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fittautiat
The
VOL. 86.
JUNE 6/ 1908.
iirtintrie
Puba8110.1 every Saturday by WILLIAM B. DANA COMPANY, Front, Pine and
SUL, N.Y.C.N. Y. O. 33i tIllam B. Dana, Prest.. Jacob Seibert r.. Yir,;..•,,eort
NO 2241.Depeyeter
(nd *T.: A tnold G. D8na, Cream. Addressee of all, Office of the Company..
Jr. f
CLEARINGS-FOR MAY,S1NCE JANUARY 1 AND FOR WEEK ENDING MAY :30.
May.
Clearings at-
Five Months.
Inc. or
Dec.
Week ending May 30.
Inc. Or
Dec.
Inc. or
1908.
1907.
1908.
1907.
Dec.
1006.
1905.
$
New York
6,669,833,831 7,334,853,946 --9.1 29,304,754,263 41,533,841,023 -19.4 1,281,153,53
2 1,386,695,324 --7.6 1,581,568,923 1,553,392,87
Philadelphia
492,974,608
643,448,527 --23.5 2,403,525,252 3,127,828,773 --23.2
88,551,209 136,154,080 --35.0 144,633,072 131,502,3545
Pittsburgh
163,607,294
237,059,570 --31.0
861,177,017 1,18 4707,027 --27.3
32,095,756
47,397,232 --32.3
Baltimore
45,249,384
45,237,782
97,256,207
121,848,203 --20.2
489,560,528
62,542,173 --21.4
18,190,413
Buffalo
24,227,994 --24,6
24,972,315
21,010,237
34,053,830
39,564,451 --13.9
164,881,640
183,657,210 --10.2
7,236,27:3
7,02.3,533
Albany
A-3.0
6,254,550
5,343,444
23,958,547
33,932,031
--29.4
108,200,625
161,674,645 --33.1
4,688,977
Washington
6,456,647
--27.4
4,136,644
4,023,938
23,929,470
27,896,364 --14.2
113,881,585
133,632,609 --14.8
4,591,581
Rochester
6,328,068 --27.4
5,6$2,004
5,443,059
14,424,445
16,719,501
72,684,492
79,779,783 --8.9
2,634,348
Scranton
4,039,501
4,421,298
4,808,765
9,320,008
9,489,797 --1.7
46,099,894
47,617,217 --3.3
SYracuso
2,170,025
1,870,903 1-16.0
2,100,695
1,928,06f
7,324,914
8,870,227 --17.4
41,608,050
42,930,686 --3.1
1,167,902
Reading
1,442,827
--19.1
1,304,685
1,297,217
5,294,189
6,267,246
--15.5
20,460,272
30,865.077
933,851
Wilmington
1,175,936
--20.6
1,035,630
950,090
5,073,472
5,820,210
25,401,125
29,389,999 --I3.6
973,021
1,23.3,451 --21.1
Wilkes-Barre
1,246,2(30
1,168,788
4,641,521
5,862,491 --20.8
24,225,838
26,295,975
1,001,325
978,181
Wheeling
4-2.4
794,793
764,599
5,859,213
5,020,334 +16.7
280)00,837
23;249,483
937,508
866,404
Harrisburg
1-8.2
831,080
708,585
4,122,134
4,896,289
20,600,316
23,393,986
724,834
Erie
771,963 --6.1
708,181
2.517,966
3,110,558
12,289,540
15,043,315 1
1U
480,009
623,170 -23.0
Chester
526,287
1,922,672
446,001
2,281,536 --15.7
9,744,061
10,880,271
--10.4
326,051
503,341
-35.2
Greensburg
478,262
526,174
2,277,2 )2
2,383,397 --4.4
10,643,752
13,072,005 --18.6
540,814
339,81.' A-59.1
488,170
Binghamton
448,560
2,020,100
2,339,000 --13.6
10,032,400
12,031,400 -16.6
390,400
300,20.) A-0.05
Franklin
509,300
431,900
1,101,823
1,397,335 --21.2
, 5,55(3,016
0,024,523 --7.8
203,135
252,428
--18.3
Frederick
210,000
192,306
852,781
938,832 --9.2
4,656.031
4,4:11.413 4-5.1
_
Total Middle
7,572,372,457 8,514,010.895 -11.1 33,783,930,034 47,312,894,558 -28.6 1,449,002,9..5 1,628,771,03
1 -11.0 1,827,024,504 1,779,887,369
Boston
683,171,904 --12.1 2,922,887,996 3,737,844,584 -21 8
600,383,789
112,251,782 117,161,845 --4.2 131,464,
33,587,000 --24.9
Providenco
25,200,500
126,574,923
133,673,900
171,059,200 -21.9
4,526,100
6,078,600 -25.5
'5,883,
15,869,422 --17.2
Hartford
13,156,619
5,862,700
69,279,757
81,199,236 -14.7
2,339,168
3,319,059 -29.5
2,852,498
New Haven
9,155,470
11,091,730 --17.5
2,929,995
49,449,914
54,995,501 -10.8
1,801,230
2,264,117
-20.5
2,295,035
7,858,580
Springfield
9,630,887 --18.4
1,985,045
38,605,515
46,073,378 -16.2
1,655,000
1,699,795
-2.6
1,538,260
7;100,296
8,638,183 --17.9
Portland
1,5(15,703
35,249,005
39,287,985 ---9.8
1,243,510
1,487,556 -16.4
1,850,624
Worcester
7,611,927 --21.8
1,352,851
5,95,1,937
30,131,473
30,03:3,102 -10.4
1,102,429
1,311,481 -19.6
1,234,868
3,528,664
1,417,317
Fall River
4,638,251 --23.9
19,021,534
24,299,179 -19.3
757,375
931,756 -18.7
629,233
2,862,157
774.906
New Bedford
3,366,179 --15.0
15,340,322
16,017,814 -4.2
469,862
586,890 -20.0
717,967
2,029,645
618.357
Lowell
2,403,596 --15.6
• 9,914,445
11,132,748 -10.9
375,665
441,284 -15.0
453,707
1,781,639
963,789
Holyoke
2.178.219 --I8.2
0,141)017
11,090,272 -17.6
363,979
457,459 -20.5
403,017
473.716
670,018,206
Total New England
782,237,298 -13.2 3,333,4/3,8/0 4,229,033,49.1 -21.2
126,830,091 135,799,84.3 -6.6 149,328,509 144,019,302
Chicago
964,0S5644 1,120,510,142 --14,0 4,701,182,111 5,181,577,633 -7.5
185,740,277
203,660,528
--8.8
179,702,594
92,628,200
172,757,097
Cincinnati
115 613,800 --19.9
508,500,850
599,048,550 --I5.2
18,092,550
21,007,000 --I3.9
20,618,350
57,996,421
Cleveland
18,737,550
74,650,249 --22.3
302,257,331
363,376,219 --17.9
12,795,232
13,250,443 -3.4
13,212,873
63,954,322
12,247,815
Detroit
62,343,330 +2.6
277,291,629
288,850,783 -4.9#
10,947,213
11,572,537
--5.4
10,753,437
39,191,115
Milwaukee
9,950,686
46,195,782 --15.4
213,819,257
232,086,101 -7.9
6,078,335
9,082,199
--26.6
7,575,918
Indianapolis
27,932,810
6,394,099
35,109,305 --20.4
145,419,394
172,232,261 --15.6
4,933,951
6,442,195 --23.4
Columbus
5,855,1:37
18,558,000
7,129,910
23,864,500 --22.2
98,861,300
119,980,700
-17.6
3,763,900
4,402,200 --15.7
4,529,700
Toledo
14,897,490
4,471,100
17,339,810 --14.1
76,944,107
90,131,364 --I4.6
2,983,115
3,058,601
4-2.4
Peoria
9,623,221
3,186,415
2,996,829
12,552,594 --23.3
55,275,811
62,604,090 --11.8
1,654,870
2,473,076
--33.1
Grand Rapids
2,3:38,485
9,102,568
2,587,640
11,025,541 --16.9
44,125,338
52,009,287
--15.2
1,476,621
1,998,494
Evansville
--26.1
2,139,400
7,398,487
1,974,946
9,473,636 --21.9
37,558,379
42,782,393 --12.2
1,157.435
2,136,935 --45.8
Dayton
1,292,393
6,202,658
1,290,545
8,681,962 --28.5
31,616,242
46,073,141 --3I.4
1,236,882
Kalamazoo
1,606,293 --23.0
1,598,123
4,191,958
1,395,060
4,639,502 -9.7
19,710,638
22,004,399
959,884
833,400
Fort Wayne
445.1
704,690
3,818,747
749,174
3,808,420 +0.3
16,641,775
17,348,555 -4.1
720,605
Springfield, Ill
784,697
---8.2
617,547
3,153,977
805,037
3,311,556 --4.8
17,381,990
18,293,284 --5.0
Youngstown
700.351)
539,757 +29.8
662,526
2,381,254
750,000
3,067,525
--22.4
12,943,731
10,211,587
--20.2
561,895
Akron
609,296
672,214
2,240,008
398,165
3,040,663 --26.3
11,380,922
14,938,245 --23.8
Rockford
500,000
533,000 --6.2
422,111
420,100
2,273,182
2,837,348 --19.9
12,612,987
14,221,296 --11.3
Canton
518,593
666,540 --22.2
528,912
439,433
1,672,537
2,574,174 --35.0
9,166,628
12,214,437 --25.0
3211,440
Lexington
510,333
--37.2
534,650
336,025
2,228,564
2,540,057 --12.3
14,636,355
14,805,509 -1.1
419,300
South Bend
492,992 --14.9
520,801
525,861
1,822,505
2,475,565 --26.4
8,105,043
10,448,359 --22.4
293,797
Bloomington
405,352 --27.1
441,682
361,023
1,014,956
1,994,209 --19.1
11,019,851
11,040,614 ---Q.2
Quincy
286,921
487,130
--4I.3
348,834
1,807,421
336.890
1,731,091
+4.4
10,916,259
10,481,221
4-2.2
398,515
Springfield, Ohio ..--_
330,884 A-20.6
319,862
341,515
1,590,283
1,663,751 --4.4
8,555,993
9,229,597 --7.3
295,223
Jackson
355,128
270,784
286,044
1,456,915
1,670,65Z --12.8
6,574,502
6,828,480 -3.6
230,000
Mansfield
255,000
--9.8
204,000
200,000
1,288,387
1,611,500
--20.0
6,363,501
7,837,320 --I8.8
264,927
Decatur
283,399
241,489
248,941
1,416,865
1,525,589 --7.I
8,302,611
8,235.664
4-0.8
275,540
326,498
Jacksonville, Ill
302,464
345,000
1,001,056
1,181,240 --15.3
5,587,105
5,760,328 -3.0
149,441
Ann Arbor
167,418 --10.7
194,676
201,710
671,714
661,024 +1.5
3,010.338
3 060.6l4
1-1.7
100300
97.624
A-2.4
105,0(Y)
104 000
Total Middle West_ 1,340,261,274 1,577,695,427 --14,7 6,765,012,261 7,4593121.6i t
-1).3
258,531,401 288,358,409
259,8/8,142 248,833,000
San Francisco
188,809,920 --30.9
130,439,807
986,210,507 --31.0
680,088,299
25.507,007
3.7,425,230
Los Angeles
--31.8
25,082,627
32,724,318
42,286,824
52,525,885 --19.7
201,693,801
276,731,165 --27.1
7,119,999
9,614,5:32 -25.9
9,015,040
Seattle
8,230,102
41,150,553 -23.6
31,408,831
154,363,871
197,081,561 --21.7
6,000,000
7,586,856
7,914,818
Portland
4,594,533
23,255,344
32,692,50/ --28.9
149,858,476 --20.2
119,610,339
3,832,920
6,136,570 --37.5
Salt Lake City
4,140,801
3,832,332
25,146,597 --25.1
18,826,873
125,022,788 --29.2
88,969,955
4,045,633
5,029,260
3,692,973
Spokane
2,875,315
26,541,389
24,109,561
---9.2
115,708,249 --2.9
112,394,556
3,837,903
5,156,945
3,594,995
Taciima
2,626,165 .
21,306,595 --23.4
10,323,774
83,730,427
98,311,798 --14.8
2,800,405
4,256,678 --32.b
3,009,000
Oakland
2,349,588
12,635,130 --54.5
5,743,335
30,045,293
74,580,879 --59.7
1,226.633
2,285,643
2,500,000
Helena
3,746,393 --30.1
2,619,:319
13,034,127
18,314,21b --28.7
586,910
786,365
716,403
566,637
San Jose
2,175,821 --23.6
1,661,718
8,8/3,979
10,259,99, --13.5
407,000
500,000
Fargo
2,127,953 --9.1
1,923,036
11,025,422 --2.6
10,738,986
400,31/
359,819 A-11.3
332,803
410,408
Sioux Falls
1,825 276 4-8.7
1,984,412
9 334 21) 4-14.5
10 685 419
355,011
282,490
247,738
226,890
Total Pacific
410,681,219 -26.8 1,514,234,042 2,073,033.44.3 -27.0
300,582,977
56,229,74i
79,420,388 --WA(
60.238,263
58,436,376
Kansas City
136,809,480 +3.6
141,726,350
714,854,231
665,835,154
+7.4
26,274,602
25,877,132
21,174,328
+1.5
19,041,630
Minneapolis
102,748,046
78,140,938
--23.9
405,259,197
421,019,811 -3.7
13,444,147
17,313,298 -22.3
13,933,307
Omaha
17,386,657
48,020,180 +0.6
48,312,787
246,185,845
234,945,783 +4.3
9,927,030
8,974,950 +10.i,
8,919,896
7,745,256
St. Paul
40,119,130 --6.6
37,487,967
191,541,526
185,482,884
+3.3
8,500,000
7,696,316 +10.4
6,532,021
Denver
6,001,333
33,015,735 --4.9
31,389,601
155,880,647
163,683,474 -4.8
6,700,099
6,337,399
+5.1
5,805,747
5,241,886
St. Joseph
26,476,320 --20.8
20,969,651
108,782,210
128,528,182 -15.4
3,948,350
5,522,722
.5,215,838
--2S.5
4,666,032
Des Moines
13,094,978 --7.8
12,077,274
67,943,120 -8.9
61,879.3:33
2,182,494
1,910,000 +14.3
2,100,000
2,294,379
Sioux City
9,519,360 --10.9
8,479.729
45,668,103
48,203,226 --5.3
1,534,759
1,717,243 -10.7
1,758,832
Wichita
1,566,900
6,169,259 -7.3
5,7180311
28,429,821
29,243,975 ---2.8
1,320,005
1,218,543
869,639
+8.4
1,095,472
Lincoln
5,889,095 --14.8
5,015,221
25,297,034
29,099,945 -13.1
1,091,125
1,283,793
1,181,740
-15.3
Davenport
4,261,179 -0.3
4,249,648
23,869,622
20,496,1:37 -9.9
828,338
618,916 +33.9
907,825
887,333
Topeka
3,910,125 +8.7
4,249,083
21,182,221
20,703,90:1
+2.3
857,946
721,707 +18.8
688.447
1,140,690
Cedar Rapids
17,543,01)1
2,746,027 +23.4
3,388,127
15,085,425 +10.3
520,372
541,049 -3.1
519,267
461,251
Colorado Springs
2,740,617 +4.4
2,862,283
13,093,442
15,094,641 -13.3
714,000
700,090 +2.0
685,970
Pueblo
757,157
2,648,126 --20.4
1,870,028
10,813,661
12,610,974 -14.2
403,705
538,477 -24.1
349,448
Fremont
238,228
1,225,417 +6.3
1,302.801
6,710,32)
6,947,141 -3.3
411,1'1
195.971 +110.2
300.382
244,895
Total other West439,393,124 -7.3 2,077,008,304 2,070,920,020
407,240;10a
+0.3
78,0134,..fa: 81,1/2,a/a -3.1
70,952,88/
68,775,155
St. Louis
231,156,976
276,545,296 --16.4 1,232,333,767 1,338,554,327 --7.9
44,567,294
54,044,904 --17.5
51,041,815
New Orleans
54,931,022
56,909,452
76,935,162 ---26.0
342,006,905
426,606,363 -19.8
12,147,923
16,517,388 --26.5
14,214,117
Louisville
12,633,437
44,719,546
56,876,684 --21.4
238,601,627
290,133,648 -17.8
7,807,310
10,573,333 --25.6
10,972,659
Houston
11,048,668
35,741,5/8
48,651,400 --26.5
199,499,587
237,570,50)) -16.0
9,550,470
10,843,1395 --11.9
7,987,021
Galveston
4,900,000
22,083,000
29,817,500 --25.9
135,086,000
153,421,000
-12.0
5,019,500
5,857,000 --14.3
5,480,500
Richmond
3,910,000
23,168,649
26,097,921 --11.2
119,842,651
134,234,631 --10.8
4,340,100
4,782,419 --9.2
Atlanta
5,083,783
4,324,672
16,634,703
20,825,245 --20.1
93,870,339
112,169,545 --16.3
3,831.959
3,149,270
--17.9
3,838,154
Memphis
2,569,313
16,676,082
18,401,315 --9.4
105,307,089
106,614,951 --1.2
3,114,005
3,214,773 --3.1
Northvale
3,454,572
3,126,375
17,447,484 -30.1
12,196,738
73,799,512
85,606,934 --13.8
3,063,970 --I8.4
2,500,000
Savannah
4,135,433
2,144,113
15,231,042 -17.4
12,583,409
68,277,926
85,222,104 --19.9
3,095,703 --9.9
2,782,467
Fort Worth
3,437,114
3,088,997
17,764,619
15,029,238 +18.2
89.788,494
81,011,264 4-10.8
3,032,058
3,335,000
4-10.0
Norfolk
2,393,034
1,842,688
7,771,178
2,739,947 -39.0
42,001,076
59,364,837 -29.2
2,242,819 --22.6
1,736,163
2,072,394
Birmingham
1,933,157
7,171,101
10,128,291 -29.2
38,853,324
48,923,772
--20.6
,292
1,948
1,580,737
--18.9
Knoxville
1,933,914
1,159,576
5,517,601
7,10,
3,230 -22.4
30,116,361
34,949,207
-43.9
1,331,943 --24.2
1,012,848
1,241,308
Jacksonville
973,345
6.091,648
6,887,587 -11.6
30,491,469
33,614,877 -9.3
1,234,030 --0.4
1,229,347
Mobile
1,247,800
942,180
4,756,355
6,560,683 -27.5
26,894,518
313,555,101 -30.2
1,289,343 --9.8
1,163.582
1,392,946
Chattanooga
1,011,200
5,690,523
6,253,097 -9.0
29,299,332
30,522,351
--4.0
977.764
1,216,947
A-24.5
750,000
Augusta
885.386
5,517,933
6,199,509 -11.0
33,300,292
35,179,1.81) --5.3
1,145,535
1,239,415
1-8.2
1,166,831
Little Rock
1,380,209
5,138,447
6,098,573 -15.7
28,714,030
30,484,473 -7.0
1,191,812 -1-5.8
1,160,158
Charleston
927,766
1,145.373
4,896,536
5,875,114 -16.7
27,565,902
30,130,799 --8.5
1,026,311
1,075.500
1,103,141
-4.6
Oklahoma
862,296
4,071,190
4,496,444 -9.5
18,449,101
22,043,429 --I6.3
1,092,473 --25.3
816,158
700,000
Macon
2,314,536
2,156,981 -11.0
13,554,415
15,119,341 --I0.3
573,560 --23.4
439,388
490,481
Beaumont
399.469
2,105,765
2,260,017
12,0119,839
11,324,030 --16.5
407,125
321,525 i-26.6
370,729
Wilmington, N.C____
300,000
1,138,160
2,084,869 -45.4
5,740,041
9,777,211
--4I.3
300,00f)
522,814 --42.6
529.271
Columbus, Ga
1,366,341
1.474,425
7,344,1!)1
7,7210119 --4.9
259,011
241,naa
4-2.0
245.473
167)0
Total Southern
553,232,170
682,683,901 --19.0 3,042,81 (,t; I
3,459,31).)49 --12.1
111,904.4.1.3 133,969,709 -16.4 115,282,156 104,318,014
Total all
10,858,707,170 12,406,704./367 --12.5
113,910 -21.1 2,081 274,825 2,347,401,975 --11.3 2,415
66,601 ,
233,358 1,635,637,383
Outside New York_ 4,183,873,34 5,071,850,921 --17.4
25,0/1,009,83i --10.1
800,120,2J3 960,743,161 --16,7 861,840,433 727,777,987
1008.
1907.
"Table Clearings by Telegraph and Canadian Clearings on Page 1389.
1
1366
THE CHRONICLE
[VOL. Lxxxvi.
optimism of these leaders. So long as iron and steel
wore an aspect of stability, encouragement in progress towards recovery had an anchor outside the bar,
sure and steadfast. Union Pacific also met a peculiarly
heavy break, for which there was really no possible
excuse or reason; but the Union Pacific, in addition to
iron and steel, was another of the stand-bys of the more
hopeful class, and, being attacked so furiously at the
moment of having placed a large loan at auspicious figures in the markets of Europe and America, when a
rise in values was looked for, and was a reasonable
expectation, dashed hopes and depressed the market
beyond the requirements of the occasion. Yesterday the tone was a little better, but with dealings on
a very restricted scale.
THE FINANCIAL SITUATION.
The stock market the current week opened, as the
previous week closed, on an assumed improving tendency in several important departments of trade, and,
consequently, in stock values. Chief in influence on
Monday among the new trade movements was pig
iron, in which department enlarged buying was evident; a second was an extensive opening, on what was
reported to be full time,of cotton-goods manufactories,
and general reports to the daily press from nearly all
the manufacturing centres in New England States
of work begun on an enlarged scale. The better accounts with reference to iron were, of course, the most
forceful, there being considerable new buying, thereby
ridding the market of surplus stocks and giving a
The chief facts relating to the Chinese indemnity
better tone to prices. Of course, the passage of the
It may
Emergency Currency Bill by the Senate Saturday, and proceedings are well known to our readers.
picathe
to
knowing
not
are
some
that
however,
the signature of the President to the same, removed be,
.
assumed
of
late
have
ons
the
ons
negotiati
proporti
yune
one subject of more or less irritation, and the adjournneigha
with
to
l
justly
deal
desired
individua
any
If
is
ment of Congress removed another; it always a deovercided relief to the public when our, lawmakers finish bor, which neighbor had overpaid, or been
he
patch,
potato
his
to
for
.
done
damage
charged,
er,
on.
Altogeth
their annual task and leave Washingt
fixing
in
y
liberalit
n,
to
show
a
desire
if
gentlema
would,
y
the public feeling was on Monday decidedl buoyant,
least possinotwithstanding the extremely unfavorable reports of on the rebate and hasten to settle with the
that
happens
so
It
the
over-payment.
friction
ble
the
ania,
important railroads, such as the Pennsylv
a
nation,
Chinese
the
is
to
ual"
referred
"individ
the
s
propertie
Erie, &c. There were, however, other
t,
in fighting equipmen
which evidenced good results in net earnings, through kindly people but not our equal
of Representatives,
the
House
other
the
was
party
while
loss
a
that
is
material savings in outgoes. The truth
bumptious body with a good bit of narrow-minded
in gross earnings must in time be of itself a curtailment a
selfishness when dealing with one it considers an inin expenses.
We Can see no other explanation of the diIt is difficult to follow the varying incidents since ferior.
at the moment. The over-payment agreed
Monday and weigh the influence of each. Altogether, lemma
and adjusted grew out of the Boxer troubles in
it has been obvious that conditions have not to the upon
same extent favored the market. A notable change 1900.
Our share of the indemnity was settled off-hand
was a cut in steel bars on Tuesday. A conspicuous
when our Government,
feature in that movement was that the leaders in the at 25 million dollars; but
and Navy departments,
industry apparently took a prominent part in the ini- through the heads of its Army
it was at once disclosed
tiative of the cut, notwithstanding they had, at all came to examine into the affair,
to them that the assumed amount was largely exagthe conferences as to making lower prices, taken a
appointment of commissioners
stand against such a procedure. What there was back gerated. So, after the
with reference to our, exof the transaction to change views did not appear. The and taking full evidence
claims, also claims. of
bad reports of earnings of leading roads noted above penses and losses, and death
commissioners found that
may have had an influence; also the reports that the missionary. societies, the
ng every item prerumors of better conditions as to general trade and a the amount due us, estimati
did.not exceed $11,650,m
wide starting-up of all kinds of manufacture in New sented at a maximu value,
awards were added,
England and elsewhere were overdrawn by the dis- 000; Later, the interest and other
three-quarters
about
patches to the press. As to steel, the cut was attributed so that the total was increased
Lodge. bill
the
shape
in
this
to the fact that among the smaller independent steel of a million dollars,' and
. came
measure
'the
.
when
producers the situation became so intense that the passed the Senate. But
ee
.Committ
the
to
it
referred
was
step was sure to come, and the leaders forged the way up in *the House,
the
reported
ee
Committ
Affairs,
which
of the inevitable, mainly to prove that their diagnosis on Foreign
investing the- Court .of
was correct, that the sales would not be increased by bill with an amendment- novo and. -providing
-With
de
Claims
ion'
jurisdict
lower prices. There was likewise a report current that
the payment of any
on
for
of
reservati
00
a
for
$2,000,0
rails,
Russia was in the market for a large lot of teel
'might .allow. It
Claims
further
of'
awards
the
douCourt
to
the idea being that the GoVernment.was about
referred to subon
be
commissi
should
ntly,
noted
the
that
Conseque
ble the track of the Siberian Railroad.
the Departand
1902,
its
mitted
r
in
report
buyer.
Novembe
the market was eased up to attract this possible
and
notified' the
of
findings
ment
State
the
s
reviewed
influence
At all event,:, on Thursday the adverse
found -it
as
they
surplus
ChifieSees
the
ng
authoriti
that
developi
which since Monday had one by one been
ing on
.
cOmment
be
Root,
remitted
would
y
Secretar
seemed to culminate. No doubt the sudden demoralnaturally
very
ee,
new
action
this
Committ
of‘the
House
y
especiall
ization in the iron and steel conditions was
that
disappointiug. Previously; that bisic industry seemed and reasenablysliews sOme irritution, and:States.
ethe/Settl
i.
Hole
e's
the.
treating,
atti011'i
COmmitte
who
those
mainly
so
because
to be impregnable, made
h.:withOf
the
a
Millity
,as'
ment
ht;
of
'State
Departnie
the
in
no
it
saw
need,
ng
were foremost in conducti
ed:,, In our
present or future, for lowering rates for either iron or out 'justifiCation and cannot be maintaid
seekii not only
steel, and the general public pinned their faith to the view the House has taken'a step. which
JUNE 6 1908.1
THE CHRONICLE
inequitable, but has turned an arrangement that was
merely a restitution honest dealing called for, intended
likewise as a courteous kindness from one nation to
another, into a case of loose morals and rude manners.
It is noteworthy that last week the gold holdings
of the Bank of France were £122Yt millions sterling, or
3 millions in excess of the hitherto unprecedented
sum attained by that institution. It is also of interest
to remark that while there has been an accretion of gold
by the Bank in recent years, its holdings of silver have
diminished. The amount of this metal now held is
£363 million, compared with £51 2-3 millions in 1892
and £44 1-3 millions in 1905, when the gold stock was
£119 millions. Then the total cash was £163 millions,
whereas now such cash is £1593i millions. The
..apparent policy of the Bank in reducing silver holdings and of increasing those of gold may be due
to a desire to dominate the European financial situation with its gold and to obtain advantages over
such other States as are more dependent upon silver than is France. Gold has come to be the only
metal that is available for credits; hence the largest
holder of such metal, and the nation which .can
attract it to itself and retain its possession against
all adverse conditions, must, it would seem, reach and
secure a financial supremacy which cannot be overthrown.
As the result this week of the enormous gold holdings
of the Bank of France, the private rate of discount in
Paris fell to 19%, or 1% below the official figure;
the unofficial rate in the market was, however, higher
of 1%; hence Paris
than that ruling in London by
continued to draw gold from the British capital and it
secured the whole of the offerings of 3 million dollars
of gold that was disposed of in that market on Monday.
The German Reischsbank's official rate of discount
was reduced to 432%; this was expected last week because of the reduction then in the Bank of England rate.
The failure at that time to take this action may have
been due to the large loss of cash, presumedly to the
interior, shown by the German Bank at the end of the
month, and the large and increasing gold holdings by
the Bank of France. The President of the Reichsbank, we may presume, was reluctant to assent to a
reduction in the rate under these circumstances. He
may have been also apprehensive lest such a course
would encourage over-trading, which he is desirous
to prevent. Moreover, so long as the Bank maintains
a rate which contributes to establish higher unofficial figures in the market than prevail elsewhere,
Germany can attract gold from all European centres,
and also from New York, and thereby accumulate a
supply of the metal, which seems to be desired.
Furthermore, the demonstration by the President of
the Reichsbank of his ability to attract gold, through
the maintenance of firm discount rates, would seem to
answer the criticism of the Agrarians that the Bank's
policies in respect of the attraction of gold had not
been sufficiently vigorous; hence the inquiry into the
matter by the Government commission.
American exporters of gold hence to Europe have
this week, partially at least, overcome the obstacle
to the volume of the movement that has been interposed by the insufficient supply of commercial gold
bars, as the result of the inability of the New York
Assay Office—because of its dismantling preparatory
1367
to reconstruction of the plant—to manufacture such
bars. Part of a consignment amounting to $250,000
that was engaged on Monday for shipment to Berlin
consisted of jewelers' bars, of which the office had a
liberal supply, but hitherto they have not been availed
of because of their small size and also for the reason
that the charge therefor is greater than is that for
commercial bars; the remainder of the consignment, or
$1,000,000, also for Berlin, was in gold coin. The fact
that the jewelers' bars and the coin were sent to
Germany would seem to indicate that there still is
urgency there in the demand for gold; indeed,so long as
relatively higher rates for discount in Berlin than for
money in New York prevail, gold will most likely be
exported in greater or less volume.
It may be noted that one important provision of
the Emergency Currency Act of May 30 is that which
is contained in Section 14; this provides that the requirements of Section 5191 of the Revised Statutes,
regarding the maintenance of reserves by national
banks against their deposits, shall not apply to deposits of Government money. It will be remembered
that in September 1902, during the administration of
Secretary Shaw,he made a ruling that deposits of public funds were exempt from the requirements of the
cash reserve that was demanded to be held against
other deposits. This ruling was not conformed to by
the New York Clearing House, chiefly because it was
thought that it would tend to misleading comparisons
of weekly conditions. In the statements that were
issued by the Association, however, the average
amount of public deposits was separately recorded,
so that computations of reserves less those against
public funds might be made if desired.
Section 15 of the new law provides for a minimum
interest charge of 1% on the average monthly deposits of public funds; an exception is, however, made
in the case of such deposits as are in regular depositories. It is reported from Washington that there are
outstanding about 72 millions of public deposits that
are subject to the interest charge, and an equal amount
that is exempt from such requirement. It seems likely
that if prominent New York national banks shall
take the initiative in organizing National Currency
Associations under the Act of May 29—which many of
them have decided to do—their example may be followed by institutions in other sections of the country.
Indeed,it is reported that several groups of banks are
making preparations therefor.
The defeat of Governor Hoke Smith for renomination for a second term at the Georgia primaries this
week is a political event possessing significance outside
of the confines of the State where it occurred. It
looks like a sign of the times pregnant with important
consequences. The newspaper headlines tell us that
Governor Smith's defeat was a revolt against prohibition and disfranchisement of the negroes. To us it
appears due to entirely different causes. Prohibition
has recently made conspicuous progress elsewhere in
the South and we know of no reason why Georgia
should be an exception to the rule—that is, why
sentiment in that State should be developing the
opposite of that in the surrounding States. The
reason why Governor Smith was beaten is a wholly
different one, and is only dimly hinted at in the dis
1368
THE CHRONICLE
[VOL. Lxxxvi.
patches. During his brief term of office Governor administration have transformed the Board of Railroad
Smith has distinguished himself above everything else Commissioners into a board endowed with functions
by a policy of hostility towards railroad and other modeled on the Public Service Commission laws of
corporate interests. Last summer, when for some in- this State. In Mr. Brown, on the other hand, they
scrutable reason all the political powers in the recognized a man who, whatever his personal characSouth appeared to be up in arms against the railroads, teristics and predilections, was committed to a more
he took a very prominent part in the movement and conservative course, and who declared for the abrogagave expression to some utterances that were certainly tion of the Commissioner's jurisdiction over local pubnot calculated to allay excitement. Now, with the lic service corporations. What has happened in
railroads in a slough of despond and all business de- Georgia is likely to happen in a great many other
States between now and election time.
pressed, these views are no longer popular.
One of the first acts of Governor Smith's adminisEvery one will hope that the effort which the Nationtration was to remove arbitrarily one of the railroad
al
and
Brown,
it
M.
Prosperity Association, organized at St. Louis, is
appears that
commissioners, Joseph
now
to coax back business prosperity will succeed.
making
Smith
has
thwarted Mr.
this is the very man who
the suggestion of the promoters of that
When
Mr.
on
term.
Acting
second
Brown
in his ambition for a
a number of manufacturing establishments
he
movement,
was
commissioner,
replaced
was removed as railroad
of the country which had been wholly
parts
different
in
Chairman
became
of
the
by S. G. McLendon, who
work on an increased scale on
idle
partly
resumed
of
office
or
Chairman,
the
ComBoard. In accepting
day
which
1—the
had been set for the general
in
showed
June
our
we
of
issue
(as
missioner McLendon
a
of
of renewed activity. It is
policy
by
inauguration
prepared
him
and
statement
a
read
Sept. 7 last)
say
from
to
possible
accounts in the papers
the
to
not
according
the
"Savanstated,
afterwards
he
which
policy
of
the
has been carried, since
far
how
by
resumption
sanctioned
and
Governor
read
had
been
News,"
nah
newspapers
are
deeply suffering from
themselves
the
most
remarkable
official
the
of
one
was
which
Smith,
in
prevailing
and doing everything
depression
trade
the
Commissioner
The
gave
promulgated.
documents ever
We are afraid,
to
views.
favorable
promote
possible
the
an
of
made
he
basis
which
figures,
some ludicrous
(and in
recognition
that
however,
not
there
full
is
States
United
were
the
of
people
the
allegation that
underlying
the
of
all)
no
certain
at
quarters
recognition
of
pockets
the
the
into
annually
pay
'called upon to
railroads $130,000,000 on "over-capitalization." "This causes of the present trade prostration. There is a
is one crime of over-capitalization," he said, "and disposition among business men, and still more so on
another is a wrongful distribution of the products of the part of politicians, to think that there is really
labor." Since these remarks were coined, the whole nothing ailing the country, that last autumn's financial
railroad situation in the South has changed, railroad revulsion merely destroyed confidence, that all that is
revenues having fallen off in a frightful manner, throw- needed is a revival of confidence, and that confidence
ing a large portion of the population in that section out can be restored by simply resuming work. In reviewof employment, and it accordingly has become too ing on a subsequent page to-day the annual statement
plain for argument that further attacks on the railroads of the Amalgamated Copper Company, we make
must recoil on their promoters. Thus it happens that some remarks indicating how erroneous such views
'even Commissioner McLendon has seen a light, and are.
As indicating the general tendency to take optimistic
he now talks in a totally different strain. We quoted
him recently as having used the following words in a views, we may refer to a dispatch from Atlantic City
speech made before the Carrollton (Ga.), Board of dated June 3, printed in the New York "Times," and
Trade on March 16: "It is a time when foolish men saying that not a dissenting voice was raised when
should be asked to remain silent. It is a time when William Judson, President of the National Wholefrom the multitude of sane counsel there should come sale Grocers' Association, of the United States, declared that "the financial panic was only a memory;
wise suggestion in the place of wild assertion."
In these remarks Mr. McLendon showed appreciation that prosperity pervaded all parts of the country and
of the fact that conditions had changed and that public that times, now good, are steadily growing better."
sentiment would no longer support the old policy of We notice that even President Hepburn of the
hostility toward corproate interests, and particularly Chase National Bank of this city, is engaged in helptowards railroads. In the experience of Governor ing along the National Prosperity Association scheme.
Smith this week in his contest at the Georgia primaries At a meeting of the Chamber of Commerce on Thurswe have evidence to the same effect. The newspaper day, he succeeded in having a resolution adopted
'dispatches tell us that a remarkable feature of the without objection authorizing the President of the
'campaign at the primaries was that ex-Railroad Com- Chamber to appoint delegates to a National Prosperity
missioner Brown did not make a single speech and is Convention, should any be held. He argued that the
not known personally throughout Georgia. It was Prosperity League of St. Louis had accomplished good
stated as doubtful if one in a thousand of the men results already in reviving prosperity as the outcome
who voted for Mr. Brown would know the man if they of its efforts, and it might be thought wise to hold a
met him. This merely confirms what we have said. national convention to further the movement later on.
It was not the personality of the man that the voters If such a convention should be held, it seemed to him,
considered. It was the thing he stood for. In Gover- that the Chamber should be represented.
Thus, everything is being done to invite a return of
nor Smith they saw embodied the policy of destruction
and
sorrow
brought
idleconditions if it can be (lone by §uch. nleans
prosperous
confiscation
had
and
which
ness, or lower wages and reduced income, to nearly and measures. The one unfortunate feature is that
the whole population; for, it is to be observed, that in the situation of the most iMPortant trade of all, the
Georgia the legislative Solons under Governor Smith's railroad indnstry, is bein'g completely ignored. The
JUNE 6 1908.1
THE CHRONICLE
railroads are the largest consumers of iron and stee
in the country, and it is because orders from that source
have been so heavily reduced that the iron and steel
industry is so greatly depressed—the lack of activity
and employment in these two great branches of industry in turn accounting for the diminished consumption
and diminished buying power in business in general.
We regret to be obliged to state that in the railroad
carrying business there is as yet not the slightest signs
of any revival, and so long as that is the case recovery
elsewhere must be slow, if not indefinitely delayed.
For two years or more the railroads, because of the
agitation against them and the resulting loss of confidence, on the part of investors, in their stability and
earning capacity, have been unable to borrow with any
freedom. Once or twice a month, now-a-days, we
get news of the negotiation of some gilt-edged loan for
a fairly considerable amount by a corporation of excellent credit and high standing. But these are hardly
more than a drop in the bucket. The iron and steel
works of the country having been reduced to idleness
through the inability of the railroads to command new
capital on an extensive scale for extensions and improvements, the shipments of coal and other minerals
are being correspondingly reduced, and the railroads, as a consequence, are suffering heavy.losses
in earnings. Consider the situation in that regard
of two large Eastern trunk lines. The Pennsylvania
Railroad is one of the two we have in mind. That
company has this week issued its return for April,showing a falling off in gross earnings on the lines directly
operated East and West of Pittsburgh in amount of
no less than $5,402,100 as compared with the corresponding month last year. Dispatches from Philadelphia state that the showing for May will be little
if any better. Thus, we have a loss on the part of
simply one very large railroad system at the rate of
over $65,000,000 a year. On the New York Central
system, including the Lake Shore and other lines,
the loss for the same month was $3,488,848, being at
the rate of $42,000,000 a year.
The two systems combined, therefore, are having
$107,000,0001ess per year to spend than they had in
1907. This means that outlays in all departments must
be contracted—if not to the full extent of the shrinkage
in revenues, at least as nearly so as possible. Any
other course would mean eventual bankruptcy, which
would aggravate still further the distress being experienced. In point of fact, the Central lines met the
loss of $3,488,848 in gross earnings by reduction of
$3,089,775 in expenses, and the Pennsylvania met its
loss of $5,402,100 by a cut in expenses of $3,953,700.
In other words, there was a diminution in the expenses
of these two systems in this single month of over $7,000,000, being at the rate of $84,000,000 a year. It
may not be pleasant news to hear, but so long as this
state of things continues, we cannot see how there can
be much hope of a revival of activity in trade in general.
Efforts at promoting a return of prosperity must be
directed, therefore, to relieving the railroads. This is
equivalent to saying that the entry of capital to the
railroad industry, cut off by Inter-State Commerce
and Public Service Commission laWs, must again be
encouraged. It seems to us the matter rests largely
with the politicians, and particularly with the leaders
of the two great political parties.
1369
We remarked last week that the Armstrong insurance laws of 1906 are bad not merely in details but
in the assumptions upon which they were founded.
An incident occurred on last Monday which illustrates
and proves this. On that day a regular annual election of trustees was held by the Mutual Life and on
the following day the company sent word to the newspapers of the result; but for this sending word, the
incident would apparently have not been noted at
all, so quiet was it. In the election of 1905, 199
votes were cast, mostly by employees of the home
office, and when this fact was discovered, in answer
to questions, at the investigation of September following, a great deal of indignant talk was indulged in,
and it was supposed that another startling exposure
had been made. The investigators and some of the
newspapers immediately assumed that the managers
of the mutual companies had been suppressing the
principle of mutuality by disfranchising the policyholders. Acting upon this assumption (and disregarding better-informed persons who pointed out how mistaken it was), the framer of the new laws proceeded to
sweep the old boards of trustees out of existence, require the preparation of lists of policyholders' addresses, and construct a clumsy and wasteful piece
of machinery for the purpose of enabling policyholders
to obtain their rights of control.
As was predicted would be the case, a fierce contest
began by outside parties for the control of these
assets, amounting to nearly a billion of dollars.
The contest lasted from early summer until the day
of election in December, and even longer, for the
result was not officially determined until April. Approximately 300,000 votes were cast in the Mutual
and not far from that number in the New York; the
result was the triumph of the Administration tickets
in each of the four companies to which this part of the
law applied. This was the natural and expected conclusion, although the vote was light, large as it seems;
the number and bitterness of the charges brought
against the boards of trustees cannot be forgotten
yet, and several indictments, still untried and not
likely to be brought to trial, were obtained against
the prominent parties on the opposition side. Then
all atteifipt at overthrow was abandoned and the
subject passed so completely out of mind that, as
was the case in previous years, the public have to be
reminded of it by reading that an election has been
held. The result on last Monday was the unanimous
election of the Administration ticket of 23 (including
six who were on the defeated ticket of two years
ago), and this was done by casting a total of 93 votes.
Only a few weeks ago the annual election was held
in the New York Life, with a like result, a like nominal
vote, and a like absence of notice by anybody outside.
The assumption that policyholders have been prevented from voting was therefore wrong, and the
machinery for enabling them to vote was a needless
and expensive piece of interference. There is no way
of putting compulsion upon them, and what has prevented their voting is the inevitable inconvenience
of so doing and the lack of any motive. The elections have been bitterly denounced as "farcical"; the
term is not just, and if it were, there is no way of
having it otherwise. It has been so through the whole
term of life insurance and is naturally so. For one
1370
THE CHRONICLE
instance, about fifteen months ago an annual election
was held at the home office of the Union Mutual in
Portland, Maine. There were present 43 persons,
who represented (including themselves) 253 policyholders and $265,000 insurance; but the total outstanding insurance then was a little over 67 millions
and the number of policyholders about 44,000. The
contrast between the number of voters and number
of votes is more striking because this is comparatively
a local company, in which (were there any evident
reason) a feeling of interest in an election could more
easily be aroused.
These practical cases emphasize their own moral;
the subject does not need elaboration. When there
is no "issue" there is no interest; how could there be?
A life insurance company has no "policy"; it is merely
a matter of reasonably good business handling and
reasonably faithful trusteeship. Every consideration
of common sense and custom is against turning out
trustees who have been serving, reasonably well;
therefore, to refrain from voting when there is nothing
to be voted upon is natural, not farcical.
Bank clearings for May 1908 in the aggregate for
the whole country exhibit a smaller percentage of loss
from the corresponding period of the previous year
than had been the case with any similar comparison
for either of the six preceding months. This seemingly
more satisfactory showing, however, does not arise
through any general improvement in individual
clearings totals, but is directly ascribable to an important augmentation of the New York aggregate as
a result of much heavier dealings in share properties at
the Stock Exchange. Those transactions, in fact,
exceeded the total for any month since March 1907,
and furthermore it is the first time since then that
any monthly sales' aggregate has covered a greater
number of shares than in the like interval of the preceding year. For the month the local transactions
reached a total of 20,975,022 shares, against 15,827,245
shares in May of 1907, but for the five months the aggregate is only 74,997,001 shares, against 106,445,154
shares a year ago. Bond dealings for the month likewise were of noticeably large volume, exceeding the
total for May in any year since 1901,being larger than
for any month since January 1906 and well ahead of
the monthly average of either 1905, 1906 or 1907. At
the Boston Stock Exchange the month's transactions
in 1908 were also in excess of 1907, having been 1,171,283 shares, against 854,070 shares, but the five
months' results were only 4,575,431 shares, against
8,222,041 shares. This recrudescence of activity in
stock operations is one of the signs of the times indicating increasing confidence in the stability or worth
of corporate properties—a confidence that must be
the precursor of any well sustained business revival.
It should be stated, however, that of individual
clearings only 13 cities out of the 114 included in our
compilation on the first page of this issue report gains
over the previous year. The loss for the whole country in May, as compared with the month of 1907,
reached 12.5% and for the five months is 24.2%.
Compared with two years ago, the declines are 17.9%
and 25.7%, respectively. Outside of New York the
decline in the aggregate for May is 17.4% and for the
five months 15.4% when compared with 1907; and the
losses 5.7% and 6.5%, respectively, contrasted with
For, Lxxxvi.
1906. Of the various groups into which we have divided the cities, the most satisfactory exhibit is made
by the "Other Western," where, although the month's
loss as compared with 1907 is 7.3%, there is a gain for
the period since Jan. 1 of 0.3%. The Middle section,
owing to the stock operations at New York, to which
we have referred above, shows a much smaller decrease (11.1%) than in earlier months of 1908, but
the falling off for the elapsed portion of the year is
heavy. In other sections there are no features calling
for attention that have not been referred to in preceding months.
Commercialfailures continue on the decrease, indicating that the insolvencies produced by last fall's panic and
the succeeding monetary stress have been substantially
harvested. Moreover, there are not wanting tangible
signs that the business affairs of the country are
steadily though slowly approaching the time when
they will again reach a normal basis. We referred
two weeks ago to some of the favoring elements in
the situation. This week we learn of the return of
other large bodies of men to employment, West and
South, and the gradual resumption of full time. The
developments considered in connection with the
decline in volume of failures and the less unfavorable
showing bank clearings are now making, fosters the
belief that from this time the business situation will
expand with a good deal of regularity. Setbacks will
occur as they accompany every turn of conservative
business progress.
The statement of failures for May compiled by
Messrs. R. G. Dun & Co. is the most satisfactory
monthly exhibit since that for July 1907, and while in
number of bankruptcies and amount of liabilities there
is a noticeable increase over the period a year ago,
comparison with May 1906 is not particularly unfavorable to the current year. According to the statement,
the number of failures in May this year was 1,379,
with liabilities of $13,643,381, against 857 in number
and indebtedness of $9,965,410 in the month of 1907,
and 899 and $12,992,809 in 1906. As in earlier recent
months,a large portion of the liabilities this year is
supplied by a few firms, the indebtedness of 20 accounting for $4,140,627, leaving the average liability
of the remainder $6,992, which compares with $6,962
last year and a mean of a little below $7,000 for the
fourteen years back to 1894.
Manufacturing insolvencies account for $6,988,988
of the May 1908 total, that figure comparing with
$4,758,725 in 1907 and $4,038,273 in 1906. Disasters
were conspicuously numerous this year in the machinery and tools and printing and engraving departments.
Trading failures were somewhat less than in April, the
liabilities involved amounting to $5,570,684, which
contrasts with $4,035,245 in May 1907 and $4,812,842
in 1906. Among brokers, transporters, &c., the
situation in May this year was actually better than in
the month of either 1907 or 1906, the liabilities for the
three years being, respectively, $1,083,709, $1,171,440
and $4,141,694. Suspensions of financial institutions
were much heavier in May than in April, involving
20 in number, with liabilities of $5,247,455. In May
1907 but one small bank, with obligations of $10,000,
went to the wall, but in the month of 1906 the amount of
liabilities covered by 10 banking failures was $3,799,3*
JUNE 6 1908.j
THE CHRONICLE
The International Cotton Congress (spinners and
manufacturers) held their fifth annual session in
Paris this week. It was a notable gathering of
representatives of the world's great textile industry.
The attendance was large and comprehensive, delegates from fifteen countries, including India and
Japan, being present, while the subjects of debate
and discussion covered a wide range of topics of
manifest importance to the • cotton-manufacturing
industry. Greatest interest centered upon the situation as regards the production of the raw material.
From remarks of European delegates it developed
that American domination of the supply gave the
producers of that country the control of the price,
and the opinion was freely and feelingly expressed that
Americans seemed unwilling to deliver supplies at
fair prices. To remedy these conditions two methods
were proposed; one was to stop improper speculation,
the other the old one of fostering and extending
cotton production in Africa, Egypt and elsewhere.
Some of the speakers expressed opinions that in ten
years' time a supply of 10,000,000 bales annually
outside the United States could be secured.
This feature was discussed at great length, Europeans expressing confidence that the desire could
be attained if faithfully pursued. Each session of
the• Congress has expressed the same confidence,
but hitherto with meagre results. American delegates contended that our Southern States were capable
of supplying the needs of the entire world. It was
suggested that European manufacturers could materially assist by aiding the South in securing adequate
labor to extend the cultivation of the staple, instead
of indulging in illusory dreams of large supplies from
new and untried fields. The outcome • of the discussion was the adoption of a resolution instructing
the permanent committee to study a method of
,creating reserves of cotton in Europe sufficiently
large to insure the industry against inordinate prices
due . to American speculation. At the same time
European governments were invited and urged to
advance the production of cotton in colonial possessions.
Another matter of importance that came before
the Congress was a proposition to change the system
of 'purchasing cotton, and an undoubted step in the
right direction was taken in instructing the contract
committee to recommend to the cotton exchanges
of Europe the substitution of the net-weight basis
of purchase for the present one, which allows a shrinkage (or tare) of thirty pounds in a bale of 500 pounds.
Probably, however, nothing of greater• importance
• was (liscussed than the need of concerted action in
times when conditions become abnormal, in the
matter of curtailing consumption. To that end a
resolution was adopted inviting all confederated
'afisociations in the various countries to join in a harmonious curtailment during periods of abnormally
high prices and consequent distress arising from overprOduction of goods. The Congress adjourned on
Wednesday to meet in 1909 in Italy.
..Prrie cotton crop situation this spring, or more correctly speaking on June 1, as indicated by the investigations made by us in connection with the issuing
of our annual report on'acreage and condition, is so
fully set out on subsequent pages that but brief
1371
reference to the subject is called for here. That the
area has been further increased (1.31%), according to
our compilation, is a fact brought out quite clearly
by the replies to our inquiries, and this notwithstanding seeming efforts by farmers' organizations and
others to bring about a material curtailment. We
say "seeming" advisedly, because with the recent and
present highly profitable returns from cotton raising
it is hard to concede sincerity to the efforts, or to
believe that those who tendered advice to reduce
area expected to see it followed. It was that feature
of the situation, therefore, to which we directed
especial attention this spring, and while, as our completed report shows, a very conservative course as
regards planting has been followed, and early intentions have been modified in some sections, we have
failed to find any evidence whatever of concerted inclination to noticeably reduce acreage. Folly would
be too weak a word to use in characterizing any such
course with the world's requirements of cotton, under
normal conditions, steadily and materially increasing
from year to year, and the United States the only
source of supply from which any important augmentation in amount of yield can be expected.
Another important feature of this spring's investigagations is that the outlook for the crop is at this date
much better than at the corresponding time a year
ago. Planting wascompleted earlieron the average, and
weather conditions have in the main been much more
favorable. There have, of course, been complaints
from time to time of lack of moisture or an excess of
rain in various localities, and a period of low temperature in late April and early May served to check development temporarily over most of the cotton belt.
Furthermore, on the 23d and 24th of May very heavy
rains caused floods in Southern Oklahoma and Northern Texas. But on the whole weather conditions thus
far this season have been more satisfactory than last,
and consequently the plant is generally more advanced
and quite well up to the average of recent years in size
and condition. It is of course however not safe to
assume on the basis of the present situation that a large
crop is assured. With normal seasons from now on
and no early frosts, a crop of somewhere about record
proportions might be expected, but it all depends
upon weather developments during the remainder of
the summer and fall to hazard any opinion as to
ultimate yield.
Cotton exchange methods, especially as regards the
classification of cotton and the.range of 'grades deliverable on contracts, were further quite exhanstiyely
reviewed in Parts II. and III. of the report of Commissioner Herbert Xnox Smith of the Bureau of Corporations, which Was made public towards the close Of
last week. This final portion Of the report on the
investigation of cotton'exchanges (the bodies at New
York and'New Orleans'being the specific•ones investigated) fittingly supplements Part 1., issued early in
May, and gives like evidence of close and intelligent
study of the subject. Moreover, it is quite clear from
the manner in which some of. the Matters are elucidated that the Commissioner had the assistance of
able practical cotton men in its preparation. It bears
the hall-mark of intimate knowledge. Mr. Smith
again directs criticism against the exchanges, but of
a' much less drastic nature than in Part
but at the
1372
THE CHRONICLE
same time does those bodies the justice of pointing out
the utter impracticability of some of the suggestions
they and he have received calculated to improve
matters. .
The Commissioner, while recognizing the difficulties attending the classification of cotton, admitting
that it is not and cannot be an exact science, is of the
opinion that more weight than is now given should be
accorded to length, strength and character of staple,
and less to mere superficial appearance. He, in effect
acquits the New York Exchange of extreme charges
of wrong grading, but asserts that over-classification
has frequently occurred here, and cites an instance
where cotton really below the contract standard was
virtually forced into the New York certificated stock
by the Board of Appeals against the judgment of the
Classification Committee. The fact that as a rule the
New York stock is largely composed of the least desirable grades furnishes, in Mr. Smith's opinion,
special reason for maintaining the integrity of its
classification. He looks with favor on the suggestion
for uniform standards of the leading grades as the
most feasible method of improving present methods,
and considers that such standards would tend to harmonize quotations in different markets.
Discussing the range of grades deliverable on contracts, the report states that the most practical restrictive limitation would appear to be the adoption of
the low-middling clause. This, it is contended, by
narrowing the range of deliverable grades would
materially lessen the difficulties of classification and
of establishments of differences, and would tend to
prevent such abnormal discounts as, compared with
middling spots, have frequently occurred. Mr.
Smith seems to recognize the fact, however, that no
matter how restricted the range of grades deliverable
on contract, even though the delivery of one specific
grade was provided for, the contract, owing to other
special characteristics required, would fail to meet
the needs of most spinners.
The Commissioner concludes by stating in effect
that a proper system of establishing differences and a
uniform and accurate method of classification is of
far greater importance than the restricting of the
grades deliverable. He is- of the opinion that the
adoption of his recommendations would be an important step towards placing the future business upon
a thoroughly commercial and equitable basis and would
largely remove antagonism to the character of the
contract. The Commissioner's recommendations seem
worthy of careful and earnest consideration.
As noted above, the Pennsylvania's return of
earnings for the month of April has been published
this week and shows the largest loss in gross earnings
yet recorded for any month since the decline has been
in progress. The remark applies to the gross results
for both the lines East of Pittsburgh and Erie and
those West a Pittsburgh. On the Eastern lines
the shrinkage in gross as compared with the same
month last year amounts to $2,848,500 and on the
Western lines to $2,553,600, making together a
decrease for this one month alone in the large sum of
$5,402,100. In March the falling off on the combined
lines was $3,530,000; in February $2,934,300; in
January $3,673,200, and in December $2,489,100. Of
course the present year there was a pretty general
iv oL. Lxxxvi.
suspension of coal mining in the bituminous regions
pending the adjustment of the question of wages, and
as the Pennsylvania RR. is the largest coal-carrying
system in the United States, that circumstance
undoubtedly had an important influence in swelling
the. amount of the decrease. As in. the months preceding, there was a very considerable curtailment
in the expenses; nevertheless, even after the saving
in this way,a large loss in net remains, namely $653,900
on the Eastern lines and $784,500 on the Western
lines, making together $1,438,400 decrease in the
net. Last year in April the comparison was with
the time of the coal strikes in the previous year, and
accordingly the figures then recorded large gains—
$4,418,600 improvement in the gross and $580,400
improvement in the net. In the following we show
the gross and net earnings for the last six years for
the lines East of Pittsburgh and Erie, being the only
portion of the system for which we have the data
for such a comparison.
Lines East ol
Pittsburgh.
1908.
1997.
1906.
1905.
1004,
1903.
•
April.
$
4
Gross earnings 10,521,888 13.370,388 10,249,188 10,789,288 10,368,277 10,767,577
Oper. expenses 7,801,632 9,986,232 7,275,332 7,719,232 7,054,098 7,942,298.
Net earnings 2,720,256 3,384,156 2,973,856 3,070,056 3,314,179 3,725,279
Jan. 1 to April 30Gross earnings 41,897,429 50,573,029 45,607.029 39,144,629 36,811,979 38,702,879
Oper. expenses 32,642,556 39,104.456 33,580,956 30,688,057 29,012,285 28,592,085
Net earnings 9,254.873 11,469,473 12,026,073 8,456,572 7,799.694 10,110,794
The Imperial Bank of Germany on Thursday reduced
its official rate of discount from 5% to 43/2%. With
this exception there was no change in official discount
rates by any of the European banks.
The Russian Finance Minister has proposed to the
Cabinet the immediate issue of an internal 5% loan
for 100 million dollars to cover the deficit in the 1908
budget and other expenditures; the approval of the
Douma will have to be obtained. It is reported that
the State savings banks will take about 35 million
dollars of the loan, and it is expected to be a great
success.
Money on call representing bank and trust company
balances loaned at the Stock exchange during the
week at 1.9% and at Iji%, averaging about 13/27c;
the above-mentioned institutions loaned at 14% as
the minimum. Time money was quite inactive for the
shorter and in fair demand for the longer maturities;
offerings were at 2@)23-i% for sixty day and 23/2% for
ninety days. For four to five months the ruling rate
was 2% and for six months offerings were at 33/2%,
which has recently been bid. One feature was a
43/8@434% rate for over-the-year money, reflecting
a slight concession. Commercial paper was quoted
at 3%@4% for sixty to ninety day endorsed bills
receivable and 4% for prime four to six months' single
names; good paper of this maturity sold at 4@,5%.
The Bank of England rate of discount remains unchanged at 23/2%. The cable reports discounts of
sixty to ninety day bank bills at London 1%%. The
open market rate at Paris is 1%@1N3% and at Berlin
and Frankfort it is 3%%. According to our special
cable from London, the Bank of England gained
£523,704 bullion during the week and held £38,198,203
at the close of the week. Our correspondent further
advises us that the gain was due wholly to heavy im-
'RINE 6 1908.]
THE CHRONICLE
ports. The details of the movement into and out of
the Bank were as follows: Imports, £1,042,000 (of
which £1,000,000 from India unearmarked, £25,000
from Egypt, £7,000 from South America, £5,000 from
Australia and £5,000from Paris);exports,-nii,and shipments of £518,000 net to the interior of Great Britain.
1373
money at the periods of the maturity of the exchange
might so affect such exchange by advancing rates as
to involve bankers undertaking these negotiations
either in loss,or greatly minimize their profits. Therefore transactions of this character, which ordinarily,
or under normal monetary and exchange conditions,
are more or less profitable and in large volume,would
probably not be undertaken to any considerable
extent.
The exports of gold this week were to Berlin and
they were limited in volume, amounting to only $1,750,000,of which $1,250,000 consisted of coin and $500,00o,
of bars; of the latter, however, $250,000 were in the
form of jewelers' bars, which are rarely exported because of their small weight and comparatively high
premium—five cents per $100; whereas the premium
on commercial bars is four cents per $100. The
supply of the latter is still limited because of the dismantling of the New York Assay Office, as heieinbefore noted. As above stated, arrangements have
been made for the shipment next week of further consignments of gold coin to Berlin.
The market for exchange opened on Monday 10
points higher for long, compared with Friday of last,
week, at 4 8560@4 8565, and 5 points lower for
cables at 4 8740@4 8745; short was unchanged at
4 8715@4 8720. On Tuesday long fell 10 points to
4 8545@4 8555, short 20 points to 4 8695@4 87ancl,
cables 15 points to 4 8725(4)4 8730. On Wednesday
long declined 5 points to 4 8540@4 8550, while short
recovered 15 points to 4 8710@4 8715 and cables 5
points to 4 8730@4 8735. On Thursday long rose,
10 points to 4 8550@4 8560 while short fell 15 points.
to 4 8695@,4 8705 and cables 10 points to 4 8720@
4 a730. On Friday the marketfe1110 points all around.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
The foreign exchange market was irregular and lower
early in the week, influenced by some speculative
• selling in the expectation of a supply of bills resulting
from. the large over-subscription in London of the
National Railways of Mexico securities. Lower open
market discounts at the British capital, due to preparations for the payment of the above-noted subscriptions,
• and also for an installment of 5 million dollars on the
Pennsylvania bond negotiations, had some slight
effect upon our exchange rates. A partial recovery in
such rates followed a sharp fall on Tuesday in exchange
at Paris on London,which seemed to indicate a resumption of exports of gold from London to Paris; such
movement appeared likely to be important for the
reason that French bankers' requirements were unsatisfied, they having secured the whole of the 3
million dollars Cape gold that had been offered in the
bullion market. As call money at London was
IA of 1% and open market discounts were 1.3%@1%
of 1% than at Paris—it was
—or lower by nearly
regarded as probable that French balances would
continue to be steadily withdrawn from the British
capital and that this movement might stimulate a
renewal of gold shipments hence to Paris as an arbitration operation. After the middle of the week the
exchange market grew firmer, but it was heavy at
the close on the news of the expected placing of 20
millions of the 50 millions Union Pacific 4% bonds in
London. The reduction of the German Reichsbank's
discount rate caused a rise in marks, and arrangements
were made for a shipment of gold coin to Berlin on
Fri., Mon., Tues., Wed., Thurs., Fri.,
May. 29 June
1 June 2 June 3 June 4 June 5
.
Saturday and also next week.
—
60 days 4 86
Brow n
, 86
86
86%
86
86%
The relatively higher rates for time money in New 13r )thers & Co
88
8S
Sight.. 4 88%
88
88
88
Kidd et*, Peabody
60 days 4 86
86%
86
86
86
863-i
York than for discounts in London ought, it would
Ri
Sight.. 4 88%
88
88
88
88
88
Bank British
60 days 4 86
86
86
86%
86%
86
seem, to encourage the transfer of British capital North America - - - - Sight- - 4 88% 88
88
88
88
88
Bank of
86
60 days 4 86
86%
86
86
863j
8$
ntreal
Sight- - 4 88%
88
88
88
88
hither for employment in our market through the Cana Ilan
'Bank
60 days 4 86
86
86%
86386
86
of .7ommerre
Sight-. 4 8834
88
88
88
88
88
negotiation of ninety-day bills that would be drawn Held
ibach, Ickel60 days 4 88
86
8634
86
863'
86
bet mer & Co
Sight- - 4 88%
88
88
88
88
88
in expectation of procuring cover therefor with low Lain
il
60 days 4 86
86
86
86%
86
863
Fr res
Sight- - 4 88%
88
88
88
88
88
exchange, resulting from the export of commodities, Mercltante Bank ,60 days 4 86*
86
86
86%
86
86%
of(;anada
1Sight. 4 8834
88
88
88
88
88
at the beginning of and during the grain and cotton exseem
likely to
port season. Such negotiations as
The market closed on Friday at 4 8540@4 8550 for
be made advantageous, in part at least, through the long, 4 8690@4 8695 for short and 4 8710@4 8720
loaning of the proceeds of the ninety-day bills, are, for cables. Commercial on banks 4 8515@4 8525 and
however, discouraged because of the uncertainty re- documents for payment 4 843,(@4 853. Cotton for
garding the maintenance of even steady rates for time payment 4 8414@4 843
%,cotton for acceptance 4 8515
loans that would mature ninety days hence. Should @,4 8525 and grain for payment 4 85@4 853%.
our supply of money be considerably augmented,
The following gives the week's movement of money
through the emissions of emergency circulation by
national currency associations, rates for time loans to and from the interior by the New York banks.
maturing in September, and even in the later months
Shipped by
Received by
Net Interior
Week ending June 5 1908.
V. Y. Banks. N. Y.Banks.
Movement.
of the year, might easily be so low as to afford little
$3,658,000 Gain $8,812,000
Currency
$12,470.000
or no profit to bankers who negotiated ninety-day loan Gold
'1.349.000
747,000 Gain
602.000,
$13,819,000
$4,405,000 Gain $9,414,000
bills, or such as would fall due later by reason of re- Total gold and legal tenders
newals; therefore whatever advantage was obtainable
With the Sub-Treasury operations and gold exports
through such negotiations would have to result from
the result is as follows.
the difference between the rate for the exchange
Into•
Net Change in
Out 01
when it was. sold and that ruling when cover for the
Banks.
Week ending June 5 1908.
Bank Noldings.
Banks.
bills was sought. Moreover, not only would there Banks' Interior movement,as above_ $13,819,000 • $4,405,000 Gain $9,414,000
be uncertainty regarding the profitable employment Sub-Treas. oper. and gold exports— - 27.349,000 25,556.000 Gain 1,793,000
'Fatal gold and legal tenders
$41,168,000 $29.961,000 Gain $11,207,000
of the proceeds of the long bills, but low rates for
1374
THE CHRONICLE
[VOL. Lxxxvi.
The following table indicates the amount of bullion regretted that the rule and tradition of governments
did not permit them to allow the establishment of
in the principal European banks.
a memorial to commanders engaged in an effort to
June 6 1907.
June 4 1908.
Banks of
them.
overturn
Silver.
Gold.
Total.Silver.
Gold.
Total.
It will hardly be possible that this occassion should
38,198,203 34,774,367
34,774,367
England- - 38,198,203
France - _ 122,716,923 36,561,164 159,278,087 107,429,384 39,633.631 147,063,015 pass without frequent references to the relations
Germany a 34,475,000 7,083,000 48,762,000 33,979,000 13,678,000 47,657,000
Russiad - 112,267,000 7,583,000 119,850,000 116,071,000 6,295.000 122,366,000 between Canada and the United States. To this,
Aus-Hun b 46.758,000 13,335,000 60,093,000 45,523,000 12.721,000 58,244.000
Spain - - - - 15,582,000 26.695,000 42,277,000 15,509,000 25,654,000 41,163,000 in fact, Mr. Bryce made some reference in his recent
4,947,400 37,266,400
Italy36,323.000 4,392,00e 40,718,000 32,319,00
5,620,900 10,951,500
Neth'I'ds_ 7,700,600 4,196,100 11,896,700 5,330,60
which we have
Nat.Belg a 4,051,333 2,025,667 6,077.000 3,166,667 1,583,333 4,750,000 New York speech. The attitude
3.891,000 4,144,000
4,144,000
Sweden
3,891,00
beyond our
dominion
colonial
this
toward
1,315.000
occupied
3,425.000
1,315,000
-s 3,425,000
Switzgand
1.522,000 1.780,000
1,780,000
Norway 1,522,000
the first.
from
peculiar
border
been
has
Northern
Tot. week.426,910,059 109,077,931 535,987.990 101,341,018 110,133,264 511,474,282
Prey.week 426,108,671 110,051,138536.159,809 101,665,960 110,365.267512,031,227 In the Anglo-French conflict which culminated in
a The division (between gold and silver) given In our table of coin and bullion Wolfe's achievement at Quebec, volunteer soldiers
In the Bank of Germany and the Bank of Belgium is made from the best estimate
we are able to obtain; in neither case is It claimed to be accurate, as those banks from the colonies which now constitute the United
make no distinction in their weekly returns, merely reporting the total gold and
sliver; but we believe the division we make Is a close approximation.
States participated. It was a struggle all along the
b The Austro-Hungarian Bank Statement is now issued in Kronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling line of the American outposts between the English
Pounds was by considering the Gulden to have the value of 80 cents. As the Kronen
has really no greater value than 20 cents, our cable correspondent in London, In
order to reduce Kronen to Pounds, has altered the basis of conversion by dividing and French possessions in the new world, and was
the amount of Kronen by 24 Instead of 20.
made memorable, not only by the battles on the
•d The total of gold In the Bank of Russia Includes the balance held abroad—
that Is. the amount held for Russian account In other Continental banks. The
proportion so held, and consequently duplicated in the above statement, is about St. Lawrence, but by such well-known episodes as
one-czarter of the total.
that in which Braddock and Washington figured,
on the spot now occupied by Pittsburgh.
CANADA, ENGLAND AND THE UNITED
When war broke out in 1775 between England and
STATES.
' Next month an occasion of rather unusual interest the United States, capture of Canada was an exploit
is to be celebrated at Quebec. It is the three hun- which naturally appealed to •our diplomatists and
dredth anniversary of the founding of that city by generals. The attempted invasion was a dismal failChamplain, and is to be observed by the dedication, ure; it resulted, indeed, in the driving of the Amerion the Plains of Abraham, of a memorial to Wolfe can outposts well back to the south even of the New
and Montcalm, the English and French commanders York lakes. Yet subsequent events show to what
hi the historic contest of 1759, as a result of which extent the idea persisted. Franklin, opening up the
Quebec capitulated to the English and•Canada passed peace negotiations towards the close of the War of
from the possession of France to that of England. Independence, coolly notified the British GovernMore than ordinary importance has been attached to ment that its wisest policy was "to act nobly and
the preparations for this event, and for several in- generously," and "to cede all that remains in North
America." Canada and Nova Scotia, he argued,
teresting reasons.
•In the recent meeting at; the Mansion House in ought to be thrown in and called "an indemnification
London, to prepare for the English part of the cele- for the burning of our towns." Even at the climax
bration, the speeches dwelt primarily on the relations of the negotiations between the English and American
between the Dominion and the mother country. The commissioners in 1782, Franklin returned to his origitenor of. the speeches indicated that a special effort nal idea, submitting a memorandum wherein he intiwill be made through this occasion to cement the mated that the English, in return for our Government's
good relations between England and the colony. repayment of the losses to the expatriated American
There are, however, two other , aspects of the cele- loyalists, should hand over Canada to the United
bration which give it a somewhat peculiar aspect. States. Looked at in retrospect, the suggestion was
In the first place, it naturally has already occurred a bit grotesque. Probably it was in any case merely
to the mind of those organizing the celebration that a move by this shrewd old diplomatic bargainer to fix
great care must be taken to respect the feelings of high terms which he knew would have to be scaled
France. At the present juncture in the restoration down in compromise. Yet one is sometimes tempted
of cordial relations between Great Britain and France, to ask what England might have done in this
the celebration of a victory whereby England de- regard, supposing the French co-operation in our
prived Franceof its trans-Atlantic domain presented demand for indemnity to have continued as persistsome delicate 'problems. These have been very ently throughout the negotiations as it was at the
largely surmounted by the selection, as the occasion beginning. Canada in 1782, it must always be refor observance, of the discovery of Quebec by a membered, was a very different stake for the British
French emissary, and by the further and very judicious Government than it is to-day,with its grain fields and
coupling of Montcalm with Wolfe in the memorial to its gold deposits.
From this proceeds very naturally the question
be erected.
It will be noticed that this action is not in line which, in one way or another, may come up at the
with the curious precedent which one of our own celebration in Quebec—is the incorporation of Canada
colonial societies somewhat ineptly undertook to es- into the United States part of what Fourth-of-July
tablish a few years since, in requesting the Canadian orators used to call the "manifest destiny" of the
Government to permit the erection on the spot where American Republic? No doubt this question would
the American general Montgomery fell in 1775 of be differently answered according to the sentiment
a monument commemorative of his services. Mont- and predisposition of the man who considers it. To
gomery had been the leader of a daring foray of Ameri- those who have studied the character of our Canadian
can troops upon the Canadian stronghold of our neighbors, it is not easily possible to give any other
English antagonists, and the dry reply of the Canadian answer than the negative. It has been said regarding
Premier_to this American petition was that he deeply some of the Canadian communities that their inhabi:
JUNE 6 1908.1
THE CHRONICLE
1315
tants are more English than the English—meaning by rency issues will be needed, either in
the immediate
this that the Imperial idea, and the loyalty to the future or for a long time to come.
But it is always
mother country, was so keen as to supersede many well to be forehanded and ready for any
contingency,
local considerations. This is perhaps a sentiment no matter how remote the possibility
of its happening.
which might be modified by events. But another Prudence and preparedness are nowhere
more to be
factor which is bound to grow in potency is the commended than in the banking world.
increasing sentiment of nationality on the part of
Prompt action by our Clearing House banks is also to
the Canadian States. It is to the amazing growth be commended because it indicates ready obedienc
e to
of Canada's agricultural Northwest to which this must the authority of Congress and shows due respect
for
largely be ascribed—a phenomenon of the day which the laws. Never was a measure so widely
and genhas counterbalanced .the large ratio of French popu- erally opposed, in and out of Congress as
, this very Act
lation in lower Canada.
which has now been put on the Federal statute books.
And in fact, as regards even these distinctively Many of the objections urged against the proposit
ion
French communities—some of which to-day,speak are well founded. But the bill
is now a law, and it is
only the language of their Continental ancestors— the duty of every one,
particularly the banks, to see
it must be observed that the progress of events has all that it is executed and
applied in good faith,and that
brought them closer to the feeling of common colonial the good possible is gotten out
of it, both for the benenationality. The vague idea of the return of Canada fit of the banks themselves and
for the community at
as a French possession, which seemed actually to large. Some of the newspapers
which showed such
have been maintained up to a quarter of a century decided antipathy to currency legislati
on of any kind
ar in many portions of the Dominion, may now be are still keeping up their hostility
and publishing
said to have completely disappeared. The prolonged "scare" headlines and columns
of matter intended to
occupancy of the Canadian Premiership by an eminent show what direful
things are going to happen under
French-Canadian, and his consistent attitude of loy- the operation of
the new law. Such a course has nothalty to Great Britain, has been perhaps the surest ing to commend it. It is
not a time for sulking,for
witness to this altered feeling.
disappointment or for resentfulness. No bank As
Nor are we by any means sure that the position of compelled to take out
the emergency, currency for
the United States; or the welfare of the American which provision is made by the
new statute, but the
continent as a whole, would be materially furthered law deserves a fair trial. Quite
possibly, too, notby the amalgamation of the communities north and withstanding its defects, it may
prove more serviceasouth of our Canadian border. It is not always a ble than generally supposed.
special advantage that countries touching one another
We publish the full text of the measure on a subseshould beturned from their own peculiar line of develop- quent page. It marks an
important innovation in the
ment into that pursued by one another. The rise of issue of bank notes 'under
the Federal system. The
Canadian nationality, independent of the United States principle of having
the notes secured by specific coland under the sheltering auspices of England, may lateral is retained, but
a departure is inaugurated in
very possibly play an important part in the history the kind of collateral or security
to be used for this purof the next half-century or so. What special prob- pose. Previously, in fact
ever since the inauguralems may arise for solution as between Great Britain tion of the national banking
system, circulating notes
and its Canadian colonies is a question which is even could .only be taken out
against a deposit of United
now occupying the minds of diplomatists on both States bonds.
Now, for the first time, bonds other
sides of the Atlantic. That they would be any more than United States
bonds may,to a certain extent, and
satisfactorily solved through the union of Canada under certain
restrictions and limitations, be, used for
with the United States, we doubt.
this purpose—though only on payment of a high tax.
This particular privilege, it would seem, can be availed
THE NEW CURRENCY LAW.
of directly by a bank; that is, co-operation with
The United States Senate succeeded on Saturday other banks
is not necessary to that end. Only State
afternoon last in overcoming the obstructive Measures and municipa
l bonds, however, are available in such
which had been interposed against the Aldrich=Vree- instance
.
land Currency Bill, and passed the, bill by the decisive
Notes may also now be taken out in still another
vote of 43 to 22. The President immediately approved way—we
mean secured by the general assets of a bank
the Act, and it is therefore now a law. The New York as
specifically set apart for that purpose, but only on
Clearing House, always alert, has been giving careful the
collective action of a definite number of banks havConsideration to the provisions of the new law, ,and ing
a certain required capital and surplus and fulfilling
particularly the section providing for the organization prescrib
ed requirements and conditions. It is this
of collective bodies of banks (or National Currency feature of
the law to which our New York ClearingAssociations, as 'they are termed in the Act), so ,as to House
banks have been giving consideration the preshave the Machinery for the issue of emergency notes ent week.
Section 3 contains the provisions
in working order should occasion for its use at any time for the issue
of circulating notes on a bank's own iiAiaiise.: Of course the Clearing House can not act in tiative.
To be qualified to get the additional notes,
an official capacity in the matter, since it inch:ides it is an
indispensable prerequisite that a bank must
State banks as well as national banks,but the outcome have circulat
ing notes outstanding secured by the deof this week's conferences is that next Tuesday ten of posit of
United States bonds to an amount of notless
the larger hanks will take independent. action, than
40% of its capital. In other words, if a bank
Meeting .at the Clearing House for that .ptirPOSe. has not
now the required 40% of circulation based on
We think this move is, wise. There does not United
States bonds, it must first take out notes in
appeal'to'he'the least likelihood that any special inn.- the old way
to the requisite extent before it can think
-1376
THE CHRONICLE
[VOL. Lxxxvr.
or part of a State, or contiguous parts of one
'of applying for additional circulation based on State a State
" Any national bank is to be entitled
-and municipal obligations. The same requirement or more States.
ship in the association for its city or terri'must be complied with Where notes are sought based to member
d it possesses the requisite qualifications,
'On the general assets of a bank through the 'National tory provide
bank may be a member of more than one asso'Currency Associations created by the law. To take and no
Tkut notes based on State and municipal bonds, a bank ciation.
In these provisions we have a reason why the ClearImust also have a surplus of not less than 20%,the same
the country should at once con
'requirement applying also to any bank becoming a ing Houses throughout
lity of having the national
Member of a NatiOnal Currency Association. The eider the advisabi
their menbership, probonds to be accepted for the additional circulation are banks included within
l
e Nationa Currency Associations in
defined as "bonds or other interest-bearing obligations ceed to organiz
localities, to forestall action on the
,of any State of the United States, or any legally au- their respective
coterie of banks to get control of
thorized bonds issued by any -city, town, county or part of any clique or
ment of such associations.
manage
'other legally Constituted municipality or district in the the machinery and
ion may exist in any
associat
such
one
only
United States Which has been in existence for a period For, since
Might organize for
that
banks
ten
first
of ten year's, and whieh for a period of ten years pre- given city, the
possession of the
have
would
city
such
in
vious to such deposit has not defaulted in the payment the purpose
Association are
y
Currenc
every
of
affairs
The
of any part of either principal or interest of any funded field.
of one repreng
consisti
a
board
d
by
manage
debt authorized to be contracted by it, and whose net to be
ion is to
Associat
each
and
bank
each
from
ve
funded indebtedness does not exceed 10% of the valua- sentati
ry, a
Secreta
a
t,
a
Vice-Presiden
nt,
a
Preside
have
the
tion of its taxable'property, to be ascertained by
than
less
not
of
tee
Commit
ve
an
and
er
Executi
Treasur
assess'last preceding Valuation of Property for the
exerand
have
to
is
ion
associat
Each
s.
five
member
United
`inent of taxes..' These the Treasurer of the
cise any and all powers necessary to carry out the purStates is to itecept, with the approval ofthe Secretary
peses of the Act, "namely, to render available, under
from
May
of the Treasury, "in such proportions,as he
direction and control of the Secretary of the Treasthe
l
approva
'time to time determine, and he may with such
as a basis for additional circulation, any securities,
-nry,
es,
at any time require the deposit of additional securiti
ng Commercial paper, held by a national bank."
includi
er
"Or- require any assooiatiOn to change the charact
be seen that the phrase reads, "any securities,
will
It
-of the securities 'already, on deposit."
including commercial paper."
The Secretark Of the Treasury is given other wide
The term "commercial paper" is "to include only
the
discretion in the matter, and would seem to have
notes representing actual commercial transactions,
• power to veto entirely an application for additional
which, when accepted by the Association, shall bear
"notes, for it is provided that, when the Comptroller
names of at least two responsible parties and have
Of the Curreney transmits an a,ppliCation for additional the
not exceeding four Months to run." No national banl,
circulation to the Secretary, with his recorninendation,
is to be authorized in any event to issue notes based on
the latter shall, "if in his judgment business conditions
commercial paper in excess of 30% of its unimpaired
Iii the locality demand additional circulation, approve
and surplus. No such limit is apparently prothe same, and shall determine the time of issue and capital
for the other "securities" authorized. The
fix the amount, within the limitations herein imposed, vided
of the Association is to pass upon all securities
Of.the additional circulating notes to be'issued." The board
in the first instance, and such securities must
:amount of notes to be issued is not to exceed 90% of offered
tory to it. Having secured the approval of
the Market value of the State and city obligations de- be satisfac
the Secretary of the Treasury is then given
'poSited, and not in any event in 'excess of the par value such board,
wide discretion, the language reading: "If he be satisthe bonds.
er and value of thesecurities proposed
The provisions for the creation of National Currency fied with the charact
a lien in favor of the United States on the
1,Ssociatioris, and the issue of additional circulating and that
es so deposited and on the assets of the banks
notes through their instrumentality, are quite elaborate. securiti
ion will be amply sufficient
'The law opens with the declaration that "national composing the Associat
the United States, he may direct
banking associations, each having an unimpaired capi- for the protection of
circulating notes to the Associa:tal and a surplus of not less than 20%, not less than an issue of additional
bank, to an amount in his
ten in number, having an aggre'gate crkpital and surplus tion on behalf of such
ng 75% of the cash
exceedi
.
not
on,
however
..Of at least $5,000,000, may form voluntary associatiOns discreti
ed." State and
deposit
es
so
the
of
securiti
AO be designated as National Currency Associations." value
through the
offered
be
also
may
bonds
al
As in order to join, the bank must have a surplus of municip
notes May
event
that
in
and
ions,
y
Associat
20%, it is evident that a new bank formed without a Currenc
value of
market
the
of
of
90%
the
to
extent
issued
surplus would not be 'eligible until it had created a be
of
direct
case
the
in
The
noted
proviso
bonds.
-surplus of that magnitude. 'It will be Seen, further- the
not
issued
be
may
notes
a
by
that
ion
bank,
applicat
more, that it takes not less than ten banks to Organize
the State and municipal
a National CUrreney AsSociation, each having unim- in excess of the par value of
is
absent.
ed,
here
deposit
bonds
paired capital and a surplus Of not less than 20%, and
All the banks m'e'mbers of 'an Association, and
that the aggregate capital and surplus'must be at least
their assets, are to be jointly and severally liable
all
.$5,000,000.
United States for the redemption of the cirthe
to
One
than
There is also 'it provision 'that "not indre
notes thus issued. But as between the
g
in
culatin
formed
'such National'Currency Association shall be
ng an Association, each bank
any city." MoreOlier, the 'several members of a Na- seVeral banks composi
only in the proportion that its capital
tional Cnrrendy Association "shall be taken, as'nearly is to be liable
mar bear to the aggregate capital and
as conveniently mak be, from a territory composed of nd surplus
E
ki 1908.
THE CHRONICLE
surplus of all the banks composing the association.
Any association may at any time require of any of
its constituent banks a deposit of additional securities
or commercial paper, or an exchange of the securities
already on deposit, and in case the request is not
complied with the 'Association is given authority to
sell the securities and Paper already in its hands
at public sale and deposit the proceeds with the Treasmrer of the United States as a fund for the redemption of the additional circulation. In case of any
deficiency, the Association may recover from the
bank the amount of the same, through the courts,
and is to have the benefit of the lien in favor of the
United States created by the Act upon the assets
of such bank.
The total amount of notes issued to any bank,
whether secured by U. S. bonds in the ,old way or
in the ways provided by the new law, is never at
any time to exceed the amount of the bank's capital
and surplus and the aggregate of emergency notes
under the new statute is fixed at $500,000,000.
In order that the distribution of notes shall be as
equitable as practicable between the various sections
of the country, the Secretary of the Treasury is not
to approve applications in any State in excess of the
amount to which such State would be entitled to
the additional notes on the basis of the proportion
which the capital and surplus of the national banks
'in such State bears to the total capital and surplus
of all the banks in the United States. However,
in case the applications from any State are not equal
to the amount to which such State Would be entitled, the Secretary of the Treasury may in his discretion, and "to meet an emergency", assign the amount
not applied for to banks in other States "in the same
section of the country."
.A redemption fund against the new notes equal
to 5 per cent of such notes is to be held in addition
to the 6 per cent redemption ,fund required under
the old 'law. The limit previously existing on the
deposit of lawful money by 'banks wishing to .retire
their circulation, namely $9,000,000 a month, is
retained as far as notes secured by U. S. bonds are
concerned, but no limit is placed on the deposit of
lawful money or national bank notes for the purpose of retiring the emergency notes. A distinction,
however, is made in the treatment of such deposits
in this last instance. Instead of being covered into
the Treasury they • are to be retained in a special
fund for the purpose of redeeming the notes.
Whereas the tax on notes secured by U. S. bonds
is only one-half per cent per annum when the bonds
bear 2 per cent interest and 1 per cent when the
bonds bear more than 2 per cent interest, the tax
on the new notes is:to be at the rate of 5 per cent per
annum for the first month and to increase by 1 per
cent per annum for each additional month the notes
stay out, until 10 per cent is reached. The new law
is to remain in force only until June 30 1914.
One Other provision in the Act deserves mention.
Under Section 15 the banks must hereafter pay interest on Government deposits. All banks designated as "regular depositories of public money" are
to pay "upon all special and additional deposits"
made by the Secretary of the Treasury in such depositaries, and all banks designated as "temporary
depositaries" are to pay upon all sums of public
1377
money deposited in such banks. The phraseology
of this provision is giving the legal advisers of the
banks a ,good deal of trouble. Interest is to be at
such rate as the Secretary may prescribe but not
less than one per cent per annum, and the rate charged
is to be equal and uniform throughout the United
States. By Section 14 of the Act, it is expressly
provided that the banks need not hold any cash
reserves against Government deposits.
THE
NEW
SCHEME OF LAND TITLES
REGISTRATION.
The bill for registration of land titles was approved
by Gov. Hughes on May 21 and goes into effect on Feb.
1 next. A commission, appointed under Chapter 628
of the laws of 1907, to investigate the whole subject,
held meetings during September and October, including several public hearings, and seven members
submitted a majority report on Jan. 30 last, including the bill which has now become law. The law relates to "registering titles to real property and facilitating and expediting its transfer." It is a voluminous
document, containing 66 sections, and we pass over
those of minor importance.
Section 3 provides that, whenever in any county the
amount of business under the Act-makes it proper that
one or more Justices of the Supreme Court shall devote his entire time to it, the Appellate Division in
such county "shall" designate Justices to constitute
the "title part" in that court. Registrars of titles
in the several counties are also provided for. Application for registration must be made to the Supreme
Court, which tribunal shall always be open for suCh
purpose, as well in vacation as in term time. Real
property or any right or title therein "may" be
brought under the Act by making application, in person or by guardian or other legal representative.
Any person duly admitted to pradtice as an attorney
or any corporation duly authorized to guarantee or insure titles (and no other person or institution) may be
admitted and licensed (Sec. 9) to practice as an official "examiner of title," the licensing and practicing
to be done under rules prescribed by the court. "Before" application is made for registration of a title,
it must be "thoroughly examined and certified" by an
official examiner of title. The application (sometimes
called in the Act a "complaint") may be made by the
persons claiming to own the title in fee simple, or by
persons claiming to hold "the power of appointing,or
disposing in fee simple" of the estate in land or some
right over it. No mortgage, lien or claim less than a
fee simple shall be registered unless the title to the
property in fee simple has been first registered. The
existence of a mortgage or other subordinate lien shall
not bar property from being brought under the Act,
but any such subordinate lien (inferior,to a fee simple)
shall be noted on the registration certificate when issued.
Section 15 provides for something analogous to the
caveat in patent law, denominated here a "caution."
Any person claiming to have any sort of interest in or
lien upon a piece of real property, or any part thereof,
may file with the registrar the written notice thus
styled, setting forth the nature of his claim, and stating that he requires notice to be given him when any
application to register is made as to this property.
Any owner of land 'may file this cautionary notice as
respects any land abutting on his own, and the regis-
1378
THE CHRONICLE
trar shall keep a duly-indexed list of these cautionary
notices; within ten days after filing any application to
register, he shall mail written notice to persons who
have filed "cautions" with respect to the property.
When the application (denominated "complaint")
has been duly filed, with its accompanying papers,
"the court shall determine whether or not the plaintiff
appears to have a title that should be registered!,
[Here the reader should note that examining and certifying by an official examiner of title, as above stated,
must be done before this procedure by and before the
court can begin.] For the purpose of determining the
propriety of registering, the court "may" require a
further examination, by the same official examiner
who has already done the work or by another, and
"may" also require further or amended survey, certificates, affidavits, "or any other proper evidence or
proof." When the court is satisfied, it shall direct
issue of a "summons" (in a method closely following
that in beginning civil actions); this summons is to be
made in person, or by mail, or by publication, according to the circumstances; but a copy must in every case
be conspicuously posted on each parcel of land included for at least forty days before application for
final judgment. These processes are set forth in ;detail in Sections 16 to 22. Section 23, which affirms
the conclusiveness of the result thus attained, is in full
as follows:
"No judgment of registration shall be made unless
the court is satisfied that the title to be registered accordingly is free from reasonable doubt.
"The judgment and any order made and entered in
an action under this Act shall, except as herein otherwise provided, be forever binding and conclusive upon
the State of New York and all persons in the world,
whether mentioned and served with the summons and
said notice specifically by name, or included in the description as all other persons, if any, having any right
or interest in or lien upon said property or any part
thereof. It shall not be an exception to such conclusiveness that any such person is an infant, lunatic, or
is under any other disability or is not yet in being."
The next section provides that any registration may
be set aside by making good an allegation of fraud,
provided the action is begun within ten years; as to
any action to set aside or modify, on other grounds
than fraud, the time limit is six months.
The object sought is to make real estate titles more
readily acceptable and transferable, so that a proposing purchaser or lender need concern himself only with
the value of the property itself, and need not look beneath the surface of the title document which is shown
to him; this excellent object is sought by offering what
is apparently a State warranty or an assurance that
no inquiry or attack can ever go back of a particular
date when the certificate was issued. Yet the reader
should note that there is no distinct State warranty,
and that the law, as above quoted, does not in terms
say anything more than that the action and judgment
of the registering court shall be final upon all persons.
The law may intend to make the certificate unassailable; yet, whether it does that by its terms, and whether
it has constitutional power to do so, is not entirely
certain. To fully carry out the aim of this scheme,
it must confer absolute legal finality upon the titles
which it certifies, or else it practically adds only another method of title searching;and its certificates must
be generally accepted, or else its usefulness is limited.
Each of these must be left for time to determine.
[Vo.L. Laxxvz.
Section 58 provides that a tenth of 1% of value according to the last assessment for local taxation shall
be paid to the registrar, upon the original registration.
This is for an insurance fund, but any person may be
released from paying it provided he states that he
waives recourse to the fund, in which event the words
"without recourse to the insurance fund" shall be
noted on the certificate or any copy. The owner may
subsequently change his mind and pay the assessment,
whereupon the waiver of recourse shall be canceled
and be so noted on the document.
Any person who, without negligence on his part,
sustains loss because of registration of another person
as owner of property, or who loses any estate or right
"through fraud or in consequence of any error or
mistake" in any certificate of title, can proceed against
the insurance fund, having first exhausted any other
right of action or other remedy he possesses. A
personal liability for errors on part of registrars and
others is declared, and the insurance fund is ultimately
liable; no provision is made for formal liability against
the State or a county.
This system, known ordinarily as the Torrens, takes
its name from Robert Torrens, an Irishman who
conceived the idea while living in Australia .and
procured its adoption there half a century ago. Something of the kind is in use in Germany, Ireland,
Switzerland and Canada. It is more or less used in
Massachusetts, Illinois, Minnesota, Colorado, California, Oregon and Washington. The minority of three in
the investigating commission opposed it as not having
proved itself feasible and satisfactory, one of them
deeming it certain to be a failure in New York because
money cannot be borrowed on registered property, and
therefore owners will lack motive to register; he
thought it conceivable that the Legislature might
make registration mandatory, but he could not conceive of a law to compel investors to make loans. One
of the signers of the majority report, however, made
some inquiries in Massachusetts and ascertained that
some 25 savings banks there made loans in 1907 on
registered property.
The object of the law is to avoid repeated examinations of titles and the multiplication of records; to
establish indefeasibility in ownership of real property,
facilitate transfers and loans, and make it more
readily and inexpensively available for buyers and
borrowers. There are a number of sections for the
purpose of making transfers more easy which we do
not take space to state; only by experience can it be
determined how well guarded they are, and how carefully the law itself has been drawn as a whole.
The great desirability of these objects is manifest.
Formerly, whoever wished to buy or lend on mortgage
must take his chances on the competence and faithfulness of private searchers, and the ways in which a
defect or a cloud may attach to a title are many.
Later came the guaranty companies, which undertake
to do the work once for all and interpose themselves
between their client and any source of disturbance;
their guaranty is equivalent to an insurance policy, it is
largely trusted, and it is as good as the issuer, just as
other insurance claims when undisputed. This plan
offers itself as an improvement and substitute. Considered as a proposition of insurance, the insurance
offered is not a formal liability against the State or any
sub-division, although public officials are made de-
JUNE 6 1908.1
THE CHRONICLE
1319
fendants in form; the insurance fund to be provided In view of the known condition of the copper trade,
is the guarantor, and if this fund prove insufficient to a rather poor showing by the Amalgamated Company
fully satisfy a judgment the remainder stands at inter- for the twelve months had been looked for, but the
est as a lien on the first moneys coming into the fund. figures are much worse than expected. If the reThe property whose owners do not choose to pay their verse in the copper trade had begun only after the
assessment (the premium) do not come under the in- panic in November, the outcome for the twelve months
surance. How many registering owners will, choose of the company's fiscal year must necessarily have
to come under it is, of course, conjectural; but all of been much more satisfactory than it is now shown
them, with or without that fund behind them, come to have been.
under the general warrant of the scheme, namely that
The truth is, the collapse in the copper trade antein six months after the procedure and registration are dated by many months the financial cataclysm in
completed the title becomes unassailable, except for the autumn, and in fact this very collapse in the copfraud, and in 93/ years more it cannot be attacked per industry foreshadowed the panic and led directly
even for fraud. And yet the law does not say in those up to it. The iron and steel trades had also already
words that "the title" shall become unassailable, but begun to show decline before the financial crisis came,
(Section 23 above quoted) that "the judgment and though in that case the movement was yet in its
any order made and entered in an action under this incipiency,nevertheless the decline there would also have
Act" shall be forever binding and conclusive. If a been progressive even if the financial upheaval had
broad and absolute indefeasibility can be thus given not intervened to bring about an immediate and overto a title, this is the substance in the scheme and fur- whelming relapse in trade. Stated in brief, adverse
nishes the real insurance; then the special insurance legislation and political assaults had destroyed the
provided is of chief value during the ten years and credit of railroad and other corporations, had imstands afterwards as a second guaranty which need paired their earning capacity and undermined the
not he availed of.
confidence of investors, so that enterprise everywhere
Nothing appears in the law to forbid any client of was brought to a halt and construction and improvea title guaranty company who chooses to do so from ment work had to be cut down or discontinued. With
availing himself of this method also; it is all left for orders for goods and supplies from large corporate
individual choice, there being nothing mandatory undertakings thus lacking, it was only a question of
anywhere. The courts are not to designate a special time when mills, factories and furnaces would have to
part for this business until there is enough of it to stop work. In the copper trade the effects became
make that appear necessary, and although the county apparent as early as last July—the demand for copper
clerks in counties not otherwise provided for "shall" be all of a sudden falling away to almost nothing under
registrars,they must waitfor the initiative from owners. the absence of new orders—which is the reason why
On the surface of the case, the title companies have that trade appears to have been harder hit than any
the ground under their feet attacked and might be other. The price of the metal within a very few
expected to be at least secretly hostile to the scheme; months was cut in two, dropping from 25 cents a
how seriously they are disturbed about it is uncertain. pound to 12@13 cents; this in turn took the value
An opening for their services in part is made by the out of the copper shares and paved the way for the
need for official examiners, but this work is open also downfall of the Mercantile National Bank and of others
to all admitted attorneys.
interested in copper properties.
Opinions favorable and unfavorable were obtained
The statement submitted by the Amalgamated Comby the investigators, the opposed minority seeming pany shows net income of only $6,680,556 for the year
to be most successful in procuring them. Opinions ending April 30 1908, as against $14,154,400 in the
from Chicago were especially unfavorable, one being preceding fiscal. year. Thus less than 41
/
2% was
that the market value of a Torrens title is limited to earned on the stock, where in the previous year over
those willing to accept it. One bank president holds 9% had been earned. Dividends are now one-half of
that the enacted indefeasibility itself is good only 1% each quarter, or at the rate of 2% per annum,
against those who have been brought into the proceed- but the aggregate of the payments for the twelve
ing by proper service of notice, and that before a months was just 4%, calling for $6,155,516, being
careful man can accept this, he must go back and make only about half a million dollars less than the net
sure that every detail was covered; therefore, that a income for the year. The previous year there had
re-examination is still required for closing every chance, been a surplus of about 231 million dollars after the
and so the system falls to the ground. At least, it is payment of the 7% dividends that came out of that
clear enough that a scheme of this nature, like the year's income.
telephone, increases in value as the number who use it
This comparison, however, poor though it is, by no
increases; it is therefore liable to proceed very slowly, means shows the full extent of the shrinkage in inunder the disposition to wait and see what others come. As has been pointed out by us on previous
will do.
occasions, the Amalgamated Company is simply a
holding concern, and its income is measured by the
THE AMALGAMATED COPPER CO. AND
dividends it receives on its holdings of the shares of
COPPER TRADE DEPRESSION.
the constituent companies. In previous years it hapIf any one still entertains the idea that the present pened that these subsidiary companies had not paid
prostration of the country's industries is the result of out in dividends all their profits, and hence it could
the financial panic of last October and November, be truthfully stated that the Amalgamated Company's
instead of being due to antecedent causes, study of net income fell far short of indicating the actual profits
the brief annual statement submitted by the Amalga- which had been earned by the constituent companies.
mated Copper Co. should serve to dispel the illusion We gave as one illustration, in reviewing the figures
1380
THE CHRONICLE
[VOL. Lxxxvi.
We •also get an idea of the policy pursued in the operafor the fiscal year 1906-07, that the Anaconda Copper
of the various properties from the remarks given
is
tion
Company
Amalgamated
the
which
Mining Co., in
understood to have a little more than a majority inter- in the Amalgamated Company circular. It is pointed
est, had in the calendar year 1906 made net income out that, after operating for a period of several months
of $8,842,669, while the 23% dividends then paid on under curtailed conditions, during which time the proAnaconda stock called for only $6,900,000, leaving ducing cost was far in excess of the normal(owing to
small
therefore an undistributed surplus for that period the fact that each company was producing only a
advisable
part of its normal output), it was deemed
of twelve months of $1,942,669.
On the present occasion this situation is precisely to confine all operations to one unit. Accordingly,
reversed. This time dividend payments have run in the mines and smelter of the Boston & Montana Co.
excess of the profits. Turning again to the annual re- at Great Falls were put in operation to their fullest
port of the Anaconda Company, this being the only extent. It is well enough to note that Mr. Heinze's
one of the constituent companies that furnishes annual United Copper Co., in its annual report, submitted
Statements, we see that, whereas in the calendar year the present week, makes an even worse showing than
1906 a surplus of $1,942,669 was left over after the the Amalgamated Company, its income for 1907-08
payment of 23% in dividends, for the calendar year being given at but $861,023, against $6,565,592 for
1907 income fell almost 3 million dollars short of the 1906-07.
The situation now appears greatly to have improved
dividend payments, though the dividends were reas regards price but as regards working. The
—not
duced to 21%, the exact deficit for the twelve months
of the Anaconda Company, after stating that
report
being $2,921,780. Accordingly, to say that the Amaland works of that company continued idle
mines
gamated Company in its latest fiscal year earned only the
and February 1908, points out that
January
during
in
the year
$6,680,557 net, against $14,154,400 net
of March work was again started, and
part
early
the
of
in
part
only
the story.
immediately preceding, is telling
of the month production had about
part
latter
the
in
the
constituent comBased on the actual profits of
To like effect are the remarks
normal.
the
reached
to
have
be
still
would
panies, the amount for 1908
the
of
Melin
Amalgamated Company, he
Secretary
for
total
of
1907
would
further reduced, while the large
1
the mines of all the dif1908
March
on
that
stating
have to be further increased.
and
the
Washoe
smelter were again
companies
ferent
constituent
other
companies
What the result for the
being operated to
are
and
now
commission
into
put
no
since
inforknowing,
of
means
has been there is no
capacity.
full
their
of
these
case
the
In
companies
mation is furnished.
In another particular the Amalgamated properties
any loss or deficiency would fall almost entirely on
also show improvement during the current fiscal
should
being
distribof
instead
the Amalgamated Company,
Cost is likely to be materially reduced. Wages,
year.
as
is
For,
shareholders.
outside
uted in part among
thing, will be lower, and the managers are cerone
for
the
entire
owns
Company
known, the Amalgamated
their attention to better-paying grades of
turn
to
tain
SmeltColorado
the
Co.,
Copper
stock of the Washoe
the price of the metal is very high, it is
When
ore.
and
Co.
)
&
Development
Mining
ing (now the Trenton
to treat ores of a lower grade, since the
practice
the
shares
few
a
all
but
and
Co.,
Milling
the Big Blackfoot
it profitable to do this. Last year
makes
price
high
Boston
&
Butte
the
and
Montana
of the Boston &
the
copper trade and the drop in price
in
reverse
the
the
Anain
as
Company,
Parrot
the
companies. In
it was not possible to change
that
sudden
so
were
presthe
In
interest.
majority
a
only
owns
conda, it
to a higher grade of ore. For
turn
and
enough
quick
stated
is
it
Company
Amalgamated
the
of
ent circular
that the companies owned wholly or in part by it pro- instance, the Anaconda report notes that much of the
duced, in the calendar year 1907, from their own and product resulting from the treatment of low-grade
custom ores, about .212,000,000 pounds of refined ores was not marketed until the late months of the
point
copper, of which the Amalgamated Company, we are year, when the price of copper had receded to a
much
very
either
told, "received the benefit from about 178,000,000 where the profit on its production was
wiped
pounds." The previous calendar year the total pro- smaller than had been expected or was entirely
lower
pound
per
cents
duct of the various companies was stated at 275,000,- out—the price ruling 10 to 12
indicating
As
extracted.
000 pounds, of which the Amalgamated Company was than at the time the ore was
reported to have "received the benefit" from about the situation in anther particular, it is stated that the
copper on hand at the end of the year was produced
224,000,000 pounds.
It is not likely, however, that the other constituent during the period of curtailment of production, and
companies, and in which the ownership of the Amal- actually cost $163,105 in excess of the amount realized
gamated Company is almost absolute, fared as badly from its sale. Examination of the expense accounts of
as the Anaconda Company. The reason is that the the Anaconda Company also show how difficult it
suspension of work in the case of the Anaconda Com- was to curtail expenditures under the conditions prepany was much greater than in the case of the other vailing. Though the output of copper by the Anacompanies. The Anaconda Company in the calendar conda Company was reduced nearly one-third, and reyear 1907 produced only 63,055,661 pounds of refined ceipts from the sales fell off nearly $9,000,000, mining
copper, as against 94,963,835 pounds produced in the expenses were reduced only from $5,870,439 to $5,241,calendar year 1906. The report of that company 704 and the reduction expenses at Anaconda only
states that, commencing with September, production from $4,424,278 to $3,640,295.
In addition to all this there should be a lowering of
was sharply curtailed until it reached as low a point
also from a constant improvement of processes and
cost
of
beginning
Decemas 35% of the normal. At the
the economies of operation rendered possible by
from
shown
trade
having
ber, the condition of the copper
extensive
improvements made in recent years.
the
the
of
works
Anaconda
further decline, the mines and
the
past frequently alluded to the enorin
have
We
completely.
down
shut
Company were
JurrE 6 1908.1
THE CHRONICLE
1381
mous concentrating and smelting works constructed world in 1906-07, and
consequent unprecedented
at Anaconda by the Washoe Copper Co., at an original demand for the raw material
at high prices, furnished
cost of over $9,000,000. At these works are treated the needed incentive to induce
additions to acreage in
the ores of the Anaconda, the Washoe, the Parrot, the spring of 1907, even though
the previous crop
the Colorado and the Butte & Boston mining compan- had been of practically record
proportions and conies. During the past year the Washoe smelter was siderably in excess of consumptiv
e requirements. It
equipped with electric power, thereby greatly lessening is in fact true that the surplusage from
the combined
the cost of operation, and this smelter is able now to cotton crops of the world in 1906-07
swelled the stocks
treat 10,000 tons of ore per day without difficulty. (visible being 500,000 bales greater,
invisible 1,000,000
The ores of the Boston Sc Montana Company are treated greater) at the end of the season
to approximately
at the latter company's own smelting plant at Great 6,000,000 bales of 500 lbs.
each net weight, an increase
Falls, and here, too, extensive further improvements over the same time in
1906 of over 1,500,000 bales.
are under way. These involve the erection of a smoke- Last spring's planting
(1907) was presumed to exceed
stack 506 feet in height. During the past year work that of 1906 by nearly
5%, and therefore, with fairly
on these improvements was diligently prosecuted, normal conditions,it was
an expectation widely enterit is stated, all of the grading for the flues and dust tained that the crop
would be large. But while in the
chambers having been finished, and the new stack eastern section of the cotton
belt the weather seems
built to a height of about 50 feet.
to have been favorable on the average,judging from the
yield secured, it was not conducive to good results
along the Gulf and in central districts, being distinctly
COTTON ACREAGE AND CONDITION
disastrous in portions of Texas. Instead of a comJUNE 1908.
mercial crop of 133/ millions of bales, as in 1906-07,
Although the season now drawing to a close has the completed figures for 1907-08 bid
fair not to
been, in all of its aspects, a much less favorable one in materially exceed 111-3 millions. It
is an open
cotton-manufacturing lines than either of its two question, however, whether the aggregate
of cotton
immediate predecessors, both as regards the output that will have come into sight in
the twelve months
of goods and prices received, the producer of the raw of 1907-08 will as nearly represent the actual growth
as
material has had no great cause for complaint. In in most former seasons. A belief
amounting practisome sections of the country, to be sure, the yield cally to conviction is very prevalent
that a comthe closing season has been materially curtailed, but paratively large amount of cotton has been held
back
the average price the planter has received for his this season. This belief is strengthened by
the surproduct has been comparatively high, so that the crop prising decrease in yield indicated by reports
from
of 1907-08 in the aggregate has made a profitable Texas to the Census Bureau. It is hard to conceive
return. This matter of price received for a crop, of a crop of only 2X millions of bales in 1907-08, or
especially if it is sufficiently compensatory to the practically the same as in 1888-89, with the area in
the
farmer at the time he is preparing for the next plant- interval more than doubled. But brushing aside
any
ing, is an important factor in determining his attitude doubts as to the approximate accuracy of the
Census
as to area.
Bureau's report of 11,375,461 bales as the yield of
But there are still other factors influencing his 1907-08, and considering also the marked decrease
in
action. We have passed the time when the Southern the India crop, and smaller contributions by the
various
farmer thought only of putting in all the cotton he small producers, it becomes quite apparent that
only
could get in without regard to how it could be disposed the decided decline in the world's aggregate
consumpof. Therefore, the state of the goods market, present tion prevented the surplus stock from being
very
and prospective, and the situation as regards surplus heavily drawn upon.
stocks of raw material, are considerations appealing
As in most recent years, the Southern planter has
to him with added force year by year. These points been bombarded this spring with advice to curtail
have been uppermost in his mind the current spring. acreage, and has apparently given it about as
little
Over against the decreased consumption of cotton in attention as on previous similar occasions.
He is
the world in 1907-08,and the uncertain,if not unpromis- not likely to take very kindly to advice of that
sort at
ing, outlook for the immediate future in the goods a time when cotton is making a profitable return.
trade, he has placed at the time of planting this spring There have been years in which it would have been
the fact that not only has the American crop shown greatly to his advantage to have disregarded
the
a considerable decrease in 1907, but that other sources money point and paid more attention to
the situation
of supply have contributed less liberally than in as regarded surplus supplies of the raw material
at
1906-07. Striking a balance, he has found that not- time of planting. He did not, however,
contract on
withstanding the decreased consumption, the world's such occasions, and suffered for
his temerity. But
surplus stock of the raw material in sight and in that is ancient history. Now we are dealing
with
mills is noticeably less now than it was a year ago, and large times, even though for the moment our industries
that the deficiency is likely to be further increased are comparatively inactive. Consumption of
cotton
before new supplies are at hand. Under the circum- has reached such a high level that a
carry-over
stances it is not surprising that the tendency to add of a million bales or so from a crop
is looked
to the area under the staple, so apparent in the spring upon more as an assurance of adequate
supplies
of 1907 and 1906, has not been wholly curbed this of the raw material the succeeding season rather
year, though the lack of ready money or credit has, than as a threat of over-supply. With cotton,
as
no doubt, been a serious setback.
with grain, a large or increasing acreage does not
It will doubtless be remembered that the phenom- insure a good crop, as the following compilatio
n fully
enal activity in all the cotton goods markets of the demonstrates.
THE CHRONICLE
1382
[VOL. Lxxxvt.
the course of the planter than the oft-extended advice
to cut down acreage with the expectation of forcing
191
4,352,317
9,985,000
1870
149
5,714,052
17,449,000
much higher prices. At the prices ruling in 1907-08,
1883
144
5,669,021
17,834,000
1884
169
0
7,313,726
20,173,48
1889
however, cotton has been too profitable a crop to
194
8,655,518
20,910,320
1890
5
203
9,038,707
20,838,20
1891
neglect in favor of other products, and there is apt to
234
9,892,766
20,680,247
1894
194
8,714,011
21,718,545
1896
237
be a lurking fear that, under existing circumstances,
11,180,960
23,028,792
1897
240
11,235,383
23,175,000
1898
189
advice to cut down area is not wholly disinterested.
9,439,559
24,175,245
1899
193 •
10,425,141
26,533,944
1900
186
10,701,453
27,874,105
It is only in newer sections, as already remarked, that
1901
192
10,758,326
27,300,371
1902
170
6
6
10,123,68
28,995,98
we find really important additions. As we analyze
1903
207
13,556,841
32,363,690
1904
192
0
5
11,319,86
28,808,41
1905
the situation, the net augmentation in the country's
211
13,550,760
31,557,242
1906
170
*11,375,461
33,079,425
1907
cotton area is 1.31%, against 4.82% last year. The
total.
Bureau
*Census
changes,i as we have made them for each State, are
same
the
shown in detail in the following:
The foregoing is self-explanatory and at
usive
inconcl
Estimated for 1903.
time highly instructive. It shows how
Acres,
Acreage,
States.
the mere fact of area is as indicative of product.
1908.
Decrease.
Increase.
1907.
the
acreage
the
With normal conditions, the larger
35,359
35,359
Virginia
1,156,118
2,156,116
North Carolina
greater the aggregate yield. Acreage, however, can South
2,567,015
cent
2,554,244 34 per
Carolina
4,487,217
4,969,892 34 per cent
Georgia
be controlled, while weather cannot. One example Florida
322,945
322,945
4,772,b93
1 per cent
4,724,845
Alabama
be
noted
will
It
3,754,395
taken from the above will suffice.
3,698,911 134 per cent
Mississippi
1,723,196
1,719,623 34 per cent
9,684,213
0,494,327 2 per cent
that in 1898 (properly speaking, 1898-99), the crop, Louisiana
Texas
1,992,595
1 per cent
1,972%886
Arkansas
784,790
1 per cent
792,717
favored by quite satisfactory weather conditions Tennessee
2,165,508
2,082,304 4 per cent
Oklahoma
66,582
2
cent
per
65,276
383
of
11,235,
total
Missouri
record
throughout, reached the then
-33,512,112
5 1.31 per cent
33,070,42
the
Total
In
acre.
per
lint
lbs.
bales, or an average of 240
year now drawing to a close the crop is approximatel)
This compilation shows that there is a net increase
the
,
but
1898-99
in
as
bales
the same in number of
compared with 1907 of 1.31%, the total acreage
the
in
Acreage
lbs.
170
yield per acre is only about
reaching 33,512,112 acres in 1908, against 33,079,425
condinormal
40%,
over
meantime having increased
acres in 1907. We add the acreage for previous years
greater
much
that
given
tions of weather should have
for comparison, giving at the foot of the table not only
weather
the
But
bales.
yield, or about 16 million
the acreage but the total crop for each year, with
the
tion
compila
this
of
was not normal. In the light
the percentage of increase or decrease in area or proare
ty
necessi
of
that
es,
duction compared with the previous year and the
-folly of early crop estimat
t.
apparen
s
become
product per acre.
based entirely upon area,
COTTON ACREAGE FOR THE YEARS NA,11LED-(000s omdtted).
A consideration of no small importance this season
1907-08. 1906-07. 1905-06. 1904-05. 1903-04.
factor in determining the extent of area has been
--,-------34
37
34
35
35
each spring VirginiaCarolina
2,118
1,241
1,079
1,133
1,156
the labor supply. For some years past
North
2,417
2,650
2,339
2,480
2,554
Carolina
s. This South
4,170
4,546
4,091
4,377
4,465
Georgia_
there has been complaint of lack of laborer
318
328
302
317
323
Florida _
of
be
would
it
3,911
made,
4,342
be
4,168
4,543
4,725
Alabama
season, if complaint were to
3,348
3,683.
3,204
3,699
3,557
Mississippi
1,560
1,732
1,541
1,665
1,715
Louisiana
plethora. The reason for this situation is so patent Texas
8,/31
9,106
7,023
9,494
8,873
1,964
2,101
ul
2,807
plentif
1,973
labor
1,915
With
Arkansas
tion.
explana
732
841
740
that it needs no
785
793
Tennessee
1,214
1,682
2,522
2,082
1,813
Oklahoma
lower
the
at
even
ative,
remuner
59
66
58
64
65
and prices for cotton
Missouri, &c
-----de- Total acreage
28,996
32,364
28,808
31,557
33,079
level of values recently current, arguments for
23,557 20,224
22,320
13,551
---_
Total producton
rn Increase
6.21%
4.82%
9.54% *10.99% 11.62%
in acreage
creasing of area are largely futile. The Southe
19.71% •16.50% 33.9% •5.811%
in production
Increase
169
cotton
a
with
207
that
192
not,
211
lbs
acre,
do
per
--__
Product
planter knows, if others
cents
8
and
acre
per
bales
Decrease.
product of as low as 1-3
crop than
SECOND.-With regard to maturity, cultivation
per lb. for lint, cotton is a more profitable
of and condition, the conclusions we reach are as follows:
either wheat or corn at a comparatively high level
(1) As to Maturity.-This crop in its start may be
prices. And this, not counting the' excellent returns
of recent years,
received for surplus cotton seed. What good reason is designated as well up to the average
than and more advanced than that of last year. One fact
there for the Southern farmer planting other
him to be remembered is that after growth of early planted
cotton, beyond his necessities, when cotton gives
seed had really begun,the weather was quite satisfacbest returns?
tory in most sections up to the dose of April. Then
Conclusions.
ent a cold period of about two weeks' duration intervened,
From the details by States given on subsequ
checking development of late planting, and there were
pages, we sum up our conclusions briefly as follows
some complaints also of excess of rain or lack of it.
FIRST, Acreage.-As already indicated, the tenon These adverse influences, however, disappeared quite
dency at the South this year has been in the directi
generally about the middle of May, since which time
of adding to the cotton area, but in the main along
conditions have been normal in the main, fostering
conservative lines. In fact no radical inclination
satisfactory growth of the plant. Floods in portowards increase has been evidenced except in newer
of Texas and Oklahoma in late May, howsections. In this respect this season differs little from tions
were unfavorable features. So far as we have
' that which preceded it, even though the gain in ever,
been able to learn, no considerable damage resulted
acreage is not as large as then indicated. Comparafrom the unfavorable conditions noted, and telegrams
tively high prices for the staple pretty much all
date June 1 from the various sections of the belt
through the season now closing, and a gradual and, of
denote that the crop is doing well on the whole, and
on the whole, appreciable reduction of surplus stocks,
seasons from now on should give a fairly
notwithstanding the restriction of consumptive re- with average
yield on the area planted.
quirements, have been more effective in determining full
Year's
Planting.
"Chronicle"
Acreage.
Crop
Bales.
Pounds
per Acre.
JUNE 61908.1
THE CHRONICLE
(2) Cultivation has proceeded satisfactorily as a
rule all though the season. Rains, which caused
cotton to develop, also, of course, fostered growth of
weeds and grass, but farmers have been able to keep
up with their work, with no serious interruption, and
the situation in this particular contrasts favorably
with a year ago, when on the first of June fields in
many sections were unusually foul. Fertilizers have
been used a little less extensively this year, the takings
of commercial sorts exhibiting a slight decrease, while
in home-made manures the gain, if any, has been inconsiderable.
(3) Condition of the plant, as our summaries indicate, is fairly promising, taken as a whole, and as we
said, better than a year ago at this date. The States
least favorably situated—if any such distinction is to
be made in a season when the outlook is fairly good
almost everywhere—are those wherefloods have recently
occurred. Suffice it to say that whatever the weather
may prove to be later in the season, the plant is in
most sections in fair trim to resist adverse conditions.
Our summaries by States are as follows:
VIRGINIA.—Planting was begun and completed in this
State at about the same time as in 1907. Seed are stated
to have come up rather poorly as a rule, mainly as a result
of cold weather, and from the same cause more than a
normal amount of replanting was required. Low temperature was an adverse factor during early May, and there
were also some complaints that lack of moisture militated
against prompt and satisfactory germination. It was not
until after the middle of May that more favorable conditions
led to any really satisfactory development, so that the
plant at this writing, although more mature than in 1907,
is behind an average year. Stands are now, however, fairly
good, and fields are stated to be free of foreign vegetation
and well cultivated. Acreage has been added to in some
districts and decreased in others, and has seemingly undergone, for the State as a whole, no measurable change from
that of a year ago. Fertilizers have been a little less freely
used than in the previous season.
NORTH CAROLINA.—The planters in this State were
as a whole able to get in their seed in advance of 1907. In
other words, not only did the preparation of land proceed
better than a year ago, but planting operations suffered
less delay from climatic conditions than then and in consequence work was completed quite generally between
May 15th and 20th, or from a week to ten days earlier than
last year. Most of our correspondents report that seed
came up well but the germination of those planted in late
April and early May was delayed by cool and dry weather,
giving a rather poor start to part of the crop. A further
result of the adverse conditions was that a fair amount of
replanting has been necessary. Frost was reported in some
localities at the close of April, but as a rule, owing to the
dry weather, no appreciable damage was done. Subsequent to the midddle of May climatic conditions turned
more favorable, rain falling where needed and temperature
ranging higher, working considerable improvement in the
plant. Stands range from fairly good to good at this writing
and fields are clear of weeds andgrass. Acreage.—The
tenor of our returns on this point is that there has been
but little change in the area devoted to cotton. In some
districts decreases are reported, but they have been a little
more than offset by increases at other points; the resultant
gain for the State as a whole, however, is in our judgment
so small that we leave the area as it was last year. Fertilizers of the commercial sorts have been taken to about
the same extent as last year, but in home-made composts
a small decrease is indicated by our returns
SOUTH CAROLINA —Although the planting season
was a few days later than in an average year, it was fully
ten days earlier than in 1907. But in this connection a
tendency is to be noted in some districts in recent years to
purposely delay the time of planting in order to avoid
adverse weather conditions, and that fact must be taken
into consideration in making comparison of seeding time
with earlier seasons. This year in a few districts seed was
put in as early as the middle of March but there was no
activity to operations until about April 10, after which
date good progress was made until the cold spell set in at
the close of the month. Some delay then ensued but seeding was practically completed by May 20. Early planted
seed germinated well to very well, but late plantings were
delayed in coming up by cool weather. That circumstance,
in conjunction with defective seed, accounts, moreover,
for an amount of replanting rather in excess of the average.
As to weather since growth began, it would seem to have
been quite favorable except during the last two or three
1383
days of April and the first two weeks of May. In fact, since
the middle of May there has been little or nothing to complain of,either as regards rainfall 'or temperature. Development of the plant has consequently been satisfactory on
the whole. Stands, therefore, now range from good to
very good, and the fields are reported to be very free of
foreign vegetation. Acreage.—The policy as regards area
in South Carolina this season may be described as conservative. Changes h ve occurred in many districts, but
they haye been moderate or slight quite generally—some
increasing, others decreasing, and the majority evincing
a disposition to adhere to a planting identical with last
spring. For the State as a whole,in the light of our information, we estimate a, gain of not more than one-half of one
per cent. Fertilizers.—Financial considerations—difficulty
in securing credits—have apparently operated to cause
a decline this year in the takings of commercial fertilizers,
and there seems to have been a moderate decrease in the
use of home-made sorts.
GEORGIA.—On the average the planting season was
about a week to ten days ahead of last year, work starting
is some sections about the first of April and finishing generally
in the third week of May. While the season in April this
year was, on the whole, more favorable than in 1907, there
are complaints that heavy rains between the 10th and 20th
flooded some bottoms and rendered the soil crusty and
hard to work in a few upland localities. This of course
militated against the start in the territory affected. With
regard to germination our returns are quite full but to some
extent conflicting. They indicate, however, that seed
came up fairly to very well in most instances, early plantings
doing best. Following the cessation of the excessive rains
there came an interval of cold weather that continued until
about May 12, and at the same time there was lack of
moisture at many points. These adverse factors naturally
checked development of the plant and called for more than
a normal amount of replanting in a number of districts.
Since the middle of May more favorable conditions, both as
regards temperature and rainfall, have prevailed, working
much improvement in the plant and leaving it on June 1
more satisfactory than at this time a year ago. Stands
range from fairly good to good now, and fields have been
put in excellent state of cultivation, the absence of heavy
or continuous rains facilitating work. Acreage has been
slightly increased in Georgia. Early indications were for
a larger addition than our returns seem to warrant; some
members of the Farmers' Union have plowed up fields
already planted, substituting corn and peas for cotton
This substitution does not appear to have been sufficient to
cut off all the intended augmentation of area, an analysis of
our replies leading us to make the acreage one-half of one
per cent more than last year Fertilizers of the commercial
sorts have been taken a little less freely, but home-made
manures have been used to about the same extent as a year
ago.
FLORIDA.—The preparation of land for cotton and the
actual putting in of seed in Florida this season was a few
days in advance of 1907. In some sections planting was
commenced shortly after the first of March and was completed in about a month's time. Elsewhere, however, a
later start was made—not, in fact, until near the close of
March—and work,being interfered with by droughty conditions, was not finished until about May 10. Our reports
on germination indicate an irregular coming up of the seed,
but on the average the plant started off fairly well. The
drought to which we have referred above continued in some
localities up to the 19th of April and was succeeded by a
cold spell and rather more moisture than desired—conditions
not calculated to promote satisfactory growth and development of the plant, but only a moderate amount of replanting
was entailed. Since about the 12th of May, however, improved and generally favorable weather conditions have been
experienced, and the plant has done very well. Stands
average good over the State and fields have recently been
brought up to a very good state of cultivation. Acreage
appears to be unchanged from last year. Fertilizers are
not freely used and this season a decrease in the takings of
commercial sorts is to be noted.
ALABAMA.—Planting began shortly after the middle of
March in Alabama, although comparatively little seed was
put in in that month. But the continued favorable weather
of the early part of April caused work to be actively prosecuted. At the same time some farmers having in mind
their experience of last year, delayed operations still further,
and as conditions were unfavorable during late April, quite
a deal of bottom land was not planted until after the first
of May. To sum up the situation, over a considerable section planting was finished by the end of April, but it was not
completed everywhere before the 15th of May, the season
being ten days to two weeks in advance of 1907. Our
reports as to germination are quite favorable. One or two
correspondents state that seed came up poorly, referring
more particularly to late plantings, but the consensus of
opinion is that they germinated well to very well. During
March and up to near the close of April the weather was very
favorable as a rule, but for about two weeks ending with
May 12, low temperature and excess of moisture were mentioned as adversely influencing the plant, hindering work.
Owing to the heavy rains in some sections, rivers and creeks
1384
THE CHRONICLE
overflowed and washed lands badly, rendering necessary
more than the usual amount of replanting. For the past
two or three weeks, however, temperature and rainfall conditions have been more satisfactory, and the plant has developed very well, presenting now a much stronger and
healthier appearance than a year ago. Stands.—Information
on this point varies as to locality, but at this writing most
reports are fairly favorable. There are, as in all years, some
complaints, but with few exceptions the stand this year is
stated to be good and the work of cultivating the crop is
reported to have been very well attended to lately. On
the whole, the outlook in Alabama June 1 was rather promising. Acreage.—Notwithstanding a disposition in many
sections to make no change in area, we found a tendency
prevailing elsewhere to increase the amount of land under
cotton, and in some cases to the extent of 10 and 20%. A
few correspondents, in fact, state it as a settled policy to
plant all they can. The adverse conditions of early May,
especially the overflowing of bottoms, caused a modification
of early intentions,so thata thorough canvass of the situation
does not seem to warrant placing this year's average addition
at more than 1%. Fertilizers of the commercial sort have
received less attention, but home-made composts have been
normally used.
MISSISSIPPI.—Over quite a considerable portion of
Mississippi the planting season was prolonged by unfavorable
weather conditions. In some instances the putting of in
seed was begun shortly after the first of March and for the
State as a whole planting was well under way in early April.
But during the month the rainfall was rather in excess in a
number of sections and the same was true to an extent of
the early part of May. As a result some bottom lands along
the Mississippi and tributary rivers and creeks were overflowed and had to be replanted. In upland sections conditions were more satisfactory, yet planting in the State as a
whole was not completed until near the close of May. Subject, to the qualification that some latest-planted seed is
only just now coming up, our returns as to germination are in
the main favorable. A few state that seed came up poorly,
many say well, and still others exceedingly well, or better
than usual. Aside from replanting due to the flooding of
bottoms, cold weather and washing of land by heavy rains
has been responsible for a moderate amount. There are, of
course, some complaints of adverse conditions other than
the excess of moisture referred to above. Low temperature
was a feature not conducive to normal development during
the first ten days of May and rather more rain than desirable
is also referred to With the supervening of favorable
conditions over much of the area, about mid-May, however,
the plant quite generally began to take on better growth, and
on June 1 was doing nicely, being much better situated than
a year ago. This is evidenced by the fact that stands now
are reported generally good and recently there has been
ample opportunity for thorough cultivation. Acreage.—The
tendency in the matter of area this year has been towards
increase. Many returns report unchanged results and a few
denote that decreases have been made. On the other hand,
additions runnihg as high as 25% are reported. In our
judgment the conclusion seems to be warranted that there
has been a net gain of 1%%. Fertilizers.—Increased takings
of commercial sorts are noted at most points, and a slightly
greater amount of home-made composts has been availed of.
LOUISIANA.—Favorable weather in the early spring
facilitated the preparation of land for cotton, and as a result
planting in some sections was under way shortly after the
opening of March. Work did not become general, however,
until about the first of April, and for a time was vigorously
prosecuted. But toward the close of the month,and in fact
in early May, the rainfall was excessive, washing uplands in
some sections a d overflowing bottoms, and consequently
interfering with or completely preventing the completion of
seeding. Thus it happened that the finish was not before
the, middle of May or later than in an average year, but in
advance of 1907. The adverse conditions referred to, in
conjunction with low temperature in late April and the first
ten days in May,caused some late plantings to start off rather
poorly, but on the whole seed came up well, and some correspondents say germination was excellent. Naturally, some
replanting was necessary, but much less than in the previous
year. Development, of course, was slow during the period
of low temperature, but since the tenth of May there has
been little to complain of except too much rain at a few
points. The plant, therefore, has taken on satisfactory
growth in the main, and at this time is in a fairly promising
condition. Stands are goods as a rule, and in some cases
are reported exceptionally so, or practically perfect, and the
crop is on the whole in a high state of cultivation, as is indicated by correspondents' remarks that the fields have not
been as well worked in years. Acreage has been derceased in
some sections and the correspondents so reporting state that
the falling off is due to fears of the boll weevil. Elsewhere
there have been additions in many cases, and for the whole
State a fair average gain would be about %%. Fertilizers.—
Commercial fertilizers have been a little less freely used and
home-made manures have been availed of to about the same
extent as in 1907. Artific;a1 aids are, however, not much
of a feature in the agriculture of Louisiana.
TEXAS.—With a bountiful season in the ground in most
sections of Texas as a result of the rains of last fall and
IV 0L. Lxxxvi.
winter, and favorable weather conditions in the early spring,
preparations for the crop this year started off quite auspiciously. Planting operations began in the more southerly
part of the State before the close of February, and, meeting
with no special hindrance, were completed in that locality
before the end of March. Elsewhere work did not begin
until much later as a rule—from March 15 to a little after
April first—and finished anywhere from April 20 to May 20,
cold weather and excess of moisture being retarding .influences. Early-planted seed almost without exception
came up well to very well, and, favored by satisfactory
conditions of weather down to the last few days of April,
developed finely. Later seeding did not do so well, having
had to contend with cold weather in very late April and the
first ten days of May and rather too much rain in some sections during the same period. Furthermore, on April 28 to
30 frosts occurred, being killing in a few localities. It followed, therefore, that more than the usual amount of replanting had to be done. After the tenth of May the
weather was more favorable on the whole, giving the plant
very fair growth, but about the 20th in some districts too
much moisture was complained of, and on the 23d and 24th
heavy rains caused the Trinity River to overflow considerable
sections already under cotton. The past week conditions
have been more favorable, and an improvement in the crop is
indicated by our advices of June 1, except in the flooded
sections. Stands vary much, according to locality, some
saying good to very good, others exceptionally good, and
quite a number only fair or below normal. On the average,
we should judge they are,fairly good, and therefore better
than last year at this time, with the qualification that
little can be said of the districts recently flooded. Fields
are in a good state of cultivation now. Acreage has been
increased • in newer sections of Western Texas, reports
from that locality giving percentages of addition running as
high as 30%. Elsewhere conservatism has been quite the
rule, and there have been some decreases. For the State as
a whole, making allowance for loss of area through flooding,
we estimate the gain at 2%. Fertilizers are used only in a
limited way.
ARKANSAS.—The returns at hand indicate that weather
conditions operated somewhat to delay planting operations
this spring but not to the extent that work was interfered
with in 1907. Seeding began between the first and tenth
of April and was completed on the average about the close
of the third week of May, or about ten days in advance of
a year ago. Early-planted seed came up well to very well,
but the general cold weather and, at some points, excessive
moisture of late April and early May,checked germination,
giving to late plantings a less satisfactory start. From
the adverse conditions referred to above, and from the
overflowing of land outside the levees, replanting has been
required, but much less than last year. Recent conditions
of weather or more properly speaking since the middle of
May, have been favorable in the main, and the crop has
done relatively quite well. The plant is smaller than in an
average season as a result of the period of low temperature,
early plantings being best situated, and some land in
the river valleys have been flooded. But the crop as a
whole is in better condition than at this date a year
ago and on June 1 was, according to telegraphic reports,
making fairly satisfactory growth. Stands, while somewhat irregular, are on the whole good, and recently there
has been no special hindrance to work of proper cultivation.
Acreage.—Early intentions as to area have suffered some
modification, but not so far as we can learn through any
inclination to pay attention to advice to cut down acreage.
In newer sections increases have been the rule, reported
percentages being high in some cases. On the other hand,
there have been some reductions. The majority of farmers
have apparently adhered to about last year's area of planting and this fact leads us to infer that a fair measure of
average increase for the whole State would be about l. per
cent. Fertilizers come in for no great amount of attention in
Arkansas, but this year commercial sorts have likely been
used a little more freely.
TENNESSEE.—The prevailing weather conditions during the early spring hidered farming operations. Continued
rains and cold weather retarded the preparation of the soil
and the same adverse influences made progress with planting
slow. Seeding began in a few districts shortly after the
first of April but planting was not finished until during
the last week of May, or later than in an average season,
although a few days in advance of 1907. First-planted
seed came up quite well, but later plantings germinated
rather poorly. Replanting to a greater extent than normal
was required. Since about the 12th of May more seasonable
weather has prevailed, under which the plant has done
reasonably well, but is of course at this time not so forward
in development as. in an average season. Most recently
replanted cotton is not yet up or is just about starting
off, so has not reached that point in development which
permits referring to the stand. But where the plant has
been chopped out, stands, while small, are good as a rule
and fields are clean. Acreage.—In this State we come upon
a somewhat different situation as regards area, the returns
indicating a small average decrease. This is due to the
substitution of tobacco for cotton on account of the extremely high prices ruling Making dug allowance for all
the changes that have taken place,we are impelled to reduce
JUNE 6 1908.j
THE CHRONICLE
the acreage for the State as a unit by 1 per cent. Fertilizers
are little used.
OKLAHOMA.—Taking Oklahoma, whieh now includes
the former Indian Territory, as a whole, the planting season
was later than in an average year and not much in advance
of 1907. Low temperature and wet weather interfered
with the preparation of the soil and consequently with the
putting in of the seed. Ge minat n. was delayed quite
materially and most of our returns indicate that seed came
up poorly or not very well Lat April an I early May
were rather cold, with frost in some localities, and excess of
moisture was also complained of. From these various
causes, and the subsequent overflow, quite a replanting
was necessary, the last of which has not yet been
completed. Conditions from about the 10th of May to
the 23d were quite favorable, but on the latter date and on
the 24th there were very heavy rains in Southern districts,
causing rivers to rise, flooding an important area of cotton
land. Favorable weather has been experienced the past
week, and outside the flooded territory there is a marked
improvement in the situation as June opens. Stands,
subject to the qualifications noted above, are now fair to
good and cultivation has not been neglected. Acreage
has been materially increased in some localities, but the
unfavorable factor of flood, referred to above, has served
to cut down area in sections affected, so that for the whole
State the average increase is approximately only 4 per
cent. Fertilizers receive little or no attention.
MISSOURI.—Planting was delayed here also by adverse
weather conditions and, was on the average later by ten
days or two weeks thana normal season. Seed came up
well at first, but excessive rains injured the plant to some
extent and low temperature checked growth. Only a
moderate amount of replanting, however, had to be done.
Too much moisture was claimed to be an almost continuous
unfavorable factor during April and early May, but latterly
the conditions generally have been favorable, much to the
benefit of the plant. Stands are now reported to be good
in hill lands but below the average in low bottoms; yet
on the whole much better than a year ago at this time.
Acreage has been added to in some districts and cut down
in others.. For the cotton area of the State as a whole we
deem an increase of 2 per cent warranted by our returns.
Fertilizers are not largely used, but all kinds have been more
freely availed of this season
1385
and nine members of the House), was named on the 30th
ult., and is made up as follows: Mesrss. Aldrich, Allison,
Hale, Burrows, Knox, Daniel, Teller, Money and Bailey,
representing the Senate, and Messrs. Vreeland, Overstreet,
Burton, Weeks, Bonynge, Smith of California, Padgett,
Burgess and Pujo. Senator Nelson W. Aldrich has been
elected Chairman of the Commission; Edward B. Vreeland
is Vice-Chairman, and Arthur B. Shelton, Clerk of the
Senate Finance Committee, is the temporary Secretary.
A sub-committee is to meet at the Plaza Hotel, New York,
on the 11th inst. to discuss and prepare recommendations
which will be submitted to the full commission at a meeting
on July 20.
New York Stock Exchange membership was reported
transferred recently for $71,000.
—Press dispatches from Mexico City under date of May
28 stated that the Chamber of Deputies had that day passed
the new banking bill. This bill regulates the establishment
of new banks and provides for the examination of existing
institutions. It is also said to define collateral securities and
to remedy certain abuses found to exist relative to longtime loans.
—With a view to broadening the market for securities
listed on the Stock Exchange at Chicago, or otherwise dealt
in at that point, the Chicago banks and commission houses
have joined in a movement to induce the opening of transfer
offices in Chicago by corporations whose securities are largely
held in that territory. To this end a committee of five, appointed by the Governing Committee of the Chicago Stock
Exchange, and consisting of F. D. Countiss, J. J. Townsend,
H. D. Sturtevant, H. C. Hackney and S. Liebenstein, has
addressed a letter to such corporations, urging the establishment by them of transfer offices in Chicago, and the listing
of their securities on the Stock Exchange of that city. In its
argument for the adoption of this course, the committee
points out that the resultant saving of the transfer tax imposed by the State of New York is an item of considerable
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S. importance to the stockholders; it also declares that the long
delay in transferring stocks traded in on the Chicago market
—The public sales of bank stocks this week aggregate 120
which have their transfer offices in New York works a great
shares, of which 76 shares were sold at auction and 44 shares
disadvantage to that market, inasmuch as brokers hesitate
Stock
the
at
Exchange. The transactions in trust company
stocks reach a total of 265 shares. The table given below in to recommend the purchase of stocks for investment which
which cannot be easily and readily transferred.
our usual form shows the actual sales of New York City
•
—Clark Williams, New York State Superintendent of
bank stocks made during the week at auction and at the
Banks,
has increased his force of State bank examiners from
Stock Exchange. Extensive tables showing the bid and
asked quotations, deposits, surplus, dm., of banks and trust four to ten in order to meet the requirements of the new
companies in all important cities of the United States are banking laws, entailing more adequate supervision of State
published monthly in the "Bank and Quotation" section, institutions.
—Secretary Fred. E.Farnsworth of the American Bankers
the June issue of which accompanies to-day's "Chronicle."
Bid and asked quotations for all New York City bank and Association makes the following announcement concerning
trust company stocks are also published weekly in another the annual gathering of that organization, as a result of his
department of the paper, and will be found to-day on pages visit to Denver, where the meeting will be held during the
week of Sept. 28: Monday and Tuesday, the 28th and 29th,
1394 and 1395.
will be given to committee meetings, the executive council
.Shares. BANKS—New York.
Low. High. Close. Last previous sale.
and the various sections; Sept. 30 and Oct. 1 will be set apart
141 4 1414 April 1908— 142
50 Citizens Central Nat. Bank _ 141
286
286
286
414 City Bank,. National
May 1908— 2973
for the business sessions of the association, and Oct. 2 for
169
433 Commerce, Nat. Bank of_
165
168% May 1908— 168
'entertainment. During his visit to the Western city Mr.
320
1 Corn Exchange Bank
320
320
May 1908— 311
Farnsworth, with a local committee of bankers, went over
238% 238% 2384 May 1908— 238
25 Mechanics' National Bank
TRUST COMPANIES—New York.
the various details appertaining to convention week. Mr.
35 Astor Trust Co
275% 2759/, 275% Oct. 1907— 300
Farnsworth also attended the annual convention of the Mis210 Carnegie Trust Co
160
1604 1604 May 1908— 150
25 Metropolitan Trust Co
souri Bankers' Association, and that of the Tennessee Bank500
500
500
Oct. 1906— 601
5U.S. Mortgage & Trust Co
341
341
341
Jan. 1907— 475
ers' Association. At both of these he made brief addresses
• Sold at the Stock Exchange.
on the State association work and the work of the national
—The emergency currency bill which passed the House organization.
on the 27th ult. became a law on Saturday last, the 30th
—The board of directors of the Carnegie Trust Co. of this
ult., with its adoption on that day (late in the afternoon) city was reorganized at the annual meeting of the stockholdby the Senate, by a vote of 43 to 22, and its immediate ers on Monday in order to provide for the representation of,
approval by President Roosevelt. The day also marked ,new interests. The new members are Frederick Weyerthe adjournment of the Sixtieth Congress. An effort to lauser, millionaire lumberman of St. Paul; James W. Lusk,
defeat the passage of the bill had been in progress from President of the National German-American Bank of St.
Friday morning, the fight being led by Senator La Follette, .Paul; Alexander McDonald of Cincinnati; George E.Roberts,
who had the assistance of Senators Stone and Gore. Senator President of the Commercial National Bank of Chicago;
La Follette spoke almost continuously from 12:30 Friday John Sherwin, President of the First National Bank of Cleveafternoon until 7 o'clock Saturday morning. By its land; George C. Smith of the Westinghouse interests, Pittsterms the new law expires June 30 1914. It is reviewed burgh; J. J. Spaulding of Atlanta; Sol Wexler, Vice-Presieditorially on a preceding page and the full text of it will dent of the Whitney Central National Bank, New Orleans;
be found on page 1388.
Alden Anderson, former Lieutenant-Governor of California;
The National Monetary Commission, which the bill David H. Bates; Adolphus Busch of St. Louis; William J..
p'rovides for (to be composed of nine members of the Senate Cummings of Nashville; Newman Erb; David It. Francis,
1386
THE CHRONICLE
[VOL. Lxxxvi.
resumed
former Governor of Missouri, and Vice President of the Mer- February 1st 1908, following a two days' run,
t plan.
chants-Laclede National Bank of St. Louis; William P. G. business on the 4th inst. under a deferred-paymen
with
of
10%
payment
the
for
provides
This
arrangement
of
Bank
BirmingNational
First
the
Harding, President of
date; 20% at
ham, Ala., and Liston L. Lewis. The following directors the reopening; 15% four months from that
months, and
were re-elected: Anson W. Burchard, A. B. Chandler, the end of eight months; 25% after twelve
The bank was
James R. Curran, Charles C. Dickinson, Frank L. Grant, the remaining 30% after sixteen months.
Superintendent under
W. A. Keener, Frederick Lewisohn, Alton B. Parker, J. G. the first taken charge of by the State
late session, giving
the
at
enacted
law,
the
of
Robin, Jacob Ruppert Jr., Charles M. Schwab, James Tal- the provisions
suspended inover
authority
direct
Superintendent
of
the
Warburg
Loeb
Kuhn,
Paul
Etten.
cott and Edgar Van
fees
receivership
large
the
with
contrast
In
& Co. and Leslie M. Shaw, formerly President of the Trust stitutions.
the total cost
institutions,
closed
other
of
case
the
in
paid
retiring
directors.
the
among
Company; are
Bank under the
The Carnegie Safe Deposit Co. has issued invitations for of administering the affairs of the Home
$1,191, of which but
but
been
have
to
said
is
Department
in
the
vaults
armor-plate
Trinity
new
its
of
an inspection
$666 goes to Deputy Superintendent G. S. Leonard, who
Building on Wednesday, June 10, from 2 until 6 o'clock.
May 1 was appointed to liquidate its affairs. The bank
—The Knickerbocker Trust Co. of this city has arranged on
under the management of William E. Kay, Presireopens
for the erection of an eight-story office building on the former
Cranford, Vice-President and J. W. Waller,
Charles
dent,
site of the Consolidated Stock Exchange, corner of Broada capital of$100,000 and a surplus of $50,000.
has
It
Cashier.
way and Exchange Place. The property was purchased by
the receivers of the Williamsburg
discharging
order
—An
the company in May 1906 and it was the intention to erect
thereon a twenty-story ,building. The accepted plans, it is Trust Co. of Brooklyn Borough, with the understanding
said, provide for a foundation which will permit of the build- that the institution is to resume business on the 8th inst.,
ng of additional stories, should the company decide later was granted by Supreme Court Justice Kelly, in Brooklyn,
fees,
to carry out its original purpose. The property has a front- on the 1st inst. He also fixed the receivership
$20,000,
age of 67 feet on Broadway, 133 feet on Exchange Place and directing that Augustus Van Wyck,receiver, be paid
Frank L. Bapst, co-receiver, $10,000, and John G. Lyons,
67 feet on New Street.
resumption,
The Appellate Division of the Supreme Court in Brooklyn receivers' counsel, $10,000. The company's
Banking
State
by
the
had
been
previously
approved
which
rendered a decision yesterday reducing the original allowdepositors
ance of $75,000 for each of the three receivers of the Knick- Department, was sanctioned on condition that its
erbocker Trust Co. to $20,000 each. The opinion was be paid in full with the reopening; this is to be accomplished
which furwritten by Justice Gaynor, who declared that the sum through the aid of the Metropolitan Trust Co.,
payment.
it
such
to
meet
enable
to
cash
the
necessary
nishes
as
to
amount
originally allowed was "so grossly excessive
The reorganization plan, it is understood, involves the
to a spoliation of the assets of the trust company."
of the Williamsburgh Trust Co.
—H. P. McIntosh, Vice-President of the Guardian Sav- deposit by the stockholders
trust to continue for two years.
voting
a
in
holdings
their
of
the
of
Chairman
and
ExecuCleveland,
of
Co.
ings & Trust
of
$80,000 made on the 2d inst.
payment
—Through the
tive Committee of the Trust Company Section of the Ameriformer
of the failed German
Georger,
President
A.
Eugene
York
in
New
conferring
been
by
has
Association,
Bankers'
can
with J. F. Thompson, Vice-President of the Bankers' Trust Bank of Buffalo, to receiver A. J. Wheeler, Mr. Georger,
Co.; L. L. Gillespie, Vice-President of the Equitable Trust it is understood, has been freed from all civil and other
Co. of New York, and Philip S. Babcock, members of the proceedings against him in connection with the suspension
Executive Committee, with reference to topics to be dis- of the institution. The bank closed its doors in December
cussed at the coming meeting of the Section to be held at 1904. The depositors have thus far received 66 2-3% of
Denver on Sept. 29. Other matters with ,reference to the their claims.
convention are being carefully considered, and it is expected
—The directors of the Union Trust Co. of Providence,
that the meeting will attract unusual interest.
which resumed business on May 4, have decided to antici—J. P. Dunning, Manager of the Fifth Avenue branch pate the 10% installment to depositors, which would not
of the Corn Exchange Bank of this city, was appointed a become due until November, and will pay the same on July
Vice-President of the institution on Wednesday. He has 6. The company paid in full with its reopening all deposits
been with the bank over twenty-five years.
of $100 or less, and 50% of the trust accounts, the remain—The proposition to increase the capital of the Chelsea ing 50% of these accounts being represented by negotiable
Exchange Bank of this city from $100,000 to $200,000 is to certificates of deposit. The claims of other creditors and
be submitted for the ratification of the stockholders at a depositors were provided for as follows: 10% with resumption, 70% in negotiable certificates of deposit, payable
special meeting on June 18.
7 installments of 10% each, in from 6 months to 3M
in
Exchange
Stock
York
New
the
of
Walsh,
—James W.
dependent upon
firm of Walsh & Floyd, died at his home at Lawrence, L. I., years, and 20% in contingent certificates
installments
seven
It
is
the
profits.
future
first
of
these
age.
of
years
fifty-six
was
Walsh
Mr.
inst.
3rd
on the
•
be
to
now
is
that
anticipated.
He had been a member of the Stock Exchange since 1879.
—The Newton National Bank of Newton, Mass., was
Nicoll Floyd is the surviving partner in the firm.
institution
—The Chatham National Bank of this city recently con- placed.in voluntary liquidation on May 15. The
in April,
Co.
Trust
with
Centre
the
Newton
consolidated
building
north
on
the
cluded the purchase of the nine-story
Company.
east corner of Broadway and John Street, in which it is under the name of the Newton Trust
housed. The property measures 20 feet on Broadway,
—The Franklin National Bank of Philadelphia is showing
and 162 feet on John Street, with a rear line of 42 feet. noteworthy growth in business. One only has to look at
It is expected that the bank will utilize the second floor of this bank's last statement to the Banking Department at
the building, when the present leases expire.
Washington and that under the previous bank call for evi—Quarterly dividend No. 28 of the Nineteenth Ward dence of favorable indications. On May 14 last deposits
Bank of this city, declared this week, was made 3%, as reached $28,282,067, the bank's highest mark, a striking
against 23% paid in previous quarters. The dividend comparison with $24,205,181 on Feb. 14, only three months
is payable June 30 to holders of record June 20.
previously. Its capital is now $1,000,000, surplus and net
—The payment of an initial dividend of 25 per cent to profits $2,286,719, with total resources of $32,561,386.
the depositors of the failed New Amsterdam National Bank The bank was incorporated in 1900, runs a completely
of this city was begun on Tuesday by receiver J. H. Ed- equipped foreign exchange department and is ably officered
wards. The bank closed its doors on January 29 last, by J. R. McAllister, President; J. A. Harris, Vice-President,
when its deposits aggregated a little more than $2,000,000. and E. P. Pa,ssmore, Cashier. The Assistant Cashiers are
Its indebtedness to the Clearing House, amounting to C. V. Thackara and L. H. Shrigley.
—The Merchants' National Bank of Philadelphia, known
$300,000 at the time of its suspension, was cleared early
in February. It is understood that efforts to reorganize as "the bank of personal service," moved last Saturday to
its new banking rooms on the street floor of the Mariner &
the institution are under way.
Home
Borough,
of
Bank
located
at Merchant Building, corner 3d and Chestnut streets. At
Brooklyn
• —The
5th Avenue and 48th Street, which closed its doors on the_,opening Monday morning the officers and director
JUNE 6 1908.1
THE CHRONICLE
1387
entertained the stockholders and depositors, officers of other genial. William A. Tilden succeeds him as President of
Philadelphia banks and outside correspondents. As soon the Fort Dearborn National Bank, having been elected to
as existing leases expire, the institution will occupy all the that position by the Board of Directors on Monday. Viceground floor of the Mariner & Merchant Building, giving its President Forbes has been promoted to the presidency of
banking rooms the entire frontage on Chestnut and Third the Drovers' Deposit National as Mr. Tilden's successor,
streets. Its new quarters are on the same square as the old while Mr. Tilden remains a director and becomes Vicelocation, 326 Chestnut St., after fifteen years' tenancy there, President of that institution.
the bank having started business on 4th St. below Chestnut
—President J. B. Forgan of the First National Bank of
St. in 1880. The Merchants' National Bank was one of the Chicago will deliver
an address at Peoria, Ill., June 11,
first Philadelphia institutions to build up an out-of-town before Group
2 of the Illinois Bankers' Association on the
collection business, anticipating in this respect the exchange- subject of
"The Guaranty of National Bank Deposits."
charge rule of the New York Clearing House in 1900, and
—J.
A.
Spoor was elected Vice-President of the Live
before its adoption the institution established connections
with over a thousand banks throughout the United States. Stock Exchange National Bank of Chicago at a meeting
of the directors on the 2d inst.
The bank was one of the earliest of Philadelphia institutions
—A dividend in liquidation amounting to 15% was
to install an organized credit department.
paid
to the stockholders of the Federal National Bank of
—The American Bank is the name of a small bank opened
in Philadelphia on Monday. The institution is located Chicago on Monday May 25th. This brings the total disat Broad Street and Passayunk Avenue, and starts with tribution thus far up to 50%. Previous payments to the
a capital of $50,000 and surplus of $10,000. The officials stockholders have been as follows: 10% Jan. 25, 15% Feb.
are George W. Shisler, President; John Burt and John H. 25, and 10% on March 25. The bank had a capital of
$500,000. Its assets were purchased by Cobe & McKinnon
Baizley, Vice-Presidents, and Frank H. Tuft, Cashier.
of the Assets Realization Co., at the time of its assignment
—Alfred N. Chandler and Arthur S. Chandler, composing
in September.
the firm of A. N. Chandler & Co., of Philadelphia, which
—The consolidation of the First National Bank and the
assigned in February, were adjudged involuntary bankrupts on the 3d inst. Richard S. Hunter has been ap- Commercial National Bank of Detroit, Mich.,under the name
of the First National, has been consummated, the enlarged
pointed referee.
bank having begun business on the 1st inst. in its new offices
—It is reported that the Union Trust Co. of Washington,
in the Ford Building. Steps to unite these institutions were
Pa., has reduced its capital from $492,800 to $250,000.
taken over a year ago, but were delayed of consummation
—Malcolm A.Karshner has been elected Vice-President of pending the completion
of the new quarters. The consolithe American Savings Bank Co. of Columbus, Ohio, to suc- dated
bank has a capital of $2,000,000 and surplus of $1,ceed John A. Vance Jr., resigned. It is said that plans to 000,000.
Morris L. Williams, who was President of the
nationalize the institution are being perfected.
Commercial National, is at the head of the institution. He
—The new Fifth-Third National Bank of Cincinnati, is assisted in the management by John T. Shaw, Vice-Presirepresenting a consolidation of the Fifth and Third national dent and Cashier; Emory W. Clark, Vice-President; F.
A.
banks, began business on Monday the 1st inst., in the Smith, Assistant to the President, and
the following Assistant
Third National Bank Building. The proposed amalgam- Cashiers: Frank G. Smith, W. A. McWhinney,
F. F. Christie,
ation of these two institutions was referred to in detail in Joseph Grindley and J. H. Hart.
this department May 23. The merger was formally ratified
—An application to organize the Commercial National
by the shareholders of the Fifth National on Monday; alBank of Cedar Rapids, Iowa, presented by interests in the
though the stockholders of the Third National will not
Commercial Savings Bank, was approved by the Comptroller
meet until the 18th inst. to take similar action, the proxy
of the Currency on the 21st ult.
committee of that bank holds over 10,000 of the 12,000
—An incident of the convention of the Tennessee Bankers'
shares—more than is required to authorize the merger.
Association
at Memphis on May 26 and 27 was the disThe enlarged bank starts with a capital of $2,500,000 and
surplus and profits of $1,032,364. The shareholders of the cussion of the subject of the guaranty of deposits. Judge
Third National receive $1,200,000 of the capital of the John A. Pitts of Nashville delivered an address in support
consolidated institution and those of the Fifth National of such legislation and presented for adoption a resolution
$1,300,000 of the stock, the arrangement calling for an providing for the appointment of a committee to be charged
increase in the capital of the latter from $1,000,000 to with the duty of preparing a bill embodying guarantee
$1,300,000, through the declaration of a stock dividend of features, for enactment at the next session of the Legis30%. The deposits of the Fifth-Third National Bank lature. F. 0. Watts, President of the First National Bank
under date of the 1st inst. were reported as $12,061,257 of Nashville, expressed it as his conviction that the Assoand its total assets as $18,035,345. The management of ciation should not go on record at the present time as dethe new bank is as follows: Charles A. Hinsch, President; claring itself in favor of a State guaranty law, and offered
William A. Lemmon and Edward Seiter, Vice-Presidents; the following resolution, which was unanimoulsy adopted:
It resolved by the Tennessee Bankers' Alsociation That a committee
Monte J. Goble, Cashier; Charles T. Perin, Charles H. of"Be
six be appointed, three by the retiring President and three by the President to be elected, to act as a commission to discuss and inquire into the
Shields, Lewis E. Van Ausdol and Fred J. Mayer, Assistant recommendations
as set forth by Judge Pitts, and to report at some future
Cashiers. It is stated that Charles H. Kellogg, who was day."
R.
Third
E.
President of the
Folk, State Treasurer of Tennessee, presented an
National, has been voted a cash sum
of $25,000 by the directors in appreciation of his services interesting account concerning the bonded debt of the
to the institution. Mr. Kellogg is a member of the board State, and Thomas B. Paton, editor of the Banking Law
of directors of the new bank.
Journal of New York, and General Counsel of the American
—Edward Wiebenson has been appointed assignee of Bankers' Association, addressed the bankers on the subject
the American Savings Bank Co. of Cleveland in place of of "The Legal Side of the Banking Business." The new
President of the Association is I. B. Tigrett, Cashier of
E. M. Bud. The institution suspended on the 14th ult.
the
Union Bank & Trust Co. of Jackson, Tenn.
—The H. R. Ashbrook Co. of Toledo, Ohio, investment
—The Georgia Bankers' Association will hold its sevenbankers, was placed in the hands of Moses M. Bloch as
receiver on Wednesday upon the petition of Philip W. teenth annual convention next week on the 11th and 12th
inst., at Brunswick. The papers announced for the occasion
Jones, a creditor. The concern has a capital of $75,000.
—Robert J. McIntosh was appointed co-trustee of the include "Twentieth Century Banking," by A. P. Coles,
Broadway Savings Bank Co. of Toledo on the. 23d ult. to Cashier of the Central Bank & Trust Corp.of Atlanta;"Hoardwork with William Beatty, the assignee. A general assign- ing and Its Effects on Business," by Roswell H. Drake, President of the City National Bank of Griffin, and "The Finanment was made by the institution on April 2.
cial Outlook," by Charles H. Treat, Treasurer of the United
—F. C. Fisbeck has replaced Warren Hussey as Cashier States. Col. J.
P. Shattuck, President of the Bank of Laof the Terre Haute National Bank of Terre Haute, Ind.
fayette, Ga., and E. K. Farmer, President of the First Na—L. A. Goddard has assumed his duties as Vice-President tional Bank of Fitzgerald, Ga., will also be among the speakof the State Bank of Chicago, and finds them most con- ers at the meeting. L. P. Hillyer, Vice-President of the
1388
THE CHRONICLE
[VOL. Lxxxvi.
provided further, That each national currency association shall be composed
American National Bank of Macon, is Secretary of the asso I exclusively
of banks not members of any other national currency association.
ciation.
The dissolution, voluntary or otherwise, of any bank in such association shall not affect the corporate existence of the association unless there
—J. W. Stoll, formerly Cashier, has been chosen to suc- shall
then remain less than the minimum number of ten banks: Provided,
however, That the reduction of the number of said banks below the minithe
of
President
City
late
S.
Lexington
J.
the
as
Stoll
ceed
mum of ten shall not affect the existence of the corporation with respect
The
National Bank of Lexington, Ky. Jno. G. Stoll has become to the assertion of all rights In favor of or against such association.
affairs of the association shall be managed by a board consisting of one
Vice-President of the bank and J. E. McFarland Cashier.
representative from each bank. By-laws for the government of the association shall be made by the board, subject to the approval of the Secretary
and
—W.H. Hurley has resigned as Cashier of the Merchants' of the Treasury. A president, vice-president, secretary, treasurer,
an executive committee of not less than five members, shall be elected by
National Bank of Houston, Tex., having become Assistant the board. The powers of such board, except In the election of officers
making of by-laws, may be exercIfixt through Its executive committee.
Cashier of the National Bank of the Republic, Chicago. Mr. and
Conditions for Taking Out New Circulating Notes.
Hurley assumed the duties of his new position on the 1st
The national currency association herein provided for shall have and
exercise any and all powers necessary to carry out the purposes of this
inst. He still retains his stock and interest in the Merchants' section,
namely, to render available, under the direction and control of
Secretary of the Treasury, as a basis for additional circulation, any
National, and will remain for the present on its board of the
securities, including commercial paper, held by a national banking associadirectors.
tion. For the purpose of obtaining such additional circulation, any bank
belonging to any national currency association, having circulating notes
States to an
—A certificate authorizing the Seaboard Bank of San Fran- outstanding secured by the deposit of bonds of the Unitedand
which has
amount not less than forty per centum of its capital stock,
cisco to operate as the Seaboard National Bank was issued its capital unimpaired and a surplus of not less than twenty per centum,
may deposit with and transfer to the association, In trust for the United
by the Treasury Department on May 22. The bank's capital States, for the purpose hereinafter provided, such of the securities above
mentioned as may be satisfactory to the board of the association. The
remains, as before the conversion, at $250,000.
officers of the association may thereupon, In behalf of such bank, make
application to the Comptroller of the Currency for an issue of additional
—Theo. Reichert, heretofore Vice-President, has been ad- circulating notes to an amount not exceeding seventy-five per centum
the cash value of the securities or commercial paper so deposited. The
vanced to the presidency of the United States National Bank of
Comptroller of the Currency shall immediately transmit such application
the Secretary of the Treasury with such recommendation as he thinks
to
of San Francisco, succeeding C. A. Hawkins.
proper, and If, in the judgment of the Secretary of the Treasury, business
in the locality demand additional circulation, and if he be
conditions
—The Bankers & Lumbermen's Bank of Portland, Ore., satisfied with
the character and value of the securities proposed,and that
lien in favor of the United States on the securities so deposited and on the
has decided to enter the Federal system under the name of aassets
of the banks composing the association will be amply sufficient for
protection of the United States, he may direct an issue of additional
the Lumbermen's National Bank. The Comptroller of the the
circulating notes to the association, on behalf of such bank, to an amount
Currency has approved the application for the conversion. In his discretion, not, however, exceeding seventy-five per centum of
the cash value of the securities so deposited: Provided. That upon the
The bank began business on May 28 1906 with an author- deposit
of any of the State, city,'town, county or other municipal bonds,
a character described in Section three of this Act, circulating notes may
ized capital of $250,000; there is to be no change in the capi- of
be issued to the extent of not exceeding ninety per centum of the market
value of such bonds so deposited: And provided further, That no national
talization.
banking association shall be authorized in any event to issue circulating
based on commercial paper in excess of thirty per centum of its unim—Charles T. Muir, paying teller of the Forty-Second notes
paired capital and surplus. The term "commercial paper" shall be held
include only notes representing actual commercial transactions, which
Street Branch of the Corn Exchange Bank of this city, shot to
when accepted by the association shall bear the names of at least two
himself in the basement of the bank building on Wednesday, responsible parties and have not exceeding four months to run.
Banks Liable for Such Notes Jointly and Severally.
dying shortly after his arrival at Bellevue Hospital. He
The banks and the assets of all banks belonging to the association shall
and
severally liable to the United States for the redemption
jointly
left a letter showing that be had been committing petty be such additional
circulation; and to seciire such liability the lien created
of
Statutes shall
thefts for several years, and had taken altogether about by Section fifty-two hundred and thirty of the Revisedthe
association,
extend to and cover the assets of all banks belonging to
$9,000, covering the shortage by substituting new deposits and to the securities deposited by the banks with the association pursuant
banks composing
of
provisions
several
this
Act;
but
the
as
the
between
to
for old. He had been in the service of the institution for such association each bank shall be liable only in the proportion that its
and surplus bears to the aggregate capital and surplus of all such
over twenty years, and had just been promoted from the capital
banks. The association may, at any time, require of any of its constituent
a deposit of additional securities or commercial paper, or an exchange
position of receiving teller to that of paying teller, making banks
of the securities already on deposit, to secure such additional circulation;
appeared
He
case of the failure of such bank to make such deposit or exchange the
detected.
be
in
and
it certain the shortage would
association May, after ten days' notice to the bank, sell the securities
proceeds
to have had no bad habits, but evidently allowed his family and paper already in Its hands at public sale, and deposit the
with the Treasurer of the United States as a fund for the redemption
expenses to run beyond the salary which the position he of.such,addltional circulation. If such fund be insufficient for that purpose,the association may recover from the bank the amount of the deheld commands with a bank.
ficiency by suit in the Circuit Court of the United States, and shall have
benefit of the lien
the
provided for In favor of the United
—J. Thorburn Ross, President of the defunct Title Guar- States upon the assets ofhereinbefore
such bank. The association or the Secretary of
permit or require the withdrawal of any such securities
may
Treasury
the
the
on
sentenced
was
Ore.,
Portland,
of
Co.
antee & Trust
or commercial paper And the substitution of other securities or commercial
28th ult. to five years' imprisonment and to pay a fine of paper of equal value therefor.
Redemption Fund Must Be Maintained.
$576,853, on charges of having converted to his own use
Sec. 2. That whenever any bank belonging to a national currency assofall to preserve or make good Its redemption fund In the
$288,000 of State school funds deposited with the institu- ciation shall
Treasury of the United States, required by Section three of the Act of
Mr.
Ross
the
to
Court
appeal
an
eighteen hundred and seventy-four, Chapter three hundred
twentieth,
Supreme
June
tion. Pending
and forty-three, and the provisions of this Act, tile Treasurer of the United
has been admitted to bail in the sum of $6,000. The insti States shall notify such national currency association to make good such
fund. and upon the failure of such national currency associatution suspended on Nov. 6 1907. The payment of all of redemption
tion to Make good such fund, the Treasurer of the United States may, In
apply so much of the redemption fund belonging to the other
discretion,
his
its deposits was guaranteed by William M. Ladd of theLadd hanks composing
such national currency association as may be necessary
and such national currency association nifty, after five
purpose;
that
for
Portland.
& Tilton Bank,
such
to
bank, proceed to sell at public sale the securities denotice
THE EMERGENCY CURRENCY BILL.
The following is the full text of the Aldrich-Vreeland
Emergency Currency Bill, which passed the Senate last
Saturday afternoon and became a law the same evening
with the President's approval. We have inserted headings
to indicate the provisions of the different sections. Some
remarks bearing upon the new law will be found in an
editorial article on a preceding page.
AN ACT TO AMEND THE NATIONAL BANKING LAWS.
Be it enacted by the Senate and House of Representatives of the United
States of America, in Congress Assembled,
Formation of National Currency Associations.
That national banking associations, leach having an unimpaired
apital and a surplus of not less than twenty per centum, not
less than ten In number, having an aggregate capital'and surplus
of at least five millions of dollars, may form voluntary associaThe banks
tions to be designated as national currency associations.
uniting to form such association shall, by their presidents or vicepresident's, acting under authority from the board of directors, make and
file with the Secretary of the Treasury a certificate setting forth the names
of the banks composing the association, the principal place of business of
the association, and the name of the association, which name shall be subject to the approval of the Secretary of the Treasury. Upon the filing of
such certificate the associated banks therein named shall become a body
corporate, and by the name so designated and approved may sue and be
sued and exercise the powers of a body corporate for the purposes hereinafter mentioned: Provided, That not more than one such national currency
association shall be formed in any city: Provided further, That the several
members of such national currency association shall be taken, as nearly as
conveniently may be, from a territory composed of a State or part of a
State, or contiguous parts of one or more States: And provided further,
That any national bank in such city or territory, having the qualifications
herein prescribed for membership In such national currency association,
shall, upon its application to and upon the approval of the Secretary of
the Treasury, be admitted to membership In a national currency association for th tt city or territory, and upon such admission shall be deemed
and held a part of the body corporate, and as such entitled to all the rights
and privileges and subject to all the liabilities of an original member: And
(lays'
of
posited by such bank with the association pursuant to the provisions
of the
Section one of this Act, and deposit the proceeds with the Treasurer
circulation
additional
the
United States as a fund for the redemption of
taken out by such bank under this Act.
Issue of Notes Against State and Municipal Bonds.
notes
Sec. 3. That any national banking association which has circulating
an amount
outstanding, secured by the deposit of United States bonds towhich
has a
and
stock,
capital
its
of
per
centum
forty
than
less
of not
application to the
surplus of not less than twenty per centum, may make
circulating
Comptroller of the Currency for authority to issue additional
of the United
bonds
than
other
bonds
of
the
deposit
notes to be secured by
immediately
transmit
States. The Comptroller of the Currency shall
of the Treasury,
the application, with his recommendation, to the Secretary
demand
who shall. If in his judgment business conditions in the locality
the time of
additional circulation, approve the same, and shall determine
of the
imposed,
herein
limitations
amount,
within
the
the
fix
issue and
receiving notice
add tional circulating notes to be issued. Whenever after
Treasurer or any
of such approval any such association shall deposit with the
Assistant Treasurer of the United States such of the bonds described In
this section as shall be approved In character and amount by the Treasurer
of the United States and the Secretary of the Treasury. It shall be entitled
to receive, upon the order of the Comptroller of the Currency, circulating'
notes in blank. registered and countersigned as provided by law, not exceeding in amount ninety per centum of the market value, but not in
excess of the par value of any bonds so deposited, such market value to be
ascertained and determined under the direction of the Secretary of the
Treasury.
The Treasurer of the United States, with the approval of the Secretary
of the Treasury, shall accept as security for the additional circulating notes
provided for In this Section, bonds or other Interest-bearing obligations of
any State of the United States, or any legally authorized bonds issued .by
any city, town, county, or other legally constituted municinality or district
in the United States which has been in existence for a period of ten years,
and which for a period of ten years previous to such deposit has not defaulted in the payment of any part of either principal or interest of any
funded debt authorized to be contracted by it. and whose net funded Indebtedness does not exceed ten per centum of the valuation of its taxable
Property, to be ascertained by the last preceding valuation of property
for the assessment of taxes. The Treasurer of the United States, with the
approval of the Secretary of the Treasury, shall accept, for the purposes
of this Section,securities herein enumerated in such proportions as he may
from time to time determine, and he may with such approval at any time
require the deposit of addtIonal securities, or require any association
to change the character of the securities already on deposit.
Legal Title of Bonds to Be in United States.
Sec. 4. That the legal title of all bonds, whether coupon or registered,
deposited to secure circulating notes Issued In accordance with the terms
of Section three of this Act shall be transferred tolthe TreasurerZof the
I
JUNE 6 1908.1
THE CHRONICLE
1389
United States in trust for,„the_association depositinguithem, under regula- promise of the association receiving the same to pay on demand, attested
tions to be prescribed by the Secretary of the Treasury. A receipt shall by the signature of the president or vice-president and cashier. The
be given to the association by the Treasurer or any Assistant Treasurer Comptroller of the Currency, acting under the direction of the Secretary of
of the United States, stating that such bond is held in trust for the asso- the Treasury, shall as soon as practicable cause to be prepared circulating
ciation on whose behalf the transfer is made, and as security for the redemp- notes In blank, registered and countersigned, as provided by law, to an
tion and payment of any circulating notes that have been or may be amount equal to fiftv per centum of the capital stock of each national
delivered to such association. No assignment or transfer of any such bond banking association; such notes to be deposited in the Treasury or in the
by the Treasurer shall be deemed valid unless countersigned by the Comp- Sub-Treasury of the United States nearest the place of business of each
troller of the Currency. The provisions of Sections fifty-one hundred and association, and to be held for such association, subject to the order of the
sixty-three, fifty-one. hundred and sixty-four, fifty-one hundred and sixty- Comptroller of the Currency, for their delivery as provided by law: Profive, fifty-one hundred and sixty-six and fifty-one hundred and sixty-seven vided, That the Comptroller of the Currency may issue national bank notes
and Sections fifty-two hundred and twenty-four to fifty-two hundred and of the present form until plates can be prepared and circulating notes
thirty-four, inclusive, of the Revised Statutes respecting United States Issued as above provided: Provided, however, That In no event shall bank
bonds deposited to secure circulating notes shall, except as herein 'modi- notes of the present form be issued to any bank as additional circulation
fied, be applicable to all bonds deposited under the terms of Section three provided for by this Act."
of this Act.
Notes to Be Redeemed in Lawful Money,
Limit of Notes to Be Issued.
Sec. 12. That circulating notes of national banking associations, when
presented to the Treasury for redemption, as provided In Section three of
Sec. 5. That the additional circulating notes issued under this Act shall the
approved June twentieth, eighteen hundred and seventy-four,
be used, held and treated in the same way as circulating notes of national shallAct
be redeemed In lawful money of the United States.
banking associations heretofore issued and secured by a deposit of United
Acts of Comptroller and Treasurer to Be Approved by Secretary.
States bonds, and shall be subject to all the Provisions of law affecting
such notes txctpt as hatin exprtssly mtdifi d, Provided that the total
Sec. 13. That
and orders of the Comptroller of the Currency
amount of circulating notes od‘stauding of any naonal winking associa- and the Treasurerallofacts
the United States authorized by this Act shall have
tion, including notes secured by United States bonds as now provided by the approval of the Secretary
of the Treasury, who shall have power, also,
law, and notes secured otherwise than by depos,t of such bonds, shall not to make any such rules and regulations
and exercise such control over the
at any time exceed the amount of Its unimpaired capital and surplus: And organization and management of national
currency associations as may
tnere
That
furthe
,
,
Provided
shall not be outstanding at any time circulating be necessary to carry out the purposes
this Act.
of
notes issued under the provisions of this Act to an amount of more than
No Reserves against Pt bli: Deposits.
live hundred millions of dollars.
Sec. 14. That the provisions of Section fifty-one hundred and rinety-one
Additional Redemption Fund of Five Per Cent Required.
of the Revised Statutes, with reference to the reserves of national ciankIng
Sec. 6. That whenever and so long as any national banking association associations, shall not apply to deposits
of public moneys by the United
outstaauing
any
of the additional circulating notes authorized to be States In designated depositories.
has
Issued by the orovsions of this Act,it shall keep on deposit in the Treasury
Interest to Be Paid on Government Deposits.
of the United States, In addition to the redemption fund required by
Sec. 15. That all national banking associations designated as regular
Section three of the Act of June twentieth, eighteen hundred and seventyfour, an additional sum equal to five per centum of such additional circu- depositaries of public money shall pay upon all special and additional
lation at any time outstanding, such additional five per centum to be deposits made by the Secretary of the Treasury in such depositaries, and
treated, held, and used in all respects in the same manner as the original all such associations designated as temporary depositaries of public mon.ey
redemption fund provided for by said Section three of the Act of June shall pay upon all sums of public money deposited In such associations
interest at such rate as the Secretary of the Treasury may prescribe, not
twentieth, eighteen hundred and seventy-four.
less, however, than one per centtnn per annum upon the average monthly
Emergency Notes to Be Apportioned.
amount of such deposits: Provided, however, That nothing contained In
Sec. 7. In order that the distribution of notes to be issued under the this Act shall be construed to change or modify the obligation of any assoprovisions of this Act shall be made as equitable as practicable between ciation or any of its officers for the safe-keeping of public money: Prothe various sections of the country, the Secretary of the Treasury shall vided, further, That the rate of interest charged upon such deposits shall
not approve applications from associations In any State In excess of the be equal and uniform throughout the United States.
Sec. 16. That a sum sufficient to carry out the purposes of the preceding
amount to which such State would be entitled of the additional notes
herein authorized on the basis of the proportion which the unimpaired cap- sections of this Act is hereby appropriated out of any money In the Treasital and surplus of the national banking associations In such State bears ury not otherwise appropriated.
to the total amount of unimpaired capital and surplus of the nationa
Monetary Commissison to Be Appointed.
banking associations of the United States: Provided, however, That in case
Sec. 17. That a Commission is hereby created, to be called the "National
the applications from associations In any State shall not be equal to the
Monetary Commission," to be composed of nine members of the Senate,
amount which the associations of such State would be entitled to under to
be appointed by the Presiding Officer thereof, and nine mempers of the
this method of distribution, the Secretary of the Treasury may, In his
House Of Representatives, to be appointed by the Speaker thereof; and any
discretion, to meet an emergency, assign the amount not thus applied vacancy
on the Commission shall be filled In the same manner as the
for to any applying association or associations in States in the same section
orliOnal appointment.
of the country.
Sec. 18. That it shall be the duty of this Commission to inquire into and
Secretary to Keep Himself Informed as to the Character and Value of Securities. report to Congress at the earliest date practicable, what changes are necessary or desirable
the monetary system of the United States or in the
Sec. 8. That it shall be the dtity of the Secretary of the Treasury to laws relating to In
banking and currency, and for this purpose they are
obtain information with reference to the value and character of the securi- authorized to sit during
sessions or recess of Congress, at such times
ties authorized to be accepted under the provisions of this Act, and he shall and places as they may the
deem desirable, to send for persons and papers,
from time to time furnish Information to national banking associations to administer
oaths, to summons and compel the attendance of witnesses;
as to such securities as would be acceptable under the provisions of this Act. and to employ a disbursing officer and such
secretaries, experts, stenogra
Tax on Notes.
phers, messengers, and other assistants as shall be necessary to carry out
Sec. 9. That Section fifty-two hundred and fourteen of the Revised the purposes for which said Commission was created. The Commission
shall have the power, through sub-committee or otherwise, to examine
Statutes, as amended, be further amended to read as follows:
"Sec. 5214. National banking associations having on deposit bonds of witnesses and to make such investigations and examinations, In this or
the United States, bearing interest at the rate of two per centum per other countries, of the subjects committed to their charge as theY shall
annum, Including the bonds issued for the construction of the Panama deem necessary.
Sec. 19. That a sum sufficient to carry out the purposes of sections
Canal, under the provisions of Section eight of 'An Act to provide for the
construction of a canal connecting the waters of the Atlantic and Pacific seventeen and eighteen of this Act, and to pay the necessary expenses
oceans,' approved June twenty-eighth, nineteen hundred and two, to of the Commission and its members, is hereby appropriated, out of any
secure Its circulating notes, shall pay to the Treasurer of the United States, money in the Treasury not otherwise appropriated. Said appropriation
In the months of January and July, a tax of one-fourth of one per centum shall be immediately available and shall be paid out on the audit and order
each half year upon the average amount of such of its notes In circulation of the Chairman or Acting Chairman of said Commission, which audit and
as are based upon the deposit of such bonds; and such associations having order shall be conclusive and binding upon all Departments as to the coron deposit bonds of the United States bearing interest at a rate higher rectness of the accounts of such Commission.
than two per centum per annum shall pay a tax of one-half of one per
Law to Expire June 30 1914.
centum each half year upon the average amount of such of Its notes In
Sec. 20. That this Act shall expire by limitation on the thirtieth day of
circulation as are based upon the deposit of such bonds. National banking June, nineteen hundred
and fourteen.
associations having circulating notes secured otherwise than by bonds of
Approved, May 30 1908.
the United States shall pay for the first month a tax at the rate of five per
centum per annum upon the average amount of such of their notes In circulation as are based upon the deposit of such securities, and afterwards
Canadian Bank Clearings.-The clearings of the Canadian
an additional tax of one per centum per annum for each month until
a tax of ten per centum per annum Is reached, and thereafter such tax banks for the month of May 1908 show a decrease from the
of ten per centum per annum, upon the average amount of such notes. same month
of 1907 of 15.2%, and for the five months the
Every national banking association having outstanding circulating notes
secured by a deposit of other securities than United States bonds shall loss reaches 11.1%.
make monthly returns, under oath of Its president or cashier, to the Treasurer of the United States, In such form as the Treasurer may prescribe, of
May.
Five Months.
the average monthly amount of its notes so secured In circulation; and it
Clearings atshall be the duty of the Comptroller of the Currency to cause such reports
Inc. or
of notes in circulation to be verified by examination of the bank's records.
• Inc. or
1908.
1907.
Dec.
1908.
1907.
The taxes received on circulating notes secured otherwise than by bonds
Dec.
of the United States shall be paid into the Division of Redemption of the
Canada$
$
$
Treasury and credited and added to the reserve fund held for the redemp
4
%
%
Montreal _ - - 117,650,019 135,587,776 -13.2 548,165,109 613,532.811 -10.7
tion of United States and other notes."
Toronto - -- _ 88,695,672 107,415,231 -17.4 431,746,809 521,239,841 -17.2
Deposits, to Withdraw Notes, Not to Be Covered into the Treasury.
Winnipeg44,003.603 54,520,545 -19.3 212,944,363 221,021,443 -3.2
See. 10. That Section nine of the Act approved July twelfth, eighteen Vancouver---- 13,956,396 15,836.774 -11.9
71,288,518 -5.0
67.743.285
hundred and eighty-two, as amended by the Act approved March fourth, Ottawa
12,443,076 13,965,387 -10.9
59,246,260
63,615,750 -6.9
nineteen hundred and seven, be further amended to read as follows:
Quebec- 8,871,954 8,745,112 +1.4
41,854,093
38,884,358 +7.6
"Sec. 9. That any national banking association desiring to withdraw its
- - 5,673,749 8,310,370 -31.7
28,596.869
35,924,540 -20.9
circulating notes, secured by deposit of United States bonds in the manner Halifax
7,639,608 7,731,453 -1.2
35,847,145
35,905,677 -0.2
provided in Section four of the Act approved June twentieth, eighteen Calgary
4,576,647 6,213,719 -26.3
21,388,880
28,794,899 -25.7
hundred and seventy-four, is hereby authorized for that purpose to deposit St. John
4,983.746 5,786,404 -13.9
24,406,169
25,997,494 ---6.1
lawful money with the Treasurer of the United States and, with the consent London
4,825.804 5,669,607-1.49
27,294.514 -13.9
23,497,858
of the Comptroller of the Currency and the approval of.tho Secretary of the Victoria
4,695,628 4,853,411 -3.3
22,284,306
21,127,660 -4-5.5
Treasury, to withdraw a proportionate amount of bonds held as security Edmonton-- - 2,972,637 4,011,475 -25.9
14,365,341
18,792,565 -23.6
for its circulating notes in the order of such deposits: Provided, That not
more than nine millions of dollars of lawful money shall be so deposited
Total Canada 320,988.539 x 78.647,264 -15.2 1,532.086,481 1,723,420.070 -11.1
during any calendar month for this purpose.
"Any national banking association desiring to withdraw any of its
circulating notes, secured by the deposit of securities other than
The clearings for the week ending May 30 make an unbonds of
the United States, may make such withdrawal at any time in
like manner favorable comparison with the same week of 1907, the
and effect by the deposit of lawful money or national bank notes
with
the
Treasurer of the United States, and upon such deposit a proportionate
decrease in the aggregate having been 23.8%.
of the securities so deposited may be withdrawn: Provided, Thatshare
the
deposits under this section to retire notes secured by the deposits of securiWeek ending May 30.
ties other than bonds of the United States shall not be covered into the
Clearings atTreasury, as required by Section six of an Act entitled 'An Act directing
the purchase of silver bullion and the Issue of Treasury notes thereon,
Irw. or
1908.
and for other purposes,' approved July fourteen, eighteen hundred and
1907.
Dec.
1906.
1905.
ninety, but shall be retained In the Treasury for the purpose of redeeming
Canadathe notes of the bank making such deposit."
Montreal
22,271.577
27,841.867 -20.0 26,743,036 22,633,097
Supolfev of Notes of Different Denominations.
Toronto
16,386.494 25,163,103 -34.9 21,807,132 20,556,783
Sec. 11. That Section fifty-one hundred and seventy-two of the Revised Winnipeg
7,920,064 9,911,404 -20.1 9,420,817 5,770,440
Statutes be, and the same is hereby, amended to read as follows:
Vancouver
2,788,901 2,941,89.5 -5.2 2,178,079 1,488.852
"Sec. 5172. In order to furnish suitable notes for circulation, the Comp- Ottawa
2,303,813 2,486,171 -7.4 1,903,667 1,813,871
troller of the Currency shall, under the direction of the Secretary of the Quebec
1,527,843 1,650,524 -7.4 1,687,335 1,485,930
Treasury, cause plates and dies to be engraved, In the best manner to guard Hamilton
1,025,386 1,715.554 -40.2 1,441,126 1,441,056
against counterfeiting and fraudulent alterations, and shall have printed Halifax
1,587,655 1,597,907 -0.6 1,528,754 1,600,000
therefrom, and numbered, such quantity of circulating notes, in blank, Calgary
942,968 1,223,067 -23.0
908,163
of the denominations of five dollars, ten dollars, twenty dollars. fifty dollars, St. John
944,506 1,112,524 -15.1
924,411 1,027,786
one hundred dollars, five hundred dollars, one thousand dollars, and ten London
790,884 1,181,179 -33.1 1,058,871 1,042,289
thousand dollars, as may be required to supply the associations entitledto Victoria
743,422
959,001 -22.5
570,146
621,144
receive the same. Such notes shall state upon their face that they are .Edmonton
629,321
763,661 -17.6
secured by United States bonds or other securities, certified by the written
or engraved signatures of the Treasurer and Register and by the imprint
Total Canada
59,862,834 78,547,857 -23.8 70,171,537 59,480!748
of the seal of the Treasury. They/shall also express upon their face the
THE CHRONICLE
1390
[VoL. Lxxxvi.
sterling of debt would be redeemed. That undoubtedly,
would have led to a sharp rise in consols were it notfor the immense multitude of new issues coming out. The market
unis, therefore, unfavorable to new issues. Even such
questionably good security as the Southern Nigerian Governthe
ment 4% loan, which was practically guaranteed by over
British Government, was not taken by the public;
.
90 per cent of it remained in the hands of the underwriters
Indeed, the remarkable thing is what very large proportionss
of the new issues have to be retained by the underwriter
and yet no difficulty seems to be found in getting underwriters to underwrite for any new issue that is proposed.
Notwithstanding this dislike of new issues, markets are
Per
Clearings-Returns by Telegraph.
Cent.
1907.
unquestionalby hopeful. There has already been a con1908.
Week ending June 6.
prices and nobody doubts that the
+6.4 siderable advance in
$1,480,642,678 $1,391,788.561
New York
-4.2 advance will not merely be maintained, but will be carried
141,078,058
135,150,312
Boston
-8.3 very
125,302,255
114,914,286
considerably farther. Money is exceedingly abundant
Philadelphia
25,813,945 -13.3
22,370,996
Baltimore
-6.0 and cheap. The gold shipments from New York added
223,855,704
210,326,722
Chicago
-9.2 to those from London have made money abundant and
57,438,640
52,154,890
St. Louis
12,371,225 -30.3
8,616,113
New Orleans
cheap in Paris. The Bank of France now holds over 119
+2.3 millions sterling of the metal. In consequence, much of
$2,024,175,997 $1,977,648,388
Seven cities, 5 days
-7.0
431,430,766
401,268.343
passed
. Other cities, 5 days
- the gold going both from London and New York is
+0.7 on from Paris to other countries, particularly to Germany,
$2,425,444,340 $2,409,079,154
Total all cities, 5 days
-4.3
426,660,486
408,211.613
the gold shipments from New
All cities 1 day
- Italy and Switzerland. If
-0.1 York last for some time, the Imperial Bank of Germany
$2,833,655,953 $2,835,739,640
Total all cities for week
will be able materially to strengthen itself, and therefore
it is quite possible that there may be a reduction in its bank
on
transactions
of
statement
detailed
monthly
Our usual
rate before very long.
the various New York Exchanges is appended. The results
There are doubts whether such a multitude of new issues
below:
given
are
1907
and
1908
of
months
five
for the
may not suddenly make money dearer. That is, of course,
possible, but it does not seem probable, considering the
Five Months 1907.
Five Months 1908.
magnitude of the unemployed money, both at home and
DescripAver.
Actual
Aver. Par Value
Actual
• Par Value
abroad, the falling off in trade, the decline in prices and
aon.
Price.
Value.
Price or Quantity.
Value.
or Quantity.
the absence of speculation. In fact, it seems more likely
106,445,154
that money will become cheaper, for if the Imperial Bank
4,997,001
St'kjsh s_
92.7
8,419,915,831
$9,087,331,600$
1Val_ $6.497,377,925 $4,893,877,261 75.3
of Germany is able, as expected, to strengthen itself, the
93.6
RR. bds_ $333,150,100 $275,722,199 82.8 $190,017,000 • $177,870,395 111.7
$432,773
$387,500
Bank of England will lower its rate of discount to 23 per
$380,954 110.5
$344,820
Gov't bds.
92.2
$22,046,479
$23,919,90
that
$53,999,000 $55,996,733 103.7
State bds_
cent. Furthermore, it is almost incredible
$359,199209.2
$171,700
$217,307 189.4
$114,700
Bank stks
French investors will continue to hoard money when
92.7
$8.620,624,677
Total- _ $6,884,986,525 *5,226,194,454 75.9$9,301,827,700
prices of all kinds are so attractive as at present. Already,
216,711;500 88.5.
244,985,800
214,242,840 102.7
Grain, bu. 208,607,950
indeed, there is an increase in French investment in London
$8,837,336,177
$5,440,437,294
Total val
and the probability appears to be that French buying here
will increase very materially further in the early future.
The India Council offered for tender on Wednesday 10
The volume of transactions in share properties on the
in
1
and the applications amounted to Rs.55,265 at is.
Jan.
1908
lacs
since
month
each
New York Stock Exchange
per rupee, at which price applicants for bills
29-32d.
3,
following:
the
and 1907 is indicated in
in full.
allotted
were
SALES OF STOCK AT THE NEW YORK STOCK EXCHANGE.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c.,
1907.
1908.
compared with the last four years:
M'th.
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 the length 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 0.1%.
So far as the individual cities are concerned, New York exhibits a gain of 6.4%, Boston records a loss of 4.2%; Philadelphia, 8.3%; Chicago, 6.0%; New Orleans, 30.3%; Baltimore, 13.3%; and St. Louis, 9.2%.
Number
of
Shares.
Values.
Par.
Actual.
Number
of
Shares.
Values.
Par.
Actual.
• $
1,854,950,930
Jan _ 16,594,89i 1,396,403,800 1,015,764,111 22,702,760 1,948,477,925
1.318,394,800 1,241,478,649
Feb _ 9,839,706 833,199,900 609,986,418 16,470,972 2,787,043,450
2,609.829,422
Meh_ 15,939,255 1,387,712,725 1,014,698,437 32,208,525
lstqr 42,373,85 3,617.316,425 2,640,448,966 71,382,2576,053,916,1755,706,250,001
1,508,067,413
April 11,648,123 1,024,180,450 782,948,479 19,235,652 1,686,695,950
May 20,975,022 1,855,881,050 1,470,479,816 15,827,2451,346,719,4751,204,698,417
gliXonetarB3(ComuxerciaignglishAttus
1908.
1907.
1906.
May 22.
May 20.
May 23.
£
.E,
£
28.311,485 28,911,545 28,623,070
Circulation
10,414,722 10,942.785 10,328,067
Public deposits
- 43,043,654 41,682,478 42,123,808
Other deposits_
Governm t securities 14,574.906 15.321,023 15,977,281
Other securities- - - - 28,992,963 30,552.771 31,234,166
Reserve notes&coin 27,709,794 24,680,182 23,187,279
Coln&bull.,both dep 37,571,279 35,141,727 33,360,349
Prop. reserve to lia44%
4
515
46 13-16
p. c.
bilities
4
3
4
Bank rate
P• e.
1146
89
84%
863
c_p.
Consols, 2%
24%d.
30%d. 31 5-16d.
Silver
Clear.-house returns 246,447,000 201.770.000 209,951,000
1904.
1905.
May 25.
May 24.
' £
£
28,852.155 28,372,090
7,464,073
11,682,106
40,252,049 39,763,591
15,749,522 16,960.790
26,893,103 25,337,174
27,148,384 22,758,248
37,550,539 32,780.338
48%
52%
3
2%
901
90 3-16
25%cl.
27 5-16d,
189,108,000 153,970,000
The rates for money have been as follows:
May 1.
May 8.
May 15.
May 22.
London, Saturday,.May 23 1908.
3
3
3
3
Bank of England rate
rateThere has been this week some check to the rise which Open Market-3
2@2 11-16
2%02%
2%
-1
monthsbills
i5-16®2
Bank
2@2
had been going on in the Stock Exchange during the past
2@2%
2@2% 23- 02%
-4 months-- -43
2%01)
24
-6 months23-a 241;4)2%
fortnight. It is due partly to the flurry in New York
3
2%
2%
months-3
bills
Trade
3%
partly to the rapidity of the rise which has taken place,
33i
2% 2% ®3
-4 months--..
here and partly to the immense number of new issues Interest allowed for deposits1A
13-f
13.
I%
Joint-stock
banksBy
coming out. Borrowers are applying to London from every
By discount houses:
1.A
1%
13j
1%
At call
direction.
2
2
2
lh
7 to 14 days
Even the South Manchurian Railway Company, which
borrowed four million sterlings in London last summer,
The Bank rates of discount and open market rates at the
is again applying for two millions sterling, this time in the chief Continental cities have been as follows:
May 2.
May 9.
form of three-year notes bearing 5 per cent interest. As
May 23.
May 16.
Bank Open Bank Open Bank Open Bank Open
Rates of
the notes are guaranteed by the Japanese Government
Market.
Rate.
Rate. Market. Rate. Market. Rate. Market.
at2%
3
2%
3
they are undoubtedly good security and presumably will ParisInterest
1%
3
3
25
4%
5
4%
5
show
how Berlin
3%
5
3%
5
be readily taken. The fact is noticed only to
3%
I
5
5
33-h
5
Hamburg
.
4%
5
varied and how vast are the various applications The Frankfort
4 1-16
5
3%
5
3%
5
3;,6 3 5-16
331
3%
3
3%
3%
3%
South Manchurian Company required, altogether, eight Amsterdam
3%
3%
3
3%
.
3
3%
3
33
Brussels
It
raised
millions sterling to put its line in complete order.
4
4%
4 3 11-16
35i
4
3A
4
Vienna
6% nom
6% Horn.
6
nom.
nom.
6
only half the sum last year and apparently its finaancial St. Petersburg
3%
4%
33
43
3y6
4
4%
4%
Madrid
advisers recommend it to issue at present three-year notes Copenhagen
5
6
5
6
5
5
6
6
rather than to raise the remaining half of the permanent
of
under
date
follows
&
as
Abell
Pixley
write
Messrs.
in
London
bonds, for although money is abundant and cheap
21:
May
of
new
multitude
at present„the market,on account of the
-The gold available for export this week, after satisfying India and the
GOLD.
issues, is not quite favorable.
trade, amounted to about £400,000, and this was taken for Paris, where the demand
taken nearly £1,000,000
It is expected that at any moment the Transvaal loan for the time being seems insatiable. Paris has again the
Cape Is £789,000. At
New York. The amount expected next week from
for five millions sterling which is to be guaranteed by the from
£157,000 has been withwhile
has
been
£40,000
In
received
sovereigns
the Bank
British Government may be brought out. All sorts of other drawn, of which £152,000 was in French gold coin. Arrivals-Cape, £548,000;
Bombay, £69,000; Australia, .£38,000; Brazil, £13,000; West Indies, £15,000; New
issues are in preparation. To this, doubtless, is due the Zealand,
£32,000; total, £715,000. Shipments-Bombay, £93,000; Colombo.
hesitation of the stock markets. So many of these new £7,500; Calcutta, £5,000: total. .£105,500.
that
s
they
are
government
by
great
issues are guaranteed
SILVER.-After falling 1-16d. on the 15th inst., to 24 3-16d., the market began
rise steadily, and to-day the spot quotation is 24 11-16d., with forward 240%d.
attractive to investors. Therefore, they are competing to
Covering by "shorts", together with some inquiry from China, has caused this adclose is
actively with gilt-edged securities and it was hoped that vance, whilst offering; have been on a moderate scale. The market at theLondon:
The Indian Government have this week sold £145,000 in bills on
gilt-edged securities, and particularly consols, would rise quiet.
in
reserve
gold
to
added
the
been
the rupees received in payment have again
York, X 115,rapidly, and would thus give heart to the market, which and
silver in India, which now stands at nearly 9 Crores. Arrivals-New£151,500;
Co-Bombay,
Shipments
.£118.000.
influence.
total,
.£3,000;
Indies.
West
the
under
broaden
000;
was expected would
The Prime Minister in his Budget speech showed that lombo, .£2.500: Calcutta. £40,000; total, £194,000.
The quotations for bullion are reported as follows:
millions
fifteen
about
year
during the current financial
(From our own correspondent.)
JUNE 6 1908.1
THE CHRONICLE
GOLD.
May 22.
London Standard.
s. d.
Bar gold, fine, oz
77 1034
U. S. gold, oz
76 5
German gold coin, oz.. _ 76 5
French gold coin, oz-. 76 5
Japanese yen
76 5
May 15.
SILVER.
May. 22.
s. d.
London Standard.
d.
77 1034 Bar silver, fine, oz. -24 11-16
76 5
" 2 mo.delivery- _24%
76 5 Cake silver, oz - - _ ---26%
76 5
Mexican dollars
nom.
76 5
May 15.
d.
2454
24%
26 3-16
nom.
The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IMPORTS.
Thirty-seven weeks.
1907-08.
1904-05.
1906-07.
1905-06.
Imports of wheat------ _---.cwt_67,800,100 62,872,104 60,857,700 73,040,200
Barley
17,378,200 17.060,434 16.961.100 17,260.000
Oats
9,781,700
8,622,300
9,832,800
7,561,610
Peas
1,201,520
1,275,805
1,541,007
1,351,990
Beans
1,216,380
838,700
520,440
369,330
Indian corn
28,698.000 35,868,894 32,963,300 30,652,400
Flour
8,473,120
10,751,600 10,138,187 10,034,400
Supplies available for consumption (exclusive of stock on
Sept. 1):
Wheat imported
Imports of flour
Sales of home-grown
Total
Average price wheat, week
Average price, season
1906-07.
1905-06.
1904-05.
1907-08.
cwt 67,800,100 62,872,104 60,857.700 73,040,200
10.751,600 10,138,187 10,934,400
8,473,120
27,947,836 21,557,675 26,035,016 12,300,071
106,499,536 94,567,966 97,827.116 93,813,391
27s. 6d.
335. ld.
308. Id.
30s. 8d
265. 5d.
33s. 3d.
288. 3d.
30s. 6d.
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
Wheat
Flour, equal to
Maize
This week. Last week.
qrs. 2,760,000
2,910,000
qrs
120,000
125,000
qrs. 640,000
435,000
1907.
3,260,000
180,000
610,000
1906.
3.885,000
170,000
860,000
English Financial Markets-Per Cable.
The daily closing quotations for securities, Scc., at London,
as reported by cable, have been as follows the past week:
London.
Sat.
Week ending June 5.
Mon.
Tues.
Wed. Thurs. Fri.
d
Silver, per oz
24 7-16 243.4
24 5-16 2434
2434
Consols, new, 234 per cents _88
8834
c87 13-16 88 1-16 87 15-16 88
8834
For account
c8715-16 883-16 88 1-16 88 1-16
8834
French Rentes (in Paris) fr- - _ - 94.72% 95.25
95.35
95.60
95.35
Russian Imperial 45
8734
8834
8834
8834
8834
do do new 55
97
___
9634
97
96%
Amalgamated Copper Co.-66%
6834
6934
68
67
bAnaconda Mining Co
834
834
84
854
834
854
Atchison Topeka dr Santa Fe 8234
8454
8354
8534
83%
83
Preferred
93
9334
95
9434
9434
Baltimore & Ohio
9134
94
9234
9234
91%
Preferred
8834
8834
8834
88
88
Canadian Pacific
%
1628
16454
16334
16334
162%
16334
Chesapeake & Ohio
40
4454
4534
46
4634
Chicago Great Western----- - _
7
7.
7
74
7%
Chicago Milw. & St. Paul-134%
135
140
13834
13834
136
Denver & Rio Grande, com_ ...24
26
27
2634
25%
Preferred
6334
65
6034
65
66
Erie, common
2234
23
2334
233-4
23%
2434
First Preferred
42
4134
4034
3954
41%
4334
Second Preferred
2834
3034
, 29%
29
3034
Illinois Central
134
135
137
138
136%
13734
Louisville & Nashville
109
110
11334
113
113
111
Mexican Central---------17
lou
1634
1634
1734
Missouri Kan. & Texas, corn. _-30
2734
2734
2834
2834
Preferred
6134
63%
6334
6334
6334
National RR. of Mexico- --5134
5234
53
53
53
N. Y. Central & Hud. Riv_ _10534
106
108
107
106%
107
N. Y. Ontario & Western__
42
42
41%
4034
41
Norfolk &Western, corn---70
7134
7134
7134
71
Preferred
80
80
80
80
80
Northern Pacific
14134
141
13834
138%
139%
aPennsylvania
6134
6234
6134
6254
6234
61%
aReading Company
57% • 57%
5934
59
58%
57%
aFirst Preferred------..-44
44
44
4234
42%
aSecond Preferred ----_-43
43
43
43
42%
Island
Co
Rock
1734 •
1834
1834
18
18
Southern Pacific
86
9034
8734
8934
8834
88%
Southern Railway, com
_-17%
19
1834
17%
1834
..,
Preferred
45
49
4834
4734
47
Union Pacific, common--_--145
14634
15134
15134
15354
149%
Preferred
8534
8534
83
83
83
U.S.Steel Corp., corn
40
3834
39
3874
3834
38%
10434
Preferred
104
105
10434
10534
104%
12
Wabash .- -------------/- --13
1234
1234
12
Preferred
23
24
2534
2554
25
Extended 4s
57
5034
5654
57
57
-a Price per share. b £ sterling. c Ex. Interest.
Tommerciali and WistelantonsAtivs
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
When
Cent. Payable.
Railroads (Steam).
Atch. Topeka & Santa Fe, pie!.(No.20)-2% Aug.
Atlantic Coast Line Co.(quar.)
2
June
Atlantic Coast Line RR- ---------- -- 234 July
Boston dc Albany (guar.)
2;4 June
Boston & Lowell
July
4
Boston de Maine, cont. (guar.)(No. 171). 1% July
BostonRevere Beach & Lynn
July
3
Carthage Watertown & Sackett's Harbor
2% June
Chic. & Eastern Illinois, pref.(guar..- 134 July
Chicago & North Western, common
.... 334 July
.
Preferred (quarterly)
July
2
Chicago Rock Island & Pacific (guar.).- 1
July
Ctn. N.0.& Texas Pacific, coin.(quar.)..
June
Delaware RR
July
Delaware & Hudson Co.(quar.)
June
Denver de Rio Grande, pref
July
Detroit & Mackinac, preferred
July
Greene RR _
June
Hocking Valley, common and preferred- _ _
July
Interboraugh Rapid Transit (guar.)
July
Norfolk & Western, common
June
Northern Pacific (quarterly)
Aug.
Pit .Ft. Wayne & Chic., reg gu.(quar.)
July
Special guaranteed (guar.)
July
Southern Pacific, corn. (quar.)(No.7)-- July
Preferred (No. 8)
July
St.Louis & San Francisco. 1st pie!.(guar.)
July
Chic. & Eastern Illinois corn. tr. Ws
5 July
Chic. & E. Ill, pref. tr. ells. (guar.).- 134 July
K.C.Ft. S. & M.pref. tr. cgs.(guar.). 1
July
Texas Central. pie!
24 July
Union Pacific. common (quar.)
July
Books Closed.
Days Inclusive.
Name of Company.
1391
Per
Cent.
When
Paya ble.
Books Closed.
Days Inclusive.
Street and Electric Railways.
American Railways (quarterly)
134 June 15 May 30 to June 4
Chicago City Ry. (guar.)
134 June 30 June 9 to June 14
Columbus Ry.& Light (guar.)
34 June 15 Holders of rec. June 1
Continental Pass Ry., Philadelphia
6
June 10 Holders of rec. May 29
Indianapolis Street Ry
3
July
1 June 23 to June 30
Northern Ohio Traction & Light (quar.)_
% June 15 June 2 to June 15
Union Traction, Philadelphia_
234 July
1 June 10 to June 30
United Tree. de Elec., Providence (guar.). 13.4 July
1 June 10 to July 1
Washington Ry.& Electric, pref
1 May 22 to June 1
254 June
West End St., Boston, pre/
4
July
1 June 23 to July 1
Banks.
Nineteenth Ward (guar.) No. 28
3
June 30 Holders of rec. June20a
Plaza
10
July
1 June 23 to July 1
Trust Companies.
Fifth Avenue (guar.)
June 30 Holders of rec. June 29
3
Manhattan
July
1 June 4 to July I
3
Extra
1 June 4 to July 1
July
3
United Stales
25
1 June 20 to June 30
July
Miscellaneous.
American Beet Sugar, pl.(qu.)(No.36)-. I% July
1 Holders of rec. June`20
American Can, preferred (guar.)
134 July
1 Holders of rec. Junel7a
Amer. Car & Foundry, corn.(qu.)(No.23)
% July
I June 5 to June 25
Preferred (guar.) (No. 37).
I June 5 to June 25
134 July
AmericanCaramel, preferred (quar.)- 1 June 12 to July 1
July
2
-American Chicle, common (monthly)
June 20 June 16 to June 21
I
.-American Exress
3
July
1 Holders of rec. May 29
Amer. Pipe Mfg. (guar.)
July
2
1 Holders of rec. June 15
American Radiator, common (guar.). _ - 1
June 30 June 21 to June 30
Amer. Smelt. de Re/g., corn.(qu.)(No. 19)
1
July 15 June 27 to June 30
Preferred (guar.) (No. 36)
I% July
I June 13 to June 18
American Snuff, common (guar.)
3
July
1 Holders of rec. June 15.
Preferred (guar.)
134 July
1 Holders of rec. June 15
Amer. Sugar Ref., corn. & pref. (guar.).134 July
2 June 3 to July 2
Amer. Tobacco pref. (guar.)
134 July
1 Holders of rec. June 15
Borden's Condensed Milk, pref. (quar.)- 134 June 15 June 6 to June 15
Calumet & Hecia Mining (quarterly). _- 45
June
Holders of rec. May 25
Canadian General Eke., Ltd., corn. (guar.) 134 July 25
1 June 15 to June 30
Celluloid Company (guar.)
134 July
1 Holders of rec. Junel5a
Central Leather, preferred (quarterly).134 July
1 Holders of rec. June 10
Chic. June.Rys. de U.Stk. Yds., com.(qm) 2
July
1
Preferred (quar.)
134 July
1
Chicago Telephone (guar.)
254 June 30 June 26 to June 30
Childs Company, common (quarterly).- _
154 June 10 June 6 to June 10
Preferred (quarterly)
134 June 10 June 6 to June 10
Consolidated Gas of New York (quar.).. 1
June 15 Holders of rec. May 20
Diamond Match (quarterly)
254 June 15 June I to June 15,
Dominion Coal, Ltd., corn. (guar.).
1
July
1 June 20 to July
du Pont(E.I.)deNemoursPowd.,com.(qu) 134 June 15 Holders of rec. June 1
5.
Eastman Kodak, common (quarterly).. 234 July
I May 30 to June 15
Preferred (quarterly)
134 July
1 May 30 to June 1.5.
Equitable Illuminating G.L., Phila.. pre/
3
June 15 Holders of rec. June 8
Federal Mining & Smelting, pref. (qu.)- 134 June 15 Holders of rec. May 29,
General Electric (quarterly)
2
July 15 Holders of rec. June 6a
Granby Cotzsol. Mining, Smelt. de Pow
2
June 30 Holders of rec. June 12Guggenheim Exploration (guar.)(No. 22). 234 July
1 June 13 to July 1
Ingersoll-Rand, pref
3
July
1 Holders of rec. JulylOa
International Silver, pref. (quar.)
1
July
1 June 18 to July B1
Laclede Gas Light, common (quarterly).134 June 15 June 7 to June 15.
Preferred
June 15 June 7 to June 15
234
Mackay Companies. corn. & pref.(guar.) 1
July
1 Holders of rec. Junel3a
Maryland Coal, pre/.
234 June 30 June 16 to June 19.
National Biscuit, common (quarterly)..
July 15 Holders of rec. June 29.
134
Nat. Enam. ez Stamp., pref. (qua?.).. 1 June 11 to July 1
134 July
National Lead, corn.(quar.)(No. 18)- -1 June 13
to June IS
154 July
Preferred (quarterly)(No.66)
I% June 15 May 23 to May 25
New England Cotton Yarn, common
I% June
1
Philadelphia Electric
234 June 15 May 23 to JUne 1
Quaker Oats, common (quarterly).134 July 15 Holders of rec. July 3
-Common (extra)
34 July 15 Holders of rec. July 3
Quincy Mining
$1
June 15 May 26 to June 3
Railway Steel Spring. pref.(quar.)
134 June 20 June 11 to June 21
Rubber Goods Mfg., pref.(guar.)
18% June 15 Holders of rec. June 6
(No.
37)
Safety Car Heating & Lighting (quar.)..
2
July
1 Holders of rec. June 12
Sears. Roebuck & Co., pref. (guar.)
154 July
1 Holders of rec. Junel7a
Standard Oil (quarterly)
$9
June
Holders of rec. May 20
15
Streets West. Stable-Car Line, preferred.
334 July
1 June 21 to July 1
Swift & Company (guar.)(No. 87)
134 July
Holders
6
of rec. June 13
United Bank Note Corp., pref.(quar.)__ _
I% July
1 June 17 to July. 1
United States Leather, preferred (quar.)_
134 July
1 Holders of rec. June 10
U. S. Steel Crop., corn. (qu.)(No. 18)..
34 June 30 June 11 to June 30
Waltham Watch, common
% July
1 Holders of rec. June 10
a Transfer books not close
rAuction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller eir Son:
Stocks.
Cent, Hud. Steamb.Co.pf__ 70
Cent. Hud.Steamb.Co.com 534
Broad Exchange Co., corn_ 25
Larchmont Nat. Bank_ _ _ _125
Westchester do Bronx Title
& Mtge. Guar. Co
140
35 Astor Trust Co
27554
50 011 Fields of Mexico
35
25 Mechanics' Nat. Bank.... _238%
1 United N. J. RR. & Canal_243
1 Corn Exchange Bank
320
100 Union Transfer Co. of Phila
$25 each
$10,000
10 Internat. Banking Corp... 9634
25 Metropolitan Trust Co_ _ _ _500
30
15
337
15
20
Stocks.
50 Citizens' Cent. Nat. Bank_141%
5 U. S. Mtge. do Trust Co_ _ _341
200 Carnegie Trust Co_ _ _160-160%
170 Star Watchcase Co
2934
Bonds.
$1,000 Santa Fe Raton do East.
RR. 1st M. 55, 1935, M. do S_ 6354
$140,000 First M. bonds on
right, title and int., &c., of
Wyckoff. Church dc Partridge
to leasehold of 1743 Bway.,
N. Y., and all machinery,
personal property, &c., belonging to said firm
50
Imports and Exports for the Week.-The following
are
1 Holders of rec. June30a the imports at New York for the week ending
May 30; also
10 May 30 to June 9 totals
since the beginning of the first week in January:
10 June 23 to July 10
30 Holders of rec. May 29
FOREIGN IMPORTS AT NEW YORK.
2 May 25 to May 30
1 Holders of rec. June 6
For week.
1908.
1907.
1 Holders of rec. Junel5a
1906.
1905.
30 Holders of rec. June 23 Dry
Goods
$1.562.1'9 $2,837,792 $2,191,669 $2,022,980
1 Holders of rec. June 16
General
Merchandise
8,961,018
13,023,987
1 Holders of rec. June 6
8,716,686
9,556,375
1 Holders of rec. June 6
Total
$10,523,127 $15,861,779 $10,908,355 $11,579,35
1 Holders of rec. Junel6a
5
Jan.
Since
1.
24 June 14 to Jtine 23
$53,893,541 $83,103,999 $71,182,334 $61.455,97
1 Holders of rec. June 2 Dry Goods
0
200,106,820 302,671,161 252,601,389
15 Holders of rec. May 25 General Merchandise
252,315,353
15 June 27 to July 15
Total 22 weeks
$254,000,361 $385,775,160 $323,783,723 $313,771,3
1 June 16 to July 1
23
19 Holders of rec. June 13
13 Holders of rec. June 23
The following is a statement of the exports (exclusive of
June 10 to June 30
18 Holders of rec. May 29 specie) from the port of New York to foreign
ports for the
July 11 to Aug. 2 week ending May 30 and
from Jan. 1 to date:
7 June 14 to July 7
EXPORTS FROM NEW YORK FOR THE WEEK.
June 16 to July 1
1
July I to July 14
1908.
1907.
1906.
1 Holders of rec. June 16
1905.
1 June 17 to July 1 For the week
$11,835,640
$6,161,338 $9,959,917 $8.613.737
June 17 to July 1 Previously reported
265,326,403
249,077,574 261,311,464 223,853.282
1 June 17 to July I
15 July 4 to July 15
Total 22 weeks
$2777162,043 $255,238,912 $2717271,381 $232,467,019
1 May 28 to June 16
[VOL. Lxxxvi.
THE CHRONICLE
1392
E AT NEW YORK.
EXPORTS AND IMPORTS OF SPECI
Imports.
Exports.
(lad.
Week.
Since Jan. 1
$2,520,412
$1,000,000 22,598,379
5,397,000 11,485,000
870,990
2.300
566,475
9,735
Great Britain
France
Glermany
West Indies
Mexico
'South America
All other countries
Total 1908
Total 1907
'Total 1906
Since Jan. 1
Week.
$3,281
5,990
4,945
70.699
142,322
$3.432,514
684,596
15,785
3,114,654
215,319
1,274.052
1,590,255
$6,397,000 $38,053,291
2,813.838 4,681.534
43.900 5.337.022
$227,237 $10,327,175
40,125 5,509,945
423.803 44,242,581
$482,445 $15,359,905
980,000
38,401
52,665
63,043
112,184
424,169
355,975
246,530
Silver.
'Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
260
197,609
3,000
350
$482,705 $16,540,864
1,089,432 17,291,787
1,119,492 24,123,312
Total 1908
Total 1907
Total 1906
$464
12,065
15,354
20,205
$48,088 $1,2Y2,967
743,990
23,435
57,459 1,043,782
for
banks, the deposits are "net" both
Note.-In the case of the Clearing-Housecases "gross" deposits are shown. The
ing to 519,870,the average and actual figures; in all other
amount
s
deposit
States
United States deClearing-House actual figures included United
last week: averages included
300; a decrease of $8,679,300 from
,800 from last week.
State banks, not
posits of $19,857,500 a decrease of $10,815
and
es
compani
trust
com"Reserve on deposits" includes, fur both
agents, and in the case of trust
only cash items but amounts due from reserve
York City are reNew
in
banks
State
panies includes likewise municipal bonds.ing to 15% of deposits. while outside of
need not be more
quired by law to carry a reserve amount
which reserve in both cases required to keep
New York City only 10% is required, es
in Greater New York are
be in municithan one-half in cash. Trust compani
may
more
need be in cash and 5%
State the rea reserve of 15%. of which only 5% trust
companies in the rest of the
of the
may be in
more
pal bonds, while in the case
3%
and
cash
in
be
need
quired reserve is 10%. of which only 3%
municipal bonds.
follow-
furnishes the
The State Banking Department also
nies outside of
compa
trust
and
banks
State
ing report for
York.
Greater New
YORK.
DE OF GREATER NEW
STATE BANKS ,& TRUST CO'S OUTSI
% of
Week ending May 29 1908.
Reserve. Res.
Deposits.
Loans.
00.0
,100
$15,476
,100
$78.154,700 $80,024
State Banks
-420,200
-603.500
-234,200
300
20,689,
,500
124,637
.700
117,586
Trust companies
-36,000
+65,300
-66,000
week.
-4-Increase over last week. -Decrease from last
is the
Reports of Non-Member Banks.-The following for the
ember banks
non-m
the
of
ion
were
02
of
condit
$26,5
ment
1908,
state
in
Of the above imports for the weekcan silver coin.
Of week ending May 29, based on average daily results:
American gold coin and $464 Ameri
We omit two ciphers (00) In ad cases.
can
Ameri
were
0,000
$2,75
the exports during the same time,can silver coin.
Deposit with
Legal
were Ameri
Loans.
gold coin and $
Tender
Dtvc'ts
House Banks.-The
Net
Other
ClearSpecie. and
and
Si'?.
Statement of New York City ClearingCapiBanks.
Banks, Deposits
condition of the New
ing
Bank
Investplus.
tal.
detailed statement below shows thethe week ending May29.
&c.
Agent.
Notes.
mews.
York City Clearing-House banks for
the averages of the
City.
Y.
N,
The figures for the separate banks are
, however,a departure Boroughs of
8.
$
5
5.
daily results. In the case of the totals
5
852,0
Feb. 8, so that in addition Man.dcBrx
141,0
52,0
12,0
919,0
185.0
100,0
Ilgts
was made with the statement for actua
1,799,6
Wash.
259,6
of
92,0
end
23,3 112,3
l figures at the
138,1 1,503,1
200,0
_
Century
404,5 442,1 4,804,8
153,7
to the averages for the week the
489,2 4,063,7 296,1
100,0
_
Colonial
6,183.0
816,0
.
452.3 5,067,0 453,0 410.0
300,0
the week are now giventwo
-ia
858,2
cases.
Columb
all
in
157,9
27.9
47,0
avhers (00)
948.1
169,4
200,0
We onus
Fidelity _- 264,5 132,7 2,914,6
28.8 218,4
Banks.
00s omitted.
Capital. Surplus.
Loans.
Average.
Legals.
Specie
Average. Average
Deposits. ReAverage. s'tm.
$
4.099,0 1,153,0 19.757,0 26.5
2.000,0 3,304,6 20.720,0 18,520.0 1,640,0 40,700,0 49.5
Bank of N. Y.2,050,0 3,288,9 24.765,0 3.747,0 1,930,0 • 23,377,0 24.2
Manhattan Co_
21,389,
1.677,0
0
Merchants -- 2,000,0
23.227.0 4,968,0 1,750,0 23,980, 28.0
Mechanics _ -.- 3,000,0 3,720,9 27.620,5 6,286.3 2,229,9 30,827,1 27.6
1,500,0 4,606,1
6,737,0 28.2
Americ
356,0
1,537,0
7,546,0
564,0
1,000,0
Phenix --------67.684,6 4.556,0 213.607,2 33.8
25,000,0 24,648,8 197.671,4 6.845,7 1.866,7 32,341,6 26.9
City
3,000,0 5,674,8 31,673,
7,184,5 24.3
Chemical
256.7
1,490.4
6.906,5
529,2
600,0
8,056,7 26.1
Merchants Ex_
716,0
9,753,2 1,389.9
• 1.000,0 2.383,4
2.454,7 30.5
Gallatin- 72,7
676.7
2,079,8
144,1
300,0
6,486.8 24.4
Butch. & Drove •
250,0
1,338,8
6.002,
740,4
500,0
2 24.9
29,506,
Greenwich ...1,513,0
35.450,1 5,803,0
Amer. Exch.- _ • 5.000,0 4,889.8 168.472,1 26,803,6 13,254,9 154,560.5 25.9
5,866,0 26.7
Commerce.- _- - 25,000,0 15.256,7 10.072,1 1,295,6
273,4
3.722,3 36.9
Mercail ...- • 3,000,0 2.491,0
494,7
880,1
3,456,5
829,4
500.0
6,782,9 25.6
Pacific
937,
801,7
6,474,5
450,0 1,017,5
2,199,1 38.6
Chatham
54.8
794,
1,591,1
464,1
200,0
6 24.7
70,952,
8
People's
10,358,
7,223,7
3,000,0 9,650,7 61.860,9 4,945,1
321,9 19,807.8 26.6
Hanover
7
20.181,
2,550,0 1,282,3
26.0
4,918,1
Citizens Cent
626,5
657,
4,543,5
366,4
__
500,0
8,783,8 40.6
Nassau
792,1
7,277,2 2,774,7
1,000,0 1,576,9
Market & Fult n
132,3 11,435,3 26.6
2,919,5
8
11.108,
2,000,0 1,090,3
0 25.7
Metropolitan - 43,957.0 10,373,0 2.986,0 51.833,
Corn Exchange 3,000,0 5,068,9 26,992,7 4,822, 1,528,0 24,586,0 25.8
1.500,0 7,487,1
Imp. &Traders
0 3,001,0 91,646,0 25.7
20,622.
80,522,
3,000,0 9.340,3
1,472,2 34.7
138,9
Park
372,
1,244,3
111,8
250,0
25.9
East River-- - 21,399,0 3,555,1 2,020,0 21,487,00 27.5
_ - - 3,000,0 3,390,3
512,0 10.747,
Fourth
2.452
9,737,0
1,000,0 1,667,6
32.2
,0
108,023
1,373,2
Second
,0 33.459.
10,000,0 20,857,2 100,264
First
17,406,1 3,579.4 1,189,5 18,165,5 26.2
22.8
3,355,0
63.0
Irving Nat.Ex. 2,000,0 1,290,0
700,0
2,331,7
772,7
250,0
7,531,8 24.0
604.2
Bowery
7.249,4 1,208,5
500,0 1,108,7
3,392,2 24.0
180,7
N. Y. County
634,9
3.748,7
617,6
750,0
German -Amer_
18,239, 3,023,9 85,126,2 25.0
5.000,0 5,019,5 76,130.3 2,529,2 1,289,3 13,870,4 27.5
Chase
1
100,0 1,987,4 12.339,
4,123,7 24.S
735,0
Fifth Avenue- _
290,0
3,800,0
870,2
200,0
.5,754,5 26.5
German
600,0
929,
4,862,9
933,4
200,0
Germania
852,7 13.498,1 25.5
2,596,8
9
12,842,
1,203,3
1,000,0
27.7
6,700,8
Lincoln
211,6
1,645,2
6,620,
1,000,0 1,239,1
3,402,7 27.4
Garfield._ _ _ _
421,9
510,
3,100,6
453,1
250,0
Fifth
1,473,8 12,276,8 27.1
1.863,
8
11.755,
1,000,0 1,893,0
4,802,0 25.3
Metropolis - 266,0
952,0
4,287,0
713,0
200,0
27.0
West Side-18,822,0 4,862,0 1.173,0 22,332,0
1,000,0 1,638,4
Seaboa
14,040,7 27.3
550.0
3.283,8
4
14,832,
1,000,0 2,464,8
26.4
7.320,3
Liberty
175,7
6,254.5 1,763,7
670,8
1,000,0
N.Y.Prod
219,0 12,574,0 26.1
705,6 10,533,0 3,069,
1,000,0
39.5
State
4,683,7
497,0
936,0
4,241,6
366,1
1,000,0
14th St. Bank- 4 1285.788,8 28.7
70,627,
,8
298,729
8,
1215,11
,7
Totals, aver_ 124,350,0 162,008
1218,677,9 296,382,7 /2,206,3 1289,304.2 28.5
Actual figures May 29ed to $57,150,400 and United States
On the basis of averages circulation amount
00: actual figures May 29: circulation,
deposits (included in deposits) to $ ,9,857.5
.300.
$19,870
deposits
States
United
$57,089,900:
Jefferson...- 500,0
250,0
Mt. Morris_
200,0
Mutual
300,0
19th Ward_
100,0
Plaza
100,0
23d Ward
Union Ex- 750,0
100,0
Yorkville
Coal& I.Nat 500,0
200,0
NewNethl'd
Batt.Pk.Nat 200,0
Borough of
Brooklyn.
150,0
Broadway _
252,0
Mfrs' Nat
Mechanics'. 1,000,0
750,0
Nassau Nat
300,0
Nat. City
Jersey City.
400,0
First Nat
Flud.Co.Nat 250,0
200,0
Third Nat- Hoboken.
220,0
First Nat
Second Nat. 125,0
-Tot. May 29 7,747,0
Tot. May 23 7,747,0
Tot. May 16 7,747,0
Banking DepartThe statements compiled by the State
Clearing-house banks,
ment, together with the totals for the actual figures at the
both the averages for the week and the
table. In the
end of the week, are shown in the followingall of these instifigures for State banks and trust companies
tutions in Greater New York are included.
COMPANIES.
NEW YORK CITY BANKS AND TRUST
Week ending May 29 1908.
Reserve on P.C.
Loans and
Deposits. of ReDeposits.
Legate.
serve.
005 omitted. Investments. Specie.
$
$
$
$
$
Clearing-House
368.589,0 28.58
04,2
1,280,3
3
72,206.
.7
Banks-Actual 1,218.677,9 296,382
0.9 -12,225,4
-1,411,4 -14,618,2 +2,392,8 -12.83
Clearin.:-House
369,357,2 28.72
88,8
1,285,7
4
70,627,
Banks--Avge _1,215,118,5 293,729,8
4,5 -11,359,0
-3,929,4 -13,325,6 +1.966.6 -11,13
State Banks98.070,4 31.4
318,961.4
266,805,5
59.671,9 20,192.2
Average
+1.521,0 +2.444,6
+894,0 +2,035,8 +188.7
Trust Companies827.773,2 276,125,6 34.0
5,854,7
787,166,2 48,036,8
Average
+55.6 +13.053.7 +7.864.3
+5,052.1 +2.535.1
State Banks and
Trust Co's--not
921,000,6 301,687,8 33.4
,0
52,306.8 12,077,2
In Clear.-House 866.760,0
+71,5 +12,741,1 +9.534,0
+2,587,2
+5.375
ase from last week.
deposi+Increlse over last week -Decre
eliminating the Item "Due from reserve
a Includes bank notes. b After
es in New York City." deposits amount to
comronl
trust
and
banks
tories and other
figures.
week's
last
over
100
$8,299,
of
5722,442,700, an increase
669,6
257,2
307,2
408,5
384.9
176,0
833,8
385,0
675,5
208,5
136,0
3,189,7
2,186.1
3,145,8
4,517,2
3,619,0
1,587,4
5,681,5
3,359,5
4,148,0
1,381,0
907,2
470,7
808,7
63,6
477,0
262,5
686,5
315,7
666,0
108,0
64,6
49,3 e,806,9
5,0 3,846,2
264,7 4,747,0
3,958,0
1,907,1
300,0 6,152,1
4,252,1
4,482,0
15,0 1,285,0
773,0
379,6
751.3
767,4
942,2
569,2
354,2
17,4 416,5
2,312,2
5.548,6 669,8 136,5 1,084,5
9,072.0 224,9 1,131,7 1,306,0
6.640,0 .311,0 619,0 1,069,0
3,674,0 129,0 719,0 1,114,0
271,3 3,018,9
77.6 6,428,0
114,4 11,810.0
6,741,0
483.0 5,739,0
222,6
22,2
57.3
260,0
174,7
763,8
54,7
683,0
126,0
120,3
1,225,0 4,288,7
741.5 2,410,5
356,7 1,670,0
200,1
130,7
54,6
599,9 2,329,6
210.3 1,825,0
123,9
68,3
34,8
327,4
339,1
249,0
55,9
280,0
641,2
232,0
13,0
54,0
10;6
341,7 2,968,5 1,320,0 6,731,8
167,7 199,1 2,117,4
35.9
65,0 1,869,3
394,9
96,1
35,6
52,2
189,3
81,7
262,2 2,249,2
105,3 1,049,7
9
12,479,3 85,993,9 5,274,5 6,784,9 14,529,0 4,407,3 100275,
99,262,8
12,396,5 85,791,1 5,295,2 6,732,3 12,870,6 4,687,4 100612,
0
12,396,5 85,600,5 5,160,3 6,696,9 14,334,7 4,790,5
s.New York City, Boston and Philadelphia BankingBelow is a summary of the weekly totals of the Clear
delphia.
House banks of New York City, Boston and Phila ember
The New York figures do not include results for non-m
banks.
figures.
We omit two ciphers in al these
Banks.
Capital
and
Surplus.
Loans.
Specie.
Legate
Deposits a Circulation
Clearings
$
$
$
$
New York
1257,759.2 58,248,6 1,660,641,4
May 2-_ 284,334,0 1190.455,2 308,045,0 68,747,72 1270,324,9 57,337,6 1,531,496,6
68,160,
,5
2,2
313.304
May 9.. 284,334,0 1196,34
1276,220.6 57,206,2 1,548,310,0
27,0
May16_ _ 284,334.0 1201,120,0 313,980,5 69,681,9
8 1296,923,3 57.267,2 1,607,0
May 23.. 284,334,0 1219,047.9 312.055,4 68,660,4 1285,788,8 57,150,4 1,281,153,5
70,627,
,8
May 29.. 286.418,7 1215,118,5 293,72
,6
Boston,
2.568.0 221,9(31.0 10,551,0 137,300
May 9.. 44,036,0 187.361.0 21,392,0
228,046,0 10,596,0 141,650,4
.0
147,307
May16._ 44,036,0 187.875,0 21.507.0 2,688,0
0
10,581,
,0
2,843,0 228,784
,8
May 23-- 44.036,0 188,484,0 21,719.0
225,134,0 10,561,0 112.251
May 29.. 44.036,0 189,469.0 21,465,0 2,873,0
,0
Mist
117,037
0
17,295,
259,423.0
68,033,0
May 9-- 54.440,0 225,073.0
264,080,0 17,283.0 123,518,9
70,926,0
,0
117,556
May 16_ 54,440,0 224,408,0
0
17,233,
,0
264,232
72,452,0
May 23-- 54,440,0 223,926,0
88,554,2
264,145,0 17,132,0
71,374,0
May 29-- 54,440,0 225,331,0
a the item
and for Boston and PhIladelph
a Including Government deposits,
ed to $19,857,500
Government deposits amount
on May 29 and
"due to other banks." At New York
000
$2,674,
to
Boston
at
23;
May
on May 29, against $30,673,300 on
$3,565,000 on May 23.
Aavating and Winanctal.
and investors co pies
We shall be pleased to mail to institutions statistics
covering
r giving
of the 4th edition of our special circula
and Industrial Stocks listed
27 of the better class of Railroadge.
Stock
York
Exchan
New
upon the
Spencer Trask & Co
NEW YORK
WILLIAM AND PINE STS.
Branch offices: Chicago. Ill., and Albany. N. Y.
MOFFAT & WHITE
Members New York Stock Exchange.
BUILDING
HANOVER BANK
T.
STREE
U
NASSA
5
ITIES
SECUR
TMENT
IN
INVES
RS
DEALE
Only
Commission Orders Executed for Cash
JUNE 6 1908.1
THE CHRONICLE
rtiters' Gazttit.
Wall Street, Friday Night, June 5 1908.
The Money Market and Financial Situation.-The security
markets have fluctuated widely throughout the week, a fact
which seems to have attracted little attention outside the
circle of those who participated in, or were responsible for,the
movements. A good deal was published in the daily press
during the early part of the week relating to increasing activity in various departments of industry, and this doubtless
is one of the most important developments of the week.
Crop reports from nearly all sections are also favorable, and
in some localities conditions are well above the average.
An interesting event of the week has been a reduction in
the price of iron and steel bars. This caused some surprise
because it came so soon after a decision not to consent to
any decline in values. To what extent this cut may affect
the general demand, and whether the reduction will be extended to other departments, are questions which, at the
moment, are attracting considerable attention.
There is further improvement in the financial situation
abroad, as shown by a reduction of the German Bank rate
from 5 to 4%7
0. Gold exports for the week amount to
$1,750,000, making a total of $37,260,000 since the movement began. The local money market is unchanged in general features.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1Yi% to 13
4%. To-day's rates on call were 1 Yt ©
13
4%. Commercial paper quoted at 33
4Q4% for choice 60
to 90-day endorsements and for 4 months' best single names;
4@43'% for a slightly lower grade of 4 to 6 months' single
names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £523,704, and the percentage of reserve to liabilities was50.82, against 51.80 last week.
The rate of discount remains unchanged at 2%7
0 as fixed
May 28. The Bank of France shows an increase of 34,900,000
francs gcad and a decrease of 1,575,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BA N KS.
1908.
Averages for
week ending
May 29.
Differences
from
previous week.
1907.
Averages for
week ciuting
June 1.
1906.
Averages for
week ending
June 2.
Capital
124,350,000
129,100,000 117,472,700
Surplus
162,068,700
160,994,100 149,236,400
Loans and discounts- - 1,215.118,500 Dec. 3,929,400 1,139,931,100 1,051,543,200
Circulation57,150,400 Dec.
116,800
50,628,900
49,739,200
1,285,788.800 Dec. 11,134,500 1,128,194,600 1,036,751,100
Net deposits
U.S.dep. (Incl. above)
19.857,500 Dec. 10.815,800
31,613.200
17,250,000
298.729,800 Dec. 13,325,600 221,928,000 183.105,600
Specie
Legal tenders- - _
70,627,400 Inc. 1,966,600
72,903,100
82,898,200
Reserve held-- _
25% of deposits-- _ Surplus reserve
Surplus excluding U.S.
deposits
369,357,200 Dec. 11,359,000
321,447,200 Dec. 2,783,625
294.831,100
282,048,650
260,003,800
259,187,775
47,910,000 Dec. 8,575,375
12,782,450
6,816,025
52,874,375 Dec. 11,279,325
20,685,750
11,128,525
LIJArote.-The Clearing House now issues a statement weekly showing the total
of the actual figures on Saturday morn ng. 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 Ifouse, appear on the preceding page.
Foreign Exchange.-The market was irregular and lower
early In the week, because of speculative selling, though later
there was a recovery, followed by a decline. Gold exports,
$1,250,000 on Tuesday and $500,000 on Saturday (to-day)
to Berlin.
To-day's (Friday's) nominal rates for sterling exchange
were 4 86% for sixty day and 4 88 for sight. To-day's (Friday's) actual rates for sterling exchange were 4 8540@4 8550
for long, 4 8690(4)4 8695 for short and 4 8710(4)4 8720 for
cables. Commercial on banks 4 8515@4 8525 and documents for payment 4 84Yi @4 85 8. Cotton for payment
4 8414©4 849', cotton for acceptance 4 8515@4 8525 and
grain for payment 4 85©4 85%.
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 17%a©5 173/
2 for longand5 1534a@5 15%dforshort.
Germany bankers' marks were 95@95 1-16 for long and 953/
2d
@953' for short. Amsterdam bankers' guilders were 40 24
@.40 26 for short.
Exchange at Paris on London to-day 25f. 12c. Week's
range 25f. 123-c. high and 25f. 11%c. low.
The week's range for exchange rates follows:
•
Short-
Sterling Actual4 8560
High
0 4 8565
4 8540
Low
64 4 8550
Paris Bankers' FrancsHigh
5 1654a g 5
0 5 1734
5 1834
Low
Germany Bankers' Marks95
High
64 95 1-16
Low
94 13-16 0 94 15-16
Amsterdam Bankers' Guilder:
High
Low
1631
14 8715
14 8690
64 4 8720
64 4 8695
15 1534a
15 1554
g 5 1554d
64 5 159(1
14 8740
14 8710
0 4 8745
64 4 8720
1 95%d
60 9534
95 7-16d 64 9534d
1
1 4051
1 40 24
64 40 5-16
@ 40 26
Less: a 1-16 of 1%. d 1-32 of 1%. h 3-32 of 1%.
Plus k 1-16 of 1%. x 1-32 of 1%. y 3-32 of 1%.
",The following were the rates for domestic exchange on New
York at the undermentioned cities to-day: Savannah buying,
50c. per $1,000 discount; selling, 75c. per $1,000 premium.
Charleston selling, $1 per $1,000 premium. New Orleans
bank, 50c. per $1,000 discount; commercial 75c. per $1,000
discount. Chicago, 50c. per $1,000 premium. St. Louis,
75c. per $1,000 premium. San Francisco, $1 per $1,000
prem him.
1393
State and Railroad Bonds.-Sales of State bonds at the
Board include $2,000 Virginia fund. debt 2-3s 1991 at 92
and $30,000 Virginia 6s deferred trust receipts at 38 to 39%.
The market for railway and industrial bonds has again
been less active, the total transactions aggregating only
about $2,000,000 par value, on at least three days of the
week. Prices have been fairly well maintained and in a
few cases an advance of a point or more has been made.
Among the exceptional features is Wabash & Pittsburgh
Term. lsts, which are 4 points higher and St. Louis & San
Francisco ref. 4s, which are up 2 points. Other net changes
are narrow and about equally divided between higher and
lower.
United States Bonds.-Sales of Government bonds at
the Board include $10,500.4s coup. 1925 at 1223', $4,000
3s reg. 1908-18 at 1013' and $10,000 2s reg. 1930
. at 103%.
The following are the daily closing quotations for yearly
range see third page following.
Interest May June June June
Periods
30
1
2
3
28, 1930 ----- _ -registered Q-Jan
*10331
*10354
*10351
2s, 1931)
coupon Q-Jan
*1033
% *103% *103%
Is, 1908-18_ _ - ---registered Q-Feb
*101
38, 1908-18 ----- - -- -coupon Q-Feb HOLI- *101 *101 *101
*101 *101
38, 1908-18- - -.small coupon Q-Feb DAY. *10034 *10034
*10034
4s, 1925
registered Q-Feb
*12034 *12034 *12034
4s, 1925
coupon Q-Feb
12234 *122 *122
2s, 1936.Panama Canal regls Q-Nov
*10254 *10254 *10254
June
4
June
5
103% *1033j
*1033
4 *10354
*101 *101
*101 *101
*10034 *10034
*12034 *12034
*122 *122
*10254 *10254
* Tuts is toe price old at ti e miming board; no sale was made.
Railroad and Miscellaneous Stocks.-A sharp rally in the
stock market early in the week carried the prices of practically all active issues up from 3 to 7 points. The movement culminated on Tuesday, when Union Pacific, which
had led, showed an advance of 9 points, St. Paul 79', Missouri Pacific and Louisville & Nashville over 6, Delaware &
Hudson 6 and Reading 53' points. From these high figures
the decline has been uninterrupted until to-day, but closing
quotations of active stocks are generally from 1 to 2 points
higher than last week. To-day's market has been sluggish,
the transactions amounting to less than the average for the
week, and price changes were irregular and unimportant.
Union Pacific and Reading have been conspicuously active
throughout the week, the transactions in them on two or
more days amounting to more than half the total, and the
former shows a net advance of nearly 6 points.
United States Steel issues are higher, notwithstanding a
cut in the price of a part of its product, and other industrial.
stocks have generally followed the market.
For daily volume of business see page 1401.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Sales
Week ending June 5.
for
Week.
Range for Week.
Lowest.
Amer Steel Fdry tr rects
300 6
Preferred trust meets- 510 34
Amer Teleg & Cable- - - 100 65
Bethlehem tel orp_ - 300 15
Preferred-- ----- -900 40
Consolidation Coal ----100 8734
Federal Sugar Ref, pref_
105 91
General Chemical, pref-15 9734
Homestake Mining-- --225 74
Illinois Central rights__ 8,652 4
International Power- - - _
600 29
ICan &Mich trust rects- 10 4234
Nat of Nlex pret tr rects_
810 51
St L & S F-C & E Ill
100 125
stock trust certs.- _
New stock trust certs.
15 51
Sears, Roebuck & Co.,p
20 91
Standard Mining__ _
100$1.81
Range since Jan. 1.
Highest.
June 4 634
June 2 35
June 1 65
June 2 15%
June 2 43
June 3 87%
June 2 91
June 2 97%
June 5 75
June 1 4%
June 1 32
June 4 42%
June 1 51%
June 1 125
Lowest.
June 1 4%
June 2 27%
June 1 50
June 5 12
June 3 27%
June 2 87%
June 2 73%
June 2 89
June
67
June 2
3 29
3%
June
June i 29
June 2 51
June I 100
Highest.
6% Apr
35 June
65 June
mg May
May
44
90
Jan
91
June
97% June
May
75
454 May
Mch
35
Jan 42% June
June 51% June
Apr 125 June
Feb
Feb
Mch
Jan
Feb
June
Feb
May
Jan
JAu
ln
ay
e
June 2 52
June 1 50
Apr 53
May
June 5 91
June
86% Mal! 91
June
June 5$1.81 June 5 $1% Feb $1 81 June
11
Outside Market.-"Curb" trading this week followed the
course of the Stock Exchange market, the firm tone in the
beginning being succeeded by a weakening tendency later
in the week. The prevailing dulness, however, has limited
changes, with few exceptions, to merely nominal figures.
The introduction to trading on Thursday of the Union Pacific
4% bonds "when issued" resulted in transactions of some
$900,000 firsts at 963
4,then up to 9734 and back to 9634,
the close to-day being at the low figure. The securities of
the new National Rys. of Mexico were also prominent, the
prior lien 432% "w. i." selling down from 94 to 933/2. The
bonds were offered for public subscription at 94, the subscription list closing on Wednesday, June 3. The general
mtge. 4s "w. i." sold at 87 last week, but opened this week
at 823, sold up to 85 and close to-day at 84%. Copper
shares were quiet. Douglas Copper declined rather sharply
3
from 43
4 to 3%.
Boston Consolidated Copper from 11%•
moved up to 13, but fell back to 113
4. Butte Coalition advanced from 233
% to 243/
2. Dominion
2,sinking finally to 233/
Copper from 1 15-16 reached 2, but reacted to 1 9-16.
Greene Cananea was fairly active and rose from 93% to 103/8,
but declined, closing to-day at 9%. Nevada Consolidated
Copper sold up from 117
% to 12% and back to 117
%. United
Copper common advanced from 63/i to 734, easing off
finally to 7. Nipissing moved from 73/ to 8, but fell subsequently to 714. American Tobacco was prominent by reason of a loss of 10 points to 330. It recovered to 333. Standard Oil from 599 advanced to 604, but sank back to 600.
Chicago Subway moved up from 203
4 to 21 and Wick to
193/
9. Tidewater 6% notes fluctuated between 983- and
97%, closing to-day at 98.
Outside quotations will be found on page 1401.
Record, Daily, Weekly and Yearly
New York Stock Exchange-Stock
N..
n44
()GOUT')
S7 rXICS-flIcaIMST AND LOWES7'SALE PRICES
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
June 5
June 4
June 3
June 2
June 1
May 30
Sates of
the
Week
Shares
AINE!.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Stnee Jan. 1 1908.
On basis of 100-share loss
Lowest
•
IlIghest
Range for Previous
Year (1907)
Lowest
111g/zest
Railroads
6638 Nov 10814 Jan
66 Feb 14 8478 May18
8234 8038 8214 8038 8112 27,900 A tch Topeka Fe Santa Fe 8338 Feb 17 03 J'ne 3
8258 8212 8334 82
78 Nov 10152 Jan
81
pref
Do
la.
9212
713
9212
9212
9212
93
58 Nov 13318 Jan
May19
94
2
9114 9114 9212 9212 93
Melt
5912
_
RR_
Line
Coast
92
1,100 Ntlantic
92
93
9212 *89
93
92
92
7538 Nov 122 Jan
91
May18
9414
90
10
Feb
7612
12,100 11.1altImore de Ohio
9412 Jan
75 Nov
9112 8034 9134 8978 9038 8812 8934 8334 89
89
80 Jan 3 86 May29
100 LI Do pref
87
*83
87
8358 Jan
*33
87
*83
87
2634 Nov
*83
86
May19
54
86
10
Feb
3714
Transit..
Rapid
8534 Feb
Nov
7412
21
4938 49
5014 4853 4938 4738 4878 4734 4812 33,900 Brooklyn
48
6434Mch
Mch21
6434
Buffalo & Susque, pref__
Jan
19512
65 *___ 65 *..._ _ 65
Nov
138
2
65 *____ 65
J'ne
140 Feb 17 16118
Pacific
6512 Jan
52 Nov
15938 16078 15914 16138 15914 16034 158 15958 15812 15914 18.200 flanadlan
54 Mch 4 6318 Mayll
X Janada Southern
63
Jan
*62
63
*62
220
Nov
03
63 *62
144
63 *62
l5
May
*62
183
11
Feb
160
100 Central of New Jersey
56 Jan
185 185 *180 190 *180 190 *180 190
*175 185
2512 Feb 19 4658 May21 z2314 Nov
e & Ohio
2712 Jan
Nov
4412 4638 4412 4558 4414 4618 163,750 Chesapeak
4434 46
818
4414 45
6
2318May
13
Feb
10
RR
&
Alton
2258 2214 2214 2,700 Chicago
22
69 Jan
2112 23
2114 2112 22
48 Sep
21
47 Mch24 60 May 6
Do pref
100
60
*55
60
*55
18 Jan
59
60
59
678 Nov
*52
60
*52
818 Jan 3
318 Feb 8
718 4,200 Chicago Great Western
7
79 Feb
738
738
Dec
7
7
714 738
46
May16
50
634 634
Mch19
3312
Do 4% debentures
100
55
4978 4978 *44
Feb
711,
45
Dec
45 *44
21
45 *44
*44
6
Jan
31
1512 Feb 15
Do 5% pret "A"
• 300
*2212 23
*2234 24
2618 Jan
*225s 24
23' 2258 23
814 Dec
23
5 Feb 11 10 Jan 6
Do 4% pref "B"
918 918 *814 914 1,000
15712 Jan
Nov
878 938
914
312 812
9312
9
May19
140
2
Jan
10312
As
St
Milw
Paul
Jan
131 13514 13478 13758 13418 13618 13134 13514 13134 13358 179,650 Chicago
138 Jan 3 157 May19 130 Nov 16512
Do pref
Jan
*153 157 *153 157 *153 157 *153 157 *152 157
9812 Jan 3 12978 May19 .135 Nov 141 Jan
Do corn ctfs 45% paid
164
123 123 *12238 127
149
Oct
4123 123 *12014 128 *125 128
111
May18
148
2
8Jan
5
125
45%
ctfs
paid
pref
Do
618
b
Jan
ja
143 143 *14234 14314
5
04
3
2
14334 145 *143 146
Oct0c
Oct
142 142
2
82
1
8
l8
tyl
a
ri
Ay
2
160M
20412
5.800 Chicago & North Western 13513 Jan
15278 15434 x150 151
15512 15612 15412 155
15414 155
4185 Jan 11
170 Jan
Oct
106
*200 204 *201 205 *200 205 *200 205 *198 200
May19
138
25
Feb
114
51
Minn
ef
r
PP
St
Omaha
ico
ChD
*132 136 *130 135 *130 136 *130 136 *130 135
14012 Jan 3 165 May15 13712 Dec 165 Jan
934 Feb
312 Oct
*160 165 *160 165 *160 165 *160 105 *160 165
8 May22
134 Feb 18
frming Transfer
Te
pro
ago
ico
ChD
8
*4
8
*4
8
25 Jan
8
8
*4
*4
*4
9 Mch
878 Mch 14 15 May20
25
*10
25
*10
25
334 Mal
*10
25
25 *10
Oct
134
*10
4
May18
3
58 Apr
effrac ctfs stmpd
'
nr
icoUP
800 ChD
378
338 3323
17 J'ly
8 Dec
334 334 *3
334 334
334 334
4 Apr 10 1434 May13
Do pref ctfs stmpd__ _
1378
9278 Jan
1378 *1112 1312 *1112 1312 *11
*12
*1212 14
Nov
43
15
Jan
62
Feb
19
4818
&
_
St
Chic
L.._
Cin
500 Cleve
58
*56
5812
5918 5912 5912 5878 5878 58
59
85 Dec 10812 Jan
8518 Feb 19 9512 May25
Do pref
95
95
*90
*90
95
3378 Jan
*90
95
95
*90
*90
17 Nov
21 Feb 19 33 May14
3112 3034 3034 5,900 Colorado & Southern_ _
3118 3178 3112 3134 3112 31% 31
6912 Jan
41 Nov
23
Apr
6034
'2
50
8Jan
3
preferred
1st
Do
5918 5812 5812 1,425
159
59
5812 Jan
5918 459
69
5914 59
Nov
2912
23
Apr
3934 Feb 19 5112
Do 2d preferred
4934 4934 1,440
50
5018 50
*50
50
50
4934 50
14112 Feb 10 168 Jan 10 12358 Oct 22712 Jan
15912 16034 159 16138 *155 16078 2,660
161 162
159 160
8 36912 Oct 510 Jan
May
6
540
Jan
420
4278 Jan
16 Nov
*500 535 *500 535 *495 535 *500 535 *500 535
1414 Feb 19 2734 May19
2514 425
1,400 Denver & Rio Grande__
25
2618 25
8378 Jan
2412 2512 2612 2714 26
53 Nov
3914 Mch 2 70 May18
Do pref
378
67
67 *63
*64
64
8018 Jan
164
67
Dec
167
6112 62
3134
8
15
Jan
3814
Apr
3212
United
300 Detroit
40
*3634 40
37 *37
35
3713 3718 37
614 Oct
35
1912 Jan
IS Feb 11 1614 Apr 28
Duluth So Shore & Atlan
*1012 1412 *1012 13 *1012 13
39 Jan
*1012 14
10 Nov
14
26 Apr 24
*10
13
Feb
1134
pref
Do
300
22
1912 21
23 *21
4414 Jan
*21
22
Nov
1214
2
22
23
J'ne
*18
4
233
6
Mch
12
2278 50,750 Vrie
7578 Jan
23 Nov
2438 Mch 4 44 May19
22
2312 2278 2334 2258 2333 2214 2312 22
4014 4,700 1.-'Do 1st pref
4114 40
67 Jan
0_
6 _2
.
ma3y7119
2M
2112
4034 4134 4014 4114 40
shy16
30
6 6
me
16 M
60
3934 42
Do 2d pref
2734 2,320
2812 2934 2812 2812 27
2834 2934 2934 30
Terre
Haute
Evansville &
*60
80
80
*60
80
*60
90 Apr --a Apr
80
*60
80
80 Mehl9 85 Mch26
*60
' Do pref
*80 100
*80 100
*80 100
11334 Feb 10 13414 J'ne 2 10712 Oct 18934 Jan
*80 100 *80 100
13214 12958 13078 82,445 Great Northern pre
35 Jan
2
6338
37 Oct
Jan
4812
May18
_
13018 13312 13258 13414 13134 13314 130
Iron Ore properties_
6,795
*60
61
6112 6014 61
75 Oct
75 Oct
6014 6134 6112 6238 61
B 71 Mch19 7712 Apr 6
otIA
deebbet
Green Bay & W,0
1412 Jan
534 Oct
8 Jan 14 1438 May22
*____ 85
Do
"la 13 *2212 47 Jan
Oct
131 14
23
241.
6
20
May
Mch24
13
13
aovana Electric
27
f
27
8612 Jan
.i.a" 1/- *23 7978
27
72 Apr
*23 ........ *20
470 Jan (I 74 May26
pref
Do
.-/1
8
100
797
*70
*70
74
7978 74
63 Nov 114 Mch
7973 *70
62 Feb 10 90 May14
*70
300 Hocking Valley tr rects_
88
86
90
*80
86
*81
94 Jan
85
85
69 Mch19 85 May14
64 Nov
*____ 90
Do pref
100
90
82
82
85
*82
85
*82
90
*82
12212 Feb 17 142 May18 11(1 Nov 172 Jan
r Ilinois Central
? 13212 3,500 Xnterboro39 Jan
Oct
1
634
J'ne
478
1212
13134 13312 13312 13534 13312 13412 132 13334 %al.
4
Jan
_
tan
Mettropoll
1112 1158 6,725
7514 Jan
14 Nov
1214 1212 1218 1212 1178 1214 1112 12
1718 Feb 19 3334 J'ne 2
Do pref.
12,980
2878 Jan
912 Nov
3212 3312 3234 3334 3212 3278 3134 3212 3134 32
10 Feb 19 19 May19
1714 1612 1658 4,035 Iowa Central
51 Jan
1712 1634 1734 16
Dec
29
27
Apr
16
3638
1634 17
2712
19
Feb
rrDco
3.170
35
3414 3412 *34
Jan
80
35
34
Oct
60
13
3312 3334 35
Jan
32
5978
70
19
Feb
eta
pre/
M,
tr
&
Ft
67
*6312
Jan
67
*6312
3034
*6312
67
Mch
67
*65
Is
18 Feb 25 26 May13
*6312 67
IlLansas
pref1,20 City Southern_
2412 2412 *2312 2412
25
Mch 6134 Jan
2
45
48
J'ne
2412 2412 2412 2434 *24
58
19
Feb
prof
Do
600
5578 5578
56
2812 Jan
56
57
57
Nov
58
11
58
57
12
May16
4
3
Jan
_
57
19
4
Western._
h
ake Erie
20
*15
20
0712 Apr
20 *15
*15
20
3934 Nov
*15
20
34 May 2 45 May12
*15
J-4 Do pref
45
45 *40
6712 Jan
*40
45
26 Dec
45 *40
45 *40
30 Feb 6 40 Apr 24
*40
Long Island
40
*34
40
8 Jan
*35
1451
40
Nov
8512
42 *35
*35
8714
May19
113
19
Feb
6,100 Louisville & Nashville
107
Feb
110
1073
4
146
103
11118
10912
Oct
120 Jan 4 13912 May16 10078
1061 11134 110 11114
d
eteei_
Elira
ptotivan
oa
alirh
13734 13734 *13712 13812 2,100 kre
Dec 107 Jan
23
13
13712 13778 13712 139
15
Apr
35
137 137
29
Feb
900
Jan
27
27
2758
33
Nov
4
123
28
2812 2834 *22
Jan
32
1412Jan
2012
2
*24
Central
1618 1614 *1512 1612 -1612 Teti 1,000 Mexican
1718 May16 _
1412 May 1
1658 1678 *1612 17
Do Trust Co cents_ _
1612 3,010
16
16
59 Jan
2312 Dec
1634 1634 1614 1634 16
May14
20
1634 17
32
2
Mch
Louts
do
St
s
Minneapoli
29
2914 2912 2912 1,200
90 Jan
29
2812 2834 29
28
61 Feb 29 6912 May16 56212 Dec 14014
28
Do pref
70
70
*87
Jan
*67
70
*67
70
60 Oct
*67
May18
70
*67
11118 11118 1,550 Minn St P & 8 S Marie...... 7914 Jan 2 115 4 Mch25
11114 112
110 Oct 168 Jan
113 11334 11212 11334 11214 11212 *133
12312
1363
11
Feb
pref
Do
200
138 *132 138
Mch
4458
Nov
2034
13612 13612 *134 137
May19
135 135
7
1712 Mch 2 3)) 8
2714 2734 11,700 Mo Kansas & Texas
28
7234 Jan
2734 2812 27
53 Nov
2838 29
2712 29
46 Feb 19 6358 May19
Do pref
800
61
61
9234 Jan
62 *611. 62
4413 Dec
May20
6412
2812
19
Feb
Pacific
6134 6134 6238 6238 62
Missouri
5058 42,122
5314 507i 5214 49
97 Dec 147 Jan
50
5034 5414 51
48
Vash Chatt h St Louts_
9734Jan 2 11414 Jan 14
*110 120
5938 Jan
3912 Nov
*110 120 *no 1.20 *110 120 *110 120
10 11 at of Rex. non-cum pf 4334 Jail 6 52 Alch28
51
51
27 Feb
*__ 52 *--1312 Oct
_
*5058
May12
17
2
3
nyi
aa
M
J
1.1
7
4
1
2
pref
2d
Do
100
17 *---- 1714
Jan
17
13434
Dec
x83
May19
9018
8
7
Jan 2 107
7,500 N Y Central & Hudson....
10312 10478 10312 104
6312 Jan
- 1.53- 105
1934 Oct
- 8
10314 1-051-2 10434 10
4112 J'ne 1
900 N Y Chic & St Louis-- _
40
*38
*3712 41
41
85 Nov 110 Jan
May12
3938 411. 4114 4114 *38
102
14
Jan
pref
1st
90
Do
9134 Jan
*94 102 *95 100
*95 100
41 Oct
*95 100
*95 100
60 Feb 8 75 May14
Do 2d pref
300
75
*70
76
*70
75
*71
12738 Nov 189 Jan
75
7334 7434 75
650 N Y N Haven & Hartford 1283. Jan 6 14114 May18
4838 Jan
Oct
28
13558 13558 13512 13812 13734 13838 *135 140
Mayll
134 134
4
433
2918
19
Feb
&
Western-.
Ontario
4078 19,600 N Y
40
41
0214 Jan
56 Oct
3912 4078 4013 411. 4038 4112 40
58 Feb 19 7234 May16
2,300 Norfolk & Western
69
9012 Jan
*6812 6912 69
70 Oct
6812 6934 6914 7038 6934 70
74 Mch24 81 Jail 0
Do adjustment prat__ _
b
80
80 *70
80 *70
10012 Oct 18912 Jan
*70
80
May19
80 *70
*M
13878
11673
2
Jan
Pacific
170,628 Northern
8
5
135
13414
Nov134
4
134
1363
133
13612
9112
4
4
1383
1363
135 138
103 Feb 10 12512 May19
rects
subscrip
Do
Jan
7,473
12214.12212
18
3
Nov
123
4
4
12234
24
1243
12334
56
12234 12433 12412 125
9312 Jan 14
7112 Apr 21
900 Pacific Coast Co
80
*77
76 Nov
65 Nov
7878 7878 7914 7934 7814 79
7878, 79
90 May26 90 May26
Do 1st pref
*85 100
*85 100 *85 100
85 Dec 125 Mch
*85 100
_
79 Mc627 97 Jan 13
pref
3d
Do
100
*30
*80
100
100
*85
May19 z10312 Nov 14138 Jan
*80 100
12412
2
3
Jan
108
4
ia
Pennsylvan
61,333
78 Jan
51 Oct
12514 1-2214 122 12314 12118 12214 12038 12158 12014 12114
59 Jan 7 74 J'ne 4
600 Pittsb Cin Chic & St L
75
*73
74
74
74
6912 Oct 1092512
74
75
75 *72
*70
8118 Mch 3 98 J'ne 4
Do pref
100
98
98 *92
98
98
7012 Oct 13918 Jan
98 *90
*90
May19
98
*90
11914
17
Feb
9218
eadlng
p
Jan
73 Oct
11514 11714 11412 11614 11178 11514 11112 11314 738,460
11214 115
78 Jan 2 8712 May18
200 AV lst pre(
84
94 Jan
67 Nov
8214 *3212 8312 *82
82
87
*83
*8112 86
76 Jan 6 8612 May18
2d pref
100
*3112 84
*8212 84
*8312 84
1114 Nov 3018 Jan
84
May14
8412 84
*83
1912
3
Feb
1012
Company
Island
Rock
4,040
0412 Jan
1712 1712 1734 18
2612 Nov
1712 1814 1778 1814 1734 18
2034 Feb 3 4038 May13
Do pref
70 Jan
58 Oct
3678 3714 3553 3612 3538 3534 12,350
38
3512 3738 37
4 Jan 16
300 St L & San Fr. 1st pref.... 45 Feb 10 613
55
55 *52
4838 Jan
*52
24 Nov
55
May14
53 *53
52
54
*50
34
19
Feb
1914
2d
pref
Do
2918 2912 2,401
514
Jan
2J
Nov
v 26
2914 30
11 oc
31
30
May18
2934 3038 3012 32
1778
7
Mch
10
St Louts Southwestern...1,500
1
16
1612
612
Nov
16
6212 Feb
25
4
1612
3
16
May18
1634 1612 1612
16
2412 Feb 19 41
Do pref
3712 1,300
3612 *35
6314
May10
3558 3712 3712 3712 *3518 3714 3538 8738
8934
17
Feb
6614
Co
Pacific
,
.
Southern
86.3
8518
115,630
8734 8514
8434 8718 8714 8812 86
10638Jan 2 12512 May13 100 Oct 11818 Jan
Do pref
900
11812
10 Nov 34 Jan
11912 11912 *119 11934 11912 11934 11834 11834 11812
918 Jan 10 1912 May19
8,520 Southern v tr ofs stamped
1 ja
341:
21791122 Nov 07
1814 1714 1734 1738 18
1834 18
1714 1834 18
2512 Mch 5 48 J'ne1
do
pref
Do
3,200
4512 46
47
Nov
.Jan
4612 4712 *45
May20
48
47
4614 48
26
29
1234
Feb
2312 4,300 Texas & Pacific
16 Nov 123 Jan
2312 2414 2338 2312 23
2438 2412 25
23
1512 Mch23 39 Apr 13
_
Y)__
(N
Avenue
J..hird
2,840
12
3312
32
3234
9 Dec
29 Jan
2
May
1514
9
Apr
878
&
Light
3312 3434 3412 3412 *3334 3412 33
Railways
300 Toledo
10
*912 1034
10
3334 Jan
10
1634 Dec
*934 1134 10
10
10
21 May18
600 Toledo St L & Western.... 12 Feb 6
19
2934 Nov
5478 Apr
1918 1914 1914 1914 1914 1914 *17
19
19
33 Feb 3 46 May15
6834 Nov 10812 Jan
4414 4438 4414 4414 4334 4334 4312 4334
May19
44
44
9214
7
7814
Feb
pid
Transitc
na
R
i
f
e
it
r
t
F
P
riCi
o
in
lo
TnwiD
6u
1278
3
9112 9112 *9014 92 11011.0
Jan
183
100
Oct
9018 9018 *9018 92
May19
90
90
1511.
1101
2
.
Mch
14413 14631
145 149
1403t 150
. 1471, 150
14171 1475
Deerwaare
18
:4
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Ark
Bid
Ask
Banks
Bid
Ask
Bid
Banks
Banks
Oriental 11....
Metropolis I 375
Hanover __ 465 485
_ 2-30- 2E0
165 Pacific
Metroporn11 160
Imp & 'Crud 520 530
Fifth Ave11_ 3800
415
405
Chemical _ _ 400 410
New York
180 Mt Morris11- 220 235 Park
300 350 Irving N Ex 173
Fifth
170
Citizens' Cti t14118
Aetna
180 Mutual I.-- 295 305 People's 11- _ 300
170
11
Jefferson
_
665
First
fir
1286
140
_
Phenix
205
America 11- - 500 525 City
195
465
435
Nassau
Liberty
175
18.5
575
Plaza 11-Amer Exch.. 220 230 Coal do Iron 200 210 14th StI_
475 525 New Amst_
Lincoln
185
Fourth
125 Colonial 11- - 700
Battery Pk.. 118
200 2-2-0- Prod Each I 150
290
New
280
Neth'd
1
Manhattan1
_
325
315
Gallatin
Riverside I.. 200
Bowery ..- 320 335 Columbia 11_ 400 666
New YorkCo
Mark't &F'ul 240
325
350
Commerce - 1165 1169 Garfield .._ _
BronxBoro11 300
New York.. 280 210.- Seaboard - _ 340
Mechanics'.. 123812
135
123
120 Germ Am
156 Consol't'd_ _ 115
325 Second __ _ _ 5350
'Butch & Dr 150
N'ht
&Day]]
&Tra
II
Mech
20712
500
475
21212 Germ'n Ex11
225
185 Copper __
av6State
ICentury IL.. 170
500
19th
I
Ward
_
135
Mercantile
Germania 11 500
230
Corn Ex 11.... /320
12th Ward I
Chase
170 North Amer
March Excb 165
300 315 EastRiver_ 135 fa' Greenwich 11 250
160 230 Ward I 190
157t. Northern
Chatham _
15212
.
Merchants'
165 Hamilton 11...
Fidelity II... 160
Chelsea Ex 11 200
New stook
banks a E.z-dIv (lend and right& 0private
sale
4 Less than 100 shares 11 Stateon.
• Bid and %sired prices no sales were made on tills nay. / Ex-rIgnts.
h 1st lnstallm 't paid. n Sold at
price wasion old cap tallzat
/ Sale a.Stook Exchancre or at auction this week c For new stock, previous
at this price.
Banks
Bid
Ask
Banks
Bid
Ask
Banks
Bid
Ask
iiew York Stock Record-Concluded-Page 2
IJuNE 6 1908.]
STo( K.•,-HIGHEST AND LOWEST SALE PRICES
Saturday
May 30
Monday
June 1
Tuesday
June 2
83
24
40
1218
2512
12
8
17
11
1712
4212
Tnundau
June 4
Fridall
June 5
Saws o
he
Week
Shares
SlOCKS
NEW YORK STOCK
EXCHANGE
Kano Sims Jan. 1 1918
On basis o1 100-share tow
Lowest
litghey
Range ;or Previous
Year (1907)
Lou est
Highest
500 U-ion Pacific, pref--- -- 7914 Apr 2 8518 May22
96 May
7; Aug
700 Unit Rys inv't of San Fr.. 15 Jan 24 2412 Apr 28
62 Jan
1018 Nov
300
Do pref _
2712Jan 22 43 Apr 25
7118 Jan
20 Nov
2,400
abash
634 Mch 3 1414 May21
1812 Jan
8 Oct
8,000
Do pret
13 Mch 3 29 May22
3812 Jan
1418 Nov
600 Western Maryland
5 Alch14 16 Mavis
6 Oct
3012 Jan
420 Wheeling & Lake Eric.....
412 Mch 7 1014 May-2
o Oct 1634 Jan
1)o 1st pref
1218 Apr 16 2012 May21)
3784 Jan
13 Oct
220
Do 2d pret
6 Feb 27 1314 May22
8 Oct
2134 Jan
100 Wisconsin Central
11 Nov
1312 Feb 28 1912 May19
2578 Jan
300
Do pref
28 Oct
:i3 Feb 19 4312 Jan 20
5112 Jan
Industrial& '11 iscellaneous
A dams Express
*168 181 4,168 181 *169 181 *169 181 *169 181
164 Jan 2 4185 Jan lh 4150 Aue 4330 J'ne
900
978 May16
1678 Jan
•• Aug
5 Mch 6
9
918 918
912
914 912 *312 912
958 953
26
Do pret
27
27
2618 2614 4,000
2434 2473 2478 2612 26
14 Nov
14 Meh 6 27 J'ne
4334 Jan
66/7 6434 6612 126,475 Amalgamated Copper_
6718 65
6514 6714 6612 6818 66
4518 Feb 19 6934 May19 24134 Oct 12178 Jan
10 Oct
2114 2114 2114 2338 2214 2338 23
2012 21
13 Jan 4 2358 J'ne 4
2538 Jan
2312 7,000 Amer Agricultural Chem_
400
Do pref
*80
87
86. 87
*80
86
75 Oct
7812 Jan 4 S7 J'ne 3
86
87
*80
*80
95 Feb
734 Nov
20
19
20
1812 19
*19
912 Feb 10 2478 Apr 23
1912 1,800 American Beet Sugar
20
2013 20
_
2312 Jan
*75
Do pret
78
*75
78
*75
65 Jan 23 78 Apr 29
78
*75
78
75 Mch
78
*75
80 Jan
*434 61,-• *5
514 *5
500 American Can
518
5
5
5
512 Jan 11
4 Feb 20
5
3 Oct
732 Apr
54
55
Do pref
*551. 5612 56
5555
56
5512 5512 1,300
44 Jan 4 5834 MaY13
34 Nov
6012 Apr
3534 x34 . 3458 3358 3418 11,050 American Car de Foundry 2512 Feb 13 3838 May19
2438 Oct
35
357; 38
36
37
4514 Jan
300
May19
*9514
Do
*9612 93
98
4
98
Oct
Mch
pref
98
9812 *96
98
78
8414
98
103 Jan
9812
2434 Feb 19 3438 Jan 14
3612 J'ly
21 Nov
3034 3034 5,810 American Cotton 011
3012 3073 3012 3078 3034 3134 3014 31
Do pret _
*80
90
90
580 Jan 16 482 Mch 14
*80
*80
70 Nov
90
90
*80
*80
90
90 Jan
4224
*193
American
Mayll
Feb
205
26
5170
205 *190 205
Express
175 Oct 247 Jan
*185 205 *185 205 **190
912 Apr 14
814 Jan
378 Jan 8
7
*7
734 *7
3 Oct
7
734
734
*7
712 734 1,275 American Grass Twine_ _
150 American Hide & Leather
212 Nov
412 Apr 14
234 Feb 28
*312 4
614 Jan
358 358 *312 334
4312 312 *312 334
19
*17
*17
19
19
1212 Mch 4 2012 Mayll
Do pret
3012 Jan
1912 *17
10 Oct
1912 *18
*17
818 Oct
2712 27
1212 Feb 8 2912 May28
2734 11,525 American Ice Securities_ _
88 Jan
2814 2878 2818 2834 2738 2814 27
1,100 American Linseed
1914 Jan
6 Atch 5 12 May14
10
10
10
63s Oct
1014 1012 1012 *912 1014 10
10
100
23
1612 Oct
23 *19
*20
Do pref
36 Jan
23 ,
23 *20
17 Mch 5 2612 May14
.2112 2112 *20
5034 4914 50
4834 4912 8,900 American Locomotive.._ _ 3138 Feb 25 5238 May 7
3214 Nov
4858 503i 5058 5112 50
7534 Feb
200
103 103 *10212 10312 10212 10212
Do pret
83 Oct 11112 Jan
8512 Jan 3 10312 May12
*10234 103 *102 104
800 American Malt Corp___ 212 J'ne
;712 Apr
512
512 *5
3 Mch 2 634 Mch27
538 538 *5
534 534
512 534
1,020
32
2912 30
*2912 31
*29
Do pref
30
17 Nov
3012 32 *31
21 Jan 13 3412 Mch27
40 Feb
200 Amer Smelters Sec pref B 70 Jan 17 8214 May19
79
*77
79
7878 7873 *7712 7812 *77
9315 Jan
78
78
60 Oct
7538 7314 7538 73
7418 7534 7518 7634 74
58114 Nov z155 Jan
7518 129,960 AnierSmelting 84 Refining 5512 Feb 17 7914 Jan 15
9912 9912 98
2,060
99
9812 9812 9812 9853 *98 100
Do pret
8184 Oct 11738 Jan
8734 Feb 20 101 May18
American Snuff
200 Apr 30 200 Apr 30 150 Oct 205 Jan
*180 220 *180 220 *180 220 *182 220 *180 220
*90 100
*90 100
Do pref
*90 100 '
*90 100
80 Mch23 96 Apr 30 170 Nov 102 J'ne
*90 100
7 Jan 13
American Steel Foundries
412 Feb 14
458 Nov
1034 Jan
*634 712 *634 712 *634 712 *634 712 *634 712
38 *34
Do pref
38 *34
38
*34
38
*34
2618 Feb 14 35 May12
38
*33
471, Jan
20 Nov
3.010 American Sugar Refining 9834 Jan 2 13213 May18
9234 Dec 1371; Feb
12858 13012 x129 12912 128 129
12734 12833 128 128
Do • prat
*123 129 *125 130 *125 135 *123 129 *123 129
105 Feb 18 12514 May15 x106 Nov 131 Jan
1,500 American Teleph & Teleg 101 Jan 6 120 Apr 24
11773 118
11734 11814 11714 11778 118 11814 118 118
88 Oct 133 Jan
9012 9112 *90
725 American Tobac(new). 1)1 7212 Jan 2 9212 Mayll
*9012 92
*90
91
gm, Jan
9034 *9012 91
60 Oct
900 American Woolen
23
2118 2118 23
2158 2212 *2134 2314 201/1 2112
3612 Jan
1512 Feb 17 24 May19
11 Oct
*88
8818
89
550
Do pref
8812 8834 *88
8834 *8714 89
8818
7814 Feb 19 9018 May18
68 Nov 10253 Jan
4318 4112 4214 4114 4212 24,510 dAnacondaCopper Par$25 32712 Feb 19 $4614 May19 $2518 Oct 30234 Feb
4134 4333 4212 4414 42
900 dBatopilasAtining Par $20 8212 Jan 23 85 Mch 26
nis May
338 312
314 314
$3 Oct
314 314
314 314 *3
314
*112 120 *112 120 *112 120 *112 120
ru
roo
nk
sZn
ckUi;tolo
b0 Nov 125 May,
cinc
p_ x85 Feb 21 110 Apr 3
*812 1012 *8
1012 *812 1034
1034 *8
1012 *8
6 Oct
6 Jan 3 1134 May14
1412 Jan
22 *19
22 *21
*20
125 Butterick Co
22 *2112 22 *20
22
4gas Jan
510 Feb 7 525 Jan 15
27 Oct
25
2514 2512 25
2312 2418 2312 2312 2,050 nen tral Leather
25
24
1178 Nov
1512 Feb 10 2712 Mayll
40 Feb
*94
594
95
94
95
760 k-) Do pref
95
95
9478 9478 95
7534 Jan 2 9512 Mayll
68 Nov 102 Feb
27
5778 Jan
2634 2812 28
2918 2734 2812 2634 28
1538 Feb 11 3134 May20
_
14 Nov
2734 16,050 Colorado Fuel ec
2238 22
22
3,300 Col & Hock Coal & Iron
21
23
2112 2238 2012 2012 *20
283s Apr
1434 Mch 6 24 May19
14 Dec
123 12412 123 12312 8,080 Consolidated Gas(N Y)
124 125
124 12512 12412 126
96 Jan 3 x129 May21
74 Oct 14014 Mch
*1534 1638 16
*1512, 1614 1,600 Corn Products Refining_ _
1614 1534 16
1638 16
1034 Feb 10 1814 May13
2434 Jan
8 Oct
72
*70
88 Jan
103
78
71
*69
7234 7038 7038 *69
Do pref
471
46 Oct
56 Jan 2 7314 May18
34
2,900 Distillers' Securities Corp 2714 Feb 19 3734 May19
34
3518 3312 35
3534 35
33% 3434 35
25 Dec
78 Feb
90
*71
100 Federal Mining & Smelt'g 80 Apr 28 80 Apr 30
00
90 *75
90
*70
7934 7934 *70
60 Oct 163 Jan
100
731. *70
78
Do pref
7412 7412 *70
97 Jan
7312
741. *70
47 Oct
*70
59 Feb 10 7612 May14
138 13812 138 1383.4 137 '137 - *133 13534 1,126 General Electric
8912 Oct 163 Jan
137 138
111 Jan 2 142 May18
1,400 Granby Cons M 8 & P__
100 101
99 100
60 Oct 152 Feb
99
97
93
95
92
*90
7834 Jan 2 101 J'ne 5
800 nt Ater Marine stk tr ctfs
712 712
818 J'ne
412 Oct
9 Mayll
7 Mchll
. 8
*734 87
712 712
9
8
*8
221, 2212 *2238 23
10 Nov
24 Apr
16 Feb 25 2334 May 7
2212 2314 22 ' 2218 2012 2114 1,300 I Do pref
1,400 International Paper
1812 Jan
107i 1078 *1012 11
8 Apr 1 1214 Jan 18
10
1012 1012 10
1014 11
712 Nov
Do pret
1,663
58
58
51 Nov
81 Feb
*57
58
60
52 Jan 2 65 Jan 16
58
56
*56
457. 57
2412 2412 24
41 Jan
2234 24
13 Jan 2 '26 Mch23
8 Oct
2434 *2331 243., 2458 2458 2,910 Internat Steam Pump
Do pret
81 Jan
7478 7458 7638 7534 763; 7634 7678 5,260
65 Jan 10 7678 J'ne
50 Oct
7312 7412 74
100 Mackay Companies
7514 Jan
52 Feb 25 66 May19
*6412 6578 *6478 66
40 Oct
6573 *6478 6514
*6478 6534 *65
Do pref
200
5978 Feb 25 6734 May16
66
65 *65
50 Oct
71 Jan
6734 6514 6514 65/2 6512 65
*65
ational Biscuit
1,200
8614 Jan
68 Jan 3 88 May18
85
85
8518 85
85
8412 85
*84
5812 Oct
84
85
Do pret
102 Jan 2 116 Apr 22
90 Nov 11738 Mch
*11012 116 *11012 116 *11012 116 *11012 116 *114 116
712
Nat
Feb
Enamel'g
150
61s
&
Stamp'g
14
1538 Jan
*914
10
10
11
May14
012
10
*912
912
*912
Nov
10
*914
Do pref
170 Feb 25 §80 Jan 18 475 Sep
87 Feb
78
*70
79
*70
79
*70
*70
79
80
*70
36 Feb 10 6838 May26
7614 Jan
6734 6714 6814 6614 671r 6534 '6713 6534 6714 26,560 National Lead
33 Nov
67
8713 Jan 6 10034 May18
Do pref
100
80 Oct 103 Jan
*9812 9834 *981* 9978 *981* 9934
9934 9931 *99 100
$5 Dec 32034 Apr
*61 714 *678. 714 1,800 Newhouse M & S_Par 410 $038 Apr 13 $97:3 Jan 20
7
7
978 714
714 71.!
67
6813 6812 6814 6734 6734 65
1,510 New York Air Brake..__ - 50 Jan 2 7312 Apr 14
66
65
65
4712 Dec 14112 Jan
6113 62
3,310 North American Co, new 4218 Mch 5 64 May14
6178 62
37 Nov 804 Jan
63
6338 6333 63
5934 63
2,750
24 Apr 20 331. Mch 24
acific Mail
19 Nov
4112 Jan
. 2512 2612 2538 2634 2578 2618 2538 2614 *2512 27
600
92
eople's (1 L & C (Chic) 80 Jan 2 9334 May19
9858 Jan
*91
7014 Oct
9112 9178 9112 9112 *9114 92
9178 92
167s Jan
812 Mch 17 1438 May19
1338 *1212 1312 2,200 Pittsburgh Coal Co
1358 13
7 Nov
1258 1338 13
12
12
100
Do pref
4218 4218
3612 Feb 14 4712 May19
44
*42
37 Nov 6053 Jan
44
*42
46
*42
45
*41
57 Jan
2812 2858 2,590 Pressed Steel Car
1714 Feb 10 31 May 33
1558 Nov
2812 2858 2918 2878 2914 *23_1. 29
28
405
Do pref
gg7s Jan
§83
69 Jan 3 86 Apr 28
8278 83
83
85
64 Nov
82 *82
82
85
*83
456 Pullman Company
147 Jan 3 16112 Apr 29 13514 Nov 18118 Jan
1581s 15818 15912 1591. 159 159 *158 160 *158 160
5712 Jan
2112 Oct
383.1 3714 3714 3712 3712 3712 3712 1,586 D itilway Steel Spring-- 2334 Feb 8 308 Mayls
3712 38
37
Lt., Do pref
_ *89
__ *90
75 Jan 29 91 May19
__ *87
72 Nov 9912 Feb
__ *85
1434 Feb 11 2018 May18
18 -1112 18
41 Jan
12 Oct
1818 6,145 Republic Iron di Steel
1918 1934 1878 19
1934
*91)18
Do pret
64 Apr 20 74 Mel'ltS
7012 6834 6934 683i 6912 6,550
6834 7112 6934 7112 70
5012 Oct 100 Jan
5014
Q
loss-Sheffield
4,450
50
Steel
5134
52
5114 52
darn 36 Jan 2 53 J'ne 1
5112 4931
26 Oct
53
52
7734 Jan
100 k/ Do prat
97
*95
97
07 *94
*94
*94
97
8712 Jan 7 96 J'ne 1
96
96
80 Oct 4107 Jan
3714 37
3534 3753 37
3718 3678 367s 2,100 dTennesseeCopper Par$25 $2512 Feb 17 $4134 Mch30 $17 Oct 25312 Mch
3678 37
Texas Pacific Land Trust 45 Feb it 60 Apr 24
*56
65
6212 *56
6412 *56
85 Jan
6212 *56
6212
*56
42 Dec
100
Bag & Paper
512
512 *5
512 *5
5
5
*5
*518 512
4 Feb 21
81s Jan
638 Apr 14
4 Oct
Do pref
100 kJ
*5634 60
*5684 60
4478 Jan 6 58 May 4
*5634 60
*5631 5912
57
57
3934 Nov
61 Jan
700
S
27
Cast
2712
1
Pipe
2712
&
Foundr
27
2714
2734 2734 *26
1712 Feb 26 29 May18
2714
2718
491. Jan
17 Oct
17
Do pret
5658Jan 2 76 May15
7512 47514 7534 *70
*70
7512 *70
7512 _- -89 Jan
49 Nov
United States Ex press_ _
70 Feb 18 90 Jan 6
*70
85
80
*70 -85
*70
*70
85
*70
85
70 Nov §117 Jan
48
*47
310 U S Realty dc Improvem't 3614 Feb 5 5238 May25
50
50
50
*48
50
9012 Jan
36 Nov
4878 4878 48
512 Nov
300 U S Reduction & Refining
4 Feb 21 1314 May18
*9
13 ' 0
1112 *812 12 *8 14
934 *9
3014 Jan
29
30
*21
*22
29
Do pret
*22
16 Feb 10 3338 May16
*23
28
29
68 Jan
1814 Dec
*22
1
2518 2512 26
25
2512 2512 2514 2534 25 4 2514 2,760 United States Rubber
1734 Feb 10 2658 May18
1312 Nov
5212 Feb
93
91
1,170
Do 1st pret
9014 9134 92
93
91
493
93
76 Feb 19 95 May19
91
62 Oct 10978 Jan
62
7108 Jan
*58
61
61
Do 2d pref
62 *60
*57
*60
42 Feb 21 6114 Jan 23
*60
62
39 Nov
3734 369,370 United States Steel
3758 3878 3838 3918 38
5038 Jan
2534 Jan 2 3938 May18
3858 3634 3818 37
2178 Oct
7918 Nov 10734 Jan,
8713 Jan 2 10334 May18
Do pref
10158 10278 10238 103
10214 10212 10114 10214 10114 10134 21,373
3134 3012 31
3112 3178 3112 3238 31
3012 3078 4,250 dUtah Copper_ __Par $10 320 Jan 2 $3412 Mch27 313 Oct $3912 MCLI
2412 2434 2412 2512 *2312 25
24
24
3938 Jan
*2312 2412 2,500 Virginia-Carolina Chem.. 16 Feb 27 2534 May14
1238 Nov
*9712 6912 *99 100
200
x81 Jan 2 10012 May16
*99 100
Do pref
75 Nov 108 Jan
9934 9934 9912 9912
55
*50
550 Virginia Iron Coal & Coke 43 Jan 7 56 May15
50
55
5118 5212 *50
97 Jan
31 Oct
50
55 *51
ells Fargo & Co...... 4250 Feb 13 4260 Mch 3() 250 May 300 J'ne
*250 305 *250 305 *250 305 *250 305 *250 305
323
54 Dec
41 Feb 19 6118 May19
estern Union Teles_
85 Jan
4,295 WestingleseEl &Mfg assen 38 Mch 11 58 Mch 26
32 Nov 154 Jan
*22
.Rn
71
701
. 701. *70
*70
71
71
71
400
71
60 Dec 4160 May
58 Mch 24 80 Mch 30
Do 1st oret
83
83
22 *21
*40
41
121. 1218
23z; 24
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I
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS
Ask
Ask
Trust Co's Bid
ask
Trust Co's Bid
Trust Co's Bid
Mut All'nce 160
170
Brooklyn
Fifth Av Tr
- 415
Life&Tr
1000
NY
24
0
390
___
Brooklyn
Fulton
Tr
510 Citizens' _
Montauk
125
140
120
Guaety Tr_ 390 416" N Y Trust.. 490
Nassau -_ _ 240 270
Guardian Tr 180
190 Standard Tr 325
Flatbush -- 240 260
City__
360
Tr
TitleGu
&
125
150
Nat
275 300
Franklin -- 180
210
Hudson ___
421
Kniciccrb'kt
North Side
210
_ 375 Tr Co of Ani 260 270
320 340
Hamilton- 250
275
Prosp'ctPla 155
200 Union Trust 1100 1200 Home
165
73
160 Law '1' I &Tr 195
85
Brooklyn
Mtg
&Tr
Terminal
v.
1341
US
200
85
Lincoln Tr_ 190
KinCs Co _. 435 .455
130
160
Borough 1 120
Manhattan_ 350 400 Unit States_ 1080 11-10- Lafay ette_ _ 100
400
Broadway
415
Mercantile _ 775 825 VanN'd'nTr
305
Trust Co's
Isl L & Tr 240 160130
First
Washington 400
1100
175
N Y
160
Nassau
Metropol'tn 1500
Home Bk V_
Westchester 135
260 280
145 People's
Morton Tr_ 400 420
127538
Manufacirs' 390 425-- Astor
Bsnkers"rr 443) 460
II lamsb c
260
165
105 Windsor __
mutual
.hanics'ST 250
Me,
Less than 100 snares. ; Ex-rignts. b New stock. c Ex-dly and rights. d Now quoted dollars per sham
•Bid and asked prices; no sales on this day.
8 Sale at Stock llischange or at auction this week. s Trust Co. certificates V Banks marked with a paragraph()are State banks.
Bid
175
Ranks
Union Exe
US Exch _
Wash H'ts 11 230
West Side 1 500
Yorkville 1 • 400
Ask
Banks
Brooklyn
Bid
Ask
Trust Co's Bid
N Y City
Bowrg Gen 310
B'way Tr.. 125
Carnegie
1160
Central Tr_ 1500
Columbia.... 200
Commercial 150
Corn'wealth
Empire _ _
335
EquIt'ble Tr 375
Farm Lo&T 1050
Fidelity __ 190
Ask
Friday, Weekly and Yearly
New York Stock Exchange-3n1. Record,
l'Af4E.4
1'OrIE
so(1(1111PYI
130108.
N. Y. STOOK EXC1H A NG E
Wax Errnain j'inee
Price
peidav
June 5
Week's
Range or
hetet Sale
Range
Since
January 1
BON 08.
N. Y. STOCK EXCHANGE
WEEK Emmen JUNE 5
2,2
Price
Enda.,
June .5
Range
Since
Jannary 1
Week'a
Range or
Last Sate
Low II WA
ti
Ilia
A se Low
Cent of Ga RR-(Con)
e
40
27
30.4 38 14 May'08
hi orer irrooino sr 58....pl 94:
404
'27
08
May'
37
38L2
3d pref income g Ss stampe
83% 89%
8938 Ieb'ub
(lhatt lily pur mon g 48.1931 J
10U41004
10014 e'eu'08
Mac & Nor Diy 1st g 58.1946 J -J 102
115 Nov4)3
Mid Oa & At! Div 3s. _1917 J -J
......
103 Dee'07
194t J -J 10742
101 /
2 1014
1
Mobile Div 1st g 55
92 100
4
V,01
1/84 May';-8
193;
68
tr
co/
Us
of
13
RR&
len
1184122',
1.17 12458
12034 123½ Jent of N J gong gold 58.1987 J -J 124L4 1244 1'44 14 May'Ob
120%122
121 122 78 121
1.0.
Registered
11/34 103,
,
107 109
11/9
lull
81 • J 10834
192
.1
Am Dock es Imp go 58.4
Foreign Geyerlllll ent
L.e& Stud It gen gug 55 1920 .7 • J 102-4
98
9,3
iii'.
08 Apr'08
Leh & Wilks II Coal 58..1912 11-N
Imperial Japanese Governm'i
1 '381.2 100
IM.4
913•"4 Sale 68'4
85
1925 F -A y 8938 Sale 89
91
Con ext guar 445-41010
89%
Sterling man 4 128
UI
834 88%
89'. ,
N Y& Long Br gen g4si 1941 11.S
83% 89%
2,1 series 41
11/25 J- J 1 89
28
/
81'.. 4
tsl
7958
75
31 14 Cent Pacific See So Famine Co
1931 J -J
Ster.ing loan 4s
88 May'07
j 103 ••4 Sale 1034 1031, 14 1004 104
CentVermont lst gu 948.611120(1-1,
Repub 01 Cuba 68 eaten debt..
99
:*1)
96
934 Chas & Say See Atl Coast Line
J
of Mexico A g
or 1801.
U
101
4 1001-2 103
7 901
92
92
2 944 Olies 8a Ohio g 68 ser A 4191/8 A-0 100781014 101
/
1934 -13 92% 93
Gold 48 of 1004
2
/
103 May'08
11)2 1051
al911 A.0 10'2%
Gold 68
1 1 ties., a re pr ices o n the t, cafe of $5 to 2.
2 1104
/
State anti City Securities
1939 'A-N 11241194 112 18 11214 2 1071
1st consol g 58
1014 Dec 07
ar'02
......
Ill
97
VI-N
Registered
Aiateuna curr fund 48
J -J
1004 101% 56 us 10134
1174 J'ne'Oe
1992 11-S
General gold 44s
1112.1 b'• A
Dist or Columbia 3•65s
104 AI ny'06
97
1054 Deo'434
Registered
1909 M-S
Louisiana new consol 48 1914 .1•J
112 lfeb'06
.1I
g
lst
11140
58
Valley
Craig
New York City4 •91.8 99
98½
Sale
99
1034
108%
109% II:. 105%111
1 957 SI•N
R & A Div 1st con g 46 1989 J • J
New 4 48
9,".May'08
2
/
1/21
89
104
61 11.)14 1044
1981/ 3.3
19,7 M-N *1034 W4.4 104
2d eonsol gta
New 4 48
100
503'05
1134
109'..
4
M.S
109
110
13
10i)'4
g
let
11141
Val
105
53
Warm
M-N
110
-1957
Stock
Slur
44% Corporate
99a4 Feb416
Greenbrier Ry lstgn g 44 '40 11-N
102 1044
2 1, asseesmt bon 5.-1917 ris-N 1u3½ 1044 104 May'08
/
41
74
5.
74
78
Chic & Alt RR ref g 38-1949 A-0 'IV* 71
New YorK State-Highway
67
674 1 80
68
6714
68
1 109 109%
1,,50 3._i
S 1094 Sale 10918 109½
28-193
1
Railway 1st lien 3/
Improvem't 48 (recta) 1958
mo Illity'UO
J.J
11/04 Apr'07
Registered
......
NOM/ Carolina COntan 48 11)113 J • J 97
100
8 4,
00
1o0
97 1,
0
126 Mar'07
1919 A-0 115
Chic Burl & Q-Denv D 48 1929 F-A 1(i0
GA
97% Hale 074
1/8
120 Niar'01'
193a .1•J 103
PM.5 Co recta for gen 48'58
So Carolina 448'20-40
89
884 89
1,04
20 86
?'8j
93
94 May'08
1949
94
Illinois Div 348
96
Tenn new settlement 3s 191:' J -J
884 90 Sep '06
1114
2 90
92
1941 • J
92
Registered.
92
Virginia fund debt 2.38 1991 J •J
38
1949 J -J 101 1,31's 1u114 1014 25 04101%
42
38
Gold 48.
2 43
/
304 130 221
Os deferred Brown Bros Ws.
L06 Jan '08
1011 106
Iowa Div sink fund 5s 1919 A-0
leo
Railroad
2
/
991
06
98 Apr'08
1914) 41.0
Sinking fund 48
99
93
99
99
5 119 101%
Nebraska Extension 48 1927 M-N
A labama Cent See So ay
1014 May'Oe
10141014
1927
Registered
.Mlaba Midi See At Coast Line
90 Oct'07
..
1921 11-S 93%
Southwestern Div 48
Albany & Susa See Del& Hun
Joint bonds See Great North
Allegheny Valley See Penn RH
102
102
1913 PA-14 102
9 9714103'S
Debenture 58
Alleg & West See Bulf R& P
10478 Apr'08
104% 105%
7 794 814
81
2 80is
/
801
419116
Han & St Jos emisol 6.1 .1911 'A-S 10478
Ann Arbor 1st 45
84
112
90 A pr 07
34 J J
1155
1,
93". 67 9578 101½ Chic K III ref& imp g 4s 1
&tell T & 8 Fe-Geu g 45.1993 A-0 1/84 Sale 98
A-0 121 131 116 Dee'07
2 IOU
/
97 18 116 Apr'08
951
181
199' A-0 *
Registered
2
/
21121
/
1 1061
l fis8o81 1 t 55.-1
co
c°lm°
937 M-N 1114 Sale 1114 111½
,
8 83
General
89
89
87
864
89
41995 Nov
Adjustment g 48
1184 Fe)
11-114
-1.08
86 Apr'07
41095 No,
Registered
10944 Jan 'Ob
1004 109%
C Ry 1st 5,
Intled
g1"er
63 82½ 89
it:&
3.1936 J-2 110
87 Sale 37
87
0111.1
41995 .11-N
Stamped
37 83% 03% Chicago & Erie See Erie
91
1'155 .1-D 9034 Sale 904
Cony g 48
123
11741
124½ MaY'0,1
100", 151, 944103
'
Chic In & houlsor ref 6s.. 1947 .7 •
25
1/17 .1-13 100 Sale 100
10-year cony g 58
10354
105 Oct '07
Refunding gold 5s
1947 9858 May'07 •..• ......
Debentures 48 Series G 1110, F-A
100.14
101%
103
31ar08
100
&
A
N
2
/
961
1910
Lottisv
3-_i
C111E668
Mai'08
964
961
FA
2
/
1911/
Series H
105
se
108
ay'/8
1034
104%
P
St
g
term 58 11/14 J.J
98.2 6:•.004
....... Chic Mil&
1911 FA
Series 1
WO 103
102 May'08
General g 48 series A..e19811 J -J 102
94 Ney'06
1913 F -A
Series K
104 Oct '06
Registered
el989
934 974 97 May'08
.115½ 97
East Okla Div 1st g 48 1928 M
08a, May'08
854 90%
91)
s
3.2
series 13 e1989 -J • S9
Ge
N
AU. Knox & N See L
108% ..
1]5', out '05
93
27 80
93
Chic & L Su Div g 5s....1921
Atlantic Coast 1st g 48.41952 11-S 9258 9278 92%
1113
111%
May'08
4
110
111%
llav
Mo
5s...1026
J
112%
&
-J
120
Chic
-J
J
Charles 82 Say 1st g 78 1930
101 104%
1910 J -J
104½ May'08
11118 Mar'08
Chlo & Pao Div 68
111½ 1112
Say & W let gold 68 1934 A-0
2 2 168%1114
/
921 J -J 111 le Salo 111 18 1111
,
1
11258Jan'04
Chic & P W 18t g 55
1934 A.0 106
1st gold 158
10414101)'.
104% Apr'08
16 J • J 103%
I145s No''
Dak & Gt So g bs
Ala Mid 1st gu gold 58 linb 11-N 1004
05
......
137 42ly'99
130 Mar'06
1924 J-.1 120
Far & Sou atom g (3s
,J -J
Brunts& W 1st gu g 48 _193/
21024
/
1021
82
1910 J -J
102'.Jan '08
15 74
Haat & D Div 1st 78
81 14 82
79
83
o1952 31-N
L & N coll g 48
4
101%1013
Api."013
juia4
'07
1910
J'ly
J
94
-J
bs
80
lat
811 Sp Oca &G gu g 48 _1918 J • J
2 A 01'00
1
182/
1908 J • J
1.5 D Exten let78
Atlantic & Dsuiv See South Ely
106% 108'e
D
es
let
1919
LaCrosse
108
-J
55J
Pacitit
Sou
See
W
N
&
Austin
10058 1004
9214 6 90
924 92
1910 J -J
Mineral Point Div 5s
100% •••
92
934
Dalt& Ohio priorlg 3..28.1925 J -J
10014 104'.
90 Apr'03
2 90
/
891
1910 J -J
So Minn Div 1st 68
11)4'. Apr'08
41925 Q-3
LP Registered
2
/
1031
103 it,May'l/t1
101
1s
KJ
:
Div
96
1st
4
98".
Southwest
984
102
A-0
bale
-J
6s.
J
98
1909
41948
Gold 48
108 108%
10814 Apr'06
96 May'08
2 964
/
118
951
Wis & Minn Div g. be
1921 3•.1 109's
41948
Registered
105%1054
105.$ ApCUS
120 Oct '01
Mil & No 1st 51 L 64- 1910 J -I)
Pitts Juno 1st gold 68-1922 .1 • J
108's 1084
81
6114 Dec'67
86
1st consol
107'-, 108 y Jan'08
1913 J.D •
PJun & M Div let g 3481112' M-N
116 1184
, 5 87
90,
2 Chic& North w cons 78
/
921
1915
F 116 117% 117 May'08
904
PLE&W Va Sys ref 481941 11.01 90% 92
'07
98,4
11 83% 89%
011
Extension 45
80% Sale 894
8034
1886-19'26 k -A
28-1925 J -J
/
Souttiw DIY lat g 31
084 Apr'08
984 1154
Registered
89 Oct '06
1886.1926 F.A
41925
Registered
till
1)2.4
9134 82 May'08
General gold 348
10578 Feb'07
1987 M.N
Monou Ely let gu g 58-1911/ •A 101
00 leets'o/
00
Registered
96
109 A pr'05
p1987 4-F
Oen Olito R 1st o g4 48..1931, sl-S
May'08
10741114
4
11
1114
I
fund
J'ne'07
Sinking
8
4
i01'3
1045
A-0
A-0
68-1879-1929
01 Lot & W con 1st g 6s 1933
108 s, Jan 08
10814108½
110 May'08
.. 110
18711-192'J A-0
Ohio River RR 1st g 55 1936 J -1) 1034
109 Mus'uii
108 103
itk
sjp
erglefiriendd 5s. .1879.192
100% 1U0
1921) A-0 107
1937 A-0 102 105 10034 Msr08
General gold Ss
......
104 Nov'o7
2
4
IV
i
Registered
slat
'414
107
1879.1929 A.0
Pitts Cleo( &TOL let g138 1922 A-0
May'08
100%1024
Debenture Ss
410
1909 11-N 10034 1014 10034
8814 Oct'07
Pitts 81 West 1st g 48 1917 J J
4
100
May'08
10014
1014
100%
Registered
Nov'04
il-N
1
1
2
,
1)01
1
1
-0
1011
1943
1st
448
g
gn
Stet 151 By
105 1054
Debenture 58
A-0 •104 107 105 e eu'Us
Bat Creek & 8 See Mich Cent
Registered
103 J'ne'o7
1921 A.0
Beech Creek See N Y C 411, Ii
100 May'08
2109
/
1081
Sinking fund deb us
1933 M.N 1094
Bailey & Car See Illinois Cent
107 107
Itiehrne
i8
109 107 Alar'Oa
,
Reg
Nort
11133 M•N
Bklyn & Montauk S'ee Long I
,1
14
1%4 111,/,1
01
,
1
iss let 58
Illinois
1910 M-S 1014
101% Maroc,
Brims & West See Atl Coast L
101
1013811day08
Ott C F& St Paul 1st 58 1909
Buffalo N Y 8, Erie Nee Erie
118'.
118., Apr'08 .... 118 118%
I 10/
108 1104
2Apr'08
1
MU L 8& West 1st g tis 1921
Buffalo it & P gen g 58 1937
111 Apr'08 .... 110 111
101.4 Mar408
Ext & imp siud g be 1921) F -A 111%
1014 1014
195, M-N 101
Consol 448
1424 Feh'02
98 Dec'07
Ashland Div 1st g 68 1925 141-S 1214
116
All & West 1st g 45 gu 1911e A•Ls
............
lz I 4
1284 Feb'06
Mich Div 1st g138
103 Apt997
114141
11124
1943 J •J 104
1st gu g 58
CI &
..
109 Sep '03
'A-S *100
114 115'.
Incomes
115½ Apr'08
Rock & Pitts 1st g 6.s 1921 F -A 116 ..
2 1154
.
11
'2
1154
1154
1154
Mar08
J
117
181.5
-J
117
Rock
.1917
J
68.
117
Pao
-13
Chic
1922
1/741204
Consol 1st g 68
115 115
116 Apr")1417 J.4 1154
Registered
Buffalo & Southwest See Erie
4) 91 1004
9,4% Sale
1)8
91
91 Feb'08
DI
1088 J •J
General gold 4s
86
Bull & SUSCI 1st ref g 4841951 -J •
9618 97
064
96 4 May'38
1088 3-3
Registered
Bur 0 It & N Nee CRI&P
97% 71 83'-j 88
1934 A •0 87% Sale 87%
Refunding g 4s
1913 J.3 109% Sale 10855 109% 39 ,07i 1094
(lan So lst ex t 65
.....
2 103'.
/
97 J'le'04
9814 103½
Coll trust Series"' 4s .191u M-N
14/2 4 Sale 1031
1913 oe5-)2d 58
......
924 Nov'09
1912 'A-N
94
10034 Mio'07
J 4s
Registered
191:1 M-8
ta)4 Jan '07
1915 18.N
• ss
Carb & Shawu See ill Cent
93
idaY'll
'A-N
119,1176
45
N
L
See
Carolina Cent
Seab Air
11034 Fe13'07
-51-N
04s
Carthage& Ad See N I C & H
......
vl
84 Augqii
P 48
Ceti It la F81,N See B Res N
66% 87 55% 69
654
9
0
1
2
SI-N
2
8
12
1
(
48
Sale
RR
63.4
Pao
1.5
R
Chic
lty
See
Broiler'
Cen
Alo Pao
624 624
6214 Jan '08
112 112
11 N
Registered
112 May'05
Cent of 14a RR 1st g 5a..p1945 F-A 112%
72
24 59½, 76
71
1913 11-S
72
71
Coll trust gold Os
Consol gold 55
1945 11•14 104'. Sale 1044 1047u, 27 9714 107
Northern
es
It
Ceti
'06
Bur
Apr
M-14
Registered
103 113
1945
106 111
55
73
Con let & col tr g 58-1934 A•0 1114116 1104 Mar'08
1st pret income g 58....p1945 Oct
7 04 May'08
73
1204 Mar'03
Registered
1934 A-0
65
714
71 May'08
Stamped
70
Nov'05
111
45
69
letgu
1921
NW
A.0
50
°RIF&
2n ore, income sr Os....p1945 Oct •
101
464
464 464
g 78 1927 J • I
44
Ht. L lat
50
•
2d prof inetme g 58 stamped
49% 46 May'08
t.overnunefll
1.).
U 8 2s consul registered.e11931
81936
U 328 °ousel eoupon
k191
U 8 33 registered
k1.91/.
3s coupon
U S 33 reg small bonds k191?
U S 38 cou small bonds k1018
192)
U S 48 registered
192;
U 8 4s coupon
USPan Can 10-30 yr 28.k193t
Jjiqh
4R tow
Bt.,
4 10374 103% 103%
103,
104 4, Tan '68
10334
101 101½ 101½ 'Man:8
101 101½ Ca May't8
107 J'ulieu.
1014 Felf08
Q'Y 1004
, 201
2Alar'08
/
120 -8 121'
122
122
F 122
1034 Mar'08
Q N 1024
.)ct
1031
2 1044
/
04 18 1041
2
/
1014101 14
101 102
Q-J
Q-J
e
• --•
Y.3
•-
..
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••-•
••-
.
•
..
.•.
•
.
••
•
•
311841ELI-ANEOU:"
•0--1:42ntInised on s eel s'a Ire
Street Railway
91 100
Brooklyn Rap Tr g 58
99
1945 A-0
100
99
2 75
/
let refund cony g 48
. 348 651
727
2002 .7• J
72 4 Sale 724
9978 102
BkCity 1st con 55.1916.1941l.1 •3 1(1214
102 May'08
951 Oct '07
Bk CI Co& 8con gu g 58.1941 M-N
93
88
16 034 10114
Bklyn Cu El let g 4-515.1951 F-A
169½ Sale
99 14 100
08
98
Stamped guar 4-56.-1950 F-A * 9914
138 Apr'00
2 814
/
811
80
814 May'08
King8 Co El 1st g 48-.1949 '2
/
821
1 77
19411 F-A
SU Sale SO
Stamped guar 4s
80
80
76
7(3.'- , 774 May C8
Nassau &leo gu c 45.-11151 J•J
95
95
95 Mar'08
98.4
Conn ay& 1.18t8a ref g 448'31 J -J
1951 .1-3 984
1/4 61ar'118
93.2 98
Stamped guar 4 ig8
95 J'ne'00
Den Con Tr Co 151 e 58 1933 4-0
Del United 1st con g 448 1932 J • J
7012 Dec'n7
1/4
04 Jan '08
94
88
Havana Klee consol g 55 1952 F -A
19:13 A-0 671 Sale
1 61
2 68 1037 4018 (13
/
Inter-Met coil 4 45
100 4 412 100 1001,
911 M N 11.u-_i Sal.. 100
3 y cony note- AS
66
60
62 May'08
Inferno( Tree cell tr 4s 1949 J-J
98 May've
Manila Elea 1st & coil 55 1953 M-S
*No price Friday; latest price this week. aDue Jan It Due Apr e 1)110 May
Street Hallway
Bet St Ry gen col tr g 55 1997 F-A
784
75
2002 A-0
Ref g 48
53
974102
liwaydis 7th Av 18to g 5s 1943 •ID
Col& inlay 1st gu g 50.1993 41-S
98
95
Lex Ay& P let scu g 5is 1993 11.
97
Third Ave RR con gui 4s200()
Cent Tr Co certf3 stmpd.
67
Third Ave Ry 1st g 53 1937 .3 *1011
2 106
/
Met WS El(Chic)lst g 45 1938 F -A
Sill El lIy& L 30.yr g 58 1926 F-A 101%
)(inn St Ry 18t eon g 58 1919 J•J
N Orl Hy & Lt gen 41
28 1933 .7•J
/
St J01 Ry Lt H & P let g 68'37 11-N
Paul City Cab con g bs.1937 J•J
Underground et Lon 5s 1908 -D
Union El (Chic) 1st g 5s 11)45 A-0
100
United RRs San Fri,f 46.1927 A-0
694
United Rya St L 18t 48.11134 J • J
g Due J'1103 IsDue J'ly
Due Aug
85
78.4 22 68
2
/
781
50
1 40
50
56
93 102
9 IMny'.64
05
97 1e
99
110
In; Aloy'06
418
67 ,"'''Op
404 63
50
62
66 May'08
100
3 101 106
106
163-_i.Ply '0(3
101) J'ly'Mr
107 Feb'06
904 sap'06
e$ 14 Oct'04
1104 Nov'Oli
414 4114
4114 Apr'08
l00% 101
101 May'(,8
51) '73%
7314 6Iny'08
85
76
824 6lay'08
y i_rno OY a Option 8ale
oDae out
New York Bond Record-Continued-Page 2
JUNE 6 1908.1
BOA Ds
N.Y.STOCK EXCHANGE
Wink ENDINO JUN .• 5
ZO•5°.
Price
Friday
June .5
Range
Weeic's
Since
Range or
Lart Sate :1,c January 1
Harm No Leto Mgt.
dzi. Lots
Chie Rock & Pae-(eon)
10441044
1044 Jan"8
Olio° Ok & ti gen g 58.o19114 J •J 103
1952 M-N 105 109 111 May'06
Congo'gold 5s
/
4 I 7 9834 1004
991
/
4
100', 1001
Keok & Des M 1st58- 192:
Ohio
L & N 0 See Ill Cent
Chic St L & Pitts See Penn et
127 127/
121 1284
1
4 1284 3ctay'08
& 0 con tia 1931
Ohio St P
93 Dec'03
......
Cons 68 reduced to 348 1934 a 1)
.24 l'24
1254
124 Jan'418
Ch 1St P & Minn lstg 6s 191
12934 Manta
Nor Wisconsin let 6s 19110 • j 126
116 11712
/
4 1171
/
4116 31413'08
St P & 8 City 1st g 68 1911. A ti 1151
112 113
112 May')
Chic& West ind gen g 680931. g•M
951
/
4
91
9434 May'02
195.- J. J'95
Consol 50•year 48
W Aiwa hee Pere Mary
Chic
Choo0& Gulf See (1 It I &
113 Oct '00
Cin ii & 1) 26 gold 448_1931 J •.1
102 J'ue'07
& 1st gu g 58_1941 q.N
80
C Find So Ft W letgu 4sg.'211 M-N
7719
83 Jan '07
Cin 1 & W let int if 48.1953 • .1
981
/
4 Oct '07
Ind Dec & W let g 5s 1935 J•J
10712 Dec 02
lat guar gold 5s
1935 J.J
beeCCC&Sti
CinS&U beeCCOStl.
Clearfield & Malt See B it &
924 08
973
. 9736 May'08
Clev Cin C4314, St L gen g 481993
96
96
96 May'08
96
Cairo Div let gold 48-.1931.
95 sep '07
92
Cin W&hl Div lat g 49.199i J
93
93 Apr't 8
90
St L Div 1st cot tr g 4s 1990 m.14 91
91 Oct '07
Registered
199. 11-N
92
92 Feb.08
92
Spr & Col Div 1st g 4s 1940 S
8512
98 Sep '06
W W Val Div let g 4s 1941/ J •.1
105 Jan '04
/
4
0I St L & C consul 6e 192(' M-N 1011
971
9
95% Apr'eti
/
4
951
/
4 951
..../c1936 4.J•F
let gold 40
1184 Out '04
k1936
Registered
109 J'ne'07
Oins&oloonletgss..182'- 1--J
F 104
114 Apr'08
114 114
1914 J •1) 110,2
OCO&iconsotls
1914 4-1)
Comm!sink fund 7s
121 Apr'08
120 121
Genera!&ousel gold 66 1934 J.j 12134
1934 j-j
Registered
94 May'08
94
95
Ind IR& W let prof 48 1940 A-0
j
0 Ind & W 1st pf 58-411938
12 85
90
/
4Sale 891
/
4
90
Peo & East 1st con 4s 1940 A-0 891
1990 Apr
461
/
4
464 1 421
/
4 60
48
Income 4s
Clay di, Marietta See Penn Itit
Clay & Pitte See Penn Co
6 5512 621
/
4
62
62
62
1941 J J
Col Midland 1st g 4s
904
89% Sale $91
/
4 891
/
4 12 82
Colorado & Sou 1st g 4s 19210 r A
1
4
824
7934 105 73
79 bale 78/
1935 M-N
Rotund & ext 448
Comm & Ureenv see So Hy
Col & Roo& Val See Hook Vai
Col & Tot See Hock Val
Col Conn & Term See N & W
Conn ..1:4 Pas Rive 1st g 48.11143 A.41
1
91
91 Apr'08
92
1952 J.J
Cuba RR let 60.yr 5 g
tee te GL 6o oeo C al & st,
db
atlas& Waco See M
Del Lack & Western/
4 Mar'08
1171
11414118',
Morris do Essex let 741_1914 M-N 114
12041204
120',May'08
1915 J-D 117
1st consol guar Is
127 J'ne'05
1915 J•D
Registered
2000 J -D
1st ref gu g 312e
1194117
117 Mar'08
NY Lack & W let 68 1921 4.4 11912
10838 109
109 Apr'08
1
4.
1923 F-A 108/
Construction 58
974 99
944 100
99 liarim
Term & improve 45- 1923 M•N
/
4
102 Feu'03
Warren let ref gu g 310 2000 F- A •8131
1211
/
4123
/
4
12112 Apr'08
Del .1) Mud let Pa Div 76 1917 31•9 1201
149 Aug'01
1917 M•S
Registered
. 9934 19 94', 1041
1916 J -D
9934 991
10.yr cony deb 48
97
1)6
97 Mar'08
984
let lien equip g 4 11s- 1921 J - J
/
4 p712
. 4 911
1946 A-0
96
953
. 963
Alb do sus cony 312s
12819128¼
128 14 FeIVU8
/
4
Rens & Saratoira 1st 711 1921 M-1.1 1261
Del Ely RR Bridge See Pa RR
93,2 92
92', 19. 904 9512
Denv & B Or 1st con g 48 1936 J -.1
99
98
98 Jan
1934 J -4
Congo' gold 4128
95 100 Jan '011 •..• 100 100
Improvement gold 5s-1928 J •I)
148 Feb'Or.
97
98
Rio Or Juno 1st gu g 58.1939 J •D
76 Dec'05
Rio gr So 1st gold 48.-1944 -4
85
85
85 Mar'08
194( -4
Guaranteed
4 834 9012
87
19311 .7 •.1
87
89
Rio Or West let g 45
75
74'2 1
70
Mge and col trust 4sA 1949 A 0 7419 Sitio 74
97 Jan'02
86
Utah Cent lstgu g 48 al917 A-0
ee & St i..
DeeMoi&FtlJ
110 Sep '04
Des Moi Un By 1st g 56 1917 .11-N
02 Mar'07
Det& Meek let lien g 43 1995 J-1)
85
80
85 Apr'08
1995 4-1)
Gold 48
Detroit Southern771
/
4 771
/
4
771
/
4 Jan '08
78
Ohio Sou Div let g 48 1941 M-16
1084 198‘. 11 102 104%
Dui do Iron Range Da6s 1937 A-0 108
1094 106 4
1064 Mar.u8
Registered
1937 A-0
26 68
1916 J -J
Dul Short Line See Nor Pao
108 Mar'08
10716109
Dal So Shore & AU g 58 1937 J -J 10E1
Vast of Minn See StPM
So
Hy
-1.2ast'rep Va &(3a See
1094 May'08
10612106¼
Elgin J ol & East let g 58 1941 M-6 107
Elm Cort & No See Leh& N Y
99 105
96
9912 May'08
M.N
194'7
ext
olti
4s
Brie 1st
No,
Apr
/
4
10112 1041
1044
104
re
1919 11-S
26 ext gold be
bil
911 hlar'u8
9334100,
1923 M•6
12d ext gold 4,28
104 May'Oe
104 1094
1920 A-0 104
4th ext gold 68
93 18.4.'01
1928 J •1) 9112
5th ext gold 48
1114 May'08
117 122
192( M •S 119
1st consul gold Is
120
120 120',
Jan '148
M-S
192(
consol
g
fund
Is
1st
90
e9
1 14
89
94)
4 82
Erie let con g 48 prior-1996
79
79 Jan'08
79
1999
Registered
55
721
/
4
70
J
71
-J
701
/
4
83
4s
199t
71
gee
lien
g
consul
1st
864 Feb'07
1996 J •J
Registered
1
4 843e
85
84
1951 F-A
84k) 24 67/
Penn coil tr g 48
62%
43
614 Salt. 614
195$ A •
61%
60-year cony 4,4A
51.1
1
4 Sale 561
/
4 16 14..0 40
Series 11_1953 A-0 5./
do
118 118
118 Jan '08
Butt N Y& Erie lat 7s 1911) J •1)
1041
/
4 Feb'06
1908 J • J
Butt & 8 W gold 68
10814112
Chic & Erie let gold 5s 1982 M-1.1 110 112 110 May'08
/
4
1161.2.1an'0.•
Cies,& Mallon Val g 58 1938 J -4 1031
.-981.
2 984
9812 Apr'08
Jell RR let Fru g 543....a1901 A-0 98 ...
121 124
124 Feb.08
Long DOCK consol g 6s 1935 A-0 122
118 64)14'06
Coal& RR 1st cur gm 68 1922 M•N
106 106
106 Alai'08
Dock & imp let cur 60 1913 J • J
100 104)
100 Feb'08
N 7& Green L gu g 58 1946 M-N
-•
• .•
EON Dr.
N. Y. STOCK EXCHANGE
Wang ENDING JUNE 5
.1-rwe
Friday
June 5
1391
eves
Ran, or
hail hate
Range
Since
January 2
tiigh
48/4 Low
81t4
Erie-r Con)
Low Righ.
103 Dec'07
Y Sus & W let ref 58 1937 J•J
1001
/
4 Dec'04,
2d gold 412s
193^ -A
in) Maylie
90
90
944
General gold 5s
1940 F A
110 Jan '08
110 110
Terminal let gold 5s 194:3 M-N
Regis 15,000 each 11143 15-N
102 141ay'4)8
101 1021
Mid ItRof NJ Istges 1910 A-0 102
/
4
14)0 101
Wilk & Ea 1st gu g 56 1942 J I) 924 98 100 Mar'08
4:y ot• Ind 1st con en re 68 1926 .1•4
108
108 110
10934 108
Erie & Pitts bee Penn 00
112 112
112 Jan "08
Evans & 7 H let cons 63 1921 J
14 8/
1
4
103
96 103
let general gold be
1942 A-() 103 Sale 103
114 Apt '05
Mt Vernon let gold 6e 1923 A-0
145
2 95
145
95
Still Co Branch let g 66 1931) A•0
Wargo & So see Ch M & St P
I lint& Pere 31 .See Pere Mar
Fla C& Poem See Sea Air Line
Fort St U I) Co let g 44s:1941 J
105 Mar.i1)..
104 1144
Ft W & Den C 1st g 68.-1921 -(3 106
110 May'08
74
Ft W & Rio Or let g 48_1928 24 82
85
85 May'08
86
al liar & SA See so Pact:.
1alH & li of 1882 let 58.1913 A.0
140 Dec'U7
Georgia & Ala See Sea A Line
Gra Car & Nor See sea A Line
Georgia Pacific see So ity
i.ila V 0& Nor See bo Pao Co
iiouv & Oswegat See N )(Cent
4;rand Rap & Intl see Peen RH
Gray's Pt Term bee St L S W
964 Sale 991
/
4
9(13
.252 921
/
4 984
tit Nor-C Li& Qcoll tr 46 1921 J J
94
1(219
9318
Registered.h.
1921 Q•J
Greenbrier By See Ches & 0
964 93 is.0007
Gulf & S I 1st ref & t g 58 61952 J -J
an & tit Jo See C 13 Q
ousatonio See N Y N 11 & H
/
4
Hock Val lstconsol g444 1999 4-4 1024104 1034 10314 19 9841031
99 Oct .04
Registered
19911 4-4
.Nov'ut:
97
983
......
Col & H V 1st ext g 48 1948 A-0 91
95 Dec'07
95
Col & Tol let ex 48
1955 F•A
Houst E & W Tex See So Pac
kloust& Tex Cen See So Pao Co
1
4 105 102 May'08
102 1031
/
4
f 111nois Central let g48 19151 J -J 102/
100
1071
/
4 Apr'tii
• Registered
1951 4/
913
. 9134
9134 Mar'08
let gold 3,
1951 J-J
2s
95 12J'Iy'06
Registered
1951 J -J
• Nov4.17
......
Extended let g 3128
1951 A •0
70 Oct '04
let gold 3s sterling
1951 MS
97 1014
Coll Trust gold 4s
1952 11.0 98 100 • Apr'08
98 May't)
Registered
1952 A-0
95 100 101 Apr'08
.-1.
)(14 101
L N 0& Tex gold 48
1953 /41-N
97 May'07
......
Registered
1953 11-N
102/
1
4 Jan '07
Cairo Bridge gold 45
1960 J -D
87/
1
4
8.5 Feb'06
85
86
LouutyDiv&Term g348 1963 .I.2
1214 Al ay'in)
Middle Div reg 54t
1921 F-A
784 Apr'06
Omaha Div let g Se
1961 F•A
7412 80
761
/
4 May'us
St Lotus Div&term g38 1951 J •J
764 76/
1
4
Registered
1961 .1•./
79i6lifay'08
86
J.
Gold 33243
791
/
4 87/
1
4
Registered
95
611 J -J
101',Oct '149
19
100 Nov'Uu
Spring Div 1st g S1
/
48-1951 2-4
1011
/
4 97/
1
4 Aug'07
Western Lines let g 43 1951 F•A
122 Dec'05
Belley & Car 1st 68
......
19211 447 103
140
97 Mar'07
98
Carl) tilt Shaw 1st g 4e 11132 M-S
Chic St L & N 0 g 54-1951 J -D 1134
106 Deo'07
J -D
11934 Mar'04
Registered
8814 Feb'07
Gold 348
.1-1)
Registered
19
9115
65111 J -D
Mempli Div 1st g 48. 1951 J-D
100 100
100 Mar'06
97 Mar'07
113
St L Sou 1st gu g 48. 1931 M-S
......
Intl B1 & West See 0C St L
•
Intl Ill & Ia let g 48
961/4 95 Apr'08
95
1950 J-J
95
/
41071
190
919
9 M-N 1031
101
/
4 104
Int & Great Nor let g 6s-1
10 101, 109
M.S 80 Sale 80
80
20 gold Os
1 70
901
/
4
8d gold 48
(I0 Oct'07
1921 M-S
106
Iowa Central let gold 58-1938 J-D 106 Sale 106
1001,108',
75$4 Sale 75/
1
4
7534 13 70
Gold 48
1951 M-S
78
J enerson RR See Erie
alA&OR See LS&Mt3
an & Mich See Tol & 0
K Ft S & 31 See St 1..,t F
KO&M it& B SeeStL&SF
Kan & Pacific See M K cfe T
70/
1
4 12 69
704
70
71
71
Kan City Sou 1st gold 38-1950
63 Oct '00
Registered
1950 A-0
Kentucky Cent See L & N
Kook & De8 Mo See (.1 B I&P
Knoxville de Ohio bee so By
I ake Erie & W 1st g 68 1937 .4 1091
1094 Apr'Or
/
4
10619110',
t. 26 gold 58
100 101
101 Mar'08
1941 .4 1024
1051
/
4 May'08
North Ohio let gu g 58 1945 A-0 LOS',
106 1051
/
4
L She & Mich 8 See N Y Cent
/
4 Sale 1054 105
Leh Val N Y 1st gu g 443 11)4u J .J 1051
3 1021,106',
Registered
106 May'u
1940 J -4
Lehigh Val(Pa)oons g48 2003 tol-N
/
4
931
/
4
871
/
4 95
93'4 931
Len V Ter Ry 1st gu g58 1941 A-0 111-02
108 Jan '08
108 108
Registered
109 44)et '914
1941 A-0
Leh V Coal 001st gu g 50 1933 .4-4 1074
1
4 May'08
107/
106 1U7/
1
4
Leh & N Y 1st guar g 4.e 1945 11-6
1.15
97
147 May't48
95,2 97
Registered
1945 li-S
El C & N 1st pf 65
1914 A-0 102
11334 Jan '041
/
4
Gold guar 58
1051,Jan'06
1914 A-0 1011
Leh Jlt Lind It See Cent of NJ
Leh & Wilkesb See Cent of N J
Leroy & Caney Val See Mo P
Long Dock See Erie
110 112 1101
Long Isi'd-lst con g 58 A19:31
/
4 May'Oe
105 11034
let consol gold 48
951
/
4
51931
• 81.412
General gold 45
92 19 May'08
834 92,2
1938
91
Ferry gold 4125
102 Nov't).4
119932.42
Gold 48
'
,914 Oct '06
Uuitied gold 48
82 Jan Job
81
82
19414
Debenture gold 5s
110 rue'04
11943u4
9
Guar ref gold 45.
92
95
954
941
/
4
1441
/
4 6 90
Bklyn & Mont 1st g 6s 1911
101
9,1
991
/
4 Sep'07
'stets
1911
/
4N ov'06
N Y B&M 13 18t con g 58 1934
1101
101
105 Apet):
NY&RBlstgbe
1927
109 Nov'et.
Nor 81113181.con g gu5s 011132
98
S
98 Apr'08
144)
98
Louisiana & Ark let g 58.1927
98
•.....
H
•
OA.
......
...... ••••••
...... 0.0•••
K
......
•
•
......
, BOA ir5--4,,ontinnon
IiIrs1.4.1.1.2110,LOUt
441rti. and Electric Light
tia.s and Electric Light
Lac(.4as LotSt List g 58.614119 Q-F
Atlanta U L Co lat g 58...1947 .1)
1 9241034
1034 10:44
Eel and eat let g 58
1934 AO
Bittyn U Gas 1st con g 58 1945 M-N 103
601, Milwaukee Gas L let 48 1927 M-N
56', 564
5619 1 54
Blume)this lot g Os
1947 A-0 54
43 103 180
, 127
N VU EL 1i& P g 5» 1946 J •D
Consul Gas cony deb 68
11)011 4-4 126 127 1261
97 May'011
Purchase money g 45-1940 F -A
Detroit City elite g 6s
192 .1•4
97
97,2
IOU Apr'07
Ed El Ill let cony g 48-1:110 P5-6
Dot urea Co con 1st g 543_1918 F -A
.....
.b.'u RI Ill Bku bee K Co E L&
let consol gold 58
1995 J -J
NY&Q11118bP let con g 481930 F•A
Eue.111 SeeN Yti&ELH161/
96
06
96 Mar'Os
N Y & Rich cies 1st g 58.1921
141 U L.N Itletcon g68.11432 M-S 100
614 Oct,'01
vat At Pas u & E con g 58.1949 M-6
liras& Elec Berg Coo g 58.1U49 .1•1)
79 Apr'08
79
84)
Peo Gas & C 181 coil g os 1943 A•0
(ion Electric deb g 3148 1942 F A
79
119
Refunding gold Cm
34 104319122
1947 M-S
10.yr g deb 56
1917 J.D 1(81
/
4Sae 118
.Dec'011
& Cke lstgu g Os 1937 •.1
1073
Ch
Or Rap 41 /.. Co let g 68_1111(1 F •A
Hudson Co Gas it g 58 1949 MN
Con G Cool CI) 1st gu g6s.'36 •D
Ell 4 Apr'08
V4/14101 1
1191
/
4
Mu Fuel Uas 1st gu gOs.1947
99 Dtei'04,
Kau City(Me)Gas 1st g 551922 A-0
Syracuse Lighting let g 58.'51 J -1)
Kings Co El L & P g 54-11437 A.0 964
freuum U de El let g 68 1949 A•
Purchase money Os
103 108
491)7 A.0 108 4 112 108 May'08
Westrliester LighVg a siss 1950 J •
83
83 Mar'4,8
Ed El II likil let con sr 481931. J•J
83
-No price Friday; latest Intl a el asked this week.a Due -tan S Due deb d Due 'Litt e Due aay Ii One )1,y g Due
1021
/
4 4 99 102/
103 102
1
4
103' 102 Feb'07
914 Jan '07
984 sale 1.84
99
88 102
82 salt 8i
82
82
(1t4 75
/
4 10019
1004 1011
9841004
108 112 108
2 109 108
108
11(1 Apr'i)7
103 IN ov'045
1041
/
4 Nnv'03
113
112 I, May.0),
10741121
/
4
10272103'2 11)44', Apr'0•
/
4
94 1001
1033
,
98 104
103 May'08
97
991
/
4
94
97
4.7
964
92 100
'311 Feb'or
92'g
110 May'06
100 10119 Feb'u/
102
"IO
ug a Due Oct q Das ,JO0 14 Ooli1OR Mae
1398
New York Bond Record-Continued-Page 3
J-'rice
Fria al,
June 5
N. Y. STOCK EXCHANl-at
WEEK ENDIN., JUNE 5
Wee1c's
kaenge or
Last Sale
2
:
g
Range
Si7IC.
January •
Riga No Low Hso
Aslo Lou'
Rta
116 May'08
'1288117
Lanisv & Nashv gen g 68 1930 -D 115
2
/
110 Oct '07
1037 M-N 1101
Gold 5e
118% Sale 9835
98% 15 96 100
1940 J -1
Unified gold 4e
1014
.
'06
Ply
97%
-J
J
Registered
107 Doe'05
A •0
Sin k fund gold es
102 May.05
102 105
11''1)) M-N 101
3
191‘
Coll trnat gold 5s
93(4
93%
94
88
5-20-yr col tr deed g 45.1923 A-0 9314 94
111 Nov'07
1911 .1-D 10934
E H & Nash 1st g 6s
4
/
104 Mar'08 •..• 10314 104
2s 11)31 Al-N 1031
1
Cin & Lex cold 4/
193i J -1 117
11534 Jan .08
,117
1153
N 0 as SI let gold 6s
224 Mar'06
1931 J -1
1.
N 0 & M 2il gold 68
1074 Aug'06
Pensacola Div gold 3e 1920 M117 May'07 •
1921 M- S 108
St 1, Div let gold es
1980 M- S
2Aug'07 •
/
021
20 gold 3s
88'4
86
2,
/
891
Atl Knox & Cin div 4s 1055 M-N 8734 884 814
110 Ply'06
Ati Knox 06 or let g 581940 Jo 102
2 Jan '06
/
1081
......
Kander Bdgelsts t g 68.1931 M-S
94
93% May'08
93%
88
Kentucky Cent gold 48 1987 J -J
95
108 Ply '00
L&N & M&M 1st g 4 10a 1945 11-S
82
82
82
82
87
L N-sonth M joint 4s.1952 J • J
113127Sfar'07 •- ......
N Fla & S let gu g 5s 1937 F-A 108
241945 J -J
/
N&C Bdge gen gu g 41
4
/
113 Jan'08
A 1041
113 113
Pens 70 Atl let go g 65 1921
111 May'07
& N Ala con go g 53-111313 F-A 102%
0112Jan'08
2 911
/
911
2
/
L & Jeff Bilge Co gn g4s 1945 M-5
1 A & Ch See() & L
,
L1
nhon Coal •S'ec S & M S
9610
May'08
92
98
4Sale
1
lUanhattan Ry consol4s 1990 A-0 96/
104 Apr.05
......
1999 A-0
Registered
9934 102N
1908 J -J 102% Sale 102% 10234
Metropol lii let g 6a
MoK'pt & BV See N Y Cent
Metropolitan El See Man fly
85% 264 741
84% Salo 841,4
2 8534
/
flex Cent consol gold 4e 1911 J -J
4
/
161
2 58 141
/
171
2 201
/
2
/
11314 Sal.
let consol income g 3s.a1039 J'ly
10
2 161
/
151
2 leis May'08
/
181
4
/
2d oonsol income g 3s..a11)39 J'ly
90% J 'my '01
85
flex Internet let con g 4e.1977 M-S
80 Feb'08 •
80
80
1977 M-S
Stamped gnaranteed
105 Mart() •-.• ......
5Iex North lat. gold .. 1910 2-0
Cent
Mich Cent See N Y6s'
Mid of N J See Erie
MULS&W Bee Chic&NW
Mil & North See Ch M & St P
12514 128
3dinn & St L let gold 7e1927 J-D 125 129 128 Apr'08
1)1) 105% 103 Mar'08
103 103
1909 J -D
Iowa Ex let gold Is
118 Jan '07
Pacific Ex let gold 6s 1021 A-0
4 Mar'05
/
1131
South West Ex let g 73 1910 7-D
101 May'08
102
100 101,
1934
let consol gold 58
80
80
5 80
82
8.2
let and refund gold 4s 1949 M-S
97 Apr'06
Des M do Ft D let gal 4e 235 J-J
.doN
Minn St L go SeeBelt
May'08
97
•
•
2
/
961
97
97
It SIP& S8 M con g 4intgo'38 J-J
39 102 J'nc'07
MSSM&Alstg4 intim 1926 J-J
80M
Minn Un See St P
4
/
961
22
96
99
94
Mo Kan & Tex let g 4e 1990 J-D 96% 97
2 5 774 84
/
2 831
1
83/
84
83
gi9110 F-A
2d gold 4s
102
2 95 102
102 102
11)44 51-N
let ext gold 58
•
77
20
74% 78
761/2 76%
2004 M-S
let & refund 4s
81
66 71
s2
80 Sale 7034
1936 J -J
2s
/
Gen 8 I 41
4 May'08
/
801
83
83
St L Div let ret g 48- 2001 A-0
Apr'08
•... 10218102½
Dal & Wa lst gn g 5s 1940 M-N 100 104 102 10
57
87
894 87 Apr'08 • Kan U & Poe let g 4s 1990 F-A
10388107
4 1071
/
2 107 May'08
/
Mo K & let go g 5s 1942 A-0 1061
102 104
10314 104 May'08
1942 M-N
ht & Ok 1st go 5s
2May'08 ...• 971
/
1021
2
/
21061
/
M K & T otT let g-n g66 1942 M-S 102%
105 Aug.07 •.
2
/
Sher Sh & So let ga g 5a 1943 J -D 991
2 1n2¼
/
2 1021811)3
Tex& Okla 1st gn g 5s 1943 M-S 101 104 1021
Ito Pacific let con g es _1920 M-N 108 108% 107¼ May'08 ...• 1)1418111)
07
15 88
964
99
9614 97
Trost gold 5s atamped a1917 3,1-S
4 Feb'07 ••-- ......
/
1041
a1917 51-S
Registered
97
5 87% 98
97 Sale 97
1920 F- A
let cell gold 5s
2
/
713s 302 63
2
/
761
1945 M-5 714 Sale 701
40-year gold loan 4s
05 Mar'08 -• 95
95
1938 51-N
3d 7s extd at 40/0
Feb'08
85
•
90
85
4
/
821
85
-A
11
43
g
go
let
1919
fly
Cent Br
'08
Jan
844
2 814
/
831
Cen Branch U P let g4s 1948 J
110 Mar'05
Leroy& C VA Llstg5a 1926 J -J
1)914 Feb'08
0914 9914
101
Pao lb of Mo let ex g 4E1.1938 F-A
07
.
Dec
112
20 extended gold 5s 1938 J -J
2 107; 1 103 110
/
2 1071
/
St Ir AI& Sgen con g 531931 A-0 107 1071
106 May'08
100 106
Gen eon stamp gtd g 58 1931 A-0
A% 24 68
80
2 78
/
791
J
Unified & ref gold 4s 1929
83 May'08
76
8314
8614
Riv & G Div let g48 1933 M-N
2Apr'06
/
1071
Verdi V I & W 1st g 53 1926 M-S
06
Dec.
98
hiobJ & K 0let cone g 55 11)53 J -J
119 May'08
.. 119
Mob & Ohio new gold 63 1927 J-13 110
2Jan'08
/
1051
10518105¼
lot extension gold es../i1927 Q-J 108
8414 Feb'08
844 (4L4
1938 M.s 80
Generai gold 48
4 May'08
/
1021
21021
/
1021
2
/
Moutgom Div let g 5s 1947 F-A 105
75 May'08
75
82
79
75
St L & Cairo coll g 43..31930
101 Nov4)4
......
1931
Guaranteed g 48
M & 0 coil 4s See Southern
Mohawk & Mal See N Y C& 11
Monongahela itiv See B &0
&
Mont Cent AS'ee St P
Morgan's La & T See S P Co
Morris & Essex See Del L& W
• 11214 1144
2116% 1144 May'08
/
ash Chat & St List 7e 1013 J -1 1141
lost, 1081
2 3 1051
/
21081
/
2
/
1028 A-0 108%
let consol gold 5a
4 May'04
/
1161
......
Jasper Branch let g 63 1923 J -J
1174 Mar'05
W &, Al lat 6s 11)17 J -J
MOLE
ly
J.
113
T & P Branch let 63.. 1917 J-J
Nash Flor & Sher Seel:70 N
100 Apr'08
99 100%
2
/
991
23 1926 J -J
/
Nato( Alex prior lien 41
2 17 '17
/
811
82
8112 Sat, 81
1951
let consol 48
New
& D SeeN Y N H&J'
NJ June RR See N Y Cent
w& Cin Bdge See Lou& N
N I Elfin & Man Bch See 1, I
9114 39 871
2 91
/
9114 Sale 004
NY Cent &it Ely g 31
28 1997 J • J
/
90
5 3818 8918
90
Registered
1997 J • J
01
95
03 May'08
142% 95
Deben g 4s
1934 M-N
2 11 75
/
801
82
Lake Shore coil g 3/
2 8114 8014,
/
28 1998 F-A 801
1
73
2
/
801
Registered
2 80 May'08
/
801
1998 F-A 'El
7412 81
78 May'08
Mich Cent coil g 3/
80
2s
1
11)98 F-A
76
76
Registered
76 Apr'08
1998 F-A
Beech Creek let go g 43 1936 J -J
102 Feb'07
96%
Registered
102 Miu-'04
1936 J -J
20 go gold 58
1936 J -J 102
Beecher Ext 1st g 31
2s 61051 A-0
/
N
*No pnee Friday: lateat bId sr'
g ct
Price
Prom,
June 5
Week's
Range or
Last Sale
;L..;
Range
Since
January 1
ugh No Low -High
Bid
.48A. Low
N I Cent & H R-(L'ontinued
Cart & Ad let go g 43...1981
Gouv & Oswo let go g 53 1942 J -I)
98
98
...... 98 Mar'08
NI oh & Mal let go g 4s..1991 M-S
105 Oct '02
N J J ono R gu 1st 4s. .198( F-A
2.1'1y'06
/
8518....... 1011
M-N
2 May'07
/
1101
hmlsKt g
ortie
312
Y it a
N I
8....:2
58
7 A-0 101)
°°
1112
N 15.Po let con go g 4s 191)3 A-0 96 100 1014 Dec'06
Nor & Mont let go g 53.1916 A-0
......
Pine Creek rag guar 63.1932 J -D 113
107 Nov'07
108%111 12
R W&()con latext5s.h1922 A-0 110 112 1104:51,13"01
105 105
105 Jan .08
Oswe & R 2d go g 5e..e1915 F-A
EW&OTR let go g 58.1918 M-N
4 Oct '05
/
1061
Rn risme let con g 4½s..1941 J -1
8434 87
OzdisLehani let fru 4s g1948 J.J
2 87 Feb'08
/
871
85
85
85 Jan 'Os
Rut-Caned let go g 43.1949 J -J
122 Jan '06
2
/
St Law & Adir 1st g Ss 1996 - J 1001
125 125
125 Feb'08
2f1 eold Os
19911 A-0
9934 8934
994
9934 Apr'))8
Utioa 70131k Ittv go g43 1922 7-1
8934 94
93 May'08
23- 1997 J-D 911
/
2 93
/
Lake Shore gold 31
2
/
1121
90
2 May'08
/
921
Registered
1997 2-B
2
/
5 88% 051
92%
03
Debenture g 4s
1928 M-S 924 93
4 54 88% 944
/
921
25-year g 48
2 Sale 92%
/
921
1931 M-N
Ka A & R let g.ti o 53 1938 J -J 11014
109 Oct '07
Mahon O'l RR Lit 58 1934 J-J 105
100..100
100 May'08
Pitts & L Erie 26g 55.41928 A-0 104
130 Jan'03
Putts 1MoK 71) Y let go 63 1932 ,T.J 120
2d guar 135
1934 J.J 115
McKees &11 V lat g 6s 1918 J.J 105
......
104 Dec'06
1,31) M-S
Mich Cent let consol 63 1901
......
105 Dec'07
M-5 10812
5s
110 J'ne'Oe
......
Registered
1931
92
10034 .fan '07
......
J
1940 1--M
4a
2Nov.011
/
1061
Registered
4( J -J
11,951)
M'S
2 Dec'06
/
941
......
L & S 1st g 31/2s
88
88
1952 M-N 80
88 Apr'08
2a
/
lst g 31
Bat 05.Stur lst go g3s 1989 J-D
101 101 May'08
95%101
N Y Chic& St List g4a 1937 A-0
100 10214 Mar0)7
Registered
1937 A-0
4 „.....„ 103
/
1034 4 OS 10318
1 J -7 1031
61
West Shore lst 4s go 236
j.j 102 Sale 102
1 964102
102
Registered
N Y & (.4-reenw Lake See Erie
N Y & Har See N Y C & Hod
Y Lack & W /See D L & W
N I E & W See Erie
N Y & bong Br See Cent of NJ
127 Sale 12334 127
49 1151
2 12714
/
N V N 11 & IL-Cony Os sobs...
'20 87
87
2 87
/
85% 871
88.4
1156
Cony deben 310s
113%
112 Mar'08
112 112
_Housatonic it con g 5s 11)37
N H 70 Derby con cy 5s 1918 M-N
N & North SeeNYO&
96% Sale 96
96% 7 921
2 98
/
N Y 0& W ref let g 4s..q1992 M-S
1011
2J'ne'Oti
/
p1990 51-S
Regis $5,000 only
•
YC&kL
N Y & Put
NY&RB See Long Island
N Y & W Sea Erie
N Y Tex & M See So Pao Co
101 100 Oct'07
1941 M-N
Nor & South let g ba
120 12012
4 Jan'08
/
1201
Noll& West gen g 6s
1931 M-N 118
21171
/
2
/
Improvem't & ext g 6a 1934 F-A 120
117½ Jan'08 .... 1171
127 Oct'00
19
New River let g Os
2 A-0 118
%36
94% 17 924 97'1:
4
/
N & W Ry let con g 48.1996 A-0 944 sale 941
rei
et
91 Sep '07
vn e
A-0
884
& gong 43. 1944 J -1
d
844 90 .
Dl
89 May'08
87
36 78
85
10-25 year cony 4s
1932 J-1) 84
2 844
/
841
86%
2 12 77
/
811
Pocah C & C joint 43 1941 J-D 83% Sale 8334
2
/
2 Fet.,'05
/
1091
1922 J -J 1001
C C & T lat go g 58
2 95
/
871
98
93
Solo V& N E lat go g 4a 1989 M-N
9318 May'08
North Illinois See Chi & N W
North Ohio See L Erie &1\9097
2 10138 75 99 101%
/
10112 Sale 1011
Nor Pao-Prior lien g 4:0 1997
4 97% 11)1 ,
101
Registered
Q.J 100 101 101
73
2 11 68
/
711
4
/
General lien gold 3s.....a2047 -F 71
711
2 711
/
6812 70
edDiy
2Apr'08
/
erril
681
70
usi.tD
gi
a.2047 -F
ea
tRp
2
/
961
g 4s...1996 -0
19318 Jan'08 .... 89
Dui Short L 1st gn 58 191e M-S
CB & Q coil tr 4s See Gt Nor
Ile 117
116 Marlli;
P & N P gen g 13s. .1923 F-A 117%
116 116
23 Q-F 117
116 May'08
Registered cornea'
11714 Ply'07
St Paul & Dul 1st 58....331 F-A 105
102 102 ,
102 May'08
1917
20 55
2Oct '06
/
'281
1968 J -D
let consol gold 48
81
93 May'08
1048
Wash Cent let g 4s
115 May'08
112 115
Nor Pao Ter Co let g 613-1933 -J 113%
Nor Ry Cal flee So Pao
&0
Nor Wis See C St P
Nor & Mont See N Y Cent
Ind & W S'ee C C C & St
kJhio Bair lt1t See Balt & 0
Ore & Cal See So Pao Co
Ore Short Line See (In Pao
Oswego & Rome See N F C
OOF&StP See 4: & N W
2
/
10314 1034 2 1011210634
'Dec Coast Co let g 5s
1046 J-D 1031
1 ac of Missouri flee jib Pac
1 102 105
103
Penn RR let real eat g48 1923 M-N 103 Sale 103
43 51-S
11)11)
Consol gold 58
105 Nov.07
M-N
101 Dec'07
Consol gold 4s
Cousol gold 4s (w 1)......348 MN 10118 Sale 100% 101 14 827 100 101%
2
/
95
954 lb 914 961
1012 51.N
Convertible g 3128
95% 95
93%
91% 143 88
1915 J -1) 91% Sale 9114
Convertible g 3128
99 -1.'16.0
Alleg Val gen go g 4s 1942 M-8 95
D R R & Bge 1st go 43g.'3(1
......
2Oct'06
/
PhilaBal & W 1st g 48 1943 M-N
1071
Sod Bay .115 So 1st g 5,3-1924 2-2
102 Jan'03
11010 sop '04
& Can gen 43.1044 M-8
UNJ
1024 10588
2
/
105 May'OS
J-J 1041
Penn Co-Guar lst g
41/418-1
J-J
Registered
1
1:
104 103% J'ly'07
2
/
2.1110'06
/
901
Guar 3128 call trust reg.1937 M-S 831
2
/
86.4 861
2
/
2 May'08
/
861
Guar 31.2scoll tr ser B.. 1941 F-A 801
921
2 921
/
2
/
4
/
941
23 194
/
6 51-N
14
2 Feu'uti
/
921
Tr Co eertit's go g 31
844 844
e
1942 -D 87
tr ctt B
93
8414 Feb'08
G :33
-D 81%
90 12 Aiftr'06
.90.. 96
2Apetel
1
92/
Guar 15-25 year g 48 .. 1931 A.0 91
2.3 1935 M-N
/
97
110 Jan '05
el & Mar 1st gu g 41
10814 Aug'03
015. p gen gug 4198ser A '42 J -J 106
A-0 104%
Series B
1948
2 M-N
2
/
871
2 Dee'05
/
981
Series C 31.28
90
1950 F- A
00
90 May'08
111½
25
/
Series D 31
MISCELL fiNEOUS RON Ds--Continued on Next Page
Telegraph and Telephone
2 87
/
39 751
87
86
Am Telep &'Tel coil tr 4s 1929 J-J • 87
2 83
/
791
1936 M-9 851
t;let g
lelec
2 ea
/
bb
rati
2 86 674 841
/
2 Sale 541
/
65
56
4s..2397 Q.j
95% 85%
8534 Mar'08
t_l
Cnnuve
Co
1918 M-N
104 Feb'07
Met T & T lat s t gra)
2
/
4 921
/
2 Feb'08 -• 921
/
1)21
Mich. State Telep. let 55 1924 F-A
94
87
4 84
85
87
West Union col tr cur 58J938 J•J
89
38% 63
88
81,
4
/
2 841
/
841
84
Fd and real est g 412a 195u t.a.N
81
76
1936 SI-N
Cony 48,Series A
80 May'08
80
......
.....
Mat Un Tel 8fund 65 1911 M-5
100 104 Apr'07
......
......
Manufacturing ,.4:. Industrial
......
2
1
1915(
92/
86
2
/
921
4 92%
/
4-1? 91% 921
2 97% Am Cot 011 ext 412a
/
821
2 85
/
8 751
85
85
85
Aau Hide & L 1st 81g t3s 19111 Ta•S
100 106
2
/
70
5 58% 701
70
Amer Ice Secnr deb g 68 1925 A-0 70
91) 107
91 1001
97 Mar'08
100
Mn Spirits Mfg let g 66 1915 51-S
102 103
86
8610
86 May'08" 83
Am Thread lst col tr 48. 1919 J-J
100 101
0088 10632
1944 A-0 105 Sale 105
2
/
1051
80
2 Am Tobacco 40-yr g 6s
/
881
2 7288
/
'11 601
1951 F- A '72 Sale 71%
72
4s
Vile
Option
Dae J'ly m Das Aug e Due Ufa p Due Nov f Du•Dee a
ir Due Jan b Doe Fob c Das ear 41Doe Apr
Coal and Iron
8434 8234 May'03
Col F & I eo gen s g 58..1943 F-A
65 Mar'08
Convertible deb g 58.-1011 F- A
2Oct.04
/
1071
Col Fuel Co gen gold 6a.1919 M-N
10288 Apr'06
Or Riv Coal & C let g681919 A-0
95 Apr'02
Cleart Bit Coal lets!4s...1940 J -1
75
63
82 Sale 61%
Col!whilst& coil 5s gu..1934
10788 DOC'04
Contin'tal C 1sta I go 5s g.1952 F-A
107 May'97
Jen & Clear CI& Ilst g 58.1926 J-D
2 Dee'013
/
1051
Kan&liC & C 1st s tg5a.1951 J-J
105 Oct'00
Pleas Val Coal let gat 55.1928 J•J
80
78 Feb'07
Sunday Creeic Co g 5s....1944 J -J
J
6
1951
97
Tenn Coal gen 58
4 97
/
2 091
/
971
1
106
Teen Div let g es
a1917 A:0 106 Sal6 106
Birm Div let cannot 6e.1917 J•J 107;109 107 May'08
Cab C It Co let go g 63.1922 J-D 103 108 102 Apr'08 ....
101 May'08
Be Bar 05. I Co go g 65.1910 F-A
4
87
88
87
VaIron Coal & Colat g 58 1949 M-13
2 Feb'07
/
931
Victor Fuel let at 5s
1053 J .T
•
N. Y. STOCK EXCHANGE
Wsitit ENDING JUNE 5
Lxxxvi.
New York Bond
JUNE 0 1908.]
BON Ds
N.Y.STOCK EXCHANGE
WEEK ENDING JUNE 5
't
Prtcs
Aridav
June 5
Week's
Range or
Last Sate
•)( 2
1399
ReeOrd-Concluded-Page 4
Range
Since
January ,
Ass Low
lila
High No Low If/48
Penn Co-((.onttnttea)
92 Apr'07
87%
Erie Ss Pitts gu g 312s B 1940
99,34 Apr'04
87%
1940 J -1
Series C
108 Sep '06
1014
Gr lt & 1 ex 1st gu g 4481041 2.
12754 Oct'02
Pitts Ft W & C 1st 7s 1912 J -1
119 J'ne1/6
1912 J -1
2‘178
119 Apr'04
h1912 A-0
3d 7s
116 May'05
Pitts Y& Ash 1st eon 58 1927 ii-N 104
i ii6I.; 1084
PC C& St L gu 44,s A 1940 A-0 1074 158-4 1084 1084
1074 10714 9 1074108
194'2 A-0 1074
Series B guar
11212 J'ne'05
......
1942 19-N 1014
Series C guar
100% Mar'07
96
1945 11-N
......
aeries I) 4s guar
914 93
91 May'08
91
90
1941) F-A
Series E 3'. guar g
94
1953 J-D
Series F 48 guar
112 May'08
109 112
C St L & P 1st con g 5s 1932 A-0 .112
Pensacola & Atl See L & Nash
Pen & Bast See C C C & St L
12314Jan 105
.1921 Q• F 113
Peo Pek Uu 1st g
95 10034 Dec105
6/4...01921 31-N
sold 412s
109 Apr'02
Pere Alarq-Cli& W M 5s 1921 J -D
11212 Aug'07
Flint & P M g 6s... .....1920 A-0 105
1003
4 Apr'07
gold
6s
1939
M-X
eonsol
1st
10014 May'08
1004 10034
Pt Huron Div 1st g 5s 1939 A-0 1004
Sag Tue.& it 1st gu g 48 1931 F-A
PhD. B & W See Penn RR
1154
blar106
Phila & Reading eons 7s.1911 J.D
964 Apr'08
97
.961; 9614
Philippine Ry 1st 30-yr 8140'37 J.1
Pate um & at L See Peon Co
Pitts Cleve & Tol See 13 & 0
,Pitts Ft W & Ch See Penn Co
,141/ta MoKees & Y SeeN Y()en
i011/14 Feb 108
10914 109'4
Pitts Sh & L E 1st g 5s 1940 A.-0 1094
934 J'Iy 197
1943 J-1
......
let oonsol gold 58
,Pitte & West See B &0
984 Cl 93
99
1097 J4 984 Sale 9814
1)eading Co geu g 4s
954 Apr'08
9434
9514
90
At Registered
04
199
51
7 .A)-.1
944
0 94 Sale 934
2 86
Jersey Cent coil g ..1
DS14 H
4s.
Rensselaer & Sar See
Rich & Dint See South By
Rich & Meek See Southern
Rio Or West See Den SO Rio Or
Rash & Pitts See B lt&P
Rome Wat & Og See N Y Cent
Rutland See N Y Cent
1See
84.4
85 May'08
47,
1'1127 J.J
85
;
.41 4'
82
S :Ter Ills
St L & Cairo See Mob a/ Ohio
P
SeeM
Mount
St L & Iron
St LK CS/ N See Wabash
St L M Br See '1' RR A of St L
St Louis & San Francisco1931 J J 115 128 11412Apr'08
,
113 1143
General gold Os
106 .
1931 1
107
108
4 103 108
General gold Os
90 Jan '08
90
90
St L & S RR eons Ft 413-196 -J
100 May'08
100 100
Southw Div let g 5s 1947 A-0 95
1931 J.J
744 361 6714 75
7334 Sale 7214
Refunding g 4s
98 Nov106 ...• .......
5-year gold notes 44 1908 J •D
StL M & So East gu 44g1909 J -D
113 Mar'08
111. 11414
K Ft & Al con g 68-1928 M-N 115
73
17 6634 74%
KCFtS&M ltyref g4s 1036 A-0 724 Sale 7212
......
K C& H R& B 1st gu 5a.1929 A-0
90 Dee'07
99
Oz1rk& Ch U 1st gu 58 g.1.1.113 A-0
St LOUI8 So See Illinois Cent
89
24 844 90
89 Sale 8812
St L S W 1st g 48 bd etia.14/89 M-N
70
70
70 May'08
65
28 g 4s inc bond oils...p1989 J.J
1 56
67
67
684
1032 J -D
67
Consol gold 48
10114 Apr'07
Gray's PtTer lat gu g Os 1947 J -D
St Paul d/i Dul See Nor Pacific
1,3
90
3:9 ..•I
J
1 103N 4 102(4104%
102410414 103,
St Paul bl & Man 2d 68-1
126412834
128%1294 12814 May'08
1st °onset gold Os
Registered
1933 J -1
134 Dee 10/3
1,3
933 J J 105 108 10734 May'08
Reduced to gold 4128-1
102 108
Registered
1104 Apr'01
1910 :9-14 10334 1044 1044 May'08
1044 105%
Dakota ext gold 6s
1937 J-1)
99
99 Apr'08
Mont eat lat gold 48
94
98
1937 J -D
Registered
1004 Oct'06
...
E Minn Nor Div lat g 4s1948 A-0 80
1922 J -J 110
Minn Union 1st g (ie
124 May105
1937 J -J 1304
130 Apr'08
Monte lst gu g t3s
128 130
1937 J -J 12934
Registered
13614 May'08
1937 J -J 1124
1 l 1 4 Apr'08
let guar gold 56
1111411114
1154 Dec106
Will & S If 1st gold 5s 1938 -I) 1124
StP & Nor Pao See Nor Pao
/RP& S'x City See0St PM Sao
86
1 78
85
85
SA & A Pass 1st g-ug 48-1943 J4 84
86
1110
102 Sep '07
13 Fe Pres & Ph let g 5s 11/42
110 Oct '05
8 F & N P 1st mink g 53 1919 14
Say F & West See Atl Coast L
Scioto Val & N E See Nor & W
5134 19 434 55
Seaboard Air Line g 4s 1950 A-0 514 Sale Si
87 Sate 8714
874 1 8814 874
1911 M-N
Coll tr refund g Os
88 Jan'07
Atl-Bum 30-yrIst g 4s e1933 M-8
8614Mar06
......
Car Cent 1st con g 4a 19411 J -J
10714 Aug'0d.1
Fla Con & Pen lat g 0E1 1018 J -1
lat land gr ext g 5a - 1930 J -1
1094 Mar105
1943 J4
Consol gold 58
954
in
954 May'08
Ga & Ala By lat eon 5so1945 J4 954100
......
974
110 Jan'05
Ga Gar & No 1st gu g 5s 19211 J -J
......
148 100 106 Mar'07
1926 1-1
kleab & Roa let Os
Sher Shr & 8o SeeM K cgs T
811 Sp Oca & U See Atl Coast L
So Car 6:3 Ua See Southern
Southern Pacific Co11 83% ,88
86
Gold 45(Cent Pao coil).k1949 J-D 854 Sale 8518
k1944) J
Registered
84 J'ne'07
99
Cent Pao 1st ref gu g 4s1949 F-A
964 974 963
, 967i, 6 91
.......
Registered
1949 F-A
9514 93% J'ne'07
80
Mort guar gold 3Las..k1929 J -I) 55(4 854 8514 Ma7'03,
86
904
Through St L 1st gu 4s'54 A-0 904
88
9014 May'08
Gal Her & S A 1st g 63 1910 F -A 10134
1034 Apr'07
107 107
Mex & Pac let 5s
1931 M-N 1024
107 Jan '08
1014 101 4
Gila VG & N lat gu g 58 1924 M-N 1024105 10114 May'08
lions B & W T 1st g 5s 1933 M-N
101 Jan'08
190 101
1st guar 6s red
1933 M-N
1054 104 Aug'013
1094 1124
li&TClstg5siutgu 1937 J -J 11134
112 May'08
Consol g Os lot guar 1912 A-0 1094
......
l0738 Nov107
93
93
Gen cold 48 lot guar-1921 A-0 92
87
93
95
1st g 68 130 M-N
Waco& N W
......
116 Deo'06
A 5: N W 1st in wOs, 194l .1 -1
1094 Feb 100
Boa iPs
N. Y. STOCK EXCHANGE
WEEK ENDING JuziE
§
Price
ifeek'a
Range or
Last ,sale
June 5
Rang*
:il/t0,6
January 1
ASA' Low
Bia
High No Low High,
Southern Pao tx)-(Continued)
127 Sep 106
Morgan's La & T 1st 78 1918 At 118
116 Nov106
1st gold Us
J -J 112
112 FebNe.
No of Cal guar g 5s
1938
29 A-0
103 102 Apr'*'8
102 11124
Ore cfs Cal 1st guar g 58 1927 J •J
10.1 May10/984103
So Pot Ar gu 1st g 6s...c11409 J -J 1024
101 Dec 107
let guar g Os
c1910 J-J 1014
So Pacific of Cal1041.2 Mar'01,
10441044
1st g 6s series E & F...1912 A•0 103
1144 Dec104
1st gold Os1912 A-0 101',,
116 May107
lst con guar g 58
1937 M-N 1104
104 104
104 Apr 108
S Pacer N blez lat g 63 1911 J -J 104
So Pao Coast let gu 48 g 1937 J-J
108 1074 Feb'07
Tez&NO8abDiv1st g6s 1912 M-S
95 44 984
118,, Apr'08
Con gold Os
1943 J -J
91% sale 914
44 874 934
92
o Paz BB 1st ref 4s
1955 J -J
99 10018 100
1(10(4 20 824103
Southern-lst eon g 5s
1994 J -J
9
114 Nov106
Registered
1994 J -1
6lic
734
74
81 7312 75
Develop 8s gen 4s Ser A 1956 A-0 74 Sa
82(4
8314 6 75
8314
Mob & Ohio cold tr g 4s 1938 111-S
103
5 96 103
Mem Div 1st g 412-5s 1996 J -J 103 Sale 103
82
82 May'o8
82
69
St Louis div 1st g 4s
1951 J -J
113 Jan 106
1918 J -1
Ala Con H 1st g 6s
96 J'ue106
Atl & Daisy 1st g 4s
1948 J -J
92 J'ne'00
234s
1948 J -1
85
All
lad 1st g guar 48 194
48
9 A-0
111 Feb 107
Col & Greenv 1st Os
1916 J4 106
110% J*Iy '01
E T Va & Ga Div g 5s 1930 J•J 1004
102 108
Con 1st gold 5s
1956 M-N 10414105(4 10512May'us
91) May'08
97
99
E Ten reor lien g Os
1938 M-8
65 Sep'07
68
Ga Midland 1st 38
1946 A-0
1094 May'08
106 1094
61a Pao Sy 1st g Os
1922 J -J 10912
108 Jan '08
107 108
Knox & Ohio 1st g 6s. 1925 J J 10812
115% Apetle
slob& Sir prior lien g 5111)45 J-J
80
96 Oct '05
Mortgage gold 48
1945 J• J
103 Mar'08
103 107
Rich & Dan con g Eis
1915 J -J 1084
9912 Oct '07
Deb 5s stamped
1927 A-0 92
98 Feb 105
Rich & Meek lat g 4s 1948 II-N
96
97% Apr'08
954 97%
So Car & Ga 1st g 55
1919 M-N
112 Oct'00
Virginia Mid ser C 6s 1916 M-S 104
1084 Dec 100
99
Series D 4-58
M-S
113 Dec 105
99,
Series E 5s
11992261 M-S
1021a Mar"
1014 103
General Os
1936 M-N 102'4,
107 May'07
Guar stamped
1936 M-N 102'4
85
904 Jan 107
W 0& W 1st oy gu 48 1924 F-A
106 L, sop '07
West N C 1st eon g 60 1914 J -J 104
& N Ala See L N
.117 J'Iy'00
Spok Falls & Nor 1st g 6s.1= - I
1105 May'08
102 105
1nr
siAco
of
nS
gtoili; ls
A-0 103
s..
t ir 412s
110 4 Feb 108
10914 111
-.189111944 F-A 109
O.
93',, May'08
00(4 934
C.9412
Gen refund a t g 48
1053 J -J
111 Dec106
St LM I3ge Ter gu g 513 19311 A-0 100
Tex & N 0 See So Pag Co
108
27
107% 105
Tex & Pao 1st gold Os
2000 J-D
92 Nov106
2d gold lino 58
p2000 Mai
110 blar'06
La Div B L 1st g Os
19
9:
41)1
9 .1 J
11)6(4 Nov 104
W Min NV& N W 1st gu 5/4'3 F-A
10214 Feb/8
Tol & 0 C 1st g Os
1935 J-J 105
111 May104
Western Div 1st g 6s 1935 A-0 102
1474 May'US
9514 98
General gold Os
1935 J-1) OS
88-,, 89 ,Jan 'OS
89
84
Kau &
1990 A-0
1st gu g 4s
Ed
824 82(4 May'08
76% 83
Tol P & W 1st gold 45
1917 J J
87 May'08
87
90
81/
Tol St L& W pr lien g 3,213 1925 J -J * 87
73 May'08
67
A-0 7314 74
734
50-year gold 45
95 Dec'08
Tor Ilam & Buff 1st g 4s.h1
19
94
56
9 J-D
105 Apr'08
104 10$
lster & Del 1st con g 5s 1928 J -D 1u3
93 Sep '06
1st refund g 4s
1952 A-0
10134 Sale 1014 102 10e 99 102
Un Pae
db 1 gr g 48- 1947
1004 99.4 May'08
93 10014
Registered
192
947
7 .f -J
92 1765 83
J.J
914 Sale 9034
92
20-yr cony 4s
91
974
Ore By & Nov con g 48 1946 J -D 95-i 9712 147 May'08
115 122
Oro Short Lino 1st g 68-1922 F-A 118 121 121 May'08
106 1144
114 113 May'08
1st cousol g 6s
1946 J -1
904 7: 854 93
8934 Sale 894
Guar refund 4s
1,
92
,
9 J-D
87% Mar'07
Regisred
te
J-D
100 Oct'07
Utah & Nor 1st 7s
192
908
6 J -J 103
1054 J'1y 107
J-J 1064
...... ••••••
Gold Os
Uni N J 1111 5,0 Co See Pa RR
Utah Central See Rio Or Wes
Utah & North See Un Pacific
Utica & Black It See N Y Cent
94',, Oct 107
andalia consol g 4s
1955 F-A
98 Sep'06
V era Cruz &Plat gu 4481934 I- J
VerVallnd&W See Itlo P
Virginia Mid See South By
1074 May'08
99 110
Va & Southvet 1st gu 58 2003 I.1 10712
104
105
102 10934
IV abash 1st gold 5s
1939 M-N 104
91
92% 2.
VT 2d gold 5s
92
-A
5 844 94
F
1939
90 J'ne'07
Debenture series A
1939 J -1
54 May'08
37
56
J-J * .6S
Series B
102 Feb 108
100 102
1st lien equip s g 53 1939
1921 M-S
9:1 Mar106
1st lien 50 yr g term 48 1954 J •J
63',,
56 247 374 58%
55
18t ref aud ext g 4s
56
1956
100 Apr'08
100 100
Dot & Oh Ext 1st g 56 1941 J.J 102
97 Nov'04
Des Moin Div let g 45 1939 4
80 h'el/107
Om Div lat g 312s
A-0
85
9638 J'ne'07
Tol & Ch Div 1st g 4s 19
95
941 M.S
101/ May107
St Chins Bridge 1st g 6E1 1908 A-0
......
49%
56
Wab Pitts Term 1st g 48 1954 J -D 49% sale 45
41
20 gold 48
114 Sale
114 525
8% 19
1954 J -D
9%
Warren See Del Lae & West
Wash Cent See Nor Pao
Wash 0 as W See Southern
874 J'ly'07
Wash Terml 1st gu 34s 1945 F-A
be 704 65
70
'24 49
West Maryland 1st g 4s 1952
79
40 May'08
1952 A-0 384
30
47
Gen db cony g 4s
10614 Aug'06
W Va Cent & P lat g 6a 1911 -1
108 4 11414
West N Y & Pa 1st g 58-1937 J -J 112 114,, i14(4 May'08
89% 87 Jan'Os
1943 A-0 •
Gen gold 3-4s
8718 87%
34 Ifeb 107
Income Os
41
194
43 Nov
West No Car See South icy
102 102
102
Wheals & L E 1st g 5s...1926 A-0•
2 100 107
103 103
103 31111.08
Wheel Div 1st gold 58_1928 .14
984 Jan '08
934 984
Exton & Imp gold 5s. .1980 F-A
724
.1949 51-S
68
69
69
2 60
RR 1st consol 48.
104 Oct 107
20-year equip a f Os -1922 J -J
Wilkes & East See Erie
Wil Sioux. J? See StP &
7 90
86
86
85(4 Sale 8104
Wis Cent 50-yr let gen 4s 1949 J-J
UU
V
MINCE1.1 AN HO US BON D5-Conclinte(1.
Miscellaneous
Dlanufacturing & Industrial
1948 M-8
Adams Exooltrg4s
96 Aug'06 .
95
Beth Steel 1st ext sf 58..1926 14
1920 M-N
044 8 854 954 Am SS Coot W Va g 5s
9434 94i4
Cent Leather 20-year g 5s.1925 A-0
7112 Sale 714
714 8 62
72', 131k1'n FerryCo lateens g 58'48 F-A
Consol Tobacco 50-yr g 43.1951 F- A
73
73
6 64
Chic Jo & St Yard col g 58.1915 J-J
75
74
Distil See Cor cony 1st g 58.127 A-0
4 101 105
102
t)etM& H ld gr incomes-1911 A-0
102 102
Int Paper Co 1st con g Os 1918 F -A
J4
8014
16
Merean Marine 448 1922 A-0
804
Sale
1935
79
Int
86
58
80
a
f
g
Consol cony
94
9314 May'103 .... 90
944 tut Navigation 1st at 58 1922 F-A
96
Int St Pump 10-yr cony.68'13 J -J
00
6 84
Mau Bch H & L gen g 46 1940 M-N
90',, 30
91
Lackaw Steel 1st as...j923 A•0 90
Newp No Ship & D D 5s41990 J •J
8312 Aug'07 ,
Natatarch 51fgeo 1st g 681920 M-14 80
N Y Dock 50-yr let g 48 1951 F.A
70 Apr'07 .
Nat Starch Co s 1 deb 58 1925 J • J
92%
93
914 92
65 91
Providence Sec deb 4s
1957 M-N
94
N Y Ar Brake 1st cony Os'28 M-N
94
'34
Provident Loan Soo 443 1921 M-S
8 924 95
Repub I &S lett% coltr 05.1934 A-0 94
St J oseph Stk Ida lst4123 1930 J -J
US Leath Co 8 I deb a68-1913 M-N 105 107 104 May'08 .... 101 107
14 844 81
80 Sala 70
St L Ter Cupple88taVn (11, Prop
80
US Realty& I cony deb g 58 124 J J
963
.873 8512 97',
Co 1st g 44s 5-130 year-1917 J-D
964Sale 96
U S Steel Corp-1 coup .41963 M•N
94% 3 8534 9614 S Yuba Wat Co con g 6/3 .1923 j.„1
9534
SI 10-60 yr 58.1 reg -4190$ 24-N
Vol Wat Works 1st 6E4.1906 51-8
100
Sp
944
Mar108
A-0
9414
tr
Os
11.412
ahem
eel
g
Va-Car
s Red & Ref lat sf 681.1931
804
3 67
81
804 9/11e 804
Wee/tin ehouso II as Mat Os '31 J -J
rus
.No price Friday; latest bid and asked tkis week. a Due Jan b Da. Feb 4 Due Apr a Dem May g
904
88', 884 12 83
100% Pne'02
......
41 Oct '06
100 Jan 108
. 100
i-01;
45
47 Apr'08
421447
72
70(4 Sale 69%
704 41 63
82 May'08
82
824
75
51/ Feb 102
97
88
88 Apr'08
85
89
85 oct '07
85 May'0.8
85
85
1004 bop '05
......
88
Salt
89
91
DUA
112 Ply'04
1134 rty 100
85 Apr103
71..83..
J'ly it Das Nov *Option
CHTCAGO STOOK EXOTItiNGE-Stock Record-Daily. Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES
BaturdaY
May 30.
Monday
Jvas 1.
Tuesday
June 2.
Wednesday
June 3.
*170 190 *165 190 *165 190
212 21. .*2f2 3
*212 3
10
10 - *8
10
*8
*8
2038 2012 21
20
2034 203i
*42
*73
*.*50
*46
*_ __
*82
*55
2838
95
2813
44 ;ii"
78
75
18 *__
*&-)
55
4 1512
47 ,
2112 *1912,
*52
58
*55
58
2838 2818
9512
96
2812 2812
14-75
18
55
4012
291.
58 58
2838
951.
281;
;42
*74
..
io
*45
_
;82
58
2814
9534
*28
44
7512
18
50
4612
21
58
58
2838
957)
2831
Thursday
June 4.
Friday
June 5.
Las Sale 170 May'08
4
*2
*212 3
May'08
Last Sale 8
2012 2012 2014 2014
May'08
Last Salt 4
July'07
Last Salt 18
May'08
Last Salt 44
77
*74
75
75
May'OS
Last Sale 18
53
*50
52
*50
'Last Sale 4612 May'OS
May'08
Last Sate 20
May'08
Last Sale 56
52
*51
58
*55
2814 2838 2814 2838
9512 9534 951.! 9534
*2812 30
2834 2834
518
478
*478 518 *478 5
5
5
5
5512 *5412 5512
55
50
553s 5512 5512 *55
145
Sale
Apr'08
Last
150
150 *140 150 *140
Last Sale 11612 May'08
126 *110 126 *110 126
*42
*41
43
43
44
45 *.. - 4412 42
10012 101
101
101
loi 1131 *101
lot
Last Sale 42
Jan'08
May'08
*28 -2-4;- ;Hi- 'W. Last Sale 29
29
*28
*99 100
98
98
*98 100
98
98
98
*06
50
4912 4912 *4912 50/2 *49
52
5012 5012
Last Sale 147 May'08
_
Last Sale 10
Mch'06
Last Sale 1
118
Oet'07
*1
118
*1
Last Sale 4
*312 4
Apr'08
*312 4
*313 4
27
2512 2512
*25
*2512 27
26
26% 26
125
125 125
128
122 12312 125 12012 • 12412 125
Last Sale 214
Meh'08
_
109 109
109" 109 i10812 119-- ioi" 109
.9434 -943-4
9418 9412 9412, 9412 9412 9412 95
04
12912
12912
12912
130
129
12934
12912
13012
12812 12012
*34
36
34
34
30
*34
35
3434 35
33
Last Sale 3114 Ney'05
Last Sale 80
Feb'06
Last Sale 41
Aug'07
Last Sale 212
J'ne'07
Last Sale 2614 Jul1'07
- 8412
8412
ifE1-8 8412 85
-8412 15'3; "85"
11412
11478 11478 11438 11434 114 114 *114 11412 *114
*65
66
*64
70
70
*06
64
6512 6512
64
112
110 110 *110
110 11173; 110 110
*____ 112
Last Sale 534
May'05
9112 -658
35 -Ls" title 46-illa-y-'08
35 ;56- "iE" *31
*30
8978 8978
90
8918 8978 *89
8978 90
90
*89
10158 101733 10134 10214
10158 10214 10134 102
10114 102
Last Sale 12512 May'08
*125 130 *126 130 *120 129
Last Sale 9813 May'08
*9734 98
98
*97
*97
98
118 *1
118
112 *1
118 118 *1
*78 118
612 659 *614
634
812 658
638 634
612 612
Last Sale 1412 May'08
15
*14
15
*14
15
*14
A Va 'IVIIIONHNI
478
54
*140
*116
_
*
*iiio
Last Sale
Last Sale
Last Sale
Last Salr
3213 Jan'07
10
Nov'06
10
May'07
No*,06
t
Sales
ol the
Week
Shezees
Interest
Period
Prize
Friday
June 5
Week's
Range or
Last Sale
Range tar Previous
(1907)
Range Since
Jan. 111)08
Highest
Lowest
Railroads
100
_-- Chicago City Ry
50 Chicago & Oak Park_100
100
Do prof
100
645 Chicago Subway
Chic Union Traction_100
100
Do pref
Kani City By & Lt ,,100
m
Do pref
100
Nfetropol W S F.ley_100
15
Do pref
100
--_. North Chicago Street_100
---Northwestern Eley_100
101)
---.
Do pref
1 South Side Elevated _ _100
330 Streets W Stable C L.100
210
Do lore
100
250 West Chicago Street_ _100
Miscellaneous
560 American Can
100
303
100
Do pref_
-- American Radtator_100
Do pref
100
--18 Amer ShIpbullding
100
134
Do pref
100
---- Amer Straw Board
Booth (A) & Co
100
55
100
Do pref
100 Cal & Chic Canal Jr D.100
-_-- Central Trust Bank 100
---- Chicago Auditorium
---- Chic Brew'g & Mait'g
Do pref
40 Chic Pneumatic Tool_100
1,543 Chicago Telephone__ -100
Dc rights
iii Chic Title & Trust_., 100
934 Com m on w't h- Ed ison _ 100
100
344 Diamond Match
100
'230 Illinois Brick
____ Knickerbocker Ice._ _100
100
Do pref
_--Masonic Temple
---- Miler & Chic Brewing
Do pref
100
-868 National Biscuit
100
Do pref
97
100
125 National Carbon
100
Do pref
203
__ io Page Wov Wire Fence
People'sGasL&Coke_ _100
buck
cora_ _100
_iin Sears-Roe
100
Do pref
100
1.332 Swift & Co
Oats
Co 100
The Quaker
100
Do
"iOO Unit PorxerBd & P Co_100
100
Do pre
605
100
Wester° Stone
Mining
Con
Mining 50
Bingham
-__ Black Mountain
20
-- Daly-West
Hubbard-F.Illott
Year
Lowest
"'.,hest
205 Apr
5 Jan
16 Apr
4612 Jan
614 Apr
1914 Jan
65 Jan
87 Jan,
28 Jan
72 Jan
47 J'ly
2512 Jan
06 J'ly
90 Jan
34 Jan
99 Mar
35 Apr
3912 Mch 9
6814 Jan 4
15 Apr 29
42 Jan 6
44 May 5
20 Jan 31
53 May 5
5234 Apr 30
2612 Apr 16
85 Apr 20
25 Apr 13
40 Jan 14
79 Jan 20
19 Jan 22
54 May18
47 May221
20 Jan 31
56 May14
71 Jan 53
2912 Feb 21
96 J'ne
31 May 4
150 Mch
• 134 Nov
10 Oct
11 Oct
214 Dec
14 Apr
28 Nov
6334 Nov
17 Dec
43 Nov
3413 Apr
20 Sep
58 Apr
60 Nov
26 Oct
95 Apr
20 Mch
4 Feb 13
4112 Jan 2
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 6
512 Jan 11
5613 May1'2
145 Apr 22
127 Apr 13
5512:Ian 10
101 J'ne 2
42 Jan 9
30 Jan 11
100 May13
51 Apr 28
147 May 6
3 Oct
3412 Nov
120 Dec
112 Nov
20 Nov
86 Nov
30 Jan
2h Dec
90 Dec
45 Oct
165 Feb
714 Apr
50 Apr
14018 Sep
130 Apr
8013 Jan.
109 Jan
40 Moll,
40 J'ne
111 Feb
54 Jan
165 Feb.
160 Jan 24 175 Jan 27
234 Feb 13
158 Feb 3
912 Nich27
Mch113
15 Feb 10 23 May22
212Mc627
4 May25
4 Apr 13
4 Apr 13
21 Feb 26 30 May19
100 Jan :3 12613 J'ne 2
234 Feb 21
34 Feb 25
100 Jan 4 111 Feb 4
80 Jan 3 95 Mch 25
113 Jan 2 13112 May15
30 Jan 22 39 Jan 19
1 Jan
5 Aug
21 Dec
1:5 Oct
1 Jan
612 J'ne
51 Feb.
13412 Apr
95 Oct
77 Oct
10812 Nov
34 Nov
11212 May
>,753 Oct
12913 May
57 May
70 Jan 3 8612 Apr 28
10134 Jan 2 11614 klay15
51 Mch 3 6512 J'ne
91 Mch23 112 May19
41 Aug
212 Jan
25 Feb
5813e Oct
91 Nov
50 Nov
9734 Nov
96 Jan
212 Jan
27 Mch
86 Jan
1173, Jan
8414 Jan
122 Jan
8012 Jan 3 9158 J'ne 1
24 Jan 24 40 May20
72 Jan 16 90 J'ne 2
8812Jan 2 103 May14
11434 Jun 3 134 Jan 20
87 Jan 3 99 .May16
j34 Jan 4
78 MaY‘26
12 Jan 15
6 May28
17 Apr 11
14 Apr 23
/2 Nov
20 Nov
67 Nov
7512 Nov
100 Nov
85 Oct
34 Nov
6 Jan
10 Dec
9258 Apr
57 Jan
95 Jan
11312 Jan
17313 May
10231 Jan
214 Apr
1234 Apr
30 Feb
3213 Jan
3213 Jan
1614 Apr
20 Jan
" .
Chicago Banks and Trust Companies
Chicago Bond Record
BONDS
CHICAGO STOOK
EXCHANGE
Week ending June 5
S FOC KS
CHICAGO STOCK
EXCHANGE
B'cts
Sold
Range
Since
Jan. 1 190/
NAME.
Outstandin7
Stock
1
Surplus
and
Profits
t
Dividend Record
In
19)141
In
1907
Per- Last Paid
o''
,..
lad
Q-2 Meh '08, 2
8
$2.000,000 $1,262.604 • 8
Bid
Ask Low
High No. Low
Mgr Bankers National
An, Dec '07, 6
6
5
31,1181
100,00o
Calumet National
American Biscuit Os_1910 F - A ----.._
2-.1 Jan '08. 5
10
10
165.474
City
500,000
Chicago
Mc
--.
/
57
J
'
h
------.
100
J
--68_1911
:---------Amer Strawb'd 1st
Apr '08, 3
Q-J
12
12
4.344,676
3.000,000
National
Commercial
Cass Ave & F G (St L)Q-.1 Apr 'OS, 2
8
• 8
1912 J - J - 10112 10034Mayll,_-. '9912 101h Continental National - 4,000,000 3,472,944
fis
Apr '08. 112
Q-J
6
6
47,226
State
50,000
Co
Sayings
Cook
May'07
100
,-----D
J
4s1927
Chic Board of Trade
Q-J Apr '08, 3
12
12
4,924.1)2%
Chicago City By 5s_ _ _1927 F - A 102 Sale 9914 10 178 127 - 0478 1-6.1-73- Corn Exchange National 3.000,000
6
Q-.1 Apr '08, 112
6
45.077
200,000
Drexel State
Chic Consol 13r&Mit 6s____ J - J --------103 Apr'04- _
Q-.1 Apr '08, 21r
8
8
381.533
600,000
:_
Drovers
__
Dep
National
Aug'072:
--------55
D
J
Chic Consol Trac 4 %si..1939
3
Q-.1 Apr 'OS. 113
6
37,179
200,000
---- --- Englewood State
Chic Auditorium 1st 5s1929 F - A --------9634 Jan'06 __
Q-3 Mch '08 3
12
12
7,795,051
__-_-_ First National
_ __
8.000,000
-.._
98
03...,..
A
1929
4s
1st
Co
Dock
Chic
NIch'08, 212
10
10+10
160.593
Q-3
Nat
150.000
_
_
First
__-_-_
l'nglewood
-......
Feb'06
--------87
Chic No Shore Elec 651_1912 A -0
Priv ate Ba nk
638,604
500.000
_ _ Foreman Bros B'k'g Co_
Chic & MII Elea Ry 5s_ 1919 J - J -. -- -- ---- ---- ---- _
Q-J Apr '08. 2
8
0
411,440
1.000,000
Dearborn
National_
Fort
Tool
Chic Pneum
J-.1 Jan '08. 212
5
154,198 ____
500.000
721- flamilton National
4
7112 7213
68
a1921 J - J:7212 Sale
1st 59
8
8
Q-2 Apr'08, 2
995.297
1,500,000
Hibernian B'k'g Assn
26
9514 102
_192- P - A 9914 Sale 10118 102
Chic By Ss
.1-Ji Ian '08, 5
10
10
104,3 :5
200,000
5
9038 9032
90 9031 Kaspar State Bank
; 0038 Sale
Chic Rys 4-5s s-rtcs"A"
___ Q-J Apr 'OS 212
353,001 _ ..
Live Stock F:xchance Nat 1.250.000
7912 4'7
79
'7834 80
7914 Sale
ChloRys 4-5s series "B" _ ...._
Q4. May '08, 1
4
3
50,811
300,000
Chic RI &P RR 4s-2002 M-- N --------79 Ney'04 ____ __ ___ Monroe National
412 Jan, Jan '08, 412
80,990 __
250,000
Mutual
flank
Apr'04
--------80
S
M
58_1913
Collat Trust g
Q-3 Apr '08, 2
8
6
1,268,714
000
2,000
of
Bank
Republic
Nat
Commonw'alth-Ed isonFeb 5 1907
457,207 Began busine Ai
1,500,000
100
5 100 1001. National City
Chic Edison deb 6s1912 J - J 3100 Sale 100
Alm 26 1907
57,421 Begs, butane ss
250,000
National Produce
97 100
1st g 5s .__July 1926 A - 0 t100 10012 100 Mares ---Dec 8 1906
Mislay is
Began
61,780
200,000
State____
North
Avenue
5
0914
9913
9914
9834
Sale
983s
;
Debenture-5s_ _1926 54 - S
Apr'08, 112
Q-3
6
0
47,413
50.000
1
93 10133 North Side State Savings
6
Commonw Elect-5-551947 NI - F t101 10112 10114 10114
Q-J Apr '08. 112
6
38.192
100.000
Oakland National
---- ___ .
Illinois Tunnel 5s____1928 J - D ---- ---- 90 Dec'00 .--77,791
7;
93
250,000
93
Prairie
National
Apr'08
9318
,.......
Kan City Ry&LtCo 5s 1913 it - N --Q-J hien '08. 2
33
63,532 d38
-500,000
8518 g8
Prairle State
1
88
KnIck'b'ker Ice 1st 5s..1928 A - 0 88 Sale 88
J-J Jan 'OS. 2
4
14,264 _-_250,000
;
8()
---Railway
May'08
Exchange
831
85
133
t-J
.1
Lake St El-lst 5s..,,,.1928
123,65 . Ores nized Oct 12 1900
300,001
Security
1925 Feb ----- 18 May'05 ____ __
Income St
Q-.1 Apr '08. 112
6
534
78.150
200,000
South Chicago Savings_
Metr W Side El9+1 Q-J July'08, 3
8
1,191.783
381,
0
1.000,00
8114
_
8712
_
of
6
87
Bank
Chicago..
State
88
2.-.
A
1938 F
1st 4s
6
.1-0 Dee '07, 3
6
169,189
250,000
8412
8412
11
Savings_
Stock
Yards
80
85
1938 J - J t 85 Extension g 4s
6 M-N May '08, 3
0
41,151
Dec'06 _. __ __ Union Bank of Chicago
200,000
North Chic St 1st 14s I909 J - J --------00
6
62,640
6 Q-J Apr '08. 112
200,000
Stock
Yard.
Union
State
1st 5s
8
Q-J Mali '08, 2
8
Aug'06
American Trust & Savgs_ 3.000,000 2,542,976
Refunding g 4%s.1931 A - 0 --- ---- 79 Feb
7
Q-J Apr 'OS. 134
'7
07 ----------- Central Trust Co of III __ _ 2.000,000 1,000,795
No Chic CityRy4301927 It- N --------75
100.43-1 --- --- __
n500,000
Tr..
&
13k
Say
Chicago
North Western El0
Q-J Apr '08, 112
6
901; Chicago Title & Trust__ _ 5.000,000 1.2/7,047
338
7
9014
1911 M - S 9018 Sale 90
1st 48
3
3
A-0 Apr '08, 2
37.104
50.000
Citizens Trust & Savings
9212 9210
1
8014 93
1945 NI - N t 0212 95
Ogden Gas tis
10
Q-J Apr '08, 212
10
_
_
538.801
_
100124fell'a
Trust
600,000
&
Savings
-_
Colonial
-99
D
J
1916
Pearsons-Taft St
0
15- -9-5-• Drovers Trust & Savings
6.
0
Q-J Apr '08, 2
86,974
Apr'08 ____
200,000
4.40s
11 -----------95 Apr'08
/34.979 Orga nized Apri I 4 1907
1.500,000
90
---96
Farwell Trust Co
M -N 9612 ---- 96
4.609 Series E
_
__
1,623,445 ____
.'CS
971.
___
9712
_
071,1a.
97
N
.
NI
1,000,000
'
&
Trust
Savings_
Flirt
4.80s Series F
469,559 ---- ---• -___ Anr '08, 2
1.250,000
Harris Trust & Savings
Peo Gas L &C 1st as_1943 A - 0 3113-___ 112 MarkiS --- 10912 112
q Mch'08, 4
iii158May'0/1 --94 1013 Illinois Trust & Savings.. 5,000,000 8,297,191 12+4 1.+4
Refunding et 5s_ __ _1947 NI - S 3....... 10'
0
443,469 ____
Q-3 Apr'08. 112
•5
200,000
Kenwood Trust & Savgs.
9712 103
Chic Gas L&C 1st 5s 1937 J - J 3103 Sale 10234 103
2
Q-J Apr '08. 1
434.759 -5
9434 2001: Lake View Trust & Saver,
200,000
_-- 10018 100,
Consum Gas 1st 54_1936 J - D ;100
12
Q.3 Apr ,08, 3
98 100
Merchants' Loan & Tr Co 3.000,000 4.522.183 12
Mut': Fuel Gas 113t5s1947 NI - N _-__ 100 Mase0. ---,
0
351,221
6
Q•J Apr '08. 11
,
750,000
9334 961: Metropolitan Trust & Say
5
9613 9812
South Side Elev 4 %9..1924 J - J 91312 Sale
8
1.830.622
Apr 08, 2
Q-J
8
1,500.000
93 100
Northern Trust Co
Swift & Co 1st g 59_1914 J - J ; 9934 10014 11934MaY'08 ---6
452677 -.
.14 Jan '08. 3
200.000
90
90
Northwest Trust & Savo
Union El (Loop) Is._,,1945 A - 0 18 -__ 00 Feb.08 -'-6
6
71,093
J•J Jan '08, 3
200,000
Peoples Trust & Savings_
Union Pacific cony 43_1911 M - N ---------114 Nov'04
8
103
159,219
Q-2 Apr '08, 2
,.--66 A pr'0
66- -ti;
' Pullman Trust & Savings k500.000 577.307
06
_
United Box Board col tls'20
8
Q-F May '08. 2
8
500 000
West Chic St 1st 5s___1928 M - N ---------90 May'07 ---- ---- ---. Royal Trust Co
5
.14 Jan '08, 212
13.039 .....
200.000
Sep'05 ---Stockmen's Trust & Say.
Tunnel 1st 59
-_-1909 F - A --------6812
1,000,000 1,054,01/i -.. __ Q-J /deb '08 2
Union Trust Co
73 June'07 ----------Debenture 69
1914 J - 1)
25,000 Forme rly Jet. cling RE'1. &Tr
721-2 -8o
200,000
United States Trust
7912May'08 -Consul g 5s rcts_
1936 M - N __ - - ---325,180 6+1
Q-J Apr '08. 113
(I
_ . Western Trust & Sayings 1.000.000
__._
Wes DivCityRy 4-301932 .1 - J --------87 Dee'06
Sept 5 1905
43.36% Began busine se
200 000
West Side Tr Jr Say Bank
70 May'08- 70 -70Western Stone Co 5s...1909 A - 0 _
0
6 0-3 Apr'08, 113
27.880
200.000
Woodlawn Tr& Say Bk
• tn..t han-Ario:d tn all Chicago bon d prices
amt. --Arc-rom int
-Friday
price
I May 14 for national banks and M y 12 for State institutions. ;No
* Bid and asked Prices: no sales were made on tills day.
from $300.000, &latest price this week. a Due Dec. 31. b Due June. d Includes special d vidend of 30% paid Dec 18 1006, It Capital increased Q-J, wIth extra.
paid
are
q
Dividends
11 Capital and surplus to be increased
stock dividend of 33 1-3% being declared In part payment therefor.
AS of Feb. 15 1908.
payments Q-F.
JUNE 6 1908.1
THE CHRONICLE
Volume of Business at itook Excnanges
1401
Telegr & I vephone
ar‘ and Vlisce
HIS
Bia
Ask
Ask
eAmer Teieg & Cable _1011 (10
4.9
20
25
Coirnis
douflyLgHreceaRteinligig_.
lsC
fra
eCentral <lc So Amer..100 100 5102 Cons
218
112
Comm'l Un Tel (NY)-26 100
Consol Rubber Tire_10u
TRANSACTIONS AT TtiE NEW YORK STOCK EXCHANGE
417
Emp & Bay State Tel 100 50
60
20
Preferred
DAILY. WEEKLY AND YEARLY.
Franklin
54)
40
10(
DeOen Cure 4s 1951A&O -211:! 2812
11
. Is
eGold Zs Stock Teleg _100 02
97
Cons steamship Lines 1110
Stocks.
Railroad.
Hudson River Teleph 101
38
30
Coll tr 45 11157___J&J
11
10
eN Y & N .1 Teleph
State
U. S
Week ending
Corn Prod Ref See Stock Lae list
100 109
10
Shares.
Par value.
Bonds. eNorthwestern Teleg__5
Bonds.
Bonds.
June 5 1908.
95 105
eCrucible Steel
512 614
100
PacItIc & Atlantic
65
ePreferred
4112 4212
25 55
HOLf DAY
Southern & Atlantic. 25 85
Saturday
Cumb,rlaad Ely C. ppe1r.5
01) *73, 8
006,863 $90,688,400 52,188,50(1
$172,000 $10,506
Monday
Perry Companies
eDiamond Match Co_100 130 132,
986,169 86,994,0001
3,625,000
176,500
Brooklyn Ferry stock Ira
Tuesday
1
Dominion Copper
3
10 *138
861,202 76.629,700
3,431,000
4,000
B ec, NY 1st 6s 19113 .1 488
Wednesday
205,500
94
DouglasCopper
5
354
705,313 62,262,050
1,767,000
143,000
10,000 NY &ER Ferry stk_10(
Thursday--------45
Econ'y Lt & P (Jol)et, III)
366,931 33,054,100
2,400,500
1st Is 1922
Friday
51,000
50 -7-01st Msfg Is 1956_J-D 5 97
13-N
(28
NY & Hob 5s May 46 J-D 488
Electric Boat
91
100
25
15
3,916,448 5345,629,150 513,412,000
Bob Fy 1st 5s 1046M-N 4101 103
$838,000 $24,500
Total
Preferred
10(1
NY &NJ 5s1046
Electric Vehicle
495 1.(0
100
3
10th
&
23d
Sts
Preferred
25
Ferry_100
35
Week ending June 5.
100
Sales at
Jan. 1 to June 5.
5
1st mtge Is 1919_ _J-D 410
Empire Steel
60
10
New York Stock
eUnion Ferry stock_100
Preferred
12
10
1908.
Exchange.
43
101
1
1907.
55
1908.
1907.
elst Sc 1920
72
75 eFederal Sugar of N Y 100 50
M-N
70
ePreferred
3,v16,448
3,044,082
90
92
Stocks-No. shares_- 109,489,235
78.913,449
Short-Term Notes
eGeneral Chemical__ _ 10U
$349,629,150 $255,499,950 57.047,007,075 $9,342,831,560
00 55
Par value
65
Am
Cig
ser
A
45
'11_ _M-S 30434 9512
ePreferred
$4,400
----90 100
Bank shares, par
$177,700
$110,100
Ser 13 4s Mch 15 '12:51 S 303
G idn Id C •OS I Mines_10
94
1 0 *518 512
Bonds.
991 i Gold Hill Copper
1 *7„ 916
Government bonds -- _
$24.500
$16,300
$403,800 Am Tel & Tel g 5s 10 J-J 303
$369,320
Greene Cananea
20
838.00(1
State bonds
622,500
24,542,400 Atian Coast L Is '10_M -S 59,08
934
54.837,000
*44
Greene Consul Gold. 1(.1
13,412,000
RR.and misc. bonds
5,454,000
195,571.000 135:t & 0alo 5s 1909_81-S 4100 100
348,760,100
Ches & Ohio Sc J1y1 '103-3 110038 10034 Greene Gold-Silver_
.14
10
38
Chic
Pa
R
I
&
c
6s
'09A-0
49018
9958 Guagenhe1 m Ex plor' 100 147 155
$14,274,500 $6,092.800
Total bonds
_
$220,517,200
5403,966,420
ChIc Zs W Ind Is '10_F&A 49978 10014 etiackensack Water Co
Cin liam&D4 Yis '08 M-S 50
60
R12_ -J-J
84
86
DAILY TRANSACTIONS AT TIIE BOSTON AND PHILADELPHIA
C C C & St L 5s, June '11 490
,
s 100
HalieS
fig
gi s
100 30
aiC
'5
Coo
2 op
35
EXCHANGES.
Consol Gas 6s 1903- _F-A 41.0078 1011i Havana'tobacco0
Co_.10
8
10
Erie 6s, Apr 8 1911._ A-0 498
Preferred
100 17
0142
20
lnterb
It
T
g
6s
1911 M-N 4993; 10014
let g 5s June 1 .22_J-D 45
10
Boston.
Philadelphia.
Sc Mch 1010
M'S 441718 9712 flecker-Jones-Jewell Mill
Week ending
Kan C So g 55 Apr '12_J-J 19312 1)5
1st 6s 1922
Ni-S 100 104
Listed Unlisted
June 5 1008.
Bond
Bond
Unlisted
Listed
Lack Steel g 5s 1900_411.S Si 3
9412
new_100 35
shares. shares.
45
sales.
Sales.
shares.
shares.
55 g 1910
44
Hoboken Land & Imp100
MS 489
e5s 1910
Lake Sh & NI So 5510 F A 410014 100's
M-N 31-0;101j;
Saturday
HOLIDA
Houston Oil
101.)
Monday
28,998
6 8"
13,296 $189,000
$27,500 Lou & Nash g Is '10.111-S 49i)58 100
14,924
18.907
Preferred
90
100 20
Tuesday
36,852
35
13,495
91,600 Hex Cent Is Ju.y 1 1911 491
151,000
8,729
28,075
F-A 1100 1001 4 tiudson Realty
10() 10
Wednesday
36,139
110
10,220
10,082
61,700 Mich Cent Is 1910
151,000
27,491
eIngersoll-Itand corn .100
Thursday
26,942
12,691
43,800 Minn & St L a Is '11 _F-A 502
67,000
43,071
12,025
ePreferred
Pacific100
Friday
13,898
5,000
23,300 Missouri
93,000
16,192
6,293
a/3 Feb10'10 convopF.A 498
991
: Internat'l Bank'rr Co_100
1-9
15
-6t-34
Ineni Her Mar See Stir
Total
Sac
142,830
54,573 $651,000 133,739
52,191 5247.900 NatofMex 5s ext to'09 A-0 39912 100
N Y Cent Is 1910
1(.10
F-A 4100 10014 Intemael Nickel
85
95
Preferred
N Y C LincsEop 5s'073-..2 47874? 412%
100
82
NYNH&H5s'08-'1: 110018 101°-, international Salt__ _100 1619
75
1st g 58, 1951
Norf & West 5s 191081-N 49914 9912
A-0
52 60
Pa RR 55 Mch 15 '10 M-8 51,0.4 100'8 internat'l Sliver
100
Preferred
100
StLMS'east 4
94
'09.J-D $92
A weskit/ review co Outride Markel wilt be tound on a preceding page.
1st 6s 1948
St L&SFg4$is '08.J-D 49312 9512
J'[) 10,
57
6 10
5
17
50
Lackawanna Steel...100
South'n coll tr Sc '09_A-0 496
98
Street
Street Railways
Railways
Bid Ask
Lansion Monotype__20 *3
Bid Ask South fly g Is 1910 F-A 40
87
1.5
4
)12
8 37
11
l'ub Sell/ Corp N J (Con)
New York City
100 182 1_9_0
Tithwat.r6s, '13, guar wl 498
98'2 Lawyers' Mtge Co_
..
25
J C Hob & Paterson18
Bleeck St & Fit) F tk_100
U S Rubber g Is '09_5.1-8 40734 981s eLeh & Wilkes-B Coal 50 so
4s g 1949
85
76
6 1st mtge 4s 1950_J-J
Lord
Taylor
67
Wabash Is, May 10 1909 485
100 --- 130
M-N
68
93
So J Gas El& Trac_100 114 118
e B'y & 7th Ave stk__100 115 130
Preferred
West!ngh El&M Is 1910 181
100 95 10()
1/0
Gu g 5s 1953
Wheel & L E 55 '08-F-A 194
el.orIllard (P) pref_100 115 135
•2d mtge Is 1914__J-J 93 100
M-S 494
96
96
No Hut) Co Ity65'14 J-J 4105
Madison So Garden. 100 9712 105
Con 5s 1943 See Stock Mac list
Sc 1928
B'way Surf let Is gu 1924 100 105
3d 6s 1919
J -J 1104
Railroad
M-N
70
86
Ext Is 1924____M-N
Chic Peo & St L pref..100
°Man hat Beach Co___100
99 101
•Oen t'l Crossett tk_100 100 140
8
2
Pat City con 6s '31.3-13 1116 120
58 2 Manhattan Transit__ _20
Deposited stock
•let mtge 65 1922_M-N 100 110
2d 65._1914 opt A-0 4100
Mitchell Mining
Undeposited stock
•Can Pk N & h: R stk 100 100 130
10
2
So
125
Side
El
100
100
silt
(Chic)
St
10th
See
Ch
lien
list
icago
Prior
Nlonougaliela
&
g4
Chet'r
Iis'30al&S
•
80
R. Coal.
90
s
i8e:
6
2
435
11:':' 28
2
4:11
Syracuse R 55 '46../51&S 4100 103
Preferred
Con mtg g 5s 1930_J&J
10
Col dc 9th Ave 5s See Stock Exo list
50
60
Trent P & H 55 1943_3-13 406 100
Mortgage Bond Co___100
Income 5s, July 1930
Dry D E 13 de 135
10
95
United Rys of St LChic Subway
Nat
Bank
•let gold Is 1932-J-1) 90
of
1912
Cuba___100
100
2014
99 16i
1
Corn vot tr etfs
66
100
Ft W & Den Cy std .100 05 101
National Surety
1934 20
e Scrip Is 1914____F-A 50
lUu 1:47
30
12
Preferred
100 6(112 61
Gt North'n Ore-See Stk Exc list
Nevada Cons'd Copper_5
Eighth Avenue stock_100 225 300
Gen 4s 1934__See Stock Exc lIst
Nev-Utah alln & Sm_10
•Scrip Sc 1914____F-A 100 105
N Y N 11 & firleJ-SesStk Exc hSL
Unitfiys San Fran See Stk Lac list
•42d & Gr St F'y stic_100 225 300
North'n Securities Stubs_ 1121s 125 eNew Central Coal_ ___20 :13
275117: 41320112s
Wash fly & El Co..__100 31
42d St M Zs St N Ave_100 50
N J Ter Dock & linp_100
75
33 Pa RR new -is '48-See Stk Lie list
Preferred
N Y Air Brake 4,s See Stck E-x-c- lIst
100 80
e let mtge Is 1910_151-S 196 100
Pitts Bess & L E
82
33
50 *30
4s 1951
50
N Y Biscuit 6s 1911_M-S 100
40
2d income Is 1915..J-J
J-D 8058 803,
Preferred
50 *65
67
_
e West Chicago St-100 __ 52834 eliallroad Securities CoN Y Mtge .5c Security_100 135
Inter-Met-See Stk Each ange list
e Con g 53 1036 rcts 51-N
eNew York Dock
Lax Av &PavF 58 See Stk Exc list
Ill C stir tr cfs ser A '52
100 26
Metropol St fly-See Stk Exc list
ePreferred
Seaboard CompanyIOU
73
8014
Uas Securities
N Y Transportation ___20
Ninth Avenue stock _100 110 130
1st preferred
100 40
45
4_
New York
Alles-Bem-Pond coin _100
Second Avenue stock_100 95 105
Coil) & 2d pret-See Bait Sac list
95 Cent Un Gas 55 g '27..J&J
00
Nipissing Mines
• let mtge Sc 1909_M-N
Seaboard Air Line92
96
93 Con Gas (N Y)-Sec Stk Sac ilat
ellritario Silver
Consol Is 1948____F-A 88
Coll Is ext May '11 15.I-S 485
100
100 140 15212 Union Pacific
•Sixth Avenue stock_100 120 1.30 e Mutual Gas
lf:elerv
readtOr corn. 100
(iv I) --- 9630 9678
()
.157' 114: 178
75'142
New Amsterdam Gas90
°t11"
sre
Sou Boulev Is 1945-_J-J 480
Industrial and Miscef
100 89
93
1st consul Is 1048_ _J-J
Pittsburgh Brewing .50
Adams Hap a 4s 1947.1-D 188
So Fer 1st 5s 1919___ A 0 SOO 100
9212 95
89
201
,
Exc
&ERGas
1st
N
Y
list
5844 J-J
Third Avenue-See Stock
Preferred
Ahmeek Mining
95 100
25 *65 570
50
Consul Is 1945
Tarry W P & M 58 1928 470
90
J-J
Pittsburgh Coal_See Stk Eac
88
95
Alliance Realty
100
110
N Y !SG Richmond Gas 100 34
85
YkersStItR5s 1946 A-0 475
Pope Manufacturing_IOU
Allis-Chalmers Co 1st mtg
45
II
821:? Nor Uri 1st 55 1927_11-N
28th & 29th Ste let Is '96 170
1st preferred
B 1 5s '36 opt '16...,J 04
100
81
113480::
•Twenty-Third St stk 101 '250 325 e Standard Gas cons...100
2d preferred
American Book
100
--75
100
1
e l'referred
92
100 -70 100
Pratt
Union fly let 5131942 F-A 180
45c
Whitt'
pref
American Brass
100
41:
.:6
0
100 .
i
1,
6
5
1) 111.16)
s40
8:
100
00
let
Is
1930
90
Westchest 1st 5s '43 J-J 380
M-N 495 102 eAmerican Can-See Stock
Realty Assoc (131ilyn) 100 115 118
Other Cities
Brooklun
Royal Bak Powd cum 100 140 1:0
American Chicle Co..100 185 190
Amer Light & Tract..100 104 106
Atlan Ave Is 1009___A-0 408 101
Preferred
100 92
95
04
97
Preferred
104
100 92
A-0 _
Con 5s g 1031
Safety Car Heat Zs Lt_100 114 118
Am Graphophone corn100
95
as
Bay State Gas
50
B 13 & W E Is 1933-A-0 95 100
1
Preferred
11s
100
(
34)
0 Seneca Mining
*50
131ngh'n Gas Is '38_A&O 85
Brooklyn City stock _10 185 190
Singer
Amer
Mfg
Co
lUu 400 421
95
Hardware
100 103-- 11))
Brooklyn Union Gas deb
Con Is-See Stk Each Exc list
Standard Cordage_ 100
AmMalting 6s 1914-J-D
98 101
12
Is 1900 cony 1907_M-S 115 120
Bkin Crosst'n Is 1908..J-.1
1st
Amer Press Assoc'n 100 98 102
Is 'al red_ A-0 '22
24
Bkn ligts 1st Is 1941 AO 95 1-(11) Buffalo City Gas stock100
Am Soda Fount cona_100
412 6
Adjust M Is Apr 1 1931
54
314
1947-See
1st
5s
Stock Exc list
let preferred
Bkin Q Co & Sub See Stk Lac list
per
Coupler corn
100
16- Standard
35
40
Con Gas of N J 58 '$6-1-J 485
Bklyn Rap'Fran-See Stk Lie list
2d preferred
90
100
100 100 110
2
Consumers' L II & Powe Coney lei & Bklyn _ 100 50 10-1
Am St Found Is '35 A6c0 92
Standard
Milling
446
7
10
Is 1938
80
J.I) 496 100
70
let cons g 45 1948_...1-J
American Surety
Preferred
50 14712 155
100 31
34
Elizabeth Gas Lt Co_100 275
90 100
Brit C & N Sc 1039_J-J
American Thread pref. _5 *4
1st Is 1930
71
80
Essex & Hudson Gas_100 115 c12-6.- Am Tobac(new) com_100 393
dept&LorSt 1st (18.,816sN
Standard
011 of N J__100 600 604
:
26 34
9
31'4
Fort Wayne 85 1925_ _J-J
Kings C El 4s-See Stock Lao list
Amer rypefders corn,.100
Swift & Co-See Bost Sta. Mae list
50
40
Cfas do El Bergen Co 100 5(1
Nassau Hee pref____100
Preferred
60
1st Is 11110-1914___J-J
100
99% 10014
Gr Rap G 1st Is 15_F-A 40012 0912 Amer Writing Paper_100
Is 1944
A-0 93 1-(C9
eTexas& Pacific Coal_ 100 75
85
Hudson Co Gas
100 107 109
let 4s 1951-See Stock Exc list
Preferred
100
17
8
22
0
412 rale ins Co of N
110 125
Indlana Nat Zs 111 GasN W'bg&Flat 1st ex 4
Tonopah Min (Nevada) _1
1st a f g 5s 19 op'1)11-J-J
0,0
4.N18 83g
1st Is 1008
Steinway 1st Gs 1022-J-J 495 105
ba-N
Barney
&
rreu
Car..100
Potteries
Smith
Ion
comb()
20
14
_- 50
7
12
Indianapolis Gas
Other Cities
50 40
Preferred, new ____10t) 45
Preferred
100
50
1)7
65
Buffalo Street fly1st g 58 11)52
A-() 185
eBethlin Steel Corp _10u
100 30
93
1814 1214 Frow Directory
40
let consol Is 1931 F-A 4104 10514 Jackson Gas 5s g '37 _ A-0 185
Union
Typewriter com100 55
ePreferred
IOU
93
40
43
62
Deb Is 1017
Kansas City Gas
100 50
A-0 §101 105
hat preferrea
Bliss Company cons_ 50 110 125
100 107 110
Columbus (0) St Ity_100 9134 93 e Laclede Gas
10
3d preferred
Preferred
100 102 105
7112 -71
50 110 125
Preferred
e Preferred
100 10314
100
United
Bk Note Corp__5u *10
Bond & Mtge Guar_ _ _100 2(15 305
53
Colum fly can Is-SeePh la list
Latay'eGas 1st 6s'24_M-N
Prefer red
Borden's Coat) Mule..100 134 137
45
50
*50
53
Crosst,'wn 1st Is '33 J-1) 4100 103
Log&WabV let 6s '25 J-1) 24
Preferred
100 102 105 etJulted Cigar Mfg,pf_luu
30
10
*Coon fly & Ltig corn_ 10,, 60
Madison Gas 6s 1926_A-0 49912 106
64
British Col Copper
UnitedCepper
5
100
7
712
ePreferred
till
Newark Gas 6s 1044 Q-J 4120
65
7.,
Preferred
Butte Coalition Mining 15 *2
100
*:3).2
4
2334
47
s28
Grand Rapids fly. .10I) 68
Newark Consul Gas,..100 88
US Casualty
62
91 Casein Co of Am coin.100
1
3
210
100 81
Preferred
e Con g 55 1948
85
J-L) 410312 105
U $ Envelope corn
Preferred
100
60
11
3 u
25
• Louisv St Is 1930_ _J ZeJ 3105 10511 No Hudson L 11 & PowCasualty Co of Amer-100 1-11- 125
ePreferred
89
Lynn & Dos 1st Is '24 J• D 410012 102
Is 1038
A-0 98
Celluloid Co
U S Steel Corporation100 124
5
8 1128
1"
r New On flys & Lgt_100
1234 121.,, e 0 6c Ind C Nat&111_10
Cent Fireworks com 100
Col tr s f 55 '51 opt '11 111112 11211
100 32
e Preferred
1st 65 1926
34
2-13 25
Preferred
35
65
Col tr s f Is '51 not opt 411112 11212.
IOU 55
Gen Mg 4 4s '35 See S tk Ex list Pat & Pas Gaa& Elec_100 70
Central Foundry
75
100
114 214 U S Tit Gu & Indem_100
75
North Chic Street See Ch leagu list
M
Is
Con
g
e
11/49
Preferred
4100 102
eUtah Copper Co-See Stk
100
812
12
list
Pub Serv Corp of N J .100 76
80
St Joseph Gas 5s 1937-J-J 475
Deb Is 1919 op '01 M-N
85
Waterbury Co, com_luu
55
62
7,1
Tr ctfs 2% to 6 raperpet 69
Century Realty
100 180 190
Preferred
100
90
Electric Companies
Coll Is g notes 09- M-N 59512 061.,
Chesebrougn Mfg Co_10() 400 42.)
Westchester & Bronx i It
North Jersey St fly 100 28 -_
Chicago Edison Co See Ch leaf° list
City Investing Co
100 65
60
de Mtge Guar
100 5 140 150
169
7i
let 44 1948----e Kings Co El L&PCo 100 110 120
eCiallIn (41 13), com_1(a 100 105
Western Ice
100
30
Cons Tract of N J-100 71
;2
Nara agan(Prov) El Co _50 *86
elst preferred
100 90
90
Westingh Alr Brake___50 *97 100
95
3-1) 110312 104
1st Is 1933
NY &Q El L &PowC...10.) 30
e2d preferred
35
1110 65
90
West El & Mfg 65-See St Lie het
New'kPasIty Sc '30 J -J 310512
Preferred
100 60
hock
65 Col &
Coal&I pf 100
White Knob Min
70
*18
10
1,
Rapid Tran St Ity.100 235 245 - United Elee of N J
let g 63 1917
40
60
J-J
86
93
Preferred
I()
let Is 1921
A-0 41(13
1st g 48 1949
J-I) 367
Col tr (Is Oct 1956 J-J
68
9212 1011, Worthing Pump pref.100 100 105
* Per share
a Hx-rights. e Sells on Stk. Ex., but not very active.
3 Buyer pays accrued lot
New stock. n Nominal. s Sale price, x Mx-d1V
Outside Securities
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and 'Yearly
SHARE PRICES-NOT PER CENTUM PRICES
'k
Saturday
May 30
Monday
June 1
Tuesday
June 2
Wednesday
June 3
Thursday
June 4
Friday
June 5
Sates
ol the
Week
Shares
Ranye Since
Jan. 1 1008
STOCKS
BOSTON STOCK
EXCHANGE
H o/test
Lowest
lianye ;or l'rettious Year
(1907)
Lowest
Highest
Railroads
(gill42 Nov 10712 Jan
!12 lasy71.1.J..
680 Atch Top & Santa Fe_100 67 Feb 1 t:
81. 8214 8212 8312 *8218 8238 8134 8134 *8138 8158
10138 Jan
Do pref
230
9118 *9214 9314 *9212 9312 *9214 9314 *9214 9314
91
Dec 240 Feb
180
22
Apr
20034
Jan2
181'2
9
0
9
35 Boston & Albany--10
200 200 *201
20212 20212 20214 20214 200 200
100 125 Feb 17 140 Jan 2o 11734 Nov 152 Jan
133
fii11 Boston Elevated
133 133
_ 134
134 * . 134 *
*
J'ne 231 Jan
100 20014 Feb 11 ""3
12 Boston & Lowell
210
...... *209 210 *208
i();1.2 209 *Hog 210 *ii513
170 May
' Jan gi 'IN
100 12(3 May1.8 110
128 128 512612 127
95 Boston & Maine
128 1-29
128 129
128 128
136 Feb 14 156 Jan '22 150 Oct 165 Jan
100
150
Salt
Last
pref_
Do
May'08
-__
130
*---10 292 Apr 16 285 Oct 301 Feb
Jan
284
*286
288
Providence_100
288
ign*iwil
288
jig-igir
3
&
Boston
_ 286
*
15 Feb
8 J'ly
9 Mch 4 13 Mch27
12
12
12
2,377 Boston Suburban El Cos_
12 *11
121112 1218 11
,-*ii
65 Jan
50 Aug
45 Jan 31 16 May19
5358 55
55
Do pref_
5512
280
50
*52
50
56
*52
*52
34 Jan
28
Nov
5
0
1
t
28
.12:i
Feb
10
10
_
Sale
CosLast
&
Eke
Boston
Wor
May'08
11
*10
11
*10
11
*10
012,
80 Jan
50 Feb 27 67
55
--iii
Do pref
55 *50
*50
54
64
54
*50
54
128 Dec 160 Jan
Last Sale 145 May'08
__ Chle June Ry & USY.100 126 Jan 2 145 Mayl:, :03.
*145 ____ *145 ____ *145 ___
120 Jan
100 102 Jan 10 11:P2 May22
--40
Do pref.
*113 ____ *113 __ *113 ____ 110 112 *113 5.18_y
188 Feb
7(1 4 Octc
Last Sale 165 Apr:0088 ____ Con & Mont,Class 4..100 16314 Mch 5 i65
Mch
Last Sale 138
Conn & Pass Rlv pref_100 138 Apr 21 138 Apr 21 152 J'ly 186 Jan
Last Sale 253 Apr'0$ -1_3
iebeutrititprReflver.--100 244 Jan 14 263 Apr 22 294 Dec 280
iteth
Fon
__5 C
21
Apr
116
Nov
Jan
135
131
2
27
7 Janr
17
16
128
128
lia- lig- HI lig1-2 iii- fig- 127 128
0 AugODeect 114 Mch
79 Jan 27 1697,112
69
69
190 Ga By & Electric
98
10
6812 6812 *-- 69 *--- 69
* - 69
88 Mch
Last Sale 73
85
Do pref
100
Oct'07 --*78
85
*7885 *78
199 Jan
Last Sale 190
Sep'07 ____ Maine Central
100
..,;5_
2012 Jan
-,
7 Dec
-,5814 Jan 2 1213 Jan 8
4.L.24
441e 10
418/ Sale
May'07 ....iii Mass Electric Cos--100
7112 Jan
37 Oct
_
*45
Do pref
_ *4412
100 40 Jan 2 5012 Jan 8
*94
*44
14 Nov 2534 Jan
Last Sale 1538 Apr'08
232.... Mexican Central. _ _ _ _11)0 151,3 Apr 26 19 Mch31
*1638 1738 *1638 17-38 *1558 165-8
N Y N 1-1 & Hartford -100 128 Jan 6 14054 May18 12712 Nov 10012 Jan
135 13512 130 13734 135 13712 13618 1364
133 134
Last Sal 193 May'08
100 193 Apr 7 146 Apr 1 145 Dec 160 Jan
Northern N H
226 Feb
Last Sale 200 Apr'08
NfVor pref-100 200 Apr 0 205 Feb 26 205 No
*172836411: 12878431122 -1
cre
100 175 Jan 11 188 Apr 1 176 Oct 20014 Jan
lopin:y
odhE
linec
drt;C
ua
er
)
N
SR
-(
4
158
5
12
*iii- gg- iii- 1g4-- i§i- Ili" 184 184
45 Jan
Nov
25
2
Apr
29
15
Jan
25
26
100
26
29
*26
27
27
82 Aug
94 Jan
.- *YS"
-i3
73
100 70 Feb 17 75 Feb 11
73
trio
7212 73
74
*70
1.334 Nov 103 Jan
8
Feb
05
2
Jan
8
3
88
93
93
93
10(1
pref
9212
*---Do
93
101
93
92
*9112 92
14614 14878 14434 14658 18,280 Union Pacific..
100 11012 Mch 2 15158 May19 10012 Oct 18212 Jan
142 14712 148 14934 14718 150
93 Jan
7834 Nov
Last Sale 8234 May'08 ........
Do pref
100 7834 Apr 4 8478 May22
*8212 8312 *8212 8312 *8212 8312
150 Jan 13 150 J'ne I 1454 Nov 170 Jan
_,.100
Mass_
&
Vermont
8
155 158
95 Jan
Dec
/4
Mch31
8734
2
Jan
76
50
E"
194 West End St
04 -14.- -04 -gi- -g3- 8314 8314 ;i35i4 -g4-- -.
04 Nov 110 Mch
__
50 96 Jan 2 105 Apr 7
60
Do ore?
103 103 *102 -- 101 103 *103
103 103
140 AUK 147 Jan
Mch3u
140
139
Mch30
140
Sale
100
Last
RochApr'08
Nash
&
Wore
___
--Miscellaneous
26 Jan
10 Oct
2312 *22
23
2,074 Amer Agricul Chem_.100 13 Jan 3 2312 J'ne 4
2112 • 2314 23
21
21
22
*20
95 Feb
7212 Nov
100 77 Mch 17 87 May 11,
Do pre?
215
86
86
87
87
87
88
87
87
86
80
1434 Jan
Nov
312
Mayl.
812
10
Feb
4
7
712 1,619 Amer Pneu Service.. 50
714 712
712 734
734
7
33 Jail
712 712
912 Oct
912 Feb 26 21 MaY19
50
Do pref
1812 1734 1734 1,560
1812 1834 17
19
1858 18
18
9944 Jan 2 13214 Mayis
Dec
74 Feb
93
13
100
Refln
Sugar
Amer
1,060
12810
128
129
512814 12814 12834 12914 128 12914 128
12512 126 100 106 Feb 18 129 May18 105 Dec 13134 Jan
Do pref
124
* _ _ 12712 127 12734 127 12714 126 126
8914 Nov 13412 Jan
2 12038 Apr 24
Jan
99
11734
3,369
11734
-100
Amer
Teleg&
118
Telep
11712
1175
11814
8
11814
8
1175
3642 Jan
lli78 11834
1214 Nov
22
148 American Woolen_ _ _ _ 100 16 Jan 2 24 May19
2214 2213 *20
22
22
22
22
22
22
69 Oct 102I Jan
Do pref
-100 7734 Feb 19 9012 May18
809
8834 8812 8812
8834 88
88
8812 89
8712 88
4 Jan
3 Mch
J'ne 4
312
7
Jan
Land
3
Boston
10
100
4
3
3
3
*
312
12
3
4
33
334 *3
334 *3
*3
9312 Nov 115 Jan
Last Sale 108 May'08 -_ Cumber' Telep & Tel_100 0812 Jan 11 11078 Feb 3
__ *108 __
*10712 ....._ *108
Feb
25
Oct
1212
15
Apr
1814
(f
Last sale 17
Dominion Iron & Steel.. 1434 Jan
May'08
914 Jan
*17 -1-8
312 Oct
414 Mch13
6 Mayls
553 -ioo East Boston Land
4 *54 558 *514
230 Jan
8 *54 558 --8j4 --i1-E5Nov
185
20
Apr
214
201
17
Edison
Melt
Elec
196
lllum..__100
213
*---213 21312 212 212
213 21312 213 214
91 Oct 162 Jan
136
100 111 Jan 2 141 May18
709 General Electric
138 13812 *135
138 13812 138 139
6658 Jan
137 138
43 Oct
54
54
872 Massachusetts Gas Cos100 40 Mch23 5812 May's
54
54
8612 Apr
5418 5418 6418 5418 5418 55
76 Nov
22
Apr
8712
2
Jan
77
..
100
pref____
Do
8534
4
3
200
85
8512 86
85
85
Mch
8412 8412 8412 85
215
Nov
185
18
Jan
8
(3 200
15
77 Mergenthaler Lino.._ 100
2
199 200 *199 8,2248 d200
199 200
434 Jan
*199 200
114 Dec
Jan 23
2
2
191
Mexican
10
May'08
Telephone
---0
2
*112
*112 2
75 J'ly
*112 2
h
cli
l.lUe'
i
M
Cotton
40
E
N
Yarn
100
Apr'08
43
---Sale
Last
50
*40
50
*40
50
*40
00 Jan
ntey
e
:1c
1,1
1
1%) .
4
1 1iy9;218aa i3
acnh 2:!
plreepf
EoTe
May'08 -2.ii. !,,1 D
5 3f
)
100 .1
Last Sale 76
_ *75
126 Jan
*75
Jan 20
11034
hone
110
15012 1-11- 11012 111
17
182 Jan
110 11112 111 ffiii *
Nov
137
29
Apr
4
1613
847
2
Co--Jan
159
Pullman
159
159
135
---100
1"
)
118(
1
158
11 Jan
158 • 15812 15834 15914 158 158
9 Nov
9 Apr 10 10 Feb 21
10
50 Reece Button-Hole
934
934 934 *9$3
912 912
nye. 113 Jan
N,()
612 *I
70
2
9
Meaby16
*912 934 *912 934 102
312 F
02
2 12
.
102
102
277 Swift & Co
288012 JanJu n 3
10214 10138 102
2212 Jan
10112 10134 10112 102
Torrington.
Class
May'08
_....
A
2012
Sale
5
29
19
Last
22
22 *21
*21
2712 J'ly
v
22
24112
*21
4
18
Do pref
May'08
25 23 May22 22542 n 2
PI
Last Sale 25
25
*23
672 Jan
25
*23
Oct
25
*23
Jan
114 Mcb23
.7- U• nion Cop L'd & M'g_ 25
Last Sale 112 May'08 __ *112 134 *112 134
Oct 120 Dec
10112
*112
2
J'ne
.811
2
14512
14314
united
Fruit
14314
11412
Jan
2
___
100
0
'
Jan
69
14334 1451* 14334 14413 14314 144
Oct
36
14012 145
4
J'ne
68
28
9
25 3
2 Jan 3
18
47
5718 11,938 Un Shoe Mach Corp
50
573g 5612 68
• W
5412 5412 5612 56
29 Jan
2358 Nov
54
2812 Feb 20
Do pref
2818 2814 2814
720
28
25
2734 28
28
28
Jan
Oct
5038
28
22
23
May18
3918
2
Steel
Corp
Jan
S
U
3758 26,133
100 20
g...1
3814 37
3818 3812 37
3758 3878 3812 39
7912 Nov 10734 Jan
10118 102
Do pref
612
100 8712 Jan 2 10338 May18
Jan
10112 10212 10212 10212 10178 10212 10112 102 6
Jan 31
8
3
Feb
4
West
Telep
&
____
May'08
Tele
Sale
Last
ei
6
6 *____
*____
82 Jan
2506414 NovNNov
Do prof
618 BA
27
fapyr:08
Last Sale 6
100
*____ 67 *___ 67 *-- 67
7812
Jan
11
r
n
p
a
A
29712j
8 7
i 19
Faelb
978j
19
Last Sale
*4
ll 61 Mfg._. 50 5
tinpgre
o
•W es
::::
80 Feb
7018
-- ---- ---- -- ---- ---D
Last Sale 3478 Feb'08 ---50 8478 Feb 10 3478 Feb 1.0
------ ---- ---- ---- ---Mining
612 Feb
XI:
202 Adventure Con
214
214
134 134
212
214 214 *2
218 214
) 20 Oct
8
1(
7414 Jan
342:
33
1Jan 2
470 Allouez
24511' FebAFepbr 221381
29
2812 2812 2712 2812 29
29
2712 2734 29
Jan
121
4
6518
(3478 6638 34,157 Amalgamated Copper 100
53 Jan
6714 665s, 6818 6618 6718 2938 6658
65
13 13
2938 2938 2938 6,250 Am Zinc Lead & Sm
25 2034 Jan 13 6
2834 2934
28 • 2918 2878 30
75 Feb
46614
9
2184
12
206
Anaconda
4258 4178 4178
4214 4238 4238 4312 42
1538 Jan
234 Oct
Jan
202 Arcadian
314 Apr 29
-51.2
353 352 *312 4
4
358 353
2812 Mas
.37534
JitanyE
.2034 5
Jan
375 Arizona Commercial
---- -_
222555
1814 1814 1814 *1712 18
*1734 1812 18
Sep
2 Jan
50
14
Feb
.40
Arnold
5
May'08
2
Last Sale 2
a .40 ____ *.40 __ *.40 - ___
12 May
112 JAW
Aug'07 -::: A• sh Bed
Last Sale 2
612 Oct
22 Feb
May19
1914
22
Apr
8
Atlantic
1,850
25
16
16
1612
1014
2
161-1e12
111;
20 .3541g
37 Jan
-1E;f2 I71-2 -1654 634Jan
29
Apr
Bingham
Con
14
.
Min & S 50
34
*12
Last Sale .85 May'08 ___
34
*12
*34 1
Sep
.80 Jan
_ Bonanza (Dev Co)_ _ _ 10 .35 Feb 19 3412 Feb 27
Last Sale .40 May'08
3344 Jan
84 NON
* .40 .50 *.40 .60 *.40 .60
1014 Apr 13 17 Jan 2
1158 1134 1,440 BostonCone&G frets) Cl
12
1134 1214 1214 1234 1214 121, 12
May21
1612
14
Apr
1114
Bog
1,866
&Corb
1542
Cop
5
&S1t M
1512 1558 1512
1534 157g
3018 Jan
1514 1533 16
Oct
10
15
May14
'Jan 2 2514
2314 2312 2312 2312 3,737 Butte Coalition .
2412 2334 24
r5961355i2 P
2338 2378 24
5
89 Oct 198 Feb
10
2
5 710106
mecbh20
748 Calumet & Arizona_ 15
0
107
100
106 109
10712 110
Feb
1000
Oct
109 11012 110 111
535
Jan
675
24 Calumet & Hecla ____ 25
675 675 *665
670 875
675 675
47 Feb
675 675
15
1 .21 Feb I() 2814 Jany19
5
330 Centennial
Co.1:0
25
*23
24
24
*2312 25
*2334 24
Oct
24
24
a
M
.41
8
6
1
h
b
255518
Cons
1,730
Mercur
_
.39
-*
Gold
____
-.40
.40
.41 .41 *.40 .41
.41 '.41
7412 May 14
Feb
748 Copper Range Con
.421485
7314 7334 7234 73 27114 7134
2D
714
)
Octcect
7212 7312 7312 74
7 Jan 3 1012 May19
*10
12
10
20
335 Daly-West
1014 *10
10
10
23
92111 843
4
5
9
0250
7
tt,v i2
Octcooc
.jhjjj,lta
‘
26(5131.41 DONNO
90
8
(elnh
aaa
934 934 10
4758 May 4 5112 May 7
100
Dominion
Coal
May'08
___
5112
Sale
Last
119 Jan
May15
---- -- -- -96
6
b22
er
p
m
A
0412
Do pref
100 .00
May'08 ___
Last Sale 96
_
18
Jan
2
Elm River_
May'08
Last Sale 1
-pis
--,
612 Apr 22 1042 Jan 27
9
834
918 918
914
9
9
-iiiii Franklin
9
65 Oct 155114
*812 9
J'ne 6
100
103
9912 100
52 80 Jan 2 103 May18
210
421 Granby Consolldated_10
98
98
98
1758 Apr
9112 9112 93
1011
23
9.
Greenc•Cananea
8
4
5
13
9
*
12,958
4
1
978
3
5
9
10
978
1012
934
Jan
912 934
278 Jan 22
6
22
b
en
a
F
j
78
6
2
5
29
Guanajuato
Consol_._
25
Oct
Jan
1112
214 214 *178 218 *178 214
4
14
-1
1912 1912
800 Isle Royale (Copper). 25 1734 Feb 17
*1934 2014 ;iiiii2 711
8 Oct
IV
20
2038 2012 21
2 17 = V.
Jan
1214
1434
25
Copper
1434
Salle
1434
La
1412
926
1434
1412
1414 1434 1434 1478
238 Nov
18
Jan
414
50
216
Jan‘eobh
1.m
44
:
2
5
27
.
Conseil
25
220 Mass
318
313
312
338 338 *314 312 *314 312 *3
60 Jan 22 .46034. OctN
25
Last Sale .45 May'08
___ Mayflower
534 Nov
.40 .50 *.40 .50 *.40 .50
10
478 Feb 19 * 8 Jan 18
,-548 Mexico Cons M & S
6
634
*534 6
6
6
634 578
18111 44 Jan
5:
4
10
2
jjjaaa nnn
534 573
1234 ,Thn 20
25
Michigan
9
9
9
987
9
9
9.13 91,
9
31
pv
Oct
11111; J
iviii.any
94 9as 57
Feb 68
6012 5712 60
59 - 58
5914 4,494 Mohawk
5812
56
4
„e23
8 1:1n
1312
69
May
.70 .80
Montana Consol C & C 1(1 4512 6
.61 .61
1,723
.75
1,
12
.55
*
Nov
12
201*
12
Jan
4
53
1
1218 12
1218 1,115 Nevada Consolidated_
1214 1214 *12
1218 1218 12 - 12
12
30 Oct 120 - Jan
ahy2
In gc
3 tae4113
34
'
ii'' 90
66 17,693 North Butte
6712 6534 6634 65
6714 66
66
6414 66
21
Sep
212 Jan
25 .50 Jan 15 .85 Apr '28
.50 .50 *.50
.95
450 Old Colony.
.55 .55
.50 .50
* .50 .95
1813 pt
Jan
90
2
Jan
28
Dominion
840 Old
3512 3512 3512 351*
4
71 Oct
aany21154
M
354 3512 *3512 36
114 Jm
35
3
25
35
1 9
1h 19
13
710711:8,
Osceola
25
91
*90
92
340
91
92
90
93
93
90
90
138635:12 JanFebJan
b
Jan
1,355 Parrot (Silver & Copp) 10
21
21
2134 2112 2134 2112 2112 2112 2112 21
OctDecv
e3 Jan
Phoenix Consolldated 25
Last Sale 12
610'08
* 5f) .95 * .5() .95 *.50 .95
1
(
1
12
8.10
41122 .J1 a
b
1,412834
9 93
16
meebb 2
7 F
25 72
-ill Oulncy
85
8.5
85 '85
87
*85
87
87
85
85
2 Oct
70
Jan
31,
125 Rhode Island
338 *314 312 *3 • 312 *3
*3
3
3
20
,Jan
25
3
Apr
8
15
17g
290 Santa Fe (Gold & Cop) 10
173
178 178 *134 2
Vs 172 *134 2
713 Oct
2438 Jan
r
on
934 Feb 19 1434 May18
ppo
in
58 na
1353 1334 3,10
1418 13.3.1 14
14
14
14
1358 14
2
.Alapy21)
912 J
17
3 7
erb20
mp
4 A
16
25 5
*1714 18
*1712 18
18
1734 18
18
-61
Jan
Oct
.170
-8g- . -i-iTamarack
60
60
80
62
60
62
62
*60
4214 Jan
-29238 N
14
arnrt
25 1218 Feb 19 1834 Jan 14
1314 1312 1,21g Tr
1414 14
1414 14
1312 1378 14
Dec
7
Copper
f
o
e
C
r0pr
United
100
15
3
(
Z
718 *714 734 *714 734
*7
Oct
2134
12,Sale 2134'
4714 Feb
73142 Nov
24
1114 :4 Jan
71
hMicahy
4
4 '
)
rhlil
25
irlil
''''annne 385
3..j
5Silf'
113'84 i
34 2478 2444 2414 -234, -14-1-2 2414 2514 • 2411 251* 3,g52 U• nited StatesCoal&01119
Oct
Smelt
:3;g
f
If
;
u
.
1
Ref
KT;
&
S
FA
U
28
Min_
576
*371., 38
38
38
3712 3712 3712 3712
*3712 38
Do pref
42
89
4112 42
41374 4134 42
4114 4134 4178 42
nt
Jan.Ta.
'11 .'
22754 Oct
Oct)
4112 4134 2,347 Utah Consolidated
5 2943 Jan 3 4312 May15
4212 4114 42
41
4134 42
4212 42
Utah Copper Co__ __ 10 2878 May 8 33 May19
*3112 3214 3118 3118 3118 31
31
3118 3178 32
11(.8 Feb
.342 Oct
6 May26
212 Apr 16
25
. 5870
533 573
534 534 !
314 512
5 1.011
Washington
25
. Jula8
rajt S:4
'
.h
41'Jan
13
Moavy
912 Jan 2 e678 J'ne 2 "1:2112N
612
*5
iVinona
--flis --6-1:2 *6
--ir8 ....6.3g
;
93 Oct 198 Feb
3g
• 25 11512.1an 2 138 May15
134b1: 1","
55 Wolverine
134 134 *133 135 *133 135 *14.
133 • 133
5 Jan
3.
J'ne.3 al) Nov
.114
May26
•
,
50
Wvanant
5
2
)11
105
'*1
/4
*1
11.
114
11,
114 *1
*1
sr
b Ex.stook div
e Ass't pald. 8 Ex-rights. a Ex-div. and rights.
, I Before pay't of assess'ts called In 1907. •1,31d and asked prices. a New stock.
g
--------
yo:
E
ps
*31,
ect
g :‘,4nar 11..gco,
--F3
--ifs --ws -iv, --;f8 --11;
A
v::.
--er, --dis
Boston Bond Record.
JUNE 6 1908.1
DD.% LI,
BOSTON STOC e.X WU h.
Wang liNtns(. JIINE
=,"•••
Pries
Friday
June 5
1403
11!.
Mu
Aaage
Week's
Range or
ince
January .
Last Sale 04
*A ;5
.0 ••••
tik
BOSTON STOCK EXCIVGE
WEEK END1Na JUNE 5
lita
itss Low
High
Low High
Am Bell Telephone 4s....1908 J -J 100
1 11818 DM
100
100
Am Teter & Tel c
r 46.19'214 J • J
86 Sale 85
8638 173 784 8634
Convertible 4s...........
M-8 8434 salt 834
85 413 8117.. 863e
Am Writ raver 1St 8158 2 1910 J -J
7834 1785.,
17.-34 Mar'08
Aten Top & S Vowing 48-19115 A-0 07
98
119 May'Oe •0ls 9'4
1993 Nov 87
Adjustment g
1[87 Apr'05 •. 85 1187
J'ly 1995 SI-N 87
Stamped
85% J'ne'07
Boston Elect Light 1st 68 1908 M
11124 M-11
Consol be
110 Feb'04
1916 J -J
Boston &Lowell 45
101 Sep'06
Boston es Maine 412s
1944 J -J
114 Mar'06
Boston Terminal let 3128.1947 •A
11212Jan '03
1918 j-j
Bur & Mo Riv ex de
104 Oct'07
Non-exempt 6s
1918 j j 102 103.. 102 Sep'05
•.....
Sinking fund es
1910 J -J
98,
97
984 Apr'08
Boston
68-.1917
1st
Butte di
A•
100 J'ue'01
Cedar Rap & Mo Ii 1st 78.1916 M.N 117
12314 Nev'06
2d 76
1909 J -1)
1114Ply'05
794% 3 76 8014
Cent Vermt let g 48..M ay1112U 44"F 794 Sale 79'2
& Q Iowa Div 1st 5s.1919 A.0
¶103 Oct'07
Iowa Div 1st 46
1919 A-0
98 Oct'07
Debenture be
1913 M.N
100 100
100 Apr'08
Denver Exten 46
1922 F.A
971 1'ue'07
Nebraska Exton 48
1927 M.N
98% Apr'08
98% 9838
B&SWsL4s
19'21 M-8
9719 May'07
Illinois Div 312s1949 J • r
189 May'08 • 86 1189
Joint bonds See (it Northern
Ohio.)o Hy & Stk Yds bs.1915 J.J 1024 Sale 10212 1024
1 99 102¼
Coll trust refunding g 481940 A-0
884 May'08
85
8s¼
Oh MU & St P Dub 1) 68..1020 J -J
122 Apr'06
......
Ch 61 & St P Wn1 V div 6s1920 J.
126 Fen'05
Chic & No Mien 1st gu 56.1931 M.N
96 Apr'08
95
96
Ohio & W Mich gen 66.-1921 J-D
98 100
100
2 97 100
Conoord & Mont cons 4s..1920 J
99 100
91 Dec'07
Conn & Pass it let g 4s...1943 A-0
11214 Jan '03
......
Current layer 1st 56
1927 A-0
104 Nov'06
......
Bet Gr Rap & W let 4s...1946 A-0
81% May'08
827
80
Dominion Coal 1st s I 58..1940
90 FeLi'08
90
90
1900
Fitchburg 6s
N
98 Apr'07
......
1915 M-8
45
1034 Api'06
......
1927 M-5
416
96 Apr'W
96
96
Fremt Elk & Mo V let tie 1933 A.0
1284 Apr'08
128 1284
1933 A•0
Unetampea 1st 68
140 Avr'06
B & Q eon tr 46 11321 J • J
94% Sale 9414
GS Nor
94)4
92411973
.
1921 (14 944
Registered 4s
94 May'08
92 9678
Price
Arida4
June 5
3
4+
Range 07
.sale
muss
January /
Lain
Btu
ASK tow
H Lyn .40 tow High
Daman steel deben be.....1910 .14 984
84 May'08
974 59
Non-c,onyert Milieu 6e...1913 A-0 984 gale -8
98
9812
3 115
la Fails &sioux ('1st 78-1.917 A-0
1
Apt
17 117
Kan c Clin & spr 1st bs.
A-0
116 Mat')'
00 96
Kan c Ft 6 al Gult let 7s..1908 .1-1)
lot
4 I'll) 101
Kan C Ft Scott & M 66.-1928 M.N 116 116'4 1164- 1111
1 109411614
Kan C 51 & B gen 48
1934 M-S 88
May
74 91
Assented income 56
1934 M-5 69
u.,008
884 884
Kan C & M Ry& Br 1s1 561929 A-0
9.. Alo 7
maine cent cons let 7s 1912 A-0
1135
.Noy'06
cons let 4s
1912 A-0
101 4 r'sri,
Niaro Hough & Ont let66 1915 A-0
115
:
3 113 115
Mexican Central cons 46 1911 J-J 1184 dale ¶81
1,8
,4
letcons Inc 3e
Jan 1939 J'ly
1116
11 143 Apr0
16
d cons ino 36
Jan 1939
1115 4 Apr'‘,8 •-• 11154 154
41
Telep let 54,
1917 J.a
.14 nine Gen Elec con g 56 1929 J -J
1024 A ,,,e04 • - ......
.
New Rug Cot Yarn 5e
1929 F-A 97
97 . Mars-8
93 97
New Rug Teleph de
1908 A-0
100 Fele08 • - 100 100
68
1915 A-0
100101 au '07
......
1916 A-0
ew Rowland cons g 5e 1945 J -J
Boston Term let 46
1939 A-0
NYNH& li con deb 31519543 J -J
1187 May'08
794 88
CM Colony gold 45
1924 F-A
101 4 Sop'
06
Oreg fly at, Nay con g 46 1946 J-D
11024Jan '05
Oreg Sh Line 1st g 6s
1922 F-A
11213851ar'06
Repub Valley 1st a f 6s 1919 J-J
102 Ang',.7
-• ......
Rutland let con gen 4411 1941 J -J
107 12 NOvin5
Rutland-Canadian let 481949 J-J
.....
102 Mat'02
......
Savannah Elea let cons 58 1952 J -J
9812 May'08
Seattle Elmo let g be
1930 F.A
1001 Nlay'68
1001210012
..'erre Haute h:leo a 56.-1929 J 4
97 Apr'01
......
Corrington let g 56
1918 M-5
9912 Noy'08
Union Pao itit (lb 1 gr g 46 1947 J.r
iTt.978 Feb'08 . 099%11997e
20-par oonv 4n
1927 J.J
141% IJIN
1 11.4%119134
U'Men Fruit cony gen 56 1911 M.S
Jan '08
1.16 117
U S Steel Corp 10-60 yr 56 1963 M.N 96% Sale 116
),Lik, ¶96'. 11 1180 1197%
West End Street fly 46
1915 F-A
9614 Feb'..8
964 964
Gold 412s
1914
95 Nov107
Gold deoenture 4s
1916 M.N
102% Jan 06
Gold 48
1917 F-A
99.2 lilay.07
Western Teleph & Tel 5s 1932 J•J
91
89
9112 -6 79
95
Wisconsin Cent let gen 451949 J-J
11944 Sep'05
Wisconsin Valley les 75 1909 J-J
10958 Aug'05
r45
Novo-Buyer pays accrued interest in addition to the purchase price for all Boston Bonds.
No price Friday; latest bid and asked.
11 Flat priee.
Philadelphia and. Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Shure lericen-Not Per Contain Prices
Saturday
May .30
Monday
Jung 1
73 '75
894 89)4
*0
Thelma u
June 2
Wednesday
June 3
75
75
894 89'. 89% 90
•6
.6
•11.
"114
.104
.104 1012
Thursday
June 4
•22
.74
3912 8912 *89
.6
7
.6
•12
104 10% .104
3118 31%
91518 10
.4
4'-.,
.22
22¼
5
8712 88'2
62 624
314
10
•4
•22
5
884
6178
44%
80,
4
978
.4
224 .22
5
•5
884 88
624 61
43
42
514 52
854 811.1.'
6034
.384
9'2
14
67%
40
42
4t
42
514 52
5034
85% 86% 83
61
604
39
.384
9%
912
1434 124
611
56
40
4034
414 414
51% 49%
8814 84
31', 31%
10
10
"4
44
22
22%
•5
6
89
8u14
624 6234
1,
9 l's
60 614 61
6112
39
39
39
39
9% 93
.
t
*934
1434 147s
1434 1434
56
573
. 57% 155718
Bid
Inactive Stocks
Allegheny Val prof....50
60
American Cement
Amer Pipe Mfg
100
Bell Telephone (Pa).100
Cambria Iron
60
Central Coal & Coke.100
Consul Trio of N J...100
Diamond State Steel..10
Preferred
it)
Keaton Con Electric 6.50
Elea Storage Batt....100
Preferred
100
rs Wayne 41,W V
100
Bermantown Pass
50
Indianapolia St
100
Indiana Union Tr....100
Insurance Coot N A..10
Inter Sm.Pow & Chem.50
Keystone Telephone ..50
Preferred
50
KeyetoneWatchCase.100
Lit Brothers
10
Little Schuylkill
50
& Schuyl 11..60
Haven Iron & titeel.5
ortheru Central
50
north Pennsylvania..50
Pennsylvania Salt
50
Pennsylvania St eel..100
Preferred
100
Phila Co(Pitts) pref...60
Phil German& Norria.50
Phila Traction
50
Rallwayn General
10
Busqueu Iron & Steel..5
tidewater Steel
10
Pre t erred
10
tenopah Mining of Nevi
Union Tr of Ind
100
United NJ Rlt& 0_101
Unit Tree Putt; pret..50
Warwick Iron db Stee1.10
West J ersey & Sea Sh.51
Westmoreland Coal....5))
Wilkes Gas & Elee..10»
11'.
10
PHILADELPHIA
this day. ij
Bid
Ranee Since
Jan 1 iwoe
Sates
Acrrt V E STOCKS
of the
Week (lbr Bonds and Inactive
Stocks 1164 below)
6hares
26
76
90
614
124
1012
Lowest
Baltimore
Con.Gas ELI.. & Pow.100
10
Do pref
100
92 Northern Central
50
Seaboard(new)
100
Do 20 pref
100
400 United fly & Electric 60
Philadelphia
444 •44 444
62 American Railways
50
31
2,602 Cambria Steel
31
31
50
978 9% 1,051 Electric Cool America 10
10
Gen Asphalt tr Otis ....100
4¼ •4
5
20
22', .22 23
Do pref tr ate ....100
133 Lake Superior Corp....100
6
5i
•5
1,174 Letugh C & Nav tr etre 50
88
83 88
9,002 Lehigh Valley
62
614 62
50
290 Marsden Co
'14 14
100
6058 60318 61)4 1,829 Pennsylvania RR
50
39
112 Philadelp'aCo(Pitteu) 50
'3814 39
958
9% 9"ie 2,523 Philadelphia lilloctrict 25
13% 13
137 28,892 Phil Rapid Transact 50
574 55% 5691 38,618 Reiiduig
50
40.4 •40
42
0
Do let prof
50
41
'41)4 42
402
Do 2c1 pie
50
5038 4934 5014 11,6214 Union Traction
50
844 84)4 85
3,324 United Gas Inapt
50
.22
25
Welebach Co
100
Bonds
Al Val IL ext is 1910 A-0
82
83
Alt eiLVEleo 448'33.F-A
Am Rya cony 56 1911.J-D
95
96
Atl City 1st be g'19.54•51
45
Balls Ter let 56 1926.J-1)
Berg&EBrw let66'21 J4
71
Bethle Steel 68 1998.Q-F
Choc& Me let Se 1949 J-J
Ch Ok & G gen 56'19 J-J
Col St By let con 56 1932
Con Traci of NJ 1st 56.133
32
81
Edo A let 114 5s 1920 M.N
Elva & Pao Tr etk tr °tie
Eq 11 Gas.1.let g 56 1928
125
& 11Top con 58'25A-0
Indianapolis fly 48.1933
Interstate 4+3 1943 ..ILA
22
11
Lehigh Nay 44e '14.Q4
RRit 4a g
1914.Q.F
6
6
Gen M 4128 g 1924.Q.1(
26
Leh V C 1st ba g '33..J4
Leh V ext 481st 1948.J-1)
15
16
61.8
2d 7s 1910
Conseil de 1923
J.1)
Annuity (is
J
Gen cons 45 2003.61-N
Leh V Tran con 4s'35J-1
100
New Con Gas 55 1948 J-D
Newark Pass con Es 1930
98
NY Ph& No 1.t43'39.14
41
Income 411 1939...M.N
411%
NoOhloTrac con15811944
88
89
Penn gen tis r 1910 Var
414
Consol be r 1919. Var
Penn & Md Steel con 68.
Pa db NY Can fis '39.A.0
A-0
Con 48 1939
84 84 Penn Steel let56'17 61-57
People's Tr tr carts 46'43
2434
P Co 1st& col tr 58'49 Ilt•S
..
4:
Con& col tr be 195161-24
Phil Klee gold trust etts
4914
Trust certifs 413
87
P& E gen M 5 g'20.A-0
Gen M 4s g 1920'..A&O
•Rid and asked: no sales on
Ask
iriday
June 5
Ask
PHILADELPHIA
Ph & Read 2d be '33.A-0
1054
Con 51 78 1911
J-D
Con DI 66 g 1911. J-D
Ex Imp M 48 g'47 A-0
104", 1054
Terminal be g1941 Q-F
P W & B col tr 48'21 J4
Portland Ry 1st Si 11430.
Roch Ry& Leon be'54J4
112
U Trim Ind gen 56'19.J4
Un Rye Tr ctfa 4fs'49J&J
United Rys Inv 1st coil tr
81881926
M.N
U Traci Pit gen 58'97 J•J
92
924 Welabach e t tie 1930.J•D
WIke-13G&Eoon5e'53J-.7
103
BALTIMORE
Inactive Stocks
374 38
Ala Cons Coal& Iron 100
102
Prof
100
Atlanta & Charlotte 100
Atlan Coast Line 1411 100
109
Atlan Coast L (Conn)100
Canton Co
100
106
Cone Cot Duck Corp 50
Preferred
50
Georgia Sou & Fla...100
93% 94
1st pref
100
2d pref
100
G-13-6 Brewing
100
Bonds
Anticosti& dis Potfie
All (lb Ch ext 446 '10.S4
104 105
Allan 0 L RR4s1952M-S
A tl Coast L(Ct)ctfe be J.D
Cite of indebt 4a. .J4
5-20 yr 4s 1925
J4
Balt C Pass let56'11 11•N
Bait Funtig 64.1916 M•N
103
Exchange 3126 1930.74
97
103 103¼ Balt& P 1st 6tim I'll A-0
98
Bait Trao let 58-'29 51.1
97
,
1
10034 101
No Bait Div 561942 J-D
7112 71% Cent'l By cou5s1932 61.24
Ext& Imp 58.1932 61-8
Chas City Hy lst56'23J4
142
.4.4vt.a. 4447.50 paid. t 41124 paid.
20
65
80
4
10
10
Jan 15
Mar26
Jan 2
Fe012
Feb Is
Jan 8
4214 Mar
2678 Feb 10
84 Jan 23
34 Jan 14
197eJan b
358 Feb29
784 Jan 2
523e Feb29
1316 Jan 2u
5431ejan 2
344 Mar 3
512 Feb27
124rne 4
46318Feb17
39 Jan 3
374Jan 2
4778 Mar 5
734Jan 2
But
Ask
Range ,or "MOUS
Year(1907)
Highest
Lowest
/aghast
274 May13
76 Apr z3
904 May21
7 May 18
13 May18
1174 Marlb
33.4 Jan
80 May
784 Nov
10 Nov
24 Dec
8% Oct
36 Jan
85 Jan
97 Jan
234 Jan
48 Jan
15 J'ne
4434 Apr24 4314 Dec 51 Jan
3188 May19 22 Oct 4712Jan
1U)4 May 9
778 uct 1148Jaa
5 Jan 2,
3 Oct
8 Jan
25 Jan 18 1334 Nov 36 Jan
94 Apt 16
4 Dec 16 Jan
92 May!. 69 Oct 103 Jan
634May16 484 Oct 7678Jan
278 Ayr 2..
',Nov
24Jan
62 Ilay19 z52 Nov 70111eJan
414 Ayr24 3334 Nov 4184Jan
#9..4 Pile 1 64,8 Nov 9 Apt
18.4 Mane d12 Nos *243's May
59% May,8 3538 Oct 69%Jan
42 Jan 2u 311 4 Nov 45%Jan
43 Mayle 324Oct 47 Jan
564 Apr23 4178 ,e, 6038Jan
874 May s 6612 Oct 964Jan
25 May 30 Feb.
18A 1211.1111B B
Ask
Chas fly G & El ba'99 51-8
Charl C& A ext 55.'09 J-J
2,1 Is
1910 A-0
91)12
City& Sub let 56..'22 J.D
City db Sub(Was)l51,55'48
100
Coal & 1 kty 1st 55'20E-A
Col&Grnv let65.191(IJ-J
Consol Gas 6N...1910 J-D
98
55
1939 J-D
684% 69 Ga& Ala let con 5a'45J -J
GaCar&N Ist5fig'29J-J
784 74
Georgia P 1st 63....'22 J-.1
105 106
GaSo& Fla 1st be 1945J4
70
7t)12 G.B.S Brew 3-4a 195151.8
2d income be 1951 51-N
Knox,
/Tree let 56'28A-0
Lakeit El let gubs'4254MaconRy&Ltlistbe'53J-J
Memphis St 1st 58'46 J-J
kletSt(Wash)let5s'25F A
Ver Cot Duck let be.
Mt
92
93
Npt N&O P let 54'38 M-N
205 '220
General 56.-1941 5165
90
Norfolk St 1st 56'44. J-J
North Cent4'519'25 A-0
2214 23
Series A be 1916. .J
Series B 58 1926....J.J
80
85
Pitt Un Trac be 1997
Polo Val 1st be 1941..J4
4
44
. Say Fla &West
56'34 A-0
Seaboard A. L 4s 1950 A-0
9834 99 Saab & Roan ba 1926.J -.I
South Bound 1st 5s..A 0
9312 U El L&P let 446'29 M.N
93
Un Ry & El let 4:1'49 14-8
Income 48 1949
74
73
J
Funding be 1926...J.D
82
80
Vs Mid 211 ger de '11.111.S
101 102
3d
series 6s 1916..M-8
107 105
4th set 3.4.456 1921.11.
974 9714
5th series 5a 1926.61.
103
1084 11014 Vi(State) 33 new '32.J-.1
Fund dela 2-3e 1991.J
111 112
Wait N C con 661914 J-J
108
108
WeeVaC&P lattig'11.14
WU & Weld 56..1935.J-3
103
108..
51314 Paul. 4 535 Dam. a kteetnyta. b 525 paid. o$30 paid.
874 90
1024
101
108 109
1014 102
98 100
106
10414 Val;
109 110
964 97
984 99
106 110
193% 11)5
42's 4314
la
144.
103
105¼
90
95
106 108
7312 73%
io5
105
114/4
110",
1024
101 104
1024
614% 5134
102 4
98
99
87
88
85
854
51,
4
51
7612 7534
1(13
105
103
104
90
914 113
105 108
103 104
105
44.424 paid
[VOL. Lxxxvi.
THE CHRONICLE
1404
$nuesttutut and igaitroad iittettiqetice.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and th:? last two
columns the earnings for the period from July 1 to and including such latest week or .onth. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross gamines.
ROADS.
Week or
Month,
Current
Year.
Previous
Year.
Latest Gross Earnings.
July 1 to Latest Date.
Current
Year.
Previous
Year.
$
$
6'
5
Ala Great Southern -See Soul hero Rail way.
Ala N 0 & Tex Pita.
52,000 2,542,012 2,613,461
38,000
N 0 & N East -r 1st wk Mal
23,000 1,335,778 1,326,193
23,000
Ala & Vicksb- --r tat wk May
26,006 1,294,613 .1,345,002
19,000
Vicks Sh & Pac_r 1st wic Mal
8,810
3,877
35,422
35,770
Ala Tenn & North_ _ March ____
7,361,388 8,494,368 77,571,762 77,887,330
Atca Top &.S Fe _ April
133,659 142,000 1,357,764 1,158,744
Atlanta Birm & At! March
2,266,534 2,444,409 22,149,747 22,401,747
Atlantic Coast Lint April
5,024,785 7,107,674 63,080 036 67,676,988
Baltimore & Ohio_ _ April
288,380 325,122 2,229,438 2,378
Bangor & Aroostook March
4,679
4,531
51,397
48.486
Bellefonte Central _ April
2,882,282 '
33,036,474
Boston & Maine-- r April
3,438
2,965
43,223
38,052
Bridgeton&Saco --r April
Buff Roch & Pitts_ _ 4th wittfity 131,405 269,493 7,786,67'2 7,755,689
189,262 154,746 1,647,802 1,346,265
_ _ March
Buffalo &
Canadian NOrthern _ 4th wkMay 192,100 319,200 8,338;000 6,530,000
Canadian Pad tic_ _ _ 4th wkMa.. 1,718,00u 2,232,00( 65,773,708 65,351,677
158,201. 217,700 10,333,871 10,084,21,5
Central of Georgia_ _ 3d wk May
2,271,591 2,335,095 22,642,721 21,784,6M
Central of N Jersey_ April
1,384
3,829
97,186
'Chattanooga South_ 3d wit May
147,4E1
1,718,852 2,209,621 22,102,218 20,975,241
'Chesapeake & Ohlo_ April
6,503
. . 7.100
50,767
Chesterfield & Lane March
39,133
834,125 986,066 10,279,787 10,678,122
Chic & Alton Ry-r April
5,686,976
56,437,215
Chic Burl & Quin -r April
Chic Great Weste 3(.1 wit May 133,319 165,758 7,218,642 7,981,762
, 87,825 115,931 4,611,864 5,302,601
Chic Ind Sc Lonisv. Id wit Ma
Chic lad & Southern -See New York Cen tral.
Chic, Milw & St Path March ____ 1,777,016 5,035,811 44,189,591 45,746,395
1,406,279 5,410,595 53,950,687 57,131,410
Chic & NorthAVest_ April
934,771 1,133,144 11,032,480 11,827,511
Che St PM & O. r April_
31,224
33,919 1,462,529 1,467,131
Chic Term Tran NB 2(1 wk May
552.6ne
6,246,699
Cln Ham Re Dayt_ _ r March
Gin N 0 & Texas P -See Soul hern Rail way.
Cincinnati Northern -See New York Cen tral.
Cloy On Chic & St L -See New York Can tral.
181,908 1,871,357 2,041,248
144,321
Colorado Midland_ r April
h Col & South Sys.r 4th wit/May 223,604 318,697 13,193,029 12,213,589
205,533
28,384
21(1,69(1
24,929
Col Newb & Laur_ _ February
595,680
56,666
69,114
612,816
March ____
Copper Range
18,891
107,970
April
5,75Q
182,83)
Cornwall
_
222,401
18,832
38,015
February _
320,379
_Cornwall 4Lebanon
209,758 208,973 1,720,385 1,578,863
April
Cuba Railroad
1,527,625 1.716,598 16,684,033 15,140,130
I Delaware & Hud__ April
27,964,999
2,605,330
Del Lack & West--r April
Denver & Rio Gr- -r 4th wkMay 452,800 591,10 18,761,743 18,058,153
37,611 1,090,041 1,191,656
28,626
Detroit & Mackinac 4th wkMay
87,039 3,533,793 3,820,376
60,638
Det Tol & front Sys 3d wk May
5,487,430
91,842'
Dul do Iron Range-r April
48,218 118,940 2,741,674 2,945,815
Du!So Sh & Ati---r 1th wkMay
3,639,733 4,671,405 41,819,118 44,134,216
loril
Erie
-See Rock Island S ystem.
Evansville de Ter
1,674
15,769
1,573
15,402
Fairchild & Nor S._ April
66,621
649,247
66,686
643,464
Fonda Johns & Gloy April
212,095 224,480 2,536,332 2,573,719
Georgia Railroad_ _ A.m.!!
•Georgla South & Fla -See Soul horn Rail way.
Grand Trunk Syst _ 4th wicMay 989,509) 1,303,633 38,339,098 39,859,708
75,280 • 104,188 5,353,654 5,341,027
Or Trunk West_ _ 3d wit May
25,597 1,5311,044 1,594,433
22,945
Det Gr Hay & MII 3d wit May
23,188
36,212 1,733,325 1,723,251
Canada Atlantic_ 30 wk May
3,437,175 4,923,598 47,582,650 45,142,397
Great Northern Syst April
45,907 1,903,319 2,215,730
29,071
Gulf & Ship Island _ 3d wk May
246,595 613,233 5,089,536 5,563,465
Hocking Valley-__ _ April
3,810,848.4,741,286 45,076,502 16,865,1135
Illinois Central____ April
Inter & Great North 3(1 wk May 114,000 158,000 6,228,982 7,970,380
.aInteroceanic (Max) 4th wkMay 187,658 202,015 7,108,022 6,572,235
78,099 2,774,546 2,897,511
68,149
ith wkMay
Iowa Central
129,670 219,139 1,72(1,184 1,931,754
kprIl
Kanawha & Mich
Kansas City South _ April _... 632,417 865,045 7,686,252 7,496,258
Lake Erie & Wesen -See New York Can tral.
.
Lake Shore & M Sou -See New York Cen tral.
2,903,519 3,066,462 29,461,368 19,097,471
Lehigh Valley..___r April
57,598
428,923
35,265
473,276
Lexington Re East_ _ April
Inc. 189, 216
Dec. 12. 322
April
Long Island
97,481 120,264
954,657
983,910
Louisiana & Arkan_ April
Louisv & Nashv- -r 3d wk May 748,435 900,102 40,169,202 42,567,129
11,260
126,641
10,473
147,052
Macon & Birming'm April
7,188,393
C13,017
Maine Central ----r Anril
5,132
6,450
49,854
63,728
April
Manistique
31,217,
35,545
322,299
297,029
Marylmnd 3: Penn. _ April ____
2,696,016 2,920,992 30,074,969 25,406,127
a Mexican Central_ _ April
a Mexican Internat _ 1th wkMay 197,475 271,438 7,631,125 7,734,338
a Mexican Railway_ 2d wk May 146,000 157,10f) 6,970,90 6,595,200
29,004 1,138,761 1,135,314
23,020
a Mexican Southern 20 wk Ma,
Michigan Central-- -See New York Can tral.
016,279
87,691
61,373
Midland Valley___ _ April
658,573
740,280
30,290
724,554
23,994
Mineral Range..-_r 4th wkMay
MInneap & St L. -r 4th wkMay
86,679 113,192 3,538,402 3,521,541
Minn St P & S S M. tth wkMay 214,229 377,727 10,621,009 11,599,355
Mo Kansas & Texas April
1,520,746 2,026,892 10,068,200 11.798,995
Mo Pac .Se Iron Mt _o 30 wk May 728,000 893,000 39,177,188 11,0.11,254
30,000
30,000 1,388,000 1,468,000
Central Branch_o 30 wk May
Total system_ _
'3d wit May 758,000 913,000 40,565,188 13,079,354
Mobile Jack & K C Wk May 2_
21,615
31,433 1,266,495 1,288,679
806,909 1,130,479 9,218,528 10,092,367
Nashv Chatt & St L April
a Nat RR of Mexico 4th wItMay 352,613 568,636 14,434,774 14,404,343
879,565
883,655
Hidalgo & N E.._ 30 wit May
16,194
19,633
lni.all
,,n2.27
ta .vk 'tn.,
5,111).
n 1,,,
Nevad
ROADS.
Week or
Month.
Current
Year.
Precious
Year.
July 1 to Latest Date.
Current
ear.
Previous
Year
6
N Y C & Hud Rivet April
,782,252 3,030,26t. 78,019,069 79,038,571
AprIl
Lake Shore & M
3,093,651. 3,598,630 35,614,950 35,965,054
Lake Erie & West
334,00i. 402,123 3,990,410 4,281,623
Chic Ind -4 Souti, April
109,22( 205,887 2,459,209 2,186,310
Michigan Central. April
2,021,154 1,367,877 22,558,190 22,742,838
Cleve C C & St L. April
1,734,81t 2,158,884 21,249,494 21,055,849
Peoria & Eastern. April
197,641 223,232 2,440,399 2,519,932
862,952
769,007
Cincinnati North_ April
88,327
05,911
Pitts& Lake Erie. April
000,651 1,103,830 10,475,519 11,789,684
Rutland
April
210,52t 251,189 2,444,026 2,376,367
755,711' 725,154 8,472,212 8,524,659
N Y Chic de St L_ April
Total all lines_
15:111555; 11)484405 188392555 101243841
66,631
63,049
Nevada Central
April
5,88)
9,950
665,358 707,503 6,688,459 6,781,044
N Y Ont.& Western April
40,410,628
NYNH & Hart_ _r March
3,874,618
273,634 276,118 2,777,433 2,552,513
N Y,Susq &'We,st.:_ April
1,994,048 1,681,2U 24,802,783 25,542,395
Norfolk & Western_ 1pril
Northern Central _ _ April
941,502 1,101,1n: to,5;,r,L;;1 1•:,270,481
Northern Pacific_
April
5,198,051 6,268,326 48,893,07.1. 45,801,628
March
453,811 637,856 5,640,436 5,383,889
Pacific Coast Co_
36,919,531
Pennsylvania Co -_r
2,571,228
AnrIl
10521888 13370388 127568770 128080970
d Penn-East P &
Dec. 2 ,553,600
Dec.3,6 72,400
d West of Pitt& E April
1,142,174
10,590,987
Pere Marquette- r March
1,339,673 1,435,773 14,094,674 13,716,974
Phila. Bait & Wash_ April
1.,888,318 2,747,674 24,250,221. 25,655,321
Pitts On Chic & Sti. Anril
Pitts & Lake Erle -See New York Cen tral.
10,844
82,238
102,491
Raleigh& Southport April _ _ _ _
9,331
3,269,077 3,591,06C 35,423,491 15,541,048
R,cadIng Company_ April
4,453,707 4,121,379 32,881,5/i 32,010,461
Coal & Iron Co_ April
7,723,081 8,110,461' t18,231,u61 57,552,110
Total both.cos_.:„. April
147,487 171,080 1,424,19/ 1,360,224
Rich Fred & Potorn March
52,502
618,796
57,191
622,134
Rio Grande June_ _ _ March
539,078
11,687
539,091
11,810
RI° Grande South.. 3d wk May
4,904,292 5,270,690 45,950,184 44,644,148
Rock Island System March _
3,874.887 4,304,521 37,264,843 36,926,494
e St L & San Fran March
187,966 175,761 " 1,728,436 1,726,684
f Evansv & Ter H March ___ _
8,067,146 9,840,972 84,043,462 13,297,326
Total of all lines_ March
-See New York Cen tral.
Rutland
130,512 142,400 1,242,037 1,302,857
_
St•joseoh ec Gr Isi_ _ March
St Louis & San Fran -See Rook Islani S ystem.
1th wkMay 198,547 2115,974 • 8,864,259 9,446,183
St Louis Soutnwr1444,591 0613557 r 12008931. ol 2206058
Seaboard Air Line_ March
March
20,77b
24,56C
Sierra Ry
99,122 125,092 1,594,964 1,315,819
Southern Indiana.. April
9,138,097 10456227 105489354 103768364
c Southern Pac Co.. April
Southern Railway- r 3d wit May 783,6.26 1,084,377 47,831,828 50,476,635
Mobile & Ohio_ _r 3d wk May 149,885 185,8(w 8,664,491 9,416,103
CInNOSoTP..r 3d wit May 128,264 177,414 7,073,890 7,310,240
50,227
75,873 3,160,376 3,487,690
Ala Great South 3d wk May
43,2'14 1,989,493 2,1525,735
32,812
Georgia Sou & Fla 3d wit May
954,75/ 1,118,432
3d wk May
22,351
6,564
Texas Central
_ _ 4th wkMay 253,298 499,873 13,470,448 15,456,713
Texas &
74,613
75,575
Tidewater & West. April
8,469
6,708 '
180,919 408,169 3,605,053 3,996,833
Toledo & Ohio Cent April
24,981 1,087,789 1,128,272
18,170
Toledo Peor So West 3d wk May
92,023 3,454,638 3,710,007
63,021
Toledo St L & West 3d wk May
48,420
45,438
5,408
Tombigbee Valley.. March
6,503
729,894
696,828
80,578
73,078
Tor Ham & 13uffalo April
5,966,85,1 ,414,19C 64,0110,45)' 62,686,673
Union Pacific Syst_ April
7,863,270
April
Vandalia "
611,338
893,237
867,061
06,947
Virginia & So West. April
72,09(
4th wkMay 575,407 738,225 23,570,754 24,938,676
Wabash
Western Marlyand_ February _
350,998 407.049 3,968,203 3,527,239
428,514 310,114 4,794,884 4,399,084
*
W Jar & Seashore.. April
Wheel & Lake Erle_ 3d wit May
78,963 131,431 4,824,324 5,344,356
Wisconsin Central-r March
501,390 653,780 5,676,374 5,508,903
241,103
April
241,832
IVrightsv & Tenn
21,182
15,980
Yazoo & Miss Vail_ April
727,025 768,386 .8,430,378 8,061,839
VariOUS Fiscal Years.
Period.
Bellefonte Central
Jan
;Delaware & HudsonJan
Manlstique
Jan
Railway
Mexican
Jan
Mexican Southern
fan
re
en&
trm
al
rk
hoC
Fan
NeL
wakYeos
ich Southern_ fan
fan
Lake Erie & Western
Chleago Indiana & Southern Jan
Jan
34i l lgJinn Centralchi e
St Louis... Jan
Chic
Clove
Jan
Peoria & Eastern
Northern
Cincinnati
Jan
Pittsburgh & Lake Erie
Jan
Jan
&
St
R
Ne
uw
tlaY
no
drk Chicago
Louts Jan
-Tan
Total all
Jan
(I
N podretv
lintreosfalpitts &
Erie
Jan
of
ntittsburgh & Erie.. jTaann
o
CfaesP
WestE
Phila. Bait° & Washington
fan
Pltts Cm Chic & St Louis
Dec
R.10 Grande Junction
Ian
Texas & Pacific
,te.S.n,v1we
fin
Wcst jersetv
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
111
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
t
too
to
to
to
to
Current
Year.
Previous
Year.
19,403
18,101
April 30
April 30 5,855,303 5,933,987
18,424
17,148
Apr 30
May 19 2,970,400 , 2,981,400
510,561
478,114
May 14
April 30 26,580,907 29,828,030
April 03 12,251,023 14,027,773
Anril 30 1,356,009 1,594,193
1)54,288
999,843
Am1130
April 30 7,845,1)65 9,1)86,395
April 30 7,241,464 7,823,456
871,976
922,210
April 30
243,616
310,987
April 30
Anril 30 2,613,167 4,355,34'?
772,437
845,028
April 30
April 30 3,227,565 3,508,451
April 30 63,957,517 73,301,720
April 30 3,501,227 4,008,827
Anril 3" 11,897,429 30,573.929
Dec.6, 863,000
April 30
April 30 4,939,536 5,211,330
And'30 7,984,178 10,317,298
225,530
255,266
Mch 31
Mow 31 5,192,522 7,145,593
1.358,47:4 1.340.178
A
MO.
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
3c1
4th
1st
2d
3d
4th
1st
2d
Zd
4th
week
week
week
week
week
week
week
week
week
week
Mch
Mch
Apr
Apr
Apr
Apr
May
May
May
May
Cur'nt Year Prey's Year Inc. or Dec.
(40 roads)-___
8,554,987
9,649,584 -1,094,597 11.34
(47 roads)___ _ 12,637,773 14,846,617 --2,208,844 14.88
(42 roads).... 8,229,164
9,469,719 --1,240,555 13.10
(42 roads)_ _ _
9.870,161 -1,731,686 17.54
8,138.475
(44 roads)-___
8,247,262 10,067,732 -1,820,470 18.08
(45 roads)____ 10,827,078 14,207,506 -3,380,428 13.79
(43 roads)---_
7.911,943 9,1891,307 -2,070,364 21.02
(44 roads)._
7,958,788 10,166,254 -2,207,466 21.70
(43 roads)---8,016,707 10,054,378 -2,105,029 20.8))
_
road.)
(21
5,94,
9,357,043 -2.414.71" 29.68
,311
Monthly Summaries.
Month
Month
Month
Month
Month
Month
Month
Month
Month
Month
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mch
Ant
Cuent Year Prev's Year Inc. or Dec.
1907 (116 roads)_ 187.069.790 163,683.258 4- 23,394.532 14.28
1907 (121 roads). 197,288 033 175.726.323 +21 561,710 12.27
1907 (118 roads). 102 548,022 175 505 030 + 17.042.983 9.71
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
1907 (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 12.40
1908 (123 roads). 141,256,206 160,150,610 -18.894,404 11.79
1908 (125 roads). 162.495,089 187,435,35r -24,940,201 13.37
1908 ( 53 roads). 46,398,33n 57,884.380 -11.486.050 19.85
a Mexican currency. b Includes earnitgs of Gulf & Chicago Division, c includes the Houston & Texas Geratral and Its subsi liary lines in beta
rears. d Cover. fines directly operated. c Includes the Chicago & Eastern Illinois In both years. f Includes Svauville h Indiana RR. is IneISdil
k Includes in both years *arable,
sarnla,gi of Col. de South.. Ft. Worth la Denver City and all affiliated fines, eseeotino• Trinity' & BraZOS Valley RR
of Denver Ituk1 as Gulf RR.. Pecos Valley System and Santa Fe Prescott ds Phoenix Ry. I These lIguret do not Include receipts from sale of coal.
a Figures here are on the old basis of accounting-not the new or Inter State Commerce Commission method. r These figures are on the now
basis prescribed by the Inter-State Commerce Commission. .
JUNE 6 1908
1
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of May. The table covers 21 roads and shows 28.68%
decrease in the aggregate over the same week last year.
1405"
--Gross Earnings-- --Net Earnings
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Roads.
N Y Cent & H R (Concl.)Lake Erie 8: Western_Apr 334.003
402,123
94,325
25,212
Jan 1 to Apr 30
1,356,009 1,594,193
154,696
362,126
Fourth week of May.
19A.
1907.
Increase. Decrease.
Chic Ind & Southern__Apr
199,226
265,887
34,058
103,293
---Jan 1 to Apr 30
954,288
099,843
313,956
353,050
$
Michigan Central
Apr 2,021,154 2,367,877
Buffalo Rochester dc Pittsburgh
131,405
269,493
138,088
537,049
416,523
Jan
1
to
Apr
30
7,845,065
Canadian Northern
192,100
319,200
9,086,395 1,528,012 1,650,177
127,100
Canadian Pacific
1,718,000 2,232,000
Clev Cinc Chic & St L_Apr 1,734,815 2,158,884
514,000
290,607
459,288
223,604
Colorado & Southern
318,697
Jan 1 to Apr 30
95,093
7.241,464 7,823.456 1,180,998 1,429,768
452,800
Denver & Rio Grande
591,100
138,300
Peoria
&
Eastern
Apr
197,641
223,232
11,746
40,505
28,626
Detroit & Mackinac
37,611
8,985
Jan 1 to Apr 30
871,976
922,210
109,171
206,463
48,218
Duluth South Shore & Atlantic
118,940
70,722
Cncinnatl Northern_ _Apr
Grand Trunk of Canada
65,913
1
88,327
9,677
7,978
Jan 1 to Apr 30
Grand Trunk Western_ __ _ }
989,509 1,303,633
243,616
310,987
314,124
45,923
19,998
Detroit Grand Haven de Milw I
Pittsb & Lake Erie_ __Apr 600,651 1,163,836
140,522
263,399
Canada Atlantic
Jan 1 to Apr 30
2,613,167 4,355,347
572,774
988,005
Interoceanlc of Mexico
187,658
202,015
14,357
Rutland
Apr 210,526
251,189
Iowa Central
56,231
68,149
69,361
78,999
10,850
Jan
1
to
Apr
30
772,437
845,028
158,802
Mexican International
197,475
224,877
271,438
73,963
Mineral Range
N Y Chic & St Louls__Apr 755,716
23,994
30,290
925,154
6,296
182,615
271,133
Minneapolis do St Louis
86,679
Jan 1 to Apr 30
113,192
3,227,565 3,508,451
26,513
450,767
752,880
Minneapolis St Paul & S S M_ _
214,229
377,727
163,493
Total all lines
Apr15,995,557 19,484,405 3,761,445 4,160,518
National RR of Mexico
352,613
568,636
216,023
Jan 1 to Apr 30
63.957,517 73,301,720 12,884,633 14,717,725
St Louis Southwestern198,547
285,974
87,427
& Western_ b__ _Apr 1,994,048 2,681,219
Texas & Pacific
776,489
253,298
409,873
992,640
246,575 Norfolk
July
1
to
Apr
30
24,802,783
25,542,395 8,744,860 9,441,197
Wabash
575,407
738,225
162,818
Northern Central- b
Apr 941,502 1,101,102
223,554
235,554
Total (21 roads)
Jan 1 to Apr 30
5,942,311 8,357,043
2,414,732
3,501,227 4,008,827
512,762
536,762
Net decrease (28.68%)
Northern Pacific- b
Apr x5,198,051 6,268,326 x2,260,261
July 1 to Apr 30
x58.893,672 55,861,628x25,762,216
Comp'y b_Apr 2,571,228
642,680
For the third week of May our final statement covers 43 xPennsylvania
July 1 to Apr 30
36,919,531
11,055,789
roads and shows 20.80% decrease in the aggregate over the Pennsylvania Lines directly operatedEast of Pitts ec Erie_ b_Apr10,521,888 13,370,388 2,720,256 3,384,156
same week last year.
Jan 1 to Apr 30
41,897,429 50,573,929 9,254,873 11,469,473
West of Pitts do Erie.. _Apr
Dec 2,553,600
Dec 784,500
Third Week of May.
1908.
1907.
Increase. Decrease.
Jan 1 to Apr 30
Dec 6,683,000
Dec 1,515,200
Phila
Wash_b__Apr
&
Balto
1,339,673
1,435,773
Previously reported (41 roads) _ 7,981,072 10,054,378
320,024
276,324
2,073,306
Jan 1 to Apr 30
4,939,538 5,211,336
Gulf & Ship Island
706,438
826,438
29,071
45,907
16,836
Texas Central
6,564
52,505
22,351
57,198
15,787 Rio Grande Juncton_ __Mch
n15,751
n17,159
Dec 1 to Mch 31
225,530
255,266
n67,658
n76,579
Total (43 roads)
8,016,707 10,122,636
2,105,929 Rio Grande Southern_ b_Apr
42,346
45,771
16,421
11,905
Net decrease (20.80%)
July 1 to Apr 30
507,303
507,341
184,169
199,198
St Louis Southwestern_a Apr 656,890
812,890
69,880
178,994
Net Earnings Monthly to Latest Dates.-The table folJuly 1 to Apr 30
8,211,466 8,584,207 1,764,847 2,297,167
lowing shows the gross and net earnings of STEAM railroads Southern Pacific_ a
Apr 9.138,097c10,456,227 2,693,457 c3,045,027
July 1 to Apr 30
105,489,354 c103768364 29,455,910 c36,887.440
reported this week. A full detailed statement, including all
Railwayroads from which monthly returns can be obtained, is given Southern
Mobile de Ohlo_a____Apr
693,075
977.754
189,771
272,012
once a month in these columns, and the latest statement of
July 1 to Apr 30
8,222,283 8,867,703 2,240,843 2,749,358
this kind will be found in the issue of May 23 1908. The Texas & Pacific_ b
Apr x894,262 1,324,953
x71,330
July 1 to Apr 30
x12,586,466 14.098,233 x3,210,746
next will appear in the issue of June 30.
Tidewater 86 Western_ b_Apr
6,708
8,469
1,288
2,732
-Gross Earnings-- -Net Earnings
July 1 to Apr 30
75,575
74,613
8,892
5,213
Current
Previous
Current
Previous
Toledo do Ohio Cthtt_a__Apr
189,919
408,169
14,073
132,488
Year.
Year.
Year.
Year.
July 1 to Apr 30
3,605,053 3,996,833 1,026,005 1,222,459
Roads.
Union Pacilic_a
Apr 5,966,854 6,414,196 2,807,277 2,351,337
xlloston & Maine_ b
Apr 2,882,282
801,270
July
to
Apr
1
30
64,061,450
62,686,673 26,171,790 28,510,855
July 1 to Apr 30
33,036,474
8,091,488
Apr
611,336
117,743
Bridgeton & Saco ItIver_Apr
2.9653,438
130
629 xVandalia_b
July
Apr
1
to
30
7,863,270
1,877,338
July 1 to April 50
13,217
38,952
43,223
11,796
West
Jersey
b_
ash
_Apr
&
428,514
_
Se
389,114
77,854
10,854
Buffalo Roch & Pitts_ b_Apr 491,675
165,773
742,476
321,448
Jan 1 to Apr 3)
1,353,478 1,340,178 def70,640 def168,140
July 1 to Apr 30
7,314,934 6,920,260 2,811,008 2,670,291
& Lake Erie_ b_Apr 236,434
543,671
def6,476
187,284
Chicago & Alton_a
Apr 834,125
8296,249
986,066
8349,557 Wheeling
July 1 to Apr 30
4,583,897 4,956,789
899,409 1,619,125
July 1 to Apr 30
10,279.787 10,678,122 83,414,788 83,791,097
Wrightsv & TennIlle_b__Apr
z15,989
z21,182
340
4,054
xChic Burl ec Quincy_b_Apr 5,686,976
708,288
July
1
to
Apr
30
z241,832
z241,103
66,488
61,085
July 1 to Apr 30
66,437,215
Yazoo ec Miss Valley-a-_Apr 727,025
768,386
14,483
78,188
Colorado Midland_a____Apr
144,321
c38,655
c181,908 20'52
8,
67
542
1
13
July 1 to Apr 30
8,439,378 8,061,839 1,071,621 1,299,645
July 1 to Apr 30
1,871,357 c2,401,248
349,227
c506,285
a Net earnings here given are after deducting taxes.
Delaware & Hudson_b__Apr 1,527,625 1,716,598
r543,796
r703,275
Net
earnings
here given are before deducting taxes.
Jan 1 to Apr 30
5,855,303 5,933,987 r2,002,372 r2,256,266
c Figures revised for previous year so as to accord with the new classifixDel Lack do Western_ b_Apr 2,605,330
cation of earnings and expenses now required by the Inter-State Commerce
1,026,628
July 1 to Apr 30
27,964,999
Commission.
11,624,529
n These figures represent 30% of gross earnings.
Denver Fe Rio Grande_a_Apr 1,432,772 c1,696,069
c604,053
411,897
r For April 1908 net from Coal Department was $63,689, against $91,102
July 1 to Apr 30
17,323,243 c17,162,853 5,509,593 c5,808,241
last year, and from Jan. 1 to April 30 was $369,546 In 1908, against $437,Detroit ec Mackinac_a__Apr
96,122
120.789
28,438
20,727 000 last year.
July 1 to Apr 30
994,749 1,077,568
242,184
190,696
s After allowing for miscellaneous charges and credits to income for the
Erie-a
Apr 3,639,733 4,671,405
767,664 1,451,024 month of April 1908, total net earnings were $267,865, against $351.899'
July 1 to Apr 30
41,819,118 44,134,216 7,248,678 12,224,530 last year, and for period from July 1 to April 30 were $3,290,591 this year,
Fairchild & Nor East_ b_Apr
1,674
1,573
253
clef 839 against $3,705,663.
x These figures are on the basis of accounting required by the Inter-State
July 1 to Apr 30
15,769
15,402
147
def2,019
Commerce Commission.
Grand Trunk of Canadaz
Includes $105 other income for April 1908, against $454 In 1907, and for
Grand Trunk Ry.-Apr 2,320,834 2,961,752
662,331
955,294
26,909,797 27,720,069 6,737,182 7,673.406 period from July 1 to April 30 includes $897 in 1908, against $4,524 last
July 1 to Apr 30year; beginning July 1, the earnings of the Dublin tic Southwestern RR. are
Western_Apr
Trunk
437,985
Grand
518,282
69,104
57,911 'included in both years.
5,068,736 5,038,393
July 1 to Apr 30
700,557
718,344
Detroit Gr Hay & Mil_Apr
Interest Charges and Surplus.
111,929
134,315
def5,353
17,033
1,467,107 1,520,259
July 1 to Apr 30
199,600
336,192
-Int., Rentals, ctc.- -Bal. of Net E'ngs.Canada Atlantic
Apr
105,603
133,829
Cu rrent
Previous
Current
Previous
def7,300
def7,300
July 1 to Apr 30
1,680,630 1,825,181 def51.886
Year.
Year.
Year.
Year.
105,798
Roads.
xGreat Northern-b
Apr 3,483,481
1,079,553
Bridgeton & Saco River Apr
July 1 to Apr 30
47,003,144
593
543
16,749,730
86
def 454
July 1 to Apr 30
5,933
5,433
7,283
6,363
Gulf & Ship Island_a___Apr
143,637
231,792
22,018
81,694
Midland ____ Apr
July 1 to Apr 30
31,350
1,816,040 2,066,720
30,647 cdef18,952
c4,278
370,574
602,824 Colorado
July 1 to Apr 30
309,980
306,467
c10,733
c167,317
Hocking Valley_a
Apr 246,595
613,233
def3,847
197,621
July 1 to Apr 30
279,230
5,089,536 5,563,465 1,332,887* 1,662,434 Denver & Rio Grande. _ _Apr
287,490
d140,681
d324,690
July
1
3,088,707
to
Apr
30
2,939,433
d2,913,098
d3,276,558
Illinois Central-a
Apr 3,810,848 4,741,286
633,856 1,203,334
July 1 to Apr 30
83,728
Apr
72,714 xdef63,507
45,976,502 46,865,635 10,691,109 13,603,253 Hocking Valley
x124,398
July 1 to Apr 30
795,924
647,396 z1,314,368 x1,254,713
Kanawha & Michigan_a_Apr
219,139
129,679
17,844
50,375
July 1 to Apr 30
Kanawha
Michigan_
ec
_
_Apr
22,769
20,504
xdef1,872
1,720,184 1,931,754
x30,468
154,395
425,103
July 1 to Apr 30
222,625
214,757
x95.753
x215,663
Long Island- b
Apr
Dec 12,322
Inc 08,183
Missouri Kansas & Tex_ _Apr 8512,602 /1485,670xdef200,931
July 1 to Apr 30
x17,812
Inc 189,216
Dec 61,503
July 1 to Apr 30
85,386,816 84,001,824 x1,272,873 x3,178,961
Louisiana & Arkansas_a_Apr
120.264
97,481
36,150
48,184
July 1 to Apr 30
149,018
58,581
149,448
983,910
954,657
60,061
289,491
303,953 Nashv Chatt" & St Louls_Apr
Apr
July
to
30
1
1,523,710 1,493,470
496.471
578,415
Louisville & Nashville_ b_Apr 3,271,226 c3,998,602
744,893 c1,213,470
July 1 to Apr 30
3,302
3,868
x9,481
37,934,957 c39,835,203 9,189,713c12,757.577 Nevada-Cal-Oregon _ __ _Apr
x6,486
July 1 to Apr 3)
32,477
43,156
x118,589
x101,573
xMaine Central- b
Apr 613,017
159,681
Norfolk & Western
401,207
July 1 to Apr 30
Apr 440,060
336,429
7,188,393
591,433
2,270,543
July 1 to Apr 30
4,369,360 3,879,956 4,375,500 5,561,241
Minneap St P & S S M_ b_Apr 812,446 1,236,428
273,815
483,712
8,333
July 1 to Apr 30
8,333
9,852.348 10,446,450 3,827,002 4,454,368 Rio Grande Junction ___Mch
7,418
8,826
Dec 1 to Mch 31
33,333
33,333
34,325
43,246
Missouri Kans & Tex_b-Apr 1,520,746 2,026,892
305,429
438,721
18,292
20,068.200 21.798,955 6,345,755 7,933,168 Rio Grande Southern_ _ _Apr
July 1 to Apr 30
18,716
xdef 556 xdef5,745
July 1 to Apr 30
185,485
183,960
x24,552
x24,718
Nashv Chatt & St L..b__Apr 806,909 1,130,479
208,029
200,079
$8,540
9,218,528 10,002,367 2,020,100 2,071,885 Toledo & Ohio Central_ _Apr
July 1 to Apr 30
36,855 xdef15,461
x95,757
$0
Apr
to
1
July
405,950
369,261
x791.218
x860,271
Nevada-Cal-Oregon_ b _ Apr
26,446
19,153
12,222
8,534
c After allowing for miscellaneous charges and credits to income.
July 1 to Apr 3)
284,372
215,574
140,996
119,731
d These figures are after allowing for other Income and for discount and
Apr
5,888
Nevada Central-b
9,959
2,472
5,658 exchange. The sum of $10,000 Is deducted every month from surplus and
63,649
July 1 to Apr 30
66,631
0,962
24,502 placed to the credit of the Renewal Fund.
h Fixed charges Include taxes amounting to $65,838 for April 1908.
273,634
N Y Susq de Western _a_ _Apr
276,118
65,229
62,192
July 1 to Apr 30
2,777,433 2,552,513
654,053
713,421 against $32,829 in 1907, and additions and betterments.of $12,253 this
year,
against $25,720; from July 1 to April 30 taxes wer $556,075 in 1908.
Itiver__APr
6,782,253 8,039,260 1,716,863 1,673,654
N Y Cent 86 Hod
26,580,007 29,828.030 5,110,721 5,259,552 against $341,424; additions and betterments were $521,994 for the sam
Jan 1 to Apr 30
period, against $405,095 the previous year. Prior to last Julyiltkyas th
Lake Shore ec Mich So_Apr 3,003,659 3,598,636
756,865
761,059 practice to include these items In the expenses.11
Jan 1 to Apr 30
12,251,023 14,027.773 3 258,313 3 470,831
Aft,- A lowInT for other income re,.I ed
Lxxxvi,
THE CHRONICLE
1406
STREET RAILWAYS AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Jan. 1 to latest date.
ANNUAL REPORTS.
Amalgamated Copper Company, New York.
(Report for Fiscal Year ending April 30 1908.)
Secretary A. H. Melin says in substance:
Previous
Year.
--Aprli 30 1908 the
$
Price of Copper.-During the fiscal year which ended
was greater than at any
853,915 fluctuation in the selling price of the copper metal
823,892
214,239 223,082
American Rys Co..- -- April
11)07 there was an
May
In
trade.
copper
of
the
the
history
In
period
379,447
other
373,244
97,934 101,198
cAur Elgin &Chic By April
per pound. This
unlimited demand, the selling price being about 25 cents
33,668 36,143
Bangor Ry dc El Co_ _ April
by the severe financial depression,
affected
seriously
afterwards
was
demand
22,730
April
20,240
afterwards alBinghamton By
and
slackened,
suddenly
it
of
1907
summer
early
the,
and In
698,618
176,527
firm By Lt & Power April
gradually declined,
18,501) most altogether ceased. The price of copper meantime
20,182
7,254
6,829
Brockton & Ply St Ry March _ _
the metal has sold at from
year
the
fiscal
of
months
two
last
the
during
50,492
and
56,320
17,432 14,831
in the market.
0ipe Breton El Co.._ _ March _ _
217,254 lz to 13 cents per pound. mast of the copper metal sold account, to re209,768
53,617 56,28:
Central Penn Tract.._ April
219,271 (and this was a large quantity) was bought for European
242,345
55,324
61,048
Chart Con Ry Gas&El April
become
had
depleted.
which
holdings
358,348
plenish
338,741
68,685 72,558
dChicago & Oak Pack May
on the part
After the first falling off in the demand, there was a tendencyand, during
71,543
74.261
19,470
20.114
Cleve Painesv & East April
49,558 of the producers of copper to await better business conditions;
52,811
49,558
52,811
Cleve Southw & Col_ _ January _ was naturally
amount
a
sold,
was
large
copper
but
little
as
period,
78,724 this
87,977
26,450
28,701
Columbus Electric Co March _ _
officials of the
254,889 accumulated. After the price had fallen considerably, the
261,248
87,447 89,493
Dallas Electric Co.._ _ March _ _ _
companies adopted the policy of curtailing the output.
Detroit United Ry_ 3d wk May 127,043 126,465 2,415,075 2,434,392 various producing
during which
conditions,
curtailed
under
months
several
for
334,064
312,880 After operating
23,272 22,963
Duluth Street Ry__ _ 4th wkMay
fact that each
640,386 time the producing cost was far above normal (owing to the
651,385
148,794 162,234
East St Louis & Sub_ April
output), it was
normal
of
its
part
small
a
only
producing
was
company
134,306
114,140
40,538
El Paso Electric
and
March ---- 43,641
deemed advisable to confine all operations to one unit. The mines
Ft Wayne & Wabash
operation
397,976
360,958 smelter of the Boston & Montana Co. at Great Falls were put in
99,740 93,940
Valley Traction Co. April
results.
satisfactory
with
and
extent,
fullest
their
238,869
226,648 to
83,539 82,292
Galv-Hous Elec Co.._ March _ _ - _
In February 1908 the surplus stock of copper had practically disappeared.
68,825 71,853
Grand Rapids Ry Co_ April
and the Washoe
797,714
726,467 and on March 1 1908 the mines of the different companiesoperated
34,31)3 32,219
. Wk May 31
Havana Electric Rs,
to their
137,295 smelter were again put into commission, and are now being
134,926
6,122
6,447
Wk May 31
Stage Lines
full capacity.
Honolulu Rapid Tran
by the engineers, menformulated
plans
-The
&c.
Rights,
Boundary,
2
119,82
118,654
2
29,66
29,243
& Land Co
rights and ques55,786
51,564 tioned in the last report, for the settlement of boundary all
20,415
19,773
March _ Hougnton Co St Hy_ _ Aprilparties having
year, and
318,867 277,724 1,26 ),654 1,105,324 tions of apex, have been In operation for over awith
pril
Illinois Traction Co
results.
the
satisfied
been
have
matter
the
in
interest
any
95,939
101,203
36,965 34,206
Jacksonville Elec Co_ March _ _
which has
shaft
tramway
-The
&c.
nts,
Development Work-Improveme
492,472 472,666 1,941,652 1,853,660
Kans City Ry& Light April
Butte dc Boston Co.,
174,009
180,989 been sunk jointly by the Red Metal Mining Co. and the
45,992 47,127
Healey and
Knoxville Ry & Lt Co April
Minnie
the
from
ores
the
that
is
expected
it
which
through
175,937
179,576 and
64,111
61,864
Lake Shore Electric_ _ March ___ _
reached a depth of
128,709
116,719 the Snohomish and Tramway mines will be hoisted, hasthe
46,735 41,738
Lex do Inter Rys Co_ _ March
1,500-foot level.
219,068
195,054 1,400 feet below the surface, and Is now being sunk to
55,559 49,139
Little R'k By Fe El Co April
driven into conbeing
are
now
shaft
of
this
levels
lower
the
from
cuts
492,502
482,161 Cross
132,230 124,972
Memphis Street Ry_ _ April
satisfactory.
most
have been
224,931 234,705 1,093,184 1,158,017 tiguous territory; the ore bodies developed
Met West Side Elev_ _ May
power,
The Washoe smelter at Anaconda has been equipped with electric
_ _ 306,162 300,688 1,213,128 1,188,369
MIlw Elec By & LtCo April
to treat 10,000
able
is
and
of
cost
operation,
the
lessening
214,002
208,428 thereby greatly
55,517 52,143
Milw Lt Ht & Trac Co April
day without difficulty.
per
ore
of
tons
1,350,970
67,977
1,280,366
71,044
23
_
May
By..
Wk
Street
Montreal
s
The Boston Ss Montana Co. has diligently prosecuted the improvement
489,911
484,144
117,572 124,857
Nashville By & Lt_ _ April
the flues and
181,422
44,553
160,555 in Its reduction works at Great Falls. All of the grading forhas
49,461
NJ&HRRy&FyC oMay
been built
and the new 506-foot stack
finished,
been
has
chambers
504,889
dust
508,727
132,844
129,804
.....
April
&Lt
North Ohio Trac
237,164
234,000 to a height of about 50 feet.
91,756
01,651
North Texas Elec Co_ March ___ has
The usual amount of development work in the different properties
558,917 629 ,013
143,465 187,097
Norf & Portsm Tr Co April
been carried on, and the results In most cases have been gratifying.
29,417
9,413
No Westchester Lt Co March ___ _
the
of
levels
lowest
In
ores
the
of
high-grade
occurrence
The continued
776,618
680,893
162,571 146,016
Northwestern Elev _ _ May
mines of other
73,099
69,080 mines controlled by the Amalgamated Co. and In the adjacent
21,156
19,614
Oklahoma City Ry_ _ April
engineers
company's
the
which
confidence
the
confirm
to
tends
companies
36,095
35,48711,891
11,688
Peekskill Light (so RR March _ _
52,739
51,961 have always had in the future of the Butte district.
19,205 17,284
Pensacola Electric Co March _ _ _ _
Milling
Saw Mills, Coal Mines, &c.-The saw mills of the Big Blackfoot
341,493 314,940 1,350,756 1,151,385
Portland Ry L& P Cc April
demand of the mines
240,470
213,291 Co. were operated to the extent required to meet the
Puget Sound Elec By February _ 117,501 105,775
conhas
company
said
The
at Butte and the commercial trade generally.
Rio de Janeiro Tram
mill sites.
fined its operations to the timber areas adjacent to Its original
1,638,085
570,665
the year
Light Fe Power_ __ _ March
for
earnings
The
intact.
still
remain
holdings
Its largest timber
St Joseph (Mo) By Lt
normal.
268,264
261,287 were quite satisfactory, and the output of its mills is now and the mines of
64,699 63,057
Heat & Power Co_ _ April
The Belt mines, owned by the Anaconda Copper Co.,
700,859
773,942
196,223 170,334
Sao Paulo Tr Lt & P_ April
results, notsatisfactory
with
operated
Co.
Coke
were
138,200
136,556 the Diamond Coal &
47,167
48,161
Savannah Electric Co March
demand for coal
899,884 withstanding the fact that during a portion of the year the
353,462 318,903 '1,063,792
Seattle Electric Co_ _ _ March
diminished.
greatly
758,160
871,237
184,935 170,314
the year on
South Side Elevated_ May
Constant development work has been kept up throughout
, 45,676
45,600
11,825 11,500
Son Wisconsin By Co April
located at Bear Creek, Mont., and owned by the Washoe
the coal
67,666 64,044
producing most
Spr'gfleld Ry&Lt Co_ April
months
mines
several
the
for
have
been
property'
and
Co.,
387,601 Copper
103,710 98,054 1:408,923
Syracuse Rap Tr By.. April
the field is one of
126,215 satisfactorily. The quality of the coal Is excellent and
43,528 '136,982
43,121
Tampa Electric Co.._ March ___ _
590,540 great promise.
554,157
4th wkMay 40,893 41,698
Toledo RYS &
ar labor contract.
5-ye
the
of
operation
-The
harmonious
Contract.
Labor
departments
Toronto Rallway.._ _ _ Wk May 30 73,275 61,202
which was entered into between the employees of the different
Twin City Rap Tran_ 3d wk May 118,020 112,272 1,249,863 2,152,195 and
officials of the mining companies, has worked satisfactorily.
the
d
Amalgamate
kUnderground El Ry
the
by
in
or
companies
owned
wholly
-The
Output.
of London, three
their own and custom
£6,880 2245,360 £178,175 Copper Co. produced in the calendar year 1907 from of which amount the
Wk May 23 £11,325
tube lines
copper,
of
pounds
refined
212,000,000
abeam
ores
£8,129 £186,424 1166,153
£8,885
Metropolitan Dist _ Wk May 23
about 178,000,000
£9,135 1116,869 E121,000 Amalgat...ted Copper Co. received,the benefit from
£7,691
United Tramways_ Wk May 23
1,589,053 pounds.
United RR of San Fr.. March _ _ _ _ 564,673 543,556 1,559,887
30.
RIL
ENDINGAP
FOR
YEAR
FISCAL
90.
RESULTS
,,85
865,691 884,923 3,327,451 3,370,
United Rye of St I._ _ April
$91,196016:537
81326
1907.
88,667
26,556
28,561
Whatcom CoIlly deLt March _
$14,154,400
year
the
for
$6,680,557
d These are results for Net income
,(4%)6,155,516(7%)11,926,312(5%)8,848,554
c These figures are for consolidated company.Chicago
Dividends
1907
Jan.
for
By.
Main line. f No earnings for Detroit Jackson Fe
boycott. k Does
$312,983
$2,228,088 ,
included in these figures. h Decrease due to strike and
$525,041
Balance, surplus for year
year.
8,942,712
9,255,695
not include the Charing Cross Euston & Hampstead Ry. for last
11,483,783
Previous surplus and reserve_ _
$9,255,695
$11,483,783
Total surp. & reserve April 30..$12,008,824
Street Railway Net Earnings.-The following table gives
30.
APRIL
SHEET
D
earnings
CONDENSE BALANCE
the returns of STREET railway gross and net
1907.
1908.
Assetsreported this week. A full detailed statement, including all Investment
insecurities, &c.. representing owneris
given
roads from which monthly returns can be obtained,
ship in copper mines, mining claims, mining
plants, reduction works, refineries, coal mines,
once a month in these columns, and the latest statement of
sawmills, standing timber, water rights,
$156,480,647 $156,480,908
this kind will be found in the issue of May 30 1908. The
land, &c
7,350,000
Loan to Washoe Copper Co. for smelter constr'n__ 7,200,000
next will appear in the issue of June 27 1908.
4,640,797
$1663,007,831 --___
Cash and assets
Earnings
-Net
Earnings-Gross
,688,478 $168,471,705
Previous
Current
Previous
Current
Total
Year.
Year.
Year.
Year.
Liabilities$153,887,900
$153,887,900
outstand'g
;
Cap.stock, auth. Issue $155,000,000
Roads.
22,265
22,315
payable
113:408737:778538
100,104 Accounts
195,737
539,233
769,439
Apr 546,163
Detroit United _a
May
payable
Dividend
698,730
008,823
689,751
2,064,777
12,
2,049,990
30
Apr
to
Jan 1
Surplus and reserve
35,658
40,359
93,940
99,740
Ft Wayne & W Val TrCo.Apr
$166,688,478 $168,471,705
136,766
166,161
Total
360,958
397,976
Jan 1 to Apr 30
12,947
10,607
29,662
29,243'
also report of Anacodna Copper Mining Co. below
Honolulu R T & L Co_ b_Apr
(See
52,101
49,912
118,654
119,822
Jan 1 to Apr 30
p. 1283.-Ed.)-V. 86, p. 604, 170.
226,946 and in V. 86,
224,815
472,666
Kan City By do Lt Co_ b_Apr 492,472
5,620,390 5,226,282 2,694,061 2,594,614
June 1 to Apr 30
Anaconda Copper Mining Company.
130,758
163,824
314,940
341,493
Portland By Lt de Pow_ _Apr
416,809
651,381
1,350,756 1.151,385
Jan 1 to Apr 30
(Report for Fiscal Year ending Dec. 31 1907.)
Poughkeepsie City Fc Wiwi) Falls_ bThis company is controlled by the Amalgamated Copper
2,932
1,121
23,379
24,843
Jan 1 to Mch 31
10,119
16,069
(see that company above). The comparative tables
47,167
Co.
48,161
__Mch
Co_a_
Elect
Savannah
20,204
46,622
r136,556
138,200
Jan 1 to Mch 31
of earnings and the balance sheet were given in V. 86, p. 1283.
•
Week or
Month.
Current Previous
ear.
Year.
Current
Year.
-
President John D. Ryan, under date of Butte, May 11908,
says in substance:
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
-Int., Rentals,
Previous
Current
Year.
Year.
-Bal. of.Net E'ngs.Current
Previous
Year.
Year.
Roads.
134,249
Detroit United
Apr
540,132
Jan 1 to Apr 30
6,099
Honolulu R T & L Co_ __Apr
24,502
Jan 1 to Apr 30
Lt
151,016
_
ec
_Apr
Co_
Ry
CRY
Kan
1,683,912
June 1 to Apr 30
Poughkeepsie City do 1Vapp Fails7,385
Jan 1 to Mch 31
12,547
Mch
Savannah Elect Co
37,629
Jan 1 to Mch 31
130,472
508,187
6,393
25,576
149,826
1,613,800
x66,486
x169,098
x5,131)
x27,933
73,799
1,010,149
z64,066
z208,948
x7,485
z28,887
77,120
980,724
5,759
11,775
34,797
xdef4,134
def2,428
def17,425
xdef4,141
4,294
11,825
z After allowing for other!mom 'received
General Results.-The mines and reduction works of the company were
operated fully until Sept. 1 except for some interferences with operations
resulting from the extreme cold weather, which delayed transportation
The condition of
of ore and fuel during January, February and March.
to restrict
the metal market, commencing with July, made It desirablewas
sharply
the output and,commencing with September,the production
curtailed, until It reached as low a point as 35% of the normal. At the
entirely.
works
and
it
mines
December
was
tile
of
decided to close
beginning
copper
until conditions should show improvement. The high price ofthe proprevailing during the first half of the year, when the large part of
than
grade
lower
a
of
duction was made, made it advisable to treat ores
history.
have been extracted In any previous period in the company's was
not
ores
these
of
treatment
from
product
resulting
the
the
of
Much
marketed until late In the year. when the price had receded ten to twelve
cents per pound lower than that ruling at the time the ore was extracted.
of curThe copper on hand Dec. 31 1907 was produced during the periodits
sale.
tailment,and cost $163,105 In excess of the amount realized from by the
This loss has been deducted from the profits of the year as shown
profit and loss statement.
All these conditions have resulted in a profit very much less thanIwa
anticipated.
JUNE 6 1908.1
THE CHRONICLE
The mines and works were not in operation during January and February
1908, bui....ariy in March word was again staiteu, anu in toe latter part of toe
month plocitiction had about reached the normal. Production ligures and
rough coso fur Maren and April show a considerably higher grade of ore
and a lower cost per pound of copper than nave been realized at any time
during the last few years.
report,
Labor Conudions.-Eariy in 1907, as stated in our last annual
in wages
contracts were entered into with labor unions for an advance
copper. In October the
during the time when high prices prevailed forwages
in all departments
price haying receded below the dividing line,
contracts,
of mining and smelting were reduced in accordance with the
to the scale prevailing early in 1906.
the year, largely
Mines.-Considerable development was done during
the "High Ore,"
lateral development; the only shaft deepened being
but no development of
which was sunk 293 feet to a depth of 2,880 feet;
level.
the veins has been made below the 2,600 foot
main Anaconda vein had been
At tile time of the last annual report,the
level of the St. Lawrence, 2,200
cut and levels driven on the 2,000 foot
of the Never Sweat. There
2,200
the
and
Anaconda,
the
of
and 2,400
these levels during the year past,
has been practically no stoping done on
was commenced, as it is debut in March 1008 stoping at various pointsthan
was done early in 1907.
sirable now to mine a higher grade of ore
and
The South vein of the Anaconda has been opened on the 1,800, 2,000
shows
2,200 foot levels,and, for the entire distance developed, the vein shown
as
it
of
we
that
estimate
one-half
grade
a
such
of
good width of ore
now is sinelting ore. In the St. Lawrence mine we have opened In the
upper levels a new vein for a distance of 500 feet in length, showing ore
of good width and good concentrating grade.
In the Diamond mine, the south vein mentioned in last year's report
as having been opened on the 700, 900, 1,300 and 1,500 foot levels, we
have since opened on the 1,600 foot level, and have extended drifts and
completed raises showing the same satisfactory width and grade of ore
as mentiwied last year for a very considerable length; the tonnage exposed
Is considerably larger than at the close of 1906.
Electric locomotives have been installed on several important levels
of the Anaconda group and are giving satisfactory results.
A new compressor building was erected at the Diamond mine and the
plant is now in full operation. It contains four electrically driven air
compressors, with a total capacity of 16,000 cubic feet of air per minute,
all litt,d with steam cylinders for us‘n case of failure of electric current.
The Never Sweat compressor plant now consists of five compressors, with
a capacity of 32,000 cubic feet of air per minute; two of the largest being
electrically driven.
The mines of the company produc d during thealyear 1,123,692 wet
tons of ore.
Works.-The reduction works treated for all companies
If
during the year 2,582,611 dry tons of ore and other cuperous material.
Of this, 1,110,203 tons of ore from the mines; 2,966 tons of concentiates;
16,250 tons of slimes, and 24,226 tons of slag from the old works we e
treated for your company, from which there was produced 63,055,661
pounds of fine copper; 2,001,350 8-100 ounces of silver, and 8,290 391-boo
ounces of gold. These Metals were all shipped in the form of anodes to
eastern refineries.
Since February 1907 electric power has been used at the concentrator
and in other departments of the works, the cost being much below that of
steam for the same work. The large part of the electric power furnished
at the works is brought in from the Missouri River, but during the year
the Flint Creek water power and electric plant has been furnishing a considerable amount of current.
the
Subsidiary Departments.-The subsidiary departments show for tons
year profits of $581,282. The coal mines at Belt produced 233,298
company;
the
of
other
to
departments
shipped
were
tons
106,594
coal;
of
110,592 tons were sold and 16,112 tons were used at the mines. The
of
saw mills at Hamilton cut during the year 24,475,115 feet of lumber,
which 5,463,000 feet went into company use and 19,002,115 feet was
sold commercially. The brick department at Anaconda has continued
to increase its commercial trade.
Butte Anaconda & Pacific Railway Co.-The railway transported during
The
the year 4,258,370 tons of ore and freight and 205,862 passengers.
ingross earnings were $1,134,767; operating expenses, $880,009; taxes,
diviA
$160,786.
Income,
$93,972;
net
leased
lines,
on
rental
terest and
leaving
dend of 8% on the capital stock was paid, amounting to *60.000
the surplus profit for the year $100,786. Increase in the depreciation
charged and a material reduction in rates charged the companies on ore,
fuel and fluxes account for the decrease in profits.-V. 86, p. 1283.
United Copper Co.
(Report for Fiscal Year ending May 31 1908.)
President F. Aug. Heinze, New York, June 11908, says:
1407
of your interests badly In need of money that It was confronted with the
alteinative of selling your securities in large quantities at much less than
their fair value, or using the money previously set aside to assist in maintaining the enterprises in connection with which your company had large
commitments. The latter was deemed the part of conservatism and
therefore the second dividend on the preferred stock for 1907 was not
declared payable and no dividend has since been paid on either the preferred
or common stock. The preferred stock is cumulative as to dividends and
I have no doubt that dividends will be resumed within the next year.
(V. 84, p. 755; V. 85, p. 1345.)
INCOME ACCOUNT.
Receints1906-07.
1904-05.
1907-08.
1905-06.
Imeresi, on bonds'
$210,000
$184,500
Div.from subsid. cos_
$841,662 $3,600,095
460,746
2,614,103
Profit on securities sold_
2,744,184
Int. on loans, dep.. &c
221,313
19,362
903,108
213,017
Total income
DeductGeneral expenses
New Jersey State tax_ __ _
Preferred dividend (6%)_
Common dividends
Total deductions
Balance, surplus
$861,024
$6,565,592
$3,011,620
$1,573,854
$54,291
6,250
$310,283
6,250
300,000
z2,025,000
$16,789
2187,500
$84,335
6,250
300,000
y3,150,000
$848,041
$12,983
$3,540,585
$3,025,007
$2,641,533
$370,087
$316,789
$1,257,065
See V.82, p. 396, 513, 991.
1345,
x 1 %%.
7%. z 4
300,000
-V• 85. P•
%.
Butte Coalition Mining Company.
(Report for Fiscal Year ending Dec. 31 1907.)
Of this company's capital stock,$3,000,000, it is understood, was purchased in Oct. 1906 by the Boston & Montana,
Consolidated Copper & Silver Mining Co., one of the subsidiaries of the Amalgamated Copper Co. President T. F.
Cole says in substance:
The mines of the subsidiary company, the Red Metal Mining Co., were
all in operation during the first half of the year. At the end of June production at the Minnie Healey mine was interfered with by a mine lire affecting to a considerable extent this mine, as well as the adjoining mines
of the Bostoni& Montana Co.
At the ueginning of September, on account of the unsatisfactory condition
of the copper trade, the production was curtailed to about 35% of the
normal, and on Dec. 1 operations entirely ceased, owing to the closing of the
Washoe Copper Co.'s smelter, where the large part of the ores produced by
your company were treated.
The large proportion of the year's production was made from ores mined
in the first six months, when the price of copper ruled at the highest point
known in recent years; therefore It was deemed good business policy to
mine ores of considerably lower grade than were mined in the previous year.
As the contract with the Washoe Copper Co. for the sale of our ores provides that final adjustment shall be made on the average selling price of
the metal for the third calendar month after the month in which the ore
is shipped, much of the copper produced from ores extracted while the price
for the metal was ruling high was finally paid for at the very low price level
reached in the latter months of the year. On account of the average yield
per ton of ore being much below what we would consider normal, together
with the high cost of the product made during the period of curtailment,
and the very large expenditures for development during the year, the profits
of the company were smaller than we anticipated they would be, and less
than they will be even at a much lower average price for copper, if It should
prevail in the future.
The Alice Gold & Sliver Mining Co.'s property, the control of which is
owned by your company, has not been operated during the year except in
a small way by lessees.
The books and accounts of the Butte Coalition Mining Co., the Red Metal
Mining Co. and the Alice Gold & Silver Mining Co. have been audited by
Pwrson, Peloubet & Co., and a balance sheet and income account of your
company as prepared by them are appended.
General Manager A. C. Carson, under date of Butte, Mont.,
May 22 1908, says in part:
The mines operated during the year directly by the Red Metal Company
were the Rams, the Minnie Healy, the Tramway and the Corra. Other
mining operatiens in property in which the Red Metal Mining Co. is coStatus.-The prices of copper, zinc, lead, silver and coal, in the produc- owner with one or the other of the Amalgamated Copper Co.'s subsidiary
Amalgamated Company's
tion of each of which your company is interested, have suffered unusually companies have been carried on from convenient
the West Colusa, Pennsylvania,
large reductions from the levels prevailing during the preceding year, and plants and shafts, chief of which were Boston
& Montana Co., the Parrot
securities representative of properties producing these metals have dropped Leonard and Mountain View shafts of the
mine, the Berkeley shaft
in proporton, and In some cases much more. Your company, being shaft of the Parrot Mining Co., working the Nipper
Boston Mining Co., mining in Snohomish ground, and the
essentially a securities holding company engaged in the development and of the Butte &of
the
in
Co.
mine.
shaft
the
the
Mining
Anaconda
Parnell
to
Diamond
owing
first,
seriously;
has
suffered
properties,
new
of
equipment
All these mines, excepting the Minnie Healy, worked continuously durdecline in the value of securities held, and, second, because the stringent
to the middle of September, when, in common with all the
and later timid money market has made It difficult to finance operations in ing the year upproduction
was reduced 65%, and on Dec. 1 production
Butte mints,
precious metal mines with the prices of the products so depreciated.
year, the mines not re-opening until
At the time of the panic in October your company was engaged through ceased enthely for the remainder of the
1908.
Copper
1
Ohio
the
March
on
mill
2,500-ton
a
of
construction
the
in
-companies
Its sub
of
taken
the "shutdown" to push developwas
advantage
Rarus
mill
the
on
zinc
the
At
150-ton
Co.'s property at Lark, Utah; the erection of a
ment work. The most important development as to quantity and grade of
La France Copper Co.'s mines in Butte, and the erection of a 150-ton lead
two of the main veins have been
far
so
where
level,
16th
the
Co.
Stewart
Mining
on
been
has
the
ore
of
the
with
operations
connection
concentrator in
of greater thickness and
of Kellogg, Idaho, a control of each one of said corporations being owned intersected by crosscuts, disclosing a rich ore-shoot opened
up above on the
higher values than was found on any of the levels
by your company.
lb.,
has
already
per
same
3.65c.
vein.
low
as
as
down
was
which
The price of lead,
The ore thus far opened up in the new Minnie Healy ground is exposed
recovered to 4.35c., with indications pointing to a higher market shortly.
on the 13th level only, and in quantity and grade is entirely satisfactory
•Copper will, undoubtedly, slowly become firmer, and increase in value,
main shaft was sunk to the
though 13c. is by no means a figure at which many producers cannot make and exceeds expectation. At the Corra mine the
18th level; and 1,119 lineal feet of drifts, raises and the crosscuts were driven.
a handsome profit. •
the West Colusa,
companies,
of
other
tons
jointly
with
owned
6,000,000
over
operties
pi
are
the
Of
practically
there
that
figure
Your engineers
to the Pennsylvania, Mountain View and Leonard of the Boston & Montana Co.
ore in sight in the Ohio that will yield 24 lbs. of copper in bullion
1. o. b. In New York. furnished the principal part of the production from the ground owned in
ton, at a cost per pound of copper not exceeding 90.
the Nipper and Snohomish work has been confined to deThis tonnage makes no allowance for a considerable territory which is not common. At
velopment, the ore shipments coming entirely from the exploiting drifts.
yet developed.
Recent developments by the Anaconda Copper Mining Co. (see report
Physical Properties.-In the La France Copper Co.'s mines in Butte there
are over 250,000 tons of zinc lead ores which it was designed to treat in the of that company above) Made within the surface boundaries of the Parnell
new zinc mill. Results from the operation have not yet been as satisfactory lode claim have exposed fine ore bodies on the 1,200 and 1,500-foot levels.
as anticipated, but improvements are being made,and we hope shortly to Further development is being carried on to determine to which property
overcome the difficulties heretofore encountered. The developments of the ownership of these ore bodies belongs. The Red Metal Mining Co.
gold, silver and copper ores in the La France mine have not realized expec- owns an undivided one-fourth of the Parnell claim, and should It prove that
tations, although more recently some important new discoveries have been the Parnell has rights to a portion of this vein, It will mean a considerable
addition to the value of this company's holdings.
made.
Your surface construction expense is practically ended at these mines
The developments in the Stewart Mining Co.'s ground show in excess of
an
contains
average
of
Healy-Ed.) for years to come, and you have a
(Rarus-Tramway-Minnie
lead
about
9%
which
150,000 tons of silver lead ore
.and three-quarters of an oz. of silver for each per cent of lead. The Stewa't plant as complete as possible in its elimination of expense of labor. The
vein is, in the judgment of your engineers, a continuation of the same great Rarus mine is in a physleAl condition with which we are well pleased; its
cost for mining is reduced by $2 per ton, and its ore bodies are greater and
vein which has heretofore yielded such large financial results.
Expert examination of your holdings in coal in Pennsylvania, near Pitts- richer than two years ago; the Tramway-Minnie Healy group of claims wil
10,000
acres
the
there
controlled,
become large producers; the Tramway equipment is in readiness for
soon
that
estimate
have
an
resulted
in
burgh,
not more than 15 miles from the Ohio River, contain upward of 75,000,000 this production; and the mines owned in common with other companies are
•tons of Pittsburgh Vein coal. Properly equipped, this coal should yield prenaring for increased output this year.
During the period ending Dec. 31 1907 the mines of the company produced
under normal industrial conditions a profit of at least 50 cents per ton on
51.47 lbs. of copper and 1.180 ozs, of sila steam coal basis. The equipment would cost in the neighborhood of 377,240,462 tons of ore, yielding
ver per ton, making a total of 19,416,377 lbs. of fine copper, 444,809.51
$1.000,000.
gold.
of
Helena,
ozs.
Rimini
gold
2,479.99
near
dyke,
of
and
ozs.
silver
your
of
company in the
• The ownership
•covers an area of 400 acres, which has been closely investigated and found
RESULTS FOR YEARS ENDING DEC.31.
to contain millions of tons of low-grade gold rock which can be treated at
1907,
Inc. or Dec.
1906.
Incomea profit of from 50c. to $1 50 per ton. Negotiations are now under way
$1,320,000
$880,000 Inc. $440,000
Dividends received
with interests desirous of equipping this property so as to make it a pro- Interest
173,345
Inc.
144,713
28,632
in
interest
same.
Co.
to
an
Copper
retain
ducer, the United
Your corporation to-day controls more mineral products positively in
$1,493,345 $1,024,713 Inc. $468,632
Total income
its
previous
of
history.
period
any
at
than
sight
7,759
31,880
Genii office & transfer expenses,&c.
24,121 Inc.
In addition to the control of the above-described properties, your corn. tinny owns smaller blocks of securities in a number of other copper and leadNet income
$1,461,465 $1,001,592 Inc. $460,872
in
detail.
specified
not,
are
which
herein
corporations,
mining
• DeductDividends.-During 1907 dividends were paid on the preferred stock on
1,650,000
800,^00 Inc. 850,000
the Dividends mild
May 15 of $150,000, and before the declaration of any dividend onaside
(11%)
of dividend
Rate
(5 1-3%)
set
was
$150,000
$2,362,500,
later
to
amounted
common stock,whIch
5,098
5,098 Dec.
panic Inter- Adjustments
to provide for a second dividend on the preferred stock. The temporarily
vened; A number of hanks in which your company had denosIts
or
surplus
.Inc.
Balance,
$384,029
eur.$195,494
deficit____def.$188,535
many
so
found
board
your
their
re-opening
• closed their doors, and upon
140S
Lxxxvi.
THE CHRONICLE
BALANCE SHEET DEC.31 1907.
1906
•
1907.
1907.
1906.
$
$
Liabilities$
$
Assets-15,000,000 15,000,000
Invest. In secur's_11.000,000 11,000,000 Capital stock
Accounts payable_
5,842
Office furniture &
2,044
2,207
Surplus
6,960
fixtures
200,593
29,466
Int.accr d & unp d
Adv. to Red Metal
474,2771
Mining Co
Adv. to Alice Gold
33,162 4,169,082
& Silver Mg.Co_
Cash in banks and
on hand__ __ - - - 3,503,156
--- Total 15,012,802 15,200,593
15,012,802 15,200,593
Total
-V. 86. p. 482.
Electrical Development Co. of Ontario, Limited.
(Report for 113. Months ending Dec. 31 1907.)
President Henry M. Pellatt at the annual meeting held in
Toronto, March 10 1908, said in substance:
and your directors feel assured that the power therefrom will be available
In ample time to take care of the fall load.
Reduction in Rates.-Prior to the close of the year your directors announced a material reduction in the rates for gas and electric lighting service.
It will be the policy of your directors to further reduce rates from time to
time as conditions warrant, with the object of delivering service to the
consumer at the lowest possible cost.
Electric Dept.1908. 1907.
1908. 1907. I Gas Dept.lamps
Incandescent
6,098 5,747
'Metres installed
connected
47,313 41,6551Stoves, generators,ecc-,
Commercial arc lamps
2,802 2,501
I sold
connected
358
2661New services (16 miles
Street lamps connected
177
2,343 1,958
331 In 1908)
Power (H. P.)
8,584 4,884 I New mains laid(miles) _ 9.35 11.14
EARNINGS,EXPENSES AND CHARGES YEARS ENDING APRIL 30.
1908.
1905.
1907.
1906.
Gross earnings
$3,792,218 $3,453,490 $3,186,102 $2,901,265
1,302,122
Expenses
1,651,656
1,529,270
1,431,197
Net revenue
$2,140,562 $1,924,220 $1,754,905 $1,599,143.
Int. on bonds & insurance $493,095
$470,354
$483,638
$476,419
Dividends paid
(6)1,020,000 (5)850,000 (4)680,000 (4)680.000
---- --Surplus
$448,789
$627,467
$590,582
$508,486
General Results.-The present development of the company at Niagara
ate company 13 la possession of
Falls has been practically completed
BALANCE SHEET APRIL 30.
four units of electrical power, all or them :n ope.ation, naving a capacity
1907.
1907.
1908.
1908.
of more than 50,000 horse power. The company nas been dellwring
Assets24 hour power over the transmission line of the l'oraito & Niagara Power Stocks,
bonds and
Capital stock_ - _17,000,000 17,000,000
Co. since Jan. 14 to the Toronto Railway Co. and Toronto Electric Light
int. In other cos_23,905,024 23,760,418 Bonds outstanding 9,495,000 8,877,000
Co., its chief consumers, and both of these compa des have expressed New
construction_ 3,850,876 3,383,286 Accounts payable_ 343,692
329,459
complete satisfaction with the service. The transformation by said com- Bonds
treasury_ 581,000
459.000 Customers' dep_-40,670
44,562
panies from steam power to electrical power from Niagara was not con- Accts. in
receivable-- 629,292
112,051
578,239 Accrued interest- 107,233
summated until December last-so that our gross income was necessarily Stores, gas stoves,
Acc'd tax on earn..
16,037
16,852
much less than it would have been if the transformation could have been
dre
177,187
197,097 Bank loans
166,013
• effected Immediately when the power was turned on Jan. 14 1907.
47,783
49,509 Divs. unclaimed- 8,464
8,234
The operating expenses for the year were large In proportion to the Coal, coke, tar,&c. 190,817
30,704 Dividend May 15_ 255,000
212,500
revenue,owing to the fact that as construction was continued during the Cash
225,000
Insurance
275,000
account.
difficulty
and
with
expense. We
Year operations have been attended
Contingent acct_ _ _ 200,000
200,000
hope to effect a considerable reduction In thli Item In the coming year,
Sub.cos,sink. ids_
90,104
128,295
because the added business for 1908 can be done without any proportionGen.suspense acct.
94,887
76,338
ate increase In the operating expenses. We have to face a deficiency In
Surplus
1,413,893 1,104.848
the present statement of $162,710, after ch.trging full bond interest and
operation.
the
from
against
receipts
loan interest
29.382,879 28,458.254 Total
Total
29,382,879 28,458,254
I had hoped to be In a position to show that the company had an earning
1046, 549.
power in excess of Its fixed charges. The following reasons explain why -V.86, p.
this has not been done:
Pacific Mail Steamship Company.
(1) The Electric Light Co. has been unable to obtain new power contracts and increased business to the extent expected, because consumers
desired to sec if they were to receive cheaper power from the Government (Preliminary Report for Fiscal Year ending April 30 1908.)
before entering upon new contracts. (2) the application of the Toronto
President E. H. Harriman, under date of May 29 1908,
Electric Light Co. for a supplementary charter was opposed by the Government and the City and delayed for four months, which prevented the com- says:
pany from obtaining necessary plant for its Niagara Installation. (3) Other
Compared with the operation of the preceding year, the receipts from
power consumers at Niagara Fails and at other points In Ontario decided the operation of steamers decreased $520,514
and receipts from all other
not to make new commitments for power until the policy of the Government sources
Increased $17,582, a net decrease of $502,932. There was a genhad been definitely settled. (Sea Ontario Power Co. In V. 86, p. 1347 eral falling off In business, and the
shrinkage
by the shortwas
also under "Industrials" below.) (4)Owing to our financial position, it age in the coffee crop of about one-half the usualaugmented
the restriction of
was impossible to arrange certain contemplated extensions and develop- Japanese immigration, the extreme enforcement ofcrop,
exclusion
Chinese
the
this
producing
present
revenue
been
have
to
ought
ments of business which
laws, and the competition for the existing traffic by a large ocean tonnage
year (d The natural hesitancy on the part of industrial communities
employment.
to accent Niagara power with long distance transmission until Its economic seeking
Expenses for the operation of steamers, Including charter paid for
efficiency had been demonstrated
steamers, increased $34,102. This resulted from an increase In the price
One-Half of/Stock to be Preferred.-At a special meeting of shareholders
coal and other supplies, and in charter hire, which in the preceding
held on Feb. 26 'he by-law for the conversion of one-half of the $6,000,000 of
year was considerably lessened by the interruption of the regular servordinary to preference shares was passed.
capital stock fr
by the stranding of the S.S. "Mongolia" and "Manchuria." Genice
For the reasons given,the company was unable to meet its bond interest eral expenses Increased $7,687 and insurance increased $37,235, the
on March 1 1908, amounting to $203,750, and it had become impossible result of an increase In rates. There was a decrease in agency expenses
to raise the oney either at home or abroad, and therefore an agreement and all other expenses of $5,938. This left a net Increase In expenses
was arrived at with Mr. William Mackenzie on the terms set forth in the of $73,086. After making the usual chrages for depreciation, and genby-laws submitted to the special general meeting. Supplementary letters eral and extraordinary repairs of steamers, amounting to $397,494, the
patent have been granted confirming the by-law and the National Trust year's operations resulted In a deficit of $428,817, against a profit of $130,
Co. Is now accer t'ng surrenders and Issuing certificates for the preference 403 In the preceding year.
shares under the terms of the by-law, which will complete the matter so
The sum of $397,494 was credited to the fund for depreciation and
far as this company Is concerned. (See original plan in V. 86, p. 605 and general and extraordinary repairs of steamers and charged to the year's
modification the eof under "Indust ials" below.-Ed.)
After charging the fund with the payments made for its account,
expenses.
The bond interest has been paid and the necessary moneys secured to $1,780,129 remained to its credit at the close of the year.
enable the company to carry on its business and continue Its operations.
insurance on the company's steamers was renewed and $163,102,
The
company
the
for
of
the
business
the
to
ensuing
regard
Outlook.-With
the premium chargeable to the year's operations,was charged to the year's
year, I have only to state that there Is no doubt whatever that the earnings expenses.
of the company will considerably exceed the amount necessary to pay
EARNINGS, EXPENSES, &C.
charges.
the whole of Its fixed
1905-06.
1904-05.
1907-08. 1906-07.
RESULTS FOR 1134 MONTHS JAN. 14TH TO DEC. 31 1907.
$
Receipts$
$
5,512,917
4,659,046
5,592,822
from
rects.
steams.
$366,321
4,138,531
Gross
-tai gross income
15,180
15,180
15,180
122,584 Malls
15,180
( aerating expenses
168,362
155,304
134,757
Miscellaneous collect'ns.
137,413
27,878
12,477
30,262
45,188
$243,737 Income from invests, &c.
Net income
(nd and loan interest accrued-(bond interest $384,716;
5,775,783
5,724,337
4,839,245
407,564
4,336,312
Total
loan interest $22,848)
Expenses3,624,136
4,102,136
$163,826 Steamer expenses
3,496,125
3,530,227
Net loss from operation
550,001
508,414
568,973
563,137
Agency expenses
--260,355
274,271
226,682
271.604
Note.-AllowIng for "accrued rentals not paid," $6,250 and "unexpired General (incl. Insurance)
12
2,044
2,769
2,665
Insurance," $5,134, makes the net deficit $162,710 as per balance sheet Miscellaneous expenses_
46,266
8,420
Interest on loans
InIV. 86, p. 1098.
148,547
Loss,San Francisco fire_
371,673
Lease piers San Francisco
Montreal Light, Heat & Power Company.
Gen. and extraordinary
495,683
397,549
repairs, &c
414,292
397,494
(Report for Fiscal Year ending April 30 1908.)
President H. S. Holt says in substance
General Results.-The gross earnings and net profits, as also surplus earnings, show substantial and satisfactory increases over the previous yearthe latter notwithstanding an increased dividend disbursement during the
year of $170,000.
The surplus for the year, $627,467, added to surplus earnings from previous years' operations, brings the total surplus at the close of the year to
$1.732,315, out of which the following appropriations, aggregating $318,422,
have been made: Depreciation, $268,422; insurance fund, $50,000. In
explanation of the large amount written off for depreciation, it Is to be
pointed out that the nature of the business being operated by your company
necessitates a liberal provision in this respect
As will be noted by the balance sheet, the insurance fund has now at Its
credit $275,000, and the contingent account $200,000, which amounts, In
the opinion of your directors, amply provide for the objects for which
these funds were created.
Bonds.-During the year there were issued $525,000 of the company's
% bonds, due 1932, to repay the company 75% of expenditure made
against extensions In the gas and electric departments, and $75,000 against
retirement of debentures of like amount of the Royal Electric Co. redeemed
and canceled. There were also issued $53,000 of the company's 5% bonds,
due 1933, against redemption of maturing underlying 6% bonds of the
Lachine Rapids Hydraulic & Land Co. In the same connection there
were redeemed and canceled during the year $35,000 of the bonds of the
5% issue.
Additions and Extensions.-The extensive additions in the gas manufacturing department have progressed satisfactorily, and will be largely, if not
altogether, completed during the coming year. A new retort house of
1,500,000 cubic feet capacity per diem has been completed and fully
equipped; also modern equipment substituted in other parts of the plant,
with a view to efficiency and economy of operation. Two gas holders
are being erected, one of 1,000,000 cubic feet to replace holder of 500,000
cubic feet accidentally destroyed by explosion during the year, and the
other of 3,000,000 cubic feet to provide the much-needed additional storage
capacity necessitated by the largely increased demand for gas.
Your directors propose considerable extension during the coming year
of the underground conduit system. Provision will be made in these conduits for the accommodatinn of present overhead l'nes, which it Is the
policy of your directors to place underground as fast as circumstances permit. We have completely remodeled and fire-proofed the Chenneville
Street sub-station.
Soulanges.-Your directors regret to report non-completion of this development as contemplated, due to failure on the part of the, contractors
to fulfill their contract. The development, however, is nearing completion,
Total
Balance, surplus
-v. 66, p. 1347.
4,765,129
def.428,817
4,708,841
130,404
5,441,452
282,884
5,348,127
427,656
GENERAL INVESTIVIENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Bolivia Railway.-Extended Statement.-The "Engineering Record" of New York,in its "Current News Supplement"
of April 25, contains a detailed statement from Special Agent
Charles M. Pepper, writing at La Paz, Feb. 8, on the railroad situation at Bolivia and the contract of the Bolivian
Government with the Speyer-National City Bank syndicate.
Compare V. 83, p. 93.
The Bolivia Ry. Co. was incorporated in February 1907 under the law
of Connecticut with $10,000,000 of authorized capital stock. The facts regarding Its bond issues are not yet ready for publication.
The road will be opened for operation this summer from Vlacho to Oruro,
130 miles. J. G. Metcalf, 35 Nassau St., is the President of the company
Calumet & Lac la Belle Traction & Power Co., Michigan.Stock Offered.-Sidney M. Weil & Co., 615 Hartford Bldg.,
Chicago, and 25 Broad St., New York, are offering for sale
a block of the $500,000 common stock of this Maine corporation, which, without bond issue or preferred stock, is building a 7-mile electric road from Calumet to Mohawk, through
the richest copper-mining district of Michigan. The prospectus states that 23,000 people live adjoining the line.
A ten-cent fare will be charged. The directors are:
President, Frank H. Getchell (director Keweenaw Savings Bank, Mohawk, Mich.); Vice-President, Max Ascher (banker), Milwaukee, Wis.;
Treasurer, Arthur S. Friend (lawyer), Milwaukee, Wis; Secretary, Michael
Well, Chicago, Ill.; Paul P. Roehm (Mayor of Lauritim, Mich.; director
Merchants de Miners' Bank, Calumet, Mich.).
JUNE 6 1908.]
THE CHRONICLE
Canadian Pacific Ry.—Branch Completed.—The TorontoSudbury branch extending from a point near Sudbury to
Kleinburg on the Ontario division, 226 miles, will, it is
announced, be opened June 15. Through train service will
be established between Toronto and Winnipeg, connecting
at Winnipeg with main-line trains for the coast and intermediate points and with all branch lines. Compare V. 79,
p. 1637; V. 85, p. 726.—V. 86, p. 1284, 720.
Charleston & Summerville Electric Railway, South Carolina.—New Stock Authorized.—The shareholders at a meeting
held in Summerville, S. C., on May 20 ratified the plan proposed by the board of directors for making the common
stock $300,000 and the preferred stock (7% cumulative)
$100,000. The company, we are informed, has a promising
future. The line when completed will extend from a point
in Charleston to ,Summerville.
The company has outstanding $750,000 general mortgage 5% gold bonds
of a total Issue of $1,000,000, dated April 1 1905 and due April 1 1935,
but redeemable any time on 60 days' notice at par and interest. Interest
payable Oct. 1 and April 1 at office of Knickerbocker Trust Co., New York
trustee. President, F. S. Wright; Secretary, George Tupper. Compare
V. 86, p. 667.
1409
Des Moines & Fort Dodge RR.—Report.—For year ending
DeyCe.ra 31:
Net.
Gross.
Int.
17
&
3.6
ta9x2
es. Bat. for
1907
$232,035
$612,512
$61,755
di,.$17028
1906
264,604
627,528
90,912
From the surplus as above In 1906 a dividend of 5% on the preferred stock
($38,175) was paid Aug. 1 1907. Action on the preferred dividend payable Aug. 1 next will be taken late this month.--V. 84, p. 1548.
Detroit Toledo & Ironton Ry.—Preferred Shareholders'
Committee.—The holders of first and second preferred
stock are notified that they will be permitted to deposit their
certificates for mutual protection with the Guaranty Trust
Co., 28 Nassau St., New York, on or before June 30 1908,
under the terms of an agreement prepared by the following:
Alexander J. Hemphill, Chairman; George T. Maxwell, Hamilton F.
Benjamin, George L. Wrenn Jr., C. M. Spitzer, with Eustace Conway
as Counsel and Edgar C. Hebbard as Secretary, 28 Na3saq St., New York.
Under the agreement, provision Is made whereby any stockholder has
the privilege of withdrawing his deposited stock without charge In the event
that he does not approve of any plan which may be fortnulated or approved
by the committee.—V. 86, p. 1343. 794.
El Paso Electric 0o.—New Stock for Controlled Company.—
This company's subsidiary, the El Paso Electric Ry., is reported to have filed a certificate of increase of authorized
1.capital stock from $750,000 to 161,500,000.—V. 85,
Chicago Consolidated Traction Co.—Default.—The com- ips.su1e26
pany defaulted June 1 in the payment of the semi-annual
Erie RR.—Bonds.—The Public Service Commission, Secinterest on its $6,750,000 4% general mortgage bonds,
of which the widow of Charles T. Yerkes is understood to ond District, has authorized the company to issue $1,000,000
hold $4,500,000. The default is believed to be preparatory bonds under its Buffalo & Southwestern Division second
to reorganization and merger with the Chicago Rys. Co. lien mortgage, in order to refund the $1,000,000 5s dated
Henry A. Blair, it is stated, is a member of the bondholders' 1895 and due July 1 1908.—V. 86, p. 1224, 917.
committee. Compare V. 86, p. 1284.
Hocking Valley Ry.--Coal Property Segregated.—A press
Chicago Junction Railways & Union Stock Yards Co.— dispatch from Columbus, 0., on May 21 said:
Mortgage.—A mortgage has been filed to the Standard
In compliance with the commodity clause of the Hepburn law, the HockTrust Co. of New York, as trustee, to secure an issue of ing Valley Ry. Co. has divested Itself of the ownership of the Sunday Creek
Coal Co. and now has no coal Interests in the Hocking Valley or the West
$3,000,000 of 5% 20-year real estate improvement bonds, Virginia field. The stock of the company is now owned by the Central
dated March 1 1908 and redeemable at 105 on any semi- Trust Co. of New York and Jas. H. Hoyt of Cleveland Is in financial charge
of the company. The company has a capitalization of $4,000.000, of which
annual interest day. See full particulars in report in V. 86, $3,751,000
is outstanding. Practically all of this stock was owned by the
p. 664.
Hocking Valley Ry. Co. until Its transfer last week to the Central Trust Co.
It has a bonded debt of $7,604,000. The railroad company guarantees the
Chicago Railways.—Additional Bonds Sold.—N. W. Harris principal and interest of the following bonds of the Sunday Creek system:
Kanawha 6: Hocking Coal & Coke Co., 33,038,000 first mortgage 55; Con& Co. and the National City Bank jointly have purchased tinental
Coal Co., $2,398,000 first mortgage 5s.
an additional $3,000,000 first mortgage 5% bonds, making
Compare pages 163 and 164 of "Railway and Industrial
the total amount purchased $8,000,000. The proceeds will Section."
enable the company to take advantage of the present low
William Kelsey Field has been elected President of the
price prevailing for construction work, material, equipment, Sunday Creek Co. to succeed Horace L. Chapman.—V.
86,
&c. The bonds will probably be offered to the public early p. 1224, 547.
next week.—V. 86, p. 1284, 1223.
Hudson & Manhattan RR.—New Director.—Wilbur C.
Chicago Subway 0o.—Deposits Under Plan.—It is an- Fisk, of the firm of Harvey Fisk & Sons, has been elected
nounced that about $14,000,000 of the $17,000,000 Illinois a director and Vice-President of the company.—V.
86,
Tunnel Co.'s bonds have actually been deposited with the p. 547, 480.
United States Mortgage & Trust Co., and a further $1,000,000
Lehigh & New England RR.—Bonds Sold.—The company
is in transit,bringing the total amount assenting to the plan
to about $15,000,000, with the prospects good for a practi- has sold to Brown Bros. & Co. of Philadelphia the $450,000
4M%
equipment trust certificates, Series A, guaranteed,
cally unanimous response prior to July 1, when the time
principal and interest,by the Lehigh Coal & Navigation Co.,
for deposit expires. See V. 86, p. 1284, 794.
which were fully described in last week's "Chronicle," page
Cincinnati New Orleans & Texas Pacific Ry.—Change in 1343, 1159.
Director, &c.—Thomas C. Powell, already Vice-President,
has been made Executive Officer in charge at Cincinnati. • Louisville & Nashville RR.—Bonds Offered.—Redmond &
Fairfax Harrison has been elected a director to fill the va- CO. and Fisk & Robinson are offering, by advertisement on
another page, the small unsold balance of the block of $3,cancy created by the death of Mr. Murphy.
New Stock—Issue only $500,000.—A circular issued under 000,000 Louisville & Nashville unified mortgage 4% gold
date of April 20 offered to shareholders of record April 25 bonds recently sold by the company.
The advertisement calls attention to the remarkable record
the right to subscribe at par for such amount of the $1,000,000
unissued preferred stock as the directors should on or before of this company,"which has been in successful operation since
June 1 determine to issue. By vote of the board on May 29 1859 and has paid dividends aggregating 172%. For the
this amount was fixed at $500,000, which will permit past five years the net income of the road has been more than
each stockholder subscribing to take one share for every 100% in excess of interest charges, rentals, &c. and after
ten shares of his present holdings, whether common or pre- payment of all charges the balance has each year'
been equal
to more than 10% on the capital stock."—V.86,p. 1344, 795.
ferred. Compare V. 86, p. 1099.
Mankato (Minn.) Electric Traction Co.—Bond Issue.—
Cuba Eastern RR.—Agreement Operative.—Notice is given
by advertisement under date of June 3 that, by vote of the This West Virginia corporation, having recently completed
executive committee of the bondholders' committee of -the five miles of trolley line in Mankato, has filed a mortgage
Cuba Eastern RR. Co., the Northeastern Cuba RR. Co., the to the Northwestern Trust Co., St. Paul, as trustee, to
Cuba Eastern Terminals Co. and the Eastern RR. of Cuba, secure an issue of $400,000 first mortgage 5% gold bonds of
the protective agreement dated Jan. 24 1908 has been de- 81,000 each; amount outstanding $75,000.
clared operative. Compare V. 86, p. 420.
The bonds are dated July 1 1907 and are due July 1 1927, but subject to
call in any amount on 60 days' notice at 105; interest payable Jan. and
Danbury & Harlem Traction 0o.—Receivership Suit.— July at office of trustee. Authorized capital stock, $200,000, of which
is 5% cumulative preferred; par of shares, $100. President.
Three Philadelphia banks applied to the Superior Court at $75,000
W. L. Hixon; Secretary and Treasurer, W. D. Willard. An extension is
Bridgeport,. Conn., on June 2 for a receiver for this partly projected to St. Peter, a distance of 13 miles.
built electric railway, for which A. N. Chandler & Co. of
Metropolitan Street Ry., New York.—$3,500,000 Receivers'
Philadelphia, who recently failed, acted as fiscal agents. Certificates Sold.—The Central Trust Co. and Wm. A. Read
Interest on the bonds is in default. The case will be heard & Co. have purchased from the receivers of the Metropolitan
June 9. See V. 83, p. 36, 818.
Street Ry. Co. and the New York City Ry. Co. $3,500,000
Delaware & Hudson CO.—Facts Regarding New Bond Issue. one-year5% receivers'certificates,to be dated June 15 1908,
—This company applied on June 3 to the Public Service "secured by a first and paramount lien on all the properties
Commission, Second District, for authority to make the and income of those companies, including real estate and
proposed mortgage to secure not exceeding $50,000,000 "first leasehold rights." Under the decree of the Court no addiand refunding" bonds to mature 1943 and bear not over 4% tional receivers' certificates can be issued without providing
that the proceeds of such issue shall be used to take up
interest. The Albany "Journal" of June 3 said'
The company expects to issue at once $20,000,000 face amount of bonds these certificates. Compare V. 86, p. 1285, 857, 668.—
for the funding of theexisting obligations of the company, and any residue V. 86, p. 1285, 1159.
Is to be applied to future construction and improvement of thecompany's
railroad. The company desires to use $6,500.000 bonds for the purpose of
Missouri Pacific Ry.—Dividends Omitted—The directors,
paying existing mortgage debts at or befo:e tit:1r respective maturities, of
it is announced, have decided to omit the semi-annual
funding its unsecured debt,and for borrowing money for its lawful corporate
purposes. The company has submitted the opinion of a New York banker dividend usually paid on June 30. Dividends at the rate
that the Issue of bonds can probably be marketed at 92% of the par value.
The remaining $23,500,000 are to be reserved for Issue from time to time. of 5% per annum were paid from July 1901 to Jan. 1908,
A part of the remaining $23,500,000 Is to be used for new construction and both inclusive, but the last distribution, 2%, was made
equipment and for the acquisition of additional railroads and property.
statement of earnings for the nine months
The company has In view extensive building and other plans for Improve- in stock. The
ment In Albany and vicinity. It is also intenled to double-track a con- published last week showed a little over 3% earned on the
siderable portion of the line.—V. 86, p. 981, 1223, 913
stock. See V. 86, p. 1344, 1339.
1410
President George J. Gould made the following statement:
"The board of directors thought it a conservative policy
not to pay a dividend at present, although the company's
earnings would justify continuing on a 4% basis."—V. 86,
p. 1344, 1339.
Mohawk Co.—Consolidation Desired.—The New York
Central & Hudson River RR. Co. has applied to the New
York Public Service Commission, Second District, for authority to transfer from the Mohawk Valley Co., which is
controlled by the New York Central, the interests of the
New York Central and the Central Railway Syndicate in
the street railway companies of Rochester, Syracuse, Utica
and Schenectady to a street railroad corporation, the purpose
of which is to unite the operation of the various companies,
thus bringing them under the supervision of the Public
Service Commission.—V. 86, p. 421.
National Railways of Mexico.—Earnings.—In connection
with the offering last week of $13,750,000 "prior lien 47%
sinking fund redeemable gold bonds, maturing July 1 1957
(which have been largely over-subscribed), Pablo Macedo,
Chairman of the Board of Directors, furnished the following
particulars:
annually on Jan. 1 and July 1 of each year. The lien of
the first mortgage dated July 1 1878 securing said bonds
will continue unimpaired, and the payment of the principal
and interest of said bonds as so extended will be specifically
assumed by the Oregon Short Line RR. Co.
Kuhn, Loeb & Co. give the following notice (see advertisement on another page):
The following securitiesiland sharesjolthis company will be forthwith,
Issuable to the Mexican Government, to the public in exchange for securities and shares of the Mcxican Central By. Co.. Ltd., and National RR.
Co. of Mexico called for deposit under the plan, and to meet the cash requirements of the readjustment, viz., about
$64,000,000 prior lien 4 ji% bonds. I $28,833,000 4% first pref. shares.
*36,000,000 guar. gen. M.4% bonds. 1$122,703,000 5% second pref. shares
$74,847,000 common shares.
Excluded from the foregoing are about $22,300,000 "prior lien bonds"
and about $11,300,000 "guaranteed general mortgage bonds," issuable
with respect to Mexican Central Railway Co., Ltd., bonds now in the
treasury of that company, and pledged to secure its obligations. (Compare V. 86, v. 919.)
Combined Receipts of National RR. Co. of Mexico and Mexican Central for
Half-Year ending Dec. 31 1907 and for Year ending June 30 1907.
6 mos. to Dec. 31 '07. Year 1906-07.
Net earnings, including net income from
$4,341,540
$8,173,872
gold
U.S.
in
amounted
other sources,
Estimated Results for National Railway of Mexico (New Company) for Years
ending.June 30 1908 and 1909.
The.,Presidents of said colripanies have made the following estimates of
of the respective companies for the fiscal year
receipts
net
combined
the
ending June 30 1908 (8 montns actual, 4 months estimated) and for the
fiscal year ending June 30 1909. On the basis that all theI securities
estimate
called for deposit under the plan shall have been exchanged,
that, after payment of the interest charge on the obligations of the above
companies not so called for deposit, amounting to $3,932,430, the net
earnings accruing to the National Railways(the new company) would be:
1908-09.
(United States Gold.)
1907-08'
Gross earns. (July 1 1907 to Feb. 29 1908, actual) _$26,991,000 $29,430,302
17,979,000 19,185,000
Expenses
Net earns. (July 1 1907 to Feb. 29 1008, actual) _ $9,012,000 $10,245,302
3,932,430
3,932,430
Interest on obligations not called for deposit
$5,079,570 $6,312,872
Interest on $64,000,000 "prior lien bonds" issuable
2,880,000
2,880,000
forthwith as above
on
the
interest
the
meeting
for
available
Balance
Il"guaranteed gen. mtge." 4% bonds and for- $2,109,570 $3,432,872
company.__
i.dividends on the stock of the new the
outstanding obligations, including
JW(Note.—The interest charges on RR.
of Mexico and Mexican Central
taxes and rentals, of the National 30 1908 amount to $7,664,166.1
By. for the fiscal year ending June into consideration any Increased earntake
not
do
The foregoing figures
economies and savings resulting
ings from rate and tariff adjustments ormanagement
of the two systems
from combining under one control the
increase the efficiency, and
greatly
will
anticipate
which I confidently
the cost of operating the
facilitate working, and considerably decrease
the National and Central companies
roads concerned. The presidents of earnings
resulting from these causes,
have estimated that the additional net
which are expected to begin to accrue from July 1 1908, will amount to a
annum.
per
gold
S.
U.
sum exceeding $2,000.000
RR. Co. of
The company, through its holding of shares of National
the Interoceanic
Mexico, will control the Mexican International RR. Co. and
total
of the
the
and
mileage
Ltd.,
,
Cruz)
Vera
By. of Mexico (Acapulco to
ystem controlled by it will comprise the following railways:
Total.
Narrow.
Standard.
Gauge—
Miles and
3,528
3,528
Mexican Central Railway
1,904
526
1.378
National Railroad Co. of Mexico
918
918
Railroad
Mexican International
736
738
Interoceanic Railway of Mexico
---7,086
1,262
5,824
Total
—V. 86, p. 1344, 1225.
Norfolk & Bristol Street Ry., Norwood, Mass.—Bonds.—
Application has been made to the Massachusetts Railroad
Commission for authority to issue $200,000 5% 20-year
bonds in order to provide for outstanding obligations,
V. 73, p. 1160.
Norfolk & Portsmouth Traction Co.—Notes Sold.—As indicated in the annual report published last week (page 1339),
there have been authorized $1,800,000 of 2-3-4-year 6%
convertible gold notes, dated March 2 1908 and maturing
March 1 1910, 1911 and 1912. Of the notes, $1,358,000
are outstanding, having been sold, it is understood, by
Chandler Bros. & Co. and E. B. Smith & Co. of Philadelphia
and Middendorf, Williams & Co. of Baltimore.
The notes are secured by deposit Of stocks and bonds of controlled
companies with tile Baltimore Trust & Guarantee Co., trustee. They are
subject to call at par on any interest date (March 1 and Sept. 1). Denominations, 51,000.—V. 86, p. 1339, 1225.
Oklahoma Central Ry.—Receiver.—A press dispatch states
that the United States Court has appointed Asa E. Ramsay
of the First National Bank of Muskogee receiver for the
Oklahoma Central Ry., and N. A. Gibson, an attorney of
Muskogee, receiver for the Canadian Construction Co.,
which built the railway.—V. 86, p. 1344.
Oregon Short Line RR.—Extension of $4,993,000 Utah
& Northern Railway First Mortgage 7% Bonds Due July 1
1908.—Pursuant to an agreement between the Oregon Short
Line RR. Co. and Kuhn, Loeb & Co., the $4,993,000 first
mortgage 7% bonds of the Utah & Northern Ry. Co.
which mature July 1 1908 will be extended to July 11933,
with interest at the rate of 4% per annum, payable semi-
[VoL. Lxxxvi.
THE CHRONICLE
same
Bondholders desiring to extend their bonds must deposit the York,
New
with toe undersigned at their office, Pine and William Streets, deposit
the
such
On
1908.
12
ex July 1 1908 coupon, on or before June
undersigned will make a cash payment of $25 per bond and will issue
temporary receipts exchangeable for bonds, endorsed with agreement
of
of extension, and with new coupon sheets, when prepared. Holders
bonds not desiring to extend the same may receive the face value of their
underthe
to
same
the
of
and
surrender
upon
cash
in
presentation
bonds
signed on and after July 1 1008.—V. 84, p. 932.
Pittsburgh Cincinnati Chicago & St. Louis Ry. Co.—Sale
of Guaranteed Bonds.—Speyer & Co. and Kuhn, Loeb & Co.
have purchased and practically resold $6,000,000 4% consolidated mortgage gold bonds, series "G," dated 1907 and
due Nov. 11957.
These bonds, like the earlier series issued with interest rates ranging from
3 Yi to 43%,bear the unconditional guaranty as to principal and interest,
of the Pennsylvania Company, whose $60,000,000 capital stock is owned
by the Pennsylvania RR. See guaranty in V. 56, p. 604. There are now
outstanding $49,859.000 of series "A" to "G," inclusive, the amounts of
the several series being shown on page 110 of our "Railway and Industrial"
Section.—V. 86, p. 853.
Public Service Corporation of New Jersey.—New Mortgage
Filed.—The new $50,000.000 mortgage has been filed for
record, the Fidelity Trust Co, of Newark, being trustee.
See description in V. 86, p. 1285, 1160.
Rapid Transit in New York City.—Extension of Time to
Contract for Construction of Subways Previously Approved.—
The Appellate Division of the S,,preme Court in this cit3r.
on May 15 granted the Public ServiccoInmission an extension a three years within which to enter into contracts for
the construction of such portion of the subway routes approved by the court in July 1006 as the commission may
desire to build.
The routes referred to 'include the Third Avenue, Lexington. Avenne,
14th Street, White Plains road, Jerome Avenue, Girard Avenue, 34th
Street and the Seventh and Eighth Avenue subways. Compare V. 83, p.
214.—V. 86, p. 1160. 1044.
Reading Company.—President of B. cfc 0. Elected a Director.—At the annual meeting of the Reading Company on
June 2 Oscar G. Murray, President of the Baltimore & Ohio
RR., was elected a director to succeed Charles Steele of
J. P. Morgan & Co. who retired.—V. 86, p. 481.
Rio de Janeiro Tramway, Light & Power Co., Ltd.—
Earnings.—The "Financial Post' of Toronto says:
portion
The Issue of $4,450,000 of second mortgage debentures, being afrom the
of the $17,500,000 55 recently created, has received good support
(V. 86,
French and Belgian Investors at 82. The circular previously quoted
p. 1285) shows:
Increase.
1907.
1908, est.
$599,700
$7,058,215 $6,458,515
Gross earnings
536,550
2,186,050
2,722,600
Net earnings
The amount of bonds on which interest will be payable during 1008
will be $32,500,000. The bond Interest will be $1.250,000 on the $25,000,000 first mortgage bonds and about $250,000 on the new issues, proportioned to their interest-bearing time in 1908.
Net Earnings for April 1908 and Four Months ending April 30.
Bond Int. Bal., surp.
Gross.
Net.
$81,229
$104,166
$185,395
$540,175
April 1908
369,663
416,666
2,178,260
786,329
4 mos. to April 30
April,
$570,545;
March,
Gross, January, $545,165; Feb., 5522,375;
5540,175.—V. 86, p. 1285.
Southern Railway.—Notes Subscribed.—The entire issue
of $15,000,000 6% notes offered by J. P. Morgan & Co., for
which subscription books closed May 27, it is stated, was
subscribed for. See V. 86, p. 1286.
Toronto Railway.—Listed in London.—The London Stock
Exchange has listed a further issue of £173,300 first mortgage 47% sterling bonds ,of £100 each, Nos. 3,231 to
4,963.—V. 86, p. 475.
Union Pacific RR.—Sale of Bonds.—Kuhn, Loeb & Co.
announced on Thursday that they had closed negotiations
with the Union Pacific R.R Co. covering $50,000,000 of
"first lien and refunding mortgage 100-year 4% gold bonds."
The issue will be offered next week at 957 in New York by
Kuhn, Loeb & Co. and in London by Baring Bros. & Co.,
Ltd., and Glyn, Mills, Currie & Co. The London part of
the issue will be sterling bonds.
These bonds are part of the new issue of $100,000,000 first
mortgage 4% bonds which was authorized by the shareholders last month. Compare V. 86, p. 795, 1161.
Wabash RR.—Subsidiary Bankrupt.—See Wabash-Pittsburgh Terminal Ry. below.—V. 86, p. 1346, 1102.
Wabash-Pittsburgh Terminal Ry.—Receivership.—The receivership for the property, which was briefly referred to in
last week's "Chronicle," was established at the instance of
the Wabash RR. Co. and other creditors by Judge James S.
Young of the United States Circuit Court. The receivers are
Francis H. 8kelding, President of the First National Bank
of Pittsburgh, and Henry W. McMaster, General Superintendent of the Wabash-Pittsburgh Terminal Co.
Mr. Sialdl no was chosen because of his high stand n i" among Pittsburgh
First Nation:II ;lank nor 11r. Sicelding himself Is In
financiers. Nett ,er
any way connected with the road or interested in its securitiJs or stock.
The bill of complaint states that the company is insolvent
and has defaulted on the payment of the principal and interest of a $300,000 7% note made Nov. 30 1906 to the Wabash
RR. and is unable to meet the interest due June 1 1908 on
the $30,200,000 first mortgage 4s.
•
JUNE 6 1908.1
THE CHRONICLE
Outdanding Lzaoilazes as Sawn in Bill of Complaint.
First mortgage 48, $50,000,000 auth.; outstanding, including
$6,600,000 owned by the Wabash RR Co
$30,200,000
Second mtge. 4% bonds (interest prior to Jane 1910 payable
only If earned)
20,000,000
Promissory notes made as follows:
To Wabash RR.,7% notes dated Nov. 30 1906
300,000
To Wabash 1414. Co., 5% note dated May 3,0 1005, secured by
pledge of all the $14,000,000 stock of the Pittsburgh Terminal RR. & Coal Co. (compare V. 80, p. 1729, 1730)
1,500,000
To Pittsburgh Terminal RR. & Coal Co. demand promissory
note dated May 1 1905, secured by pledge of $3,800,0,0
first consolidated mortgage bonds of Pittsburgh Terminal
RR. & Coal Co. and endorsed by the last-named company.
Entire amount owned (and pledged) by Wabash RR. Co.
(V. 80, p. 1729, 1730)
To Pittsburgh Terminal RR. & Coal Co., note dated June 3,500,000
15 1906
93,500
To Mercantile Trost Co., 7% note dated May 27 1906
412,000
To Wabash RR. Co., note dated May 27 1906
268,000
Purchase money mortgages
800,000
Audited accounts
278,600
Interest past due on promissory notes
418,586
For many particulars regarding the property see official
statement in V. 80, p. 1231.
The Wheeling & Lake Erie RR., most of whose stock is
owned by the Wabash-Pittsburgh Terminal Ry., will on
Aug. 1 1908 have $8,000,000 of notes falling due, but these
notes are guaranteed, principal and interest, by the Wabash
RR. Co.(V. 81, p. 669, 778; V. 83, p. 1287). It is common
talk, however, that any reorganization of the Wabash-Pittsburgh Terminal Ry. Co. is likely to include the Wheeling &
Lake Erie.
Bondholders' Committees.-In view of the default June 1
the holders of the first mortgage bonds are urged to deposit
their bonds at once with the Central Trust Co. of New York,
or with the Old Colony Trust Co. (of Boston), by the following committee acting at the request of the holders of a large
amount of said bonds:
First Mortgage Bonahotiers' Committee.--J. N. Wallace, Chairman; Paul
Morton, Haley Fiske, lia;ry 13ronner, Myron T. Herr'ck, Gordon Abbott
and Geo. P. Batter, with Franklin Babcock, Secretary, 54 Wall St.,
New
York, N. Y., and Jorne, Larkin & Rathbone, Counsel.
It is understood that the commItee represents a majority of the bonds
and has the support o! the banking interests which originally purchased
these bonds from the company.
The following committee has been formed to protect and
enforce the rights of the holders of said second mortgage
bonds under a deposit agreement designating the Guaranty
Trust'
Co: of New York, No. 28 Nassau St., New York City,
and No. 33 Lombard St., London, Eng., as depositary for
the committee, and Adolph Boissevain & Co., of Amsterdam,
Holland, as agent of the depositary:
1411
fr,om 4% yearly as paid from July 1907 to April 1908, inclusive, to 2%,the rate at which dividends on this stock were
resumed in January 1907 after an intermission of three years.
-y.86, p. 604.
American Ice Co., New York.-Re-filing of Mortgages
Made in 1904.-The following mortgages, made in October
1904 to secure a loan of $300,000 still outstanding, have
been re-filed under the new law:
1. Mortgage dated March 5 to the Knickerbocker Trust
Co. of New
York, as trustee, to secure an issue of $300,000 5% notes
of $10,000 each.
The mortgage covers 100 feet bulkhead property on Jackson
Square, New
York, extending 100 feet along South Street, including bulkhead,
pier on
East River, water rights, &c., also property in Baltimore and
2. Mortgage to the Mercantile National Bank of New York,Philadelphia.
covering
the
,resaid property located In the City of New York (subject to said
mortgage
o
vf.$8
36,
0
p.0)2
00,0
7, 2.
to secure a note of $150,000 due Aug. 15 1908. Compare
American Pneumatic Service Co.-New Directors.-At the
recent annual meeting the following changes were made
in the board:
John Sheppard of Boston, elected to succeed J. J. Kennedy;
Charles
Hayden of Boston, in place of J. E. Milholland; Nathan Frank
of St. Louis.
succeeding H. S. McCurdy, and F. A. Webster of Boston
as
successor
of
Eugene Foss.-V. 86, p. 1346.
American Steel Foundries.-Adjourned to June 12.-The
shareholders' meeting to ratify the plan of readjustment has
been adjourned to June 12.
Earnings.-For nine months ending April 30 1908:
Results for Nine Months--Company and Subsidiaries.
N t earnings
$709,45 'Interest on bonds
Other income
55,082 Sinking fund
!Depreciation
Total net income
$764,539 I Total deductions
Balance, surplus
-V. 86, p. 1161.
$174,225
78,750
167,250
$420,225
$344,314
American Sugar Refining Co.-New Plant at New Orleans
Nearing Completion.-The "Manufacturers' Record" of
May 28,in an illustrated article by its New Orleans correspondent on "Louisiana's Gigantic Sugar Refinery," says:
Looming large on the present sky line of New Orleans Is the
cluster of
mammoth builtlin(s of the Ameercna Sugar Relining Co.,
appcoacning completion, the main buildings towering 215 feet rapidly
In
the air.
Toe plant Is located on a tract of 70 acres owned by the American
Rctining Co. In St. Bernard Parish. The ground has a front of Sugar
1,400 feet on the Mississippi River and In some parts extends back nearly
about
3 00) feet. The refinery will have a capacity of 12,000 to 15,000
barrels
of refined sugar a day-which represents a value in product of
from
$50,00,000 to $75,000,000 a year. It Is understood that the present
refinery
'n operation here will be continued, it having been kept
in the highest
tate of efficiency to the present moment, and having a
capacity of 3,000
to 6,000 barrels a day.-V. 86, p. 793, 796.
Second Mortgage BJndholders' Committee.-John W. Castles, Henry S.
Redmond and Andrew J. Miller, with Alexander J. Hemphill, Secretary,
28 Nassau St. New York City, and Hornbiower, Miller & Potter, Counsel.
-V. 80, p. '
1346, 1102.
American Telephone & Telegraph Co.-Dissolution of Convertible Bond Syndicate.-The syndicate organized in February 1906 by J. P. Morgan &
uhn, Loeb & Co.,
Washington (D. O.) Railway & Electric Co.-New Officers. Kidder, Peabody & Co. and Baring
Co.,iros. of London, to un-The following changes in officers are announced:
derwrite $100,000,000 4% 30-year convertible bonds wasdisClarence F. Norment, formerly Vice-President, has been elected
Presi- solved on June 1, or one month earlier than it would have
dent In place of Allan L. McDermott, who becomes Special Counsel;
Thoron, First Vice-President. In place of Clarence F. Norment. Ward expired by limitation (see V. 82, p. 394, 570; V. 84, p.
-V.
86,
p. 1221.
1489; V. 86, p. 171). The "Boston News Bureau" says:
West Penn Railways.-Bonds Offered.-Status.-Robt.
Of the entire $100,000,000 bonds, but a trifle over $10,000,00
placed among investors (see V. 84, p. 273). The remaining 0 have been
Glendinning & Co., Philadelphia, have purchased from arc
still In the hands either of the primary or junior underwrite$90,000,000
rs. A conthe treasury,and are offering at 97 and interest, yielding servative estimate
places the total amount of these bonds held by bankers
In the United States at not exceeding $50,000,000. In the
5h%, free of Pennsylvania State tax, $300,000 first
original allotmortment foreign underwriters were assigned, through Baring Brothers,
gage 5% gold bonds, due Jan. 1931; total amount author- 000,0Q0 of the bonds. In the past four or five months
$25,bankers and
ized under mortgage, $6,000,000, of which outstanding investors, attracted In part by the excellent showing offoreign
earnings made by
the
Telephone
Co.,
have been buying up syndicate participations at
$5,095,000; held by trustee to mature underlying bonds, fractionally under the
board prices for the bonds. It Is estimatedprices
that
$504,000; reserved for extensions, improvements, &c., fully $15,000,000 of the bonds have been absorbed
through this buying.
The breaking up of the syndicate at this time Is, In fact, an expression
$401,000. A circular says:
of
confidence in the fundamental strength of the bond market.
Owns 144 miles of electric railways southeast of
with the Pittsburgh Railways Co., and also does aPittsburgh, connecting
and power business. Serves McKeesport, Duquesne,large electric lighting
Greensburg, Latrobe,
Uniontown, Fairchance and many other
smaller towns.
with an estimated population of nearly 400,00J. More
than 75% of road
Is built on private right of way. F,•anchises perpetual.
Earnings for Years ending March 31 1908 and 1907.
YearNet.
All chis. Bal., sur.
Pref. Div.
Balance.
1907-08
$775,830 $429,217 $346,622 (5%
)$137,500 $209,122
1906-07
642,893
382,5)6
260,297 (5%) 137,500
122,797
The balance, $209,122,Tfor 1907-08 Is nearly 6t% on
the $3,250,000
common stock.
The preferred stoc't was originally underwritten by the
insiders at $100
per share In cash, so that It represents an actual cash
equity junior to the
bonds of $2,750,010.-V. 36. n. 49 .
Wheeling & Lake Erie RR.-Receivership for Company
Owning Control.-See Wabash RR. above.-V.85, p. 786.
Wisconsin Central Ry.-Expiration of Syndicate,
syndicate organized by Brown Bros. & Co., Maitland-The
, Coppell & Co., Edward Sweet & Co. and George A. Fernald
& Co.
! in 1906 to underwrite the company's $7,000,0
00
Superior & Duluth Division & Term inal4s,at a price
said to
have been 86k, will expire by limitation on July 1. Very
few of the bonds, it is understood, have been sold to the
public.-V.85, P. 1092, 1079.
It is assumed
that underwriters who have carried their bonds for the past
2ti years
will not be in a hurry to sacrifice them at the present level of prices.
In January 1907 the price of bonds to underwriters was reduced
from
94 to 01 (V.84,1). 160), and In June 1907 the company offered
$21,925,200
new stock to stockholders, bringing the conversion rate down from
140 as
first provided to 134 2-7 (V. 84, p. 13691.-V. 86, p. 1287, 1227.
Bell Telephone Co. of Pennsylvania.-To Guarantee Bonds.
-At a meeting on May 29 it was agreed to guarantee the
principal and interest of the $1,000,000 first mortgage 5%
bonds of the Maryland Telephone & Telegraph Co. dated
Jan. 1 1899 and due Jan. 1 1929, subject to the right of
the
guarantor to retire the issue on any interest date at par
interest. The Maryland company also has outstandand
ing
$1,155,000 general mortgage 5s dated March 1 1903.-V. 85,
P. 1464.
Boston Cape Cod & New York Canal Co.-Description
of Proposed Canal.-The "Railroad Gazette" of New York
for May 29 cites at considerable length a paper by Chief
Engineer William Barclay Parsons regarding this company's plans.-V. 84
., p. 805; V. 85, p. 470.
Brooklyn Ferry Co.-Foreclosure Sale.-This company's
property is advertised to be sold at 189 Montague Street,
Brooklyn, on June 25 in the foreclosure suit brought by the
Knickerbocker Trust Co. as trustee. The advertisement
says:
INDUSTRIAL, GAS AND MISCELLANEOUS.
The approximate amount of the lien or charge to satisfy which the
Amalgamated Copper Co.-See "Annual Reports.
abovedescribed property is sold is $6,773,541, with interest thereon
from Dec. 3
New Directors.-Benjamin B. Thayer, assistant to "
1908, together with plaintiff's costs, amounting to $591 25, together
the
with
the expenses of the sale. The approximate amount of the taxes
President of the Amalgamated Copper Co. and a director
assessof ments and water rates and other liens, including first mortgageand
the Butte Coalition Mining Co., John D. Ryan and
bonds
to
the aggreTate of $1,000,000, subject to which the above-described property
Bushnell, a director of the United Metals Selling Co., John is to be sold, as provided in and by said judgment,
Is $1,100,000, with Interhave
Compare
est.
86,
V.
819.
p.
been elected to the board of the Amalgamated Copper
.
Co.
to succeed James Stillman, George H. Church and
Chicago Dock & Canal Co.-Bond Issue.-A mortgage
John
E.
Judson who resigned.-V. 86, p. 604, 170.
has been made to the Northern Trust Co. of Chicago, as
trustee, to secure an issue of $500,000 20-year 5% bonds.
American Car & Foundry Co.-Dividend Reduced.-The
di- A Chicago paper says:
rectors on June 2 declared, along with the usual
preferred
The property covered includes 903x207 feet on the north side
dividend, a quarterly dividend of M of 1% on the $30,000,
of North
Water Street, 370 feet east of St. Clair Street, Chicago.
The proceed,
common stock, payable July 1, thus reducing the annual 000 are to-be used to
construct a 500-foot addition to the Furniture Exhibition
rate Company's warehouse
.-V. 80, p 2160.
THE CHRONICLE
1412
Columbus (0.) Citizens' Telephone Co.-Dividend Increased.-The company paid on June 1 a quarterly dividend
of 13i% on its $750,000 common stock, contrasting with
1% quarterly paid regularly for nearly three years past.
There 'ate also authorized issues of $1,000,000 6% cumulative preferred
stock and $750,000 first mortgage 5s: outstanding at last accounts, $751,000
• preferred stock and $650,000 bonds.-V.84, p. 099.
Columbus & Hocking 'Coal & Iron Co.-Report.-The
suits for the year ending March 31 were:
Fiscal
• Year
1907-08
1006-07
1905-06
1904-05
-V. 86, p. 1045.
Total
Income.
$864,759
603,820
527,065
341,997
Net
Bal., Sur.
Interest
Operating
Expenses. Earnings. Taxes,etc. or Def.
$675.532 $189,227 $129,058 Sur.$60,189
139,669
74,699 stir. 64,970
464,151
103,828
73,597 sur. 30,231
423,237
33,322
72,822 def. 39,500
308,675
Continental Paper Bag Co.-Decision Affirmed.-The
United States Supreme Court on Monday decided in favor
of the Eastern Paper Bag Co. the suit brought against the
Continental Co. to restrain the use of the Liddell "self-opening
bag" machine. President Herman Elsas says:
of
The decision will In no way affect the m9nUfacturing and furnishing
owns 35
paper bags by the Continental Paper Bag C). This corporation
comprising
bag
paper
machinery,
on
patents
United States and foreign
on mechanism which have
over 200 claims. The decision affects 3 claims 82,
p. 103.
not been in USe for Several years. Compare V.
[VoL. Lxxxvi.
clared "a dividend" of 2% on the $13,500,000 stock, payable
June 30 to holders of record June 12. Quarterly dividends
at the rate of 12% per annum were paid from September 1906
to September 1907, both inclusive. In December last distributions were suspended. The "Wall Street Journal"
says:
At the present time the plant Is running at full capacity, smelting 100,000
tons of ore a month,and extracting therefrom 2,5)9,030 pounds of copper
The ore is thus shown to run about 1% per cent of copper.-V. 86, p. 605.
Hackensack Meadows Co.-Reorganization and Consolidaion.-See Newark Meadows Co. below.-V. 86, p. 423.
Hartford (Conn.) Electric Light Co.-New Stock.-The
shareholders will vote June 10 on increasing the capital stock
from $2,100,000 to $2,400,000, the new shares to be offered
to shareholders at par.-V. 85, p. 1211.
Lindsay Light Co., Chicago.-Dividend Omitted.-The directors on June 1 decided not to pay a dividend at this time
on the $200,000 capital stock (par $10). Secretary C. M.
Wheeler is quoted as saying:
"The company was never in better financial condition than It is to-day,
but earnings and trade conditions do not warrant the payment of dividends
at this time, so the directors have deemed it prudent to defer payments
temporarily." See V. 86, p. 859. 112.
Corn Products Refining Co.-Merger Proposed-Official
Maryland Telephone & Telegraph Co.-First Mortgage
Circular.-The stockholders will vote June 29 on a propo- Bonds Guaranteed Subject to Right to Call at Par and Interest.Products
Corn
with
the
Co.
Products
Corn
sition to merge the
See Bell Telephone Co. of Pennsylvania above.-V. 86,
Refining Co. President E. T. Bedford in a circular says:
p. 288, 112.
of
holders
to
the
offer
an
made
company
this
Shortly after-organization
stock of Corn Products Co. of two shares of this company's stock for three
Monongahela River Consolidated Coal & Coke Co.-Opershares of the same class of Corn Products Co. stock.
This offer has been accepted by all the Corn Products Co. shareholders tions for half-Year.-For six months ending April 30:
of
except 3,804.4 shares of preferred (about 1 A%) and 6,887.05 sharesthe
Common (about U%). This small minority outstanding prevents
entire business being placed under a single management, entails a large
-to keep
and unnecessary expense of administration and makes it necessarythereon.
alive a fictitious capitalization and the payment of franchise taxes
This Item of taxes alone amounts to $7,400 per annum.
an
The directors of the two companies have accordingly entered into
offer,
Agreement of merger, on precisely the same terms as the original 'receive
except that the Corn Products Co. preferred shareholders are to
this being the
In addition $12 per share upon the stock coming to them,Corn
Products
amount of dividends which has been declared on the
made.
was
offer
original
the
since
stock
preferred
Co.
Refining
requiring
statute
the
matter,
this
We urgently advise your co-operation in
class of stock before
the affirmative vote of two-thirds in amount of each
Full copies of the merger agreement
the merger can become effective.
No. 176 Broadway,
Co.,
Trust
&
may he obtained from the Title Guarantee
of Corn Products
New York City, which is also authorized to receive stock-V.
86, p. 1222,
agreement.
the
In
stated
terms
Co. In exchange upon the
1161.
East Chicago & Indiana Harbor Water Co.-ControlOfficers.-This company, recently organized by the C.
Geist Co. of Chicago (which is offering on sale a block of
the present outstanding issue of $300,000 first mortgage
bonds described in V. 85, p. 1405; V. 86, p. 1103), has
elected the following offieers:
C. iv. Fox,
Leon A. Walters, President; C. H. Weak, Vice-PreSident;
Secretary; C. H. Geist, Treasurer; all of Chicago.
Compare V86,p. 1103.
Balance,
Gross
6 Mos. Total
Deductions
Earns. Royalty. Deprec. Taxes. 1st. Mm Surplus
to Apr30 Tons.
1908_$3,254,055 $1,128,717 $226,028 $179,031 $60,000 $253,170 $410,489
1907- 3,254.775 1,066,401 209,023 164,390 60.000 258,560 374.428
-V. 86, p. 724.
National Lead Co.-Acquisition.-This company and other
creditors of the Heath & Milligan (paint) Mfg. Co. have
taken over the management of that property.
. The Court in bankruptcy 4pproved tile composition of 30c. on the dollar
offered creditors. The report that the National Lead Co. will assume a
$280,000 mortgage, while possibly true, is not conflrrhed.-V. 86, p. 915.
Newark (N. J.) Meadows Co.-New Company-Reorganization and Consolidation.-This company was incorporated
March 31 under the laws of New Jersey with $1,500,000
authorized capital stock, pursuant to the plan for the reorganization and consolidation of the Hackensack Meadows
Co. and the New Jersey Terminal Dock & Improvement Co.
Over a majority of the old securities has assented to the
plan and the securities of the new company are expected
to be ready for delivery in about alrionth. • The new mortgages have already been filed, the Standard Trust Co. of
New York being trustee under both. The new bonds are
dated April 1 1908. The plan in brief is as follows:
Edison Electric Illuminating Co., Boston.-Reduction in
Status of Old Companies.
Rates Recommended.-The Massachusetts Gas & Electric
'Hackensack Meadows Co.BoNndsJ. Term. Dock
Light Commission on June 1 recommended to the company: 1st
I
M "Ferrier bonds,"
offer,
to
company
sell
the
electricity
1908
July 1
84, p.870)___$1,161,0501Stock_
(V.
a) That On and afterprice
43%
not to exceed 12 cents per kilowatt hour (the
de Imp. Co.$1,935,075
5
970
5:00
500
L93
132,353!Floating debt(about)_
2d M. notes (V. 80, p.873)
Stock other than that held
by N. J. Term. D.&I.Co. 256,100 I
Securities to Be Created by New ComPany
1. Thirty-Year Gold Income Bonds of $1,000 each, Beclured by a
on
the entire property, rights and franchises__ $1,850,000
mortgage
first
The company has agreed gradually to' modify its con- ."Interest will be paid on these bonds for each year at such rate not excomon
of
the
per
the
annum as the earnings for such year applicable to such
recommendati
ceeding
with
43%
accordance
in
tkacts
payment, determined as prescribed in tile mortgage, shall suffice to pay."
mission, but without prejudice to its rights in any future Provision will
be made for the gradual satisfaction of the mortgage. These
bonds shall be paid in full before any payments, either interest or principal.
proceedings.-V. 85, p. 1207.
shall be made out of proceeds of sales of land on the "debenture bonds,"
below.
Electrical Development Co.,oronto.-Preferred Stock to mentioned
A parcel of land purchased by the Terminal Co.from the Passaic Zinc Co.,
also
Be 6% Cumulative Without Redemption Clause.-The share- not subject to the mortgages of Hackensack Meadows Co., which willto
a
be covered by this and the mortgage mentioned below, is subject
holders at a Meeting held in Toronto on May 29 ratified the purchase-money
$135,000.
for
mortgage
secured
proposition of the • directOrs to make the preferred stock a
each,
2. "Thing- Year Gold Debenture Bonds" of $1,000
second lien upon all the property, rights and franchises_ __ _$2,000,000
6% instead of a 5% stock, and to strike out the clause pro- bya
not
"Interest will be paid on these bonds for each year at such rate
to such
viding for the redemptiOn of the shares at 110.
exceeding 5% per annum as the earnings for such year applicable
to pay,
payment, determined as prescribed In the mortgage, shall sufficefor:
The "Financial Post" of Toronto for May 30 said:
but
provided
Macken- interest on the aforesaid income bonds being first paid or or principal out
When the 'control Of the cotritritny was transferred to Mr. William
86. p. 605) that the no payment shall be made on these bonds for interest
are
zie and the Toronto RallwaY Co., it was agreed (see V.
outstanding."
bonds
income
said
of
any
while
land,
of
sales
of
proceeds
mortgage.
cbmmon shareholders woUld receive one preferred share for every two of
cumulative with a non- Provision will be made for the gradual satisfaction of the
$1,500,000
'of cOMmon shares,such preferred share to bear 5%
3. Stock In shares of $100 each
kumulative additional diVidend of 1% for the first seven years, provided
Basis of Exchange.
excieded $100,000, such shares to be redeemable
the (accumulated) StIrPlus
Will Be Exchanged for
shareholders, Mr.
at 110. These conditions being unpopular with the old
William Mackenzie has agreed to make the preferred shares straight 6%,
1st M. 2d %ill.
euinulative shares and to rernbve the Condition that they could be reDeb. Stock.
Inc.
gads.31,000 Principal ofdeenned at 11p.
_$1,000
bonds"Hatkensack Meadows Co., lit M. "Ferrier
The net earnings for April were $1,400 in excess of the amount required
1.000
Second mortgage notes
for bond 'Interest. It Is fully expected that this year the property will be
Um,
Co. stock ____
able to earn the Interest on Its bonds. Tile Niagara St. Catharines & Tor- New Jersey Terminal Dock & Intprovement
500
$1,000
Bonds_
onto and the Canada Foundry Co. are two more recent customers. The
_ ____
1,000
______________
a
________________
as
doubtless
the
of
result
debt
Floating
week,
tills
active
and
been
strong
have
bonds
Co.
will
Meadows
-be
dealt
Hackensack
d
39
7
yir
bp
1
a8p
t
6:
a
n
;
(1
iqay,
The outstanding stock of the
etli)0Irfs
et=drto
Thxyn n
rooyseg condi
cnstrin
ir
receagneg page.].-V,
with by the cotnmittee as It sees fit.
tions.tsirunder
•
Distribution of New Securities.
p. 1098, 797.
New Income First Mortgage Bonds ($1,850,000)
Fort Wayne (Ind.) Gas M.-Foreclosure Decree.-Judge To1.holders of Ferrier bonds and second mortgage notes of
Hackensack Meadows Co ________ - ___________ $1,293,403
Anderson in Indiana on May 11 ordered the foreclosure.sale
holders of floating debt of New Jersey Termlnid Dock & Im500,000
of the company's property located in Fort Wayne, Anderson, Toprovement Co.
(about)
56,597
pumping
also
its
stations, Reserved In treasury
Bluffton, Montpelier, &c., Ind.,
($2.000,000).
New
"Debenture
Bonds"
2.
estate
to
real
and
satisfy
pipes, mains, gas wells, franchises
$1,935,975
To holders of New Jersey Term. Dock & Imp. Co. brlrids
64,025
the judgment for $2,271,000 obtained by the Central Truat Reserved in treasury
3. Stock '($1,500,000).
Co. of New York, the mortgage trustee. See also Ohio & Offered
to holders of New Jersey Term. Dock & Imp. Co. bonds
1,261,585
Indiana Consolidated Natural & Illuminating Gas Co.
and stock
238,415
Reserved in treasury (about)
in V. 86, p. 984.-V. 86, p. 54
City.
York
New
St.,
25
Broad
Co.,
Trust
Depositary under plan, Standard
agreement of Feb. 1 1907, William C.
General Electric Co.-New Director.-Vice-President B. E. Reorganization committee Under
M.,
William
Barnum.
arid
Eldridge
Frederick
L.
Lane,
Sunny has been elected to the board to succeed Frederick P.
For further partidulars, see "Chronicle" as follows: Hackensack Meadows
960; V. 74, p. 990, 1142; V. 86, p. 423.
Fish, who retires in order to devote his time to the practice Co.. V. 72, p. 1083; V. 73,&p.Imp.
Co., V. 81, p. 1378, 1888; V. 82, p.
New Jersey Terminal Dock
of law. Mr. Sunny was also recently elected a Vice-President 1159;
V. 84, 9. 1310.
bonds of
Notice was recently given to the holders of the undeposited been
of the American Telephone & Telegraph Co.-V.86, p. 1157'
Sold
the N. J. Terminal Dock & Impt. Co. that the property, having
Co.,
Power
&
Ltd.
on preproceeds
Smelting
Mining,
Granby Consolidated
under forecievire, they would be paid their share of the
-The directors on Wednesday de- sentation of their bonds at the Standard Trust Co., New York.
for any use at a uniform
-Ed.); (2) teat on or
present rate, it is understood, to certain customers.
before Oct. 1 1909 said uniform price shall be further reduced by such
unless
Board,
the company
meantime
the
by
approve(l
be
may
as
amOunt
shall show the Board good cause why such further reduction should not be
made.
-Dividends Resumed.
JUNE 6 1608.1
THE CHRONICLE
New Jersey Terminal, Dock & Improvement Co.—Reorganization and Consolidation.—See Newark Meadows Co.
below.—V. 84, p. 1310.
New York & Richmond Gas0o.—Listed.—The N.Y.Stock
Exchange recently listed additional $164,000 first mortgage
.5% bonds, issued on account of improvements and additions,
making the total listed to date $1,389,000.—V. 86, p. 424.
Old Dominion Co. of Maine.—Final Decision Favorable to
Lewisohn Heirs.—The United States Supreme Court on
May 15 affirmed the decision of the lower Federal courts in
favor of the heirs of Leonard Lewisohn in the suit brought
by the Old Dominion Mining & Smelting Co. of New Jersey
to recover one-half of the alleged illegal profits derived by
the late Mr. Lewisohn and A. S. Bigelow of Boston in the
organization in 1895 of the Old Dominion Copper Mining Co.
of Baltimore.
A contrary view was taken by the Massachusetts State Supreme Court,
ts decision in December last awarding judgment against A. S. I31gelow,
but an appeal Is pending to the full bench of that court. A temporary
injunction restraining the Massachusetts litigation has also been obtained
In the New Jersey courts, but the Old Dominion Co. has carried the matter
to a higher court. Compare V. 85, p. 1466, 1522.
1413
at about $1.40 to meet the Iron bar competition, and some of the larger
manufacturers have reached the decision that they will meet the conditions
when and as required. This conforms to the views of the steel bar committee. It will not affect prices generally nor interfere with the movement
In favor of the stability of business conlitons.—V. 86. p. 1348, 1289.
Westinghouse Electric & Manufacturing Co.—Time Extended to June 22.—The report made this week by the merchandise creditors' committee to the readjustment committee
shows that, while "most satisfactory progress has been made
as far as the merchandise creditors are concerned (compare
V. 86, p. 1228), only fair progress has been made as regards
the obtaining of subscriptions from the stockholders. Both
committees, however, expressed confidence that with further
time they will be able to produce subscriptions for the $10,000,000 of new stock. The readjustmentcommittee,therefore,
has extended the time to Produce such subscriptions to June
22. It is understood that unless subscriptions are furnished
on that date, no further time will be given to the merchandise
creditors' committee or the stockholders' committee, the
alternative, it is understood, being foreclosure.
A circular dated June 4 says:
The merchandise creditors' committee has succeeded in securing stibscriptions for new stock from the holders of all the merchandise debt
except
about $450,000. The advantage to the stockholders of this voluntary conversion into assenting stock, at par, of floating debt of such magnitude is
manifest. The stockholders, the real owners of the property. who have
the Most at stake, have not done as well as the
creditors, for thus far the
stockholders have sent In subscriptions for only about one-half of the $6,000,0,
0 Of atbek for which they are required to subseribe In order that the
merchandise creditors' plan may become operative.
Ontario Power Co., Niagara Falls, Ontario.—Bonds
Offered.—Denison & Farnsworth, Boston, etc., are offering
for sale $200,000 first mortgage 5% gold bonds, dated
Feb. 2 1903 and due Feb. 1 1943, but redeemable as a whole
during first ten years, after notice, at 110 and interest.
In order to enable small shareholders to take up their pro
Amount outstanding $4,757,000. A sinking fund of $1
per h.p. sold and delivered becomes operative July 11909. rata share of new stock, Dominick & Dominick, 115 BroadCapital $5,000,000. A circular says (see further ,particulars way, have agreed:
To take up and pay for the 25% of new stock to Which each stockholdet
as to enterprise in V. 82, p. 632 and V. 85, p. 226):
Is entitled to suoscrlue, the latter to
The present installation is 66,000 h. p. Cash investment over and above
first mortgage bonds, $1,900,000. Further bonds can be issued for additions to the plant only under the most rigid restrictions, and It is believed
that ultimately the first mortgage debt will not exceed $60 per horse-power.
The Intake works, one mile above Niagara Falls, on the Canadian side, are
complete for the ultimate output; the power house is just below the Horse
Shoe Fall, giving a drop of over 200 feet, and the transmission house is on
the bluff above. The business of the company Is remarkably diversified,
and extends 160 miles on the cast to Syracuse, where the street railway
system has been successfully operated by this power since July 1906; it Is
also steadily extending westward, and will in all probability eventually
serve the entire southwestern portion of Ontario.
In order that the people of Ontario may secure the benefits of the cheap
power generated at Niagara Falls, the Ontario Government has recently
closed a contract with this company to deliver, at the latter's plant,electric
'power which is to be transmitted to various municipalities on lines furnished
by the Government (compare V. 88, p. 1347). This contract Is exclusive
up to the first 30,000 h. p., and for any further amount purchased, up to
100,000 h. p., the Government must take at least one-half from the Ontario
Power Co.
Among the consumers of this power In the United States are the Lackawanna Steel Co., Buffalo ec Lake Erie Traction Co., Erie RR. Rochester
& Geneva RR.. Lockport & Rochester RR. and the railway and lighting
companies of West Seneca, Depew, Lancaster, Lockport, Batavia, Rochester. Auburn and Syracuse.
Net-earnings for 1907 showed a good surplus over Interest on the outstanding first mortgage bonds, and President Albright states that when the total
power of the present Installed capacity Is delivered, the net income will be
abbilt tsVo ahd One-half times the Interest on the first mortgage bonds.
The ratio of Operating expenses to earnings Is very Idw, and will materially
decrea-se with the increase in delivery of power. The franchise la for fifty
years from 1900, with the privilege of three renewals Of twenty years each,
or until 2010. (The bonds are quoted to us at 9114 bid, 05 offered.—Ed.).
V. 86,1). 1347.
Pure Oil Co.—New Directors, &c.—The folloiving changes
were recently announced:
W. C. McBride, President of the First National Bank of Washington,
Pa., was elected a director; W. L. Curtis of Bradford, formerly European
representative, was elected Vice-President, and E. H. Jennings, President
of the Colonial Trust Co. and Columbia National Bank of Pittsburgh, was
elected Chairman of the board of trustees and also Chairman of the Producers & Refiners' 011 Co., all succeeding the late Senator J. W. Lee.
New Stock.—The company has offered a limited amount of
common stock at $6 50 per share, a Premium of $1 50, also
a limited amount of preferred at par, $100 per share. The
amount of common stock now outstanding is $4,868,170 of
preferred stock, $1,393,900.—V. 85, p. 472.
Sunday oreek Co,—Hocking Valley Interests Transferred to
Central Trust Co.—New President.—See Hocking Valley Ry.
above.—V. 85, p. 165.
Thompson-Starrett (Construction) Co.—Dividends Resumed on Common Stock.—Semi-annual distributions on the
$1,000,000 common stock which were suspended last December have been resumed with the declaration of a dividend of
4%, payable July 1 1908 to stockholdc...rs of record June 2,1
1908. See V. 85, p. 1522, 1592.
United Bank Note Corporation.—Earnings.—For calendar
year 1907:
Net profits ov. depreen,&c.$732,5151D1v. on pref. stock, 67 - - Miscellaneous income (net)_ 11,010 I Div. on corn. stock, 4%___$239,826
159,884
I Div, on outstanding minority
Total net Income
$743,5251 stock
5-1
Deduct—
Reserves
120,000 I Total
$519,76
Balance, surplus ____________________________ $223,761
—V. 86, p. 1046.
United Copper 0o.—Report.—See "Annual Reports."
New Directors.—A. B. Cook and Carlos Warfield of Butte
and William J. Curtis of Sullivan & Cromwell, New York,
counsel for the banking creditors of F. A. Heinze, have been
elected directors to succeed Arthur P. Heinze, Otto C.
Heinze and Max H. Schultze, who resigned.—V. 85, p. 1345.
United States Steel Corporation.—Reduction in Price of
Steel ,Bars.—The leading steel manufacturers announced on
June 2 a reduction from $32 to $28 per ton in the price of
steel bars, manufacturers' stock, at Pittsburgh. Subsequently the price of bar iron was reduced from $30 to $27
per ton. Judge Gary, Chairman of the United States Steel
Corporation, made the following statement:
Some of the smaller Manufacturers of steel bars who have not been in
consultation with the larger manufacturers have for some time been sellinr
deposit his old
as security for
the loan In addition to paying 6% interest from July 1 stock
190s and Si commission on each share of new stock purchased. Any stockholder
not taking
up his stock by July 1 1909 to be sold out.
As to the affiliations and purpose of the comniittee of
merchandise creditors, George M. Verity, Secretary of the
committee, recently made the following statement:
No member of the committee Is connected, either directly or indirectly,
with any of the Westinghouse companies or interested In any of them in
any way save as a creditor. Each member of the committee represents one
of the largest merchandise creditors, and their claims aggregate $1,750,000.
Joseph W. March, Chairman of the committee, Is Vice-President of the
Standard Underground Cable Co. of Pittsburgh, Pa.; F. W. Roebling is
Treasurer of the John A. Roebling's Soils Co. of Trenton, N. J.; C. R.
Remington Is Secretary of the American Electric Works
R. I.• A. BournonvIlle is a member of the firm of Alfred F. ofphifilpsdale.
Moore of Philadelptha, Ga., and George M. Verity, Secretary of the committee, Is President
of the American Rolling Mill Co. of Middletown, Ohio,
These gentlemen, as large creditors, desire to preserve both the integrity
of their claims and that of the Vi estinghouse Electric & Mfg, Co.
an industrial factor, and believe that this much-desired result can beasaccomplished through the consummation of the plan proposed by them for a readjustment of Its financial Interests, without either a sale or a drastic re.
organization.—V. 86, p. 1105. 1228.
—The Committee on Transportation announces that arrangements have been made With the New York Central
lines for a "bankers' special" from New York to Denver for
the accommodation of members from New York and the
contiguous territory to the annual convention of the American Bankers' Association. This train will be a duplicate of
the "bankers' sbeeial" to the Pacific Coast in 1903. It will
leave New Ycirk Saturday, Sept. 26. The rotite to Denver
will be a direct one, but on the return trip a visit to Yellowstone Park and other Points of interest will be included. See
advertisement on another page.
—The Annual Financial Review (Canadian) for 1908,
compiled by W. R. Houston, Toronto, is now a volume
of over 500 pages, containing "a carefully revised preois of
facts regarding Canadian securities". This work. is invaluable to any, one wishing to keep informed regarding
the financial markets of Canada and its proinces-and the
foreign enterprises in which Canadian capital is dominant.
R. Moat & to., tock brokers, Montreal, are sending copies
of the "Review" to their friends.
—The commencement exercises of Ilerkeley School Were
held on Friday evening, May 29th, at Duryea Hall, West
72d St. There were recitations, music and dramatic sketches,
excellently rendered by the boys, an address to the graduating class by Dr. Frederick 0. Virgin, of the class of '91
followed by the presentation of prizes by the Headmaster,
J. Clark Read, A.M.
—Owing to the large increase in their investment business
throughout Pennsylvania, Shoemaker, Bates & Co. (37-43
Wall Street) have opened a branch in Philadelphia. The
new office, is located in the Real Estate Trust Building,
Broad and Chestnut streets, and is under the management
of S. G. Williamson. The firm also has a Chicago branch
at 205 La Salle St.
—Attention is called to the advertisement of Messrs. Lee,
Higginson & Co. and Blodget, Merritt & Co., offering City
of Boston 4% registered bonds. These bonds are free from
taxation in Massachusetts when held by savings banks, individuals and trustees. Details of the maturities and prices
will be found in the advertisement.
—Mr. Fred. J.Schenck, who has been conneeted with the
New York News Bureau for the past eighteen years has
formed a partnership with Mr. Fitzsimmons under the
name of Fitzsiinrnons & Schenck, to deal in curb and miscellaneous securities, with offices in the Mills Building, 15
Broad St.
—KOuntze Brothers, New York, have issued the second
edition of their Interborough-Metropolitan chart, which
brings the
statistics up to May lit.
[Vol, Lxxxvi.
THE CHRONICLE
1414
COTTON.
50ic -kii).ulauter.ciat
Friday Night, June 5 1908.
THE MOVEMENT OF THE CROP as indicated by our
COMMERCIAL EPITOME.
telegram from the South to-night is given below. For the
week ending this evening the total receipts have reached
Friday Night, June 5th 1908.
64,885 bales, against 64,162 bales last week and 53,068
prices
steel
this
week.
iron
and
in
cuts
been
There have
bales the previous week, making the total receipts since
Sentiment is hopeful, but the 13,.siness world is pioceeding the 1st of September 1907, 7,897,324 bales, against 9,520,813
full
of
time
among
Resimption
lines.
conservative
along
bales for the same period of 1906-07, showing a decrease
many textile mills of New England is encouraging.
since Sept. 1 1907 of 1,623,489 bales.
June 1
May 1
June 1
1908.
1908.
1907.
Receipts at- 6,126
8,345
tierces
7,250 ' Galveston
bags
18,181
10,486 • 12,12o Port Arthur__ _ _
bags 3.146,84C 3,243,875 3,071,014 CorpusChrlsti,&c
41,06(
mats
54,28; 275,000 New Orleans_ _ _ _
bags 225,096 253,869 284,059 Mobile
Nont
hogsheads
None
25,000 • Pensacola
bats, &c. 147,40Z
Nom. 200,000 Jacksonville, &c.
6,001
No.
10,5011
3,244 Savannah
86,666
bales
94,871 178,710 Brunswick
barrels
12,000 Charleston
barrels
3,500 Georgetown _ _ _ _
barrels
2,2J0 Wilmington _ _ _ _
283
bags
3,650
750 Norfolk
11,882
bales
24,675
32,423 Newport N., &c_
1,173
bales
8,520
6,200 New York
56,600
56,500
34;100 Boston
barrels and sacks
Baltimore
Philadelphia_ _ _ _
Stocks of Merchandise.
Lard
.
Cocoa
Coffee, Brazil
Coffee, Java _
Coffee, other
Sugar
Sugar
Hides
Cotton
Rosin
Spirits turpentine
Tar
Saltpetre
Manila hemp
Sisal hemp
Flour
•
Mon.
Sat.
Tues.
. Wed. ' Thurs. Friday.
2,515
2,314
5,611
3.315
1,621
2,320
17,696
4,114274
1,556
1,908
565
8,321
492
1,014
3-,655
074
21282
2,40.5
1,687
2,571
1,375
04
--1,984
1,896
576
174
142
179
736
892
226
50
880
1,217
20
870
700
176
305
240
474
1,084
325
1,014
67
1,317
50
3,590
5,147
• 243
-56E
-5116
603
743
57
25
2,511
140
25
32
25
12,024
LARD on the spot has been quiet and generally steady.
The demand has been limited chiefly to local jobbers. Totals this wk • 11,902 8,707 13,113 14,068 0,445 10,650 64,885
Western 8.50c. and City 83'1c. Refined lard has continued
The following shows the week s total receipts, the total
in light request with prices steady. • Refined Continent
9c., South America, 9.60c. and Brazil in kegs 10.85c. The since Sept. 11907, and the stocks to-night, compared with
speculation in lard futures at the West has been fairly last year:
active. Prices have fluctuated within maderate limits as
1907-18.
1906-07.
Stock.
a rule. There has been some investment buying of SepReceipts to
This Since Sep This Since Sep
tember, at times. Packers have been the principal selleis,
June 5.
11907. week. 1 1006.
week.
1908.
1907.
though scattered long licit idation has also occurred. The
17,696 2,377,785 8,276 3,819,476
01,897
dulness of the cash trade has had a tendency ,to discourage Oavestafl
47,584
108,500
132,823
Port Arthur_ _ _ _ _
buying for an advance.
71,906
138
37,825
Co pus Christi,&c
IN
CHICAGO.
FUTURES
OF
LARD
PRICES
EIDAILY CLOSING
_ 21,282 1,903,767 8,594 2,234,358 120,094
97,815
New Orleans _
Fri.
July delivery
September delivery
Sat.
Ho11day.
Mon.
8.55
8.75
Tues.
8.52%
8.72%
Wed.
8.57%
8.75
Thurs.
8.523
8.70
8.52%
8.70
PORK on the spot has been dull with the tone rather
easier, but without quotable change in prices. The buying
has continued to be of a hand-to-mouth character. Mess
$14.50©$15.25, clear $16.50@$17.25 and family $17©$18.
Beef has been firm on small s pplies and offerings. Trade
has been light. Mess -$13®$13.50, packet $14@$15, flank
$13@$13.50, family $16@$16.75 and extra India mess
$23@$24.50. Cut meats have been easy, but without
quotable change. Trade has been dull and the offerings
larger. Pickled hams 10@109'c. and pickled bellies,
14(4)10 lbs., 8.4.(4)93Ac. Tallow has been in better demand,
partly for export. Offerings have been light. City 53.c.
Stearines have been q-iet and steady; oleo 11c, and lard
10(0).101/0. Butter has been moderately active and firmer;
creamery extras 233, c. Cheese has been firm with a light
trade. .State, f.c small,colored,fancy,14%c.; white 14Yo
OIL.-Cotton s2,ed has been easier. Offerings have
been light, but trade has been dull. Prime summer yellow
48@48c. and prime winter yellow 48@,50c. Linseed
has been firm, with a moderate demand for prompt delivery. Prices of seed have declined of late, but crushers
show no disposition to shade oil. City, raw, American
seed, 44®45c., boiled 45@46c., and Calcutta, raw, ,70e.
Lard has been in moderate demand and steady; prime
67@70c. and No. 1 extra 53(4)55c. Cocoanut has been
quiet and steady; Cochin 7©734c. and Ceylon 6Y4(4)63'c.
Olive has been quiet and steady; yellow 65©75c. Peanut
has been quiet and steady; yellow 65@80c. Cod quiet and
steady; domestic 42@43c. and Newfoundland 44@,45c.
COFFEE on the spot has been quiet and firm. Rio No. 7,
6%(0)6c.• Santos No. 4, 8%©8/c. West India growths
firm with a small jobbing trade. Fair to good
have been'
Cucuta 83/
8(0).9 tc. The speculation in future contracts has
been dull, with prices easier. Closing prices were:asifollows:
June
July _
August
September
5 Sc. lOctober
5 95c. INovember
5 95c. I December
5 00c.!January
5.9 ic. February
5.9 c. March
5. ,Oc. lApril
5.91c. I May
5.90c.
5.9 c.
5.95c.
6.00c.
10,276
10,638
583 252,145
2,405 317,38
Mobile
139,308
159,117
Pensacola
8.36)
2..
7,545
Jacksonville, etc_
36,335
43,009
6,426 1,450,373
12,024 1,470,1
Savannah
841
327
170,609
Brunswick
197,903
6,567
11,724
1,3-1.7 195,694
Charleston
122 146,504
Geonzetown
1,415
50
581
11,442
6,475
3.590 490,011
WIDnington
742 321,921
-7
23,403
17,890
5,147 520,79,
3,434 572,376
Norfolk
134
243
39,582
6,812
Newport News,&e
786
78,275 175,013
22,704
3,658
215
New York
9,109
6,475
308
71,093
13,164
338
Boston
3,230
6,831)
58,409
743
75,898 , 348
Baltimore
1,294
1,366
8,452
57
9,352
Philadelphia
222
---64,885 7,897,324 31,299 9,520,813 350,696 437,356
Total
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at4alveston
't.Arthur,&-c
Iew Orleans_
,
Jobile
iavannah
3runswick_
;harleston,doc
Vilm/ngton
iorfolk
rport N., &c.
111 others
1907,
1908.
17,69(
21,282
2,40
12,02
1,36,
3,590
5,147
243
1,131
-----64,885
'otal thls wk_
8,27
13
8,59.
58.
6,42
7:
12:
74
3,434
78(
1,122
-----30,29:
lince Sept. 1_ 7,807,324 9,520,813
1906.
1005.
1904.
1903.
1,286
2,70:
22,60
15,50
217
49
7,39
6,942
5,62
23,35
11,41
126
1,42,
2,98'
2,68
2,265
2,59:
19,331
13,64
18
5,981
2,48
1
127
29:
477
8
2,717
2,282
541
1,161
11,997
6.221
78
1,184
198
291
1,984
563
3,668
1,942
------------------13,466
14,448
58,254 101,681
- ,-7,483,260 9,187,79 7,009,114 7,545,802
se
,
The exports for the week ending this even.ng reach a total
of 63,101 bales, of which 21,972 were to Great Britain,
1,167 to France and 39,962 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1907.
Week entltno June 5 1908.
Exported toExports
from-
t..
at
%
Galveston - - P6.988
Port Arthur..-
Front Sept. 1 1907 to June 5 1908.
Exported to-
Great
ContiFreer nent. Total. Britain. France
-
- 10.763 17,751
899,056 329,925
- .
48,024
Continent.
Total.
-890,750 2,119,731
60,476 108,500
2,895
2.895
671,037 1,731,239
110,082 238,405
67,444 164,219
'Coro.Chrls.,&c
SUGAR:-Raw has been quiet but firmer, owing to light New Orleans._ 7,444 1,167 7,145 15,756 827,372 232,830
67,409 60,934
offerings. Centrifugal, 96-degrees test, 4.34.; m scovado, Mobile
48,161 48,614
89-degrees test, 3.86c., and molasses, 89-degrees test, 3.61c. Pensacola
Fernandina_
89,821 813,212 869,878
166,845
587
5.25@5.30c.
3.100
Granulated
3,687
firm.
and
has
quiet
been
SAvannqh
Refined
87,208 174,915
87.707
Brunswick Spices and teas have been moderately active and generally Charleston
34.050
44,458
10.408 .. __
_
12,118 12,118 122.757 25,520 325,185 476,482
steady. Hops have been dull and steady. Wool has been WlImIrwton_
35,899
8,700
29.190
1,805
Norfolk
moderately active and firm.
1,636
1,631
Newport NeWS •
PETROLEUM has been firm, with a good demand for New York.. _ _
5,896 0.505 241,620 :12,266, 283,804 557,690
11,570 147,060
1530
1,539 135,490 •
domestic and export account. Refined, barrels 8.75c., Boston
43,97o .1,0 Iti, 63,292 111,311
_ _
Baltimore -------54,485
14,355
40,130
cases 10.90c. and b •lk 5c. Gasoline has been active and Philadelphia ,
1
Me.
ex$8
drums
50
:Portland,
20c.;
drums,
in
degrees,
100-gallon
86
firm;
48,622 48622
FranciSco
71,412
• 71,412
tra. Naphtha has been in moderate demand and firm; 73@, i Seattle
940 - 940
20,768
30,768
76 degrees, in 100-gallon drums, 17c.; drums $8 50 extra. :Tacoma
1,050
1,050
Portland, Ore_
Spirits of turpentine has been quiet and easier at 42Me. Pembina
'
2,111
2.111
Detroit_
Rosin quiet and easier; common to good strained $2 80.
TOBACCO.-Prices have ruled steady. Trade in domes,
21 972 1,167 39,962 63,101 2,771,887826,959 3,393,9016,992,747
Total
tic leaf has contirved dull and of a hand-to-mouth character.
677.083895,681 3.552,6208.125,384
233 28,69? 71.052
'
, Total 1906-07_1 45,086
,
Sumatra and Havana have been quiet.
COPPER'has been quiet and steady; lake 123A@12%e.
to-night also
2 ©12%c. Lead has been quiet and Thin • In addition to above exports, our toiegranis
and electrolytic 1,23/
on shipboard, not
at 4.40e. Spelter has beta quiet and easy at 4.55c. Tin !give us the following amounts of 'cotton
similar figures for
has been dull and steady; Straits 28c. Iron active. No. 1 cleared at •the ports named. We add
'
:,tUra
.
•
i:
Northern $16 25@$17 25 and NO.2 Southern $16 25(16 75. ! New York
•
JUNE 6 1908.1
THE CHRONICLE
On Shipboard, Not Cleared forGreatGerOther CoastLeaving
June 5 at- Britain. France many. Foreign wise.
stock.
Total.
------- ---- ---- ---- ---- ---- ---- ----New Orleans__ 13,131
103 10,167
3,364
1,454 28,309
91,785
Galveston ____
2,428 13,808
850
8,462 3,633 29,181
18,403
____
Savannah ____
1,107 .1,937
____
700
3,744
39,265
Charleston_
300
11,424
300
Mobile
2,3-65 5-,:liii) -------220
2,718
7,920
900
Norfolk
15,163
2,727
New York_ _ _ _
-ioo -665 1,3-06 14,263
2,000
74,275
4,00u
__
750400
Other ports_ _ _
200 _ _....::
20,132
1,350
---- --- ---- ---_
9,328 26,812 13,326 20,57C 8
Total 1908._ 19,931
.9,9
.67 -2607729
1,597
Total 1907._ 19,434
4,525 21,670 22,383 69,609 367,747
Total 1906._ 28,379 18,647 45,018 15,019 21,434 128,497 335,963
1415
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
g
6
Un gli
PI R4'11 6°16
its..0 Ng4g 16grgI* 1
gs/ P i g/ gl gl 01/ g/ TI! I 3 00 / 01/ g/
g/
en
>0
.1
CC .1
CC .1
Speculation in cotton for future delivery has not been at
i•4*. Cs
WW
all active, transactions in fact being very largely of a
1e
I e I®
professional character; but reports of heavy rains latterly
WC 00
078
in the Memphis district, together with the growing conCs
m.
W, WW
OW .t
11
viction that the increase in the acreage is comparatively
I 1 00 5, 00 CC .1 00 00
00
small, have brought about some advance in prices. The
W. Cs
Cs
413
CAN
.N
Government report stated the condition on May 25th at
NW
09
CS
@ I@
Ie I® I® r(
79.7%, against 70.5% on the same date last year, 84.6
"
a
00
00 00
00 0
00
in 1906, 77.2 in 1905, 83 in 1904 and 74.1 in 1903, wit.
0W
W.
11 COW
a 10-year average of 82.3, and putting the increase in acre00.4 00
00
0.4 .
CT I
age at only one-tenth of 1%. This, with other low esti00 00 .1 00 CV c7D0 88
Wis3 COO
G3W
mates of the increase in area,was the signal for heavy and
04
, Cs• Cs cc
40
W.4 000 &ce 00
aggressive buying by Wall Street and other interests, which
I® @ I© I®
I® I@
advanced prices sharply. The rivers in Texas, too, have
00 CC
00 00 oo oc
been reported as high, and persistent reports of recent
4-4:40 OO
WW
Cs'540 00
00 ow
oc
damage by rains and floods have had some effect. Lattercc
o
I
00
00
ly, moreover, the Weather Bureau at Washington has
4.09
04
,
Cs
ww
CO
issued flood warnings for the Red River, pointing to a stage
I® I®
le
I®
of some four to six feet above the flood mark at Shreveport,
cc
. CO
co
La., in about a .week, with indications of moderate floods
Cs
0-4
0.0
for the Mississippi from St. Louis southward. The impression in the trade is that the crop is generally backward,
00 FF .1
cc 00 8"8
Fl
WW 0w
wu Cs
;+;-•
070 .0
and reports from some parts of the South are to the effect that
44
both European and New England spinners are buying even
I e I® I®
le I@ le le
0
the low grades more freely, owing to a marked falling off,
cc 00 CC
coo 00 0
Cs
:4
044.
;+IN3
it is stated,in the supply of the better grades. New England
.44 WW
I
mills have very generally resumed full time; this change
II Ies II les lo lo Io Iwo 1w I 8 II
for the better involving some 35,000 workers, though in
;;
ec
00
m
GO
0
CO
W
a few exceptional instances there has been curtailing of
<3
le I® I® le le le I® I® I® le 1: le
output and even a cut of 10% in wages; the general
o0 .0 0 0 01 0
.
tendency of the cotton goods market is considered to be
It
II
II
It
l!
t
r
Igt1;
II:: 0
,4
3
'
3
II
II
I
towards improvement and there is also a widely prevalent
THE VISIBLE SUPPLY OF COTTON to-night, as made
belief that after h long period of curtailment and light trade
the cotton mills of this country cannot be carrying very up by cable and telegraph, is as follows. Foreign stocks,
heavy supplies of the raw material. As to the speculation, as well as the afloat, are this week's returns, and con- ,
the idea here is that prominent Wall Street interests are sequently all foreign figure are brought down to Thursday
heavily long of the market, though they have latterly, it evening. But to make the total the complete figures
is said, been reducing their holdings. The fact that the for to-night (Friday), we add the item of exports from
outside public holds aloof from the speculation is regarded the United States, including in it the exports of Friday
as a distinct drawback to any movement looking to the only.
establishment of a higher range of prices, and a sudden
J14n3 51908.
1907.
1906.
1905.
Stock at Liverpool
bales. 654,000 1,190,000
falling off in business with Liverpool, owing to the Whit- •
862,000
832,000
at London
8,000
10,000
14,000
13,000
suntide holidays,has also,hadamore or lessunfavorable effect. stock at Manchester
70,000
94,000
67,000
55,000
There is a disposition 'among many, however to con ;ider
Total Great Britain stock
732,000 1,294,000
943,000
900,000
the crop season backward, and this, with bullish
' statistics, Stock at Hamburg
21,000
14,000
14,000
11,000
the strong spot situation, improving trade in cotton goods Stock at Bremen
411,000
346,000
242,000
328,000
Stock at Antwerp
1,000
and the powerful support lent to the long side by prominent S.utli at Havre
192,000
249,000
127,000
113,000
Wall Street interests, has made sentiment quite bullish. Stock at Marseilles
5,000
3,000
4,000
3,000
Stock
at
Barcelona
43,000
17,000
11,000
28.000
A year ago supplies were comparatively liberal and the Stock at Genoa
21,000
67,000
52,000.
51,000
panic was ahead. Now stocks are relatively moderate Stock at Trieste
28,000
28,000
7,000
5,000
and the belief is that business conditions in this country
Total Continental stocks
724,000
724,000
457,000
540,000 •
are slowly on the mend. To-day prices gave way, owing
Total European stocks
1,436,000 2,018,000 1,400,000 1,440,000
to clearing weather at the South and some Wall Street, India
cotton afloat for Europe_ _ - 107,000
248,000' 184,000
105,000
Southern and general liquidation. Spot cotton has been American
cotton afloat for Europe 1)2,646
200,705
218,705
367,000
Egypt
quiet. Middling uplands closed at 11.40c., showing no Stock 13raz11,&c.,alloat for Europe 33,000 41,000
27,000
24,000
in Alexandria, Egypt
141.000
106,000
83,000
160,000
change.
Stock In Bombay,India
558,000
753,000
967,000
907,000
Stock In U. S. ports
350,696
437,356
464,460
471,674
The official quotation for middling upland cotton' in the .Stock
In U. S.Interior towns
260,516
242 238
249,359
272,709
IL S. exports to-day
New York market each day for the past week has been;
3,058
4,409
5,745
20,896
I I
T@-1
I®
May 30 to June 5Middling upland
Sit.
H.
M
.
o.. Tues.
11.30 11.50
Wed. Thum
11.50 11.5 )
Fri.
11.10
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
June 5 for each of the past 32 years have been as follows:
1908c
11107
1906
1905.
1904
1903
1902
1001
11.40
12.90
11.25
8.40
11.75
11.50
9.25
8.25
1000_c
1899
1808
1807
1896
1805
1894
1893
8.88118.12_c
6.2511891
6.5)11890
7.6911889
7.7511888
7.2511887
7.3811886
7 8111885
7.8111884_c
8.7511883
12.3111882
11.1911881
10.0011880
11.4411879
9.2511878
10.8111877
11.56
10.62
12.12
11.00
11.83
13.00
11.38
11.56
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 colutnns which
show at a glance how the market for spot and futures closed
on same days.
1°@
Total visible supply
3.109,916 4,050.708 3,599,269 3.768,279
Of the above, totals of American and other descriptions are as follows:
AmericanLlvernool stock
bales. 538,000 1,056,000
751,000
757,000
‘Ianchester stock
63,000
80,000
56,000
44,000C
nental stock
631,000
633,000
400,000
508,000
American afloat for Europe
192,616
200,705
218,705
367,000
U.S. plrt stock
350,696 437,356
464,460
471,674
U.S. Interior stock
261,516
242,238
249,359
272,709
U.S.exports to-day
3,058
4,4)0
5,745 • 20,896
Total American
Eau 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
2,036,978 2,653,708 2,145,269 2,441,279
118,000
8,000
7,000
93,000
107,000
33,000
141,000
558,000
134,000
10,000
14,000
91,000
248,000
41,000
106,000
753,000
111,000
14,000
11,000
57,000
184,000
27,000
83,000
967,000
75,000
13,000
11,000
32,000
105,000
24,000
160,000
907,000
Total East India, &c
Total American
1,073,000 1,397,000 1,454,000 1,327,000
2,036,976 2,653,708 2,145,269 2,441,279
Total visible supoly
3,109 976 4,050,708 3,599.269 3,768,279
Middling Upland, Liverpool
6 51d.
7.44d.
6.01d.
4.73d.
Futures
Sales of Spot and Contract. Middling Upland, New
York_
Is.
•
.
.
11.20c.
Spot Market
8.70c.
-- Egypt, Good Brown, Liverpool__
Market
8 9-16d.
lid
Closed.
11
1
d.
7%d.
Closed.
Con- ConPeruvian. Rough Good. Liverpool
9.5 d.
11.15d.
8.65d.
10.80d.
Nxport sumtn. tract. Total. Broach, Fine, Livernool
5%d.
634d. 5 11-164. 4 9-16d.
-Tinnevelly, Good. Liverpool
5 5-1Cd.
5Nd.
536d.
Saturday
434d.
HOLIDAY_ _
_ Steady
Monday_
Julet, 10 pts.
100
Continental imports for the past week have been 79,000
400
500
Tuesday _ _ ?ulet. 20 pts. a lv
iteady
Wednesday ,teady
Very steady_
800800 bales.
Thursday _ /Wet
fen, steady.
The above figures for 1908 show a decrease from last week
-ioo100
Friday. _ _ _ )111et, 1) 9.9. d c.... 3 nly steady
so
85
Total
500 1,485
of 154,010 bales, a loss of 940,732 bales from 1907, a decrease of 489.293 bales from 1906, and a gain of 658,303
bales over 1905.
[Vo . Lxxxvi.
THE CHRONICLE
1416
QUOTATIONS FOR MIDDLING COTTON AT OTHER
AT THE INTERIOR TOWNS the movement-that is,
-Below are the closing quotations of middling
the receipts for the week and since Sept. 1, the shipments MARKETS.
at Southern and other principal cotton markets for
for the week and the stocks to-night, and the same items cottonday
of the week.
for the corresponding period for the previous year-is set each
out in detail below.
Movement to June 7 1907.
Closing Quotations for Middling Cotton on-
lo0
n
.e.i
,,,mwva.,... ..
.N.N.2.,-,7a.c.2,......-.=,..1:...,v....
.
.v
eevoce.lonnoowea,pomvnone..e.
. .....o.-.com.onvesinn..n.w.o...v
..
o.c.e.ve. clue.= ..... ..
va.eee.neencenone
.v
N
c0; m.,-;
-.0
t,...
'
.rraet;NN;11,
w
v
.1
0
CV
,•-•
._,
co
1;10
103h.*
h..nhOW3
,
001
,
,0004;01
4=c1,-;w31,0044.0
inoor.....v.
meweonoo.reeicononconnaon
ti..4 .covm.,
A;
ev anane..oclees....oclin.... :,..1
aw. NerNh.
; e.
..7Eee
. .9.
4
1-4.0 N'..0
;p3
.-,
f‘,.
Week ending
June o.
.4;
.1
IN
In
N.
,...
.0
V.,
....-,1 ro
..c....,4-..,w,...-.
..,“),.......1..si---,..•••,
co,....v.c,...,..
..30,-,or-cocAtocmco i ;t3
-,cocc,,noo‘rootoesi.e.ov•n•••,,,Q=In,
,
' ..tr•••••••
.
.C
g".'''A.I
.C'"I=.=ft
.
"
. A.•-.
A°AcItl'-'N.NA".t..°
.
0 9.'"VCIt
o
conooc7
iei.rivico.e.coa
vecinno.-..reoce
..vnneeevr...i.m
,
.... .4N00.0N..mv,oweweee co.neenannwen.,v.INe.....'none.,m n
e. n
ly
.E,
vi ,...
Ine0
clev
-
ul
CV
C 1 I it,
,
i 1 oco ;
; -0- i
; ;.
'i'
el
•
J
•
4
I
"
I•
•
0 ,Z
'
"
6
"
a4:;,/4r0 :RIP
=Itggh
'
)ZeOgG26
=S
'
8j41.7,T,3j8Z
vcoonoovovae..nen renv.rewoonnerncen.n.iee ',iv 4
...awe ,-.
Nr.,c4cont.,-.-1,-; ve.vvmnoneu
0
.N •••• it3
.3
Galveston
11'%
New Orleans_ _ _ 113'
11
Mobile
11 A
Savannah
114
Charleston
Wilmington.... 11 A
11 A
Norfolk
Boston
Baltimore
Philadelphia --- ---11
Augusta
Memphis
119's
11A
St. Louis
Houston
11%
11
Little Rock
yi
;3
'"4
,...
,,r,In.Nv
,
'...),.o...,....... ,-n..c1No00,,rto.,
,,,,,,,.
• .v.-.1,..covr.mot000to=.15
0.
A,-...s9..-,.-_p-7..-.v..
....-A--...s-..-........4,..c.
=.-0..N.-...-...i...,,i...o...
g ,.4.w.,..Nw,..
.i.-.N..,
c4....
ere're
N.MCON0OncPCM weenoonowone...
g
c.;
_
,.
,
.
. e
...
a
---"0
4 ,...j:a -/.........•sr
,
......
.
....-Ol
a
li.
N
.i,
..,i
.N0.1.
o wn...,
4 -s©
i.i
,.; ' c4
g
J,
,
..N.r.
•3‘,,N.N
,
...N.r.
,
IN40
00=hh0,lomovm.00on
a ca
eae,ineo
.eo,-5
ae4
r. e4
...
C.4
I
I
I
I
I
I
,";
1.:
,"
I
I
I ...........
:7:'
1".
Crj
6D
4
al
..
E
A.
a:: ,
r;
g
.0
i
2 w,
_4 4.
;4
,i)--
. 4q
°'.9
2
2615o m
'63
*4'5
0.
0
..S1
.4
..b477.4
G
.".
0
,•,
6
i' o c.,
. -40mlv.
,3'
0-00;
w0
5-or
3 cu 2 =tgo-A=.3 -,0
,
3
7
,›Egtwog.83-.50,9..2.wrs.tc; 15
°.°°,4=.60gg.
4 0 .,,jg ;,,,,: .;; .-...0 - :^;'• 5•43
1
The above totals show that the interior stocks have decreased during the week 28,0i5 bales and.are to-night 18,278
bales more than at the same time last year. The receipts
at all the towns has been 10,322 bales more than the same
week last year.
OVERLAND MOVEMENT FOR THEWEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
June 5ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, ecc
-1906-07-Since
Sept. 1
Week
771,308
9,077
211,262
991
641
80,953
1,416
82,82J
905
52,117
517
117,802
2,652
305,855
----1907-08---Since
Week. Sept. 1:
411,834
6,156
195.522
4,677
32,876
315
49,883
498
46,302
1,060
89,980
798
210,666
1,013
14,517 1,037,123
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c._ _ 1,106
910
Between Interior towns
2,617
Inland, &c., from South
16,199 1,622,126
1,123
102,072
63,028
60,224
Total to be deducted
4,633
225,324
Leaving total net overland *
9,884
811,799
- ,
3,1
160,658
93,12.1
61,763
4,167
315,545
12,032 1,306,581
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement has been 9,884 bales, against 12,032 bales for the
week last year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of
494,782 bales.
1907-08----1006 07
Sincr,
Since
In Sight and Spinners'
Week.
Sept. 1.
Sept. 1.
Week.
Takings.
30,299
7,897,324,
0,520,813
at
ports
to
64,885
Receipts
June 5
12,032 1,306,581
811,799
9,884
Net overland to June 5
48,000 1,895,00)
Southern consumption to June 5_ _ 39,000 1,824,000
Total marketed
Interior stocks in excess
113,769 10,533,123
197,933
*28,065
Came into sight during week._ _ 85,704
10,713,056
Total iu sight June 5
-North. spinners' takings to June 5. 33,582 1,649,209
90,331 12,725,394
*26,300
145,962
64,031
12,871,356
38,323
2,522,154
• Deecease during week.
. Movement into sight in previous years:
F
Week1900-June 8
1905-June 9
1004-June 10
1903-June 12
,
Bales. 1. Since Sept. 188,15411905-06-June 8
142,12611904,05-June 9
45,04711903-04-June 10
48,32511902-03--June 13
Bales.
10,373,460
12,272,305
9,697,313
10,327,855
U. ... ,...II.
11 4
11,.
11%
ii-g
ii-g
11 A
11i'
11
11
11
11 5-16
114
____
11 A
114114
11t
11%
11 A
11.40
113.
11.55
1l'%
1134
11 A
11 A
11
113
11 A
11.30
1l3
11.75
113
ii-g
1i Y,
11
ii-g
11%
11 A
11.50
11 A
11.75
11'%
11 4
11'%
11Y,
11
11'i
11.50
114
11%
113
11A
113
11%
tug
11.75
113
11i
11 A
11 A
11
11 4
11.50
12
11.65
11 A
11 A
fl Y,
11Y,
11
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the Nevi,Orleans cotton market for the past week have been as follows:
,40:0;47.-.0,...,....61.1> ..-;.-+
-,•...4.1.0 ,-),....>
t•-•0,-;0co ao ul dz00co Poe., , ,•erc, ....,
c.3 to ;r4 •-s oo r•-o (,,R
440r30.0
; c.; • r... ,-;.-4 ,-,
to t•••••-,ea t‘• t•I m ..-,••••• , ,•-• ,-, oc,
. .m,co.
to
0,......
.442,3 el ,••• .
',co ,-...00
v
N
T.
':
I•:
a...it;
Ng
NI
..e.
.-4 <0
...; 417
50
..-;
'.1
bil
iiionaay. 1 uesaay. wea-aay. 2 MATJCS
savaay.
Sat'day, Monday, Tuesday, IVed'day, Thu rsd'y, Friday.
May 30. June 1. .1une 2. June 3. June 4. June 5.
Mayi,ange
Closing
JuneRange
Closing
JulyRange
Closim;
A u_Qt4stRange
Closing
September,
flange
Closing
OcoberRange
Closing
.VovenalmrRange
Closng
DecemberHaan°.
Closing
JanuaryRange
dosing
ToneSnot
Options
-@-
@ -- @ -
-@-
H
-@10.87 -- 11.06 -
H
11.25 - 11.06 -
.12 10.87-.0Z 10.90-.07
10.92-.93 10.87 _ _ 11.06-.09
11.08-.29 11.08-.20
11.27-.31, 11.06,00
10.45-.4C 10.40 - 10.65 -
.88
-10.88 - 10.80 -
H
-@
-
@
-- @ - 9.90 - HOLI-- 9.72 - 9.89-.91 DAY.
0.38-.42 9.25-.37 0.35-.6(
9.32-.33 9.27-.21 9.56-.57
H
- @ -- @ - 9.18-.2( 9.47-.48
-H-- @
10.03 -
-9,96 --
9.50-.7' 9.55-.69
9.70-.7'. 9.55-.56'
-9.63 - 9.46-.49
9.23-.28 9.00,19 9.41-.45
9.12-.13 0.41-.42
1).37,58 9.41-.53
9.57-.58 9.40-.41
- 9.42 9.1.20 .91 -.13 9.41-.43
9.38-.54
Steady. Quiet. Steady.
Steady. Steady. Steady.
Steady .
Firm.
Steady. B'ly s. t'y.
9.18.20
9.45,52
0.43.45
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
reports received by us this evening from the South indicate
that rain has been quite genera during the week, with the
precipitation somewhat in excess at a number of points west
of the Mississippi River. Elsewhere the rainfall has been
moderate or light as a rule. Replanting has commenced in
the sections of Texas where overflows occurred and is expected
to be speedily completed. Except where recent rains have
been excessive, the crop seems to be doing well in the main.
Galveston, Texas.-Replanting in sections of Texas where
overflows occurred has commenced and there is, no doubt
that, with favorable weather,it will be finished in a few days
and satisfactory results are expected with good seasons.
The State generally needs hot and dry weather to permit
proper cultivation and development of plant, except in.
Southwest Texas, where conditions have been favorable.
We havelhadnorain during the week. The thermometer has
ranged from 78 to 86, averaging 87. Month's rainfall three
inches and forty hundredths.
Abilene, Texas.-There has been rain on one day of the
'week, the precipitation reaching one inch and fifty hundredths. Average thermometer 75, highest 90 and lowest 60.
May rainfall eight inches and thirty-eight hundredths.
Brenham, Texas.-Rain has fallen on one day during the
week to an inappreciable extent. The thermon,Cter has
averaged 80, the highest' being 90 and the lowest 70. May
rainfall seven inches and thirty-one hundredths.
Corpus Christi, Texas.-We have had rain on one day
during the week, the precipitation reaching six hundredths
of an inch. The thermometer has averaged 81, ranging
from 74 to 88.
Cuero, Texas.-We have had no rain the past week. The
thermometer has ranged from 73, to 96, averaging 85. May
rainfall six inches and sixty-nine hundredths.
Dallas, Texas.-There has been rain on two days of the
week, the precipitation reaching twelve hundredths of an
inch. Average thermometer 74, highest 92 and lowest 65.
May rainfall 6.61 inches.
Fort Worth, Texas.-Rain has fallen on two days during
the week,to the extent of- one inch and fifty-two hundredths.
The thermometer has averaged 77, the highest being 90
and the lowest 64. May rainfall 9.72 inches.
Henrietta, Texas.-There has been rain on one day of
the past week, the rainfall reaching eighty hundredths of
an inch. The thermometer has averaged 78, ranging from
63 to 92. May rainfall 6.89 inches.
Huntsville, Texas.-We have had rain on one day of the
week, the rainfall reaching forty-eight hundredths of an
inch. The thermometer has ranged. from, 66to 9.3, averaging 86. May rainfall 11.35 Inches.
JUNE 6 1908.1
THE CHRONICLE
1417
Kerrville, Texas.-It has rained on, one day of the week, precipitation
being four inches and twenty hundredths.
the precipitation reaching five hundredths of an inch. The thermome
ter has averaged 74.9, ranging from 64 to
Average thermometer 75, highest 89 and lowest 60. May 85.7.
rainfall 3.32 inches.
Mobile,
Lampasas, Texas.-We have had no rain during the the week.Alabama.-Scattered rains in the interior during
Crop reports generally favorable. There has
week. The thermomter has averaged 78, the highest been rain
on three days during the week, the precipitation
being 91 and the lowest 65. May rainfall 7.09 inches.
reaching thirteen hundredths of an inch. Average therLongview, Texas.-There has been no rain the past week. mometer 80,
highest 89 and lowest 70. May rainfall four
The thermometer has averaged 83, ranging from 68 to 95. inches and
sixty-two hundredths.
May rainfall 5.90 inches.
Montgomery, Alabama.-Crops are doing well; seasons
Luling, Texas.-We have had rain on one day of the week, are favorable
and the present outlook fine. There has been
the rainfall reaching fifteen hundredths of an inch. The rain on two days
thermometer has ranged from 68 to 91, averaging 80. May and forty-seven during the week, to the extent of one inch
hundredths. The thermometer has averrainfall 3.98 inches.
aged 80, the highest being 93 and the lowest 64.
Nacogdoches, Texas.-It has been dry all the week.
Selma
-There has been rain on three days the
Average thermometer 78, highest 89 and lowest 67. May past week, Alabama.
to the extent of one inch and fifteen hundredths.
rainfall 0.87 inches.
The thermometer has averaged 79, ranging from 68 to 92.
Palestine, Texas.-We have had rain on one day of the
Madison, Florida.-We have had rain on one day during
week, the rainfall being one inch and five hundredths. The the past week,
the rainfall being fifty hundredths of an inch.
thermometer has averaged 77, the highest being 90 and the Average thermome
ter 82, highest 94 and lowest 70.
lowest 64. May rainfall 7.83 inches.
Tallahassee, Florida.-We have had rain on two days of
Paris, Texas.-We have had rain on one day during the the week, the rainfall
week, the precipitation reaching one inch and twenty-seven The thermometer hasreaching one inch and fifty hundredths.
averaged 80, ranging from 67 to 92.
hundredths. The thermometer has averaged 76, ranging
Atlanta, Georgia.-We have had rain on three days of
from 59 to 92. May rainfall 4.66 inches.
the past week, the
San Antonio, Texas.-We have had rain on one day hundredths. Averagerainfall reaching two inches and nine
thermometer 77, highest 90, lowest
during the week, the rainfall reaching thirty hundredths of 63.
an inch. The thermometer has ranged from 66 to 90,
Savannah, Georgia.-We have had rain on two days
averaging 78. May rainfall 6.02 inches.
during the past week, to the extent of one inch and nine
Taylor, Texas.-Rain has fallen on one day during the hundredths. Average
week to the extent of one inch. Average thermometer 68. Month's rainfall thermometer 80, highest 91, lowest
two inches and sixty-five hundredths.,
77, highest 90, lowest 64. May rainfall 8.01 inches.
Washington, Georgia.-We had rain on two days the past
Weatherford, Texas.-There has been rain on four days
during the past week, the precipitation reaching three inches week, the rainfall reaching two inches and seventeen hundredths. Average thermometer 81, highest 97, lowest 64.
and thirteen hundredths. The thermometer has averaged
77, the highest being 91 and the lowest 63. May rainfall theCharleston South Carolina.-We had rain on two days
past week, the rainfall reaching twenty-two hundredths
8.51 inches.
Ardmore, Oklahoma.-We have had rain on four days of an inch. Average thermometer 80, highest 93, lowest 68.
Greenwood, South Carolina.-Rain has. fallen on one day
during the week, the precipitation reaching three inches and
during the week, the rainfall reaching five hundredths of
fifty hundredths. The thermometer has averaged 72, an
inch. The thermometer has averaged 83, ranging from
ranging from 58 to 86.
Holdenville, Oklahoma.-We have had rain on four days 75 to 91.
o, North Carolina.-Rain has fallen on three days
during the week, the rainfall reaching four inches and one of Greensbor
the week, to the extent of two inches and ninety-five
hundredth. The thermometer has ranged from 56 to 85,
hundredths. The thermometer has ranged from 61 to 95,
averaging 71,
averaging 79.
Marlow, Oklahoma.-Rain has fallen on five days during
Raleigh, North Carolina.-There has been rain on four
the week to the extent of three inches and fifty-four hund- days of
the week, the precipitation reaching ninety-five
dredths, and it is raining now. Average thermometer 71, hundredths
of an inch. Average thermometer 77, highest
highest 86, lowest 56.
90, lowest 62.
Oklahoma, Oklahoma.-We have had rain on six days
Charlotte,
during the week, the rainfall reaching two inches and thirty- during the North Carolina.-Rain has fallen on one day
week, the rainfall reaching thirty-three hunseven hundredths. The thermometer has averaged 72, dredths of an
inch. The thermometer has averaged 75,
the highest being 85 and the lowest 58.
ranging from 61 to 88.
Alexandria, Louisiana.-We have had rain on three days
The
statement we have also received by teleduring the week, the precipitation reaching one inch and graph, following
showing the height of rivers at the points named
twenty hundredths. The thermometer has averaged 79, at 8 a. m.
of the dates given:
ranging from 64 to 93.
June 5 1908. June 7 1907.
Amite, Louisiana.-There has been rain on four days
Feet.
Feet.
Above zero of gauge_
during the week to the extent of one inch and twenty-four New Orleans
19.2
17.5
Above zero of gauge_
30.0
10.5
hundredths. The thermometer has ranged from 08 to Memphis
Nashville
Above zero of gauge..
11.0
10.9
Shreveport
93, averaging 80.
Above zero of gauge_
28.9
20.8
Above zero of gauge..
47.8
40.2
New Orleans, Louisiana.-There has been rain on three Vicksburg
days during the week, the precipiation reaching seventyINDIA COTTON MOVEMENT FROM ALL PORTS.one hundredths of an inch. Average thermometer 81. The receipts of cotton at Bombay and the shipments from all
Month's rainfall four inches and seventy-seven hundredths. India ports for the week and for the season from Sept. 1 for
Shreveport, Louisiana.-We have had rain on four days three years have been as follows:
during the week, the rainfall reaching one inch and fortyJune 4.
two hundredths. The thermometer has averaged 77, the
1907-08.
1906-07.
1905-06.
highest being 90 and the lowest 64.
Receipts atSince
Since
Since
Columbus, Mississippi.-There has been rain on five
Week. Sept. 1. Week. Jepl. 1. Week. Sept. 1.
days of the past week, the rainfall reaching one inch and Bombay
45,001 1 ,826,000 59,000 2,705,00( 35.000 2,438,000
eighty hundredths. The thermometer has averaged 76,
ranging from 62 to 90.
Meridian, Mississippi.-There has been rain on four
For the Week.
Since September 1.
Exports fromdays during the week, the precipitation reaching two inches
Great ContiGreat
Contiand eighty-six hundredths. Average thermometer 78,
Britain. nent.
Total. Britain.
neat.
Total.
highest 91 and lowest 64.
Vicksburg, Mississippi.-There has been rain on four Bombay
1907-08
15,000 15,001
21.000 544,000 565,000
1906-07
days during the past week, the precipitation reaching one
53,000 53,000
59,001 1,006,000 1,005,000
1905-06
47,000 47,000
51,000 763.000 814,000
inch and fifty hundredths. The thermometer has averaged
Calcutta78, the highest being 90 and the lowest 65.
1907-08'
1,000
1,000
3 000
19,000
22,000
1006-07
2,000
2,000
7,000 105,000 112,000
Eldorado, Arkansas.-There has been rain on five days
1905-06
5,000
5,000
5,000
97,001 102,000
of the past week, the rainfall reaching one inch and twenty- Madras5,000
two hundredths. The thermometer has averaged 75, 1907-08
25,000
30,000
1906-07
3,000
22,001
25,000
ranging from 55 to 94.
1905-06
2,000
36,000
38,000
othersFort Smith, Arkansas.-There has been rain on five days All1007-08
1,000 • 6,000
7,001
14,000 185,000 199,000
during the week, to the extent of two inches and sixty-six
1906-07
28,000 28,001
8,000 179,001 187,000
2,000 6,000
8,000
hundredths. The thermometer has ranged from 60 to 92, 1905-06
15,000 119,000 134,000
averaging 76.
Total all1907-08
Helena, Arkansas.-Crops are in good condition. The
1,000 22,000 23,000
43,000 773,000 816,000
1906-07
63,000 83,001
77,000 1,312,000 1,389,000
week's rainfall has been seventy-one hundredths of an inch,
1905-06
2,000 58,000 60,000
73,000 1,015,000 1,089,000
on three days. Average thermometer 76, highest 89 and
lowest 62. May rainfall four inches and eighteen hundredths.
EGYPTIAN COTTON CROP.-Messrs. R. &
LindeLittle Rock, Arkansas.-There has been rain on four days mann of Alexandria, under date of Friday, MayO.
15, have
during the week, to the extent of one inch and thirty-two advised their Boston agents, Messrs. L. H. A. Schwartz &
hundredths. The thermometer has averaged 75, the highest Co., as follows:
being 90 and the lowest 60.
Contrary, to the cold weather which we have had In Alexandria during
the first days of this month, the weather In the Interior has been
Memphis, Tennessee.-Farm work has been delayed by favorable
very
to the developmen of the young plants, which have made very
excessive rains, but at the close of the week the weather has satisfactory progress. Theret are
complaints of Insufficiency of water, but
general it would seem that water Is plenty, and that there need be no
cleared. We have had rain on five days of the week, the In
apprehension, for the moment, on this score.
COTTON TOPICS IN FINANCIAL SITUATION.-In the
"Financial Situation" to-day will be found items referring
to the "International Cotton Congress at Paris," and "Cotton
Acreage and Condition," Bureau of Corporations Report
on Cotton Exchanges."
-Cards of Woodward, Baldwin & Co., H. J. Farber,
Drewry & Co., Lawrence & Co. and James Talcott, mills,
selling agents and ,dry goods commission merchants, will be
found in this issue.
-The business cards of a large number of representative
cotton commission and brokerage houses of New York and
other cities,including prominent dealers in Egyptian cotton,
will be found on subsequent pages of this issue of the "Chronicle."
WORLD'S SUPPLY AND TAKINGS OF COTTON.The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since
Sept. 1, for the last two seasons, from all sources from which
statistics are obtainable also the takings, or amount gone
out of sight, for the like period.
Cotton Takings.
Week and Season.
[VOL. Lxxxvi.
THE CHRONICLE
1418
1907-08.
Week.
Season.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market
continues quiet for yarns and steady for shirtings. Merchants continue to buy very sparingly. We give the prices
for to-day below and leave those for previous weeks of
this and last year for comparison.
1906-07.
Week.
Season.
4,174,838
3,263,986
Visible supply May 29
1,784,156
2,291,844
Visible supply Sept. 1
64,031 12,871,356
85,704 10,713,058
American in sight to June 5_ _ _ _
59,000 2,795,000
45,000 1,826,000
Bombay receipts to June 4
30,000
324,090
251,000
8,000
Other India ship'ts to June 4_ _ _
200
941,000
913,590
3,0Ju
Alexandria receipts to June 3_ _ _
20,000
306,000
207,000
2,00u
•
3
June
to
Other supply
3,407,69u 16,229,900 4,348,069 18,904,012
Total supply
1907.
1908.
834 tbs. Shin- Corn
trigs, common
311.1Upt's
to lints.
32s Cop
Twist.
d.
Apr.
24 7 13-16©
May
1 7 11-160
8 7%
©
15 8%
22 113i
29 8 7-16(41
J'ne
5 8%
d. s. d.
9
411
s. d.
@80
84 4 103408
8% 4 10007
934 5 00 ©8
934 5 00 448
9% 5 1 ©8
9,4 5
13,6©8
d.
8X lbs. Shirt- Can
Mid
lags.
Upl's
lines:.
comnt
32s Cop
Twist.
d. s. d.
d.
5 31 10%
©
1134 6 9
d.
s. d.
6.39
@910
6.63
6.75
6.96
7.10
7.40
5.49 10% © 11% 6 10 ©9 11
0
1134 6 10%(59 10
1034 5.69 104
till 010 00
10
6.08
0
1134 011 @100
0
6.36 10%
@10134
6..2 10 15-16© 12% 70
1034
134
3
6.51 11%
©
12% 7.01
7.44
©10 3
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 63,101 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-June 3-Celtic, 2,345 upland, 130
2,475
foregn
514
To Manchester-May 29-Thespis, 514
420
To Hull-June 3-Martello, 420
200
To London-May 29-Minnehaha, 200
Deduct1,300
To Bremen-June 3-Luetzow, 1,300
3,109,976 3,109,976 4,050,708 4,050,7.18
Visible supply June 5
200
To Hamburg-May 29-Waldersee, 200
--To Barceona-May 29-Thornley, 125_ _ _ _June 4-Antonio
297,714 13,119,924 297,361 14,853,304
Total takings to June 5
725
Lopez, 600
204,714 10,012,924 215,161 11,115,804
Of which American
To Genoa-May 29-Koenigen Lulse, 2,197_ _ _ _June 1-Moltke,
82,200 3,737,500
93,009 3,107,000
• Of which other
3,057
860
214
To Naples-May 29-Koenigen Luise, 214
2.10
To Venice-June 2-Alice, 200
•• Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
200
To Trieste-June 2-Alice, 200
coleditorial
our
-In
REPORT.
ACREAGE
5,822
COTTON
GALVESTON-To Liverpool-May 20-Wanderer, 5,822
1,166
ReAcreage
Cotton
annual
1,166
our
To
Soto,
2-Cayo
London-June
to-day
found
be
umns will
7,594
To Bremen-May 29-Frankfurt, 7,594
464
port, with an account at length of the condition of the plant
To Reval-June 1-Ramore Head, 464
200
prepared
been
has
report
The
South.
To
the
Riga-June
of
200
1-Ramore
Head,
section
in each
1,300
To Narva-June 1-Ramore Head, 1,300
quantity
in
had
be
may
circulars
the
and
form,
circular
in
1,205
To St. Petersburg-June 1-Ramor eHead, 1,205
5,000
with business card printed thereon.
NEW ORLEANS-To Liverpool-June 3-Jamaican, 5,000
2,444
To Belfast-May 30-Bray Head, 2,444
1,167
ALEXANDRIA RECEIPTS AND SHIPMENTS.
To Havre-June 3 Asian, 1,167
590
To Antwerp-May 30-MIlton, 590
950
To I3arceona-May 29-Conde Wilfredo, 950
Alexandria, Egypt,
5,605
1905-06.
5,605
To
1906-07.
Genoa-June
1-Soperga,
1907-08.
June 3.
587
587
2-Starcross,
SAVANNAH-To Liverpool-June
200
To Oporto-June 2-Starcross, 200
Receipts (cantars)2,000
1,700
2,000
700
To
2
Barcelona-June
Maude,
22,000
, This week
900
5,865,381
6,850,490
To Genoa-June 2-Maude,900
7,01A 23)
Since Sept. 1
12,118
WILMINGTON-To Bremen-June 1-13ardsey, 12,118
1,805
NORFOLK To Liverpool-June 4-Alleghany, 1,805
BOSTON-To Ltverpool-May3 0-Sagamore, 348_ __ _June 1-1,539
This Since
This Since
This Since
Saxonia, 33_ _ __June 2-Republic, 1,158
940
week. Sept. 1. week. Sept. 1. week. Sept. I. SEATTLE-To Japan-June 2-Minnesota, 940
Exports (bales)-191,888
204,437
2,750
211,972
1,750
To Liverpool
190,477 3,000163,737
189,33
To Manchester ,,
6,000 323,145 7,250 323,906 9,000,306,154
To Continent
2001 67,636
107,089
1,250
62,098
330
To America
-8,050 786,550 11,250 825,909 12,200 729,415
Total exports
Note.-A cantar is 99 lbs.
Egyptian ba es weigh about 750 lbs.
• AGRICULTURAL DEPARTMENT REPORT ON ACREAGE, &c.-The Agricultural Department at Washington
issued on June 2 its report on cotton conditions and acreage
as follows:
The Crop-Reporting Board of the Bureau of Statistics of the Depallment
of Agriculture finds, from reports of correspondents and agents of the Bureau, that the area planted to cotton In the United States this season (1908),
including that already planted and expected to be planted, Is about onetenth of 1% (0.1%) greater than the area planted to cotton last year (1007).
thus Ind catlag an area of 32,081,000 acres, as compared with 32,06.1,000
acres planted last year, an Increase of 21,000 acres.
The condition of the growing crop on May 25 was 79.7% of a normal,
as compared with 70.5 and 84.6% at corresponding dates In 1917 and 1906,
resbectively, and 82.3%, the average of the condition on May 25 of the past
ten years.
The following table shows, by States and for the Un'ted States, the estimated area in cotton in 1908, as compared with the tea planted in 1907, In
per cents, the total area planted and to be planted In 1908 In acres, and the
condition of the growing crop on May 25 of 1908,19.17 and 1906, and the
average of the past ten years:
,.
Area compared Area. planted ----Condition May 23- ---•
lo-uear
and to he
with 1907
.1 ver.
1E106.
.
planted area. planted 1908; 1908.1907
States84
80
888
37,000
100
Virginia
79
87 , 80
84
1,437,1)00
North Carolina_ _ _100
82
77
81
83.
2,463,000
South Carolina.._ _ _100
86
74
84
80
4,775,000
99
Georgia
89
83
82
86
208,000
Florida ...______ _... 96
65
81
78
82
3,509,000
' 100
Alabama
65
82
80
85
3,252,000
100
Mississippi
64
82
86
80
1,656,000'
97
Louisiana
70
87
77
81
0,533,000
101
Texas
85
65
85
83
2,011,000
100
Arkansas.'
82
63
84
84
757,000
99
Tennessee
86
65
86
86
74,000
100
Missouri _
80
70
80
85
2,309.000
Oklahoma •
' 132
_
70:3
82.3
81.6
79,.7
.10
:128,.0(
Untted .States1C0 I
NEW YORK COTTON EXCHANGE.-Annual Election..
-The annual election of officers and managers of the New
York Cotton Exchange was held on •Monday, June 1. The
ticket elected was as•follows: President, George Brennecke;
Vice-President, Arthur R. Marsh; Treasurer, J. F. Maury;
Board of Managers,'L. S. Bache,,E. K. Cone, R. S. Gernon,
J". E. G. Higgins, George F. Jones, L. Mandelbaum, William
S. Ray, E. P. Walker, Robert C. Cairns, Marshall Geer,
j, T. Gwathmey, Thomas E. Hicks, Chas. I. Long, William
Mohr and R. Sidenburg. Trustee of the Gratuity Fund,
three years, Otto Arens. Inspectors of election, .William
A. Boger, J. 0:Royce and W.G; Carr.
, &c., at that port:
May 15.
bales 106,000
Sales of the week
Of which speculators.took__ 6,000
, Of which exporters took_ _- 8,000
93,000
Sales, American
.
000
2:0
18
7
Actual export
stock-Es
Forwarded
823,000
Total stock-Estimated
' Of which American-Est _:;_696,000
57,000
Total import of the week
000
00000
,0
2:
, 38170
Of which American
t icahfloAdnit
vh
orNn
Am
erican
may 22.
May 29.
3,000
3,doo
Juin:0
o
5.
. 1.000.
20.000
5,000
78;000
634,000
:01
1)
0
1
9
'
7
00 :
)0
%0
18
4
759,000
633,000
14,000 '
6,000,
91,000
- 57,000
. 4
8,0
66
00%
1)
704,000
588,000
21,000
15,000
106,000
60,000
' U3
1643,10(0100
0
06,000
67,000
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 [IS follows:
. Spot. ;
Saturday..
Market, 1
12:15 }
P.M. I
MId.Upl'ds
Sales
Spec.&exp.
6.46
3,000
300
Monday.
Tuesday.
'Quiet.
Moderate
demand.
1Pednesday. Thursday.,
Quiet.
Friday.
Very dull.
6:40
6.36
6.43
6.42
6.51
5,000
500
7,000
500
6,000
500
200
3,0
3.000
20))
Steady at Barely sty. Quiet at Steady at
Steady,
(inch. to 181(134 pts. tt:3054 fits.
8
0ncPet.
:1v1a
1 .v. 9
a(2
advance. p1t1.6
I% pt. dec. decline.
sty.
Steady,
Quiet at Barely sty. Steady at
Marketl'
13 Is; s
t.3
ae
.de
tly
tepats
3i
' 109% pts. It a©18% 70)3 pts. 'inch.e 234 4S
4
2 pts.,ady. advance.
pts. dec. advante.
P.. M. ) decline.
Futures,
Market 1
opened.
Quiet,
6.v.
34a
pts.. adv.
•
- -- •
JUNE 6 1908.1
THE CHRONICLE
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of uplands, good ordinary
clause, unless otherwise stated.
The prices are given in pence and liniths.
Thus: 5 86 means 5 86-100d.
May 30
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
to
June 5. 121% 1234 121% 4 1234 4 1234 4 1234 4 12% 4
P.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m. P.m.
-d.
d.
d.
a.
d.
a.
d.
a.
d.
d.
d.
May --------586
May-June_ _
5 8534 80
7134
8434 8334 3434 82 80
86
June-July ____ 5 80
73 6134 7134 78
77
78 7634 74 86 81
July-Aug_ ____ 5 7534 7034 6334 6734 7434 74
75
82 77
7334 71
____ 5 52 4734 41
Aug.
44
5034 52 51% 49% 61
56%
-Sep-_5 24 23 20 2034 5034
Sep.-Oct
28
27 30 31
30 4034 35
Oct.-Nov ----3 1154 1054 37 0734 15
1434 1754 19 18 28 22%
Nov.-Dec.____ 5 04
)4 00% 1054 08
15%
1734 10% 12% 1134 21
Dec.-Ja_ __
5 00 30 96% 96% 34
1334 )63.4 3834 08 17% 12
Jan.-Feb- ---4 97 9754 94 9354 01
1054 0354 0514 0554 1434 09
Feb.-Mch. __-_4 97 9734 94 9354 ,)1. 0054
0354 3534 0534 1454 09
Mch.-Apr. ____ 4 97 9734 94 9334 01 0034 0354
3534 0554 1434 09
ia--
BREADSTUFFS.
51 -
1419
cose interests were the buyers:and it is
said that further
imports are likely if the high prices in this country continue.
To-day prices declined on generally
favorable weather, the
depression in wheat, selling by cash interests and commissi
on
houses and a lack of support.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN
IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
Holl- 75
761% 78
78
7934
July delivery in elevator
day. 76
7751 78
7731 77
September delivery in elevator__ - 741% 7534 76
7634 7634
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
Holl- 681% 681% 691% 681% 671%
September delivery In elevator_ _ _ _ day. 6634 67
68
67
66
December delivery in elevator
571% 571% 5834 5734 5634
Oats for future delivery in the Western market
advanced
early in the week, influenced by the strength of
corn, light
receipts, covering of shorts and commission-house buying.
Some of the crop reports, too, were unfavorab
le. Cash
interest sold freely on the rise, however, causing a
setback.
In the main the crop reports have been favorable
. The Ohio
State reports put the condition at 89 against
71 a year ago.
The reaction in wheat of late has also
had some effect upon
oats. To-day prices gave way with the rest
of the list.
Weather and crop reports were favorable
in the main, cash
interests sold and there was scattered liquidation.
DAILY CLOSING PRICES OF OATS
IN NEW YORK.
Sat.
Mon.
7'ues.
Wed.
Thurs.
Fri.
No. 2 mixed
Holl56
56
56
56-59
56-59
White clipped, 32 to 34 day.
lbs
5734-59 5734-59 5734-59 58-5854 5934-6134
DAILY CLOSING PRICES OF OATS IN
CHICAGO.
Sat. Mon. Tues.
July delivery In elevator, new....__ Holl- 4534 4534 Wed. Thurs. Fri.
Sept.delivery in elevator, new ___ _ day. 3734 3854 453-4 4454 4434
3834 37 d, 3734
May delivery In elevator, new ____
401% 411% 4134 4034 401%
Friday, June 5 1908.
Prices for wheat flour have ruled steady during the week,
with the trading still dull and mainly of a hand-to-mouth
character. In tact, trading has been so dull that prices
have been largely nominal. Intense dulness has prevailed
also at the large centres of the Northwest and the Southwest, many reports showing that this has been the worst
week on record during this prop s^ason. The output of the
mills is considerably smaller than at this time last year,
but is far in excess of the. demand. Mills, however, show
no disposition to reduce prices. Rye flour and corn meal
have been dull and steady.
Wheat at one time was strong, owing to rains at the SouthThe following are closing quotations:
west and some reports of damage there, as well as adverse
FLOUR.
advices from some parts of the Northwest, while,
Low grades
to make
$3 75 034 0 Kansas straights
$4 80 084 85
Second clears
matters worse, dro ght prevailed in so itheas;ern
3 00 0 3 la Blended clears
5 30 0 5 40
Europe. Clears
4 10 a 4 ^5 Blended patents
Moreover, the receipts have been moderate
5 50 0 6 40
and the availa- Straights
3 uo 0 5 25 Rye flour _
4 61 @ 5 15
ble supply of American, according to Thadstreet's,
spring
5 45 0 6 33 Buckwheat flour
Nominal
fell off Patent,
Patent,
winter
4
7a
0 J 10 Graham flour
for the week 1,241,000 bushels, while the decrease
Nominal.
in the
Kansas patents _______ ____ 0_._ _ Corn meal
3
700 4 30
world's supply was close to 5,000,000 b shels.
This leaves
GRAIN.
the supply in the United States only 22,820,000
bushels, Wheat, per bush.c.
Corn (new), per bush.c.
against 51,789,000 a year ago and 34,647,000
N. Duluth, No. 1
11:.
No.,2 mixed
at this time
f.o.b. 77
N. Duluth, No. 2
.13
No. 2 yellow
in 1906. Reports of damage by Hessian fly in Kansas
NJminal
Red wir4cr, N.?.2
have
f.o.b. • 6%
No. 2 white
Nominal
Hard '
not been without their effect, and some advices of a low con10/
Rye per bush.
Oats, per bush.No. 2 Western
dition in that State have been eke ilated.
88
On the other
Natural white
5834 lbn )34
State and Jersey
Nominal
hand, however, the European ma-kets have been swayed
mixed
56 05)
Barley-Malting
N,/minal
white,ellpped-5J54 886154
Feeding
more by comparatively liberal Argentine shipments
Nominal
than by
reports of damage in America. and have therefore declined,
The statement of the movement of breadstuffs
to market as
though the actual total of world's exports has reached
only indicated below are prepared by us from figures collected by
6,926,000 b-shels, against 6,866,000 in the previous week the New York Produce Exchange. The
receipts at Western
and 9,666,000 in the same week last year. The Argentine lake and river ports for the week ending last
Saturday and
shipments were 2,344,000, against 2,832,000
in the previous since Aug. 1 for each of the last three years have been:
week and 2,216,000 for the same week last
year, the vital
point being, however, that these shipment
Receipts at- Flour.
Wheat.
Corn.
s seem to fully Oats.
Barley.
Rye.
-supply the European demand. Certainly. both English
hbls.19616s. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.4818s. bu.56 lbs.
and Continental markets have been declining. On
133,724
370,832 2,402,283 1,566,225
Thurs- Chicago __.
220,061
29,000
Milwaukee__
48,300
day, too, came reports of beneficial rains in Russia,
158.000
18,000
113,600
146.400
15,300
Rou- Duluth_
77,500
231.098
7,011
374
mania and Spain, where they have been badly needed. Minneapolis_
681,520
75.300
129.200
71.490
18,060
Toledo
Some crop advices from the Northwest put the condition
30,500
84.300
18,000
of Detroit_._.
3,600
27,600
25,504
30,394
spring wheat very high, even as high as 102 in Minnesota
1,171
, Cleveland __
1.100
29.538
93,493
1,180
St.
Louis__ _
108.5 in North Dakota and 104.7 in South Dakota, condition
34,920
185,374
710,105
348,800
18,200
3.000
s
-. _ - 17,450
22,000
172,700
91,500
15,000
very much better than those of a year ago. The Ohio State Peoria
8,000
Kansas City
446,250
184,800
40,500
report, too,•gives the condition as 94%, against 92 in
May
Tot.wk..08
316,665 2,154,274 3,702,530 2,438,723
and 77 a year ago. Then, altho - gh exporters bought
472,705
73,36
to Same wk.'07
366,131 2,729,154 4,432,816 2,537.797
535,261
68,01
some extent early in the week, they have as a rule held aloof, Same wk.'06
421.747 1.801.825 5,508,354 3,548,191
387,483
41,922
and latterly the cash trade at the West has been dull, at
Since Aug. 1
sagging prices. Many are now awaiting the Government
1907-08-- 15,553,985 193,751,972 158,110,166 165,184,115 58,284.961
1906.07-- 17,861,554 214,622,630 177,230,308 177,741,606 63,630,601 6,231,747
report which is to appear next week. It is believed that
7,102.097
1905-06-- 17,419,624 206,207,192 160,591,471196,918.146 71,445,586 7,304,568
damage to the winter-wheat crop has been exaggerated, and
that in any case the injury it may have s Tffered, not generally
Total receipts of flour and grain at the seaboard ports for
regarded as very serious, is likely to be offset by the excellent conditions prevailing in the spring-wheat section. In the week ended May 30 1908 follow:
Flour.
a word, weak European markets,'European preference for
Wheat,
Corn,
Oats, Barley,
Rye.
Receipts at-bbls.
bush,
bush.
bush.
bush.
bush.
Argentine rather than for American wheat at current prices, New York
125,620
716,500
113,175
396.500 51,600
1,950
22,546
favorable conditions in the American spring-wheat section, Boston
113,694
56,585
55,775
1,000
Philadelphia
_- - 45,161
446.886
83,883
98,436
and, it may be added, clearing weather in the Southwes
3,000
iiii
t of Baltimore
26,947
158,175
22,418
52,878
1,276
late, as well as the slowness of the cash trade, have
Richmond
3,115
33,854
40,732
17,706
all mili- New
----- - _Orleans *--- - 12.240
tated against attempts to raise prices, and the net
67,000
95,500
---- - -.- changes Newport News-3.291
for the week show a moderate fall. To-day, prices
357
declined, Norfolk
Galveston
owing to weak cables, favorable crop reports, bear
13.000
1,000
hammer- Mobile
2,050
1,500
ing and liquidation. At one time a temporary rally
41,329 1,303,352
occurred, Montreal _____
26,534 34,062
1,000
on bullish crop reports from Missouri and
covering of shorts.
Total week-- _ - 282.656 2,785,461
387,293
743,329 89,662
5,498
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Week 1907
360,718 3,200,367
NEW YORK.
751,860 1,271,056
99.346
Since Jan. 1 1908- -7.362.188 29,307,061 25,582,188 17,414,729 2199,238 99,997
Sat. Mon. Tues. Wed. Thurs. Fri.
1212.553
Since
Jan.
1907-.8,316,
1
No. 2 red winter
005 35,912,660 52.472,435 23,246,468 2425,811 880,888
102
Holt- 102
10054 97 % 96%
July delivery in elevator
day. 9931 991% 9954 97% 9651
do not include grain passing through New Orleans for foreign
September delivery in elevator__ _ _
9834 9534 95% 03% 93 ' on*Receints
ports
through
lading.
bills
of
DAILY CLOSING PRICES OF WHEAT FUTURES IN
CHICAGO
The exports from the several seaboard ports for the week
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
Holl- 9054 9134 91 % 8934 87 h ending May 30 1908
are shown in the annexed statement:
September delivery In elevator_ _ _ day. 87
8834 86*i na %
88
December delivery in elevator
Wheat.
Corn. Flour,
881% 881% 89
Oats,
/754 8634
Rye. Peas. Barley.
Exports frombush.
bush.
bbls.
bush,
bush.
bush. bush.
Indian corn futures have shown more or less irregularity, New
York_ ------ 531.697
78,901 63,134
21,740 - -_- - --_ - 816
but on the whole have been firmer, owing to excessive rains Boston
147,607
71,446 34,724
389.236
45,037 23.617
over some sections, the backwardness of the crop and the Philadelphia
17,
- -- ----Baltimore
224.000
26.318 2,530- --- -------strength of the cash situation. High bids have been reported
New Orleans 8,058 24,722
159 --------_
-60
- 3.291
in parts of the West for corn for ten days' shipments. Com- Newport News_
Galveston
10,000
2,468
mission houses have bo-ght and there has been more or
1,500
2,050
less Mobile
1.231,075
25.000 8,271
covering of shorts. Cash interests have sold freely at times. Montreal
73,492 25,490
Norfolk_
357
_
For the first time on record a sale of 17,000 beshels of Argen_
Total week_ --.2,523.615 266.260 165,164
tine corn was made here on one day during the week. Glu21,919 17,143 73,492 26,366
Week 1907
3.252,109 966.493 182,267 346,287 125,538 9,222
-
[VoL.Lxxxvi.
TIIE CHRONICLE
1420
to contract ahead at present
The destination of these exports for the week and since manufacturers have refused
during the week marked up
again
have
some
and
values,
July 1 1907 is as below:
prices prevailing last week.
the
above
%c.
to
from
y,
goods
---Corn
Wheal
FlourSince The course of the raw material market gives little encourageSince
Since
Week
July 1
July 1
Week
July 1
Week
able to buy goods more
1907. May 30.
1907. ment to those who expect to be
1907. May 30.
Exports for week and May 30.
bush, cheaply than at present, and it is claimed that a reduction
bush.
• bush.
bush.
bbls.
bbls.
since July 1 to110,701 20,792,970
United Kingdom - 89.748 (3.073,398 832,494 57,495,543 127,895
2c. to 2c. per pound in the price of cotton would not
23,176,890 of 13/
33,209 2,348,380 1,691,121 46,984,367
Continent
408
200,745
by any further declines in the goods market.
399.497
followed
be
700,302
Amer
15,479
Cent.
So. &
19,607 25,540 1,325,856
26,250 1,270,845
West Indies
in the market during the past few weeks from
recovery
The
78,381
78,218
210
Brit. No. Am. Cols_
depression is considered to be due to the fact
of
point
716
low
83,850
29,716
the
253,425
268
Other countries- - - were readjusted more quickly and more
conditions
that
165,164 10,724,568 2,523,615 104,982,864 266,260 45,604,558
Total
industry than in practically any other,
this
in
drastically
70,326,915
85,700,639
966,493
3,252,109
10,455,457
182,267
Total 1906-07
therefore, that it should be one of the
natural,
only
is
it
and
The world's shipments of wheat and corn for the week first to feel the beneficial effect of returning confidence.
ending May 30 1908 and since July 1 in 1907-08 and 1906-07 Present indications are that from this time on business will
are shown in the following:
continue to improve, and that the volume transacted during
June will not only compare favorably with the past few years,
Corn.
Wheat.
but that the total business during the year will be a good
1906-07.
1907-08.
1906-07.
1907-98.
deal larger than at one time seemed in any way probable.
Exports.
Duplicate ordering of men's and women's wear woolen and
1Veek
Since
Since
Since
Since
Week
July 1.
July 1.
July 1.
May 30.
July 1.
worsted goods has continued on a fairly active scale during
ay 30.
week.
the
Bushels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
44,963,000 66,504,000
Ncirth Amer. 2,758,000 187.455,000 153,786,000 309,000
COTTON GOODS.-The exports of cotton
DOMESTIC
731,000
17,519,000
86,648,000
25,326,000
59,904,000
Russian _--- 1,032,000
5,231
Danubian - 368,000 26,179,000 64,392,000 765,000 46,707,000 23,936,000 goods from this port for the week ending May 30 were
Argentine _ _ 2,344,000 110,207,000 94,856,000 2,906,000 54,747,000 78,859,000 packages, valued at $274,772, their destination being to the
20,344,000
Australian _ 136,000 15.964,000
points specified in the table below:
Oth.countr's 168,000 24,188,000 28,520,000
Total - --- 6,806,000 123,807,000 448,546,000 4.711,000 171,743,000 186,818,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheat.
United
Kingdom. Continent.
Total.
Bushels. Bushels. Bushels.
May 30 1908- _ 22,720,000 15.440,000 38,160,000
May 23 190S_ _ 23,920,000 14,960,000 38.880,000
June 1 1907.. 29,200,000 20,040,000 49,240,000
• • •
• .,:;•
United
Kingdom. Continent.
Bushels.
7,310,000
6,545,000
4,840,000
•
Total.
bushels.
Bushels.
9.095,000 16,405,000
8.330,000 14,875,000
9,200,000
4,360,000
New York to May 30Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
-----1007---,------1908----Since
Since
Week. Jan. 1.
Week. Jan. 1.
965
8
258
2
534
446
10
'11,07810,043
1
4,540
- -i
4,035
18,753
___
13,812
2,4l5
3,597
535
0,821
E.:4
9,255
2,894311
1,085
80
820
10
6,627
145
6,064
360
19,598
370
17,984
479
14,303
357
8,392
1,102
5,231
75,938
1,017
89,866
The value of these New York exports since Jan. 1 has been
$4,920,621 in 1908, against $5,717,369 in 1907.
Heavy brown drills and sheetings have been in moderately
The visible supply of grain, comprising the stocks ill
level
granary at the principal points of accumulation at lake and good demand and prices have now been advanced to aof the
where manufacturers can make a small profit instead
seaboard ports May 30 1908, was as follows: 1
lightOats,
Bono, loss they have recently had to sustain. Medium and
Rye.•
Corn,
Wheat,
bush. weight sheetings are also higher and have been taken with
bush.
bush.
bush.
bush.
•
14,000
42,000
590,000
89,000
1,005.000
requireNew York
some freedom by buyers who are anxious to cover their
168,000
afloat
"
13,000
11,000
ments before the market gets away from them. There have
299,000
Boston
6,000
94,000
6,000
388,000
Philadelphia
been a few more sales of light-weight sheetings to China and
10,000
134,000
161,000
293,000
Baltimore
131,000
86,000
drills to India, but the Far Eastern trade generally has hardly
New Orleans
8,000
87,000
Galveston
with miscellaneous coun88,000
69,000 been up to expectations; business
18,000
478,000
Montreal
36,000
354,000 tries, on the other hand, shows some improvement. Some
899,000
351,000
1,864,000
Buffalo
1,000
151.000
104,000
242,000
Toledo
lines of bleached goods are slightly higher than they were a
32,000
10,000
101,000
143,000
Detroit
4,724,000
108,000
week ago, and business, following the recent revisions, has
2,929,000
4,272,000
Chicago
50,000
1,000
214,000 been so heavy that general advances are looked for shortly.
19,000
256,000
Milwaukee
1,720,000
Fort William
Spot stocks of wide sheetings have been cleaned up and prices
1,783,000
Port Arthur
44,000
234,000 have been advanced. Denims, ticks and other coarse, colored
30,000
3,796,000
Duluth
611,000
196,000
18,000
4,000
3,844,000
Minneapolis
reductions rang141,000
19,000 cotton goods have been radically revised, the
1,000
129,000
328.000
St. Louis_
18,000
56,000
2c., following which there has been a ma812,000
from lc. to 13/
ing
Kansas City
417,000
1,000
8,000
7,000
Peoria
terial improvement in the demand; these were the last lines
50,000
22,000
161,000
Indianapolis
425,000
25,000
694,000
720,000
to be placed on a resaonable price basis in view of changed
On Lakes_
188,000
152,000
On canal and river
conditions, and the action of manufacturers has consequently
Prints and ginghams have been
8,385,000
261,000 1,543,000 cleared the atmosphere.
4,796,000
Total May 30 1908-.22,818,000
7,909,000
250,000 1,617,000 very freely purchased at the low prices prevailing, and ad3,638,000
Total May 23 i008..24,072,000
028,000
572,000
5.595,000 10,605,000
Total June 1 1907.-49,729,000
904,000 vances in the near future would not be at all surprising. The
8,976.000 1,594,000
3,370,000
Total June 2 1906_ _30,811,000
7,744,000
922,000 1,227,000 export demand for prints has been particularly good. Wide
4,558,000
Total June 3 1905- -20,033,000
5,003,000
842,000 1,714,000
4,157,000
Total June 4 1904_ _20,603,000
674.nao and narrow print cloths have held very firm, and converters
4,212,000
1301,000
4,921,000
Total June 6 1903.-22,711.000
have been buying fine goods quite freely for delivery as far
GOVERNMENT WEEKLY WEATHER REPORT7- ahead as next January.
Mr. James Berry, Chief of the Climatological Division of
WOOLEN GOODS.-The improvement that has taken
thelUnited States Weather Bureau, made public on Tuesday
in the men's wear woolen and worsted goods market is
place
States
the
in
various
weather
theItelegraphic reports on the
by the fact that the largest interest is now running
evidenced
g
as
them
follows:
summarizin
for the week ending June 1,
looms, compared with only 32% fairly recently.
its
of
55%
and
generally
unfavorable
cool
The week ending June 1 was unseasonably
While duplicate ordering of heavy-weights was not any larger
on the north Pacific coast, in most of California, throughout the Plateau
and Rocky Mountain regions, and In the upper Missouri and Red River than during the preceding week, the position of the market
o the North valleys,and freezing temperatures and frosts occurred in pormanufacturers are more satistions of the middle and southern Plateau and Rocky Mountain regions. is decidedly more healthy, and
From the lower Missouri Valley southward to the Gulf coast and Rio Grande fied with the outlook. It would seem to be certain from the
Valley and in the districts eastward of the Mississippi River the temperature character of the orders coming in that this year woolens will
conditions were highly favorable.
of the
Portions of the lower Missouri Valley suffered considerably from exces- do comparatively better than worsteds, as a large part
sive rains. Limited areas In North Carolina and Arkansas need rain: else- duplicate business recently placed has been for woolen fancies.
where the moisture Is generally ample.
in
Local storms of considerable severity were numerous generally through- This is due in part to the fact that high-colored effects are
out the northern districts during the latter part of the week.
is more easy to prodnce these in woolen fabit
and
demand,
central
and
coast
Atlantic
Valley,
Ohio
was
There
ample sunshine in the
has already
and east Gulf districts, and from Texas westward to the south Pacific coast, rics than in worsteds. Some little business
and more than the usual amount of cloudiness in the Lake region and In the been chine in light-weight goods for next spring, but there is
districts westward of the tipper MIssigsinpl
a general desire on the part of agents to delay the opening of
these as long as possible. Reordering of dress goods has
continued, but the demand has fallen off to some slight exTHE DRY GOODS TRADE.
tent, compared with the previous week. Buying for the
most part has again been confined to broadcloths and striped
5
1908.
June
New York, Friday Night,
It is stated that the
patterns in woolen and worsted goods.
The primary cotton-goods market has again shown a 1909 worsted stylings will include high, fancy colorings in
broadening tendency during the past week, and buyers gen- check effects and that stripes will not altogether disappear,
erally have evinced a greater disposition to cover their fall although they will not be so much in evidence as at present.
requirements at the present level of prices. Business has
FOREIGN DRY GOODS.-The demand for imported
been on a sufficiently large scale to insure the resumption of
been rather smaller,
work at many mills where machinery has been standing idle woolen and worsted dress goods has
temporary. Silks
or which have been running on only part time. Some fur- but it is believed that the slackness is only
have been more active, but
ther revisions of prices have been announced, and it would have been irregular. Ribbons small.
Orders for linens are
still
seem that these have now about been completed, and that the volume of business is freedom.
Burlaps show a declinthe tendency in the near future will be towards a higher being placed with greater
level. Indications of this are found in the fact that many ing tendency.
..
------
,www••••••O
,,
JUNE 6 1908.]
THE CIIRONICLE
1421
,
age.
Name.
Rate. Maturity. Amount. Price.
1177_ _Ashtabula Sch. Dist., Ohio__.
1912-1026
30,000 193.481
43/2
1237 _ _Ashtabula Twp.S. D., Ohio_ __ 434 1911-1920
5,000 101.40
1177_ _Athens, Ohio (2 issueS)
5
1938
75,000 104.75
1177 _Avalon, Pa.(2 Issues)
13
3,
1
Iwo
_
85,000
101.07
1177_ _Baltimore, Md
500,000
93.01
1237_ _ Bardstown Sch. Dist., Ky
5
1908-1937
30,000 102.75
1423_ _Batavia, Ill (2 Issues)
434 1911-1928
26,000 100.673
1177_ _Bedford Twp. Sch. Dist., Ohio 5
1909-1912
2,000 101.362
1237_ _ Bellevue, Pa
4% 19119
9-3
18
938 100,000 101.318
PUBLISHED WEEKLY.
1356_ _ Belmont, Mass
4
10,000 109.037
1237_ _Belverde Sch. Dist., Cal
Terms of Subscription-Payable in Advance
5
19019
9-218
938
30,000 101.75
1237_ _ Benson Sch. Dist., Neb
5
For One Year
8,000 100.125
0 00
• $16
1423....Berea, Ohio (2 issues)
5
For Six Months
5,320 101.999
1423__Bertran
S.
D.
d
54,
No.
Neb
6
1928
European Subscription (including postage)
050
2
1
5
2:0
00 1 8.008
00
35
17
1206
_Bessemer, Ala
5
1938
European Subscription six months(including postage)
1356_ _Illg Spring Twp., Ohio
434 1914-1920
Annual Subscription in London (including pestage)
12,000 101.754
22 14s. 1356_ _ Billings S. D. No. 2,
Mont
___
_4 3-5
Six Months Subscription in London (including postage)
:0 20 0 100
21 118. 1233Boone
__
County, Ind. (3 issues).. _ _ _
Canadian Subscription (including postage)
3189
$11 50
1238__Bronxville, N. Y
4% 1913-1914
2,000 100
Subscription includes following Supplements1296_ _ Bruce, Wis
5
7,800 p98
1238.._ Bryan, Ohio
5
1921-1922
10,000 107.28
B AMC AND QUOTATION (monthly)
I STATE AND CITY (semi-annually)
1913-1931
RAILWAY AND INDUSTRIAL(quarterly) I ELECTRIC RAILWAY(3 times yearly) 1423_ _Burbank High Sch. Dist., Cal_ 5
34,000 101.697
1177_ _Cadiz, Ohio
43/2 1909-1918
13,800 101.666
1357_ _Caldwell, Texas
d1918-1938
5
Terms of Advertising-Per Inch Space
8,500 100
1112_ _Cambridge, Mass
1918
4
400,000 103.576
Transient matter per inch space(14 agate lines)
$4 20 1357_ _Cambridge, Ohio (7 issues)
1909-1918
47,923
434
100.50
(4 times)
Two Months
22 00 1357 _Cambridge S. D., Ohio
4 A 1909-1934 36
50
5:00
0001 103.247
)
lme
m es)
ths
Three Months
29 00 1238 _Camden, N. J
Standing Business Cards
4%
1928
ti
(26
50 00 1238 _Camden, N. J
1938
4A
8
250
5,
:00
000
00
0 I 104.99
Twelve Months(52 times)
87 00 1238 _Camden, N.J
1928
4A
__
CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel. Harrison 4012. 1238Camden
, N. J
4%
1928
1357 _ _Campbell County, Tenn
d1918-1938
LONDON OFFICE-Edwards 84 Smith,1 Drapers' Gardens, E. C.
5
50,000 100.67
1357_ _Cape May City, N. J
105,000 100
1938
5
1206 _ _Carrollton, Ky
WILLIAM B. DANA COMPANY, Publishers,
1909-1928
5
20,000 103.505
1423_ _Cedartown, Ga
d1929-19$8
P.O. liox 955. Front. Pine and Depeyster Sts.,
30,000
5
New York.
1423_ _Centreville Sta. Twp., Ill
5
49,000 105.214
1238 _ _Champaign Twp., Ill
33,000
191
8
p101.21
916
1
0
9
2
1
43/2
1 423__Chartiers Two., Pa
5
25,000
MUNICIPAL BOND SALES IN MAY.
1231)_ _Chickasha,
a,0 la.(2 Issues)- - - - 5
1928
60,000 102.876
1239_ _Cinnibar Sch. Dist., Cal
5
53
0
2:0
:8
00
100
.3
500
The sales of municipal bonds made during May show a 13
,s5
)78____c
Clie
av
rk
eiC
an
o.
dS
,.
0
D
h.
i,
No. 7, Wash_ _ _ 6
d1911-1918
4q
1930
57
00
7,000j 101.818
tendency towards improvement in the market for this class 1177_ _Cleveland, Ohio
4X
1928
350,000 102.29
1177_ _Cleveland, Ohio
5
1909-1912 616,000 101.629
of security. We find in compiling our usual table for the 1177_Cleveland, Ohio
1928
434
22
001 101.18
25
7:0
00
month that $24,732,174 bonds have been sold. With the 11424_ _Cleveland, Ohio
5
1908-1916
24_ _Cleveland, Ohio
5
1008-1912
90,000 }x100 4
exception of 1904, when the output for the month of May 1424 _ _Cleveland, Ohio
1908
5
1239_ _Clifton, Kan
5
1911-1918
4,000 100
was $55,110,016, owing to the sale of $37,000,000 bonds 1357_ -Coachella
Sch. Dist., Cal _
6,500 106.55
_Collinwood Sch. Dist., Ohio_ _ _ 434 1910-1939
90,000 103.55
in that month by New York City, the aggregate for May 11296_
2
42
39
4__C
_Co
olumbla Falls S. D. No. 6.
„co,d,
Montana
N. H
434 d1918-1928
25,000 100
1908 surpasses that of the same month for any other year.
1928
25,000 100.19
334
We have also reported Omporary loans to the amount of 1239-Concord Un. Free S. D. No. 1,
New York
434 1909-1958
75,000
$40,428,123 and $1,885,541 Canadian debentures.
1239_ _Cook County, Ill
4
1909-1928 1,900,000 100.39
1296_ _Crawford County, Iowa
50,000 102.60
434
Although no public offering was made by New York City 1206Crawford County, Ohio
5
25,000 103.356
1177.. _Crawford County, Ohio
5
1908-1910
40,000 100.302
during the month, $131,000 3% 50-year corporate stock 1297_
_Craven County, N. C
5
1938
20,000
1357-Cuyahoga County, Ohio
300,000 103.67
434 1909-1927
was purchased by the sinking fund. The city also sold 1239_
_Cuyahoga County, Ohio
5
1909-1918
10,613
6
$38,527,000 revenue bonds for current expenses and $400,000 1424._ Danville S. D. No. 116, Ill
1914-1923
10,000
1239__Dayton, Ohio
4
1915-1954
40,000 100.1275
for special purposes, but these, being temporary obligations 1230_ _ Dayton, Ohio (2 Issues)
5
1915-1918
29,000 104.77
1357_ _ Dennison, Ohio
5
1909-1932
24,000 106.083
repayable from taxes, we do not include them in our totals 1239_ _Deshler,
Neb
6
d1913-1918
15,000 100.316
1297_ _ Detroit, Mich
1938
334
210409:000000
of the new bond issues.
1297_ _Detroit, Mich
1938
33/2
_Dickson, Tenn
6
1938
25,000 100
The largest and no doubt most important .sale of long- 1358_
1 424__Dleter, Minn
6
1923
4,000 100.75
1240_ _ Dorranceton Sch. Dist., Pa.._ 434
15,000
term bonds was made on May 1 by the city of Pittsburgh. 1207_Dresden
, Ohio
1916
434
25,000 103.76
1297....East Cleveland S. D., Ohio_
Twelve issues of 43/
1928
434
9,000 105.152
2% bonds, aggregating $3,124,700, 1358_
-Elmwood Place S. D., Ohio_..
1913-1927
3,000 104.753
were disposed of on that day at 104.819. Other important 1358 _ _Elmwood Place S. D., Ohio_ _ _ 434
3-318
922
2,000 103.525
434 1911,
1424 _ _Elyton, Ala
5
55,000 100
sales made during the month of May 'were as follows: Cleve- 1297__Erie Sch. Dist., Pa
1910-1920
4
57,000 100
1297 _ -Essex County, Mass
4
1909-1928
100,0001 104.41
land, Ohio, $1,075,000 43is and $810,000 5s; Allegheny 1297„Essex
County, Mass
4
1915-1924
178,0005
_Essex County, N. J.(2 issues) _ 4
1948
800,000 101.79
County, Pa., $1,000,000 4s; Westchester County, N. Y. 1178_
1358_ _Everett, Mass
4
25,000
1358
_
_Fairfield
,
5
$1,000,000 43
1901,
8-218
947
20,000 100
/
2s; Essex County, N. J , $800,000 4s; 1358_ _Fall River,Cal
Mass
4
70,000 106.666
Minneapolis, Minn., $625,000 4s; 11/emphis, Tenn., $551,- 1240_ _Fall River, Mass
75,000 107.483
434 1909-1028
1297_ _Farmington, Mo
d1913-1928
5
25,000
000 43/2s; Camden, N. J., $510,000 43/2s; Baltimore, Md., 1240_ _Fenntmore, Wis
d19118
5
9-3
8
1928
10
5:0
000
0 102.516
1297„Fitzgerald, Ga
5
20,000 102.072
3500,000 33/2s.
1424_ _Forrest City S. D. No.7, Ark.... 6
1178_ _Fort Bend County, Tex
4
d1912-1947
35,000 100
Our records show that very few issues were offered 'with- 1:358__Fountal
n, Minn
•
6
1,
92
18
2,000 102.50
1358_ _Fountain Inn Sch. Dist., S. C.. 6
15,000 103.006
out success during 'the `month. The largest issue offered 14
P.1_ _Franklin, Pa
434 1913-1938
260,000 100
1178_
_Franklin County, Ind
and for which no satisfactory bids were received was $482,334 1909-1918
22,000 100
1358_ _Fremont, Ohio
24,500 103.348
434 1917-1921
1 940_ _Fremont Sch. Dist., Ohio
000 4s of Norfolk, Va.
434
25,000 101.52
1207_ -Gary Sch. Dist., Ind
434 1917&1018
37,500
102.141
The number of municipalities emitting bonds and the num_ 1358...Glen Ridge Sch. Dist., N. J_ 434 1929-1938
30,000 103.189
_Gloucester, Mass
1909-1918
4
70,000 101.36
ber of separate issues made during May 1908 were 256 and 1424_
1 358_ _Monster Sch. Dist., Ohio
5
1921-1927
3,500 106.428
1240_ _Gloversville, N. Y434
9,000 x100
378 respectively. This contrasts with 190 and 326 for April 1240....Goldsbo
ro Twp., N. C
1928
6
20,000 110.15
1207_ _Grand Rapids, Mich434 19101&
1908 and with 225 and 313 for May 1907.
911
92
18
98
6:000
00 100
1178__GrImstead, Minn
For comparative purposes we add the following table 1358_ _Guevdan Sch. Dist., La
25,000
1424_ _Hadley & Luzerne Union Free
showing the aggregates for May and the five months for a
Sch. Dist. No. 1, N Y
5
1909-1931
23,000 103.378
1298_ _Hamilton, Ohio
4
1917
2,500 100
series of years:
1358.._Hamilton, Ohio (2 issues)
434
1917
4,268 x100
1424_ _Hamilton Sch. Dist., Ohio_ _ 4
1929-1933
25,000
100.04
Month of
For the
Month of
For the
1178 _ _Hamler, Ohlo
6
1909-1018
2,400 102.291
Alm
Five Mos.
May.
Five Mos.
1424_ _Harris County, Texas
4
267,000 100
1908
$21,732,174 $137,227,412 1899
$7,897,642 $33,996,634 1358 Hartley, Iowa
5
d19118
,
-18
2 928
12,000 100.416
1907
15,742,336 93.u67,43 1898
7,036,926
34,373,522 1241 _Hazlehurst, Miss
6
25,000 103
1906
14,895,037 80,651,623 1897
8,218,927 56,890,312 1241 Hemestead S. D No. 4, N Y_ 5
190A3
18,000
-18
938
1905
16,569,086 92,706,300 1896
10,712,538
30,384,85e 1 4:
78
5 _Hoboken, N. J. (2 issues)
5
116,500
1904
55,110,016 113,443,246 1895
11.537,766 41,084,172 I 241 Holland, Mich
5
1909-1914
30,000 100.363
1903
14,846,227 62,049,815 1894
14,349,410
50,067,610 1298 Hot Springs Sch. Dist- Ark.. 5
50,000
91
1902
20,956,404
59,211,223 1893
4,093.969
30,774,180
_Jefferson County, W Va
dlnis-1938
4
10,000
100
14,562,340 47,754,962 1892
1901
7,836,860
36,844,291 1241 _Jennings, I,a
d193$1-1948
5
40,000
0,623,264
1900
58,273,539
1298__Kalispell S. D. No. 5, Mont
d1918-1978
5
14,500 100
1425_ _Kane School District, Pa
5
1909-1936
90,000
In the following table we give a list of May loans to the 1178_ _Kansas
City Sch. Dist., Mo
4
1928
200,000 100
Sch. Dist., Iowa
434 1909-1918
35,000
amount of $24,732,174 issued by 256 municipalities. In 1425__Keoktik
44: _ _Kingsville Twp. S. D.,O.(2 is.) 4%
2,650 100.59
1359_ _Kitsan Co. S. D. No.49, Wash. 5
1,500 100
the case of each loan reference is made to the page in the 17
_ _Kitsan Co. S. D. No. 6. Wash_ 5
5,000 100
Lake County. Ind. (3 issues) _ _ 434
"Chronicle" where an account of the sale is given.
32.800 100
1 lila _ _Lakewood, Ohio
5
1909-1918
7,500 102.893
1178_ _Lakewood, Ohio
MAY BOND SALES.
5
1909-1918
88,572 103.169
1
?OS
_
_Lancaster,
N
4.40
Y
1920-1949
150,000 100.216
Page.
Name.
,Rate.
Maturity. Amount. Price. 1179_ _La Porte County,
Ind
125,000 108.048
1423_ _Akron, Ohio
5
1909-1914
$47,746 101.792 1,
98 _ _T,as Cruces, New Mex
10,000 101
1296_ _Allegheny County, Pa
4
1,000,000 100
1,
98_ _Lawrence, Mass
4
d1119
65
990
079
89:
-11119
80,000 101.915
993
18
88
1296_ _Allen County, Ind '
6
2,946 100.75
191V-3
18
912
1359_ _Lawton Sch Dist., Okla
15,000
1356_ _Alliance, 01110
1909-1913
5
22,000 101.368 1159_ _Lewis Co. S.
No. 121, Wash. 54 d1911-1913
1.200 100
1356__Aillance, Ohio
5
1023
14,000 108.285 1'08_ _Liberty Sch.D.
Dist. Cal
7
7,000 110.842
1356_ _AillanCe, Ohio
5
1000-1911
5,100 100.72
1359_
_T,IckIng
County,
thilo
1900
1109
4 4 1
12,340 101.887
1358AlIIance, Ohio
5
1928
4,000 110.18
1359__
LIcng
ki
u
Conty,
Ohio
434
11918
9
26,800 102.065
:18
1176_ _Alliance Sch. Dist., Ohio
4
1915-1926
25,000 100
1425_ _Llgonier. Ind
434
16,500 106.121
1237_ _Ai- so Sewn! Distrlet, Cal_ _ _ _ 8
1909-1910
1,000 100.25
1495..•_Lima. Ohio (2 Imes)
5
5,640 x100
1176_ _Ambriee Ps
5
Z5,000
1^41_
_Lima Sch. Dist., Ohio
5
21,700 107.588
1296_ _Anna. Ohio
6
1909&1010
1;500. fifii.too 0000__Lincolh, Neb
5
1909-1918
1,250 100
STATE AND CITY DtriwrivrEtii.
The Thranirle.
11:41
Rate.
Name.
Page.
53i
1359__Linc01n Coun.y, Minn
4.30
1359__1ittle Fats. N. Y
5
1359-Locawo,d _Jim. Din., Cal
5
1241-Logi.n .Sea. Dist., Utah
4
1241-Lora,.0.Sen. Dist., Oluo
6
1241_ _L risnton Sch. Dist., Neb
6
1241_ _Lyons, Kan
4
1298_ _Madisonville, Ohio
4
12i6_ - Madisonville, Onto
5%
1.498_ _Maiden Sch. Dist. Mo
1179--Mamaroneck, N. Y.(5 issues)_4.60
4A
1298_ _Manistee, Mich
1359_ _Mansfield, Ohio (2 issues) .- 4 A
Maturity.
1909-1918
d1918-1928
1909-1928
1918
1920-1924
1918
1932
1933
d1913-1928
1924-1927
1909-1928
5
1909-1913
1359_ _Mansfield, Ohio (6 issues)- -- - 5
1909-1912
1359_ _Mansfield, Ohio (10 Issues)
[VoL. Lxxxvi.
THE CHRONICLE
1422
Amount. Pr-ice.
30,150 100
50,000 y100.07
33,000 102.836
25,000 100
18,000 100.111
2,000 105.25
15,000 100
20,000 100.625
2,500 100.60
20,000
93,000 100.136
16,200 100.03
29,500 1100 and
1103.305
55,8001 130.759
Ito 101.76
13,7005 100 to
I 101.221
2,000 x100
2,8(10 x100
17,500 104.754
100,000 110.839
100,000 100
44,000 100.965
8,000 101.35
12,000 100.10
551,000 102.57
625,000 100.77
16,000 100.75
50,000 103.77
90,000 104.261
9,000 101.340
15,000 100.175
15,000 100.066
74,934
15,000 101.2.ia
15,000
80,062
300,000 100.133
7,500 100
30,000 100.084
100,0001 98.13950,00)1
15,000 100.041
3,000 100
20,000 102.13
131,000 x100
Name.
•Page.
1364...Winchester, Va
1183_ _Woonsocket, R. I
1302__Yonkers, N. Y
1364_ _ Youngstown, Ohio
1364_ _ Youngstown, Ohio
1364_ _ Youngstown, Ohio
1364_ _Youngstown, Ohio
1364_ _Youngstown, Ohio
1364_ _ Youngstown, Ohio
1428_ _Yutan, Neb
1302__Zellenople, Pa
Rate. Maturity.
.
4
1033
4
434 1909-1918
1909-1912
5
1909-1911
5
1909-1913
5
1909-1913
5
1909-1913
5
1909-1913
5
01913-1928
5
434 1910-1924
.
Amount. Prict,
5,000 100
500,000 .97.680
300,000 1(11.4011
8,000 101.812
2,825 101.061
9,225 102.005
10,925 101.893
1,415 101.76(3
8,030 102
12,000
7,500
Total bond sales for May 1908 (256 municipalities
k$24,732,174
covering 378 separate Issues
--a Average dates of maturity. d Subject to call in and after the earlier
year and mature in the later year. k Not including $4).428,123 of temporary loans reported and which do not belong in the list. x Taken by
sinking fund as an investment. y And other considerations.
BONDS SOLD BY CANADIAN MUNICIPALITIES.
Rate. Maturity. Amount. Price.
Page.
Name.
$2,000
1357_ _Arthur, Ont
60,000
1023&1938
1238....Brandon, Man
5
258,000
1938
434
1423_ _Calgary. Alberta
90
76,000
1928
Alberta
1357.._Calgary,
434
92.55
435,000
1938
1357_ _Calgary, Alberta (3 issues) _ _- 434
98.50
14,000
1908-1927
1239_ _Dauphin S. D. No. 005, Man.... 5
98.14
327,000
5
1240.. _Fort William, Ont
7,500
1909-1938
6
1425...Lethbridge, Alberta
55,000
1909-1948
1425_ _Lethbridge, Alberta (2 issues) _ 5
65,000
1928
1428- _Medicine Hat, Alberta (2 is.) _ _ 5
01.39
275,000
1948
1361_ _Notre Dame de Grace, Que_ _ _ 434
4(1,000
434
1928
1299.. _Paris, Ontario
56,066
434 1909-1937
1300_ _Preston. Ontario
91.1.11
2,700
1908-1927
1300....Rapid City Sch. Dist., Man.._ _ 5
20,000
1909-1928
1244....Sarnia, Ont
5
06.03
35,000
1427_ _Saskatoon S. D. No. 13, Sask. 534 1908-1932
96.754
11,000
434
1938
1427_ _Stratford, Ont
95
13,775
_Vermilion,
Alberta
1908-1927
7
1245_
67,500
1428_ _WetaskiwIn, Alta. (3 issues).... 5
5,000
1909-1918
7
1364_ _Yellow Grass, Sask
60,000 100
1947
1302_ _Yoricton, Sask. (2 issues)
63-4
1909-1910
5
1359_ _Mansfield, Ohio
1909
1359_ _Mansfield, Ohio (2 Issues)- - - - 5
1179..-Mansfield Sch. Dist., Ohio_ __ _ 434 1013-1938
4A
1242__Marion, Mass
1928
334
1425_ _Marlon County, Ind
534 1913-1017
1242_ _Marshall County, Minn
1909-1916
1298_ _Marshall Sch. Dist. No. 16, Ill_ 5
1909-1912
5
1242_ _Medina, N. Y
1939
434
1242_ _Memphis, Tenn
1938
1242_ _Minneapol:s, Minn.(4 issues) _ _ 4
Cal_
1360_ _Mlramonte Sen. Dist.,
-191a
1299 _ _Montgomery County, Ohio_ - - - 434 1u10
434 1910-1927
1360_ _ Montgomery County. Ohio_
1909-1917
Ohio
434
1426_ _Mt. Blancha.d Sch. Dist.,
434 1913-1017
1299_ _Mount Clemens, Mich
434 1913-1922
1290.._ Mount Oliver, Pa
1360_ _Muskogee County, Okla
Various
5
1360_ _Neels Sch. Dist., Pa
1918-1921
5
1360_ _Negaunce, Mich
5
1360_New Albany, Ind
1938
4
1360 New Britain, Conn
1909-1923
4
1242__New Lexington, Ohio
1909-1938
1239_ New Lexington S. D., Ohio_ _ _ 5
1927
4
1179_ _New London, Conn
1926
334
1179_ New London, Conn
/11924-1934
$1,885,541
1426.. New Mexico, Territory of_ _ _ _ 4
Total
1933
4
1360„New Richmond, Ohio
sales for
434 1912-1931
additional
1299Newton Falls, Ohio
also
of
learned
have
the
following
We
3
1957
1426_ _New York City
previous months.
1242_ _North Chicago, 111.-Foss Park
104.503
Anzount. Price.
14,500
Name.
Rato.
1918-1926
5
Maturittl.
Paw.
Dist
500 100
$518 100
1900-1918
5
1237_ _Barberton, Ohio
3A
1299_ _Northfield, Vt
102.138
150,000
5,696 103.529
,
Ohio
1909-1918
5
1237__Barberton
1928
434
1360_ _North Yakima, Wash
3,000 100
10.000 100
01909-1918
5
1918-1032
1357.. _CII ffs Sch. Dist., Wash
5
1360_ _Norwood, N. J
18,000 100.15
21,000 100.71
1926
4
1240.. _Eden. Me
4.60 1913-1930
1180_ _Nyack, N. Y
20,000 100
22,000 102.55
1240 __Goodian(t Sch. Dist., Kan_ _ _ _ 5
434 1910-1918
1243 _ _Oak Park Sch. Dist., Ill
75,000 103.383 1299_ _North Dakota 38 Issues)
148,800 100
Various
4
1./28
1243.. _Oklahoma City S. D,Okla__ 5
100
145,000
103.069
100,000
Bayou
Levee
_Plum
Ark..
Dist.,
41928-1948
6
.
434
1426_
1361__Omaha, Neb. (3 Issues)
6,0001x100
100,000 105.12
1910-1924
1912-1913
4
1427.._Portsmouth, Ohio
5
1243 ..Oneida County, Wis
3,0001
5 20,000 100.50
Ohio
1914
1009-1948
_Portsmouth,
4
1427_
5
Cal
_Oroville,
1361_
30,000 100.13
1 60,000 100
1244_ _Suffolk County, N. Y
434 1909-1914
40,000 14 11.
25,000 100
d1918-1958
1909-1928
5
1363_ _Tulare High Sch. Dist., Cal.._ _ 5
1180_ _Paris, Texas
basis
100
30,000
1928
6
J
N.
1243_ _ Park Ridge,
117,500
101.514
5
1180_ _Paulding County, 0. (6 issues)
5378.914
15,000 100
Total
434 d19184938
1243_ _Pen Argyl. Pa
15,000 100
1928
5
1426.. _Pilger, Neb
All the above sales (except as indicated) are for April.
50,000
1938
5
1299....Pitt County. N C
3,124,700 104.819 These additional April issues will make the total sales (nht
434
1116_ _Pittsburgh, Pa. (12 issues) _
190,000)
1015,1933
4
1299_ _Pittsfield, Mass
including temporary loans) for that month $21,575,513.
1910-1027 132,000 103.79
4
1299_ _Pittsfield, Mass
72,000
1010-1920
4
Mass
_Pittsfield,
1299..
48,000
1920-1023
4
1299...Pittsfield, Mass
2,225 100
d1909-1918
5
1361_ _Pleasant Ridge, Ohio
5,500 100.53
1361_ _Pleasantville, N. Y.(2 Issues). 5
3,800 100.329
5
1299_ _Polk Sch. Dist. No. 72, Neb
6,000 107.95
1923
5
Virginia-West Virginia.-Special Master Appointed in
1180_ _Pomeroy, Ohio
25,000 103.65
1361 _ _ Port Clinton Sch. Dist., Oalo_ _ 434 1911-1927
Debt-Settlement Suit.-In accordance with the decree Of the
100,683 1102.25
1290_ _Portland, Ore
Ito 05
United States Sunreme Court made public on May 6 (V. 86,
1938
170,000
e
1427_ _Portsmouth, Va. (3 issues) _ _ .. 434
10,000 101.103' p. 1176), that tribunal on June 1 appointed Representativ
434 1909-1916
1180_ _Ravenna, Ohio
3,123 100.579 Charles E. Littlefield of Maine, who has resigned from the
5
1180_ _Reading, Ohio
104.55
25,000
1915-1919
5
1361_ _Rhinelander, Wis _ _ .,
House to resume the practice of law, to be Special Master
1958
250,000 105.21
334
1300_ _Rhode Island
6,000 101.50
to take testimony in the suit of the State of Virginia versus
1300_ _Richmond SI D. No. 13, Mich_ 5
100
d1918-1928
7,500
6
1427_ _Ripley, Tenn
the State of West Virginia, wherein the former undertakes
1243_ _Riverhead Un. Fr. Sca. Dist.
12,000 101.98
434 1908-1027
to compel the latter to assume its portion of the debt of the
No. 5, N Y
100.15
1917-1919
75,000
4
1361_ _Rochester, N Y
old State of Virginia contracted prior to the creation of the
102.347
13,100
1909-1918
6
Ohio
_Rockford,
1300_
State of West Virginia.
1933
20,000
5
1300_ _Roff, Okla
1361_ _Roselle Park Sch. Dist., N. J_ _ 434 1028.'l3&'38 68,000
7,000 100
1923
4
1361_ _Ryder Sch. Dist., N D
5,000 100
1009-1018
5
1180_ _St. Croix Falls, Wis
this week
1937
125,0001
4
1300 ..St. Paul, Minn
100
1938
50,000k
4
Minn
1300__St. Paul,
as
,
boar
follows:
have
75,000)
1938
4
1300.. _St. Paul, Minn
270,000 103.31
1909-1926
4
1244_ _Salem, Mass
Aberdeen, Brown County, S. D.-Bond Offering.-Pro25,000 100
1361_ _Sandnolnt S. D. No. 1, Idaho.. 5
20,000 101
1909-1921
posals will be received until 8 p. m. June 8 by F. W. Ray1244_ _San Jose HIrch Sch. Dist., Cal_ 5
35,000 101.571
1909-1943
5
1244_ _San Jose Sch. Dist., Cal
mond, City Auditor, for the following bonds (at not exceed100 to
1300 __Saugerties Un. Fr, Sch. Dist.
25,000) 103
ing 5%) voted on April 21:
434 1908-1932
No. 10, N Y
uses.
30,000 100
1938
5
1244_Scottdale, Pa
$40,000 coupon bonds for the purpose of wipplying water for domestic
uses.
24,300 100
434
1301_ _Scottdale Sch. DIU.. Pa
7,000 coupon bonds for the nurnose of supplying water for domestic
20,000 105.70
5
sewer-system-construction bonds.
1244_ _Sebring Sch. Dist., Ohio
coupon
13,000
14,000
100.713
d1918-1928
5
1362.. _Sheridan, Wvo
3,300 100
d1913-1918
Denomination $1,000. Date, day of issue. Interest
1301...S1dney Sch. Dist. No. 5, Mont.. 5
4,000 101.625
1909-1916
5
1427.. _Silvis Sch. Dist. No. 34, Ill
semi-annually at the Chemical National Bank in New York
30,0001
102.549
1909-1938
4
1362.. Somerville, Mass
80,0001
1909-1028
4
City. Maturity twenty years. Bonds are exempt from
1362_ _Somerville, Mess
48,000 105.271
434 1945-1948
1301_ _South Orange, N. J
Certified check for $1,000, payable to George
taxation.
250,000
y104.025
1928
1362_ _Spokane Co. 8.D.No.81,1,Vash_ 434
22,926
1009-1913
Bolles, City Treasurer, is required. Official circular states
1244 _ _Springfield, Ohio (9 issues)._ 5
50,000 106.81
1244 _ _Springfield, Ohio
434 1929-1931
that there is no litigation pending or threatened affecting
12,000
434
1427__SprtnevIlle, N. Y. (2 Issues)
25,000 101.75
the validity of these bonds, the corporate existence, the
1362_ _Stege Sch. Dist., Wash
5,000 100
d1918-1928
6
1362_ _Stevenson, Wash
boundaries of said municipality, or the title of its present
9,000
101
1919-1913
5
1427_ _Stirling Sch. Dist., N. J
officials to their respective offices. The circular also states
80,563 100
1910-1928
1301_ _Stoddard Co.Dr.Dis.No.7. Mo.. 6
98
100,000
1928
4
1301_ _StonIngton. Conn
that the city has never defaulted in the payment of any of its
5,840 100
434 1909-1918
1427_ _Switzerland County, Ind
obligations.
15,000 109.27
1938
4
1362. _Taunton, Mass
12,000 106.83
1927
4
1362_ _Taunton. Mass. _______
Abington School District (P.0.Jenkintown), Montgomery
10,000
1383.. _Tecumseh S. D. No. 92, Okla_ 534
50,700 1/100.976 County, Pa.-Bond Sale.-On June 1 the $70,000 4% gold
1918
5
1363_ _Todd County. Minn
150,000
1928
102.325
434
1363_ _Toledo Sch. Dist., Ohio
bonds described in V. 86, p. 1356, were sold to Rob15,000 105.366 coupon
1922-1926
5
1244.. _Tomah, Wis
& Co. of Philadelphia at 100.144 and
Glendinning
E.
4,500
101.50
1909-1917
ert
Two.
_Tremont
Sch.
434
Dist.,
Ill.1182_
200,0001 106.077 accrued interest.
434 1909-1948
1301_ _Troy, N. Y
30,0005
434 1909-1928
1301__Troy, N. Y
12,000 100
1918&1928
Acquackanonk Township School District (P. 0. Clifton),
5
1363_ _Troy Sch. Dist., Idaho
17,500 100
434 1909-1911
1363_ _Van Wert County, Ohio
Passaic County, N. J.-Bonds Not Sold-Bond °Hering.7.000 100
1918
514
1301_ _Wabasso, Minn
4,000 100.75
No award was made on June 2 of the $63,500 416% coupon
434 1913-1916
1427__Wanvick, N Y
100,000 101.491
434 1912-1928
1245_ _Washtivrton County. Pa
and addition bonds offered (V. 86, p. 1356) on that
building
106.88
10,000
1910-1912
Ohio
Two.,
5
_Washington
1302_
10,000 100
1911 &1912
day. Proposals are again asked fbr these bonds and will
4
1245_ _Waterbury, Conn
9,2'5 102.51
1917
4
1302_ _Watertown, Mass
be received this time until 12 m. June 11.
1931
4
1363 ..Watertown, N. Y. (3 issues)
15;
12
35 100
9;0
70)
- -..677
434 1915-1031
Adams County School District No. 15, Wash.-Bond
1363_ _Weehawken Two.. N. J
106.07
1182__Westchester County, N. Y_ .. _ . 434 1033-1981 1,000,000
oposals will be received until 2 p. m. to-day
011ering.-Pr
101.375
4,000
1928
1245__Westhone, N D
8,500 y103.$52 (.111110 6) by J. S. Edwards, County Treasurer (P. 0. Ritz
5
d1912-1928
1183_ _White Rear. Minn
74,000 110.81
1183_ _White ylsins, N. Y. (4 issues).. 5
villa), for $30,000 coupon school-house bonds at not exceed20,000 100
1183__Willlamsburg Sch. Dist., Iowa 434 d1913-1918
News Items.
Bond Proposals and Negotiations
JUNE 6 1908.j
THE CHRONICLE
1423
ing 6% interest. Authority election held May 5 1908. In- ment on a preceding page), at their joint bid of 106.44 for
terest semi-annual. Maturity twenty years, Subject to call "all or none." The other bidders were as follows:
Blake Bros. & Co., Harvey Fisk & Sons, A. B.1("all or none")--106.14
after ten years.
Leach & Co. and E. H. Rollins & Sons
Akron, Summit County, Ohio.-Price Paid for Bonds.- N. W. Harris & Co., Boston ("all or none")
105.78
Stone & Co., Boston (for five $1 0,101 lots of the 40-year
We are informed that the price paid by the Second National Hayden,
tunnel bonds)---- --_108.453,
108.453, 108.17, 107.762,107.13 and 107.267
Bank of Akron for the $47,746 5% street-improvement R. L. Day & Co. and Esfabrook & Co., Boston
-$2,000,C00 tunnel bonds
at 106.91; $1,u55,000 31-y,ar bonds at 105.91; $1,364,000 ;10-y. ai bonds
bonds purchased on May 28 (V. 86, p. 1356) was 101.792
at 104.41.
and accrued interest. A list of the bids follows:
Pfaelzer & Co., New York (for $300,000 30-year sewer bonds)
108.27
Second Nat. Bk., Akron_ _$48,6J1 631fIlvden, VIl1ier&Co„C1eve..$48,063 00
First Nat. Bank, Cleve__ 48,347 00 Well. Roth & Co., Cin____ 47,997 00
Security S.B.&Tr.Co..Tol_ 48,108 751 \NW 1st Nat. Bk., Colum_ 47,914 00
Albany County (P. 0. Albany), N. Y.-Bond Sale.The $79,000 4% 17M-year (average) highway-improvement
bonds described in V. 86, P. 1296, were awarded on June 1
to Kountze Bros. of New York City at par. A bid of par
for $10,000 bonds was also received from the Albany Trust
Co. of Albany.
Anamosa, Jones County, Iowa.-Bond Sale Not Consummated.-We are advised that this city recently awarded
$30,000 5% water-works bonds to the Wells & Dickey Co.
of Minneapolis. Our informant adds, however, that the
sale was never consummated as the purchaser's attorneys
"were not able to approve the proceedings."
Andover, Essex County, Mass.-Bond Offering.-Proposals will be received until 3 p. In. June 10 by George A. Parker,
Town Treasurer,for the following bonds:
$10,000 3% M co ip3n water b >nis. Jata.•ity $1,000 yearly on June 1
froln 1909 to 1918 Inclusive.
30,000 33i 70 coupon water bonds. Maturity $1,000 yearly on June 1
from 190) to 1918 inclusive and $2,000 yearly on June 1
from 191) to 1928 inclusive.
Denomination $1,000. Date June 11908. Interest semiannually at the City Trust Co. of Boston. The genuineness
of these bonds will be certified to by the City Trust Co. of
Boston and the legality of the issue has been approved by
Messrs. Storey, Thorndike, Palmer & Thayer of Boston, a
copy of whose opinion will be furnished the successful bidder.
Bonds to be delivered June 15 1908.
Ashburn,• Turner County, Ga.-Bonds Not Sold.-No
award was made on May 28 of the $55,000 5% gold water,
light and school bonds mentioned in V. 86, p. 1237.
Awalby Union High School District (P. 0. Sebastopol),
Sonoma County, 0a1.-Bond Election.-On June 19 the
electors of this district will vote, it is stated, on the question
of issuing $35,000 bonds.
Batavia, Kane County, Ill.-Bond Sale.-This city on
May 14 accepted a bid submitted by the Harris Trust &
Savings Bank of Chicago for $12,000 refunding and $14,000 water-extension 432% bonds. Securities are in denomination of $1,000 each and are datedMay 1 1908.
Maturity $1,000 yearly on May 1 from 1911 to 1927 inclusive and $9,000 on May 1 1928.
Belton, Anderson County, S. 0.-Bonds Voted.-An election held May 12 resulted in favor of the question of issuing
$12,500 water-works-system-installation bonds.
Belton School District (P. 0. Belton), Anderson County,
S. C.-Bonds Voted.-The issuance of $12,500 graded-schoolbuilding bonds was authorized at an election held May 12.
Benzie County (P. 0. Frankfort), Mich.-Bonds Defeated.
-The electors of this county on June 1 defeated a proposition to issue $35,000 court-house and jail bonds. The vote
was 954 "for" to 1,444 "against."
Berea, Cuyahoga County, Ohio.-Bond Sale.-On May 25
the two issues of 5% Front Street improvement bonds
aggregating $5,320, described in V.86, p. 1238, were awarded
to the Bank of Berea Co., in Berea, at 101.999 and interest.
Following are the bids:
Bank of Berea Co., Berea_ _$5,426 391Havden, Miller & Co., Clev.$5,421 00
Hodder & Cummings, Tot_ 5,444 001101.st Nat. Bank, Cleveland 5,418 00
New 1st Nat. Bk., Colum__ 5,441 001
Berkeley School District (P. 0. Berkeley), Alameda
County, Cal.-Bonds Voted.-It is reported that the voters
of this district, at the election held May 19, authorized the
issdance of the $250,000 school-building bonds mentioned
in V. 86, p. 1238.
Bertrand School District No. 54 (P.O. Bertrand), Phelps
County, Neb.-Bond Sale.-On May .28 the $12,500 6%
20-year coupon school-house bonds mentioned in V. 86, p.
1296, were awarded to the Lincoln Safe Deposit & Trust Co.
of Lincoln at 108.008 and accrued interest-a basis of about
5.344%. The bids received were as follows:
Uncolti S. D. & Tr. Co., Linc.$13,501 !Betas Trust Co. Omaha __$12,650
_
Geo. H. Rogers, Lincoln_ _ 13,500 IC. H, Coffin, Chicago__
12.626
par
First Nat. Ilk., Barnesville__ 12,1)01 Chas. Peterson, Bertrand _ __
Otis & Hough, Cleveland__ __ 12,8751
Denomination $500. " Date May 1 1908. Interest annually. in New York exchange at Kountze Bros. in New York
City. Total debt this issue. Assessed valuation 1907,
$167,000.
Bessemer, Geogbic County, Mich.-Bond Sale.-On
June 1 the $25,000 5% water-works bonds a description of
which was given in V. 86, p. 1356, Were aWarded to the
'First National Bank of Cleveland. Maturity $2,500 yearly
on June 1 from 1911 to 1920 inclusive, Subject to call, however, before that time
Boston, Mass.-Bond Sale.-On June, 4 the six issues
,.54 4% registered bonds, aggregatinW,$4,419,000, described
AryV ,86, p. 1356, were awarded. to7Blodget, Merritt (.qc Co.
„and Lee, Higginson & Co., both of 1.39ston (sec advertise-
Crocker & Fisher, Boston-$100,000 30-year bonds at 106.09
Parkinson & Burr, Boston (for $1,000,000 tunnel and subway bonds)105.77
Perry, Coffin ec Burr, Boston (for all or none of the $655,000 drainage bonds)
105.395
Bridgeport School District (P. 0. Bridgeport), Belmont
County, Ohio.-Bond Election.-The Board of Education
has ordered an election to be held on June 11 to allow the
voters to determine whether or not $63,000 school bonds
shall be issued.
Brunswick, Frederick County, Md.-Bond Offering.Proposals will be received until 8 p. in. June 12 by the Mayor
for $15,000
water bonds. Authority, election held
May 18 1908. Denomination $100. Interest Jan. 1 and
July 1 at the Savings Bank of Brunswick in Brunswick.
Maturity thirty years, subject to call after ten years. Certified check for 5% of the bid, payable to A. B. Hedges,
Clerk and Treasurer of the Council, is required.
Bryant, Hamlin County, S. D.-Bonds Not Sold.-Up to
June 2 no disposal had yet been made of the $10,000 5%
coupon water-works bonds offered (V. 86, p. 1177) on May
16. Maturity $1,000 every two years. Bonds are tax-exempt. Total debt at present $1,500.
Buffalo, N. Y.-Bond Sales.-The following 4% temporaryloan bonds maturing July 1 1909 were purchased by the
Sinking Fund during the month of May at par: $9,000
dated May 1 1908; $1,573 35 dated May 15 1908; $5,000
dated May 15 1908; $250 dated May 4 1908, and $300 dated
May 18 1908.
Burbank Union High School District, Los Angeles County,
Cal.-Bond Sale.-According to reports. the $34,000 5%
bonds voted on April 10(V. 86, p. 1238), have been disposed
of to James H. Adams & Co. of Los Angeles for $34,577the price thus being 101.697. Maturity $1,000 yearly
from five to eight years inclusive and $2,000 from nine to
twenty-three years inclusive.
Butler Township School District (P. 0. Adario), Richland
County, Ohio.-Bond Offering.-Proposals will be received
until 12 m. June 13 by the Board of Education, F. S. White,
Clerk, for $2,000 6% bonds. Authority Sections 3991 and
3992 Revised Statutes. Denomination $333 33. Interest
semi-annual after March 1 1909. Maturity $333 33 each
six months from March 1 1909 to Sept. 1 1911 inclusive.
Calgary, Alberti.-Debenture Sale.-Daily papers report
that in addition to the three issues of 43/2% 30-year debentures aggregating $435,000, awarded on May 18 to G. A.
Stimson & Co. of Toronto (V. 86, p. 1357), $258,000 434%
30-year debentures have also been awarded to this firm.
Canton, Stark County, Ohio.-Bond Offering.-Proposals will be received until 12 m. June 15 by Armstrong
Ashbrook, City Auditor, for $13,500 4% West Tuscarawas
Street sewer-construction bonds. Denomination $1,000,
except one bond of $500. Date June 1 1908. Interest
semi-annual. Maturity June 1 1918. Certified check on
a Canton bank for 5% of the bonds bid for, payable to the
City Treasurer, is required. Purchaser to pay accrued
interest and furnish blank bonds at his own expense. Blank
forms for bids furnished by the city.
Carmi Township (P.O. Carmi), White County,Ill.-Bonds
Voted.-Dispatches state that an election held May 21 resulted in favor of a proposition to issue $18,500 bonds for
rock roads.
Class County (P. 0. Logansport), Ind.-Bonds Not Sold.No bids were received on June 2 for two issues of bonds, aggregating $15,915 05, offered on that day.
Centerville Station Township (P-. 0. Centerville Station),
Ill.-Bond Sale.-The Little k Hayes Investment Co. of
St. Louis was awarded $49,000 5% 20-year funding bonds
of this township on May 29 at 105.214-a basis of about
4.599%. The following bids were received:
Little & Hayes Investment
lCitizens' Say. & Tr. Co_ _$50,323`00
Co„ St. Louis
$51,555 001Wm. R. Compton Bond &
D. Arthur Bowman
50,602 301 Mortgage CO., St. Louis 50,235 00
Several other bids were also received, but these, we are
informed, arrived too late to be considered. Denomination
$500. Bonds to be dated on day of delivery and to be
delivered not later than two weeks from May 29 1908, the
date of award. Interest annual.
Cerdartown, Polk County, Ga.-Bonds Voted and Sold,A vote of 246 "for" to none `.`against" was the result of an
election held May 26 to decide'upon the issnance of $30,000
5% 21-30-year (serial) sewer and street-improvement bonds.
These securities, we are advised, have already ,been sold.
Ceredo School District .(P. 0. Ceredo), Wayne County,
W. Va.-Bond Sale.-On June 2 the $7,000 6% coupon building bonds described in V. 86, p. 1238, were awarded to Weil,
Roth & Co. of Cincinnati at 104.10 and accrued interest.
Following are the bids:
Well, Roth & Co., Cin
$7,287 001S. A, Kean, Chicago
$7,100 10
Scasongood & Mayer, CM__ 7,250 00 f C. if. Coffin, Chicago
7,071 00
•FIrst Nat. Bank, Cleveland 7,150 00 A. J. Hood & Co., Detroit_ 7,015 00
First Nat. Bk., Barnesville_ 7,111 00
1424
THE CHRONICLE
Maturity May 15 1922, subject to call $500 yearly beginning May 15 1909.
Charters Township, Allegheny County,Pa.-Bond Sale.The $25,000 5% sewer bonds authorized on March 16 by
the Township Commissioners (V. 86, p. 993) were purchased
on May 5 by Lawrence Barnum & Co. of Philadelphia. Denomination $1,000. Date June 1 1908. Interest semiannual. Maturity $5,000 on June 1 in each of the years
1918, 1923, 1928, 1933 and 1938.
Chicago Junction, Huron County, Ohio.-Bond Sale.Dispatches state that $10,000 5% 10-year (average) waterworks-extension bonds have been sold to the City National
Bank of Wooster at, 100.70.
Cleveland, Ohio.-Bond Sales.-During the month of May
the following bonds were purchased by the Sinking Fund at
par:
$27,000 5% street-Improvement bonds maturing $3,000 yearly on Nov. 1
from 1908 to 1916 inclusive.
90,000 5% street-Improvement bonds maturing $10,000 on Nov. 1 1908
and $20,000 yearly on Nov. 1 from 1909 to 1912 inclusive.
77.000 5% street-Improvement bonds maturing Nov. 1 1908.
The above bonds are dated May 1 1908.
Cleveland School District (P. 0. Cleveland), Ohio.-Bond
Sale.-On June 1 the $150,000 elementary-school and the
$200,000 school-improvement 432% 20-year coupon bonds
described in V. 86, p. 1239, were awarded to Otis & Hough
of Cleveland at 105.554 and 105.553 respectively.
Bonds Not Sold.-The $100,000 43/2% 20-year coupon
Technical High School bonds offered on the same day were
not sold.
Columbia Falls School District No. 6 (P. 0. Columbia
Falls), Flathead County, Mont.-Bond Sale.-On May 26
the State Board of Land Commissioners purchased at par
for 4s the $25,000 10-20,-year (optional) coupon schoolhouse and site-purchase bonds described in V. 86, p. 1239.
The bids received were as follows:
.Holmes,Chic.(5 As)_ _ _
per
State I3d.Land comm.(4.75s).
par I J
_
MacDonald.McCoy&Co.,Chle.
I Otis & Hough,Cleve (5
(for 5s)
$25,0551A. J. Hood & Co., Detroit_ _a$25,475
C. H. Coffin, Chicago (53-s)_ 25,126
a We are not Informed as to what rate qt Interest this bid was based unon.
Danville School District No. 116 (P. 0. Danville), Vermilion County, Ill.-Bond Sale.-The Wm. R. Compton
Bond & Mortgage Co. of St. Louis was the successful bidder
on May 28 for $10,000 6% 6-15-year (serial) school-building
bonds offered on that day. The other bidders were as follows:
$10,400 00
MacDonald,McCoy&Co.,Ch$10,861 001S. A. Kean, Chicago
Thos. J. Bolger & Co., Ch_ 10,812 001SecurIty Tr. & Sav. Bank_ 10,305 00
10,713 531First Nat. Bank, BarnesMercantile Trust Co
10,301 00
C. H. Coffin, Chicago...... 10,501 001 vIlle
Denomination $1,000. Date Aug. 1. 190,8. Interest
annual.
Defiance County (P.0.Defiance), Ohio.-Bond Offering.Proposals will be received until 12 in. June 12 by Edwin E.
Hall, County Auditor, for $25,000 432% coupon bridge
bonds. Authority Section 871, Revised Statutes. Denomination $1,000. Date June 1 1908. Interest March 1 and
Sept. 1 at the County Treasurer's office. Maturity $5,000
yearly on Sept. 1 from 1912 to 1916 inclusive. Bonds are
exempt from taxation. Certified check or a cash deposit
for 2% of bid, payable to the County Auditor, is required.
Bonded debt, including this issue, $62,000. Assessed valuation $10,000,000.
Dieter, Roseau County, Minn.-Bond Sale.-On May. 23
Thorpe Bros. of Minneapolis were awarded the $4,000
15-year coupon tax-exempt funding and refunding bonds
described in V. 86, p. 1240, at 100.075 and interest for 6s.
Bids were also received from J. M. Holmes and Coffin &
Crawford, both of Chicago.
East Brunswick Township School District (P. 0. Old
Bridge), N. J.-Bond Sale.-On June 1 the $10,000 5%
coupon b iilding bonds described in V. 86, p. 1358, were
awarded to the First National Bank of South Amboy and
Irving S. Veghte of New Brunswick at 100.425. The
other bidders were:
Howard K. Stokes, N. Y___ 100.351First Nat. Bk., South River_•100.00
Farson,Son & Co.,Chicago_ _ 100.14'Emery, Anderson&Co.,Clev_ 100.00
• And accrued Interest.
Maturity $500 yearly on July 1 from 1916 to 1935 inclusive.
East Grand Forks, Polk County, Minn.-Bond Offering.Proposals will be received until 7:30 p. m. June 8 by C. P.
Zimmerman, City Recorder, for $50,000 5% coupon waterworks bonds. Authority election held March 30 1903; also
Chapter 8, General Laws of 1895, and all amendments
thereto. Denomination $500. Date June 1 1908. Interest
semi-annually in East Grand Forks. Maturity $5,000 yearly
on June 1 from 1918 to 1927 inclusive. Accrued interest,
if any, to be paid by purchaser. These bonds were offered
without success on May 5.
Elsinore, Riverside County, Cal.-Bond Election.-The
reports in local papers state that an election will be held on.
June 9 to vote on the question of issuing bonds to purchase the lighting plant now in operation.
Elyton (P. 0. Birmingham), Jefferson County, Ala.Bonds Awarded in Part.-On May 21 $55,000 of the $75,000
5% 30-year school-house bonds proposals for which were
asked at any time (V. 86, p. 994), were awarded to the
First National Bank of Cleveland at par. Date June 1
1908. Interest semi-annual.
[VOL. Lxxxvi.
Everett School District No. 24, Snohomish County,
Wash.-Bond Election.-The question of issuing $200,000
high-school-building bonds will be voted upon, it is stated,
on June 13. These securities, if voted, will take the place
of the $200,000 10-20-year (optional) coupon school-building
bonds bid for which were rejected. (V. 85, p. 1163) on
Oct. 15 1907.
Forrest City School District No. 7 (P. 0. Forrest City),
St. Francis County, Ark.-Bond Sale.-This district recently sold $10,000 6% 'bonds.
Franklin, Venango County, Pa.-Bond Sale.-We are advised that the $260,000 water-plant-purchase bonds offered
as 4s on May 22(V. 86, p. 1240) were awarded to N. W. Harris & Co. of New York City at par for 43 ts. Maturity $5,000,
yearly from 1913 to 1918 inclusive; $10,000 yearly from
1919 to 1935 inclusive; and $20,000 in each of the years.
1936, 1937 and 1938.
Fulton, Whiteside County, Ill.-Bond Sale.-A bid at par,
submitted on June 2 by the People's Trust & Savings Bank
of Clinton, Iowa, was accepted by this city for $4,315 5%
water-works bonds offered on that day. This was the only
offer received. Denomination $500, except one bond of
$315. Date June 11908. Interest semi-annual. Maturity
part yearly on June 1 from 1910 to 1918 inclusive.
Glendale High School District (P. 0. Glendale), Los Angeles County, Cal.-Bond Sale.-The Harris Trust & Savings Bank of Chicago has been awarded the $60,000 5%
union high-school bonds recently voted. See V. 86, p. 1240.
Glenwood School District (P. 0. Glenwood), Mills County,
Iowa.-Bond Sale.-This district, we are advised, has
disposed of $13,000 43/2% bonds.
Gloucester, Mass.-Description of Bonds.-We are advised
that the $70,000 4% 1-10-year (serial) deficiency and improvement bonds awarded on May 28 to the City National
Bank of Gloucester at 101.36 (V. 86, p. 1358) are in denomination of $1,000 each and are dated June 11908. The following bids were received:
C'ty Nat. Bank, Gloucester_ _ _101.361Adarns & Co.,oston
dc Burr, Boston_ _ _ _101.331Blake Bros. &Coston_ _ _1100
Pacnson
kI
011
01;9
D.nison &Farnsworth,CI. Bos.101.27 IN. W. Harris &
,
Co.,do.. Boston _109.892
per
C >Wu & Burr. Boston_101.181Crocker & Fisher, Boston_ 100.51
Grand Rapids, Mich.-Bond Sale.-On June 1 A. B. Leach
& Co. of Chicago purchased the $150,000 street-improvement
and the $40,000 sewer-construction 43/2% 1-5-year (serial)
coupon bonds described in V. 86, p. 1358, at 100.127 and
accrued interest. The bids received were as follows:
A. B. Lsc0 J.0 Co.,•Chlcago.$190,242 I First Nat. Bank, Cleve
Pernr, C:)ffin & Burr, Bos__ 190,2391
$189,000
Great Falls, Cascade County, Mont.-Bonds Not Sold.Bond Offering.-No award was made on May 29 of the
$100,000 4% 10-20-year (optional) coupon refunding bonds,
described in V. 86, p. 1297. These bonds will now be offered
as 4
and proposals are again asked for, this time until
June 29.
Hadley and Luzerne Union Free School District No. 1
(P. 0. Luzerne), N. Y.-Bond Sale.-On May 28 this district
disposed of $23,000 5% 1-23-year (serial) building bonds
to W. N. Coler & Co. of New York City at 103,378 and
interest-a basis of about 4.631%. Following are the bids:
07. N, Coley & Co., N. Y._$28,177 071Faxwiek & Rogerson.N.Y.$23,103 07
Isaac W. Sherrill, Poughk. 23,775 101 First Nat. Bank, Cit.ve_ __ 23,101 77
par
'3. A. Kean, Chicago
23,115 031Mfrs. Nat. Bank, Troy_ _ _
23,101 47
n rie)rmour &
Denomination $1,000. Date June 11908. Interest annually at the First National Bank of Saratoga Springs in New
York exchange.
Hamilton School District (P.0. Hamilton), Butler County,
Ohio.-Bond Sale.-On May 26 the Hamilton Clearing
House Association of Hamilton purchased $25,000 4%
21-25-year (serial) school-building bonds at 100.04 and
accrued interest. Denomination $500. Date May 1 1908.
Hampden County (P. 0. Springfield), Mass.-Temporary
Loan.-The County Treasurer writes us that the $40,000,
loan recently negotiated with Jackson & Curtis of Boston
(V. 86, p. 1241) was made at a discount of 3.59%. Loan
matures Sept. 8 1908.
Roane County, Tenn.-Bond Offering.-ProHarriman'
will be received until 12 in. June 9 by J. B. Bodwell,
posals
City Clerk, for $10,000 5% gold coupon water and light
refunding bonds. Authority Chapter 27, Acts of the Legislature, approved Feb. 2 1907. Denomination $1,000. Date
April 11907. Interest semi-annually at the National Park
Bank in New York City. Maturity twenty years. Certified
check for $200, payable to L. 0. Scott, City Treasurer, is
required.
Harris County (P. 0. Houston), Tex.-Bonds Awarded'
in Part.-Of the $374,000 4% road and bridge bonds advertised to be sold April 11 (V. 86, p. 747) $267,000 have been
disposed of at par and accrued interest to local investors.
We are not advised as to what disposition has been made
of the $500,000 court-house bonds offered on the same day.
Bond
Hartford, Conn.-Washington School District
Sale.-On June 3 the $100,000 4% school bonds described
in V.86, p.1298,were awarded to a private party at 106.0941
and accrued interest. Securities mature Ally 1 1932.
Haskell County Common School District, Tex.-Bonds
Relistered.-On May 14 the State Comptroller reg.stered 5%
school-ho Ise bonds to the amount of $1,600. Maturity
Nov. 15 1927.
JUNE 0 1908.1
THE CHRONICLE
1425
Haverhill, Essex County, Mass.-Bond Sale.-On June 1
od, Ohio.-Bids.-Thefollowing bids were
the $122,000 4% 20-year coupon bridge bonds described in onLakewo
May 18 for the purchase of the $7,500 5% waterreceived
V. 86, p. 1358, were awarded to Blake Bros. & Co. of Boston plant
-worksvement bonds awarded on that day (V. 86, p.
at 106.72 and accrued interest-a basis of about 3.53%. 1298)-impro
to
the
First
Nationa
l
Bank
of
Clevela
nd:
The bids were as follows:
First Nat. Bank.
Blake Bros. & Co., Boston_ _ _106.72 1Kountze Bros., New York_ _105.71
Estabrook & Co., Boston_ ___106.5371Blodget, Merritt & Co.,Bos_
105.376
E. H. Rollins & Sons, 13os_ _ _106.077'Perry, Coffin & Burr,
Bos_ _104.91
Crocker & Fisher, Boston__ -106.04 ILewis Hall
104.6539
Adams & Co., Boston
105.91 IN. W. Harris & Co., Bos_ _ _104.527
R. L. Day & Co., Boston___ _105.78 'Merrill, Oldham & Co., 13os_104.
32
Cleve_ __ _$7,717 50
& Hough, Cleveland_ _ $7,641 00
Seasongood & Mayer, Clnc_ 7,663 50 Otis
New 1st Nat: Bk., Cohan__ 7,610 25
Hayden. Miller & Co.. Clev 7,657 75
Bond Election.-An election will be held June
on the question of issuing $40,000 bonds to erect 16 to vote
for the fire department and purchase fire enginesa building
.
Hoboken, N J.-Bond Sale.-The City Council recently
Bond Sale.-On June 1 the $18,093 Lakewood
Avenue
passed ordinances providing for the issuance of the follow- and the $19,600
Orchard
Grove
Avenue
5%
paving
ing bonds:
ment bonds a description of which was given in assessV. 86,
$21,500 5% gold coupon (with privilege of registration) funding
bonds. p. 1241, were awarded to Hayden, Miller &
Denomination $1,000, except one bond of $500.
Co. of Cleveland
95,000 5% gold coupon (with privilege of registration)
at
103.008
accrued
and
interest
.
water
Followi
bonds.
ng
Deare the bids:
nominati
on $1,000.
Date May 1 1908. Interest semi-annually at the City
Treasurer's office. Maturity May 1 1938. These securiti
es
have been purchased at private sale by Howard K. Stokes
of New York City in accordance with an agreement made
last November.
Holyoke, Hampden County, Mass.-Bond 011ering.-Proposals will be received until 11 a. m. June 9 by Pierre Bonvouloir, City Treasurer, for the following bonds:
$40,000 4% gold registered municipal bonds. Date April 1 1908.
Maturity $4,000 yearly on April 1 from 1909 to 1918 inclusive.
30,000 4% gold registered school bonds. Date April 1 1003.
Maturity
$1,500 yearly on Aprli 1 from 1009 to 1928 inclusive.
20,000 4% gold registered sewer bonds. Date April
1 1908. Maturity
$1000 yearly on April 1 from 1909 to 1928 inclusive.
4,000 4% gold registered sewer bonds. Date May 1 1908.
$500 yearly qn May 1 from 1.c0 to 1916 inclusive. Maturity
10,0.00 4% gold registered "Public Park" bonds. Date
May 1 1908.
Maturity $1,000 yearly on May 1 from
to 1918 inclusive.
160,000 4% gold registered gas and electric-light 1009
bonds.
Dated
April 1
1008. Maturity on April 1 as follows: $2,000
yearly from 1009
to 1913 inclusive; $4,000 yearly
from 1914 to 1918 inclusive:
$5,000 yearly from 1919 to 1923 inclusive;
1924 to 1918 inclusive; $7,000 yearly from $6,000 yearly from
1920 to 1933 inclusive, ond $8,000 yearly from 1934 to 1938 Inclusive.
Hayden,Miller&Co.,Clev_ _$38,827 00 'First Nat.
Cleve_ _ _ _$38,607 55
Otis & Hough, Cleveland_ 38,7J8 00 I New First N.
Bk..
13k., Column.. 33,427 00
Maturity one bond of each issue yearly on Oct. 1 from
1909 to 1918 inclusive.
Lemon Grove School District, San Diego
, CalBonds Voted.-It is stated that this districtCounty
has voted to
issue $4,500 school bonds.
Lethbridge, Alberta.-Debenture Sale.-We are
advised
that Wood, Gundy & Co. of Toronto were recently
awarded
the following debentures:
$42,000 5% debentures due part yearly for
13,000 5% debentures due part yea:1y for forty years.
7,500 6% debentures due part yearly for twenty years.
thirty years.
Lima, Allen County, Ohio.-Bond
g.-Proposals
will be received until 12 m. June 24 by Ofierin
Fred. C. Beam,City
Auditor, for the following bonds:
$9,000 5% coupon South Metcalf Street paving
These securities are part of an issue ofNo. 2 assessment bonds.
$10,340, the balance of
which has been purchased by the Sinking
Fund Trustees.
Denominations $400 and $500.
15,000 5% coupon East Second Street paving bonds,
being
of an issue
of $10,300, the balance of which has been sold part
to the Sinking
Fund Trustees. Denomination $500.
Certified check on a national bank for $1,000,
payable to
Authority Section 1536-28
the "City of Holyoke," is required. The legality
of these tion 95, Municipal Code and 1, Revised Statutes; also Secbonds has been approved of by Storey, Thorndike, Palmer
all Acts amendatory thereof and
&
supplemental thereto. Date June 11908. Interest March
Thayer of Boston, a copy of whose opinion will be
1
furnish
ed and Sept. 1 at the office of the Sinking
to the successful bidder.
Fund Trustees. Maturity
one-ten
th
of
each
issue yearly on March 1 from
Hoxie Special School District (P. 0. Hoxie), Lawrence
to 1918 inclusive. Certified check for 2% of bonds bid1909
County, Ark.-ffond Offering. This district is offering
for,
drawn
on
any
Lima
bank
or any national bank outside of
for sale $16,000 6% school-building bonds. Denomination
said
city,
made
payable
to
the City Treasurer, is required.
$1,000. Maturity $1,000 yearly after three years.
Ligonier, Noble County, Ind.-Bond Award.-The
Indianola, Warren County, Iowa.-Bond Offering.-Pro- $17,510
of
submitted on May 14 by the Citizens' Bank ofbid
posals will be received until 7:30 p. m. June 8 by C.W. nier
Ligo(V. 86, p. 1298) for the $16,500 VA% coupon electric
Connoran City Treasurer, for $20,000 5% gold coupon light-pl
ant-construction bonds offered on that day
water-works
-plant-purchase bonds. Authority Sections 720
has been
and 721, Code of Iowa. Denomination $500. Date July 1 accepted by the Common Council.
Lincoln, Neb.-Bond Sale.-W. E. Barkley Jr. of
1908. Interest is payable in Indianola. Maturity July 1
Lincoln
1928, subject to call after July 11918. Certified check for purchased on May 25 an issue of $1,250 5% 1-10-year
$100, payable to the City Treasurer, is required. Bonded (serial) Alley Paving District No. 18 bonds at par and acdebt at present, $13,000. Floating debt, $3,110. Assessed crued interest. This was the only proposal received.
valuation $695,558.
Lockport, N. Y.-Bond Sale.-On June 1 the
$8,000
Jackson (Jollity (p. o. Jacksonville), Ore.-Bond °Hering. 1-8-year (serial) registered hospital bonds described in
V.
86,
p. 1359, were awarded to W. J. Hayes & Sons of
-Proposals will be received Until 2 in. to-clay (June 6) by
Jas. M. Cronemiller, Treasurer, for P.
$10,000 5% gold'coupon Cleveland at 100.05 for 41 2s.
school-house bonds. Denomination $1,000. Date June
Lynchburg, Campbell County, Va.-Bond Sale.-E
stp,1908. Interest semi-,annually in Jacksonville. Maturit6 brook & Co. of New York
y
City were the successful bidders for
June 6 1928, subject to call after June 6 1918. Bonds
the $100,000 4
coupon
are
water
bonds
describ
ed
in
V. 86,
tax-exempt. Certified check for 5%, payable to the County p. 1115. The price paid
was 104.57 and accrued interest.
Treasurer, is required. Bonded debt, including this issue, Following is a list of
the
bids
receive
d:
$22,000. Assessed valuation, $370,000.
Eitabrook & Co., N. Y
104.57 I Baker, Watts IS: Co., & oth__ 98.580
N. W. Harris & Co., N. Y_ _ _100.6791P. A. Krise
sane School District(P.0. Kane), McKean County,Pa.- E.
102.25
H. Boiiins & Sons, Hos_ _ _100.5571SInic. Fund.($65,000)
Bond Sale.-The $90,000 5% bonds proposals for which were Prov.
S. B. & Tr. Co., Cln_ _ _100.0631E.P. Miller Comm.($28,000)101.75
($10,000)'
102.50
asked until May 20 (V. 86, p. 1241) have been awarded to Merezinttle Trust & Dep. Co_ _ 08.76015. F. Carroll
(36,000)
102.50
Lawrence Barnum & Co. of New York City. Maturity part
Maturity Aug. 11941.
yearly on Oct. 1 from 1909 to 1936 inclusive. .
McMillan Townsh
Kansas City, Mo.-Certificate Sale.-The Travelers' In- Bond Sale.-This ip School District, Luce County, Mich,district on June 1 sold the $40,009 5%
surance Co. of Hartford, Conn., were the successful bidders coupon school-buildin
g bonds described in V. 86, p. 1359,
for the $26,659 45 7% 1-20-year Series "Q" certificates and to the Newberry
the $79,852 72 7% 1-20-year Series "R" certificates offered Savings Bank of Bank of Newberry and the Marquette County
on June 1 (V. 86, p. 1359). The purchaser paid 103 and following bids Marquette at their joint bid of 100.25. The
were also received.
accrued interest for the former issue and 105.50 and accrued AlcDowild,McCoy
& Co.,Ch_$40.051 I First Nat. Bank, Cleveland_
interest for the latter. A bid was also received from
_$37,700
Nation•ml Bank, Fluet
40,0001
the
Fidelity Trust Co. of Kansas City, offering 101.88
Bonds are dated June 1 1908 and mature $5,000 yearly
accrued interest for Series "Q" and 102.18 for Series and
on April 1 from 1909 to 1916 inclusive.
"It."
Keokuk Independpnt School District (P. 0. Keokuk
),
Lee
Mamaroneck Union Free School District No. 1 (P. 0.
County, Towa.-Bond Sale.-This district, it is
stated, has Matharoneek);'Westchester County, N. Y.-Bond
sold at private sale $35,000 coupon school-house
bonds June 1 $55,000 school-building bonds were awarde Sale.-On
to N. W. Halsey & Co. of Chicago as 4%2S.
d to Ferris
Authori
ty & White of New York City for $55,069 (100.125) for 4.40s.
Section 2812d, Laws of Iowa. Interest payable
semi-an
nually a Chicago. Maturity part yearly from one
Marion County (P. 0. Indianapolis), Ind.-Bond Sale.years. Bonded debt, this issue. Floating debt, to ten On May 28 the $100,000 3
20-year coupon bridge-con$20,300
.
Assessed valuation, 82,608,125.
struction bonds described in V. 86, p. 1298, were
awarded
King County School District No. 30, Wash.-Bond
F.
J.
Wild
to
&
Co.
of
Indiana
polis at par and interest.
ing.-Proposals will be received until 11 a. in. June Offerby
Mechanicville, Saratoga Co., N. T.-Bond Offering
Matt H. Gormley, County Treasurer (P. 0. Seattle)8
.Proposa
,
$5,000 5-year school-house bonds. Authority, vote for Chute,Vls will be received until 8 p. m. June 8 by Fred. S.
illage
cast
Clerk,
for
$5,500
street-paving bonds. Auat election held May 2 1908. Denomination $500.
terest (rate not to exceed 6%) payable annually at In- thority, vote cast at election. Denomination $500. Date
July
1
1908.
the
Interest
(rate
not to exceed 5%) payable
County Treasurer's office in Seattle or at the fiscal agency
y at the Village Treasurer's office. Maturity $500
of the State of Washington in New York City. Certifie annuall
yearly
d
on
July
1
from
1909
to 1919 inclusive. Certified
cheek for 1% of the bonds, payable to the County Treasur
er, check for 5% of the bonds, payable to Jas. M. Kelley,
is required. Bonds to be delivered July 1.
Village
Treasur
er,
is
require
d.
Official
circular states that "the
Ladysmith, B. Q.-Debenture Ofiering.-Proposals will
be
village
has
never
default
ed on any bonds or interest, no
received up to June 30 by John Stewart, C. M. C.,for $25,000
bonds have ever been contested, and no contest is pending
5% debentures.
as to present sale." Delivery of bonds July 11908.
1426
THE CHRONICLE
[VOL. Lxxxvi.
New York City.-Bond Sales.-During the month of May
Medford, Jackson County, Ore.-Bond Offering.-Procity's sinking fund purchased $131,000 3% corporate
the
M.
Benjamin
posals will be received until 6 p. m. June 9 by
due in 1957 and issued for various municipal purposes,
Collins, City Recorder, for $365,000 5% water bonds, Au- stock,
following revenue bonds (temporary securities) were also
thority election held April 17 1908. Denomination to suit The during the month:
purchaser. Date day of delivery. Interest semi-annual. sold
Int.Rate. Amount.
Due.
$200,000
33
Bids to be based on straight 30-year bonds and also on bonds Revenue bonds, special
Jan. 11 1909
200,000
year.
fifteenth
the
4
with
Jan. 15 1909
Revenue bonds, special
maturing $10,000 yearly, beginning
500,000
3h
expenses
bonds,
current
of
Revenue
Med"City
the
to
827,000
Certified check for 5% of bid, payable
33,4
expenses
Revenue bonds, current
5,850,000
3
ford," is required. Official circular states that there is Revenue bonds, current expenses
31,350,000
3%
no litigation pending threatening the validity of this issue; Revenue bonds, current expenses
$38,927,000
also that there has never been any default in the payment
Total
of principal or interest.
Nicholls, Ga.-Bond Offering.-Proposals will be received
Medicine Hat, Alberta.-Debenture Sale.-Issues of $40,- until 12 in. June 10 by D. L. Cannon, City Clerk, for $10,000
000 water-works and $25,000 gas-works 5% 20-year deben- 5% coupon school bonds. Interest payable in Nicholls.
tures have recently been purchased, we are informed, by Maturity thirty years from date of sale. Bonds are exempt
from taxation. Total debt, this issue. Assessed valuation
Wood, Gundy Sr Co. of Toronto.
Medina, Orleans County, N. Y.-Bids Rejected.-We are 1907 $214,643.
advised that all bids received on May 26 (V. 86, p. 1360)
Omaha, Douglas County, Neb.-Purchaser of Bonds.for the $30,000 registered village-hall-construction bonds We are advised that Samuel Burns Jr. of Omaha was the
rejected.
offered on that day were
purchaser of the three issues of 432% coupon bonds aggreMesa Union High School District (P. 0. Mesa), Maricopa gating $145,000, the sale of which was reported in V. 86,
County, Ariz.-Bond Sale.-We are informed that on June 2 p. 1361. The price paid was 103.069. A bid at 101.34
an issue of $45,000 6% 20-year bonds of this district was from R. L. Day & Co. of Boston and one at 101.15 from
awarded to MacDonald, McCoy Sr Co. of Chicago at 106.50 Seasongood & Mayer of Cincinnati were also received.
and accrued interest-a basis of about 5.462%. John NuOmaha School District (P. 0. Omaha), Douglas County,
veen & Co. of Chicago bid 105.75 and interest, while a local Neb.-Bond Offering.-Proposals will be received until
bank made .an offer of 104.25 and interest.
2 p. m. June 10 by J. F. Burgess, Clerk Board of Education,
Miami County (P. 0. Peru), Ind.-Bonds Not Sold.-No for $100,000 432% coupon bonds. Denomination $1,000.
award has yet been made of the $40,000 4M% coupon Date Jan. 1 1908. Interest semi-annually at the Nebraska
Fiscal Agency in New York City. Maturity twenty years.
gravel-road bonds described in V. 86, p. 996.
for
Miami Township (P.0. Miamisburg), Ohio.-Bond Sale.- Certified or cashier's check on a national bank ofbeOmaha
delivered
to
On June 1 the $7,500 5% 2-11-year (serial) turnpike bonds 2% of the bonds bid for is required. Bonds
on July 1,
described in V. 86, p. 1360, were awarded to Seasongood & as follows: Either the entire issue will be delivered$30,000 on
Mayer of Cincinnati at 104.293. A list of the bids received or $40,000 on that date, $30,000 on Aug. 1 and
Sept. 1. Accrued interest to be paid by purchaser.
follows:
Orange, Essex County, N. J.-Bond Offering.-Proposals
Seasongood & Mayer, C1n__$7,822 00 I W. R. Todd & Co.,Cin__ _ _$7,730 00
Hayden, Miller & Co., Clev. 7,821 50 Dayton Sav.toTr.Co.,Day_ 7,71000
be received until June 15 by Frank G. Coughtry, Collecwill
First Nat. Bank, Cleveland 7,767 00 I New First Nat. Bk.,Colum_ 7,70175
7,701 0n
Security S. B. & Tr.Co.,Tol. 7,763 00 Well, Roth to Co.,a
Taxes, care of Willett B. Gano, City Clerk, for $180,000
of
tor
5)
7,762
I
Hoehler & CumminTs,T)I.
1
June
-On
Sale.
4M% water-loan bonds dated June 11908. Maturity June 1
Middletown, Butler County, Ohio.-Bond
the $14,619.60 432% 1-10-year (serial) Yankee Road and 1938. Bonds will be certified as to their genuineness by the
Fourth Street • paving (city's portion) bonds, described in United States Mortgage & Trust Co. of New York City, and
V. 86, p. 1360, were awarded to Seasongood & Mayer of
legality approved by J. H. Caldwell of New York City.
Cincinnati for $14,793-the price thus being 101.186-a basis their
official notice of this bond offering will be found among
The
of about 4.256%.
ents elsewhere in this Department.
advertisem
the
),
HanMt.
Blanchard
0.
(P.
Mt. Blanchard School District
er County, N. Y.-Bond Offering.Westchest
of
Son
Chagrin
Ossining,
&
Rodgers
cock County, Ohio.-Bond Sale.until 12 m. June 16 by William W.
be
received
schoolwill
4%
$9,000
Proposals
the
Falls have purchased at 101.340
building bonds for which proposals were asked until May 20. Webb, Village Treasurer, for the following bonds:on *1,000, exregistered improvement bonds. Denominati
See V. 86, p. 1242, for a description of these securities. Ma- $39.917 57 5% cept
one bond of $917 57. Maturity on July 1 as follows:
turity $1,000 yearly on Sept. 20 from 1909 to 1917 inclusive.
$10,000 In each of the years 1928, 1929 and 1930 and
57 In 1931.
$9,917
Mt. Carroll School District No. 58 (P. 0. Mt. Carroll), 23,374 82 5% registered assessment bonds. Denomination $1,000, except
one of $1,374 82. Maturity $5,000 yearly on July 1 from
Carroll County, Ill.-Bond Ofiering.-Proposals will be re1909 to 1912 inclusive and $3,374 82 on July 1 1913.
ceived until 6 p. m. June 10 by Ralph E. Eaton, President
Date July 1 1908. Interest semi-annually at the Village
Board of Education, for $18,500 5% coupon school-building
A debonds. Denomination $1,000, except one bond of $500. Treasurer's office in New York exchange, if desired.
Date May 15 1908. Interest semi-annually in Mt. Carroll. posit of $1,000, payable to the Village Treasurer, is required.
Maturity $500 on May 15 1909 and $1,000 yearly on May 15
Oswego, N. Y.-Bond Sale.-The $270,000 4 2% 1-20from 1910 to 1927 inclusive. This district has no debt at year (serial) registered water-supply bonds described in
present. Assessed valuation $373,328.
last week's issue were awarded on June 3 to N. W. Harris
Nanaimo, B. O.-Debenture Offering.-Proposals will be & Co. of New York City at 103.182-a basis of about 4.125%.
received until June 8 by S. Gough, City Treasurer, for $75,Pepperell, Mass.-Bond Sale.-N. W. Harris & Co. of
000 6% water-works debentures. Interest January and Boston are reported as being the purchasers of $100,000 4%
July. Maturity forty years, subject to call after ten years.
5-20-year water bonds, their offer being 103.89.
Nampa, Canyon County, Idaho.-Bond Offering.-ProPhillips, Price County, Wis.-Bond Offering.-Proposals
posals will be received until 8 p. m. June 13 by Claude Duval, will be received until 6 p. m. June 10 by Charles E. Scheel,
City Clerk, for from $80,000 to $100,000 paving assessment City Clerk, for $30,000 5% coupon school-building bonds.
bonds. Denomination to suit purchaser. Date July 1 Denominations: $1,000 and $500. Date July 1 1908.
1908. Interest (rate not to exceed 8%) payable semi- Interest semi-annually at the City Treasurer's office. Maannually in Nampa or New York City. Maturity part turity $1,500 yearly on July 1 from 1909 to 1928 inclusive.
yearly for five years. Bonds are exempt from taxation.
Pilger, Stanton County, Neb.-Bond Sale.-This village
Certified check for $1,000, payable to the 'City of Nampa," awarded $15,000 5% 20-year school-house bonds on May 1
accrued interest.
is required.
to W. E. Barkley Jr. of Lincoln at par and
Denomination S100.
ry
satisfacto
1
1908.
Sept.
delivered
-No
be
Sold.
Not
to
entures
Bonds
Ont.-Deb
Napanee,
bids were received on May 18 for the three issues of deben- Date May 11908. Interest annual. England), Ark.-Bond
Plum Bayou Levee District (P. 0.
tures aggregating $17,250 described in V. 86, p. 1242.
of $100,000 6% 20-40-year (optional) reNew Bremen, Auglaize County, Ohio.-Bond Offering.- Sale.-An issue
was
disposed of on April 30 to L. K. Thompson
bonds
W.
F.
funding
by
Proposals will be received until 12 in. June 10
tion
Denomina
$1,000. Date May 1 1908. Interpar.
at
Schroeder Jr., Clerk, for the following bonds:
in
and July.
ally
January
semi-annu
Debonds.
est
$2,500 5% coupon Monroe Street improvement assessment
Port Clinton, Ottawa County, Ohio.-Bond Offering.nomination $250. Maturity $250 yearly on Feb. 6 from 1909
to 1918 inclusive.
Proposals will be received until 12 in. June 10 by J. J. Huber,
10,000 5% coupon Washington Street improvement assessment bonds.
Fourth Street and
Denomination $500 or $1,000. Maturity $1,000 yearly on Village Clerk, for $33,000 5% coupon
The village, howFeb. 6 from 1909 to 1918 inclusive.
bonds.
t
paving
assessmen
Street
Fulton
500 5% coupon First Street improvement assessment bonds. Denomiamount of bonds to be
nation $50. Maturity $50 yearly on Feb. 6 from 1909 to 1918 ever, reserves the right to reduce the
inclusive.
issued to $25,000. Authority Section 1536-281, Revised
Date June 15 1908. Interest annually at the Village Statutes, and Section 95, Municipal Code. Denomination
Treasurer's office. Certified check for $100, or a like amount $500. Date May 1 1908. Interest semi-annually at the
1
in cash, is required. Accrued interest to be paid by pur- Village Treasurer's office. Maturity $3,500 yearly on May
chaser. Bidders must satisfy themselves as to the legality from 1909 to 1914 inclusive and $3,000 yearly on May 1 from
and
1915 to 1918 inclusive. Bid must be unconditional
of the issues before making bids upon same.
bank at
some
on
cash)
(or
certified
check
a
by
ied
accompan
New Mexico, Territory of.-Bond Sale.-On May 30 the Port Clinton for $300 and made payable to the Village
$15,000 4% coupon armory-building bonds described in Treasurer. Purchaser to pay accrued interest.
-ProV. 86, p. 1181, were awarded to the Brighton-German Bank
Portland, Cumberland County, Ms.-Bond Offering.
of Cincinnati for $15,006 25 and interest-the price thus posals will be received until 10 a. m. June 10 by Samuel S.
call
after
to
buildbeing 100.041. Maturity April 11934, subject
Gilbert, City Treasurer, for $140,000 4% gold coupon
April 1 1924.
JUNE 6 1908.1
THE CHRONICLE
1427
ing-construction bonds. Denomination $1,000. Date July
chased the $6,000 water and
1 1908. Interest semi-annually at the City Treasurer'
s of- offered without success on April $6,000 light 43% bonds
fice. Maturity July 1 1928. These securities will be certi18. See V. 86, p. 1058.
fied as to their genuineness by the City Trust Co. of Bosto
Stirling School District (P. 0. Millington
n,
), Morris County,
and the legality of the issue approved by Messrs. Ropes N. J.-Bond Sale.-The $9,00
0 5%
,
Gray & Gorham of Boston.
offered on May 15 (V. 86, p. 1117)coupon building bonds
Bernardsville National Bank of Berna were awarded to the
Portsmouth, Norfolk County, Va.-Bond Sale.-The
nomination $1,000. Date June 1 rdsville at 101. DeClerk advises us that a satisfactory bid was received on City
1908. Interest semiMay annually
28 for the $30,000 school, $30,000 street and $110,000 sewer
at the National Iron Bank of Morristown
- turity $1,00
Maage 43% coupon (with privilege of registration) bonds
0 on June 1 1909 and $2,000 yearly on .
June 1
from 1910 to 1913 inclusive.
described in V. 86, p. 874. Maturity July 1 1938.
Rafael School District, Santa Barbara County, Cal.-Bon
Steptoe School District No. 50, Whit
d
man County, Wash.
Election.-Aceording to local papers, an electi
on will be held -Bond Offering.-Proposals will be received until 3 p. m.
June 9 to allow the voters to determine whether or not $7,00 to-day (June 6) by Milto
n P. McCro
0 for
school-building bonds shall be issued.
the $7,000 gold school-constru skey, County Treasurer,
was rejected on April 18 (V. 86,ction bonds, bid for which
Redfield Independent School District No.
p. 1118). Denomination
20 (P. 0. Red- $200.
field), S. D.-Bond Offering.-J. J. Chapin, Clerk
est (rate to be named in bid), payab
, is offering at the Inter
le annua
for sale on June 10 an issue of $20,000 high-schoo
Count
y
Treasurer's office in Colfax. Maturity lly
l-building years, subje
ten
bonds. Denomination $500. Date July 15
ct
to
call
after two years. Bonds are exempt
1908. Rate of from all
interest to be named in bid. Maturity July 15
taxes. Bonded debt, this issue.
1928.
CertiFloat
ing
debt
$712 25. Assessed valuation
fied check for $1,000, payable to the Redfi
for 1907 $139,975.
School District No.20, is required. Bondedeld Independent
Stratford, Ont.-Price Paid
debt
at
prese
nt
for
Deben
tures.-We
$7,500. Floating debt $4,000. Assessed valua
tion for 1906 advised that $10,643, or 96.754, was the price paid by are
$717,363.
the
Dominion Securities Corporatio
n
of
Toron
to for the $11,000
43-% debentures .recently
Ripley, Tenn.-Bond Sale.-The Ripley Bank
award
ed
of
them
Ripley 1301. Denom
. See V. 86, p.
recently purchased $7,500 6% 10-20-year (opti
ination $1,000. Interest annua
onal) streetlly in January.
improvement bonds at par. Denominati
Trent
on,
N.
J.
-Bon
ds
on
$500.
Not Sold.-Proposals were asked
Date
April.1 1908. Interest annual.
for until 12 m. yesterday (June
5)
Treasurer, for the following bonds:by W. J. B. Stokes, City
Rochester, N. Y.-Note Offering.-Pro
s will be re- 551,750
ceived until 2 p. m. June 8 by Charles F.posal
4% coupon or registered school
bonds (two issues). Maturity
June 1 1938.
troller, for $350,000 notes. These notes Pond, City Comp- 50,600
4% coupon or registered refunding bonds.
are issued for the
renewal of local-improvement fund notes
Maturity June 1 1918.
due June 10 1908.
Denomination $100 or multiples. Date
Rate of interest and denomination
June 1 1908. Inof
notes
terest
desir
ed
semito
be
annua
l.
No satisfactory bids were received
named in bid. Loan is dated June
for
three months. Principal and intere 10 1908 and matures in these bonds.
st
is
payab
le
at
the
Union
Valle
jo, Solano County, Cal.-Bond Election.
Trust Co. of New York City.
--According
to reports, a proposition to issue $73,000
St. Johns, Multonmah County, Ore.-Bon
school bonds will
Proposals will be received until 4 p. in. June d Offering.- be submitted to a vote of the people on Oct. 21.
Vermilion, Clay County, S. D.-Bond
Recorder for the $60,000 6% gold public-do 9 by the City
Election.-On
bonds voted (V. 86, p. 998) on April 6. ck-construction 9 the electors of this city will vote upon the quest June
Denom
ion of
$500. Date April 21 1908. Interest semi-annua ination issuing $20,000 opera-house and auditorium constructi
on
Peninsular Bank of St. Johns. Maturity Aprillly at the bonds.
21 1928.
Bonds are exempt from all taxation.
Wahoo, Saunders County, Neb.-Bon
d Offering.-Proposals will be received until 8 p. m.
St. Joseph School District (P. 0. St. Joseph),
June 10 by L. H. Lyle,
anan City Clerk, for $50,000
County, Mo.--Bonds Voted.-An election, we areBuch
water
-work
s
and $15,000 electricadvis
was held May 22 to vote upon a question of issuing $500, ed, light 5% coupon bonds. Denomination $1,000.
Date
000 June 1 1908. Interest
4% 20-year school-building bonds. The proposition carri
semiannua
lly
at
the City Treasurer'
ed office. Maturity June 1
by a vote of 2,828 "for" to 599 "against.'
1928, subject to call after June 1s
1913. Certified check on any Nebra
St. Louis County (P.O. Duluth), Minn.-Bond Offeri
red. Bonded debt at present,ska bank for 2% is
Proposals will be received until 10 a. in. June 8 by 0. ng.- requi
$20,000. Assessed
valua
Halde
tion S470,000.
n,
County Auditor, for $600,000 4 % bonds. Autho
rity
2
Wapakoneta School District (P. 0.
Chapter 130, Laws of 1907. Denomination $1,00
Wapakoneta), AuMay 1 1908. Interest semi-annually at the Ameri0. Date glaize County, Ohio.-Bond Offering.-Propo
sals were asked
can
Exfor until 12 in. yesterday (June
change National Bank in New York City. Matur
5) by A. 0. Pepple, Clerk
ity May 1 Board of
1918. Certified check on a Duluth national
Educa
tion,
for $10,000 5% coupon refunding bonds
.
for 1% of the amount bid, payable to W. A. or State bank Denomination $500. Date June 5 1908.
Maturity part
Treasurer is required. These securities Holgate, County March 1 and Sept. 1 each year for ten
were
years
offere
.
Bond
d
as
s
are exempt from all taxes. The result
4-9-year '
(serial) certificates of indebtedne
of this offering was not
all bids received on that day were rejec ss on May 7, but known to us at the hour of going to press.
ted.
See
V.
86,
p.
1117.
Warwick, Orange County, N. Y.-Bon
d Sale.-On May 2
$4,000 4% 5-8-year (serial) bonds
Salt Lake City School District (P. 0. Salt
d for the compleUtah.-Bond Sale.-On June 1 the $250,000 Lake City), tion of the village hall were awarded toissue
the Warwick Savings
gold school-building and site-purchase bonds 4% 20-year Bank at Warwick at 100.75. Denomination
$1,000. Date
V. 86, p. 1180, were awarded to N. W. Halsey described in July 11908.
Co. of New
York City at 96.85. Authority, vote of 377 to&262,
Washi
ngton
Count
y
(P. 0. Greenville
cast at
election held April 20 1907.
feated.-A proposition to issue $100, ), Miss.-Bonds Dewith defeat at an election held May 000 road bonds met
San Bernardino, San Bernardino County, Cal.-Bond
26.
Election.-The fact that this city will vote June 10 on
Waterloo, Seneca County, N. Y.-Bon
$110,000
ds Voted.-A propobonds is reported in California papers.
sition to issue $100,000 1-30-year (seria
l) sewer
Saskatoon School District No. 13(P. 0. Saskatoon), Sask. at not exceeding 5% interest carried by a vote -system bonds
of 195 to 141
at an election held May 27. Date
-Debenture Sale.-On May 26 the $35,000 5M%
of sale not yet determined.
coupon
building debentures mentioned in V. 86, p. 1301,
Wato
nwau
Coun
ty
(P.
0. St. James), Minn.-Bond
were
awarded to Wood, Gundy & Co. of Toronto at 96.03
and ac- Offering.-Proposals will be received until 1 p. m. June 9
crued interest. Following is a list of the bids recei
by
N.
G.
Foss
um,
Count
y Audit
ved:
Wood, Gundy & Co.. Tor__ _ _533,610 I Am:this Jarvis
for the construction of county or, for $48,000 5% bonds
& Co
$33,180
ditches Nos. 4 and 6. DeOntario Securities Co
33,300'National Trust Co
32.900 nominations: $1,000 and $400.
Interest annually in St.
Denomination $1,400. Date July 1 1908. Inter
James. Maturity $9,600 yearly on
est
anJuly 1 from 1911 to
nually at any bank in Saskatoon. Maturity
1915 inclusive. Certified check
$1,40
0
yearl
y
on
Dec. 15 from 1908 to 1932 inclusive. Bonds
bank for 5% of the amount bid is on a State or national
are
exem
pt
from
required.
taxation.
Wells County (P. 0. Bluffton),
Ind.-Bond Sale.-It
Savannah Union Free School District
is
state
d
that
Savannah), Wayne County, N. Y.-Bond No. 10 (P. 0. road bonds to this county has sold $99,480 43% gravelBreed & Harrison of Cincinnati.
Offering.-Proposals will be received until 12 m. June
West Branch, Ogemaw County, Mich.
Secretary Board of Education, for the9 by 0. Clate Silver,
-Bonds Not Sold.$2,50
0 5% school- No proposals were received on May
building-addition bonds voted (V. 86, p.
11 for the $28,000 4%
998) on March 3. 30-year coupon water-works bonds
Denomination $500. Date June 11908.
described in V. 86, p.
Interest annually 1182.
at the Briggs' National Bank of Clyde in New York
excha
nge.
West
New
York (P. 0. Sta. 3, Weehawke
Maturity $500 yearly on June 1 from 1909 to 1913
n), Hudson
inclusive. County, N. J.-Bond
Certified check, cash or bank draft for 10% of
Offering.-Proposals
bonds
be received
bid
for
until
3
p.
m.
June 18 by the Town Council will
is required.
for $18,000 5%
fire-engine-house bonds. Denom
inati
Silvis School District No. 34 (P. 0. Silvis), Rock
on
$1,00
0. Interest
Island semi-annual. Maturity $1,000 yearly
County, 111:-Bond Sale.-On May 19 the
on June 1 from 1910
$4,000 1-8-year to 1927 inclusive. Certified check
(serial) school-building bonds described in V.
or
a
cash
deposit of $1,000,
payable to the "Town of West
86,
New York," is required.
were awarded to the Wm. R. Compton Bond & p. 1244,
Mortgage
Weston, Saunders County,
Co. of St. Louis at 101.625 for 5s-a basis of about
Neb.-Bonds
Springville, Erie County, N. Y.-Bond Sale. 4.597%. We are advised that no bids were received onNot Sold.June 1 for
are the $10,000 5% coupon 5-20
advised that Farson, Son & Co. of New York -We
-year
(optional) water-works
have pur- bonds described in V. 86,
p. 1364.
1428
THE CHRONICLE
[VOL. Lxxxvi.
firereceived for the $8,000 4% 5-20-year (serial) coupon
Wetaskiwin, Alberta.-Debenture Sale.-Of the four is- protection bonds described in V. 86, p. 1364.
city
this
0
which
$172,50
ting
subsesues of 5% debentures aggrega
Reports state, however, that these bonds were
state that
has been offering for sale (V. 86, p. 1119), reports
Citizens' National Bank of Xenia
to
the
d
awarde
quently
of
&
Co.
s
Jarvis
Aemiliu
to
d
awarde
the following have been
at par.imiLv.ILL: :414-ta.7- LLLE
Toronto: $35,000 of the $90,000 water-works debentures
o7Fizoo City, Yazoo County, Miss.-Bond Offering.-Pr
maturing part yearly for fifty years, $30,000 electric-light
for posals will be received until 8 p. m. June 8 by W. F. Cumand $2,500 hospital debentures maturing part .yearly
bonds.
mins Jr. City Clerk, for $15,000 5% negro-school
twenty years..!:,:kac,lialzi • Lat,!,,t;itt:2 2UAgi,iteji •
Date July 15 1908. Inand
$500.
$100
ations:
Denomin
'
g.Offerin
Ohio.
-Bond
County,
Maturity
Wilmington, Clinton
terest annually at the City Treasurer's office.
Proposals will be received until 12 m. June 8 by Lee Baker, $100
1909 to 1928 inclusive and
from
15
July
on
yearly
bonds.
ement
street
4%
-improv
Village Clerk, for $19,000
on July 15 1929. Certified check for $500, payable
Authority Section 2835, Rev.sed Statutes. Denomination $13,000
Clerk, is required. Bid must be unconditional
City
the
to
y
Maturit
nual.
Interest
semi-an
1
1908.
$500. Date May
the cost of lithographing bonds.
include
and
1918
1
to
March
1
1912
Sept.
from
$1,500 each s'x months
I
acpay
to
er
1
1918.
Ohio.-Bond Sale.-The following bids
Purchas
Sept.
town,
on
Youngs
inclusive and $1,000
1 for the $12,000 5% fire-departmentJune
on
d
.
receive
were
crued interest
of the
Bonds Defeated.-The election held May 18 resulted in the building bonds maturing $1,000 on Oct. 1 in each
Oct. 1 in
defeat of the question of issuing the $24,000 sewerage-system- years 1910, 1911, 1912 and 1913 and $2,000 on $60,000
construction bonds mentioned in V. 86, p. 1118. •j j each of the years 1914, 1915, 1916 and 1917,and the $5,000
t bonds maturing
Offering.-All 5% water-works-improvemen
11).Wilmington, Del.-Bids9 Rejected-Bond "sinkin
on Oct. 1 from 1920 to 1931 inclusive, a description
yearly
fund
g
4%
$30,000
the
1
for
June
bids received on
of which was given in V. 86, p. 1183:
$60,000
loan" bonds described in V. 86, p. 1302, were rejected.
$12,000
at
offered
be
Bonds.
now
will
Bonds.
bonds
these
that
We are advised
.
•$12,543 00 •$66,763 00
.1
j
Cleveland
Co.,
&
Miller
•
A
Hayden,
A
tion.
00
public subscrip
64,350
20
12,541
i_
Co.,
C,ncinnat
Trust
&
Bank
Savings
t
Providen
65,256,00
12.512 40
Denison & Farnsworth, Cleveland and Boston_
Wiludngton, Los Angeles County, Cal.-Bonds Not to Be Otis
66,036 00
12,512 00
Hough, Cleveland
&
Offered at Present.-We are advised that the $100,000 bonds Seasongood & Mayer and Well, Roth & 00., Cin- 12,501 60
66,411 60,
cinnati. jointly
voted on March 18 and described in V. 86, p. 999, will not First
12,5J1 00
National Bank, Youngstown
59
12,482
present.
at
Toledo
the
s,
on
market
be placed
Hoehler & Cumming
64,615 00
12,425 00
New First National Bank, Columbus
-Bond Sale.-The First
63,775 00
12,347 00
rWorcester, Worcester County, Mass.
National Bank, Cleveland
65,550 00
00
t
having
12,393
d
as
Co.,
Cineloaat
Deposit
Central Trust & Safe
People's Savings Bank of Worcester is reporte
65,500 00
12,365 00
i
Cincinnat
Co.,
&
Todd
R.
basis
W.
-a
104.75
at
66,030 00
purchased $38,000 4% 10-year bonds
Boston
Burr,
&
n
Parkinso
--of about 3.435%.
* Successful bidder.
Wyoming (P.0. Cincinnati), Ohio.-Bond Sale.-Through
All bidders offered accrued interest in addition to their
bonds
sewer
50-year
4%
$48,000
that
dispatches we learn
bid.
&
Bank
Savings
City
Queen
the
to
d
were recently awarde
Yutan, Neb.-Bond Sale.-The $12,000 5% 5-20-year
Trust Co. of Cincinnati for $48,196-the price thus being
al) water-works •bonds proposals for which were
(option
100.408.
May 19 (V. 86, p. 1245) have been sold tollocal
until
asked
-Bond
Ohio.
Xenia),
Xenia City School District (P. 0.
s.
investor
bids
all
rejected
on
Sale.-On June 1 the Board of Educati
r
NEW LOANS.
NEW LOANS.
$1S4),000
$5,500,000.00
OnY OF ORANGg, N. J.
CITY OF ST. LOUIS
Thirty-Year 41 2% Water Loan
Bonds.
Public Buildings and Public Improvement
4% TWENTY-YEAR GOLD BONDS
Dated June I, 1908.
"Proposals for
Sealed proposals, endorsed
Mr. Frank G.
Water Loan Bonds," addressed to of
Mr. Willett
care
Coughtry, Collector of Taxes,
at a meeting'
B. Gano, City Clerk, will be openedheld Monday
be
to
of the Common Council
evening, June 15, 1908.
genuineness by the
Bonds will be certified as to
Company, and
United States Mortgage do Trust Caldwell, Esq.,
their legality approved by J. H.
of New York City.
address the United
For further informationCompany
, New York
States Mortgage & TrustCoughtry, Collector
G.
City, or Mr. Frank
Taxes.
and Accounts,
By order of Committee on Finance
Chairman.
H. W. BERRYMAN,
Clerk.
WILLETT B. GANO, City
1908.
3,
June
Dated Orange, N. J.,
ST. LOUIS, May 12th, 1908.
sell for the City
22,674, the undersigned are authorized to issue andPublic
By virtue of Ordinance No.
Buildings
hundred thousand dollars ($5,500,000 00) of St. Louis
Issued for the
of St. Louis five million five
bonds,
said
of
purchase
the
for
proposals
Bonds, and sealed
City of
the
In
and Public Improvementhereinaft
Office,
Mayor's
er described, will be received at the
following purposes, and
10th day of June. 1908, and publicly opened by the undeSt. Louis, until 12:00 o'clock, noon. of the
signed at said place and hour:
$ 500,000 00
for approaches
MUNICIPAL BRIDGE, and purchase of land
800,000 00
HOSPITALS and purchase of sites
130,000 00
Lots)
and
FIRE DEPARTMENT (Engine Houses
COURTS AND
POLICE, CIVIL, CRIMINAL AND OTHER DEPARTMENT
POLICE HEADQUARTERS AND HEALTH
Street,
2,000,000 00
409 %walnut
HEADQUARTERS and purchase of sites
400,000 00
CINCINNATI, O.
BRIDGES AND VIADUCTS and purchase of land
00
500,000
of
cost
share
City's
KING'S HIGHWAY BOULEVARD,
500,000 00
PUBLIC SEWERS and purchase of land
670,000 00
PUBLIC PARKS-Purchase of land
$5,500,000 00
Total
and will each be of the denomination of $1,000 United
Service%
Said bonds will be dated July 1st, 1908, after their date, and will bear Interest from their date
and 1111gb-Grado Public
States Gold Coln, payable twenty (20) yearsSemi-annual Interest coupons, payable on the 1st day of
Nee u HSIes
coupons will be
at the rate of four (4) per cent per annum.
and
bonds
both
and
bond,
each
to
January and July, respectively, will be attached
Correspondenee Solicited
National Bank of Commerce, in New York, in United
payable to bearer, as he may elect, either at the
Lane, London, England,
of Scotland, Limited, 37 Nicholas
per
States Gold Coln, or at the National Bank
mills
($4.8665)
one-half
and
six
x
cents,
eighty-si
In pounds Sterling, at the rate of four dollars,condition that In payment of principal and interest,
pound Sterling. The bonds will contain the Sterling will be calculated at the present standard of
the United States Gold Dollar and the Pound
registered bonds at any time.
weight and fineness. The bonds may be exchanged for
price offered per bovd, the par and premium
Bidders are requested to state in their proposals the
to be stated as one amount.
furnished by the Comptroller.
No bid will be considered that Is not made on blank
or certified check, payable to the order of the
Proposals must be accompanied by a cashier's
per cent of the nominal amount of the bonds
LIST ON APPLICATION.
(5)
five
to
equal
to be held
Cnmptroller (and subject to his approval)
ely if the proposal is not accepted, otherwise
bid for; said deposit to be returned immediatfailure
to comply with his probidder
the
of
part
the
on
of
event
in
in the resubject to forfeiture to the City
as part of the purchase money. A deposite,
in New
p0 al, or, In case of compliance, to be retained
Louis, in the National Bank of Commerc
Mercantile Library Building,
quired amount to the credit of the City of St.
with the requirements
ce
complian
as
full
accepted
be
will
1908,
411^1 NATI.
York, on or before Tuesday, June 9th.
.
deposited
on
money
earnest
relating to deposits. No interest will be alloweds and reservations of this advertisement, and must
Proposals will be subject to all the condition
of
the
bidder.
part
the
on
t
refer to same as a portion of the agreemen
endorsed "Proposal for PurProposals should be enclosed and addressed to the undersigned and
chase of St. Louis City Bonds."
bids.
or
all
any
Lists upon request.
The undersigned reserve the right to reject
therefor In current funds, at the office of the CompThe Bonds will be delivered against payment
at the National Bank of
proposal,
In
his
elects
so
bidder
If
or,
the
Louis,
St.
of
troller in the City
1908.
CNnmerce, in New York, on the 1st day of July,
New York City.
& Hubbard, Attorneys and Counselors at Law,
f The opinion of Messrs. Dillon
successful bidders by the City.
the
be
furnished
will
bonds,
the Comptroller
of
as to the validity of the
ROSTON
office
the
at
on
obtained
informati
A sample bond can be seen and further
DELPHI
ROLLA WELLS, Mayor.
ELAND and
fILEV
er.
Comptroll
,
PLAYER
JAMES Y.
klbert Kleyboite & Co.,
Municipal,
County, State,
MUNICIPAL AND RAILROAD
BONDS.
SEASONGOOD & MAYER,
INVESTMENT BONDS
Denison & Farnsworth
@FedFRASER