retire underlying bonds, $1,700,000 reserved for additions and improvements at cost, $3,350,000. Principal and interest guaranteed by the G. Gates & Co., and manager of their Chicago Railway Exchange office, has become associated with Jos. J. TownWashington Railway 46 Electric Co., which owns all of the capital stock. This is the only company authorized to supply electric current for light send & Company, stocks and bonds, corner La Salle St. or power In the District of Columbia, furnishes all of the electric street and Jackson Boulevard. lighting, and owns all conduits and distributing apparatus. Earnings for Calendar Years. —Attention is called to the offering by J. S. & W. S. Year—Net. Gross. Int. Charges. Bal., Sur. Kuhn of the new Allegheny County, Pa., 4% county road $1,168,280 1007 $613,887 $406,548 $207,339 1,010,553 1906 549,722 357,638 bonds maturing 1938. The bonds are offered at 101k and 192,084 Compare V. 83, p. 100.—V. 84, p. 342. interest, yielding about 3.93%. See particulars in adverPuget Sound Power Co.—See Pacific Coast Power Co. tisement on another page. under "Railroads" above.—V. 77. p. 454. —The July issue of Fisk & Robinson's "Monthly Bulletin Russell Falls Paper Co., Russell, Mass.—Bonds Offered in Hartford.—The bonds of this company were recently of Investments" contains a well-written article on the business which offered by the Hartford firm of Graham & Co., not by the on outlook, in period they express the opinion that we are the edge of a of the greatest prosperity this country Philadelphia house of that name. Compare V. 86, p. 1534. has yet enjoyed. United Box Board & Paper Co.—Receivership.—The —R. M. Grant & Co., Bankers, general business depression resulting in a decrease of 50% offering on another page $200,000 31 Nassau Street, are West Hoboken N. J., in orders, keen competition and lower prices have made 43% refunding gold bonds maturing July 1 1938. the floating debt over-burdensome, and consequently, with and full information will be sent upon request. ' Price the approval of the directors, Vice-Chancellor Howell at —Tobey & Kirk, 25 Broad St., advertise in this issue a Newark, N. J., yesterday, appointed Thomas L. Raymond, an attorney of that city, and President Sidney Mitchell, list of securities which they are prepared to buy and a second receivers for the property on application made by the one which they have to sell. —The Boston banking house of F. H. Prince & Co., Lockport Felt Co. of Lockport, N. Y. The floating debt, it Is rumored, aggregates $675,000 (bills payable, announces its removal to 28 State Street, the Merchants $525,000; accounts payable, $150,000),as against $907,000 last January. National Bank Building. Press reports say that under the new management the bonded debt has been reduced $200,000, expenditures on the mills have been made to a, —Ulman & Co. have opened a branch office in the Mastotal of $400,000 and $350,000 has been applied to protect the company's control of the American Strawboard Co. A reorganization plan tuxet Lodge at Watch Hill, R. I., under management of will be ready shortly.—V. 86, p. 550, 486. Mr. David M. Cory. - [VoL. Lxxxvii. THE CHRONICLE 44 Tke arflimercial twers. COMMERCIAL EPITOME. Friday Night, July 3 1908. Something of midsummer quiet is noticeable in general trade, though the outlook in the iron and steel business seems better. The crop prospects continue in the main comparatively favorable and prices are generally steady. Stocks of Merchandise. July 1 1908. June 1 1908. July 1 1907. 8,345 8,340 5,216 tierces 10,480 13,152 21,651 bags bags 3,114,480 3,243,875 3,542,038 54,280 260,350 18,200 mats bags 235,000 253,869 252,882 None 27,239 85,000 hhd3 None 385,000 bags, &c. 10,500 2,740 6,000 No. 94,871 167,382 77,499 bales 14,500 barrels 4,850 barrels 3,525 barrels 3,650 1,500 920 bags 24,675 15,755 27,650 bales 8,520 697 5,725 bales 56,500 55,100 32,700 barrels and sacks Lard Cocoa Coffee, Brazil Coffee, Java Coffee, other Sugar Sugar Hides Cotton Rosin Spirits turpentine Tar Saltpetre Manila hemp Sisal hemp Flour COTTON. Friday Night, July 3 1908. THE MOVEMENT OF THE CROP as indicated by our telegrams from the South to-night is given below. For the week ending this evening the total receipts have reached 53,544 bales, against 43,355 bales last week and 48,356 bales the previous week, making the total receipts since the 1st of September 1907, 8,111,585 bales, against 9,612,858 bales for the same period of 1906-07, showing a decrease since Sept. 1 1907 of 1,501,273 bales. Sat. Receipts at- Mon. Tues. fired. Thurs. Fri. Total. 4,323 3,902 5,142 5,024 3,182 amo 25,223 Galveston Port Arthur _ CorpusChrlsti:ecc 1,714 3,546 3,555 Rio 1,547 10,545 7i3 New Orleans-- _ 1,368 399 34 117 183 542 93 Mobile 5,800 ___ 5,800 ____ Pensacola Jacksonville, &c. 75 . ,i7 4,158 Savannah _ --------------------------Brunswick ------3 101 5 169 29 ____ Charleston _ 31 Georgetown iio 7 57 iiio iio 1,118 524 iii Wilmington 442 3,420 Norfolk ------___ --------_ ---463 463 _NewportNews,&c --530 New York -- - --, 2 1 116 300 _ __ -- iii _ 855 55 Boston __ -_-_-_-_ ____ 375 375 __ Baltimore_ _ ____ ____ __ ____ Eo 75 Philadelphia 55 ------------------------ 7,879 8,891 18,017 6,588 4,387 7,782 53,544 Totals thls week_ LARD on the spot has been moderately active. Western has advanced to 9.45@9.55c., owing to the rise in futures, light receipts of hogs, the advance in the grain markets and light offerings, while city has been weaker at 93o. on larger The following shows the week s total receipts, the total offerings. Refined has been quiet but stronger on light since Sept. 1 1907, and the stocks to-night, compared with supplies and offerings. Refined Continent 9.75c., South last year: America 10.20c. and Brazil in kegs 11.55c.' Speculation in • Stock. 1907-08. 1906-07. lard futures at the West has been active at advancing prices. Receipts to Stimulating factors have been buying by large packers and This Since Su This Since Sep July 3. 1907. 1008. week. 11907. week. 11006. commission houses, the strength and activity of grain, light -- ---- ---- ------ ------ ----offerings and covering of shorts. 36,852 38,772 25,223 2,450,097 4,488 3,845,789 Galveston DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. Wed. Thurs. Tues. Fri. Mon. Sat. 9.25 0.35 9.20 9.173-i 9.15 9.15 July delivery 9.47 9.379.32 M 9.25 9.35 September delivery_ __ _ 9.30 9.37M 9.35 9.40 9.35 9.4213 0.57 October delivery 132,823 _ 108,50( Port Arthur 72,015 ____ 37,825 CorpusChristl,&c.___ 52,670 69,400 10:545 1,963,e82 3,121 2,258,862 New Orleans 6,050 6,066 1,368 325,75o 122 256,289 Mobile 1 1' 548 143,467 5,800 166,838 Pensacola 7,602 Jacksonville, &c_ __ 25,702 28,737 Savannah 2,257 1,464,906 4,158 1,500,763 8,434645 ' ____ 170,600 Brunswick 197,003 5,519 6,801 Charleston 286 147,020 160 '200,370 1,195 Georgetown ____ 722 1,317 4,428 Wimington ___ 20 322,232 1,118 498,137 18,266 11,132 Norfolk 1,230 581,617 3,420 539,779 485 42,323 News,&c Newport 463 7 275 1,259 77,365 168,817 22,885 530 181 4,188 New York 5,633 5,024 71,962 Boston 300 135 14.417 6,651 6,124 61,224 Baltimore 428 77,922 375 1,148 1,440 Philadelphia 10,038 198 75 9,583 ---- ------ ---- ------ -----------Total 53,544 8,111,585 14,273 0,612,858 256,189 329,755 PORK on the spot has been quiet and firm on light offerings and the strength of other hog products. Mess $15 50@$16, clear $16 25@$17 50 and family $17 50(4)818. Beef has been quiet but firm on small supplies. Mess $13 50@)$14 50, packet $14(016, flank $14 50(015 50, family $15 50@$17 25. and extra India 'mess $23 50(025. Cut meats have been dull but firm, the recent advance having caused a falling off in the demand. Pickled Western hams 113@123.1c., pickled bellies, 14(0)10 lbs., 9@)10c., and pickled shoulders 69c. Tallow has been dull and steady; City 53(0)5%c. Stearines have been dull and • 1,823 bales added as correction of receipts since Sept. 1. 2 firm; oleo 11c., and lard 113/c. Butter has been quiet and In order that comparison may be made with other years, easier; creamery extras 223'c. Cheese has been dull and we give below the totals at leading ports for six seasons: 4 easier; State, f. c., new, small fancy 1134c.; large 103 c. 1903. Eggs have been quiet and firmer; Western firsts 17%©18c. ,Recetpis at 1904. 1905. 1906. 1907. 1908. _ COFFEE on the spot has been quiet and steady. Rio 640 1,338 21,786 6,601 Galveston _ _ _ 9,488 No. 7, 63(c. West India growths have been quiet and Pt.Arthur,&c. 25,223 24 1,204 28 9,735 4,033 11,297 5,875 3,121 steady; fair to good Cucuta 8%@9%c. The speculation in New Orleans_ 10,545 2,720 162 844 680 Mobile 122 1,363 future contracts has continued quiet. Prices have advanced Savannah _ 461 1,603 12,299 7,097 2,257 4,158 1,068 25 moderately, however, owing to unexpectedly strong advices Brunswick _ 110 98 1,024 232 286 169 from Europe, buying attributed to roasters and covering Charleston,&c 58 16 1,556 2,658 20 Wilmington_ _ 1,118 338 794 8,689 1,750 of shorts. Europe has sold the distant months here to some Norfolk 1,230 3,420 268 398 398 1,259 N'port N.. &c 463 extent. The closing price swere as follows: 2,041 478 1,902 122 July August Sentember October 6.)5c. I November 6.10c. I December _ 6.10c.[January 6.05c. I February 6.05c I March 6.05c. I AprIl 8.05c. I May 6.10c.'June others_ 1,490 7,080 6.10c. All 6.10c. Total this wk _ 10,483 14,832 62,152 25,068 14,273 53,544 )c. 6.1 6.15c. Since Sept. 1_ 8,111,585 9,612,858 7,603,312 9,489,406 7,064,470 7,612,298 -Cottonseed has been dull and easier; prime summer OIL. yellow 47c.; winter 49(0)493'c. Linseed has been steady. The demand has been moderately active, but purchases have been limited to small lots. City, raw, American seed, 44@45c.; boiled 45(4)46c.; Calcutta, raw, 70c. Lard has been quiet but stronger, owing to an advance in the raw material. Prime 70©72c. and No. 1 extra 53@55c. Cocoanut has been quiet and steady; Cochin 731(0)7Mc. and Ceylon 63'c. Olive has been quiet and steady; yellow 65@75c. Peanut dull and steady; yellow 65©80c. Cod quiet and easier; domestic 42@43c. and Newfoundland 42@44c. -Raw has been more active and firmer. CenSUGAR. , trifugal, 96-degrees test, 4.39(0)4.42c.; muscovado,89-degrees test, 3.89@3.92c., and molasses, 89-degrees test, 3.64@ 3.67c. Refined has been more active; granulated 5.30@ 5.40c. Teas and spices have been fairly active and generally steady. Hops quiet and steady. PETROLEUM has been active and firm. Refined, barrels, 8.75c., bulk Sc. and cases 10.90c. Gasoline has been in good demand and firm; 86-degrees, in 100-gallon drums, 20c.; drums $8 50 extra. Naphtha has been fairly active and firm; 73©76-degrees, in 100-gallon drums, 17c.; drums $ . 8 50 extra. Spirits of turpentine dull and easier at 42c. g osin quiet and firm; common to good strained $3 15. -Sentiment in tobacco circles is more cheerTOBACCO. ful, but manufacturers as a rule are still averse to anticipating requirements and actual sales have been small. Withdrawals of Sumatra have been larger, however, and this has given rise to the belief that the consumption of cigars is increasing. Havana has been quiet. Prices generally have been steady. COPPER has been quiet and easier; Lake 12%©12%c.; electrolytic 123g(0)123'c. Lead has been quiet and easier / at 4.45c. Spelter dull and easy at 4.45c. Tin dull and Straits 27,15c. Iron has been quiet and steady; No. 1 easy; Northern $16 25(017; No. 2 Southern $16 25@$16 75. The exports for the week ending this evening reach a tota of 35,481 bales, of which 19,840 were to Great Britain, 6,589 to France and 9,052 to the rest of the Continent. Below are the exports for the week and since Sept. 1 1907. Week ending July 3 1008. Exported to From Sept. 1 1907 to July 3 1908. Exported to ContiGreat ContiGreat nent. Total. Britain. Fr'nce nent. Total. Britain. France 3,436 12,002 907,622 336,712 924,335 2,168.669 Galveston - -- - 8,566 60,476 108,500 48,024 Port Arthur___ 2,805 2,895 Corp.Christi,&e Orleans-- 1.200 -123 3.754 5,077 868,379 238,233 709,705 1,816,317 New 7e,270 66,734 110,062 247,066 Mobile 49,930 54,912 67,744 172,586 0,298 6,208 Pensacola ____ Fernandina - _ 1,279 1,279 170,651 91,150 624,350 886,151 Savannah _ _ 88,208 175,915 87,707 Brunswick_ --34,050 44,458 10,408 Charleston- 5 132,930 28,- 20 325,185 486,635 Wilmington- - _ 6,836 32,391 39,227 150 3,351 Norfolk 3,201 1,636 1,636 Newport News. 306 5,053 260,891 32,592 295,165 588,648 68 5,279 New York 11,797 152,553 127 1,521 140,756 Boston 1,394 100 47,500 4,149 64,202 116,031 Baltimore -TOO 38,770 200 14,732 53,508 -ioo Philadelphia 1 1 Portland, Me 48,622 48,622 San Francisco_ 71,543 71,543 Seattle 30,868 30,868 Tacoma 1.050 1,050 Portland, Ore_ Pembina _____ 2,111 2,111 Detroit- _ Exports Total 9,052 35,481 2,870,073 853,002 3,491.915 7,214,900 ---- ---63 (1,657 14,787 3,755.852 901,967 3,628,8738,286,702 19,840 6,589 Totll 1906-07_ 8,067 In addition to above exports, our telegrams to-night also give us the following amounts of cotton on shipboard, not cleared at the ports named. We add similar figures for New York. 11,967 5,058 15,881 3,236 16,677 9,445 14,595 55,920 8,744 15,696 14,234 45,203 1,471 1,734 6,265 12,399 11,179 47,458 -The highest, lowest and closing prices at. FUTURES. New York the past week have been as follows: 200,269 284,552 226,479 Mon. Tues. 11.50 11.50 Wed. Thurs. 11.50 11.40 Fri. H. NEW YORK QUOTATIONS FOR 32 YEARS. The quotations for middling upland at New York on July 3 for each of the past 32 years have been as follows: 1908_0 1907 1906 1905 1904 1903 1902 1901 11.4011900_c 13.50 1899 10.80 1898 10.80 1897 10.85 1896 12.7511895 0.11i11894 8.8811893 9.9411892_c 6.1211891 6.2511890 7.8811889 7.44 1888 7.19 1887 7.3111886 8.0011885 7.3811884_c 8.3811883 12.0011882 11.1211881 10.31 1880 11.06 1879 9.4411878 10.5011877 11.12 10.31 12.62 11.06 11.81 12.44 11.44 12.25 MARKET AND SALES AT NEW YORK. 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. --,--Steady SaturdayL _ Quiet Monday_ _ _ Quiet, 10 pts. dec_ _ Steady Steady Tuesday _ _ Quiet Steady Wednesday Quiet Thursday _ Quiet, 10 pts. dec_ Steady_ _ HoLf DAY Friday_ Total Sales of Spot and Contract. Con- ConExport sum'n. tract. 108 108 Total. 15 15 200 100 100 708 100 500 200 13,900 14,100 3,700 3,700 II ts", Ill1 tI we el F .1 ii II . .. .. .. .. .. .. l.iii: :4 . .,, 6g II gii b I@ I@ bii g ICO *( IZ 11 T@ I® I@ I@ 1 0 I@ 7@ to wee we we cc cc c cc c i ,q?. :9t :':il:I ., it,.t i•,! II 11 11 .. .1 .. .. .1 .. .. .. .. il 1 6 , ;5t . . . ._... ;4. .... 66 ii. 646 be ,g , it II I@ I@ i@ T@ I@ I@ I@ N T® IZ 7@ cc cc cc we cc cc c cc c .. .. .. .. .. .. . ... . ;i: 5o" t,4 I '4 r. itE Flei 0:-1 I@ . I I II II .. .1 .. .. .1 .. .. .. 6:-.1 ..t 5 ;., ;... :-..3 6;8 6 Wig 6. 6's . I@ II I@ (0 Tra 7@ I@ 7@ I@ I@ i® N N r we we we we we we c co co II II I@ il 4 e.° II i e i'..i . ilI 4it 'nil ',T.- . . ; I'6 .fi we II we .1 we we .1 we we we 66 II . 6:te èL.o61,; , bt b6 b ilt 6 I@ I@ I@ I@ T@ I@ I@ I@ i® TZ .e . .. .. ,. .. .. .. .. i t1 ,t .:-.!.;;; s ii a :9 il 2:t,9 i'ti1 ,1 D I( II Friday, . July 3. Sat. 11.60 @ 1 0 ' ( T I T@ ( l& i0 T@ I@ I@ It @T@ c we we we to we co we we c 4 6i, 8 bg ;.... .... ti= ..<;-, II II I@ l II I. 1.1.1. l© I. I. II 6 6 W 6 6 6 6 GA CA Co sC. ce, Cic w I@ I@ I@ I@ I@ I@ I@ I@ I@ i . coccocccoo I i I l g Ii.1 It Is't I:T. It Iil I i I g I i. II b w 74 I® I I Thursday. July 2. June 27ito1Julti 5Middling upland we cc col ..1 , . bo. b!:g Co 10 ( cc col 26 6 Vednesday, July 1. The official quotation for middling upland cotton in the New York market each day for the past week has been: we 1 6i II Tuesday. June 30. c Basis Good mtd.tinged c_ Even c 1 75 on Middling Fair 0.30 off Strict mid.tinged _ _0.20 off Strict mid. fair... A.50 on Strict low mid 1.00 off Middling tinged___0.30 off 1.25 on Low middling Middling fair 1.50 oftiStrict low mid. ting.1.00 off Strict good mid___ _0.75 on Strict good ord 2.00 oft Low mid. tinged_ _ _1.50 oft Good middling.,....0.50 on Good ordinary on Strict g'd mid. tgd..0.35 on Middling stained__ _1.25 off Strict middling_ ___0.25 we we cc col II. Monday, June 29. Speculation in cotton for future delivery has been quiet finally at irregular prices, the net changes for the week proving to be, however, a substantial decline in old-crop months, and a small one in those of the next crop. Continued liquidation of July and August, especially August, has had a very noticeable effect on these months and also -crop to some extent on September, while in the next deliveries the tone most of the week has been steady, prices, however, giving way on Thursday in sympathy with other months and also in part because of the fall of needed rains in western and southern Texas. A number of private crop reports have been issued of a somewhat bearish character, but the Government statement on July 1, giving the condition 81.2%, was regarded as relatively unfavorable and had a stimulating effect on the market for the time being. The Government condition of 81.2% compares with 79.7% in the June report, 72 a year ago and 83.3 in 1906 and 81.8 as the ten-year average for June 25. But the weather in many parts of the belt for some weeks past is believed to have been satisfactory, and there are also those who think that the condition of the crop has improved since June 25th, the real date of the July report. Various private reports have stated the condition at from 83 to 85.3%, but at the time of their issuance they had only a momentary and slight effect on prices. Wall Street bear interests have, in some cases, reduced their, obligations on the short side of the market, but others supposed to be more or less heavily interested in the seine direction are not understood to have bought to any large extent. Moreover, the South has been selling and so has Liverpool. Liverpool advices of late, too, have been somewhat disappointing as regards the drift of prices, though the spot sales have increased somewhat. Rumors have been in circulation that spot holders at the South were more inclined to sell and this,with rather liberal sales here of October and December by that section, have not been without a certain influence, even if most reports from the South take the ground that the spot situation is as firm as ever. The stock here is steadily decreasing. On the other hand, however, improvement in trade is slower than had been expected, there is a growing conviction that the crop prospects are gradually improving, and finally speculation con tinues very dull, a fact which is obviously inimical to the interests of the bulls. On Thursday prices declined on favorable weather and liquidation. To-day the Exchange here was closed according to previous resolution. Spot cotton has been quiet. Middling uplands closed at 11.40c., a decline for the week of 20 points. The rates on and off middling, as established Sept. 11 1907 by the Revision Committee, at which grades other than middling may be delivered on contract, are as follows: 2, c%. -4,g , ookc.D:izov,I,I2zoe,-.4:,?oznz1 240-4 , ,aglagl ggIciglag-0.1agiwaglarmagg 0 gig pi: ,;1, Saturday, June 27. On Shipboard, Not Cleared for Leaving Other CoastGerGreat stock. Total. July 3 at- Britain. France many. Foreign wise - -------53,298 16 102 5,328 3,807 150 _ 8,817 New Orleans.. 16,528 2,117 3,382 22,244 2,636 11,970 2,139 Galveston _ _ _ 28,237 500 500 Savannah _ _ _ _ 6,801 Charleston.._ _ _ 4,155 7 -7 66 1,911 _ _ -ioo 811 Mobile 1,119 10,013 10,013 Norfolk 74,115 3,250 1;ioo 400 -86 1,000 New York _ _ 16,016 1,900 200 500 1,200 Other ports_ _ _ Total 1908.. _ Total 1907.._ Total 1906_ _ 45 THE CHRONICLE JULY 4 1908.] THE VISIBLE SUPPLY 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 consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures for to-night (Friday), we add the item of exports from the United States, including in it the exports of Friday only. July 3Stock at Liverpool Stock at London Stock at Manchester 1907. 1908. bales. 566,000 1,092,000 7,000 , 11,000 79,000 68,000 11906, 704,000 13,000 61,000 1905. 841,000 13,000 54,000 611,000 1,182,000 14,000 21,000 272,000 341,000 778,000 13,000 196,000 208,000 4,000 19,000 40,000 34,000 116,000 4,000 14,000 50,000 7,000 908,000. 8,000 300,000' 1,000 109,000. 3,000 25,000 26,000' 5,000 Total Great Britain stock Stock at Hamburg Stock at Bremen Stock at Antwerp Stock at Havre Stock at Marseilles Stock at Barcelona Stock at Genoa Stock at Trieste 160,000 5,000 42,000 41,000 28,000 , 477,000 591,000 400,000 638,000 Total Continental stocks 1,279,000 1,773,000 1,182,000 1,385,000 Total European stocks 96,000 126,000 210,000 84,000 India cotton afloat for Europe ..._ 191,000' 132,498 117,409 American cotton afloat for Europe 134,643 26,000 24,000 32,000 EgyptI3raz11,&c.,afloat for Europe 23,000 115,000 66,000 74,000 118,000 Stock i n Alexandria, Egypt 488,000 747,000 863,000 910,000 Stock in Bombay, India 372,043 329,755 273,937 256,189 Stock In U.S. ports 201,550 186,428 152.593 170,453 Stock in U.S. Interior towns 21,783 18,405 3,869 337 U. S. exports to-day 2,553,622 3.439,626 2,868,268 3,318,376 Total visible supply Of the above, totals of American and other descriptions are as follows: at American 771,000. 599,000 bales. 452,000 951,000 Liverpool stock 47,000 53,000 67,000 56,000 Manchester stock 504,001) 339,000 446,000. 542,000 stock Continental 191,000 117,40$) 132,498 134.643 American afloat for Europe 329,755 273,937 372,043: 256,189 U.S. port stocks 201,550 186,428 152,593 170,453 U.S. Interior stocks 21,783. 18,405 3,869 337 U.S. exports to-day Total American East Indian, Brazil, &c. Liverpool stock London stock Manchester stock Continental stock India afloat for Europe Egypt, Brazil, &c., afloat Stock In Alexandria, Egypt Stock in Bombay. India Total East India, &c Total American 1,611.622 2,125,626 1,602,268 2,050,376. 114,000 7,000 12.000 06,000 84,000 23,000 118,000 488,000 141,000 11,000 12,000 87,000 210,000 32,000 74,000 747,000 105,000 13,000 8,000 61,000 126,000 24,000 66,000 863,000 70,000 13,000. 7,000 31,0011 96,000* 26,000 115,000 910,000 942,000 1,314,000 1.266,000 1,268,000 1,611,622 2,125,626 1.602,268 2,050,376 , 2,553.622 3,439.626 2,868,268 3,318,376 Total visible supply 6.08d. 7.31d. 6.27d. Middling Upland, Liverpool 10.90c. 10.80c. 13.50c. 11.40c. New York Middling Upland, lid. 8 7-16d. 8 3id. 11 3-I6d. Egypt, Good Brown, Liverpool 9.80d. 8.65d. 11.25d. 9.15d. Peruvian, Rough Good, Liverpool 6 Xd. 5 11-16d. ' 59-16d. 15 9-16d. Broach, Fine, Liverpool 534d 5 WI. 5%cl. 5 3-16d. Tinnevelly, Good, Liverpool Continental imports for the past week have been 52,000 bales. The above figures for 1908 show a decrease from last week of 170,080 bales, a loss of 886,004 bales from 1907, a defrom 1906; and a iloss of 764,754 815 17,800 18,783 crease of 314,646 bales bales from 1905. 46 THE CHRONICLE Lxxxvii. Movement to July 5 1907. AT THE INTERIOR TOWNS the movement-that is, QUOTATIONS FOR MIDDLING COTTON AT OTHER the receipts for the week and since Sept. I, the shipments MARKETS. -Below are the closing quotations of middling for the week and the stocks to-night, and the same items cotton at Southern and other principal cotton markets for for the corresponding period for the previous year-is set each day of the week. out in detail below. eDeqop.-.. t0t0Nr24, 41, 0Nc0000eINel=400,.(7Dr)CO, I CV , , , , I ON0.1 1,:0Nc000),- ,c1000000.-,rzelemco, , I c3 ., ..e2 COr0 ON . co , act = av= I 4 ,.... ......,.,...... . .. .,,,,...., . , .,.. . ..... ,CONN00,0 , 20N,n ,, ,to, ... NO ....N.. ...ri. NN.Cih ... .... . . I .r.. , 0 CO I0 I .I la , 0 , 0 a . it; ,a ',.: . I I i I . CO , . : . . N 1., ......,-.,..,..,..coa,._,. . • .00,,,, 1., c4.=..,..,.....,........,....n. I. , woom..,a.. , o,..,cno............ o . <.., ...,..0000000004.,...po00ui00ic.cm .,..,.o,.... .....,..-m.,.,...=nNo. = . N r) 1 00 ! A ,00 '00'N0000e.-,NtO00 00 NC's 00.000 w., 0)0 " tO . I `;; Z• Movement to July 3 1908. ell" ,2 00 '. .=000 00.0t""00o00 00""vov,24..2.0.9."0 1.. N Sat'day. Monday. Tuesday. Wed'day, Thursd'y, Friday. Galveston _ _ _ _ 116% New Orleans_ _ _ 116% 11 ?,,g Mobile 11% Savannah Charleston Wilmington_ _ _ _ 11% 12 Norfolk HOLI11.60 Boston DAY. 12 Baltimore Philadelphia 11.85 11% Augusta 11% Memphis 11% St. Louis 11 9-16 Houston Little Rock_ _ _ _ 11% NEW ORLEANS OPTION MARKET. -The highest, lowest and closing quotations for leading options in the New Orleans cotton market for the past week have been as follows: con..ncoceoca,o,nocesi, ,..000mmnoorzono = , ONutic,I . . , • N - "O to on,.......... w •••• . N'0000'CoO,-, N lo cleJ " 4 08 > e3S. “ `,1 5•.2 5 04 8 -- s <4 C.5 eivitVg 00 40.4.22E5 od " „Ecdo t,cfce CI"Li°P0QMEV131.fi'gr4-g:a.X2VV.4. g ,OS2,E2441C.0%§ge,2a'.%.n.Wtollgg-5 nYA71 t:t oi ,° 7' . _18n11 5 ( .m x5 , t?) . 8vo Eilaxxa, ' ' l E7' The above totals show that the interior stock have decreased during the week 12,829 bales and are to-night 17,860 bales more than at the same time last year. The receipts at all the towns have been 25,601 bales more than the same week last year. OVERLAND MOVEMENT FOR THE WEEK AND SINCE SEPT. 1. -We give below a statement showing the overland movement for the week and since Sept. 1, as made up from telegraphic reports Friday nights. The results for the week and since Sept. 1 in the last two years are as follows: --1907-08-Since Week. Sept. 1. 11,303 447,647 5,170 221,775 916 34,767 1,182 54,867 1,220 50,037 • 428 92,055 405 212,103 -1906-97--- Total gross overland 20,624 1,113,251 Deduct shipments Overland to N. Y., Boston, &c_ _ _ 1,280 106,110 Between Interor towns_ 111 63,841 Inland, &c., from South 4,882 70,153 9,900 1,664,206 July 3 ShippedVia St. Louis Via Cairo Via Rock Island Via Louisville Via Cincinnati Via Virginia points Via other routes, &c Total to be deducted Leaving total net overland • Week. 5,779 525 571 1,515 463 201 852 SeSinr. pt. 796,900 214,884 84,095 86,273 54,070 119,448 308,536 042 40 3,188 166,109 93,270 74,656 334,041 6,273 240,104 4,170 14,351 873,147 5,736 1,330,165 Including movement by rail to Canada. ' The foregoing shows the week's net overland movement has been 14,351 bales, against 5,736 bales for the week last year, and that for the season to date the aggregate net overland exbihits a decrease from a year ago of 457,018 bales. --1907-08---- ---1906-07-In Sight and Spinners' Since Since Takings. Week. Sept. 1. Week. Sept. 1. Receipts at ports to July 3 53,544 8,111,585 14,273 9 612,858 Net overland to July 3 14,351 873,147 5,736 1,330,165 Southern consumption to July 3.- 38,000 1,979,000 48,000 2,090,000 Total marketed 105,895 10,963,732 68,009 13,033,023 Interior stocks in excess 0 12,829 89,870 . 15.870 56,317 Came Into sight during week__ 93,066 52,139 Total in sight July 3 11,053,602 13,089,340 North. spinners' takings to July 3_ 36,041 1,794,444 40,037 2,599,687 • Decrease during week. Movement into sight in previous years: Week1906-July -July 1905 1904-July 1903-July 6 7 9 10 Bales. I Since Sept. 161,63911905-06-July 6 100,99411904-05-July 7 41,67211903-04-July 9 50,04711902-03-July 10 Sat'day, Monday, Tuesday, Wea'day. Thursd'y, Friday, June 27. June 29. June 30. July 1. July 2. July 3. 00 0000000)10'00 1,=Nu20MoCIMN Bales. 10,639,178 12,741,035 9,883,715 10,500,542 Closing Quotations for Middling Cotton on-- Week ending July 3. June Range Closing July Range Closing August Range Closing September Range Closing October Range Closing November Range Closing 1)ecemb3rRange Closing January Range Closing Tone Spot Options - ® - ® -- ® -- ® 11.15 . 11.16 • - ----- @ -11.15-.17 -- © - 11.13-.21 11.05-.10 11.15-.23 11.16 - 11.16 - 11.20 - 11.04 -- @ - @ - 10.43-•45 - ® - 11.31-.35 10.46 -10.36-.40 11.40-.43 11.43 - 10.30-.35 9.66-.68 9.52 - 9.64 - 9.70 - 9.75 - 9.63-.68 9.25-.28 9.21-.27 9.27-.34 9.28-.40 0.24-.30 9.25-.26 9.26-.27 9.33-.34 9.39-.40 0.24-.25 HOLIDAY. -@- @ -- ® -- @ 9.19-.21 9.19-.21 9.26-.28 9.33-.31 9.11,21 9.15-.17 9.11-.17 9.16-.23 9.19-.3( 9.14-.21 9.15-.16 0.15-.17 9.22-.23 9.29-.30 9.14..15 @ -- a -- @ - 9.24 - 9.18-.20 9.16-.18 9.17-.19 9.24-.26 0.30-.32 0.16-.17 Dull. Quiet. Quiet. Steady. Quiet. Quiet. Steady. Steady. Quiet. • Nominal. WEATHER REPORTS BY TELEGRAPH. -Reports to us by telegraph from the South this evening indicate that the weather has been favorable, as a rule during the week. There has been rain in most districts and in a few sections rather too much, but quite generally the precipitation has been moderate. Rain is desired in portions of Alabama. On the whole our correspondents report the crop as progressing well. Galveston, Texas. -Plant in the northern half of Texas is very small and reported two to four weeks late. In other sections the plant is doing well. Reports of boll weevils are commencing to come in from many sections. There has been heavy rain on three days during the week, to the extent of three inches and forty-eight hundredths. The thermometer has ranged from 70 to 87, averaging 74. June rainfall 0.34 inch. Abilene, Texas. -We have had rain on two days during the past week, to the extent of one inch and two hundredths of an inch. Average thermometer 78, highest 94, lowest 62. Month's rainfall 0.96 inch. Brenham, Texas. -There has been rain on two days of the past week, the rainfall being one inch and sixty-five hundredths. The thermometer has averaged 80, the highest being 89 and the lowest 71. June rainfall 4.01 inches. Corpus Christi, Texas. -There has been no rain during the week. The thermometer has averaged 81, ranging from 74 to 88. Month's rainfall 0.52 inch. Cuero, Texas. -There has been rain on two days the past week, the rainfall being ninety-five hundredths of an inch. The thermometer has ranged from 71 to 96, averaging 84. June rainfall 2.52 inches. Dallas Texas.-There has been rain on one day during the week, to the extent of eighty-five hundredths of an inch. ' Average thermometer 78, highest 94, lowest 62. June rainfall 2.51 inches. Fort Worth, Texas. -There has been rain on one day of the past week, the rainfall being fourteen hundredths of an inch. The thermometer has averaged 78, the highest being 90 and the lowest 66. Month's rainfall 2.88 inches. Henrietta, Texas. -There has been heavy rain on two days during the week, the rainfall reaching two inches and thirty hundredths. The thermometer has averaged 78, ranging from 65 to 91. June rainfall 5.38 inches. Huntsville, Texas. -We have had rain on one day during the week, the rainfall reaching one inch and twenty-one hundredths. The thermometer has ranged from 66 to 94, averaging 80. June rainfall 1.87 inches. Kerrville, Texas. -We have had rain on two days during the past week, the rainfall being thirty-five hundredths of an inch. Average thermometer 77, highest 93 and lowest 61. June rainfall 0.87 inch. Lampasas, Texas. -We have had a trace of rain on one day during the week. The thermometer has averaged 81, JULY 4 1908.1 THE CHRONICLE 47 Nashville, Tennessee.-Rain has fallen on three days of the the highest being 97 and the lowest 65. Month's rainfall week, the rainfall being one inch and twenty-seven hun0.60 inch. -We have had rain on one day during dredths. The thermometer has ranged from 60 to 90, averLongview, Texas. the week, the rainfall reaching forty-three hundredths of an aging 76. Memphis, Tennessee.-Excellent weather for cotton and inch. The thermometer has averaged 80, ranging from the crop is doing finely. We have had rain on two days of 66 to 94. June rainfall 1.70 inches. of an -We have had rain on three days during the week, the rainfall reaching fifty-one hundredths Luling, Texas. averaged the week. The rainfall reached sixty-one hundredths of inch, and rain is now falling. The thermometer has inches five an inch. The thermometer has ranged from 69 to 93, 77.7, ranging from 65.3 to 88.2. Month's rainfall and seventy-three hundredths. averaging 81. June rainfall 2.75 inches. -We have had no rain the past week. Madison, Florida. -It has rained to an inappreciable Nacogdoches, Texas. has averaged 82, ranging from 65 to 94. extent on two days of the week. Average thermometer 76, The thermometer Tallahassee, Florida.-It has rained on two days of the highest 90 and lowest 61. June rainfall 0.92 inch. -There has been no rain the past week. week, the precipitation reaching thirty-seven hundredths of Palestine, Texas. 64 to 97, The thermometer has averaged 77, the highest being 88 and an inch. The thermometer has ranged from averaging 81. the lowest 65. June rainfall 2.19 inches. -There has been rain on two days during Atlanta, Georgia. Paris, Texas.-Rain has fallen on one day of the week, to an inappreciable extent. The thermometer has averaged the week, to the extent of twenty-two hundredths of an inch. Lowest temperature 63, highest 90, average 77. 79, ranging from 63 to 94. June rainfall 7.53 inches. Augusta, Georgia.-There has been rain on two days of -We have had rain on one day San Antonio, Texas. during the week, the rainfall being eight hundredths of an the week,the rainfall being thirty-four hundredths of an inch. inch. The thermometer has ranged from 68 to 96, aver- The thermometer has averaged 77, the highest being 91 and the lowest 65. aging 82. June rainfall 0.20 inch. -We have had rain on two days Washington, Georgia. -Rain has fallen on one day of the week. Taylor, Texas. of an The rainfall reached two hundredths of an inch. Average during the week, to the extent of sixty-five hundredths 63 to from thermometer 81, highest 94 and lowest 68. June rainfall inch. The thermometer has averaged 78, ranging 92. 1.30 inches. Charleston, South Carolina.-Rain has fallen on three days -The week's rainfall has been One Weatherford, Texas. eleven hundredths inch and twenty hundredths, on two days. The thermome- during the week, the precipitation being from 69 to 84, ter has averaged 80, the highest being 96 and the lowest 64. of an inch. The thermometer has ranged averaging 77. Jun3 rainfall 4.94 inches. -We have had rain on two days Greenwood, South Carolina. Alexandria, Louisiana.-It has rained on two days during week. The precipitation reached fifty-three hundredths during the past week, to the extent of seven hundredths of the 62. of an inch. The thermometer has averaged 79, ranging from an inch. Average thermometer 77, highest 92, lowest days -We have had rain on two Charlotte, North Carolina. 64 to 94. Amite, Louisiana. -Rain has fallen on three days during during the week, to the extent of eighty-seven hundredths ranging the week, the rainfall being two inches and sixty hundredths. of an inch. The thermometer has averaged 76, from 60 to 90. The thermometer has ranged from 64 to 91, averaging 78. Greensboro, North Carolina.-There has been rain on two New Orleans, Louisiana.-There has been rain on two days sixty-one hundredths days during the week, the precipitation being eighty-five of the week, the precipitation reaching from 64 of an inch. Average thermometer 82, highest 90, lowest 72. hundredths of an inch. Thermometer has ranged are now replanting corn to 94, averaging 79. Shreveport, Louisiana.-Planters -It has rained two days of the Raleigh, North. Carolina. and some other crops as flood water recedes in Red River of an inch. valley. We have had rain on two days of the week to the week, the rainfall being seventy-eight hundredths 56. of an inch. The ther- Average thermometer 74, highest 90 and lowest extent of twenty-six hundredths -We have had showers on three days Savannah, Georgia. mometer has averaged 79, the highest being 90 and the of the past week, the rainfall being one inch and sixty hun68. lowest dredths. The thermometer has averaged 76, ranging from -We have had rain on two days 69 to 85. Holdenville, Oklahoma. during the week,the rainfall reaching seventy-nine hundredths The following statement we have also received by teleof an inch. The thermometer has ranged from 61 to 87, graph, showing the height of rivers at the points named averaging 74. at 8 a. m. of the dates given: -Rain has fallen on four days of the Marlow, Oklahoma. July 5 1907. July 3 1908 Feet. Feet. week, the rainfall being four inches and thirty-four hun____ 19.5 zero of gauge_ Above New Orleans dredths. Average thermometer 77, highest 90, lowest 63. 28.0 Above zero of gauge_ Memphis -We have had rain on four days of Nashville Oklahoma, Oklahoma. 7.5 Above zer) of gauge_ 29.4 Above zero of gauge. the week, the precipitation reaching one inch and thirty-eight Shreveport 45.7 Above zero of gauge.. hundredths. The thermometer has averaged 74, the highest Vicksburg being 88 and the lowest 60. INDIA COTTON MOVEMENT FROM ALL PORTS. -We have had rain on two days the The Ardmore, Oklahoma. receipts of cotton at Bombay and the shipment from all past week, the rainfall being seventy-six hundredths of an India ports for the week and for the season from Sept. 1 for inch. Thermometer has averaged 77, ranging from 63 to 91. three years have been as follows: -We have had only a trace of rain Columbus, Mississippi. during the week. The thermometer has averaged 78,ranging 1905-06. 1906-07. 1907-08. July 2. from 61 to 95. Since Since Since ; Receipts at -Rain has fallen on one day of the Meridian, Mississippi. Week. Sept 1. ' Week. Sept. 1. Week. Sept. 1. week, to the extent of four hundredths of an inch. Average 40,000 1,956,000, 46,000 2,915,000 11,000 2,513,000 Bombay thermometer 78, highest 92,lowest 65. -It has rained on one day of the Vicksburg, Mississippi. week, the precipitation being fourteen hundredths of an inch. Since Septemb?r 1. For the Week. Thermometer has averaged 80, the highest being 90 and the Exports fromContiGreat Great Contilowest 68. Total. nent. Total. Britain. Britain. nent. -We had rain on one day the past Eldorado, Arkansas. inch. Bombay week, the rainfall being twenty hundredth's of an 28,000 601,000 629,000 1,000 21,000 22,000 1907-08 The thermometer has averaged 76, ranging from 61 to 90. 63,000 1,079,000 1,142,000 27,000 27,000 1006-07 55,000 820,000 875,000 25,000 two days 25,000 -We have had rain on 1905-06 Fort Smith, Arkansas. during the week, the rainfall being twenty-six hundredths of Calcutta 29.000 25,000 4,000 1,000 1,000 1907-08 from 62 to 88, 8,000 123,000 131,000 1,000 6,000 7,000 an inch. The thermometer has ranged 1906-07 5,000 108,000 113.000 1,000 1,000 1905-06 averaging 75. Madras32,000 27,000 5,000 1,000 1,000 1907-08 -Crops are reported fine. Rain has Helena, Arkansas. 28,000 23,000 5,000 1906-07 43,000 40,000 3,000 fallen on one day of the week, to the extent of twenty 1,666 2,000 1905-06 hundredths of an inch and is falling now. Average ther- All others 20,000 232,000 252,000 6,000 8,000 2,000 1907-08 mometer 78, highest 92, lowest66. June rainfall 2.50inches. 11,000 211,000 222,000 5,000 5,000 1906-07 18,000 154,000 172,000 2,000 4,000 6,000 1905-06 -There has been rain on one day of Little Rock, Arkansas. the week, the rainfall being two hundredths of an inch. The Total all 57,000 885,000 942,000 3,000 29,000 32,000 thermometer has averaged 76, the highest being 88 and the 1907-08 87,000 1,436,000 1,523,000 1,000 38,000 39,000 1906-07 lowest 64. 81.000 1,122,000 1,203,000 2,000 32,000 34,000 1905-06 -Weather favorable and cotton is in Mobile, Alabama. good condition. Few.complaints of any kind. We have According to the foregoing Bombay appears to show a had rain on one day of the past week, the rainfall reaching decrease compared with last year in the week's receipts of thermometer ninety-four hundredths of an inch. Average 6,000 bales. Exports from all India ports record a loss of 81, highest 91, lowest 71. the week and since Sept. 1 show a deall crops and 7,000 bales during -Rain is needed for Montgomery, Alabama. bales. on one day of the crease of 581,000 especially for corn. We have had rain week, the rainfall reaching two hundredths of an inch. The -The market for jute JUTE BUTTS, BAGGING, &c. thermometer has averaged 80, the highest being 93 and the bagging has been dull the past week. Prices are as last lowest 67. Month's rainfall 0.45 inch. and -There has been rain on one day during quoted, viz.: 7 cents per yard for 2-lb. domestic baggingJute Selma, Alabama. inferior foreign. the week, the rainfall reaching twenty hundredths of an inch. 63 cents per yard for re-woven and for bagging quality. butts also dull at 2@3 cents per lb. The thermometer has averaged 81.5, ranging from 66 to 98. 48 THE CHRONICLE WORLD'S SUPPLY ARD TAKINGS OF COTTON. Cotton Takings. Week and Season. 1907-08. Week. Visible supply June 26 Visible supply Sept. 1 American in sight to July 3 Bombay receipts to July 2 Other India ship'ts to July 2_ Alexandria receipts to July 1.. Other supply to July 1 • Total supply 1906-07. Season. 2,712,702 Week. • Season. 3,608,793 2,291,844 93,066 11,053,602 40,000 1,056,000 10,00C 313,000 2,000 952,000 8,000 238,000 1,784,156 52,139 13,089,340 46,000 2,915,000 12,000 381,000 300 914,400 12,000 366,000 2,865,768 16,804,996 3,731,232 19,449,896 Deduct Visible supply July 3 2,553.622 2,553,622 3,439,626 3,439,626 Total takings to July 3 312,146 14,259,824 291,606 16,010,270 Of which American 219,196 10,778,824 194,306 11,861,870 Of which other 93 000 3,472,000 197.300 4,148.400 • Embraces receipts in Europe from Braz 1, Smyrna, West Indies. &c. ALEXANDRIA RECEIPTS Alexandria, Egypt, July 1. 1907-08. 1906-07. 1905-06. 12,000 7,136,338 2,000 6,857,879 1,700 5,872,383 Receipts (cantars)This week Since Sept. 1 AND SHIPMENTS OF Total balesBOSTON-To Liverpool-June 26-Canadian, 107--_June 27 Michigan, 213_ __ _June 29-Saxonia, 1,074 1,394 To St. John-June 27-Calvin Austin, 127 127 BALTIMORE-To Havre-June 23-Valletta, 100 PHILADELPHIA-To Manchester-June 26-Manchester Trader, 100. 200 200 Total 35,481 LIVERPOOL. -By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port: June 12. June 19. June 26. July 3. Sales of the week bales_ 9,000 27,000 27,000 22,000 Of which speculators took__ Of which exporters took_ ___ 300 1-AO -ioo 5- 56; ; Sales, American 8,000 23,000 23,000 20,000 Actual export 5,000 9,000 9,000 13,000 Forwarded 30,000 69,000 58,000 59,000 Total stock-Estimated 660,000 607,000 606,000 466,000 Of which American-Est _ _ _541,000 489,000 487,000 452,000 Total import of the week 39,000 25,000 66,000 33,000 Of which American 32,000 9,000 47,000 27,000 Amount afloat 99,000 137,000 107,000 93,000 Of which American 60,000 92,000 68,000 57.000 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. Export (bales) - This Since week. Sept. 1. This Since This Since week. Sept. 1. week. Sept. 1. 2,000 222,16J 202,119 CHO 342,585 1,000 70,165 -7,250 837,08 1,750 209,847 3,750 201,715 4,750 338,199 1,000 111,732 [VoL. Lxxxvii. Market • 12:15 P.M. Saturday. Monday. Tuesday. Wed'day. Thursday. Friday. Small Dull and Dull. Moderate Dull. Quiet. inquiry. easier. demand 195,050 5",000 171,050 Mid.UpPds 6 55 : 6.46 6.47. 6.35 6.27 6.43 4,750 316,366 50 68,945 Sales _ -- - 2,000 4,000 3,000 3,000. 4,000 8,000 -- Spec.&exp. 200 300 300 4,000 200 • Total exports 11,250 861,493 9,800 753,020 Quiet at Quiet at Quiet at Quiet at Steady at Quiet at Futures. Market } 1%32% 2%33 3 points 132 pts. 2(43 pts. 2 points PaTHE AGRICULTURAL DEPARTMENT'S JULY RE- opened pts. dec. pts. dec. advance. decline. decline. advance. PORT. -The following statement, showing the condition of Market 1 St'dy, 1% St'y at Quiet at Easy at Easy at 3% Irk at 5% cotton on June 25 was issued by the Department of Agri4 ots. dec. to 3(410 pts. 334 3534 2% 38 'As. dec. to 0 1334 P.M. j 2% pts.adv pts. dec. pts. adv. pts. dec. 1 pt. adv. pts. dee. 'culture July 1 • The Crop-Reporting !Board of the Bureau of Statistics of the United States Department of Agriculture finds, from the reports of the correThe prices of futures at Liverpool for each day are given spondents and agents of the Bureau, that the average condition of the cotton crop on June .25 was 81.2% of a normal, as compared with 79.7 on May 25, below. Prices are on the basis of uplands, good ordinary 1908, 72.0 on June 25 1907, 83.3 on June 25 1906 and 81.8, the average clause, unless otherwise stated. of the June condition for the past ten years. The condition of cotton on June 25 1908, with comparisons, by States, The prides are given in pence and 100thy. Thus:5 98 means 5 98-100d. ' follows: ' June 25 Sat. Mon. Tues. Wed. Thurs. Fri. May 25 June 25 June 25 June 25 10-Yr. June 27 ------- ----- States1908. 1907. 1908. 1906. Aver. 123.1, 1234 1251 4 1251 4 1251 4 1251 4 to Virginia 1251 4 65 • 88 92 88 84 July 3. P.m. P.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. North Carolina 89 72 87 80 83 ----------South Carolina -------84 79 77 81 82 d. d, d. d. a. d. d. a. d. a. Georgia d. d. 78 80 83 82 81 June --------5 98% 90A 88A 01 Florida 83 82 84 77 85 June _ _ _ 5 87 80 7854 81 82 31)4 75 75 72 Alabama _ _ _ _ 50 82 84 68 78 81 -JulyJuly-Aug_ _- 5 78 71 70 73 74% 73 66% 66% 84 ____ 52% Mississippi 67 80 84 88 81 -Sept --__ 5 44 36 35% 37% 39 38 32 Aug. 3434 33 Louisiana ____ 10% 66 80 80 87 82 -Oct. ____ 5 19 14 13% 1554 19 Sept. 18 15 16% 12% ____ 0034 Texas 72 80 82 77 82 -Nov --__ 5 10 07 05% 0834 11 Oct. 11 0754 00% Arkansas ____ 96 67 85 85 88 82 -Dec. _ ___ 5 03% 01% 99% 03 05 05% 01% 04 04 Nov. 99 _ ___ 9134 Tennessee 89 69 89 84 85 -Jan_ ____ 5 00 98 96)499 01% 02% 98 00% 96 Dec. ____ 89 Missouri 86 69 87 91 84 -Feb_ Jan. 4 97% 95% 99 97 99 00 96 98% 94 Oklahoma 8754 74 80 64 86 84 Feb.-Mch. ____ 4 9734 96 9434 97 9954 00% 96% 99 04)4 -__ 8834 ____ Mch.-Apr. ' 01 97% 00 95 ____ 8054 United States 79.7 72.0 81.2 83.3 -May --------------------- --0154 9734 00 06 81.8 Apr. ____, 8934 MANCHESTER MARKET. -Our report received by cable to-night from Manchester states that the market continues quiet for both yarns and shirtings. ProducBREADSTUFFS. tion is being curtained. We give the prices for to-day below and leave those for previous weeks of this and last Friday, July 3 1908. year for comparison. Prices for wheat flour have advanced on most grades during the week, owing to the rise in wheat quotations. 1908. 1907. There has been a slight increase in the volume of business at 8X lbs. Shirt- Coen 83‘ lbs. Shirt- Coen times. This has been the case not only here but also at 32s Cop trigs, common Mid 32s Cop lags. common Mid some of the large milling centres. In the aggregate, howTwist. to finest. Upl's Twist. to finest. Upts ever, the transactions have been small, buyers as a rule . d. e. d. s. d. d. d. d. s. d. s. d. d. showing no disposition to anticipate needs. The output of May 22 85 6.35 10% 3 1M 6 11 •i• 10 0 9% 5 0 68 0 7.10 late has shown some diminution, but it is still in excess of 29 8 7-16(4 9% 5 1 08 1% 6.52 10 15-163 123., 70 (410 1% 7.40 the sales. Rye flour has been dull and steady. Corn meal J'ne 5 8% 3 6.51 1151 3 12% 7 1 @103 5 1%38 3 7.44 has been quiet and firmer. 12 8% 0 031 5 1%38 3 6.58 n 1163 1251 7 0%410 2 7.19 Wheat has advanced, owing to some unfavorable crop 19 8% 0 9)4 5 1%(48 3 6.70 111-163 1251 611 @102 7.04 26 8% 0 5 1%38 3 6.55 1111-103 1251 611 3102 7.15 reports, not a little covering of shorts partly by prominent July interests at the West, and considerable scattered buying 3 8% 5 1 08 3 6.27 113-16 5412% 011 @103 7.31 for long account by those who believe tha pricest are relaSHIPPING NEWS. -As shown on a previous page, the tively low. Moreover, the statisti cal position is regarded as exports of cotton from the United States the past week have distinctly strong. Some private estimates of the total winter reached 35,481 bales. The shipments in detail ,as made and spring-wheat crop put it at approximatel 40,000,000 y up from mail and telegraphic returns, are as follows: bushels less than recent official estimates, the receipts have continued light and supplies are gradually decreasing. • Total NEW YORK-To Liverpool-July 1-Celtic, 2,591 upland, 239 bales. Harvesting has been interfered with by rains in Kansas as foreign 2,830 To Hull-June 26-Buffalo, 100 100 well as in Oklahoma and Texas.and complaints are made of To Manchester-June 26-Sallust, 2,168 upland, 81 Sea Island.. 2,249 somewhat excessive rains in the Northwest, where dry, warm 1 In London-June 26-Minnehaha, 100 100 weather is To Havre-June 27-Californie, 48 needed. The crop outlook in Russia is not 46 To Marseilles-June 30-Roma, 22 22 regarded as altogether favorable. In fact one report goes To Bremen-June 26-Barbarossa, 100 100 so far as to say To Hamburg-June 26-Patricia, 5_ _ __June 29-Hamburg, 100 that the condition of the Russian crop, taking 105 To Venice-June 30-Erny, 101 101 100 as normal, is only 79%, and that Russian supplies are GALVESTON-To Liverpool-June 30-Alexandrian, 8,566 8,566 only 22% of last year's To Antwerp-June 27-Greystoke Castle, 3,436 total. An English statistician takes 3,436 NEW ORLEANS -To Belfast-June 27-Glenarm Head, 1,200 1,200 the ground that the Russian surplus this year will be smaller To Havre-June 27-Gladiator, 123 123 than that of last year unless the eastern and north central To Hamburg-June 30-Hohentels, 995 095 To Rotterdam-July 1-Tapton, 299 299 portions of Russia offset the loss in the South, which is not To Barcelona-June 29 -Atlanta, 1,000_ 1,000 considered probable. One Western statistician asserts that To Venice-June 29-Atlanta 462 462 To Trieste-June 29-Atlanta, 498 498 the condition of the winter-wheat crop in this country has To Flume-June 29-Atanta, 500 500 declined within a month 43.%. But the advance in prices PENSACOLA-To Havre-June 30-August Belmont, 6,298 SAVANNAH-To Bremen-June 20-Wellbury, 550 6,298 550 has not been great for the reason partly that there is a good To Gottenburg-June 29-Wellbury, 100 100 deal of skepticism in regard to unfavorable crop reports To Hamburg-July 2-Inca, 337 337 about the American To Antwerp-June 29-Welibury, 192 crop. Of late the advices from Kansas 102 To Oporto-June 29-Weliburv, 100 100 have been more favorable and some reports indicate that NORFOLK-To Liverpool-June 30-Rotterdam. 3,201 3,201 State will have a good LINT° Hamburg-June 30-Bosnia, 100 crop. Besides the cash demand has 100 To Rotterdam-June:30-Adelheld,150 50 been light4both for home and foreign consumption. Export To Liverpool To Manchester To Continent To America JULY 4 1908 THE CHRONICLE trade has been in abeyance. Flour business has been light and the new crop of wheat will soon be moving. To-day the Produce Exchange was closed in accordance with previous resolution and the Chicago Board of Trade closed at 1 o'clock Eastern time. Prices there were easier on disappointing cables, clearing weather and liquidation. YORK. DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW Sat. Mon. Tues. Wed. Thurs. 943% 963% 963% 973% 98 96 94 053% 97 97 923% 933% 1)33% 943% 1)53% 943% 953% 953% 963% 973% WHEAT FUTURES IN Sat. Mon. Tues. Wed. Thurs. 853% 853% 84 % 85% 86% July delivery in elevator 5 95% 863% 853% 87 A 88 Sept. delivery in elevator December delivery in elevator 873% 873% 873% 88% 893% No.2 red winter July delivery in elevator Sept. delivery In elevator December delivery in elevator DAILY CLOSING PRICES OF Fri. ti 7 -4 11 CHICAGO. Fri. 86 34 873% 89 Indian corn futures have advanced, owing to unfavorable crop reports from not a few sections. In some localities the plant is suffering from a lack of moisture and in other parts .of the West the fields are weedy from excessive precipitation. Reports from well-known private •statisticians have been bullish also, and these have had considerable influence on sentiment. The Liverpool market has shown noteworthy strength at times. Receipts have continued small and available supplies are light. Leading Chicago interests have bought at times, and so have cash houses. Cash prices have been firm. To-day, the local market was closed. Prices at Chicago opened lower with wheat, but soon rallied on unfavorable crop reports, buying by cash interests and covering. • YORK. DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW Sat. Mon. Tues. Wed. Thurs. Fri. 76 78 HoltCash corn 78 78 A 79 78 July delivery In elevator 783% 793% 793% 793% day. September delivery In elevator_ _ _ _ 763% 783% 783% 783% 79 A DAILY CLOSING PRICES OF CORN FUTURES IN Sat. Mon. Tues. Wed, Thurs. Fri. July delivery in elevator 68 69 4 705% 723% 695% 69 3 September delivery in elevator_ __ _ 683% 693% 703% 703% 713% 713% December delivery in elevator 60 583% 59 603% 613% 613% CHICAGO. Oats for future delivery in the Western market have advanced, with the trading on a larger scale. The principal stimulating factor has been adverse news in regard to the crop. The plant is in need of moisture in some sections. Estimates of the yield have been reduced. • The cash demand at the West has shown a noteworthy increase of late, and prices have risen. The receipts have been light and supplies are small. To-day, prices opened easier with wheat, but advanced later on bullish crop reports and covering. NEW YORK. DAILY CLOSING PRICES OF OATS IN Mon. Tues. Sat. Wed. Thurs. Fri. 54-55 54-55 54-55 54-55 No. 2 mixed 54-55 HollWhite, clipped, 32 to 34 1bs_59-61 59-61 59-61 59.61 59-61 d ty. DAILY CLOSING PRICES OF OATS IN Sat. Mon. Tues. Wed. Thurs. Fri. July delivery in elevator 433% 443% 443% 46 463% 473% SepteMber delivery in elevator_ _ _ _ 383% 383% 393% 393% 413% 403% May delivery in elevator 413% 413% 423% 423% 433% 433% CHICAGO The following are closing quotations: FLOUR. $3 50@$3 75 Kansas stralg:its $4 60@ $4 75 2 9u@ 3 20 Blended clears 5 OJ ® 5 10 4 00® 4 25 Blended patents 4 80@ 6 30 4 85g 5 25 Rye flour 4 40 ® 5 00 5 40 6 45 Buckwheat flour Nominal. 4 253 Graham flour Nominal. Corn meal 3 609k 4 40 GRAIN. Wheat, per bush.— Corn (new), per bush.— c. c. N. Dulh, No. 1 No. 2 mixed 1173% f.o.b. 79 No. 2 yellow 1125% N. Duluth, No. 2 Nominal. f.o.b. 98 No. 2 white Red winter, No.2 Nominal. 1023% Rye, per bush.— Hard " " No. 2 Western Oats, per bush.— f.o.b. 83 A 57 A ®60 State and Jersey Natural white Nominal. 54 @55 Barley—Malting No. 2 mixed Nominal. Feeding Natural white, clipped _59 @61 Nominal. For other tables usually given here, see page 19, Low grades Second clears Clears Straights Patent, spring Patent, winter Kansas patents GOVERNMENT WEEKLY WEATHER REPORT.— 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 June 29, summarizing them as follows: The week ending June 29 1908, as in the previous week, was unseasonably cool in the northern Rocky Mountain and Plateau districts, with some frosts and freezing temperatures; but it was unusually warm during the fore part in portions of the upper Lake region, Ohio Valley and Middle Atlantic and Central Gulf States; elsewhere the temperature conditions were generally favorable. Drought continues with Increasing severity in the greater portion of New England, also continues in Southeastern Alabama, and is becoming serious In Eastern Oregon, while rain is much needed In Southeastern Pennsylvania, generally throughout the Ohio Valley, Tennessee and many localities in Louisiana. Excessive rains have caused some flooding and washing of lands in portions of the Carolinas. In other sections of the country, however, there has generally been ample moisture. Destructive local storms occurred in Virginia and Minnesota and high winds caused some local damage in Utah; otherwise tile week has been remarkably free from storms of this description. A deficiency In sunshine was reported from South Carolina and North Dakota; elsewhere the sunshine was generally ample and In some cases excessive. THE DRY GOODS TRADE. New York, Friday Night, July 3 1908. As far as new business is concerned, the primary cotton goods market has been quiet during the week, owing principally to the approaching holiday, to the uncertainty of the outcome of the Democratic National Convention at Denver, and to the fact that this is the semi-annual stock-taking period. Shipments have been comparatively heavy, however, find orders have been received for the delivery of goods ahead of contract time. Prices have held steady, and in some instances slight advances have been recorded. The general feeling in the trade at the end of the .first six months of the current year is that the outlook is quite 49 satisfactory for the immediate future, and that the cotton goods industry, owing to the drastic readjustment that has taken place, is in a much better position than might have been expected eight months after the severe financial panic of last Fall. The recent good demand for staples is taken to indicate that purchases of goods generally for Fall will be on a heavy scale and that at the end of the next six months the situation will be much more satisfactory than it is to-day. The largest distributing houses are now advising their customers that in their opinion the readjustment that has taken place has been entirely adequate to meet changed conditions, and are advocating purchases at current prices. Curtailment of production during the week has been greater than for some time past, both in New England and the South, many manufacturers taking advantage of the Independence Day holiday to 'give their employees an extended vacation. This policy has been dictated more by the high cost of cotton and the light demand for goods than by the financial situation. Export business continues moderately active. Both men's wear woolen and worsted goods and dress goods have been quiet. DOMESTIC COTTON GOODS.—The exports of cotton goods from this port for the week ending June 27 were 2,385 packages, valued at $157,181, their destination being to the points specified in the table below: Neu) York to June 27— Great Britain Other Europe China India Arabia Africa West Indies Mexico Central America South America Other countries Total --1908-Since Week. Jan. 1. 423 20 511 14,182 250 5,260 17,217 2 3,727 286 11,161 913 32 414 7,799 20,857 975 9,683 406 -- --91.733 2,385 --1907 Since Week. Jan. 1. 1,093 21 686 43 6 10,049 37 4,752 ____ 18,753 3,609 -- _ 401 11,779 42 1,309 384 7,920 659 24,428 709 16,484 2,282 100,862 The value of these New York exports since Jan. 1 has been $6,933,381 in 1908, against $5,620,847 in 1907. "Fruit of the Loom" 4-4 bleached goods have been advanced to 83/2c. and "Lonsdale" 4-4 to 83ic. during the week, and it is stated that sufficient orders have been received to take care of production during the next sixty days; some other lines of bleacheds have also been placed upon a higher level and have been in moderate request. Heavy brown drills and sheetings have been steady but quiet and medium and light-weight sheetings have mostly been held at last week's quotations with the exception of 4-yard sheetings, which have occasionally been reduced Ac. Wide sheetings, which have recently enjoyed a • considerable amount of activity, are now somewhat quieter. The movement of goods to China continues satisfactory, and it is estimated that some 4,000 bales of jeans have been taken during the past few days in addition to 3.25yard drills, 4.70-yard sheetings and other classes of goods; trade with 'miscellaneous countries remains satisfactory. Coarse colored cotton goods are quiet and unchanged: Discounts on printed cloths have been shortened and there has been an active demand for both prints and ginghams, the impression being general that an advance in the base price may be named at any time. Print cloths have been quiet and somewhat easier, but there has been rather more inquiry for wide goods for August delivery. WOOLEN GOODS.—Some lines of men's wear woolen and worsted light-weight goods have already been formally opened, but the largest interest announces that it will not make its initial displays before July 13. The greatest interest at the present time is being shown in the question of prices, and in view of the fact that foreign mills are likely to grant material concessions, it is expected that domestic fabrics selling at $1 or under will be reduced 10c. per yard, and the higher price goods about 5 per cent. Manipulated fabrics may be revised to a still greater extent. Duplicate ordering of heavy-weights has been on a much smaller scale during the week, and there are those who now fear that the end has come. This is not the general opinion, however, for the majority of the trade believe that the present dulness is only temporary, and that clothiers will again enter the market shortly. This view is based on the fact that clothiers up to the present time have not even covered their own orders, and that sufficient goods have not been contracted for to supply the anticipated demand. There has been some increase in the re-ordering of heavy-weight dress goods by cutters-up, the demand centering principally on the finest grades of worsteds and plain broadcloths. Apart from this, however, the market has been very quiet and no appreciable revival of activity is anticipated until the middle of the current month. In spite of the severe curtailment of production there is apparently no prospect of a scarcity of goods, and only in exceptional instances can manufacturers claim that they are satisfied with the amount of business that has been placed. FOREIGN DRY GOODS.—Some fair re-orders have' been placed by secondary distributors for imported woolen and worsted goods for delivery during September. Trading in silk piece goods continues very irregular, but there has been a fair demand for ribbons for prompt shipment. Linens are seasonably quiet, but business generally is , satisfactory. The market for burlaps is somewhat easier. THE CHRONICLE 50 STATE AND CITY DEPinitrinitr. gite Thranicle. PUBLISHED WEEKLY. Terms of Subscription-Payable in Advance $10 00 For One Year 6 00 For Six Months 13 00 European Subscription (including postage) 7 50 European Subscription six months (including postage) 22 14S. Annual Subscription in London (including postage) 21 us. Six Months Subscription in London (including postage) $11 50 Canadian Subscription (including postage) Subscription includes following Supplements (semi-annually) STATE AND BANK AND (monthly) RAILWAY AND INDUSTRIAL(quarterly) ELECTRIC RAILWAY(3 tunes yearly) QUOTATION CITY I -Per Inch Space Terms of Advertising $4 20 Transient matter per inch space(14 agate lines) 22 00 (8 times) Two Months 29 00 Three Months (13 times) Standing Business Cards 50 00 (26 times) Six Months 87 00 Twelve Months(52 times) CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel. Harrison 4012. -Edwards & Smith,1 Drapers' Gardens, E. C. LONDON OFFICE WILLIAM B. DANA COMPANY,Publishers, P.O. Box 058. Front. Plne and Depeyster Sts., New York. News Items. Albany, Dougherty County, Ga.-Validity of Bonds to Be Determined by State Supreme Court.-July 6 has been set as the date for a hearing before the State Supreme Court in a case appealed from the Superior Court of Dougherty County, where proceedings were commenced by R. H. Warren and A. J. Lippitt, taxpayers of Albany, to test the legality of the five issues of 5% improvement bonds, aggregating $75,000, awarded on March 10 to the First National and Exchange banks of Albany. See V. 86, p. 682. -Edmund Seymour -Stolen Coupons. Bellingham, Wash. & Co. of New York City, under date of June 30 1908, received the following telegram: Stop payment on Fairhaven-Bellingham Interest coupons numbers 101 to 105 inclusive, 134, 135, 145 to 147 inclusive, 149 and 170 to 179 Inclusive and 1964111Sate burglarized; coupons stolen. Washington County (P.0. Chaton), Ala.-Stolen Coupons. -Farson, Son & Co. of New York City announce that the coupons due July 1 1908 of Washington County, Ala., have been stolen: bonds numbers 16 to 21 inclusive and 28 to 32 inclusive. Bond Proposals and NedotiatIons this week have been as follows: Ada County School District No. 16, Idaho.-Bond Sale. -5-year building bonds dated June 19 On June 19 $1,500 3 1908 were awarded to the Idaho State Board of Land Commissioners at par for 5s. The First National Bank of Barnesville, 0. offered $1,511 for 6 per cents. Denominations $1,000 and $500. Interest Jan. 1 and July 1. Adams School District No. 30 (P. 0. Adams), Gage -The $15,000 5% coupon schoolCounty, Neb.-Bond Sale. house bonds dated July 1 1908 and described in V. 86, p. 1544, were sold on June 22 to W. E. Barkley Jr., of Lincoln. A bid at par was also received from the First National Bank of Beatrice. Maturity June 1 1928, subject to call $1,000 yearly beginning at the end of the third year from date of bonds; all bonds being subject to call after ten years. Adena Village School District (P. 0. Adena), Jefferson -Bond Offering.-Proposals will be received County, Ohio. until 6:30 p. m. July 10 by the Board of Education for $17,500 5% school-building bonds. Authority Sections 3991 and 3992 and 22b Revised Statutes; also election held May 12 1908. Denomination $500. Date July 14 1908. Interest March 15 and Sept. 15 at the office of the Board of Education in Adena. Maturity $500 each six months from March 15 1910 to March 15 1927 inclusive. R. B. Harrison is President and U. M. Case is Clerk of the Board of Education. Bonds to be delivered on or before July 14 1908. The district has no debt at present. Certified check for 5% of bonds bid for, payable to the Board of Education, is required. These bonds were offered as 4s on June 19, but all bids received on that day were rejected. See V.86,p.1602. -Bond Offering.-Proposals will be received Albany, N. Y. until 11 a. m. July 15 by Howard N. Fuller, City Comptroller, for the following bonds: $200,000 4% registered water-Improvement bonds. 300,000 4% registered River Front improvement bonds. Denomination $1,000. Date July 1 1908. Interest semiannually by check. Maturity July 11928. Delivery July 15 1908. Purchaser to pay accrued interest. Certified check for 2% of the bonds bid for, payable to Otto Jantz, City Treasurer, is required. Albion School 'District (P. 0. Albion), Erie County, Pa. Bond Offering.-Proposals will be received until 6 p. m. July 7 by A. W. Regan, Secretary Board of Education, for $24,000 5% coupon school-building bonds. Authority election held June 12 1908. Denomination $500. Date Aug. 1 1908. Interest semi-annually at the District Treasurer's office. Maturity $1,000 yearly on Aug. 1 from 1910 to 1933 inclusive, bonds maturing after Aug. 1 1918 being subject to call. Successful bidder will be required within three days rocxxviz from time of award to deposit with the District Treasurer a certified check for 1% of the bonds awarded him. Purchaser will also be required to pay accrued interest, if any. Bonded debt, this issue. Assessed valuation, $361,800. Official circular states that there has never been any default in the payment of principal or interest. -Bonds Voted.-This city has voted Arkansas City, Kan. to issue $20,000 5% bonds as a bonus to the Southwestern Interurban Railway Co. for the construction of a road between this city and Winfield, Kan. Denomination $1,000. Interest semi-annual. The franchise granted by the city is contingent upon the acceptance of the proposition by the city of Winfield,which will vote in the near future on a like issue of bonds. Under the terms of the franchise,in event of the population of Arkansas City reaching 20,000, the railway will be obliged to pay 2% of its gross earnings from lines operated within said city as a consideration for the franchise. -Bond OfferAshtabula County (P. 0. Jefferson), Ohio. ing.-Further details are at hand relative to the offering on July 6 of the $20,000 4% coupon road-improvement bonds mentioned in V. 86, p. 1602. Proposals for these bonds will be received until 1 p. m. on that day by P. C. Remick, County Auditor. Authority Sections 4670, 4614-20, Revised Statutes. Denomination $500. Date July 1 1908. Interest semi-annually at the County Treasurer's office. Maturity $1,000 yearly on Jan. 1 from 1910 to 1929 inclusive. Bonds are exempt from taxation. Certified check for $500, payable to the "Commissioners of Ashtabula County," is required. -The -Bond Election. Aspinwall, Allegheny County, Pa. question of issuing $17,000refunding bonds and $16,000 bonds for the improvement of themunicipal water and electric-light plants will be submitted to a vote of the people on July 7. -No Atlanta, Fulton County, Ga.-Bonds Not Yet Sold. sale has yet been made of the $64,000 bonds-the unsold portion of the issue of $104,000 4% gold coupon water bonds described in V. 86, p. 1053. These bonds ($104,000) are not new securities but part of the issue of $350,000 awarded to the Sinking Fund early in 1907. -On June 20 the $4,000 6% Belgrade, Minn. -Bond Sale. 1-4-year (serial) gold coupon road bonds described in V. 86, p. 1481, were awarded to the German-American State Bank of Mankato at 102.125. The bids were as follows: 1Wells ec Dickey Co., Minneap _ $4,010 German-American State Bank, Mankato $4,085 Union Invest. Co., Minneap_ _ 4,000 National Bank of Commerce, I Phenix Insurance Co., Brook 4,000 4,0451 lyn, N. Y Mankato 4,000 'Mankato State Bank First National Bank, BarnesVille, 0 4,011 Mrs. Coluin Hessian, St. Peter •2,010 'For $2,000 bonds. Belt, Mont. -We are advised that this city -Bond Sale. has disposed of $1,500 8% coupon improvement bonds at par as follows: $1,000 to John Hane of Belt and $500 to the Knights of Pythias. Denomination $100. Date April 1 1908. Interest annual. Maturity on April 1 as follows: $400 in each of the years 1909, 1910 and 1911 and $300 in 1912. -Bond Benton County School District No. 31, Wash. Offering.-Proposals will be received until 10 a. m. July 11 by R. B. Walker, County Treasurer (P. 0. Prosser), for $1,000 coupon school-building bonds at not exceeding 6% interest. Authority Sections 117, 118, 119, &c., of the Code of Public Instruction, Laws of 1897, pages 357 et seq. Date, day of issue or the "first of some month," at option of purchaser. Interest annually at the County Treasurer's office. Maturity 10 years, subject to call after 5 years. Assessed and equalized valuation for 1907 $30,615. -Dispatches state that -Temporary Loan. Biddeford, Me. this city recently borrowed $35,000 from William A. Read & Co. of Boston at 3.14% discount. -Bond Sale.-Arrangements have been Birmingham, Ala. made with the First National Bank and the People's Savings Bank & Trust Co.,both of this city, for the sale of $400,000 5% 30-year sewer bonds. The contract calls for the delivery of the bonds in $100,000 installments as the money is needed. Details of bonds have not yet been determined. Bisbee School District No. 2 (P. 0. Bisbee), Cochise received County, Ariz.-Bond Offering.-Proposals will be of School until 1 p. in. July 10 by I. W. Wallace, Clerk Board Trustees, for $92,000 5% bonds. Authority vote of 385 "for!' to 121 "against," cast at an election held May 15 1908. Denomination $1,000. Maturity $4,000 yearly from one to seven years from date and $8,000 yearly for from eight to fifteen years after date. Certified check for 10% of bid, to be deposited with J. N. Gaines, County Treasurer, (P. 0. Tombstone). Blackduck Independent School District No. 60 (P. 0. -Bond Offering.-ProBlackduck), Beltrtuni County, Minn. posals will be received until 8 p. In. July 9 by E. J. Taylor, Clerk Board of Education, for $15,000 7% school-building bonds. Denomination $1,000. Maturity $1,000 yearly from 1909 to 1912 inclusive. $1,000 yearly from 1918 to 1922 inclusive and $6,000 in 1923. 'Certified check for $500 is required. Bloomingburg School District (P. 0. Bloomingburg), -Bond Sale.-This district has acFayette County, Ohio. cepted a bid at par and accrued interest submitted by th Washington Savings Bank & Trust Co. of Washington C. H uLY 4 1908.1 • THE CHRONICLE for the $15,000 432% coupon school-building-improvement bonds offered on June 13 and described in V. 86, P. 1481. Maturity $500 each six months from March 1 1910 to Sept. 1 1924 inclusive. -Bond Sale. -On Bloomville, Seneca County, Ohio. June 22 the Tiffin National Bank of Tiffin purchased the $3,000 New Haven Street and the $1,500 Prospect Street VA% coupon paving bonds described in V. 86, p. 1544, at par and accrued interest. Bids were also received from the Security Savings Bank & Trust Co. of Toledo and the New First National Bank of Columbus. One-tenth of each issue matures yearly on March 1 from 1909 to 1918 inclusive. -Bond Sales.-:-During the month of June Boston, Mass. the following bonds were purchased at par by the Sinking Fund Commissioners and by trust funds: 51 on Aug. 20 from 1909 to 1918 inclusive. Certified check for 5% of bonds bid for, made payable to the Village Treasurer, is required. Bonds to be delivered within ten days from time of award. Purchaser to pay accrued interest. Cass County (P. 0. Logansport), Ind. -Description of Bonds. -The two issues of gravel road bonds offered without success on June 2 (V. 86, p.1423,) answer the following description: $12,473 65 4 yi% coupon Clinton Township gravel-road-construction bonds. Denomination $623 68. Maturity $623 68 each six months from May 15 1909 to Nov. 15 1918 Inclusive. 3,437 40 4 A % Jackson Township coupon gravel-road-construction bonds. Denomination $85 94. Maturity $85 94 each six months from May 15 1909 to Nov. 15 1928 inclusive. Date Jan. 11908. Interest semi-annually at the County Auditor's office. Chardon School District (P. 0. Chardon), Ohio. -Bond $35,000 4% public park bonds maturing In July 1927. Sale. -The Provident Savings Bank & Trust Co. of Cincin500 4% bonds for various municipal purposes maturing In June 1928. Lon' Island Wharf bonds maturing in June 1028. 10.500 ; nati offering 104.516, was the successful bidder for $6,000 Boyne City, Mich. -Bond Sale. f -E. B. Cadwell & Co. of 44 additional-high-school-building bonds offered on July Detroit were the successful bidders on June 25 for the $20,- 1. ollowing is a list of the proposals received: 000 5% 2-21-year (serial) coupon street-improvement bonds Provident Savings Bank &Trust Co., Cincinnati $6,271 00 6,230 00 described in V. 86, p. 1545. The price paid was 102.30 and Otis F0 Hough, Cleveland 6,200 00 accrued interest-a basis of about 4.739%. Following are Security Savings Bank do Trust Co., Toledo Well, Roth & Co., Cincinnati 6,183 00 New First National Bank, Columbus 6,166 50 the bids: W. J. Hayes E. B. Caciwell & Co., Det.E20,460 001Secur. S. B. & Tr. Co.,Tol.$20,105 00 C. H. Coffin, Chicago_ ___ 20,301 001Hoehler & Cummings,Tol. 20,062 50 20,050 00 Emery,Anderson&Co.,Clev 20,175 001S. A. Kean, Chicago Brantford, Ont.-Debenture Offering.-Proposals will be received until 12 m. to-day (July 4) by Arthur K. Bunnell, Treasurer, for $144,842 improvement debentures. -Bond Briarcliff Manor, Westchester County, N. Y. Offering.-Proposals will be received until 4 p. m. July 14 for $75,000 water bonds. Wm. H. Coleman is Village Clerk and Wm. Woodward Baldwin of No. 2 Rector Street, New York, is Attorney for the village. The official notice of this bond offering will be found among the advertisements elsewhere in this Department. Bristol County (P. 0. Taunton), Mass. -Temporary Loan. -A loan of $40,000 has been negotiated with Loring, Tolman Sc Tupper of Boston at 3.22% discount. Loan is dated June 29 1908 and matures in four months. Buffalo, N. Y. -Bond Sales.-During the month of June the following bonds were awarded at par to the Sinking Fund: $5750000 4% 1-20-year (serial) refunding water bonds dated June 151908. 8,179 04 4% 1-year monthly local work bonds dated June 1 1908. 832 91 4% 1-year temporary loan bonds dated June 1 1908. Burlington, Alamance County, N.0. -Bonds Offered to Investors.-American Trust Sz Savings Bank of Chicago is offering at 104 and interest the $50,000 sewer and $50,000 water 5% bonds awarded to that institution on Feb. 15. See V. 86, p. 618. For description of bonds and other details see advertisement on a preceding page. Butler School District (P. 0. Butler), Pa. -Bonds Awarded in Part. -Of the $40,000 4% coupon or registered tax-exempt (Series A) bonds mentioned in V. 86, p. 1357, high-school $3,000 had been sold up to July 1. Caldwell, Canyon County, Idaho. -Bond Offering.-Pro, posals will be received until 12 in. July 6 by C. J. ShorbCity Clerk, for the $5,000 5% gold coupon bridge-construction bonds voted (V. 86, p. 1238) recently. Denomination $500. Date July 1 1908. Interest semi-annually at the City Treasurer's office or at the Chase National Bank of New York City. Maturity July 11928, subject to call after ten years. Certified check for 5%, payable to the "City of Caldwell," is required. Caldwell, Noble County, Ohio.-Bond Sale. -The Noble County National Bank of Caldwell, offering $101.142 and accrued interest, was the successful bidder on June 27 for the $3,500 5% coupon light-plant-improvement bonds described in V. 86, p. 1603. The bids received were as follows: Noble Co. Net. ilk., Caldwell_$3,5401New 1st Nat. Bk., Colum...$3,501 75 Sec. Say Bk.&Tr.Co., Toledo_ 3,5951 Maturity on Oct. 1 as follows: $1,000 in each of the years 1909, 1910 and 1911 and $500 in 1912. Campbeliton, N. B. -Debenture Offering.-Proposals will be received until 8 p.m.July 7 by Win. H. Miller,Chairman Finance Committee, for $60,000 5% coupon water and light debentures. Denomination $1,000. Dated July 1 1908. Interest semi-annually at the Town Treasurer's office. Maturity 1938. Canal Winchester School District (P. 0. Canal Winchester), Franklin County, Ohio. -Bond Sale. -On July 1 the Board of Education awarded the $25,000 5% high-schoolbuilding bonds described in V. 86, p. 1603, to Barto Scott Co. of Canal Winchester for $26,333 50 and accrued interest-the price thus being 105.333. Maturity $1,000 on July 1 1909 and $1,500 yearly on July 1 from 1910 to 1925 inclusive. Carrollton, Ohio.-Bond Offering.-Proposals will be received until 12 m. July 6 by Ross McLaughlin, Village Clerk, for $2,150 city's portion and $13,630 assessment 5% coupon West Main or Market Street improvement bonds. Authority Sections 2835 and 2835b, Revised Statutes. The firstmentioned issue is in denominations of $215, while the latter issue is in denominations of $1,363. Date July 6 1908. Interest semi-annual. Maturity one bond of each issue yearly do Sons. Cleveland Seasongood de Mayer. Cincinnati 6,142 00 6,137 50 Denomination $500. Date July 1 1908. Interest semiannual. Charleston, Kanawha County, W. Va.-Bond Election. On July 9 an election will be held for the purpose of voting on the question of issuing $300,000 6% 1-10-year (optional) coupon street-improvement assessment bonds. Denominations $100 and multiples thereof. Interest annually at the Chase National Bank in New York City. Bonds are exempt from municipal taxes. Chatfield Township, Crawford County, Ohio. -Bond Sale. -On June 29 the $10,000 5% road-improvement bonds described in V. 86, p. 1603, were awarded to the Bucyrus City Bank of Bucyrus at 103.16 and accrued interest. The bidders were: Bucyrus City Bk., Bucy's_$10,316 00 Hayden, Miller dc Co., Clev$10,163 00 Dan Kalb, Chatfield 10,312 0010tis & HOLICch, Cleveland.. 10.133 75 10,290 50 New First National Bank, Second Nat. Bk., Buc's 1 Columbus Farmers' Exchange Bank, 10,091 ,50 10,262 001 New Washington Maturity $1,000 on March 1 and $2,000 on Sept. 1 in each of the years 1909, 1910 and 1911 and $1,000 on March 1 1912. Chickasha School District (P. 0. Ohickasha), Okla. Bonds Not Sold. -Bond Offering. -No satisfactory bids were received on June 21 for $90,000 5% 20-year gold school addition and high-school-building bonds offered on that day. Denomination to suit purchaser. Interest annually in Chickasha. Proposals are again asked for these bonds and will be received, this time, until 7.30 p. m. July 6. Cincinnati, Ohio.-Bids. -Following is a list of the bids received on June 25 for the $600,000 4% 30-50-year (optional) coupon refunding Southern Ry. bonds,the award of which to Weil, Roth & Co. of Cincinnati at 102.671 was reported in V. 86, p. 1603: Well, Roth & Co., Cincinnati $306:355 615 031 ($300,000 bonds William A. Read & Co., Chic_( 100,000 bonds 1 100,000 bonds I 100,000 bonds Seasongood & Mayer German National Bank 1 Western-German Bank Central Trust & Safe Deposit Co Union Savings Bank dc Trust Co Provident Savings Bank & Trust Co., Cincinnati Breed & Harrison, Cincinnati City Hall Bank. Cincinnati (for $10,000 bonds) 102 878 2 7 :6 6 102,273 612,183 609,481 606,0.69 10,200 • Coitsville Township (P.0. Station A, Youngstown,) Ohio. -Bond Offering.-James S. Palmer, Township Clerk, will offer at public auction at 10 a. m. July 9 $30,000 432% coupon road-improvement bonds. Authority, law passed April 22 1904, as amended April 9 1908. Denomination $500. Date July 1 1908. Interest semi-annually at a bank in Youngstown. Maturity $6,000 yearly on July 1 from 1927 to 1931 inclusive. Bonds are tax-exempt. Certified check for $1,000, payable to the Township Treasurer, is required. Total debt, including this issue, $85,000. Assessed valuation for 1908 $2,355,540. Columbus Junction, Louisa County, Ia.-Bond Election. Reports state that an election will be held July 6 to allow the voters to determine whether or not $4,000 water-tank bonds shall be issued. Coraopolis School District, Pa. -Bond Offering.-Proposals will be received until 8 p. m. July 6 by J. W. Stewart, Secretary of the School Board, for $30,000 4% bonds. Securities are exempt from State tax. Certified check for $250 required. Corlett (P.0. Sta. D, Cleveland), Ohio. -Bond Offering. proposals wll be received until 12 m. July 6 by W. H. Jantzen, Village Clerk, for the following bonds: $4,000 5% water-supply bonds. 3,000 5% sewer-construction bonds. Denomination $1,000. Date June 11908. Interest semiannually at the South Cleveland Banking Co. in Cleveland. Maturity June 1 1928. Certified check for 5% of amount bid is required. Bids to be made upon blank forms furnished by the Village Clerk. ! •• -52 THE CHRONICLE [VOL. Lxxxvii. 9,385 $9,385 20 n_ Cornelius School District No.2(P.0.Cornelius), Washing- First Nat. Bank, Cleve _,_$9,463 75 Seasongood & Mayer,Cm, 9,382 60 Otis & Hough, Cleveland_ Denison & Farnsworth, 0,150 00 Cleveland and Boston__ _ 9,433 00 Keller Bros ton County, Ore.-Bond Sale.-The $9,000 school bonds Cl_ve. 9,417 001 Hayden, Mina & recently voted (V. 86, p. 1239) have been sold. -Temporary Easthampton, Hampshire County, Mass. -The -Bids. Coshocton County (P. 0. Coshocton), Ohio. -Jose Parker & Co. of Boston has loaned this town following proposals were submitted on June 16 for the Loan. anticipation of collection of taxes. The loan $50,000 432% coupon Road District bonds awarded on that $10,000 in was negotiated about the first of June at 3.69% discount .day to Hayden, Miller & Co. of Cleveland (V. 86, p. 1545): and matures on Sept. 1 1908. 1Seasongood & Mayer, Hayden, Miller & Co., $50,702 50 Cleveland '$50,971 501 Cincinnati -Bond Empire School District, Stanislaus County, Cal. 1New First National Bank, Coshocton National Bank, •50,557 50 Sale. -An issue of $10,000 6% school-building bonds was Coshocton •50,903 331 Columbus Harrison, Chic_ 50,392 50 Well, Roth & Co., One _•50,875 00 Breed & sold on June 10 to Wm. R. Staats & Co. of Pasadena at 'People's Bank & Trust Commercial Nat. Bank, a7,054 00 106.66-a basis of about 5.285%. Denomination $1,000. 50,850 001 Co., Coshocton Coshocton Otis & Hough, Cleveland •50,815 001 Date June 10 1908. Interest annual. Maturity $1,000 --yearly from 1914 to 1923 inclusive. *And accrued interest. a For $7,000 bonds. -The re-Bond Sale. Culpeper County (P. 0. Culpeper), Va.-Bonds Awarded • Erie County (P. 0. Buffalo), N. Y. in Part. -Of the two issues of $15,000 5% coupon jail- maining $205,000 of the $325,000 4% gold registered goodconstruction bonds and the $30,000 5% coupon macadam road bonds mentioned in V. 86, p. 1604, have been disposed road bonds described in V. 86, p. 1545, the former was of at par and accrued interest to the Marine National Bank awarded to local people at 102.50, 101.75 and 100.50. The of Buffalo. jail bonds mature July 1 1923 and are optional, one-third Erlanger Graded Common School District No. 32 (P. 0. on July 1 in each of the years 1911, 1914 and 1916; the road Erlanger), Kenton County, Ky.-Bond Offering.-Proposals bonds mature $10,000 on July 1 in each of the years 1928, will be received until 12 m. July 6 by W. L. Gurney, Clerk 1933 and 1938. Board of Education, for $8,600 5% bonds for the purchase -Bond Offer- of grounds and the erection of a school building. Authority Cuyahoga County (P. 0. Cleveland), Ohio. Section 4487, Revised Staing.-Proposals will be received until 11 a. m. July 18 by election held Sept. 28 1907; also day of sale. Interest the Board of County Commissioners, William F. Black, tutes. Denomination $200. Date, Deposit Bank of Erlanger. Clerk, for $80,000 5% coupon road-improvement bonds. Jan. 1 and July 1 at the Erlanger call after five years. CerAuthority Section 22b and 4919-1, Revised Statutes. De- Maturity twenty years, subject to Clerk Board of Educanomination $5,000. Date July 1 1908. Interest April 1 tified check for $200, payable to the and Oct. 1 at the County Treasurer's office in Cleveland. tion, is required. -Bond Offering. Franklin County (P. 0. Meadville), Miss. Maturity .$40,000 on April 1 1909 and $40,000 on Oct. 1 1909. Bid must be .unconditional, made on a blank form -Proposals will be received until 12 in. July 6 by G. A. furnished by the County Commissioners,' and accompanied Cain, County Treasurer, for $35,000 5% coupon bridge by a certified check or a bond signed by two disinterested bonds. Denomination $500. Date July 1 1908. Interest persons, residents of and owning real estate in Cuyahoga annually at the County Treasurer's office. Maturity twenty 'County,for 1% of bid, made payable to the County Treasurer. years, subject to call after five years. Bonds are exempt Bond Sale.-Denison & Farnsworth of Cleveland and from all taxes. The county has no debt at present. Boston were the successful bidders on June 27 for the $300,- Assessed valuation 1908 $2,525,330. 000 43% coupon bonds described in V. 86,.p. 1545. Their Franklin Graded Common School District (P.0.Franklin), offer was $309,932 75, or 103.31. Maturity $15,000 yearly Simpson County, Ky.-Bond Offering.-Proposals will be on Oct. 1 from 1909 to 1912 inclusive and $16,000 yearly on received until 11 a. m. July 7 by the Board of Trustees, 'Oct. 1 from 1913 to 1927 inclusive. W. J. Gooch, President, for the $18,000 5% coupon building Danville and Buckeye City (Village) School District (P. bonds voted on May 12. Denomination $500. Date July 1 -Bond Sale.-On June 29 1908. Interest semi-annually in Franklin. Maturity thirty 0. Danville), Knox County, Ohio. the Security Savings Bank & Trust Co. of Toledo was awarded years. A cash deposit or certified check for 5% of bonds the $20,000 5% coupon building bonds described in V. 86, bid for, payable to W. J. Gooch, President, is required. This p. 1604, at 105.89 and accrued interest. Following is a list district has no debt at present. of the bidders: Fredericksburg, Louisa County, Va.-Purchasers of Bonds. Hough, Cleveland _ $20,710 00 .Secur. S. B. & Tr. Co., Tol$21,178 00'Otis & -We are advised that local investors purchased the $15,000 & First N. B., Colum__ 21,146 56 I Hayden,Miller Co.,Clev. 20,657 00 New 4% school-building bonds recently disposed of at par. See Denison ec Farnsworth,Clev 20,804 751 and Boston V. 86, p. 1604. Denomination $500. Date July 1 1908. Maturity $400 each six months from March 1 1909 to Sept. Interest semi-annual. Bonds are subject to call after ten years. 1 1933 inclusive. -No satisfactory bids were Fulton, N. Y. -Bonds Not Sold. David City, Butler County, Neb.-Bond Offering.-Proposals will be received until 8 p. m. July 8 by W. S. McCoy, received on July 1 for the $10,000 4% 15-24-year (serial) City Clerk, for the $17,000 5% registered sewer bonds voted registered school-building bonds described in V. 86, p. 1604. on April 28. See V. 86, p. 1239. Denomination $500. Genoa, Nance County, Neb.-Bonds Not Sold.-Bond Date June 1 1908. Interest annually in New York City. Offering. -No sale was made on June 10 of the $8,000 5% Maturity June 1 1928, subject to call after June 1 1913. 5-20-year (optional) electric-light-plant bonds offered (V. 86, Sask.-Debenture Sale.-This town on June 22 p. 1358) on that day. Denomination $500. Date Feb. 1 Davidson, disposed of $3,000 6% 10-year improvement debentures at 1908. Interest is payable at the Nebraska fiscal agency in 95 to the Ontario Securities Co. of Toronto. New York City. These bonds were subsequently re-offered -Bond Sale. - for sale and proposals were asked for until yesterday-July 3. De Funiak Springs, Walton County, Fla. In their July circular John Nuveen & Co. of Chicago are of- The result of this offering, however, was not known to us at fering for sale the three issues of 5% water, sewer and school the hour of going to press. bonds aggregating $33,000, mentioned in V. 84, p. 1012. Glynn County (P. 0. Brunswick), Ga.-Bond Sale.-This Denomination $1,000. Interest semi-annually in Chicago. county has awarded to MacDonald, McCoy & Co. of Chicago Maturity Jan. 11928. an issue of $75,000 5% bonds. These securities take the -The following bids, place of the two issues of bonds,aggregating $75,000,awarded -Bids Rejected. Des Moines, Iowa. were received on June 25 for last October to W. J. Hayes & Sons of Cleveland (V. 85, p. both of which were rejected, the $180,000 4% 20-year coupon bonds a description of 880), which sale was never consummated. which was given in the "Chronicle" of June 13: Grand Rapids, Mich.-Proposals will be received until Ds Moines,... .98 • German Sav. Bk., Des Moines_ _a parlIowa Nat. Bk., 4 p. m. July 6 by John L. Boer, City Clerk, for $100,000 --commission. a Less 4M% coupon trunk-sewer-construction assessment bonds. - Denomination $1,000. Date July 1 1908. Interest semiDorchester County (P. 0. Cambridge), Md.-Bond Sale. high-school-building bonds described annually at the City Treasurer's office. Maturity $20,000 'The $9,000 5% coupon in V. 86, p. 1604, were awarded on June 30 to the Dorchester yearly on July 1 from 1909 to 1913 inclusive. Certified National Bank of Dorchester for $9,106, the price thus being check for 3% of the bonds bid for, payable to the City Treas101.177. Maturity part yearly from one to ten years inclu- urer is required. :sive. -Bond Sale. -The Great Falls, Cascade County, Mont. Douglas County Joint School Districts Nos. 57 and 115, $100,000 4 10-20-year (optional) coupon refunding -On June 22 $8,000 school-building water-works bonds offered on June 29 and described in V. 86, -Bond Sale. Wash. bonds were awarded to the State of Washington at par for p. 1604, have been purchased by the Great Falls National •bonds bearing 39% interest and subject to call after one Bank of Great Falls at par. year. The following bids were also received: -John W. Greensboro, Greene County, Ga.-Bond Sale. Morris Bros., Portland (554s) _ part Wm.D.Perk I ns&Co ,Seattle(5)r Gs) par -An Dickey of Augusta advises us that about May 10 he was Douglas County, Ga.-Bond Election. Douglasville, school-building bonds at 106.50 and 'election will be held July 7, it is stated, to vote on the awarded $15,000 6% accrued interest. Denomination $1,000. Date Oct. 11907. of issuing $15,000 school-building bonds. question Interest April and October. Maturity $1,000 on Oct. 1. East Cleveland School District (P. 0. Station J, Cleve- 1930 and $2,000 yearly on Oct. 1 from 1931 to 1937 inclubids were received on -.--The following -Bids. land), Ohio, sive. These bonds were offered without success (V. 85, p. % May 21 for the $9,000 4 2 20-year coupon school bonds 1291) on Nov. 12 1907. to the First National awarded on that day (V. 86, p. 1297) Greenville, Darke County, Ohio.-Bond 011ering.-Pro• Bank of Cleveland at 105.152 and interest-a basis of about posals will be received until 12 in. July 6 by C. R. Jobes, -4.12%: . • It JULY 41908. THE CHRONICLE City Auditor, for $26,500 4% coupon Greenville Creek bridgeconstruction (city's portion) bonds. Authority Section 2835, Revised Statutes. Denomination $500. Date Aug. 31 1907. Interest annually on Sept. 1 in Greenville. Maturity $1,500 yearly on Sept. 1 from 1909 to 1925 and $1,000 on Sept. 1 1926. Bonds are exempt from taxation. Certified check for 25% of the bid, payable to the City Treasurer, is required. Accrued interest to be paid by purchaser. -On June 4 the following Hamilton, Ont.-Debenture Bids. bids were received for the $100,000 4% 20-year coupon school debentures awarded to Wood, Gundy & Co. of Toronto at 92.612 (V. 86, p. 1483): Wood, Gundy Fc Co., Toronto_92.612 Brouse, Mitchell & Co., Tor_ _92.105 Aemilius Jarvis & Co., Tor_ _ _92.555 N. W. Harris & Co., Boston__91.69 89.809 W. A. McKenzie & Co., Tor_ _92.285 W.C. Brent, Toronto Dominion Securities Co., Tor_92.170 Harrisburg High-School District (P. 0. Harrisburg), Ill.-Bond Sale.-This district on June 1 sold to the Wm. R. Compton Bond & Mortgage Co. of St. Louis an issue of $13,500 6% bonds. Denomination $500. Date July 1 1908. Interest annual. Maturity $1,500 on July 1 1912 and $4,000 yearly on July 1 from 1913 to 1915 inclusive. Havre School District No. 16 (P. 0. Havre), Mont. -On June 16 the $15,000 10-20-year (optional) Bond Sale. coupon building bonds offered on May 25 and described in V. 86, p. 1298, were awarded to the State of Montana as 4.60s. -Bond Sale.-Citizens of Hazleton, Luzerne County, Pa. this city have purchased at par the $60,000 4% 5-30-year (optional) street-paving bonds mentioned in V. 86, p. 1359. Denomination $100. Interest February and August. Henderson County School District No. 30, Ill.-Bond Offering.-Proposals will be received until 2 p. m. July 11 by J. W. Rankin, Clerk Board of District Directors (P. 0. Stronghurst), for $8,400 5% bonds. Date Aug. 1 1908. Interest annual. Maturity on Aug. 1 as follows: $500 in each of the years 1910 and 1911; $600 in each of the years 1912 and 1913; $800 yearly from 1914 to 1917 inclusive, and $1,000 in each of the years 1918, 1919 and 1920. Certified check for 5% of bid, payable to the Township Treasurer, is required. Bonded debt this issue. Real valuation (estimated), $945,000. -Bond Offering.-Proposals will be Hoosick Falls, N. Y. received until 8 p. m. July 6 by E. A. Doyle, Village Clerk, for the $50,000 gold registered grading and paving bonds voted on June 12. • See V. 86, p. 1546. Authority Section 129, Village Law. Denomination $500. Date July 11908. Interest (rate not to exceed 5%) payable annually at any bank designated by purchaser. Maturity $2,500 yearly on July 1 from 1913 to 1932 inclusive. Certified check for 5%, payable to the Village Treasurer,is required. -Bond Offering. Idaho Falls, Bingham County, Idaho. Proposals will be received until 8 p. in. July 10 (postponed from June 17) by J. W. McCarron, City Clerk, for the following assessment bonds: $16,024 23 Local improvement District No. 2 bonds, maturing part yearly for live years. 4,703 71 Local Sewerage Improvement District No. 2 bonds, maturing "on or before" ten years from the date of Issuance. Interest (rate not to exceed 6%)payable Feb. 1 and Aug. 1 at City Treasurer's office or in New York City at option of purchaser. Official advertisement states there has never been any default in the payment of interest on any bonds issued by this city. -An issue of $60,000 43% -Bond Sale. Indiana, Pa. 5-30-year (optional) bonds was disposed of on May 14 at 100.50 and accrued interest to A. B. Leach & Co. of New York City. Denominations $1,000 and $500. Date June 1 1908. Interest semi-annual. -Bond Sale. Jackson County (P. 0. Jacksonville), Ore. On June 6 the $10,000 5% 10-20-year (optional) gold coupon school-house bonds described in V. 86, p. 1425, were awarded to Morris Bros. of Portland at par less $100 for attorney's fees and cost of blank bonds. -Bond Offering. James County (P. 0. Ooltewah), Tenn. Proposals will be received until 12 m. July 6 by S. L.Lovell, County Clerk, or D. McCollister, County Chairman, for the $50,000 5% 30-year pike-road-construction bonds mentioned in V. 86, p. 1241. Denomination $1,000. Interest semi-annually at the Batik of Ooltewah in Ooltewah. -Bond Sale. -On Jamestown, Chautauqua County, N. Y. June 24 the $20,000 4% 30-year park-improvement bonds offered on that day (V. 86, p. 1547) were awarded to the Erie County Sayings Bank of Buffalo at path -On June 25 the $12,000 -Bond Sale. Janesville, Minn. 5% 1-12-year (serial) water-works bonds described in V. 86, p. 1547, were awarded to the Janesville State Bank of Janesville at 100.55-a basis of about 4.90%. Following are the bids: Janesville State Bk., Janesv.$12,066 I Wells & Dickey Co., inn_ _ _$12,062 U. M. Stoddanl & Co., Minn_ 12,0651Union Investment do., Minn_ 12,036 -This city proposes to Jefferson, Wis.-Bonds Proposed. issue $7,500 electric-light bonds. Joplin School District (P. 0. Joplin), Mo.-Bond Sale. This district recently sold $65,000 432% 10-20-year (optional) bonds. These securities are now being offered for sale by the William R. Compton Bond & Mortgage Co. of St. Louis. Denomination $1,000. Date May 1 1908. Interest semi-annual 53 Laurel School District No. 7 (P. 0. Laurel), Yellowstone -The Chairman -Corrected Interest Rate. County, Mont. Board of School Trustees writes us that the $14,500 10-20year (optional) school-building and site-purchase bonds recently awarded to the State Land Commissioners at par (V. 86, p. 1547) carry interest at the rate of 4.60%, and not 6%,as we were at first advised. Denomination $500. Date July 1 1908. Interest semi-annual. -Bond OfferKing County School District No. 86, Wash. ing.-Proposals will be received until 11 a. m. July 8 by Matt H. Gormley, County Treasurer (P.O. Seattle), for $5,000 coupon school-house bonds. Authority, vote cast at election held June 4 1908. Denomination $500. Interest (rate not to exceed 6%) payable annually at the County Treasurer's office in Seattle or at the fiscal agency of the State of Washington in New York City. Maturity ten years, subject to call after one year. Certified check or draft for 1% of the bonds,payable to the County Treasurer,is required. Bonds to be delivered July 20 1908. -The bids given below Lakewood, Ohio.-Bond Sale. were received on June 29 for the six issues of 5% assessmenl bonds aggregating $23,923.50 described in V. 86, p. 1605: Otis & Hough, Cleveland-$394 premium for four issues. Hayden, Miller ec Co., Cleveland-$381 premium for four issues. First National Bank. Cleveland-$365 premium for six Issues. -$171 25 premium for four issues. New First National Bank, Columbus Maturity part yearly on Oct. 1 from 1909 to 1918 inclusive. -Of the -Bond Sale. Lancaster, Lancaster County, S. 0. $30,000 5% 20-40-year (optional) coupon water-works bonds offered on June 15 and described in V. 86, p. 1483, $10,000 were awarded to each of the following at par and accrued interest: Bank of Lancaster, Farmers' Bank & Trust Co., and the First National Bank, all of Lancaster. Leadwood School District (P. 0. Leadwood), Mo.--Bond -An issue of $25,000 6% 123' -year (average) bonds Sale. was awarded on May 1 to the Wm. R. Compton Bond & Mortgage Co. of St. Louis. Securities are in denomination of $500 each and are dated May 11908.. Interest semi-annual -The bids reLima, Allen County, Ohio.-Bond Sale. coupon electricceived on June 29 for the $80,000 4 light-works construction bonds described in V. 86, p. 1605, were as follows: The Fifth-Third National $83,125 00 Bank, Cincinnati 83,104 00 Breed & Harrison, One Western German Bk., Cin. 83,030 30 Seasongood & Mayer, Cin_ 82,855 00 Well, Roth & Co., Cincin_ 82,801 00 Hayden, Miler & Co., Clev$82,657 00 R. Kleybolte & Co., Cinc_ 82,528 00 New First National Bank, 81,625 00 Columbus W. R. Todd & Co., Oinc •81,550 00 • Bid said to be irregular. All bidders offered accrued interest in addition to their bids. Maturity $2,000 each six months from March 1 1911 to Sept. 1 1930 inclusive. Lindsay School District, Tulare County, Cal.-Bond Sale. -In local papers it is stated that N. W. Halsey & Co. of San Francisco were the successful bidders for $30,000 6% bonds offered on June 15. The price paid was 109.58-a basis of about 5.08%. -Bond Offering.-Proposals will be reLockport, N. Y. ceived until 12 in. July 8 by B. M. Hutcheson, City Treasurer, for $35,000 registered water-supply-system-construction bonds at not exceeding 5% interest. Authority Chapter 483, Laws of 1908. Denomination $1,000. Date July 10 1908. Interest June 1 and Dec.1 at the City Treasurer's office. Maturity $1,000 yearly on Dec. 1 from 1908 to 1935 inclusive. and $7,000 on Dec. 11936. Certified check for 2% of bid, payable to the "City of Lockport," is required. Bonds will be ready for delivery July 10 1908. Long Beach School District, Los Angeles County, Cal. -The proposition to issue the $43.000 5% Bonds Voted. 10-year bonds mentioned in V. 86, p. 1483, carried by a vote of 693 to 215 at the election June 20. -We are advised -Bonds Not Sold. Lucedale,. Miss. that $10,000 6% bonds offered on June 16 were not sold owing to an error in the advertisement. -Bond Sale. Lykens Township, Crawford County, Ohio. A bid of $20,802 50 (104.012) submitted on June 23 by Otis & Hough of Cleveland was accepted by this township for the $20,0004% coupon road-improvement bonds described in V. 86, p. 1547. Maturity $500 each six months from March 1 1917 to Sept. 1 1936 inclusive. Madison'Township School District, Montgomery County, -Bond Offering.-Proposals will be received until Ohio. 2 p. m. July 11 by the Board of Education, Frank List Jr., Clerk, P. 0. R. F. D. No. 4, Dayton, for $3,000 5% coupon building bonds. Authority Section 3994, Revised Statutes. Denomination $1,000. Date Aug. 1 1908. In terest semi-annually in Dayton. Maturity $1,000 on Aug. 1 1910 and $2,000 on Aug. 11911. -Bond OfferMahoning County Road District No. 1, Ohio. ing.-Proposals will be received until 11 a. m. July 6 by Frank Agnew, Secretary Board of Commissioners, Room 215, Dollar Bank Building, Youngstown, for $78,000 5% roadimprovement bonds. Denomination $1,000. Date July 20 1908. Interest Feb. 1 and Aug. 1 at the City Treasurer's office. Maturity $3,000 each six months from Feb. 1 1910 to Aug. 1 1922 inclusive. Certified check on some bank in Mahoning County for $500, payable to the Secretary Board of Commissioners, is required.. Official circular states that 54 THE CHRONICLE this district has never defaulted in the payment of any of its obligations. Purchasers must be prepared to take the bonds not later than July 20, the money to be delivered at one of the banks in Ur) county or at the County Treasurer's office. Manchester, N. H. -Temporary Loan. -This city has negotiated a loan of $25,000, it is stated, with William A. Read' & Co. of Boston at 3.30% discount. Loan is dated June 27 1908 and matures Dec. 7 next. Marissa (Ill.) Township School District.-Bond Sale. -On May 15 this district sold $18,500 5% bonds dated April 1 1908 to the Wm. R. Compton Bond St Mortgage Co. of St. Louis. Denomination $500. Interest annual. Maturity $500 on April 1 1909 and $2,000 yearly on April 1 from 1910 to 1918 inclusive. Maryland, State of-Bond Offering.-Proposals will be received until 12 m. Aug. 1 by Murray Vandiver, State Treasurer, at Annapolis, for $500,000 332% coupon "State Roads Loan" bonds. Denomination $1,000. Date Aug. 1 1908. Interest semi-annual. Maturity Aug. 1 1923, subject to call after Aug. 1 1918. Bonds are exempt from State, county and municipal taxation. Certified check for 10% of bid is required. Maryville School District (P. 0. Maryville), Nodaway County, Mo.-Bond Sale. -On June 25 the $75,000 432% coupon school bonds described in V. 86, p. 1547, were bought by the Mercantile Trust Co. of St. Louis at 101.27 and accrued interest. The bids were as follows: Mere. Ti'. Co., St. Louis_ •$75,952 50 'Mississippi Tr. Co. St. L.•$75,387 50 ' 'First Tr. & S. B., Chic__ 75.187 50 Wm. 11. Compton Bond & Mortgage Co., St. Louts.*75,765 00 C. H. Coffin, Chicago_ -- _ 75,165 00 Mason, Lewis & Co., Chic_•75,397 00 Harris Tr. & S. B., Chic._ 74,453 00 • And accrued interest. Maturity $20,000 "on or after July 20 1913" and $4,000 yearly on July 20 thereafter. -Bond Sale. Mason County School District No. 1. Wash. The County Clerk writes us that the State of Washington purat par for 4 2s an issue of $20,000 school-building chased and funding bonds offered on June 20. A bid was also received from S. A. Kean of Chicago. Denomination $1,000. -Price Paid for Bonds.-• Medford, Jackson County, Ore. We are advised that the price paid for the $365,000 5% waterworks bonds dated July 1 1908 and awarded recently to John Nuveen & Co. of Chicago (V. 86, p. 1606) was par for bonds maturing in thirty years. -Bond Sale. Mercer County (P. 0. Celina), Ohio. -The $22,000 5% coupon Lewis Turnpike bonds, proposals for which were asked until June 19, have been awarded to the First National Bank and the Commercial Bank Co., both of Celina, at their joint bid of $22,475, or 102.159. See V. 86, p. 1547, for a description of these securities. Middlesex County(P.O. London),Ont.-Debenture Sale. On June 25 the $40,000 4y% 20-year gold coupon consolidated debt debentures described in V. 86, p. 1548, were awarded to Brouse, Mitchell & Co.of Toronto at 101.505 and accrued interest-a basis of about 4.387%. The following bids were received: Brouse,MItchell&Co.,Tor..$40,602 00 I W.A. McKenzie & Co.,Tor.340,084 00 Domin.Sec.Co..Ltd.,Tor_ 40,424 00 Smith & 13ulton 40,051 00 Wood, Gundy & Co., Tor_ 40,284 00 lAemillus Jarvis & Co.,Tor_ 40,011 O J 40,077 771G. A. Stimson & Co., Tor.. 39,722 00 R. Wilson Smith -Bond Sale. Miles City, Ouster County, Mont. -The City Clerk received the following offers on June 23 for the $10,000 6% 10-20-year (optional) gold registered electriclight-plant enlargement and extension bonds described in V. 86, p. 1548: *10,375 A. B. Leach & Co., Chicago_ _$10,630 C. H. Coffin, Chicago MacDonald, McCoy & Co., Chi 10,627 S. A. Kean, Chicago 10,105 First National Bank, BarnesHarris Trust & Savings Bank, 10,6061 vIlle Chicago 10,101 Milton School District (P. 0. West Milton), Ohio. -Bond Sale. -On June 29 the $50,000 4% coupon school-building disposed of, it is bonds described in V. 86, p. 1606, were stated, as follows: $40,000 to the Troy National Bank of Troy at 100.80 and $10,000 to the First National Bank of West Milton at 101.30. Maturity $1,000 yearly on May 25 from 1910 to 1920 inclusive, $1,500 yearly on May 25 from 1920 to 1930 inclusive and $2,000 yearly on May 25 from 1930 to 1942 inclusive. Milwaukee, Wis.-Bond Offering.-Proposals will be received until 11 a. m. July 8 by the Commissioners of the Public Debt at the office of August M. Gawin, City Comptroller and Secretary ex-officio of said Board, for the following bonds: $200,000 4% coupon East Water Street bridge bonds. Denomination $1,000. 1200,000 4% coupon street improvement bonds. Denomination $1,000. 100,000 4% coupon West Sewerage District bonds. Denomination $1,000. 50,000 4% coupon South Sewerage District bonds. Denominations: 40 bonds of $1,000 each and 20 bonds of $500 each. 50,000 4% coupon East Sewerage District bonds. Denomination $500. 80,000 4% coupon park bonds. Denomination $250. Authority Chapters 40b and 41, Statutes of 1898. Date July 1 1908. Interest semi-annually at the office of the City Treasurer or the Morton Trust Co. of New York City. Five per cent of the bonds mature each year. Purchaser to pay accrued interest. Minnedosa School District No. 232 (P. 0. Minnedosa), Manitoba. -Debenture Offering.-Proposals will be received until 6 p. m. July 9 by E. Bailey Fisher, Secretary-Treasurer, for $20,000 5% coupon debentures. Denomination $1,000. Date" Sept. 1 1908. Interest annually at the Secretary- Lxxxvii. Treasurer's office. Maturity Sept. 11928. Debentures are exempt from taxation. Debenture debt,including this issue, $23,350. Assessed valuation for 1907, $595,465. Mitchell School District(P.0. Mitchell), S. D. -Bond Sale. -On June 26 the $69,000 10-20-year (optional) high-school bonds described in V. 86, p. 1548, were awarded to the Mitchell Trust Co. at 103.347 and accrued interest for 5s a basis of about 4.58% to the optional date and about 4.74% to full maturity. The bids received were as follows: Mitchell Tr. Co., Mitchell_$71,310 00 !Cutter, Wailer & May__ _$09,921 84 MacDonald,McCoy&Co.,Ch71,085 001A. J. Hood & Co., Detroit 69,715 00 Minn. Loan & Trust Co__ _ 71,001 00 1 Emery, Anderson &Co.,Clev69,700 00 C. H. Coffin & Co., Chic__ 70,656 00 'Harris Tr.&Say.Bk.,Chic. 69,690 00 Union Investment Co_ __ _ 70,625 00'Otis & Hough, Cleveland_ 69,350 00 S. A. Kean, Chicago 70,414 50 Merchants' Loan & Trust Coffin & Crawford 70,308 00 I Co., Chicago 69,100 00 IF. E. Magraw,St. Paul_ __ 69,000 00 Montreal Protestant School District (P.0. Montreal), Que. -Debentures Not -No satisfactory bids were received • June 25 for the Sold. on $45,000 4% 30-year gold school debentures a description of which was given in V. 86, p. 1548. Moore School District No. 62 (P. 0. Moore), Mont. -Bond Sale.-On June 20 this district sold a $1,250 10-20-year (optional) school-building bond to the State Board of Land Commissioners at their bid for a 5% bond. The following bids were received for a 6% bond, as originally advertised: First Nat. Bk., Barnesville.$1.2611Union Bk. & Ti'. Ca., Helena __ par Interest annual. Nevada, Mo.-Bond Offering.-Proposals will be received until 7 p. m. July 7 by S. L. Higgins, City Clerk, for $19,000 5% refunding bonds. Denomination $500. Date June 1 1908. Interest semi-annually at the Thornton Banking Co. in Nevada. Maturity June 11918. Certified check for $50 is required. Bonded debt, including this issue, $29,000. Assessed valuation $1,694,500. New Houlka, Miss. -Bond Sale.-This place has sold $7,000 6% school-building bonds maturing April 11928. John Nuveen & Co. of Chicago are offering these bonds for sale in. their July circular. Denomination $500. Interest semiannually in Chicago. Newport, R. I.-Temporary Loan. -A loan of $60,000 maturing Sept. 18 1908 has been negotiated with Blake Bros. & Co. of Boston at 3.09% discount and $1 premium. Newton (P. 0. Newton Centre), Mass.-Certificates Not -The City Treasurer did not receive'any proposals on Sold. June 29 for the $90,000 3.65% 1-30-year (serial) registered sewer-certificates described in V. 86, p. 1606. New York State. -Bonds Listed. -On July 1 $5,000,000 4% gold highway-improvement bonds due March 1 1958 were admitted to the stock list of the New York Stock Exchange. As already stated in the "Chronicle," these securities were sold at an average price of 106.9558 on March 11 (V. 86, p. 748), when they were over-subscribed sixteen times. Norwood, Hamilton County, Ohio. -Bond Offering. Proposals will be received until 12 m. July 6 by L. H. Gebhart, City Auditor, for $11,000 4 street-improvement (city's portion) bonds. Denomination $500. Date day of sale. Interest semi-annual. Maturity twenty years. Certified check for 5% of the bonds, payable to the City Treasurer, is required. Bonds Authorized. -The City Council on June 15 passed % an ordinance providing for the issuance of $8,600 4 2 25-year bonds for constructing approaches to the north and south ends of the Section Avenue viaduct. Ontario County (P. 0. Canandaigua), N. Y. -Bonds Not Sold. -The $91,000 432% coupon or registered road-improvement bonds described in V. 86, p. 1607, were not disposed of on July 1. -An ordinance has Painesville, Ohio.-Bonds Authorized. been adopted providing for the issuance of $6,500 electriclight-plant bonds. Bond Sate. -The $2,500 4% coupon electric-light-improvement bonds, proposals for which were asked until tJune 17 (V. 86, p. 1484), have been awarded to local inve&ors at par and accrued interest. Securities are dated Mar 1 1907 and mature $500 each six months from Sept. 1 1913 to Sept. 1 1915 inclusive. Pascagoula, Jackson County, Miss. -Bond Sale. -John Nuveen & Co. of Chicago have purchased and are offering for sale the $20,000 1-20-year (serial) registered general-streetimprovement bonds. Bids for these bonds were received by the city on Nov. 5 1907 (V. 85, p. 1292) and rejected. This firm has also bought $4,000 6% school Wilds of this city maturing $200 yearly on Jan. 1 from 1909 to 1928 inclusive. Denomination $200. Interest semi-annually in Chicago. -Bond Sale. -On Passaic County (P. 0. Paterson), N. J. July 1 the $50,000 4% 10-year coupon road-improvement bonds, offered without success on June 17 (V. 86, p. 1549), were disposed of, $25,000 to the First National Bank of Paterson and $5,000 to each of the following: The Hamilton Trust Co., the Paterson Savings Institution, the Paterson National Bank, the Silk City Safe Deposit & Trust Co. and one private individual, all of Paterson. Pawtucket, R. I. -Bond Ofiering.-Proposals will be received until 2 p. m. July 8 by J'. Ellis White, City Treasurer, for the following bonds recently authorized by the Committee on Finance: $435,000 4% coupon water-works-system-Improvement bonds. Maturity on July 1 as follows: $70,000 in each of the years 1913, 1918, 1923, 1928 and 1033 and $85,000 In 1938. 80,000 4% coupon sewer-loan bonds. Maturity July 11948. JULY 4 1.008.1 THE CHRONICLE The above bonds are in denomination of $1,000 each and are dated July 1 1908. Interest semi-annually at the First National Bank of Boston. Bonds will be certified as to their genuineness by the City Trust Co. of Boston and their legality approved by Storey, Thorndike, Palmer & Thayer of Boston, a copy of whose opinion will be delivered to purchaser. Delivery $345,000 on July 15 1908 and the balance on July 311908. -John D. Everitt & Co. -Bond Sale. Perth Amboy, N. J. of New York City were recently awarded $54,000 sewer and $35,000 city-hall 47% bonds of this city. The sewer bonds mature July 1 1918 while the city-hall bonds are due July 1 1928. Denomination $1,000. Date July 1 1908. Interest semi-annual. -On June 29 the $95,000 50Plainfield, N. J.-Bond Sale. year school and the $25,500 police-station-house 47% gold coupon bonds described in V. 86, p. 1549, were awarded to Kountze Bros. of New York City at 104.29 and 101.27 respectively. A list of the bids received follows: Kountze Bros., New York Emery. Anderson & Co., Cleveland Plainfield Trust Co., Plainfield R. M. Grant & Co., New York H. L. Crawford & Co., New York A. B. Leach & Co., New York John D. Everitt & Co. New York N. W. Harris & Co., Slew York Blodget. Merritt & Co., Boston Morris County Savings Bank, Morristown • For $25,000 bonds. $95,000 . School Bonds. 075 50 $99, 98,500 00 98,335 00 97,968 75 97,767 35 97,640 05 97 441 50 96,510 50 95,978 50 "25,585 00 $25,500 Police Bonds. o 23 85 8 $25, nds. 25,650 00 25,600 21 25,596 65 25,545 90 25,828 95 55 interest (V. 86, p. 1607) are in denomination of $1,000 each and are issued for the following purposes: $90,000 for water-works, $10,000 for electric lights, $120,000 for a collegiate institute and $100,000 for local-improvements. They are dated July 1 1908. Interest semi-annual. Maturity on July 1 as follows: $25,000 in 1923; $5,000 in 1928 and $290,000 in 1938. Richmond, Va.-Bond Sale. -On June 25 the $289,500 4% 34-year registered refunding bonds described in V. 86, p. 1485, were awarded to the Sinking Fund Commissioners at par. Interest semi-annual. Riverside Irrigation District, Morgan County, Colo. Bonds Offered by Bankers. -Among the advertisements on a preceding page Farson Son & Co. and the Trowbridge & Niver Co. both of Chicago, are offering at a price to net investors 5% per cent $600,000 6 per cent coupon bonds of this district. Denomination $500. Date July 11907. Interest June 1 and Dec. 1 at the National Bank of Commerce in New York City or at the County Treasurer's office in Fort Morgan at option of purchaser. Maturity on July 1 as follows: $37,500 in 1918, $45,000 in 1919, $52,500 in 1920, $60,000 in 1921, $67,500 in 1922, $75,000 in 1923, $82,000 in 1924, $97,500 in 1925, $42,000 in 1926 and $40,000 in 1927. -Bond Riverside School District (P. 0. Riverside), Cal. Sale. -On June 24 the s10,000 5% 5-14-year (serial) coupon building bonds dated June 3 1908, offered on that day(V.86, p. 1549), were awarded to E. H. Rollins & Sons of San Francisco at 103.30 and accrued interest-a basis of about 4.568%. Bids were received as follows: The $25,500 police-station-house bonds mature on July 1 E. H. Rollins & Sons, San Fr.$41,320 J. H. Adams & Co., Los A $40,754 00 as follows: $500 in 1909, $1,000 yearly from 1910 to 1916 in- .National Bk. of Riverside__ 41,1841Am. Say. Bk., Los Ang__ 40,666 00 N. W. Harris & Co., Los Aug. 40,9271N. W. Halsey & Co., San F 40,628 00 clusive and $1,500 yearly from 1917 to 1928 inclusive. First Nat. Bk., Riverside_ _ 40,758 ICits. Nat. Bk., Riverside_ 40,617 50 Portsmouth, Scioto County, Ohio.-Bonds Not Sold.-No Interest annual. sale was made on June 30 of the $48,000 assessment and the Russell County (P. p. Lebanon), Va.-Bond Offering. $13,000 (city's portion) 4% coupon street-improvement Further details are at hand relative to the offering of the $50,bonds described in V. 86, p. 1607. 000 road-improvement bonds mentioned in V. 86, p. 1243. -Bond Offering.-Pro- Proposals for these bonds will be received until July 7 by Port Vue, Allegheny County, Pa. posals will be received until 7:30 p. m. July 14 by the Finance R. G. Fletcher, Clerk Board of County Supervisors. CerCommittee, Wm. G. Kaler, John Owens and Charles S. tified check for $300, payable to the Board of County SuSmith, for $18,000 47% coupon (with privilege of registra- pervisors, is required. Sacramento County (P. 0. Sacramento), Cal. -Bonds Of. tion) bonds. Denomination $1,000. Date July 1 1908 fered by Bankers. -Among the advertisements on a precedInterest semi-annually at the office of the United States ing page the Merchants' Loan & Trust Co. of Chicago and Mortgage & Trust Co. in New York City or at the Borough E. H. Rollins & Sons of Chicago, Boston, Denver and San Treasurer's office, to suit purchaser. Maturity on July 1 Francisco are offering at a price to net the investor 4.25%, $990,000 of the three issues of 47% gold bonds as follows: $1,000 in each of the years 1911, 1914, 1916 June 22. See V. 86, p. 1607. Denomination awarded on $500. Date yearly from July 1 1908. Interest semi-annually in New York City or 1918, 1920, 1921, 1923 and 1924 and $1,000 1926 to 1935 inclusive. Certified check on a national bank in Sacramento at the County Treasurer's office. St. Joseph School District (P. 0. St. Joseph), Mo.--Bids or trust company for 3% of bonds bid for, payable to the -The bids received on June 29, submitted by the "Borough of Port Vue," is required. Bid to be made on Rejected. Harris of Chicago and Weil, Roth & form furnished by Archibald W. Powell, Borough Solicitor, Co. of Trust & Savings Bank Cincinnati,for the $250,000 4% 20-year coupon school71 St. Nicholas Building, Pittsburgh. Bonds will be certi- building bonds described in V. 86, p. 1607, were rejected. fied as to their genuineness by the United States Mortgage & The best offer was par and accrued interest, less an allowTrust Co. of New York City and their legality approved by ance for handling the issue. Salina, Kans.-Bond Sale. -On June 29 $16,000 20-year John G. Johnston of Philadelphia, a copy of whose opinion refunding bonds were awarded to R. W. Morrison & Co. of will be delivered to purchaser. Bonds are free from taxation. Kansas City at par and accrued interest for 47s, while The official notice of this bond offering will be found among $5,400 1-10-year (serial) sewer bonds were sold at 100.018 for 5s to the Planters' State Bank of Salina. Following are the advertisements elsewhere in this Department. - the bids: -Bond Sale. Posey County (P. 0. Mt. Vernon), Ind. $16,000 $5,400 Through a letter received on June 29 from the County Treasrefunding sewer urer,we learn that the three issues of 47% gravel-road bonds, bonds. bonds. a$16,000 00 R. W. aggregating $86,980, offered without success on May 15 (V. Cutter,Morrison & Co., Kansas City (for 434s) b 16,427 20 Wailer & May, Chicago (for 5s) _ 86, p. 1300) have been sold. Two bonds of each issue ma- Planters' State Bank, Celina (for 55) 16,200 00 $5,401 00 x 16,027 50 ture every six months from May 15 1909 to Nov. 15 1918 Hoehler & Cummings, Toledo (for Si) 15,200 00 Emery, Anderson & Co., Cleveland (for 5s) inclusive. A. J. Hood & Co., Detroit (for 5;is) x15,035 00 H. C. Rash, Salina (for 5s) 5.400 00 -Bond Sale. -We are --Preble County (P. 0. Eaton), Ohio. advised that $2,000 Flora Ditch and $2,000 Windate Ditch a and accrued interest, b and furnish blank bonds. x "And expenses." 4% bonds were awarded on June 27 to the Preble County Both issues are dated July 11908. National Bank of Eaton at 100.30. Denomination $200. San Luis Obispo County (P. 0. San Luis Date June 27 1908. Interest March and Sept. Maturity Bond Offering.-Proposals will be received Obispo), Cal. until 10 a. m. part each six months from March 27 1909 to Sept. 27 1913 July 7 by John Kelshaw, County Treasurer, for $26,000 5% inclusive. gold coupon Permanent Road Division No. 11 bridge-conHigh School District (P. 0. Prescott), Ark. - struction bonds. Authority Article 9, Chapter 2, Title 6, Prescott -The William R. Compton Bond & Mortgage Co. Part 3, Political Code, Statutes of 1907. Denomination Bond Sale. -year $1,625. Date May 5 1908. Interest annually at the County of St. Louis purchased on April 15 $20,000 6% 127 (average) bonds. Denomination $500. Date May 1 1908. Treasurer's office. Maturity $1,625 yearly on May 5 from Interest April 1 and Oct. 1. 1912 to 1927 inclusive, unpaid bonds being subject to call Prince George's County School District, Md.-Bond Offer- after May 5 1912. Bonds are free from all taxes. Certified ing.-Proposals will be received until 11 a. in. July 7 by Fred- check or cash for 10%, payable to the County Treasurer, is erick Sasscer, County Superintendent (P. 0. Upper Marl- required. Total debt this issue. Assessed valuation $1,boro), for $8,000 5% coupon bonds to build a school-house 953,330. at Brentwood. Authority an Act of the General Assembly Santa Monica School District, Los Angeles County, Cal. passed at the 1908 session. Date May 1 1908. Interest Bond Sale.-This district recently awarded an issue of $30,semi-annual. Maturity. May 1 1938. 000 5% 17-year (average) school bonds to N. W. Harris & Randolph Union Free School District No. 1 (P. 0. Ran- Co. of Los Angeles at 102%-a basis of about 4.795%. -Bond Sale. -On June 30 two issues of 4% Date May 25 1908. Interest semi-annual. dolph), N. Y. and 5% building bonds, aggregating $19,500, were sold at Seaforth, Ont.-Debenture Sale.-Brouse Mitchell & Co. par and interest to the State Bank of Randolph. Denomi- of Toronto have purchased, according to reports, $9,600 5% nations: $2,700 and $1,000. 15-year local-improvement debentures. Interest annual. Shelby County (P. 0. Sidney), Ohio.-Bond Sale. -We are inRegina, Sask.-Description of Debentures. -On formed that the $320,000 5% debentures awarded on June June 30 the $46,000 47% ditch-improvement bonds de& Co. of Toronto at 98.50 and accrued scribed in last week's issue were awarded to the Citizens' 16 to Wood, Gundy 56 . THE CHRONICLE National Bank of Sidney at par. Maturity $4,700 on Jan. 1 1909; $5,700 on July 1 1909; $6,700 on Jan. 1 1910; $7,900 on July 1 1910; $7,000 on Jan. 1 1911,and $8,000 on July 1 1911. -Bond Sale.-This city recently sold South Bend, Ind. $60,000 refunding and water bonds. Reports state that Joseph Elliott & Sons of Indianapolis were the successful bidders, their bid being 101.93. South Sharon School District (P. 0. South Sharon), Pa. Bonds to Be Offered Shortly. -We are informed that this district will soon be on the market with $30,000 4y% coupon high-school-completion and equipment bonds. Denomination $1,000. Interest semi-annually at the Colonial Trust Co. in South Sharon or Pittsburgh. Maturity 1938. Bonds are exempt from State taxes. Springfield, Clark County, Ohio. -Bond Offering.-Proposals will be received until 8 p. in. July 14 by William H. Mahoney, Clerk of Council, for the following bonds: Lxxxvii. Terry County (Texas) Common School District.-Bond Offering.-Proposals will be received at any time by Geo. W. Neill, County Judge (P. 0. Brownfield), for the $1,900 5% school-house bonds registered by the State Comptroller (V. 86, p. 1244) on May 6. Denomination $100. Date Aug. 20 1907. Interest annually in April. Maturity Aug. 20 1927, subject to call after fifteen years. -Certificate Sale. Troy, N. Y. -The $100,000 5% certificates of indebtedness maturing Oct. 19 1908 (V. 86, p. 1608) were sold on June 29 at 100.385 to Bond & Goodwin of New York City. Trumbull County Road District No. 1, Ohio.-Bond Sale. On June 30 the Western Reserve National Bank of Warren paid 110.70 and accrued interest for the $30,000 5% coupon road-improvement bonds described in V. 86, p. 1608. The bids were as follows: Western Reserve National I Hayden, Miller & Co., Cleve_ $32,517 Bank, Warren $33,210 I Seasongood & Mayer, Cincin. 32,478 Well, Roth & Co. Cincinnati 33,093 New First National Bank, *1,361 10 5% 1-5-year (serial) coupon York St. sewer assessment bonds. Otis & Hough, Cleveland__ _ 33,010 I Columbus Security Savings Bank Date May 14 1908. 32.988 1Breed & Harrison, Cincinnati 324406 32 0 : 0 Trust Co., Toledo 1.105 87 5% 1-5-year (serial) coupon Boler St. sewer assessment bonds. Date May 14 1908. Maturity $1,500 each six months from Sept. 1 1923 to 1,046 65 5% 1-5-year (serial) coupon Scott St. sewer assessment bonds. March 1 1933 inclusive. Date May 14 1908. 577 25 5% 1-5-year (serial) coupon Gallagher St. sewer assessment Trumbull County Road District No. 2, Ohio. -Bond Ofbonds. Date May 14 1908. 358 55 5% 1-5-year (serial) coupon Vine St. sewer assessment bonds. fering.-Proposals will be received until 12m . July 11 by Geo. Date May 14 1908. 1V1.Moser,Sec. (P. 0. Niles) for $35,000 432% improvement .1,066 85 5% 1-5-year (serial) coupon Pleasant St. sewer assessment bonds. Date May 14 1908. bonds. Denomination $500. Interest March 1 and Sept. 1 1,228 00 5% 1-5-year (serial) coupon Columbia St. sewer assessment at the County Treasurer's office. Maturity $5,500 on March bonds. Date May 14 1908. 1,070 60 5% 1-5-year (serial) coupon alley-Improvement assessment 1 1921, $5,500 on Sept. 1 1921 and $6,000 each six months bonds. Date May 14 1908. from March 1 1922 to Sept. 1 1923 inclusive. Certified check 685 10 5% 1-5-year (serial) coupon Pleasant St. sewer assessment bonds. on a local bank doing a regular banking business in Niles Date May 14 1908. 453 80 5% 1-5-year (serial) coupon Liberty St. sewer assessment bonds. for $1,000,payable to George M. Moser, Secretary Board of Date May 14 1908. 23 790 84 5% 1-5-year (serial) coupon Indian Run intercepting sewer Road Commissioners, is required. . assessment bonds. Date Apcill 23 1908. Tulsa, Okla.-Description of Bonds. -Through information 15,913 18 435% coupon Indian Run Intercepting sewer construction , (city's portion) bonds. Date Sept. 1 1908. Maturity received from the Mayor, we learn that the $250,000 water$5,000 on Sept. 1 1927 and $10,913 18 on Sept. 11928. works-extension bonds D. C. Ball Interest semi-annually at the City Treasurer's office. Certified check for 5% of the bonds bid for is required. Springwells Township (P. 0. Detroit), Mich. -Bond Sale. -On June 22 the $25,000 5% 20-year highway bonds offered on that day (V.86, p. 1550,)were sold to MatthewFinn of Detroit at 104.82-a basis of about 4.628%. Denomination $1,000. Date July 1 1908. Interest semi-annual. Strongsville Township School District (P. 0. Strongsville), Cuyahoga County, Ohio.-Bond Offering.-Proposals will be received until 12 in. July 6 by R. Gibbons, Clerk Board of Education, for $8,000 5% coupon school-building bonds. Authority Sections 22b, 3991 and 3992, Revised Statutes. Denomination $500. Date July 6 1908. Interest April 1 and Oct. 1 at the Farmers' & Merchants' Banking Co:in Cleveland. Maturity on Oct. 1 as follows: $500 yearly from 1911 to 1918 inclusive and $1,000 yearly from 1919 to 1922 inclusive. Bonds are exempt from taxation. Certified check for 10% of bid, payable to the Treasurer Board of Education, is required. Accrued interest to be paid by purchaser. The district has no debt at present. -The $2,500 4 Suffolk, Va.-Bond Sale. 100-year registered refunding bonds described in V. 86, p. 1608, were sold locally at par. Sullivan County (P. 0. Blountville), Tenn. -Bonds Voted. -The issuance of $100,000 macadam-road bonds was authorized by a vote of 1,707 to 1,129 at an election held June 20. Maturity part yearly from ten to thirty years. We are informed that these securities will be offered for sale some time in July or August. -Bond Offering Sulphur Springs, Hopkins County,Tex. This city is offering for sale the $10,000 5% water-main-extension bonds voted on April 22. See V. 86, p. 1244. Interest May 1 at the Hanover National Bank in New York City. Maturity forty years, subject to call after ten years. Switzerland County (P. 0. Vevay),Ind. -Bonds Not Sold. -No bids were received on .June 27 for the $4,336 43%% 2 York Township free-gravel-road bonds described in V. 86, p. 1486. -Bonds Voted. Tarentum, Allegheny County, Pa. -The question of issuing the $100,000 water-works bonds mentioned in V. 86, p. 1486, carried by a vote of 568 "for" to 78 "against" at the election held June 16. -Bonds Registered. Taylor, Williamson County, Tex. -The $25,000 5% 20-40-year (optional) street-improvement bonds recently voted (V. 86, p. 1363) were registered on June 23 by the State Comptroller. -Bonds Defeated. Tekonsha (P. 0. Marshall), Mich. -An election held June 9 resulted in the defeat of a proposition to issue $12,000 municipal-electric-light-plant-construction bonds. Tempe Union High School District, Maricopa County, -Bond Offering.-Proposals will be received until 11 Ariz. a. m. July 6 by Wm. E. Thomas, Clerk Board of County Supervisors (P. 0. Phoenix), for the $50,000 gold registered Union High School building bonds recently voted. See V. 86, p. 1550. Denomination $1,000. Date July 6 1908. Interest (rate not to exceed 6%) payable annually at the County Treasurer's office. Maturity July 6 1928. Bonds are tax-exempt. Certified check for 10% of bid, payable to the Clerk Board of County Supervisors, is required. Total debt this issue. Assessed valuation $1,411,000. awarded on June 15 to P. of St. Louis at 102 (V. 86, p. 1550) carry semi-annual inat the rate of 6% and mature June 11928, but are subterest ject to call after June 1 1918. Denomination $1,000. Date June 11908. • Union County (P. O. New Albany), Miss. -Bond Offering. -Proposals will be received until 1 p. m. July 6 by J. T. Garrison, County Treasurer, for $65,000 6% coupon courthouse bonds. Denomination $1,000. Date July 1 1908. Interest is payable in New Albany. Maturity July 1 1928. Bonds are tax-exempt. Assessed valuation $3,000,000. Certified check for $5,000, payable to the County Treasurer, is required. Upper Sandusky, Wyandot County, Ohio. -Bond Offering. -Proposals will be received until 12 in. July 9 by A. H. Stutz, Village Clerk, for $15,000 5% coupon Hazel Street sewer-construction bonds. Authority Section 2835, Revised. Statutes. Denomination $500. Date April 1 1908. Interest semi-annually at the Fourth National Bank in New York City. Maturity $7,500 on April 1 1916 and $7,500 on April 1 1917. Certified check for 5% of the bid, payable to O. A. Halbedel, Village Treasurer, is required. Purchaser to pay accrued interest. Urbana, Middlesex County, Va.-Bonds Voted.-This town, it is stated, has voted a bond issue of $8,000 for the purpose of installing a water and sewerage system. Utica, N. Y. -Bond Ofiering.-Proposals will be received until 12 in. July 7 by Fred. G. Reusswig,City Comptroller, for the following bonds: $20,000 00 4% tax-relief bonds dated July 2 1908. Maturity $5,000 yearly on July 2 from 1925 to 1928 inclusive. Denomination to suit purchaser, but not less than $1,000. 20,000 4 school-bullding-repair fund bonds dated July 2 1908. Maturity $2,000 yearly on July 2 from 1909 to 1918 inclusive. Denomination to suit purchaser, but not less than $1,000. 5,801 1Water andstiWashington Street paving bonds dated May 7 d u e ty one-sixth yearly on May 7 from 1909 to vrl . 92 % in 1,850 19 5% Blandlna Street paving bonds dated June 19 1908. Maturity one-sixth yearly on June 19 from 1909 to 1914 inclusive. Interest annually in New York exchange. Bonds are exempt from taxation. Bids must be made on a form furnished by the City Comptroller and accompanied by a certified check for 1% of bonds bid for,made payable to the City Treasurer. Accrued interest to be paid by purchaser. Valley Park School District, St. Louis County, Mo.-Bond Sale.-Bonds to the amount of $16,900, carrying 5% semiannual interest, are being offered for sale by the Wm. R. Compton Bond & Mortgage Co. of St. Louis. Denomination $1,000, except one bond of $900. Date May 2 1908. Maturity May 2 1928. Vancouver, B. O. -Debenture Sale.-This city on June 26 sold the eight issues of 4% debentures aggregating $1,975,000 and described in V. 86, p. 1550. Aemilius Jarvis & Co. of Toronto were the purchasers, paying 93.29. Ventnor (P. 0. Atlantic City), N. J. -Bonds Voted.-This place has voted to issue $76,000 "municipal ownership" bonds. The proceeds of these bonds will be used to purchase water-works and construct an electric-light-plant and sewerage system. Wallace, Shoshone County, Idaho. -Bond Offering.-Proposals will be received until 2 p. m. July 11 by Jasper H. Boomer, City Clerk, for the $10,000 coupon sewer-systemconstruction bonds voted (V. 86, p. 1245) on May 5. Denomination not less than $100 nor more than $1,000, as the purchaser desires. Date July 1 1908. Interest (rate not . THE CHRONICLE JULY 4 1908.1 to exceed 6%) payable semi-annually at the City Treasurer's office or at some bank in New York City. Maturity July 1 1928, subject to call after July 1 1918. Certified check for $500, payable to the City Clerk, is required. Warren, Ohio.-Bond Offering.-Proposals will be received until 12 m. July 6 by Chas. B. Selby, City Auditor, for the following bonds: Denomina- $7,500 5% Oak Grove sewer-Improvement assessment bonds. tion $1,000, except one bond of $500. Maturity $1,000 each six months from March 1 1909 to March 1 1912 inclusive and $500 on Sept. 1 1912. 3,400 5% N. Tod Avenue paving assessment bonds. Denomination $340. Maturity $340 each six months from March 1 1909 to Sept. 1 1913 inclusive. The above bonds are dated March 1 1908. Interest semiannual. Bid to be made on each issue separately and accompanied by a certified check for 5% of bonds bid for and made payable to the "City of Warren." Delivery of bonds July 10 1908. Purchaser to pay accrued interest. -The -Bond Sale. Washington, Guernsey County, Ohio. Commercial Bank of Washington on June 30 bought the . $10,000 street-improvement and the $3,500 sewer-construction 4% bonds described in this department last week. The price paid was $13,510 (100.074) and accrued interest. Five hundred dollars of each issue matures every six months beginning March 11909. -Bond Ofiering.-Proposals will be reWaterbury, Conn. ceived until 8 p. in. July 20 by William H. Sandland, City Clerk, for $250,000 4% park bonds. If the purchaser desires, these securities will be registered. Authority a resolution of the General Assembly approved June 6 1905. Denomination $1,000. Date July 11908. Interest semi-annually at the City Treasurer's office. Maturity $5,000 yearly on July 1 from 1909 to 1958 inclusive. Certified check for 1% of bonds bid for, payable to the City Treasurer, is required. Bid to be made on form furnished by City Clerk. The Columbia Trust Co. of New York City will certify to the genuineness of the issue. Delivery Aug. 7 1908. -This disWaterford (Cal.) School District.-Bond Sale. trict recently awarded $7,000 6% school-house bonds to the Los Angeles Trust Co. at 104.50. Denomination $500. Date June 10 1908. Interest annual. Maturity part yearly on June 10 from 1910 to 1923 inclusive. -Bond Offering.-Proposals will be reWaterloo, Iowa. ceived until 10 a. m. July 6 by W. W.Miller, City Treasurer, for $50,000 432% funding bonds. Denomination $1,000, Date Aug. 1 1908. Interest semi-annually in Waterloo in New York exchange. Maturity May 1 1928. Certified check for $500 is required. Wayne School District (P. 0. Wayne), Wayne County, -An election held June 2 resulted in Neb.-Bonds Voted. favor of a proposition to iAsue $40,000 5% school-building bonds by a vote of 226 "for" to 52 "against." Maturity twenty years. Date of sale not yet determined. -The $17,000 5% 5-20-year Webb City, Mo.-Bond Sale. (optional) coupon sewer bonds proposals for which were asked until Feb. 3 (V. 86, p. 304) have been purchased by the Wm. R. Compton Bond & Mortgage Co. of St. Louis. Weller Township, Richland County, Ohio. -Bond Offering.-Proposals will be received until 12 m. July 6 by C. A. Mahon, Township Clerk (P. 0. R. F. D. No. 2, Mansfield), for $17,500 5% road-improvement bonds. Authority Section 4686, Revised Statutes. Denomination $500. Date July 15 1908. Interest March 1 and Sept. 1 at the Township Treasurer's office. Maturity $500 each six months from March 1 1909 to March 1 1911 inclusive; $1,000 on March 1 in each of the years 1913, 1914, 1915, 1916, 1917, 1918 and 1920; $1,000 on 'Sept. 1 in each of the years 1911, 1917, 1918 and 1919; $500 on March 1 in each of the years 1912 and 1919 and $500 on Sept. 1 in each of the years 1912, 1913, 1914, 1915, 1916 and 1920. Certified check for $200 drawn on a local bank and made payable to the township Clerk is required. Bonds to be delivered within ten days after date of sale. Purchaser to furnish blank bonds. -Bond Westchester County (P. 0. White Plains), N. Y. -On July 2 the $117,333 20 funding and the $50,285 66 Sale. temporary loan 43'% registered bonds described in V. 86, p. 1610, were awarded to William A. Read & Co. of New York for $125,581 72 (107.029) and O'Connor & Kahler of New York City for $51,029 90(101.479) respectively. The former issue matures $60,000 on Aug. 1 1936 and $57,333 20 on Aug. 11937, while the latter is due Aug. 1 1913. NEW LOANS. 018,000.00 NEW LOANS. 0615,000 4 1-2% Tax Free Bonds City of Wahoo, Nebraska, of the Borough ofPortVue,Allegheny Co so Pennsylvania - Sealed proposals will be received by the undersigned until 7:30 o'clock p. m. JULY 14TH, 1908, and then opened, for the purchase of $18,000 00 4% coupon tax-free bonds of the Borough of Port Vue, Allegheny County, Pennsylvania, dated July 1st, 1908, and maturing as follows: $1,000 00 In the years 1911, 1914, 1916, 1018, 1920, 1921, 1923, 1024, and $1,000 00 in the years 1926 to 1935 both Inclusive. Bonds will be in the denomination of $1,000 00 each, with semi-annual interest coupons and with privilege of registration as to principal. Both principal and interest payable at the office of the United States Mortgage de Trust Company, 55 Cedar Street, New York City, New York, or at the office of the Treasurer of said Borough, at the option of the purchaser. Bonds will be prepared by Archibald W. Powell, Esq., Pittsburgh. Pa., will be engraved under the supervision of and certified as to their genuineness by the United States Mortgage 8c Trust Company, and their legality approved by John G. Johnston, Esq., of Philadelphia, Pa., whose opinion, or duplicate thereof, will be delivered to the purchaser. Each bid must be accompanied by a certified check on a national bank or trust company for 3% of the amount of bonds bid for, payable to the Borough of Port Vue. The right Is reserved to reject any or all bids. For further particulars and form of bid address Archibald W. Powell, Esq., Borough Solicitor, 71 St. Nicholas Building, Pittsburgh, Pa. FINANCIAL STATEMENT. $940,090 00 Assessed valuation Bonded Debt, Series of 1904 (by au20,000 00 thority of electors) Series of 1908 (by authority of corpor18,000 00 ate authorities, this Issue) None Other Debt 38,000 00 Total Debt Cash on hand, all funds____$1,724 41 9,439 01 Liens against property 5% BONDS Sealed proposals will be received by L. H. Lyle, City Treasurer, for the sale of $50,000 water bonds and $15,000 electric-light bonds of the City of Wahoo, Nebraska. Said bonds are in denominations of $1,000 each, dated June 1, 1908, bearing 5% interest and payable semiannually on December 1st and June 1st each year at the City Treasurer's office In Wahoo, Nebraska. For further information, address CHAS. H. SLAMA, City Attorney. $26,836 58 Net Debt WM. G. KALER, 1 iFinance JOHN OWENS, CHARLES S. SMITH,J Committee. Albert Kleybolte & Co. 409 Walnut Street, CINCINNATI, 0. Municipal, County, State, cud High-Grade Public Servien Sec urities Correspondence Solicited TRUST COMPANIES. At,E,R1300 „ NA% TRUST CO. wr. 358 Fifth Avenue, Corner 34th Street 66 Broadway, 125th St. and Lenox Ave. 148th St. and Third Ave. Capital and Surplus over $14.000,000 CHARLES IL KEEP, President BOND SALE. The Village of Briarcliff Manor, Westchester County, New York, will receive sealed proposals up to four p. m. TUESDAY, JULY 14TH, 1908, for the purchase of $75,000 Water Bonds. For particulars address Wm. H. Coleman, Village Clerk, Briarcliff Manor, N. Y., or Wm. Woodward Baldwin, Attorney, No. 2 Rector St., New York. Cuban Securities A SPECIALTY FRANCKE, THOMPSON & ROBB Members N.Y. Stook Exchange DIR ECTORS. Frederick G.'Bourne, GI. Louis Boissevain, Edward H. Clark, Franklin Q. Brown, J. Horace Harding, Dumont Clarke, William B. Joyce, Charles F. Hoffman, Samuel T. Peters, Charles H. Keep, Hinscilli Parsons, William A. Tucker, Payne Whitney. Herbert L. Satteriee, ATTENTION INVITED TO FACILITIES OFFERED FOR BUSINESS AND PERSONAL ACCOUNTS. Perry Coffin 8c Burr, INVESTMENT BONDS. 43 Exchange Place Telephone 6444 Hanover BRANCH OFFICE Bristol Building, 5th Aye. and 4,414:1 est. Telonnoae 100S Bryant 11,163 42 Total 57 E. M. Farnsworth 8c Co. 60 State Street, BOSTON BLACKSTAFF & CO, INVESTMENTS INVESTMENT BONDS 1332 Walnut Street PHILADELPMA 24 MILK STREET, BOSTON LIST OF SPECIALTIES ON REQUEST Established msg. MUNICIPAL AND RAILROAD H. C. Speer & Sons CO. First Nat. Bank Building, Chicago CITY COUNTY AND TOWNSHIP BONDS. BONDS. LIST ON APPLICATION. SEASONGOOD & MAYER, Library Mercantile Building, CINCINNATI. [VOL. Lxxxvii. THE CHRONICLE 58 -Bonds Voted.-Reports West Grove, Chester County,Pa. state that the issuance of $10,000 street-improvement bonds was authorized by a vote of 63 to 38 at an election held recently. West Hoboken, Hudson County, N. J.--Bonds Offered by -R. M. Grant Sz Co. of New York City purchased Bankers. and is now offering to investors (see advertisement on a preceding page) $200.000 43/2% funding bonds of this city. The bonds were secured at private sale on April 15. Denomination $1,000. Date July 11908. Interest semi-annually in New York. Maturity July 1 1938. West Salem, Wis.-Bond Offering.-Proposals will be received until 8 p. m. July 7 by S. W. Brown, Village Clerk, for $6,000 5% coupon sewer bonds. Authority Sections 942 and 943, Statutes of 1898. Denomination $500. Interest April 1 in West Salem or Chicago. Maturity April 11928. Certified check for $100, payable to S. W. Brown, Village Clerk, is required. Total debt including this issue, $21,000. Assessed valuation 1907, $650,000. Wichita, Kan. -Bonds Not to Be Re-Offered at Present. The City Clerk advises us that the $295,866 90 5% 1-10-year (serial) bonds recently offered without success (V. 86, p. 877), will not be placed upon the market again for some time. -Bond Offering. Wichita Falls, Wichita County, Tex. F. B. Noble, Mayor, is offering at par $11,500 4% 10-40-year (optional) city-hall bonds. Denomination $500. Interest annually on April 10 in Austin or Wichita Falls. Bonds are exempt from taxation. Williamson County (P. 0. Georgetown), Texas. -Bond Election. -On Sept. 5 a proposition to issue $500,000 4% 10-20-year (optional) macadam-road-construction bonds will be submitted to a vote of the people. Interest semi-annual. -On June 29 the $7,238 -Bond Sale. Willoughby, Ohio. 43-2% coupon sewer assessment bonds described in V. 86, p. 1610, were awarded to Hayden, Miller Sr Co. of Cleveland for $7,261 (100.317) and accrued interest. No other bids were submitted. Maturity one bond each six months from March 1 1909 to March 1 1913 inclusive. -Bonds Not Sold: Wilson Creek, Douglas County, Wash. No sale was made on June 22 of $7,000 water-works bonds offered on that day. Winchester, Va.-Bonds Awarded in Part. -This city has sold $500 more of the $10,000 4% 10-year coupon schoolmentioned in V. 86, p. 1364. This makes building bonds a total of $5,500 bonds disposed of up to date. Denomination $500. Date May 11908. Interest semi-annual. -Bond Election Proposed. Winfield, Cowley County, Kan. -We are advised that the probabilities are that an election will be held early in August to vote on the question of issuing $20,000 bonds as a bonus to the Southwestern Interurban Railway Co. for the construction of a road between this city and Arkansas City. As stated above, a like issue of bonds has already been voted by the latter city. -On -Bonds Authorized. Xenia, Greene County, Ohio. March 6 the City Council passed a resolution providing for the issuance of $15,000 43% 1-15-year (serial) fire department bonds dated June 15 1908. Interest semi-annual. -Bond OfYakima County School District No. 49, Wash. fering.-Proposals will be received until 10 a. m. July 11 by Lee Tittle, County Treasurer (P. 0. North Yakima), for $23,000 coupon school-building bonds at not exceeding 6% interest. Authority page 357, Laws of 1897; also election held May 29 1908. Date day of issue or "the first of some month" at option of purchaser. Interest annually at the County Treasurer's office. Maturity twenty years, subject to call after ten years. Assessed and equalized valuation 1907 $658,660. Yonkers, N. Y. -Bond Sale. -The following bids were received on June 26 for the three issues of 43/2% registered bonds, aggregating $215,000, described in V. 86, p. 1551: $70,000 $65,000 School Refunding Bonds. Bonds. 100.238 al01.877 A. B. Leach & Co., New York al00.851 Yonkers Savings Bank, Yonkers 100.105 101.62 John D. Everitt & Co., New York 103.15 Adams & Co., New York 101.63 103.141 100.511 Ferris & White, New York 101.58 103.01 100.411 N. W. Harris & Co., New York 101.321 102.841 Edmund Seymour ec Co., New York 100.275 101.27 102.03 Geo. M. Hahn, New York 100.26 101.23 102.00 Bond & Goodwin, New York 100.51 101.01 101.69 Fenwlck & Rogerson, New York 0101.12 0101.12 0101.12 100.677 14- 100.677 E. B. Cadwell & Co 100.677 R a Successful bidders. 0 For all or none of the three issues. $80,000 Water Bonds. a103.778 Tcw, COMPANIES. -1-r Uniteii States Trust Compaq of Manhattan Trust Company 20 Wall Street Chartered 1853 4.5 and 47 Wall street. CAPITAL, SURPLUS AND UNDIVIDED PROFITS, --r;2,000,000.00 $13,243, 124.35 This Company acts as Executor, Administrator. Guardian, Trustee, Court Depositary and in other recognized trust capacities. It allows interest at current rates on deposits. It holds, manages and Invests money, securities and other property, real or personal, for estates. corporations and individuals. EDWARD W SHELDON. President. JOHN CROSBY'BROWN. Vice-President. WILLIAM M KINGSLEY, Second Vice-Pres HENRY E. AHERN, Secretary, NVILFRED J WORCESTER. Asst. Secretary CHARLES A. EDWARDS, 2d Asst. Secretary TRUSTEES. JOHN A. STEWART, Chairman of the Board. John Crosby Brown, William H. Macy Jr., Payne Whitney. John Clatlin W. Bayard Cutting William D. Sloane, Edward W.Sheldon, John J. Phelps. Charles S. Smith . Gustav H. Schwab, Chauncey Keep, John S. Kennedy, William Rockefeller Frank Lyman, George L. Rives, D. 0. Mills Alexander E. Orr, ' George F. Vletor, Arthur C. James, Lewis Cass Ledyard, James Stillman, Lyman J. Gage. Corner Nassau NEW YORK noisTrust&SavingsBank CHICAGO CAPITAL SlUELPLUS Bowling Green Trust Co. 8,000,000 Pays Interest on Time Deposits, Current and Reserve Accounts. Deals in Investment Securities and Foreign Exchange. Transacts a General Trust Business. 26 BROADWAY, NEW YORK. CORRESPONDENCE INVITED OFFICERS: EDWIN GOULD President WILLIAM H. TAYLOR 1st V.-Pres't. CHAS. P. ARMSTRONG 2d V.-Pres't. JOHN A. HILTON----3d V.-Pres. & Treas. WILLIAM M. LAWS Secretor DIRECTORS: Charles P. Armstrong, Frank Brainard, Harry Bronner, Franklin Q. Brown, Robert C. Clowry, Edmund C. Converse, Wm. Nelson Cromwell, p. G. Costello, Grenville M. Dodge, A. Goepel, George J. Gould, Edwin Gould, Frank J. Gould, John A. Rilton, Edward '1'. Jeffery, Winslow S. Pierce, Morton F. Plant, Dick S. Ramsay, Frederick B.Schenck, Andrew Squire, William H. Taylor, John P. Truesdell, E. F. C. Young. We refer you to :gilt (Corporation al,rust To. 37 Wall Street, New York, for information regarding any point involved in the organization and taxation of business corporations under the laws of any of the States or Territories.