Full text of Commercial and Financial Chronicle : July 4, 1908, Vol. 87, No. 2245

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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
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Subscription includes following Supplements
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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.

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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%:




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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.