Full text of Commercial and Financial Chronicle : March 21, 1903, Vol. 76, No. 1969

View original document
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
t

Q u o ta tio n

-S u p p le m e n t

S tre e t R a ilw m jS u p p le m e n t

I n v e s t o r * S u p p l e m e n t (o w c r iy )

S t a t e a n d C it y S u p p l e m e n t

W

ium ^

E ntered a c c o r d in g t o A c t o f C o n g re ss, in th e y e a r 1 9 0 3 , b y W i l l i a m B. D a n a C o m p a n y , in th e o ffice o f liib r a r ia n o f C on g ress, W a s h in g to n , D . C

VOL. 76.

SATURDAY. MARCH 21, 1903.

NO. 1969.
T
W eek en d in g M a rch 14.

% \ iz

C learings atr—

(C h r o n ic le ,

PUBLISHED WEEKLY.

Terms of Subscription—Payable in Advance
for O ne Y e a r ...................................................................................................................... $ 1 0 0 0
for Six M o n t h s ................................................................................................................
G 00
European Subscription (in clu d in g p o sta g e)...................................................... 13 0 0
European Su bscrip tion S ix M o u th s (in clu d in g p o sta g e).........................
7 50
Annual Su bscrip tion in London (in clu d in g p o sta g e )................................ £ 2 1 4 s.
>lx M on th s Su bscrip tion in London (in clu d in g p o sta g e )...................... £ 1 1 1 s .

A bove subscription includes—
B a n k a n d Q u o t a t io n s u p p l e m e n t
I n vestors’ supplem en t

|
|

s t r e e t R a il w a y su pplem en t
s t a t e a n d C it y S up p le m e n t

Terms of Advertising—Per Inch Space
Transient m a t t e r ................................................................................................................... .$4 2 0
i T w o M on th s
(8 t im e s )............................... 22 0 0

(13 tim es)........................... 29 00
itanding B u sin ess Cards J Three M ouths
j Six M o n th s
(2 6 t im e s )............................... 5 0 0 0
( T w e lv e M o n th s (5 2 tim e s ).................................. 87 0 0
L O N D ON A G E N TS :
M e ssrs. E d w a r d s & S m it h , 1 D rapers’ G ardens, E . C., w ill take suhc n p tio n s and advertisem en ts, and su pp ly sin g le copies of the paper at I s .
ach.

W IL L IA M B . D A N A C O M PA N Y , Publishers,
P i n e Street, C o r n e r o f P e a r l Street.
•ost Office B o x 9 5 8 .
NEW YO R K .

CLEAR IN G HOUSE RETURNS.
The follow ing table, made up by telegraph, etc., indicates
lat the total bank clearings o f all the clearing houses o f the
Jnited States for the week ending to-day, March 21, have
een $2,093,483,584, against $2,320,808,631 last week and
2,160,515,025 the corresponding week last year.
Clearings— R e tu r n s uy lele y ra p h .
W eek E n d in g M a rch 21.

1903.

1902.

P .C e n t,

oston .............................................................
biladelphia..................................................
a ltim o re ......................................................
licag o .................................................... .......
L L o u i s . . , . .................................................
ew O rleans................................................

104,723,287
91,858,864
17,742,127
139,684,256
37,799,801
10,713,295

$1 157 705 273
109,303,078
92,887,706
17,400,521
135,841.776
43,847,626
9.473.841

—4*2
—IT
+2*0
-4-2-8
-1 3 -8
+ 13-1

Seven cities, 5 d ays............................
tber cities, 5 d ays...................................

$1,496,528,176
254,868,927

$1,566,459,821
240.271,817

—4-5
+6T

Total all cities, 5 d ays.......................
11 cities, 1 d a y ...........................................

$1,751,397,103
342,086,481

$1,806,731,638
353,783,987

—3-0
—3*3

Total all cities fo r w eek..................

$2,093,483,584

$2,160,515,625

—3*1

The full details for the week covered by the above will be
iven next Saturday. W e cannot furnish them to-day, clearlgs being made up by the clearing houses at noon on Saturay, and hence in the above the last day o f the week has to
je in all cases estimated, as we go to press Friday night.
W e present below our usual detailed figures for the previous
'eek, covering the returns for the period ending with Saturay noon, March 21, and the results for the corresponding
eek in 1902, 1901 and 1900 are also given. Contrasted with
lie week o f 1902 the total for the whole country shows a gain
: 8*3 per cent. Outside o f New York the increase over 1902
3*9 per cent.
W eek en d in g M a rch 14.
Clearings

a tr—

1903.

$
I 3W Y o r k ...................... 1.492,626,411
106,725,833
I llladelphia.................
1 ttsburg.........................
45,(547,265
It |ilt)m ore....................
28,064,442
ltfnlo......................
5.905.741
■ ashing ton...................
8,985,261
. banv.............................
3,188,589
| )Chester....................
2,350,384
racuse ........................
1,411,796
ran ton.............
1,519.409
ff llmington..................
1,092,391
[ ngh am ton.................
456,100
If ester............................
’ 297,048
. eensburg___
592,064
J lieciing..................
674,049
840,793
1 lea....................... :
2,281.820
1 0 .......................
507,682
I Total M iddle............. 1,690,377,576

1902.
$
1,345.294.303
107,822,618
40,162,344
23,183,388
5.015.500
3.930,963
3,240,854
2.701,295
1.173,033
1,529,978
953,433
375,500
329,778
344,831
784 117
714,949
Not include
N ot include
1,537,550.894

In c. or
D ec.

190L

1900.

$
$
%
+ 10-9 1,444,714,962 1,048,032,742
83,488,942
— 1-0
87,879,135
38,304,291
26,457,058
+13*7
23,495,271
20,146,573
-0 * 5
4,611,182
5,028.045
-f-17’7
2,559.048
3,082.015
+1*4
2.459,174
2,498.598
— 160
1,820,064
1,974.884
—1 3 0
1,045,737
1,028,411
+20o
1,012,708
884,788
—0-7
968,779
926,480
+14*9
345,300
895,200
4-2U6
280,808
806,852
—9*9
300,000
320.976
+ 71 -9
— 14*0
630,575
+17*6
d in t o tal.
d In t o tal.
+ 9 9 1,011,387,8-10 1,193,009,709

1903.

1902.

Inc. or
Dec.

190 L

1900.

B o s t o n ............................
P roviden ce..................
H a r tfo r d .........................
New H a v en ....................
Springfield.....................
W o r ce ste r ......................
Portland..........................
Fall R iv e r....... ...........
L o w e ll..............................
New Bedford.................
H o ly o k e ..........................
Total N ew England.

$
126,968,564
6,833,300
2,818,103
1,716,469
1,554,513
1,553,209
1,265,658
972,653
504,051
505,951
359,059
145,051,530

$
133.852,289
6,717,400
2,793,545
1,600,973
1,515 372
1,544,037
1,256,896
1,113.894
496,851
528,744
397,673
151,817,677

%
—5*1
+1*7
+0*9
+ 7 -2
+ 2 -6
+0*6
+0*7
-12-7
+ P4
-4 * 3
—9*7
-4 * 5

$
142,280,096
6,200,500
2,328,375
1,357,088
1,215,307
1,281.970
1,177,586
645,476
513,502
390.641
336.077
157.792.618

Chicago............................
Cincinnati.......................
D e t r o it ............................
C le v ela n d .......................
Milwaukee .................
Columbus........................
Indianapolis...................
P e o ria ..............................
T o le d o ..............................
Grand R a p id s...............
D a y to n ............................
E v a n s v ille ............... ...
Y o u n g sto w n .................
Springfield, I I I .............
L e x i n g t o n .....................
A la-on...............................
K a lam a zoo ....................
R o ck fo rd ........................
Springfield, O................
Canton..............................
J a c k so n v ille.................
Quincv ............................
Bloom ington ...............
Jackson. .
Ann A'rtinr .
M a n sfie ld .......................
Decatur............................
Total Mid. W estern

173,758,180
22,977.200
9,787,964
15,032,050
7.397 066
4.599,100
5,049,857
2.572,006
4,061,449
1,580,151
1,609,129
1.075.897
751,836
877,000
762,302
750,000
635,868
625,152
532,630
535,052
273,466
582,296
484,411
195.194
84,217
186,491
272,807
257.Uj O.371

165,650,833
20,464.400
9.436.006
14,399,253
5,928,691
3,304,350
4,374,602
3,564.462
3,726,584
1,390,522
1,436.810
777.152
539,073
694,610
651,050
596.000
471,692
563,673
347,480
429,468
197,281
312,357
313.353
185,125
77,919
157,422
236,544
240,316,712

+ 4 -9
+12*2
+ 3 -7
+ 4-4
+ 2 4 -8
+ 3 5 -5
+154
-27*8
+9*0
K13-7
f-12-0
-38-4
-3 9 3
-26*3
}-l7T
H25-9
b35’6
hi 1*0
-53*3
-24*7
-38*5
j-86-5
-54*3
+o*4
+8-1
+ 18 -5
+15*8
+70

135.708.371
18,007,700
8.898,619
12,092.101
5,795.135
2,815,800
3,459.917
2,428.014
2,09>,201
1.452,023
1,071,741
948,941
418,870
613,624
516.188
486,200
406.55b,
383,810
316,127
293.470
128.391
458,906
267,170
149.274
81,556
80,000

129.628,884
16,262,600
7,610,208
11,113,826
5,021,454
2,126,150
2,636,515
2,116.894
2,124.259
1,170,553
1,119.578
1,046,437
238,043
684,312
547,187
493,000
402,870
364,677
348.867
253.028
163.249
330,000
270,109

199,376,702

186,192,760

San F ran cisco .............
Salt Lake City...............
Portland..........................
Los A n g ele s...................
S eattle..............................
Sp ok an e..........................
T a c o m a ...........................
H e le n a ............................
Fargo.................................
Sioux F alls.....................
Total Pacific.............

27,770,069
2,950.780
3,998.001
5,934.054
3,800,963
1,984.984
2,031,382
550,987
476,923
248,365
49,746,508

26,752,226
3,945,902
2,944.153
4,934,342
3,478.798
1,350.000
1,298,247
544.927
459,700
275,026
45,983 321

+3*8
-25*2
+35*8
+203
+ 9-3
-L47"U
+ 5 2 ’6
+1*1
+37*5
—9*7
+8*2

21,779,606
2.857,850
2,156.641
3,187,L77
2,670.099
90U.U00
1,276.590
690,091
281,219
219,394
36.024.672

18,269,966
2,227,492
1,733,305
2.577,189
1,965,695
993.204
1.098,425
654,571
262,541
165.325
29,947,651

115,023,590
5,787,600
2,012,930
1.247,044
1,120,088
1,239,367
907,337
885,871
481,926
545,770
324.730
ioO, 179,261

60,000

18,515,129
-3 * 3
19,143,343
15,200.899
12.518.793
Kansas Citv...................
12.947,593
13,340,883
—2 ‘9
9.660,5',>6
10.000,476
M in n e a p o lis .................
8,483,048
7,313.155 + 1 6 0
5,853,120
6,710,497
O m aha..............................
5,359,099
6,276,447
4.358,503
4,208,929
St. Paul............................
+17*1
4,599 796
-2 2
4,500,000
4.724,023
4,201,891
D e n v e r ............................
5,412.270
5,475.365
— 1-2
3,474,352
4,14S,590
St. Joseph.......................
2,370.004 +28*0
3,045,989
1,869.302
1,413.358
Des M oines....................
961,744
962,151 —0-04
1.078,033
748,577
I >avenport.....................
1.668,550
1,775,372
—6-0
1,201,482
1,150,223
Sioux City r.
1,351,286
1.407,773
—4 0
1,112.349
517,939
T o p e k a ............................
865,156
595.858 + 4 5 3
552,724
560,075
W ich ita............................
183,653
189.062
—2-9
150,823
129,000
Frem ont ........................
571.725
700.000
-18*4
954.178
Colorado Springs_____
64,782,590
63,231,861
+ 2-o
51,061.702
45.444.520
Total other W e s t ’rn
49.233,359
48,619,829
+ 1 -3
41,411,945
30,237.443
St. Louis....................
15.137,252
12,770.953 + 18*5
12.687,737
10,45*5,474
New O rlean s................
10,986,808
8,839.606 +24-o
9,011,989
8,022,670
Louisville......................
3,992,500
3.393JM
10
-fr-14‘
<
4,104.000
2.954,000
G a lv e sto n ......................
6,905.014
6,237,497 +10-7
3.397,853
4.300.448
H ouston ........................
3,686.800
2,614.095 + 4 1 0
2,975,873
4,832.683
Savannah........................
4,017,801
4,826.035
-16-8
3,272,254
4.122,616
Richmond.......................
4,081,656
3,697.010
2,301.408
-10-4
2,946,836
M e m p h is........................
H
3,009,733
2 ,4 1
: -t-2 3 3
2,348.416
1,808.676
A tla n ta ..........................
2.435,390
1,662,336 8-46-5
1,492,419
1.476,025
N ash ville........................
1,663,989
1,436,378 H-15*8
1,342,378
1,354.647
N orfo lk ............................
1,443,115
1.118079
-29-1
2,048.636
1,470.781
A u g u sta ..........................
H
884.544
661,737 H-33*7
622,984
54 <4035
K n o x v ille ......................
1,473.671
1,224.578 - -20-3
1,534.416
Fort W o r th .,.................
781,0J2
1,234.740
075,705 H-26*5
802.161
905.000
B irm in gh am .................
934.0(H)
725,000 T-15*0
651,000
587,000
M *con...............................
1,067,841
952,600 H--12T
697.169
425.533
L ittle R o ck ....................
652,577
555,322 4 -17-5
417.122
406.695
C h attan ooga.................
459,260
334.752
422.850
+ 8"S
308.650
J ack so n ville.................
500.600
402,839 +24-1
B e a u m o n t...
1,216,021 N ot include d in to tal.
C harleston.....................
113,800,056 103,576.356
+0*9
93,945.382
75,696,203
Total S o u th e rn ........
+8*3 2.149.5SS.S66 1.661.343,109
Total a ll...................... 2,320.S08.63l •2.142.4S2.S21
828,182,220 797.188,516
+3*9 704.873.904 613,310.367
Outside New Y o rk ..
Ca n a d a —
13.S14.244
11,781,371
M o n tre a l........................
23,485,035
20.900.S53 +12*4
9.329,290
+9*1
10,035.539
17,378,918
15,924.208
T o r o n to ..........................
1,616,611
2,909,234
-40*3
1 585.074
4,082,785
W in n ipeg........................
-10-3
1.427.297
1,393.6*17
1,800,161
1,632,080
H a lifa x ............................
594.020
■25-0
827,989
768,115
959,900
H am ilton........................
-26 "4
664,054
593.150
532,464
839,230
St. John...........................
4P 6
495,122
418,480
502.473
501,780
V ict o n a ..........................
752,SOS
804,315
-220
735,896
981,874
Vancouver.....................
1,014,466
-4> '"5
1,425.464
Quebec . . . ,
1,786,820
+2*2
1,825,189
Ottaw a___
800.000 Not include] d in to tal.
Lon don.......... .............
53,371,032
30,462.255
46,822,625' + 1 4 0 l
26,454.114
Total C an ada............

618

THE CHRONICLE

[Y ol . LX X V I.

Labor troubles, actual or prospective, are now and
have for some time past, been the most unfortunate
The Panama Canal Treaty was ratified by the feature in affairs. All the week considerable anxiety
Senate this week, Tuesday, the final vote showing only has existed lest it should be found impossible to avert
five in the negative. We may call that act the Initial the threatened strike on the New York New Haven
step in this great industrial undertaking— It gives & Hartford Railroad. The trolley strike at Waterexpression to a general wish of the people in favor of bury, which has been an affair of months, has assumed
the enterprise, it settles all differences of opinion as phases of violence that place it in much the same
to the route to be selected, and it opens the door for category as the anthracite coal miners' strike of last
work. From this time forth there seems to be nothing summer. In the various different lines of trade labor
in the way of constant progress towards the develop troubles of one kind or another are constantly crop
ment cf a new water-way to and from the East for ping out, the ship-yardstriire being an instance of the
the world's commerce. The treaty also appears to kind which has been brought fresh to mind this week
suggest, as an open question, a sea-level canal. by the news that the sympathetic strikes inaugurated
Hitherto the enormous expenditure that scheme in connection therewith have, as in so many previous
promised to entail has probably kept the thought from caseB, absolutely failed, the men who went out in
consideration. Indeed, discussion has up to this date sympathy with the boiler-makers having returned
been carried forward on the basis of the belief that to work.
The spirit and attitude of labor are very far from
such an idea was well nigh impossible of execution.
No doubt it will now receive attention. Should the being assuring, and do not suggest the early coming
sea-level plan on further investigation prove practic of the millennium. That feature, however, might be
able, our people would be likely to adopt it, notwith passed over, but the truth is, these constant demands
standing a greater cost. Obviously it would furnish of the wage-earners either for increased compensation
a far more attractive route for inter-oceanic traffic or some other form of concession are adding greatly
and would prove an inspiration for American enter to the cost of production in practically every branch
of industry. We see the effect of higher cost strik
prise.
ingly illustrated in the case of our railroad industry.
The events of the week have tended, one after an We publish to-day on another page our statement of
other, to clear up ia a measure the clouded aspect gross and net earnings for the month of January, and
of affairs. First of all the money market currents ap from this it appears that while the addition to gross
pear to have set in a more favorable direction ; that receipts as compared with the corresponding results
is, much less currency has been drawn from bank re in January last year reached close to 8 f million
serves by the Sub Treasury, while the interior move dollars, this improvement was attended by such
ment has continued to net a gain to this centre. a large augmentation in expenses that the gain in net
Then, too, the future of money looks a little less dis has been od y $276,000. The meaning of this is that
turbing. The ratification of the Panama Treaty has despite the large volume of general merchandise traf- J
introduced an apparently promising feature. We fic and the increase in the grain traffic, and also the ,
dwelt upon this point at considerable length last week higher rates for freight which the companies have |
and showed that the payments by our Government, sought to impose in a number of instances as offsets
which under the Treaty will be required within the to the increased expenses, the improvement in gross
next few months, will be likely to set free a consider receipts has been hardly more than sufficient to,
able amount of currency now in Sub-Treasury
Of counterbalance the higher operating cost.
course, any one, ignoring past experience, can assume
Of course railroads possess less means of protecting
that Secretary Shaw will draw this money from the de- themselves in a situation of this kind than do indus
posititary banks and that, with gold exports, a worse trial establishments, but the general tendency at the.
crisis in money than has yet been experienced will be moment is the same in all departments of human
produced. We take the view we did last week, that these activity.
Our larger manufacturing establishments
transactions will be used to relieve legitimate business are doing what can be done to Introduce new econo
rather than to distress those engaged in the activities mies in the processes of manufacturing and dlstribut
of the day. The outlook would be quite different if leg goods, and these we may suppose will eventually
there was an active speculation on Wall Street in result in important savings. But cost of labor constl
progress to be fostered. Nothing in the surroundings tutes such an important part of total cost that if the
encourages such a movement.
present movement is not soon cuecked, it must seri
But will not easier money bring gold exports? We ously cripple Many industries. Labor has found it pos
do not look for prolonged low rates for loans. Again, sible to compel compliance with its demands thus fa;
the foreign trade figures issued this week for Febru largely because of the great prosperity existing, whict
ary offer a favorable suggestion of a way in which we has kept consumptive requirements well above thi
may pay in part at least our Panama treaty debts. country's producing capacity, largely and steadil;
The excess of exports in February this year are re though the latter has increased. Very soon, we ma;
ported to have been $42,923,000, against $33,220,000 suppose, production will outstrip the consumptiv
in February 1902. As prices of wheat, cotton, &o., demand.
Indeed, in certain directions there ar
are high and the surpluses left for export are still evidences of this already. Moreover, immigration i
comparatively large, these figures are suggestive of on such an extensive scale that the supply of labor i
future large favorable trade balances. Even if we being very greatly augmented. We showed in an ai
were to export twenty or thirty million dollars gold, tide in our issue of February 21 that for the calenda
and if the fifty millions all came out of the Sub- year 1902 almost three-quarters of a million imm:
Treasury, our home money market would be receiving grants arrived in this country, and that the propoi
additional supplies of currency in the amount of the tion of males to females among these immigrants was i
difference.
the ratio of about 2£ to 1. The increase in these imm

TH E F IN A N C IA L S IT U A T IO N .

March 21, 1903.]

THE CHRONICLE.

619

grant arrivals is still In progress, the number for the pool operating in the stock of the roadhave been
January 1903 (the February figures for the whole an important market influence the last two weeks,
country are not yet available) having exceeded the there seems noimproprietyinstatingthat theposition
number for January 1902 by 8,622. It is noteworthy, of the management on the point at issue appears in
too, that the proportion of males tofemales seems to our estimation to be correct. Mr. James R. Keene,
berising still higher, the ratio for January having who has been manipulating the stock in the interest
beenalmost 3 to1. It seems not unlikely, therefore, of the pool, has seen fit togive out astatement sum
that some of these days—perhaps in the not very marizing the reasons that are influencing him in his
remote future—there will be an over-plus of labor present attitude, apropos of the injunction he secur
as well as of productive capacity. When that time ed last week against the Union Pacific Company,
comes the equilibrium will be quickly restored and restraining it temporarily from voting any of the
our industries will enter upon anew and still larger stock of the Southern Pacific Company and alsofrom
era of progress and prosperity.
interfering with the existing status of things pend
What unfavorable conditionsour rail transportation ing a hearing upon an application for a prelim
lines are obliged to work under at present is well inary injunction. Mr. Keene indulges in some
shown in the case of thehalf-yearly exhibit given out very specious arguments and makes aseries of allega
last week by the Southern Railway Company. This tions against the management which will hardly im
exhibit covers the six months ending Dec. 31 1902 press the outsider as possessing a great deal of merit.
and contains much more extensive details concerning The truth of the matter is that the only pointat issue
operating results than are usually given in such half- between the twoparties is that the minority interest
yearly returns. The length of road covered in these as represented by the pool wants dividends begun on
figures is 7,111 miles, thus representing a consider Southern Pacific shares, whereas themajorityinterest
able portion of the railroad mileage east of the Mis contends that the Southern Pacific property has not
sissippi and south of the Ohio River. As compared yet been brought up toastate wherea distribution of
with the corresponding six months of the preceding profits toshareholders would be wise—that theneces
calendar year, gross earnings improved no less than sities of tbe situation are such that surplus profits
$2,189,286. But only $233,009 of this could be car should be devoted to the improvement and better
ried forward as again in thenetonaccount of anaddi ment of the property so as to bring it to a higher
tion of $1,966,276 to the operating expenses. The standard and enable it to conduct transportation
ratio of expenses (including taxes) togross earnings operations with increased efficiency andeconomy.
rose from 67*95 per cent to 70*16 per cent. It is due tothe management to say that this is a
Expressed in percentages, mileage increased position towhich they haveconsistently adhered ever
2-78 per cent; gross earnings increased 11*44 since they assumed control. We might cite personal
per cent, but operating expenses rose 1605 testimony in support of this statement, for we recall
per cent. Payments for wages of engineers, that shortly after the Southern Pacific was acquired
firemen, trainmen, yardmen and station men in by the Union Pacific one of our representatives was
creased $605,306, or 18 32 per cent, the large ratio of informed that investigation had disclosed that the
gain following partly from higher wages and partly physical condition of the property wasnot at all upto
fromthe congested condition of traffic, resulting in modern standards, and that a great deal of money
delays, over-time, etc. Cost of fuel increased $255,- would have to be spent on it toenable it advantage
038, or 23 24 per cent; the augmentation in this In ously to compete with rival lines. It should be re
stance being due bothto enhanced price of coal and membered, too, that no concealment whatever has
Stolarger consumption by reason of the irregular qual been practiced regarding the matter. Each succeed
ity, etc. In the cost of maintenance and equipment ing annual report has shown just what amounts were
18the addition reached $675,598, or over 25 per cent being appropriated out of earnings for needful im
®(25 45 per cent), the growth in this itemhaving been provements, and has also disclosed that these appro
lt!due tothe overtaxed condition of motive power and priations were very large.
0toincreased work thereon at higher prices for both Moreover, the Southern Paolflc Company in this
matter is simply doing what all other well-managed
labor and material.
These figures are interesting aBrevealing howthe properties have found it obligatory to do in recent
lexceptional prosperity now being enjoyed by the years, with this difference only, that as the Southern
^ jountry is operating to the disadvantage of the car- Pacific was obliged to start froma lower standard of
111riers in adouble way. They are obliged to pay higher condition the appropriations have had to be on a cor
08;ates of wages because the railroads have so much respondingly larger scale. It seems absurd to charge
toousinessthat they cannot afford tofaceastrike, which the Union Pacific management as engaged in a policy
^would presumably result if the demands of the men detrimental to the welfare of the Southern Pacific
towerenot conceded. At the same time the volume of property. As such alarge holder of Southern Pacific
It traffic being of such extraordinary volume—in fact in property they would naturally be desirous to manage
111bxcess of the facilities of the roads for handling it— it in a way to promote its best interests. For the
tot cannot be moved with the same degree of economy year ending June 30 1902 the average train-load
«iS in the past. The evidence of the truth of this of the Union Pacific was418 tons whereas the aver
a' itatement Is found in the fact that it wasnot possible age for the Southern Pacific was only 319 tons.
lomaintain fully the average train-load reached in The inference is plain that notwithstanding the
)»' hesix months of 1901. In this last instancethe aver large expenditures of the last few years, still further
age was, roughly, 225 tons, whereas for the six months expenditures in the same way will be necessary in the
immediate future. It should not be forgotten either
nffli'f 1902 the average was only about 222 tons.
that the interest of the Union Pacific in the property
jpoiI
-----As the differences which have arisen between the Is permanent, whereas that of the pool is ephemeral.
management of the Southern Pacific Company and The latter are concerned to have adividend now, be

620

THE CHRONICLE

[V ol . L X X V I.

cause they think it would help themfloat out of their crops grown. This unfavorable situation was re
stock holdings at a profit. As between interests so flected In a falling off in the agricultural
diametrically opposed the ordinary man will have no tonnage, but it is rather noteworthy that the
difficulty in deciding which is right, and will pay lit loss in revenues, after the large and suc
tle heed to Mr. Keene's statement that if the courts cessive increases in the years preceding, was compara
do not adopt his view, “then justice in America is tively slight. Gross earnings foot up $11,236,601 for
1902, against $11,769,941 for 1901. But as recently
dead."
as 1899 the amount was only $8,300,185 and that
Financial circles have experienced a sense of relief figure was the largest which had been reached up to
this week at the announcement that Mr. William that time. So, too, in the matter of net earnings.
Plimley is not to be United States Assistant Treas The total for 1902 at $3,484,311 compares with
urer at this centre after all, but that Mr. Hamilton $3,735,491 for 1901, but with only $2,451,319 for 1899
Fish is to have the place. It would have been noth and we might say with but $1,671,566 for 1896. The
ing less than a public misfortune if a man of the cal net earnings for the late year were $1,718,102 in
ibre of Mr. Plimley had beengiven a position of such excess of all expenses and obligatory fixed charges.
importanceand responsibility. Theobjections to him This means that nearly If million dollars remained
were many and strong. It is enough to know that he out of which to pay the 5 per cent interest on the
lacked the necessary qualifications for such an office. $25,000,000 second mortgage income bonds, thelarger
Neither by training nor by experience could he claim partof whichis heldbytheMissouri Pacific Railway.
to possess any knowledge of financial affairs. To be Mr. Gould notes that during the year immigration
sure, everything is smooth sailing at the present time toboth Louisiana and Texas continued quite large,
at the Sub-Treasury, but no one can tell what and that the country tributary to the Texas &Pacific
emergencies may arise during the termof the office, received considerable accessions, and of a desirable
when the Assistant Treasurer at NewYork would class of people. He also points out that the general
have toact as adviser to the Secretaryof the Treasury expectation is that the year 1903 will prove one of
and the President. Mr. Plimley simply would not large farmcrops in the sections along the line. To
have been able tofill this function. The President have such crop failures as have been experienced the
and those who had given their endorsement to Mr. past twoyears, he states, for a third year in succes
Plimley’s application were evidently not informed as sion would be unusual. Not in many years have rains
to these and other defects. It was not thought been so general and covered such a large extent of
necessary to take any concerted action against the country as since the drought has been broken. The
appointment because entire confidence was felt that balance sheet of the Texas &Pacific shows a small
the President, with his usual good sense, would with amount of bills payable, namely, $1,200,000. This is
drawthe nomination just as soon as he was made explained as dueto the heavy disbursements required
acquainted with Mr- Piimlej’s lack of fitness for the during the year in the improvement and extension of
post, and this is precisely what happened.
the company's lines in Louisiana and Texas and in
Mr. Hamilton Fish is the exact opposite of Mr. adding to the efficiency of its equipment. This tem
Plimley. He possesses all the qualifications which porary floating debt, Mr. Gould says, will be re
the latter lacked, and will make a worthysuccessor to duced, if not entirely liquidated, during the coming
Conrad N. Jordan and the other eminent men who year.
have in the past occupied the position. Of an illus
trious family, the son of Hamilton Fish, who so ably There was no change in official rates of discount by
filled the office of Secretary of State in the Grant Ad any of the European banks this week; unofficial rates
ministration, and brother of Stuyvesant Fish, Presi at Berlin were notably firm, while at London they
dent of the Illinois Central Railroad, he will givenew were a shade easier, reflecting the important gain in
dignity to the office. He stands high in the com bullion and in reserve during the week. The state
munity, has filled many other positions creditably and ment of the New York City Associated Banks last
acceptably, and is in every wayqualified to undertake week was more favorable than was expected from
the duties of the office. Nor will he, we may be sure, the early estimates of the week's changes in money.
be a mere automaton. The characteristic energy of The loss of cash was $4,762,400, but there was a de
the family is found in him and he will devote himself crease of $20,477,700 in deposits, causinga reduction
tohis newwork with earnestness and zeal. Should a in the required reserve of $5,119,425, and conse
crisis or an emergencyariserequiring action or advice quently the surplus reserve against all deposits was
on his part, he will be found equal to the require increased by $357,025, to $1,024,000. Computed on
ments. His nomination and confirmation furnish a the basisof deposits, less thoseof $40,185,400 of pub
happy ending to what at one time seemed likely to lic funds, the surplus was $11,070,350. Loani
prove an unfortunate affair.
showed a further decrease last week of $15,092,900,J’1
making $25,708,300 since February 21, when the
The Texas &Pacific, like the other Gould roads, maximum on record was reached. Deposits in this
makes a very good showing in its annual report for interval were reduced $47,057,300. The absorption
the calendar year 1902. This appears particularly of money from the banks by the Sub-Treasury waa
true when regard is had to the fact that Texas in much smaller this weekthanrecently, owing, in great
1902, the same as In 1901, suffered from short farm part, to disbursements for pensions, which began to
crops. President George J. Gould says the drought be important at the beginning of the week. There
continued during toe first half of the year (the grow fore an improvement in bank conditions appeared
ing season), and was followed in the later months of likely tobe shown by this week's statement. There
the year (the harvesting season) by long-continued was a transfer of $200,000 through the Sub-Treasury
and unusually heavy rains, which seriously damaged to New Orleans on Saturday of last week, and on
and interfered with the gathering of the smal Tuesday the Government remitted $300,000 to Lon-

M arch 21, 1903.J

THE CHBONICLE.

621

X

*+
V
)
O
D
O
O

don throughits fiscal agent, tomeet disbursementsfor exchange, which will account for the firm tone for
these bills. Bankers report that during the week
the Navy Department.
there has been a steady and a large demand from
Money on call, representing bankers' balances, almost all the interior cities for exchange for future
loanedon the Stock Exchange during the week at 7 delivery, apparently in expectation of higher rates in
per cent and at 4 per cent, averaging6 percent. On May and June, and it is thought probable that much
Monday loans were at 7 per cent and at 6 per cent, of this inquiry Is due to a desire to make provision
with the bulk of thebusiness at per cent; the firm against ascarcityof bills astheresult of absorptionsfor
tone then was due totheslight derangementsIncident the remittance of the$40,000,000 payment tothe Pan
tolarge dividendpayments. OnTuesday transactions ama Canal Company, which payment will most likely
were at 6 per centandat4£per cent, withthemajority be made immediatelyafter theexchange of the treaty
at 6 per cent; the lower rate was recorded in the last ratifications. The Colombian Congress will assemble
half-hour and only small amounts were placed at that in special session about April 15, and if there shall be
figure. On Wednesday loans were at 6 per cent and no delay in the consideration of the Treaty it may be
at 5 per cent, with the bulk of the business at 5£per ratified early in the following month. Then, it ispre
cent, and the tone was ashade easier. On Thursday sumed, preparations will begin for the remittance,
transactions were at 7 per cent and at 5 percent, with through exchange drafts, of the amount duethe Pan
; the majorityat 6 per cent; the higher rate was re- amaCanal Companyand of $10,000,000 dueColombia.
i! corded in the last half-hour, when abelated borrower It would seem that such preparations would be
|j sought toobtain accommodation, and the market im- likely tobe undertaken some time in advance of the
I; mediately after fell to 6 per cent. On Friday loans requirements for the exchange. Bankers, however,
:| were at 6 per cent and at 4 per cent, with the bulk are of the opinion that such a movement is not likely
of the business at 5| per cent. Banks and trust to begin until Colombia has actually ratified the
i companies quote 6 per cent as the minimum. There treaty, because the accumulation of exchange at this
ij was an easier tone to the time loan branch of the time in anticipation of its requirement would be un
i market, chiefly owing to the light demand, most of profitable by reason of relatively higher rates for
thecommissionhouses being supplied with money for money here than abroad. Therefore they do not re
I fixed periods and others being unwilling to accept gard it as probable tha^the exchangemarket will be
contracts at current rates, preferring to rely upon the directly influenced by the Panama Canal payment
call loan branch of the market. The offerings are until treaty ratifications are exchanged and until con
j chiefly fromforeign bankers, though some money is tracts for the remittance of the money, which will
sought tobe placed by interior institutions; the local showthe amount of exchange needed, shall be closed.
banks are indisposed to lend, except for long periods. Last week on Saturday $500,000 in foreign coin ar
I Quotations are 5£®5£ per cent for all dates, from rived fromParis in transit to Cuba, and it was for
I sixty days to six months, on good mixed Stock Ex- warded to Havana by the steamer sailing on Wednes
I change collateral. Six months' loans on choice day. The Assay^Office paid $922,515 15 for domestic
I security are offered at 5£ per cent. Some business bullion. Gold received at the CustomHouse during
I was done in commercial paper during the week at 5 f theweek, $632,721.
I per cent for sixty toninety day endorsed bills receiv- Nominal quotations for exchange were advanced
I able and for four months' choice single names, and this week to 4 84£ for sixty day and 4 88 for sight.
I Western banks are reported to have taken some Bix Rates for actual business opened onMonday25 points
I months' paper at 6 per cent; the offerings are only higher all around, compared with those at the close
moderate, as merchants are not in special need of on Friday ;of last week, to 4 8350®4 8360 for long,
money.
__
4 8690@4 87 for short and 4 8750@4 8760 for cables,
and
the market was strong. It so continued on the
The Bank of England minimum rate of discount
remains unchanged at 4 per cent. The cable reports following day, whenlong rose 10 points to 4 8360®
discounts of sixty toninety day bank bills in London 4 8375, short 15 points to 4 8705@4 8715 and cables
3|@3| per cent. The open market rate at Paris is 15 points to 4j8765@4 8775. On Wednesday there
2£@3 per cent and at Berlin and Frankfort it is 3^@ was afurther advance, long moving upward 15 points
3£ per cent. According to our special cable from to4 8375®4 8390, short 10 points to 4 8715@4 8725
London the Bank of England gained £1,394,616 bul andcables 10 points to 4 8775®4 8785. The market
lion during the week and held £37,136,041 at the was strong again on Thursday, long rising 15 points
close of the week. Our correspondent further advises to4 8390@4 8410, short 10 points to 4 8725@4 8735
us that the gain was due to imports of £768,000 (of and cables 10 points to4 8785@4 8795. The tonewas
which £371,000 fromGermany, £9,000 frommiscella a shade easier on Friday at a slight concession in
neous sources and £388,000 bought In the open mar rates.
ket), toreceipts of £672,000 net from the interior of The following shows daily posted rates by some of
Great Britain and to exports of £45,000 (of whloh theleading drawers.
£35,000 to South America and £10,000 to Natal).
rsi
Mon., Tuba. WSD., thur.. FRI..
ifar. 13.|ifar. 16 Mar. 17. Mar. Is. Mar. 19 Mar. SO
84* ■ 84*
The foreign exchange market has been strong this
484 1 84
83 ■ 88
87* 1 £*
.... {s?ghty.8 4 87*
8?week with a well sustained advance in response BM
aring,
} 60days 484 1 84
84* i 84*
84*
68 ' 88
agounACo.. tSight.. 487* | 87* 1 88
§8*
to a demand for remittance and also to a limited BNano.kBritish
84 1 84*
( 60days 484
84*
America.. (Sight.. 487* j 87* 1 88
88 i i *
5S*
Supply of bills. The principal inquiry has been for Ban
84*
84*
kof
j 60days 481* 1 84*
87*
(Sight..
M
ontreal.....
4
87*
87*
87*
!
S
5
“
■thesettlement througharbitration operations of loans CanadianBank (60days 484* 84* 84* 84* 84* g *
87* | 87*
of Commerce.. ( Sight.. 487*
88
8-'*
^maturing in Berlin which could not be profitably re- fleldelbach,
Ick-j 60days 484
84
81*
84* j 84*
elhelmer ACo. tSight.. 487*
87*
38 j 88
88
f newedbecause of theadvanceinopenmarket discount Ca.ardFreres..{™days
84
84
84*
84*
84*
87* ( 87*
88
88 ; 88
g*
rates at that centre. There has also beensomedirect Merchants' Bk. (60days 44481*'
84* ;
| 84* ; 84*
IS*
j remittance through marks and other continental ofCanada.... (Sight.. 487* 1 87* 87* 87*

t522

fHE

CHKONICLE

[ V o l . L X X V I.

The market closed at 4 8390@4 84 for long, is genuine. Money must be borrowed to start these
for short and 4 8780@4 8790 for expensive improvements, and It must be borrowed in
oables. Commercial on banks 4 83^@4 83f and the first instance fromthe banks, to be repaid in due
documents for payment 4 83@4 84|. Cotton for course of time through issue of newsecurities. The
payment 4 83@4 83^, cotton for acceptance 4 83£@ question was how to raise the money with money
market conditions what they were.
4 83f and grain for payment 4 84@4 84-J.
The moneymarket itself has given the answer. It
The following gives theweek’s movements of money raised its bid for capital to a figure considerably
toand fromthe interior by tbe New York banks.
higher than that prevailing on anyEuropean discount
market. Foreign money, all other things remaining
RtuivUby SMvi id by Btl int*risr
W«k Ending March SO, 1908.
Cf. T. Bankt. H. T. Bankt. Movement.
equal, prefers to stay in its home market; it will stay
16.979.000 14,080,000 Gain. *1,899.006 there, even when slightly higher rates are offered on
OUTIIlflT........... .........
894,000
832,000 Gain. 62.000
9clti.....................................
gold «nd legal tender*. . *8873.000 *4,912000 Gain. *1,901OOi: other markets. But at a price it will go from home
toforeign markets, and that price was bid by our
Result with Sub-Treasury operations :
market for European capital not urgently required at
J>s: CT&ang* <»
Into
Out •/
tVtlk Ending March 20. 1908
Banlu.
Fimnkt. Honk Bolding* home. The natural consequence was, the large re
Bank* interior moTtment. &•above *8,873.000 (4,912,000 Gain. *1,861.001 mittances of the past two weeks from Europe, under
8flb~Tr6&B. operations................ 20,349000 21,849.000 Lou 1.300.001 which sterling at one time fell fully
cent belowits
Total sold and legal tender*.... *27,222.000 128,681.000 Gain. J661.00C recent high level, and through which the New York
The following table indicates the amount of bumoi banks were enabled toreduce their loans $25,000,000
In the principal Enronean bank*
in afortnight without any serious disturbance to the
March 19, 1903.
borrowers. The loans were in effect simply shifted
March 20.1902.
Bank of
from
NewYork’sshoulders tothoseof foreign lenders.
Gold.
Silver
Silver.
Gold.
Total.
Total
W
e
hardly need to point out that this was a per
£
S
£
£
£
£
87188041 87,668.228
87,183 Oil
87,658,223 fectly normal operation—as normal as the lending of
England .
101,052378*8,140231 14*992609101.820.90844.248.018 146,088921
France.
German*.... 38.7300 i' 12476.010 48.2050 . 38874,001 14,378,0K) 63,258006 NewYork money at New Orleans when the cotton
78,946OOi 8,219 <00 87,175.OOi 71,88a, .uO 7,572,U00 79,468.00 crop is moving, or of Chicago money in the wheat
&u**la..
kai^-Hnng ». *6,183,00( 12.89d.000 69,069 700 46.824.100 12,185,000 67,509.70'
14.448.000 19,982.000 34,880.000 la.Ofl, 10018013,000 82,074,0' district at harvest time. When the loans mature it
Oparn....
17.62600C 2,183210 ' P,709210 ■6,076 ’<io 2188,010 18,203000
Italy.....
Netherlands *.107,4">0 8.687.000 1,0094.400 6.388200 6.655,70i 11,9*1 930 is reasonable to expect that our grain crops will be
Eat Baitf'n... 8158.887 1,679333 4,783,000 8,121000 1,662000 4,680.jo going out in quantity, or about to go, and will serve,
Tot.tnie weei 380,217,488107821704 444,089,260884 104.331 106841718440.7*8,049
To* n*«T, w’k33120*067 1n7204*01*42*10,4“«!' 84064.32- 106048247 440.110.676 as they have served a hundred times before, to meet
and liquidate the maturing credits. It is scarcely
necessary to invest with exceptional Importance a
E U R O P E A N L O A N S I N THIS M A R K E T .
movement sonatural and automatic.
We have frequently had occasion to remark that Such importance as is ascribed to it this year, we
scarcity of money in a given community, when such imagine, arises fromthe facts to which we have re
community’s need is genuine, its credit good and its ferred already—that home demands on capital are,
collateral unexceptionable, Is sure, under any ordi and are likaly to remain, of such ungnUude that
nary circumstances, to be relieved. We have just the problemof bank finance will be more than usually
had astriking illustration of this truth in our own interesting throughout the year. We think that this
market. The bank surplus over the 25-per-cent ratio fact has been amply recognized by the markets;
was at the vanishing point; the NewYork banks were absence of anything like excessive speculation on the
not in aposition to extend their liabilities, and yet StockExchange being the surest sign of suchrecogni
there were numerous enterprises for which credit tion. If these large demands for capital for Indus
facilities, on a substantial scale, were needed imme trial uses were accompanied—as in 1890, when
diately.
bank reserves were also low—by excited stock
These necessary borrowings were not for purposes speculationat home and abroad, there would be some
of Stock Exchange speculation nor even for putting need for serious warning. Nothing of the sort ex
through corporation “deals.” Demand for such pur ists; on the contrary, our security markets have not
poses existed, as it always does; but the needs for only refrained from suoh upheavals, but have sofar
which provision was absolutely essential were those of lowered their prices that in a conceivable emergency
companies whose traffic had grown beyond existing weshould be able to command the capital of Europe
facilities. Such requirements as were pointed out by sales of our stocks and bonds. We do not pretend
last week by Captain Green of the Pennsylvania man tosay at what level such buying on an extensive scale
agement—doubling the tracks from Philadelphia to would beinvited. But all experience teaches that at
Pittsburgh, increasing the track facilities fromPhiia alevel not far below the prices ruling in a normal
delphia to NewYork, providing newmotive power— market, such sales are an easy recourse. We imagine
have been pointed out as commercial necessities by that at the present time, with the country’s wealth
the course of railway events this season. Many of and investment power what it is, our own investor
these improvements, on the Pennsylvania as on other are likely to bid higher for floating supplies of Amer
railways, had been deferred through doubt as to ican securities than are the foreign markets.
That, we presume, is the reason why this month’*
whether traffic would keep to its recent maximum.
Instead of decreasing, traffic increased immensely; market has preferred tobid high for the temporarj
the result was last month’s blockade, not only of do useof Europe’s money, using these securities as col
mestic transportation, but of our export trade, entail lateral rather than to offer down the same securitiei
ing the utmost obstructionandinconvenience on com until foreign capital should buy. In other words w<
mercial plans. All this is nowa sufficientlyoldstory; are bridging over a period until our accruing suppl]
werepeat it here in order to showthat the need for of available domestic capital shall again have over
additional credit facilities by the railroad companies taken home demands.
4 8720@4 8730

March 21, 1903.]

THE CHRONICLE.

623

the proposed tax rule could not have the forcing
effect. Might It not have the contrary effect,
The annual report of the Tax Commissioners of actuallyretardingdevelopment bydeterring men from
this State challenges attention by the drastic and reaching outward from centres? “Holding land for
sweeping character of its recommendations, whichare arise" may seem, accordingto the somewhat common
largelyin the direction of further attempts to make wayof viewing things, tobe somehowopposed to the
personal taxes more substantial in yield. Nothing public welfare; butis this at all a soundnotion? Sup
really newcan besaid about mortgage taxation,which poseacase in test: capital invested beyond the out
figures conspicuously in the report, but while a trifle skirts has an inducement to extend population by
(like astamp) may be borne by either mortgagor or pushing out trolley lines, for Instance, and promot
mortgagee without affecting the transaction, a tax ing settlement in various ways, so that it is active and
upon theloan inevitably falls on the borrower, in faot, helpful rather than hostileand burdensometo general
if not in nominal form. Creation of a debt is not industry; now try to force capital by some artificial
creation of newproperty, unless by the successful re pressure tohasten this outbuilding prematurely, and
sult of industrial transactions of which it may be the will not the tendency be to make it stay inward, fall
beginning. A tax on mortgages, which are only a ing behind rather than keeping well up to the possi
conditional lien given assecurityandnot even atrans bilities of development?
fer of property, is not justifiable upon sound princi Again, a flat tax of one per cent on personal prop
ples. Yet if, asappears, this is a determined policy, erty, including stocks of goods in stores, suggests the
financial interests may accept it as at least reaching a peculiar difficulty of determining values, aside from
the principle of such taxation. The value of mer
conclusion.
The rule of no dedactioa for debts hardly com chandise stocks in stores is aconjectural matter hard
mends itself any better. A profligate heir who has evenfor the owners. What are farniture, and heir
given the usurers liens on his future inheritance has looms and personal mementos worth, especially as
so far parted with his inheritance; the holder of an they include articles of novalue except tothe owners?
endowment life insurance policy diminishes it by any The laok of a convincing and final value as to real
advances he draws fromthecompany and consumes; estate is a trouble of long notoriety—conflicting
and in general no man has anythingexcept the excess estimates have toserve in place of certainty; but this
over what he owes. Owing and owning are antago is quite definitely ascertainable compared with the
nistic; if a man expects and will have to settle his troubles encountered when we leave land and things
debts he does not ownthe amount of those debts even attached thereto and gohunting for taxable values.
if hehasit in his possession; heis onlyasort of trustee The report is considerably occupied with alleged
as respects them. It has been said that in some tax-dodging by wealthy men. Ostensibly, it says, as
states atax officer could seizeA’s horseand wagon for sessors levy on personal property, but “in the larger
unpaid taxes of B if A inadvertently drove it upon number and more important instances the assessed
B’s premises. Such an exercise of tax power would assess themselves; posessors of personal propertyhave
beindeedunrestrained, and can there beanyeconomic come largely toarrogate to themselves the functions
or moral justification for taking A’s property for of lawmakers and administrators of self-made law."
B's tax or in taxing A’s moneymerely because found But, as in the case of the income tax, the lawpre
in the possession of B, who owes it to him? A tax scribes arate of levy according to certain facts which
upon what a man does not own may certainly be are necessarily solely within the knowledge of the
taken fromhim, out of what he holds in possession, citizen, and calls upon him to report those facte; in
but this is assessing himon the property of another. reporting them he necessarily assesses himself in a
Sothe rule of tax without deduction for debts seems sense, but there is no other way while attempts at
to bring us back to the mortgage tax and make the personal taxation continue, unless the lawshall em
twoalike in kind—except that the latter is double, power assessors to make out a list on which each
assessing property without deduction to its owner oi man's name shall be put, with his taxable property
record and the contingent lien also to the owner of guessedat, and absolutely without reviewor appeal.
To answer questions put bylawcannot fairly be said
that.
And does it not seem mistaken reasoning to seri tobe arrogating improper functions.
ously propose “taxation at higher value of all unim It is not pleasant to find in an official State docu
proved property and vacant lands, so as to stimulate ment ascarcely concealed acceptance of the common
and encourage improvements?" Unimproved prop notionthatrich menarepeculiarlytax-dodgersandbad
erty, being unproductive, is temporarily a burden; it citizens, anotion certainly without any basis of ascer
sometimes also gets pretty severely visited by assess tained facts. This is only the old general notion,
mentsfor local improvements; yet holding it through always catered to by demagogues, that men of wealth
the burdensome interval until populationand demand have somehow got what rightfully belongs to the
reach it, it is favored by the comparatively light tax, masses. This rests on no better foundation than a
basedonthe comparatively low present value. This misstatement of the natural rights of man, to wit:
proposition, as stated, seems to assume that the pub that all men are born equal, in industry, ability,
lic revenue is thereby made to suffer, and that future thrift and virtue; hence that If onehas more property
appreciation ought to be discounted; thus improve than his fellows he has obtained it wrongfully. The
ment (it is argued) may be forced by penalizing the legend of Robin Hood says that he “ robbed the rich
term of waiting for demand to grow. This view tofeed the poor,” and the notion still survives that
might be plausible if it were reasonable tosuppose capital rightfully may be and practically can be
that it would ever appear good business to put down coerced. This notion extends, apparently, even into
improvements before the time was ripe for them, our tax laws.
merely because the tax imposed went beyond present It is a truism that taxation is adifficult problem
value; yet unless such a viewwere held by capital and that destructive criticismthere (as elsewhere) is
THE T A X B O A R D 'S RECOM M ENDATION S.

624

THE CHRONICLE.

vastly easier than constructive work. Yet there cer
tainly are some principles of taxation which rest on
solid economic andsocial foundations. Such princi
ples should underlie tax laws, and until they dothere
cannot be anything deservingtobecalleda “ system.”
Unhappily, this subject, which most of all deserves
dispassionate and special study gets it least. Taxes
are not levied onany deep-laid and permanent plan.
Onthe contrary, they are the result of compromising
and shifty expedients ; in the hopeof making an ap
pearance of lightness ; in the desire to placate this or
that interest or locality and to provoke the least
notice, the constant endeavor being to find some sort
of property (such as insurance or savings accumula
tions) which arenot recognizedby anybody as theirs,
and can be touched without producing anger at the
party in power.
THE L A T E Y E A R ’ S BESSEM ER STEEL
PRODU CTION .

[V ol . L X X V I.

an increase of 593,169 tons, or alittle less than 7 per
cent. As there hadbeen anincreasein1901 over 1900
of fully twomillion tons, this further increase in 1902
must be regarded as very goodindeed, particularly in
viewof the circumstances mentioned above. In the
following table weshow the Bessemer steel produc
tion for each year from 1895 to 1902, inclusive. In
this way the reader will get abetter ideaof thegrowth
and expansion which has occurred. As against the
9,306,471 tons of Bessemer ingots turned out in 1902
the production in 1896, it will beseen, had been only
3,919,906 tons and even in 1895 but 4,909,128 tons
Bessemer Steel Production.
r ear
Tons.
1902............. .............. 9,306,471
1901............................8,713,302
1900......................
6,684,770
1899..............

Tear.

Tons.

1898............................6,609,017
1897.............. .............. 5,475,315
1896.............. ............. 3,919,906
1895............. ...............4,909.128

As concerns the production in the different States,
the output in Pennsylvania was affected by the dis
mantling of the Lackawanna plants at Scranton, al
ready mentioned. Nevertheless the product for that
State slightly exceedsthesimilar total for theprevious
year, having reached 4,379,516 tons. Ohio increased
its product to over 2£ million tons and Illinois got
close tothe 1£ million mark. We give herewith the
figures by States for the last five years.

Statistics regarding the Bessemer steel production
of theUnited States arenolonger soconclusiveof our
total steel production as they once were. We have re
ferred tothis fact on previous occasions, bat the im
portance of keeping it in mind is suggested anewby
the appearance of the figuresfor theyear1902. These
Production of Bessemer Steel Ingots by States.
figures showa much smaller further growth in the
Gross T o n s1902
1901.
1900.
1899.
1898.
Bessemer output than might have been expected, in
4,293,439 3,488,731 3,968,779 3,402,254
viewof the country's large iron production and the Pennsylvania..4,379,516
Ohio............ 2,528,802 2,154,846 1,388,124 1,679,237 1,489,115
continued expansion and uninterrupted demand Illinois..........1,443,614
1,324,217 1,115,571 1,211,246 1,105,040
for steel all through the twelve months of the Other States... 954,539 940,800 692,344 727,092 612,608
year.
The explanationis found partly in the fact already Total,......9,306,471 8,713,302 6,684,770 7,586,354 6,609,017
mentioned, namely that the make of steel by the Until the statistics showing theproductionof openBessemer process furnishesonly part of our total steel hearth steel, which figures are not yet available, shall
production (instead of nearly the whole, as it once have appeared, it will not be possible to make any
did) and that there has been astriking coincident in estimates or drawany conclusions astoour total steel
crease in the make of steel by other methods, par production for 1902. If the Bessemer product has
ticularly by the open-hearth process. In addition been growing with marked rapidity, the output of
there was inthelateyear oneothercircumstance tend open-hearth steel has been making even more note
ing todiminishthepreponderence of Bessemer steel in worthy progress. In 1896 our make of steel by the
the total production. This circumstancs is referred open-hearth process was but 1,293,700 tons; for 1901
to by Mr. James M. Swank, of the American Iron & the amount was 4,656,309 tons; for 1902 still larger
Steel Association, whohas for somanyyears compiled totals seem likely, though, as already stated, no
these useful and instructive statistics. After point statistics onthis point are yet to hand.
ing out that neither the production of Bessemer Mr. Swank in his present report also shows the
ingots nor the production of Bessemer rails kept pace production of Bessemer steel rails. Here the Besse
in 1902 with the marvelous growth in that year of our mer figures furnish a pretty close approach to the
iron and steel industries taken as a whole, Mr. total output, as very little rail is made fromany but
Swank notes that this was owing entirely to the fact Bessemer steel. The comparisons with previous years
that the Lackawanna Iron & Steel Company dis are much like those for Bessemer steel ingots, except
mantled its Bessemer plants and its rail mills, as well that the further increase in the output of rails in
as its remaining blast furnace, at Scranton, early in 1902 was very slight. In other words, the produc
the year 1902, preparatory to the erection at Buffalo tion of Bessemer steel rails by the producers of Besse
bytheLackawannaSteel Companyof newandmore ex mer steel ingots in 1902 was 2,876,293 gross tons,
tensive works, which are not yet entirely completed. against asimilar production in 1901 of 2,836,273 tons,
What were called the North Worksof the company at in 1900 of 2,361,921 tons and in 1899 of 2,240,767
Scranton made their last rails on January 16 1902, tons. In this case it is proper to state the output
and whatwere called the South Works made their last appears to have been limited by the capacity of
the plants. Mr. Swank states that with the excep
rails on February 26.
It must not be inferred from what has been said tion of the Lackawanna plant at Scranton all the
that there was no substantial growth in the output of Bessemer rail mills in the country were operated
Bessemer steel in the late year. There was, only the nearly to their full capacity in 1902, the demand for
amount of the further addition was not in proportion steel rails being greater than the supply all through
tothe gains inother branches of the iron and steel the year.
industries. Mr. Swank finds that the total produc Owing tothe demolition of the Lackawanna plant
tionof Bessemer steel ingots and castings in 1902 was at Scranton the mills in Pennsylvania turned out a
9,306,471 gross tons, against 8,713,302 tons in 1901, much smaller quantity of rails than in 1901, the com-

March 21, 1903.]

THE

625

CHBONICLB.

parison being 1,148,425 tons, against 1,406,008 tons, since the five anthracite coal roads oombined con
but the aggregate of the other States went up from tributed over one million dollars gain in net—$1,058,013.
1,430,266 tons to 1,727,868 tons.
J

j.

3

January.
(105 roadt.)

Gross earning*...................
1 Operating expenses............
Net earnings..................

1903.

1G
AO
1
vQ*.

S

t

100.810,997 92,230,740
70,819,114 t2.4S5.283
30,021,38? 29,745,477

lncreate.
Amount.

Per Cent

*

3,010,257 9-33
8,333,851 13*34
270,406 0-93

The augmentation in expenses has been common to
all parts of the country, and has extended to every
group of roads. It should be added that the in
ability of most rail carriers to take care of the enor
mous amount of business offering has played an
important part in adding to the expenses, Blnce it did
not permit due economy and full efficiency in oper
ations. Among the separate roads, the Pennsylvania
stands out of course as the most conspicuous instance
of a system which, with large additional gross re
ceipts, is obliged to report a decrease in net. This
company on the lines directly operated east and west
of
Pittsburgh, made $1,259,000 increase in gross, but
R A IL R O A D GROSS A N D N E T E A R N IN G S
yet
has $678,600 decrease in net; the Union Pacific,
FOR J A N U A R Y .
with $41,947 decrease in gross has $401,883 decrease
Railroad net earnings for January reflect in a very in net; the Southern Pacific lost $145,755 in gross
emphatic way the higher operating expenses of and $414,911 in net; the Illinois Central, while hav
the roads, resulting fromavariety of causes—that is, ing added $284,307 to gross, suffered a falling off of
fromenhanced cost of fuel, materials and supplies and $117,681 in net; the Cleveland Cincinnati Chicago &
fromincreased wages. The figares for this, the first St. Louis, with $121,893 gain in gross, has $2,814 loss
month of the calendar year, have been awaited with in net. In the Southwest the Missouri Kansas &
considerable interest as likely to be more conclusive Texas, though having added $92,313 to gross, falls
than previous monthly returns upon the point as to $38,437 behind in net; the Atchison Topeka &Santa
howfar improvement in gross receipts would go to Fe, with $498,777 improvement in gross, hasbut $39,counterbalance the additions to expenses, which were 659 improvement in net. In the South the Louisville
a foregone conclusion.
&Nashville managed tosave for the net $14,924 of
The conditions affecting traffic and earnings were its gain of $336,997 in gross, but the Southern Rail
on the whole decidedly favorable during January. way, with $218,352 increase in gross, has $121,650
The grain movement was much in excess of that of decrease in net. Similarly the Seaboard Air Line has
the same month last year, and the volume of mer $52,618 gain in gross and $61,255 loss in net, and the
chandise and miscellaneous freight arising from the Central of Georgia $87,610 gain in gross with $68,529
continued activityand prosperityof trade was in most loss in net. The Missouri Pacific is an exception to
cases large beyond precedent. Besides this, advances the rule and with $680,080 increase in gross is able to
in rate schedules were made in anumber of instances report $623,028 increase in net. In the following
intended to serve as part compensation for the in we showall changes, whether losses or gains, exceed
creased operating cost. The weather imposed no ing $30,000 both in gross and net.
serious obstacles to railroad operations except over
very limited areas. On some roads the increases in PRINCIPAL CHANGES IN GROSS 1ARNIHG8 IN JA N U A R Y .
In c r e a se s.
wages, which have beengoingon ever since the action Pennsyl. BE.
(2 r’ds) t $1,259,000 Colorado & Southern.
Valley*..........
693,198 Chloago & Alton.......
of the Pennsylvania Railroad in November last, did Lehigh
Mo. Pao. tfe Iron Mt. >
& Ohio......
680,080 Baltimore
Central Branoh... >
Wheeling & Lake Erie
not become effective until January 1 1903.
Canadian Paolllo.......
526,663 Mlnn.St. P. & 8. Ste. M.
Atoh. Top. & Santa Fe.
498,777 Seaboard Air Line__
Interpreted in the light of these conditions and in Phlla.*
Beading RB,'
480,886 Tol. & Ohio Central...
of New Jersey..
fluences, the showing made by our compilationfor the Cent,
443,373 St. Jos. <&Grand Isl’d..
St.L. * San Fran... j
Kansas City Southern
864,937 Ga.
month of January is significant. Treating the roads Erie...........................
Ohio. & East. 111... f
Southern & Fla...
363,034 Cumberland Valley...
asawhole, animprovementof, roughly, 8£millions dol Or.
Trunk Sys.Or’ds).
355,742 Peoria & Eastern.......
335,997 Ohio. Indplls & Louisv.
& Nashville
lars ($8,610,257) is shown in gross earnings as com Louisville
Illinois Central..........
284,307 Long Island...............
Norfolk cVWestern__
259,582 Cln. N. O. & T ex. Pac.
pared with the gross revenues of the same roads in Southern Railway__ 218,352
Gulf & Ship Island....
Chesapeake
&
Ohio..
210,721
January 1902. The addition to expenses is found, Cleve.Cln.Chlo.* St.L. 121,893 Total (representing
Northern
Central......
119,400
46 roads)............. $8,761,764
however, to have been $8,333,851, leaving a gain of Atlantic Coast Line. . 118,173
Chat. & St. Louis
116,361 Southern Paolllo.......
$145,755
only$276,406 in the'net. In other words, treating the Nash.
Phil. Balt. <fe Wash....
114,700 Chio. Mil. & St. Paul..
100,791
Ont. &Western..
102,565 Union Paoiflo.............
41,947
roads collectively there was large improvement in N.Buff.Y. Boch.&Plttsb’Rh
95,122 Minn. & St. Louis......
40,757
Kan. & Tex..
92,313
gross receipts, but it brought with it no additions of Missouri
of Georgia__
87,610
Total (representing
Paoiflo Coast.............
75,559
consequence in the way of net profits. Not only that, Central
4 roads)............... $329,250
but had it not been for the anthracite coal roads
lines directly operated east and west of Pittsburg and Erie
(which by reason of circumstances well known to the Thet Covers
gross on Eastern lines (Including Buffalo & Allegheny Valley
reader and peculiar to these roads made a very de Division)
lnoreased $984,400 and the gross on Western lines lnoreased
cided gain in net earnings), the final results as to net $274,600.
These figures are for the Railroad Company only.
would have been much worse—that is, in that event *1These
figures are for the Railroad Company; the Coal <fc Iron Com
the roads would have suffered a heavy loss in net, pany reports
an increase of $534,526.
amount of 63,522 tons, leavinganet excess of exports
in the small sum of 4,144 tons. For 1901, however,
our exports were 318,966 tons, while our imports were
only 1,905 tons, leaving a net excess of 317,051 tons.
We have stated above that the Bessemer production
of rails constitutes substantially thewhole of our out
put of rails. As confirmatory of this statement, it
may be stated that the make of rails fromother kinds
of steel in 1901 was but 38,366 tons. The figures for
1902 are not yet known.

In cre a se s.

D ecrea ses.

THE CHRONICLE,

626

N E T EARNINGS IN J A N U A R Y .
D e c re a s e s .
In crea ses.
$678,600
$721,415 Pennsyl. RR. (2 r’ds)t
Lehigh Valley*...........
Bouthern Pao. System.
414,911
Mo. Paolflc & Ir. M t.)
623,028
Union Pacific System.
401,883
Central Branch... s'
121,650
158,858 Southern Railway___
E rie.............................
H 7,681
Illinois
Central...........
148,508
Phil. & Reading RR1.
97,337
146,317 Wabash.......................
Central of New Jereey
68,529
109,911 Central of Georgia___
Chesapeake & O hio...
65.459
106.433 Ohio. Mil. A Bt. Paul..
Atlantic Coast Line...
61,255
100,208 Seaboard Air Line—
Denver A Rio Grande.
Yazoo <SfcMiss. Valley.
44,119
Bt. Louis A Ban F .. /
97.328
Ann
Arbor..................
42,355
Chicago &E. Illln.J
39.400
96,310 Northern Central___
Canadian Paclllo........
38,437
86,045 Mo.Kans. & T exas...
Baltimore A Ohio____
36,270
57,144 Kan. City Southern...
B"ff. Rooh. A Pitts---31,898
44,924 Pere Marquette.........
Louisville A Nashville
42,990 Minn. & St. Louis.......
31,547
Norfolk A Western—
39,659
Atch. Top. & Santa Fe.
Total (representing
35,640
N. Y. Ont. <fc Western.
17 roads)............. $2,291,331
34,218
Pacific Coast..............
32,569
Toledo & Ohio Cent...
31,695
Bt. Jos. & Grand Isl’d.
PRINCIPAL CHANGES IN

[Vol. LXXVI.

more comprehensive exhibit than that embodied in
the foregoing. Starting with the total o f gross in the
above, we add on in the following the roads for which
we have gross but not net.
ROAD3 REPORTING G R O SS BUT NOT N E T .
January.

1903.

1903.

Reported above (105
$
roads)....... ............ 100,840,997
Al. N.O. &Tex. P.—
New Orl. & No. E.
213,046
Alabama A Vicks.
106,135
Vicksb. Shrev.&P.
115,469
Chic. & Northwest..
3,545,046
Ohio. 8t. P. M.&Om.
959,364
Detroit Southern...
121,740
27,641
Evansv. & Ind’ p’s..
Evansv. & T. H ......
127,438
Great Northern......
2,538,326
190,110
Montana Central.
Total (representing
11,574
Illinois Southern...
21 roads).............. $2,713,200
Intern. & « t . North.
479,959
372.342
t On the Pennsylvania Railroad the net on Eastern lines (inolnd- Lake Erie A West’n
25.717
lng Buffalo A Allegheny Valley Division) decreased $381,200 and Mobile J ack. A K. C..
Mobile & Ohio........
653,056
the net on Western lines decreased $317,400.
6,239,441
•Does not include results for Lehigh Valley Goal Co., which latter New York Central..
Northern Paolflo__
3,293,432
shows an Increase of $451,446.
St. Louis Southwest.
594,658
1 These figures are for the Railroad Company; the Coal & Iron Com - 8 t. L. Vand. & T. H.
195,561
pany reports an lnorease of $524,045.
72,493
Southern Indiana...
T. H. A I adianapolis
158,9 9
51,533
In previous years January made a pretty good show Terre H. A Peoria..
1,007,127
Texas & Pacific......
14,000
ing both as to gross and net. For instance in 1902, Tex. Sab. Val.& N. W.
Tol. St. L. & West»..
257,493
as also in 1901, the increase in gross on the roads con Tor. Ham. & Buff...
41,380

Increase.

$
92,230,740

$
8,610,257

184,642
97,151
102,343
3,565,525
956,360
1L1.542
29,461
116,666
2,406,948
128,192
10,650
428,442
369,874
16,001
580.616
5,401,007
3,032,377
640,566
175,141
47,797
147,973
43,909
1,064,7*0
12,2 *4
212,783
34,405

28,404
8,984
13,126
3,004
10,198
10,772
131,378
61,918
924
51,517
2,468
9,716
72,440
838,434
261,055
20,417
24,69*
10,936
7,621
1,706
44.710
6,975

Decr’se.
$

19,479
1,820

45,908

57,623

tributing returns was over 8 million dollars; in 1900
Total (131 roads). 122,254,987 112,148,158 10,231,659 124,830
the Increase was 12 million dollars. The im prove Net ino. (9'0l p. o.)
10.106,829
ment in net in the three years had been successively
It will be seen that in this way we get a total of
2£ million dollars,
million dollars and 5£ million
gross earnings, including all roads which furnisn re
dollars, as will appear from the following table.
ports, of $122,254,987, and that this compares with
Gross
Eam
ino*.
N
et
Earnings.
$112,148,158 for the same roads in the corresponding
Tsar A
No. o f
Year
Year
Increase or
Year
Year
Increase or month of 1902, thus showing an increase in amount
roads.
Decrease.
Preceding.
Given.
Preceding. Decrease.
Given.
of over ten million dollars— $10,106,829, or 9 ’01 per
Janna ry.
$
I
$
*
$
»
48,726,980 +4,580,876 15,494,103 13,189,695 +2,804,538 cent.
*08(135)
53.310,855
’07(187)
’08(130)
•00(115)
*00(114)
>0I()30)
*08(109)
*03(106)

51,065,580
80,345,290
68,140,088
78,264,488
90,514,370
09,888,443
100.840,997

54,616,019
52,7c 6,271
68,758,141
60,812,140
81,878,382
01,517,103
02 230,740

-3,550,030
+7,640,019
+4,303,847
+11,952,313
+8,635,994
+8.371,310
+8,610,257

14,277,924
17,833,662
18,744,045
28,384,126
30,185,751
32,993,376
80,021,833

15.301 496
14,001,313
17,447,030
20,489,926
25,911,701
30,441,468
29,745,477

-1,116,571
+3,232,349
+1,298,415
+5,804.200
+4,224,050
+2,551,913
+270.406

IT E M S

ABOUT

BANK8

BANKER8

AND

TRU ST

C O ’8

—The public sales of bank stocks this week aggregate 71
shares, of which 21 shares were sold at the Stock Exchange
and 50 shares at auction. The transactions in trust company
stocks reach a total of 106 shares. One share of Metropolitan
Note .—Wc no longer lnolude the Mexican roads or the coal-mlnlng Trust Co. stock was sold at 675, this being the first public
operations of the anthracite coal roads In our totals. Figures for sale of the stock since October 1899, when the quotation was
previous years have been revised In aooordance with this ohange.
451. In the “ curb” market the only dealings reported were
When arranged in groups the character of the con  in Seventh National Bank stock, which sold at 110.
ditions which are at present prevailing in the railroad Shares. B a n k s —N ew Yo^k.
Price.
T-axt previous sale
*1 American Exchange Nat.Bank
Mar. 1 9 0 8 - 268%
world is still more strongly brought out. The N orth ‘ 10 Central National Bank............ 272*g
170
Mar. 1903— 180
Nat. Bank o f.......... 305
Mar. 1 9 0 3 - 314
western group is the only one showing a loss in gross, *10 Commerce,
B a n k. —B r o o k ly n .
50 Btuyvesant Heights Bank........ 165ia
Feb. 1903— 160
and that for only a trifling amount. On the other
Shares. T ru st Co m p a n ie s —N. Y
Price.
Last previous sale.
hand the anthracite coal group and the Southern 100 Colonial Trust Co...................... 39631
Mar. 1903— 400
1 Metropolitan Trust Co............. 675
Oct. 1899— 451
and Southwestern groups are the only ones recording
5 Republio Trust Co. of the........ 119%
Jan. 1903— 159%
improvement in net, and in the case of the last two
* Sold at the Stook Exchange.
groups this improvement is very small indeed. All
—Under the law referred to in our issue of last Saturday,
the other groups show diminished net. The summary on page 572, making the minimum of population for a re
serve city 25,000, a certificate was issued on the 14th inst. by
by groups appears in the following table.
the Comptroller of the Currency declaring Cedar Rapids, la.,
SUMMARY BT GROUPS.
a reserve city.
Gross
Earnings.
Net
Earnings.
SECTION OB
—The Indianapolis Clearing House has decided that here
Gr o u p .
1903.
1902.
1903.
1902.
Inc. or Dec.
after all commercial paper maturing on Saturday is to be
January.
t
P. O. payable on the preceding Friday. This is in accordance
t
t
*
1
*
Trunk lines.110) 28,648,045 23,340,906 I 7,458,249 8,061,908
-611,054
7-58 with Senate Bill No. 224, which has been approved b y the
2,013,764 +1058. "18 52 54
Anthra.coa) <5) 8,358,062 6.611.885 ! 3,071,777
Mid. W est’n.(l7; 7,653,433 7,120,812 8,150,038 2.301,371 —150,733 6-65 ! Governor, and the second section of which is as follows:
East. A Mid. (15) 3,438,626 3.C32.8U
Northwest’n(ll) 6,902,853 6,941,412
North Pacific (4) 7,471,631 6,908,723
Southwestern &
South PaculOj 23,228,312 21,678,559
Southern....(24) 10,244,410 14,695,640

760,322
1,819,703
2,611,147

808.84S
1,930,246
2,781,873

—42,62'
—116,488
—270,220

6*25
002
9 72

It shall be lawful for banks, trust companies and safe-deposit institu
tions in alloities in this State whiohhave or hereafter may have a popu
lation of more than 100,000 inhabitants, as shown by the laBt preceding
7,309,400 6,948,298
+301,102 6-19 Census taken under and by the authority of the Government of the
4,934,587
4,885,674
+48,913 1-00 United States to oloee their doors for business at 12 o’olook noon on
eaoh and every Saturday in the year; and every Saturday in ths year
+270,406
Total (105r’ds) 100.840,997 02,230,740 30,021,883 29.746,477
0-93 j
1 after 12 o’clock noon shall, iu addition to the legal holidays men
tioned in Section 1 of this Act, he a llegal half-holiday for suoh banks,
Besides the roads included in the ioregoing and trust companies and safe-deposit institutions and the business there
which make returns aB to both gross and net there is of, and all bills of exchange, hank eheoks, promissory notes or other
negotiable or commercial paper falling due or maturing In suoh oitles
a considerable number of roads which furnish exhib on Saturday or the next succeeding Sunday, or on the next succeed
its as to gross alone, this including such prominent ing Monday, when suoh Monday Is a legal holiday, shall be deemed as
having matured or beoome due on the secular business day next pre
systems as the Great Northern, the Northern Pacific ceding.

and the New Y ork Central. It follows therefore that
—Mr. Hamilton Fish was this week nominated, and later
n the case of the gross it is possible to furnish a still confirmed by the Senate, as United States Assistant Treasurer

Ma r c h

21, 1908.]

THE

C H R O N IC L E

at New Y ork to sncceed the late Conrad N. Jordan. As an
nounced in these colum ns last week, Mr. W illiam Plim ley
was at first named for the office, the Senate confirm ing the
nomination. Subsequently, however, the Senate recalled the
papers from the President fo r further consideration. Later
charges o f incom petency having been preferred against Mr.
Plimley, the President withdrew the nomination and sent to
the Senate the name of Mr. Fish.
—Mr. R obert B. Van Cortlandt, o f Messrs. Kean, Van
Cortlandt & Co., and other gentlemen associated w ith the
K nickerbocker Trust Co. o f New York, have recently ac
quired a controlling interest in the Citizens’ National Bank
o f Yonkers, N. Y . There w ill be no change at present in
the management of the bank or in the board o f directors.
— Mr. Daniel G . R eid was on Thursday elected a VicePresident of the L iberty National Bank o f this oity, to suc
ceed Mr. H enry C. Tinker, resigned. Up to M ay o f 1901
(when he gave up the position to becom e Vice-President)
M r. Tinker had fo r a number o f years been President of
the bank. His present step was prompted by the desire to
gradually withdraw from active business. The new VicePresident, Mr. R eid, is Chairman o f the board o f directors
o f the Chicago R ock Island & Pacific R R . and a mem ber o f
the E xecutive Committee of the United States Steel Corpora
tion.
—A map w hich w ill prove a m ost useful addition to any
banking office has been issued by the N ew Y ork National
Exchange Bank o f this city. Aside from the value o f the
inform ation given on the map (it treats o f the payment o f
negotiable instruments in all the States and Territories),
added value is given the same by reason o f its compactness,
the cardboard on w hich it is printed measuring but 10^x14
inches. The States are printed in various colors, white de
noting that no grace is allowed, red that grace is permitted
on notes and acceptances only, shaded lines that grace on
sight drafts only is given, etc. For each State there are n o
tations telling in concise language when a note falling due
on Sunday or a holiday Is payable. A holiday calendar g iv 
ing the holidays in all the months o f the year throughout
the States, as well as their legal and contract interest rates,
makes the map still m ore valuable.
The idea has been
copyrighted by Mr. David H. G. Penny, Assistant Cashier o f
the bank and is the result of a most thorough, painstaking
endeavor to secure absolute accuracy up to the present date.
—The Trust Company o f A m erica o f this city has de
clared a quarterly dividend o f 2 per cent, payable A pril 1, or
at the rate o f 8 per cent per annum. Seven per cent yearly
has been paid heretofore in semi-annual instalments in
January and July.
— Mr. W illiam Astor Chanler, w ho is no longer a stock
holder in the International Bank & Trust Company o f
Am erica, has resigned as a director o f that corporation.
—It is stated on good authority that the Oriental Bank,
corner o f Bow ery and Grand Street this city, w ill locate its
headquarters somewhere in the down-town district about
M ay 1st. The general impression is current that the Oriental
intends to occupy the present quarters o f the Seventh N a
tional Bank at Broadw ay and John Street, w h ich the latter
bank vacates soon. The various rumored reports as to the
Oriental’s prospective plans are erroneous and unfounded.
N o combination or association w ith other institutions is con 
templated. A fter the bank establishes its headquarters dow n
tow n its present hom e, on Bow ery and Grand Street, will be
com e a branch. Nelson G. A yres is President, L udw ig Nissen, Vice-President, and Joseph E. Kehoe, Cashier. The
Oriental has $600,000 capital, $820,911 surplus and undivided
profits and $1,939,000 deposits.
—The Registrar & Transfer Company, w ith offices in New
Y ork and Jersey City, has issued a pamphlet on “ C orpora
tions,” showing the advantages o f incorporation under New
Jersey laws. Much inform ation is given on the su bject o f
how to proceed to organize a corporation, which should ap
peal to those interested, or about to becom e interested as
attorney, stockholder, director or officer. The pam phlet is
illustrated with view s of various room s in the N ew Jersey
offices and with a frontispiece o f the Mutual L ife Insurance
B uilding in which the N ew York office is located.
—The incorporation is announced o f the A ustro-H ungarian
Bank of A m erica, capital and surplus $100,000 each. The

627

bank will locate in this city, and tem porarily its offices w ill
be at 452 Fifth Avenue. The opening date has been set fo r
May 1.
—Mr. I. H. Castens has been chosen Cashier o f the Third
National Bank o f Jersey City, which position became vacant
in N ovem ber last at the time o f the death o f Mr. John F. R ich.
—The organization has been perfected o f the C itizens’
Trust Company o f Orange, N. J., w hich was incorporated in
A pril o f last year. Its incorporators were identified w ith
the Orange National Bank, w hich has since com e under the
domain o f the United States M ortgage & Trust Company.
A ll o f the officers o f the Orange National have been elected
to similar offices in the Citizens’ Trust, the latter’s Btaff be
ing made up as follow s: President, Mr. Charles M. D ecker;
Vice-Presidents, G eorge Spotti&woode and John D. E veritt,
and Secretary and Treasurer, J. W arren Smith. Mr. E. T.
Perine o f the United States Mortgage Sc Trust Company is
one o f the directors, as is also Mr. Oscar L. G ubelm an, Sec
retary Sc Treasurer o f the C om m ercial Trust Company o f
New Jersey. The Citizens’ has an authorized capital o f
$100,000 and a surplus o f $150,000, the shares having been
subscribed for at $250 per share. It is possible, according to
local reports, that the Orange National w ill be liquidated, in
which event the Citizens’ Trust w ill take over its business.
—The Fidelity Trust Com pany o f Buffalo, N. Y ., has com 
pleted and is now in possession o f its new building at the
corner o f Main and Swan streets. The structure, the exter
ior o f which is o f granite and brick, is a decided addition to
the city ’s architectural developm ent. Marble and bronze
trellis work enter largely into the construction o f the interior
o f the bank, w hich has been equipped w ith every detail
now necessary fo r m odern banking offices.
—The Cambridge National Bank o f East Cam bridge,
Mass., on January 31 turned over its business to the Lechmere National Bank o f that city and is now in process o f
voluntary liquidation.
— Mr. Joseph H. Paist has been elected President o f the
Am erican Trust Com pany o f Philadelphia, to succeed Mr.
A . M. L angfeld, resigned. The latter has been chosen VicePresident o f the com pany.
—The directors of the W est Philadelphia T itle & Trust
Company o f Philadelphia, Pa., have decided to increase the
paid-in capital o f their institution from $250,000 to $500,000.
—The new Guardian Trust Company o f Pittsburgh, P a.,
previously referred to in these colum ns, w ill open about
A pril 1 at 513 W ood Street. The officers w ho have been
elected include Mr. H. C. F ry as President and J. A . Langfitt and W . E. H ildebrand as Vice-Presidents.
—The M ortgage Banking Company o f Pittsburgh, whose
stockholders voted in A ugust last to increase the capital from
$250,000 to $350,000, has decided to still further increase the
amount, this time to half a m illion dollars. The shareholders
w ill act on the proposition on May 18.
—A bond department is to be added to the business of the
North Am erican Savings Company o f Pittsburgh. The new
department will be in operation in a short time w ith Mr. C.
O. Baker as manager.
—The stockholders o f the Monongahela Valley Bank of
Duquesne, Pa., have authorized an increase o f $50,000 in the
capital, m aking the amount $100,000. The new issue is to be
sold at $05 per share.
—The Berwick Savings & Trust Company of B erw ick, P a.,
opened fo r business on the 2d inst. It has a paid-in capital
of $125,000, the largest o f any banking institution in C olum 
bia County. The officers are: President, S. W . Diokson;
Vice-Presidents, O. F. Ferris and Isaiah B ow er; Treasurer,
B. D. Freas, and Solicitor, Charles C. Evans.
—The U nity Banking Sc Savings Company o f Cincinnati
has decided to increase its capital from $50,000 to $100,000.
The bank is preparing to open a branch at 106 Elder Street,
which will be in charge o f Vice-President Nicholas Diehl.
—The depositors o f the Cincinnati Savings Society o f C in 
cinnati, having approved, by a m ajority vote on the 11th
inst., the m erger o f their institution w ith the Union Savings
Bank & Trust Company, the transferring o f the accounts be
gan on the follow in g day. Under the arrangement the de
positors o f the Society w ill receive a pro rata share of their
institution’s surplus and for the next tw o years w ill be en
titled to interest from the trust com pany at the rate o f 4 per

628

THE

C H R O N IC L E .

cent per annnm on existing deposits but only 3 per cent on
new deposits. On June 16 the depositors o f the Cincinnati
Savings Society will take action upon the dissolution o f the
Society.
— The Hom e Savings Bank, with $50,000 capital, is under
going reorganization in Cincinnati. It is expected that the
bank will be in shape for business next m onth, when it w ill
open at 602 V ine Street.
—A new banking institution is being organized in Grand
Rapids, M ich,, under the name o f the Com m ercial & Savings
Bank. The capital has been made $200,000. Mr. Charles B.
Kelsey has resigned as Cashier o f the People’s Savings Bank
in order to take the Presidency o f the new bank.
—The stock o f the Equitable Trust Com pany o f Chicago is
now upon an 8-per-cent basis, the directors at their meeting
last week having declared a 4-per-cent semi-annual dividend.
$25,000 was transferred from undivided profits to surplus,
making the com pany’s surplus now $275,000. A t the annual
m eeting on the 18th inst. F. M. Blount, Vice-President of the
Chicago National Bank, was added to the board o f directors.
—Vice-President U hrlaub o f the Central Trust Company
o f Illinois is to have as his assistant Mr. 8 . K . Martin Jr.,
late Secretary of the S. K . M artin Lum ber Company, a man
prom inently known in Chicago financial circles.
— Messrs. K in g, Hodenpyl & Co. o f Chicago and New Y ork
have favored us w ith a number o f new circulars in w hich
they offer a large and choice variety o f standard bonds to
their customers. A novelty in their method is the grouping
o f special lists of railroad securities, w hich they send to spe
cific sections o f the cou n try —e. g , one circular contains
bonds especially adapted to the Eastern m arket, another to
the Central section and a third to the Southern and W estern
demand.
—The First National Bank o f Minneapolis has adopted in
its recently inaugurated G ratuity Fund an excellent plan for
the prom otion of th rift am ong its employes. In the rules
and regulations governing the fund, it is stated that the plan
is in the nature of an experiment, and is not intended to create
any contractual relations between the bank and its em 
ployes. The fund is to consist solely o f such gratuities as
the bank m ay from time to time decide to grant, and in no
sense and to no extent o f any part or portion o f any salary
o f any employe, nor is the fund to be, or to be regarded,
as a pension or disability fund, but at all times to be
and to remain a purely gratuitous fund under the com plete
control of the bank. Each em ploye o f the bank on the
first o f the present year was credited on the bank’s books
w ith tw o sums—4 per cent and 3 per cent o f the total salary
paid to each during 1902. These credits are known and
designated as “ absolute” and “ conditional,” and w ill be
allowed interest for the present at the rate o f 4 per cent per
annum. A n em ploye leaving the bank w ithin tw o years,
(service dating from January 1903) or any employe who
shall be dismissed w ithin five years after January 1903 w ill
be permitted to draw only the sum o f the “ absolute” credits
standing in his or her name. In the case o f an em ploye
leaving the bank after more than tw o years’ continuous
service subsequent to January 1 1903, such em ploye shall be
allowed to draw all of the “ absolute” credits standing in his
or her name, together w ith such interest as m ay have been
allowed thereon, and certain percentages based upon length
o f service, o f the “ conditional” credits, together with such
interest as m ay have been allowed thereon. These percent
ages, based upon length o f service, begin w ith 10 p ercen t for
continuous service (after January 1903) exceeding tw o but
not exceeding three years, and amount to 100 per cent where
the service exceeds ten years. In case o f the total disability
o f any employe during the tim e o f service w ith the bank he
or she may upon request be allowed to draw the whole o f
bis or her “ absolute” credits, together with such interest as
may have been allowed thereon, and such part o f the “ con
ditional” credits as the bank m ay see fit to allow. In the
case o f the death o f an employe, all o f both the “ absolute”
and “ conditional” credits, with interest, g o to such em ploye’s
legal representative or next o f kin. A ltogether, the plan
seems a most liberal one, and there should be no question o f
its successful operation.
—Henry Meyer, for four years National Bank Exam iner of
Iow a, has resigned the V ice-Presidency o f the Des Moines
National Bank to accept the Cashiership o f the new Ham ilton

[V ol.

LXXVL

National Bank o f Chicago, w hich it is expected w ill open
for business about the middle o f April. The com plete list o f
officers o f this bank is as follow s: President, C. B. Pike;
Vice-President, D. W . Buchanan; Cashier, Henry M eyer;
Assistant Cashier, George H. W ilson.
—A special m eeting o f the stockholders o f the C om m on 
wealth T rust Com pany o f St. Louis w ill be held on M ay 14,
when the proposition to reduce the capital from $ 2,000,000 to
$1,500,000 and the surplus from $3,500,000 to $2,500,000 w ill
be acted upon. The bank w ill thus have a com bined capital
and surplus o f $4,000,000 instead o f $5,500,000.
— The Tennessee Trust Company o f Memphis, recently in 
corporated, has taken offices on the first floor o f the Planters’
Building, M adison Street, where it w ill open about the first
o f the com ing m onth. The com pany’s capital is $500,000 and
the surplus $ 100,000 .
— Previous reference to the grow th o f the P eople’ s N ational
Bank o f Charleston, S. C., has been made in these colum ns,
bat the continued progress displayed merits further atten
tion. In February o f 1899 deposits o f $818,000 were recorded;
in the same month o f the follow in g year the amount had ad
vanced to $1,109,000; in February o f 1901 the figures reached
$1,240,000; in February o f 1903 an aggregate o f $1,505,000 was
shown, and now for February o f the present year the tw omillion dollar m ark has been passed, the amount reported be
in g $2,004,000. The bank has a capital o f $300,000 and sur
plus and profits o f $167,000. The management consists o f Mr.
R. G. R hett, President; E. H. Sparkman, Vice-President and
Cashier; E. P. G rice and J. B. Calder, Assistant Cashiers.
—Ground was broken a few weeks ago for the erection o f
a handsome new banking building fo r the First National
bank o f Birm ingham , A la. The building w ill be 100x140
feet, ten stories in height and absolutely fireproof. It w ill
be known as the First National Bank Building, the bank o c 
cupying the ground floor and basement. The interior of the
banking rooms is to be constructed o f m arble, the fixtures to
be solid bronze and mahogany. The officers o f this in stitu 
tion, which reported deposits close to $5,000,000 on Feb. 6 ,
are Mr. W. P. G. H arding, President; J. H. W oodw ard and
J. H. Barr, Vice-Presidents; W . W . Craw ford, Cashier, and
A . R . Forsyth, Assistant Cashier.
—The First National Bank o f Florida, at Jacksonville,w as
olosed by the Com ptroller on the 14th inst. and N ational
Bank Exam iner J. W . N or veil placed in charge as Receiver.
The failure, it is stated, was due to losses w hich absorbed the
entire capital ($50,000) and surplus, leaving a deficiency in
assets.
—The Fourth National Bank o f M ontgom ery, A la ., p u b 
lishes an interesting com parative statement o f its grow th
since July, 1901. at w hich tim e the bank became a national
institution, the name being changed from the Capital City
Bank. O riginally the name was the Capital City Insurance
Company, the organization under this title having occurred
in 1871. For the period from July 15 1901 to M aroh 5 1903
both deposits and resources show considerable additions. A t
the early date $ 111,658 was the amount o f deposits and
$222,720 the resources. N ow deposits have risen to $336,493
(M arch 5) and resources to $486,343, A n addition to the
capital is contemplated, a m eeting o f the stockholders hav
ing been called fo r A pril 21, when the proposition to increase
the amount from $100,000 to a sum not exceeding $250,000
w ill be acted upon. Mr. W illiam Berney is President o f the
bank, W . D. Brown the Vice-President and W . H. Hubbard
the Cashier.
—Mr. George H. Rathm an has succeeded Mr. I. C. Elston
as President o f the L ive Stock National Bank o f Sioux City.
Mr. Rathman had previously been Cashier, in w hich office he
has been replaced by form er Assistant Cashier E. C. Carrey.
—The organization has been com pleted o f the Title &
Trust Company o f M uskogee, at Muskogee, Indian Territory.
The com pany, whose capital is $250,000, w ill engage in a loan,
trust and title business. Mr. J. L, Blakemore is President;
F. C. Hubbard, Vice-President; J. Lee Dabbs, Treasurer,
and N. A. Gibson, Secretary. Treasurer Dabbs is President
o f the First National Bank o f M uskogee, in which Mr. H u b
bard holds the position o f Vice-President.
—The State Savings Bank o f Butte, M ont., on account of
the circulation o f rumors w h ich are denied by the officers,
experienced a “ run” on the 12th inst. The bank declined

THE

March 21, 1903.]

CHRONICLE.

assistance from other institutions, It enforced the rule, it is
stated, requiring notice on time deposits, bnt met all other
demands upon it.

IM P O R T S

A N D

E X P O R T S

FO R

F E B R U A R Y

.

The Bureau of Statistics at Washington has issued
the statement of the country's foreign trade for
February, and from it and from previous statements
we have prepared the following interesting summaries.
F o r e ig n T r a d e M o v e m e n t o f t h e U n it e d s t a t e s .

[In the following tablet three olphert (OOOt) are In a lloatet omitted.]
1 9 0 1 -0 2 .--------------

-1 9 0 2 -0 3 -B z v o r ts .

M e r c h ’ d le e * $
July-Sept... 304.666
O ct.-D ec.... 417.520
January..f . 134.032
February... 125,502

Total.......

98£,020

E x p o r ts .

E xcess.

Im p o rts.

$
3 A 4.460
419,057
129,145
101.570

$
$
a 13.087 + 1 1 1 ,4 3 9
A33,918 + 1 8 5 ,1 1 6
79,138 + 5 0 ,0 0 7
08,380 + 3 3 ,2 2 0

0 8 0 .7 -0 + 3 0 1 ,2 9 4

974,230

5 94.407 + 3 7 9 .7 7 1

- 1,000
-1 4 .2 6 1
-1 ,9 2 5
—260

3,190
£5,102
1.975

34.789

-1 7 ,4 4 2

S i l v e r a n d S i l v e r In O r e .
July-Sept...
13.052
0,488
13,693
7,700
O ct.-D ec....
J a n u ary....
3,677
1,473
F ebruary...
3,807
1,087

+6.509
+5.993
+ 2,101
+2,180

17,347

Total........

34.189

E xcess.

$
$
245 ,8 0 8 +59,158
£67*167 + 1 5 0 ,3 6 8
85.172 + 4 8 ,8 0 0
82.579 +421,928

G o l d a n d G o l d In O r e .
11.720
July-Sept...
1 0,720
O ct.-D ec....
5.035
19.286
January....
80
•A,Oil
F ebruary...
1,600
1,772
Total........

Im v o r ts .

17,313

-t- Hlxeestof exports.

+10,046

- 1 0,282

8.666

19,472
19,802
1,400
1,097

38.932

41,987

-3 .0 0 5

13,068
14,151
4,524
3,927

7,350
8,655
£.108

£.000

+5.097
+5.490
+£,410
+ 1,921

35.655

£0.125

+ 15.530

+5,740
+509
+0,908

— Excess of imports.

We subjoin the totals for merchandise, gold and
silver for the eight months since July 1 for six years.
Eight

Mos. E xports. Imports.
$
OA 0 3 98A.020
0 1 -0 A 974,235
0 0 -0 1 1.016,195
9 9 - 0 0 919,473
9 8 -9 9 843,430
9 7 - 9 8 813.205

$
080.720
594,407
5A3.5I0
5 5 5,253
4 A 7,202
393,091

Excess
E x
of
E xports ports.

$
$
301294 17,347
379771 38.932
4 9 1065 3 A, 832
30429C £4,921
410260 1 £.202
419594 1A.609

Excess
Im  o f E x 
ports. ports.

$

$'
$
17,343 16.840
£0.126 15,530
£ 6 630 1 8 591
£1,423 1 4 ,4 7 1
£0,764 1 8 106
££,660 1 5 913

17,442
3.006
£3.916
6.93C
04.810
£7.581

$
34,189
35,056
45,221
35.894
38,869
38.569

F E B R U A R Y

Similar totals for the two months since January 1
make the following exhibit.
Two
Mos.

Exports. Imports

$
1903.
190£.
1901.
1900.
1899
1898.

£59,634
£30715
£49,283
437,024
£ 0 9 428
£03.844

t

E xcess
of
Exports

E x
ports.

t

t

8ILV * h .

E xcess
Im 
of
ports Exports
l

107,751 91.703 1,692 3,783
147,488 83,227 10,040 3.103
133,809 115474 8.038 0,124
144.781 9 £.298 7,095 3,903
118.498 90.030 £.923 11,641
1 03.902 1*9,442 3.688 1 £.065

$
*£,19]
7,687
£.514
3,192
*9,218
*8.90'

E x
ports.

Bxcet
Im  Of K.
ports. porti
f

$

7 444
8.451
9.8:0
9,t6>

9,700
8002

3.160
4,114
5 379
5.016
4 650
4 021

*

4.284
4 337
3 901
4 637
5,144
3.441

* Bxoess o f imports.

In these tables of totals, gold and silver in ore for
all years are given under the heads respectively of
gold and silver.
The following shows the merchandise balance for
each year back to 1875.
BXOES8 OF MERCHANDISE IMPORT8 OR EXPORTS.
8 m on th s e n d in g Feb. 2 8 —

1875
............E x p o r t s . $ 7 ,0 3 5 ,1 5 5
1876
............E x p o r t s . 5 2 .7 4 2 ,9 7 1
1877
............E x p o r t s . 1 5 6 ,5 3 1 ,1 9 7
1878
............E x p o r t s .1 6 9 .0 2 5 ,9 9 4
1879
............E x p o r t s .2 0 4 ,7 9 3 ,9 2 7
1880
............E x p o r t e . l 5 2 ,6 1 8 ,3 0 5
1881
............E x p o r t s .2 1 0 ,4 8 1 ,1 7 0
1882
............E x p o r t s . 7 1 ,0 8 4 ,1 4 7
1 8 8 3 . . . ......... E x p o r t s . 8 8 .5 3 9 ,2 4 5
1884
........... E x p o r t s . 8 8 ,2 7 5 ,0 9 0
1 8 8 5 ........... . . . E x p o r t s . 1 5 9 ,5 7 2 ,9 3 5
1 8 8 6 . . . ..........E x p o r t s . 5 0 ,8 5 9 ,3 2 2
1887
............E x p o r t s . 6 6 ,1 5 7 ,3 7 7
1888
............E x p o r t s . 2 7 ,9 3 9 ,2 7 4
1889
........... E x p o r t s . 3 0 ,8 8 0 ,2 9 6
1890
............E x p o r ts . 1 0 6 ,4 4 6 ,6 8 9
1891
............E x p o r t s . 8 2 ,0 5 2 ,2 6 1
1892
............E x p o r t s .2 1 4 ,1 2 3 ,9 2 7
1 8 9 3 ........... . . . E x p o r t s . 2 9 ,7 9 9 ,4 4 1
1894
............E x p o r t s .2 1 8 ,0 6 1 ,8 3 2
1895
............E x p o r t s . 9 1 ,6 5 2 ,0 5 2
1896
............E x p o r t s . 6 1 ,4 7 2 ,0 4 0
1897
............E x p o r t s .3 1 2 ,4 8 2 ,8 4 9
1898
........... E x p o r t s .4 1 9 ,5 9 3 ,6 8 1
..... . . . E x p o r t s . 4 1 6 ,2 3 1 ,4 3 3
1899
1900
............E x p o r t s .3 6 4 ,2 1 9 ,8 9 7
............E x p o r t s .4 9 1 ,6 5 5 ,1 4 4
1901
1902
...........E x p o r t s .3 7 9 ,7 7 0 ,6 5 6
1903
............E x p o r t s .3 0 1 ,2 9 3 ,8 1 0

1908.

The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Feb. 28, 1903. For sta tem en t o f Jan. 31, 1903>
see C h r o n i c l e Feb. 14, 1903, p a g e 360 ; th a t o f Feb. 28, 1902
see M arch 29, 1902, p a g e 660.
INTEREST-BEARING DEBT FEBRUARY 28. 1908.
Title o f L o a n —

interest
payable

■A m o u n t O u tsta n d in g .---------C ouvon.
T otal.
R egistered.

A m ount
issued.

*

t

*

%

7.*0*,450
41 369,280
48 218.100

446,940,760

26,846,600
7,471,100

118,469,900
19,385,050

Agg’te Int.-Bearing Debt.1,687,988,910 783.002,030 131,508,530

914,541,420

2b , Consols

o f 1980..... Q.—J

8b , L oan o f 1908-1918.. Q . - i f .
4b. Funded loan , 1907..Q .— J .
fs R efu n d ’g c e r tiflc ’ s.Q .— J .
is . L oan o f 1925.......... Q.—F.
5b, L oa n o f 1904.......... Q.—F.

445,940,750 488,332,300
198,792,660 66,146,380
740,925,350 184 966,100
40,012,750
102,315,400 91,643.300
11,918,950
100 ,000,000

97,616,660

233.179.200

No t e —Denominations o f Bonds are :

Of 110 only refunding certificates; of 120 loan o f 1908 coupon and registered
Of *50 all Issues except 3s of 1908: of $100 all Issues;
Of $600 all except 5s of 1904 coup.; of $1,000 all issues;
Of $5,000 all reglste’d 2s,3s and 4s: of *10,000 all registered bonds;
Of $20,000 reglst. 4s loan o f 1907; o f $50,000 registered 2s o f 1930.
DEBT ON WHICH INTEREST HAS CEASED SINCE M ATURITY.
Feb. 29.
Jan. 31.
funded Loan o f 1891,contlnuedat2 percent,called
$111,700 00
May 18,1900; Interest ceased August 18,1900
$110,700 00
60,750 00
Funded Loan o f 1891, matured September 2 1891..
ho,760 00
1,058,060 26
Old debt matured prlorto Jan. 1, 1881 ................... 1,059,460 26
Debton which Interest has ceased.................... $1,280,910 2e
|l.*30,510 26
DEBT BEARING NO INTEREST.
DnitedStatesnotes......................................................................... .$346,681,016 00
Old demand notes...............................................................................
63,847 60
National bank notes—Redemption account................................... 43,136,981 60
Fractional currency, less $9,375,934 estim’d as lost or destroyed
6,872,693 68
A ggregateof debt bearing no interest...................................... $896,744,439 03
RECAPITULATION.
Feb. 89,1903.
Jan. 31,1903.
I n c . or Dec.

C lassification o f D e b t—

Interest-bearing debt........
Debt, interest ceased.........
Debt bearing no Interest...

$

914,541.420 00
1.230,510 20
396,714,488 68

$

914,541.930 00 Inc.
1,230.910 20 Dec.
89e,6l0,2e6 13 Inc.

$

$90 00
400 00
228,162 50

*27.842 50
Total gross d e b t-......... 1,812.616,369 89 1,812.288.526 39 Ino.
Cash balance in Treasury*. 374,543.470 29 368,345,963 42 Inc. 6,197,506 87
Total net debt..............

937,672,898 00

943,942.602 97 D ec. 5.969.6^4 37

The foregoing figures show a gross debt on Feb. 28, 1908
of 11,812,516,368 89 and a net debt (gross debt less net cash
in the Treasury) of $937,972,898 60.
T reasury C ash and D emand L iabilities .—T he cash hold
ings of the Government as the items stood Feb. 28 we have
prepared from the Treasury statement o f that date.
ASSETS.

LIABILITIES.

Trust Fund Holdings—

Trust Fund L iabilities—

Gold coin........................$399.06 ',009 00 Gold certificates..........$399,002 069 00
silver dollars................. 408 431,000 00 Silver certificates.......... 408,481,000 00
Silver dollars of I860....
1,259,837 00 Treasury notes o f 1890.. 22,232,000 00
Silver bullion o f 1890... 20,972 168 00
Total trust funds .... $884,725,069 •>
Total trust liabilities..so o i,7*5,069 UP
General Fund Holdings—

GOLD.

M e r c h a n d is e .

28

<

Excess
E x
Im 
of
ports. Im ports ports.

$
34.789
41,937
56.248
31,851
7 7 ,10t
40,460

S T A T E M E N T

• Including$160,000,000reserve fund.

Si l v e r .

GOLD.

M e r c h a n d is e .

D E B T

629

2 m o n th s e n d i n g F eb . 28 —
1 8 7 5 ............... E x p o rts. $ 4 ,8 0 2 ,6 6 8
1 8 7 6 ..............E x p o r t s . 2 3 ,1 6 3 ,2 7 3
1 8 7 7 ..............E x p o r t s . 4 3 ,2 7 5 .5 1 6
1 8 7 8 .............. E x p o r t s . 6 7 ,0 6 6 ,2 9 5
1 8 7 9 .............. E x p o r t s . 5 5 ,3 4 8 ,8 7 2
1 8 8 0 ..............E x p o r t s . 1 6 ,0 9 7 ,8 8 7
1 8 8 1 ..............E x p o r t s . 4 8 ,7 6 8 ,4 1 8
1 8 8 2 ..............E x p o r t s . 5 , 7 4 4 ,4 3 4
1 8 8 3 ..............E x p o r t s . 3 3 ,9 6 3 ,7 7 6
1 8 8 4 ..............E x p o r t s . 2 6 ,2 1 5 ,0 0 9
1 8 8 5 ............... E x p o r t s 5 0 ,2 2 4 ,2 0 2
1 8 8 6 ..............E x p o r t s . 5 ,7 9 1 ,8 9 0
1 8 8 7 ..............E x p o r t s . 1 5 ,203.807
1 8 8 8 ..............I m p o r t s . 5 ,6 3 3 ,4 1 9
1 8 8 9 ....... . .. E x p o r t s .
2 ,9 0 5 ,3 1 7
5 8 9 0 ..................E x p o r t s . 1 9 ,207,051
1 8 9 1 ...............E x p o r ts . 2 9 ,2 2 6 .0 7 6
1 8 9 2 ..............E x p o r t s . 5 8 ,6 7 3 ,6 5 3
1 8 9 3 .............. Im p o r ts . 18 ,2 9 9 ,7 2 7
1 8 9 4 .............. E x p o r t s . 4 5 ,7 9 9 .6 3 9
1 8 9 5 .............. E x p o r t s . 1 1 ,3 4 8 ,8 1 7
1 8 9 6 .............. E x p o r t s . 3 3 ,5 4 6 ,2 1 6
1 8 9 7 ..............E x p o r t s . 6 3 ,1 8 1 .5 7 4
1 8 9 8 ..............E x p o r t s . 9 9 ,4 4 1 ,7 6 4
1 8 9 9 ..............E x p o r t s . 9 0 ,9 3 0 ,3 7 4
1 9 0 0 ..............E x p o r t s . 9 2 ,2 9 3 ,0 9 0
1 9 0 1 ................ E x p o r t s .1 1 * ,4 7 3 ,8 3 6
1 9 0 2 ..............E x p o r t s . 8 3 ,2 2 6 ,2 2 4
1 9 0 8 .................. E x p o r t s . 9 1 ,7 8 2 ,7 6 6

Gold coin and bullion... $83,721,760 91
Gold certificates............ 25,930.0^6 00
Sliver certificates..........
6,-70,417 00
Sliver dollars................. 12,lul,4i0 00
Silver bullion..................
928,438 41
United States notes......
4,288,223 00
Treasury notes of 1890..
106,90100
National banknotes.... 10,011,*8^ 37
Fractional silver co in ...
8,624,739 08
Fractional currency
201 57
Minor coin.....................
700.75149
Bonds and interest paid_____ 4l,*76 80
Tot. in Sub-Treasuries.*!68,7^9,046 63
In Nat. Bank Depositaries—
CreditTreasurerof U. S.fi 48,191 £20 02
Credit U. 9. dlsb.officers 7,360 826 09
Total in banks........... $ifcO,b62,0Di 10

Gen. Fund Liabilities—

National hank 5 per cent
f u n d ,.......................... $13 171.703 86
Outstanding checks and
drafts............................
8.144,636 98
Disbursing officers’ bal
ances................. .......... 55,CSS,901 16
Post Office Department
account........................
0,780,71511
Miscellaneous Items......
1,671,450 85
Total geu. liabilities.. *»4.&08 827 44
Cash Balance <k Reserve—

Total cash and reserve. .$374,548,470 29
Made up o f—
Available. $224,643,470 29
and
Reserve Fund
Reserve Fund Holdings—
Gold coin and bullion.. .* 1*0,000 dodo* Geld & bull.$160,000,000^0___________
Grand total................ $i.r4* O?7.3c0 73
Grand total...............$i,3i4,O77,3c0 73

IM P O R T S

A N D

S IL V E R

E X P O R T S
A T

S A N

O F

GO LD

A N D

F R A N C IS C O .

Through the courtesy of the C ollector o f Customs at San
Francisco, we have received this week the details o f im ports
and exports o f gold and silver through that port fo r the
month o f February, and they are given below in conjunction
with the figures for preceding months, thus com pleting the
results for the eight months of the fiscal year 1902-03. The
imports of gold were of very moderate proportions,
reaching only $128,618, mainly ballion and ore Of silver
there came in $104,610, all ore. Daring the eight months
there was received a total of $S,888.70S gold and
$1,783,166 silver, which compares with $12,399,235 gold and
$2,225,277 silver in 1901-02. The shipments of gold during
February were $2,580, alt coin, and the exports o f silver
were $97,896, of which $15,696 was coin. For the ‘ ight
months the exports of gold reached $1,955,420, against
$758,042 in 19)1-02, and $5,985,776 silver was sent out, against
$6,475,129 in 1901-02. The exhibit for February and the eight
months is as follow s:

THE CHRONICLE

630

[VOL. LXXVI.

disbursements ou t o f the exchequer w ill be on a greatly in
creased scale. H ow ever that m ay be, there is little prospect
S ILV E R.
GOLD.
at present o f any ease in the money m arket until the interest
MONTHS.
on the national debt is paid, in the first w eek o f A pril.
Coin. Bullion.
Total.
Total.
Bullion.
Ooin.
Consequently rates here are very m uch higher than upon
t
$
190 2 03.
$
9
the Continent, and this week the continental banks have
3 5 ,9 1 9
5 ?0 7 8
1 5 6 ,5 6 0
1 5 1 ,4 8 2
2 2 ,3 0 4
1 3 ,6 1 5
J u l y .........
been buying sterling bills on a very great scale. Som e o f
2 7 0 ,2 2 4
1 5 1 ,6 0 6 7 1 ,0 7 0
1 9 9 ,1 5 4
6 9 ,8 1 3
8 1 ,7 9 3
August---the French banks have bought on a very large scale. The
582
5 6 7 ,5 7 8
2 3 8 ,9 6 9
2 3 8 ,3 8 7
8 0 ,9 2 8
September 4 8 6 ,6 5 0
3 4 7 ,2 6 9
1 ,0 2 2
3 4 6 ,2 4 7
1 8 9 ,1 8 6 6 ,0 3 2 ,3 9 1
O otober... 5 ,8 4 3 ,2 0 5
Germ an banks have been very active takers o f bills, and
1 5 0 ,1 7 0
1 5 0 ,8 7 8
708
November. 1 ,4 8 4 ,8 4 7 1 4 8 ,2 0 6 1 ,6 3 3 ,0 5 3
alm ost all the continental banks have added to their p ort
4
0
4
,5
9
2
2
7
6
,1
4
8
4
0
2
,4
4
7
2
,1
4
6
2
7
2
,1
9
8
3
,9
5
0
December.
folios. It is o f course im possible to form any very close esti
6 3 ,3 9 5
1 1 0 ,0 6 4
1 1 0 ,0 6 4
6 3 ,3 9 5
J anuary...
1 2 8 ,6 1 8
1 0 4 ,6 1 0
1 0 4 ,6 1 0
mate o f the am ount o f continental m oney n ow being em 
1 1 7 ,1 2 3
1 1 ,4 9 5
February..
ployed in London, but w ell-inform ed bankers think that it
Tot. 8 m o e 7,925.555 9 6 3 ,1 5 3 8 .8 8 8 ,7 0 8 8 0 .6 0 5 1 ,7 0 2 ,5 6 1 1 ,7 8 3 ,1 6 6 cannot b s less than 60 m illions sterling, and possibly may be
E X P O R T S O P G O L D A N D S IL V E R F R O M SAN F R A N C IS C O .
m ore. A nd in the estim ate is not included investm ents in
British securities held upon the C ontinent. W h atever the
GOLD.
SILVER.
am ount may be, there is no dou bt at all that the sums being
MONTHS.
Coin.
Bullion.
(Join. Bull'n Total.
Total,
em ployed here are unusually large, and that this foreign
m oney makes it possible fo r the Bank o f England to keep its
$
1902-03.
9
9
9
9
12,821 826,853
6^525 207006 213,531
839,674 rate at no higher than 4 per cent. The Bank has been able
Ju ly..........
55.030 635800 690,830 909,167 310,800 1,219,967 to buy some gold this week, but it has not put up its bu yin g
August---5,480 210150 215,630 376,950 463,300
September
840,250 price sufficiently and a portion o f the gold that was offered
O otober... 110,415 199609 310,024 770,861 391,100 1,161.961
10,132
10,132 391,195 288,500
677,695 in the m arket has been taken by Japan and other purchasers.
November.
The India cou n cil continues to sell its drafts w ell. It
722,249
9,753 493800 503,553 265,849 456,400
December.
70,884 355,200
9,140
9,140
January ..
426,084 offered for tender on W ednesday 100 lacs and the applica
15,696
2,580
82,200
2,680
February..
97,896 tions exceeded 3,995 lacs at prices ranging from Is. 4 l-82d.
Tot. 8 mos 209.055 1746,305 1,955,420 2,813,423 3,172,353 5,985,776 to Is. 4 3 32d. per rupee. A pplicants fo r bills at Is. 4 l-32d.
and fo r telegraphic transfers at Is. 4 8-32d. w ere allotted
about 2 per cent o f the am ounts applied for. A pplicants
c u t c t a r y l ( C o m m c v c x a t g n y t i s t t J X e u r s above those figures w ere allotted in fu ll.
The follow in g return show s the position o f th e B ank o f
i From out own oorresponaent.J
England, th e B ank rate o f d iscou n t, the p r ic e o f con sols, &e.
L o n d o n , Saturday, M arch 7, 1903.
com pared w ith the last three years :
1900.
1901.
1002.
1903.
T he collection o f the revenue is taking so m uch m on ey
Mar. 7.
Mar. 6.
Mar. 0.
M ar.i.
£
£
M
M
from the other banks and pou rin g it in to the Bank o f E n g 
Circulation................................ 38,534,306 28.840,676 28,683,445 28,897,800
17,423,042
land that the supply o f loanable capital in the open m arket Public deposit*........................... 18.053,012 18,401,078 12,271,255 38,037,650
89,1*8,000 89,078,329
Other deposits........................... 42,704,703
has becom e exceedingly sm all, and consequently business UoTernment securities............. 14,064,263 16,274,480 12,306.280 18,047,426
Other securities.^... ................. 33,005.303 83,660,003 82.747,3)8 82,924,763
u pon the Stock E xchan ge has been checked. The revenue Reserve of notes and coin....... 26,172,112 26,296,!: 50 25,427,344 23,808,618
CoinAbuHion,bothdepartin’tn. 86,601.417 87,381,625 36,314,789 35,408,818
43*
is being collected ju st n ow at the rate o f about 434 m illions Prop.reserve; o liabilities.p.o.
4b*
4851
4536
3
Sank rate..................percent..
4
sterling every week. A n d little relief is anticipated before Consols, 2H per cent.................. 01 0-10
100 11-16
94
96J6
27*d.
26 6-16d.
28 3-lOd.
Silver............................................ 22 6-16d.
Easter.
Clearing-House returns........... 252.768.000 219,414,000 236,727,000 103,798.000
Other influences have con trib u ted to discourage sp ecu 
T he B ank ra te o f d is c o u n t a n d o p en m a r k e t r a te s a t th e
lation. In the first place the weakness in N ew Y o r k and o h ie f C o n tin e n ta l c it ie s h a v e b e e n as f o l lo w s :
the possibility that m oney in the spring m ay g o ou t to the in
February 20. February 13.
February 27.
March 0
terior in such am ounts as to cause stringen cy, affects the
Interest at
Bank Open Bank Open Bank Open Bank Open
A m erican departm ent here, and through it all other m arkets.
Rate. Market Rate. Market Rate. Market Rate. Market
M oreover, although everyb od y still hopes that Russia and
2*
3
3
3
2H.
3
m
2*
A ustria-H ungary w ill be able to keep the Balkan peoples in Paris.................
s
3*
3*
m
8*
Berlin. ............
2*
m
3*
con trol and to com pel the Sultan to oarry in to effect the v e ry Hamburg.........
876
8*
3
8*
3*
m
2*
2
3*
8*
3*
3*
m
m oderate reform s dem anded fro m him , still the con d ition o f Frankfort.........
2X
3
2H
3
8
3
2*
2*
things in M acedonia is such that there is a certain am ount o f Amsterdam......
8
3
2H
3
2H
Brussels............
S
2H
m
nervousness all over E urope. Then, again, the Pretender in Vienna..............
2*
3*
3*
3*
2H
s*
2*
2H
nom.
nom.
nom.
4*
4*
nom.
4*
4*
M orocco has defeated a portion o f the Sultan’s arm y, 8t. Petersburg..
4
4
4
4
4
4
4
4
and as so many o f the great P ow ers are interested in M orocco Madrid..............
4
4
4
4
4
4
4
4
Copenhagen. ..
a revival o f the insurrection is m aking people w ary h ow th ey
Messrs. P ix le y & A b e ll w rite as fo llo w s u nder date o f
engage in new risks.
The feelin g here fo r the present undou btedly is that little M arch 5 :
IMPORTS OP

GOLD AND SILVER AT SAN FRAN CISCO.

change is to be anticipated u ntil after Easter. Then it is
hoped that m oney w ill becom e abundant and cheap, and it
is expected that there w ill be a considerable reduction in
taxation. F urtherm ore, the Sinking Fund w ill then be in
operation and very soon afterw ards a rise in consols is an
ticipated.
In Paris business has also been slacker this w eek. A p 
parently the speculation in Spanish, Turkish and South
A m erican securities has been carried too far, A g ood deal
o f m oney has had to be b orrow ed from the banks, and rates
accord in gly have risen som ew hat. M oreover, there is dis
appointm ent because the negotiations fo r the unification o f
the Turkish debt are m aking no progress, and the failu re o f
the syndicate fo r im p rovin g the Spanish exch ange to effect
its o b je ct is likewise causing disappointm ent,
In G erm any there is also som ew hat less a ctiv ity , although
there are m any signs that im provem ent has set in. The re
ports o f the various G erm an banks w hich are n ow appearing
sh ow that the banks did m u ch better last year than was gen
erally supposed, and this has given fresh courage to the
p u blic. M oreover, there is m ore d oin g in electrica l matters,
and there is a far m ore hopeful feeling. Nevertheless trade
is exceedin gly dull and it w ill be a lon g tim e before the
effects o f the crisis cease to be felt.
O w in g to the collection o f the revenue, as explained above,
m oney has been all the week very scarce and dear, and the
debt due from the outside m arket to the Bank o f E ngland has
increased.
The general estim ate in the best inform ed
quarters is that at present the outside m arket ow es the Bank
about 10 m illions sterling. A s the receipts into the ex
chequer w ill exceed the disbursements fo r several weeks yet,
it is probable that the borrow in g fro m the Bank w ill be on a
still greater scale fo r a week or tw o, and therefore it looks at
present as if the debt due fro m the outside m arket to the
B ank w ould considerably exceed the interest upon the
national debt payable on the 5th and 0th o f A pril. On the
other hand it is to be borne in m ind that the Governm ent has
to redeem in a cou p le o f weeks about 2 m illions sterling o f
treasury bills, and no dou bt as M arch draws to a close the

Gold—The Paris demand for gold has practically oeased, but there
have been other outside inquiries, and In consequence the Bank has
not seoured the large proportion of the African gold that was expected.
£251,000 has been bought during the week, of whloh £226,000 Is In
bars; but against this the Bank has had withdrawn £80,000, chiefly
for South America, making an increase on the week of £171,000. A r
rivals: South Africa, £492,000; Australia. £49,000; total, £541,000.
Shipments: Bombay, £45,000; Caloutta, £10,000; total, £55,000.
Silver—With one or two special orders In the market, ooupled with a
fair amount of speculative buying lnduoed by the position of silver
ourrenoy In India, the price rose to 225lftd.. ready and forward. There
were plenty of sellers at the advance, however, and with India not
responding, we have fallen to-day to 2 2 ^ . cash and 223, 6 d. forward,
closing dull. The selling was no doubt stimulated by the news that
the currency reserves have Increased In India by 64 laos; but this does
not allow for £500,000 in gold which has just arrived in Bombay and
which equals 75 laos. The prioe in India to-day Is Rs.5 6 s4 for shipment.
Arrivals: New York, £154,000; Australia, £4,000; total, £158,000.
Shipments: Bombay, £101,100; Caloutta, £10,000; total, £111.100.
Mexican Dollars There have been a few transactions In dollars at
about ®i0 d. under the prioe of silver.

The q u o ta tio n s fo r b u llio n are re p o rte d as fo llo w s :
gold.

London Standard.
S a rg old , fln e„...oz.
tJ. S. gold c o in ...o z .
Germ’n gold ooin.oz.
French gold coln.oz.
Japanese y e n — oz.
‘ Nominal.

Mar.
5.
*.

77
76
76
76
76

d.
9*
4*
4 **
4 **
4**

Feb.
26
s.
77
76
76
76
76

Si l v e r .

London Standard.

d.
9*

Mar.
5.
d

Bar sliv e r , fine... oz. 2 2 *
Do 2 mo. delivery 22318
4*
4 V Bar silver, oontaln’g
do 5 grs. gold.oz. 2 2 \
4V
4t1’‘ do 4 grs. gold.oz. 22®,s
do 3 grs. gold.oz. 22*s
Oake sliv er..........oz. 24
Mexican dollars.os. 22*

Feb.
26
d.

223ie
22*

22Ui6
22*

22&16

2316,6
21V

The fo llo w in g sh ow s th e im p o rts o f c e r e a l p ro d u o e in to th ®
United K in g d o m d u rin g th e tw enty-six weeks o f the season
com pared w ith p r e v io u s sea son s :
im p o r t s .

1899-00.
1901-02.
1900-01.
1908-03.
Imp’ ts of wheat, owt.39.888,467 31,187,200 33,987.100 28.652, loO
17,389,507 1 4 ,8 7 5 ,9 0 0 13,209,300
9,277,7oO
tfarle.'...........
8,862,500
Oats............................ 7,930,583
9 .6 1 6 .3 0 0 11,281,700
1,658,000
1,445,230
Peas............................ 1,040,792
1.085.300
915,200
961,240
Seans.......................... 1,052,649
1.042,600
30,672,200
Indian c o r n ................19,485,503 2 4 ,1 4 5 ,8 0 0 29,119,400
F lo u r ..............
9,784,977 11,240,500 11,092,200 10,576,700

1H E

M a r c h 2 1 , 1 9 0 3 .]

Supplies available for consumption (exclusive of stocks on
September 1):
190 2 -0 3 .
1 9 0 1 -0 2
W heat Im p o r te d , o w t . 89,888.467 31,137,200
Im p o rts Of flo u r ......... 9,784,977 1 1 ,240,500
B a le so f h o m e -g r o w n .13,558,608 16,288,514
T o t a l...................... 63,232,052 5 8 ,666,214
A .v e r.p rlo e w h e a t,w e e k .2 5 s . 3d .
27s. I d .
A v e r a g e p r ic e , s e a s o n .2 5 s . 6 d
2 6 s. 9d

11,092,200
13,757,924

1 9 0 0 -0 1

1899-00.
28,652,100
10,576,700
17,256,676

58,837,224
26s. Id
2 7 s . 4d

5 6 ,4 8 5 ,4 7 6
26s. 3d.
2 6 s. Od,

3 3 9 8 7 ,1 0 0

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
Th.it w eek .
W h e a t.................q r s . . .2 ,4 9 5 ,0 0 0
F lo u r, eq u a l to q r s ... 245, ooo
W a les......... ........ u rn..
510.000

L a st w eek.
2,500,000
2 05,000
5 0 5 .0 0 0

1901.
3 ,830,000
2 8 0 ,0 0 0
4 1 0 .0 0 0

1900.
3 ,1 8 5 .0 0 0
435,000
610 0 0 o

t t u s m ii F iu s m iiio fli» r k « n -P B r V a b u .

The daily closing quotations for securities, eto., at Londot
are reported by oable as follows for the week ending Mar. 20;
LONDON.

T k u r i.

9 r i.

32616 227 18
225 16
22%
917 18
91*8
91*8
91716
9 1 ei*
91*4
91%
91*4
015s
00-17% x 99-40 99-42*« 99-62*3 99-50
6%
6*4
6%
6%
6*6
84
84
83
83*3
84*4
100
100
100
100
109
94%
91*3
91*4
95*4
9414
94
94
94
94
94
132%
131 *« 130%
130*3 132
47
47%
47*3
47*3
47*s
24%
24%
24%
24%
25
173
174
173%
173
174
38
38
38
38*s
38*3
89
88%
88*3
89*3
89
37%
36*3
36*4
37*4
36%
69
69
69
69*8
68*4
55%
55%
56*«
55*4
55*3
143*3
143
143*s 142
143*3
123
123
123%
124
124%
27%
27
27
27*3
27
26%
26%
26*3
26*3
26*4
59
59
57
58
57*3
18
18
18*4
18*3
18*9
36
36
36%
....
37
142
140
140
142*4
140*3
31%
31%
31*a
31*4
31%
73
72%
72%
72%
73*4
93
93
93
93
93
73%
73
73*3
73%
73*4
30%
31%
31%
31*3
3 0 78
43*4
43*6
43*4
43*4
43*3
37
37
37
37
37*4
64
62%
63%
66
64*3
32%
32%
32%
32%
33*4
96
94*3
96
97
96*s
95
93 7a
94*4
93%
95*8
93%
93
93*9
93*3 1 93
373a
37 38
37%
38
37%
88
8 8 *«
88%
88*3
88*3
29*4
29
29%
29*3
29*3
51
51
51
51
51
784
78*9
78*3
78*s
78*3

22%

Hat.

B llver, p er o n n o e ........d.
C on sols., n e w . 2 % p .ots.
F o r a c c o u n t ............ ...
F r’ ch re n te sd n P aris) fr.
A n a co n d a M in in g .........
A tch . T op . & Santa Pe..
P re fe rre d ................... .
B a ltim ore & O h i o .........
P r e fe rre d ......................
C anadian P a c ific ...........
C hesapeake & O h i o ....
Chloa. G reat W estern ..
Ohio. M il. & 8 t. P a n l...
D en. do R io G r .,o o m ....
Do
d o P referred .
E rie, o o m m o n ................
l e t p r e fe r r e d ...............
2 d p re fe rre d ................
Illin ois C e n tr a l..............
L ou isville & N ash ville..
M exloan C en tra l...........
M o. K an . & T e x .,c o m ..
P referred ......................
N ation al R R . o f M e x ...
P r e fe rre d ......................
N. Y . C en t’ l & H udson..
M. Y . O n tario & W est’n
N orfolk & W estern ____
Do
do
pref.
P e n n sy lv a n ia ..........
•Phlla. A R e a d ...............
•Phlla. & R ead. ,1 st pref.
*Phila. & R e a d .,2d pref.
Southern P a clflo............
Bonth’ n R a ilw a y , oom ..
P re fe rre d ......................
U nion P a c ific ......... ........
P re ferred ...............
U. 8 . Steel G orp., co m ..
Do
do
p r e f..
W a b ash ....... ..............
Do
p r e fe r r e d .. . . . . .
Do
D eb. “ B ” .........

M on.

Xuet.

lf(d .

22%
917 10

,

913ie
915is
99 40
6%
85%
101

96**
95
134%
48*s
25%
175
38%
89*3
37*3
69*3
56%
145
127
27*3
27
58*3
19
141
32%
74*4

6 .5 8 3 — The F irst N ational B ank o f R en v ille, M innesota. C apital, $25.000. H. N. Stabeok, P r e s id e n t ;-------------------, Cashier. C on 
version o f the S ecurity B ank o f R en ville.
6 .5 8 4 — The F irst National Bank o f C otton w ood , M innesota. C apital,
$25,000. J H. Catlln, President; Chan. Catlln, Cashier. C on 
version o f T he S ecu rity State B ank o f C otton w ood.
6.585— The First N a'ional Bank o f H ow ard , South D akota. C apital,
$25,000. Wm. J a cob sen , P resident; C. L. OlesoD, Cashier.
C onversion o f 'th e Security B ank o f D akota, H ow ard.
6.586—The F irst N ational Bank o f L eR oy , Illinois. Capital, $50,000.
----------------- , President: D avid Crum baugh, Cashier.
6.587— T he First N ational Bank o f H u u tln gton . N ew Y ork C apital,
$50,000. Jam es N. B row n , President; John F. W ood, Cashier.
6.5 8 8 —The G arrett N ational Bank o f O akland, M aryland. C apital,
$50,000. D aniel E. Offutt, President; G. 8 . H am lll, V iceP residen t; S cott T. J odcs, C ashier. C onversion o f the G ar
rett C ounty Bank o f Oakland.
6.589— The Saint M arys N ational B ank, 8 alnt M arys, P enn sylvania.
C apital, $ 125,000. Jas. K . P. H all, P residen t; Joh n B.
R obsrteon , Cashier.
6.5 9 0 — T he E xch a n g e N ational B ank o f C otton w ood F alls, K ansas.
Capital. $50,000. H. F. G lllett, President; 1.. M. Sw ope,
Cashier. C on v ersion o f The State E xch a n g e Bank o f C otton 
w o o d Falls.
6.5 9 1 — T he S an doval N ational R ank o ( N ogales. A rizon a. C apital,
$25,000.
L yonrgn s L indsay, P residen t; B racey C urtis,
C&Bhlcr
6.5 9 2 — The G erm ania N ational B ank o f 8 an F ran cisco, C alifornia.
C apital, $30o,OoO. W . A. F rederlok, P re sid e n t; F red K ron en berg J r., Cashier.
6.5 9 3 — The F irst N ation al B ank o f E ast P alestin e, Ohio. C apital,
$25,000. W illiam 0 . W allace, P r e s i d e n t ; ----------------.C ash ier.
6 .5 9 4 —The First N ational Bank o f N ew C arlls e, Ohio. C apital,
$30,000. I. K. F a n d erb erg , P re sid e n t; Lee S ntton, Cashier.
6 .5 9 5 — The F irst N ation al B ank o f C larksdale. M ississippi. C apital,
$25,000. J. W. Ontrer, P re sid e n t; W. P. W lldberger, Cashier.
6 .5 9 6 —Tlie F irst N ation al B ank o f N ederland, T exas. C apital, $25,0 0 0 . A . B urson , P r e s id e n t; E . R ock h lll, Cashier.
6 .5 9 7 —T he F irst N ation al Bank o f B elen, N ew M ex ico. C apital, $25,000. M . W. F lo u rn o y , P r e s id e n t; R. A . F rost, Cashier.

Bank N otes—Changes in T otal of, and in Deposited
Bonds, Etc.—We give below tables which show all the
monthly changes in Bank Notes and in Bonds and Legal
Tenders on Deposit. The statem ent fo r February, 1902, will
be found in the Chronicle o f March 29, 1902, p a g e 662.
B ond s and
Legal T enders on Deposit
1902 03 f o r ^ a n ^ C ircu la tion .
B onds.

73%
31%
37*4
65%
34*e
97%
9 6 78
93%
38
89*3
30
51*4
79

* Price per share.

(Commercial and illisceUauccm s Jlcins
N a t i o n a l B a n k s . —The
n a tio n a l

631

C H R O N IC L E .

follow ing inform ation regarding
banks is from the Treasury Department.
NATIONAL BANKS ORGANIZED-

Certiflcates Issued December 30, 1902, to January 28, 1903.
6 .5 6 4 — T he G ranite C ity N ational Bank (post-office, G ranite), Illin ois.
C apital, $50,000. G eo. W . N ledrlnghaus, P re sid e n t; Chas.
F. S telzel, Cashier.
6 .5 6 5 —T he F irst N ational Bank o f L eipslo, Ohio. C apital. $ 2 5 ,0 0 0 .
W. A . W hite, P re s id e n t; H . F. W endell, V ic e -P r e s id e n t; B ert
MftDD CaBliler
6 .5 6 6 — T he N ational Bank o f C am bridge, Ohio. C apital, $ 1 0 0 ,0 0 0 .
Samuel J. M cM ahon. P r e s id e n t ;------------------ , Cashier.
6.567—The C olon ial N ation al B ank o f P ittsburgh, P en n sy lv a n ia .
Capital, $1,000,000. Josh u a R hodes, P r e s id e n t; R. J . M o o r 
head, Cashier.
6 .5 6 8 — T he N ational B ank o f T urtle Creek. P en n sy lv a n ia . C a p ita l,
$50,000. U. G. W illiam s, P re sid e n t; W. T. B enn ett, A c tin g
Cashier. C onversion o f The C itizens’ B ank o f T urtle Creek.
6.569—The R tm ersburg N ational B ank, R lm ersbu rg, P en n sy lv a n ia .
C apital, $25,000. M iles Sm ith, P re s id e n t; W . A . W ick,
Cashier.
6.570—The F irst N ation al Bank o f T em ple, O klahom a T e rrito ry . C a pi
tal, $25,000. D. C. C ogdell, President; J. C. T a n d y, Cashier.
6 .5 7 1 —The B oy d N ational Bank. B oyd , M innesota. C apital, $ 25,000.
L loyd G. M oyer, P residen t; Ole H. B ye, Cashier.
6,6 7 2 —The N ational C ity Bank o f W a co, T exa s, C apital, $ 1 0 0 ,0 0 0 .
W . D. M ayfield. PreBldet; II. C. B ostw iok, V loe-P reslden t;
Joh n D. M ayfield, Cashier.
6 .5 7 3 — The First National Bank o f South Fork, P enn sylvan ia. C apital,
$50,000.. G eo. B. Stinem an, P r e s id e n t ;------------------, C ashier.
6.574— F irst N ational B ank o f T urtle Creek, P en n sylva n ia . C apital,
$50,000. W. L. H unter, P resident; P aul R. H olland, Cashier.
6.575— T he F irst N ational Bank o f S eym our, W isconsin.
C apital,
$30,000. J. H , T ayler, P resident; Thos. Coghltl, Cashier.
6.576— The F irst N ational B ank o f M ontezum a, G eorgia. C apital,
$30,000. E. B. L ew is, P resid en t; Chas. B. L ew is, Cashier.
6.577—T he F irst N ational Bank o f Shoshone. Idaho. C apital, $25,000.
Frank R. G ooding, P r e s id e n t;------------------ , Cashier.
6.578—T he First N ational Bank o f M annsvllle, In d ia n T e rritory .
C apital, $25,000. L. E. C ovey , P resident; E . V. W olv erton ,
Cashier.
6.579— The F irst National Bank o f.G lo b e , A rizon a . C apital, $50,000.
J. N. P orter, President; 8 . F. Sullenbergsr, Cashier.
6.580—T he N ew A lexan dria N ational Bank, New A le x a n d ria , P en n 
sylvan ia. Capital, $25,oOO. D o ty Guthrie, P r e s id e n t;--------------- , Cashier.
6.581—The P leasant U nity N ational Bank. P leasan t U nity, P e n n sy l
vania. C apital, $25,000. A . H. B ell, P r e s id e n t ;------------------ ,
Cashier.
6 .5 8 2 — The F irst N ational B ank o f N ew C um berland. W est V irgin ia .
C apital, $40,000. Joh n A . C am pbell, P residen t; Jam es E .
B randon, Cashier.

?eb.
ran.
Jec.
tfov.
Jot
!e p t
Lug.
ruly
rune
Jay
Lpr.
Jar.

28..
31..
31..
29..
31..
30..
31..
31..
30..
31..
30..
31..

L ega ltenders.

342.164.670 [44,138,484
342,903,520 43,385,607
344,252,120 42,801,940
343,018,020 43,754,103
338.452.670 [44,693,145
326,052,770 [43,150,454
322,941,680 41,875,104
318,588,480 42,369,417
3 17,163,530 42,433,280
316,196,180 43,137,347
317,484,130 41,874,007
3 19,526,330 40,016,025

C ircu la tion A floa t Tinder

B onds.

L egaltenders.

Total.

338,660,361
340,587,939
342,127,844
341,100,411
335,783,189
323,843,144
319.407,587
316,614,767
314,238,811
313,609,837
315,113,392
317.460.382

44,138,484
43,385,607
42,801,940
43.754.103
44,693,145
43,150,454
41.875.104
42,369,417
42,433,280
43,137,347
41,874,007
40,016,025

382,798,845
383,973,546
384,929,784
384,854,514
380,476,334
366,993,598
361,282,691
358.984.184
356,672,091
356.747.184
356,987,399
357,476.407

For fall explanation of the above table see Chronicle Dec.
14,1901, page 1232, first item in Financial Situation.
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on February 28.
V. 8. B ond s H eld Feb. 2 8 ,1 9 0 3 , to S ecu reB onds on D eposit
Feb. 28, 1903.
5 p. o ts ., 1 8 9 4 , d u e 1904
4 per ots., fu n d e d 1 9 0 7 ..
1 p. ots., 1 8 9 5 , d u e 1925
3 p. o ts ..’ 98, dn e 1908-18
2 p. ots., 1 9 0 0 due 1930.
3-65s D ist. C o l., 1 9 2 4 ...
State & C ity.......................
T o t a l.............................

Public Deposits
in B a n k s.

B ank
C ircu la tion .

$3,00 3 ,4 5 0
22,41 9 ,6 5 0
9 ,868,750
12,146,620
85,325,600
1,621,000
18,854,900
$153 ,2 3 9 ,9 7 0

$1,037,400
8,856,350
2,195,100
5,593,020
324,482,800

to ta l H tla
$4,0 4 0 ,8 5 0
3 1 ,2 7 6 ,0 0 0
12,063,850
17,7 3 9 ,6 4 0
4 09,808,400
1,621,000
1 8 ,8 5 4 ,9 0 0

$342,1 6 4 ,6 7 0 $495 ,4 0 4 ,6 4 0

The foregoing does not include the bonds held in the
New York Sub-Treasury against deposits in banks. There
were so held on Feb. 28 $10,704,000 bonds, making the whole
amount at that date in possession of the Government as
security for deposits $163,943,970.
The following shows the amount of national bank notes
afloat and the amount of the legal-tender deposit Feb. 1
and Mch. 1, and their increase or decrease during the
month of February.
N a tion a l B a n k N otes—Total a flo a t—
A m ou nt afloat Feb. 1 ,1 9 0 3 ...............................
A m ou nt issu e d d u r in g F e b ru a ry ..................
A m ou nt r e tir e d d u r in g F e b ru a ry ..................

$5,715,755
6,890.456

A m o u n t bank n otes afloat Mch. 1 ,1 9 0 3 .
L e g a l T en d er N o tes—
A m ou nt o f d e p o s it t o red eem n a tio n a l b a n s
n o te s F eb. 1, 1 9 0 3 ................... .......................
A m ou nt d e p o s ite d d a r in g F eb ru a ry ............
Amt. o f b a n k n o te s red eem ed in F eb ru a ry ..
A m ou n t o f d e p o s it t o re d e e m n a tio n a l
ban k n o te s M ch. 1 ,1 9 0 3 ..........................

$383,973,546
1,174,701
$382,798,845

$3,691,165
2,938,308

$ 43,385,607
752,877
$44,138,484

fH E

632

CHRONICLE

[V ol . L X X V I

The portion of legal tenders deposited (1) by banks becom on the dates given. The statement for Jan . 1, 1903, will be
ing insolvent, (2) by banks going into voluntary liquidation, found in the C h r o n i c l e o f Jan . 10, 1903, page 84; for that
and (3) by banks reducing or retiring their circulation, o f Mch. 1, 1902, see Mch. 29, 1902, page 062.
was as follows on the first of each of the last five months.
^ S to c k o f M on ey M ch. 1.—
L e g a l T cn d ’ s.

F eb. 1. I M eh . 1.

J a7i. 1.

D ec. 1

N ov. 1.

$

D e p o s its b y —
7 8 6 ,5 4 8
8 4 0 ,7 9 8
9 1 3 ,0 5 1
5 6 2 ,8 0 1
IiiBOlv’ n t b k s .
5 9 1 ,3 3 3
L lq u id ’ g b k s. l l , 8 2 7 , 3 0 i 1 1 ,7 7 0 ,5 1 6 1 1 ,0 4 8 ,8 9 3 1 1 ,4 4 9 ,3 3 0 11 2 ,1 3 5 ,0 7 9
B e d ’c ’ g u n d .*

a c t o f 1 8 7 4 . 8 2 ,2 7 4 ,5 1 2 3 1 ,4 1 4 ,7 8 6 3 0 ,2 3 9 ,3 9 6 3 1 ,0 9 5 ,4 7 9 8 1 ,2 1 6 ,8 5 7

T o t a l . ___ 4 4 ,0 9 3 ,1 4 5 4 3 .7 5 3 .1 0 3 4 2 ,8 0 1 ,9 4 0 4 3 .3 8 5 ,6 0 7 4 4 ,1 3 8 ,4 8 4
'A o t o f J u n e 2 0 , 1 8 7 4 , a n d J u ly 1 2 , 1 8 8 2 .

Through t h e
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 f or
eight months of the fiscal years 1902-03 and 1901-02. F or
G o v e r n m e n t R e v e n u e a n d E x p e n d i t u r e s .—

page

«o

in GO taaod
CO
•X
S22
3

*0

•0 * 0
—to 05
N
OQOCQ
CN—<
CQ
3- CQ
® yf ao
yrcavt ©
CQO 53 CD*
CUCQ
TJ»
— i> CQ
•v*a cq ©
OH® ©
—tOOCQ" 1
CQCQ
500 —
CQcOtJI
to © ^ cO. GOGO ©
WCQ
OCQ O ©
——O ®
to© ®
COa- OQ ©
CQCQ
©00 1H
CD00
00
hH 00
05 OQOQ y*
•HCQ
yf
CQO ©
CDCO© ©
-VO®
to
•—CQ
CQCQ
y »o
eco eo® ®
CQcc CQ ®
— ®'CQ
Ot CQ•* t©

5
CD
35
05
- * « .r. rT
Tf<
0435 CO CO
t^C-O 0
T-*
OOOCQ tCMCQ
O5CC0Q a>
05
Tf COCQ to
©
0»® 2Q CO
c
c< r- cq
05
v h CO
©0 ^
CQ-M
0
OOO 0
.
0
®
®
©
C
O
•e
to
msn i - o
%
CD05 CQ 06
CQ
yf
0QiO QO 0
GOCQ05 0
0.
lOT* CD
00
CQH
— aoi- 50
CO to O
sc c« CO
-»

3 5 °
x o »
jo co r-

CQCQ

I■ •• •• ••
0

e*
© :. ©
0

•

C« I A BD
° •® 3
® £ o
• *h rt

H®^ »

- 5 60 —
ex.
a> l > o ©
• U>
©
«
3 D
h a
*3
^o 2 © 5
o

®
* —3 -stna
©2 ©

9 .A. ^
W
UjCt lO^CQtrj
CD00 CO00 w tO
c o o o o a .* o «
COuuto
CN

VCOr30 TJ*05 «D

CO

W r i 'w S W I
©
© © —- CQ
~«»-~®~© CQJO
^ crco
J3 © l> TJ« CQ
Tf CQJJ O COCO CO
COWC-05 —® |©
CQt> C- © CO
H
O O li JUO CO ©
rf © ® OQ
^ OQ^ © CQ ©
© ® «D»h 0
CD
H
00
0 . © 1- ^ —®
O
©©« ©®©
©©•-OQ W ©
© —?D CO^ cn
^
rH
^ ©©© ©0
©
HfCDTjl©® ©
W h CD^h h
©
—CD^ —iO ©
—
•—
*
« R < 5 0 ® 0 ) a>
r - ® —« o ® ©
©
*0 wo —to —to
~CO 1
CO
© © » © 00 00 CO
® r» OOCQCOCQ
©COO® © 03
® 0 © rrn00 OQ CO
—«
_<
yp
© ® © corCQi-( © »h © 0
wP
® © © « VCQ CO
W®t-^H H
CD*
T-*
H
©

-2

§525

•© P

.—
>.©© o

°© 2fl
rH 85
CO*©

Ho
55®
h a

GOH

£©

8525

as

N a m e o j C om p a n y.
^-0 0 L- O
rr 0 r- 05
005 at co
r*r0 to H f—
N t—r-«

I::

^ .* : «c»
a©^

be added to the Receipts as indicated therein.
ison with former and future years.

300.787,659

347,570.246

D I V I D E N D S .

w
a*0
5§S
2-88 r,g-® "
o© o
®
©ti

02

09,878,6*2

448,797,290
83,44 5.791
85,11*8.390
335.402.730

• For redemption o f outstanding certificates an exact equivalent in amount
o f the appropriate kinds o f money is held in th e Treasury, and is not included
in the account o f money held as assets o f the Governm ent.
t This statement o f m oney held in the Treasury as assets o f the G overn
ment does not Include deposits o f public m oney in national bank deposi
taries to the credit o f the Treasurer o f the United States, and amounting to
1143,191,820 02.

jPer
W h en
Cent P ayable

R a ilr o a d * (S te a m ).
2
Apr
B elt R y ., Ohio, (q u a r .).................................
C h ic. <fe W es te rn * In d ia n a (q u a r .)............
1^ Apr
l- i'*
05 0Q rj
1 A pr
C ln. Ham.<fc D ayton , p f , A & B (q u .) ..
00
1
M ar
C le v e la n d A k r o n <fe C o l u m b u s ___ ____
© © ■y ©
UJA.—I'*© —
tj« r* © £> © ©
© CO © yf
D a y to n <fc M ich ig a n , c o in ..........................
I 3* A p r
•y co © O
CQ©
*O^CO 1
2
A pr
do
do
p ref. (q u a r .).........
© x "© CQOQ 1
coco ® V
N . Y . C en tral <fc H u d s o n R iv e r (qu a r.)
1*4 A p r
1
Apr
N
o
r
fo
lk
&
S
o
u
th
e
rn
(q
u
a
r
.)......................
tj*r—
< ©CC
©CQ O © ® ©
®
•^© rj« © —
© ® © CO
S tre e t R a ilw a y s .
’O'
rn
t—
C
O
©
05 ® ® ® ©_©
B oston S u b u rb a n E le c . C os., p ref. (q u .)
1 Apr
wco «<N
© 05 © 0 ’H ®
C a lifo r n ia 8 t .f San F ran , (m o n th ly )___ 750. M ar
CO
H o u g h to n Co. (M ic h .) St. R y ., p r e f___
3 A pr
D- © © © © ©
© © ©©
L o u is v ille (K y .) R y ., com . (q u a r .)..........
l 1* A p r
CO^ CT.OQ OQ ®
© CO © a
O©©©®©
© rH © cc
©
2 ^ Apr
do
do ~ p r e f . . . . ...................
CDCDyp th ©
CO rH•—
1*4 A p r
rH
CO
Sao P a u lo ( B ra zil) T ra m w a y L .& P .L td
1*4 A p r
cr co © t— © © r- cq 105
S
a
va
n
n
a
h
E
le
c
tr
ic
,
p
r
e
f..............................
3
Apr
vcw
®
w© © ©
rH
® rH « ©
S ea ttle (W a sh .) E le c t r ic , p r e f .................
3
Apr
® aT©
CO © rH
T w in C ity R . T ., M in n e a p o lis , p rf. (qu .)
©
1*1 A p r
—•
U n ion T r a c tio n o f In d ia n a , p r e f .............
Anr
U. yr yp y* r~ to ©
Cr. I> an®
W e s t E n d St., B oston , com . (q u a r .)___
8^3 A p r
yp CQ••© © yr
CSO o ®
©r-' © a
o © —>® -*■© ©
B anks.
F ifth A v e n u e (q u a r .).................................... 20
Apr
COco •—
■
© ©' CD © *h ®
»—
•
—
'■y
do
do
(e x t r a )...................................
5
Apr
—r- ® to © - h —
f©
T r u e r C o m p a n ie s .
rH
©rH f a
©©©© © 0
B
r
o
o
k
ly
n
,
B
r
o
o
k
ly
n
(q
u
a
r
.).......................
4
A
pr
© ® 'GCL
CDCOC ©©M> «
C o n tin e n ta l (q u a r .).......................................
1 ^ M ar
© — rH
CD©' © aTW «
CO
3
M ar
F r a n k lin , B r o o k ly n (q u a r .)......................
INa r-CD ® W
© O ©©
L o n g Is la n d L. & T ., B r o o k ly n (q u a r.)
2^ Apr
©©
® © y* © © © ©
M o rto n (q u a r .)...............................................
M ar
5
rH »HH
WCOOh ® ® ©
M ar
3
rHrH rH*— T it le G u a ra n tee & T r u s t (q u a r .)...........
t*" © © r- 00 © ©
»H
CO
T r u s t Co. o f A m e r ic a (q u a r .).....................
2
Apr
W a s h in g to n (q u a r .).....................................
© 03 « ©
3 A pr
^ «® © © —© l«D - t-®
W H ^ lO O © ©
M la c e lla n e o n a .
© © © CQ
® o ^ t © ® © 03
A m e r ic a n S c r e w ............................................
1 M ar
•— rHr© © © r~ rP yf ©
A
m
er.
S
m
e
ltin g & R e fin in g , p r e f. (q u )
^4
1*4 A p r
©
A m e r ic a n T e le p . & T e le g . (q u a r .)..........
l^ i A p r
A m e rica n T y p e F ou n d ers, c b m ............... 3 scr ip
g •:
A m e rica n W o o le n , p ref. (q u a r .).............
1*4 A p r
-I o
Apr
B o n A i r C oa l & Ir o n , p ref. (q u a r .)........
° 2
C en tra l C oal & C oke, cbm . (q u a r .)..........
Apr
•00 04 CD
I O.
- h «e
do
do
do
p ref. (q u a r .)..........
m Apr
P-o o CQ—
®©
oo
C e n tra l & S. A . T e le g r a p h (q u a r .)........
1 ^ Apr
Ho
K o o a ct
1
C in c in n a ti G as & E le c, ( q u a f .) ...............
Apr
fc ®
C oo
C orn P r o d u c ts C o., com . (q u a r .).............
i t M ay
■
■a-c
do
do
p ref. (q u a r .).............
1* 4 A p r
PS m ® © ©
o«
C u m b erla n d T e le p . & T e le g . (q u a r .)...
1 34 A p r
®“ H
D —' m. -«n
COG
a
a
*G en era l C h em ica l, p ref. (q u a r .).............
l i Apr
“Q—
aa
C
©
©
c3 as *In te r n a tio n a l Steam P u m p . com . (q u .)
1 Apr
D—
.©©
J o u r n e a y <fc B u rn h a m .................................
3 A pr
H© ©
-<Pdcr2 QC
° cl ®
M e x ic a n T e le g ra p h (q u a r .).......................
2H. A p r
a
Apr
N e w Y o r k A ir B rak e (q u a r .)...................
2
N e w Y o r k D ock , p r e f .................................
1 Apr
8 N o v a S c o tia S teel & Coal, c o m ...............
Apr
3
Apr
do
do
do
p ref. (qu ar.)
2
P r o c t e r & G am b le, p ref. (q u a r .).............
Apr
2
- S tan dard M illin g , p r e f ........................ .
1 Apr
,
T qflt- W eller, p ref. (q u a r .).........................
1^ Apr
J T e x a s & P a c ific C oal (q u a r .).....................
lV M a r
p U n io n T y p e w r ite r , c o m ..............................
Apr
3
S ^ IA p r
do
do
1 st p r e f......................
r
do
do
2d p r e f ......................
Apr
4
*■ U n ite d F r u it (q n a r .)...................................
1*2 A p r
U . S. R e d u c tio n & R e fin in g , com . (q u .)
1 Apr
do
do
do
p ref. (q u .)
1 ifliA pr
i-

*? P
©a

°?
g
cm O

co • ® •
.

CD
O
•v
rCO
41,101

2

—<N*0
O h 00
w x®
CO^ ~
CDJOCQ

1^

75,161.254

457,154,683
91.990,843
22,1*5.099
3i2.392.793

T ota l................. ...................2,001.037,0-8 307.060,768 2,363.9^0,330 2.253,069,259
Population o f the United States Mch. 1,1908, estimated at 80,028,000; circu
lation per capita, $29 41.

3 9 ,C99

0 oc 0
Oi GO

■Money in Circulation.-*
M th .lt
Mch. 1,
1903.
1903.
$
$
025,262,055 083,464,6*5
373,132.044 305.7 55.699

$
$
Gold coin (Inc.bul’n in Treas.)l,258,O40,481 259,0ol,782
('Artitlcfltp.
Standard silver d ollars!!'.’. ’. ! ’. 650,083,€64 18,377,827
...........
............
♦Silver oertlflcates..................
Subsidiary silver..................... 100,016,082
8,024,789
Treasury notes o f 1890..........
22,282,000
100 901
United States n o te s ............... 346.081,010
4,288,223
............
♦Curr’cy cert.. A c t Ju ne 8 ,’72
............
National bank n o te s............... 883,798,845 10,011,280

811.
R E C E IP T S A N D D IS B U R S E M E N T S (0 0 0 o c o l i t e d . )

Sg
0 2
CNfc

190tf.

In the U nited + B e ld in
S tates.
Irea su ru .

1
1
7
25
1
7
15
10
15
11
1
1
1
15
1
1
1
1
1
1

B o o k s Closed.
(D a y s I n c lu s iv e .)

N o t closed .
M a r 22
to
Apr 7
H old ers o f rec. M a r 17
Mar|22
to
Apr 7
M ar 22
to
Apr 7
H o ld e rs o f re c. M ar 28
A pr 1
to
A p r 10
A pr

1

to

A p r 15

M ar 21

to

Apr

M ar 25
to
H old ers o f reo.
M ar 21
to
M ar 21
to
M ar 21
to
M ar 26
to
M ar 22
to

1 M ar 25
1 M ar 25
1
31
31
1
31
131
1
1

to
to

M ar 24
to
M ar 25
to
M ar 22
to
H o ld e rs o f reo.
M ar 25
to
M ar 21
to
M ar 25
to
M ar 27
to

31 M ar 25
7 M ar 22
15 M ar 23
H olders
15 A p r 8
1 M ar 22
15 A p r 1
15 A p r 1
8 Apr 1
1
1 H o ld e rs
10 H o ld e rs
1 M ar 5 9
1 M ar 22
1 M ar 21
1 M ar 22
15 A p r 1
15 M ar 26
15 H o ld e r s
15 A p r 1
15 A p r 1
15 H o ld e rs
10 M ar 29
1 M ar 22
30 M ar 20
1 M ar 21
1 M ar 2 1
1 M ar 21
15 H o ld e r s
1 M ar 21
1 M ar 21

to
to
to
o f r e c.
to
to
to
to
to

1

Apr 1
M a r 21
A pr 1
Apr 7
Apr 1
M a r 31
Apr 1
M ar 31
M ar 31
M ar
M ar
M ar
M ar
M ar
M ar
M ar
A pr

31
31
31
21
31
31
31
1

M ar
Apr
Apr
M ar
Apr
M ar
Apr
Apr
Apr

31
7
4
20
15
31
15
15
8

o f r e c. A p r 25
o f reo. M a r 28
Apr 1
to
Apr 1
to
to
A pr 1
to
Apr 1
A p r 15
to
to
A p r 15
o f rec. A p r 1
A p r 15
to
to
A p r 15
o f reo. M a r 31*
to
A p r 10
M ar 31
to
M ar 29
to
M ar 31
to
M
ar 31
to
M a r 31
to
o f reo M a r 31
Apr 1
to
A pr 1
to

* T r a n s fe r b o o k s d o n o t clo se ,
t A ls o 1 p e r c e n t on each o f th e fo llo w in g
dates: A u g . 10, N o v . 10, 1903, an d F e b . 1 0 ,1 9 0 4 .

T r e a s u r y C u r r e n c y H o l d i n g s . — The following compila
tion, based on official Government statements, indicates the
Auction Sales.—Among other securities the folio wing, m t
currency holdings of the Treasury on the 1st of December
regularly
dealt in at the Board, were recently sold at
1902, and January, February and March, 1903.
auction.
T R E A S U R Y NET H O LD IN G S.
By Messrs. Adrian H. Muller & Son:
D ec. 1,1902 JVm.l, 1903 Feb. 1,1903 Afch. 1,1908

tn S u b -T r e a s u r ie *4
%
$
$
N e tg o ld ooin and b u llion ........... 204,907,774 270,777,264 247,783,747 250,051.782
N et silv er coin and b u llio n ..........
7,040,978 7,090,099 i 8,009.094 19,300,285
IK 1,486
182,574
N et U. 8. Treasury n ote s...............
87,522
1(0,901
2.897,476
2,910,168 0,473,603
Net legal-ten d er n o te s ................ .
4,288,223
N et national bank n o te s ............... 13,302,010 10,251,252 2 1.500,293 10,011,280
6.428,213
0,419,200
8,020,705
8,024,739
Net fra ctio n a l s ilv e r .....................
Cash in Sub-T reasuries ........ 294,773,944 3°8.587,168 301,94 3,*04 307,989.210
A m o u n tln n ation al ban k s........... 148,911,318 150,210,599 150,098,245 160,552,061
i a s h in banks A s u b -tr e a s ... 443,085,262 453,803,752 452.042,08P 458,541,807
D e d u c t cu rren t lia b ilit ie s .* .... 89,100,074 80,394,372 88,090,120 88.098,397

Gold reserve f u n d .. .....................
A vailable cash bala n ce.

354,575,688 804,409,380 808,846,908 874,543,470
160,000,000 160,000,000 150,000,000 160,000,000

. . . . 204.676.5S8 214,409.3*0 218.849,903 224,543.470

* “ Chiefly disbursing officers’ balances.”

The following table
shows the general stock of money in the country, as well as
the holdings by the Treasury, and the amount in circulation
Sto

ck

op

M

o n ey

in

C

o u n t r y

.—

8 lo c k s .
7 0 D i c k s o n M fg . C o ................$ 7 l o t
1 0 0 H u d . R i v . O r e & I r o n C o .$ 3 6 l o t
19 C h a tea u g a y O re & Iro n
C o ., 1 s t p r e f ....................... 2 5 1*
17 L a c k a w a n n a I. A O o a l C o . 8 5
$ 3 0 0 L a k e E r ie D r e d g ’ g )
C o .l 8t M . 6 s , ’ 0 7 . J & D
1 0 0 0 C o lo m b i a G o l d M U - I
i n g C o . , $ 5 e a c h ___ J*$405 l o t
40 H . J. R oderm on d |
S h ip b u ild i n g
C o ., |
$ 1 0 e a c h .................... J
5 0 S t n y v e s a n t H e i g h t s B k . , 1 6 5 1*
1 0 S in g e r M fg . C o .................... 3 5 1
5 0 A m e r . S o d a F o u n t. C o .f
1 s t p r e f ................................. 7 4 1*
10 0 A m er. T y p e F ou n d ers’
C o ., p r e f ................................. 9 9
25 W estch ester
&
B ron x
T i t l e & M t g e . G o a r . C o .1 8 3
1 0 B ’ w a y S a fe D e p o s i t C o . . 5 5
1 M e t r o p o l it a n T r u s t C o . . . 6 7 5
1 0 0 F e d . S u g a r R e f g . C o ., p f . 7 5
1 C lin t o n H a l l A s s ’ n ............ 5 1

S tocks.
1 M e m b e r . N . Y . C o n s o l.
8 t o c k <te P e t r o l. E x c h . ,1 7 0 0
5 T r u s t C o. o f R e p u b lic . ..1 1 9 %
1 0 0 C o lo n ia l T r. go. o f N . Y .3 9 6 %
2 L a w y e r s ’ T it l e I n s . C o . . . 3 4 5
8 G e rm a n -A m e r. F ir e In s .
C o ............................................6 2 7 1 *

B o n d s.
$ 5 0 C h a tea u g a y O re & Iro n
C o ., 1 s t p r e f . s c r i p ............... $ 0 l o t
$ 3 ,0 0 0 C it y o f N . Y . S c h o o l
H o u s e 3 i* 0 , 1 9 1 1 .
MAN.
1 0 1 ^ a n d in t .
$ 3 ,0 0 0 T o l e d o D o c k & C o a l
C o . 1 s t M . 5 « , 1 9 0 8 ................. 9 0
$ 3 ,0 0 0 G u l f B e a u m o n t A K .
C. R R . 1 s t 6 s , 1 9 1 3 ................. 1 0 5
$ 3 ,0 0 0 O m a h a
W a te r C o.
C o n s o l. 5 s , 1 9 4 6 ....................... 7 7
$ 1 0 ,0 0 0 N . Y . C it y 3*4S g o ld
e x e m p t .’36.
1 0 2 78 & in t .
$ 1 5 0 N . Y . A t h l e t i c C lu b 5 s ,
1 9 1 0 . A & O ............................... 8 5

J&J...

New York City Clearing House Hanks.—Statement of
condition for the weekending March 11, based on average of
daily results. We omit two ciphers (00 ) in all cases.
BAN K S.

Capital.

Surplus.

$
Bk. of N. Y.
2,000,0
Mauhat. Co.
2,050,0
M erchants’
2,000,0
Mechanics’ .
2,000,0
Am erica___
1,500,0
Phoenix ...
1,000,0
C i t y ........... 25,000,0
Chemical ..
300,0
March. Ex .
600,0
•Gallatin__
1,000,0
But. 6c Drov
300,0
Mech.dfeTra.
700,0
G reenw ich.
500,0
Leatli.Mfrs.
600,0
7th Nat ....
2,500,0
Am er.Excb.
5,000,0
Commerce.. 10,000,0
Broadway .
1,000,0
Mercantile
1,000,0
Pacific........
422,7
Chatham. . .
450,0
200,0
People'» . . .
N. America
2,000,0
Hanover ...
3,000,0
I r v i n g .......
1,000,0
Citizens’ ..
1,550,0
Nassau ___
500,0
Mar.tfc Fnlt.
900,0
Shoe ifcLthr.
1,000,0
Corn Excli .
2,000,0
Oriental ...
600,0
Imp. & Trad
1,500,0
Park ..........
2,000,0
East River
250,0
Fourth ___
3,000,0
C e n tr a l___
1,000,0
Second ___
300,0
First ........ 10,000,0
500,0
N. Y .N t.E x.
Bowery . . .
250,0
200,0
N. Y'. Co ...
German Am
750,0
Chase..........
1,000,0
100,0
Fifth A v c ..
German Ex.
200,0
200,0
Germania ..
300,0
L incoln......
G arfield___
1,000,0
250,0
Fifth ........
1,000,0
Bk. of M et..
W est Side..
200,0
500,0
Seaboard ..
300,0
1st N.Bklyn
1,000,0
L iberty.......
1,000,0
N. Y .P r.E x
N ew Amst.
500,0
A stor ........
350,0
W estern___ 10,000,0

633

' THK CHRONICLE.

M arch 21, 1903.]

Loans.

$
$
2,362,0 17,036,0
2,290,0 20,608,0
1,246,4 12,851,7
2,619,9 15,419,0
3,417,8 20,579,5
4,734.0
294,7
16,172,9 129,626,7
7,392,9 24,695,0
305,7
5,256,1
7,871,3
2,155,4
2,691,6
94,0
3,777,0
346,7
2,054,0
521,7
4,845,0
518,2
6,929,2
193,1
3,770,0 29,084,0
7,968,8 72,089,2
6,987,4
1,892,4
1,520,9 12,863,8
3,108,0
566,7
5,818,9
1,043,6
2,175,0
384,5
2,014,1 16,378,0
6,115,4 48,191,1
5,895,0
1,013,0
6,303,3
620,1
2,695,8
310,5
6,626,5
1,026,6
5,518,7
323,9
3,200,2 24,825,0
2,219,8
820,9
6,405,2 23,234,0
4,622,4 54,995,0
1,182,0
148,5
2,840,7 19,324,9
9,694,0
592,2
9,696,0
1,245,6
12,863,6 79,360,5
5,724,9
380,3
2,579,0
772,3
626,1
4,024,8
3,561,7
466,4
3,522,6 39,502,8
1,621,9
9,134,9
641,6
2,553,7
3,161,1
843,5
1,256,8 10,006,9
7,344,1
1,242,6
360,1
2,172,4
7,951,4
1,344,1
3,249,0
496,8
1,247.0 13,500,0
4,217,0
565,2
1,846.9
9,8 L4,2
4,331,4
490,5
6,843,2
560.1
4,640,0
490,7
2,747,7 55,117,0

Specie.

Le(/al8. i Deposits Res've.

$
$
$ * F.C.
2,561,0 1,325,0 15,369,0 25*2
3.697,0 2,095,0 23,142,0 2 5 0
2,530,0 1,148,7 13,997,4 26*2
1,803,0 1,318,0 13,273,0 33-4
3,514,2 2,386,6 22,961,7 25-7
340,0
740,0
4,494,0 24-0
26,475,9 4,026,8 114,268,7 26*6
4,117,3 2,153,1 23,901,6 26*2
808,9
524,4
5,530,6 241
976,6
565,1
5,535,7 27-8
790,2
48,3
3,427,8 24-4
307,0
381,0
3,750,0 183
148,9
222,6
1,421,5 26*0
203,2
990,5
4,746,5 2 51
1,403,6
190,5
6,298,0 25 3
2,946,0 1,829,0 21,200,0 22*5
10,788,5 3,974,2 59,087,8 249
985,7
163,9
5,749,5 20*0
2,021,6 1,192,2 13,090,9 24-5
348,3
376,4
3,744,8 19*3
739,4
775,6
5,754,8 26T
188,2
452,7
2,590,7 24*7
1,554,9 1,502,4 12,889,4 23*5
8,471,0 5,967,4 56, .>55,8 25 5
714,0
485,0
4,973,0 2 IT
1,358,0
324,1
6,709,1 25 0
343,1
318,2
3,127,0 21*1
675,3
1,043,5
6,876,2 25 0
1,506,9
145,9
6,498,2 25*4
1,697,0 2,989,0 29,605,0 2 6 0
219,9
3bo,3
1,993,4 *29-3
3,877,0 1,244,0 20,595,0 24*8
12,876.0 3,976,0 64,944,0 25 9
136,7
188,1
1,296,8 2 5 0
2,725,9 2,393,8 20.963,3 2 4 4
1,916,0
862,0 11,506,0 24-1
1,313,0 1,409,0 10,571,0 25*7
14,197,7 1,763,4 67,093,1 23-7
1,015,7
467,8
5,877,7 25-2
201,0
321,0
2,975,0 20 5
817,5
408,7
4,926,4 24-8
610,0
247,6
3,485,9 24 6
9,992,3 1,773,8 40,678,2 25-2
2,391,7
166,6 10,055,5 25-4
850,0
187,0
3,393,8 30-5
714,8
415,8
5,036,3 22-4
446,7 1,857,8 10.575,5 217
1,523,1
302,7
(, 3 o t, 8 24-7
549,6
144,2
2,672,0 25-y
1,462,5
7 67,3
9,121,7 24-4
583,0
324,0
3,539,0 25-6
2,746,0 1,508,0 16,011,0 26*5
488,0
4,344,0 25*4
618,0
1,655,5
325,0
8,393,9 23-6
624,6
449,6
4,223,1 25*4
907,3
7,366,6 226
761.7
789,0
274,0
4,64u,0 22-9
11,213,3 2,938,7 56,056,0 25-2

Total ... 110,322,7 122,764,4 924,500,4 164,747,8 65,316,7 19161620 25T
t Total United States deposits included $40,185,400.

Reports of Non-Member Ranks.—The following is the
statement of condition of the non-member banks for the
week ending March 14, based on average of the daily results.

New York City. Boston and Philadelphia Ranks.—Below
is a summary of the weekly returns of the Clearing House
Banks of New York City, Boston and Philadelphia. rfhe New
York figures do not include results for non-member banks.
We omit two ciphers (00) in a ll these figures.
Capital &
BANKS Surplus.

Loans.

Capi
tal.

$
194,1
256,0
98,0
55,7
111,0
116,2
184,4
185,3
234.3
106,8
421,4
88,7
88,7
253,6
107,1
59,8
225,8
52,9
112,3
213,7

8
2,308,0
3,043,0
1,786,2
1,619,9
2,077,9
2,537,3
2,223,5
1,510,7
3,097,0
1,051,4
5,819,0
1,467,0
1,400,2
1,734,0
641,5
805,2
1,658,7
302,5
523,9
2,213,1

$
46,8
184,0
88,3
25,9
117,9
145,3
26,7
20,4
222,0
16,1
402,0
43,0
43,9
34,6
12,1
6,0
9,1
5,4
12,0
242,4

$
217,4
109,0
73,9
93,2
100,6
86,4
147,9
150,2
184,0
92,7
201,0
158.0
125,9
149,2
38,8
56.0
70,3
12,6
15,9
59,9

$
234,7
177,0
246,5
115,7
140,6
193,6
168,2
473,9
85,0
73,1
112,0
113,0
83,1
144,1
44,1
91,0
141,5
25,8
28,2
46,5

Borough o)
Brooklyn.
Broadway .
Brooklyn ..
8th W ant...
M frs.’ N at..
Mechanics’
M erchants’ .
Nassau Nat
Nat. City ..
North Side.
Peoples.......
17th Ward .
SpragueXat
26th Ward .
Union.........
Wallabout .

229,3
164,0
20,0
498,5
356,9
40,1
622,8
568,5
161,4
155.3
80,3
258,3
64,0
117,9
67,0

1,746,0
1 •">77,0
307,6
3,173,1
4,929,7
781,4
3,931,0
2,926,0
1,020,4
1,363,2
567,6
1,062,5
638.0
1.181.6
771,9

16,2
91,5
4.0
366,9
165,0
7,2
170,0
122,0
12,5
32,3
8.5
94,5
15,3
38.8
35,0

121,1
55.9
35,6
64,2
278,1
60,2
284.0
245,0
60,3
120,3
46.4
10,0
26,3
7 i , t>
25,6

235,8
121,4
43,3
340,4
213,1
112,3
565,0
275,0
47,2
65,8
64,4
166.2
92,9
65.5
uOf b

Borough oj
Richmond.
Bk. of St. Is.
1st Nat.,S.I.
Other Cities.
1st Nt., J. C.
Hudson Co.
Nat., J. C.
2d Nat., J.C.
3d Nat., J.C.
1st Nt.. Hob
2d Nat., Hob

112,0
300.0
100,0
252,0
500,0
100,0
300,0
300,0
100,0
100,0
100,0
200.0
100,0
200,0
100,0

25,0
100,0

74,7
99,7

537,0
731,3

15,0
39,1

400,0 1,023,3

4,540,9

265,3

250,0
250,0
200,0
110,0
125.0

632,6
305.5
268,7
508.8
137,2

2,162,8
1,140,1
1,208.8
2,406,8
1,006,7

78,6
61.6
46,5
112.4
40,8

$
150,0
3,0

$
2,726,7
3,111,0
2,039,7
7,5 1,755,0
5,0 2,203,6
53,7 3,077,1
2,2 i 7,9
17,7 1,955,1
3,345,0
20,0 1,095,5
507,0 6,641.0
1,803,0
35,7 1,588,4
1,8 1,774,8
604,9
5,7
833,0
0,3 l,3ti.;.;;
206,2
...
375,8
1,383,4

72,1
44,0
25,0
10,0
15,0
69,0
67,0
60,9
66,3
38.0
6.0
137,1
42,9

1,866,4
1,624,2
393,8
3,586,4
5,313,2
882,4
4,304,0
3,083,0
969,2
1,459,1
592,9
956,5
678,5
1,190,5
757,9

94,7
124,2

17,1

597,4
703,1

244,6 1,50G,7

376,1

6,339,0

14.7
10,0

58,1
14.6
66.7
30,9
45,5

169,9
154,2
183, 1
150,7
60,5

60,9
10,2
11.4
14.0
26,0

1,820,2
947,2
1,281,1
2,130,4
1,106,5

Tot. Mar 14 8,474.0 9,620,6 77.032.9 3.544.9 4,138,0 7,645,8 1.976.4 82,709,9
Tot. Mar 7 8,462,0 9,587,8 77.121,013.012.0 4,138.3 8.651,3 2,285,4 82,975,4
Tot. Feb 28 8,612,0 U, 730,0 77,462,4|3,671,3 4,353,5 8,690,4 3,843,1 85,018,1

Clearings.

Imports and Exports for the Week.—The following are
the imports at New York for the week ending for dry goods
March 12 and for the week ending for general merchandise
March 13 ; also totals since beginning first week January.
FO R E IG N IM PORTS.
For week.

1902.

1903.

1901.

1900.

Dry G oods...................
General Merchandise

$3,239,694
11,763,360

$2,910,914
9,030,774

$1,712,114
8,605.815

$4,175,764
10,912,842

Total..........................
Since Jan. 1.
Dry Goods...................
General Merchandise

$15,003,054

$11,941,688

$10,317,929

$15,088,606

$36,163,832
98,190,697

$30,830,727
88,835,695

$25,450,958
89,490,321

$33,097,890
91,580,171

Total 11 weeks........ $134,354,529 $119,666,422 $114,941,279 $124,678,061

The imports of dry goods for one week later will be found
in our report of the dry goods trade.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending March 1G, and from January 1 to date.
E X P O R T S FROM N E W Y O R K FOR T H E W E E K .
1903.

1902.

1901.

1900.

$10,572,112
102,721,504

$10,692,792
88,633,053

$9,928,114
100,525,631

$15,102,734
103,819,328
Total 11 weeks........ $113,293,616 $99,325,845 $110,453,745 $118,922,062
N ote .—A s tlie figures of exports as reported by the N ew York Custom
House from week to week frequently show divergence from the monthly
totals, also compiled by the Custom House, we shall from time to time adjust
the totals by adding to or deducting from the amount “ previously reported.”
For the week..............
Previously reported..

The following table shows the exports and imports of
specie at the port of New York for the week ending March 14
and since Jan. 1,1903, and for the corresponding periods in
1902 and 1901.
E X PO R TS A N I) IM PORTS OF SP E C IE A T N E W Y O R K
E xports .

Deposit with
Sur Loans <fc Specie. Leg. T.
R et
&Bank Clear'y Other Deposits
plus. Invest
ments.
Rotes. Agent. Bks.&c

N . Yr. City .
Boroughs ol
Man&Br'nx
$
C olonial___
100,0
Columbia .. 300,0
14th Street.
100,0
Gansevoort. 200,0
Hamilton .. 200,0
250,0
Mt. Morris
Mutual ___ 200.0
19th Ward . 200,0
P laza ..........
100,0
Riverside .. 100,0
State ........ 100,0
12th Ward . 200.0
23d Ward ..
100,0
100,0
Yrorkville ..
F id e lity ___ 200.0
100.0
Varick . . . .
Jefferson ..
400.0
100.0
Century ...
Wash. Hgts 100,0
United Nat. 1,000,0

Circu
lation.

$
$
$
$
$
$
X. Y.
$
Feb 21 231,694,7 950,208,7 180,772,0 69,074,5 963,219,3 43,191,8il, 333,724,0
Feb 28 231,694,7 950,156,3 176,700,4 68,303,1 956,200,4 43.279,1 1,116,623,7
Mar 7 233,087,1 939,593,3 108.658,6 66,1 68,3 936,639,7 42,919,5 1,557,150,7
M arl4 233,087,1 924,500,4 104,747,8 65,316,7 916,162,0 42,937,7 1,492,626,4
B os.
Feb28 52,322,0 187,230,0 15,393,0 5,353,0 200,516,0 6,427,0 110,800,4
Mar 7 52,322,0 186,213,0 15,181,0 5,213,0 200,463.0 6,427,0 135,037.2
Mar 14 52,322,0 186,348,0 15,247,0 5,140,0 198,800,0 6,435,0 126,968,6
Phi hi.
217,199,0 9,335,0 102,653,2
55,195,0
Feb 28 44,764,0 184,988,0
216,024,0 9,344,0 110.823.8
Mar 7 44,764,0 186,724,0
53,637,0
212,336,0 9,349,0 106,725,8
50,224,0
Mar 14 44,764,0 186,085.0
t Including for Boston and Philadelphia the item “ due tooth er bank-v”
and also Government deposits. For Boston these Government deposits
amounted on March 14 to $0,816.000; on March 7 to $6,302,000.

We omit two ciphers (0 0 ) in a ll cases.
BA N K S.
00s omitted.

De
posits. f

Legal8.

Specie.

G old .

Week.

I mports .
Week.

since Jan. 1.

Great Britain ................
France..............................
Germ ;m y ........................
W est I n d ie s .................
M exico.............................
South A m erica...............
All other countries.......
Total 1903.................
Total 1902................
Total 1901................
S ilver.
Great Britain..................
F r a n c e ............................
G erm a n y .......................
W est Indies...................
M exico ............................
South A m erica..............
All other countries........

$257,617
2,000

800

800

Total 1903.................
Total 1902................
Total 1901.............

$921,595
1,033,209
929.752

$8,288,917
659,826
11.413.288

Since Jan. 1.

$248,005

$1,072,115

$1,028,687
2,'uOi.
761,655

5,32<>
4 IS
8,341
3.748

71,960
24,346
150,272
16,026

$259,617
290,581
117,30"

$1,792,342
13,979,595
8,442,199

$265,838
270,009
6,708

$1,3.14, <19
820,926
610,862

$919,795

$8,056,855

1,000

58,927

$1,236
16,249
2.124

$9,526
117.042
10,948
2.124

$19,609
1.778
17,170

$139,640
245,277
641,980

Of the above imports for the week in 1903, $7,417 were
American gold coin and 553,008 Americau silver coin. Of the
exports during the same time $9,617 were American gold
com and $1,000 were American silver coin.
Auction Sales.—See page preceding.

SanH ing and F in a n c ia l.
Spencer

T ra sk

8c

C o.,

BANKERS,

27 A 29 P IN E S T R E E T ,

-

NEW

YORK*

T r a n s a c t a G e n e r a l b a n k i n g b u s i n e s s ; a c t a s F is c a l
A g e n t s f o r c o r p o r a t i o n s , a n d n e g o t i a t e s e c u r it y
i s s u e s o f r a ilr o a d s a n d o t h e r c o m p a n i e s .
E x e cu te
c o m m i s s i o n o r d e r s a n d d e a l in

IN V E S T M E N T SECURITIES.
Members X. Y . Stock Exchange.
"

"

■

M

o

■— ■

f

,

f

a

B ran ch Office. 65 sta te St . Albany.
———

t

■■ ■ ■

&

■

—

W

— -

h

i

■ ■

t

e

— -— —

,

iYi e m b e r s N e w Y o r k S t o c k t x c l i n n r ''*
1 NASSAU STREET, C O R N E R 7* A I L .

Dealer, in Investment Securities.
Tel. 5S2.-3821 Cortianit.

T elep h on e S .o c k s a S p ecia lty .

*

634

THE

C H R O N IC L E

[V ol.

LXXVIi

5s sold at 69, a drop of 11 points from the previous sale,
which was at 80 on January 3.
United States Bonds.—Sales of Government bonds at
0 ^ F o r D iv id e n d s see p a g e 632.
the Board this week include $12,000 3s, coup., 1918, at 10834;
$15,000 4s, reg., 1925, at 135?4 (seller 0); $5C0 4s., coup.,
W A L L S T R E E T , F R I D A Y . M A R . 2 0 , 1 0 0 3 . - 5 F . ill.
The Money Market and Financial Situation.—The finan 1907, at 11034, and $4,000 5s., coup., 1904, at 10334- The fol
cial markets show a greatly improved tone as the week lowing are closing quotations; fo r yearly range see third
closes. It is beginning to be recognized that though values page following.
on the Stock Exchange have been depressed, general condi
1I n te r es t M a r. M a r. M a r. M a r. M a r. M a r,
P er io d s
14
18
19
20
16
17
tions remain very satisfactory. Trade affairs are sound and
the volume of business in all lines of industry is exceedingly 2 b, 1930.
*107 *107
*107
*107
*107 *107
large. Railroad earnings, too, keep expanding, though the 28,1930.
*107% *107% *107% *107% *107% *107%
...... .....
. . . . . . . . . . . . ......... . . . . . .
2s, 1930 .Bm aJ.reglsteredj.............
gains in gross receipts hardly more than cover the increased 2a,
_____ . . . . . .
......
.....
1930 .sm all___ooupon!..............
expense of operating the roads.
*107% *107% *107% ‘ 107% *107% *107%
38, 1918.
*108
-1
0
8
*108
*108
38,
1918.
108%
*108
The favorable state of our foreign trade is another strong
...... ......
1918, sm all.reglstered Q —Feb
feature in the situation. The figures for February have 38,
Ss, 1918, em ail___coupon Q —Feb *106% *106% *106% *106% *106% *106%
been published this week, and they show that the total of 48, 1907.
*108% *108% *108% *108% *108% *108%
1907.
*109% *109% *109% *109% *109% *109%
the merchandise exports in that month in 1903 were $125,- 4s,
*135
*136
4s, 1925. .......... registered Q —Feb *135
*135
*135
*135
502,105, against $101,569,695 in January, 1902. Imports also 4s, 1925.
*136 *136 *136
*136
*136
*136
*103 *103
*103 *103
*103
1904 .......... registered Q —Feb *103
continue on a greatly enlarged scale, but nevertheless the 68,
103% *103
*103
*103 *103
*103
balance in our favor for the month this year was nearly 43 5a.T1904
his la the price bid at the m orn ing board; no s a le was made
million dollars ($42,922,914), as against but little more than
Railroad and Miscellaneous Stocks.—There has been a
33 million dollars ($33,219,236) in the corresponding month
marked falling off in the volume of trading in the stock
of last year.
The open market rates for call loans on the Stock Exchange market this week, transactions averaging about 480,000
during the week on stock and bond collaterals have ranged shares per day. Extreme dulness prevailed on Saturday,
from 4 to 7 per cent. To-day’s rates on call were 4 to 6 but values were well maintained. More activity was shown
on Monday, but the market was depressed, and with few ex
per cent. Prime commercial paper quoted at 5% per cent.
The Bank of England weekly statement on Thursday ceptions prices moved downward. A larger volume of business
showed an increase in bullion of £1,394,616, and the percent was transacted on Thursday and Friday and prices as a rule
age of reserve to liabilities was 48*73, against 47*08 last week, advanced. Interest centered chiefly about Southern Pacific,
the discount rate remaining unchanged at 4 per cent. The which fluctuated erratically. On Monday the stock touched
Bank of France shows an increase of 9,125,000 francs in gold 60%; subsequently, however, a lively demand for the stock
ensued, and on Thursday an advance to 6834 occurred on
and 3,775,000 francs in silver.
suggestions of a possible corner in the stock; this was fol
NEW YORK CITY CLEARING-HOUSE BANKS.
lowed on the same dav by a drop of 3 points to 6534; the
close to-day was at 64%. Union Pacific sold up to 94%, a
D iffe re n ce s
1901
1902
1903
fr o m
gain of 3 points over last Friday’s closing figure and 5
M a r . 16
M a r. 14
M a r . IS
p r e v io u s w eek
points over the low price of the week; the last sale to-day
was at 94%. One of the strong features of the week has
$
9
$
9
75,022,700 been Louisville & Nashville; the shares of this road ad
83,622,700
O sp ita l...................
110,322,700
93.053.600
122.764.400
S u r p lu s .................
103.302.500
Loans <*> discounts 924.500.400 D ec 15,092,900 920,730,100 914,812,700 vanced 434 points to|124 and ended'the week at 123%. Metro
Circulation............
81.585.600 politan Street Railway advanced 634 points to 13824.
31,487,900
42,937,700 In c
18,200
N et d ep osits......... *916,162,000 Dec 20,477,700 984,370,000 1,006,186,600
Amalgamated Copper has been depressed and irregular,
S p e cie .....................
164,747,800 Deo 3,910,800 179,190,900 189,428,100
Legal tenders.......
72,120 900 selling down to 7134, a drop of 1% points from last week’s
861,600
65,316,700 Deo
70,014,600
Reserve h e ld ...
230 064,500 Deo 4.762,400 249,205,400 261,549,000 closing; the last sale to-day was at 7334- Anaconda closed
35 p. c. o f deposits 229.040 500 Deo 5,119,425 246.092.500 251,546,400 higher than on last Friday. Early in the week Consolidated
Gas declined 8 points to 201 on selling induced by agitation
1,024.000 In c
357,025
Surplus reserve
3,112,900
10,002,600
looking to the establishment by the city of its own lighting
* $40,186,406 United States deposits included, against $40,212,600 last
week. W ith these U nited States deposits eliminated, the snrplns reserve plant; subsequently the tone became better and the close
would be $11,070,350 on M arch 14 and $10,720,125 on Mar. 7.
to-day was at 209%* American Sugar Refining was stronger
NOTB.—R eturns of separate hanks appear on the preceding page.
in the early part of the week, advancing 324 poinis to 128;
Foreign Exchange.—The market for foreign exchange the price reacted to-day to 125%, but rallied later to 126%.
For daily volume o f business see page 6 4 1 .
was strong this week, influenced in great part by a demand
The following sales have occurred this week of shares not
to remit through arbitration operations for settlements of
maturing loans at Berlin, which loans could not be profita represented in our detailed list on the pages which follow.
bly renewed because of the higher discounts at that cei
S ales
STOCKS
There was also a scarcity of all classes of bills, which
R a n g e sin ce Fan. 1.
R a n g e f o r W eek
fo r
W eek E n d in g M a r 20 W eek
tributed to the advance in rates.
100 19 M ar 16 19 Marl6| 18 Feb 23 Feb
To-day’s (Friday’s) nominal rates for sterling exchi
Allle-Cbalm ers Co............
15 Mar 20 Jan
1 0 0 I 15 M ar 20 15 Mar20
Am. Steel F oundries.......
were 4 8434 for sixty day and 4 88 for sight. To-c
100 62 Mar20| 62 Mar20 59 Mar 69% Feb
P referred........................
81%Mar 92 Jan
(Friday’s) actual rates for sterling exchange were 4
425 82 M arl6! 83 M arl8
1 Am er T eleg & C able.......
12 Mar 15%Feh
Chic & N o W est r ig h ts.. 15,226 12 M a rie 12% M arl7
@4 84 for long, 4 8720@4 8730 for short and 4 8780@4
185
Mar 186 Mar
M
arl7;18
6
M
a
r
l7
100
C le v e la n d * Pittsburgh.
for cables. Commercial on banks, 4 8334@4 83%, and d
100 69 %M arl 81 69% M ari8 60% Jan 72 Feb
General C hem ical............
100 Feb
84
Jan
99%Marl4|
99%
M
ar)4
400
Laclede Gas (St.. L ouis).
ments for payment, 4 83@4 84 14 . Cotton for payment, 4
100 10978Marl6 10978Marl6 95 Jan 110 Mar
P referred ................. —
@4 8334; cotton for acceptance, 4 8334@4 83%, and grail
110 F eb
100
Jan
100 110 M arl9 110 M arl9
M aryland Coal preferred
34%Mar 86 Mar
400 35% M arl8 36 M arl4
N at E n a m * S tam ping..
payment, 4 84@4 8434-

Ifianhcrs’ (Gazette.

5
•

10 91 %M arl7 91% M arl7 91%Mar 93 Mar
P referred........................
100 29 Marl9| 29 M arlfi 20 Jan 31 Feb
N Y D ock ...........................
7 %Mar
9 Feb
7% M arl 4
1 0 0 I 7% M arl4
Q uicksilver M ining, p f..
United F ru it..................... 610 108% H arl4 109% M arl9 107%Mar 110%Feb
^Mar
%Mar
% M arl6
% M arl9
U S Steel, pref, r ig h ts ... 23.8611
100 29 M a r l9 ! 29 M arl9 29 Mar 35% Feb
U S R educ & R efin in g ..

Germany bankers’ marks, long, 94 9-16@94%; short, 9
95 3-16f. Amsterdam bankers’ guilders, long, 39^3 @39jsH ,
short, 40*10(640 14
Exchange at Paris on London to-day, 25 f. 17)4 c .; week’s
Outside Market —The demand for unlisted securities has
range, 25 f. 1734 c - high and 25 f. 1634 c - low.
not been very large this week. Extreme dulness prevailed
The week’s range of exchange rates follows:
on the first three days, but speculation increased to-day and
-L o n g -S k o r t.-C a b les.prices improved. The activity and strength of Northern
B ttr lin g A c tu a l —
Securities has been one of the features of the week; after a
H ig h ... I 4 8390
® 4 8410
4 8785
4 8725 ® 4 8735
4 8795
L o w .... 1 4 8350
® 4 8360
4 8690 ® 4 87
4 8750
4 8760
drop of 1% points on Monday to 105, the price advanced,
P a r is B a n k ers' F ra n cs—
and to-day reached 10734, at which it closed. United States
H ig h ... I 5 18*4* ® 5 1834
5 16%t ® 5 16%
Steel new 5s (w. i.) gained 134 points to 87%, and Inter
L o w ___ ||5 19%* ® 5 19%
5 1678 -®5 16%t
national Silver debenture 6 s moved up from 9034 to 93.
G e r m a n y B a n k ers' M a r k s —
Standard Oil sold to-day at 680, an advance of 15 points
H ig h ... I 949ie ® 94%
95%
a 958igt
L o w .... 1 94%
® 949ie
941616 a 95
over last Saturday’s low figure. The copper stocks have
A m s ter d a m B a n k e r s ’ G u ild er s —
been depressed in sympathy with the weakness displayed
H ig h ... I 397g
® Somali I
40-10 d> 4 0 1 4 |
.............................
by Amalgamated on the Exchange. One of the interesting
L o w .... 1 39i»i«11® 3 9 7s
I
40iia ® 4 0 V I
..............................
features of this group was the sharp decline in United Cop
L ea s: * h e of 1%. f i 8S of 1%. 18S» o f 1%. P in s : Hi 16 of 1%. •* i 3S of 1%.
early in the week. The shares of this company sold
The following were the rates of domestio exchange on per
on Monday at 25; on Tuesday the stock was offered down to
New York at the under-mentioned cities to-day: Savannah, 20 without being taken, and during the greater part of the
buying 50c. discount, selling 75c. premium; Charleston, day the best hid was in the neighborhood of 10. A better
buying par, selling 1-10 premium; New Orleans bank, $1 tone developed on Wednesday, but no sales were made until
premium, commercial, 25c. discount; Chicago, 10c. pre yesterday, when 30 was paid for it. To-day 25 was bid, but
mium; St. Louis, 20c. premium; San Francisco, sight, 1234c. there was no stock in the market under 30. Greene Con
per $100 premium.
solidated declined 1 % points to 24% but to-day ral
State and Railroad Bonds.—Sales of State bonds on the lied to 25% and closed at 2534- British Columbia dropped
Exchange this week are limited to $14,000 District of Co a point to 5%. Tennessee fell off from 3434 to 30%, but
subsequently rallied to 32, and ended the week at 31%.
lumbia 3*6os at 121.
The railroad bond market has been generally firm. Wa Kitchener Mining, which was last traded in two weeks ago
bash debenture Bs moved irregularly and closed higher than at 734, declined abruptly on Wednesday 10 2, and the follow
on last Friday. Chicago Rock Island & Pacific RR. 4s and ing day sold down to %; the last sale to-day was at 1 3 4 Outside quotations will be found on page 641,
Union Pacific issues displayed strength. National Starch

*

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G
STOCKS- •HlG H E S I A N D L O W E S T S A L E P R IC E S
Raturdan
M arch 14

MOV day
M arc h 76*

Tvesdai/
March 17

Wednesday
M arch 18

rn u rsaav
March 19

p ria a y
March 20

TW O

PAGES

STO CK S
N E W Y O R K STOCK
EXCHANGE

Sates ot Range tor Year 1903 \Range for Previous
On Oasis of lOO-share Lots
Y e a r (1 9 0 2 )
the
Week
H ighest
Lovjest
Lowest
H ighest
Shares

R a ilr o a d * .
100
*34
39
A nn A r b o r ........................
200
/ v Do p ro f........................
*64
69
83% 84 % Atoli. Topeka & Santa Fe. 147.600
7,390
Do p re f........................
98
98%
94% 95% B a ltim ore A O h io .......... 77,210
104
*92% 94
* > Do prof........................
67
67% Brooklyn Rapid T ran sit.. 36,340
......
*137 150 Buffalo Roch. A P ittsb’ g.
* 150 160
Do pref
131 132 / Canadian P acific............ 53,600
......
*71
75 " 'anada Southern ............
635
*177 181 Central of N ew J e r s e y ...
6,400
47% 47% Chesapeake A O hio..........
6,800
32% 33 Chicago A A lto n ...............
200
*69% 70%
Do pret........................
. . . . #.
......
Chicago A East ’ 11 Illinois
......
*125 140
Do p re f........................
* ii 2 r> i n ’) *125
9,850
23%
25
25% Chicago Great W estern ..
2334 24
700
88% 88%
-89%
Do 4 p. c. debent ures
* 8 8 % 89
100
80% 80%
Do 5 p. c. pref. “ A ” ..
*79
80% *79
4n%
882
41% 41%
Do 4 \). c. pref. *‘ B ” ..
*39 % 40
170% 171% Chicago Alilw. A St. Paul. 138,225
108 % 109 % 167%
110
*188 192
* 18S 191 $190
Do p re f........................
5,100
182
188 189 Chicago A N orth W estern
184 184
Do p ret........................
Chic. R ock Is l’ d A Pacilic
•148 155 Chic. St. P. M inn. A Om.
* i i 6 155 *145 155 -140 150 *142 152 *140 155
*185 195 *185 2 0 0
Do prof.
*185 195 *185 195 *188 195 *189 195
1 ,0 0 0
17
17
17% *16
17% *16
17% 18 Chicago T erm ’ l Transfer.
17%
*16
16% *16
30%
31%
1,900
*29
30%
29% 30%
29% 30
31
32
Do p re f.........*.............
30
30
......
*9%
9%
*9% 10
*9% 1 0
*9% 1U Chicago U nion T raction .
*9*8 1 0
*9% 1 0
Do uref
700
92
93 % 93% 93% Cleve. Cin. Chic. A St, L.
92% 92% *91% 92% *91% 92%
*91% 92%
......
......
Do p re f........................
6,800
25% 26
26
26%
26% 26%
27
28% Colorado' A So., vot. trpst
23»4 2534
25% 26
150
65
65
*64% 6 6
66
*64
65
*65
66%
Do 1st pf. vot. tr. cfs.
*65
65% *65
3,080
40
40
40%
40% 40%
*39
39% 40
4L
42%
39% 40
Do 2d pf. vot. tr. ctfs.
5,787
171 171
171% 171% lA elaw a re A H u dson ___
17034 171^ 109 171 L 169 169% 169 171
35
*2 55 260 v255 260 *253 260 *253 260 4253 252
1 /c la w . Lack. A W est’ n.
*255 200
37% 37%
1,950
38
38
37% 38 Denver A R4o Grande___
37 % 37% * 3 6 % 0 6 %
37
38
8 6 % 87
87
87%
2,300
8 6 % 87%
86
86
87
87%
Do p re f........................
$ 6 5a 8 6 %
-4 0
47
45
45
100
*40
45
*40
47
*43
45 Des M oines A Ft. Dodge.
*40
45
2 ,2 0 0
15% 15%
15% 16
15% 16%
15 % 16% Detroit South, vot. tr. ctfs
15% 16
10
16
600
*32
33
35
32
33
33
33% *32
*31
33%
Do pref. vot. tr. ctfs.
*33
35
960
84% 84% i 84 % 84%
84% 84%
84% 84% £83% 83% Detroit U n ited ...................
*84% 85
*15% 16
16
325
*16
17
16
$ 16
16
16% 16% Duluth So. Shore A A t l..
*24
25% . . . . . . . . . . . .
25% ‘2 5%
660
2-4% 25
2 5 % 25 %
Do p ref........................
3 y % 0 5"%
35% 36%
36% 36%
3 6 % 37
JJrie.................................... 109,150
35% 36 % 35 % 36
66% 07%
66% 67%
67% 67%
67% 67%
67% 68% JLh Do 1st prer................. 1G.33U
674
53% 54%
54%
53
54% 55%
55
55%
55
56%
Do 2d p ref................. 17.000
54
54%
65 % 65 %
65
2,900
65
65% 67
*66
68
66% 68% Evansv. A T erre H aute..
*65
67
*85
90
*85
90
*85
90
*85
90
*85
89
Do p re f........................
*85
90
70
160
70
Ft. W orthA Den. C. strop
<192 203 Great N orthern, p re f.......
*192 200 *192 2UU *192 200 *192 200 *192 200
i
82
82
Green B ayA W ..deb. ctf.A
19% 19%
‘32
22%
176
19% 23
Do
deb. ctf. R
300
10‘234 ll>278 *102 lu 3
T T ock in g V a lley ..............
i 0 2 3i i0 2 «4 *102 " 103 *102 103 *102 103
97% *96
9 7 ^ *96% 97% *96% 97% *97% 98% 11 Do p re f..............
*96
9 8 C *95
140 141
I llinois* Central............... 11,100
139*14 l 4 0 “ 138% 139% 139% 139% 139% 140% 139% 141
37 % 37% 37%
37
38
3 8% Io w a Central....................
1,585
37% 37%
37% 37%
37
37%
*64
66
66
*64
200
*63
66
*64
66
65% 65%
Do p re f........................
*64
68
41% 41% * 4 1 % .........
41
41
41% 41%
42% 42% [Z a n a w h a A M ichigan..
900
*41% 43
79% a;77% 78% *78
4,612
78% 80% iV c .F t.S .A M .,tr . cts. pfd
78%
78% 78%
79 % 79 % 79
30% 30%
29% 31
30% 31
31% 32 Kansas City So. vot. tr. ..
30% -31%
5,300
30 4 31%
*53
55
1,500
*53
00
55
55 %
55
56
56
56
I)o p ie f. vot. tr. ctfs.
55
55
39
39
39
39
38% 39
*38
39%
39
39
800
Keokuk A Des M o in e s...
39
39
* 60
65
*60
65
*60
G5
*60
65
*60
65
Do p r e f..
42
41 % 41 % *41
42
45
*41
45
42% 42% T ake E rie A W e ste rn ...
300
*41
44
I j Do p ref...................
*113 118 *113 118 *113 118 *113 118 *113 118 *113 118
......
...... ......
••••••
L. Sliore'A Mich. SoutlTn
* i3
78
*73
78
73% 74
300
*74
78
74
74 Long Island........................
*73
78
123% 1*24 Louisville A N a sh v ille... 36,800
119 120% 119% 121% 120% 121 % 121 121% 121% 124
140% 140% 139% 140% 139% 140% 140% 141 % 140% 141% 141*4 141 :,4 \Tanhattan E leva ted ... 30.910
115 115% 114 115
115% 115% 116 116
116
1 1 7 % *»letrop . Secur., sub. rec
5,200
115% 116
133 134% 132% 134% 133% 134% 134% 135% 134% 135% 134*2 13834 Metropolitan S treet......... 54,975
*32
34
34
*32
*32
34 Met. W est Side El. (Chic.)
*32
34
*32
34
*32
34
*80 . . . . . . *79
82
*79
82
*79
82
Do p re f..........
*80
83
26% 26 % 2 6 % 2u % 26% 26%
5,825
26*2 2678 .Mexican Central...............
26% 26%
2634 2634
125 125
.Michigan C entral..
11
*98 100
99
99
99% 101
*99 104
i.03% io-i Minneapolis A St. Louis.
1,100
99
99
<1.09 119 *109 118 *109 119
Do p ref................
*108 118 *lU8 118 *108 118
71
68
69
71
73
73% Minn. S. P. A S. S. M ane.
6,510
68
69%
71% 72%
70% 71
126 % 126% 127 127% 127% 129
128% 128%
Do p re f........................
5,410
126% 126% 124 126
25% 25%
25% 25%
25% 26%
2,950
26% 26% Mo. Kansas A T ex a s.......
26
26%
26
26
55% 56%
5o
56
56% 56%
4,600
56% 57
57
57 %
Do p re f.....................
58
58
108% 109% 107% 109% 108 108% 108% 109% 10 8 % 110 % 109% 1L0% M issouri P acilic............... 81,325
*108 110 *108 110 *109 111
108 108 *108 110
100
\T ash. Chatt. A St. Louis
*106 “ K)9
17% 17% *17% 18%
17% 18
18% iZl at. of M ex., vot. tr. ctfs
18
18% *18
1,000
1734 17%
35 % 35 % 3 6 % 3 6 % *35% 36% *35% 36% *35% 36
400
Do pref., vot. tr. ctfs
*35% 36%
135% 138 % 135 % 136 % 136% 137% 136% 137% 137 138% N. Y. Central A Hudson.. 56, 405
13S 'a
39% 39% -3 8 % 40
50o
*0 8 % 40
*38% 41
38% 39 34 N. Y. Chic. A St. L o u is...
*38
40
106 106 *108 116 *110 115 *108 116 *110% 115
200
Do 1st p ref.................
*110 116
80
* 78
82
*78
*77
82
*78
82
*78
82
Do 2d p re f__
*78
80
208 209% $211% 21i % *209 214
212 212
212 212 X. Y\ X . Haven A H arti.
562
*208 212
30 % 31%
30% 30%
30% 31%
31% 31%
31% 31% N. Y. Ontario A W estern. 22,200
30% 31
<0% 71%
72% 72% N orfolk A W estern.......... 14,235
71% 72
71% 72%
70% 71%
70 % 71 %
91
*89
91
$89% 91
*89
91
*S8
91
*88
Do adjustment, pref.
39
*89
91
65
65
65
*64
*65
70
*64
68
*65
70
1)a citic Coast C o..............
100
*64
68
*95 105
*95 105
*95 105
*95 105
1 Do 1st p re f............
*95 104
72
*69
72
*69
70
72%
*69
72
*70
72
Do 2d pref.................
300
*69
72
142 % 143 % 143 144% 14334 1 4 4 % Pennsylvania..................... 134,122
143% 143% 142% 143% 141% 143
*30
33
33
•30
33
*30
•30
33 Peoria A E a stern ...
*30
33
*30
33
80
80
82
*80
*79
80
*79
81
Pore M arquette.................
*78
81
200
*80
82
83 * ....... . 83
- ......... SI
* ......... 82
*......... SI
Do pret.......
*
83 *
84
*81% 83% *81
83
*83
86 Pitts*). Cin. Chic. A St. L.
84
84
100
*81
83% *81
105 105 *102 % 106
1)j p re f........................
<100 110 *100 105 -100 110
100
*100 110
60% 61%
61% 62%
61% 62% Sheading, v ot’ g tr. ctfs .. *201,320
61% 61%
59% 61%
60
61
84% *84
84%
85
85
84% 84% *84% 85
IV 1st pref. vot. tr. ctfs ...
400
*84
84% *84
7334 7 4
73
*72% 73
73
73
*72
73
2d pref. v ot’ g tr. ctfs.
500
*71
•71
73
44%
43% 44%
45% 47% Rock Island Company___ 140,45)
44% 44%
42
44% 46
43% 44%
7 6% 7 6 % 77% 77%
77% 79
78% 79%
76% 77%
Do p re f........................
6,350
*76 ’ 78
...... . .
64
64
64
Rutland, p r e f ....................
64
64
63
63
400
64
15
*10
13
*10
13
*10
13
*10
13 O t, Josepli A G r’d Island.
•10
* lo
15
54
*52
54
*52
55
•52
55
*52
55 ^ ' Do 1st p ref___
*52
*50
55
*22
25
*22
25
*22
25
*22
*25
Do 2d p re f.................
*22
‘25
......
*21
24
*35
40
*65
70
8134 82 3e
97% 97%
92% 92%
*92
94
65
65%
* 13 6 150
*150 100
1283s 128%
*71
75
*175 ISO
46% 40%
32
32%
*69
70

35
*65
80%
97
91%
*92
64
*136
* 150
126%
*70
*175
46
31
69%

35
70
82
97 %
92%
93 w.
65%
150
1 60
128
75

*34
65

38
05
8 0 % 81%
96% 97%
91% 92%
*91 % 93%
64% 65%
* 136 150
*150 160
127 12 7%
'7 1
75
188
2180 180
46%
4 5 % 46 %
32%
31% 32%
69% •6 8 % 70
.........
....
140
125 140
2 4 % 23% 24%
91
*8 8 % 89%
81
*79
81
40% 40%
40%
1 69% 168 % 169 %
'185 191
190
185 % 182% 185

*34
38
*64
69
81% 82%
97% 97%
92% 93%
$92
94
05
66
136 150
-150 16)
128% 123%
•71
75
178 181
46% 47
32
32%
*69
70
. . . . .......
*120 140
24 % 24%
89
89%
*79
80%
40% 11
169 170
-188 191
185 187

*34
39
*61
70
82
83%
97% 98%
93% 94%
'9 2 % 94%
65% 67%
•136 150
*150 160
128% 130%
*71
75
IS 1 % 1 8 1 %
46% 47%
32
33%
70
70
...... ......
•125 H o
24% 25%
*88
89
*80
80%
41% 41%
168% 171%
*188 191
187% 189%

1 33 Feb 4834 May
| 63 Jan 77% Alay
1 74% Jan 96% Sep
j 95 % Jan 106% Sep
1 92% Dec 118 % Sep
92 Dec 99 Sep
1 54% Nov 72% J ’Jy
BIO A pr 128 A ug
j 133 Apr 145 Sep
112% Jan 145% Sep
1 71 Dec 97 May
1165 Nov 198 Jan
I 42% Dec 57% Sep
1 29% Dec 4o% J ’ly
68
N ov 79 J ’ ly
134% Jan 2 2 0 34 J ’ ly
136% Sep 151 J ’ly
22 Dec 35 Aug
89 % Nov 95% J ’ nc
81% Dec 90% J ’ ne
33 Dec 5 1 34 Aug
160% Jan 1 9 6 34 .Sep
186 Jan 200% Sep
204 % Jan 271 A p r
230 Jan 274% A pr
152 Jan 206 Sep
140 Feb 170 % A pr
194% N ov 210 A p r
15 Dec 24% A ug
29 Dec 4 4 Sep
10% Jan 23 A p r
4 4 % Arar 60 A pr
93 Nov 1083* A ug
118 Jan 124% Sep
14% Jan 3 5 34 J ’ly
59% Jan 79% Aug
28 Jan 53% Sep
153 % Nov 184% Jan
231 Nov 297 Feb
35 % Dec 5 1 34 Aug
8 6 % Dec 9 6 34 Aug
35 Dec 53% J ’ ly
13 Feb 25 Sep
26 Dec 48% Sep
75 J ’ ne 97 Sep
10 Jau 24 A ug
18% Jan 3534 A pr
28% Dec 44% Jan
60 % Dec 7534 Jan
41 % Dec 6334 Jan
50 Alar 74% Alar
82 May 10434 Feb
30 Jan 67% D ec
181% Alai 203 D ec
70 Jan 90 Alay
9 Jau 29% Oct
66 Jan 106 Aug
81 % Jan 98% Dec
137 Jan 173% Aug
35% Dec 51% Aug
65 N ov 903q A p r
33% Jan 50% Aug
75 Dec 88 Aug
19 Jan 39 Aug
44 Jan 6234 A pr
13 Jan 41 Sep
45 Jau 84 A pr
41 Alar 9 53 Jan 8 40 Dec 71% Jan
115 A la rll 118 Feb 6 120 Oct 138 F eb
334% Jan 5 3 3 4 % Jan 5 325 A pr 340 A pr
73 % -Mar 18 83 Jan 7 72% Nov 91% Alay
117 M ar 9 130% Jan 8 1 0 2 % Jan 159% Aug
139% F eb 28 155% Jan 14 128 Alar 158 Nov
114 M a rl? 128% Jan 6 109% Alay 134% J ’ ly
131% A la rll 142% Jan 0 135 Oct 174 Feb
34% F e b 2 4 38 Jan 8 35 D ec 43 Jan
88 Jau 2u 88 Jan 20 89 Alar 9134 Alar
2434 Jail 2 2734 M ar 4 20% D ec 31% Alar
$125 AlarlG 135 Jan 15 $150 Alar 192 A pr
95 AlarlU 110 Jan 9 105 Jan 115 A p r
118 F e b 27 118 F e b 27 118 % J an 12734 Ax>r
68 M a rl 6 79% Feb 16 36% Jan 84 Nov
122 Jan 21 132% Feb 17 90 Jan 139 Sep
24% Mar 9 30% Jan 5 22 % Due 3534 Sep
55 M ar 9 63 % F eb 10 51 Jan 6934 sep
106% A la rll 115% Feb 1U 9634 Alar 125% Sep
105% Jan 26 114 Feb 16 80 Jan 122 A pr
17% Alar 9 2034 Jan 8 c 14 Dec 21% Sep
3 4 % Alar 2 40% Jan 8 3 1 34 Dec 15% Alar
135% M a rl? 156 Jau 10 147 Nov 168% Jan
37% Alar 9 45 Jan 7 40 Nov 57% Aug
106 AlarlG 118 Jan 16 110% Nov 124% Jan
80 Alar 6 87 Jan 19 80 Nov 1 0 0 Aug
208 AlarlO 225% Jau 9 209% Jan 255 A p r
2 9 34 Alar 9 35% Feb 5 25*4 Dec 37% Sep
70 Alar 9 7 6 % Feb 1u 55 Jan 8 0 34 Oct
92 Jau 6 93% Feb 2 90 Feb 98 J ’ly
64 Alar 12 72 Jau lo 65 Dec 81%Sex>
98 Jan 5 100 Feb 13 l o o ^ Jan 106 Alar
70 Mar 4 76 Jan 2? i 2 % Dec 8434 Sep
14134 Alar 17 157% Jan 10 147 Jan 170 Sep
31 Alar 9 39 Jan 8 30 Nov 4 7 A pr
79 F eb 2 84% F eb2o 71 Feb 85 % Sep
80 AIa\ 93 Sep
8 0 k. Mar 6 94 Jan 7 80% Jan 105 % Sep
104 F e b 26 115 Jan 17 113 Alar 128 Alay
57 Alar 9 69% J an 2 52% Mai 78% Sep
84% Alar 5 89% Feb 5 79% Mar 90% Sep
7o M ar 9 81 J an 6 60 Jan 80% Sep
40*4 MarlO 53% Jan 9 33 % D ec 50% Dec
75% Alai* 9 86 Jan 9 71 Nov 85 % Nov
63 AlarlO 72 Jan 28 64% Dec 1*25 A pr
14 Jan lb 15% Jan 2| 10 Dec 24% Aug
52% Marl;- 58 Jan 5| 4934 Dec 81% Sep
23% Feb 5 24% Jan 19| 24 % Nov 42 Sep
35
65

M arl 6
M ari7
8 0 % M a rl 6
96% M a rl?
91 Mar 9
92 M a r ll
63% M a r ll
124 Jan 8
14 5 J an 10
126 Mar 9
71 Jail 14
176 Mar 9
45% Mar 9
31 Mar 9
69% MarlO
202
Jan 15
130 Jan 13
23% Mar 6
88
Mar 6
89 F e b 27
3 3 % Mar 11
166% M ario
188 -Mar 9
1182 -Mar 3
235 Feb 1 200
Jan 9
147 M ar 5
194 Jan 5
16 M ar 9
29 Mar 9
8 34 Feb 3
46 Feb 19
91 Mar 6
L18 Jan 8
25 M a r ll
65 Mar 17
39 M a r ll
167 % -Marll
254% M ar 9
36 M ar 9
85% M ar 9
44 Jan 5
1538 MarlO
30 M a r ll
83 % Mar20
16 M a r ll
24 Mar 9
33J4 M ar 9
65% Mar 9
51 M ar 9
65 M ar 9
88 F eb 19
62 Jan 7
200 Feb 26
77 M a rl 2
18% M ar 5
96% Jan 2
95% Jan 5
138 Alar 9
36 M a r ll
65 Alar 13
40 Feb 10
7734 M a rl?
29 % Alar 16
53% AlarlO
3 3 3 4 Jan 21

41 Jan 10
69 Jan 21
89% Jan 1 0
103% Jan l o
104 Jan 9
96% Feb 11
71% Feb 17
150 Feb 9
160 Feb 9
1 3 8 34 Feb 10
78% Jan 5
190 Jan 19
53% Jan 19
37% Jan 5
73% Jan 7
210 Feb 5
138% Jan 29
2 9 % Jan 9
90% Jan 13
8 5 % Jan 9
46% Feb 5
183% Jan 7
194% Jan 9
224% Jan 14
250 Jan 8
200% Jan 9
162 Jan 21
194 Jan 5
19% Jan 9
36 Jan 8
17% Jau 12
50% Jail 14
99% Jan 6
119 Jan 27
31% .Jan 10
72 Jan 9
48 Jan 8
183% Feb 2
276% Jan 8
43 Feb 9
90% Feb 9
47%.Jan 8
20% Jan 2
3 9 3 4 Jan 2
90 Jan r
19% Feb 16
29% Feb 16
4 2 % Jan 9
74 F eb 5
64% F eb 5
72% Jan 8
9 1 Jan 8
7434 Feb 24
209 ' Jan 22
85 Jan 9
27% Jan 5
106% Feb 20
99% Alar 2
151 Jan 10
48 Jan 12
77% Jan 12
47% Jan 6
82 34 Feb 26
36% Jan 12
61% Jau 22
40 AlarlO

BANKS AND TRUST COMPANIES—BROKERS’ QUOTATIONS
Bid A sk
Bid A sk
B id A sk I
Bid A sk
B an k s
B an k s
Bid A sk II
Banks
B anks
Banks
Bid A sk C i t y .............. 290 297
....... P lie m x ......... 1 2 0 130
14 tli street^. 200 300
J e ffe rso n ^ ... 150 160
MutualU
290
.••••• F o u r t h ......... 225 235
Nassau* ___ 195 205 IP laza *.......... 600
Leather Alfr. 300
ColonialV . .. 385
535 550
435
Prod Exch* . 170 180
•••••• Gailat i n ....... 425
Liberty ....... 600
New A luster 540 570
+272%
Colum bia 1 .. 375
......... L in coln ......... 1050 i 1 6 0 1 X e w Y ork Co 1500 ........ Riverside*; .. 300
750 1000 IC om m erce... 1305 . . . . . Gansevoorty n o
•.•••« Manhattan* 330 340
....... S eab oard___ 600 .........
G a rfie ld ....... 500
X Y Nat Ex *290
Consolidated 198 203
390 410
335 11S e c o n d _____ 650
New York
German Am* 160 170
Alarket Jc Fill 260 270
350 360
C’ rn Exchgel 410 125
........ seven th ....... 105 115
•>75 295 ■19th Ward* 150
. .•••• German Bx1 375
M echanics’
150 160
East R iv e r.. 160
. . . . . . Alech cfc Tral 160 170 j N orth A m er. 245
150 ; Shoe iV: Leth. 1S5
f 170
Equitable . . . 100 ......... German iat| .. 625
•
srutel .......... TOO
Xorthern
160 170
G reenwich • 325 350
M ercantile
175
Federal \ .
.........
....... 34tli Street* 2 2 0
Hamilton^ .. 170
Alerch Exch
TOO
176 1Oriental* ..
230
Fidelity*'
190
........ 12tli W ant!:. 125 135
640
Fifth A v e l .. 3750 4100 H a n ov er." ...
Merchants’ .. 175 185 |1Paeitic* ....... 240
350
650
‘2 3d W ard! .. 125 •••••»
Imp dfc Trad. 650 - . . . . . Aletrop new* 475
P a rk ..............
4250 4300 F ilth ............. 375
Irving ......... 240 250
130
F irst.............. 770 Too
185 200
Mt M orris*'.. 260 275 I P e o p le 's ^ ... 280 300 ||U nited........... 1 2 0
V
* Bui ami asived pnoes: no sales were m i le oil tins d i\*. > Ljo.sh tnui i » > ■<i ires, i Ex rtgncs.
sc ite o iuk *. a Ex divuleud anti n gills. 5 N ew stock.
1 Sal© at Stock E xchange or at auction this woeK. s Trust Co. certificates.
c Lnclu tes, prior to M ly 17, dealings in old Mex. Nat. trust receipts.

Bunks
NKW YORK
A m erica . ..
Am er E x ch ..
A s t o r ............
B o w e rv ll___
Broadway ...
B utch’s & Dr
C entral........
Century 1......
Chase ~........
C hatham ___
C hem ical...
•Citizens’ .......

Stock Record—Concluded—Page 2

636

STOCKS- - H IG H E S T A N D L O W E S T S A L E P R IC E S
S aturdav
M arch 14

M onday
M arch 26"

Tuesday 1 W ednesday| Thursday
M arch 17 | M arch 18 | M arch 29

79
80
79
79%
78*2 80
82 *......... 82 * ......... 82
69% 70
69 7q 70
69 34 70
24% 25
"24% 25
*24% 25
57
57
56% 57
*56
58
63
67 %
62% 63 7e
60 % 63
31% 32%
31% 32 % 31 % 32%
94% 95%
9334 9334 94% 94%
*93
96
*94
96
38
38
38% 38%
37% 33%
122
122
124 124%
*123 125
JC
30% 30%
3434 *......... 35
25% 26%
25
25
2 5% 25%
42
42
43%
42
42
*41
114 115 ^ 114% 114% 115 % 116%

Friday
M arch VO

STOCKS
N E W Y O R K STOCK
EXCHANGE

80
84 St* Louis 6c Sail F ran .......
£83
85
Ho 1 st p r e f ...............
70 % 72 %
Do 2d pret'..
*25
26% St. Louis Southw estern..
58
58
Do p re f........................
64% 6 6 Southern Pacific C o........
33% 33% Southernv.tr. cfs. strnped
*94% 95%
Do pref.
do
*93
96
M. 6s O. stock tr. c t f s ...
38% 39 % 'I 'e x a s & P a cific..............
123 124
JLhird A ven u e (N . Y .) ...
* . . . . . . 36 Toledo Railway's & Light
26% 27% Tol. St. L. & W . v. tr. ctfs
44% 44%
Do pref. ro t. tr. ctfs.
116% 116% Tw in City Rapid Transit.
Do pref.
90% 92%
92
93
92% 94%
94% 94 78 I fn ion P acific...................
917© 92%
89 7e 92 *4
90% 90%
90% 91
90% 91%
91
9 1 % 90% 9034
91% 91% ^ Do p re f........................
18% 1 8 %
18
18
18
18
*17
19 U n itR y s In v ’t of San Fran
*18
18%
1834 1834
59
57
59
56
57
*59
59
59
56
56
56% 57
Do p re f........................
28% 28%
28% 28%
28 ls 29
28% 29%
29
29% v y a b a s l i ............................
28% 28%
49% 50%
49% 50%
49% 50%
50
50% > > Do p re f......................
4934 50%
49% 5034
24% *23% 25
*23% 25
24% *_4% W heeling & Lake E r ie ...
*24
25 1 2 2 7g 2 2 % *23
53
53
*o3% 55
53
54
*53
55
*53
58
52*4 53
Do 1st p re f.................
33 % 3 3 *4
33
3334
33% 33% *33
34
*33
35
*33
35
Do 2d p re f.................
25% 25 Hi
25 % 26
25 % 26
25% 26%
26% 26%
26% 26% W isconsin Cent. v. tr. cfs.
49% 50
49
49%
49% 50
49 *8 4934
50
50%
50
5u%
Do pref. vot. tr. ctfs.
In d u stria l & iU iscell
*215 235
*215 240 *215 245 *215 230 *215 235 *217 240
A dams E xpress..............
72% 73%
72% 73%
72% 73 % 7 1 7e 73H2
71% 73
7*2% 73% •Amalgamated C opp er...
40
40
39 34 39%
40% 40%
39% 40
40% 40%
40% 41 Am erican Car & Foundry
*89% 91% *90
92
*89% 92
*90% 92%
90% 91%
91% 91%
Do p r e f......................
43
43
*42
44
42 % 43
43
43
*43
45% $42
42 Am erican Cotton O il.......
*94
97
*94
97
$94
95
*94
99
*94
99
$94
94
Do p re f........................
*37
39
*37
39
37
37
*37
39
*35
3 9 ‘ *35
39 Am erican Dist.Telegraph
$215 215
*215 225 *210 225
212
212
*210 225
*212 225 Am erican E xpress............
*16% 2 0
18
18
18
18 Am erican Grass T w in e ..
17*4 17 % * 16 *12 2 0
*16% 2 0
9
*8
9%
S
8
8 %
8
8
*7%
9
8%
9% Amer Hide 6s L eather___
*33
36
*33
34
33
33 *......... 33
*31% 33
32
32
De p r e f.................... .
7 % 734
8
7%
7%
8%
8
8%
7 % 7 % Am erican I c e ....................
7V
7%
*31% 33
32% 34%
33% 33%
33% 34%
32% 33%
33 % 33%
Do p ref........................
*14
15
*14% 16
*15% 17%
15
15
15% 15% American Linseed............
1434 15
*38
40
*36
40
*35
40
*36
40
*36
40
*38
42
Do p re f........................
27 % 2734
27% 28%
27 % 27%
27% 27%
28
28%
28% 2 8 % Am erican L o co m o tiv e ...
*93% 94
93 78 94
93% 94
94
94%
94
94
94% 94%
D o p re f........................
3 % 3%
*3
3%
*3%
334
3% 3%
*2
3
*3
3 % Am erican M alting............
*20
21
2 0 % 2 0 Hi
21
21
$21
21
20% 20%
$ 2 U34 2 0 %
D o p re f........................
49 % 51
50% 50%
49
49%
50
51%
50
50%
49% 50% Amer. Sm elt’ g<fc R efin’g.
95 % 96
95% 96%
95 % 9534
96
96%
95% 97
£94% 94%
Do p re f........................
*_
* .........126
126 * .........126
♦.........126
* .........126
♦.........126
Am erican Snutt.................
* ......... 98% *
Do pref
98 Hi *......... 98% * ......... 98% * ......... 98% * ......... 98%
124 125% 124% 126
124% 125% 125 % 127% •126% 128
125% 127% A m erican Sugar Refining
*120
121
*119% 1 2 1
121
121
*119 321
*121 123 *121 123
Do p re f........................
*164 I 0 6
*164 166 *163% 164%
$13
13
*13
14
$14% 14% *13
14
13% 13% *13 " 14 Am erican W oolen ............
$79
79
*78
79
*76
79
*76
79
*77
79
*78
79
Do p re f........................
118% 1 2 0
117% 118% 1 2 1 1 2 2 % 122% 124
122 123
123 123% d A naconda Copper..........
212 215
*210 213 + 2 1 0 2 2 0
208 208 Hi 2 1 1 2 1 1
*212 225
O r o o k ly n U nion G as___
* 1 1 % 1 2 % * 1 1 % 1 2 % . . . . . . . . . . . . U ru n s w . Docktfe C .Im p’ i
1 1 % 1 1 % *1 1 % 1 2
*48
55 B ntterick Co
63% 6434
65
65
64% 65%
64% 65
65
67%
67% 6 8 % / Colorado Fuel
I r o n ...
*
* .........117
117 - .........117
* .........117
+.........117
V9 Do pref
* ........ 117
20
*1934 2 1
*19%
20%
19% 20%
2 0% 20% £20
20
Col. & H ock. Coal 6s Iron.
20%
201
205
205% 206% 206 207% 206% 2 1 0
2 0 2 % 206
205% 207
Consolidated Gas (N . Y .).
114 % 114% 1 14% 114% *114 115
114 % 114 % 114 114
115 115 Continental Tobacco, pret
33
33%
3 3 l4 33%
34
34%
33% 34
34% 34%
34% 34% Corn P rod u cts...................
84% 84%
$53%
84
84
84% 84%
84% 84%
$84% 84 ?8
Do p re f........................
*135 140 $137% 13734 *135 138 *135 138 *135 138 *135 138 Diamond M a t c h ...............
$29% 2 9 7t
30
30
30
30%
30
30
30% 30%
31
31% Distillers Securit’ s Corp.
192% 193% 192% 194
193% 193% 194 195
194% 195 £193 % 196 % General E lectric...............
*16% 17%
*16% 17
16% 17%
16% 16% *16% 17
17% 17% I nternational P aper.......
*63
64% *71% 73
*71% 72%
*71
73
72
72% *71% 72% i Do p ref........................
55% 55%
55
55
54
54
54
54
International Power
4034 40% *40% 42
41% 43
*41
42 Hi
43% 43% £43
43% Internat’l Steam P u m p..
*82
85
84
*82
*82
85
*82
85
*82
83
*82
85
Do p re f__
*12
13
*12
13
*12
13
*12
13
*12
13
12
1*2
Manhattan B each ............
46% 47
46% 46%
46% 46%
46% 46% * 46% 46%
46% 40% V lationa l B iscu it............
•105 106 *105 106
106 106 *104 106 $ 1 0 6 % 106% *105 106
A Do pref............ *...........
26
26
253s 26
*25% 26%
26% 26%
26 % 2 7 %
27% 28% National Lead....................
*90
93
*90
93
*91
93
9 L% 92%
92
92%
9*2
94
Do p re f........................
162 162
160 160
162 163% *160 164
160 162
163% 163 % N ew Y ork A ir B rake.......
105 105
101
104
99 100% 1 0 0 % 1 0 0 % 102 104
103 108 N orth Am erican Co., new
36
37
*37
38
36% *36
37% 39 % 38
3 6 5e 3 6 5e
38 % O a cific M ail......................
1 0 1 % 102
l 0 l % 1 0 2 % 1 0 1 % 1 0 2 % 1 0 2 % 1 0 2 % 1 0 2 % 103% 103% 103% X- eop. Gas-L.& C. (Chic.)
BO1? 61
*60
61
60% 61%
6i
61 %
61 % 61 % Pressed Steel Car..............
* 6 0 8 2 61
93% 93%
93%
93% 94
*92
93*2 293% 93% *92
93% 94
Do p re f........................
*220 229 + 2 2 0 229 *220 229 *222 229 $224 225
*220 230 Pullman Com pany............
33
33%
33 % 33%
33% 33%
33 % 33 % 33% 34
33% 33% S> ail way Steel S p rin g...
87% «7% * 8 6 % 8 8 % *87
87% 8 8
87%
87 % 8 /%
87% 87% 1 V Do pref..........
20
20% 20%
20%
20
20
20% 20%
20% *
20%
2 0 % 2 0 % R epublic iron & s t e e l . ..
79 ^ 7 9 78 £78
78
*8 %
78% $77% 77%
7 8 % 7 8 % 78
78%
Do pref........................
25% 26
2534 26
25% 25%
26
26
2 6 % 2 6 % 26
26% Rubber Goods M fg ............
79
79
78
78
78
79
79
7 8 % 7 8 % *76
79
Do p re f........................
78%
61
63
63
64
61% 61%
6*2
63
59% 62%
62
63 O loss-Slielfield St. <fc Iron
*92
98
96
96
95
95
O Do pref.
*5%
5%
*5
5%
*5%
5%
"5 % 6 Standard Rope 6s T w in e ..
*5*4
6
5 l4 5%
6334 64%
63% 63%
65% 66%
64% 65%
66% 67%
67% 67% Tenn. Coal, Iron & R R ...
*36
37% *36
37%
*35
37
*35
37
36
36
*35
37 Texas Pacific Land Trust
*12% 12% *12% 12% *12% 12%
] mon Bag <fc P aper.......
12»4 * 12 Hi 13
12% 12%
*74% 77
*74% 77
*75
77
*75
77
*75
77
*75
77
vJ Do p re f..
*78% 31
* ......... 82
*70
TO1?
25
25
57% 57%
0 2 % 62%
32
3*2%
9334 94
*94
96
38
38%
*122 125
* ......... 34%
25
25
*41
43
115 % 116

*i'30 i4 0
12% 12%
9034 9034
2 3 78 24%
6 8 14 0834
16
16
*52
53
3 7% 3 1 a4
SB1® 66 %
63
63%
*125 128 %
*3634 35%
29% 29 %
* 2 2 i 235
*8934 90
*202 220
* .........218

*

52% 53
52
135 135 *130
12% 12%
12%
90%
90*8 90%
23 l4 24%
22%
68% 68%
68%
1534 16
*15%
52
52
*51%
£36% 36 5b 36%
*85% 86%
85%
* 62 H2 63%
62%
*124 Hi 126 % *125
*0 6 % 33 a.
29%
29 Hi 29%

52
136 *130 135
12%
12% 12%
90% *90% 91%
23%
22% 23%
68 % 69
68%
*15% 17
17
52% 52%
53
36%
36% 37%
86% 86%
86%
63%
63
63%
128% 126 126%
37
37%
29% 29%
29%
79 % 79%
*220 235 $221 225 *221 230 ‘
89% 90
90
90
89 Hi 89%
*205 215
205 205
2U8 208
* ..
* .........215
218 * .........218

79
79%
*......... 82
70
70%
25
25%
57% 58
65% 6 8 %
32% 33%
95
95 %
*92
96
38% 38%
124%124%
30
32
26
27%
43
43%
116 116

53
53
135 135 +130
12% 13
12%
90% 91
91
23
24
*23%
69
69% £68%
* 15 % 16 %
16%
*5*2
53
53
37
37
37%
86% 87%
87%
63% 64 % 63%
126% 127
1*26
*36% 38%
37
29%
*220
90
*208
*205

*230
90
215
215

Do p re f..
United States E x p re ss...
United States Leather___
Do p re f........................
U S R ealty& C onstruction
Do p re f........................
United States R u b b er___
Do p ref........................
United States Steel..........
Do p re f........................
Virgim a-Carolina Ohem..
Do p ref........................
V irginia Iron Coal A Coke
Vulcan D etin n in g............
Do p ref.......
*220 *235
Y\7 ells, Fargo
C o.......
£88% 88% I V est’n Union T ele’ gph
*208 215 W est’gh ’ seE l AM Igassen
*205 2 IS
Do 1st p r e f...
136
12%
91%
24
69
16%
53
3/%
87%
64%
126
37
29%

[VOL

LX X V I,

Range lor Previous
Sales o> Range lor Year 1903
On basis or 100-share lots
Y e a r (1 9 0 2 j
the
Week,
Lowest
Shares
H ighest
Lowest
H ighest
8,301)
500
2,700
1.400
1 ,*2 0 <<
274,760
40,271
2,478
7,600
768
70u
2 , 1 U0
800
3,466
265,0.5
5,080
950
1,350
4,700
35,100
650
1 ,2 0 0

1,418
3,000
3,500

71 Jan 16
79 J an 5
69 M a rll
2 4 % Mar 9
56 MarlO
58% M ai 6
307s Mar 9
92% Jan 2
94 Jan 7
37 Mar 9
1*22 M a rll
30 MarlO
25 Mar 5
40% Mar 9
114 Alar 16
15.S Jan 1*
8 9 78 M a rio
90 Alar 9
18 Alar 18
56 A1a 1*18
27 Alar 9
44 Jan 8
227s Alar 16
52% Mar 9
33 % Alai-16
24% MarlO
47% MarlO

90% Feb 24
F e b 20
78 F e b 24
30 Jan 7
66
Jan 7
6 8 % Afar 19
36% Jail 9
96 Feb 9
96% Alar 3
43% F e b lo
128% Jan 2
37% 'Jan 12
31% Jan 9
48 Jan 8
1*22% Jan 23
159 Jan 1°
104% Jan 9
95% Feb 11
22% Jan 13
64% Jan 6
32% Feb 27
55% Feb 24
27 % F eb 9
61% Feb 9
38% Feb 10
29% Feb 9
55% F eb 6

55% Jan

88

65% Dec
24% Dec
55% Alai
56 Dec
28 Dee
89% Dec
90 Ala)
37 Dec
122 Jan
32 % Nov
j 18% Jan
1 35 J an
107 Jan

85% J ’ ly
90 J 'ly
8 0 % J ’ ly
39 A ug
SO Sep''
81 % Sep
41 % Aug
98% A p r
93 N ov
54% Sep
134 Feb
38 Sep
33% Oct
49% Sep
129 Aug

93 % Dec 113 % Aug
95 Aug
20 Dec 24% Oct
60 Dec 6 6 Nov
21% Jan 38% Sep
37 Dec 54% Sep
17 Jan 30% Sep
49% Jan 6 6 A pr
28 Jan 42 % Sep
19 % Jan 31 A ug
39 % J an 57% A ug
8 6 % Alar

. . . . . . $204 Jan 30 235 Feb 11 $198 J ’lv $240 Oct
223,091 62% Jan 15 75% AIarl2 53 Nov 79 F eb
3,875 357sJ a n 3 41% Jan 19 28% A pr 37% Oct
1 , 0 1 0 S9% A la rll 93
Jan 6 8 0 % Jan 93% O ct
925 42% Alar 9 46% F e b 20 30% Jan 57% A pr
45 96 Feb 3 98 F e b 13 8 6 Feb 99% A pr
1 0 0 37 Jan 31 41 % Jan 2 32% Jan
42% May
loU 212 Alar 18 235 Feb 5 *210 Jan *265 Aug
600 17% A tari3 29% Jan 7 27 Dec 62% A u g
1 ,0 0 0
8
Alar 17 l l% J a n 2
8 % Dec 13% Oct
300 32 Alar*20 3 7 % J an 6 34 Dec 43% Sep
3,735
5% Alar 10 11% Jan 2
y% J ’ly 31% Jan
3,885 26 MarlO 42% Jan 30 32 J ’ly 67 Jan
0 0 0 14% Alarlb 19% Jan 6
14 Dec 28 A pr
. . . . . . 39 M a rll 48% Jan 6 39% Dec 58 M ar
3,80u 27% Alar 10 31% F eb 17 23 % Dec 36% A pr
1,321 93 Jan 23 95% Feb 17 89 Jan 100% A pr
1,600
2% MarlO
7% May
5 Jan
5 % F eb 2 6
345 20 Alar 10 24% Jan 10 21 Jan 29 Sep
46,946 42% Jan 3 52% F eb 17 37 Nov 49% Alay
9,670 93 Jan 5 99% Feb 16 87 % Nov 100 % J’ ne
. . . . . . 1*25 Jan 29 126 Alar 4 40% Jan 135 Oct
96 Jan 13
101
Oct
142,6oo 1*22% Mar 12 134% Jan 8 113 Nov 135% Mar
1 0 0 120 Jan 3 122 F eb 13 115
Jan 122 A ug
1 0 0 163
Feb 5 169 RVlil«
410 12 % Jan 19 14% F e b 25 1*2 Dec 17% Jan
1 0 77 Jan 1*2 8 0
Jan 31 73 A pr 8 0 % Sep
14,250 95 Jan 21 125% F eb25 dSO Dec 146 Feb
843 *208 Alar 16 225 Jan 21 210 Jan *253 A u g
2 1 0 10 Jan 5 15 % Jan 29
/ % Dec 14% A pr
49
Mar *2
53 Sep
7,100 63 Alar 9 82% Jan 6 73% Aug 110% A p r
L22 J an 3
$140 Mar
910 19 Jan 26 22% Feb 18 14% Jan 24% Oct
35,240 201 A larlo 222 Jan 7 2U5 Dec 230% A pr
1,150 114 AlarlO 119 Jan 2 114 Dec 126% J ’ ne
32,907 30% Jan 2 34% F e b l o 26% Dec 38% Alar
1,395 82 Jan 2 85% Jan 19 79% Dec 90 Alar
15o 137% J am 7 140 Jan 19 130% J an 139% Jan
2,725 29% M a r ll 34% Jan 6 27 Dec 33 Dec
4,769 183 Jan 2 *204 Feb 16 0170% Oct 334 A pr
1,460 16% A larlo 1 9% Jan 5 16% Dec 23% M ar
*2 oo 71% Jan 13 74% Feb 6 70 Dec 77% Jan
1 , 0 0 0 52% A larlo 7 3
J an 19 49 Dec 199 Apr
700 40% Alar 16 46 Jan 8 40 Dec 57% Alar
82% Feb 7 89% Jan 12 82 Dec 95 O ct
l o o 1 1 Jan 7 12 % Feb 24
9 Oct 19 A pr
1,920 45% J an 14 47% Feb 17 40 Nov 53% Alar
1*20 103 Jan 3 106 Jan 5 101% Dec 109% A pr
4,175 24% Mar 6 29% F eb 5 15% Jan 32 Sep
1,390 90 Alar 2 95 F eblO 78% Jan 96 Oct
900 159% MarlO 177 Jan 2 148 Mar 196 A pr
8 , 1 0 0 yy
Alar 17 124% Jan 7 8 8 Jan 134 Sep
1,750 36 Mar 16 42% Jan 7 37 Nov 49% Alar
6,410 100% Alar 9 108% Feb 10 98% Jan 109% Sep
5,900 60 Alar 6 65% Jan 26 39 Jan 63% O ct
972 92 A larlo 95 F e b 20 | 82% Feb 96% Oct
130 2*28 Feb *28 235% Jan 14 215 Jan 250 A pr
1,690 31 % Jan 24 37 Feb 9 24 A pr 38% Sep
8*25 84% Jan 24 90 F e b 25 80 Apr 90% O ct
5,000 iy% Alar 9 22% F e b 18 15% Jan 24% sep
1,710 7 7 % Jan 2 8 0 % F e b l8 68 Jan 83% Sep
2,421 2 1 % Jan 5 30 Feb 16 17% Feb 25% A pr
1,182 72% Jan 2 84% Feb 17 63 J ’ly 74% M ar
4 ,7 /5 5 9 % Jan 2 72 Feb 25 29% Jan 83 Sep
*215 9 0 ^ Jan 2 97% Feb 18 80% May 95 *o Sep
100
5 % Jan 5
6% F eb 11
4 Jan
8% A pr
40,850 59%. Jan 2 67% Alar20 49% Dec 74% A pr
1 0 0 36 M a rl? 40% Jan 7 35
Jan 44% F eb
100 12% M ar 9 15 Jan 19 11% Nov 18% A pr
76 F e b 28 79% Jan S 72 Jan 85 A p r
13 M ario 15 Feb 20
17 Oct
600 52 Jan 14 55 Feb 25 42 Alay 59 Sep
300 135 Mar 7 150% Feb 4 97 Jan 160 A ug
6,372 12 MarlO 15% Feb 11 10% Dec 15% Sep
1,425 88% Jan 16 96 Feb 11 79 78 J an 91% Sep
8,0*25 22% Alar 17 2 8 % Jan 2 20 Nov 32 Oct
3,300 68% M a r ll 73 Jan 2 64% Nov 75% Oct
900 15% AlarlO 19 % Feb 10 14 Jan 19% Oct
548 51 M a r ll 58 F e b 10 -i£% D eci 64 Alar
49,650 36 Alsr 9 39% F eb 5 29% Dec) 46% Jan
22,576 8*3% M ar 9 89% Jan 7 79 Dec 97% Jan
8,280 60 M ar 9 66% F eb 19 54 Dec 76% A pr
500 121% Jan 22 128% Feb 18 120 Dec 134% Sep
200 36 Feb 9 39% Feb 25
1,600 29 % Alar 17 33% Jan 9 29 Nov 33% N ov
200 79% Alar 18 81 Jan 19 7 8 ^ Oct SI A’ D ec
75 220 Jan 7 *249% Feb 6 $185 Jan $255 Aug
1,005 88% Alar 9 93 Jan 14| 84% J ly 97 % Aug
200 200 Alarl 1 *221 Jan 7| 169% .fan 233 Sep
*215 Jan 3 224 Jan 71 180 Jan 234 Ai»r

BANKS AND TRUST COMPANIES—BROKERS’ QUOTATIONS
B id

A sk

B id
1450
N\ Y. CITY
GOO
Alecliaincs^]. 220% ...........
720
Alerchants’ .. 110
Bowd’ gGreen *240 250
Broad way Tr. 155 165
190
N a ssa u . . . . . . 350
CTR’ tyB A T r 590 610
815
Nat C ity....... 305 320
Central Tr'si 2050
390
N orth Side*,. 215 230
BROOKLYN
City* T r u s t... 380 395
265
People’s*,___ *206
C olon ia l....... +396%
Borough*i__ 100
500
17tli W ardV 130
C on tin en tal. 690 ‘
S p ra gu e....... 200
1100
Broadw ay^.. 300
Eastern T r.. 170 180
310
Stuy v ’t Hts*, 1165 %
Brooklyn^) -- 130
Em pire State 180 195
1675
8th WardU .. 75 ........ 26th Ward*|. 135
F irst.............
U n io n s ........ 140 160
Equitable Ti 640
1050
Exchange Ti — ...
*240
WallabouUi . 105
M anulactrs’ . 325 375
* Bid and asked prices; no sales on this day. $ Bess m an 109 shares, i d x nsjnts. d Beginning
1 Sale at Stock E xchange or at auction this week. o E t stock dividend, s Trust Co. certificates.

Banks
V a n ck H.......
W ash.H ’htsV
W est Side* ..
W estern new
Yorkville^i ..

B id A sk
210 *220
*200
560
387 % 392 %
375

Banks

BROOKLYN

T ru st C os,

Bid

A sk

T ru st C o’ s
Farm Lo&Tr
Fifth A v e Tr
j Guaranty Tr
Guardian Tr
| K nick 'r b ’k ’r
Lincoln T r ...
| M cV ’ck ’rRty
Manhattan ..
A lerca u tile..
I M erchants’ ..
1 Metropolitan
M ortonTrust
Mut.ALliance

A sk
1500
620
740
197%
830
400
*275

T ru s t C o ’ s Bid A sk
N Y L ife& Tr 1225 1250
N Y Sec 6s Tr 1325 1375
N orth Amer. 307 315
110
Real Est T r’t 390
StandardTr’ t 385 400
T r Co of A m . 290
295
TrCo of R p b (■ tll9%
Union Trust 14*20” 1440
U S AItg<te Tr 475
iyo
Unit States . 1650 1700
Van N ’denTi 2 5 7 % 262 %
W ashington. 420
W indsor....... 245 260

T ru st C o ’s

Bid

A sti

BROOKLYN

Brooklyn Tr
Flat b u s h ___
F ra n k lin ___
H am ilton___
Kings C o ___
L lsl L 6s Tr.
N assau .........
People’s .......
W illiam sb’g.

47 5
175
344
325
430% . . . . . .
320%
250
350
265

1160
3*25
........
1080
260
M arch 31 quoted per cent instead ot dollars per share.
Banks mar tied with a paragraph (U) are State hanks

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
O C C U P Y IN G
HON DS
N. Y . STOCK E X C H A N G E
W eek E nding M arch 20

>1 ■
i- v.

CJ. S. G o v e rn m e n t
U S 2s consol registered. eI1930 Q-J
U S 2s consol cou pon ___(11030 Q-J
U S 2s con.soi reg sm all..d 1930 Q-J
U S 2s consol eoup sm all.d 1930 Q-J
U S 3s reg istered ............ /cl91S Q-F
U S 3s cou pon .................../c l9 l8 Q-F
U S 3s reg small bonds.. k 1018 Q-F
U b 3s cou small b on ds../ell) 18 Q-I?
0 S 4s registered ........./til)07; Q-J
U S 4s cou p n ii.............'.../tl9 0 7 i Q-J
U 8 4s registered............... 1025! Q- F
U S 4 s c o u p o n .................... 19251 Q-F
U 8 5s registered...............11)041Q-F
U 8 5s c o u p o n .....................100J Q- F

Price
FYidav
M arch 20
Bid

Jiange
Since
January 7

Week's
Jiange or
Last Sale

A8fC Low

H igh A o Low H igh

107 108 1084 Aug*02
1 0 ? 4 108 ’2 107 hi F e b ’03

107 4 107 ‘u

107 Q 108 107 Mar*03 • 1 0 7
107
108 1084 10 8 14 108Q 13 197 *g 1084
................... 107
J ’ ne’02
106 4 .........107 4 F o b ’03
--- io7*sD )7 4
1 0 8 4 109 4 109 Mar *03 - - - 1 0 9 110 4
109 hi 110 hi 109 Q M ar’03 . . . 1 0 9 * 4 1 1 0 * 4
135 136 1354 Mar 03 8 15|l |35 135*8
136 137 hi 13d F e b ’ 03 - - 113 6 136
103 103-4 1034 D e c ’02
103 1034 103Q 103 l4
4, 1 0 3 " i o i i

F o re ig n G overn m en t
94 .........
Franklort-ou-M am 3 4 s ser 1.. M-S
These are price s on the Ua sis of
96 .........
U 8 ot iMexico s t g 5s oi 1800 Q-J
7 hese a r e p r
S ta te S e c u r itie s
Alabam a class A 4 to 5 ___ 1006 J -J
Class 15 5 s.......................... 1006 J - J
Class C 4 s.......................... 1006 J -J
Currency minim ^ i s ___1020 J - J
Uist ol Colum bia 3*65s___ 1024' K-A 121
Louisiana new consol 4 s .. 1014 J-J
S m a ll.......................................... i ___
M issouri tunning___1804-1005; -J -J
N orm Carolina consol 4 s .1016 J -J
6 s......................................... 1919 A-O
•So Carol i ua 4 lgs 2 0 -4 0 ..... 19t>J J-J
Teun new settlem ent 3 s.. 1013 J - J
9 6 4 97
S m a ll............................................. J-J
m u ‘95^
Virginia fund debt 2 -3 s...l9 9 1 J -J
R eg iste re d ................................ J-J
6s deterred B row n Bros etts.

95 4 F e b ’02
lour m arks to o ne do liar.
98-8 Feb ’03
.. ‘JO *2 08=8
ices o n the Uasis 10 / .to to £ .
1043b Sep *02
109Q Oct ’00
1 0 2 hi Mar’02
ill
M ar’02
121
121
106 4 Oct '02
109 Si F e b ’99

14 121

121

95

97

11

12

Iu4 N ov ’02
136*2 J ’ly ’01
120 Mar’OO
96 4 Feb ’03
9 Shi Oct ’02
9 8 4 Oct ’02
11

F e b ’03

R a ilr o a d
labama Cent see 8o Ry
A laba Mull see Sav Fla A W
A lbany A buso bee Del A Hud
A llegheny V alley ^ ^ i'e u n UK
A ll eg A West See Bull li A P
Ain Rock A iiA b eeC en tof N J
12
95 Sale
94
95
Ann A rb or 1st g 4 s........./(1005 Q-J
A tch T 6c 8 Fe gen g 4 s ... 1005 A O 102 Sale u i 70 m 2 219
R egistered.........................1095 A-O
102*6 F e b ’03
A djustm ent g 4 s.......... /(1005 Nov
90 4
91*6 *24
9 0 4 SaK
94 4 A pr '0
R eg iste re d .................. /(1995 Nov
8 tam ped................... /i.1005 M-N *91
92*
91
9 1 4 *12
Clue iSc 8t Louis 1st 6 s ..1015 M-S 115
114 4 Oct *02
A tl K nox A N or 1st g 5 s .. 1046 J D
A tlan tic Coast 1st g 4 s ./il9 5 2 M-S
9 4 4 Sale
934
944 97
A tlantic 6c Danv See 8outh Ry
A tlan tic 6c Yadk See South Ry
Austin 6c N W See Sou Pacific
| >at Creek 6c 8 See M ich Cent
71
9234 Sale
D a l t A Ohio prior 1g 3 Has.1925 J -J
924
93
R e g is te re d .....................h i 025 Q-J
94 4 J a n ’ 03
Gold 4 s ........................... h i 048 A-O U)l*4 Sale 1 0 1 4 102*4
101 F e b ’03
R e g iste re d ................. h i 048 Q-J
10
101
101
Con v deb 4 s ..................... 1911 iVI-S .01
90
P J u n A M l)iv 1st g 34*192 5 M-N
9 04 9 0 4 M ar’t)3
R e g iste re d ................. ^>1925
19
954
96
96 Sale
P L E ite W Va 8ys re£ 4 s l9 4 1
Southw Div 1st g 3 ^ s . . . 1925 J-J
88 4 4 i
88
8Shi 88 4
R e g iste re d ................. h i 025
90 Q J ’ly *02
M ouou liiv 1st gu g 5 s ..1010
108
114 *4 J ’ ne*02
108 S e p ’02
Cen Ohio R 1st c g 4 4 »-.1 9 3 0 M-S
Beech Creek See N V C 6c H.
Belle v 6c Car see Illinois Cent
Bklyn 6c M outauk see Long I
Bruns 6c W est see Sav FI 6c W
Buffalo N V 6c Erie See Erie
Bullalo it A P gen g 5 s ... 1937 M-S
11G 1154 M ar’03
A ll 6c W est 1st g 4s g u .. 1998 A-C
J
-J
.....................‘ 103 A p r ’97
Cl 6c Mali 1st gu g 5 s___1945
Roch 6c Pitts 1st g 6 s . . . 1921 F A * ........ 1 2 4 4 123 M ar’03
Cousul 1st g 6s............ 1922 J -D ]*........ 126 125^ Jan ’03
Buttalo 6c Southwest see Erie
Bull 6c Susq 1st ret g 4s.d 1951 J - J
103 J ’ ne’02
100
R egistered..................... h i 951 J-J
5
Bur Cedar K A N o 1st 5s. 1906 J-D 1034 sa lt 1 034 1034
Con 1st Sc col t r u s tg 5 s .. 1934 A-u 122 4 ........ 1122 F e b ’ 03 ...
R egistered.................... 1934 A-O
1 2 0 4 1 204 10
C K l F A N W 1st gu 5s. 1921 A-O 113 .........118 J a n ’02
M 6c St L 1st gu g (8 ___1927 J D
Canada >outn 1st 5s....... 1908jJ*J
10*3 4 Salt iu*34 1*04 ’ Is
( >2d
5 s ................................ 1915 .71-8 105 *4 sale 1064
1UO'4 105*4
5
R egistered.................... 191.. M-S lu 4 4 ........ 106*6
Lo6*6 Dec ’02
Carb 6c Shawn see ill Cent
Carolina Cent See Scab 6c Roan
Carthage 6c Ail See N V C 6c H
Ced R la F 6c N See B C K 6c N
92
93 F e b ’ 03
Ceu Branch L’ P 1st g 4 s ... 11»
JR
Cen Branch Ry .see* Mo Pac
Central Ohio See Haiti A Ohio
Cen R K A h o t 6 a col g 5> 1907!*V1-N 106 4 ....... 107 4 D e c ’ 02
•Cent ot Ga Kit 1st g 5 s ..p l9 4 5 F-A .........120
1224 Jail *03
R e g iste re d .................... p 1945 F-A
Consol gold 5s................ 1915 M-N 107 Sale 10 <
1074 32
R egistered....................1945 M-N
105 4 S e p ’01
1st pret income g 5 s ....p l9 4 5 Oct
6
76
78
76 4 78
8
2d pret income g 5 s___pl945| oct
38
38
38 Sale
3d pret income g 5s_p l9 4 5 Oct
25 .......
24 4
24 4 36
Cliatt Div pur liiun g 4s. 19511 J -R
92 A u g’02
108Q Sep ’02
Mac 6c N*or Div 1st g 5s. 1946 J *J
102 J ’ ue’99
M id Ga 6c At 1 Div 5 s .. . . 194 < J *J
112 4 A pr ’02 1
M obile Div 1st g 5s.... 1946 J-J
-C entot N J geu’ i gold 5s. 1987 1 - J 131 Sale i : u
131 ;V|
1 3 1 4 F e b ’u3
R eg istered ................. /il9S7| Q-J
Am D ock Sc Imp gu 5 s.. 1921 1J - J
1 1 3 4 113 4 U 341

££

ti

9 3 4 964
1017q 102 78
1024102*8
90
92-4
9*0 4 *924*
934

944

924 944
94
94 4
1 0 1 4 103 4
10 L 162 4
101 106
89
91
95 4
88

9(h
89

11541184
125
125

128
l25-\

1U2 a4 103a4
1214122
12041204
103 4 104JV
105 4 108 4

93

944

12241224
106

109

75 4
364
24 4

80
394
27

130 134
13141334
113 1 1 3 4

M IS C E L IiA N K O tM
S treet H ail w a y
Brooklyn Rap l'r g 5s....... 1945
A tl A v Bklyn imp as 5 s .. 1934
B k C ity 1st cun 5s. 1916, 1941
Bk Q Co A 8 eon uu u 5s. 1941
Bklyn Uu Ll 1st g 4 -5 s.l9 5 0
K ings Co El 1st g 4 s___1949
Nassau Llec gu g 4 s ___1951
City A s Ry Balt 1st g 5s. 1922
•Conn K y A L is t A rel g 4 4 a '51
Den Cou T r Co 1st g 5 s ...1933
Deu Train Co .con g 6s.. 1910
M et Ry Co 1st gu g 6 s.. 1911
Det c'it bt Ry 1st coil g 5s. 1905
Gr Rapids Ry 1st z o s . . . a 1916
-L011 is Ry Co 1st cou g o s . . 1930
M arket b t C R y 1st g 6 s .. 1913
M et bt Ry gen col tr g 5s. 1997
B w a yA 7tli A v 1st e g 5s 1943

FOLK

PAGES

BONDS
N. Y . STOCK E X C H A N G E
W eek E nding M arch 20

•w C

Price
F riday
M arch 2 0

Week's
Range or
JjOSt Sale

i j

Range
Since
< < January 1

Bid
A 8k L ovj
H ig h , A 0 Low H igh
Central ot N J —( Continuedj
Le 6c H ud R gen gu g 5s 1920 j . j
103
9 103 104
Leli 6c W ilks B Coal 5 s ..1 9 1 2 [ m - n 103 Sale 103
100*4 102 4
1014
Con ext guar 4 4 » ___r/19lo q . m 1 0 1 4 Sale 101
5
N Y 6c Long Br gen g 4s 1941 M S
Cent Pacific See So Pacific Co,
Charles 6c Sav 1st g 7 s ___19301 j . j
1*1*2** 1*1*2*"
i ’n ’4 1*12 ” Ma*r ’ 03
Clies 6c Ohio g 6 s ser A ..h l9 0 8 A-O
Gold 6 s .............................a l 9 1 1 A-O 113 7e 110 1134 3an ’ 03! . . . . 1 1 3 4 1 1 4
M ar’ o3 ---- ! 117 1 1934
1 st consol g 5 s.................. 1939 ,vi-N .........1174 117
121 J ’Ue’Ui! . . . . . . . . . . . . . . . .
R egistered..................... 1939 ,VI-N
General gold 4 4 s .............1992 vi-S * 10334 Sale 1034 104*4 33 103 1 0 6 4
. . . . . 103 A p r ’01 . . . . . . . . . . . . . . . .
R egistered.....................19921M- s
lo 9 ........ 112 N ov’02 __J . . . . . . . . . . . .
Craig Valiev 1st g 5 s___1940 j . j
2 101 4 102
102
R 6c A Div 1st con g 4 s ..1989! j . j 102 Sale 102
95 Mar’ 031 ...J 95
96
2d consol g 4 s ................ 1989 j . j
1064 Oct *02 . . . .
Warm Spr Val 1st g 5 s .. 1941 vi-S
G reenbrier Ry 1st gu g Is ’I o ' m n 100 .........
1014 5Iar 03
iO l 4 1014
Chic Sc A lt R R s fund 6 s .. 1903! vi-N
21 82
82
82
834
Retunding g 3s................ 19491 v O .........• e A
R egistered..................... 1940 A-O
754 794
7 6 4 7 7 4 76*4
77
R a ilw ay 1st lien 34s...l95< > j . j
8334 A p r ’02 lfc!
R egistered.....................195» • ./. j
Chic Bur 6c Q consol 7 s ...190: j . j i o i 4 Sale 101 a4 1014 11 101 102
104 *4 A p r ’00
Chic 6c Iow a D iv 5 s .........1905! f -a
D enver Div 4 s.................. 1922 F-A 100 1 0 1 4 100*6 F e b *03 . . . .1 1 0 0 4 1 0 1 4
2z! 9 4 4 97
95 Sale
Illinois Div 3 4 s ...............1949 j . j
944
9o
R egistered..................... 1949 j . j
1144 A u g ’02
Iow a Div sink Hind 5 s ..1919| a -0 1 1 2 4
1 0 3 4 ......... I04*s Jan *03 . . . .1 1 0 4 4 1 0 4 4
Sinking fund 4 s............ 1919 a
107 1 0 8 4
N ebraska Extension 4s. 1927 ,vi 1 10734 108 1 074 108
109 Si A ug’Ol 15i
R egistered..................... 1927 vi-N
100 Mar*U2
Soutiiwestern D iv 4 s ___1921 M-S
Joint bonds See Great North
6 1064108
D ebenture 0 s ................... 1913 vi- n •1 0 7 4 ........ 107 4 1 0 7 4
Han 1V5 St Jos consol 6 s .. l o l l .71-s 1 111 115 117 4 F e b ’03 .... 117 1 1 7 4
no
110*4
1 1 0 4 1 1 0 4 110*4 Jan *03
Chic 6c E 111 1st s I cu r 6 s .1907 J
136 4 ........ 136 4 F e b ’ 03
1st consol g 6 s ..................1934 A
12041214
.........12L4 121 Mar 03
General consol 1st 5s___1937 M
.... . .
. ......
120 D e c ’02 ___1
R egistered.................... 1937 M
120
1204
120 4 ......... 120*4 F e ll’03
Chic 6c Ind C Ry 1st 58.1936 j
Chicago A Erie See Erie
5 129 1 3 0 4
13034 130*4
Chic In A L ouisv ref 6 s ...1947 j . j 129
.........112
L13*8 Jan ’03 • 1 U 4 113 4
R efunding gold 5 s.......... 1947 J-J
111 -V
1 11041114
L ouisv N A A Ch 1st 6 s. 1910 J - J 1 1 1 4 ........ n 1 4
194 4 Oct *02
Clue M il 6c St Paul cou 7s 1905 J - j
3 in* i t !
i n ’ ........ 111
111
Term inal gold 5s............. 1914 j . j
1114112
General g 4s sen es A „.e l9 8 9 J -J 1 1 0 4 1 1 1 4 111*4 F e b ’03
111 D ec *02
R egistered................... <*1989 Q-J
1u434 Jan *02
General g 3 4 s series B.^1989 J - J
....................
R egistered................... ?1939 J-J
1
1
5
4
.........
12 ih i 51ai’trj
Clue A L 8 ii Div g 5 s___1921 J -J
3 117 4 1 174
Chic A Mo Riv D iv 5 s ... 1926 J - J 1 1 7 4 ........ 1 1 /4 11<7«.
1 1 3 4 ........ i 13a4 Jan *t3 . . . . 1124 1134
Clue A Pac Div 6 s .......... 191 u j . j
j I I 0 4 1174
Chic A P W 1st n 5 s ....... 1921 J - J 1 1 6 4 1 1 7 4 11634 1164
4 1114 1114
Dak A Gt 8 0 g 5 s .............1916 j -J n 1 4 ........ 1114 1 1 1 4
131 ......... 137 4 J ’ ly *99
Far A Sou assu g 6 s....... 1924 J - J
1 1 9 4 ......... 1 L9Q F eV u 3
l 19 4 1 1 9 4
Hast A D D iv 1 s t7 s ....... 1910 J.J
1 0 7 4 A ug’U2
1st 5s.........................
1910 J - J Iu6 4 ..
183 F e b ’03 . . . . 183 185
1 A D E xien 1st 7 s .........1908 J-J
116 Sep *02 — ....................
LaCrosse A l ) 1st 5 s___1919 J-J ; i i 4 ;C i i 7
M ineral Point Div 5 s___191<; J - J cm » JU8
l 13
113 4 F e b ’03
112 4 1 134
8 0 Minn D iv 1st 6 s.........1910 J -J
1124 Jan ’03 . . . . 1124 1 124
Southwest Div 1st 6s___1909 J - J 112
W is A Minn Div g 5 s___1921 J - J 1 1 5 4 ........ 11 6 4 Feb 03 ___ 1 1 6 4 1 1 6 4
117 M ar’02
Mil A N o 1st M L 6 s ....1 9 1 0 J-I * .........116
120 4 A u g ’02
1st consol 6s..................1913 J-l I .........119
Clue A N orth w cons 7 s ___1915 q - F 1 3 1 4 ......... 1314 1 3 1 4
1 1314*134
lu 10! 101
iu l
101
e x ten sion 4 s.........1886-1926 h-fi
1 0 6 4 Oct ’02
R egistered.......... 1886-1926 F -/
....................
General gold 3 4 s ............1987;M-l>
103 N ov’98 ....
R eg istered ................. p l9 8 7 q -1
bulking Hind 6 s ...1879-1929 A-C ................... 115 4 J ’ly ’02
....................
111 Gel ’UO
R egistered.......... 1S79-1929 A-C
5 10941094
Sinking fund 5 s ...1879-1929 A-C .................... 109 4 109*4
.................... 107 4 Jan ’ 03
ilo7 4 1 0 7 4
R egistered.......... 1879-1929 A-C
108 109
Debenture 5 s....................1909 M-|> .........107 4 108 F e b ’03
R egistered..................... 1909 M-T
111 ......... 112 J a il’03
112 112
D ebenture 5 s................... 1921 A-<
11L ......... 114 Get ’01 1---R egistered..................... 1921 A-(
.........118
1 1 8 4 Mar*03 . . . . 118 1 1 8 4
Sinking fund deb 5 s....... 1933 .v1->
R egistered..................... 1933 «Vl-> 1 1 6 4 1 1 8 4 123 May’01
|....................
P es M o A Minn 1st 7 s ..1907 F -.
M llw A Madison 1st 6 s.. 1905'M-S .........105 4 10 6 N ov ’ 0 2
North Illinois 1st 5 s .... 1910 M o
|108 G e l ’02
Utt C F A 8t Paul 1st 5s 1909 M104 4 ......... 107 O c t ’ 0 2 ___
W inona A bt Pet 2d 7 s.. 1907 .M-T 114 ....... i 116 4 J *ne’02 . . . .
iMii L b A W est 1st g 6 s 1921 MO 1 3 1 4 '____ 1132*4 F e u ’ 03 . . . . j 3 1 4 i*324
Ext A Imp s fund g 5s 1929 F -J 120*4......... 1214 5lar’03 — 1 2 1 4 1 2 5
Ashland Div 1st g 6 s .. 1925 M o
Mich D iv 1 s tg 6 s .........1924 J-*
132 4 ........ 1394 Jan ’02 — , . . . . . . .
llll i.,
C onvertible deb 5 s___1907 F-J
H07 4 F eb ’01
******
I in '•in* s ....................... l'.*l 1 MO
1144 bep *02
Clue Rock Isl A Pac 6 s ...1 9 1 7 J-% 127 1 2 7 4 127 M ar’03
127 127
R egistered..................... 1917 J-J
1254 M ar’03
125 4 1 2 7
9 105*4 108
General gold 4 s................ 1988 J-J 105 ......... 105*4 105*4
R egistered..................... 1988 J-J
lo 7 J a n ’03
107 107
Coll trust Series C 4s ...1 9 0 5 M
1 004 J ’l v ’02
II 4 s.................................. 191o M
9 9 4 J ’ ne’02 . . . .
M 4 s.................................. 1915 M
99 4 J ’ l v ’02 . . . .
N 4 s .................................. 1916 M
9 9 4 J ’ne’ 02
86 bale
Clue R I A Pac R R 4 s..2 o 0 2 M
84 4
86 210 1 83 4 89
...........
R eg istered .................... 2002 M
88*4 Jail *03
8 8 4 SS4
Des M A Ft D 1st 4 s ___1905 j -J
96 4 ......... 9 8 4 F e b ’u3
, 984 9^4
1st 2 4 s ............................1905 J-J ......... 954 93 J a n ’03
92 4 93
Extension 4 s................ 1905 J-J . . . . . . . . . . . . 9 4 4 J a n ’03 L— ; 9 4 4 9 4 4
Keok A Des M le t 5 s .... 1923 A
................... 1 1 0 4 A p r ’02 I___
Clue A bt L See A tch T A ba Fe
Clue bt LA N * O See 111 Cent
Chic bt L A Pitts See Penn Co
0 133 1 3 6 4
Clue bt P M A O con 6 8 ... 1930 J
.........1364 1 3 3 4 1 3 3 4
Ch bt P A Muiu 1st g 6s 19 lb M
1344 Jau ’03 •••• 1 3 4 4 1 3 4 4
Nor W isconsin 1st 6 s ...1 9 3 0 J-J 134 ......... 1137 4 Sep *02 ••••
... ....
bt P A b City 1st g 6 s ... 1919 A
3 126 1 2 6 4
125 4 ........ 11 2 6 *4 1264
Chicago Ter Trans g 4 s ... 1947 J
S3 bale 1 83
83 4 10 | 83
86

BOND?**—Continued 011 N ext I'uize-

S tre et R a ilw a y
10G 1 0 7 4 10G 4M ar’03
................... 110
J a u ’ 991
109 Q 110 4 110 F e b ’03
102 ........ 102 J a n ’03
100 4 U H 4 100 4 1014 11
88
1
......... Sb 4 8S
85 4 J an *03
3 9 4 Oct *02
95 J ’ ue’oo

m -i
117

103

N ov’01

109

Mar’98

114
117

M ar’03
117 4

105

1074

110
102

no

1024
1004104*4

01

85 4

89 4
85 4

I....

.. 114 120
J 1 1634 1174

M et St R y—( Con>R ef g 4s2002 A-O
94 4 95 4 1 95 4 M ar’03 . . . 95
964
Col A 9tli A v 1st gu g 5s. 1993 M-S ......... 120 | H S * 1134, 2 118^121
Lex A v A P F 1st gu g 5 s 1993 M-S .........120
11J 1 *4 F e b ’93 ... 1 2 1 4 1 2 1 4
Third A ve R R con gu 4s 2000 J - J
97 l4 ___ .! 96 4
9 7 4 35 96 4 9 8 4
.111 934 M ar’93 . . . 119*4 122
Third A v e Rv 1st g 5 s .. 1937 i J - J
Met W b Ll (Clue) 1st g4 > .l9 3 > F-A
. 102 4 Jan '( J ... 1024 1 0 2 4
. 1106 Oct *99 ............................
Mil El Ry A L 30 vr g 5s. 1926 F-A
.1 1 0 J ’ ne’0 2 ............................
Minn bt Ry 1st con g 5 s . . 1919 J-J *1 0 6 4
bt Paul City Cab coil g 5s. 1937 J - J
. 113 5Iar*03 ... 113 113
Guaranteed gold 5 s.........1937 J-J
Union El (Clue) 1st 2 5 s ..1945 A-O
*10*9 4 Dei**’99 ."A l.
United R R sS a n F r s t 4s. 1927 A-O
79
80*4 182 79
804
’9 4 Sale
W Chic bt 40-vr 1st cur 5s. 192> Vl-N
40-year consol gold 5 s __193b! vl-N
99 Dec*9
G u* mid E le c t r ic Light
.
Atlanta G L Co 1st g 5s. v. 1947* J -P
Bklyn U Gas 1st con 2 5s. 1945. ^-N

•No price Friday; latest price this week, a Due Jan d Due Apr t Due . »ay g Due . ne /* Due .. ly

. . . . 116

1154

115 4

61 i l ‘5 4 i l f

^ Due Aug p Due Xov qDue Deo sOpf'or

BONDS
N . Y. ST O C K E X C H A N G E
W eek E nding M a r c h 20

Bond Record— Continued—-Page 2
lnt'st
Period

688
P rice
F rid ay
3 farch 20

W eek's
Range or
Last Sale

Jo
-<*-o
wI Range
Since
Coi\J a n u a ry 1

B id
A sk Low
High No Low H igh
0-51 *114*2......... 1 14*2 M ar’03
11 4*2 11638
109 A p r ’02
j -D
109 M ar’03
107 109
J -J
LI 1 *2 D e c ’ 01
AO
J .J
113 o c t ’00
Ciu D tfc I 1st g u y 5s
19*11 M-N *115 ......... 115 J a n ’03
i l 4 78 i l 5
C 1 St L So C See C C C & St L
Cin S So C See C C C St 1,
Clearfield cfc Mali See B K So P
C levelan d Cin C h ic <fc S t L ouis
G eneral g 4 s ..................... 1993 J-D 100*4 100% 100*4 100*2 16 99*2103
.1. i
101 *2 Oct ’02
100 J a n ’ 03 . . . . 100 100
Cin W & M D iv 1st g 4 s. 1991 J -J
St L D iv 1st col tr g 4 s . . 1990 M-N 102% i d4 103 *2 M ar’03 . . . . 102 103*2
103 O c t ’ 02
M-|M
102 D e c *02 . . . . ....................
Spr tfc Col Div 1st g 4 s . .1940 M-S mmmmmm
W W Vnl Div l.sr, o-As
1940 .T. .1
83 N ov ’ 99
C I St L So- C con sol 6s 1920 M-N
1st g old 4 s ............. . ../c l9 3 6 Q-F ......... 102*2 103 M ar’03 . . . . 102*4 103
R egistered
Id 936 D-T?
vt -L
Cin S A' <-1 con 1 st g 5 s .. 1928 J - J i l 3 % 115*4 115 X o v ’02
134*8 Jan ’02
C C C & I con sol 7 s ......... 1914 J »D
Consol sink fu n d 7s
.1914 J -D
G«cn%ra) con sol gold 6 s. 1934 J-J i ’3 1 134L 131*2 J a n ’03 . . . - 131*2131*2
R egistered
..1 9 3 4 J - J
Ind B1 <fc W l s t p r e f 4 s .1940 A -0
104*2 X o v ’01
O Ind tfc W 1st pf 5 s ... d 1938 O-J
99 % Sale
P eo cfc East 1st con 4 s . . . 1940 A -0
99*2
99*2 14 98*4 100
78
79
In com e 4 s ....................... 1990 \ nr
82
78*2
78*2 10 78
114 D e c ’02
Cl L or tfc W h con 1st g 5s. 1933 A-O
C lev cfc .Marietta See P en n HR
128 J ’n e’ 02
Clev So M ahon Val g 5 s __1938 J -J
R e g iste re d ..................... 1938 Q-J
C lev & P itts See Penn Co
12 78
78 Sale
Col M idland 1st g 4 s ......... 1947 J -J
78
79
80 78
89*2 Sale
Colorado tfc Son 1st g 4 s. ..1 9 2 9 F-A
89
89*2 30 S8 34 94*2
Coluin <fc G reen v See So R y
Col tfc H ock Val See H o c k Vai
Col C onn & T erm See X tfc W
Conn tfc Pas R iv s 1st g 4s. 1943 A -0
|A ak tfc G t So See C M & St P
X J alias So W aco See M K & T
Del Lack tfc W estern 7 s ... 1907 M-S 112 ......... 113 M ar’ 03
113 117
3 13234 133*2
M orris <& E ssex 1 s t 7 s . .. 1914 M-N
133*2 133*2
1st con sol guar 7 s ....... 1915 J -D 134 *2......... 134*2 Jan ’03
134 *2 134*2
140 O ct ’98
R egist er ed ..................1915 J -D
1st re f gu g 3 % s ........... 2000 J -D
......... 13 i *2 F e b ’03
N Y L ack
1st 6s. ..1 9 2 1 J - J i s i
131*o 131*2
1 115 115
115
C on stru ction 5 s ...........1923 F-A 115 Sale 115 ‘
T erm tfc im p rov e 4 s ___ 1923 M-K 103
102*2 103
102*2 Feb ’03
Syr Bingtfc N Y' 1st 7 s .. 1906 A O 1 1 2 3 s......... 11338 F e b ’03
113*4 113%
W arren 1st ret g u g 3 % s.2000 F-A
102 F e b ’03
102 102
1 137 137
Del <fe H ud 1st Pa D iv 7s. 1917 M S 137 Sale 137
137
149 A u g ’01
R e g iste re d ..................... 1917 M-S
111*4 F e b ’ 03
A lb & Sus 1st con gu 7 s. 1906 A -0 111
111*4111*4
122 J ’n e’99
R e g iste re d ..................... 1906 A-O
G uar gold 6 s..................1906 A -0 i 0 7 78 ......... 106 O ct ’ 02
R e g iste re d ..................1906 A -0
111*8 F e b ’02
R eu s <fc Saratoga 1st 7s. 1921 M-N i 4 3 78 ......... 143*4 X o v ’02
147 *•>J ’n e’02
R eg istered . .................. 1921 M-N
Del l iiv R R B ridge See Pa R R
D env tfc R G r 1st con g 4 s. 1936 J -J
98*2 99
99*2
98*2
98*2 10 98
15 104*4 106
C onsol gold 4 % s .............. 1936 J -J ......... 1 0 634 105*2 106
Im p ro v e m e n t gold 5 s ... 1928 J -D 107*4......... 107 *2 M ar’03
105 107%
R io G r So g u See R io Gr So
Den & S W e st gen s f g 5s 1929 J-D
70
78
78 M ar’03 . . . . 78
80
D es M oi tfc F t L> See C R & I P
D es M So M inn See Ch Sc X W
Des M oi Un Ry 1st g 5 s . . 1917 M-N *105 ......... 111 F e b ’ 01
D et M So T ol See L S & M So
D et tfc M ack 1st lien g 4 s .1995 J-I) 101 103
93*4 F e b ’ 03 . . . . 93*4 93%
92 . . .
93*<> A u g ’02
G old 4 s ................................1995 J -D
D et Sou 1st g 4 s ................ 1951 J-D ......... 83% 84 J a n ’ 03 . . . . 84
85
92
Ohio Sou D iv 1st g 4 s ...1 9 4 1 M-S ......... 89
91 *8 F e b ’ 03 . . . . 89
1 113 114
Dulcfe Iron R an ge 1 s t 5 s .. 1937 A O *113 ......... 113
113
R e g iste re d ____
. . 1937 A-O
2d 6 s ................................... 1916 J - J
Dul So Shore tfc A ti g 5 s .. 1937 J-J 113 115
113 F e b ’03 •••• 111% 114%
15 ast ot M inn See St P M So M
-IL astT en Va <fc Ga See So R v
E lgin Joltfc East 1st g 5 s. 1941 M-N *1 1 2 *4 ......... 112*2 M ar’03
112*2114%
Elm C ort So N o See Leh So X Y
E rie 1st e x t gold 4 s.............1947 M-N ......... 117*2 116 C D e c ’02
119*4 J ’n e’02
2d e x t g old 5 s ....................1919 M-S
3d e x t g old 4 % s ................ 1923 M- 8 * ......... 112
116 *8 A p r ’ 02
117 D e c ’02
4th e x t gold 5 s ..................1920 A-O
109*4 Jan ’02
5th e x t gold 4 s ..................1928 J -L
1st con sol gold 7 s ............ 1920 M-S ......... i 3 5 l4 L33 * 133
1 133 i3 9
134 M ar’ 03
1st con sol g fund 7 s ....... 1920 M-S
134 135
99
E rie 1st con g 4s p r io r .. 1996 J-J
97
98
97
97% 10 97
98 Jan ’03
R e g is te re d ..................... 1996 J-J
98
98
1st con sol gen lien g 4 s .. 1996 J-J ......... 86
85*4
S5% 33 8434 88
R e g is te re d ..................... 1996 J - J
P en n coil tr g 4 s .............1951 F-A
90 Sale
89*2
90*4 49 89*2 94*4
3 129 130%
Butt X Y tfc E rie 1st 7 s .. 1916 J-D 128 *2......... 129
129
Bull So S W gold 6 s ..
190s j . j
S m a ll................................1908 J - J
1 120 121*2
Clue So E rie 1st gold 5 s .. 1982 iVl-N 120 Sale 120
120
Jett R R 1st iru ir 5 s ___ a l9 0 9 A -0
106 A u g ’02
L ong D ock con sol sr 6s 1935 A-O 130
134*2 F e b ’03
134 *2 134 *2
Coal So R R 1st cu r gu 6s. 1922 M-N 112*2 . .
11334 D e c ’ 02
D o ck & Im p 1st cu r 6 s ..1913 J - J
118*2 A p r ’02
X Y 6c G reen L gu g 5s. 1946 M-N
109 O ct ’98
M id R K ot X J 1st d 6s. 1910 A -0
112 *2 M ar’03
1 12 *2 112*2
K Y Sus So W 1st ref 5 s. 1937 J-J i ’l d
5 110 114
110
110
2d gold 4 % s ................... 1937 F-A
0734 102 »•) 103 J a n ’03 . . . . 103 103
i 106 106*o
G eneral gold 5 s.............1940 F A 106 Sale" 106
106
Term inal 1st g old 5 s ... 1943 M-N
115 J a n ’03 ___111 IB 117 ‘
R eels 85,000 e a c h ... 1943 M-N
W ilk So Ea 1st gu g 5 s . 1942 J-D
111 J a n ’03
iio
iii
E rie Sc Pitts See P en n Co
E v a n s So T H 1st co n s 6s. 1921 J -J 120 *2......... 120 F e b ’ 03
120 122
1st general gold 5 s ......... 1942 A -0 105 ......... 105
4 105 105%
105
M t V ern on 1st gold 6 s .. 1923 A-O *110 . . .
112 J ’n e ’02
s u ll Co B ranch 1st g 5s. 1930 A-O
E v So I nd 1st con gu e 6 s .. 1926 J -J 110 ......... 115 M ay’ 02
L 'a i g o So So s e e Ch M So St P
Jt? lin t tfc P ere M See P ere M ar
Clue cfc W est In d g en g 6s r/1932
C hic & W e st M ich R y 5s *192}
C hoc Ok tfc G gen " 5s .. .01919
Chn M So 1) con sol s t 7s
1905

iH lS C E L L A N E D IT S
G a s a n d E le c t r ic L ig h t
Ch G L tfc C Co See P G So C Co
C olum bus G as 1st g 5 s ___ 1932
C onn R y tfc L See Street R y
Con Gas Co See P G tfc C Co
D e tro it C ity Gas g 5 s ......... 1923
D et Gas Co con 1st g 5s. ..1 9 1 8
E d E l I l l B k n See K Co E L tfc P
E d E ill See X Yr G cfc E L H tfc P
E q G L X Y 1st con g 5 s .. 1932
E q G tfc F uel See P G tfc C Co
Gas tfc E lec Bersr Co c g 5 s. 1949
G r Rap G L Co 1st g 5 s ...1 9 1 5
K C M o Gas Co 1st g 5 s . . . 1922
K in 2 8 Co El L tfc P g 5 s ... 1937
P urch ase m on ey 6 s ......... 1997
Ed El 11 Bkn ls t c o n g 4s 1939
L a c Gas L o f St L 1st g 5 s .61919
M ilw au k ee Gas L 1st 4 s .. 1927

J -J
J-J
F-A
M-S
J-D
F-A
A- 0
AO
A-O
J-J
Q- F
IM-N

107
95

.........
98

98
104

M a r’03
M ay’ 02

1 1 3 % ......... 117

D e c ’ 02

61% O ct ’01
107% D e c ’00
125
125
123 125
95
96*2 96 *2 M ar’03
106 107
106% 106%
.................... 95 J ’ ly ’02

—

BONDS
X . YT. STO CK E X C H A N G E
W eek E nding M a r c h 20
Fla Cen So Pen 1 st " 5 s ... 1918
1st land irr e x t g old 5s 1930
C onsol gold 5s. T._______ 1943
Fort St U D Co 1st g 4 %s 1941
F t W So Den C 1st " 6 a ” 1921
F t W So R io Gr 1st g 3^4-s 1928
4 'i al H ar So S A See So P ac Co
* I a l H & H of 1882 1st 5 s. 1913
Ga So A la Ry 1st con 5 s ..o l9 4 5
Ga Car 6b N o 1st g u g 5 s .. 1929
G eorgia P a cific see So R y
G ou v tfc O sw egat See X
Cent
G rand Rap & Ind 8<?6Penn R R
G ray’s Pf, Term See St L s \V
G t N o r—C B So Q coll t r 4 s 1921
G reen brier Rv S pp fhies
D
G u lf Sr, S T 1nt, ref Sr. t, « "m h 19f»9
l_i an So St J o See C B & Q
I 1 on saton ic Srr N Y IN’ H So H
H ock Val l s f consol g4*2S 1999
R eg istered
1999
H ou st E So W T e x See So Pac
H oust So T ex Gen See So P ac ( ’ o
J llinois Cent,ml 1st, e-4.s 1951
a R eg istered
1951
1st g old 3*2S..................... 1951
R e g is te re d ..................... 1951
1st g old 3s sterlin g
1951
R eg istered .
_ .1951
C oll Trust,-gold 4s
1952
R egistered
1952
L N O So T e x gold 4 s ___ 1953
R eg istered ..................... 1953
Cairo B ridge gold 4 s ___ 1950
L ou isv ille D iv irold 3 *28.1953
R eg istered ..................... 1953
M iddle D iv reg 5 s........... 1921
St L ou is D iv gold 3s
1 951
R e g is te r e d ...........
1951
G old 3 * 2 8 .........................1951
R egistered
1951
S p rin g D iv 1st s 3 *os...l951
W estern L in es 1s t ,r 4 s 1 951
R eg istered .
1951
B e lle v So Car 1st 6s
1993
Carb & Shaw 1 st, g 4s
1939
C hic St L & Xr O g 5 s ... 1951
R e g is te re d ..................... 1951
G old 3 *28 ......... .............. 1951
R e g iste re d ______
1951
M em ph D iv 1st g 4 s . 1951
R e g is te re d .. T
1951
St L Sou 1st g u g 4 s ___ 1931
I nd Bl So W est See'c, C C So St I.
Ind D ec So W 1st g 5s
1935
1 s t guar gold 5s
19 35
In d 111 So ia 1st g 4s
1950
1nt So G reat N or 1st, g 6s 1919
2d gold 5 s ................ ^........ 1909
3d gold 4 s .......................... 1921
Iow a Central 1st gold 5s 193s
R e fu n d in g g 4s. '..............1951
Jelferson R R See E rie
1/ al A So G R See L S <fc M S
I V a n So M ich See T ol So 0 C
K C F t S So M See St L So S F
K O & M R B 1st iru g 5 s 1929
K an C tfc P a cilic See
K tfc T
Kail City Sou 1st gold 3 s .. 1950
R e g iste re d ..................
1950
K en tu ck y C ent See L cfc X
K eok tfc Des M o See C R 1 tfc P
K n o x v ille tfc Ohio See So Rv
U ake E rie tfc W 1st g 5s 1 937
jLj 2d gold 5s
1941
N orth Ohio 1st g u g 5 s .. 1945
L Sho cfc M ich S See XT Y Cent
L eln gh V al (Pa) coll g 5s. 1997
R egistered 5 s....................1997
Leh V al NT 1st g u g 4*23-1940
R e g is te re d .........................1940
Leh V T e r R y 1st gu t; 5s. 1941
R e g iste re d .........................1941
L eh V Coal Co 1st s:u g 5s. 1933
R e gist e red........................1933
Leh tfc X Y 1st guar g 4 s ..1945
R eg istered .........................1945
E l C So X 1st g 1st pf 6s. 1914
Gold guar 5 s ....... *........ 1914
Leh cfc Hutl R See Cent ot X J
Leh tfc W ilk esb See Cent ot X J
L eroy cfc C aney V al See M o P
L on g D ock See Erie
L ong Istand 1st con g 5 s ./il9 3 1
1st con sol gold 4 s ........./tl931
G eneral g old 4 s................ 1938
Ferry gold 4 *28 ................ 1922
G old 4 s ................ ............... 1932
Unified gold 4 s ................ 1949
D eben tu re gold 5 s...........1934
B k l 3*n cfc M on t 1st g 6 s ..1911
1st 5s..................... ~....... 1911
X Y B tfc M B 1st con g 5s 1935
X Yr <fc R B 1st g 5 s . . ...1 9 2 7
N or 811 B l s t c o n g g u 5 s o l9 3 2
L ou isv tfc N asliv gen g 6s. 1930
G old 5 s .............. 7___ 7 ___ 1937
U nified gold 4 s ................ 1940
R e g iste re d ..................... 1940
Coll tru st gold 5 s.............1931
Coll tru st 5-20 g 4 s. 1903-1918
Ceciiian B ranch 7 s ......... 1907
E H tfc X a sli 1st 2 6 s___ 1919
L Cin tfc L ex g old 4 *2 S .. . 1931
X O tfc M 1st g old 6 s ___ 1930
NT O So M 2d g old 6 s ....... 1930

[V o l .
■*0 ^

■r-

Price
F ri day
M arch 20

B id
,1 - J
J-T
J .J
.1 - .1
t . n 110
j . ,1

r 1
T. .1
A-O

103
111
110

93*2 Sale

T. 1

CC I
Week's
R ange or
Last Sale

©p

R ange
Since
J a n u a ry 1

A sk Low
High A'0 ' Low H ig h
100 Sep 0 0
....................
106*2 F e b ’ 02
105 Mar’9s
] ] l f c 1 ( 191*2 1 )1
1OMV, 1 1 *>3.
85 F e b ’ 03
85
85

A-O *103*2
108
J -J
J -J * 108%

J -J

lxxvi

106
1 053j Sale
Sale

93*4

M ar’ 03 ___ 103
N ov’O '
F e b ’ 03
110

93% 425

106% M ar’03
107L M ar’ 03
105%

105%

105
110*2

'.'3

94%

104

106*4

106% 109*2
16

I 7 112 113
113 *0 M ar’03
112*4 113*a
113*^ M ar’ 00
J -J
104 D e c ’o
J-J
102 *2 A p r ’98
J -J
(VI- ‘s
....
M- 8
a .n * 1 0 3 % ......... 103*2
103*- 20 |103*2 103%
a .0
102 O ct ’01
103 F e b ’03
M-N
102% 103*2
104% Mav ’ 0 2
M-N
106**> M ar’03
J-D
106% 106 *2
98 *2 X o v ’02
J J
J -J
123 M ay’99
F-A
T - .1
87 *8 M ay’ 02
J -J
98*4 O ct ’0_
J -J
101 % O ct ’99
J -J
100 N o v ’OO
J -J
A 107%
108% 108% 1 0 1 0 8 % 111
F-A
124 M ay’ 01
J -I>
90
N o v ’98 '
M- 8
125*8
Jan
’ 03< — .1 125 % 125*2
J-D
126*2
126 % N o v ’0*2 ...J
J -J)
104% A p r ’02 . ..J
J -I)
J -1)
106% Jan '03
J -D
1106*8106*8
J-D
101
M ar’02
M-S
J -J
J -J
J -J
\I. pj
M-S
.VI-S
J -1)
M S

107

110 D e c ’ 02
107 c. D ec ’02
1 9S*o
98*2
98 C
11 v o
123
L*->2 *<>F e b ’03
o| 96
96
96
96 Sale
73 *" 74*-, F e b ’03 ___ 70
2 1 13 %
113%
L l3;h 113%
93% F e b 'o 3
93
92

100 *2
1*>*^La
100
75
11 5 *o
93*2

Y-O
A -0
A -0

70*2 Sale

J - J 119
J -J
A-C *114

i 15

70%
70*2
63% O ct ’00

119
119
113*2 113 *••
114 ^ F e b ’03

M-N 105
M-N
J -J
J -J
A O 115
A-O
J -J 106
J -J
93
M-S
M-S
A-O
A-O '1 0 1

110*2 F e b ’02

Q-J 117
Q-J
J-D
102
.VJ-S
103
J -D
98
M-S
98
J-D
M-S
M-S 105
A O 110
M-S 108 i n
Q-J 108
J-D 116
113 5,.
M-N
J -J
98% Sale
J -J
M-N * 111 *2
A-O l o t *4
M-S
J -D 112
M-N
J-J
J-J ......... .........

L18
L02
103
LOO
100%
111

77

69

1 11 8% 1°0
2 1 13 113%
114 “ 114%

1 0 8 * 2 Mar*03
108
109 *2 J'n e'O j . . . .
117 % i>ec *02
109 ( )ct ’99
1U8% Sep ’ 02

96

71%

F eb *03

1 OS *2

96

97

J a n ’ 03

118

US

Klar’03
.Mav’02
O ct ’ 00
M ar’03
J a n '02

io i* 4 102*4

LUl% S e p ’ 99

105*4 M ar’ 03
112 M ar'O L12 L Jan ’02
112 % ^Vpr’02
L17
117
112 F e b ’ 03
98*2 100
100 J a n ’ 02
111% M ar’ 03
101%
.1 0 1 %
106 D e c ’ 0 0
111 % M ar'03
108*4 Jan ’ 03
126% F e b ’03
124% A p r ’02

99 *-> 100**o

2 115*-’ 117
111 *•>112
12 9S%> 101%
111 w. 113*8
‘2 100 101%
111 111 f>
108*4 108*4
126*2 1 -9

B O N D S —C o u tiim e d on N e x t ^ a ^ e .

G a s a n d E le c t r ic L ig h t
M ut Fuel Gas Co See P eop Gas
X 'ew ark Cons Gas con g 5s 1948
X Y G E L H tfc P g 5 s ...1 9 4 8
P u rch ase m oney g 4 s ...1 9 4 9
Ed El 111 1st co iiv g 5 s .. 1910
96
99
1st consol gold 5 s .........1995
X YtfcQEl LcfcP 1 st con g 5 sl9 3 0
Paterson tfc P G tfc E g 5s. 1949
Peo Gas cfc C 1st gu g 6 s .. 1904
2d guar gold 6 s ................ 1904
1st con gold 6 s..................1943
R efu n din g gold 5 s...........1947
C’h G -L cfc Cke 1st gu g 5s 1937
Con G C o o l Ch 1st gu g 5 s . ’36
Eq G tfc F Ch 1st g u g 6s. 1905
1 120 125
M u F uel Gas 1st gu g 5s. 1947
96% 96%
6 105% 108 % T ren ton G cfc El 1st g 5 s .. 1949
.................... U tica E L tfc P 1st s f g 5 s. 1950

J-D
J-D 1 0 7 * 4 i i o
92 Sale
F-A
(VI- S 104 106
J -J 118 % .........
F-A .........107
M-S
M-N 102% Sale
J-D 1 0 2 1 0 2 %
A-O
M-S 105*4.........
J -J ....... 108
J-D 107 % .........
J -J ’* 1 0 2 % .........
M-N ......... 105
M-S
J-J

107
111
91%
93%
104% 104%
119 J a n ’03
104
104.

11 107
31 91%
5 104
119
0 104

1
102% 102%
5
102% 102%
125 '«>Jan ’03
107 % M ar ’ 0 3
108 M ar’ 03
108 M ar'03
103% Mai :03
105 F e b ’03 . . . .
109 F e b ’ 0 1 . . . .

102%
102
124
105
1OS
108
10‘2
10-1
......

112
97 *4
107
119
1 0 /%
103%
lo 2 %
125%
107%
108
1<*S%
103%
105
......

•No price Friday; latest bid and asked this week. aDueJan dDueFeb dDueApr eDae May ADueJ’ly A;Due Aug o Due Oct ^Due Dec ^Option sale

t

Bond Record—Continued—Page 3

BOND>
N . Y. STOCK E X C H A N G E |~ J
W eek E nding M arch 2 0

Price
Friday
M arch 20

Week's
Range or
Last Sale

- | Range
© gj
Since
Jrnrunryl

A sk Lov)
High A o Lov.) H igh
Bid
L ouisv Sc N ashv—( Continued j
1 1 0*8 M ar’ 02
Pensacola D iv gold 6 s ... 1920 VI <2,'
125 Ha Augg’ 0 2
St L Div 1st gold 6 s ....... 1921 M S 122
73** 75 J—ilie'02
2d ^olil 3 s...................... 1980 -vi S
113 N ov ’99
H ender B dge 1st s f g 6 s . 1931 M S ................
100
4 98*& 100
K entucky Cent gold 4 s .. 1987 J j ! 99 100 |100
L Sc X & M A- M 1st - 4 4 s 194f» M S 1«t % ........ 110 HaAlarf’02 - 90*2
90 Ha 6i| 90
90% 90
L Sc N -South M jo in t 48.1952 J j I 89
N Fla Sc S 1st gu g 5 b . . . 1937 F A .........113U 114% Jan 03 -- 114 114**
Pens Sc A tl 1st gu & 6 s.. 1921 F A 111 ......... m j 8 Alar ’ 03 -- n o % i i 3
S Sc N A la con gu g 5 s.. 1936 F Ai ................... 115 D< c ’Ol
Sink lum l gold 6 s .........1919 a O' ................... 112 Sep ’02
L Sc Jett B dge Co gu g 4 s .. 1945 (VI S i * 94 Hi......... 100 Alar ’ 01
L N A Sc Ch See C 1 Sc L
ahon Coal See L S Sc M S
M anhattan
103*% 50jji03 104*2
Ry consol 4s. 1990 A-O 103 Sale 103
103*8 D ec ’ 0
R egistered..................1990 A-O'
110
4 io 9 H a il6 ”
M etropol El 1st g 6s___1908 J -J * 109*4......... 1 1 0
Man S W Coloniz g 5 s___1934 J-D
M cK ’ pt Sc B V See X V Cent
M etropolitan El See Man Ry
6 70
77
77% 76
77*4
78*2
MeX Cent consol gold 4 s.. 1911 J - J
25 Ha
26*4 366 25Ha 28*8
26% Sale
1st consol incom e g 3 s.a l9 3 9 J ’ ly
J 7 Sale
17
17 Ha 12 16*2 18*2
2d consol income g 3 s ..a l9 3 9 J ’ ly
Equip Sc coll gold 5 s ........1917 A-O
2d series gold 5 s........... 1919 A-O
94
95 *2 109 94
97
Coll tr g 4 4 s 1st S er___1907 F A| 9o Sale
90*% J ’ly *oi
M ex Internat 1 st con g 4s. 1977 M-S
Stamped guaranteed___ 1977 M-Si
105 M.ay’ 00
M ex N orth 1st gold 6 s___ 1910 J-D|
M ich Cent See N Y Cent
Mid of N J See Erie
Mil L S Sc W See Chic Sc N W
M il So Mad See Chic Sc N \V
M il Sc N ortli See Ch M Sc St P
145*8 F el)’ 03
M in n < fcS tL 1st gold 7 s.. 1927 J-D 144
145*8145*8
116*4 F e b ’ 03
116*4 116*4
Iow a E x 1st gold 7 s....... 1909 J-I)
Pacific E x 1st gold 6 s . . . 1921 A-O 126*8......... 129*4 A u g ’ 0 2
South W est E x l s t g 7s. 1910 J -D 119 ......... 121 J a n ’02
119 120*%
1st consol g o ld o s .............1934 M-N * .........120Hj 119 M ar’O
101 103*4
1st and refund gold 4 s .. 1949 M-S .........101*4 101*4 Alar’03
M inn Sc St L gu See H C R & N
M Sc P 1st 5s stpd4s int gu 1936 J -.7
103 N ov’01
M S S M Sc A l s t g 4 int gu 1926 J -J
98 A p r ’ 01
M S tP & S S M con g 4 i n t g u ’ 38 J -J
M inn Un See St P M <fcM
99 Ha Sale
99 Ha 99*4 39 97*2 100*8
M o Kan & T ex 1st g 4 s . . .1990 J-D
80
80% Sale
85
80 Ha 83 SO
2d gold 4 s ........................ */1990 F-A
105 104*2 J a n ’03
1st e x t gold 5 s ..................1944 M-N
102*8 104Ha
86 Oct ’02
86
St L D iv 1st ref g 4 s ___2001 A-O
106 Sep ’ 02
Dal Sc Wa 1st gu g 5 s ... 1940 M-N 1 0 2 * 8
8 8 Ha F e b ’ 03
88
90
87 Ha 90
Kan (J Sc Pac 1st g 4 s . . .1990 M-S
102 105*4
103*2
M K Sc T of T 1st gu g 5 s . 1942 J -D 103 Hi l05Ha 103
105 HaJ ’l y ’ 02
SlierSh Sc So 1st gu g 58.1943 F-A 101
T obo Sc N eosho 1st 7 s ...1903 J-D
109 *2 111
Mo K Sc E 1st gu g 5 s....... 1942 A-O TlOHa 111 110 AIar’03
111 M ar’03
M issouri Pacitic 3 d 7 s....... 1906 M-N 111
109 H alil
120 M ar’03
120 122
1st consol gold 6 s.............1920 M-N
58 102*4 107*8
T ru st gold 5s stam ped.a 1917 M-S 104 Sale 1027q 104
R e g is te r e d ..................a l9 1 7 M-S
103*8 103*4 11 108 107*2
1st coll g o ld 5 s ..................1920 F-A it)3 *2
3 89
89
89
92
94*2
Cent Br Ry 1st gu g 4s. 1919 F-A
100 May’01
Leroy Sc C V A L 1 st g 5s 1926 J - J lo o ”
10 102*2 105*4
P ac it of Mo 1st ex g 4s. 1938 F-A 102 104 102*2 103
3 112 113
112
2d extended gold 5 s ...1 9 3 8 J -J 112 115 112
114% 27 113*2115
St L Ir M & S gen con g 5sl931 A-O 114 Sale 114
112 HaD e c ’02
Gen con stamp g td g 5s 1931 A-O
24 89
89
89
89
91*2
U nified Sc ref gold 4 s .. 1929 J -J
V erdi V I & W 1st g 5s. 1926 M-S 100
110*4 J ’ly ’oo
M ob Sc Birm prior lien g 5s 1945 J - J 112*4
93 A p r ’ 02
93
M ortgage gold 4 s .............1945 J -J
102 J’l y ’02
M ob J a ck e t K C l s t g 5 s .1946 J-D
125 Ha 126
125 127Ha
M ob Sc Ohio new gold 0 s.. 1927 J-D 125
1.24 125 HaJan ’ 03
125*2125 Ha
1st extension gold 6 s..h 1927 Q-J
97 F e b ’ 03
96*2 97*2
General gold 4 s................ 1938 M-S
115 J a n ’ 03
115 115 Ha
M outgom D iv 1st g 5 s.. 1947 F-A
93
93
93 F e b '03
St L Sc Cairo coll g 4s..<?1930 Q-F
101Ha J ’ne’02
Guaranteed g 4 s .......... 1931 J-J
M Sc O coll 4s See Southern
M ohawk Sc Mai SeeN Y C & H
M onongaliela R iv See B Sc O
M ont Cent See St P M Sc M
M organ’ s La Sc T See S P Co
M orris Sc Essex See Del L Sc W
123 123*8
Chat Sc St L 1st 7s. 1913 J -J 123*2___ 123*% F e b ’ 03
N ash
112 115
1st consol gold 5 s.........1928 A-O 114 115 113 M ar’03
113 D e c ’99
Jasper Braucli 1st g 6 s .. 1923 J-J
116 J ’l y ’02
M cM M W Sc A i 1st 6 s.. 1917 J-J
111 D e c ’ 99
T Sc P Branch 1st 6s___1917 J -J
Nash Flor Sc Sliet See L Sc N
100*4 101*2
N at of M ex prior lieu 4% s. 1926 J-J 100 100*4 101 HaM ar’ 03
*0 % 77
76 Sale
76
76
1st consol 4 s..................... 1951 A-O
N ew H Sc D See N Y N H Sc H
N J June lilt See N Y Cent
N ew
Cin Bdge See Penn Co
N O ik N E prior lien g Gs p l9 1 5 A-O
N Y Bkln Sc Alan Bell See L I
103*2 104
N Y Cent Sc H R iv g 3 >28.1997 J -J 103% Sale 103*% 103*%
102 105*4
102 M ar’ 03
R egistered..................... 1997 J -J
101
1037s
101
101
Debenture 5s of. ..1884-1904 M-S 101
102*% N ov ’ 02
R egistered.......... 1884-1904 M-S
109 HaSep *9
R egist deb 5s o f. ..1889-1904 M-S
100*8 10058
100*% Jan ’ 03
Debenture g 4 s___1890-1905 J-D 1 0 0 99 D e c ’ 02
R egistered.......... 1890-1905 J-D
i o 6*8 io ’6 %
100*8 Jan ’03
D ebt certs ex t g 4 s.........1905 M-N 1 0 0 *%
99% N ov*0i
R egistered..................... 1905 M-N
00
90
90Ha
9 4 7s
90
Lake Shore coll g 3 Has... 1998 F-A
00
91
90
90
90
R egistered..................... 1998 F-A
01
92%
M ich Cent coll g 3 % s ___ 1998 F-A
90 Ha 91 M ar’03
91
91
91 J a n ’03
R egistered..................... 1998 F-A
107*4 107*2
107 Ha 107 H;
Beech Creek 1st g u g 4 s .l9 3 6 J-J 107
106 J ’ ue’ 98
R egistered..................... 1936 J - J
2d gu g o ld 5 s ................ 1936 J -J
Beech Cr E xt 1st g 3 Has 51951 A-O,
Cart Sc A d 1st gu g 4s. ..1987 J -D
95 A p r ’02
Clear! B it Coal 1st s f 4s. 1940 J-J ,
G ouv Sc ()sw e 1st g u g 5 s 1942 J -1>
107 HaJ ’ ly *oo
M oll Sc Alai 1st g u g 4 s .. 1991 M-S
110 * 4 D e c ’Of
In com e 5 s.......................1992 Sep I

J -J
Q-J
Q-J
j -j
M-N
M-N
J-J
M-N
M-N
J-J

C o a l a ml Iron
Cah Coal Alin See T C 1 <& R
Cleari Bit Coal See N Y C & H
Col C Sc I Dev Co gu g 5s. 1909 J -J
Col Fuel Co geu gold 6 s ... 1919|M-N

lOOHa Oct M
109 Oct ’1
114 N ov ’l
113*4 O ct ’01

.........109
1 0 4 * 4 ......... 105
1U9

105

1 ...................
11 0 9
no

*‘ ai 103
109
” ”

Price
^ ^V|
| Friday
j M arch 20

N Y Cent Sc 11 It—
N J June R gu 1
R e g is t e re d ___

r -A
1986 C_\
A-O
A, n
W est Shore 1st 4s g u ...2 3 6 1 J-J
R egistered.................... 2361 J-J
J-D

J-I)
. ..1 9 9 ' J-D
IT A
J -J
Mahon C’ l RJ:
J-J
IJ-J
2 d guar 6 s.
.1934 T 1
IJ-J
M-S
o s ...................................... 1931 M-S
R egistered..................1931
4 s ......................................1940
R egistered.................. 1940 .1 . 1
J L Sc S 1st g 3 Ha*........... 1951 M-S
Bat C Ac St nr 1 st gu g 3s. 1989 .1r n
Is
N V Sz Harlem g 3 Has...2000 M-N
M-N
A-O
R W<fe O con 1st ext 5s. h i 922 AC)
Oswe Sc R 2d gu g 5 8 . ..e l9 1 5 F-A
M-\
|j - j
N Y Chic Sc St L 1st g 48.1937 iA-O
R egistered........................ 1937 A-O
N Y ife Greenw Lake See Erie
N Y Sc Har See N Y C Sc Hud
N Y Lack & W See D L Sc W
N Y L E c f e W See Erie
N Y Sc L on g Br See Cent of N J
N Y Sc N E See N Y X II Sc H
N Y N H A H a r 1st r e g 4 s. 1903 J -D
Convert deb certs $1,000....... A-O
Small certs $100...................
H ousatom c R con g 5 s.. 1937 M-N
M-N
N
N X Sc X E 1st 7 s ........... 1905 J - J
1st 6 s ............................... 1905 A . j
X Y A North See N Y C Sc H
N Y O Sc W ref 1st g 4 s ..01992 M-S
R egis $5,000 on ly ......... 01992 Al-S
N Y Sc Put See N Y C Sc H
N Y Sc R B See L on g Island
N Y S Sc W See Erie
N Y T ex St M See So P ac Co
N or Sc South 1st g 5 s......... 1941 M-N
M-N
Im provem ’t Sc ext g 6 s .. 1934 F-A
N ew R iver l s t g 6 s .......1932 A-O
N Sc W R y 1st con g 4s. 1996 A-O
R egistered.................... 1996 A-O
Pocah C Sc C jo in t 4 s .. 1941 J-D
J -J
M-N
North Illinois See'Chi Sc N W|
N orth Ohio See L Erie Sc W
Q-J
IQ-J
General lien gold 3s___a2047 Q -f
R e g is te re d ................. a2047 Q -i
C B & Q c o l l t r 4 s 6 e «G tN o r
St Paul-Dul D iv g 4 s___1996 J-D
J -D
St P Sc N P gen g 6 s ....1 9 2 3 F-A
R egistered c e r tifie s .. 1923 0 - F
St Paul Sc Dul 1st 5 s___1931 F-A
2d 5 s ............................... 1917 A-O
1st consol gold 4 s .........1968 J-D
W ash Cent 1st g 4 s .........1948 U-M
N or Pac T er Co 1st g 6 s ..1933 J-J
N or R y Cal See So Pac
N or W is See St P AI Sc O
N or Sc M ont See N Y Cent
Sc W See C C C Sc St L
O Ind
hio R iver R R 1st g 5s. 1936 J-D
General gold 5 s................ 1937 A-O
Ore Sc Cal See So Pac Co
Ore R R & N a v See Un Pac
Ore Short Line See Un Pac
Oswego Sc Rome See N Y C
O C F & St P See C Sc N W
Coast Co 1st g 5s___1946 J-D
P ac
ac of Alissouri See AIo Pac
Panama 1st s fund g4*2S..1917 A-O
Sink fund subsidy g 6 s ..1910 M-N
Penn Co gu 1st g 4 Has....... 1921 J-J
R egistered.........................1921 J-J
Guar 3 Has coll trust reg. 1937 M-S
Guar 3 Has coll tr ser B ...1 9 4 1
C St L Sc P 1st coil g 5 s .1932 A-O
R egistered..................... 1932
Cl Sc P gen gu g 4 Has ser A . ’42 J-J
AO
M-N
F-A
Series D 3 Has.
Kr-J
J-J
N Sc C Bdge gen gu g 4 Has 1945 J -J
P C C & St L gu 4 Has A . . . 1940 A-O
Series B guar............... 194 A-O
M-N
M-N
Series E 3 Ha guar g ___1949: F-A
J-J
|J - J
3d 7s.............................A1912 A-O
M-N
J-J
M-N
u-M
M-S
Gold 3 *2 #..........

R e g is te r e d ...

Bid

1
Range
Since
o*©
^ v. January 1

Week's
Range or
Last Sale

Ash Low
High No Low H igh
l of* Oct 5(r
105 *2 N ov’01

l i o % Sale
110 »4 .Sale
103 ........
1 0 2 7s .........
........ 103*2
...................

iii

8 110
1 1 1 **
3bj 109% 111*2
J a n ’03 . . . . 102*4 103
1 0 2 * 4 Jan ’ 03
102% 10 2 %
102
103% 50, 1 0 2 105%
—
105 Jan ‘0.
105 105
114 F e b '02
—
124 Jan ’03
124” 324'*
139 J a n ’03 . . . . 139 139

no
no
103

n o *4
110*4

......... 112 % M ar’03 . . . . 1 1 1 2 *6 1 1 2 * 6
123*2 M ar’03
123% 125%
127 J ’ ne'02
110 L ec'01
........... 106*2 N ov’ UO . ...j
i 15% May’00

118

......... 119*2 D e c ’02 ....!
121% M ar’03 ___ m
113*4 J a n ’02

1 2 1 * 8 .........

1* 122*4

107% 107 %
50 104 105
102 103%

107% F e b ’03
105
104*8105 105
*1 0 4 % ........ 103*4 M ar’03

......... 1 0 0 D e c ’01
1 0 209 221
209
209
218 F e b ’ 03
,218 218
131*4........ 131 *2 F e b ’03 — 131 % 131%

*100

102*4 ..
% ..

114 J a n ’00
106% M ar’02

100

100

101

Sale

16 100

101

114 Feb ’ 03
133 F e b ’ 03 —
132 D e c ’02
132*4 J a n '03 . . . .
100
10 0* 2 35
100% J a n ’ 02
91 *2 bale
91*2
91*4 27
167 ......... 107% J ’ly ’01
1
101
1 0 0 * 2 ......... 1 0 1
1.32 % .........
-•y»- - 132
.........131
100 *2 Sale

1 0 2 % -Sale
72 Hz Sale

103%

100% 10 0 %

100% M ar’03

114
133

115*4
133

132

132*4

1100

101*8

| 91

93*8

100%101

67 102% 104
102*4 103
103% Mar’ 03 . . . ,|1102 103%
72
72% 113 71% 73%
71*4 F e b ’03
70*4 72*4
102% M ay’02

F e b ’03 ..... 125 127
J ’l y ’99
N ov ’02
110
O c t ’02
................... 96H> M ar’ 03 ___ 96% 98
* 90
94**. F e b ’02
114*2......... 115% M ar’03 . . . . 115*4 HO
127
132
118

.........114*2 114 D e c ’02
no
......... 108 % J ’ly ’ 0 2

107Hal08*4 108

109

3

107

in

101% 105 102 M ar’03
102
102
99 ........ 102 A pr 02
108 ......... 110 M ar’03 ___I 108% n o
109*2 F e b ’03 ___ 108 109%
102
X o v ’ 9s
2 96
*......... 95
96
96
97
122V fF eb’03 ....j 122*4 123
121

Oct ’ 0 0 --.-jjll4 % 114%.

102

N ov’OO

....

114% Jan ’03 . . . . ....................
116% F e b ’01
106 *4 N ov i *2
96 J a n ’03
96
127% Oct ’ 0 2
12s J a n ’o.; •••• 128
130 A pr *01
1 0 2 * 2 ......... 106 D e c ’02
.........105

102 *2 Sale 1 0 1
...................

102

% 492 101

96
128

107%

B O N D S—C ontinued on Next P a g e

....

96 %

~1

105
109

C oa l aad Iron
Col F Sc I Co gen s t g 5 s ..1943, F-A ................... 1 0 2 % M ar’0 3 ___ 1 0 2 105
FA
88
Sale
86*8
88
157 85
96%
Gr R iv Coal Sc C 1st g 6 s ..1919, A-O ................... ,115 J ’ ne ’ 0 2 . . . .
Jell A- Clear C Sc I 1st g 5s. 1926 j-r> ................... 107
Mav’9 7 ___
2d gold 5s..........................19261 J-I) ................... 80 Nlav’97___
J -J 1 0 0 ......... 106% Feb ’0 2 ___ . . . . . . ••••••
J-J
O ct ’OO ___
Rocli Sc Pit C A- I pur m 5s. 1946 M-N
T rim Coal T D iv 1st g 6 s .a 1917 A-O ........ 107% 107 U F e b ’ 03|___ 1106% lo7 %
Birin D iv 1st consol 6 s ..19171 J-J 107 108 108 3lar‘ o 3 ___ 105 % 1 0 8
Ftd» ’<
Cah C Af Co 1st gu g 6 s. 1922 J-D ................... 105
Dp Bar C A- I Co iru g 6 s. 1910 F-A 1 0 1 1 0 2 ,l o l
101
, 1 101 1 0 2
1o
--- t l
Y a Iron Coal A* C 1st g 5s. 1949 M s *......... 79
77
81
W h L E Ss P C Co 1st g 5 s .19191 J J ................... 32 Jan ’OO1___i
1
1

T eleu rn p li m id T e le p h o n e
Am Telep Sc Tel coll tr 4s 1929
Comm Cable Co 1st g 4 s ..2397
R egistered........................2397
Erie T Sc T col tr g s f 5 s.. 1926
M et T Sc T 1st s f g 5 s .......1918
M ut Un Tel Co See W estn Un
N Y Sc N .1 Tel gen g 5 s.. 1920
No W estn T e le s See West U n
W est Union col tr cur 5s. 1938
Fd ami real cst g 4 Has... 1950
M ut Un Tel s fund 6 s . . . 1911
N orthw estern T el 7s___1904

lllS C E I iL A N E O l S
|

JSOM>*
N. Y. STOCK E X C H A N G E
W e e k E nding AIarch 20

639

M an u factu rin g A Industrial
55 N ov’OO
110*2 A ug’Ot

M-S
Am Cot o il ext 4 Has.......... 1915 Q-P

M

M ar c h 21, 1903.]

97 % ........ f 9 9

* No price Friday; latest bid and asked this week, a Due Jan b Due Feb e Due May g Due J’ne h Due J'ly p Due Nov

,
F e b ’03!___ 34
-Mar’9 3 ___j 99

option sale.

•42V
.

101

Bond Record— Concluded— Page 4

610
BONDS
N. Y. STOCK E X C H A N G E
W eek E nding m a r c h 20

Price
Pridav
If arch 2 0

Hid
A sk
Penn R R —(C ontinued)
Consol gold 4 s................. 1946 M
A lleg V al gen gu g 4 s ... 1942 m
108
Cl & Mar 1st gu g 4 4 s .. 1935 m
D 11 R H & Bge 1st gu 4s g .’ 36 F
G r R & I ex 1st gu g 4 4 s 1941 j
Sun dc Lew is 1st g 4 s ... 1930 j
110
U N J KR <fc Can gen 4s. 1944 M
Pensacola dc A tl Sec L «fc N ash
Peo <fc East See C C C « f c S t L
Peo <fc Pek U n 1st g 6 s ....1 9 2 1 Q.
.........12638
2d gold 4 4 s ................... 51921 M
123
P ere M arq—F A P M g 0s.l920| a
.........112
1st consol gold 5 s ..---- 1939
Pt H uron D iv 1st g 5s. 1939
.........115
SagT u s A H 1st g u g 4 s .1931
Pine Creek reg guar 6 s . . . 1932
Pitts Cin A St L See Penn Co
Pitts Clev A Tol 1st g 6 s .. 1922 A-O
P itts Ft W A Cli See Penn Co
Pitts June 1st gold 6 s....... 1922
Pitts A L Erie 2d g 5 s ...a l9 2 8
Pitts M cK ees A Y SeeN Y Cen
Pitts Sli A L E 1st g 5 s . . . 1940
119
1st consol gold 5s.............1943
Pitts A W est 1st g 4 s....... 1917
J P M A Co cert Is...................
Pitts Y A A sh 1st con 5 s .1927
1 ) eading Co gen g 4s....... 1997
97 Sale
X V R egistered..................... 1997
Jersey Cent coll g 4 s . . .1951
9 3 ^ Sale
Rensselaer A Sar See D A H
R ich A l)an See South R y
R ich A M eek See Southern
R io Gr W est 1st g 4 s.........1939
96
97
Consol and col trust 4s .1949
Utah Cent 1st gu g 4 s.a l9 1 7
* "9 2 ” ” !!!'
R io Gr June 1st gu g 5 s ... 1939
*110 112*4
R io gr So 1st gold 4 s.........1940
......... 81
Guaranteed.......................1940
R ocli A Pitts See B R A P
Rom e Wat A Og See N Yr Cent
Rutland 1st con g 4 4 s __ 1941
Rut-Canad 1st gu g 4 ‘as. 1949
ag T us A H See Pere Marq
S alt
Lake C 1st g s I 6 s .. 1913
St Jo A G r Isl 1st g 3 -4 s..l9 4 7
......... 90
St Law A Adirou l s t g 5s. 1996
2d gold 6 s .......................... 1996
St L A Cairo See M ob A Ohio
St L A Iron M ount See M P
St L K C A N See Wabash
S t L M Br See T R R A of St L
St L A S Fran 2d g 6 s Cl B 1906
106
2d gold 6 s Class C .......... 1906
106
General gold 6 s ................ 1931
129
General gold 5s................ 1931
113%
St L A S F R R cons g 4 s .. ’ 96
Soutliw D iv l s t g 5 s ..1947
R elu n din g g 4 s ............1951
8 7 34 Sale
K C F t S A M c o n g 6 s .. 1928
121*2.......
K C F t S A M R y ret g 4s 1936
. . . . . . 87*2
R egistered..................... 1936
St Louis So See Illin ois Cent
St L S W 1st g 4s bd ctfs.1989
N
96 Sale
2d g 4s inc bond c t t s ...p l9 8 9
J
81 *2 83
Consol gold 4 s..................1932
D ......... 84
G ray’s P t T er 1st g u g 5s 1947
D *100 .......
St Paul A Dul See N or Pacific
St Paul M A Man 2d 6 s . . . 1909
11258
1st consol gold 6 s .............1933
1355»
R egistered..................... 1933
Reduced to gold 4 4 s .. 1933
R egistered.................. 1933
Dakota ext gold 6 s .........1910
113*2
M ont ext 1st gold 4 s___1937
103
R egister ed..................... 1937
E M inn 1st div l s t g 5 s.. 1908
1 0 5 34
R egistered..................... 1908
N or D iv 1st gold 4 s___1948
M inn Union 1st g 6 s___1922
M out C 1st gu g 6 s .........1937
*133*2
1st guar gold 5s.......... 1937
W ill A S F 1st gold 5 s ..1938
St P A N or P ac See N or Pac
S t P A S’x City See C St P M AO
S Fe Pres A Pli 1st g 5 s . . . 1942 M-S
S A A A P See So Pac Co
S F & N P 1st sink t g 5s. 1919
Sav F A W 1st gold 6 s ___1934
12834
1st gold 5s........................1934
1 1 5 34
St John’s D iv 1st g 4 s ... 1934
A la M id 1st gu gold 5 s.. 1928
*111*4
B runs A W 1st gu g 4 s .. 1938
92
Sil Sp Oca A G gu g 4 s .. 1918
94
Scioto V a l A N E See N or A W
Seaboard A ir Line g 4s ...1 9 5 0
83*4 84
Coll tr icfu u d g o s ___T.1911
102*4 102*2
Seab A Roa 1st 5 s.............. 1926
1 1 0 34 .........
Car Cent 1st con g 4 s ... 1949
95*2........
Slier Shr A So See M K A T
Sil Sp Oca A G See Sav F A W
Sod Bay A So 1st g 5 s....... 1924 J -J 102
So Car A Ga See Southern
So P ac Co—Coll tr g 4 4 s . - 1905
99 *2 Sale
Gold 4s (Cent Pac coll)./cl9 4 9
90*4 Sale
R e g is te re d .................. A,T949
A A N W 1st gu g 5s___1941
Cent Pac 1st ref gu g 4s 1949
98*2 99
R e g is te r e d .......................1949

M ort guar gold 3 4 s .. A.T929
R e g iste re d ...............&1929
Gal H ar A S A 1st g 6 s .. 1910
2d gold 7 s.......................1905
M ex A Pac l s t g 5 s ___1931
Gila V G A N 1st g u g 5s. 1924
H ou s E A W T 1st g 5s. 1933
1st guar os re d .......... 1933

«0 [
W eeks
Range
Range or 1 §•£
Since
Last Sale
January 1
Low

H igh A’o Low H igh

102 N ov’97
L1 2 34 XIar’OO
111

D e c ’ 02

117*’ May’00
126
101

F e b ’ 03
Oct ’ 00
1 2 1 * 2 J a n ’03
1 1 0 * 2 M ar’03
113 J a n ’03
137

126

127

1 2 1 *2 1214
110*2111
113 113

N ov’97

107*2 Oct ’9S
120
112*2

Oct ’01
D e c ’ 02

119
98

N ov ’02
J ’ l y ’ 97
1 0 0 * 2 M ar’03
100*4 100*2
1 0 0 * 4 F e b ’031 ..I 10 0 * 4 1 0 0 * 4
1 2 0 * 2 Dee ’ 021....
96*2
97 1178 95*2 98*2
92 A p r ’0 1 ___
93*2
94
3 93*8 9b

97
92
97

M ar’ 03
F e b ’ 03
J a n ’02
1 1 0 * 2 F e b ’03
80*2 J ’l y ’ 02
94 * 4 N ov’02

97
91

98*2
92

110*2 112*2

101*4 N ov’ 01
87

88

12

105*9 105%
10578 105 78
129 F e b ’ 03
113% 11358
9 5 * 2 Jan ’ 03
100 J a n ’ 0*2
87*4
87 % 765
4
124
124
86%
87*2 23
95
83
84

96
M ar’03
M ar’03

30

87

94

10538 106
1 0 5 78 1 0 5 78

1127*2 129
'113 114*8
I 95*2 95*2
85*2 9 1 7S
124 124
86

88*2

9434 97*2
83
85*2
S4
86

113*2 F e b ’03 . . . I1 1 3 * 8 ll3 ‘2
134 *2 F eb ’ 03 ...I 134*2 135*4
140 May’ 02
111 F e b ’ 031___ 1 1 0 34 111*2
116*8 A p r ’0 1 ___
114 Jan ’ 031___ 114 114
103
103 i 1 102 104
106 Mav’01 . . . .
105 *2 F e b ’03
105*2 105*2
128 A p r ’ 02
134
134
115 A p r ’97
124*3 J ’ne’ 02
125 *2 F e b ’02
111

134*4

1 1 2 34

112%

A ug’ 01

11334 D e c ’01
128 Oct ’ 0 2
123 D e c ’99
9 5 * 4 N ov’ 01
1 1 2 34 J a n ’ 03
87 A u g’Ol
96*2 F e b ’03
8334
84
102*4 102%
10434 F e b ’98
95 *2 F e b ’ 03
102

134

J a n ’ 03

95

96*2

8 83
84%
25 101 *2 103 >2
95 *2 95 4
102

102

98%
99*4 19 98 100
89 34 9038 94 89% 92%
95 A p r ’02
105*2 F e b ’03
105*2 105*2
28 98*2 102
98*2
99
99 *4 M ar’03
99*4 99*4
*3 84
86
8 8 *2
8 6 * 2 *8 6 % 85 *2

106
105

F e b ’03
105 F e b ’ 03
109 % Jan ’03
109*2 F e b ’ 03
103 A u g’ 02
1 0 2 * 2 D e c ’ 02
110*4

107
*104
*104

110*4 112
1105
105
1107*8 1 0 9 78
109*2 109*2

BON DS
N. Y. STOCK E X C H A N G E
W

eek

E nding M a r c h 20

[V o l . L X X V j.
ec •«.
3«

Price
Pridav
M arch 20

W eeks
Range or
Last Sale

5J
© y©
^

Range
Since
January 1

Southern Pac Co—(Continued)\
Hid
A sk Low
Hiah A© Low H igh
H A T C 1st g 5s int gu..l937| J -J 1 1 1 1 1 1 *2 110 *2 M ar:03|
110
111
Consol g 6 s int guar.,.1912| A O 1 1 1
........ 1 1 1
2 111
1114
112
Gen gold 4s int g u ar.. 1921 A-O
94 Sale
94
94*8
94*8
b 93
W aco A N W div 1st g 6 s ’30 M-N
127% F e b ’02
M organ’s La A T 1st 7s. 1918 A-O 131 ........ 130 N ov’ 021
1st gold 6 s .................. 1920 J - J
122 S e n ’ 02
N Y T A M ex gu 1st g 4s. 1912 A-O
N o of Cal 1st gu g 6 s ___1907 J - .1
Guaranteed gold 5s___1938 A-O 117 ......... 113 Jan ’01
Ore A Cal 1st guar g 5s. 1927 J J
105 *2 N ov’ 0 1
82%
0 3 1 ., 26 82
83 4 Sale
S A A A Pass 1st gu g 4 s. 1943 J -J
864
So P of A r g u l s t g 6 s . . . c l 909 J-J lu v ......... 112% A p r ’02 . . . .
108 ........ 111 M ar’ o3
1 st guar g 6 s .............c l 910 J -J
iii
i n ’ *4
A-O 105% 1 0 6 4 105% F e b ’ 03
105% 105%
106
4
........
108
D
e
c
’
01
AO
....................
110% Jan ’ 02
A-O 1 0 8 % 1 1 0
A-O * 1 1 9 % ......... 119% F e b ’ 03
119 4 1 19%
119
1st gold 6 s ..................... 19121A-O *119*8......... 119
i 119 119%
1st con guar g 5 s......... 1937 M-N ................... 107 N ov’OO . . . .
Stam ped....... 1905-..1937 M-N
110 M ar’03
1 0 9 % iio
S Pac of N M ex 1st g 6 s .. 1911 J-J 109% ......... 112 D e c ’0_
S P Coast 1st gu g 4 s___1937 J - J *110 112
108- May’ 02
T ex A N O 1st 7 s.............1905 F-A
111 *2 Oct ’ 02
Sabine D iv 1st g 6 s___ 1912 M-S
108 4 J ’ l y ’ 01
Con gold 5s....................1943 J-J
Southern—1st eon g 5 s___ 1994 J-J 116 117 116% 116% i ’i 116% 118%
117 F e b ’ 03
R egistered..................... 1994 J-J
116 117
2 1 93 4 9 7 4
94*? Sale
M ob A Ohio coll tr g 4 s .. 1938 XI-S
94 4
94 4
M em D iv 1st g 4 4 * 5 s ...l9 9 6 J-J . . . . . . . . ... 113 4 J a n ’ 03
113 1 1 3 4
2
St Louis div 1st g 4 s ___1951 J-J * ......... 98
97%
97%
97*4 9 8 4
A la Cen R 1st g 6 s ..........1918 J -J
120
x ia i’Ol
.............
A tl A D a n v 'lst g 4 s........1948 J-J
95 D e c ’02 . .
A tl A Yad 1st g guar 4 s .1949 A-O
120 S e p ’02
Col A Green v 1st 6 s ........1916 J - J
E T Va A Ga D iv g 5 s.. 1930 J -J 115*2......... 115% XIar’03 ___ 115 115%
Con 1st gold 5s.............1956 M-N .........118% 119 Xlar’03 . . . . 1 1 8 4 1 3 9 %
E Ten reor lien g 5s........1938 M-S ........ 112*2 114 J a n ’03 . . . . 114 115%
Ga Pac Ry 1st g 6 s ......... 1922 J-J 122 ....... 122 4 XIar’03
122% 124
K nox A Ohio 1st g 6 s ... 1925 J-J 123 ........ 124 4 F e b ’ 03 . . . . 123 1 2 4 4
2
Rich A Dan con g 6 s___1915 J-J 116*4 117 116*4 117*8
116*4 117%
101*4 J ’ly ’00
Equip sink fund g 5 s .. 1909 M-S
Deb 5s stam ped.............1927 A-O 110*2........ 111% F e b ’ 03
1104111%
92 S e p ’02
Rich A Meek 1st g 4 s ...1948 XI-N
M-N 106*2......... 107 M ar’03
106 107 4
M- S 114 ......... 123 F e b ’02
Series D 4-os................ 1921 M-S 1 0 9 % ......... 112 F e b ’ 03 ... 112 112
Series E 5s..................... 1926 M-S 112*4......... 115 J a n ’03 . . . . 115 115
General 5s..................... 1936 M-N
116 F e b ’ 03 . . . . 1 1 5 4 1 1 6 %
116 D e c ’ 01
Guar stamped.......... 1936 M-N
93
93
93
97
93 F e b ’ 03
W O A W 1st cy gu 4 s ..1924 F-A
W est N C 1st con g 6 s .. 1914 J-J 115 ......... 115 4 Xlar’ 03 — i l 5 115%
S A N A la See L A N
Spok Falls A N or 1st g 6 s. 1939 J - J 122 ......... 117 J ’ l y ’ 00
1 0 4 4 S e p ’ 02
Stat Isl R y 1st gu g 4*2S..1943 J -D
Sunb A Lew See Penn R R
Syra Bing A N Y See D L A W
*
r I'e b o A N See M K A T
112% F e b ’ 03
1 er A of St L 1st g 4*2S..1939 A-O
ill2 11°%
In s n s
1st con gold 5s....... 1894-1944 F-A 117 ......... 118 J a n ’03
St L M B ge T er gu g 5s. 1930 A-O * .........118
117% 117% 2 0 117% 117%
T ex A N O See So Pac Co
101% Sep ’ 02
T ex A Pac E D iv 1st g 6 s ..1905 M- S
...
1st gold 5 s........................ 2000 J-D L15 ......... 115*4 Mar’03 s i 2 115 117%
99 Feb ’03 . . . . | 99 100
2d gold inc 5 s..................?2000 XIai
111 J a n ’ 03 ___ i l l
La D iv B L 1st g 5 s .......1931 J -J
111
Tol A O C 1st g 5s.............. 1935 J-J i i2 * 4 ......... 112% Xlar’03 ___ 11141 12%
W estern D iv 1 st g 5 s ...1935 A-O 112 ......... 113% N ov’ 02
107 ~ F e b ’03
107 107
General gold 5s................ 1935 J-D
3 93
95
95
97
Kan A M 1st gu g 4 s .... 1990 A-O
*> 89% 92
89%
89%
Tol P A W 1st gold 4 s___1917 J-J ......... 90
85 Xlai 03 . . . . 83% 8 5 4
Tol St L A W pr lien g 3 *2 S. 1925 J-J
84*2
21 76
78 Sale
50-year gold 4 s................ 1950 A-O
77%
7S
80
98*2 A ug’ 02 . . . .
T or Ham A Butt 1st g 4 s ./<1940 J-D
96 4 98
e r A D e l ls t c o u g 5 s 1928 J-D ........ 110
110*4 Xlar’03 . . . . i ’1 0 i io %
U lns tPac
RPv A I g r g 4 s . . l 9 4 7 J-J 102 % Sale 101% 102% 169 m i % 1 0 3 ‘m
Registered..................... 1947 J-J
102*4 F e b ’ 03 . . . . 102 103%
1st lien con v ert 4 s .........1911 M-N 103% 8-ale 102 4 103% 1275 192 4 107*4
105% Jail ’03 .... 105*4 105*4
R egistered..................... 1911 M-N
51 99% 101%
99 % 100 *2 99% 101
Ore Ry A X av con g 4s. 1946 J-D
Ore Short Line l s t g 6 s . . 1922 F-A 123 ......... 124 XIai’03i___ 123 127 4
112
112
1st consol g 5 s.............. 1946 J-J 112
•2 11 1% 11 4
4s A p a rticip a tin g ___ 1927 F A
92% Sale
92 4
91% 247 92 4 98*4
......
115 N o v ’ 02
Utah A N or 1st 7s.........1908 J - J . . . . . . .
114 4 A p r ’02
Gold 5s............................ 1926 J - J
Uni N J R R A C Co See Pa RR
Utah Central See R io G r W es
Utah A North .See Un Pacific
Utica A Black It See N Y Cent
\ 7er V al 1ml A W See Mo P
* lrginia Mid See South R y
11 1 0 1 1 0 2 4
V a A Southw ’t 1 st gu 5 s .2003 J-J
1 0 1 4 102
\ \ ‘ abash 1st gold 5 s....... 1939 M-N 116*2117 1 1 6 4 116% 11 115 118
1 1106 111
107
>>
2d gold 5 s..................1939 F-A 106 106 4 107
Debenture series A ....... 1939 J -J * 98 101% 101% F e b ’ 03 ___ 101 4 l n l %
Series B .......................... 1939 J-J
77 *2 Sale
75 4
78 887 73*4 84%
...................
104 4 Dec ’ 02
1st lien equip s fd g 5 s.. 1921 M-S
i 108% 109
Det A Ch E x t 1st g 5 s ..1941 J -J .........109
108% 103%
97 XI ay’ 02
Des Moin Div l s t g 4 s ..1939 J-J ......... 95
Ora D iv 1st g 3 4 s .......... 1941 A-O ......... 85
8 5 4 Jan ’03 . . . . , 8 4
854
Tol A Ch D iv l s t g 4 s ...1941 M- s ................... 98 Xlar’02
St Chas B ridge 1st g 6 s. 1908 A-O 108 ......... 109 4 Xlar’03 — 108 1 0 9 4
W arren See Del Lac A W est
W ash Cent See N or Pac
W asli O A W See Southern
5 117% H 8 4
W est N Y A Pa 1st g 5 s.. 1937 J-J 117 1 1 0 * 2 117*4 1 1 8 4
99 100%
Gen gold 3-4s................... 1943 A-O 100 101 100% XIar’03
30 ......... 40 Xlar’Ol
Incom e 5 s......................... 1943 Nov
W est N o Car See South Ry
W est Shore See N Y Cent
1 1 4 4 Jan ’02
W V a C e D t A P l s t g 6 s .. 1911 J -J
W heel’ g A L E 1st g 5 s ... 1926 A-O *113 ......... 116 4 Jan ’ 03
i ’1 5 i l 6 4
113 S e p ’ 02
W heel D iv 1st gold 5 s ..1928 J - J *111
110 110
110 XIar’03
Exten A Im p gold 5 s ... 1930 F-A .........112
1st consol 4s..................... 1949 M-S
90
91
90 4
90 4 *30 9 0 4 93%
W ilkes A East See Erie
W il A Sioux F See St P M A M
W inona A St P See C A N W
J -J
91% Sale
92%
91
91*4 33 90

M IS C E L L A N E O U S B O N D S—C on clu d ed .
M a n u fa ctu rin g A: Industrial
A m Hide A L 1st s i g 6 s ..1919
A m Spirits M fg 1st g 6 s .. 1915
A m Thread 1st col‘tr 4 s ... 1919
Bar A S Car Co 1st g 6 s . . . 1942
Consol T obacco 50-yr g 4s. 1951
D istil Sec Cor con v 1st g 5 s .’ 27
D istill of A m er coll t r g 5 s .l9 1 1
111 Steel Co deb 5 s.............. 1910
N on-cou v deben 5s.........1913
In t Paper Co 1st con g 6 s. 1918
K n ick er Ice (C hic) 1st g 5 s .*28
N at Starch M fg Co 1st g 6 s 1920
N at Starch Co s f deb 5 s.. 1925
Stan R ope A T 1st g 6 s . . . 1946
Incom e gold 2 s ................ 1946
-V S Leath Co 0 f deb g 6 s .. 1913
V S Shipbld gcoll A m ge 5 s .’ 22
1st s t 5s g “ A ” ................ 1932
-»*•

M-S
93
M-S
J-J .........
J -J
F -A
624
A-O
72%
J-J 100
J -J
A-O
99
F-A 108
A-O
M-N .........
J -J * .........
F-A
60
104
M-N 114
F-A
J -J .........

M iscella n eou s
Adams Ex col tr g 4 s .........1948 M-S 1 0 4 4 Sale 104
93
93
7 92
98
1 0 4 4 IF 104 10o
88
94% Am Dk A Im p 5 s Nee Cent NJ|
94*4 F e b ’ 03
100% J ’ no*02
Am SS Co of W V a g 5 s ___1920 XI-N
80 Jan ’ 03
80
SO
81
76
74 M ar’03 . . . . | 73
B ’k l’n Ferry Co 1st coils g 5s ’481 F-A
105 Jan ’00
ill
Mat ’01
Sale 1 6 2
62% 6 :n *oi 4 67% Chic J c A St Yard col g 5s. 1915 J-J 103
63 j 8 0 % 95 4
92 Sale
89%
94
Det M A XI Id gr incom es.. 1911 A O
Sale^ 71%
72% 67 7 1 % 77
H oboken L A I gold 5 s ...1910 M-N
......... 100 XIar’03
98% 100
XI atl Sq Garden l s t g 5 s ..1919 XI-N
99 Jan ’99
1...................
50 Feb ’02
Man Bch H A L g en <i4s..l940! M-N
100 May’02
N ew p Ne Ship A D D 5s d 19901J-J
109 1 0 8 4 XIar’03
107 n o
2 90
95
9 0 4 Sale
N Y D ock 50-yr 1st g 4 s.. 1951! F-A
93 Feb 03
93
93
904
904
.........
St Joseph Stk Y ds 1st 4 4 s .1 9 3 0 i J-J 1 0 1
95 M ar’03
94
95
96
St L Ter Cupples Stat’ n A Prop
69
7 69
80
68
694
Co l s t g 4 4 s 5-20 y ear.. 1917 J-D
60
60
1 60
64
68
101 F e b ’97
10% 39 10*4 13 4 S Yuba Wat Co con ir 6 s .. 1923 J-J
10%
Sale
112 1 1 4 4 Sp V al Wat W orks 1st 6 s 1‘906 M-S 1 0 1 4 ......... 1 1 3 4 J ’l y ’ 00
......... 114 M ar’03
82
85
83 F e b ’ 03 —
U S Red A R ef 1st s f g 6 s. 1931
91
91
91 Jan ’03
SO
80
80 Jan ’ 03
75
Sale

•No price Friday; latoil bid and asked. aDueJan fcDueFeb c Due Mar d Due Apr g Due J’ne h Due J’ly k Due Aug p Due Nov q Due Dec sOptionsale

THE

M arch 21, 1903.]

CHRONICLE

641

In d u stria l a n d M iscel
<Ja* ^ e cu ritie *
A sk
Jim
Bid
A sk
Consol T o b a cco........... 100 280 300
80
85
f ndianapolis Gas stock 50
35
1st 6s 1920............ M-N 104 107
IContinental T obac deb 7> 104 ib'6
Jackson Gas C o ......... 50
80
38
44
5s g 1937................. A-O $101 104 ICramps’ Sh A E 11 BldglOO
T R A N S A C T IO N S A T T H E N E W Y O R K STOCK E X C H A N G E
20 '• Crucible S teel........... 10<
16
20*21 2034
Kansas City G as.........100
• Preferred................ loi x q y S4 *4
D A IL Y . W E E K L Y A N D Y E A R L Y
H5s 1922................... A-O $101 101*2
t E x c.h list
9 2 *2 ........ D istillers’ S e c a n t .See
Laclede G as..............100
io
20
110 1 Dominion S ecu rities.lo«
* Preferred ..............100
Stocks
H eek ending
26
E lectric Boat.............. 100
29
67
Lafay’ eG a slst 6s’ 24.M-N
63
State
R ailroad dec
U 8
35
M arch 20
40
57 1 P re fe rre d .................. 100
53
L ogA W a b V 1st Cs’25.J-D
Bond 8
Bonds
Bonds
1903
P ar value
2*21 •.>
Shares
Madison Gas 681026.A-O $106 109 I E lectric Lead R educ’ n.50
P r e fe r r e d ....................501
Newark Gas 6s 1944.Q-J $ 139 140
/j I 4
8
9
E lectric V eh icle .........1001
$942,000
$55,000 N ewark Consol G a s ..100
73
72
212,680 $19,590,500
Saturday ............
P re ferred ............... .100
13*2 1 1 4
1,899,000 $‘ i i,6 o 6
27,000
5 b 1948 See Stock Exch list
629,909
58,999,900
M o n d a y ..............
*2
1,200,000
E lectro-P nenm ’ic Tran 1<> t
........
18
34
37,584,150
HO 6c I n d C N a t A III .100
416,823
T u esd a y ..............
14
15
1,530.000
500
52
Empire Steel...............100
46,562,900
.......a
1st 6s 1926.............. J-D " 4 7 '
506,521
W ednesday.........
45
47
1,820,500
4,000 Providence G as.............50 1112 114
P re fe rre d ..................100
57,267,100
597,096
Thursday............
65
70
1,726,500
95
50,148,650
97*2 •■General C h em ica l..1 0 0
509,829
F r id a y ................
............ St Joseph Gas 5s 1937. J-J
93
89
• P referred................ 100 x99 n o
StPaulGas Gen 5s’44M -8
$86,500 Syracuse Gas os 1946.J-J $ 99 100
•V
4
Gold H ill C o p p e r.........10
$9,118,000 $14,000
T o ta l................ 2,872,858 $270,153,200
39*2 Gorham M fg Co com . 100 128**
38
united GaaA E lec,N J 100
90
89
P re fe rre d ..................100 128*-.
P referred .................. 100
January l to M arch 20
Week ending M arch 2 0
Sales at
IIGreene Consol Copper. 10 t 25*4 2534
New York Stock
T c le g r
T e le p h o n e
I Guggenheim E xplorati’ n 150 160
Exchange
1903
1902
1902
1903
13
15
10*2 11 *2 Hackensack M eadows 100
A m De F o r’t W ireless 100
81
84
Hall Signal C o ...........100 105 115
A m erT eleg A Cable 100
36,821,400 Bell Telepli of Buffalo 100 100 lu 4
3,310,762
27,151,484
20
2,872,858
24
Stocks—N 0 . shares
Havana C om m ercial.100
62
70
Par v a lu e......... $270,153,200 $319,817,150 $3,538,436,175 $3,486,179,900
95 100
P re fe rre d .................. 100
Central 6c So A m er .100
$13,400 Cites 6c Poto T elep li.. 100
$80,450
$2,100
Bank shares, par..
Havana T obacco C0 ..IO 0
48
49*2 50
45
59
60
P referred ...................100
5s 1909-29................. J-J 105 7e 106*2
BONDS
H ecker-Jones-Jew ’l Mill
$295,500
$4,900
$193,600 HCommercial Cable ..100 x l5 3 165
$86,500
G overnm ent bonds
98 102
1st 6s 1922...............M-S
250,500
396,500 Commer U n Tel (N Y ).2 5 115
33,000
14,000
State bon ds............
1
3
H erring-H all-M arvin 100
82
79
165,025.100
15,930,000
224,468,400 Emp 6c Bay State Tel 100
9,118,000
R R. and mis. bonds
30
40
53
47
1st preferred.............100
F ra n k lin .......................100
4
10
2d preferred.............100
$9,218,500 $15,967,900 $165,571,100 $225,058,500 HGold 6c S t o c k .......... 100 121 125
Total bonds___
H oboken L an d 6c ImplOO 105
H4*2S, 1905 .....................
98 101
• 5s 1910..................M-N 103 106
Hudson R iverT eleph 100
D A I L Y T R A N S A C T IO N S A T T H E BOSTON A N D P H I L A D E L P H I A
8
10
734
8*4 H ouston O i l ................ 100
M r.rconiW ireless Teleg.5
EXCHANGES
70
35
P re fe rre d .................. 100
HNorthwestern T eleg. 50 125
100 120
H udson R ealty...........
HN Y & N J Telepho .100 165 167
P h ila d elp h ia
In terb oro R T (full i>aid) 107*2 1 0 8 4
Boston
H 5 s l9 2 0 ..................M-N i 109 112
Week ending
85
107*2 1 0 8 4
78
70 % p a i d .................
P acific 6c A tla n tic....... 25
M arch 20
Providence T elephone. 50 1116 122*2 In tern at’lBankingColOO 197 202
Bond
Listed
Unlisted
Bond
Unlisted
Listed
1903
13*2 1334
95 LOO In t’ n ’l M erc M arine. 100
HSouthern 6c A tlantic 25
sales
shares
shares
sales
shares
shares
38*4 39
P re ferred ..................100
7
Tel Tel 6c Cable of A m . 15 t .........
100
Col tr deb 4 *2l922op’ 07
13,700
$44,000
1,040
$20,500
11,812
Saturday ....... 38,408
E le ctric C om p a n ies
11
15
International Salt___100
79,920
3,715
27,684
37.500
18,974
M o n d a y ........ 57,292
54
49
1st g 5s 1951............
125,600 Chicago Edison C o ... 100 150 159
2,749
31,777
29.000
8,769
T u e sd a y ......... 44,208
10
5
83.800 Edison El 111 Brk 4s N Y Stock Exch International S ilver. 100
33,240
37.500
5,494
11,916
W ed n esd a y . . 44,929
51
P re fe rre d .................. 100
4,590
25,392
47.500
109,500 Hartford (Ct) E lec LtlOO 210
10,706
Thursday....... 29,298
97 100
1st 6s 1948................J-D
25,660
92,400 HKingsCo El L A P Co 100 245 255
2,528
18.000
7,438
F r id a y ........... 17,4U8
John B Stetson co m .. 100 150 180
Narragau (P rov ) El Co 50 1107*2
44
P re fe rre d .................. 100 150 170
46
20,112
$535,220 N Y 6c Q El L APowColOO
69.615 $190,000 157,453
T ota l.......... 231,543
1
77
74
K itchenerG old M m ’ glOO
7s
P referred .................. 100
L a ck Steel 5s (w hen iss) X......... 9734
R h o lsl E lec P rotec ColOO 128
14*2 15*4 Lanston M on otype___20 r 9 7e 1 0 4
U nited E lectric of N J 100
64
64*4 Law yers M ort ln su r.1 0 0 175 190
4s 1929.......................J-D
Law yers’ T itle I n s ...100 335 350
F e r r y C om p a n ies
HLorillard (P ) pref ...1 0 0 125 135
10
30
12
A W eekly Review o f Outside M arket w ill be found on a preceding page.
14
Madison Sq G arden.. 100
Brooklvn Ferry stocklOO
65
2d 6s 1919.............. M-N
B A N Y 1st 6s 1911.J-J 109 111
3*2
M anhattan T ra n sit___20
Con 5s 1948 See Stock E xch list
34
S tr e e t R a ilw a y s
S tr e e t R a ilw a y s
A sk N Y 6c E R Ferry stk. 100
A sk
B id
6
7
B id
85
80
M ex N at Construe.pflUO
NEW YORK CITY
rand Rapids R y ___ 100
56
60
95
Motion gahela It C o a l..50 f 11*2 1 134
1st 5s 1922.............M-N $ 90
95
P re fe rre d .................100
37
98
40*4
P referred .................... 50 t 40
35
97*2 N Y 6c H oboken s tk .100
B leeck St& Fu.1 F stk 100
1024
ndianapolis St Ry See Phila list
H ist m ort 4s 1050 ..J-J 100 101
M osler Safe C o...........100
H ob F y 1st 5s 1946 M-N $108 n o
19*4
C H ob A Paterson.. 100
19
25*4 26
HB’y & 7th A v e stk ..1 0 0 247 251
N ational C arbon.........100
C 011 5s 1946............J-D 101 103
76
4s g N ov 1 1 9 4 9 ...M-N
P re fe rre d .................. 100
76*2 N Y 6c N J 1st os 1946. J-J 101 105
ITlstm ort 5s 1904 ..J -D 100 lOO3*
98*2 99
5
60
.ake St (Chic) El s t k .100
70
34*2 36
•'Nat Enaiu 6c Stamp 100
5*2 10th 6c 23d Sts Ferry 100
H2d m ort 5s 1914 ...J -J 107 4 109
95
90
1st.5s 1928.............. J-J $ 99 101
Con 5s 1943 See Stock E xch list
HP referred................ 100
1st m ort 5s 1 9 1 9 ...J-D $102 105
150
$115 118
40
National S u rety .........100 130
39
B’ way Surf 1st 5s gu 1924 $112 114
HUnion F erry stock .100
$116*2 118
4
97
95
N ew BrunsCannelCoal 10 t .........
2d 5s int as rental 1905 $101 101*2
H ist 5s 1920 .......... M-N
50
Exch list
47
HCent’ l Crosst’ u stk .. 100 265 275
HNew Central C o a l___20
R a ilr o a d
17
15
13*4 13*2
N ew E n g Consol Ic e . 100
H ist M 6s 1922 ...M -N $123 126
38
P re fe rred .................. 100
H u e n P k N A E l i stk. 100 210 215
N e w Eng T ran sp or.. 100
4
4
Chic I n d A L g u 4s SeeSt’k E xch list
8
N Y B iscuit 6s 1 9 1 1 .M-S 114 116
4 4 s 1952................... J-J $......... 7434 Chic Peo 6c St L pret. 100
6
HChr’ t’r & 10th St stk 100 185 190
ortli Chic Str stock . 100 155 160
ColA 9th A v e 5s See Stock Exch list
N Y M t g e A S e cu rity .100 126 130
P rior lien g44*s’30M AS $106 108
1st 5s 1909 .............. J-J $ ......... . . . . .
95 100
HDry D E B & B s t k . 100 110 120
HNew Y ork D o c k ___ 100 t 29
Con m tg g 5s 1930. JA J
25
27
20
N orth Jersey St stocklOO
28
H ist sold 5s 1 9 3 2 ...J-D 116 118
HPreferred ...............100
Incom e 5s 1930..............
4s 1948 ....................M-N
80*2 81*2 E rie con v 4sA p r 1 ’53(w i) \ 8 8 4 98 1 N Y T ra n sp o rta tio n ...20
8*2
9*2
HScrip 5s 1 9 1 4 -----F-A 103*2 104
Pat R y con 6s 1 9 3 1 ..J-D $125 130
H Eighth A v en u e s t ...l 0 0 405 415
N orthern Securities.. 100 107*8 107*4 N icholson F ile C o___100 156 159
14
12
2d 6s 1914................A-O $100
37
HScrip 6s 1 9 1 4 ___ F-A 105 109
N or Am Lnm ’ r& PulplO O
P itts Bess 6c L E .........50 • 34
6
6*2
73
Rochester R y ...............100
74
80
P re ferred .................... 50
H42d 6c Gr St F ’y stk .. 100 410 415
HOntano S ilv e r .........100
46
99 100
P re fe rre d .................. 100
70
75
44
20
30
Otis E levator com ___100
H42dStM <fc St N A v 100
V a A S ou th w estern .. 100
Con 5s 1930 See Phila ll8t
H ist m ort 6s 1910 .M-S 111 112
P re fe rre d .................. 100
9 6 4 97*1st guar g 5s 2003. . See Stk E x list
2d 5s 1933................J-D $105 106*2
96 100
P ittsburg B rew in g ___ 50 t 3 1 4 32
H2d incom e 6s 1915 J-J
Industrial and M isce l
So Side El (Chic) s t k .100 108 109
L ex A v & Pav F 5 s See St k E x c list
P re fe rre d .................... 50 1 47
99 102 | P ittsburg C oal.............100
M etropol Securities See Stk E x list Syracuse Rap T r 5s 1946 102 104
A ck er M er A C o n d it...6 s
- 9 4 293<
9 0 7« 91
107 | P re fe rre d .................. 100
M etropol Street lly See Stk E x list Toledo R y s 6c L igh t See Stk E x list A lliance R ealty.........100
U nit R ys (St L Trans) 100
21 *2 Pitts Plate G lass....... 100 141 112
19
26*2 27*2 HAllis-Chalmers.........100
N intli A ven u e s to c k .100 190 205
81
P r e fe r re d .................. 100
87 ! Pratt 6c W h itn p re f.. 100 100
81
Second A ven u e stocklOO 217 220
82*2
HP referred................ 100
57
Gen 4s 1934.............. J-J $ 84*4 84*2 HAmer Bank N ote Co. 50
58
Hist mort 5s 1909 M-N $106 107
Procter 6c G am ble....1 0 0 340 318
U nit Rys San Fran £eeStk Exch list
Prefer reel.................. 100 203 205
59
61
Consol 5s 1948....... F-A $116 118
Am Barrel 6c Package 100
HWest Chicago S t ___ 100
834| R ealty A ssoc (B k lyn ) 100 120 125
82*2 85
Hsixtli A ven u e stock 100 175 180
Am erican Can c o m ... 100
8 *4
HCon g 5s 1 9 3 6 ....M -N $ 91
93
Royal Bak P ow d pref. 10b 102 4 104
45*4 46
Son B oulev 5s 1 9 4 5 ..J-J $111** 112*2
P re ferred ..................100
63
Russell 6c E rw in .........25 t 61
So Fer 1st 5s 1 9 1 9 ...A -O $108 n o
A m erican Chicle C o.. 100 118 120
92
88
P re fe rre d ..................100
Third A ven u e See Stock Excli list
Safety Car Heat 6c Lt 10(' 169 173
(■as S e cu ritie s
Tarry W P & M 5s 1928 107 109
Am erican E levated.........
4 Seminole M in in g ...........5
*4
161
4
Y k ersS tR R 5s 1946A -0 109 n o
A m er G ranhoplione...lO
4*2 Simmons H ardw com 100
NEW YORK
9
P re fe rre d .................. 100 135
8
28th 6c 29th Sts 1st 5s ’ 96 115
P re fe rre d .................... 10
145
85
Cent U nion Gas 1st 5 s ... $108 110
HTwenty-Tli’ d St stk 100 408 415
2d preferred.............100 139
Am er Press A ss o c’n.100
Con Gas (N Y )s t k . See St k E x c h list A m er S h ipbu ildin g...100
Singer M fg C o............. 100 340 360
53
50
Deb 5s 1906..............J-J 102 106
9
104
E q u itG a sco n 5 s 1932 See Stk E x list
8
Union R y 1st 5s 1942 F-A 118*2 119
P re fe rre d .................. 100 101
Standard M illin g Co. 100
30
33
HMutual G a s ...............100 310 330
6
3
W estcliest 1st 5s *43 J-J 108*2 n o
P re fe rre d .................. 100
A m Soda Foun com .. 100
78
76
80
70
N ew Amsterdam Gas—
1 st preferred.............100
5s
BROOKLYN
20
17
1st consol 5s 1 9 4 8 ..J-J $109 *4 109^4
2d preferred.............100
Standard Oil of X j . . i o 6 675 680
35
30
Atlan A v e 5s 19 0 9 ..A -0 $104*2 105*2 N Y G E L H A P See Stock Exch list
A m erican Surety.........50 172 178
Standard Coupler com 100
N Y 6c East R iver Gas—
46
P re fe rre d .................. l o o 130 135
48
Con 5s g 1931.........A-O 111 113
Am Strawboard rects 100
99 102
1*1st 5s 1944................J-J $111 113
lin p t 5s See Stock E xc li list
Bonds 6s....................F-A
Storage P o w e r...............50
7s
B B & W E 5 8 1 9 3 3 ..A-O 101 104
Consol 5s 1945.........J-J $109 111
Am er T obacco c o m ... 50 300
Swift 6c Co See B oston St k E x c h'ge
N or U n 1st 5s 1927.M-N $104 106
HP referred................ 1 0 0 142 146
B rooklyn City s to c k ...1 0 245 247
1st 5s 1910-1914....J -J $101 103
HStandard Gas com ..1 0 0 130 140
40
44
Con 5s See Stock Exch list
T ennessee C opper....... 25 t 3 1 4 32
Am T y p efo’ rs c o m ... 100
80
HP r e fe r r e d ...............100 150 160
B klnC rosstn 5s 1908.J-J 104 106
P re ferred .................. 100
98 100
75
HTexas 6c P acihc Coal 100
434
1st 5s 1930.............M-N $115*2 118
B kn H g t s ls t S s 1941 A-O 105 107
Am er W riting Paper. 100
1st 6s 1908.............. A-O $106 n o
5*4
B k ln Q C o & S u l) See Stk Exch list
P re fe rre d ..................100
23*2 24*2 T itle Guar 6c T r (new ) 100 475 500
150 158
OTHER CITIES
75
B klyn Rap Tran See Stk E xch list
5s 1919.......................J-J
7 7 * 4 T itle In s Co of N Y ..1 0 0
22
R et g 4s 2002 .......... J-J $ ......... 85
HBarney 6c Sm Car ...1 0 0
28
2 3 4 25
T rentonP otteries coin 100
56
97
58
93
A m er L igh t & T ra ct. 100
HP referred................ 100
132
Preferred n e w .........100
HConey Is. 6c Bklyn ..1 0 0 360 400
97 *2 99
70
P re fe rred .................. 100
99 100
H ist 5s 1903 ............ J-J
Bliss Company com ___ 50 140 150
T row D irectory n e w .. 100
2^
Baltim ore Consolidat See Balt list
99 100
Union C opper................ 10
5 scrtfs in d b t 190 3 .. J-J
P re ferred ....................50 140 145
Bay State G a s .............. 50
Brk C A N 5s 1939.J-J 114 116
B ondA M tgG uar new 100 370 385
U nion Sw itch A Signal 50 t 85
97
B ingham ton Gas 5s 1938 $ 93
P re fe rre d .................... 50 \......... 105
Gr St A N ew 1st 5s ’06 F-A 103
B orden’ s Cond M ilk .. 100 117 120
130
Boston United Gas bonds Bosto n list
Gr’ pt A L orim er St 1st 6s 105 107
P re fe rre d .................. lo o 110 112
Union T vpew r co m .. 100 125
8*2 10
B udalo City Gas stocklOO
1st preferred.............100 123 128
K ings Co. Elevated
B rit Colum Cop See Bost Stock Exch
78
79
1st 5s 1947 .............A-O
Camden I~md................ 20 t
2d preferred.............100 124 128
1st 4s 1949 See Stock Excli list
*4
10
Chicago Gas See N
Stk E x ch list
6
U S Cotton D u ck ....... 100
83*2 84
Nassau E lec p re f....... 100
Celluloid C o..................100 120 124
99 100
20
10
Cincinnati Gas 6c EleclOO
U s E nvelope c o m ... 100
5s 1944..................... A-O 113 115
Cent Firew orks com . 100
21
23
71
68
HP referred................ 100
62
1st 4s 1951.......... See St k Exc h list Col Gas L 6c H eat com 100 106 109
66
P referred...................100
32
29
P re fe rre d ..................100 104 105*4 Central Foundry....... 100
103 105
W b ’ g A Flat 1st6x4*23
334 HU S Red 6c R efin in g .100
3 *4
17
50
H Preferred................ 100
Consol Gas (N J ) stk. 100
Stein way 1st 6s 1922. J-J $117 119
P re fe rre d ..................100
16
17
20
88
5
92
1st 5s 1936................J-J
HU S Shipbuilding ...1 0 0
Chesebrough M fg Co 1U0 450
OTHER CITIES
10
50
• P referred................ luu
Consum Gas (J City)—
95 100
HClafiin(H B) l s t pref 100
1st 6s 1904.............M-N $101*2
Bonds—See Stock E xc h list
Buffalo Street R y—
94
H‘2d preferred...........100i
98
89
87
HDetroit City G a s ....... 50 t . . . .
U S Silver Corp 6s (w 1 ).
1st consol 5s 1 9 3 1 ..F-A $113 115
HCom m on.................. 100
92
96
35
36
87 4 87*Essex 6c Hudson Gas 100
U S Steel Corp os (w li iss)
Deb 6s 1917.............A.O $104 107
65
Col A H ock CoalA I p f 100j 60
63
Fort W ayue 6s 1925.. J-J
67
Col tr 5s Ser B A D 1951 111 113
Chicago City R y stk . 100 211 215
1st g 5s 1917............ J-J I 70
1
U niversal T o b a c c o ... lo o l
HGas 6c El B ergen Co 100
3
Chic U n ion T rac See S t’ck E xch list
Compressed A ir C o ... 100
2*4
1 .........
5
Grand Rapids Gas—
75
Cleveland City R y ___100 101
65
104
Consolid Car H eating 100
E xch list
H ist 5s 1 9 1 5 .......... F-A $103 105
25
35 i V a Ir CoalACoke
• Cons F irew ’ks com .100
Cleveland E lectr R y.100
84*2 85
55
E xch ll8 t
St
H artford (Ct) Gas L ...2 5 t 50
55
60 1 1st 5s 1949
73
76
HP referred................ l o o
Columbus (O) St R y ..l0 0
41
38
H udson Co Gas.......... 100
k E xc h lig
P re fe rre d ..................100 104 106
4
Cons R y L tg A R efrig. 100
4*2 V ulcan Detinning
t 170 175
5s g 1949 ................ M-N $103*2 I04*o Consol R ubber T ir e .. 100
Colum R y con 5s See Ph ila list
1*2 W estingh A ir B r
4
Indiana Nat A 111 Gas—
11
8
D ebenture 4 s.................
Crosst’ wn 1st 5s *33. J-D $109 112
1 0 4 11
1st 6s 1908.............M-N .........I 49
120 123
20 I
D etroit U nited R y See Stk E xch list
Cons Storage B attery 100 . 15

Volume ol Business at Stock Exchanges

Outside Securities

A Buyer pays accrued interest.

t Price per share.

* Sale price.

a Ex rights.

HSells on Stock Exchauge, but not a very active security

BOSTON STOCK EX C H A N O E-Stack Record, Daily, Weekly and Yearly
Slisiro P rice s- -N o t P e r C entum P r ic e s
Saturday
M arch 14

M onday
M arch 16

Tuesday
M arch 17

W ednesday
M arch IS

Thursday
M arch 19

F rid a y
M arch 20

STOCKS
BOSTON STOCK
EXCHANGE

Sales
of the
'Week
Shares

Range j o r Year
1903
Lowest

H ighest

Range for Previous
Y e a r (1 9 0 2 )
Lowest

H ighest

R a ilr o a d s
A tch Top A 8anta FelOO 1,310 80 k M arl6 89 k Jan 10 74 k Jan 96 k Sep
2G4 97 M a r ll 103k Jan 10 95 k Mar 106 Sep
Do p re f............... 100
71 257 Jan 9 262 k Feb 4 2 5 6 k Dec 266 May
Boston & A lb a n y ___100
Boston E levated.......100
2 55 144k M a rll
140C D ec 173 u>ALar
1 2 40 Jan 19 248 Mar 12 236 J ’ ne 24S A pr
Boston & L ow ell....... 100
82 185 M arl6 195 Jan 5 190k X ov 209 A pr
Boston
M aine....... 100
42 174 k Feb 26 1 7 6 k Mar 4| 171 Oct 183 A pr
Do p re f............... 100
2 299 Jan 29 305 M arl 3 297 k J ’ no 307 Mar
Boston
Providence 100
150 Feb 19 157 Jan 6 150 Sep 172 Mar
Chic Ju n c Pi v & U S Y 100
46 122 Feb 6 125 Jan 2 123 X ov 136 Mar
Do p re f..... ......... 100
M ar’ 03 Con & M ont Class 4. .100
191 Mar 4 196 Jan 6 196 X ov 202 Jan
*194
y 160 Jan 5 170 MarlO 160 J ’ne 166 k Feb
r167
Conn & Pass R iv pref 100
2 8 1 k Jan 27 286 F e b 19 280 Oct 295 Feb
M ar'03 C onnecticut R iv e r __100
*283
309 140 Jan 16 143 k Feb 10 141 Dec 148 Mar
'1 4 0
1 4 1 k Fitchburg p re f.......... 100
M ar’03 Houston E l’ tric com . 100
42 M ar 9 42 Mar 9 | 47 J ’ly 50 J ’na
'43
175
50 175 Jan 2b 180 F e b 10 172 Jan 178^ J ’ ly
Maine C entral............100
35
35 Mass E lectric Cos___100 2,115 35 M ar i 37k F e b lS 33 Dec 45 7g A pr
35 k
92
95 9 1 k Mar 3 96 Jan 7 92 Jan 99 J ’ne
91k
Do p re f............... 100
91k
Mar'03 M exican Central____100
25 Feb 4 2 7 k F eb25 ‘22 k Dec 31 Mar
2 7 k *2 6 k
47 6 2 0 8 M a rie 225 Jan 7 210 Jan 254 Apr
210 '2 1 0
2 1 1 k X Y N H & H a r t ....1 0 0
170 Jan 8 173 k Mar 3 170 Jan 175 .Tan
175 *172
M ar’ 03 Northern X H ______100
230 Jan 6 232 M a r ll 230 Jan
M ar’ 03 N orwich & W or preflOO
......... '2 3 0
200 207 Jan 3 212 k Feb 13 206 Dec 217 A pr
........ 210 k
209 Old C olony................. 100
80
163 80 Jan 28 84 Jan 22 68 Mav 85 k Sep
81 Fere Marq'uette.........100
81
SO
81
80
141 80 Jan 2 85 Jan 9 79 k May 91 J ’ly
Do p re f............... 100
M ar’03 Rutland p re f..............100
64 M ar 12 71 Jan 20 647g Dec 125 k A pr
25 Jan 12 25 Jan 12 25 wN ov 31 J ’ly
*23
25
Jan ’ 03 Savannah E lec com .. 100
'2 3
*23
25
75 J an 5 84k Jan 10 58 Jan 90 May
F e b ’03 Seattle E le ctric_____100
*
80 *......... 80 *
35 l u l Jan 2s 104 k Jan 6 103 Oct 110 Mar
D o pret............... 100
*102 k 102k 102 ^ 102 k 1 02k
903s 9 1 34
9 4 k Union P a cific............ 100 3,504 90 k Mar 9 104 k Jan 9 9 3 k Dec 113 Aug
91 k 9 2 k
91k
121 9 0 k Mar 3 95 Jan 27 86 k Mar 94 k Aug
Do p re f............... 100
90 k 9 0 78 9 1 k 9 1 k '9 0 k
91k
1 7 5 F eb 5 178 F e b 25 172 Jan 178 J ’ ly
*175 . ___ * 17 5
M ar’03 Verm ont
Mass
100
*175
96 k W est End S t.............. 50
197 94 ~ Jan 15 97 Feb 10 92 k Oct 99 Mar
96 k 97
96k
*96
97
111 Jan 3 116 Feb 14 111 *o Dec 117 J ’ ne
* __ __ 115 k *.........11 5 k *•
M ar’03
D o pref ______ 50
2 6 k J a n 15 2 6 k Jan 15 19 k Jan 347g J ’ly
Jan ’03 W isconsin Central__100
Jan ’03
52 ~ Jan 15 52 Jan 15 39 k Jan 55 k Sep
Do p re f............... 100
150 Jan 14 150 J an 14 145 Nov 152 k May
F e b ’03 W ore N ash & Ruch 100
.M iscellan eou s
200 22 Jan 6 26 Feb 11 19 Dec 32 k J ’ly
*22— •••••• *22
23
22
22
*22
23
*22
23 Amer A g ricu l Chem .100
*22
24
84
84
*81
30
80
156 80 M ar2o 86k Feb 14 7 6 k Dec 91 J ’ly
84
84*2
81
81k
81k
Do p re f....... .....1 0 0
113
5 Jan 5
6
6
6
6
*6
7
*6
7
6
6 Am er Pileu S erv ....... 50
4 Jan
7 Mar 2
*6
6k
9 k May
21
21
21
115 15 Jan 2 24 Mar 4 21 J ’ ne
* 2 1 ^ 23
*20
Do pref T T»
50
1 2 4 k 125
1*24 k 1 2 5 k 125 k 125 k 125 k 127 k 1 2 7 k 1 2 7 k 1 2 6 k 127 Am er Sugar R elin ___100 4,929 122 k ^ !a r l2 134k Jan 8 11278 N ov 135 k Mar
120 k 121
121 121
121 121
*121k 122
54 120 Jan 6 122 k Feb 18 115 Jan 123 Sep
*120 121
Do p re f............... 100
1 2 1 k 12 l k
165 16534 1 6 4 k 166
164 165
165 165
1 6 4 k 165
1 6 4 k 1 6 4 k Am er Telep & Teles:. 100 3,492 161 Jan 24 169k F e b l8 155 Mai IS S k A pr
500 1 2 k J a n 7 1 4 7g Feb 24 12 Dec 17 k Jan
14 Am er W o o le n ............100
1 3 k 14
13 k 1 3 k *13 k
* 1 3 k 14 * ......... 14
*1 3 k 1 3 k
708 7 6 k J an 5 7 9 k Jan 22 73 Apr SOk Jan
79
79
79
79
79
79
79
79
7834 79
D o p ref............... 100
78k 79
*
4*0 *.........
150
4k *
4 34
4 k Boston L an d.. _.
10
4k
4k
5 k Jan 22
4 k M ay
3 k Mav
4k
*4k
4k
50 120 Jan 30 127 Jan 6 122 k Apr 130k A pr
123 123 ~ *122 123 x l2 1
121 Cum berl Telep & T el 100
* i2 2 124 *122 124 *122 123
32
36
35 Dominion Iro n & S t....... 19,041 30 k M a rie 62 k J an 2 25 Jan 7 9 k Aug
36
30 k 36
37 k
3ok 36k
33k
31-4 37
8
L a s t S a le
M ar’ 03 East Boston Land
7 k Jan 12
7 Nov
9 5g M ai
*7 k
8
*7k
8
*7 k .........
8 k Jan 23
*7k
* .........290
290 290 *.........290
285 286 c
290 Edison E lec Ilium
100
106 265 Jan 2 310 Feb 17 244 Jan 285 May
192
k
194
*193
225 182 Jan 3 204 Feb 16 ,171k Oct 3 3 2 k Apr
*192 195
195 General E lectric
194 1 9 4 k 195 195k 195
100
45
45 k 4534
45
45 k
45k
45 k
4 4 k 45 k
4 6 k Mass’chusettsGasCoslOO 4,560 40 Feb 3 4 3 k Feb 2u 3 6 k N ov 4 1 k Nov
44 k 45 k
85
85
85
85k
D o p re f............... 100 2,243 84 k Jan 3 S37g Feb 17 82 N ov 87 k Oct
85
85k
85 k 85 k
85 k 85 k
85 k
85k
179 ISO *180 ......... *1 8 0 k
11° 177 k M arl6 190 Feb 2 170 Jan 190 Sep
M ergenthaler Lino 100
* 1 7 7 k l 7 8 k 1 7 7 k 179 k *179 180
102
134
134
2 k Jan 29
M exican T eleph on e.. 1()
l k M a rl6
1 78 D ec
3 k A pr
*2*8 2*4
*2 k
2k
2k
*2k
2k
2k
2k
* ....... . 87
85
85
2b 84 Feb 18 86 Jan 2 S7 Nov 93 U J ’ne
87 K......... So
85
85
X E Cotton Yarn pref 100
TOO
16 135 Feb 4 139 Jan 2 135 Jan 151 A p r
*138 ......... * 1 3 7 k ........ *138
1 3 8 k 139
1 3 8 k 1 33k *138k 139 X E Telephone
250 12 k M a r ll 20 Jan 6 21 Dec 4 1 k Sep
15
15
15
15
15
*14
15
'1 4
15 Plant Comp new com . 100
15k
*13*2........
227 227
225 225
225 226
21 225 M a rl 7 237 Jan 9 216 Jan 250 J ’ly
*220 227
227 227
225
225
Pullm an Co................. 100
5
*978 10
10
10
10 R eece B u tton -H ole.. 10
9 k Feb 14 10 Feb 13
6 Jan 10 k Oct
*9 7e 10
*9 78 10
'9 k
* 9 k .........
11 121 M ar 9 132 Jan 5 100 Jan 177 J ’ly
124 124
126 126 *12234 12334 *122 124 '1 2 2 k 124 Sw ift & C o................. 100
*120 122
25 k Jan 15 2 6 k Jan 15 26 Oct 27 Jan
*25 Hi 26
* 2 5 k 26
*25
25 k L a s t S a l e 26 k
M ar’ 03 T orrington Class A . . 25
'2 5 k 26
*29
30
*29
30
29 Jan 21 2 9 k Jan o 28 Jan 30 Oct
*29
30
L a s t S a l e 29 k
*29
30
Jan ’03
Do n ref________ 25
'3 ^
l k Jan 12
2 k Mar
1 k Aug
3k
3k
3k
3 k M arlS
' 3 k ........
3k
3 k Union Cop L ’d & M g 25 1,155
* 3 k ........
175 107 M a rie 111 J a n lO 85 k Jan 117 sep
10s
108
*108 109 ’ 109 109
109 " 109 U nited F ru it.........L .1 0 0
10SH> 108 H 107 "lO S
50
50
50
50
50
50
*50
51
50 k 5 0 7g x 5 0 k
5 0 k U nited Shoe M a ch ... 25 1,178 50 Jan 20 53 Jan 2 46 Jan 57 k May
250 30 M ar 2 3 1 k Feb 5 29 Jan 33 k Apr
3034 31
31
31
3034 31
3 0 7g 31
*30k 31
Do p re f............... 25
30 k
30k
400 12 k Jan 15 1 5 k Feb 11 I l k Jan 1 5 k Sep
IT S Leather
100
1 2 3s 1 2 k
12 k 1 2 k
110 89 k Jan 19 9 4 k F e b lS 80 k Jan 9 1 k Sep
90k 90k
Do pref. ______ 100
90 k 9 0 7g
15k Mar 6 18 k Feb 16 1 3 k Jan 1 9 k Oct
M ar’03 U S R u b b e r ..............100
25k
50
6 50 * M a r l7 57 k Jan 9 49 Jan 62 k Mar
50
Do pref
100
36
37
37
3 6 3s 3 6 58 3 6 k 3 65s
36k
37 k
37 k 3 7 k
37 k U S Steel Corp.......... 100 1,115 36 M ar 9 39 78 F eb 5 2 9 k D ec 4 6 k Jan
86
86 k
761 85 k Mar 9 89 k Jan 7 7 9 k Dec 9 7 k Jan
8 6 34 87
85 k 8 6 k
Do p re f............... 100
* 8 4 k 85
86k 86k
87 k
87 k
•80 *80
•90
125 *50 Jan 14 •80 M ar 4 •72 k M ai 1 12 k Apr
*•80
*•80
-90
W est E nd Land
__ 25
147 2 2 k M a r l4 28 Jan 12 22 Dec 3 3 k A pr
24
22 k 23
*2 2 k 23
2 2 k 22 H> *22
22 k 22 k
22 k
22 k W est Telep & T eleg.1 00
239 97 k Feb 3 102 F e b 28 91 Feb 1 0 6 k Apr
9 9 k 100
9 9 34 99k 100 100
99 k 99k
*99
99k
Do p re f............... 100
99 k 100
100 MarlO 108 F eb 2 8 6 k Jan 115 k A pr
L a s t S a l e 101
♦101 103 *101 104 *101 104 *101 105
M ar’03 W esting El & M f g ... 50
30 101 M arl9 110 Jan 29 89 Jan 117 A pr
102 102
10L 101 '1 0 4
*99 101
*101 106 *101 105
107
D o p re f............... 50
Mining;
958 I l k Mar20 18 Jan 2 12 k D ec d 24 k Apr
12
12
12
12
12
12k
12
12k
12
12^
Ilk
I l k A dventure Con........... 25
8 k M ar 9
2 Aug
6k
6k
7
4 k Mar
7k
778 8 k
8 A llo u e z ........................ 25 20,951
3 k Jan J
6k
6k
7k
8k
7k
7 1 78 7 3 k
7 5 5g Mar 12 53 k Nov 78 k Feb
72k 73k
7 1 k 72 k
73
73k
72 k 73 k
7 3 k Amalgamated CopperlOO 31,641 62 k Jan
72k
l k N ov
*•25
1
*50 F eb 9
*•25
1
*•25
1
L a s t S a le 2 k
*•25
1
l k Feb 10
3 k A pr
F e b ’ 03 Am er Gold Dredsring 5
6 Jan 2 12 Mar 16
11
12
12
12
6 Dec l e k J ’ iy
* llk H k 'I l k
I l k 12
*9k I l k
I l k Am Z in c Lead <& Sm . 25 3,783
370 23 k Jan 12 3 1 k Feb 25 21 N ov 35 Jah
-30
31
30
30
* 2 9 k 30
30 k A naconda.................... 25
30k 30k
3 0 k 30 k
30k
3 k Jan 13 k Mar
6 k Feb 9
5
4 k J an 3
5
5k
4k
4 5g 4 5g
4k
4k
5k
5k
4k
4 k A r c a d ia n ..................... 25 4,030
550 •45 Jan 24 •05 MarlO *37k Dec
•90 •90
1 Jan
*•90
lk
•90 -90
•95 *95
•75 *75
*•80
•95 A rnold ........................ 25
8 k J an 2 14 k Feb 10
6
Dec
9 Deo
1 3 k 14
1334 14
1334 14
13 k 13k
1 3 k 13k *1 3 k
13 k A t la n t ic ...................... 25 1,690
35 k 35 k
34k 85k
34 k 34k
34 k 34°g
34 k 3 4 k
34k Bingliam Con M iu& S 50 2,015 29 k Jan 7 39 k Feb 10 20 k Jan 39k A pr
34k
*•75 -90
870 •65 Jan 14 •90 M arlS •40 J ’ly U 20 Mar
•75
*•70 -80
*75
•80 *90
*•85
*87 k *85
•86
Bonanza (D ev C o )... 10
2 Jan
3 *
3 *.........
3 * .........
3
5 A pr
* .........
A pr ’0° Boston (Q uicksilver) ]()
L a s t S a le
7
4 k Jan 20
British Colnm fL tdl
5
100
8
Feb 3
"6
7
5 k ^ep 10 k Mar
*6
*6
* 6 k .........
540 545
151 498 “ Jan 6 551 M arl2 420 Dec 650 Feb
545 550
540 545
540 545
550 550
545 Calumet <fc H ecia ___ 25
540
**08
*10
•10
*•08
*10
•OS Feb 10 •10 Feb 11 •10 A pr *12 Jan
'•08
**U8
*10
La s t S a l e ’10
F e b ’03 Catalpa (Silver) . __ 10
*28k 29k
29
29k
28 k 29
28 k 28k
2 3 k 28k
23k
2 8 k C e n ten n ia l................. 25 3,437 19 k Jan 2 3 1 7g F e b lo 11 Jan 28 Mar
20
6 k Jan 31
*7
7k
*7
7
7
7 k Jan 20
8 k May
6 k Dec
7k
*7
7k
*7
7 k Central O il................. 25
Mar* 03 Ooclliti T r Co rents
•30 M a rio •35 Feb 19 •25 Apr
2 Jan
L a s t Sa l e 30
10
l k M a r ll 12732 J an 2
13g J an
2 k J ’ly
11932 11932 l’ ld32 11932 11932 l k
lk
ik
lk
lk
l 9ie
l k Cons M ercur G o ld ... 5 2,285
95
13 Feb 10 15 Jan 30 15 Oct 19k J ’ly
L a s t S a le 13
Feb ’03 Continental Zinc,
70
71k
70
70
71
69 k 7 1 k
70
70k
70k
69k
7 0 k Copper Range Con ColOO 6,223 59 Jan 3 75 F e b 13 4 3 k Mar 65 k Oct
40
40
985 3 6 k Jan 20 44 Jan 8 18 k Mar 56 J ’ly
*39
40
40
40
41
41k
42 D a ly -W e s t ................. 20
41
41k
41k
117 120
116 1 2 0
120
1 2 1 k 1 2 1 k 122
11 8 k 1 2 0 k 116
113 Dom inion Coal.......... 100 9,205 116 M a rie 131 k Jan 10 54 Jan 146 k Sep
136 115 F e b l4 U S k F e b 6 113 D ec 119 Jan
1 1 6 k 117
117 117
*1 1 0 k US
116 1 1 6 k *11 6 k 118
Do p re f............... 100
116k 116k
2 k Jan 5
l k Jan
5 k Mar
5 M ar 17
3k
3k
5
3k
3k
8 7s
4k
5k
4k
0
4k
4 k Elm R iv e r ................... 12 26,154
335 10 J a n l o 14 Feb 9
7 k Dec 1 5 k Feb
12
12
12
12
12k 12k
12 k 12 k
12 k 1 2 k
*11
I l k Franklin...................... 25
2
2
2
2 k D ec
2 M arl 2
3 Jan 12
2
2
5 7g Jan
2
2
2k
2 k
2
2
2
Guanajuato C on sol.. 5 1,605
13
14
13
13k
9 k Dec 25 F eb
14
14
14
14
1 3 k 14
1 3 k Isle Royale (C opper). 25 1,290 1 0 k Jan 17 17 k Feb 9
13k
9 k Mar 3 18
Feb 6 1 2 k Dec 2 1 k May
11
Ilk
I lk Ilk
1 0 k Mass C onsol............... 25 2,362
10 k 11
1 0 k 1 0 7g
10k 10k
10k
l k Sep
33g Mar
l k F e b 27
2 k Jan 23
* lk
2
2
2
* lk
2
lk
lk
2 k M ayliow er................... 25 1 , 2 2 0
lk
2k
2 k
447
9 Jan 15 I l k Feb 9
7 N ov d l3 k Mar
10
10
10k 10k
10 k 10 k
10 k 10 k *10
10 k 1 0 k
1 0 k M ich ig a n ..................... 25
694 043 k Jan 8 158 Feb 13 d27 Jan 49 k Sep
56
56
55
55k
DD
DO
5 4 k 55
55
55 k
55 Mohawk t ................... 25
54k
r7
8
4 kJan 2
6
Oct
159
3 J ’ly
8
S
*7
8
8
M arlS
Montana Coal & Coke 25
*7k
8
*7k
8
8
'7 k
2 k Jan 10
4 k Mar
l k Feb27
lk
lk
l k J ’ly
lk
1 ° 8 l iaie
lk
lk
lk
l n i6
lk
l k M ontreal & B oston .. 5 2,965
1 78
1 J an 2
1 Jan
l k J an
l k Jan 23
_________ 25
* l k .........
* l k .........
* lk
F e b ’03 National
* l k ........ L a s t S a l e 2 k
'l i o
2
780
2 k Feb 9 *75 Dec
4 k ^lar
2
1 k J an 8
* lk
2
* lk
2
2k
* lk
2
2
2 k Old C olony................. 25
21
21
21
400 17 k J a n 7 23 k Feb 9 14 k Nov 25 Feb
21
2 1 k 22
*21
22
21
21
Old D om inion (C op ).. 25
72
73
70
73
73
75k
71
72
72
72
72 O sce o la ........................ 25 1,954 5 9 k M ai 8 79 Feb 9 47 k N ov 8 9 k Feb
72
32
32
800 26 Jan 16 34 F e b l o 21 Nov 34 Feb
32
32 k
32 k 32k
32k 32k
3 2 k 32k
32k
32 k Parrott (Silv & Copp) 10
3 Dec
5 May
410
4 7g Jan 2 2
*6
6k
*6
6k
7 k Feb 11
6
6
6k
6k
'6
6k
6
6 k Phoenix C onsol.......... 25
120
120
120
120
120
121
94 107 k Jan 25 1 2 6 k Feb 6 100 Nov 147 Feb
*120 125
* .........125
120
1 2 0 k Q uincy......................... 25
2 kJan 6
3 k ^lar
3
3
4 Feb It
l k J ’ue
3k
3k
3k
3k
3
3 *4
Rhode' Island.............. 25 1 , 0 1 0
3k
3k
lk J a n 2
4 Feb
1 k Sep
2k
2k
* 2 58
980
3 Jan 23
2 -k
2k
2k
2k
2k
*2 k
2k
2 k Santa Fe(G oid <fc Cop) 10
2k
8
Nov 18 Mav
13
13k
13
13k
13 k 13 k
1 3 k 14
13 78 14k
14
14 k Shannon ...................... 10 12,507 1 0 k Jan 22 1 4 k MarlO
lSU 1 8 0
51 149 Jan 19 190 F eb 6 140 Dec 281 Feb
l8 5 le y
*180 le o
*180 183
ISO ISO
1 S1
181 T a m a ra ck ................... 25
1
Jan 7 I k e Feb 9 •50 Jan
3 k J ’ue
10
*1
Lk
*1
lk
lk
lk
*1
lk
*1
lk
'1
l k T e cu m s e h ................... 25
500 17k Jan 28 3 3 k M a r l2 13 3g Mar 18 k JJy
31k 31k
31k 32k
32 k
32 k
99
99
139 89 Jan 7 106k Feb 20 <Z34 Jan 125 Feb
9S
93 k 9oH
98
98
9S3u *......... 99
99 T rim o u n ta in .............. 25
8 Dec 18 k Mar
i l k 12
I lk Ilk
I l k 11 L4
Ilk H k
I l k H k *1 l k
I l k T rin ity ......................... 25 1,283 1 0 k Jan 2u 14 Feb 9
27 Sep S o k J ’ly
•23k Mar 9 3 1 k Jan
*24 k .........
100
L a s t S a le 2 3 1*. Mar* 03 United Copper.
2 5 58 25 7g 25 k 25 k
2 5 k 26
25 k 20 k
25k 2 6 k
257g U S M ining V tr ctfs. 25 6,920 2 l 7g Jan 13 27 k Feb 9 1 3 k Jail 23 Dec
25 k
16
17
16
16k
16
16k
16
15k 16k
15k 16k
16 k Unit States Coal <fcOil 25 18,202 13 k Feb 3 17 M a rie 13 N ov 1 8 k J ’ly
2934 30 k
2 8 k 30
29
29
29k
29k
29
29 k
29k
29 k Utah Con (Gold)tr re 4 85 10,655 23 k Jan 13 33 F e b lo 1 9 k J ’ly 2 7 k Feb
7 Oct
6 k Jan 15
4 Dec
9 Feb 9
7 7g
8
8
7k
7 78
8
8
8 V ic to r ia ...................... 25 4,699
7k
7k
8k
7k
6 Aug
5 5gJan 3 114k M a rie d 1 Jan
13
14k
13
13
13
13k
12 k H k
13
13k
13k
1 3 k W in on a........................ 25 33,074
73
74
74
7 3 k 73k
73k 73k
7 2 k 73
72 k 72 k
74k W olverine ................. 25 1,095 66 Jan 8 77 M arl 2 42 Jan 65 Dec
1 Jan 8
2 7g M arl 7 *50 Nov
l k J ’ly
2
2k
2*o
2k
2« ih 2k
lk
lk
‘2 k
2k
‘2 k W y a n d o t..................... 25 22,720
a -e
b Before pay’ to t assess’ ts called during 1903. d Before pay’ t of assess* ts called darin g lt*02. 'B id ami asfced prices. || N ew stock, t A ssessm ent paid.
82k g2k
9 7 k 98
257 257

80k
97 k
257k
145
*245
* .........250
•186 IStik 185
* 1 7 5 k l 7 d k *175 k
*3<)|
*150 152 * 149
122 1°2
1*>2 k
*191 190 *194
^167
*167
'2 8 3
*2S3
140
140 141
*43
*43
45
*1 7n
35
35 k 35 k
* ......... 9 1 7g *9 0 ^
*°6S2 2 7 1'> *26k
211 211 L 20S
*172 175 *172
'2 3 0
*230
*210 ......... *210
81
*81
S lk
*80
*80
81

SOk
97 k
258
145
250
186
176 k
305
152
122 k
196
.........
.........
14 0 k
45

81k
97
258
*145
*245
1 86k
175 k
*301
'1 5 0

82 k 8 3 k
81k
8 1 k 81k
83k
97
9 7 k 97k *98k 98k
98k
258 258
258
25S *258 259
1 4 5 k 145 k 146 147
147k
247 247 *247 250 *247
250
187 187
'1 8 6 k
186k 1 8 6 k 187
175 k * 1 15 k 176 k 175 k 175 k 175 k
'301 ........ *301 ......... 305
153 '1 5 0 153
L a s t S a l e 152
122 k 122 k
L a s t S a le 191
196 *194 196
•167 ......... 170 170
'167
*283 ......... L a s t S a l e 184
142
'1 4 0 142
141 141
141k
*43
45
L a s t S a le 42
45
175 175
175 175
175
35
35
35
35
35k
35
91k 91k
91k
9178 91 k
91 k
27 k '2 6 k 27 k L a s t S a l e 2 6 k
211
2 i 0 k 210 7g 211 212
*172 175
175
L a s t S a l e 173 Si
*230 ........
L a s t S a le 232
2 1 0 k 208 209
207 k 208 *2 0 6 k
80
80
80
*80
8 0 ' SO
80
80
80
80
80
'7 9 k
L a s t S a l e 64
25
L a s t s a l e 25
*23
25
L a s t s a l e SO
*......... 80
80
102k '1 0 2 k 102k 1 0 2 k 1 0 2 k '1 0 0
92
92
9 2 78 92 k 94 k
94k
91
91k
9 1 k * 9 0 k 00 k *91
*175 175 k L a s t S a l e 176 k
96 k
96
96k
96k 96k
96k
La s t S a le 115 k
1 1 5 k *.........115
L a s t S a l e 26'k
L a s t S a l e 52
La s t S a l e 150

84
98k
258
147 k
250
187
175 k
305
M ar’ 03

J*

H

Boston Bond Record

M arch 21, 1903.]
BONDS
BOSTON STOCK E X C H ’ GE
W eek E nding M arch 20
Am Bell Telephone 4 s___ 1908
Am Telep <fe T el coll tr 4s. 1929
A tcli Sc N ebraska 1st 7 s .. 1908
A tcli Top Sc S F e g e n g 48.. 1995
A djustm ent g 4 s ___J ’ ly 1995
B oston Sc Low ell 4 s.......... 1907
Boston As Maine
Im provem ent 4 s ___ ..1905
B ost Sc Mon 3(1 issue 7 s ... 1904
Boston Term inal 1st 3 % s.l9 4 7
B ost Un Gas 1st os tr rects-1939
2d 5s trust re ce ip ts....... 1939
Bur Sc Mo R iv ex 6 s.......... 1918
N on-exem j)t 6 s................ 1918
Sinking fund 4 s...............1910
B utte Sc Boston 1st 68___ 1917
Cedar Rap 6c M o R 1st 7 s .1916
2d 7 s ...................................1909
Cent V erm t 1st g 4 s ..M a y l9 2 0
C ln c B u r l& Q 1st 7 s.........1903
Iow a D iv 1st 5s...............1919
Iow a D iv 1st 4 s ..............1919
D ebenture 5 s....................1913
D enver E xten 4 s ............1922
N ebraska E xten 4 s ....... 1927
B & S W 8 f 4 s ..................1921
Illin ois D iv 3 % s...............1949
Joint bonds See Gt N orthern
Chic J c Ry tfe Stk Y ds 5s .1915
Coll trust refundin g g 4 sl9 4 0
Cli M il & St P D u l i
Cli M ife St P W is V div 0 sl9 2 0
Chic <fe N o M ich 1st gu 5s. 1931
Chic (fe W M ich gen 5s___1921
Concord Sc Mont cons 4 s.. 1920
Conn Sc Pass R 1st g 4 s ... 1943
Current, R iver 1st 5 s.........1927
D et Gr Rap 6c W 1st 4 s ... 1946
D om inion Coal 1st 6 s ....... 1913
Eastern 1st gold 6s_______1906
F itch bu rg 4 s ....................... 1904
192
4s
Frem t E lk A Mo V 1st 6 s.. 1933
Unstamped 1st 6 s .......... 1933
Gt N or C B & Q coll tr 4s 1921
R egistered 4s ................... 1921

Week's

Price
l'Yiday
M arch 20

50-Z
S—
o x,
•»

R a n g e or

Last Sale

</

BONDS
BOSTON STOCK E X C H ’ GE
W eek E nding M arch 20

Range
Since
J anuary 1

H ig h Mo ILow H igh
B id
A sk Low
5 I 98*4 99*8
9 81*
98 4
98*2 Sale
16 | 96*2 98%
97
96%
96*2 Sale
113% F e b ’03
1 13*2113*2
100‘4 lo 100 1 0 1 34
id6*% Sale 100
9 0 34 92*2
90% 91% 91 M ar’ 03
104 4 A p r ’OO
120% A p r ’01
99% Jail ’ 02
101
|101 101
101
113*2 113*2
113 *2 .lan ’ 03
113 F e b ’03
1028*, 113
90% F e b ’03
80
91
117*8 Dec *02
116
105% J ’l v ’02
9 9 14 F e b ’ 03
99*4 99*4
100 J ’ne’ 01
132 % M ar’03
132*4 132*4
L1 7 *4 117 *4
117*4 F e b ’03
......... 87
85*2
85*2
85 *2 88
100 % Sale 100*4 100*4
100*4 101*4
110 A p r ’01
102
102
102 102*2
105% F e b ’ 03
10 534 1 0 5 34
99 M ar’03
100
99 100*8
106 D e c ’02
105
99 F e b ’ 03
99
99
95
95 M ar’03
95
96*2
107
107
98
98
127
127*4 M ar’ 03
127
127 F e b ’ 03
107 F e b ’03
107
107 M ar’ 03
107
109*4 M ar’ 02
112*1 Jan ’ 03
102 105 10334 F e b ’ 03
99 M ar’03
98
99
109
109
109
107
107
107
100% M ar’ 02
111 *4 MiiV’ 02
137 ....... . 137
137
137 ....... 137*2 F e b ’03
92%
92
92% Sale
94 Jan ’ 03

J
A
J
J
M
J
J
A
A
A
M
M
M
M
A
A
J
Q-J

105 *2 107%
97*2 98*2
127 12S
127 127*2
106*2 107
106 107*2

106%

643

112*4 112*4
102 *2 103%
99 100
108*2 110
L07 107*4
3 137 138
137*2 137*2
68 92
94*2
94
94

.£ I
l*rice
r ' F riday
C M arch 20

Week's
Range or
Last Sale

Range
Since
January 1

A sk Low
H igh yo\\Low H ig h
Bid
100 **1101 *2 D e c ’ 02
Illinois Steel deben 5 s___1910 J-J
100 *e1100
100*4
N on-con vert de be n 5 s. . . 1913 A -0
1100 101*2
1130 F e b ’ 03 ...1 1 9 9 130
ra Falls Sc Sioux C 1st 7 s .. 1917 A-O
M
ar’
03
.
.
.
102% 104
Kan C Clin 6c Spr 1st 5 8 ... 1925 A-O 102*2 105 102*2
Kan C Ft S (feGulf 1st 7 s.. 1908 J-D 112 .........112*2 F e b ’ 03
112*2112*2
13 120 124*4
121
Kan C Ft Scott 6c M 6 s___1928 M-.V 120 121 *2'120
99
98 M ar ’03 . . . 98
Kan C M Sc B gen 4 s .........1934 M-S| 98 100
90
4 | 89
91
90
90
9L
Incom e 5 s ................. Mar 1934 Sp 1
110 110*2 J ’ ne’ 02
Kan C Sc M Ry (fe B r 1st 581929 A-O
oiillO 111%
Kan C St Jo Sc C B 1st 7s. .1907 J-J I 110 110*2 110*2 110*2
102*2 104
104 102*2 M a r’03
L R Sc Ft Sm id gr 1st 7 s ... 1905 J - J i
128 J ’l y ’02
Maine Cent cons 1st 7 s ...1912 A-O
Cons 1st 4 s ....................... 1912 A-O
105*4 M ay’Ol
118 118
Marq H ou g h A Ont 1st 6 s .1925
118 ....... ,118 M ar’05
6 75% 77%
76*2
M exican Central cons 4 s .. 1911
76*2 Sale
26
26
1st cons me 3s.......... Jan 1939 iJ’ iyl
......... 26 Jan ’03
2d cons Inc 38.......... Jan 1939 IJ’ly
......... 21*2 J ’ ue’02
D ec *02
J-J I
M ieh Telep cons 5s tr r e c j
.........! 83
M ar’ 02
M inne Gen Elec con g 5s 1929 J -J
.........104
101% 103
N ew E n g Cot Yarn 5s___ 1929 |F-A
101 101% 101%
104 A p r ’02
N ew E ng T eleph 6 s.......... 1906 'A-O
105 F e b ’02
6s . . . . . . . . . . . . . . . . . . . . . . . . 1907 A-O
104 N ov ’02
6 s ........................................1908 A-O
5 s ........................................1915 A-O ....................|106% M ar’031 . . . . 1OB*- 106%
X YSc N E n g 1st 7s...........1905 ‘ J-J 105*2.........Il05% M ar’ 03 . . . . 105*4 106
1st 6 s ......... ? .....................1905 J-J 103 *2.........1103*2 M ar’03 . . . . 103% 103%
Old Colony gold 4 s ............. 1924 F -A ....................1112 M ay’Ol
Oreg R y Sc N av con g 4 s.. 1946 J-D ................... |100*« Oct ’ 02
Oreg Sh L ine 1st g 6 s....... 1922 F-A
124*4 X o v ’ 02
Repub V alley 1st s I 6 s ... 1919 J -J
105 Oct ’ 02
Rutland 1st 6s..................... 1902 |M-N
100 J ’ne’02
98 100 102 M ar’02
Iiutland-Canadian 1st 4s 1919 J-J
95
97
Savannah E lec 1st cons 5s. 1952 J-J
95*2 F e b ’ 03 ___1 95% 95*2
105
Seattle E lec 1st g 5 s.........1930 F-A 105 106 105
10|, 104*2 106
107 F e b ’03 ___1107
T orriugton 1st g 5 s.......... 1918 M-S
107
lO l
Union Pac R R Sc 1 gr g 4s. 1947 J-J
1! 101 101
101
105% Jan *03 . . . .Ml05 7g 106
1st lien eonv 4 s ................ 1911 M-N
U m ted F ruit con v gen 5s. 1911 M-S
108
3 ,108 111
108%
100 Sep ’02
Verm ont Sc Mass 5 s.......... 1903 M-N
101 O ct ’ 021___,__________
W est End Street R y g 5 s .. 1902 M-N
Gold 4 * 2 8 ............................ 1914 M-S
108 Jan ’ •»:-{|
|!l06*2108
Gold debenture 4 s...........1916 M-N
104*4 A ue'02
Gold 48............................... 1917 F-A
103% 104
104*4 F e b ’03
W estern Teleph Sc Tel 5s. 1932 J-J 104% Sale 104
104*4 " 8 104 105
W isconsin Cent 1st gen 4 sl949 J -J
87*4 J ’ l y ’01
W iscon sin Valley 1st 7 s ..1909 J-J
11934 Mar*02

£?

N ote —B uyer pays accrued interest in addition to the purchase price for all Boston Bonds.

* N o price F riday; latest bid and asked.

H T ru st Co. ctfs.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
S h a r e P r ic e s —-Not P e r C entum P r ic e s
Saturday
M arch 14
70

70

M onday
M arch 16
70

70

70

*24% 25
24% 24%
40% 40 % -40% 41
-12%
*12%

24%
4%
18%
74
42%

71%
*45
6%«
*13%
30%
*42
*35%
*46%
107

24%
o 18
20
74
42%

Tuesday
M arch 17

24%
4*4
15%
73%
42%

24%
4%
17 %
73%
42%

v

%

71%
71% 71%
47%
45
45 V
6%
6%
6%
14
13% 13%
30% 29*%e 30'%H
42% *42
42 %
36%
36% 36%
47
46% 46%
107
107 107*4

P H IL A D E L P H IA
In a c tiv e S t o c k s
A m erican C em ent.......10
A m er Iron (fe Steel___50
A m erican R a ilw a y s.. .50
B ell T eleph on e............ 50
Cambria ir o n ............... 50
Camden (fe T re n to n ___10
Central Coal tfe Coke. 100
P re fe rre d .................100
Consol T rac P itts........ 50
P r e fe r r e d ...................50
D anville B essem er...1 %
Diamond State Steel.......
P re ferred ........................
Easton Con E le c tr ic ...50
E lectric of A m erica . . . 50
E lec Storage B att___100
P re ferred ................. 100
Germ antow n P a ss.......50
H arrison Bros pret.. .100
H eston v Man A F a ir ..50
P r e fe r r e d .................
Indiauapols S t............100
In ter Sin P Sc D yn a m ..5 0
L it B roth ers................. 10
Little Schu ylkill.......... 50
M inehill Sc Schuyl H ..5 0
N esquelioning .......... 50
N H aven Iron <fe S teel.5
N orth P en n sy lva n ia ..50
Pennsylvania Sait.......50
Pennsylvania Steel.. 100
P re fe rre d .................100
Plula Co (P itts) p r e f...50
Phil German A N o rris.50
Phila T raction ............. 50
Railways G eneral.......10
Susqueli Iron Sc S t e e l..5
Tidew ater Steel.......... 10
U nited N J R R Sc C ..1 0 0
U nit Pow & T ran s___25
U nited T rac P itts____50
P referred................... 50
.W arw ickIron <fe Steel. 10
.West Jersey A SeaSh.50
W estm oreland C o a l...50

Wednesday
M arch 1$

Thursday
M arch 19

70%

70*4

70*4

24% 24%
*40% 41 *4
13
13

25
41%
13

25%
13

Sales
of the
(F o r B onds and Inactive Week
Stocks see below)
Shares
A C T IV E S T O C K S

JYiday
M arch 20

B a ltim o re
70
70 Consolidated G as.......... 100
*115 116 N orthern C e n tra l......... 50
25
25 % 25% 25 % Seaboard A ir L in e ....... 100
41 % 41%
Do p ret................... 100
41% 41%
13
13
13
13 United R y Sc E lectric.. 50
70

70%

Range Jor Year
1903
Lowest

820

70
115
2,675 24%
645 40%
2,150 13

M ar 4
M a rio
MarlO
Mar 12
MarlO

H ighest
72% Jan
118 Jan
28% Jan
45 Jan
14% Jan

Range tor Previous
Y e a r (1 9 0 2 )
H ighest

Lowest

5 62% Jan 74% Sep
12 104 Jan 125% J ’ly
2 23% D ec 34% A ug
2 40 % D ec 55 % A ug
3 13 Oct 17 Mar

P h ila d e lp h ia
American A lk a li.......... 50
% Jan 10
% Jan 10
*8 Sep
Do p re f................... 50
24% 25
25
25
25% 25% Cambria ~Steel............... 50 2,767 23% MarlO 26% Jan 5 23 May
25%
25*4
5
4 n i0
6 Dec
5
37i0 41%0 5*4 Consol Lake Superior.. 100 28,668 3*%e M a rll 99i8Jan 2
5*4 59ie
16% 17%
19
21%
19
Do p re f................... 100 12,868 15 % Mar 12 40% Jan 2 33 Dec
17% 19%
18
75
73
-7 4 % 75
73
75
*75
27 72 Jan 7 79% Feb 5 65 Nov
76 Lehigh Coal Sc N a v ___ 50
42% 43*4
42% 44%
44% 44% Lehigh V a lle y ................ 50 9,587, 37% Jan 3 45% Jan 30 29% Nov
42*4 42%
3%
3%
3%
3% MarsdeD C o.................... 100
276
3% Jan 30
3*4
3%
4 Jan 6
2% Feb
*4
% X at Asphalt T r Co reels 50
% An^
50
% Feb 6
% Feb 18
Do hpref Tr Co rects 50
% Jau 7
1 Feb 16
%6 Oct
*%
71
71%
71% 71% 717i0 72
71% 72% Pennsylvania R R ......... 50 2.449 71 MarlO 78% Jan 6 73% Jan
46% 47%
46% 47% Philadelp’a Co (P ittsb) 50 20,722 44% M ar $ 47% Feb 10 43% Dec
46% 47%
46% 47
7%
7% 615i0 7*16 Philadelphia E le ctric.. 25 21,663
6%
6% M a rl 3
9 Jan 8
3% Jan
73i0 75io
7*i0
14
14% 14% Phila Rapid T r a n s it. . . 50 2.270 13% Mar 16 1 7 % Jan 5
14% -14
8% J ’ ue
13% 13*4
14*4
30% 31%
30% 3O15X0 30% 31% R e a d in g .......................... 50 47,619 28% Mar 9 34**10Jan 2 26% Mar
30*16 30%
Do 1st p re f............ 50
42% 42% *42*4 43
12 42% M ar 3 44H16Feb 0 40 Mai
*42
42% *42% 42%
l o o 35% Mar 9 40% Jan 6 30 Jan
*36
37
*36 % 3 l *4 *36 *4 37
*36% 37
Do 2d p re f.............. 50
47
47
47
47
47% 47% *47
47% U nion T r a c to n .............. 50 l,7a7 46% Jan 3 47% Feb 16 32 Jan
107%107% 107% 109% 108% 110
109% 110 U nited Gas Im pt.......... 501 4,053 106% Mar 4 116% Jan 31 101 % Mav
*30
31 W elsbach C o ................. 100, ........ 24 Jan 8 31 M a r ll 24 Jan
-26
-2 6

4

A sk

B id
7%
50
.........

8
51
77%
48%
4

67%

%
1%
” 8% ” 9%
76%

......... .........

’ 10%
61 *62%
63
64
4

4%

*50** 51
92
91
48
48%
165 167
97
98
4%
4%
2%
2%
4
43

81

P H IL A D E L P H IA
B onds
A l V al E ext 7 s 1910 A-O
A sphalt Co 5s 1949 tr ctfs
ati City 1st 5a g ’1 9 .M-N
Balls T er 1st 5s 1926. J-D
B erg A E B rw l s t 6 s ’21 J-J
Betlilo Steel 6s 1998.Q-F
Che (fe D Can 1st 5s ’ 16 J -J
Chocefe Me 1st 5s 1949 J-J
Cli Ok Sc G gen 5s ’ 19 J-J
Cit St R y (in d ) con 5s '33
Col St R y 1st con 5s 1932
C o n T r a c o f N J 1st 5 s .’33
E A A 1st M 5s 1920 M-N
E lec Sc P eo T r stk tr ctfs
Elm (fe W il 1st 6s ’ 10. J-J
Incom e 5 s__ 2862. A-O
Eq II Gas-L 1st g 5s 1928
H & B T op con 5s ’ 25 A-O
Indianapolis R y 48.1933
Lehigh N av 4%s ’ 14.Q-J
R R s 4s g .......191 L Q -F
Gen M 4 4 s g . 1924.Q-F
Leh V C 1st 5s g ’3 3 .. J-J
Leh V ext 4s 1st 1948. J-D
2d 7s 1910...............M-S
Consol 6s 1923....... J-D
A n n u ity 6 s ............ J-D
Leh V Trao 1st 4s ’ 29. J-D
N at A sphalt 5s 1951.J-J
X e w Con Gas 5s 1948 J -1)
N ew ark Pass con 5s 1930
N Y P h dfe N o 1st 4s ’39 J -J
Incom e 4s 1 9 3 9 ...M -N
No Penn 1st 4s *36..M-N
Deben 6s 1905.......M-S
Penn gen 6s r 19 1 0 ..V a r
Consol 6s c 1 9 0 5 ...V ar
Consol 5s r 1919...V a r
Penn <fc Md Steel con 6s.
Pa (fe N Y Can 7s ’06. J-D
I Con 5s 1939........... A-O
Con 4s 1939........... A-O
Penn Steel 1st 5 s ’ 17 M -N
People’ s T r tr certs 4s ’43
P Co 1 sttfe col tr .">>'49 M-S

* B id and asked p rice s; no sales on this day.

B id

A sk

P H IL A D E L P H IA

|B id

|A sk

Phil E lec gold trust ctfs.
9.8% 99
Trust certifs 4 s..............
67
P cfe E gen M 5 g ’ 2 0 .A-O 118 120
24
111
Gen M 4s g 1 9 8 0 .. A A O 1 0 7 % .........
90
Ph Sc Read 2d 5s ’ 33. A-O 128%
95
110 I Con M 7s 1911....... J-D 123 124
122
Con M 6s g 1911...... I I) 116%
E x Im p M 4s g ’47. A-O 108 109
113 114%
Con M ot ’82 4s ’3 7 .J-J 106 108
108 109
Terminal 5s g 1941.Q-F 123
107%
! P W cfe B col tr 4 s ’ 21. J-J 107% io7%
Rochester R y con 5s 1930 110 112
108
s R E Side 1st 5s g ’35 J-D 110%
U Trac Pit- gen 5s ’97 J -J
9734| 98
W elsbach s f 5s 1930. J-D
* * * 65
113*2 114
110%
B A L T IM O R E
107%
In a c tiv e S to c k s
| Atlanta (fe Charlotte. . 1 0 0 160
86% 87 1 Allan C oastL (C o n n )lo o 250 310
109*2 110*2 Canton C o...................100
97 100
104
; Georgia Sou 6c Fla. ..1 0 0
48
109% 110 4
1st p re f.................... l o o
98
......
109% 110
2d p re f...................... 100
78
114 116*2 G-B-8 B rew in g .......... 100
13
14
117% 120
Mt V ernon Cot D u ck .......
5
4%
.........1122
Unit E lec L <fc P p r e f.50
38
40
139 110

120

B on d s
8*2 Anacostia Sc Pot 5 s..
107%
Atl (fe Cli 1st 7 ...1 9 0 7 J-J
113% . . . . .
AtlCoast L (C t)ctfs5s J-D
100
Ctfs of indebt 4 s ___J J
91
Balt C Pass 1st 5s ’ 11 M - N
113
Balt F unds 5 s .1916 M-N
E xchange 3%s 1930 J*J
” 116
Refunding 3 %s 1952J-J
104
Balt A P 1st 6s m i ’ l l A-O
1st 6s tu n n e l..1911 J-J
116 *2 11S*2‘
111%
Balt T rac 1st 5 s ..’29 M-N
110*2
No Balt D iv 5s 1942 J-D
111
Convertible 5 s .*06 M-N
100 1101 % Central R v 6 s ...1912 J-J
Consol 5 s ___1932 M-N
103 103%
Kxt(fe Imp 5s. 1932 M-S
103 109 1 Chas City Ry 1st 5s *23 J-J

U Low est isex-dividemL

100
110%
114
91
10S
110%
113
117
119%
101
114%
115
106

B A L T IM O R E

Chas R y G A El 5s ’ 99 M-S
Chari C A A ext 5 s .’09 J-J
2d 7 s................1910 A-O
City A Sub 1st 5 s .. ’22 J-D
City<fe S u b (W a s)lst 5s’48
Col(fcGrnv 1st 6 s.l9 1 6 J-J
Consol Gas 6 s ... 1910 J-D
5 s......................1939 J-D
Ga & A la 1st con 5s ’ 45 J-J
Ga Car <fc X 1st 5s g ’29 J-J
Georgia P 1st 6 s ...’ 22 J-J
GaSo A Fla 1st 5s 1945J-J
G-B-S B rew 3-4s 1951M-S
2.d incom e 5s 1951 M -N
K iioxv T rac 1st 5s ’28 A-O
LakeR E l 1st gu5s’ 42M-S
M etS t(W ash )lst5s’ 2 5 F A
Mt V er Cot D uck 1st 5s.
I n c o m e s ..........................
N ew Orl Gas 1st 5 s..V a r
Npt X(feO P 1st 5s’ 3S M-N
N orfolk St 1st 5 s ’ 4 4 ..J-J
N orth Cent 4%s 1925 A-O
6s 1904.......................J-J
Series A 5s 1 926___J-J
Series B 5s 1926___J-J
Pitt U n T rac 5s 1997.J-J
Poto V al 1st 5s 1 9 4 1 ..J-J
See A v T (P itts ) 5 s ’ 34 J-D
100% Sav Fla Sc W est 5s ‘34 A-O
Seaboard A L 4 s 1950 A-O
113
116
Scab Sc Roan 5s 1926. J-J
South Bound 1st 5s..A -O
93
U El Life P 1st 4 %s*29 M-N
109
Un R y A El 1st 4s ’49 M-S I
Incom e 4s 1949.......J-D j
111
.........1 Va Mid 1st 6s 1 9 0 6 ..M-S
2d series 6s 1 9 1 1 ...M-S
3d series 6s 1 9 1 6 ..M-S
4th ser 3-4-5s 1921.M-S
117 %
........ i 5th series 5s 1 9 2 0 .M-S
102% Va (Stated 3s new ’ 3 2 .J-J
Fund debt 2-Ss 1991. J-J
W est N C coil 6s 1914 J-J
W esVa Ccfe P 1st Og’ l 1 J-J
.........li W il 6c W eld 5 s ..1935. J-J

1

A pr

29% Sep
36 A pr
80% A pr
79% Sep
38% D ec
51*i q Oct
% J ’ ly
1% J ’ly
So Sep
50% A pr
9% Sep
18% Oct
39s ] 0 Sep
45 % Sep
40%6Oct
48% F eb
126 May
40 % Sep

B id

A sk

90

I92

117
112

97% 99
116 1117%
110% 110%
112
.........
1 1 0 % 'l l l %
109% 1 1 0
124
114% 115%
49 % 49%
37 % 33
1 0 1 % 103
116
119
74
75
oU% 30%
106% L oo*
.........

110
110

103% 103%
120
i22
120

122

111

112

117
114% 115 ‘4
118
115
S3% 33 %
112 %
S7% 87%
93% | 93%
6 8 %! 6 8 %
104
111

116
114
113
91
91
117

93
93

111% 112
120%

%

644

THE CHRONICLE.

[VOL. LXXVI.

fuucstm ent anti Slailtoad intelligence.
RAILROAD

GROSS

EARNINGS.

T h e fo llo w in g ta b le sh o w s th e g ro ss e a rn in g s o f e v e r y S t e a m ra ilro a d fr o m w h ic h re g u la r w e e k ly or m o n th ly re tu rn s
ca n be o b ta in e d . T h e first t w o c o lu m n s o f fig u res g iv e th e g ross e a r n in s s fo r th e la test w eek or m o n th , a n d th e last iw o
c o lu m n s th e e a rn in g s fo r th e p e r io d fr o m J u l y * to a n d in c lu d in g su ch latest w e e k or m o n th .
The r e tu r n s o f the s tr e e t ra ilw a y s a r e b rou g h t tog eth er s ep a ra tely on a su b seq u en t p a g e.
Latest Gross Earnings

ROADS

Weetc
or Month

Current
Year

July 1 to latest Date•

Previous
Year

Current,
Year

ROADS

Previous
Year

Latest Gross Earnings
Wee/c
or Month

Current
Year

Jmy 1 to Latest Date

Previotts
Year

Current
1ear

Dree tons
Year

£
$
£
£
£
41,494 1,821,996 1,729,320 Manis & No East January..
44,935
Ala Gt Southern. 1st wkMar
197,124
35,934
193,258
38,155
Ala N O & lexas Facilic.
62,602
46,842
3,339
3,046
Manistique......... February .
N O A No East. February.. 193.937 158,709 1,516,076 1,349,266 Maryl’d A Penn., January...
18,124
19.194
7 i0 ;656 t Mexican Cent’l.t d wk Mai 544,454 395,483 15,723,266 12,4-5,849
766,575
93,843
83,210
Ala A Vick6b’g February..
853,375
719,428 +Mexican Intern. J anuary..
Vicksb Sli A P. February,. 109,807 100,316
644,393 547,764 4,076,840 3.578,450
Inc. 300,772
Inc. 35,087
Allegheny Valley January...
93,800 3.457,700 2,979,600
+Mexican R y ...... Wk Feb 28 104,700
39,621 1,361,376 1,333,643 { Mexican So ath* u 4th wkFeb
42,422
Ann Arbor.......... 2d wk Mar
636,734
563,025
18.869
21,663
43,401 Millen A So’ w ’n. January...
43,653
5.684
5,137
Ann Wash A Bai. December.
23,177
28.896
4,223
.3,988
Atcli Top A S Fe. January... 5,376,929 4,878,152 37,071,980 35,754,408 Mineral Range.. <1wk Mar
385,222
11,171
406,512
9,920
Atlanta A Char.. December. 259,653 249,008 1,604,530 1,503,025 Minneap A StL. d wk Mai
59,139
66,866 2,419,957 2,472,663
414,749 M St F A S St M. 2d wk Mar 123,689
456,879
46,273
50,730
Atl Knoxv A No. February.
99,144 5,138,073 4,372,589
85,921 Mo Kan A Texa> 2d wk Mar 285,391 269,725 12,526,828 11,892,870
163,31b
22,815
12,551
Atlantic A Birin. February..
Atl Coast L ine... January... tl 563,092 H444919 tl0,515229 *9,228,930 Mo Fac & Iron Mt 2d wk Mar 682,000 640.000 27,421,734 25,761,433
54,943
59,788
10,229
8.077
Balt A Ann S L .. December.
351,639|
21,000
24,000
892,626
Central Branch 2d wk Mar
Balt A Ohio........ February.. 4,420,478 4,057,053 40,900,480 3S,307.724
Total.............. 2d wk Mar 706,000 661.000 28,273,373 26,657,059
997,780
955,577 Mob Jack A K C. Wk. Mar 7
Bangor A Aroosi January... 132,475 140,559
111,105
165,917
5,990
3,489
22,354
24,676 Mobile A Ohio... February . 640,140 514,224 4,941,353 4,255,164
2,062
BathAHam’dsp’t January...
2,343
41,045
38,111 Nash Ch A St L.. 2d wk Mar 195,847 159,076 6,576,653 5.557,045
3,689
6,009
Bellefonte Cent’J February..
30,775
25,929 JNat’l RR of Mex 2d wk Mar 197,373 157,390 6,87 *,4*3 5,391,118
2,975
4,972
B ndgt A Saeo R. January...
5,098,854
4,424,766 Nev-Cal-Oregon February .
Butt Roch A Piets 2d wk Mar 137,480 116,638
103,422
130,077
6,506
8,940
502,821
January...
588,490
2 49 9
69,736
83,106
Buffalo A Susq...
2,749
23,381
24,083
Nevada Central.. January...
Canadian North.. January... 154,900 102,068
N Y C A Hud Riv February . 5,81 o!d21 4,499,413 50,955,744 47,765,108
Canadian Pacific 2d wk Mar 805,000 684,000 30,035,359 26,197,341 N Y Out A West. January... 569,063 466,493 3,261,759 3,558,722
144,479
104,248 N Y Susq A West January.
19,564
13.843
Cane B elt.......... . January.
283,951 257,186 1,278,638 1,710,923
Cental of Georgia 2dw k Mar 210,50o 160,200 6,759,25b 5,776,731 Norfolk A West’ n 2d wk Mar 439,995 348,267 I4,201,lul 12,014,185
9,999,392
Cent’l of N J ersey January... 1,752,885 1,309,512 9,427,709
Northern Centra) January .. 858,136 <38,736 5,222,290 5.054,990
Central Pacilic.. December. 1,706,703 1,509,195 11,497,7: 10,909,230 North’n Pacific.. February . 3,009,851 2,872,663 32,114,312 28,862,502
63,121 Nor Shore iCal).. January...
2,144
82,377
1,831
Chattan South’n. 1st wkMar
276,384
311,785
27,917
30,550
Chesap A Ohio... *d wk Mar 361,695 330,326 11,141,73b 11,705,397 Ohio RlvA West.. January...
117,246
108,629
15,006
14,295
January...
846,899 780,002 6,033,754 5,683,427 Pacilic Coast Co January... 392,365 316,806 3,315,166 3,086,927
Chic A Alton Ry.
Chic A E Illinois. 2d wk Mai 156,981 119,890 5,324,257 4,482,578 ePenn—EastPAE January... 9,567,074 8,582.674 68,810,392 61,460,992
Chic Gt Western. 2d wk Mar 150,084 139,932 5,466,669 5,462,098
/ uc. 3,0 19,800
Inc. 27 4,600
e West P A E.... January...
83.843 3,464,421 3,152,126 Pere Marquette w 2cl wk Mar 221,723 185,974 7,324,352 6,833,627
Chic Ind A L’ v ... 2d wk Mar 102,312
Chic Milw A St P January... 3,498,148 3,598,939 28,676,115 27,985,189 PhilaBalt A W ’sh January... 1,047,740 933,040 7,593,178 7,007,378'
Chic A North W’n January... 3,546,04* 3,565,525 29,057,074 28,236,526 Phlla A Erie....... January... 547,962 465,644 3,952,734 4,270,617
V28340137
Chic R I A P a c... January... 04041248
22,517
21,377
3,907
Pine Blf Ark R . January...
Chic St P M A O. January... 959,364 956,360 7,46 l,68o 7,328,264 Pittsb C C A S t L January... 1,884,546 1,877,551 13,604,888 12.810,849
30,084 1,210,455 1,126,028 Reading Railway January... 3,084,935 2,604,049 16,930,879 17,710,456
Chic Term Tr RE 2d wk Mar
34,507
93,884 3,958,621 3,738,201
Cin N O & T Fac. 1st wkMar 100,840
Coal A Ir Co__ January... 3,192,587 2,658,061 9,609.486 17,963,300
Cl Cm Ch A St L. 1st wkMar 341,693 337,024 13,527,661 12,999,931 Rich Fr’ksb A P . December
519,615
574,782
105,191
87,860
48,297 1,935.708 1,741,136 Rio Grande Jet.. December.
59,630
Peoria A East’n 1st wkMar
321,787
307,945
46,627
43,311
405,820
Colorado A South 2d wk Mar 104,519 104,222 4,316,936 3,912,933 Rio Grande S o... 2d wk Mar
403,628
8,741
9,073
109,411
103,152 Rutland............. . December.
16,562
15,810
Col Newb A Lau. January...
1,245,780 1,081,874
102,532 St Jos A G r I ....... January... 144,026
210,675
15,392
28,293
Copper Range.... January...
833,804
809,779
97,164
54,093
71,867 St L A N Ark....... October...
8,261
5,936
Cornwall............ January...
80,163;
77.896
21,417
18,716
144,728
209,140 St L A San Fran<? 2d wk Mar <7611,484 <7521,792 <j2256385 6T19904313
23,35b
Cornwall A L eb.. January...
17,098
842,193
724,924 St L Southwest 2d wk Mar 132,598 135,212 5,289,7961 5,307,325
Cumberl’ d Valley January... 125,192
88,800
Deny. A Rio Gr. / 2d wk Mar 327,700 265,700 12,405,556 12,137,917 St L Van A T H .. February.. 180,748 151,350 1,557,919 1,410,358
Kio Gr. West. $
187,782 175,936 1,594,904 1,586,945
San Ant A A P . .. January..
886,856 San Fran A N P.. February..
26,011 1,020,564
Detroit Southern. 2d wk Mar
30,465
761,243
874,818
56,964
72,096
51 -,794
/ b ,5 j469,785 Seaboard Air L.. 1st wkMar 269,600 247,616 8,517,114 7,760,209
87,034
Det A Maekinac. January..
47,179 1,913,137 1,859,716 Southern I n d ___ February..
53,121
Dul So Sh Ac A tl.. 2d wk Mar
404,679
576,944
39,510
70,823
E rie ..................... January... 3,661,524 3,298,490 25,748,872 24,621.035 So Pacilic Co 6... J anuary... 7.002,040 7,147,795 52,985,552 50,876,339
284,455
6,259
243,331
Evansv A Indian 2d wk Mar
6,815
Central Pacific. December. 1,706,703 1,509,195 11,497,727 10,909,230
30,010 1,202,356 1,043,574
Evansv A T f l . . . 2d wk Mar
31,587
Gal Har A S A . December. 651,885 610,035 3,420,209 3,722,762
23,714
3,287
20,486
3,402
F’rclnld A N’r’e'n January...
243,19G
596,477
40,409
Gal Hous A No December. 116,031
6,473
45,179
42,689
F arm vA Powhat January...
5,788
85,047
94,076
13,242
12,355
Gulf W T A P . . December
Ft W A Den v City January... 221,305 202,668 1,591,803 1,345,235
496,388
473.638
94,110
88,381
Hous E A W T. December.
121,601
Georgia R R ........ January... *200,156 184,880 1,383,980 1,203,524
125,510
25,064
19,848
Hous A Shrev.. December.
854,762
Ga South A Fla.. Februai y.. 127,392 107,125 1,048,112
Hous ATex Cen December. 481,394 505,245 2,897,912 2,932,017
179,384
31,035
216,411
30,920
950,397
Gila Val G A N.. January .
Louis’ a W est... December. 170,372 167,605 1,006,344
Gr Trunk System 2d wk Mai 719,969 599,153 23,136,354 20,682,353
Morgan’s L A T December. 555,913 561,719 2,540,265 2,918,889
S4,54b 3,196,262 2,848.947
92,926
203,361
251,617
Gr Tr. West’n. 4th wkFeb
35.195
45,761
N Y T A Mex .. December.
785,415
829,508
19,763
Det o r H A M . . 4th wkFeb
20,717
343,826 262,242 2,055,245 1,789,203
Oregon A Calif. December
500,928
Great Northern.. February.. 2,244,733 2,071,052 27,558,258 24,180,375
499.638
61,126
48,489
So Pac Coast.... Decemoer.
Montana Cent’l February.. 154,351 152,324 1,371,590 1,138,057
So Pao R k Co.. December. 2,818,024 2,682,775 15,428,912 14,681,698
Total system. February . 2,399.087 2,223,376 28,929,848 25,318,432
TexA N Orl...... December. 266,732 252,466 1.630,169 1,491,810
789,595 Southern Rallw’y d wk Mai 881,657 802,772 29,898,036 26,903,343
996,550
GulfAShipIsland January... 152,681 121,856
Hocking Valley.. 2d wk Mai 113,030 110,336 3,964,836 3,62o,5251 Terre H A Ind ... February.. 149,825 128,088 1,255,218 1,130,553
399,637
380,703
Ho us A Tex Cent December. 481,394 505,245 2,897,912 2,932,017 Terre H A Peor.. Februai y.
43,542
34.634
444,371
463,080
8,314
7,777
Illinois Central.. February.. 3,373.928 3,114,907 29,208,774 27,243,491 Texas Central... 1st wkMar
102,001
9,927
91,267 Texas A Pacific.. 2d wk Mai 221,452 204.390 8.313,257 8,525,498
Illinois Southern February..
10,148
113,694
Ind 111 & Iow a... January... 159,389 169,578 1,010,961 1,018,342 Tex S V A N W .. February.
11,000
112,500
10.000
85,153 3,928,057 3,740,753! Tif ton Thom AG.. November.
81,432
56,560
11,056
lnt A Gt North’ll 2d wk Mar
75,968
14,861
88,670 3,3o3,750 2,663,145 Tol A Ohio C ent. 2d wk Mai
Jlnteroc (Mex)... Wk Feb 28
88,900
54,307 2,222,587 1,999,860
69,463
821,562
50,969 1,743,363 1,833.189 Tol P A W est___ 2dw k Mar
871,702
19,574
Iowa Central___ 2d wk Mar
48,645
26,815
49,858
7,125
40,7311 Tol St L A W....... 2d wk Mai
Iron Railway__ January...
8,777
47,571 2,200,330 1,868,605
59,548
763,135
20,909
756,4501Tor Ham A Burt . 1 st wkMar
331,163
333,038
9,400
Kanawha A Mich 2d wk Mar
25,053
10,748
Kan City South’n 2d wk Mar 119,209 114,104 4,503,479 3,991,302 Un Pac proper... 1st wkMai 464,654 504,957 i9,764,128 19,517,7S4
LakeErieAWestn February.
356,845 329,102 3,189,761 3,006,237 Un Pac System .. January... 3.900,261 3.942,208 30.926,017 29,387,293
Lehigh Val R R .. January... 2,667,818 1,974,620 13,906,750 15,858,83* W abash............... 2d wk Mar 389,163 348,622 14,791,807 13,680,114
319,774 •231,879 W Jersey A Sea e January... 198,910 196,510 2,515,010 2,362,516
34,715
Lexing A East’n. January..
43,243
Long Island
Inc. 273 ,805
73,149
61,585 2,849,617 2,394,145
January..
Inc. 33 ,053
Wheei A L E ....... 2d wk Mar
81,580
110,544
357.701 Wm’sport AN.Br. January.
411,597
54,175
Lou Hend A St L. December.
8,349
14,973
68,080
Louisv a Nashv. 2d wk Mar 713,195 618,755 24,682,543 21,498,502 Wisconsin Cent.J 2d wk Mar 125,500 115,308 4,549,402 4,122,838
88,319
110,167
103,714
13,664
10,468
87,438 Wrightsv A T’n .. January..
Macon A Birin... February..
15,791
11.784
13,083
77,579 Yazoo A Miss. V. February.
81,290
Man’teeA Gr. Rds January.
607,337 53S,119 5,076,933 4,587,521
12,420
1

V A R IO U S

ROADS

Gross Earnings

F IS C A L

Current Year Previous Year \

YEARS.

ROADS

ss Earnings

Current Year

$829,600
$881,800
Allegheny Valley.............. Jan. 1 to Jan. 31
Inc.
$35,087 tMexican Railway............. Jan. 1 to Feb. 28
790,903!
890,384
Atlanta A Chari Air Line.. Apr. 1 to Dec. 31 $2,280,668
2,148,317 j ;Mexican Southern........... Apr. 1 to Feb. 28
1,593,069
1,901,947
Bellefonte Central........... . Jan. 1 to Feb. 28
11.132
8,003 '.National RR of M exico... Jan. 1 to Mar. 14
738,736
858,136
Central of New Jersey...... Jan. 1 to Jan. 31
1,752,865
1,309,512 |Northern Central............... Jan. 1 to Jan. 31
454.42S
505,153
Chattanooga Southern...... Jan. 1 to Mar. 7
15,471 North Shore........................ Mar. 1 to Jan. 31
21,264
8.582,674
9,567.074
Chicago A North Western. June 1 to Jan. 31 33,057,442 32,149,628 i; cPennsy., East of P A E ... Jan. 1 to Jan. 31
274,600
Inc.
Chic St P Minn A Omaha.. Jan. 1 to Jan. 31
959,364
956,3601| cWest of P A E ................ Jan. 1 to Jan. 31
1,896,119
2,021,179
88,800! Pere Marquette..................j Jan. 1 to Mar. 14
Cumberland Valley........... Jan. 1 to Jan. 31
125,192
465,644
547,962
1,015,267
International A Gt North' 11 Jan. 1 to Mar. 14
952,497 !Philadelphia A Erie......... Jan. 1 to Jan. 31
2,877,402
3,158,202
Lake Erie A Western........ Jan. 1 to Feb. 28
729,187
698.976 1Phila Baltimore A Wash.. Nov. 1 to Jan. 31
1,877,551
1,884,546
35,934
Manistee A North Eastern Jan. 1 to Jan. 31
38,155 !Pitts Cin Chic A St Louis.. Jan. 1 to Jan. 31
46,627
43.311
Manistique.......................... Jan. 1 to Feb. 28
9,299
12,213 j Rio Grande Junction........ Dec. 1 to Dec. 31
673,595
753,031
Missouri Pacific................. Jan. 1 to Mar. 14
7,754,548
6,542.100 St L Yandalia A Terre H .. Nov. 1 to Feb. 28
556,177
615,943
231,389
Central Branch............... Jan. 1 to Mar. 14
161.757 |Terre Haute A Indianap .. Nov. 1 to Feb. 28
178*799
195,009
7,985,937
6,723,857 ,Terre Haute A Peoria....... Nov. 1 to Feb. 28
Total.............................. Jan. 1 to Mar. 14
2,325,754 % 2,303,027
4,941,476
^Mexican Central t ........... Jan. 1 to Mar. 14
3,815.544 iTexas A Pacific.................. Jan. 1 to Mar. 14
198,910 ** 196,510
644,393
Mexican International — Jan. 1 to Jan. 31
547,764 1West Jersey A Seashore... Jan. 1 to Jan. 31
t Mexican currency, t Results on Monterey A Mexican Gull are included from March 1,1902. e covers lines directly operated. ^ 0 Includes
the Houst. A Tex. Cent, and its subsid. lines.
q Includes the Chicago A Eastern Illinois in both years.
1 Including Sav. Flor. A West, in both
years. v Includes $152,952 other income in Jan., 1903, and $845,344 from July 1. w Includes Lake Erie A Det. Riv. Ry. from Jan. 1 both years.

0

THE CHRONICLE.

March 21, 1908.]

Latest dross Earnings by Weeks.—In the ta b le w h ic h
fo llo w s w e sum u p sep a ra tely the ea rn in gs fo r th e latest
w eek .
T h e ta b le co v e rs th e se co n d w eek o f M a rch and
show s 15-19 per c e n t inorease In th e a g g re g a te ov er th e sam e
w eek last year.
2d week of March.
1902
Increase. Decrease.
1903.
Atm Arbor..................... .
Buffalo Booh. * Plttsb’g
Canadian P a cific... ....
Central of Geortrla.........
Chesapeake & O hio........
Chicago Great Western
Chic. Indlan’llsA bowev.
Chic. Term. Transfer__
Colorado <to Southern ...
Denver & Bio Grande’
Detroit Southern............
Duluth So. Shore & Atl..
■Evansville <te Indlanap..
Evans. & Terre H aute...
Grand Trunk................i
Grand Trunk W est.. >
Det. Gr. Hav. <ft Miltv. ,
Hocking Valley............. .
international & Gt.No..
Iowa cen tra l.................
Kanawha & Michigan...
Kansas City Southern...
Louisville & Nashville..
Mexican Central.............
Mineral Range...............
Minn. & St. Louis...........
Minn. St. P. & 8. Ste. M..
Mo. Kansas & Texas___
Mo. Paclflo & Iron Mt....
Central Branch............
Nashv. Chat. & St. Louis.
National BR. of Mexloo.
Norfolk & Western____
Pere Marquette..............
Rio Grande Southern...
Bt. Louis & San F ra n ..)
Chic. & E. Ill............ }
St. Louis Southwestern..
Southern Railway........
Texas & Pacino........ .....
Toledo & Ohio Central..
Toledo Peoria 4 West’n _.
Tol. St. L. & West...........
W abash.........................
Wheeling & Lake E r ie ..
Wisconsin Central..........

*
42,422
187,480
805,000
210,500
3 6 1 /9 5
>50.084
102,312
34,507
104,519
327,700
30,465
53,121
6,815
31,587

S
39,621
116,638
684,000
160,200
330,326
189,932
83,843
30,084
104,222
265,700
26,011
47,179
6,259
30,010

$
2,801
20,842
121,000
50,800
31.369
10,152
18,469
4,423
297
62,000
4,454
5,94 2
556
1,577

719,969

599,153

120,816

113,030
81,432
48,645
25,053
119,209
713,195
544,454
11,171
59,139
123,689
285,391
682,000
24.000
195.847
197,373
439,995
221,723
8.741
611,484
132.598
881,657
221,452
69,463
26,815
59,54“
389,163
73,149
125,500

110,336
85,153
50.969
20,909
114,104
618,755
395,483
9,920
66,866
99,144
269,725
640,000
21,000
159,076
157,390
348.257
185,974
9,073
521,792
135,212
802,772
204,390
54,307
19,574
47,571
348,622
61,535
115,308

2,694
..........
4,144
5,105
94,440
148.971
1,251
24,545
15.666
42,000
3,000
36,771
39,983
91,728
35,749
. . . . . . . .

*

3,721
2,324

7,727

332

89,692
78,886
17,062
15.156
7,241
11,977
40,541
11,564
10,192

2,614

Total (46 roads).......... 9,603,092 8,336,455 1,283.355
16,718
Net Inorease (15-19 d. o.).
1,266.637
'Inoludes Bio Grande Western.
F or th e first w eek o f M a rch ou r final sta tem en t cov ers
56 roads, a n d sh ow s 13’32 per c e n t In crease in th e a g g re g a te
ov er th e sam e w eek iast year.
1 st week o f March

Previously rep’ d <45iJds)
A labam a Gt. Southern..
Chattanooga Southern..
Chic. Ind’pils & Loulsv..
Cln. N. O. & Texas Pac..
Clev. Cln. Ohio. & St. L ..
Peoria & Eastern.......
Mob. Jackson & K. Citv.
Seaboard Air Line.......
Texas Central................ .
Toronto Ham. & Buffalo.
Union Paclflo proper__

1903.
$

1902.
$

Increase.
$

8,884,171 7,703,477 1,243,559
44,935
3,441
41.494
2,144
1,831
313
83,526
99,696
16,170
100,940
98.884
6,956
341,693
337,024
4,669
59,630
48.297
11,333
5,990
2,501
3,489
269.600
247,616
21,984
8,314
7.777
537
10.748
9,400
1.348
464,654
504,957

Total(56 roads)___. . . . 10,292,415
Net increase (13-32 p. c.)

9,082,772
---------

1,312,811
1.209,643

Decrease.
9
62,865

40,303
103,168

JXet E a r n in g s M o n t h ly t o L a t e s t D a t e s .— T h e fo llo w in g
s h o w s th e g r o s s a n d n e t e a r n in g s t o la t e s t d a te s o f a ll S team
railroad s fu r n is h in g m o n t h ly sta te m e n ts. T h e com p ila tio n
in clu d es e v e r y r o a d f r o m w h ic h w e c a n g e t re tu rn s o f this
ch aracter, a n d in th a t f o r m is g iv e n o n c e a m o n th . E a rly re
tu rn s are p u b lish ed fr o m w e e k t o w e e k , as s o o n as issu e d , but
fo r th e co n v e n ie n c e o f o u r re a d e rs a ll th e ro a d s m a k in g r e 
turns are b r o u g h t t o g e th e r h e re in th e w e e k in w h ic h w e p u b 
lish our m o n th ly a r tic le o n n e t e a r n in g s - sa y a b ou t th e 20th
o f th e m o n t h .
The retu r n s o f th e s t r e e t r a ilw a y s w e g i v e b y th em selves
u n d er a s e p a ra te h ea d a t th e e x t r e m e e n d o f th ese ta b u la tio n s
— see p a g e 6 4 s.
— Gross Earnings.— . — Net Earnings.----- .
Current
Previous
Current
Previous
Year.
Year.
Year
Year.
$
$
Roads.
$
$
Alabama Gt.S’th .a . Jan.
228,563
230,374
58,289
62,501
July 1 to Jan. 31__ 1,571,496 1,484,302
402,546
440,734
Inc. 35,087
Deo. 17,506
Allegheny Valley... Jan.
15,320
57,675
Ann A rbor.to......... Jan.
157,339
157,490
364,862
352,916
July 1 to Jan. 31___ 1,131,557 1,120,876
1,552
414
5,684
5,137
Ann’p.W’sh.&Bal.aDec.
16,776
16,417
43,401
July 1 to Dec. 31__
43,653
Atoh.u’ .& S. F e .b . Jan. 5,376.929 4,878,152 t2,029,923 11,990,264
July 1 to Jan. 31....37,071,980 35,754,408 U4956144 115462905
85,351
Atl’ta & Char. A. L .. Dec.
249,008
259,653
July 1 to Dec. 31___ 1,604,530 1,503,025
16,761
22,868
56.212
60,088
Atl. K nox. & No.a Jan.
145,224
368,476
127,115
406,149
July 1 to Jan. 3 i. ..
6,451
10,547
12,551
*22,815
Atlantic & Blrm’gh.Feb.
37,372
85,921
70,440
8163,316
July 1 to Feb. 28 —
Atlantlo C o a s t L a . Jam u 1563.092 ul445,919 h 619,144 u512,711
Jnly 1 to Jan. 3 1 .. .. ul0,515,229 U9228.930 nS533,777 U2943.576
Baltimore & Annapolis
Short L in e.a ........ Dec.
10,229
8,077
4,362
1,128
July 1 to Dec. 3 1 ....
59,788
54,943
22,539
17,744
Balt.dc Ohlo.b. ...Feb.
4,420,478 4,057,053 1,315,141 1,180,759
July l t o Feb. 28....40,900,430 38,307,724 15,167,520 14,175,315

645

■Cross Earnings.—
J’rrviouif
Current
Previous
C "W m
Ye.nr
Yen r.
Year.
Year.
Roads.
$
$
■?
■$
140,559
37,786
44,779
132,475
Bangor &Aroost’k b Jam
366,067
997,780
955,577
July 1 to Jan. 3 i __
354,093
2,062
869
589
Bath & Hamm’ ds.bJam
2,343
10,341
24,676
July 1 to Jan. 31___
22,354
11,759
2,935
BellefonteCent.ralbFeb.
6,009
3,689
1,572
11,132
8,603
5,083
3,377
Jan. 1 to Feb. 2 s __
4,972
2,975
2.196
784
Brldgt. & Saco R.bJarn
12,042
7,761
30,775
25,929
July 1 to Jan. 31—
573,636
478,514
239,602
182,458
Bufl. B. & P lttbs.b. Jan.
July 1 to Jan. 31__ 4,299,636 3,839,164 1,870,835 1,724,942
69,736
t35,912
t29,486
Buflalo A S’ squeb.aJam
83,106
502,821 t271,584 t229,377
588,490
July 1 to Jam 31___
9(6,771
Canadian Pacific.a Jam 3,148,455 2.621,792
820,461
July 1 to Jan. 3 1 ... 25,663,359 22,519,341 9,712,955 9,051,300
Cane B elt............... Jan.
19,564
13,843
3,389
3,148
July 1 to Jan. 3 1 ....
144,479 101,248
55,504
41,9iS
Cent, of Georgia.a.Jan.
850.058 762,443
168,040
236.569
July 1 to Jan. 3 1 ....
5,518,637 4,819,442 1,584,671 1,524,076
Cent, of N.Jersey.a.Jan,
1.752,885 1,309,512
688,394
542,077
July 1 to Jan. 3 1 ....
9,427,709 9,999,392 2,993,534 3,978,977
Central Pacific, b..Dec.
1,706,703 1,509,195
695,444
416,774
July 1 to Deo. 31....11,49/,727 10,909,230 4,915,126 4,339,369
Ohatt’ n’ ga Bouth.aJam
10,474
7,197
483 def.1,617
Ohesap. & Ohio.a..Jan.
1,550,567 1,339,846
533.526 453,615
July 1 to Jan. 3 1 ....
9,140.361 9,819,193 3,077.083 3,783,171
Chicago & A lton.a. Jan.
846,899 780,002
248,255 233,441
July l t o Jan. 3 1 ....
6,033,754 5,683,427 1,986,775 1,903,451
Ohio. <feE ast.ril. b. Jan.
702,618 594,967
319,620
287,702
Jnly 1 to Jan. 31 .
4,422,426 3,726,709 2,0 i5,322 1,720,980
Ohio. Gt. West’n.b.Jan.
618,126 629,088
137.922
160,770
July 1 to Jan. 3 1 ....
4,575,144 4,658,534 1,310.608 1,374,544
Ohio. Ind.&Louls. a, Jan.
367,388 334,084
116,831
105,552
July 1 to Jan. 3 1 ....
2,917,283 2,701,062 1,158,256 1,062,730
Chic. M. & St. P a. Jam
3,498,148 3,598,939 1,099,305 1,164,764
July 1 to Jan. 3 1 .... 28,676,115 27,985,189 10,707,104 10,257,272
Ohlo.R.I.&Pae.a.Jan. m 4,041,243
1,473,232
July 1 to Jan. 31. m.28,340,137
11,529,109
Ohio. Ter. Tran sf .b. Jan.
139,775
133,632
56,689
57,055
940,957
July 1 to Jan. 3 i __ 1,016,123
437,141
419,913
490,792
458,590
Oln. N. O. & T. P.a.Jam
123,143
111,995
848,058
July 1 to Jan. 3 1 ... 3,399,248 3,215,652
833,185
Cl.Cln.Chlo.&St.L.aJan. 1,551,489 1,429,596
320,533
317.719
July 1 to Jan. 31 .. 11,814,598 11,433,201 2,842,259 3,184,346
237,460
202,691
42.904
P eoria*E as’n.a. Jan.
56,205
392,657
422.181
July 1 to Jan. 3 i . . . 1,656,840 1.526,119
519,807
452,457 dUO,007 d ll4 ,8 4 5
Color’ do ASouth.b. Jam
July 1 to Jan. 31 — 3,677,151 3,269,669 d.903,729 d 3 8 1,230
15,810
16,562
8,595
3,231
Oolum.Newb.* L.b.Jan.
109,411
103,152
32,842
July 1 to Jan. 31 .
37,623
28,293
15,392
7,851
Copper R a n g e ...... Jan.
2,817
210,675
102,532
99,874
July 1 to Jan. 3 i . . .
34,350
5,936
8,261
Cornwall, a ............. Jan.
3,995
def.254
54,093
71,867 ydf.38,833
July 1 to Jan. 3 i . . .
35,679
23,356
17,098
Cornwall <feLeban.. Jam
10,521
7,908
209,140
144,728
July 1 to Jan. 31__
59,646
101,357
125,192
88.800
Cumberland Val.b.Jan.
33,130
21,860
TTDen.&Rlo G’ d* b Jan. 1.371.158 1,367.091
550,248
450,040
July 1 to Jan, 31---- 10,651,556 10,515,517 4,320,856 4,002,648
34,982
Detroit * Maoh’ c.aJan.
87,034
76,532
29,952
July 1 to Jan. 31__
512,794
469,785
106,615
151,786
65,734
Dul. 8o.8h.& Atl.b.Jam
197,279
192,156
63,042
598,969
July 1 to Jan. 31__ 1,628,202 1,572,597
569,833
1/09,96 7
Erle.a.................... Jan. 3,661,524 3,298.490
851,109
July l t o Jan. 3 l ...25,748,872 24,621,035 8,043,511 7,154,363
854
1,114
Fairchild* N. East.Jan.
3,402
3,287
July 1 to Jan. 3*.—
23,714
2 0 ,18 6
8.722
9,487
def.359
Farmv.&PowhVnaJan.
5,788
6.473
954
def.822
July 1 to Jan. 3 1 ....
45,179
42,689
3,005
Ft.W.&Den. Cn y.bJam
221,305
202,668
43,159
57,660
July 1 to Jan. 3 1 .... 1,591,803 1,345,235
399,835
367.207
Georgia.a
Jan.
200,156
184,880
71,4S4
74,633
July l t o Jan. 3 t.._ . 1,383,980 1,203,524 q506,708 q429,913
Ga. South. * Fla.a.Jan.
150,806
114,405
30,127
42,161
July 1 to Jan. 3 1 ....
920,720
747,637
161.429
211,543
18,021
Gila Val. Globe AN. a Jan.
30,920
31,035
17,308
108,325
July 1 to Jan. 3 i —
179,384
216,411
111,478
Gr. Trunk of Can... Jan. 2,084,322 1,771,406
529.475
538.235
Gr.Trunk West... Jan.
454,531
394,186
73,971
53,045
Det.Gr. H. & Mil. Jan.
94,897
112,416
23,359
48,178
Gulf & Ship Isl...a.Jan.
152,681
121,856
61.446
44,237
Jnly 1 to Jan. 31— .
996,550
789,595
377,464
236.235
119,302
Hooking Valley.a..Jan.
430,855
407,522
133,964
July 1 to Jan. 3 1 .... 3,416,844 3,105,714 1,204,060 1,215,470
159.475
Houst.A Tex.Pen.toDeo.
481,394
505.245
226.181
July l t o Deo. 3 1 .... 2,897,912 2,932,017 1,110,404 1,221,348
Illinois Central...a.Jan. 3,777,861 3,493,554 1,215,150 1,332,831
July l t o Jan. 31....25,834,846 24,128,584 7,734,026 8,021,860
Ind. 111. & Iowa.b..Jan.
159,389, 169,578
46,311
60,507
July 1 to Jan. 3 1 .... 1,010,961 1,018.342
277,063
809,000
r60,522
Iowa Central.a__ Jan.
220,294
244,377
r73,706
July l t o Jan. 31— 1,470.583 1,519,815 r249,286 r273,752
Iron K a llw a y-b __ Jan.
8,777
7,125
4,368
1,908
13.446
July 1 to Jan. 31 .
49,858
46,731
16,183
4,644
Kanawha & M1oh.a. Jan.
108,684
98,919
19,320
23,414
July l t o Jan. 31__
627,942
651,005
127,273
152,613
188,883
Kan.City South.a..Jan.
1559,014
514,029
July 1 to Jan. 3 1 .-1 3 ,7 3 8 .8 1 8 3,312,545 1,050,160 1,085,895
Lehigh Valley BE.—See detailed statement below.
43,243
34,715
^exing’n * East.b.. Jan.
17,679
13,598
127,305
319,774
231,879
July 1 tojarn 3 1 ___
86,072
Ino. 33,053
Deo. 18,100
Long Island........b Jan.
Ino. 27S.805
July 1 to Jan. 31---Deo. 82,902
68,080
54,175
Lou. Hen. <kst. L..Dec.
21.645
10,850
137,575
411,597
357,701
July 1 to Dec. 3 1 ....
99,992
Loolsv.di Nashv.b.Jan. 3,060,753 2,724,756 1,056,733 1,011,809
July l t o Jan. 31....20,548,948 17,996,183 6,912,062 5,901,309
Macon & BlrmingbJam
11,776
12,509 def.1,862
403
July 1 to Jan. 31....91,930
76,970 def.5,779
9,496
Manistee & Gr. Rap. Jan.
12,420
13,083
740
4,358

646

THE CHRONICLE

,— Gross Earnings.— ,,----- Net Earnings.------ Current Previous Current Previous
Tear.
Tear.
, Tear.
- Tear.
Roads.
$
$
$
$
Manistee A No. E.a. Jam
35,934
38,155
19,849
24,947
M anistlque.b..........Jan.
5,960
9,167
1,257
6,038
Maryland A Penn.. Jan.
18,124
19,194
4,327
3,250
Mar. 1 to Jan. 31 ... 264,744
...........
76,164
...........
C Mexican Cent e.-Nov. 1,885,090 1,494,573
418,379
454,670
Jan. 1 to Nov. 30 ...19,050,898 15,821,337 5,893,286 4,335,537
c Mex. Internat’l...Jan,
644,393
547,764
243,677 219,364
Millen A Southwest. Jam
4,223
3,988
1,505
878
July 1 to Jan. 3 1 ....
28,896
23,177
8,425
3,043
Mineral Range.to... Jan,
44,705
43,956
2,031
2,605
Jnly 1 to Jan. 3 1 ....
323,203
346,690
56,138
57,624
Minn. & St. Louis.a.Jan,
222,219
262,976
V72.869 vl03,916
Jnly 1 to Jan. 3 1 .... 2,111,310 2,115,964 v823,9S2 v902,699
M. St.P.AS. B.M.b Jan.
455,576
400,715
168,681
191,185
Jnly 1 to Jan. 3 1 .... 4,451,141 3,793,289 2,287,271 2,130,458
Mo. Kan. A Texas.& Jan. 1,403,336 1,311,023
281,521
319,958
July 1 to Jam 31 . 10,672,814 10,262,004 3,253,060 3,276,635
gMo. Pac A lr.M t.b Jam 3,593,937 2,913,857 1,231,804
603,776
Nash. Ch.ASt.G.b.. Jan. n823,797 n707,436 n206,783 nl9«,661
July 1 to Jan. 31....n5435,318 n4623,469 ni585,327 nl449,5S6
cN st’IRR. ot M ex..Dec.
916,702
782,834
320,926
261,685
Jan. 1 to Deo. 3 0 .... 9,262,859 7,724,526 3,214,175 2,478,396
Nev.-Cal.-Oregon.a.Jam
9,913
8,480
1,606
1,316
July 1 to Jan. 3 1 ....
121,137
96,916
56,212
37,954
Nevada C entral__ Jan.
2,492
2,749
747
433
July 1 to Jan. 31 . . .
24,083
23,381
9,197
def.247
N. Y. Ont. A Weat.aJam
569,063
466,498
134,162
98,522
Jnly 1 to Jan. 3 l ...„ 3,261,759 3,558,722
765,737 1,052,678
N. Y.Sua. AWest.a.Jam
283,951
257,186
135,336
129,203
July 1 to Jan. 3 1 .... 1,278,638 1,710,923
463,678
820,487
Norfolk & West’n.sa Jan. 1,776,202 1,516,620
680,200
637,210
Jnly 1 to Jan. 3 1 ... 11,814,867 10,188,769 4,739,597 4,376,582
Northern Central.to Jan.
858,136
738,736
204,128
243,528
North Shore (Cal.) toJan,
30,5*0
27,917
2,407
1,278
Mar. 1 to Jan. 3 1 ....
505,153
454,428
183,054
103,429
Ohio River & West. Jan.
14,295
15,006
5,847
1,889
July 1 to Jan. 3 1 ....
117,246
108,629
40,382
22,102
PaeiflcCoast Company -See Miscellaneous Companies.
Pennsylvania—
Dines directlyoperated
j East of Pitts. AE. Jan. 9,567,074 8,582,674 2,367,634 2.728,834
West of Pitts.AE. Jan.
Inc. 274,600
Deo. 317,400
Pere Marquette.a..Jam
11808,108 11815,870
1192,662 11124,560
Philadelphia Company—See statement on page 475.
Phiia. A E rie.b...... Jan.
547,962
465,644
119,994
133,039
Phil. Balt. AWash. toJan. 1,047,740
933,040
240,483
250,583
Nov. 1 to Jan. 3 1 .... 3,158,202 2,877,402
853,782
892,882
Pine Blufl Ark. R . .. Jan.
2,872
3,907
1,012
2,276
July 1 to Jan. 3 1 ....
21,377
22,517
8,810
10,152
Pitts. C.C.ASt.L.aJam
1,884,546 1,877,551
412,415 576,210
Reading Company—
Phila. A R ead’g.b.Jam
3,084,935 2,604,049 1,198,561 1,050,053
July 1 to Jan. 31 ...16,930,879 17,710,456 5,529,933 6,887,146
Goal & Iron Co.to. Jan.
3,192,587 2,658,061
732,721
208,676
July 1 to Jan. S i . . . . 9,609,48617,963,300
742,412 1,645,015
Total both Co.’ s.feJam
6,277,522 5,262,110 1,931,282 1,258,729
July 1 to Jan. 3 1 ....26,540,365 35,673,756 6,272,345 8,532,161
Reading C o .b ..... Jan.
...............................
113,903
114,772
July l to Jan. 3 i . . . .....................................
810,441
609,938
Total all Comp’ s.toJan.
............................... 2,045.185 1,373,501
July 1 to Jan. 31 ...
............................... 7,082,786 9,142,100
Rich. Fred. & Pot..D ec.
105,191
87,860
41,641
24,421
July 1 to Dec. 3 1 ....
574,782 519,615
172,229 189,979
Rio Grande Junct..Dec.
43,311
46,627
fl2 ,9 9 3
f 13,988
Rio Grande South, toJan.
z40,977 z44,281
z20,200 zl8,761
July 1 to Jam 3» ....
Z346.847 z345,922 Z179.289 z 150,186
St. Jos. & Qd. Isl.to.Jan.
144,026
97,164
66,972
35,277
July 1 to Jan. 3 1 ....
809,779 833,804
317,683 331,961
St.Louis A N.Ark.toOct.
18,716
21,417
7,158
11,150
July 1 to Oct. 3 1 ....
77,896
80,163
35,152
38,997
k8t. L. A San Fr. (inclnd.
Chic. & E. Ill 1 to.. Jam
2,759,480 2,394,543 1,052,713 955,385
Jnly 1 to Jan. 3 i . . . . 18,954,082 16,790,852 7,449,616 7,345,967
St.Louis S’w est.b . Dec.
669,190 658,007
180,145 224,148
July 1 to Dec. 3 1 . . .
3,863,487 3,848,831 1,204,379 1,154,640
San Ant. &Aran. P.a Jan.
187,782 175,936
24,752
9,744
July 1 to Jan. S i ....
1,594,904 1,586,945
444,356 508,510
San Fr. A N. Pac.a.Jam
84.128
75,659
9,199
8,499
Jnly 1 to Jan. 31
802,722 704,279
254,578 238,252
Seaboard Air Line a Jan.
1,037,361 984,743
237,588 298,843
Jnly 1 to Jan. 3 1 ....
7,241,114 6,606,774 1,904,309 2,142,266
I Southern P ac.a.. .Jan.
7,002,040 7,147,795 1,766,354 2,181,265
July I to Jan. 31 ....52,985,552 50,876,33917,219,259 18,460,211
Central Pacifle.b.Dec.
1,706,703 1,509,195
695,444 416,774
July 1 to Dec. 31 -..11,497,727 10,909,230 4,945,426 4,339,369
Gal.Har.AS’n A.toDec.
651,885 610,035
143,352 128,600
July 1 to Dec. 3 1 ....
3,420,209 3,722,762
657,467 1,099,941
Gal. Hons. A No.to.Dec.
116,031
40,409
39,023 def.21,747
July 1 to Dec. 3 1 ....
596,477 245,196
206,922 def. 15,470
GulfW. T.APac.bDec.
13,242
12,355
1,547 def.798
July 1 to Dec. 31 ...
94,076
85,047
9,229
7,190
Houst. E.AW.T.to.Dec.
88,381
94,110 def.11,248
37,169
July 1 to Dec. 31 -..
473,638 496,388
39,552 175,155
Houst. A Shreve.toDec.
19,848
25,064
5,517
12,205
July 1 to Dec. 31 ..
125,510 121,601
40,233
50,434
Hous. A Tex. C. to.Dec.
481,394 505,245
159,475 226,181
July 1 to Dec. 3 1 . ..
2,897,912 2,931,017 1,110,404 1,221,348
LouislanaWest.b.Dec.
170,372 167,605
76,687
74,466
July 1 to Dec. 31 . ..
1,006,344 950,397
443,766 433,368
M'g’ n’sLa. ATex.toDec.
555,918 561,719
303.611 815,405
Jnly I t o Dec. 31 .. . 2,540,265 2,918,889 1,188,819 1,378,426
K. Y. Tex. A M b.Deo.
45,761
35,195
21,181
12,143
July 1 to Dec. 31 ..
251,617 203,361
113,867
85,417
Oregon A Calif.b.Dec.
343,826 262,242
89,459
68,630
July 1 to Dec. 3 1 ....
2,055,245 1,789,203
597,762 627,293
So. Pac. Coast..b.Dec.
48,489
61,126 df.50,600 df.8,295
July I t o Dec. 3 1 ....
499,638 500,928 df 245,839
51,808
p8o.Pac.RR.Co.bDec.
2,818,024 2,682,775 1,059,759 1,264,348
July 1 to Dec. 3 1 ....1 5 ,428,912 14,681,698 6,201,621 6,760,311

[VoL. L X X V I,

/— Gross Earnings.—- ---- Net Earnings.------■
Current
Precious
Current Previous
Tear.
Year.
Tear.
Tear.
Roads.
$
$
$
$
Southern Pac. Co.—( Concluded.)
Texas A N. Orl.to.Dec,
266,732
252,466
16,504
58,476
July I t o Deo. 3 1 .... 1,630,169 1,491,810
271,602
376,882
Southern Railw’y.a Jam 3,503,040 3,284,688
787.063
908,713
Jnly 1 to Jan. 31....24,823,128 22,415,491 7,150,697 7,039,338
Texas Central.a__ Jan,
57,160
54,897
15,459
22,885
393,144
July 1 to Jan. 31__
416,850
101,731
134,771
14,861
11,056
Tift.Thomasv A G.aNov.
5,848
3,680
July 1 to Nov. 30__
56,560
75,968
32,281
20,961
273,197
Toledo A O. Cent.a. Jan.
220,580
32,291
64.860
July 1 to Jan. 31___ 1,878,280 1,712,331
385,315
373,014
96,525
Tol.Peoria A West.bFeb.
81,350
22,684
20,383
818,737
July 1 to Feb. 28 ...
782,227
201,955
201,056
Onion Pac.Syst’ma.Jan. 3,900,261 3,942,208 1,526,585 1,928,468
July I t o Jan. 31....30,926,017 29,387,293 14,498,568 14,430,203
409,844
Wabash.to.... . . . . . . .Jan. 1,672,454 1,660,209
507,181
Jnly 1 to Jan. 31....12,518,039 11,597,826 3,625,858 3,577,013
W. Jersey A Seash.fo Jan.
198,910
196,510 def.18,396 def.4,296
Wheel. A L. Erie.b.Jan.
327,110
267,283
81,627
59,058
July I t o Jan. 3 1 .... 2,437,732 2,055,888
579,645
584,942
14,973
570
8,349
W’msp’rt A No.Br.aJam
2,958
8 1 ,5 8 0
110,544
Jnly 1 to Jan. 3 1 ....
37,151
35,255
470,785
137,522
453,362
Wisconsin Central toJan.
137,050
Jnly I t o Jan. 3 1 .... 3,888,002 3,504,564 1,446,007 1,256,715
X 1 5 .7 9 1
Wrightsv.A Tenn.bjam
6,621
xl3,664
5,155
110,167
46,956
88,319
July I t o Jnly 3 i.-...
33,858
649,956
638,314
201,565
Y&zoo AMiss.Val.a.Jam
245,684
July 1 to Jan, 3 1 .... 4,469,596 4,049,402 1,203,939 1,351,819
a Netearnings haregiven are after deducting ta x es,
b Net earnings here given are before deducting ta x e s .
c These figures are in Mexican currency, and are convertible into
gold at the current rate of exchange.
dN et, after deducting taxes, is $91,950 and $97,287 for 1903
and 1902 respectively for the month, and $777,325 and $761,326 from
July 1.
e Results on Monterey A Mexican Gulf included from March 1,1902.
f Thirty per cent o f gross earnings.
g Includes Missouri Pacific A Iron Mount’n and also Cent’ l Branoh.
1 These figures include Houston A Texas Central and its subsidiary
lines and also Steamship Lines.
1 These figures include results on the Buffalo A Allegheny Valley
Division in both years.
fc These figures inolude in both years results on Kansas City Fort
Scott A Memphis RR. and Fort Worth A Rio Grande RR.
m Includes other income amounting for January to $152,952 and
from July 1 to Jan. 31 to $845,344.
n Includes Paducah A Memphis Division from July 1 in both years*
Expenses for Jan., 1903, include $133,060 paid for additions to
property, against $96,845 in Jan., 1902. For period from Jnly 1,
1902, to Jan. 31,1903, the amount so expended was $528,858.
p Includes results on former Southern Pacific of Arizona, Southern
Pacific of California and Southern Pacific of New Mexico.
q Including remittances from connecting roads, total net income for
seven months is $594,791 this year, against $517,996 last year.
r For January additional income is $28,551 this year against def.
$2,011 last year. From July 1 to Jan. 31 additional income is $58,345 against def. $9,538 last year.
s Includes $492 “ other inoom e” for the month] of January, and
$5,389 for period from July 1.
t After adding $4,493 other inoome for January, 1903, and $2,711
for January, 1902, total net income amounts to $40,405 and *32,197,
respectively. From July 1 other inoome amounts to $57,907 and
$20,213, making total net inoome $329,491 and $249,590, respec
tively.
u Including earnings of Savannah Florida A Western in both years,
v For January additional income is $19,352 this year, against
$16,046 last year. From July 1 to Jan. 31 additional inoome is $108,722 this year, against $90,532 last year.
x Includes $437 “ other incom e” for January, 1903, and $351 for
January, 1902.
y After allowing for about $50,000 extraordinary expenses during
November and December, 1902, for re-railing the road.
z Other inoome which we formerly included in the gross and net is
no longer included either for the month or for period from July 1, but
appears in the surplus above fixed charges, Ac. (see next table, Int.
Chgs. ASurp.).
t For January, 1903, taxes and rentals amounted to $186,368,
against $ ls 8 ,528, after deducting which net for January, 1903, was
$1,843,556, against $1,801,736. From July 1 to Jan. 31,1903, taxes
and rentals amounted to $1,234,870, again st$l,134,370, after deduct
ing which net was $13,721,274, against $14,328,535.
t Kansas City Sub. Belt included from January 1,1902.
IT Includes Rio Grande Western for both years.
UIncludes Lake Erie A Detroit River Railway for both periods.

interest Charges and Surplus.—The following roads, in
feddition to their gross and net earnings given in the fore
going, also report charges for interest, &o., with the surplus
above or deficit below those charges.
Roads.
Atlantic A Birm’ gh. Feb.
July I t o Feb. 2 8 ...,
Bellefonte Central Feb.
Jam 1 to Feb. 2 s ....
Ohio. A E. Illinois..Jam
July 1 to Jam 31___
Clev.Oin.Ch.AHt.L Jan.
July 1 to Jam 3 i ___
Peoria A East___Jam
July 1 to Jam 3 1 ....
Copper Range........Jam
Jnly 1 to Jan. 31___
t Jen. A R. Grande,. Jam
July 1 to Jam 3 1 ....
Dnl. So. 8h. A Atl...Jam
Jnly 1 to Jam 3 1 ....

,— Int., Rentals, etc.—. ^—Ral. o f Net Earn'gs.—,
Current
Current Previous
Previous
Year.
Year.
Tear.
Tear.
$
$
$
$
2,883
2,083
7,664
4,368
23,087
16,667
47,373
20,705
522
2,510
425
1,050
1,044
2,333
850
4,238
142,443
132,723 *194,237 *166,222
970,015
921,409 *1,227,687 *928,022
90,834
226,885
224,506
96,027
1,654,861 1,630,625 1,187,398 1,553,721
9,216
33,688
33,688
22,517
156,839
235,818
186,363
236,818
5,875
5,064
1,976 def.2,247
41,149
58,714 def.1,316
35,676
335,122
317,392 t*250,565 (*230,244
2,283.641 2,156,399 t*2136,103 t*1991,738
93,641
78,641 *df .27,349 *df,15,119
597,991
*22,102
550,491
*5,397

647

THE CHRONICLE

March 21, 1903.]

,— G ross E a r n in g s .— .------- X el E a r n in g s .------- ,
P r e v io u s
C urve n t
P r e c io u s
C u r re lit
Y ear,
Y ear.
Y ear.
Y ea r .
$
$

,— In !., R en ta ls, etc.— >s—ISat. o f X e l E a r n 'g s .—.
P r e v io u s
C u rren t
Cv w e n t
P recio u s
Y ea r .
Y ea r.
Y ea r.
Year.

$
R oad s.
$
$
$
li 10.736
15,084
7,730
Col. A Hook. C. A l . . Feb.
I»18,067
G ila V al.G lobe <S> N .Jan.
11,080
116,942
173,398
101,133
Apr. 1 to Feb. 2 8 ___ U209.566 lil4 1 ,4 9 6
J u ly 1 to Jan. 3 1 ___
60,025
1148,300
31,867 Gas A E lectric Co. of
G u lf A Ship I s l .......Jan.
12,370
4 4 ,757
16,689
14,091
24,558
9,813
28.511
Bergen County. Nov.
1 22,334
275,464
J u ly 1 to Jan. 3 1 ---113,901
102,000
71,496
62,502
158,154
141,038
June 1 to Nov. 30 ..
*63,009
H ooking V a lle y .......Jan.
73,306
‘ 61.393
81,183
4,404
2,845
570,892 *1.021,550 *984,030 Jackson Gas-L. Co.Feb.
J u ly 1 to Jan. 3 i----593,990
36,352
54,466
Mar. 1 to Feb. 28 ..
43,453
In d ia n a 111. A la ... Jan.
17,054
28,478
1 7 ,8 33
108,930
97,822
152,231
119,079
189,921 Laclede Gas L’ t Co. Feb.
J u ly 1 to Jan. 8 1 ___
124.832
215,340
241,375
Jan. 1 to Feb. 2 8 ....
*8,114
K a n a w h a A M ic h .. .Jan.
11,756 ‘ df.12,091
17,268
18.833
8,553
9,361
21,487
*51,744 Mexican T el’ phone. Jan.
J u ly 1 to Jan. 3 i ---79,228 *df.79 ,2 37
106,650
102,470
90,228
196.714
224,954
Mar. 1 toj'Jan. 3 1 ...,
6,092
6,485
M anistee <fe N<> E ...D e o .
def.3,142
6,051
55.263
50,484
70,592 Mllwauk. Gas L. Oo.Feb
94,889
Jan. 1 to D e c. 3 1 ___
72,608
73 ,1 0 3
114,736
125,172
Jan. 1 to Feb. 28 —
824
M aryland A P e n n ..Ja n .
3,503
dfcf.253
3,503
31,166
65,384
392,365
316,806
Pacific Coast O o..aJan.
Mar. 1 to Jan. 3 1 ___
4 3,9 13
32,251
655,280
641,110
July 1 to Jan. 3 1 ... 3,315,166 3,036,927
8.697
M in e ra l R a n g e ...
Jan.
*def.
5
,5
0
3
8,447 *def.6,410
6 7 ,3 7 7
J u ly 1 to Jan. 3 1 . . . .
59,973 *df. 10,037 * d e f . l , f 8 8 Philadelphia C o.—See statement on page 475.
1 5 ,1 7 8
Mo. K a n . A T e x a s . Jan.
304,780 d f.3 1,4 76
312 ,997
tThe month’ s proportion o f the dividend on preferred stock was
J u ly 1 to Jan. 31 . . . 2,181,619 2,103,948 1,0 71,4 41 1,172,0 87 $42,s64 ovalDst $ 3 c ,7 14 last year, leaving a surplus for January. 1903,
152,410
55 ,335
44,251 of $«2,760 against #51,231 last year. For the 7 months the call for the
N a sh v . Chat.A 8 t.L .Ja n .
151,448
529,957
382,117 dividend was #300,043 this year, against $256,998 last year, leaving
J u ly 1 to Jan. 3 1 . . . . 1,0 55,370 1,067.469
2 ,2 1 0
def.650
d e f. 8 94 a surplus for these 7 months of $372,320, against $233,576.
N ev.-C al.-O regon.. Jan.
2,256
15,590
li Net reoeipts from coal sales, etc., before deducting general e x '
42,706
2 2 ,3 6 i
13,506
J u ly 1 to Jan. 3 1 ___
467,309
439,753 penses.
Norfolk A West’ n....Jan.
19 7.4 57
212.891
J u ly 1 to Jan. 81 . .. 1,485,861 1,350,065 3,2 53,736 3,026,517
Interest Charges and Surplus.
7,954 def.10,611 def 6,670
North Shore (C a l.).. Jan.
13,018
,— In t.. R en ta ls, etc.— , r -B a i . o f X e l E a r u ’g s ,
91,037
66,623
12,:- 9 2
Mar. 1 to Jan. 3 1 . . . .
12 1,4 31
C u rren t
C u rren t
P r e v io u s
P r e c io u s
526
5.826
1,363
Ohio R iv e r A W e s t Jan.
21
Y ear.
Y ea r.
Y ea r.
Y ear.
$
C o m p a n ie s .
$
■$
$
11153,612 11140,104 ||df. 60,950 II df.15,544
Pere M arq u ette .. Jan.
14,068
19,203
483
1,793 Bay Counties Pow .Jan.
194
818
P ine B lu ff A r k . R . . . Jan.
4,554
3,513
J u ly 1 to Jan. 3 1 ___
4,257
6,639 California Central Das A
R e a d in g -

879,082
901,000
A ll com panies___Jan.
J u ly 1 to Jan. 3 1 ___ 6,247.000 6 ,153,574
7,708
R lo G ra n d o Jnnot...D eo.
7,708
18,034
19,033
R io G rande S o uth .. Jan.
12 7,2 10
134,976
J u ly 1 t o Jan. 3 1 ___
18,551
18,886
St. Tos. A G r. I s l ’d .. Jan.
111,6 6 3
133,2 6 7
J u ly 1 to Jan. 3 1 . . . .
St. L. A San F ran .(ln o lu d .
650,114
685,652
Ohio A E a s t 111.).Jan.
J u ly 1 to Jan. 31 . .. 4,734,006 4,231,768
X 10 6 .738
San A nt. A A r. P ...J a n .
J u ly 1 to Jan. 3 1 ___ X 509.430
22,675
2 2 ,771
San F ra n .A N o .P a c Jan.
158,125
159,39 7
J u ly 1 to Jan. 3 1 —
ftonthara Pao............Tan. f 13,136.724
J u ly 1 to Jan. 3 i ___$ 21,844,572
2,083
2,583
T e xa s C e n tra l........ Jan.
14,583
18,022
J u ly 1 to Jan. 3 1 ___
3 ,7 7 1
3,849
T ift. Thom asv. A G.Nov.
18,854
19,085
J n ly 1 to Nov. 3 0 . .. .
40,807
39,689
Toledo A O hio Oen.. Jan.
278,424
2 75,4 57
J u ly 1 to Jan. 3 1 . . . .
22,450
22,538
X ol Peo. A W est...F eb .
183,804
180,303
J u ly 1 to Feb. 28 —
2,729
2,404
W ’ m sport A No. B r. Jan.
1 6 ,8 2 9
17,9 30
J u ly 1 to Jan. 3 1 . . . .
1 5 0 ,8 2 2
145,861
W lsoonsln Cent.......Jan.
986,626
J u ly 1 to Jan. 3 1 . . . . 1 ,0 2 6 ,8 1 5

1,144,185
494,419
835,786 2,988,526
5,285
6,280
*4,061
*3,736
*52,073
*29,702
48,086
16,726
184,416
223,298
*397,720 *310,486
*2,970,714 *3,307,999
def.81,986
def 65,074
def.13,476 def.14,272
96,453
78,855
*df.l,173,071
*df.4,246 900
20,802
12,876
83,709
120,188
1,999
def.91
13,19 6
2,107
*24,857 *def. 6,504
*1 2 2 ,0 2 2
*103,801
146 def.2,C67
21,652
17,252
def.2,159
554
19,221
18,425
*def.9,966 *def.6,871
*444,980 *285,143

* A fter allow ing fo r other Incom e receiv ed .
t These figures are after allowing for other lnoome and fo r discount
and exohange.
A fter deducting $10,000 fo r Kenewal Fund In
January, 1903, and $10,000 In January, 1902, the surplus for the
month Is $240 565 against $220,244 a year ago. Sim ilarly, after
deducting $70,000, the surplus from July 1 ,1 9 0 2 , to date Is $2,066,108, against $1,921,738 a year ago.
t Includes Bio Grande W estern for both years.
§ These figures Include $1,797,244 appropriated for betterments and
additions to properties and equipment In Jan., 1903, and $12,575,026
from J u ly 1 to Jan. 31.
x Interest on advances by Southern Pacific not taken Into account,
but figures Include $43,739 appropriated for betterm ents and addl
tlons to properties and equipment In Jan., 1903, and $68,431 from
July 1 to date.
IT These figures lnolude $634 appropriated for betterm ents and
additions to properties and equipm ent In Jan., 1903, and $4,142
from July 1 to date.
II Includes Lake Erie A D etroit R iver R allw ayjfor both periods.
L e h iq h V a l l e y R a i l b o a d Co m p a n y .

■J a n u a r y .-------

1903.
$
.2,667,818
..1,687,494

1902.
$
1,974,620
1,645.711

980,324
65,000

328,909
135,000

915,324
34,521
.. 471,242

193,909
def.5.060
19,796

.1,421,087
. 545,122

208,645
530,327

I.
.

.

- J u l y 1 to J a n 31.— .
1902.
1903.
$
$
13,906,750 15,858,837
11,089,713 11.118,498
2,817,037
769,000

4,740,339
934,000

3,806,339
2,048,037
61,958 def.10,561
489,265 def.152,976
2,599,260
3,848,245

3,€42,802
3,808,873

875,965 df.821,682 df.1,248,985 def.166,071

Miscellaneous Companies.

C om p a n ies.

,— G ross E a r n in g s .— . .------- X e l E a r n in g s .------ ,
C u rren t
P r e v io u s
C u rren t
P r e v io u s
Y ear.
Y ear.
Y ear,
Y ear.
$
$
$
$

Amer. Light A Trac. Jan.
............
July 1 to Jan. 3 1 .........................
Bay Counties P ow .. Jan.
44,998
Buffalo Gas Co .. Feb.
............
Oct. 1 to Feb. 2 8 .........................
California Central Ga» <b
36,239
Eleotrlc C o.......... Feb.
Jam 1 to Feb. 2 8 ....
75,076

1105,624
1672,363
33,271
35,362
202,173
33,424
64,623

12,917
26,163

187,945
t490,574
............
29,681
178,326
8.091
16,555

E 'ectrio Co. .......Feb.
Jan. 1 to Feb. 2 8 ....
Col. A Hook. C. A Ir. Feb.
Apr. 1 to Feb. 2 8 ___

d5,833
d l l , 666
4,583
58,624

d5,833
d l l , 666
4,731
51,361

7,084
14,497
10,501
114,774

2,258
4,889
2,999
49,772

d Includes $1,666 for sinking fund in each month, and $3,333 for
the period from Jan. 1 In each year.

STR EET R A IL W A Y S AND TR A C TIO N C O M PA N IES.

The following table shows the gross earnings for the iatest
period of all s t r e e t railways from whioh we are able to o b 
tain weekly or monthly returns. The arrangement of the
table is the same as that for the steam roads—that is, the
first two oolumns of figures give the gross earnings for the
latest week or month, and the last two columns the earning!
fo r the oalendar year from January 1 to and including snob
latest week or month,
8TREET R A ILW A Y S AND TRACTION COMPANIES.
GBOS8

E a r n in g s .

American R’ys.Co.[|.
Athens Eleotrlc B y ..
Binghamton R R ......
BPklyn R ap.Tr. Co..
Borlingt’n (Vt.) Trac.
Charleston Cons. By.
Gas A E le c.............
Chicago & Mil. Elec.
Cin. Dayton ATol. Tr.
Cln. Newp. A Coving.
Light & Traction t .
Citizens Ry. A Light
(Muscatine, Iowa).
City Elec. (Rome.Ga.)
Cleveland Electric ..
Cleve. & So.W. Tr. Co.
Oleve. Palnsv. A E ...
Dart. A W’port St.R v
Detroit United R y .n
Ouluth-Sup. T ract...
East. Ohio Traction..
Elgin Aurora & Sou
Galveston C ity.........
Harrisburg Traction
Indian ap.& East. Ry.
Internat’l Trac. Co.
System* Buffalo), w
Jacksonville Eleo.Co.
Lake Shore Elec. Ry.
Lake Street Elevated
Lntngn Traotlon..___
Lexington R y ............
London St. Ry.(Can.)
Los Angeles Railway
Mad. (Wis.) Traotlon
Met. West 8ide Elev..
M tl.Eleo.Ry.ALl.Oo.
MIL Li. Heat & Tr. Co.
Montreal Street R y ..
Musk. Tr. A Light. Co.
Street Ry. D ep art..
Electric Light Dep.
Gas D epartm ent...
New London St. B y ..
Nor. Ohio Tr. A Lt. Co.
Northwestern E lev ..
Oakland Trans. Cons
Clean St. R ailw ay...
Orange Co. Traotlon.
Paolflo E leotrlc........
Philadelphia Co........
Affiliated Corpor’ 6.
Pottsv. Union Tract.
Pueblo A Suburban
Traot. A Llght’ gCo.
Bye Co.Gen.—Roads.
Light Co’ s ...............
Rochester R a ilw a y..
■*aoraniento Eleotrlc
Gas A R y.................
st. Louis Transit___
8ao Paulo (Brazil)
Tram. L’ t A Po. Co.

L a te s t

G ross E a r n in g s .

Week o r Jfe

C u r’n t
Y ear.

PreeTui
Y ear.

$

$

February.. 81,645 70,596
3,850
4,396
December
:January... 16,417 15.169
Deoember. 1,070.192 1,038,156
4,424
Febru ary.
3,780
December.
F eb ru a ry.
February .

45,872 *60,091
10,644
9,522
29,385 24,831

Deoember. 100,587

I

to L a t e s t D a te .

O u r r e n t P r e v io u s
Y ear.
Y ear.
8

$

171,895
47,597
16.417

149,332
39,725
15,169

18,089,146

12,481,085

9,415

8,213

22,679
62,077

20,476
53,408

69,80S 1,103,995

819,206

9,219
7,654
Deoember.
3,288
3,380
January...
!F ebruary. 189.218 166,658
25,235
t l 6 , 253
Febru ary.
January... 12,158 10,833
7,476
7,941
January...
2d Wk Mar 70.198 65,038
8,964
2d Wk Mar 10,568
December. 1 2 ,1 1 2 13,025
F ebru ary. 30,023 28,216
January... 14,763
9,630
January... 38,352 31,947
9,642
December.
January...
January...
F ebru ary.
February.
January...
January...
January...
December.
February .
F ebru ary.
February.
Febru ary.
January...

Tan.

89,865
3,2881
400.638
52,183
12,158
7,476
735,641
103,615
192,252
63,276
14,783
38.352
101,994

73,434
3,380
354,740
135,013
10.833
7 .9 4 1

673 939
87,264
152,906
57,290
9,630
31,947

291,490 256,595 291,490 256,595
17,605 13,640
17,605
13,640
30,916 24,412
62,149 59,464
9 ,6 7 4
9,674
10,199
10,199
17,675 14,644
17,575
14,644
12,132 10,117
12.132
10,117
148,789 111,300 1,475,211 1,103,245
5,784
11,999
4,895
10 341
162,526 140,652 337,321 292,597
218,243 194 916 461,582 408.596
25,303 20,684
53,426
44,814
172,143 155,030 172,143] 155,030

January...
6,201
5,842
January...
4,058
3,039
January...
3,019
5,217
F eb ru a ry.
3,486
3,525
February. 54,70) 41,643
February . 97,839 90,664
February.. 73,181 62,299
January...
5.657
3,947
January...
5.996
6,236
December. 68,621
January,.. 533,415 434,772
January... 918,311 784,181
January... 11,988 12,035

P83.782;
r28,45S;
r39,736
7,244
118,4861
203,651
152,108i
5,557
5,996

r76,945
r25,424
r28.761
7.496
89,929
186,780
127,939
3,947
6,236

633,415!
918,311
11,988

434,772
784,181
12,035

33,521
18,982
2 004
196,908

16.456
2.073
172,260

November 45,424 36,092 442,129
February.. 476,662 419,449 1,004,532

380,302
880,134

January...
January...
January...
Febru ary.

F eb ru a ry.

38,521
18.982
2,004
95,648

16,456
2,073
81,553

99.300 ...........

648

THE CHRONICLE
L a te tt G r o tt E a r n in g s .

G ross

Kaknings .
W eek o r M o

O u r’ n t P rev ’ u s
Y ea r.
Y ear.

J a n . 1 to L a te s t D a te
O u rren t
Y ea r.

P r e v io u s
Y ea r.

[VOL. LXXVI.
-—

G ro ss E a r n i n g s .— .
P r e v io u s
C u rren t
Y ea r.
Y ea r.

-----N et

E a r n i n g s . ------,
C u rren t
P r e v io u s
Y ea r.
Y ea r.

R o a d s.
$
$
$
$
New London St. Ry.Feb.
3.486
3,525
def.136
467
Jan. 1 to Feb. 2 8 ___
7,244
7,49e
129
1,341
«
$
$
*
July 1 to Feb. 28___
50,739
51,147
16,138
20,400
Sonth Bide Elevated. February.. 123.923 111,141 258,210 233 799
Springfield (ill.) Con. February . 15,746 13,447
32,448
26,958 North. OhioTrao. A L leh t
Co. a .......................Feb.
54.701
41,643
22,287
58,819
Syracuse R ap.Tr. R y . January... 64,357 58,819
64,357
14,112
Jan. 1 to Feb. 2 8 ___
113,488
89,929
46,231
Tol. Bowl.Gr. A 8o.Tr. February.. 18,012 15,763
38,804
32,387
33,215
Toledo Rys. A Light. February . 115,148 100,885 240,642 214,063 Oakl’d Trans. Cons. Jan.
80,171
69,194
33,763
21,731
Toronto R a ilw a y ___ Wk Mar. 14 36.076 31,178 381,385 329,606 Olean Street R y___Jan.
5,557
3,917
2,321
1,467
Twin City Rap. Tran. 2d Wk Mar 71,599 62,089 736,497 641,588
July 1 to Jan. 31___
41.910
34,460
19,657
18,019
26,21 2
23,117
Union (N. B edford'.. January... 26,212 23,117
5,996
791
6,236
Union Trac. of In d .. F eb ru a ry. 6 7,770 60,972 142,901
128,562 Orange Co. T rao___Jan.
1,591
July 1 to Jan. 3 1 ___
65,227
65,868
26,231
United R R ’s of San
27,957
F ra n cisco............... J anuary... 472,826 420,380 §4,906 880
Paclfio E le c.R y .b ..N o v .
60,784
20,821
’"’ nltsd Trao.—(Alb.) February.. 118.588 111,553 '247,774 229,936
do
do
Dec.
68,621
23,601
Washington Alex. &
Pueblo
A
Suburban
Trao32,327
29,528
Mt. V. Ry. Oo.......... February . 16,180 14,260
tion A Light’ g C o . Jan.
38,521
7,211
Youngs town-Sharon
Rochester Ry. b ___Feb.
95,648
81,553
46,410
Ry. & Lt. C o............ Deoember. 47,857
32.558
444,986
Jan. 1 to Feb. 2 8 ___
193,908
172,280
93,427
72,431
July 1 to Feb. 2 8 ...
844,014
693,233
400,527
308,406
w Beginning with Deoember results are for Intern’ l Traotlon Oo. Saoramento E lectric Gas
System, whieh now owne all the operating com panies included in the
A Railw ay Co___ Nov.
45,421
36,092
23,530
19,445
International Railway Oo.
Feb. 1 to Nov. 3 0 ___
408,524
348,196
210,305
184,057
t Beginning with August reeults for 1902 are for Cincinnati Newport Sao Paulo (Brazil) TramA Covington Light & Traction Co. Figures for year to date seem also
way L’ t APotv.Co Feb.
99,300
69,100
to have been revised at same time.
Springfl’ d (111.) Con.Feb.
15,746
4,510 def.1,100
13,447
| These are results for properties owneo.
Jan. 1 to Feb. 28___
32,448
26,953
9,956
$ These figures are from Maroh 20th to J auuary 31.
2,709
n These earnings include the Detroit United Ry., Detroit & Port Syracuse Rap T r.bJan.
64,357
58,819
27,820
25,928
H uron Shore Line and the Sandwich Wind or & Am herstburg R y.
July 1 to Jan. 3 1 ....
433,530
402,357
193,925
131,180
r These figures are from Mar. 1 to Jan. 31.
Third
Ave.
(N.
Y.)
b
—
s Figures for 1901 were unusually large ow ing to the 8outh Carolina
O c t 1 lo Deo. 3 1 ___
560,353
583,368
217,701
187,836
Inter-State Exposition at Charleston
July l to Dec. 31___ 1,156,326 1,182,774
511,519
463,604
t Figures for 1902 cover only the Clev. Elyria & W estern Ry. Co.
Toledo B ow ling Green
18,012
A South’ n Traot..Feb.
15,763
4,518
5,918
8treet Railway Net Earning's.—In the follow ing we show
Jan. 1 to Feb. 2 8 ___
38,804
32,367
11,465
12,535
tooth the gross and the net earnings to latest dates o f all S t r e e t Toledo Rys. A L ’ bt.aFeb.
115,148
100,885
54,034
48,362
Jan. 1 to Feb. 2 8 ___
240,642
214,063
117,131
103,773
railways from which we have been able to procure monthly
282,601
244,781
142,151
124,509
returns. As in the case of the steam roads, the returns of the Twin City Rap.Tr.bFeb.
Jan. 1 to Feb. 2 s ___
594,439
516,940
305,414
264,248
different roads are published by us each week as soon as re
Tr. (A lb’v)b.Feb.
111,553
118,588
38,935
29,035
ceived, and once a month (on the third or the fourth Satur United
247,774
Jan. 1 to Feb. 28___
229,936
80,666
58,292
day of the month) we bring together all the rcadB reporting,
977,104
July 1 to Feb. 28___ 1,031,271
349,942
307,108
as is done to-day.
Youngstown-Sharon Ry.
47,857
A Light a ............. Deo.
23,129
,— G r o ss E a r n i n g s .— ------ N et E a r n i n g s . ------,
444,986
Jan. 1 to Dec. 3 1 ___
200,014
C u rren t
P r e v io u s
C u rren t
P r e v io u s
1 ea r.
Y ea r.
Y ea r.
Y ea r.
H oa d s.
$
$
$
$
a Net earnings here given are after deducting taxes,
Am erican Light A Traotlon Co.—See under M iscellaneous on page 647.
b Net earnings here giv e n are b efo re dedu ctin g ta xes,
4,396
3,850
2,954
Athens Eleo. R y — Dec.
2,785
n These earnings include the Detroit United R y., Detrott A Port
Jan. 1 to Dec. 3 1 ___
47,597
24,824 Huron Shore Liue and the Sandwioh Windsor A Amherstburg R y.
29,507
39,725
x Figures for 1902 cover only the Clev. Elyria & Western Ry.
Bingham ton Ry..b.Jan.
10,417
15,169
4,831
4,570
66,593
25,524
27,972
O c t 1 to Jan. 31 —
63,478
* Results for 1901 are fo r Cincinnati Newport & Covington R y.
s Figures for 1901 were unusually large owing to the South C aro
B rooklyn Rap. Tr.a.Deo. 1,076,192 1,038,158
420,296
351,536
July 1 to Deo. 3 1 — 6,836,369 6,513,239 3,051,194 2,429,510 lina Inter-State E xposition at Charleston.
k For purposes of com parison the figures o f the Metropolitan Street
Charleston Consol. Rail45,872
w ay Gas A E leo..D eo.
860,091
16,508
s30,134 Railw ay are here given.
10,644
4,827
Chic. & Milw. E lec Feb.
9,522
3,876
Interest Charges and Surplus.—The following Street
22,679
20,476
10,292
Jan. 1 to Feb. 2 8 ___
8,957
railways, In addition to their gross and net earnings given In
Cincinnati D ayton A To32,692
ledo T ra ction .b ... Jan.
28,577
10,003
11,865 the foregoing, also report charges for Interest, &o,, with the
335,361
June 1 to Jan. 3 1 __
156,637
surplus or deficit above or below those charges.
*Oin. Newp A Cov. Light
.— I n t ., R e n t a ls , etc .— . s - B a l . o f N et E a r n ' a s .—,
100,587
69,803
A Traction........a.Deo.
46,638
27,628
C u rren t
P r e v io u s
C u rren t
819,206
333,942
P r e v io u s
Jan. 1 to Dec. 3 1 .... 1,103,995
493,551
Y ea r.
Y ea r.
Y ea r.
Y ea r.
Citizens’ Ry. A Light—
R oa d s.
$
$
$
$
9,219
7,654
4,013
(Muscatine, la .)..D eo.
89,865
73,434
29,954
Jan. 1 to Dec. 3 1 ___
Athens Eleotrio R y.—
Jan. 1 to Deo. 31___
16,069
*13,889
292
C ity E leo(R om e,G a) Jan.
3,288
3,380
519
Charleston Consol. RailCleveland Southwestern
12,605
w ay Gas A E leo..D eo.
12,673
3,903
*17,461
7,776
x3,835
25,235
X16.253
Traction C o. . — Feb.
52,183
X35.013
15,110
x9 ,6 13 Cincinnati D ayton A ToJan. 1 to Feb. 2 8 ....
ledo T raction.......Jan.
15,915
16,410 def.5,912 def.5,045
10,833
3,780
C lev.Painesv. A E...Jan.
12,158
4,187
June 1 to Jan. 31___
129,775
26,862
D etroit United R y .n (all
Cln.
Newp.
A
Cov.
Light
283,034
102,323
properties), » .......Feb.
256,785
105,928
23.836
A Traction........... Dec.
16,223
22,752
11,405
222,974
596,018
545,493
221,812
Jan. 1 to Feb. 2 8 ___
255,873
186,362
Jan. 1 to Dec. 3 1 ___
237,678
145.580
36,702
14,774
Duluth-Sup. Trac..Jan.
43.687
13,543
Detroit United Ry. n (all
5,341
12,112
13,025
2,808
East. Ohio T ra ct.a .D ec.
81,048
prouerties)........... Feb.
75,754
*27,529
*29,433
192,252
152,906
81,073
57,083
Jan. 1 to Dec. 3 l . . . .
150,882
162,205
Jan. 1 to Feb. 28___
*71,679
*76,432
28,216
10,812 Elgin Aurora A So.Feb.
Elgin Aurora ASn bFeb.
11,105
30,023
8,333
8,333
2,772
2.479
22,349
23,057
Jan. 1 to Feb. 2 h ___
63,276
57,290
16,666
16,666
6,391
Jan. 1 to Feb. 2 6 ___
5,683
132,630
128,238
June 1 to Feb. 28 ..
321,125
288,920
June 1 to Feb. 28___
74,998
74,998
57,632
53.240
792 Ind’ p’lis A East.Ry.Dec.
9,630
2,720
G alveston City Ry..Jan.
14,783
2,083
2,125
11,496
38,852
11,938
H arrlsb’ g T raot’ n..Jan.
31,947
June 1 to Dec. 3 1 ___
14,583
18,633
9,642
4,208
In d ’ p’ lis A East. Ry.Dec.
International Tract. Co.
46,130
101,994
Jan. l to Dec. 3 1 ___
System (Buflalo).. Jan.
129,195
124,866 def.3,755 def.20,831
71,192
33,216
July 1 to Jan. 31 ..
145,725
June 1 to Dec. 3 1 ___
53,899
International Tract. Co.
iDterurbaD St. Ry. (N. Y.)
125,440
104,035
291,490
256,595
System ( Buffalo) b .Jan.
Oct. 1 to Dec. 3 1___ 2,187,838
'df.47,558
July 1 to Dec. 3 1 .... 4,265,058
*18,302
InterurbanSt. R y.b (N. Y.)
Oct. 1 to Dec. 3 1 .... 3,875,179 k3734.400 1,955,095 k2010,428 Jaoksonv. Eleo. Co. Jan.
2,917
1,863
July 1 to Dec. 3 1 .... 7,537,659 k7330,945 3,933,950 k4043,713
May 1 to Jan. 3 1 ___
26,250
23,869
4,780
17.605
13,640
3,389 Lexington R y . ....... Jan.
4,160
Jaoksonv. Eleo. Co. Jan.
263
5,258
def. 483
158,674
60,119
May 1 to Jan. 31
37,436
May 1 to Jan. 3 1 ___
41,281
56,017
43,375
38,962
8,777
3,937 Lond.8c.Ry (Can.).. Jan.
-s,805
2,249
Lake Shore E l.R y.aD ec.
2,205
1,336
790
455,352
149,474
115,795 Los Angeles R v ___Dec.
358, 81
Jan. 1 to Dec. 3 1 ....
24,180
20,925
38.661
28,789
9,674
2,181
10,199
351
255,206
Lehigh T raotlon — Jan.
Jan. 1 to Dec. 3 1 ....
406,937
3,677 Milwaukee Elec. Ry. A
14,644
5,541
17,575
Lexington Ry. b ...J a n .
221,334
204,286
80,811
97,298
68,088
62,692
*35,467
May 1 to Jan. 31— .
Light Co............... Feb.
*38,754
139,185
128,093
Jan. 1 to Feb. 28
*79,436
*81,704
12,132
3,541
3,039
Lon d.8t.R y. (Can.)a Jan.
10,117
111,300
148,785
62,841
49,714 Milwaukee Light, Hear &
Los Angeles R y — Deo.
8.750
11,518
X raotionC o.......... Feb.
2,568
1.956
662,143
445,856
Jan. 1 to Dec. 31 — 1,475,211 1,103,215
17,589 *def.5.494 *def 3,740
24,229
Jan.
1
to
Feb.
2
3
___
5,784
4,895
1,660
1,309
Madison T raction..F eb.
16,516
15,094
45.0 J6
39,397
10,341
11,999
2,190 Montreal St. R y __ Jan.
2,817
Jan. 1 to Feb. 2 8 ....
59,630
05,990
213,222
186,723
Oct. 1 to Jan. 3 l __
Milwaukee Elec. Ry- A
194,916
102,891
218,243
100,389 Northern Ohio Traotlon
Light C o..b ........ Feb.
16,667
21,226
1,061 def.2,555
A Light Co............Feb.
408,596
216,828
207,537
461,582
ja n . 1 to Feb. 28___
42,192
Jan. 1 to Feb. 28. ..
29,417
4,039
3,798
Milwaukee Light, Heat A
1,942
379
1,738
def.271
8,980
20,684
25.303
6,794 Olean Street Ry ....Jan .
Traction Co. b — Feb.
10,242
July 1 to Jan. 31 ..
10,051
9,415
7,968
44,814
18,720
53,426
13,837
Jan. 1 to Feb. 2 8 ....
18,970
1,851
155,080
61,532
54,491 Paolflc E lectric.......Nov.
172,143
Montreal St. R y — Jan.
20,011
do
do
Deo.
3.590
279,212
634,199
246,353
703,788
O c t 1 to Jan. 3 1 ....

March 21, 1903.]

THE

C H K O N IC L E .

— Tut.. Jteu tats, etc.— —l ’. al. o f Y e t E a r n ’as.—,
< tnre.nl
C u rren t
P rev io u s
P r e v io u s
Y ear.
Y ear.
Y ear.
Y ear.
ft
$
$
$

R oad s.

Rochester R y ........ Feb.
25,371
24,672
*21,564
*8,396
49,520
Jan. 1 to Feb. 2 8 ....
*43,370
*23,916
50,957
July 1 to Feb. 28___
203,501
*192,106
216,743
*114,484
Sacramento E leotrlc Gas
<fe Railway Co___ Nov.
9,675
9,770
10,335
13,196
Feb. 1 to Nov. HO___
104,949
94,091
90,566
105,356
Third Avenue (N. Y .)—
Oct. 1 to Deo. 3 1 ....
441,151, *df,103972 *df.2l7837
435,956
882,34?
July 1 to Deo. 3 1 ___
874,386
*17,053 *df.318077
14,470
Toledo Rys. & L t... Feb.
37,833
39,564
10,529
38,109
Jan. 1 to Feb. 28___
75,661
79,022
28,112
Twin City Rap. Tr...Feb.
178.400
63,751
»76,017
48,492
Jan. 1 to Feb. 28___ 1156,800 1152,034
148,614
112,214
23,787
*15,830
United Trao. (A lb’y ) Feb.
24,360
‘ 6,401
45,750
Jan. 1 to Feb. 2 8 ___
48,138
*31.378
*14,291
168,765
*190,189
July l to Feb. 1 8 ....
191,407
*144,227
" I n c lu d e s other income.
1 Fixed charges lnolude dividend on preferred stock,
n These earnings include the Detroit United Ry., Detroit & Port
H eron Shore Line and the Sandwich Windsor & Amherstburg Ry.
m Figures for 1901 were nnusuallv large ow ing to the South C aro
lina Inter-State Exposition at Charleston.

ANNUAL

R EPO RT S.

Annual Reports.—T h e f o ll o w in g is an in d e x t o a ll a n n u a l
re p o r ts o f s te a m r a ilr o a d s , stre e t r a ilw a y s and m is c e lla n e o u s
c o m p a n ie s w h ic h h a v e b e e n p u b lis h e d s in c e th e la s t e d itio n s
o f th e I n v e s t o r s ’ a n d S t r e e t R a i l w a y S u p p l e m e n t s .
T h is in d e x d oes n o t in c lu d e r e p o r ts in t o - d a y ’s C h r o n i c l e ,
R a i l r o a d s , E tc . —

Page.

Am erican C em ent....................... 690
Am er. Cereal (bal. sheet Dec. 31).f0O
Am . Diet. Tel. Co. o f N . Y ......... 203
Am erican G raphophone............. 378
Am erican Ice .................................... 591
Am erican Snuff.
....................... 640
Am erican Strawboard
............... 370
Am Sugar Redo (bal. *ht. Deo. 31) 691
Am erican T o b a cco ...................... 691
Am erican W o o le n ....................... 640
Am erican W riting P a p e r.......... 640
Associated M erchants............... 540
Butterlck Co .................................... 641
Cent. Dist. & Print. Teleg., Plttsb. 691
Chic. Peoria A St. Louis............. 431
Chic. Pneuruatlo T ool.................. 379
Co). Fuel A I r o n ........................... 2*3
Commercial Cable........................ C41
Consol. Gas o f New Y ork .......... 20*
Consol. Coal o f M aryland.......... 478
Cumb. Telephone A T eleg ra p h .... 3 '9
Consolidated T o b a cc o ................ 692
Continental T o b a cc o .................. 691
Cuyahoga T elephone................... 379
Delaware & H udson.................477, 538
Delaware Lackawanna & W estern 477
Diam ond M atch............................. 380
General Chemical........................ 330
H erring-H ail-M arvin Safe........ 432
K nickerbocker Ice o f Chicago... 380
Lehigh Coal & Navigation.......... 640
Maryland & Pennsylvania........ 477
Missouri Pacific.......................... 589, 599

Ra

il r o a d s

Page

. E t c .—

M onong. Kiv. Consol. Coal A Coke 284
National B iscu it............................... 432
National Carbon............................... 479
National L ead.................................... 432
Nevada-California-Oregon............. 202
New York a New Jersey T eleph .. 592
North Am. L u m ber* P u lp ....690. 003
Northern Central
............... 476,491
Ohio A Ind Nat. Gas A Ilium ........ 432
Passaic Steel (rep’ l o f accou n t’nt) 601
Pennsylvania R R .............. 470, 484, 639
Peoples’ Gas Light A Coke............. 380
Philadelphia A Erie.......................... 539
Pittsburgh B rew ing........................ 380
Pittsburgh C oal................................. 483
Pressed Steel Car.......................201, 433
Quaker Oats (bal. sheet Dec. 31).. 692
Quincy Mining.................................
692
Republic Iron A Steel (6 m os.)...... 3.30
Seaboard Air L in e .................... 476, 489
377
Southern Indiana,...........
Standard CbalD (bal. sheet Dec. 31) 433
Tenn. Coal, Iron A H R ..................... 434
U. S. Cotton Duck Corporation___ 434
United B ox B. A Pa.ibal. sh. Feb. 1) 4R4
Union Switch A S ig n a l.................... 479
United States L eather.................... 479
U.S.Sbtpbuilding (appll. to St.Ex.) 493
W estern StODe Co. (C h icago)........ 692
St r e e t R a

il w a y s

—

P a g e.

Chicago City Railw ay..................... 47->
Louisville Railw ay............................ 477

649

I m p r o v e m e n t s , E t c .— An Improvement In alignment and grade was
made In the vicinity of Black River Falls, Wls.. by the construction o f
a cut-off 5-7 miles loDg, shortening the distance 1 4 5 miles. An Im
provement was made In the track west of Blakeley along the Minne
sota River, for a distance of 2-75 miles, by changing the alignment In
two places a total distance of 1 8 0 miles. The length of wooden bridg
ing was decreased 3.855 feet. Work was oommenoed on a new freight
yard at81ouxC lty. Iowa. The grading was finished and 7-20 miles o f
track laid. The yard will be com pleted early in the year 1903. New
steel rails were laid In 92 03 miles of track, replacing rail of lighter
weight. A large amount of work was done In ballasting, e t c ., etc.
The balance to the credit of fund for Improvements Dec. 3 1 ,1 9 0 2 ,
was $685,340, as fo llo w s: Balance December 3 1 ,1 9 0 1 , $ 61 1,4 2 1;
appropriated out of net Income for 1 902, $600,000; total. $1,211,421. Deduct $526,081 for expenditures during 1902, viz.: Im prove
ments at Sioux City, Iowa. Including shops and yard, $275,605;
change of line at Blakeley, Minn., $102,756; freight house, St Paul,
$51,672; paint shop, Hudson Wls., *33,033; addition to roundhouses,St.
Paul, $20,222; com pletion boiler shop, St. Paul, $20,167; additional
tools and machinery, $22,625. Balance to oredit Deo. 31,1902, $685,340

Statistics.—The operations, earnings, expenses, charges,
etc,, were as follows :
Aver, miles o p e r ....

1902.
1,605

1901.
1,574

1900.
1,544

1999.
1,498

O p era tion s—

Passengers carried. 2,578,712
Passenger m ileage.136,076,411
Rate per pass. p .m . 2-306 ots
Freight (tons) oar’d. 5,359,509
Frelg’ t(ton8)mU’g e .849,645,417
A v.rateper ton p.m. 0 960 cts.
Av.tons fr’ t p. tr. m.
234
Av.earn p.pass tr.m
$125
Av.earn.p fr ’t tr. m.
$2 26
Gross earns, per m .
$9,420
E a r n in g s —

Passenger.................
Freight......................
Mall, express, & c...

2,200,918
116,432.512
2-318 cts.
5,073,440
823,144,727
0'961 ots.
247
$1-17
$2-37
$7,112

$

$

3,137,708
8,169.226
610,591

Total gross earn. 11,907,525

1,985,297
1,922,169
100,549,475 95.362,656
2-408 cts. 2 359 Ots.
4,707,105
4,792,950
755,737,001 789.701,170
0 971 ots.
0-977 cts.
242
237
$109
$1-02
$2-35
$2-31
$6,699
$7,001
$

$

2,698,943
7,913,796
583,665

2,421,419
7,338,749
581,832

2,249,159
7,713,047
526,609

11,196,404

10.342,000

10,488.815

E xp en ses—

Way and structures.
E quipm ent...............
Transportation.......
General......................
T a x e s ........................

1,937,312
1 ,055,517
3,832,007
225,017
433,400

1,998,237
1,070,071
3,299,069
225,469
421,424

1,896,898
*15,283
3,040,878
241,077
395,019

1,827,377
1,056,497
3,028,110
216,960
38 9,191

T o t a l..................
P.o.of op. ex.to earn.
Net earnings............

7,483,253
(62-84)
4,424,272

7,014,270
(62 65)
4,lts2,134

6,489,155
(62-75)
3,852,845

6,518,135
(02-14)
3,970,680

INCOME ACCOUNT.

1902.
Net earnings.............$4,424,272

1901.
$4,182,134

1900.
$3,852,845

1899.
$3,970,680

$109,785
1,343,097
1,715,726
COO.OOd

$110,243
1,344,478
1,715,726
500,000

$114,861
1,364,483
1,715,706
500,000

Total disburse’ts.$4,007,211 $3,768,603
Surplus o f RR. C o
$417,061
$413,526
Net from land sales.. 123,656
110,906

$3,670,447
$182,398
71,011

$3,695,050
$275,630
63,738

D isb u rsem en ts—

Rentals paid............. $111,876
Net interest on debt. 1,394,059
Dividends on stock '. 1,901,276
A pproprl’n for Imp’ s.
600,000

Total surplus....... $540,717
$524,432
$253,409
$339,368
Southern R ailw ay Company.
* On preferred 7 per cent In all the year*; on com m on, in 1899, 5
( Approximate Statement fo r half-year ended Dee. SI, 1902. J
per oenc; 1900, 5 per oent; 1901, 5 per cent; 1902, 0 per cent.
The results for the half-years ended Dec. 31, 1901 and 1902,
g e n e r a l b a l a n c e s h e e t d e c . 31.
compare as follows (1902 being approximate):
1802.
1801.
Miles (average).
7.111
6,731*
Gross earnings. .$21,320,088 $18,894,605
Operat’g expens.
and taxes ....... 14,858,454 12.879,015
Net earnings $8,303,035 $0,115,060
Other in com e....
488,142
415,319
T ot. net inc.. $6,849,777 $0,530,369

1902.
1901.
Total net income.$6.W49,777 $a,530.86P
Interest A rentals 4,208,805 3,908.310
Other deductions.
Ic7,4l9
182 312
Tot .de duct’n e$4,311,054 $*,090,622

Balance................. »2,53S,7i2 $2,439,747

Dividend on prefprrart b t n f* Ir

(2J* per c e n t )...$1,500,000 $1,500,000

The results for the half year on substantially the same
properties, in both years, compare as follows : Average
mileage, 7,111 in 1902 against 0.9l9 iD 1901, increase 2’78p.c,;
gross earnings, $21,320,089 against $19,130,805, increase 11-44
p. c.; net earniDgs, $6,363,035 against $6,130,626, increase 3 80
p. c. The increased mileage consists of the extension by
trackage rights to Jacksonville, Fia., 145 miies, and the
newly-constructed Ensley Southern Ry., 28 miles. The in
creased expenses inclnde : An increase of $505,305 (18'32p. c.)
in wages of engineers, firemeD, trainmeD, yardmen and
stationmen (dne partially to congested traffic, resulting in
overtime, etc,); an increase in cost of fnel of $255,038 (23 24
p. c.); an increase in maintenance of equipment of $675,598
(25’45 p. c.), due to the over-taxed condition of the motive
power and to increased work thereon at higher prices for
both labor and material. The number of tons carried one
mile, exclusive of company’s freight, increased 1T92 p. c.—
—V. 76, p. 332, 213.
Chicago St. P a u l Minneapolis & Omaha Railw ay.
(Report for year ending Dee. 31, 1902.J
President Marvin Hnghitt says in substance:

1902.

A tfip fft—

^

1901.
^

1900.
$

1889.
$

Road and equipm ent.. ..57,984,0] 0 56,733,621 56,245,528 55,813,079
Secur. owned & advan’ s.
8,436,861 8,365,229 7,691,411 7,088,088
Cash on hand.................. 1,139,364 1,709,117 2,268,493 1,772,908
Materials and fu e l.......... 1,259,204
662,484
594,133
767,712
8ta. ag**nts, conductors,
U. S Government, etc.
353,964
375,910
350,436
387,458
Land grant aooounts...............................................
............
580,493
Miscellaneous..................
976
1,048
............
............
Total assets...............69,173,379 67,847,409 67,150,001 65,909,738
L ia b ilities -

Common stock & scrip ..21,403,293 21,403,293 21,403,293 21,403,293
Preferred stook & s crip .12,646,833 12,646,833 12,646,>-33 12,646,833
Funded d e b t..........
26,376,853 25,831,324 25,831,324 24,811,127
Interest on bonds............
227,816
228,476
229,196
230,186
Vouchers and pay-rolls.. 1,160,231
733,043
609,016
814,926
Due other com panies___
62,13«
............
48,738
72,649
Superior 8h. Line bonds, 1,500,000 1,500,000 1,500,000 l , f 00,000
D ividen ds.........................
950,638 1,321,738 1,321,738 1,321,718
Coups, and dive, unpaid.
42,237
48,483
42,465
40,300
Taxes.................................
363,268
311,225
287,090
273,723
Equipment fund.............
25,887
23,470
36,587
98.937
Fund for Improvements.
685,340
611,421
530,048
500,000
Income aoot. RR. C o .... 2,111,779 1,694,719 1,281,194 1,098,795
Income acot. land d ept.. 1,617,040 1,493,384 1,382,478 1 097,250
Total liabilities........ 69,173,379 67,847,409 67,150,001 65,909,738
—V. 74, p.1250.

In te rn a tio n a l & Great Northern Railroad.

( For the year ending Dec. SI, 1902. J
The earnings, expenses, charges, and the balance sheets, as
given below have been compiled from official sources:

EARNINGS, EXPENSES AND CHARGES.
G e n e r a l R e s u l t s — A s compared with the previous year the passen
1901.
1902.
ger earnings increased 13-98 per oent aud the number of passengers
• 1900.
1899.
1,053
aver. 872
carried one mile Increased 16 87 percent. Freight earniDgs Increased Miles operated Deo. 31
aver. 825
aver. 825
Gross
earnings..........
$5,v
48.913
$5,148,092 $4,438,576 $4,177,808
3 01 per cent and the number o f tons carried one mile Increased 3-22
Operating expenses.. 3,864,925
3,820,654
per oent.
3,232.225
2,973,001
B onds .—The funded debt has been increased $454,528 by the Issu
Net earnings.......$1,383,989 $1,327,438 $1,206,351 $1,204,807
ance of that amount of consols on about 96 miles of line acquired from
10,092
11,956
8,157
the Minnesota & Wisconsin RR. Oo. These bonds are neld in the Other lnoome_______
4.976
treasury. Consol. 6s for $78,000 were issued in exchange for bonds of
$1,330,394 $1,214,508 $1,209,783
Total............ $1,394,080
Chicago St. Paul A Minneapolis Ry. ($51,0(10) and North Wisconsin
D ed u ct—
Ry. ($27,000).
1,011,742
P r o p r i e t a r y C o m p a n i e s .— The Chippewa Valley & North-Western Interest on bonds_ 1,127,819
952,415
952,368
101.471
85,ISO
Ry. Co. extended its line from Birohwood to Radlsson, Wls., 23-50 New equipment, etc..
141,281
148,586
130,094
111,135
68,346
miles (opened for traffic Deo. 15, 1902), and the Eau Claire Chippewa T axes.................
46,939
13,242
20,185
15,474
Falls & North-Eastern Ry. Co. com pleted a line from Chippewa Falls, M iscellaneous............
27,269
Wls., northeasterly to H olcom be, Wls., 27 70 miles (opened Deo. 15);
Total,
.$1,379,569 $1,221,249 $1,177,516 $1,175,162
also the grading and part o f the tracklaying for 9-61 miles beyond that
point.
Surplus..
$118,145
. $14,511
$36,992
$34,621

THE

650

CHRONICLE

BALANCE SHEET DEC. 31.
1902.
1901.
1902.
1901.
$
f
Liabilities—
$
$
Asset*—
R oad & equlpm ’t.. .30 ,612,190 82,934,041 Capital stock .......... 9,755,000 9,755,000
B onded debt (see
New equip, (in sus
625.854
357,590
I x v . SU PP.)........ 23,131,052 20,363,053
pense a c c t.)........
17,300
43,460 Construction liabtlCom press Co. stock
ties ........................ 2,311,750 1,366,999
Com pany’s bonds
245,962
245,862 E quip, obligations
in treasury..........
(deferred pay’ts).
625,854
357,590
SiDk. & guar. funds
16,149
16,149 Interest on b on ds.
448,990
411,468
Colo. B ridge........
2,015
61,066 V ou ch ers and pay
Cash...........................
rolls......................
669,236 625,011
Sundry
accounts
6 6 2 ,1 0 1
505,997 D ue foreign roads.
358,208
230.105
collectib le ........
327,347 Unpaid pay checks
24,904
25,680
M aterial & supplies 615,984
1,132
............
E
quipm
’t
replace
Bills receiv ab le___
m ent fu n d ............
20,277
32,268
U nadjusted p a y 
17,*10
49,722
83,370
57,517 M iscellaneous.........
m en ts........
Premium on bonds
379,247
173,584
R eal est. and real
31,992 In com e a c c o u n t... 1,206,884 1,19^,372
31,417
est. bills r e ce iv ,..
4,842
8,779
M iscellaneou s........
T ota l assets... .38.952,212 31,585,853
—V . 76, p. 480.

T ota l liabilities.38,952,212 34,585,833

Pennsylvania Company.

f R ep o rt fo r yea r ending Dee. 81, 1902.)

The results below are on all lines directly operated by the
Pennsylvania Company:
EARNINGS, EXPENSES AND CHARGES.

1902.
$
24,966,656
5,660,764
658,123
734.464
830,959
174,682

1901.
*
21,972,238
4,848,850
581.712
730,312
728,280
193,152

19,093,716
4,369,465
503,554
717,852
608,958
109,018

1899.
$
17,238,868
3,749,624
467,267
640,767
805,747
84,553

T o ta l................... 33,025,648

29,054,544

25,407,563

22,986,827

E a r n in g t —

.Freight.......................
Passengers...............
E xp ress.....................
M a lls..........................
Rents..........................
M iscella n eou s.........

1900.
$

E xp en ses—

4,371,003
Malnt. o f w ay, e tc ..
Maint. o f eq u ip .......
5,198,863
Oond’ g tran sport^ .. 12,123.044
G e n e r a l.....................
566,317
1,049,201
T axes..........................

4,480,852
4.544,086
9,784.750
531.948
970,*02

4.025,260
3,859,408
8,802.958
429,023
889,315

3,027,02?
3,497,062
8,193,236
377.600
864,286

T o t a l................... 23,308,429
N et earnings............
9,717,219
Int. and dividends,. 5,413,983

20,312.038
8,742,506
3,505,366

18,005,964
7,401,599
2,316,008

15,959,211
7,027,616
2,076,452

T o t a l................... 15,131,202

12,247,872

9,717,607

9,104,068

D e d u c t—

R entals, ...................
Interest on b on d s..
Car trust paym ’ es..
M iscel. in terest____
A dvan ces to R R s ...

6,758,004
2,103,748
231,552
135,864
118,019

6,662,777
1,482,701
161,659
214,718
41,756

6,312,680
1,073,250
127,900
1,263
82,910

5,758,574
1,073,250
26,512
3,006
95,735

T otal deduct’ s ..
Net incom e for year
A dded to “ extra ’ y

9,347,218
5.783,985

8,566,611
3,681,261

7,598,003
2,119,604

6,957,137
2,146,931

e x p . f o n d ” ..............
S in k in g f u n d s ............
3 % d iv id e n d ............

2,000,000
1.627,960
1,200,000

1,000,000
367,334
630,000

1,000,009

1,000,000

Surplus...............

4,827,960
956.025

1,997,334
1,683,927

1,000.000
1,119,604

1,000,000
1,146.931

1902.
Securities.................. .
E quipm ent.
R eal estate.................................
R eal estate in t r u s t . ............
Union Line p ro p e rty ..............
Steub. E xtension R R . lea se..
Leaeed roads, betterm en ts...
Dues in current a ccou n t.......
A d v a n c e s...................................
Station agents, etc...................
B ills receivable........................
Material on hand.....................
M iscellaneous assets.............. .
Cash with treasurer...............
Cash fo r interest on b o n d s ...
Sinking funds (leased roads).

1901.

$

99,892,165
8,002,509
1,000,861
404,587

92,377,013
3,107,383
898,891
302,943
4,935,711
C)
1,238,573
1,238,573
1,772,061
3,341,689
726,087
1,512,968
1,570,030
460,275
1,214,719
930,002
366,842
299,095
1,502,172
2,124,099
2,443,474
3,046,015
1,427,761
946,536
457,242
482,580
3,323,167
3,243,287

T o t a l........................................... 128,948,566 115,640,747

1900.
$

41,466.633
3,073,128
996,955
340,728
4,935,711
1,238,573
2.257,838
1,983,026
473,620
649,698
321,354
1,664,481
1,053,368
875,685
455,095
2,812,153
64,598,037

L ia b ilitie s —

Capital stock .................................. 40,000,000
Funded d eb t.................................... 58,018,000
C ollateral loan s................... .........
3,000,000
Lessor com panies for su pp lies..
831,831
Dues in current a cco u n t..............
3,145,572
Current expenses, leased roads.. 3,937,306
M iscellaneous liabilities..............
3,220,223
Interest on d e b t.............................
807,561
E xtraordinaty expenditure fund 8,539,219
R eserve fund, leased roads..........
2,915,422
Sinking funds..................................
3,411,071
Profit and loss................................. 6,122,360

division extending from Texarkana to the Sulphur R iver, a distance
o f 8*38 miles, reducing the m ileage on its main line thereby 7 #21
miles. The cost o f this im provem ent was $137,984.
The new grain elevator at W estw ego, opposite New Orleans, was
com pleted at a cost o f $385,231.
F in a n c ia l . —The heavy disbursem ents required during the year in
the Im provem ent and extension o f the com pan y’ s lines in Louisiana
and Texas, and in im proving the efficiency o f its equipm ent, created a
tem porary floating debt, which w ill be reduced if not entirely liqui
dated during the com in g year.
The follow in g large cash disbursem ents w ere made during the year:
For steel rails (29.504 tons) and fastenings, Including transportation,
$1,017,169; 10 new locom otives. $151,526; 22 new looom otives. p ro
portion o f cost, $11,339; 2,500 new b o x oars, proportion of cost,
$302,445; 500 new box oars, purchased in 1901, proportion o f cost,
$81,150; grain elevators at W estw ego, $112,741; sundry im prove
ments, and equipm ent built in shops, $741,433; cost o f construction
of branch lines in excess o f bonds issued therefor, $1,178,774; fire
claims fo r destruction o f cotton during 1894, $184,678.
There w ere issued and sold during the year $737,000 Louisiana
division branch lines bonds to m eet new construction. The premium
on the sale o f the Louisiana division branch lines bonds, together
with those o f the first m ortgage issued under the sinking fund, added
$72,830 to the incom e o f the com pany during the fiscal year.
M ainten an ce .—A s all items o f betterm ents and additions of a per
m anent character were charged to im provem ent fund accou n t direct,
the decrease o f $243,100 in the cost o f m aintenance o f w ay and
structures is not as large as hoped for. This is explained by the large
amount of cross-ties and other material oharged out; the heavy w ash
outs during the year and the increased cost o f labor and material.
1,295,130 cross-ties and 340 sets of switch-ties were purchased during
the year, and 463* miles o f track were ballasted .

S tatistics.— Comparative tables for a series of years of op
erations, earnings, expenses, etc., are as follows:
FREIGHT CARRIED (0008 OMITTED).
Y ea r.

T o ta l
to n s.

1 90 2........3 ,8 1 6
1 9 0 1 ... ....3 ,7 9 2
1 9 0 0 ... ....2 ,8 9 1
1899 __ ....2 ,6 0 7

L um ber.

L ite
s to c k .

006
508
400
411

G r a in ,

C o tto n .

127
110
117
110

485
589
370
422

211
192
192
107

40,000,000
50,417,000

21 ,0 0 0 ,0 0 0
24,477,000

831,831
4,526,655
2,953,208
3,571,525
777,492
2,652,903
2,859,528
1,719,747
5,330,856

83 i,832
1,423,664
2,426,471
3,660,737
512,835
1,917,252
2,812,153
3^9,775
5,176,318

T o t a l...........................................128,948,566 115,640,747
1 Included in ‘ ‘equipm ent’ ’ above.
—V. 75, p. 794.

64,598,037

Texas & Pacific Railway
( R ep ort fo r yea r ending Dee.31, 1902.)

President George J. Gould says in substance:
e s u l t s .—The year shows a deorease In gross earnings of
$533,341, or 4-53 per cent, and a decrease in the nee of $251,180, or
6*72 per cent. This deorease in earnings is due to excep tion ally p oor
crops in Texas during 1902, succeeding a previous year o f very 11oiited prod u ction © ! cereals. These conditions, coupled with unusually
heavy floods darin g the closin g months of the year, seriously in ter
rupting the m ovem ent o f crains, retarded general traffic and affected
earnings to a corresponding extent. The ou ilook for 1903, how ever,
in the opinion o f those qualified to ju d ge, is exceedin gly bright.
A d d it io n s , E xtensions —The com pany during the year purchased
2,500 new b o x c a r s and 32 heavy locom otives, and built 442 box and
coa l cars, 238 flat cars, 4 chair cars, 8 baggage and mall] and express
cars; also 4 locom otives.
The physical con dition o f the p roperty was greatly im proved by a
liberal expenditure fo r heavy steel rails and ballast to meet the re 
quirements o f its increasing business.
Fifty-nine miles were com pleted on the Louisiana branches, in clu d 
ing an extensive drawbridge over the Red R iver at Turnbull’ s Island,
costing upwards o f $350,000. The com pletion o f this bridge w ill now
enable the com pany to extend the line to a connection with the New
Orleans & N orthwestern RR. at O inoordla, which w ill com plete this
branch, and establish a train service that prom ises a lucrative traffic.
The oom pany com pleted during the year a out-off on Its Eastern

M a n u f . <&
C o a t,
m erch .

324
404
344
289

922
893
658
591

OPERATIONS AND FISCAL RESULTS.

1902.
1901.
1900.
1899.
Miles op era ted ................
1,697
1,684
1,527
1,507
O p e r a t io n —
Passengers carried......... 1,957,593 1.839,838 1.506,503 1,304.068
Passengers one m ile___111824972 101962714 85,999.435 78,892,315
Rate per pass, per m ile. 2*29 cts.
2*49 ots.
2 46 ets.
2*38 ots.
Freight (ton3) m oved ... 3,815,672 3,792.692 2,891,322 2,608.930
Freight (tons) palieage..738442848 882755519 670*17052 582534762
A v .ra te p e rto n per m ile. 1*05 cts. 0 95 cts.
1 0 3 Cts.
1*02 Cts.
A v.ton s per fr ’ t tr. m . ..
191
195
179
169
Gross earnings per mile.
$3,621
$7,203
$6,385
$5,563
T r a n s p o r t* n r e c e i p t s —
$
$
$
$
F re ig h t.............................. 7.766.914
8.396,681 6 889,302 5,744,743
P assen ger........................ 2,557,896 2,545,421 2,117,377 1,878,036
M ail....................................
270.407
270,576
265,545
265,081
E x p re ss.............................
229,240
220,190
182,689
151,033
M iscellaneous..................
412,144
337,074
316,209
261,237
T o ta l........................... 11,236,601 11,769,942

BALANCE SHEET PENNSYLVANIA COMPANY DEC. 31.
A s s e ts —

[Vol. LXXVI.

9,751,122

8,300,186

T r a n s p o r t 'n e x p e n s e s —

M alnt.of w ay & s tr a c t’ s.
1,560.617 1,803,716
Malnt. o f equipm ent----- 1,410,593 1,392,353
C onducting tra n s p o r ts .
4,423,021 4,527,553
General exp en ses...........
358,059
310,829

1,510,011 1,397,827
1,122,834
883,162
3,671,582 3,284,756
277,205
283,121

T otal (exclu d ’g taxes). 7,752,290 8,034,451 6,581,632 5,848,866
P .o . o f exp . to e a r n s .... (68 99% ) (68-26%)
(67*50%)
(70-47%)
Net earns, from op er’ n .. 3,484,311 3,735,491 3,169,490 2,451,320
INCOME ACCOUNT.

1902.
1901.
1900.
Net earnings...................................$3,484,311 $3,735,491
$3,169,490
Other receipts.................................
147,830
363.135
189,178
R e c e ip ts-

Total in com e............................... $3,632,141 $4,098,626

$3,358,668

D isb u r se m e n ts —

Interest on b on d s..........................$1,428,459 $1,393,814
Int. on 2d incom es-.......... (5 p. c ) 1,161,900 (5)1,161,900
Fire claim s (year 1 89 4)...............
163,642
............
T a x e s ..............................................
284 514
291,484
M iscellaneous.................................
37,424
............

$1,289,756
(4)929,520

Total disbursements
Surplus.............................

$2,515,869
x$ 34 2,79 9

$3,075,939 $2,847,198
x$ 5 5 6 ,2 0 2 x $ l,2 5 1 ,4 2 8

276,328
20,265

x From the accum ulated surplus was paid fo r betterm ents, eq u ip 
ment. etc , $2,207,358 in 1902, con trastin g w ith $926,356 in 1901
and $635,0*2 in 1900.
GENERAL BALANCE AT CLOSE OF EACH FISCAL TEAR.

1902.
1901.
1900.
1899.
$
$
$
$
R R . bldgs., equip., &o. ..8 4 ,98 1,59 7 82,930,611 81,626,228 80,855,337
N. O. P acific R R . s to c k .a 6 ,7 12,900 a 6 ,7 l2 ,5 0 0 6,712,500 6.712.500
Securities ow n ed ............ 2,024,923 2,066.190 3,000,762 2,398,035
Bonds in escrow ..............
(c)
3,074,000 3,178,000 3,316,000
E levator p rop erty..........
480,390
393,937
95,159
95,159
New equipm ent................ 2,063,513
180,894
192,384
....
G ordon co a l m in e ..........
141,440
141,440
141,414
138,734
M aterials, fuel, e t c .........
615,694
564,897
347,740
337,222
Cash on h an d...................
250,237 2,055,900 1,056,127
731,420
A ccounts collectible....... 1,250,569
1,145,648
870,450
605,251
Land notes re ce iv a b le ...
36,910
39,153
38,436
37,987
M iscellaneous...................
144,117
106,815
30,000
253,650
A ssets

General R

Total assets................98,602,292 99,411,985 97,289.401 95,481,295
L ia b ilitie s—

Capital s to ck ...................38,760.510 38,760,110 38.720,280 3^,720,280
Bonds, e t c .......................b53,288,883 55,630,296 54,441,826 53,801,426
E quiom ent obligations.. 2,173,407
290,788
371,938
Vouohers and pay-rolls.
946,214
931,377
741,608
680,434
Int. due and acora ed ___
294,552
292,848
255,959
246,302
Bills p a y a b le................... 1,200,000
...................................
Other accou n ts................
369,441
286,127
94,808
132,149
Incom e a ccou n ts............ 1,569,284 3,220,440 2,662,982 1,900,704
Total liabilities.......... 98,602,292 99,411,985 97,289,401 95,431,295
(a) This item is not an available asset, but is held sim ply to protect
certain rights and franchises appertaining to the line In Louisiana.
(b) Includes Interest scrip, incom e and land grant bonds, $14 6,9 7 2;
a stock liability only,
(c) The first m ortgage 5s, w hich in previous years w ere carried in
this item and also on the other side o f the account, being reserved to
retire the Eastern D ivision bonds, n o longer appear on the balanoe
sheet, though they are o f course still in escrow fo r the purpose named
- V . 76, p. 436, 383.

THE

March 21, 1903.]

CHRONICLE

Alaska Packers’ Association.
( Balance Sheet Dec. SI, 1902.)
Assets—

1902.

1901.

$

%

Canneries and fish
ing stations............. 4,253.203 3,286,775
Floating property....1,084,000 913,000
In ven tories................1,354,(58 821,910
Unexpired insurance
0,473
9.978
Bills receivable........ 811,110 923,653
Cash.............................
36,868
32,202
Total. ...................7,025,307 5,980,681

1902.
1901.
L ia bilitiesf
*
Capital stock .............3,120.000 3,120,000
Current lr debt’dneSBl,507,209 880,607
Dividend accou n t__ 576,000 576,000
Insurance fund
676,205 558,242
Contingent fu n d .... 1,086,774 1,001,836

T ota l..................... 7,025,307 6,960,684

Par value of shares, $100; paid iD, $65; divider d $1 on 12th
of each month. Directors for 1903:
H enry F. Fortmann, President; Chas. Hlrscli and D. Drysdale, Vice
Presidents; W. B. Bradford. Isaao Llebes, G. Nlebaum, Francis
Cutting, E. B. Pond and G. W. Hume.

C. W. Dorr is Secretary.

Office, San Francisco.—V. 75,

p . 734.

American Iron & Steel Manufacturing Company.
( R ep ort fo r the year ended Dec. 31, 1902.)
Notwithstanding the Interruption to our work In the rolling mill
departments for nearly six months ending Oot. 20th last by an un
reasoning strike o f workmen, and the further embarrassment caused
by our extensive building operations, our business for the year as a
whole has been quite satisfactory. In addition to crediting *500.000
to reserved fund aocount to offset depredation of building and machin
ery from date of organization to January first last, and paying the
dividends which have been distributed during the year, we have sub
stantially Increased the Item of undivided profits. The extensive
Improvements to our Lebanon plants begun more than a year ago
have been oom pleted, and our present facilities in the forging and
threading departments are very satisfactory In all respects. It is the
purpose o f the management at a later period when convenient to
add a new machine shop and foundry, and to Improve the physical
condition o f the puddling and rolling mill departments o f the works
at Lebanon, with the view o f bringing the entire plant up to the
highest state o f efficiency.
BALANCE 8HEET DEC. 31.
1902.
1901.
Assets—
$
$
Liabilities—
J
§
Plant and equipm’t.4,810.590 3,597,847 Preferred stock .......3/00,000 8 ,0 0 '',000
Supplies (at c o s t)... 1,648,379 1,209,840 Common sto ck ----x l . 700,000x1.700,000
Cash............................ 188,902 104,169 Current liabilities...1,281,66i 0OO.:-i23
A ccou n ts receivable 636,745 512,786 Undivided profits. . 205,257 134,3is
M iscellaneous...........
62,240 ............ Reserve f u n d .......... 5C0/00 ..........
T otal........................ 0,740 921 5,484,641

x Issue is $17,000,000,10 per cen t paid.—V . 75, p. 932.

American Radiator Co.
( R eport fo r the year ending Jun. 31, 1903 )

President C. M. Woolley says in part:
Unprecedented prosperity characterized the operations o f our oompany for the fiscal year ending Jan 3 1,1 90 3 . Notwithstanding the
Increased oost o l materials, great aotlvl y prevailed In building opera
tions, which proved a potent faotor for Increasing the volume of our
business. The general pnbllo is rapidly learning the sanitary advant
age and the fuel econom y of modern heating methods, which con 
stantly develops an expanding demand for our produot In connection
with old as well as new buildings. Decisive progress has been made
during the past year In bringing the various departments of our
organization into closer co operative relationship.
W e have oarrled to com pletion several im portant projects, which
will greatly inorease our manufacturing oapaclty. A large plant has
been built and equipped at Buffalo, N. Y. It will offer abundant p ro
vision for the increasing demand for our scientifically constructed
boilers for steam and hot water heating. The enlargement of our
factoro In France to Include the production o f house-heating boilers,
as well as radiators, will enable ns adequately to provide for the
rapidly developing industry In that country. The com pletion of a
large and modern radiator and boiler plant in Germany, which is
already In partial operation, w ill enable us more advantageously to
supply the growing demands of that and other continental countries.

The net profits and dividends follow:
1902-03.
1901-02.
1900-01.
1899-00.
Net profits..........
$701,094
$627,614
$527,998
$B57,162
L e ss: Dlv. paid
on pref. stock.(4% )210,000 (7%)210,000 (7%)210,0C0 (5i4%)157,500
B alance ........

$491,094
$417,614
$317,198
BALANCE SHEET OF JAN. 31.

It Is recommended tnat a further Increase De made In the capaolty
o f our different works, for the purp ose of promoting the long-span
system of construction, the patents upon which are owned and con 
trolled by your company. The demand for its patented bin tiles
extensively used for grain elevators Is so large that we cannot accept
all orders offering. 81do « our last report we h a v e purchased the
patent rights for the manufacture of ornamental h o llo w building
blocks east o f the Missouri River. Our patented conduit business
continues to be all that was anticipated.
A large o r d e r has been closed for St. Petersburg, d e liv e r y to com 
mence during the com ing season, and the anticipations are for a large
and profitable business in Antwerp. Brussels, London and Liverpool.
In order to supply this business advantageously. It Is earnestly recom 
mended that an entirely new plant be built on the Raritan River. It
may also be deemed advisable In the near future to build a plant In
the Olty o f M exico for the manufacture of clay wares.
N e w St o c k . —To provide for enlargements, improvements, etc., an
Inorease of $2,000,000 preferred stock and $1,000,000 com m on stock
Is recommended, to be allotted as olrcumstanoeB may require. The
outlook Is exceedingly bright. In addition your com pany will derive
benefit from several plants, which until July 1st of last year it did
not own.

The statement of earnings for the year and the balance
sheet of Deo. 31 follow:
Net earnings from all sources..................................................... $1,126,968
Dividends (5 p. e. on oommon and 7 p. o. on p ref.)...............
554,784

President J. H. Sternbergh says:

T o t a l....................... 0,746,921 5,484,041

651

$499,662

1903.
1002.
Assets—
$
f
Plants pat,ts,etc.x7,353,903 x 0 ,874,174
Cash......................... 216,792
2it 439
Notes receivable..
16,011
25,073
Stocks (fcsecurlt’s......................................
Accounts r e c e iv .. 1,449,128 1,286,059
Supplies................. 1,055,264
944,318

1903.
1P02.
Liabilities—
$
$
Stock, preferred.... 8,000,000 3,000,000
Stock, commoD....... 4,893,000 4,893,000
A ccounts and bills
payable..................
470,778 211,789
Balance.................... 1,726,309 1,239,2?!

Total assets....10,090,147 9.340,063

Total llabillties.10,090,147 9,340,063

Balance to surplus..........................................................
BALANCE SHEET DECEMBER 31, 1902.
L ia b ilitie s .—

A ssets.—

Plants, real estate,
properties & equip
ment, including Im
provements .............. $13,226,402
Stocks and bonds of
89,367
other com panies___
Aorounts and bills re 
ceiva ble....................
1,328,306
Cash..............................
445,730
Supplies........................
203,599
T o t a l..........
- V . 76, p. 482.

$15,293,404

National Fire-Proollug Company.
( R eport f o r the year ended Dec. 31, 1902.)

President D. F. Henry says in substance :
Output .—The com pany oontrols 29 works adjacent to important
oltles and markets from Boston to Chloaeo. During the year 1909
the production was approximately 750,000 tons. During 1903 it Is
the intention to Inorease this to 1,000,000 tons. The capaolty In 1890
was only 6.0C0 tons and in 1900 only 274.000 tons.
I m p r o v e m e n t s , A d d i t i o n s , E t c .—The oompany has been greatly
strengthened by replacing, enlarging and im proving the majority of
the works under its control, as well as by increasing its shipping and
teaming facilities. In doing this it has established a reputation for
prompt deliveries, which Is an essential faotor in the building business
of to-day. In order prom ptly to supply Its customers in New York
Olty and vloinity, several additional barges were purobased, and now
It Is deemed advisable to purchase a steam tug.
Your officers would reoommend that an eleotrloal power plant be
established adjacent to our three present works located along the
Raritan River, aud that the company purchase Its own railroad cars
and additional barges; also additional teams and wagous, to be
placed in every olty where it has offloes. The oompany has sufficient
ooal lands In Ohio aud Indiana to supply the fuel requirements o f its
Western works, and it Is recommended that such property be pur
chased east of the Ohio River for the p u rp osoof supplying the Eastern
works, their annual consumption being approximately 100,000 tons
of ooal.

Preferred stock.......... $ 8 ,0 0 0 ,0 0 0
O im m on sto ck ............ 4,500,000
44,469
M ortgage......................
Mtgs & notes o f under
251,700
lying cos. guarant’d
Pref. dividend, paya
ble Jan. 2 5 ,1 9 0 3 ....
139,658
30,706
Com. dividends aocr’ d
491,115
Aocta & bills payable.
1,835,756
Surplus.........................
Total

$15,293,404

Otis Elevator Co.
( R eport for the fiscal year ended Dec, 31,190 2.)

President W. D. Baldwin says in substance:
G e n e r a l R e s u l t s .—T he v o lu m e o f b u sin e s s h as v e r y m a te r ia lly In
c re a s e d o v e r p r e v io u s y e a r s, ju s t ify in g th e la r g e e x p e n d itu r e s d u r in g
th e p a s t th ree y e a r s f o r in c r e a s in g an d Im p r o v in g p la n ts , all o f w h lo h
e x p e n d itu r e s , o th e r th an th o s e m a d e f o r th e p u r c h a s e o f r e a l e s ta te
an d th e e r e c t io n o f n e w b u ild in g s , h a v e b e e n c h a r g e d to o p e r a t in g e x 
pen ses.

In September, 1902, your directors recommended that the preferred
stcck tie increased from $1,500,000 to $S,5C0.000, and that about
$1,000,000 of such Increase be sold; the balance to remain in the
treasury. Authority was voted for such Inorease, and on Oct. 1st
9,895 shares were Issued for cash. With the proceeds the com pany
was able to take up all outstanding notes (except the 4 p. c. gold
notes) and to pay all current liabilities then due. Of the 4 p. o. cold
notes, $150,000 maturing Deo. 31, 1902, practically all were antici
pated arid paid before they became due.
D i v i d e n d s .—T he c a sh r e c e iv e d fr o m th e sa le o f th e p r e fe r r e d s t o c k
b a s fu rn is h e d a d d itio n a l w o r k in g o a p lta l to a n e x te n t th a t m a d e It
p r u d e n t to d e c la r e fr o m th e e a r n in g s o f th e year 1902 a d iv id e n d o f
2 p. o. u p o n th e o o m m o n s to ck .

While the volume of business for the year 1902 has been extraor
dinarily large, your directors believe that the prospects for the cu r
rent year are very promising.

Statistics.— Earnings, expenses, charges, etc., have been :
1902.
Net earnings, after all oharges, repairs and re
newals ...................................................................... $978,410
Preferred dividends (6 p. o.)...................................
284,829
Common dividends (2 p. o.)................................ ..
127,006

1901.
$842,096
267,538

Total dividends....................................................
B alan ce............... .................................................... .
D ep red ation .......................................... ....................

$411,835
566.575
266.575

$267,533
574.558
274.558

Surplus...................................................................
Previous surplus ......................................................

$300,000
700,000

$300,000
400,000

Total surplus....................................................... $1,000,000

$700,000

OENEBAL BALANCE SHEET
A ssets—

Plant acoount...............
C a sh ............................... .
Bills receivable..............
Accounts receivable___
Inventories....................
T otals........................

DEC. 31.

1902.
1901.
$10,245,441 $10,520,891
575,945
104,833
75,740
65,957
, 2,498,442
1,827,509
1,149,251
1,150,893
$14,544,818

$13,670,088

Oapltal (preferred).......
Capital (com m on)........
Gold notes (4 per oent)
Accounts payable_____
Bills payable...................
Preferred dividends__
Oommon dividends___
Surplus............................

$5,489,500
6,350,300

$4,499,800
6,350,300
1,250,000
452,492
350,000
67,495

1 ,0 0 0 ,0 0 0

700,000

Totals........................
- V . 76, p. 597.

$14,544,818

$13,670,088

L ia b ilitie s —

x A fter dednotlng $100,000 (also same amount in 1899-00, 1900-01
and 1901-02) for d ep red a tion .- V. 76, p. 544.

$572,184

1 ,1 0 0 ,0 0 0

395,670
82.342
127,C06

Railway Steel Spring Company.
( Statem ent at the close o f business Dec. 31, 1902.)

President J. E. French says that the following shows “ the
result of the operations of the steel-tired wheel department,
the spring department and the rolling mills for the first ten
months of the company’s business. Hereafter the business
year will conform to the calendar year.”
BALANCE SHEET
A s s e ts —

Plants............................$24,166,397
Merchandise on hand
1,282,824
Stocks and bonds.......
200,085
Aooonnts receivable..
2,156,099
Other Items.................
18,625
Cash.................
435,189

DEC. 31, 1902.
L ia b ilities—

Preferred shares.$ 13,500,000
Oommon shares. 13,500,COO
Accounts payable___
256,846
Reserved for preferred
dividend, taxes, etc.
88,580
Surplus..............
903,788

Total assets.......... $28,249,214
Total lia b ilitie s...$28,249,214
Compare V. 74, p. 984,1041; V. 75, p. 1208.

THE

652

CHRONICLE.

[Vol. LXXVl.

ment; $73,462 for real estate and buildings, and $671,423 for e x 
change aerial con struction. The m oney so expended was supplied by
this com pany.
( R ep ort fo r the yea r ending Nov. SO, 1902.J
The first four properties are n ow , generally speaking, in good co n 
The report of President J. C. Maben for the fiscal year dition.
In a com pa ra tively short time nearly every exchange with
endiEg Nov. 30, 1902, will be fonnd at length on pages 659 I , 000 or m ore subscribers w ill be equipped with apparatus of the
m ost m odern type. Thousands o f grounded lines have been trans
and 660. Below are comparative figures:
form ed to m etallic circuits; new toll lines have been built and new
EABNINGS. EXPENSES AND CHARGES.
exchanges established where developm ent required such work. Many
1900.
1901.
1902.
Independent com panies have found it for their interest to becom e
part o f our system and have becom e associated with our com panies
Profits on p ig iron, after d e
by contract.
duct. for dep’ n l*5o. per ton
At the end o f the year the total num ber o f subscribers* stations In
on red ore, 3o. on brow n ore
said four com panies was 111,036, in addition to those under euband 25c. on Iron for extra ’y
$742,852 llcen8e con tract, w hich num bered 25,753; a gain of 19,732 and
$932,492
$311,407
II,
315, respectively. In view o f all the conditions their business has
Profits on coal after deducting
17. ,719 been satisfactory, and from their net earnings dividends were paid, of
147,340
151,445
3c. per ton for dep’n on coal.
83,163 whioh the W estern Telephone & Telegraph Co. has received as Its
92,201
59,382
Profits on c o k e ...........................
proportion the sum o f $850,587.
17.556
21,598
P rop ort’ n earn. N. Ala. F. Oo.
1,359
M i c h i g a n T e l e p h o n e C o . - The sit uation of the Michigan Telephone
56,448
35,597
Ore and dolom ite sales............
2,472 Co., o f w hich com pan y the W estern Telephone <fc Telegraph Co. is a
3,362
4,131
R oyalties, e t c ...............................
140,789 creditor to the exten t of m ore than $1.7ou,000. as w ell as principal
136,368
169,888
R ents, stores and m lscel..........
34,313 stockholder, is far from satisfactory. When this com pan y cam e into
14,003
Interest and exch an ge............
con trol it found that com pany with a bonded debt o f $3,000,000, In
$1,178,666 addition to $594,000 bonds of the D etroit Telephone Co. w hich the
$729,120
$1,424,100
$*0,353 M ichigan com pan y had assumed. A fter m aking reasonable a llow 
$55,902
$33,001
D educt— Gen’i exp . acoonnt...
27,888 ance for m aintenance the net earnings of the Michigan com pany were
29,806
29,676
Taxes and licen ses..
insufficient to meet even the Interest on Us bonds, not to speak o f the
$1,100,424 interest on its floating debt:, whioh on Dec. 6 1, 1931, was $2,097,318,
$666,443
$1,338,391
_____ ___
$202,575 and on Deo. 31, 1902, $ z ,393.986
$210,000
$203,813
The property was In bad con dition and in m any cases the rates
D ividends paid on p r e f.......... (7% )4b9,000 (7% )469,000 ( ^ % )3 5 1 ,7 5 0
were far below the point at whtoh business cou ld be done e x c e p t at a
lose. The com peting com panies, taking advantage o f the weakness
Surplus for y ea r..................
$659,391
d f.$6,369
$546,099
o f the Michigan com pany, were operating seriously to its disadvan 
Surplus N ov. 3 0 .......................... $1,199,122
$539,730
$546,099
tage. A very large am ount of m oney was required to put the p rop 
BALANCE SHEET NOV. 30, 1902.
erty into proper shape and fo r the extensions Im m ediately n eces
1901.
1902.
sary. The com paratively small am ount o f m oney over the operating
1902.
1901.
Liabilities—
$
*
Resources—
t
f
expenses was altogether insufficient for proper renew als and other
P roperty accou n t. 1 ,552," 62 17,608,033 P referred s to c k ... 6,700,000 *."00,000 im m ediate necessities. The com pany was clearly unable to pay the
............ Com m on sto ck ....... 7.500,000 7,500.000 interest on its bonds and on July *, 190 2. there was default in the p ay
311,995
8tocks and bonds.
Sloss Iron & Steel
Sup. raw and fin
ment of such interest. In consequence foreclosu re proceedings have
003
Co. 0s...................... 2,000,000 2.000.
171,102
314,337
ished materials
been brought b y the bondholders. In whioh suit the Union Trust Co.
Sloss Iron & Steel
Stock in com pany’s
000
108,233
Co 4H%;bds.. m * . 2,000/ 00 2.000.
s t o r e s ........ ...........
166.683
o f D etroit has recently been appointed receiver.
164.397
50,900
262,782 Bills pa ya b le..........
Treasu ry securit’s. V69.701
During the year 1902 there was som e inorease In the gross reven u e
*97,496 o f the M ichigan com pany, but a decrease in the num ber o f its e x 
Current accou n ts..
627.514
Cash. Dills and a c 
71,300
94 214
cou n ts r e ce iv ’e . . 1,547,799 1,046,805 Pay rolls....... — .
539,733 change stations; the com pan y having succeeded in dropping a num
8,i 78 Profit and lo s s ... . 1,199,122
Ins. and ta xes. ..
14,289
ber of subscribers at rates too low to be rem unerative and in raising
E x tr ’y repair and
its rates to a slight exten t at som e points w here the business had been
64,655
ren’ewal a ccou n t.
147,720
form erly operated at a loss.
T o t a l................. 20,071,749 19,472,923
T o ta l..................20,071,749 19,472,923
While a reorganization is im peratively necessary, the efforts h ere
-Y . 76, p. 598.
tofore made in that direction have p roved unsuccessful. The con d i
tion o f the Michigan com pany was known at the time o f the o rg a n i
Texas Pacific Land Trust.
zation o f the W estern Telephone & Telegraph Co., and its affairs are
in no w orse condition than was expected.
( R ep ort f o r the yea r ending D ec. 31 , 1902.)
Com petitio n .—There is a oertain am ount o f com petition in the ter
The report says in part:
ritory o f each o f you r sub-com panies. W hile this elem ent of the
As shown in detail (in tlie report) 29,859 acres o f land [none of situation is disturbing, chiefly because o f the ch aracter o f The co m 
w hich were is E l Paso County] were sold during the yea r for $77,194, petition, whioh seems fo r the most part unreasonable a n d unbusiness
or an average of $2 58*2 per acre, o f w hich am ount 66 p o. w as paid like, It Is the opinion o f you r directors that if your sub-com panies are
in cash and 33 p. o. in notes bearing 6 p. c. interest and secured by properly managed and developed, their p rosp erity is not likely to be
purchase m oney m ortgage. A lso 27 tow n lots w ere sold for $1,165, seriously im paired by suoh com petition.
or an average o f $13 per lot. A verage price per acre obtained in r e 
See also statistics in item headed American (Bell) Telep.
cent yeare: 1899, $2 02; 1900, $2 37; 1901, $2 50; 1902, $2 5 8 ^ .
&
Telegraph Co. on page 596 of last week’s Chronicle.
D uring the year 1899, 73 p. o. of the lands w ere under lease [for
T heW . (B.) T. & T. Co.’s statement of earnings and ex
graziog p u r p o se s !; In 1900. 78 p. o.; in 1901, 82*3 p. o.; while at the
present tim e 84 #5’3 p. c. (2,620,822 acres) are under lease. The a v e r  penses, and the balance sheet, follow:
age rental per acre in 1899 was 2*86 cents; in 1900, 2 95 cen ts, in
EARNINGS AND EXPENSES FOR YEAR ENDING JAN. 31, 1903.
1901, 2*99 cents; in 1902, 3*147 cents.
E a r n in g s—
and ta x e s ............ $519,344
The receipts from all sources and expenditures for the year Interest............................ $153,623I Interest
G ece ra l e x p e n se s ............................. 24,53
were as follows:
D iv id e n d s................................
850,587 I D e p re cia tio n ..............x 8 6 ,4 7 9
R e c e ip ts 1902,
1901.
1900.
T otal..................
$1,304,210 !
T otal.............................. $630,360
Cash beginning o f yea r............................
$7,137
$10,791
$13,504
R en tal o f grazing lan ds..........................
82,478
77,348
73,481 N et re v e n u e ......................................................................... .................. $673,849
Sales o f land and lo ts .............................
52,114
103,216
56,652 Dividends declared (including No. 2, payable Feb. 2, 1903) .. 640,000
B ills receivab le.......................................... 34,065
27,519
24,361
M iscellaneous.............................................
1,983
3,414
340
Balance, su rp lu s..............................- ............................................ $33,949

Sloss-Sheflleld Steel & Iron Company.

Total

..............................................$177,777

E x p e n d it u r e s —

G eneral expenses (Texas office)......... $11,681
C om m issions paid looal agents ............
5,664
T a x e s ........................................................... 25,143
M iscellaneous exp en ses...............
12,644
Cost o f prop. ctfs. o f T. F. L. Tr. p orch,
in opeD m arket at av. o f $15 04 4- In
1 9 (0 , $32 61 + in 1901 and $39 47
+ in 1902 ................................................. 118,419
Cash on hand .............................................
4,226
Total

$177,777

$222,289

$108,339

$11,878
7,905
24,446
7,849

$12,144
6,252
24,614
9,234

163,074
7,137

105,303
10,791

$222,289

$168,339

ASSETS AND LIABILITIES DEC. 31, 1902.
A s s e ts -

2,940,819 a oresof land situate in 38 counties, viz : 1,114,952
acres in El Paso Co., 308,358 acres in R eeves Co., 165,151
in P r e s id o Co., 176,833 in Glasscock C o., 198,694 in
E ctor Co., 155,115 In Jeff Davis Co , 153,164 in M idland
Co., 124,063 in Pecos Co.; rem ainder scattering.
T ow n lo :s In M ineral Wells, Iatan, Big Springs and Van
H orn.
159,320 acres o f land received from canceled sales. In 15
different counties, including 56,320 in D aw son Co., 45,160 in Midland Co., 29,200 in Martin Co , etc.
Old con tra ct obligations (faoe v a lu e)..........................................
B ills receivable (face value) taken fo r deferred paym ents
on sales.............................................................................................
Cash.......................................................................................................

A s s e ts —

L i a b ili t ie s —

Stocks, bonds & notes
acquired at org a n i
zation....... ................$36,347,573
P rop ’ ty since acquired
219,910
B ills and aeo’ ts reoeiv. 2,330,616
Supplies........................
48,422
ash and deposits . . . .
3,548,157
O rgani’ tlon expenses.
54,006

Com m on sto o k .............$16,000,000
P referred stook ........... 16,000,000
Surplus..........................
33,849
B o n d s ............................
9,835,966
Res. for retiring bonds
o f E rie T. <fc T. C o ..
164,034
Res., includ. depreo’ n.
17*,050
‘ B ills & a co ts.p a y ’ble,
342,780

T o t a l...................... $42,548,684

T o t a l .......................$42,548,684

* Of this am ount, $320,000 is fo r the dividend payable Feb. 2 ,1 9 0 3 .
—V, 76, p. 385.

GENERAL IN V ESTM E N T

NEWS.

R A IL R O A D S . IN C L U D IN G S T R E E T ROADS.
$1,706
$139,592
$4,226

L ia b ilitie s —

P roprietary certificates o f the Texas Paolfio land trust o u t
standing, including $208,534 held in escrow by the Farm 
ers’ Loan Trust Oo...................................................................... $8,343,055
N o t e .— The $208,534 proprietary certificates in escrow are held t o
take up the rem aining Eastern D ivision land securities issued by the
T exas <fe Paoiflo Railw ay C o., and outstanding as follow s: incom e and
land grant bonds, $5,000; do interest scrip, $138,802; fra ction a l bond
and other bond scrip, $5,044.—V . 74, p. 1256.

Western (B e ll) Telephone & Telegraph Company.
fR e p o r t f o r the yea r ending Jan. 31, 1903.J

President Frederick P. Fish says in substance:
P r o f i t a b l e C o m p a n i e s . —Oar earning p rop erty con sists
chiefly in a con trollin g Interest in the capital stock o f the N orthw est
ern Telephon e E xchange Co., the Cleveland Telephone Oo.. the Wis
con sin Telephone Co., the Southwestern Telegraph & Telephone Oo.
and th e M ichigan Telephone Co. D uring the past year the four c o m 
panies first nam ed have exp en ded In im provem ents and d ev elop 
m ent $2,203,193, o f whioh $282,086 was for underground w o rk ;
$ 62 9,0 44 fo r toll lines; $547,178 lo r sw itchboards and other equipF our

x Includes “ $70,621 interest not colleotible.”
b a l a n c e s h e e t j a n . 31, 1903.

Albany & Northern R y .—L isted in B a ltim o re.— The
Baltimore Stock Exchange has listed §350,000 first mortgage
5 p. o. non-preference gold bonds—V. 75, p. 610.
Atchison Topeka & Santa Fe R y.—P u rch a se.— See Eel
River <fe Eureka RR. below.
New Offices.—The company will open its new offices in the
Hanover Bank Building, this city, on Monday next.— V. 76,
p. 211.
B irm in g h am (A la .) R a ilw a y L ig h t & Pow er Co.— New
S tock .—The proposed increase of the capital stock from $5,000,000 to $6,500,000, referred to last week, will probably be
effected by raising the common stock from $3,500,000 to $5,0u0,000. The proceeds will be used for improvements and
additions.—V. 76, p. 593.
Boston Elevated R y.— See West End Street Ry. below —
Y. 76, p. 381, 265.
Brooklyn R apid T ra n s it Co .— P ow er H ou ses.— The com
pany has acquired land adjoining its eastern station power
house on Kent Avenue, fronting on the water, on which it
proposed to construct the next large power house, with an
timate capacity of 100,000 h. p. It has also purchased th9

March 21, 1903.]

THB

C H R O N IC L E .

b lo c k a d join in g : its n e w T h ir d A v e n n e p o w e r h o u s e , e x t e n d 
in g fr o m G o w a n u s C a n a l t o T h ir d S t., c o n s is t in g o f a b o a t
140,000 sq u a re fe e t , t o be u s e d p r in c ip a lly fo r a s u p p le m e n t
a r y c o a l s to r a g e p la n t. B o th p u rch a se s a re w ith r e fe r e n c e to
fu r th e r r e q u ir e m e n ts . T h e T h ir d A v e n u e p o w e r h ou se, w h e n
c o m p le te d , a n d th e a d d itio n a l 4,000 h. p. u n it ju s t in sta lle d
in th e K e n t A v e n u e p o w e r h o u s e w ill fu r n is h a ll th e p o w e r
r e q u ir e d b y th e c o m p a n y f o r so m e tim e t o c o m e .— V . 76, p,
38(1, 265.
C a m d e n I n t e r -S t a t e R y .— N ew S to c k .— T h e a u th o r iz e d
c a p it a l s t o c k h as b e e n in c r e a s e d fr o m $1,000,000 to $2,000,000.
- V . 75, p. 28.
C a n a d ia n N o r t h e r n R y .— S ee G r e a t N o r t h e r n R y . o f C a n 
a d a b e lo w .— V . 76, p. 541, 265.
C e n t r a l R a i l r o a d o f I n d i a n a .— S u cc e s s o r .— T h is c o m p a n y
has been in c o r p o r a te d w it h $120,000 a u th o r iz e d c a p it a l s to o k
b y c ff ic e r s 'o f th e C le v e la n d C in c in n a ti C h ic a g o & S t. L o u is
R y . » n d P e n n s y lv a n ia R R . sy ste m s, t o s u c c e e d t o th e p r o p 
e r ty o f th e C h ic a g o & S o u th e a s te rn , r e c e n tly fo r e c lo s e d .— V .
76, p. 479.
C h ic a g o B u r l i n g t o n & Q n in c y R R .— P u r c h a s e .— See I o w a
& Sc. L o u is R y . b e lo w .— V . 76, p. 265.
C h ic a g o S t. P a u l M in n e a p o li s Sc O m a h a R y .— A p p lic a t io n
to L i s t .— T h e N e w Y o r k S t o c k E x c h a n g e h as b een r e q u e s te d
t o lis t $2,000,000 c o n s o ls o f 1930, in te re st r e d u c e d t o
p . c.
S ee r e p o r t o n p a g e 649.— V . 74, p. 1250.
C h ic a g o & S o u t h e a s t e r n R y .— S ee C e n tra l R R . o f In d ia n a
a b o v e .— V. 76, p. 479.
C in c in n a t i D a y t o n Sc T o l e d o T r a c t i o n C o . — P u r c h a s e .—
S ee D a y t o n & T r o y E le c t r ic R y . b e lo w .
A m a lg a m a tio n .— P la n s, it is u n d e r s to o d , a re taking definite
sh a p e f o r th e u n io n o f th e lin es w h ic h w ill fo r m th e ToledoC in c in n a ti lin e , v iz . th e C . D. & T., th e D a y to n & T r o y , th e
W e s te r n O h io a n d T o le d o F o s to r ia & F in d la y R y . [o r p o s 
s ib ly th e T o le d o B o w lin g G r e e n & S ou th e rn Traction Co.]
T h e p la n , it is b e lie v e d , is t o lea se th e v a r io u s p r o p e r tie s to
th e C in c in n a ti T e r m in a l T r a c t io n C o. o r p o s s ib ly to th e Cin
c in n a ti D a y to n & T o le d o T r a c t io n C o .— V . 75, p. 1398.
C in c in n a t i & M u s k in g u m T a l l e y R R .— G u a r a n te e d B o n d s
O ffe r e d .— F is k & R o b in s o n o f th is c i t y a n d B o s to n a re o f f e r 
in g ro u n d b lo c k s o f th e first m o r t g a g e b o n d s o f th is c o m p a n y
an d th e W h e e lin g T e r m in a l R y . a n d th e first c o n s o l. 4s o f
th e C le v e la n d A k r o n & C o lu m b u s R y . A ll th ese b o n d s are
g u a r a n te e d , p r in c ip a l a n d in te r e s t, b y th e P e n n s y lv a n ia C o .,
b y e n d o r s e m e n t o n e a c h b o n d in p r e c is e ly tn e fo l lo w in g
w o r d s , e v en as t o d a te :
For a valuable consideration the Pennsylvania Company hereby
guarantees to the lawful holder hereof the due and punctual pay
ment by t h e ---------------------- ------------------------Company, of the Interest
upon the within bond, In gold coin of the United States o f Amerloa,
upon the surrender o f the proper ooupons as the same shall from
time to time become due, and also the payment of the prlnolpal o f the
within bond In like gold coin at maturity thereof. In witness whereof
the said Pennsylvania Company has hereunto affixed Its oorporate
seal, and caused the same to be attested by Its Vice-President and As
sistant Secretary, the 15th day o f Deoember, 1902.—V. 72, p. 9 » 4 .
C le v e la n d A k r o n & C o lu m b u s R y .— B o n d s O ffe r e d .— S ee
C in c in n a ti & M u s k in g u m V a lle y R R , a b o v e .— V . 76, p . 435.
C le v e la n d C in c in n a t i C h ic a g o & S t. L o u i s R y — A p p l ic a 
tio n to L is t .— T h e N e w Y o r k S t o c k E x c h a n g e has b e e a r e 
q u e s te d t o lis t $2,007,000 a d d itio n a l g e n e r a l m o r t g a g e 4 p. c.
b o n d s o f 1993.— V . 76, p . 479.
C o ln m b n s B u c k e y e L a k e & N e w a r k T r a c t i o n C o .— B o n d s
O ffered .— A d a m s & C o. a n d E . H. R o llin s & S on s, b o th
o i B o s to n , h a v in g p la c e d o v e r $600,000 o f th is c o m p a n y ’s
p re se n t issu e o f $1,125,000 first m o r t g a g e 5 p. c . g o ld b on d s
o f N o v ., 1921 ($1,500,000 a u t h o r iz e d ), o ff e r th e u n s o ld b a la n c e
o f a b o u t $500,000 a t p a r a n d in te r e s t.— V . 75, p. 1354.
D a lla s ( T e x . ) T e r m i n a l R a i l w a y Sc U n io n D e p o t C o.—
T h e sh a re h o ld e rs v o te d o n M a r c h 9 t o issu e $2,000,000 b on d s.
C o m p a r e V . 76, p. 157.
D a y t o n S p r i n g f i e l d Sc U r b a n a E l e c t r i c R y .— S to ck .—
T h e sh a r e h o ld e r s h a v e v o t e d to c o n v e r t $1.000,000 o f th e
$1,500,000 c a p it a l s t o c k , $ fo r $, in to o n m n la t iv e p r e fe r r e d
sh a res, e n tit le d to d iv id e n d s a t th e ra te o f 5 p. c . p e r a n n u m
fo r t w o y e a r s ; th e r e a ft e r 6 p.
E x t e n s io n .— K e n to n & S o u th e r n (E le c t r ic ) R y . b e l o w .— V .
76, p. 212, 157.
D a y t o n Sc T r o y E l e c t r i c R y .— S o l d — A press d is p a tc h a n 
n o u n c e s th e p u r c h a s e o f th is p r o p e r ty b y o r in th e in te r e s t o f
th e C in c in n a ti D a y t o n & T o le d o T r a c tio n C o ., w h ic h is c o n 
t r o lle d b y th e M a n d e lb a u m s y n d ic a te .
V a le n tin e W in te r a
a n d f l . P . C le g g , re p r e s e n tin g th e D a y t o n & T r o y lin e , h a v e
b e e n m a d e d ir e c t o r s o f th e C. D . & T. C o m p a n y , w h ic h see
a b o v e .— V . 74, p. 1251.

653

R o a d , E tc.—The Detroit <fc Toledo Shore Line RR. extends from T o
ledo to [suburbs of] Detroit, and consists of 51 miles of main line
track [ot which 20 miles is donble track], and about 3 miles o f sidings;
maximum grade only 16 feet to the mile; maximum curvature less
than three degrees outside of terminal polDts. The main track is laid
of new 80-ponnd steel rails on 2,816 standard white oak ties to the
mile, and ballasted 2,000 cubic yards of crushed stone to the mile.
All span bridges are of steel with masonry or concrete foundations.
The equipment at present consists of 2 locom otives and 31 cars. Total
bonded debt Is only about $26,000 per mile.
The Shore Line, by reason of Its join t purchase by the Grand Trunk
and the Toledo St. Louis <fe Western (Clover Leaf), becom es a connect
ing link between these tw o important roads, making a 'brough line
from Montreal, Quebec and Toronto, via the Grand Trunk to D etroit,
over the Shore Line to Toledo and from there over the Glover Leaf to
St. Louie, etc. In addition to this, the Grand Trunk has heretofore
purchased annually In Toledo over 500.000 tone offcoai, which In the
past It has paid the Michigan Central a heavv differential for deliver
ing In Detroit. The net earnings from hauling the above-m entioned
ooal over the Shore Line will alone be sufficient to pay the Interest on
this entire Issue of bonds.
G u aran ty .—These bonds are also guaranteed, principal and inter
est, in the follow ing language: •The Grand Trunk Western Railw ay
Co. and the Toledo St. Louis & Western RR. Co. (hereinafter oalled
the guarantors), havlDg heretofore agreed to purchase the stock o f the
Detroit & Toledo Shore Line RR. Co . and in part consideration there
for, and to aid in the oonstruotion o f the said com pany’ s railroad, bav
lng agreed to make the guaranty follow ing, and acknowledging that
the within bODd was authorized and issued on condition that the said
guarantors would give the guaranty follow ing, accordingly hereby,
for valuable consideration by them and taoh of them received, jointly
and severally, absolutely and unconditionally, guarantee the pucctual
payment of the principal and interest o f the wlthiu bond at the time
therein specified, and said guarantors do further hereby severally cov 
enant. in default o f payment o f any p a r t ' hereof by the obligor, to pay
said unpaid principal and Interest of the within bond as the same
shall becom e due, hereby waiving notice and demand by the holder
thereof.”
The guaranty of the Grand Trunk Western is equivalent to the guar
anty or the Graud Trunk of Canada, for every share of Its $6,000,000
of capital stook Is h**id In the treasury of the Grand Trunk of Canada
and It la the owner of the latter’ s line across Michigan ana Indiana to
Ohloago and of Its Chicago terminal.
T h e $3,000,000 m o r t g a g e o f 1902 h as b e e n d is c h a r g e d o f
r e c o r d .— V. 75, p. 1354.

E a s to n C o n s o lid a t e d E l e c t r i c C o. - G u a r a n te e d D iv id e n d
N o t P a id .— T h e m o n e y f o r th e s e m i-a n n u a l d iv id e ($<2,5C0) d u e th is m o n th has n o t b een p r o v id e d b y th e g u a r 
a n to r, th e L e h ig h V a lle y T r a c t io n C o , “ b u t it is h o p e d th a t
th e E a sto n C o m p a n y w i ll h a v e fu n d s t o p a y th e d iv id e n d in
J u n e o r J u ly .” — V . 73, p . 1316.
E e l R i v e r Sc E u r e k a R R . — S o ld .— T h is re a d o f 25 m ile s
in N o r t h e r n C a lifo r n ia , to g e th e r w it h th e C a lifo r n ia &
N o r t h e r n , a lea sed lin e o f n in e m ile s , h as b e e n a c q u ir e d b y
a s y n d ic a te in c o n n e c t io n w it h a la r g e t r a c t o f t im b e r la n d s .
T h e p u rch a s e is u n d e r s t o o d t o b e in th e in te r e s t o f th e
A tc h is o n T o p e k a & S a n ta F e , t o w h o m th e r a ilr o a d w i l l
p r o b a b ly b e tu rn e d o v e r , a se p a ra te c o m p a n y b e in g fo r m e d
to d e v e lo p th e tim b e r .
F a lls C it y B e lt L in e R y . ( L o u i s v i l l e , K v . ) — N a c P r o j e c t .—
A b ill g r a n tin g t o th is c o m p a n y a b e lt lin e a n d t e r m in a l
fr a n c h is e in th e c it y o f L o n ie v ille w a s p a ssed o n M a r c h S
b y th e B o a rd o f A ld e r m e n . S e c r e ta r y H a r r y I, W o o d w r ite s
as fo llo w s :
Work will shortly begin on tfie construction o f aoonneotlng railw ay,
which will form a direct connection between the railway com panies
using the Kentuoky & Indiana Bridge & RR . Company’s rails at 30th
Street, from a point about 860 feet south of Broadway and extending
over our own private right-of-way eastwardly to aoonneotion with the
swltoh of the Pennsylvania RR. Co. on the east side of 18th St. and
Arbgust Ave.; thence through a private right-of-way across Maple St.
to the north line of Anderson and 17th Streets, on the property o f the
Continental Tobacoo Co. The Falls City Belt Line Railway Co has a
capital stock o f $200,000, owned and controlled by the follow ing
gentlemen, who constitute also the board o f directors, viz.: Samuel
Bowman, President; Louis Rosenfield, Vloe-Presldent; Harry I. W ood,
Secretary; Samuel Grabfelder, Treasurer.
F a r m v i l l e A P o w h a t a n R K .— D e c is io n R e v e r s e d .— A t
R ic h m o n d , V a ., M a r. 12, th e S ta te S u p r e m e C o u r t o f A p 
p ea ls re v e r s e d th e d e c is io n o f th e lo w e r c o u r t , a n d n p h e ld th e
c la im o f th e s e c o n d m o r t g a g e b o n d h o ld e r s th a t th e ir b o n d s
a re a firs t lie n o n th a t p o r tio n c f th e r o a d fo r m e r ly th e
B r ig h t H o p e R y . (p u r c h a s e d in 1889), e x t e n d in g fr o m E pp ea
F a lls to B e r m u d a , V a ., 32?^ m ile s. T h e F & P. rn n s f r o m
B e rm u d a t o F a r m v ille , V a .. 88p^ m ile s , w it h b r a n c h e s 7
m iles. I t w a s p la c e d in r e c e iv e r ’ s n an ds in 1899. T h e b o n d e d
d e b t c o n s is ts o f first m o r t g a g e b o n d s o f 1888, a u t h o r iz e d ,
$550,000; iss u e d , $320,000; s e c o n d m o r t g a g e b o n d s o f 1889 a u 
th o r iz e d , $720,000; iss u e d , $500,000; g r o s s earn iD gs f o r y e a r
1900-01, $62,588; d e fic it fr o m o p e r a tin g , $4,260.— V . 69, p.
955, 905.
F i t c h b u r g R . R . - R e fu n d in g B o n d s .— T h e M a s s a c h u s e tts
R a ilr o a d c o m m is s io n h a s a p p r o v e d th e p r o p o s it io n t o is s u e
$2,660,000 3>£ p. c . 2 0 -y ea r r e fu n d in g b o n d s . C o m p a r e V . 75,
p. 606, 611.

G e o r g ia C o m p a n y .— D ec is io n R e v e r s e d .— A p ress d e s p a tc h
fr o m B e r lin o n M a r c h 8 a n n o u n c e d th a t th e S u p r e m e C o u r t
at L e ip s ic h a d r e v e rs e d th e d e c is io n o f th e F r a n k fo r t c o u r t ,
D e t r o it & T o l e d o S h o r e L in e R R .— B on d s O ffe r e d .— G u y w h ic h o r d e r e d th e R o th s c h ild s t o r e im b u r s e th e p u r c h a s e r s
M orris on W a lk e r o f 15 W a ll S t. is o ffe r in g fo r sa le a t 95 and o f th is d e fn n e t c o m p a n y 's b o n d s (s e c u r e d b y d e p o s it o f s t o c k
in te re st a b lo c k o f th e first m o r t g a g e 4 per c e n t 5 0-year g o ld o f th e o ld C e n tra l R R . & B a n k in g C o. o f G e o r g ia ) o n th e
b o n d s g u a r a n te e d b y th e G r a n d T r u n k W e s t e r n R y . C o. an d g r o u n d th a t th e p r o s p e c tu s c o n ta in e d m is le a d in g s ta te m e n ts .
th e T o le d o S t. L o u is & W e s te r n R R . C o.
See V . 74, p. 1355; a lso v o lu m e s 45-47.
A c ir c u la r sa y s in p a r t:
G r a n d T r u n k R y .— G u a r a n te e d B o n d s .— See D e t r o it &
A uthorized Tbbue.—The Detroit & Toledo Shore Line Ry. was recent T o le d o S h o re L in e R R . a b o v e .— V . 76, p. 435.
ly Bold to rue Grand Trunk Western Ry. Co. and the Tol. 8t. L. <fe West
G r a n d T r u n k W e s te r n K y .— G u a r a n te e d B o n d s — See D e 
ern RR Co (Clover Lear) for $2,c00,o(. 0, $100,000 being paid In cash
by the two railroad companies, and the oalance ot $1,900,000 In the tr o it & T o le d o S h o r e L in e R R . a b o v e .— V . 72, p. 1034
first mortgage 4 per cent 50-year gold bonds, which are a first m ort
G r e a t N o r t h e r n R y . o f C a n a d a .— N ew C o m p a n y — N e g o 
gage upon all the property ot the Detroit A Toledo shore Line RR. Co.,
and are guaranieed jointly and severally by the two purchasing com  tia tio n s a re r e p o r te d as c o n c lu d e d w h e r e b y th e c o n t r o l o f
panies. The $1,900,000 ot bonds Issued In part payment are part o f a th is c o m p a n y an d its s u b s id ia r y c o m p a n ie s w i ll be v e s te d in
Total authorized Issue o f bonds aggregating $3,000,000. the remaining
$1,100,otO to be teld In the treasury and only to be issued for exten a n ew h o ld in g c c m p a n y to b e c a lle d th e G r e a t N o r t h e r n u f
C an ada C o n s o lid a te d (S e c u r itie s ) C o ., w it h w h ic h th e C an asions and betterments.

654

THE CHRONICLE

dian Northern and the McNaught interests will be iden
tified. It does not appear that the Canada & Atlantic will
be controlled by the Securities Company as proposed a year
ago (see V. 74, p. 936). No official information is obtainable
in this city regarding the matter.—V. 76, p. 642.
Great Northern of Canada Consolidated Co.—See Great
Northern Ry. of Canada below.—V. 74, p, 936.
Illinois Central RR.—Refunding—The 3.100 5 percent
sterling first mortgage bonds of the Illinois Central RR. Co.
for £2 00 each now outstanding, and amounting to $620,000,
mature on the 1st prox. In extension of part of these bonds
there will be issued 3,000 new bonds for $1,000 each, payable
in New York on April i, 1951, in gold, with interest mean
while payable semi-annually April 1 and October 1 at 3%
per cent per annum, likewise in gold coin, the present first
mortgage lien upon the company’s main line to remain in
full force as security for the new bonds.
Chaplin, Milne & Co. of London have been purchasing at
par and accrued interest the sterling bonds mentioned, and
upon payment of £5 5s. per oond in cash and the deposit of
their bonds at their office prior to the 14th inst., holders to
the extent of £600,000 were offered the privilege of receiving,
bond for bond, in extension of their bonds, $ 1,000 gold bonds,
as above provided.—V. 76, p. 48.
Indianapolis Columbus & Sonthern Traction Co.—Bonds
Offered.—Chandler Brothers & Co. of Philadelphia recently
offered at 102% and interest $300,000 of the company’s $1,000,COO first mortgage 5 p. c. gold bonds, dated Feb. 2, 1903; due
Feb. 1, 1923; interest payable February and August; Trust
Co. of North America (Philadelphia), trustee.
Gilbert Hodges, Consulting Engineer, says in part:

This road runs from the limits of the city of Indianapolis through
Southport, Greenwood and Whlteland. to Franklin, a distanoe of about
17'8 miles, a total of 18 8 miles of track. The road is now being ex
tended 21 miles further to Columbus, so that when oompleted there
will be about 40 miles of road, nearly all of which will be on private
right of way; 60-pound T rail; ties. 2,64 0 to the mile; ballast,
about 7 or 8 Inches In depth; a brick car house; briok power station.
I estimate that the total value of the plant when completed will be
about $840,600. The population tributary was 185,241 people in
1900, but Is near 200,000 at the present time, including the olty of
Indianapolis. The territory served Is at least the equal of that served
by the other roads running out of Indianapolis, ana the bonded debt
per mile Is, I believe, lower than any of them.

The line to ColumouB is expected to be completed about
June 1. See page 44 of Street R a i l w a y S upplem ent ,— V.
76, p. 435, 331.
International & Great Northern RR.—Listed.—The New
York Stock Exchange last week listed $507,000 additional
first mortgage6 per cent bonds of 1919 and $507,000 additional
second mortgage 5 per cent bonds of 1909, making the total
amounts, respectively, $10,742,000 and $9,842,000. These ad
ditional bonds were issued at the rate of $10,000 per mile of
each class on 50 miles of the former Calvert Waco & Brazos
Valley RR,, completing that line from Spring (22 miles north
of Houston) to Fort Worth, a total, including the Calvert
and Waco branches of 278’8 miles of road.
Earnings.—See earnings and balance sheet on page 649,
V. 76, p. 480.
Iowa & St. Louis Ry.—Sold —J. O, Reddig, Assistant to
the President, writes to the “ Manufacturers’ Record” con
firming the report that the road has been sold to the Chicago
Burlington & Quincy System, and will be turned over to it
for operation within thirty days.—V. 76, p. 331, 265.
Jackson (Mich.) & Suburban Traction Co.—Bonds Offered,
—W. N. Coler & Co. of this city are offering at par and in
terest this company’s $400,000 first mortgage 5 p. c. 30-year
gold bonds, due April 1, 1931, but stamped redeemable at
105 and interest at any interest time (A.&O.), North Ameri
can Trust Co., trustee. The Traction Co. owns the street
railways in the city of Jackson, Mich., and a suburban line to
Grass Lake, with a total mileage of 24 miles. A twenty-year
contract, which has just been entered into with the Jackson
Light & Power Co. and the Kalamazoo Valley Electric Co.
for the purchase of power, will, it is said, effect a saving of
over $2,000 annually in operating expenses. The franchises
are described as practically perpetual and as covering “ each
and every street that the company may elect to build on.”
The company has no floating debt. The net earnings for 1903
are estimated at $40,000 exclusive of the Lake division recently
acquired, See S treet R a i l w a y Supplem ent , page 44.
Kenton & Southern (Electric) Ky.—New Appleyard Com
pany —This company has been organized with $600,000 stock
to build for the Appleyard system lines in Kenton, O., and
from Kenton to Bellefontaine, over private right of way, in
all 24 miles of track, as extensions of the Dayton Springfield & Urbana Electric Ry., which owns the entire stock
and will guarantee an issue of $600,000 bonds. These last are
5 p. c. $1,000 gold bonds, dated Feb. 2 , 1903, and due in Feb
ruary, 1923, but subject to call after five years at 110; inter
est payable at office of Continental Trust Co. of New York,
trustee.
Lake Street Elevated RR., Chicago.—Deposits—Time
Extended.—The time for depositing securities under the
trust agreement has been extended till and including April
15. A large amount of the stock and income bonds is re
ported to have been deposited.—V. 76, p. 542, 435.
Lehigh Talley Traction C o —Default.—See Easton (Pa.)
Consolidated Electric Co. above.—V. 76, p. 593.
Louisville (Ky.) Railway.—Ronds Sold.—The $200,000 sec
ond mortgage 4% p. c. bonds were awarded to the Fidelity
Trust & Safety Vault Co. at $1,049 83.—V. 76, p. 542, 480.

[Y ol. l x x y i.

Macon (Ga.) Railway & Light Co.—Listed in Baltimore,
—The Baltimore Stock Exchange has listed $756,100 voting
trustees’ certificates for common stock.—V. 76, p. 480, 212,
Metropolitan Street Ry., New York.—Bonds Not E x
changeable.—Through a mistake on the part of the trustees,
the holders of some $200,000 of underlying 53 of 1909 of the
Second Avenue RR. were allowed to exchange their bonds
for consol. 5s due in 1948. While the exchange was in pro
gress a fictitious value was given to the underlying issues,
which disappeared at once when it was discovered that the
holders had no right to demand the exchange. The trustee
will hold the company harmless.
Opposition Franchise in Bronx.—See New York City I d terborough Ry. below.
New General Manager.—Assistant General Manager Oren
Root Jr. has been promoted to th* position of General Man
ager of the system.—V. 76, p. 594, 542.
Muscatine North & South RR.—Receiver.—General Man
ager Charles Howard has been appointed receiver of the
company.—Bee pages 92 and 173 of I n v e s t o r s ’ Supplement .
New Orleans & Southwestern Railway.—Veto Enterprise.
—This company has been organized with a capital stock of
$4,000,000, and will issue $4,000,000 forty-year 5 per cent gold
bonds. The line will extend 120 miles from New Orleans to
Deep Water, Tex., on the Gulf of Mexico, via Thibodeaux,
Schriever Junction and Houma, being about 15 miles distant
from the Southern Pacific, and paseiDg, it is claimed,
through a continuous series of sugar plantations C. P.
Shaver, Cashier of the Bank of Thibodeaux, has been elected
President, and the board of directors is made up of capitalists
living along the line.
New York City Interborough Railway.—This corpora
tion, just organized independently of the Metropolitan Street
Ry. Co., was granted on Monday a franchise for 36 miles
of new double-track street railway in the Bronx, including
the use of four bridges. The city will receive for the fran
chise 3 p. c. of gross earnings, or at least $15,000 yearly,
for the first five years, and 5 p. c., or at least $30,000 yearly,
thereafter; also as rental of the bridges $4,000 per bridge,
rising to $6,000. The franchise is for 25 years with privilege
of renewal for 25 years. Upon the termination of the franchise^the city acquires the property at a fair valuation, to be
fixed by the City Board of Estimate then in office, excluding
any value derived from the franchise. For description of
routes, etc., see “ New York Times” of Tuesday. President,
Robert C. Wood, of Wood. Havemeyer & Kearney, 30 Broad
St.; Secretary, J. E. Pinckney; Treasurer, Philip Kearney;
office, 45 Broadway.
New York New Haven & Hartford RR.—Counter Proposi
tion. —The directors have informed the grievance committee
of the Brotherhood of Trainmen and the Order of Railway
Conductors that a counter proposition to that of the men
will be submitted to the committee on or before March 25.
See official letter in New York “ Evening Post ” of yesterday.
—V. 76, p. 543.
New York & Queens County Electric Ry.—Rumors.—The
resignation of Jacob R. Beetem as Vice-President and Gen
eral Manager, which will take effect April 1, caused a re
newal of the rumors that the control of the system has
been purchased by or in the interest of the Interborough
Rapid Transit Co. William E. Stewart, counsel for the
trolley road, states that the property is still in the control
of President Shelmerdine and the same parties that have
been in control in the past-.—V. 75, p. 392.
Northern Securities Co.—Argument Begun.—Arguments
in the suit of the United States Government against the
company formed to control the Northern Pacific-Great
Northern systems were begun on March 18. Under special
Act passed last February the United States Circuit Court for
the District of Minnesota is holding its session in St. Louis,
and any appeal will go direct to the Supreme Court of the
United States instead of taking the usual course through
the Circuit Court of Appeals. The case is being heard by
Judges Caldwell, Sanborn, Thayer and Van Deventer, Judge
Caldwell presiding.—V. 76, p. 213, 102.
Old Colony RR.—Stock Sold.—At the auction sale ou
Wednesday the 3,000 shares of stock were sold in various
amounts at prices ranging from 205 to 207.—V. 76, p. 591, 480.
Philadelphia & Gray’ s Ferry Passeuger R y —Consolida
tion.—This company has absorbed by consolidation the
Schuylkill River Passenger Railway Co., and has increased
its authorized capital stock to $1,000,000, Both roads are
operated by the Union Traction Co. and are a part of the
Philadelphia Rapid Transit system. President, Edward
Hopkinson. See page 67 of Street R a il w a y S upplement .
Philadelphia Rapid Transit Co.—Subway,—Awards for
the construction ot the four-track Market Street Subway be
tween 15th and 23rd streets are expected to be made shortly.
The company’s plans as reported last November contem
plate:
A subway and elevated system on Market St., including a fourtrack underground railway between the rivers, except from 15th to
5th 8t., where a two-traok loop will be necessary; also a Broad St.
surface line. It is estimated that $6,000,000 to $8,000,000 will be reauired on the Market 8t. subway-elevated system, excluding the
Woodland and Lancaster Ave. elevated extensions, work on which
has been deferred. The estimated oost of the Broad St. surface line
is $1,500,000.

The new power plant on the Schuylkill River is expected
to be in operation within a month.

M arch

21, 1903.]

THE CHRONICLE.

Assessment Talk.—Contradictory reports are afloat re
specting the probability of an additional assessment being
called on the stock. On the one hand a director has been
mentioned as authority for the statement that a call of $5
per share would be made next month, payment to be made
during the summer. On the other hand it is asserted that
the company has nearly $2 ,000,000 cash on hand and has no
need for an assessment at present.
Consolidation.—See Philadelphia & Gray’s Ferry Passen
ger Ry. above.—V. 75, p. 1203.
St. Louis Transit Co.—New Bonds.—The stockholders will
vote May 23 upon a proposition to authorize a new mortgage
securing $20,000,000 of 5 per cent bonda of $1,000 each. The
new issue will provide for refunding and for improvements.
—V. 76, p. 595.
San Francisco Oakland & San Jose (E lectric) Ry.—Mort
gage.—A mortgage has been made to the Union Trust Co. of
San Francisco, as trustee, to secure $3,000,000 of 5 per cent 30year sinking fund $1,000 gold bonds, dated Jan. 2, 1908, and
due Jan. 2 , 1933, interest payable Jan. 2 and July 2 at Wells.
Fargo & Co.’s Bank in San Francisco and also in New York.
Of these bonds, $500,000 are now outstanding. The
company proposes to establish a trolley road (see V. 74, p.
1809), also a ferry line between San Francisco and Emery
ville, both in conjunction with the Oakland Transit, which
is controlled by the same interests—namely, the Realty Syn
dicate and associates. Of the $5,000,000 stock, $8,001,000 has
been issued; par of shares, $100. The sinking fund is to
receive the following sums, but the bonds are not subject to
call.
In 1915, $25,000; 1910. $25,000; 1917 and 1918, $15,000 eaoh; 1919
and 1920, $50,000 each; 1921 aDd 1922, $75,000 each; 1023, $90,000;
1924 and 1925. $100,000 each; 1925. $115,000; 1927, $135,000; 1928,
$135,000; 1929, 1930, 1931 and 1932, $150,000 eaoh.

655

office of the trustee, the Richmond Trust & Safe Deposit Co.,
Richmond, Va. Compare V. 70, p. 284.—V. 74, p. 893.
Virginia Passenger & Power Co.—Bonds to be Guaran
teed by Controlled Company.—3ee Virginia Electrical & De
velopment Co. above.—V. 76, p. 104, 49.
West End Street Ry., Boston.—Few Stock.—The Massa
chusetts Railroad Commission has authorized the issue of
$454,250 additional common stock at $92 per share to stock
holders to cover the co3t of improvements, additions and
equipment from April 1, 1901, to March 1,1902.—V. 76, p384.
Western Pacific Ry.—New Enterprise—This company re
cently filed articles of incorporation in California; author
ized capital stock, $50,000,000: shares, $100 each; subscribed,
$1,500,000. The charter provides for the building of a rail
way from San Francisoo to Salt Lake City, 810 miles, via
Oakland, Stockton, Marysville, Oroville and the Beckwith
Pass; aleo numerous branch lines in California, The incor
porators and their stockholdings are:
H e n ry J . F o rtm a n n , J. D . B r o w n , A . C . K a ln s , J o h n T r e a d w e ll,
F . M . W e s t , J a m e s T r e a d w e l l , D . F . W a l k e r . (J, A . B a t o h e l d e r , J o h n
L l o y d a n d C . A . G r a y , 1 0 s h a r e s e a o h ; W . J . B a r t n e t t , 1 4 ,9 0 0 s h a r e s ;
p la c e o f b u s in e s s , S a n F r a n c is c o .

It is not unnaturally suspected that the Gould interests
are backing the enterprise with a view to completing their
transcontinental line, which, including the Denver & Rio
Grande, Missouri Pacific, Wabash, Western Maryland and
the connecting lines now building, already extends or shortly
will extend from Baltimore to Salt Lake City.
Wheeling Terminal Ry.—Bonds Offered.—See Cincinnati
& Muskingum Valley RR. above.—V. 70, p. 1292.
I N D U S T R I A L . G A S A N D M IS C E L L A N E O U S .

Acker, Merrall & Condlt Co.—Mortgage.—A mortgage has
E. A. Heron is President and S. J. Taylor Secretary.— V. been filed to the United States Mortgage & Trust Co., as
76, p. 49.
trnBtee, to secure $3,500,000 6 per cent twenty-year $1,000
Southern Pacific Co.—Extension o f Pool.—A majority of gold debenture bonds, described as follows :
the owners of the stock in the Keene-Taylor pool have, it is
Dated Jan. 10, 1903, and due in January, 1923 ; Interest payable,
J&J, at office of trustee; present Issue to be $2,500,000, remainder
announced, agreed to an extension of the life of the pool.
reserved
for additions, eto. Sinking fund after March 1,1910, will
James R. Keene on Wednesday made a statement of
one-half of DetearnlngB.bat not exceeding $100,000 yearly,
his position with respect to the injunction suit mentioned receive
for purchase of bonds or their redemption by lot at 110 and Interest.
last week. By way of introduction he says:
The stock is $5,000,000, in $100 shares, all common and
The 200,000 shares of Btook used In the action are owned by myself, nearly all outstanding.
T. J. Taylor & Co., and other gentlemen; 50,000 shares of whtoli have
New Branches.—The reorganized company has acquired
been owned by me from a period antedating the purchases of Southern
Paoiflo stock by the Union Pacific RR. The action is not brought for six additional branch stores, viz,, at 125th St. and 7th Av.,
the aooount of any pool. Regarding the pool, however, of whioh I am 102d St. and Broadway, 76th St. and Columbus Av., a
manager, it has been stated that there is dissatisfaction in it; if so, I
have not heard of it, and with two exceptions (whioh represent a very store at Morristown, N, J., at Flushing, L. I., and at Long
small holding) there has been nnanimous consent to continue its op er Branch, N. J. Its other stores are at No. 135 West 42d St.,
ation. (8ee statement in full in “ New York Times” of Thursday.)
Nos. 130 and 132 Chambers St., 57th St. and 6 th Av., a
Cumulative Voting —Legal representatives of the pool s a y : branch at Yonkers and a store in Paris.
In the State of Kentucky neither the presence nor the absence of a
Officers —H. J. Luce is President; William J. Merrall, A l
majority of the stock (at a meeting) oan affeot the right of the minor bert E. Merrall and Frank A, Merrall, Vice-Presidents; George
ity stockholder to vote cumulatively if he so desires, in order to seJ. Smith, Secretary, and Walter H. Merrall, Treasurer.
oure a representation of the minority.—V. 76, p. 595.
Springfield (Mass.) Street Ry.—Funding.—The Massa Office, 130 Chambers Street.—V.76, p. 104, 49.
American Agricultural Chemical Co.—New Stock—The
chusetts Railroad Commission has been requested to approve
the issue of $1,500,000 short-term bonds or notes to fund New York Stock Exohange has been requested to list $1 ,000,000 additional preferred stock and $500,000 additional
floating debt.—V. 71, p. 699.
Tacoma Eastern RR.—Ronds Offered.—N. W. Harris & common stock. The new preferred stock is issued in con
Co. own and offer at par and accrued interest $364,000 first nection with the purchase of the Bowker Company and the
mortgage gold 5s of this standard-gauge steam railway. The common for various adjustments. Compare V. 75, p. 241,
bonds are dated Jan. 1, 1903, and are due Jan. 1, 1923, but 292.—V. 75, p. 612.
American Brake Shoe & Foundry Co.— Bonds.—This com
are optional on any interest payment date at 110 and inter
est on and after Jan. 1, 1908. Interest payable Jan. 1 and pany, organized in New Jersey in March, 1902, has outstand
July 1 at the banking house of N. W. Harris & Co. in Chi ing an issue of $1,000,000 5 p. c. $1,000 first mortgage sink
ing fund gold bonds, described as-follows:
cago or New York; Illinois Trust & Savings Bank, trustee.
Dated March 1, 1902, and due Maroh 1, 1952; interest payable
President Edward Cookingham, under date Feb. 26, says :
Our headquarters are looated at Tacoma, where we have large
terminal property; our charter does not expire until July 14,1940;
oapital stock authorized and issued, $1,500,000, of which $750,000 is
preferred 6 per cent non-oumulatlve; first mortgage bonds author
ized, $1,500,000; Immediate issue, $364,000; reserved in escrow with
trustee under conservative restrictions, $1,136,000. The road is now
in operation from Tacoma, southeast through Bismark and Kirby to
Holz, 28 miles. It is being extended southeasterly via Eatonvllle to
Ashfords, about 55 miles from Tacoma, where are looated extensive
fields of excellent bituminous coal. From Eatonvllle (about 34 miles
from Tacoma) a branch line of 13*2 miles will ultimately be built
easterly through fine timber to the ooal fields of the Nlequally Coal Co.
Oar gross earnings for the past nine months have been $57,600. or
at the rate of $76,800 per annum. Our chief engineer estimates that
when the 55 miles of road are completed, the gross earnings will be
$280,000 per annum; net earnings, $13o,0C0; interest charge on
$715,000 bonds whioh will then be outstanding, $35,750; balanoe,
surplus, $94,250. The property to date represents an expenditure of
$725,000, against which there will only he outstanding the first mort
gage bonds to the amount of $364,000. Additional bonds up to $t,000,000 oan only be Issued at the rate of $13,000 for eaoh additional
mile of track.

It was voted on Feb. 18 to increase the capital stock from
$250,000 to $1,500,000. of which half to be preferred; par value
of shares, $100.—V. 71, p. 343,
Toledo St. Lonis & Western RR.—Guaranteed Bonds.—
See Detroit & Toledo Shore Line RR. above.—Y. 76, p. 49.
Utica & Mohawk Valley Ry.—New Stock —The share
holders will vote April 1 on issuing $2,500,000 of 5 p. c. uoncmnulative preferred stock, to provide for extensions and
additions. The present stock is $3,100,000, all common, the
$600,000 of preferred having been retired.—Y. 76, p. 160.
Virginia Electric Ry. & Development Co.—To Be Guar
anteed.—Holders of the $1,500,000 bonds of this company
and of the $150,000 bonds of the Westhampton Park Ry. Co.
of Richmond, Va., are notified that the guaranty both as to
principal and interest of said bonds by the Richmond Trac
tion Co. will be stamped thereon upon presentation at the

March 1 and 8ept. 1 at the offloe of the Farmers’ Loan & Trust Co.,
the mortgage trustee. The oompany Is to pay yearly, from 1903, on
June 1 $20,000 from surplus earnings to the trastee for a sinking
fund, and if not purchasable In the open market the bonds may be
drawn by lot for payment at the following prices, viz.: First 10 years
at 110 and Interest; seoond 10 years at 105 and Interest; thereafter at
par and Interest. Wm. B. Sargent is President and Robt. J. Davidson
Secretary.—V. 74, p. 831.

American Car & Foundry Co.—Negotiations.—Negotia
tions are in progress for the control of the Standard Steel
Car Co., whose authorized capital stock is $3,000,009. (See V.
76, p. 387, 107.)- V . 76, p. 332, 160,
American Cement Co.—Earnings.—For the three months
euding Feb. 28 there is reported an increase of $122,000 in
gross earnings and an increase of $23,189 in net profits.—V.
76, p. 590, 436.
American-Hawaiian Steamship- Co.— Bond Call.—Fiftysix first mortgage bonds, series A, dated April 2, 1900, of
$1,000 each, will be paid at the Colonial Trust C o., trustee, at
105, on April 1. Compare V. 76, p. 104.
American Iron & Steel Mannfactnring Co.—Suit With
drawn,—For record purposes it should be stated that the
suit in equity brought by the Wilhelm family of Reading,
Pa., against the company was reoently withdrawn by the
plaintiffs, who pay the entire costs. It was olaimed that the
company had impaired its capital by dividends on common
stock. Expert examination showed the company to be in
excellent shape. See report on page 651.—V. 75, p. 982.
American Telephone A Telegraph Co.—ATete Stock.—The
shareholders will vote March 31 upon a proposition to in
crease the authorizsd capital stock from $150,000,000 to $250,000 ,000 , the new shares to be issued from time to time as
required for additions, etc.
New Director.—W. Murray Crane has been elected a di
rector, succeeding J. H. Cahill, resigned.

656

THE

CHRONICLE,

[V ol. LXXVI.

Output.—The output of instruments for the month and the
Citizens’ Lighting Co., Louisville, Ky. —Consolidation,—
See Louisville Lighting Co., below.—V. 76, p. 544, 481.
two months ended Feb. 20 was:
-------- Month------- ,
-------- 2 Months------- s
Colorado (B ell) Telephone Co.— New Stock.—At the re
To Feb. 20—
1903.
1902.
1903.
1902.
Gross output (Dumber)............ 91,844
95,584
221,681
182,996 cent annual meeting the stockholders authorized the issue of
Net output (number)................. 56,656
68,729
143,207
111,345 $ 1 ,00 0,000 new stock to provide for extensions and additions.
Total outstanding Feb. 20...................
......... 3,293,527 2,637,355 This will raise the outstanding issue to $4,400,000.—V. 74,
—V. 76, p. 596, 332.
p. 97.
American Typefounders Co.—Scrip Dividend.—A scrip
Colnmbns & Hocking Coal & Iron Co.— Dissolution o f Coal
dividend of 3 p. c. has been declared on the common stock,
payable to holders of record March 20. This is additional to Association.—An agreement was reached on Feb. 25 by the
State of Ohio with this company and the other defendants in
the 1 p. c. cash dividend payable April 15,
Stock Option.—Common stockholders of record March 20 the ouster preceedings brought several weeks ago for the
have the right to subscribe until May 1 to $1,000,000 7 p. c. maintenance of a combination. By the agreement the oper
cumulative preferred stock at par in proportion of one snare ators agreed to dissolve the Ohio Coal Producers’ Association
for every four shares of their holdings. Subscriptions will and the Hocking Coal Association and to withdraw from the
be payable in whole on May 1, $12 per share in scrip of the Central Coal Producers’ Bureau and the Lake Shippers’ Bitu
company and $88 per share in cash; or 12 p. c. in scrip and minous Coal Association, and fr->m all similar combinations.
$13 in cash on May 1, and $25 cash on July 10 and Oct. 10, The companies concerned are: Sunday Creek Coal Co , the
New Pittsburgh Coal Co , the Columbus & Hocking Coal &
1908, and Jan. 10, 1904, respectively.
The stock offered for subscription is the second million of Iron Co , the Middle States Coal Co., the Congo Coal and
the $2,000,000 authorized in January, 1902. The circular says. Mining Co. and the General Hocking Fuel Co,—V.76, p.384.
Consolidated Gas Co., New York.—Talk o f Municipal
The company has entered upon the construction o f a central manu
facturing plant at Jersey City, and basbegun theerectlon of the neces Plant,—A bill has been introduced at Albany to authorize
sary fireproof buildings, largely or steel and glass. In the course of the city to build and oDerate its own lighting plants. As re
the next year It w ill install a large part of its manufacturing facilities
under one roof. It is desirable that the remaining preferred stock:, gards the New York Edison Co., the public lighting is said
amounting to $1,000,000, shall be disposed of, and its proceeds be ap to be less than 5 per cent of its total business,—V. 75, p. 188.
plied to payment of the promissory notes, whioh amounted to $085 Consolidated Lake Superior Co.—Assets,—Vice-Presi
COO at the d o s e o f the last fiscal year, the com pletion and Installation
of the equipment o f the central plant, and the other,general uses of the dent Tbeo. C. Search has seat a letter to the stockholders’
company. This change w ill Impose upon the com pany an Increased committee, which was published at length in the “ Philadel
charge of about $10,000 per year, being the difference between the 7 phia Record” of March 18. This letter states the amounts
per cent annual dividends upon the $1,000,000 of preferred stock and
the Interest upon a similar amount of negotiable paper. A scrip divi invested in the various properties and describes their present
dend of $ 1 2 0 ,0 0 0 , or three per oent. has been declared upon the com  condition. More briefly the facts are as follows (compare
mon stook, payable from the surplus, now amounting to over $480,- V. 75, p, 682):
000, and this sorip will be received In part paym ent for the new pre
ferred stock.—V. 75, p. 1030.

Austin Light, Heat & Pow er Co.—-To Introduce a Patented
Light.—It was recently reported in Austin, Tex., that this
company, incorporated in Delaware on Jan. 9, with 82 500.000
of authorized capital stock (all common, no bonds,) was pro
posing to rebuild the great dam at that city. The real object,
we learn, is to introduce the so-called “ Austin light,” Austin
being the name of the inventor. Frederick B. Bard, 170
Broadway is President.
Borden’ s Condensed Milk Co.—Status.—We have been
favored with the following information, supplementing what
we have already published:
The authorized capital stook (all outstanding) consists of $17,500,000 oommon stook and $7,500,000 of 6 p. c. cumulative preferred
stock: par value o f shares $100.
Dividends o f l 1^ per cent
are paid quarterly (Maroh, etc.,) on the pref. shares. In 1902-03 the
common shares received 4 p. o. in February and the same amount In
August. The stook Is mostly held by tw o families, the Bordens and
the Mllbanks, and the com pany Is conducted conservatively and as a
"close corporation ” Acquisitions are being made from time to time;
there are now four plants under oonstruotlon. There are no bonds
outstanding, Offioe, 71 Hudson 8t., N. Y. City.

After three years from the issue thereof, the preferred
stock is subject to call at 110 aud interest; if less than
the whole amount is to be paid, the number of shares to
be redeemed must be drawn by lot. The company was in
corporated A pril 24, 1899.—V. 74, p. 579.
Cambria Steel Co.—Report. —The report for the 14 months
ended Dec. 31, 1902 shows:
Net

Other

Fixed

Dividends Depreciation

earnings.
income, charges.
(4^% )
<£ improv't.
$6,084,260 $675,914 $603,241 $2,025,000 $2,300,000
Total surplus Deo. 31, 1902 $1,191,091.—V. 75, p. 1149.

Balance,
surplus.
$731,963

Central D istrict & P rin tin g Telegraph (B e ll Telephone
Co.)—Earnings.—The balance sheet ot Dec. 31, 1902, and
other statistics were given last week (page 592). The earn
ings for two years past compare as follows:
Cal.
year.

Gross
revenue.

1902....... $2,166,981
1901....... 1,937,732
- Y . 76, p. 592.

Net
revenue.

$578,080
424,752

8 p. c. on

stock.

Balance,
surplus.

$600,000 def. $21,920
400,000 sur. 24,752

Total sur.
Dec. 31.

$432,048
453,967

Chattanooga (Tenn.) E lectric Co.—New Company.—In
corporated in New Jersey on Feb. 27 with $750,000 of author
ized capital stock, all of one class, as successor of the Chat
tanooga Light & Power Co. The latter’s capitalization con
sisted of $250,000 stock and $300,000 of 6 p. c. bonds, which
are subject to call. The Corporation Trust Co. is the com
pany’s New Jersey representative.—V. 71, p. 1271.
Citizens Gas & E lectric Co., Lorain and Elyria, Ohio.—
Listed in Cleveland,—This company’s stock and bonds were
recently listed on the Cleveland Stook Exchange. The com
pany was formed Oct. 21, 1902, under the laws of Ohio.
Moore, Baker & Co., who offered the bonds at 101 and
interest, say:
The com pany Is a consolidation of the Lorain Gas Co. and the Elyria
Gas <fc Electric Light Co., and does all of the public and com m ercial
lighting business both by gas and electrlolty In both cities. It also
does a public heating business through a central steam-beating plant
In Elyria. Combined popnlatlon served, 30,000. Capital stook [all
oommon and In $100 shares], $600,000; first mortgage 5 p. c. $l.oOO
gold bonds, dated Dec. l, 19 d l, and due Dec. 1 , 1921, but subjeot to
call on or after Deo. 1, 1911, at 105 and Interest; interest payable
June 1 and Deo. 1 at National Bank of Commerce, New York; Trustee
Western Reserve Trust Co., Cleveland. Ohio; amount authorized.
$600,000; issued, $351,000; In escrow to retire Elyria Gas & Electric
Light Co. bonds [6s], $49,000; Issuable only lor extension and addi
tions to the property, $200,000.

The earnings for November were, gross, $10,945; net,
$3,424; for December, gross, $1 2 ,2 1 1 ; net, $3 626; monthly
interest charge, $1,707; surplus for December, $1,919 Presi
dent, Jas. B. Hoge, Cleveland; Secretary and Treasurer, W.
A. Donaldson.

I r o n a n d s te e l p la n ts . in c lu d in g tw o b la s t fu r n a c e s n e a r ly
c o m p le te d ( c a p a c it y 40 0 to n s o f p ig d a lly ); B e s s e m e r
s t e e l p la n t a n d r a il m ill f u lly c o m p le te d ( o a p a c lty 500
t o n s o f r a i l s d a i l y ) ; b y - p r o d u o t c h a r c o a l p l a n t o f 20 r e 
t o r t s , p r a o t lc a lly c o m p le t e d ; 5 6 b e e h iv e o h a r o o a l k iln s
in o p e r a tio n ; m a c h in e s h o p , f o r g e a n d f o u n d r y , a ll in
o p e r a t i o n ....................................... ................................................................... $ 4 ,4 3 8 ,3 0 0
M in in g p r o p e r tie s , in c lu d in g H e le n ir o n m in e , n o w m in in g
a b o u t l , i 0 0 to n s d a i ly ; t w o p r o d u c in g n i c k e l m in e s
w i t h o n e s m e l t e r iD o p e r a t i o n a n d t w o b u i l d i n g , e t c . , e t c .
1 ,0 8 2 ,0 0 0
F e r r o - n l c k e l r e d a c t i o n w o r k s a t 8 a u l t S t e . M a r i e ....................
4 » 9 ,7 0 o
T r a n s p o r t a t io n in t e r e s t s (1 0 6 m ile s o f r a ilr o a d a n d e q u i p 
m e n t a n d 9 9 a d d it io n a l m ile s g r a d e d ; s te a m e r s , b a r g e s ,
e t c ) ............................................................................
9 ,4 8 2 ,2 0 0
T w o p u lp m ills in o p e r a tio n , o n e p r o d u o in g 7 0 to n s o f
w o o d p u lp d a ily ; th e o th e r 3 5 to n s o f s u lp h it e ( m a x i
m u m o a p a c l t y 6 0 t o n s ) ..............................................................................
1 ,0 2 4 ,0 0 0
W a t e r p o w e r . M i c h i g a n s i d e ( b o n d e d d e b t $ 3 ,5 0 0 ,0 0 t > ) . . . .
6 ,4 2 3 ,6 0 0
D e v e l o p m e n t . C a n a d i a n s i d e ....................................................................
9 5 3 ,8 0 0
S a w m i l l s a n d l u m b e r o p e r a t i o n s ..........................................................
2 6 8 ,7 0 0
T a s o n a W a t e r & L i g h t p l a n t ( b o n d e d d e b t $ 1 6 0 ,0 0 0 ) ...........
3 2 1 ,0 0 0
O f f io e b u i l d i n g s a n d o t h e r r e a l e s t a t e ..................................................
2 9 6 ,9 0 0
M a t e r i a l s a n d s u p p l i e s o n h a n d , s a y ............................................
3 ,0 0 0 ,0 0 0
T o t a l .....................................................................................................................$ 2 7 ,7 9 0 ,2 0 0

The cash investment in excess of the amount supplied by
the sale of the $3,660,000 bonds of subsidiary companies was
met chiefly from sale of preferred stock.
Temporary Loan.—The Speyer & Co. loan of $3,500,000
falls due on April 1, and may be extended for three mouths
on certain conditions. The firm have decided not to advance
the farther amount of $1,750,000 as they had the option of
doing. The “ Philadelphia News Bureau” of Thursday said:
“ It is stated that $900,000 of a proposed $1,750,000 loan, to
run until July 1, has been pledged, the terms being 6 p. c.
and 2 p. c. commission,—V. 76, p. 437, 333.
Corn Products Co.—First Dividend on Common Stock.—
The company on Tuesday declared a dividend of 4 per cent
for the year on the common stock, payable in quarterly in
stalments, viz., 1 per cent on May 11 to stock ot record on
April 25, 1 p. c. on Aug. 10 to stock of record July 5, 1 p. c.
on Nov. 10 to stock of record Oct. 24, and 1 p. c. on Feb 10,
1904, to stock of record Jan. 23, 1904. The usual quarterly
dividend of 1% p. c. on the preferred stock is payable April
10.—V. 76, p. 50.
Diamond Match Company.—English Offering—Lumber.—
B ryan t* May recently offered in London, at 102, £1(10,000 of 4
per cent debenture stock ; interest payable June 30 and Dec.
30. This stock is secured by a first mortgage aud may be re
deemed at the option of the company, ou six months’ pre
vious notice, at any time after December 31, 1910, at the rate
of 105 per cent. Total authorized issue, £250,000. The
prospectus says:
T h e fir m o f B r y a n t & M a y w a s e s t a b lis h e d a b o u t s i x t y y e a r s a g o ,
a n d w a s c o n v e r t e d in t o a lim it e d l i a b i l i t y c o m p a n y In 1 8 8 4 , s in c e
w h ic h d a te it h a s b e e n c a r r ie d o n w it h c o n s p ic u o u s su o o e ss. A n
a m a l g a m a t i o n w i t h t h e D i a m o n d M a t c h C o ., L i m i t e d , o f L i v e r p o o l ,
w a s o a r r le d th r o u g h o n J u l y 1 , 1 9 0 1 , a n d th e r e s u lt s h a v e b e e n h ig h ly
s a tis fa c to r y .
W ith a v ie w to s e c u r in g a n a d e q u a t e a n d o h e a p e r s u p p ly o f lin e
lu m b e r , a n a r r a n g e m e n t h a s r e c e n t ly b e e n m a d e w i t h t h e D ia m o n d
M a to h C o . o f I llln o t s , D . 8. A , f o r t h e a c q u is it io n o n e q u a l jo in t aoo o u n t o f t i m b e r l a n d s I n C a l i f o r n i a , u n d e r w h i c h a r r a n g e m e n t 6 5 .0 0 0
a c r e s , a p p r o x im a t e ly , o f s u c h la n d s h a v e a lr e a d y b e e n a c q u ir e d a n d
a r e h e ld b y t h e I llin o is C o m p a n y o n j o in t a o o o u n t . t h e c o s t t o t h is
c o m p a n y in r e s p e c t o f Its h a lf - in t e r e s t In s u c h la n d s h a v in g b e e n
£ 5 2 ,4 0 8 6 s . 9 d
T h e p r o c e e d s o f th e p r e s e n t is s u e o f d e b e n tu r e s to c k
w ill b e a p p lie d o n th e o o s t o f s u c h p r o p e r tie s , a n d t o w a r d s th e r e d u c 
t i o n o f f l o a t i n g l i a b i l i t i e s o n c a p i t a l a c c o u n t . [ S e e V . 7 6 . p . 3 8 0 .]
T h e d e b e n tu r e s to c k c o v e r s p la n t a n d m a o h ln e r y , g o o d w ill, p a te n t
r ig h ts , tr a d e - m a r k s , s to c k s - ln -tr a d e . b o o k d e b ts , a n d c a s h in h a n d ,
t h e s e a g g r e g a t i n g a t J a n e 3 0 l a s t £ 1 , 1 5 0 , 5 0 5 , a f t e r d e d u c t i n g £ 4 5 ,6 0 0 s in c e p a id in r e e p e o t o f d iv id e n d s a c o r n e d to t h a t d a t e . T h e s h a r e
c a p i t a l Is £ 8 8 0 ,0 0 0 , d i v i d e d I n t o 9 6 ,0 0 0 p r e f e r r e d [ c u m u l a t i v e 1 4 p e r
c e n t . — E d . ] s h a r e s o f £ 5 e a c h , £ 4 8 0 ,0 0 0 ; 4 0 0 ,0 0 0 d e f e r r e d s h a r e s o f
£ l e a o h , £ 4 0 0 ,0 0 0 . W h e n t h e c o m p a n y w a s f o r m e d In 1 8 9 4 , 2 0 ,0 0 0
s h a r e s o f £ 5 e a c h w e r e i s s u e d a s f u l l y p a i d u p In p a r t p a y m e n t o f t h e
b u s in e s s a n d p r o p e r t y th e n a c a u lr e d . I n 1 8 8 6 , n o o n th e r e d e m p tio n
o f £ 1 4 7 , 8 0 0 o f d e b e n t u r e s t o c k , 1 0 ,3 4 6 s h a r e s o f £5 e a o h w e r e i s s u e d

THE

Mar« h 21, 1903.]

C H R O N IC L E

t o t h e h o ld e r s o f s u c h s t o c k . I n 1 9 0 1 1 6 ,0 0 0 p r e f e r r e d s h a r e s o f £ 5
e a c h a n d 4 0 0 ,0 0 0 d e f e r r e d s h a r e s o f £ 1 e a o h w e r e I s s u e d *8 f u l l y p a id
u p In p a y m e n t f o r t h e b u s i n e s s a n d p r o p e r t y o f t h e D i a m o n d M a t c h
C o ., L i m i t e d , o f L i v e r p o o l .

On Feb. 27 a dividend of 2 ^ per cent was paid on Bryant
& May deferred (common) stock, about £ 200,000 of which, it
is understood, is owned by the Diamond Match Co.—Compare
V. 73, p. 238; V, 74, p. 324; V. 76, p. 380.
East Boston GaB Co.—Sale.—The shareholders are in re
ceipt of a circular signed by President John Thompson and
Treasurer J. W. Andrews announcing the sale to C. L.
Edgar [President of the Edison Electric Illuminating Co. of
Boston] of a majority of the [$275,000] stock at $10 per $25
share; also his offer to pay tne same price for any of the re
mainder of the issue it deposited at the National Suffolk
Bank, Boston, on or before April 15.—V. 76, p. 161.
Electric Storage Battery Co.—Annual Meeting.—The re
sults for the calendars 1901 and 1902, as stated at the annual
meeting, were as followsCal.
year.

Net
earrings.

19 0 2
190 1

$ 1 , 1 1 3 ,1 9 9
9 0 0 ,2 4 2

•
---- Dividends

Onvref.

$1. 5 ,0 0 0
2 2 5 ,0 0 0

5 % . ----- .

Common.

8 7 ,4 2 7

5 8 7 .4 1 3

Bain nee,
surplus.
$ j( ) i» ,7 7 2
8 7 ,8 2 9

Total
surplus
$ 2 ,3 2 3 ,3 5 4
2 ,0 2 2 ,5 8 2

The stockholders ratified the sale of the Derby Lead Co. for
$542,282, as authorized by the directors June 5, 1902; also the
purchase of 44,000 shares (control) of the Chloride Electrical
Storage Syndicate, Limited, of London, authorized by the
directors Oct. 2, 1902. Orders aggregating $1,000,000, it is
stated, are carried forward from 1902. The President re
marked that the company during 1902 had done nearly 95 p.c.
of the storage battery business of the United States.
Expiration o f Patents.—Two patents owned by the com
pany expired on March 6 , removing, the technical papers
state, “ the last barrier in the way of the general manufacture
of electric storage batteries.” The Scientific American says:
T h e t w o p a t e n t s g r a n t e d to C h a r l e s F . B r u s h in 1 8 8 6 , o o v e r i n g t h e
c o n s t r u c t i o n o f rh « F a t i r e , o r p a s t e d t y p e o f s t o r a g e b a t t e r y p l a t e ,
e x p ir e d o n M a r c h 6. T h e s e t w o p a t e n t s c o v e r e d v e r y b r o a d ly th e
m e o b a n lo a l a p p l i c a t i o n o f t h e a c t i v e m a t e r i a l t o a s t o r a g e b a t t e r y
p l a t e T h e p a t e n t s w e r e a s s ig n e d t o t h e E l e o t r i o a l S t o r a g e B a t t e r y C o .
w h i c h , h a v i n g a m o n o p o ly o f t h e p a s t e d p l a t e — b u i l t u p a l a r g e b u s i 
n e s s w i t h I t s • • o h lo r ld e ” a c c u m u l a t o r .
T h e v a lid it y o t th e s e p a te n ts
w a s a l w a y s u p h e ld a n d c o n s e q u e n t l y t h e s t o r a g e b a t t e r y d e s i g n e r s
w e r e fo r c e d to f a ll b a o k on t h e o r ig in a l P la n t e t y p e o f p la te . N o w t h a t
t h e B r u s h p a t e n t s h a v e b e c o m e p u b l i c p r o p e r t y , i t is t o b e h o p e d t h a t
b y t h e c o m b i n a t i o n o f t h e t w o f o r m s , a w e l l - n i g h p e r f e o t s t o r a g e o e ll
w ill b e d e v is e d .— V . 7 4 , p . 0 3 2.

Electric Vehicle Co.—Decision.—The Court of Errors and
Appeals at Trenton, N. J., on March 11, sustaining the action
of the Court of Chancery, dismissed the two suits instituted
by Richard Siegman to compel the directors to restore to the
treasury certain sums distributed as dividends in 1899 and
1900 and alleged not to have been earned.—V, 74, p. 940.
Fort Pitt Natural Gas Co.— Sold.—See Manufacturers’
Light & Heat Co. below.—V. 76, p. 597,
Fostoria Glass Co., Moundsville, W. Va —New S tock .—
D ividend. —An increase is announced in the capital stock

from $305,000 to $400,000, to provide for improvements. An
extra cash dividend of 8 per cent was paid Feb. 1 , 1903.
Quarterly dividends of 2 per cent, it is said, are paid regularly.
General Chemical Co.— L isted.— The New York Stock
Exchange has listed $584,000 additional preferred stock,
mating the total amount listed to date $10,030,000.—V. 70,
p. 437, 385.
Guggenheim Exploration Co.—New S tock.— This New
Jersey corporation has increased its authorized capital stock
from $6,500,000 to $17,000,000. The company controls a large
number of mines and mining properties in Mexico. Colorado,
etc., but operates them under the charters of distinct corpor
ations. Among the properties reported as purchased since
last summer are the following in Mexico:
Price.

M in e s m i n e r a l l a n d s , e t o ., a t V a l a r d e n a , S t a t e o f D a r a n g o . $ 5 ,0 0 0 .0 0 0
H i d a l g o M i n i n g C o .. S t a t e o f C h i h u a h u a .......................................... 6 ,0 0 0 .0 0 0
P r o m o n t o r i o m in e . S t a t e o f D u r a D g o ................................................... 2 .0 0 0 .0 0 0
A v l n o C o m p a n y ( li m i t e d '. S t a t e o f D u r a n g o .................................. 3 ,0 0 0 ,0 0 0
E s o n r l d a m i n e . 8 t a t e o f O a x a c a ............................................................... 2 ,0 0 0 ,0 0 0

657

Los Angeles (Cal.) Suburban Gas Co.—Bonds.—Tnis com 
pany, which was incorporated in California in Jane, 1899,
with $500,000 authorized capital stoca by T. S. C. Lowe and
brothers of Pasadena and L. Heim of Los Angeles, has
made an issue of $300,000 bonds
Lonisville Electric Light Co.—Consolidation.—See Louis
ville Lighting Co. below.—V. 76, p. 545.
Louisville Gas Co.—Sale o f Louisville Electric Light Co.—
See Louisville Lighting Co. below.—V. 72, p. 1283.
Louisville Heating Co.—First Dividend—The company
will pav on April 1 its first quarterly dividend of
p. c. on
its $1,600,000 preferred stock. The authorized issue of com 
mon stock is $2,500,000.—V. 75, p. 1402.
Louisville (K y.) Lighting Co.—Status —The present au
thorized issues of this new company will te $4,000,000 of 5
p. c. 50 year gold bonds and $3,000,000 capital stock, of
which $1,500,000 bonds and $200,000 stock will remain un
issued. The stockholders of the Louisville Gas Co. at a
meeting on March 14 assented to the consolidation of the
Louisville Electric Light Co. (owned by the Gas Company)
with the Citizens’ Lighting Co. The Electric Light property,
consisting generally of its franchise and its station, at 14th,
15th and Magazine streets, with its machinery and all its
poles, wires, appliances and appurtenances, will accordingly
be deeded to the new company, to be styled the Louisville
Lighting Co. In return the Louisville Gas Co., it is stated offi
cially, will be paid in securities of the new company as fol
lows: $1,600,000 of 5 p. c. 50-year gold bonds and $1,666,700
of capital stock. The Citizens’ Lighting Co. (see V. 76, p. 544,
431) will be paid for its franchises and property in securities
of the new company, as follows: $900,000 of 5 p. c. 50 year
gold bonds and $1,133,300 of oapital stock.
Manila Railways tk Light Co.—Incorporated.—This com
pany was incorporated at Tredton, N. J., on March 16; with
$1 ,000,000 authorized capital stock, to take ever the conces
sions referred to last week.
A permanent organization will
be effected in two or tbr-e weeks when the stock will be in
creased possibly to $5,000,000. Incorporators:

Frank H Buhl, Sharon. Pa.; P. L. Kimberly. Sharon, P a ; Charles
M. Swift Detroit; J. P White, New York; Georee C. Smith, Pitts
burgh; H a rrv J. Oonanf, New York, and A. C. Walla, Jersey City.
Compare V. 76, p. 593.

Manufacturers Light & Heat Co.—Amalgamation.—The
lODg-pending negotiations for control of tbe Fort Pit' Gas Co.
were <'oncluded on Marca 14 The purchase price is stated
to be $90 per $59 share, and to be payable in stock and bonds
of a new corporation. The latter company will be organized
with probably $25,000,000 stock to take over the control of
the Manufacturers, the Fort Pitt and the various subsidiary
properties. In addition to the stock there will be a bond
issue to cover the outstanding bonds of the several companies,
and for extensions, etc. About 90 per cent of the stock ($2262,650) of the Fort Pitt is reported to have been deposited
with the Union Trust Co. of Pittsburgh for sale on tne terms
above named; the remaining shares will receive the same
price if deposited on or before March 28. (Compare Fort
Pitt Company, V. 69, p 1105, V-70, p 331 , and Manufacturers’
Company, V. 76, p. 438)—V. 76, p. 597, 482.
Maryland Telephone & Telegraph Co.—New Mortgage.—
A general mortgage has been made to the Central Trust Co.
of Baltimore, as trustee, to secure $4,000,0*0 of 5 per cent
$1,000 gold bonds. Of the new bond issue $1,000,000 is to be
set aside to retire old bonds now outstanding and $ 100,000
for ground rent on company’s building; $1,155,000 has been
subscribed and paid for by a syndicate formed by tbe Cen
tral Trust Co. and $1,745,000 is reserved for extensions.
Further fa cts:
The bonds are dated March 2, 1903, and are dne March 1, 1953, but
are subject to oall for payment at 105 to any amount on any interest
day—March 1 and Sept 1. Capital stook. all outstanding. $l.COO,OOO In 50 shares. President, Geo. R. Webb; Secretary, Stanley Baker.
- V . 76, p. 386.

Memphis, Teun , Consolidated Gas At Electric Light Co.—
Amalgamat on —This company has been organized under the
Office, 71 Broadway.
laws of Delaware with $4,000,000 authorized capital stook, to
Imperial Paper Mills o f Canada.—Limited.—This com take over the control, or the properties, of the Equitable Gas
pany has been incorporated with authorized capital of and tbe Memphis L'ght & Power Co. A. N Brady’ s Presi
$3,000,000, bead office Toronto, to take over as a going con dent; S. T. Carnes, First Vice-President, and Frank G. Jones,
cern the pulp, timber, mills, water powers and concessions Second Vice-President. Compare V. 74, p. 990.
of the Sturgeon Falls Pulp Co. The provisional directors
Mlcliigau (B ell) Telephone Co.— 'Status. —See reporr of
are: L.G. McCarthy, Toronto; C. W. Rantoul Jr., Sturgeon Weuern Telephone & Telegraph Co. on psge 652 of this issue;
Falls, and G. C. Loveys, Toronto. The said Sturgeon com also see scatietics in item American (Bell) Telephone & Tele
pany was organized in 1898 and received a concession of fine . graph Co. in V. 76, p. 596.—V. 76, p. 482.
spruce lands from the Ontario Government aggregating
Montreal Light, Heat and Power Company.—Purchase—
nearly 3,000 square miles, on the condition that $1,000,000 be
employed in the construction of pulp and paper mills. About Bonds Sold.—Tne company has eold to the Bank of Montreal
this sum has been expended oh a plant at Sturgeon Falls. and Messrs. N. W. Harris «fe Co., bankers, New York, Chi
The plant when completed is expected to produce 120 tons of cago and Poston, an issue of $4,000 000, 30-year 5 1 bonds to
paper daily. Further outlays are proposed, especially in pay in part for the Lachine Rapids Hydraulic & Land Co..
connection with the development of the company’s water Limited, and its two affiliated companies, i. e.. The Srandard
Light, Heat <fc Power Co, and the Citizens’ Light, Heat &
power.
Power Co. The new bonds will be the obligation of the
International Heater Co.—Reduet ion o f Stock.—The Montreal Light, Heat & Power Co. and will be additionally
shareholders voted on March 17 to reduce the capital stock secured by a lien on all newly acquired properties Tne capi
from $1,800,000 to $551,900 by canceling all of the common tal stock of the company will be $17,000,000. (Compare V.
stock and the $348,100 of the $900,000 preferred stock which 75, p. 238.)
has been authorised but not issued. The number of direc
As a result of this consolidation the above company now
tors was reduced from 13 to 7. See V. 70, p. 283: V, 66 p. owns or controls all the developed water powers near Mon
1139.—V. 76, p. 597.
treal, together with all distributing systems in the city, and
Rings County Electric Light & Power Co.—.Yew Stock.— in fact on the entire island. The company also controls all
The stockholders voted on Wednesday to increase the capital the gas and eleotric business of the City and serves a populastock from $2,500,000 to $5,000,000.—V. 76, p. 47.
lion of about 350,000. It is estimated that when the plans of

658

TH E

CHRONICLE.

the Power Company are completed, the total water power
development will be nearly 75,000 horse power.—V. 75, p. 238.
Nashville (Tenn.) Gas Co.—New Stock.—The shareholders
voted on March 2 to offer $150,000 new stock at par ($100 a
share) to shareholders of record on March 16, to the amount
of 15 p. o. of their present holdings, subscriptions to be
received till and including April 16. The proceeds will be
used to pay floating debt and for extensions and betterments.
The present stock is $1,000,000.
Directors:—T. H. Malone, W. R. Cole, A. H. Robinson, D. S.Wllliams,

J. B. Richardson, Joseph H. Thompson, T. J. O’Keefe, J. H. Fall,
B. F. W ilson .-V . 70, p. 432.

National Lead Co.—Approved.—The stockholders adopted
on Thursday the proposed amendments to the charter. (See
V. 76, p. 334.)—V. 76, p. 438, 432.
Norfolk-Hsmpton Roads Shipbuilding & Dry Dock Co.—
Prospect us.—This company was incorporated on April 2,
1902, by Act of the Legislature of Virginia, with power to
issue not less than $500,000 nor more than $10,000,000 of cap
ital stock [in $100 shares]. In November last it purchased a
large tract of land at 8 eweH’s Point, Va., from the NorfolkHampton Roads Co. for a sum stated as $339,500. The lastnamed company in 1901 made a mortgage to the Norfolk
Bank for SaviDgs & Trusts to secure $250,000 bonds due
July 1, 1911, but subject to call for the sinking fund ($14,500
Jan. 1, 1903,) at 108 and interest. A prospectus, after calling
attention to the advantages of Hampton Roads for a ship
building plant, says:
It is estimated that the cost of the plant will be $5,000,000. This
Includes a dry dook of 1,000 feet and full equipment. The estimatedearning oapaoity Is 32 per oent net. The above cost will equip a m od
ern plant capable of handling all classes of work and the oapaoity of
the plant will be unlimited. The company owns on the Hampton
Roads about 300 acres o f land to Port Wanden line for the erection of
Its modern plant. It Is the intention of the company to sell bonds for
betterments and additional oapltal if deemed proper.
Directors—W. P. Harrison, Cincinnati, O., President; W. H. Knauss,
Columbus, O., Vice-President and Treasurer; J. T. Gamble, Columbus,
O., Secretary; J. Verner Ewan, Covington, Ky.; T. J. Davis, Cincin
nati, O.

Pacific Packing & Navigation Co.—Receiver's Certificates.
—At Seattle on March 10 Judge Hanford authorized Receiver
James A. Kerr to borrow $80,000 at 6 p. c. interest, chiefly to
purchase supplies for the canneries.—V. 76, p. 545, 215.
Panama Canal Co .—Treaty Ratified.—At Washington on
Tuesday the Senate, by a vote of 73 to 5, ratified the treaty
with Colombia. All amendments were voted down. See V.
75, p. 668 , and V. 76, p. 438, 334.
Planters Compress Co.—Reorganization Completed.—The
reorganization Committee, having carriedjout the plan (in V.
74, p. 833, 888 ), has voted to wind up its affairs, turning
over to the new Planters Compress Co. the $266,600 of preferred
and $476,700 of common stock not required for the purposes
of the reorganization. The committee says in substance:

[Y ol. LXXYI.

The company’s income is derived from the royalty of $2
for every switch manufactured by the Automatic Electric
Co., whose orders were summarized in a recent circular:
For Chioago, 111., 10,000 telephones, ultimate capacity, 100,000;
Dayton and Columbus, Ohio. 6,000 and 7,000, raspeotively, ultimate
capacity, 19,000; Grand Rapids, Mich., 5,000, ultimate capacity,
19,000; Portland, Me., 2,500, ultimate capacity, 10,000. together with
the equipment for many smaller exchanges. Through the relations
established with the Automatic Eleotric Go., all the debts of the Strow
ger Company, amounting then to nearly $200,000, were paid; all of
the old State lioense contracts, with one exception, have been can
celed, and the Strowger Company’ s position Is now most favorable.
The German Government has adopted the Strowger system of tele
phones, and it Is expeoted that we will soon close negotiations In
other foreign countries for our patents.—V. 75, p. 552.

Thoinpson-Starrett (Construction) Co., New York City.—
Stock.—The holders of the $500,000 preferred stock have sur
rendered their preferential rights, making the entire stook
$1,000,000, all of one class. Both classes of shareholders
have paid in an additional $100 a share, giving the company
$1 , 000,000 cash, which has been added to surplus.
Union Typewriter Co.—Annual Meeting.—At the annual
meeting on Wednesday President Seamans stated, according
to the press reports, that the sales for 1902showed an increase
of 22 p. c. over 1901, the profits being correspondingly large.
W. L. and Lyman L. Smith, who it was announced some
time ago would erect an opposition plant, were re elected to
the board of directors. See [L. C.] Smith & Bros. Type
writer Co., above.—V. 76, p. 269.
United Box Board & Paper ;Co.—Dividend Passed.—On
Thursday the directors unanimously resolved that the com
pany defer declaration of any dividend “ until it has accumu
lated a sufficient further surplus to provide an adequate
working capital.” —V. 76, p. 483, 434.
United States Steel Corporation.—Reported Purchases.—
The “ Philadelphia News Bureau” on Thursday said:
From several independent sources comes the report that a deal has
been concluded whereby the 8teel Corporation will absorb the Shenango Furnace Co and the Clairton Steel Co., and that W. P. Snyder,
the President of both companies, will beoorne President of the Steel
Corporation. In connection with the absorption there would be a
long time oontraot whereby the Steel Corporation would supply
the Crucible Steel Co. with steel, the annual quantity being but a
fraotion of the output of the Clairton Steel Co., whioh was intended to
market the bulk of Its produot of soft steel, only a small proportion
being required by the parent Cruoible Company for its fine-steel trade.
The Clairton 8teel Co. has some important ore properties. The Shenango Furnace Co. also is well fixed with ore, Mr. 8nyder having made
the boast that it has more ore than all the other merohant furnace in
terests in the valleys combined. It is stated positively that the deal
was praotloally concluded two weeks ago. subjeot only to;oertaln oonoesslons whloh Mr. Snyder desired.—V. 76, p. 545, 439.

Westcott Express Co.—Sale.—A majority of the $650,000
capital stock ($150,000 7 p. c. preferred) has been purchased
by Robert Westcott, son of the founder of the business; J. H.
Paul (the former manager for the Wescott interests), and
associates. The “ Albany Argus” says:

The original Westoott Express Co. confined its operations to New
The plan, which has been successfully carried out, comprised the York and was purchased by the Consolidated Transfer Oo. in 1894,
organization of a new corporation to acquire the assets of the did when the name of the Consolidated Transfer Co. was changed to the
Planters Compress Co. (the West Virginia corporation) and of the Westcott Express Co. The company transacts a livery and baggage
Indo-Egyptian Compress Co.; the purchase of 56 gin plants In Texas delivery business in New York, Brooklyn, Jersey City, Hoboken.
and the Indian Territory, and the provision of cash oapltal to carry Albany, Utica, Troy. Syracuse and Rochester, with a transfer agree
on the largely Increased, business In cotton, hay and other commodi ment in Buffalo. The stockholders in the Consolidated Transfer Oo.
ties baled on the Low ry Compress. The committee has turned over to paid oash for the 7 per oent preferred stock, receiving the oommon
the new company cash and new properties to the value of over $2,- stock in the Westoott Co. share for share for the stook of the old com
700.000 and all the assets of the old Planters Compress Co. and of the pany. Dividends on the preferred stock have been paid annually, but
Indo-Egyptlan Compress Co.; has paid all the expenses of the reor the common stock has received only one 2 per oent dividend—in 1896.
ganization, and has now turned over to the treasury of the Planters Messrs. Westcott and Paul are understood to have paid 50 (another ac
Compress Co $266,600 of the preferred stock and $476,700 trust com count says 40) for the common and 100 for the preferred stook. The
mon stook of the new company.
company has no bonded debt. The former New York directors (in
cluding William H. Hollister) were continued on the board, but the
There are now in the hands of the public $2,983,400 of pre local
men retire.—V. 65, p. 373.

ferred stock and $6,273,300 trust common stock of the new
company. The new certificates are now being issued.—V.
75, p. 139.
Seattle (Wash.) Electric Co.—ATeu> Preferred Stock,—The
shareholders will vote April 7 on a proposition to increase
the preferred stock from $3,000,000 to $5,000,000. The $1,600.000 now to be issued will be offered to shareholders of
record on the basis of one new share at par for each five shares
of stock held. The proceeds will be used to pay for new
equipment, underground conduits for lighting cables and
some 20 miles of new track.—V. 74, p. 1143.
Sloss Sheffield Steel & Iron Co.—New Directors.—At the
annual meeting on March 17 the old board was re-elected
except that A. E. Ames, of A. E. Ames & Co., bankers,
Toronto, and J. ?H. Plummer, formerly Assistant General
Manager of the Canadian Bank of Commerce, were chosen
respectively to fill a vacancy and to succeed John A. Ruth
erford, resigned.
Annual Report,—See pages 652 and 659.—V. 76, p, 598.
(L. C.) Smith and Bros. Typewriter Co., Syracuse, N.
Y.—Plans.—The “ Iron A ge” says:
We are advised that the plans for this new Diant are now com pleted
and an Initial equipment of machinery ordered. The new works will
be built at Syracuse and will form a nucleus around whloh it is e x 
pected to build a very large manufactory. See Union Typewriter Oo.
above and V. 76, p. 269.

Standard Milling Co.—First Dividend.—The first dividend
on the preferred stock was declared on Thursday, viz., 1 per
cent payable April 10. Compare Y. 76, p. 598, 387.
Strowger Automatic Telephone Exchange Co.—The
contest to secure control of the company was ended on Tues
day in Judge Tuley’s court, Chicago, by an amicable ad
justment. It was agreed that each faction shall retain four
directors. The ninth director will be chosen by the court
and will act as President in place of Jacob L. Kesner. The
new President will select a Secretary; the present Secretary,
Joseph Harris, has resigned in the interest of harmony.

Western Gas Co. New York.—Liquidation.—The share
holders have empowered the directors to liquidate the com
pany, its existence having become unnecessary. See V. 74, p.
482.
—The Financial Review (annual), published at the office
of the C o m m e r c ia l a n d F in a n c ia l C h r o n ic l e , is now ready.
The R e v i e w contains a record of prices of railroad bonds
and stocks, government securities, State bonds, etc., ex
tending back many years, and is invaluable to the investor.
The price of the Review is $2.
William B. Dana Co., 76]^ Pine Street, corner Pearl Street,
New York,
Copies may also be had from P. Bartlett, 513 Monadnock
Block, Chicago; Edwards & Smith, 1 Drapers Gardens,
London.
—Mr. Raymond E, Dodge of 25 Broad Street, this city, has
compiled a statistical chart showing the merchandise and
the gold and silver exports and imports of the United States
for tne last nine fiscal years. The results are given in large
figures and presented in a striking way. Supplementary fig
ures are added, indicating the exports and imports for each
month from July 1902 to January 1903, included. The chart
is convenient for hanging on the wall, thus making it handy
for ready reference.
—Messrs. Stone & Webster of Boston have issued their an
nual compilation regarding the electric railways and lighting
properties for which they act as managers. It is handsomely
gotten up with colored maps and contains statements for
twenty-two companies, of which seven are not yet in full
operation.
—The stock-brokerage firm of Gillette & Denniston, La
Salle St., Chicago, will remove early in April to more exten
sive quarters on the ground floor of the new National Life
Insurance Building, directly in the rear of the Western State
Bank,

THE

March 21, 1903.]

CHKONICLE.

659

|ltcpoxts auxl ‘Botmnmis.
SLO SS-SH EFFIELD

S TE E L

&

IRON

COMPANY.

THIRD ANNUAL REPORT—FOR FISCAL YEAR ENDED NOVEMBER 30th . 1902.
PRESIDENT’S REPORT.
To the Stockholders o f the Sloss-Sheffield Steel & Iron Com
pany.
G e n t l e m e n : —In presenting the annual report of your
Company for the fiscal year which ended November 30,1902,
your Board of Directors feels that the results of the business
may be considered, under all the conditions, as satisfactory,
and that substantial progress has been made during the
year in the development and improvement of the property.
Profits arising from business would have been much
greater had we not, along with other companies in the Ala
bama District, sold practically our entire output of iron, up
to about the close of the fiscal year, at prices much below
those which ruled for the last eight months of the year.
The highest average price realized any month during the
fiscal year on the iron shipped was fully $4 00 per ton below
the ruling market price for the last seven months of the
year. This low-price iron has now been practically all de
livered, and we began the new year with a better range of
prices. Below is given a statement of the average price
realized on pig iron delivered for the past three years, and
profits from same, from which it will be seen that the price
in 1902 was §1 74 per ton higher than in 1901, but §153 per ton
lower than in 1900, although the profit was considerably more
than in 1900. This is accounted for by the increase in pro
duction and the lower cost price in 1902.

Since the close of the fiscal year the three-years contract
with the State for the use of its convicts expired, and a
new contract for three years, but on a totally different basis,
has been concluded. This should prove the most profitable
of the Company’s coal mines.
I vy M ines.

These mines opened on the big seam of coal with its 200
coke ovens, coal washer, etc., are the property of the Lady
Ensley Coal, Iron & Railroad Company, but your Company
bought a lease of it, during the Receivership, in June last,
which has proven profitable. It is a valuable mine with a
present capacity of 650 tons per day, which should be ma
terially increased. This Company expects to acquire the
ownership of it, as explained elsewhere in this report.
D rifton M ines.

The railroad was completed to No. 3 mine of this group of
three mines, formerly known as Coronado, early in 1902,
and it has been operated with the others during the most of
the year.
J efferson County M ines .

The number of mines in Jefferson County, known as the
Coalburg, Brookside and Blossburg groups, on the Pratt
Seam, were worked steadily throughout the year. Their
physical condition has been maintained, and their produc
tion shows an increase of 91,666 tons over the previous year.
Nothwithstanding the shortage of cars, from which all the
1902.
1901.
1900.
Average price of iron shipped......... $12 25
$10 51
$13 78 mines suffered, especially during the last half of the year,
Profit on iron shipments........ $932,492 00 $311,407 00 $742,852 00
which seriously curtailed their output, your Company in
The Lady Ensley furnace, of which your Company owns creased its product of coal by 245,528 tons. During the last
two thirds, and operates and handles its product, is not in five months, shipments have been at the rate of 1,500,000
tons per annum.
cluded in the above statement.
BLAST FURNACES.

COKE.

There has been expended on the four Birmingham fur
naces during the last year $296,563 53, and in the last two
years $562,176 32. and they are in good condition, and when
the three additional Allis-Chalmers blowing engines, which
have been contracted for to be delivered during the spring
and early summer are installed, and the new stove, which is
now being built at No. 2 furnace, and the small addition to
the boiler plant at North Birmingham, which is now being
made, are completed, they will be most fully equipped with
all the machinery necessary for producing the most satisfac
tory results.
The weakness in construction of the furnaces in the
Sheffield District, as noted in the last annual report, has
been remedied during the year in the Lady Ensley furnace
by heavier bosh plates, crucible jacket, etc., and the fur
nace is now in excellent shape, producing a greatly in
creased tonnage and a larger percentage of high-grade iron.
The Philadelphia furnace was put into blast by your Com
pany in January, 1900, on the old wall, and continued to do
reasonably good work until about the close of the year 1902;
but since that time it has been blown out, and is now being
refitted on much stronger and more modern lines, and will
be started up again about the first of April, when improved
results, both as to coke consumption and production of iron,
may reasonably be expected.
The Hattie Ensley furnace shows no sign of giving way
as yet, but when it is put out of blast, it is proposed to refit
it on the lines of the other two furnaces in that district,
when all seven furnaces will have been greatly improved
and strengthened.

The production of coke increased 113,855 tons during the
year, or 33% per cent, and the quality has been improved.
When the 200 Bee Hive ovens now being built at Flat Top
are completed, we should have an ample supply of coke for
the seven furnaces. It is suggested, however, that some of
the present batteries of ovens be enlarged by the addition
of 100 ovens, to make us entirely safe at all times, and espec
ially as there is a steady demand for coke at remun
erative prices. For the three months since the close of
the fiscal year the production of coke has shown a still fur
ther increase, which, if maintained through the j-ear,
will show an increase of 57 per cent over the fiscal year 1901.

PIG IRON.

IRON ORE MINES.
8 loss Mines .

We have continued the development in both No. 1 and
No. 2 slopes of this hard-ore mine during the year, and now
have sufficient territory developed for an output of 1,450
tons per day, which will be gradually increased by some
improvement in air and steam equipment. Some small
operations on soft red ores are being carried on, on the
Company’s property, under contracts, the ore being fur
nished to us.
R ussellville B rown Ore Mines .

We have now in operation at these mines, four ore wash
ers, twelve dinkey locomotives, seven steam shovels and a
sufficient number of side dump cars for handling material
to the washers. Four dinkey locomotives and sixteen side
dump cars were added to the equipment during the year.
There are three pumping stations for supplying water, with
nine steam boilers and eight pumps. One of these pump
ing stations was built during the year for summer use, and
ut in operation on August 9, 1902; also a new dam, adding
fteen acres to the reservoir at Central pumping station.
The washers were in operation during the year, 269 days,—
unfavorable weather being the cause of all extended delays,
and washed 298,700 tons of ore.

The production of pig iron for the year shows a gratifying
increase of 31 per cent over previous year, notwithstanding
all of your furnaces were not in blast but for a few months
during the latter part of the year. Since the close of the
year a still further increase in production is shown. The
average cost of iron produced at your furnaces increased
only 12 cents per ton over the average for the previous year,
notwithstanding the heavy increased cost of labor and of all
DOLOMITE.
supplies and materials which were bought. The four Bir
The
slope
at
your
North
Birmingham Dolomite Quarry
mingham furnaces show a decrease of 32 cents per ton in
was driven down 20 feet during the year, which now give’s
cost, as compared with the previous year.
an average face of 47 feet of stone, greatly increasing the
COAL MINES.
life of the quarry, and should enable us to produce more
F lat T op M ine .
stone and at a less cost. This stone furnishes a superior flux,
The spur track built for the development of this property and it is now definitely determined that the recommenda
was turned over to the Railroad Company by the contract tion made in the last annual report, that the use of dolomite
ors during the month of September, 1902, when we began as a flux be abandoned, and mountain limestone substituted,
the shipment of coal. The last of the convicts were re was a mistake.
moved to our large new prison built at this place on Novem
ber 1 . The slope has been steadily driven and is in about COMPARISON OF OUTPUTS FOR THE YEARS 1902 AND 1901
WERE AS FOLLOWS:
2,000 feet, and the mine is now producing 950 tons of
1901.
Increase. Decreesi
1902.
coal per day, which will gradually be increased to 1,500 tons
Tons.
Tony.
Jons.
Tons.
or more. The coke plant at this place of 200 ovens, Stewart Pig Irou.......... .......... 287,685
218,857
68,828
1,042,298
245.528
coal washer, with capacity of 1,200 to 1,400 tons per day, Coal.................. ..........1,287,826
339,199
.......... 453,054
113.S55
the coal bins, etc., will be completed early in the spring. Coke.................
234,661
Ore....... .......... 298,700
64,039
Everything in connection with these mines has been con Brown
221,769
Red Ore........... .......... 284,482
62,693
structed ;and equipped in the most substantial manner. Dolomite..........
101,349
280

THE CHRONICLE.

660

The above figures of pig iron do not include the product
of the Lady Easley furnace, which this Company operates
and handles the product, owning, as it does, two-thirds of
the plant. This furnace produced 37,057 tons of iron in 1902
and 38,992 tons in 1901, but since August last, it has had an
output at the rate of about 65,000 tons per annum.
ADDITIONS TO PROPERTY AND IMPROVEMENTS

During the past year your Company has paid out in ac
quisition of additional properties, of value, §263,457 22, the
most of which, however, does not appear in the statement of
property account for the year, as it was still held in the
name of the Trustee, and included in accounts receivable,
and since the close of the fiscal year about §130,000 00 addi
tional has been paid out on the same account, and has
spent in the improvement and development of its furnaces,
mines, etc., §514,265 69, all of which has been provided for out
of earnings,{no additional securities having been issued.
A decree in the long litigation over the Lady Ensley prop
erty has been entered, and a clear title to this laree and
valuable property will probably be vested in your Company
in the next thirtydays.
For more detailed figures of the business of the Company,
you are referred to the annexed statements of the Secretary
and Treasurer.
To the Officers of the Company who have been most loyal
and untiring in their efforts to advance the welfare of the
Company, our sincere thanks are due.
All of which is respectfully submitted, by order of the
Board.
J.- C. MABEN,
President.
Birmingham, Ala., March 6th, 1903.
STATEMENT—SLOSS-SHEFFIELD STEEL & IRON COMPANY.
FISCAL YEAR ENDING NOVEMBER 30, 1902.
R esources —

Property Account..................................................................$17,552,561 72
Treasury Securities.......................... . - ...........................
259,700 00
‘ Stocks and Bonds of otlier Companies............................
311,994 67
Cash Bills and Accounts Receivable ...
...............
1,44.7,798 66
Supplies, Raw and Finished Materials at co st...............
171,102 10
Stocks in Company’s stores and warehouses..................
166,582 61
Extraordinary Repairs and Renewal Fu nd..................
147,720 17
Insurance and Taxes uuexpired........................................
14,2s9 34
$20,071,749 27
L ia b ilit ie s —

Capital Stock, Preferred...........................$6,700,000 00
“
“
Common........................... 7,500,000 00 $14,200,000 00
Sloss Iron & Steel Company:
First Mortgage 6 p. c. Bonds, 1920.......$2,000,000 00
General Mort. 4Lj p. c. Bonds, 1918___ 2,000,000 00 $4,000,000 00
Current A ccounts............................ .....................................
Pay Roll (current m onth)...... - ..........................................
Bills Payable (being last payment on property pur
chased, paid in January, 1903).....................................
Profit and L o s s ................. ...............................................

527,514 04
94,213 60
50,900 00
1,199,1'zl 63
820.071.749 27

* This does not include any of the securities of the Lady Ensley Coal
Iron & Railroad Company, which are held by Trustee.
STATEMENT SHOWING EARNINGS SLOSS-SHEFFIELD STEEL &
IRON CO. FOR FISCAL YEAR ENDING NOV. 30. 1802.
Profit on pig iron—
After deducting for depreciations, one and one-half
cent ($0-015) per ton red ore, three cents ($0-03) per
ton on brown ore, and twenty-five cents ($0-25) per
ton on Iron for extrordinary repairs and renew als... $932,492 59
Profit on coal—
After deducting three cents ($0'03) per ton for depreci
ation on coal.......................................................................
147,340 41
Profit on coke...........................................................................
92,200 98
Our proportion earningsNorth Alabama Furnaoe C o___
21,598 50
Ore and dolomite sales............................................................
56,448 34
...............................................
4,130 63
Royalties, etc.............................
Rents, stores and other revenues.........................................
169,888 42
$1,424,099 87

D eductions —

General expense accounts.......................... — $55,902 39
Taxes and license.................. ........................ ... 29,806 13

85,708 52
$1,338,391 35

Net earnings
Bond interest....

210,000 00

Surplus for 1902............................................................... $1,128,391 35
Surplus Nov. 30, 1901......................................................
539,730 28
Total su rp lu s........................... .................................... $1,668,121 63
Dividends paid, 7 per cent on Preferred Stock..................
469,000 00
Surplus Nov. 30,1902, after year’s dividends.-................$1,199,121 63
WORKING CAPITA!, NOVEMBER 30, 1902.
C ash -B ills and accounts receivable....................................$1,447,798 66
Raw and finished material on hand at cost........................
171,102 10
Merchandise in Company’s stores and warehouse............
166,582 61
Insurance and Taxes unexpired...........................................
14,289 34
Treasury Securities, Stocks and Bonds at market value..
367,995 93
.
Co

n tr a

$2,167,768 64

—

Bills payable (since paid)................................. $50,900 00
Pay Rolls..............................................................
94,213 60
Accounts payable (ourrent business)............. 527,514 04

672,627 64

Balance working oapital in business............................ 1,495,141 Oo

[VOL. LXXVI.

The (Co mum-cial ’Minus.
COMMERCIAL

EPITOME.

March 20, 1908.
In most lines of trade the condition of business has been
reported as good, with jobbers and consumers buying freely
in anticipation of their prospective requirements. Uneasiness
over labor conditions, however, has been a deterring factor
in some instances, but this has not been sufficiently general
to influence to any extent the prevailing confidence in the
outlook for continued business activity. In a few lines of
staple goods interior buyers have been holding back await
ing the opening of interior navigation before operating freely,
and this has unfavorably influenced business temporarily in
these especial articles. Continued wet weather and appre
hensions of floods have delayed farm work in the Southwest
and are causing a late season. The outlook for the growing
wheat crop has continued favorable. The extra session of
the Senate adjourned on Thursday, it having previously rati
fied the Panama Canal treaty and an amended (and therefore
at present non-operative) Cuban reciprocity treaty.
Lard on the spot has been easier, reflecting a weaker turn
to the market for hogs. The demand has shown no improve
ment, most buyers operating on a hand-to-mouth basis. The
close was firmer at 10'20c. for prime Western and9-25@9*75c.
for prime City. Refined lard has been in fair demand on
contracts, but new business has been quiet. Prices have
declined, closing at 10’40c. for refined for the Continent.
Speculation in lard for future delivery has been moderately
active at declining prices. Packers have been freer sellers,
prompted by larger receipts and lower prices for hogs. The
close was fairly active and firm at a moderate recovery from
bottom prices.
F r id a y N ig h t ,

DAIX.1T CLOSING PRICES OV LARD FUTURES IN CHICAGO.

8al.

Mon

May del’y.............. 10-12ia 9-95
July del’y............... 10-00
9-821*
September del’y ... 9-97J« 9 80

Tries.

9-80
9'62i#
9-62'a

Wed.
Thurs.
9-87*9 10 00
9-72*9 9-87>*
9-72ki

9-85

fri.

10-15
9 92>*
9 90

Pork has had only a limited sale and prices have been
easier, closing at $18@18 50 for mess, $19 50@20 for family
and $19@21 25 for short clear. Cut meats have been firm but
quiet, closing at 9c. for pickled shoulders, 113^@12c. for
pickled hams and 10J^@llo. for pickled bellies, l4@ 10 lbs.
average. Beef has been in fair demand at slightly lower
prices, closing at $9 for mess, $12@12 50 for packet, $14 50@
15 for family and $19@21 for extra India mess in tcs. Tallow
has been in slightly better demand and firmer, closing at
5%c. Stearines have been irregular, closing at 11c. for lard
stearine and 10c. for oleo stearine. Cottonseed oil has been
firm but quiet, closing at 41^£@42c. for prime yellow. Bat
ter has been in moderate demand and steady at 17@29}^c.
for creamery. Cheese has been fairly active and firmer, clos
ing at 12@15c. for State factory, full cream. Fresh eggs
have been easier under free offerings, closing at 17c. for best
grades of Western.
Brazil grades o f coffee have been quiet. The movement of
the crop has continued large, the Brazil market has shown
an easier tendency, offerings have increased, and with trade
generally apathetic prices have sagged. The close was dull
at 5J^c. for Rio No. 7 and 6J^c. for Santos No 4. West
India "growths have been in moderately active demand and
steady, with good Cncuta quoted at 8J^c.@8^c. Speculation
in the market for contracts has been more active. There has
been some selling against purchases of coffee in Brazil and
prices have declined. The close was barely steady. Closing
asked prices were:
M arch ........
4-20o. |July__________ 4*500, N o v ..________ 4-80o.
May................... 4-30o. S e p t . .. . .. . .. . .. 4-65o. D eo. . . . . . . . . . . . 5 00c.
J u n e .. . .. . . . . . . 4 40c. I Oot.................... 4 70c. Jan ................... 51 0c.

Raw sugars have been freely offered and with only a lim.
ited demand prices have been easier, closing at 3 11-16c. for
centrifugals, 96 deg. test, and 33^c. for muscovado, 89-deg.
test. Refined sugar baa been quiet and unchanged at 4 80@
4 85c. for granulated. Other staple groceries have been quiet
but steady.
Desirable grades of Kentucky tobacco have continued in
fair demand from the home trade and at firm prices. Only a
limited volume of business has been transacted in seed leaf
tobacco, but prices have held steady. The sales were 200
cases 1901 Connecticut wrappers at 40@55c. and 150 cases
1901 Connecticut dark do. seconds and tops at 16c. Foreign
tobacco has been quiet and unchanged.
Business in the market for Straits tin has been quiet and
prices have declined, reflecting weaker foreign advices, clos
ing at 29-50@29-90c. Ingot copper has been unsettled, and
the close was qniet at 14-75@15c. for Lake. Lead has been
in fair demand and firm at 4-67^c. Spelter has advanced,
closing at 5 75c, Pig iron has been in fair demand and
steady at $23@25 for No. 1 Northern.
Refined petroleum has been firm, closing at 8-20c. in bbls.,
10-50c. in cases and 5 65c. in bulb. Naphtha has been ad
vanced to l l ’05c. Credit balances have been steady at $1 50.
Spirits turpentine has weakened slightly, closing at 67@
67)^c. Rosin has been firm, closing at $2 30 for common and
good strained. W ool has been qniet and prices have been
barely maintained. Hops have been qniet but steady.

March 21, 1903.]

THE
C O T T O N .

F r i d a y N i g h t , March 20, 1903.
T hh M o v e m e n t of t h e C r o p , as Indicated by our telegrams

from the South to-night, is given below, For the weekending
this evening the total receipts have reached 90,134 bales,
against 132,158 bales last week and 142,806 bales the previous
week, making the total reoeipts since the 1st of Sept., 1902,
6,813,179 bales, against 6,733,692 bales for the same period of
1901-2, showing an increase since Sep. 1, 1902. of 84,487 bales.
Mat.

M to o ip tt a t—

I

M on .

Tun.

G a lv e s to n ......
Bab. P ass, Ac
New O rlea n s..
M o b ile ________
P ensacola, A c
S a v a n n a h ......
B runsw ’ k.A c
C h a r le s to n ....
F t. R oyal,& o
W ilm in g to n ....
W ash’ to n .A o
N o rfo lk ____ . . .
N’p’ t N e w s, * o
New Y o r k . . . . .
B o sto n ____ ___

3 ,44 2
..........
6 ,06 0
26

36
617

B altim ore____
Phlladel’ a, Ac.

......
68

98

5 ,21 4

9 ,0 9 9

........

......

7 ,32 9
11

......

......

5 ,02 6
52
......

2 ,1 0 7
14
..........
222

2,98 0
......
15
......
202

2 ,98 3
......
60
......
100

......

......

431

......

------

Wed.

T h u r t.

4,671
......
4 ,9 7 3
156
......
1,86 0
......
11

3,75 6
......
4 ,11 4
16

......

F ri.

Total.

4 ,6 3 6
1,792
2 ,1 5 6
20

3 0,8 1 8
1,792
2 9,6 5 8
281
......
1 3,0 1 9
1,041
223

......

......

1,157
......
70

1,93 2
1,041
53

......

......

89

194

1,04 7

......

........

......

1,181

998

1,003

4 02

......

......

........
........

......
......

252

575

1,00 8

399

......

......

......

......

122

75

216

1,85 4

........
1 ,13 9
419
3 00
313
1 ,04 6
7 50

5 ,15 4
419
3 36
3 ,16 4
1,046
1 ,82 9

Tot. this week 1 3,0 2 3 1 7,2 8 2 1 9 ,0 1 5 1 3,846 1 0 ,3 2 4 1 6,6 4 4

9 0,1 3 4

following snows the week’s total receipts, the total since
Sept. 1,1902, and the stocks to-night, compared with last year.
The

Bcceipti to
M a r c h 2 0.

MineiMep.

week.

1 ,1 9 0 2 .

Galveston...

8 0,8 1 8 1 ,9 1 0 ,6 9 9
1,792
1 08 ,7 20
Mew Orleans 2 9,6 5 8 1 ,9 7 4 ,5 0 3
1 95 ,0 09
281
Mobile.
1 42 ,9 09
P’saoola.&o,
Savannah... 1 8,0 1 9 1 ,20 4 ,32 5
1,041
1 1 7 ,2 6 4
iBr'wlok, Ac
223
Charleston..
2 0 7 ,0 7 7

8ab.P.,&c.

P.Koyal.Ac
Wilmington.
Wash’n, Ac
N orfolk.......

N'port N.,Ac
New York
Boston....
Baltimore..

I

Phtl»del,&e.

Note.—329
3ept. 1.

221
1 ,85 4

3 2 4 ,7 6 4
387
4 4 9 ,9 7 6
2 0,3 7 3
2 7,3 6 0
7 7,5 2 2
3 5 ,4 7 6
2 1,5 9 4

5 ,15 4
419
836
8 ,16 4

1,016
1 ,32 9

Block.

1 9 0 1 -0 2 .

190 2 -0 8.

n it

n ti
vtttk.

£iMC« Btp.
1 , 1901.

1 6 ,8 7 6 1 ,8 7 2 ,7 4 8
3 ,5 9 1
6 8 ,6 5 3
3 5 ,7 9 3 1 ,9 9 5 ,6 5 9
5 00
1 4 8 ,4 2 8
849
1 91 ,1 11
1 1 ,9 0 3 1 ,0 3 8 ,0 9 7
6 ,96 3
1 3 3 ,4 7 8
2 ,7 0 3
2 5 5 .0 8 7
5
1,54 5
1,64 0
2 6 5 ,3 3 4
382
7 ,4 9 0
4 1 0 ,4 2 7
2 ,44 8
8 1,9 1 8
2 ,3 4 0
1 0 2 ,2 9 6
4 ,9 0 2
1 0 9 ,7 2 2
7 ,87 6
8 1 ,7 7 4
426
2 6 ,0 3 3

1903.

1902

101,210

1 0 1 ,1 5 8

2 5 7 ,4 6 4
8,058

2 9 6 ,8 2 0
2 4,0 3 6

6 6 ,6 3 4
2 ,7 3 7
1 0,875

4 9,6 7 5
5 ,48 8
3 ,14 9

2,74 8

8 ,7 9 4

2 1 ,7 3 0
159
7 4 ,6 4 4
3 7,000
4 ,87 2
5 ,36 6

3 7 ,0 5 6
3 ,01 4
1 7 4 ,2 2 3
6 1 ,0 0 0
1 5,0 4 6
4 ,35 7

9 0,1 3 4 6 ,8 1 8 ,1 7 9 1 06 ,3 05 6 ,7 3 3 ,6 9 2
5 9 3 .5 4 7
7 7 3 ,8 1 6
bales added as oorreotlon of reoeipts at Savannah since

In order th at com parison m ay be m ade with oth er years,
ve give below the totals at lead in g ports fo r six seasons,
Bseeipt* at—

}alves’n,<fco.
Hew Orleans
fobllff........
lavannah...
Ihas’tcn, Ao.
ffllm’ton, Ac
forfolk.......
f. News, Ao.
Ul others...
to*, this wk.
llnoe S ep t. 1

1903.

1902.

19C1.

1 900.

189 9

1898

3 2 ,6 1 0
2 9 ,6 5 8
281
1 3 ,0 1 9
2 23
1 ,85 4
5 ,15 4
4 19
6 ,91 6

2 0,4 6 7
8 5,7 9 3
500
1 1,903
2,708
1 ,64 0
7 ,4 9 0
2,448
2 3 ,3 5 6

4 1 ,8 7 5
4 3,659
426
2 0,6 2 2
1,878
2,421
9,441
103
13,801

1 0,726
2 9,478
3 ,95 6
1 6,3 9 9
3,803
2,15 7
5 ,4 9 0
97
3 1,9 1 2

2 4,8 7 4
4 2,8 5 6
1,933
9 ,262
2 ,411
580
5 ,68 3
1,648
1 9,375

1 7,0 8 3
3 4 ,4 5 2
5 ,75 8
1 3,0 7 3
4 ,62 0
2,27 5
8 ,9 9 4
1,99 6
1 8,455

9 0,1 3 4

1 06,305

134 ,1 24

1 04 ,0 23

1 08,622

1 01 ,7 06

6 8 1 8 ,1 7 9 673 3 ,69 2 6 28 8 ,2 8 2 5375.6S 6 755 0 ,56 1 7 9 1 6 ,8 9 3

The exports for the week ending this evening reach a total
i 127,007 bales, of which 56,471 were to Great Britain, 10,241
o France and 60,295 to the rest of the Continent. Below
r e the exports for the week and since Sept. 1, 1902._________
E x p o r t!
'r e m —

W eek B n d in o Mch. 20.1908.
E xp orted to—

Mron Sept. 1,1902, to Mch. 20,1908.
E xp orted to—

Oriat
Cent*. T eta l O reo t
fr a n t *
Tran«< Conti
n«nt. W eek. B rita in .
nent.
Urtt’n.

ralveston...... 6,341
ab. Pass. Ac..
few Orleans.. 26,013
lobile............
‘ensacola......
avannah____ 7,249
Brunswick__
lharleston__ ........
ort Royal__
tilminaton...
.....
orfolk.......... ........
’port N„ &c.. .....
ew York...... 11,431
ostou............ 4,194
alllm ore__
811
hllailelphia..
in Frar.., Ac..
482

9,209 10,887 25,937
80o 15,212 42,025
0,408 0,403
••••••
19,784 27,083
........
......
........
282

......

........

6,096

6,090

........
1,500 18,223
260 4,444
498
100

493
811

632

081,282 801,090
24,103
749,326 801,643
44,031
61,631 12,247
170,895 49,410
91,009
16,500
........
183,702 3.212
11,923 11.3S5
966
7,665
210,944 12,744
108,196
64,690 2,800
29,842
20,842

1*141.

628,007 1.400,334
55.218
79.841
689,270 1.031,244
61,290
95,321
58,517 182,295
003,341 889.076
0,800
97,929
89,037
98,247
182.433 319.877
12,684
35,997
760
9.370
153,420 382,111
4,662 119,747
28,202
96,092
1,925
81.707
123,303 160,235

Total........... 56.471 10,241 60,295 127,00? 18,877,930 00 j,630 2,547,560 6,821,000
Jtal 1001 02.. 49,644

661

C H R O N IC L E .

50 39,469 89,10 V2,069,425 040.347 2,166,994 6,471,700

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
aleared, at the ports named. We add similar figures for
tfew York, whioh are prepared for our special use by Messrs
Lambert; & Barrows, Produce Exchange Building.
OH SHIPBOARD, HOT OLBABBD FOB—
M ch . 2 0 a t -

G er O ther O oattGreat
B r it a in F r ’ n ce m a n y . F o r’ g n iet*e.

New Orleans.
Galveston.. ..
S a v a n n a h .. . .
Charleston. . .
Mobile.............
Norfolk...........
New Y o r k ....
Other p o r ts . -

3 7 ,6 7 9
1 4,652
1,400
3,15 0

9 ,9 9 7 2 6,693
6,54 1 16,251
4,400

9 .68 5
7 ,42 2

_____
2,30 0

---3 ,50 0
1 ,15 0

4 ,20 0
6,00 0

150
4,00 0

L e a p in g
e to c k .

T otal.

£$4,059
4 7 ,3 6 0
6,60 0
250
3 ,1 5 0
1 1,000
. 5,50 0
- - - - - - 1 0,0 0 0

1 73 ,4 05
5 3 ,8 5 0
6 0 ,0 8 4
1 0,6 2 5
4 ,90 8
1 0 ,7 3 0
6 9,144
4 2 ,8 8 2

2 ,49 4
800
250
___ _
5 ,2 0 0

Total 1 9 0 3 ..

6 7,081 18,838 5 1,4 9 9 2 1,7 5 7

8 ,74 4 1 37,919

4 2 5 ,6 2 8

Total 1 9 0 2 ..
Total 1 9 0 1 ..

4 3,138 2,37 3 2 9,8 5 2 20,911 2 0,4 3 4 1 22,708
5 5 ,5 1 7 2 1,0 7 4 2 4.160 2 6 ,7 2 7 2 0.8 4 8 1 48 ,3 26

6 5 1 ,1 0 8
7 3 9 ,5 5 8

Speculation in cotton for future delivery has been less
active than for several weeks past. The undertone of the
market has continued unsettled and no decided changes have
occurred in prices. A feature that received some attention
was a report to the effect that about 30,000 bales of low-grade
cotton was on the way to the New York market from the
South to be delivered on March contracts. Weather condi
tions in the Southwest have been unfavorable, continued
rains keeping the rivers high, and a break has been reported
in the Mississippi levees in Arkansas. Owing to the con 
tinued wet weather, crop preparations have continued back
ward, which means a late crop, and has favorably influenced
values for this crop. The movement of the crop has shown
a moderate falling off, and this, too, has favorably influenced
the market, although it is claimed that the smaller receipts
have been due largely tothe difficulty in shipping cotton ,
owing to the poor roads. The leading bull interest has been
credited with supporting the market on weak spots, but a
seller on all advances of both May and July. In this way,
it is claimed, it has been gradually reducing its holdings.
The Southern spot markets have been reported as firm, and
this, with the strong statistical position, has been the princi
pal mainstay of the situation. To-day the market opened at
a slight advance, despite disappointing advices from L iver
pool. Subsequently, however, there was selling by specula
tive holders to realize profits and prices gradually sagged,
closing 4@12 points lower for the day. Cotton on the spot
has advanced, closing at 10’ 15c. for middling uplands.
The rates on and oif middling, as established Nov, 2 0 , 1902,

by the Revision Committee, at which grades other than
middling may be delivered on oontraot, are as follow s.
F a i r .............................. .-„ .o . 1-3 0 on
Middling F a ir ...... ..................0-9 6 on
Strlot Good M iddling..........0-62 on
Good Middling..............
0 -4 4 on
Strlot Low M iddling..........0-1 4 ofl
Low Middling..................... 0-3 8 off
Strlot Good O rd in ary........0-7 2 off
Good Ordinary_______ ______1-0 0 off

Good Middling Tinged ..o .
E ven
Strict Good M id. T in g e d .. 0 -3 0 on
Strlot Middling T in g e d .... 0 -0 6 off
M iddling Tinged.................... 0 -1 * Off
Strict Low Mid. T in g e d ... 0 -3 4 off
Middling Stained............... 0 5 0 off
Strict Low Mid. S ta in ed ... 1-06 off
Low M iddling Stained____ l 15 0 off

Onthis basis the official prioes for a few of the grades for
she past week —Mch. 14 to Mch, 20—would be as follows.
UPLANDS.

S a t.

54 o n T i e * W e d

Tk.

ffr l.

Good Ordinary____ ______ ___ . . .
9-CO 9-00
900
900
910
915
Low M iddling___ ____ _______. . .
9-62
9 62
9-62
9-62
9-72
9-7 7
middling.................................. .
10 00 10 00 10 00 10 00 1 0 1 0 1 0 1 6
Good M iddling____ . . . . ________ 10 44 10 44 10-44 10 44 10-54 10-59
diddling F air................................. 1 0 9 6 10-93 10-96 10 96 1 1 0 6 1 1 1 1
G U LF.

S a t.

S io n T w ee W e d

F r l.

Good O r d in a r y ...— . . . . . . ___ 9-25
9-25
9-25
9 25
9-35
9-40
Low M idd ling._________________ 9-87
9-87
9-87
9-87
9-97 1 0 0 2
Middling......... .......................... .— 10 *5 10 25 10 25 10 25 10-36 1 0 1 0
Good M i d d l i n g . ...^ ,................. 10 69 lu -6 9 lo -6 9 10-69 10-79 10-84
Middling F a ir............................... 11-21 11-21 11-21 n - 2 i 11-31 11 36

STAINED.

S a t.

B fo n T o e s W a d

Tit.

W r l.

Low M iddling— . . .
8-60
8-50
.......... ..
8-60
8-50
8-60
8 65
9-5 0
9 50
9-50
9-60
9-65
diddling.............
..................... 9-50
966
9-66
9-66
Itrlot Low Middling T in g e d ... 9-66
9-76
9-81
Good Middling T inged ............... 10 00 1 0 0 0 10 00 10-00 1 0 1 0 1 0 1 5

The quotations for middling upland at New York on
Mch. 20 for eaoh of the past 82 years have been as follows,
1 8 9 8 ....0 . 63s
1 8 7 9 . ...0 .1 0
1 8 8 7 ..
..0 .1 0
1 9 0 3 .... o. 10 15
1902 .......... 9 k
1 8 9 4 .......... 7 k
1886
9k
1 8 7 8 ..........1070
1 9 0 1 ......... 87ia
1 8 9 3 .......... 9
1 8 8 5 ..
....1 1 6 1 61 8 7 7 ..........I l k
1 8 9 2 . . . . . . 6l3i« 1 8 8 4 ..........l i k e
1 8 7 6 ..........13
1 9 0 0 ......... 9 7a
1 8 8 3 ..........10318
1899 ......... 63ia
1 8 9 1 ..
.... 9
1 8 7 5 ......... 1 6 k
1 8 7 4 ..........1 6 k
1 8 9 8 ......... 6 k
1 3 9 0 ..
. . . . 1 1 71. 1 8 8 2 ..........12318
1 8 8 1 ......... 1013,a 1 8 7 3 ..........1 9 k
1 8 9 7 ......... 73a
1889
10k
1 8 7 2 ..........2 3 k
1 8 9 6 ......... 7l5i« 1 8 8 8 ..
_1 0
1 8 8 0 ..........13*ia
N o t e .—O n O o t. 1 ,1 8 7 4 , grad es o l ootton as quoted w ere oh a n ged .
According to the new olassltioatlon M iddling was on th a t d a y q n o te c
k e . low er than M idd ling o l the old ola sslfloa tlon .

MARKET AND SALES.

SroT Market

Closed.

ru ruaD B
M arket
Closed

>•carday . Quiet, 10 pts. ad. S te a d y .........
Aonday___ Quiet....................... B ’rly steady.
Tuesday.. . Quiet..................... Qntet & st’ ay
Wednesday Quiet..................... S te a d y .........
Thursday.. Quiet, 10 pts. ad. Firm__ _ ..
Friday . . . . . Q uiet, 5 pts. adv. Steady ..........
T otal........I___________ ______ ----------------—

ISalbs o r SPOT A COHIBAOI
K zvon.
....
....
....
....
....
....
—

O ontu m p .
300
....
....

C on
tract.

To ta t.
1 ,50 0

209

1 ,20 0
....
300
1,200
4 00

509

3 ,1 0 0

3,60 9

....

300
1,20 0
609

THE CHRONICLE,

662

ifU TO BK B.— t l ig n e t s t , l o w e m a n a c l o s i n g p r i c e s a t N e w Y o r k .

i®
1
05
80
ia
i °?

CO© ©© ©©
cc ob cio» OO
©M
-J*
. a 19 i a
DCO CO©
1
“*■ C
O’© od»
10
» or© cc
©
©© ©© CO,
CO© o»d« o '
in; © O'w o
o
1& 1»
©© 1w «? 1
r'
©©
w tc
© O
©
©
©© CD© ©©
|KCO ©o ©©
o — wo ©©
ia ia ia
©© ©© ©©
I^
IK
3©
t—
80 0
lK
O* * *
©© CO© ©©
co© ©o* ©d
o<i
a
-a ia
©© ©© ©CO
ad
W
®lK
ro ©©
M© 80©
©CD ©© CO©
<»© <i©
O'* ©
OCT ©
a i 9 •a
©© ©© ©©
rr
<i<i
©
M— <1*1 ©
CD© ©© ©CD
IKO* <!<1 8vtf*
V
(30
i a i a 1a
©© l
©©
<J0C
*
©
^
o
*
©)► © it*o

©©
<l*j
a©
i^
©©
*a®
©©
-^lcn
h-©
a
©©
«S
)»J
►
O
©
©co
coo
ia
©CD
GCt®
oo
©©
080
ia
CD©
^a®
©
m
©©
co*a
©
JO
©©
CD©
**

©©
®©
-J
©
i e>
i•©
®
O*

©CO
*i<i
©
©
i 5)
©CD
CU
VICO
® '1
'l
M
ia
®|
©
<?|
©
ia
©©
®®
oo
©
O
Ia
*?l
«vj 1
a

©©
©ob
a
®i
©1
C3»
©©
nrm
©<l
a
©©
©
®©
W

©©
©X
1$
CO©
OD®
o©
©©
<jr3*C4
Q
C
ia
©©
*q®

•^
^a
^5
rs-2
«o
a
—p
a*;

to
M
<j
C© JO
M M — — )—
IO»—
©
*-*
c n ’w
03
►
a CO m t o © V V H H C O C » © © Cp V j d t O ©
it*. ©•—©O»~'C0©C0C0<I'*©>0©CW.*®®®Ca;W^i ©I0 iK*-®^J®*4
GO CJiC0C30tCC0^Ci3^iQDCD0tO^IQ0W03OC0b0CCM0CO^0r»p»O00'-‘ 03

OT
©©
to
©
*
4
co
CCCC
•
<
»
ia
Q. Vtos
*
1
' *?
QV

Tue

©GO ©00
cVd* CC©
©O' 80Or
1©
©00 °c Op
r*© |K
CO
O'
©CO ©
©® ©©
O'C" nr ®
)Kb3 00
9 ia
©® l °P
Cb’ ©
cc'
O
M 1O
©00 00®
rjrdr
©
©© cc
to©
a ia
®® <x®
dr© ©©
CO© ©
®© ®®
®©
Or
©o
i9 ia
00© ®©
6*6* ©©
©
© ©M
0000 ©©
cb<£ ©
©©
80
ia ia
OO© ©©
Cr© ©CO
c*c*
oo® ®©
©CO
©© to©
o©
I a 1a
©© ©©
aa C
CO
D©
®

A t t h e I n t e r i o r T o w n s the movement—that is the receipts
for the week and since September 1, the shipments for th e
week and the stocks to-night, and the same items for th e
corresponding period of 1901-02—is set out in detail below.

Mch

OD00 ©®
11 ! 1
1o 1c i a ! »
0000 CCOC
1 ! 1 1 * c.n
©O ©CO
©on a ©
11 ( 1
"♦
k^
a©
69
1* 10 i
OD© ©©
1
1
1 1 1 1 &^
o>© <MbS
op00 ©Op
11 11
d»a*
©u* o o
*
10 ! a i a
©© Ot©
I
|
1 1 1 1 (jrCB O'V*
o o 80*9
©© X®
I 1 11
IK
inf* X<
1
19 i a ' a i a
pGO
1 | i i 00© o*■
it©© ©©
©© CD®
11 I 1
cV
80<1 )KO
14 i a i a I a
00 ©©
1| i i ©
CP ordn
OGCC ChCl*
OnCD ©©
i
0
0
1 1 1 d. IK|U 0«C7*
ooo ©M
19 19 l a i a
©00 ©®
|
11
1 1
1 i1
©CO C^cJ"
1 1 1o* 1°? ©
tc tK S
VK
*
19 I a i e 1a
1
iO
°?* i*°P
I|
1 I1 1
1 1
CJ*
CO *4

*

©©
O
O<
1
M
00
ia
©_©_
oo®
80tO
©©
CD®
©®
i »a—
—
CO
OO
OO

[Vol. LXXVI

g!
S
OCR
•<

•»
ccS

M'G

© ^ ® f—<">

<j

03

•—

to

— C O *-tO W C R ® © < l© W C D

K)

H

| K © O »^ C 0 ® tO C i0 © © tO > -

toco ^ tOCOj^CCr -p N3COOO
J-* ©
<Tco
d © © 10© ® © <1d <Tco © co ©

©<i to © © co © <J

©

©®CD^lK®Ci3©*J©O*03t0€0®©tOW©©e-©®**'<l©©©C0®©

te

00
J—|K
CO M
CO►
-* K-03 C* J-* UAU-* WH Tr ©C
O*-»-• OV
*-03
VscrCO CCO*
©C$V-»►
—OtC
O*
00 <33 © © C* ** © t A « O » * O C 0 W f c ? C 0 « s J » — C K - <— *<> © t S G D © ^
OO (K
©©■><!>—CO--J© —utyt-x©©
<1 ©*—<J©©<J«f*©©®®)—
to
©
80

80
—
©
©

©
03
©

-1
©

o >— —
o
*
© © —
c» ©

»*
M © ►- M
o
o ® ©
— CO O' 1— ©
M
— to ©

•
•
!
.

r— »— —
—
80
to © — — — -P to ©
tv*} t o ’y ^ © rO w ©
oo — t O M 80
03 CD ©
»— C * © ® Or © o t o ®

80
80
■Cv i— W © 80
— o Or
©
V
!
O ' *— ©
© <1 — to v l
X © a © © © 80
© - 3 80
< | © 80 ©
Or
f— 4* ZJr O

1—
©
©
*

CO
H 10
to
to ©
© —
too*)—to* ©rO©C43 0Drfk|^-vOOCCO©OOC43—^COIO^ODC^ rO03>—O
<33—COQO; ►-0»£s©|K00--*‘ ^O*-»©C0® ®M®©CD^Jl^*3©COO0K>

©
pr
V

tfc
©
71
3
3

© © 03 © •

pi

'■--CO K
c

s* &
3* C
5“
k
to »
© ••
S l-Cj
8£

C 0 © 4 A C 3 * - C O © © C U © © © © C ^ Q D - 4 'O “ ^ K ) C « © « a a 3 ® 0 W O »

© © * —
<»
to
*3
bo
*—
©©
<1 CO
—*<3D — IOC3©<J^-^300© C*©O*®»*^4C0fc0C*©U»*a®
— ® co
© jo to© © © © p ©o^v*
©p ow ©
o o © j^ ^ jp*<j
<1© 8 * ►
V- © WQOdCCVfdV© *’ Voac © 00© to*©© ©'© O' Qod OOM© m Tp*W —
i a •a ©
H o s a o o T H © '-► c h o ^ cco ® <‘ o; k)05^ c h ® >—® **)© ©
CO
M
© ©t0© 0*© © *j —)—»OCOO»©00©*A.©©K)0<-v(^©03©aD0*t0©a3©
1
°
1o

1°p 1
‘^
©
Or
©
la ia
i1°?
co i' «CJt
©

i* ^
*© 1*9 1
i ?-3
O' 'l O i ©
©
© © *1
i a I a 1 a i a 1a
— 8
i©
i* ©
°? i *9 i1« i ®
© 1o
© O © )“•
o
T h e V is ib l e s u p p l y o f C o t t o n to-night, as made u p by
cable and telegraph, is as follows, Foreign stocks, as well
as the afloat, are this week’s returns, and consequently ail
foreign figures are brought down to Thursday evening,
But to make the total the complete figures for to-nlghl
(Mch. 20), we add the item of exports from the United States,
including in it the exports of Friday only,
1901.
1900.
1908.
1908.
b a le s. 6 8 1 ,0 0 0 1 , 1 1 8 ,0 0 0 746,000 667,00®
•took at L iv e r p o o l...
3,000
11,000
. . . ___
s to ck at L on d on ____
8 ,0 0 0
4 ,0 0 0
T ota l G reat B ritain sto ck . 689,000 :1,122,000 757,000 660,000
Stock a t H a m b u rg ... . . . . . . . . . .
16,000
14,000
17,000
7,000
Stock at B rem en ......... .......... .
284,000 233,000 242,000 261,000
Stock a t A m sterd am .__„
1,000
1,000
______
Block at R o tte r d a m ................
300
200
8,000
Stock at A n tw e r p ......................
5,000
3,000
3,000
S tock a t H av re_____ _________ 208,000 244,000
153,000 237,000
2,000
3,000
4,000
3,000
Stock at Mar Bellies......... .
78,000
Stock at B a rce lo n a .........
40.000
108,000
52,000
43,000
48,000
S tock at G e n o a ...............
28,000
45,000
1,000
3,000
5,000
Stook at T r i e s t e . . . . . . . . .
5,000
T otal C ontinental s to c k s .. 678,000 658,000 520,200 649,300
T otal E uropean s t o c k s .... 1,267,000 1,780,000 1,277,800 1.309,800
India co tto n afloat lo r E u rop e 154,000
82,000
128,000
29,000
Amar. co tto n a flo a tfo r B ’ ro p e . 479,000 380,000 410,000 454,000
E gypt, Brazil, A e.,aflt. lo r E 'p e
48,000
57,000
32,000
35,000
Stock in A lexan dria, E g y p t ... 148,000 238,000 178,000 188,000
Stock in B om bay, In d ia ........... 710,000 671,000 538,000 338,ono
Stook in U nited States p o r t s .. 593,547 773,816 887,884 846 910
Stook In D. 8. Interior to w n s ,. 262,933 444,973 618,511
360,257
United States e x p o rts to-d a y .
1,485
16,629
6,013
43,649
T ota l Visible su p p ly .......3 ,6 8 3 ,9 6 5 4,343,418 4,075,608 3,604.116
9 1 t i e above, totals o f A m erican and otner description s are as fo ilo w a :
A m erica n —
L iv erp ool s t o c k . . . . . —..b a le s . 604,000 1,001,000 642,000 557,000
Continental s t o c k s ......
547,000 615.000 465,000 627,000
A m erican afloat fo r E u r o p e ... 479,000 380,000 410,o o o 454.000
United States s to ck ................... 693,547 773,816 887,884 846 9 iO
United States In terior s to c k s . 262,933 444,973 613,511 360.257
U nited S tates e x p o rts to-d a y .
1,485
16,629
6,013
43,649
T otal A m e r ic a n ...............2 ,4 8 7 ,9 6 6 3,231,418 3,029,408 2,888,816
E att In d ia n , B rasil, A c.—
L iv e rp o o lsto o k .. . . . . . . . . . . . . . . .
77,000 117,000 104,000
100,000
L on d on at-ock ..., , ...........
8,000
4,000
11,000
3,000
C ontinental s t o c k s . . . . . . . . . . . .
31,000
43,000
55,200
22,300
In dia afloat fo r E u r o p e . . . . . . . 154,000
82,000
128,000
29,000
E gypt, B rasil, A c., a llo a t ......
48,000
57,000
32,000
35,000
Stock In A lexan dria, E g y p t ... 148,000 238,000 178,000 188,000
Stook In B om bay, I n d i a . .. ... . 710,000 571,000 538.000 338,00®
T otal E ast In dia, A c ____..1 ,1 7 6 ,0 0 0 1,112,000 1,046,200 715,300
T otal A m e r ic a n ......___ .,2 ,4 8 7 ,9 6 5 3,231,418 3,029,408 2.888.816
T otal v isible s u p p ly .......8 ,6 6 3 ,9 8 5 4,343,418 4,075,608 3,604,116
5 i5 ssd,
4% a.
418i«d.
5-40d.
M iddling U pland, L iv e rp o o l..
9 78e,
8716e.
9 i 18c.
M iddling Upland, New Y o r k ,. 1 0 1 5 c .
6 15i«d.
61,«d.
P\d.
8 5f,d.
E gypt Good B row n , L iv e rp o o l
7d.
7ifld.
7*d.
7 80d.
Pernv. R ough G ood, L iv erp ool
4%d.
5d.
B roach Fine, L iv erp o o l..
5»8d.
49ie<L
4®8d.
53sd.
47lfld.
5(1.
T lnnevelly G ood, L iv e r p o o l...

' Continental imports past week have been 149,000 bales.
The above figures indicate a loss in 1803 of 679,453 bales
as compared with same date of 1.992, a decrease of 411,643
bale® from 1901 and a gain of 59,849 b*iei over 1900.

©

to

M a M ; r f k O «

©t o
© O CO H*
*v|■*'1© ©

03

©
a

Q*
_ t0 < |

©

CO

(X

«

-

M

It*

CO

J-

p lj- J - 'p -

© •u'ao—oo © x d l o oo© co © &□*•© © ccW k>Ic ® © i—
»— W — © r f * u D C O a 3 | 0 © C * i^ Q » ® C 5 ,^, * o C D © © C * © © C O C * C t f
tOGGCO)-'M©©COCO<y*QOO«C-. V ^JO W M C f© ^*—©*—-^
s)

)—K3
< l © _ C C K i * - ® ► -W

WH*H CO—
totO ^ IO D X p

W © C TO

Vs o o>® **
■ 'cd'-j'o LiV to V—
*7—
*ifc at oois o l o eoW*-* —T-1w
i t * . c o x w o o e o : a c D M - ] o j - a - '- s i t > H '- ’ O i - j o - 3 0 ^ “ >“
WOS^Wi-tO-ltnOO' O O -J « J S '® O a ® O -0 D « ,H ^ K H u ie B l^

The above totals show that the interior stocks have

d e

creased during the week 14,639 bales, and are to-night 182,040
bales less than same period last year. The receipts at all the
towns have been 231 bales less than same week last year,
O v e r l a n d M o v e m e n t f o b t h e W e e k a n d S in c e S e p t . 1 .—

9fe 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 ending
M c h . 2 0 and sines Sept. 1 in the last two years are as follows.
1902-03.
March 20.
Wee*.
Shipped—
1
Via St. L ouis.................................... 14,038
4.785
Via C airo..........................................
Via Paducah........... ....
200
Via Rook Island.............................
3,925
Via L ouisville.................................
999
Via C incinnati................................
1.987
Via other routes, A o ....................
T otal gross overla n d .................
Deduct shipments—
Overland to N. Y ., B oston, A o ..
B etw een interior tow n s..............
Inland, Ao., fro m South.............. .

Since
Ssvt 1.

1901-02.
Wee*.

631,511 16.686
4,852
181,696
10
1,802
50
28,04 2
5,492
112,837
2,376
30,223
9,262
234,372

Sines
Sspt. 1.
706,851
124,319
1,128
31,265
168.4S8
82,998
310.872

25,934 1,220,383 38,728 1,425,801
16,544
S86
1.940

5,875
34
821

161,952
36,563
41.423

T otal to be d ed u cted.................

6.730

239,938| 17,870| 410,931

L eavin g total n et overla n d ___

19.204

980.4451 20,858 1,01 4,870

319,825
50,770
40.336

T h e f o r e g o i n g s h o w s t h a t t h e w e e k 's n e t o v e r l a n d m o v e m e n t
th is y e a r h a s b e e n 19,204 b a le s , a g a i n s t 20,858 b a le s f o r th e
w e e k in 1902, a n d t h a t f o r t h e s e a s o n t o d a t e t h e a g g r e g a t e n et
o v e r la n d e x h i b i t s a d e c r e a s e f r o m a y e a r a g o o f 34,425 b a le s..
1902-03
In Sight and Spinners
Takings.

Wee*.

Since
Sept. 1.

1901-02.
_
. 1 Sines
Week.
x

R eceipts at ports to Meh. 20.......... 90,134 6,818,179 106,3o5 6,733,692
Net overland to Men. 2 0 ................. 19,2041 980,445 20,858 1,914,870
Southern consum ption to Meh. 20. 41.0001,164,000 37,‘ >00 1.027.000
T otal m arketed........................... 150,33818.962,624164.163 8.775 582
Interior stocks in excess................. *14,639 199.855*22.217 315.66S
1141.946
Came into sight during w eek .. 135,699
9,182,479)
9,091,2S<
T otal in sight Moh. 20...............
North’n spinners’ tak’ gs to Moh. 20 50,5691,745,0271 34,735 1,733,78!
* D ecrease during week.
Movement into s ig h t in p r e v io u s y e a r s .
W eekBales.
Since Sept. 1—
Bales.
1 9 0 1 - Mar. 22.................... 165,189 1900-01—Mar. 22.......... 8,706.04(
1 9 0 0 - Mar. 23..................... 125.264 1899-00-M ar. 23 .......... 8,012,05'
8 9 9 - Mar. 24.................... 147,827 1 8 9 8 -9 9 -May 24.......... 9,797,76'
1897-98-M a r. 2 5 , . . , . . . 10,018,86:1
9 9 8 -M a r . 25.......... ......125,785

<J

TH E

March 21, 1903.]

(QUOTATIONS FOR MIDDLING COTTON AT O TH ER M a R K E T S .-

Below are closing quotations o f m iddling cotton at Souther t
and other principal cotton m arkets for each day o f the week,
Week ending
March 20

0LOSING QUOTATIONS FOB MIDDLING OOTTON ON—
Satur.

Mon.

Tues.

Wtdnte.

Thun.

Fri.

Galveston...
» 78
New Orleans
fln 16
99,8
M obile........
9\
Savannah...
Charleston..
9Lj
Wilmington.
9*«
Norfolk___
« 78
Boston........
9 00
Baltimore. . lOie
Philadelphia 10-25
Augusta —
10
Memphis__
Klim
913le
at. L ouis....
Houston__
978
Cincinnati.. 10J«
9i<
Little Rook.

978
911ie
9®16
9\
9^2
9»a
97«
10-00
IOLj
10 25
10
9%
9i»ie
97s
10i«
914

91518
91xK$

8 l5io
98s
9ynj
9\
9*4
91a
97«
10 00
ld e
10-25
10
93t
9316
97e
10>«
9*4

915,0
9\
9®16
93»
9*«
9i*
97«
IO 00
ld e
10-35
10
9*
91316
97a
10i«
9Q

9)5ie
9M
ftsg
93»
9*4

9*i
9*n
Hki
97g
10 00
10ie
1025
10
9%
9i3ie
978
lO^e
9»4

914

97s
10 10
10i«
10 40
10
9*
9I316
9 7e
1018
9*4

The d o s in g quotations to-day (Friday) at other im portant
Southern m arkets were as follow s,
Athens... . . . . . 97a
Columbus, Miss 9*3
A tlan ta .......... 97a
Eufaula.. . . . . . .
Charlotte........ 978
Louisville....... 97s
Columbus, Ga. 9»8
Montgomery... 9 1316
N e w O r l e a n s O ptio n M a r k e t .—The

Nashville........
N atchez........ .
Raleigh...........
Shreveport....

9\
9y,o
9\
9*4

highest, low est and
d o sin g quotations for leading options in the N ew Orleans
cotton m arket the past w eek have been as follow s.
Sat’day. Monday, Tuesday, Wed’day, Thursd’v Friday.
Mch,. 14 Mch. 18 Mch. 17. Mch. 18. Mch. 19 Mch. 20

March—

R a n g e.... 9-72®-73 9-69®-70 9-68®'74 9-63 0-74 9 680-73 9-77® —
Closing... 9-72ff-73 9-86®-68 9-72® — 9 699-70 9-74® — 9 80® -

Mat-

Range___
Closing...
J uly —
R a n g e....
Closing...

A ugust—

9-71®-79 9'68®-76 9-69®76 9 69® 75 9-73®-84 9-80®-89
9-76®-76 9 68® — 9-74®'76 9-70®-71 9 839-84 9-80®-81
9-73®Rl 9-70®-80 9-71 ®-80 9'73® '79 9-77®-90 9-86®-95
9-77®-78 9-70®-71 9-77®-78 9-74®-75 9-89®-90 9 86®-87

Range___ 9-52®-59 9'50®-5* 950® '62 9-53®-58 9-51®-69 9-84®-74
Closing... 9-56®-57 9-49® 50 9-57® 58 9 54®-55 9-68®69 9 64®-65

October—

R an g e.... 8-49®-5? 8-46W53 8-48®-55 8'48® -52
Closing... 8-51W52 8-40®-48 8-52®-54 8-48®-49
Tone—
Easy.
Easy.
Spots....... Easy
Quiet.
Steady.
Quiet.
Options... Steady.
Quiet.

8-49®-58 8-54® 62
8-58®-59 8-53®-54
Steady.
Steady.

663

C H R O N IC L E .

Steady.
Quiet.

W e a t h e r R e po r ts b y T e l e g r a p h .— Telegraphic reports
to us this evening from the South denote that the weather
has been m ore favorable during the week. W h ile rain has
been quite general, the precipitation, as a rule, has been light
or moderate. Our advices from points in the A tlantic States
and from upland sections elsewhere indicate that better
progress is now being made w ith crop preparations. The
water in the Mississippi R iver has reached a higher stage,
registering 40*1 feet on the gauge at Memphis, or seven and
one-tenth feet above the danger line— the highest water on
record at that point. A s a result o f the high water some
lowlands have been inundated, m ore particulary in Arkansas.
A considerable area o f lowlands in Alabam a is still flooded,
and a sim ilar situation exists in the R ed River V alley in
Louisiana.
Galveston, Texas.—W e have had rain on tw o days o f the
week, the rainfall reaching thirty-four hundredths o f an inch.
The thermometer has averaged 65, ranging from 60 to 76.
Corpus Christi, Texas.—It has rained on one day o f the
week, the precipitation being thirty-six hundredths o f an
inch. The thermom eter has ranged from 60 to 76, averaging
65.
F ort W orth, T exas.—There has ;been rain on tw o days of
the week, the precipitation reaching forty-eigh t hundredths
o f an inch. A verage temperature 55, highest 74, low est 36.
Palestine, Texas.—W e have had rain tw o days during the
week. The rainfall reached one inch and fifty-six hun
dredths. The thermometer has ranged from 46 to 78, aver
aging 62.
San A ntonio, Texas.—Rain has fallen on one day during
the week, to the extent o f eighty-tw o hundredths o f an inch.
Average thermometer 61, highest 76. lowest 46.
Paris, Texas.—The weather is now clear and cool.
New Orleans, Louisiana.— W e had rain on three days of
the week, the precipitation reaching eight inches and eightytw o hundredths, The thermometer has averaged 72
Shreveport, Louisiana.—The Red R iver continues at flood
stage in Louisiana. Rain has fallen on three days o f the
week, the rainfall reaching one inch and nine hundredths.
Average thermometer 67, highest 79, lowest 54.
Colunibus, Mississippi.—There has been rain on fou r days
o f the week, the precipitation reaching tw o inches and ten
hundredths o f an inch. The therm om eter has averaged 65,
the highest being 70 and the lowest 54.
Leland, Mississippi.—There has been rain during the week,
the rainfall reaching eighty hundredths of an inch. The
thermometer has averaged 61‘3, ranging from 51 to 75.
Vicksburg, Mississippi.— Planting operations are being re
tarded through fear of overflow. W e have had rain on three
days during the week, the precipitation reaching forty-nine
hundredths o f an inch. The thermometer has ranged from
58 to 80, averaging 66.
Greenville, Mississippi.—The weather has been m ild and
generally fair during the week.
Little Rock, Arkansas.—Some plow ing and picking have
been done this week. W e have had rain on three days dur

ing the week, the precipitation being sixty-seven hundredths
c f an inch. The thermometer has averaged 64, the highest
being 77 and the lowest 52.
Helena, A rkansas.—The weather has been better, but not
m uch farm work has been accomplished. The Levee broke
at Helena tw o and a half feet below high-water mark, with
eighteen inches to come. Levees are good from Memphis
down. There has been rain on tw o days during the week,
the precipitation being sixty hundredths o f an inch. The
thermometer has averaged 63 ’4, ranging from 54 to 77.
Memphis, Tennessee.—The weather has been more fa v or
able the past week and crop preparations are beginning on
uplands. The river is forty and one tenth feet on the gauge
and rising. This is seven and one-tenth feet above the danger
line and the highest on record. W e have had rain on one
day the past week, to the extent o f thirty-five hundredths of
an inch. The thermometer has ranged from 50‘8 to 76 9,
averaging 64 7.
Nashville, Tennessee.—No preparations for planting on
account o f weather. There has been rain the past week,
the precipitation being seventy-three hundredths o f an inch.
Average thermometer 62, highest 76, low est 48.
Mobile, Alabama.— There were rains in the interior the
early part o f the week, but latterly fair weather has pre
vailed. The rivers are falling, but considerable lowlands
are still flooded. Farm w ork has made some progress on
uplands. W e have had rain on three days during the week,
the rainfall reaching tw o inches and ten hundredths. Ther
mometer has averaged 68, the highest being 75 and low est 60.
M ontgomery, Alabama.— W eather is im proving. Farmers
can rapidly make up for lost time if conditions continue
favorable. W e have had rain on four days during the w eek,
the rainfall being seventy-tw o hundredths o f an inch. The
thermometer has averaged 67, ranging from 59 to 75.
Selma, Alabam a.— W e have had rain on one day during the
week, the rainfall reaching forty hundredths o f an inch.
Therm ometer has ranged from 58 to 75, averaging 65.
Madison, Florida,—There has been rain on tw o days o f the
week, the precipitation reaching one inch and seventy-tw o
hundredths. A verage thermometer, 71, highest 80, low est 62.
Savannah, Georgia. —It has rained on three days o f the
week, the precipitation being thirty-eight hundredths o f an
inch. The thermometer has averaged 65, the highest being
76 and the lowest 58.
Augusta, Georgia.— W eather conditions have im proved
and crop preparations are being vigorously pushed. There
has been rain on six days the past week, the rainfall being
forty-one hundredths o f an inch. The therm om eter .has av
eraged 66, ranging from 56 to 78.
Charleston, South Carolina.—There has been rain on fou r
days during the week, the rainfall being tw elve hundredths
o f an inch. The therm om eter has ranged from 55 to 72,
averaging 64.
Stateburg, South Carolina.— Farm work is progressing
actively. Rain has fallen lightly on one day o f the week,
the rainfall reaching fou r hundredths o f an inch. A verage
therm om eter 65, highest 80, low est 52.
Greenwood, South C arolina.—There has been no rain dur
ing the week. The thermometer has averaged 60, the highest
being 68 and the low est 58.
The follow in g statement w e have also received by telegraph,
showing the height o f the rivers at the points nam ed, at
3 o ’clock March 19, 1903, and March 20, 1902.

Sew O rle a n s ...........A b o v e sero of gauge.
Memphis.....................A b ove aero of gauge
Nashville______ _____ Above zero of gauge.
Shreveport... . . . . . . . . . Above zero o f gauge.
Vicksburg.................. Above zero of gauge.

Mch. 19, ’03. Mch. 20, 02.
Feet.
Feet.
19-6
11-4
40 1
30-8
2 1-1
19-3
32-8
99
49-9
36-2

I n d ia C o tto n M o v e m e n t f r o m a l l P o b t b ,— The reoelpta
of ootton at B om bay and the shipm en ts fro m all India porta
for the w eek en d in g Mch. 19, and fo r th e season from 8 ept, 1
to Mch. 19 for th ree years h ave been as fo llo w s :
1902-03.
Receipt* at—
Bombay___ _
deports
Irovn—
Sombav—
1902-03..
1901-02..
1900-01..
Calcutta—
1902-03..
1901-02..
1900-01..
Madras—
1902-03..
1901-02..
1900-01..
All others—
1902-08..
1901-02..
1900-01..
total all—
1902 03..
1901-02..
1900 01..

Week.

1901-02.

Fines
Sept. 1 .

Ifct*.

82.000 1.487,000

6 6 ,0 0 0

For (As Week.
Great
Britain.
3,000
2 ,0 0 0

......
......
......

Conti
nent.

2 ,0 0 0

TTss*.

Total.

Sima
Bspt. 1 .

1,513,000 50,000 1,095,000

Great
Britain.
27,000

Conti
nent.

1

.

Totat.

2 0 ,0 0 0
1 2 ,0 0 0
1 1 ,0 0 0

23,000
13,000

43,000

319,000

2 2 2 ,0 0 0

414,000
224,000
362,000

3,000

3,009

3,000
1 ,0 0 0

3,000

17,000
9,000
15,000

2 0 ,0 0 0
1 0 ,0 0 0

3,000

8 ,0 0 0

1 1 ,0 0 0
6 ,0 0 0

2 ,0 0 0

......

8 ,0 0 0

1900-01.

Bines September

1 2 ,0 0 0

2 ,0 0 0

.. ... .

.....

Bines
Btpi. 1 .

2 ,0 0 0

1 ,0 0 0

387,000

5,000

18,000

1 ,0 0 0

i.o c o

7,000

1 2 ,0 0 0

1 ,0 0 0

1 ,0 0 0

13,000

2 ,0 0 0

2 ,6 0 0

1 ,0 0 0
8 ,0 0 0

37,000
46,000
34,000

50,000
47,000
42,000

24,000

27.000

1 2 ,0 0 0

1 2 ,0 0 0

46,000
5,000
61,000

449,000
282,000
380,000

495,000
287,000
441,000

16,000

18.000

19,000

THE

664
A l e x a n d r ia

R e c e ip t s

and

op

s h ip m e n t s

C H R O N IC L E .

Cotton.

Tarough arrangem ents we m ade w ith Messrs. Davits,
B ia a oh i & C o., o f L iv e rp o o l an d A le x a n d r ia , w e now
receiv e a w eek ly ca b le o f the m ovem en ts o f c o t t o n at
A lexan d ria , E g yp t. The fo llo w in g are th e reoeipts and
shipm ents fo r the past w eek and f o r th e co rresp on d in g
w eek o f the p reviou s tw o years.
A leu a n d ria , E g y p t,
M ar eh 18.

1902-03

Receipts (oantars*) —
This w e e k ...... ...........
Since Sept. 1 .............

35.000
5,615,000
This
week.

Fines
Sept. 1.

E xports (bales)—
T o L iv e r p o o l..—. . . . 4,000 295.000
To C on tin en t t . . . . . . 11,000 299.000

1901-02.

1900-01.

120,000
6,220,000

125,000
4,538,000

This
w eek.

Since
Sept. 1.

This
w eek.

Fines
Sept. 1,

7.000 257.000 10,000 250.000
8.000 363.000 4,000 204.000

T o ta l E u r o p e . . . . . 15,000 594.000 15,000 620,000 14,000 454,000
* A eant&r Is 98 pounds.
t Of w hich to A m erica In 1 9 0 2 -03,7 1,97 5 bales; In 1901-02, 80,742
bales; in 1900-01, 35,714 bales.

M an c h e ste r M a b k h t . —Our rep ort re ce iv e d b y cable
to-night from M anchester states th a t the m arket is quiet
for both yarns and shirtings, Spinners are considered to be
w e ll under contract. W e give to e prices fo r to-day below
and tsave those for previous weeks o f this and last year for
comparison.
1903.

1902.

8% lbs. Shirt- O otfn
8% lbs. Shirt Oott’n
32s Oop. in g t, common Mid. 32s Oop. ings, common Mid.
Twist.
Up Ids
TJplds Twist.
to finest.
to finest.
d.
d.
Fb. 13 77is® 8%
“ 20 7% ®83s
“ 27 7 1316®8%
M ch.6 7% ® 8%
•• 13 7% »83 s
“ 20 71Ilfl« 8 aS

s.
5
5
5
5
5
5

d.
s.
5 08
6 ©S
7 ©8
6 ©8
5% © 8
5% © 8

d.
0
1%
3
2
li«
1%

d.
508
5-38
540
5-32
5-30
5-40

d.
d.
s.
7
© 7 i8 16 5
7
®71316I5
7
®71318 5
7% ©7*8 5
7% © 77s ;5
73,«® 716l(l5

d.
2
2
2
3
S
3

s. d.
© 7 10%
© 7 101*
© 7 10%
0 7 11
© 7 10%
©7 10%

d.
4 u ie

X”

413is
4131S
418lfl

N e w Y o r k C o tto n E x c h a n g e A m e n d m e n t to C o m m ission
R u l e .— The managers of the New York Cotton Exchange

[Vol. LXXVI,

Sava n n ah —(C oncluded)—
Total balet.
To R ev al—Maroh 19—Steamers Nederland, 100 upland and
30 Sea Island; Sandsend, 8 5 0 ....................................................
950
To N orrkoplng—M arch 19—Steamer Sandsend, 2 0 0 .............
200
200
To G ottenburg—Maroh 1 9 — Steamer Sandsend, 20 0 .............
To O porto—Maroh 1 9 — Steamer Sandsend, 150......................
150
Wilmington —T o Bremen—Maroh 18—Steamer Stag, 3 ,0 9 6 ___ 6,096
B o s t o n —To L iverp ool—Maroh 13—Steamer Rom an, 1.319___
March 16—Steamer Sylvania, 1 ,5 82........................................ 2,901
To M anchester—Maroh L7—Steamer Bostonian, 1 , 2 9 3 ...........
1 ,2 9 3
250
To A n tw erp—Maroh I t —Steamer K ingstonlan, 2 5 0 ............
B a l t i m o r e — To Bremen—March 16—Steamer H annover, 498..
498
P h i l a d e l p h i a — To L iv erp ool—Moh. l i —Str. Belgenland, 811.
811
P o r t l a n d , M e .— T o L iv e r p o o l—Maroh 14—Str. N om adic. 4 3 2 .
432
S an F r a n c i s c o — T o Ja pan —Maroh 1 9 — Steamer Coptic, 1 0 0 ...
100
T o ta l.....................................„ ..... ................ ................................... . 127,007

Exports to Japan since Sept. 1 h a v e been 123,393 bales from
the Pacific Coast, 5,333 bales from New Y ork and 400 bales
from Norfolk.
L iv e r p o o l .—By cable from Liverpool we have the follow 
ing statement of the week’s cables, stocks, & c., at that port,
Feb. 27.

Mch. 6.

Mch. IS.

Mch. 20.

61.00C
61,000
is le s o f th e w e e k .......b a le s .
39.000
41.000
1,000
1,000
01 w hich e x p orters t o o k ...
2,600
1,000
2,40C
1,000
1,000
O f w h ich sp ecu lators to o k ,
1,000
tales A m e r i c a n ...... . . . . . . . . .
56.000
56.000
34.000
35.000
A ctual e x p o r t............................
7,000
8,000
9,000
8,000
88.000
95.000
64.000
fo r w a r d e d ..—...................
65.000
669,097 640.000 678.000 681.000
t o t a l stock—E s tim a t e d .......
O f w hich A m erica n —E s t’ d . 600,166 571.000 603.000 604.000
74.000 108.000
151.000
Total im port o f the w e e k .—. .
76.000
92.000
56.000
128.000
O f w hich A m e r ic a n ...—___
59.000
243.000 250.000 228.000
194.000
Am ount afloat...................—. . .
216.000 211.000 193,000
171.000
O f w hich A m e rica n .—. .......
N o t e .—A n actual cou n t o f stock February 2 7 disclosed a decrease o f
6,091 bales Indian cotton , a loss o f 7,970 bales lu sundries, offset by
increases o f 1,166 bales in Am erican and 9,992 bales o f E gyp tian ,
leaving a net deorease o f 2,903 bales from the running count.

She cone o f the L iverpool m arket for spots and futures
each day o f the week ending Mch, 20 and the daily closing
prloes o f spot ootton , have been as follow s.
Spot.

Market, {
13:30 P. m .$

Sat’day. M onday. Tuesday. Wed'day. Ih u rsd 'y
Q u iet.

M od erate
d em a n d .

Q uiet.

M od era te
d em a n d .

F riday.
F irm e r .

Q u ie t.

recently adopted an amendment to Section 125 of the by-laws,
5-32
5-30
534
5-36
5-36
5-40
relative to the duties of the Committee on Commissions, s id. Dpl’ds.
which was passed upon at a meeting o f the members on .Salas........ ..... 5,000
7,000
8,000
7,000
7,000
7,000
Wednesday, March 18, and carried by a vote of 64 to 2. It iv>eo. A exp.
600
50C
500
500
500
500
strikes out the second paragraph of that section and substi
fu tu r e s .
tutes a new paragraph which provides that it shall be the
t ’dy S teady at S tea d y at S teady at S tea dy at Q u iet at
Market f V ery spte.
2@3 pts,
2 pts.
2@5 pts.
1 pt.
2@3 pts.
duty of the Committee on Commissions to consider and decide
opened. $ 2@3
d
e
c
lin
e . ad v an ce. d e clin e . ad vanoe. advanoe. a d v a n ce .
all questions which may arise under the section subj ect to
at Q’t & st’dy S teady at E asy at V e r y st’ d y Q’ t & st’ dy
the approval of the Board of Managers; and, with the approval
Market, l StroDgpis.
% p t. lo w . %@2 pts. 2@5 pts. l% -3% pts.
of the Board to make needful rules and regulations govern
4 P. sc. 5 a d van ce. a%d@v3a npts.
c e . to 1 p. adv. d eclin e.
ad v a n ce. a d v a n ce.
ing the employment of agents and representatives by mem
She
prices
o
f
futures
at
Liverpool
for
each
day are given
bers of the Exchange, and any other rules and regulations
that may be necessary to carry out the provisions o f below, Prices are on the basis o f U plands, G ood Ordinary
clause,unless otherw ise stated.
Section 125.
J u t e B u t t s , B a g g i n g , & c .— T h e m a rk e t fo r ju t e b a g g in g
has co n tin u e d d u ll d u r in g th e p ast w e e k a t u n ch a n g e d p rice s,
v iz .: 6o. fo r \ % lbs. a n d 63^c. fo r 2 lb s ., sta n d a rd g ra d es.
J u te bu tts a lso d u ll at
fo r p a p er q u a lit y a n d 2 @
2 ^ c . fo r b a g g in g q u a lity .

Safi,
Mch. 14

id o n .
Mch. 16

12%

12%

4

7,726
865
2,804
36
232
14
546
525
75
200
200
24,836
1,125
52
750
50
3,143
36 4
7,459
371
2,673
1,073
129
5,214
1,127
9,209
7,979
137
667
1,604
6,408
7,249
15,525
* 679
2,050

F r i.
W ed . T h u rt.
Mch. 18. Mch. 19 Mch. 20.

12%

12%

4

4

12%

4

d.
15
15
16
18
IS
17
10
84
64
59

d.
5 17
5 17
5 18
5 20
5 20
5 20
5 12
4 84
4 64
4 59

5 20
5 20
5 21
5 23
5 23
5 22
5 14
4 86
4 66
4 61

1S%

1

F. M, P. M. P.M. P.M. P. 1C. P.M. P. K. P. M. P.M. P.M. P.M. P.M.

S h ip p in g n e w s ,— A s sh ow n o n a p r e v io u s p a g e , the M aroh.......... 5d.10 5 d.15 5d.19
exports o f ootton fro m th e U n ited S ta tes th e past w eek have M eh.-April.. 5 11 5 15 5 19
A p ril-M ay .. 5 10 5 16 5 20
reaohed 127,007 oales. The sh ipm en ts In d e ta il, as m ade up M ay-June... 5 10 5 17 5 21
Jun e-Ju ly... 5 11 5 17 5 21
from m ail and selegraphio retu rn s, are as f o llo w s :
Total balet. J u ly -A u g . . . 5 09 5 16 5 21
Ne w Y o b s —T o L iverp ool, per steam ers Cevlo (additional),
2 ,8 1 8 ....Victorian. 4.9 08.............................................................
T o H ull, per steam er C olorado, 86 5 ............................................
T o Manchester, per steam er Calderon, 2,675 upland and
129 Sea Islan d .............. ...............................................................
To Paisley, per steam er E thiopia, 36..................... ....................
T o H avre, per steam er La B retagne, 225 upland and 7 Sea
Island ..............................................................................................
To Brem en, per steam er H annover (additional), 1 4 ............
To A ntw erp, per steamers British Em pire, 1 5 0___ Pinland, 3 9 6 ..........................................................................................
T o Reval, per steamer Ruth, 5 2 5 ................................................
To R iga, per steamer Ruth. 7 5 ......................................................
To Genoa, per steamers Lahn, 200.............................................
To Naples, per steam er Lahn, 200................................. .............
N e w O r l e a n s - T o L iverp ool—M arch 14—Steamer European,
14,047___ March 16—Steamer M exican, 6 ,2 8 0 — M arch
17—8team er Capella, 5 ,5 09........................................................
T o London—M arch 14—Steamer Asia, 1,125........................
To D ublin—March 13—Steamer L ord Londonderry, 5 2 ____
T o Dunkirk—March 20 —Steamer Andanla, 7 5 0 .....................
To M arseilles -M a r ch 17—Steamer G ottfried Sohenker, 50
To H am burg—March 17—Steamer 8idra, 3,143............ .........
To Copenhagen March 16—Steamer Sceptre, 3 6 4 ....... .......
To Genoa—March 13—Steamer M ongibello, 7 ,4 59.................
To Naples—March i 3 —8teamer M ongibello, 3 7 1 ...................
To V en ice—M arch 17—Steamer G ottfried Sohenker, 2,673.
To T rieste—March 17—Steamer G ottfried Sohenker, 1,073.
To Vera Cruz—March 14 -S tea m er Malm, 1 2 9 .......................
G alveston —To L iverp ool—March 11—Steamer Basil, 5 ,2 1 4 ...
T o London—March 14—Steamer Cayo Bonlto, 1,127............
To H av re—March 13 -Steam er Inknm , 9 ,2 0 9 .........................
To Bremen—Maroh 13—Steamer Indiana. 7,979.....................
To Ham burg M arch 19—Steamer St. M ary, 1 3 7 ...................
To R otterdam —Maroh 14—Steamer Vera 667.......................
To A ntw erp—March 14 -Steamer Cayo B onlto, 1,604.........
Mo b il e —To B rem en —March 16—Steamer DalmaUy, 6.4 08.......
S ava n n ah —To M anchester—Maroh 17—Steamer M anningtry,
5,226 npland and 2,023 Sea Islan d ........... ............................
To B rem en—March 1 9 —Steamers Nederland, 10,450; Sandsend. 5,0 75................................
To A n tw e r p -M a rc h 1 9 —Steamer Sandsend, 67 9 ...................
To St. Petersburg—March 19—Steamers Nederland, 150;
Sandsend, 1,900.......................

4

T n e».
Mch. 17

A ug. -Sept... 5 03 5
8ept.-Oot— 4 78 4
O ct. -Nov__ 4 58 4
Nov.-D eo.., 4 54 4
Dfto.-Jan___

08 5
82 4
63 4
58 4

13
86
66
62

a
5 17
5 17
5 18
5 19
5 19
5 19
5 11
4 84
4 64
4 59
....

5
5
5
5
5
5
5
4
4
4

d.
d.
15 5 17
15 5 17
16 5 18
17!5 19
17 5 19
17!5 19
10 5 12
82 4 84
62 4 65
53 4 60

5
5
5
5
5
5
5
4
4
4

d.
19
19
20
22
22
21
14
85
65
60

5
5
5
5
5
5
5
4
4
4

d.
5
5
5
5
5
5
5
4
4
4

Cf.
22
22
23
25
25
25
17
87
67
62

5
5
5
5
5
5
6
4
4
4

d.
23
23
24
26
26
26
18
87
67
62

Jan.-Feh —

BREADSTUFFS.
F r id a y , March 20, 1908.
A moderate volume o f business has been transacted in the
market for wheat flour. Country and standard brands o f
spring patents have received a moderate amount of attention
at a decline in prices of about 5c. per barrel. W inter-wheat
patents have had a limited sale at steady prices. W inter
straights have had a fair jobbing sale at unchanged values.
Low-grade winter-wheat flour has been in light supply and
firm. Rye flour has been in fairly active jobbing demand at
steady prices. Corn meal has been quiet and easier.
Speculation in wheat for future delivery has continued on
a moderate scale only, and there has been a fractional decline
in prices. The weakness was most pronounced early in the
week, values on Monday in the local market showing a net
loss of
Dull and easier cable advices, favorable crop
news from the winter-wheat belt and a slow demand for cash
wheat had a discouraging influence upon speculative holders,
and they were moderate sellers. Tuesday there was a better
tone to the market. Exporters were reported better buyers
in the spot market, and a moderate decrease in the world’s
visible supply for the week had a strengthening influence.
It also was understood that the week’s exports of wheat from
Argentina were onlvjmoderate, and this, too, operated in favor
of the market. On Wednesday and Thursday the market ruled
quiet but steady, the changes in prices being unimportant.
Reports were persistently circulated of an export demand for

THE CHK0N1CLE

March 21, 1903.J

red winter wheat for Lisbon, and it was stated that one crop
of 160,000 bushels was purchased. It was stated that orders
for several additional cargoes were in the market, but it was
claimed that ow ing to the small spot stocks buyers will have
to wait for the opening o f navigation fo r supplies to be
brought forw ard from the interior before they can obtain
additional supplies of im portance. To-day the market was
easier during the day, but rallied at the close. The spot
market was steady and sales for export here and at outports
were 128,000 bushels.
DAILY GLOBING PRICES OY NO. 2 B S D WINTER WHEAT IH N E W l i O R K .
Hat.

H on .

T u ts.

W ed.

T h u r t.

Hat.

H on .

T u et.

Wed.

T h u r t.

73%
7078
69%

74%
71%
697a

tr i.

Cash wheat f. o b ......... 81
80%
803a
80's
80*8
80%
79%
May delivery In elev...... 79%
79
78 %
79ia
79%
July delivery In elev ....... 767s
76%
76%
76%
76%
76
8ept. delivery in e le v .... 753s
74%
75%
75
75
75ia
DAILY GLOBING PRICES OP NO. 2 BPBING WHEAT IN C H 1 G A 6 0 ,
May delivery In elev.......
July delivery In elev.......
8ept. deliqery In elev ___

743a
"lie
70

74%
71%
697a

74%
71%
69%

W n.

74%
71%
69%

Indian corn futures have been active, particularly in the
Chicago m arket, where the feature has been active selling,
understood to be for the account o f the bull clique to liqui
date their holdings o f May delivery. Under the pressure of
this selling and the absence o f demand, exclusive of that
w hich came from shorts to cover contracts, the m arket has
been easier and prices have declined sharply. The m ovem ent
o f the crop has been fairly free considering the reports of
the poor roads, and this, coupled w ith statements of an un
satisfactory condition o f the cash trade, was understood to
be largely responsible for the selling by the bull clique.
Prices for cash corn have declined sharply for grades N o. 3
mixed and below and for the export grade o f m ixed corn.
The contract grade o f No. 2 m ixed corn, how ever, has con 
tinued com paratively light, due to small arrivals, and for
w hich prices have been fairly well maintained. During the
latter part o f the week exporters became fairly free buyers
in the cash market at the low er prices, and this had a steady
ing influence. To-day the m arket was firmer on reports of a
good export trade, the sales for the day to shippers here and
at outports am ounting to 575,000 bushels.
d a il y globing p r ic e s or n o . r m ix e d c o r n d» N E W Y O R K .
Cash corn f. o. b .............

(lai.

M on.
51%

53

Tuet.
51%

Wed.

T hurt.

Fm .

51
51
51%
503a
50%
50%
507a
50%
493a
49%
49%
49%
49%
DAILY GLOBING PRICES OP NO. 2 MIXED OOBW IN C H IC A G O

May delivery In elev...... 52%
July delivery In elev ___ 503a

May delivery In elev......
July delivery in elev__
Sept, delivery in elev__

Tuet.

Sat.

Mon.

4078
44%
43%

45%
43%

44%
43%

4 2 7a

4 2 7a

Wed.

44
43%
43

T hurt.

44
43%

42 %

Fr-

44%
43 7a
43%

Oats for future delivery at the W estern market have baen
moderately active, bnt there has been a slight decline in
prices. The crop m ovem ent has been looked upon as fairly
full, and this, together w ith sympathy w ith the decline in
values for corn has had a weakening influence. The local
spot market has been easier. Offerings have increased and
demand has been quiet To day the m arket was firm but
quiet.

DAILY GLOBING PRI03S OP OATS IN N E W Y O R K .
W ed. T h u r t,
Sri
T u et.
Jfon.
Sat.
44
43%
43%
No. 3 mixed in elev...... 44%
43%
43%
44%
44%
44%
44
arc. 2 white in elev...... 46%
45
DAILY GLOBING PRIOES OP NO. 2 MIXED OATS IN C H IC A G O A
W ed.
F ti.
Sat.
T u et.
th u rt.
Hon.
24%
84%
34%
May delivery In elev__ 34%
34%
34%
31%
31%
31%
31%
31%
31%
July delivery In elev___
28%
28%
28%
Sept, delivery In elev___ 28%
28%
28%

Follow ing are the closing quotations:
Patent, winter ....S 3 85 0 4 15
Superline, ________ 2 76 0 2 85
City mills, patent. 4 25 0 4 75
Rye flour .anperfln « 2 90 0 3 65
JCxtra, No. 9 ,. . . . . 2 85 • 2 90
N om inal
Buokwheat flour..
Extra, No, 1 09
3 OO 0 3 20
Clears
3 20 0 3 40
Corn meal—
W estern,etc... . . 2 90 ®3 05
S tra ig h ts.....n . . . 3 55 0 4 10
0 3 15
Patent, s p rin g .... 4 05 0 4 75
B randyw ine___3 10
(Wheat flour in racks sells at prloes below those for barrels.)
« 2 65

o n Am.

Wheat, per bosh. —
Hard DuL.Na 1 ..
BTthern Dnl., No.l
Red winter, No. 2
Nort’n Dnl. No. 2.
Oats—Mix'd, p. bash.
W hite...................
No. 2 mixed..........
No. 2 white.........

o.
e.
f.o. b.88%
f. o. b.87%
f. o. b.80%
t. o. b.85%
42% *45.
43 049
43%®44%
44 945

Corn, per bush.—
Western mixed...
No. 2 m ix e d .....
No. 2 yellow..........
No. 2 white.............
Rye, per b u sh western. . . . . . __
State and Jersey
Barley—West...... .
F eed in g ..............

The M aroh rep ort o f the S tatistician o f the B ep a rtm en t o f A g r ic u l
ture show s the am ou n t o f w heat rem aining in fa rm e rs’ hands on
M arch 1 to h ave been ab ou t 164.000,000 bushels, or 24-5 p er cen t o f
last y ea r’ s crop , as com p a red w ith 21-2 p er oen t o f th e c ro p o f 1901
on hand on M arch 1. 1902, and 2 4 ’5 per cen t o f the c ro p o f 1900 on
hand on M arch 1, i9 0 i.
The oorn In farm ers’ hands 1s estim ated at ab ou t 1 ,0 5 0 ,6 0 0 ,0 0 0
bushels, or 41-6 per oen t o f last y ea r’s c ro p , again st 29-2 p er oen t o f
the cro p o f 1901 on h an d on M arch 1, 1902, and 30-9 p er oen t o f th e
crop o f 1900 on hand on M aroh 1, 1901.
O f oats there are rep orted to be ab ou t 3 6 5 ,0 0 0 ,0 0 0 bushels, o r 36 9
per oent o f last year’s crop, still In fa rm ers’ hands, as ooiu p ared w ith
30-6 p er cen t o f the c ro p o f 1901 on hand on M aroh 1, 1902, and 3 6 ‘ 2
per cen t o f the cro p o f i9oO o n hand on M arch 1, 1901.
The follow in g ta ble sh ow s the percen ta ges o f last y e a r ’ s c ro p s o f
w heat, corn and oats in farm ers’ hands on M arch 1 fo r e a ch o f th e
p iin olp a l gra in -p rod u cin g S ta te s :
Wheat. Oorn.
Outs
Oatt.
Wheat, Oorn.
B. c.
B. c.
B.
B. c.
B. c.
B. c.
35
New Y o r k ...
29
47
28
36
27
I o w a .............
52
41
26
P en n sylv ’ a.. 38
41
43
M iss o u ri___
12
42
40
11
12
K an sa s------23
T ex a s............
51
40
40
35
N e b ra s k a ...
34
O hio..............
31
27
45
29
26
36
So. D akota..
24
M ich igan . ..
43
49
24
30
23
No. D ak ota .
18
In d ia n a ____
21
46
36
10
C a lifo r n ia ...
7
11
n iln o ls ........
—
------—
30
42
37
W iscon sin ...
39
416
36 9
29
30
U. S ........... 2 4 - 5
M in n esota ..

As o f interest in con n ection w ith this report, we give below
a statem ent cov erin g the stock o f corn on M arch 1 for a
series o f years as made up by us from the A g ricu ltu ral
D epartm ent’s figures.

M arch,
it

*«
«<
tt
it
tt
it

if
“
ti
ti

it
ti
it
ti
ti

o

t.

,50%tt67

f.o . b .5 l%
f. o. b.53%
f. O. b.54%

,5 4 % » 6 0

.56 0 5 7 %
,52*8962
.47

960

On hand

Broduct o f
previou s year.
Bushels.

CORN.
1 8 8 7 ..
1 8 8 8 ..
1 8 8 9 ..
1 8 9 0 ..
1 8 9 1 ..
1 8 9 2 ..
1 8 9 3 ..
1 8 9 4 ..
1 8 9 5 ..
1 8 9 6 ..
1 8 9 7 ..
1 8 9 8 ..
1 8 9 9 ..
1 9 0 0 ..
1 9 0 1 ..
1 9 0 2 ..
1 9 0 3 ..

B er cent.

Consum ed
o r distributed.
B ushels.

3 6 -2
3 4 -9
3 9 -6
4 .V 9
3 6 -4
4 1 -8
3 8 '5
362
3 9 ’2
4 9 -8
5 10
41*1
4 1 -6
3 7 -2
3 6 -9
2 9 -2
4 1 -6

1 ,0 6 2 ,0 0 0 ,0 0 0
9 4 8 ,0 0 0 ,0 0 0
1 ,2 0 1 ,0 0 0 ,0 0 0
1 ,1 4 3 ,0 0 9 ,0 0 0
9 4 8 ,0 0 0 ,0 0 0
1 ,2 0 0 ,0 0 0 ,0 0 0
1 ,0 0 1 ,0 0 0 .0 0 0
1 ,0 3 3 ,0 0 0 ,0 0 0
7 3 7 ,2 0 5 ,6 0 2
1 ,0 7 9 ,1 3 8 ,5 8 0
1 ,1 1 9 .8 7 5 ,1 6 5
1 ,1 1 9 ,9 6 7 ,9 3 3
1 ,1 2 3 ,6 5 1 ,5 5 1
1 ,3 0 4 ,4 4 3 ,9 3 3
1 ,3 2 8 , 9 0 2 , 5 1 6
1 ,0 7 9 ,0 6 2 ,8 9 1
1 ,4 7 3 ,0 4 8 ,3 1 2

M a rch 1 .

Bushels.

1 ,6 6 5 ,0 0 0 ,0 0 0
1 ,4 5 6 ,0 0 0 ,0 0 0
1 ,9 8 8 ,0 0 0 .0 0 0
2 ,1 1 3 ,0 0 0 ,0 0 0
1 , 4 9 0 , 0 0 0 ,< 1 0 0
2 ,0 6 0 ,0 0 0 ,0 0 0
1 ,6 2 8 ,0 0 0 .0 0 0
1 ,6 1 9 ,0 0 0 ,0 0 0
1 ,2 1 2 ,7 7 0 .0 5 2
2 ,1 5 1 ,1 3 8 ,5 8 0
2 ,2 8 3 ,8 7 5 ,1 6 5
1 .9 0 2 ,9 6 7 ,9 3 3
1 ,9 2 4 ,1 8 4 ,6 6 0
2 ,0 7 8 ,1 4 3 ,9 3 3
2 ,1 0 5 ,1 0 2 ,5 1 6
1 ,5 2 2 ,5 1 9 ,8 9 1
2 ,5 2 3 ,6 4 8 ,3 1 2

6 0 3 ,0 0 0 ,0 0 0
5 0 8 ,0 0 0 0 0 0
7 8 7 ,0 0 0 ,0 0 0
9 7 0 .0 0 0 ,0 0 0
5 1 2 .0 0 0 ,0 0 0
9 6 0 ,0 0 0 ,0 0 0
6 2 7 ,0 0 0 ,0 0 0
5 8 6 ,0 0 0 ,0 0 0
4 7 5 ,5 6 4 ,4 5 0
1 ,0 7 2 ,0 0 0 ,0 0 0
1 ,1 6 4 ,0 0 0 ,0 0 0
7 8 3 ,0 0 0 ,0 0 0
8 0 0 ,5 3 3 ,1 0 9
7 7 3 ,7 0 0 ,0 0 0
7 7 6 ,2 0 0 .0 0 0
4 4 3 ,4 5 7 ,0 0 0
1 ,0 5 0 ,6 0 0 ,0 0 0

The stock of wheat on March 1 for 17 years is shown in the
subjoined table.
W

h eat

M arch,
it

ti
ti
it
it

<<
44
ti
it
ii
ii
ii
ii
ii
ii
ii

On hand
M arch 1.
B ushels.

B roduct o f
p reviou s year.
Bushels.

.

1 8 8 7 ..
1 8 8 8 ..
1 8 8 9 ..
1 8 9 0 ..
1 8 9 1 ..
1 8 9 2 ..
1 8 9 3 ..
1 8 9 4 ..
1 8 9 5 ..
1 8 9 6 ..
1 8 9 7 ..
1 8 9 8 ..
1 8 9 9 ..
1 9 0 0 ..
1 9 0 1 ..
1 9 0 2 ..
1 9 0 3 ..

4 5 7 ,2 1 8 ,0 0 0
4 5 6 ,3 2 9 ,0 0 0
4 1 5 ,8 6 8 ,0 0 0
4 9 0 ,5 6 0 ,0 0 0
3 9 9 ,2 6 2 ,0 0 0
6 1 1 ,7 8 0 ,0 0 0
5 1 5 ,9 4 9 ,0 0 0
3 9 6 ,1 3 2 ,0 0 0
4 6 0 ,2 6 7 ,4 1 6
4 6 7 ,1 0 2 ,9 4 7
4 2 7 ,6 8 4 ,3 4 7
5 3 0 ,1 4 9 ,1 6 8
6 7 5 ,1 4 8 ,7 0 5
5 4 7 ,3 0 3 ,8 4 6
5 2 2 .2 2 9 .5 0 5
7 4 8 ,4 6 0 ,2 1 8
6 7 0 ,0 6 3 ,0 0 8

1 2 2 ,0 0 0 ,0 0 0
1 3 2 ,0 0 0 ,0 0 0
1 i 2 ,0 0 0 ,0 0 0
1 5 6 ,0 0 0 ,0 0 0
1 1 2 ,0 0 0 ,0 0 0
1 7 1 ,0 0 0 ,0 0 n
1 3 5 0 0 0 ,0 0 0
1 1 4 ,0 0 0 ,0 0 0
7 5 ,0 0 0 ,0 0 0
1 2 3 ,0 0 0 ,0 0 0
8 8 ,0 0 0 ,0 0 0
1 2 1 ,0 0 0 ,0 0 0
1 9 8 ,0 5 6 ,4 9 6
1 5 8 ,7 4 5 .5 9 5
1 2 8 ,1 0 9 ,0 0 0
1 7 3 ,7 0 0 ,0 0 0
1 6 4 ,0 0 0 ,0 0 0

Consum ed
o r distributed.

B er cent.
2 6 -7
28*9
2 6 -9
3 1 -9
2 8 -2
2 80
2 6 -2
288
1 6 -3
263
206
2 2 -9
2 9 -3
2 9 -0
2 4 -5
2 3 -2
2 4 -5

Bushels.
3 3 5 ,2 1 8 ,0 0 0
3 2 4 ,3 2 9 ,0 0 0
3 0 3 ,8 6 8 ,0 0 0
3 3 4 ,5 6 0 .0 0 0
2 8 7 ,2 6 2 ,0 0 0
4 4 0 ,7 8 0 ,0 0 0
3 8 0 ,9 4 9 ,0 0 0
2 8 2 ,1 3 2 ,0 0 0
3 8 5 ,2 6 7 ,4 1 6
3 4 4 ,1 0 2 ,9 4 7
3 3 9 ,6 8 4 ,3 4 7
4 0 9 ,1 4 9 ,1 6 8
4 7 7 ,0 9 2 ,2 0 9
3 8 8 .5 5 8 ,2 5 1
3 9 4 ,1 2 9 .6 0 5
“ 5 7 4 ,7 6 0 ,2 1 8
5 0 6 ,0 6 3 ,0 0 8

The m ovem ent o f breadstutfe to m arket as in d ica ted in the
statements b elow is prepared by us fro m figures collected
bv the New Y ork Produoe Exohange. The receipts at
W estern lake and river ports for the week ending March 14.
and since A u g . 1, for eaeh o f the last three years have been:
fl o u r .

Beeeipt* «t—

FLOUR.

Pino________60

665

Corn.

W h ea t,

Oat*.

B a rley.

B ye.

B bU .im U n Buth.60 lbs Bui A.56 Ibt Buah.S'ilbs B ush.48lbs Bu.56 lb*.
159,239
177.950 1,936,900
1,879,260
336,678
/Im a g o.........
52,250
180,400
110,650
38.200
156,000|
261,250
M ilwaukee.
14,400
a.ooo
313,184
..................
199,897
68,057
a m m tk .........
3,301
1,605,900
48.8*0
382.820
84.800
96.580
ttlnneapolh.
78.000
3-.7 00
182,000
2,900
19,995
33,000
58,362!
□ • tr o tt.......
3.8C0
24.807
19.638
110,849
28.367
lle v e la n d . . .
224,665
911,815
668.2501
45.295
78,000
48.771
I t .L o n li ....
12,200
856,800
185,0001
21,660
88,000
12,700
"• o r is ...........
168,400
372,800
146,400
—
S a n ia i Olty.
.............
TOt.Wk.lB03
lam a wk. 08
'( m i w k.’OI.
Sines Aug. 1.
1902-03...........
1901-08.........
1000-0 1 ...

801,451
800,783
325,530

2,698,232
2,636.203
3,795,688

3,996,552 3,744,523
1.797.8491 1,718.500
4,076,958 2,856,099

13,389.203 203,316.628 103,144 671129,409,717
18,717,3*2 186.744.662 89,282,410 96.420,522
12,554.918 169,647.096 148.130,886114,913,212

852,680
379,240
335,750

160 902
4 i .u a
90,443

45.757.712 7.022,160
86,037 398 4,344,524
85,398,77-- 2,807,704

E x p orts o f tJrain and F lo u r from P a cific P o rts .—The
exports of grain aud flour from Pacific ports for the week
T h ereoelp ts o f flour and grain at the seaboard ports for
ending March 19, as received by telegraph, have been as
the week ended March 14,1908, fo llo w :
follow s: From San Francisco, M arch 16, to M elbourne,
peril*
C tr n ,
O a t;,
Hour. WKtei,
Btt,
68,136 bushels wheat, and to Liverpool, 62,317 bushels wheat
bblt.
iv«i.
*u*h
bulk.
iUlh.
iuai.
iM lilll *t—
135,850
607 000
13,200
162.515
695,000
Nsw Y o r k ............
17,100
and 24,869 bushels barley.
84,348
3,544
80,974
2.79,3
305,878
Boiton............
Combining these figures w ith those for previous weeks, we Montreal.........
43.081
3,300
0,548
89,383
*48.069
4.630
52 318
16,300
76.806
5,6* 0
have the follow in g, which covers the exports to foreign Philadelphia....
63.561
837,787
81.763
83.474
41.999
Baltimore........
countries for the period since July 1, 1902.
46.650
38,510
85.6:6
1,072
3.0C0
aiehmond.......
............
292.5C0
130.000
81,275
19.922
*ew Orleani*-.
Oats,
B arley,
B ye,
Oorn,
E x p o r ts
flo u r ,
Wheat,
......... .
181,428
28,387
.
.
•
28.818
lewport
New*..
bush.
bush.
bush.
bush.
fr o m —
bbls,
bush.
San Fran. 669,044 7,770,273

Puget S’ d . l , 337,127
P ortlan d.. 5 3 5 ,5tO

7,290,819
7,2 38,65 0

T o t a l . . . . 2 ,5 4 1 ,7 3 1 2 2 ,2 9 9 ,7 4 2

25,708
3,9 96
2 9 ,7 0 4

10.030 6,1 92 ,790 214,840
818,223 22 3.416
25
.........
94,837 88 5,60 9

9 2 3 ,0 9 0 7 ,3 0 1 ,8 1 5 2 1 4 ,8 0 5

A g r ic u l t u r a l D e p a r t m e n t ’s R e p o r t on C e r e a l S to ck s

—The Agricultural Department's report on cereal stocks,
etc., was issued on March 10, as follow s:

7,161

Portland. Me....
Total week..
Week 1903 .........

14.120

184,400
350.433

6,919

277.342

268,000

296,484

13,764

440.244 1.184.702 3,188,082
643.244
343.474 1,507,694

63,000

50,715

90.844
239.10*

105.180
63.174

19,600
1,204.017
560.332

Total receipts at ports from Jan. 1 to March 14oom pare as
follow s for fo u r years:

666

THE

R eceipt o f—

1903

1902.
4.026,462

1901.
4,193,004

C H R O N IC L E ,

[Vol. LXXVI.

1900.
4,067.263

quiet dem and fo r overcoatings, but other overcoatings and
cloakings are inactive. Business in w oolen and w orsted
Wheat.................
14,146.382
21,147.821
13,262,213
4.852,2*8
Corn.....................
44.702,153
37,166,608 dress goods keeps up in both staples and fancies and the m ar
7.615,247
13,954.453
Oate.....................
12,010,130 ket is firm.
1,265.709
1.660.759
2,820,844
Barley.................
268.889
^T6...e................
548.090
851.604
D o m estic C o tto n G ood s . —T he e x p o r t s o f c o tto n goods
Total urain .. ..
28.143.560
81,903,366
•• 00.510,489
64,619,320 from th is p o r t fo r th e w e e k e n d in g M arch 16 w ere 2,681
packages, v a lu e d a t $184,882, t h e ir d e s tin a tio n bein g to the
The exports from the several seaboard ports fo r the weefe points sp e cifie d In th e ta b le s b e l o w :
ending M arch 14,1903, are sh ow n in the annexed statem ent
O o tl,
JSerli,
Wheel,
Corn, Flow,
Rp*.
P ««c,
1903.
1902.
b unt.
Expert* from—bulk.
bueh.
bbli.
bulk. b u th . bulk.
S t w YORK TO Mar . 16.
New Y ork ....... 646,887
637,127
98,410 151.152
10,639
1,308
7,661
Week.
Week.
Since
Jan.
1.
iSince Jan. 1.
Boston............ 176.769
338.287
22,197
2,780
Portland, H a . 880,433 . . . .
11,128 295,434
50,715 16,843
6 000 Great B rita in ...... ________
11
445
46
517
ra iia d elp h la .................
190,OSt
25,780
Other Kuropean______.. . . . .
2
44,108 " "**123
Baltim ore....... 81,823 465,960
6
310
466
flow O rleaua.. 866,600 1,494,662
12,734
120
China_____ ____________
6,236
76,062
26,672
N o r fo lk ......................................
7,161
In d ia .................. ......... .. ..
142
60
4,651
6,820
w ew o'rt Newt
28.387 181,428
28.318
Arabia............................ .
6,304
3,908
QalTaaton....... 144,000
214,571
24,672
Afrloa____ ____ ______ ___ *"*23
1,594
■'276
2.341
M obile...........................
18,784
482
West Indies............... ......
808
403
7,152
8t. Job n .N .B . 277,843 ............
6,010
19,600
5,364
13
Mexico____ _____ . . . . .
30
368
615
Total w eek ..1,822,231 8,675,813 284,907 439,148
61.354 24 303
64,308 Central America._____ ___
208
291
2,426
1.342
Same tlme’0 8 .1,497,063 231.788 180,425
58.378
17,654
7,938
1,452
818
13,722
South Am erica.. ____
9,918
154
27
The destination o f these exports fo r the week and si no. Othe rConn trlea. _____ ___
1,793
2,312
•inly 1, 1902, is as below :
2,681
T
otal..........
...........
..
......
8,320
114,887
59,166
-F lo u r .--------Wheat.------- . ---------Corn.-------W eek Since J u ly
Export* for
Week Bines July Week Since July
tetek and line* Mch. 14. 1,1902. Mch. 14 1, 1902. Mch. 14.
1, 1902
T he v a lu e o f these N e w Y o r k e x p o r t s since Jan. 1 to date
bbl*.
July 1 to—
bbl*.
bush.
'bush.
'
'bush
buth.
Orjiv-ea Kingdom 215,896 7,211,039 1,087,715 61,980,448 1,843,150 21,188,997 a&s been $4,658,051 In 1908, a g a in st $2,730,149 in 1902.
674.638 37,837,764 1,600,931 19,891,825
oontinent..........
18.624 1,982,822
H eavy b row n
sheetings and drills are firm, but
683 931
18,345
1,529
78,140
0,988
8. A O. America. 14,675
897,153
Vast India*..... 31.497
250
36,308
670,94' no better in price than a w eek ago.
Business has been
1,600
13,116
196,690
Sr.N.Am-Oolo’f
1,066 142,064
scale and alm ost entirely on hom e
49,890 1,608,033
20.723
007,222 on a m oderate
7*>«r conntrle* 8,169 701,089
account, exporters taking little interest in the m arket. F or
Total............. 284007 11,618,608 1,823,231 91,363063 3,575,813 42,532.816
Total 1991-02.... 180,425 10.813.829 1,497,008 101,728,530
281,788 28 707,407 ducks and brow n osnaburgs the dem and has been con£ned
The visible supply o l grain, com prising sue stock s in to lim ited quantities at fu ll prices. Denims are very scarce,
granary at the principal points o f accum ulation at lake and and Jit may be noted that the best prices, relatively, paid at the
auction sales were for goods o f this description. Plaids and
seaboard ports, M arch 14, 1903, was a* follow #.
cottonades are firm but quiet.
T ickings also are quiet and
W h ea t,
C en t,
O a ti.
ape,
D a rio
Mi»>
unchanged. BuyiDg o f canton flannels and cotton blankets
m tte r e a t—
b in h .
>«»•!»
'■‘U ak.
b'j.sh
1.410,000
517,000
281,001
<*arr Y ork..................
80,000
76,000 has been on a light scale, but w ith a w ell sold m arket prices
Do
afloat........
••
®»e#
813,000
342.oor
Sutton................. .
4,000
are m aintained. The orders com in g in fo r bleached cottons
80,010
082,000
Philadelphia.............
108 010
1,000
are, as a rale, sm all fo r all grades. Sellers are, h ow ever,
229.006
1,106,001,
Baltimore............ .
80,000
118.001
w ell situated and have no difficulty in m aintaining quota
sf®i? Orleans........ .
su&.ooc
426.000
330.000
laiTeeton ................ . 034.000
tions.
There has been n o change in w ide sheetings, sheets
40,009
40,000
131.000
M ontreal....................
19.C
O
O
3,000
28,001
or pillow cases. K id-finished cam brics are steady at 3 % c.,
8,000
T oron to.......... ...........
...A...
6,000
6.000
158,000 with lim ited sales.
la fla lo ........................ 1,768,000
The print business this week has been
....
Do
afloat........
on a quiet scale on ly in both staple lines and fancies. R ecent
1,595,000
Toledo ...................... . 1,034,000
410,005
22,000
.
Do
afloat.........
46,000
71,000
24.000 bu yin g has put the m arket fo r these in g o o d shape and prices
s e t r o lt ....................... . 478,000
39,000
are firm. N apped fabrics, b o th printed and w oven pat
Do
afloat........
667, OBP
8,778,000
893,000
1,000 terned, are w ell sold ahead. T here is no change in the gin g
Jh leaso...................... . T,237,0«w
470.000
170,000
110, COO
1,103,000
Do
afloat........
768,000
140,000
800 000 ham situation; stocks are scanty and tone decidedly firm.
917.000
32,00u
M ilwaukee................
P rint cloths have been in light request only. L im ited sales
.• .. r t W l l l ’ m *F t.A rth u r 4,015,000
604,000 have been made o f regulars at 334c. and o f n arrow odds on
2,000
1,391.000
81,000
Duluth........................ . 0,105,000
that basis.
80,000
108,000
409,uu.
1,608.000
M inneapolis.............. .15,038,000
281,006
117,000
7,001
86,000
at. L ou ie..................... . 2.974,000
F oreign D r y G oods .—T he dress goods division is in
22,000
31.000
Do
afloat........
g ood shape. Prices are firm and dem and considerable. P iece442,000
117.000
Kama* C ity ............... 1,917.000
723 000
289, >00
469.000
75,000
P eoria........................
silks also firm , w ith a fair business.
R ibbon s show no
886,000
219,000
26,000
1,006
Indlanapolle..............
change. Linens are selling steadily at fu ll prices. Burlaps
280,000
un MtiaUelppl H irer , 147,000
quite firm, but dem and m oderate.
rio a r„..................

Totai
Total
Total
Total
Total

Mar. 14.1908 .
Mar. 7. I9u3
Mar. 15 1002..
Mar. 16, 1001..
Mar. 1 7 , 1 0 0 0 ..

THE

40.006,000
40.767,oou
51,997.000
65.124,000
63,918,000

10,812,000
11,291 000
9.984,000
22 348,000
£0,542,000

7,317,000
7.003.OOO
8,488,000
10.8U.000
0.720,000

1,047,010
l,03l.O<KI
3.O8O.GO0
1,198,000
1,107,000

1,087,00
1,774,0' 0
1,870,OO>.
1,337,00
931,000

DRY GOODS TRADE.

N b w Y o b s , F b i d a y , P. M ., M ar. 20,1903,
The w eek closes w ith a new disturbing fa otor in trodu ced
in to th9 situation in the shape o f an acute labor crisis at
L ow ell, where the operatives’ dem ands fo r an advance in
wages have been flatly turned dow n b y the m anufacturers.
The im pression prevails that a strike there w ill be the re
sult and as there is considerable labor unrest in other qu ar
ters, the trouble may becom e widespread in N ew England.
In other m arket features there has been little change. C ot
ton continues an uncertain elem ent, b a t still to o high in
com parison w ith the goods m arket. Stocks o f goods continue
quite lim ited, but the demand is on too quiet a scale to adm it
o f prices being further advanced fo r the tim e being. The
tone, how ever, continues quite firm throughout, w ith sellers
not anxious to press stocks on hand upon the m arket nor to
increase th eir forw a rd engagem ents. B oth sides are standing off aw aiting developm ents. The au ction sale o f dom es
tics held this w eek has not figured as a factor. Prices
show ed an average decline o f about th irty p e rce n t, but as it
was a sale o f goods dam aged or under suspicion o f dam age
no significance has been attached to the prices realized. The
jo b b in g trade here and elsew here has been quiet, m any m a r
kets being adversely affected by bad-w eather conditions.
W oolen G oods . —T here have been few buyers o f men’sw ear w oolens and w orsteds in the market this week and fe w
orders com in g in through other channels. The m arket in
this division is distinctly dull and disappointing. Bayers
show a pronounced disposition to do as litcle as possible and
their current needs are evidently small. The orders placed
bear no trace o f w hat is usually regarded as the supplem en
tary dem and,being confined chiefly to lim ited piece lots o f an
assorting character. W oolen goods continue to do better
than w orsteds and better in grades from one d ollar d o w n
than in higher qualities. Standard staple lines are steady in
prices, but outside o f these there is considerable irregularity.
The finest grades o f fan cy worsteds are fa irly w ell situated,
but low er qualities are weak under pressure to sell goods
w h ich have so fat m oved poorly. Kerseys and friezes are in

I m p o r ta tio n s a n d W a r e h o u s e W it h d r a w a ls o l D r y G o o d s
fcfi
jS
s
»8
o r £ h;
a
Z* Hfc►
©
* S: :
|
B
2.
5: t s i a

N
r* OH
O t o fs 2 g J S
e* A **
S*
I r ffly
©! 5 ‘ i
►*:S S : ! ! ! g
a
a a
©• • t • »<
a
o
S
i
i
!
t
S
St
ct
CO ©: 1 l ! 1 ■ H
s
t i n : i
w| ■>» i j *
05 to ^ CO
►o «
to MMto
00 col&» ; at
<10-^r-*CO
O CO© 1 to
© ©t- tOOD© *»- M
CO|M
MrfA©
M© ©
CO
© ©CO 9-.C
O®to ®
M
«OlH0bl
oo
m©© © cp
00
OD © to to© want-

I MM
! 9-0
i ww
©
CD ©^
M 1© w
CO
©
cn ! ©to
ZJ1 H—
itb
u» I H»©
M M©
OI ©©

CO ©QD
CD
<1
»&■©
©*-•
M -1|9CO CO
CO cocn
bi ©'©
to CO©
© M**■
^4 b n
to ©to
© cnV
M
© |co©
O-4
© C
a WO
to
to
© to 9©
©
b» CD<1
© COM
-4 ©QO

M
CD o
©© MW© ©CO
co'iuLou
©
to ©to totoaoooO
O* <100 OSOtOiS®
© CO |
Mtoi-1
© ©©
05®
© © © M^aowiis
CX © to £-O
CO«-CO
Ol to to
h- CTibi MO»<iaDM
a <70 £» —
©©
CO cn
tit <J»ODto ©
©
to
CD
© tobi OICONICOto
to C7"05 to O© to b© Ol sD
to M
© tOtfb. 00Ol©©©
-4 ^ CO COcoo®
© tfbQD
h*cji"m ao
© OCA Vj
W<1 ^ C77© H*©
M ©© rfh.O © ooto

*w
©
CO
CO
M
»
CO
o*
CO
©
to
©

M
©©
<|M
^4©
Ho»©
to
©*
©V
©^
M©
©CD

co toto © CO
ao
ooatyiao
© itcoaom
© © O COco
M
oocnto ao©
—■tO-lMCO
©bt ©<JtO
OiO«i®©
CJlW©M®

‘

W
MMrfHO
CDweecoy*
MCO«4COM
—
■
OnUQ—
D•<
«J©
0©M*-**IDC*© tO©
COCO© If*
<1
oo to to^ K3
COCOQD©bo
iD<i©-0ao
0DCOOOC^M
©
OrM
O
—C
^*C
ifa
fh-G
—
C0®
M© © © ©
C/»— ^4X
CD© CO© •“•

I §5

} ef
•

f*

2 : M j 3
S
t ti j S

! ! ! 11h
h m :: i
•Mcoto ^ to
CHMO^to
^,QD©©tO
M
<ia»©M<j
©COtojo to
XjVobibiip'
cotooco©
©to ri HUJ

©

to
©-t
b
CO
to
©
©
M
0«
b©
-si

K
o
*— g -r
g:
ii
2:
2s
« a

, o —a I

;
*
i : : b
: : :
:: : - |
•••Q I

IIIIT
to i m

**•J Nm COM
wi
CO
< J ® tO # h ©
© I ©oi©©®
M
M
Mrf^©©M
©
C
O ©ifbO c«©
M
to<iN)®-4«a
©£
M <!©<lVb M
60
M OoCO01^4©
©
M
© ©MM©«
© ©©©00©
00bi ifbiGi©
© W© <1-4M
-J 1^1^©©©
MM
©
© M£tM©©
© © © bna Vj a
© ^jO©©Oi^8
to WQDO'M© ?!
Ol <J©<l MCO
cato cuo<co
®
Ol C7Icocy*© to
© to MMto
© bo©bo to•‘4
OI coca-jom.
o»
MM©®
ao©*^«©
m

oe. * * b ia n

If*M<1-4K5
aoiffcCO'tt

M
J
©© <
ow oc If. toes CO
<J© ® b it- <*-•
W
©©oc***
to j
MM
© Ol
© o © ©©*^©
CJ>© © © to to
© ! to © too to
to bo * Iqao'-jio.®
b-Ol CO®lf-C»ifvr*
<J>tO'

K

CO^ QO Ol
® qd©© m
«-4©w^4 w

050000M^
<J-ooo woo &
~4WMjs|OJ
„

, V & V c*M

r—I COc* »C*it*tf*“
©TOTO'O

hi
aJ
M*

PCS

03
Mo

THE CHRONICLE

March 21, 1903.j

Sw

t i

a w

C ity

BWWWENT,

News Items.
Calhoun—Columbus, Ga — Unaccrued Interest Not Part
o f Debt. —A decision of mnch importance, not only to the
directly interested cities of Calhoun and Columbus, but also
to all other cities in Georgia, was handed down March 12 by
the State Supreme Court. Under the decision interest which
has not become due is not to be considered a part of the debt
of the county or municipality in srriving at the constitu
tional limit of indebtedness. On the subject of indebtedness
the Court holds that the debt of a municipal corporation,
within the meaning of the Constitution which prohibits such
a corporation from incurring a debt that exceeds 7% of the
assessed valuation of all the taxable property within the
municipality, is to be ascertained by adding to the principal
of all the outstanding indebtedness the amount of all ac
crued interest that may be past due and payable on the day
the amount of the debt is to be fixed. In ascertaining such
debt fu tu re interest that is not due on the day it becomes
necessary to fix the sum of indebtedness is not. within the
true intent of the Constitution, a part of the debt of the mu
nicipality. Constitutions, the Court says, are the result of
popular will, and their words are to be understood ordinarily
in the sense they convey to the popular mind. The decision
is too lengthy to quote here in full, and it need only be added
that the cases under discussion came up when the cities
above mentioned tried to have bonds validated as required
by the laws of Georgia. Both of these places would exceed
their debt limit provided the interest yet to be earned on
the bonds now outstanding waB added to the principal. The
suit naturally occasioned much interest in Georgia, and yet
the decision was one that might have been expected. See
V. 70, p. 118.
California.—Legislature Adjourns.—On March 14 the
State Legislature adjourned sine die.
Delaware.—Legislature Adjourns.—The State Legislature
adjourned March 19. For the first time in some years this
State is now represented in the United States Senate by its
full quota of Senators.
Fort Worth, Texas —Interest Resolution.—The following
resolution, adopted March 6 by the City Council, will prove
of interest to holders of this city’s bonds:
W h e r e a s , T h e m a tte r o f r e fu n d in g th e d e b t o f t h e c ity a t a lo w e r In terest
r a t e h a s b e e n b e f o r e t h e C o u n cil f o r t h e la st th r e e y e a r s, th e p ro p o s itio n has
b een a ss id u o u sly a d v o c a t e d b y th e c ity o fficia ls an d by u m . N o e l o f St. Ijo u ls
a D d th u s fa r a p p r o x im a t e ly b u t *420.ou0 o t t h e to ta l in d e b t e d n e s s o f tt.jjc S OOO
h a s b een s u c c e s s fu lly r e lu n o e d , an d th a t
W h e r e a s . 3 h e t a x a b le v a lu e s o t th e c ity h a v e in c r e a se d y e a r b y y ea r fr o m
*14,000,01)0 in
o to fib.OoO.tOO in 1901,118.t-ou.000 in lbl)2 an d p ossib ly *20 OOO.ouO in 1003, a n d th a t
W h e r e a s , In th e m e a n tim e I n te r e s t o n t h e d e fa u lt e d c o u p o n s h a s c o m 
p o u n d e d anti is still c o m p o u n d in g u n til at th is tim e i h e a r r e a r a g e o f In terest
is a p p r o x im a t e ly *175.010, w ith b u t *100.0t)<- a v a ila b le f o r its p u y in en t. an d ib a t
W h e ie a s . S u n s h a v e b e e n b r o u g h t b y th e b o u d h o ld e i s t o e n f o r c e t h e p ay
m e n t o f in te r e s t an d J u d g m e n t ta k e n t o t h e fu r t h e r e x p e n s e an d c o s t o f th e
clt.v. an d e x tr a o r d in a r y r e m e d ie s re s o r te d t o to e n f o r c e p a ' m e n t, a n d th a t
W h e r e a s . A r a i s e i n t b e r a t e o f t a x a t i o n o f 2 5 c . c n th e *i(JO f o r a p e rio d n o t
e x c e e d in g th r e e y ea rs w ill n e t o n ly p ay th e e n tir e d e f i c i t o f *75.0i0 an d e n a b le
t h e c ity t o m e e t c u r r e n t in te r e s t w ith o u t d e fa u lt, bu t w ill p r o v id e an a d d itio n a l
s t r e e t im p r o v e m e n t fu n d o f fr o m *9.000 t o tlO .oi 0 p e r y ear.
T h a t , t n e r e fo r e . in c o u s ia e r a tio n o f th e fo r e g o in g p re m ise s a n d f o r t h e p u r
p o s e o f e n a b lin g t h e c ity t o a c c o m p lis h t h e fu n d in g at. 4 p er c e n t o f th e *103 000 7 per c e n t b o n d s n o w d u e, t h e *73.000 7 p e r c e n t b o n d s d u e in 1904 and
*109.Oco <; p er c e n t b o n d s o p tio n a l in M av. 1103. t h e c o m m itt e e re co m m e n d
th a t t h e r a le o f t a x a t io n b*> fix e d a t $ 2 p e r *100 v a lu a tio n f o r a p e rio d n o t e x 
c e e d in g th r e e i e a rs, an d th a t t h e C ity • o u n c il re q u e s t t h e L e g is la tu r e n o w in
s e s s io n t<> m a k e t h e n e ce ssa ry a m e n o t n e n t s t o t h e c h a r ie r t o ca rry In to e ffe ct
t h e p u r p o s e s o u tlin e d .

On March 14, however, the City Council rescinded the
above resolution, having subsequently made arrangements
with the State National Bank of Fort Worth for an advance
of $75,000 at 0£, which sum, together with about $103,000
cash on hand in the city treasury, will be used in payiDg off
all back interest due by the city on Its bonds. A resolution
to this effect was passed by the City Council.
Notice to Bondholders.— The committee representing hold
ers of past due Fort Worlh interest coupons announces an
arrangement between the city and the committee whereby the
committee is enabled to cash such coupons. Those bond
holders not now parties to the bondholders’ agreement may
take advantage of this arrangement by promptly communi
cating with M. I. Mirick, Secretary of the Bondholders’ Com
mittee, at 49 Wall Street, New York City. Chas. S. Fair
child is Chairman of this committee.
See advertisement elsewhere in tbis Department.
Georgia.—State Bonds Not Taxable. - State Attorney-General John C. Hart in an opinion recently filed with the State
Comptroller-General holds that State bonds are not subject
to taxation. This decision is in direct variance with that
rendered last fall by former Attorney-General Boykin
Wright, mention of which was made in V. 75, p. 995.
Henderson County, N. C.—Bonds Valid.—The following is
from the Raleigh “ News and Observer
G k e e n s b o r o , N. C.. M a rch 7.—In th e c a s e o f th e T r a v e le r s ’ I n s u r a n c e C o.
v s . t n e C o m m is s io n e rs o t H e u d e r s o n C o u n ty , J u d g e B o y d , s ittin g in t h e C ir
c u it C ou rt, t o d a y a n n o u n c e d his d e c is io n In fa v o r " f th e plaint iff. T h is is th e
su it b r o u g h t t o t e s t t h e v a lid ity o f *100 "00 o f b o n d s issu e d b y H e n d e r s o n
C o u n ty in aid o f t h e S p a rta n b u rg x A s h e v ille R a ilr o a d . T h e p a y m e n t o f th e s e
b o n d s w as r esiste d o n t n e g r o u n d th a t t h e y w e r e n o t le g a lly Issu ed. J u d g e
B o y d u p n o ld s t h e le g a lity o f th e b o n d s a n d d e c id e s th a t t h e c o u n t y Is lia b le .
T h e c a se w as a rg u e d h e r e o n t h e first M o u d a y In F e b ru a ry . M e ssrs. B orne A
B ig g s a n d C has. P ric e r e p r e s e n t t h e p la in tiff a n d H . G, E w art an d O. F . V.
Blythe the d e fe n d a n t.

Independence, Kan.— Act to Increase B on ied D ebt,—The
following Act, approved March 7, affects the bonded-debt
limit of the city of Independence, and went into effect upon
publication March 12:
F or th e p u r p o s e o f e n a b lin g t h e C ity o f I n d e p e n d e n c e , K a n sa s, t o p a v e ,
m a ca d a m iz e, cu r b an d g u tte r its s t r e e t s u n d e r tn e o r o v ls lo n s o f C h a p ter 70 o f
t h e S ession h a w s o f 1901. e n title d " A n A c t a u th o r iz in g C ities o f tn e se c o n d
c la s s t o Issue b o n d s to p ay f o r Im p r o v e m e n ts h e r e in n a m e d ." a n d f o r th e p u r

667

pose o f enabling said City to provide money for the payment o f its existing
. ut-standmg general indebtedness, the said City o f Independence is hereby
anthem ed and empowered to increase its bonded indebtedness in such sum,
or sums, as may be necessary to make such street improvements, and to pay
such general outstanding Indebtedness; provided, that such bonded Indebted
ness shall not at any time exceed twenty-five per cent o f the assessed value o f
all the taxable property within said city, as shown by the assessment books o f
the year previous to the year o f the Issue of such bonds.

ludiana.—Bill Exempting Securities fro m Taxation. —The
Governor on March 9 signed a bill providing “ that all
bonds, notes and other evidences of indebtedness hereafter
issued by the State of Indiana or by municipal corporations
within the State upon which the said State or tbe said
municipal corporations pay interest shall be exempt from
taxation.”
School L oa n s— House Bill No. 262, approved March 9,
authorizes school boards of all cities and towns incorpo
rated under general laws to borrow money and iesue bonds
to pay for school grounds and for building or repairing
school buildings. Before incurring such debt a popular
election is necessary. If bonds are Issued an annual tax of
not more than 25 cents on each $10!) may be levied to pay
them.
Kangas.—D tbt Lim itation.—The following bill relating to
limit of debt of cities of the first class recently passed the
State Legislature and was approved by the Governor on
March 7 :
AN ACT to limit the amount o f bonded Indebtedness o f cities o f the first
class having a population o f 6 O.1 OO or more, ana repealing all Acts and parts
o f Acts in conflict herewith and repealing House Bill 173 o f present session.
Be it enacted by tne Legislature o f the State of Kansas :
Section 1. That at no time shall the bonded indebtedness o f anv city o t the
first class having a population o f fitly thousand or more, except for bonds Is
sued for special Improvements and for sewers, for which a special tax Is levied
upon the property Improved, exceed fifteen (15) percent o f the assessed value
ot all the taxable property within said city as shown by the assessment books
of tbe previous year; and at no time shall the bonded indebtedness o f any city
o f the first class having a population o f filty thousand or more. Including bonds
issued for special Improvements, for which a special tax is levied upon the
property Improved, exceed thirty per cent o f the assessed value o f all the tax
able property within said chy. as shown bv the assessment books ot the pre
vious year. Provided, further, that nothing In this A ct shall be construed to
impair or invalidate any bonds already issued, whether for general purposes
or for special improvements, or bonds to pay for Improvements already legally
petitioned for.
SectloD 2. An A ct entitled an A ct to llm ltth ea m ou n tof bonded Indebtedness
o f cities o f the first class having a population o f fifty thousand or more, and
all Acts or parts o f Acts In conflict with the provisions o f this A ct are hereby
repeal ed.
Section 3. This Act shall take effect and be In force from and after its pub
lication In the official State paper.
,
feflrxi

Legislature .-a jou m s.—Tne State Legislature adjourned
sine die at 5 p m. March 13.
ISew York City.—Sinking Fund Bill Approved by M ayor .—
Major Low this week accepted the bill recently p a s s e d bv
the Legislature and known as the “ Marshall Sinking Fund
Bill,” the provisions of which were discussed on page 610 in
la s t week’s C h r o n i c l e . The bill now goes to the Governor
for action.
Oklahoma.—Legislature Adjourns.— The State Legislature,
after a sixty-days session, adjourned on March 13.
Pima County, Ariz.—Bonds Exchanged.— In order toretire the $150,000 74 railroad-aid bonds of this county and the
unpaid interest coupons due tbereoD, an aggregate of $319,791 23, the Governor t as issued in i-xchange 3% 50-year gold
coupon Territorial funding bonds dated Jan. 15, 1903, and
canying semi-annual interest. The old bonds have been in
litigation for some time, and the Supreme Court on Oct. 31,
1902, issued a mandate (which order was modified by the
Court on Jan, 15, 1903,) directing tbe Board of Lean Com
missioners to make, issue and deliver negotiable coupon
bonds in exchange ior the old 7 per cents and the interest ac
crued thereon. W. N. Coler & Co. of New York City rep
resents the bondholders.
South Dakota.—Legislature Adjourns.—The State Legis
lature adjourned March 7.
Utah.—Legislature Adjourns.— On March 12 the State Leg
islature met in final session and adjourned sine die.
Washington.—Legislature Adjourns. —The State Legisla
ture adjourned March 12.

Bond Calls and Redemptions.
Blanco, Texas.—Bonds Redeemed .—This county on March
3 redeemed $2,000 jail bonds held by the State Permanent
School Fund.
Cape Girardean (Mo.) School District.—Bond Call.— Geo.
E. Chappell, Secretary Board of Education, calls for pay
ment April 15 at the National Bank of Commerce, New York
City, 5% funding bonds Nos. 17, 19 and 23, each for $500,
dated March 1, 1890.
Carmi Township. Pratt County, Kan.—Bond Call.— M. F.
Mardis, Township Treasurer, calls for payment March 81 at
the National City Bank in New York City (the State fiscal
agents) $16,500 bonds of $500 each issued March 31, 1887, in
aid of the Kansas Southwestern Railroad Co.
Denver, Colo.—Bond Call.— Paul J. Sours, City Treasurer,
calls for payment March 15 the following bonds •
8 E W E R B O N D S.
B ro a d w a v S to rm S ew er D ist. N o . 1— B o n d N os. 44 to 48. In clu s iv e.
C a p itol H ill S torm S ew er D lst. N o. 1— B o n d s N o s. wwto li>9, in c lu s iv e .
S u b D ist. N o . 15 o f th e C a p ito l H ill S torm S ew er D ist. N o . l —B o n d N o . 3.
S ub D ist. N o . Id o f th e C a p ito l H ill S to rm S ew er D ist. N o. 1— B on d N o . 1.
S u b D ist. N o. 20 o f t h e C a p ito l H ill S to r m S e w e r D ist. N o . l — B o n d N o . ().
Sub D ist. N o. 22 o f th e C a p ito l H ill S to r m s e w e r D ist. N o. 1— B o n d N o s. 7
S u b D ist. N o. 23 o f t h e C a p ito l H ill S to r m St w ey D is t. N o . 1 - B o n e N o.
N o r th D e n v e r S a n ita r y S e w e r D ist. N o . 3— B o n d s N o s. 20 t o 22. in c lu s iv e .
N orth D e n v e r S a n ita ry S e w e r D ist. N o. 4— B o n d N o . 2.
S ix te e n th S t. S a n ita ry S e w e r —B o n d s N o s . 10 to 12, in c lu s iv e .
P A V IN G BO N D S.
B ro a d w a y P a v in g D ist. N o . 1— B on d s N os. 1 t o S. in c lu s iv e .
B r o a d w a y P a v in g D is t. N o . 2— B o n d s N o s. 44 a n d 45.
C h a m p a S t. P a v in g D ist. N o . 1 - B o n d s N os. 34 to 41. in c lu s iv e .
C o lfa x A v e . P a v in g D ist. N o . 1— B on d s nos . 7* t o 7t>, in c lu s iv e .
E ig h th A v e . P a v in g D is t .-N o . 1— B on d N o. 7.
F ift e e n t h S t. P a v in g D ist. N o . 1— B o n d N o . 49.
L o w e r S ix te e n th S t. P a v in g D is tr ic t N o. 1—B o n d s N os. 13 an d 1

668

THE

C H R O N IC L E .

IMPROVEMENT BONDS.
Grant A ve. Improvement Dist. No 1—Bonds Nos. 5 tol24, inclusive.
Logan Ave. Improvement Dist. No. 1—Bonds Nos. 2'£ to 24, inclusive.
GRADING AND CURBING BONDS.
Oapitol HflllGrading and Curbing Dist. No. 1—Bonds Nos. 62 to 84, inclusive

W arrant Call.—The City Treasurer has aJso called for
payment March 15 registered warrants of East Denver Side
walk District No. 3.
Glasgow, Mo.—Bond Call.—On February 20 a H bond,
No. 5, for $500, date.d Sept. 1, 1894, was called for payment.
Harrison Connty, Miss.—Bond Call.—The Board of Su
pervisors calls for payment April 1, 1903, Gulf & Ship Island
Railroad bonds Nos. 176 to 255, iDclusive, Bonds Nos. 130
to 175 of this issue were called in for payment a year ago,
but, it is stated, have never been presented. These latter
bonds have ceased to carry interest since April 1, 1902.
Hartford (C onn.), South School D istrict.—Bond Call.—
This district has called for payment May 1, 1908, at the City
Bank of Hartford, $200,000 4% bonds of $1,000 each issued
under an A ct of the General Assembly approved March 19,
1885.
Jackson County, Mo.—Bond Call,—Bonds Nos. 40 to 42,
inclusive, dated in 1892, were called for payment Feb. 23.
Interest, 4%.
Lawrence, Kan.—Bond Call.—Paul R. Brooks, City Treas
urer, calls for payment at the City National Bank in New
York City, the State fiscal agents, bonds Nos. 33, 34 and 45,
series “ B,” of $500 each, and bonds Nos. 4, 5 and 11, series
“ C ,” of $100 each. Bonds were issued in 1883. Interest
will cease thirty days from date of call, Feb. 12, 1908.
Lincoln County, Mo.—Bond Call,—Interest ceased Feb
ruary 1 on 5% bonds Nos. 102 to 121, each for $1,000, dated
May, 1888.
Memphis, Mo.—Bond Call.—Bond No. 8 of [this city was
called tor payment on February 15.
Michigan.—Bonds Called for Redemption.—All Michigan
war-loan bonds, issue of 1898, have been called for payment
May 1, 1903, their optional date.
Multnomah County, Oregon.— W arrant Call.—John M.
Lewis, County Treasurer, has called for payment county
warrants Class 86 drawn upon the general fund that were
presented and indorsed “ Not paid for want of fun ds”
from Nov. 10, 1901, to Jan. 10,1902, inclusive.
Oregon.— Warrant Cali.—Under date February 25 State
Treasurer Chas. S. Moore called for payment all State war
rants drawn on the State scalp bounty and bounty funds out
standing on that date.
Ozark County, Mo.—Bond Call.—This county called for
payment February 20 5% bond No. 33 for $500, dated Aug
ust, 1889.
Peno Township, Pike County, Mo .—Bond Call.—Interest
oeased February 15 on bonds Nos. 40, 41 and 42, dated Nov.
1, 1887. Interest, 5%. Denomination, $1,000.
Spokane, Wash.— Warrant Call.—M. H. Eggleston, City
Treasurer, called for payment February 26 redemption and
judgment fund warrants Nos. 14,194 to 14,274, inclusive.
Tellur ide, Colo.—Bond Call.—John Wagner, City Treas
urer, called for payment March 9 at the Hanover National
Bank in New York City bonds Nos. 1 to 8, inclusive, Series 3,
issue of 1898. Denomination, $1,000.
W arren County, Miss.—Bond Call.—J. D. Laughlln,
County Clerk, has called for redemption the following bonds:
Warren County Mississippi Valley & Ship Island RR. bonds Nos. 68 to 106*
inclusive, issued Feb. 1.1898.
Warren County HankinsonFerry Bridge bonds Nos.21 to 33,inclusive, issued
March 1, 1896.
Warren County Mint Springs Bayou bonds Nos. 1 to 6, inclusive, issued Jan
uary 1,1895.
Warren County One-Mile Overhead Bridge bonds Nos. 1 to 4, Inclusive
issued Oct. 1,1895.

W illiam sport, Pa.—Bond Call.—Edward L. Taylor calls
for payment May 1, 1903, at his office, all 4%city hall bonds
issued May 1, 1893, and subject to call on May 1, 1903,

Bond Proposals and Negotiations this
week have been as follows :
Akron, Ohio.—Bonds Proposed.—The issuance of city-hall
bonds is being considered; also $25,000 park-improvement
bonds.
Albany, N. ¥.— Bond Bill Passes Legislature.—The State
Legislature has passed a bill permitting the issuance of $75,000 bonds for additional water supply.
A lexandria, La.—Bond Election.—The Town Council has
ordered an election April 14 to vote on the question of issuing
$28,000 street-paving bonds.
Alexandria, So. Dak.—Bonds Not Sold— W e are advised
that the $10,000 5%water-works bonds described in V. 76, p.
502, were not sold on March 9. Meeting of the City Council
was adjourned to March 23, when some action will probably
he taken in regard to these securities.
Anderson, ln d .—Loan to be Negotiated.—The City Council,
it is stated, has decided to borrow $75,000 to improve the
electric light plant.
Anthon Independent School District, Woodbury County,
Iowa.—Bonds Not Sold.—As no satisfactory bid was recetved
on March 10 for the $1,300 6$ school bonds described in V.76,
p. 554, the securities were not disposed of.
Appanoose County (P. 0. Centerville), Iowa—Bond
Offering.—Proposals will be received until 2 p. M., A pril 8,
by J. T. Sherrard, County Treasurer, for the $75,000 4% court
house bonds voted last November. Date, May 1, 1903. In
terest, May 1 and Nov. 1. Denomination, $1,000. Bonds to

[V o l.

LXXVI.

become due May 1, 1923, but the county reserves the option
to pay $25,000 on May 1, 1908, and the balance of $50,000 or
any number of bonds thereof to be called in and paid at the
option of the county at any interest period thereafter,
Asbury Park, N. J .—Bond Sale,—Another $25,000 lot of
the $300,000i 4% beach bonds has been sold, the purchaser
being James L. Hays of Newark, and the price par. This
makes $175,000 of these bonds sold to date. For description
of secnrities, see V. 76, p. 342.
Atlanta, Ga.—Bond Election.—April 22 has been deter
mined upon as the day on which the question of issuing
$400,000 sewer and $400,000 water-works-improvement bonds
will be submitted to a vote of the people.
Belmont, Ohio.—Bond Offering,—Proposals will be received
until 12 M., April 6, by Jas. E. Davis, Village Clerk, for $1,000
6% town-hall bonds. Authority, Section 2835, Revised Statutes
of Ohio, and the amendments thereto, and a village ordinance
passed Feb. 9, 1903. Date, April 1,1903, Denomination, $100.
Interest, April 1 and Oct. 1 at office of the Village Treasurer.
Maturity, one bond yearly on April 1 from 1908 to 1917, in
clusive.
Blue Township, Jackson County, Mo.—Bonds to Be R e
funded.—The County Clerk writes us that of the $100,000 1%
railroad aid bonds which mature July 1, 1903, $90,000 will
be refunded and $10,000 will be paid off from cash on hand.
B ow ling Green (O hio) School District.—Bids.—Follow
ing are the bids received on March 11 for the $15,000 5%
bonds awarded, as stated last week, to the W ood County
Savings Bank Co. of Bowling Green at 104*956 and accrued
interest :
W ood Co. Sav.Bank Co ...... $15,743 50 I Denison, Prior & Co.. CleveRodgers &Sons,Chagrin Falls 15,763 60 | land and B oston................. $16,588 00
W ell, Roth & Co., Cincinnati. 15,645 00 I Central Nat. B k.Chillicothe. 15,580 00
W. J. Hayes * Sons. C lov e... 15,647 00 1 F. L. Fuller & Co.,Cleveland. 15,546 00
Lamprecht BroB. Co.. Cleve.. 15,>'81 00 Seasongood * Mayer, Cin— 15,507 90
State Sav. Bank Co.. Toledo.. 15,615 00 P. 8. Briggs & Co.. Ctnctn
. 15.357 60
New 1st Nat. B’k, Columbus. 15,610 50 |First Nat. Bank, Barnesvtlle. 15,160 00

Buffalo, N. Y.—Bond Sale.—On March 7 the $150,000 3J^£
school bonds and the $75,000 3%% water bonds were awarded
to Joseph E. Gavin of Buffalo, the former at 101’445 and the
latter at 101*465. The $60,000
emergency appropriation
bonds were sold to the Erie County Savings Bank at par.
Securities were fully described in V. 76, p. 502,
Burlington (Iow a ) School D istrict.— Bonds Defeated.—
W e are advised that this district on March 9 defeated the
proposition to issue $75,000 4% school-building bonds.
Bushnell School District No. 8, McDonough County, 111.
—Bond Offering,—Proposals will be received until 12 m .,
March 24, by H. S. Buntin, Clerk, for $3,200
school bonds.
Interest payable annually. Denomination, $800. Maturity,
two bonds April 1, 1904, and two bonds April 1,1905.
Butterfield, Minn.—Bonds Defeated.—On March 10 the
proposition to issue $4,000 bonds for a sewerage system was
overwhelmingly defeated by the voters of this village.
Cannelton, lu d .—Bond Sale.—The $5,850 5% 10-year elec
tric-light-plant bonds mentioned in the Chronicle Feb. 28,
page 502, have been sold to the local bank.
Carthage (M o.) School District.—Bond Election.—The
Board of Education has decided to submit to a vote of the
people, at the annual school election in April, the question of
issuing $75,000 high-school building bonds.
Cincinnati, Ohio.—Bond Sale.—W e are advised that the
$100,000 3*4% 25-year hospital bonds described in V. 76, p.
343, were awarded on March 16 to the Atlas National Bank,
Cincinnati, at 101*10. The only other bid received was from
Seasongood & Mayer, who offered a premium of $628 25.
Bonds Authorized,—The Board of Legislation on March 16
authorized the issuance of $1,000,000
park and play
ground bonds. Denomination, $500. Date, April 1, 1903,
Interest semi-annually at the American Exchange National
Bank of New York City. Maturity, April 1,1953.
Cleveland, Ohio.—Bond Sale. —On March 16 the $25,000 4%
10-year Sewer District No. 15 bonds were awarded to W eil,
Roth & Co. of Cincinnati at 101*82 and the $200,000 4% 10year water-works bonds to Denison, Prior & Co., Cleveland
and Boston, at 100*875. Securities are described in V. 76,
p. 395.
College H ill, Ohio.— Bond Election.—An election will be
held March 23 to vote on the issuance of $15,000 school
building bonds,
Collinwood, Ohio.—Bond Offering.—Proposals will be re
ceived until 12 m , April 13, by E. F. Maybach, Village Clerk,
for $15,000 4<fo water bonds. Denomination, $1,000, Date,
April 1, 1908. Interest semi-annually at the Cleveland Trust
Co., Cleveland. Maturity, April 1, 1928. All bids to be un
conditional. Certified check for $200 on some bank in Col
linwood or in Cleveland required. Authority, Sections 2885,
2836 and 2837, Revised Statutes of Ohio.
Columbus, Ohio.—Bonds Authorized.—The City Council
has authorized the issuance of $25,000 4% East Side markethouse-addition bonds. Authority, Sections 2835, 2836 and
2837 Revised Statutes[of Ohio. Denomination, $1,000. Date,
April 1, 1903, Interest, semi-annually. Maturity, April 1,
1938; optional after April 1, 1913.
Concord High School District, Contra Costa County, Cal.
—Bond Election.—The trustees have decided to hold an
election to vote on the issuance of high-school bonds.
Concordia, Kan.—Bored Bill.—This city is authorized to
vote not exceeding $20,000 bonds for an Auditorium under
Senate Bill No. 643, approved by the Governor on March 4.
Crestline, Ohio.—Bond Election.—A t the regular spring
election the question of issuing $25,000 high-school bonds
will be determined.

March

21, 1903.]

THE

C H R O N IC L E .

Crowley, La.—Bond Offering.—Proposals will be received
until 7:80 P. M., April 15, by this town for the $100,000 5%
water-works and electric-light-extension coupon bonds au
thorized at the election held March 5, and described in V.
70, p. 502. Bonds are dated May 1, 1903. Principal and
annual interest payable at Hibernia Bank & Trust Co., New
Orleans, La. Maturity, yearly on Mayl as follows: $2,500
from 1904 to 1908, inclusive; $3,000 from 1909 to 1913, in
clusive; $4,000 from 1914 to 1918, inclusive; $5,000 from 1919
to 1923, inclusive; $6,000 from 1924 to 1927, inclusive, and
$8,500 in 1928. A certified check for 2%of amount of bid
required. Official advertisement states that the town has
never defaulted on interest, repudiated any issue, or engaged
in litigation affecting any bonds. P. J. Chappuis is Mayor
of the town.
Bay County, So. Dak .—Bond Sale.—The $50,000 5% 5-20year (optional) court-house and jail bonds offered for sale
on March 3 have been disposed of to Otis, Wilson & Co.,
Chicago, at 103*60. For description of bonds see V. 70, p. 282.
Delaware, Ohio.—Bond Sale.—The $660 5% street-improve
ment bonds described in V. 76, p. 396, were awarded on
March 14 to E. F. Gwynn at 102*272. Several bids of
par were received from local bidders.
D etroit, M ich. —Bonds Proposed.—The Water Commis
sioners have requested the City Council to issue $500,000
water system improvement bonds.
D uluth , Minn.—Band Offering.—Proposals will be re
ceived until 7:30 p. m ., April 6, by the Common Council, for
$40,000 3*4% water and gas-plant-extension bonds. Author
ity, Section 286 of the Charter of the city of Duluth. De
nominations, $1,000, $500, $100 and $50. Date, May 1, 1903.
Interest semiannually in gold at the American Exchange
National Bank, New York City. Maturity, May 1, 1933. All
bids must be unconditional. Each bidder will be required
to deposit prior to 2 p . m . on day of sale a certified check or a
certificate of deposit on a national bank for 1% of the par
value of the bonds bid for, payable to the city of Duluth.
Actual residents of the city of Duluth will be given the pref
erence in case of bids otherwise equal.
East Chicago ( In d .) School D istric t.— Bond Bill Passes
Legislature.—Under House bill No. 339, which went into
force March 11, this district is authorized to issue $40,000
school-building bonds.
E ld o ra, Iow a.— Bond Election,—On March 30 the question
of issuing $10,000 sewer bonds will be voted upon.
Em poria, K an . —Bonds Voted.—This city on March 11
voted to issue $20,000 bonds for prospecting for oil and gas.
Etowah County (P . 0. Gadsden), A la .— Bonds Author
ized.—Tho issuance of $10,000 county bonds was authorized
at a special meeting of the Commissioners’ Court held on
March 10.
Evang elin e Tow nship School D istric t No. 1, F r l. C h arle 
v o ix County (P . O., Boyne C ity ), M ich. —Bond Offering.—

Proposals will be received until 12 m ., April 15, by J. M.
Harris, Secretary Board of Trustees, for $15,000 5% school
building coupon bonds, authorized at an election held Jan.
22,1903. Date, May-1, 1903. Interest, payable March 1 at
Boyne City State Bank. Maturity, $1,000 due March 1, in
the years 1905, 1906 and 1907, and $2,000 yearly on March 1
from 1908 to 1913, inclusive. Bonded debt of district, includ
ing this issue, $10,500. Assessed valuation, approximately
$400,000.
Everett, Mass.— Temporary Loan.—On March 18 this city
negotiated a loan of $100,000 with Loring, Tolman & Tupper
of Boston at 4*73$ discount. Blake Bros. & Co. of Boston o f
fered to discount the notes at 4*85# and $2 00 premium. The
loan will mature as follows: $25,000 in the months of October,
November and December, 1903, and $25,000 in January, 1904.
E x c e lsio r Springs, Mo.— Bond Sale.—W e are advised that
$0,500 5% park-improvement and bridge bonds have just been
registered. The securities have been sold at par through
J. C. Davis of Liberty, Mo., to W . J. Hayes & Sons of Cleve
land, O. Park improvement bonds are five of $1,000 each
and one of $100, and the Bridge bonds one of $1,000 and four
of $100 each. Interest payable Jan. 2 and July 2 at the
American Exchange National Bank, New York City, and the
principal matures Jan. 2, 1928, subject to call after Jan. 2,
1908.
F a irfa x , M inn.— Bonds Voted.—This place has voted to
issue electric-light and opera-house bonds.
F a ir Haven, Yt.—Bonds Not Sold.—W e are advised that
the $50,000 3*4% water and sewer bonds described in Y. 76, p,
555, for which proposals were asked until March 10, have not
been sold.
Falconer, N. Y .—Bonds Defeated.—A t the election held
March 17 the people, by a vote of 123 against to 17 in favor
of, overwhelmingly defeated the proposed loan of $10,000
bonds for sidewalks.
F lathead County (M ont.) School D istric t No. 36—Bond
Sale.—On March 9 this district sold $1,200 6;£ 10-15-year
(optional) bonds to C. E. Shoemaker of Kalispell, the only
bidder, at par, $2 50 premium and blank bonds. Interest pay
able annually.
F o rt Scott, K a n .—Bond Bill.—The Governor on Feb. 28
signed Senate Bill No. 543, authorizing this city to issue
$10,000 natural-gas bonds.
F ra n k to r t(In d .) School D istric t.— Bond Bill.— Senate Bill
No. 207, effective March 9, authorizes the school trustees to
issue $20,000 school-building bonds.
F ra n k lin County, Mass.— Temporary Loan.— T h is county
has borrowed $15,000 at b% discount.

669

Fremont, Ohio.—Eonds to be Issued.—It is stated that
$20,000 refunding water bonds will be issued.
G a llip o lis, Ohio.—Bond Sale.—On March 17 the $11,500 4%
street-improvement bonds described in V. 76, p. 503, were
sold to a local bidder at par and accrued interest.
Galveston County, T ex .—Coupon Payments.—Announce
ment is made in our advertising columns elsewhere that all
coupons due April 10, 1903, of Galveston County sea-wall'
and breakwater bonds, general funding scrip bonds and road
and bridge scrip-funding bonds will be paid on presentation
at the Guardian Trust Co. of New York City or at the
Island City Savings Bank at Galveston.
Gaston County (P . 0. Dallas), N. C.—Bond Election.—On
Angust 10, 1903, the people of this county will vote upon the
question of issuing $300,000 4% road-improvement bonds.
Geary, Okla.— B ond Offering.—Proposals will be received
until 7 p . m., March 24, by the Mayor and Council for the
$52,000 6% 30-year water-works bonds mentioned in V. 70, p.
555. Date, May 1, 1903. Denomination, $1,000. Interest,
Feb. 1 and Aug. 1 at the Territorial Fiscal Agency in New
York City. Authority, A ct of Congress approved March 4,
1898. Bids must be accompanied by a certified check in the
amount of $1,500, payable to the City of Geary. J. M. Water
man is City Clerk.
Germantown, Ohio.—Bond Election.—At the coming
spring election the question of issuing $4,000 additional
electric-light bonds will be submitted to a vote of the people.
G ilb e rt P la in s , M anitoba.— Debenture Sale.—On March
6 this place sold $15,000 20-year 5% road and bridge deben
tures to the National Trust Co. of Winnipeg. Securities
dated Jan. 6, 1903. Interest payable annually in January.

G le n v ille School D istric t, Cuyahoga County, Ohio.—

—Bond Sale.—W e are adviBed that the $65,000 3% high-school
building bonds described in V. 76, p. 555, were sold on
March 10 to the Lamprecht Bros. Co., Cleveland, at 106*25.
Gloversville, N. Y.—Bond Offering.—O. L. Everest, City
Chamberlain, will sell at 2 P. m,, April 2, 1903, an issue of
$4,600 4*4% local-improvement bonds, Date, April 1. 1903.
Interest annually on April 1 at the Fourth National Bank,
New York City. Bonds will mature on April 1 as follows :
$1,400 in 1904, $1,000 in 1905, $800 in 1916 and $700 in 1907
and in 1908. Accrued interest to be paid by purchaser.
Graudville, Mich.—Bonds Defeated.—The proposition to
issue $1,200 city hall bonds failed to carry at the election
March 9.
Greer County, Okla.—Bond Sale.—W e are advised that
this county has sold'an issue of b% 20-30-year (optional) fund
ing judgment bonds to R. J. Edwards of Oklahoma City, at
par, on condition that the securities can be legally issued.
Our correspondent adds that he thinks the matter will be
taken into court and the bond issue defeated.
Grlnnell (ia .) School D istrict.—Bonds Voted.—An issue
of $60,000 school building bonds was voted at an election held
March 10.
H arrington, Wash.—Bond Election.—An election will be
held in this place to vote on the issuance of city hall bonds.
Hawaii Territory.—Rules Governing Bond Issue.—Press
dispatches from Washington dated March 5 state :
The Secretary o f the Interior has issued rules governing the Issuance and
sale o f the 4% bonds o f the Territory o f Hawaii (under the A ct o f January
last) for the payment o f claims for property destroyed in suppressing the bu
bonic plague.
Governor Dole will call for sealed proposals fo r the purchase o f the bonds in
coupon form, dated May 1. 1903, redeemable in gold coin o f the United States,
in not less than five years, and payable in not more than fifteen years from
date o f Issue. Interest payable semi-annually. The bonds will be for $1.OOO
each, and the total issue must not exceed *3t!t5,000. Principal and Interest to
be paid at Wells, Fargo & Co.’ s bank. New York City.j

Hazleton, P a.— Details o f Bonds.—W e are advised that
the $60,000 school-building bonds which were authorized at
the election in February will bear 4% interest, payable in gold
at the First National Bank, Hazleton, and will be dated
about Sept. 1, 1903. Denomination, $500, Maturity, $2,000
yearly. Date of sale not yet determined.
Hinsdale, N. H. —Bonds Voted.—This town has voted to
issne $10,000 bridge bonds.
HonBton H eights (Texas) School D is tric t.— Bonds Regis
tered.—The State Comptroller has registered an Issue of
$3,000 bonds of this district.
H u n tsv ille , A la .— B on d s A u th o r iz e d .— The Governor has
signed the bill recently passed by the State Legislature,
which authorizes this city to issue $20,000 bonds for the con
struction of an electric-light plant. These are the bonds
mentioned in the Chronicle Jan. 31 as having been voted by
the people.
H jd e P a rk , Ohio.— Bond Sale.—We are advised that the
$1,200 78 5# Ivy Avenue improvement bonds described in V.
75, p. 935, which were offered but not sold on Nov. 20, 1902,
were awarded on February 24 to the Inter-State Lite Ins.
Co. at par and acorued interest.
In d ia n a p o lis, In d .— B on d s A u th o riz ed .— The issuance of
$100,000 boulevard bonds has been authorized.
In d ia n a p o lis ( In d .) School D istric t.— Bonds to Be E x 
empt from Taxation.—W e are advised that the Act ap
proved by the Governor on March 9 exempting bonds, etc.,
from taxation will apply to the $300,000 3*4% bonds to be
offered by this district on March 81, and which will not be
delivered before June 15, prior to which date the A ct will
have taken effect. See statute providing for exemption un
der caption Indiana on a previous page.
Jam estown, N. Y.—Bond Sale.—On March 20 the $800,000
4% water bonds described in Y. 76, p. 011, were awarded to
Farson, Leach & Co. of New York City, $300,000 series “ A ,”

670

THE

C H R O N IC L E .

[VOL. LXXVI.

Malone, N. Y.—Bonds Defeated.—On March 17 this village
dne March 20, 1943. for $327,180, and $300,000 series “ B,” dae
defeated by 18 votes the proposition to issue $20,000 5# street$15,000 yearly, for $309,150.
Jamestown (N. Y.) School District.—Bond Sale.—W e improvement bonds.
M ansfield (O hio) School D istric t.— Bond Offering.—Pro
are advised that on March 2 this district awarded to the
Farmers’ & Mechanics’ Bank of Jamestown, at par, $10,003 posals will be received until 2 p. m ,, April 2, by H. E. Cave,
bonds maturing in 1916 and 1917, also $25,000 bonds ma Clerk Board of Education (P, O address 65 North Main
turing $5,000 yearly from 1918 to 1922, inclusive, to the Street, Mansfield), for the $40,000 4# high-sohool improve
Union Trust Co. of Jamestown, at par. Both issues carry ment bonds mentioned in last week’s C hronicle Authority,
Sections 3991, 3992, 3993 and 3994 of the Revised Statutes of
4% interest.
Jefferson County, Tenn.—Bond Election.—An election Ohio and election held Nov. 4, 1902; also a resolution passed
will be held March 26 to vote on the question of issuing by the Board of Education Oct,, 7, 1902. Denomination,
$i,000. Interest, March 15 and Sept. 15, at office of the
$150,000 pike bonds.
Jersey City, N. J.—Bond Offering.—Local papers state Treasurer ot the district. Maturity, $4,000 yearly on Sept.
that proposals will be received until 3 p. m. April 1 for $25,- 15 from 1905 to 1914, inclusive. A certified cheek in the sum
000 4# school bonds and $500,000 4% refunding water bonds. of $4 000, payable to the Clerk of the Board of Education, 13
The latter issue has been offered several times, but no satis required with each bid, and the purchaser must pay accrued
interest. The official circular states that the city has never
factory bids were received for the same.
Kansas City (K an.) School D istrict.—Bond Election.—A defaulted in payment, and that there is no litigation pend
special election will be held some time in April to vote on ing or threatened affecting the validity of these bonds.
M a rtin sv ille (In d .) School D is t ric t. -B on d s to be Issued.
the question of issuing $150,000 10-year gold building bonds,
to be dated $80,000 July 1, 1903; $35,000 July 1, 1904, and —House Bill No. 396, which went into effect March 12,
$35,000 July 1, 1905. Interest (rate not yet determined) Jan authorizes this district to issue $20,000 building bonds.
Mason City ( la .) School D istric t.— Bonds Voted.—On
uary 1 and July 1 in New York City.
Kearney, Neb.—Bonds Nut Sold.—We are advised that the March 9 this district voted to issue $40,000 high school build
$64,000 4 ^ refunding bonds for which proposals were asked ing bonds.
M assillon , Ohio. —Bond Offering.—Proposals will be re
until March 2 have not yet been disposed of. Our informant
ceived until 12 M , April 6, bv T. H. Seaman, City Clerk, for
adds that it is hoped to award them at private sale.
coupon South Erie Street improvement bonds.
Kennedy Heights, Ohio —Suit to Enjoin Bond Issue.— $26 000
Suit was filed March 12 to prevent the issuance of $5,000 6# Denomination, $1,000. Date, April 15, 1903. Interest, semi
sidewalk bonds. It is claimed that the bond issue will be in annual. Maturity, $4,COO yearly on April 1 from 1904 to 1909,
excess of the 1% of the valuation of real estate allowed by inclusive, and $2,000 April 1, 1910. Certified check for $200
the Longworth Act. These bonds were offered for sale March required. Bidders must satify themselves as to the legality
12 (described in V. 76, p 896,) but the opening of the bids of the bonds before bid ling.
M iddlesex County, N. J . — Bond Sale.—On March 18 this
and making of award was not prevented by the suit. The
following bids were received: Weil, Roth & Co., Cincin county sold $43,000 4# road-improvement bonds, series No. 3,
nati, $5,463 10 for 6 per cents, or if refunded at 4%k. $5,080; to M. F. Roes at 101'05. Following are the bids :
P. S Briggs & Co., Cincinnati, $5,050 for the bonds if re M. F. Ross, adm inistrator....*48,460 00 Thompson, Tenney & Craw
issued at once at 4%# interest, which bid was later raised to N. W. Harris & Co.. N. Y ..... 43,230 63 ford, New York....................(43,051 80
Brunswick Trust Co .. 43.216 00 H. B. WllltS (*25,000)............ 25,000 00
$5,100; SeasoDgood & Mayer, Cincinnati, $5,398 10 for the New
Farson, Leach & Co., N. Y ... 43,107 60 J as. Devoe (*2,000)................. 2,030 00
bonds as advertised; Otis, Wilson & Co., Chicago, $5,601, but
Date, April 1, 1903.1H‘ Denominatious, forty of $1,000 each
this latter bid was withdrawn by telegram prior to the hour
at which proposals were opened. The State Savings Bank and ten ot $300 each. Interest semi-annually, the first pay
Co. of Toledo and Rudolph Kleybolte & Co, of Cincinnati ment to be made on Oct. 1,1903. Maturity, $4,300 yearly on
both submitted bids too late to be considered. The award April 1 from 1904 to 1913, inclusive.
Minnesota.—School Loans.—According to the St. Paul
was made to Weil, Roth & Co., Cincinnati, with the under
standing that the bonds will be refunded at once at 43^# in “ Pioneer Press,” the Board of Investment, consisting of the
Governor, the State Treasurer and the State Auditor, met
terest.
Kenton, Ohio.—Bond Sale.—The following bids were re March 2 and made loans from the school funds amounting to
$118,950 at 4% interest.
ceived March 10 for four issues of 5# bonds :
Modesto (C al.) Irrigation D istrict.—Bond Offering.—
$13,877 £9
$5,800
$1,350
*1,000
Detroit St. Det'tilacad. Sewer
Sewer Proposals will be received until 2:30 P. M., April 7, 1903, by
Pav'g Bds. Bondi.
Bonds.
Bonds. C. S. Abbott, Secretary Board of Directors (P. O. Modesto),
New First Nat. Bank. C o lu m b u s... $14,1507 65 |6,i-6s06 $1.357 25 $1,00-25 for $149,000 6£ bonds. Denomination, $500. Interest Jan. 1
First National Bank, Kenton........... 11,140 00
6,800 00
1,350 00 1,000 00
Denison, Prior & Co., Cleveland and
and July 1 at the office of the Treasurer of the District.
Boston......... ...................................... 14,127 40
5,808 50
1,35100 1,003 60 Bonds are issued under authority of an Act of the State Leg
W eil, Rotn & Co., Cincinnati
. .. 14,124 97
5,845 00 1,358 00
1,00550
State Savings Bank Co.. Toledo........ 14,089 69
6,837 60
1,357 50 1,002 75 islature approved March 7,1887, and pursuant to a resolution
W. J. H ajea as Sons, Cleveland____ 14,004 00
5,802 00
1,35100
1,00100 of the board of directors made on March 3, 1903.
Montevideo, Minn.—Bonds Voted.—This place recently
The New First National Back of Columbus was the suc
voted to issue $15,000 water bonds.
cessful bidder.
Montezuma (Iow a ) School D istrict.—Bonds Voted.—This
Kentucky. —Bonds to Be Retired,—The United States G ov
ernment has paid this State the sum of $1,323,999 on account district, at the election March 9, authorized the issuance of
of the Civil W ar interest claim of the State. At a meeting $8,000 high-school-buildrag addition bonds.
Mount Airy, N. C.— Bond Sale.—On March 2 the $50,000
o f the Sinking Fund Commission held March 9, it was deter
mined to use this sum in taking up the redeemable debt of 5$ 30 year bonds described in V. 76, p. 283, were awarded to
the State, if such bonds ^can be purchased at their nominal Jno. D. Everitt & Co., New York, at 102'25
Mount Pleasant, Texas.—Bond Sale.— We are advised that
value.
K nox County (P . 0. Vincennes), lo d .—Bonds Authorized. the $20,000 4% 40-year water works bonds mentioned in the
—The Auditor and Board of County Commissioners have C hronicle March 15, May 21, June 14 and July 26, 1902,
been authorized to issue $4,500 6# bonds to pay for sewerage have recently been awarded to J. B. Oldham of Dallas,
as now contracted for. Denomination, $500. Interest pay Texsts*
Nashville, Tenn.—B on d E le ctio n .— The City Council has
able semi-annually after July 1, 1904. Maturity on July 1,
$500 in 1904 and $1,000 from 1905 to 1908, inclusive. J. D. decided to submit to the people a proposition to issue $200,000 5i bonds in aid of the Peabody Teachers’ College, pro
Williams is Couuty Auditor.
Knox County, Ohio. —Bond Offering.—On April 16, at 1 p. vided the college is located in Nashville.
New Madrid County (P. O. New Madrid), Mo.— B on d
M., the County Commissioners will offer at public sale $40,000
5# bridge fund deficiency bonds. Denomination, $1,000. In Offering.—Proposals will be received until 12 M., April 2, by
terest, Jan. 1 and July 1 at the office of the County Treasurer L. B. Wathen, County Treasurer, for $268,624 75 6# bonds of
at Mount Vernon. Maturity, $5,000 yearly, on July 1 from Drainage District No. 7, and the sale will be by publio out
1904 to 1911, inclusive. Date or bonds April 16, 1903, Sealed cry at the Court House in the city of New Madrid between
the hours o ' 10 A. M. and 2 p. M. of said day. Date, Nov. 1,
bids will be received until 12 m . April 16 for these bonds.
Lancaster, Ohio.—Bond Sale.—Oa March 9 the $20,000 4$ 1902. Denomination, $1,000, except bond No. 269, which is
refunding city-hall bonds described in V. 76, p, 896, were fur $624 75. Interest payable annually on March 1. Bonds
mature in series from two to eighteen years. A eertifi-d
awarded to the Hocking Valley National Bank at 101’675.
La P orte Connty, lm l.—Bond Sale.—W e are advised that check for 10# of amount of bid required. These bonds are
this county has sold $79,500 6$ 15-year drainage bonds to the registered by and certified to as to their genuineness by the
New First National Bank of Columbus at 106'289. Bonds United States Mortgage & Trust Co , New York City.
Norfolk Couuty, Maas.—Temporary Loan. —The $15,000
are dated December, 1902. Denomination, $265, Interest
loan maturing Oct 15, 1903, was awarded on March 10 to
payable Jan. 1 and July 1.
Lewiston, Idaho.—Bond Sale.—The successful bidders on Jose, Parker & Co of Boston, at 4’64# discount.
Norman County, Minn.—Bonds Defeated.—At the election
March 9 for the $60,000 5% 10-20 year (optional) water bonds
described in V. 76, p. 397, were W. J. Hayes & Sons of on March 10 this county voted against the proposition to
Cleveland, and the securities were awarded to them at issne $40,000 court-house bonds.
Northport, N. Y.—Bonds Voted.—At the election on March
100'586 and accrued interest.
Littleton, N. H.—Bonds Voted.—This town on March 10 17 the people cast 64 votes in favor of and 43 against the
voted to issue $200,000 bonds to purchase the plant of the proposition to issne S8,000 bonds for a village hall. Date,
Crystal Spring Water Co. of Bethlehem, and also the plants April 1, 1908. Denomination, $500. Interest, not exceeding
4%, payable April 1 and October 1 at the office of the Village
of the Littleton Water & Light Co.
Lonisville, Ky.—Bond Offering.—Local papers announce Treasurer. Maturity, $500 yearly on April 1 from 1908 to
that the Sinking Fand Commissioners will receive bids until 1923, inclusive.
Oceanside, Cal.— Bond Offering.—Proposals will be re
12 m . April 15 for $200,000 3 ^ refunding bonds, five hundred
of wh ch are for $100 each and three hundred for $500 ceived until 7:30 p. M , April 14, by this city for $15,000 water
each.
and $10,000 wharf improvement 5# gold bonds. Date, March

M arch

21, 1903.]

THE

C H R O N IC L E

671

R ockport (R am let), Ohio.—Bond Offering. —Proposals
will be received until 12 M. April 13 by W . L. Nichole, Ham
let Clerk, for 2,000 5g cemetery bonds. Date, April 15, 1903.
Denomination, $100. Interest, annually at tbe People’s Sav
ings and Loan Association of Cleveland. Maturity, $400
yearly on Aoril 15 from 1904 to 1908, inclusive. A certified
check on a Cleveland bank for the sum of $200, made pay
able to tbe Treasurer of Rockport Hamlet, required with
each hid, and tbe purchaser must pay accrued interest.
Knahville, i l l .—No B on d E e ctio n . —There was talk of an
election being held in this city on March 10 to vote on the
question of issuing $15,000 electric-light plant bonds, but we
are advised the project was abandoned.
Sag Harbor, n. Y.—Bonds Voted.—By a vote of 92 to 24
this village on Tuesday last authorized the issuance of $15,000 bonds for the purpose of building or buying an electriclight plant.
Saginaw, Mich.—Bond Offerring.—Proposals will be re
ceived until 2 p . M. April 15 by Frank M. Totten, City Comp
troller, for $10,000 3}4% refunding water bonds. Date,
April 21, 1903. Denomination, $1,000. Interest, semi an
nually at office of the City Treasurer. Authority, city char
ter and a resolution of the Common Council passed Feb. 24,
1903. Bonds will mature May 1. 1923, and will draw inter
est from and after May 1, 1903. Delivery of bonds to be at
tbe risk and expense of purchaser and must be paid for in
New York exchange or equivalent, with accrued interest to
date of delivery. A certified check for 2% of bid drawn on
some Saginaw bank or New York draft, payable to the City
Treasurer, required.
St. Armand (Town), N. Y.—Bond Offering.—Proposals are
invited by H. F. Titus, Town Clerk (P. O., Bloomingdale),
for $6,000 town hall bonds. Interest, not exceeding 4%, will
be payable annually. Principal will mature at the rate of
$500 per annum. Authority, vote at town election.
St. Joseph (Mo.) School District.—Bonds Defeated.— We
are advised that the proposition to issue $300,000 3%% bonds
was defeated by a very small margin at the election held
March 14; 1,521 votes were cast in favor of and 791 against
the loan.
Saline County (N eb.) School District No. 08 —Bonds
Voted.—On March 10 the people of this district voted to
issue $15,400 4%% school bonds. Interest to be payable in
New York City. Securities will mature part in each of the
years 1908, 1913, 1918 and 1923. Date of sale not yet deter
mined.
Salt Lake City, Utah—Bond Offering.—Proposals will be
received until 5 p . m . April 6 by J. O. Nystrom. City R e
corder, for $548,000 4% 20-year refunding bonds. Date, July
; ture.
1, 1903. Denomination, $1,000. Iaterest payable eemi-anPomona, Cal.—Bond Election.—At a special election to be nually. A certified check upon some local bank for 5% of
, held March 30 this city will vote upon the question of issu amount of bid required.
ing $30,000 bonds for park and $30,000 bonds for school pur
San Pedro, Cal.—Date o f Election.—The election men
poses. If authorized the bonds will be in denomination of tioned in last week’s C hronicle will be held April 15, when
j $750. Interest at the rate of 4% will be payable semi-annu- tbe question of issuing $35,000 municipal building bonds will
|ally, and the principal will mature one bond yearly.
be submitted to the people.
Portland, Ore.—Bond Offering.—Proposals will be re
Saratoga, W jo .—Bond Offering.—Proposals will be re
ceived until 2 p. m., April 6, by Thos. C. Devlin, City ceived until 7 p , M., March 30, by the Town Council for $20,Auditor, for the $56,500 4% 25-year refunding gold bonds 000 6% 10 30 year (optional) coupon water-works bonds. In
i| mentioned ia last week’s C hr onicle . Date, "May 1, 1908. terest payable annually at office of the Town Treasurer.
j Denomination. $500. Interest payable May 1 and Nov. 1 at Bonds will be delivered on the 20th day of April, 1903. Bids
I office of City Treasurer. Bonds are exempt from taxation must be accompanied by a certified check in the sum of
(' either by the State of Oregon or by any county or municipal $1,000, payable to the town Treasurer. R W . Dyer is Town
ij corporation therein, and are issued under Section 118 of the Clerk.
' present city charter. Proposals must be accompanied by a
Schuylerville, N. Y.—Bonds Defeated.—On March 17 this
».!| certified check on some bank in Portland for 5£ of the village, for the second time within a few months, defeated
/ amount of the bid. Under the charter preference must be the proposition to issue $10,000 additional water-works
j! given among equal bidders to those residing in the State of bonds.
. Oregon and subscribing for the smallest amounts.
Seattle, Wash.—Bonds to be Issued.—This city will issue
Price, Utah.—Bonds Defeated.—At a special election held $590,000 4<t 20-year electric-light-plant bonds in the near
| in this town on March 7 the people cast a majority of votes future Date of sale and full details of issue will be given in
: against the proposition to issue $20,000 water works bonds,
a later number of the C hr o n icle ,
j Providence, E. I.—Bonds Not Sold.—Mr. Walter L. Clark,
Sebring, Ohio —Bonds Voted.—By a vote of 133 for to 41
(JCity Treasurer, has wired us that all bids received yesterday, against, tne issuance of $2,000 sanitary and $2,000 building
March 20, for the $500,000 ‘S%<1 sewer bonds were rejected, bonds was authorized on March 10.
j Securities were described in last week’s C hronicle , page 613
Seneca Falls, N. Y.—Bonds Defeated.—A t the regular
Putnam, Conn.—Bonds Not Sold.— We are advised that as election on March 17 the people cast 309 votes in favor of
! no satisfactory bids were received on March 16 for the $100,- and 327 against the proposition to issue $68,003 bonds for a
000 3%% bonds described in V. 76, p. 448, the securities were sewer system.
not disposed of and will not be again offered for sale until
Shlppensburg (P a .) School D istrict.—Bond Election.—An
the condition of the money market is more favorable.
election, it is stated, will be held March 31 to vote on the
Racine, Wis.—Bond Sale.—W e are advised by wire that question of issuing $15,000 school bonds.
i the $55,000
sewer and $80,000 %%% school bonds deShreveport, L a .— Proposed Election.—It is state! that this
) scribed in V. 76, p. 613, were awarded on March 19 to the city will probably hold an election to vote upon the question
Commercial & Savings Bank of Racine at 100'044. Both of issaing $130,000 street-paving boude.
1 issues are dated Feb. 1, 1908, although earlier circulars gave Sidney, N. Y.—Bonds Defeated.—A t the election held
the date of the sewer bonds as Feb. 1, 1902.
March 17 the vote agaihst the proposed issue of $10,000 vil
1 Reading, Pa.—Bond Sale.—W e are advised that the $60,- lage-ball bonds was sufficient to defeat the project.
000 4% refunding bonds described in V. 76, p. 557, were
South Bend (lud.) School District. -B o n d Bill.—The
awarded on March 16 to F. L. Fuller & Co., Cleveland, at School Board is authorized to issue building bonds by House
1102. Following are the bids :
Bill No. 453, signed recently by the Governor.
j F. L. Fuller & Co.. Cleveland. ...102-00 I Graham, Kerr & Co., Phila....... 101-76
Southport, N. Y.—Bond Offering,—Proposals will be re
Harrington & Kills. N. Y ........... lOS'OO Alasou, Lewis & C o..C hlca«o....l01 6B
ceived until 10 a M, March 25, bv Chas. F. Chamberlain,
K. Kleybolte A Co.. Cincinnati..101 V3 I 8. A. Kean. Chlcsiro.
.........1"1’60
W . J. Hayes & Sons. Cleveland.101"S5 I Nevorslnk Bank. Reading.........101-25
Town Supervisor (P, O. address 800 So. Broadway. Elmira,
Dick & Robinson, Philadelphia.101-77 | N. W. Harris & Co., Chicago__ 101-05
N. Y.). for two 4% bonds; one of $1,500, due in 1914 and one
The bids of Harrington & Ellis and S. A. Kean were de of $1,537 50 due in 1915.
clared irregular, the latter not being accompanied by a cer Month Stillwater, Minn.—Bonds Voted.—This village has
tified check and the former not having the check drawn tovoted to issue $2,000 bonds for the purpose of establishing
the order of tbe City Treasurer o f Reading and the reprewater works and electric light plants.
sentative of the firm refusing to endorse check as part pay Springfield, M a s s.-Bond Sale.—W ears advised by wire
ment of bonds subject to their validity.
that the $125,000 3% i public-park and the $30),000 3 ^ re-

8, 1903. Interest payable March 3 and Sept. 3. The wharf
; bonds will mature one bond of $500, and the water bonds one
: bond of $375 each year on March 3 from 1904 to 1923, in! elusive. A certified check for 5% of the amount of bid re| quired. H. D. Brodie is City Clerk.
Orange, N. J .—Bond Bids,—On March 10 tbip city offered
' for sale $3 000 4# 30-year school bonds. Tbe following bids
were received: Dick & Robinson. New York, 102T82 aDd
, accrued interest; F. L. Fuller & Co., Cleveland, par. The
bids were referred to the Finance Committee. Interest payj able semi-annually. Date, March 1, 1903.
OrrviUe, Ohio.—Bonds Proposed.—The issuance of $5,000
10-year Walnut Street special assessment bonds is being con
sidered.
Ottawa, Kan.—Bond Bill Signed —On February 26 the
Governor signed a bill authorizing this city to issue bonds in
an amount not exceeding the present floating debt of the
■ city to fund the same. Denomination, $500. Interest, not
exceeding 6%, payable semi-annually. Maturity, within 15
years.
Parkesburg, Pa.— Bond Sale.—W e are advised that this
borough on March 3 issued $5,000 4% current-expense hoods,
which have been sold at 102. Interest payable April 1 and
October 1.
Patchogue, N. Y.—Bonds Voted.—The taxpayers of this
village voted favorably March 17 upon tbe question of issu
ing $15,000 fire-department bonds. The interest rate is not
to exceed 5£. Principal will mature $1,000 annually, begin
ning Jan. 1, 1909.
Pawtucket, R. I.—Bonds Authorized.—The Board of
Aldermen has authorized the issuance of $125,000 school
bonds.
Pella (Iowa) School District.—Bonds Voted.—Oa March
9 this district voted to issue $5,000 bonds. No action has yet
been taken by the School Board looking towards the issuance
t of these securities.
Pbillipgburg, Ran.—Bond Bill Signed.—Not exceeding
j $25,000 bonds to take up the floating debt of the city are au
thorized by House Bill No. 358, signed by the Governor on
February 27. Denominations, from $100 to $500. Interest
4<£, payable February 1 and August 1 in New York City,
j Election required before bonds can be issued.
Phoenix, A riz.—Bond Election,—An election will be held
April 15 to vote on the issuance of water-works bonds.
Pittsfield, Mass.—Bonds to Be Issued —This city proposes
; to issue in June $230,000 sewer funding bonds.
Pocahontas (A rk ) School District.—Bond Bill Pass’s
Legislature.—The issuance of $12,000 school-building bonds
is authorized by a bill recently passed by the State Legisla-

i

672

THE CHRONICLE

funding water bonds were awarded yesterday (March 20) to
R . L. Day & Co of Boston at 100‘51. Securities were de
scribed in last week’s Chronicle , page 614.
S p rin gfield (K y .) Graded Sch ool District,.—R oad O ffe r 
i n g .—Proposals w ill be received until 7 p . m . M arch 25, by W .
C. M cChord, Secretary of School Board, for §14,000 20-year
coupon school-building bonds. Authority, election held in
December, 1902. Date, May 1, 1903. Denomination to suit
purchaser, not exceeding $1,000. Bids are asked for bonds
bearing either 5% or 4# interest, w hich w ill be payable semi
annually in Louisville, Ky. This district has no other in
debtedness. Assessed value, $1,000,000. Real value, $1,500,000. Population, about 2,500.
S p rin gfield (O h io) School D istr ict .— B o n d s R e f u s e d . —
B o n d E l e c t i o n .— W eil, R oth & Co., Cincinnati, who on
March 2 were awarded $36,000 4% bonds, have declined to
take the issue on the ground that the securities were not au
thorized at an election held for that purpose. The Board of
Education has decided to hold such an election to authorize
the bonds.
•
Strasburg, O hio .— B o n d O ffe r in g .—Proposals w ill be re
ceived until 1 P. M. A pril 11, bv the Finance Com m ittee of
the Village Council, at the office of the V illage Clerk, for
$10,000 5% bonds. Authority, village ordinance passed Dec.
29, 1902, and Sections 3835 and 3837 Revised Statutes of
Ohio. Denomination, $1,000. Interest, A pril 1 and Oct. 1
at office o f the V illage Treasurer. M aturity, $1,000 on Oct.
1 from 1909 to 1918, inclusive. A certified check in the
amount o f $500, drawn on the bank at Strasburg, required
w ith each bid, and the successful bidder must pay accrued
interest.
S tratford , Ont .— D e b e n t u r e O ffe r in g .—Proposals w ill be
received until 12 M. March 28 by W . Lawrence, City Treas
urer, for $100,000 4% water-works debentures, to mature part
yearly, and $8,000 4% road improvement debentures, to ma
ture Jan. 1, 1913. Both issues are dated May 1, 1908.
Sturgeon F alls, O nt .— D e b e n t u r e O ff e r i n g .—Thomas F ou r
nier, A ctin g Tow n Clerk, is offering for sale $20,000 sewer
debentures.
Tennessee . — A c t s o f th e S t a t e L e g i s l a t u r e .—W e give below
various bond bills w hich have been under discussion in the
State Legislature:
N E W

[V ol. LXXVI.

B il l s in t r o d u c e d .
K n o x v il l e —A uthorizing w ater bonds.
M a r io n O o.—Authorizing road bonds.
R ip l e y —A uthorizing *1 0,000 street bonds.
R ip l e y —A uthorizing $15,000 soh ool bonds.
B ills P assed b y S en a te .
B p. is t o l - A uthorizing $10,000 sohool bonds.
D y e r O o.—A u thorizing court-house bonds.
H a w k in s Oo —A u th orizin g $160,000 road and bridge bonds.
W ash ington O o.—A uth orizin g election to v o t e $100,000 roa d bon d s
B ills P assed by L e g isl a t u r e ,
D y e r C o.—A u thorizing tim e w arrants.
L e n o x —A uthorizing eleotion to vote $10,000 school bonds.
M eigs C o .—A u th orizin g $10,000 court-house bonds
M o r g a n C o .—A uth orizin g *2 0.000 court-house bonds.
N a s h v il l e A uthorizing $1,000,000 subscription to N ash ville &
C larksville RR.
W a r r e n C o.—A u thorizing $100,000 turnpike bonds.
T exarkana, T exas .— B o n d s V o t e d .— This place on March 4

voted to issue $30,000 street-improvement bonds.
Tiffin, O hio .— B o n d S a le .— W e are advised that tw o o f the
$500 4% So. Washington Street improvement bonds offered for
sale on March 13, described in V. 76, p. 559, were taken by
the City Council and the remaining twenty were awarded
to the Tiffin Savings Bank at 100‘25. S. A , Kean of Chicago
offered par for the bonds.
Topeka, K an .— B o n d E l e c t i o n .— A t an election to be held
April 7 the question o f issuing $350,000 bonds to purchase
water plant, subject to a m ortgage o f $270,000 due July 1,
1926, w ith interest at 5£, w ill be submitted to a vote o f the
people; also proposition to issue $131,500 school bonds.
Traverse City, M ich . — B o n d E l e c t i o n .— T h e City Council
has voted to submit to a vote o f the people at the spring elec
tion the question o f issuing $20,000 bonds for water-works
pumps.
T renton, N. J . — B o n d s O ffe r e d Y e s t e r d a y .—This city offered
for sale yesterday (March 20) the follow ing bonds :
$70,000 8^56 registered school bonds, maturing April" 1,1933.
40.000
registered police and fire dep’t bonds, maturing April 1,1923.
20.000 3H* registered repaving bonds, maturing April 1, 1933.
15.000 3H% registered repaving bonds, maturing April 1,1933.

Date o f bonds, A pril 1, 1903. Interest, semi-annual. A t
the hour of goin g to press the result of this sale was not
known to us,
T roy, P a .— D e t a i l s o f B o n d s ,— W e are advised that the
$25,000 A.% water bonds mentioned in last week’s C hronicle

L O A N S .

N E W

L O A N S .

TO H O LD E RS OF

$ 3 0 0 ,0 0 0
IN D IA N A P O L IS ,
3V 2%

s c h o o l

F O R T

T E X A S ,

BO N D S:

I N D .,

b o n d s

W O R T H ,

The undersigned Com m ittee, repre
senting holders o f past - due Fort
W orth interest Coupons has to an
nounce an arrangem ent betw een the
City and the Com m ittee w hereby the
Com m ittee is enabled to cash said
Coupons.
Bondholders not now parties to the
bondholders’ agreem ent m ay take ad
vantage o f this a r r a n g e m e n t by
prom ptly com m unicating w ith the
Secretary o f the Bondholders’ Com 
m ittee at 49 W all Street, N ew Y o rk
City.

.

Bids will be received by the undersigned until 12 O’CLOCK, NOON, o f MARCH 31,1903, for the whole
or any part of $300,000 of bonds of this Board, to be designated “ School Real Estate and Improvement
Bonds of May, 1903,” dated May 1, 1903, for §1,000 each, bearing interest at the rate of 3^ per centum per
annum, payable semi-annually on July 1st and January 1st of each year, evidenced by interest coupons
attached, both principal and interest payable at the banking-house o f Winslow, Lanier & Company,
New York City, New York. The bonds will be numbered from 1 to 300, both inclusive. The principal
o f the bonds will be payable as follows: Nos. 1 to 50, both inclusive, on July 1st, 1930; Nos. 51 to 100, both
inclusive, on July 1,1931; Nos. 101 to 150, both inclusive, on July 1st, 1932; Nos. 151 to 200, both inclusive,
on July 1st, 1933; Nos. 201 to 250, both inclusive, on July 1st, 1931; Nos. 261 to 300, both inclusive, on
July 1st, 1935. Bids to be in sealed envelopes addressed, “ The Board of School Commissioners, Public
Library Building, Indianapolis, Indiana,” endorsed “ Bid for School Real Estate and Improvement Bonds
of May,p1903.” No envelopes save those printed and furnished by this Board shall be used, and no
bids shall be considered If the envelopes submitted shall bear any distinguishing mark. A prospectus
of said bonds and envelopes for bids will be furnished upon application to the Secretary.
On the day and hour named, bids will be opened and tabulated, and later submitted to ft meeting of
the Board, which will assemble at the hour of 4 o’clock P. M. of that day. The Board will then take
action upon the bids, and will then award the bonds to the highest and best bidder or bidders. If tbe bid
C H a S. S. F A IR C H IL D ,
contains more than one proposal, the Board may accept one or more of such proposals and reject the
C h a ir m a n ,
others. Parts of the bonds may be. by the Board, awarded to different bidders. No bond shall be sold
for less than par. The full right is reserved to the Board in its discretion to reject any and all bids.
JO H N D. H O W A R D ,
Each bid shall be accompanied by a check certified to be good by a bank or responsible trust company
JA M E S A . B L A IR ,
in Indianapolts, Indiana, payable to the order of the Board of School Commissioners of the City of
J . L . O R A N D IN ,
Indianapolis, Indiana, for at least 3 per cent of the face value of the bonds bid for. A failure on the part
of the bidder to fully perform the contract of purchase at the time and place named shall be a breach of
JO H N W . H E R B E R T ,
the contract of purchase, and shall entitle the Board to retain the proceeds of the certified check o f such
J O H N W . E D M IN S O N ,
defaulting bidder, as liquidated damages for such breach as provided in the resolutions of said Board of
February 10th, 1903, authorizing the issuance of said bonds.
N. W . H A L S E Y .
The bids are to be In dollars and the amount btd is to be expressed In both words and figures, the
M. I. MIRICK, Secretary, 49 Wall St., N. Y.
bidder stating how many dollars he offers lor the particular bonds he proposes to take. The board
reserves the right at its .option to waive mere informalities in bids, if of advantage to the Board to
make the waiver.
All Coupons due April 10th, 1903, of
The money bid for any of said bonds shall be delivered to the Treasurer o f the Board at the office of
the Board in Indianapolis. Indiana; that no interest shall run upon anv of the bonds until the money
therefor shall be paid and until the actual delivery of such bonds to the purchaser; such deliveries shall
be as fallows, viz.: Bonds Nos. 1 to 100 both inclusive, June 15th, 19u3; Nos. 101 to 200, both inclusive,
S e a w a ll a n d B r e a k w a t e r B o n d s,
August 16th, 1903; Nos. 201 to 300, both inclusive, October 16th, 1903.
G e n e r a l F u n d in g S c r ip B o n d s a n il
All o f said bonds are offered for sale and are to be ^executed ana issued in pursuance o f the authority
R o a d a n d B r id g e S c r ip F u n d in g B o n d s
of an Act of the Legislature o f the State of Indiana, approved January 29,1903, entitled “ An act to amend
Sections three (3), twenty-five (25) and twenty-eight (28) of an Act entitled ‘An Act concerning common will be paid on presentation at the Guardian Trust
schools, in ctties having a population of more than 100,000. providing penalties for the violation o f the Company, o f New York City, or Island City Savings
provisions thereof and declaring an emergency,’ approved March 4 ,1£99, and also adding sections to pro Bank, at Gaveston, Texas.
vide for the issue of bonds by the Boards of School Commissioners o f such cities for the purchase of real
estate and for the improvement of school property and declaring an emergency,” and in pursuance of a
certain preamble and resolutions of said Board of School Commissioners adopted and made matter of
record in its minutes on February 10,1903, and for the purpose of procuring money with which to pur
R . A . L a n ca ster & S on s,
chase real estate and improve school property.
THE BOARD OF SCHOOL COMMISSIONERS OF THE
BANKERS,
CITY OF INDIANAPOLIS, INDIANA.
NO. 1 0 W A L L S T R E E T ^
By JOHN E. CLELAND.
Indianapolis, Indiana, February 14, 1903.
Business Director.
NEW YO R K .

GALVESTON COUNTY

DEALERS IN

B lo d g e t,

M e r r i t t 6c C o . ,

BANKERS

16 Congress Street, Boston.

M a c D o n a ld ,

N U N IC IP A L

& R A IL R O A D

BONDS,

AND

C o .,

C O R P O R A T IO N

B O N D S .

3tt NASSAU S T R E E T , NEW Y O R K .
S T A T E , C IT Y

M cC oy &

171

La Salle Street, Chicago.

IN V E S T M E N T a n d M IS C E L L A N E O U S
S E C U R IT IE S .

S o u t h e r n S e c u r it ie s a S p e c ia lt y ,

Kansas Municipal Bonds
B o u g h t a u d S o ld .
D. H . M A R T IN , T op ek a, K an.

THE

March 21, 1903.J

C H R O N IC L E .

were sold to tbe First National Bank of Troy on March 2 at
par. Date of issuance, March 1, 1908. Denomination, $500.
Interest payable in March and September. Maturity, 6-17years (serial).
Utica, N. Y . —Bonds to be Issued.—This city w ill issue
$57,000 bonds for school purposes. Details of the issue, date
of sale, etc., will be given later.
Washington County, N. Y.—Note Sale.—W e are just ad
vised that the $20,000 4% notes described in V. 76, p. 346,
were awarded on February 14 to the Cambridge Valley
National Bank, Cambridge, N. Y ., at par.
Waynesburg, Greene County, Pa.—Bonds Authorized.—
The Town Council o f this borough on February 20 passed
an ordinance authorizing the issuance of the $35,000 4% pav
ing and the $5,000 4% sewer and drainage bonds mentioned in
V. 76, p. 172. Denomination, $500. Date, April 1, 1903.
Interest semi- annually at the office of the Borough Treas
urer. Maturity as fo llo w s:
Apr.
Apr.
Oct.
Apr.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.

1, 1 9 0 4 ...
1, 1 9 0 5 ...
1, 1 9 0 5 ...
1, 1 9 0 6 ...
1 ,1 9 0 7 ...
1, 1 9 0 7 ...
1, 1 9 0 8 ...
1. 1 9 0 8 ...
1. 1 9 0 9 ...
1, 1 9 0 9 ...
1 ,1 9 1 0 ...
1. 1 9 1 1 ...
1, 1 9 1 1 ...
1, 1 9 1 2 ...
1 ,1 9 1 2 ...
1. 1 9 1 3 ...
1, 1 9 1 3 ...
1, 1 9 1 4 ...
1, 1 9 1 4 ...

$500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500

Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.

1 ,1 9 1 5 ... $1,000
1 ,1 9 1 5 ..
500
1 ,1 9 1 6 ...
500
1 ,1 9 1 6 ...
50o
1, 1 9 1 7 ...
500
1 ,1 9 1 7 ...
500
1 ,1 9 1 8 ... 1,000
1 ,1 9 1 8 ...
500
1 ,1 9 1 9 ...
500
1 ,1 9 1 9 ...
500
1 ,1 9 2 0 ... 1,000
1 ,1 9 2 0 ...
500
1 ,1 9 2 1 ... 1,000
1 ,1 9 2 1 ...
500
1 ,1 9 2 2 ... 1,000
1 ,1 9 2 2 ...
500
1 ,1 9 2 3 ... 1,000
1 ,1 9 2 3 ...
500

Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.
Apr.
Oct.

1 ,1 9 2 4 ... $1,000
1 ,1 9 2 4 ...
500
1 ,1 9 2 5 ... 1,000
1 ,1 9 2 5 ... 1,000
1, 1 9 2 6 ... 1,000
1 ,1 9 2 6 ...
500
1 ,1 9 2 7 ... 1,000
1 ,1 9 2 7 ... 1,000
1 ,1 9 2 8 ... 1,000
1 ,1 9 2 8 ... 1,000
1 ,1 9 2 9 ... 1,000
1 ,1 9 2 9 ... 1,000
1 ,1 9 3 0 ... 1,000
1 ,1 9 1 0 ... 1,000
1, 1 9 3 1 ... 1,000
1 ,1 9 3 1 ... 1,000
1 ,1 9 3 2 ... 1,000
1 ,1 9 3 2 ... 2,500

A ll bonds unpaid A pril 1, 1923, are subject to call after
that date. Bonds are exempt from taxes.
Wellsville, Ohio.—Bond Ordinance Defeated.—The City
Council has defeated an ordinance submitting the question
o f issuing $20,000 light-plant bonds to a vote of the people.
Wichita (Kan.) School District No. 1.—Bond E lection.—
The Board of Education has passed a resolution calling on
the Mayor to issue a proclamation for an election A pril 7 to

vote on the question of issuing $125,000 4% 10 20 year (op
tional) high-school-building bonds. Denomination, $500.
Interest semi-annually in New Yorh City.
Wilmington, Del.—Bond Bill Passes House.—The House
has passed a bill authorizing this city to issue $500,000 bonds
for street improvements.
Worcester County, Mass.—Loan Negotiated.—This county
has borrowed $50,000 from Winslow & Co., W orcester, in
anticipation of taxes. Notes mature $25,000 Oct. 15, 1903,
and $25,000 Nov. 15, 1903.
Yellowstone County, Mont.—Bond Sale,—W e are advised
that the $75,000 4% 10-20-year (optional) court-house and jail
bonds described in V. 76, p. 400, were awarded on March 7
to Otis, W ilson & Co., Chicago, at par and a premium of
$2 00. Thos. Cruse Savings Bank, Helena, and N. W. Har
ris & Co., Chicago, each bid par, and C. H. Coffin of Chicago
bid par less $749 and blank bonds. S. A. Kean of Chicago
bid on 4)4% bonds to be dated March 1, 100 50 and blank
bonds.
Youngstown, Ohio.—Bond Offering.—Proposals w ill be re
ceived until 2 p. m . , April 13, by W m . I. Davies, City Clerk,
for the following bonds:
$2,900
10,920
50)
3,790

556 Yale A venue paving bonds. Denomination. $580.
5% W est W ood Street paving bonds. Denomination, $2,184.
5% Burke Street sewer bonds. Denomination, $100.
5% Oak 8treet sewer No. 2 bonds. Denomination, $758.

Bonds are dated April 20, 1903. Interest will be payable
semi-annually at the office of the City Treasurer. Maturity,
one bond of each issue yearly on Oct. 1, from 1904 to 1908,
inclusive. Purchasers must be prepared to take the bonds
not later than A pril 20, the money to be delivered at one of
the city banks or at the office of the City Treasurer. A cer
tified check for 2% of the amount of bonds bid for must ac
company proposals, which must^be made for each block
separately.
Bond Sale —On March 16 the $1,900 5% Lane Avenue sewer
No. 2 and the $2,200 5% North Fruit St. 5% sewer bonds were
awarded to JohntR. Davies’ Sons, Youngstown, the form er as
102*684 and the latter at 102*727. The purchasers pay ac
crued interest. The Firemen’s Pension Fund o f Youngstown
offered 101*96 for both issues. Securities are described in V ,
76, p. 506.

INVESTMENTS.

INVESTMENTS.

MUNICIPAL

B O N D S

AND

P u b lic

SUITABLE

S e r v ic e

C o r p o r a tio n

BONDS.

E. H. ROLLINS & SONS,
BOSTON .
D en ver.

San F r a n c i s c o .

LEACH

$3 0 ,0 0 0 00

FOR

N A S S A U S T .. N E W

B .

&

n mnc
DUINUS,

L IS T

ON

-

Evansville, Indiana.

60 State Street,
BOSTON.

N ia g a r a L i g h t , H e a t A P o w e r C o. 5 s .
Tonawanda and North Tonawanda, N. T.

C itiz e n s ’ H e a t A L l^ h t C o. 5 s .
El wood. Indiana.

B u r l i n g t o n K a i l w a y A L i g h t C o. 5 s .
Burlington, Iowa.

W r ite f o r Special C ircular.

IN V E S T M E N T
SEND

FO R

BON DS.

MASON LEW IS & CO.,
BANKERS.

Boston, 80 Devonshire Street.
Philadelphia, 505 Chestnut Street.
Chicago, M onadnock Building.

LIS T .

A P P L IC A T IO N .

DENISON, PRIOR & CO.
CLEVELAND.

VICKERS & PHELPS,
15

Wall Street

B08T0N.

H IG H E S T

OF THE

Net earnings three times the Interest charge*.
Send tor circular.

CHAS. S. KIDDER & CO.,
SALLE

ST R E E T ,

F . R . F U L T O N

C H IC A G O .

&

C O .,

121

On Im proved Farms

M u n ic ip a l
171

LA 8 ALLE

B

onds,

STREET,

C H IC A G O .

Netting the Investor (1 per cent Interest.
Send fo r booklet and latest ofering.

WINNE & WINNE,
W lnne Building,

W IC H IT A . K AN SA S

Mention this paper.

G R A D E R A IL R O A D

B O Y D S .

IOWA AND MINNESOTA

Devonshire Street,
BOSTON.

CHOICE OKLAHOMA
FIRST MORTGAGES

New Y o rk .

IN V E S T M E N T B R O K E R S ,

MUNICIPAL BONDS.
Sterling (III.) Gas &
& Co.,
Electric Light Company. E. C. STANWOOD
BANKERS,
LA

C O .,

S p r in g fie ld G a s «fc E le c t r ic C o. 5 s .

IL L S .

$50,000 FIRST MTG. 5£ GOLD BONDS

184

&

Springfield, Mo.

BOSTON,

d

-

W I L D

E v a n s v i lle G a s & E le c tr ic L i g h t C o . 5 s .

172 Washington Street,
-

F.

In d ian ap olis, In d .

BONDS

P O T T E R ,

C H IC A G O ,

J.

B u rr,

S e c u r it ie s ,

MUNICIPAL and
CORPORATION

1 ielding;3M£.

Assesssed value, $132,927,210.
Actual value, $‘2 40,000,000.
Total Bonded Debt, $2,451,000.
Population, 200,000.

BANKERS,

P H IL A D E L P H IA .

T .

Mar ket House Bonds,
Dated March ‘A, 1903.
Maturing $3,000 Oil on July 1st
In each ot'the years 1904 to 1913, inclusive.
Interest payable January and July.
Price 101*25 and accrued interest.

& CO.

NEW Y O R K .

OF IN D IA N A P O L IS

3

Y O R K C IT Y

IN V E ST M E N T
C H IC A G O .

C IT Y

Rudolph Kleybolte & Co.,
P e r r y , C o ffin

P u b lic

INVESTMENTS.
WE OWN AND OFFER

Savings Banks,
Trust Companies,
Trust Funds,
Individuals.

I

FARSON

673

5* M U N IC IP A L BONDS,
Correspondence invited.

H A R R Y B . P O W E L L A CO.
W oodstock, Vermont.

D

n

M Pi Q
Rnd s t o c k
U v J
CERTIFICATES
Finest Engra*ed Work.

D U IN

A lso cheaper—but not cheap-looking—partly lith ograped and partly tvpe-printed. finished In a
few days. Send for samples.
A L B E R T K . K I N G A C O ..
Engravers and Lithographers.
(TelephoneC onnection.) 1 0 5 W i l l i a m S t ., N .Y .

674

THE
W

o f

a n d

[ V o l . L XX Y I.

g r u s t © n m p u u ic s .

tu a u c ta l.

J. Wm. Middendorf, Pres. A. H. Rutherfoord,Treaa,
B. L. Williams,Vlce-Pres. H.P.Page, 8ec.A Auditor.
B. C. Hathaway, General Manager.

R a ilw a y s

CHRONICLE

L ig h t

B O W L I N G
T R U S T

C o .
26

A m e r ic a ,

G R E E N
C O .,

C E N T R A L
T R U S T

BROADWAY NEW YORK.

O F

Exec u tiv e Offices :

CON TIN ENTAL. T R U S T B U IL D IN G ,

BALTIMORE,

MD.

Finances, Builds, Purchases Electric Railways,
Electric Lighting Properties, Waterworks, Ice
Plants, etc. Examinations made and reports fur
nished on all classes o f industrial properties.
C orreH p on deu ce S o lic ite d *

The

In v e stm e n t
o f

C om pany

P h ila d e lp h ia ,

North American Bldg., Philadelphia.
C a p it a l S t o c k ,

■

■

$ 2 ,0 0 0 ,0 0 0

S u r p lu s & U n d iv id . P r o fi t s , $ 1 ,0 0 0 ,0 0 0
This Company undertakes the negotiation and
Issue o f loans and capital of Companies on the New
York or Philadelphia Market, and will make advanoes upon approved Corporate, Personal or Real
Estate security.
Under its charter rights it will act as Trustee,
Agent or Manager for the control o f corporations or
for the construction o f public or private works

18SO .
T he

19037

U n ite d

S ta tes

In su ra n ce
IN

THE

C IT Y

L ife

HEW

T h e T rustC o.ofA m erica
149 B R O A D W A Y ,
(N orth w est C orn e r L ib e r ty St.)

YO RK

John P. Munn, M.D., President.

subject to check through the New York Clearing
house or payable at sight, and on Certificates o f
Deposit.
Acts as Trustee, Receiver, Committee, Executor
Guardian, Administrator, Assignee, Registrar,
Transfer and Fiscal Agent.

OFFICERS:
F IN A N C E C O M M IT T E E :
Ashbel P. Fitch, Pres. Wm. Barbour, V.»Pre».
GKO. G. W illiams, Pres. OKem. If at. Bank Wm. H. Lenpp, V.-P. H. S. Manning, V.-P.
James R. Plum, . . . .
Leather R. J. Chatry, Sec’y,
A. L. Banister, Treat.
Clarence H. Kelsey. Pr. Tit. Guar. <el v. o»
DIRECTORS:
A ctive and successful A gen ts who desire
Id mealee DISJECT CONTRACTS with this
well-established and progressive Com pany,
thereby securing fo r themselves not on ly an
immediate return fo r their w ork, but also
am increasing annual income com m ensur
ate with their success, are invited to com
municate with R I C H A R D JB. C O C H R A N ,
Third Vice-President, at the C om pany9v
Office, 9 7 7 B roadw ay, New York C it y .
A w e t s , o v e r $ 8 .6 0 0 ,OOO.
In «n ra n o9 in Fsrc® ©vnt* H45«OOO.iMU>

J.

C ,

W H I T E

&

Capital,
Surplus,

-

.

.

.

$ 4 ,0 0 0 , 0 0 #
1 ,0 0 0 ,0 0 0

CHARLES G. DAWES, President.
W. IRVING OSBORNE, Vice-President.
A. UHRLAUB, Vice-President.
LAWRENCE O. MURRAY, Sec‘y A Trust Offloer
W ILLIAM R. DAWES, Cashier.
CHARLES T. WEGNER, Asst. Cashier.
MALCOLM McDOWELL, Asst. Secretary.
MAX PAM, General Counsel.

D IR E C T O R S :
FRANK O. LOWDBM
A. J. BARLING,
H A R R Y RUBENS,
MAX PAM,
GRAEME STEWART.
CHA8. T. BOYNTON,
THOMAS R. LYON,
CHARLES DEERING,
ALEX. H. REVELL.
P. A. VALENTINE,
CHARLES G. DAWES.

BANKING, SAVINGS AND
DEPARTMENTS.

TRUST

C a p i t a l .............................. $ 2 ,5 0 0 * 0 0 0 0 0
S u rp lu s & U n d ivid ed P rofits, 3 .1 5 0 .0 2 8 52

Allows Interest on Daily Balances,

C o.

OF

DIRECTORS:
Myron T. Herrick,
Charles P. Armstrong,
Robert Hockey,
Geo. R. Bidwell,
Frank Brainard,
Edward R. Ladew,
William M. Laws,
Robert C. Clowry,
J. W . Middendorf,
Edmund C. Converse,
Winslow S. Pierce,
Wm. Nelson Cromwell,
Edward D. Street,
Grenville M. Dodge,
William H. Taylor,
Edwin Gould,
Edward R. Thomas,
Frank Jay Gould,
John P. Truesdell,
George J. Gould,
John Skelton Williams,
John A. Hilton,
E. F. . Young.

IL L IN O IS ,
C H IC A G O .

C a p it a l, $ 2 ,5 0 0 ,0 0 0 S u r p l u s ,$ 2 ,5 0 0 ,0 0 0

O F F IC E R S !
E D W IN G O U L D .............................. P realdent
W I L L I A M H . T A Y L O R . . . . l i t V ice -F re e .
J OHN A* H IL T O N . 3d V lc e -P re e . A T r e a t .
W I L L I A M M . L A W S .................. S e cre ta ry

C O M P A N Y

Ashbel P. Fitch, George Crocker, |C. I. Hudson,
Edw.C. Schaefer. Philip Lehman,
Wm. Barbour,
jGeo.Blumenthal,
H. 8. Manning, S. C. T.Dodd,
Sami. A. Maxwell, Joel F. Freeman, Frank Jav Gould,
MyronT. Herrick, Anson R. Flower, Wm. A. Clark,
Emers. McMillin, H. S. Redmond, John W. Griggs.
Jas. M. Donald, Jno.R. Heeeman ,Edwin Gould,
Jesse Spalding, George C. Boldt,

T h e M erch a n ts’
L oan &

T ru st C om pany,
C h ic a g o .

C O .,

M a r y la n d

T ru s t

C o .,

N* W . C orn er C a lv e r t and G erm an Street**
B A L T IM O R E *

CAPITAL, - - 8 2 ,125 ,0 0 0 .
SURPLUS,- -S $ 2 ,4 3 7 ,5 0 0 .
A Legal Depository for Court and Trust Fuads.
SAFE DEPOSIT BOXES FOR RENT.
Acts as Financial Agent for Stales, Cities. Towns.
Railroads and other Corporations. Transacts a gen
eral trust business. Lends money on approved
security. Allows interest on special deposits. Aft*
as Trustee under Mortgages, Assignments and Deeds
o f Trust, as Agent for the Transfer or Registration
o f Stocks and Bonds, and for the payment o f coupons.
Interest and dividends.
J. WILLCOX BROWN, President.
HENRY J. BOWDOIN, 1st Vice-President.
LLOYD L. JACKSON, 2d Vice-President.
J. BERNARD SCOTT, Secy. A Treas.
CARROLL VAN NESS, Asst. Secy. A Treas.
D IR E 0 10 R S :
Wm. A. Marburg, J.Willcox Brown, J. A. Tompkins,
S. Mandelbaum,
B. N. Baker,
H. J. Bowdoin,
Leopold Strouse, Fred’k W. Wood, John Pleasants,
Henry Walters, Andrew D.Jones, J. L. Blackwell,
W. B. Brooks Jr., Joshua Levering, Geo. C. Jenkins,
John 8. Wilson
Lloyd L. Jackson, James Bond.
G. A. von Lingen, J. S. Lemmon.
H. A. Parr,
L. F. Loree.
Clayton C. Hall,

ESTABLISHED 1857.

E n g in e e r s , C o n tr a c to r s ,
29

C A P IT A L

B R O A D W A Y , N. Y.

AN D

S U R P L U S , $ 4 * 0 0 0 ,0 0 0

GENERAL

B A N K IN G .

In v e s tig a tio n s and R e p o r ts on
Accounts Solicited.
Trust
Department,
High Grade Bonds,
E le c tr ic R a ilw a y , G as, E lectric
Foreign Department,
Savings Department,
L ig h t, and P o w e r T ra n sm issio n
Safe Deposit Vaults.
P r o p e r tie s for F in a n cia l In sti
DIRECTORS:
tu tion s and In v e sto rs.
Cyrus H. McCormick,
Marshall Field,
l/Hinbert Tree.
Albert Keep,
Electric Railways Electric Li^ht
Erskine M. Phelps,
A. H. Burley
M<'ses
J. Wentworth,
Electric Power Plants Finance©
Elias T. Walking.
E. H. Gary.
Enos M. Barion,
Designed and Built.
Orson Smith.
E. D. Hulbert,
LONDON C O R R E S P O N D E N T S :
J . « . W H IT E & CO ., L im ite d .
'I (i a C o lle g e H i l l , C a n n o n S t r e e t .

SECURE

BANK

VAULTS.

T H E

G R A N D

P R I X

O0

R B OO^

T R U S T

C O .

^

No. 6 6 B R O A D W A Y ,
No. 2 3 4 F IF T H AVENUE.
No. 1 0 0 W E S T 1 2 5 T H S T R E E T .
1 4 S T I I S T R E E T dk T H I R D A V E N U E .
CHARLES T. BARNEY, president.
FRED’ K L. ELDRIDGK, 1st Vice-President.
JOSEPH T. BROW N,2d Vice-President.
JULIAN M. GERA R D .3d Vice-President.
FREDERICK G. KING, Sec. and Treas.
J. McLEAN WALTON, Asst. Secretary.
HARRIS A. DUNN, Asst. Treasurer

TRU ST DEPARTM ENT:
W ILLI A vi B. RANDALL, Trust Officer.

HARLEM

BRANCH:

B. L. ALLEN, Manager.

BRONX BRAN CH:
JOHN BAM BEY, Manager.

QENUINE
W ELDED CHROM E STEEL AN D IR 0 >
Round and Flat liars and 6-Ply Plates and Angi*
FOR 8AFES, VAULTS. fco.
Cannot be Sawed, Cut or Drilled, and positively
Burglar Proof.

CH ROM E STEEL W O R K S,
Kent Ave., Keap and Hooper 8ts.,
Bale Man’f ’em in the IT. 8. B R O O K i . V * *

F red .

H .

S m ith ,

B an k er and B rok er,

66

BROADWAY, •

- NEW YORK.

Member N. Y. Consolidated Stock Exchange.
BONDS AND STO CK *

B ou gh t a n d S o ld fo r Canh o r on M a rgin .
Correspondence Invited.
Telephone 2386 Cortiandt.
Establish© 1868

“ The Oldest Trust Com pany in Oreyoij, ”

Incorporated April 22,1887.

WHITINW’S STANDARD

FAPEKS.

They are the only American papers which aavs
«*er received this—the highest honor that can be
conferred. It means they are the most perfect
made. Insist on having them for your fine corres
pondence and your office stationery. Are you using
Whiting’s Ledger Papers In your Blank-Books
Samples and booklet free.

WHITING PAPER COMPANY,
U O L V O K E . M A S S .,
A n d 160 D u a n e

St r e e t , N e w

P O R T L A N D
T R U S T
C O M P A N Y
OF OREGON.
Transacts a general Trust, Agenoy and Bank
lng business; makes collections, and Issues
interest-bearing Certificates of Deposit, at rates
fixed by the terms of the Certificate.
BEN J. I . COHEN , P resid en t.

Y ork,

B. LEE PAGET, Secretary*
Full text of Commercial and Financial Chronicle : March 21, 1903, Vol. 76, No. 1969

FRASER
