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finantial
TO,
olittnerci31
tont&
INCLUDING
Bank and Quotation Section (Monthly)
Railway and Industrial Section(Quarterly)
s6.
State and City Section(semi-Annually)
Electric Railway Section()
SATURDAY, MARCH 14 1908.
The Throvicle.
Week ending March 7.
Clearings at1908.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months (including postage)
7 50
Annual Subscription in London (including postage)
22 148.
Six Months Subscription in London (including postage)
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$11 50
Subscription includes following SupplementsB iNic AND QUOTATION (monthly)
STATE AND CITY (serni.annually)
• RAILWAY AND INDUSTRIAL(quarterly) 1 ELECTRIC RAILWAY(3 times yearly)
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Two Months
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Three
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times)
Months
Standing Business Cards /
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Slx Months
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CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel. Harrison 4012.
LONDON OFFICE-Edwards .1:3 Smith, 1 Drapers' Gardens, E. C.
WILLIAM U. DANA COMPANY, Publishers,
New York.
Pine St.. Corner ofPearl St.,
P.O. Box 958.
Published every Saturday mornin,z by WILLIAM B. DANA COMPANY.
William B. Dana,President; Jacob Seibert Jr., Vice-Pres. and Sec.; Arnold
G. Dana,Treas. Addresses of all, Mee of the Company.
CLEARING HOUSE RETURNS.
The following table, made up by telegraph, Jrc., indicates
that the total bank clearings of all clearing houses of the U.S.
for week end. Mar.14 have been $2,298,242,382, against $2,219,850,917 last week and $3,729,584,298 the week last year.
Clearings-Returns by Telegraph Itch. 14
1908.
1907.
%
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,030,734,986
100,190,127
86,299,797
18,468.325
203.977,385
52.790,947
13,994,355
$1,836,210,811
144,013,121
110,758,429
25,898,426
215,031,017
55,357,022
17,050,510
43.9
-30.4
-22.1
-28.7
-5.1
-4.6
-17.9
Seven cities, 5 days
Other cities, 5 days
$1,506,505,922
379,463,219
$2,404,320,236
426,298,972
-37.3
-11.0
Total all cities, 5 days
All cities, 1 day
$1,885,969,141
412,273,241
$2.830,619,208
898,965,090
33.4
-54.2
$2,298,242,382
$3,729,584,298
-38.4
Total all cities for week
The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, March 7, for four years.
Week ending March 7.
Clearings at1908.
1907.
Inc. or
Dec.
1906.
1905.
1,150299,737 2,158280.355 -16.7 1,840236,806 1,731282,433
New York
Philadelphia _ _ _ _ 113,571,385 141,249,978 -19.6 139,189,258 122,725,172
Pittsburgh
58,679,023 -30.0
41,060,425
43,483,409
51,076,960
Baltimore
28,799,919 -19.1
23,285,287
26,858,646
26,686,415
Buffalo
8,356,686 -11.5
7.392,976
6,298.796
7,030,481
Albany
7,550,825 -42.8
4,315.635
3,691.607
5,070,131
Washington
_
7,144,829 -18.6
5,812,153
5.589,614
6,142,280
Rochester
3,495,222 +7.0
3,738,355
3,088,137
3,445,359
Scranton
2,147,918 +6.3
2,284,051
1,970,063
1,475,653
Syracuse
1,915.750 +17.4
2,255,611
1.117,704
1,396,655
Wilmington
1.167,188
1,331,855 -12.3
1,279,838
975.708
Reading
1,154,030 -5.5
1.090,324
916,931
1,083,061
Wilkes-Barre
_
1,305,764 -4.1
1,252,777
1,125,575
852,579
Wheeling
1,474,973
1,360,933 +8.4
805,030
960,261
Harrisburg
957,009
1,018.422 -0.0
Greensburg
600,581 -17.3
496.802
376,966
511,133
Chester
576,484 -25.4
429,905
435,955
446,271
Erie
500,000
-583,577 -14.3
520,821
521,006
Binghamton _
471.200
597,800 -21.2
428,000
505,500
Franklin
280,464
297,552 -5.7
216,170
304,100
York
679,849 Not Included in total
Total Middle__ 1,362,636,257 2,426.647,503 -43.9 2,089,453,384 1,951,167,104
•
•
•
•
•
127,451,075
5,487,000
3,457,630
2,467.148
1,689,492
1,661.072
1,300,369
1,006.661
842,300
490,177
389,651
169,933,262
7,018,000
4,334,069
2,594,696
1,951,927
1,973,347
1,586,159
1,130,836
744,813
626,410
464,794
Total New Eng
140,243,475
192,358,313 -24.0
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford _ _
Holyoke
Lowell
-25.0 148,065,354
-21.8
7,430,900
-20.2
4,399,028
-4.9
2,192,248
-13.4
1,675,890
-15.8
1,976.547
-18.0
1,739,302
-11.0
973,519
540,676
+13.1
-21.7
471,856
-16.2
488,510
169,953,830
138,019,752
7,292,700
3,744.622
2,661.713
1,511.767
1,509,609
1,380,294
646,618
460,222
446,360
431,121
158,104,778
NO. 2229.
Chicago
Cincinnati
3eveland
Jetrolt
dilwaukee
ndianapolis
3alumbus
foledo
Peoria
:rand Rapids_
Dayton
Evansville
Kalamazoo
?pririgfield, Ill
171.C. UT
1907.
Dec.
Fort
iniValrne:
:
Lexington
Bloomin8ton
Rockford
Quincy
Akron
Canton
Decatur
South Bend
Springfield, Ohio
dansfield
racksonville, Ill_
Dickson
kan Arbor
269299,800
26,191,900
14,627,531
13,355,225
11,413,126
7,868,211
4,764,200
3,872,370
3.541,865
2,106,377
1,382,551
1,532,028
1,041,758
1,054,078
533,499
803,332
925,000
1,096.064
572,790
902,027
670,000
430,434
530,589
394,774
493,236
399,755
465,468
255,000
171,337
261283,288
28,142,250
16,325,295
14.085,945
10,748,981
8,295,945
5,939,000
4,138,137
3,561,814
2,430,808
2,532,134
1,781,791
1,116,392
1,392,452
1.061,172
924,599
906,109
943.628
787,170
746,167
650,000
540,956
468,872
477,580
450,651)
424,154
435,632
314,325
168,896
T;3.0
-6.9
-10.4
-5.2
+6.2
-5.2
-19.8
-6.4
-0.6
-13.3
-45.4
-14.0
-6.7
-24.0
-49.7
-13.1
+2.1
+16.2
-27.2
+20.9
+3.1
-20.4
+13.2
-17.3
+9.4
-5.7
+6.8
-18.9
+1.4
Tot. Mid.West.
370,894,325
371,374,082
1906.
1905.
214213,165 191,133,409
25,165,450
23.299,400
14.276,658
12,959,955
11,519,438
10,081,529
9,437,927
7,521,618
6,169,692
5,455,829
5,490,400
4,947,200
5,148,303
3,701,987
3,804,658
3,191,863
2,203,930
1,975,277
2,016,193
1,631,104
1,527,151 • 1,245,844
1,026.718
797.818
1.288,692
922.462
832,890
565.952
800,087
677,951
969,100
910.075
768.185
653,613
694,537
675,473
573,056
475.529
479,600
481,000
392,994
782,765
330,807
340,296
453,982
321,156
364.991
' 441,829
421,252
340,529
374,187
349,420
251,115
22.5,623
148.184
164,983
-0.1
311.543,342
276,477,489
34,315,114
50,571,530 -32.1
10,010.186
13,817,048 -27.6
7,697,604
9,441.984 -18.5
6,427,115
8,083,688 -20.5
3,503,150
5,364,260 -34.7
5.679,222
5.933.369 -4.3
3,654,704
4,541,354 -19.5
1,450,000
3,742,482 -61.2
709,576
1,281,208 -44.6
480,922
717,640 -33.0
520,108 +20.2
625,000
462,775
643,784 -28.1
838,547 Not included in total
499,000 Not included in tote
45,600,384
12.515.858
10.051,674
5.457,273
4,595.643
3,980.018
3,901,492
35,957,277
9,402.863
4,902,997
5,325.978
2,445,284
2,530,090
2,714,560
753,180
463,795
339,879
767.815
470,639
364,899
Total Pacific
75,015,368
87,659,196
64,882,402
Kansas City ___.14Inneapolis
3maha
It. Paul
Denver
It. Joseph
Des Moines
Sioux City
Lincoln
Wichita
Davenport
Cedar Rapids
ropeka
Colorado Springs
Pueblo
Premont
34,558,607
20,918,621
15,039.210
11.512,420
7,216.067
7.175,446
5,062,360
2,907,677
1,753.005
1,581,979
2,059,018
1,358,524
1,057,631
666,256
497.491
491,051
35.478.736
19,494,854
14,784,809
9,042,972
7.854,048
7.631,010
4,409,074
2,702,600
2.120,959
1,626,405
1,776,525
1,302,507
1,006,024
725,000
570,196
472,956
-2.6
+7.3
+1.7
+27.3
-8.4
-6.0
+14.8
+7.6
-17.3
-2.7
+15.9
+4.3
+5.1
-8.1
-12.7
+3.8
26,448,198
18.137,549
12,230.767
7,763.140
6,244,279
6,523,032
3,551,870
2,064.296
24,246.862
15.606,900
9,793.616
6,185,519
5,814.791
5,355,024
2,947,119
1,894,717
1,119,500
1,460,609
951,090
884,656
635,284
504,722
461,022
1,158,617
1,151,767
472.074
1,158,285
563.555
355.601
326.787
113,855,363
110,998,675
+2.6
88,980,014
77,0%2,734
63,222,316 -4.0
60,720.351
20,246,423 -26.4
14,891,240
13,554,606
14,050,050 -35.3
8.226,980 +24.5
8,226,980
8,000,000
7,931,000 +0.9
6,438.715 -8.6
5,886,877
5,349.383 -5.6
5.049,530
5,620,230
5,316,191
+5.7
4,241,717
5,008.668 -15.3
3,139,951
4,386.459 -28.4
3,009,439
4.283.265 -29.7
2,002,110
2,873.421 -30.3
1.350,222
2.018,804 -33.1
2,248.754 -21.0
1,776,280
1,726.768 -5.4
1,633,843
1,734,715 -3.3
1,676,604
1,654,423 -22.2
1,286.501
1,442,000 . 1,400,000 +3.0
1,480,970 -18.6
1,205.389
1.650,000 -9.0
1,501,236
685,813
793,080 -16.0
687.812
670,749 +2.5
400,000
620.800 -35.6
322,072
350.000 -8.0
901,957
1,203,658 -25.1
475,578 Not included in total
440.949 Not included in total
58.398,461
19.470,721
13,919,315
9,765,165
6,191,000
6,246.819
4,406,761
5,774,267
2,677.982
4.408.166
3,382.438
2.357.852
2,040.296
1,983,571
1,181,274
1,466,579
1,235.450
1.230.000
1,468,478
1,443,661
557,523
400,000
488,670
324,189
709.000
56,,,10.524
/6.258,545
11,582,758
7,539,634
5,037,500
4.736.815
3,490.316
5,124,681
2,978.889
3,251,853
2.749,186
1,843,921
151,518.638
130.204,752
;an Francisco_ _ _
,os Angeles
;male
'ortiand
>tilt Lake City_ _ _
ipokane
racoma
)akland
Iclena
r'argo
Sioux Falls
San Jose
Sacramento
Stockton
Tot. oth.West_
St. Louis
few Orleans_ _ _ _
Aulsville
louston
ialveston
lichmond
ktianta
demphis
Fort Worth
gashville
Savannah
gortolk
%While
Birmingham
Augusta
Knoxville
Little Rock
Chattanooga
Charleston
facksonville
Wacon
lieaumont
Wilmington,N C.
Columbus, Ga__ _
3klahoma
kustin
Vicksburg
Columbia
Valdosta
Total Southern
Total all
151.206,129
104,658,455 -28.3
164,885,592
-8.3
205,384
2,219,850,917 3.370,922,620 -34.1 2,899.108.404 2,657.868.289
Outside N. Y... 1,069.051,180 1.212.442,26
-
-11.8 1,058,571,598
Canadadontreal
roronto
,Vinnipeg
Vancouver
3ttawa
4uebec
Halifax
Hamilton
Calgary
London
It. John
Victoria
Edmonton
-12.1
-26.5
+0.4
-8.4
-34.3
-15.5
+10.7
-23.5
-41.2
-7.6
-14.1
-1.6
-40.7
Total Canada_
1,309,471
1,345,055
1,166.159
997,968
868,605
1,122,265
1,222,309
552,914
410.000
.
24,375,608
19,677,773
10,237,457 •
3.215,952
2.292.863
1,579,854
1,759,534
1.321,591
903,719
1.346.471
1,046.029
948,418
555.871
27,739,705
26,760,862
10,194,463
3,508,423
3,489.108
1.868,353
1,590,000
1.727.643
1,537,076
1.456,433
1,217,015
663.733
937,605
69,261,140
82.990.419 -16.5
926.385,826
29,680.607
22.170.457
7,364,433
2.027,236
2,658,129
2.070,641
1,518,359
1,375,334
26.315.133
19.176,680
5.475,598
1.478,914
2,003.797
1.470.408
1,729.692
1,194,373
1,056.994
997,039
826.380
1.042,842
1.023,285
621.317
71,745,509
i
61.532.219
628
THE CHRONICLE
[VOL. Lxxxvi.
potent in the matter of recovery. As to Mr. Taft, we
THE FINANCIAL SITUATION.
seem to be forced. to believe what he now says. It is
A noteworthy activity in railroad stocks on the a hard necessity to put his word against his character
Wall Street Stock Exchange and a quite wide rise in and life; but we see no way out of the dilemma.
their values has been in progress during the last two There is nothing to hinder a rapid and complete reor more weeks. No known facts have been found to cuperation if the railroads can be made free as a
justify this movement and it consequently is especially restorative agent, and as they have always heretofore
noteworthy. So far as the published net earnings of been on the occasion of other calamities upsetting
railroads go, they have been, since the new year our industries like those we are laboring under now.
opened, becoming week by week less favorable. As After the events of the current week no one can doubt
they are the basis. of dividends, and, indeed, of the where and what the weak spot is.
solvency of the railroads, that, obviously, is an adThe other conspicuous and similar incident of the
verse fact. We should, however, cite as features con- week, designating and bringing to light the same defect
spicuously out of character with the foregoing, and so and need as a complete cure for our industrial involvetending to aid, sympathetically at least, this more ment, was the rumor on Wednesday that President
general advance movement, that the steel and iron Roosevelt had agreed to a proposal for a general 10%
markets are reported in a promising state, and it does increase in freight rates. The effect on Wall Street
not need to be said that they are very broad factors in was an immediate advance in values of railroad stocks.
and towards an industrial revival; while copper's As soon as this rumor was pronounced false, the ad.present abnormally large exports may be claimed as a vance in prices weakened. Clearly, here again it
fyorable feature which ought not to be overlooked. was made, and became, obvious that our industrial
it is to be added, however, that in face of the large distress arises wholly from our railroad derangement
eit,*s and fractionally better prices for the metal, and disorganization. This same truth we have been
to be said that there is no improvement in the proving daily for two years or more, and have thereby
domestic demand, and the copper companies are still brought home to Mr. Roosevelt that he is the cause
reducing their dividends,as was the case last week with of all our troubles. No truth has been more clearly
the Calumet & Hecla Co., which will pay only $5 established, but has been as wilfully denied. Such
per share in March 1908, against $20 per share in denials we are every week receiving by letter. With
thee incidents before us, the weak spot in the indusarch last year.
,The dislocation of industrial afflfrs which has in- trial situation needs no further proof. It does not
volved the country only needs a starter to unravel it. admit of denial. If our railroads can be freed from
Every labyrinth has its clew. We have a great many the shackles which have taken away their freedom
imes called attention to this situation, but people are of action,natural law—the existing system of things—
so blinded by their prejudices that they neglect to take will do the rest.
advantage of ourd suggestion. Nature must do the
We have another illustration this week going to
work,and will do it,if the broken threads are put in place.
The position differs materiallyfrom otherlWe occasions, show that there is no scarcity of investment funds and
because our greatest industry, the railroad system, that when an offering of bonds is made, the standing
is incapacitated from being of, or doing, any curative of which is not threatened by the present political
service. If our people would only study the events of crusade, bids in abundance can be obtained. The
this weelr;• they would have an eye-opener at hand. State of New York on Wednesday of this week opened
Whatie'been the most striking incident? Indeed, bids for $5,000,000 highway-improvement bonds, runthere ave been two of them along the same lines. The ning 50 years and bearing 4% interest. Of course in
first was the turn in the stock market on Tuesday. this case the State offered a higher rate of interest
Before that day the market had been going up with than in other bond issues of recent years (the present
a daily increasing rapidity. What checked the move- outstanding State debt bearing only 3@33'% interment? It vas Mr. Taft's denial that the persecution est), but that is simply owing to the fact that in lowerL")
of railroads was to be stopped if (Taft) was elected ing railroad credit and the credit of other large corPresident. That rumor was, why first afloat, a very porations we necessarily depreciated security values
.thin-spun story, growing more ad more in detail and as a whole—and to such an extent that State and
substanee for the three 'weeks of its existence: Indeed, municipal bonds have not escaped the adverse effects.
0
it has existed longer than that. Every individual who All States and municipalities are now obliged to pay
c+
favored Mr. Taft's nomination has all along carried the a higher rate on their borrowings than a year or two
tlts'N same rumored belief in solution in his mind; no one of back.
The point to which we wish to direct attention on
Mr. Taft's closest friends who, by chance, whispered
occasion is that these State and city offerings
this
political
outcome
but
to another friend about the
,Nlosed by stating Taft is "all right;" and no one who find abundant takers at a time when corporate securi(
known Taft when he was his own master but be- ties, even those of the very best class, are very diffilieves that statement even now. They all say he cult to dispose of at all, though offered at very atcannot so have forgotten himself as to sell himself for tractive rates. The form in which borrowing by corporations is now chiefly carried on is in the shape
an office.
short-term notes. Some of thee notes of very
in
time
the
is
of
or
whatever
any
may
future
at
be
But
grade can be bought at figures yielding the purhigh
these
to
Mr.
of
Taft
in
matters,
respect
position
the
the interest and duty of every voter is to get the rail- chaser a rate of 53'@,7% per annum. Even on such
roads free from the shackles that prevent their full attractive terms, the notes are often slow of sale. The
recuperative action through natural law. They in- reason is, not that there is anything inherently wrong
clude our largest industry, and are therefore most in the properties themselves, but that investors are
O
_ „.
5 TJ VLU — • a
SUI3PLUS
-MAR 14 1908.]
THE CHRONICLE
holding aloof on account of the unfair treatment to
which railroad and other corporations are being subjected. The fact that the political leaders are doing
everything to keep alive the agitation makes the investor and moneyed classes generally timid and cautious and disposed to hold off until it can be known
what the ultimate outcome is to be.
In the case of State and municipal obligations the
situation is entirely different. Their stability is unquestioned. Accordingly, when New York City offered $50,000,000 4M per cents it received bids aggregating more than five times that amount, or $271,242,650 altogether, and disposed of the long-term
bonds on an interest basis of 4.29% and the shortterm assessment bonds on a basis of about 4.38%.
New York State this week did even better. The rate
of interest, we have seen, was M% lower than that
in the case of the New York City bonds, but the offerings were more than sixteen times the amount of the
loan, reaching over $80,000,000, and the bonds commanded a very good premium, the successful bidder
paying a price ranging from 106.456 to 109. On these
prices the rate of return to the buyer falls appreciably below 4%, the average being, in fact, only
3.694%. The contrast between this low rate and the
rate which our best railroads are obliged to pay for
money at this time is striking and the lesson to be
drawn will, we think, be obvious—except, of course,
to those who are so blind that they will not see.
In their circular letter of last Saturday, the banking
house of Middendorf, Williams & Co. of Baltimore
undertake to point out the South's duty to itself in
view of the suffering that that section of the country is
now enduring by reason of the business depression
brought on by the hostile attitude of so many of the
Southern States against the railroads and against
invested capital generally. The subject is treated in
a very kindly and instructive way and the arguments
and facts adduced are so convincing they should
have an important influence in inducing the Southern
people to reconsider the course so detrimental to their
own best interests and induce them,by retracing their
steps, to invite a return of the capital which by their
present attitude they are so industriously expelling.
It is pointed out that hardly more than a dozen years
ago the South was the poorest section of the country
—poor in known wealth, poor in recognized resources,
poor in manufactures, poor in agricultural production
with the prices which then prevailed, poor in railways
and other forms of transportation, poor in known
mineral resources, poor in everything save hope and
ideal and lofty purpose. In the short space of a decade
a wonderful transformation was worked and a wholly
different picture presented—a new empire of the South,
builded on the solid, rough-hewn foundation of that
old South the memories of which are still treasured
by all; an empire of tremendous wealth of resource,
rich in transportation facilities, rich in agricultural
products, rich in manufactures, rich in mineral wealth,
rich in industry of all kinds, rich in lumber—in a
word a wealthy empire instead of a poverty-stricken
group of States.
It is well said that what has been accomplished is a
mere fragment of the possible range of accomplishment
in so fertile and resourceful a region; what has been
done will be multiplied tenfold in the next ten, twenty
629
or thirty years if the South welcomes and encourages
and seeks new capital, so essential to make passive
natural resources active and fruitful; if there is a cessation of hostilities against capital and the latter is
allowed free play within just limits to pursue its lifegiving work. If that is done, then the South's present
greatness is but the shadow cast before by what is to
come. But if the South wars on capital, assumes a
defiant attitude toward new enterprise, blindly antagonizes its best interests by driving capital from
its borders, then the decade running from 1897 to
1907 will remain the South's golden age for many years
to come; for without the leavening influence of outside
money, outside capital, it cannot go forward or even
hold its own, but must of necessity go backward.
In this state of things the problem of overwhelming
importance for the South, it is pointed out, is to determine to what limits the campaign of hostility
towards corporations which has been pushed vigorously in almost every Southern State, is to be carried.
It is well enough to attack evils and root them out,
says this Baltimore firm, but to attempt to dictate to
owners of a property exactly how that property shall
be operated, to legislate away almost every right
which inheres in control, to arbitrarily enforce reductions of revenue at a time when hundreds of millions
are needed by the railroads of the South for growth
and expansion and improvement, is in a way to kill
the goose which has left so many golden eggs scattered
through the South. The South needs capital above
everything else, but capital can be encouraged and
welcomed only through sincere assurances of fair play.
Capital has proved what it can do for the South, and
politics has shown what it can do to capital. It
now remains for the South to say whether it wishes
to continue the advance begun so splendidly a decade
ago and halted only when the feelings of the people
got the better of their judgment.
We hope this appeal to the South will not be in vain.
And the same appeal may be made with advantage
to the West and to other undeveloped sections of the
country. They need outside capital for their growth
and development and this outside capital cannot be
obtained unless there is assurance of fair treatment
and likewise assurance that an investment once made
shall have adequate and full protection.
The reduction by the Imperial Bank of Germany on
Saturday of last week of its official rate of discount from
6% to 51
/
2% marks the return to the normal of one of
the first of the European banks which raised its rate
to abnormally high figures during the height of the
late crisis; this action by the German Bank,as also the
similar action by the other European institutions, ;was
due to the augmentation of reserves following the crisis,
and the restoration of confidence. In three successive
days in November 1907, it will be remembered, the
three larger banks of Europe raised their discount rates
—the Bank of England on Nov. 7 to 7%, that a
France Nov. 6 to 4% and that of Germany Nov. 8 to
732%. Reductions to minimum rates were made by
the Bank of France to 3% Jan. 23, by that of England
to 3% March 5 and by that of Germany, as above
noted, to 5y% March 7.
The hitherto unexplained delay by the Bank of
England until March 5 in reducing its discount rate
to 3% seems now to be accounted for by the report
630
THE CHRONICLE
[VoL. Lxxxvi
marked apprethat the Bank Governors were apprehensive lest the is very important,and has resulted in a
little reason
be
liquidation by London bankers of a considerable ciation in prices, there would seem to
crops of
the
of
before
supplies
amount of gold which had been procured from Russia to fear an exhaustion
abnormally
is
not
if
harvesting
during our recent crisis might tend to divert the mar- 1908 are harvested,
the
ket accumulations of the metal to St. Petersburg. late. The Department's report indicates that
ap1
on
March
hands
in
farmers'
wheat
It is said that• in November and December last year quantity of
or
yield,
1907
148,721,000
the
of
23.5%
$50,000,000 gold was received by London bankers, of proximated
meagre when comwhich $35,000,000 was from Berlin and $15,000,000 bushels. This total appears
held in reserve on
bushels
the
206,644,000
with
from Paris; but $20,000,000 of the German consignment pared
but
contrasted with
1907,
in
date
ng
correspondi
is reported to have come from St. Petersburg, through the
is less than
disclosed
deficiency
the
in
1906
result
Berlin. Recently the British bankers have repaid to the
excess
of 37
clear
a
is
there
and
million
bushels
Russia $5,000,000 of their indebtedness, and it is un- 10
over
1905.
millions
derstood that they have arranged to liquidate the reAs regards corn,the quantity on hand on farms on
maining $15,000,000 at the rate of $5,000,000 per
1 covered 37.1% of the last harvested crop, or
March
month. This somewhat unexpected prospective drain
bushels, which compares with 1,298 million
962,429,000
• from the market, together with the anticipated withand 1,108 millions in 1906. But, as
in
1907
bushels
drawal from the Bank of gold for shipment to the
of
this year's carry-over is greater
case
wheat,
the
provinces, incident to the season, and also the antici- in
or
The true corn-crop situation
in
1904.
1905
than
pation of more or less urgent demands for gold for
is
by the remark in the De1907
indicated
export to Argentina, appeared to induce the Bank's of
report
that
only 77.7% of the yield is
partment's
for
Governors to await before reducing the rate below 4%
to
e, whereas in 1906
be
estimated
merchantabl
futrher accumulations of the metal. Last week's reducin 1905 was 84.2%.
and
proportion
was
89.1%
the
foltion by the Bank of England of its rate to 3%
to have held at the
oats,
farmers
are
reported
Of
lowed the procurement by the Bank of the bulk of the
only 39.8% of last
of
month
the
beginning
current
arrivals of gold from the Cape. The return of the
or much smaller
or
bushels,
crop,
year's
267,467,000
inReischsbank for• the week showed an important
of the three
any
in
than
time
at
the
similar
holdings
crease in cash and a contraction in note issues, and that
years.
preceding
to
Bank on Saturday, as above noted,reduced its rate
In connection with the foregoing it is interesting to
53'70. This had an assuring effect in London.
that the outlook for winter grains is considered
note
the
If the Reichsbank shall continue to gain cash to
be
promising. The area seeded last fall of both
to
again
to
end of the quarter, it may be in a position
and rye was, according to the Department of
wheat
liquidate
to
reduce its rate, even though the Bank were
Agriculture,
slightly less than in the preceding year.
its above-noted indebtedness to Russia.
al report on condition is issued until
Government
No
the
10%—of
The call for the first installment—or
public funds in the depository banks, amounting to April; but reliable private advices, especially those
about 14 millions, which was made by the Secretary of promulgated through the "Cincinnati Price Current,"
promising.
the Treasury on Feb. 24, matured on Monday, and by are to the effect that the outlook is fairly
most
sections,
% millions ofthe deposits had been sur- Moisture is stated to have been ample in
March 13th 133
the
affected
not
and
have
freezing
conditions
thawing
doubtwill
installment
this
of
remainder
rendered; the
have
caused
insects
less be turned, over to the Treasury early in the ensu- plant to any material extent and
ing week. The call for the final installment of 15% but little damage as yet.
Recent advices from Argentina give very satisof deposits, Of 21 millions, will mature March 23.
the yields of
The surrenders cif funds thus far effected have made factory accounts of the situation there,
of record
been
having
but a slight impression upon the money market, time the various crops in 1907-08
at 109,stated
is
loans only, showing a firmer tone. It is expected, proportions. The out-turn of wheat
in
the
centals
prehowever, that the surrenders of deposits under the 680,000 centals, against 84,900,000
record
of
about
March 23d installment will have a more decided influ- ceding year, and a previous high
ence, for there is now in progress comparatively large 933 million centals. The oats yield is placed at
crop than in
retirements of circulation,not only under the 9 millions 8,860,000 centals, or a much larger
has been very
-planted
per month limitation, but through direct surrenders 1906-07. As regards corn, late
as a whole
crop
the
but
of the 3% Treasury certificates which were accepted as slightly damaged by drought,
ever
largest
raised
the
far
by
pledge for circulation; the amount, of such surrenders is reported excellent and
thus far reported is 13i millions out of 15 millions that in Argentina.
were isSued last November, and accepted as security
• Our foreign export trade in February, as indicated
for bank notes.
by the advance statement of shipments of leading
was of record proportions for the short month.
articles,
The report on stocks of cereals in farmers' hands
a result of the higher prices secured,the outas
Mainly
in the United States on March 11908, issued on Monaggregated a value of $19,959,991,
of
flow
breadstuffs
day last by the Department of Agriculture, possesses
six
nearly
of dollars more than in February
or
millions
the
present
more than ordinary interest in view of
while double in quantity
Wheat
1907.
shipments,
It
general left.-over shortage of the crops of 1907.
last year, represented a
period
they
what
in
were
the
on
oats
and
seems that the reserves of wheat, corn
flour
and corn, although
and
13/
value
greater,
times
at
than
less
the farms were at the date mentioned
excesses in
quantity,
exhibited
showing
in
decreases
and
1906,
or
the corresponding time in either 1907
were much
products
shipments
Meat
dairy
and
value.
various
of
supply
that the same was true of the visible
the Januexceeding
period,
in
than
any
greater
recent
of
accumulapoints
cereals at interior and seaboard
year by
last
February
dollars,
by
3
million
total
ary
most
years
from
recent
tion. But while the deficiency
MAR. 14 1908.
THE CHRONICLE
3M millions and closely approximating the record aggregate of January 1906. Cotton exports were appreciably less in quantity than for February 1907,but as
a result of better prices the decrease in value was only
4 millions of dollars. Cattle, sheep and hog shipments, and of mineral oil also, were greater this year
than last. Altogether the shipments of these leading
articles of commerce reached an aggregate value of
$94,332,779, which compares with $87,682,072 in
February 1907 and $74,659,506 in 1906. For the
eight months of the fiscal year 1907-08 the outward
movement of these commodities covers a value of
$723,939,468, or 4314 millions greater than for the
same period of 1906-07, and largely in excess of any
earlier year.
On the other hand, and as noted from month to
month recently, our import trade continues to show
a declining tendency, compared with either of the three
preceding years. Articles that class as luxuries of
course show the greatest proportionate decrease in
importation, but a glance at the detailed statement for
January reveals the fact that there are very few commodities in the schedules that are not coming in less
freely this year than last. At the port of New York,
through which about 60% of the country's imports
are received, the arrivals of merchandise in February
aggregated barely 45 millions of dollars, or over 28
millions less than in the month of 1907. In precious
stones alone the decline for the month was over 4
million dollars, this February's importations having
been but $200,443, as against $4,275,300 in 1907 and
$3,067,036 in 1906. And during the last three months
(Dec. 1907 and Jan. and Feb. 1908) the total inward
movement of precious stones was barely 1 million
dollars, against nearly 13 millions for the same period
a year ago. With such a situation to face as a result
of last fall's financial crisis, trouble in the diamond
industry causes no surprise. It is stated as a fact that
three-fourths of the world's production of diamonds
are purchased by the people of this country. With
almost literally no demand from such an important
market,it is not strange that upwards of 2,000 diamond
cutters should be thrown out of work at Antwerp, the
seat of the industry.
Curtailment of production continues to be the order
of the day in the cotton-manufacturing industry in
various countries. It has been decided by many of
the leading cotton-manufacturing companies of New
England to continue in force for another three months
the curtailment of production of goods. The original
plan, which was agreed to last December by about
75% of the spindleage of New England, called for a
curtailment of 25%.(16 working days) between Dec.
25 and March 1, each corporation to arrange its own
schedule so as to prevent interference with contracts.
The agreement was quite generally lived up to and
resulted in a cutting down of the accumulated stocks
of goods. But with the expiration of the time during
which the agreement was to be in force, the absence
of such a demand as would warrant full operation
caused an agitation in favor of continuing it for
another three-month period. Fall River manufacturers have declined to enter into any signed agreement to curtail at any certain time, as some of them
are under contracts that must be filled within two or
three months. It is stated, however, that they will
631
continue to curtail in their own way. The motive back
of the further curtailment is reported to be the quite
general belief among manufacturers that they will thus
be able to keep the supply of goods down close to the
actual needs of the country and avoid the piling up of
a large surplus stock,which would be difficult to dispose
of unless there should be material trade revival.
In addition to the curtailing of production of goods
in New England,wage reductions have either been announced or are in contemplation. In fact, in seven
of the large mills of Lowell, notices of a 10% reduction
in wages were posted at noon on Thursday. The reduction will become effective on March 30th and will
affect over 20,000 operatives. Moreover, the Amoskeag Mfg. Co. of Manchester, N. H., employing 15,000
hands, and the Nashua Mfg. Co. and Jackson Mfg. Co.
of Nashua, N. II., which jointly employ about 4,000
operatives, announced on Friday cuts in wages similar
to that at Lowell and to go into effect at the same time.
Advices from some other points in New England indicate that while nothing relative to a cut-down in wages
has yet been done, there is a probability that the action
of the Lowell manufacturers will be followed in a number of localities. Manufacturers are stated to look upon
the outlook in the textile industry as not hopeful, and
hold that the high cost of cotton, coupled with lower
prices for goods and inactive demand, warrant wage
reductions.
At the South, although no general plan of curtailment has been entered upon, the production of goods
is being moderately reduced in a, number of important
mill towns in North Carolina, and by cutting down
wages there has been some saying in expense of operating.
According to late cables it does not appear that any
reduction in cotton-mill operations involving a cutting
down of consumption of the raw material has yet
occurred in Europe. In fact, conditions on the Continent seem to favor the continuation of full consumption throughout the current season. In Great Britain,
however, a different situation prevails. We hear from
time to time that demand is poor, both for home trade
and foreign account, and that many looms ha.ve been
stopped. It is therefore probable that before the
season is much further advanced the stoppage of spindles will be in order. Advices from Japan are to the
effect that the cotton-yarn mills of that country put
in force on Jan. 12 a three-month curtailment plan
which will reduce the output by about 122,000 bales
of 400 pounds each.
Altogether it would seem that with curtailment of
production, present or prospective, in so many quarters, it will be necessary to further reduce estimates
of the season's cotton consumption requirements.
Mr. Ellison's original estimate of last October called
for 14,890,000 bales of 500 pounds average net weight
each to supply the wants of Europe,the United States,
Canada, Japan, &c., for the season of 1907-08, or
an increase of 188,000 bales over 1906-07. This
seemed to us at the time, and as we then intimated,
rather high. It has since been reduced 400,000 bales.
But whatever may be the final result of the season's
cotton-mill operations, no appreciable decline in the
value of the raw material is to be apprehended, at
least not until such time as the new crop becomes a
factor in making prices.
632
THE CHRONICLE
There was no change in official rates of discount by
any of the European banks this week; the Imperial
Bank of Germany lowered its rate to 53/2% last Saturday. Unofficial or open market rates were easy at
all the chief centres.
The most notable of the changes shown by last
week's Associated Bank statement was the increase
of $3,917,000 in the cash holdings, which resulted
largely from receipts from the interior. Public deposits were reduced about 1 million and circulation
nearly 2 millions. The surplus reserve was augmented
$4,492,600,to $32,281,675, loans decreased $6,093,200
and deposits decreased $2,301,200. The bank statement
of this week is expected to reflect the greater part of the
surrender of about 133
% millions of public deposits,
which was effected on Monday, in response to the call
for 10% of such deposits that was made by the Secretary of the Treasury on Feb. 24. Hereafter, until
March 23, when the call for the final installment, or
15%, of such deposits matures, the banks should, it
would seem, gain more or less cash through Sub-Treasury operations, though this gain may be offset to some
extent by movements incident to bank-note retirements and current redemptions.
• The market for money was only slightly influenced
this week by the surrenders of public deposits; it, however, reflected in firmer rates for long-time loans the
expected prompt response by the banks to the call
for the remainder of such deposits. The large subscriptions on Wednesday for 5 millions 50-year 4%
highway-improvement bonds offered by the New
York State Comptroller had little effect on the call loan
branch of the market; the great volume of over-subscriptions indicated that there was an enormous accumulation of funds awaiting employment on choice
security. One notable feature of this week was the
revival of the demand, which recently seemed to have
subsided, for corporation collateral notes, and it is
reported that foreign purchases thereof are large,especially for those that will mature in November and later
this year. The securities, other than Government
bonds, which have been *released as pledge for public
deposits, through the surrender of such deposits, are
also in good request, as likewise is high-grade commercial paper, which is freely bought by New England
and Western institutions.
Money on call, representing bankers' balances,
loaned at the Stock Exchange this week uniformly each
day at 2% and at 13%%, averaging 2%, at which rate
by far the largest amount of loaning was effected;
banks and trust companies quoted 2% as the minimum, though some balances were placed by the
former at the lower rate. Time contracts were in better request for the longer than for the shorter maturities. The latter are quoted, on good mixed Stock Exchange collAteral, at 3M.(4),3%% for sixty to ninety
days and 33%@,4% for four months, while for six
months 432% is demanded and a good business is
reported. Rates for commercial paper are 5M@,6%
for sixty to ninety-day endorsed bills receivable and
for prime four to six months' single names.
The Bank of England rate of discount remains unchanged at 33/2%. The cable reports discounts of
sixty to ninety day bank bills in London 2%@3%.
The open market rate at Paris is 23/2% and at Berlin
[VOL. Lxxxvi.
and Frankfort it is 43%%. According to our special
cable from London, the Bank of England gained £718,309 bullion during the week and held £39,997,883 at
the close of the week. Our correspondent further advises us that the gain was clue mainly to imports from
Egypt and purchases of bar gold in the open market.
The details of the movement into and out of the Bank
were as follows Imports, £998,000 (of which £397,000
from Egypt, £40,000 from Constantinople, £11,000
from Panama, £5,000 from Paris, £5,000 from Australia and £540,000 bar gold bought); exports, £330,000 (wholly to South America), and receipts of £50,000 net from the interior of Great Britain.
The derangement to the European mail service,
there being no fast steamer after Tuesday until Saturday, seemed to afford opportunity for speculators in
foreign exchange, early this week, to operate with
some assurance of success, though not with much profit. The pendency of the London Stock Exchange
settlement was a factor favoring such speculation,
owing to reports of some nervousness arising from
the adjustment of large differences on French account.
The exchange market was quite inactive on Saturday
of last week, but on Monday liberal selling of sight bills
by brokers and only a moderate demand for remittance
by Tuesday's mail caused a sharp fall, which affected
the whole list until the afternoon, when an attempt to
cover the oversold bills brought about a reaction and
the market closed at a substantial rally, though irregular. The tone was dull on Tuesday, with a light inquiry for remittance, but as there were only small
offerings of bills, rates showed some improvement;
cables were steady, indicating only a meagre demand
on American account incident to the London settlement. The movement was sluggish on Wednesday,
and rates fell off in the absence of requirements for
the next day's mail by the French steamer; the tone
was heavy on Thursday. Among the features other
than those of a speculative character, one was some
offering of bankers' bills which were reported to have
been drawn against corporation collateral notes that
have been placed abroad, and also such drafts against
New York City revenue bonds. It was expected that
successful bidders among large bankers for the New
York State issue of highway-improvement bonds would
find a market for them in Europe, thus contributing
to later offerings of exchange.
On Saturday of last week rates for exchange, compared with those on the previous day, were but slightly
changed, long falling 10 points to 4 8345@4 8350 and
cables rising 5 points to 4 8665@4 8670, while sight
was unaltered. On Monday long declined 10 points to
4 8335@4 8340, short 20 points to 4 8610@4 8620
and cables 20 points to 4 8645@4 8650. On Tuesday
long rose 10 points to 4 8345@4 8350, short 15 points
to 4 8625@,4 8630 and cables 5 points to 4 8650@
4 8655. On Wednesday rates fell 5 points all around—
long to 4 83400,4 8345, short to 4 8620@4 8625 and
cables to 4 8645@4 8650. On Thursday the market
was heavy with long 5 points lower at 4 8335@,4 8340,
short 20 points at 4 86@4 8605 and cables 20 points
at 4 8625@4 8635. On Friday the market was weak
in the absence of demand at a decline of 15 points for
long, of 20 for short and of 25 for cables.
The following shows daily posted'rates for sterling
exchange by some of the leading drawers
THE CHRONICLE
MAR. 14 1908.1
Fri., Mon., Tues., Wed., Thurs., Fri..
lifch. 6 MM. 9 Mch. 10 Mch. 11 Mch. 12 Mch. 13
60 days 4 84%
Sight_ _ 4 87%
60 days 4 84%
Sight_ - 4 87%
60 days 4 84%
Sight-_ 4 88
60 days 4 84%
Sight_ _ 4 88
60 days 4 84%
sight_ _ 4 88
60 days 4 84%
Sight_ _ 4 87%
60 days 4 84%
Sight_ _ 4 87%
60 days 4 84%
Sight__ 4 88
Brown
Brothers
Kidder, Peabody & Co
Bank British
North America __
Bank of
Montreal
Canadian Bank
of Commerce
lIeldelbach, Ickelheimer & Co
Lazard
Freres
Merchants' Bank
of Canada
84
87
84
87
84%
87%
8454
87%
84%
87%
84
87
84
87
84%
87%
84
87
84
87
84%
8734
84%
87%
84%
87%
84
87
84
87
84%
87%
84
87
84
87
84%
8754
84%
87%
8454
87%
84
87
84
87
84%
87%
84
87
84
87
84%
87%
84%
87%
84%
87%
84
87
84
87 .
84%
87%
84
87
84
87
8414
87%
84%
87%
84%
8734
84
87
84
87
84%
87%
The market closed on Friday at 4 8320@4 8330
for long, 4 8580@4 8590 for short and 4 86@4 8610 for
cables. Commercial on banks 4 823/
2@,4 82U and
documents for payment 4 82%@4 83. Cotton for
payment 4 82Y1@4 82/
1 2, cotton for acceptance 4 82M
@4 82% and grain for payment 4 82%@4 83.
The following gives the week's movement of money
to and from the interior by the New York banks.
Net Interior
Movement.
Shipped by
Received by
N. Y. Banks. N. Y. Banks.
Week ending March 13 1908.
Currency
Gold
Total gold and legal tenders
$8,361,000
940,000
$5,822,000 Gain $2,539,000
540,000
400,000 Gain
$9,301,000
$6,222,000 Gain $3,079,000
• With the Sub-Treasury operations the result is as
follows.
I1
Into
Banks.
Out of
Banks.
Banks' interior movement, as above.
1
Sub-Treasury operations
$9.301,000
30,101,000
$6,222,000 Gain $3,079,000
36,032,000 Loss 5,931,000
I
$39,402,000
$42.254,000 Loss $2,852,000
Week ending March 13 1908.
Total gold and legal tenders
Net Change in
Bank Holdings.
The following tabletindicates the amount of bullion
in the principal European banks.
March 12 1908.
March 14 1907.
Banks of
Gold.
£
England_ _ 39,997,883
France... 110,158,662
v.
a 32,940,000
and.
iermia
115,927,000
Aus.-Hunb 46,521,000
_ 15,735,000
Spain
Italy
36,633,000
Nettelands 7,692,600
Nat.Belg.a 4,142,000
Sweden
3,903,000
Switzgand 3,335,000
Norway _
1,466,000
?
Silver.
.0
Total.
Gold.
£
£
'39,997,883 35,983,716
36,014,950 146,173,612 104,551,157
13,651,000 46,591,000 31,832,000
6,326,000 122,253,000 119,084,000
12,640,000 59,161,000 46,357,000
25,984,000 41,719,000 15,423,000
4,600,000 41,233.000 32,358,000
4,389,300 12,081,900 5,264,000
3,362,000
2,07 ,000 6. .1 ,00
3,903,000 4,106,000
3,335,000 1,390,000
1,466,000 1,620,000
Silver.
Total.
£
35,983,716
39,236,743 143,787,900
12,500,000 44,332,000
5,409,000 124,493.000
12,301,000 58,658,000
24,723,000 40,140,000
4,943,600 37,301,600
5,712,400 10,976.400
1,681,000 5,043.000
4,106,000
1,390,000
1,620,000
£
Total week 418,451,145 105,676,250 524,127,395 401,330,873 106,506,743 507,837,616
Prey. week 416,371,129 105,026,474 521,397.603 402.276,304 106.563,446 508,839,750
a The division (between goal and sliver) given in our tame OIL COM auu Damon
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
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.
b The Austro-Hungartan Bank Statement is now issued in Kronen and Heller
instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the 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
the amount of Kronen by 24 Instead of 20.
d The total of gold in the Bank of RUJI813 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
one-quarter of the total.
EUROPE AND THE WORLD'S MONEY
MARKETS.
The developments of the past ten weeks on the
money markets of the world have been of a nature
to indicate some differences in the existing situation
from what was expected a few months ago. Writing
on January 18, when some doubt appeared to exist as
to whether the bank rates at important European
centers would fall to a normal level, we pointed out
that such a downward reaction in the immediate
sequel to a panic strain on resources had always
occurred at a juncture of this sort. The course of
events since that time has been in accordance with
precedent. To-day the Bank of England rate stands
at 33 per cent as against 7 per cent at the opening
of the year, the present rate being in fact the lowest
reached at this time of year since 1905. The Bank
633
of Germany's reduction of its rate last week brought•
it to 5M per cent, against 73/ at the opening of the
year, and this is a matter of particular interest, because the general feeling of the financial community
was that the tension on capital would last longer at
Berlin than at any other European center.
When one looks more closely at these foreign bank
returns, be will observe that the increase in cash
holdings has been abnormally large during the period.
A statement published by the Bank of Germany a
couple of weeks ago showed $70,000,000 more in
cash reserve than was held at the opening of the year.
• Since January 1 the Bank of England's gold holdings have increased $37,000,000; in the same period
a year ago the increase was only $28,000,000. The
English Bank's gold holdings, by last Thursday's
statement, were actually the largest on record for
the second week in March. Furthermore, its ratio
of reserve to liabilities, which was reported on Thursday at fifty per cent, as against the traditional forty
per cent minimum, is the largest for the period since
1905, and is substantially higher than in any other
year of the past decade excepting 1901, when, it
will be recalled, stagnation and financial liquidation
of the Boer War was increasing the supply of idle
money at: the European centers.
If it is asked, what is the specific cause of the
sudden accumulation of gold in the European banks
at the present time, a condition not wholly unlike
that of 1901 will be assigned as at least a partial cause.
The shock which culminated in the American panic
of October, and in the lesser panics at such points
as Amsterdam, Denmark, Egypt, Chili, Hamburg
and Genoa, has necessarily had far-reaching effects
on the world's trade. Something of industrial reaction has made its appearance at all the great centers.
In England, attention is called to the substantial
decrease in railroad earnings since the opening of
the year, to the eight per cent shrinkage in exchanges
at the London Bankers' Clearing House, and to the
very considerable decrease in the aggregate foreign
trade of important European nations. We in this
country have in the past had abundant illustration,
notably during the recent trade reaction of 1904,
as to what the effect of such a slackening in trade
will be on the distribution of the circulating medium.,
When business activity is at its maximum, exceptionally large amounts of actual currency are kept in
hand-to-hand circulation, in the tills of mercliants,
or in quarters where manufacturers can utilize it
for their large weekly or monthly pay-rolls; alter
the situation through a distinct diminution of trade
activity, and a mass of idle currency instantly flows
back into the reserve depositories, accumulating in
the rapid transfer mechanism of the present day
very soon in the central banks of the large financial
cities.
This tendency alone would explain much of the
increase in foreign bank reserves which we have
pointed out. Another influence, however, which
is by no means to be ignored is the continuanee of
the large gold output from the mines which chiefly
supply the European markets. Notwithstanding a
moderate decrease in the Transvaal gold output of
last month as compared with January, the officially
reported product ran $1,000,000 ahead of February
1907. The world's gold output in 1907, as we shOwed
634
THE CHRONICLE
in our recent review, did indeed indicate that the
rapid advance of recent years had been checked.
But it cannot as yet be said that the inflow of the
precious metal into the world's markets is appreciably less than it was a year ago, at which time it
far surpassed all records in history.
Whatever importance may be placed in this phase
of the situation, the effect of the general strengthening of foreign bank reserves may have some interesting
bearing on the general situation. In the first place,
rapidly expanding reserves of gold at the European
banks, along with slackening foreign trade and a continued decline in the money rates on those markets,
would operate against the tendency, which lately
seemed particularly strong, for export of gold in
great quantities from this country. It has been the
habit of the market, since our import of $100,000,000
gold from abroad during the strain of panic, to argue
that in the natural order of events this gold would be
re-shipped to the foreign markets. Such a movement would not be at all illogical, particularly in view
of the recent Government report showing that in the
face of a 25% decrease in business activity, as indicated by American Clearing House exchanges, the
country's entire circulating medium outside of the
Treasury is $200,000,000 greater than it was a year
ago.
Nevertheless, the volume of such a return movement must bear some relation to the need for gold
on the foreign markets, and, to the extent that gold
is already piling into the European banks from other
sources, such requirements will certainly be less
urgent than they have been on other occasions. The
natural comparison has been with the year after the
panic of 1893, when export of $80,000,000 gold to
Europe—mostly procured from a falling Government reserve through presentation of legal-tender
notes for redemption—became a seriously unsettling
factor in the year's finances. Quite aside, however,
from the circumstances which we have already noticed on the European markets, the situation in this
country bears the slightest possible resemblance to
that which existed in 1894. Foreign capital, which
at that time was invested in our securities in enormous
quantities, was withdrawn by its owners at an alarming
rate throughout the year, the successive and very
formidable railway insolvencies stimulating the movement. The prospect, which then seemed very near
at hand, of a break-down of the Treasury's gold
reserve and a relapse to depreciated currency, naturally increased. this outward movement of capital.
Whatever else is happening to-day, that situation
does not appear to be before us.
It is not easy to say off-hand precisely what would
be the result of a continuous strengthening of the
bank position at home and abroad. That it will
make for easy money goes without saying. That it
will immediately stimulate trade activity and speculation cannot be so easily taken for granted. The experiences of the past year have taught this market, at
any rate, that something more than large gold production and abundant bank reserves is needed for a
basis of such a movement. Accumulation of free and
available capital, and confidence in its employment,
are two prerequisites which do not necessarily follow
even an exhibition of abundant reserves in excess of
legal requirements.
WHERE GOVERNOR HUGHES STANDS
REGARDING RAILROAD REGULATION.
On Friday night of last week Governor Hughes delivered an address at the Hotel Astor at the annual
dinner of the Traffic Club of New York. In this
speech Mr. Hughes devoted himself chiefly to a discussion of the subject of Railroad Regulation. The
present week he also delivered •a series of addresses
in Boston in which he incidentally referred to the
same matter. As Mr. Hughes is a candidate for the
Presidential nomination of the dominant political
party, great interest naturally attaches to his views
on the subject referred to, and which will probably be
the burning issue of the campaign. The great need of
the hour is conservatism in the matter of the treatment of the railroads—undoubtedly the largest single
industry in the country, and which now, also, is suffering beyond all others—and any candidate who fills
the requirements in that respect can count with the
utmost confidence upon the support of the business
classes.
The address before the Traffic Club will serve to dispel any illusions that may have existed that Mr.
Hughes had modified or was ready to modify his views
—that now he might be counseling moderation in the
treatment of the roads. On the contrary, he seems
to be as emphatic and insistent as President Roosevelt
himself in urging regulation of the most comprehensive and all-pervading sort—regulation delegating the
details and administrative management of the roads
in large part to the care of the Government, without,
however, having the latter assume ownership of the
properties or take upon itself responsibility for their
finances. In other words, shareholders are to bear
the losses and to remain the nominal owners, but to be
deprived in great measure of the direction of the roads,
the Government taking upon itself this last function
through regulative:boards, clothed with power over both
receipts and expenditures, inasmuch as they will at
once have authority to fix rates and charges and to
make orders of all kiiids involving the expenditure bf
money. That is the policy which has brought the railroads and all industrial interests to their present pass,
and its continuance could not fail to render the future
even less inviting than the present.
There are a number of apparently very assuring
phrases and statements in Mr. Hughes's remarks.
These have been given great prominence in the newspapers. No one will wonder at that, for the whole
public is looking anxiously for some prominent candidate to rise up and vigorously combat the present
destructive policy. In this frame of mind it is willing
on almost any pretext to declare loyalty and allegiance
to any one who promises to lead in such a fight, even
without definite assurance that its fealty is not misplaced. But the words uttered by Mr. Hughes, which
appear to be so full of encouragement, can not be
taken apart from the context. For Mr. Hughes resembles Mr. Roosevelt in the facility and readiness
with which he indulges in the use of sentences and
expressions tending to disarm criticism by reason of
the fair spirit they seem to breathe. Many of Mr.
Roosevelt's sayings stand as models in that respect,
and Mr. Hughes is no mean pupil in the same school.
We do not question the sincerity of either. The important thing after all, however, is what policies and
MAR. 14 1908,1
THE CHRONICLE
635
_
course of action these statements are meant to support. the Inter-State Commerce Commission and with refJudged from that standpoint, the position of our Gov- erence to the Public Service Commission. It is a
ernor seems to be no different from that of the Presi- great mistake to oppose it.
Thus Mr. Hughes comes back to his plan of a Public
dent, since in all essential respects they are both advocating the same things. Speaking to the traffic men, Service Commission, a body which, though having an
Mr. Hughes said "You are subject to public regula- official life of only eight months,is already thoroughly
tion because the people have made up their minds that discredited. He would delegate to the Inter-State Comthere shall be regulation of railroads—complete and merce Commission the functions now possessed by the
adequate regulation." "It is idle to protest against it." Public Utilities Commission—that is, give it a power
He refers to what he is pleased to term "the capitalization over "matters relating to the issue of securities,
of hope,"and says that"Whatis desired is that securities matters relating to rates, matters relating to service,
matters relating to" anything else. The "New York
should represent value, should be fairly issued."
But "hope" is what has given this country its im- Press," an ardent advocate of Mr. Hughes for the
mense railroad system with all the benefits accruing Presidential nomination, in expressing approval of
from the same. In any new railroad project through the scheme, sums up its real scope and meaning in
undeveloped parts of the country (and hardly any part these words: "This would be doing for the Federal
is fully developed as yet), a portion of the capitaliza- Government" what "the Legislature has done for the
tiori necessarily represents "the capitalization of hope." State of New York in relinquishing to the Public
The promoters issue capital in excess of the cost of Service Commissions complete and exclusive sovereignty
the work in the hope and expectation that, with the over all questions of transportation—from the putting
building up of the adjacent territory, which is sure to in of a door in a street car up through the whole busifollow the creation of railroad facilities, the enterprise ness to the issue of $100,000,000 of stock in a railroad
will be able to earn a return on such excess capital. corporation." In one of his speeches at Boston this
If the expectation is realized, the securities appreciate week Mr. Hughes declared against arbitrary governin value and the promoter gets compensation for the mental interference" with any business"to prevent its
risks he has assumed. On the other hand, if the ex- growth." But how can the foregoing scheme be
pectation is disappointed, the price of the securities termed anything but"arbitary" and how can its effec t
fails to respond and he has to bear the resulting loss. be other than to check growth?"
We cannot see that what Mr. Hughes is advocating
For, contrary to the belief in many quarters, it is im_
possible to manipulate the security markets in such a is any different from what Mr. Roosevelt is so urgently
way as to give a level of values for any considerable insisting on, except that Mr. Hughes would make
length oftime above the intrinsic worth of the properties. the National Government body even more
Nor is any harm done by the issue of securities in meddlesome than it is at present—would have
excess of the cost value of the work. As far as the it assume supervision of all the details and minuinvestor is concerned, the Stock Exchange quickly tiae of railroad affairs. The shareholders would be
puts its proper estimate upon the intrinsic value of any in effect divested of all control of the properties in
securities issued,and as far as the shippers and patrons which they had their money invested. It is because
of the road are concerned, it is a well-established fact the trend of governmental action has been so strongly
that there is not the remotest connection between in this direction that railroad securities have suffered
capitalization and rates and charges. Furthermore, such tremendous shrinkage in values and that capital
State railroad commissions or other governmental and investors are fleeing from the railroad field, with
agencies are sure to see to it that rates are not too high. the result that all our industries are completely prosIf, now, the old-time policy, under which so much trated and that all enterprise is halted. We fail to
prOgress has been made, is to be changed—and it must discern any hope of a revival in suggestions that this
be admitted that the trend of legislative and govern- policy, so detrimental and destructive in its operamental action is in the direction of limiting the issue tion thus far, is to be continued. Nor can we regard
of securities to the cost value of the work—railroad such recommendations as "conservative" or as eviextension and railroad development are sure to be dencing moderation and self-restraint.
As for Mr. Hughes's statement contained in the
seriously crippled, in some directions perhaps entirely
checked. For neither capitalists nor investors will above-quoted paragraph, that a political body like the
put their money at stake if they are not to have pro- Public Service Commission "has no object but to ascertection and fair treatment and also adequate compen- tain the truth," it is only necessary to say that it has
one other and a paramount object, and that is to presation for the risks assumed.
Mr. Hughes argues in favor of sane regulation and serve its official life. For this reason its members,
then shows what sort of regulation in his estimation however high-minded they may be, cannot be indifferwould measure up to that requirement. Here is what ent to public clamor. If they fail to heed the demands
made upon them, however unreasonable, they are in
he says on this point
danger of being legislated out of existence. A few
It was with that spirit and intent that the Public years ago a State Gas Commission was created in New
Utilities Bill was enacted last year. It was with the
desire to make such a provision in this State that the York for the ostensible purpose of dealing fairly in
Public Service Commission was organized, and under the matter of fixing the price of gas, but really for the
its provisions matters relating to the issue of securities, purpose of reducing said price. When the next
matters relating to rates, matters relating to service, Legislature met and it was found that this Commission
matters relating to any of these questions as to which had not lived up to expectations,and had failed to cut
grievances may be alleged, may be taken before a
body that has no object but to ascertain the truth, the price of gas, a resolution was promptly introduced
and,with a fair hearing on both sides, may be adjusted; providing for the abolition of the Commission. Its
and I believe in that policy, both with reference to life thus threatened, it at once proceeded to issue an
636
THE CHRONICLE
order reducing the price (in this city) to eighty cents.
THE FOWLER CURRENCY BILL.
The Legislature, still afraid of being balked in its
Wo.." have refrained heretofore from an analysis of
endeavors, then made matters doubly sure by reducing
the price to the same figure by legislative enactment. th/bill introduced in the House of Representatives
Even at the present time our legislators at Albany are by Congressman Fowler because it seemed to us that
seeking to force the hand of the Public Service Corn- the measure was so radical and so revolutionary in
mission of this District with reference to the establish- the changes which it proposes to make in our existing
currency system that there was little chance of its
ment of a five-cent fare to Coney Island.
There is another particular in which Mr. Hughes ,is finding acceptance at the hands of our National Legislike Mr. Roosevelt in his actions and opinions. H
lative body, so many of whose members are wedded
apparently entirely oblivious of the harm which as to the present system. Notwithstanding the developresulted to railroad interests from the political assa ts ment of recent weeks, apparently favorable to the
prospects of the measure, we are still of the same opinupon the same and the carrying of governmental re
As, however, considerable attention is now beion.
lation beyond a point where the capital invested in the
directed
to the scheme, it will be useful to furnish
ing
same could feel sure of full and adequate protection.
outline
of
the same and discuss the bearing and
an
After reading his address one cannot avoid the conapplication
of
some
of its provisions.
elusion that Mr. Hughes imagines the tremendous losses
aim
of
the
The
author
of the measure is an excellent
in income which the roads are experiencing, and the
and
the
one,
proposed
law
embodies many good feaunparalleled prostration of all our industries, are
mere passing phenomena—that all that is necessary tures. In the first place, Mr. Fowler undertakes to
to do is to resolve to go ahead and an immediate re- wipe out the bond-collateral element in bank note
turn of prosperity will follow. Two weeks ago we circulation, for which there never was any decent exquoted the remarks of Mr. Roosevelt in addressing at cuse except the necessity which arose,when the counthe White House the delegates of the National Educa- try was in dire extremities during the Civil War, of
tion Society to the following effect: "Seriously, providing a market for the obligations of the Governfriends, it is idle for any man to talk of despairing of ment. That feature, grafted upon our bank note
the future of the country or feeling unduly alarmed issues at a critical period in the country's history, it
about it." In almost identical language Mr. Hughes, has never. been possible to get Congress to eliminate
in concluding his V address last week Friday, spoke in since then. In any sound currency system the note
thesame confident way. Here is what he said, accord- issues must rest upon mercantile assets—upon goods
ing to the account ofthe speech printed in the"Press:" and products in course of conversion, or passing
"My friends, we shall soon emerge from the tern- from producer to consumer, the notes being emitted
porary difficulties under which we have labored. to facilitate the process of conversion and reYou cannot stop this country. There is nothing in- turning to the issuer when they have served that purtrinsically the matter with this country. It is full of pose.
men with activity and push. On every hand you meet
A second good point in the Fowler Bill is that it
those that are simply crying for opportunity; the working man wants work; employers want to give him a s.eeks to make prol;ision for the ultimate retirement
chance to work. All we want to do is to believe in of the existing $346,681,016 of legal-tender notes.
ourselves and recognize the facts."
These, also, are a product of war times, and should not
We wish we could take the same philosophical view be allowed to remain a fixture. Section 35 of the bill
of things. We wish we could persuade the investor provides that, whenever Vthe accumulations or accreand the capitalist to disregard the fact that the securi- tions of the Guaranty Fund (the nature of which we
ties they hold have -a market value only one-half or shall presently explain) shall reach $25,000,000,
one-quarter or one-tenth what they had befOre the after the payment of all expenses and losses, the
crusade against the railroads was begun. We V wish excess above that sum shall on each Jan. 1 and July 1
we could make them act and think as if nothing had be used to cancel the legal-tender notes. Mr. Fowler
happened—as if bonds and stocks were worth just also seeks to provide, what is entirely lacking in the
as much as before, as if railroad receiverships and ma- existing bank note system, a series of redemption
bility to meet obligations were not a crushing agencies for the retirement and redemption of ,the
reality, as if railroad revenues and railroad credit were notes. The Comptroller of the Currency immediately
as large and as good as before. We very much fear, upon the passage of the bill is to designate cities for
however, that those thus shorn of their possessions the location of bank note redemption agencies, not
will not come meekly to the slaughter again, with exceeding twenty in number. Furthermore, these
more money to carry on the development and exten- redemption districts are to be under the control
sion work, the continuance of which alone can insure of a board of managers selected by the banks themthe future •welfare and prosperity of the country. selves.
They will want some guaranty against similar treatAll the national banks of each bank note redemption
ment hereafter should they put their savings or accu- district must organize themselves into an association
mulations once more at risk. We think it a pity that to be known by the number assigned to the district,
a man like Governor Hughes, temperamentally so and must elect a board of managers consisting of eight
different from Mr. Tioosevelt, should fail to recognize members. Each board in turn is to select a ninth
this fact or should seek to obscure it, and should be member, who is thereupon to become a Deputy Compwilling to trail behind Mr. Roosevelt, hoping to gain troller of the Currency and give his entire time to the
political preferment in that way. Unfortunately, too, bank note redemption district, receiving as compenpractically all the other prominent political leaders, sation for his services a salary of $6,000 a year, and
whatever their party affiliations, seem to be bedeviled in certain contingencies a larger sum. Each board
in the same way.
of managers is to "have entire and sole charge of the
MAR. 14 1908d
TIIE CHRONICLE
637
organization and conduct of its bank note redemption urged that as all banks are to share in the burdent
agency, and shall select and direct such a number of of losses, this will ensure increased watchfulness on the.
bank examiners as the board may from time to time part of the soundly managed institutions, and hence.
deem requisite for the proper supervision of the na- that the likelihood of failures will be diminished rather.
tional banks within its redemption district; and there- than increased. But failures are more often
caused
after all bank -examinations under the direction of by bad banking practices than by illegal practices.
.
the Comptroller of the Currency shall cease, except Have not our clearing-house associations just as good
when, in his judgment, the public interests demand a means for discovering such practices
as the boards:
special examination, which shall be conducted under of managers of the redemption districts will possess?'
his direction."
Nevertheless, it is not always possible to prevent such,
Finally, the Government is to be eliminated as a practices, as witness the recent experienc
es here int
disturbing force in the money market. We need New York in connection with the
Morse-Thomas
hardly urge how very desirable such an accomplish- doings. It is also to be remember
ed that the
ment would be. By Section 33 it is provided that most ceaseless vigilance cannot
guard against the
from and after the date that the Guaranty Fund shall display of poor judgment on the
part of the poorly
amount to the sum of $25,000,000, the Secretary of managed banks or their proneness
to make imprudent
the Treasury shall deposit from day to day all loans.
Government receipts, from whatever source received,
Under Mr. Fowler's bill, therefore, the good bank
in such national banks as he may select.
would inevitably have to bear the losses and meet the
But while we heartily agree with Mr. Fowler's aims deficiencies of the poor
bank. For by Section 23 it is
and purposes,it strikes us that the means he has chosen provided "that whenever
any bank failure occurs after
to attain his ends are not altogether fortunate. It Jan. 11909, one-fourth
of the loss resulting therefrom
seems to us that Mr. Fowler starts wrong. While shall be borne by the banks
of the bank note redempeliminating the provision of Government-bond collat- tion district to which the bank
failing belongs ,pro rata
eral for bank notes, he provides—doubtless a concesison or according to their
respective deposits and note
to a supposed public sentiment with regard to bank issues, the same being deducted
from the interest
notes—for a Guaranty Fund for the protection of the due such banks upon their
deposits in the
notes. The whole superstructure of the bill rests upon Guaranty Fund, and the balance,
or three-fourths of
this Guaranty Fund, and, as devised, it appears to be the loss, shall be borne by the general
or common
an objectionable feature in the scheme. For this Guar- Guaranty Fund."
anty Fund is to be used not on1N.0*
.he protection of
It seems to be thought that the existence of this
the notes, but also to guarantee the deposits. Obvious- Guaranty Fund would put
an end to runs on the banks.
ly, guaranteeing the deposits is a very much bigger job On the contrary, in a
time of panic like that of last
than guaranteeing the notes alone. The volume of out- autumn, should a courof
dozen medium-sized instanding notes is $632,458,712, but the aggregate ofthe stitutions (say carrying to 20
million resources each)
deposits at the December call was $5,800,644,223. throughout the country close their
doors, it might easily
In Section 17 it is provided that the purpose of the happen that confidence in the
whole financial structure
Guaranty Fund is to be as follows; "To guarantee the would be impaired, and general
runs be started. The
payment of all individual deposits, all bank notes, all public would not stop to consider
that the loss in these
bank deposits and all Government deposits, without cases might' not be total,
but, knowing that the soldiscrimination or preference, and to pay all the expenses vent banks would have to
bear it, whatever it was—
incurred in any way," &c. It should be distinctly un- to the extent of one-quarter
of the amount by the
derstood that the Government does not undertake to banks of the redemption
district where the failures
insure the deposits, or assume responsibility for occurred and to the
extent of the other threethem in any way. The only guaranty is in the quarters by all the banks
in the country—the fear
Guaranty Fund, and this the banks themselves are to might easily be engendered
that the burden would
provide.
be so heavy as to endanger the solvency of many
To our mind any kind of guaranty for the deposits institutions.
is wrong. Its tendency would be to lessen the inIs it not a mistake also not to give the notes a
ducement to efficient, careful and • conservative lien on the Guaranty
Fund superior to the lien of
management over imprudent, slovenly and hazard- the deposits? It is a question
whether in any event
ous management. In the estimation of depositors, the notes should not have a
first lien upon the assets,
the good bank would have no advantage over the but under such a system
as that proposed by Mr.
poor bank. All would stand on a common level. Fowler, a first lien would
seem to be absolutely
Even capital and surplus would count for little. essential in order that the
notes might gain
On the contrary, with all deposits guaranteed, there and retain public confidence The
noteholder has no
would be slight inducement to offer a large capital such means of protecting himself as the
depositor. The
to attract deposits, or to accumulate a large surplus latter need not patronize a weak
or poorly-managed
for such purpose. The ordinary depositor would no institution. Sometimes it may
be necessary to go a
longer be put on inquiry with reference to the charac- little outside of the immediat
e neighborhood to find
ter of the management or the standing of the institu- the strong and properly-manage
d bank, but at any
tion, since, with his deposits protected, or apparently rate he is in position, with a
little pains and inconvenprotected, he would feel that he had small cause for un- ience, to guard the money he
has at risk. Not so the
easiness in any event. Thus, the bad bank would noteholder. Mr. Fowler
proposes to make his series
flourish with the good bank until failure overtook the of bank notes full legal tender
for everything except
scheme, and it was shoWn by experience that the the payment of interest on the
public debt. Thus,
plan was Utopian and visionary. We know it is every one would be obliged
to accept the notes. Fur
n
638
THE CHRONICLE
lVoL. Lxxxvi.
their deposits.
thermore, these notes would not circulate merely in the rate of interest allowed the banks on
1%.
only
be
y
to
is
Fund
Guarant
the district where the issuing bank was situated, and in the
The author of the bill evidently entertains the
.where its condition and character could be ascertained,
come into
of
but might circulate 3,000 miles from the point issue, idea that some State institutions might
there is
a
but
law,
bill
the
with
system
national
bank
might not the
'where knowledge concerning the issuing
banks,
national
the
of
that
ity
some
possibil
a
least
be
within
at
the
;be available and certainly would not
,
deposits
the
ment
5%
against
the
require
of
view
the
With
in
notes,
.reach of the whole population.
Yet,
system.
the
national
forsake
to
decide
,
might
and
the
with
deposits
therefore, standing on a level
discard the
with a pseudo guaranty of the deposits, it might easily it is difficult to see how Mr. Fowler could
the 5%
,
with
deposits
because
against
ment
require
d
full
5%
public
not
comman
bappen that the notes would
Fund
ty
the
alone
ion
Guaran
circulat
the
on
figured
Merthe
as
does
say,
to
confidence, It is no answer
$31,ing
to
only
(amount
reduced
much
so
be
of
would
the
favor
bill,
in
nt
chants' Association in its argume
no
it
would
that
seen)
already
have
we
as
,
500,000
the
year
of
first
end
the
that the Guaranty Fund at
its
de,
and
lose
thus
magnitu
g
imposin
of
be
longer
the
total
times
ten
to
would reach a sum amounting
ing the public by reason of its very
losses of depositors and note holders of all the national potency for impress
to
size.
1907.
1865
from
years
wo
banks during the forty-t
The Guaranty Fund is to perform another function
With the incentive to good management and to large
protection for deposits and circucapital and surplus in large measure removed, are not besides serving as a
to purchase the Government
conditions so totally different that computations based lation. It is to be used
bonds released with the removal of the requirement of
on past losses possess little value?
collateral as security for the notes.
• It should also be noted that forming the Guaranty Government bond
3,850 of the 2% consols of 1930
Fund willimpose considerable burdens upon the banks. On Feb. 29, $560,35
for bank circulation and $43,To create this Guaranty Fund the banks are required were held as security
security for Government deto deposit with the Treasurer of the United States in 342,000 were held as
r $603,695,850. These bonds,
gold coin or other lawful money 5% not alone (as posits, making togethe
the purpose they now serve (for
already said) of their circulating notes, but of their no longer needed for
15, also eliminates the requiredeposits. A 5% redemption fund against their cir- Mr. Fowler, by Section
security for Government deposits),
culating notes they are now required to keep. The ment of collateral as
would necessarily come on the marnew feature is the 5% fund against the deposits. This the greater portion
only 2% interest,there would be no
involves an amount nine to ten times as large. ket, since, bearing
hold them as investments. FurtherThe 5% on the $632,458,712 notes is only a little inducement to
price would drop heavily in any event,
over $31,500,000. But the 5% on the $5,800,644,223 more, their
fact that they have been indispensadeposits calls for more than $290,000,000. This would since it is only the
notes that has given them their
bank
for
make over $320,000,000 which would pass perman- ble as security
We certainly could not expect
value.
ently out of the possession of the banks since it is present market
d a higher figure than the
comman
to
consols
required that each institution must at all times have our 2%
sell in the neighborbood
which
consols,
23'%
on deposit on the 10th days of January and July 5% British
.of its average deposits during the preceding calendar of 87.
Accordingly, in disposing of their present holdings
six months and 5% upon its outstanding notes. It is
ment bonds—and by Section 24 of the bill
true that the banks are to be allowed to count as a of Govern
bank is to be allowed to pay out over its
part of their required reserve the amount on deposit no national
Jan. 1 1909 any bond-secured notes—the
with the United States Treasurer. But on the other counter after
involved in large losses. With a view
be
hand they are to keep the same reserve against banks would
such contingency, it is provided in
against
g
their outstanding note circulation that they now are to guardin
shall be purchased from the
bonds
the
that
required to hold against their deposits, namely 25% the bill
interest. The Guaranty
accrued
and
104
at
in reserve and central reserve cities and 15% elsewhere. banks
the
for the purpose. This is
means
provide
is
to
Fund
• The situation as regards the individual banks may
but the banks will
ance,
clever
contriv
a
ly
obvious
be illustrated by taking the case of a bank with a
providing the funds with which to buy
capital of $1,000,000, a circulation of $1,000,000 and themselves be
No money for the purpose will come from
deposits of $15,000,000. Such a bank,by reason of the bonds.
source.
the 5% requirement,would have to contribute to the any other
it is, the Guaranty Fund will be quite inas
Even
and
$50,000
Guaranty Fund $750,000 on its deposits
the purpose. In the bill as drawn by
on its circulation, making $800,000 altogether. A adequate for
was a provision that if the 5% fund
bank like the National City Bank of New York, which Mr. Fowler there
to sufficient to purchase all the
by its statement of Feb. 14 had $12,712,497 of circu- should not amount
by the banks, the U. S.Governlating notes outstanding and $193,563,232 of deposits, U. S. 2 per cents held
much of its deposits then held by
would be obliged to contribute to the Guaranty Fund ment should use so
necessary to purchase the re$9,678,162 as the 5% on its deposits and $635,625 as the banks as might be
to an aggregate of $200,000,000.
the 5% on its circulation, making $10,313,787 to- mainder of the bonds
revenues falling off, as they are
gether. This it would be allowed to count as part of its But with Government
Treasury disbursements exceeding
25% reserve; but on the other hand its aggregate now doing, and
was evidently an element of
reserve requirement would be $3,178,125 greater than Treasury ingoes, there
in the retention of this proviunder existing law by reason of the 25% reserve iisk to the Government
outcome might have been that
requirement against circulation. Nor will the banks sion. The eventual
would have been obliged to issue new
any longer have the use of Government deposits free the Government
get the funds with which to take up
of interest. The bill provides that they must pay bonds in order to
by the banks. Accordingly, in the bill
2% per annum on such deposits. On the other hand, the bonds held
MAR. 141908.]
THE CHRONICLE
639
as reported to the House, the provision referred to has
We have already seen that very extensive facilities
been stricken out, and therefore the Guaranty Fund are provided for the retirement of the notes through
will provide the only money with which to purchase the redemption agencies to be created. But the notes
the bonds at 104 and interest. It may be noted that are sent out clothed with full legal-tender attributes
this price is also an amendment made in committee, in every-day business affairs and under such circum'as Mr. Fowler had proposed to pay the price paid by stances a tax of no more than 2% per annum would
•the respective banks for the particular bonds held by .be manifestly insufficient to drive the notes home when
them.
they were no longer needed to move the crops or for
The situation, therefore, is that the 5% Guaranty other mercantile purposes. The Merchants' AssociaFund, as based on both deposits and circulation, will tion in its argument in support of the bill says that a
provide a total ,of only $320,000,000 (even when credit currency fountled upon adequate cash reserves
figuring the deposits on the largest possible basis, will so respond to the demands of business that when
including Government deposits, amounts owing to no longer needed no high tax will be required to drive
other banks, &c., &c.), whereas the 2% consols it out of circulation. This, however, loses sight of the
now held by the banks aggregate, as we have fact that the notes by reason of their legal-tender
already seen, $603,695,850. In this contingency it is character are made so attractive-,-being available for
now provided that if more bonds are offered than there all uses except as bank reserves and in payment of
.are funds available for purchase, there shall be taken interest on the public debt—that there would be little
only a pro rata proportion of such offerings. The rest inducement to get rid of them. Possibly with the
the banks would have to hold until more funds became note-issuing function lodged in some large central
available—a slow process.
bank, as is the case in many of the European countries,
Is it not likely, too, that the low tax imposed upon the argument might.not be open to the same critithe notes would prevent ready contraction in their cism, but there are over 6,600 banks in the naVolume? This tax is only 1% each six months, or 2% tional system, and it would be too much to expect
per annum. At the same time the banks are to be these banks to be governed by considerations such as
• allowed to issue these credit notes to the amount of would influence the action of the managers of a central
their capital, and, with the consent of the board of banking institution. With the tax only 2%, the cost
managers of the Bank Note Redemption Agency in of the notes to the banks would be less than 291% per
which the bank is located, they may even issue notes annum, after allowing for the 25% cash reserve reto an amount 100% in excess of the paid up and un- quired against the notes,and hence any rate of interest
impaired capital. The capital of the banks is $901,- above 29'% would leave a profit in keeping the notes
681,682; twice this latter would be $1,803,000,000 as afloat. In this state of things, would not the notes
the maximum of notes that could be issued. At pres- once out stay out? Would they not drift towards
ent only $632,458,712 of notes are outstanding. Of the financial centres, and become available for
course, with the absence of a bond requirement for speculative uses? What a gigantic speculation it
the notes, there would not be the restriction on the would be possible to foster under such conditions,
taking out of circulation that now exists, and thus particularly with a deposit-guaranty provision putting
the possibility is presented of a maximum note issue good management at risk, seems very obvious. And
nearly three times the amount of the present volume when a panic like that of last October came with the
of notes.' lAs an offset to this possible addition of maximum amount of notes already out, how would
$1,171,000,000 of new notes, there would be simply the the banks be in position to meet this special need
contraction to be effected by the retirement of the legal- for currency.
tender notes, and this would come slowly and reach
The Banking and Currency Committee has stricken
a maximum of only $196,681,016—namely $346,681,- out the provision in the bill allowing the banks
016 of legal-tenders less the $150,000,000 of gold to engage in a savings bank business. The comreserve now held against the same. It is rather mittee should have gone a step further and eliminoteworthy that there is no reference whatever to the nated also the sectioh of the bill allowing the banks to
outstanding silver or silver certificates, of which $532,- do a trust company business. In the form in which
730,594 are in circulation. As the bill contemplates this provision now stands, it is as little objectionable
the use of the $150,000,000 gold reserve in the retire- as it is possible to have it, since the investments of
ment of a corresponding amount of legal tenders, the all trust funds are to be expressly subject to the laws
situation ultimately will be that there will be no of the several States. But the provision is neverthespecial gold fund to ensure the convertibility of silver less wrong in principle. National banks should be
into gold.
limited to a strictly mercantile business. Acting in a
Just how much money would be withdrawn from fiduciary capacity should be left to local institutions
circulation by the requirement of a reserve against cir- especially created for the purpose. As, however, we
culation it is impossible to tell, as the requirement var- have discussed the suggestion embodied in this proies. Out of the 25% required in reserve cities 732% vision quite at length on a previous occasion, there is
may be kept in central reserve cities, and out of the no need to , rehearse here the numerous objections
15% required by the country banks 4% may be kept which exist against endowing the national banks with
on deposit in reserve or central reserve cities. The trust functions.
requirement of actual cash, therefore, is 25% in central
The conclusion to which all this leads is that the
reserve cities, 173/2% in reserve cities and only 11% Fowler bill, while possessing many good points, also
by the country banks. Whatever the amount of contains much of a highly experimental nature. It
money tied up under the reserve requirement, it seems to us that to make it workable and acceptable
would be relatively small alongside the tremendous it will be necessary to alter it in some essential reincrease permitted in circulation.
•
• spects.
• •
640
THE CHRONICLE
[VOL. Lxxxvi.
legislators, both State and national, still keeping up
NET
FOR
EARNINGS
AND
GROSS
RAILROAD
their attacks on the railroads, and doing everything
THE CALENDAR YEAR.
in their power on the one hand to decrease railroad
The compilations of the gross and net earnings of rates and railroad revenues, and on the other hand
United States railroads which we present to-day possess by new and vexatious requirements adding further
unusual interest at this juncture. Asfar as the exhibit to their expense accounts, is it at all surprising that
of the gross is concerned, it is highly satisfactory, for railroad values kept steadily shrinking throughout
the falling off in traffic and collapse in general trade the year, until confidence became completely underwhich came after the panic in October did not make mined and the panic, with all its disastrous consetheir influence felt until the last month of the year. quences, ensued, bringing industrial activity suddenly
As regards the net results, however, the showing is to a stop, which now, in turn, is being reflected in
just the reverse. In face of an improvement of large perfectly frightful losses in railroad earnings, both
magnitude in the gross revenues, net earnings, treat- gross and net? We need not discuss here the causes of
ing the roads collectively, are found to be actually the great increase in operating cost, since the facts are
smaller than in 1906. This gives an idea of the trying familiar to practically everyone. The chief factors
conditions under which railroad affairs have been car- were the increases in wages, the decreased efficiency
ried on, and the peculiar dilemma in which the rail- of labor, the higher price of many things entering into
the operating cost of the roads, and last, but not least,
roads find themselves at this moment.
extra burdens imposed upon the carriers by govthe
enough
bad
As these figures show, the situation was
ernmental
regulations and requirements, State and
in
mounting
up
before, when gross earnings were still
national.
are
a striking way; but now that the gross receipts
•
falling away in a most startling manner, the roads are ' January 1 to December 31.
Increase or Decrease.
(152 roads.)
1906.
1907.
reduced to a state of helplessness. It is this fact
Amount.
%
171,316
+1,712 0.94
that gives force and timeliness to the discussions which Miles of road
173,028
$
$
$
2,287,501,605 2,090,595,451 +196,906,154 9.59
Gross earnings
have been current this week of a movement for a gen- Operating
expenses
1,626,748,060 1,425,315,260 +201,432,800 14.13
eral advance in freight rates. Either higher rates Net earnings
—4,526,646 .68
660,753,545 665,280,191
must be obtained or wages will have to be reduced;
Though our totals are of huge proportions, they by
and the way losses in earnings are piling up, it may bemeans cover the entire railroad system of the counorder
to
no
avert
in
steps
both
take
to
necessary
come
general insolvency. The old level of expenses cannot try. For a number of large companies, prominent
be continued if, owing to business depression (resulting among which are the Milwaukee & St. Paul and the
mainly from the condition to which the railroads have Great Northern, the Northern Pacific and the Burlingbeen reduced), there is to be shrinkage in traffic to ton & Quincy, we have been able to procure only figures
of gross. These added roads we bring together in a
the extent of 10 to 25%.
Our totals are of enormous magnitude, and serve separate table at the end of this article. With them
by their size to direct attention to the importance of included; the length of road for which we have returns
the railroad industry—that industry which now, above of gross is raised to 205,276 miles, embracing a few
all others, has been put in peril. The aggregate of the thousand miles in Canada but none in Mexico. On this
gross earnings for the twelve months of the calendar 205,276 miles, the aggregate of the increase in gross is
year 1907 of the roads contributing returns to our brought up to the imposing figure of $221,642,861.
compilations is $2,287,501,605. This compares with a Even then we do not have the entire railroad mileage
total for the same roads for the calendar year 1906 of the whole country, a small amount of road being
of $2,090,595,451. Thus, there is an increase of still unrepresented. We estimate that if we could
9.59%, or $196,906,154, notwithstanding the loss have returns for all the roads, the gain in gross earnwhich came.in the closing month, December. Owing, ings for the twelve months of the calendar year would
however, to the higher operating cost, expenses in- reach $230,000,000. The loss in net we should judge
creased 14.13%, or $201,432,800. As a consequence, (based on the net results of the missing roads for the
net earnings have actually fallen off in amount of fiscal year ending June 30 1907) would be not less than
$4,526,646. Let the reader ponder well the ,signifi- $10,000,000—in other words, an addition of $240,000,cance of these figures. The railroad transportation 000 in expenses turned a gain of $230,000,000 in gross
service rendered by the roads was augmented to such into a loss of $10,000,000 in the net.
There has been only one other calendar year since
an extent that their gross revenues were increased
in amount of nearly 200 million dollars, and yet their 1896 that has shown any loss in net, namely the calprofits were cut into in such a way that this huge addi- endar year 1904. In the gross the record of growth
tion to their revenues yielded no gain whatever in has been absolutely uninterrupted. In previous
net, but actually left them 43 million dollars poorer annual reviews we have always taken great pleasure
in referring to this achievement in railroad developthan they were in the year preceding.
Bear in mind one other circumstance. To be in ment, pointing with pride to the yearly additions
position to move the enormous additional traffic repre- to the revenues that had been piling up in such a
sented by the 200 million dollars gain in gross receipts, magnificent way ever since the successful political
the companies had to make large additions to their settlement of 1896, when truth triumphed over error,
equipmen.t and facilities. In other words, consider- and when so many of the political heresies of the
able new capital had to be put into the properties, on day, some of which are again current, were conwhich the roads are entitled to earn a decent return. signed to what was supposed to be a lasting oblivion.
Get with a larger requirement for dividends and in- To-day, with the railroads everywhere in great stress,
terest charges, net earnings, as we see, were really less with earnings falling off and showing losses as large
than in 1906. In such a state of things, and with our as the previous gains, we can simply point to this
MAR. 14 19084
THE CHRONICLE
magnificent record of the past as showing the state
of things upon which the country has turned its
back, deliberately as it were. The following furnishes a summary of the gains in gross and net for
each of the last eleven years.
Increase in—
1907 over 1906
1906 over 1905
1905 over 1904
1904 over 1903
1903 over 1902
1902 over 1901
1901 over 1900
1900 over 1899
1899 over 1898
1898 over 1897
1897 over 1896
1907 over 1896
Gross.
Net.
$230,000,000 Loss$10,000,000
250,000,000
85,000,000
180,000,000
60,000,000
10,000,000 Loss 5,000,000
50,000,000
210,000,000
105,000,000
2,000,000
155,000,000
70,000,000
120,000,000
32,000,000
140,000,000
55,000,000
90,000,000
30,000,000
75,000,000
45,000,000
$1,565,000,000
$414,000,000
Thus during these eleven years of progress and
development we added $1,565,000,000 to the annual
gross earnings of United States railroads and $414,000,000 to the annual net earnings—that is to say
our railroad carriers actually earned 1,565 millions
more gross in 1907 than they did in 1896 and 414
millions more net. The history of nations affords
no more imposing exhibit of advancement than this
—no more surpassing triumph. The era of progress
and development might still be going on to-day
except that through our policy in destroying railroad
credit and railroad activity, we have been inviting
the very disaster under which the country is now
groaning. We are paying the penalty for our recklessness and lack of foresight and wisdom. By
striking at the railroads we have been simply striking
at our industrial vitals and the whole country is now
staggering under the effects of the blow. The moral
and the lesson are obvious. We can bring back
the old state of activity and prosperity if we will
simply reverse our policy, send the political leaders
responsible for this policy to the rear, and give assurance to investors and the moneyed classes that
the principle of live and let live is to govern hereafter, thereby attracting capital again into the railroads and other industrial agencies instead of repelling it.
The figures in the table above, given in round
numbers, are approximations intended to cover in
each year the results for the whole railroad mileage
of the country. In other words, we have made an
allowance for the small percentage of mileage in each
year unrepresented in our statements. In the following we show the totals just as registered in our
compilations each year. The aggregates are a little
smaller, but the general results are the same. In the
whole series of years since 1896 there has been not
one in which we have been obliged to record any loss
in gross and only two (besides 1907) in which there
has been any loss in the net.
Gross Earnings.
Net Earnings.
Y'ar
Year
Given.
Year
Preceding.
Increase or
Decrease.
Year
Given.
Year
Preceding.
Increase or
Decrease.
1890 995,911,844 923,921,519 +71.990,325 325,070,66 310,533,311 +14,537,355
1891 1068,333,463 1025,147,383 +43,186,080 348,999,840 327,648,764 +21,351.076
1892 1068,570,963 1013,500,678 +55,070,285 341.021,517 334,279,273 +6,742,244
1893 950,257,148 966,601,520 —16,344,372 292,489,300 302,900,174 —10,410,874
1894 930,303,005 1049,745,525 —119,442,520 286,166,115325,6435,016 —39,438,901
1895 976,821,976 920,006,966 +56,815,010 308,915,881 283,227,325 +25,688,556
1896 970,867,270 972,173,718 —1,306,448 293,856.699 299,637,327 —5,780,628
1897 1050,003,222 998,025,924 +51,977,298 341,280,498 306,365,696 +34,914,802
1898 1118,561,053 1050,691,611 +67,869,442 364,293,656 342,385,415 +21,008,241
1899 1209,137,161 1099,217,301 +109,919,860 413,354,253 367,336,951 +46,017,302
1900 1374,123,161 1265,982,763 +108,140,398 461.790,98 432,565,578 +29,225,407
1901 1522,309,165 1383,335,544 +138,973,621 528,962,185 464,161,655 +64,800,530
1902 1528,344,977 1446,397,592 +81,947,385 489,879,407 493,045,517 —3,166,110
1903 1733,784,055 1547,759,417 +186,024,638 552,260.597503,557,044 +48,703,553
1904 1774,971,552 1766,512,970 +8,458.582 553,586,21 557,485,916 —3,899.697
1905 1895,473,120 1745,392,445 +150,080,675 591,875,952 543,770,532 +48,105,420
1906 2103,087,760 1894,008,617 +209,019,143 065,080,905 592,176,002 +72,904,903
1907 2287.501,60.2090,595,451 +196,906,154 660,753,545 665,280,191 —4,526,646
Note—The number of roads included was 202 in 1890; 214 In 1891 206 In 1892'
192 in 1893; 199 in 1894; 2()2 In 1895; 196 in 1896; 185 In 1897; 176 in 1898; 165 In
1899; 175 in 1900; 155 In 1901; 166 In 1902; 167 in 1903; 170 In 1904; 148 In 1905,
159 In 1900 and 152 In 1907.
Neither the Mexican roads nor the coal-mining operattons of the anthracite coal
roads are included in this table.
641
When the roads are arranged in groups according
to their location or the character of their traffic, the
same feature of high operating cost and increased
expenses as that already noted in the case of the
grand totals is observable. Everyone of the eight
groups shows a gain in gross, but all except two of
the groups have losses in the net. The two groups
which form, exceptions to the rule of loss in net are
the Anthracite Coal group and the Middle Western
group. The gain in this last instance is trifling.
The increase in the net of the coal group follows a
loss the previous year and is entirely due to a special
cause; in 1906 the coal roads suffered from a suspension of coal-mining in the spring, there having
been complete abstention by the miners from work
during April and up to the 10th of May; and a heavy
increase in expenses resulted from that cause. In
1907 there were no labor troubles at the Anthracite
mines and coal-mining was prosecuted on a greatly
enlarged scale, allowing the roads to save a considerable
portion of the increase in the gross for the net. This
improvement in the net of the Anthracite roads gives
additional significance to the loss in net by United
States railroads as a whole, for it brings out the
fact that,except for the gain by the Anthracite roads,
the generalloss in net would have been of yetlarger proportions. In the following we show the comparative
totals for the different groups. Further below we
furnish a detailed statement giving all the separate
roads for each group.
SUMMARY BY GROUPS.
Section or
Group.
Gross Earnings.
1907.
Jan.ltoDec.31
New Eng.(9)
Tr. Lines(13)
An. Coal.((11
E.& Nlid.(23)
Mi3.W.(31).
N. W. & N
P. (18). _ _
S. W.& S.P.
(18)
Southern(29)
1906.
Net Earnings.
1907.
1906.
Inc. or Dec.
121,239,607 115,397,393 30,089,828 30,902,730 —812,902 2.63
657,713,336 609,509,697 172,497,202 174,664,674 —2,167,472 1.24
182,205,516 161,632,162 70,399,634 63,026,183 +7,873,451 12.49
80,461,657
72,288.834 21,294.941 21,652,065 —357,124 1.65
149,565,301 140,435,597 39,410,491 39.175,163 +235,328 .60
310,263,826
284,311,569 108,178,696 110,958,820 —2,780,124 2.51
499,077,372 439,811,316 148.664,894 149,698,123—1,033,229 .69
286,974,990 267,208,883 69,717,859 75,202,433 —5,484.574 7.29
Total (152)2,287.501,6052,090,595,451 660.753,545665,280,191 —4,526,646 .68
.Mexlean (4)_
68,565,663
58,913,452 21,326,635 19,055,384 +2,271,251 11.92
Mileage.—The mileage for the above grout) is as follows: New England, 6,141
miles, against 6,102 miles in 1906; Trunk Lincs. 29,060, against 28,973; Anthracite
Coal, 5,670, against 5.670: Eastern & Middle. 4,687, against 4,531; Middle Western,
12,255, against 12,197; Northwestern & North Pacific, 31,631, against 31,163;
Southwestern & South Pacific, 52,370, against 51,582; Southern, 31,214, against
31,098; grand total, 173,028, against 171,316. Mexican, 6,611, against 6,579.
It is rather noteworthy that losses in the net earnings were recorded through half the different months
of the year. The months so distinguished were
January, February and September, October, November and December. The losses in the two early
months were due in great part to the circumstance
that comparison was with a period of extremely mild
winter weather in 1906 and with extraordinarily large
gains in gross earnings at that time by reason of that
fact. These losses were followed in April, May. and
June by gains of very exceptional magnitude in both
gross and net by reason of the fact that comparison
was with the period of the suspension of coal mining
in both the anthracite and the bituminous coal
districts. After that the gains in gross earnings
rapidly diminished and in December there came an
actual loss in the gross. In the net decreases were
resumed in September and grew each month
thereafter until in December, with a falling off in the
gross earnings and no saving in the expenses, the
loss in the net amounted to $11,644,048, or over 25
per cent.
[VoL. Lxxxvi.
THE CHRONICLE
642
GROSS AND NET EARNINGS.
Gross Earnings.
Net Earnings.
Month.
1907.
1906.
Inc. or Dec.
1907.
1906.
Inc. or Dec.
January _ 133,840,696 123,664,663 +10,176,033 36,287,044 37,096,918 -809,874
February 123,920,810 115,123,660 +8,797,150 30,669,08232,319,683 -1,650,601
+63,814
March __ _ 141,580,502128,600,109 +12,980,393 40,967,927 40,904,113
April...... 142,884,383 115,863,354 +27,021,029 42,521,54933.639,112 +8,882,437
May _ 144,267,760 121,074,984 +23,192,776 43,765,83637,319,290 +6,446,546
June ___ _ 132,060,814 114,835,774 +17,225,040 41,021,55936,317,207 +4,704,352
137.212,522118,666,092 +18,546,430 41,891,83739,448,771 +2,443,066
JulyAugust _ _ 144,913,337 128,178,064 +16,735,273 45,629,104 44,849,985
+779,119
Septemb'r 141,220,009 128,047,787 +13,172,222 41,818,85545,413,358 -3,594,503
October_ _ 154,309.199 141,032,238 +13,276,961 46,983,60850,847,903 -3,864,295
November 138.079,281 133,284,422 +4,794,859 39,171,387 46,113,47 -6,942,084
December 132,199,76 141,312,429 -9,112,667 34,354,158 45.998,206-11,644,048
--_
Note.-Percentage of Increase or decrease in gross for the above months has been
Jan., 8.22% inc.; Feb., 7.64% Inc.; Mch.. 10.09% inc.; April, 23.32% inc.; May,
10.89% inc.; June, 14.99% inc.; July, 15.63% Inc.; Aug.: 13.06% inc.; Sept.,
10.28% Inc.; Oct., 9.41% inc.; Nov., 3.60% inc.; Dec., 6.45% dec.
Percentage of increase or decrease in net for the above months has been: Jan..
2.18% dec.; Feb., 5.11% dec.; Mch., 0.15% inc.; April, 26.41% inc.; May. 17.27%
Inc.; June, 12.95% inc.; July, 6.17% Inc.; Aug., 1.74% Inc.; Sept., 7.92% dec.;
Oct., 7.60% dec.; Nov., 15.05% dec.; Dec., 25.31% dec.
In Jan. the number of roads was 97; in Feb., 94; in March, 94; in April, 91; in
May. 92; in June, 84 in July, 82; in Aug., 86; in Sept., 84; in Oct., 88; in Nov. 87:
in Dec., 89.
PRINCIPAL CHANGES IN NET EARNINGS IN 12 MONTHS.
Decreases.
Increases.
$3,222,109
Philadelphia & Reading_ x$2,493.881 Baltimore & Ohio
2,376,492
Del Lack & Western_ _ _ _ 1,661,296 Southern Pacific
Delaware & Hudson_
on..
_
1,629,673 Atch Top & Santa Fe... 1,898.042
1,869,044
Buffalo Roch & Pittsb_
1,012,941 Southern Railway
Boston & Maine
1,004,558 Louisville & Nashville_ _ _ 1.721,291
Central of New Jersey_ _ _
990,196 N Y Central & Hud Rtv_ a1,482,413
1,332,133
Lake Shore & Mich Sou_ _
974,484 Atlantic Coast Line
1,257,050
Kansas City Southern_ _ _
889,974 Boston & Albany
Michigan Central
866,000 Chicago & North Western 1,213,940
Duluth Missabe & No...
1,165,184
834,094 Erie
961,344
Colorado & Southern..
766,052 Chicago Great Western....
801,173
Lehigh Valley
596,659 Minn St P & SS M
569,879
Denver & Rio Grande_ _ _
579,800 Central of New England_
541,913
Grand Trunk (3)
n525,914 Phila. Bait & Washington
510,611
Wabash
505,761 Long Island
Missouri Kansas & Texas
470,462
481,170 Chic St P Minn & 0
Norfolk & Western
350.862
479,598 Duluth & Iron Range__..
301,036
N Y Chic & St Louis......
385,645 Missouri Pacific
283,387
St Louis Southwestern_
352,492 Georgia RR
Midland Valley
262,633
344,096 Chic Ind &
Louis
&
San Fran.... _
St
334,349
Pennsylvania (2)
y283,630
Wisconsin Central
279,987
Toledo St Louis & West_
258,890
Representing 27 roads
in our respective
compilations
$18,531,140
Representing 20 roads
in our compilations_ $22,599,998
a This is without the Bostonr& Albany. Including that road, the decrease would be $2,739,463.
is Covers 12 months on Grand Trunk proper but 11 months on Grand
Trunk Western and Detroit Grand Haven & Milwaukee.
x These figures are for the Railroad Co. and do not include the operations
ofithe Coal & Iron Co.
These figures cover all the'llnes directly operated east and west of
Pittsburgh and Erie. The net on Eastern lines decreased $1,228,761 and
the net on Western lines Increased $1,512,391. Including the lines controlled
but operated separately, there was an aggregate decrease in net east and
west of Pittsburgh and Erie of $722,954.
The returns of the separate roads also furnish evidence of the general nature of the augmentation in expenses. The Pennsylvania Railroad is an excellent
illustration. Counting all lines owned, operated and
controlled, this vast system added $30,887,361 to its
We now insert our detailed statement for the calengross earnings, but suffered a decrease of $722,954 in dar year, classified in groups in the same way as our
its net earnings. The Southern Pacific, while adding summary statement above, and giving the figures for
$18,317,285 to its gross earnings, lost $2,376,492 in each road separately.
the net. The Union Pacific, though adding $9,405,665 EARNINGS OF UNITED STATES RAILROADS FROM JAN. 1 TO DEC.31.
to gross, has only $37,752 gain in the net. The
Net
1907.
Inc. or Dec.
1906.
1906.
1907.
$
New England$
$
$
Atchison, with $10,161,145 increase in gross, sustained Bangor
& Aroos_ b. 3,184,176 2,876,748
1,042,717
-52,161
990,556
& Albany__ 12,354,003 11,705,413
2,834,994 -1,257,050
1,574,944
$1,898,042 falling off in the net. And these illustra- Boston
Boston & Maine_ b__ 41,697.821 40,256,500 10,554,625 9,550,067 +1,004,558
+8,342
82,663
Rev B &Lynn b
800,274
91,005
790,203
tions might be continued almost indefinitely. In the Bost
Bridgeton&SacoRiv b
+1,549
15,155
52,397
16,704
46,981
148,017 -569,879
Cent New Eng_b_-- 2,273,936 1,896,789 def421,862
following we show all changes for the separate roads for New Lon & Nor_ b_ _ 1,032,795 1,109,884 def1,985
-41,295
• 39,310
+61,134
NYNH& Hart_b_ 56,786,118 53,915,665 16,429,841 16,368,707
c821,100
+31,900
amounts in excess of $250,000, both in gross and net. Rutland b
3,058,087 2,799,210
c853,000
In the case of the gross there is only one road with a Total (9 roads).._121,239,607 115,397,393 30,089,828 30,902,730 -812,902
k Figures for 1907 and 1906 include the operations of the Newburg Dutehess &
loss reaching the amount named, the Chicago Great Connecticut
and the Dutchess County RR.
These results are partly estimated.
c
Western, while the array of gains is a most imposing
--Gross
one. In the net there are nearly as many losses as
Inc. or Dec.
1906.
1907.
1907.
1906.
Trunk Linesthere are gains, and some of these are of large magni- Balto & Ohlo_b____ 83,357,868 80,552,847 25,410,081 28,632,190 -3,222,109
C & St Louis_ b. 26,447,804 24,594,916 c6,303,000 6,162,200 +140,800
tude, more particularly in the case of the Baltimore & CC
Erle_a
54,516,256 51,167,847 13,111,093 14,276,277 -1,165,184
34,768,221 32,151,412 9,669,735 9,053,928 +615,807
Cr Trunk Ry_a
1842,669
West_a
+41,564
/5,783,022 /5,142,508
/884,233
Ohio, which, with $2,805,021 gain in gross, is obliged Cr Trunk
/419,466 -131,457
/288,009
Det Gr Hay & Mil_a /1,627,084 11,563,989
c9,868,581
So_
+974,484
AI
b_
_
&
Sh
c10,843,065
Lake
44,953,475
42,544,379
to report a loss of $3,222,109 in the net.
c5,431,300 c4,545,300 +886,000
Mich Cent&Can So b 28,547,109
PRINCIPAL CHANGES IN GROSS EARNINGS IN 12 MONTHS.
Increases.
Increases'
y$25,034,658 Seaboard Air Line
Pennsylvania (2)
$1,128,494
18,317,285 Vandalla
Southern Pacific
1,093,714
10,161,145 Mobile & Ohio
Atch Top & Santa Fe
1,047,466
•
9,405,665 St Louis Southwestern..
Union Pacific
1,024,495
8,291,191 Wheeling & Lake Erie_
Rock Island
1,008,195
Canadian Pacific
967,466
' 7,886,289 Wabash
7,295,767 Western Maryland
St Louis 80 San Fran__ _
956,254
N Y Central & Hud Riv a5,63).700 Central of Georgia
823,604
Nashville
x5,089,127
Chatt
&
St L..
Philadelphia do Reading
779,996
Del Lack & Western.....
4,301 ,593 Chicago & Alton
706,490
3,814,295 N Y Ontario & Western
Illinois Central
682,414
Lehigh Valley
3,588,238 Boston & Albany
648,590
Norfolk & Western_ _
3,411,156 Minneapolis St P & SSM
623,091
Erie
3,348,409 Hocking Valley
599,691
Grand Trunk (3)
n3,320,418 Wisconsin Central
572,879
Louisville & Nashville....
3,223,058 Yazoo & Miss Valley_ _ _
564,951
Central of New Jersey
3,160,473 N Y Chic & St Louis_ _ _
563.462
Delaware & Hudson_ _ _
3,091,664 Midland Valley
542,170
Missouri Kansas & Tex_
534,812
2,989,571 Long Island
Chicago & North West._
2,900,994 N Y Susq & Western....
527,165
NYNH & Hartford
2,870,453 Toledo & Ohio Central_
511,050
Chesapeake & Ohio_ _
2,867,326 Buffalo & Susquehanna
498,062
Atlantic
Baltimore & Ohio
2.805,021 Atlanta Birm &
450,274
Missouri Pacific (2)
2,594,477 West Jersey & Seashore
448,620
Lake Shore & Mich Sou_
2,409,096 Pittsburgh & Lake Erie
433,680
Southern Railway
2,338,191 Chic St Paul Minn & 0_
383,347
Michigan Central
2,271,521 Minneapolis & St Louis
377,735
Denver & Rio Grande
2,229,342 Central of New England
377,147
Colorado & Southern
2,130,463 Bessemer & Lake Erie..
366,187
Buffalo Roch & Plttsb_
1,960,809 Bangor & Aroostook__ _
307,428
Duluth MIssabe & Nor_.
1,857,341 Alabama Great Southern
286,871
Clev Cin Chic & St L
1,852,888 Rutland
258,877
Texas & Pacific
1,757,060 Georgia Southern & Fla
258,277
Pacific Coast
Central
1,622,390 Texas
251,523
Northern Central
1,604,865
Kansas City Southern...,
Representing 77roads
1,448,043
Boston 84 Maine
In our compilations.$193,644,667
1,441,321
Atlantic Coast
1,402,647
Decreases.
Philo, Bait & Washirren
1,314,331 Chicago Great Western_
$314,179
a This is without the Boston & Albany.
crease would be $6,279,290.
Including that road, the in-
n Covers 12 months on Grand Trunk proper. but 11 months on Grand
Trunk Western and Detroit Grand Haven & Milwaukee.
x These figures are for the Railroad Co. and do not Include the operations
of the Coal & Iron Co.
y These figures cover the lines directly operated east and west of Pittsburgh and Erie. The gross on Eastern lines Increased $16,572,943 and the
gross on Western lines Increased $8,461,715. Including the lines controlled
but operated separately, the aggregate increase in gross east and west of
Pittsburgh and Erie is $30,887,361.
Note.-Figures in parenthesis after name of read indicate the number of
lines or companies for which separate returns are given in our compilations.
26,275.588
80,384,3.56 c21,510,431 c22.992,844 -1,482,413
2,322,511 +385,645
2,708,156
9,902,209
148,239,882 45,205,477 46,434,238 -1,228,761
80,522,307 23,195,220 21,682,829 +1,512,391
26,467.457 7,937,402 7,431,641 +505,761
Total (13 roads).657,713,336 609,509,697 172,497,202 174,664,674 -2,167,472
oN Y C & Hud R_ b. 86,015,056
N Y Chic & St L.b.. 10,465,671
Penn, E of P & Erie 164,812,825
West of P&Er 88,984,022
Wabash_ b
27,434,923
c These figures are partly estimated.
These figures are for 11 months only.
Note.-In the above we show in the ease of the Pennsylvania Railroad the results
for the lines directly operdted only, east and west of Pittsburgh and Erie. Including
the roads controlled but separately operated (such as the Northern Central, West
Jersey & Seashore, Philadelphia Baltimore & Washington, Grand Rapids & Indiana,
Terre Haute & Indianapolis, &e., &e., all of which will be found below in the respective groups where they belong), the aggregate gross earnings of the whole
Pennsylvania Railroad system for the calendar year 1907 were $326,785,526, against
$295,898,165 for the calendar year 1906, an increase of $30,887,361, and aggregate
net earnings were $83,631.445 for 1907 and $84,354,399 for 1906, a decrease of
$722,954.
o These are results after deducting the earnings of the Boston & Albany included
In the New England group above.
Net
1906.
Inc. or Dec.
1907.
1907.
1906.
$
Middle Western$
$
4,056,313 3,981,436
+74,877
Chicago & Alton_a_ 12,698,698 11,992,208
1,842,371 -262,633
Chic Ind & L'ville..a 5,771,426 5.896,068
1,579.738
175,803
262,188
+86,385
Detroit & Mack_a__ 1,324,834
1,231,466
849,184
913,990
+64,806
Elgin Jol & E'n_a__ 2,773,260 2,663,756
Evans & Ind_ _ la
913,473
843,779
Evans & T Hautel
-69,694
2,284,328 2,236,650
2,132,276
2,130,123
Hocking Valley_a__ 7,121,718 6,522,027
-2,152
Illinois Central _ a_ _ _ 58,091,475 54,277,180 15,659,328 15,603,155
+56,173
336,149
518,869 -182,720
Kanawha & Mich_a 2.397,209 2,234 665
1,250,900
1,352,500 -101,600
Lake Erie & W n_b_ 5,066.939 5,212,810
Manistique b
18,631
64,027
96,438 def19,026
-37,657
Pennsylvania Co-Lines not included in Trunk Lines Group above.
def69,326 de133,970
Cent Indiana_a
148.136
161,788
-35,356
55,775
81,701
Chic Leb & Nor_a
320,604
336.195
-25,926
189.667
150,986
Cine & Musk Val a
933,813
845;396
+38,681
521,387
Clev Akron&Col a 2,285.969 2,046,567
476,491
+44,806
778,338
Or Rap & Ind_a_ 4,149,694 3,900,605
765,970
+12,368
GrRao&Inda
36,391
42,854
Id
-6,4t3
166,789
161,151
3,389
. Traverse City_a
14,888
89,272
-11,419
75,450
75,147
Cin R & Ft W a
127,258
657,913
657,897
-52,111
PittsChart&Y'gh a 467,535
207,208
+13,9(7
193,241
423,880
'I' Haute&Peoria b
46,682
764,175
87,297
-40,615
709,562
+44,441
Tol Peorla&W..a_ 1,287,593
210,996
166,555
1,225,347
Vandalla_a
1,885,672 +173,3(0
9,289,011
8,195,297 2,059,032
Waynesb & Wash a 143,889
+1,466
30,911
29,445
147,496
Wheeling Term_a
+1,641
130,022
245,518
128,381
227,730
-2,610
Louisv B'dgeCo_a
186,347
363,587
189,007
378,109
+96,476
Pitts & L Erie_ b_ _. 14,915,184 14,481,495 3,383,083 3,287,507
Tol & Ohio Cent_a_ 4,873,550 4,362,500
1,421,984
1,234,299 +187,685
1,385,427 1,126,537 +258,890
Tol St L & West_a_ 4,244,067 4,163,868
-3,881
Wab Chester & Wes
13,919
125,570
111,855
17,800
-85,817
Wheel & L Erie_b
6,483,927 5,475,732
1,729,730
1,815,547
Total (31)
149,565,301 140,435,597 39,410,491 39,175,163
+235,328
-GUMS
1907.
$
Anthracite CoalCent of New Jer_ b__ 28,086,930
Del & Htulson_b___ 20,141,693
Del Lack & Western 37,264,473
Lsd lines NY St_ b./13,488,429
Sy= Bing&NY b 1,514,984
181,813
Sussex RR
351,466
Bang & Portland..
29,397
Lack Sz Montrose_
.eLehigh Valley_ b _ 37,180,090
NY Ont & West'n a 8,216,140
N Y Susq & West_ a 3,366,464
c Phuia & Reading b 45,872,066
Total(11)
1006.
1007.
24,926,457
17,050,029
32,962,880
/11,674,808
. 1,434,488
186,901
294,614
28,977
33,591,852
7,533,726
2,839,299
40,782,939
12,570,673
8.009,074
15,724,734
/6,948,773
711,941
30,591
193.181
def3,148
13,624,510
2,510,924
842,705
16,684,439
Net
1906.
11,580,477 +090,196
6,370,401 +1,629,673
14,063,438 +1.661,296
/5,958,426 +090,347
503,027 +208,914
+4,562
26,029
+64,004
129,187
-5,063
1,915
+596,659
13,027,851
2,291,756 +219,168
+10,161
832,544
14,190,558 +2,493,881
182,205,516 161,032,162 70,899.634 63,026,183 +7,873,451
/ Not Included in footings because included in earnings of the system under which
this road appears.
--Gross1907.
1906.
Eastern and
$
$
Middle979,136
910,013
/3alto Ches & Atl_ _ _
64,688
57.069
Bellefonte Cent_ b_ _
Bess & Lake Erte_a_ 8,376,952 6,010,765
Buff Roch & Pitts_ b 9,428,145 7,467,336
Buffalo & Susq_a__ 2,138,714
1,638,652
Cornwall _ a
220,287
201,124
Cornwall & Leb_ b_ _
455,367
436.668
Cumberland Vali_ b_ 2,935,107 2,904,162
758,685
Fonda Johns & Gl_b
792,582
147,949
Genesee & Wyom_b
115,317
80,251
Greenw & Johnsv _ b
94,647
841,350
Hunting & Bd Top_
884,687
708,501
Lehigh & Hudson_ b
908,583
Long Island_ b
10,130,407 9,595,595
741,242
760,041
Maryl'd Del & Va b_
354,354
Maryland & Penn..a
385,654
464,518
552,254
New Jer & N Y.b_ _
111,427
106,362
N Y & Penna_b_
13,237,493 11,632,633
Northern Cent'l_b
Phila Balto&Wash b 17,255,572 15,941,241
886,365
915,573
Ulster & Delaw_b
W J & Sea Shore_ b_ 5,654,904 5,206,284
6.111,042 5,154,788
West Maryland_a
1906.
1907.
Inc. or Dec.
-74,861
220,601
12,483
+7,159
2,887,283 -211,685
2,776,927 +1,012,941
567,883 -163,222
-15,759
107,715
-32,649
226,475
+28,801
1,084.727
+12,302
370,678
+8,652
35,893
+6,775
27,526
+5,064
312,305
-11,372
287,752
2,114,433
510,611
29,949
-49,871
116,857
+16,6'30
51,018
+4,729
31,334
-3,515
+13,221
2,854,255
4,341,254 -541,913
-64,812
251,128
-20,506
1,249,370
1,803,319 +227,378
Net
1900.
-357,124
Inc. or Dec.
67,752.255 25,148,464 25,371,779 -223,315
8,729,748
1,799,765
2,761,109 -961,344
66,437,599 20,163,774 21,377,714 -1,213,940
13,417,884 3,935,908 4,415,368 -479,462
742,805
257,978
-18,460
276,438
8,142,813 4,471,431
4,822,293 -350,862
10,076,298 6,984,404 6.150,310 +834.094
+11,735
136,262
336,878
147,907
1,003,548 -133,019
869,629
3,120,299
-2,171
278
18,188 def 1,895
+92,252
897,787
990,039
3,051,067
-54,238
199,001
145,663
746,823
+4,757
1.290,668
1,295,425
3,685,671
12,242,328 4,911,882 5,713,055 -801,173
+62,645
1,322,305
1,384,950
6,442,898
520,285 +135,538
655,823
1,570,488
+37,752
70,528,107 32,232,367 32,194,615
2,505,107 +279,987
7.260,420 2,785.094
310,263,826 284,311,569 108,178,696 110,958,820 -2,780,124
--Gross--1006.
1907.
South West and
$
South PacificAtch Top&Sa Fe_ b. 96,846,518 86,685,373
2,321,004
Colo Midland _ a_ _ 2,443,339
Colo & Southern_a_ 14.511,678 12,381,215
22.460,166 20,230,824
Den & Rio Gr_b_
Kan City South'n_a 9,936.396 8,487,453
598,147
Midland Valley__ 1,140,317
Mo Kan & Texas_ b. 20,148.901 23,159,330
Mo Pac & Iron MI
Central Branch' b 49,182,033 46,587,556
252,722
306,676
Nev-Cal-Oregon_b _
75,461
89,220
Nevada Central_ b_ _
585,819
629,295
Rio Gr South'n_b_
82,413,785 54,122,504
Rock Island _a
St L & San Fran.(
Chic & East Ill_ 4a 51,896,90 44,601,213
St Louis & So West_ 10,638,267 0,813,772
Sou Pacific syst_a_132,475,068 114,158.683
1,034,642
'rexas Central _a_ _ _ 1,288.165
Texas & Pacific__ - 18,671.668 14,914,608
Total (18)
Net
1906.
80,461,657 72,288,834 21,294.941 21,652,065
1907.
North West cfc
North Pacific-Canadian Pacifica- 75,638,544
Chicago Gt Wesen_b 8,415,569
Chic & No West_a_ _ 69,338,593
Chic St P Minn & Oa 13,801,231
860,432
Copper Range_a
Dui & Iron Range a 8,066,684
11,933,639
Dui Miss & Nor_a
403,229
Dui It L & Winn...
Dui So Sh & Atl_ _ - 3,346,401
10,786
Fairch & No E'n_b_
Iowa Central _ a_ _ 3,134,467
813,869
Mineral Range_ b _ _
Minn & St Louisa _ 4,063,406
Minn St P&SSMb 12,865,419
Pacific Coast
8,065,288
St Jos & Or Isl.b.__ 1,730,198
Union Pacific_ a_ _ _ 79,933,772
Wisconsin Cent_a_ 7,833,299
Total (18)
1907.
$
145,740
19,642
2,675,598
3,789,868
404,661
01,956
193,826
1,113,528
382,880
44,545
34,301
317,369
276,380
1,603,822
def19,922
133,487
56,647
27,819
2,667,476
3,799,341
186,316
1,228,864
2,120,697
1907.
Net
Gross
Inc. 07 Dec.
c These figures are for the Railroad Company only and do not Include the operations of the Coal & Iron Company.
e These figures are for the Railroad Company only, and for the last half of 1907
are on the new basis of accounting required by the Inter-State Commerce Commis-
Total(23)
643
THE CHRONICLE
MAR. 14 1908.1
Net
1906.
Inc. or Dec.
31,462,456 33,360,498 -1,898,042
-84,203
582,004
497,801
4,435,497 3,660,445 +766,052
7,850.829 7,271,029 +570,800
3,588,872 2,606,898 +889,074
45,038 +344,096
389,134
7,946,441
+481,170
8,427,611
14,470,057 14,780,003
134,535
157,334
28,183
23,901
250,269
211.043
15,927,424 15,997,740
-301,036
+22,7P9
-4,282
-30,226
-70,316
14,821,218 14,586,869 +334,349
2,538,475 +352,492
2,890.967
37,913,417 40,280,909 -2,376,492
-64,407
461,012
396,605
+34,043
5,059.685
5,093.728
499,077,372 439,811,316 148,664,894 149,698,123 -1,033,229
Mexican RoadsInteroceanie
Mexican Central
Mexican Internat'l.
National of Mexico_
1907.
1906.
1907.
$
$
7,593,765 6,942,725 2,139,754
35.305,070 29,226,070 10,390,793
9,075,962 7,954,073 2,947.350
16.590,866 14,790,584 5,848,738
1906.
Inc. or Dec.
1,897,308 +242,446
8,569,966 +1,820,827
-10,710
2,958,060
5,630,050 +218.688
Total (4 roads)._ 68.565.663 58,913,452 21,326,635 19,055,384 +2.271,251
As already stated, besides the roads furnishing exhibits of gross and net there are some important systems which give out figures only of the gross. Starting with the total of the gross in the foregoing, we add
these other roads in the table we now subjoin
GROSS EARNINGS OF UNITED STATES RAILWAYS JAN.1 TO DEC.31.
1907.
.
Jan. 1 to Dec. 31.
Increase.
1906.
$
$
$
Reported above (152 roads)__ 2,287,501,605 2,090,595,451 196,906,154
Ala New Orl & Texas Pacific142.121
3,113,521
3,255,642
New Orleans & Northeast'n
1,632,112
1,485,605
146.507
Alabama & Vicksburg
1,655,539
1,495,519
160.020
Vicksburg Shreve & Pacific_
77,008,971 7,507,239
84,516,210
Chicago Burlington & Quincy_
2.332,731
671,751
3,004,482
Chicago Ind & Southern
57.978,655 2.305.245
60,283.900
Chicago Milwaukee & St Paul_
1,721,773
8.635
1.730,408
Chicago Terminal Transfer ___
1.027.727
1,005,198
Cincinnati Northern
4,198,249
258,453
4,456,702
Detroit Toledo & Ironton
54.705,443 5,403,580
60,109,023
}
Great Northern System
Montana Central
105,692
7,752.176
7,857,868
International & Great North'n
3,050,281
3,010,347
Peoria & Eastern
7,656.018
64,692,454
72,348,472
Northern Pacific
415,948
411.031
Sierra Railway
279,789
1,535,030
1.814,819
Southern Indiana
167.137
770,277
937.414
Toronto Hamilton & Buffalo__
Decrease.
$
22,529
48.934
4,017
',595,531,672 2,373,888,811 221,718,341
221,642,861
2,323
202,953
205.276
Total (169 roads)
Increase (9.33%)
Mlles of road
In this way we arrive at the gain of $221,642,861
referred to above. This, it will be understood, is not
conjecture, but deals with actual recorded results.
The mileage covered is 205,276 miles, leaving still a
small percentage of roads not represented, and which,
if they could be included, would swell the gain to
$230,000,000, as stated above. We add the following,
comparing the total in the table last given with similar
totals derived in the same way for previous years.
January 1
to
December 31.
1894 (244 roads)_ _
1895 (242 roads). _
1896(237 roads)_ _
1897 (230 roads).1898 (223 roads). _
1890 (201 roads). _
1900 (205 roads)._
1901 (180 roadsl. _
1902 (184 roads"...
1903(181 roads)_
1904 (183 roads).
1005(162 roads)._
1906 (171 roads)._
1907 (169 roads)._
Mileage.
Year
Given.
Year
Preceding.
Miles.
156,911
157,537
162,037
165,253
164,893
164,080
172,358
179,097
181,928
181.138
196.724
195,251
203.411
205,276
Miles.
155,950
156.110
161.340
163.840
163,075
161,295
167,396
176.673
178,929
177,427
193.257
193,385
199,983
202,953
I Increase(±)
or
Decrease(-).
Year
Preceding. '
Gross Earnings.
Year
Given.
1,046,616,407 1,176,821,735 -130.205,328
1,086,464,608 1,024,461,781 +62,002,827
-266,004
1,114,430,883 1,114,696,887
1,185,154,654 1,122,817,579 +62.337,075
1,253,807,714 1,172,777,136 +81.030.578
1,332,666,853 1.213,686,610 +118.980.243
1,459,173.305 1,345,201.005 +113.972.300
1.603,911,087 1,454,922,185 +148,988,902
1.705,497.253 1,604,633,539 +100,863,714
+202,193,361
1,918,652,252
1,966,596,578 1,957,831,299 +8,765,279
2,099,381,086 1,929.382,949 +169.998,137
2.374,196,410 2,132,282,814 +241.913.596
2,595.531,672 2,373,888,811 +221,642,861
P
•
•
Note.-Neither the Mexican roads nor the coal-min ng operations of the anthracite coal roads are included in this table.
To complete our review, we also annex the following
summary of the monthly totals of the gross, covering
for each month all the roads for which it has been possible to obtain the necessary figures.
Month.
January
February
March
April
May
June.
July
August ..
September
October
November
December
MONTHLY GROSS EARNINGS.
%
Inc. or Dec.
1906.
No. of Rds. 1907.
123 $173,212,305 $162,623.883 +510,588,422 6.51
6.37
122 162.283,992 152,555,191 + 9,728,801
118 180,539.532 164.645,009 +15,894,523 9.65
118 188.130.451 154.894.748 +33,235.703 21.45
121 195,943.305 165.890,345 +30,052.960 18.12
121 183.125,657 161,235,109 +21,890,548 13.57
116 187,069,790 163,685.258 +23,384,532 14.28
121 197,288,033 175,726,323 +21.561,710 12.27
118 192,548,022 175,505,039 +17,042,983 9.71
120 213,697,727 198.843,678 +16,854,049 8.56
+5.791,173 3.14
120 189,988,564 184,197.391
123 174,422,451 184,893,810 -11,471,359 6.20
---GTOss
Net
Inc. or Dec.
1906.
1907.
1906.
1007.
Southern+18,407
714,137
732,544
Ala (it Southem_a_ 4,168,097 3,881,226
43,160
-255
23,418
23,191
46,951
Ala Tenn & N 0
1,362,254
378,183
450,272
+72.089
Atl Birm & Alta.. 1.812,528
7,267,104 -1,332,133
Atl Coast Line_ a_ _ _ 27,351,924 25,949,277 5.934,971
2,784,265 -170,301
Cent of Georgia_a_ _ 12,466,883 11.643.279 2,604,964
150,723
300
6,962
-6,662
147,835
Chattan Southern_ a
-72,043
28,189,556 25,322,230 9.665,474
Chesap & Ohio_ b
9,737,517
17,247
22,845
42,708
+5,598
Chester & Lane_ b_
66,078
1,841,976
1,915,240
-73,264
Clue NO & T Pac_ a 8,860,683 8,615,228
34,019
298,727
48,627
-14,608
Col Newb & Lau_a_
315,713
377,762
661.149 -283,387
Georgia RR a
3,076,359 2,938,024
382,222
345,916
+38,306 ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S.
Georgia So & Fia_a_ 2,357,673 2,099,396
610,931
669,366
-58.435
Gulf & Ship Isl _ a__ _ 2,498,189 2,325,466
-The public sales of bank stocks this week aggregate 24
189,702
240,665
542,908
-50,873
Lex'ton & E'n_b
603,594
381,581
1,187,961
+7,912 shares, of which 22 shares were sold at the Stock Exchange
373,669
Louisiana & Ark_a_ 1,238,821
11,905,791
13,627,082 -1,721,291
Louisv & Nashv.b. 48,894.724 45,671.660
168,862 def34.635
-49,292 and 2 shares at auction. The transactions in trust company
14,657
174,896
Macon & Birm'ham
-40,886
2,978,530
11.048.920 10,001,454 2,937.644
Mobile & Ohlo_a
Nash Chat & StL_ b_ 12,326.929 11,546,933 2,548,190 2,722,235 -174,045 stocks reach a total of 100 shares. Two shares of stock of
Norfolk & West_ b_ _ 33,097,721 29,686,565 11,935,783 11,456,185 +479,598
29,873
26,168
+3,705 the Nassau Bank were sold at 205%, an advance in price of
119,429
79,335
Raleigh & S'port_a_
627,642
+11,739
815,003
RichFreds & Pot_ a_ 2,006,430
part of January, when the last
Seaboard Air Line_ b 16,747,743 15,6 10:2 49 3,407,410 3,550,732 -152,322 19 points since the latter
Southern Ry_a___ _ 57,601,488 55,353,297 11,087,137 12,956,181 -1,869,044' previous sale was made.
18,650
+5,115
100,657
13,535
89,676
Tidewater & West b
-4,770 Shares. BANKS-New York.
15,059
66,417
Low. High. Close. Last previous sale.
19,829
59,244
Tombigbee Valley
436,258
332,168 +104,090 *22 Commerce, Nat. Bank of-- 150
1,176,076
1,028.089
Virginia & S W_b
Mch. 1908- 149
150
150
+10,239
69.080
58,841
256,950
236,645
Wrightsv & Ten_ b.
Jan. 1908- 186
205
2053 205
2 Nassau Bank
1,481,133
1,637,924 -156,791
Yazoo & MissVall...a 9,977,927 9,412,976
TRUST COMPANIES-New York.
Total (20 roads)_286,974.090 267,208,883 69,717.859 75,202,433 -5,484,574
Mch. 1908- 159
157
157
157
90 Carnegie Trust Co
Grand total (152). _2287501 605 2000505451 660,753,545 665,280,191 -4.526,848
Feb. 1908-1105
10 Farmers' Loan & Trust Co--1081 1081 1081
a et earnings here given are after deducting taxes.
* Sold at the Stock Exchange.
b Net earnings here given are before deducting taxes.
644
THE CHRONICLE
—Announcements in the daily papers this week stated
that President Roosevelt had delegated Herbert Knox Smith,
Commissioner of Corporations, to institute an investigation
into the methods of trading on the principal stock exchanges
of the country, with a view, it was stated, to furnishing the
basis of future legislation regulating such practices. Yesterday, however, Secretary Straus of the Department of Commerce and Labor issued the following explanatory statement:
Secretary Straus states In regard to the matter of bucket shops that
the President has simply referred the matter to this Department, with
the request that Herbert Knox Smith, Commissioner of Corp3ratIons, be
Instructed to examine certain bills aimed at bucket shops, and to report
his vb.ws on the general subject.
The President has not ordered any general investigation of st-ck exchanges, and Mr. Smith has been instructed to use his own judgment in
reporting upon the subject and getting the facts that the President desires.
[VOL. Lxxxvi.
investments in bonds by commercial banks is not in the line
of good banking, and that no emergency currency measure should be adopted that would encourage banks to buy
bonds for future use, or that will make necessary the purchase of bonds in an emergency in order to obtain a currency supply. Everything a bank owes, it is declared,
is payable on demand, and its assets at all times should be
kept in the most liquid state possible. "The provisions
of the bill," say the committee, "would probably never be
availed of except in the direst extremity. For stringency
in crop-moving periods they would, in our judgment, be
inoperative." "The purchase of bonds," it is added, "with
its attendant risk of loss, the tax of 6%, the locking up of
probably 15 to 25% of the cost of the bonds, would make
the interest charge on the currency received so high that
no banker could be induced to take it out. Even in the
face of approaching panics bankers would hesitate to pay
so high a rate for money." The report also declares that
"the risk of loss involved in the purchase of bonds for emergency purposes would be great, especially if bought when
speculative prices prevail." It is urged further that "the
purchase of bonds during an emergency, as security for
circulation, would weaken the cash condition of banks
unless at the same time they were using Clearing-House loan
certificates in settlement of balances between themselves,
for the money required to purchase the bonds would be onethird greater than the amount of relief obtained and would
have to be paid for in lawful money through the Clearing
House.". The committee recommends, for the reasons
set out, that the New York Board of Trade and Transportation enter its protest against the passage of the,bill, and
that the Committee on Finance be authorized to take such
steps as in its judgment seem wise to oppose the enactment of such law. Besides Mr. Gilbert, the, members of
the committee are Albert Plant, Louis Windmuller, William
S. Gray, E. A. De Lima and George C. Boldt,
—The Committee on Currency of the National Association of Credit Men has issued to the members of the association a letter pointing out what it considers defective points
in the Aldrich Currency Bill, and asking the members to
act unitedly in protesting against the ,enactment of the
measure. James G. Cannon, Vice-President of the Fourth
National Bank of this city, is Chairman of the committee.
—At a meeting of the Boston Chamber of Commerce on
the 6th inst., resolutions opposing the passage of the Aldrich
Currency Bill were unanimously adopted. The resolutions
were offered in a report presented by the Committee on
Banking, of which James J. Storrow is Chairman, and are
as follows:
—The New York State Senate, by a vote of 27 to 16,
passed on Tuesday a bill creating the position of Third
Deputy Superintendent of Banks, to take charge of the
New York City branch of the State Banking Department.
—The bills regulating reserves recommended by Superintendent of Banks Clark Williams were reported for amendment and second reading in the Assembly on the 6th inst.
According to the "Albany Evening Journal" the changes
affect the banks, individual bankers and trust companies in
the boroughs of the Bronx, Brooklyn, Queens and Richmond. The maximum reserve of 25% for banks and 15%
for trust companies in these boroughs is unchanged, but the
requirement as to cash in vault has been made 124% for
banks and 10% for trust companies. Under the provisions
of the bill governing institutions in New York City which
before amendment were to apply to the above-named
boroughs, three-fifths of the 25% reserve required to be
maintained by the State bank is to be in cash, while the
whole of the 15% trust company reserve is to consist of cash.
—The Cincinnati Clearing House Association reported a
week ago the amount of scrip still outstanding was only
about $10,000, or in the neighborhood of one-half of one
per cent of its total issue of $2,100,000.
—The Greeley, Col., Clearing House Association reports as
outstanding less than $200 of the clearing house certificates
issued last fall. The total amount of such issue, it is said,
was but $36,000.
—Of the million or more certificates issued by the Seattle
Clearing House Association, there is now outstanding, the
Seattle "Post Intelligencer" states, not more than $20,000.
The retirement of the certificates has been under way since
January.
—A delegation representing the Merchants' Association of
New York appeared before President Roosevelt this week
and laid before him the objections framed against the Aldrich
Resolved. That the Boston Chamber of Commerce Is opposed to the
Bill by the Association's Committee on Commercial Law. passage
of Senate bill 3023, for the amendment of the national banking laws,
as "The Aldrich Bill," because,
known
One of the arguments against the measure made by the com1. It is makeshift legislation, which tends to perpetuate another piece
legislation originally adopted as a war measure, and which
mittee is that "upon the slender resource of a gold fund of of makeshift
had chiefly for Its object the creation of an artificial demand forGovernment
150 million dollars depends the solvency of 340 millions of bonds rather than a scientific, elastic currency.
2. It provides for the subtraction of $500,000,000 of mercantile balances
United States notes, 600 millions of silver certificates, for from active trade.
3. It contemplates the Investment of $500,000,000 of deposits payable
whose parity with gold the nation's faith is pledged, and on demand in long-time obligations instead of in short time, and constantly
maturing obligations which constitute the proper and customary method of
nearly 700 millions of national bank notes—a total of over employing
bank deposits.
acute strain on our national banks of the recent panic is now over,
1,600 millions of promises to pay on demand. To this vast theThe
country Is not under the stress of war, and the Boston Chamber of
believes that now is tile proper time to set the house in order by
responsibility Senator Aldrich's bill proposes to add another Commerce
a comprehensive, constructive and scientific piece of currency legislation,
500 millions with no corresponding increase of reserve gold and we have confidence that the intelligence and patriotism of Congress can
give us a currency system
equal In merit the best system In
—making more than 2,000 millions of currency to be made vogue in any other country.which will
The contemplated legislation should embody the following features:
good by the United States with 150 millions in gold."
(1.) An elastic currency which shall expand and contract, not merely
under the crux of a great commercial crisis, but shall be sensitive to the
—A report expressing the opposition of the Finance seasonable and other minor fluctuations of trade.
(2.) The currency should be guaranteed by the Government.
Committee of the New York Board of Trade and Trans(3,) The Government should be amply protected In its guaranty by such
as shall serve to fully cover any possible loss under the guaranty. •
portation was presented. to the latter on Wednesday by tax(4.)
The currency should not be marked or labeled in any way as emergency circulation, but should consist of a fluctuation in amount cf the
Alexander S. Gilbert, Chairman of the Committee, and currency
normally in use.
President of the New York Clearing House Association, (5.) If the currency is to be secured by the special pledge of collateral
the banks should be permitted to deposit with the Government clearingand unanimously adopted by the Board. The objection- house certificates secured In turn by the deposit with the local clearing
short-time mercantile paper.
able features of the bill, in the estimation of the Committee, house of
Chicago Association of Commerce has sent to the
—The
are:
"1. Its passage would postpone for an indefinite time further swims Chicago members of Congress a letter embodying resoluconsideration of currency reform.
"2. It would add one more unwise provision to our already defective tions adopted on February 28 by the Executive Committee
banking system, viz,, the inducement it offers to banks to invest In railroad,
of the Association disapproving of Senator Aldrich's CurState, county and municipal bonds.
"3. Under the provisions of the bill,
taking
billout currency and rency Bill. The Association regards as unsound the princost of the
putting It In circulation would be so heavy that
would probably
be inoperative."
ciple embodied in the bill that the currency should be based
In the judgment of the committee the passage of the on bonds, believing that any such emergency is absolutely
bill should be opposed on the general ground that "it would rigid and does not meet the varying demands of the country
bring no benefit whatever to our defective currency system, at different seasons of the year. It also declares as "unbut on the contrary would probably introduce an element necessary and oppressive" the high tax which the bill proof weakness into our banking situation,'!, It is argued that poses on the the currency issued under its provisions. "If,
TIIE CHRONICLE
MAR. 14 1908.1
however," it states, "the bill were amended by reducing
the tax to not over 2%, and by providing for the receiving
as security for the currency (in addition to the bonds already
specified therein) clearing-house certificates issued by the
banks in reserve cities and based chiefly upon commercial
paper, it is our opinion that the most objectionable features
of the bill would be removed, and that the bill so amended
might be a wise step toward currency reform."
.—The motion for the appointment of a permanent receiver for the Knickerbocker Trust Ctii, of this city was dismissed on Saturday last at the hearing before Supreme Court
Justice Clark, at St. George, Staten Island, and an order was
signed permitting the company to resume business at noon
on Thursday,the 26th inst. Justice Clark's action was based
on the recommendation of State Superintendent of Banks
Clark Williams, who was directed to examine into the company's affairs and report as to the safety and practicability
of the plan for resumption. In his report• Mr. Williams
stated that the examination showed the capital of $1,200,000
to be unimpaired, and in addition there is a surplus of $711,444. The following tabular statement was introduced in the
report to show the condition on Feb. 28 1908, after making
proper deductions:
Stock and bond investments
Bonds and mortgages
Real estate, net
Loans and bills purchased
Cash In office and on deposit
Due from banks
Accrued Interest due company
$5,736,391 84
2,986,293 59
2,350,000 00
27,202,544 81
11,765,015 99
4,002 28
948,173 15
Total
$50,992,421 66
• The total liabilities are given as 849,080,978, exclusive
of capital and surplus and inclusive of a contingent liability
of $300,000 on account of real estate at Broadway and Exchange Place. The report gives the gross deposits of the
company on Feb. 29 as $46,370,621, and makes the following
statement with reference to the assents to the plan of resumption:
Liabilities.
Deposits payable at opening
Deposits deferred
Due National Bank of Commerce
Capital
Surplus subject to expenses of receivership, ase
645
$9,030,000
26,725,000
1,521,000
1,200,000
14,175,000
$52,651,000
The company has been closed since Oct. 22 last, its suspension following a run resulting in the withdrawal of $8,000,000. On the previous day the company had been notified by the National Bank of Commerce that that institution
would cease to clear for it, and on that day, also, CharlesiT.
Barney resigned as the company's President. Mr. Barney's
death, it will be recalled, occurred on Nov. 14, from a selfinflicted pistol wound. The plan under which the company
is to resume was given in full in this department on Dec. 28.
Under its terms a majority of the stock has been deposited
and is under the control of the following voting trustees:
Lewis Cass Ledyard, Henry C. Frick and Myron T. Herrick,
who are to choose the board of the reorganized company.
The plan provides for the payment of all preferred deposits
to the full amount. Of the other deposits, 70% are to be
represented by special transferrable certificates of deposit,
and 30% by "surplus certificates,' the latter to be paid
only out of net earnings and surplus and to bear interest at
4%. Ten per cent of the first-named certificates is to be
paid on the date of resumption, and the balance in installments running over a period of two years and four months.
It is stated, however, that if conditions warrant, the depositors may receive the whole amount of their deposits
before the expiration of this time.
—The Advisory Committee of the American Bankers'
Association, on the authority given it by the Executive
Council at the annual convention last September, has
selected Lakewood, N. J., as the place for holding the
spring meeting of the Council. The dates chosen for the
Council meeting are Tuesday and Wednesday, May 5 and
General assents
$36,162,730 78 6, extending to Thursday, if necessary. Monday, May 4,
assents
Qualified
1,254,852 17
General approvals
594,652 04 will be set aside for meetings of the general committees
— — — ——— of the Association and the various section committees, as
Total
$58,012,234 99
The cash requirements at resumption are given as follows: the latter are expected to report to the Council at this
Preferred deposits
$1,844,082 09 meeting.
Assenting deposits
Qualified assents
Non-assenting deposits
Cash reserve
Underwriting subscriptions
Commitments
Expense bills
National Bank of Commerce, &c
2,517,912 32
77,154 13
4,232,715 76
3,502,416 91
86,056 29
365,487 50
25,967 12
1,521,983 59
Total
$14,173,775 71
To meet these requirements, Mr. Williams stated, the receivers had up to Feb. 29 collected $11,765,016, and it was
estimated that during the present month they would receive
$1,500,000 additional. Besides this, it is stated, the contribution of $2,400,000 by the stockholders (one of the provisions of the resumption plan) has been made available.
These several amounts, aggregating $15,665,016, it is pointed
out, are sufficient to meet the above requirements and leave
free cash of $1,491,240, from which amount proper allowance should be made for fees and expenses of receivership
and the Committee on Resumption. Attention is also drawn
to the fact that the above items include the payment in full
of the obligation of the company to its former Clearing-House
agent, the National Bank of Commerce, and provide for the
legal cash reserve. Mr. Williams also takes occasion to state
that"an analysis Of the assets of the company and a conservative estimate of collections indicate the ability of the trust
company to meet its obligations to depositors as they mature from time to time during the period covered by the
agreements postponing payment thereof." He adds that
"an estimate of the probable earnings of the company, made
by the examiners, indicates that during the period covered
by the plan of resumption (29 months), the gross earnings
should approximate $3,800,000, while during the same period
the expenses, including interest to be paid to depositors under the plan, should not exceed $2,000,000. The apparent
profit thus indicated would be $1,800,000." The following
statement was submitted as showing the approximate condition of the company on the day of opening, under the terms
of the resumption plan:
Assets.
Stocks and bonds
Bonds and mortgages
Real estate
Loans
Cash
$5,735,000
2,986,000
2,350,000
25,700,000
15,660,000
$52,651,000
—At a recent meeting of the directors of the Mechanics'
National Bank of this City, S. T. Morgan, President of the
Virginia-Carolina Chemical Co., was elected to the board.
—Charles W. Morse and Alfred H. Curtis, formerly VicePresident and President, respectively, of the National Bank
of North America of this city, were indicted on Wednesday by the Federal Grand Jury on charges alleging conspiracy and the making of false entries in the bank's books.
The joint indictment contains twenty-nine counts, eleven
for conspiracy and eighteen for false entries. Both pleaded
not guilty to the charges. They were granted two weeks
within which to change their pleas and argument on the
motion was set for the week beginning March 30. Mr.
Morse's bail was fixed at $30,000, and was furnished by
the Masachussetts Bonding & Insurance Company. He
is also held under a similar amount of bail on charges returned against him several weeks ago by the special grand
jury, alleging grand larceny and purjury in matters
connected with the discounting of a 'note received from
Morgan J. O'Brien. Mr. Curtis was held in $10,000 bail,
furnished by his sister-in-law.
—Suit against the former directors of the National Bank
of North America for the recovery of some 8700,000 claimed
to have been lost in stock transactions was begun by Receiver Charles A. Hanna on the 7th inst. The defendants
are reported to be Charles W. Morse, John H. Flagler,
William F. Havemeyer, President of the bank at the time
it closed in January; Alfred H. Curtis, former President;
Ashbel H. Barney and James T. Barney, as executors of
the will of Charles W. Barney; John W. Gates, Charles M.
Schwab, Henry Chapin Jr., Robert M. Thompson and
Morgan J. O'Brien. The complaint alleges, it is said,
that the bank lost heavily in transactions in American Ice
Securities Company stock bought from Mr. Morse at different times, and in various other purchases.
Receiver Hanna also instituted suit on Monday to recover
$405,673 from Mr. Morse, alleged to have been obtained
by the latter through dummy loan transactions. Besides
this, there is understood to be an attachment against Mr.
646
THE CHRONICLE
Morse for $243,000 levied under the bank's claim during
his absence in Europe. An involuntary petition in bankruptcy was filed against Mr. Morse yesterday in the United
States District Court. The appointment of a receiver, however, was refused by Judge Holt until the settlement of the
question as to whether the petitioners were genuine creditors
of Mr. Morse.
—The receivers of the Mechanics' & Traders' Bank of
this city, have discharged the debt of that institution to
the Clearing House, having been accorded permission by
the court to pay the indebtedness. At the time of the
bank's closing on January 29 it held Clearing-House certificates to the amount of $1,900,000, secured by $6,000,000
collateral.
—The Phenix National Bank of this city issued on the
14th inst its third annual detailed statement, showing not
only the condition of the institution, but the character and
value of its assets. The present management has been in
control a little less than three years, during which time, it is
stated, it has charged out all bad and doubtful assets, added
over $300,000 to surplus and profits, and on the first of the
year commenced the payment of regular dividends. The
statement referred to shows surplus of $400,000 and undivided profits of $130,036. The total resources are $12,476,724.
—After reducing its• capital stock from $1,000,000 to
$500,000 last week, the directors of the Hudson Trust Co.,
Broadway and 42d St., this city, unanimously voted to add
the entire amount represented by the reduction to surplus
fund instead of distributing it to the stocicholders. With a
present capital of $500,000, its surplus is now over $600,000.
—John G. Jenkins Sr., ex-President of the First National
Bank of Brooklyn Borough and of the Williamsburg Trust
Co., died on Thursday at his home in Sea Cliff. Death was
due to an attack of apoplexy believed to have been brought
on through worry over his banking affairs. The several
institutions with which Mr. Jenkins and his sons had been
identified—the First National Bank,the Williamsburg Trust
Co. and the Jenkins Trust Co.—closed their doors last October and indictments charging conspiracy and perjury were
handed down in December against Mr. Jenkins Sr. and
three of his sons. Mr. Jenkins Sr. had occupied a prominent position in business circles in Brooklyn, some of the
interests with which he had been identified as officer or
director having been the Brooklyn Queens County & Suburban RR. Co., the Brooklyn Heights RR. Co., the Brooklyn
Rapid Transit Co., the Brooklyn Union Elevated RR. Co.,
the Fuse Wire & Mfg. Co., the Tompkins Realty League, &c.,
&c. Owing to his financial troubles Mr. Jenkins had severed
his connection with some of these interests.
Supreme Court Justice Townsend Scudder on the 7th
nst, granted the motion for a change of venue for the four
members of the Jenkins family indicted on conspiracy
charges. He moved the venue from Kings County but
did not transfer the trial to any specified place.
—The hearing on the application for the discharge of the
temporary receivers of the Borough Bank of Brooklyn
Borough was adjourned last Saturday by Judge Betts
at Kingston until the 28th inst., in order to permit Referee
Walter Shaw and State Superintendent of Banks Clark
Williams to complete their examinations. Goodwin Brown,
as Receiver of the International Trust Co., has been authorized by Judge Betts to sign the deferred-payment plan for
the latters' claim of $500,000. An order has also been
signed by Judge Betts authorizing the transfer of stock of
the Borough Bank to enable the new directors chosen by
the depositors to elect officers.
—The stockholders of the Ironbound Trust Co. of Newark,
N. J., at a meeting on Wednesday ratified a proposition to
increase the capital from $100,000 to $200,000. The surplus
will also be raised from $50,000 to $100,000. The institution began business on June 3 of last year.
—The Lincoln Trust Company of Boston, Mass., has
been incorporated with $200,000 capital. Fisher K. Rice
is given as President and Howard P. Dodge as Treasurer.
—The Merchants' National Bank at 324 Chestnut Street,
Philadelphia, is reported to have taken title to property
at 310 and 312 Chestnut Street, both of which buildings
are to be altered into banking quarters for its use.
[VOL. Lxxxvi.
—Arrangements for the payment of the second dividend
to the depositors of the defunct City Trust, Safe Deposit &
Surety Co. of Philadelphia have been made by receiver J.
Hampton Moore. The distribution amounts to 19.607%,
and with 41.115% previously paid makes the total payments
60.722%. The institution was placed in receiver's hands in
June 1905.
—An assignment was made on the 6th inst. by William
Slade Clark of Philadelphia, operating as William Slade
Clark & Co. Frederick C. Newbourg Jr., the assignee,
places the liabilities at about $75,000. Mr. Clark had been
a member of the Philadelphia Stock Exchange since 1901.
. —Jos. Channon has become Vice-President of the Northwestern National Bank of Philadelphia, succeeding the late
L. J. Bauer. Mr. Channon also continues as Cashier of the
bank.
—Charles F. Wignall was lately promoted from the assistant cashiership to the cashiership of the Western National
Bank of Philadelphia. C. L. Gilliland and J. Baumgartner
are the Assistant Cashiers of the bank.
—George W. White has succeeded R. A. Chester as First
Vice-President of the Commercial National Bank of Washington, D. C. G. 0. Walson takes the place of Cashier,
previously held by Mr. White.
—In the "Indianapolis'Star" of Feb. 27 G. E. Gregory,
Assistant Cashier of the National City Bank of New York,
is quoted as having made the following statement with reference to the building of the American National Bank of
Indianapolis:
"We have no.bank in New York that will compare with your American
National. It is the most complete as to minute detail I was ever in. In
fact, we think so much of It that we will incorporate many, if not all, its
most desirable features Into our own building. Our bank will be housed
In what is known as the old Custom Building, It having been bought from
the Government. It has been remodeled and is now awaiting the interior
finish. The directors ordered that no expense be spared in making the interior arrangement complete and artistic, and when completed it will be
the most tasteful and convenient banking house in the United States. We
think your American National will greatly aid in this."
—In the United States District Co-urt at Chicago last week
Judge Landis appointed the American Trust & Savings
Bank of Chicago receiver for the Ravenswood Exchange
Bank to supplant the Chicago Title & Trust Co., which was
appointed by the State court at the time of the bank's suspension last November. The action of Judge Landis, according to the Chicago papers, was the result of bankruptcy
proceedings started for creditors who became dissatisfied
with the receivership in the State court and made charges of
insolvency against the bank. Judge Landis stated that
while he had nothing personal against the receiver first appointed, and had no doubt but that everything would be
properly done, in view of the opposition shown by the State
court receiver to the Federal court proceedings, it was
obvious he could not appoint the same receiver. A 20%
dividend was paid to the creditors of the Ravenswood Exchange Bank on the 1st inst. .
—The motion for a new trial for John R. Walsh, formerly
President of the Chicago National Bank of Chicago, Ill., was
denied yesterday by Judge Anderson in the United States
District Court, and Mr. Walsh was sentenced to five years'
imprisonment. Preparations were immediately made for an
appeal to the United States Circuit Court of Appeals on a
writ of supersedeas to stay the execution of sentence pending
review by the upper court.
—Manager Charles F. Hatfield, of the Fraternal Department of the American Trust & Savings Bank of Chicago, has
issued a little pamphlet for the benefit of members of fraternal societies. He terms it "An informal heart-to-heart
talk with members of fraternal insurance societies, calling
attention to a radical and dangerous weakness in the system
and pointing out a remedy." Mr. Hatfield gives figures
to show the magnitude of the insurance business of beneficial
fraternal societies and lays stress upon the importance of
the adoption by them of an improved system of collecting.
He also urges the superiority over an individual of an institution equipped as the American Trust & Savings Bank,
and points out the safeguards offered in its new department
through which collectors are relieved of the burdens of detail
incident to their office. The Manager of the department,
who inaugurated it and worked out its details, is a practical
man of over twenty-five years' experience in a dozen of the
leading fraternal societies.
MAR. 14 1908.]
THE CHRONICLE
—At a meeting to be held on the 23d inst. the stockholders
of the failed National Bank of Commerce of Kansas City,
Mo., are to act on several propositions incidental to the proposed reorganization of the institution. One of the matters
to be considered concerns an addition of $1,000,000 to the
capital, making it $2,000,000. An amendment to the bylaws is also contemplated, providing for a board of twentyone members, instead of fifteen as at present. It is reported
that the notices to the stockholders of the bank show that
in order to meet the requirements of Comptroller Ridgely
there must be provided $2,870,000 of new money before the
reopening. These requirements are summarized in the Kansas City papers as follows:
64'1
onztargiCommexrialAngetistWtexus,
....4104•••••••••••.W.
(From our own Correspondent.)
London, Saturday, February 29 1908.
Business has again been exceedingly slack and disappoint—
ing during the week. On Monday the fortnightly settlement
in mining securities began; on the following day the settlement in all other securities began, and on Thursday the settlement was completed. On Friday the settlement in Consols began. Therefore, the members of the Stock Exchange
have been very much employed in merely completing theseseveral settlements. In addition to this, the joint-stoc
banks have been making up their accounts for the close k
the month, and, as usual, have been calling in loans so or
as:
to make it appear that they hold larger reserves than
they'
really do. This has made money scarcer and has compelled
To cover money tied up In ranch and plantation in Mexico
$600,000 the outside market to borrow largely from the Bank of
EngOther real estate owned and not used In Its business
400,000 land. The best estimate amongst
bankers is that the outside
Bad paper
50,000
Slow paper, face value, $220,000
220,000 market has up to the present borrowed about eight millions
$500,000 face value 5% building bonds
500,000 sterling from the Bank of England,
and between now and
Selling 10,000 shares new stock at $110 per share
1,100,000
the end of March 1 borrowings will probably continue.
On
$2,870,000 the one hand, this large borrowing has
prevented
Efforts are being made to induce Comptroller Ridgely to becoming so scarce as at one time it threatened money from
to be. By
take the presidency of the reorganized bank. The institu- and by the inevitable repayment will come, and it looks now
as
if
early
in
April
there
would
not
be
as much cheapness of
tion has been closed since Dec. 5.
money as hitherto has been anticipated, unless,
of course,
—It has been decided to hold the annual convention of some of the gold sentto New York
during the crisis is returned.
Meantime, business on the Stock Exchange is exceedingl
the Tennessee Bankers' Association on • May 26 and 27 at
y
stagnant. There is a steady investment going on
Memphis.
Prices
are exceedingly attractive, and everybody who
can scrape
—An application to organize the Commercial National money together is buying
favorite securities.
Bank of Greensboro, N. C., capital $200,000, was approved tion has come to a standstill. Mainly, this is But speculadue to the rise
on the 7th inst. The proposed institution is to succeed the in the value of money since the beginning of February. The
great
activity
in
January
was
in
consols
and
other gilt-edged
Greensboro Commercial & Savings Bank, and will be under securities,
all of which
interest considerably lower than
the same management as the latter, the following officers borrowers have to payyield
at the present time. Consequently,
continuing in charge: F. B. Ricks, President; E. J. Staf- careful operators have been deterred from continuing their
operations in consols, and the less careful, finding the pubford, Vice-President, and F. C. Boyles, Cashier.
lic withdrawing, have got frightened and have sold. Proba•—The City National Bank of Greensboro, N. C., was put bly there will be little
resumption of the movement in consols
in charge of a receiver on the 6th inst., following the decision until early in April, when, if the new Budget
is favorable,
of the directors to place the institution in voluntary liquida- the best judges are all looking for a very considerable further
rise
in
all
high-class
securities.
tion. The bank had a capital of $100,000.
In Paris business is quite as slack
—The Georgia Bankers' Association will meet in annual is due mainly to the state of things as it is in London. This
in Morocco. Fully
convention this year at Brunswick. The meeting is to take thousand French troops are now employed in Morocco,eight
and
it is possible that even that number may have to be increased.
place about the middle of June.
Yet the tribes, far from being alarmed, are gaining in con—John .1. Flowers has become Cashier of the New Farley fidence,and;of late
the French have had to fight two or three
National Bank of Montgomery, Ala., succeeding L.W. Tyson. stiff engagements. Thus, the probabilit
y of an early restora—A call has been issued for a meeting of the stockholders of tion of order is growing less and less, and, considering the
attitude of Germany, it would clearly be unsafe to adopt
the Merchants' National Bank of New Orleans, La., to be really
effective measures. Yet it
held on April 2, to take action on the proposition to change France to withdraw altogether fromis scarcely possible for
Morocco, were it only
the name of the institution to the People's National Bank.
because of the engagements she undertook at Algeciras. In.
—J. E. McAshan, Cashier of the South Texas National addition to the anxieties caused by Morocco, there is a certain amount of apprehension springing out of the various
Bank of Houston, Tex., since its organization, was elected rumors concerning
the Baltic and North Sea questions, the
a Vice-President of the institution on Feb. 24, in which ca- Austrian railway policy and the attitude of Russia
with repacity he continues in the active management of the bank. gard to that policy.
In Germany liquidation is going on. The banks hold an
Beverly D. Harris, formerly Cashier of the Commercial Naimmense amount of stock for their clients, and they are gradtional Bank of Houston, has been chosen to succeed Mr. Mc_ ually liquidating, and thus
accumulating liquid funds. But
Ashan as Cashier of the South Texas National.
the liquidation will have to continue for a long time yet.
Money, as already said, has been in strong demand dur-.
—Guinn Williams has been chosen to succeed the late
ing
John C. Harrison as Cashier of the State National Bank of morethe week. The general expectation is that it will be
plentiful next week, and that, as March advances, the
Fort Worth, Texas.
payments out of the Treasury will exceed the payments into
—George P. Levy has recently become President of the it, and therefore will tend to make money more plentiful
Western National Bank of Fort Worth, Texas, and F. H. and cheap. Nevertheless, actual ease is not to be anticipated until early in April, for next month the usual spring
McFarland has become Vice-President, succeeding William agricultural requiremen
ts will take a good deal of money from
Bohning.
London to the interior. In Paris money is exceedingly
—A new financial institution in which Canadian capital is abundant—is, indeed, so over-abundant that the banks find
it difficult to
their balances. Yet the banks are not
interestedlis being organized to operate in Spokane, Wash., employing as employ
large amounts in London and
as might
under the name of the British-American Bank. The "Chi- reasonably have been expected. ApparentlBerlin
y, the political
rumors
receive more credence in Paris than they do in Loncago Banker" states that this is announced to be the first
attempt of Canadian capital to put the Canadian banking don, and the banks, therefore, think it necessary to keep
larger reserves. In the long run, however, unless appresystem into operation in this country under a State charter. hension
grows, the redundancy of money must compel
In the application for a charter the capital is placed at $100,- greater activity upon the bourses..
The India Council offered for tender on Wednesday 40 lacs
000, but it is said that the amount will be increased before
the institution opens for business. H. C. Flumerfelt, Presi- and the applications exceeded 39M •lacs, at prices ranging
from is. 3 29-32d. to is. 3 15-16d. per rupee. Applicants
dent of the British-American Trust Co. of Vancouver, B. C., for bills
at is. 3 29-32d. per rupee were allotted in full.
and H. N. Galer, Vice-President of that institution, will be
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c.,
identified with the management of the new bank.
last four years:
—The Comptroller of the Currency has approved an ap- compared with the
1908.
1907.
1906.
1905.
1904.
Feb. 26.
Feb. 27.
Feb. 28.
plication to organize .the Union National Bank of Pasadena,
March 1.
March 2.
.£
Circulation
27,810,505 27,885,190 28,265,930 27,593,105 27,963,270
Cal., capital $100,000.
Public deposits_
17,177,719 14,979.776 18,096.249 15,190,746 11,117,041
43,728,632 42,740,510 45,449,388
—It is understood that the Farmers' & Merchants' Na- Other deposits
41,041,669
oovernm't securities 14,327.216 15,453,756 16,388,867 41,558,327
15,589,185 19,224,834
tional Bank of Colusa County, at Colusa, Cal., which sus- Other securities
34,840,075 33,231,809 38,032,070 29,628,936 25,713,997
Reserve,notes&coln. 29,960,212 27,294,433 27,447,954 29,851,884
25,550,409
pended on Dec. 10, has been declared solvent by the Court Coln&bull.,both dep. 39,320.717 36,729,623
37,263,884 38,994,889 35,063,679
Prop, reserve to liaand will resume business. The Bank Commissioners are
bilities
p. c.
493-i
43;i
473
5254
48 15-16
Bank rate
p. c.
4
5
4
3
4
said to have withdrawn the custodian who has been tem- Consols,
87 7-16
234 P. c___
87 5-16
9054 90 15-16xd
85 7-16
Silver
25 11-164.
porarily in charge of the institution.
30344. 27 11-164. 26 11-164.
323/,d.
Clear.-house returns.206,530.000 219,579,000
290,477,000 301,252,000 235,775,000
The rates for money have been as follows:
Bank of England rate
Open market rateBank bills-3 months_ _ _ _
-4 months_
-6 months
Trade bll10-3 months_ __ _
months_ _ _ _
-4
IV
Interest allowed for depositsBy Joint-stock banks
By discount houses:
At call
7 to 14 days
[VoL. Lxxxvi.
THE CHRONICLE
648
Feb. 28.
4
Feb. 21.
4
Feb. 7.
4
Feb. 15.
4
35% 03% 3%03 9-16 3 3-1603% 3 3-1603%
404%
3%
3%@3'%
3%
3%
3%
3%
404%
4@4%
3%04
3%04
404%
3%04
3%04
4t54%
2%
2%
2%
2%
3
2%
3
2%
3
3
Breadstuffs Figures Brought from Page 678.-The statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts atChicago --- _
Milwaukee__
Duluth
Minneapolis_
Toledo
Detroit
Cleveland..__
Cleveland..
St. Louis_ _ _
Peoria
Kansas City_
Flour.
Oats.
Corn.
TV/meat.
Rye.
Barley.
bbls.1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. b2t. 56 lbs.
38,200
147,200 2,287,771 2,788,286
407,400
225,935
27,909
228,800
90,000
114,000
234,000
59,325
3,650
128,577
17,028
150,370
27,420
436,520
144,900
125,000
1,502,760
3,000
57,000
112,400
44,000
18,700
59,528
27,860
2,700
75,826
129,812
6,906
67,582
1,195
45,820
19,189
490,000
225,495
259,338
37,770
7,000
42,000
243,000
434,500
20,000
17,550
126,000
141,900
479,650
Tot.wk.'08
Same wk.'07
Same wk.'06
344,475
340,418
328,993
2,812,760
4,124,107
3,377,589
3,626,306
5,038,650
3,159,190
878,154
4,592,709
3,187,363 1,093,707
3,582,399 1,151,333
126,359
155,550
91,764
Since Aug. 1
1907-08._ _ 11,518,674 164,672,029 123,459,509 123,052,301 50,198,572 5.333,538
1906-07__ _ 13,391,060 166,139,757 131,847,317 130,841,580 50,468,547 5,595,048
1905-06__ _ 13,042,743 180,729,362 125,054,750 155,987,868 63,092,681 6,409,528
Total receipts of .flOui: and grain at the seaboard ports for
the week ended March 7 1908 follow:
Rye,
Flour,
bbls.
Receipts at145,786
New York
42,480
Boston
6,628
Portland. Me
81,407
Philadelphia
44.474
Baltimore
2,894
Richmond
10,780
*____
New Orleans *
24.252
Newport News_ _. _
Galveston
3,399
Mobile
5,440
Montreal
B____
21,427
St. John, N.B
Wheal,
bush.
127,000
187,886
192,331
144,221
34,869
38,920
1,200
388,967
391,983
963,814
985,079
Tota' week _____
Week 1907
18,000
2,000
Barley,
bush.
33,600
10,014
57,149
9,000
Corn,
bush.
89,225
104,476
Oats,
bush.
549,000
69,080
64,001
440,343
26,438
229,000
113,929
24,000
3,500
3,938
217,387
39,644
53,042
19,290
31,400
47,205
3,868
1,098,850
3,569,964
808,661
924,121
113,631
139,911
bush.
23,400
700
16,558
9,603
40,261
32,475
* Receints do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Total receipts at ports from Jan. 1 to Mch. 7 compare as
follows for four years:
Receipts ofFlour
bbls_
1908.
3,594,330
1907.
3,609,287
1906.
3,240,704
1905.
2,513,031
Wheat
Corn
Oats
Barley
Rye
ush_ 15,046,133
21,199,635
7,148,645
1,153,619
1,014,130
15,050,238
28,160,726
8,033,218
1,262,289
264,845
15,644,207
48,066,558
17,659,309
4,755,145
389,075
3,302,301
33,750,910
6,292,736
1,747,491
104,189
45,562,162
52,771,316
86,514,294
45,197,627
Total grain
The exports from the several seaboard ports for the week
statement:
ending Mch. 7 1908 are shown in. the annexed
Rye,
Wheat imported
Imports of flour
Sales of home-grown
Total
Average price wheat, week
Average price, season
1905-06.
1906-07.
1904-05.
1907-08.
ewt.42.467,800 38,375,600 38,705,600 48,767,000
7,920,900
6,864,400
7,646,200
5,757,020
15,069,571
19,447,219
21,118,300
9,153,352
71,232,300 60.309,571 66,073,719 63,677,372
26s. 7d. 28s. 11d.
328. 6d.
30s. 5d.
26s. 3d. 28s. Od.
34s. 2d.
30s. 3d.
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
1907.
week. Last week.
Wheat
Flour, equal to
Maize
This
qrs_ 4,270,000
295,000
qrs_
440,000
qrs_
4,050,000
255,000
355,000
3,195,000
165,000
620.000
3,180%00
230.000
655.000
English Financial Markets-Per Cable.
.
re The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
'
Wed. Thurs. Fri.
Tues.
Mon.
Sat.
Week ending March 13.
25 9-16 25 9-1623 11-16
25%
25%
d 25%
Silver, per oz
87 3-16 87 1-16
87%
5-16
87
3-16
87
87%
cents__
per
2%
Consols,new,
8731,
87 7-16 87%
8734
87 7-16 87%
For account
97.62% 97.67% 97.62% 97.62%
French Rentes (In Paris)_fr_ 97.72% 97.62% 82%
82%
82%
82%
8234
48
Imperial
Russian
9234
92%
92%
9234
do new 5s
do
--9
5
5534
54
&I 53%
Amalgamated Copper Co_ _ _ _ 5134
6%
6%
6%
6%
6%
6%
Co
Mining
bAnaconda
7334
72%
7334
7334
72%
Atchison Topeka & Santa Fe 7034
87%
8734
87%
8634
8734
86%
Preferred
84%
85
83%
85
84
81%
Baltimore & Ohio ..,_
83
84
83
83
83
82%
Preferred
14834
151
149
152%
150%
148%
Canadian Pacific
2934
29
2934
2834
2934
2834
Chesapeake & Ohio
434
9%
1
43,
4
4%
4
Chicago Great Western
120
120
119
11834
120
..115
Paul_
St.
&
Milw.
Chicago
19
20
19
18
16
1834
Denver & Rio Grande,com_ _
47
49
46%
4334
4634
4234
Preferred
14%
14%
14%
13%
12%
1234
Erie, common
29
28%
27
2834
2834
26
First preferred
1934
19
19%
18
19%
16%
Second preferred
130%
131
128%
128%
128
128
Illinois Central
99
9734
9834
9734
96
92
Louisville & Nashville
18%
1834
1834
19%
1835
1834
Mexican Central
2134
21
21
23
20
19
BIG. Kansas & Texas, com
54
53
5334
52
50
Preferred
50
5034
51
51
National RR. of Mexico_ __ _ 51
101
101
101
101%
100%
N. Y. Cent. & Hudson River 98%
33
33%
32%
33%
31%
N. Y. Ontario clr Western__ _ 3134
65
_ __ _
63
62
6334
61%
_
com__
Western,
Norfolk &
82
8234
80
Preferred
2.
1.
9ji
liiiii
130%
129%
128
126%
Northern Pacific
59%
60%
6034
59%
6034
58%
a Pennsylvania
rg
i
l
ty
52%
5234
51%
4934
S Reading Co
42
42
a
42
4134
First preferred
4141
40%
40
a Second preferred
1334
13
12
1134
Rock Island Co
74
73
70%
Southern Pacific
10
10
9%
Southern Ry., common
29
"
cii:
IP
29
27%
27
Preferred
12234
125%
126%
123%
121%
116%
Unlon Pacific, common
83
8234
82%
8234
8234
8234
Preferred
33
c32%
32%
3334
32
U.S. Steel Corp., common-- 3134
98%
9834
9834
98%
96
9734
Preferred
8
7
734
734
Wabash
15
1631
1g%
14
1434
1534
Preferred
42
42
41
40
39%
____
Extended 48
23
Vi%
a Price per share. b £ sterling per share.
li
Exports fromNew York
Portland, Me_ _ _ _
Boston
Philadelphia
Baltimore
New Orleans _ _ _ _
Newport News
Galveston
Mobile
Norfolk
St. John, N.B
Wheal,
bush.
185,411
192,331
175,156
1,131
24,000
56,000
217,387
Corn, Flour,
bbls.
bush.
154,269 61.881
6,628
42,857 17,582
104,677 47,298
639,587 14,130
6,237
74,336
113,929 24,252
9,624
75,671
3,399
3,500
7,319
21,427
Total week.... 851,416 1,208,826 219,777
975,920 2,710,020 253,407
Week 1907
Oats,
bush.
17,700
bush.
8,763
Barley,
bush.
Peas.
bush.
3,731
57,199
40 42,857
17,740 51,620 57,149
59,280
40,487
3,731
13,314
The destination of these exports for the week and since
July 1 1907 is as below:
Corn
Wheat
Flour
Since
July 1
Week
1907.
Exports for weekend Mclt. 7.
bbls.
bbls.
since July 1 to-United Kingdom_ _ _124,782 4,935,836
26,917 1,772,828
Continent
20,330 534,309
So. & Cent. Amer
30,493 974,940
West Indies
49,991
485
Brit. No. Am.Cols_ _
Other countries-.-- 16,770 222,551
Total
Total 1906-07
219,777 8,490,455
253,407 7,890,900
Since
July 1
Week
1907.
Mch. 7.
bush.
bush.
622,570 49,850,334
228,846 40,945,988
312,179
19,607.
..
83,850
Sine
Week
July 1
Mch. 7.
1907.
bush.
bash.
498,964 18,732,372
681,026 19,790,208
869
184,342
27,967 1,034,620
61,024
24,214
851,461 01,211,958 1,208,826 39.826,780
975,920 70,448,102 2,710,020 47,555492
The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports Mch. 7 1908 was as follows:
New York
afloat
"
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Toronto
Buffalo
afloat
Toledo
Detroit
Chicago
Milwaukee
Fort William
Port Arthur
"
afloat
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
On Mississippi River_
On Lakes
On Canal and River_
Wheat,'
bush.
1,603,000
1,022,000
618,000
374,000
375,000
84,000
1,473,000
1,796,000
525,000
299,000
5,700,000
346,000
3,670,000
3,956,000
649,000
8,431,000
7,173,000
1,062,000
1,888,000
12,000
216,000
Corn,
bash.
961,000
Oats,
bush.
336,000
245,000
200,000
2,539,000
600,000
157,000
69,000
1,000
53,000
128,000
125,000
294,000
154,000
1,244,000
241,000
198,000
4,000
191,000
455,000
206,000
55,000
2,771,000
200,000
221,000
186,000
556,000
160,000
258,000
1,021,000
1,912,000
121,000
59.000
795,000
53,000
Rye,
170)
Barley.
bush,
186,000
62.000
133,000
118,000
71,000
.6.000
9,000
186,000
21,000
524,000
341,000
9.000
37.000
340,000
479,000
16,000
74,000 2,278,000
30,000
1,000
2,000
751,000 4,348 000
Total Mch. 7 1908._41,362,000 8,085,000 8,634,000
8,756,000 8,629,000
828,000 4,648.000
Total Feb. 29 1908_ A2,906,000
Total Mch. 0 1907..45,750,000 12,359,000 10,227,000 1,536,000 2,251,000
Total Melt. 10 1906...47,701,000 16,276,000 24,378,000 2,274,000 4,079,000
9,366,000 15,727,000 1,562,000 4,155.000
Total Mch. 111905._35,094,000
9,867,000 10.694.000 1,035,000 :3,780,000
Total Mch. 12 1904..33,396,000
7,317,000 1,097,000 1,687,000
00
10,812,000
1903..46,066,0
14
Mch.
Total
THE CHRONICLE
MAR. 14 1908.]
Tonxuyetcial and pisceilantons4,enis
Name of Company.
649
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
GOVERNMENT REVENUE AND EXPENDITURES.
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the month of
February. From previous returns we obtain the figures for
previous months, and in that manner complete the statement for the eight months of the fiscal years 1907-08 and
1906-07. For statement of Feb. 1907 see issue of March 30
1907, page 728.
RECEIPTS AND DISBURSEMENTS (000s omitted).
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Auction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller & Son:
Stocks.
25 Equit. Gas Lt.Co.of Suf-1
folk Co. (not endors'el)
$1,000 Equit. Gas Lt. Co.,
due 1904
100 The La Ligua Old Mg.}$51 lot
Co. (not endorsed)
51 The Pontifcx Rcfrig. & I
Ice Making Machine I
Co. (not endorsed) _ _ _ 1
5 Life Ass'n of Amer.
31
(not endorsed)
20 Edison El. Lt. Co. of
Europe, Ltd., division
of assets by resolution
1896,
April
dated
May 1897 paid
$2 lot
4,000 N. Y. Calif. Oil Co.,1
$1 each
6,000 The Elkhorn Mg. &I
Mill. Co. $1 each } $20 lot
33,000 The Boston-Col. Cop I
Mg. Co., $1 each_ J
200 N. Y. Bldg.-Loan Bkg.
$50 lot
Co., Class A
1 Washington Life Ins.
Co., $50
$90
1 Chic. Ind. & Lou. Ry.
61
preferred
1 Indlana Nat. & Ill.
Gas Co
$2 lot
500 Lowland Chief Consol.
Silver Mg. Co. of Col.,
$50 each
$14 lot
25 Washington Nat. Bank,
N. Y. (55% paid in
Liquidation)
$6 lot
375 Vcnango Oil & Ld. Co._ 20
1,000 United Copper Co., pfd_ 255
Stocks.
55 U. S. Equit. Gas Co.
60 Seattle Coal & Iron
Co
50 Little Plash. Cons.
Mining Co
4 Orange, N. J., Athictic Club,$25 each } $31 lot
100 H: H. Warner & Co.. I
Ltd., prcf., El0
each
2,000 New Gregory Mining Co., $1 each._
3,000 Citizens Trac. Co. (011
City, Penn.)
pref,
$50 each
.$5 per sh.
56 People's Brewing Co.,
pref., of Trenton,
N. J., with 58 shares
corn. as bonus
38
2 Nassau Bank
205%
5 Casualty Co. of Amer_ _130
10 Farmers' Loan ec Trust
Co
1081
10 Continental Ins. Co_ _1100
30 Atlantic Brew. Co- - -$400 lot
37 Amer. Tobacco Co_ _ _ _252 35
90 Carnegie Trust Co
157
Bonds.
$1,500 North Chic. St. RR. lsts
Ctfs. of dep. of Fid.Tr.Co.(ass)70
$1,000 Indiana Nat. & Ill. Gs
Co. 1st 6s (Cent. Trust C .
Ctf. of Dep.)
10
$1,000 Federal Pub. Co. Coll.6s
1920
80
$24,500 Mechanical Rubber Co.
1st 6s 1918. J. & J102-1023
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.
Railroads (Steam).
Atlantic Coast Line RR., preferred_ _Beech Creek, guar. (guar.)
Boston & Albany (guar.)
Boston & Maine. corn. MO (No. 170).
CanadianPacific. common
Common (extra)
Preferred
Chic.& East. Ills., pref.(guar.)
Chic. Milw. & St. Paul. com,and pref._
Chic. dc North Western, pref. (guar.)-Chicago R.I. & Pacific Ry.(guar.)
Cleve. Lorain de Wheeling, pref
Colorado & Southern, 1st de 2d pref
Delaware & Hudson Co.(guar.)
Great Northern Ore Certificates
Interborough Rapid Transit (guar.)._
Manhattan, guar. (guar.)(No. 06)
New York & Harlem, corn. & pref
New York Lackawanna & West.(guar.)
PIUS. Bessemer ct Lake Erie, corn
Pitts. Ft. Wayne & Chic. reg. cit. (qtr.).
Per
Cent.
When
Payable.
May
April
Mch.
April
Mch.
Mch
April
April
April
April
April
April
April
2g Bich.
Mch.
a
2g April
April
April
2
April
135 April
1% April
2%
1
2
1%
3
%
2
13
335
2
135
235
2
Books Closed.
Days Inclusive.
11 April 4
to
May 11
1
31 Holders of rec. Feb. 29
1 Holders of rec. Mch. 2
31 Mch. 11
to
April 1
31 Mch. 11
to
April 1
1 Mch. 11
to
April 1
1 Holders of rec. Mch. 21
20 Holders of rec. Mch. 20
1 Holders of rec. Mch. 16
1 Holders of rec. Mch. 20
1 Holders of rec. Mch. 21
1 Mch. 29 to
April 1
18' Holders of rec. Feb. 21
16 Feb. 29
to
Mch. 16
1 Mch. 17
to
Mch. 31
1 Mch. 14
to
Mch. 25
1 Holders of r c. Mch. 13
1 Holders of rec. Mch. 14
1 Holders of rec. Mch. 17
Mch. 15
to
April 4
Railroads(Steam)-(Concluded).
Pitts. Ft. W.& C. special guar, (guar.) 14, April 1 Mch. 15
April 2
to
Pitts. Youngs. & Ash., com,and pre _- _ 3% Mch. 25 Holders of rec. Mch. 14
St. Joseph South Bend & Sou., common 1
Mch. 16
to
Mch. 16 Mch. 11
Preferred
Bich. 16
to
235 Mch. 16 Mch. 11
St. Louis & San Fran., 1st pref. (qu.)_
April 2
April 1 Mch. 18
1
to
Chic. & E.Ill. pf. IT. ells. (guar.)
1% April 1
Southern Pacific, corn.(quar.)(No. 6).., 135 April 1
Toledo St. Louis & Western, pre,
April 15 April 12
2
April 15
to
Union Pacific, common (quar.)
235 April 1 Feb. 27
Mch. 15
to
Preferred
April 1 Feb. 27
2
Mch. 15
to
Utica & Black River
334 Bich. 30 Holders of rec. Bich. 15
Warren
335 April 15 Holders of rec. April 4
West Jersey & Seashore
Mch. 16 Holders of rec. }eb. 28
2
Street Railways.
American Railways (quar.)
135 Mch. 16 Mch. 1
to
Mch. 3
Chicago City Ry. (guar.)
135 Mch. 30 Mch. 10
to
Bich. 15
Galveston-Houston Elec. Co., pref.(No.2) $3
Mch. 16 Holders of rec. Mch. 2
Houghton Co.(Mich.) St. Ry., pf.(No.12) 3
April 1 Holders of rec. Mch 18
Northern Ohio Traction & Light (quar.)
34 Mch. 15 Holders of rec. Mch. 1
Philadelphia Traction
82 April 1 Holders of rec. Mch. 7
Portland Ry. Light & Power. pref.(qu.) 14 April 1 Holders of rec. Mch. 15
Ridge Avenue Passenger, Phila.(guar.)
$3 April 1
St. Jos.Ry.L.Ht, de Pow., pref.(guar.)_
14 April 1 Holders of rec. Mch.
Seattle Eke.Co., pref.(No. 15)
3
April 1 Holders of rec. Bich. 12
South Side Elevated, Chicago (guar.). _
Bich. 31 Mch. 22
to
Mch. 31
Twin City Rap. Tr., Minn., pref.(quar.) 14 April 1 Holders of roe. Mch. 16
Union Traction of Indiana, pref
2% April 1 Meh. 27
to
April 1
United Trac. & Elec., Prov.(guar.)._ _ _
14, April 1 Mch. 11
to
April 1
West End St., Boston, COM
3% April 1 Mch. 22
to
April 1
Winnipeg Electric Hy.(guar.)
2% April
Banks.
Coal & Iron National (guar.)
1% April 1 Holders of rec. Mch. 11
Nassau Nat.,Brooklyn,(guar.)(No.91). 3
April 1 Holders of rec. Mch. 28
Nineteenth Ward (quar.)(No. 27)
235 Mch. 31 Holders of rec. Stich. 20
Twelfth Ward
Mch. 20 Holders of me. Dec. 20
Trust Companies.
Fifth Avenue (guar.)
Mch. 31 Holders of rec. Bich. 30
3
Metropolitan (guar.)
April 1 Meh. 21
6
to
April 1
Van Norden (quar.)(No. 12)
Mch. 31 Holders of rec. Mch. 20
2
Miscellaneous.
Aeolian, Weberl'ialw & Planolapf.(qu.) 134 Mch. 31 Mch. 21
to
April 1
Amer. Agricultural Chem., pref.(No. 18) 3
April 15 Mch. 17
to
Melt. 31
Amer. Beet Sugar, pref.(qu.)(No.35). _
135 AprIl 1 Holders of rec. Bich. 21
American Can, preferred (guar.)
13,1 April 1 Holders of rec. Mehl&
Amer. Car & Fdry.. corn. (qu.)(No. 22) 1
April 1 Mch. 11
to
Bich .19
Preferred (quar.) (No. 36)
14 April 1 Mch. 11
to
Mch. 19
American Caramel, preferred (guar.)- 2
April 1 Bich. 12
to
April 1
American Chicle(monthly)
1
Mch. 20 Mch. 15
to
Mch. 20
Extra
1
Mch. 20 Mch. 15
to
Mch. 20
American Express
3
April 1 Holders of rec. Feb. 29
Amer. Jr. & Steel Mfg., com.& p1.(guar.) 1% April 1 Holders of me. Mch. 21
Amer. Pipe -Want:lecturing (quar.)
2
April 1 tiolders of rec. Mch. 14
American Radiator, common (guar.)._ _
1
Melt. 31 Bich. 22
to
Bich. 31
Common (extra)
2
Bich. 31 Bich. 22
to
Mch. 31
American Sento (guar.)
1% Bleb. 31 Bich. 22
to
Melt. 31
Amer.Smelt. & Ref., corn.(qu.)(No.18) 1
April 15 Mch. 28
to
Mch. 31
Preferred (guar.)(No. 35)
14 April 1 Mch. 13
to
Mch. 16
American Snuff, common (quar.)
3
April 1 Holders of rec. Bich. 14
Preferred (guar.)
1% April 1 Holders of rec. Bich. 14
American Sugar Refg.. corn.drpf. (qu.)
1% April 2 Mc h. 2
to
April 2
American Surety (guar.)(No. 75)
2
Mch. 31 Mch. 15
to
Bich. 31
Anzer. Telep.& Teleg.(guar.)
2
April 15 Mch. 20
to
Mat. 31
American Tobacco, preferred (quar.)_ _
135 April 1 [folders of me. Bich. 14
Amer. Type Founders, COM.(guar.)
1
April 15 Holders of rec. April 10
Preferred (guar.)
1% April 15 Holders of roe. April 10
Borden's Condensed Milk, pref. (guar.) 135 Mch 14 Mch. 3
to
Mch. 15
Calumet & Heels Mining (quar.)
$5 Mch 31 Holders of rec. Mch. 5
Cambria Iron
2
April 1 smolders of rec. ItIch.14a
Canadian Gen. Elect., Ltd., cont. (guar.)1% April 1 Mch. 14
to
Bich. 31
Preferred
335 Aprll 1 Bich. 14
to
filch. 31
Celluloid Company (quar.)
135, April 1 Bich. 11
to
April 1
Central Leather, preferred (guar.)
1% April 1 Holders of rec. Bich. 10
Ch. Jet. Rys.& U.Stk. Yds., com
2
AprIl 1 Holders of rec. Mar. 11
Preferred (guar.)
1% April 1 Holders of rec. Mch. 11
Cincinnati Gas & Elect.(guar.)
14 torn 1 Holders of rec. Mch. 14
Columbus Gas 4c Fuel, pref. (guar.)__ _
14 April 1 Holders of rec. Mch. 16
Consolidated Cotton Duck. pref
3
April 1 Mch. 21
to
April 1
Consolidated Gas. N. Y.(quar.)
1
Mch. 16 Holders of rec Feb.18a
Cumberland Telep.& Telcg.(qu.)(No.98) 1% April 1 Mch. 20
to
April 1
Diamond Match (quarterly)
235 NMI. 15 Holders of rec. Itch. 3
Dominion Coal. Ltd.. common (quar.)_
1
April 1 Mch. 21
to
Mch. 31
Duluth Edison Elec., pre (qu.)(No.8)
1% April 1 Holders of rec. Meh.17a
duPont(E.I.)deNemours Pow., corn.(qu) 1% Mat. 16 Holders of rec Bich. 5
Eastman Kodak, common (quar.)
235 April 1 Holders of rec. Feb. 29
Preferred (guar.)
134 April 1 Holders of rec. Feb. 29
Federal Mining & Smelting, pref.(quar.) 1% Mch. if Holders of rec. Feb. 28
General Chemical, preferred (quar.)-134 April 1 Holders of rec. Mar. 21
General Electric (quar.)
2
April 15 Holders of rec. Mch. 4a
Guggenheim Explor.(quar.)(No. 21). _ _
2% April 1 Mch. 14
to
April 1
International Silver, pref.(quar.)
1
April 1 Feb. 29
to
April 1
Internat. Smokeless Pow. & Chem.,corn.
34 April 1 Holders of rec. Mch. 20
Preferred
4
May 15 Holders of rec. April 30
Laclede Gas Light, common (quar.)__ _ _
134 Mch 16 Bich. 10
to
Bich. 16
Mackay Companies, corn. & pref.(quar) 1
April 1 Bich. 15
to
Bich. 18
Massachusetts Gas Cos., common (guar.) 1
April 1 Mch. 17
to
Mch. 30
Mergesuhaler Linotype (guar.)
235 Bich. 31 Mch. 15
to
Mch. 31
Michigan Light, cons. (guar.)
1
April 1 Holders of rec. Mch. 16a
Preferred (guar.)
135 April 1 Holders of rec. Itch. 16a
National Biscuit, common (quar.)
14 April 15 Holders of rec. Mch. 28
Common (extra)
April 15 Holders of me. Mch. 28
1
National Enam. & Stamp., pref. (quar.) 14 April 1 Mch. 12
to
April 1
National Lead, corn. (quar.)(No. 17)- 134 April 1 Mch. 14
to
Mch. 15
Preferred (quar.)(No. 65)
134 Mch. 16 Feb. 25
to
Feb. 20
National Licorice, pref. (quar.)
Mch. 31 Bich. 28
to
Mch. 31
National Sugar Ref., pref.(guar.)
115 April 2 Bich. 19
to
April 2
New York Dock, preferred
2
April 15 Holders of rec. April 1
Preferred (extra)
35
April 15 Holders of roe. April 1
Niles-Bement-Pond, corn
135z Bich. 20 Mch. 13
to
Mch. 20
Nova Scotia Stcel&Cortl.Ltd.,com.(qu.) 1% April 15 Holders of rec. Bich. 3
Preferred (quarterly)
2
April 15 Holders of rec. Mch. 3
Otis Elevator, corn
134b April 15 Holders of rec. Mch. 31
Preferred (guar.)
1% April 15 Holders of rec. Mch. 31
Quaker Oats, common (quar.)
1% April 15 Holders of roe. Apr 4
Common (extra)
35 April 15 Holders of rec. April 4
Quincy Mining (quar.)(No. 43)
$1 50 Mch. 23 Mch. 4
to
Mch. 9
Railway Steel Spring, common
April 22 April 12
2
to
April 22
Preferred (guar.)
134 Mch. 20 Mch. 11
to
Bich. 20
Republic Iron&Steel, pf.(qu.) (No. 28) 1% April 1 Holders of rec.Mch. 21a
Royal Baking Powder, corn. (guar.)
235 Mch. 31 Holders of rec. Mch. 14
Preferred (quar.)
1% Mch. 31 Holders of rec. Melt. 14
Rubber Goods Mfg., pref.(qu.)(No. 36) 1% Bich. 16 Holders of rec. Bich. 7
Safety Car Heat & Leg.(guar.)
2
April 1 Holders of rec. Bich. 16
Sears, Roebuck & Co.. pref. (quar.)--- - 1% April 1 Mch. 16
to
April 1
Standard Oil (quarterly)
$15 Bich. 14 holders of rec. Feb. 20
Swift & Co. (quar.)(No. 86)
14 April 6 Holders of rec. Mch.14a
Texas ct Pacific Coal (guar.)
135 Meh, 31 Mch. 19
to
Mch. 31
Union Bag & Paper, pref.(qu.)(No. 36) 1
April 15 Mch. 15
to April 15.
Union Switch & Sig., com.& pl. (guar.)_
3
April 10 April 1
to
April 10
United Bank Note Corp., pref.(quar.)-1% April 1 Mch. 19
to
April 1
United Fruit (guar.)(No. 35)
2
April 15 Holders of rec. Mch. 26
United Gas Impt.(quar.)
2
April 15 Holders of rec. Bich. 31
United Shoe Machinery, corn. (quay.)..
2
April 4 Holders of rec. Mch. 14
Preferred (guar.)
135 April 4 Holders of rec. Mch. 14
United States Leather, pref.(guar.)._ _ _
135 April 1 Holders of rec. Mch. 10
U. S. Steel Corp., corn.(guar.)(No. 17)
34 Mch. 30 Mch. 17 to April 20
Va.-Car. Chemical, pf. (qu.)(No. 50).... 2
April 15 April 1
April 15
to
Western Union Telegraph (guar.)
134d April 15 Mch. 21
to
Meh. 31
a Transfer books not closed.
b 3% declared. 135% payable April 15 and
135% Oct. 15. d Payable in stock. x 3% declared. 135% payable Mch. 20 and
% June 20.
[VOL. Lxxxvi.
THE CHRONICLE
650
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.
Exports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1908
Total 1907
Total 1906
Since Jan.1
50,030
$247,635
25,000
9,735
529,475
9,735
$84,765
303,915
4,000
$786,845
1,702,226
3,652,375
SinceJan.1
Week.
$194,918
2,913
91,184
276,025
$3,413,212
198,815
7,540
1,773,382
162,416
703,229
750,366
*565,040 $7,008,960
44,697 1,559,571
481,629
31.653
Silver.
3,000
350
$22,872
1,930
2,999
757
18,604
8,863
29,425
$37,316
26,180
29,650
39,533
359,047
238,318
96,450
$522,550 $7,275,674
1,065.405 7,721,732
1,026,522 12,197,267
$85,450
51.304
19,980
$826,494
462,924
496,562
*522,035 $6,828,932
315,000
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
515
Total 1908
Total 1907
Total 1906
128,392
Note.-In the case of the Clearing-House banks the deposits are "net" both for
the average and actual figures; in all other cases "gross" deposits are shown. The
Clearing-House actual figures included U. S. deposits amounting to $52,871,300, a,
decrease of $2,515,200 from last week; averages included U. S. deposits of $54,474,
100, a decrease of $876,000 from last week.
"Reserve on deposits" includes, for both trust companies and State banks, not
only cash items but amounts due from reserve agents, and in the case of trust companies includes likewise municipal bonds. State banks in New York City are required by law to carry a reserve amounting to 15% of deposits, while outside of
New York City only 10% is required, which reserve in both cases need not be more
than one-halt in cash. Trust companies in Greater New York are required to keep
a reserve of 15%, of which only 5% need be in cash and 5% more may be in muniel
pal bonds, while in the case of the trust companies in the rest of the State the required reserve is 10%. of which only 3% need be in cash and 3% more may be In
municipal bonds.
The State Banking Department also furnishes the following report for State banks and trust companies outside of
Greater New York.
STATE BANKS AND TRUST COMPANIES OUTSIDE OF NEW YORK CITY
Week ending March 7 1908.
% of
Res.
Reserve.
Loans.
Deposits.
$78,184,600 $80,049,800 $14,564,700 18.7
State Banks
-168,000
--128,500
--506,200
19,805,300 16.2
117,633,300 124,100,400
Trust Companies
+353,100
+23,400
+453,000
+Increase over last week. -Decrease from last week.
Reports of Non-Member Banks.-The following is the
Of the above imports for the week in 1908, $192,598
of the non-member banks for the
were American gold coin and $3,659 American silver coin. statement of condition
7, based on average daily results:
Of the exports during the same time $74,970 were American week ending March omit two ciphers (00) in all cases.
We
were American silver coin.
gold coin and
Statement of New York City Clearing-House Banks.-The
Legal
Deposit with
Loans,
Tender
Disc'Is
detailed statement below shows the condition of the New
Clearand
Net
Other
Specie.
and
SurCapiBank.
York City Clearing-House banks for the week ending March 7.
Bank
ing
Banks, Deposits.
Investtal.
plus.
Notes. Agent.
&c.
ments.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, however,a departure N. Y. City.
was made with the statement for Feb. 8, so that in addition Boroughs of
Man.dcllrx.
to the averages for the week the actual figures at the end of Wash.
115,5
784,0
48,2
14,3
Hgts 100,0
181,5
876,0
135,1 217:8 1,552,7
Century _ 200,0
89,7
19.8
144,6 1,250,8
the week are now given.
We omit two ciphers (00)in all cases.
Banks.
00s omitted.
-Bank of
Manhattan Co_ _
Merchants' _Mechanics' _ _America ___ _
Phenix
City
Chemical
Merchants' Ex..
Gallatin
Butch. dr Drov.
Greenwich _
American Ex_
Commerce _ _
Mercantile _
Pacific
Chatham
People's
Hanover
Citizen's Cent
Nassau
Market & Fult'n
Metropolitan _ _
Corn Exchange_
Imp. & Traders'
Park
East River
Fourth
Second
First
Irving Nat. Ex_
Bowery
N.Y.County _ _
German-Amer_ _
Chase
Fifth Avenue_ _
German Exch_
Germania
Llnholn
Garfield
Fifth
_
Metropolis
West Side
Seaboard
Liberty
N. Y. Prod. Ex.
State
14th Street_ _
Capital. Surplus.
2,000,0
2,050,0
2,000,0
3,000,0
1,500,0
1.000,0
25,000,0
3,000,0
600,0
1,000,0
300,0
500,0
5,000,0
25,000,0
3,000,0
500,0
450,0
200,0
3,000,0
2,550,0
500,0
1,000,0
2,000,0
3,000,0
1,500,0
3,000,0
250,0
3,000,0
1,000,0
10,000,0
2,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
3,168,7
3,236,6
1,613,3
3,704,8
4,631,9
530,0
24,886,9
5,606,3
528,3
2,411,4
141,8
723,2
5,136,8
14,956,3
2,435,4
823,4
1,000,4
470,4
9,286,3
1,190,0
364,9
1,571,7
1,033,2
5,069,5
7,258,7
9,265,0
118,8
3,321,3
1,629,2
20,085,4
1,267,6
785,0
1,079,8
626,0
4,991,1
1,924,4
879,4
966,9
1,175,9
1,227,2
442,5
1,743,0
705,7
1,572,9
2,394,4
646,3
858,6
377,4
Loans.
Average.
19,844,0
,24,160,0
19,464,0
24,894,0
24,431,0
7,368,0
175,180,8
32,282,1
6,359,2
9,483,0
1,926,2
4,983,3
35,038,5
155,182,6
8,607,6
3,115,4
5,540,2
1,774,0
62,306,9
20,262,6
4,086,3
7,793,7
10.174,2
40.888,0
26,444,7
75,878,0
1,225,2
21,045,0
10,263,0
113,735,9
16,883,2
2,611,3
6,726,5
3,680,3
69,488,6
12,229,3
3.793,0
4,909,2
13,428,9
6.166,4
3,016,8
9,959,9
4,077,0
18,763,0
14.651,4
5,395,7
10,955,0
3,876,3
Specie. Legals. Deposits. a ReAverage. Average. Average. s've.
4,460,0
9,468,0
3,882,0
6,132,0
5,728,4
1,507,0
54,518,2
6,731,7
1,745,3
1,369,9
330,5
1,249,4
5,928,7
26,167,3
1,160,6
574,4
719,1
552,0
10,620,5
4,831,2
283,0
1,794,9
2,688,6
9,689,0
4,678,7
19,575,5
247,7
4,223,0
2,265,0
25,962,2
2,877,5
790,0
1,214,1
790,8
7,495,0
2,643,9
245,0
925,8
2,353,0
1,807,3
487,3
1,229,6
808,0
5,042,0
2,884,8
1,565,1
2,624,0
421,e
801,0
1,404,0
1,438,0
1,315,0
2,020,3
72,0
3,501,0
1,854,1
245,8
557,5
84,1
350,0
1,378,4
9,069,1
245,2
417,3
823,4
43,8
7,750,7
321,1
843,5
686,2
195,2
3,149,0
1,531,0
2,559,0
149,3
1,498.0
447,0
1,125,2
1,456,4
96,0
607,0
165,3
2,285,0
1,161,2
600,0
529,5
1,134,4
231,1
314,1
1,565,1
299,0
064,0
512,8
243,5
187,0
545,8
19,111,0 27.5
30,920,0 35.0
20,138,0 26.4
26,498,0 28.1
26,997,5 28.7
6,204,0 25.4
174,513,7 33.2
33,022,1 26.0
6,838,3 29.1
7,540,7 25.5
1,885,1 22.0
5,438,3 29.4
28,821,1 25.3
137,030,9 25.7
4,287,6 32.7
3,013,9 32.9
5,569,9 27.7
2,082,9 28.6
71,732,3 25.6
19,551,8 26.3
4,329,6 26.0
8,247,2 30.0
10,377,0 27.7
48,610,0 26.4
24,046,0 25.8
85,461,0 25.8
1,372,8 25.8
21,554,0 26.5
10,845,0 25.0
103,172,3 26.2
16,745,6 25.9
3,474,0 25.5
7,064,7 25.7
3,459,8 27.6
76,420,7 25.8
13,770,4 27.6
3,778,9 22.3
5,744,1 25.3
14,144,6 24.6
6,457.7 31.7
3,182,5 25.1
9,956,2 28.0
4,491,0 24,6
22,219,0 27.0
13,178,6 25.7
6,326,6 28.5
12,135,0 23.1
3,938,2 24.5
Totals, average 124,350,0 159,864,9 1164,349,2 265,288,7 58,772,4 1175,700,5 27.5
Actual figures t his morn' ng
1160,895,2 267,162,4 58,748,6 1174,517,3 27.7
On the basis of averages 'circulation" amounted to $62,162,300 and United States
deposits (Included in deposits), $54,474,100; actual figures March 7, circulation,
$61,944,300; United States deposits, $52,871,300.
The statements compiled by the State Banking Department, together with the totals for the Clearing-house banks,
both the averages for the week and the actual figures at the
end of the week, are shown in the following table. In the
figures for State banks and trust companies all of these institutions in Greater New York are included.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending March 7 1908.
Reserve on P.C.
Loans and
Deposits.
Legals.
Deposits. of Re00s omitted. Investments. Specie.
$
serve.
Clearing-House
Banks-Actual.1,160,895,2 267,162,4 58,748,6 1,174,517,3 325,011,0 27.74
-2,301,2 +3,917,3
-6.093,2 +4,150,6 -233,3
Clearing-House
Banks-Avge _1,164,349,2 265,288,7 58,772,4 1,175,700,5 324,061,1 27.56
+8,076,8 +2,892,5
+3,291,5 +3,970.5 -1,078,0
State Banks280,921,0
77,504,4 27.9
Average
46,029,8 a18,807,0
249,197,0
+3,683,4 +1.467,1
+1,394,1 +2,788,0 -1,266,8
Trust Companies
657,394,8 175,021,6 27.3
39,162,2 a6,640,0
698,022,1
-Average
+6,122,3 +0,206,2
-23,8
+416,0
+3,188,4
State Banks and
Trust Cos.-not
42,944,2 al0,588,2 0739,396,5 194,314,3 27.0
In Clear.-House. 772,690,5
-29,8
+6,595,5 +5,752,1
+468,8
+3,039.7
+Increase over last week. -Decrease from last week.
a Includes bank notes. b After eliminating the item "Due from reserve depositories and other banks and trust companies in New York City." deposits amount to
$619,701,600, an Increase of $284,200 over last week's figures.
Colonial _ _
100,0
474,1
Columbia _
300,0
492,8
Fidelity _ _
200,0
157,5
Jefferson _ _
500,0
700,7
Mt. Morris_
250,0
225,1
Mutual
200,0
305,2
19th Ward. 300,0
471,3
Plaza
100,0
376,4
23rd Ward. 100,0
179,4
Union Ex_ _
750,0
897,8
Yorkville
100,0
402,0
Coal &I.Nat 500,0
668,6
NewNethI'd 200,0
209,4
Bat.Pk .Nat 200,0
129,8
Borough of
Brooklyn.
Broadway _
150,0
382,1
Mfrs.' Nat_
252,0
755,2
Mechanics'. 1,000,0
860,0
Nassau Nat. 750,0
928,1
Nat. City. _
300,0
551,7
Jersey City.
First Nat_ _
400,0 1,199,5
Hud.Co.Nat 250,0
737,0
Third Nat
200.0
360,6
Hoboken.
First Nat _
220,0
597,2
Second Nat 125,0
197,1
3,136,4 ' 384,1
4,857,0 359,0
52,9
988,0
38,2
3,319,2
2,264,3 191,8
25,0
2,731,3
3,881,4
60,1
3,434,0 220,0
1,469,4 160,7
5,549,0 547,0
48,4
3,242,0
4,100,0 586,0
85,0
1,337,0
80,4
911,7
165,1
313,0
25,3
210,0
42,7
298,5
359,4
133,0
63,0
250,0
508,0
217,0
7,0
62,0
517,1
562,0
117,7
134,9
312,8
573,0
176,0
486,0
249,3
738,4
353,9
511,0
92,0
70,3
554,9 4,169,5
5,524,0
911,5
76,2 2,959,5
67,6 2,730,8
4,9 3,180,8
690,0 4,723,5
3,796,0
1,775.8
5,527,8
4,056,2
3-5.6 4.111,0
1,074,0
760,2
2,283,0
5,375,7
9,322,0
5,381,0
3,129,0
54,7
616,5
246,1
294,0
116,0
480,5
152,3
665,9
574,0
530,0
328,0
710,1
776,4
1,572,0
1,364,0
220,8 3,033,4
61,0 5,852,6
106,8 10,407,7
6,012,0
2-311,6 4,955,0
4,269,1
2,175,8
1,739,6
192,1
114,6
57,4
290,8 2,008,8
200,7
40,1
672,4
103,4
870,0 6,024,7
230,4 1,908,5
29,1 2,189,4
2,270,0
1,710,4
114,0
66,0
7,8
59,4
193.4
91,6
55,3
96,3
1,931,1
1,716,0
Tot. Mch. 7 7,747,0 12,584,7 81,004,0 4,744,1 5,607,0 13,161,4 3,571,8 91,667,5
Tot. Feb.29 7,747,0 12,584,7 80,441,9 4,624,5 5,837,0 12,774,6 3,170,2 90,048,2
Tot. Feb.21 7,747,0 12,633,4 80,240,7 4,631,6 5,731,1 14,064,3 2,908,0 90,717,7
New York City, Boston and Philadelphia Banks.Below is a summary of the weekly totals of the ClearingHouse banks of New York City, Boston and Philadelphia.
The New York figures do not include results for non-member
banks.
We omit two ciphers in all these figures.
Banks.
Capital
and
Surplus.
Loans.
Specie.
Legals. Deposits, a Circulation.
New York
Feb. 8._ 283,911,1 1139,755.7 254,081,3 60.097.0
Feb. 15_ _ 283,911,1 1135.248,2 253,424,2 60,503,3
Feb. 21_. 283,911,1 1143.969.7 258,374,8 60.666.6
Feb. 29 284,214.9 1161.057,7 261,318,2 59,850,4
Mch. 7-- 284,214,9 1164,349,2 265,288,7 58,772,4
Boston.
Feb. 15_ 44,036,0 191,527,0 20,252,0 3,007.0
Feb. 21._ 44.036,0 190.465,0 20,055,0 2,903.0
Feb. 29__ 44,036,0 189,313,0 19,631,0 2,845,0
Mch. 7
44,036,0 187,466,0 18,929,0 2,744,0
Phila
55,422,0
Feb. 15_ 54,440,0 219,001,0
57,836,0
Feb. 2L 54,440,0 217,078,0
58,730,0
Feb. 29_
54.440,0 216,355,0
60,293,0
Mch. 7__ 54,440,0 216,403.0
Clear lags.
1137,384,5 67,391,5 1,304,320,9
1132,309,1 66,723,5 1,092,577,8
1146.291,4 66,187,7 1.028,157,8
1167,623,7 64,133,6 1,225.514,0
1175,700,5 62,162,3 1,150,799,7
208,024,0
205,705.0
202,469,0
202,369,0
10,810,0
10,826,0
10,771,0
10,799,0
127,850,4
107,818,5
124,334,6
127,451,1
236,353,0
237,778,0
238,135,0
237,851,0
17,971,0
17,965,0
17,864,0
17,731,0
95,815,3
85.071,7
114.844,0
115,571,4
a Including Government deposits, and for Boston and Philadelphia, the item "due
to other banks." At New York Government deposits amounted to $54,474,100 on
March 7. against $55,350,100 on Feb. 29; at Boston to $6,386,000 on March 7.
against $6,420,000 on Feb. 29.
AzutilAng aud giannetai.
We shall be pleased to mail to institutions and investors copies
of our Bond Circular entitled
TIES." in which we review past events and existing conditions
in the financial and business worlds.
"INVESTMENT OPPORTUNI-
Spencer Trask & Co.
WILLIAM AND PINE STS..
-
-
NEV 'YORK
N. V.
Branch Offices: Chicago. Ill., and Albany,
MOFFA'T & WHI'rE
Members
I NASSAU STREET.
New
York
Stock Exchange,
HANOVER BANK BUILDING
DEALERS IN INVESTMENT SECURITIES
Commission Orders Executed for Cash Only
*junket-57 (girczette.
Wall Street, Friday Night, March13 1908.
The Money Market and Financial Situation.-The security
markets have displayed more animation and strength this
week than for some time past. Inasmuch as there has been
practically no change in conditions governing Stock Exchange values, it is not easy to determine on just what this
revival of activity was based. The movement was accelerated
and prolonged, however, by the circulation of reports which
were intended in one case to enhance the value of Union.
Pacific shares and in another case to stimulate more hopefulness in regard to future railway earnings. When the groundlessness of the latter report became known, there wasa corresponding decline in railway stocks.
We are pleased to note that there are evidences of a little
more activity in the iron and steel trade and also in the
export demand for copper. This fact is especially interesting
when it is remembered that any general quickening of industrial activity would naturally begin with a larger demand for
these metals.
The local money market remains in an apathetic condition,
with the flow of currency from the interior increasing. The
Bank of England reports a reserve of over 50%,and discount
rates in the open London market are lower than for many
months past.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 13%% to 2%. To-day's ry,tes on call were 1%@2%.
Prime commercial paper quoted at 534®6% for 60 to 90-day
endorsements and 534®6% for best single names.
The Bank of England's weekly statement on Thursday
showed an increase in bullion of £718,309, and the per cent of
reserve to liabilities was 50.01, against 49.59 last week.
The rate of discount remains unchanged at 334% as fixed
March 5. The Bank of France shows a decrease of 4,750,000
francs gold and 2,875,000 francs silver.
NEW YORK CITY CLEARING HOUSE BANKS.
1908.
Averages for
week ending
March 7.
Differences
from
previous week.
$
124,350,000
Capital
159,864,900
Surplus
Loans and discounts__. 1,164,349,200 Inc.
62,162,300 Dec.
Circulation
1.175,700,500 Inc.
Net deposits
54,474,100 Dec.
U. S. dep. (incl. above)
265,288,700 Inc.
Specie
58,772,400 Dec.
Legal tenders
Reserve held
25% of deposits
Surplus reserve
Surplus excluding U. S.
deposits
1907.
Averages for
week ending
March 9.
1906.
Averages for
week ending
March 10.
$
$
126,150,000 116,472,700
156,252,300 145,655,100
3,291,500 1,066,056,900 1,019,579,500
51,438,700
52,281,300
1,971,300
8,076,800 1,019,889,100 1,001,932,000
9,659,800
14.479,600
876,000
3,970,500 185,456,700 178,668,000
78,278,700
71,567,300
1,078,000
$
324,061,100 Inc. 2,892,500
293,925,125 Inc. 2,019,200
257,024,000
254,972,275
256,946,700
250,483,000
30,135,975 Inc.
873,300
2,051,725
6,463,700
43,754,500 Inc.
654,300
5,671,625
8,878,650
Note.-The Clearing House now issues a statement weekly showing the totals
of the actual flgures on Saturday morning. These figures, together with the returns
of separate banks, also the summary issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.
Foreign Exchange.-After an active movement early in
the week, due to speculative operations, the market became
quiet and irregular, though with a fairly strong undertone,
and it so continued to near the close, when it became weak.
To-day's (Friday's) nominal rates for sterling exchange
were 4 84®4 8434 for sixty-day and 4 87()4 8734 for sight.
To-day's (Friday's) actual rates for sterling exchange were
4 8320©4 8330 for long, 4 8580@4 8590 for short and 4 86
%
®4 8610 for cables. Commercial on banks 4 8234®4 823
and documents for payment 4 8231 ®4 83. Cotton for
payment 4 823t®4 8234, cotton for acceptance 4 8234®
4 and grain for payment 4 823%@4 83.
4 823
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 20®5 1934 for long and 5 1834®5 1734h for short.
Germany bankers' marks were 94 5-16®9434 for long and
94 15-16(0)95d for short. Amsterdam bankers' guilders were
40 11@40 13 for short.
Exchange at Paris on London to-day 25f. 1834c.; week's
range 25f. 1834c. high and 25f. 1834c. low.
The week's range for exchange rates follows:
Lang
Sterling, Actual4 8345
04 8350
High
4 8320
Low
04 8330
Parts Bankers' Francs21)
High
05 193%
5 2054
05 20
Low
Germany Bankers' Marks0 94 7-16
04%
High
04 3-16 0 94 5-16
Low
Amsterdam Bankers' Guilders11411
Low
--Short-
14 8635
14 8580
04 8640
04 8590
15 1754h
15 1854
05 1754d
05 1734h
-Cables
14 8665
14 84
0 48670
48610
0 953%
1 05
1 94 15-16 0 93
1 4054
1 40 11
0 40 3-16
43 40 13
Less: a 1-16 of 1%. d 1-32 01 1%. h 3-32 of 1%.
Plus: k 1-16 of 1%. x 1-32 of 1%. y3-32 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, 81 per $1,000 premium. New
Orleans bank, 25c. per $1,000 discount; commercial, 50c.
per $1,000 discount. Chicago, 30c. per $1,000 premium.
St. Louis, 70c. per $1,000 premium. San Francisco, 25c.
per $1,000 premium.
State and Railroad Bonds.-No sales of State bonds have
been reported at the Board this week.
651
THE CIIRONICLE
MAR. 14 1908.]
The market for railway and industrial bonds has, as noted
above, been more active, and a large portion of the issues
traded in have recovered an average of about 1 point from
the low level reported last week. The transactions in this
department of the Exchange have exceeded 234 millions,
par value, each day, and on Wednesday reached nearly
3 millions. New York City 434s have been favorites at
fractionally higher quotations. U.S. Steel 5s have been the
active feature and close 234 points higher than last week.
United States Bonds.-Sales of Government bonds at the
Board include $20,000 4s, reg., 1925, at 122; $120 3s, coup.,.
1908-18, small bonds, at 101, and $20,000 Panama Canal
10-30 2s at 1033% to 10334. The following are the daily
closing quotations; for yearly range see third page following.
Mch.
10
Mch.
11
Mch.
12
3fch.
13
% *1033%
registered Q-Jan *1033
2s, 1930
% *1033
coupon Q-Jan *10434 *1043% *1043%
2s, 1930
registered Q-Feb *101 *101 *101
3s, 1908-18
coupon Q-Feb *101 *101 *101
3s, 1908-18
3s, 1908-18____small coupon Q-Feb *1003% *1003% *10034
122 *122
4s, 1925
registered Q-Feb *122
coupon Q-Feb *1223% *1223% *12234
4s, 1925
2s, 1936_Panama Canal regis Q-Nov *10334 *10354 *10334
*1033%
*1043%
*101
*101
101
122
*1223%
*10354
*1033%
*10434
*101
*101
*100%
*122
*12234
*10334
*1033%
*10434
*101
*101
Interest
Periods
Mch.
7
Mch.
t)
*1213%
*12234
10334
*This is the price bid at the morning board; no sale was made.
Railroad and Miscellaneous Stocks.-The stock market
has been more active, the transactions on Wednesday.
approximating 1,000,000 shares, and the upward movement which developed at the close last week increased in
force, until an advance of from 3 to 6 points or more has.
in many cases been recorded. Thursday's market was
hesitating and unsteady, the volume of business fell over
one third, and the high prices of Wednesday were not generally maintained. To-day's market was of yesterday's
type until the last hour, when the upward movement was
resumed and, in many cases, closing prices are the highest
of the week.
Among the exceptional features are Union Pacific, which
closes with a net gain during the week of over 10 points,.
Reading, which is 734 points higher, St, Paul and Louisville
& Nashville which are up between 6 and 7 points. Industrial issues have followed closely the general trend.
The copper stocks were strong on a better demand for
metal and Am. Sugar Refining sold over 4 points above its
previous highest price of the year. U.S. Steel common and
preferred show an advance of over 3 points within the week..
For daily volume of business see page 659.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending Mch. 13. • for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
100 534 Mch 13 534 Mch 13 4%
Amer Steel Fdry tr recta
300 30 Mch 11 30% Bich 10 273%
Preferred trust recta_ _
300 13 Mch 7 14 Mch 9 12
Bethlehem Steel Corp _ _
Canadian Pac subscript'n
940,140 Mch 7 14234 Bich 10 140
recta 1st install't paid_
200 2 Mch 9 2 Mch 9 2
Chic Un Tr trust rects_ _ _
250 6 Bich 10 6 M h 11 6
Preferred trust recta _
30 135 Mch 12 135 Mch 12 135
Cleveland & Pittsburgh _
420 5 Mch 11 5 Mch 11 5
Des Moines & Ft Dodge_
300 8534 Mch 12 87 Mch 11 7334
Federal Sugar Ref pref
315 55 Mch 11 58 Mch 11 70
General Chemical
Gt Northern subscription
receipts 95% paid__ _ 2,100 119 Bich 7 1223% Mch 12 114
% Bich 10 72 Bich 11 67
200 713
Homestake Mining
Mch 13 84 Mch 13 80
100 84
Ingersoll-Rand pref ---334 33 Bich 12 33 Mch 12 30
New Central Coal
100 73 Mch 12 73 Mch 12 70
New York Dock pref. _
232 99 Mch 12 99% Mch 12 90
NY &NJ Telephone-.
200 3 Mch 7 3% Bich 12 2
Ontario Silver Mining_ _ _
100 14 Mch 9 14 Bich 9 14
Peoria & Eastern
1,000 $1% Mch 11 $154 Bich 11 $1 1.4
Standard Mining
5%
4.950 5% Mch 13 7% Bich
Western Maryland
Highest.
Feb
Feb
Feb 30% 11th
Jan 16
Jan
Bich 142%
Jan 3
Feb 10
Bich 168%
Mch 5%
Feb 87
Feb 58
Bich
Feb
Jam
Jan
Feb
Bich
Mch
Feb 123% Jan
Jan
Jan 72
Feb 84
Bich
Mch
Feb 33
Jan 73
Mch
Feb 101% Jan
Jan 434 Jan
Feb 15
Jan
Feb $1% Jan
Mth 13
Jan
Outside Market.-Trading in copper shares has dominated
the "curb" market this week. The activity and strength
of several issues has helped to impart a better tone, though
on Thursday a reaction caused prices to sag somewhat.
To-day's market was quiet but strong. Nevada Consolidated Copper was a prominent feature during the week, the
stock moving up from 9 to 1134. It fell off to 10% but today improved to 1134. closing at llYt. The new 6% bonds,
of which over 95% was reported subscribed for, sold "w. .i"
up from 109 to 125 and back to 118. Cumberland-Ely
shared the attention, heavy transactions carrying the price
3 , the close to-day being at 8%. Boston
up from 734 to 84
Consolidated advanced a point to 103%. Butte Coalition
rose from 19% to 2034. Davis-Daly Estates went up from
4 to 434 and back to 434. Douglas Copper gained half a
point to 634. Greene Cananea sold down from 834 to 8,
and up to 834. Nevada-Utah advanced from 3 13-16 to 434.
% to 5.
United Copper common was weak, dropping from 53
Nipissing, after a decline from 73% to 634, advanced sharply
to 734 and ends the week at 7. Micmac sold between 334
and 3%, but on Thursday jumped to 434, the final transaction to-day being at 43%. But few transactions have taken
place in the specialties. Havana Commercial preferred advanced from 47X to 5034 and Central Foundry preferred
from 734 to 8. A sensational rise of 25 points in Standard
Oil to 515 was one of the features in this department. Later
it broke to 501, followed by a recovery to 510. To-day it
sold at 50934. Chicago Subway advanced from 1634 to 17.
Consolidated Steamship 4s were traded in from 10 down to
% and up to 1034•
93
Outside quotations will be found on page 659.
New York Stock Exchange-stock T.'ecord, Daily, Weekly and Yearly
0(.1W1L'1
INt. TWO
STOCK8-111UHES1 AND LOWEST SALE PRICES
SalurdaY
March 7.
Monday
March 9.
Tuesday
March 10.
Sales of
Me
Friday
Thursday
Week
March 12. March 13. Shares
Wednesday
March 11.
l'AGLO*
srocKS
Range Since Jan. I 1908.
On basis of 100-share too
NEW YORK STOCK
EXCHANGE
•
Lowest
Highest
Range for Previous
Sear (1907)
Lowest
Highest
Railroads
7034 7218 7012 723
7114 7218 7114 721, 35
6878 705s 7058 72
2:
73
060 itLA
oopperkeai & Santa Fe 60 Feb 14 741, Jan 1s
6038 Nov 10814 Jan
85
8512 85
8412 8434 85
83% 8378 8378 85
85
85
8338 Feb 17 371.. Jan 20
78 Nov 10158 Jan
64
65 *62
6612 65
*50
65
62
62
66
65
661, 1,500 Atlantic Coast Line RR__
5012 Mch 2 7518 Jan 18
58 Nov 13318 Jan
8114 8212 813 8234 8158 8258 8078 817i 15,530 paltimore Fe Ohio
8134 81% 83
80
7612 Feb 10 9013 Jan 31
75
38 Nov 122 Jan
*80
83
83
*80
83
*80
83 *80
8178 8178 *80
82
100 1-, Do pref
80 Jan 3 8534 Jan 21
75 Nov
9412 Jan
43% 421, 4373 4214 4334 4258 4314 43
4078 4178 42
4412 98,130 Brooklyn IRapici Transit_
3714 Feb 10 471.. Jan20
2031 Nov 8358 Jan
__
*____05
65 *____ 65 *____ 65 1,
*_ ___ 65
65
Buffalo & Susque, pre
7412 Nov 8534 Feb
1034 147 14612 14814x 145 1461. 14414 14658 145 14534 .1:13i4 14538 20,935 i'lanadian Pacific
140
Feb
15834
17
Jan 11 138 Nov 19512 Jan
5612 57
*57
02- *57
62 *57
54
62 *57
54
6212
300 % ianada Southern
54 Mch 4 02 Jan 18
52 Nov
6512 Jan
168 16912 169 169
16914 16912 *165 170 *165 170
165 107
1,200 Central of New Jersey
160 Feb 11 183 Jan 15 144 Nov - 220 Jan
2838 29
2833 2914 2814 2918 29
29
27% 28
2858 2914 2,810 Chesapeake & Ohio
2512 Feb 19 3234 Jan 15 £2314 Nov
56 Jan
11
103.1
*10
11
10
3
12
4
12
*10
*10
12
1034 1034
300 Chicago & Alton RR
10 Feb 13 1413 Jan 14
2712 Jan
818 Nov
__ 49
_ 49
*___ _ 49
49 *___ 49 *---- 49
Do pref
48 Sep
69 Jan
4
4
413
4
414
418
418 414
414 434
412 413 3,500 Chicago Great Western
678 Nov
318 Feb 8
18 Jan
818 Jan
*38 ___
35
*3318 -___
*38 -38 *331s
__
200
Do 4% debentures....
35 Mehl() 4912 Jan 4
40 Dec
79 Feb
22
1714 1714 *16
22 *16 -22 *1618 22 *3318*16
§20
20
125
Do 5% pref "A"..
1513 Feb 15 31 Jan 0
21 Dec
713, Feb
513 512
6
6% *512 7
513 6% *538 7
*533 733
938
Do
4%
814
pref
"B"
Dec
5 Feb 11 10 .Tan
2618 Jan
11314 11514 11433 11634 11512 11718 11538 11838 116 11778 11612 118 101,825 Chicago Milw
9312 Nov 15712 Jan
h St Paul__
10312.Jan 2 11838 Mch 11
*140 143 *140 ____ *140 144 *140 144
142 142 *141 145
100
Do pref.
138 Jan 3 145 Jan 11 130 Nov 16512 Jan
10613 10612 107 107
103% 105
107 10814 *107 108
108 108
1,884
Do corn ctN 45% paid
9812 Jan 3 10913 Jan 20 -85 Nov 141 Jan
12912 12934 13012 13112 131 13114 9132 132
13114 13112 132 132
3,630
Do pref ctfs 45% paid 12558Jan 2 136 Jan 20 111 Oct 149 Jan
143 14612 145 14612 14434 14512 14414 14014 145 14514 145 14658 8,350 Chicago & North
Western 13512 Jan 2 15213 Jun ts 120 Oct 205 Jan
*180 195 *180 195 *180 195
195 195 *180 200 *185 200
175
Do pref
6185 Jan 11 195 Jan 23 185 Oct 234 Jan
*113 125 *115 125 *115 125 *115 125 *115 125 3120 120
50 Chic St P Minn & Omaha 114 Feb 25 13212 Jan 26 106 Oct 170 Jan
*140 150 9148 148 *140 160 *140 160 *140 160 *140 160
10
Do pref
14012 Jan 3 153 Jan 91 1371
.Dec 165 Jan
*12 4
*13 4
*12 5
*12 2
*12 4
*12 5
Chicago Terming Transfer
134 Feb IS
.434 Jan 14
034 Feb
312 Oct
*10
*10
15
15 *10
15 *10
15
*10
15
*1018 1018
100
Do pre
1018 Mch 13 12 Jan 22
Mch
25 Jan
Chicago Union Traction_
2 Jan 14
2 Jan 14
014 Apr
258 Aug
1212 Jan 14 1212 Jan 14
1938 Jan
7 Dec
4812 4812 -4312 4878 4833 4878 4853 4878 *4778 4933 4838 4838 1,500 ClcD
PirneiChic & St L
vo
eC
4818 Feb 19 62 Jan 13.
9278 Jan
48 Nov
*89
92 *89
92
*87
92 *37
02 *89
92 *39
02
pref
8518 Feb 19 92 Jan s
86 Dec 10813 Jan
2334 2418 2334 24
2331 2418 2313 2418 23
2418 2334 24
6,320 Coll)0
orad
PoSe
r Southern
21 Feb 19 '2633.fnn 22
17 Nov
3878 Jan
52
5234 5212 5234 5273 5278 53
5334 5312 54
5378 5378 3,246
Do 1st prelei red
5013 Jan '2 54 Mch 11
41 Nov
0912 Jan
41 • 4113 42
4253 43
4334 4414 43
4333 4313 44
4334 5,815
Do 3d preferred
3934 Feb 19 4413 Jan (8
2917 NOV
58l Jan
150 15153 14913 152
14973 152
14Q 152
149 152
151 15212
14112 Feb 10 108 Jan 10 12333 Oct 2271, Jan
476 475 *470 485 *465 485 *470 485 *470 485 *474 485
"65
420 Jan 6 500 Jan
36012 Oct
510 - Jan
1614 17
1712 18
*1714 19
*16
1912 1958 195 *1814 1934
825 Denver Fe Rio Grande_
1414
Feb 19 2138Jan t
10 Nov
4278 Jan
42 . 42
44
45
4512 47
47
47 *46
48
48
48
1,195
Do pref
3914 Mch 2 5978 Jan 14
1:1 Nov
8378 Jan
*31
3314 *31 -- _- *31 _ __ *30 _ *30 ___ *.._„ 32
Detroit -United
31:31 Dec
33 Feb 25 3814 Jan s
801, Jan
*6
714 *6
914 *6
7
*611 7
7
7
*614 7
100 Duluth So Shore &Atian
614 Oct
6 Feb 11
873 Jan 21
1912 Jan
1212 1212 *1214 1334 1334 14
*1234 15
*1234 15
*1271 11
300
Do pref
1131 Feb 13 1814 Jan It
10 Nov
39 Jan
1218 1214 1213 1314 1353 14
1314 1378 1334 1414 14
1413 13,750 9lrie
1st
12 Melt 6 1718.fnu 2
.214 Nov
4414 Jan
2512 2512 27
2713 2712 2733 2714 2734 2734 2814 28
29
4,000 Li Do
pref
2433 Mch 4 3534 Jan 16
28 Nov
7578 Jan
*1514 1714 18
1838 1814 19
1814 1814 1812 19
*1812 2014
Do 2d pref
700
16 Mch 6 2614 Jan 10
20 Nov
67 Jan
*65
80
*65
80
*65
80
*65
Evansville & Terre Haute
*05
SO
*65
80
SO
*75
90
*75
90
*75 100 *75 100
*75 100
.
*75 100
...
Do pref
in Apr -65 "A.-1W
11914 12038 12012 122
12058 12218 12014 12238 12112 123
121 123
48,800 Great Northern pref____ 1133, Feb10 £12534 Jan DI 10712 Oct 18934 Jan
5618 5678 5614 5714 56
58
5713 5813 21,825 Iron Ore prop(eierthicest_f 1_3
5612 5534
8 57
37 Oct
. 4312 Jan 2 5812 Mch
81 Jan
_
Green Bay & W ,deb etfA
75 Oct
75 Oct
16 - 1018 161-8 11 16374
1.6 .1.63:i 1.653 163-3
534 Oct
62
8 Jan 14
5763
1412 Jan
22
.fan
1214
*20
24
*20
24
*20
24
*20
24
*20
24
24
Electric
2412 Oct
47 Jan
*65
*65
81
81
*65
*65
81
81
*65
met
Do
*05
81
95
170 Jan S. 470 Jan 8
72 Apr
8012 Tan
65
66
100 Hocking Valley tr rects- _
63 Nov 114 Melt
62 Feb 10 71 Jan 12
W70"
-YE*69
75 ;EV ..'"ff- i,o5" 'Yr
Do pref
70 Jan 2 SO ,Tan 0
64 Nov
94 Jan
125 125 *12.1 12512 125 12514 12578 12834 *126 12934 *126 12912 2,100 I Ilinois Central
110 Nov 172 Jan
12210 Feb 17
Is
,Fan
678 718 *7
714
7
714
718 *7
714
71,
712 8
3,415 Lnterboro-Afetropolltan _
.Ian 4
39 Jan
478 Oct
Jan
875
31
19
19
19
19
1853 1912 1834 19
191-2 2014 1912 2014 5,600
Do pref..
1718 Feb 10 2314 .fan 20
14 Nov
7514 Jan
*1114 12
1173 1178 *1112 12
*11
11
1113 1113
11
12
400 Iowa Central
012 Nov
10 Feb 19 1314 Jan 14
287
:Jan
*28
2934 30
30
29
2914 2914 30
2934 30
*29
30
pref
s eicti.
2,650
Fs,,t.sc
51 Jan
29
Feb
Dec
2712
19
14
Jan
31
*55
05 *55
62 *55
62 *55
62 *55
*55
65
65
t r 1311s
Oct
ertz)
80 jan
lref 5978 Feb III 70 Jan 13
60
21
1034 20
2014 21
22
181g 19
19
23 *20
23 • 2,520
Southern
18 Itch
1:034 Jan
18 Feb 25 2371 Jan 6
4718 4818 4913 4913 50
5038 50
50
5013 5112 5014 3138 4,230
Do pre
45 Mch
6134 Jan
46 Feb 19
.1.811 14
*10
15
15
15 *13
*13
15
1312 1313 14
14
15
600 T ake Erie & Western
2813 Jan
12 Jan 4
ii Nov
1512 Feb 3
40
*35
40
*35 • 40
*35
*35
40
*35
*35
40
40
_Li Do pref
6712 Apr
3034 Nov
*26
*27
30
*27
30
*27
30
30
*26
30
30 *26
LouisvLong Island
n(
6
(3712 Jan
26 Dec
30 Feb 0 :44)1 Jan 11
95
9614 9413 9638 Mt 9634 9512 9634 7,020
9113 94
96
90
ille
8512 Nov 14518 Jan
Nashville- _
8714 Feb 19 10312 Jan IS
912412 12478 *125 131 *125 131 *125 130 9130 130 *124 129
84 Manhattan Elevated__ 120 Jan
4 13212 Jan 29 10078 Oct 146 Feb
*15
16
16
17
416
16
*15
18
*15
*15
19
125 L,
18
letropolltan Street-___
23 Dec 107 Jan
15 Feb 24 25 Jan 10
173.1 1814 1778 18
18
18
18
1734 1734 1734 18
18
5,000 Mexican Central
2758 Jan
1234 Nov
1412.Tan
2012 Jan 28
21
21
2114 2112 2112 2112 1,850 Minneapolis & St Louis
2014 2038 2013 2013 2034 21
2312 Dec
19 Jan
20
Mch
2
11
Jan
2614
*5812 60
*5712 60
Do pref
90 Jan
Feb 29. 67 Jan 18 x6212 Dec
10114 10234 MI 161- 103 10314
165 - lain, 176112 -73,:113 Minn St P & S S Marie-. 61
10014 102
60 Oct 14014 Jan
7914 Jr
2 10413 Itch 13
136 136 *130 134 *125 135 *130 135 *125 135
135 135
200
Do prat
12319 Feb 11 136 Itch 9 110 Oct 168 Jan
1913 1913 2053 2018 2034 2038 2118 2114 2212 2173 2238 23,075 Mo Kansas & Texas
19
1712 Itch 2 2718 Jan 14
20% Nov
4458 Mch
5212 5'212 5258 5312 53
54
*50
55
*48
*5212 5312
53
900
Do pre(
53 Nov
45 Feb 19 5912 Jan 15
7234 Jan
3113 3278 3134 3314 3218 3512 3433 35
3014 32
3334 35
25,185 Missouri Pacific
0?34 Jan
Dec
4418
'2
2812
Jan
Feb
19
47
*DV 106 §101 101 *100 106 *100 106 *100 106 3102 102
60 Mash Chatt & St Louis. 9734 Jan 2 11414 Jan 14
97 Dec 147 Jan
*____ 50
*47
50 *_-- 50 *__- 50
50 *___ 60
LI at of Mex, non-cum pf 4334 Jan 0 50 Feb 5
3912 Nov
59% Jan
*16
Do 2d pref
1312 Oct
27 Feb
9712 -901-4 -9814 1661:t "08" 661; "9778 6614 "oiiill6t,
-15812 98
1- C - 3.:,.....
-.(1 21-1F1 N V Central & Hudson
9018 Jan '2 103 Jan 14 x80 Dec 13434 Jan
33
32 *31
*3013 32
33
32
32
32
33
32
33
1,410 N Y Chic & St Louis-__. 2413 Jan 3 3334 Jan 14
10% Oct
6312 Jan
*85 100 *85 100
96
*85 100
*83
*85 100
*85 100
Do 1stref
P
85 Nov 110 Jan
00 Jan 14 90 Jan 14
*60
*60
63
63 *60
*58
65 *60
64
64
*60
64
Do 2d pref
41 Oct
9134 Jan
60 Feb 8 70 .Tan 11
$131 133 133 134 134 134 *132 13412 9133 133 *131 13412
422 N Y N Haven & Hartford 12838 Jan fi 13)8)2,181) 18 127% Nov 189 Jan
3258 3218 3214 3214 3314 4,250 N Y Ontario de Western
3014 3013 3034 3214 3134 3218 32
28 Oct
4st:tz Jan
3918 Feb 10 16 Jan 14
63
63
60
150
6013 6114 62
63
6314 6312 63
6314 2,900 Norfolk & Western
hos Oct
9214 Jan
58 Feb 111 70 Jan 15
*70
80
80
*70
80
79
7914 *70
'
200
Do adjustment prat__ _
70 Oct
9012 Jan
0
:fan
79
81
jail
17
12412 127
12314 12478 12453 12578 12434 126
128.5-3 117-3-4 iiniss lifi- 160,395 Northern Pacific
11078 n 2 12913 Jan 1.3 1001:: Oct 18013 Jan
10614 10678 107. IOS
10712 108
107 10734 10713 10813 10812 109
10,980
Do subscrlp reels
. 9112 Nov 134 Feb
103 Feb 10 112 Jan 11
8014 8412 8212 8478 8338 84
*78
82
8373 8378 *8212 84
3,200 1Dacific Coast Co
50 Nov 14418 Jan
79 Feb 24 9312Jan 14
*80 100
*80 160
*80 100
*80 100
*80 100
*SO 100
1. Do 1st pref
05 Nov
70 Nov
*78
8212 8212 *82
84
*82
85
85
*80
86
*80
85
100
Do 241 pref
85 Dec 121 Itch
07 Jan 13
82
Feb
8
11413 11612 11513 11714 116 117
11578 118
11638 11712 11613 118 131,844 Pennsylvania
Mehl() r10312 Nov 14133 Jan
Jan
2
10834
118
65
*63
65
6512 *63
6513 *63
6513 60
6712 *67
7f)
300 Pittsb Cin Chic & St L- 59 Jan 7 70 Jan '22
51 Oct
711 Jan
*81.
85
85 *82
95
95
85
85
*82
90
*84
00
200 •
Do pref
6912 Oct 10113 Jan
8113 Mch 3 90 Jan 10
9718 10018 10014 10258 10134 10314 10134 10478 10278 10438 10278 10434 910,690 Deading
7012 Oct 13913 Jan
Jan 18
9218
x111
Feb
17
*80
88
88
*78
*8112 8612 84
84
*80
88
*80
88
180 IA, 1st pref
73 Oct
92 Jan
78 Jan 2 84 Jan 18
*75
*76
79
*8013 8113 *78
81
80
*78
*78
80
88
al pref
67 Nov
94 Jan
70 Jan 6 18212 Jan 0
12
1234 1212 13
1134 12
1212 13
1318 1312 1338 1414 9,550 Rock Island Company...._
1114 Nov
Jan 6
3018 Jan
4
1012
15
3
Feb
3
23
2334 2318 2412 2433 25
2414 2518 24
2514 2414 25
8,297
Do pref
2012 Nov
6413 Jan
2034 Feb 3 303.1 .Jan 6
*45
*45
55
*45
55
*45
55
55 *45
55
*45
55
58 Oct
3,945 St L & San Fr. 1st pref.., 45 Feb 10 6134 Jan 15
70. Jan
2212
22
2212 23
2312 2414 24
23
2314 23
23
25
24 Nov
Do
4338 Jan
1914 Feb 10 3014 Jan 13
10
104 1073 1134 *9
12
12
12
12
*1073 12
1,100 StD
11 Nov
oufsdSfP
nrie
tliwestern_..Lo
2513 Jan
10 Mch 7 1512.lan 15
*2518 2758 2714 28 *26
29 *2618 2812 2838 2853 2913 3012 1,000
Do pref_
25 Nov
6212 Fah
'1413 Feb 19 3212.Tan 29
6938 7014 7053 7214 7153 7238 7114 74
7212 7312 7234 7418 65,325 Southern Pacific Co
6314 Oct• 9614 Jan
6614 Feb 17 7813 Jan 20
10918 10913 10953 10958 910953 10978 10978 110 *10958 11034 *110 11034
705
Do pref
1003 Jan 2 112 Jan 21 100 Oct 11818 Jan
1073 1112 1058 1138 7,450 Southern v tr cis stamped
958 934
934 934 1038 1034 1012 11
10 Nov
Jail 2
34 Jan
1314
10
Jan
Ms
2512 2612 27 28 *2712 29
2813 281, 2812 2913 2812 29
3,400
Do pref
2912 Nov
9412 Jan
do
2513 Itch
37 Jan 8
1512 1573 16
1334 1334 1412 1534 *15
16
15
154 *15
1,700 rrugl tr
1712 Nov
14718 Jan
43.1 Feb 20 21 Jan 15
1.
eyge
(N
*18
20
*16
21
24
*16
*16
20
1812 *16
20
143 Nov 123 Jan
1714 Feb 21 2234 Jan 29
912 912
*9
1012 *918 10
*918 10
912 012
918 913
400 Toledo Railways &
9 Dec
1314 Jan 20
29 Jan
9 Mch
1478 1478 *14
15
1434 1434 *14
1414 1414 1414
600 Toledo St L & Western
1434
Light14
__
1034 Dec
12 Feb 6 15 Jan 14
3334 Jan
3334 3378 3334 3413 3414 3412 34
35
3534
304 3,800
3412 34
377g Jan 16
Do pref
2934 Nov
Feb
33
3
5478 Apr
8212 8212 83
83
*8212 8412 8378 8378
8314 8313 *82
84
750 Twin City Rapid Transit_
6834 Nov 1081. Jan
7814 Feb 7 8914 Jan 4
114 11734 11713 120
11834 12013 11834 12353 12178 12338 122 12412 748,535 .1 Tnlon Pacific
11012 Mch 2 128g Jan 18 100 Oct 183"Jan
8058
80
8034
*7819 80
8012
80
80
8011
80
7
Au,
700 t•-) Do ore?
30 Tan 4 S4'J;'" 12
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No D:inav`v;aarree T,a,1:17evt:
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iencon
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..
*59
BANKS
Banks
Bid
Ask
Banks
Bid
AND
TRUST
COMPANIES-BROKERS' QUOTATIONS.
Ask
Banks
Bid Ask
Bid
Ask
Banks
Ask
Bid
Banks
Bid
Banks
Ask
Fifth Aveg- 3113 3
520
.
530
_ Oriental
Metropolis 11 390
New York
Chemical -- 390 400 Fifth
E8
_ 155
Pacific ¶--- 230 - 256105
-158
Nfetroporn¶
-Aetna
170
12712
135
First
Citizens' Ctl
625
180
---. Irving N Ex 170
0 Park
250
240
20
Mt Morris¶. 2
6
385 400
America II
480 i-66- City
2521: 14th St 11 -- 170
248
190 Mutual --, Jefferson ¶ - 170
People's ¶__
-- 300
--Amer Exch_ 215 225 Coal de Iron 100 200 Fourth ---_ 175
185 Liberty-- 425 450 Nassau 11- - 120533 ---.. P
a
p
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e
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n
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Gallatin -- 310 330
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285 New Neth'5 1,-_
nih
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115
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a:ord
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185 Copper
185
195 Germania
500
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ge
205 215 Corn Ex 11_ _ 270 285 Greenwich 11 250 2-70 - Mercantile 11 114
fhase
118 19th Ward 11
_
400S
5353---*
State 1.__320
330
300 315 East River_ 135
hatham
145 Hamilton 11-170
175 North Amer
.300
t2thWardT
____ Fidelity 11_ _ 160 165 Hanover __ 475 - 4-90- Nfi
helseaEx 11 200
15213 Northern __ :-f61523(1 Ward 11 1DC
sc.
h 145
nt
x'
chaE
eir.ch
- T
*Bid and asked prices no sales were made on th s day. * Ex-rights. 9 Less than 100 shares g State
banks a 1 xCiv dc:1- nd rights. b New .4t;
:
k.
t Sale at Stock Exchange or at auction this week c Ex-beneficlal interest In ore properties. 5 1st installm't
paid. n Sold at private sale at this price.
mr,rtoTrorri..
AB
g
MAR. 11 190841
iNew
York Stock
STOCKS-HIGIIES7' AND LOWEST SALE PRICES
Saturday
March 7
Monday
March 9
Tuesday
March 10
Wednesday
March 11
Thursday
March 12
653
Record-Concluded-Page 2
Saws ol
,he
Week
Friday
March 13 Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range ;Due Jan. 1 1918
On basis ol 100-share lots
Lowest
Highest
Range /or Previous
Year 1907)"
Lowest
I
Highest
1812 Ja n
62
1018 Nov
Unit Rys Inv't of San Fr_
15 Jan 24 2113 Jan 28
n
aa nb
JJ a
42 J
3313118
20 Nov 778
271.Jan 22 381* Jan 30
Do pref
8 Oct
II/abash
634 Mch 3 1038 Jan 3
1418 Nov
TT
Do pref
13 Mch 3 1812 Jan 10
1634 Jan
G Oct
412 Mch 7
9 Jan 3
Wheeling & Lake Erie_
13 Oct
Do 1st pref
14 Feb 27 19 Jan 6
2134 Jan
8 Oct
Do 2d pre
714
6 Feb 27 11 Jan
2578 Jan
11 Nov
400 Wisconsin Central
1313 Feb 28 1714 Jan 15
6112 Jan
28 Oct
Do pref
100
33 Feb 19 4313 Jan 20
I ndustriald:Miscellaneous
4185 Jan 18 4150 Auc 1330 J'ne
30 A dams Express
164 Jan
*105 177 *165 177 *105 177 *165 177 *105 177 4165 165
nnbr
n
aaaepn
. Aug 1c20241603531773:8:
AFa
J4J
2J
5 Mch 6
078 Jan 13
910 LIIlls-Chalmers
638 638
612
6
578 578 *578 614 *578 614
534 534
14 Nov
Do pref
14 Mch 6 22 Jan 14
1453 1512 *1513 1534 *1513 1534 1512 1614 1714 1753 2,500
15
14
4518 Feb 19 5614 Mch 13 54134 Oct
5013 5134 5114 5278 5178 5313 5158 5313 5212 5414 5334 5614 230,610 Amalgamated Copper_ _ _
A pr
2538
10 Oct
74. Jan
13 Jan 4 18 Jan 31
1714 1714 1713 1734 2,130 Amer Agricultural Chem_
*1634 1733 1714 1712 1712 1712 1714 18
75 Oct
7812 Jan 4 8412 Jan 31
Do pref
82
82
*79
82
*78
82 *79
*79
82 *75
82
*75
734 Nov
912 Feb 10 13 Jan 14
50:: American Beet Sugar
1112 1112 1112 *1012 1112 *1012 1114 *1012 1114
*11
1012 11
75 Ma 80 Jan
65 Jan ,23 7212 Mch 9
Do tact
100
7212 7212 *_ _ _ 80 *____ 80 *_ ___ 80 *____ 80
*____ 80
54., Jan 11
4 Feb 20
400 American Can
3 Oct
478 5
*412 5
434 5
*434 518 *434 518
*414 413
44 Jan 4 523 Jan 14;
34 Nov
Do pref
4812 48
4813 2,473
4813 4834 48
48
4812 48
*46
4714 47
y
ln
Ja
511! j
2438 Oct
48
3
2914 295s 12,100 American Car & Foundry 2512 Feb 13 3238 Jan 14
x2918 2934 2812 2914 2834 29
2978 3012 3012 31
8414 Mch 4 903.1Jan 11
78 Oct 103 Jan
960
Do pref
8712 8712 8918 8918 8812 8812
8814 8834 8878 8878 58713 88
2434
Nov
34-5g
19
21
Feb
OIL
Jan
1,800
14
Cotton
American
2612
2718
2734
2714
27
2678
*2512
2757
27
2714 2714
27
480 Jan 16 480 Jan 16
70 Nov
014 Jan
,
9
Do pref
85
*80
85
*80
*80
*80
85
85
85
85
*80
*80
4170 Feb 28 200 Jan 0 175 Oct 248
7 14 an
200 American Express
17934 180 *180 190 *170 190 *170 190 *175 190
*175 180
Jan
37
558
Oct
8
Jan
8
Twine_
8
55
3
Mch13
514
875
Grass
American
4
53
*514
8
52
8
53
612
512
538 538 *532 534
212 Nov
234 Feb 26
378 Jan 11
100 American Hide & Leather
3
*234 3
3
*234 3
*234 3
*212 3
*212 3
1212 Mch 4 1534 Jan 20
10 Oct
300
Do pref
*1312 16
15
15
13 *13
*13
1514 *1312 1512 15
13
818 Oct
1212 Feb
1978 Jan 21
1718 1518 1614 1618 1634 1618 1613 5.955 American Ice Securities.._
1038 1634 1713 16
16
638 Oct
6 Mch 5
838 Jan 10
500 American Linseed
anr
2 Jan
4
8911,
57
1
3°8
*618 8
8
*6
*512 7
*6
8
6
7
*6
6
Jan
1612 Oct
100
17 Mch 5 22 Jan 23
Do pref
20
*17
25
*17
*17
17
1812 17
18
*12
17
*10
Nov
25
3214
413
Feb
14
Jan
4
8
313
12,230
Locomotive
American
3614
8
365
3614
373
4
3614 37
3414 36
3612 3714 3638 37
Jan
Oct
83
92
2
8
Jan
18
11
13
8512 Jan 3
19
Do pref
9013 91
*9014 91
907s 9078 9034 9034 9012 9034 9012 9078 2,300
21. J'ne
100 American Malt Corp__.._
3 Mch 2 434 Jan 18
434 434
*312 5
*314 5
5
*3
5
*3
5
*3
17 - Nov
FebF b
375634
40 F
21 Jan 13 3213 Jan 18
500Do pref
28
*26
27
*25
2612 2612 *25
27
*25
2578 27
27
Oct
60
77
*74
600 Amer Smelters See pref 13 70 Jan 17 8034 J an 29
77
7612 7612 *74
77
*74
7512 76
76
*73
5814 Nov 5155 Jan
68
651s
1$
Jan
7014
17
6538
Feb
198,185
5512
Refining
&
AmerSmeitIng
6438
6514
6218 6434 63
6012 62
63
6434
t
fan
e:
a
8134 Oct 21101
J.aa
:
3 JJ}
01
7
:178
8734 Feb 20 96 Jan 13
Do pref
9212 2,400
9414 59134 9134 92
04
9212 9312 92
9338 9334 94
120 Oct
American Snuff
*150 240 *150 240 *150 240 *150 240 *150 240 *150 240
Nov 113
anue
'
J
J
470
0
2
1
0
Jan
3
100
Feb
81
85
Do
88
*7812
pref
88
*81
88
*81
88
*7812 81
81
*80
81
458 Nov
412 Feb 14
7 Jan 12
464 American Steel Foundries
512 512
6
*5
*512 0
*534 6
6
6
5
45
20 Nov
130
2618 Feb 14 34 Jan 20
32
Do pref
*29
31
32 *29
*29
30
43114 3114 *30
31
31
Dec
9234
11
Jan
9834
12014
2
Refining
15,155
Mch
Sugar
American
119
11958
118
118
12014
118
11978
11612 11912 11813 11978 11812
105 Feb 18 11212 Mch 12 5106 Nov
300
Do pref
11513 11513 115 115
115 115 *115 120 *115 120 *115 119
88 Oct 1:4
36 j
3:7
110 Jan 18
W al:
590 American Telcph & Teleg 101 Jan
10814 10814 *10734 110 *108 10812 *10812 110
10634 10034 10734 108
98.34 JAIL
60 Oct
7212:fan 2 82 Mch12
1,810 American Tobac(new)
81
x81
8131 8113 82
8014 8013 81
*7812 80
7914 80
361. Jan
11 Oct
1512 Feb 17 2012 Jan 4
300 American Woolen
18
*1678 18
1612 1612 1058 1718 *17
*1614 18
18
*17
(i8 Nov
7814 Feb 19 8612 Jan 18
225
Do pref
80
80
83
84
8018 8018 *80
*79
*77
80
7914 *77
$2514 Mch 13 $2518 Oct
32
3278 3234 3312 3234 3338 3231 3334 3278 3334 3353 3514 26,823 dAnacondaCopper Par$25 $2713 Feb 19
$112 Nov
dlialakiala Cop per Par$10 $178 Jan 2 $414 Jan 17
83 Oct
23.4 - 273 - Vroo dBatopilasMin1ng Par $20 5213 Jan 23 5378 Jan 2
234 -OS
- 234 -17-8
203 234
-13-4
*234 3
7:i
402341
1°2:8ja
1411 t
125
t0 Nov $11jl
90
11
Jan
21
Feb
585
Gas___
Union
*90 100
Drooklyn
*90 100
*90 100
*90 100
98
98 *94
*88
6 Oct
7 Jan El
0 Jan 3
8
-113runswick Dock &C Imp
*6
8
*6
8
*6
8
8
*6
*6
8
*0
491i, Jan
Oct
27
7
15
Jan
425
Feb
410
Co
20
*14
Buttertek
*14
20
20
*14
*14
20
20
*14
*14
20
40 Feb
1178 Nov
1513 Feb 10 1912 Jan IC
825 Oentral Leather
18
1712 1712
1712 1734 1734 1734 11734 1734 *17
17
17
b
en
Fa
877s J
68 Nov 102
210 N-.1 Do pref
75.i Jan 2 86 Jan 92.
*8112 8318 183
8312
*81
83
*8114 87
83
8234 8234 83
Nov
14
11
2212Jan
11
Feb
8
5
15
Iron_
&
Fuel
10,500
Colorado
1838
18
1778
1813
1734
1813
183
1814
4
3
19
3
1634 1714 1712
Dec
14
Mchll
19
6
Mch
Iron
&
Coal
4
143
12,430
Col & Hock
19
17
104 17
1738 1612 17
1013 1738 17
16
15
74 Oct 17824088
8% Jan'=6:ll li
96 Jan 3 10534 Jan 11
100 10013 1,406 Consolidated Gas(N Y)
100 100
10014 10034 100 100
*9812 101
98
98
2434 Jan
8 Oct
1034 Feb 10 143.1Jan 18
1114 1178 3.234 Corn Products Refining
121. 1233 1258 1158 1158 *1112 12
1112 1214 12
20
Oct
46
Jan
66
2
Jan
56
pref
Do
1,150
61
*59
01
§6114 6114 60
61
5934 5978 §01
5812 59
Feb
25 Dec
3018 3058 3013 3014 30
3034 4.450 Distillers' Securities Corp 27i4Feb 19 35 Jan 18
2918 2978 3012 2934 31
29
50 Oct 183 Jan
Federal Mining & Smelt'g
80
*40
81
*40
81
81
*30
81
*341
*30
81
*30
Jan
97
Oct
47
12
Jan
10
Feb
59
0914
100
pre'
Do
66
66
69
*59
69
*59
69
653s *60
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N
S
W
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Ask
Trust Co's Lif4 .st
Ask
Trust Co's Bid
Trust Co's Bid Ask
Trust Co's Bid
Bid Ask
Banks
Did Ask
Banks
Brooklyn
190
---- Mut All'nce 175
Fidelity __- 184
N Y City
Union Exc1 165 170
--- Fifth Av Tr ---- 425 NY Life&Tr 900 930 Brooklyn Tr 400 413
275
Astor
Brooklyn
U S Exch 11_ ____ 110
125
-- N Y Trust.. 475 510 Citizens' __ 100
Bankers' Tr 400 420 Fulton __ 250
Wash Irts------ First
150
---- Bowl'g Gr'n 290 310 Guar'ty Tr_ --- 410 Standard Tr 350 390 Flatbush _ 240 260 .
West Side 11 500
----225
120 Guardian Tr 150
170 TitleGu& Tr ---- 385 Franklin Yorkville I. 400 425 Horne Bit If_ ---- 200 B'way Tr- 100
70 Tr Co of Am 148 155 Hamilton -__ ____ 290
--- Hudson _ 60
Manufac'rs' 390
--- Carnegie -_ t157
100
_-_. Law T I&Tr 185 200 Union Trust -- 1200 Home
Mechanics'% ____ 275 Central Tr_ 1500
---- ---.
Jenkins
115 US Mtg &Tr -. 390
---- Lincoln Tr.. 100
Montauk __ 130
150 Columbia __ 185
460
440
Co
1080
Kings
1110
160
States_
400
350
150
Unit
Nassau
Manhattan_
__-_ 240 270 Commercial
Brooklyn
125 Mercantile _ 775 825 VanN'd'nTr ___. 300 L Isi L Tr 240 250
Nat City-- 275 300 Com'wealth 100
- 10
---- Nassau --------- 2
Borough V- ---- -- North Side% 320 340 Empire _._ 325 335 Metropol'tn 450 475 Washington 400
275 300
175 People's
160 Equit'bie Tr -- 310 Morton Tr_ 400 425 Westchester 165
--- Prosp'ctPla 150
Broadway 1 425
Terminal V_ -..
105 Windsor---- 105 Williamsb g ---- ---.
_ Farm Lo&T t1081 --_. Mutual__.._ 95
* Bid and asked prices no sales on tils day. 3 Less than 100 shares. t Ex rights. b New stock. c Ex.-div. and rights. d Now quoted dollars per share.
(Sale at Stock Exchange oral auction this week. s Trust Co. certificates. 1 Banks marked with a paragraph (1) are State banks.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
OCCUPYING POUR PAGES
BONDS
N. Y.STOCK EXCHANGE
Ek ENDING MARCH 13
Price
Friday
March 13
Week's
• Range or
Last Bale
Range
Since
January 1
BONDS
N. Y. STOCK IfaCCHANGE
WERE ENDING MARCH 13
r.CL.
Price
Friday
March 13
Week's
Range or
Last Sale
&tinge
hince
Jannarv I
Government
Bid
Am Low
High No
Cent of Ga RR—(Con)
Bid
Ask Low
High No Low it loA
17 S 2s °onset remetered.d1930
10334 104% 104 Mar'08
104 1041
prof income g 511 stamped
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4 Mar'08
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314
37
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33
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101 R1134
Chatt Div pur icon g 4s.1951 5:i;
891
/
4 Feb'Ut, ••.• 8930 81'%
90
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107 J'ne'02
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115 Nov'05 .•• ......
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20 1184122
122
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105 Dec'07
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97
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/
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/
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/
4 124 1231
/
4 1231
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Philippine Islands 48.1914-34 Q- F
111 May'06
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121 /
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4 121-., 5 124118 12119
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106
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107 • Feb'08 •... 107 1081
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96
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.1 1834 Feb'08 -• 9834 991
/
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86 220 851
/
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115
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U 8 of Mexico at g Os of 1899 QJ
119
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96
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102 Feb'08
101 1024
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. 94
93 Mar'06 .•... 90% 944
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/
4 103 Feb'08
a1911 A-0 104 1051
103 103
of $5 to Z.
17 hese arc pr ices on the t,
10843 109
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1939 M-N 1084
7 1074 112
• State and City Securities
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1939 M-N
10119 Dec'07
Alabama ourr tund 4s
111 Mar'92 -•-• ......
97
1920 J -1
118', Sale 117',
General gold 44s
984 is Uti 1011
1992 M-S
/
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1924 F-A
11719 J'ne'Ob -• ......
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1054 Dec'04
97
112 1%
Craig Valley 1st g 58. 11140 J-J
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1989 J -J
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/
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11314 Feb'05
Warm Spr Val 1st g 55 1941
S
......
44% Corporate Stock 1957 M-N 107/
1
4Sale 10634 1071
/
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9143
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Greenbrier By lstgug 45'40 M-N
44% assessmt bon, . 1917 M-N
1024 Mar'08
102 1041
68
/
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6734
9734
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is.
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61
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62
2 6() 64
Improvem't 4s(whiss'd)1958 M-S 109 Salt 109
10934 22 109 10934
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Nona Carolina consul 48 1910 -J
97
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/
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.4:4)%
5
97 le Ve31Y
Ohio Burl& Q—DenvD4s 1022 F-A
11719 1/9
97 10019
Us
126 Mar'07
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......
Illinois Div 34s
834 13 86
89
8819
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1019
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120 Mar'lle
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90 Sep'06
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Tenn new settlement 3s 1913 J.j • 91
9214 Oct'07
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67 971
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•
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/
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/
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00
90 Mar'08
Virginia fund dent 2-38-1991 J -J
90
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106 106
221
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24 Feb'08
/
4 24
'224 26
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90
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08
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1921 M-S 89
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Joint bonds Bee Great North
Albany& Suso See Del& Hue
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1913 .VI-N 101 102 101 Mar'08
9719101',
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Han & Stjos consol 68 11111 M.S 103
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1955 J •D 871
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1947 J -J 103
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104
Dak & Gt So g 5s
/
4
10.31
1041
/
4
11)16
J
-J
11238Jan'04
1st gold 5s
1934 A-0
Far .4 Sou seen g (Ss
1924 -J 118
10
34
7
2t
i,
t4
-1j
-iF
'
iteln
Y
bi0
9°8
11
1141
/
4 Nov'05
Ala Mid 1st gu gold 5s _1928 M-N 101'4
Haat & D Div lat 71,
1021
/
4
/
41021
1910 J -J 104
604 Mar'06
Bruns& W 1st gu g 48 1938 -J
lat 58
1910 -J 11)0
100 J '1Y'07
74
74
L(13
coll g 46
o1952 51-14
74
.74.. 76
1.4 D Erten 131 75
12',Apr'06
1908 J-4
94 J'ly
Sil Sp Oca & G gu g 4s —1918 J -J
LaCrosee & D 181 5s
1919 J -J 108 108 10834 Feb'08
1.0619 10619
Atlantic 411, Daily See South Ety
Mineral Point Div 5s
101
1910 J.
10038 1003
,
10038 c'eu'OS
Austin & N W See Son Pacific
So Minn Div 1st 68
1910 J -J 10234 1934 1044 Feb'08
4 103
100,
4.4
90
alttLhioior lg31esi1l
90
9034 11 90
91
031
/
4
Southwest Div 1st 6s
1014103 101 Jan'08
11)01)
101
J
10/
-J
891
/
4
Jan
Registered
'08
8111
/
4
..
891,3 89k.,
ct•J
/
4
Wis & Minn Div g 5s
1921 J -J 1081
108 1084
19
119
Gold 4s
41048 A-0 99 Sale 99
16 961
/
4 102
Mil & No 1st 11 1, Lis. 1910 .1-1) 103
961
/
4 Mtu'Ob
Registered
41048
99
964 064
105
lot consol 68
11
10
0
1)
8
0
8
1913
"0
3
8
1
J-D
108-,
1034
6s...1922
'01
Pitts Jana 1st gold
120 yet
J -J
......
. Chic & Northw cons 7e
1915 Q.F 117
10
17
834 l'et31)
116 118
B:
0,7
8014 Dec'07
pJnn&MDivlstg319s1925 M-N
85
80
Extension 4s
9714
1886-1926 F-A
PLE&W Va Sys ref 481941 M-N
90
90
90
1 .87...92 11
Registered
94
ma0
nr:08
1886-1926 F.A
983
11.
, 4 Ja
8
9814
861
/
4Sale 86
Southw Div 1st g 348 .1925 961
/
4 17 8334 8934
90
General gold 34s
1987 M-N
1/13
1)0
.
Registered
88 Oct '01%
41925
82
Registered
111
05 Feb'01
p1987 Q-F
......
Monon HAY let gu g 5s..19111 -A
10578 Feb'07
Sinking fund 6s-1879-1929 A-0 110
106 Deo'07
Oen Ohio It lst o wiles-1930 AI-S
109 A pr'05
Registered
108i,
1879-1921)
Jan
'08
jig
A-0
4
.
108',
10034 J'ne'07
Ut Lor & W con 1st g 5s 1033 A-0 107
......
Sinking land 5s-1879-192U A.0 ,l()7
1944 Oct'07
116 May4)6
Ohio River RR 1st g 58 1936 J-1) 100
Registered
104 Nov'97
1879-11120 A-0 *1116
General gold 58
1937 A-1)
11319 Nov'06
......
101'4 101,
Debenture Se
14
tf-N
1909
11)1
,
Mar'08
Pitts Clev & Tot 1st g 61, 1922 A-0
1194 Mar'04
/
4 1011
Registered
/
4 J'ne'07
/
4 091
1909 51-N .1091
' Pitts 8o West 1st g 4s 1917 J -J
881
/
4 Oct'07
Debenture 5s
105 Feb'08
1921 A-0 1054
105 105
Stet Isl Ry 1st gug4126 1943 J-D
100 Nov'04
Registered
103 J'ne'07
A-0
1921
Bat Creek ed S are Mich Cent
109
Sinking fund deb 5s
1084 F'ob'Oti
1933 M-N
11)819108',
Beech Creek See NY C& H•
Registered
108 107 Mar'08
1933 M-N
107 107
Belley & Car See Illinois Cent
North Illinois 1st
91,1 Dee'07
M-8
Bklyn & Iiiontauk See Long 1
100.8 May'07
Ott C F& St Paul 1st 55 1909 M-S
Bruns do West See Atl Coast L
118 Feb'08
.1,111 L S & West 1st g 6s 1921 M-N
118 116
Buffalo N Y & Erie See Erie
Ext.gs Imp sfund g511 1929 F
110 Mar'08
110 110
Buffalo It & gen g 5s 1937 M-S 108
113 1 May'07
Ashland Diy 1st g 66 1925 M-S
1424 Feb'02
98 Dec'07
All & West lst g 48 gu 1998 A-0
......
Mich Div 1st g Us
128' Feb'06
1924 J -J
CI & Mali lst
g 5s
1943 -J
103 Apr'117
•.....
Incomes
109 aep '4.4a
1911 Ni-N
Rooh & Pitts 1st g 6s 1921 F -A 1131
/
4
114 Jan 'di,
114 114
112
Chic Rock 1st & Pao 6s 1917 J -J 112,4
112
3 112 113
Consul 1st g 6s
1922 J •D 11719
117 Mar'08
117 117
Registered
116
4 1a Mar'07
,
,
1917 J.J
Buffalo & Southwest See Erie
95
General gold 48
34 01 10019
J•J
1988
Bull & Susq 1st ref g 46.81951 J-J
91 Feb'Ob
91
142 Sep '07
91
Registered
1988 J •J
Bur C R & N See It & P
8619 104 634 87,8
Refunding g 4s
dale 86
1934 A-0 8619 Sale
lam So 1st 5s J- PM &Co recta
1051
/
4 Sale 105
105.4 114 1021
/
4 106
97 Ply'04
Coll truat Series/I 4s _1910 M-N
‘..12d 58
9834
1913
U9 Mar'08
1)819101
J 4s
M-N
1912
Registered
10034 May'07
1913 M-S
9
1).2 ta:n
_N v
y:
O
t
M
1915 M-N
Carb & Shawn See 111 Cent
..
N 4s
19111 M-N
Carolina Cent See Seab Air L
0034 Feb'07
04s
M-N
1917
Carthage& Ad ,S'ee N Y
H
P48
84 Aug'07
1918 M-N
Ced It Ia /,'& N 8eeB0R&1
603
;228
Chic It 1.4 Pao RR 46 2002 M-N
6()34 Sale 6834
Con Brancrt thy See Mo Pao
Registered
/
4 Jan 'Otf
621
2002• N
Cent of Ga RR 1st g 5s..p1945 F- A 108
11$ Mar'07
13215
65 136
Coll trust gold 58
1913 11.8 65 bale
Consol gold 5s
1945 M-N 10138 Sale 99-4 1.013p 80 9714 1021
/
4
Bar(Jed K & Northern—
Registered
113 Apr'06
1945 M-fl
Con 1st & col tr g 514 1934 A-0 110 1111
/
4 Mar'08
/
4 1101
lst pref income g 58....p1945 Oct
6219
624 2 62
624 67
70
Registered
1204 Alarn3
1434 A-0
Stamped
88 May'07
CRIF&N SV lstgu 58.1921 A-0
III Nov'05
2u pret income g bs....p1945 Oct
45,
1 42 45
451
/
4 =ale 45
4519
M& St L lot gu g 76 11127 -D
,VIISCELLANEOls BOA co --Continued an Ark'
raige.
T-JJ
B
&Arcot ltnilwn.y
Street Railway
Brooklyn Rap Tr g 58
95%
954
91
1945 4-0 95
96
9834 Met St RI gen col tr g 56.1997 F-A
701
70
/
4 16 68
7019 72
85
1st refund cony g 45
71 902 654 7334
2002 J-J
704 Sale 13,-,78
Ref g 4s
421
/
4
2002 A-0 40's 43
4214 3 4218 49
ilk City lst con 5s.1916 1941 5-4 •
991
/
4 Oct '07 ...• ......
98
liwayasIthAv lsteg 5s 1943 J -0 90 100 loll Jan '08
IOU 100
Bk Q Co& S con gu g 53 1941 M-N
951
/
4 Oct '07
Col&t4[htAyitgu
08
g
10219
fei.11193
M-S
Feb'08
98
Bklyu tin El let g 4-5s 1950 F-A
98
145
.33 1)31910119
115 Sale 93',
Lex AY& P let p;ug 5s 1993 M-S
1112'., 90 Jau '08
00 (30
Stamped guar 4.5s
Sep '07
1950 F-A
Third Ave RR con gn 48 2009 3-3
ii Mar'08 . 49% 56
62
Kings Co El let g 4s
87 Feb'07 •.•• ......
1941) F•A
.
Cent
Co
Trust
ceitt8
bale
49
49
...
40
'2 41)
53
Stamped guar 4s
80
1940 F-A
-7
824
73
791
/
4 19
Third Ave Ity 1st g 68-11)37
102la 19314 14 102 10314
103/
1
4
Nassau glee gu g 48..„1951 -.1
77 Feb'08
75
18
17
Met W S El(Ciao)1st g 48.1938 F -A
93,15'1y'06
......
Conn Hy& lalat& retg 410'51 J -J
10 05
95
95
05
Mil
El
Ry
&
L
30-yr
g 58.1926 F-A
109 .Ply'thi
991
/
4
Stamped guar 495
......
1951 J•J
93', 35 1,34 931
113 13
D5
, Minn St Ity 1st con g 6s 1919 J -J
1))?', Feb'06
Den Con Tr Co 1st g 5s 1933 4.0
95 J'ne'041 ...• ......
N Orl Ry & Lt gen 44s _11135 J.J
0012 Sep '06
)et United 1st con g 4%8 1932 J -J
7912 Dec'07 • ••• ......
St
RyLt
&
Jos
P
H
1st g 58'37 11-N
1031
/
4 Oct'06
Havana Elea consol g 58 1952 F.A
91
94 Jan '08
91
94
St Paul oity Cab con g G8.1.037
1104 Nov'06
Inter-Met colt 419-s
19513 A-0
As4 Sale 5574
5819 1112 491
/
4 633, Underground of Lon 5s. 1908 J -D
6414 Sep '01
Internet Trao coil tr
J- J
58
61 Feb'Ob .•.• ill
135
Union El(Chic) lst g Os 1045 A-0
10078 Mar'08
/
4
10078 1001
J.oni*)tyUo1etcon a fis 1930 J - J
109 mar'118 •. ......
United RRs San Ft's f 48.1927 A-0
66
osi
661
/
4
• 59
Manila Eleo lst& coil 58 1953 M-S
98 May'06
United Rys St L I-ste 48.193.1 J -J
181
/
4 791
/
4 79
3 76
79
19
•
Friday: latest price this week. oDue Jan 8 Due Apt e Due may g
Dile J'ne Aptle ly g Line ...ag ()Olio lot
/)
JII IItOfl 80.01
New York Bond
MAR. 14 1908.]
BON Ds
N. Y.STOCK EXCli A NG E
W egg ENDING MARcit 13
Record-continued-Page 2
655
BONDS
N. Y. STOCK EXCHANGE
WEEK EzanNo MARCIE 13
ts
Range
Week's
eek's
Rang.
Price
Since
Range or
Friday
Since
Range or
Last Sale
January 1
.illarch. 13 Last Sale
;t2 January 1
Rut
Ask Low
Chic Rock 1. & Pao-(Con)
High No how High Erie-(Con)
814
High No Low Rich
Ask Low
1041
/
2 Jan'08
Choc Ok & 0 gen g 55.o1910 I.3 1021*
Y Susdi W 1st ref 5E3 1937 3-I
/
2
1041
/
21041
103 Dec'07
......
Consol gold 56
1952 MN 10478 110 111 May'Otl
2d gold 41
/
28
/
4 Dec
1001
......
1937 F-A
991
/
2
1923 A-0 991
Keok & Des M 1st 55
/
2Jan'08
General gold 56
9834 100
/
2
921
91
1940 F-A
/
2 Feb'08
95: 921
Ohio St .L & N 0 Sea Ill Cent
Terminal 1st gold 58.41943 M-N' ......
110 Jan'08
110 110
Ohio St L & Pitts kid" Penn Co
Regis$5,000 each. 1943 M-N
12658
1261
Chic St P M & 0 con (3s 1930 J
/
2 Jan'08
Mid 1111451NJ lstg68 1910 A-0 103
/
4
121 1251
102 102%
102 Jan'08
93 De,c'03
Cons 08 reduced to 31
/
28 1030 J
Will( & Ea lat g-a g 58 1942 .1-1)
101 101 FelPOS
101. 101
.1v& Ind 1st con gu g 68 1926 J -J
124 Jan'08
Ch St P & Minn let g Os 1918 M.N
124 124
110 110 Apr'01.3
......
129 4 Mar'04
Nor Wisconsin 1st 6s 1930 J J
Erie & Pitts bee Penn Co
116
St P & S City 1st g 68-19111 A-0
1173* 1173* 1 1161211712 Evans & T H 1st cons 86 1921 3.3
1121
112 112
/
4 112 Jan'OS
/
2
Chic& West Ind gen g 98 q1932 Q-3,1 1091
112 Feb'08
let general gold 68
112 113
1942 A-0 981
/
2
96 Jan'08
98
96
1952 J. J
Consol 50-year 48
951
/
4 951
/
4 Feb'08
951
/
4
Mt Vernon let gold 88 1023 A-0
94
114 A pr'05
Chic & W M icli bee Pere Marq
Still Co Branch 1st g 58 1930 A-0
10644 Feb'06
Choc0& G ulf See CRI&P
Vargo & So See Ch
cfc St P
/
28-1937 J -J
113 Oct '00
11 & 1) 2d gold 41
I. lint & Pere M See Pere Mar
Cin & 1 let Ku g 5e 1941 .41-N
Fla C& Penn, See Sea Air Line
102 J'ne'07
gu 48 g.'23 71-N
C Find & Ft W
Fort St U D Co 1st g 41
105 Mar'9S
/
28.1941 J-J
CBI I & W 1st sat g 48.1953 J -J
Ft W & Den C 1st g 6s
83 Jan'07
1921 J-0 10744 Salt 100
1071
/
4 *1i 104 110
Ind Dec & W 1st g 55 1935 J -J
Ft W & Rio Gr let g 45 1928 J.J
73
981
/
4 Oct '07
76
75 Mar'08
78
75
1st guar gold 58
1935 J -J
/
2Dec'02
1071
al Har & S A See So Pao Co
C I st L&C See COC‘fostL
al H & H of 1882 1st 58.1913 A-0 *90
90 Dec'07
ClnN&O bee C C C St".
Georgia & Ala See Sea A Line
Clearfield & Mali See B It & P
Cia Car & Nor See Sea A Line
Clev Cm 0& St L gen g 46 1993 3-I)
04
94 Feb'08
Georgia Pacific See So Ry
/
2 98
931
851
/
2
Cairo Div 1st gold 45-.1936 J -J
9938 Jan'07
(ilia V G & Nor See So Pac Co
90
Gin W & 51 Div 1st g 48.1991 J -J
95 Sop '07
Gonv & Oswegat See N Y Cent
St L Div 1st col tr g 48 1990 M-N
90
Urand Rap& Dad bee Penn RR
801
/
2 Nov'07
Registered
199u 11-N
Gray's Pt Term Bee St L S W
91 Oct '07
Spr & Col Div 1st g 46-1940 51-s 89
92
(it Nor-C 11 & Q coll tr 46 1921 J-J
92 Feb'08
92
941
/
2Sale 931
/
2
95 164 921
/
4 9814
W W Val Div lat g 46-1940 J -J
98 Sep '06
Registere41.5
/
2 4 921
921
/
2 921
1921 44
/
2 96%
i St & C consul 68 1020 M-N 103
105 Jan '04
Greenbrier Ry See Ches & 0
1st gold 4s
985* 85 Dec 07
Gulf & s I lstref &tg 58 51952 J-J
k1936 (44 05
93Nov'07
Registered
981
/
4
Oct
'07
..
an & St Jo SeeCB&
k1930
elm & Ci con 1st g 58..1928 J.J
109 J'ne'07
ousatonio See N YNH&II
C C & 1 cense'7s
110/
1
2.Nov'07
flock Val 1stconsol g4/
/
2Sale 991
1914 J -1)
/
4 8 981
1
28 1999 13 991
/
2 991
/
2103
Consol sink Lund Is. 1014 J
Registered
1999 •
99 Oct '07
General consol gold 68 1934 J -J
127 J'ly'07
Col & 11 V 1st ext g 46 1948 A-0
......
9834 Nov'06
Registered
Col & Tol let ex 48
1034 3-3
95
1955 F-A
'J5 Dee'07
tail 131 & W 1st prof 48 1940 A-0
10412 Nov'01
Bonet E & W Tex See So Pac
0 lad & W 1st pi 5s....,11936 44-3
!Joust& Tex Con See So Pac Co
Pet)& East lot con 45-1941) A-0
2 85
87
901
/
2 87
00
103
103 Feb'08
Illinois Central lot g 48 1951 J -J
Income 48
18 45
46
46 Sale 46
60
Registered
1073
/
4 Apr'07
1951 J -J
.tpr
Clev a4 Marietta bee Penn19
1t911
lat gold 31
911
/
4 Sep '07
/
28
1951 J -J •904
they & Pitts See Penn Co
1
2J'ly'06
95/
Registered
1951 3-J
2 551
60
58
Col B'Wand 1st g 45
/
2
59
581
/
2 62
3
1947
69 Nov'07
Extended let g3/
1
2s
1951 A.0
8558 87
87
Colorado & Son 1st g 48-1929 • A
60
18 82
901
/
4
70 tict '04
1st gold 38 sterling
1951 M-S
74,
Sale
193
Iteiund & ext 41
747
733
8
8
1935 M-N
73
1011
/
2 Feb'08
/
2s
771
/
4
Coll Trust gold 413
1952 A-0
Cuitun & Greeuv 644 So Ity
118 May't)
Registered
1952 A-0
Cot & Hock Val See Hoek Vio
981
/
4 Jan 08
99,4101
L N 0& Tex gold 48 ...1953
Col & Tot See flock Val
97
May'07
Registered
1953 11-N
Col Conn & Term bee N & W
10'2% Jan '07
Cairo Bridge gold 45
1950 J -D
Conn & Pas Rive 1st g 48.1943 A-0
83
....
b5 Feb'08
LoutsvDiv&Term g3/
85
85
1
28 1963 3-4
ink &(it So See0 AI As. St P
Middle Div reg 5s
123 MaY'90
1921 F-A
I /alias & Waco bee Al K & T
Omaha Div 1st g 38
2 Apr'00
781
1951 F-A
Del Lack & Western783
St Louis Div&term g 38 1951 J -J
.
Feb
701
'07
/
2 731
/
2
11814 Jan'OH
/
4
fd orris& Essex 1et 78 191.4 M-N 1151
1141
/
411844
Registered
1951 J -J
1161
/
2
11712 Sep '07
1st consol guar 78
1915 J
851
/
2 871
Gold 31
/
25
/
2 8212 Oct '117
1951 J.J
127 J'ne'05
1915 J - D
Registered
......
Registered
101 Ls Oct '99
1951 J J
81
2001) J -D
1st ref gu g 31
/
28
Spring Div 1st g 31
851
100 Nov'Ou
/
2
/
2a 1951 J.J
117 Mar'08
1161
/
2117
N Y Lack & W 1st 63 1021 3-3 117%
Western Lines 181g 46 1951 F-A
10014 97% Aug'07
......
1061
/
2
102 Nov'07 ....
1923
Construction 56
13ellev & Car let Os
122 Dee'05
1923 -.1)
......
87,4 Nov'07
1923 M-N
Term & improve 4s
Carb & Shaw 1st g 4s 1932 M-S
97 Mar'07
781
/
2
102 Feb'03 ....
Warren 1st ref gu g 3 8 2000 F•A
Chio St L & N 0 g 58-1951 J
•1131
/
2
106 Dee'07
Del & find let Pa Div 76 1917 M•5 120,4121 123 Jan'08 .... 123 123
Registered
11934 Mar'04
1951 J-1)
149 A.ug'01
Registered
1'417
Gold 31
S
/
28
1951 3-1)
881
/
4 Feb'07
/
2Salt 96
9612 30 .9412 98,
1916 J -D 991
10-yr cony deb 48
8
Registered
1951 J -D
971
/
2
2 96
97
97
1
28- 1922 J -J
1st hen equip g 4/
07
Mempli Div 1st g 45. 1951 3.0
97 Dec'07
100
6 91% 97,
9434
951
/
4
2 94
Alb & Sus cony 31
1946 A.0
1(3
/
26
St L Sou lst gn g 48. 1931 51-S
97 Mar'07
/
2Feb 9./8 .... 128,
1281
1 128/
/tend & Saratoga let 78 1921 M-N 128
1
2 Ind Bi& West See C C C& St L
Del Itiv lIlt 13ridge See Pa RR
90
941
/
2 931
Ind Ill &a Ia 1st g 45
1950 J.3
/
2 May'07
93
90%
903
90% 9514 Int & Great Nor lst g 68 1019 M-N 102 103 102
,
Sony & it Grist con g 48 1936 J .J
103
4 101 100
/
4 98 Jan'08 -•- 98
1011
118
Consol gold 41
2d gold 5s
/
26
193o J -J *.
75 Mar'08
73
1909 Id-S
75
908
08
•
Jan
•
•
100
'08
100
100
Improvement gold 58_1928 J
3d gold 48
00 Oct '07
1921 3,1-S
..
118
leb'06
98
97
Rio Gr Juno 1st gu g 68.1939 J -D
Iowa Central 1st gold 58 1938 J-D 103 105 10812 Jan'U8
1
2
10044 log/
76 Dee'05
Rio gr So 1st gold 45., 1940 J •J
Gold 4s
M-S
76
Salo
'76
76
16 70
78
it) 85 85 Jetterson RR See Erie 1951
83
85
Guaranteed
1940 J • J • 83
Si Sale 89
891
/
2 '2 8312 9019 ValA&GR See LS&MS
Rio Or West 1st g 48.-1939 J .J
70
75 Jan'08
75
75
51ge and col trust 4s.A.1949 A-0
Ivan & Mich Bee Tol & 00
01
K C letS& SI See StL& S
97 Jan'02
Utah(fent Istgu g 4s a1917 A-0
Des Slot & Ft D bee 51 &
KC&MR&B SeeStL&SF
L
110 Sep '04
Des Mot On Ity 1st g 58 1917 .11-N
Kan C & Pacific. See
K&T
92 Mar'07
Ran City Sou 1st gold 38 1950 A-0 71 Sale 701
Del & Mack 1st lieu g 48 1995 -I) 85
/
2 '71
71
8 69
83 Jan 'Ors
83
80
Gold 48
1995 3.1) 80
Registered
63 Oct '00
1950 A-0
Detroit SouthernKentucky Cent Bee L& N
773
4
• 77% 773
Jan '08
. Kook & Dee Mo See C R I&P
78
Ohio Sou Div 1st g 45 1941
/
21081
/
2 108 Feb'08
102 108
Dul di Iron Range 1st Os 1937 A-0 1071
Knoxville & Ohio bee So thy
/
2 11/61
/
2 1 1.061
Registered
1937 A-0 10614 baits 1061
/
4
/
21061
ake Erie& W let g 58 1937 J -J 107
1061
/
2 Feb'08
1061
/
2110
1916 J -J
2i1 Os
/
2 101
4105 1001
2,1 gold Os
1941 J-3 1021
12 100 101
Dul Short Line Se* Nor Pao
North Ohio 1st gu g 53 1945 A-0
1119 110 Apr'07
.......
109
1077
8 109
4 lt)771, 109
Out So Shore & All g bs 1937 J
1. Sho & Mich S See N Y Cent
1.,tutt. ot Minn t,ee8tPM&Sl
Leh Val N I let gu g 44./8 1940 J -J 104
103 Mar'ub
102%103
Last Ten Vs & Oa bee So Ity
itegistered
106 MeV())
1940 J -J
1011
12
1103
.J'ne'07
Elgin Jot & East 1st g 5E4.1941 111.N
92
92 Sale 92
Lehigh Val(Pa)cons g4&2003 5A-N
/
2 92
1 871
Len V Ter Ry 1st gu g5811)41 A-0 114
Elm Cort & No .See Leh& N Y
108 Jan '08
108 108
98
105 Jan '08
99 105
1947 M.N
1091
Erie 1st ext gold 48
Registered
/
2Oct'99
......
1941 1-0
104
104
104
2 1011
/
2 104
1919 51-S
2d ext gold
Leh V Coal 001st gu g 58 193: J -J 104 110 100 Oct '07
9334
09 Mar'08
95.4 10014 Leh di N V let guar g 48 1945 11-S
1923 M-8
3d ext gold 440
11538 Pne'07
1
2 0 1041410914
10418 105 /
1920 A-0 *104 18
4th ext gold Os
Registered
1945
93
03 Dec'0 i
1926 J -D
5th ext gold 48
El('& .N 1st pt 6e .
11378 Jan'06
1914 A-0
/
21181
/
2 122 Feb'08
1920 51•S 1171
1'21 122
let consul gold 78
Gold guar 58
10514Jan'06
1914 A-0
118 120 Jan '06
120 1201
1920 51-S
/
4 Leh .6 find it See Cent of N J
1st consol g fund 7s
921
821
/
2
/
2 831
/
4 'di 82
861
/
2 Leh & Wilkesb See Cent of N J
Erie let con g 4s prier 1996 J .J
Registered
79 Jan 08 ..•. 79
70
1996 J
Leroy & Caney Val bee !do P
60 Sale 58
60
/
4 Long Dock See Erie
Let COD801 gen lien g 48 1996 J -J
511 53 721
1999 J -J
851
/
2Feb'07
Long
Registered
109
con g 53 51931
110 Jan'08
105 110
72 Sale 72
1951 F -A
77
72
Ist consol gold 45
Penn coil tr g 48
1 '70
95
51931
1053 A-0 *40
48
61
43
46
50-year cony 48 A
47
General geld 4s
851
1938
/
4
851
/
4 7 8344 871
/
2
56
Series 13 1953 A-0 45 Sale 40
45
Ferry gold 41
ito
7 40
/
28
1922 ,
102 Nov015
A•
118 Jan '08
Bull N Y& Erie 1st 78-1916 3-1) 111
118 118
Gold 45
1032 3-1)
991
/
4 Oct '06
100
J
J•
Bud .8 S W gold Os
10458 Feb.09
Unified gold 4$
1949 M- k; 84
82 Jan'08
82
81
Chic.8 Erie 1st gold 5s 19?'
96
02 114-N 111 111 22 112 Feb'08 -•- 108 44 112
Debenture gold 5s
1934 J-1)
110 J'ne014
100
Clew cc Alaimo Vas g 66 19:38 r
1161
/
2Jan '0,
Guar ref gold 48.
931
/
4
1:1411 ALS
115 Jan '1/8
95
90
100
RR
14
Jeff
101 Aug'07
1st gu g 5s....a1909 A-0
Bklyn & Mont lat g 6s..1911 M-8
Long Does( consol g 6s 1935 A-0 120
124 Feb'08
121 1'24
1st 58
99% Sep'07
1911 M•S *9644
•...
......
Coal & lIE 1st cur gu 6s 192'2 41-N
118 sep 016
N 1.1.3d0 51 13 letcon g 58 1935 A-0
11014Nov'06
Dock & imp 1st cur 66 1913 j• J
107 109% Oct'05
N Y & It 13 1st g 5s
105 Apr'07 • ......
1927 IDS
& Green L gu g 58.1940 ,11-1‘;
100 Feb'08
Nor Shill 1st con g gu5sso1932 Q•J
IOU 100
100 Nov'OO
......
Louisiana & Ark 1st g 53.1927 M-S
102 Sep '07
......
1•-•
_Price
Friday
March.13
(
H
/
/
1
2
/
111SCELLASE4)US 1311N11.3-4Jontinned on text
Gas'and Electric Light
Clan and Electric Light
Atlanta L Co 1st g 5s...1947 J
Lac bias LotSt List g 5e.e1919 4:4-F 1011
/
2102 1015* 102
13klyn U Oaf) 1st con g 58.1945 M-N
9814 1)9
9212 p9'-:
138 14 Mar'08
Ref and ext 1st g Si.
1934 A-0
102 Feb'(17
Bunalo Gas let g 55
1947 A-0 58
597* 51.178 b'el.P08
551
/
2 601
/
2 Milwaukee Gas L 1st 48..1927 M-N
9114 Jan '07
Consul Gas cony deb 6s
11109 J -J )031
/
4Sale 1041
103
NYGELII&Pg
/
2 1051
58...1948 -D
90
/
2 59
1081
/
2
94 Mar'OS
94
Detroit City Gas g fot
1923 3-3 '95
110
I.3,
Purchase money g 4s. .1949 F-A
4 Mar'08
931
/
2 U51
76
751
/
2 Feb'08
/
2
Del Gars Co con 1st g 58 1918 F
911
Ed 111 111 1st cony g 56..1910 M-S
100 Apr'07
981
/
2Sale 981
/
2 981
/
2
Ed El Ill Bit it bee I( Co E L P
1st cousol gold 55
1995 J-J
/
4 J'ne'06
112 1131
Ed EAU bee N YG&ELliA0P
N Y&Q E11*6P 1st con g 581931) F-A
05 Apr'07
J3:q ULN I 181. con g 6s..1932 M'S
98
NY & Rich Gas 1st g 58.1021 M-N
96
4 96
96
96
103 Nov'05
Crab& EleC Berg CO g iis.1940 3-1)
611
Pat & Pas & E con g58.1949 M.S
/
2Oct '01
104% Nov'03
Oen Electric lob g 31
/
2n..1942 lf` A
79 Sale 70
['Co Gas & C lot con g 6s 1943 A•0 1111
80
79
10 '79
/
2
111 Felf0t3
10.yr g deb 5s
1917 J -D .1091
, 15 1061
Refunding gold Ss
1947 11-S
/
4
1
2 110,
109/
/
2 110/
1
2
97 Salt 117
97
Rap
U
bs...11115
Or
2. co 1st g
F -A
111D14 107% Dec'00
Clili-L& eke 1st gu g 58 1937 J-3 100
......
IOW* Feb'08
Hudson Co tilts 1st k 5s..11/111 M-N 1001
10" J'ly '07
/
4
Con 0 Coot CS let K111455-'36 J.0 95
100 Oct '0
Han City(Alo)Gas let g 58 1922 A-0 ...... .....• 1/9 Dec'06
Mu Fuel Gas 1st gu g 53.1947 51-N
SUS
99 l'eb't18
Kluge Co El L & P g 68-1937 A-0 92
Syracuse Lighting 1st g 58.'51 3-13 90
Purchase money 68
,9117 A-0
106 109
106
Trenton G & El 1st g 38 1949 M.s
106 107
110 May'05
Ed El Ii htkii 1st con g irs103:, 3-3
, 931.2
Westeliester Light's: g 56 1950 J -D
883
.14000.7
1011
'No price Friday; latest Ind a id asked tins week.a Due J au o one e,U it Due a pr cUtic .,,ay a true r'ly e Due tag o Due k?et
One
8 99 102
......
88
981
/
2
81%
75
2 981
/
2 13814
1
10714111
97
94
/
2
1.8 1001
92
100
.:inn SU* ,
New York Bond Record-Continued-Page 3
656
LION Ds.
N. Y.STOCK EXCHANGE
Wm:It Erring(' 51Anal 13
-a
",••••
3
Price
Friday
March 13
Vreelc's
Range or
Last Sale
'LS
o
o
Range
Since
January
I
BONDS
II,.
N. Y. STOCK EXCHANGE t., t
4;14
WWII{ ENDING MARCH 13
Price
Friday
March 13
Week's
Range or
Last Sale
Range
since
January 2
Jligh No Low -High,
Ask Low
Bid
Ste
Ash Low
Righ No Low High N 5: Cent & .11. R-(Oontinuect)
Beech Cr Extlstg 34551951 A-0
J -D •11234 114 112% 112% 3 112%117
Loulev & Nashv gen g 65.1930 M.1
110 Oct'07
Cart & Ad 1st gu g 45-1961 1.0
,1 108
Gold 5s
Gouv& Oswe 1st gu g 5s 1942 J-D
9534 Salt
95% 22 05 100
95
1940 J-J
Unified gold 48
974 Mar'07
Moll & Mal lat gut g 48-1991 tf-S 95
1014 J'ly'06
1940 J -J
Registered
105 Oct '02
78
N J June R gu 1st 48. .19S6 F.A
107 Deo'05
1910 A-0
Sink fund gold Os
1014J'Iy'06
86
MN
Harlem
332s...2000
g
&
Y
N
.103
Feb'Oa
M-N
l(14
104
105
1931
•
•
•
58
gold
Coll trust
11012 May'07
N Y & North 1st g 58...1927 A-0
88 04
5-20-yr col tr deed g 48 1923 A-0 924 934 924 Feb'08
10114 Deo'06
N Y & Pn lat con gu g 4s 1993 A-0 97
1019 J-D 110%
111 .Nov'07
E & Nash 1st g 6s
g
gu
1st
Mont
A.0
&
55.1916
Nor
'08
51-14
1034
Jan
1034
103½
4128-11131
gold
Lox
L Cin &
107 Nov'07
Pine Creek reg attar 09.1032 J - D 1154
117
115% Jan '08
115% 117
N 0& M 1st gold Os......
109%1 t14
R NV&0con latext5s.h1922 A-0 110 114 109% Mar'08
1930 J
. 114 122½ Mar.110
N 0 co 51 2,1 gold 6s
105 105
106 Jan 'Us
Oswe & R 20 gu g 55. .e1915 F-A
1074 Aug'06
Pensacola Div gold 60-1920
R W&0T It lat gu g 50.1918 M-N
S
117 May'07
1921
St L Div 1st gold 60
.1064 Oct'06
,
Rutland 1st con g 4120 .1941 J • J
1980 hi624 Aug'07
26 gold 38
8434 87
874 97 Feb'08
OveaLCham lat gu 4a g1949 J-J *
2
/
86 891
Atl Knox & Cin div 45 1955 M-N 874 8812 86 Feb018
85
85
85 Jan 'Os
ant-Canad 1st gu g 45.1949 J-J
116 Ply'06
Ati R.nox & Nor 1st g 851946 .1 u 100
.
..
.
122 Jan'06
St Law& Adir lst g 58.1996 J -J
108½ Jan'06
Render Bdge 1st a f g 60.1931 11-S
125
A-0
125
lib
1990
Feb'08
OF)
zeld
20
90
92
90
688
91
gold
48 1987 J •J
Kentucky Cent
98 100 103 Oct'07
Utica & Blk Itivgn g 46.1922 J-J
108 J'ly'06
L&N&M&M lstg 41251945 51-S
92 Feb'08
89% 1/2
Lake Shore gold 312s. .1997 J-D 90
87
87 Jan'08
87
85
L& N-South M )oint 48.1442 J -J
90- 02 Jan '08
1124
90
Registered
1997 J-D'
1134 Mar'07
N 'ia&S 1st gu g 55_1937 tr-A
91% 43 88% 93
Debenture g 4s
19289-S 914 9134 90%
N&0Bdge gen gu g 41281945 J.J
91% 1.4 88% 941
2
/
25-year g 40
1931 SI-N 91% Sale 91
113 Jan '08
113 113
Pena St At)1st gu g 65 1921 Er-A
Ka A &G R lstguo 5a.1938 J-J 1104
111 May'07
S & N Ala con gug 5s 1936
109 Oct '07
Mahon 01 RR lat 5a..1934 J-J 1024
9112Jan'OS
914 91½
L & Jell Bdge Co gu g 4s 1945 M-S
1074 Nov'06
Pitts & L Erie 20g 5s.a1928 A-0
L.N A & Ch See 0 1 L
139 Jan'03
Pitts McK & Ylstgu 68.1032 .1- J
;VI ahon Coal Sec L & M S
2d guar 6a
1934 J-J
94
94
12 921
2 98
/
iu-anhattan Ry 001130148 1990 A-0 94
115
31cKees&
V
Apr'05
B
1918
es
latg
J
J.
104
1990 A-0
Registered
104 Deo'06
Mich Cent 1st conso168.1909 51-I3
1014 101% 4 99% 10134
1908 J -J 10114
Metropol El 1st g 6s
105 Dec'07
55
1931 M.S 1074
MoK'pt & B V See N Y Cent
119 J'ne'06
Registered
Q
1931
M
Metropolitan El See Man By
10034 Jan '07
48
1940 .1 -J 92
8234 34 744 85
82% Sale 814
Rex Cent consol gold 45 1911 J .J
10612 Nov'00
Registered •
1940 J-J
194 us 144 204
10
191
: 19
1st e0I1801 income g 38.a1939 J'iy
944 Dec'06
5 L& S 1st g 312s
173 160 10
1951 M-S
174
17 Sale 1634
26 consol Income g 3s..a1939 .1'ly
924 May'07
1st g 34s
1952 M•N 87
90% J'ly'01 •.•
Rex Internet 1st con g 48.1977 A1-9
Bat 0& Star 1st gu g 30.1989 J-D
80 Feb'08
*80 80
Stamped guaranteed....1977 M-13
1 1)5%101
N Y Ohio& St List g 4s 1937 A.-0 994 Salo 994 99½
105 311.ay'00
Mex North 1st gold 68.. .1910 J •D
10214 Mar'07
Registered
1937 A-0
Mich Cent See N V Cent
98 103
West Shore 1st 40 gn 2361 J-J 100 1004 1004 100½
Mid of NJ See Erie
38 961
Registered
100
2101
/
2361 J-J 100 Sale 99
L & W See Ohlo N
N Y & bireenw Lake See Erie
Mu & North Bee Ch M di, St 1,
Feb'08
b'ee
Har
Y
N
klud
&
Y
Ods
N
1254
1254
12514
1254
J-1)
1927
/Hun & St L 1st gold 7s
N Y Lack & W See D L4 W
105 Apr'07
10212
1900 J
Iowa Ex 1st gold Is
N YLE&W See Rile
118 Jan '0'",
Pacific Ex let gold Os.. 1021 A-0
Mar'05
113.4
N Y& Long Br See Cent of NJ
1010
D
•
I
South West Ex let g 70
100 Jan'08
N Y N H & H-Conv Eis subs. ... 12134 Sale 11914 121% 151 1154 1244
100 100
1934 U-N
1st consol gold 50
112
1 112 112
112
Housatonic R con g 53 1931 51-N 112
80
80
82
80
80
1st and refund gold 40 11149
N H & Derby con cy 53.1918 IVI-N
97 Apr'06
.'35 J -J
Des AI & Ft D 1st gu
N Y &North SeeN Y Ott; II
R& N
Blinn & St 1,gu S'ee B 4s..
2 944 3 924 98
/
N Y 0 di, W ref 1st g 4s..g1992 M-S 034 9414 941
95 Nov'07
DIStP&SSMcong4intgu'3)- J •J
10112 J'ne'06
Regis $5,000 only
g1992 51-8
102 J'uo'07
MSS Al& A 1st g 4 int gu 1926 J -J
N Y & Pat See N Y 0& 11.
Minn Uu See St PM &M
N Y & R 13 See Long Island
PS
115½ 27 94
2Sale 94%
/
blo Kan & Tex 1st g 48_199(1 .1) 951
N Y El & W Sea Erie
79
78
77%
79
77'-.a 84
gi990 F-A
211 gold 48
N Y Tex & M See So Pao Co
98
95
08
08
1944 11.N • 96
1st ext gold 58
100 Oct'07
Nor & South 1st gos
'78
Feb'08
75
78
1941 M-N
73
S
201)4
1st & refund 40
120 1201s
12010Jan '08
77½ Norf & West gen g 6a
72', 41 71
1931 M-N 120
72 Sale 7-2
1936 J -J
Gen s 1 448
11712 1174
Improvem't & ext g Os..1934 F-A 117
4 Jan 'Ob
83
117,
83
82% 83 Jan'08
A-0
St L Div 1st ref g
'06
River
Oct
1st
121
New
6s
g
127
'01
A-0
12Jan
104
11332
58_1940
Dal & Wa 1st gu g
115½ 44 924 974
N ea W By 1st con g 43.1996 A-0 05 Sale 95
((a'-, Apr07
Kan C & Pac 1st g 48-1900 F.A
Registered
91 Sep'07
105% 105%
1090 A-0
106 105% Feb'08
Mo K & 1st gu g 55_1942 A-0 •
. 1..4 88%
Div'l 1st l& gen g 4a. .1944 .1 • J
10234 104
884 evs MILO/8
103 104 Feb'08
1042 SI-N •
K & Ok lat gu 5s
81% 115 78 84%
10-25 year cony'40.-1932 .1.1) 81½ Sale 81
1 974103
100
51 K & Tor T18t gug58 1942 51-S 100 Sale, 10)) Aug'07
86
11 77
• 135½
Pocith 0 & C joint 48..1041 .1 - D 85 86
83
10134 105
Sher Sh & So let gu g 50 1943 J -D
C0& T lat gu g 5a
1094 Feu'05
1922 J -J.
104 100 4 Oct'01
Tex& Okla 1st gn g 68 1943 51-S
1 .87½ 95
lit)
•... 1041;106
Solo V & N E 1st gu g 4s 1989 11-N
90
90
lb o Pacific 1st eon gds _1920 51-N 10434 107 105 l'eb'08
2 89
91)
89
North Illinois See Ohl & N W
89
80
Trust gold 5s starnped a1917 51.
North Ohio See L Erie & W
1044 Feb'07
a1917 M.S
Registered
90
98
90 Mar'08
Nor Pac-Prior lien g 40..1997 Q J 10018 Sale 99% 100½ 127 994 10134
89
1920 F.A
1st coil gold 5s
4
743
9934 25 98 100
99%
63
100
743
74%
4
Registered
1997 Q-J
Sate
4
743
S
VI1045
4s
loan
40-year gold
411 68
72
71
May'07
General lion gold 3s....a2047(Ft. 70% Sale 704
1938
Sd 75 extd at 4%
70
70
85
70 Feb'08
85
844 83 Feb'08
Registered
a'2047 Q-F
Cent Br By 1st gu g 45 1919 11-A
89
'08
'08
jail
904
964
Jan
4
841
834
844
St
g
Div
J
Paul-Dul
4s....1990
-D
-D
J
,
194
g48
Con Branch 11 P 1st
110 Mar'05
Dul Short L leit gu 5s..1916 M.13
Leroy &OVAL 1st g 513 1920 J -J
99'4 Feb'08
994 '39½
C B& 4colltr 46 See Gt Nor
Pao Rot Mo latex g 45.1938 1f-A 95 101
117 117
112 Dec117
117 Jan'01.
115
St P & N P gen g 68....1923 F-A 115%
-J
J
1938
5s
'26 extended gold
10511
1044
16
132 J'Iy'00
104 110
1044
Registered certitio's..1923 )..F 11534
St L1r Al& Sgen con g 5011)31 A-0
109 1,. J'ne'07
1174 Ply :),7
St Paul & Dul let 5s....1931 F-A
Gen con stamp gni g 5s1931 A-0 118
100 Oct 07
68
1 68 78
bale 68
20 5s
1917 A-0
Unified & ref gold 4s 19211 J.J
984 Oct'00
81% 83 Feb'08
83 86½
1st consol gold 4s
1968 J-D
Rlv & U Div 1st g 48 1933 eil•N
93 May'06
10712 Apr'06
Wash Cent 1st g 4e
1948 QM 81
Verdi VI & W Ist g 58 1926
Feb'08
112
118
112 114
Dec'06
1053
Pao
Ter
g
Nor
1st
Co
J-J
68..1933
-J
J
&bobJ& K °1st cons g 58
113 Feb'08
113 1134 Nor Ry Cal kW So Pao
Hob & Ohio new gold 68 1927 J -D
1054
1C8
Jan
'08
Wm
See('
105
or
X
P
St
12
0
&
M
105,
Q.J
68../41.027
gold
extension
1st
844 Feb'08
Nor & Mont See N Y Cent
84,4 b4
1938 M•S
General gold 45
10'2,2 Oct'01
i k Ind & W See C 0 C Lfc St 1,
119½
51ontgom Div 1st g 58 1947 F-A
92½
Aug'06
x 11110 Riv RR See Balt & 0
48..e11)30
St L & Cairo coil g
101 Nov'04
Ore & Cal See So Pac Co
1031
Guaranteed g 4s
ore RR & Nay See Un Pao
31 & 0 coil Is See Southern
Ore Short Line See Un Pao
Mohawk & Mal See N VC&kl
Oswego & Rome S'ee N Y C
Monongahela lily See B & 0
(.) 0 F & St P S'ee C & N W
Mont Cent S'ee St P 31 & 21
1 1014105
104
ec Coast Co 1st g 5s....1946 J-D 102 104¼ 104
Morgan's La & 'V See 6 P Co
no of Missouri See Alo Pac
Morris & Essex See Del L& W
102 105
1st
RR
Jan
real
.105
....
Penn
'08
103
est
g
1124
M-N
40.1923
Nov'07
109
78.1913
List
J
St
-J
&
Chat
ash
V
Consol gold 53
105 Nov'O.
1919 M•S
107 107½
107½ Jan'08
11)2s 4•0 107½
1.111st consol gold 50
Consol gold 48
101 Dec'07
1043 M-31 98
1164 May'01
Jasper Branch 1st g 68-1921, J -J
fib 914 944
Convertible g 312s
94
034 Sale 93
1012 51.N
1174 Mar'05
Mo51 M W & Al 1st 6s 11117 J -J 108
914
Convertible g 312s
904 225 88
1915 2-1) 904Sale 8034
113 J'ly'04
L. 1017 J -J
& P Branch 1st 68..
......
Alleg Val gen gu g 48 1942 M-8 92½
99 J'ne'07
N
Nash Flor & Shot See
......
D
R
li
R&
100
Bgelst
tr-A
99
5
4ag.'36
Sale
gu
100
100
100
J
1926
4128
lieu
prior
Nat of 51ex
Phila Bat& W 1st g 43..1943 51•N 1024
1074 Oct '011
77
82
80 Mar'08
11151 A-0 77's
1st consol 4s
102 Jan '03
Sod Bay & So 1st g 5s...1024 J • J
New 1-1 & D S'ee NYNH&
04
sea'
1104
Can
&
RR
gen
J
S
diN
48.1944
U
Cent
N J Juno BB See N Y
102% 1044
Penn Co-Gnar lat g 4120.1921 5-2 10241034 102% Feb'08
New & Cin Bdge See Lon N
Registered
103% J'1Y'
1021 J-J
07
N 0& N E prior lien g Us p1915 A-0
7'110'06
0012
coil
3128
Guar
trust
834
M-S
reg.1937
N Y Bkin & Man Bch See L 1
864 864
130½
Guar 31230011 tr ser B-11141 F-A 84½
97 871
89
8834 Sale 88%
2 91
/
N Y Cent& 11 itiv g 3120 1997 J•J
024 92%
1 00'08
Co certif's gu g 3125.1916 51-N
924 ...... 92'2 Mar'08T,
88%Jan'08
88% 88%
1997 J -J
Registered
'08
Feb
844
844
0
844
ctfs
tr
4s
95
3
16
2
/
141
:
•D
J
94
1942
Gu
95
91
134½ Sale
1034 511.N
Deben g 45
90 12 Mer'06
764
1944 J •D 55
75
G . 3'us tr ctfs D
82
Lake Shore coUg 312s 1998 F-A '76 12 774 704
.90 96
044, 113% Feb'08
Guar 16-25 year g 4s. .1931 AM *
73 Mar'08
73 78
75
72
1998 F-A
Registered
110 Jan '05
Cl & Mar 1st gu g 440..1935 M.N
2 81
/
741
1998 F-A 754 76½ 774 Feb'08
Rich Cent coil g 34s
ci & p gen gug 44sser A.'42 J -J
1084 Aug'03
71 Nov'07
1998 F-A
Registered
B
Series
Feb'07
102
A-0
1042
Beech Creek 1st gu g 45:1936 J -J
054
084 1)eo'03
Series 0 34a
102 Mar'04
1948 .M.N
Registered
1936 J -J
96 Jan '0,
Series 1)348
1950 P-A
'26 gu gold 55
1936 J-J
MISCELL 11N EOUS BON D.S-Continned on Next. Page
p
Telegraph and Telephone
Coal and Iron
754 Jan'08
7512 754
SO
Am Telep & Tel coil tr 4s 1929 J.J
10 794 82
Col F & I Co gen a f g 55..1943 F-A 794 811
2 80
/
85% Mar'08
8534 8534
Comm Cable Co 1st g 4s..2397 Q-J
80
75 Nov'07
Convertible deb g 5a....1911 F• A
104 Feb'07
Met T & T lat f g 5s
10712Oct'04
1918 SI-N
Col Fuel Co gen gold 65.1919 M-N
92½ Feb'08 • 9214 924
Mich. State Telep. 1st 55.1924 F-A
102% Apr'06
Gr Ely CoalIt C 1st g 661919 A-0
105 4J'ly'03
NY&NJ Tel gen g58,.1920 M-N
95 Apr'02
Mart Bit Coal 1st a I 48-1940 J -J
81
85
84¼
04
2 84
West Union col It cur 50.1938 J -J
48
26 38% 51
Col Indulat& coll 55 gu..1934 F-A
45 Sale 434
eat g 4 4.s...1
ird and real
6 M-N 834 Sale 834 834 4 83 88
50
193
SeriesA9
Contin'tal C lstst go 5s g.1252 F-A
95 107% Dec'04
•
75 Feb'08
78
,
77,
76
Cony
May'97
MN
107
I
&
C
Clear
1st g 50.1926 J -D
Jeff&
104 Apr'07
U11T stood 6a..1911 M-N
y48,el
1054 Dec'06
Kan& HO & 01st a f g50.1951
106 Oct '00
Pleas Val Coal lat g a f 53.1928 J.J
Ilanufacturing & Industrial
78 Feb'07
75
Sunday Creek Co g 50-.1944 J. J
8t
t125
924
lixts4
e11 e
d0
90
Holt
21 88
90
87
91
1015 Q-F
1, 8212 89
Am C
1951 -J
Tenn Coal gen 55
87 Sale 87
79 Feb'08 •... 7512 80
g 6a..1919 ti-s
104 Mar-04
75
100 104
a1917 A.0 103
Tenn Div 10t g Os
5812 584 '2 684 65
104
104
1 99 104
Amer Ice Secur deb g 66..1925 A-0 65 (30
Birm Div 1st consol 68..1917 J -J 10212
103 Mar'08
1 91 100
in
103 103
Am Spirits Mfg 1st g 68..1015 51-13 97 100½ 97
Cah CM Co 1st gu g 65.1922 J -D
83 84
84 Mar'08
100 Jan'08
84
100 100
De Bar C & I Co gu g 60.1910 F -A 974
Am Thread lst col tr 48. .1919 J -J
80 Mar'08
104 72-fi 0634 105
80 874 Am Tobacco 40-yr g Os. .1944 A-0 104 Sale 102
Valron Coal &Colst g 58 111411 M.s • 82
IA; saie 64 12 00 118 604 6914
034 Feb'07
1933 J -J
1951 F- A
45.
Victor Fuel 1st s f 55
,No price Friday; latest bid and asked. aDue Jan b Due Feb el) to ..iar d Due t.pr it Duo jAy ic Due Aug o Due Oct p Due Nov q Duo Dee s Option Hai
'
•
New York Bond
MAR. 14 1908 I
BON De.
N. Y. STOCK EXCHANGE
WEEK ENDING Maim% 13
,1•2
Price
Friday
March. 13
Week's
Range or
Last S'ale
o
Record-Concluded-Page 4
BONDS
N. Y. STOCK EXCHANGE
Went; Emptied 5fAtteil 13
Range
.5 Mee
fanitare
Penn Co-(Conti-ena(t)
Bid
4s4 Low
High No Low Rig h Southern Pao Co-(Conttnued)
.Erie & Pitts gu g 3/
1
4s B 1940 J-J
84
92 Apr'07
Morgan's La & T lst 76 1918
Series C
1940 J-J 84
9S34 Apr'04
let gold 68
1920
Or 11 & I ex 1st gu g 41
/
461941 J -J 102
108 Sep'06
......
No
of Cal guar g 5s
1938
Pitts Ft W & C let 7s 1912 .1-J
12768 Oct'02
Ore & Cal let guar g 58 1927
2d 7s
1912 J-J
119 J'ne'06
So P of Ar gulst g 68. .c1909
35Th
51912 A-0
119 Apr'04
let gnar g (1s
81910
Pitts Yd,Ash 1st con 5s.1927 M-14
116 May'05
So Pacific of CalP CC& St L gu 41
/
48 A...11/40 A-0 1071
/
4
108 Feb'08
108 108
&series
F...1912
g
1st
E&
Series B guar
1942 A-0 1064
108 Febele
108 108
let gold 6s
1912
Series C guar
1942 16-N 1024
112/
1
4 'lle'05
lot con guar g 5e
1937
Series D 4s guar
1946 M-N 97
10034 Mar'07
.....
S Pacer N-Mex lat g 6s 1911
Series E 31
/
4 guar g
1949 F-A 8538
01 Feb'07
So Pao Coast let gu4sg 1937
Series F 4s guar
1953 J-D
Tex&INTOSa
bDivlat g6s 1912
C St L & P 1st con g 58 1932 A-0 1114
109 Jan'08
109 109
Con gold 55
Pensacola & All See L 80 Nash
Pac RR let ref 48
1
195
45
3
Peo & East See000&StL
Southern-let con g 5s
1994
Peo & Pek Un 1st g 63.-1921 Q-F
97 12318Jan '05
......
Registered
gold 442s
01921 M-N
10034 Dec'05
..
Mob & Ohio
tr g 45.19
99
38
4
Pere Niarq-Clid, W 1.1 5s 1921 J -D
109 Apr'02
.Mem Div let g 41
......
/
4-5s 1996
Flint & PM g 6s... .....1920 A-0
1121
Aug'07
/
4
St
Louts
div
let
g 4s
1951
let consol gold 5s
1999 M-N
1003
Apr'07
4
......
Ala
(Jon
R let g es
1918
Pt Huron Div let g 58 1939 A-0
1061
/
4 Sep'06
Atl Si Deny let g 4s
.....
1948
Sag Pus iii H latgug 4,8 1931 1f-A
2d 4s
Pb1113 80W See Pauli Mt
Atl 80 Fad let g guar 4019
9449
9
Phila & Reading C0118 78.1911 J-D
1151
/
4 Mar'06
Col & Greenv 1st 135
1916
Pitt8 0111 84 St L See Penn Co
E T Va Si Ga Div g 5a 1930
Pitta Cleve & Tot See 11 &0
Con 1st gold 5s
1956
Pitts Ft W & Ch See Penn Co
E Ten reor lieu g Os
1938
Pitts MoKees 80Y See N Y Con
Ga Midland let 3s
1946
Pitts Sit & L Ii 1st g 5a 1940 A-0 1101
/
4
10914
Feb'08
10914 10914
Oa Pao By let g tes
1922
let consol gold 5s
1943 J -J
'41378 J'ly '07
Knox Si Ohio let g 6s. 11125
Pitts & West See It& 0
Rob& Sir prior lien g 561945
Dowling Co gen g 4s
1997 J-J
95 Sale 944
95 140 93
971
/
4
Mortgage gold 45
1945
.1.V Registered
1997 J•J
90 Feb'08
90 91
Rich Si Dan con g 6s
1915
Jersey Cent coil g
1951 AO 92
92 Mar'00
86
941
/
4 • Deb 58 stamped
1927
Rensselaer & Stir See
4s..
D& H
Rich Si Meek let g 4s 1948
Rich Si Dan See South Ity
So Car Si Ga 1st g 5a
1919
Rich do Iiieck See Southern
Virginia Mid ser C 6s 1916
Rio Or West See Den & Rio Or
Series D 4-56
1921
26
Hoch & Pitts See B ft & P
Series E 5s
Rome Wat & Og See N Y Cent
General 5s ,
1936
Rutland See N
Cent
Guar stamped
1936
See
W 0& W let ey gu 4a 1924
}
list
"
,
.
k1111.27 J -J
4rs
821
/
4 85 Jan '08
85
West NC lat con g 6s 1914
85
St L43:I Cairo See Mob Si Clue
8 da N Ala See L da N
OIL Si Iron Mount See 11 P
Spok Falls Si Nor let s.1939
St LKC&N See Wabash
'1 1er A of St L let g 4148 193t)
St L M Br SecT RR A of St L
1 1st con gold 56.-1 94-1944
St Louis& San FranciscoGen refunds!g se
11153
General gold Os
1931 J• J 11414
113 Feb'08.
113 11434
St LM Ego Ter gu g 5a 1930
General gold 5s
1931 J J
1041
/
4 104 FelPOS •..• 103 10514 Tex & N 0 See So Pao Co
St L& S If It It cons g 4s..'116 J -J
90 Jan '08.
90
90
Tex&
Pao
let gold Os
2000
Southw Div 1st g 5a 1947 A-0
1024 Aug'05
2d gold inc 5s
q2000
Refunding g 4s
60 Sale 6858
1951 J -J
69 L4 iO3 69
La Div 13 L 1st g 5s
75
1931
5-year gold notes 4 42 190)4 J •D
98 Nov'06
W Min W Si NW let gu 5s'30
StL M & So East gu 4/
1
41;1909 J
'Vol
&
0
0
1st
g
.1935
K let d, Meonu 3s 1112$ M-N 113 Sale 113
113
1 111 1141
Western Div 1st g 56 1935
/
4
KC 1113& 51 ltvrnt g4e 11136 A-0 07
6634
6814 27 6634 7234
General gold 5s
K C& 51 R& B 18t 68.10
'
4
'A •O
Kau
Si
let gu g 4s. 1°
00
30
5
Oerk& ChClst eti Os c.1913 A-0
964, 90 Deo'07
Tol P Si W 1st gold 4s
1917
St Louis So See Illinois Cent
Tol StIA& W prlleng 31
/
45 1925
St L S W 1st g 4s lel otts.19813 M-N 85
871
/
4 87 Mar'08
841
/
4 8934
50-year gold 4s
2(1g 45 Inc bond °Us...p11180 J -J • 60
66 Feb'08
66
70 'o
n Ham & Buff lat g 48.51
194
56
0
Coneol gold 4s
.1) 6834 Sale 5618
5838 27 56
later Si Del 1st con g 55 1928
0638
Gray's PtTer latgu gem 1
'
17 J -D
1191,3
101 Apr'Oe
let refund g 4s
1952
St Paul & Dul See Nor Paolfic
Un
Pao
RR
&
1
gr
g
40
1947
St Paul M & Mali 20 tie 190e A-0 104%
1041
/
4 1041
/
4 2 1044 1041
Registered
/
4
1947
1st consol gold Os
1933 J -J 12(34128 1261
/
4 Mits,•338
120%128
20-yr cony 45
1927
Registered
1933 J • J
134 Deo'06
Ore By Si Nay con g 43 11140
Reduced to gold 41-23 11333 J • J 10512 Sale. 105¼ 1051
/
4 15 102 1061
Ore
Short Line 1st gee-1
/
4
12
46
2
Registered
193i J .J
116% Apr'01 •
1st consol g Os
1010 51-14 105
Dakota ext gold 6s
10434 Mar'08
Guar rotund 4s
10434 10434
1929
Mont ext 1st gold 45.-1037 J .I) 138
118¼ Feb'08 •
Registered
94
9514
1929
Reguitered
1937 I-li
10014 Oct'00
Utah Si Nor let 7s
1908
E Minn lot die let g
1 0134
A•
10114 Jan'OS - • 1014 101 14
Gold 5s
1920
Nor Div 1st gold 4s
1141a A-0
Uni N J RR&OCoSeel'aRR
Munn Union let g lis
1922 J • J
124 May'05
Utah Central See Rio Gr Wes
Mont C 1st gu g 6s
1937 J •1
128 Jan'08
Utah Si North See Un Pacific
128 128
Registered
1937 J
1364 May'06
Utica
& Black R See N Y Cent
let guar gold Os
11)37 I.J 108
105 Dee'07
ancialia consul g 4s
1955
Will Si 8 let gold 5s 11138 J-1) 109
1151
/
4Deo'06
era Cruz &PIstgu4/
1
4131934
Stl.' & Nor Pao See Nor Pao
Ver Val Ind Si W sea Alo P
St & Six City .S'ee U St P &()
Virginia
Mid
South
See
Hy
B A& A Pass let gu g4a 1943 J • J
75
78
78
7 78
83'34 Va Si Southw't let gut 55 2003
6 Ye Prea & Pli 1st I.; 58_194::
102 Sep '07
4e/ abash let gold 5s
1939
S F Si ..N P let sink I g 5s.11410 J J
110 Ow,'05
v
2d
gold
58
say F da West See AU Coast L
Debenture series A
19
939
11
Scioto Val & N E See Nor Si W
Series B
1939
Seaboard Air Line g 45 1115o A.0 46;Sale 44
461., 11 431
/
4 55
Certificates of deposit.
Coll tr refund g Os
1911 M-N
8314 00 Deo'07
1st lieu equip a Id g 68 1021
Atl-Birm 30-yrIst g 4s e1933
S
88 Jan'07
let lien 50 yr g term 4s 1954
Oar Cent 1st con g 45 1941, J
9642 Mar'06
let ref and ext g 4s
1950
Fla Con ,e, Pen 1st g 65 1111,- J • J
1074 Aug'ilt;
Dot Si Cli Ext 1st g 5s 1041
let land gr ex t g 5s 193() J -J
1)es Mein Div let g 4a 11)31)
Conseil gold Os
1943 J
/
4 Mar'015
1091
Om Div let g 3415
1941
Ga & Ala By 1st con 5501945 J -J
90 13,13'07
Tol & Ch Div let g 4a 1941
Ga Car & No 1st et& g 58 1929 J -J
160 110 Jan'05
St Chas Bridge let g 68 1908
Seab Si Roe 1st 5s
1920 J •J
106 Mar'07
Wab Pitts Term 1st g 4s 11154
Sher Shr & So See
K&T
211 gold 4s
1954
Sil Sp Oca & t.,1 See AtI Coast I.
Warren See Del Lao Si West
So Car & Oa See Southern
Wash Cent See Nor Pao
Southern Pacific (JoWerth 0 Si W See Southern
Gold 48(Cent Pao coU).k1941. J
85
86
Wash Terml 1st gu 31
86
le 8384 87
/
4s-1945
Registered
/41941. J -I
84 J'ue'07
West Maryland hat g 4s 1952
Cent Pao 1st ref gu g 4s 1941'
95
115
95
Gen & cony g 4s
1 9-1
90
1952
Registered
1941) If-A
0338 J'ne'07
W
Cent
Va
Si P 1st g Os 1911
Mort guar gold 3/
1
4s..k1929 J
834 85
Mar'09 811 80 844 West N Y Si Pa let g 53 1937
5414
Through ;et L let gu 4s'54 A-0
88
88 le.3-11'08
(Jell gold 3-4s
88 88
1943
Gal liar & S A 1st g 68 1910 F•A 100
1031
/
4 Apr'07
Income Os
d1.1143
Mex & Pac let g Os
1931 et-N 1061
/
4 1081
/
4 107 Jan '08
lu7 107
West No Car See South Ey
Gila VC(& N let gu ges 1924 VI-N
105 10614 J•ly
WlieePg Si L E let g 5s...19213
Bons E & W '1' 1st g 58 193:; VI-N
101 Jan'08
100 101
Wheel Div let gold 5s..11/28
1st guar Os red
1/013
104 Aug'06
Exton Si Imp gold Os.
& T C let g fis int gu 1937 J -1 10114
110% leol,'08
i0914 110%
RH let consol 43.
Consol g Os int guar 1912 A-0 11038
107138 Nov'07
20-year equip s f 5s ...1022
Gen gold 4s int guar 1921 A-0 110
88 Jan '08
Wilkes Si East See Erie
88 88
Waco& Nt
la g 68'30 et-N
11(3 Dee'OeS
W it & Sioux 1? See St I? 51 & 51
& N W .1.st au a Os
1941 1.1
10141
/
4 Feb'06
Wis Cent 50-yr let gen 4s 1940
Price
Friday
March 13
Bid
Week's
Range or
Last Sale
Ask
109
101
991
/
4
9334
104
112
1;808Sale
04 Sale
70
t
Range
Since
January 1
Low
High No how Big&
127 Sep'06
......
116 Nov'06
......
112 Feb'07
......
1,734 Nov'07
98 14Jan'08
9874
; 981
/
4
101 Dec'07
1041
/
4Mar'08
1141
/
4Dec'04
116 May'07
104 Mar'07
1041
/
4104,2
1071
/
4Feb'07
......
146 Feb'OS
9034 96
881
/
4 89
31 871
/
4 93 ;
821
/
4 85
81 824, 97
114 Nov'06
......
751
/
4 Mar'08
75
77
100 Jan '08
102 1021
/
4
70/
1
41Slar'Om
701
/
4 76
113 Jan '06
......
06 Pue'llif
92 J'ne'0
111 Feb'07
11038 Ply'07
103
103
2 102 105,
4
110½ J'ne'07
65 Sep'07
1064 Feb e,8
106 107
108 Jan'08
107 108
871
/
4
11538 Apr'06
83
96 Oct '05
103 105 103 Mar'08
/
4 Oct'07
991
98 Feb'05
951
/
4 98
95/
1
4 951
/
4 1
112 Oct '0
971
/
4
1081
/
4 Dec'06
113 Deo'05
103 Oct'07.
107 May'07
......
901
/
4 961
/
4Jan '07
1061
/
4sop '(.07
......
•
105
871
/
4
68
.1051
/
4
8:5
U
657
117 Ply'00
111 J'ly'07
110% Feb'08
1091
/
4111
92141e11¼8.... 2012 92,
4
111. Dee'06
1024
93
10168
10134 Sale
99
10214137 99 112,
4
92 Nov'06
110 Mar'06
1061
/
4 Nov'04
1021
/
4
1021
/
4 Feb*08 .... 102 10334
111 May'04
95
97
97
97
1 951
/
4 98
89 Jan '08 ...• 84
89
80
81s
80
80
1 7634 81,
4
85
83
es 20 80 8312
69
6978 69
69
1 67 73
95 Doe'06
lel 103 105 Jan'Os .... 104 105
03 Sep'00
......
1(1014 saie 9114 10034 323 99 102
...
1004 Feb'05
981
/
41004
85 Sale 8334
8514081 83 87/
1
4
06
134
t14-4 2 91
9634
118 118,
4 118
1181
/
4 4 115 12034
1104
Ill
106 111%
8634 Sale 8114
8634 2e 851a 8974
8734 Mar'07
100 Oct'07
ll/51
/
4
9414 Oct'07
118 Sep'06
100 105
99 Jan'OS
99
09
1021
/
4 104 1021
/
4 1033, 02 102 10934
8/1
/
4 e0
87
12 80 94
90 J'ne'o7
• 41
42
)'8
41 18 205 87
45
02 j'ne'0
102 Feb'08
100 102
93 Alat'Oe
41 Sale 39
4 I e ee 371
/
4 47's
104 Oct'01
97 Nov't)
......
80 web'07
......
9638 J'neei
1.00 'lay'0/
41 Sale 41
431e 65 41
56
104
,Sale
834
11', 10e
834 19
871
/
4J'Iy'07
......
5414 Sale e014
55
22 49
66
35
3934 Feb'08
3934 47
103 1001
/
4 Aug'Oe
111
1404 1
5 1081
/
4 111 •
4 Jan
87,
871
/
4 8734
:34 let)'07
......
107 Jan '01'
103 108
100 103 110 Dec'00
484 JILL 'Oa
981
/
4 981
/
4
GU
60
60
80
721
/
4
(04 Oct'07
•
80
I 8034
871
/
4 Sale
871
/
4
RS
5 83 90,
4
1001,J'no'02
41. Oct'06
100 Jan
100 100
70 Sep'03
)3414 0634 44 63 651
/
4
7,,', 784 4 75
78,4
50 Feb'u•..!
891, 22 80
85
MISCELLANEOUS OONDS-000eluded.
Nlanulacturing & Industrial
Miscellaneous
Beth Steel let ext et 5e..1929 J
95
96 Ang'06
Adams Ex col tr g4e
1948 M-S
Lent Leather 20-year g 53.11125 A-0 UO3
,Sale 897s
93
.85½
Am
go
903
SS
4
Co
of W VI,g 5s
1920
(besot Tobacco 50.yr g 4s.1951 F-A
62
62
13'kl'n VerryCo let eons g 55'48 F-A
68
Distil Sec Cor cony 1st g 5s.'27 A-0 7134 Sale 68 Feb'08
76
72'.., 168 64
Chic J o & St Yard col g 5s.1015 J -J
Int Paper Co let con g 08 1918 F -A
1024 10214 Mar'08
102 103
Det & 51 lit gr MCA)111(38 1911 A-0
Consol cony s f g Os
80 82
1935 J -J
80
81
80 .86
lut Mercan Marine 40 1922 A-0
Int St Pump 10-yr cony. Os'13 J -J
91.
91
90
91
4
Navigation let at 5s 1922 F-A
lilt
92',
nicker Ice(Chic) let g 58.12e A-0
/
4 Oct '05
971
Mau Bolt 11 Si L gang 4s 1940 M-N
Lackaw Steel let g 58
/
4
1923 A.0 851
864
854
84
89
Newt, No Ship Si D 1)5s 81990 J -J
NatStarch Mfg(Joist g Os 1p20
754 74
831
/
4 Ang'07
N Y Book 60-yr 1st g Ss 1951 1f-A *
75
25 J -J
70 Apr'07
Providence See deb 48. 1957 tri-N
A-0
87 4, 80 Dec'07
Provident Loan Soo 440.1921 M-S
Leat Co f deb gUs 1913
104 1054,105
1051
/
4 "16 101 105', St JosephStk Ida let4 40.1930 J -J
S Realty& I cony deb g 58'24 J.J
65 Sale 65
66
18 (3414 7t)
St L Tot CupplesStat'n & Prop
S Steel Corp-5 coup .8193/3 M-N 9058 Sale 88%
99e. 2494 851
/
4 90e.
co 1st g 41
/
48 5-20 yoar 1917 J -I)
St 10-80 yr be.1 rog .
.019.;;.t
116'. Sale 90
903
•
4
s
853
7
1103
4
4
Yuba Wat Co con g 6s 1923
J
17:1-Cur Chinn col tr 58
A-0 1)4/
1
4
80 Jan'08
83
59
sp Val Wet Works let 65 1906 11-S
Weeting house E Si 51 at 5a '31 J • J 68 erne 67
68
0 67
75
S Rod& Het 1st ft f (I8 1931
• No price Friday; latest bid and asked this week. a D ie Jan
0 Duo e .1) d Duo Apr a Due May g Duo rue
11 gh
103
6434 65
77
80
97
87
87 Mar'0,Oct '07
99 May'06
1001
/
4Sep '05
85
85
92
85
89
11e piy304
/
4 riy 300
1131
78
78
10 78
78
5 Due J•ly p Due Nov stinnon Sale
OFIICACY) STOCK EXCJEfIT}.1-3tock Record-Daily, Weekly- and Yearly
5TOCKS-HIGHES7' AND LOWEST BALE PRICES
Saturday
March 7
Monday
March 9
Tuesday
March 10
1Vednesday
March 11
-
Thursday
March 12
Friday
March 13
Sales'
_
Week
Shares
COCKS
CHICAGO STOCK
EXCHANGE
Lowest
Highest
Lowest
Railroads
100
Last Salt 175
Jan'08 -___ Chicago City Fly
17212 *-___ 17212 4150 172 *150 180
*._
& Oak Park_100
Chicago
234
_
_
_
Sale
_
2
Last
4
Feb'08
*13
2
4
2
*13
*134
*134 2
100
Do pref
10 (,_ __ 10 *_ __
*ie_
10 *_ __ 10
Last Sale 8
Feb'08 - _ - _
100
16
1612 1612
115 Chicago Subway
17
- 1714 *1612 1714 16
12
*16
*16
1634
Chic Union Traction_100
100
Do pref
.::::: ..361-2 _5512 -3-61-2 *-_-_:-.: _3_61; *________ _ .61_2 ,,,_ Last Atf2e 184013July4g __.8.6 Kans
City By & Lt_100
3
100
Do pref
- Sale 74
Feb'08--*___ 74 *____ 74 *____ 74 *____ 74 -Last
i Metropol W S Elev_100
16 *__ _
17
16
17 *___
*;4_ 17 *____ 17
17 *_
100
*
Do pref
100
44
*49- 50
50
*44
4948
*44- 50
48
47
4
Last Sale 40
July'07 ..--- North Chicago Street_100
40
*____ 40 *___ 40 *____ 40 *
*____ 21 *___ 2112 *____ 2112 5_....., 2112
Last Sale 20
Jan'08 -_ Northwestern Elev_ _100
100
Do pref
*__ 50 *____ 50 *___ 50 1,____ 50
Last Sale 60
Sep'07 ---233 South Side Elevated IOU
60
65
*60
60
60
60
8460 60
*.
6012 60
2758
085 Streets W Stable C L_100
- 2712 2773 2758 275; 2738 2758 2738 2758 27
2758 17-78
100
Do prof
9238 9238
73
92
92
92
0214 9214 *91
9218 9218 02
93
4._ ___ 30 I.- _ - 30 1._ _ _ _ 30 *_ _ _ 30
July'01 ---- West Chicago Street 100
Last Sale 33
Miscellaneous
100
515 American Can
5
438 438
438 458
478 478 • 478 478 434
412 412
100
Do pref
49
717
48
4812 4834
49
4634 4634 47
48
49
4812 49
Last Sale 135 Meh'08 ---- American Radiator_ _100
_
___
_ *130
*130
_ *130
100
Do pref
Last Sale 117 Feb'08
*117 fif *130-*117 127- *117 fif *117 1-27
46
46
46
46
265 Amer Shipbuilding__ _100
*45 ' 50
46
46
*47
50
50
50
100
Do pref
95
79
97
*95
97
*9412 ___ 93
94 *_ _ _ 97 *._ __ 97
Amer Straw Board
100
ift gall:lg taet:(
iH" ir i,i15- Id" i;i3" 16- ;ii.3" -g" l
6)1 .-..-.7, Booth (A) & Co
100
Do pref
*90
170
91
91
91
91
*90
91
93
*90
91
91
91
Last Sale 4434 Mch'08
Cal & Chic Canal &D.100
45
*42
*43
45
*4212 45
*4212 45
Last Sale 165 Mch'07 --- Central Trust Bank_ _100
____
Last Sale 16 . Meh'06 --- Chicago Auditorium
11N Last Sale 1
Oct 07 --- Chic Brewar de Mait'g
-118 *1
*1
I18 *1
Do pref
Nov'07 ___ _
Last Sale 5
5
5
*4
*4
*4
5
5
*4
2112 22
21
22
22
170 Chic Pneumatic Tool_l00
*22
24
2212 2233 22
24
*22
Telephone..._100
Chicago
111
10934
110
11012
111
741
*110
11034 112
112 11234 111 11112
Do rights
134 19,508
114
112 178
112 178
14 178
131 238
134 2
108
146 Chic Title & Trust_A 00
10734 108 1•107 108 *107
*106 107
10612 107 *107 108
8912 90
8978 90
526 Comnionw'th-Edison_100
89
89
89
8712 87
*86
80
*86
100
125 '125
125 .125
308 Diamond Match
124 12414 124 125
125 125
125 125
100
31
3134 3134 31
32
*31
128 Illinois Brick
32
*31
*:3012 31
"3034 31
Knickerbocker Ice..,..800
Last Sale 3114 Nov'05
100
Last Sale 80
Feb'01
Do pref
Last Sale 41
Aug'07 .-- Masonic Temple
Last Sale
June'07 -- MIlw & Chic Brewing
Last Sate 24
21263 July'07
Do pref
100
*78
79
70
ilfig National Biscuit
7n "'if *771i- '78 -7-812 7812 -7812 78
100
110 111
11018 11018
238
Do prof
10934 111
11014 11014 11014 111 *11012 111
100
52
55
*53
54
95 National Carbon
54
54
51
53 *
53
pref
100
106
Do
100
*100
45
103
10212
10212
10213
10212
loo
455 105 loo
Mang ____ Page Wov Wire Fence
Last Sale 53.1
--- ---- _-- -___ _--_ ---- ---- --_People'sGasL&Coke__100
Feb'08
n
:rat
-_-_-_- Sears•Roebuck cum_ -100
t
i
l
t
"i1".,
Wii"
16;oil"
21- -H17, ;ii" 16
7
;
100
Do pref
*7414 76
E
*744 75
77
77
77
*74
_ *75
77
*76
100
9914 0634 9738 1,098 Swift & Co
9914 9834 9934 98
99
9814 9838 9814 16
Quaker Oats Co _100
130
130
2
130
*12512
The
130
*125
130
*____ _ _ *125 130 *125
Do prof
100
158 %,if., 9% 9i1, 9t.1.> 2f142 91.3542 *1 171! 91738 - -1-5; -134- 1(1()1 Unit Box Bd & P 00_100
*-i412 6-8
Do pref
10
100
9E0
934 97s 10
912 934
10
*9
94 912
94 912
100
Western Stone
Feb'08
Last Sale 15
16 *____ 16
*14
16 a____ 16
*14
Mining
Bingham Con Mining_ 50
Last Sal( 3212 Jan'07
Black Mountain
Nov'06
Last Sale 10
Daly-West
May'07
20
Last Sale 16
11 atm:nal- Elliott
Range lor Previous Yeas
(1907)
Range Since
Jan. 1 1908
160 Jan 24 175 Jan '27
'234 Feb 13
158 Feb 3
8 Feb 3
8 Feb 3
15 Feb 10 21 Jan 16
234 Feb 13
234 Feb 13
3912 Mch 0
6814 Jan 4
16 Mch10
42 Jan 6
46
79
19
50
Jan
Jan
Jan
Jan
14
20
22
23
20 Jan 31
20 Jan 31
60 Mch 9
27 Jan 3
90 Jan 23
71 Jan 13
2912 Feb 21
0238 Mch 10
4 Feb 13
513 Jan 11
4112 Jan 2 52 Jan 10
125 Jan 10 135 Jan 31
11612 Jan 31 117 Feb 11
4(3 Jan 7 5512 jan 16
91 Jan 2 9512 Feb 7
42 Jan 9 42 Jan 13
24 Jan 3 30 Jan 11
90 Jan 10 08 Jan 27
40 Feb 20 4434 Mch 4
-171, *1
Inter.
cot
Period
Price
Friday
Mch. 13
Week's
Range or
Last Sate
IP ds
Sala
Rang3
Since
Jnn, I 1908
¢n-p-,OZ wZAr4ZZOw-DGIZOZ0 tf,
High No. Low
Ask Low
Hid
mgt.
Amertran Biscuit 6s_1910
100 Men 07
____ 100
Amer Strawb'd 1st 6s..1911
Cass Ave & F G (St L)___ 10112 9912 Jana)),____
9912 9912
1912
53
_ 100 May'07 _ . _
..
d
Chic oar of Trade 4s1927
"1)-473B WC
9512 9512 is
i05-12 Sale
:
ChicaTo City By 5s_....1927
--------103 Apr'04 ____ ____ ___ _
Chic Consol Bra,,Mit 6s____
.___ 55
55 Aug'07 --__ ____.__
Chic Consol Trac 4;is.1939
_
____ 98
0634 Jan'06 ___
Chic Auditorium 1st 5s1929
Chic Dock Co 1st 4s_1929
_- -- ----____
(i
)
(
;
Fer)
iti
-.
1912
Os_
Elec
Shore
No
Chic
---- ---- ---- ---- ---- --- ---Chic & MII Elec Ry 58-1919
Chic Pneum Tool67
67 Sale
68
721:.
68
4
a1921
1st 38
Chic R I & P RR 4s_ _ 2002
Collat Trust g 5s___1013
Commonw'alth-Edison# ____ 10011 100 Jan'08 ..... 100 100
Ch ic Edison deb 6s1913
:as Sale 98
99
97
18
08
_July 1926
1st g 5s _
9814
97
9712 9778 25
9778 Sale
_5s- 1926
Debenture_93 100
1
____ 98
98
08
Commonw Elect-5s61943
____I ._ .90 Dee'06 -- --- __.
Illinois Tunnel 5s____1928
--- -- - 0618 Sep'07 ---- _______
Kan City Ry &LtCo 55 1913
85 Dec'07 --- ---- -.
....- 93Knick'b'ker lee 1st 53_1928
Lake Street El1928
874 8812 Jan'0888 881:
1st 55
_
..
1925
16 May'05
Income 55
Metr W Side El2
8114 84
8114 8117
8112 82
1938
1st 4s
801:
80
8012 Jan'08 ------ 80
1938
Extension g 4s
Dec'06
5s_190990
1st
St
Chic
North
1916
---- ---- ------ ---- ---- -.
1st 58
Refunding g 430_193179 Aug'06
------ 75 Feb'07 -- ______
No Chic City Ry4301927
North Western El8614 90
2
8814
8814 Sale
88
1911
1st 4s
6
86
88
8014 89
86 Sale
1945
Ogden Gas 5s
---- -- 10012Meh'06 ______
1916
Pearsons-Taft 5s
94 Sep'07
4.405
98 July'07 ---____
4.603 Series E
___. 9712Jaa '08 __, 9712 -971;
4.803 Serlea F
11212
9 10912 112
11212 Sale 112
Peo Gas LdcC 1st 63_1943
1
97
97
97 Sale
94 1001.
Refunding g 5s_ __1947
1
10014 10014
9712 103
100 101
Chic Gas L&C 1st-5s 1937
297
__
98 Mar'08 ---9434 98
Consum Gas 1st 5s.1936
__
9834 Feb'08 ---,
98
-09
983
Mut'l Fuel Gas lst5s1947
961
94
02
4
04
-92- Sale
South Side Elev 43-0_1924
asa
93
98 Mar'08 ____
___ 98
Swift de co 1st g 5s.....1914
90 Feb'08 -90
90
. 90
Union El (Loop) 5s___1945
___
__Union Pacinc cony 43_1011
__ -- --- 114 Nov'04
68 Jan '08
- 70
(Ti.
United Box Board col 6326
65
-------__ __. • 90 May'07 -_.West Chic St 1st 5s___1928
'
____-- 6812 Sep'05 ___ ____ _:.*...
1909
Tunnel 1st 53
73 June'07 ___
1914
Debenture 6s
___.
____
____
June'07
73
.._-1936
Consol g 5s
87 Dec'06 ____ ___ __
____ _-_
Wes DivCityRy 4 §§s1932
::
Western Stone Co 5s 1909
-- -- 9012 Jan'06 ----N ote.-Accrued interest
150 Mch 205 Apr
5 Jan
134 Nov
16 Apr
10 Oct
4612 Jan
11 Oct
614 Apr
214 Dec
1914 Jan
14 Apr
05 Jan
28 Nov
87 Jan
6833 Nov
28 Jan
17 Dec
43 Nov
72 Jan
47 J'ly
3412 Apr
20 Sep
2512 Jan
66 J'IY
58 Apr
OU Jan
60 Nov
34 Jan
26 'Oct
95 Apr
99 May
35 Apr
20 Mch
3 Oct
714 Apr
3412 Nov
60 Apr
120 Dec 1404 Sep
112 Nov 130 Apr
:,0 Nov
8012 Jan
85 Nov 109 Jan
40 Mch
30 Jan
25 Dec
40 J'ne
90 Dec 111 Feb
45 Oct
54 Jan
165 Feb 165 Feb
21 Feb 26 28 Jan 7
106 .171a 3 120 Jan 14
234 Feb 21
34 Feb 25
100 Jan 4 111 Feb 4
80 Jan 3 90 Jan 16
113 jail 2 120 Feb 25
30 Jan 22 39 Jan 14
1 Jan
5 Aug
21 Dec
15 Oct
1 Jan
612 Joe
51 Feb
13412 Apr
05 Oct
77 Oct
10812 Nov
34 Nov
11212 May
8758 Oct
12912 May
57 May
3 79 Mch 12
2 111 Mch 5
:3 57 Feb 1
9 10412jan 7
41 Aug
212 Jan
25 Feb
5818 Oct
91 Nov
50 Nov
9734 Nov
40 Jan
212 Jan
27 Mch
80 Jan
11734 Jan
8414 Jan
120 Jan
8012Jan 3 89 .Tan 15
24 Jail 24 2512 Feb 13
72 Jan 16 77 Jan 6
8812 Jan 2 0978 Jan 27
11434 Jan 3 134 Jan 29
87 Jan :3 96'i Feb 5
14 Jan 4
138 Jan 7
914 Mch 9 12 Jan 15
15 Jan 10 1(112 Jan 21
72 Nov
20 Nov
67 Nov
7512 Nov
100 Nov
85 Oct
34 Nov
6 Jan
16 Dec
9258 Apr
57 Jan
95 Jan
11312 Jan
17312 May
10234 Jan
214 Apr
1234 Apr
30 Feb
3212 Jan
3212 Jan
1614 Apr
20 Jan
70 Jan
101:1.1 Jun
51 Mch
100 Mch
Chicago Banks and Trust Comnanies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Mch.13
Highest
be added to all Chicago bon d prices
NAME,
Outstanding
Stock
Surptus
and
Pro/Its
Dividend Record
In
1906
Per- Lass Paid
In
1907 lost
Q-J Jan '08, 2
8
8
1",009,000 $1,328,958
Bankers National
An, Dec '07. 0
6
5
§36,741
Calumet National
100,000
J-J Jan '08, 6
10
142.495 10
Chicago City
500,000
Q-J Jan '08, 3
12
Commercial National
3.000,000 4,320,490 12
Q-J Jan '08, 2
8
Continental National
4,0110,009 3,315,703
6 Q-J Jan '08, 112
6
§8.305
50,009
Cook Co State Savings
Q-J Apr '08, 3
12
Corn Exchange National 32100,000 4,953.474 12
6 Q-J Jan '08, 112
6
§44,641
200,000
Drexel State
8 (J-J Jan '08, 2
:79.100
600,000
Drovers 1),1) National
6 (1-J Jan '08, 02
3
437.970
2003000
•
Englewood State
12
Q- Jan '08 :3
12
7.741,058
8.000,0011
First National
Q-J Jan '08, 212
150,00k, 8157,017 10+10 10
Pint Nat 1. nglewood
Ba
ate
Priv
040,833
500.000
Co_
Foreman Bros Il'k'g
Q-J Jan '08. 2
33,7,560
Port Dearborn National_ 1.000,000
5
J-J Jan '08, 212
170,380
Hamilton National
Q-J Jan '08, 2
8
8
988.663
1):01:
(
i):
,
,
1
0
(
0
1
();
5
1.2
Assn.__
Hibernian
J-J Jan '08, 5
10
10
§131.557
Kaspar State Bank
321,458 See V. SG, P. 384.
Live Stock Exchange Nat 1.250.000
3
4
50,238
Feb '08, 1
100,000
Monroe National
412 Jan, Jan '08, 412
§04.034 250,00;.
Mutual :'anl:
6
712 Q-J Jan '08, 2
2.000,000 1,274,844
Nat Bank et' Republic
420,500 Began buslne Si
Feb 5 1007
1,500,0111
National City
55,970 Bum, (isis,lie SS
Aug 26 1007
2511,000
N atIona I Produce
01,8SU Began ()wane 94
Dec 8 1006
200,000
North Avenue State_
60,424
6 Q-J Ian '08, 112
50,1100
North Side State Savings
Q-J
37.174
6
Jan '08. 112
100,000
Oakland National
70,799
260.000
Prairie National
8
57,415 dilS
Jan '08, 2
- 500,000
Prairie State
3-.I
4
16.946
Jan '08. 2
250.000
Railway Exchange
-a nixed Oct 12 1006
93,590 - -rg
Security
534
Q-J Jan '08, 112
§s4.269
00(1
(30.
)1(1,
20
3
South Chicago Savings
8
0+1 Q-J Jan '08, 2
State Bank of Chicago_ _ _ 1.000,00, 1.156.805
J-1) Dec '07, 3
6
6
§1116,708
250,00o
_
Savings__
Stock Yards
6
0
§39,564
Nov'07, 3
200,009
Union Bank of Chicago
0
§62,954
Q-J Jan '08. hg
209.000
Union Stock Yards State
8
(44
2.478,534
8
Jan
'08, 2
3,000.000
American Trust & Saygs.
7
Q-J Jan '08, 134
7
980,178
2,000,000
Central Trust Co of Ili
92,04:3
Chicago Say Ilk & Tr..
Jan 'Os, 112
10 x1,15-1,548
,09‘)
.
)
n °
Chicago Title & Trust _ _ _ 5,01(
3 A-0 Oct '07, 11
3
§6,828
50.000
Citizens Trust de Savings
:
53:3,060 10
10
0-3 Jan '08, 212
600,300
Colonial Trust & Sayings
6
81.557
13
200,000
Q-J Jan '08. 14
Drovers Trust & Savings
Orga
63,255
nIzed Apr) 1 31907
Farwell Trust Co
0 1.470,579
00
00
0 (11:0
1;50
Fli st Trust & Savings... 2
323,513 Began butane
1,250,000
Feb 4 1907
Harris Trust & Savings
7,808,312
12+4
10+4
Feb '08, 1
Illinois Trust & Savings_ 5.1100,000
§41,351
0
Q-j Jan '08. 112
g; 200,000
vs
IKAtene
k woied '('rust &Saa
e, svg
S32,002
2
200,000
View
Q-J Jan '08, 1
12
Q-J ,lan '08, 3
Merchants' Loan & Tr Co 3,000,000 4,541310 12
366,455
750,000
6
eronlitT
hp
ro
tt
arnuT
Q•J Jan '08, 112
cr
No
M
ot & Say
us
strc
1.81/.172
8
Jan 0% 2
45,081
02
0:0
580
J-J Jan '08. 3
6
Northwest Trust & Savgs 1'2
200,000
§76.323
6
J•J J atl '08, 3
6
Peoples Trust & Savings_
151,607
8
k8
Q-J ,191) '08, 2
Pullman Trust & Savings k500,000
571,483
500,000
8
Q-F Feb '08. 2
Royal Trust Co
110.596
200,000
5 J-J Jan '08. 212
Stockmen's Trust & Say_
200000:000000
1,058,801
1.
Union Trust Co
§25,479 Forme (ay Jon nine ltE'L &Tr
United States Trust
317,872 6+1
6 (1-J Jan OR, 14
Western Trust & Savings 1,000,000
200.000
Sept 5 190,6
142.201) Began busine SS
West Side Tr & Say Bank
200,000
(3-J Jan '08, 14
28,177
Woodiawn Tr& Say 13k_
a Bid and asked prices; no sales were made on this day. t Feb. 14 for national banks and Feb. 15 for State institutions, except iigures designated
by a (§), which are of date Dec.3 1907 and Nov. 19 1907 respectively. 1 No price Friday; latest price this week. a Due Dec. 31. is Duo June. (I In.
((odes special dIvIdend of 30 % paid Dec. 18 1906. k Capital Increased from $300.00".;, a st )ek dIvIdend of 33 5-3% being declared In part paYlnenq Dividends are paid Q-J, with ext:a payments Q•F. x As of Dee. 31 1007.
thcref.)r. n Capital and surplus to be increased
IVIAR. 14 1908..1
THE CHRONICLE
Volume of Business at Stock Exonanges
Telegr Es Telephone
Bid Ask
eAmcr Teleg & Cable _100 50
60
eCen tral de So Amer __100
_ 110
Comm'l Un Tel (N Y)_23 1-15(i
Einp & Bay State Tel 100 60 -7-SFranklin
50
_100 40
eGold & Stock Teleg _100 95 100
Hudson River Teleph 100 35
42
eN Y & N J Teleph___100 09 10()
eNorthwestern Teleg_ 50 95 105
Panne & Atlantic
25 55
70
southern & Atlantle_25 80
9212
659
industrai and Misce
Btu Ask
Cons fly Lgt&Refrig_100
1
a
Consol Rubber Tire_100
5
Preferred
_ _ _ 100
TRANSACTIONS AT THE NEW YORK S COCK EXCHANGE
15
Debenture 4s 1951A ec0 16 25
DAILY, WEEKLY AND YEARLY.
Cons Steamship Lines 100
54
Coll tr 4s 1957-J 8c.1
101&
10
Stocks
Railroad,
Cons Storage Batt'y__100
Week ending
(tr.,
U.S.
Corn Prod Ref See Stock Exc GEState
March 13 1908
Par value
Bonds
Shares
Bonds
eCrucible Steel
Bonds
100
478 538
ePreferred
35
36
Saturday
450,163 $38,683,300 $1,330,000
Cumberland Ely Ceppe1r0
$662,000
.
(d
818 838.
Monday
58,362,700
$10,000
2,212,500
683,269
eDiamond Match Co_100 12312 125
444,000
Tuesday
564,950 47,878,200
Fen y Companies
2,242,000
Dominion Copper
21n 214
343,500
10
Wednesday
945,271 80,423,100
10,120
1,717,000 1,220,000
Douglas Copper__.....5
638 61:
Thursday
12 112 Econ'y Lt & P (Joliet. Ill)
611,702 53,967,700
10,000 Brooklyn Ferry stock 100
1,821,000
651,500
B Fc NY 1st 13s 1911.1.-1 580
Friday
723,564 64,345,625
10,000
88
1,063,700
385,500
lat M s 1 g 5s 1956_J-L
100
N V h H R Ferry stk_100
_ 60
Electric Boat
25
15
1st Is 1022
Total
3,978,919 $343,660,625 $11,286,200 $3,706,500 $40,120
M- N 60
60
Preferred
01 60
70
N I' & Bob Is May'46 J-D 85
90
Electric Vehicle
100
3
Hob Fy 1st 50 1046M-N 493 100
Preferred
100
5
Sales as
Week ending March 13
Jan 1 to March 13
NY ticNJ 5s 1046___J-J 580
93
Empire Steel100
10
New York Stock
10th & 23d Sts Ferry.100 20
30
45
52
1907
Exchange
1008
1908
1907
1st mtge 5s 1919__J-D 550
70 eFederal Sugar of N y 10(
41ti
13
8
ePreferred
so 90
Stocks-No. shares___
9,340,719
3,978,919
58,778,4E, eUnion Ferry stock__100
31,976,252
elst Os 1920
it-i\ 60 65 eGeoreerraelrrC
ed
hemical__ -1°00
u Si) 60
Par value
$343,660,625 $828,690.200 $2,709,904,150 $4,947,616,760
100 85
9212
Bank shares, par
$2,000
$115,200
$2,200
$34,700
G,Id11.1d C as 1 Mincs..10
Short-Term Notes
518
Bonds.
Gold Hill Copper
1 *111, 519
34
$40,120
Government bonds
$10,000
$183,000
$183,320
387
go
Greene
Am
ser
Clg
A
_M-ls
4s
'11_
Cananea
20
Stste bonds
2,199,500
3,706,500
0838 813.
13,077,000
26,890,500
Ser B 45 Mch 15 '1251 S 584
88 Greene Consol Gold___ 10
11,286,200 13,859,800
1
RR.and misc. bonds
97,856,000
*
3
9
144,355,600
Am Tel & Tel g 55 10 J-J on goss Greene Gold-Silver_ ___10
9512 Guggenhe,rn Exploen 100 14012 150
$15,032,820 $16,064,300
Total bonds
$111,116,000 Atlan Coast L Is '10_M-S 594
$171,429,420
ac
ek
fegn4
ss
ac5
k2W
Ches & Ohio 135 Ye 28 '08 59978 1003b eHR
0p
aceir2_Cf.7
6s, July 1 1910 __J-J 59858 99
85
DAILY TRANSACTIONS AT THE BOSTON ANL PHILADELPHIA
HavanaHail
Signal
i.0b
Caocc0
Ch
R
I
Fc
.
Pac
1
11 2
10990
4
3.0
'08A-0
8
114
8
8
7
5
1
499
28
,
EXCHANGES
Chic & W Ind 55 '10_11&A
Co_
P
lsrtefger5re
june 1
Cin Ham &D4 As '08 M-S 5,
sd
95
71,
515134 6
19
C
C
C
L
22&
5s,
St
14
J-June
'11
D
s
07
4
5
50
Boston
Philadelphia
Erie 6s, Apr 8 1008
400 95 Hecker-Jones-Jewell Mill
Week ending
lit 6s 1922
Interb it V g 4s 1008 M-N 49812 99
10413
Bond
March 13 1908
Listed I Unlisted
Listed
Bond
Unlisted
Heeg-Hall-Mar,
Is
Mch
1010
12
new_
m
.:
lO
N
5003
O 53
111-S
93
5
90
shares
sales
shares
shares
shares
sales
poi
: Hobokende
Kan C So g Is Apr '12_J•J 589
Land
Imp100 150
585 90
e5s 1910
"0"
(1,545
$22,000
Saturday
13,021
$21,300 Lack Steel g 58 1909_M-S 578
23,35S
7,550
55
85
g
Houston
1910
011
M-S
7
10,014
20,000
Monday
32,112
24,140
56,600
16,779
4 g9i4
Preferred
1°
0(0' 20
512 40
9,964
22,000
Tuesday
22,125
23,737
45,500 Lake Sh & M So Ss'lO P A 4953
11,976
& Nash g Is '10..M-S 598i5 953n Hudson Realty
100 100 110
27,500
11,757
28,008
29,659
Wednesday
19,572
42.500 Lou
59818
Mich
983
8
Cent
eIngersoll-Rand
58
com_1
100
P-A
0 40
&) 50
17,859
34,600
Thursday
21,365
23,365
11,111
36,600 Minn
neaei
terrreferred
Fc St L fr 5s '11_F-A 490
k.r,
1neP
95
90
13,000
Friday
20,003
34,959, 17,046
<35,500
13,843
Missouri PacificCo_100 120 130
598
gg
Inenl
iisFeb10'10
Mer
Mar
convop
F-A
See Stk
Exc list
Total
147,2441 73,185 $148,100 148,643
80,828 $258,000 Natonfex
99 Internael Nickel
5se t to 09 A-0 597
100 7
84
0
90
Preferred
N Y Cent 5s 1910
F-A 5
4 999812
49
98
;
78
Pa RR Is Mch 15 '10 M-S
International Salt
100 10
11
1st g 5s, 1951
StLMS'east 43,45 '09_J-D 588 91
A-0 44
49
St L&SFg4;4s '08-J-D 585
100
90 internael Silver
0 ..4
.
i.. 10
Preferred
South'n coll tr Is '09_ A-0
fO
es
rre
ld
945
55
A weekly review of Outside Market will be found on a preceding page
South By g Is 1910_1--A 18
J-D 100 105
70
4
7804
9714 Lackawanna Steel
U S Rubber g Os '09_M-S
100 26
30
Street Railways
Bid Ask •
Street Railways
Lanston
Monotype-20 *914 034
91
Bid Ask Wabash Is, May 10 1900 385
Pub Serv Corp N J (Con)
West ngh El &AI 6s 1910 478
82 Lawyers' Mtge Co
New York City
10(' 175 185
25
580
J C Bob dlz Paterson87 eLeh & Wilkes-B Coal 50 55
Wheal de L E 5s
Bleeck St & Ful F stic_100 19
75
80
74
4s
g 1949
Lord 40 Taylor
100
57 00
e lit mtge 48 1950-J-J
M-N
130
So J Gas El& Trac_100
Preferred
e B'y & 7th Ave stk_100 115 135
98 102
Ragroad
100
98
Gu g Is 11153
eLorillard (P/. Pref 1
1110
M-S
C 2d mtge 55 1914__J-.1 00
11 1I - 135
No Hud Co Ry6s'14 J-J 14
Mackay Companies-See Stk E xlist
88 _ Chic Pea & St L pref_100
Con 551043 See Stock Exc list
101
Madison Sq Garden_ ONO 7
Deposited stock
Is 1928
B'way Surf 1st Is gu 1924 5 92 96
J -J i 98 iiii
10
0
20
2d (Is 1019
Undeposlted stock__ _ _
Ext Os 1924 _ _ __M-N
.___
0 Cen el Crossen stk__100 125 250
86
eMan hat Beach Co .100
Prior lien g4 3.5s'30,ii&S -8-4- Pat City con 65 '31_J-D
e 1st mtge 65 1922_M-N 100 110
2
6
Con nit tg g Os 1930.J&J 45 -iiii- Manhattan Transit__20 *3
2d 6s...1014 opt A-0
e Con Pk N & E R stk 100 100 130
318
Mitchell Mining
Income Is, July 1930_ _
10 a 25, 234
110 list
5
e Cheer & 10th St stir 100 100 130 So Side El (Chin See Ch :
-1
-Monongahela
2
Chic
Exc
61'46.M
100
Sloe::
R
Coal
Os
Subway
Syracuse
QeS
list
R
100
T
50
i 90
16 -1Col tt Oth Ave 59 See
5
tfaa
Ft IV & Deu Cy std_100 El
egrer
n keB
a0
Ptrrte
do
98
Trent P & H Is 1943_J-D 4 92
DryDEB&B1111:5810:
5U * 2312 24
Gt Nortien Ore-See Stk
o
fne
duC
bo.....100 771, 8212
United Rys of St L
e 1st gold 5s 1932-J•D 88 95
N V N II & Hartford23
Nat
100 21
-A 60
a_ -100 90 100
Corn vot tr ctfs
75
e Scrip 55 1014_
Con de.iils'48-sce Stels Exc 051
National Surety
100 62
64
100 140 150
e Preferred
Eighth Avenue stock 100 250 310
Cons deb 3 tis '56 J&J 5s2
Nevada Cons'd Copper_5 *Ills 1114
Gen 4s 1934.. _See Stock Exc list
84
e Scrip 6s 1014_ _F-A 95 100
Nortten Securities Stubs_ 100 125
514 433
Nev-Utali
ntrba
i_m_ ._-__ 1
llinc&
24
0aS
20 *
UnitRys SanFran See Stk Exc list
*42d & Gr St 17'y stir. 100 225 300
Pitts Bess & L E
22
50
100 20
Wash By & El Co
75
42d St M & St N Ave_100 50
40
67
69
Preferred
_
TeCrellock & Imp..100
97
50 *25 "
N.J '
60 eN"
Preferred
e 1st intge as 1010_M-S 590
N V Biscuit Os 1911-M-S 1-00 50
45 1051
35
7512 77 eRallroad Securities Co2d income (Ss 1915_J-J
111 0 stir tr cfs ser A '52 ---- 8412 N Y Mtge & Security.100 130
10
1-0°
0 20
30
Inter-Met-See Stk Each ange list e West Chicago St
Seaboard CompanyeNew York Dock
100 20 16"
e Con g Os 1936.....M-N
Lex Av &Pavlo Is see Stk Exc ilat
100 20 40
1st preferred
100 7314
ePreferred
Menopol St By-See Stk Exc itst
Uas Securities
Coin & 25 pref-See Bait Exc list ITsl:B
ra
en
ms?Poorli
tadt0
1o0nm_ _.
Ninth Avenue stock_100 120 150
213
Seaboard Air LineNew York
12
0°
0 95 - 100
Second Avenue stock _100 100 125
Coll Os ext May '11 M-S 5 85
5 *65, 678
92
e lst iv 5s 19110.111-N 04 100 Cent UnGas as g '27-J&J 585 90
etriitsas'
rulog SIN11vin
-See Stk Exc list
ere*s
Congo( 55 1048____F-A 83 90 Con Gas (N
4
3
Otis Elevator com___1
100 125 140
100 23
Industrial and Miscel
e Sixth Avenue stock_101) 100 130 e Mutual Gas
27
Preferred
10
30 * 75
80 New Amsterdam GasSou 13oulev Os 1043__J-J 560
3712 82
1st consul Is 1948 J-J 584
25 50
Alnneek Mining
55 Pittsburgh Brewing__
* 1814
87
So Fer 1st Is 1919_ A-0 590 100
Preferred
NY &ERGas 1st 5s'44 J-J 49095 Alliance litiezte Colty
100
Third Avenue-See Stock Exc list
110
3814
Pittsburgh Coal_See Stk Exo List
J-J 485
Consol Is 1043
is
AM Cha
1st 1Tag
80
90
Tarry W P Ze M 55 1928 560
s f 55 '36 opt '16
64 Pope Manutacturingfu
J-J 480
N Y & Richmond Gas 100 32
34
YkeisStRIllis 1046 A-0 180
86
12
1st
1027-M•N
preferred
il
m
)
Os
Un
Nor
1st
A
B
e
B
T
i
r
l
i
e
c
a
k
a
u
s
100
s
n
7
,
,
9
9
28th do 20th Sts 1st 55 '06 65
75
125 150
00 25is to
80
Pratt2d (u
‘
‘
fertrIrte
tli
pre
d
100
100
I Twenty-Third St stir 100 300 325 6 Standard Gas com 100
111130t
117 212
100 -7-0-• 100 eArnerican Can-See Stock Exc
pref 100 95 160
e Preferred
Union By 1st Is 1942 F-A 585 100
Realty Assoc (Bklyn) 100 116 122
1st 55 1030
80
Westchest 1st 55 '43 J-J 460
590 95 American Chicle Co_ 100 180 190
Other Cities
Preferred
100 86
90 Royal Bak Powd pref 100 92
Brooklyn
94
Amer Light & Tract_100 01
9212 Ant Graphophone cotn100
98
Atlan Ave Is 1009___ A-0 593
40 Safety Car Heat & Lt-100
55 115 120
Preferred
100
Seneca Mining
100 ---- lig
100
Con 5s g 1031
A-0
45
50
1.00 290 310
100 1112 105 Singer MN* Co
B & W E Os 1933...A-0 95 100 Bay State Gas
s2('
Preafell4triraleirgddwOsarle914 J-1) 98 100 Sta
stda
5rida
ln
Brooklyn City stock__ _10 178 185 Bingh'n Gas Os '38A&0 Sit'
1
Union
Assoc'n_100
Brooklyn
list
AmerAi
Gas
Press
Amer
11"11
91
deb
'31
Cordage_55
retc.. 2-% 20s2 22
Con 5s-See Stk Each Exc
95 100
6s 1909 cony 1907_111-S 101 103
Am Soda Fount com_100
Adjust 3.1 Is Apr 1 1031
Skin Crosst'n 55 1008.4-J 95 100
3
2
Buffalo City Gas stock10
100 ..... -20 - Standard Couplercom100 28
1st preferred
Bin Hgts 1st Is 1041 A•0 90 100
7
ii
145
1st 55 1947-See Stock Exc ilst
Preferred2100 100 110
100
zd prelerred
Skin Q Co & Sub See Stk Exo list
85 Am St Found as '35 Adc0 §18
l
psrteleOrs3
Milling
red
010 Co_
. 10e
45
4 15
Bkiyn Rap'Iran-See Stir Eat: list Con Gas of N J Os '36_J-J 475
80
5 Standard
4
7
American Surety
50
100
e Coney 1st & Ilklyn_100 100 150 Consumers' L 11. & Pow26
55 1938
85
American Thread pref_.5 4,33i -.
Al4
J-I) 4100 105
M-N 69
1st cons g 4s 1948__J-J 75
71
Elizabeth Gas Lc Co_ _100 250 Am Tobac(new) com.100 255 265 Standard 011 of N J__100 508 510
13rk C &N 55 1939_J-J 90 10u
Essex & Hudson Gas_100 106 irji- Amer Cypefilers com.100 30
Gept&LorSt 1st 6s..M &N 98
34 Swift & Co-See Bost Stk Exc list
Fort Wayne 6s 1025.....1-J
1st 58 I910-1914__ -J-J 96 100
100 88
Preferred
Kings C El 4s-See Stock Exc list
30
25
93
50
65 Gas & Hi Bergen Co.._100 42
eTexas& Pacific Coal.100 78
46 Amer IVritIng Paper_100
Nassau Elec pref-....10(
85
6s 1908
Preferred
lit
A-0
100 16
A-0 93 100 e Gr Rap G 1st Os 15.F-A 195 98
55 1044
18212
134
Hudson Co Gas
1st s 1 g 55 11) op'09-J-J 73
100 00
03
80 Title Ins Co of N Y ___100
1st 45 1951-See Stock Exc list
fir
Indiana Nat lfc 111 GasBarney & Smith Car_100 1-(13-- 50 Tonopah Min (Nevada) _1
N W'bracFlat 1st ex 4
55f3
1st as 1908
1OU
Preferred
2
04053
Steinway 1st 6s 1022-J-J 51)5 102
15
M-N 184
(3)
120 Trenton Potteries com100
12
Indianapolis Gas
Preferred, new ---100 -45.- 65
elktili'm Steel Corp 100 10
50
Other Cities
15
1st g 5s 1952
37 Trow Directory
100 3(
100 33
ePreferred
Buffalo Street HyA-0
40
Bliss Companycorn- 50 19
Union Typewriter com:0
1st consol Os 1031...F-A 410312 105 Jackson Gas Os g '37_A-0 480
00 47
00
00
i) 110
89
478 53
1st preferred
50
100 04
100 50
Deb 6s 1017
si':, Kansas City Gas
A-0 103 11.10
96
e Laclede Gas
2d preferred
100 01
Chicago City By -See Ch !cago
100
Bond dc Mtge Guar_ ..100 290 310
_ 100
93
Preferred
e
United
134
Note
Borden's
*46
Bk
Columbus (0) St Ry_100 90
137
Corp-50
so
100
Milk-100
100
Cond
_
48
Lafay'eGas 1st(39.24..M-N 23 30
50 *45
Preferred
Preferred
100 103 10712
Preferred
100 la102
50
Log&WabV 1st 65'25 J-D 20
British Col Copper
5 *414 438 eUnited Cigar Mtg,pt-100 80
25
Colum By con Is-SeePhi
list
90
Madison Gas as 1926_A-0 39912 106 Butte Coalltlon Mining 15 *2018 2(04 Unpr
ed
Corer
ite
rerre
Crosst'wn 1st 5s'33 J-D 5100 103
57s.
100
100 65
Grand Raptds Ry
60 Newark Gas Os 1944 Q-J 122 124 Car,erienfeerroeod Am com_100
10f
3
1
28
100 i66" 215
100
Preferred
136.. 68 U S Casualty__
85 Newark Consol Gas-100 81
85
com__-100
Envelope
S
Is
1948
J-D
g
U
Ch
Casualty
Amer-100
Con
El-See
of
icago
103
Co
100
list
e
Lake St (Chic)
140
25
refer
ste
ei r
ue0
dr
ur
100 117
No Hudson L 11 & PowCelluloid Co
e Loulsv St 58 1030 J&J 410512 107
12
8 12
88
poration141°
A-0 1100 --. Cent Fireworks com 100
135 1938
Lynn & Bos 1st Is '24 J•D 101 102
Col
58
tr
s
Nat&III-10
1
'51
'11
opt
Lgt-100
Ind
0
10
C
Preferred
55
e New On Rys &
778 812 0 &
45
510812 10912
Col tr s f 53 '51 not opt 5110 112
J-D "iii" -H. Central Foundry
e Preferred
100
100 201: 22
1st 6s 1926
112 2
100
Preferred
Gen Mg414s '35 See S tk Ex list Pat & Pas Gas& Elec-100 63 68
612 04 U S Tit Gu & Indem_100
90
eUtah
1'349
Copper
M
list
icago
S
e Con g Is
CO-See Stk Ifxc list
Bob Os 1019 op '01 M-N 60
North Chic Street See Ch
58
97
594
Waterbury Co, com_100
Put)Serv Corp of N .1.100 Si) 85 St Joseph Gas 58 1937-J-J 575 85 Century Realty
100 185 195
lcfih
eteg.s
Pie
G
rV
50
10
'jr ctfs 2% to 6 %perpet 57
0 We
Chesebrough Mfg Co-100 38
5 46
50
-Electric Companies
ru&
ar Bronx Tit
toll 5s g notes '01)..M-N 185 88
100
City Investing Co
Mtge
40 Chicago Edison Co See Ch lcago list eCiailin Hi 13), com 100 05
North Jersey St By 100 30
100 ;- 160
1st 4s 1948
100 ._
100 93 ---- Western Ice
eist preferred
Al-N 460 62 e Kings Co El L&PCo 100 ih) 94
Westlngh Air Brake_ 50 *923k 95
Cons Tract of N J__100 62
65 Narralan(Prov) El Co_50 .... 86
e2d preferred
100 IS)
---_- West El & Mig Is-See St Exc list
..
1st Is 1933
J-D I mo 10112 NY & El L &PowCu100
20 Col & Hock Coaldol pf 100
Pre erred
- - White Knob Min
J-J -ii- -89
100
New'kPasity Is '30 J-J 4104 105
10
1st g Is 1017
40
14
lte(g 14151eclo9140
United
Rapid Tran St Ry.100 235 245
10
Prefet red
60
Col tr 65 Oct 1956_ _J-J
N J-100 50
1
1st Ss 1921
J-D 357
60 Consol Car Heating_ _100 -2-5-- 101-2 Worthing' PU010 oref_ltro 95 100
A-0 5100
* Per share. I Buyer pays accrued tat
a Ex-rights. e Sells on Sta. Si-. but not very active r New stone. n Nomlnar. a Sale price. .‘Ex-d1v.
Outside Securities
BOSTON STOOK EX0ii ANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
March 7.
Monday
March 9.
Tuesday
March 10.
Wednesday
March 11.
•
Thurstt.ty
Marcie 12
Friday
March 13
sToc KS
BOSTON STOCK
EXCHANGE
Saees
of Me
Wiek
Slew
Railroads
7134 7178 7034 7634 *7112 7134 7138 7158
335 Ateh Top & Santa Fe_100
70
7078 71
70
35
*8412 85:2
Do pref
5
*8312 8412 *8412 8512 *8412 8512 *8412 8512 85
199 199
199 199 *198 199 ),1.98
198 198
00
200
86 Boston & Albany-. 100
198 198
128 128 *128 12912 129
128 128 • 129 129
129
100
• 127 128
217 Boston-Elevated
208 208
208
100
*202 210 *20212 210 *20212 210 *20212 210
208
2 flostou R: Lowell
13412 13412 *133 134
134 135 *133 135
132
100
133
44 Boston & Maine
*133 135
150 150
Ion
150 150
Do pref_ .___. _
150 150
34
*285
*285 286 286 *YAK ::::
4 Boston & Providence_ 100
--- *ig81212 *10
1214 *10 -1212 *10 -1-2-12
n El Cos_
Melf08 ____ Boston Suburban
Last Sale 10
*10
50
*45
*46
50
*45
50
Do pref.
Lust Sale 45
50
*45
Meh'08
*10
_ _ *1212_
13
*13 .._
12
12
--iL Buston & Wor Eke Cos13 *10 ____
55
*50
*50 -E *50
55
Do pref
Lest Sale 13N Mch'08
*50
55
137 137 *130 137
*130 137 *136 137
13412 13412 *135
136
--ig Chic June Ity & USY.100
106 106
Do pref.
100
_ *- _ 108 *____ 108 *--__ 108
10
Last Sale 16314 Mch'08 ____ Con & Mont, Class 4_100
Last Sale 152 July'07 ____ Conn & Pass Riv pref_100
245 245
4 Connecticut River_ _100
122 122
121 121 *121 123
122 122
Hi- 1-ii122 122
119 Fitchburg pref
*70 73 *73) 75 75 75 *70 75 75 75
75
*70
10
00
°
16 Ga Ity & Electric_
Do pref_
Last Sale 73
Oct'07 ___ _
- -Last Salt 190
3 Maine Central
Sep'07 _o.ii.
*:::: 10
91,
Electric
Cos__
93
4
.._1
1
Mass
912
10
((31
*:;;:
93i 934
978 1012 1014 1014
*43
4312 4312 44
45
46
Do pref
46
482
46
100
4418 45
45
*1712 1812 *1712 1812 *1712 1812 *1712 1812
Mexican Central. __ _100
Las? Salt 1712 Feb'08
134 134
&
133 133
N
H
Y
134 135
Hartford_100
13412 -.
-15.2 N
13412 13434 13414 13434 134
10
45
4
Last Sale 2
100
____ Northern N H
Feb'08- Norwich & Wor pref..100
Last Sale
186- fs-6- *184 186
*ig3*185
Colony
1( 0
186 *183
____ --ig Old
igi- gi15
2
Last Sal. 2
100
Nov:07 ____ Pere Marquette
Ne
Last Sale
Do pref
100
25
Rutland pref
25
Lc;l Sal. 76-Feb'08--15
75
100
°
-___ Seattle Electric
7E- *-_-_-_-_ 'YE95 -6E95 *--__ 95
9412 9412 9
Do prof
22
1112
04/2 9412 * __,. 95
8112 89
115 11734 11778 11978 119 120
11914 12312 122 12314 12238 12412 0,361 Union Pacific
*7912 8012 *7912 8012 *7912 8012 *7912 8012 *8012 8112
Do pref
25
11
Vermont & Mass_ __ -_11
Last Salt 152 Feb'08
-84- 14-1-2 8412 145-2 *34
50
845 -874- 14-1-2 8438 843s 8458 8458 -,
1-45 West End St
98
98
50
99
99
9814 9914 *9814 9912 *9812 9912 *9812
resfh & Roch--100
Pa
Last Sale 140
cN
Dro
_
Sep'07 --3-.
2 Wo
Miscellaneous
17
17
1712 1712 18
1,781 Amer Agricul Chem._ 100
17
1714 17
1712 17
1712 *17
81
100
*80
81
Do pref
81
81
81
418
81
8012 81
81
8118 81
433 438 670 Amer Pneu Service- - 50
414 438
*41,s 414
418 414 *438 412
414 414
50
*11
1112 1112
Do pref
*1114 12
45
12
1134 1114 1112 *11
118 11814 11814 116- 3,907 Amer Sugar Refill__ -- 100
11612 119
11834 11938 11918 11912 11912 120
• 100
116 117
Do pref
11712 11712 117 11712 110 116/2 11512 11512
573
115 118
109
106 10634 10678 109
108 109
10734 10812 108 109
109
3,774 Amer Telep_Fe Teleg-100
17
1653 1658
17
*16114 18
*17
*1612 18
*1614 18
12 American Woolen- _ _ _100
18
81
81
82
Do pref
-100
321
8012 8034 81
80
81
7914 7914 7934 80
Last
10
Sale
cBuomst
*3
334 *3
334
334 *3
334 *3
an
el
dep & Tel_100
er1LT
Last Sale 310712 Feb'08 ::::
o
hn
*103 100 *103 106 *103 100 *103 100
Last Sale 15
*1514 16
*1534 1578
*1514 16
*153.1 16
Jan'08
_ Dominion Iron Fe Steel_ _
414
*438 514 *438 514 *438 511 *453 514 *45,3 514
414 -- 3 East Boston Land
203
203 203
203 203
203 203
203 203
203
203 203
203 Edison Elec Illum-100
11712 120
116 118
118 11834 119 119
326 General Electric
11812 119
11912 120
1°0
52
62
51
52
52
52
52
53
53
1,612 Massachusetts Gas Cos1.00
5314 5314 53
100
83
8312 8312 83
Do pref
8312 8312 8312 8312 8312 83
423
19
84
*____ 195 *193 195
194 194
312 1984312
194 194
194 194
46 Mergenthaler Lino.-IOO
Last Sate 114
112 *1
Mch'08 ....,io
. Mexican Telephone- 10
*1.
112 *1
112
112 *1
*40 __
40
40
_ *40 ___ _
*40_
N E Cotton Yarn..,._ 100
100
4'40 Mc-h-'0-8Last Sale 78
*75
80
*75
80
Do pref
*75 -80 *40100
io;" 108
10914 10914 110
10712 109
109 110
110
109 109
120 N E Telephone
12109:4 ..i
100
150 15034 150 151
151 151
15014 151
151 151
15012 151
97 Pullman Co
itton-Hole- 10
958 958 07
ee
ircte&Bdo
208 s
nw
*912 934
97
912 912 *912 934 *912 934
100
97
9712 98
9712
9814 9878 99
9912 x9714 98
*20
rroingptroen
25
22
r, Class A
20
20
*20
22
*20
22 *20
22
5
48
5 Top
25
24 •24
*24
25
25
*24
2412 2412 *23
25
25
*23
134 134 *112
134
100 Union Cop L'd & M'g_ 25
*---134 *--134
134 * 131 *---118 11812 11712 118
_100
116 11612 11612 1185s 118 11834 11734 118
2,2Zo United Fruit
4212 4234 4312 4312 x4314 43.
4312 43
1 1,700 Un Shoe Mach Corp.._ 25
4214 4234 43
43
25
*2634 2712 *2534 2712 27
2738 2712 2712 2734 2734 2734
Do pref
27
472
100
3238 3218 3258 32
3038 31
3314 3212 33 5_
31
3214 33 15,378 U S Steel Corp
100
9534 96
943s 95
Do pref
96
9478 96
96
953
,-1 9534 u534 90
1,937
erp & Teleg_ _100
prle
*6
7
612 612
*612 7
D t Te
'
7 4 714 62
136
2 West
634 8
712 63711! 82
60
60
100
6212 60
6212 *50
60
6212 *50
*50
Last Sale 3
14% Feb'08rebg ____ Westing El & Mfg.__ 50
50
Last Sale
____
Do pre ining
•
Range Since
Jan. 1 1908
Range for Previous Teal
(1907)
Lowest
Highest
Lowest
Ilighest
6758 Feb 11
81,12 Mch 3
181., Jan 2
125 Feb 17
20014 Feb 11
131 Mch13
133 Feb 13
284 .)an 10
9 Mch 4
45 Jan 31
10 Feb 28
50 Feb 27
126 ,fan 2
102 Jan 10
16314 Mch 5
7418 Jan 14
87 J:in 16
20018 Feb 27
140 • Jan 20
210 Jan 18
140 Jan 28
156 Jan 22
280 Feb 21
10 ja n 11
46 Jan 31
17 Jan 26
601. Jan 10
13712 Jan 22
110 Jan 29
165 Mch 4
6712 Nov
7034 Nov
180 Dce
11734 Nov
200 J'ne
129 Nov
150 Oct
235 Oct
8 J'ly
50 Aug
16 Nov
55 Nov
lis Dec
0934 Oct
170 Oct
152 J'ly
244 Dec
116 Nov
6912 Dec
73 Oct.
190 Aug
7 Dec
37 Oct
19 Nov
12712 Nov
145 Dec
205 Nov
175 Oct
5 J'ly
25 Nov
25 Nov
82 Aug
:•334 Nov
16012 Oct
1834 Nov
14518 Nov
/4 Dec
91 Nov
140 Aug
10712 Jan
10138 Jan
240 Feb
152 Jan
231 Jan
170 May
165 Jan
301 Feb
15 Feb
05 Jan"
2834 Jan
80 Jan
100 Jan
120 Jan
188 Feb
15(3 Mch
2811 Jan
135 Jan
114 Mch
88 Mch
198 Jan
2012 Jan
7112 Jan
2534 Jan
19012 Jan
160 Jan
220 Feb
20014 Jan
52 Jan
57 Jan
45 Jan
94 Jan
103 Jan
18212 Jan
93 Jan
170 Jan
95 Jan
110 Mch
147 Jan
10 Oct
7212 Nov
312 Nov
912 Oct
93 Dec
105 Dec
8914 Nov
1214 Nov
69 Oct
3 Mch
9312 Nov
1212 Oct
312 Oct
185 Nov
91 Oct
43 Oct
75 Nov
185 Nov
114 Dec
46 J'ne
80 Oct
06 Nov
137 Nov
9 Nov
7612 Nov
20 J'ne
2412 Nov
1 Oct
10112 Oct
36 Oct
2358 Nov
22 Oct
7912 Nov
4 Nov
50 Nov
2014 Nov
70 May
20 Jan
95 Feb
1414 Jan
33 Jan
13714 Feb
13134 Jan
13412 Jan
3612 Jan
10212 Jan
4 Jan
115 Jan
25 Feb
914 Jan
230 Jan
162 Jan
6658 Jan
8612 Apr
215 Mch
• 434 Jan
75 J'ly
90 Jan
126 Jan
182 Jan
11 Jan
113 Jan
2212 Jan
271? J'ly
6-6 Jan
120 Dec
69 Jan
29 Jan
5038 Jan
10734 Jan
9 Jan
82 Jan
78(2 Jan
80 Feb
244 Jan 14 240 Jan 20
117 Jan 2 122 Mch
71 Jan 7 79 Jan 27
814 Jan 2
40 Jan 2
1712 Feb 13
128 Jan 6
144 Jan 9
205 Feb 26
175 Jan 11
1212 Jan 8
5012 Jan 8
1712 Feb 13
13912 Jan 20
144 .Tan
205 Feb 26
186 Mch
_-_-
____
25 Jan 15 27 Feb 4
70 Feb 17 75 Feb 11
8838Jan 2 95 Feb 8
11012 Mch 2 12814 Jan 14
80 Jan 3 84 Jan 13
150 Jan 13 155 Feb 11
76 Jan 2 85 Jan 22
96 Jan 2 100 Feb 1
13 Jan 3
78 ,fan 4
4 Feb 10
912 Feb 25
9914.1311 2
106 Feb 18
99 jan 2
16 Jan 2
7734 Feb 19
3 Jan 7
9612Jan 11
1434 Jan
414 Mch 13
202 Mch 4
111 Jan 2
50 Jan 2
77 Jan 2
193 Jan 6
1 Bach 2
40 Mch 5
78 Mch
105 Jan 4
147 Jan 2
914 Jan 2
8812 Jan 2
20 Jan 3
24 Jan 27
1l3 Jan 7
11412 Jan 2
13513 Jan 4
2478 Jan 3
25 Jan 2
3712 Jan 2
4 Feb 3
59 Jan 9
1978Feb 18
3478 Feb 19
1838 Feb 1
85 Jan 31
512Jan 16
1312 Jan 16
120 Mchll
118 Mch 9
11014 Jan 15
22 Jan, 4
88 Jan 4
3 Jan 7
110% Feb 3
15 Jan 25
519 Jan 25
212 Jan 13
124 Jan 15
5738Jan 15
85 Jan 20
200 Jan 18
2 Jan 23
5912 Jan 14
80 Jan 14
119 Jan 20
159 .Tan 18
10 Feb 21
100 Feb 4
22 Feb 6
25 Jan 14
212 Jan 28
12034 Jan 28
46 Jan 14
2812 Feb 26
3314 Mehl'
00 Itch 9
8 Jan 31
70 Jan 16
2178 Jan 30
3478 Feb ra
*112 2
*119
61. Feb
25
112 Feb 21
Adventure Con
112 112 *112 2
58 Nov
3
98
25 A
3 Jan 18
2
112
2 28
*
271
*2612 2712 *2612 2712
27
27
25 2512 Feb 18 3312 Jan 20
20 Oct
741-4 Jan
5173 53
5134 5312 5258 5414 5378 5614 51,523 Amalgamated Copper 100 45 Feb 19 5614 Mch 13
4218 Dec 121 Jan
22
2212 23
2412 2412 25
53 Jan
2434 25
19 Nov
1,202 Ant Zinc Lead & Sm- 25 2034.Jan 13 2612 Jan 20
75 Feb
25 28 Feb 19 3512 Mob 13
3338 3338 3312 3312 34
26 Oct
3512
41 Anaconda
-;554
4
414
4
4
4
4
4
25
4
234 Oct
1538 Jan
355 Feb 21
--38 -i6 Jan 15
510 Arcadian
1712 18
18
n
1014 .4
19
5
25 14 Jan 2 2034 Jan 29
1814 1712 1712 1734 18
281.:May
.4
20
514 7,823 Arizona Commercial
1 Oct
73
*,45
*.45
*.45
25 .40 Feb 14 .45 Feb 10
*.45
*.45
2 - Jan
.35 Sep
20 Arnold
Last Sal,
25
d
Btete
112 Jan
Astlitari
12 May
25
;1.614 foli 1014 161-4 1014 1014 -io- 16- 1014 1014 12.6102112Aug10172 -7-3-2912Jan 3 14 ,Jan 23
612 Oct
22 Feb
Last Sale 214
112 Nov
1212 Apr
2 Jan 2
Feb'08
4 Jan 18
ilialakla la temp ccrtfs- - -.50 .6212
.8713 7if1-2 .fg-- .8712 .6111 :Yr
1 Mch12
37 Jan
2,5-8-0- Ingham Con Min ec S 50
418 Dec
634 Jan 20
2 .75
.65 .65
.60 .60 .55 .55
.60 .70
.63 .70
1,500 Bonanza (Dev Co)_- - 10 .35 Feb 19 .7412 Feb 27 .35 Sep .80 Jan
*14
1438 1473 15
1514 -1514 1533 3,985 BostonConCFcG (rcts) 1:1
3314 Jan
1118Jan 3
1478 1518 1412 1514 15
838 Nov
2038 20
15 1512 Jan 2 2
1934 2018 1934 2014 2018 2038 20
2018 20
39(8 Jan
17
118'
kb1
2012 9,892 Butte Coalltion.
10 Oct
9
9912 9912 100 101
101 10134 101 10212 102
100 101
10412 1,286 Calumet & Arizona.- 10 93 Feb 20 116 Jan 20
Si) Oct 108 Feb
*585 595
600 605 607
585 596
595 600
592 595
650
108 Calumet & Hecla __-- 25 x565 Mch 5 700 Jan 15 535 Oct 1000 Feb
*2112 23 *22
*2312 2412 2312 25
25 21 Feb 10 2814 Jan 15
2212 2312 *2212 24
24
390 Centennial
16 Oct
97 Feb
.25 .30 *.30 .35
.30 .30 *.30 .32 *.28
.30 .30
.31
800 Cons Mercur Gold_ _ _ _ 1 .25 Mch 6 .10 Jan 23 .25 Oct .52 Jan
5934 6012 6034 6134 61
63
6112 6112 6112 62
62
64
4,276 Copper Range Con Co.100 5518 Feb 18 65 Jan 18
4414 Oct 195 Jan
818 818 *8
812
814 814
*8
2
814
712 Dec
2012 Jan
7 Jan 3
814
240 Daly-1,Vest
811 838
97s Jan 18
814
• Last Sale 40
70i, Melt
100
Oct'07 ____ Dominion Coal
•
40 Oct
Last Sale 89
f
vrer
100
Dee'07 __. Do pref
85 Nov 114 - Jan
-47Wo
*95 --f- *515
--f1
413 Jan
1 , 112
.99 Mch 6
2 jan 18
Elm
34 Nov
,r,
814 814
8
8
8
8
8
2914 Mch
ril
8
7 Feb 19 1012 Jan 27
135
5 f• ran1R
*8
814
6 Oct
80
85
*88
86
86
86
514 00814
85
*85
90
*84
85
51 Granby Consolidated_100 80 Jan 2 0412 Jan 18
65 Oct 151 Feb
818 812
818 814
818 838 2 83881
818 814
meh,08
20
2 6,589 Greene-Cananea
1758 Apr
678 Jan 2
912 Jan 20 \ 514 Oct
818 838
514 Jan
5
Coenp
sp
ol_
er)
._. 25
e (C
ya tlo
Las; Sale
Ragu
2 Dec
2 Feb 26
_
278 Jan 22
I
Gsillean
-2014- -2012 11- 21 21 -.2654 -if- 2031 2112 21 2134 4,85
3612 Jan
1734 Feb 17 2614 Jan 27
1112 Oct
1312
14
1478 .1412 1452 1473 1478 1412 1412 1478 15
30 Feb
25 1214 Jan 2 1714 Jan 14
8 Oct
1,934 La Salle Copper
214 1312
214
914 Jan
273
238 238 *212 3
278
25
234 234
238 Nov
470 Mass Consol
414 Jan 18
214 Mch 6
234 234
*.40 .50 *.40 .50 *.40 .50
134 Jan
.50
.40 .40 *,4() .50 *.40
25 .25 Jan 10 .50 Jan 22 .90 Nov
50 Mayflower
614 638
534 Nov
614
6
614
Jan
6
614
614 638
634 2,802 Mexico Cons M & S
10
478 Feb 19
614 638
8 Jan 18
1558
8
*712
10
10
10
10
10
10
2412 Jan
25
634 Oct
490 Michigan
712 712 *912 10
Feb 25 1234 Jan 20
714
4812 4812 4912 4912 4912 4912 49
4934 51
4912 4914 50
9612 Jan
25 45 Feb 19 58 Jan 18
37 Oct
966 Mohawk
*.60 .70
*
.70
Consol
C
.75 .80
.70 .70
.71
& C 10 .55 Mch 6
.75 .80 *.70 .90
1,241 Montana
1 Nov
312 May
138 Jan 24
9
94
1138 1078 1118 1034 1138 13,765 Nevada Consolidated_ 5
534 Nov
2012 Jan
918 914
914 1018 10
838 Jan 2 1213 jan 20
4912 5034 5018 5112 50
5212 5414 25,147 North Butte
51
5138 50
5034 53
30 Oct 120 Jan
15 4034 Feb 19 5414 Jan 18
*.50
t2
.50
_
_
*---olony
.50
Mch'08
Last Sale
212 Jan
cenCla
25 .50 Jan 15 .55 Jan 28
ld
os
O
12 Seri
3612 3614 3634 3614 3614 *.5036
3858 4-,83 Old Dominion
63 Feb
18 Oct
25 28 Jan 2 40 Jan 28
3614 3i
3634 3714 37
83
81
*80
81
83
84
83
83
84
83
8412
84
170
'
71 Oct 181 Feb
25 77 Feb 19 92 Jan 14
17
1714 17
17
17
1714 17
834 Oct
1714 1734 1712 1778 2,576 Parrot (Silver & Copp) 10 1012 Jan 11 18 Mch 11
18
35 Jan
*12 1
*12 1
*12 1
*12 1
12 Dec
12
12
35 Phoenix Consolidated 25
12
12
e3 Jan
114 Jan 26
12 Mch 11
82
82
81
84
84
84
83
84
*82
84
*82
84
211 Quincy
70 Oct 148 Feb
25 77 Feb 19 931., Jan 15
314 338
*314
312
311 314
314 312
2 Oct e1233 Jan
318 318
218 Feb 20
412 Jan 20
25
2
*178 214 *178 214
2
8
178 178 *17s 218 -iiis --i13
13
00
l(IG
ands old & Cop) 10
712 Jan
5S
leFe
rtahnotca
178 Mchll
238 Jun 20
112 Nov
1058 1034 1058 1058 1034 1078 1078 1073 11
11
11
1112 1,557 Shannon
2433.Tan
718 Oct
10
1/34 Feb 19 133 Jan 20
*65
66
04
65
66
66
67
62
66
67
n fatryack
60 Feb 13 77 Jan 20
a
rim
51
Oct
i
T
25
Jan
,
3
7
170
7
3
1314 14
14
1418 1414 1414 14
14
414 614612
1412 1438 1412 6
4214 Jan
938 Nov
25 1218 Feb 19 1834 Jan 14
*512 6
533 534 *434 514
5
5
5
5
5 Arch 11
77 United Copper
7 Dec
100
812.Tan 8
7714 Mell
458
Last Sale 213140
22 Oct
91 May
100 2134 Feb 13 26 Jan 3
-.1554 1014 io 16 -joi4 1013 1013 161; *10
1018
912 Feb 17 1034 Jan 3
1314 Jan
Fe4
10
5
.113
8 -iii UnedpitoPSrteaftesa al &Oil 25
712 Nov
29
3014 29
2914 2918 30
29
3012 3
3,
014 3
130
29
3
,
1
2,622 U S Smelt Ref & Min._ 50 28 Mch 6 351., Jan 20
2434 Oct
70 Jan
38
38
38
3818 38
3734 3734
3814 3812 387s
2778 Oct
1,130
Do pref
49 Jan
50 37 Feb 10 4012.Jan 20
3934 38
3814 3858 3812 3934 38
3&34 3S11 3912 39
79 Jan'
4038 8,856 Utah Consolidated_ _.. 5 2912Jan 3 4138Jan 28
2512 Oct
3
314
.35
3
314
1158 Feb
311 333
314 312 *312 334
312
312 1,237 Victoria
3 Mch 7
312 Oct
534 Jan 19
05
312 Mch
Last Sale 1.0614 July'07 -.
a W shington
5
.58
1 May
512
5
--58 -112 71'8f2
14 Jan
-;
35-1
'Winona
412 Jan 2 (
-*512 534 *512 6
e21. Nov
25
634 Feb 7
125 125
125 125
122 125
125 125
125 130 *128
130
198 Feb
88 Wolverine
Jan 2 132 Jan 20
93
25
Oct
11512
.85 .85 *.65 .85 *.55 .85 *.05 .85 *515 .85 *.65
35R Jan
.85
200 Wyandot
25 .60 .Tan :3 1.0014 Jan '29 .10 Nov
C Before pay't of assess't,s called In 1907. * Bid and asked prices. 0 New stock. e Ass't paid. h Ex-rights. a Ex-div. and rights.
b Ex-stock div.
2
2
*112 2
2612 2012 *2634 2712
5012 5112 5138 5258
*2112
2212 2212
.a-1-2- :a;
MAR. 14 1908
BObst:QD
Bond Record.
)2
Ds
tietft
'
Price
Week's
Range
-',..`,..
BOSTON EYrocK EXCEPGE t., k
Friday
Range or 7.3 ,..z
A'sitice
Wang Ermixo MARCH 13
4... March.13 Last Sate ;''''' January 1
Ask Low .High Ni Low High,
Bid
99% 4 9810 9968
Am Bell Telephone 4....t908 J-J
99% 99% 99%
713% Sale 7878
J-J
Am 'felon SO Tel coll tr 13.92
79% 8'2 7812 81 14
Am Writ Paper 1st at Sag 1919 j.j
3 '17834 ¶7834
1171"4 117814
Atch It Nebraska lat 73..1908 51-8
104 Mar'06
AtenTop.S,8 Fe gen g 4s..1995 A.0 96% 9714 97 Feb'08 .... 9616 :194
Adlustinant g 4s.....Ply 1995 Nov 85
85 Jan'08 .... 85
85
Stamped
Ply 1995 M-N 85
8538 Pne'07
Boston Elect Light 1st 613.1908 WS
11124 31.3
Consol 58
110 Feb'04
1916 j.4
Boston & Lowell 4s
101 Sep'06.
1944 j-j
B081.011 ct Maine 41as
114 Mar'06
Boston Terminal 1st 3¼8 1947 F-A
11212Jan'03
1918 J•J 10014
Bur & Mo Illy ex 6s
104 Oct '07 .... ......
1918 j-j .
Non-exempt 66
102 Sep '05 ....
..
1910 J -J
Sinking fund ea
97 Jan'08.... 67
97
Butte It Boston 1st Os. 1917 A-0
100 Pne'01
1st
73
Molt
1916 MN
Codex Rap &
123% Nov'06
1909 J-D
2d 7a
111%Ply'05 .... .
..
..
Cent Vermt lst g4s..May1920 Q.g
80
70
'2 7-8 80
80
0 B41,Q Iowa Div 1st 58 1919 A-0
11103 Oct'07 ... ...
1919 A-0
Iowa Div 1st 43
98 Oct'07
Debenture 5s
1913 PA-N
110016 May'07 .
1922 F-A
Denver Eaten 45
Pue'07 ... ...
978
Nebraska Exton 48
1927 111I-N
102% Pne'06 ..
1921 m.s
B & S W a [4)3
..
97% May'07 .. .
Illinois Div 3198
1949 J -J
86 86
86 Jan'08 ..
Joint bonds Bee Gt Northern
Ohio J o liy & Stk Y(143 5s.1915 J -J 101
100% 101
8 99 10214
Coll trust refunding g 4131940 A-0
87
86%
86% 6 86% 89%
Oh Mil A, Bt P Dub D 68 1920 J -J
122 Apr'06 .... ......
Ch 11 & St P Wis V div 681920 J- J
126 Feb'05
Chic & No Mien 1st gn 543.1931 N1-N
95
95
95 Feb'08
011ie & W Mich gen 5s
1921 J -ID 99 101
99
99
1 97 100
Concord & Mont cons 4a 1920 J-D
91 Deo'07
Conn & Pass It 1st g 4s 1943 A-0
11214 Jan'03
Current River 1st 5s
1927 A-0
104 Nov'06
Del Gr hap & W 1st 48 1946 A-0
.
89 Mar'07 .... .o-c).
Dominion coal 1st a I 5s 1940 ht-N
90 Feb'08
oo
Fitchburg 58
98 Apr'07
111Or M-N
48
103% Apt'05
1915 M-S
100 May'07 .... ......
48
1927 M-B
Fremt Elk& Mo V 1st 68 1933 A.0
128
123
1 128 128
Unatampea 1st 65
140 Atir'05
1933 A-0
93% Sale 93
St Nor C 13 & Q coll tr 48 1921 J-J
94
16 921411971k.
Registered 45
93%
92% Feb'08
1921 Q-J
92 967E
661
BONDS
BOSTON STOCK EXCWGIE :14.2
....., c
..
Wiottx ENDING MARCH 13
:42..
Price
Friday
March 13
nn
Week's
Range
Range or
Last sale.•.`'•• January 1
Bid
Ilrqh So Low/ High
Ask Law
Minnie Steel deben 5a....1910 J.J
PM
11812Feb.o8 .... 9714 913
Non-convert deben 6a...1913 A-0 95 Sale 95
', 95
95
97
fa Falls &Sioux 01st 7a..1917 A-0
'
""4 Nov'Of.•
Kan C Clin & Spr lgt 5s...1925 A.()
00
1 00
1.11
96
96
Kan e Ft S tio Gull 1st 713..1908 J -D 100%
10014 Mar , S ... Ito 1 ,..%
Kan C Ft Scott & 31 6s....1:128 NI-N 113 114 112% Fe)'i 8.... 10912 11.;
KanCA& Bgen4s
1934 M.S 87%
:14 44Dec'0,3 ....
Assented income 5s
1934 WS 87
89 sep '0',
......
Kan C 83 M Ry ,i' Br 18t 561929 A-0
99 Alay,(17 ....
Maine Cent cons 1st 7s...1912 A-0
113% Nov'06 ..... ......
Cons 1st 40
1912 A-0
101% Sep '05
Mara Hough & Ont ist 6s.1925 A-0
113 m a;'04
Mexican Central cons 48..1911 J-J
80 83
8112 Mar'08 .... 74
44
lateens inc 3s
Jan 1939 J'ly
20% oct '01i
2d cons inc Is
Jan 1939 ply
1734 Aug'05 .... ......
1917 J.a
Mich Teleplst 5$
Attune Gen Elec con g 58 1929 J-J
102% Aug'04 ....IV..
New Rag Cot Yarn 5s....1929 F-A
96 9614 $46L,
; 96%
New Eng Teleph 6s
1908 A-0
100 Feb'08 .... 100 100
1915 A-0
58
100% Jan'07
its.
19111 A-0
New England cons g 58. 1945 J-J
Boston Term 1st 4s
1939 A-0
NYNII&H con deb 3%81955 j-J
8434
8434 3 70% 88
Old Colony gold 4s
1924 F-A
1011a Sep '06
Oreg Ry & Nay con g 43..1946 J-13
1102 ,Jan'05
Oreg Sh Line 1st g Gs
1922 F-A
11213$ Mar'06
Repub Valley 1st a I 6s.1919 J-J
.. . .. 102 Ang'07
Rutland 1st con gen 4%8.1941 J.J
107% Noy'05 .... ......
Rutland-Canadian 1st 431949 J -J
1112 Mai'02
Savannah Rico 1st cons 58.1952 J -J
98¼ May'06
Seattle Eleo 1st g 5s
1930 F-A
07% Deo'07
Terre Haute Elec g 5s....1929 J -J
97 Apr'07
Torrington 1st g58
1018 M-S
99% Nov'06
Union Pao RR& 1 gr g 443.1947 J-J
. 1997 194976
¶993$
20-year cony 4s
1927 J-J
¶8470 4 (.14.b 1,8474
1184% Feh'08...
Unite(' Fruit cony gen 5s.1911 11.S
116 Jan
116 117
U S Steel Corp 10-60 yr 58.1963 11-N
1138% 1190%
'08-4 1186 11903$
West End Street Ry 4s. .1915 F-A
9614 Feb'08 ... U614 96%
Gold 41as
1914 M-S
95 .Nov'07
.
Gehl denenture 4s
1915 M-N
10236Jan'06
Gold 44
1917 F-A
99,
2 May'07
Western Teleph & Tel 58.1932 J-J
84
83
85
13 79 87¼
Wisconsin Cent lat gen 4411949 J-J
1194% Sep'05.
WIsconsui Valley 1st 76..1909 J -J
1093$ Ang'05.
NoTit-Buyer pays accrued nterest In addition to the purchase price for all Boston Bonds. •No price Fridv; latest bid and asked.
¶ F at price.
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
share Prices-Not Per Centum Price.
Saturday
Mara.?
84
84
1014 10%
.42
28
ogns„
'4's
.22
376
" 8434
531
/
4
5716
*3484
7%
15,
4
48%
40
.38
48
76
Monday
March 9
.83% 84%
Tuesday
.3farch 10
84
84
. 11
11134 •103
43
42% 4234 .42 43
2834 28% 2912 2874 29%
gni.,
0
9
9
51, .434 511
5
23
23% 23% 23
23
4
4% 4%
8434 '81¼ 86
8(3 87
53% 53% 54
5334 54%
l's 1%
b8110 5778 58% 58
58%
36
.35
.35% 37
736
731.6 751s '70ie 736
15% 15% Id's 15% 16%
50% 51316 507 51%
50
•39% 41
40
40
•811
393 3934
49
48% 49
49
48
7734
76% 76% 7734 77
PHILADELPHIA
Bid
Ask
IVedinestlav
March 11
Thursday
March 12
ACTIVE STOCKS
Sates
ol the
Friday
Week (For Bonds and Inactive
Stocks see below)
March 13 .Shares
8412 84% 84% 84% .34
84%
•312 5
'3¼ 5
.7% 15
.7
12
*1012
*1036 1034 *1014 1034
•42 43
4234
2876 29% 28%
Om 91
" 9
.43
4
6
6
•22
23 23
.4% 5
*4%
.86 88
.813
53% 55
543
11"
1116
571616581616 583$
•35
37
•35
73
73$
7516
10
16
16%
303$ 52610 51%
40 41
39
439
39
49
48% 49%
77% 77%
77%
Baltimore
Con.Gas El. L. It Pow
Do pref
164 Northern Central
'3eaboard(new)
Do 20 pref
lb United IV It Electric
100
100
50
100
100
50
Philadelphia
17 American Railways
4234 •42% 43
50
2844 2934 9,507 Cambria Steel
29
50
955 Electric Co of America 10
9
11
9
5
5.3 .4
100 Gen Asphalt tr
100
575
Do pref tr ctfa
23%
.22
23
100
105 Lake Superior Corp.. 100
.436 6
5
60 Lenigh C It Nay tr ctfs 60
86 86
88
54% 55 10,973 Lehigh Valley
55
50
145 Marsden Co
11" 1116
100
50
5834 58% 5878 5,718 Pennsylvania RR
36
4 Pluladelp'aCo(Plasm 50
36
36
nos 79is 4,571 Philadelphia Electrict 25
Via
15% 1614 5,030 Philo Rapid Transita 50
16
6 99,499 Reading
"52"
52116 5113
50
43
•41
50
90
Do 181 pref
40
•311
Do 2d pief
50
200
40
49
50
1,397 Union Traction
483$ 49
7734 77% 77% 4,728 United Gas Impt
50
.20
25
Welabach Co
100
PHILADELPHIA
Bonds
Inactive Stocks
Al Val E ext 78 1910 A.-0
Allegheny Val pref
50
Alt &LVF,leo 4123'33.F-A
American Cement
60
ArnRys cony 58 1911.J.D
100
Amer Pipe Mfg
Atl City 181 58 g'19.31-N
Bell 'Telephone(Pa)J00 041.2
50 45
Balls Per 1st 5a 1926.J-D
Cambria Iron
Coke.100
Berg& bBrw 1st 613'21 J-J
Central Coal It
Betide Steel Os 1998.Q.F
OonaolTraoot N J...100 64%
Diamond State Steel 10
Choc& Me 1st5s 1949.14
Preferred
10
Ch Ok & G gen 5s'19 J•J
Col St Ry let con 15s 1932
Easton Con Electric 5 50
ConTracoINJ 1st 5s.'83
Elea Storage Batt....100 27%
Ett:A lat 31 5s 1920 M.
Preferred
100
100
Elec & Peo Tr stk tr otfs
Ft Wayne &W V
Eq II Gas-List g 5s 1928
Germantown Pass .50
& B Top con 513'25A-0
Indianapolis St
100
Indianapolis By 46.1933
100
Indiana Union Tr
20% Interstate 4/3 1943 ..F-A
Insurance Co of N A..10 20
Lehigh Nay 412s '14.Q4
Inter Sm Pow It Chem.50
Rita 46 g
Keystone Telephone ..50
4% 5
1914.Q-3
Gen 51 4%s g.1924.Q
Preferred
5(
Leh V C 1st 5s g '33. J4
KeystoneWatchCase.100
Lit Brothers
Leh V ext 4s 1st1948.J-D
10 15
16
Little Schuylkill
'2878 1910
50
31-S
Minehill & Schuyl 11 50
Consol 6s 1923
J-D
Annuity 68
N haven Iron It Stee1.5
J-D
Northern Central
Gen coils 4a 2003.M-N
50 82%
North Pounsylvania 50
Leh V Trail con 4s'3M-fl
Pennsylvania Salt
50 100 101
Nevr Con Gas 5s 1948 J-D
Pennsylvania Steel..100
Newark Pass con 5s191
Preferred
100
NY Ph& No 1st4s'39 J4
Income 4s 1939..M.
Phila Co(Pitts) pref .50 8612 37%
Phil German It Norria.50 143 144 :.*.to011ioTrac con:18'194-J
50 8434
Penn gen Its r 1910..Var
Phila Traction
Consol 5s r 1919. Var
Railways General
10
Busquelt Iron & Steel .S
Penn It MO Steel con 68.
10
Tidewater Steel
Pa It NY Can Os'39.A.0
Preferred
10
Con 45 1939
A-0
Tonopah Mining of Nevi
5% 57
. Penn Steel 1st58'17 51-N
Union Tr of lad
People's Tr tr certs4s'43
10
United J BR & C 100
col
tr
lst&
os'49 M-S
P Co
Unit Tree Pitts pref .00
Con& col trOs 195151-N
Warwick Iron & Stee1.10
Phil Elea gold trust ctfa
(Ps
West Jersey It Sea Sh.50
Trust certifs 4s
Westmoreland CoaL...50
P It E gen M g'20.A-0
Wilkes Gas It Elec 100
Gen M 4s g1920..A.eW
Bid
Ask
PHILADELPHIA
Bid
_Range since
Jan .1 1908
Lowest
Highest
84
43
DA uninottE
Inactive Stocks
Ala Coils Coal& Iron 100
Prof
100
Atlanta & Charlotte 100
Allan Coast Line RR 100
108 10834 Allan Coast L (Conn)100
103
Canton Co
100
104%
Cons Cot Duck Corp...50
117%
Preferred
50
Georgia Sou It Fin...100
92
92%
1st prof
100
28 pref
100
G-B-S Brewing
100
Bonds
Anacostia It Pot 5s
All It Ch 1st 7...1907 J4
Atlau L BR413195231-S
104't 10(3
Atl Coast L(Ct)otfs 5s3-B
Otis of indebt 4s. .J-J
6-20 yr 4s 1925
.74
Bait()Pass 1st56'11 /31-N
Bait Fundg 58.1916 M.N
Exchange 31213 1930 J-J
96
Balt& P 1st(3smI'll A-0
101 102
Salt Tree lat58 '29 31.1•7
93% 94
No Belt Div 5s1942 J-D
100 1(11
Cent'l Ry con5s1932 3.1-N
66% 67
Ext& Imp 5s.1932 M-S
105
-fly 1st5s'23.1'4
Chas City
1(11
Highest
33 is Jan 35 Jan
80 May 85 Jan
Jan 2 86 Jan 21 78% No, 97 Jan
Feb12 512Jan 20 10 Nov 231
/
4 Jan
Feb18 10 Feb i8 24 Dec 48 Jan
;Ian
1134 Jan 18
876 Oct 15 J'ne
42% Mar 9 4312.7an 18 43% Dec 51 Jan
2678 Feb 13) 30% Jan 20 22 Oct 47't Jan
8%Jan 25 91116 Jan 6
7% Oct 113$ Jan
3% Jan 11 5 Jan 2('
3 Oct
Jan
1976 Jan (;) 25 Jan 18 1334 Nov 36 Jan
3% Feb211 538Jan 1.".
4 Dee 10 Jan
78% Jan 2 89% Jan 17 69 Oct 103 Jan
52% leb29 61 Jan 13 48% Oct 78% Jan
1516 J an 20 114 Jan 10
no Nov 2¼ Jan
54 16 Jan2 581616 Start 1 x12 Nor 7011
"Jan
34% Mar 3 41) Jan 3, 3.134 NOV 48%Jan
5% Web 27 t7,,Marl.; 6416 Nov
Apr
13% Jan 22 1846 Jan
di
;No% 42616 May
46316 Feb 17 57',Jan 1, 35% Oct
Jan
59 Jan 3 42 Jan 2t 36 %Nov 453$ Jan
37% Jan 2 41518Jan 1(. 32% Oct 47 Jan
4776 Mar 5 52 Jan 10 41% so. 6038Jan
7316Jan
80% Jan 13 66',Oct 9616 Jan
25 May 30 Feb
Ask
BA1iT1314HtE
Chas Ry G & El 58'9931.S
Charl C& A ext 5s.'09J-J
20 7s
1910 A-0
City
-It Sub 1st 5s..'22 J-D
City& Sub(Was)lst58'48
Coal & 1 By 1st 5/3'201?-A
Col&Grnv 1st68.1916J-J
Consol Gas Os. 1910 J-D
5s
19393-B
Ga& Ala 1st con 58'45J-J
Oa Car&N lst5ag'29J4
Georgia P 1st 6s. '22 J4
CiaSo& Fla 1st5s 1945.14
G-B-S Brew 3-413195111-43
28 income Os 1951 31-N
KnoxvTrac lat 58'28A-0
LakeR El let gu5t3'42M-S
Memphis St 1st 58'45 J-J
M etSt( Wash)lst5s'25F A
75
Mt Ver Cot Duck 1st Os.
NptN&O P let 58'38 51-N
64
66
General 5a .1941 ALS
Norfolk St lst 5s'44...14
9*5
80
North Cent41.01925 A-0
Series A Os
Series B Gs 1926....J-J
Pitt Un. Tree 5s 191.17..1.3
87 Polo
Val 1st Os 1941..J-J
Say Fla It West 53'34 A-0
seaboardA L 4s 1950 A-0
Seal)It Roan 58 1926.J4
98
99 South Bound 1st 5s..A.0
UE1 b&P lat4123'29 31-N
83% 84% Un Ry& El lat 43'49 11-8
Income 45 1949
91
J-D
Funding 5s 1936. J-D
62% 63%
Virginia Midland-65
28 series Os 1911. M.6
101%
3d series Os 1916. M-8
107 109
4th ser 3.4-5s 1921.M-S
92% 94
5th series 54 192(3.51-8
Va (State) 3s new'32.J-J
108%
Fund debt 2-38 1991.J-3
11034
West N C con 661914 J-.1
WeaVa C&P lat6g'11
W11 It Weld 5s..1935.J-J
•Bid and asked; no sales on this day. VEz.rights. II 0750 pa U. t 81214 paid. 4 610 paid. 4 433 paid. a Receipts. b *25 paid.
Lowest
20 Jan 15 20 Jan 15
80
4
10
10
Ph It Read 2d 51;'33.A-0 117
Con Ai 7s 1911
J-D
Con 31 Gag 1911. J-D
Ex Imp 31 48g'47 A-0
Terminal 5a g1941 Q-F 115%
P W & B col tr 45'21 J4
100% Portland By 1st 5s 11130.
Roch Ry& Leon 58'54J4
98
106% U Trao Intl gen 58'19.J4
Un Rya Tr otIs 48'49J&J 691
/
4 70
102% 103
United Rya Inv 1st coil tr
a f 5s 1926
,....M-N
67,
2 63
101%
U Trao Pit gen 5s'97 J-J 105 107
106%
Welsbach a f 5,1930.J-D 67
69
88% 90
Wlks-B
G&E
103
con5s'5334
99
42
mange /or Previous
Year(1907)
Bid
Ask
82
107'i l0843
98% 8934
101
102% 102%
107 108
88
104%
tuu
41% 41.4
16% 17,
4
102 103%
106
108
68% 69%
103
103
105
46
9))
90
82
84%
47%
105
106%
40%
95
87
8514
47%
99
87
100
100
105
130
101
101%
$30 paid. a 4142's pant
[VOL. Lxxxvi.
THE CHRONICLE
662
inuestmEnt and 1,1ailroad c:Auttitigertce.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly retiirn%
oan be obtained. The first two columns of figures give the gross earnings for tne latest week or month, and the last Wo.
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year dos not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Latest Gross Earnings.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Ala Great Southern -See Sout hern Rail way.
Ala N 0 & Tex Pao.
N 0 & N East--r February _ 206,679 255,623 2,069,178 2,035,670
Ala & VIcksburg.r February _
113,362 125,310 1,067,252 1,027,597
Vicksb Sh & P-_r February _
113,138 137,401 1,054,717 1,044,031
4,323
4,110
23,431
Ala Tenn As North__ December
22,353
k Atch Top & S Fe_ January __ 7,316,675 7,770,787 56,056,303 53,532,598
Atlanta & Charl___ September
354,795 336,877 1,106,122 1,043,486
126,278 139,904 1,095,013
Atlantic Birm & Ati January -_
900,372
Atlantic Coast Line January __ 2,023,464 2,426,242 15,209,665 15,032,046
Baltimore ec Ohlo__ January __ 5,177,120 6,365,559 48,082,263 48,136,756
Bangor ec Aroostook December
202,940 239,645 1,496,25f 1,533,773
5,463
5,133
38,760
Bellefonte Central- _ January __
34,217
24,778,961
Boston & Malne__r January -- 2,784,216
2,914
2,860
34,066
Bridgeton & Saco R January __
28,773
Buff Roch & Pitts__ 1st wk Mch 140,913 147,288 6,249,001 5,636,533
187,621 145,251 1,179,158
Buffalo & Susq Ry_ December
896,300
Canadian Northern_ 1st wk Arch 133,300 107,100 6,505,000 4,707,800
Canadian Pacific_ _ _ 1st wk Mch 1,103,000 1,241,000 50,503,056 47,130,000
Central of Georgia-- 1st wk Arch 225,200 275,600 8,559,208 8,545,210
Central of N Jersey_ January .._ 2,082,470 2,065,170 16,579,912 15,485,891
3,368
1,593
77,526
108,138
Chattanooga South_ 4th wk Feb
Chesapeake & Ohio_ January .._ 1,884,762 2,000,288 16,860,880 14,583,688
4,921
5,743
37,750
27,434
Chesterfield & Lane January __
Chic & Alton Ry- _r January __ 938,205 1,081,423 7,509,196 7,607,740
43,523,096
Chic Burl & Quin_ _r December 6,147,968
Chic Great West__r 4th wk Feb 165,155 182,790 5,533,101 6,131,869
84,620 104,673 3,626,736 4,044,168
Chic Ind teLoulsv- 1st wk Mch
Chic Ind Ac Southern -See New York Cen tral.
35,473,987
Chic Milw & St Paul January __ 4,135,355
Chic & North West_ January __ 4,393,853 5,292,816 40,530,567 41,180,474
Chic St Paul M & Or January __ 956,872 1,134,189 8,181,133 8,572,528
30.666
30,938 1,165,853 1,147,976
Chic Term Tran RR 1st wk Mch
Cin N 0 & Texas P -See Sout hemn Rail way.
Cincinnati Northern -See New York Can tral.
Clev Cin Chic & St L -See New York Cen tral.
190,744 206,931 1,297,211 1,298,215
Colorado AIldland_r December
282,958 10,411,055 0,225,638
h Col & South Sys_r 1st wk Mch 238,76
180,604
28,629
182,306
23,169
Col Newb ea Laur__ January __
60,467
502,134
54,895
466,564
January __
Copper Range
94,151
17,033
4,334
126,700
January __
Cornwall
183,615
33,015
12,546
242,964.
Cornwall& Lebanon December
978,401
January -- 183,793 183,788 1,053,125
Cuba Railroad
1Delaware & Hud„ January _.1,472,305 1,375,751 /12301,126 /10581,895
20,656,613
January __ 2,518,557
Del Lack & West
14,852,644
14,106,412
Denver & Rio Gr__r 1st wk Mch 292,300 364,100
817,164
853,800
26,314
18,525
Detroit & Mack_ _ _o 1st wk Mch
85,412 2,873,368 2,866,874
63,334
Det Tol As Iront Sys 4th wk Feb
85,209 2,118,182 2,096.512
50,136
Dul So Sh & Atl___r 4th wk Feb
3,561,328 4,126,002 31,187,961 31,151,205
January
Erie
Evansville & Ter H -See Rock Island S ystem.
1,478
11,188
1,321
10,364
Fairchild & N F.__ January __
53,269
488,863
51,906
472,180
Fonda Johns & Glov January __
January __ 237,303 280,003 1,830,498 1,813,296
Georgia RR
Georgia South & Fla -See Sout hemn Rail way.
1st wk Mch 624,327 729,056 29,730,917 29,360,860
Grand Trunk Syst
98,809 4,022,241 3,886,883
90,711
3d wk Feb
Gr Trunk West
30,941 1,213,264 1,191,112
24,031
Det Gr Hav &Mil 3d wk Feb
25,378
26,580 1385,388 1,312,230
Canada Atlantic_ 3d wk Feb
Great Northern_ __1
Montana Central.' February _ 2,840,938 2,856,873 40,847,012 35,778,843
37,002
46,079 1,508,814 1,611,065
Gulf As Ship Island_ 4th wk Feb
328,834 522,139 4,047,547 4,026,181
January __
Hocking Valley
February _ 3,993,793 4,428,661 37,637,379 37,047,718
Illinois Central
Inter Se Great North 1st wk Mch 113,000 130,000 4,864,896 6,302,055
a Intereceanic(Mex) 1st wk Mch 154,135 152,201 5,320,661 4,837,206
52,439
1st wk Mch
57,298 2,140,742 2,195,240
Iowa Central
January __
139,994 180,341 1,328,801 1,349,599
Kanawha & Mich
Kansas City South_ January __ 646,163 773,131 5,687,449 5,120,874
Lake Erie & West'n -See New York Cen tral.
Lake Shore & M Sou -See New York Can tral.
January
2,639,720
22,125,624
Lehigh Valley
317,946
328,148
32,053
41,919
Lexington & East__ January __
January
6 454
Dec.32 ,544
I
Long Island
875,880
78,696
88,382
688 176
Louisiana & Ark.__ January __
1st wit Arch 816,550 1,000,550 31,857,478 32,519,995
Louisv & Nashv
104,483
11,317
15,912
91,189
Macon As BirmIng'm January -601,355
5,345,849
Maine Central ----r January __
54,445
2,171
5,169
40,203
February
Manistlque
23,755
211,298
23,053
237,104
Maryland & Penn.... January __
a Mexican Central December 3,183,483 2,562,707 18,418,451 14,347.574
a Mexican Internat_ ist wit Mch 161,314 170,861 5,1)38,661 5,474,005
a Mexican Railway_ 3d wk Feb 150,70( 159,500 5,172,700 4,791,000
25,231
817,394
25,340
838,340
a Mexican Southern 3d wk Feb
Michigan Central -See New York Cen tral.
67,827
782,800
490,722
64,852
Midland Valley
February _
15,432
4th wit Feb
15,521
501,914
535,119
Mineral Range
68,703
72,560 2,774,704 2,617,900
Minneap de St L__ .r 1st wk Arch
Minn St P & S S M_ 1st wk Mch 182,903 196,175 8,371,492 8,330,602
Mo Kansas & Texas January __ 1,791,386 2,293,266 15,092,848 15,829,864
Mo Pac Ae Iron Mt_o 1st wit Mch 870,000 757,000 31,298,318 31,824,621
29,000 1,099,000 1,124,000
25,000
Central Branch_o 1st wk Arch
Total system__ _o 1st wk Mch 695,000 786,000 32,397,118 32,948,621
35,053 1,032,143 1,000,060
23,555
b Mobilo Jack & KC Wk Feb 29
Nashv Chatt & St L January -_ 878,011 1,050,356 6,655,380 6,739,267
a Nat RR of Mexico 1st wk Mch 299,513 307,226 10,900,571 10,300,305
17,640
684,362
17,827
1st wk Mch
681,669
Hidalgo & N E
4,234
233,920
6,297
184.303
Nevada-Cal-Oregon. 4th wk Feb
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Lear.
Previous
Year
N Y C & Hud River December 7,452,065 7,752.776 51,438,162 49 210,541
Lake Shore & M S December 3,303,010 3,562,378 23,363,936 21,937 281
344,423 413,053 2,634,401 2,687,430.
Lake Erie Ac West December
259,507 234,208 1,504,981 1,186,467
Chic Ind & South December
Michigan Central. December 2,108,728 2,311,320 14,713,125 13,656,443,
Cleve C C & St L_ December 1,967,658 2,169.738 14,008,030 13,232:393
230,449 269,016 1 568,423 1,597,722
Peoria & Eastern. December
551065525,391
82,623
67.394
Cincinnati North_ December
718,046 1,129,164 7,862,352 7,43-1,337
Pitts & Lake Erie December
Rutland
December
209,939 220,067 1,671,580 1;531,339,
r5,924,254
N Y Chic & St L. January __ r759,986
44 744,
48,605
Nevada Central_ _ _ _ January _ _
5,299
4,429
N Y Chic & St Louis -See New York Cen tral.
4,908,160.
4,900,213
.
N Y Ont & Western January
615,719
593,988
29,511,113
NYNH & Hart_ _r December 4,186,274
N Y Susq & West_ January - 276,946 278,094 2,017,526 1,779,352
Norfolk & Western_ January __ 1,912,0'17 2,559,334 18,931,041 17.645,014
Nothcrn Central__ January__ _ 874,436 902,236 7.879,31)0 7,262,890
Northern Pacifle
February _ 4,011,287 3,577,006 49,032,075 44,137,353
Pacific Coast Co
December
305,869 593,209 4,295,574 3,636,775d Penn-East P & E January _ _ 10563312 12583712 56,234,753 00,996,753
a West of P & E. January
Inc.1,53 7,800
Dec.1,6 52,800
Peoria As Eastern_ -See New York Can tral.
Phlia Bait Ss Wash_ January ... 1,206,840 1.246,140 10,362,078 9,751,778
Pitts Cm n Chic & StL January
2.000,197 2,506 422 18,266.239 17.844,447
Pitts & Lake Erie -See New York Cell tral.
Raleigh& Southport December
45,224
3,137
63,017
8,837
Reading Railway
January __ 3,075,599 3,686,868 26,460,845 24,729,988.
Coal & Iron Co
January
3,122,490 3,815,258 21,144,499 21,807 508
Total both cos.. January _ 6.198,089 7.502,1213 50,605,344 46,536,454
Rich Fred & Potom. January - _
136,068 163,088 1,128,134 1,045,529
476,988
75,502
Rio Grande June_ _ _ December
439,032
80,384
430,511
11,319
421,702
1st wit Atell
Rio Grande South
9,052
Rock Island System January __ 4,647,237 4,849,801 36,779,881 34,745,321
e St L & San Fran January - _ 3,573 432 4,233,660 29,902,895 28,471,062
f Evansv & Ter H January ._
157,259 1(16,960 1,382,995 1,331,074
Total of all lines. January _ _ 8,377,928 9,250,421 68,065,773 64,597.457
Rutland
-See New York Cen tral.
871,501
875,861
St Joseph & Gr 1st.. December
130,791 154,236
St Louis As San Fran -See Rock Islani S ystem.
St Louis Southw-- r 1st wk Arch 164,679 192,022 7,001,423 7,107,393
Seaboard Air Line.. December 1,254,959 1,417,943 8,059,361 7 739,559
Southern Indiana_ _ February _ 149,004 121,077 1,312,064 1,061,223
c Southern Pac Co
January _ _ 9,320,488 10785544 78,424,844 72.914,858
Scuthern Railway_ _ 1st wit Arch 972,551 1,106,969 38,033,243 33,547,605
Mobile & Ohio- -r 1st wk Mch 138,950 183,584 6,904,032 7,074,983
CinN 0 do TexP.r 4th wit Feb 136,052 164,534 5,464,674 • 5,438,586
Ala Great Sou-r 4th wit Feb
84,391 108,674 2,511,476 2,624,369
55,135 1,554.462 1,491,861
Georgia So & Fla_ 4th wk Feb
56,656
812,775
35,316
822,764
Texas Central
4th wit Feb
21,471
Texas es Pacific__
1st wk Mch 241,204 300,789 10,951,492 11,671,436
55,945
50,264
Tidewater & West_ January -7,428
6,742
Toledo & Ohio Cent January
272 578 379,429 2,796,984 2,396,945
870,841
20,780
Toledo Peo & West_ 1st wk Arch
381,580
20,454
73,852 2,754,281 2,778,799
Toledo St L & West 4th wk Feb
69,819
31,021
29,919
Tombigbee Valley.._ December
5,322
3,883
595,764
529,990
77,140
Tor Ham & Buffalo January -66,740
Union Pacific Syst January -- 5,189,921 5,954,978 48,109,217 15,018,629
745,812
Virginia & So West,. February _
83,711
674,469
63,772
Wabash
1st wk Mch 467,061 511,461 18,377,337 18,748,421
Western Maryland _ 1st wk Mch
15,626 108,000 4,067,698 3,570,014
W Jersey& Seashore January -- 283,310 280.010 3.724,716 3,333,916
Wheel & Lake Erie_ 1st wit Mcis
00,059 109,537 4,037,351 4,034,913
Wisconsin Central-r January
526,527 540,097 4,589,752 4,334,464
172,733
21,473
166,204
Wrightsv & Tenn_ _ January -22,708
Yazoo & Miss Valley February _ 786,399 826,593 6,796,504 6.426,560
Pertod.
Various Fiscal Years.
Atlanta & Charlotte Air Line- Mch 1
Bellefonte Central
Jan 1
Delaware & Hudson
Jan 1
Manistlque
Jan 1
Mexican Railway
Jan 1
Mexican Southern
Jan '1
New York Central
Jan 1
Lake Shore & Mich Southern_ Jan 1
Lake Erie & Western
Jan 1
Chicago Indiana & Southern_ Jan 1
Michigan Central
Jan 1
Cleve Cin Chic & St Louls
Jan 1
Peorla Ad Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
Jan 1
Rutland
Jan 1
New York Chicago & St Louis Jan 1
Northern Central
Jan 1
Penn-East of Pitts & Erle__ _ Jan 1
West of Pittsburgh & Eric.. Jan 1
Piffle Baltimore & Washington_ Jan 1
Pitts CIncin Chic & St Louis._
Jan 1
Rio Grande Junction
Dec 1
Texas & Pacific
Jan 1
Jersey
&
West
Seashore
Jan 1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Sept
Jan
Jan
Feb
Feb
Feb
Dec
Dec
Dec
Dec
Dec
Dec
Deo
Dec
Dec
Dec
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Mch
Jan
Current
Year.
Y ear..
30 2,558 430
,373,230
5,463
31
1,133.
31 1,472,395 1,87.751
29
7,307
0,140
21 1,172,200 1 ,177,200'
21
177,603
192,641'
31 98,369,059 02,089,765
31 44,953,475 42,544,379'
31 5,066 930 5,212,410'
31 3,004,482 . 2,332,731
31 28,547 109 26,275,583
31 26,447,804 24,594,916,
31 3,010,347 3,059.281
31 1,005,198 . 1,027,727'
31 14,904,400 14,481.493
31 3,058.1)87 2.799,210
/159,986
31
31
874,430
992,236
31 10 563,312 12.583 712'
31 1,652,800 dec.
31 1,206,840 1,240,140
31 2.000.107 2.506 422
31
80,384
75,512
.
7 2,673,567 3,360,316
31
283,310
280.010'
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
4th
1st
20
Sri
4th
1st
2c1
30
4th
1st
week
week
week
week
week
week
week
week
week
week
Dec (44
Jan (44
Jan (4(1
Jan (43
Jan (47
Feb '(43
Feb (44
Feb (45
Feb (45
Mch (33
roads)____
roads)____
roads). _ ..
roads)____
roads)..--roads)____
roads)____
roads)____
roads)---_
ro.ao
Client Year Prev's Year Inc. or Dec.
3
$
12,616,149 14.424,945
8,753,715
7,665,487
7,959.373 9204,111
8.911,720
8,220,471
12.292,331 13,441,916
7,270,407 8.352.850
9.224
7.857,030
_ ,0
,15
.
7.988,773 9,
"
U,441
9,770,696 10,368,758
8.744.049
7 Ass AAR
s
%
-
%
Cuent Year Prev's Year Inc. or Dec.
---- --S
S
3
And! 1907 (118 roads).. 188,130,451 154,894,748 +33,235,703 21.46
May 1907 (121 roads). 195.943,305 165 890.345 +30 052 060 18.12
June 19117 (121 roads). 181 125,657 161,235.109 +21,890,548 13.50
July 1907 (116 roads). 187,069,791) 163 685,258 +23,384,532 14.28
Aug 1907 (121 roads). 197,288 038 175,726,323 +21.561,710 12.27
Sept 1907 (118 roads), 192 548,022 175 505 039 +17,042.983 9.71
Oct 1907 (120 roads). 213,697,727 196,843,678 +16,854,049 8.58
Nov 1907 (12)) roads). 189,988,564 184,197,391 +5,791 173 3.14
Dec 1907 (123 roads). 174 422,451 184,893,310
471,359 6.20
SlOAR
'
470
Sim
190% f as rnnflel
-11.
A07A 303 8.74
Monthly Summaries.
-1.803,796 12.54
-1,088,228 12.43
-1,244,738 13.52
-691,258 7,75
-1,149,585 8.55
-1,082,449 12,84
-1,146,985 12.74
-1,611.848 16.78
-508,082 5.77
Month
Month
Month
Month
Month
Month
Month
Month
month
--1 001 AII Is AA
Afnnth
-
nnvin.RAR ......
a Mexican currency, 11 Includes earnings of Gulf & Chicago Division. c includes the Rouston As Texas Central and Its cubit ilary [Ines in both
years. d Covers lines directly operated. e Includes the Chicago As Eastern Illinois In both rears. r Includes Evansville & Indiana RR. IS Includas
earnings of col. as South., Ft. Worth 8,3 Denver City and all affiliated lines, exceptinr Trinity As Brazoi Valley RR. te Tncludes In both rears earninors
of Denver Mild & Gulf RR., Pecos Valley System and Santa Fe Prescott ec Phoenix By. :These figures do not include receipts from sale or coal.
o Figures here are on the old basis of accounting-not the new or Inter State Commerce Commission method. 0 These figures are on the new.
basis prescribed by the Inter-State Commerce Commission.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of March. The table covers 33 roads and shows 12.48%
decrease in the aggregate,over the same week last year.
First week of March.
1908.
1907.
140,913
147,388
Buffalo Rochester & Pittsburgh
133,300
107,100
Canadian Northern_
1,103,000 1,241,000
Catiadlan Pacific
225,200
275,600
Central of Georgia
84,620
104,673
Chicago Ind & Louisville
30,666
30,938
Chicago Terminal Transfer_ _ _ _
238,767
282,958
orado ec Southern
292,300
364,100
Denver & Rio Grande
18,525
26 314
Detroit & Mackinac
Grand Trunk of Canada_ _ _ _1
624,327
Grand Trunk Western
729,056
Detroit Gr Hay & Milw_ _ _ _
Canada Atlantic
International & Great Nor'n__
113,000
130,000
Interoceanic of Mexico
154,135
152,201
52,439
Iowa Central
57,298
Louisville & Nashville
816,550 1,000,550
Mexican International
161,314
170,861
Minneapolis & St Louis
68,703
72,560
Minn St Paul & S S M
182,903
106,175
Missouri Pacific & Iron Mtn__
670,000
757,00(1
Central Branch
25,000
29,000
Mobile & Ohio
183,584
138,950
National RR of Mexico
299,513
307,226
Hidalgo & Northeastern___ _
17,640
17,827
Rio Grande Southern
9,052
11,319
St Louis Southwestern
164,679
192,022
S )uthern Railway
972,551 1,106,969
Texas & Pacific
241,204
300,789
ledo Peoria & Western
20,454
20,730
Wabash
511,461
467,001
Western Maryland
95,626
108,000
Wheeling & Lake Erie
109,537
90,059
---Total (33 roads)
7,652,638 8,744,049
Net decrease (12.48%)
Increase. Decrease.
-----$
6,475
26,200
138,000
50,400
20,053
272
44,191
71,800
7,789
104,729
17,000
1,93.4
4,859
184,000
0,547
3,857
13,272
87,000
4,000
44,634
7,713
187
•
2,267
27,343
134,418
59,585
276
44,400
12,374
19,478
28,321 1,119,732
1,091,411
For the fourth week of February our final statement covers
45 roads and shows 5.77% decrease in the aggregate over
the same week last year.
Fourth week of February.
1908.
1907.
Increase. Decrease.
Previously reported (34 roads)- 8,723,770 9,121,055
84,891
108,674
Alabama Great Southern
261,700
261,600
Central of Georgia
1,593
3,368
Chattanooga Southern
165,155
182,790
Chicago Great Western
36,211
31,667
Chicago Terminal Transfer_ _ _ _
164,534
136,052
Cincinnati New On & Texas Pac
37,002
46,079
Gulf & Ship Island
226,826
335,460
Mobile & Ohio
Nevada-California-Oregon
6,297
4,254
21,471
35,316
Texas Central.
Toledo St. Louis & Western___ _
69,819
73,852
187,377
Total (45 roads)
Net decrease (5.77%)
193,964
as
,770,696 10,368,758
584,653
23,783
100
1,775
17,635
4,544
28,482
9,077
108,643
2,043
13,845
4,033
792,026
598,062
For the month of February the returns of 55 roads show
follows:
Month of February.
Gr'ss earnings (55 roads)
663
THE CHRONICLE
MAR. 14 1908.1
1908.
1907.
Decrease. Per Cent.
42,834,461 47,278,206 4,443,835
9.39
It will be seen that there is a loss on the roads reporting
in the amount of $4,443,835, or 9.39%.
Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Feb. 29 1908. The
next will appear in the issue of March 28.
--Cross Earnings
- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
5
$
$
Greenwich & Johnsonville_ b8,275
Oct 1 to Dec 31
23,369
9,274
26,428
15,204
16,844
,
July 1 to Dec 31
45,200
48,638
27,526
Jan 1 to Dec 31
80,251
3.4301
,
94,647
x Intern & Gt Nor_ b
-Jan
31,174
596,391
July 1 to Jan 31
385,042
4,367,602
Little Falls & Dolgeville_ bOct 1 to Dec 31
16,044
7,530
18,003
3,829
37,086
12,750
July 1 to Dec 31
32,088
14,218
Jan 1 to Dec 31
63,977
23,869
22,489
58,854
Jan 601,355
x Maine Central _b
140,340
5,345,849
1,325,374
July 1 to Jan 31
Feb
2,171
Manistique_ b
5,169 def.1,535
1,466
7,397
Jan 1 to Feb 29_ _- .__
145
9,140
1,351
58,603
Jan
Mineral Range_ b
c55,542
6,210
c1,480
479,343
c448,109
c122,651
July 1 to Jan 31
91,198
138,175
Minn St P & S S M_ b- - _ _Jan 761,540
706,290
245,539
7,535,418 7,506,826 3,073,815 3,513,078
July 1 to Jan 31
20,381
13,999
6,050
Nev-Callf-Oregon_ b _ _ _ _ Jan
6,547
213,649
167,400
July 1 to Jan 31
112,622
100,292
759,936
126,113
x N Y Chic & St Loui_ Jan
5,924,254
_
2,141.008
July 1 to Jan 31
278,094
276,964
N Y Susq & West _a__ _ _ _Jan
75,318
72,627
2,017,526 1,775,352
517,438
July 1 to Jan 31
516,718
8,837
Raleigh & Scuthp't_a-- _Dec
8,1372,281
45,224
1421?1,
63,017
July 1 to Dec 31
12,082
Baguette Lake_ b'7,088 def.7,352 def.2,856
4,388
Oct 1 to Dec 31
28,659 def.3,955
18,256
6,710
July 1 to Dec 31
40,374 def.4,943
32,277
10,426
Jan 1 to Dec 31
20,596
168,088
50,866
Rich Fred & Potomac- -Jan
136,068
270,065
301,387
1,128,134 1,045,529
July 1 to Jan 31
267,570
z Texas & Pacific_ b____Jan 1,261,840 1,636,474
2,842,895
9,947,594
9,539,765
July 1 to Jan 31
139
1,037
6,742
7,428
Tidewater & Western_b_Jan
55,945
5,484
50,264
3,760
July 1 to Jan 31
28,874
121,121
112,063
29,589
Tol Peoria & West_ b_ _ _Jan
179,575
756,933
760,498
149,139
July 1 to Jan 31
93,454
100,352
19,760
February
6,207
850,388
860,852
199,336
155,345
July 1 to Feb 29
288,379
332,997
p92,369
p61,099
Toledo St Louis & W_a__Jan
2,488,601 2,471,115 p774,961
July 1, to Jan 31
p681,795
3,885
5,322
460
Tombigbee Vail Co_ _ __Dec
1,581
31,621
29,919
9,472
July 1 to Dec 31
6,919
Victor Fuel Co_ b
Jan
233,708
246,594
46,718
60,582
July 1 to Jan 31
1,649,235 1,439,768
379,900
339,186
Wabash_ b
Jan 2,015,593 2,107,961
441,490
520,114
July 1 to Jan 31
16,158,781 16,248,693 4,887,634 4,956,179
Wisconsin Central_a- - - _Jan
526,327
540,097
84,027
113,465
July 1 to Jan 31
4,589,752 4,334,464 1,33.1,641 1,331,337
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
C Figures revised for previous year so as to accord with the new classiftcati,n of earnings and expenses now required by the Inter-State Commerce
Commission.
p For January additional income was $118,453, against $3,098 in 1907,
and for period from July 1 to Jan. 31 was $65,869 in 1908, against $21,782
in 1907.
s After allowing for miscellaneous income, which was a debit Item for
the month of Janaury, total net earnings were $293,111 in Jan. 1908.
against 8336,466. last year, and for period from July 1 to Jan. 31 were
$2,363,222 this year, against $2,785,453.
z These figures are on the basis of accounting required by the Inter-State
Commerce Cmomission.
Interest Charges and Surplus.-The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, &c., with the surplus above
or deficit below these charges.
- -Bat, of Net E'nqs.-Int., Rentals, &c.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
II_ ston & Albany729,668
Oct 1 to Dec 31
947,691zdef740,266xcle1960,759
July 1 to Dec 31
1,596,849 1,809,672zde1644,479zde1528,023
3,344,972 3,679,833zdf1339,0307zdcf450,184
Jan 1 to Dec 31
543
Bridgeton & Saco River_Jan
del 947
593
del 140
July 1 to Jan 31
3,803
4,153
7,038
6,016
G.pper Range
11,937
12,837
der7,603
Jan
3,241
July 1 to Jan 31
83,563
87,863
54,702
96,903
Duluth So Sh & Atlantic Jan
73,506
89,249 zdef40,628 zdef38,806
July 1 to Jan 31
688,029
634,476xde1137,248
x30,227
--Gross Earnings-- -Net Earnings
Current
Previous
Greenwich & JohnsonvillePrevious
Current
Year.
Oct 1 to Dec 31
4,801
Year.
Year.
Year.
4,700
x4,855
x3,812
Ttoads.
9,602
1
July 1 to Dec 31
9,400
1
x8,031
x6,328
20,436
Jan 1 to Dec 31
28,600
x15,389
x9,966
4,110
Ala Tenn & North'n-_-Dec
2,106
2,182
4,328
23,431
July 1 to Dec 31
11,841
12,483 Little Falls & Dalgeville22,353
Oct 1 to Dec 31
2,550
3,235
x339
4,980
126,278
Atlanta Birm & Atl_a__Jan
46,911
24,363
139,904
July 1 to Dec 31
5,100
x7,112
5,658
9,118
1,005,013
318,777
240,410
900,372
July 1 to Jan 31
9,975
x13,603
Jan 1 to Dec 31
10,694
12,514
Boston & Albany_lb12,396 rdef5,544 zdef10,818
Jan
11,809
3,040,844 3,147,368 de1126,101 def108,028 Mineral Range
Oct 1 to Dec 31
85,417
July 1 to Jan 31
87,431
x6,745
x39,425
6,542,003 6,285,301
July 1 to Dec 31
732,227 1,007,386
12,354,003 11,705,413 1,577,944 2,384,994 Nevada-Calif-Oregon___ Jan
Jan 1 to Dec 31
x4,046
3,807
3,302
x4,486
22,571
July 1 to Jan 31
27,266
x98,947
x88,205
x Boston & Maine_b_--_Jan 2,784,216
307,144
24,778,961
July 1 to Jan 31
Raquette Lake6,410,875
Oct 1 to Dec 31
4,712
4,051 zdef11,817 xdef.6,671
2,860
Bridgeton & Saco Rtv_ b_Jan
403
2,914
del 354
July 1 to Dec 31
8,040
7,669 zdef11,514
xdef.453
28,773
34,066
9,819
July 1 to Jan 31
12,091
Jan 1 to Dec 31
14,989
14,427 xdef18,846 xdef.2,962
Buffalo Gas Co
36,686
32,044
Jan
- - - -- Tol Pe. ria & Western__ _Jan
25,483
23,703
x6,169
5,171
Chattanooga South'n_a_Jan
6,487
1,899
14,661
defl ,322
July 1 to Jan 31
201,712
168,686 xdef17,040
10,889
72,677
July 1 to Jan 31
93,468
301
del 618
February
24,033
24,433 zdef16,826
def4,673
938,205 1,061,423
Chicago & Alton_a
3338,412
July 1 to Feb 29
190,759
3303,447
Jan
193,120
x1,121
6,216
7,509,996 7,697,740 32,392,126 32,871,249 Victor Fuel Co
July 1 to Jan 31
_Jan
19,252
18,090
x32,854
x50,513
336,422
July 1 to Jan 31
43,489
79,422
Chic Ind & Loulsv_a---Jan
430,897
138,510 129,502
x292,738 x267,152'
3,226,949 3,538,864
July 1 to Jan 31
838,315 1,119,925
x After allowing for other income received.
956,872 1,134,189
x Chic St Paul Minn &0 b Jan
370,290
8,161,133 8,572,528 2,731,553
July 1 ti Jan 31
STREET RAILWAYS AND TRACTION COMPANIES.
Jan
15,178
Copper Range_ b
54,895
5,234
60,467
502,134
July 1 t i Jan 31
180,466
466,564
142,565
c45,393
Duluth S3 Sh & Atl_ b- - -Jan 190,207
c226,500
41,188
Latest Gross Earnings.
Jan. 1 to latest date.
i
July 1 to Jan 31
1,930,255 c1,882,272
494,402
c621,805
Name of
Road.
Week or
Current Previous Current
Previous
Jan 3,561,328 4,126,002
Erie_a
209,563
921,763
Month.
Year.
Year.
Year.
Year.
July 1 to Jan 21- - --- -31,187,961 31,151,205 5,578,037 8,926,931
Grand Trunk of CanadaJan 2,128,120 2,516,953
Grand Trunk By
181,520
574,733 aAmerican Rys Co_ _ _ February _ 102,502 192,067
401,879
403,683
July 1 to Jan 31
20,441,732 19,963,355 5,302,538 5,556,082 cAur Elgin & Chic Ry January __
93,985 88,893
93,985
88.893
January __
22,435
22,435
22,079
22,079
450,151
Grand Trunk West'n__Jan
417,545
11,103
37,959 Binghamton By
Birm Ry Lt & Power January __ 177,562 187,921
177,502
187,921
147,941
Det Gr Hav ec Milw _- -Jan
21,412 Brockton & Ply St Ry December
141,128
22,872
7,368
119,365
6,944
111,775
Canada Atlantic
125,069 def17,519 def18,492 Cape Breton Eiec Co_ December
Jan
123,122
24,804
23,693
250,065
258,417
Central Penn Trac__ _ January __
52,725 54,300
52,725
54,306
x Great Northern_ b_ _ Jan 3,073,786
545,689
Char! Con Hy Gas&El January -61.569
15
61,569 55,35e
37,579,656
July 1 to Jan 31
14,028,518
•
664
THE CHRONICLE
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current
Year.
-$
87,982
68,270
18,263
52,811
32,256
96,630
127,455
14,539
157,722
50,791
Chicago & Milw Elec_ November_
dChIcago & Oak Park January __
Cleve Painesv & East January __
Cleve Southw Fe Col_ _ January __
Columbus Electric Co December
Dallas Electric Co_ _ _ December
Detroit United Ry_ _ 401 wk Feb
Duluth Street Ry__ _ 1st wk Mch
East St Louis & Sub_ February _
El Paso Electric
December
Ft Wayne & Wabash
Valley Traction
December
116,186
Galv-Hous Elec Co
December
87,669
Havana Electric Ry_ Wk Mch 8 40,180
Honolulu Rapid Tran
& Land Co
32,755
December
Houghton Co St Ry December
10,740
Illinois Traction Co_ _ December
351,977
Jacksonville Elec Co_ December
33,243
Kans City Ry& Light January __ 496,321
Lake Shore Electric_ _ December
68,476
Lex & Inter Rys Co
43,034
November_
Met West Side Elev
February _ 203,598
Milw Elec By & Lt Co December
334,392
Milw Lt Ht & Trac Co December
59,498
Montreal Street By. _ Wk Mch 7 64,543
Nashville By & Light Januaryt!__ 123,835
NJ &HR Ry&FyCo December
33,236
North Ohio Trac & Lt January __ .126,125
North Texas Trac Co_ December
84,346
Norf & Portsm Tr Co November_ 202,006
No Westchester Lt Co December
11,470
Northwestern Elev_ Febtuary _ 143,055
16,916
Oklahoma City By_ _ January __
14,711
Peekskill Light & RR December
19,585
Pensacola Electric Co December
342,850
Portland fly Lt&P Co December
130,576
Puget Sound Elec Ry December
Rio de Janeiro Tram
Light & Power_ __ _ January __ 545,105
42,264
Rockford & Interurb December
St Joseph (Mo) By Lt
66,812
Heat & P.,wer Co_ _ February _
Sao Paulo Tr Lt & P_ January __ 101,731
Savannah Electric Co December
53,566
Schuylkill By Co_
December
17,093
Seattle Electric Co_
December
361,370
South Side Elevated _ February
156,698
Sou Wisconsin By Co January _
11,260
Syracuse Rap Tr Ry_ January _ 102 422
Tampa Electric Co
December
45,895
Toledo Rys & Light_ January __ 216,960
Toronto Railway-Wk Mch 7 62,208
Twin City Rap Tran_ 4th wk Feb 128,950
United RR of San Fr_ December 8481.285
United Rys of St L.. _ January __ 827,398
Whatcom Co By & Lt December
33,195
Jan. 1 to latest date.
Previous Current
Previous
Year.
Year.
Year.
$
$
$
81,143
972,711
803,591
72,771
68,270
72,771
18,031
18,263
18,031
40,558
52,811
49,558
340,574
27,613
89,439 1,125,673 1,023,136
109,463
943,622
948,313
13,498
141,039
125,313
146,273
330,788
311,570
41,575
506,693
391,656
[VoL. Lxxxvi.
Chicago Junction Railways & Union Stock Yards Co.
•
(Report for Fiscal Year ending Dec. 31 1907.)
President Nathaniel Thayer, under date of Feb. 11 1908,
.
says:
General Results.-The business of the company and the receipts of live
stock were excellent during the first three-quarters of the year, but in the
later months it felt the depression and decrease of business which swept
over the country as the result of the panic conditions which existed in
October and November.
The combined net earnings of the Chicago Stock Yards and of the Chicago
Junction Railway Co. for the calendar year show an increase compared
with 1906 of $186,704.
Sale of "Outer Belt"-Description and Disposition of $2,500,000 Bonds
Received in Payment.-Since the last annuaLmeeting, that part of the
railroad of the Chicago Junction Railway Co. known as the "Outer Belt,"
101,379 1,283,722 1,092,646 which is the railroad originally
belonging to
old Chicago Hammond &
81,375 1,050,892
906,487 Western RR.Co. has been sold under contractthe
dated June 29 1907, between
34,523
301,112
280,908 the Chicago Junction Railway Co. and
the Indiana Harbor Belt RR. Co..
the Lake Shore & Michigan Southern By. Co. and the Michigan Central RR.
31,593
364,548
349,016 Co. The consideration received consisted
of $2,500,000 bonds issued by
19,973
240,919
229,244
Harbor Belt RR. Co. These bonds bear Interest at the rate
302,165 3,779,187 3,013,108 the Indiana
annum
per
for
the
first
five
2
%
of
years,
3
%
per annum for the second five
31,882
392,393
326,468 years and 4% per annum thereafter, and the
principal is payable July 1
479,021
496,321
479,021 1957. The bonds are guaranteed as to principal
and interest by the Lake
66,675
938,161
866.970 Shore & Michigan Southern By. Co. and the Michigan
Central RR. Co.,
40,148
516,355
481,579 jointly and severally.
216,220
423,022
448,975
The so-called "Outer Belt" was subject to a mortgage executed by the old
326,065 3,823,382 3,523,438 Chicago
Hammond & Western RR. Co. to secure an outstanding issue of
56,379
826,130
702,222 $2,500,000 6% bonds, and connected with it
60,719
608,694
570,874 railroad companies which involved constant were contracts with other
expenditures for increased
122,945
123 835
122,945 trackage and facilities. This mortgage and Indebtedness
29,328
482,057
429,721 ance of these contracts were assumed by the purchasers. and the perform As the property
125,191
126,125
125,191 would require the immediate expenditure of large sums
for necessary
78,750 1,060,953
814,135
145,950 2,437,819 1,563,855 betterments and Improvements,and Increased facilities, the sale upon the
terms stated was considered highly advantageous to the Chicago Junction
112,956
By. Co. The result has been practically to relieve the railway company
123.809
298,662
261.188 from liability for the payment of the $2,500,000 of existing
bonds and the
14,907
16,016
14,907 fixed charge of $150,000 per annum,as well as from the necessity
of providing
13,299
169,658
146,498 large sums for improvements and for additional trackage
under existing
16,129
228,150
contracts.
309,006 4,050,144 3,493,859
Nearly all the stock of the Chicago Junction By. Co. having been hereto113,467 1,664,281 1,364,574
fore pledged with the Standard Trust Co. of New York as trustee under your
company's mortgage dated April 10 1900, as part of the security for its
545,105
Issue of "4% 40-year mortgage and collateral trust refunding gold bonds,"
41,389
501,395
510.032 due April 1 1940, the trustee insisted
that the bonds received on the sale
of the 'Outer Belt" should be pledged with it, and this was done by the
66,711
136,971
131,410 terms
of
a
supplemental
instrument
pledge dated Nov. 1 1907, which
of
174,968
191,731
174,968 provides that these bonds,shall be held by
the trustee as additional security
48,655
602,400
611,215 for said refunding gold
bonds as fully as if originally pledged.
207,035
Real
Estate
Issue of $3,000,000, Replacing
Improvement
Bonds
-New
309,476 3,949,434 3,101,386
$2,0.10,000 Issue Authorized in 1907.-In order to improve and develop new
134,531
331,393
277,768 properties in which
become beneficially interrecently
your
company
had
11,528
11,280
11,528
97,125 ested, as well as to discharge existing liens thereon, the stockholders at the
97,125
102.422
last annual
authorized the issue of $2,000,000 first mortgage 5%
41,161
521,181
469,222 20-year real meeting
improvement bonds, to be secured by a mortgage to be
221,189
216,960
221,189 executed by estate
your company and Messrs. Spoor and Winston, as trustees,
59,561
mortgaging certain lands standing in their name as trustees. A mortgage
106,045
920,184
874,355 was thereupon
executed to The Standard Trust Co. of New York as trustee,
562,200
dated May 11907,and $585,000 of new bonds were from time to time issued
827,398
826,337
826,337 and certified by the
company. (The balance sheet of Dec. 31 1907
28,903
354,469
279,469 shows that of these trust
$585,000 bonds, $387,000 are in the treasury and
$198;000 are outstanding.) It has, however, been deemed advisable to
a Figures for the month in both years include operations of the Scranton Increase the authorized issue of the proposed bonds from $2,000,000 to
By.. acquired Jan. 1 1906. c These figures are for consolidated company. $3,000,000,so as to provide a larger fund for contemplated buildings and
d These are results for main line. f No earnings for Detroit Jackson & other purposes. To this end' there will be submitted to you at this meeting
Chicago By. for Jan. 1907 included in these figures. h Decrease due to for your approval a proposition to cancel the existing mortgage and deed
of trust covering the authorized issue of $2,000,000 bonds,and to substitute
strike and boycott.
in its place a new deed of trust to be dated as of March 1 1908,which shall'
Street Railway Net Earnings.-The following table gives authorize a similar issue of "real estate improvement bonds" to the amount.
of $3,000,000 In denominations of $1,000 each, payable March 11928. with
the returns of STREET railway gross and net earnings interest
payable semi-annually in March and September at the rate of 5%
reported this week. A full detailed statement, including all per annum. The present outstanding bonds of the original issue will
be
for the new bonds now proposed, and additional bonds will be
roads from which monthly returns can be obtained, is given exchanged
issued to your company
represent part of the investment. The net
once a month in these columns, and the latest statement of earnings, after payment oftointerest
and all fixed charges, and any otherreceipts from these properties are accumulating in the hands of the trustee
this kind will be found in the issue of Mch. 7 1908. The and
will be expended only upon improvements to the properties and in
next will appear in the issue of April 4 1908.
retirement of the real estate Improvement bonds.
Volume of Business.-The following is a comparative statement of live--Gross Earnings- -Net Earnings
stock and car receipts for the past two years:
Current
Previous
Current
Previous
Year.
Year.
Sheep.
Year.
Cattle.
Calves.
Hogs,
Horses.
Year.
Cars.
Roads
$
$
$
1907
3,305,314 421,934 7,201,061 4,218,115 102,055 287,981
$
3,329,250 413,269 7,275,063 4,805,440 126,679 293,245.
Duluth St By Co_ b
'64,730
Jan
59,484
21,004
25,881 1906
1905
3,410,469 380,835 7,725,738 4,736,558 127,250 302,766
East St L & Suburban Feb
157,722
146,273
78,635
63,720
Earnings of Properties Controlled.
•
Jan 1 to Feb 29
330,788
311,570
168,886
138,550
1906.
1005.
Gross earnings1907
1004.
St Jos By Lt lit & Pow _Feb
62,711
30,749
66,812
29,104 Stock Yards Co
1;5,903 372 $5,471,866 $5,539,099$J 2,651,980
-Jan 1 to Feb 20
136,971
131,410
62,992
60,101 Railway Company
_ 2,292,655
a Net earnings here given are after deducting taxes.
$5,903,372 $5,471,866 $5,539,099 $4,944,635
Both
b Net earnings here given are before deducting taxes.
Expenses, Interest and Taxes)$3,676,686 $3,431,884 $3,497,309j$1,258,115
Stock Yards Co
Interest Charges and Surplus.
Railway Company
1,737,808
-Int., Rentals, &c.- -Bal. of Net E'ngs.$3,676,686 $3,431,884 $3,497,309 $2,995,923
Both
Current
Previous
Current
Previous
Net
Earnings
Year.
Year.
Year.
Year.
}$2,226,687 $2,039,982 $2,041,790f $1,393,866
Stock Yards Co
Roads.
$
$
$
$
liallway Company
554,847
Duluth Street By Co- - - _Jan
2,588
17,575
18,416
8,306
--$2,226,687 $2,039,982 ;2,041,790 ;1,948,713
Both
x After allowing for'other income received.
Income Account.
1906.
1905,
1907.
1904.
Balance from prevlous year41,314,025 $1,101,499
$893,679 $081,685
Dv.from U. S. F. & T. Co.)
and Chic. June. By. Co }$1,861,893 1,833,933 1,855,705 11,829,839
Interest
19,758
-J
Annual Reports.-An index to annual reports of steam • Total
;3,175,018 $2,935,432 $2,749,474 $2,531,282
railroads, street railways and miscellaneous companies which • Payments$46,407
S55,590
$72,975
$62,603
••have been published during the preceding month will be ceneral expenses. &c_ _ _ ._ _ _ 660,000
660,000
660,000
660,000
given on the last Saturday of each month. This index will interest
520,000
520,000
Common dividend (8 %)
520,000
520,000
390,000
300,000
Preferred
390.000
dividend (6 %)_ _ _ _
not include reports in the issue of the "Chronicle" in which
390,000
5,000
5,000
5,000
5,000
it is published. The latest index will be found in the issue Miscellaneous
--- ----$1,821,407
$1,630,500
Total
$1,647,975 $1,637,603
of Feb. 29. . The next will appear in that of March 28.
Surplus to balance sheet_ _ _ _$1,545,328 $1,314,025 $1,101,499 $893,670
BALANCE SHEET DECEMBER 31.
Interborough Rapid Transit Co., New York.
1906.
1907.
1907.
1906.
(Report for Years Ended Dec. 31 1907.)
Liabilities-Assets$
$
Investment acct __28,632,028 28,212,874 Stock, common___ 6,500,000 6,500,000
Years ended Dec. 311907.
1906.
Increase.
271.855 Stock, preferred.._ 6,500,000 6,500,000
204,225
472,359,566 420,302,389 52,057,177 Cash
Passengers carried
Bonds
Accts. receivable
1,025
14,198,000 14,000,000
Gross earnings
$23,513,172 $20,916,147 $2,597,0 5 Trust
Bills & accts. pay_
accounts,
177.632
128,460
Operating expenses
10,316,528
8,793,487
1,523,0 1
Dividends unpaid_
"mortgage and
1,637
1,586
Operating per cent
43.87
42.04
1.003
Accrued interest
collateral" and
295,054
293,023
Net earnings
$13,196,644 $12,122,660 $1,073,9 4
Dividends
"real
estate
imdeclared 227,500
227,500
Other income
1,068,625
673,590
395,026
provement" bds. 123,049
Inc.and exp.fleet, 1,545,327 1,314,025
Coupon
252,809
252,756
Gross income
$14,265,269 $12,796,259 $1,469,010 Dividendaccount
account_ 229,136
229,086
DeductInt. on bonds and 3-year gold notes,
Total
29,443,119 28,900,025 Total
29,443,119 28,966,625
and rentals
$4,772,569 $3,961,992
$810,577 -V. 86. p. 423.
Taxes
1,537,977
1,341,075
196,002
7% on Manhattan Ely. stock
4,200,000
3,048,000
252,000
(The) American Tobacco Company.
Total
10,510,546
0,251,067
(Report
1,259,479
for Fiscal Year ending Dec. 311907.)
Net income
3,754,723
3,545,192
209,531
Dividends on stock
Treasurer J. M. W. Hicks, under date March 11 1908 says:
(0%)3,150,000(81)3,062,500
87,500
There has been no change in the capital stock during the year.
Balance, surplus
604,723
482,692
As required by the trust indenture there was deposited with Morton Trust
122,031
-V. 86, p. 603, 108.
Company, trustee, in Jan 1907 the Bum of $500,000 to be expended in the
ANNUAL REPORTS.
THE CHRONICLE
MAR. 14 1908.]
purchase for cancellatien of 6% gold bands of the company upon the terms
specified in said trust indenture, and bonds of the par value of $458,150
have been so purchased and canceled, the cost ef same being $499,957.
The difference between par value and cost of the bonds so purchased has
been written off as an expense.
By order of the board of directors 4% gold bonds of the par value of
$7,496,000 have been purchased at a cost of $5,034,237 and paid for out
of the surplus and canceled, and the par value ($7,496,000) deducted
from the amount carried among the assets of this company as good-will,
patents and trademarks.
The statement below does not include the company's share of the undivided net earnings of companies in which it holds stock which they have
deemed it advisable not to declare as dividends.
Results for Calendar Year.
1907
$
Net earnings over air charges and ex27,371,020
penses for management, &c
Deduct
Premium on 6% bonds purchased and
canceled ($458,150 In 1907)-see
41,807
above
1905
1906
26,406,373
25,212,285
58,180
59,744
27,329,213 26,348,193 25,152,541
DeductInterest on 6% bonds
3,332,413
Interest on 6% bonds purchased and}*3,278,140{ 3,312,501
...
canceled _ _
6,627
2,539,564
2,142,244
2,442,084
Interest on 4%; bonds
Interest on 4% bonds purchased and
z354,667
canceled
y56,863
x91,827
4,721,346
Div'ds on pref. stock, 6%
4,721,346
4,721,346
4,024,241
Reg. divld's on corn. stock, 10%
4,024,240
4,024,240
Extra dividend on corn, stock__ (15)6,036,360(12 %)5,030,300(10)4,024,440
20,294,156
7,035,057
30,553,888
19,593,962
6,754,231
25,685,961
18,996,470
6,156,071
29,518,880
Total
37,588,945
Cost of 4% gold bonds of this company purchased and canceled
x5,034,237
32,440,192
35,674,951
y1,886,304
z9,988,990
32,554,703
30,553,888
25,685,961
Total
Balance, surplus for year
Total surplus brought forward
Total surplus Dec 31
p $2,437,000 z $15,200,000
x $7,496,000
* This is amount after deducting $6,872 for adjustments on account of
over-provision last year on 6% bonds purchased and canceled In 1907 prior
to Interest date April 1 1907
BALANCE SHEET DEC. 31.
1906.
1906, I1907.
1907.
$
1 LiabilitiesAssetsI Preferred stock 78,689,100
Real estate, ma'Common stock_ 40,242,400
chin'y, fixtures,
1 6% gold bonds_ 54,750,200
trademarks,pat14% gold bonds&
ents, good-will,
116,324,530 123,331,6001 remaining 4%
Arc
I gold bonds of
Leaf tobacco,
1 Consol.Co.not
manufactured
I yet exchang'd 53,556,100
stock,operat'g
supplies, &c_ 29,857,837 31,187,814 Preferred divs
1 payable Jan.2 1,180,337
Stocks in foreign
_20,748,682 21,495,085 Accrued interest 1,713,855
companies
1Commissions and
Stocks in other
companies _ _ 73,142,527 70,451,5491 allowances-.1 6,838,729
5,163,9651Advertising fdsf
9,719,259
Cash
lAccounts & bills
Bills &accounts
receivable
24,675,135 26,998,5511 pay'bie, incl.
1 amts.due cos.
1 in which stock
4,942,542
1 is held
32,554,708
ISurplus
Total
274,467,971 278,628.564 Total
-V.85, p. 1520.
78,689,100
40,242,400
55,208,350
61,052,100
1,180,337
1,845,660
6,152,955
3,703,774
30,553,888
274,467,971 278,628,564
American Cigar Co.
(Report for Fiscal Year ending Dec. 31 1907.)
Treasurer George G. Finch, March 3 1908, says:
There has been no change in the capital stock during the year, the total
amountnow outstanding being $10,000,000 preferred stock and $10,000,000
common stock. There has been no change in the 4% gold notes during the
year, the total amount now outstanding being $10,000,000.
Results of Operations for Calendar Year.
1006.
1907,
Net earnings over all charges and expenses for
$1,887,098 $2,332,370
management, &c
Amounts not necessary to be retained in provisions
350,000
of previous years for advertising, &c., funds_ _ _ _
Total
DeductDividends on preferred stock (6 %)
$1,887,098
$2,682,379
600,000
600,000
$1,287,098 $2,082,379
Net applicable to surplus
Total surplus Dec. 31 1007, $6,764,775; including $5,477,677 on hand
Dec. 31 1906.
Note.-The balance for the year 1907 applicable to surplus as above
was $1,287,098; previous surplus Dec. 31 1906 was $5,477,677, making a
total of $6,764,775.-V. 86, p. 604.
American Snuff Co.
(Report for Fiscal Year ending Dec. 31 1907.)
Treasurer E. D. Christian, March 3, writes:
This statement does not Include this company's share of the undivided
net earnings of companies in which it holds stock which they have deemed
advisable not to declare as dividends.
The increase in the item "real estate, machinery, trade marks, &c.," is
due In part to the comp etion during the year 1907 of two large factories
and the transfer to this company of assets formerly owned by two companies of which this company owned the issued stock. The transfer of
assets and the winding up of these companies make a corresponding reduction In the item "securities of other companies."
The net earnings of the company are shown after reducing book value
of good-will and deducting all charges and expenses of management.
1907.
1905.
1906.
1004.
$2,890,586
$2,633,550
$2.781,867
$2,458,419
Net earnings
$720.000
$720,000
$720,000
$720,000
Div. on pref.(6%)
1,210,187
(10)1,100,170
(10)1,100,170
(10)1,100,170
Div. on com___(11%)
$960,300
$813,380
$061,697
BALANCE SHEET DEC. 31.
1906.
1007.
1907.
$
$
Assets$
Liabilities20,950,640 13,581,284 Preferred stock_ -12,000,000
Real estate
5,078,775 3,839,186 Common stock __11,001,700
Supplies, &e
Div. on pref., Jan_
180,000
Securities of other
2,901,224 9,595,040 Div. on coin., Jan_ 330,051
companies
768,159 Res'd for adv.,&e_ 905,151
697,706
Cash
Accounts payable_ 876,508
Accounts and bills
5,174,230
839,295 1,675,607 Surplus
receivable
Surplus
30,467,640 29,459,276
Total
-V. 86, p. 605.
Total
$638,249
1906.
$
12,000,000
11,001,700
180,000
275,043
' 970,199
818,502
4,213,832
30,467,640 29,459,276
665
Havana Tobacco Co.
(Report for Fiscal Year ending Dec. 31 1907.)
The report of the Treasurer states:
There has been no change during the year In the capital stock and bonds.
The earnings of the company come chiefly from dividends on its holdings
of stocks of Henry Clay and Bock & Co., Ltd., Havana Cigar & Tobacco
Factories, Ltd., Havana Commercial Co., H. de Cabanas y Carbajal and
J. S. Murias y Ca.
Notwithstanding the fact that the factories of said manufacturing companies were closed, through labor troubles, for 5;i months, the share of
the company of the earnings for 1907 which has not been declared as
dividends and which has not been received into the treasury of this company amounts to $338,349; from this should be deducted the deficit In
the operations of the company itself, as shown bel)w, $141,251; in order
to show actual operations for the year 1907 there should also be deducted
the dividends received by this company in 1907 from operations during
previous years, amounting to $335,491, leaving a net shortage on the year's
transactions of $138,393.
RESULTS OF OPERATIONS OF CALENDAR YEAR.
1906.
1907.
The net earnings of company, incl. divs. paid to It during year, and after deducting charges & expenses In
management, are
$933,749 $128,994
Interest on 5% gold bonds
375,000
375,000
Leaving this company to secure from other sources in
$141,251
order to meet fixed charges
FINANCIAL STATEMENT DEC.31.
1907.
1906.
1907.
LiabilitiesAssetsStock in other cos_39,056,002 39.04.439 Common stock_ __30,000,000
do in foreign corp's 2,810,692 2.10,692 Preferred stock___ 5,000,000
Bills & acc'ts rec_ _ 394,650
727,944 5% gold bonds_ _ _ 7,500,000
Treas'y stock, pfd_ 296,200
296,200 Acced int. on bds.
31,250
payable June 1_
Treas'y stk., com_ 209,059
209,059
Mach'y, fixt., &c_
69,814
85,581 Accounts and bills
2,010,638
Cash
1,600
12,697
payable
Deficit
1,703,870 1,562.619
Total
44,541,888 44,748,2311
-V.86, p. 605.
Total
$246,006
1906.
30,000,000
5,000,000
7,500,000
31,250
2,216.981
44,541,888 44,748,231
Sloss-Sheffield Steel & Iron Company.
(Report for Fiscal Year ending Nov. 30, 1907)
Below are comparative fignres:
EARNINGS, EXPENSES AND CHARGES.
1904.
1906.
1905.
1907.
$975,463 $1,117,148
$303,093
$1,400,392
Profits on pig_a
Profits on coal after de185,444
85,184
61,362
41,968
ducting for depreciation
79,944
155,295
135,127
108,964
Profits on coke
loss 13,905 loss 27,027
Prop. earn. N. Ala. F.Co
8,739
loss 2,400
2,242
Ore and dolomite sales_
392
Rents, royalties, stores
157,423
182,574
154,170
and miscellaneous, &c
156,593
16,630
37,251
Interest and exchange__
29,056
1,779,673
Total
Deduct general expense
107,387
acct., tax's & licenses
$1,314,800
$1,485,282
103,957
70,203
77,730
Net profit
$1,672,286
$210,000
Bond interest
7% div'ds on preferred_
469,000
5% div'ds on common
500,000
$1,210,843
$210,000
469,000
500,000
$1,415,079
$210,000
469,000
375,000
$693,637
$210,000
469,000
Surplus for year
Surplus Nov. 30
$31,843
$2,723,322
$361,079
$2,691,479
$14,637
$2,330,399
$493,286
$3,216,608
771,367
a After deducting for depreciation on iron ore and 25 cents per ton on
Iron for extraordinary repairs and renewals.
BALANCE SHEET NOV. 30.
1907.
1906. ,
1906.
1907.
ResourcesLiabilitiesProperty account_21,629,344 21,257,965 Preferred stock___ 6,700,000 6,700,000
392,557 Common stock__ _10,000,000 10,000,000
Stocks and bonds.. 392,558
Sloss Iron & Steel
Supp. raw and fin400,146 Co. 68
2,000,000 2.000,000
ished materials_ 657.723
Sloss Iron & Steel
Stock in company's
148,088 Co. 4;4% bonds 2,000,000 2,000,000
118,790
stores
244,218 Current accounts_ 727,897
244,218
459,689
Treas. securities
Pay-rolls
77,350
99,591
Cash, bills and ac3,161,580 2,751,627
counts receiv'ble 1,399,086 1,478,852 Profit and loss
6,285
6,228
Insurance &taxes_
Extraord. repair &
renewal account 218,823
82,850
Total
24,666,827 24,010,9071
-V.85, p. 1522.
Total
24,666,827 24,010,907
Pittsburgh Coal Co.
(Report for Fiscal Year ending Dec. 31 1907.)
President M. H. Taylor, Pittsburgh, Pa., March 3, writes
in substance:
Production.-The total tonnage output handled for the year 1907, including purchases and coal used In making coke, was 19,353,494 tons of
run-of-mine coal, or a decrease of 237,706 tons from the preceding year, or
1,21%. Of this tonnage there were 579,833 tons coked, with an increase
in coke production over 1906 of 27,857 tons, or 6,49%.
Earnings.
-As a result of better prices for coal and coke, the gloss earnings increased $434,860, or 8.21 %. Net earnings were $2,958,593, an
increase of $765,825, or 34.93%. and equal to a dividend of 10.93% on the
preferred stock outstanding; the relatively larger increase In net earnings
Is due principally to a saving of interest resulting from the retirement of
$2,081,000 of first mortgage bonds and to a substantial reduction in plant
and equipment depreciation charges incident to re-valuation of plants and
equipments at Dec. 31 1906, as set forth In report for that year, and to sale
of Lake Michigan dock properties.
Working Capital.-The net working capital Dee. 311907, after large payments of funded debt, Is $4,298,190, being an increase of $2,692,043 over
the preceding year.
-Royalties reReserve for Depletion of Coal Lands-Bond Sinking Fund.
served by charge against operating expenses, being 5 cents for each ton of
run-of-mine coal taken from properties owned, amount for the year to
$725,937. The portion of this amount paid into bond sinking fund, together with proceeds received from the sale of this company's Interests in
the Milwaukee-Western Fuel Co. of Milwaukee and of the C. Reiss Coal Co.
of Sheboygan, Wis.-which was authorized at the last annual meeting-effected the retirement during the year of 32,081,000 first mortgage bonds,
at a cost of $2,221,952. The total retirement of such bonds to date is
$3,820,000, or 15.28 %'of the total Issue.
There yet remain of coal rights 193,965 acres,and, based on the royalty
payments of the past, only about 55,691 acres, or 28.71%. of the coal
owned will be required for the total extinction of the first mortgage bonds.
Balance Due on Preferred and Common Stocks Purchased to Dec. 31 1906.
Excepting loans unpaid, amounting to $45,133, for which is pledged 1,933
shares of preferred stock, all of the stock bought and owed for, referred to
in the last annual report, has been paid for, such cost during the year
having been $731,294.
-In order to acPreferred and Common Stocks Purchased During 1907.
quire the shares of stock loaned, settlements have been made during the
year, resulting In 'purchases of 1,750 shares preferred stock, 1,930 shares
common stock.
WoL. Lxxxvi.
THE CHRONICLE
666
Total Preferred and Common Stocks Purchased Dec 31 1907, and Cost (including Mc small balance unpaid which is above referred to, as of Dec. 3111)07).
No. of Shares. Total Cost.
Per Share.
38,794
Preferred stock
$2,858,018
$73 67
33,396
627,360
Common stock
18 78
72,190
$3,485,379
Total
all of which cost is constituted a charge against the working capital, since
other
means out of which payment could be made.
there have been no
Stocks Released During 11137.-Tne 7,940 shares of preferred and 5,558
shares of common stock placed In the hands of the Union Trust Co. of
Pittsburgh by the syndicate managers,and held by it as trustee as security
for the payment by tnis company of $794,000 of bonds of the Northwestern
Coal Ry. Co., without any contract as to purpose or terms, have been
adjudged by the courts to be returned to this company and this has been
done.
Stock Outstanding.- fire outstanding stock as of Dec. 31 1007 Is therefore
Preferred.
Common.
Total.
Total authorized and issued
$32,000,000 $32,000,000 $64,000.000
treasury
in
Less
$1,048,800
$555,800 $1,604,600
Less purchased for tile treasury
$3,879,400 $3,339,600 $7,219,000
BALANCE SHEET OF JAN. 31.
1908.
1907.
1907.
1908.
$
Assets$
Liabilities-$
*Plants,patents,&e. 8,531,285 8,269,290 Stock, preferred__ 3,000,000 3,000,000
475,178
308,541 stock, common___ 5,000,000 5,000,000
Cash
11,217
15,986 Accounts and bills
Notes receivable.._
Accts. receivable_ 1,768.619 2,535,568
payable
518,935 1,115,645
1,506,432 1,370.331 Balance
Supplies
3,773,796 3,384,072
Total
12,292,731 12,499,717
Total
12,292,731 12,499,717
*Alter deluding in both years $100,000 for depreciation.-V.86, p. 604.
Railway Steel Spring Co.
(Report for Fiscal Year ending Dec. 31 1907.)
1907.
$2,320,137
Net earnings
$218,633
Int. on Latrobe bonds
Dividends on pref. (7%)
944,984
1906.
$2,341,120
215,587
944,979
Balance
$1,158,520
Dividend on common__(4 %)539,990
$1,180,554 $1,005,016
(4)539,988 -(4)539,988
1905.
$1,949,994
1904.
$1 ,089,943
$944,970
$144,973
Balance outstanding Dec. 31 1907_ 27,071,800 28,104,600 55,176,400
(2)269,988
Reserve for Depreciation of Plants and Equipments -The policy of transSurplus
$465,028
$640,566
$618,530
def.$125,015
ferring from earnings to renewal fund a sum equal to 6% per annum on the
From the surplus In 1906 there was charged off $450,000 on account of
value of all the plants and equipments has been continued during the year,
$964,809 being so reserved. This reservation has been sufficient, within Latrobe plant purchase, leaving a balance of $190,566.
$4,210, to cover all expenditures made for new plants and equipments and
BALANCE SHEET DECEMBER 31.
for renewals of existing plants and equipments, expenditures 1or ordinary
1906.
1907.
1907.
1906.
maintenance and repairs being charged direct to oporations.
Assets*
$
$
Liabilities*
Coke ovens.-There were completed 390 coke ovens, making the total
30,290,638 29,627,026 Preferred stock_ _13,500,000 13,500,000
number owned 1.119. The operation of all these ovens was suspended about Plants
2,341,340 2,203,044 Common stock._ _13,500,000 13,500,000
Dec. 1, but It is expected that In the near future business conditions will Merchandise
185,409
202,159 Latrobe bonds____ 4,223,000 4,362,000
so have improved as to make it possible to then operate these ovens to their Stocks, bonds, &c_
Accts. receivable 2,348.821 1.873,451 Accts. payable ___ 1,238,915
330,434
full capacity on a profitable basis.
200,000
84,132
50,000
38,999 Bills payable
Fire Insurance.-All fire risks formerly carried by the Mutual Company Other items
264,059
312,637 Reserved for diviare now provided for by an Insurance Fund system under which are set Cash
128,417
dends, taxes. &c 147,489
aside monthly premiums. This fund Is safeguarded by carrying outside
Surplus
2,854,995 2,236,465
,
Insurance on the larger risks. The average total value of all property subject to loss was $10,943,328. Twenty-four fires occurred during the year,
Total
35,514,399 39,257,316 Total
35,514,399 34,257,316
entailing total loss of $27,872, the percentage of loss to value being 0.255 %.
Marine Insurance.-The company during the year carried all of Its -V.86, p. 606.
marine ils!is on coal shipped on the Great Lakes, the net balance of premiums saved, after provision for losses, being upwards of $20,000.
International Silver Co.
Insurable value of company's coal shipped from Lake Erie ports during the
(Statement for Fiscal Year ending Dec. 31 1907.)
year 1907, $10,636,387; losses on the same, $3,683.
The company reports as follows for the years ended Dec. 31:
RESULTS FOR YEAR ENDING DEC. 31, INCL. SUBSIDIARY CO'S.
*Production-Tons (2,000 lbs.)1006.
1907.
1905.
EARNINGS, CHARGES, ETC.
Pittsburgh district coal
18,005,382 18,175,280
14,409,931
1905.
1907.
1904.
1906.
Hocking district coal
1,348,112
1,415,920
1,371,620 Earnings for year
$933,291 $1,338,156 $1,090,033
$904,017
456,933
Pittsburgh district coke
429,076
339,490 Interest on bonds
$333,922
$330,797
$327,944
*332,593
Profits, after all expenses
$5,731,983 $5,297,123 $3,255,358 Divs. on pref. stock_ _ (7 %)460.817(4 %)263,324(4 %)263,324(4 %)263,080
$725,937
Depletion of coal lands
$743,020
$593,075
$507,246
1,104,0,4
964,809
Depre.lation of plant and equipment_
$594,121
$788,761
830,271
$595,673
Balance,surplus
$492,787
$744,035
$308,344
4144,530
$4,041,237 $3,360,009 $1,832,012
Not profits
From these surpluses the amounts 1,11i.wing have been written off for
Divalends on preferred stock
(11-6)343,273 depreciation: In 1904, $167,458' la 905, $206,285; in 1006, *205,316 (also
1,167,241
1,082,644
Int ireft on bonds
1,207,087 $400,000 from plant Investment); in 1.907, none.
Undivided profits
Su plus brought forward
Less extraordinary adjustments
Total surplus Dec. 31
$2,958,593
$4,089,210
59,001
$6,988,803
$2,192,768
$4,169,377
2,272,935
$4,089,210
$281,652
$3,887,725
$4,169,377
*Production includes sundry purchases from other producers and coal
used in manufacture of coke.
CONSOLIDATED BALANCE SHEET DEC. 31.
(Pittsburgh Coal Co. and Subsidiary Companies.)
1007.
1906.
1007.
1906.
•
LtabilltWs$
$
$
Assets$
x78,631,647 80,597,788 Preferred stock_ 32,000,000 32,000 000
Properties
Common stock_ 32,000,000 32,000.000
Treasury stock4,753,200 Stk. parch. stir_ 3,733,621
Pref. stock_ _. 4,928,203
3,489,407
203,806
Corn.stock_ _ _ 3,895,400 3,702,400 I Insurance funds.
61,252
Coal sales eonStocks & bonds
tIngent fund _
other compan73,812
7,576,458 I Undiv.earnings. 6,938,803 4,089,210
tes (cost) _ _ _ _ 8,047,830
668.104 1st mtge. bonds_ 21,180.000 23,261,090
80,507
Cash with trus'ec
Coll.bonds & int.
Pension fund in158,123
vestments
91,562 Subsidiary bds_ 1,542,792
86,243
1,975,248
871,343 Riv.Coal pf. st'k
Unadjusted acct
Deferred expen
163,693 pur. obligation 1,014,001
1,435,1)0
Merchandise _ _ . 4,198,519 3,459,2341Mtges. payable_
371,799
532,S•9
Car trust notes_
Accounts & bills
814,408
936.192
8,049,044
6,414,089'Pension fund___
receivable
44,978
91,162
Cash
1,687,570 Bills payable__ 6,081,063 6.197,786
823,446
'Accts. payable_ y2.691,836 3,756.161
108,740,913 109,985,442 Total
Total
108,740,919 109,985,492
BALANCE SHEET DEC. 31.
1907.
1907.
•
1906.
Assets$
$
Liabilities$
Plant, patents,&c.15,444,691 11.342,933 Common stock.- 9,944,700
Stock on hand__ 3,550,172 3,815,157 Preferred stock__ 6,607,500
Other investm'ts__ 4.340,966 4,283,931 1st mtge. bonds_ __ 3,579,000
1st mtge. bonds in
Debenture bonds_ 2,000,000
treasury
83,719
125,719 Holmes & Edw.
Deb. bds. In treas_
127,600
._
60,000
1st M.
Cash
bondsnotes
588,309
603,460 Ace'ts and
Meta and notes
957,018
payable
receivable
98,747
2,293,615 2,326,741 Dividends
Inventory reserve_
3,046.907
Surplus
Total
26,361,472 26,497,0431
-V. 86, p. 605.
Total
1906.
9,944,700
6,607,500
3,639,000
2,000,000
127,600
1,087,119
65,831
123,816
2,902,377
26,361,472 26,497,943
Quaker Oats Company, Chicago.
(Report for Fiscal Year ending Dec. 31 1907.)
President H. P. Crowell, under date of Chicago, Feb. 14
1908,says;
General Results.-The year 1907 was filled with difficulties from the
milling as well as the opeatting point of view, and yet our volume of business, not only as to total sales, but also as to advertised brands, was larger
than that of any previous year, while the balance sheet shows that there
oas been earned a profit of $1,365,166. This is $81,776 more than was
secured in 1906, wnen the earnings made, and the volume of business
done, were the largest in our history up to that time. When our grain
department was asked to select from the light-weight, low-grade crop,
sufficiently cuoice to make Quaker Oats quality cereals, the task
x Properties owned Dec. 311907. consisting of coal lands, mine plants and equip- grain
been for the skill and vigilance
ments, coke plants, railways, railway cars, docks on Great Lakes, &c., &c., were would tiave been insurmountable bad it not through
with the crop of 1907,
Coal lands and real estate, less allowance for depletion of coal lands, $62,073,914 of our faithful force. We are now half way
solved.
tills
been
to
extent
and
have
all
problems
plants and equipments, less allowance for depreciation, $15,872,431; advance
Products.-Many people think we manufacture only Quaker Oats. As a
royalties, $685,302.
manufacturers of feed for horses, cows.
I/ Certain construction and purchase of lands and equipments authorized but not matter of fact we are the largest
The same is true in respect
completed will require $440,020, on account of which the re-Investment fund of calves, cattle, hogs and poultry in the world.
to pearl barley, also oatmeais of all descriptions, Independently of our
$70,370 is available.-V.86. p. 606, 424.
Quaker Oats. We are among the largest manufacturers of rye flours,
hominy, grits, cornmeals, corn flours-from both white and yellow cornAmerican Radiator Co., Chicago.
in the United States, and therefore, in the world. We make large quantities of flour, whole wheat and graham flours and farinas; also a great variety
(Report for Fiscal Year ending Jan. 31 1908.)
of specialty foods, such as cracked and rolled wheat. Saxon wheat food,
Pettijohn, Apitezo, &c., and finally and over all our Quaker family food
President Clarence M. Woolley, March 4 1908, writes in group-Quaker
Oats, Quaker puffed rice, Quaker wheat berries, Quaker
toasted
corn flakes and Quaker white and yellow cornmeal. These cereal
-part:
products were entered at the Jamestown Exposition anti we had the satisGeneral Results.-Unusual prosperity prevailed throughout the first nine faction of obtaining the gold medal on each.
months-the sales and profits were increased. The last three months,
Plants.-During the year the mill we have been building at Battle Creek.
however, did not keep pace with the earlier months. The results for the Mich., was finished, and is now in perfect running order. We have
entire year were gratifying, the net profits being the largest in our history. considerably inrceased the capacity of the Cedar Rapids plant. All ofalso
our
The company passed through the panic of 1907 without stress or strain, mills are equipped with the most modern machinery and manned by
a
and emerged therefrom with cash on hand approximately equal to Its lia- capable force. The cost of all ordinary repairs and depreciation of machinbilities. The inventories of raw materials and manufactured products were ery has been taken out of our profit and loss account, and In addition we
adjusted at the end of the year on the basis of actual market values, by the have set aside $151,411 for extraordinary repairs and depreciation.
utilization of funds reserved for that purpose.
Dividends, &c.-We have declared dividends on the preferred stock at
The company has steadily enlarged its producing capacity,and,following the rate of 6% per annum, payable 1 ;•i % quarterly on
the number of
vonservative price policies, the business has gradually increased until the shares issued, amounting
to $511,974, and on the common stock at the rate
volume annually transacted exceeds Its capitalizaton.
of 8% per annum, payable 2% quarterly, amounting to $357,136, or a total
Foreign Subsidiaries.-The growth of the European companies continues of $869,110.
-at a gratifying rate. Each has transacted a larger volume of business than
The financial flurry and the general slowing down of business has not
during the preceding year, accompanied by a corresponding increase in affected us perceptibly. When people are forced to economize
and count
earnings. The profits realized by these companies have been utilized for the dollars and pennies, they naturally turn to cereals,
which are always
capital.
This
working
'increase in producing capacity and
has rendered It relatively the
and most nutritious of foods. Our foreign trade
advisable not to declare dividends, and their profits, therefore, have not has more than cheapest
expectations, and is In an extremely healthy condimet
our
been included in the balance sheets of this company.
tion; our specialites in the United States and Canada are meeting with an
The plant in England Is thoroughly organized and In successful operation.
popularity. Consequently we look forward with cheerfulThe plant In Germany produced a larger volume of product than ever before ever-Increasing
and hope to a generous volume of business during the coming year.
and the outlook for continued growth is favorable. The first plant con- ness
Profit and Loss Account for Calendar Year.
•structed in France was outgrown by the increased demands placed upon it,
necessitating the building of a new and larger plant, which will be In oper1907.
1905.
1906.
tIon In the near future.
Profits for year
$1,365,166 $1,283,389 $1,119,572
Interest on bonds of Ant. Cereal Co.
RESULTS FOR YEARS ENDING JAN. 31.
(paid off June 11006)
$98,000
$40,000
Dividend on preferred,6%
1905.
1906.
445,032
1907.
1571,263t
1904
511,974
$833,917
$864,281
Net profits
$899,724
357,136
$703,930 Dividend on common (8%)
I
$210,000
$210,000
$210,000
7% div. on pref. stock_
$210,000 Construction expenditure
29,488
Div. on com. stock__ __(6 %)300.000(4 %)200.000(4 %)196,013 (1 %)48,930 Depreciation
151,412
tr' Balance, surplus
$389,724
$454,281
$427,904
$445,000
Surplus for year
$344,644
$642,638
$578,540
THE CHRONICLE
iVIAR. 1-k 1908.]
BALANCE SHEET DEC. 31.
1906. !
1907.
Assets10.729,128 10,551,081 Preferred stock_
Plants, &c
716,524 Common stock__
723,033
Stocks of sub cos
479,900 Bonds issued ____
Treasury stock. _ _ 479,900
526,028 Due to sub. cos___
Due from sub. cos_ 610,648
1,312,749 1,024,877 Bills payable
Grain
Manufactured g'ds 1,233.292
999,833 Accounts payable_
957,037 Reserves
Mat'is & supplies_ 908,543
Bills & acc'ts ree__ 1,985,213 1,708.153 Surplus
81,010
226,289
Cash
1907.
1906.
Earnings for Fiscal
1906-07,
$237,245
114,747
Railway earnings
Lighting earnings
667
Years ending June 30.
1905-06. 1904-05. 1903-04. 1002-03.
$230,501 1211,766 $196,437 $177,181
80,605
87,557
106,516
92,884
9,000,000 9.000,000
4,500,000 4,500,000
Total gross earnings_ - - _ $351,992 $337,017 $304,650 $283,994 1257,786
None.
74,531
89,047 Net earnings
1,985,000
$112,223 $96,711 $90,100 $107,847 $102,147
1,220,000 Bond interest
$87,500 $69,166 $60,000 $60,000 $103,333
309,682 Taxes
323,732
20,109
18.400
16,660
17,431
16,834
323.643 Int. on current liabilities_
378,817
3,200
983
6,206
7,291
4,715
1,946,715 1,602,071
Total
$108,597 $92,803 $85,691 $81,549 $123,193
Net income
$3,626
$3,908
$4,409 $26,298d1321,04&
18,208,795 17,044,443 Total
Total
Balance Sheet Dec. 31 1007.
18,208,795 17.044.443
-V. 86, p. 424.
Assets ($3,907,322)$
Moat/Wes (83,907,322)$
Cost of read & property _3,546,212 Preferred stock
1,000,000
E.I. du Pont de Nemours Powder Co.(of N.J.), Wilmington, Construction (16.940) and
Common stock
'
750,000
equipment ($11 ,366)__ __
18,306 First mortgage bonds
2,000,000
Del.
First mtge. bends In hands
Accounts payable
32,866
of Treasurer
100,000 Foreign'cads (traffic bal.) _
(Report for Fiscal Year ending Dec. 31 1907.)
1,327
First mtge. bonds unissued_ 150,000 Gas and electric deposit acCash
company
makes the following report:
5,971
The
count
478
Accounts reeelvatle, &c.. 22,503 Bills payable
51,000
The authorized common stock was incteased to $30,000,000 from $25,- Supplies en
34,691!Interest accrued, not yet
hand
000,000 in November 1906 and stockholders offered the right to subscribe Prepaid insurance, &c
4,057
clue_
29,875
at par for $952,320 new common, payable 40% Nov. 1 and 20% Dec. 15 Suspense accounts
25,582 Surplus account (June 3u)...
41,780
1906, 20% March 15 and 20% June 15 1907.
In September 1907 the stockholders were offered the right to subscribe
The interests which control the company are proposing to
at par for $2,500,000 new common, payable 40% Nov. 11907,60% Nov. 1 build a 22-mile
extension from Nassau to the State line,under
1908, the entire issue being underwritten by a syndicate.
Regular quarterly dividends have been paid on the preferred stock since the title of Troy Albany & Pittsfield Street Ry., as part of
Aug. 11903. Dividends on common stock have been paid as follows: 34% a through route
between Albany and Pittsfield, Mass.Dec. 15 1904 and March 15 1905; 1% June 15, Sept. 15 and Dec.15 1905:
1 % March 15 and June 15 1906; 1 4% quarterly since.
V. 82, p. 803.
The funded debt consists of $12,067,000 debenture gold 43s, dated June
Bituminous Coal Roads.-Convention of Mine Workers.1 1906, due June 1 1938; interest June and Dec. 1 at Guaranty Trust Co.,
New York, trustee. Authorized, $16,000,000, of which $9,210,000 weie The National Convention of the United Mine Workers of
used to retire part of preferred stock and $2,857,000 to retire bends of conAmerica met in Indianapolis on March 12 to adopt a policy
trolled companies. Redeemable at any time at 110.
The directors (and officers) are: T. C. du Pont, President; H. M. Barks- in view of the failure of the operators and miners of the cendale, Alfred I. du Pont, Victor du Pont Jr., J. A. Haskell, A. J. Moxham, tral
competitive field, consisting of Illinois, Indiana, Ohio
Charles L. Patterson, Vice-Presidents; Alexis I. du Pont, Secretary; Pierre
S. du Pont, Treasurer; F. L. Connable, Eugene E. du Pont, Francis I. du and Western Pennsylvania, to agree upon a joint wage conPont, H. F. du Pont, Irenee du Pont, J. H. P. Reilly.
ference to fix a scale in place of the present one, which
INCOME ACCOUNT, YEARS ENDED DEC. 31-E. I. du PONT de NEMOURS expires April 1. It has been customary to base the
wage
POWDER CO. WITH SUBSIDIARY COMPANIES.
scales of the bituminous fields generally on the scale fixed
1903.
for the central competitive field. President John Mitchell is
1904.
(5 mos.)
1905.
1906.
1907.
$
$
$
8
$
quoted as saying:
Gross receipts
31,661,038 30,751,726 27,055,381 26,103,869 10,712,419
We have stated our willingness to keep the mines In cperaticn after
Net earnings
3,929,508 5,332,802 5,063,612 4,438,701 2,277,003 April
1 for a limited time, provided a wage settlement Is under negotiaDeductions-tion
on April 1, but the cperators, with some exceptions, notably the InExtr'y adjustments and
diana operators, have refused our requests for a joint wage conference
profit and loss on sale of
real est., secur's. &c__ _ 387,816
66,110 *cr.97,259 *cr.109,939 *cr.290,465 and have persisted In postponements and delays. The miners' convention
Int. on outsVg bonds_ __ _ 676,427
266,670
535,819
307,245
106,500 Is convened to adept our Tylley.-V. 82, p. 1436.
Pref. stock dividends__ _ _
989,236 1,136,801
988,716
735,637
214,498
Boston & Maine RR.-Temporary Reduction Desired.Common stock dividends_ 1,741,392 1,533,825
112,081
821,390
President Tuttle has asked the conductors, trainmen and,
Int. adjust. & diva. on
subsidiary co. stocks *cr.68,006
42,288
194,958
123,885 firemen to consent to a temporary 5% wage reduction,to con240,145
Total net deductions 3,473,266 3,365,136 2,169,890 1,493,061
154,418
Surplus carried forward
456,242 1,967,666 2,893,722 2,945,640 2,122,585
Accumulated sur.to date_10,385,856 9,929,613 7,961,947 5,068,225 2,122,585
* Indicates credits to profit and loss.
CONSOLIDATED NET EARNINGS OF ALL SUBSIDIARY CORPORATIONS:
1901.
1902.
1900.
1899.
1903. '
1898.
$4,454,723 $3,652,718 13.458,854 $3,038,303 82,788,676 $2,308,153
COMPARATIVE BALANCE SHEET, JAN. 1-E. I. du PONT de NEMOURS
POWDER CO. AND SUBSIDIARY COMPANIES.
1905.
1906.
1904.
1907.
1908.
$
Assets$
$
$
$
Cash, acc'ts receiv., materials & finished prod't 18,298,800 15,453,946 14,636,812 13,893,309 13,508.259
Investment securities-- 4,829,023 5,807.462 4,815,943 5,720,559 4,305,365
Real estate
939,479
669,900
979,866
851,688
865,001
Permanent invest. In manufacturing
46,876,110 44,503,731 41,551,596 39,671,856 38,482,529
Total assets-
70,808,933 66,616,827 61,984,217 59,955,624 57,235,632
Acets & bills payable_ _ _ _ 4,921,760
Misc, deferred liabilities__
152,930
Funded debt
14,432.000
Pref.stk.(5% cum.)Iss'd 14,670,351
x77,651
do .do held in resi've_
Common stock issued_ _ _ _25,771,010
x61,914
do do held in res've_
Reserve fund, works acci395,461
dent. &c
10,385,856
Profit and loss
Total liabilities
1,790,876
199,768
14,274,000
14,866.142
x125,180
24,962,527
x118,341
860,451
199,769
4,517,000
23,163,158
x1,067,194
23,098,047
x1,053,824
1,382,732
3,194
4,961,000
22.481,820
x1,799,198
22,477,671
x1,395,707
1,734,412
43,845
5,088,400
17,038,660
x7,242.358
13.925,310
x9,948,067
350,380
62,827
386,077
91,995
9,929,613 7,961,947 5,068,225 2,122,585
70,868,933 66,616,827 61,984,217 59,055,624 57,235,632
x The consolidated balance sheet, as given above, assumes that all shares of the
subsidiary companies are owned by E. I. du Pont de Nemours Powder Co. and the
preferred and common stock shown as "held in reserve" on the balance sheet represents the estimated value of the few remaining shares not actually owned.
Note.-The foregoing statements differ slightly from those previously
published In several particulars, chiefly the following:
(a) 'rhe net earnings heretofore reported were declared after taking out
extraordinary adjustments and adding an amount sufficient to pay dlvi
dends on stock reserved to take up outstanding shares of subsidiary companies. The earnings as now rep ,rted are before taking up the extraordinary adjustments, &c., and no allowance is made for paying dividends on
the stock held In reserve.
(6) Formerly the dividend charges included an amount sufficient to pay
dividends on preferred and common stock reserved to take up outstanding
shares of subsidiary companies, which Is not the case in this report.-V.85,
p. 923.
GENERAL INVESTMENT NEWS.
RAILROADS,INCLUDING STREET ROADS.
Albany & Hudson (Electric) RR.-Proposition to Fund
Coupons.-By circular dated New York Feb. 10 the bondholders are requested to surrender their coupons due March 1
and Sept. 1 in 1908 and 1909 in exchange for negotiable certificates convertible into first mortgage bondp in amounts of
$1,000 on the basis of 8734%, or for each $875 of coupons
there will be exchanged a $1,000 bond. The circular says:
The company has outstanding $1,750,000 first mortgage 5% gold bonds
out of a total authorized issue of $2,000,000; $100,000 bonds is held In the
treasury, having been issued for betterments and improvements made to
the property; $50,000 representing moneys borrowed and about the same
sum earnings expended. The company may, with the consent of the
Public Service Commission, issue the remaining $150,000.
The cequirements of the company make it necessary and desirable to
expend further amounts In order to increase its earning power. The directors, therefore, recommend the acceptance of the above plan. A large
number of bondholders have consented to this plan and upon its acceptance
by not less than two-thirds of the total amount outstanding, the plan will be
declared operative and provisfrn will be made to deposit $300,000 of the
tr easury bonds with the Trust Company of America for exchange.
tinue only until July 1. This would save the company $50,000 monthly on its pay-roll during the period named.-V.86,
p. 479, 336.
Carolina Olinchfield & Ohio RR.-New Name.-See South
& Western RR. below.
Central California Traction Co.-Assessment on Stock.-An
assessment of $5 a share was recently called for payment
"delinquent" Feb. 21.
The receiver of the California Safe Deposit & Trust Co. was authorized
by the Court to pay the assessment on 3,050 shares held as collateral for
notes.-V. 84, p. 867.
Central of Georgia Ry.-Purchased in Interest of Illinois
Central RR.-In June last year the entire $5,000,000 capital
stock of this company was purchased by Oakleigh Thorne
and Marsden J. Perry from the Richmond Terminal reorganization committee. From an announcement made this
week by the Georgia Railroad Commission it appears that
the purchase was really made by E. H. Harriman, and that
it is proposed to turn over the property to the Illinois Central
RR. These facts were made known to the Commission by
Mr. Harriman three months ago, but owing to the contest,
settled last week, respecting the control of the Illinois Central,
Mr. Harriman requested that the aforesaid fact, for the time
being, be withheld from the public. The Illinois Central and
the Central of Georgia connect at Birmingham, Ala. and the
acquisition of the latter gives the former an outlet to the
Atlantic at Savannah, Ga.-V. 86, p. 419.
Central Railroad of New Jersey.-Decision Upholding New
Jersey Tax on Stored Coal.-The Court of Errors and Appeals
on March 12, in a test case made in the interest of a number
of coal companies, sustained the tax imposed by the assessors
for local purposes on about 100,000 tons of coal stored by
the Lehigh & Wilkes-Barre Coal Co. at Junction, about 20
miles from the Pennsylvania State line.
The company claimed that the coal store(' was in transit and that the
storage was merely an incident of Inter-State transportation from the
mines to tidewater and thus the coal was not taxable locally. The opinion
by Judge Dill holds that the fact is clear that the purpose of the storage plant
was more for the control of the output for the convenience of the coal
company In the economical distribution of its product than to facilitate
transportation to an,ther State.
The local tax In addition to that paid on the Pennsylvania properties
would be a serious drawback to the further maintenance of the large ccal
depots In New Jersey, which are important to the coal companies in controllims the situation at tidewater and also In times of strike at the mines.
-V. 85, p. 785.
Charleston & Summerville Electric Ry., South Carolina.Reorganization Plan Endorsed.-The committee consisting of
James M. Seignious, Chairman; Wilson G. Harvey, James
Allan Jr., R. B. Gilchrist and A. C. Kaufman,appointed at a
meeting of business men held in Charleston, S. C.,on Feb. 12,
has unanimously approved the plan for the completion of
this road. Their report shows:
Total estimated cost of the main line from Charleston to Summerville,
1600,000. To provide this amount subscriptions are being secured from
local and other Interests for an Issue of about $600,000 bonds. Existing
claims, It Is thought, can mostly be taken up with preferred stock at par
Total amount heretofore expended apparently $90,020, kr which $204,000
in bonds of the company are pledged as collateral security. It is estimated the road will earn from 3150,000 to $173,000 annually.-V. 80,
p. 2457; V. 85, p. 1645.
Chicago & Alton RR.-Inter-State Commerce Committee
Refuses Application.-The Inter-State Commerce Commission
668
THE CHRONICLE
Lxxxvi.
last month refused the application of John B. Manning, the restraining the payment of the dividend declared payable
owner of some stock in the Louisiana & Missouri River RR., on Monday next.
These parties are represented by the counsel who some weeks since adto direct the Chicago & Alton to render a statement of the
dressed a letter to the Public Service Commission (V. 86, p. 285) and yesearnings and expenses Of the Missouri company.
terday renuested the Public Service Commission to intervene in the suit.
The complainant requests that the Alton Company keep a separate set of
accounts. The opinion by Commissioner Knapp holds that the powers
conferred on the Commission are not intended to be exercised for the purpose of ascertaining whether an individual has been wronged by such
transactions as those In question In the case, and that the Investigation desired is not required by considerations of public interest or the proper discharge of public duties, and should therefore be refused.—V.86. p. 545, 167.
Chicago City Ry—Bonds Offered.—E. H., Rollins & Sons
of Boston Chicago, Denver and San Francisco are offering
at 95Y?, and interest $500,000 first mortgage 5% gold bonds.
Total amount of bonds issued, $13,000,000, of which $1,000,000 in the treasury. Compare V. 86, p. 545, 475.
Chicago Great Western Ry.—Debenture Stockholders' Committee.—At a meeting of some of the largest debenture stockholders, which -took place in London on Feb. 26, it was decided that a separate committee should be appointed to
protect the interests of the debenture stock. The following
committee has been selected and has consented to act provided it is requested to do so by owners of a large proportion
of the stock held in England:
Chicago & Milwaukee Electric RR.—Receivers' Certificates
to Be Issued.—The receivers on March 5 applied to Judge
Grosscup for permission to issue not exceeding $1,000,000 of
receivers certificates on the Wisconsin division to complete
the road into Milwaukee. In order to facilitate the move,
Judge Grosscup has issued an order permitting the deposit
of bonds on the Wisconsin division, now held as collateral,
under the bondholders' agreement covering that division
(see below), and holders of a majority of the bonds-have authorized the committee to consent to the issue of the receiver's certificates.
Protective Committees.—The following committee has been
formed to revesent the holders of the Wisconsin division
bonds.
John B. Clarke and C. B. Shedd of Chicag and Z. A. Lash, A. J. S,mer•
Cassels of Toront), Canada. The Chicag) Title & Trust
ville and
Co. and National Trust Ca. of Toronto will act as dep3SItarieS.
A committee headed by F. J. Lisman, now being formed,
will represent a majority of the $4,000,000 Illinois 'division
5s of 1922.—V. 86, p. 336, 284.
Robert Fleming, Chairman: Stanley Boulter, Walter Cunliffe, Chairman
of the London Finance Committee and a director In the Bank of England;
L. B. Schlesinger, of A. Keyser & Co., and Henry A. Vernet, of the banking
firm of Robert Mensou & Co.—V. 36, p. 601, 335.
Chicago St. Paul Minneapolis & Omaha Ry.—Bonds
Offered.—Moffat & White offer at 127 and interest the unsold portion of $1,000,000 of consolidated 6% mortgage
bonds;, making the total* amount of consols outstanding
$19,705,000, of which $3,265,000 are 3s and the rest 6s.
The New York Stock Exchange has been requestA to list $3,265,000
additional bonds of the Issue, bringing the amount listed up to the total
outstanding as above.—V. 85, p. 1513
Colorado & Southern Ry:—Results for Calendar Year.—
In connection with. the announcement of the regular semiannual dividends of 2% on the $8,500,000 each of first and
second preferred stock, the following is given ,out:
Results for Year Eliding Dec. 31 1907.
Income of the Colo. & Southern By. Co. applicable to interest$2,735,328
3764,063
Interest on first mortgage bonds_
Interest on "refund. & exten. mortgage"bonds charge428,106
able to Income
41,745
Interest on equipment obligations
49,038 1,282,952
Interest on other cbligatIon
- 31 A52,376
Surplus for calendar year
Add.—Company's equity In the net Income of Cin. Springs &
Cripple Creek District By. (after payment of dividend 5% on
pref.) Ft. Worth & Denver City By. Co. and Wichita Valley
913,552
By. Co. for catendar year
32,365,928
Total
Dividends on $8,500,000 1st preferred stcck- - -(4%)$340,000
Dividend on $8,500,000 2d preferred steel( ______(4%) 340,000 680,000
Surplus over dividends
—V. 36, p. 420, 223.
$1685928
Concord & Montreal RR.—Company to Sell Stock at Auction.—The company advertises for sale at public auction, in
Boston, by R. L. Day & Co., auctioneers, at No. 4 Liberty
Square, on March 18 at 11:30 o'clock, 1,600 shares of capital
stock of $100 each, being additional shares authorized by
votes of the stockholders.—V. 85, P. 921.
Cumberland Corporation.—New Note Issue.—This company, which in 1906 pledged its stock ownership of the
South & Western Railroad, the Clinchfield Corporation,
etc., to secure an issue of $15,000,000 6-year 5% notes
(V. 83, p. 155), has recently issued $3,000,000 one-year
6% notes secured by pledge of the bonds of the three constituent railroads of the South & Western RR. Co. The
new notes will mature in February 1909, but are subject
to call on the first of any month on ten days' notice. See
South Sr. Western RR. below.—V. 83, p. 155. .
Dayton & Xenia Transit Co.—Receivership.—Judge
Thompson in the United States Court at Cincinnati on March
12, upon the application of the Worcester (Mass.) Trust Co.,
as receiver under the $300,000 second mortgage, appointed
the President Qf the road, C. J. Ferneding, as receiver for the
company. The interest due in 1906 and 1907 on the second
mortgage 58, it is stated, is in default.—V. 78, p. 820.
Delaware & Hudson Co.—Further Suits to Enjoin Dividend.—Judge Ray in the United States Circuit Court at
Norwich, N.,Y., on application of two non-resident debenture holders, issued an order returnable to-day temporarily
Hymans & Zoon of Amsterdam, 'Holland, named as one of the complainants, publicly dIs7arn connection with the suit.
rI An order to show cause why an injunction should not be
granted obtained by other debenture holders from Judge
Holt in the United States Circuit Court in this city was
returnable yesterday. Judge Holt refused to grant a restraining order. See also V..86, p. 546, 337.
Injunction Denied by State Court.—Justice O'Gorman in
the Supreme Court in this city on Thursday denied the application of three holders of securities to prevent the payment
of the dividend.
The Court says there Is no necessity for an injunction and that if the
plaintiffs' claim is well founded their interest can be protected by final
Judgmtnt after a trial on the merits, sin e the company is solvent. Compare V. 86, p. 546, 337.
Exeter Hampton 80,Amesbury Street Ry.—Sold.--At the
receivers' sale in Hampton, N. H., on March 10 the property
was bid in for $250,000 by Charles H. Penny of Hartford,
Conn., representing the bondholders' committee.—V. 86,
p. 420.
Fitchburg RR.—New Bonds.—The shareholders will vote
March 18 (1) upon rescinding the action taken at the annual
meeting in 1907 authorizing $2,900,000 bonds for refunding
bonds maturing May 1 1908 and for other purposes, as some
of these purposes have already been provided for, wholly or
in part, by the issue of one-year obligations to the amount
of $500,000; and (2) on authorizing an issue of $2,400,000
bonds to provide for refunding $2,000,000 bonds maturing
May 1, and also to provide for cost of construction of second
track from Johnsonville to Troy, N. Y., and for other permanent additions and .improvements.—V. 86, p. 228.
Great Northern Ry.—Maturing Bonds—Option of Exchange.—Holders of the $4,700,000 Eastern Railway Co. of
Minnesota first mortgage 5% bonds maturing April 1 1908
are notified that the bonds will be redeemed at maturity at
the office of the Great Northern Ry. Co., New York, or at
the office of Lee, Higginson & Co.,Boston; or, at the option
of holders, may be exchanged for Northern Division first
mortgage 4% bonds of the Eastern Ry. Co. of Minnesota,
dated 1898 (compare V. 66, p. 471). To holders making this
exchange a payment of $20 per $1,000 bond 'ill be made.
86,
This privilege is subject to withdrawal after April
p. 602, 480.
Illinois Central RR.—Acquisition in Company's Interest.—
See Central of Georgia Railway above.—V. 86, p. 602, 547.
Illinois Tunnel Co., Chicago.—New Mortgage Trustee.—
Judge Walker at Chicago on March 7 appointed the Central
Trust Co. of Illinois trustee under the deed of trust made
in 1903 to secure a bond issue of 830,000,000.—V. 85, p.1082.
Indianapolis & Cincinnati Traction Co.—Reorganization
Agreenzent.—A reorganization agreement is being sent to
the stockholders and bondholders for their signatures. The
"Indianapolis News" of March 5 says:
The agreement provides that each subscriber thereto shall, on or before
April 30, transfer to trustees their stocks and bonds, to be controlled or disposed of by the trustees in accordance with the agreement. If the owners
of all the capital stock and all of the bonds outstanding transfer their stock
and bonds in this manner the trustees will have the receivership closed up,
the indebtedness paid and raise money for the extension of the road from
Connersville to Hamilton, 0. To raise money for these purposes the
trustees would be empowered to sell all or part of the bonds turned In.
In the event all of the owners of the capital stock and bonds do not turn
over their stock and bonds to the trustees, the trustees are authorized to
take such steps as they may deem proper to close out the receivership by
a sale of the property at a judicial sale and to become the purchasers on
behalf of the subscribers.
The agreement was approved at a recent meeting of the stockholders
and bondholders at which more than three-fourths of the capital stock and
bonds were represented.
The trustees named In the agreement are Theodore F. Rose and George
A. Ball of Muncie; Winfield T. Durbin of Anderson: John J. Appel of Indianapolis, and Claude Cambern of Rushville.—V. 85, p. 221.
Interborough Rapid Transit 0o.—See "AnnualReports."
Tunnel to Long Island City.—See New York & Long Island
RR.below and compare V.86, p. 603.
Kansas City Mexico & Orient Railway.—New Subsidy.—
The company was recently granted a subsidy of $200,000
by the State of Sinaloa, in addition to the subsidies heretofore granted by the Mexican Government and the State
of Chihuahua.—V. 86, p. 480, 421.
Lake Shore Electric Ry., Cleveland.—Bonds Offered.—
Chas. D. Barney & Co., New York and Philadelphia, and
the Guaranty Trust Co., New York and London, E. C. are
offering at 87 and accrued interest, yielding slightly over'
6%,
a block of general mortgage 5% gold bonds dated Feb. 1
1903 and due Feb. 1 1933. Authorized, $7,000,000; issued,
$2,160,000. Compare V. 86, p. 418, 285.
Massachusetts Electric Companies.—Subsidiary Companies to Authorize Preferred Stock.—The shareholders of the
Boston & Northern and the Old Colony Street Railway companies will meet on March 17 to authorize preferred stock
issues of not exceeding $1,250,000 and $750,000 respectively.
This new class of stock is t) have full voting pr,wer, to be entitled to 6%
cumulative dividends and to be subject to call for payment at 120. It is
th night that under present conditions such preferred shares should be an
espe•laily good means for obtaining funds to retire floating debt.—V. 85,
p.
B
1 6ilopolitan
t
Securities Co., New York.—New Suit.—See
Metropolitan Street Ry. above.—V. 86, p. 286.
Metropolitan Street Ry.—Application to Issue Receivers'
Certificates.—Receivers Joline and Robinson on March 7 filed
MAR. 14 1908.1
THE CHRONICLE
a petition to the United States Circuit Court for permission
to issue $3,500,000 receivers' certificates required to make
necessary improvements to the road-beds, rolling stock and
other property of the company, and to provide adequate
insurance and get sufficient additional equipment to give
the service which they and the Public Service Commission
consider desirable. The bonds, it is suggested, are to be
made superior in lien to the $16,604,000 refunding 4s and
$12,500,000 general collateral trust 5% bonds. A hearing
will take place on March 19.
Exclusive of the amount required to rebuild the car barns at 96th and 97th
streets, which were destroyed by fire on Feb. 29 (V. 86, p. 603), and to
substitute new cars for the 334 destroyed or made useless therein, estimated to cost at least $1,000,000, the receivers state that they need $2,589,487 for the following purposes:
$900,000
For the reconstruction of rolling stock
400,000
Rehabilitation of tracks, paving, &c
Payment for transformation of tracks on First Ave. line between
277,305
59th and 125th streets from horse road to underground trolley
Completion of car barns and repair shops at 146th St. and Lenox
174,463
Ave., in excess of insurance from fire of April 1907
New cars to replace those of Central Crosstown line destroyed by
:27
449
0
fire in excess of insurance
and fire-protective apparatus
Installation of sprinkler systems
due0
5
30
37
In their statement to the Court the receivers say:
Our fixed charges to the first of July proximo aggregate $1,354,625. In
our judgment, It Is advisable that all of these fixed charges should be paid
as they accrue. So far as we can now determine,it Is inadvisable to default
on any of them, because the revenue derived from the operation of the
various lines seems sufficient to meet such charges. In other words, the
lines are fully self-supporting, and It seems advisable under these circumstances,from our standpoint, to keep the present operating system intact.
Suit.—The receivers on March 8 filed a complaint in a
suit against the Metropolitan Securities Co. to recover
$4,964,000 claimed to be the remainder due under the agreement of May 22 1907.
Under the agreement the New York City fly. was to lend the•Metropelltan Street Ry. $8,000,000 for various expenditures necessary for change
in motive power and other purposes, this sum to be furnished on reasonable
notice any time before Jan. 1 1909. The Metropolitan Street Ry. was to
Issue 3% improvement notes to the amount of $8,000,000, secured by
notes of its subsidiary companies, and to turn these over to the Metropolitan Securities Co., the latter to furnish the New York City By. such
sums as it might need to carry out its contract. The complaint says that
$3,036,000 was furnished, suit being brought for the remainder with
Interest from Sept. 24 1907 and costs.—V. 86, p. 603, 548.
New York Central & Hudson River RR.—Results from
Electrification.—The Journal of the American Society of
Civil Engineers, Feb. 1908, Vol. XXXIV,No. 2, pages 68-98,
contains a paper by W. J. Wilgus on "The Electrification of
the Suburban Zone in the Vicinity of New York City,"
which is to be presented before the Society on March 18.—
V. 86, p. 286..
New York''City Ry.—Suit—Receiver's Certificates.—See
Metropolitan Street Ry. above.—V. 86, p. 338, 286.
New York & Long Island RR.—Offer to Sell to City.—
The company, following a series of conferences recently
Sent to the Public Service Commission (First District) a
letter, published at length in the daily papers yesterday,
in which it offered to sell to the city all the tunnel railroad
and rights of the company and its successors at actual cost
to the Interborough Rapid Transit Co. for construction,
real estate necessary for rights of way, interest charges, &c.,
say $7,239,476.
Payment would be accepted In 4% bonds of the city taken at par. It Is
suggested that an operating contract be made with the New York & Queens
County Ry. to operate the tunnel for 25 years,in connection with its system
of surface railways In Queens, upon the following terms:
The expenses of operation to be fixed at an arbitrary sum to represent
estimated cost, of which one-half to be paid by the city and one-half by
the company. A single fare of 5 cents to be charged between 42d St. and
4th Ave., Manhattan, and any point on the line of the N. Y. & Queens
C. Ry.
All local fares collected at the stations In Queens County to be paid to the
city until it shall have been reimbursed all amounts advanced by It for
,operating expenses and all interest on the city bonds Issued In payment
for the tunnel, and a sinking fund of 1 % per annum on such bonds, including all arrears of such interest and sinking fund, after which all local
fares are to be divided equally between the city and N. Y & Queens Co.
By. All through fares to be retained by the, operating company.
Comnare V. 85, p. 1518, 1339, 864.
(The counsel to the Public Service Commission on March 10 rendered an
opinion holding that the decision on the proposition to purchase is, in the
first Instance, one for the city authorities having to do with the expenditure
of public money. This would make It necessary to apply to the Board of
Estimate.—Ed.)—V. 85, p. 1518.
Pennsylvania RR.—Purchase Authorized.—At the annual
meeting on March 10 the shareholders duly approved the
proposition to purchase the property and franchises of the
following subsidiary corporations: .The Bald Eagle Valley
RR., the Southwest Connecting Ry. and the Junction RR.
—V. 86, P. 607, 598.
St. Charles & St. Louis County Bridge Co.—Sold.--At the
foreclosure sale in Clayton, Mo., on Feb. 29, under decree of
foreblosure entered a month ago by Judge McElhinney of
Clayton, the property was bid in for $300,000 by L. S.
Mitchell and Joseph E. Otis, representing the bondholders. The Commonwealth Trust Co. of St. Louis was
mortgage trustee. The bonds ($400,000) were issued in
1904 but no interest was ever paid. Compare V. 78,
p. 703; V. 84, p. 997.
The cost of the bridge structure was greatly in excess of the amount
anticipated, necessitating a fl utting debt which has required the net earnings of the brilge to discharge. The cost of the bridge to the company
was about 340.000 more than was expected, and besides this the controetors claimed to have lost 850,000 on the job. The plan of reorganization has as yet not been completed.—V. 84, p. 957,
Seaboard Air Line Ry.—Dissolution of Voting Trust.—
Notices were sent out on March 11 announcing that, in accordance with an agreement on Dec. 31 1907 between John
Skelton Williams and Byrne, Watts and Untermyer, counsel,
respectively, for the New York interests and the Seaboard
Air Line Railway, the voting trustees of the Seaboard will
meet in New York March 25 to dissolve the trust. The
voting trust holds all the $60,916,000 of capital stock, of
which 248,950 shares are preferred and 370,110 are common,
669
each share being for S100—except 210 shares.—V. 86, p.
604, 548.
South & Western RR.—Change of Name—Increase of
Stock.—This company filed at Nashville, Tenn., on March 9
papers changing its name to the Carolina Clinchfield &
Ohio Railway, and increasing the capital stock from $7,600,000 to $27,000,000, of which $15,000,000 is 6% pref.
and $12,000,000 common.
The road will extend from Elkhorn, Ky., on the Chesapeake & Ohio Ry., southerly, traversing the extensive coal
lands of the Clinchfield Corporation to Spartanburg, S. C.,
on the Southern Ry., and Atlantic Coast Line, a distance
of about 285 miles (see map in "Official Guide"). Of this
mileage there is in operation 673 miles from Johnson City,
Tenn., south to Altapass, N. C., and 8 miles from Dante to
Fink, Va., Construction is completed or largely completed from Altapass to Bastic, N. C., 61 miles, and from
Fink, Va., to Johnson City, Tenn., 78 miles. The road
will develop the 285,000 acres of coal lands of the Clinchfield Coal Corporation, this latter being owned by the Cumberland Corporation (compare V.83, p. 154), which controls
the road also.
New Mortgage.—A new mortgage will be made to secure
an issue of $15,000,000 bonds, of which a sufficient amount
will be reserved to retire the bonds of the constitutent
companies (see Cumberland Corporation above). The
mortgage will be secured on the road from Dante, W. Va., to
Spartanburg, 245 miles. The road has cost to date, it is
stated, some $18,000,000, the construction work through
the Blue Ridge mountains being very heavy. There will
be 29,500 feet of tunnels and through the mountains a
grade of five-tenths of one per cent. The enterprise is
being financed by leading New York bankers. See Cumberland Corporation above.—V. 86, p. 230.
Southern Railway.—Dividend—The directors held a
regular 'meeting yesterday but did not consider the question
of a dividend on the preferred stock.—V. 86, p. 230, 170.
Texas Central RR.—Bond Issue Approved.—The Texas
Railroad Commission on Feb. 25 sanctioned the issue of
$500,000 of the $650,000 treasury bonds on the 42 miles of
road completed in Feb. 1907 from Rotan to Stamford.
These bonds are part of an authorized issue of $2,000,000,
dated 1892, of which only $650,000 have as yet been sold.—
V: 85, p. 1396.
Texas & Pacific Ry.—Requirements of State Railroad Commission.—The improvements which the Texas Railroad
Commission in Dec. last ordered the company to make,and
concerning which the company has until April 1 to signify
its intentions, it is estimated will cot not more than $800,000,
or possibly $1,000,000, as contrasted with the $2,000,000
mentioned in a recent press dispatch.
•
The company In Its reply to the Commission is expected to call atten-
tion to the extensive Improvements which have been made in recent years,
largely from earnings, and to show the radical change that has taken place
since the order was Issued in the condition of this and other railroads, both
as to traffic and finances.—V. 86, p. 422.
United Railways Investment Co.—Notes.—This company
has arranged for an issue of $3,500,000 6% notes to take care
of its floating debt. The notes will mature in varying
amounts annually from February 1909 to August 1917
They are secured by the entire $5,000,000 first preferred
stock of the United Railroads Co. of San Francisco. Practically all of the company's creditors have accepted the notes.
—V.86, p. 170.
Washington Water Power Co., Spokane, Wash.—Notes
Offered.—Lee, Higginson & Co., Boston, New York and
Chicago, and Moffat & White, New York, offer by advertisement on another page at 96, yielding about 73% on the
investment, $3,000,000 3-year 6% gold notes, dated July 1
1908 and due July 1 1911, but redeemable on July 1 1909 or
July 1 1910 at par and interest on six months notice.
Interest payable Jan. 1 and July 1 at office of the Registrar,
the Bankers' Trust Co., New York City. Coupon or fully
registered notes of $1,000 and $10,000 denominations.
These notes are issued to retire $2,000,000 5% notes maturing
July 1 1908, and to provide for improvements and extensions
now under way to the extent of about $1,000,000.
Abstract of Letter from Pres. Henry M.Richards, Spokanc,IVash.. Feb.24 '08
Organization.—Tile company was incorporated In 1888 under tne laws of
Washington. In 1893 the street railway and electric-lighting companies
o: Spokane, which it owned and operated, were merged with it; the constituent companies have since been disincorporated, all their stocks and
bonds having been canceled. All property belonging to the Washington
Water Power Co. now stands In the name of the company and Is security for
the lien of the first mortgage.
Capitalization Jan. 1 1908.
Authorized. Outstanding
Capital stock
• $10,000,000 $5,001,900
First mortgage 5% bonds. due July 1 1929
2,000,000
1,600,000
Three-year 5% notes, due July 1 1908 (to be re2,000,000
1.997,000
tired by these new notes)
From 1900 to date the stock Increases, amounting to $3,129,700, have
been offered to and subscribed by stockholders, at par, without underwriting of any sort, and every dollar reaized thereby has gone into the
property. In addition to this there has been charged off for depreciation
during this time 8783,063 and the company had on Dec. 31 1907 a surplus
of $644,800.
New Notes.—These $3,000,000 6% notes are to be issued to retire $2,000,000 5% notes maturing July 1 1908 and to provide for improvements and
extensions now under way to the amount of about $1,000,000.
Incorporated In the 6% note is formal reference to the resolution of the
board of trustees of the company providing that until this note issue is
paid no further mortgage may be placed upcn the company's prcperty.
Property and Business.—The company owns two power stations on the
Spokane River, one within the city limits (on deeds of riparian rights from
previous owners), with a present development of 13.000 electrical horse
power, and having an ultimate capacity of 26,000 h. p.: and one at Post
Fails, 20 miles east, in Idaho (on grant by Act of Congress), with a present
capacity of 12.000 h. p., to, which will be added 3,000 h. p. In March; also a
steam relay station within the city limits, with a present development of
4,000 h. p., to which will be added 12,000 h. p. In August.
670
THE CHRONICLE
[VOL. Lxxxvi.
By August 1908, therefore, the company will have developed 28,000
INDUSTRIAL, GAS AND MISCELLANEOUS.
hydraulic electric horse-power and 16,u0o electric horse-pow(x icons steam.
The stability of the water supply Is Insured by the natural reservoir of La.e
American Cigar Co.-New Director.-A. R. Haskin of
Coeur d'Alene, with an area of about.40 square miles. The real estate New York has
been elected a director to fill a vacancy.owned is carried at cost, although t has increased largely In value
The company owns and operates a street railway system 96 miles In V. 86, p. 604.
length, of widen 73 miles are In Spokane. The railways carry freIgnt and
express, as well as passengers. During the year 1907 the company carsied
American Tobacco Co.-Report.-See "Annual Reports."
17,249,527 passengers, against 13,915,570 In 1906, an Increase or 24%.
Directors &c.-Thomas B. Yuille of New York has been
The company now sells about 5,000 h. p. to the Spokane & Inland Empire
operates
which
suburban lines east and south of Spokane and a elected a director, succeeding the late C. E. Halliwell and
RR. Co.,
city system handling about 25% of the traction business within the city Geo. D. Widener of
Philadelphia in place of B. N: Duke
limits, the other 75% being handled by our company.
Our oompany furnishes all the electric current used for lighting and resigned, J. T. Wilcox has been appointed Secretary.
power in the city of Spokane, the lighting done by the local gas company
Favorable Decision.-The Court of Errors and Appeals on
being only about 15% of the total illuminating business in the city. The
number of meters in use in 1907 was 10,503, an increase of 30% over 1006. March 2 affirmed the judgment of the Court of Chancery in
Owing to its low price, electric power, instead of steam power, Is generally the action brought by Richard T. Dana of New York in
used throughout the city and also by the numerous mills and large iron
refusing to set aside the merger of the Continental Tobacco Co.
works and the car shops of the Northern Pacific and Great Northern.
The company owns 277 miles of long-distance transmission lines, by which with the American Tobacco Co. Compare V. 84, p. 105.
It delivers current for lighting and power to almost all the small towns In
The decision is based on the ground that the plaintiff was guilty of
the Coeur d'Alene mining district to the east, In the agricultural regions of
aches In beginning the action and was debarred from whatever equitable
the Palouse district In the south and of the Big Bend district to the west
and southwest. The transmission lines of the company when the new lines relief he would otherwise be entitled to.-V.85, p. 1520.
to the Big Bend district are completed will reach points about 100 miles
Bell Telephone Co. of Pennsylvania.-Regularly Listed in
east, south and west of Spokane.
Philadelphia.-The $39,059,900 capital stock (par $100) has
Gross Earnings for Eight Calendar. Years.
1900$503,90611902___ $638,90711904$1,011,67011906___$1,614,689 been admitted to dealings on the regular list of the Phila1901_ _ 556,99611903_ _ 801,25311905_ _ 1,260,55711907___ 2,094,281 delphia Stock Exchange.-V. 86, p. 482, 231.
Income Accounts for Calendar Years 1907 and 1906.
1907.
1906.
1907.1906.
Butte (Mont.) Electric & Power Co.-Proposed Issue of
$612,561
Gross earns_ _ _$2,094,281 $1,614,689 Tot. net Inc__ $833,774
126,000
80,000 $5,000,000 Bonds Jointly with Madison River Power Co.-The
Operating ex1,002,441,1Int. charges__
shareholders will vote March 30 on a proposition to authorize
penses
1,262,610
$707,774 $532,561
------- Balance
the making of an issue of bonds jointly with the Madison
Net earns_ _ $831 ,671
$612,248 Charged off for
200,000
depreciation
161,469 River Power Co.(V.81, p. 1045; V. 84, p. 511) to an amount
313
Other Income_
2,103
34,664
6,199 not exceeding $5,000,000, to mature not later than 30 years
Susp. Items
*Div.on stk.('/ %)321,209 (7)267,949
Total net in------ from date and to bear interest at not exceeding 6% per
$612,561
come ___ _ $333,774
$96,944 annum. The bonds are to be secured by a mortgage on the
$151,901
Balance over dividend
*Supplied by "Chronicle," since not appearing in letter.
For January 1908 gross earnings increased 22% and net earnings over
50%. as compared with January 1907. The net earnings as estimated for
the year ending Dec. 31 1008 (after operating expenses, taxes and interest
times the interest on the entire
on first mortgage bonds) will be over 4
new nete issue 1.[The gross earnings for January 1908 were $199,416, against
$102,601 in 1007; net $93,826, against $59,280.-Ed.]
Dividends.-The company has paid dividends on Its capital stock at the
rate of 4% in 1900 and 1901, 5% in 1902, 6% in 1903 and 1904 and 7%
In 1905, 1906 and 1907.
Franchises.
-The company's franchises for electric lighting and power
business have 36 years to run; those for the street railway lines, granted at
many different times, an average of over 20 years, the earliest one expiring
considerably after the maturity of these notes. Where transmission line
cross private property, necessary rights of way have been secured.
Population.--The population of Spokane in 1890 was 19,922; in 1900 was
36,848, and in 1907 estimated at 85,000.
[The physical property of the company, it is stated, represents a cash
outlay of over $9,500,000. Ed.1-V. 84, p. 627, 222.
West Chester Kennett & Wilmington Electric Ry.Merger.-The shareholders of this 18-mile trolley line on
Feb. 26 voted to merge in the company the controlled line,
the Oxford West Grove & Avondale Street Ry., which is
being built from Avondale to Oxford, 121A miles, a portion
already being operated.-V. 80, p. 1730.
Westchester Traction Co. New York.-Receivership.' Circuit Court at NewYork
Judge Ward, in the United States
on March 13, appointed Edward G. Benedict as receiver of
the property, in a suit broguht by the Industrial Constructing Co. of Delaware to recover $32,059 advanced during the
past four years, secured by 64 shares of the stock of the Traction Company. The defendant admits its inability to pay
the amount named at present.-V.76, p. 867.
Western Maryland RR.-Protective Committees.-Alvin W.
Krech, Myron T. Herrick, Henry S. Redmond, Geo. P.
Butler and Winslow S. Pierce announce, under date of March
6, that at the request of holders of a large number of the
bonds, they have organized as a committee to protect the
interests of the "general lien and convertible mortgage"
bonds, deposits of which may be made with the Equitable
Trust CO., 15 Nassau St., N. Y. As the interest of the bondholders "will be best conserved by preventing any default
under the first mortgage, the committee will co-operate in
the application for payment of interest on the first mortgage bonds on.April 1 next. See advertisement on another
page.
Another committee, representing a large amount both of
stock and of "general lien and convertible mortgage bonds,"
announces that it has an agreement in course of preparation
under which deposits will be invited. The Bankers' frust
Co. of New York will act as depository. This committee
consists of:
William F. Harrity, Edward L. Fuller, George Cator, Fairfax S. Landstreet and Richard Sutro, with Samuel Untermyer as ccunsel and 0. H.
Smith as Secretary, No. 1 Broadway, New Ycrk. Compare V. 86, p. 604.
Sale of Bonds at Auction.-At auction in this city on
March 11 a block of $4,000,000 of the first mortgage 4%,
bonds, due 1952, was bid in at 53 by Edward D. Adams, representing the Deutsche Bank, which, it is understood, took
this means of closing out a loan of $3,000,000 made in 1906.
Attachment.-Deputy Sheriff Perges on March 11 received
an attachment for $1,003,295 granted by Judge Fitzgerald
of the Supreme Court in favor of the Bowling Green Trust
Co. of New York, being the amount alleged to be due on
19 notes made between June 18 and Sept. 7 1907. The
Sheriff was instructed to attach any stock or bonds belonging to the company held by the Mercantile Trust Co.V. 86, p. 604.
Windsor Essex & Lake Shore Rapid Ry.-Underlying
Bonds.-It appears that there is an issue of $750,000 5%
40-year bonds outstanding dated Jan. 1 1907, which, it is
understood, the company intends to retire between now
and Sept. 11908, replacing the same by bonds to be issued
under the $2,500,000 mortgage dated Oct. 22 1907, Compare V. 86, p. 482.
property of the two companies,and,if stockholders so determine, they will be convertible at par at the option of the
holders in the common stock of the Butte Electric & Power
Co. at par.
President C. W. Wetmore says in substance:
The company for itself and constituent companies has unfunded debt
March 5 1008 of $470,060, Which has accumulated during several years past
from construction and the acquisition of additional properties in excess of
the proceeds of the sale of first mertgage bonds and common stock and
earnings applied thereto. The company desires to pay this indebtedness
in full and also to provide, as may be needed, approximately $230,000 for
capital expenditures necessary to meet the demands of Its growing business
during the present year. Tills provision of approximately $700,000 will
not only enable the existing obligations to be paid in full and the requirements for the year to be fully met, but will release the entire net Income for
the establishment of reserve funds and the payment of dividends. Compare V. 86, p. 111, 423.
Canadian General Electric Co., Toronto.-.Dividend Reduced.-The directors on March 7 declared a quarterly dividend of
% on the $4,700,000 common stock, •payable
with a semi-annual 36% on the preference stock April 1
to holders of record March 13. This reduces the annual
dividend rate for the common shares to 7%, contrasting
with 10% each year since and including 1899. Compare
V. 85, p. 96, 162, 1340, 1464.
Chapman Timber Co., Portland, Ore.-Bonds Offered.Peabody, Houghteling & Co., Chicago, are offering at par
and interest the entire issue of $250,000 first mortgage 6%
serial gold bonds, dated March 15 1908. A circular gives
the following information:
These bonds are Issued to refund floating debt and arc secured by a closed
first mortgage on all property now owned and hereafter acquired. Including
13,597 acres of timber lands In Columbia County, Ore., wittily) 20 miles of
Portland, containing 587,000,000 feet of merchantable timber, mostly
Douglas fir; also by deposit of the entire capital stock of the Portland &
Southwestern RR., a road 814 miles long with 7.14 miles of branches.
Total valuation of property, $1,592,951: actual investment by shareholders
$600,000; by bondholders, $250,000. In year 1907 (property still incomplete) the company marketed 28,995,337 feet of logs and earned,net, applicable to Interest and principal of bonds, $65,805. Bonds (Inc $25,000
each six months, beginning Sept. 15 1908, but redeemable in reverse of
numerical order on March 15 1999 •or any Interest date thereafter at 1021-i
and Interest. Denomination, $1,000 and $500 (c*). Principal and interest payable at office of trustee, First Trust & Sas/hers Bank, Chicago.
Sinking fund, 81 25 per $1,000 feet of timber cut. President and General
Manager, S. Chapman.
See full particulars in advertisement on another page.
Citizens' Heat & Light Co., Elwood,Ind.-Receivership.At Anderson, Ind., on March 7 the Elwood Trust Co. was
appointed receiver, on application of the American Trust
& Savings Bank of Chicago, as mortgage trustee, the interest
due Jan. 1 1908 on $342,000 first mortgage 5% bonds being
in default. Compare V. 77, p. 2100.
Cleveland & Sandusky Brewing Co.-Report.- ,
Sinking Divid'ds Balance,
Cal.
Gross
Oplr E.rp., Bond
on stock. surplus.
fund.
Year--- Earnings. deprcc..&c. Interest.
1907
31,079,865 $375,321 $384,252 $60,000 $243,848 $16,445
Dividends include 6% on preferred and 4% on common stock. Compare
V.85, p. 159.
Consolidated Gas Co. of New York.-Favorable Decision
in Hearst Suit.-The Court of Appeals on Feb. 18 affirmed
the decision of the lower courts dismissing the suit brought by
William R. Hearst as a taxpayer to prevent the city from
making payment under a settlement for past lighting bills.
Compare V. 80, p. 1177.
Rulings of Court in 80-Cent Gas Suit.-The following
rulings of Judge Hough in the course of the settlement of
the record in the 80-cent gas case preparatory to appeal, now
almost completed, are of interest. (Compare V. 86, p.
238; V. 85, p. 1648, 1579; V. 84, p. 1250.)
Judge Hough dented the application of the Public Service Commission
that he order a rate of 84 cents a thousand or refuse the company the Injunctive relief asked for (such rate being claimed to be compensatory),
holding that the right to fix rates is a legislative, not a judicial, function.
In denying the application to rule that a 5% return would be fair in fixing
the price of gas, the Court stated he had never held that even 6% would be
a reasonable return, saying:
"It has not been asserted and Is not believed that 6% Is a profitable,
satisfactory or attractive rate for the investment of capital In the gas business. In my opinion it Is the lowest rate which In the city of New York
can he considered legislatively fair to those who are already engaged
therein and cannot readily escape."
THE CHRONICLE
MAR. 14 1908..]
The valuation of the company's real estate is increased from $11,155,845
to $11,985,435 and the tangible property from $47,001,845 to $47,831,435.
-V. 86, p. 483, 282.
Consolidated Rubber Tire Co.-Report.-See Annual Report in V. 86, p. 605.
Favorable Decision.-Judge Holt in the United States
Circuit Court on Feb. 29 decided in favor of the company
the suit against the Diamond Rubber Co. for an injunction
to prevent infringement of patent on tires and damages
therefor. Compare V. 83, p. 378.-V. 86, p. 605.
Crane Company, Chicago.-New Stock.-The company
filed at Springfield, Ill., on March 9 a certificate of increase
of capital stock from $10,000,000 to $13,000,000.-V. 79,
p. 272.
Crow's Nest Pass Coal Co., Ltd., Toronto.-Earnings.The report for the calendar year 1907, it is stated, shows:
-Output (tons)Coke.
Coal.
981,939 231,368
1907
800,901 213,295
1906
831,249 257,702
1905
-V. 85, p. 1272.
Calendar
Net
Divs. (109'
Profits. per annum).
$382,986 $355,179
351,791
350,000
349,418
497,899
671
hattan Company and A. A. Fowler of Rogers, Brown & Co., is held In abeyance. Practically all the creditors have accepted the committee's plan
to grant a six months' extension on the notes, with a restricted renewal
privilege, in return for security in the shape of a mortgage on the $4,000,000
plant. The new notes secured by the mortgage were to be given in exchange
for the notes outstanding. The valuation of $4,000,000 on the plant takes
no account of patents and other valuable rights. At the time cf tile formation of the committee, the company had something like $2,000,000 due
from railroads which It could not collect promptly. Since then funds have
come in rapidly.-V. 86, p. 112.
New York Dock Co.-Extra Dividend.-The directors on
March 7 declared a regular semi-annual dividend of 2% and.
also an extra dividend of 34 of 1% on the $10,000,000 preferred stock (5% non-cumulative) payable April 15 on shares
of record April 1.
' Annual Dividend Record (Per Cent) of Preferred Shares.
1908.
1907.
1902. 1903. 1904. 1905. 1906.
234
2
2
1
314 4(2% 5.-an.) April, 2% and 34% extra
-V. 85, p. 862.
Bal., Tot. Sun).
Seep. Dec. 31.
$27,807 $381,400
1,791
353,592
351,801
148,481
Pacific Light & Power Co., Los Angeles, Cal.-Barnings
for Calendar Year 1907.-The report.to the city authorities
shows for 1907:
Gross income
Operating and general expendes and fixed charges
Net profits
$1,281,058
867,913
413,143
Duquesne Light Co., Pittsburgh, Pa.-New Officers.The net profits here shown ($413,143) were expended
George R. Webb of Baltimore has been elected President for new construction. No dividends paid.-V. 86, p. 55.
to succeed Robert C. Hall, who resigned.
Pacific Telephone & Telegraph Co.-Report.-The earnThe other officers, It Is stated, are: Vice-President, D. P. Reighard;
ings of the company organized Dec. 31 1906 compare with
Treasurer. Robert C. Hall; Secretary, S. P. Austin.-V. 85, p. 1211.
those of the predecessor, Pacific States Telephone & TeleEllsworth Collieries Co.-Status.-See report of Lacka- graph Co. for 1906 as follows:
wanna Steel Co. in V. 86, p. 599.-V. 84, p. 510, 393.
Sub'rs
Balance
s
Preferred
Net
Gross
Calendar
No.
Dividends
Earnings
Earnings
Year
Greene Consolidated Copper Co.-Report for Seventeen 1907
$9,223,565 $1,395,149 (6 %)$1,080,000 $315,149 301,469
760,057 258,416
1,464,623 *(434%)704.566
7,731,615
Months Ending Dec. 31.-The report for the seventeen 1906
months ending Dec. 31 1907 shows the following data:
dividends on stock of old Pacific States Telephone & Tele-
The company produced 58,180,856 lbs. of refined copper and its gross
earnings on copper, gold and silver and miscellaneous revenues (other
than sale of treasury assets) aggregated $11,360,387; net earnings $319,968.
From the sale of stock of the Cananea Central Copper Co. and the Sierra
Madre Land & Lumber Co. a profit of $3,350,000 Is reported (but see Sierra
Madre Co. below). Three dividends were paid aggregating $1,200,00e.
-V. 84, p. 934.
Halcomb Steel Co., Syracuse, N. Y.-New Stock.-This
company, which in Jan. 1907 increased its capital stock from
$1,200,000 to $1,500,000, has recently made a further increase to $1.750,000. Bonded debt, if any, not stated.al
Lake Superior Corporation.-Injunction Denied.-At
Jersey Cityi• yesterday Vice-Chancellor Harrison declined to
grant an initmction in the suit of the Canadian Improvement
Co. to restrain certain banks and bankers, chiefly in New
• York and Philadelphia, from voting 50,174 shares of the
company's stock held by them as collateral. The decision,
however, limits voting power in such case to elections of
directors. Compare V. 85, p. 1465, 1521.
Lynn (Mass.) Gas & Electric Co.-New Stock.-The
Massachusetts Gas & Electric Light Commission has authorized the company to issue 1,950 additional shares, these
to be offered stockholders at $235 per share. The proceeds
will be applied on accountof outstanding obligations and additions to plant. There is outstanding $805,000 capital
stock.(par $100) on which dividends at the rate of 10% per
annum are being paid (Q-F); no bonds.-V..76, p. 1146.
Madison River Power Co.-Proposed Joint Bond Issue.See Butte Electric & Power Co. above.-V.84, p. 511.
Mutual Telephone Co., Des Moines.-Bonds Offered.-The
company offered last week for public subscription $475,000
"funding and improvement" first mortgage 6% gold bonds
dated Feb. 1 1908 and due Feb. 1 1918, but subject to call
on any interest date after 234 years from date of issue at 101.
Iowa Loan & Trust Co., trustee. A pamphlet gives the following information:
* These are
graph Co.
The number of exchanges and toll offices on Dec. 31 1907 were!, 778,
against 1,832 In 1906; miles of long distance circuits 31,325 against 29,617.
Expended during 1907 on plant and real estate $6,174,040 against $5,523,082 In 1906.-V. 85. p. 472.
Sheffield Coal & Iron Co.-Reorganization Plan.-The
reorganization committee, E. C. Converse, Chairman (see
V. 86, p. 340), has prepared a plan of reorganization dated
March 1 1908, which provides for the incorporation of a
new company, probably under laws of New Jersey and
entitled the Sheffield Iron Co. The new company will take
over, as far as practicable, the direct ownership of the various
properties embraced in the reorganization, including the
furnaces, ore lands, &c., in Alabama and Tennessee, interests in coke ovens in Alabama,and in •coke plant, coal land
and royalty leases of coal lands in Virginia and railroad
property of the Wise Terminal RR. in Virginia.
Proposed Capitalization of New Company.
First M. 20-year 5% gold bonds, subject to call at 105 and
interest. Denomination $500 and $100 c*. Authorized issue. $750,000
$334,600
Issuable as part consideration for aid bonds
Issuable with $250,000 pref. stock and $2,500,000
corn. stock for $500,000 new cash from stockholders or others
0
:4000
600
155
For carrying out plan or for uses of new company_ 2
Pref. stock,6% non-cumulative, with preference also as to principal only in case of liquidation. Par $100. Auth. Issue__ $750,000
$334,600
Issuable as part consideration for old bonds
250,000
Issuable for new cash (see bonds above) •
165,400
for
or
new
uses
company_
of
plan
out
carrying
For
Common stock, all issuable for new cash (see bonds). Par $100.
$2,500,000
Authorized Issue
,
Basis of Exchange of Securities.
Pays -And Receives New SecuritiesPref.
Corn. Stk
Stk.
.
Bonds.
Assesm't.
Holder of Each $10,000 of0
4:5000
$5
500
5:0
$4
None
Shef. C. & I. 6s, $400,000_x
$322,000yNone
6s,
1st
Shef. C. I. & Steel
She. C. & I. stock, $2,500,000 (par
$10,000
1,000
1,000
value of shares $100)2,000z
be provided for at amount of loans made against them with interest
x
to April 1 1908, $378,000, approximate. The "floating debt" as of Feb. 1
1908 was about $150,000.
y Total issue $750,000 (secured principally by lien upon the furnaces at
Sheffield, Ala.), but of tills amount $414,000 are held as part security for
the $400,000 Sheffield Coal & Iron Co. bonds and $14,000 by the receiver,
Incorporated under laws of Iowa with an authorized capital stock of leaving
$322,000 outstanding.
$1,600,000, $1:10,00o thereof being telephone "service" stock, $590,000
being
z Payable In installments, but net exceeding $400 on May 1 1908 and $200
being non voting 7% cumulative preferred stock and $1,000,000
of each month succeeding to and Including Jan. 1 1909.
titst
the
on
the
which
of
$1.000,000,
is
bond
Issue
authorized
The
common stock.
The directors of the new C.tnipany are to be persons approved by the
proceeds of the $475,000 now offered are to be used to fund indebtedness
for Maher committee and provision will be made by voting trust or otherwise for
incurted for rebuilding and development work and to provide rate
$75 future election of directors.
extensions; and the remaining $525,000 bonds are issuable atnow of
New money is to be devoted: $125,000 to pay floating debt; $100,000 to
owned,
for each telephone put In operation in addition to tile 6,000
De- Improve furnaces and ore properties; $75,000 to improve coal and coke
acquired.
line
hereafter
toll
copper
of
mile
circuit
each
for
and 3150
$200,000 for working capital. Unless otherwise determined
properties;
nominations, $1,000 $500, $100.
by tile Des Moines by the committee, consummation of the plan is conditioned upon subThe income for the year ending June 30 1907, as found operation,
this $500,000.
for
scriptions
mainteof
The
cost
$132,800.
was
Clearing House Association,
a net income of $65,537,
nance and general expense was $67,263, leaving interest
Assenting securities must be deposited with the Bankers'
on the bonds here
or $37,037 more than enough to meet the annual
on or -before April 1 1908. The comoffered. The gross income for year Jan. 1 1907 to Dec. 31 11107 was Trust Co., New York,
The present value of tile property Is near $750,000. mittee is to decide whether the assents and subscriptions
$145,189.
President, Clyde II. Brenton, Dallas Centre. Ia.; Vice-President, J. W. Hill;
cash fund from shareholders or others are
Secretary, J. C. Hume and Treasurer, L. M. Grimes, all of Des Moines,- to the $500,000
V.85, p. 225.
sufficient to warrant declaring the plan operative.-V,86,
Neptune Steamship Co., Cleveland, Ohio.-Bonds Offered.
-The Detroit Trust Co. of Detroit, the mortgage trustee,
is offering at prices to net the investor 6% per annum the
entire issue of $215,000 first mortgage 5% gold bonds, dated
Sept. 1 1907 and payable in ten annual installments on
Sept. 1 to and including 1918. Interest payable March 1
and Sept. 1 at office of trustee. A circular says:
length,
A first mortgage on the new steel freighter "Arthur H. Hawgood,"
569 ft.; beam, 56 ft.; depth, 31 ft.; capacity, 11,000 tons. Cost of vessel,
President;
$.130,000. Total bond issue, $215,000. Arthur H. Hawgood,
A.
Sheldon Parks, Vice-Pies.; William A. Hawgood, Sec. and Treas.; NV.
Hawgood & Co.. Managers.
New York Air Brake Co.-Financial Plans.-The New
York "Times" of March 10 said:
The management, ii, was learned yesterday, has practically completed
debt
arrangenlents for placing a.bond issue sufficient to take care of floating
and supply new capital needed. Tile details have not yet been made pubbe
will
$3,000,000.
Issue
bond
lic, but it is understood tile
Meatiwillie. the plan of extending the notes formulated last December
byfa committee of creditors consisting of President William A. Nash of
the7,CornMichange Bank,President Stephen Baker of the Bank of the Man-
P. 340.
Sierra Madre Land & Lumber Co.-Default--Cancellation
of Lumber Contract.-This company defaulted on Dec. 1 1907
in the payment of the semi-annual interest then due upon its
first mortgage bonds, authorized issue $3,000,000. (Compare V. 84, p. 164). The report of the Greene Consolidated
Copper Co. issued this week discloses the fact that default
has also been made by the interests which purchased a
majority of the capital stock. The report gives the following
information:
Itiferying to the 51% of the stock of the Sierra Madre Land & Lumber
Co., wned by the Cananea Consolidated, your company (the Greene Consolidated Copper Co.) had advanced large sums to the lumber company,
and as to carry that company it would be necessary for still further large
advances, it was deemed wise to retire from the enterprise. The 51%
of the lumber company stock was scld for $2,000,000 on deferred payments, secured by deposits of 75% of the lumber company stock as collateral. Payments under this contract have been defaulted and with 75%
of the stock In their possession, your officers are considering the course of
action to pursue. The lumber company repaid to your company its cash
advances, aggregating about $1,000,000, and has also paid off notes for
679
THE CHRONICLE
[VOL. Lxxxvi.
$150,000 which had been guaranteed by us. The contract calling for
$1,000,000 of lumber every year for the Greene Consolidated Copper was
canceled and a new contract made which obligates the lumber company to
supply us the lumber we require at the market price. Compare V. 84, p.164.
extraordinary expenditures, which It will practically complete.-V. 86,
p. 234, 112.
Deduct deprec'n reserve__
-V. 79, p. 790.
Bankers of New Yorke, Philadelphia, Boston and elsewhere have agreed
to an extension of time for George Westinghouse on his pers3nal liabilities,
am Ainting to alniJst $8,000,000. Bankers of Pittsburgh to-day said the
new agreement went into effect last Satwrday, though dating back to
Jan. 15. In order to have the extensim of three years, Mr. Westinghouse
was required to put up $10,000,000 additimal collateral. The agreement
is that one-third of Mr. Westinghouse's liabilities will be paid off one year
from Jan. 15 last, one-third in two years from the same date and the last
third in three years.-V. 86, p. 550.
Westinghouse Electric & Manufacturing Co.-Extension
Standard Chain 0o.-Earnings.-For calendar year 1907: of Time for Mr. Westinghouse.-A press report from Pittsburgh says:
Surplus after band interest_3143,18617% on preferred stock
$32,818
15,000'Surplus ifor year
95,368
Standard Oil 0o.-Status.-Vice-President John D. Archbold, in an article entitled "Petroleum a Great American
Industry," published in a recent issue of the "Independent"
of New York says:
In 1859 the output of petroleum was 2,000 barrels. By 1906 it had
become 123,000,000.
To distribute American petroleum Is the mission of the Standard Oil Co.
As Its share In this gigantic undertaking the Standard employs 8,000 miles
of trunk pipe' lines with 75,000 miles of feeders from wells; storage tanks
for crude oil holding 82,000,1)00 barrels; 10,000 tank cars in America and
2,000 abroad;60 bulk steamers for ocean traffic and 12 for foreign coasting trade, with 150 steamers and barges at home; 3,000 tank stations in
America and 5,000 elsewhere: representing an Investment of over $600,000,000 and giving employment to 65,000 men.-V.86. p. 289, 173. '
Wyoming Land & Irrigation Co., asin, Wyo.-Bonds
Offered.-Cutter, May & Co. the Rookery, Chicago, are
offering at par and interest $,th,000 first mortgage 6% gold
bonds, dated July 1 1907 and due July 1 1917,-but redeemable at any interest period on or after July 1 1910 on 30 days
notice at 103 and interest. Interest payable Jan. 1 and
July 1 at office of trustee, Chicago Title & Trust Co.
J. B. Stetson Co., Philadelphia.-New Stock Listed.- The company is a Wyoming corporation and under the provisions of the
Act it is establishing an irrigation system, using the water of the
The Philadelphia Stock Exchange has listed $951,800 ad- Carey
Paint Rock stream and its tributaries
70,000 acres of land located in
ditional common stock, making the total amount listed what is described as the most productivefor
portlen of Big Horn County, \17ye.
the directors are David Vernon, Vice-President Commercial National
$2,957,300. The stock is part of the $955,000 offered to Among
Bank; Dr. L. L. McArthur: Calvin M. Favorite, former director ef Armour
the stockholders of record Dec. 3. Compare V. 85, p. 1466. &Co., all of Chicago,
and Hon. Fenimore Chatterton,ex-Governor of Wyoming.
-V. 86, p. 112.
Tennessee Coal, Iron & RR.-Purchase of Property.-See
-The new 4% bonds of the State of New York sold by
United States Steel Corporation below.-V.85, p. 1406.
the State Comptroller this week are advertised in another
column by Wm. A. Read & Co. It is pointed out that these
Tennessee Copper Co.-Report.-For calendar years:
State 4s,running to 1958,will yield about 3.60%, and will be
Cal.
Copper Royalties, Bond
Bond Deprec'n Dividends
Balance,
Year. Prod n. &c.,rec'd. int, disc., dec. acct.
declared.
surplus. attractive to trustees holding United States Government 4s
1907_3839,958 $60,716 $20,000 $10,039 $70,000 (13) $650,000 3150,635 of 1925, which at present price of 122 yield only 2.45%.
1906.... 867,062 91,766 21,097
7,500 106,000 (10) 500,000 324,23
1905__ 482,110 74,714 22,500 20,175 62,043
(8)218,750 233,356 These 4% highway improvement gold bonds are accepted
Dividends deducted above were: In 1907, 8% paid Aug. 1907 and 5% by the United States Government to secure Federal deposits,
paid Feb. 15 1908; in 1906, 5% paid July 1906 and 5% In Jan. 1907; in
by the State of New York as security for State deposits, by
1905, 5
pal‘,1 Jan. 1905, Compare V. 85, p. 165.
Union Carbide Co.-Exchange of Bonds for Stock.-Stock the Superintendent of Insurance to secure policy-holders,and
Dividend.-This company, which last fall increased its au- by the Superintendent of the Banking Department in trust
thorized issue of capital stock from $6,000,000 to $14,000,000, for banks and trust companies. The net debt of the State of
has retired most of its outstanding bonds through an ex- New York, $11,658,264, will be reduced by this year's
change of the same for stock, and on the share capital as so sinking funds to $5,983,700 on Sept. 30 next. These bonds
increased paid on March 1 a stock dividend of 40%. This were oversubscribed 16 times in Albany this week. Applicadistribution brings up the total amount of capital stock out- tions will be filled in order received at Wm. A.Read & Co.'s
New York office, or 43 State Street, Boston, 203 E. German
standing to about $10,800,000.-V. 85, p. 1212.
Street, Baltimore, and 205 La Salle Street, Chicago.
Union Ferry Co., Brooklyn, N. Y.-Dividends Suspended.
-Having sold over two-thirds of a $1,000,000 block of
-The directors on March 10 decided to omit the regular
Chicago St. Paul Minneapolis & Omaha Railway Co. conquarterly dividend of M of 1% on the $3,000,000 stock. solidated
mortgage 6% bonds, Moffat & White, of this city,
The "Brooklyn Eagle" quotes one of the officials of the company as saying that the earnings have been so far reduced since the subway was offer the balance to the investing public at 127 and interest,
opened to Brooklyn that the company at present is not even earning the subject to previous sale. At this price these bonds, which
nterest on Its bonds.
are legal investments for savings banks in New York and
United States Steel Corporation.-To
Purchase- Connecticut, and due in 1930, will yield 4.15%. The C. St. P
At the annual meeting on April 20 the stockholders will vote M. & 0.is part of the Chicago & North Western system. The
on authorizing the purchase of the property belonging to the bonds are secured by first consolidated mortgage on the comTennessee Coal, Iron & RR. Co. -V. 86, p. 425, 340.
pany's entire railroad and all other property,khaving a first,
Universal Caster & Foundry Co., Newark, N. 3.-Called mortgage on 6273-s miles, and followed by $11,259,911 preBonds.-Twenty first mortgage 6% bonds secured by mort- ferred stock paying 7% dividends and $18,559,086 common
gage dated Dec. 14 1903 will be paid at par arid interest stock paying 7% dividends.
at the Fidelity Trust Co. of Newark, trustee, on April 1.
-Edward B. Smith & Co., bankers of Philadelphia and
-V. 84, p. 698.
New York, have issued an interesting pamphlet of 20 pages
Van.dalia Coal Co.-Report for Half-Year.--The "Indian- on the Pennsylvania RR., entitled "A Decade of Progressapolis News" recently said:
1898-1907," containing many facts not heretofore pubThe output for the six months ending Dec. 31 showed an Increase over lished. It is their belief that some of the statements made
the preceding six months of 312,000 tons. The total output for 1907 in the
booklet will tend to correct erroneous impressions
was 2,100,000 tons. The company met the semi-annual interest on its
bonds amounting to $84,000 and paid the regular quarterly Installment about the system and do general good in holding up as a
of the sinking fund of $25,000. The authorized bond Issue is $3,1,00,000, standard what has
been accomplished by it.
of which $215,000 has been redeemed In the last two years.
-Michael M. Van Beuren, Mulford Martin and Richard
Papers filed under the laws of Kansas state that of the
$12,750,000 capital,$10,250,000 has been paid up; also that M. Jesup have organized the New York Stock Exchange
the company has real estate to the value of $9,857,407 and house of Van Beuren, Martin & Jesup, to succeed Van Beuren
& Bucknam, 7 Wall Street, which was dissolved by mutual
personal property to the value of $1,233,992.
consent this
Clifford Bucknam, of the old concern of
Western Telephone & Telegraph Co.-Report.-The re- Van Beuren week.
& Bucknam, will be associated with the new
sults for the years ending Jan. 31 were:
firm, which is represented on the New .York Stock Exchange
YearsVet receipts. Int.,t1xes,&c.
f.div.(5%) Bal..sur. by
Michael M. Van Beuren.
1907-08
$800,000
$2,124,414 $1,316,551
37,863
1906-07
800,000
922,1)84
1 ,821 ,754
99,670
-Kountze
Bros., 120 Broadway, New York City, are
1905-06
800,000
1,464,842
577,416
87,425
to-day offerina to the public a portion of their award of
-V. 85, p. 38.
Western Union Telegraph Co.-Quarterly Dividend Again New York State tax exempt 50-year 4% gold bonds. The
Payable in Stock.-The directors on March 11, pursuing the State offered $5,000,000 of these bonds and received bids
course adopted three months ago, declared the regular quar- aggregating over $80,000,000. See the advertisement
terly dividend of 15i% payable in stock. The distribution elsewhere for a statement of the State of New York's finanwill be made April 15 to holders of record March 20 out of cial condition. Price on application.
-Attention is called to the advertisement of MacDonald,
the unissued stock, $1,413,000, of the total authorized issue
McCoy & Co.,'Chicago, offering $260,000 Tucson, Arizona,
of $100,000,000.
Quarterly.-,For 3 and 9 months ending March 31 (partly water bonds. These bonds are authorized by Act of
Congress approved Feb. 21 1908 and are exempt from
estimated in 1907):
3 Mos.end.
Dividends
Net
Interest
Balance
taxation, the same as U. S. Government bonds. Special
Dec. 31- Revenue.
Paid.
(Thames.
Surplus.
1908 (est.)_ _31,100,000
$433,062 *(13.4 %)$1,230,000 def. $563.062 circular will be sent on application.
1907 (actual) 1,509,700
(13i,%) 1,217,024 def.
366,187
73,511
-A.B. Leach & Co. of New York, at 149 Broadway, have
9 Mos.1907-08
$1,592,450' $1,299,188 *(3 %)$3,664,025 def33,370,763 for sale a railroad bond netting 554%, of a company now,
(33j%) 3,651,072 sur. 104,376
1906-07
4,787,009
1,031,561
paying 6% dividends on $1,050,000 stock, and on which it
*Dliridends for Dec. 1907 and March 1908 quarters paid or payable In earned 13% in 1907. They will furnish particulars on appliscrip, the latter April 15 1908.
cation.
Total surplus (estimated) March 31 1908, $13,514,018.
-Marc Hubbert, for some years special agent of the
President Robert C. Clowry, March 11, says:
United States Fidelity and Guaranty Co., with headquarters
In the report for the quarter ended Dec. 31 1907 the hope was expressed at Chicago, has
been appointed Manager of the Puget Sound
that "business will soon resume and earnings become normal," but the cornmercial depression continues throughout the country and the revenues of department for his company, with offices at Tacoma.
the company show a large decrease over the same period last year. This
-Hayden, Miller & Co., Cleveland, have favored us with
decrease. however, Is greatly offset by reductions of expense in all branches
of the service. Notwithstanding the fact that this Is the least profitable a -copy of "Cleveland Securities," 1908 edition, an excellent
estimated
year,
the
the
part of
net revenue for the present quarter, after
paying fixed charges and bond interest, amounts to $666,937. This amount hand-book of securities dealt in on the Cleveland Stock
Is being used for payment of the indebtedness resulting from the recent Exchange.
Wire Tainuterrial Pune.
COMMERCIAL EPITOME.
Friday Night, March 13 1908.
With spring-like weather trade has somewhat increased,
and iron and steel production has risen to higher figures than
for some time past. But on the whole conservatism is still
the dominant note, even though many are disposed to think
that the turn in the lane has come. Prices have been pretty
generally steady.
LARD on the spot has been stronger. Trade has been less
active but offerings have been light and the movement of
at times has been rather light. The demand has been
hogs '
principally from jobbers. Western 7.80c. and City 734c.
Refined lard has ruled steady with trade quiet and offerings
light. Refined, Continent 8.15c., South America 8.75c. and
Brazil, in kegs, 9.10c. Speculation in lard futures at the
West has been moderately active. The strength of corn has
imparted firmness to the market at times, and so has the
moderate movement of hogs. There has been more or less
commission-house buying; but of late packers have sold
rather freely, causing weakness. Dulness in the cash trade
has discouraged aggressive buying. Supplies at the West
are increasing.
DAILY CLOSING ynicEs OF LARD FUTURES IN CHICAGO
May delivery
July dellvery
September delivery
Sat.
7 87%
8 07%
8 30
673
THE CHRONICLE
MAR. 141908.1
Mon.
7 95
8 15
8 35
Tues.
7 80
8 0254
8 223
Wed.
7 82
8 05
8 25
Fri.
Thurs.
7 723.5 7 75
7 95
7 973i
8 20
8 15
COTTON.
Friday Night, March 13 1908
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
109,489 bales, against 97,612 bales last week and 117,984
bales the previous week, making the total receipts since
the 1st of September 1907, 7,046,813 bales, against 8,515,38:i
bales for the same period of 1906-07, showing a decrease
since Sept. 1 1907 of 1,468,569 bales.
Receipts at-
Sat.
6,832
Galveston
6,455
Port Arthur __ _ _
CorpusChristi,&c
2,338
New Orleans__ _ _
332
Mobile
Pensacola
10,154
Jacksonville, &c.
Savannah
1,262
Brunswick
151
Charleston
Georgetown
__
891
Wilmington
738
Norfolk
Newp'tNews,&c.
New York
Boston
98
Baltimore
Philadelphia_ _ _ _
Totals this week_
29,251
Mon.
Tues.
Wed.
Thurs,
Fri.
Tota .
7,113 39,684
6,455
196
196
2,384 23,707
2,933
371
106 11,436
7,292
7,450
4,731
6,266
4,913
804
1,176
4,558
869
3,632
408
5,882
149
1,841
2,628
1.6;15
1 ,966
302
309
127
213
86
1-JiS
5
1,87.
1,221
675
792
234
504
1,072
539
695
970
5,442
4,764
12
12
72
10
2,683
25
204
2,683
146
62
59
1,309 10,651
19,486 17,352 11,293 16,159 15,948 109,489
The following shows the week's total receipts, the total
with
PORK on the spot has been dull but firm on light offerings. since Sept. 1 1907, and the stocks to-night, compared
Local jobbers have been the only buyers. Mess $14 25® last year:
$14 75, clear $15®$15 75 and family $15 50®$16. Beef
Stock.
1906-07.
1907-08.
has been quiet and steady; mess $11@$11 50, packet $12®
Receipts to
This SinceSep This Since Sep
March 13.
$12 50, flank $11 50®$12, family $13 50®$14 50 and ex1 1906.
1908.
1907.
1 1907. week.
week.
tra India mess $21@$21 50. Cut meats have been dull here,
-39,684 2,072,818 79,605 3,423,995 153,623 356,089
but Western advices have reported an increased demand. Galveston
123,764
6,455 102,469
Arthur
Prices have ruled firm. Pickled hams 83 ®9c. and pickled Port
28,172
37,406
196
Coati. Christi, &c_
bellies, 14®10 lbs. 7®734c. Tallow has been quiet and New Orleans_ _ - - 23,707 1,639,237 38,717 2,001,126 196,180 305,326
20,77(t
26,038
241,620
1,716
286,341
2,933
Mobile
firm; City 53i®5qc. Stearines have been quiet with oleo Pensacola
11,436 141,790 5,450 123,090
6,871
steady at 734c. and lard stronger at 8U®9c. Butter has Jacksonville, &c _
37
7,569
70,921 100,988
10,651 1,355,755 18,176 1,322,922
been active and easier on increased offerings; creamery extras Savannah
6,314
4,983
1,298 151,346
196,392
Brunswick
12,392
28c. Cheese has been moderately active and firm; State, Charleston
16,872
1,319 140,296
1,188 187,744
1,095
387
_
GeorgeOwn
colored,
fancy, 153
4c.; white 16c. Eggs have
f. c., small',
18,711
7,871
5,442 461,126 4,472 306,274
Wilmington
34,351
been active and weaker on increasing supplies; Western Norfolk
27,100
4,764 470,818 11,733 495,305
826
119
33,445
1,167
5,822
NewportNews,&c
firsts 21c.
14,363 100,519 156,964
3,180
York
OIL.-Cottonseed has been steady with a larger demand, New
11,524
10,665
9,987 2,851
57,892
-ioi
Boston
8,273
13,723
2,263
48,469
60,924
2,683
partly for export; prime summer yellow 37c. Linseed has Baltimore
2,870
490
1,764
.5,337
7,048
146
been firm and more active; City, raw, American seed, 43® Philadelphia
109,489 7,046,813 169,294 8,515,382 630,378 1,035,401
44c.; boiled 44®45c.; Calcutta, raw, 70c. Lard has been
Totals
dull and easier; supplies larger; prime 65®67c. and No. 1
extra 52®54c. Cocoanut has been quiet and steady; stocks
In order that comparison may be made with other years,
light; Cochin 8®83-c. and Ceylon 6®7c. Olive has we give below the totals at leading ports for six seasons:
been quiet and steady; yellow 60®70c. Peanut has been
1903.
1904.
at1903.
1906.
1908.
1907.
quiet and steady; yellow 65®80c. Cod has been quiet and Receipts
- steady; domestic 42®43c. and Newfoundland 44®45c.
30,818
18,515
30,684
37,322
70,605
Galveston ,&c.
33,726
1,792
368
6,651
349
4,376
COFFEE on the spot has been quiet and easy. Rio No. Pt.Arthur,&c.
29,658
6(1,118
38,717
22,987
23,707
42,122
New Orleans_
3(4)63o. West India growths have been quiet and easy; Mobile
/
7,61
281
260
5,425
1,716
2,202
2,933
13,019
18,176
7,518
10,651
14,006
11,122
4(:)109'c. The speculation in future Savannah _ _ _
fair to good Cucuta 93(
1,041
374
487
1,298
3,297
Brunswick_
contracts has been on an exceedingly small scale and prices Charleston.&c
223
499
1,319
2,66
1,188
535
1,854
2,056
4,472
428
5,442
2,133
have shown no marked changes. There has been a certain Wilmington_ _
5,154
5,374
11,733
4,443
8,190
4,764
Norfolk
sold
amount of liquidation by tired holders, and Europe has
419
342
1,167
1,068
698
N'port N., &c
5,856
2,305
5,727
6,308
a little at times. But local dealers and roasters have con- All others_ _ _ _ 14,469 11,091
- .
-to
worth
support
prevent any decline
tinued to give sufficient
90,134
65,687
109,489 169,294 101,597 139,562
Total this wk_
mentioning, though the tone of the market on the whole has
6,818.179
6,441,127
7,332,1976,581.042
8,515,382
7,046,813
1_
Sept.
Since
been easier.
The closing prices were as follows:
The exports for the week ending this evening reach a total
5.953 1November
March
5.80c. I July
6.10c. of 119,207 bales, of which 20,794 were to Great Britain,
6.00c. December
5.85c. I August
April
6.15c.
6.00c. January
May_..5.90c.I ,Sept:m her
6.20c. 29,689 to France and 68,724 to the rest of the Continent.
6.05c. February
5.00c. October
June
1 1907.
SUGAR.-Raw of late has been more active than for Below are the exports for the week and since Sept.
some time past and prices have advanced. Centrifugal,
13 1908.
Mch.
to
1907
1
&pt.
Week ending Mch. 13 1908. From
Exported toExported to-96-degrees test, 4.05c.; muscovado, 89-degrees test, 3.55c.,
Exports
and molasses 89-degrees test, 3.30c. Refined has been
ContiGreat
Great
ContifromTotal.
Britain.1Fr'nce nent. Total. Britain. France. fleet.
' and firm. Granulated 4.90c. Teas have
moderately active
been in moderate jobbing request and steady. Spices have Galveston _ _ _ _
25012.556 16,940 29,746 840,482286,92Q 655,29211,782,694
55,269 102,469
47,200
6,455 6,455
been fairly active and steady. Hops have been quiet and Port Arthur.
2,687
2,687
Corp.Christl,&c
easy. Wool has been quiet and easier.
New Orleans__ 10,43510,445 22,166 43,046 713,8381207,063 507,3391,428,237
PETROLEUM has been firm and in good demand for ex- Mobile
97,560 207,335
64,1881 45,592
port and domestic account. Refined, barrels, 8.75c; bulk Pensacola ___. 3,972 6,688 1,176 11,836 42,2611 43,45 60,929 146,642
Fernandina
Sc. and cases 10.90c. Gasoline has been active and firm; Savannah
14,748 14,748 157,380 86,519 561,693 805,592
_ _
86,328 169.264
82,936
844
86-degrees, in 100-gallon drums, 22c.; drums $8 50 extra. Brunswick _ --W14
44,518
34.050
10,468
Charleston_
Naphtha has been moderately active and firm; 73®76-de- Wilmington_
295,941 447,218
122.757 28,5
31,033
5,072
25,961
1
grees, in 100-gallon drums, 19c.; drums $8 50 extra. Spirits Norfolk
1,636
1,636
News
of turpentine has been quiet and firm at 53c. Rosin has Newport
229,233'
474,661
29,201
216,227
8,477
5.639
2,838
York_
New
5,620 132,939
1,221
50 1.271 127,310
Boston
been quiet and steady; common to good strained $3 70.
60,290 100,599
36,771 3,538
Baltimore
TOBACCO.-Trade in domestic has continued quiet, re- Philadelphia
9,925
47,487
37.562
1,233
_ 1,233
1
1
flecting the reduced consumption. The tobacco market as Portland, Me_
46,422
46,422
1,550
1,550
Francisco
San
yet has not responded to the better feeling in financial Seattle
65,909
05.909
28.543
28,543
circles and in other parts of the country. A good deal of Tacoma
109
100
Portland, Ore_
complaint is heard regarding the low quality of the new Pembina
2,111
crop leaf, prices for which are considerably cheaper than those Detroit
2.1111
ruling last year at this time. Sumatra and Havana have
20,79429,689 68,724 119,2072,529,093730,8052,808,2026,068,109
Total
been quiet and steady.
s ®12%c. Total 1906-07_ 70,47930,689 76,244 177,41213,058,788 78,6922,856,4586,693,938
/
COPPER has been quiet and firmer; Lake 125
and electrolytic 123. ®123Ac. Lead has been quiet and firm
In addition to above exports, our telegrams to-night also
at 3.65®3.70c. Spelter has been dull and easy at 4.60®
4.70c. 'fin has been quiet and easy; Straits 293.c. Iron give us the following amounts of cotton on shipboard, not
has been quiet; No. 1 Northern $17 75018 75 and No. 2 cleared at the ports named. We add similar figures for
New York.
Southern $17 25®$17 75.
THE CHRONICLE
674
On Shipboard, Not Cleared:forMarch 13 atGerGreat
Other CoastBritain. France many. Foreign wise.
New Orleans-Galveston ---Savannah -- - •Oharleston-- - Mobile
Norfolk
New York Other ports_
Total 1008
Total 1907
Total 1906
Total.
Leaving
stock.
158,088
66,264
69,600
16,272
14,038
10,000
95,419
28,325
(-4:,Froec4JP000w7c4A0ow!iowow5.0e.
FgL'.
WF.1
WWWP,'IWnh
- WWffl
FA
FA -A -A -A -Aig
1.09
;A 51IF•A ,5A 4
=4.WI 52'n I
44,153 30,610 63,883 11,706 22,020 172,372
74,971 32,794 79,013 39,365 32,027 258,170
65,820 10,609 29,606 21,893 19,370 147,298
458,006
777,231
634,249
.. 0. . .0. .0. 00
11 11 tt II :cat II ics,.3 1 i..1k hl iT't i=11 "Zt
700
1,100
1,800
5,000
5,800
4,300
-566 fioo
5,500
7,942
2,364
390
2,930
900
600
1,200
16,000
1,100
-300
9.69
6.37
6.12
7.25
7.69
6.00
7.50
0.06
1892_c
1891
1890
1889
1838
1887
1886_
1885.
6.88
9.00
11.44
10.10
10.19
0.88
1884_0
1883
1882
1881
1880
1879
1878
11.19 1877
10.88
10.19
12.06
10.94
13.25
9.75
11.00
12.00
MARKET AND SALES AT NEW YORK.
'Saturday_ _
Monday.._ _
Tuesday _ _
Wednesday
Thursday _
Friday ___
Spot Market
Closed.
Futures
Markel
Closed.
Quiet
Quiet, 10 pts. adv_
Quiet, 5 pts dec.
Qulet, 10 pts. dec _
Quiet, 10 _pts. dec _
Quiet, 10 pts. dec _
Steady
Steady
Barely steady
Steady
Steady
Barely Steady
Total
Sales of Spot and Contract.
Con- ConExpor.' sum'n. tract.
Total.
3,000 3-,656
1,600 1.600
300
390
4,900 4,9)0
ch r
, en
:p.i13;
II 11 0. II 0. II 88 88 88. 88 81 88
I lat ;vs'-1 et
ic, OD
t, *os
'et en:,
CI
cow
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II 81 88 8A 55 81 88
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la la Ta IL i; ig
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II II .0 II .. 11 88 88 88 88 81 88
e.es
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4 too i:th! # 'To Ws;
la la la la Ta la la la I§ I A IA I 4)
oo oo oo oo oo
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4.•
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-,g.
2.a
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.4,
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Frid
March 13.
1900_c
1899
1898
1897
1806
1895
1894
8.75 1893
1-4,
-0
, 'ea Cr.. ,P.
Thursday,
March 12.
11.20
11.20
11.10
8.00
16.65
9.90
64,
90
ic).
I§ IA la la la la.
Ta ..
To ..
To.
To
era ..
Wednesday
March 11.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
.Mch. 13 for each of the past 32 years have been as follows:
6ic,
ts,
Tuesday,
March 10.
Sat. Moo Tues. Wed. Thurs. Fri.
11.45 • 11.55 • 11.50 • 11.40 11.30 • 11.20
C''
II II .. II..., II 88 88 81 88 81 88
Monday,
March 9.
Mch. 6 to Mcla. 13Middling upland
1901
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
38,092
87,359
1,321
600
12,000
17,100
5,100
10,800
7,655 12,222 9,885
27,900 12,288 41,877
421
Speculation in cotton for future delivery has still kept
within very circumscribed limits and the swing of prices
has also been as a rule similarly contracted, the net result
for the week,, however, being a decline. Reports have
been current from time to time that the South was disposed
to sell 'the actual cotton rather more freely, and though
such reports have not been fully confirmed, they have
not been without their influence. Furthermore, some of
the Southern mills seem disposed to reduce their production
to four days a week, and while Fall River mills have refused to formally agree to curtail for another three months,
it is underst000d that many of the mills at that center will
continue to restrict their production, at least for a time.
General trade, too, continues quiet, even if here and there
signs of improvement are not wanting. Spinners' takings
thus far this season show a decrease compared with the
•corresponding period last year of over 800,000 bales; spinners are still, as a rule, buying the actual cotton very sparingly, and as for speculation, as already intimated it has
been a very small affair. Confined largely to prominent
operators, the trading has been for the most part of a professional character and oftentimes it has been more a question of what this, that or the other operator was doing,
or was likely to do, than of the fundamental facts affecting
the cotton situation as a whole. Much has been said.about
the alleged existence of a large short interest in the May
option if not in March, but,whether because of a fear that
a sharp advance at this time would attract large quantities
of cotton to New York or because of the failure of the market to respond to the rise in stocks or the absence of any
great pressure to cover shorts account, bulls are understood
to have of late reduced their holdings of both March and
May cotton. Complaints have been received of rather
too much rain in parts of the Atlantic States and not a
little has been said about the reported reduction in the
sales of mules and fertilizers thus far this season; but of
late sales of fertilizers in Alabama and Georgia,for instance,
appear to have greatly increased. In Texas crop preparations seem to be at least as well forward as they were a
year ago and from parts of Mississippi come reports that
the acreage will be the largest ever planted and that sales
of mules and agricultural tools are also larger than ever
before. Most reports incline to the view that crop preparations are more or less in arrears over much of the region
east of the Mississippi. But not only have the sales of spot
cotton at the South been on a very small scale but the spot
business in Liverpool has latterly fallen off, though the
tone of that market has on the whole been pretty firm. Of
late there has been considerable selling of May here against
purchases of July and it is worthy of note that, whereas
at one time recently May was 36 points over July, the
premium has latterly fallen to 13 points. The wages of
25,000 operatives at Lowell are to be reduced 10 per cent
on March 30th and similar reductions at Manchester and
Nashua, N. H., will effect about 20,000 more. To-day
heavy liquidation caused a sharp break in prices, accompanied by rumors that prominent bulls were selling May.
The weather at the South was favorable and the Liverpool
market unexpectedly dull and depressed. Spot cotton
hasbeen quiet and easier. Middling uplands closed at 11.20c.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
1908_c
1907
1906
1905
1904
1903
Lx.xxvi.
. Co.
to
la la la I@ I@ I@ I@ IP la la IP la
8
0 00000 .
0
It'
IN
IO
coI
THE VISIBLE SUPPLY OF corroN to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from
the United States, including in it the exports of Friday
only.
March 13Stock at Liverpool
Stock at London
Stock at Manchester
1007.
1906.
1908.
1,105,000 1,207,000 1,118,000
8,000
12,000
11,000
80,000
47,000
78,000
1905.
854,000
12,000
51,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Antwerp
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1,104,000 1,295,000 1,194,000
11,000
13,000
11,000
407,000
500,000
327,000
917,000
9,000
349,000
287,000
249,000
217,000
15 .
,a
1 8
3,000
4,000
19,000
45,000
132,000
38.000
110,000
73LE(01
9,000
18,000
5,000
3,000
.868,000
885,000
Total Continental stocks
683,000
631.000
2,053,000 2,163,000 1,877,000 1,548,000
Total European stocks
197,000
India cotton afloat for Europe__ _ 137,000
152,000
76,000
521,803 356,239
American cotton afloat for Europe 399,480
381,000
67,000
EgYPt.Braz11,&c.,afloat for Europe 48,000
67,000
43,000
233,000
220,000
Stock in Alexandria. Egypt
184,000
109,000
628,000
600,000 950,000 709,000
Stock In Bombay,India
831,378
1,035,401
Stock in U.S. ports
781,547 634,954
513.127 529,584
Stock In U.S.Interior towns
578,308
507,268
0,656
20,510
U. S. exports to-day
28,583
41,368
4,617,641 5,453,298 4,074,677 4,229,590
Total visible supply
Of the above, totals of American and other descriptions are as follows:
A merican991,000
bales_ 990,000 1,101,000
Live ool stock
777,000
65,000
66,000
54,000
Manchester stock
43,000
702,000 808,000
643,000
Continental stock
589,000
309,480
521,803 356,239
American afloat for Europe
381,000
630,378
1,035,401
781,547
U.S. port stocks
634,954
513,127 529,584
578,308
U.S. Interior stocks
597,268
29,510
9,656
U.S. exparts to-day
28,583
41,388
Total American
East Indian, Braell,
verpoolstock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt. Brazil, &c., afloat
Stock In Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
&.88°,
3,390,641 4,001,298 3,432,677 3,063,590
115,000
11,000
13,000
73,000
137,000
43,000
233,000
628,000
106,000
8,000
14,000
60,000
197,000
67,000
220,000
690,000
127,000
9,000
13,000
40,000
152,000
67,000
184,000
050,000
77,000
12,000
8,000
42,000
76,000
43,000
199,000
709,000
1,258,000 1.362,000 1 ,542,000 1,168,000
3,399,641 4,091,298 3,432,677 3,063,500
4,657,641 5,453,298 4,974,667 4,229,000
Total visible supply
&nod.
Middling Upland, Liverpool
6.03d.
5.77d.
4.31d.
Middling Upland, New York
11.20c.
11.25c.
11.15c.
8-20c•
Egypt. Good Brown ,Liverpool_ _ 8 15-16d. 12 11-16d.
9 lid. 7 5-16d.
Peruvian. Rough Good, Liverpool 10.35(1.
0,65d.
8.75d.
10.10d.
554d. 5 9-16d.
Broach, Fine, Liverpool_.
5INd. 4 5-16d.
5 3-16d.
Tinnel,•elly, Good. Liverpool
5 l4 d. 5 7-16d.
4 d.
Continental imports for the past week have been 180,000
bales.
The above figures for 1908 show a decrease from last week
of 24,306 bales, a loss of 795,657 bales from 1907, a decrease of 317,026 bales from 1906, and a gain of 428,551
bales over 1905.
MAIL 14 1908.1
THE CHRONICLE
675
Movement to March 15 1007.
AT THE INTERIOR TOWNS the movement-that is,
QUOTATIONS FOR MIDDLING COTTON AT OTHER
the receipts for the week and since Sept. 1, the shipments MARKETS.-Below are the closing quotations of middling
for the week and the stocks to-night, and the same items cotton at Southern and other principal cotton markets for
for the corresponding period for the previous year-is set each day of the week.
out in detail below.
•
.11...r.,...nt-No.o......a.m.m
.
,
t.,nn,rmomoomm
a02
GO
GOGGOGOG
n
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,ro m
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n.
..0.
GO
S
00N0W0Vh.V000.000040.10,N.,..440.0m.OW GO
mt
,
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.
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-.MON‘rM.,Mmt,
....,-,.m<1
,
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,roNn.mmommr-mr.mnnmn
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.
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,..1. ..4
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I
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000c,.0,0,,,AwM,
--4 m...7.0(0,
1;
Closing Quotations for Middling Cotton onWeek endingalarm is.
..at'day. Monday. Tuesday. Wed'clay. Thursd'y. Friday.
Galveston
11 %
New Orleans__ _ 113-i
Mobile
11
Savannah
11
11
Charleston
Wilmington,_ 113
Norfolk
11%
Boston
11.45
Baltimore
1114
Philadelphia,._ 11.70
Augusta
11%
Memphis
11%
St. Louis
1134
1
11 %
Houston
10 13-16
Little Rock
11%
113113-f
11
11
11%
11%
11.45
113-4
11.80
11 7-16
11 9-16
113-4
113-4
1013-16
11%
11'/
11%
•
11
11
113-i
11%
11.55
113-4
11.75
117-16
11 9-16
113-4
1134
10 13-16
11 546
113
11%
11
11
114
119-i
11.50
113-4
11.65
11%
11 9-16
113-4
113-4
10%
11 546 11 3-16
11%,
115-i
11%11%
11
103
11
11
11
11%
11%
11.40
11.30
1134
11%
11.55
11.45
113-i
11 %
3
1134
11%
1134
113-4
1134
113-4
ioy,
1O/4
.-.4
Movement to March 13 1908.
moi
,
om,
.ncsimmx
,
...mnmmonnvmmmvom,..mmt
,,o0
......,momomr-vnocomoomvnt-commmn,..oN
.mo n
'1'GO'GOC1GOGONGOGOGO
0-1
',-I
.O.
.0.1.004C-0 .000C,1.. 'O. 44
GO,GOGOGOGOGO..0
0 .
NNMI
,
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44
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sat'day, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Mch. 7. Mch. 9. Mch. 10. Mch. 11. Mch. 12. Mch. 13.
- March •
Range
10.62 -10.69 .75 10.72-.84 10.68-.76 10.65 - 10.55-.61
Closing
10.67-.69 10.76 -10.71-.74 10.72-.74 10.65-.68 10.55-.60
April_ 0 ____ _ 0 _ _
Range
Closing
10.67 * 10.74 * 10.64 * 10.68 * 10.57 * 10.48 *
MayRange
10.55-.67 10.65..75 10.63-.74 10.56-.68 10.55-.69 10.42-.49
Closing
10.66-.67 10.74-.75 10.63-.64 10.67 -10.56-.57 10.47 JuneRange ____ ._ - 0. -- q.. -- el --- 6-0 -10.60 * 10.70 * 10.59 * 10.63 * 10.52 * 10.42 *
JulyRange
10.47-.58 10.57-.69 10.56-.67 10.50-.6C 10.48-.61 10.32-.41
10.57-.58 10.67-.68 10.56-.57 10.59-.60 10.48-.49 10.38-.39
Closing
October.
9.91-.93 9.98-.99 9.92-.99 9.87-.89 9.84-.95 9.75-.81
Range
9.95-.97 9.99-.01 9.91-.93 9.93-.94 9.84-.85 9.77-.79
Closing
December- e) .92-- e -- 45 -- cp -- 9.78-.90 9.75-.77
Range
9.91-.93 9.95-.97 9.85-.87 0.88-.90 9.79-.81 9.71-.73
Closing
ToneSpot
Quiet. Steady.
Firm. Steady. Steady. Quiet.
Options
Steady. Steady. Steady. Steady. Steady. Steady.
e ___- 0,__ 4,,___. @__
Closing
GO
0.1 .
.g§.:...
=".4•11
,
0•
8
•
4
t4.4
0
8
2
i-j
itc;A .g ..'g.VOti.0B...710.L1.1;
.0
64
4a44'>;.;i114
SE.9.'bleUgsr4t§i,"111.90,4r4t'
t% g
5MN.WsgtvggaegA5A.P
The above totals show that the interior stocks have decreased during the week 105 bales and are to-night 16,457
bales less than at the same time last year. The receipts
at all the towns has been 62,981 bales less than the same
week last year.
OVERLAND MOVEMENTIWOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
1907-08
Since
Sept. 1.
316,968
147,070
25,305
40,282
32,738
70,666
188,698
March 13ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &
-1006-07Since
Week. Sept. 1.
22,509 625,562
5,112
185,431
2,931
60,201
2,199
64,644
42,924
1,274
3,039
99,988
235,606
22,935
Week.
9,831
6,898
1,338
502
3,020
3,038
4,822
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &
Between interior towns
Inland, & ., from South
29,449
821,727
3,033
302
450
81,139
57,536
45,627
Total to be deducted
3,785
184,302
Leaving total net overland *
25,664
637,425
60,089 1,314,356
5,604
2,182
1,931
126,061
55,221
40,142
9,717
221,424
50,372 1,092,932
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement has been 25,664 bales, against 50,372 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
455,507 bales.
---1907-08---- --1906-07-Since
In Sight and Spinners'
Since
Takings.
Week. Sept. I.
Sept. 1.
Week.
109,489 7,046,813 169,294 8,515,382
Receipts at ports to March 13
25,664 637,425
50,372 1,092,932
Net overland to March 13
48,000 1,322,000
Southern consumption to March 13 44,000 1,327,000
179,153 9,011,238 267,666 10,930,314
Total marketed
432,544 !I,17,437
*105
433,038
Interior stocks In excess
Came into sight during week- - -179,048
0,443,782
Total In sight March 13
250,229
North. spinners' takings to Mch. 13 34,468 1,260,573
83,545
11,363,622
2,084,993
* Decrease during week.
Movement into sight in previous-years:
Week1906-Mch.
1905-Mch.
1904-Mch.
1903-Itch.
16
17
19
20
Bales. I Since Sept.11144,930 1905-06-Mch. 16
212,500 1904-05-Melt, 17
115,805 1903-04-Mch. 15
135,377 1902-03-Mch. 20
Bales.
8,916,749
9,914,347
8,911,041
9,169,521
@-
WEATHER REPORTS BY TELEGRAPH.-Telegraphic
advices to us this evening from the South indicate that, in
the main, the weather has been favorable during the week.
While rain has fallen in most localities, the precipitation has
been light as a rule, and temperatures on the whole seasonable. In Texas preparations of land for the next crop are said
to be about completed, and planting has been commenced
at some points. Elsewhere crop preparations are progressing well quite generally.
,
Galveston, Texas.-Preparations of soil for the next crop
are about completed in Texas, the ground is well seasoned
and in fine condition, and planting has been commenced in
some localities, but is not general as yet. We have had
a trace of rain on one day during the week. Thermometer
has ranged from 52 to 74, averaging 63.
Abilene, Texas.-Rain has fallen on one day during the
week, the rainfall being six hundredths of an inch. Average
thermometer 54, highest 78, lowest 30.
Corpus Christi, Texas.-There has been rain on two days
during the week, the precipitation being twenty-seven
hundredths of an inch. The thermometer has averaged
61, the highest being 76 and the lowest 48.
Fort Worth, Texas.-We have had rain on three days
during the week, the rainfall reaching one inch.and sixty-six
hundredths. The thermometer has averaged 59, ranging
from 38 to 80.
•
San Antonio Texas.-It has rained on two days of the
week, the rainfall reaching thirty-eight hundredths of an
inch. The thermometer has ranged from 42 to 84, averaging
63.
Taylor, Texas.-Rain has fallen on two days during the
week, the rainfall being one inch and fifty-six hundredths.
Average thermometer 61, highest 80, lowest 42.
Palestine, Texas.-We have had rain on three days of
the week, the precipitation reaching one inch and nine
hundredths. The thermometer has averaged 61, the highest
being 80 and the lowest 42.
New Orleans, Louisiana.-Rain has fallen on one day during the week, the rainfall being two hundredths of an inch.
Average thermometer 66.
Leland, Mississippi.-We have had rain during the week,
the rainfall reaching thirty hundredths of an inch. The
thermometer has averaged 60.4, ranging from 37 to 79.
Vicksburg, Mississippi.-We have had rain on four days
during the week, the rainfall reaching seventy-eight hundredths of an inch. Thermometer has ranged from 41 to
82, - averaging 58.
Helena, Arkansas.-Rainhas interfered somewhat with
farm operations. We have had rain on two days of the
week, the precipitation reaching forty-five hundredths of
an inch. The thermometer has averaged 53.8, the highest
being 75 and the lowest 40.
Little Rock, Arkansas.-The weather has been favorable
for farm work, but preparations for planting are not very far
[VOL. Lxxxvi.
THE CHRONICLE
WORLD'S SUPPLY AND TAKINGS OF COTTON.
advanced. There has been rain on three days during the
week, to the extent of ninety-one hundredths of an inch. The following brief but comprehensive statement indicates
The thermometer has averaged 57, ranging.from 38 to 76.
at a glance the world's supply of cotton for the week and since
Memphis,Tennessee.-The weather is clear and spring-like Sept. 1, for the last two seasons, from all sources from which
It
has
rained
and preparations for the next crop are active.
or amount gone
on two days of the week, the rainfall reaching one inch and statistics are obtainable; also the takings,
eighteen hundredths. The thermometer has ranged from out of sight, for the like period.
37.8 to 73.2, averaging 55.
1906-07.
1907-08.
Cotton Takings.
Mobile, Alabama.-Fine weather has prevailed in the
-Week and Season.
Season.
interior and farm work is making good progress. We have
Week.
Season.
Week.
had rain on one day of the week, the precipitation reaching
5,473,987
6
4,681,947
March
supply
Visible
has
averaged
one hundrdeth of an inch. The thermometer
1,784,156
2,291,844
Visible supply Sept. 1
179,048 9,443,782 250.220 11,363,622
American in sight to March 13_
65, the highest being 79 and the lowest 53.
1,648,000
103.000
64,000
12
1,326,000
March
to
Bombayreceipts
are
farmers
weather
Montgomery, Alabama.-With fine
148,000
9,000
2,000
130,000
Other India shIp'ts to March 12_
882,000
11,000
14,000
856,000
catching up nicely with, their work. There has been rain Alexandria receipts to Mch. 11 _
215,000
3,000
1,000
190.000
*_
11
March
to
hundredths
supply
ten
of
Other
extent
on three days during the week,to the
of an inch. The thermometer has averaged 64, ranging
4,941,995 14,237,626 5,850,216 16,040,778
Total supply
from 52 to 80.
DoductSelma, Alabama.-It has rained on three days of the Visible
4,657,641 4,657,641 5,453,298 5,453,208
supply March 13
week, the rainfall reaching thirty-five hundredths of an
284,354 9,579,985 396,918 10,587,480
March 13
to
takings
Teati
averag83,
to
40
from
inch. The thermometer has ranged
234,354 7,379,985 303,918 8,170,480
Of which American
50,000 2,200,000
93,000 2,417,000
ing 62.5.
Of which other
ther.
Average
week.
Madison, Florida.-Dry all the
mometer 64, highest 81, lowest 51.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
Augusta, Georgia.-We have had rain on two days of the
-Through arrangements made with Messrs.
week, the precipitation reaching thirty-one hundredths of COTTON.
Benachi & Co., of Liverpool and Alexandria, we
highest
Choremi,
the
62,
averaged
an inch. The thermometer has
being 84 and the lowest 44.
now receive a weekly cable of the movements of cotton at
Savannah, Georgia.--Dry all the week. The thermometer Alexandria, Egypt. The following are the receipts and
has averaged 65, ranging from 48 to, 83.
shipments for the past week and for the corresponding week
Charleston, South Carolina.-It has rained on three days
of the week, the rainfall reaching ten hundredths of an inch. of the previous two years:
The thermometer has ranged from 46 to 81, averaging 66.
Alexandria, Egypt,
Greenwood, South Carolina.-Rain has fallen on two days
1906-07.
1905-06.
1907-08.
March 11.
of the week, the rainfall being thirty hundredths of an inch.
(cantars)Receipts
46.
lowest
67,
highest
Average thermometer 56,
90,000
125,000
100,000
This week
6,613,515
5,622,802
Statesburg, South Carolina.-Preparations for planting have
6,417,277
Since Sept. 1
have
We
on.
hangs
still
which
weather
been delayed by had
had rain on three days of the week,the rainfall being seventy
This Since
This Since
This Since
five hundredths of an inch. The thermometer has averaged Exports (bales)week. Sept. 1. week. Sept. 1. week. Sept. 1.
to
85.
41
61. ranging from
169,496 3,750 173,585
To Liverpool
3,500 175,450
Charlotte, North Carolina.-There has been rain the past
159,604 4,000 137,358
162,529
To Manchester
hunsixty
and
inch
one
259,180 7,000 231,809
5,1100
reaching
week, the precipitation
14,000 248,764
To Continent
from
89,012 1,500 60,582
ranging
2,250
57,
48,466
800
averaged
America
To
has
thermemeter
dredths. The
------37 to 79.
18,300 625,218 7,750 678,192 16,250 603,424
Total exports
The following statement we have, also received by teleNote.-A cantar is 90 lbs. Egyptian bales weigh about 750 lbs.
graph, showing the height of rivers at the points named
at 8 a. m,of the dates given:
This statement shows that the receipts for the week were
Mch. 13 1908. Mch. 15 1907.
100,000 cantars and the foreign shipments 18,300 bales.
Feet.
Feet.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
15.6
28.7
29,6
16.5
39.2
16.5
32.8
22.7
7.2
45.1
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
Above zero of gauge_
JUTE BUTTS, BAGGING, &c.-There has been practically nothing doing in the market for jute bagging during
the week under review, and prices are nominally unchanged
at 73 cents per yard for 2-1b. domestic bagging and 6
TO
N
1.
MARCH
EUROPEAN COTTON CONSUMPTIO
cents per yard for re-woven and inferior foreign. Jute butts
Ellison's
cotton
figures
Mr.
-By cable to-day we have
continue dull at 2@3 cents per lb. for bagging quality.
also
for
give
revised
totals
We
brought down to March 1.
be
The
may
made.
spinners'
last year that comparison
INDIA COTTON MOVEMENT FROM ALL PORTS.
takings in actual bales and pounds have been as follows:
The receipts of cotton at Bombay and the shipments from all
India ports for the week and for the season from Sept. 1 for
Great Britain. Continent,
Total.
October 1 to March 1.
three years have been as follows:
For 1907-03.
Takings by spinners__._bales_
Average weight of bales__ _ _lbs_
Takings in pounds
4,588,000
1,909,000
2,670,000
494.1
485
508
967,772,000 1,299,215,000 2,266,987,000
For 1906-07.
bales_
Takings by spinners
Avi-rage weignt of bales_ _ __lbs_
Takings in pounds
4,786,000
2,826,000
1,960,000
494.2
486
506
991,760,000 1,373,436,000 2,365,196,000
March 12.
1907-08.
Receipts atWeek.
Bombay
Since
Sept. 1.
1906-07.
1905-06.
Since
Week. Sept. 1,
Since
Week. Sept. 1.
64,000 1,326,000 103,000 1,648,000 62,000 1,748,000
For the Week.
According to the above,the average weight of the deliveries
in Great Britain is 508 pounds per bale this season, against
506 pounds during the same time last season. The Continental deliveries average 485 pounds, against 486 pounds
last year, and for the whole of Europe the deliveries average
494.1 pounds per bale, against 494.2 pounds last season.
Our dispatch also gives the full movement for this year and
last year in bales of 500 pounds.
October 1 to March 1.
Bales of 500 lbs. each.
000s omitted'.
1907-08
Great ContiBrien. nent. Total.
1,456
4,534
Spinners' stock Oct. 1
Takings to March 1
367
1,936
1,089
2,598
Supply
Consumption, 21 weeks
2,303
1,638
3,687
2,226
Spinners stsek March 1
665
1,461
2,126
78
78
78
78
78
106
106
106
108
106
184
184
184
184
184
Weekly Consumptoin,
000s ortattqafa October
November
In Deeznuber
I a January
In February
5,990
3,864
-
Bombay1907-08
1906-07
1905-06
Calcutta1907-08
1906-07
1005-06
Madras1907-08
1906-07.
1906-07
1005-06
Great ContiAll othersBrit'n. nent. Total.
1907-08
-1906-07
809
556
253
1903-06
1,984 2,747 4,731
Total all2,237 3,303 5,540
1907-08
1,571 2,205 3,776
1906-07
1905-06
666 1,098 1,764
74
74
75
75
76
105
105
105
105
105
179
179
180
180
181
The foregoing shows that the weekly consumption is now
184,000 bales,of 500 pounds each, against 181,000 bales of
like weights at the corresponding time last year. The total
spinners' stocks in Great Britain and on the Continent have
increased 215,000 bales. during the month and are now
362,000 bales more than at the same time last season.
Exports from-
Great ContiBritain. ?tent.
Total.
Since September 1.
Great
Britain.
Continent.
Total.
2,000 7,000 9,000
2,000 18,000 20,000
3,000 44,000 47,000
15,000
27,000
33,000
342,000
574,000
480,000
357,000
601,000
513,000
3,000
5,000
3,000
5,000
3,000
4,000
5,000
9,000
59,000
52,000
12,000
63,000
57,000
1,000
3,000
3,000
4,000
2,000
1,000
25,000
18,000
34.000
29,000
20,000
35,000
1,000
5,000
2,000
5,000
9,000
7,000
10,000
80,000
58,000
60,000
89,000
65,000
70,000
3.000 8,000 11,000
2,000 27,000 29,000
3,000 52,000 55,000
31,000
40,000
49,000
455,000
709,000
626,000
487,000
749,000'
675,000
1,000
1-,666
According to the foregoing, Bombay appears to show a
decrease compared with last year in, the week's receipts of
39,000 bales. Exports from all India ports record a loss of
18,000 bales during the week and since Sept. 1 show a
decrease of 262,000 bales.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market
is quiet for yarns and steady for shirtings. The demand for
India is poor but for China is good. We give the prices for
to-day below and leave those for previous weeks of this
and last year for comparison.
MAR. 14 1908.1
THE CHRONICLE
323 Cop
Twist.
Jan. d.
31 10% 0
Feb.
7 9 15-160
14 9%
0
'21 9%
0
28 93i
0
MO'
6 9
0
13 8% 0
77te prices arc gtszn in pf.nce and 100ths.
1907.
1908.
8X lbs. Shirt- Can
ings, common Mid
Upl's
to Itnest.
32s Cop
Twist.
83( lbs. Skirt- Coen
ings, common
Upes
to ltnest.
d. s.
s. 4.
11% 5 11 09 2
d. d.
d. s. d.
s. d.
6.39 9 11-160 10% 66 (49 9
5.87
11% 5 10
10% 59
10% 56
10% 55
6.35 9 15-16C) 11 67
6.21 9% 010 15-16 67
6.14 9 11-160 10% 67
6.00 9 13-160 103 67
10
10
10
9
6.09
6.03
6.03
6.14
6.04 9 15-160 11 6 7%09 9
6.00 9 15-160 103 6 7% 09 9
6.24
6.03
09 1
09 0
08 10
08 9
10% 5 4%08 8
10 5 4 08 7
677
69
09
09
09
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 119,207 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Thus: 5 58 means 5 58-100d.
Mon.
Tues.
Sat.
Wed.
Thurs.
Fri
inch.7 ......____ ...._____ _____ ________
to
12% 12% 121% 4 121% 4 121% 4 123. 4 121% -4
Mch. 13. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
--- __
5 58 641% 641% 691% 681% 631% 65 661% 661% 581% 57
MarchMch.-Apr.
5 58 641% 641% 693-5 681% 633-5 65 661% 663-5 581% 57
Apr.-May
5 603-5 67 66 70 69 64 651% 67 67 59 5754
May-June
5 62 673-5 67 70 69 6454 86 67 67 5934 58
June-July.5 60% 6654 653-5 683-5 6734 63 6454 66 66 5834 57
July-Aug- ---- 5 5754 63 6134 64 6354 59 60% 62 62 55 53%
Aug.-Sep
5 49 55 53 55 54% 50 51 H 53 53 4634 45%
Sep.-Oct -_
423443 44 3834 38
5 42 47 423445 44 41
Oct.-Nov_ .___ 5 35 40 355438 • 37 34 3534 36 37 31 % 31
Nov.-Dec.
5 3234 3754 36 35 34 31
3254 33 34 2834 28
Dee.-Jan
5 33 3'7 32% 34 33 30 31% 32 33 27342754
Jan -Feb
--- - --
BREADSTUFFS.
Friday, March 13 1908.
Prices for wheat flour haveshown no marked changes dining
the week, but on the whole the tone has been easier, owing
to the fall in wheat, and some grades are lower than they
were a week ago. But trade has been extremely dull and
quotations are largely nominal. Export business has been
at a standstill. Trade reports from the large milling centres
of the Northwest, the Southwest and the West have been
unfavorable, trade continuing dull at most points, with no
prospects of greater activity in the near future. Favorable
reports in regard to the new winter-wheat crop of.this country
have had a tendency to restrict purchases. Rye flour and
corn meal have been quiet and steady.
Wheat has declined about four cents per bushel during the
week,owing partly to unexpectedly large holdings by farmers
as revealed by the Government report which appeared on
March 9th, partly to warmer weather at the West, and
partly to depression at times in the European markets, where
the offerings of Argentina wheat have still been large. The
effect of the Government report was attributable mainly to
the fact that the figures were larger than had been expected,
rather than to anything necessarily of a discouraging character in the report itself, aside from this fact. In other words,
the reserves, as stated in the official report, are 148,721,000
bushels, against 206,644,000 a year ago, 158,403,000 in
1906, 111,000,000.in 1905 and 132,600,000 in 1904. That is
to say, the farm stocks are really only 23.5% of the crop, as
against 28d% a year ago and a ten-year average for this
time of the year of 24.5%. The report, indeed, might have
had a stimulating effect but for the rumors previously circulated that the reserves were really some 25,000,000 to
30,000,000 bushels smaller than the Government figures
proved to be. Reports had been extensively circulated of an
almost absolute exhaustion of farm reserves at the Northwest
and the Southwest. Speculators for a rise had so seriously
misunderstood the facts that the Government figures came
as a disagreeable revelation to very many, who promptly
sold their holdings. Moreover, the receipts have increased
and the cash demand at one time fell off sharply. The
world's shipments have been anything but small, even though
119,207 they show some decrease. More favorable crop reports reTotal
The particulars of the foregoing shipments for the week, ceived not only from the West but also from most parts of
arranged in our usual form, are as follows:
Russia,and from various other countries of Europe,have been
Great Frfmch G,-r- -Oth.Europe- Mex.,
so favorable that they have contributed noticeably to the
Britain. ports. many. North. South. e,c. Japan. Total.
150 5,153
2,838
___
333
New York
___
8,477 depression in prices. The decline in the European markets
250 12,556
____ 3,311 13,629
Galveston
29,746 has also counted for not a little. Argentina's crop seems to
6,455
Port Arthur_ _ _ _ _
6,455
New Orleans__ _10,435 10,445 15,673 2-,345 4-,16-6
43,046 be turning out larger than was expected. Yet of late the
3,972 6,688
1,176
11,836 cash demand has increased, and this, with a rising stock
Pensacola
4,368 1-,483 8,897
14,748
Savannah
844
-844 market, has had a more or less steadying effect, while com13runswIck
Norfolk
plaints have also been received from India that rain is
_
-50
___
1,271
Boston
---,
needed. A rally in English and continental markets also
-- -- - -Philadelphia __ _ 1,233
1,550 contributed to some advance here on Thursday. On the
- - -San Francisco
---- -- ---_ - _ 1,550
.20.794 29,689 26,832 7,287 33,005
50 1,500 119,207 whole, hoWever, the cash demand has been light. To-day
Total
LIVERPOOL.-By cable from Liverpool we have the fol- prices were lower at first on large Argentine shipments,weak
lowing statement of the week's sales, stocks, &c., at that port: cables and liquidation,but a rally occurred later on bull supFeb. 21.
Feb. 28.
Arch, 6. Afch. 13. port, reports of a better cash demand, partly for export, and
47,000
bales_
43,000
45,000 covering of shorts.
Sales of the week
54,000
66
__2_,(3.
1,000
1,000
Of which speculators took_ _
2,000
Total bales.
1,402
NEW YORK-To Liverpool-March 11-Victorian, 1,402
814
To London-March 6-Mesaba, 814
222
To Hull-March 10-Buffalo, 222
400
To Newcastle-March 10-London City, 400
286
To Bremen-March 11-Seydlitz, 286
50
To Hamburg-March 10-Montrose, 50
150
To Antwerp-March 6-Kroonland, 150
To Genoa-March 6-Principe dl Piemonte, 500; Republic,
March 10-Florida,250 3,954
2,345-- _ _March 7-Friedrich,859
To Naples-March 6-Republic, 100____March 7-Friedrich,
900
400,_ _March 10-Florida, 400
100
To Tries-te-March 11-Slavonia, 100
100
To Flume-March 11-Eugenia, 100
99
To Venice-March 11-Eugenia, 99
GALVESTON-To Hull-Marco 10--Greystoke Castle, 250
250
12,556
To Havre-March 6-Magician, 12,556
To Antwerp-March 9-Greystoke Castle, 3,311
8,311
To Barcelona-March 11-Edoardo Mush, 2,992
2,902
To Genoa-March 9-Dora Baltea, 6,997
6,997
To Venice-March 11--Edoardo Musil, 1,187
1,187
To Trieste-March 11-Edoardo Musil, 2,453
2.453
PORT ARTHUR-To Bremen-March 7-Rokeby,6,455
6,455
NEW ORLEANS-To Liverpool-March 6-Tactician, 3,743
March 13-Louisianian, 2,500
6,243
To Glasgow-March 12-Nyassa 500
500
To Belfast-March 7-Glenarm Head, 2,752; Inishowen Head,
940
3,692
To Havre-March 6-Huntsman, 10,445
10,445
To Bremen-March 12-Afghan Prince, 10,445; Wittenberg,
5,228
15,673
To Rotterdam-March 11-Sirdar, 2,343
2,343
To Barcelona-March 10-Puerto Rico, 4,150
4,150
PENSACOLA-To Liverpool-March 6-E.0. Saltmarsh, 3,972
3,972
To Havre-March 6-Sandhurst, 6,688
6,688
To Genoa-March 7-Entilia, 1,176
1,176
100
SAVANNAH-To Rotterdatn-March 11-Homewood, 100
To Bremen-March 7-IrtnIngard, 4,368
4,368
833
To Reval-March 7-Irmingard, 833
To St. Petersburg-March 7-Irmingard, 200
200
To Gothenburg-March 7-Irmingard, 50„.. _ _March 11Homewood, 100
150
100
T3 Norrkoping-March 7-Irmingard, 100
To Barcelona-March 7-Westhampton, 4,152..__..March 12Margherita, 1,551
5,703
11-Homewood,
100
100
To Stockholm-March
1,294
To Genoa-March 12-Margherita, 1,294
1 ,750
To Trieste-March 12-Margherita, 1,750
150
To Fiume-March 12-Margherita, 150
844
BRUNSWICK-To Liverpool-March 11-Banger,844
1
NORFOLK-To Liverpool-March 9-Rotterdam, 1
BOSTON-To Liverpool-March 7-Sagamore, 118---..March 9
1,221
Sylvania, 31......-March 10-Winifredian. 1,072
_
50
To Yarmouth-March 10-Prince Arthur, 50
PHILADELPHIA--To Manchester-Feb.29-Manchester Corpora1,238
tion, 1,233_
1,550
SAN FRANCISCO-To Japan-March 10-Siberia, 1,550
4,000
Of which exporters took_..
45,000
Sales, American
,----------16,000
Actual export
101,000
Forwarded
1,112,000
Total stock-Estimated
983,000
Of which American-Est
159,000
Total Import of the week
137,000
Of which American
Amount afloat
269,000
Of which American
245,000
41,000
16,000
76,000
1.121,000
1,010,000
108,000
103,000
242,000
215,000
3,000
50,000
10,000
1,12787:(0)0000
1,012,000
91,000
76,000
20(1,000
167,000
2,000
42,000
12,000
81,000
1,105,000
990,000
70,00Q
64,000
155,000
118,000
DAILY CLOSING PRICES OF WHEAT FUTURES IN NE.W YORK.
Sat. Mon. Tues. Wed. 7 hurs. Fri.
No 2 red winter
10354 1013', 10134 1003-5 10034 101
May delivery in elevator
105
10254
10334 1011% 10134 102
July delivery in elevator
99 .;.‘ 9754 061% 9654 9654 9734
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Set. Mon. nzes. Wed. Thurs. Frt.
May delivery in elevator
9634 9534 935/, 9334 945/, 95
July delivery la clevatcr
90% 9054 89
8934 89
8934
83
September delivery in elevator
873-5 8654 8634 86
86%
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of theIndian corn futures have been strong during much of
week, owing to the poor grading, support from leading
spot cotton hr_9_ been as follows:
Chicago operators who are arrayed on the bull side and
covering by nervous shorts. The buying for short account
Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
Spot.
has been active at times, but there is said to be a considerFair
Fair
.
Market,
Fair
able May short interest still outstanding. The arrivals
Moderate
Good
business. business
business
12:15
Quiet.
doing.
doing.
doing.
at Chicago have not only been light, but they have included
P.M. J demand. demand.
.
practically no corn of contract grade. The cash demand
6.07
6.05
6.00
0.12
6.00
Mid.UpPds
6.00
has been fairly active and Liverpool has shown strength
10.000
7,000
8,000
5,000
8,000
Sales
6,000
at times. The Government report on reserves was bullish,
1,000
500
1,000*
500
300.
Spec.e.:exp.
600
stating the amount in the hands of farmers at 962,429,000
Steady,
Quiet,
Futures. Stead' at Steady at Steady at Quiet at
bushels, against 1,298,000,000 last year. Of late, however,
un405 pts. 2@4 pts. 304 pts.
6 points
Market 1 5%06
bulls have liquidated to some extent and prices have shown
decline. changed.
opened
f pls. dec. advance, advance,
decline.
a reactionary tendency. To-day prices were easier at first
t at Quiet at Quiet at Quiet at Quiet at
Market, 1 Ely sty at Qui,
on liquidation and favorable weather, but later they rallied
101%
ii(44 nts. 11%@3%
4
} 45®6
31,061%
51%®91%
P. M. I pts. dec. pts. adv. advance. pts. dec. pts. adv. pts. dec.
on small-receipts, firmness of wheat and covering.
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
DAILY CLOSING PRICES OF NO 2 MIXED CORN IN NEW YORK.
Sat. Mon. MPS. Wed. Thurs. Fri.
65
65
6654 67
66
67
73
7334 73n, 7834 73% 7434
70% 71 .y 71 % 713i 70% 71 34
Cash corn
May delivery in elevator
July delivery In elevator
[VOL. Lxxxvi.
THE CHRONICLE
FLOUR.
$4 75 @)15 00
$3 85 604 00 Kansas straights'
Low grades
5 1 0 @ 5 20
3 35 @ 3 75 Blended clears
Second clears
5 70@ 620
4 2.) @ 4 35 Blended patents
Clears
4 65 @ 525
5 10 (4) 5 35 Rye flour
Straights
3 50
5 40 (d) 6 35 Buckwheat flour
Patent, spring
4 80(4) 5 00 Graham flour
Nominal.
Patent, winter
3 20
370
©---- Corn meal
Kansas patents _______
GRAIN.
Corn (new), per bush.
c.
c.
Wheat, per bush.
1143%
No. 2 mixed
f.o.b. 67
N. Duluth, No. 1
1113%
No. 2 yellow
673%
N. Duluth, No. 2
f.o.b.101
No. 2 white
6734
Red winter, N.o.2
111
Rye, per bush.Hard
"
87 @88
No. 2 Western
Oats, per bush.
State and Jersey
Nominal
Natural white
57@69
5q 34
104 @110
Barley-Malting
mixed
Feeding
Nominal
white,clipped_ 60 f(4)62
For other tables usually given here, see page 648.
41
THE DRY GODS TRADE.
---1908----1907-----SinceSince
Week. Jan. 1.
Week. Jan. 1.
New York to March 7.
93
38
8
569
Great Britain
115
4
10
Other European
5,402
1,664
2
4,1
14
31
China
3,122
India
3,906
J-'
Ar bia
a
12,171
974
41
Africa
2,201
4,116
466
West Indies
587
387
20
Mexico_
19
2,515
Central America
228
4
3,9
6
396
19
54
3:374833
rog
8
South Rmerica
652
10,036
816
Other Countries
498
9,800
Total
3,703
32,756
2,365
51,108
The value of these New York exports since Jan. 1 has
been $2,142,223 in 1908, against $3,164,768 in 1907.
Heavy brown drills and sheetings have again shown an
easier tendency during the week and the demand has only
been Of moderate proportions. Medium and light-weight
sheetings are also slightly lower, but purchases have been
so
'9r ,. .
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FOR WAREHOUSE DURING SAME PERIOD.
New York, Friday Night, March 13 1908.
Prices on certain lines of cotton goods have again shown
irregularity during the past week, but on the whole sentiment is improving and the future is being looked forward
to with more confidence. In the primary market orders
have only been for small quantities of good, but they have
been coming forward steadily, and from their character indicate that stocks throughout the country are running low.
Jobbers have of late done a very much larger business proportionately than agents, and it is felt that this is a condition
which cannot continue much longer. During the week it
has developed that, particularly in the West, they have been
buying from one another to maintain their stocks without
entering the primary market and at prices which agents at
present would not in any way consider. Announcement has
been made that on March 30 there will be a reduction in
wages averaging 10% in all mills in Lowell, and it is expected
that other manufacturing centres will shortly follow this
example. Fall River will be unaffected, owing to the six
months sliding scale agreement which went into operation
on Nov. 25 last. There is little likelihood of wage reductions
resulting in lower prices for goods, however, as the revisions
have already been material and there has been no equivalent
decline in the price of cotton; in fact the latter has been
steadily maintained at the highest level for many years, with
the one exception of the Sully boom year. In the meantime,
curtailment is becoming even more drastic both North and
South, and while no actual agreement has been reached
among New England mills, there are indications that it will
continue at over 25% for at least three months more. There
has been little doing in men's wear woolen and worsted
heavy-weight goods, but dress goods have been moderately
active.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending March 7 were 3,703
packages, valued at $215,205, their destination being to
the points specified in the tables below:
4...w.
W.004..
"
.4 14 ea
.4 ca a'-, Oo
0 en aD Cs 00
?.
'4061 GNV g061 1
The following are closing quotations:
n0'1716'12
DAILY CLOSING PRICES OF OATS IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Frt.
533% 535% 53% 53M 53% 545%
3
4434 445% 443% 443% 445% 45%
May delivery in elevator
July delivery In elevator
Z69'9L9`R
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Tues.
Wed. 'Thurs.
Mon.
Fri.
Sat.
575%
5734
57
5734
Mixed,26 to 32 lbs_ _ _ 575%
5734
White clipped, 32 to
34 lbs
5934-61 595%-61 5934-61 595%-61 5934-61 60-62
920'gZI
Oats for future delivery in the Western market have moved
within a comparatively narrow range. In the main, however, prices have been firmer, owing to the strength of corn
buying by prominent Chicago interests, commission-house
buying and covering of shorts. On the other hand the
receipts have been liberal, and this fact, with dulness of
the cash trade, has militated against any marked rise in
prices. At times, too, leading Chicago bulls have liquidated and cash interests have sold to some extent. The
Government stated farm reserves at 267,476,000 bushels,
against 384,461,000 a year ago. This report had little
effect, however, owing to the break in wheat. To-day
prices were firmer on the strength of wheat, bull support
and covering.
somewhat heavier at the decline. Moderate sales have been
made to China, mostly for March-April shipment, and inquiries from this source have continued on quite a heavy
scale. A transaction that created a good deal of interest in
dry goods circles was the sale of a small lot of sheetings to
Madagascar, this being the first in twelve years, or since the
French Government imposed an import duty of 55% on
foreign cottons entering the island. At first hands bleached
goods have been moving slowly, but jobbers announce that
they are quite satisfied with the business they have been
doing. Kid-finished cambrics have sold moderately well at
the lower level recently established, and napped goods contiue among the most active of lines. Coarse, colored cotton
goods have been quiet as far as the domestic trade is concerned, but there have been some sales of denims, plaids, &c.,
to Pacific ports. Jobbers have received some good orders
for ginghams for early shipment, and 'Hints have also been in
demand for immediate delivery. Print cloths have been
irregular with gray goods again from 3'gc. to %c. lower;
buyers are only covering their urgent requirements.
WOOLEN GOODS.-Revisions in the men's wear heavyweight woolen and worsted goods market are now practically
over and a quiet time is inevitable for the next few weeks.
While a feeling of optimism is still apparent in some quarters;
there is no doubt that many looms will be idle and that
manufacturing will be on a much lighter scale than for several
years past. A great deal will, of course, depend upon the
duplicate ordering and this will partly be affected by the
volume of spring business. The worst sufferers have been
the cheaper qualities of goods and the best business has been
done in fine worsteds. In practically all lines above $1 50 a
yard the initial sales have been satisfactory, although probably .in no instance have they been as large as last year.
Buyers at the present time are anxious to get theirsample
pieces as early as possible to enable them to test theirrnarket.
In dress goods there has been a good spot demand for certain
classes of fabrics, notably striped serges, and where these
have been obtainable they have readily commanded a
premium. In heavy-weight goods the best buying has been
in worsteds, which have fared comparatively well, but there
is little in the situation to encourage manufacturers of woolens. Broadcloths are still popular and it is expected that.
they will continue so during the fall season.
FOREIGN DRY GOODS.-Imported woolen arid worsted
dress goods are quiet, and in some instances prices are lower.
Silks and ribbons have been moving rather more freely.
There has been a fair demand for spot linens. Burlaps have
advanced sharply, following the Calcutta and Dundee
markets.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Mch. 7 1908 and since
Jan. 1 1908, and for the corresponding periods of last year,
are as follows:
gl0j,
IN CHICAGO.
Wed. Thurs. Frt.
% 655%
65
645
6214 61 % 62%
613% 605% 61 %
p32331.ru EU
DAILY CLOSING PRICES OF CORN FUTURES
Sat. Mon. Tues.
May delivery In elevator
635% 645% 65
61% 62
62
July delivery in elevator
603% 61
61 %
September delivery in elevator
slipdtui ploy
678
MAR.. 141908.1
Viva' MIDtTY33tfilitilvaNT.
MUNICIPAL BOND SALES IN FEBRUARY.
We present herewith our detailed list of the municipal bond
issues put out during the month of February, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 618 of
the "Chronicle of March 7. Since then several belated
February returns have been received, changing the total for
the month to $60,613,665. The number of municipalities
issuing bonds was 186 and the number of separate issues 296.
In the case of each loan reference is made to the page of the
"Chronicle where an account of the sale is given.
FEBRUARY BOND SALES.
Name.
Rate. Maturity. Amount. Price
Page.
4
divi3-11),.. $14,000 100
495_ _ Auburn Sch. Dist., Ind
25,000 100
5
1028
618_ _ Aurora, Minn.(2 Issues)
433__Barnstable County, Mass
18,000
50,0001 100
5
1927
618 _ _ Bartlesville, Okla.
54,0001
1932
6
618- _Bartlesville, Okla
75,000
433__Bay City. Mich
5
550,000
5
1928'
558_ -Bayonne, N. J. (2 Issues)
18,000
45..Beloit.
5,000 100
1928
558_ _ Benton eo. S. D. No.7, Wash
6
10,000 100
618.-Berno, N. Y
1912-1921
5
57,500
495_ Bessemer. Ala. (3 Issues)
21,000
1909-1915
-5495- _Bethlehem, N Y
4,000 105
1911-1918
495- Bettendorf, Iowa
6
40,000
1910-11)39
558__Bradford Son. Diet., Ohio
5
100,000
1938
618..Burlington. N. C.(2 Issues).- - - 5
01.156
10,375
361__Cambridge, Ohio (16 issues)____ 414 1909-1918
11,000 100
414
619- _Cambridge Springs. Pa_
30,000 100.551
1928
619....Canton Union Sch. Dist., Ohio_ 4
32,000 100
414
495_ _Capitol Sch. Dist., Cal
7,798 101.307
6
1918
495__Carroll County, Iowa
14,000 100.357
5
d1013-1928
361--Charles City, Iowa
170,000 100
619-Charleston. W. lira. (9 issues) _ _ 414 -- ---1910
2,000 100
433_ _Chehalis()o. S. I). No.71, Wash. 6
5
1909
15,300 100
610_ _Chemung County, N. Y
16,000
361_ _Cheneyville Sch. Dist.: IA
4
1910-1926 1,917,500 98.0978
41)5_ _Chicago Sanitary That , III
4
150,0001 106.07
1948
433_ _Cincinnati, Ohio
4
130,000
1047
433__Cincinnati, Ohio.
5
1028
20,000 100
619_ _Claremore,Okla
00.000 100
619__Clarksdale. Miss. (3 Issues)- - -.- 5
6
d1918-1928.
40,000 101.50
558_ _Coeur d'Alene, Idaho.
61,6
16,000
434_ _Colbert County. Ala
45,000 .
406_ _Commerce, Ga
414 1909-1943
70,000
361_ _Conneaut Soh. Dist., Ohio
200,000
361_ _Cumberland, R. I
4
50,0001x100
496_ _Dallas, Tex
4
1008-1047
50,0001
496_ _Dallas,'rex
5
1911-1026
16,000 107.031
496_ _Delta Sch. Dist., Ohio
514
12,000 100
1918
619_ _ Devils Lake. Minn
414 1909-1913
0,300
619_ Douglas Co. S. D. No. 4 Ariz
4
12,000 100
559..Dover, Ohio
5
1927 & 1028
434..Eastchester, N Y
11,217 101.29
5
434_ _Eastche,ster, N. Y
7,000 100.29
1015-1921
434_ East St. Louis S. D. No. 189, Ili. 4
60,000
Eaton, Ohio
434_ Eaton,
115,000
414
550_ _ Eatonton, Ga
5
7,500
1038
10,000 100
434_ _Elmwood Place, Ohio
4
1938
28,000
- -019--El Paso County,Tex
3,000 100.10
1909-1918
496„Fairfax Sch. Dist. Cal
6
10,000 100
. 683_ _Falls City, Neb
d1918-1928
5
5,000
'
1937
434__Farmville, N C
5
4.500 1-00-434..Floral Park. N. Y
1908-1916
5
1,500 100
496_Grand Falls, Minn
6
51,000 100
1912
6S3...Grand Rapids, Mich
414
50,000
497_ _Greensburg Pa
414 d1918-1938
18,000 102.916
1928
621_ _(31 eenville, S. C.
5
414 1008-1017
15,168 100.8811
825...Hamilton, Ohio
18,000 100
1908
559_ _ Hancock County, Ind
6
4
1928
9,01)0 100
559_ _ Hannaford Sch. Dist., N. D
1909-1913
16,450 100.86
559_ Hardin County. Ohio (7 issues). 5
20,000 105.062
435.. _ Harlan Co. High S.D. No.3,Neb. 6
4
4,000 100
620_ _ Harrisburg Sch. Dist., Pa
4
48,000 100
435..Harris County. Tex
1 ,000
1920
550... Hastings, Mich
01.65
4
1918
20.000 100
497 Hettinger County, N. D
4_
1937
142,000 100.51
435_ _ Huntington, W. Va. (3 issues). 5
100,000 101.177
43/, d1913-1938
435_ _Johnstown Sch. Dist., Pa
5
d1913-1928
50,000 101.13
560 . _Joplin, Mo
5
1009-1014
12,000
620_ _ Kankakee, Ill
5
235,000
620_ _Kearney, N. J. (3 issues).
d1913-1028
5
19,000 100
497_ _Kirksville, Mo
1037
180,000
'IM
560 _ Knoxville, Tenn
,1909-1018
56,670 103.862
497_ _Lakewood , Ohio (5 issues)
4
d1028-1938
85,000 100.545
361_ _Lancaster, Pa
5
1908-1017
4,500 103.555
435_ _La Rue Sch. Dist., Ohio
4,000 102.50
497_ _Latonia, KY
1.100 109.09
497_ _Latonia, Ky
414
40,000 105.272
435_ _Lebanon Sch. City, Ind
0
1938
80,000 104.40
620_ _Lenoir, N. C
57,300
5
d1917-1927
560_ _Lewiston. Idaho
5,000 102
435_ _Lewistovrn, Pa
4
1948
12,000 100
530_ _Lexington, Ky
5
1909-1917
27,000 103.777
415_ _Lima,Obto
5
620_ _ Lima, Ohio (3 issues)
1009-1917
13,158 103.077
414
510_ _Long Branch. N.J
1033
20,000
4
620_ .I.oulsville, Ky
1946
84,000 100
4
620_ _Louisville, Ky
1947
200,000 100
407_ _Magnolia, Miss
25,751
430..Manitowoc Sch. Dist., Wis_ _ _ _ 4
20,000 100
407_ _Marlon Sch. Dist. No. 52, Ills__ 414 1011-1925
15,000
621_ _Medford, \Vim
414 1009-1923
80,000
560 _ _ Martinsburg Sch. Dist., W. Va. 5
d1918-1938
50,000
560_ _Miami County. Ohio (21 issues) 5
25,500 101.96
498_ _Midway Ind. Sch, Dist., Tex_ 5
d1912-1927
1,500 100
561_ _Middletown. Ohio (2 issues) _ _ _ 5
1909-1918
6,120
1928
4.90
684_ _ Mingo Juncti,m, Ohio
13,500 103.625
498..Mobile County, Ala
1928
5
143,000 101.50
485_ _Morehead . Ky
434
5,000 100
684_ _ Newark, Ohio
4
1,800
6s4__Newa-k, Ohio (2 issues)
5
2,785
1938
50,000 101.286
498_Ncw Bern, N. 0
5
4,000 100
621__New Folden Sch. Dist., Minn
4
362_.New Castle County. Del
414 1935-1945
190,000 101.35
561_ _New Hampshire
1927
150,000 100
832
1013-1918
621_ New Scotland. N Y
5
18,000 101.105
5
d1913-1018
362_ _Newton, Iowa
40,000 101.375
408_ _New York City
1957 47,000,000 104.22
416
49a __New York City
1957
416
3,000,000 100.90
621__New York City
3
1957
667,000 x100
:162__Nodaway County Mo
414 d19134918
35,000 100.125
4
63,400 100
684-North Dakota (29 Issues)
5111_ _Norway, Mich
6
25,000 103.40
-10-09-76-21
561.._ Norwich, Conn.(4 Issues)
4
1031
495,000 100
487_0111c Grove Sch. Dist.. Cal_
32,000
561_ .Odessa, WWII,
6
20,000 100
1028
679
THE CHRONICLE
Page.
Rate. Maturity.
Name,
1027
622_ _Okmulgee, Okla. (2 issues)____ 5
1938
362. _Orange, N. J
5
d1908-1917
561__Oregon City, Ore. (2 issues) _ _ 6
622_ _ Osceola Co. Dr. Dia. No.6, Ia
6
1909-1918
4.80 1909-1923
362__Oyster Bay, N. Y
500_ _Paoli, Ind
414 1909-1918
1'
d1928-1938
362_ _Pendleton. Ore. (4 issues)
1936
561_ _Phoebus. Va
5
19001913
561..Piqua, Ohio
414
438_ _Plainfteld, N. J
1909-1932
562_ _Plymouth, MaSS
4
561_ _Pomeroy,Ohio
5
1923
363_ _Port Chester, N Y
5
363_ _Porterville, Car
5
6
622_ _Portland , Ind. (3 issues)
501_ _Prosser, Wash
6
438_ _Reedley Sch. Dist. Cal
6
561_ _RensselaervIlle. N. Y
4
622__Rome, Ga
5
622_ _Rome, Ga
414
363-Rome, N. Y
4
438_ _Rutherford County, N. C
5
438_ _Rutherford County, N. C
514
562_ _Sag Harbor Un.S.D.No.11,N.Y. 5
Mass
623_ Salem,_
4
4
623_ _Salem , Mass
501 _ _Salem. Va
501_ _Salida Sch. Dist., Cal
5
4
439_ _Sandusky, Ohio
6
655_ _San Rafael Sch. Dist., Cal
6
685_ -Scranton, Miss
4.70
562_ _Seneca Fails, N. Y
6
562_ _Staples, Minn
6
562_ _Staples, Minn
6
562_ _Struthers, Ohio
4
439_ _Superior. Wis
501__Temple, Tex
5
5
562_ _Tifton, Ga
414
430_ _Tucson, Ariz
416
384_ Ulster County, N Y
439_ _Union County, Ohio
5
439_ _ Union County, Ohio
414
501_ _Utica. N. Y.(7 issues)
5
502_ _Wapakoneta, Ohio (3 issues)
4
414,
m
502_.Warren County, N. Y
5
563_ _Waterbury, Conn
364_ _ Waynesburg, Ohio
5
563_ Wayne County, Ohio
414
414
563_ _Wayne County, Ohio
414
563.. _Webb City, Mo
502_ _Webster Groves Sch. Dist., Mo_ 414
502_ _Westerlo, N. Y
5
439_.Wharton Co. S. D. No. 15,Tex_ 5
564 _White County, had
503_ _Winthrop, Mass
4
564_ Yonkers, N Y
.
2
687..York, Neb
6
687- York, Neb
564_ Youngstown, Ohio
3
5
58-L.Youngstown, Ohio
5
564_ Youngstown, Ohio
564 Youngstown. Ohio
5
564 Youngstown, Ohio
5
625 Youngstown, Ohio (3 Issues)
1909-1948
1910-1921
1912-1917
1909-1918
1928
1911-1020
1908-1926
1914-1919
-1-9
-1-7 -1908-1912
1909-1928
1900-1938
1911-1913
1909
1910-1919
d1927-1947
1909-1914
1009-1918
1909-19215
1909-1914
1909-1913
1932 & 1934
1909
d1918-1928
d1918-1928
1909-1913
d1923-1928
1938
1900-1948
d1918-1928
1917
1009-1913
1909-1913
1009-1913
1909-1913
1909-1913
Amount. Price.
67,000 100
200,000 107.643
6,027 x100
(1,353 100.344
15,000 100.121
8,000 101.25
135,000 100
90
20,000
5,000 100
158,000
24,000 100
6,000 108.15
48,9451 100 to
1 101.05
50,000 100.70
5,731
10,000
24,000 104.508
3,100 100
50.0001 100
29,000j
40,000 100
27,000 100
50,000
30,000 101.30
19,0001 100.45
6,0001
8,000 100
6,000 100.104
2.000 100.25
5,000 105.2,8
20,000 102.50 '
49,500 100.042
10,0001 100
2,0001
5,000 106.50
30,000
90,000
30,000 100
300,000 100
30,000 Various
30,000
40,000
28,932 100
6,500
115,000 1-00
150,000 108.18
2,000 107.50
9,0001 Various
5001
15,300 100
60,000
98.698
6,500
1,000 100
18,000 100.612
140,000 100.02
100,000 109.788
17,000
34,000
4301
800
1,140 101.82
4.060i
1,655
23,000
Total bond sales for February 1908 (186 municipalik$63,613, 56$
ties covering 296 separate issues)
a Average date of maturity. d Subject to call In and after the earlier
year and mature in the later year. k Not including $6,935,000 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
Rate.
Page.
Name.
434
405 _Calgary, Alberta
414
619 Calgaiy, Alberta
882 Carberry, Man (3 issues)
5
683 _East Toronto, Ont
5
496 _Edmonton Alberta
5
434.. _Fort William. Ont. (3 issues)
5
1559_ Goderich, Ont
5
620 _Guelph. Ont
620 Hastings County, Ont.
5
437_ Oshawa, Ont
5
562__Rolling Meadow S. D., Sask_ _ _ 8
625 _Walkerville, Ont
5
414
503__Windsor, Ont. (3 issues)
5
503_ _Windsor, Ont
503_ _Winnipeg Sch. Dist. No. 1, Man 4
MUNICIPALITIES.
Maturity. Amount.
$150,000
1938
76,000
1928
1909-1928
11,367
10,000
1909-1938
827,305
157.000
25,000
1900-1928
33,000
20,000
1909-1928
5,600
1908-1937
1,000
1018
40,003
1909-1018
53,5931
1909-1918
23,3011
1909-1918
1941
200,000
Price.
94
96
95.10
100
99
100
94.124
05.19
Total.....$1,633,259
REVISED TOTALS FOR PREVIOUS MONTHS.
The following items, included in our totals for previous
months, should be eliminated from the same, as the sales
have not been carried to completion. We give the page
number of the issue of our paper in which the reason for'the
failure to consummate the sale may be found.
Page.
Name of Municipality.
558_ _Bayonne, N. J. (3 issues) (January list).
620-Hamilton, Ohio (January list)
621„Memphis, Tenn. (May list)
684_ _Mingo Junction, Ohio (January list)
Amount.
$434,000
15,168
651.000
13,500
We have also learned of the following additional sales for
previous months:
Page.
Name.
564_ _Winthrop, Mass
620_ _ Louisville, Ky
Rate.
4
4
Maturity.
Amount. Price.
1909-1938 $139,000 100.02
1947
98,000
All the above sales (except as indicated) are for January.
These additional January issues will make the total sales
(not including temporary loans)for that month $10,907,968.
News Items.
Alabama.-Amendments to State Constitution.-During
the regular session of the Legislature of this State, which.
adjourned Aug. 7 1907, provision was made for three amendments to the Constitution to be voted on at the next general
election in November. One of these amendments pertains
to the formation and the establishing of new counties out of
portions of one, two or more counties as may be desired.
Another provides that the State may, under appropriate
laws, cause the net proceeds from the State convict fund to
be applied to, the construction and maintenance of public
roads for the State. The third proposal, which is to amend
Sections 46 and 48 of Article IV, prescribes the manner in
which Senators and Representatives shall be elected and the
length of terms of office. The amendment further provides
6SO
Lxxxvi.
THE CHRONICLE
for biennial sessions of the Legislature instead of quadrennial, as is now the requirement. Below we give in full Section 46 of Article IV as it will read when adopted by the
people.
Section 46. Senators and Representatives shall be elected by the quaillied electors on the first Tuesday after the first Monday in November unless
the Legislature shall change the time of holding elections. The terms of
office of Representatives shall be two years, and the-terms of cffiee of Senators four years. commencing on the day after the general election, except
as otherwise provided in this Constitution. At the general election in 1910
all the Senators and Representatives shall be elected. The terms of Senators elected at said election to represent the even numbered districts to be
for two years; and the terms of Senators elected to represent the odd numbered districts to be for four years. Thereafter the terms of all the Senators shall be 1r four years. Whenever a vacancy shall occur in either
House,the Governor shall issue a writ of electimkto fill such vacancy for the
remainder of the term
1
M. & II. Clarkson, I
New Yon:
1
O'Connor & Nah-4
ler, New York- -1
1
Hanover Nat. Bk.,
New York
1
Adams & Co., New
York
1
First Nat. Bank,
$3,000_ _109.00
5,000_ _108.50
.5,000..108.00
.5,000. _107.50
5,0,30_ _107.00
5.000_ _106.50
$50,000_ _107.885
50,000. _107.59
50.000_ _106.067
1.000,000_ _107.511
1,000,000._107.00
250,000_ _106.751
10,000_ _107.14
20,000_ .101.08
10,000_ _106.64
10,000...107.50
1
H. W. Poor Jr Co., I
Boston
}
J
1
Estabrook & Co.4
New York
1
Mabon & Co.. N. Y.
Kountze Bros., 1
New York
J
W.E. Cable, N. Y._
Gilman Jr chtucas,
New York
Wm.A. Read & Co.,
New York
50,000..107.17
50,000_ _107.07
100,000.106.97
150,000..106.87
100,000_ _107.05
100000_ _106.80
100,000_ A06.55
20,000...107.13
500,000. _107:03
500,000..106.1l
100,000_ _106.513
5,000_ _106.50
745,000. _106.456
Following are some of the bids received:
5,000_ _106.50
5,000_ _106.25
5,000_ _100
Section 46. Senators and Representatives shall be elected by the quail - Adams & Co., N.Y.e5,000_ _105.75
-fled electors on the first Tuesday after the first Monday in November, unless
5,000_ _105.50
the Legislature shall change the time of holding elections,and in everyfourth
5,000,000..100
Martin Glynn
year thereafter. The terms of office of the Senators and Representatives
shall commence on the day after the general election at which they are
3,000__104.23
Hall garten & Co.,1
elected, and expire on the day after the general election held in the fourth Amer. Foreign &
5,000_ _104.75
York
New
Marine Ins
100,000. _105
year after their election, except as otherwise provided in this Constitution.
100,000_ _104
Co.,}
1
At the general election in the year 1902 all the Representatives, together
100,000_ _103.02 Hamilton Tr.
Brooklyn
with the Senators for the even numbered districts and for the 35th district , Asiel & Co., N.Y._
100,000. _102.91
1
shall be elected. The terms of those Senators who represent the odd num100,000_ _102.79 Halsey, N. W., &I
Co., New York_ _ 1"all or none"104.56
bered districts tinder the law in force prior to the ratification of this Consti- .Albany Trust Co.,
tution, are hereby extended until the day after the general electicn in the
1,000,000..107.511
Albany
100,000_ _101.19
year 1906; and until the expration of his term as hereinbefore extended,
1,000,000_ _107.011
50,000_ _101.65
each such Senator shall represent the district established by this Constitu- Albany Say Bank;}
250,000_ _106.751
Albany
100,000_ _100.875 Hanover Nat. Ilk.,
tion bearing the number corresponding with that for which he was elected.
250,000_ _100.251
In the year 1906, and in every fourth year thereafter, all the Senators and
50,000_ _102.76
500,000_ _106.001
New York
50,000_ _102.51
Representatives shall be elected. Whenever a vacancy shall occur in either Brooklyn Ti'. CO., I
500,000_ _105.501
Brooklyn
House,the Governor shall Issue a writ of election to fill such vacancy for the
50,000..102.25
500,000. _105.001
remainder of the term.
50,000 _ _102
1,000,000_ _104.501
25,000_ _105.51
If approved by the electors, Section 48 of Article IV will Bankers Trust Co.. _ 100,000_ _102.01
25,000_ _105.26
200,000_ _102.38
stand as follows. We indicate by means of brackets such Blodgett, Merritt Jr1I 250,000..
25,000..l05.01
102.08
5.01O4762
Co., Boston__ _ _
250,000_ _101.78 Keech, Loew &Co.,
portions of the old law as have been omitted and italicize
25,000_ _104.55
New York
I
250,000..101.58
1
the new portions.
25,000_ _104.51
Coler, W.N.& Co01
25,000_ _104.26
Section 48. The Legislature shall meet [quadrennially] biennially at and Kuhn, Loeb &}"all or none"104.15
25,000..104.01
Co.. New York_ J
the Capitol, In the Senate Chamber, and in the hall of the House of RepreKings Co. Tr. Co.,
sentatives.on the second Tuesday in January next succeeding their eeleticn,
1
5,000_ _109
50,000.
Brooklyn
_102.51
or on such other day as may be prescribed by law; and shall not ream n in
I
5,000_ _108.50
Kings Co. Say. Ins.,
session longer than [60 days at the first session held under the Constitution. Clarkson, M. & H.
5,000..108
_
50,000.
Brooklyn
_102.125
nor longer than] 50 days [at any subsequent session].
I
If at any time it
3,000..107.50
should from any cause become impossible or dangerous for the Legislature
5,000._ 107
5,000,0001
J
to meet or remain at the Capitol. or for the-Senate to meet or remain in the
5,000_ _108.50
all or nonef_104.15
Senate Chamber, or for the Representatives to meet or remain in the hall
100,000_ _106.15
1
10.000_104.4167
of the House of Representatives, the Governor may convene the Legislature Colgate Hoyt &
100,000. _108.01
10,000_ _103
or remove it, after it has convened, to some other place 1,1 or maydesIgnate
100,000_105.83
Kuhn, Loeb & Co.,
Williams
J
10,000._102
some other place for the sitting of the respective houses, or either of them,
100,000_ _105.67
and
1
25,000_.100.50 Mackay &
as necessity may require.
100,000._J05.51
Chemung County
10,000_ _102.50
100,000...105.35
' Bank, Elmira....1
15,000.102
100,000_ _105.09
Cincinnati, Ohio.-Validity of Bonds Upheld by Common
100,000_ _104.93
50.000_ _100
Pleas Court.-The decision of Judge Bromwell of the Com- Com'wealth Tr.Co.
100,000 104.77
Citizens' Trust Co.,
mon Pleas Court rendered on Feb. 10 overruled the demurrer
100,000 104.61
Brooklyn
10,000_.101
of the City Solicitor to the answer filed by the Board of Water
100,000 100.5
25,030..100.50 Kir gs Ce.Trust o.,
1
1()0,()00..101.50
25,000_ _101
Commissioners in the suit instittfted by the Solicitor to test Cheinung Canal Ti'.
oo.tlyn
Co., Eimira,N.Y.I.
25,000._101.50
5,000_ _100
the validity of the $250,000 water bonds recently authorized
15,000_ _102
5,000. _104
o.hers_ _
Bi
Kellogg
by resolution of the City Council. The suit charged that as
10,000_ _102.50
10,000. _100.25
1
200,000_ _103.125
the Water Works Commission was created under a special
500,000.
_107.03
10,000_:104
500,000_ _106.51
Act of the Legislature, which also authorized an aggregate Cable, Wm.E.Jr_ _
100,000_ _106.513
500,000..100.27
issue of $10,000,000 in bonds, it was necessary to secure
500,000_ _106.07
1
50,000..102.50
authority from that body for a further issue of bonds. The
50,000. _102.25 Kouatze Brothers,
500,000_ A05.87
& Iron Nat'l
500,000_ _105 67
50,000_ _102
New York
Water Works Commissioners on its part claimed that the Coal
Bank
500,000. _105 57
50,000_ _101.75
500,000_ _105 47
$10,000,000 allowed by the Legislature was found to be in50,000_ _101.50
500,000..105.37
sufficient to complete the work. They also stated that the Commonw'thTr. Co_ 50,000__100
500,000_ _101.27
25,000_ _ 105.01
face of the contracts now due, or that would become due at Dominick &
10,000...104
Domi-I
25,000_
_104.78
the completion of the work, exceeded the amount now in the
10,000..103
nick
25,000_ _104.51 Ladd & Wood
10,000_ _102
25,000_ _104.26
hands of the Commission by about $304,000. Of this amount
100,000...101.599
1
20,000_ .103.05
it was claimed $250,000 would be needed in the immediate
100,000_ _102.099
10,000. _102.52
future. The Court held that as the Longworth Act was
125,000...103.090
10,000_ _102.26
75,000_ _103.799
10,000_ _101.76
passed subsequent to the Water Works Act,the Council would
50,000_ _104.590
R. L.. & Co.,1
120,000. _102.55
&
be lawfully authorized to pass the ordinances and order the Day.
Boston
123,000_ _102.38 Lee, Higginson
50,000_ _104.799
Co., Boston
proceeds of the sale of the bonds placed at the disposal of
220,060.102,28
60,000_ _105.099
220,000_ _102.08
the Water-Works Commissioners for the completion of. the
60,000_ _105.299
220,000._101.78
105,000_.105.599
work yet to be done and the payment of obligations under
200,000_ .101.58
200,000_ _105.799
contract.
•
1
5,000_ _105.67
100,000_105.8199
5,000_ _105.17
50,000_ _106.099
J. D. arl.
5,000_ .104.77
Connecticut.-Atlantic Coast Line Railroad Bonds as In- Everitt,
Co.,
Ti'.
50,000_ _102.73
Vernon
Mt.
Co
5,000._104.57
50,000_ _102.25
vestments for Savings Banks.-According to the Hartford
New York
5,000_ .104.37
10,000..104.47
5,000_ .104.07
"Courant" of March 3, Attorney-General Marcus H. Hol10,000_ _104.20
Macy Brothers_ _
1
10,000_ _104.01
comb has rendered an opinion which he states thatthe bonds Estabrook & Co.,}1 100,003_ _107.05
100,000_106.30 Mech. N. B., Boston
25,000..103
of the Atlantic Coast Line RR. do not meet the requirements
Boston
100,000. _106.55 Manhattan Co..Bk.1
of the Savings Bank Law and therefore are not legal invest- East Side Says. Bk.,
of, New York...1 L000,000..101
Rochester
100.000_ _103
100,000...100.50
1
ments for Connecticut savings banks. . The last dividend of
Nat'l I
100,000..100.35
Mechanics'
100,003..104.95
this company was paid in January with
certificates of
100,000_ _100.15
Bank, N.Y
100,000_ _104.355
100,000. _100.01
indebtedness instead of in cash, and the Attorney-General
100,000._104.665
125,000_ _103.625
100,000..104.46 Morristown Tr.Co..1
holds that "the test made by the State law is not met by European-AmenMorristown, N.J.
125,000...104.625
100.000_ _104.335
paying in promises to pay, which simply add the amount -of
ean Bank
1
25,000..102.50
100,000_104.1875
50,000..103
Mackay Jr Co.,
100,000..104
the dividend to the'outstanding obligations of the company.
25,000_ _104.875
New York
100.000_103.8125
The opinion of Attorney-General Holcomb of Connecticut is
100,000.106
100,000._ 103.625
based on the same facts as that of Attorney-General Jackson
100,000..103.125
20,000..107.13
I
25,000_ _104.625 Mabon Jr Co.,
10,000__106.13
of New York State, who recently declared that Missouri Freeman & Co
}
10,000_ _105.26
New York
National
First
Bk.
investments
for
Pacific bonds were not legal
savings banks,
10,000..o
Albany
8,000__102
owing to the failure of that company to pay its last dividend Fidelity Trust Co.,1 25,000...103.52
1
100,000__105.31
I
100,000_ _105.031
in, cash. See V. 86, p. 494.
J
New York
25,000..103.51
100,000_ _104.931
Fisk&Robinson anal
100,1)00.. 104.731
I
New York State.-Bond Sale.-The award of the $5,000,Harvey Fisk &rail or none"106.177 Moffat Jr Wihte, I
100,000_ _104.531
York_
J
New
Sons,
York
New
000 4% 50-year gold coupon or registered highway-improve- First Nat'l Bank,
100,000_ _104.331
100,000..103.931
I
rnmt bonds offered on March 11 shows that there were
Milton, Pa
25,000_ _100
100,000..103.631
1
National Bankl 1.500,000..106.276
twelve successful bidders at prices ranging from 106.456 to First
I
100,000_ _103.231
& Lazard Freres} 1,500,000_ _105.828
1
100,000_ 102.031
109-an average price of about I06.9558-a basis of about
& Co., New York) 2,000,000_ _105.345
100,000_ _104.641
1
3.694%. The issue was oversubscribed sixteen times, the Freeman & Co
23,000_ _104.625
100,01)0_ _104.391
aggregate of bids submitted by 244'bidders being more than
100,000_ _104.141
1
•
100,000._104.81
100,000..104.71 Millet, Roe Jr Ha- I
50,000..105.641
.$80,000;000. The largest allotment was made to the. Han100,000__104.57
gan, New York_ _
50,000_ _105.391
over National Bank of New York City, which institution
.50,000_ _105.141
100,000_ _104.461
50,000..104.891
I
100,000...104.376
purchased $2,150,000 of the issue. The bonds have been Guarantee Tr. Co_ _
25,000.-103
100,000_ _104.31
admitted to the unlisted department of the Stock Exchange
100,000_ _104.253 Merchants' Trust &
_104
Co
200.000_
Deposit
reported
100,000..104.203
(w. i.) at 107.50 and 108. The folloWing
and Sales
100,000...104.126 Nassau Trust Co.,
are the successful bidders:
100,000_ 104.013
50,000-102
Brooklyn
1
Following is the law as it now appears:
ih
4%
10,000_ _107.14
20,000. _107.06
10,000_106.64
20,000_ _106.33
20,000__105.97
10,000_ _105.54
10,000.. 10507
1
Gilman & Glucas,1
New York
MAR. 14 1908.1
1
N. Y. Produce Ex-I
change Bk., N.Y.I
25,000_ _103.81
25,000_ _103.31
25,000_ _102.81
25,000._102,31
500,000..102
500,000_ _101
N. Y.Life Ins. Co.,1
New York
I
Nat. City Bank,)
N. Y., and
I 5.000,000_ _105.329
N. W.Harris &Co.,}"all or none"
New York
4
25,000_105.754 Ithiaolcs & Co.
1
New York....
25,000_ .105.50.1
N. Y. State Bank, I
..101
30,000
Albany
i•
100,000_ _ ICO
50,000_ _101.885
1
50,000_ _10/.38J
50,000_ _106.677
50,000_ _105.478
• 50,000...405.156
50,000_ _104.912
50,000..10.1.779
50,000.A04.:178
50,000. _104.67 Scranton, .1. 1;.,
O'Connor & Kahler,
Utica, N. Y
25,000_ _105.87
New York
25,000._105.69 Saesongood & Mayt r,
Cincinnatl
25,000_
_105.38
1
25,000_ _105.18 Seward. W. H.& Co.
1
25,000_ _105.05
Nat. ck.,1
25,000_104.89 Seaboard
New York .
25,000..104.71
25,000_ A04.52
25,000_ _104.23
25,000_ _104.17
Orange County Tr.
Co., aliddietiown,
N. Y
50,000_ _100
1
50,000..107.17
50,000.107.07 Sutro Bros.., N. Y.
100,000_ _108.97
150,000_ _106.87
H. W. Poor & Co.,
150,000..105.77
New York
150,000_ _104.72
I
I 150,000..104.22
1
100,000_ _103.92
I
50,000_ _103.66
50,000_ _103.36
1
People's Bk., -Buffalo
50,000.,100
People's Trust Co.,
Buf"alo
50.000.100
25,000..103.81
1
Win.,
25,000_ _105.69 Saiamon,
New Iola.
25,000..105.38
Proctor & Borden:)
25.000..105.18
25,000._105.05
150,000__105.03
200,000__104.53
1
I
300,000..104.28
500,000_ _104.03
Itedmond&Co. and I
Sands,
(leo.
S.,
500,000_103.78
J.& W.Seligman
Cortiandt. N. Y_
500,000..103.53
& co., New:York I
_
i•
I
200,000_ _103.28 Century 13k., N.Y.
750,000_ _103.03 Utica Trust Co..
Utica, N. Y
700,000_ _102.78
700,000_ _102.53
1
ii end Ins. Co.. _
5,000_ _102.25 Union Trust Co.,)
Albany, N. Y___ I
5,000..104
I
Sons__ _j
in
•
5,000_ _103
I
50,000_ .101.65
I
25,000_103.51
1
J
Rosenblatt, Sig., )
25.000..103.01 , Union Bank of
New York
1
25,000_ _102.51
Medina., N. Y. _
THE CHRONICLE
150.000..102.511
110,000..103.061
150,000..102.011
120,000...101.511
75,000..103.201
75,000_ _103.111
75,000_ _103.861
75,000..103.711
75,000_ .103.561
75,000..103.411
40,000..1(16.411
40,000. _106.261
40,000...103.111
40,009_ _105.811
40,000..105.661
40,000. _105.511
40,000._103.311
40,000_ _105.061
40,000.-104.911
40,000_104.611
40,000_ _104.61
40,000..104.311
40,000_ _104.011
10,000_ _101
200,000_ _103.288
30,000_ A01.76
50,000_ _102.555
50,000_ _102.255
50,000_ _102
50,000_ _101
10,000..105.232
10,000_ _103.182
10,000..105.123
10,000_ _105.00.3
10,000_ _105.002
10,000..104.810
10,000..104.752
10,000_ _104.620
10,000_ _104.376
10,000_ _104.252
10,000_ .104.126
25,000_ _103.752
25,000..103.502
20,000_ _104.502
20,000_ _104.002
25,000_ _104.50
100,000..106.142
100,000_ _105.792
100,000_ .105.542
100,000..105.292
100;000_ _105.042
200,000_ _104.67
200,000_ _104.1/
200,000_ _ 103.67
200,000__103.17
200,000_ _102.67
200,000_ _102.17
10,000_ _100.25
10,000.104.4617
5,000..100
100,000_ _104
200,000_100.6488
53,000..100
105,000. _100
20,000..103.70
20,000. _105.63
20,000_ _105.51
20,000_ _105.38
20,000. _105.26
12,000_ _100.125
South Dakota.—Amendments to State Constitution.—The
Legislature at its. recent session made provision,for the submission to the voters in November of two amendments to
the State Constitution. One of these relates to the increasing
of the salary of the Attorney-General. The other, which
amends Article XI. of the Constitution, provides for various
changes in the Constitutional provisions regarding taxation;
among other things, the Legislature is required to classify
incomes and arrange for a graduated or, progressive tax
thereon. If adopted by the people, Article XI. of the State
Constitution will read as follows:
SECTION 1. The Legislature shall provide for raising sufficient revenue
to defray the ordinary expenses of the State by an annual tax, as nearly
uniform from year to year as practicable. And for the purpose of paying
the public debt, the Legislature shall provide for levying it tax annually,
sufficient to pay the annual interest and tile principal of such debt within
ten years from tile final passage of the law creating the debt.
SECTION 2. All taxes shall be uniform on the same class of subjects
and shall be levied and collected for public purposes.
SECTION 3. The power to tax corporations and corporate property
shall not be surrendered or suspended by any contract or grant to which
the State shall be a party. •
SECTION 4. The Legislature shall classify inheritances, devises,legacies
and bequests in respect to tile recipients thereof, and provide for a graduated
or progressive tax thereon, with such exemptions to the surviving husband
or wife, children and other relatives as It may prescribe.
SECTION 5. The Legislature shall classify incomes in respect to the
recipients thereof, and provide for a graduated or progressive tax thermi
with such exemptions as it may prescribe.
SECTION 6. The property of the United States and of the State,
county and municipal corporations, both real and personal, shall be exempt
from taxation.
•SECTION 7. The Legislature shall by general law exempt from taxation
property used exclusively for agricultural and horticultural societies, for
school, religious (including parsonage, and president's house of sectarian
colleges), cemetery and charitable purposes, and personal property to ally
atnount not exceeding in value two hundred dollars for each individual liable
to taxation.
SECTION 8. All laws exempting property from taxation except as provided for In this article shall be void.
SECTION 9. No tax shall be levied except in pursuance of a law, which
shall distinctly state the object of the same,to which the tax only shall be
applied.
SECTION 10. All taxes levied'and collected for State purposes shall be
paid into the State treasury. No Indebtedncsi shall be incurred or money
expended by the State and no warrant shall be drawn upon the State
Treasurer, except in pursuance of an appropriation for the specific purpose
first made. The Legislature shall provide by suitable enactment for carrying this section into effect.
SECTION 11. The Legislature may vest the corporate authorities of
cities, towns and villages with power to make local improvements by special
taxation of contiguous property or otherwise. For all carp .irate purpcses
all municipal cOrporations may be vested with authority to assess and
collect taxes; but such tax shall be uniform on the same class of subjects.
SECTION 12. The making of profit, directly or indirectly, cut of State,
county, city, town or school district money, or using the saine for any purpose not authorized by aw.shall be deemed a felony, and shall be punished
as provided by.law.
SECTION 13. An accurate statement of the receipts and expenditures
• of the public moneys shall be published annually in such manner as the
Legislature may provide.
'Below we give this Article as it now stands:
SECTION 1. The Legislature shall provide for an annual tax sufficient
to defray the estimated ordinary expenses of the State for each year, not
681
to exceed in any one year two nillis on each dollar of the assessed valuation
of all taxable property in tile State, to be ascertained by the last assessment
made for State and county purposes.
And whenever It shall appear that such ordinary expenses shall exceed
the income of the State for such year. the Legislature shall provide for
levying a tax for the ensuing year sufficient, with other sources of income.
to pay the deficiency of the preceding year together with the estimated
expenses of such ensuing year. , And for the purpose of paying the public
debt, the Legislature shall provide for levying a tax annually,sufficient to
pay the annual interest and the principal of such debt within ten years from
tile final passage of the law creating tne debt, provided that the annual tax
for the payment of the Interest and principal of the public debt shall not
exceed in
in,any one year two mills on each dollar of assessed valuation of all
in the State as ascertained by the last assessment made
taxable
for State and county purposes.
SECTION 2. All taxes to be raised in this State shall be uniform on all
real and personal property, according to its value In money, to be ascertained by such rules of appraisement and assessment as may be prescribed
by the Legislature by general law, so that every pens m and corporation
shall pay a tax in proportion to the value of his, her cr its property. And
the Legislature shall provide by general law for the assessing and levying
of taxes on al! corporation property as near as may be by the Sallie metneds
as are provided for the assessing and levying of taxes on individual preperty.
SECTION 3. The power to tax corporations and corporate pr,petty
shall not be surrendered or suspended by any contract or giant to whirls the
State shall be a party.
SECTION 4. The Legislature shall provide for the taxing of all moneys.
credits, investments in bonds, stocks, joint-stock companies, or otherwise
and alsa ff,r taxing the notes and bills disaaunted or purchased, moneys
loaned and all other preperty, effects cc dues of every .dcscripti
of all
banks and of all bankers, so that all property mph:ye(' in banking shall
always be subject to a taxation equal to that imposed on the property of
SECTION 5. The property of the United States and of the State. county
and municipal corporations, both real and personal, shall be exempt from
taxation.
SECTION 6. The Legislature shall, by general law, exempt from taxation, property used exclusively foe agricultural and horticultural - societies.
for &Owe', re1171oUs, cemetery and charitable purposes, and 'personal property to any amount not exceeding in value two hundred dollars for'each' individual liable to taxat on.
SECTION 7. All laws exempting property from taxation, other than
that enumerated in Sections 5 and 6 of this Article, shall be void.
SECTION 8. No tax shall be levied except in pursuance of a law, which
shall distinctly state the object of the same, to which tile tax only shall be
applied.
SECTION 9. All taxes levied and collected for State purposes shall be
paid Into the State treasury. No indebtedness shall be incurred or money
expended by the State. and no warrant shall be drawn upon the State
Treasurer except in pursuance of an appropriation for the specific purpose
first made. .The Legislature shall provide by suitable enactment for carrying this section Into effect.
SECTION 10. The Legislature may vest the cerporate authority cf cities.
towns and villages. with power to make local improvements by special taxation of contiguous property or otherwise
For all corporate purposes. all
municipal corporations may be vested with authority to assess and collect
taxes; but such tax shall be uniform in respect to persons and prcperty
within the jurisdiction of the body levying the same.
SECTION 11. The making of profit, directly or indirectly, out of State
county,city,town or school district money, or using the same for any purpose not authorized by law, shall be deemed a felony and shall be punished
as provided by law.
SECTION 12. An accurate statement of the receipts and expenditures
of the public moneys shall be published annually, in &Lich manner as the
Legtslature' may provide.
United States.—Motion to Compel Allotment of Panama
Bonds Dismissed.—The appeal to the Supreme Court of the
District of Columbia by George W. Austin to compel Secretary Cortelyou to award • him $3;000;000 of the recent issue
of Panama Canal bonds has been dismissed. The Court
holds that the Secretary had the right,, according to the
terms of the official circular soliciting proposals, to reject
any or all bids and to consider the financial conditions o
the country. A similar decision was rendered by this Courf
on Jan. 20 (V.. 86, p. 240) regarding the application madt
by the same -person for a restraining order against the
Secretary of the Treasury to prevent the allotment oe
$21,500,000 of these bonds.
Washington.—Bonds Declared Valid.—The following letter
has been received from the Secretary of State regarding the
friendly suit brought to test the validity of the $35,000 bonds
for the erection of a mansion for the Governor:
March 4th, 1038.
William B. Dana Company,
New York, N. Y.
Gentlemen—
The friendly suit .brought by the Attorney General against the State
Auditor ti restrain the isuance of'$35,000 bonds,far the erection cf a
mansion fr 'the G wernor, was decided in favor of the State. Since then,
the matter has been referred to Attorney General Bonaparte of tile United
States G wernment, relative to the regularity'of the matter, and he has
ruled that the State can go ahead and sell Its warrants. I would re-specfully refer y-u ta the B-ard, which is camposed of George G. Mills, State
Treasurer, Chairman, Olympia. Washington.
Yours very truly,
Sam. H. NiclIrls.
Sevr(t:::-y
1 State.
As stated in V. 86, p. 240, the bonds were authorized by
the last Legislature to be drawn against the Capitolland grant
fund, and prospective purchasers desired a test suit because
their attorneys advised that the Federal authorities might set
the, warrants aside as not being under Congress's grant of
the Capitol lands.
West Virginia.—Special Session of Legislature Adjourns.—
The Legislature of this State which convened in special session
on Jan. 28 (V. 86, p. 240) adjourned '.March 3.
-
Bond Proposals and Nedotiations this week
have been as follows:
Adams County (P. 0.'Natchez), Miss.—Bond Sale.—In
local papers it is reported that the First National Bank of
Natchez on March 4 purchased the $18,500 6% gold coupon
road and bridge-construction bonds described in V. 86, p.
557; at 103. Maturity $2,500 yearly on March 2 from 1916
to 1922 inclusive and $1,000 on March 2 1923.
Alba, Jasper County, Mo.—Bond Offering.—Proposals will
be received until 8 p. In. March 20 by W. E. Robbins, City
Treasurer,' for the following bonds:
$12,000 6% coupon water-works bonds. Maturity twenty years, subject
to call at the end of each live-year period. Certified check for
$100',required. Denomination $300.
1,000
coiipon city-hall bonds. Maturity ten years, subject to call
. at,the end of each three-year period. Certified check for 510
required. Denomination $100.
682
THE CHRONICLE
Authority Section 6351 of the Laws of 1899. Date Jan. 17
1908. Interest Jan. 1 and July 1 at the Bank of Alba. Certified checks in the above amounts must be made payable
to the City Treasurer. Accrued interest to be paid by purchaser.
Albany, Dougherty County, Ga.-Bond Sale.-On March
10 the five issues of 5% bonds aggregating $75,000, described
in V. 86, p. 557, were awarded to the First National Bank
and the Exchange Bank, both of Albany, at their joint bid
of 101. and accrued interest. The bids received were as
follows:
First National BanklAlbany_101.001N.W. Harris & Co., N. Y_ _ _100.584
Exchange Bank_ _J
Cent. Bk. & Tr. Corp. Altanta100.033
All bidders offered accrued interest in addition to their
bids. Maturity $5,000 every two years from date of issue.
Albuquerque, Bernalillo County, N. Mex.-Bond Election.
-The Mayor of this city on March 5 issued a proclamation
calling an election for April 7 for the purpose of voting on
the question of issuing $400,000 5% sewer-construction bonds
in denominations of $1,000 each.
Alexandria, Rapides Parish, La.-Bond Election.-An
election will be held April 7, according to reports, to determine whether or not this city shall issue $32,000 40-year
oity-hall bonds.
Ambridge, Beaver County, Pa.-Bond Offering.-Proposals will be received until 9 p. in. April 6 by B. R. Hough,
Secretary of the Borough Council, for $25,000 5% (second
issue) bonds. Denomination $1,000. Maturity $5,000 on
Jan. 2 in each of the years 1913, 1918, 1923, 1928 and 1933.
Certified check for $300 is required. Assessed valuation
$3,360,715.
The officiai notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Ashtabula Township School District (P. 0. Ashtabula),
Ashtabula County, Ohio.-Bond Election.-The question of
issuing $5,000 school-building improvement bonds will be
voted upon,it is stated, at an election to be held March 17.
Athens, Clarke County, Ga.-Bond Election.-An election
will be held, it is stated, on April 15 to vote on the question
of issuing $40,000 water-works-system-extension bonds.
Beattie Independent School District (P. 0. Beattie), Comanche County, Tex.-Bonds Registered.-On Feb. 8 an
issue of $1,000 6% school-house bonds was registered by
the State Comptroller. Securities mature Jan. 1 1928 but
are subject to call after five years.
Beaver, Beaver County, Pa.-Bond Offering.-Proposals
will be received until 7 p. m. March 24 by Harry J. Boyde,
Borough Secretary, for the $50,000 5% coupon sewer bolnd
voted on Feb. 19. Denomination $1,000. Date Apri is
1908. Interest semi-annually at the Borough Treasurer's
office. Maturity on Oct. 1 as follows: $6,000 in 1913, $6,000
in 1918, $7,000 in 1923, $10,000 in 1928, $12,000 in 1933
and $9,000 in 1936. Certified check for 2% of the bonds bid
for is required. Official circular states that default has never
been made in the payment of any of the borough's obligations, nor is there any controversy or litigation pending or
threatened concerning the validity of these bonds.
Beloit, Rock County, Wis.-Bond Sale.-This city on
March 7 awarded the $15,000 1-15-year (serial) coupon
public-ground bonds, described in V. 86, p. 618, to Thomas
J. Bolger Co. at 98.51 for 43s-a, basis of about 4.726%.
The following bids. were received for 5% bonds as advertised:
Mason,Lewis & Cs) .Chic $15,240 00 TielDit State Bank, Belolt415,196 50
15,240 00 W. J. Hayes, Cleveland__ par
S. A. Kean, Chicago
McDonald, McCoy&Co .Ch 15,211 00 John Thompson
par
Seasongood & Mayer, Cin_ 15,201 00 1
• Berea, Cuyahoga County,
Sale.-On March 9
four issues of 5% coupon bonds, aggregating, $21,560, described in V. 86, p. 558, were awarded to Seasongood &
Mayer of Cincinnati for $22,276 (103.32) and accrued interest.
Birmingham, Jefferson County, Ala.-Bonds Authorized.On Feb. 19 the City Council passed ordinances providing for
the issuance of the following bonds:
$2,500 6% gold coupon street-improvement bonds.
5,000 6% gold coupon street-Improvement bonds.
6,000 6% gold coupon street-Improvement bonds.
Denomination $500. Interest annually at the Hanover
National Bank in New. York City. Maturity ten years.
Bond Election.-Ordinance No. 125, recently passed by
this city, provides for an election to be held May 4 for the
purpose of voting on the question of issuing $400,000 5%
30-year sewer-construction bonds. Denomination $1,000.
Interest semi-annual.
Bode, Iowa.-Bond Offering.-Proposals will be received
until March 20 by F. M. Higby, Town Clerk, for $6,000 6%
water-works bonds. Denomination $500. Interest payable at the State Bank in Bode. Maturity twenty years,
subject to call after ten years. Bonds are free from all taxes.
Certified check for $250, payable to the "Town of Bode," is
required. Total debt at present', $2,000. Assessed valuation for 1907, $290,000.
Bolwie, Montague County, Tex.-Bond Offering.--Proposals will be received at any time by Wm. A. Ayres, City
Treasurer, Jot $15,000 street-improvement and $2,000
[VOL..
water-works-extension 5% gold registered bonds. Denomination $1,000. Date Jan. 1 1908. Interest semiannually in New York City or Austin. Maturity Jan. 1
1948, subject to call after Jan. 1 1913.
Brantford, Ont.-Description of Debentures.-The official
circular describing the debentures authorized by By-Law
No. 940 which was adopted at the election Jan. 6 (see item
reported under head of "Ontario" on page 121,Vol. 86,)states
that they amount to $55,000. These debentures, as already
stated, were voted for the purpose of providing money to
pay the cost of obtaining the necessary appliances for the
distribution of electrical power to be supplied to this city
by the Hydro-Electric Power Commission from Niagara
Falls. They may be issued in denominations of not less
than $100 or 220 sterling each. Debentures are
dated Dec.31 1908 and carry 5%interest,payable annually.
Maturity part yearly on Dec. 31 from 1909 to 1938 inclusive.
Brown County (P. 0. Ainsworth), Neb.-Bond Election
Proposed.-Papers report that this county purposes to call
an election to vote on a proposition to issue from $15,000
to $20,000 5% high-school-building bonds.
Canton, Haywood County, N. 0.-Bond Offering.Further details are at hand relative to the offering on April 1
of the $65,000 5% coupon sewerage water-supply, electriclioht, school and street-improvement bonds mentioned in
V. 86, p. 619. Proposals for these bonds will be received
until 2 p. m. on that day by J. W. Scott, Town Clerk. Denomination $1,000. Date Jan. 1 1908. Interest semiannually at the Chase National Bank in New York City.
Maturity Jan. 1 1938. Certified check for $100, payable
to the Town Clerk, is required.
Carberry, Man.-Price Paid for Debentures.-We are
advised that the price paid by G. A. Stimson & Co. of
Toronto for the $8,000 fire-debentures dated July 2 1907,
the $2,000 town-hall debentures dated July 2 1907 and the
$1,367 85 local-improvement debentures dated March 1
1908, awarded them on Feb. 24 (V. 86, p. 619) was 94.
These debentures carry 5% interest, which is payable annually, and they mature part yearly for twenty years. Total
debenture debt, including these issues, $41,851 50.
Carbon County (P. 0. Red Lodge), Mont.-Bond Offering.
-Further details are at hand relative to the offering on March
23 of the $20,000 coupon road refunding bonds at not exceeding 5% interest, mentioned in V. 86, p. 495. Proposals
for these bonds will be received until 3 p. m. on that day
(bonds to be sold April 1) by G. S. Finley, County Clerk.
Denomination $1,000. Date April 11908. Interest Jan. 1
and July 1 at Red Lodge. Maturity April 1 1928. Bonds
are exempt from taxation. Certified check or a cash deposit to the amount of $250, payable to the County Clerk,
is required.
Cashton, Monroe County, Wis.-No Bond Election.-It
has been discovered that the village could not legally hold
an election to vote on the question of issuing the $15,500
bonds for the erection of a building to contain an electriclight plant, a pumping station and a meeting place for the
Council. See V. 86, p. 122.
Chillicothe, Ohio.-Bond Sale.-The following bonds were
sold on March 11 by the Sinking Fund Trustees:
$4,700 4y % Main Street improvement No. 5 bonds dated Aug. 15 1906 and
matui Mg Aug. 15 1916, awarded to the Savings Bank of
Chillicothe for $4,968 80, the price thus being 105.719.
4,800 4%% street-Intersection bonds dated March 1 1908 and maturing
March 1 1922, awarded to Samuel Dearth of Chillicothe for
$4,940, the price thus being 102.916.
12,700 4%% High Street paving bonds dated Aug. 15 1906 and maturing
Aug. 15 1916, awarded to the Central National Bank for
$12,365, the price thus being 101.290.
These are not new issues but securities held by the Sinking Fund as investments.
Cincinnati School District (P. 0. Cincinnati), Hamilton
County, Ohio.-Bond Offering.-Proposals will be received
until 12 m. April 13 by William Grautman, Clerk Board of
Education, for $250,000 4% coupon improvement bonds.
Denomination $500. Date, day of sale. Interest semiannually at the American Exchange National Bank in New
York City. Maturity forty years. • Certified oheck for 5%
of the amount of bonds bid for, payable to the Board of
Education, is required. Accrued interest to be paid by
purchaser.
Clarendon County (P. 0. Manning), S. 0.-Bond Offering.
-Proposals will be received until 12 m. April 15 by Charlton
Du Rant, Secretary, Court House Commission, for the
$60,000 5% Court House bonds mentioned in Y.85, p. 1600.
Denomination $500 and $1,000. Interest April 1 and Oct. 1.
Maturity forty years. Cost of lithographing to be paid by
purchaser.
Bond Offering.-On the same day proposals will be received by R. E. McFadden, County Supervisor, for the
purchase of $10,000 6% 10-year bonds.
Clarksville, Clinton County, Ohio.-Bond Sale.-The
$1,000 6% coupon refunding bonds described in T.86, p. 558,
were awarded on March 10 to the Farmers' National Bank of
Clarksville at 106 and accrued interest. Tiao following bids
were received:
Farmers' National Bank,
Clarksville
$1,060 00
I. N. Laic, Wilmington_ _ _ _ 1,031 (10
Cer,trevIlle Bank, Thurman 1,025 50
S.111.1Sinith, Wimington-- 1,020 00
Hayden, Miller & Co..Clev _$1,017 00
Security Sayings Bank &
1,012 50
Trust Co., Toledo
A. W.Thomas,Clarksville_ 1,010 30
Albert KleyboltG &CoRfac. 1,010 00
MAR. 14 1908.1
THE CHRONICLE
Bonds are dated Feb. 3 1908 and mature $200 yearly on
March 10 from 1911 to 1915 inclusive.
Collinwood School District (P. 0. Oollinwood), Cuyahoga
County, Ohio.-Bond Sale.-On March 6 the $35,000 4%
coupon school-building bonds, described in V. 86, p. 558,
were awarded to Borton & Borton of Cleveland for $35,037 50
-the price thus being 100.107. Bids were also received
from Seasongood & Mayer of Cincinnati and Otis & Hough
of Cleveland.
Columbus, Ohio.-Bond Offering.-Proposals will be received until 2 p. m. March 18 by Martin A. Gemunder, Secretary of the Sinking Fund Trustees, for the following bonds:
$50,000 4% coupon (with privilege of registration) public-improvements
No 11 (city's portion) bonds. Date Dec. 1 1906. Maturity
Sept. 1 1917.
350,000 4% coupon (with privilege of registration) bonds for constructing
works for purifying and softening water. Date Dec. 30 1904.
Maturity March 1 1945, subject to call after March 11920.
Denomination $1,000. Interest March 1 and Sept. 1 at
the agency of the City of Columbus in New York City.
Bonds are tax-exempt. Bid must be made on a printed.
form furnished by the Sinking Fund Trustees and accompanied by a certified check for 2% of bonds bid for, drawn
on some local bank and made payable to the Sinking Fund
Trustees. Delivery of bonds March 25 1908. Purchaser to
pay accrued interest. Official circular states there has never
been any default in the payment of principal or interest.
These securities are not new issues, but bonds held by the
Sinking Fund as an investment.
Conecuh County (P.0. Evergreen), Ala.-Bond Sale.-On
March 2 Otto Marx & Co. of Birmingham purchased the
$50,000 5% 30-year coupon road-improvement bonds described in V. 86, p. 496.
Craton School District (P.0. Craton), Allegheny County,
Pa.-Bond Offering.-Proposals will be received until 7:30
p. m. March 21 by J.T. Montgomery, Secretary, for $10,000
4% coupon bonds. Denomination $500. Date April 1
1908. Interest semi-annually at the First National Bank in
Crafton. Maturity $500 yearly on April 1 from 1915 to
1934 inclusive. Bonds are exempt from taxation.
Cuyahoga County (P. 0. Cleveland), Ohio.-Bond Offering.-Proposals will be received until 11 a. m. March 25 by
William F. Black, Clerk of the Board of County Commissioners, for $12,000 5% coupon St. Clair Road Bridge bonds.
Authority Sections 871, 872 and 2825 Revised Statutes.
Denomination $1,000. Date April 1 1908. Interest semiannual. Maturity $1,000 yearly on Oct. 1 from 1909 to
1920 inclusive. Certified check for 10% of the amount of
bonds bid for, payable to the County Treasurer, is required.
Accrued interest to be paid by purchaser.
Dayton, Ohio.-Bond Offering.-Proposals will be received
until 12 m., March 16, by Edward Philipps, City Auditor,
for the following bonds:
$18,500 5% coupon Burns Avenue extension bonds. Denomination $1,000, except one bond of $1,500. Date Feb. 1 1908. Maturity $9,500 on Feb. 1 1916 and $9,000 on Feb. 1 1917.
32,500 5% coupon general street Improvement bonds. Denomination
$1,000, except one bond of $1,500. Date March 1 1908. Maturity $8,510 on March 1 1915, and $8,000 yearly on March 1,
from 1916 to 1918 Inclusive.
7,500 4% coupon storm-water-sewer bonds. Denomination $1,000, except one bond for $1,500. Date Dec. 1 1907. Maturity
Dec. 11912.
11,200 4% coupon Rubicon Street extension bonds. Denomination $1,000, except one bond for $1,200. Date Dec. 1 1907. Maturity Dec. 1 1913.
Interest semi-annually in New York City. Certified check
on a national bank for 5% of the bonds, payable to the City
Auditor, is required. Delivery of bonds on March 16,
Dos Palos Joint Union High School District, Merced
County, Cal.-Bond Sale.-On March 4 an issue of $30,000
6% school-building-construction bonds was awarded to E. H.
Rollins & Sons of Chicago at 106.16-a basis of about 5.496%.
The following bids were received:
E. H. Rollins & Sons, Chic_ $31,8481James H. Adams & Co., Los
$31,506
Los Ang. Tr. Co., Los Angel. 32,1001 Angeles
Denomination $1,000. Date April 1 1908. Interest annual. Maturity $1,000 yearly on April 1 from 1914 to 1943
inclusive.
Douglas, Converse County, Wyo.-Bond Offering.Proposals will be received until 7:30 April 10 by F. H.
DeCastro, Town Clerk, for $50,000 53-% coupon waterworks-system-enlargement and extension bonds. Denomination $500. Date, day of issue. Interest annual. Maturity thirty years, subject to call after ten years.
East Cleveland (P. 0. Station J, Cleveland), Ohio.-Bond
Offering.-Proposals will be received until 2 p. m. to-day
(March 14) by H. F. Jordan, Clerk Board of Education, for
the $38,000 4% coupon school-addition bonds voted on Feb.
15. Denomination $1,000. Date March 14'1908. Interest semi-annually at the Superior Savings & Trust Co. in
East Cleveland. Maturity March 14 1928. Certified check
for 10%, payable to the Treasurer of the Board of Education,
is required.
East Liverpool School District (P. 0. East Liverpool),
Columbiana County, Ohio.-Bond Offering.-Proposals will
be received until March -16 by W. E. Duulap, Clerk of the
Board of Education, for $12,000 4% Sixth Street schoolbuilding-addition-construction bonds. Interest March and
Sept. at the First National Bank in Liverpool. Maturity
$2,000 yearly from 1912 to 1917 inclusive.
East Providence (P. 0. Providence), Providence County,
R. I.-Bond Offering.-Proposals will be received until
683
7:30 p. m. March 20 by Joseph W. Sampson, President of
the Town Council (care of William E. Smyth, Town Clerk),
for $200,000 4% gold funding bonds. Denomination from
$1,000 to $5,000, to suit purchaser. Interest semi-annual.
Maturity fifty years.
East Toronto, Ont.-Debenture Sale,-On Feb. 17 the
$10,000 5% general debentures mentioned in V. 86, p. 434,
were awarded to W. C. Brent & Co. of Toronto at 96. Maturity part yearly for thirty years.
Elizabethtown, Lancaster County, Pa.-Bond Sale.Reports state that the Borough Council recently disposed of
$12,000 4% refunding bonds.
Elyria School District (P.0. Elyria), Lorain County, Ohio.
-Bond Offering.-Proposals will be received until 12 m.
March 17 by H. C. Harris, Clerk Board of Education, for
$10,500 4Y2
'70 Jefferson School Building improvement bonds.
Denomination $500. Date March 17 1908. Interest semiannually at the Elyria Savings & Banking Co. Maturity
$1,500 yearly on March 17 from 1915 to 1921 inclusive.
Certified check for $500, payable to the Clerk Board of Education,is required.
Elyton (P. 0. Birmingham), Jefferson County,Ala.Bond Election.-On March 23 an election will be held'to vote
on a proposition to issue $75,000 5% 30-year school-house
bonds.
Fall River, Mass.-Bond Sale.-On March 12 $50,000 4%
30-year sewer bonds were awarded to Merrill, Oldham & Co.
of Boston at 102.279-a basis of about 3.872%. Following are the bids:
Merrili 3Oldham &Co., Boston 102.279 Blodget, Merritt & Co., DoeR. L. Day & Co., Boston_ --100.82
ton
100.657
Estabrook & Co., I3cston__ _ _100.78 Blake Bros. & Co.. Boston_ _100.41
Denomination $1,000 or multiples thereof. Date March 2,
1908. Interest semi-annual.
Bonds Not Sold.-No award was made of an issue of $170,000 4% 10-year bonds offered on the same day.
Falls City, Richardson County, Neb.-Bond Sale.-On
Feb. 17 the $10,000 5% 10-20-year (optional) electric-lightsystem extension bonds offered last August (V. 85, p. 425)
were awarded to Holland & Slocum at par. Denomination
$500. Date Feb. 17 1908. Interest annual.
Fort Bend County (P. 0. Richmond), Texas.-Bond Sale.
-We are advised that the $75,000 4% 6-40-year (optional)
court bonds mentioned in V. 86, p. 123, were recently
awarded to the State School Fund at par and accrued interest. Securities are dated Oct. 10 1907.
Glen Rock (P. 0. Ridgewood), Bergen County, N. 3.Bonds Not Sold.-No award was made on March 10 of the
$35,000 5% street-and-high-way-grading-and-macadamizing
bonds, described in V. 86, p. 434.
Goshen Township (P.O. Wapakoneta), Clermont County,
Ohio.-Bond Sale.-On March 2 $8,000 5% 1-8-year (serial)
high-school bonds were awarded to Charles F. Herbst & Son
of Wapakoneta at 100.245. Denomination $1,000. Date
March 2 1908. Interest annual.
Grand Rapids, Kent County, Mich.-Bond Offering.-Further details are at hand relative to the offering on March 16
0 coupon street-improvement bonds
of the $102,000 447
mentioned in V. 86, p. 559. Proposals for these bonds will
be received on that day by John L. Boer, City Clerk. Denomination $1,000. Date May 1 1907. Interest semi-annually
at the City Treasurer's office. Maturity $51,000 on May 1
in the years 1910 and 1911. Certified check for 3% of the
amount of the bonds bid for, payable to the City Treasurer,
is required. These bonds are part of an issue of $153,000
(maturing $51,000 on May 1 from 1910 to 1912 inclusive),
offered on Feb. 17. See V. 86, p. 434. We were informed
at that time that the bonds were all awarded to National
City Bank of Grand Rapids, whereas it appears that only the
$51,000 bonds maturing May 1 1912 were disposed of.
Holdredge, Phelps County, Neb.-Bond Offering.-Proposals will be received until 8 p. in. March 17 by Nels Nelson,
City Clerk, for $20,000 5% sewer bonds. Date Oct. 17 1907.
Interest annual. Maturity twenty years, subject to call
after five years. Certified check for $500 is required.
Hope, Hempstead County, Ark.-Bond Offering.-Proposals will be received until 2 p. m. April 15 by E.S. Greening, Secretary of the Board of Commissioners, for $95,000
sewer and $80,000 water bonds. Denomination and maturity to suit purchaser. Assessed valuation $1,800,000.
Jefferson County Road Improvement District No. 1 (P.0.
Pine Bluff), Ark.-Bond Sale.-We are informed that the
$30,000 7% coupon road-construction bonds mentioned in
V. 86, p.' 560, were awarded on March 2 to the Citizens!
Bank of Pine Bluff at par. Interest annually on March 1.
Maturity $3,000 yearly for ten years.
Joplin, Mo.-Bond Offering.-Proposals will be received
until 3 p. m. April 8 by Julius Becker, City Treasurer, at
the First National Bank of Joplin, for $25,000 5% "firedepartment improvement bonds." Authority vote of
810 to 138 at election held Feb. 25; also Sections 5858 and
6350, Revised Statutes. Denomination $500. Date April 1
1908. Interest semi-annually at the City Treasurer's office.
Maturity April 1 1928, subject to call after April 1 1913.
Certified check for $500, payable to the "City of Joplin", is
required. Purchaser to pay accrued interest.
684
Kansas City, Wyandotte County, Kan.-Bond Offering.Proposals will be received until 3 p. m. March 17 by George
Foerschler Jr., City Clerk, for $116,000 5% coupon funding
bonds. Interest semi-annual. Maturity fifteen years. Deposit of $100 is required.
Le Roy, Genesee County, N. Y.-Bond Sale.-On March 2
an issue of $20,000 5% 1-10-year (serial) bridge bonds was
awarded to the Mechanics' Savings Bank of Rochester at
101.275-a basis of about 4.735%. Denominations $250 to
$1,000. Date March 2 1908. Interest semi-annual.
Lincolnton, Lincoln County, N. C.-Bond Sale.-This
town on March 1 awarded the $35,000 5% improvement
bonds, mentioned in V. 86, p. 435, to the Thos.J.Bolger Co.
of Chicago at par. Bids were also received from C. H. Coffin
ofChicago and S. A. Kean of Chicago at 94 and 99 respectively.
Linneus, Linn County, Mo.-Bond Offering.-Proposals
will be received until March 23 by H. E. Symons, City
Clerk, for the $3,500 5% 5-20-year (optional) electric-lightplant re-building and equipment bonds voted on Feb. 17.
Denomination $500. Date April 1 1907. Interest semiannually at the National Bank of Commerce in St. Louis.
Certified check for $100 is required. Bonded debt, including
this issue, $9,000. Assessed valuation, $202,000.
Lynden, Whatcom County, Wash.-Bond Offering.-Proposals will be received until 2 p. m. March 20 by D. W.
Bender, Town Clerk, for $9,000 6% general improvement
bonds. Denomination $100. Date May 1 1908. Interest
semi-annual. Maturity 1928, subject to call after fifteen
years. Certified check for $500, payable to the "Town of
Lynden, is required. Bonds are exempt from taxation.
These bonds were offered without success 5s (V. 86, p. 436)
on Jan. 31.
Mansfield, Newton County, Ga.-Bonds Not Sold.-No
sale was made on Feb. 22 of the $6,000 school bonds offered
on that day; see V. 86, p. 497.
Menominee County (P. 0. Menominee), Mich.-Bond
gold coupon agriculSale.-On March 4 the $13,000 4
tural school-building bonds mentioned in V. 86, p. 560,
were awarded, we are informed, to A. B. Leach & Co.,
Chicago, at 101.925. Denomination $500. Date Oct. 1
1907. Interest annually on April 1. Maturity April 1 1922.
Metamora, Fulton County, Ohio.-Bond Sale.-An issue
of $9,000 5% street bonds has been awarded, it is stated,
to Otis & Hough of Cleveland.
Mingo Junction, Jefferson County, Ohio.-Bond Sale.On Feb. 10 $13,500 4.90% 20-year refunding bonds were
sold to Hoehler & Cummings of Toledo for $13,989 50-the
price thus being 103.625. Denomination $500. Date
Feb. 15 1908. Interest semi-annual. We are advised that
these securities take the place of the $13,500 5% 10-15-year
(optional) coupon refunding bonds awarded on Jan. 20 to
the same party (V. 86, p. 302), which sale was never consummated as "the ordinance providing for the original issue
of bonds was passed at a meeting of the Village Council under
the suspension of rules, with only four members present,
while the law requires five.
Morgan County (P. 0. Martinsville), Ind.-Bond Offering.
-Proposals will be received until 2 p. m. March 16 by C. 0.
Abbott, County Treasurer, for the following bonds:
$16,400 4% % Washington Township gravel road bonds. Denomination
$820. Interest semi-annually at the First National Bank
of Martinsville. Maturity $820 due each six months beginning May 15 1909. Certified check for $250 is required.
!• •
6 % Jackson Township gravel road bonds. Denomination $310.
• 6,200 43,
Interest semi-annually at the Citizens' National Bank in
•
Martinsville. Maturity $310 each six months beginning
May 15 1909. Certified check for $100 is required.
1
Nelson, B. 0.-Debentures Not Sold.-No sale was made
-on March 2 of the $60,000 5% 20-year coupon school-building
debentures dated July 1 1907 and described in V. 86, p. 561.
Newark, Licking County, Ohio.-Bond Sale.-It is stated
that the First National Bank of Newark, Ohio, has purchased
$1,800 4% Pine and Riley street sewer bonds, $1,575 5%
Union Street sewer bonds and $1,210 5% Eleventh Street
sewer bonds of this city.
Newport News, Warwick County, Va.-Bond Offering.Local papers state that proposals will be received until 12 m.
March 19 by Floyd A. Hudgins, City Clerk, for the $100,000
43% 40-year street-improvement bonds offered without
success (V. 86, p. 561) on Sept. 30 1907.
New York State.-Bond Sale.-See page 680 for the list
of successful bidders and other details concerning the sale
on March 11 of the $5,000,000 4% highway bonds described
in the "Chronicle" of Feb. 22.
North Dakota.-Purchases by the State for January and
February.-We are advised that the following-described
bonds, aggregating $63,400, were purchased by the State of
North Dakota with endowment funds of educational institutions, during the months of January and February. "All
such purchases having been made direct from municipalities
and school districts issuing same, all bearing 4% interest and
all llought at par." "No purchase subject to call.'
Alder School District No. 5, Hettinger County-$4,000 bonds dated
Jan. 2 1908 and maturing Jan. 2 1928.
Belfield School District No. 10,Stark County-$2,000 bonds dated Nov.1
1907 and maturing Nov. 1 1922.
Blue 1111 School District No. 59, McLean County-81,000 bonds dated
Jan. 2 1008 and maturing Jan. 2 1928.
Connors School District No. 50, McLean County-85,000 bonds dated
Jan. 2 1908 and maturing Jan. 2 1928.
Crystal School District No. 84, McLean County-$2,000 bonds dated
Nov. 1 1907 and maturing Nov. 1 1927.
[VOL.Lxxxvx.
THE CHRONICLE
Donnybrook School District No. 24, Ward County-88,000 bonds dated
Sept. 2 1907 and maturing Sept. 2 1917.
Douglas School District No. 48, McLean County-$1,200 bonds dated
Jan. 2 1908 and maturing Jan. 2 1928.
Frettin School District No. 9, Kidder County-$900 bonds dated Nov. 1
1907 and maturing Nov. 1 1917.
Gibbs School District No. 32, Burleigh County-$250 refunding bonds
dated Nov. 1 1907 and maturing Nov. 1 1912.
Hackett School District No. 40, McLean County-83,000 bonds dated
Oct. 1 1907 and maturing Oct. 1 1927.
Hastings School District No. 28, Bottineau County-$3,500 bonds dated
Oct. 1 1907 and maturing Oct. 1 1917.
Hebron School District No. 1, Wells County-82,000 bonds dated Nov. 1
1907 and maturing Nov. 1 1917.
Hettinger County School District No. 11-$3,100 bonds dated Jan. 2
1908 and maturing Jan. 2 1928.
Hillsdale School District No. 19, Dickey County-$1,000 bonds dated.
Jan. 2 1908 and maturing Jan. 2 1928.
Horswill School District No. 4, Hettinger County-88,000 bonds dated
Jan. 2 1908 and maturing Jan. 2 1928".
Kroeber School District No.1,Logan County-$1,500 bonds dated Nov. 1
1007 and maturing Nov. 1 1917.
Lignite School District No. 94, Ward County-$750 bonds dated Nov. 1
1907 and maturing Nov. 1 1927.
Logan Center School District No. 98, Grand Forks County-$700 refunding bonds dated Jan. 2 1908 and maturing Jan. 2 1928.
North Prairie School District No. 50, Ward County-$2,800 bonds dated
Oct. 1 1907 and maturing Oct. 1 1927.
Odessa School District No. 2, Ramsey County-$1,500 bonds dated
Oct. 1 1907 and maturing Oct. 1 1917.
Pleasant Valley School District, Oliver County-$850 bonds dated Aug.
1 1907 and maturing Aug. 1 1927.
Pleasant Valley School District No. 35, Wells County-81,000 bonds
dated Nov. 1 1907 and maturing Nov. 1 1917.
Snow School District No. 47, McLean County-81,150 refunding bonds.
dated Jan 2 1908 and maturing Jan. 2 1928.
South Valley School District No. 11, Rolette County-8800 refunding
bonds dated Jan. 2 1908 and maturing Jail. 2 1028.
Thga School District No. 15, Williams County-$4,800 bonds dated
Nov. 1 1907 and maturing Nov. 1 1927.
Ulrich School District, McLean County-$900 bonds dated Oct. 1 1907
and maturing Oct. 1 1927.
Versippi School District No. 11, Stark County-$800 bonds dated Nov. 1
1907 and maturing Nov. 1 1917.
Viking School District No. 92, Ward County-$900 bonds dated Nov. 1
1907 and maturing Nov. 1 1917.
Whittenberg School District No. 8. Mercer County-82,000 bonds dated
Nov. 1 1907 and maturing Nov. 1 1927.
Norwood (P. 0. Station H, Cincinnati), Hamilton County,
Ohio.-Bond Offering.-Proposals will be received until 12
m. March 31 by L. H. Gebhart, City Auditor, for the following bonds:
55,659 50 4% % 1-10-year (serial) Cortlandt Avenue improvement assessment bonds. Date Feb. 4 1908. Interest annual.
5,911 23 4% % 1-10-year (serial) Feldman Avenue improvement assessment bonds. Date March 22 1908. Interest annual.
6,000 00 4% % 25-year stable-construction and equipment bonds. Denomination $500. Date, day of sale. Interest semiannual. Maturity twenty-five years.
8,500 71 4% % 1-10-year (serial) Kenilworth Avenue improvement assessment bonds. Date March 23 1908. Interest annual.
6,737 33 4% % 1-10-year (serial) Hazel Avenue improvement assessment
bonds. Date Feb. 4 1908. Interest annual.
3.114 88 4;6 % 1-10-year (serial) Park Avenue improvement assessment
bonds. Date March 8 1908. Interest annual.
Certified check for 5% of the bonds, payable to the City
Treasurer, is required. The amount of bonds to be issued
will be reduced by the amount of assessments paid in cash
prior to the date of offering.
Oakville, Ont.-Debenture Offering.-Proposals will bereceived until March 17 by Charles A. Bradbury, Town Clerk,
for $25,000 improvement debentures, maturing in twenty
years.
Omaha, Douglas County; Neb.-Bond Offering.-Proposals will be received until 3 p. m. March 26 by Frank A. Furay,.
City Treasurer, for the following bonds:
$50,000 06% 20-year intersection bonds. Denomination 81,000. Date
e m -naantn
i n
Interest
d .pe semi-annual.
March
ear sewrl 1908.b ns
Denomination 51.000. Date March
49,000 4%%1.000.
20-20-year
1 1908. Interest semi-annual.
30,000 06% 20-year fire-engine house bonds. Denomination 81,000.
Date March 1 1908. Interest semi-annual.
50,000 06% 20-year paving-renewal bonds. Denomination $1,000.
Date May 1 1908. Interest semi-annual.
100,000 06% 20-year sewer-renewal bonds. Denomination 81,000. DateMay 1 1008. Interest semi-annual.
231,500 06% 7-year (average) street-Improvement bonds. Denomlnalion $500. Date Jan. 1 1908. Interest annual.
Interest payable at the Nebraska Fiscal Agency in New
York City. Certified check for 2% of the amount of the bid,
payable to the "City of Omaha," is required. Official circular states that there is no litigation threatened or pending
and that the city has never defaulted in the payment of principal or interest on its bonds.
Oronogo School District (P. 0. Oronogo), Jasper County,
Mo.-Bond Sale.-On March 4 the $9,000 building bonds,
bids for which were rejected on Feb. 5(V. 86, p. 500), were
awarded to Luther Arnold at par for 5s. Bids were also
received from Gessler & Krassnick and Lytle & Hays.
Orrville, Wayne County, Ohio.-Bond Sale.-On March 9.
the following bids were received for the $28,500 1-15-year
(serial) village's portion and the $29,666 71 1-5-year (serial)
assessment 5% coupon sewerage-system and disposal-plantconstruction bonds described in V. 86, p. 437:
Orrlile National Bank,Orville
Mansfield Savings Bank, Mansfield
Breed de Harrison, Cincinnati
W.R.Todd de Co., Cincinnati
Otis do Hough, Cleveland
Hayden,Miller de Co.,Cleveland
Citizens National Bank, Wooster
W.J. Hayes d• Sons,Cleveland
Well, Roth de Co., Cincinnati
a Successful bidders
828,501
Bonds
a$29,715 00
29,507 50
29,711 00
29,702 00
29,483 00
29,255 00
29,212 00
29,171 00
29,145 00
$29,666 71
Bonds
$30,000 00
a30,041 71
b31,4-70- 71
29,888 71
29,778 71
29,966 71
b Said to have made an "error in bid "
Purchasers to pay accrued interest.
Pelham, Westchester County, N. Y.-Bond Sale.-On
March 6 the $8,000 5-20-year (serial) registered street-improvement bonds described in last week's issue, were awarded
to Edmund Seymour & Co. of New York City at par for 5s.
Port Huron, Saint Clair County, Mich.-Bond Offering.-Proposals will be received until 12 m. March 18 by E. A•
685
THE CHRONICLE
MAR. 14 1908 I
Cady, City Comptroller, for $45,000 5% high-school-building
bonds. Authority Section 6, Chapter 15, City Charter.
Denomination $1,000. Date Jan. 1 1908. Interest semiannually at the Hanover National Bank of New York City.
Maturity Jan. 1 1918. An unconditional certified check for
$2,250, payable to the "City of Port Huron," is required.
Purchaser to pay accrued interest.
Rochester, N. Y.—Note Sale.—On March 9 the $90,000
five-months notes mentioned in V. 86, p. 501, were awarded
as follows: $40,000 to the Security Trust Co. of Rochester at
4.95% interest; $25,000 to the Union Trust Co. of Rochester
at 5% interest; $15,000 to the Merchants Bank of Rochester
at 5% interest,and $10,000 to the National Bank of Commerce in Rochester at 5% interest.
Rochester, Beaver County, Pa.—Bond Sale.—We are informed that the $50,000 434% bonds offered on Feb. 3 (V.
86, p. 438) were awarded on March 3 to Newburger, Henderson & Loeb of Philadelphia at par.
Rockport (P. 0. West Park), Cuyahoga County, Ohio.—
Bond Bid.—In addition to the bid of Seasongood & Mayer
of 100.192 for the $13,000 4% 30-year water-main-extension
bonds awarded to them on March 2 (V. 86, p. 622), a bid was
also received from Otis & Hough at par, less $100 for attorney's fees.
St. Bernard (P. 0. Cincinnati), Ohio.—Bond Sale.—On
March 5 the $4,968 50 5% 1-10-year (serial) Sullivan Avenue improvement assessment bonds, described in V. 86, p.
501, were awarded to Charles C. Murray & Co. of Cincinnati
at 103.995 and accrued interest—a basis of about 4.179%.
Following is a list of the bids received:
Cin. $5,167 001Wel1, Roth & Co.,Cineinnati$5,004 50
Chas. C. Murray
Prov. Say. Bk.& Tr.Co.,Cin 5,11756 I German National Bank,
5,085 50
seasongood & Mayer, Cln. 5,107 501 Cincinnati
Saint Clair County (P. 0. Ashville), Ala.—Bond Sale.—
We are informed that an issue of $85,000 5% 30-year roadimprovement bonds has been awarded to Otto Marx & Co.
of Birmingham.
St. Louis, Mo.—Bond Offering.—Proposals will be received
until 12 m., March 16, by Rolla Wells, Mayor, and James Y.
Player, City Comptroller, for $1,000,000 4% gold coupon
bonds to be issued for the construction, reconstruction and
extension of,and additions to, the insane asylum,and for the
purchase of sites for the same.
Denomination $1,000. Date April 1 1908. Interest
semi-annually in United States gold coin atthe National Bank
of Commerce in New York City, or in pounds sterling at the
National Bank of Scotland, Ltd., London, England, at the
rate of $4.8665 per pound sterling. The bonds may be exchanged for registered bonds at any time. Maturity twenty
years. Each bid must be accompanied by a deposit of cash
or certified check for 5% of the bonds bid for, payable to:the
City Comptroller. Opinion of Dillon & Hubbard of New
York City as to the validity of the bonds will be furnished
to the successful bidder. Blank forms for bids will be furnished by the city.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Bond Sale.—Up to March 6 $917,000 of the $2,000,000
3.65% 20-year gold coupon renewal bonds mentioned in
V. 86, p. 125, had been disposed of. This makes a total of
$67,000 sold since Jan. 11, the date of our last report.
Salem, Columbiana County, Ohio.--Bond Sale.—Proposals
will be received until 7 p. m. to-day (March 14) by thelBoard
of Sinking Fund Trustees for $16,000 .”,i% coupon refunding bonds. Denomination $500. Date March‘,14 1908.
Interest annually at the City Treasury. Maturity k$1,000
yearly on March 14 from 1909 to 1924 inclusive. Bonds are
exempt from taxation.
Sandusky County (P. 0. Fremont), Ohio.—Bond.70ffering.
—Proposals will be received until 12 m. March 30 by S. M.
Fronizer, County Auditor, for $1,100 10 Ida Patterson ditch
and $1,050 Clara Straub ditch-construction 5%,?,,coupon
bonds. Authority Section 4479, Revised Statutes. Date
March 30 1908. Interest semi-annually at the County Treas- 4
urer's office. Maturity March 30 1909.
San Rafael School District, Mann County, Cal.—BondiSale.
an
that
issue
of
informed
$5,000 6% gold school—We are
building bonds was awarded on Feb. 18 to E. C. Lund of
•
NEW LOANS.
MISCELLANEOUS.
st000,000.00
CITY OF sr. LOUIS
COLORADO SPRINGS AND
CRIPPLECREEK DIST. RY.
Co. 1st MTG. 5% BONDS
4%
T. W. STEPHE.NS &
Public Buildings and 1:Jublic Improvernc-nt
Oa,
2 WALL ST., NEW YORK
INSANE ASYLUM GOLD BO1DS Adrian H Muller & Sort
Dated April 1, 1908
Due April 1, 1928
SEALED PROPOSALS will be received for the whole or any part of this
issue by the undersigned until 12 o'clock noon of the 16th day of March, 1908
for $1,000,000 00 of 4 per cent twenty-year gold bonds, dated April 1st, 1908
and issued for the construction, re-construction and extension of, and additions
to, the INSANE ASYLUM, and for the purchase of sites for the same.
Proposals must be accompanied by a cashier's or certified check, payable
to the order of the Comptroller (and subject to his approval), equal to five per
cent (5%) of the nominal amount of the bonds bid for.
o The bonds will be delivered against payment therefor in current funds at
the Office of the Comptroller in the City of Saint Louis, on the 1st day of April,
1908, or, if the bidder so elects in his proposal, at the National Bank of Commerce,
New York City, on the 1st day of April, 1908.
The opinion of Messrs. Dillon & Hubbard, Attorneys and Counsellors at Law,
New York City, as to the validity of the bonds, will be furnished to the successful
bidders by the City.
No bids will be accepted for less than the par value,of the bonds.
; The right to reject any or all bids is reserved.
Further information can be obtained at the Office of the Comptroller.
ROLLA WELLS, Mayor.
JAMES Y. PLAYER, Comptroller.
AUCTIONEERS.
Regular Weekly Sales
OF
STOCKS and BONDS
Office,
EVERY WEDNESDAY.
No. 55 WILLIA/11 STREET,
Corner Pine Street.
THE SOUTH.
Property and Investments of every
Kind In all Southern States.
METROPOLITAN INVESTMENT 00'
(IRO. B.EDWARDS.Prodient. Charleston, S.0.
vet Bids 8242 Beaver St
New York Office
Albert Kleybolte & Co.,
Cuban Securities
READY FEBRUARY 25
409 Walnut Street,
CINCINNATI,0.
A SPECIALTY
1908 Issue
FRANKE, THOMPSON & ROBB
FINANCIAL REVIEW'
Municipal,
County,
State,
and High-Grade Public Service
:Sec urines
Correspondence Solicited
Members N.Y. Stock Exchange
ANNUAL
43 Exchange Place
A. Year Book of Statistics.
Bound in Cloth. 82.
Telephone 0444 Hanover
BRANCH OFFICE
Bristol Building*, 5th Ave. and
Telephone 1658 Bryant
45d Ni.
Commercial it Financial Chronicle
76}4 Pine St! New York
686
THE CHRONICLE
San Rafael at 105.245. Denomination $1,000. Date Sept.
16 1907. Interest annually at the County Treasurer's office in Mann. Maturity $1,000 yearly on Sept. 16 from 1908
to 1912 inclusive.
Scranton, Jackson County, Miss.—Bond Sale.—On Feb.
28 an issue of $20,000 6% street and sewer bonds was purchased by John Nuveen & Co. of Chicago at 102.50. Denomination $1,000. Date Jan. 1 1908. Interest annual. Maturity $1,000 yearly on Jan. 1 from 1909 to 1928 inclusive.
Seattle, Wash.—Bonds Voted.—At the municipal election
held March 3, it is reported that a proposition to issue $2,250,000 water-system-extension bonds carried by a vote of
15,709 to 2,292. These securities take the place of the $2,250,000 5% Cedar River water-system-extension bonds
awarded last August to local banks at par, but subsequently
declared invalid by the State Supreme Court on Dec. 10
1907. See V. 85, p. 1599. It is further stated that the issuance of $65,000 bonds to reimburse the general fund of
this city in paying off the indebtedness of the former City of
Ballard, which was assumed by Seattle when the northern
suburb was annexed, was also authorized at the election held
March 3. The vote was 11,592 "for" to 3,846 "against."
Twenty-one amendments to the City Charter were likewise
voted upon favorably.
Sheridan, Sheridan County, Wyo.—Bond Offering.—
Proposals will be received until April 20 for the $250,000
5% 10-30-year water-system-extension bonds voted last
November. Denomination $500. Date June 1 1908. Interest annually on Jan. 1 at the Chemical National Bank in
New York City. Certified check for 5% of the bonds bid for,
payable to the City Treasurer, is required. C. W. Sheldon
is City Clerk.
Statesville, Iredell County, N. 0.—Bond Sale.—On March
6 the $25,000 5% 30-year coupon funding bonds described
in V. 86, p. 624, were awarded to S. A. Kean of Chicago at
100.05 and accrued interest. Following are the bids:
[VoL. Lxxxvi.
offer at public auction $16,000 4% registered local-improvement bonds of the denomination of $100 each. Date Feb. 1
1908. Interest semi-annually at the City Treasurer's office.
Maturity $3,200 yearly on Feb. 1 from 1909 to 1913 inclusive.
Certified check or cash for 10%, payable to the City Comptroller, is required.
Tecumseh, Lenawee County, Mich.—Bond 011ering.—Proposals will be received until 2 p. m. April 8 by W. S. Jones,
Village Clerk, for the $29,000 5% coupon sewer bonds mentioned in V. 85, p. 1418. Authority, election held Sept. 23
1907. Denomination $1,000. Date, day of sale. Interest
January and July at the Chase National Bank in New York
City. Maturity $1,000 yearly from 1918 to 1927 inclusive,
$2,000 yearly from 1928 to 1936 inclusive and $1,000 in
1937. Certified check for $1,000, payable to the 'Village
of Tecumseh," is required. Bonded debt, including this
issue, $51,000. Assessed valuation 1907, $1,458,250.
Thief River Falls, Red Lake County, Minn —Bond Oyering.—Proposals will be received until March 20 by L. Backe,
City Clerk, for the $12,000 5% coupon water-works-improvement bonds voted on Nov. 5 1907. Denomination $500.
Date April 15 1908. Interest semi-annual. Maturity
April 15 1928.
Trenton, N. J.—Bond Sale.—On March 13 $50,000 434%
30-year coupon or registered water-works bonds were
awarded to Ferris & White of New York City at 104.444 and
accrued interest—a basis of about 4.238%, The bids were
as follows:
Ferris & White, New York104.444
Wadsworth & Wright, N. YA04.42
N. W. Halsey & Co., N. Y-..103.877
Blodget, Merritt & Co., I3os_103.68
Emery, Anderson & Co., Clev103.45
Kountze Bros., New York__ A03.38
R. M. Grant & Co., N. Y__103.15
N. W. Harris & Co., N. Y__ _103.087
Adams &Co., Boston
103.06
A. B. Leach & Co., N. Y___ _102.57
Parkinson & Burr, Boston__ _102.44
O'Connor & Haider, N. Y__ _102.31
Hcward K. Stokes, N. Y- - - - 102.152
Mechanics' Nat.13k.,Trenton_102.00
Mackay & Co., New York__ _101.09
Denomination $100 or multiples thereof. Date March 1
1908. Interest semi-annually at the City Treasurer's office.
a Less $250 f,r legal expenses.
Troy, Reneselaer County, N. Y.—Bond 011ering.—ProSyracuse, Onondaga County, N. Y.—Bond Offering.—On posals will be received until 11 a. m. March 20 by Charles F.
March 16 at 11 a. m. City Comptroller R. J. Shanahan will McLindon, Deputy Comptroller, for $30,000 434% registered
$25,012 501A. J. Hood & Company,
S. A. Kean, Chicago
Seasongood & Mayer, Cin. 25,000 001 Detroit
a$25,015 00
NEW LOANS.
$3,O00
Wilmington, Delaware,
4% BONDS.
elk.W LQA11111.
03g5,000
-*-
pits().,4 I4JP
City of Mount Vernon, City of Mcunt Vernon,
Westchester County, N. Y.
SCHOOL TAX RELIEF BONDS.
The Common Council of the City of Mount
Vernon, N. Y., will at its Chambers in the Lucas
Building, Depot Place. In said City of Mount
Verno , N. Y., on the 17TH DAY OF MARCH
1908, at 8 o'clock p. m., receive sealed proposals
for the purchase of thirty-five (35) School 'Pax
Relief Bonds of said eityi numbered consecutively
as issued from 430 to 464, both inclusive, and
that the said thirty-five (35) bonds will be sold
to the highest bidder at a public sale to be held
at said time and place.
These are a series of bonds which are authorized
to be issued under and pursuant to Section 229
of Chapter 182 of the Laws of 1M12 as amended in
1895. Each bond will be for the principal sum
of One Thousand ($1,000) Dollars and will bear
interest at the rate of 5 per centum per annum,
payable semi-annually at the office of the City
Treasurer of the City of Mount Vernon. They
viil be dated March 1, 1908, and will be payable
on the 1st day of March, 1911. The bonds will
be delivered to the purchaser on or before the
24th day of March, 1908. Each bid for the said
bonds must be accompanied by a certified check
for One Thousand ($1,000) Dollars, as security
for the performance of the bid if accepted.
That said Common Council will at said time
geenhlti
gic sirgeorseaolas irtageb
et.
.
mreic
telito-erdt haenteasc
interests of the City so to do, but reserves the right
to reject any or all bids or proposals should it
deem it advisable.
Bonds will be engraved under the supervision
of and certified as to their genuineness by the
United States Mortgage & Trust Company, and
their legality approved by J. H. Caldwell, Esq.,
of New York City, whose opinion as to legality
will be furnished to the purchaser.
By statute the bonds cannot be sold for less
than par and accrued interest.
By order of the Common Council of the City of
Mount Vernon, N. Y.
Dated Mount Vernon, N. Y., Feb. 20th, 1908.
A. W. REYNOLDS,
BENJAMIN HOWE,
City Clerk.
Mayor.
Sealed bids will be received by the Finance
Committee of the Council and the Commissioners
of the Sinking Fund of the City of Wilmington
until 12:00 O'CLOCK NOON ON MARCH
TWENTIETH, 1908, for the purchase of all or
any part of Thirty-aye Thousand Dollars Bonds,
issued as follows:
Twenty Thousand Dollars under the provisions
of Section 14 of Chapter 177, Volume 24, Laws of
Delaware, and an Ordinance entitled "An Ordinance to borrow Twenty Thousand Dollars
Fifteen Thousand Dollars of which shall be used
for the purpose of purchasing land for park purposes, and Five Thousand Dollars of which shall
be used for the erection of a bath-house in or near
Kirkwood Park,' passed by Council January
30th, 1908;
Ten Thousand Dollars under the provisions of
Chapter 171, Volume 22, Laws of Delaware, and
an Ordinance entitled "An Ordinance to authorize
the Mayor and Council of Wilmington to borrow
Ten Thousand Dollars to be applied and expended
under the charge of the Board of Park Commissioners of the said City for the purpose of Improving the public parks," passed Sy Council July
25th, 1907;
Five Thousand Dollars under the provisions of
Chapter 163, Volume 2$, Laws of Delaware, and
an Ordinance entitled "An Ordinance to authorize
the Mayor and Council of Wilmington to borrow
Five Thousand Dollars to be applied and expended tinder the charge of the Board of Psrk
Commissioners of the said City for the purpose
of improving the public parks," passed by Council
July 25th, 1907.
All of the said bonds will bear date of April 1st,
1908; will bear interest at the rate of four per
centum per annum, payable semi-annually on
April 1 and October 1 of each year, fall due on the
first day of October, 1930, and are in denominations Of Fifty Dollars or multiples thereof.
All bids must be In scaled envelopes and endorsed: "Bids for the purchase of Wilmington
city Bonds.' and delivered to the undersigned
in the City Treasurer's office at Wilmington, on
or before 12:00 o'clock noon on March twentieth
1908.
The right is reserved to reject any and all bids.
BANNERS,
Each bid must be accompanied by a certified
check, payable to City Treasurer of Wilmington
on a Bank or Trust Company of Wilmington for
3% of the amount of the par value of the bonds
36 NASSAU P.TREET, NEW YORK
bid for, which amount will be accepted as a part
of the purchase price if the bidder is successful,
or will be returned if not.
STATE, CITY A RAILROAD 134IND'.
The successful bidder must pay for the bonds
on April first, 1908, at 12:00 o'clock noon in the
City Treasurer's office at Wilmington, Delaware,
at which time said bonds will be ready for delivery.
Lints spots request.
WM. B. WHITE,
Chairman, Finance Committee.
ALFRED B. MOORE,
WM. T. LYNAM,
FRANK D. MACKEY,
nosToN
donataissioners of the Sinking Fund.
CLEVELAND and PHILADELPHIA
• NEW LOANS.
Blodget, Merritt Sc Co.
SO State fttreet, Beaton
INVESTMENT BONDS
Westchester County, N. Y.
TAX RELIEF BONDS,
The Common Council of the City of Mount
Vernon, N. Y., will at the Common Council
Chambers in the Lucas Building, Depot Place
in said city, on the 17'1'11 DAY OF MARCH,1908.
at 8 o'clock p. m., receive sealed proposals for the
purchase of sixty (60) Tax Relief Bonds of said
city, numbered consecutively as issued from
1.126 to 1,185, both inclusive, and that the said
sixty(110) bonds will be sold to the highest bidder
at a public sale to be held at said time and place
at not less than the par value thereof with accrued
Interest.
These are a series of bonds which are authorized
to be issued under and pursuant to Section 142
of Chapter 182 of the I.aws of 1892. Each bond
will be for the principal sum of One Thousand
($1,000) Dollars and will bear interest at the rate
of 5 per centum per annum, payable semi-annually
at the office of the City Treasurer in the City of
They will be dated March
Mount Vernon, N. Y
1. 1908, and payable on the first day of March
1911.
The bonds will be delivered to the purchaser
on or before the 24th day of Match, 1908.
Each bid for said bonds must be accompanied
by a certified check for One Thousand ($1,000)
ayable to the City of Mount
as
Dosle
lacrs
ur.ify
Vernon.
for the performance of bid If accepted.
The said Common Council will at said time and
place open such proposals as may be received and
accept the highest thereof if it deem it for the
best interests of the city so to do, but it reserves
the right to reject any or all proposals should it
itv
i?In
sa
onndidtscaetrv
ebdbele.
a
m
eeBa
d
of
engraved under the supervision
s to their genuineness by the
United States Mortgage ec Trust Company, and
their legality approved by J. H. Caldwell, Esq..
of New York City, whose opinion as to legality
will be furnished to the purchaser.
By statute the bonds cannot be sold for less
than par and accrued interest.
By order of the Common Council of the City of
Mount Vernon, N. y.
Dated Mount Vernon, N. Y., Feb. 20th, 1908.
A. W. REYNOLDS, BENJAMIN HOWE.
City Clerk.
Mayor.
MUNICIPAL AND RAILROAD
BONDS.
LIST ON APPLICATION.
SEASONGOOD & MAYER
liereantile
Library iluildlna,
CINCINNATI.
ker Audit Co.
Denison 8c Farnsworth Knickerboc
45 William Street.
HAS GRISWOLD BOURNE,President
Toleuheaa Conneettona
MAR. 14 1908
THE CHRONICLE
Prospect Park bonds. Denomination $1,500. Date March
20 1908. Interest semi-annually at the City Treasurer's
office. Maturity part yearly on March 20 from 1909 to
1928 inclusive. Certified check for 1% of the amount of
the bid, payable to the "City of Troy,' is required.
Waltham, Mass.-Temporary Loan.-This city recently
negotiated a loan of $25,000 with Loring, Tolman & Tupper
of Boston at 4.44% discount. Loan is dated March 11 1908
and matures Dec. 4 1908.
Warren County (P. 0. Vicksburg), Miss.-Bond Sale.Local reports state that on March 3 the $11,000 5% bridgeconstruction bonds mentioned in V. 86, p. 502, were sold to
the Vicksburg Savings Bank of Vicksburg for $11,467 20the price thus being 104.247.
Wellsville, Allegany County, N. Y.-Bond Sale.-On
March 9 an issue of $25,953 63 street-improvement bonds
was awarded to Rudolph Kleybolte & Co. of Cincinnati for
100.024 for 4.85s. Following are the bids:
Rudolph Kleybolte & Co., Cincinnati
Edward Seym nfr & Co
W.H.Colet & Co
W.J. Hayes & Son
$25,060 00
25,966 63__ _ _
25,972 00
25.967 00
for
__for
for
for
4.859
4.90s
4.95s
5s
687
Windsor School District, Sonoma County, Cal.-Bond
Sale.-On March 4 the $9,000 5% school-building bonds
offered without success on Nov. 6 1907 (V. 85, p. 1419),
were disposed of at par and accrued interest to the Los
Angeles Trust Co. of Los Angeles. Denomination $900.
Interest annual. Maturity $900 yearly.
Woodlawn (P. 0. Station, Birmingham), Ala.-Bond
Election.-The City Council has ordered an election to be
held April 6 to vote on the question of issuing $15,000 fireengine-house-construction bonds.
Worcester, Worcester County, Mass.-Bond Sale.-An
issue of $75,000 10-year 4% bonds has been awarded, it is
stated, to the State Mutual Life Insurance Co. at 102.
York, York County, Neb.-Bond Sale.-We ,are advised
that the following bonds have been recently disposed of:
$17,000 5% 10-20-year (optional) funding railroad bonds offered but not
sold on Nov. 7 1907 (see V. 85, p. 1295); awarded to the
Harris Trust & Savings Bank of Chicago. Interest semiannual.
34,000 6% 10-year Paving bonds awarded to M. Ford of Cedar Rapids.
Interest semi-annual. Date Feb. 1 1908.
Denomination $1,000
Young County (P. 0. Graham), Texas.-Bond Sale.-The
$40,000 4% coupon Brazos River bridge-construction bonds,
mention of which was made in V. 86, p. 564, were recently
disposed of to the State School Fund at par and interest.
These securities mature on Aug. 14 1927 with privilege of
redemption at the expiration of five years.
Youngstown, Mahoning County, Ohio.-Bond Sala.-The
following bids were received on March 9 for the four issues
of 5% street and sewer bonds, described in V. 86, p. 503:
Denomination $500, except one bond of $453 63. Date
March 1 1908. Interest semi-annually at the First National
Bank in Wellsville. Maturity $953 63 on Sept. 1 1911 and
$1,000 yearly on Sept. 1 from 1912 to 1936 inclusive.
Westerville School District (P. 0. Westerville), Franklin
County, Ohio.-Bond Sale.-No bids were received on March
$1,910
$1,425
$10,000
$1,295
4 for the $16,000 4% coupon public-school-improvement
Boardman Mahontng Thurman Stillman
St.Bonds St.Bonds St.Bonds St.Bonds
bonds described in V. 86, p. 502. Reports state, however,
Nat. Bk., Colum (410,326 00
that the rate of interest was subsequently raised to 434% Commercial
New First Nat. Bank,Columbus 10,173 00 a1,912 50 a1,306 50 a1,437 00
and that the bonds were then awarded to the New First Na- Breed & Harrison, Cincinnati__ _ 10,229 50
& Mayer, Cincinnati 10,216 50
tional Bank of Columbus at 103. Maturity $500 yearly on Seasongood
Denison & Farnsworth, Cleve__ 10,207 00
Sept. 4 from 1912 to 1931 inclusive and $1,000 yearly on Hayden, Miller & Co., Cleveland 10,203 75
Otis & Hough, Cleveland
10,202 00
Sept. 4 from 1932 to 1937 inclusive.
Well, Roth & Co., Cincinnati__ _ 10,196 00
Say. & Trust Co.,Cln 10,160 00
011Wilkes-Barre, Luzerne County, Pa.-Certificate Sale.- Provident
First National Bank, Cleveland_b10,145 00 $1,918 50 $1,313 56 $1.445 00
a Successful bidders S Bid for "all or none" of the Issue
Under date of March 9 we are informed that an issue of $27,500 5% 1-4-year certificates dated March 4 1908 has been
All bidders offered accrued interest in addition to their
awarded to local bidders.
bids.
NEW LOANS.
NEW LOANS.
NEW LOANS
Ø30()O4 b0
Stamford, Connecticut,.
City of Wilmington, North Carolina County of Luzerne, Pa., City ofput,Lic
PARK BONDS.
200,000
434% BONDS
WATER and SEWERAGEIBONDS
IFOtt SALE
Sealed proposals for the sale of $200,000 City
of Wilmington, N. C., Water and Sewerage
Beads will be received at the office of the City
Treasurer of said City until 12 o'clock m. March
16th, 1908.
Said Bonds bear interest at the rate of 43-i%
Per annum, payable semi-annually, and mature
forty years after date of their issue.
A deposit of 2% required with each bid.
The City reserves tho right to reject any or al
bids.
JNO. J. FOWLER,
City Clerk and Treasurer.
$25,04)0
The Borough of Ambridge, Pa.
ECONDIIISSUE
TWENTY-Fl E $1,000 5% BONDS.
Nos. 1 to 5, payable Jan. 2nd, 191$.
Nos. 6 to 10, payable Jan. 2nd, 1918.
Nos. 11 to 15, payable Jan. 2nd, 192$.
Nos. 16 to 20, payable Jan. 2nd, 1928.
Nos. 21 to 25, payable Jan. 2nd, 1933.
Assessed valuation $3,360,715.
BIDS CLOSE APRIL 6TH, 1908, AT 9 P. M.
Certified cheek for $300 to accompany bid.
Mark envelopes "Sealed Bids" and mall to
B. R. HOUGH,
Secretary of Council,
Ambridge Borough, Penn'a
NOTICE is hereby given that sealed proposals
will be received at the office of the County Comptroller, In the court house, Wilkes-Barre, Pa.,
until 2 o'clock In the afternoon of Thursday,
March 19th, 1908, for the purchase of three hundred (300) coupon bonds, dated Dec. 1st, 1907,
of the par value of one thousand dollars ($1,000)
each of the County of Luzerne, Penna., bearing
interest at the rate of four and one-half (4%) per
cent per annum, payable semi-annually, free from
Bids must be directed
taxes In Pennsylvania.
to James M. Norris, County Comptroller, WilkesBarre, Pa., and shall be plainly marked "Bids
for bonds." Of the bonds to be sold, fifteen (15)
will mature in each year from 1012 to 1916.
Inclusive, 18 each year from 1017 to 1920, Inclusive, 10 In each of the years 1921 and 1022
23 each year from 1923 to 1927, Inclusive. Two
hundred of said bonds will be delivered April 1st,
1908, and the remaining one hundred bonds at
any time within 30 days at the option of the purchaser. The legality of the bonds will be passed
upon by John G. Johnson, Esq., of Philadelphia,
Pa. Bids must be accompanied by certified check
In 2 per cent of the amount of the bid. Present
outstanding funded indebtedness of the county
$400,000 00. Last adjusted valuation $155,490,275 00.
The right to reject any or all bids Is reserved.
ty.
DW
epE
uY
JAMES A. DE
. JAMES M. NORRIS,
County Comptroller.
Wilkes-Barre, Pa., March 3, 1908.
Members of New York Stock Exchange
60 State Street,
BOSTON.
CO.
INVESTMENTS
1332 Walnut Street
PHILADELPHIA
60 STATE STREET
BOSTON
LIST OF SPECIALTIES ON REQUEST
MaoDonald, McCoy & 0o.,
L
TREASURER OF SCHOOL BOARD,
Dunkirk, N. Y.
INVESTMENT BONDS.
Investment Securities
DAY & CO.,
DUNI-K.11'1,K, N. y. R.
87
Wall
St.
35 Congress St.,
4% SCHOOL BONDS
The City and Town of Dunkirk, N. y., will sell
School Bonds dated March 1st,
1908 to the highest bidder on MARCH 20TH,
1908. These Monde run 25 years, the first series
maturing after the 10th year. Interest payable
semi-annually. Tax free. No bids received
under par.
Address
Perry, Coffin & Burr,
HUNT, SALTONSTALL & CO., BLACKSTAFF 8c
OS0,000
$80,000 00 4%
Sealed proposals for the sale of $55,000 City of
Stamford, Connecticut, Public Park Bonds will
be received by the City Treasurer at the Stamford
National Bank until
I 12 o'clock, noon, MARCH 20,
1908.
Said bonds bear Interest at the rate of 4% per
annum, payable seml-annually, and mature thirty
years from April 1, 1908. Principal and interest
payable In New York.
No bid will be accepted for less than par and
accrued interest.
All proposals must be accompanied by a certified check or bank draft for 2% of the par valueof the bonds bid for.
For further particulars address
WM. N. TRAVIS, Otty Treasurer.
•
Stamford. Conn.
NEW YORK
nosToN
CINICIPAL AND CORPORATION
BONDS.
oil' LaSalle Street, Chicago.
Established lLSK:I.
HIGHGRADE INVESTMENT BONDS H. C. Speer Sc Sons
Municipal and Railroad
Members Now York and
Boston Stook Exchanges
Co.
First Nat. Bank Building, Chicago
CITY COUNTY
AND TOWNSHIP BOND84
[VOL. Lxxxvz.
THE CHRONICLE
688
W,rxist Tonxpanies.
MercantileTrust Co. CITY TRUST CO. OLD
St. Louis, Mo.
Member St. Louis Clearing House Association
Capital and Surplus,$9,500,000
FESTUS J. WADE.
WM. MAFFITT,
President.
Treasurer
Commenced business Nov. 16, 1899
DEPOSITS
Nov.16,1899
317,051 19
{
I Nov. 16, 1900,
$2,807,245 97
Nov. 16,
$5,019,688 60
Nov. 16, 1942,
$11,984,523 33
Nov. 16. 1903,
$11,851,679 92
I
I
Nov.16,1904,$16,564,820 43
Nov.16,1905, $17,194,262 '79
Nov. 16, 1906, $17,919,949 08
Nov. 16, 1907, $21,767,256 57
50 STATE STREET. BOSTON, MASS.
BUNKER HILL BRANCH:
City Square, CHARLESTOWN. MASS.
COLONY
TRUST CO.
Capital 46c Surplus, - - $4,000,000
BOSTON, MASS.
Transacts a General Trust and
Banking Business.
Interest Allowed on Deposits Subject to Check.
Acts as Trustee under Railroad and other Mortgages; also as Agent for the Registering
and Transfer of Stock.
A legal Depositary for Court Funds, and authorized to act as Executor, Guardian. Administrator and Trustee.
DIRECTORS.
PHILIP STOCKTON, President.
George E. Keith,
Charles F. Adams 2d,
Gardiner M. Lane
Orlando H. Alford.
F. Lothrop Ames,
Arthur Lyman,
Maxwell Norman.
John S. Bartlett,
Robert T. Paine 2d.
Charles E. Cotting,
Andrew W. Preston.
Alvah Crocker,
Richard S. Russell
Livingston Cushing.
Howard Stockton.
George A. Draper.
Charles A. Stone,
William F. Draper,
Galen N. Stone,
Wilmot R. Evans.
Quincy A. Shaw Jr.,
Frederick P. Fish,
Nathaniel Thayer,
Robert F. Herrick.
Francis L. HIgginson,
Henry 0. Underwood,
Henry C. Jackson.
W. Seward Webb
Sidney W. Winslow.
Capital and Surplus, - $7,000,000
TRANSACTS A GENERAL BANKING
BUSINESS. ALLOWS INTEREST ON
DAILY BALANCES SUBJECT TO
CHECK. TRUSTEE UNDER MORTGAGES. TRANSFER AGENT. REGISTRAR.
BOARD OF DIRECTORS:
T. JEFFERSON COOLIDGE TR.,
.
- Chairman
Gordon Abbott,
Henry S. Howe,
Oliver Ames,
Walter Hunnewell,
C. W.Amory,
Thomas L.LivermOre.
Charles
at ellen,
charles F. Ayer,
Samuel Carr,
George v. L. Meyer,
B. P. Cheney,
Laurence Minot,
T. Jefferson Coolidge,
Richard Olney,
Charles E. Cottiug,
Robert J. Paine, 2d,
Philip Dexter,
Philip L. Saltonstall,
Mien S. Draper,
Nathaniel Thayer,
Frederick P. Fish,
• Lucius Tuttle.
Reginald Foster,
Stephen M. Weld,
George P Gardner,
Charles W. Whittier,
Robert F. Herrick,
Boston Safe Deposit The NEW
ENGLAND
AND
CENTRAL
Trust Company TRUST COMPANY,
TRUST COMPANY
The rrost ci Coed :service is Constant Growth
OF ILLINOIS,
CHICAGO
Capital,
Surplus and Profits
$2,000,000
900,000
CHARLES G. DAWES, President.
W. IRVING OSBORNE, Vice-President.
A. UHRLAUB, Vice-President.
WILLIAM R. DAWES, Cashier.
L. D. SKINNER. Asst. Cashier.
WILLIAM W. GATES, Asst. Cashier.
A. G. MANG, Secretary.
MALCOLM McDOWELL, Asst. Secretary.
BOSTON, MASS.
Transacts a General Trust and
Banking Business.
Interest Allowed on Deposits Subject to Check.
Acts as Trustee under Railroad and other
Mortgages and is authorized to act as Executor.
Guardian, Administrator and Trustee.
Capital
- Surplus (Earned)
$1,000 000
2,000,000
BOSTON. LIAM.
CAPITAL, $1.,000.000: SURPLUS, $2.000,000
Safe Deposit Vaults
Authorized to act as executor and to receive and
hold money or property in trust or on deposit from
Courts of Law or Equity. Executors, Administrators, Assignees. Guardians, Trustees . Corporations
and Individuals.
Also acts as Trustee under Mortgages and as
Transfer Agent and Registrar of Stocks and Bonds
Interest Allowed on Deposits Subject to Check,
OFFICERS
DAVID R. WHITNEY. President
CHARLES H. DALTON, Vice-President
CHARLES F. CHOATE,Vice-President
FRANKLIN HAVEN, Viee•Presideut
JAMES R. HOOPER,Actuary
HENRY N. MARR. Secretary
FRED. W. ALLEN, Asst. See. & Treas.
THOMAS E. BATON Asst. Treasurer
FRANCIS R. JEWETT, Trust Officer
BOARD OF DIRECTORS
William Endicott, Chairman:
James G. Freeman,
Walter C. Baynes,
Morris Gray,
Alfred Bowditch
Franklin haven,
Charles F. Choate,
James B. Hooper,
Alexander Cochrane,
James M. Prendergast.
T. Jefferson Coolidge
Herbert M.Sears
Charles H. Dalton,
Lawrence M. Stockton
George Dexter,
Nathaniel Thayer,
Philip Dexter,
George Wiegiesworth,
Fernsworth.
David R. Whitney.
Frederick P. Fish,
DIRECTORS
CHARLES E. ROGERSON, President.
James
Longley
George R. White
BANKING, SAVINGS AND TRUST William E. Putnam
Costello 0. Converse
DEPARTMENTS.
Benjamin F. Stevens
Abel H. Proctor
Henry S. Shaw
Edward W. Hutchins
Gerard C. Tobey
James R. Dunbar
Nathaniel J. Rust
Elwyn G. Preston
Frank G. Webster
Richard M. Saltonstall
Arthur F. Estabrook
Jerome Jones
William B. Rice
Nehemiah W. Rice
'CAPITAL and SURPLUS,$10,000,000. George
B. Wilbur
Nathaniel F. Ayer
CHARTERED 1836.
Charles F. Fairbanks
Richard C. Humphreys
Wallace L. Pierce
George W. Wheelwright
Acts as Executor. Administrator, Trustee.
Assignee and Receiver.
Financial Agent for Individuals or
Corporations.
Interest Allowed on Individual and
Corporation Accounts
Fourth & Pine Sts., St. Louis
Acts as Trustee of Corporation Mortgages
Depositary under Plans of Reorganization
CAPITAL,SURPLUS
Registrar and 'Transfer Agent
8 600 000.
and PROFITS)$
•'
Assumes entire charge of Real Estate.
A GENERAL FINANCIAL AND FIDUCIARY
Safes to Rent in Burglar-Proof Vaults.
BUSINESS TRANSACTED
E. B. MORRIS, President.
W. N. ELY, 1st Vice-President.
DIRECTORS
John I. Beggs
D. R. Francis
A. A. JACKSON, 2d Vice-President.
Wm. D. Orthwein
Wilbur F. Boyle August Gentler
C. J. RHOADS,3d Vice-Pres. and Treasurer.
Henry W. Peters
James E. Brock, S. E. Hoffman
EDWARD S. PAGE, Secretary.
H. Clay Pierce
PROVIDENCE R. I.
Murray Carleton Ches. H. Huttig J. Ramsey Jr.
MANAGERS:
CAPITAL
$1.000,000
Charles Clark
Breckin'ge Jones August Schlany
Efflingham B. Morris, C Hartman Kuhn,
Horatio N. Davis W. J. McBride
Robt, H. Stockton SURPLUS
James Speyer,
$2,000.000
John A. Brown Jr.,
Nelson W. McLeod Julius S. Walsh
Augustus D. Juilliard, John D. Davis
Benjamin W.Richards
DIRECTORS:
Edward J. Berwind. Aug. B. Ewing Saunders Norvell Rolla %Veils
John B. Garrett,
Rowland 0 Hazard.
It. J.
Royal0 Taft,
Randal Morgan,
William H. Jenks,
OFFICERS
Robert H. I. Goddard, Nelson W. Aldrich,
Edw. T Stotesbury,
William H. Gaw,
JULIUS S. WALSH, Chairman of the Board
Geo. W.R. Matteson. Samuel it. Dorrance.
Charles E. Ingersoll.
Francis I Gowen,
Howard 0. Sturges,
William D. My,
BRECKINRIDGE JONES. President
John Story Jenks Jr.
Geo. H. McFadden.
JOHN D. DAVIS, Vice-President
Robert I. Gammen, Stephen 0. Metcalf,
Henry B. Come,
Henry Tatnall
Waiter R. Callender,
SAMUEL E. HOFFMAN, Vice-President
William Binney.
E. C. Felton.
Isaac H. Clothier.
JAMES E. BROCK. Secretary
William B. Weoden, Gilbert A. Phillips,
Thos. DeWitt Cuyier,
Edward Holbrook,
HUGH R. LYLE, Asst, Secretary
Edward D. Pearce,
N E. Co. Broad and Chestnut Streets,
James E. Sullivan
HENRY C. IBBOTSON, Asst. Secretary
Robert Knight,
PIIILADLP1L1A,
C. HUNT TURNER Jr.. Asst. Secretary
John W. Danielson, Benjamin M. Jackseny
Jahn R. Freeman,
LOUIS W. FRICKE, Asst. Secretary
Herbert J. Wells,
Charles S. Mellen,
FREDERICK VIERLING. Trust Officer
John C. Pegram,
Robert W. Taft,
HENRY SEMPLE AMES, Asst. Executive Officer
Lyman B. Goff,
Webster Knight,
CHARLES M. POLK, Asst. Trust Officer
HERBERT J. WBLLS, President.
WILLIAM G. LACKEY. Bond Officer
EDWARD S. CLARK, Vice-President.
WM. McC. MARTIN. Asst. Bond Officer
HORATIO A. HUNT, VIce-President.
TOM %V. BENNETT. Real Estate Officer
WILLIAM A. GAMWBLL. Secretary.
GEO. KINGSLAND, Asst. Real Estate Officer
C. W. MORA'111. Safe Deposit Officer •
PRESTON H GARDNER. Trust Officer
CYRUS El. LAPHAM, Asst. Sec'Y.
503-505-507 Chestnut St., Philadelphia.
JOHN E. WILLIAMS, Asst, Seey,
HENRY L. SLADER, Asst. Sec'y.
$1,000,000
CAPITAL
READY FEBRUARY 25
WALTER G. BROWN, Asst, Sec'y,
ADAM A. STULL, President.
HENRY 0, BRENGLE. 1st Vice-Pres. az Trea,..urer.
FINANCIAL REVIEW.
JOS. S. CLARK. 2d Vice-Pres., Supereg Trust Dept.
CHAS,P.LINEAWEAVER,Sec, dc Asst Trust Officer
ISSUE.
Girard Trust Company.
Mississippi Valley Trust Co.
Rhode Island Hospital
Trust Company,
The Trust Company
of North America
1908
DIRECTORS.
Henry G. Brengle,
J. Levering Jones,
James Crosby Brown. Malcolm Lloyd.
John Cadwalader.
John McIlhenny,
E. W Clark
Richard Wain MeIrs.
Eckley I3. Ooze
Jr..Jr.,
Clement B. Newbold.
Edwin S. Dixon,
John W Pepper,
Eugene L. Ellison;
W liana F. Read,
Joseph C. Fraley.
Frank Samuel,
Harry C. Francis,
Adam A. Stull,
Henry L. Caw,Jr..
Edward D. Toland.
Howard S. Graham, Joseph It. Wainwright.
-iamuel F. Houston; Willian. D. Wins,,r.
320 Pages.
PRICE,
TWO DOLLARS.
William D.Marks,Ph.B.C.E.
Consulting Engineer and Statistician.
GAS WORKS,ELECTRIC LIGHT WORKS.
ELECTRIC RAILWAYS,OIL MOTOR CARS
Commercial & Financial Chronicle,
76 Pine Street, New York.
623 Park
Row
Bldg.
New
York
Experienced in Municipal Causes.
City.
@FedFRASER