Full text of Commercial and Financial Chronicle : March 23, 1907, Vol. 84, No. 2178 [Copy 2]

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financial

(p
w
I
yommerciHlf
INCLUDING
B an k and Q u o tatio n S ection (Monthly)

State and C it y Section (semi-Annual*^

R a ilw a y an d Ind u strial S ection (Quarterly)

Street R a ilw a y S ection (

Week ending March 16.

(frhvonitlz.

Clearings at1907.

PUBLISHED W E E K LY .

Terms of Subscription— Payable in Advance

S u b s cr ip tio n in c lu d e s f o ll o w i n g S u p p lem e n ts —
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| S t a t e a n d C i t y ( s e m i-a n n u a ll y )
R a i l w a y a n d i n d u s t r i a l ( q u a r t e r l y ) |S t r e e t k a i l w a y (3 t i m e s y e a r l y )

Terms of Advertising— Per Inch Space
T r a n s ie n t m a tte r p e r in c h s p a c e (1 4 a g a te l in e s )...........................................
( T w o M o n th s
(8 tim e s )................................
fStandiTic--Rnsinpsq Oards ) T h re e M o n th s (2
(1 63 tt iim
e s )................................
S t a n d i n g B u s i n e s s c a w s < g ix M o n th s
m e s ) ................................
^ T w e lv e M o n th s (52 t im e s )................................

$4
22
20
9
5
87

20
00
00
0
0
00

C H IC A G O O F F I C E —P . H arriett, 5 1 3 M o n a d n o ck B lo c k ; T e l. H a r ris o n 401 2.
L O N D O N O F F I C E —E d w a rd s & S m ith , 1 D ra p e r s ’ G a rd en s, E . C.

W I L L I A M B« D A N A C O M P A N Y . P u b lis h e r s ,
P in e S tre e t, C o rn er o f P e a r l S tr e e t,
Post Office B o x 9 5 8 .
N E W Y O R K ..

CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates
that the total bank clearings of all the' clearing houses of
the United States for the week ending to-day have been
$3 ,290,395,944, against $3 ,721 ,70 8,19 8 last week and
$2,660,600,498 the corresponding week last year.
Per

Clearings— Returns by Telegraph.
Week ending March 23.

Cent.

1906.

1907.

New York
B o s to n _____
Philadelphia
B a ltim o re ...
C h ic a g o ____
St. L o u i s __
New Orleans

$1,781,344,347
145,766,377
130,615,155
24,653,964
202,076,593
57,374,058
16,891,421

$1 387,904,611 I + 2 8 .4
+ 2 1 .3
120,173,287
114,280,854
+ 14.3
+ 19.1
20,697.672
+ 21.0
166,939,537
+ 2 4 .6
46,054,331
15 261,870
+ 10.7

Seven cities. 5 days.
Other cities, 5 days___

$2,358,721,915
415,987,786

$1,871 312,162
340,000,781

+ 26.0
+ 2 2 .3

Total all cities, 5 d a y s .. .
All cities, 1 d a y ....................

$2,774,709 701
515,686,243

$2,221 312,943
439,287,555

+ 2 4 .9
+ 17.4

$3,290,395,944

$2,660,600,498

+ 23.7

Total all cities for week_____________

The full details for the week covered by the above will be
given next Saturday. W e cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week
has to be in all cases estimated, as we go to press Friday night.
W e present below our usual detailed figures for the previous
week, covering the returns for the period ending with Satur­
day noon, March 16, and the results for the corresponding
week in 1906, 1905 and 1904 are also given. Contrasted with
the week of 1906 the total for the whole country shows a
gain of 2 8 .0 % . Outside of New York the increase over
1906 is 1 6 .1 % .
Week ending March 16.

Clearings at—
1907.

1906.

Inc. or
Nec.

1905.

1904.

$

$

%

$

$

New Y o r k ..
2,514,930,120 1,866,688,656 + 3 3 .6 2,062,637.899 1,111.169,992
Philadelphia____
144.706,688
141,345.760
126,388,393
+ 2.4
102,352,635
Pittsburgh______
55,411,962
47,073,825 + 17.7
40,922,173
34,079,665
B a ltim o re ______
23.485,424
26.052,703 + 19.4
31.117.171
26,991,917
Buffalo__________
8.161,010
6.513,801
6,248,202
6,686,779 + 2 1 .3
W a s h in g to n ____
3,748,139
5,577,209 + 16.9
4,925,011
6,518,664
A lban y__________
3,806,088
3.341.145
7,44S,485
4,737,575 + 57.2
Rochester _ __
3,815,651
3,723,212
3,296,761
2,428,315
1.600.000
Scranton ______
2,065,002
1,563,992 + 32.0
1,324,798
.Syracuse..............
1,875.000
25-0
1,290,713
1,176,966
1.499,764
W ilm ington_____
1,143,210
1.0X0,365
1,469,337
1,290,385 + 13.9
R e a d i n g ___v ___
1.021,402
1,281,219 + 15.0
1,473,767
1.052,835
1.106,007
—
26.2
887,582
647.397
816,218
W ilkes-Barre . . .
1,175.000
782,626
972,313 + 20.8
843,315
E r i e ____________
652,060 + 12.4
732,726
484,011
439,843
B in g h a m ton ____
556,000
553,400
387.800
441.000
+ 0.5
C reen sb u rg_____
540.000
373,026
307,620
479,351 + 12.7
C h e s te r ________
465,979
4-6.4
372,968
399,838
437,938
Franklin .
305.000
329.1X0
— 7.0
250,390
201,417
Harrisburg
1,060.446 N ot included in total

+

Total M iddle.. 2,683 ,.583,786 2,112,051,328

1906.

Inc. or
N ec.

1905.

1904.

S
$
S
%
152.910.651 ; 116.762,882
182,649.601
158,277,384 + 15.4
Boston _________
7 ,127,10(
6,619.300
8,097,401 1 + 9 .5
8.870,500
P r o v id e n c e _____
3,203.081 I
2,956,612
3,497,854 + 24.2
H a r tfo r d ..............
4,342,133
1,970,644
1,674.126
New H aven_____
2,093,395 + 44.7
3,029,977
+ 6.2
1.480,692
1.459,274
2 . 100.000
Springfield______
1.976,981
1.420,821
—
12.S
1.694.X00
1,036,665
W orcester ______
1,945,916
1,672,320
10.2
1.349,332
P o r tla n d _______
1,768,291
1,604,432
852.320
732,994
Fall R iver______
1,281,621
955,02E + 34.1
584.986
497,732
— 9.S
j New B ed ford____
732,97£
660,355
432,379
438,813
; L o w e ll__________
578,291
463,654 + 24.7
376.303
443.008
434,692 + 13.4
i H olyok e_________
492,952
207,408,321
Tot. New E ng.
133,970,738
180,079,725 + 15-2 172.111,297
196,880,817
161,875,508
I C h ica g o _________
256,101,455 204,586,813 + 25.1
21,541.500
21,884,900
27,256,^00
! Cincinnati______
24.071.45C + 13.2
14.152,736
13,386,058
j C le v e la n d ............
16,801,957
14,490,717 + 1 5 .S
10,473.109
D etroit__________
9,713,113
13,877,388
12,297,055 + 12.S
8,907,080
7,807,209
J M ilw a u k ee_____
11.154,639
9,369,875 + 19.1
5,318.514
5,459.024
7,740,752
I Indianap olis____
6.097,1 IS + 26 .9
5.152.100
4,218,61X1
5,107.300
5.348,100
|C o lu m b u s ....... .
+ 4.7
3,729.501
3.034,632
4.855.20C
+ 3 .0
5,000,880
T o le d o ..... ............
2,852,293
2,934,553
P e o r ia __________
3,847,635
—
22.4
2,985,363
1,863.894
1.840,735
2.438,761
Grand R apids___
2,175,535 + 12.1
1,450,350
1,645,042
! D a y t o n ________
2,157,419
1,970.503
+ 9 .5
1,529,363
1,178,248
! E v a n s v ille _____
1,787,313
1.479,231 + 14.1
919,544 + 0.03
764,828
' Springfield, 111 _.
919.797
832,515
817,192
1 ,001,102
670,118
K a la m a zo o ____
791,55'" + 26.5
790.216
743,672
850,138
: L ex in g ton_____
794,111
6.8
563,386
549,766
X70.621
691,706 + 25.9
! R o c k f o r d _____
571.499
..........
i Fort W a y n e ___
626.340 + 53.3
960,337
+ 5.9
477 631
427,488
613.552
579,168
j Bloom ington . _
572,180
515,876
572,814 + 12.5
Y ou ngstow n____
642,576
560,200
631.000
544,000 + 18.6
645,000
j A k r o n _________
428,892
589,372
384.361
Q u in c y _______
490,147 + 20.2
547.523
477.221 + 20.7
654.848
575,785
iC anton _______
451,323
385.790
549,576
392,192 + 40.1
Springfield. Ohio
379.382
493.916
360,952 + 3 6 .8
I South B e n d ..
453,212
302.168
263,693
! Decatur _______
367.435 + 23.3
335,691
215,873
|Mansfield
344,058
306,798 + 12.1
284,376
251,391
294,079 — 14.5
196,334
j Jacksonville, 111.
243,141
247.402
+
4
1
.9
232,259
351,016
|Ja ck so n ..... ..........
91.529
81,576
133.053
140,902
— 5.6
Ann A rbor______
362,838,802 298,893.963 + 21.4 282,267,348 241.634,323
! Tot. M id.W est.
32,903,952
31,143,674
48,092,681
+ 3.5
|.San Francisco___
49,767,294
8,084.647
6,630,176
13,000,056 + 11.1
j Los Angeles_____
14,441,504
5,700,347
4,080,000
10,057,659
8.1
Seattle ________
10,872,833
4,881.754
8,450,000
3,238,438
5,600,479 + 50.9
i P o r tla n d _______
2,694.123
4,790,862
22.8
2,670,747
! Salt Lake City___
5.883.34S
3,054.154
+
12.1
2,083,261
i Tacoma ................
4,137,141
4,639,088
2,979,185
2,415,232
5.250,413
3,926,118 + 33.7
i Spokane________
772,484
4-2.9
921,490
Helena ________
895,348
540,945
725.328
451,034
913,750
546,418 + 67.2
F a r g o ..... ............
216.262
607,950
393,014 + 54.7
Sioux F a lls _____
3,940,lOOiNot included in total
Oakland________
400,000INot, included in total
San Jose................
91.439,776 + 11.3
101,747,670
53,525,564
62,012,2361
Tutal P a cific..
32,505,229
23,908,683 + 35.9
22,643,376'
20,007,292
Kansas City_____
14,783,006
16,915,998 + 25.5
21,231,703
Minneapolis_____
16,051,775
10,070,063 + 33.7
8.525.764
7,690,547
O m a h a _________
13.468,711:
6.124.154
6,852,565 + 27.3
5.753.056
St. P a u l...............
8,720,183
6,170,712 + 30.8
4.106,485
D enver__________
8,072,8651
6,316,455
4.574.886
5 061,104
6,500.000|
5.224,331 + 2 4 .4
St. Joseph............
2,441.442
2.636,314 + 2 7 .5
3.361,5371
2,647,626
Des M oin es_____
1,241.192
2,394,407
1.775.252
Sioux City............
1,848,577 4 29.5
1,081.043
1.001,080 + 13.4
1.135,150!
1.107,938
W ich ita ______
968,788
993,900 + 20.7
1 .200 .000 ,
919.035
D avenport______
618,976
818.366
+ 9.4
Topeka ________
982.577
895.555
568,596
750.000
664.928 + 12.8
680,648
Colorado Springs
425,560
539,550 + 51.4
523.170
Cedar R a p id s ___
816,974!
550,000
Pueblo ________
440,442 + 24.9
386,377!
148.899
284,1791
F r e m o n t_______
+
22.4
320,194
261.571
L in c o ln ________
1,497.800 V ot included in total
65.267.,094
73.172.114
Tot. oth.W est.
78,347,080
101,922,508
+ 30.1
60,264,540
54,443,938
57,331,572 + 13.1
St. Louis..............
(54,826,753
22,543,216
18,725.886
New Orleans
20,483,022
18,732,119
+ 9 .3
10.695.647
12.869.661
13,329,423
Louisville
13,271,866
+ 0 .4
6,983,200
5.628,861
10,502.062
9,170,626 + 14.5
Houston
4,716.000
4.024,009
7,201,500
5.707,500 * 2 6 .2
Galveston
4,894.200
4.523,611
6,658,939
Richm ond
5,718,K28 + 16.4
5.378,960
6.063,328
M em phis_______
5,085,003
5.428,727
— 6.3
4.042.987
3.334.399
A t la n t a ...............
4,843,5591 + 1 1 .5
5.400,265
3,103,655
2.604,551
Nashville
4.181.396
+ 1.1
4.229,325
3.477.603
2,897,077
Savannah
3,620,2621 + 2 .5
3.709,995
3,120,738
1,565.925
Fort W orth
2.496,963 + 60.2
4.000,395
1,704.483
2.034,978 + 38-2
1.673,557
Norfolk ................
2,812,449
1,484,618
1,127,720
Birm ingham ____
1,803,749 + 36.5
2,462,631
+
3
.0
1,117.571
1,590,538
978,654
K noxville ______
1,638,471
1,544,072 + 23.9
1.913,302
M o b ile..................
1,653,398
1,475,622 + 14.2
A u g u s t a _______
1,684,129
1,459,735
1,139,643
1,291,898 + 14.2
1.236,749
C h a rle sto n _____
1,475,(XX)
1,161,120 + 1 5 .4
951.428
856,550
C h a tta n o o g a ___
1,340,000
1.060,932
1,544,072
+ 8 .1
Jack son v ille____
950,395
1,669,428
1,168,549 + 3 1 .8
1.049.181
Little R o c k .........
1.113.50S
1.540,031
+
19.9
606.172
510,590
1.052.000
727,009
M a c o n ................
314,750
+ 4.8
206,080
376,124
Columbus, G a___
330,000
425,(XX) + 38.3
450,000
Beaum ont _____
587,979
500.000 + 20.0
600.000
W ilm ington .N.C.
145,669,866 + 12.7 138,905,354
129.149.540
Total Southemi 164,207,111
Total all........... >33,721.708,198 2,906,481,738 + 28.0 3,012,299,861 1,918,560,549
1.039,793.082
1,206.778,072
+
16.1
O utsideN» Y . . T
942,661,962 807,390,557
Canada—
28,885,090
25,658,894 + 12.6
15,967,514
M ontreal......... . .
25.789,565
25,319.899
12,672,242
21.927,145 + 15.5
Toronto ..............|
19,015.589
9,473.924
6,385,663 + 48.4
4.058,135
W innipeg.
5.396,844
2,679.471
2,347,563 + 14.1
1,926,152
Ottawa
2,191.111
1.173.841
V ancouver______ [
3,.501,175
1.944,938 + 80.1
1.380,545
1,196.187
1.599,791
1,486,347
Q uebec..................
+ 7.6
1.622,911
1,598,000
1,489,514
Halifax ........... ..
1,468,189
+ 8.9
1,465,163
1,048,85?
1.767,062
H am ilton. ........... !
1.244.342 + 42.0
1,053,244
775,189
1.265,678
994.083 + 27.3
L o n d o n _____ _
867,005
543.649
1,035.401
Victoria ..............
+ 5.6
788,786
980,059
742.570
1,083,289
St. J o h n s............
976.988 + 10.9
871.097
Calgary ..............
1,318,785 Not included !in total
E d m o n t o n .........
971,284 N ot Included in total
60,441,860
41,594,845
41.594,845
Total Canada.
78,208,780
78,208,780
65,414,211 + 19.6

S

F o r O n e Y e a r ............................................................................................ ................. $ 1 0 00
F o r S ix M o n t h s ...........................................................................................................
6 00
E u ro p e a n S u b s cr ip tio n (in c lu d in g p o s t a g e ).................................................. 13 00
E u ro p e a n S u b s crip tio n s ix m o n th s (in c lu d in g p o s ta g e )........................... 7 50
A n n u a l S u b s crip tio n in L o n d o n (in c lu d in g p o s t a g e )................................£ 2 14 s.
S ix M o n th s S u b s crip tio n in L o n d o n (in c lu d in g p o s t a g e )........................ £ 1 11 s.




NO. 2178.

SATURDAY, MARCH 23 1907.

VOL. 84.

+ 31.8 2,283,831,512 1,295.013.290

+

+

+
+

___

-----

__ _

........

___

THE CHRONICLE.

654

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

The material recoveries in security values Friday
and Saturday of last week, after the fierce break of
the previous Wednesday and Thursday, encouraged a
hope of a possibly steady, though slow, restoration of
confidence the current week. That hope was a mere
hope, and, naturally enough, has not been fully satis­
fied; with Monday an unsettled, nervous state returned,
the day’s market at closing experiencing a wide and
very considerable decline, though not losing all the
gain the two previous days had recorded. Tuesday
the market was likewise greatly mixed; there were both
losses and gains, accompanied with more rumors of
concealed financial weaknesses in brokerage firms than
are often crowded into one day. Wednesday there
were evidences of a better and, stronger support back
of values after reaching a certain limit in the decline,
but with that exception affairs followed closely the
course of the previous day. Somewhat the same was
true of Thursday. Yesterday, however, liquidation
became once more a decided feature the market [de­
clining generally and all day long, closing as a rule
weak at the lowest. An announcement of influence
made public at the close of the week was the declared
curtailment by the Erie Railroad of expenditures
which it had planned amounting to over $20,000,000.
As to what is to be the outcome of this tangle, and
the process by which the involvment will be reached
and digested, the public has a somewhat confused idea.
Indeed, the most serious point of the dilemma is that
the American people flatter themselves with false
hopes and a total misconception of the seat of the dis­
organizing force to be treated. Its centre is in capital,
the tap root of all growth in enterprise, whatever be
the character and the nature of the undertaking pro­
posed. One would think that truth would have
gotten possession of all minds had they no other
evidence than the recent scramble nature gave rise
to and set agoing as the only method for relief await­
ing the carrying trade; hence it was that our im­
pecunious railroads with their short-time notes in
hand made the whole circuit of Europe in the search
for temporary loans— the only means that could
carry them over the pressing exigency. That move­
ment told the whole story of the universality of the
disease and its great depth so far as the United States
was concerned. Like the silver craze, it had tlken
firm hold of the arteries of trade. Were the disease
simply a usual case *>f over-exertion, the feverish­
ness might not unlikely be reduced and health renewed
through moderate blood-letting, such as an ordinary
liquidation provides. Something of that kind present
optimism is looking for. Relief cannot be attained in
that direction.
The public is misguided by those who exaggerate
the qualities and recuperative force of America’s
industrial system. One side of the idea is sharply
expressed in the statement “ that England must have
our cotton but even Englishmen , themselves can
dispense with consols.’7 That statement is based on
the further misconception that “ after we have pro­
duced our annual billions of agricultural wealth we
have the soil left, and we are enriched by our exports
in a sense that is not true of England, whose trade
profits are on a narrower margin and obtained by a
more exhausting process.” Those ideas are in very



[V o l .

l x x x iv

.

large part born of 10 and 11 cent cotton; they would
never have been expressed, and still less found favor
anywhere even if expressed, during the long number of
dreary years that the staple ruled at 6, 7 and 8
cents a pound (the twelve years previous to 1902),
when the larger body of planters were making nothing
out of their crop and their plantations were becoming
year by year less productive.
There have been since 1902 what we may call
fortuitous factors connected with all our crop raising.
For our breadstuffs the farmers have been getting
large crops and remunerative prices; but besides
that, abnormal additions to population have been
received in those sections which have enabled the
older settlers to sell out their farms at a large profit
and go further west, or, where their holdings were
large, sell a part of them and cultivate the rest. As
a consequence of these various favoring circum­
stances— the profitableness of the large crops and
high prices of the old lands at a time when buyers
with cash in their pockets were becoming more and
more numerous— those districts were flooded with
riches beyond precedent, and not unlikely far beyond
anything that will be experienced during the average
of the coming five or ten years. Remember, it has
not been crops alone that have made the picture so
glowing. It has been highly fortuitous circumstances
attendant upon abnormally large crops which found
a ready market at high prices in Europe.
The notable feature of our foreign trade statement
for February is the steady expansion of imports over
the same month of the preceding year, which has latterly
been in greater ratio than the outflow, leaving the bal­
ance of the merchandise trade in our favor for each period
less than shown a j'-ear ago. Hence, although the
aggregate of our merchandise exports for February
this year was $159,548,646, which contrasts with
$141,766,558 in 1906, the import movement was
$123,185,209 in February against $104,232,879 last
year, and only $68,833,941 in 1900.
Another peculiarity of this trade situation is that
the excesses over corresponding periods, as exhibited
in the detailed returns of both incoming and outgoing
goods for recent months, arise through increases not
in quantities but in values of identical classes of com­
modities— manufactures and materials for manufac­
ture. While this is not at all strange as regards im­
ports, it is quite surprising that the outward move­
ment of foodstuffs should be on a declining scale, con­
sidering what full grain crops we raised in 1906. Of
course this is in some measure due to the congestion
which has prevailed in the railroad movement; and
yet breadstuffs shipments have been largely running
behind those for the preceding fiscal year each month
since October, and it is worthy of note that the grain
showing the most important measure of decrease is
corn, the crop showing the greatest enlargement in
production in 1906. In fact, the only product of agri­
culture (and that not a foodstuff) moving out more
freely this year than last is cotton, which records an
increase of 193^ million dollars for February and a
gain of 6 2% million dollars for the eight months.
Were it not for this increased movement of cotton,
our exports of principal products— i. e., breadstuffs,
provisions, cotton and petroleum— would have aggre­
gated 7 million dollars less in February 1907' than in

M a r . 23 1907.]

THE CHRONICLE.

1906. But there is likely soon to be a check to this
increased cotton movement. Cotton has gone abroad
with unprecedented rapidity thus far this season, the
excess exports to date having been approximately 1%
million bales, whereas foreign spinners are estimated
as requiring not over half a million bales more than
last year from the United States. With cotton ship­
ments, therefore, comparing unfavorably with 1906,
and imports continuing full, a less satisfactory con­
dition of our foreign trade is an imminent possibility
unless breadstuffs move out with much greater free­
dom.
The final report on cotton ginning for the
present season was issued by
the Census Bu­
reau on Wednesday.
The report, which in effect
purports to cover the actual yield from the planting of
1906, makes the production 13,290,677 running or
standard bales, the total including an item of 155,704
bales yet to be ginned, as well as 321,160 bales linters
from cotton-seed oil mills. This total agrees much
more closely with average opinion than did the
crop estimate of the Department of Agriculture, but
is nevertheless likely to be exceeded when final statis­
tics are compiled. Accepting, however, the above
total as approximately correct, it seems to establish
two important contentions. The first that the Gov­
ernment’s total of acreage is much too low, and the
second that, for this season at least, there will be no
dearth of American cotton.
According to Mr. Ellison, who is looked upon
as authority on the subject,
the world needs
12.371.000 bales of American cotton to meet con­
sumptive
requirements
this
season,
or
full
900.000 bales less than the growth indicated by the
Bureau. Should he find it necessary to again mod­
erately increase his estimate as he has already done
once, there would still be a considerable balance to
augment the surplus as it stood at the close of 1905-06.
The further fact that both India and Egypt, espec­
ia lly the former, promise to send to market a larger
supply of cotton than in the previous season should
in connection with this indicated outturn in America
relieve any tension which may have been felt in cottonmanufacturing circles. It is yet too early to worry
about what the next crop may be.
New York City is not alone in finding it difficult to
float new bond issues. Both Philadelphia and St.
Louis made offerings this week, and in neither case was
the loan successful. It is to be said, how7ever, that
in these instances the rate of interest was lower
than that of last month’s New York City bond issues.
The rate in this city is 4 % and the city succeeded in
disposing of nearly the wrhole of the $30,000,000 bonds
for w7hich subscriptions had been invited— selling
altogether $27,586,000. For the 50-year issues the
bids were in excess of the amount offered; it was only
in the case of the 20-year issues and the assessment
bonds that the bids fell short. The St. Louis offering
this week comprised $3,000,000 20-year bonds bearing
3.65% interest. No bids whatever were received,
which is not strange considering the experience of
New York City with its 20-year-bonds bearing 4 % .
Philadelphia offered $5,000,000 30-year bonds with
the rate of interest but 314% . Only one bid, for
$125,000, was received. No one needsjto bejadvised



655

as to the cause of the failure of these loan negotiations,
for the reasons lie on the surface. Money is command­
ing such high rates that it is impossible to float even
gilt-edged securities at the low figures offered by
Philadelphia and St. Louis.
The explanation generally given for the dearness of
money is that, owing to the prosperity and activity of
all, industrial interests, the need for new capital in re­
productive enterprise is very great. There is cer­
tainly no lack of substantial foundation for this view
of things, but must not the distrust which has been
steadily developing in the financial world during the
last fifteen or eighteen months also be considered a
contributing cause? Lack of confidence is never re­
flected more unerringly than in the money market;
and the seriousness of the situation in that regard is
shown in the inability of the railroads for over a year
past to finance their new capital needs. As a last resort
they have been obliged within the last few weeks to
have recourse once more to short-term obligations.
These it has^been found possible to place, but only be­
cause the rate of interest and the terms of issue were
made very tempting. In other w'ords, the borrowers
have had to pay very stiff prices for the money they
obtained. All this has merely tended further to dis­
turb the equilibrium, for when note issues of this kind
of very superior character can be obtained at prices
that yield the buyer anywhere between 5 and 7 %
per annum, the effect can only be to contract still
further the waning demand for municipal obligations
yielding much smaller returns.
•|
Mayor Weaver, of Philadelphia, we see, is very
much disturbed at the city’s inability to find takers
for its 3Y2% bonds and has sent a message to the
Councils containing some novel suggestions. He urges
offering|the loan for public subscription in very small
amounts. He thinks Philadelphia citizens are patri­
otic enough to take up the city’s loans if they are given
the opportunity. Experience teaches, howrever, that
in practical every-day affairs patriotism counts for
very little where a matter of dollars and cents is in­
volved. If a small investor can get 4 % for his little
hoard in a savings bank, he is not liable to hanker for
a municipal obligation, even of the very best character,
that will return him no more than 3/4% ■ But Mr.
Weaver makes still another and very fantastic sugges­
tion. Why would it not be a good idea, he says,for
the city to organize a banking institution? Then it
could finance its own needs. He points out that while
the city cannot borrow at 33^% , it is able to obtain
onty 2 % for the $12,000,000 of city funds which it
keeps on deposit with the banks. The city is com­
pelled to have money in its treasury before it can
appropriate it for the carrying on of any of its extensive
contracts, and this explains why the amounts to the
credit of the City Treasury are so large. It strikes
him that there is something “ radically wrong” with
the city’s financial system when it can get only 2 %
for its owrn moneys, and yet not borrow at 33^% .
But the two transactions are entirely distinct and
wholly different in character. The banks must re­
invest the city’s moneys to get back the 2 % they pay
and the matter simply resolves itself into a business
transaction as to what the banks ,can afford to give
for the money and make a profit on the operation.
However, Mr. Weaver contends that the city could
organize such a bank, deposit the money of the

THE CHRONICLE.

[V o l .

l x x x iv

.

in more senses than one; for not only have cuts and
tunnels been dug into them, valleys filled up and rivers
bridged, but the tonnage carried annually by the rail­
roads in the United States makes a mountain of the
first order and is moved over a vast distance.
Mr. Fish also made some trenchant observations
with reference to the defects of our banking system.
After pointing out that the high rates of interest ruling
in this country cannot be ascribed to an}' deficiency
in our supply of gold or of circulating medium, he
shows that the trouble here lies, in part at least , in the
uneconomic fiscal arrangements of the Government
and in our defective banking laws. In England,
France, Germany and almost all other civilized coun­
tries banks are made depositories of Government
funds without security, and are encouraged, if not
required, to establish branches and thereby conduct
their business with economy. In this country, on the
other hand, the national banking law forbids the
establishment of branches even in the same city or
the same State, thereby requiring the most uneconomic
use of capital, and credit due to capital, and the most
extravagant and wasteful methods of management.
Our system of locking up public moneys in the Na­
tional Treasury and so taking gold, or its equivalent,
out of circulation, is, he well says, a relic of barbarism
In an address delivered at Washington on Thursday and uneconomic and wasteful in the last degree.
afternoon before the students of the University of
Pennsylvania, Mr. Stuyvesant Fish said some capital
The official rate of discount of the Bank of France
things, the theme of his discourse being “ Faith the was advanced this week to 33^% from 3 % , at which
Basis of Finance.” We do not at all agree with Mr. it had stood since May 24 1900. The Bank of Brussels
Fish in his diagnosis when he seeks to account for the also advanced its official rate from 4 % to 5 % . With
present lack of confidence in the financial world and these exceptions there was no change in official rates
in the security markets. But on the great underlying at any of the PJuropean centres. Compared with last
problems, so essential in railroad and financial affairs, week, unofficial or open market rates were 34 of 1%
his views remain unchanged, and he expresses them lower at London,
of 1% at Berlin and Frankfort,
with a cogency and a sincerity that carries conviction. and 34 of 1 % higher at Paris. On the convocation of
With reference to the Hepburn rate measure of last the Russian Douma this week Premier Stolypin out­
year, he repeats what he has said before, namely that lined the Government program for administrative
the law is unconstitutional, is economically unsound reforms and urged immediate action upon the budget
and has affected, and will affect, the general commercial in order that such reforms may be carried into effect.
interests of the country adversely and more seriously
The striking feature of the statement of the New
than railroad interests. This being so— and we see York Associated Banks last week was the increase of
no way in which the statement can be successfully $981,375 in the surplus reserve, to $3,033,100. This
controverted— why seek to refer the existing disturbed resulted from a reduction of $3,978,675 in reserve re­
condition in the financial world to other and wholly quirements, less a loss of $2,997,300 in cash. Deposits
extraneous causes. This law and other like happen­ decreased $15,914,700 and loans were contracted
ings of the last dozen months must be considered as $13,386,300 ; the latter only partially reflected the li­
being at the bottom of the existing distrust. Mr. Fish quidation of speculative accounts on the Stock Ex­
states what is absolutely true when he says that “ no change in that week.
railroad fortune was ever made through enhancing
rates, oppressing shippers or withstanding the general
There was a relaxation in monetary tension this week
tendency of rates to decrease.” Mr. Fish also did well and the average of loans on call was lower than in the
to lay emphasis on the part played by the railroads previous week. This was due in part to the loaning
in the country's development. He quoted with ap­ by one institution, it being a lender of large sums,
proval the statement of a French economist to the contributing to a decline in the rate to 2 % . Time
effect that American railroads were largely, and espe­ loan rates were firm, especially for the shorter maturi­
cially in the West, built in advance cff civilization and ties, and there was a good demand for such loans in
have themselves created the traffic which they carry. anticipation of an urgent inquiry incident to the April
Hence, more than in other countries, our railroads and May settlements for dividends and interest.
Money on call, representing bankers’ balances,
Avere built on f a i t h .
In th e e a r ly days, w h ile f e w h e r e
or abroad had the courage to advance money for any loaned at the Stock Exchange during the week at 6 %
railroads, this was especially true in respect to those and at 2 % , averaging about 4 % ; banks and trust com­
in new and unsettled regions. Mr. Fish likened the panies quoted 3 % as the minimum. On Monday
faith of early investors in American railroads to that loans were at 6 % and at 2 % with the bulk of the busi­
which the New Testament te lls us “ may move moun­ ness at 5 % . On Tuesday transaction were at 5 %
tains.” In fact, mountains have been moved thereby and at 33^% with the majority at 4 % . On Wednes­
municipality therein and at the same time engage in
a general banking business. He admits that such a
bank should be officered by the very best men and
that it would be necessary absolutely to eliminate
politics from its management. That done, he thinks
the city would never again find itself in the unfortunate
position of not being able to dispose of its bonds. He
does not elaborate this scheme— does not state how
such a bank, if it tied up its deposits in city bonds,
would have money to meet the calls of the depositors.
Possibly that is a. minor detail with which it is not
necessary to bother. But if the scheme is such
a plausible one for a municipality, why would it not
be equally well adapted for the railroads and other
large corporations? Whenever one of these was hard
up and needed money all that would be necessary
would be to go to its banking department and take
the money out. There would then be no further occa­
sion for the putting out of short-term obligations at
high figures. Of course there is something humorous
in a suggestion of that kind, but is it any more humor­
ous than the idea, with which we are all falling in line,
that whenever anything goes wrong anywhere, all that
we need do is to call upon Government to assume
some new function and then everything will right itself?




M a r . 23 1907. j

THE CHRONICLE

day loans were at 5 % and at 3 % with the bulk of the
business at 4 % . On Thursday transactions were at
5 % and at 334% , with the majority at 4 % . On Fri­
day loans were at 5 % and at 4 % with the bulk of the
business at 4 ^ % . Time contracts on good mixed Stock
Exchange collateral were not freely offered and the
demand was fairly urgent, resulting in the maintenance
of firm rates. Quotations are 6 ^2% for thirty to sixty
days, 6 @ 6 } 4 % for ninety days and 6% for four to six
months. It is reported that there is a decline in the
market for corporation notes, indicating that those
who bought them when they were originally offered
have disposed of their holdings. Commercial paper is
quiet, with very little local business, and rates are
nominally quoted at 6 @ 6 } 4 % for sixty to ninety day
endorsed bills receivable, 6 @ 6^ % for prime and 6 % %
and above for good four to six months’ single names.
The Bank of England rate of discount remains un­
changed at 5 % . The cable reports discounts of sixty
to ninety-day bank bills in London 5 % . The open
market rate at Paris is 3J^% and at Berlin and Frank­
fort it is 5 % % . According to our special cable from
London, the Bank of England gained £150,140 bullion
during the week and held £36,133,856 at the close of
the week. Our correspondent further advises us that
the gain was due wholly to large purchases in the open
market. The details of the movement into and out
of the Bank were as follows: Imports, £677,000 (of
which £7,000 from Germany, £5,000 from France
and £665,000 bought in open market, including
£51,000 American coin and £158,000 French coin);
exports, £460,000 (wholly to South America), and
shipments of £67,000 net to the interior of Great
Britain.
The foreign exchange market was unsettled and lower
early in the week and on Wednesday sight sterling
sold at 4 83, or within 25 points of the lowest on record.
The market was then chiefly influenced by the indis­
position of foreign bankers to operate in view of the
disquieting rumors which were in circulation of em­
barrassments of international banking houses. Though
these rumors appeared to have no foundation, and,
indeed, were denied in response to cable inquiries, it
was thought possible that there might be some serious
trouble impending, and bankers were inclined to await
developments, for failures of drawers or acceptors of
bills might cause much inconvenience and possible
loss. Consequently, at the decline there was com­
paratively little support to the market. More assur­
ing advices brought about a partial recovery in rates
and an improvement in the tone on the following day,
but business was only moderately active. The ad­
vance in the discount rate by the Bank of France and
the indications of the development of discount ten­
sion elsewhere in Europe had some influence in im­
parting a firmer tone. Easier money at the opening
of the week and smaller offerings of bankers’ and com­
modity bills contributed to an advance in rates
on Monday.
On the following day the unsettling
fall in stocks and liberal offerings of security bills
caused a decline in exchange, and the tendency was
sharply downward, as above noted, on Wednesday
by reason of the disturbing rumors and absence of
support. There was a strong tone on Friday, in con­
sequence of a demand for remittance, and cables were




657

in request for next week’s settlement; all classes of
exchange then recovered to the best figures of the week.
No effort was made by American bankers to procure
any of the gold that was offered in the London market
on Monday and $2 ,500,000 was bought by the Bank of
England. There were indications, in the adv nee in
the price of gold bars to 77 shillings 9 % pence per
ounce, of some demand, other than that by the Bank,
for the metal; this inquiry was probably from the Con­
tinent; the price of American eagles was advanced on
Friday to 76 shillings 5 % pence per ounce. There
was an arrival at this port this w’eek of $1,179,684
gold from Amsterdam, consigned to a local bank.
Nominal quotations for sterling exchange are 4 80
for sixty day and 4 8 4 ^ for sight. On Saturday of
last week the market was firm, and, compared with
rates on the previous day, long rose 5 points to 4 7855
@ 4 7865, short 10 points to 4 8315@ 4 8330 and ca­
bles 5 points to 4 8405@ 4 8410. On Monday, while
long was 15 points lower at 4 7840@ 4 7845, short was
20 points higher at 4 8335 @ 4 8340 and cables 10 points
at 4 8415@ 4 8425. On Tuesday long rose 25 points
to 4 7 865 @ 4 7870 but short fell 25 points to 4 8310@
4 8315 and cables 30 points to 4 8390@ 4 8395. On
Wednesday long declined 5 points to 4 7860@ 4 7865,
short 10 points to 4 8 3 @ 4 8305 and cables 15 points
to 4 837 5@ 4 8380. On Thursday long rose 30 points
to 4 7890@ 4 79, short 30 points to 4 8330@ 4 8335 and
cables 25 points to 4 8 4 @ 4 8410. The market was
strong on Friday at an advance of 15 points for long,
20 for short and 25 for cables.
The following shows daily posted rates for sterling
exchange by some of the principal drawers.
F r i.,
M on.,
Tuea.,
W ed., Thurs., F r i. ,
Mch. 15 M ch. 18 M ch. 19 Mch. 20 M ch. 21 M ch. 22
60 days
Brown
Brothers & Co-------- Sight. .
60 days
Baring
S ig h t..
Bank British
60 days
North A m e r ic a ____ S ig h t. .
Bank of
60 days
M ontreal-. _______ Sight. .
Canadian Bank
60 days
o f Com m erce--------- S ig h t ..
H eidelbach, Ick e l60 days
heimer & C o _______ 1 S ig h t ..
60 days
Lazard
F reres......... .. ......... S ig h t ..
Merchants’ Bank
I60 days
o f C a n a d a ................\ S ig h t. .

4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4

80H
85
81
85
81H
85J4
80^
85
81fcS
85Ms
80 y2
85
SOH
85
80^
85

80
84^
80
84 y2
81
85
80>4
85
81
85
80
84J-3
80
S4M
80^
85

80
84H
80
84
81
85
80^
85
81
85
80
84 H
80
84 H
80H
85

80
84 y2
80
84J4
80
84^
80
S4^
80
84^
80
84^
80
84M
80
84^

80
84 y2
80
84^
80
84^
80
84H
80
84H
80
84^
80
84M
80
84>*

80
84^
80
84H
80
84^
80
84
80
84^
80
84}3
80
80
84 y2

The market closed on Friday at 4 7 9 @ 4 7915 for
long, 4 8350 @ 4 8360 for short and 4 8425@ 4 8435 for
cables. Commercial on banks 4 7860@ 4 7870 and
documents for payment 4 7 8 @ 4 7 9 % . Cotton for
payment 4 78 @ 4 78}^, cotton for acceptance 4 7860
@ 4 7870 and grain for payment 4 7 9 ^ @ 4 7 9% .
The following gives the week's movement of money
to and from the interior by the New York banks.
W eek ending March 22 1907.
Gold ___________________ ___________
Total gold and legal tenders......... ..

Received by
Shipped by
N . Y . Banks. N . Y . Banks.

N et Interior
Movement.

$6,955,000
754,000

$4,811,000 Gain $2,144,000
1,100,000 Loss
346,000

$7,709,000

$5,911,000 Gain $1,798,000

With the Sub-Treasury operations and gold imports,
the result is as follows.
Into
Banks.

Out 0}
Banks.

Banks’ interior m ovem ’ t as above___
Sub-Treas. oper. and gold Im p o rts ..

$7,709,000
29,900,000

$5,911,000 Gain $1,798,000
28,400,000 Gain
1,500,000

T otal gold and legal tenders............

$37,609,000

$34,311,000 Gain $3,298,000

W eek ending M arch 22 1907.

Net Change in
Bank Holdings.

The following table indicates the amount of bullion
in the principal European banks.

658

THE CHRONICLE.
March 22 1906.

March 21 1907.
Bank o1
Gold.

| Silver.

E n gla n d-. 36,133,856|
F ra n ce___ 104,417,683
Germany . 33,953,000;
Russia d_ _ 119,274,000
Aus.-Hunb 46.318.000
S p a in ____ 15.430.000
I ta ly -------- 32.461.000
N eth’ lands 5,264,000
N at.B elg3,266,667
Sweden
4,161,000;

|

Total.

- T----------1 36,133,856
39,222,179 143,639,862
11,318,000 45,271,000
5,553,000 124,827,000
12,366,000 58,684,000
24,837,000. 40,267,000
4,985,600' 37,446,600
5,712,400 10,976,400
1,633,333 4,900,000
................
4,161,000

Gold.

'

£
i
38,630,343
116,059,013
37.689.000
92.766.000
45,987,000:
15.077.000
28.304.000
6,053,300!
3,433,333i
3,788,000

Silver.

.

Total.

£
1 £
................ ! 38,630,343
42,031,154 158,090,167
12,563,0001 50,252,000
4,613,000j 97,379,000
12,783,000 58,770,000
23,692,000 38,769,000
3,848,700| 32,152,700
6,033,800| 12,087,100
1,716,667! 5,150,000
_________
3,788,000

Total week 400,679,206 105,627,512 506,306,718 387,786,989 107,281,321 495,068,310
Prev .week 399,736,909 105,091,635 504,828,544 386,247,206 106,152,815 492,400,021
‘
1
1
1

B A N K OF FR A N C E A N D TH E RISE IN M O N E Y .
The action of the Bank of France last Thursday,
in raising its official discount rate for the first time
since the acute distress of the Boer War panic in De­
cember 1899 is an exceedingly interesting sign of the
times. Last week occurred a minor change of the
same sort in*the shape of a rise in the Bank of Nether­
lands rate— that action, fixing the institution’s highest
rate since 1S73, being ascribed by European financiers
to withdrawal of the moderate sum of SI,000,000 in
gold fromj[Amsterdam for New York. Even before
these changes on the Continent there had been re­
peated rumors^ that the Bank of England might under
certain circumstances restore its rate from the present
5 % level to the 6 % maintained between October 19
and January 17, the prediction being rather freely
made that if large gold withdrawals for New York
occurred on the London market, the advance would
certainly be made.
No such engagements
were made, notwith­
standing our own exchange on London was at a low
enough figure to make imports exceedingly profitable.
The Bank^of England, therefore, made no advance in
its rate either last wreek or this week, and it is precisely
for that reason that the action of the Bank of France
took the market very much by surprise. Last autumn,
when the Bankjof England was endeavoring, through
the enforcement of its own 6 % rate, to prevent gold
withdrawal in quantity from London, it was at one
time reported that the French Bank would have to
raise its rate for defensive purposes. It did not do
so; on the contrary, the Bank of France, which had
up to that time been opposing engagement of gold on
the Paris market, submitted willingly to the obtaining
of considerable amounts of the precious metal both
for Egypt and for New York which the Bank itself
provided rather than put up its official rate of discount.
During London’s “ Baring panic” of 1890, when the
Bank of England rate went to 6 % , and the Bank, to
guard against serious trouble, borrowed $15,000,000
gold from the Bank of France, the French Bank made
no change in its'own rate of discount. This traditional
policy of caution is ascribed to the fact that, more
perhaps than any other great State institution, the
Bank of France undertakes the task of keeping the
French money market in a stable condition. Not only
was this week’s advance the first in more than seven
years, but a similar or even larger interval has fre­
quently separated such changes in the past. For this
reason a certain importance attaches to the French
Bank’s action as an index to European conditions gen­
erally, such as did not perhaps apply even to the
extraordinary moves of the Bank of England in October.
There are several possible explanations for the inci­
dent. One is indicated by the attitude taken during
.some months past by certain French financiers and
politicians, who have contended that Paris was weak­




[V o l .

l x x x iv

.

ening its position by an excessive expdrt of French
capital; in other words, was lending too heavily
abroad. The contention has never appealed very
forcibly to intelligent observers, for the reason that
France has for years been notoriously in the position
of a lender whose accruing income greatly exceeds
the requirements of his own undertakings. That
capital, under such circumstances, should flow into
foreign investments is as natural as that a merchant
or manufacturer, when his own trade needs and per­
sonal expenses had been abundantly provided for,
should place in other industries his surplus profits.
It might indeed be imagined that if the French authori­
ties intended to call a halt on outflowr of capital from
Paris to other markets, the time to do so would have
been when Russia’s demands were most importunate,
at the very time when conditions in Russia were most
alarming. No one suggested such a move as a rise
in the Bank rate at that time.
We presume that most people who have intelli­
gently watched the incidents of the past six months
or more will assign the action of the Bank to one of
two causes: either directly to the New’ York market’s
power over foreign gold reserves— a power which has
been somewhat remorselessly exercised— or else, in a
more general way, to the strain of trade and specula­
tion on the whole world’s supply of capital. In so far
as concerns the New York market, the anomalous
existing situation has long been indicated by the atti­
tude of London. Setting aside the question how our
command over European credit was obtained— whether
through excess of merchandise exports, or through
borrowing on finance bills, or, more recently, through
the sale of our railway notes to France and England—
the fact remains that our market has that Jpower on
the international exchanges. This fact needs no fur­
ther proof than the state of the sterling market, where
the rate of sight exchange has for upwards of a week
stood at a level more than one cent in a pound below
what is usually considered the normal gold-import
point. Yet London sends no gold, and it is openly
asserted in English financial circles that engagements
of gold are not attempted by our bankers, partly
through dislike of disturbing London’s own position,
partly because of the intimation that such withdrawals,
on any considerable scale, would be followed by a rise
in the Bank of England rate. And, as a matter of
fact, this peculiar situation at New York, by which
our bankers refrain from importing gold, notwithstand­
ing the profit in the operation, has been matched
abroad. Berlin exchange on London has writhin a
week been above the point at which gold would usually
be shipped from Germany; none has apparently been
shipped, no doubt for the reason that Germany’s
money market, too, is in a somewhat strained position.
Nor is this all; at the same time Paris exchange on
London, for which the normal gold-export point
is assumed to be 25 francs 323^ centimes to the pound
sterling, has gone as high as 25.34.
On its face this
last phenomenon would seem to indicate efforts by
London to draw on the Continental stock of gold by
way of providing for New York, while the move of
the Bank of France wrould mean a precautionary step
by way of guarding against too great losses on that
account.
The outcome of this somewhat complicated position
is not in all respects easy to see. At bottom no one

M a e . 23 1907. j

THE CHEONICLE.

will doubt that the cause is expansion of new demands
on capital beyond the rate at which capital itself is
accumulating. This is no unfamiliar incident at the
climax of world-wide trade and speculative boom.
European critics, and indeed our own authorities, have
concurred in the judgment that the excessive demands,
both for trade and speculation, must at all events be
curbed until the accumulation of capital has had a
chance to catch up with the world’s demands. ‘ 'Let
us pray to be saved from any greater prosperity” was
Secretary Shaw’s original way of putting this very
point, five months ago; “ we have all that we can stand.”
This is the* problem which we have seen for at least
six months on our own money market, and which has
been at least partly solved since the opening of the year
by the wholesale liquidation on the New York Stock
Exchange. It is not improbable that a similar process,
not necessarily of equal violence, must be faced on the
foreign stock exchanges and in trade.
PROPOSED

O FFIC IAL V A L U A T IO N
R A IL W A Y S .

OF

The latest proposal in the program of “ increasing
supervision and control” of inter-State railways is
that Congress provide for and authorize an official
appraisal of the railway property of the country.
Probably it is assumed that if such an appraisal were
made the results would be of some considerable utility
in connection with the exercise of the rate-making
powers recently delegated to the Inter-State Commerce
Commission. Upon this assumption the Statistician
to the Inter-State Commerce Commission, Professor
Henry C. Adams, suggests that what is now wanted
cannot be a “ commercial valuation,” and declares
that there is a difference between such a valuation
and a “ physical valuation,” saying:
“ The commercial valuation of railway property, in
so far as it depends upon income arising from the sale
of transportation, is the result, among other things,
of an established schedule of freight and passenger
rates, from which it follows that such a valuation can
not be used for determining the reasonableness or
unreasonableness of the rates in question. The solu­
tion of the rate problem demands a separate valuation
of the physical property. . . . It is evident that
a physical valuation of railway properties might be
more or might be less than the value computed from
earnings on the basis of an established schedule of
freight and passenger rates, and it would be highly
desirable from many points of view to determine to
what extent the physical valuation was more or less
than the commercial valuation.”
The foregoing is interesting as illustrating the
curiously complicated predicament in which the regulationists are involved as a consequence of their adop­
tion of the valuation proposed. They recognize, as
they are forced to recognize, the fact that value is a
derivative of use and that, therefore, railway value is
controlled by[railway charges— past, present and pros­
pective. But in an attempt to avoid the absurdity
of appearing to advocate the ascertainment of an effect
in order to adjust its cause to the discovered volume
and intensity which it has produced, they commit the
equal absurdity of asserting that the value which is
the effect of the rate schedule is a “ commercial” value,
and that there is another value which may be turned
into a cause of rates. This value, which they distin­
guish from “ commercial value,” they designate as the
“ physical value/’ and this they declare can be ascer­




659

tained by a method which is best described in the
language of Professor Adams. After expressing his
view of the alleged distinction, in the language already
quoted, Professor Adams says:
“ If the above distinction is conceded, it is evident
that what is needed is an inventory by a competent
engineer which would result in a classification of the
physical elements of railway properties and an assign­
ment to each element of its appropriate present value.”
This, of course, comes simply to the proposition that
the sum of the values of the different parts of a com­
plete whole may be more or less than the value of the
whole. And how, may we ask, is the value of each
part to be ascertained? Is the “ appropriate present
value” to be assigned to each locomotive or coach,
the “ commercial value” of the locomotive or coach,
as it stands ready to do its work as a component part
of the railway system, or a “ physical value,” so-called,
to be obtained by dissecting it and taking an inven­
tory of the steel, and brass, and wood, and other
“ physical elements” which it contains. Evidently
this method leads where no man can follow.
And what is the valuation which is not “ commer­
cial?” Has the railway any value at all which is not
derived from its place as an agency of commerce, and
is there anything which has value that is not an ex­
pression of commerce? The very term itself answers
the last question in the negative. Value is a relation
in exchange, that is in commerce, which is expressed
by means of price, and the latter is the number of
units of one commodity which will be accepted in
payment for one unit of another. The whole concept
of value, and every element in it, is derived from trade
and commerce. There is no value which is not com­
mercial value, and to try to define away a part of that
value is merely to try to justify a lower valuation for
one purpose than for another. In this case the anti­
railway agitators want to find an excuse for using a
high valuation for purposes of taxation and a different
and lower valuation for purposes of rate-making.
But if they had their valuation they couldn’t use
it for rate-making purposes. Rates never have been
and never can be based upon capitalization, amount
of investment, value of property used, or anything
else except the worth of the service to those obtaining'
it,modified by the influence of actual and potential*
competition of railway and other carriers and of differ­
ent producers and the relative bargaining abilities of
the different parties to the transportation contractIf Congress should learn that the value of a particular
railway property was $100,000,000 and should there­
upon decree that it should not earn more in annual)
net income than $6,000,000, and that decree should
be enforced, it would leave the rate problem precisely
where it is now. For the rate problem is one of
relation among the charges for different services, and
such a decree would afford no answer to questions as
to how much should be charged for hauling coal, oir
grain, or iron ore, or steel products, or furniture, or
other articles, or how much for hauling between particu­
lar points among the multitude of points served. It
would not even indicate what portions of the aggre­
gate revenue permitted to be earned might be derived
from carrying different classes of traffic or from servicesrendered on behalf of different communities. In fact,
if Congress should try to regulate these relations, after
having fixed the aggregate net income, it would find

THE CHRONICLE.
that such regulation would make the aggregate un­
stable.
As to the cost of this precious undertaking Professor
Adams is uncertain. He recalls that the State of
Michigan got an engineer to make such an inventory
of the railway properties within its limits and paid
him $1,000 per month for the task. Further, he as­
sumes that at the same relative cost per mile of line
as proved necessary in Michigan the railways of the
whole country could be appraised for about $1,250,000.
Of course this is a small sum to those who always
expect to draw upon the public purse for the funds
required for even their most fantastic proposals. But
tax-payers whose properties have already suffered from
paternalism may be pardoned if they persist in asking
for further evidence that the results will be worth
their cost.
*

L IM IT S

ON

ECONOMY

IN

OPERATIONS.

R A IL R O A D

[V ol . l x x x i v .

sell— in this case, transportation serviee. The inter­
view with Mr. Harriman is useful in bringing out the
physical limitations that act as barriers against further
progress along the lines so successfully pursued in the
recent past. Mr. Harriman touched upon many other
things, but it is this particular point that has interested
us most.
It is his opinion that our railroads have practically
reached the limit of car loads on the existing gauge.
The freight car, he pointed out, is like a bridge. The
trucks are the piers and the body is the roadwTay. Now,
in measure as you lengthen the body to take on more
load, you have got to increase the dead weight of the
car to be able to carry it, and every such increase in
dead weight means a decrease in earning capacity for
the car or for the train when a given motive power is
applied to move it. If we could go on increasing the
width of the cars up to a standard that would be per­
missible on a six-foot gauge, or even a five-foot gauge,
it would be possible to get a great deal more car capacity
for a given increase in dead weight. Furthermore,
there would be gain in the loading and unloading. For
instance, if, by increased car capacity, you put into
twenty cars freight which had previously taken up thirty
cars, you require less terminal trackage for the hand­
ling of the freight, you are able to get it on and off with
greater speed, and you have the other ten cars out on
the line earning something in the meantime.
In the matter of motive powder, there is added diffi­
culty in the way of further economy in operations. It
is Mr. Harriman’s judgment that in this respect we
have reached the limit of development under steam,
so long as the present gauge is employed. There are
three ways in which an engine can grow to get more
tractive power. It must either be lengthened, be broad­
ened or be made higher. In all three directions, he
says, we have made our engines grow as far as we can
on the present standard gauge of four feet eight and a
half inches. To illustrate this point, Mr. Harriman
argues as follows:
“ Did you ever ride in the cab of one «f the modern
freight locomotives? Well, you probably noticed the
swaying back and forth that accompanied the drive of
the pistons. That meant that the centre of gravity
had crept up just about as high as it could go without
having the engine topple over when it got into action.
It told you that we had gone as far as we could in build­
ing engines up into the air. Now, if you will think a
minute you will see that there is obviously a limit in
length of fire-box beyond which it is impossible to fire
an engine. And we have reached that limit as well.
So there you are. If we increase our car capacity we
increase the unproductive dead weight that is to be
drawn disproportionately to the increase of the load,
and in so doing we are making demands upon tractive
powrer that has already reached the limit of its develop­
ment under present conditions. The obvious relief,
then, would be by widening the gauge to six feet,and
I am not sure that the railroads will not come to that
in the end.”

Not the least interesting part of the extended inter­
view with Mr. E. H. Harriman on the railroad situation,
printed in the New York “ Times” of the 10th inst.,
was Mr. Harriman’s remark concerning the difficulties
railroad managers labor under in seeking further to
promote economy in railroad operations. This is cer­
tainly an important aspect of the railroad problem as
it exists to-day. Outside of a few special items of
traffic, where rates formerly had been on a non-paying
basis, or where special conditions have furnished occa­
sion for somewhat higher freight charges, the general
level of freight rates has not been advanced in recent
years, notwithstanding that prices in the industrial
world have been almost steadily rising, and notwith­
standing that the roads have been obliged repeatedly
to raise wages and to pay higher prices for everything
-entering into their operating accounts.
There has been only one circumstance that has made
it possible for the carriers to pursue this policy. They
have been studying and developing the science of
economy. By increasing the weight of rail, by strength­
ening and re-building their bridges and other similar
structures, by adding to the weight and tractive power
of their locomotives and increasing the capacity of their
cars, they have greatly added to operating efficiency,
thereby lowering the cost of transportation service per
unit of traffic moved. In other words, by increasing
the number of units in a train and thus distributing the
cost of running the train over a greater number of such
units, the cost of moving each single unit has been cor­
respondingly reduced. It required the expenditure of
hundreds of millions of dollars to bring the roads up to
the standard and condition permitting such achieve­
ments. And the public has been given the benefit of
such cheapening of the cost of railroad operations.
Except for this, railroad rates must inevitably have
been advanced— not merely in isolated instances or on
I
special articles, but generally advanced. It would
But as it seems chimerical to think now of rebuilding
have been impossible for the roads to make both ends the railroads of the whole country and of replacing the
entire railroad equipment, Mr. Harriman favors resort
meet in any other way.
It would seem, however, as if the limit of economy in to electricity as the next best thing. It is his belief
operations had now been reached, and, as a consequence, that the railroads will have to come to this, not only
that if the things that enter into the operating accounts for the purpose of getting a larger unit of motive power
of the railroads continue to rise, the carriers will have and of distributing it over the train-load, but on ac­
no alternative but to do what the producer, the mer­ count of the fuel proposition. And this brings up
chant and the manufacturer do in similar circum- another phase of the existing conditions. With steam,
-stances, namely ask more for the thing they have to fuel is used up to carry the fuel, and there are certain




M a r . 23 1907.]

limitations along this line, just as much as there are
in the matter of ca!r capacity or of motive power, par­
ticularly when one considers the location of the coalproducing regions with respect to the major avenues
of traffic. Aside from the other advantages of elec­
tricity, there is this additional fact that you are not
losing money when you stop your train. A train
makes money when it is going somewhere, when it is
carrying something that somebody wants. When it
stops it ceases to make money and becomes a losing
proposition, because it goes right on burning up coal
without doing any work. The electric train when
it stops is not using up any power and the onty fuel
waste is that incidental to the maintenance of the system.
Mr. Harriman’s purpose in these statements was to
show first that the railroads in handling the increased
volume of traffic under present conditions, or anything
approximating them, must do it at an ever-increasing
ratio of expense, that will tend some day to become
prohibitive if existing rates are to be maintained or
fair returns realized for their shareholders, and
secondly that the only relief which can be obtained
through economies of physical operations must come
through the outlay of enormous amounts of money
such as would be involved in a general electrification
or a change of gauge. The railroads are providing
double track, sidings, &c., and in other ways increas­
ing their facilities just as fast as possible, but, do the
best they will, the physical conditions referred to
above impose limitations beyond which it is impossible
to go. Mr. Harriman argues in favor of cooperation
between the public and the roads, to the end that
existing facilities may be employed to best advantage
and to the utmost extent. The railroads have been
obliged to crowd into the last six or
eight
years the task of providing facilities that should have
been spread over ten years preceding. The result is
that they have fairly overlapped the facilities of the
country to bring to them, with economy either to
shipper or railroad, the goods which are to be carried.
Mr. Harriman thinks this the all-important point for
co-operation between the railroads and the public,
for the failure to handle the business economically on
the part of the shipper has generally been charged up.
against the railroads, while the railroads’ inability to
handle it economically has meant less effective service.
Mr. Harriman furnishes the following graphic illustra­
tion of what he means.
Now take an example. The other week I went up to
Groton, Mass., where my boy is going to school. I
lived in my car while I was there and I couldn’t help
noticing conditions in the station yard. There were
three coal cars and a box car on a siding, and unloading
the three coal cars were two single-horse carts. At
one of the cars they were actually screening the coal
as they unloaded it. Now right on the other side of
these cars there was a coal shed. If that coal had
been unloaded into the shed instead of into the carts,
the cars might have been moved out on the road again
to carry somebody else’s coal. But no, they had to
unload it, a cart at a time, and to tie up three cars for
about three times as long as was necessary. On that
basis the service of two cars was lost for the entire
time that the three cars were allowed to remain at
Groton. If you multiply that sort of thing by the
number of sidings in all the towns and villages of the
country you will see what I mean by saying that the
facilities provided by the railroads have overlapped
the facilities provided by the shippers. Yet it is put
up to the railroads to increase their facilities so as to
eliminate the congestion.



661

THE CHRONICLE.

Mr. Harriman also argues in favor of allowing the
railroads by Federal statute to enter into enforceable
agreements for the distribution of traffic. By this he
does not mean pools. The agreements that he has in
mind contemplate the distribution of traffic so that
it could be handled economically. Suppose, he argues,
there was such a law in operation, and it were possible
to arrange for the distribution of the trans-continental
traffic between the various lines according to the
possibilities of each. In that event the road with a
low grade and small curvature could relieve the highgrade winding road of the excess of traffic that it
could not carry profitably. Similarly, a distribution
of classes of freight could be accomplished— which is
absolutely impossible under present operating condi­
tions— with resultant economies that can easily be
imagined.
He does not think that such arrangements would
tend to stifle competition. The conditions which
make certain points competitive or non-competitive
are not to be fixed by statute, he urges. The thing
that both the railroads and the shipper are anxious to
get is the best possible service on the most economical
basis, and it frequently happens that the very compe­
tition existing between various railroads in a given
territory is wasteful and expensive. No railroad can
ignore the needs of its patrons or of the territory which
it undertakes to serve without inviting disaster to
itself. Mr. Harriman well says that the railroad that
doesn’t seek to build up the territory through which
it passes by offering good service pursues a policy that
can only bring it to grief in the long run. It dries up
its territory. The territory doesn’t produce anything,
and then there comes a day when there is nothing for
the railroad to carry.
M U N I C IP A L

O W N E R S H IP .

This month’s election in London, by which the num­
ber of “ Progressives” in the County Council has been
reduced from 83 to 36, together with the result of other
elections in Great Britain and of the elections for the
German Reichstag a few weeks ago, may be taken as at
least a temporary reaction from the advance of social­
ism or “ collectivism.” On the plea that certain en­
terprises of general importance are public utilities and
should be publicly owned and managed, municipal
authorities in Europe have gone largely into what is
called there “ municipal trading.” London has gone
far in this direction. Not only transportation and
lighting, but markets, lodging houses, coal, public
gardens, meals for school children, dairy farms, and
so on, were on the list of things actually attempted
or to be attempted. At last the taxpayers appear to
have caught a spasm of alarm, and a check has been
called.
In our own country the beginnings of the same thing
are already manifest. Here, the term “ municipal
ownership” is preferred, as having a better sound,
although the distinction is unreal; but the tendency
towards this enlargement and diversion of public
powers has grown in strength until it has become the
trading stock of a party in our great cities. The prac­
tical workings of this policy abroad are therefore of
the most immediate concern to us. They have been
presented by several investigators, but by none with
such completeness as by Mr. Robert P. Porter, in a
volume issued in this present year.*
I

* D an gers o f M u n icip a l O w n e rsh ip , b y R o b e r t P . P o r t e r .

662

THE CHRONICLE-

At the outset; it must be admitted that the burden
of proof rests heavily upon the adyocates of this mu­
nicipal policy. This could not be better stated than it
was stated, as below, in the report made many years
ago by a special committee appointed by the Legis­
lature of this State to investigate the subject:
“ As an abstract proposition, we believe that no
government, either national, State or municipal, should
embark in a business that can be as well conducted by
private enterprise. The reverse of this proposition,
carried out to logical conclusions, would put all busi­
ness enterprises under governmental management and
control, and leave to no citizen any hope, ambition or
aspiration beyond that of seeking an official position that
affords a meagre existence.”
No abstract proposition can stand against concrete
results. Let it, therefore, be once positively shown
that these municipal operations have produced better
service, at lower cost, than private ownership has pro­
duced, and without causing evils which are not ex­
pressible on balance-sheets, and the case is closed. If
the citizen has his tax bill increased by the same
amount as he saves upon his use of public utilities he
gains nothing, and persons who do not utilize those at
all— for instance, gas and transportation— would be
mulcted for the benefit of others; but the showing of
profits must be very clear. On the contrary, it is not
clear, and in most cases it is delusive, being made so
by improper treatment of accounts. For instance,
if a certain municipal undertaking in a given year has
$125,000 revenue and real total expenses of $175,000,
yet a “ profit” of $25,000 is desired, this can be made
to appear by charging $75,000 to general account or
keeping out of the balance-sheet some items which
properly belong there, and thus a claim of “ relief of
taxes” can be set up. This is the actual method prac­
ticed by British municipalities to conceal the facts.
In Liverpool, the local debt was increased last year
some $5,000,000 for street widenings solely on account
of the municipal tramways ; yet a proposition to charge
a portion of this to the tramways was defeated, because
if this had been done, instead of throwing the whole
upon account of the general taxes, the municipal
trading party would have lost their showing of “ pro­
fits.” It is simple for a child to get a handsome
profit out of eggs which his parents buy, when the par­
ents supply the hens and pay for the keeping; but to
put every item of outlay exactly where it belongs*interferes with desired results. In London, the process
of keeping accounts with a view to results has gone
farther, for an investigation showed that out of over
four millions sterling of capital expenditure made,
solely on account of the tramways, less than 10% had
been debited to them, the rest being put on general
account, and the pretense that the undertakings were
of public profit being kept up. Much is claimed for
Glasgow, whose tramways are said to have contributed
$125,000 to the taxes in 1905 out of a total revenue
of nearly $4,000,000; but even if there has been no
hiding of facts, a private company has offered to turn
into the public treasury more than twice that claimed
contribution.
The total invested in municipal “ reproductive” un­
dertakings in the United Kingdom was estimated
five years ago at $605,000,000. A recent writer in
the “ Fortnightly Review” computes their yearly in­
come at $65,200,000, their expenditures at $63,310,000
and their average yearly net profit at $1,890,000,



[ V o l ..

l x x x iv

.

which Mr. Porter thinks would spell ruin for a private
trader. But even this is delusive, according to the
“ Review” writer, for on the basis of a 5 % annual charge
for depreciation the average yearly result is a loss of
$27,395,000; “ they are worked (he says) by running
into debt, which is constantly increasing, and the
working of them, in place of being reproductive, con­
stitutes an additional charge on the taxes.”
Of course this may be disputed, and a long list of
British cities with reproductive undertakings is pre­
sented for our emulation. But no reasonable man will
deny that when a municipality has once become
committed to such an undertaking there is a likelihood
that figures will be handled so as to make a show of
profit to the public rather than confess disagreeable
facts and be confronted with a situation that offers
no means of escape. Sometimes we hear in New
York the suggestion that the streets ought to be free
to the citizens in the cars as well as on the pavements,
and doubtless a free ferry would be hailed as a step in
general emancipation. But if the city transit lines
are ever “ taken over” it is certain that the public will
expect ampler and more comfortable service, even if
reduced fares are not to be furnished too; the employees
will as surely expect better pay and shorter hours;
and the convincing reason for the change will surely be
the claim that a profit will also be turned into the treas­
ury for reduction of taxation. How this is to be ac­
complished will not be distinctly shown in advance; but
there is onty one means by which it is possible, namely
by discovering— and then stopping finally— some very
large leaks and wastes which now exist in the manage­
ment of the roads by private companies.
In the United Kingdom, municipalizing has stran­
gled development. After 1890, the tramway com­
panies, confronted by “ expropriation” in a few years
at their market value, naturally skinned their roads,
taking out the utmost revenue and spending nothing
beyond absolute necessity upon them, so that the prop­
erties went to the municipalities in a condition of pre­
mature decay. Then the public demanded electric
traction, which was very slowly furnished, for the local
authorities found that this really implied extension
as well as conversion. Private companies then came
forward and responded to the demand as well as they
could, but were fought and largely thwarted by the
municipalities. A tangle resulted in which neither
party could furnish effectual service, and the local
authorities, finding themselves committed without
retreat, sought to conceal the situation by blocking
competition which was less unfavorably placed. De­
velopment of electric lighting was more signally ham­
pered. The local authorities, having an exclusive
monopoly of lighting, fought electricity bitterly, and
when this was seen to be futile, took it up in turn,
claiming a magnificent asset for the taxpayers. But
then came the incandescent mantle, and municipal
electricity works are now suffering as much from the
rivalry of gas as from bad management; but, as both
systems are in the same public control, consumers
may be turned from one to the other at will, by
“ starving” one or tTie other at will, and thus a showing
of profit may be made for either. Here is shown strik­
ingly how th§ taxpayers as a body may contribute to
benefits in which only a fraction of them share. Thus
in Battersea, with a population of about 175,000, the
electric lighting works have cost £200,000, and only

M a r . 23 1907.]

THE CHRONICLE.

230 taxpayers are using the light. In the metropolis
of London, with a population of six millions, the pres­
ent electric output is 42 units per head; in New York,
with a population not much more than one-half of
London’s, the output is 282 units per head.
The telephone has been strangled even more signally.
At first the Government intervened on behalf of its
postal service, and the courts pronounced the tele­
phone a telegraph in legal contemplation; the tele­
phone company had to come under license and was
placed under control of the local authorities, by whom
it was hampered at every point. Then, in 1892, the
Government took over the main or trunk lines, leaving
the local with the company, but this arrangement
worked slowly and badly; then, in 1899, the local
authorities were empowered to establish and work
their own local lines in competition with both Govern­
ment and company lines. The dual arrangement, now
become a triple one, worked as badly as from the na­
ture of the telephone it should have been expected
to w7ork, and the result is that Great Britain has not
had and does not now have the telephone in any such
real sense as does this country. The financial results
have been unfortunate, and even London has less than
half as many telephones as New7 York per 1,000 popu­
lation.
London has also tried “ municipal housing.” Cer­
tain private housing companies, working on altruistic
lines, had persuaded land-owners to turn in sites at
far under real values for the purpose, one titled land­
owner sacrificing some thousands a year in order to
allow low7 rentals to be made. But when these com­
panies sought to buy sites from the County Council,
no such consideration was shown them; then the pri­
vate land-owners noted the example and followed it
themselves, but the housing companies still preferred
to buy of them, so that the Council found land on their
hands, and proceeded to build upon it, but “ promptly
hit upon the expedient of writing down the value/’
thus making the usual pleasant financial showing.
Their building, according to natural laws in such
cases, cost more than private work; they included
various expensive “ extras” for attractiveness, and
the result was that a class of persons was attracted
who could pay, while the very poorest were dishoused
by having the sites on which they had been living
converted to this purpose. The general taxpayer was
compelled to bear an increased burden, and the very
poorest, for whom the experiment w7as proposed,
were reached only by being dispossessed and driven
elsewhere.
The test by comparative burdens of debt is dis­
mally suggestive. The public debt of this country is
given as about $12 per capita, against $91 in the
United Kingdom and $309 in Australasia; the debts
of the Australian States range from $210 to $395 per
capita, while the State of Connecticut owes less than
$2 per capita. Granting that not all these debts are
chargeable to municipal trading, the comparison is
not robbed of its warning; and of 18 American cities
New York stands as having the highest per capita
debt ($114), against $99 for Glasgow, $160 for Man­
chester, $127 for London, $148 for Birmingham, and
$113 for 18 cities together, against $41 for 18 American
cities of similar rank. In Australia, “ the fools’ Para­
dise of working-men,” where paternalism has its very
full development, every second person over 65 has



663v

a pension in New Zealand, every third person above
that age is pensioned in Victoria , and a recent proposal
is that 10 shillings a week be given to all reputable
persons over 65, throughout Australia, “ as a right, not
as a charity,” the public debt there being, as above
noted, $309 per head, against barely one dollar in
this State of New York.
Coming back to our own country, only a few months
ago we had an election in New York turning in part
on municipal trading as an issue. Chicago has dallied
with it, but has thus far halted on the brink, and
when Mr. Dalrymple was brought over from Glasgow*
to point the way and furnish the .encouragement, he
surprised his hosts by declining to do either, declaring
that he could clearly see that what is feasible in Glas­
gow is not yet so in Chicago or any other American
city. Municipal trading boldly avows that the proper
function of the individual is to be a sort of useful ser­
vant on the public chess-board, discovering new things
for the public scheme to undertake. On this, observe
the significance of what Mr. Bernard Shaw7 wrote in
1900, in a campaign document for election uses:
“ If any candidate at the election shows the slightest
weakness on this subject he should be voted against
without regard to party. And the opportunity should
be seized by the next Government to enlarge the powers
of local bodies until they are able to force private
enterprise into its proper sphere, which is not the
exploitation of common needs and ascertained processes,
but the sphere of invention, initiation, and the creation
of new needs and new industries.”
Upon this, says Mr. Porter, “ Russia must surely be
the municipal trader’s Paradise, and St. Petersburg
and Moscow, not Glasgow and Spring Garden, his
ideals,” for in Russia the policy of making the indi­
vidual the mere tool of bureaucracy has been carried
to extremes. Nor can we safely forget that the in­
evitable result of embarking upon the municipal
ownership policy will be to immediately create a
voting phalanx which will remain impenetrable by
any argument from principle or from actual resultsWhat effect the creation of the entire body of employees
of our local railroads, telephone and telegraph systems
into such a phalanx would have upon elections can
hardly be imagined, because we have no experience
of it as yet. In Great Britain there is that experience,
and municipal trading is popular, because “ the class
that supports is not the class that pays.” In 1903,
the leader of the organized labor party congratulated
his followers that “ while there was a reduction of
wages all around, the w7ages of municipal employees
alone had increased— they had even doubled.” The
Municipal Employees’ Association publicly offers, “ as
an inducement to municipal servants to join it, the
wonderful influence at municipal elections which they
w7ould be able to exercise.” For the municipal em­
ployee is many, and he always votes. The London
journals have been giving warnings, and several public
meetings have voiced alarm within the past year.
Remembering the demoralization of public service
upon individual character (as proved by the melan­
choly history of persons who have been in the Govern­
ment bureaus in Washington for many years) note
carefully this from the London “ Times” :
“ In every municipality there will be a large body
of voters and rate-payers w7hose interest it will be to
encourage and promote expenditure; who will be cer­
tain to unite, and will be able when united to cany

664

THE CHRONICLE.

their points. When once a municipality has set up
an establishment for carrying on any industry, it will
be no use trying to undo the mistake, if such it prove
to be. Municipal hands cannot be turned, adrift.
Employment must be found for them at the expense
of the rate-payers, and in due course they will agitate
for pensions, and, in the end, get them. It will go
ill at the next election with anybody who suggests that
they be discharged because they are useless, or that
expenses should be cut down.”
R A IL R O A D GROSS A N D

NET

E A R N IN G S FOR

JANUARY.

Our compilation of the gross and net earnings of
United States railroads for the month of January con­
tains some encouraging features, but nevertheless can
hardly be regarded as a gratifying or a flattering ex­
hibit^ There is a gain over January 1906 of $10,176,033, or 8 .22 % , but a loss of $809,874 in the net. Of
course, the fact must be borne in mind that the rail­
roads this year have had no such special advantages
by reason of weather conditions as they had last year.
In 1906 the winter was unusually mild, and in January,
particularly, temperatures over large sections of the
country were extremely high for the season, the month
in many instances being the warmest for more than a
generation. These unusual meteorological conditions
inured to the benefit of the roads in many ways. The
present year, on the other hand, in at least one part of
the country— namely, in the territory from the head
of the Great Lakes to the Pacific Coast— the weather
was exceptionally severe.
But, while it is important that the difference re­
ferred to in the character of the winter should not be
lost sight of, it will be noted that this did not prevent
a further very substantial addition to the gross earn­
ings the present year, namely in amount of $10,176,033. It is the net earnings alone that are unsatisfac­
tory. Expenses have been rising in such a decided
way that even the very considerable further expansion
in gross revenues has not sufficed to offset the aug­
mentation. And this augmentation in expenses is,
it would seem, wholly independent of the weather
conditions, though these latter doubtless served to
make it more pronounced. Month after month this
feature of enlarged expenses has been in evidence;
the movement has steadily grown in magnitude and
its presence long antedates the recent bad weather.
In part as a result of the phenomenally mild winter
experienced in 1906, comparison is with extraordi­
narily large totals of earnings last year. For instance,
in the gross the improvement in January 1906 reached
no less than $21,824,988 and even in the net the im­
provement amounted to $11,676,497. That, in face
of the inauspicious weather, this gain of over 21% mil­
lion dollars in gross in January last year should have
been followed by a further gain in January 1907 of
$10,176,033, is evidently a very encouraging circum­
stance, indicative of the continued expansion in the
volume of the business of the roads. But the fact
remains that, owing to the great increase in expenses,
this additional gain of over 10 million dollars in gross
brought with it no addition to the net— has in fact
been attended by an actual decrease in the net.
Moreover, the closer the returns are scrutinized, the
more marked does this feature of increased expenses
become. Two large companies, by reason of the ex­
ceptionally favorable character of their exhibits,
seem to belong in a class all by themselves. We refer




[V o l .

l x x x iv

.

to the Southern Pacific and the Union Pacific. Their
returns have served to make the general result a great
deal better than it otherwise would be. The Southern
Pacific increased its net by no less than $1,045,292
and the Union Pacific by $439,646, making almost
13^2 million dollars together. It follows that, with
these two roads eliminated, we wrould have instead of a
loss in net of $809,S74, a falling off of over 2 ^ million
dollars.
Furthermore, though we have laid emphasis on the
difference in weather conditions, the fact is that the
roads which suffered most severely from snow block­
ades and intense cold the present year are not at all
included in our present statement. We allude to the
Great Northern Railway and the Northern Pacific.
The only roads from that part of the country that sus­
tained important decreases which are in our tables are
the Canadian Pacific and the Minneapolis St. Paul &
Sault Ste. Marie. There is reason to think that the
Great Northern and the Northern Pacific suffered
larger losses in net than either of these. These two
roads cannot be included because, while they make
public monthly reports of their gross, they never give
out monthly figures as to the net. The reader will
see from this that railroad net earnings are really
poorer than our general summaries seem to indicate,
for, if we could have the returns of the Great Northern
and the Northern Pacific, the falling off in the net must
necessarily be very greatly increased.
January.
(97 roads.)

Increase or Decrease.
1907.

1906.

Gross earnings__________________
Operating expenses.......................

S
133,840,696
97,553,652

$
123,664,663
86,567,745

$
+ 10,176,033
+ 10,985.907

8.22
12.69

N et earnings. ________________

36,287,044

37,096,918

— 809,874

2.18

Amount.

%

In no month of 1906 did our monthly compilations
record a loss in net, and in 1905 it would be necessary
to go back to February to find a month distinguished
in that way. Even taking January by itself it has
only happened twice before during the last dozen years
that a decrease in net has been recorded— from which
the reader can see the exceptional character of such
a result. The unfortunate feature is that as the loss
in net is entirely due to the rise in the expenditures,
and as this rise seems likely to go on for a long time to
come, there is little to encourage the idea of better
returns in the near future. Indeed, the indications
are that for February the showing will be still poorer, v
In the following we give the January totals of gross
and net back to 1896. It will be seen that 1897 and
1904 are the only years recording diminished net, and
in both these instances the gross also recorded a de­
crease; 1907 differs from either of these two periods
in that the decrease in net is coincident with a large
gain in the gross.
N et Earnings.

Gross Earnings.
Year.
Jan.
189 6
189 7
189 8
189 9
190 0
190 1
190 2
190 3
190 4
190 5
190 6
190 7

Year
Given.

Year.
Preceding.

Increase or
Decrease.

Year
Given.

Year
Preceding.

Increase or
Decrease.

$
53,316,855
51,065,589
60,345,290
63,149,988
78,264,483
90,514,376
99,888,443
100,840,997
101.839.230
103,641,710
128,566,968
133,840,696

S
48,726,980
54,615,619
52,705.271
58,753,141
66,312,140
81,878,382
91,517.103
92,230,740
106,687.145
96,912,364
106,741,980
123,664,663

S
+ 4,589,875
— 3,550,030
+ 7,640,019
+ 4,396,847
+ 11,952,343
+ 8,635,994
+ 8,371.340
+8,6 10,2 57
— 4.847.915
+ 6,729.346
+ 21,824,988
+ 10,176,033

$
15,494,163
14,277,924
17,833,662
18,744,045
26,384,125
30,135.751
32,993,376
30,021.883
24,043,886
26,583,361
38,673,269
36,287.044

$
13,189,595
15,394.495
14,601,313
17,447,630
20,489,925
25,911,701
30,441,463
29.745.477
32.139.525
23,538,414
26,996.772
37.096,918

S
+ 2,3 04,5 68
— 1.116,571
+ 3,232,349
+ 1,296,415
+ 5,894,200
+ 4,224.050
+2.5 51,9 13
+ 2 76,406
— 8,095,639
+ 3,044,947
+ 11676497
— 809,874

N ote.— In 1896 the number o f roads Included in the month o f January was 135;
n 1897, 127; in 1898, 130; in 1899, 115; in 1900. 114; in 1901, 130; in 1902, 109:
in 1903, 105; in 1904, 103; in 1905. 94; in 1906, 100, and in 1907, 97. Neither the
Mexican roads nor the coal-mining operations of the anthracite coal roads are in­
cluded in any of the totals.

The great rise in operating cost is also apparent
when the roads are arranged in groups, according to
their location or the character of their traffic. In
that case it is found that all but one of the seven groups
have a diminution in net, though in the gross every
group records expansion. The one group having an
increase in net is the South Western and South Pacific
group. This group includes the Southern Pacific
Company, to whose exceptional gain we have already
referred. As a matter of fact, however, nearly all
the South Western roads have done well because of the
extraordinary crops harvested in that section last sea­
son. The bulk of the whole increase in gross for the
month has been contributed by that group, and except
for its very large gain in net the loss in net by United
States railroads as a whole would be of very considera­
ble extent.
SU M M ARY B Y G RO UPS.
Section or
Group.

Net Earnings.

Gross Earnings.
1906.

1907.
January.
Trunk Lines (8 ).
Anth Coal (5 )___
East & Mid (1 3 ).
Mid W est ( 1 4 ) -.
N oW & N Pac (13)
SoW & SPac (16).
Southern ( 2 8 ) - - .

1907.

$
$
34,308.778 8,688,714
8,960,026 2.978.648
4,391,376
663.248
8,425,368 2.456.829
13,059,091 4,084.765
32,383,098 11,675,360
22,136,926 5,739,480

$
35,311,279
9,376,185
4,663,191
8,673,579
13,758,763
38,551,609
23,506,090

Inc. or Dec.

1906.

$
$
9.481.786 — 793,072
3,119,677 — 141,029
958,396 — 295,148
2,621,906 — 165,077
4,620,355 — 535,590
9,559,815 + 2.115,545
6,734,983 — 995,503

Total (97)____ 133,840,696 123,664.663 36.287,044 37,096.918
Mexican (4 )____

• 5,417,508

1,704,270

4,863,335

1,694,885

%
8.36
4.52
30.79
6.29
11.59
22.13
14.77

— 809,874

2.18

+ 9 ,3 8 5

0.55

The separate roads reveal characteristics much like
the general totals. There are many companies which
have suffered a reduction of their net, though able to
show gains in the gross. In the following we have
brought together the changes for the separate roads,
whether increases or decreases, for amounts in excess
of $30,000. It will be observed that decreases in the
gross are not numerous, but in the net the list is a long
one.
■ ■ *t:i *
P R IN C IP A L C H A N G E S

IN

GROSS E A R N IN G S

Tnrrpn

S o u th e rn P a c i f i c __________$2,514,841
930 ,287
A t c h . T o p e k a & S a n ta F e .
P e n n s y lv a n ia (2 r o a d s ) ___ 1/886,200
U n ion P a c ific ______________
834,596
S t. L ou is & San F r a n cis c o
685 ,532
R o c k Isla n d S y s t e m ______
682 ,087
M issouri K an sas & T e x a s .
600 ,172
L o u isv ille & N a s h v ille ____
357 ,774
G ra n d T r u n k (4 r o a d s )___
337 ,7 3 4
P h ila d elp h ia & R e a d in g :.. £2 3 4,77 6
A t la n t ic C oast L in e _______
234,484
N o rfo lk & W e s t e r n _______
183,706
C olo & S o u th e r n __________
179,107
C en tral o f G e o rg ia ________
170,715
S t. L ou is S ou th W e s t e r n .
1 67 ,778
Illin ois C e n tr a l____________
142,621
S e a b o a r d A ir L in e ________
142,588
N ash C h a tt. & S t L o u is .
141,100
M o P a c S y st (2 r o a d s ) ____
134.878
D e n v e r & R io G ra n d e ____
118,833
K an sas C ity S o u th e r n ____
118,502
M ob ile & O h io ____________
106,617
P a cific C o a s t_______________
86,929
C h ic a g o & A l t o n ___________
7 7,919
Y a z o o & M ississippi V a lle y
66,231
S o u th e rn R a ilw a y ________
6 3.363
C en tral o f N ew J e r s e y ____
6 2,747

IN

J A N U A R Y .®

*^8 l f l n crea ses.
B a n g o r & A r o o s t o o k ______
$62 ,267
W a b a s h ____________________
61,908
W e ste rn M a r y la n d ________
60,209
P h ila. B a lt. & W a s h in g to n
5 8 ,800
M in n eapolis & S t. L o u ls _ _
5 5 ,0 4 2
A tla n ta B lrm . & A t l a n t i c .
53,760
N . Y . O n ta r io & W e s t e r n .
50,084
L e h ig h V a lle y _____________
48,495
L o n g Is la n d _______________
45,934
N orth ern C e n tra l_________
44,500
T o le d o & O h io C e n tr a l___
41,939
G e o rg ia R R _______________
41,526
G u lf & Ship I s la n d ________
32,226
G e o rg ia S o u th e rn & F l a . .
31,606
T e x a s C e n tra l______________
30,014
T o t a l (47 r o a d s ) _______ $ 1 0 ,9 8 0 ,4 2 7
C h esap eak e & O h io _______
C a n a d ia n P a c ific __________
B a ltim o re & O h io ________
M inn. S t. P a u l & S. S. M __
C ln. N e w O rl. & T e x a s P a c
E r i e ......................... ...................
B u ffa lo R o c h . & P it t s ____

$225,528
217,163
207,907
154 ,415
103,901
75,434
35,414

T o t a l (7 r o a d s ) __________$ 1 ,0 1 9 ,7 6 2

x T h ese figu res are fo r th e R a ilr o a d C o .; tlje C o a l & Ir o n C o m p a n y
r e p o r ts an increa se o f $99 9 ,9 2 9 .
V T h e se figu res c o v e r th e lin e s d ir e c t ly o p e r a te d east a n d w e st o f P it t s ­
b u r g h a n d E rie.
T h e g ross o n E a stern lin e s in crea sed $58 1 ,2 0 0 a n d th e
gross o n W e s te rn lin es in crea sed $ 3 0 5 ,0 0 0 .
^
^
wa***.
P R IN C IP A L

CHANGES

IN

N ET

E A R N IN G S

IN

JA N U ARY. ”

In crea ses.
D ecreases.
S o u th e r n P a c i f i c ---------------$ 1 ,0 4 5 ,292j P e n n s y lv a n ia (2 r o a d s ) ___
$ 3 3 8,80 0
U n io n P a c ific ____________
4 39 ,646 C h esapeak e & O h io
271,263
M issouri K ansas & T e x a s .
3 60 ,747 M inn. S t. P a u l & S. S. M .
262,242
R o c k Isla n d S y s t e m ______
221.415 E r i e ......................... ...................
130,984
K an sas C ity S o u t h e r n ------164 ,648 Illin ois C e n tra l____________
124,017
S t. L ou is & San F ra n cisc o
153,774 W e s t J e rse y & S e a s h o r e ..
111,100
A t c h . T o p e k a & S a n ta F e .
96,949
93,5 0 7 A t la n t ic C oast L in e _______
W a b a s h ____________________
89,633 S e a b o a rd A ir L in e ________
96,166
M o P a c S y st (2 r o a d s ) ____
85 ,735 B u ffa lo R o c h . & P it t s ____
80,592
S t. L o u is .S ou th w estern ___
7 6 ,497 D e n v e r & R io G ra n d e ____
76,097
Y a z o o & M ississippi V a lle y
66 .593 C in. N ew O rl. & T e x . P a c 70,305
C h ic a g o & A l t o n ..................
65,5 5 7 H o ck in g V a lle y ....................
66,975
G ra n d T r u n k (4 r o a d s )___
34,5 5 2 i P h ila d e lp h ia & R e a d i n g ..
z 6 2 ,9 7 0
C en tral o f G e o r g ia ________
33,801 N o rth e rn C e n tra l__________
57,200
T o le d o S t .L o u ls & W e s te r n
31,6 6 5 N ash. C h a tt. & S t. L o u is .
53,317
------------------C en tral o f N ew J e r s e y ______
45.802
T o t a l (19 r o a d s ) ................$ 2 ,9 6 3 ,0 6 2 W h eelin g & L a k e E r ie _____
45,076
|P h lla. B a lt. & W a s h in g to n
44,3 0 0
D ecrea ses. ! L e h igh V a lle y ______________
39,490
C a n a d ia n P a c if ic .................. $71 8,90 6 N o r fo lk & W e s t e r n .............
31,884
B a ltim o re & O h io ................
447 ,4 7 3 j
-----------------S o u th e r n R a ilw a y ................
440 ,1 7 6 1 T o ta l (24 r o a d s ) ________ $ 3 ,7 1 2 ,0 8 4
x T h e se figures are fo r th e R a ilr o a d C o .; t h e C oa l & Ir o n C o m p a n y
r e p o r ts an Increase o f $ 1 1 6 ,1 1 8 .
y T h ese figures c o v e r th e lin e s d ir e c t ly o p e r a te d e ast a n d w est o f P itts ­
b u r g h a n d E rie. T h e n e t o n E a stern lin e s d e cre a se d $ 1 9 5,70 0 a n d th e
n e t o n W e ste rn lin es d ecre a se d $ 1 4 3 ,1 0 0 .




665

THE CHRONICLE.

M a r . 23 1907.J

In addition to the roads furnishing reports of both
gross and net, there are some others which make re­
ports only as to the gross, comprising a number of
quite important systems. The list includes the Great
Northern and Northern Pacific, already referred to,
besides (among others) the New York Central, the
Lake Shore, the Chicago & North Western, the Milwau­
kee & St. Paul, the Chicago St. Paul Minneapolis &
Omaha and the Texas & Pacific. Starting with the
total of the gross in the foregoing, we add these other
roads in the table we now present.
R O A D S R E P O R T IN G
Jan u ary.

G R O SS B U T N O T N E T .
I n crea se.

R e p o r t e d a b o v e (97 r o a d s ) . 1 33 ,840 ,69 6 12 3 ,6 6 4 ,6 6 3 1 0,1 7 6 ,0 3 3
A1 a N e w O rl & T e x a s P a c —
21,018
284 ,595
2 63 ,577
N e w O rl & N o rth E a s t’n .
15,748
132,865
1 48 ,613
A la b a m a & V ic k s b u r g —
6,866
1 39 ,652
132 ,7 8 6
V ic k s S h reve & P a c i f i c . .
2 45,428
194 ,749
50,679
C h ica g o In d & S o u th e r n ___
4 ,3 3 5 ,3 5 8
4 ,7 7 6 ,3 7 8
4 4 1 ,0 2 a
C h ica g o M ilw & S t P a u l___
443 ,2 6 6
5 ,2 9 2 ,8 1 6
4 ,8 4 9 ,5 5 0
C h ica g o & N o rth w e s te r n . .
1 ,0 2 7 ,8 3 9
106,131
1 ,1 3 3 ,9 7 0
C h ica g o S t P a u l M in n & O .
7 0 ,8 6 3
3,327
74,190
C in cin n ati N o r t h e r n _______
1 ,8 6 4 ,0 5 2
1 ,828,801
C le v e Cin C h ica g o & S t L . .
262 ,627
2 41 ,766
P e o r ia & E a s te r n ________
376 ,427
3 58,527
D e tr o it T o le d o & I r o n t o n ..
3 ,4 1 0 ,4 6 7
2,3 5 2 ,8 8 7
G rea t N o r t h e r n ____________
193,639
237 ,193
M o n ta n a C e n tra l________
211 ,500
546 ,000
7 57 ,500
I n te r n a t & G rea t N o rth e rn
4 5 6 ,1 6 5
4 1 3 ,5 0 3
L a k e E rie & W e s t e r n ______
56",449
3 ,4 0 8 ,1 6 7
L a k e S h ore & M ich S o u t h . .
3 ,4 6 4 ,6 1 6
796
13,210
14,006
M a co n & B ir m in g h a m --------199 ,084
2 ,2 7 8 ,8 2 6
2 ,0 7 9 ,7 4 2
M ich ig a n C e n tra l----------------226 ,7 2 6
7 ,1 8 5 ,7 6 8
7 ,4 1 2 ,4 9 4
N Y C en tral & H u d s o n R iv
867 ,475
816,297
N Y C h ica g o & S t L o u is —
4 ,5 5 6 ,1 1 5
4 ,1 6 5 ,1 0 2
N o rth e r n P a c i f i c ___________
1 ,1 1 5 ,6 8 4
1,0 9 2 ,1 4 8
P itts b u r g h & L a k e E r ie ___
194 ,895
1 97 ,856
R u t l a n d ____________________
2,197
2 7,040
29,237
S ierra R a ilw a y ______________
3 24 ,186
1 ,2 8 2 ,3 4 2
1 ,6 0 6 ,5 2 8
T e x a s & P a c ific ____________
5 5 ,195
6 5 ,303
T o r o n t o H a m ilto n <Sc B u f f . .
T o t a l (123 r o a d s ) ___
N e t in cre a se ( 6 .5 1 % ) .

1 7 3 ,2 1 2 ,3 0 5 16 2 ,6 2 3 ,8 8 3 1 2 ,2 8 5 ,0 2 6
1 0 ,5 8 8 ,4 2 2

D ecrease

35,251
20,861
17,900
1,0 5 7 ,5 8 0
43,554
4 2 ,6 6 2

5 1 ,1 7 8
3 9 1 ,0 1 5
2 3 ,5 3 6
2,961
10,108
1,696,604

The foregoing total includes every road in the coun­
try from which it has been possible to procure returns
of gross. It shows, it will be observed, an increase
(notwithstanding the very considerable losses sustained
by the Great Northern, the Northern Pacific and others
of that class) for the roads as a whole of $10,588,422,
or 6.51% . Bearing in mind the inclemency of the
weather, this certainly speaks well for the expansion
in the volume of the business of the roads. The im­
provement is all the more significant as it comes after
a gain of no less than $26,424,633, or 20.88% , in Janu­
ary 1906, according to the same method of compila­
tion.
T H E USE OF A C C E P T A N C E S .

The following communication from Mr. Paul M.
Warburg, of the firm of Kuhn, Loeb & Co., on the
subject of acceptances, is in reply to a criticism Of Mr.
E. A. de Lima made in our last issue:
N ew York, March 22d 1907.
To the Editor, The Commercial and Financial Chronicle,
New York.
Dear Sir:— In your issue of March 16th you publish a letter
written by Mr. E . A . de Lima which refers to your article
on “ The Use of Acceptances" published in your issue of
March 2d.
In this letter the statement is made that any bank granting
acceptances should be obliged to keep a reserve of 2 5 % in
cash against such acceptances, and that the loss of interest
on this reserve would have to be charged to the customer.
This statement is wrong, both in theory and in fact.
Mr. de Lima says: “ All credit must be based on metallic
reserve, and it matters not whether the credit takes the form
of an obligation redeemable on demand or at a fixed time;
the principle is the sam e.”
In reply, I should like to point
out that the principle is not the sam e. Deposits on demand
may be withdrawn any day. It is cash deposited against
which, without any notice, cash may be required. It is
therefore sound banking to have a cash reserve to meet these
cash requirements in case other deposits should not equal
the withdrawals. An acceptance credit is given on the con­
dition that the customer receiving it will deposit in cash the

666

THE CHRONICLE.

amount of the acceptance a few days before m aturity, so
that if no default occurs there will be no outlay of cash at all
on the part of the accepting bank.
In Europe, where banks and banking houses accept and
endorse freely, no bank is obliged to keep a cash reserve
against its acceptances, but the principle observed is that
the amount of acceptances should be in a certain proportion
to the resources of the accepting institution. The banks
making a specialty of doing an acceptance business have their
general funds invested in such a way that in case of emer
gency, if they should be called upon to take up their accept­
ances themselves, their assets could be easily realized upon.
They carry a large amount of call loans, of bank acceptances
and of easily salable securities; but there is no need for them
to keep a large cash reserve, as under normal conditions this
particular branch of business does not require any cash.
In view of the fact that the suggestion to take up the
business of accepting and endorsing has been generally re­
ceived favorably by the American banking community, I
thought I should not fail to point out these facts, and I hope,
therefore, that you will pardon me for having taken up so
much of your valuable space.
Yours, truly,
P A U L M. W A R B U R G .
R E D E M P T IO N OF T H E FO U R S OF 1907.
The following is the circular issued last week by Secretary
of the Treasury Cortelyou offering to prepay without rebate
of interest $25,000,000 of the 4s of 1907 maturing July 1
n ext. Thus far, $3,656,750 of the bonds have been pre­
sented for redemption.
C ircu la r L e tte r .
D iv is io n o f L o a n s a n d C u rr e n c y .

T rea su ry D ep a rtm en t,
O ffice o f the S ecreta ry,
W a sh in gton , M a rch 14 1907.
I n a c c o r d a n c e w ith t h e p r o v is io n s o f e x is tin g la w , th e S e c r e ta r y o f th e
T r e a s u r y h e r e b y g iv e s p u b lic n o t ic e t h a t h e w ill re d e e m a t a n y tim e a fte r
th is d a t e , u p o n p r e s e n ta tio n , t h e r e g iste re d an d c o u p o n b o n d s o f th e 4 %
fu n d e d lo a n o f 1907 t o a n a m o u n t n o t e x c e e d in g $ 2 5 ,0 0 0 ,0 0 0 , a n d w ill
p a y In terest t o J u ly 1 1907 u p o n th e b o n d s so p re se n te d .
B o n d s in ten d ed fo r r e d e m p tio n u n d e r th is c ircu la r s h o u ld b e fo rw a r d e d
t o t h e S e c r e ta r y o f t h e T r e a s u r y , D iv is io n o f L o a n s a n d C u rre n cy .
R e g is te r e d b o n d s m u st b e d u ly assign ed t o “ th e S e c r e ta r y o f t h e T r e a s u r y
fo r r e d e m p t io n ,” th e a ssign m en ts be in g d a te d a n d w itn essed b y o n e o f th e
o ffic e r s in d ica te d in th e n o t e p r in te d o n th e b a c k o f e a ch b o n d ; a n d w h ere
a y m e n t is desired in th e n a m e o f a n y p e rso n o th e r th a n t h e p a y e e o f such
o n d s ,t h e assign m en t m u s t b e t o " t h e .Secretary o f th e T r e a s u r y fo r re ­
d e m p t io n fo r a c c o u n t o f ------------------------- (H e re Insert th e n a m e o f th e p e r­
s o n in w h ose fa v o r r e d e m p tio n Is d e s ir e d .)”
T h e cir c u la r o f F e b ru a r y 11 1907 p r o v id in g fo r th e p u rch a se o f th e 4 %
b o n d s o f th e fu n d e d lo a n o f 1907 a t 101
flat Is h e r e b y r e s c in d e d .
GEORGE B. CO RTELYO U ,
S ecreta ry.

ITEM S AB O U T B A N K S , B A N K E R S A N D TR U ST CO’S.
— No bank or trust company stocks were offered for sale
at auction this week. A t the Stock Exchange the business
in these securities was limited to sales of 20 shares of stock
of the National Bank of Commerce, in three separate lots,
at 175 to 178.
S h ares B A N K — N ew Y o rk .
2 0 C o m m e r c e , N a t. B a n k o f ____

L ow .
175

H ig h . Close.
178
175

Last previou s sale.
M arch 1907— 182

— The Fidelity Trust Company is the name decided upon
for the institution which is to result from the combination
o f the interests in the proposed Atlas and Irving Trust com­
panies of this city. As noted in our item of March 9, Samuel
S. Conover is to be President of the new institution. The
petition filed by Mr. Conover and his associates for the
organization of the Irving Trust Company has been used,
thus making it necessary to apply merely for a change in the
name to the Fidelity Trust. The company will open at the
corner of Chambers and Hudson streets about May 1.
— The lately organized Astor Trust Company on Monday,
the 18th inst, took over the business of the Astor National
Bank of this city and started business in its new offices at
Fifth Avenue and 36th Street. The com pany’s attractive
banking room is finished with carved fumed oak, blue
marble and old ivory, producing a chaste and dignified effect.
There are special banking appointments for the ladies and
also a safe deposit department established on the same floor
with the main offices. The institution is backed by strong
interests, as can be judged by its personnel. E . C. Converse,
President of the Bankers Trust Company, and until recently
President of the Liberty National Bank, is its chief execu­
tive; Alex. H . Stevens, Seward Prosser and Thomas Coch­
rane Jr., are the Vice-Presidents. Besides the officers, the
board includes: Benjamin Altm an, B . Altman & Co.; John
Jacob Astor; George F. Baker, President First National
Bank; Stephen Baker, President Bank of Manhattan Com­
pany; Geo. B. Case, White & Case, Attorneys; Henry P.




[V o l .

l x x x iv

.

Davison, Vice-President First National Bank; John I.
Downey, contractor; Harrison E . Gawtry, Consolidated Gas
Co.; Robert W alton Goelet; Adrian Iselin Jr., A . Iselin &
Co.; Thomas W . Lam ont, Vice-President Bankers Trust Co.;
Edgar L. Marston, Blair & Co.; Gates W . McGarrah, Presi­
dent Mechanics National Bank; Charles A . Peabody, Presi­
dent Mutual Life Insurance Co.; George W . Perkins, J. P.
Morgan & Co.; William H . Porter, President Chemical Na­
tional Bank; Roy A . Rainey; Daniel G. Reid, Rock Island
System; Douglas Robinson, real estate; Archibald D. Rus­
sell; John F. Thompson, Vice-President Bankers Trust Co.;
Charles L. Tiffany, Vice-President Tiffany & Co., and Albert
H . Wiggin, Vice-President Chase National Bank.
— The directors of the Trust Company of America, at 135
Broadway, this week declared the usual quarterly dividend
of 8 % and 2 % extra, payable to stockholders April 1. This ,
it will be seen, is at the rate of 4 0 % per year.
— The new European-American National Bank, whose or­
ganization we referred to in these columns January 12, will
commence business on April 15 at 187 Greenwich Street,
corner Dey Street, this city. This bank location is near
Washington Market and in a district which is a centre of the
meat trade and produce merchants. The stockholders are
nearly all business men in this district. The officers will be:
M. F. Dennis, President; Frank Zotti, Vice-President; and
Oscar Newfang, Cashier. The directors and their business
connections are: George F . Drew, general contractor; M. F.
Dennis, of Dennis & Herring; Lyman McCarty, assistant
general passenger agent Baltimore & Ohio Railroad; J. W .
Melick, of J. W . Melick & Co.; Oscar Newfang, of the Me­
chanics’ & Traders’ Bank; William Grant Brown, of the
law firm of Cantwell & Brown, 170 Broadway; Charles S.
Lee, general passenger agent Lehigh Valley Railroad; F. P.
Marsh; S. F . B. Morse, President of Trinity Zinc, Lead &
Smelting Co.; Albert J. Simmons, General Eastern Passenger
Agent Lehigh Valley R R .,a n d Frank Zotti, private banker.
The new institution will have connections with banking
houses and besides the domestic banking it expects to do a
good foreign exchange business.
— The directors of the Hamilton Bank of this city on the
6th inst favorably passed upon the question of increasing
the capital from $200,000 to $300,000— not $800,000, as
stated in this column February 23. The stock will be offered
to the shareholders pro rata at $200 per share, thereby
increasing the surplus to $300,000. There will also be
undivided profits of $50,000. The principal object in en­
larging the capital is to provide for the opening of additional
branches. The bank already operates four branches, and
will open the fifth on May 1 at 163d Street and Third Avenue.
— The Manufacturers’ National Bank of Brookiynh as in­
creased the regular quarterly dividend payable April 1 to
3 % % , or at the rate of 1 4 % per annum. The institution
paid previously 3 % at each quarterly period with an extra
2 % in January 1906 and January 1907.
— The Mutual Alliance Trust Company, at 323 Grand
Street, purchased the property at 266 and 268 Grand Street
this week and will erect a new bank building for its own
occupancy. The company’s down-town branch is at H an­
over Square. Another branch is to be opened at Lenox
Avenue, corner 116th Street. Both the Grand Street office
and Lenox Avenue branch will have safe deposit vaults.
— The board of the Oriental Bank of this city has changed
the dividend period from semi-annual to quarterly by the
declaration of a 2 ^ % dividend, payable April 1st. This
is the bank's 108th consecutive dividend.
Last year its
payments were 5 % semi-annually, with an extra dividend
of 1 % . R . W . Jones Jr. is President, and George W .
Adam s, Cashier.
— The stockholders of the Guardian Trust Company, at
170 Broadway, elected the following new directors at the
recent annual meeting: James E . Nichols, of Austin, Nichols
& Co., the wholesale grocers; Erskine Hewitt, of the Trenton
Iron Company, and Charles E . F. McCann, to succeed
Leonard H . Hole, of W . N. Coler & Co.; Bird M. Robinson
and W . F. Balkam. For the class expiring 1910, George W .
Fairchild, William A . Barber, Ludwig Nissen, Henry S.
Manning and R . H . Rountree were re-elected to the board.
At the last call of the State Superintendent of Banking
February 26th, the company reported deposits of $5 ,541 ,00 0,

M a r . 23 1907.J

THE CHRONICLE

comparing with $4,701,000 February 28 1906 and $2,517,000
on January 1 1905. Its combined capital and surplus is
$1 ,000 ,00 0, with net undivided profits of $132,123. The
institution added 598 new accounts in 1905 and 699 in 1906.
— A quarterly dividend of 2 % % has been declared by the
Market & Fulton National Bank of this city, payable April 1.
Dividends heretofore have been paid semi-annually in Janu­
ary and July at the rate of 1 0 % per annum.

667

— An attractive booklet has been issued by the Springfield
National Bank of Springfield, M ass., for distribution among
its patrons and friends. The object is to portray the prog­
ress of the institution from its organization in 1893 to the
present tim e. A t its organization the bank had a capital
of $200,000 and surplus of $50,000; in July 1904 the capital
was increased to $250,000. The surplus and profits are now
$358,000, and the ratio of surplus to capital, it is claimed,
is the largest of any bank in Springfield. The deposits of
the institution have steadily increased, and on February 1
1907 were reported as $2 ,451 ,11 0. The bank is owned and
officered by Springfield men, with Henry H . Bowman as
President; Robert W . D ay, Vice-President; Ralph P. Alden,
Cashier, and Philip S. Beebe, Assistant Cashier.

— Announcement was made this week of the retirement of
the executive committee (with the exception of Charles D.
Barney) serving on the French-American Bank’s American
Advisory Board. The members resigning are: William A .
Read, of W illiam A . Read & Co.; Hans Winterfelt, of Hallgarten & Co.; Robert B . Van Cortlandt, of Kean, Van Cort— Frank M. Corry has been chosen President of the First
landt & Co., and Oakleigh Thorne, President Trust Company
of America. The French-American Bank is a French cor­ National Bank of Montpelier, Vermont, succeeding F . E .
poration, better known as the Banque Franco-Americaine, Smith, deceased. F . A . Dwinell replaces Mr. Corry as Vicewhich was organized over a year ago with $2,000,000 capital President.
by American and foreign capitalists. The withdrawal of the
— A t a special meeting on the 21st inst. the stockholders
New York members from its executive committee was caused of the Real Estate Trust Company of Philadelphia ratified
by a disagreement as to the management of its business from the proposition to reduce the total capitalization from
this country. S. D . Scudder, Manager of the New York $5,300,000 to $5 ,000 ,00 0, through the reduction of the
office a t 5 Nassau Street, has resigned and is now connected preferred stock from $3 ,800,000 to $3,500 ,00 0. It is stated
with the Bank of New York , 48 W all Street. The other that a meeting of the stockholders will be held on May 11 to
members of the American Advisory Board (not members of act on a still further reduction to not less than $ 4 ,5 0 0 ,0 0 0 .
the executive committee) having a stockholding interest
— Joseph L. Caven, for the past sixteen years President
include: H . Blumenthal, of Hallgarten & Co.; James W . of the Real Estate Title Insurance & Trust Company of
Gerard, Hugh J. Grant, Douglas H . Gordon, President Philadelphia, died on the 17th inst. A t the time of his
International Trust Co., Baltimore; J. Newman, of Isidore death Mr. Caven was also Vice-President of the United
Newman & Son; H . B . Parsons, President of Wells Fargo Firemen’s Insurance Company and Vice-President and direc­
Bank; John Skelton Williams of Richmond, V a ., and P. A . B. tor of the United Power & Transportation Company and the
Widener of Philadelphia. Henry Brunner of San Francisco,
Inter-State Railways of Philadelphia. He was formerly
who organized the Italian-American Trust Co. of this city,
active in politics and for five successive terms was re-elected
has, it is stated, acquired about $600,000 of the FrenchPresident of the Common Council. For a quarter of a cen­
American Bank’s capital stock formerly held by the retiring
tury he had been a member of the Board of City Trusts. He
members of the executive committee.
was seventy-two years of age.
— The Union Bank of Brooklyn Borough was taken over
— The First Mortgage Guarantee & Trust Company of
this week by the Mechanics’ & Traders’ Bank of Manhattan
Philadelphia began business on Monday at 927-929 Chestnut
Borough, the stockholders of the first-named institution
Street, the former quarters of the failed City Trust, Safe
having on Monday ratified the proposition to transfer its busi­
Deposit & Surety Company. The new institution is em ­
ness to the Mechanics’ . As noted March 9 , the Mechanics’
powered to conduct a general trust company business; its
& Traders’ has increased its capital from $700,000 to
principal feature, however, will be the handling of first mort­
$ 2 ,000 ,00 0, and its directorate from nineteen to twentygages on guarantee. Its officers are Joseph Savidge, Presi­
five members. David A . Sullivan is President.
dent; John Welsh Dulles, First Vice-President and Treas­
— The Ironbound Trust Company of Newark, N . J ., has urer; Charles P. Sherman, Second Vice-President, and
been organized with a capital of $100,000 and surplus of William E . Chapman, Secretary.
$50,000 to conduct a general banking and trust business.
— Antrim H . Jones has been appointed Second Assistant
The new concern is to begin operations on June 1 at 11
Cashier of the Central National Bank of Philadelphia.
Ferry Street. Its officers, chosen this week, are George
— Application for a charter for the Fairmount Savings
Forman, President; Charles O. Lyon and J. Henry Bacheller,
Trust Company of Philadelphia is to be made on April 8.
Vice-Presidents; and Rufus Keisler Jr., Secretary and
The proposed institution is to have a capital and surplus of
Treasurer. Mr. Forman, the President, is Auditor of the City
$600,000, and is to locate at Fifteenth and Race streets.
of Newark. His term will expire with the close of 1908.
The President, it is stated, will be John Gribbel, a director
Mr. Bacheller, the Vice-President,'is the City Comptroller.
of the Girard National Bank.
— James C. Gahagen, President and one of the organizers
— Charles Griffith has been elected President of the Citi­
of the Jefferson Trust Company of Hoboken, N. J ., died on
zens’ National Bank of Johnstown, P a ., to succeed the late
the 17th inst. He was sixty-two years of age.
Charles F. Kress. Thomas E . Murphy replaces Mr. Griffith
— The Middlesex Title Guarantee & Trust Company is the
as Vice-President.
name of an institution lately organized in New Brunswick,
— The stockholders of the City Bank of York , P a ., recently
N . J. The company has a capital of $100,000, and will be
under the management of George A . Viehmann, President; ratified a proposition to increase the capital from $100,000
Benjamin F. Howell, Vice-President; George Litterst, to $250,000. The enlarged capital will go into effect July 1.
Secretary and Treasurer, and Charles D. Ross, Assistant
Secretary and Treasurer.
— The organization of the Bristol Trust Company of Bris­
tol, Conn., chartered at the present session of the Legislature,
was completed on the 12th inst. The following are the
officers chosen: William E . Sessions, President; Charles E .
Wooding, Vice-President; Francis A . Beach, Secretary and
Treasurer, and George A . Beach, Assistant Secretary and
Treasurer. A one-story banking house for the new com­
pany will be erected at the corner of Main Street and River­
side Avenue. It will commence business, it is expected,
late the present year. The institution has an authorized
capital of $500,000.
— The death of M. S. Chapman, President of the City
Bank of H artford, Conn., and ex-State Senator of Con­
necticut, was announced this week.
He was sixty-seven
years old.




— A charter was this week granted to the United States
Trust Company of W ashington, D . C. The authorized
capital is $1,000 ,00 0, of which $500,000 is to be paid in
before starting business. There is to be no surplus, the
stock being sold at par, $100. The following officers have
been elected: Daniel N . Morgan, President; C. J. R ixey,
William J. Oliver and R . W . Beall, Vice-Presidents; Charles
A . Douglas, General Counsel and Trust Officer; Richard
E . Claughton, Treasurer, and James Trimble, Secretary.
Of the above, Mr. Rixey is President of the Traders’ National
Bank of Washington; Mr. Douglas is President of a W ash­
ington savings bank and Mr. Beall is Vice-President of the
Citizens’ Savings Bank of that city. The new institution
is expected to open on May 1.
— John C. Reilly, President of the Washington National
Bank and of the Washington Trust Company of Pittsburgh,
died on the 20th inst. He was sixty-three years of age.

668

THE CHRONICLE.

— The executive council of the Ohio Bankers’ Association
at a meeting on the 14th inst. decided to hold the annual
session at Cincinnati on June 26 and 27 . The matter of
dividing the association into groups, which has been under
consideration, has been referred to a special committee,
which is to report at the next convention. S. B . Rankin of
South Charleston, Ohio, is Secretary of the organization.
— The resignation of Howard S. Rodgers as Vice-President
of the Merchants’ National Bank of Cincinnati was tendered
and accepted at a meeting of the directors this week.
— The directors of the W alnut Hills Savings & Banking
Company of Cincinnati have elected Bernard Kohn President
to take the place of the late S. M. McKenzie.
— It is announced that it has been decided to liquidate
the business of the Farmers’ Bank of Canton, Ohio. The
President of the institution, Horace G . McDowell, com­
m itted suicide on the 13th inst. The bank had a capital of
$50,000. The last statement, it is said, showed deposits of
approximately $320,000.
— Authority from the Circuit Court has been received by
the People’s Deposit Bank of Indianapolis, In d ., to change
its name to the People’s State Bank.
— It is credibly reported that the Hamilton National
Bank of Chicago will soon remove to the corner of La Salle
and Monroe streets, in the New York Life Building, formerly
occupied by the American Trust & Savings Bank. This is
the pivotal centre of the financial district of Chicago.
— The Jennings Real Estate, Loan & Trust Company of
Chicago has of late been undergoing many transformations.
A few months since, J. Elliott Jennings, President
of a large real estate loan agency in the Chicago
First National Bank Building, concluded to add bank­
ing
in
all its
departments
to
his business,
and
to keep the institution open both night and day.
It
was Chicago’s only “ all-night ban k .” -Organized under
the State banking laws, with $250,000 capital stock, this
company had, according to its last sworn statement, Jan. 28 ,
savings deposits of about $50,000 and demand deposits
of over $320,000. Evidently its affairs were not progressing
satisfactorily, as last week all the savings accounts were
taken over by the Chicago Savings Bank & Trust Company;
then announcement was made that the “ all-night feature”
would be given up, and now a complete change in the
control of the institution has been made. It is said that
President Jennings, just before his sudden departure for
California on Monday night last, transferred his interests
to other parties. Charles H . W ilcox, a director in the
Federal National Bank, has assumed the management of
the trust business with the following associates as directors:
W . A . Kjellm ann, A . C. Goodrich, M . F. Russell, W . L .
Barnum, W . B . Stone. Mr. Kjellmann and Mr. Barnum
have been associated with Mr. Jennings in the past manage­
ment; the other directors are new. The name of this com­
pany will be changed and possibly its business location, as
rumor has it that the Federal National Bank may occupy
the present quarters of the Jennings Real Estate, Loan &
Trust Company.
— The Northwestern National Bank of Minneapolis has
placed its stock on a dividend basis of 1 0 % , having last week
declared a quarterly dividend of 2 J ^ % . The surplus has
also been increased from $950,000 to $1,000 ,00 0, making it
equal to the capital. It is further announced that an ade­
quate sum still remains to the credit of undivided profits.
A n average of 8 % per annum has been paid to the stock­
holders of the institution since its organization in 1872.
The stock is bid at 260.
— The stockholders of the First National Bank of Mem­
phis, Tenn., are to meet on April 13 to vote on the propo­
sition to increase the capital from $250,000 to $500,000.
They will also consider an amendment to the articles of as­
sociation with regard to the number of directors. J. A .
Omberg was recently elected President of the institution.
— The present year’s convention of the North Carolina
Bankers’ Association is to be held at Durham, N . C ., on
May 22, 23 and 24.
— The resignation of Charles H . Belvin, as President of
the Raleigh (N . C.) Banking & Trust Company, tendered
on account of impaired health, was accepted by the directors




[V o l .

l x x x iv

.

on the 11th inst. Charles E . Johnson was elected to succeed
the retiring President, and W . N . Jones was elected to the
office of Vice-President, which had been held by Mr. Johnson.
— For the second time since its organization in 1867, the
Fourth National Bank of Nashville, T enn., has extended
its charter for another twenty years. To show the growth in
its business during the forty years, the bank compares its
statement of March 5 1907 (the date of renewal) with those
of March 4 1887, and October 7 1867, the latter being the
nearest date obtainable to that of its organization. On the
latest date deposits of $5 ,157,072 are reported,'against $ 1 ,4 4 6 ,910in 1887a n d $ 2 53 ,629in 1867; surplus and profits are now
$611,323, comparing with $100,750 twenty years ago and
$2,654 at the earliest date. The bank started with a capital
of $200,000; the amount is now $600,000. The officers are:
S. J. K ent, President; J. H . Fall and W . C. Dibrell, VicePresidents; J. T . Howell, Cashier; G . W . Pyle and J. S.
McHenry, Assistant Cashiers.
— The directors of the Union Savings'B ank of Atlanta,
G a., have decided to increase the capital from $50,000 to
$100,000. The new stock will be sold at 110 and the pre­
mium placed to the surplus. The officers of the institution
are J. T . Holleman, President; E . J. Paxon, Vice-President;
W . L . K em p, Treasurer, and J. W . Andrews, Secretary.
— The Merchants’ Bank of Augusta, G a., which recently
concluded the purchase of the assets of the Equitable Trust
Company of that city, has increased its capital from $75,000
to $140,000. The bank’s surplus at the present time is
$150,000. No change has been made in its management,
which consists of Maurice W alton, President; William J.
Hollingsworth, Vice-President, and Albert S. Hatch, Cashier.
The resources of the bank’are approximately $1 ,0 0 0 ,0 0 0 .
— The Pensacola Bank & Trust Company of Pensacola,
Fla., began business on the 4th inst with a capital of $200,000.
Its officers are: O. L . Bass, President; F . L. Wilkinson,
Vice-President and Trust Officer; James B . Perkins, VicePresident and Manager Real Estate Department, and G. C.
Scudmore, Cashier.
— The directors of the Whitney-Central National Bank of
New Orleans, L a ., have elected Charles Godchaux to the
presidency of the institution to fill the vacancy caused by
the death of George Q. W hitnejT. Charles M. Whitney has
been elected a director and a Vice-President of the bank;
Morgan Whitney has also been elected to the board of
directors.
— The Merchants’ National Bank of New Orleans, where
several changes have lately occurred in the management,
now has as officers: President, Chas. de B. Claiborne, who
succeeds J. M. Sherrouse; Vice-Presidents, O. La Cour and
Guy Hopkins, and Cashier, Arthur B . La Cour.
— Beverly D . Harris has resigned as Cashier of the City
National Bank of Dallas to take the cashiership of the Com­
mercial National Bank of Houston. In the latter office,
Mr. Harris succeeds H . R . Eldridge, who has been promoted
to the post of Vice-President. The Commercial National
now has four Vice-Presidents, the others being James A .
Baker, F . Thornwell Fay and John M. Dorrance.
— Another resignation in the City National of Dallas is
that of J. A . Pondrom,who resigns as Assistant Cashier to
become Vice-President of the Texarkana National Bank of
Texarkana, Texas.
— Control of the Hunter-Phelan Savings Bank & Trust
Company of Fort W orth, Texas, has passed to W . T . W a g ­
goner, Guy W'aggoner, T . B . Yarbrough, J. W . Mitchell and
A . B. Wharton. The new interests have secured 905 of the
1,000 shares of the institution, paying for the stock $200 per
share, par $100. It is stated that it is the intention of the
new owners to change the company’s name to the Waggoner
Bank & Trust Company. The directors have elected of­
ficers as follows: W . T . Waggoner, President; T . B. Yar­
brough and A . B. W harton, Vice-Presidents, and G. L. W a g ­
goner, Cashier. Otho S. Houston and W . L. Smallwood,
formerly President and Cashier, will, it is said, open a private
bank under the name of Houston, Smallwood & Co.
— P. C. Kauffman, Secretary of the Washington Bankers’
Association, advises us that the twelfth annual convention
of that organization will be held at Spokane on June 20 ,
21 and 22.

D E B T S T A T E M E N T F E B R U A R Y 28 1907.
The following statements of the public debt and Treasury
cash'holdings of the United States are made up from official
figures issued Feb. 28 1907. For statement of Jan. 31 1907,
see issue of March 2 1907, page 486; that of Feb. 28 1906, see
March 10 1906, page 546.
IN T E R E S T -B E A R IN G D E B T F E B R U A R Y 28 1907.
Amount ------------ Amount Outstanding-----------Interest
Issued.
Registered.
Coupon.
Total.
Title o f Loan—
Payable.
$
S
$
S
2s, consols of 1930______ Q .— J. 595,9-42,350 589,814,250 6,128,100 595,942.350
3s, Loan of 1908-18_____ Q.— F . 198,792*660 35,751,160 28,194,300 63,945,460
4s. Funded loan, 1907___Q.— J. 740,933,650 84,077,500 27,618,800 111,696,300
25,500
4 s,R efu n d ’g certificates. Q.— J.
40,012,750
4s, Loan of 1925 _______ Q .— F. 162,315,400 94,226,850 24,263,050 118,489,900
21,560 30,000.000
Panama Canalloan, 1916 Q .— N.
30,000,000 29,978,440
j?A ggregate int.-bearing d e b t .. 1,767,996,810 833,848,200 86,225,810 920,099,510
N ote.— Denominations o f bonds are:
j- O f $10, only refunding certificates; o f $20, loan of 1908; coupon and registered.
; O f $50, all issues except 3s of 1908; of $100, all issues.
O f $500, all except 5s o f 1904, coupon; of $1,000, all issues.
O f $5,000, all registered 2s, 3s and 4s; o f $10,000, all registered bonds.
O f $20,000, registered 4s, loan of 1907; of $50,000, registered 2s of 1930.
D E B T O N W H IC H IN T E R E S T H AS CEASED SIN CE M A T U R IT Y .
Jan. 31.
Feb. 28.
Funded loan of 1891, continued at 2 % , called May 18
$40,000
1900, interest ceased Aug. 18 1900_________________
$40,000 00
Funded loan of 1891, matured September 2 1891-----26,600
26,600 00
97,300
Loan of 1904, matured February 2 1904--------------------97,300 00
931,845 26
931,795
O ld debt matured prior to Jan. 1 1861 and later______
D ebt on which interest has ceased________________$1,095,745 26

00
00
00
26

$1,095,695 26

D E B T B E A R IN G NO IN T E R E ST .
U nited States notes_________________________________________________ $346,681,016 00
O ld demand n o t e s ..______ _________________________________________
53,282 50
National bank notes— redemption account— _____________________ . 46,005,527 00
Fractional currency, less $8,375,934 estimated as lost or d e stro y e d ..
6,864,477 28

IM P O R T S A N D E X P O R T S FOR 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 January, 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 OVEM ENT O F T H E U N ITE D STATES.
(In the following tables three ciphers (000) are in all cases om itted.)
------------------ 1906-07------------------ ------------------------1905-06-----------------Exports. Imports.
Excess.
Exports.
Im ports, Excess.
Merchandise.
$
$
$
S
$
S
July-September___ 379,992
310,908 + 6 9 ,0 8 4
361,583
282,331 + 7 9 ,2 5 2
O ctober-Decem ber 560,409
372,245 + 1 88,164
524,439
306,872 + 2 1 7 ,5 6 7
J a n u a ry__________ [189,297
126,587 + 6 2 ,7 1 0
170,603
106,521 + 6 4 ,0 8 2
F e b ru a ry ................ 159,548
123,185 + 3 6 ,3 6 3
141,766
104,233 + 3 7 ,5 3 3
Totals ................1,289,246
Cold and Gold in Ore.
J u ly -S ep tem b er...
4,180
October-December
10,919
J a n u a r y .................
2,450
F e b ru a ry ................
1,027
T o t a l s ................
18,576
Silver andSilver in Ore.
Ju ly-S e p te m b e r...
12,004
October-Decem ber
15,516
4,767
Ja n u a ry __________
F e b ru a ry ..............
4,224
T o t a l s .................

R E C A P IT U L A T IO N .
Increase ( + )
or Decreased— •).

Feb. 28 1907.

Jan. 31 1907.

$920,099,510 00
1,095,695 26
399,604,302 78

$922,020,560 00 — $1,921,050 00
1,095,745 26
— 50 00
399.034,106 78
+ 570,196 00

i- Total gross d e b t ................... $1,320,799.508 04 $1,322,150,412 04 — $1,350,904 00
Cash balance in T r e a s u r y * ...
400,154,654 55
394,708,206 50 + 5,4 46,4 48 05
Total net d ebt.......................

$920,644,853 49

!
L IA B IL IT IE S .
$
i Trust Fund Liabilities—
$
646,082,869 001 Gold certificates_______ 646,082,869 00
471,993,000 0 0 ‘ Silver certificates______ 471.993,000 00
6,385,000 001 Treasury notes of 1 8 9 0 ..
6,385,000 00

Total trust liabilities.1,124,460,869 00
Total trust fund_____ 1,124,460,869 00
General Fund Holdings—
Gtn. Fund Liabilities—
21,654,220 11
G old coin and bullion___
115,993 745 84 National Bank 5% fund.
44,623 ,470 00 Outstanding checks and
Gold certificates_______
d r a fts ...........................
12,200,516 67
Silver certificates......... ..
7,370 511 00
Silver dollars....................
6,955 749 00 Disbursing officers’ bal­
2,359 626 98
65.078,475 54
Silver bullion___________
ances _____ __________
United States notes____
7,753 498 00 Post O ffice Department
account .........................
10,476,284 27
Treasury notes of 1890. 17,909 00
National bank notes____
13,584 ,999 00 Miscellaneous items____
1.459,465 16
Fractional silver coin___
7,361 332 46,
--------------------------Fractional currency____
72 8S1 Total gen’ l lia b ilitie s... 110,868,961 75
Minor c o i n . . . ................ ..
1,063 124 71
Bonds and interest p a id .
'30 ,789 8 5 1
Tot. in Sub-TreasMes. 207,114,828 72 ,
In Nat. Bank Depositaries—
Credit Treasurer of U. S. 140,282.289 54
Credit U. S. dis. officers.
10,203,946 36
Total in banks.............. 150,486,235 9 0 1
In Treas. of Philippine Islands—
Credit Treasurer of U. S.
840,438 82 j Cash Balance and Reserve—
C reditU . S. dis. o fficers.
2,582,112 86| Total cash and re se rve .. 400,154.654 55
--------------------------Made up of—
Total in Ph ilip pin es..
3.422,551 68! Av ailiable$250,154,654 55
---------------------------1
and
Reserve Fund'Holdings—
IReserve Fund—
C old coin and b u llio n ... 150,000.000 0 0 1Gold&buU. 150,000,000 00

T R E A S U R Y N E T H OLDIN GS.
Jan. 1 1907. Feb 1 1907.
Holdings in Sub-Treasuries—
$
N et coin and gold bullion--------------- ........... 313.999,622
.011,577
Net silver coin and b u llio n ............... ---------- 9.274,270
.275.488
Net United States Treasury n o te s..
15,171
14,460
Net legal-tender notes__________ ________ —
4,772.663
,121.292
Net national bank notes..................................- 11,105,884
,950,662
N iet fractional silver________________________ 3,720,430
.056,315
M nor coin, & c.....................................................
948.183
,078,498
343.836.223
150.000.000

M ch. 1 1907

$

310,617,216
16,685,887
17,909
7,753,498
13,584,999
7.361,332
1,093,988

336.518.292 d357,114,829
150.000,000 150,000,000

Cash in Philippine Islands__

193,836.223
158,753,158
4,398.584

186,518.292
160,654.952
4.200,304

207,114,829
150,486,236
3,422,552

Net Cash in banks. Sub-Treasuries..
D educt current liabilities.a....................

356.987,965
117,990,889

351,373,548
106,665,342

361,023.617
110,868,962

Available cash balance................................. 238,997,076

244.708,206

250.154.655

disbursing officers' balances.
d Includes $2,359,627 silver bullion and $1,093,987 minor coin, 4 c . , not Include
n statem ent "S tock of M oney."




2,846
4,117
5,742
8,486

13,730
19,954
2,606
2,080

— 10,884
— 15,83
+ 3 ,1 3
+ 6 ,4 0 6

99,588

— 81,012

21,191

38,370

— 17,179

9,317
11,234
3,657
3,693

+ 2 ,6 8 7
+ 4 ,2 8 2
+ 1 ,1 1 0
+531

14,362
18,070
7,517
' 6,435

9,333
11,433
4,687
4,480

+ 5 ,0 2 9
+ 6 ,6 3 7
+ 2 ,8 3 0
+ 1 ,9 5 5

27,901

+ 8 ,6 1 0

46,384

29,933

+ 16,4 5 1

— Excess of imports.

E x­
ports.
1906-07
1905-06
1904-05
1903-04
1902-03
1901-02

$
1,289,246'
1,198,391
1,008,061
1,047,946
982,068'
974,238

Excess
E x­
Of
Exports ports.

Im ­
ports.

Silver.

Gold.

Merchandise.
Eight
Months.

$
i
$
$
932,925356 321 18,576
799,957398,434 2 1 ,19l|
728,999279,062 84,385
654,362393,584 14,335
680,772301,296 17,346
594,467 379,771 38,932

Excess
E x­
Im ­
of
ports. Exports ports.

Excess
Im ­
of
ports. Exports

$
$
99,588 081,012
38,370 al7,179
41,128 43,257
64,552 a50,217
34,834 017,488
41,937 a 3 ,005

$
27,901
29,933
16,295
18,709
17,364
20,125

%
36,511
46,384
32.169
32,032
34.169
35,655

%
8,610
16,461
15,873
13,323
16,825
15,530

a Excess of imports.

Similar totals for the two months since January 1 for six

1907 —
1906. .
1905__
1904___
1903__
1 9 0 2 ...

Silver.

Gold.

E x­
ports.

Im ­
ports.

Excess
E x­
of
Exports ports.

$
348,845
312,369
230,468
260,845
259,578
230,715

S
249,772
210,754
201,427
171,612
167.797
147,488

S
$
99,073 3,477
101,615 14,228
29,041 31,622
1,324
89,233
1,592
91,781
83,227 10,640

Months.

Excess
Excess
E xIm Im ­
of
of
ports. Exports ports. 1 ports. !.E xports
$
j
$
$
8,991
6,546 03,069
4,686 9,542 13,952
8,401
4,089 27,533
13,260 a l l , 930 8,927
7,444
3,828 02,236
7,537 8,451
3,103

S
7,350
9,167
3,983
4,716
3,181
4,114

%
1,641
4,785
4,418
4,211
4,263
4,337

a Excess of im ports.

IM P O R T S A N D E X P O R T S OF GOLD A N D S IL V E R A T
S A N F R A N C IS C O .
The Collector of Customs at San Francisco has furnished
us this week the details of imports and exports of gold and
silver through that port for the month of February, and we
give them below in conjunction with the figures for preced­
ing months, thus completing the results for the eight months
of the fiscal year 1906-07. The imports of gold were of m od­
erate volume, reaching $198,038, of which only $25 was coin.
Of silver there came in $315,985, mainly bullion and silver
in ore. During the eight months there was received a total
of $13,613,233 gold and $2 ,354,505 silver, which compares
with $1,847,032 gold and $ 1,791,965 silver in 1905-06. The
shipments of gold during February were very meagre, reach­
ing only $1,500 coin, mainly bullion, and the exports of silver
were $276,442 coin. For “the eight months the exports of
gold reached only $16,735, against $2,516,942 in 1905-06
and $1,640,611 silver was sent out, against $7,959,959 in
1905-06. The exhibit for February and for the eight months
is as follows:

Grand total................1 .6 3 5 ,4 8 4 .4 8 5 30

T R E A S U R Y C U R R E N C Y H O L D IN G S .— The follow­
ing compilation, based on official Government statements,
indicates the currency holdings of the Treasury on the first
of January, February and March 1907. Statements for
corresponding dates in previous year will be found in our issue
of March 10 1906, page 547.

a "Chiefly

799,957 + 3 9 8 ,4 3 4

— 45,059
— 32,884
— 820
— 2,249

Merchandise.

T R E A S U R Y CASH A N D D E M A N D L IA B I L IT IE S .—
The cash holdings of the Government as the items stood
February 28 are set out in the following:

Less gold reserve fund___________

1,198,391

49,239
43,803
3,270
3,276

$927,442,205 54 — $6,797,352 05

The foregoing figures show a gross debt on Feb. 28 1907
of $1,320,799,.508 04 and a net debt (gross debt less net cash
in the Treasury) of $920,644,853 49.

Grand total.................. 1.635,484.485 301

932,925 +356,321

W e subjoin the totals for merchandise, gold and silver
for the eight months since July 1 for six years:

* Including $150,000,000 reserve fund.

ASSETS.
Trust Fund Holdings—
G old coin....... ............ ......
Silver dollars......... ...........
Silver dollars of 1890___

36,511

+ Excess o f exports.

Aggregate debt bearing no interest______________________________ $399,604,302 78

Classification of Debt—
Interest-bearing d ebt..............
D ebt, interest ceased_________
D ebt bearing no interest.........

669

THE CHRONICLE

M a e . 23 1907.]

Silver.

Gold.
Months.
Coin.
1906-07.
Septem ber-..............
O cto b e r----------------December - - -------January ---------------

$
4.187,090
- 1,780
5,051,046
1,459,950
k*
932
733,796
25

Bullion.
$
409,271
408,437
147,945
238,915
270,030
287,457
218,546
198,013

Total.
$
409,271
4,595,527
149,725
5,289,961
1,729,980
288,339
952,342
198,038

Total 8 m on th s-. 11,434,619 2,178,614 13.613,233

Coin.
$
" 26,303
4,746
31,960
37,080
52,700
33,176

Coin.
1906-07.
J u l y ______ ________
A ugust____________
Septem ber________
O cto b e r ___________
N ovem ber________
D ecem ber ................
January __________
Total 8 m on th s--

$
1,055

Bullion.
$

" ” 3,460
1,150
1,470
500
500
1,500

~ " i , 080
2,420

9,635

7,100

” 2",600

$
174,189
356,370
255,321
313,186
209,603
324,735
252,327
282,809

Total.
$
174,189
356,370
281,624
317,932
241,563
361,815
305,027
315,985

185,965 2,168,540 2,354.505

Silver.

Gold.
Months.

Bullion.

Total.
$
1,055

Coin.
$
3,228
1,315
56,450
87,068
134,848

” ” 5,540
3,570
1,470
3,100
500
1,500

249",803
276,442

16,735

849.373

Bullion.
$
419,762
116,000
94.000
67.000
67.000
27,476

Total.
$
422,99 )
1,31
172,45
181,06
201,848
107,219
277.279
276,442

791,238 1,640,611

670
p X 0 B c t ;m i !

THE CHRONICLE.
u m ic x x ia l£ r ig U s ltl3 x w s
(From our own correspondent.)

[V o l .
1907.
M ch. 6.

£

1906.
M ch. 7.

£

1905.
M ch. 8.

£

l x x x iv

1904.
Mch. 9.

£

.

1903.
Mch. 11.

£

Circulation------------- 28,129.790 28,291,950 27,343,750 27,706,525 28,228,830
Public d e p o s its ------ 16,010,787 17,404,157 16,619,241
12,308.746 13.876,923
Other deposits_____ 42,855,969 41,757,581 37,860,899 39,939,296 40,506,878
G overnm ’ tsecurities 15,449,756 16,380,867 15,589,185
19,224,834 14,665,318
Other securities------ 35,303,098 33,254,584 26,-124,310 25,231,156 32,520,83S
Reserve,notes&coin 26,408,898 27,822.259 30,856,138 26,152,363 25,687,595
Coin& bull.,both dep 36,088,688 37,664,219 39,749,888 35,403,888 35,741.425
Prop, reserve to lia­
bilities............p. c.
44 13-16
4747
56}*
47 1-16
56H 49 15-16
Bank rate_____ p. p.
5
*2 a
4
4
91 x d
Consols, 2}< p. c ___
S65*
90 7-16
85 7-16
91 5-16
31J id.
26 7-16d.
S ilv e r .........................
27 3-16d.
295*d.
225*d.
Clear.-housereturns 311,659,01,0 235,9.59,000 215,866,000 165,576,000 184,257,000
* March 9 1905.

London, Saturday, March 9 1907.
The sharp fall in New York this week has intensified the
stagnation here and rendered all careful people very cautious
how they engage in new risks. The best opinion here con­
tinues to be that no serious troubles will ensue. But the gen­
eral public is quite confused and unable to judge what may
happen. Therefore there is very general abstention from
Messrs. Pixley & Abell write as follows under date of
business in the Stock Exchange. Moreover, the large issues March 7.
GOLD .— The Bank has again secured the gold in the open market, amounting to
of American railroad short-term notes which are being placed abou t£ 800,000, after satisfying the Indian demand. During the week the Bank has
£659,000, almost entirely in bars. On the other hand the withdrawals
in Europe creates an apprehension here that gold may be received
have-been large, amounting to £1,227,000, of which £327,000 is for Brazil and
£400.000
for the Argentine, the net result being a loss of £568,000 on the week.
taken for New York in considerable amounts. For some
Next week £376,000 is due from South Africa. Arrivals— Cape, £731,000; Austra­
little time past the hope had been growing that the Bank of lia, £266,000; Bom bay, £96,000; W est Africa, £77,000; W est Indies, £17,000;
total,£l,187,000. Shipments— Bom bay,£ 154,550; Madras,£14,750; total, £ 169.300.
England would during February and March so strengthen its
S IL V E R .— The market has been a disappointing one, there has been practically
reserve that it could afford to see gold taken by New York in no demand for the Indian Bazaars and, in the absence of com petition, the special
buyers had the market to themselves, and the price has fallen to 31 ll-1 6 d ., closing
April. Unfortunately the gold shipments to Argentina and steady.
Forward has varied from /
‘ id. to 3-16d. under cash. Price in India is
Brazil have been heavier than had been expected. The ship­ Rs. 81 1-16 per 100 Tolahs. Arrivals— New York, £113,000; W est Indies, £8,000;
total. £121,000. Shipments—Bom bay, £258,900; Adelaide (coin), £38,100; total,
ments to Brazil, it is true, have been rather less than ex­ £297.000.
pected, but the shipments to Argentina have greatly ex­
M E X ICAN D O L L A R S.— There Is practically no business to report. Arrivals—
New York, £91,000. Shipments— B om b a y ,£56,500.
ceeded expectations.
The quotations for bullion are reported as follows:
It was thought that because the imports into Argentina
GOLD.
Mch. 7. Feb. 2 8 .1
S IL V E R .
Mch. 7.
Feb. 28.
during the past twelve months have increased so immensely
London Standard.
s. d.
s. d. I London Standard.
d.
d.
gold, fine, o z ......... 77
9
77 9 IBar silver, fine, o z ------31 11-16 32)*
Argentina would not be in a position to take gold, and when Bar
U. S. gold, o z__________76 4<4 67 4}£ 1 “ 2 m o. delivery, oz_31 9-16
32
it became known that the Argentine maize crop had been German gold coin, o z . . 76 4}* 76 4}* |Cake silver, o z ..............34 3-16 34 11-16
gold coin, oz___76
4}* 76 4)* IMexican dollars______ nom .
nom.
seriously injured the opinion became strong here that the French
Japanese yen. o z _____. _76
. . 4}* 76 4><1
gold shipments would be practically stopped. Unfortunately
The following shows the imports of cereal produce into
they have continued. On Thursday, for example, about the United Kingdom during the season to date compared
£6 00 ,0 00 was taken from the Bank for South America. It with previous seasons:
is true £2 00 ,0 00 was received. Still the continuous drain
IM PO RTS.
Twenty-seven weeks.
1906-07.
1905-06.
1904-05.
1903-04.
for South America makes it highly probable that the Bank
Im ports of wheat...................... cwt 40,724,000 40,952,800 52,015,100 46,015,761
will not be able to strengthen itself,as was generally hoped. Barley _ . ............................._.............13,667,100 14,066,200 14,031,400 20,474,768
Another unfavorable circumstance is that during the past O a ts ...................................................... 5,689,200 6,483.500 6,969,500 8,726,198
Peas— ................................................. 1,107,890
1,078,565
1,205,971
1,313,989
week the Indian Government has “ ear-marked” a very large Beans ................................................... 580,800
480,550
927,210
1,309,388
amount of gold, and thereby has further weakened the Bank Indian corn......... .............................2 6 ,1 9 5 ,6 0 0 24,372,600 23,557,000 27,737.797^
of England. Consequently the fear now is that if much gold F l o u r ------ ----------------------------------- 7,410,600 8,436,700 6,293.720 12,553,074
Supplies available for consumption (exclusive of stock on
is taken for New York in April the Bank of England will not September 1):
be able to reduce its rate and quite possibly may have to
1906-07.
1905-06.
1904-05.
1903-04.
W heat im ported..... ................cw t 40,724,000 40,952,800 52,015,100 46,015,761
advance it.
Im ports of flour....... .......................
7,410,600
8,436,700
6,293,720 12,553,074
In Paris there has this week been a decided drop in copper Sales of home-grown . . .................. 16,295,947 20,885,686 9,832,429 10,820,684
and diamond shares, which has checked business. Prices are
Total ........... .................................. 64,430,547 70,275,186
68,141,249 69,389,519
still enormously high, and operators must have made large Average
price wheat, w eek..............
28s. 8d.
26s. 9d.
28s. 8d.
30s. Sd.
profits. Still the sharp check has for the moment discour­ Average price, season....................... 26s. 4d.
________
______
_______
27s. Od.
30s. 4d.
28s. Id.
The following shows the quantities of wheat, flour and
aged them, the more particularly as the Income Tax Bill is
regarded with great disfavor by the whole of the investing maize afloat to the United Kingdom:
week.
Last week.
1906.
1905.
classes. In Germany business upon the Stock Exchange is W heat ....... ................................ qrs. This
3,590,000
3,195,000
4.005,000
3,745,000
very slack and operators generally are taking a rather un­ Flour, equal t o ...........................qrs. 170,000
165,000
260,000
165.000
620.000
435.000
675,000
favorable opinion. No doubt they are principally influenced M aize................ ........................... qrs. 670,000
English Financial Markets— Per Cable.
by the long liquidation in New York. They have a fear,
The daily closing quotations for securities, & c., at London
moreover, that trade in America is beginning to decline, and
that in consequence American competition, especially in iron as reported b\r cable have been as follows the past week:
London,
and steel, may inflict great damage upon German trade.
Week ending March 22.
Thurs
Sat.
Fri.
Wed.
M on.
Tues.
Parr’s Bank, the Hong Kong & Shanghai Banking Cor­ Silver, per o z _____ ____d 31 5-16 31 1-16 31
30 13-16 30 J*
30 5*
new 2 }* p e r c e n t s . 85 5-16 85 3-16 85%
85 7-16 85 7-16 85)*
poration, the Yokohama Specie Bank and the Messrs. Consols,
For a c c o u n t ................
85 7-16 iso 5- 16 85}*
855*
85 }2
85 5-16
Rothschild bring out to-day a new Japanese loan to pay off French Rentes (in Paris). .fr_c94.85
94.85
94.72}* 94.9214 95.05
94.72}*
Russian Imperial 4s. ____
76
74 H
76
745*
75 H
75}*
the 6 per cents. The latter amount to 22 millions sterling. Amalgamated
____
Copper C o___ 98
96}*
98
96 J*
96)*
The new loan is for 23 millions sterling. It is to be issued b Anaconda Mining C o_____ 13}*
135*
13}*
13)*
13
13!*
Topeka & Santa Fe 94 ^
95}*
94)*
94}*
95)*
94 %
half in London and half in Paris. It is to bear interest at Atchison
1001*
Preferred
______
___
99
99
99^
99}*
98}*
5 % and the issue price is 9
9
The Japanese Government Baltim ore & O hio__________ 1045*
103}*
103 }*
103}*
104
102!*
Preferred . ________ _. 91
91}*
91
91
91
91
can redeem it in 15 years, or at any time afterwards by giving
178}*
Canadian P a c i f ic __________ 1795*
177)*
178
177
177X
six months’ previous notice. If.no notice is given the loan Chesapeake & O h io________ 43 H
42 M
43
44}*
42}*
42)*
14}*
14}*
15
14
14}*
becomes redeemable in forty years. The loan was easily Chicago Great W estern_____ 14
Chicago Milw. & St. P a u l...
141
139 }*
143
140
141
underwritten and is expected to be a decided success. In Denver & Rio Grande, com . 142
32
31}*
33)*
32}*
32
325*
75V*
Preferred ________ ______ 75}*
76}*
75}*
76H
76 'A
Paris, indeed, the eargerness to get allotments is very great.
29?*
Erie, co m m o n ..
__ . . .
30?*
305*
30J*
28 J*
29}*
The Board of Trade returns for February are again highly
68 H
First preferred. ___ _. 67
68
68
68
68
Second p r e fe rr e d ______
49
48 H
48}*
48
48
48 M
satisfactory. Indeed,both imports and exports are the
IU.nois Central .................. 152
153 yj
152}*
152
151
151
largest ever recorded. It is to be borne in mind, however, Louisville * Nashville______ 123
124
123
123}*
123
123
21}*
21}*
22
that prices have risen very materially, and that consequently Mexican Central......................
215* - 21>*
Missouri Kan. & T e x ., com . 40
39}*
37}*
38)*
38
385*
the increase does not always represent augmented quantities.
68
67
67
67
6 6 }*
66}*
52!*
53
52
53
The value of the imports was £ 5 2 ,9 2 7 ,3 4 7 , being an increase National R R . of M exico_____ 53
53
124
124
N . Y . Central & Hud. R iv ___ 122
123
123)*
123
over February of last year of £ 5 ,4 0 0 ,0 9 4 ; or 1 1 .3 % .
The N. Y .Ontario & W estern___ 40
40 M
39}*
39*
39 H
395*
80
81
80
value of the exports of British and Irish produce and manu­ N orfolk & W estern, c o m ____ 79}*
81
80
84
Preferred
.
.
_
_
_______
84
84
S3
84
86
factures was £ 3 2 ,0 7 3 ,3 4 5 , an increase of £ 3 ,3 0 2 ,2 2 2 , or 1 1 .4 % Northern P acific____________ 130}*
130}*
133}*
129}*
131
63)*
The value of the re-exports was £ 9 ,4 2 5 ,8 3 0 , an increase of a P e n n s y lv a n ia -.____ ____ 64)*
64 \i
6 3 )*
63 H
63)*
Co_____ _________ 55H
53
54)*
56
54
54
£ 1,429,970, or 1 7 .8 % .
For the two months of the new year a Reading
44)*
a First preferred . - ............ 45
44 M
4 4 }*
44)*
44}*
44
the value of the imports has increased 1 2 .3 % , the value of
a Second preferred----------- 44}*
44
44
44
44
22}*
22}*
ock Island C o................. —
2 2 }*
22}*
22 H
the British and Irish exports has increased 12.7, and the R
80}*
Southern Pacific____________ c81)*
81
81
80
815*
value of the re-exports has increased 1 7 .9 % .
Southern R y ., co m ..... ............ 24
23 }*
23 5*
2 3 }*
24}*
23}*
Preferred ______ _______ 77)*
76
79
76
77}*
76}*
Money has continued throughout the week in strong de­ Union
Pacific, c o m --------------- 142}*
139)*
1412*
140}*
144
1405*
mand and is likely to continue so for the remainder of the
91
92
90
91
90
90
38!*
39
38 )*
38 H
39}*
month. For short loans the rate is about 4 ^ % , for three U. S. Steel Corp., c o m ______ 38 Yt
103}*
1035*
103 5*
104
1035*
1035*
m onths’ bills about 4 % % .
Everything points to a main­
14
14}*
14}*
15
14}*
14}*
28
28
27
28
27}*
27
tenance of the high rates, and, as already said, there is a
Debenture B s _____ . . . 62 )*
62
62}*
62
62 V*
fear that if much gold is taken for New York next month
a Price per share, b £ sterling, c E x -d iv id e n d .
the Bank of England may have to resort to exceptional
measures to protect its reserve.
The India Council offered for tender on Wednesday 100
Auction Sales.— Among other securities the following, not
lacs of bills, and the applications amounted to nearly 300
lacs, at prices ranging from Is. 4 l-1 6 d . to Is. 4 5-32d. per regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H . Muller & Son:
rupee. Applicants for bills at Is. 4 3-32d. and for tele­
S tocks.
S tocks.
graphic transfers at Is. 4 5-32d. per rupee were allotted
50 G u g gen h eim E x p lo r ’n C o . . 235
300 M t. H o p e C e m e te r y A s s o .,
60 O ra n ge C o. T r a c tio n C o .,]
a s s 't p a id . c e r t , o f d ep .
about 5 4 % of the amounts applied for.
N . Y . T r u s t C o . . . $3 per sh are
c o m m o n , $25 e a c h ____ !• $50
The following return shows the position of the Bank of
20 O ra n ge C o. T r a c t io n C o .,| lo t .
150 U n io n F e rry C o .......... ............25
p
re
fe
rre
d
,
$25
e
a
c
h
____
)
B on d s
England, the Bank rate of discount, the price of consols, &c.,
10 H o m e F ire In su ra n ce C o . .4 8 0
$ 2 ,5 0 0 N e w b u rg h
& O ra n g e
compared with the last four years:
L a k e R R . C o. 1st 5s, 1 9 4 4 .. 80




lo m n c r c iiil <tml

Mfriscztlmicous&zvos

STOCK OF M O N E Y IN T H E C O U N T R Y .— The follow­
ing table shows the general stock of money in the country,
as well as the holdings by the Treasury, and the amount in
circulation, on the dates given. The statement for Mch. 1
1906 will be found in our issue of Mch. 10 1906, page 547.
— Stock of M oney Mch. 1 190'
In United
Held in
Treasury, d
States.
265,993.746
Gold coin and bullion. 1,604,972,427
44,623,470
----------------Gold certificates . a ---6,955,749
Standard silver dollars 561,866,530
7,370.511
Silver certiflcates.a.7.361,332
Subsidiary silver-------- 128,134,441
17,909
6.385,000
Treasury notes of 1890
7,753,498
United States n otes-- 346,681,016
13.584.999
National bank n o te s .. 596,343.022

— M oney in Circulation------Mch. 1
M ch. 1
1906.
1907.
648,856.052
692.895.812
491,733,319
601,459.399
79,363,766
82,917,781
462,752,963
464,622,4S9
107.381.453
120.773,109
7,912,455
6,367.091
336.086,877
338,927,518
537,215,618
582.75S.023

T o t a l ........................ 3,244,382,436
353,661,214 2.890,721,222 2,671,302,503
Population of the United States March 1 1907 estimated at 85,602,000; circulation
per capita, $33 77.
a For redemption of outstanding certificates an exact equivalent in amount of the
appropriate kinds of m oney is held in the Treasury, and is not included in the ac­
count of m oney held as assets o f the Government.
d The statement of m oney held in the Treasury as assets of the Government
does not include deposits of public m oney in National Bank depositaries, to the
credit of the Treasurer of the United States, amounting to $140,282,289 54.

For a full statement of assets see public debt statement.
D IV ID E N D S .
W e have changed the method of making up our weekly
list of dividends. Heretofore our record has included only
the dividends announced each week, but for the convenience
of our readers we now enlarge the scope of the compilation
so as to show also dividends previously declared, but the
date of payment of which has not yet arrived. In the new
form the statement indicates all the dividends announced
for the future by all large or important corporations.
Dividends announced this week are printed in italics.
Name, of Company.
Railroads (Steam)
Beech Creek, guaranteed (quar. ) ..................
Belvidere D elatoare......... ..............................
Boston & Maine, com mon (qu ar.)______
Canadian Pacific, com m on_____________
Com m on, extra................................. ........
Preferred ..................................................
Chicago & Eastern Illinois, pref. (qu ar.).
Chicago Great W estern, preferred ' ' A " . .
Chicago Milw. & St. Paul. com . & p r e f..
Chicago & North Western, preferred___
Chicago R ock Isl. & Pacific R y . (q u a r.).
Cleveland Lorain & Wheeling, preferred.
Colorado & Southern, first preferred-----Second preferred______ ______________
Erie R R second preferred_____________
Interborough R apid Transit (qu ar.)____
Manhattan Railway (qu ar.)_____ _______
M inn. St. Paul & S. S. M ., com. (No. 8)
Prclcrred .... ................................ ............ ..
New York Central d: Hudson River (quar)
New York <ft Harlem, com . and pref___
New Y ork New H aven & H artford (quar)
Pittsburgh Bessemer & Lake Erie. c o m .
Pitts. Fort Wayne dfc Chicago, reg. g. (qu.)
Special guaranteed (quar.)____________
Pittsb. Youngstown & Ash ., com . & p f.
Reading, second preferred_______________
St. Louis & San Francisco, first pf. (qu.)
Southern Pacific C o., com m on (N o. 2 ) . .
Southern, preferred_____ _______________
T oledo St. Louis & Western, preferred..
Union Pacific, c o m m o n ................... ........
P r e fe r r e d ....... ...........................................

Per
Cent.
1
10
1H
3
X
2
IX
2X
3X
2
1X
2X
2
2
2
2X
IX
2
3X
IX
2
2
IX
IX
IX
3X
2
1
2X
2
5
2

When .
Payable.

Books Closed.
D ays Inclusive.

Apr.
Mch.
April
April
April
April
Apr.
April
Apr.
April
April
Apr.
April
April
April
April
April
Apr.
Apr.
Apr.
April
Mch.
April
Apr.
Apr.
Mch.
M ay
Apr.
Anrll
April
Apr.
April
April

1 Holders
15 Holders
1 Holders
2 Mch. 2
2 Mch. 2
2 iMch. 2
1 Mch. 14
1 Mch. 10
20 Holders
1, Holders
1 Mch. 16
1 Mch. 21
1 Mch. 17
1 Mch. 17
91 Mch. 13
1 Mch. 19
1 Mch. 16
\b Holders
15 Holders
15 Holders
1 Holder*
31 Holders
1 Holders
2 M ch. 10
1 Mch. 16
25 Holders
10 Holders
1 Mch. 17
1 !________
22 Mch. 31
15 Mch. 31
1 Mch. 9
1 Mch. 9

of rec. fM ch. 23
of rec. M ch. 12
of rec. Mch. 1
to
April 2
April 2
to
April 2
to
to
M ch. 17
to
April 1
of rec. Mch. 20
of rec. Feb. 2
to
Mch. 31
Apr. 1
to
Apr. 1
to
Apr. 1
to
to
April 9
to
Mch. 31
Mch. 26
to
of rec. Mch. 29
o f rec. Mch. 29
of rec. M ch. 28
of rec. Mch. In
of rec. Mch. 15
of rec. Mch. 16
to
Apr. 2
to
A pr. 1
of rec. Mch. If,
of rec. A pr. 25
to
Apr. 1
to
to
to
to

Street Railways.
American Cities R y . & L t., pref. (quar.)]
Aurora Elgin & Chicago (quar.)................
Bangor Railway dfc Electric (quar.)......... .1
Boston Suburb. Elec. Cos., pref. (quar.)i
Cincinnati Street Raihoay (quar.)........... .|
Dallas E lectric Corporation, preferred.
Detroit United Railway (quar.).................. j
Forest City RaUioay (Cleveland) __________!
Havana Elec. R y ., pref. (quar.) (N o. 5).|
Houghton Co.(M ich.) St. R y .,p f.(N o .l0 )
Interborough-M etropolitan, pref. (quar.)
Johnstown (Pa.) Passenger (quar.).!____j
Louisville Traction, com . (quar.)..............j
Preferred ...................................................I
Metropolitan Street R y . (N . Y .) (quar.).
Met. W est8id e Elev. (Ohic.).pref.(quar.)
New Orleans R y . & Light, pref. (quar.)__ [
PhiladelphiaCompany, common (quar.)..\
Philadelphia T raction......... .......................
Portland (Ore.) R y.,L t.& P .,p ref.(q u ar.)j
Ridge Avenue Pass. R y . (Phila.) (quar.)
Rochester (N . Y .) R y., pref. (quar.)-------St. Joseph (M o.) Ry., L..II.& P..pf. (qu.)
SaoPatilo (llrazil)Tram. Lt. & P. (quar.)
Savannah Electric Co., pref. (N o. 1 1 ) . . .
Seattle Electric C o.. preferred (N o. 1 3 )._
South Side Elevated (Chicago) (q u a r .)..
Tri-City Iiy. <k Lt. (Davenport,1a.)pf.(qu)
Twin City Rap. Trans. (M inn.), pf. (qu.)
Union Traction of Indiana, preferred__
UrtitedRailways, St. Is>uis, pref. (quar.).
U nitedT rac. & Elec.,Providence (quar.
Wash'ton Water Power, Spokane (quar.).
West End Street R y. (Boston), co m m o n ...

IX
IX
IX
75c.
IX
2X
lk
IX
1
3
lX
X
1
2H
IX
X
IX
IX
$2
IX
S3
IX
IX
2
3
3
1
IX
IX
2X
IX
IX
IX
3X

Apr.
Apr.
A pr.
April
Apr.
April
M ay
Apr.
April
April
April
Mch.
April
April
Apr.
Mch.
Apr.
M ay
April
April
Apr.
Apr.
Apr.
Apr.
Apr.
April
Mch.
Apr.
April
Apr.
Apr.
Apri
Apr.
Apr.

1 Mch. 22
to
6 Holders of rec.
1 Holders of rec.
15 Holders of rec.
1|..............
8 1Holders of rec.
1 A pr. 16
to
1 Mch. 21
to
15 Mch. 30
to
1 Holders o f rec.
1 Mch. 19
to
3 1 _______
1 ..............
1 ..............
1 Mch. 21
to
30 Mch. 22
to
15 Mch. 31
to
1 Apr. 2
to
1 Holders of rec.
1 Holders of rec.
1: Holders of rec.
1 Holders of rec.
11Holders of rec.
2 ..............
IS Holders of rec.
l;M ch . 10
to
3 0 ..............
1 Mch. 24
to
1 Holders of rec.
1, Holders of rec.
10; Mch. 28
to
! IMeh. 13
to
1 Mch. 21
to
1 Mch. 23
to

Banks.
Coal & Iron National (qu ar.)....................
Commerce, National Bank of (quar.)_____
First National. Brooklyn (quar.)................
Garfield National (quar.)......... ...................
Hanover National (quar.) — ....................
Manufacturers’ N ational,Bklyn. (quar.).
Market <fc Fulton National (quar.)............
Metropolitan (qu ar.)........................ ..........
New Amsterdam National (quar.)..............
Nineteenth W ard (quar.)...........................
North America, Nat. Bank of (quar.)___
E x tra........... ........................... ...................
Oriental (quar.) . ..........................................
Park National (quar.).................................

IX
2
4
3
4
3X
2X
1
3
2X
2
3
2X
4

Apr.
Apr.
Apr.
Mch
Apr.
Apr.
Apr.
Apr.
Apr.
Mch.
Apr.
Apr.
Apr.
Apr.

11Holders of rec.
li Mch. 21
to
l l _______
to
30
21
i m
22
to
11........... ..
I Mch. 20
to
1 Mch. 22
to
llM ch. 28
to
30 Mch. 22
to
I Mch. 21
to
1 Mch. 21
to
to
1 M ch. 26
1 Mch. 23
to

Trust Companies
Bowling Careen (quar.)..............
Central (quar.) .........................
Equitable (qu ar.)....................
Fifth Avenue (qu ar.)_______




671

THE CHRONICLE.

Ma r . 23 1007.]

5
15
3
3

Apr.
1 Mch 24
Apr.
1 Mch. 21
Mch. 30 Mch. 26
April
1 Holders of

to
to
to
rec.

April
April
Mch.
Mch.

21
15
31
31

Apr. 1
M ch. 25
M ch. 25
Mch. 15
Mch.
M ay
Apr.
April
Mch.
M ch.

25
1
1
15
13
31

Apr.
April
Apr.
M ay
Mch
Mch.
Mch.
Mch.
Mch.

1
4
14
1
8
15
12
20
15

Mch. 15
April 1
Apr.
Mch.
Mch.
A pr.
April
Mch.
Apr.

1
18
26
10
1
31
1

Mch. 13
A p r. 1
M ch. 31
M ch. 31
Mch. 31
Apr. 1
Apr. 1
Mch. 31
Apr. 1
Apr. 1
A p r. 1
M ch. 30
A p r. 1
A pr. 1
Mch. 31
Mch. 30

Name of Company.
Trust Companies.
Franklin, Brooklyn (quar.) (No. 6 7 )____
Lincoln (quar.) _______ _____ ______
Long Isl. Loan & Tr., Brooklyn (q u a r.)..
Mercantile (quar.)
------------- ---------------Metropolitan (quar.)___________ _______
Morton (quar.) _ _____________________
New York (quar.)----------------------------------Title Guarantee & Trust (quar.)-------- —
Trust Company of America (quar.) (No23)

P er
Cent.

When
Payable.

3 X Mch.
Mch.
3
Apr.
3
Apr.
5
Apr.
6
5
» Mch.
Mch.
8
Mch.
4
A p r.
8
A pr.
2
Mch.
2
A pr.
3

Van Norden (quar.)___________ _______
Washington (quar.). . ------------- -----------Miscellaneous.
Aeolian, W eber Piano&Pianola. pf. (qu.)
IX
Amer. Agricul. Chem., pref. (N o. 1 6 ) . . .
3
Am. Beet Sugar, pref. (No.31) (q u a r .)..
IX
American Can. pref. (qu ar.)___________
IX
Amer. Car <ft F d y.,com . (quar.) (No. 18)
X
Preferred (quar.) (N o. 3 2 )....... ............
IH
American Express. . __________________
3
American Ice Securities (qu ar.)------------IX
American Locomotive, common (quar.) —
IX
Preferred (quar.). — -------- ---------IX
American Pipe Manufacturing (q u a r.)..
2
Amer. Seeding Machine, com. (q u a r .)..
I
American Sewer Pipe (quar.) ---------- --75c.
Am. Smelt. & R ef., com .(quar.)(N o. 14)
IX
Preferred (quar.) (No. 3 1 )----------------IX
American Snulf, com mon (qu ar.)--------2X
Preferred (quar.)..... ............................. ..
IX
Amer. SugarRefin.. com . & pref. (quar.)
IX
American Telephone & Telegraph (quar.)
2
American T obacco, preferred (quar.)___
IX
American Type Founders, com . (quar.).
1
Preferred (quar.)........................ .............
IX
American Woolen, preferred (quar.)_____
IX
American Writing Paper, preferred_____
1
Bell Telephone of Canada (quar.) _____
2
Bell Telephone (Philadelphia) , (quar ) __
IX
B liss,E . W .. common (q u a r .)----------------2X
Preferred (quar.)_______________ _____
2
Cambria Iron, guaranteed..........................
2
Celluloid Company (qaar.)_____________
IX
Central Coal & Coke, common (quar.)-----IX
Preferred (quar.).......................................
IX
Central Leather, preferred (qu ar.)______
IX
Century Realty . . . ------ ------------5
Chic. Jet. Rys. & U. Stk. Y .. com . (qu .)
2
Preferred (qu ar.)......... ...........................
IX
Chicago Telephone (qu ar.)_____________
2X
Cincinnati Gas & Electric (quar ) . . ..........
IX
Columbus Gas & Fuel, preferred (quar.).
IX
Corn Products Refining, preferred (quar.).
1
3e
Preferred (extra) . .
__________ . .
Crucible Steel, preferred (quglt.)
IX
Cumberland Tel. & Tel. (quar.) (N o. 94)
IX
DistillingCo. of America, pref. (quar.)___
IX
Dominion Coal, com m on (quar.)----------1
Duluth Edison Electric, p ref. (quar.)-------IX
Eastman K odak Co. ot N. J . com . (qu.)
2X
Preferred (quar.) . -------------------------IX
Electric Boat, preferred (q u a r .).. _____
2
Electric Stor. B a tt., com . and pref. (qu.)
IX
General Chemical, preferred (quar.)____
IX
General Electric (qu ar.)-----------------------2
Granby Consol. Min. & Smelt, ( q u a r .)..
2
Extra ------------------ ---------------------------1
Great Lakes Towing, preferred (q u a r .)..
IX
Guggenheim Exploration (quar.) (No.17)
2X
Hall Signal, common (quar.) —
-------IX
Preferred (quar.)-------------------- ---------X
6
Preferred (a n n u a l)____________ _______
International Nickel, preferred (quar.)___
IX
International Paper, preferred (q u a r .)..
IX
International Silver, preferred (q u a r .)..
IX
Int. Smokeless Pow . & Chem. ,com . (qu.)
X
4
Preferred ______ _________! _________
Lanslon Monotype M achine_____________
2
Mackay Cos.. com . and pref. (qu ar.)___
1
Massachusetts Gas Companies, com m on.
1
Mergenthaler Linotype (quar.)
. —
2X
National Biscuit, com m on (quar.)_____
IX
Common, extra__________ ___________
1
Nat. Enam. & Stamping, pref. (q u a r .)..
IX
Vat. Lead, com mon (quar ) (N o . 13) .
1
National Licorice, preferred (qu ar.)-----IX
National Sugar Refining, pref. (q u a r .)..
IX
Neio York A ir Brake (quar.)____________
2
Neto York Dock, preferred______________
2
Otis Elevator, com m on____________ —
1X I
Preferred (qu ar.)------ ---------- -------------IX
Pittsburgh Plate (xldss (quclt.)
IX
Quaker Oats. com m on (quar.)--------------IX
Com m on, extra_______________________
X
Railway Steel Spring, com m on ................
2
Preferred (quar.) .
________________
IX
Republic I. & Steel, pref.(quar.) (No.24)
IX
26
Preferred (extra )........... ................. ........
Rhode Isl. Perk. Horseshoe, pref. (quar.).
IX
Preferred, extra--------- ---------------------X
Royal Baking Powder, preferred (quar.)
IX
Safety Car Heating & Lighting (q u a r .)..
2
E x t r a __ ____________________________
2
Sears. Roebuck & Co.. preferred (quar.).
IX
Sloss-Sheffleld Steel <fe Iron, preferred___
IX
Swilt & Co. (q u a r.)......... ..................—
IX
Tefft, Weller C o., preferred (quar.) . —
IX
Tennessee Coal, Iron & R R ., com. (quar.)
1
Preferred (quar.). -----------------------------2
______
Texas & Pacific Coal (qu ar.).
IX
Union Bag & Paper, preferred (q u a r .)..
1
Union Ferry (qu ar.)____________________
X
Union Switch & Signal, com m on (quar.)
3
Preferred (quar.)______ ____ _________
3
Union Typewriter, common (No. 11)____
3
First preferred (No. 2 8 )______________
3X
Second preferred (No. 2 8 )_____________
4
United Bank N ote Corp.. pref. (q u a r .)..
IX
United Fruit (quar.) (N o. 31) ..................
2
United Gas Im provem ent (qu ar.)______
2
United Shoe Mach. Corp., com . (quar.)_
2
Preferred (quar.)---- ------------------ . . .
IX
United States Leather, preferred (quar.)
IX
U. S. Realty & Im provem ent (qu ar.)___
IX
U. S. Reduetion&Kefining, p ret.(qu a r.).
1H
U. S. Steel C orp..com . (quar.) (No. 13).
X
U. S. Smelt., R ef. & M in., com . (qu ar.).
IX
Preferred (qu ar.)____________________
IX
Utah Consol. Mining ot N. J. (qu ar.)___ SI 25
25c.
Va.-Car. Chem., pref. (quar.) (N o. 4 6 ) ..
2
W aterbury Co. of W est Virginia (quar.).
1
W aterbury Co. of N. J. (com . (q u a r .)..
2X
Preferred (q u a r .).. . . .
_______
2
Westinghouse Elec. & M fg.. all stks. (qu.)
2X
Western Union Teleg. (quar.) (N o. 154).
IX
White (J. G.) <fcCo., Inc , pref. (q u a r .).
IX

Mch.
Apr.
April
April
April
April
April
Apr.
M ay
A pr.
April
April
Apr.
April
April
April
April
April
Apr.
April
Apr.
Apr.
Apr.
April
Apr.
A pr.
Apr.
Apr.
Apr.
Apr.
A pr.
A pr.
Apr.
Apr.
April
April
Mch.
Apr.
April
Apr.
A pr.
Mch.
April
A pr.
Apr.
A pr.
April
April
Apr.
Apr.
Apr.
Apr.
Mch.
Mch.
Apr.
Apr.
Apr.
A pr.
A pr.
M ay
Apr.
Apr.
April
May
Apr.
April
April
Mch.
\pril
\prll
April
April
Mch.
Apr.
A pr.
Apr.
Apr.
Apr.
Apr.
April
April
April
Mch.
April
April
Apr.
Apr.
Mch.
April
April
Apr.
Apr.
April
Apr.
May
M ay
Mch.
April
Apr.
Apr.
Apr.
Apr.
A pr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
\pril
Mch.
April
April
j April
April
jApr.
, April
April
April
Apr.
|Apr.
April

30
30
1
1
1
30
30
30
1
1
30
1

Books Clored.
D ays Inclusive.
Holders
Holders
Holders
Mch. 23
Mch. 23
Mch. 23
Mch. 26
Holders
Mch. 22
M ch. 22
Mch. 21
M ch. 26

30 Mch. 21
1 Mch. 19
1 Holders
It Mch. 19
l|Mch. 12
1 Mch. 12
1 Holders
5 Apr. 3
27 M ay 11
22 A pr. 1
1 Holders
15 Holders
1 Mch 23
15 April 6
1 Mch. 16
1 Mch. 17
1 Mch. 17
2 Mch. 3
15 Mch. 18
1 Mch. 16
15 Holders
15 Holders
15 Mch. 31
1 Holders
15 Holders
15 Holders
1 Mch. 27
1 Mch. 27
1 Holders
1 Mch. 6
15 Mch. 31
15 Mch. 31
1 Holders
27 Apr. 26
1 Mch 15
1 Mch. 15
30 Mch. 28
1
1 Holders
10 Mch. 30
10 Mch. 30

o f rec. M ch.
of rec. M ch.
o f rec. Mch.
Mch.
to
A p r.
to
to
M ch.
Mch.
to
of rec. M ch.
A p r.
to
A p r.
to
Mch.
to
A p r.
to
to
to
of rec.
to
to
to
of rec.
to
to
to
of rec.
of rec.
to
to
to
to
to
to
to
to
of rec.
of rec.
to
of rec.
of rec.
of rec.
to
to
of rec.
to
to
to
of rec.
to
to
to
to

*
29
23
23
31
1
31
31
22
1
1
31
1

Apr. 1
Mch. 31
Mch. 23
April * 1
April FI
April * 1
Mch. 16
Apr. 5
M a y 26
A p r. 21
Mch. 15
Mch. 31
A p r.
1
April 15
April 1
April 1
April 1
April 2
Mch. 30
April 1
Apr. 10
Apr. 10
A p r 15
M ch.150
Mch. 23
A p r. 5
Mch. 31
Mch. 31
Mch. 15
Apr. 1
A p r. 15
A p r. 15
Mch. 9
Apr. 28
April 1
April 1
Mch. 31

of rec. Mch. 15
A p r. 10
to
A p r. 10
to

to
1 Mch. 20
to
15 Apr. 5
to
2 Mch. 22
1 Holders of rec.
to
1 Mch. 1
to
1 Mch. 1
to
1 Mch. 21
1 Holders o f rec.
to
1 Mch. 19
15 Holders of rec.
to
30 Mch. 16
to
30 Mch. 16
1 Mch. 16
to
to
1 Mch. 16
1: Mch. 27
to
to
1 \Mch. 27
to
1 Mch. 27
1 A pr. 11
to
liM ch. 16
to
to
1 Mch. 7
1 Holders of rec.
15 Holders o f rec.
to
15 Apr. 2
1 Mch. 18
to
1 Mch. 17
to
to
30 Mch. 17
to
15 Mch. 29
to
15 Mch. 29
to
1 Mch. 13
to
1 Mch. 16
to
30 Mch. 26
to
2 Mch. 20
to
22 A p r. 6
15 Holders of rec.
15 Holders o f rec.
15 Holders of rec.
1
15 Holders of rec.
15 Holders o f rec.
to
4 Mch. 24
to
23 Mch. 16
to
1 Mch. 12
to
1 Mch. 12
5 Holders of rec.
5 Holders of rec.
30 Holders of rec.
1 Holders of rec.
1 Holders ot rec.
to
1 Mch. 17
to
1 Mch. 19
to
1 Mch. 16
to
1 M ch. 23
to
1 A p r. 11
to
1 A pr. 11
to
31 Mch. 21
15 Mch. 16
to
to
1 Mch. 21
to
10 Mch. 31
to
10 Mch. 31
to
1 Mch. 22
to
1 M ch. 22
to
1 Mch. 22
to
1 Mch. 17
15 Holdere of rec.
15 Holders o f rec.
15 Holders of rec.
15 Holders of rec.
1 Holders o f rec.
to
1 Apr. 25
to
1 Mch. 21
to
30 Mch. 16
15 Holders of rec.
15 Holders ot rec.
15 Mch. 16
to
15 Mch. 16
to
15:Mch. 31
to
1 Mch. 21
to
to
1 Mch. 21
1 Mch. 21
to
to
10 Mch. 31
to
15! Mch. 21
1 Holders o f rec

April 1
A pr. 15
A pr. 1
MchlGa
Mch. 15
Mch- 15
A pr. 1
Mch. 26
Apr. 1
Mch. 14a
Mch. 31
Mch. 31
A pr. 1
Apr. 1
A p r. 1
A p r. 1
A p r. 1
M ay ' 1
M ch. 31
Apr. 1
M ch. 20
April 30
A p r. 15
M ch. 30
April 1
Mch. 31
Apri) 1
April 15
April I
Mrh 21
Mch. 30
A p r. 2
A p r. 21
A p r. 1
Mch. 30
Mch. 30
April 5
April 5
April 4
Mch. 24
April 1
April I
A p r. 1
A p r. 1
Mch. 15
Mch. 14
Mch. 14
Apr. 1
Apr. 1
April 7
A p r. 1
M ay 7
M ay 7
Mch. 30
April 15
A p r. 1
Apr. lO
Apr. 10
M ch. 31
M ch. 31
Mch. 31
Apr. 1
Mch. 30
Mch. 30
Mch. 20
Mch. 20
Mch. 9
May 1
April 1
April 15
Mch. 15
Mch. 15
Mch. 22
M ch. 22
Apr. 15
Mch. 31
Mch. 31
Mch. 31
A p r. 10
Mch. 31
Feb 1 2 8

a Transfer books not closed, b On account of deferred payments, e On accoun t
of accrued dividends to date. £>] Also l)^ % o n com m on payable O ct.' 15 1907-

672

[Vol.

THE CHRONICLE.

Statement of New York City Clearing-House Banks.—
The following statement shows the condition of the New
York City Clearing-House banks for the week ending Mch. 16.
I t should be distinctly understood that as to all items except
capital and surplus the figures are the averages of the daily
results, not the totals at the end of the week. In other
■words, in reporting loans and deposits and holdings of
specie and legal tenders, the practice is to take the aggre­
gate of the amounts for the several days of the week and
divide this aggregate by the number of days.
W e omit two ciphers (00) in all cases.
Capital.

Banks
00s omitted.
Bank of N. Y ._
Manhattan C o.
Merchants’ ____
Mechanics’ ____
A m e r ic a ______
F b e n ix _______
C3ty _________
C h e m ic a l_____
Merchants’ E x .
Gallatin_______
Butch. & Drove .
Mech.&Traders'
G reen w ich ____
Amer. E x ch___
Commerce_____
M ercantile____
Pacific ______
Chatham______
.
People’s____
Neath Am erica.
H a n over______
Citizen s C en t..
N a ssa u _______
Market & Fult’n
Metropolitan . .
C om Exchange.
Oriental ._
im p. & Traders’
P a r k _____
East R iver____
F o u r t h _______
S e c o n d _______
F ir s t __________
Irving Nat. E x .
B ow ery_______
N. Y . C ou n ty ..
German -A m er.
Chase..._______
Fifth Avenue. .
German E x c h ..
G erm an ia_____
L in coln _______
G a r fie ld _____
fift h ..............
M etrop olis____
W est Side_____
Seaboard............
1st N at", Bklyn.
L ib e r ty _______
N. Y . Prod. Ex
New Am ster___
Astor .
S ta te _______

Surplus.

S
2,000,0
2,050,0
2,000,0
3,000,0
1,500,0
1,000,0
25,000,0
3,000,0
600,0
1,000,0
300,0
700,0
500,0
5,000,0
25,000,0
3,000,0
500,0
450,0
200,0
2,000,0
3,000,0
2,550,0
500,0
1,000,0
2,000,0
3,000,0
750,0
1,500,0
3,000,0
250,0
3,000,0
500,0
10,000,0
1,000,0
250,0
200,0
750,0
5,000,0
100,0
200,0
200,0
500,0
1,000,0
250,0
1,000,0
200,0
1,000,0
300,0
1,000,0
1,000,0
1,000,0
350,0
1 ,00tf,0

$
2,912,2
2,908,8
1,537,8
3,624,6
4,080,5
416,6
21,629,3
5,315,0
499,5
2,390,4
153,8
339,1
698,6
4,802,4
14,295,6
4,903,6
784,0
1,029,1
469,5
2,246,0
8,173,0
879,0
346,7
1,486,1
890,7
4,834,2
1,204,8
6,993,1
8,213,7
118,0
3,101,1
1,873,7
19,909,9
523,6
779,9
831,5
604,0
4,436,1
1,894,9
831,4
944,6
1,467,1
1,334,5
450,6
1,718,0
852,7
1,303,8
687,0
2,266,5
626,5
262,2
765,6
611,4

Loans.
$
16,701,0
20,989,0
12,716,0
19,313,0
22,064,8
7,820,0
143,061,1
24,865,5
5,626,6
8,285,4
2,394,6
6,121,0
5,843,2
27,378,8
135,377,3
22,440,9
3,315,2
5,829,9
2,158,9
17,025,8
54,638,4
19,238,1
3,514,1
7,506,3
10,419,6
35,967,0
9,880,1
24,577,7
70,771,0
1,304,1
18,308,0
9,888,0
82,163,3
15,452,4
3,601,0
5,012,8
3,937,2
47,931,9
10,677,3
3,363,5
4,855,9
12,692,5
7,859,2
3,087,8
9,801,6
4,495,0
16,759,0
4,811,0
12,322,6
6,087,1
4,992.1
5,768,0
12,565,0

Specie.

Legals.

Deposits. Re­
a
s’rve

$
2,193,0
3,869,0
2,576,2
2,712,0
4,079,1
1,776,0
23,258,2
4,328,9
1,042,0
973,5
429,9
978,0
961,8
3,433,7
18,146,1
2,778,4
223,3
732,1
345,7
2,701,0
11,468,2
3,149,1
272,3
1,147,8
2,291,2
7,608,0
1,825,6
4,124,0
16,996,0
223,0
3,323,0
1,246,0
14,135,6
3,445,4
718,0
1,007,7
818,9
11,887,4
2,369,2
180,0
835,3
1,499,2
1,566,9
586,9
725,4
693,0
3,046,0
697,0
1,737,4
1,332,6
645,4
806,0
3,509,0

S
1,621,0
2,352,0
1,008,3
2,033,0
2,124,5
104,0
7,168,1
1,678,8
257,3
603,4
70,1
760,0
250,0
909,8
10,070,9
1,134,8
373,5
864,0
247,9
1,159,2
6,223,0
1,509,2
459,0
679,8
191,8
3,749,0
408,8
1,120,0
3,810,0
146,2
1,954,0
1,216,0
1,660,9
543,4
102,0
503,8
191,2
938,9
605,1
925,0
746,6
1,712,1
294,3
220,5
1,183,1
531,0
1,802,0
394,0
507,1
419,3
462,6
377,0
195,0

S
%
14,348,0 26.5
23,600,0 26.3
14,333,3 25.0
18,491,0 25.6
23,579,2 26.3
7,257,0 25.9
116,713,3 26.0
23,447,6 25.6
5,698,9 22.8
6,004,9 26.2
2,107,1 23.7
7,095,0 24.5
6,208,0 19.5
19,112,8 22.7
110,161,1 25.6
17,521,6 22.3
3,647,2 16.3
5,930,5 26,9
2,466,1 24.0
16,147,1 23.8
63,930,7 27.7
18,544,2 25.1
3,846,8 19.0
7,116,9 25.6
10,385,1 23.8
42,126,0 26.9
10,159,0 21.9
21,218,0 24.7
79,391,0 26.2
1,536,9 24.0
20,154,0 26.1
9,445,0 26.0
64,209,4 24.6
15,506,7 25.7
3,950,0 20.7
6,033,5 25.4
3,935,0 25.6
50,808,4 25.2
11,646,6 25.4
4,214,9 26.2
6,174,5 25.6
13,302,3 24.1
7,967,3 23.3
3,228,5 25.0
9,159,8 20.8
4,877,0 25.0
19,253.0 25.1
4,716,0 23.1
10,178,9 22,0
6,991,2 25.0
5,437,1 20.3
5,560,0 21.2
15,101,0 24.5

T o ta ls ______ 126,150,0 156,252,3 1053,576,6 183,454,4 J70,572,3 1003,974,4 25.2
a

W e omit two ciphers (00) in all these figures.

Banks.
New York
Feb. 1 6 -Feb. 2 3 -Mch. 2 - .
Mch. 9 - Mch. 1 6 -Boston.
Feb. 2 3 - .
Mch. 2 - Mch. 9 - .
Mch. 1 6 .Phila.
Feb. 2 3 - Mch. 2 . .
Mch. 9 - Mch. 16—

Capital
and
Surplus.

Loans.

Specie.

S
281,934,0
281,949,5
281,949,5
282,402,3
282,402,3

•S
1092,061,0
1083,460,4
1079,185,6
1066,956,9
1053,576,6

$
192,167,5
190,145,8
189,065,2
185,456,7
183,454,4

$
76,650,1
75,419,2
74,401,4
71,566,3
70,572,3

$
1057,546,2
1045,021,7
1038,431,8
1019,889,1
1003,974,4

S
53,194,3
53,004,5
52,787,2
52,281,3
51,562,3

S
1,750,303.5
1,581,598,4
1,987,464,0
2,158,480,4
2,514,930,1

43,680,0
43,680,0
43,680,0
43,680,0

185,031,0
183,742,0
183,907,0
181,522,0

16,691,0
16,456,0
15,670,0
16,403,0

4,141,0
4,049,0
4,206,0
4,168,0

211,328,
208,814,0
208,500,0
208,627,0

8,479,0
8,477,0
8,491,0
8,489,0

148,360,0
167,729,8
169,933,3
182,649,6

51,165,0
51,165,0
51,165,0
51,165,0

223,864,0
223,012,0
223,064,0
222,729,0

256,204,0
255,863,0
249,695,0
250,145,0

13,813,0
13,812,0
13,796,0
13,785,0

108,274,2
169,739,7
141,250.0
144,706.7

Legals. Deposits, a Circu­
lation.

55,331,0
55,809,0
52,384,0
51,032 0,

Imports and Exports for the W e e k .— The following are
the imports at New York for the week ending March 16; also
totals since the beginning of the first week in January:
FO REIGN ' IM PO R TS A T N E W Y O R K .
F or week.

1906.

1907.

D ry G oods__________________
General Merchandise_______

$4,096,763
12,105,067

Total .....................................
Since January 1
D ry G oods_________________
General M erchandise_______

N. Y . City.
Boroughs 0/
M an.& B r’x.
W ash. H ’g’ts
Century ____
Chelsea E x ..
C olon ia l____
C olum bia___
Consol. N at.
F id e lit y ____
14th S treet..
H am ilton ___
Jefferson____
Mt. M orris..
M utual_____
19th W a r d ..
P l a z a ______
R iversid e___
I2th W a r d ..
23rd W a r d ..
Union E x ch .
Y ork v ille___
Coal & I. Nat
34th St. N at.
B att.P k .N at.
Borough 0/
Brooklyn.
B o r o u g h ___
Broadway . .
B rooklyn . . .
Mfrs.’ N a t ..
Mechanics’ . .
Nassau N at.
Nat. City___
North S id e ..
U n ion ______
Jersey City.
First N a t .. .
H ud.Co.N at.
Third N a t .. .
First N a t .. .
Second N at.

Loans.
and
Invest­
ments.

Specie.

Legal
Tender
and
Bank
Notes.

$2,647,642
11,146,107

$16,201,830

$13,971,751

$16,158,406

$13,793,749

$45,418,292
146,822,420

$40,076,970
123,911,397

$35,010,640
130,887,878

$31,370,591
109,739.722

Total 11 weeks___________ $192,240,712 $163,988,367 $165,898,518 $141,110,313

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Feb. 16 and from Jan. 1 to date:
E X P O R T S FROM N E W Y O R K F O R T H E W E E K .

$13,837,522
123,809,695

1905.
$11,913,848
100,823,262

$9,836,836
100,694,556

Total 11 weeks____ ______ $137,647,217 $138,230,571 $112,737,110 $110,531,392

The following table shows the exports and imports of
specie at the port of New York for the week ending March 16
and since Jan. 1 1907, and for the corresponding periods in
1906 and 1905:
E X P O R T S A N D IM PO RTS O F SP EC IE A T N E W Y O R K .

Weefc.

Imports.
W eek.

}Since Jan. 1

Since Jan. 1
$754,673
89,837
95,200
94.680
37,060
510,433
45,661

................
$346,890

Deposit with
Other
Net
Banks. Deposits.
dkc.

1904.

1906.
$11,918,224
126,312.347

1907.
For the w eek________________
Previously reported_____ . .

Exports.

Clear­
ing
Agent.

1904.

$2,905,903
13,252,503

Gold.

1^355,336

$6,845
4,889
56,239

Total 1907......................................
Total 1906
Total 1905____________ _____ ____

$680,875

SI ,702,226
3,652,375
29,889,071

$67,973
23,028
1.388.291

$1,627,544
504.657
2,204,506

Silver.
$
$
100,0
174,7
200,0
154,0
100,0
103,7
100,0
427,8
300,0
442,3
1,000.0 1,108,2
200,0; 144,4
1,000,0
424,0
200,0
243,3
500,0; 642,7
250,0
219,5
200,0
286,5
200,0
260,7
100,0i 342,9
100,0
101,1
200.0
211,3
100,0
174,6
750,0
839,6
100,0
384,7
.500,0
575.6
200,0
206,3;
200,0
119,2

S
976,3
1,439,5
1,109,1
4,496,4
6,286,0
6.810,7
1,145,8
6,714,6
5,210,6
4,162,7
2,858,0
3,555,0
3,922,7
4,096,0
1.877,1
2,394,0
1,717,2
8,360,5
3,451,5
4,725,0
1,458,9
772,2

S
12,8
25,0
84,3
88,5
301,0
820,2
14,5
215,0
266,8
12,2
175,0
25,2
24,9
279,0
15,9
41,0
64,9
448,7
40,9
608,0
356,1
110,4

S
39,1
76,0
32,9
364,3
263,0
128,9
74,8
307,9
218,3
290,2
81,2
414,6
322,0
270,0
142,8
206,0
176,0
234,0
382,5
164,0
7,2
34,5

200.0
156,3 2,914,5
150,0
405,4 2,794,0
300,0
152,8 1,986,6
252,0
704,0 4,723,0
1,000.0
896,5 10,663.3
750,0
918,2 6,049,0
300,0
614,3 3.171.0
100,0
212,5 1,836.6
1,000,0 1,026,9 10,432,0

39,5
14,0
118,0
463,2
254,6
209,0
128,0
28,1
370,0

196,4
185,0
75,2
132,3
625,2
418,0
354,0
116,9
740,0

139,8 3,282,9
259,3
59,0 2,897.8
213,4
34,4 2.152,2
243,6
185.1 4.989.5
566,5
991,0
159,3 12.324.9
765,0
5,317.0
404,0
88,0 3,586,0
51,1
174,5 1,948.7
2,850,0 1,383,0 14,423,0

S
66,9
77,7
120,9
523,6
484,0
450,7
81,9
359,4
220,4
241,7
263.8
52,3
477,2
188,0
132,4
225,0
119,0
486,2
228.9
608.0
85,8
34,7

$
800,9
"¥ 0",9 1,398,0
136,7 1,409,8
200,1 5,190.8
_
6,713,0
220,0 5,338,9
1.118,5
382,8 6,777,2
375,5 5,872,7
133.5 4,049,8
58.2 3.305.3
61,4 3,627,5
43,3 4,457,2
4,416,0
138 J 2,148.3
2,786,0
V l4,6 2,044,0
.......... 7.971.7
68,3 4,039.4
60,0 4,392,0
20,0 1,563,7
587,4

400.0 1,160,3
250,0
712,0
200,0
341,2

4.120,6
2,548,4
1,958,6

198,9
93,0
59,7

257,6
73,1
76,1

4,684,9
135,6
401,8

360,0
89,2
20,3

8.095,8
2,097,4
2,107,4

110,0,
125,0,

2,387.2
1,652,0

122,0
67,6

21,2
48.0

158,1
63,6

86,8
58,0

2.004.8
1.630.1

580.3
191,9

$683,405
136,000

$

T ot. Mch. 16! 11737,0 15659,7 134726.6 6,195,9 7,549,2 17,316,4 4,880,8 146865.6
Tot. Mch. 9 11737,0 15659,7 135461.9 6.077,5 7,390,3 15,253,0 5,062.6 145369.7
T ot. M ch. 2 11237,0 15288,9 134322.0 6,214,8, 7,623,5 15.310,8 5,421,1 145053,3




1905.

$3,476,554
10,495,197

W e omit two ciphers (00) in all cases.

Sur­
plus.

Clearings.

a including for Boston and Philadelphia the item "d u e to other banks” and
also Government deposits. For Boston these Governm ent deposits am ounted
on March 16 to $3,478,000; on March 9 to $3,474,000.

Reports of Non-Member Banks.— The following is the
statement of condition of the non-member banks for the
week ending March 16 1907, based on average daily results.

Capi­
tal.

.

New York City, Boston and Philadelphia Banks.— Below is
a sum m ary of the weekly returns of the Clearing-House banks
of New York City, Boston and Philadelphia. The New York
figures do not include results for non-member banks:

a Total of United States deposits included, $14,583,400.

Banks.

l x x x iv

$S ,235,522
273,000
1,000
29,829

$1,022
s lid
27,245

24,373
194,566
266,062
4,256

• $27,355
27.219
192.963

$490,279
523.781
568,706

1,786
___________

Total 1907

$819,405
680,740
567,686

$8,541,137
12,878,007
8,056,000

Of the above imports for the week in 1907, $7,105 were
American gold coin and $60 American silver coin. Of
the exports during the same t i m e _______were American
gold coin a n d _______were American silver coin.

ganM ur* anti f i n a n c i a l .
We shall be pleased to mail investors copies of our 10-page
circular describing 57 S h o rt-T erm Notes and C ollateral
I rust B on d s.

Spencer T r a s k &
B r a n c h O ffic e , A l b a n y , N . Y .

M

o

f

f

a

W illia m

t

&

Co*_

a n d P i a e S t s ., N e w Y * r k .

W

h

i

t

e

M em b ers N ew Y o r k S tock E x ch a n g e .
5 N ASSAU ST R E E T.

H A N O V K R B A N K B U IL D IN G

D e a l e r s in I n v e s t m e n t S e c u r i t i e s .
COMMISSION ORDERS EXECUTED FOR CASH ONLY

M a e . 23 1907.]

( S a j & e lf c e *

% *m x\ u xs7
F o r D ivid en d s see p a g e 671.

Wall Street, Thursday Night, March 22 1907.
The Money Market and Financial Situation.— Slow and
irregular progress has been made in a return to normal con­
ditions since the disturbance noted last week in the security
markets. There was a fairly substantial recovery from the
low prices then recorded, but the eagerness usually mani­
fested at such a time to buy seems now not to have been
participated in very generally by the investing public, but
by traders seeking quick profits. Any advance under such
conditions is likely to be temporary, as the steady decline
of values to-day demonstrates.
The local money market is also more quiet, but abroad
the situation is such that the Bank of France has deemed
it expedient to advance its rate from 3 to 3 % % .
The
importance of this action is suggested by the fact that for
more than seven years this Bank has not found it necessary
to establish so high a rate.
Considerable interest attaches, in railway and financial
circles, to recent announcements by railway companies of
the cancellation of orders for improvements and equipment.
Of course the importance of such a movement depends upon
the extent to which it is carried, but its present proportions
are such as to attract attention and invite comment.
The open market rates for call loans on the Stock E x ­
change during the week on stock and bond collaterals have
ranged from 2 to 6 % . To-day’s rates on call were
4@ 5% .
Prime commercial paper quoted at 6 @ 6 % %
for endorsements and 6 @ 6 % % for best single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £ 1 5 0 ,1 4 0 , and the per­
centage of reserve to liabilities was 44 .00, against 46.39
last week.
The discount rate remains as fixed Jan. 17 at 5 % . The
Bank of France shows a decrease of 3,325,000 francs in gold
and 375,000 francs in silver.
N E W Y O R K C IT Y C L EA RIN G -H O U SE B A N K S .
Differences
from
previous week.

1907.
M arch 16.
$
126,150,000
156,252,300
Loans and discou n ts.. 1,053.576,600
51.562.300
Net deposits__________ a l ,003,974,400
183,454,400
70.572.300
Legal tenders-------------

$
D ec. 13,380,300
D ec.
719,000
D ec. 15.914,700
Dec 2,002.300
D ec.
995,000

1906.
March 17.

1905.
M arch 18.

$
$
116.472.700
115.972.700
145,655,100
135,879,600
1,025,432,400 1,127,678,400
50,920,700
42,803,500
1,008,868,700 1.174,438.100
180.451.700 215,060,000
83,703,700
77,630,600

25% of deposits----------

254,026,700 D ec.
250,993,600 D ec.

2,997,300
3,978.675

258,082,300
252,217.175

298.763.700
293,609,525

Surplus reserve------

3,033,100 Inc.

981.375

5,865,125

5,154,175

► a $14,583,400 United States deposits included, against $14,479,600 last week and
$11,868,500 the corresponding week o l 1906. W ith these U nited States deposits
eliminated, the surplus reserve would be $6,678,950, onM arch 16 and $5,671,625
on March 9.
I N ote.— Returns o f separate banks appear on the preceding page.

Foreign Exchange.— The market was unsettled and lower
until Thursday, influenced by derangement in securities,ac­
companied by disquieting rumors of the embarassment of
international bankers; on Thursday there was a recovery
and the tone was strong on Friday because of a good de­
mand for remittance.
To-d ay’s (Friday’s) nominal rates for sterling exchange
were 4 80 for sixty-day and 4 8 4 % for sight. To-d ay’s
(Friday’s) actual rates for sterling exchange were 4 7 9 @
4 7915 for long, 4 8 3 5 0 @ 4 8360 for short and 4 8 4 2 5 @ 4 8435
for cables. Commercial on banks 4 7 8 6 0 @ 4 7870 and
documents for payment 4 7 8 @ 4 7 9 % . Cotton for pay­
ment 4 7 8 @ 4 7 8 % , cotton for acceptance 4 7 8 6 0 @ 4 7870
and grain for payment 4 7 9 % @ 4 7 9 % .
T o-d ay’s (Friday’s) actual rates for Paris bankers’ francs
were 5 2 5 % @ 5 25
for long and
5 2 3 % @ 5 2 2 3 for
short. Germany bankers’ marks were 9 3 % @ 9 3 9-16 for
long and 94 5 -1 6 @ 9 4 % d for short. Amsterdam bankers’
guilders were 39 8 4 @ 3 9 86 for short.
Exchange at Paris on London to-day 2 5 f.3 1 % c .; week’s
range 25f. 34c. high and 25f. 31 % c . low.
The week’s range for exchange rates follows:
-L on gsterling Actual—
H igh ............4 79
@ 4 7915
L o w ............4 7840
@ 4 7845
Paris Bankers' Francs—
H igh ............5 25%
@ 5 25
L o w ............5 26%
@ 5 25%
Germany Bankers’ Marks—
H igh............93%
@ 93 9-16
L o w ............93%
@ 93%
Amsterdam Bankers’ Guilders—
H igh...................................................
L o w ______
__________________
Less:
Plus:

a 1-16 o f 1 % .
k 1-16 o f 1 % .

673

THE CHRONICLE.

-Short14 8350
14 83

1523%
I523%
94 5-16
94 3-16

@ 4 8360
@ 4 8305

-Cables4 8425
I4 8375

@ 4 8435
@ 4 8380

5 22 %ft
5 23%
@ 94% d
@ 94%

39 13-16 & 39%
39 84
@ 39 86

d 1-32 of 1 % .
x 1-32 o f 1 % .

h 3-32 o f 1% .
V 3-32 of 1% .

%■ The following were the rates for domestic exchange at the
undermentioned cities to-day: Savannah buying, 50c. per
$1,000 discount; selling, 75c. per $1,000 premium. Charles­
ton selling, $1 per $1,000 premium. New Orleans bank, 85c.
per $1,000 discount; commercial, $1 per $1,000 discount.
Chicago, 10c. per $1,000 premium. St. Louis, 40c. per
$1,000 premium. San Francisco, $1 50 per $1,000 premium.
State and Railroad B onds.— The transactions in railway
and industrial bonds have been on a smaller scale than last




week, steadily diminishing day by day, but are still above
the average of recent months. There has been a partial
recovery in many cases from the depression reported in our
last issue. Among the exceptions are Burlington & Quincy
joint 4s, Delaware & Hudson con. 4s, Norfolk & Westera
con. 4s and U . S. Steel 5s, which are fractionally lower.
Some of these have been notably active, as have Atchison.,
Rock Island, Erie and Pennsylvania, which are higher.
United States B onds.— Sales of Government bonds at the
Board are limited to $30,000 4s, coup., 1907, at 1 0 1 % .
The following are the daily closing quotations; for yearly
range see third page following.
Interest March March March March March March,
22
Periods
16
18
19
20
21
2s,
2s,
3s,
3s,
3s,
4s,
4s,
4s.
4s,
2s,

1930 ----------- -registered
1930-_ ________ coupon
1 9 0 8 -1 9 1 8 -___registered
1908-1918_______ coupon
1908-1918..sm all coupon
1907 __________registered
1907______ _______coupon
1925 _______ -registered
1925_____________ coupon
1936 Panama Canal coup

Q— Jan
Q— Jan
Q— Feb
Q— Feb
Q— Feb
Q— Jan
Q— Jan
Q— Feb
Q— Feb
Q— N ov

*105
*105%
*103%
*103%
*102%
*100%
101%
*130
*130

*105
*105%
*103%
*103%
*102 X
*100%
101%
*130
*130

*105
*105%
*103%
*103%
*102 %
*100%
*101%
*130
*130

*105
*105%
*103%
*103%
*102 %
*100%
*101%
*130
*130

*105
*105%
*103%
*103%
*102%
*100%
*101%
*130
*130

*105
*105%
*103%
*103%
*102%
*100 %
*101%
*130 %
*130%

* This Is the price bid at the morning board; no sale was made.

Railroad and Miscellaneous Stocks.— As is usual after a
serious break in prices, the stock market was decidedly
irregular during the early part of this week. Later it be­
came more settled and the volume of business about normal.
The lowest prices of the week were generally recorded oa
Tuesday. These were an average of from 3 to 10 points
above the low level reached last week. On Wednesday the
tone was firmer, with a substantial recovery in most cases.
On Thursday the market was relatively dull, only about
640.000 shares having been traded in, as against nearly
2.600.000 shares on Thursday of last week, and no marked
tendency was apparent in either direction. To-day the
selling pressure was renewed, causing increased activity
and a general decline of prices. The latter amounted to aa
average of from 2 to 6 points for a large portion of the active
list and carried several issues below the previous lowest
prices of the week, Erie being conspicuous in the movement.
Delaware & Hudson has covered a range of 1 2 % points.,
Union Pacific 11, Reading and North W est. 10, GreatNorthem
8 , Northern Pacific and Illinois Central 7 and other promi­
nent issues from 3 to 5.
For daily volume of business see page 681.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
W eek ending March 22.
Alice Mining___________
Am er Teleg & Cable____
Bethlehem Steel- _____
P r e fe r r e d ____ _______
Chic & East Illinois, p f - .
Chic Milw & St P install­
in 't certs. 10% p a id ..
do pref, 10% p a id ..
Col Fuel & Iron, pref___
Comstock T u n n e l______
General C h em ical______
P referred ____________
H B Claflin_____________
In gersoll-R an d------------P referred------------------Kanawha & Michigan___
Manhattan Beach______
New Y ork D o ck _______
N Y & N J Telephone.
N Y & R o ck Beach_____
Ontario Silver M in in g ...
Peoria & Eastern______
Sears, Roebuck & Co, pf
United Cigar Mfrs, pref.
Western M arylan d--------

Sales
for
Week.

Lowest.

1.100
300
810
100
100

$4% Mch
75 Mch
11 Mch
50 Mch
115 Mch

Range for week.

1,325 118 Mch
3,425:132% Mch
300 65 Mch
1,300 30c. Mch
100 70 Mch
100102 Mch
100102 Mch
300 50 Mch
100 92 Mch
100 50 Mch
100 4% Mch
213 32 Mch
300 112% Mch
100 26% M ch
800 5% Mch
800 20 Mch
100 92 Mch
20 90 Mch
100 19 Mch

Highest.
22
21
21
16
19

$5
75
12
50
115

Mch
Mch
Mch
Mch
Mch

16 119 Mch
22 137 Mch
22 75 Mch
21 32c. Mch
19 70 Mch
21 102 Mch
20 102 Mch
21 52 Mch
21 92 Mch
20 50 Mch
19 4% Mch
16 32 Mch
16 112%M ch
20 26% Mch
22 6% Mch
22! 21% Mch
19 92 Mch
19 90 Mch
20 19 Mch

Range since Jan. L
i

Lowest.

Highest.

20 $4
21 75
18 11
16 50
19 115

Mch $7%
Mch 88
Mch 20%
Feb 65
Mch 120

Ja*
Pel*
ita
Jan
Ja*

16 115
16 132
20 65
21 23c.
19 70
21 100
20 102
20 50
21 92
20 50
19
4%
16 32
211110
20 26%
16
4%
16 18
19 92
19 88%
20 19

Mch 141
Mch 149
Mch 85%
Mch 50c.
Mch 75%
Mch 102%
Mch 103
Mch 60
Mch 94%
Mch 50
Mch
5
Mch 42
Mch 115
Mch! 26%
Jan 8%
Mch 30
Mch 94%
Feb 94%
Mch 30%

Jan
Jaa
Jau
Jaa
Jan
Feb
Jan
Jas
Jan
Mch
Jan
Jan
Jan
Mch
Feb
Jan
Feb
Jan
Jam

Outside Market.— Following the lead of the Stock Ex­
change, the “ curb” market has been irregular this week with
the trading dull. Boston Consolidated Copper from 26
moved up to 2 7 % , then dropped to 25 , recovering finally
to 2 6 % .
British Columbia Copper advanced from 7 % to
8 % , fell back to 7 % , later advancing to 8. Butte Coalition
ran up from 273^ to 3 1 % , declined to 28, and ends the week
at 30. After selling up from 1 7 % to 18, Greene Cananes
sank back to 1 5 % , closing to-day at 16. Greene Consoli­
dated Copper improved in the early part of the week from
2 5 % to 2 6 % , but closed to-day at 2 3 % Nevada Consoli­
dated Copper rose from 1 5 % to 1 6 % , dropped to 14 and
ends the week at 1434. United Copper common opened the
week at 65, advanced to 6 8 % , then declined to 6 4 % . It
moved upward again, closing to-day at 6 5 % .
Nipissing sold
up from 1 1 % to 1 3 % , fell back to 12 and ends the week a t
the low figure. Newhouse gained 2 % points to 2 2 % , the
close to-day being at 2 1 % In industrials Waterbury Com­
pany common was an active feature, losing a point to 48% .,
but advancing finally to 5 0 % . Western Ice was steady.,
fluctuating between 2 6 % and 2 6 % . Standard Oil from
5 0 9 % advanced to 515, but subsequently sank to 509„
Havana Tobacco common sold up from 1 0 % to 1 1 % , but
the preferred lost 4 points to 20. International Mercantile
Marine preferred declined from 2 2 % to 2 0 % . Chicago
Subway, after an advance from 1 9 % to 21, moved down to
1 6 % and closed to-day at 1 6 % .
Great Northern “ rights*!
from 18 went to 2 0 % , sank to 1 4 % , recovering finally to 15..
Outside quotations will be found on page 681.

New York Stock Exchange— Stock Puecord, Daily, Weekly and le ir ly
O C C U P Y IN G

TW O

S'LO CKS—H I G H E S T A N D L O W E S T S A L E P R I C E S
M on d a y
M a rch IS

W ed n esd ay
M a rch 20

T u esd a y
M a r c h 19

T h u rsd a y
M a rch 21

STOCKS
N E W Y O B K STOCK

tr td a v
M a rch 22

EXCHANGE

__
*......

1 5 0 4 158
212 212

•iV6" i ’5 0
*160

*6

15
5
U
74ia
*1 0 6
27%
[ 61
; 48
181
'• 475
! 31
73

150
”

180
10
15

14
75
109
^y%
62
49%
l^B
475
82
7a

' isV ’h
23 4
29%
65
46
' *634

i
r

24
3t>4
66
47*4
72

*85 yo

j 142% 147 S;
j 62
6 5 j4
11

•

(
{
j
,
i
\
k
t

444J *

•

146 1 46 4
25%
26
60
61
»8
194
38
384
*75
78
21 is 22 4
4 9 % 50
20

20

!>-*?8
65
t- * 5 3
60
1183b 120
1136 137
95
95
'2 0 's 2 1 4
. *50
53
i *85
88
1 0 8 Hi 111
130% 130%
37 Hi 38%
; 64*4 66
7014 72>4
• 121 125
504 504
f 2 3 4 23 4
i 118 4 119%
42 4 4 2 4
*1 0 5 120
* .......

86

, 179 179
‘ 39
40
f 7 6 4 79
' 1 2 6 4 i'30 4
1- 141264
i’ .S
97
•9l> 100
♦tk: 100
1 2 - 4 12534
71
71
*«341D 8
105 4 110%
86
85
83
83
: 2 1 4 22^
46
48
65
t *60
, 33
38
t *20
214
50
53
i 804 844
r 114 1 1 5 4
r 2 2 % 24
? 75
757,
26
29
*1 0 5 110
26
26
29
61
514

2934

1 4 7 4 150

1 3 9 4 1 3 9 4 140 140
*160 180 *160 180
7
'6
10
7
15
*12
20
15
5
*44
f>H1
54
14
14
14
14 l4
75
7 4 34 75*., ♦72
*106 109
*106 109
27
28
27%
294
*60
62
61
61
49
51
48 4 49%
I h 2 4 186
175 1 8 2 4
475 475
'29 " 3 0 4
31
3LH.
734 734
7 2 4 73
71
*70
7434
71
14
14
14
14
22 4 23 4
2 1 4 24
29
30
2 8 4 29%
65
6 4 4 65
6 5 34
4 6 34 48 **
454 464
*65
*65
70
70
*85
*85
90
90
144 1 4 6 4 1 3 8 4 1 4 3
60
62 4 65
62 4

11

*
86
•IIIIII "yo

152 4

11

.....
784

,

10
11 Hi
444 *
78
78 4

__

.....

' 90"
145
1464
25
26
* 5 8 % 69%
1 8 4 19%
33
36
75
76
2 2 4 23 4
6 2 4 53
1 94 194
565
65
*50
60
119 1 1 9 34
135 135
*95
98
2034 2 1 4
5 2 4 52 4
*86
90
107 109
132 4 135
364 3^4
64 4 65
714 724
11941194
50 4 5 0 4
*■204 23 4
118 119%
40
424
*110 120
'7 0
90
*173 179
3834 39 4
78
79
§83
83
1 2 6 4 130
124 1 2 5 4
97
97
*90 10'S
100 100
122 1233,
* <0
72
S' * 4 9 3 34
1«. 1 4 1 0 9 34
” 85
88
85
*.
2 1 4 22
48
434
60
59
36
37 4
*21
23
? 5 3 4 53>,
80 4 82 4
114 114%
22 4 2 3 4
74
74 >4
284 294
'1 0 5
110
25 4 25 4
2934
29
50
514

11
44 4
78

" a 'S " " s i "
142 1 4 4 4
24
25
5734 59*o
184 184
3434
34
*73
76
2 1 4 22%
51% 63
*18
22
*55
65
53
53
117 118 4
134 135
95
96
204 214
52 >4 52 4
*86
90
105 105
130 132
35% 37 4
63
644
70 4 72 *4
♦119 125
51
51
* 2 o 4 23 4
1 16 4 1184
♦
42
*105 120
♦
85
i7 8
178
384 384
75 4 7734
*75
90
123 1 2 6 4
1204124
*95
97
*90 105
*tf7 ItH)
1204123
704 704
*92% 9 3 4
10434
85
85

.....

20% 2 1 4
46
47
*57
64
35
36
18
20
49 4 49%
77% 8 1 4
114 4 1 1 4 4
2 2 4 22%
74
74
2 7 4 28
*105 115
26
26
27
294
494 504

S a its 0. R a n y e t o r Y ea r 1 9 0 7 \Ranye to r P r e v tv u 1
On basis o f 1 0 0 -sh a re loU
Y ear (1 9 0 6 )
the
W eek
H igh est
j H ig h est
L ow est
I Low est
S h a res

BaSroadn.
7 \ 85% M ay
1 1 0 4 Sep
90 % 9 2 4
teh. Tepeka<fcSanta F 190,325 8 2 % M a r l4 1 0 8 4 J an
8 8 4 92
1,300 93 M a r l4 101% J an 11? *98 D ec 106 Jan
94
95
9 5 4 96
D o p r e f .................
11,288 99 M a r l 4 133 4 J an f) 1 3 1 4 J ’ly 167 Jan
100 102 A t la n t ic C oa st L in e E B .
102 103
03.13L 95 M ar 14 122 Jan 5 I 0534 May 125 4 Sep
99
99%
9 6 4 99
B a lt i m o r e & O h i o ..........
600 8 7 5f M a rlS 94 4 J an 10 91
Oct 9 9 4 Jan
*87
90
*87 4 90 J j D o p r e f........................
53,520 45*4 M ar 14 83% Jail 7 71 J ’ ly 94 4 Jan
5 3 4 54%
52 4 5 4 4 B r o o k ly n R a p id T r a n sit.
300 95 M a r l 4 115 Jan 26 124 Nov 153 4 S«*P
100
100
*100 128
~ iffalo R o c h e s te r & P it t
. . . . . . 135 J a n 4 135 Jan 4 1:->9 4 Xo\ ISO D eo
*110 1 3 9 4 110 1 3 9 4
D o p r e f ........................
.......... 83 F e b 16 85% Feb 8 83 Jan 87
F eb
' ......... 85
* ......... 85
ilEalo <&> B a squ e, p r e f . .
83,5 7 5 163 M ar22 1 9 5 4 Jan 4 155% May '0 1 4 D ec
171%
170% 172 4 163
Canadian P a c ific ...........
4 0 0 60 M ar 14 65 Hi J a n 14 65 4 J ’ ne 70% Jan
■•61
6 2 34
•61
62
505 175
M ar 22 219 4 -Ian ? 204 May 239% May
180 180
175 175
24,5**0 37 *e M ar 14 56 J a n {■ I 5 1 4 X o v 65% Auij
41
41%
3 9 4 4 1 4 O lieeapeake & O h io ...
2 3-2 14% M ar 7 27 4 -lan fi 25 4 Sep 3 5 % O ct
*16
‘ 16
18
17*4 C h ica g o
A lt o n K B ........
200 59 M ar 19 69 Jan f» ! 70 D ec 77 4 O ct
*.......... 59
59
D o p r a f ..........................
6 ,8^0 13 M a rl 5 18 Jan V 1 16 J ’ ne1 23% Jan
13% 133, Otu c a g o G rea t W e s t e r n ..
1334 1 4 4
500 76% M ar 1!- 79 F e b 25 i 7 9 4 Sep 86 4 J a n
77
77
77
*75
D o 4 p. c. d e b e n tu re s
400 61% M a r l 5 713. F e b 14 i 70 1let 80 J a n
* 6 1 4 64 4 ‘ 6 1 4 6 4 4
D o 5 p. c. p re f. “ A ” ..
2,100 1 7 4 M a r l5 2 6 4 Jan 5 24% Nov- 39% Jan
18
18
1 9 4 19 H
D o 4 p. c. p r e t
105,557 125 M a r 14 1 5 7 4 J an 14 tH 6 4 D ec 199% D e c
1 3 0 4 132% 129 *2 1 3 134
420 149 M ar 14 1 6 5 4 Jan 5 It 160 Dee 2 H
Aug
150 150
148 152
D o p r a f..............
....
31 J a a 2 9 35% Jan 5 32 4 D ec 33 4 D ec
D o *ub*<»rip w a r ’ ota h
19,462
141 M a r l 4 205 J a n 10 192 A !>> 240 J an
147*4
1
4
8
j4
1 4 8 4 1 5 0 ‘s
14241493b
150 207 M ar 11 234 J a n 10 1225 Aup 270 M ai
200 235
♦200 235
D o * r # t .. .
200 10 M ar 14 1
Jan 23
D o r ig h t s .
300 130% M arlS 170 Jan 8 !168 J ’ ne 198 J an
♦i'38 " 1*45" * i'8 5 ” i ‘4 5 ” ■1*3*8** 145* C h ic. St. P . M in n . & Orn.i
160 Jan 18 165 Jan 19 |l75 N ov 202 J a n
160 180
*160 180
*160 180
D o p r e f........................
"io o
9 34 Feb 21 I 9% A.pr 1 8 4 J an
6 M ar 6
*5
7
*6
10 C h ica g o T e r m ’l T r a n s fe r
*64
74
210 15 M a r l 6 25 J a n 11 25 D ec 423, Jan
*15
*15
30
30
*15
30
D o p r e f........................
2,100
5 34 Jan y 1 3 % M ay 13% F eb
4 M a rl 4
5
5
5
0
5 C liicago u n io n T r a c t io n .
*44
1,400 1 1 4 M a r i 4 ly % J an 9 J 11% J ’ ly 4 7 4 M ai
13
13
13% 13%
* 1 3 4 14
D o p r e f..........................
1,200 70 M a r lS 92% J an 7 1 89 D ec 109% Jan
*72
SO
75 C le v e . C ln. C h ic. <fe St. L
72
75
*73
___
_ 106 F e b 21 108 4 J an 7 110 J 'ly 118 Jan
105 103
*105 1 0 6 4 *105 109
D o p r e f ..........................
12,045 25 % M a r lS 38% Jan y 2 y 4 J a n
26
273 b C o lo ra d o & S o u th e rn
26% 27
41 O ct
2 6 4 27%
6 l 0 61
M a r l 6 69 4 J an 7 66 4 A p r 73 4 F eb
61% 61% $62 4 6 2 4 )
6 1 4 6 1 34
D o 1st p r e f e r r e d ___
5,115 47 M a r l 4 58 4 J a n 8 43 May 5J D ec
49
50
50
50
47*a 4 9 34
D o 2 d p r e fe r r e d ___
173 1 7 7 4
178 1 7 9 4 177 178
e law a re <fe H u d s o n ___ 14,075 1 6 7 4 M a rl 4 227 Hj Jan 2 189 May 23 13, X o v
1,000 460 M a r l 4 510 J a n 24 437% May 560 May
♦470 480
*473 480
470 470
elaw . L a ck . & W e s t ’ n .
7,-i80 28 4 M a r l 4 42% Jan 7 36 % May 51% Jan
30
30
314
3 0 4 31
3 1 4 D e n v # r <& B io G ra n d e ___
1 ,-9 0 70 M ar 9 8 3 % J a n 10 83 OCl
$75
75
73
73
9 1 4 Jan
73
74
D o pret
400 6 5 4 M a r lS 8 0 ‘o J an 16 79% D ec 102 F e b
71
*70
*70
7 1 4 -7 0
71
D e tro it V m t e d .....................
1,020 -»% M a r l4 19 4 J an 6 16 J ’ ly 22% Jan
13% 1334 * 1 3 4 16
* 1 3 4 16 D u la th So. S iiore <fe A t l . .
1,600 20 M a r il 39 J an 4 32 A pr 45 Jan
22 4 2 2 34 * 2 1 4 26
* 2 1 4 27
D o pref
110,580 24 4 l i a r 22 4 4 4 J an 6 3 8 4 May 50% J an
29
30
28
28%
244 284
r ie ..........................
a,525 69 % M ar22 75 % Jan 7 74% D ec 83 Jan
64% 65
64% 65
59-4 6 3 4
D o 1 s t p r e t.................
1 1,160 36 M ar22 67 Jan 7 6 2 4 A p r 7 6% Jan
36
464 464
45 4
464 464
D o S d p r e f.................
68 D ec 76 Jan
*63
*63
70
*63
70
70
E v a n s v . <fc T e r r e H a u t e ..
.......... .......... .......... .........
"
80 J ’ ly 94 Aug
*85
90
*85
90
*85
90
D o p r e t ..........
139 1 4 2 4 1 4 0 4 1 4 5 4 138 14534 G re a t N o rth e r n , p r e t........ 49,283 i 3 2 " M a r i4 i8*y% Jan “ 2 c l7 8 D e c 348 F eb
60% 62%
60
62
6 0 4 62 4
T e m p c t fs fo r o re p r o p . 43,122 55 M a r l4 85 Jan S 7 0 34 Dec 85 D ec
8 1 4 Nov 92 4 Jan
G re e n Bay<fcW .,deb. c t f.^
109
*9 ..........
10
8 M ar 9 1 4 J a n 17 11% O ct 23 4 Jan
104 104
104
Do
deb. otf. B
500 37 4 M a r 21 47 J an 3 3 3 4 Jan 63 A uk
*35
42
3 7 4 38
* .......... 4 1 4
avan a E l e c t r ic .............
300 77 M ar21 8 6 4 J a n 4 7 7 4 Jan 9 7 34 M ay
*71
*76
86
77
77
83
D o p r e f..........................
115 J a n 19 115 J a n 19 113 4 F eb 135 Apr
H o c k in g V a l l e y .................
l « o 84 M a r l4 94 J a n 5 92 4 N ov 99% J ’ ne
88
* 8 4 “ "8 9 4 * 8 4 “ ’ 8 9 '' *84
D o p r e f..........................
2,900 139 M a r lS 172 J a n 3 164
1*4% J ’ ne
143 143
140 141
143 144
I llin o is C e n tr a l.................
24
25
25
25
2 4 4 25
i n te r b o r o -M e tr o p o lita n . 12,*00 2 2 34 M a r l 4 39 J a n 23 33% j ’ne 5 5 % May
9,000 a;67% M ari.9 7 5 4 J a n 7 7 0% J ’ly 87% May
69 4 69*,
6 8 4 5 9 s4
59
594
D o p r e f ...........................
3,600 18 M a r l4 2 8 % J a n 4 24 J ’ly 3434 Jan
19% 19%
19
19»,
1 9 4 1 9 4 I o w a C e n tr a l...... ................
2,150 33 M a x l8 51 J a n 7 43 J ’ly 6334 Jan
35
35
354
3 4 4 3 4 a4 * 3 4
D o p re f
500 74 M ar20 80 J a n 10 77 O ct 84 *2 F eb
74
74
74 4
74
7 4 4 *72
C. Ft.8.cfcM .,tr. c ts . pfd
22
23
214 234
22
224
suisas C ity S o u t h e r n .. 14,100 18 M a d 4 30% Jan 6 22 V J ’i y 37% J an
7,900 47 M a r l4 61»* Jan 8 49 J ’ ly 71 Jan
51-* 534
*52
53
6 1 4 53
D o p ie f
*18
23
•18
300 1 9 4 M a r ia 28 4 Jan 12 27 4 J ’ly ' 44% Jan
*18
23
23
a k e E r ie & W e s t e r n ...
150 67 M a r l 4 61 M a rl3 75 Sep } 9 2 4 Jan
*65
60
*5,5
60
684 584
^ D o p r e f..........................
loO 52 M a r l 3 67 4 Jan 9 6 1 4 O ct 81% Jan
*60
60
*60
60
*52
60
L o n g I s la n d ........ .............
117 4 H 8 34 117 118% 1 1 4 4 1 1 8 4 L o u is v ille A N a s fiV iU e ... 16,000 110% Mar 14 145 4 Jan 5 136 4 M ay 1 5 6 4 Jan
1,589 132 M a r l 4 146 F e b 13 140 Sep 162 Jan
134 134
1 3 5 4 136 “s 135% 136
a n h atta n E le v a t e d ...
600 95 M ai 14 107 J a n 23 l o 3 J ’ly 127 Jan
*934100
* 9 3 4 96
* 9 3 4 100
etr o p o lita n S t r e e t .. ..
19 ‘8 2034 M e x ica n C e n tr a l................. 19,500 15 M a r l4 2 7 s* Ja n 6 18% M ay 2 9 % D ec
20 4 21
204 214
6 2 4 5 2 4 *52
1,300 53 M a r l5 59 J a n 15 53 4 D ec 84 *, J an
53 M in n e a p o lis & S t. L o u is .
5 ‘2
524
•86
90
i.00 87 J a n 14 90 J a n 24 90 Apr IOO4 Jan
87
87
*86
90
D o p r e f..........................
3,170 101 M a r l4 1 4 0 4 J a n 3 134 D ec 164 M ar
105 ] 0 7
1 0 5 4 1 0 6 4 103 108
M in n. S. P. <S> S. S. M arie.
3,320 123 M a r l 4 188 Jan 3 163 4 A p r 183% Jan
130 132 4 131 132% 1 3 0 4 1 3 4
D o p r e f ..........................
35
3 6 3, M o. K a n sa s <fc T e x a s ........ 65,4U0 33 M a r l4 4 4% M ar 1 2y May 43% N ov
37
37%
36 4 37 4
64% 6 5 34
3,300 61 M a r lS 7 2 34 Jan 4 2 * * A Pr 76 N ov
643s t>6
6 4 ^ 64 4
D o p r e f ..........................
72%
73
4
7
1
4
7 3 4 M is s o u r i P a c iflo ................. 2 9 ,0 »5 64 M ar 14 9 2 34 J a n 5 80 4 May 106% Jan
7 1 4 73 4
119 119
220 119 M ar 2 2 147 Jan 8 133 May 1 4 9 4 Jan
• ilfc 125
*1 2 0 125
a«h. C hatt. & St. L o u is
*52
63
5034 5034 1 * a t.o f M e x , n o n -cu m .p t
700 50 4 M a r 16 6 9 % Jan 9 36 A p r 5 9 3, D e c
*51
63
100 23 M a r i 3 27 F e b 14 18 4 J ’ ne 30 D ec
♦20 4 23 4 *20 4 23 4 * 2 1 4 23 4
D o 2d p r e f....................
117 4 118*4 116% 118
11734 119
X . Y . C en tral & H u d s o n .. 3 8,310 1 1 1 4 M a r l4 1343, J a n 10 126 N ov 156*, Jan
40
40
1.310 37 M a r l4 63 4 Jan 7 59 M ai 73 4 A p r
38
3 9 4 N . Y . C h ic. & St. L o u is ...
*37
42
Jan lb 111 A p r 1 2 0 4 Jun
110 120
*110 120 *110 120
110 Jan l b n n
D o 1 s t p r e f...................
*74
82
*72
80
. . . . . . 7934 M ar 6 91% Jan 7 80 May 92 D ec
*73
85
D o 2 d prjsf...................
900 X176 M a r lS 189 J a n y 1^9 4 D ec 204% Jan
♦176 179
1 7 6 4 1 7 6 4 *1764180
N. Y . N . H a v e n & H a rtf.
36 Si 33 N . Y . O n ta rio & W e s te rn .
7,100 36 Hi M ar22 4 8 % Jan 6 43 34 May 5 7 4 Jan
38
384
3 8 4 3 8 34
8,110 71 M a r i 4 92*4 Jan 5 84 Feb 97% U ct
76
76
77
77%
77
784
N o rfo lk <fc W e s t e r n ............
80
80
*75
85
100 80 M a r l 4 90 4 J a n 10 89 4 A p r 96 Jan
♦75
90
D o a d ju s tm e n t p re f.
124 127% 1 2 4 4 1 2 7 4 1 2 3 4 127
N o rth e r n P a cific ............... 8 7,080 115 M a r l4 1 8 9 4 Jan 7 179 4 May 232 4 F eb
121 122
122 122 4 121 122
D o s u b s c r ip , re c t s .. . 13,890 1 1 9 4 M a r i5 134 Feb 13 . .. . .
9 6 3, 9 6 a4 *96% 98
535 90 M a r lS 124 4 Jan 7 103 Jan 142 J ’ ne
*96
98
a c ific C oa st C o ...............
*90 100
*90 105
*90 105
105 Jan 106 Jan
D o 1st p r e f...................
“ 220 "9 5 " M ar20 126*" M ar
*92 100
*92 100
96
»5
D o 2d p r e f ...................
8| 105 4 Jan 135 M ay
121 1 2 3 4 121 123
P e n n s y lv a n ia ....................... 28 7 ,»4 2 114 M a r l4 1 4 1 % Jan 8 122 4 J ’ iy 147 4 Jan
720 68 M a r l 4 78 J a n 22 75 May 87 Jan
70
70
70
70
70
70
P ittsb. Cin. C h ic. <fa St. L.
5tt0 9 3 4 M a r 18 1 0 5 4 Jan 5 100 May 109 A u g
*93 100
*93 105
*93 108
D o p r e f............. .•...........
1 0 1 4 104-4. I ) e a d l n g .............................. 964 ,500 91 M a r l4 139 ** Jan 7 112 May *164 Jan
100 % 106% 1 0 1 4 1 0 5
300 85 M a r l 4 92 J a n
89 Sep 96 Jan
*83
85 4 *82
85 4
85 4 C V lst p r e f ............................
500 83 M a rlu 94 Jan 8 •JO A p r 102 Jan
*80
86
83
88
*82
86
2d p r e f ............................
20 4 214 B o c k Isla n d C o m p a n y ___ 2 2,100 20 M a rl 5 3 0 % Jan
2 1 4 22
22 4 J ’iy 32% N ov
214 214
2,816 4 2 4 M ar L6 64 *0 J an b 60 J ’iy 6 9 34 A u g
46
46
47
47
* 4 6 4 43
D o p r e t..........................
3uo 59 M a r l8 70 Jan 11 60 F eb 723, A p r
*62
66% *61
67
62
62
St. L. & S .F r ., 1st p r e f ___
2,120 34 M ar 15 4H% Jan 5 4 0 4 J ’ly 51% Feb
36
37%
*36
37
D o 2d p r e f ...................
3 5 4 36
2034 2 1 V St. L o u is S o u th w e s te r n .. l,3 u o 18 M a r ly 26 io Jan 7 20 4 May 2 7 4 Jan
*18
21
*19% 22
4834 May 63% Sep
1,051) 4 9 4 M a r ly 62 4 F eb U
*49*2 52
604 51
D o p r e f ..........................
* 4 9 4 52
May 97 v; Sep
80
8 1 34
80
824
7 9 4 8 1 4 S o u th e rn P a cific C o ......... 18^.460 69% M a r l 4 96 4 Jan 14' 61
1,570 114 M ar 14 1 1 8 4 Jan 14' J16 P ly 120 ^ J ’ ne
* 1 1 4 3 * ......... *114% 1 1 7 4 114
115
D o p r e f ...........................
22% 23
22 4 23
22% S o u th e rn v .tr . e !». stm ped 38.500 W 4 M a r22 34 J a n 6j 3 1% Nov 4 - 4 Jan
4,460 69 M ar 7 9 4 4 Jan 6 “ 3 4 D ec 103 Jan
74
71
7 0 4 73 *.„
I>o p re f.
do
7 3 4 73%
7,600 25 M a r l 4 3 7 4 Jan 7 28 May, 4 0 4 Oot
28
2 8 34
•284 28 4
28
284
^ x a s <fe P a c i f i c .............
......... 101 M ar 14 123 J a n g 121 Nov rl*19!4 J iui
■105 115
*105 115
*105 115
.hard A v e n u e (N . Y . ) . . .
2o 4 D ec 36 Jati
*25
26
800 25 4 M a r2 2 29 J a n
*25
26
25 4 25 4 T o le d o R a ilw a y * & L ig h t
29 T oL St. Is.
28*4 28-4 *27
W . v. tr. c t fs
3,650 26 M a r l3 3334 Jan 5! 25% J ’ ly 40 4 Jan
29
294
60
613,.
60
60%
D o p re f. v o t . tr. c t fs .
7.142 45 .Mar 8 5 3 34 Jan 7| 43
F ly 59% Jan
49% 5 1 4

91
9 5 14
9 0 34 92%
9 1 4 93
8 9 4 9 )%
96 4 9 6 4
9 5 4 y03e *95
96 4 *95 4 9 6 4
104 4 106
1 0 4 4 106
102 10334
101 104
1023,
101
98% 1004
96% 9934
9 9 4 101%
88
88
88
88
* 8 7 4 90
884 884
554
52
54
53 4 543,1
5 1 4 54 4
5
6
4
*100
128
*100 128
100 101
*100 128
*
13
*
1 39 4 *
1 3 9 4 * ......... 1 3 9 4
*
(-5 * __
85
85
* ......... 85
1 1 1 4 1 7 1 % 171 1 7 3 4 169 1 7 1 4 170 4 1 7 2 3j
63
63
61
60
61
62 4 62 Hi
60
4
186
{1 8 6
180 180
H 8041804
4:14 *180 190
42
41
43
41
41%
4 04 414
16 4 15 4
18
1 7 4 17 4 * 1 5 4 1 7 34 *16
*
6 .)
*.
59
60
59
* ......... 60
14114
143f
13% 14
14
13% 14%
78
78
7 6 34 7 6 34
77
77
77
77
• 6 1 4 63
63 \ 64
*614 634
63 4 63 4
19
19
18
18% 18 Hi
18
19
19%
135 139
135 1 3 7 4 130 13434 s i 28% 132 %
1 5 4 4 1 5 4 4 153 156
154 154 4 * 1 4 6 4 155

..

PAGES

A

<fc

D

E

3,

H

K
I

M

P

120341224

20‘4

J

7

B A N K S A N D T R U ST CO M PAN IES—B R O K E R S’ y U O T A T lO N S

Banks
XKW YORK
A e t n a .............
A m e r ic a . . .
A m e r E x c h ..
Art t o r .............
B a tt e r y P ark
B o w e r y * i___
[B a tc h ’ s * l>r
C e n t u r y f ___
C h a s e ............
C h a t h a m ___
C k elseaK xcV

B id

215
500
235
750

120

320
1(30
190
6290
310
195

A sk

225
525
•245
'. .
130
330
170

_

B ank&
C h e m ic a l___
C itize n s ’ C trl
C i t y ...............
C oal & I r o n .
C olon ial 1| . . .
C oiu m b la lj ..
C o m m e r c e ...
C on solidated
C ’ rn Exclill
D iscou n t^ ). . .
E ast R iv e r ..
F id e lity 1( . . .
F ifth A v e il..

B id
390
140
250
240
700
500
1 175
150
300
150
150
200
3900

A sk
410
ISO
255
20 0

Uaului
F ift h ...............
F ir s t ...............
14th S treetU .
F o u r t h .........
G a lla t in ........
525
G a r fi e ld ........
1 1 .'8 G erm an A m ’ ,
160
G erm an E x '
308
G erm an ia'l . .
160 , G re e n w ic h
160
H am ilton!! . .
H a n o v e r ........
4200 Im p & T rad .

B id
A sk
340
650
225
300
195 205
350 370
500 525
145
155
435
500
230 295
2 SO
500
515
550
575

B a a ii8

--B.UL
155
150
200
50.)
1100
305
260
130
170

J e fie r s o n li...
L ib e r ty ........
L i n c o l n .. . . . .
M an h a ttan 1J.
M a rk e t <fcFul
M e c h a n ic s ’ .
M ech & Tralj
M e r c a n t ile ..
M e r ch E x ch . 175
M e rch a n ts ’ . . 160
M e tro p o lis 11. 390

* o l d a n d ask ed p rice s; n o sales w e r e m ade on th is day. 4 L ess than 100 shares, t E x -rig h ts,
f S ale at S tock E x c h a n g e o r at a u c tio n this w eek ,
c E x b e n e ficia l in te re s t in o re p ro p e rtie s.




■A * k
165
216
510
315
240
175
260
190
170

A tic -j
iln n k s
172 4 P a c if ic ^ ___
......... I P a rk ................
305 iJPeople’sli___
M u tu a l!!........
2 0 0 ||P henix.........
NasaauU ___ 195
210 11Plaza*]...........
N e w Am ster
N e w Y o r k Co 1200 ......... UProd E xch » .
N e w Y o r k ... 305
315 j: KiversideH ..
N ig h t * D ay 400
410 11Seaboard . . . .
19in Ward', . 350
S e co n d . . . . . .
N o rth A m e r . 270
S t a t e ll...........
172
N orth ern —
182
34th S t r e e t ..
O rie n ta l^ ----- 265
275
12th W ar (Hi
23 d W ard ^ ..
H anki

B id
165
240

Ji t*i
230
440
300
166
670
lt}5
250
350
700
350
220
400
1»U

ASIC

.250
465

1 10
.'80
370

1f S tate banks, a K x -dividen d an d rig h ts. 6 N o w »took .
h 1st in s ta lm ’ t paid, n S old at p r iv a te sale at thin o n e * .

mew York Stock Kecord— Concluded— Page 2

M a k . 23 1907. ]
8 T O C S s — m a n EH t a n d
S a tu r d a y
M a r c h 16
94

96

M on d a y
M a r c h 18
95

96

i*S5% 144 % i.3 5 % i*4*i%
401-2
55 %
}.(%
20 *4
11
27
153,
18
39

4(14
55 >»
14
27
12 Si
29 ^
17
1 8 l.
39

•8 6

88

40
55
14*4
27
12%
♦28
17 %
18
39%

40
65%
144
27
1234
29 Si
18
18
39 %

l*U!mLa*i
M arch, 19
93%

l o w e s t

W ed n esd a y
M a r c h 20
94

94%

6

54
54
36 34 37*4
•7b Si 82
*100 109
84 Si 85%
•16
22
•45
55
47 % 47*4
104 Si 104*4
7 4 % 75
37 Si 39%
100 Si 1 02 *4
3 1 4 31*4
29 % 30
1105 105

35*8 36%
B7
37*4
82
84%
81
81%
*100 110
>100 110
8 2 % 82%
83 Si 84
18
(25
15
18
45
45
46
46
46% 47
46*4 47Si
10334 105
103 % 103%
76
76
73% 74
37>4 3 8 34
35 34 37%
io o % io i%
98 100%
32% 3 4 4
30% 31
29 % 30
29
29%
105 105
104% 104 V
68
69
68
68
68
68
•325 300
•225 300
•230 300
81% 81%
81% 81%
8 0 Si 61%
149% 150
160 150
*147 160

94%

i*3»% i'3 7 %

i'30% i'3 7 "
87
87
32
39
50
64
14 >4 14*4
25 4 26%
*12
12%
28% 28%
*17
18
17% 17%
3J
40

'2 8 0 300
280 300
*280 300
11% 123s 12 12*4
1 1 % 12
U8 sj 29
28
29 Si *26Si 29
94
97
93 Si 96
C 9 4 93*4
20 21
20
20
*20
22 >a
*85
92
*90 102
95
16
16
16
10 % 16
16%
80
75
75
*
75
5%
o J4
5%
" 5 Si
6
5%
*50*4 51%
52
52
51-4 51%
37%
37
3 8 '4
36
30 J4 38 “a
97% 98
97 *4 97%
9 7 -i 98
30
30 %
30
30%
29*4 30 >4
88
88 %
92
*88
8 8 *s *86
{2 1 3 215
•205 2^0 {2 2 0 220
* 6%
6
e%
*6
6%
4*4
4 34
5
*4%
21
21
23 J
22
23
23'
80
80
77*4 80
7 7% 78
*14
16*4 * 1 2 % 15
*12
15
*28
35
‘ 28
35
29
*2 ?
65
63% 6 4 4
67
67 SJ
66
105 4 1053< 105 Si 106 S> 105 106
*7
10
*6
10
*0
10
*31
33
*30
33
*30 Si 33
•
92 ' ......... 92 r...... 92
123
128% 118*4 123 S.
123 *4131
107*4 110
107% lOrfs* 1 0 /*4 107*4
■2JO 240
200 240
*200 240
*90 100
•90 loO
*90 100
7%
7*4
7 Si
7 r,4
8%
8 Si
88
38*6
38
387*
38% 39
121 >4 123*2 122 123% 120%122',
124 >4 126% 120 12 7
126 126
121 125
'1 1 8 125
9 0 % 92
92
92 Si
92
28
29
28 % 29 Si
30
96% 96%
•tf4% 96 Si
9 6 34 96%
5 9 % 63%
63 66Si 62 % 65
lu 8
120
108 108
*108 120
*1 1 % 13
12% 12%4 * 11 Si 14
*4 2 % 49
*42 S. 49
*42
49
u9% 30*4
3 2% 3 3 Si
30% 32%.
94*4 95
95
96 I 96% 96 4
33 % 36
34 4 36 i 3 4 Si 3 7 *4
23
24
2 4 Si >5
24 ■« 25
118% 121*4 118 124% 1«$5 118
20 % 21
19 4 20 %
20
20 Si,
82
83*4
83 Si 84 *4
82 % S3 Si
68
70%
70 Si 72 Si
70
71 Si
' _____ 165
' ..........170
149 149
88
80
87 Sj 87%
88
88
146 147% 145 146% 141 144%
134 135
131 133
135 137
14Si 15 *4
14*4 1 4 3<
14*4
14
78
*7 7 % 78 S< *77
‘ 77
78
45%
44
44 Si •43
*43 Si 44%
*27
30
29 Si 30
29
29
78
79
•75
80
76
76
66
66%
68
68 %
69
7 0 's
*<S4
69
66
67 ^
•65
69
79% 80
7 8% 79
79 % 80
113 113
►..........116
•
115
•12
13
1 2 ‘a 12 Sa * 1 2 % 13
♦81
85
'•SI
85
*81
85
66% 58*4
69 Si 61*4
67 34 60
98% 99
98% 99
98% 98 *4
116 120
118
118%
116 123
7 0 % 73
73
74 Si
7 2% 73%
26
26 7*
25 4 26 %
26% 27*4
8 8 % 90
87% 8 8 %
89
SJ'4
15
1*
13
*12
14 | •13
50% 51% *51
54
•50
53
3 6 % 377,
35
36%
35% 38
493% 93%
93
93
91
93
160 160
*159
162
159 160
45
46
47
48
46
49 'a
*90
98
0 3 3* y3*«
* ............86
07
no
26% 27
2 5 34 27%
85
88
87
89
88*4 89 Si
6.2
54
56%
63%
52
59
>100 102
•140 . . . .
• H o ” i*45
4 0 % 4 2 34
42
43%
41 Si 42»«
80
•70
80
*72
79% *70

6

s a l e

88

*32
50
13%
26
*11%
*25
*16
17
39

88

34
52*4
14*,
27%
12%
30
17*4
17
39

280 300
*11
12%
2 9 % 30
9 1% 94*8
2 0 % 21
9 0% 91
16
16
.......... 80
54
6%
*51
52
36
37%
*97% 98%
3 0 -» 30%
'8 8
88%
205 220

6

6

6
23
81
81
*12
14
*27
31
63% 65
106 106
*6
10
*30
33
......... 92
115 1 2 2 %
105 % 107%
2m
240
*90 100
■7%
8
437
37
1 20 % 122
125 130
119 119
9 0 % 91
29% 29%
*96
97
62 % 64 %
108 120
*11% 14
*42% 49
30
31
{9 5 % 95%
34% 36%
24
24 C
116 116
19% 2 0 %
82% 84
08 * 71
•......... 170
86
87
144 145
131 140
14% 147,
7 6 34 77
43
43
'2 8
29
*75
78
66
66%
66
6 6 *4
78 4 79
111% U 1%
12
13
84%
*81
67
60
•9.4 100
119 121
73% 73%
26
26%
8 8 % 89
*13
14
*51
65
35
36
*91% 93
161 162
45 % 46
*93% 95
2 6 % 27%
84% 86
52% 64%

*20

134 140
41% 41
*72
79%
*6
7
64
55
35% 37
82
82
'1 0 0
110
8 0 % 82%
18
18
*45
53
47
47%
102% 103
73% 74%
36% 37 \
9 9 % 100 \
30% 32%
28 % 29%
104% 104%
*65
69
•230 300
* 7 9 % 7 9 78
149*4 149*4
‘ 150 165

p r ic e s

T h u r sd a y
M a rch 21

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

F r id a y
M a rch 22

S75

R an ge lo r P r e v io u
S a les or R a n g e 1o r Y ea r 1 9 0 7
Y e a r (1 9 0 6 )
On basis orlO O -share Lots
lAa
W eek
L ow est
H ig h es t
H ig h es t
S hare*

5,756 87% M a r l4 1 0 8 % J a n 7 102 D e c 122 % J a n
94 T w in C ity R a p id T r a n s it.
{1 5 0 O ct {1 5 0 O ct
D o p r e t ..........................
n io n P a c ific .................... *17>bV) i2 (j% M ar 14 183 Jan 5 138 % May 195% Sep
136%
7 » 0 86 M ar 15 94 Jan 7 91% May 99% J a n
D o p r e f ..........................
87%
2 ,2 0 0 32 JfarlO 62 Jan 7 50 A p r 98 J a n
34
U n it R y s I n v ’ t of San F ran
5,300 M) M a r 19 7 1% Jan 7 55 A p r 93 % J an
54
D o p r e f...........................
4,700 12 % M ar i 4 18% Jan 5 18 D e c 26 % Jan
a b a s h .. ................ .........
]H*4
6,500 25 M ar 14 3 8 % Jan 7 36% D ec 53*8 Feb
25 4
D o p r e f ........................
3,300
9% M ar 4 16*4 Jan 7 16 A p r 21% F eb
12 4 W h e e l i n g * L a k e E r i e ...
1,1 * 0 22% M a rl i 3 7 % J a n 6 36 May 4 8 % F eb
29%
D o 1st p r e t ...................
1,100 14 M ar 14 2 1 34 J a n 10 21% O ct 29 % F eb
18
D o 2d p r e t ...................
2,965 16 M ar 14 25 7b J a n 12 23 M ay 33 J a n
18
W isco n sin C e n tra l.............
l,18l>j 36 M a r l 4 5 1 % J a n 7 4 4 J ’ly 64 Jan
D o p r e f . . * . ...................
42%
I n d u s t r ia l ifc M iu ceH
{2 8 0 M ar 14 {2 9 5 F e b 14 {2 4 0 J ’ne <300 Aug
280 300
dam s E x p r e e * ...............
280 300
1,550 10 M a r l 4 l 6 78 J a n 5 16 J ’ly 27% J a n
12%
1 2 7„
llis -C h a lm e r s ........ .
12% 12%
1,750 25 M ar :4 43*4 J a n 3 40 Sep 67 Jan
29 % 29%
30
30%
Do
p r e f ........................
91 % 93% A m a l gam ated C o p p e r ....... 357,tel2 80 M ar 14 12178Jan 5 92% .T’ly 118% F eb
91*4 94%
2,067 20 M a r l3 2 5 % J a n 8 20 J ’iy 34% J a n
20
21 A in e r A g n c u i t C h e m ica l.
20 *8
21
!>«■ 10 2 J an
90% MariSO 95 F e b 20 90
95
*80
92 *80
Do
p r e f ........................
20% May 35 J an
1,600 14 % > ia r l4 23% Jan
17 A m e r B e e t S u g a r ...............
*15%
18 *15%
82%
O
ct 89% J an
100
M
ar
5
HO
J
a
n
21
75
*78
.........
D o p r e f ..........................
..........
80
7% F e b 28,
715
5 % M ar 14
{5 %
5 %A m e rica n C a n ....................
*5%
6
1,210 49 M a rl 4 5 ? F e b 28
5 1 % 52
D o p r e f ..........................
{5 2
62
35 % 36% A m e rica n Car <fc F o u n d ry 16,365 x 'i‘2 % M a r l4 45% J a n 14 32*4 J ’ly 47 % J an
3 o % 37%
1,600 * 9 7 % M a r l« 1U3 Jan 12 9 8 % J ’ly 105 Jan
D o p r e f..........................
V8
98 * 9 7 »8 9rf%
28 May 4 4 % Jan
2,100 •JH M m 14 33% F e b l i
29 7S 29 7„A m e rica n C o tto n O il........
29% 30%
K8 M a r io 90 Jan 21 90 D ec 95 J a n
88%
D o p r e f ..........................
*88
88% *88
120 {2 0 5 M a r l4 347 J a n 5 2 l 5 A p r 272 A u g
v:00 220 A m e rica n E x p r e s s ............. .
205 220
1,350
5 % M a r l3
8% J a n 11
7 % May 1134 Jar.
5%
6A m e r ic a n G ra ss T w i n e ..
*5%
6%
5 % N o v 10 J an
4 00
J a n 16
4 % M ar 5
*4%
5 A a ie r H id e & L e a th e r ___
6%
*44
24 N o v 43 J an
400 20 M a r lS 30 % J a n
*20
•21
D e p r e t ..........................
23
23
3,810 7H AlarSl 8 8 Jan 2 35% Jan 94 7g Sftp
77% 78
76
A m e rica n I c e S e cu ritie s 77%
315 12 % M a r l4 19% J a n 10 1 6 34 D e c 29% J a n
13%
14 A m e rica n L in s e e d .............
*12
14
27% M ar 9 36 J a n 7 35 D ec 53% J an
*27
32
*27
D o p r e f..........................
35
9,920 5*% M a r l4 7334 F eb 15 53 34 May! 78% J an
62*4 64% A m e rica n .u o c o m o t iv e ...
64
65
600 lo 5 % M a r lfc 1 1 1 % J a n 21 108% D e c 120% J a n
106 106
D o p r e '......... ...............
105% 108
*6
10 A m er. M a it C o r y ................
*6
10
30% M a r io 40 F e b ^ l.
*30
33
*28
33
D o p r b i..........................
91*4 Fete 27 9 3 % J a n 7 92% D ec 101*4 Jan
92 A m e r S m e lte rs S e c p r e f B
i l 5 " 120% 118 123 A m e r. S m e lt’ g <fc tte fln ’ g . 325,83 i 110 M ar 14 #1 6 5 J a n 7 138 % May 174 J an
D o p r e f .......................... 10,060 105 M ar 14 117% Jan 7 112 D e c 130 J an
105% 107% 105 % 106*4
197% J an 11 >05 Jan 18 20O J ’ly 220 J an
•200 240 A m e r ic a n S n u ff...................
200 240
99 M ax 12 99 M a r l2 100 D e c 107 J a n
*90 100
*90 100
D o p r e f ..........................
9*4 No% 15 % J an
7 % M a r l 4 10*4 J a n 5
1,010
*7%
8 A m e r ic a n S teel F o u n d r ’ s.
8
8
M a r l4 47:4 Jan 7 40 M ay 53% Jan
1,110
34
*37
38
{3 8 % 38%
D o p r e f..........................
121 122 A m e r ic a n Sujfar R efin in g 2 0,140 I l 4 78 ila.i 14 137% F e b 13 127% May 157 J a n
121 122
300 122 M ar 5 131 Jan 2 1 2 8 % D e c 140 Jan
120 126
120 125
D o p r o f..........................
10l> 119 Mar-20 1H3 J a n 4 130 J ’iy 144% Jan
118 120
118 121
A m er. T e le p li. & T e l e g . ..
90% 91
6.262 '.HI M ar 14 98*< Jan 5 96 J ’ly 109 Jan
92
92
A m er. T o b a o . (n e w ), pref.
24 % M a r l5 38% J an 7 28 N o v 48 Jan
3,265
29
29
28% 29
A m e rica n W o o le n .............
640 95 M a r 14 1 0278 Jan 5 101 J ’ly 1 1 0 % Jan
96% 96%
*96
97%
D o p r e f..........................
62% 64% aJAnaconda C o p ..P a r $ 2 5 125,045 53 M a i 14 302*4 F e b lt> 2 23 % May- 300 F eb
63 % 64%
100 108 M a r ly 121% F eb 14 105 4 N o v 178 Jan
108 116
108 116
L> rooklyn U n io n G a s ___
100 11 M ar 15 1 4 4 J an 4 13% J ’ly 21*4 A p r
*11% 13% *11% 13
O r u n s w . D o c k <fc C. I m p ’ t
M ax 8 4 9 u J a n 3 40 A p r 70 May
41
*42% 49
*4 2 % 49
B u tte r ic k C o ........................
30% 30%
29 4 30*4 / cen tral L e a t h e r ............. 13,620 26 M ar 14 40 F e b 15 33*4 D e c 49 % J an
2,30u 90 M ar 14 102 F e b 8 98*4 D e c 107% J an
94% 95
*95
96
vv D o
p r e f ........................
34
363s, C olorad o F u e l & I r o n ___ 49,560 2 VI M ar 14 6 7 7 «J a n 8 40 % May- 8 3 f'8 Jan
35
3 5 7,
2,470 20 M ax 5 28 J a n 7 17 May 3 o *« N ov
*23% 2 4 4 CoL <fe H o c k . C oal & Iron.
24
24
120 121 C on so lid a te d G as (NT. Y .) .
7,478 110 M arl;* 140% M ar 1 130% A p r 181*4 Jan
117 120
19*4 iy 7 g
19
197. C orn P r o d u cts R e f g .........
9,665 18% M ar 14 243» Jan 22 18% J ’Ty 28 A p r
83
83
82
82a"
6,925 78 Jkharl4 88 J a n 28 74 4 May 8 5 34 A p r
D o p r e l..........................
%
69
70%
D istille rs S e e u r it’ s C orp. 30,055 65 M a r l4 78 F e b l i 51 Jan 7 •) % Sep
114 146
20k) 144 M a r 2 2 163 Jan 16 138 Jan 199 J a n
145 145
F ed eral M in in g <fe S m elt’ g
•83
1.000 80 M arlfc 97 Jan 14 91 J ’ly 112% Jan
*83
87
87
D o p r e f..........................
8.642, jl3 0 % Ma^ 141 163 J a n 22 *156 D e c 181 O ct
145% 146 •145 146u G en eral E le c t r ic .................
132 134 G ra n b y C on s M S & P ___
1,300 *127 M a r io 162 F e b 13
132 140
{1 5
1,570 13% MLarl5 1 8 4 Jan 7 16 % Sep 26*4 Jan
-1 4
15
15
n te rn a tio n a l P a p e r ........
Dec 90 J a n
77% 77%
76% 7 6 4
600 76 % M ar^2 81 F e b 11 80
D o p r e f ..........................
Sep * 9 5 J a n
4 6 4 I n te rn a tio n a l P o w e r ........
600 40 M a r i4 5 0 34 Jau 15 48
*43
45 4 - 4 3
*27
29
*23
2# I n t e r n a l S team P u m p ___
300 27 M ar V6 41 Jan 7 28 Jan 60 M ay
79 Jan 92 May
*77
79
519 74*4 M ar 15 81 J a n U
79
79
D o p r e f ..........................
67% 68 M:tCkay C o m p a n ie s .. . . . . .
2,200 * 6 2 % M a r l5 75% J a n 24
66% 66%
M
a
r
l5
71
J
a
n
24
*
6
3
1,900
67% 68*4
67
67
D o p r s f ..........................
77% 78
3,840 7 5 % M a r l4 86% J a n 16 62 May- 79 % D eo
78
79
ation al B i s c u i t . . . . ___
112 115
200 111 % M ar20 117 3g M a r 5 113 si Jan 118% O ct
H - % 115
D o p r e f ..........................
*12
13
12% 12%
300 12 % M ur 14 15% Jan 5. 12 May 18% J a n
N at E n a m e iin g & S ta m p ’ g
82 % M a r l 4 87 F e b 15 82 Sep 8 8 4 M ar
*80*4 84% *80% 84 4
Do
p r e f ........................
57% 59
2,250 60 M a x i l 7 6 % J a n 7 66 M ay 9 5% J an
58
59
N a tio n a l L e a d ......................
745 98 M a r l5 103 J a n 5 100% J ’ in 1 0 6 % J a n
99% 9 9 ’ b i 99*8 99o
D o p r e f ..........................
4,990 109 M a r io 1 4 1 % J a n 7 133 J ’ly 163*4 J an
121 1 2 1*. }120 120 N e w Y o r k A i r B r a k e ........
8,520 69% M a r l4 8 9 *4 J a n 4 87 % N o v 107 J an
73
74 4
74 ** N o rth A m e r ic a n C o., new
1,620 2 4% M ar 14 4 1 4 J a n 6 28*4 J ’ne 51% J a n
2o ®8 26%
*25
27
a c ific M a il...................
80 % 8 84
9,250 85 M ai-14 9 8 % J an 4 88 J ’ly 103 Jan
89
89%
e op. Gas-L.<fc C. (C lu e.)
200 13 M ar 19 16 % J an 15 13% May- 18% N ov
13% 13% *12 4 134 P itts b u r g h C oa l C o ............
5 i% 5'
680 49 M a r l6 60*8 Jan 4’ 50 J ’ly 62% J a n
*50
53
Do
p r e f ..................
31% M a r l4 57 Jan 10 43 May 64% J a n
34
35
16,555
3 5 % 36%
P ressed Steel C a r .........
92
92
{9 2
92
965 89 M a r l4 9 0 7e J a n 24 95 May 105 F eb
■ D o p r e f....................
161*4 161% 160 162
2,396 150 M a r l 4 1 8 1 % J a n 8 180 D e c 270 N o t
P u llm an C o m p a n y .......
) 10 44 May 62*4 J a n
41
6,100 41 M a r l4 57 %J«w
45% 45% * 4 4
1 ) ail w ay S te e l S p r in g ...
400 92 M ar 2 2 9 9 4 F e b 15 9734 J ’ly 107 J a n
92
9 3 4 I V D o p r e f ...................
*84
96
25*4 26% R e p u b lic I r o n <& s t e e l . . . 13,690 23 M a rl 4 41 J a n 7 22% May 41% D #o
26
27
9,120 *79 M arlC 100 J a n 7 91 May 110% J a n
84
85
D o p r e f ....................
83
84%
l>,175 42 M a r l4 7 7 34 J a n 7 6 8 % J ’ ly 97 % J a n
54
64
52% 53
loss-S h eflield St. & Iron
100 M a r 5 107 J a n 11 1 0 1 S4 O ct 113 A p r
D o p r e f.......................
129 Jan *166 N ov
2,75u 134 M ar 15 162 J an
139% 142
139% 140 T en n . CoaL, I r o n & R l t . . .
41
41*4
39% 41% ^ T e n n e sse e C o p .P a r $25 1 l,7 c o $37 7g M a r l5 $ 53 % M ar _
100 72 M ar22 85 J an 17 60 May 88 O ct
•70
75
72
72 T e x a s P a cific L a n u Trust
5 % S ep 15% J a n
8 % Ja n 1
*6
200
5% M ar 14
n ion B a g * P a p e r..
7
52 O ct 84 J a n
•63
64
54
4 0 0 * 5 3 M a r io 61 Jan
D o p r e f..........................
60
36
7,025 33 M ar 14 4 9% Ja n _ 43 % May 53 J a n
36
37%
CJ. S. C ast I . P ip e & F ou n
37
80
•80
82
775 78 M a r 15 89 Jan 15 83 *4 D ec 9 6 78 J a n
D o p r e f ..........................
80
109 May- 138% Jan
100 100
100 110
1 0 0 100 .Mar & 4117 J a n
U n ited States E x p r e s s ...
75 A u g 94% J a n
79
81
79
79 > U 8 R e a lty & I m p r o r e ’ nt
3,200 77 J an 31 9 0% J a n
*15
2,200 15 M a r l9 30 *4 J a n 28 24 M ai 40% J ’n«
0 S R e d u ctio n & R e fin ’ ?
15% 19
45
45
47
1,600 43 Mai- 5 68 Jan 7 60 M ar 84 J 'n «
Do
p r e t........................
46% 46% *46% 47% O m te d S tates R u b b e r ___
3,880 43% iVLarl‘ 52% F eb 16 38 J ’ly 5 9 % O o t
xi04$t J ’ly *1 1 5 Jan
102% 103
D o 1st p r e f...................
101 102%
2,803 100% M a r io 109% Jan
75 May * 8 7 % Jan
•73
76
73
73
1,435 71% M a r l5 78% J a n
Do
2d p r e f .........
3 2% J ’ ly 50 % O ct
36% 37%
U n ite d S tates S t e e l___
35% 37
588,160 33 J\laxl4 50% Jan
98% J ’ly 1 1 3 % J a n
9 9 % 100%
D o p r e f ....................
98 % 100
108,420 95% M a r l4 107*4 J a n
M a r l4 $ 39 % M ar
30
31 dU tah. C o p p e r ___ P a r ^10
30% 31
6,780 $27
31
J ’ly 58 J a n
29
29
28
29
V irg in ia -C a ro lin a Chern..
5,36( j 27% M a i l 5 39% J a n
104
J ’ly 117% J a n
104% 104% 102 7S 104
D o p r e f ....................
1.02C 102% M ar 2 2 108 J a n
May 93 D e c
62% 62% V ir g in ia I r o n C oal & C -.
64
64
1,10C 60 M a r l* 97 J a n 22 3 8
M ar 305 O ct
•230 300
*225 300
270 M ar 6 {2 9 0 J a n 26 233
\ \ i e lls F a rg o & C o ........
80
80% V f e s t’ n U n io n T e le ’ gpli
80% 80%
1/245 79 % M ar 6 85 Jan 10 * 83% D e c 9 4% J a n
A u g 176 Jan
150 160
W est’ g h ’ se E lt& M fg a s s e n
*147 161
1,044 148 M a r 16 154 J a n 2 148
162
N o v 188 J a n
D o 1 s t p r e f............
*147 165
*147 165
94%

95

93 %

U

i3 3 % 137 % i& 2%
*87
88
8f7%
*31
•30
34
53
53% *51
13%
13*8 14
25
2 5 % 26%
*12
12
1 2 ‘4
*27
28
28
*16
*16
17 Si
*17%
17% 17%
*3S
*37
40

W

A

68 704

I

N

P

S

U

7fc

B A N K S A N D TRUST COM PANIES— B RO KERS’ QUO TATIO N S
Bank*
U n ion K xcM j
U S K x clia ’ ei;
W’a e h .H ’ hUil,
West S id el]..
Y o r k v il le l j..

B id
245
122%
225
600
400

Borough^!___ 175
B road w ayU .. 450
B rook ly 11I .. 140

A Sic
255
132%
425

150

B ank*
BROOKLYN
F ir s t ...............
H o m e Bankl;
J danufactrs'.
M e c h a n ic s ';.
N a s s a u .........
N at C it y ........
N o rth Side^i.
P r o s p e c tP k l
U n io n ll.........

t B id anil aaked p rices; n o sales on this
•Sale
« took E x olu u ig e o r at a u ctio n




ASk
T r u s t C o ’ s B id
T r u s t C o ’ s B id A s k
210
BROOKLYN
M u t-A llia p o e 200
300‘ ‘
N Y L it o A T r 1000 ...... B r o o k ly n T r 440 4 60
550
740
N e w Y o r k T r 725
C itize n s’ ........ 150 160
450
480
510
F la t lr a s li___ 260
390
S ta n d a rd T r’t ...... 42o
......
240
160
560
160
F r a n k li n ___ 310 320
175
95
230
i'0 5 '' T it le G u <fc T r
390
790
H am ilton ____ 325 345
2100
1250
T r C o o f A m . 775
320 325
410
2 7 & " U n ion T r u s t 1260 1275 H o m e _______ 160 175
200
250
......
U S M tg <fc T r 470 490
250
890** 395
305
U n it S t a t e s . 1240 1X70 t i n g s C o ----- 450 ......
470 490
V a n N ’ d en T r ..... 310
L I s l L<fcT r. 310 326
350
400
i4 5 "
860
260 270
W a s h in g to n . 400
150
165
340
55*6" 590
140
W in d s o r
440
200
2 1 5 " P e o p le ’ s ........ 316%
725
W illia m s b ’ s . 220
225
1300
120 is o * *
day. {L e e s than 100 shares. tE x -r ig h t s . 6 N o w stock , : E x -d iv id e n d an d rig h ts. c iN o w q u o te n d olla rs p er share.
this w e e k 0 E x sto o k d iv id e n d , t T r u s t Co. c e rtifica te s. H B a n ks m arked w ith a paxagrapri (11) are S tate b*nk.s.
B id

A ik

B id
cm r
500
B a n k e rs’
B o w l’ g G re en 440
B road w ayT r. 160
C a r n e g ie . . . 215
C en tral Tr*8t
C olonial
40*6"
C o lu m b ia ___ 240
C om m ercia l 220
C o m m o n w ’ th
E m p i r e ......... 3 SO "
E q u ita b le T r 425
Farm Lo & Trf 1276
1275
n. y .

__

A sk

T ru st C o’s
F ift h A r e T r
F u lt o n ...........
G u a ra n ty T r
G u ard ian T r
H u d s o n ........
K n ic k 'r b ’ k ’ r
L a w T I <fcTr
L in c o ln T r ...
M anhattan ..
M e r c a n t ile ..
M etrop olitan
M o rto n T ru s t

B id

A sk
550

New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
O C C U P Y IN G
BONDS
Y . STOCK E X C H A N G E
W k k j E kddtc M a e c h 22

P r ic e
F r id a y
M a r c h 22

jr.

II. SS. G o v e r n m e n t
U S 2» c o n so l r e g is t e r e d .<2193(1
U S 2e c o n s o l c o u p o n ___ d l9 3 0
U S 38 r e g is t e r e d ..............fcl91i:
U S 3s c o u p o n .....................fcl918
U S 3a r e g sm all b o n d s ..fc l918
U 8 3s c o n sm all b o n d s..M .9 1 8
U 8 4s r e g is t e r e d ............. &1907
U S 4s c o u p o n „ ................. A1907
U 8 4s r e g is t e r e d ........ . .......1925
U 8 4s c o n p o n ............. ........1925
U S P a n C a n 10-30 y r 2s.fcL93U
P h tlm p rn e is la n d s 4 s . 1914-34
P u b w k * an d im p rear 4s 1936
i P u b ¥ k s an d im p r e g . . . 193(5
!*
F o r e ig n G ov ern m en t
Jap a n ese G o v t 6 s ste r l’ g .1 9 1 1
2d s e r ie s 6s ........................ 1911
j, & loan 4% s c t fs fu ll p d .1 9 2 5
2 d series 4 %s c t fs f u ll paid.
& loa n 4s c t fs fu ll p a id ..1931
R e p u b o f C u ba 5s e x t e n d e b t ..
V 8 o f M e x ic o s f g 5s o f 1899
. G o ld 48 o f 1 9 0 4 ................. 1954
S t a t e S e c u r i t ie s
A laba m a c u r r fu n d 4 s ___ 1920
D iet o f C olu m b ia 3*65s___ 1924
L ou isia n a n e w c o n s o l 4 s . .1914
N orth C a rolin a c o n s o l 4 s .1910
6s.............................................1919
Bo C a rolin a 4 %s 2 0 -4 0 ........ 1933
T en n n e w settle m e n t 3 s ..1 9 1 3
V ir g in ia ftu ki d e b t 2 - 3 s .. . l 9 9 i
j. 0a d e fe r re d B r o w n B r o s c tfs

W eek’ s
R a n ge or
L a st Sale

B id
A sk
105 105%
105*9 106%
103 % 104
103 >9 104

L ow
H ig h
105% F e b ’ O1 0 6 *4 M a r’07
103*9 A n g ’06
103*2 M a r’ 07
107 J ’ n e ’ 02
1 0 2 % ....... 104*9 O ct ’05
100% 101
100% M a r’ 07
1 0 1 “4 102
10178 IO I ’ i
130*4 131
129% F e b ’ O
130 >4 131
129% F e b '0 7
104% 10534 105 *e O ct ’ 06
109*3
111 M ay’ 06

Low H ig h
105% 105%
106 106%

i‘02% ib'334’
100%
100%
129
129%

101*2
101%
129%
129*2

96%
36%
88
87%
80
99
.... 96%
16 92%
anif 0/ $5

99*,
9934
94%
92%
85*4
103%
99
94
to It.

.....

99% Sale
98%
99%
99
99*i
♦ 99 % Sale
8734
89
8 8 % Sale
88
88%
* 88 Sale
80%
81
* 80% Sale
100%
99
i 99 101
97% 99
99 M a r’ 07
92%
92% Sale
93*4
hese a r e p r ices 0 n the 0

100

102

96

Sale

362
290
287
; 29
101
34

111 M a r’ 02
117*9 J ’ n e ’06
105*9 D e c ’ 04
101 F e b ’ 07
120 M a r’ 07
120 M ar’ OC
96
t
95*4 J an ’ 07
20 M a r’ 07

100 % .....

*24*

R a ilr o a d
labam a C en t See So B y
laba M id i See A t Coast L in t
A lb a n y A Susa See D e l & Hun
A U egn en y V a lle y <Se«PennB
A lle g & w e s t See B u ff R &
A n n A r b o r 1 s t g 4 s ..........ft.1995 Q-J
A t c h T & S F e— G en g 4 s . 1995 A-O
K e n s t;ered........................,1 9 9 5 A-O
A tffu atin en t g 4 s ............n.1995 N ov
1 R e g is t e r e d ...................ft.1995 Nov
S ta m p ed ........................ A 1995 M-N
C o n v g 4 s ...........................1955 J-D
: D e b e n tu r e s 4a S eries F . 1908 F-A
r S e rie s G ........................... 1909 F-A
S eries H ...........................1910 F -A
f
S e r ie s 1 .............................1911 F-A
? S eries K ...........................1913 F-A
1 E a s t O k la D iv 1st g 4 s . .1 9 2 8 M-S
A t l K n o x & N See L & N
A t la n t ic C oa st 1st g 48.711952 M-S
t C h arles & S a v 1st g 7 a .. 1936 J -J
£ 8 a v F & W 1 st g o ld 6s . . 1934 A -0
f
1 st g o ld 5 s.......................1934 A -0
A la M id 1 st g u g old 5 s . . 1928 M-N
! B r u n s * W i s t g u g 4 s ..1 9 3 8 J -J
I L A N c o ll g 4 s ............... 01952 M-N
* S il S p O ca <&G g u g 4 a ..1 9 1 8 J -J
A t la n t ic & D a n v See S ou th R y
A u s tin & N W See S ou P a cific
T J a lt & O h io p r io r 1 g 3 % s. 1925 J - J
J 3 R e g is t e r e d ................. A1925 Q -J
t S o ld 4 s ..............................A1948 A - 0
R e g is t e r e d ...................A1948 Q-J
itts J u n e 1 st g o ld 6 s . ..1 9 2 2 J - J
J u n & M D i t 1 s t g 3 *981925 M-N
P I E 4 r W V a S y s r e f 4 a l941 M-N
S o u th w D iv 1 s t g 3*38. ..1 9 2 5 J - J
, R e g is t e r e d ...................7il925
M o n o n R iv 1 s t g u g 5 s . .1 9 1 9
C en O h io R 1st c g 4 % a ..l 9 3 0 M-S
C l L o r <fc W o o n 1st g 5s 1933 A -O
O h io R iv e r R R 1st g 5 s . 1936 J-D
G en era l g o ld 5a............. 1937 A -0
P itta C le v & T o l 1st g 6s 1922 A-O
P itts & W e s t 1st g 4 a ...1 9 1 7 J - J
S t a t l s l R y l s t g u g 4% s 1943 J -D
B a t C re e k <fc S See M ic h C ent
B e e c h C re e k See N Y C & H
B e lle v & C ar See Illin o is Cent
B k ly n <fc M o n ta u k See L o n g i
B ru n s & W e s t See A t l C oast L
B u ffa lo N Y & E r ie See E rie
B u ffa lo R <fc P g e n g 5 s . .. 1937 M-S
L A l l & W e s t 1st g 4s g u . . 1998 A -O
I C l & M ah 1st g u g 5 s ___ 1943 J -J
/ R o c h & P it t s 1st g 6 s . . .1921 F-A
C on s ol 1st g 6s ............. 1922 J-D
B u ffalo & S o u th w e st See E n e
B u ff & S u sq 1st r e f g 4 s .d l9 5 1 J - J
B u r C R & N See C R I <fc P
/C a n a d a S ou th 1 s t 5a........ 1908 J -J
V^2d 5 a ................................... 1913 M-S
R e g is t e r e d .......................1913 M-S
C a rb & S h a w n See 111 C en t
C a rolin a C en t See S eab A ir L
C a rth a ge & A d See N Y C & H
C e d R Ia F & N SeeB C R & N
C en B r a n cn R y See M o P a c
C en t o f G a R R 1st g oa..j> 1945 F-A
^ C on sol g o ld 5 s...................1945 M-N
R e g is t e r e d .......................1945 M-N
1 s t p r e f in c o m e g 5 s___ p l 9 4 5 Oct
S t a m p e d ....................................
2 a p r e i in c o m e g o s ___ p l 9 4 5 O ct
S t a m p e d ...................................
; 8 a p re i in co m e g 5s___ p l 9 4 5 Oct
S t a m p e d ...................................

R a n ge
S ince
J a n u a ry 1

126

126

95** *96"
95%

20

9534

22

f''

A

F

n

.......... 87*9
99% Sale
" 9 2 ” Sale
*92** Sale
98*4 Sale
98%

....

91 * a

.....

93% Sale

89 M a r’ 07
99% 100%
101 J a n ’ 07
92
92
95 Sep ’05
92
93
97*3 100
99 F e b ’07
100*2 J a n ’ 06
96 F e b ’ 07
98% N o v ’ 04
94 N o v ’ 06
95% A u g ’ 00
93%

132%
112%
114%
89*9
87*2 88
93
96%

..........127
1 1 4 % ........

95

4

91
102%
101*4
90% 92 7*.

108
869

91 '*9*2*%
93% 108*4

....

96

96

93%

93%

88

89*9

91*,

93%

271

89
99

___ 101

29

J a n ’06
J a n ’ 04
N o v ’05
M a r’ 06
M a r’ 07
D e c ’06

91%
92*4
9 2 Sale
£2 Iq 95 J ’ n e’ 06
ib"6 *9 Sale
99%
100*9
100% M a r ’ 07
120 O ct ’01
89
89
89 Sale
95% 94
94%
" 9 0 " Sale
89%
90 %
90% 89 O ct ’ 06
105% F e b ’ 07
109 A p r ’ 05
112%
113 % 113 V.
116 M ay’ 00
110 111% 113% N o v ’ 06
119*9 M ar’ 04
94 M a r’ 0 "
100 N o v ’ 04

99 *9 102%
100 101%
90
96
90%
105% 105%
il*2% i'l 3 %

......... 115*9 116*9 M a r’ 07
100 ...
103*9 F e b ’ 07
103 A p r ’ 97
........ 120 % 124 A p r ’ 06
118% M ar’ 07
......... 124

16*9118%
102 103*9
118% 12S *9

9 6% F e b ’ 07

94 %

100 % 101**
.........102% 102*3 102*9
100 % ....... 103 N o v ’00

100 101%
102% 105*2

116
116
116
......... 108*9 107*9 110
113 A p r ’ 06
85*3
85 w,
84*3 "8 7
8 9 F e b ’ 07
7 3% J an ’ 07
.......... 75
73 F e b ’ 07
......... 74
......... 66
63*9 Jan ’07
62% F e b ’ 07
.......... 63

116 116
107% 111
85%
89
73 %
73
63%
62%

IH lS C E L l-iA N E O IJ S
S t r e e t K n ilv r a y
B r o o k ly n R a p T r g 5 a........1945 A-O
1 1 st r e fu n d c o n v g 4 s ___ 2002 J - J
% B k C i t y l s t c o n 58.1 9 1 6 .1 9 4 1 J -J
, B k Q C o & S c o n g u g 5a. 1941 M-N
i B k ly n U n E l 1 s t g I-5 S .1 9 5 0 F-A
*
S tam ped g u ar 4 -5 S ....1 9 5 0 F-A
j: K in g s C o E l 1st g 4 s . . ..1 9 4 9 F-A
i
S ta m p ed gu ar 4 s ..........1949 F -A
N a s s a u E le c g u g 4 s ___ 1951 J -J
C on n R y & L 1 s t * ref g 4 *3 8 ’ 51 J -J
1 S tam p ed g u a r 4 *28 ......... 1951 J - J
D en C on T r C o 1st g 5 s . .. 1933 A -O
D e t U n ite d 1st c o n g 4% 3.1932 J -J
H a v a n a E le c c o n s o l g 5 s . 1952 F -A
I n t e r -M e t 00U 4*2*............. 1956 A -O
I n t e r n a t T r a c coU V
L o u is R y C o I jt t e o n e 5 s .. 1930 J -J
M a n ila a l e e l e t A <*>11 5a. 1953 M- S

106
S3

........
Sale

106V* M a r’ 07
82
84
103% F e b ’ 07
100 O ct ’06
1 0 1 % i'0 2 ' 102
102%
110
F e b ’ 06
87 F e b ’ 07
's i * m u
85*9
85*4
81
84
81 M a r’ 07
103*4 N o v ’ 06
IIIIII ib 2 * 104 D e c ’ 06
95 J ’ n e’ 00
m m *9 0 * 93*4 O ct '0 6
.......... 90
92% Jfen ’07
76%
79
70
72
79% Sep ’ 06
109 M ar’ 98
98 M ay’ 06

U * No pric« Friday; latest price this week.




96%

100% S a il

aDue Jan

90
90
75%
73
65
66

" 2*6 i 'o o " i*0*8*'

730

ct Due Apr

PAGES

BONDS
N. Y. STOC K E X C H A N G E
W e e k E ndin g M a r c h 22

P rice
I'r id a v
M a rch 22

W eek's
R a n ge or
L a st Sale

R an ge
S ince
J an u ary 1

B id
L o w H ig h
L ow
H ig h
C en t o f G a R R — (C o n )
90
93 J ’n e ’06
Chatt D iv p u r m on g 4 s . 1951 J -I'
115% D e c ’ 05
M ac & N o r D iv 1 st g 5 s . 1946 J -J
115 N o v ’ 05
M id G a & A t l D iv 5 s . . ..1 9 4 7 J-J
115*9 A u g ’ 05
M o b ile D iv 1st g 5 s ........ 1946 J-J
105*4 F eb >07
105*4 108
Cen R R & B o f G a c o l g 5s 1937 M-N
123*9 126*4
C en t o f N J g e n ’i g o ld 5 s . 1987 J - J 125 Sait 123*9 125
123*4 M ar’07
123*4 125%
R e g is t e r e d ...................A1987 Q -J
111 F e b ’ 07
110% 111
A m D o ck & Im p g u 5 s ..1921 J - J
L e & H u d R g e n g u g 5s 1920 J - J 102% .....
100
9934 100*3
L e h & W ilk a B Coal 5 s ..19 1 2 M-N 100 Sale 100
99
99 Sale
100
13 99 101
Con e x t gu a r 4*38___ ^1910 Q-M
N Y & L o n g B r ge n g 4 s 1941 M-S
C ent P a cific See So P a cific Co
89% F e b ’07
89*3 89%
C e n tV e rm o n t 1st g u 9 4 s .e l9 2 0 Q -F .......... 90
Chas & S av See A t l C oast L in e
104
103 105
Clies <fe O hio g 6s ser A ..A 1 9 0 8 A - 0 104 Sale 104
107 ......... 107 F e b ’O^
107 107
G o ld 6 s ................................01911 A - 0
1 1 3 ^ 113*9 114*8
113 % 110
1st c o n s o l g 5 s ...................1939 M-N
116 J ’ n e ’06
R e g is te r e d ...................... 1939 M-N
101*4
100% Sale 100
ibo" ib‘5'%
G en eral g old 4% a............. 1992 M-S
104 M ay’ 06
R e g is t e r e d ...................... 1992 M-S
112 F e b ’ 06
C ra ig V a lle y 1st g 5 s ___ 1940 J -J
98
98
98 100**
R & A D iv 1st co n g 4 8 ..1 9 8 9 J -J .......... 98
92*2
......... 93% 92 %
____
92*2 92%
2d c o n s o l g 4 s .................1989 J -J
W arm S p r V a l l a t g 5 a ..1 9 4 1 M-S ■..........104*9 113*4 F e b ’ 05
9934
F
e
b
’06
G re e n b r ie r R y l s t g u g 4s ’ 40 M-N ......... 100
77
80
C h ic & A lt R R r e f g 3 s . ..1 9 4 9 A-O .......... 78*s 77 M a r ’07
69 *4 Sale 69
70
68*3 76%
R a ilw a y 1 s t lie n 3 % s .. .l 9 5 0 J - J
80 *8 M ay’ 05
R e g is t e r e d ...................... 1950 J -J
99*2 M a r’ 07
Chie B u rl & Q— D en v D 4s 1922 F -A
99 100*3
90*2 M a r ’ 07
.......... 90
90% 92%
I llin o is D iv 3 % s ............... 1949 J -J
9 0 Sep ’06
R e g is t e r e d ...................... 1949 J -J
3.00% 10 0 ^ 100*9 1003,
100 102%
G o ld 4 s ..............................1949 J - J
110*4 J a n ’05
I o w a D iv s in k fu n d 5 s . .1 9 1 9 A -0
100% M a r’ O
100 100%
S in k in g fu n d 4 a ............. 1919 A -O ibo** II
101% F e b ’O.
101% 102
N e b r a s k a E x te n a io n 48.1 9 2 7 M-N 100*2 - .
101 >4 D e c ’06
R e g is te r e d ...................... 1927 M-N
100 J ’l y ’06
S o u th w e ste rn D iv 4 s ___ 1921 M-S
J o in t b o n d s See G re a t N ortl)
102*9 103%
102%
102%
D e b e n tu r e 58.....................1913 M-N 103
108% J a n ’ 07
108 % 109
H a n & S t J o s c o n s o l 6 a ..1 9 1 1 M-S 104
92 O ct ’ 06
.......... 93
Chio<fc E I l l r e f & im p g 4 s 1955 J -J
101% ...... 101% M a r’07
1st a f o u r 6 s .....................1907 J -D
100% 101%
132 O ct ’ 06
I s t c o n s o l g 6 s ...................1934 A-O
.1 1 6
116% M a r’ 07
G en era l c o n so l la t 5a___ 1937 M-N
i*16% il*7%
118% F e b ’ 06
R e g is t e r e d ...................... 1937 M-N
113% F e b ’07
C h ic & In d C R y la t 5 a .1936 J -J
i i ‘8% i ’13’ %
C h ica g o & E r ie See E rie
125
125 M a r’ 07
C h ic I n & L o u is v r e f 6 s . .. l 9 4 7 J -J
125 126
111% Jan ’ 07
R e fu n d in g g o ld 5 s ............1947 J - J
111% 111%
L o u is v N A & C h 1 s t 6 8 .1 9 1 0 J - J 1 0 2 * 9........ 105 >9 S ep ’06
103
103
C h ic M il & S t P t e rm g 5s 1914 J - J 1......... 101
103** ib*6%
101
101
101 107
G e n e ra l g 4s s e rie s A ..« 1 9 8 9 J - J 101
104*s O ct ’ 06
R e g is te r e d .....................e l9 8 9 Q -J
92% M a r’ 07
9 1 % ,92
G e n e r a lg 3 % s series B .«1 9 8 9 J - J
90**3 92%
115 >4 O ct ’ 05
C h ic & L Su D iv g 5 s ___ 1921 J - J
112% i*l*3%
C h ic & M o R i v D iv 5 s . . .1 9 2 6 J -J i V o ” i '1234 113 F e b ’07
108 A p r ’06
C h ic & P a c D iv 6 s ............1910 J - J
iib‘% iVi % 110% 111
110 111%
C h ic & P W 1 s t g 5 a ........1921 J -J
106a4 F e b ’ 07
D a k & G t SO g 58............. 1916 J - J
106% 106*4
F a r & S ou asau g 6a........ 1924 J - J
" I I ” 125% 137% J ’l y ’ 99
108% F e b ’ 07
H a s t & D D i v l a t 7 s ........1910 J -J
1*08% i*08%
106 A u g ’ 04
1 s t 5 s ................................. 1910 J -J
182% A p r ’06
I & D E x te n l s t 7 s ..........1908 J -J
111 .No*’ 06
L a C r o a a e & D 1st 5a___ 1919 J - J
10 102*2 103
M in e ra l P o in t D iv 5a___ 1910 J - J
102*9 102% 103
105% F e b ’ O?
. 106
S o M in n D iv 1st 6 s ..........1910 J -J
104 1 05 %
104 J a n ’07
S o u th w e s t D iv 1s t 6a___ 1909 J - J
104 104
109 107*9 107*9
W is <fc M in n D iv g 5 s ___ 1921 J - J
107% 110*4
106% 100%
M U & N o l a t M L 6 s . . ..1 9 1 0 J-D
F '6 % F e b ’07
.1 0 7
I s t c o n s o l 6 s ...................1913 J-D
111% F e b ’ 07
110 *9111%
1 19% 121
C h ic & N o r t h w c o n s 7 s ___ 1915 Q-F
......... 120*9 120% F e b ’ 07
E x te n a io n 4 s ..........1886-1926 F-A
102 J a n ’ 07
102 102
R e g is t e r e d ............1886-1926 F -A ■ i i i i i i " 99 ’*9 104 F e b ’07
104 104
95%
95% 98
G e n e ra l g o ld 3 %a............. 1987 M-N •9 5 % ......... 95%
R e g is t e r e d ...................» 1 9 8 7 Q -F
95 F e b ’ 07
95
95
S in k in g fu n d 6 s . ..1 8 7 9 -1 9 2 9 A-O io*9" i '11 111 O ct ’06
R e g ia te r e d ............1879-1929 A-O
..........110
114*3 F e b ’06
S in k in g fu n d 5 a ..,1 8 7 9 -1 9 2 9 A -O 106 *9......... 106% N o v ’06
107% J ’n e ’ 06
R e g ia te r e d ............1879-1929 A -O
D eb M itu re 5a.....................1909 M-N 1 0 1 * 4 ......... 101
101
100*4 101%
R e g is te r e d .......................1909 M-N 100 ......... 101 M a r’ 07
101 101
D e b e n tu re 5 s .....................1921 A -0 1 0 5 % ......... 107 J a n ’ 07
107 107
R e g is te r e d .......................1921 A -0 1 0 5 * 9 ......... 108*4 J a n ’04
S in k in g fu n d d eb 5a........ 1933 M-N ..........114 *9 114*9 F e b ’ 07
i ‘1 3 % ii*4%
R e g ia te re d .......................1933 M-N ......... 114*2 117 F e b ’ 06
105*4 D e c >05
N o rth Illin o ia 1st 5 s ___ 1910 M-S
102% F e b ’07
O tt C F 4 St P a u l 1st 5s 1909 M-S
. 101
102% 102 %
102 *9 D e c ’ 06
W in o n a <fc S t P e t 2 d 7 a .. l 9 0 7 M-N 102
122 *9 F e b ’07
MU L S <fe W e s t la t g 6a 1921 M-N
122*9 *1*22%
116 *9 O ct ’06
Kxt<fc Im p s f u n d g o a 1929 F-A
142% F e b ’ 02
A sh la n d D iv 1st g 6 s .. 1925 M-S
1 2 8 % F e b ’ 06 . . . .
M ic h D iv 1 s t g 6 s ..........1924 J - J
I n c o m e s .......................... 1911 M-N 100 ....... . 109 Sep ’ 03
116
116 Sale 116
C h ic R o c k I s l & P a c 6 s . .. 1917 J - J
116% 1163*
R e g is t e r e d .......................1917 J 'J
116% M a r’07
116*9116*9
99 *v
G e n e ra l g o ld 4 s ................. 1988 J -J
99*4 99
99 100*9
9934 F e b ’07
R e g is te r e d .....................,1 9 8 8 J -J
99*2 99*4
90*4
91
R e fu n d in g g 4 s ............... 1934 A -0
9 0 >4 Sale
90
91%
CoU tr u s t S e n e s H 4s . . 1910 M-N * 9 4 % ......... 97 J ’ l y ’ 04
J 4 s ................................... 1912 M-N
* 9 3 % ........
92*2 N o v '06
•91 ......... 90*4 Jan ’07
M « s ................................... 1915 M-N
90*4 90%
*90*2.......... 93 M ay’ 01
N 4 s ................................... 1916 M-N
O 4a.................................... 1917 M-N *90 .......... 90% F e b ’ 07
90% 90%
P 4 s ................................... 19 1 8 M-N
Sale
90
90
90
90
C h ic R I & P a c R R 4 a ..2 0 0 2 M-N
69
77
Sale
71% 148| 69
R e g is t e r e d ......................2002 M N
79 D e c ’05
CoU tru at g o ld 5 s ..........1913 M -S
85*’ 91 %
85% 85
86 %
B u r C ed R & N o r t h e r n C on 1st & c o l tr g 5 s . ..1 9 3 4 A -0
119 117 Jan ’ 0 7 ! .. . . 117 117
R e g is te r e d ................... 1934 A-O
117% 120%
C R I F & N W l a t g u 5 s .l9 2 1 A -O
I ll
N o v ’ 05
M & S t L l s t g u g 7 s .. 1927 J-D

.....

....

B O N D S — C o n tin u e d o n J ie x t P a g e .

105 107
318 80 % 92%
102% 103*4

"6

FOUR

87
85%
81

89
88%
85

91
74

93
82

S tre e t R a ilw a y
M et S t R y g e n c o l t r g 5 s .l9 9 7
R e f g 4 s ............................... 2002
Bway<fc 7 t h A v l s t c g 5 s 1943
Col<fc 9th A v 1st g u g 58.1993
L e x A v <fc P F 1st g u g 5s 1993
T h ir d A v e R R c o n g u 4s 2000
T h ir d A v e R y 1st g 5 s . .19 3 7
M et W S E l (C h ic) 1st g 4 s . 1938
MU E l R y & L 3 0 -y r g 5a. 1926
M in n S t R y 1st c o n g 5 s . J.919
N O rl R y & L t g e n 4% s ..1 9 3 5
S t J o s R y L t H & P 1st g 5 s ’ 37
S t P a u l C ity C ab c o n g 5s_1937
U n d e rg ro u n d o f L o n 5 s ...1 9 0 8
U n io n E l (C h ic) 1 s t g 5 s . .1 9 4 5
U n ited R R s S an F r s f 4 s . 1927
U n ite d R y s S t L 1st g 4 s . 1934
W C h ic S t 4 0 -y r c o n g 58.1 9 3 6

« Due May g Due J'ne /iDae J’ly

F-A ..........104% 105 M a r’ 07
82^
82
A -0
82 Sale
J -D 103 111
111% F e b ’ 07
113*8 F e b ’ 07
-M-S 109 113
M-S ‘ 109 .......... 113% D e c ’ 06
86%
80*4
J-J
86*4 Sale
112*3 112%
J -J ......... 113
93% J ’ l y ’ 06
F- A
109 J ’ l y ’ 06
F-A
107% F e b ’06
J -J
J - J .......... 90% 90% •Sep ’ 06
103*4 O ct ’ 06
M-N
110% N o v ’ 00
J -J
80
85
80 Sale
J -D
100 Jan ’07
A-O
78% M a r’07
A-O .......... 80
!?5 M ar’ 07
J -J
83
85
99 D e c ’97
M-N

leDue Aug

.....

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

0Dae Oct

p Due Nor

. . . . [105 108%
2 1 1 82
85
....| jl l 0 % 113
. . . . !1 1 3 % U * %
8 ' 86 * ’ a »* *
2 112% 114%

146 8 0
94
00
100
78%
83%
35
85

s option Sal*

New York Bond Record— Continued— Page

M a r . 23 1907.]
BONDS
N . Y . STOC K E X C H A N G E
W e k k E n d i n g M a r c h 22
C h io R o c k I & P a c— (C o n )
C h oc O k & a g e n g 5s . o l
C on sol g old 5 s ............... 1

■'I8'

B id
9 J -J
2 M-N
i A-O
) J-D
< J-D
s Nl-N
0 J-J
7 J -J

C ou pon off

C h oc O & G u lf

See C & l & e

P r ic e
F r id a y
M a rch 22

1 Q-M
2 J. J
)
M-N
1 M-N
^ J -J
J -J

WeeKfs
R a n ge or
L a st S a le

4.3k L ow

107*2 110

J-D
j

-j

1 M-N

> M-N
J M-S
> M-N
15 Q-F
j Q -F
J-J
J-D
J-D

128 M a r’ 07 ___
93 D e e ’03
131*4 F e b ’07
12 5 *4 .......... 129*, M a r’04 . . . .
......... 120*4 120*8 F e b ’ 07
......... 98
99*4 N ot ’ 06 . . . .
......... 98
9 8*2 M a r’ 07
1
111 Sale 111
111
......... 9 7 3« 97 7s F e b ’ 07

128

131

113 Oct. ’00
105\i 103 V,

104*2
..........

88

See P e n n Co
J -J
1 F-A
M-N

1

83 Jan ’07
104*2 F e b ’ 07
107 *2 D e c '02

132

F e b ’ o7

94*2 M a r’07
67
69

E r ie — ( Con )
N Y S u s & W 1st r e t 5 s .1937
2d g o ld 4*28
1937
G en eral g o l d 5 s ” " " ” l9 4 0
T e rm in a l 1st gold 5 s . . .1 9 4 3
R e g is $5,0 0 0 e a c h ...1 9 4 3
128 131
M id R R o f N J I s t g 6 s . l 9 1 0
Wilk<fc Ea 1 s t g n g 5 s . 1942
131*« 131*4 ffivdfe In d 1st co n g u g 6 s . , 1 9 2 6
E r ie & P itts See P e n n Co
i l9 * a i 2 0 ‘>I E v a n s & T H 1st c o n s 68.1921
1st g e n e ra l g o ld 5a..........1942
' 98*2 99*2
M t V e r n o n 1st g o ld 6 s .. 1923
1 1 0 78 113
S u ll C o B ra n ch 1 s t g 5 s . 1930
9 7 7a 98
IT'argo <fc So See Ch M & St P
I lin t <fc P e r e M See P e r e Mar
Fla C <fc P e n in See Sea A ir L in e
F o r t S t U D C o 1st g 4*28.1941
105*4 105*4 F t W & D e n C 1 s t g 6 s . . ..1 9 2 1
F t W & R io G r 1 s t g 4 s . . . 1928
t3
83
( ' al H a r & S A See So P a c Co
104*2 105
V J a l H & H o f 1 8 8 2 1 s t 5 S.1913
G e o rg ia <fc A la See S ea A L in e
G a Car & N o r See Sea A L ine
G e o rg ia P a cific See So R y
G ila V G <fe N o r See S o P a c Co
97 * «1 0 2
G o u v & O sw e g a t See N Y Cent
99% 99*8 G ra n d R ap & I n d See P e n n R R
97
98*2 G ra y ’ s P t T e r m See S t L S W
97*2 98*^ G t N o r —C B & Q co ll t r 4s 1921
97
97
G re e n b r ie r R y See C hes <fc O
G u lf <fc S 1 1 s t r e f <fc t g 5s 61952
U an & S t J o See C B & Q
A l o u s a to n ic See N Y N H <fc H
99*2 99*2 H o ck V a l 1st c o n s o l g 4 *28.19 9 9

131H 132

67 Sal <3
89*8 90
9 2 * 2 .........

67
68
89<%
90*8
95 F e b ’ 07

5
30
32

94
67

95
72*4

67
74*4
89*8 94*8
95
95

D

J -J
J -J
1 A.O
A-O
M-N
J -D
J-D
D e tr o it S o u tlie rn -

101% M ar’ 07
11 9 * 2 N o v ’ 06
122 S ep ’ 06
127 J ’ n e ’05

90
89

101 *8 104*2

121*4 S e p ’ 06
110*4 F e b ’ 07
110*4 111*8
102*» A u g ’ 06
102 F e b ’ 03
133 F e b ’ 06
149 A u g’ 01
98
100*8 307 97 109*4
96
97*4 31 96 110
133 *2 D e c ’06

96 Sale
95
96
102 »a 105 *2 102*s J a n ’ 07
105*2 F e b ’ 07
109 M ar’ 05
76 B e e ’05
89 Ja p ’06
92*,
.
92*2
92*4
.......... 86*4 87*4 F e b ’ 07
.......... 93
97 J a n ’ 02
110 S e p ’04
.......... 92
92
94 ‘ 92 *2 M a r’ 07

8

93*4 97*4
102*8 102*8
1 0 4 \ 105 *2

1

92 “a 95
87*4 87*4

12

92
92

92
92*2

86 O ct ’ 06
M-S * ......... 85
n ’ 07 . . . . 1 1 1 *2111*2
A-O
......... 111*2
♦11J1a*2
1 1 2 *2 F e b ’ 06
A-O
J -J

D u l S h ort L in e See N o r P a c
D u l S o S h ore & A t l g 5 s . . 1931 J -J 109 111
^ast o f M Inn See S t P M 4 . V
-iast T e n V a <£> G a See S o R j
E lg in J o l <fe E a st 1st a 5 s . 194] M-N 1 1 3 * 2 .........
E lm C ort & N o See L eh <fc N
*Cne 1st e x t g o ld 4 s ............. 194" M-N 1 0 l 34 .........
M-S
M-S
A-O
J-D
M-S ......... 127
M-S
96 »* S alt
J-J
J -J
83 Sale
J -J
J -J
F-A .......... 86
A-O
82 >2 Sale
A-O » ......... 81
119 122
J -J
99
.........
M-N ..........118

112

J a n ’07 . . . . 110*8112

i

J -J

A-O
A -O
M-N
J -J
M-N

1 14 *2N ov’ 06

104*8 F e b ’06
118 M a r’07
117 7e 119
116*2 Jan ’0^
101 *2 N o t ’ 06
......... 130
ISO M a r’07 . . . . 130 130
118 Sep ’ 06
106 ......... 1 0 9 78 O ct ’ 05
121 *2 D e c ’ 06

J -D
M-N
A-O
J -J
J -J
F-A
M-S

J-l)
FA

F-A
M-N
A-O
A-O
A-O
J -J

103

W eek’ s
R a n g e or
L a st Sale

B k ly n <fc M o n t 1st g 6 s ..1911
1st 5 e ................................. 1911
N Y B & M B l s t c o n g 5 e 1936
N Y & R B 1st g 5 s ........1927
N o r S h B l s t c o n g g u 5 s o l9 3 2
L o u is ia n a & A r k 1st g 5 s . 1927

1
lls

R ange
S in ce
Ja n u a ry 1

A sk L ow
H ig h N o L ow H ig h
114*2 115*4 D e c ’ Ob
100*4 D e c ’ Oo
100 *2 F e b ’ 07
100*2 103
118 .............
......... O ct ’ 06
104 *« O ct ’ 06
110 O c t ’ On
116 A p r ’ 06

J -J
A-O
A-O
A-O

117 D e c ’ 06
106*2 106*8 F e b ’07 . . . . 1 0 6 *8 1 0 6 "i»
108 "
114 A p r ’05
101*12......... 106*4 F e b ’ 06

J -D

108

105
Sale 108
8 4 78 85

M ar’ 98
109*2
85

24 108
85

111
87

103

J a n ’ 07

103

103

103

A-O

J -J
Q -J

90*4 Sale

90*4
92*4 343
91 M a r’ 07

101*4 102 *2 F e b ’ 07
103*4
95

103=8
98*2

103 7„

Q-J •114*2
99
Q -J
95*2 Sale
J-D
M-S
94
,I-T1
95 Sale
M-S
J-D 107*2
M-S
M-S
M-S 1 0 0 *«
A-O
..........
M-S
Q -J
M-S

90*4
91

98 T»
96*a

1 0 2 *2102*2
21 103*8105 k

98*4 N o v ’ OO
100 D e c ’ Oo

100*4 1 0 0 7»

102

....

96

102*4 102*4
89*4 91
78*4

78*4

88*4 89
102
2

102

97
97
. . . . . . .........

3 100*2 100 *3

4 114*2115*9
2 95
99*8
77
79
109 111
85
85

12

69

72

29 112*g 114
107 *8 1 0 7 7s
. . . . 107*2 107*9

96*4

114*8 F e b ’ 07
95*2
95 *2
102 N o v ’ 05
99*4 O ct ’ 06
95
95

102*4

100** 103 Sj

114
2
"1

M a r’ 07

96*4

114*8

95*2 99
94

.9 5 * 9

96

99 *2

100 M a r’07
100 i o 2 *i
1 1 0 * 4 N o v ’06 . . . .
109 *4 Jan ’ 07
1 0 9 \ i()9*4
109 N o v ’ Oti
103 “a F e b ’ 07 . . . . i0 3 "^ i'03 *2

B O N D S — C o n tin u e d o n N e x t P a g e .
Q -F 1 0 2 1* Sale 102*8 102^
102 F e b ’ 07
A-O
91*2Jan ’ 07
M-N
J -D
99 7a Salt
99 *9
99 7t,
F-A
80*2 8 0 7t 80
81
M-S * .......... 99
99
99**
J -J
113*4 J ’ n e ’06
F -A I " " ! '9 8 * * 98*4 D e c ’ 06
M-N
103 N o v ’ 00
M-S
104®* N o v ’ 05
A-O
119 F e b ’ 0"
118
M-S
1 0 3 >2 103*2 M ar’ 07
J -J
100 M a r’ 07
J-D
102 J a n ’ 07
M-N
105
103*2 D e c ’05
J-D
104>ii
M-S
110 M »y ’05
J -D
101*2 F e b ’ 07 . . .
99*4

102 105**
102 102*2
91*2 91*2
99*4 103*2
80*2 84 78
99
99 *a

119
102
100
102

119*2
103*2
100
108

101*2102

prioe Frtalay; latest ludaud asked thi* week, v Dae Jan b Due Feb d Due Apr e Dae May h Due J’ly * Due Aug 0Due Oct a Due Dec s Option Sal*




j

-

C ol & T o l 1st e x 4s . . . ’ !l9 5 5 F -A
H o u s t E & W T e x See S o P a c
H o u s t & T e x C e n See So P a c Co
109 *2 S ep ’ 06
1 llin o is C e n tra l 1st g 4 s . .1951 J -J 106
108
104*4 A u g ’ Oti
J -J
100 *2 F e b ’ 07
J -J
95*2 J ’ly *0ti
R e g is t e r e d ...................... 1951 J -J
A-O
99*2 J ’ n e’ 06
70 O ct ’ 04
M-S
102 M a r’ 07
A-O
102 O ct ’ 01
R e g is te r e d ...................... 1952 A-O
102*4 100*4 M a r’07
L N O & T e x gold 4s ...1 9 5 3 M-N
100 M ay’06
M-N
102*4 Jan ’ 07
C a iro B r id g e g o ld 4 s ___ 1950 J-D
89=, F e b ’ 07
......... 60
I /o m s v D iv & T e r m g 3 *28.1953 J -J
123 M ay’ 99
M id d le D i v r e g 5 s ............1921 F-A
78*2 A p r ’06
O m aha D i r 1st g 3 s ........1951 F-A
78*4 F e b ’ 07
S t L o u is D iv & te r m g 3s. 1951 J - J
R e g is te r e d .................
1951 J -J
89 M a r’ 07
G o ld 3*28
1951 ,T-J
J -J
101 *s O ct ’ 99
100 N o v ’ 00
S p r in g D iy 1st g 3 *28...1 9 5 1 J -J
102 Jan ’ 07
W e s te rn L in e s 1st g 4 s ..1951 F -A
J-T)
122 D e c ’ 05
97
97
C arb & S h a w 1st g 4 s . ..1 9 3 2 M-S
C h ic S t L & N O g 5 s . . .1951 J-D
122*2 121*4 D e c ’ 06
J-D
119*4 M a r’04
G o ld 3*28
1951 J-D
93*8 M ay’ 04
J-D
100*2 100 *i
M em p h D iv 1st g 4 s . ..1 9 5 1 J -D 100*2
97
St L S ou 1st g u g 4 s ___ 1931 M-S
103 N o v ’ 04
In d B1 & W e s t See C C C & St L
99
100 F e b ’ 07
I n d 111 & l a 1st g 4 s ..........1950 J-.I
114*2 114*2 114*2
I n t & G rea t N o r 1st g 6 s . . 1919 M-N
M-S 1 95
95
96*» 95
M-S
79
79 J a n ’ o?
106 I l l
F e b ’ 07
I o w a C e n tra l 1st g o ld 5 s . .1 9 3 8 ,1-T)
80
G o ld 4 s ...............
.1951 M-S
85 F e b ’ 07
J efferson R R See E rie
l / ' a i A <fc G R See L S & M fc
I V a n & M ic h See T o l <fe O C
K C F tS & M
S e e S tL & S F
K C & M R 4 B See S t L & S 1
K an C & P a cifio See M K & '1
69
70
69
69
K an C ity S ou 1st g o ld 3 s ..l 9 6 ( ; A-O
R e g is te r e d .......................... 195c A-O
63 O ct ’ 00
K e n tu c k y C en t See L & N
K e o k & D ee M o See C R I & P
K n o x v ille & O hio See So R y
I ak e E r ie & W i s t g 5 s . . 1937 J-J
113*4 Sale 113*4 114
105 107 7« 1 0 7 78 F e b ’ 07
J -J
N o rth O hio 1st g u g 5 s ..1946 A-O
L S ho & M ic h S See N Y Cent
L e h V a l N Y 1 st g u g 4 *28.1940 J -J 107*4 110 107 *2 F e b ’ 07
xtegister e d ......................... 1940 J -J 1 06 *4......... 1 1 2 * 8 N o v ’ 05
L e h ig h V a l (P a ) c o n s g 48.2003 M-N
95 O ct ’ 06
116 O ct ’ 00
L eh V T e r R y 1st g u g 5 s . 1941 A-O
R e g is te r e d .......................... 1941 A -O
109 *2 O ct ’ 99
112 e8 A p r ’ OtJ
L eh V C oal C o l e t g n g 58.1933 J-J
L eh & N Y 1st g u a r g 4 s . . 1945 M-S
96*4 J a n ’ 07
M-S
E l C & N 1 s t p f 6s ____ 1914 A-O 106
G old gu a r 5 s ...................1914 A-O 102
105*4 J a n ’ Ob
L eh & H ud R See C e n t o f N J

G a s a n d E l e c t r i c L ig h t
L a cG a e L o fS t L ls t g 5 s .e l9 1 9
R
e f and e x t 1 s t g 5 s ........1934
106 *9 107
106 107*8
66 M a r’07
63*4 73 ** M ilw a u k e e G as L 1 s t 4 s . .1 9 2 7
121
122
116 139*4 N Y G E L H & P g 5 s . . .1 9 4 8
P u rch a se m o n e y g 4 s . . . 1949
100
100 ........ 100
E d E l 111 1st c o n v g 5 s . . 1910
100 100
1 s t c o n s o l g o ld 58..........1995
101 *2 N o t ’ 06
N Y & Q E 1 L A P 1st c o n g 5 s l9 3 0
N Y & R ic h G as 1st g 5 s .1921
......... 103 >2 105 F e b 07 . . . 105 105
Pat & P a s G & E c o n g 5 s .1949
61*3 O ct ’01
P e o G as & C 1st c o n g 6s . 1943
86*4 F e b ’ 07
'8 8 U ” 89
' 86*i "86*4 R e fu n d in g gold 5 s ............1947
Ch G -L & C k e 1st gu g 5s 1937
107»4 D e c ’ 00
Con G C o o f Ch l s t g u g 5 s . ’ 36
iira" IIII 103 M a r ’ 07
ios" ibT
M u F u e l G as 1st g u g 5s. 1947
98 D e c ’ 06
S y ra cu s e L ig h tin g 1st g 5 s .’ 51
iie*a 117 F e b ’07
T r e n to n G & E l 1st g 5 s .. 1949
117 117
W e s tch e s te r L ig h t ’ g g 5S.1950
93H fM ar’ 06
1 0 6 * 3 ........
68*2 70
119 122

P r ic e
F r id a y
M a r c h 22
B id

J -J
F-A
F-A
M-N
M-N
A-O
J-D
J -J

J -J

107*2 J a n ’ 06
1 0 9 S D e c ’ 06
108*2 A u g ’ 06
110*2 O ct ’06
lOO7* F e b ’ 07
10078 1 0 0 78
127
127
1 125 129*2
133 F e b ’ 06
96*8
9 6 7t> 22 96*8 99*2 L e ro y & C a n ey V a l See M o P
99*a O ct ’06
L o n g D o c k See E rie
81
83
59 8 1
L o n g I s l ’ d—l8 t c o n g 5 s .ft -1 9 3 1
88
85*2 F e b ’ 07
1 st c o n s o l g o ld 4 s ..........M 9 3 1
85*i 85*2
84
84
3 84
G e n e ra l g o ld 4 s .................1938
91*2
F e r r y g o l d 4 *2S................. 1922
82*2
85 23 J 81 103*4
85 F e b ’07
G o ld i s ................................. 1932
85
87

M IS O E L L A N E O U S
t in s a n d E l e c t r ic U g b t
A tlanta G L C o 1st g 6 s . . .1 9 4 7
B k lyn U Gaa 1st c o n g 5 s . 1945
Buffalo G as 1st g 5 s ............1947
Consol G as c o n y d eb 6 s . ...1 9 0 9
Con sum G as See P G & C Co
D e tr o it C ity G as g 5 s ..........1923
D e t G as C o c o n 1st g 5s ..1 9 1 8
J C d E lIU B k n S e e K C o E L <& P
E d E 111 S e e i i YG<fc E L H & P
K q G L N Y 1st c o n g 5 s .. 1932
Gaa<& E le c B e r g C o e g 5s . 1949
H en E le c t r ic d eb g 3 ‘a s .. 1942
U r R a p G L C o 1 s t g 5 s . . .1 9 1 5
H u d so n C o G as 1st g 5 s .. 1949
K an C ity (M o ) G as 1 st g 5s 1922
K in g s C o E l L & P g 5 s . ..1 0 3 7
P u rc h a se m on ey 6 s . 1997
E d E l 11 B k n 1st con g 4a 1939

5 .®
£

H ig h

104*2 N o r ’ Ol
95
67

C oium <fc G re e u v St* So K y
C ol * H o ck V al See H o c k V
C ol <fc T o l See H o c k V a l
C ol C on n & T e r m See N & W
C on n <* P a s R lv s 1st g 4 s .194 : A-O
ak & G t So See C M
alias <fc W a c o See M
M-S 101 ..........
M-N
J -D
J J-I)
96
98
1 st r e f g u g 3 *28.
N Y L p ck & W 1st
F -A
M-N
J F-A
M-S
M-S
98 Sale
3 J -D
9 6 Sale
A-O
M-N •133*4.........
i J -J
J-J
J-I)
J -D

BONDS
N . Y . STOC K E X C H A N G E
W e e k E ndin g M a b c h 22

97*9
99 \ 20
99*8 J a n ’ 07
97 M a r’ 07 . . . .
07 ........
.......... 97
97*4 F e b ’ 07
97 J a n ’ 07
99*4 F e b ’ 05
97 ......... 98 Sep ’ 06
1 0 6 * 8 ......... 105 J a n ’04
99 .......... 99 *2 D e c ’ 06
99 .........
113*4 J ’ n e’ 06
118*2 J a n ’ 07
118*2118*2
97*8

A-O
O-J
A-O •.........
A p r ..........
C le v <fe P itts

H igh No Low

111 M » y o 6
105*8 N oy ’ 06

1st g u a r g o ld 5 s . ..
C in S & C See C C C St L
C learfield & M ah See B R

R a n ge
jk
S in ce
1 53!
*5
Ja n u a ry 1

677

2

678

New Y o rk Bond Record— Continued— Page 3

BONDS
N. Y . STO C K E X C H A N G E
W e e k binding m a r c h 22

W eek’ s
R a n ge or
L a st Sale

P r ic e
F rid a y
M a rch 22

L o u is v & N a s h v g e n g 6 s .1930 J -D
G old 5 s ................................. 1937 M-N
U n ified g old 4 s .................1940, J -J
R e g is te r e d .......................1940 J - J
SinK la n d g old 6s ............. 1910 A -0
C oll tru s t gold o s ............. 1931 M-N
5-20-yr col t r deed g 48.1923 A -0
E H * N a sh 1st g 6s ___ 1919 J -D
L C in & L e x g old 4 Has... 1931 .M-N
N O * M 1st gold 6s ___ 1-930 J -J
N O * M 2d g old 6s ........1930 J -J
P en sa cola D iv g o ld d a ...1 9 2 0 m - s
S t L D iv 1 s t g o ld 6s ........1921 m - s
2d g o ld 3 s .» ...................1980 M-S
A tl K n o x * i t o r 1st g 5sl94G J -O
H e n d e r B d g e l s t s f g 6 s ,1 9 3 1 M-S
K e n tu ck y Cen t gold 4 s . .1987 J - J
L * ;<** M <fc M 1st g 4 %s 1945 M-S
L * N -S ou th M jo in t 48.1952 J - J
N F la * S 1st g a s 5 s. ..1 9 3 7 F-A
N & C B d g e g e n gn g 4 %s 1945 J -J
P e n s * A tl 1st g n g 6 s ..1921 F-A
S * N A la co n gu g 5 s .. 1930 F -A
L & J e ff B d g e Co g u g 4 s ..1 9 4 5 M-S
L N A & C h S eeC I * L
ahon C oal See L S & M S
an h atta n R y c o n so l 4 s . 1990 A-O.
R e g is te r e d ...................199U A -0
M e tro p o l E l 1st g 6s ___ 1908 J - J
M c K ’ p t & B V See N Y Cent
M e tro p o lita n E l See Alan R y
U e x C en t c o n so l g old 4 s ..1911 J -J
1st c o n s o l in c o m e g 3 s .a l9 3 9 J ’ ly
2d c o n so l in c o m e g 3 s ..a l 9 3 9 J-J r
E q u ip * ooll gold o s ........1919 A-O
M e x I n t e r n a t ls t c o n g 4s . 1977 M-S
M e x N o rth 1 s t gold 6s ___ 1910 J-D
M ic h C ent, See N Y C en t
M id o f N J See E r ie
M il L S * W See C h ic & N W
MU * N o rth See Ch M & St P
M ip n & St L 1st gold 7 s . . 1927 J-D
I o w a E x 1st gold 7 s ........1909 J-D
P a c ific E x 1st g old 6s. ..1 9 2 1 A-Q
S oa th W e s t E x 1st g 7 8 .1910 J -D
1st c on eol g o ld 5 s ............. 1934 M-N
1 st a n d r e fu n d g o ld 4 s . .1 9 4 9 M-S
D es M * F t I) 1 s t g u 4 a ...'3 5 J -J
M in n * S t L g u See B C R * N
M S t P * S S M c o n g 4 i n t g n ’ 38 J - J
M S S M & A 1st g 4 in t g n 1926 J - J
M in n .U n See S t P M * M
M o K a n & T e x 1st g 4 s . . .1 9 9 0 J -D
2d g old 4 s .......................... g x 990 F -A
1st e x t g old 5 s ...................1944 M-N
1st & r e fu n d 4 s .................2004 M -«
G e n s f 4 % s .....................1936 J - J
S t L D iv 1 s t ret g 4 s . . ..2 0 0 1 A -0
D a l * W a 1st g u g 5 s . ..1 9 4 0 M-N
K a n C & P a c 1st g 4 s . . . 1990 F-A
M o K & K 1st g u g 5 s . .. 1942 A -0
M K * O k 1st g u 5 s ........1942 M-N
M K & T o f T 1 st g u g 58.1942 M-S
S h er Sh & S o 1st g u g 5 s . 1943 J-D
T e x * O k l a l s t g u g 5 s . . . l 9 4 3 M-S
M o P a cific 1st c o n g 6s . ..1 9 2 0 M-N
T r u s t /r o ld 5s sta m p e d .a 1917 M-S
R e g is t e r e d ................... a l9 1 7 M-S
1st c o ll gold 5 s ...................1920 F-A
4 0-year eold loan 4 s........1945 M-S
3 d 7s e x t d at 4 % ............... 1938 M-N
C en t B r R y 1st g u g 4 s . 1919 F-A
Cen B ran ch U P 1st g 4a. 194b J-D
L e r o y * C V A L l s t g 5 s 1926 J - J
P a c R o f M o 1st e x g 4s. 1938 F-A
2d e x te n d e d g old 5 s . ..1 9 3 8 J -J
St L I r M * S g en co n g 5 s l9 3 1 A -0
G en oon stam p g td g 5s 1931 A-O
U n i f i e d * r e f g o l d 4 s . . 1929 J - J
R iv & G D iy 1 st g 4 s .. 1933 M-N
V e r d i V I & W 1st g 5 s .l9 2 6 M -S
M ob J & K C 1 st co n s g 5s. 1953 J -J
M ob & O h io n ew g o ld 6 s . .1927 J -D
1 st e x te n sio n g old 6 s..A 1 9 2 7
G en era l g old 4 s ................. 1938 u
M o n tg o m D iv 1st g 5 s .. 1947 F-A
8 t Li <fe C a iro c o ll g 4 s . . e l 930 Q-F
G u aran teed g 4 s ............1931 J-J
M & O c o ll 4s See Southern
M oh aw k & M a i S e e N Y C & H
M on on galiela R iv See B & O
M on t C en t See S t P M & M
M org a n ’ s L a & T See S P Co
M orris & E sse x See D e l L & W
ash C h at * S t L 1st 7s. 1913 J - J
1st co n so l gold 5 s ..........1928 A -0
J a sp e r B ra n ch 1st g 6 s ..1 9 2 3 J -J
M cM M W * A l 1 s t 6 s ..1 9 1 “ J-J
T & P B ra n ch 1st 6s ___ 191
J -J
Nash F lor * S hef See L * N
N at o f M e x p rior lie n 4 % s. 192 6 J -J
1st co n s o l 4 s ...................... 1951 A-O
N ew H & D See N Y N H & U
N J J u n e R R See N Y C en t
N ew * C in B d g e & e « L o n * N
N O * N E p rior lien g t>s »1 9 1 5 A - 0
N Y BKln * M an B c h See L 1
N Y C en t * H R iv g 3 'us. 1997 J -J
R e g is te r e d ...................... 1997 J -J
D e b e n g 4 s ........................ 1934 M-N
L a ke S hore c o ll g 3 % s .. .l 9 9 b F-A
R e g is t e r e d ...................... 1998 F-A
M ic h C en t c o ll g 3 %s___ 199b F-A
R e g is t e r e d ...................... 1998 F-A
B e e c h C r e e k 1st. g u g 4 s . 1936 J -J
R e g is te r e d .......................1936 J - J
2 d g u g o ld 5 s ................. 1936 J - J
B eech Cr E x 1 1 s t a 3 %s />1!'51 A - 0

M

N

H ig h N o
Low
115^4 M a r’07
108 M a r’ 07
99 H
'9 7 % Sale” 97 *2
i o n * J l y ’ 06
107 D e o *<>5
108
109 M a r’O
97 Sale 95H2
9734 28
109
112 F e b ’ Oi
109 M ar*05
121 M ar’ 07
122 M a r’ t>7
107 ^ A u g ’ 06
iie "
120 J an ’ 07
”72% 72H» F e b ’ 0
116 J ’ l y ’ 06
108 Hi Jan ’ 06
96
96% 97 F e b ’ 07
108 J ’ ly ’ 06
87
87
88
112 ><i I I 0 H2 M ar’ 07
'1 0 * »% U 2
107*2

112 J a n ’ o7
1 1 5 14 M ar’ 05
97 M ay’ 06

__

99Hj
J
104 A p r ’ 05
102% M a r’07

99 Hi 100

i’0 2 % ios'
83*4 Sale

83 H
•i-i
16

21% Sale
14

16

.....

90%

9 0 68 J l y ’OJ
105 M ay’ OO

118

. i'u9%
, Hi)
98

130 M a r’ Q7
l l l ^ O c t ’ 05
118 J an ’ 0 "
M a r’ 05
109 >2 M a r’ 07
93% F e b ’ 07
97 A p r ’ 06

97 Hi 99
103

M a r ’ 07
N o v ’ Ol

96 4
81%
103
82

Sale
96
96 H.
Sale
81%
83
......... 103*2 103 *»
Saio
81 Ha
K4
...... 8o 85 M a r’ 07
8 S \ 87 J an ’ 07
104 Hj J a n ’ 07
95 Hi F e b ’ 07
..........1 1 0 *» 110*4 11
106 ......... 1C7 F e b ’ 07
102 ..
02
102*2
104 . .
104 M a r’ 07
......... 104 Hi 107 Jan ’0",
118 118*1 U 8 34 119
..........l o i
101 101*4
107 Ha F e b ’ Ot
101 1 0 -J l u l
101
8tJ*v
.......... » 5 7e 86
* 9 9 Hi. . . .
93 Sait.
9 3 .........9 3 ’
95 N o v ’ Ort
......... 95
110 M ar’05
100 ....... 10 l a* J a n ’ 0
1 1 5 '« ........ L16*s M a r’07
110 H» Sale 110*4 110 Hi
116 N o v ’06
82
82
8 4 ‘s
84
90
90
90
107*2 A p r ’ 06
*82 . . .
98 D e c ’ 06
1 2 2 Hi iUSHi 122»4 122*4
122 D e c ’05
93H» J a n ’ 07
108*4 IO8 I4
92 Hi A u g ’06
101 N o v ’04

.....

f

F-A
FA
M-N
A -O
J-J
F-A
F -A
J -D
J -J
J -J
J -J
J -J
A-O
J -J
J -D
F-A
M-S
J -J

B O SlO S
N. Y . STO C K E X C H A N G E
W e e k E n d in g M a r c h 22

N Y C en t & H R— (Continued.
Cart <fc A d 1st g u g 4 s . . . 1981 J -D
G o u v & O s w e l s t g u g 5 s 1942 J-D
M oll & M ai 1st g n g 4 s . .1991 M-S
N J J u n e & g u 1st 4 s . -.1 9 8 6 F A
X Y <fc H a rlem g 3 *28. ..2 0 0 0 M-S
109 109
R e g is te r e d .......................2000 M-N
95
98
N Y & N o rth 1st g 5 s . . .1 9 2 7 A -O
112 112
N Y & P u l s t c o n g u g 4 s 1993 A-O
N o r <fc M o n t l s t g n g 5 s . 1916 A O
Pine C ra ss reg y uar 68.1932 J -D
R W & O con I s t e x t 5 s ./i.l9 2 2 A - 0
O sw e & R 2d g u g 5 s . ..e l9 1 5 F-A
120 120
R W<fe O T R 1st g u g 5 s .l9 1 8 M-N
72*2 7 2 H2
R u tland 1 s t c o n g 4 H2S.. 1941 J -J
O g& L C lia m l s t g u 4 s g l9 4 8 J -J
Rnt-Cana<l 1 s t g u g 4 s . 1949 J -J
97
97%
St La w & A d ir 1st g 5 s . 1996 J -J
2d t o ld 6s ............. J........ 19l*i< A-O
80
i*
U tica & B lk R iv g u g 4 s . 1922 J -J
113*2 113*2
LaKe S h o re g o ld 3 *2S___ 1997 J-D
R e g is te r e d ...................1997 J-D
D e b e n tu re g 4 s ............. 1928 .vi-S
K a A<fc G R l e t g n o 5 s . 1938 J -J
M ah on C’ l R R 1st 5 s .. 1934 J -J
P itts <fc L E rie 2d g 5 s .« 1 9 2 8 A-O
P it t s M c K * Y 1st gu 6S.1932 J -J
99*8 100%
2d g n a r 6s ........................ 1934 J -J
M c K e e s * B V l s t g 6s 1918 J -J
100*4 ib*2*i
M ich C en t 1st co n s o l 6 s .1909 M-S
5 s .........................................1931 M-S
R e g is te re d .^ ............... 1931
81
86
4 s .........................................1940 W
20*8 273/
R e g is te r e d ...................1940 J -J
14 H. 21
J L * S 1st g 3*28........... 1951 M-S
1st g 3 Hj s ............................1952 M-N
B a t C & S tu r 1 s t g u g 3 s . 1989 J -D
N Y C h i c * St L 1st g 4s 1937 A -O
R e g iste re d ...................... 193' A-O
W e s t Sh ore 1st 4s g u . . . 2361 J -J
R e g is te r e d ...................... 2361, J -J
N Y * tir e e n w L a k e s e e E rie
130 130
N Y * H a r See I f Y C * H ud
N Y L a ck * W See D L & W
i i s ” i 18 Hi N Y L E * W See E rie
N Y * L o n g B r See C en t o f N J
109 110*2 N e w Y o r k N e w H a y * H a r t^
92
94
H o u s a to m c R c o n g 5 s .. 1937 M-N
N H & D e rb y oon c y 5 s .l9 1 8 M-N
N Y * N o rth See N Y C * H
99
99
S Y O & W r e f 1 s t g 4 s . .^ 19 92 M-S
R e g is $ 5 ,0 0 0 o n ly ..........ffl99~ M-S
N Y * P u t See N Y C * H
96
98Ha N Y * R B See L o n g Isla n d
81
88
N Y S * W See E rie
103 104
N Y T e x & M See So P a c C o
81*2 86
N or * S ou th 1st g 5 s ..........1941 M-N
8 6 % 8 p*s N o rf & W e s t g e n g 6 s ........1931 M-N
85
87
I m p r o v e m ’ t & e x t g 6 s .. 1934 F-A
104*2 104*2
N e w R iv e r 1st g 6 s ........1932 A -0
1*5 Hi 95H.
N & W R y 1st c o n g 4 8 .1 9 9 6 A-O
110%111%
R e g is t e r e d ...................... 1996 A-O
106*4 107*4
D iv ’l l s t 1 * g e n g 4 s . . . 1944 J -J
102 106*2
P o c a h 0 & C jo in t 4 s .. 1941 J -D
104 104
C C & T 1 s t g u g 5 s ..........1922 J -J
106 107
S cio V * N E l s t g u g 4 s 1989 M-N
118% 119% N o rth I llin o is See Chi * N W
101 105
N o rth O hio See L E r ie * W
N or Pac— P r io r lien g 4s. .1997
J
loi'' i‘0’5 ’
R e g is te r e d ...................... 1997
-J
86
90
G en eral lien g old 3 s ___ a2047 Q -F
R e g is t e r e d ...................a.2047
S t P a u l-D u l D iv g 4 s ___ 1996 u
96%
D u l S h o rt L l s t g u 5 s .. 1916 M-S
C B * y co ll tr 4s See G t N o r
101J4 101%
St P * N P ge n g 6 s . ...1 9 2 3 F-A
116 117*4
R e g is te r e d c e r titic ’s .. l 9 2 3
110% 114
S t P a u l & D u l 1st 5 s ___ 1931 u
2d 5 s ................................. 1917 A-O
8 8 **
1st c o n s o l g o ld 4 s ..........1968 J-D
92*4
W a sh C en t 1st g 4 s ..........1948
N o r P a c T e r Co 1st g 6 s . .1 9 3 3 V
N o r R y C al See So P a c
121*4 124
N or W is See C St P M * O
N o r * M o n t See N Y C en t
93 Ha 94
Ind & W See C C C & S t L
108% 108*4
h io R i v R R See Balt & O
O re & Uai See S o P a c Co
O re R R & N a y See U n P a c
O re S h o rt L in e See U n P a c
O sw e g o & R o m e See N Y C
O C F & S t P See C & N W
a c C oa st C o 1st g 5 s ___ 1946 J-D
a c o f M is s o u r i See M o Pac
Panam a 1 s t s fo n d g 4 *28. . 1917 A-O
116*2 117% P en n R R l § t rea l e s t g 4 s .lW 2 3 M-N
113% 116
C on sol g o ld o s ................... 1919 M-S
C on sol g old 4 s ...................1943 M-N
C o n v e r tib le g 3*28........... 1912 M-N
C o n v e r tib le g 3 Has........... 1915 J-D
A lle g Val gen g u g 4 s . . .1 9 4 2 M-S
102*4 102*4
D R R R * B ge 1st g u 4a g . ’30 F-A
P h lia Bai & W 1st g 4 s .. 1943 M-N
84*4 87 Hi
Sod B a y * So 1st g 5 s . ..1 9 2 4 J -J
Sun<fc L e w is 1st g 4 s . ..1 9 3 6 J -J
U N J R R & C an g en 4 s . 1944 M-S
Penu Co— G u ar l s t g 4 H » s .l9 2 1 J -J
R e g is te r e d ...................... 1921 J - J
91% S3 %
G u ar 3*28 c o ll tru s t r e g . 1937 M-S
92 Hi Dz -j
G uar3*2SC oli tr ser B ...1 9 4 1 F -A
99
95
T r C o e e r t if’s g u g 3 “2 8.19x0 M-N
D
83*, 88*2
G u 3 *-.8 tr e tfs C ...............19-12
G . 3HiS tr c t f s D ...............1944 J -D
x l% 87
G uar 15-25 y ar g 4s — 1931 A O
83
f 7<,
iv 4 34 8 4
Cl <fc M ar l s l gu g 4 ‘a s .. 1935 M-N I
Cl * P g en gu g 4 Hjsser A . ’42 J - J
10J 102*4
S e rie s B ............................ 1942 A-O j
S c r ie s C 3 H2S...................1948 M-N
S e rie s D 3 His...................1950| F -A '

H5Hi 117
112" » .. ..
I i 5 :>s___
1 I 0 :,4 ___

" " " "8 3

117% M ar’ 07
113% M a r’07
119-4 F e b ’06
i 1 7 14 M a r’05
113 J ’ l y ’ 04
102*4 J a n ’07
80 Hi M a r’ O

91*2
92
92 *•! Jan ’ 07
. d5Hi 95*4 95 H.
Sale
« 3 ;,4
84
. 83
84
81
. 83
83
F e b ’ 07
83 H. 84% Jan ’ i>7
1 0 ia.i 102
F e b ’ 07
102 M ai '04

91 Hj Sale

90

96

62 *a ~*ile
106*

i 0 6 " Sale
90 ........
99 ........
90 3ai«.

l x x x iv

W eek’ s
R a n ge or
L a st Sale

A sk Low
103%

L ow H ig h
115 11314
108 117*4
97Ha 101

.

R a n ge
Since
J an u ary 1

H ig h

Low

h ig h

113

114

103 D e c ’06
105 O c t '02
101*2 J ’ly ’06
119*2 M ar’ 05
101% D e c ’06

99

137 N o v ’97
113 M a r’ 07
113% J a n ’ 02
106 ** O ct ’ 05
94 Hi 95 F e b ’ 07
95
95 F e b ’ 07
122 J a n ’06
100 Hi......... 1 0 3 ^ A u g ’ 06
......... 93
92%
92*2
92%
9 2 7,
92% Sale
92
94

92%
92%
92

94%
94
99 Ha

125 Hi M ar’ 06
107 *2 N o v ’ 06
139 J a n ’03
104 D e o ’ 06
118% J ’l y ’ 06
119 J ’ n e’ 06
100% Jan ’ 07
IO6 H2 N o v ’ OO
94 Hi D e c ’ 06
94 HaJ a n ’ 07

100% 100%
94*2 94*i

1 0 3 % ......... 10.1*4 103*4
102*4 Mai^OT
102 103
102
102
100% Salt 100 Ha 100%

124
97

02% I oh ’*^
102*4 102*4
10^ 105
100H al03%

F e b ’ Oy
9GHa 101%

96%
98
101 HaJ ’ n e ’06

102

104 Sep ’06
130 F e b ’ 07
130% F e b ’ Ob
137 130*4 127*4 O ct ’06
98%
97 Ha
9<iHi
100 F e b ’ 06
95
95
95
87 Sale
87
89
102
109Ha F e u ’05
98
99 Ha 99 Ha M a r ’07:
100% 5ai>.
70

71
71

115 .
109 Ha.
90

.

112*a.

100

129 % 130
97%

99%
96*«
91%

99%

100H

9 9 Ha

100 102*4
98 Ha 102
70
74*4
71
71
, 95% 95%

99 *2
99 H.
70
71
7* F e b ’07
95% Jan ’ 07

120

120

120
120
132 J ’ l y ’ 99
113 M a r ’06
108% F e b ’ 07,
98 HaO ct ’06
93 M ay’Oti
113% M a r’ 07

108-*4 108%

107

107

106

101

101

113 % 11 3%

O

107
104 Ha........
......... 103

.....

M a r’ 07

103 J ’ ly ’ 06
101
M a r’07
lllH a S e p ’ 04
106 A u e ’O:
93%
95%
89%
91%
104*4 O ct ’ 05

101
94 s a le
89% Sale
loO
97 *s.........
103 ......... 107 Ha O ct ’ O t
10^ Jan '03
♦98
llOHa Sep 1
......... 106
106 M a r1
105% h’e o '
90 Hi J ’ ne'
......... 87 S. 90 O ct ’
V*4->« 95H? 95 H. M a r’
8 7 % ......... M9 O ct
90*2 .Mai'
98
97 Hi J a n '
110 Jau
1 0 8 l4 A u g'

.....

93 10' **4
89% 95

i 05 1 107
1053 105%
95

95%

97-2 97*2

98% D e c (K96 Jan 04

IJO.NO.>— C o n tin u e d 011 Xem l P a s t

95 F e b ’ 07
95
100%
8S J’ i y ’ 06
107% OCt ’04
102% A p r ’ Oli
95 A p r ’ 02
62%
64
178
107% D ec ’04
107 M ay’ 97
105% D e o ’ 06
105 O ct ’ 00
78 F e b ’ 07
78
78Ha
94 *2
95
94
95
106 Hi J a n ’ 07
l06Hi IO6 H1
106
106
105 106*2
102 D e c '0 3
100 F e b ’ 07
100 100
90
90
90
98
9 3 Hi F e b ’07
93% 9;i%

I 'e le t in ip li a n d T e le p h o n e |
A m T e le p * T e l coU t r 4s 1929 J - J
Com m C able C o 1st g 4 s ..2397 y - J
-Viet T * T 1st s f g 5 s ........191b%i-N
M ic h . S tate T elep . I s t 5 s .l 9 _ '4 F-A
N V <fc A J l e i gen g 5 s . .1 9 2 0 iVI-N
W'est U n ion c o l tr cu r 5 s . l 9 3 » J-J
Fd aim real est g 4 His... 1950 M-N
M u t U n T e l s fu n d 6 s . ..1 9 1 1 M-N
N o rth w T e l g u f 4 H is g .,1 9 3 4 J -J
.M a n u fa c tu rin g tfc in d u s t r ia l
A m C o t O il e x t 4 % s ........... 1915
Am H id e & L 1st s f g 6 s . .1 9 1 9
A in e r I c e S e c u r d eb g 6 s .. 1925
A m S p irits M tg 1st g 6 s .,1 9 1 5
Am T h rea d 1 s t c o l tr 4 s . ..1 9 1 9
A m T o b a c c o 40-yr g 6 s . . . . 1944
4 » . .......................................... 1951

•No pnoe Friday; iateat bid and asked. aDueJan bDueFeb cDueM ar UDueApr ADue J’ly&Due Aug




P rice
F rid a y
M a rch *2

F

•H ISC EL1
C on l and Iron
Sol F & 1 C o g e n s t g 5s. .1 9 4 3
C o n v e r tib le d eb g 5 s ___ 1911
C ol F u el Co g e n g old 6 s .1919
G r R iv Coal * C 1st g 6 s l9 1 9
3 learf B it c o a l l e t s f 4 s . . . 1940
C o l l n d u l s t * c o il 5s g u .,1 9 3 4
C on tin ’ ta iC l s t s f g u 5 s g . l 9 5 2
f e l t * C l e a r C * 1 1 s t g 5 s . 1926
an &H C &C 1 s t s f g o s.1 951
leas V a l Coal 1st g s f 5 s .1928
b «m d a yC ree< cC o g 5 s ___ 1941
l e n n Coal gen 5 s ...............1951
T e n n D iv 1st g t>s........a l9 1 7
B ir m D iv 1st c o n so l 6s 1917
Cah C M C o 1st g u g 6 s . 1922
D e B a r C * I C o g u g 6s. 1910
V a tr o n C o a l * C o l s t g 5 s . 1949
V ic to r F n e l 1st s f 5 s ......... 1953

H anye
Since
J a n u a ry 1

[V o l .

Q -F
M -S

A-O
M-S
J-J
A-O
F A

92

99
104

90 Jan ’ 07
96 % J 'u e ’ OO
F e b ’07
104
97 F e b ’07
105% J ’l y ’ 03
! 02 s 102 M ar'07
99
99
Sal 6
105
106% M ar’ 06
103 J ’ l y ’ 04
31%

i

90

!0

104
98

104
98

102

103

97

100 %

90

M a r’O'
93
90
87
91%
6 86
M a r’O
89
38
98 *4 M a r ’07
98% 102
93
93
93
1 90
107
108*4 510 105% 110 %
72%
73% 306 72% 79%

8 ti
86 % Sale
88% ><iS

.... .....
92 %

lo S

73

bale
Sale

o Due Oct pD ae Nor q Due i>eo »OptionSale

679

New York Bond Record— Concluded— Page 4
HONOS
N . Y. STOC K K X C H A S e B
W e e k E n din g M a r c h 22
P e n n C o —(C o n tin u e d )
E r ie & P i t t s g u g 3 k s B .L 9 40
S eries C .......................... JL94#
G r K & I e x 1 st gu g 4 'us 1941
P itts F t W & C 1st 7 a ... 1912
2 (17b ................................... 1D12
3d 7 s ............................... Jtl-912
P itts Y & A sh 1st co n 6S.192T
P C C & S t L g u 4 k s A . . . 1940
S e r ie s B g u a r .................14*42
S eries C g u a r .................1942
Series D 4s g u a r ............1946
Series E 3 k gu a r g ___ 194^*
Series F 4s g u a r ......... 1953
C S t E & P 1st con g 5 s .l9 3 2 i
P en sa cola & A ti See E <fc Ssmsu
P eo & E a s t See C C C & S t E
P e o «fe P elt U n 1st g 6 s ___ 1921
2u gold 4*^3...................... 61921,
P e re M a rq — Ch<fc W J i i s 1921
F l i n t * P M g(5s............... 1920
la c c o n s o l g o ld 5 s ......... 193 9
P t H u r o n B iv l e t g o s . 1939.
SagTua<& H l s t g u g 4 s . 1931
P h il B A W
See P e n n £ B
P h lla <& R e a d in g co n s 7 s . 1911
P itta C m & S t L See P en n Co
P itts O leve
T o l e>ec B d t O
P itts K t W & C h See P en n C o
P u ts M c K e e s <fc Y S e e X Y Gen
P itts Sh <fc E E 1st g 5 s . . .1 9 4 0
1st c o n s o l gold 5 s ............. 1943
P itts & Weat, S et B <fc o
ead in g C o gen g 4 s ........1997
I V R e g is te r e d ...................... 1997
J e r s e y C en t c oll g 4s. ..1 9 6 1
R en ssela er & Sar See 1> <fc H
R ioli <fe B a n See Sou th R y
R i c h * M eek See Sou th ern
^ i o ( j r W e st See D en & R io G r
B o o h & P itts See B R <fe P
R om e W at & O g See X Y C ent
R u tla n d See is Y C en t
S2 au T i l l & H See P o r e M arq
i^ t J o & G r I s i 1st g 4 s . ..1 9 4 7 J . J
8 t L cfc C a iro See M o b <fc Ohio
Bt E ife I r o n M o u n t See M P
Bt E K C & N See W abash
Bt E M B r See T R R A o f S t L
Bt L o u is & S a n F r a n cis c o —
G en era l goltl 6 s.................1931
G en era l g old 5 s ................. 1931
S t L<fc S if R R oons g 4 s . . ’DO
8 o u tb w D iv 1st g 5 s . .1947
R e fu n d in g g 4 s .............1951
6-year gold n otes 4 k . . 1 9 0 S t L M & So E a s t g u 4 k g 1909
K C F t S & M co u g Os. .192&
K C F t S <fc M R y re f g 4s 193ti
K C cfc M Kcfc B 1st g u 58.1929
O z ’rkcfe C liC l s t g u o s g .1913
Bt L ou is So See I llin o is C en t
Bt E S W 1st g 4s bd c tfs .1 9 8 9
2d g 4 s in c bon d cU s...j> 1 9 8 9
C on sol g o ld 4 s . .................193'G ra y ’ s P t T e r l s t g u g 5s 1947
Bt P aul cS> D ul See N o r P a cific
St Pftul M & M an 2d O s...1 9 0 9
1st c o n s o l gold 6 s ............. 1933
R e g is te r e d ...................... 1933
„ Jtoiiuoed to gold 4 “a s ..1 9 3 3
R e g is t e r e d ..................1
©a'Kota e x t gold Os..........191
910 M
M on t e x t 1 s t g o ld 4 s ___ 1937
R e g is te r e d .......................1937
‘■ M i n n 1st d iv 1st k 5 s .. 190s
N o r B iv 1st g o ld 4 s ___ 1948
M in n U n ion 1st g 6 s ___ 1922
M o n t C 1 s t g u g Os..........1937
R e g is t e r e d ...................... 1937
1st g u a r g o ld 5 s ............1937
W111& S F 1st gold 5 s ..1938
a t P A N o r P a c See 3f or P ac
Bt P & S’ x C ity S e e C S t P J l <fcO
B A & A P a s s l s t g u g 4 s . . . l 9 4 3 J .J
tj l 'e P res Jfc P h 1st g 6 s . ..1 0 4 2
B I A S P 1st s in k f g 6 s . 1919
Bav F & W e s t Sec A t i Coast L
Boioto V a i <fc N E See N o r
\V
Seaboard Aar E in e g 4s . .. I 9 6 0
C o ll tr r e fu n d g 5 s ..........1911
A ti-B irm 3 0 -y r l8 t g 4 s .e l9 3 3
Car C en t 1st con g 4 s . ..1 9 4 9
F la C en * P en 1st g 5 s .1918
1st land gr e x t g 5 s . ..1 9 3 0
C on sol g old 5 s ........ ...... 1943
G a <fc A la R y 1st con 5s 0194.5
G a Car ifc N o 1st g u g 6s 1929
s e a b & R oa 1st 5 s ........... 1920
Slier Slir <fc So See M K it T
Bii Sip O ca
G See A t l C oast L
Bo Car <b G a See S ou th ern
South e r a P a cific C o G old 4s (C en t P a c c o l l ) . * 1 9 4 0
R e g is t e r e d .................../cl94iC en t P ao 1st re l gu g 4s 1949
R e g is te r e d ...................... 1949
M o r t g u ar gold 3 k s ../c l9 2 9
T h ro u g h S t E 1st g u 4s ’ 64
G ai H a r & S A ls t g O s .,1 9 1 0
M ex
P a c 1st g 6 s ___ 1931
G ila V G < 6 N I s t g u g 5 s . l 9 l i 4
H o u s E ifc W T 1st g 68.1933
1st g u a r 6s r e d ........... 1933
H «& T O 1 s t g 5 s l n t g u . . 1937
C on sol g Os iiit g u a r ...1 9 1 2
G en pole 4s int g a a r .,1 9 2 1
W a c o ife N W d iv 1st g Os ’ 30
A <fc N W 1st <ru u 6 s ___ 1941

P r ic e
F r id a y
M a rch 22

Week?*
R an ge or
L a st S a le

Bid.
92

H iah
Ask Low
94
96*4 J an ’ 06
9S34 A p r ’ 04
108 Sep ’ 06
127*8 O ct ’ 02
i l l ) J ’ n e ’ 06
119 A p r ’ 04
1 0 9 k ........ 116 M ay’ 06
10 * k Oet ’ 0 «
1 0 9 k F e u ’ 07
112 k J ’n e ’05
lOO3* M a r’ 07
89*3
91 F e b ’ 07
*100
..........
* i i 6 k ......... 116’ " " l i e "

.....

' ......... 116
'1 0 3
........
103 ........

Low

H ig h

109 k 109 k
9S
91

100*4
91

115

116k

123 k Jan ’ Oo
100a4 D e c ’ Ort
109 A p r ’02
115 Jan ’ 07.
105 N o v ’06
106 Si S ep ’ 06
115 k M a r’ 06

120
98

M a r’ 06
j ’ l y ’ 97

95
S6
9 6 Sale
1.......... 9 7 7( l o o k J’ n e ’06
95
95 K,
95 k Sale

92k

92 k F e b ’ 07

1 2 3 4 ......... 123 k J a n ’0
108j4 M a r’ 07
91 F e b ’ o7
......... 91
102 k A u e ’ 05
7ss»
79
7 8 *3 Sale
98 N o v ’ 06
.'” ” 1 " 9 8 "
119 Jan ’o '
" s o " " s i " ' 7 9 34
Si

• 1 0 9 5 b ...........

9 8 34
06 <9

91

92 k

123 k 123 k
10834 110 k
91
93
l a 3# 3 iik
119 119
7 9 3» 8 2 34

*111111 “ 9 9 "

97 k F e b ’07

97 k 97 k

93 Salt
SO 83
74 ......... .
100

9 2 34
S3
HOk M ar’ 07
73
74

92
95
80 k S3
73
79

.....

105 k 106 k 105*8 J a n ’ 07
131 .>lai’07
......... 132
134 B e e ’ 06
108
i u 8 k 108
'1 0 s
1 1 6 k A p r ’ 01
107 ......... 1 0 7 k M a r’ o7
9/>3 99 k 97 4 M a r’ 07
100 k O ct ’ on
101
100 k D e c ’ 06

.....

124
131 k
136k
116
115 k

M ay’ 06
F e b ’ 07
M uy’ 06
A u g ’ 06
B e e ’0 6

83
8 i 34
106 k F e b ’ 07
110 o c t ’ 05
77
98

......... 104 k
■106 . . . .
..........109
106 *3___

74
76^
9 9 34 F e b ’ u7
88 Jan ’ 07
u6 k M a r’ u6
1 0 7 k A u g ’ 06

96*3
96
lo 3
I 0934
ib ’5 " '
10^*4
110*,
l l l 7s

105 k 105*8
131 131
io s " io s k
t’o 's k i 0 7 k
97*3 97 k

131k 1 3 1 k

83
87
106 k 10S34

74
99
«S

109 k M ar’ 06
106
106
i0 6
110 Jan ’ 05 . . .
106 M a r'0 7 !___ 106

85

80k:
B e c ’ 06!
97 I
J a u ’07
83 4|
K eli’ 07|
M a r’ 07|
N o v ’ oC
J ly ’ 06
F e b ’ 05
A u g ’ Oli]
M ar'o7i
111 3* J a n ’ Oil
93 i i a i ’ 07
116 B e e ’ 06
109 k K e b ’OO:
9J
96
99
82 k
98 k
103
109
106 k
i0 7 k
104
110 k

BONDS
N. Y. STOCK E X C H A N G E
W e e k E n d in g M a e c h 22

R ange
S ince
Ja7iuary 1

8 2 3.
lo O k
89

107*8
ib ’o

90

" V ii" io o H
99
99
82 k S6
9 S k 98 k
103 105 k

109 k 110 k
ill
112
92 k 94 7e

S ou th ern P a c Co— (C o n tim u ’ ci)
M o r g a n ’ s Ea <fc T 1st 7 s .1918 A-O
1st g o ld 6s ...................... 1920 J -J
N o o f Cal gu ar g 5 s ..........1938 A-O
O re & Cal 1 s t g u a r g 5 s .1927 J -J
So P o l A r g u 1 s t g 6 s .. .c l9 0 9 J - J
1st g u ar g 6s ............... c l9 1 0 J - J
S o P a cific o f C al—
l s t g 6s s e r ie s E & F ...1 9 1 2 A-O
1st g o ld 6 s ...................... 1912 A-O
1st con gu a r g 5 s......... 1937 M-N
S P a c o f N M e x 1st g O s..1911 J -J
S o P a c Coast 1st gu 4s g .1 9 3 7 J - J
T e x & N O S a b D iv ls t g 6 s .l9 1 2 M-S
Con gold 5 s .....................1943 J -J
0 P a c R R 1st r e f 4 s ......... 1955 J -J
S o u th e rn —1st con g 5 s ___ 1994 J -J
R e g is te r e d ...................... 1994 J -J
Mobcfe O hio c o ll tr g 4 s . . 1938 M-S
M em B iv 1st g 4 k - 5 s . . . 1996 J-J
S t L o u is d iv 1st g 4 s ___ 1951 J -J
A la Cen R 1st g 6s ..........1918 J -J
A t l <fc B a n v 1st g 4 s ........194 J -J
2d 4 s ................................. 1948 J -J
A tl & Yad 1st g g u a r 4 s .1949 A-O
C ol & G re e n v 1st 6s ........1916 J-J
E T V a <fc G a B iv g 5 s . .1 9 3 0 J -J
C on 1st gold 5 s ............. 1956 M-N
E T e n re o r lien g 5 s ........1938 M-S
G a M id lan d 1st 3s______ 1946 A-O
G a P a c R y 1st g 6s ..........1922 J -J
K n o x <fc O hio 1st g 6 s . . .1 9 2 5 J -J
4I 0 U& B ir p r io r I ie n g 5 s l9 4 5 J -J
M o rtg a g e gold 4 s ........ 1945 J -J
R ic h cfc'Ban c o n g 6a___ 1915 J . J
B e b 5s sta m p e d ............. 1927 A-O
R ic h & M eek 1 s t g 4 a ...1 9 4 8 il-N
So Car & Ga 1st g 5 s ___ 1919 M-N
V irg in ia M id 8er C 6s. ..1 9 1 6 iVI-S
S eries D 4 -5 s .................1921 .VI-s
S eries E 5 s ...................... 1926 M-S
G en eral 5 s ...................... 1936 M-N
G uar stam p ed ........... 1936 M-N
W O<fe W 1 s t c y g u 4 s .. 1924 F-A
W e st N C 1st c o n g 6s .. 1914 J -J
S & N A la See L A N
S p ok F ails <fc N o r 1st g 6 s. 1939 J - J
'P e r A o f S t E 1st g 4 k s . . 1939 A -O
1 1st c o n gold 5 s ___ 1894-1944 F-A
G e n re fu n d s t g 4 S___ ..1 9 5 3 J -J
St E M B g e T e r gu g 58.1930 A-O
T e x & N O See So P a c Co
Tex<fc P a c -1st g old 5 s . . . : . 2000 J -B
2 d gold in c 5 s ...................?2 0 0 0 Mai
Ea B iv B L 1st g 5 s ........1931 J - J
W M in W<fc N W l s t g u 5s ’ 30 F -A
T o l A O C 1st g 5 s ............... 1935 J -J
W e ste rn B iv 1st g 5s. ..1 9 3 5 A-O
G e n e ra l g o ld 5 s ................. 1935 J-D
K a n & M 1st g u g 4 s ___ 1990 A-O
T o l P & W 1st ttold 4 s . . . . 1917 J -J
T o l S t L J i W .p r l i e n g 3 k s . l 9 2 5 J . J
50-year gold 4 s .................1950
T o r H am <fc Butt 1st g 4 s./i.l9 4 0 n
lste r <fc B el 1st co n g 5s 1928
1st r e fu n d g 4 s ........... 1952
U n P a c R R A 1 g r g 4s ...1 9 4 7 8
R e g is te r e d ...................... 1947 j - j
O re R y & N a v c o n g 4 8 .1946 J -B
O re S h ort L in e 1 s t g 6s .. 1922 F-A
1st c o n s o l g 5 s ............... 1946 J -J
G uar r e iu n d 4 8 ............. 1929 J -D
R e g is t e r e d ...................1929 J D
U tah dc N o r 1st 78..........190b J - J
G o ld 6s ..............................1926 J . J
Uni N J R R & C Co See P a R h
Utah C en tral See R io G r W es
U tah <fc N o rth See U n P a citic
U tica ifc B la ck R See N Y Cent
1audalia con aol g 4 8 ___ 1955 F -A
era C t u z & P l s t g u 4 k s l 9 3 4 J - J
V e r Vai In d & W hee M o P
V ir g in ia M id See S ou th R y
V a <fc S o u th w ’ t 1st g u 5 8 .2 0 0 3 J -J
aba sh 1st g o ld 5 s ........1939 M-N
2 d gold 5 s ...................1939 F-A
B e b e n tu re series a ........1939 J - J
C ertificates o f d ep osit
S eries B ............................1939 J -J
C ertificates o i d e p o s it___
1st lien eq u ip 8 I d g 6 s . .1921 M- S
1st lien 50 y r g term 4 s . 1954 J J
in t e r im c t is 50-yr 4 s ...............
U et <fc Oh i ix t 1st g 6 s . .1941 J -J
B e s M o in B iv 1st g 4 s . .1939 J-J
Om B iv 1st g 3 k s ............1941 A-O
T o l & Ch B iv 1st g 4 s . ..1 9 4 1 M-S
S f Clias B rid g e 1st g 68.1908 A -O
W a b P itts T e r m 1st g 4 s . 1954 J -B
2d g o ld 4 s ............................1954 J -B
W a rre u tiee B e l L a c <fc W est
W ash C en t nee N or Pac
W a sh O <fc W <vee S ou th ern
W est M ary lan d 1st g 4 s ...l9 5 ii A-O
G en a - c o n v g 4 s ............. 195; A -O
W V a C en t & P 1 s t g Os 1911 J - J
W est N Y cfc P a 1st g 5 s .. 1937 j . J
G en gold 3 -4 s.....................1943 A-O
In c o m e 5 s ........................ «C194 Nov
W est N o Car Hee S ou th R y
W h e c l’ g <fe E E 1st g 5 s . ..1 9 2 6 A -O
W h eel B iv 1st g o ld 5 s ..1 9 2 8 J . J
E x te n & Im p g o ld 6s. ..1 9 3 0 F-A
R K 1st c o n s o l 4 s .............. 1949 M-S
20-y ear eq u ip s f 5s ...1 9 2 2 J - J
W ilk e s <fc E a st See E rie
W il & S io u x F See St f M & M
W is O e n t 50-yr 1st ge n 4 8 .1 9 4

U

W eek’ s
R an ge or
L ast Sale

Low

H igh,

116 ........
97 k 101
103 k 104
104

High.
Low
127 Sep ’06
116 N o v ’ 06
112 F e b ’ 07
101 M ar’ 07
103 k F e b ’ 07
104 k F e b ’07

112
98
03 k
104 k

112
101
103 k
104*8

111
1x4k
119
104

A u g ’ 06
B e e ’ 04
J a n ’ 06
M a r ’ 07

103*8 i 04

107 k
101
91 k
109
114
92
115
92
113
96
92

F e b 07
s e p ’ 06
93
110
N o v ’ 06
M a r’ O
M a r ’ 07
92
Jan ’ 06
J ’ ue’ Oti
J ’n e ’ 06

118k .
104 .
90 .
9 2 34 Sale
110 Sale
90
90

110

”92’
114
92

91k
90 k

i b ' k "107
"" k
9o"

91 k

1 0 8 *4 113*4

92
115
92

94
116
94k

F e b ’ 07,
111 111
ill
1127e 113*8
113»s M a r’07
22 116 117*4
U 6 7s 1 i 71
UO'- j M ar’ O
111
110k U 4
68 J a n ’ 07
68
6s
69k
U 7 3*
117*8 U 9 k
119 k M a r’ 07
117
117
117 1 1 8 34
115*8 A p r ’ 06
96 o c t ’05
n ik iia
1 1 2 k 111*4 111*4)
112*4 Jan ’06
98 F eO ’Oo
10534 .
I 06 M a r’ 07
i o 6 i o o 'k
110 .
112 O ct ’06
104 .
108 k B e c ’ Ob
113 B e e ’ 05
106 .
FeO ’ O?
111
111 i l l
1 0 <k .
10l»k M ay’06
9 4 34 96 k
96 k Jan ’ 07
109 k 109 k
lOiJk J a n ’07

110
112
117

Sals

117
108
1 0 8 k ..
113 1 1 4 k 117
.......... 9 5 k 93 k
111

J ’ l y ’ 00
J a n ’ 07
Jan ’ 07
Jan ’ 0
B e e ’06

le g 1 0 8 k
117 117
93 k 94

116
116
92 N o v ’ 06
110 M ar’ 06
106 k N o v ’ 04
115 B e e ’ OO
111 M ay’ 04
102 k JaD ’0
102 k .
97 d a n ’07
87 k F e b ’ 07
83
8
86
86 k 85 M a r’ O.
81k
......... 8 1 k ?1
95 B e e ’ 06
110
HO
108 k 112
13 Sep ’ 06
101
i8 6
i b o " Sale" 100
98
......... 9 J k 98
99
9 8 78
* 9 8 k 99
121 ” M a i’ 07
118 121
114 F e b ’ 07
......... I l l
89
90
9 0 Sale
9 4 k O ct ’ 06
103 k F e b ’ 0 “
110 J ’ n e’ 06
l o 63* .
116 Sale
......... 95

116

ll& k

102 k 102 k
97
97
87 k 69
85
87 k
81
82
110

110

99*8
98
a ils
120 k
112*4
88

102
101k
99 k
126
114
94*4

1 03 *' 103 k

102 78 F o b ’ 06
98 Sep ’ 06

V

W

R a n ge
S ince
J a n u a ry 1

P r ic e
h'ridau
M a rch 22

106
108 110
1 1 0 k 111*4 i l l
101 Sale 10O
95

M a i’07
111k
101
N o v ’06

106
111
99

111k
114
100 k

60
57
58
58
101 F e b ’ 07
93 M a r’06
57°g
54 7b
108
108
97 N o v ’ 04
H'eb’ 07
78
80 k 80
93 B e e ’ 06
9‘
1.02 J a n ’ 07
74
76
......... 75
22
‘/ 2 k Sale
23 k

57
58
101

76 k
75
101

58 k Sale
58 Salt
102 ........
*88 .......
54 7a Sale
108 bale

76*4 Sale

66

.....

113 k ........
.......... 90

105
.......
. . . . . 86
..........101
86

76 k
56 k
106 k
illk
93 k
34

77
67
A u g ’O .
M ar 07
J an ’07
F eb 0 1

109*8
110
111 k
87 k
102 k

B ee
B e e ’ 06
A u g ’O
J a n ’07
B e e ’05

S7

8£

87

9 8 7g

99

54-8 63 \
108 109
80

80 k

102
74
20

" iosT

76k
55

80
32 k

82k
08

111 k 115 k
98 k 93 k
34
34

26

87 k

87 k

86

89

Jl i > C l i l .l .A N KOUsS til>N !>■>—C o n c lu d e d .
ikla n u tn ctu i'iu u A ludiiHtrinlJ
B^th S teel 1st e x t s f 58..19'26! J-J
C en t L ea th er 20-year g 6.8.1926 A -u
C on sol T o b a c c o 50-yr g 4s. 1651 F -A
BastU S e c C or c o n v 1st g 5 s . ”2 7 jA -0
ln t .P a p e r C o 1st co u g 6 s .l9 l8 | F-A
C o n s o l c o n v s f g 5 e ........193 51J-J
I n t S t P u m p lo -j-r co n v . 6s ’ 13; J - J
K n ic k e r le e (C h ic) 1st g 5 s .’2S A - o
E a ck a w Steel 1st g 6 s . . . . 1923, A O
JNat S tarch M fg Go l e t g Os 1920 M-N
N a t S tarch C o s t d eb 5 s . .1 9 2 5 3 - J
R e p u b I & S 1st <fc c o lt r 5 s . 1934| A -O
U a L ea th C o s f d eb g 6 s . . 1913 M-N
U B R e a lty & I c o n v d e b g 5s ’ 241J - J
U S Steel C orp — f co u p ,d l9 6 3 M-N
S f 10-60 y r 6 s. \ r e g ..U 196S M-N
V a -C ar Chem c o l ir 5s g .,1 9 1 2 A-O
W ®N tinghouse Ede i t s l o e ’ 31 J - J

96
S a le ' 96
70 ......... 72 k
86*< Sale
..........105
104
......... 89 k 89 k
100 Saic 100
»7k
97 k Sale
97
82
7 o ......... 72*4
......... 96
95
105 k ......... 106
......... 92
90
9 5 k Sale
95 k
95 k
9 8 k Sale
98 k
.......... 95 k 94

A u g ’ 06
9 7 k 7 ;' 94 k 9:i
1 7 2 k 79
72 k
90
22 85
57
105
14 104
108 k
92
90
100
5 100 106
O ct ’ 05
97 *w 2(. 96 '4 102
82
Jau ’ 07
82 k
N o v ’06
v5
97
i f a r ’ 07
105 106 k
M arO ;
95
90
5 90
9 S k 770 95 k 99
9 7 k 28 9 5 k 99 k
1 9 8 k 99
98 k
96
13 94
97k

* N o p rice F riday; latest bid and asked th is w eek .




aB ueJan

i lM ceiiiu ieo iim
A d am s E x c o l tr g 4 s ..........1948
Atu O E & im p 6s * « c C e n t N J
A jn SS C o o t W V a g 5 s ___ 1920
i i ’El’ n F e rryC o l s t c o n s g 6s ’48
C l u c J c A St i a r d co l g 5 s. 1915
U etJ l <sc M Id '-'I in c o m e s ..1911
H obok en L A I gold 6 s . ..1 9 1 0
M ad Sq G arden 1st g 5 s . .1919
M an Bell H * L g en g 4 s .. 1940
N e w p N e S hip <fe B D 5 s t il9 9 0
N Y Botsk 50-yr 1st g 4 s .. 1951
P r o v id e n t ’ Ix>.in S o c 4 k s . l 9 2 1
St J o se p h Stk Y d s 1st 4 k s . 1930
St E T er-O u pples s t a t ’ n *• P rop
Oo l s t g 4 k s 5-20 y e a r ..1917
S Y u b a W a t Co c o n g 6 s . .1 9 2 3
Sp V a i W a t W o r k s 1st 68.1906
x f S Red & R e f 1st 8 f g 6s. 1931

t»B u e F e b

4 liu e A p r

«B u eM ay

M-S
M-N
F-A
J -J
A-O
_\1-N
M-N
M-N
J -J
F-A
M -S
J-J

100*4 J ’ n e ’02
41 O c t ’ 06
101
101
70 Sep ’ 06

jr B u e J ’n e

101

lo l

........103
50

F e b ’02

93 M a r’O
99 M ay’ 06
100 k Sep ’ 05

J -L
J -J
M-S

--

98 78 103

9 3 3« Sale
A D u e J ’ly

112 J ’l y ’ 04
113 k J 'ly ’00
93*4
94
jp B u e N o v

s O ption S al«

OHICAG-O STOOK EXGHANG-E— Stock Record— Daily, Weekly and Yearly
S T O C K S —H I G H E S T A H I ) L O W E S T S A L E P R I C E S
S a tu r d a y
M a r c h 16
*150
*4
*13

M onday
M a rch 16

........
5
15

■150 . . . .
*4
5
*13
15
20*4 21
17 % 21
’ ..........
5*2
*13*2 15
•..... 54*2
54
55
*83 *a 85 % ■'83*4 £5*4
*23 . . .
65
' .......... 67*s
*30
40
*30
' .......... 24*2
*55
60
•......... ...60
79*9 79*2
. *75
77
303s 30*i
30*2 30*2
*97 . . . .
• ............97
*20
25
*20
25

T u esd a y
M a r c h 19

78S» 80
114*2 11434
• .......... 75

*50
*91
104

1
1
1%
6
*5%
6
130 130
135
41
41
*41
45
*
118
*118 *9.........
103 103 *102*9 103
122*9124
123 124
*45
47
45*9 45*2
*1
"5%

*

79% 79%
79
79*2
113 114
'1 1 3 % .........
* .......... 75
112 112
* ..........115

..........
93
106S,

’ *6*3** **54*'
*91
92
105 106

*5*6" 55*
*9 0 % 92
104 *9 105 *s

99 100
*1*4
1%
*a
8%
25*9 2 6 Sj

99 Si 100
1%
1%
8*4
8*9
25
26

9934 99%
1%
1*2
8%
8»i.
2 5 % 25*2

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

T h u rsd a y
M a r c h 21

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

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

F r id a y
M a r c h 22

*.....

Chicago Bond Record
<■
BONDS
C H IC A G O S T O C K E X C H ’ G E
W e e k E jtoecg m a b c h 22

Pries
F r id a y
M a rch 32

W eek’ s
R a n g e or
L a st S a le

2,509
550
177
270

210
160
80

R a n ge lo r P r e v io u s
Y ea r ( 1 9 0 6 )
Low est

150 M a rl9 ; 150 M a r l 9 140 Sep 200 J a n
4 M a r l ‘.'I 5 Jan 24
734 J a n
5 D ec
14 F e b 26 15 Jan 24 15 D e c 28% J a n
15 M a r l4 46*2J a n 2 3934 J ’ ly 69 M ay
4»4 M a r l3
5 a4 J a n 9
4 J ’ly 13*4 *’eb
16*4 Jan 25 19*4 J a n 9 12 *2 M aj 46*4 M ar
52 M ar22 65 Jan 16 54 Sj Jan 6 S Sj F eb
83*4 M ai 19 87 J a n 17 8 j
O ct 93*2 F eb
24 M ar l| 28 Jan 24 25 Oct
30 J ’ n e
65 M ar 7] 72 J a n 15 65 *2 O ct 72 *2 N o v
38 J a n 4 40 J a n 4 25 M ar 85 M ar
25 J a n 7 25*^ Jan 25 23 *2 J ’ly 28 Sj F e b
59 F e b 2 6 64*2 J a n 15 60 M ay 68 S2M ar
75 M a r l 4 00 Jan 4 89 *2 A p r 99 J ’ n e
30 M a i 8 34 Jan 15 27 May 3 5 34 N ov
96 *2 F eb 2> 98 J a n 21 97 D e c 102 J ’ ne
20 M a r l9 27 J a n 11 23 A p r 60 F e b

445
582

4 34 Jan 25
7 F e b 28
48*4 M a r l5 56 F e b 16
129 J a n 7 133 F e b 21
50 126
M a r l2 lV!9 F e b 25
625 63
M ar20 80*2 Jan 14
107
J a n 25 109 J a n 7
30
J an 2 30 Jan
37
F e b 1 38*2 F e b 1
107
J a n 22 111 F e b 8
50
M a r l3 54 J a n 8
165
F e b 27 165 F e b 27
650

1 Jan 9
6 Jan 9
180 129 M ar 21
48 40 M a r 15
115 *2Jan 2
*422 102*4 M a r l 6
34H 119 S* Jan 24
125 4 4 34 F e b 1

1 Jan 9
6 Jan 9
148*4 J a n 11
51 F e b 8
118 F e b 13
108 J a n 3
126 M a rl2 :
50 7e F e b 9

6 J ’ ne
51 J ’ly
115 F eb
128 S2 D e c
54 Jan
101 Jan
17 F e b
36 Jan
106 wet
55 M ay
1683b M ay
16 F e b
1 M ar
6 N ov
136 J ’ly
48 *2 D ec
101 A p r
103 M aj
118 J ’ne
41 *2 Sep

11% J a n
72 Jan
130 N o t
136 J a n
81 N o v
112 N o v
3 1*2 D eo
40 F eb
113*2 J ’ ne
64 B’e b
175 M ay
16 *2 F e b
M ar
Jan
165 F e b
63 F e b
139 J a n
118 J a n
147 F e b
7 1 34 Jan

7 9 ’ g ^ e b 80 F e b
4 5 % Jan 31 46 J a n 11 46 M ay 43 Sep
134 May
2% F et»
2 Sj J an 23
2*a Ja n 23
25 F e b 5 27 M a r 4 21 J ’ ne 23 M ar
1,046 77 Jan 4 86 J a n 14 62 May 79S j D eo
109 113 M a r l5 117*4 J a n 7 H 3Sa Jan 119 O ct
75 M ar 14 84*4 J a n 11 78 Jan 95 M a r
112 M a r l 8 120 J a n 17 112 D e c 122S» M a r
19 53
27 92
4,331 101
286 184
320 99
1
2,841
6
2,557
_ 3 8 0 25

8 8 Ts J’ly 93 4 M a y
M ailB i 57 J a n 10 50 A u g 63 >9 D eo
M ar20 95 J a n 23 92*4 N ov 99 S ep
M a r l4 113*2 J a n 16 101*4 Jan 119*9 Sep
J an 24 149 F e b 7 115 May 152 “2 Jan
M a r l 6 10234 J a n 16 99 >2 D e c 106*4 F e b
Jan 2
l* s F e b 2 I
D ec
2*4 J a n
J a n 2 9 *4 F e b 25
5*4 D e c 17*4 J a a
M a r 20 30 F e b 14 28 D e c 42 M a r

32*a J a n 24

32*2 J a n 24

18% J a n

20

3

J a n 32

2 9 s4 J ’ ne
734 J ’ly
14*4 M ar
3*2 J ’ly

R ange
1or y e a r
1907

NAM E

O utstand­
S u rp lu s <t
in g
In
P ro fits t
S to ck t
190 5
#2,000,000
100,000
500,000
o 2 ,000 ,0 0 0
4,000,000
50,000
3,000,000
200,000
6 00,000
200,000
500 ,000
8,0 0 0 ,0 0 0
100,000
500 ,000
1,000,000
500,000
1,000,000
200,000
*200,000
250 ,000
2 ,000,000
1.500,000
1,000,000
200,000
50,000
1 00 ,000
250 ,000
c 5 00,000
3 00 ,000
2 50 ,000
2 00 .000
300,000
1 ,000,000
2 50,000
2 00,000
2 00,000
3,000,000
2,000,000
n 500 ,000
6 0,000
6 00 ,000
200 ,000
* 2 ,0 0 0 ,0 0 0
1,2 5 0 ,0 0 0
4 ,5 0 0 000
2 50 ,000
200 ,000
200 ,000
3,000,000
750,000
1,500,000
200,000
200 ,000
500 ,000
200 ,000
1,000,000
1,000,000
200,000
200 ,000

$1,217,874
8
5
32,96^
118,317
10
9,101,491
12
2,581,338
8
6,637
6
12
4,306,171
6
2 7 ,08o
329,085
8
29,319
75,958 B e g a n
12
6,787,318
10
139,546
P r iv
618,23;i
6
360,145
171,371 . . . .
8
1,055,778
79,241 . . . .
22,097 . . . .
69,934 . . . .
6
1,150,471
3 00 ,000 B e g a n
1,300,860 1 2 + 3
5 0,0 0 0 B eg an
8.801
6
31,074
6
66,596
57,673 **8
235 ,950
8
8,559 B e g a n
57,183
4
7 0,286 O rga
964 ,483
8
141,613 N o n e
37,573 B egan
42,769 N o n e
2,387,871
8
949,113
5*2
n 81,153
6,200
538 ,098 5+*5
6
69,561
714 ,520
250 ,000 B e g a n
7,121,708 12 + 4
125 O rga
33,381
26,573 O rga
4,057,534
12
331,48(1
6
8
1,719,515
44,133 O rg a
46,122
559,630 '*6*
5,421 In o o r
8 76 ,545 . . . .
292 ,558
6
18,053 B egan
24,786

D iv id en d

44*4
14*4
20%
4%

F eb
M ar
N ov
O ct

R ecord

In
1 90 6

P er­
iod

8
5
10
12
8
6
12
6
8
8
bu sin
12
10+10
ate Ba
6
....
10

Q.J
J -J
J -J
Q -J
Q -J
Q-J
Q-J
Q -J
<2-j
Q -J
ess
Q-J
Q-J
nk
Q-J
F -A
Q -J

....

Q-F

3
....
6
b u s in
12+3
bu sin
6
6

Q-J
ess
Q -J
ess
Q .J
Q -J

'i'hs
8
b u sin
5
n ize d
8

Q-J
Q -J
ess
Q -J
O ct
Q -J

....

M ay 1, 190
5
Q -J
Q -J
8
7
<3-J
*10*
6

L a st P a id
%
D eo
D ec
Jan
Jan
Jan
Jan
Jan
Jan
J an
Jan
O ct
Jan
Jan

’ 06, 2
’0 6 , 6
’0 7 , t
’07, $
’0 7 , 2
’0 7 , 1%
’07, S
’07, 1%
’0 7 . 2 *
’ 07, 1%
IS, 1 9 0 *
’0 7 , S
’07,

Jan ’07, 1%
F eb ’ 0 7 , 2 %
Jan ’07, 2 j,
____ . . . . . .
F eb ’0 7 , 1
Jan ’ 07, 4 %
A p r ’07, 2 ,
tfeb 5, 1907
Jan ’0 7 , 3 1
D ec 8 , 1 9 0 6 1
J a n ’0 7 , 1«*
J a n ’0 7 , 1 %
Jan ’0 7 , 2# J
J a n ’0 7 , 2 1
J u ly 3, 1 9 0 *
J a n ’0 7 , 1 %
12, 1906
D e c ’06, 1 %
........
_
5.” ’ *
Jan ’07, l* t
J a n ’0 7 , 8
J a n ’07,

... ........
Q-J A p r " ’07,
u an ’0 7 , 1 %

Q .J

b u s in ess F eb 4, 1907*5
12+4
U F e b ’0 7 , 1 j
J
n iz e d J ’ly 3 1 ,1 9 0 6
J a n ’ 0 7 , 1%
....
,
nized N o t 1 8 ,1 9 0 6 .
g . j J a n *07, S 1
12
Q -J D ec T X , l u
6
S
y - J J a n ’0 7 , I .
n iz e d J ’ly 28, 1906
^
....

....

....... .

Q-F F eb ’ 07, *i *
8
porate d M aroh, 190ft 2
....

6 + 1 Q-J Jan
trasin em Sop
6
Q -J Jan

8
D iv id e n d s are paid Q -J, w it h e x tr a p a y m e n ts Q -F.
f In c lu d e s sp e c ia l d iv id e n d o f 8 0 % p a id D e c. 18, 1906.
t J a n . 2 6 , ’ 07
a n d Jan . 28, ’ 07 fo r S tate in stitu tio n s.
* B id and a sk e d p r ice s ; n o sales w e r e m ade on th is day.
t N o p rioe F rid a y ; la te s t p r ice tb.it w eek.
ft D u e J u n e. c Capital in cre a s e d J a n 1 .1 9 0 7 fro m $ 2 5 0 ,0 0 0 , a ca sh d iv id e n d o f 30 p e r c e n t b e in g d e cla re d an d t o b e ta k e n as p a r t p a y m e n t
A D u e J a ly . k O n e m illio n d o lla rs tr a n s fe rr e d in D eo. 190 6 f ro m s u rp lu s a c c o u n t to c a p ita l, m a k in g la tte r $ 2 ,0 0 0 ,0 0 0 . n C a pital and s u rp lu s
j* C apital t o b e in c re a s e d to $ 3 ,0 0 0 ,0 0 0 . $ O f date N o v 13, 1906. « C a pita! to b e in c re a s e d to $ 3 0 0 ,0 0 0 .




H igh est

Chicago Banks and Trust Companies

B id
A s k L ow
S i g h Ifo. Low H ig h B a n k e rs N a t io n a l .
A m e r B is c u it 6 s ................. 1910 F -A
C a lu m et N a t io n a l..
100 100
A m e r S tra w board 1st 6 s ..1 9 1 1 J - J t »9S > -------- l o o " M a r’ 07
Oftss A v e & V G (S t L )—
C om m ercia l N a tio n a l.
6 s ........................................... 1912 J - J 1100 % Sale 101*4 101*4
101% 102
C h ic B oa rd o f T ra d e 4s ...1 9 2 7 J -D
101 M a r’ 06
C h ic C on sol B r <fc M lt 6 s ........... J - J
103 A p r ’ 04
O li o C on sol T r a c 4Sjfi........ 1939 J -D
57 D e c ’06
C h ic E d is o n —
100 101 100*2 N o v ’ 06
D e b e n t 6 s ................. . . . . . 1 9 1 3 J-J
E n g le w o o d S tate .
1 st g o ld 5 s .......................A.1926 A - 0 * 1 0 0 101
101 J a n ’ 07
F e d e ra l N a tio n a l.
101 101
C h ic A u d ito r iu m 1 st 5 s . . . 1929 F -A
. .. . 100
9 6 34 J a n ’ 06
C h ic D o ck Co 1st 4 s ........... 1929 A - 0
. . . . 98
C h io N o S h ore E le c 6 s ___ 1912 A - 0
87 F e b ’ 06
O hio & M U E le c B y 5s ... .1 9 1 9 J - J
C h ic P n e n m T o o l—
1st 5 s ................................. 01921 J -J
77
81%
78
78S j
C h ic R o c k I * P a c B B 4 8.2002 M-N
79 N o v ’04
C olla t T r u s t g 5 s ............. 1913 M-S
80 A p r *94
M o n ro e N a tio n a l
C om m on w ea lth E le c t —
M u tu a l B a n k .................
* 1 0 0 Sale 100
5 s .........................................61943
100 10234 N a t B a n k o f R e p u b lic .
100
I llin o is T u n n e l 5 a ............. 1928
N a tio n a l C it y .................
90 D e o ’ 06
K a n s C ity B y * L t C o 58.1 9 1 3 M-N
98 J a n ’ 07
98*’ 98**4 N a tio n a l L iv e S t o c k ...
N o rth A v e S ta te ...........
K n ie k e r b ’ c k e r I c e 1st 5 s . 1928 A -O
99*4 N o y ’ 06
L a k e S tr e e t E l—
N o rth Side S ta te S a v ..
90
1 st 5 s ................................... 1928 J - J
91*2 9 1 % F e b ’ 07
90
93% O akland N a tio n a l..........
I n c o m e 5 s .......................... 1925 F e b t 81
82
P ra irie N a tio n a l
16 M ay’ 05
M e tr W S id e E l—
P ra irie S ta te ___
1 st 4 s ................................... 1938 F A
90*8 Sale
90
90*«
90
90% P u llm a n L o a n & S a v ..
E x te n s io n g 4 s ................. 1938 J - J t 81 Sale
B a iiw a y E x c h a n g e ...
81
81
8 0 s4 85
N o r t h C h ic St 1st 5 s ..........1909 J - J
9 0 D e c ’ 06
1 st 5 s '.................................. 1916 J - J
S e c u r i t y ...............
R e fu n d in g g 4 Sj s ............1931 A -0
A u g ’ 06
S tate B a n k o f C h ica g o .
N o C h ic C ity R y 4*28 . ..1 9 2 7 M-N
F e b ’ 07
S to c k Y a rd s S a v in g s . .
75
75
N o r t h W e s t ’ n E l—
U n io n B a n k o f C h icago
8 9 \ Sale
8934
90
1 st 4 s ................................... 1911 M -S
8 9 34 90*2 U n io n S to c k Y d s State
93 ■a SjUe
O g d e n G as 5 s ...................... 1945 M-N
A m e r T r u s t & S a v g s ..
93*9
93*2
92
95
P e a rs o n s-T a ft 5 s ................. 1916 J -D
100 *2 M a r’ 06
C en tral T r u s t C o o f 111
97
4 - 4 0 s .............................................. M-S
97
97
C h ica g o S a v B k * T r . .
97*' *97”
98
I 4 '6 0 s S eries E ............... ............ M-N
99 O ct ’06
C itize n s T r u s t * S a v ..
99
4 -80s S eries F -............................ M-N
99 *2 Sep ’ 06
C o lo n ia l T r u s t & S a v ..
P e o p le ’ s G as h & C 1st 68.1943 A-O
118 N o v ’ 06
D ro v e r s T r u s t & S a v ..
R e fu n d in g g 5 s ............... 1947 M-S .......... 9 9 S 101 M a r’ 07
101 102 Si F ir s t T r u s t & S a v in g s
C h ie G as L t * C 1st 5 s . . 1937 J - J
104*2 M a r’ 07
104*2 104*4 H a rris T r u s t & S a v . . .
C o n s u m e rs’ G as 1st 5 s .. 1936 J -D io*£** " I " ! 101
101
Illin o is T r u s t * S a v ..
101 102
M u tu a l F u e l G as 1 s t 58.1 9 4 7 M-N
J e n n in g s B E L * T r ,.
103 >2 F e b ’ 06
S ou th S id e E le v 4 Sjs.......... 1924 J - J
T s " "9 9 si 9 8
98
98*" ib‘6% K e n w o o d T r * S a v in g s
100 101
S w ift & C o 1 st g 5 s ............1914 j . j
100 M a r ’07
100 102 ** L a k e V i e w T r A S a v ..
U n io n E l (L o o p ) 5 s ............1946 A - 0 t .......... 98
99 J a n ’ 07
M e rch a n ts’ L ’ n & T r Co
99
99
U n io n P a cific e o n v 4 s ___ 1911 M-N
M e tro p o lita n T r * S a v
114 N o v ’04
U n ite d B o x B oa rd 6 s .................
* 6 8 * ' *70*' 69
N o rth e r n T r u s t C o ___
69
69
75
W e s t C h ic S t 1 st 5 s ............1928 M-N . . . . . . 95
N o rth w e s t T r & S a v ...
95 D e c ’ 06
T u n n e l 1 s t 5 s .....................1909 F -A
68 *2 Sep ’ 05
P e o p le s T r u s t * S a v ..
D e b e n t 6s ............... .......... 1914 J-D
72 *2 D e o ’ 06
R oy a l T r u s t C o .............
C o n s o l g 5 s ........................ 1936 M-N
72 J a n ’ 07
72
70
76*4 S to c k m e n ’s T r * S a v ..
W e s t D iv C ity B y 4 *2 8 -1 9 3 2 J . J
U n io n T r u s t C o .............
87 D e c ’ 06
W e s t ’ r n S ton e C o 5 s ........ 1909 A - 0
W e ste rn T r u s t * S a v .
96*2 J a n ’ 06
W Side T r & S av B k ..
N o t e .—A c c r u e d in te re st m as t be added to all C h ic a g o bo nd p r ic e ■.
W o o d la w n T r * S a v B k

*100 __

Jiange fo r Y ear
1907

Sales
0/ the
W eek
Shares

STOCKS
C H IC A G O ST O C K
EXCH ANGE

R a ilr o a d s
..........
150
150
Clue C i t y R y ............... 100
5 L a s t S a le 4
M a r ’07 C h ic & Oak P a r k ........100
15 L a s t S a l e L4:
F e b ’ 07
D o p r e f.................100
16
17 C h ica g o S u b w a y ........100
16*2 17
17*9
5*4 L a s t S a l e 4 \
M a r ’07 C h ic U n io n T r a c t ___ 100
15 L a s t S a l e 16%
Jan ’ 07
IK) p r e f .................100
52
53
53
53
53
K an s C ity B y & L t ..1 0 0
84
84
84
84
86
D o p r e f .................100
‘7
27 L a s t S a l e 2
M a r ’ 07 M e tro p o i W s E le v .,1 0 0
65
65
65
65
D o p r e f ................. 100
L a s t S a l e 40
40
J a n ’07 N o r t h C h ic S t r e e t ___ 100
L a s t S a l e 25
J a n ’0 / N o rth w e s te r n E le v .,1 0 0
25
L a s t S a l e 60
F e b ’ 06
60
D o p r e f................. 100
82
'7 9
*79
80
81
S ou th Side E l e v ......... 100
30
*29
HO S tre e ts W S table C L 100
*29
30
97
L a s t ‘S a lt 97
F e b ’ 07
D o p r e l .................100
25
27
27
*22
28
W e s t C h ic S t r e e t ........ 100
M is c e l la n e o u s
S3*
534 A m e rica n C a n ............. 100
578 5^,
578
6
51
51
51
51
51*2
51*2
D o p r e f .....-------- 100
130 ........
L a s t S a l e 131
M a r ’ 07 A m e r R a d ia to r.......... 10O
127 127
128
128 128
D o p r e f.................100
63
68
66
66
A m e r S h ip o ld g ............100
L a s t S a l e 1VS
M a r’07
D o p r e f . ............... 100
L a st S a le 30
* 3 5 " *38’
J a n ’ 07 A m e r S tra w B o a r d ..........
L a s t S a l e 3**2
*36 ........
M a r ’07 B ooth (A ) & C o ..........100
F e b ’ 07
*106 110
L a s t S a l e 111
D o p r e f .................100
M a r ’07 Cal & C h ic C anal & D 100
L a s t S a l e 50
L a s t S a l e 165
M a r ’07 C e n tra l T r u s t B a n k . .1 0 0
L a s t S a l e 16
M a r ’06 C h ica g o A u d ito riu m .'.
X C h ic B r e w ’ g & M a lt’ g ___
1
*1
l*s
*1
1*8
*5?*
6
L a s t S a le 6
J a n ’ 07
D o p r e f ........................
130
129 129
130
*128 135
C hie E d is o n .................100
*41
45
*41
45
*42
45
C h ic P n e u m a tic T o o l. 100
*119 .......... L a s t S a l e 11 8
M a r ’07 C h ic T e l e p h o n e ..........100
104*8 104*8 C h ic T it le * T r u s t . .. 100
1 0 2 *s 102*9 103 *2 104
122*9 123*4 D ia m o n d M a tc h ..........100
122 123
123 123
47
*45
47
47
*45
47
I llin o is B r ic k ............. 100
L a s t S a l e 31*4
N o v ’ 05 K n ic k e r b o c k e r I c e . .. 100
L a s t S a l e SO
F e b ’ 06
D o p r e f .................100
4
5
%
J
a
n
’
07
L a s t S a le
M a so n ic T e m p l e _______
J a n ’ 07 M il & C h ic B r e w ’ g ..........
L a s t S a lt ^*2
I ,a s t S a le 27
J an ’ 07
D o p r e f ........................
79
79
78*2
78 *2 79
79*2 N a tio n a l B is c u it ........100
113 113*2 ......... 114
113*2 114*2
D o p r e f .................100
* .......... 75
L a s t S a l e 75
M a r'07 N a tio n a l C a r b o n ........ 100
* ..........114
114
D o p r e f .................100
M ay’ 05 P a g e W o W ire F e n c e .
L a s t S a l t S*<1
J ’ l y ’06 P e o p le ’ s G as L & C’ kelOO
L a s t S a l e 9 9 '2
50
55 Sears R o e b u c k c o m . 100
*50
55
92
93
*91*2 92*2
91*2
Do
p r e f ................. 100
92*4
105*4 105*2 1053s 105 Si 105*3 1 0 5 s, S w i f t * C o .....................100
138
140 T h e Q u ak er O ats C o. 100
136 136
138 140
99
99 \
9934 9 a s4
99% 99*4
D o p r e f.................100
* 1%
1%
1*8
1% U n it’d B o x B d * P ColOO
1%
13s
83,
8%
8%
8%
8*a
D o p r e f .................100
8*2
*24
26
27
25
25
2*
W e s te rn S t o n e ............100
M in in g
L a s t S a l t 32 *a J a n ’ 07 B in g h a m C on M in in g 50
N ot ’ 06 B la c k M o u n t a i n . . . . . . . . . .
...................... L a s t S a l e 10
L a s t S a l t 1 9 'a
M a r’ 07 D a ly -W e s t ..................... 20
N o v ’ 06 H u b b a r d -B llio t t ...............
C a st S a le

150 150
'1 5 0
*4
5
'4
*13
15
*13
16*2 18
163*
* 43*
*4%
5 *a
*14
" 5 3 " "5 5
52*2
83% 83*4 *82*2
*23
26
*24
65
67*2
*30
40
‘ 30
25
*..........
60
‘ .........
*78
S0 34
30*2 *29
*28
*94
*94
97
20
*20
20

♦584
6
51*4 51**
5 0 % 51*2
51% 51%
• 130 . . . .
'1 3 0 .......... 130 .........
*127 128
'1 2 7 128
127 128
*70
72*2
70
70
* 65
70
* ..........106
-..........108
*35
38*2
* 3 7 " "38*9 *37
38*2
38*2
*106 110
'1 0 5 108
106 110

*1
1%
*6 %
6
135 135
45
45
• ......... 118
102*4 102*2
123 123%
*45
47

W ed n esd ay
M arch 2 0

’ 0*7*, I V
ft,
>07, 1%

fo r N a tio n a l B a n k !
« D a e D «a . 31..
fo r n e w s t o c k .
to b e in c re a s e d ,
1

Volume of Business at Stock Exchanges
T R A .K 8 A C T I O N S A X T H E N E W Y O R K S T O C K E X C H A N G E
D A IL Y , W E E K L Y A N D Y E A R L Y
Stocks

W eek m d in tj
M a rch 22
1W ?

S hares

S a tu rd a y .............
M o n d a y ...............
T u esd ay. . . . . . . . .
W e d n e s d a y _____
T h u r sd a y .............
F r i d a y ..................

P a r va lu e

903 ,453
1,116,812
1,364,277
9 02 ,809
639 ,468
913,271

R a ilr o a d &e
B on ds

V S
B on d s
$5,000
25,000

$ 1 0 ,264 ,50 0 $1,205,000

$ 3 0 ,0 0 0

$ 1 ,507,500
2.411.500
1.840.500
1.402.500
1,512,000
1.590.500

W eek en d in g M a r c h 22

J a n u a r y 1 to M a r h 23

1906

1907

State
B onds
$ 4 1 9,00 0
193.500
134.500
218 ,000
81,500
158 .500

$ 8 0 ,4 0 5 ,5 5 0
97,709,325
118 .097 ,35 0
7 8 .059,200
5 5,300,800
8 2 ,2 1 1 ,1 0 0

5,840,090 $ 51 1,78 3,3 25
Sales at
H ew Y o r k Stock
E xch a n g e

1906

1907

64,618,509
75,041,926
3,621,498
5 ,840,050
S t o c k s —N o. shares
P a r v a iu e .......... $511,783,325 $ 3 1 5,79 2,3 00 $ 5 ,459,400 ,085 $6 ,799,796 ,450
$14 9,40 9
$2,300
$1 1 7,20 0
$ 2,000
B a n k shares, p a r ..
BONDS
$21
3,00
0
$
5 2 4,60 0
*4.500
$30
,000
fto v e r n m e n t bond s
14,282,000
25,298,150
1.477.500
l,2 0 5 ,0 t)0
S ta te b o n d s .............
17 6 ,128 ,60 0
108 ,120 ,50 0
9.227.500
10,264,51)0
R R . and m is. bonds
T o ta l b on d s ___
D A IL Y
I

$1 1 ,493 ,50 0

$1 0 ,709 ,50 0

51 2 2,61 5,5 00

$2 0 1,95 1,3 50

T R A N S A C T IO N S A T T H E BO STON A N D P H I L A D E L P H I A
EXCHANGES

W eek en d in g
M a r c h 22
1907

P h ila d e lp h ia

B oston
B on d
sales

L isted
shares

U nlisted
sh ares

B on d
sa les

L isted
sh ares

U nlisted
sh a res

60,556
48,196
47,846
27,605
26,256
25,701

11,688
20,382
22,166
10,025
9,728
11,554

$7,500
32.000
19.500
17.000
15.500
19.000

22,292
33,558
30,826
66,625
23,645
13,205

13,350
12,279
16,8tS5
26,924
10,125
17,300

$ 4 2 ,3 0 0
1 01 ,300
7 2 ,500
3 6,200
5 8,600
44,900

T o t a l............ 2 26,160

88,563

$ 1 1 0,50 0

190,151

96,843

$ 3 5 5,80 0

S atu rda y . ...
M o n d a y ..........
T u e s d a y ..........
W ednesday. .
T h u r s d a y . ..
F r i d a y ............

Outside Securities
A W e e k ly R eview o f O utside M a r k e t vrlll be round on a p r e c e d in g p a g e.
S t r e e t H a ll w a y s
n e w yohk crrr
B le e c k 8t<fc Jfai F stk 100
H ist m o r t 4s 195 0 ..J-J
11 B’ y & 7th A v e stk ..1 0 0
U 2 d m ort 5s 1914 ...J - J
C on 5s 1943 See S to ck
B ’ w a y S u r f l s t d s g u 1924
UCent’ l C rosst’ n s t k . .1 0 0
l i s t M 6s 1922 ...M -N
A C e n P k N & E R s t k .100
flO hr’ t ’ r & 10th S t stk 100
Col<fc 9 th A v e 5s See S to ck
D ry D E B & B—
H ist g old 5s 1 9 3 2 ...J -D
f H Scrlp 6s 1 9 1 4 ___ F -A
E ig h th A v e n u e s t k . . 100
itS crip 6s 1014 . . . . F - A
42d<fc G r St F ’ y s t k .. 100
2d S t M <fc St N A V ..1 0 0
H is t m o r t 6s 1910 .M -S
T|2d In com e 6s 1915 J-J
I n t e r -M e t —See S to c k E x
L e x A v <fc P a v F 5s See St
M e tro p o l s t r e e t R y . 100
N in th A v e n u e s t o c k .100
S e c o n d A v e n u e stocklO O
H ist m ort 5s 1909 M -N
C on s ol 6s 1 9 4 8 ____F -A
Sixth A v e n u e sto ck 100
ou B o u le v 6s 1 9 4 5 ..J-J
S o F e r 1st 6s 1 9 1 9 ...A -O
T h ird A v e n u e See Stock
T a rr y W P & M 6s 1928
Y k e rs S tR R 5s 1 9 4 6 A -0
2 8 th <fe 29th Sts 1st 5s ’ 96
H T w en ty-T h ’d St stk 100
U n ion R y l s t 5 s 1942 F -A
W e s tclie s t 1st 5s ’ 43 J -J
BROOKLYN
A tla n A v e 6s 1 9 0 9 ..A -O
Con 5s g 1 9 3 1 ..........A -O
B B & W E 5s 1 9 3 3 ..A -O
B ro o k ly n C ity s t o c k ... 10
Con 6s See S to ck E x ch
B k ln C rosstn 5s 1 90 8.J-J
B k n H g ts 1st 6s 1941 A -O
B k ln y C o & S u b See Stk
B k iy n R a p T ra n See Stk
H Coney Is. <£; B k ly n ..1 0 0
1 st co n s g 4s 1 9 4 8 ..J-J
B r k C & N 5s 193 9.J-J
G r ’ p t & L o rlm e r S t 1 st 6s
K in g s C.E1—4 s See Stock
N a ssa u K lee p r e f........100
6s 1 9 4 4...................... A-O
1 st 4 s 1 9 6 1 ........... See St
N W b ’ g«fc F la t 1st e x 4 Vs
S te in w a y 1st 6s 1 92 2.J-J

1

E

B id

A sk

30
85
215
100
E x ch
100
250
111
175
150
E x ch

32
90
230
104
list
106
300
115
190
170
list

100
94
340
100
360
60
100
67
ch a ’ ge
k Exc
95
160
185
4100
4105
160
4100
4 .........
E x ch
4100
4100
4102
370
{1 0 0
4100

106
97
375

4 98
4103
99
205
list
98
103
E x oh
E x ch
170
90
104
102
E x ch
65
104
k E xc
99
4110

......

400
70
105
72
lis t
list
96
180
195
102
110
172
104
106
list
105
102
107
400
106
105

•210
107
list
list
no
93
list
75
......

h list
......

113

O T H E R C ITIE S

B u fla lo S treet R y —
1st c o n s o l 6s 1 9 3 1 . .F -A
D e b 6s 1 9 1 7 ............. A .O
C h ic a g o C ity R y
See C
C o lu m u u s (O ) St R y ..lO 0
P r e f e r r e d ............. . . . 1 0 0
C o lu m R y con 6s See Ph
C roest’ w n 1st 5 s ’ 33. J-D
G ra n d R a p id s R y . . . . l 0 0
P r e fe r r e d ...................100
L a k e St (C h io) E l
See C
IIL ou isv St 5s 1 9 3 0 ..J & J
Lynnt& B os 1st 6s ’ 2 4 .J -D
H N ew O rl R y s A L gt. 100
1] P r e f e r r e d ............... 100
HGen M g 4 V s ’ 35
See
N o r t h C liio S tre e t Sec C
P u b S e rv C orp o f N J 1 0 0
T r c t fs 2% to 6% p e r p e t
C oll 5s g n o te s ’09 M -N
I N o r t h J e r s e y S t R y 100
1st 4s 1 9 4 8 ......... M -N
C on s T r a c o f N J . .. 1 0 0
1st 5s 1 9 3 3 ........... J -D
N e w ’ k P as R y 6s ’ 30J-J
R a p id T ran St R y .,1 0 0
I
1st 6s 1 9 2 1 ........... A-O

4109
4106
h ica go
100*1
107
ila list
4.........
60
84
h ica go
4109 V
4107
27V
76*»
S tk E
h ica g o

111
iist
102 V
109
....

6*7*
87
list
111 V
108 V
2S
76
x lis t
lis t
95
* 6 4 " 66
93 V
4 92
40
......
75
4 73
74
72
4103 1106
111
4108
245
4105

S tre e t R a ilw a y s
P u b S e rv C orp N J (C o n )
J C H o b & P a te rs o n 10U
4 s g 1 9 4 9 ............. M -N
S o J G as E l & T r a c 100
G u g 5s 19 5 3 ........M -S
N o H u d C o R y 6 s’ 14J-J
5s 1 9 2 8 .................... J-J
E x t 5s 1 9 2 4 ........M -N
P a t C ity c o n 6s ’ 3 1 .J -D
2d 6 s ....1 9 1 4 o p t A-O
So Side E l (C h io)
See C
S y ra cu se R a p T r 5s 1946
T r e n t P & H 5s 1943J-D
U n ite d R y s o f S tL C om v o t tr c t f s ........100
Tj P r e fe r r e d .................100
G e n 4s 1 9 3 4 ....S e e Stk
U n itR y s S a u F r a n S eeS tk
W a sh R y & E l C o . . ..1 0 0
P r e f e r r e d ...................100
4 s 1 9 5 1 .......................J-D
HW e s t C h ica g o S t . . . . 1 0 0
TJCon g 5s 1 9 3 6 ___ M -N

B id

A sk

T e le s r r >& T e l e p h o n e
IjA m er Telegcfc C a ble 100
75
IJCentrai & So A m e r . 100 125
C om m er U n T e l (N Y ).2 5
113
Em p <fc B a y S tate T e l 100
75
45
F r a n k lin ........................ 100
HGold & S t o c k ............100
108
H u d so n R iv e r T e le p h 100........... .
1IN Y & N J T e le p h .,.1 0 0
111
^ N o r th w e s te r n T e le g . 50
114
P a cific <fe A t la n t ic ........25
75
11S o u th e rn & A t la n t ic 25
95
F e r r y C o m p a n ie s
B ro o k ly n F e rry stocklO O
B & N Y 1 s t 6s 1 9 1 1 .J-J
N Y & E R F e r r y s tk . 100
1st 5s 1 9 2 2 ............. M -N
N Y * H o b c o n 5 s ’ 46. J-D
H o b F y 1 s t 5s 1946 M -N
N Y <fe N J 2d 5s 1 9 4 6 . J-J
10th <fe 23d Sts F e r r y 100
1st m o rt 5s 1 9 1 9 ...J -D
IfU n ion F e r r y s t o c k .1 0 0
TJlst 5s 1920 ............M -N

4 98
60
75
5100
4 103
*100
30
4 77
25
90

S h o r t T e r m N o te s
A m C i g s e r A 4 s ’ 1 1 .M -S 4
S er B 4s M c l i l 5 ’ 12.M -S 4
A m T e l & T e l g 5s ’ 10 J -J i
A t la n C oa st L 5s ’ 1 0 .M -S i
B uffR oC ll& P g 4 V s’ 0 9 F -A 4
C e n tC r o s s ’n g u 5 s M a y ’ 09 4
C h ic & A l t 5s 1 9 1 2 ... J - J 4
C i i B I A P a c 4 “t2S’ 07. J- J i
4 * 2 8 1 9 0 8 ...................A -O 4
C h ic * W In d 5 s ’ 1 0 F & A 4
C in H a m & D 4 ^ s ’O S.M -S
I n t e r b R T g 4 s 1908 M-N I
5s M ch 1 9 1 0 ............. M-S 4
K a n C S o g 5s A p r ’ 12 J - J 4
L a c k S t e e ig 5 s 1909 ..M -S 4
"S g. 1 9 1 0 .................... M -S<
L a k e S h & M So 5 s ’ 10 F -A 4
L o u <fc N a s h g o s ’ 1 0 .M-S 4
M ic h C e n t5 s 1910 . . . F -A 4
M in n < fc S t L g 5 s ’ l l . . F - A 4
M o P a c 5s F e b 10 ’08. F -A 4
N a t o f M e x 5 s ’ 0 7 .o p t A - 0 4
N Y C e n t 5 s 19 1 0 ___ F -A 5
P e n n C o g u 4 V s 1907M -N 4
Pa R R 5s M ar 15 ’ 10.M -S 4
S t L & S F g 4 V 0 8 . . . J -D 4
S o u th ’u c o l l t r 5s ’ 0 9 . A-O 4
S o u th R y g 5s 1 9 1 0 .. F -A 4
T id e w a te r (Jon C o 6 s l9 0 9 4
TJ S R u b b e r g 5 s ’ 0 8 - M -S 4
W e s tin g h E1& M 58.1907 4
W h e e l’g & L E 5 s ’ 0 8 -F -A i

92
91
96
9i>V
96*2
98
98
99
98V
98 V
74
96%
96
94*4
9 6 s,
95 V
9 8 s,
97V
98 1*
97
98 <a
98V
9 8 s4
99
5»7 Sg
95^
98
94V
9 8 7a
98
99V
96V

A sk
SO
140
55
! 15
68
L12V
118
83
100

70
105
1 06

LOO
82'
30
91

93V
92 V
96 >,
96\
97 V
99
983,
99«b
98V
9 8 7s
81
96*4
9638
95 *9
9 7V
96 V
99
973*
98V
98
99
99V
99
99 V
97 7s
9 6V
99
95
99^
98«s
99 \
07

R a ilr o a d
C h ic P e o & S t L p r e f. 100
D e p o s ite d s t o c k .............
1
3
U n d e p o s ite d s t o c k ........
I
3
P r io r lie n g 4 V s ’30M<fcS
90
100
C o n m tg g 5s 1 9 3 0 .J & J
60
68
104
5
In c o m e 5s 1 9 3 0 ...............
10
C h ic S u b w a y .................100
1 6 3« 17 V
F t W <fc D e n C y s t d .,1 0 0
75
list
G re a t N o rth e n O re See Stk E x list
106
N Y N H & H a r tfo r d —
102
C on d eb 3 V s 1 9 5 6 . J & J §105
106
N o rth ’ n S e c u r itie s S tu b s 100
137V
35 V 36 V P itts B e s s & L E ..........50 t 28
33
70
74
P r e f e r r e d .....................50 t 70
74
E x c h list
UR a ilro a d S e c u r itie s C o.E x ch list
Ill.C . stk .tr. c f s. ser. A ’ d£
80
3 5 V 3 6 V S eab oard A i r L in e —
80
81
C o llS s e x t M a y ’ 1 1 .M -S ......... 100
83
84 V S e a b o a rd O o ___ See B a lt E x c h list
22
28
I n d u s t r ia l a n d M is c e l
......... 72
A h m e e k M in in g .......... 25 .......... *90
G a s S e c u r i t ie s
A llia n c e R e a lt y ..........100 ........... 125
HEW YORK
A llis C h alm ers C o 1st m
102
C en t U n G as 5s g ’27.J<fcJ 4 99
s f 5s ’ 3 6 o p t ’ 16 w i. J - J } 77
80
C on G as (N Y ) ........ See St k E x c h list A m e r ic a n B o o k ..........100 160
175
160
180
A m e r ic a n B r a s s ......... 100 150
160
N e w A m sterd am G as—
II A m e rica n Can See S toc k E x list
100
1st c o n s o l 5s 1 9 4 8 ..J -J 4 95
A m e rica n C h icle C o ..1 0 0 175
185
106
99
N Y & E R t t a s 1st 5s’ 44J-J| 4100
P r e f e r r e d ................... 100
103
102
40
A m G ra p h o p h o c o m ..1 0 0
C o n so l 5s 1 9 4 5 ..........J-J 4 97
43
30
40
80
P r e f e r r e d .................100
N Y & R ic h m o n d G as. lOOl
83
102
A m e r H a r d w a re ..........100 114
N o r U n 1 s t 5s 192 7.M -N 4 99
118
100
7o
A m M a lt in g 6 s 1 9 1 4 .J -D 100
104
100
120
90
A m e r P r e s s A s s o c ’ n .1 0 0
100
1
108
A m Soda F o u n c o m .. 100
1st 5s 1 9 3 0 ............. M -N 104
3
1 s t p r e fe r r e d ............. 100 .....
OTHER CITIES
40
100 104
2d p r e fe rr e d ............. 100
10
91
93
P r e f e r r e d ___
A m S t F o u n d 6 s ’ 35 A & O i 93
96
3*
B a y S tate G a s .
7ie A m e r ic a n S u r e ty ..........50 187 V 195
100
4 95
A m e rica n T h rea d p r e f .. 6 f 4V
5
A m T o b a c (n e w ) co m 100 300 330
110 120
P r e f, 4 s , 6s See S to ck E x ch lis t
5
39
7 V A m T y p e lo ’ rs c o m . ..1 0 0
42
P r e f e r r e d ................... 100
95
1 s t 5s 1947 See S to c k E x c h list
100
2
4 85
A m e r W r it in g P a p e r .100
3
P r e f e r r e d ...................100
20
22
4102
81
1st sf g 6s ’ 19 op ’ 0 9 .J - J
82 V
275
68
B a rn e y & Sm Car . ..1 0 0
72
120
11P r e fe r re d ................. 100
124
*126
40
47
H Bethl’ m S teel C orp .1 0 0 i i "
143&
F o r t W a y n e 6s 1 9 2 5 .. J-J
52
45
56
H Pref e r r e d ............... 100
60
4102
103
l e t e x t 5s—See S tk E x c h a n g e list
109
B liss C om p a n y c o m ___ 50 135
111
145
H u d s o n C o G a s ............10i
P r e f e r r e d _____ _____ 50 130
134
In d ia n a N a t <& 111 Gas—
20
B o n d * M t g G u a r .. .. 100
25
375
1st 6s 1 90 8..............M-N
....... 70
B o rd e n ’ s C o n d M ilk .. 100 i ‘6 5
175
P r e f e r r e d ...................100 107
110
100
4 98
i 95
100
B ritish Col C o p p e r ......... 5 t
8
7V
30
50
B u tte C o a litio n M in .. 15
30 V
2
C a sein Co o f A m com .. 100
5
....... 99
H L »cled e G as.
70
90
P r e f e r r e d ...................100
80
94
C a su alty Co o f A m e r . 100 125
140
44
60
...... 37 V C ellu loid C o...................100 130 140
C en t F ir e w o r k s co m . 100
12
16
4106V 110
P re fe rre d ....................100
65
4129
70
133
23,
C en tra l F o u n d r y ........100
89
91
2V
P r e f e r r e d ...................100
104
106
11V 14
73
71
D eb 6s 191 9 op ’ 01M -N
C e n tu ry R e a lt y ..........100 185
195
4102
C h eseb rou g h M fg Co 100 410 430
29
’3*5*’ C h ic P n eu iu T o o l. See Ch ica g o list
100
95
65
C ity I n v e s t in g C o ___ l o o
70
110
4100
TJClatlin ( H B ) c o m ___ 100 104
102
93
p r e fe r r e d ..........100
4 84
88 V
93
l)2d p r e fe r r e d ............100
Electric Companies
*76
74
Col & H o c k C o a l& I p f 100
h icago list
1st g 5s 1 9 1 7 ..........J-J } 8 2 V 85
97
122
C ol tr 68 O ct 1 9 5 6 .. J-J
126
101V
60
55
C on solid Car H e a tin g 100
♦* 9 5
99
C on s R y Ltg<fc R e f rig . 100
60
3V
70
4V
70
C on sol R u b b e r T ir e .. 100
4
6
80
P r e fe r r e d ...................100
20
30
....... 75
44
D e b e n tu re 4s 1951 A& O
46
)4 67
69

4 B u y e r p ays a c c r ’d Int. t P r ic e p er sh. * S a l« p rice ,




681

THE CHRONICLE.

M a r . 23 1907.]

35
i 68
110
4 97
4105
4103
4100
4110
4100
h ica g o
4104
4100

70
115
99

I n d u s tr ia l a n d iU iscel
H id
A sk
C on s S tora g e B a tteryiO u
8
11
C orn P ro d R e f See S tock E x c h list
C ram p s’ Sli & E n BldglOO
" 9 " '9 V
liC ru cib le S te e l........... 100
7o
I jP r e fe r r e d .................100
71
TjDiamond M a tc h C o. 100
* 123
D o m in io n C o p p e r(n ew )lU
13
D o u g la s C o p p e r ............. 5 t
8
30
33
e l e c t r i c B o a t............... 100
75
P r e f e r r e d ...................100
10 * '
E le c tr ic V e h ic le ..........100
12
P r e fe r r e d ...................100 " 5 “
E m p ire S te e l............... 100
8 V 10
49
51
P r e f e r r e d ...................100
45
55
^ F ed era l S u g a r .c o m .. 100
79
HP r e f e r r e d .................100
85
67
1]General C h em ical ..1 0 0
76
11P r e fe r re d .................100 * 98 V 102
2
G old H ill C o p p e r ......... 1 t
2V
G reen e C ananea (w i ).2 o t 1 5 V 16
G re e n e C on C o p p e r ... 10 t 23 s, 24
G re e n e C o n so l G o ld ... 10
13<
G reen e G o ld -S ilv e r __ 10
1*6
1 7«
G u g g e n h e im E x p lo ’ n .100
*235
H a c k e n s a c k W ater C o —
92
R e f g 4s 52 o p 1 2 . ..J -J 5 90
H a ll S ig n a l C o ........... 100
90
H a va n a T o b a c c o C o .. 100 ' V o'v 11V
15
P r e fe r r e d ................... 100
22
60
1st g 5s J u n e 1 ’ 2 2 . J-D
63
H e ck e r-J o n e s -J e w ’l M ill
1st 6s 1 9 2 2 ............... M -S 100
105
40
44
H e r ’ g -H a ll-M a r.n e w .lO O
H o b o k e n L and & Im plO O 200
IOS*"
1f5s 1 9 1 0 ...................M -N 4100
6
H o u s to n O i l ................. 100
7V
40 j 50
P r e f e r r e d ...................100
H u d s o n R e a lt y ............100 120 ' 135
50
Y ln g e r s o ll-R a n d c o m .100
90
11P r e f e r r e d ...................10U
I n t e r n a t ’IB an k in g C olO O 125
135
7
I n t ’ n ’ l M e r c M a r in e . 100
8
22*4 23
P r e f e r r e d ................. 100
69
C ol tr d 4 V ’ 2 2 o n ’ 0 7 A -0
70
In te r n a t’l N i c k e l ___ 100 110
115
84
P r e f e r r e d ................... 100
88
13
In te r n a tio n a l S a lt___ 100
16
60
1s t g 5. 19 5 1 ........... A -O
60
8
I n te r n a tio n a l S liv e r . 100
15
62
P r e f e r r e d ................... 100
70
1st 6s 1 9 4 8 .................J-D 107
109
60
L a ck a w a n n a S t e e l ... 100
60
L a n ston M o n o ty p e ........20 t 11V 1 2 V
L a w y e r s M o r t C o ........100 202 V
62
IjLeh & W ilk e s b C o a l.50
70**
L o rd & T a y lo r ............. 100 130
140
98
P r e f e r r e d ...................100
102
IJLorillard (P ) p r e f . ..1 0 0 125
135
M a ck a y C om pa n ies See S tk E x lis t
15
M adison Sq G a r d e n .. 100
26
75
2d 6s 1 9 1 9 ............... M -N
.....
4
H M anhatt B e a ch C o .100
M anhattan T r a n s it ___ 20
3V
33s
13
M e x N a t C on stru e.p flO O
17
4
M itc h e ll M in in g ............10
4V
7
M o n o n g a h e la R C o a l..6 0
P r e f e r r e d .....................50 t 23
24**
95
M o r tg a g e B o n d C o . . . 100
100
98
N a t B a n k o f C u b a ___ 100
102
N a tio n a l S u r e t y ..........100 165
175
N e v a d a C o n s ’d C o p p e r .5 t 14
1 4 1*
N e v -U ta li M i n * s m . 10 r 33*
4
35
H N ew C en tral C o a l ___ 20
40
N J T e r D o c k * I m p . 100
35
N Y B is c u it 6s 1 9 1 1 .M -S 102*5
N Y M tg e & S e c u r it y . 100 185
190*’
30
H New Y o r k D o c k ___ 100
39
70
I jP r e f e r r e d ............... 100
80
2V
N Y T r a n s p o r t a t io n ...2 0 t
4
N lle s -B e m -P o n d c o m .1 0 0 110
115
N lp is s in g M i n e s ........
5 t n 7b 12 V
IjO ntario S i l v e r ..........100
5v
6
35
O tis E le v a to r c o m ___ 100
45
85
P r e f e r r e d ...................100
90
P h o e n ix S e c u r it ie s ...........
t
V
P itts b u r g B r e w in g ___ 50 t 3 o " 31
P r e f e r r e d .....................50 t 50
51
P itts b u r g Coal See Stock E x c h list
2 :
P o p e M a n u fa c tu r in g .1 0 0
60 '
1st p r e f e r r e d ........... 100
2d p r e f e r r e d ........... 100
10 V 13**
08
P ra tt & W h itn p r e f .. 100
102
P u b lic S e r v C orp o f V a
95
1 st m g 5s J u ly 1936 op t
9 ? 1*
R e a lty A s s o c (B k ly n )lo O 150
165
R o y a l B a k P o w d p r e f.1 0 0 101
105 J
S a fe ty Car H e a t <fe L t 100 250
270
80
S e n e c a M in in g ............ 25
100
520
S in g e r M fg C o ............. 100 508
5
Stan d ard C o rd a g e ___ 100
7V
46
1 st M .g .5 s .’ 3 i r e d .. A .O
51
7
A d ju s t. M. 5s. A p r 1,1931
“
I
45
Standard C o u p le r com lOO
55 •
P r e f e r r e d ...................100 120 130 j
6
S tand ard M illin g C o .100
9 '
26
P r e f e r r e d ...................100
30
75
1st 5s 1 9 3 0 ............. M -N
79
S tand ard O il o f N J ..1 0 0 507
508
S w ift <fc C o See B o s to n St k E x c h’ gtt
1 s t 5s 1 9 1 0 -1 9 1 4 ...J - J 4102
106 j
74
IJTexas <fc P a cific Coal 100
85 |
1st 6s 1 9 0 8 ...............A -O 4104
T it le I n s C o o f N Y . . 1 0 0 160
1*7*0**
T on a p a h M in (N e v a d a ). 1 t 1 5 V l » V
14
T re n to n P o tte r ie s com lOO
17
92
P r e fe r re d n e w ____100
100 4
35
T ro w D ir e c t o r y .........1 0 0
45
U n ion C o p p e r .................10
U n io n T y p e w r c o m ..1 0 0 "8 5 "
90
1st p r e fe r r e d ............. 100 117
122
2d p r e fe rr e d ............. 100 118
122
U n ite d B k N o te C o r p ..5 0 t 55
60
P r e f e r r e d .................. 50 t 62 V 54 :
89
IfU n itedG ig arM fg. ,pf. 100
92 :
U n ited C o p p e r............. 100
64 V 65 4
P r e f e r r e d ...................100
80
90
U . S. C a s u a lty ............. 100 226
40
U s E n v e lo p e c o m . ..1 0 0
HP r e f e r r e d ................. 100
S9
U S S teel C o r p o r a tio n —
C o lt r s f 5s ’ 51 o p t ’ 1 1 . . 4107
110 j
C o lt r s f 5 s ’ 51 n o t o p t .. 411 2V
U S T it G u & I n d e m .1 0 0
i ’o’o**
1] U tali C o p p e r Co. See S tk E x lis t
W a te r b u r y Co, c o m . . 100
49 V 60 <
P r e f e r r e d .................. 100 101*4 1021a
W e s t c h e s te r & B r o n x
T it le & M o r t G u a r . 100 165
172*
W e s t e r n I c e ................. 100
2 6 34 27
W e s tin g h A i r B r a k e ..5 0 1150 V 151 '
lJ W e s ti£ l& M fg — 5s See S tk E i l l t
W h ite K n o b M in ..........10
38
P r e fe r r e d ...................... 10
13«
W o r th in g P u m p p r e f.1 0 0 110

a E x -n ^ h ta .x K x-div . i N e w s t o c k . IJSelLs ou S t’ k E x ch ., hut n o t a v e r y a c t iv e s e c u r ity .

.

118

BOSTON STOOK E X O I i i i O E — Stock Resord, Daily, Weekly and Yearly
S h a r e P r i c e s — N ot P e r C e n tu m P r i c e s
S a tu r d a y
SHarch 16

M on d a y
M arch, 18

T u esd a y ■ W ednesday
M a rch 19
M arch 20

I'h u rsd a u |
t'Tidai/
M arch i l
M a rc
22

STOCKS
BO STON STO C K
EXCHANGE

Sales
Iof the
j Week
\Shares

M anqe to r Y ear
1907

f\lianye to r P revious
Y e a r (1 9 0 6 )

Hir/hest

Low est

H ig h est

R a ilr o a d s
'9 3 % 93«8
9 2 4 92*a
90*4 9 0 78 * 9 1 4 91*.
92
02
SK3!
90% A t c h T o p cfc San ta FelOO
867 8 3 5g M a r l4 1 0 7 4 J an
86% J ’ ly 111 0% Sop
96
96
95
* 9 6 4 97
95
97
97
♦96% 9 7 4
96
96
B o p r e f .................100
46 95 M ar 19 101% Jan 8| z97 % D ec 1105 J an
'2 3 5
233 '234
233 235
235 237
235 237
233
233
B o sto n & A lb a n y ___ 100
156 225 Jan 15 240 F e b 19 239 D e c > 2 5 < 4 r e b
144% 140
145 145
145 u ' d " 145 145
144
145
145
145
220 144 M a r 2 1 152 J a n 7 147 A u g llo o J an
B oston E le v a te d ........100
*
230
>23> ____
231
' ....... 230
L a s t S a l e 230
230 J an 7j 231 J an 2 230 D e c 246 % A p r
M a r '07 B oston & L o w e ll........100
153 153
151 154
154% 151% 155 155
155 155
155
165
B o sto n & M a in e ........100
’ •241 152 M a r l4 162 Jan
100 D e c 180% A p r
*
165
' ..........L65
165
L a s t S a l e 165
' ......... 165
F e b ’ 07
i.60 Jan
D o p r e f .................100
165 J a n 3 164 O ct 175% May
300 300
1......... 300
1*00 298 J an 10 301 F e b 25 ^99% D e o 314 4 A p r
B oston & P r o v id e n c e 100
‘2 3
‘24
25
26
" i i " VE
2 3 1 24
*23” " 24"
” 2 4 " B o s t o n * W o r E le c C o ___
*23"
61
23 M a r la 28*4 Jan 2 25 Jan
9 % A pr
►......... 74
r......... 73%
73%
73% L a s t S a l e 74
M a r ’07
D o p r e f ........................
72 .Mar 11 8 0 J a n 23 72% Jan 90 A p r
L a s t S a l e 150
150 F e b 2 8 160 J a n 17 156 O ct 182 J a n
A iar’ 07 C h ic J u n e R y & U S Y 1 00
115 115
115 115
D o p r e ?.................100
115 M ar 11 120 J a n 2j 117 4 J ’ ly 127 Jan
L a s t S a l e 1 8 8 " ' F e b ’ 07 Con & M o n t C lass 4 . . 100
183 F e b 13 188 F e b lo ! 187*4 N o v 190 M ai
L a s t S a l e 156
156 M a r li 156 M a r l l 1 5 3 O ct 163 A p r
M a r’07 Conn & P a ss R iv p r e f 100
278 278
C o n n e c tic u t R i v e r . ..1 0 0
'^78 M a r l8 280 J an 8| 2.O ct 293 A p r
130 131
131 131
130 130% i'3 1 " i s I * 1 3 0 "
F it c h b u r g p r e f............100;
68 130 M a r io 135 J a n s-1 132 O ct 145 Jan
109 110
10834 109
109 110
110 110% 111 113
114
114 Ga R y & E le c t r ic ___ 100 1,750 107 F e b 8 114 M a r t 2 95 o a n 107 A p r
*87
89
*86
83
*87
*86
89
fc8
L a s t S a l e 88
M a r’07
87 F eb 19 88 M a r 7 89 D ec 95 Jan
Uo p r e f .................100
♦16
17
L a s t S a l e 19 7 4 F e b ’ 07 M ain e C e n tr a l............. 100
197 4 F eb 15 198 Jan 11 197 M ar 20 J Deo
17
17
17
17
17
17
17
IT
17
17
14%
16
M ass E le c t r ic C o s ___ 100
740 14 4 M ar 2 2 2 0 4 Jan
17 Jan 23 J n «
64
64
64
64
63
63
63
«3
62
63
56*4
57
D o p r e f .................100 1,625 5b34 M a r22 7 1 % Jan
5 9 4 J an 75 J’ ne
“ 20 % 2 1 % *20 4 21% ♦20% 21% *20% 2 1 4 L a s t S a le 19\
M a r ’ 07 M e x ica n C e n tr a l........100
19*. M ar 9 25*4 J a n
21*8 A u g 28>, D ec
179% 180
177 1 7 *
179% 180
178 179
178
17S*4 179
179% 5 T Y N H & H a r t . . ..1 0 0
177 M a r l9 190% J a n
190 J ’ ly 20 7 >, Jan
L a s t S a l e 159 4 J an ’ 07 N o rth e r n N H ............100
159 4 J an 22 160 Jan
Sep 163 F e b
225 225
N o r w ic h & W o r p r e f 100
225 M arl9 i 226 F e b
J ’iy 2 33 % Mar
198
1 9 8 4 1 9 8 4 198% 1 9 8 4
1 9 8 4 19S 198
i ’9 6% 196% .1 9 6 4
1 9 6 4 O ld C o lo n y ...................100
D e c 210 Jan
1 9 6 4 M a r 21 2 0 0 4 Jan
L a s t S a le
Jan ’ 07 P ere M a r q u e tte ..........100
52 Jan 16 52 Jan 16
Sep 53% O ct
L a s t S a le
J a u ’ 07
56 Jan 23 57 Jan 18
D o p r e f . . „ . ........ 100
Jan 65 O ct
40
40
40
40
.......... 40
R n tla n d p r e f ............... 100
110 40 M a r l 6 45 J a n 24 47 4 N ov 64 J an
*9 0 .......
’ .......... 90
90
90
f ......... 90
90
"9 0
90 S eattle E le c t r ic ..........100
26 90 M a r io 94 J an 21 60 Jan 9 a O ct
97
97
■.......... 97
......... 97
' .......... 97
97
97
97
97
15 97 M a r lS 103 J a n 7 95 Jan 06 F e b
D o p r e f .................itfD
137 144
13734 140
131*4 134*4 133*4 137
135*4 1 3 7 4 136
136 U n io n P a o ifie ............. 100 2,952 125 M ar 14 182% J a n 7 1 3 9 4 M a v 195 Sep
* 8 5 4 86*2 *35% 8 6 4 * 8 6 4 87 4 * 3 7 % 8 8 4 L a s t S a l e
M a r’07
88 M ar 11 93 J a n 15 91 May 9 9 34 Jan
D o p r e f ................. 100
170
170
165 M ar 7 170 J a n 30 170 Sep 178 A p r
V e rm o n t & M a s s .. ..1 0 0
-9 2
93
9 2% 93
*92
93
92% 93
*92
93
92 4
92 4 W e st E n d S t ............... 50
9 0 4 J a n 18 95 J an 26 92 D ec i o l
J an
106 107
106 1 0 6 4 106 107
106 107
-106 107
*106 4
1074
D o p r e f ................. 50
Sep 116% A p r
106 M a r l6 110 M ar 4 l o t
L a s t S a l e 27*8
M a r ’ 07 W is c o n s in C e n t r a l...1 0 0
17*s M a r lS 1 7 \ M a r lS
2 5 4 May 2 7^3 O ct
L a s t S a l e *7*8
O ct ’06
D o p r e f .................100
L a s t S a le 60
O ct ’ 05 W o i c N a s n * R o c h . . 100
147 J a n 15 147 J a n 15 150 F eb 150% F eb
M is c e l la n e o u s
21*4 21*4
21*4 21*,
A m e r A g r ic u l C hem .iO O
60 21*8 M a r 8 26 J a n
21 J ’ ly S4 Jan
90
90
87
87
91
91
"8 7 "
85 * 8 7
87
60 85 M ar21 95 F e b
90 D e c 102 Jan
D o p r e f . . . ........... 100
7%
8
74
8
7*4
7%
7*s
8
7 7s
7*8
8
7 7t A m e r P n e u S e r v ........ 60 1,430
10 4 D e c 29 M a i
6 4 M ar 14 1 4 s, Jan
21
22
21
22
21
21%
20
21
20%
21
2 0 4 21V
D o p r e f................. 50
607 20 M a r l l 33 Jan _ 26 A u g 46 A p r
122 123
121*4 123*4 120*4 1 2 2 % 122 1 2 2 4 122 122 V 122
122 4 A m e r S u g a r R e tin ___ 100 3,401 117 4 M a r l4 1 3 7 4 F e b l l !
Ma) 156 7s J a n
125 128
1-24 1 25 4 122 122
'122
124 125is 124
125
D o p r e f .................100
299 1 2 0 % M a r l 4 131*4 J a n l b [
Dec 141 J a n
120 122
120% 123 4 1 1 9 4 1 2 1
119 % 120*4 119 120
119
119% A m e r T e le p & T e le g .1 0 0 2,481 1117*4 M ar 15 1 3 4 4 Jan 2
J ’ ly 144 7g Jan
*28
30
28
30
28
28
30
*28
2 9 4 * 29
294
2 9 4 A m e r W o o le n ............. 100
340 25 M a rl 5 3 6 4 J a n 7
N ot 47*4 Jan
96
97
96
96*4
9 6% 9 7 H
96% 96*4
97
96*4 97
97
D o p r e i .................100
8x0 95 4 M ar 14 102 4 J a n 8 100*4 D ec 110*4 F e b
*3 4
3^
.........
3 4 ..........
3 4 ■.........
3%
34
M a r’ 07 B o s to n L a n d ............... 10
3*4 Jan
4 J a u 15
3 4 M a r lS
4 4 J ’ ne
♦ 10 74 109
107
*107% 1 0 8 4 1 0 8 4 1 0 8 4 105*4 106*4
107
C u m b e rl T e le p & T e l 100 " " 3 5 107 M ar 2 2 115 J a n 10 115 J ’ly 118*4 M ar
20 -j 2 0 4
D om in ion I r o n A S t
25 1 * % Jan 31 25 F e b 19 21*4 N o » 31 A p r
7
7
*74
8
*7%
8
*7*4
8
*7*8
*7*8
8
7*4 E a st B o s to n L a n d _______
7 M ar 7
9 4 Jan S
21
5 &e J a n ( 10 A u g
214 214
214 215
213 214
214 214
213
214 215
214
E d iso n E le c I l t n m . .. i o 6
250 213 M arlH 23o J an 7 225 I)eC|250 J an
147 147 4 146 1 4 6 4 142 142
145% 146
145 147
145*4 1 46 % G e n e ra l E le c t r ic ........100
57 D ec 1184 O ct
297 *139*4 M a r i 4 162 Jan 2
58
59is
57
584
69%
69
60
58
58*4
58
59*8
44 M s) 64*4 j ’ne
5 9 4 M a ss’chusettsG asC oslO O 2,t>50 •>o M a r l6 66*8 Jan 1
82% 83
82*4 83
82
82
83
83 4
82%
S3
83
83
D o p r e f.................100
765 81 M ar 14 86 J a n 15 8 1 4 D ec ■ 90 S ep
*204 2u9
*
213
206 207
204% 204*4 2 0 4 4 2 0 4 4 '2 0 6
209
Mermen th aler L i n o ..1 0 0
8 199 Jan 2 216 M ar 1 190 Mai |210 D eo
*3 %
4
*3%
4
"3 4
4
*2%
3
•2*4 3 4
*24
3
0*4 Sep
4*4 J a n 19
550
2*4 M ai 20
Jan
M e x ica n T e le p h o n e .. 10
.......... 64
*
54
’ .......... 54
L a s t S a l e 54
54
M a r’ 07 N E C o tto n Y a r n ___ 100
54 M ar 12 53 F e b 14
Mai > 60 N o v
*
88
.......... 8 8
......... 88
88
89
89
D o p r e f .................100 ’ " 2 6 * 37 J a n S u 90 J a n 12
Maj WO4 N o r
117 117
118 118
......... 118
111 117 117 117 i l 5 4 117 N E T e le p h o n e ............100
D ec 111 4 A p r
69 U 5 % M a r 2 2 126 J a n 7
......
4 ..........
L a s t S a le 4
4
N o v ’ 06 PlantC om t ’ s t s t k com 100
4 No
l 1iu Jau
* ! “ ” ! 10
......... 10
......... 10
* .............
10
L a s t S a l e IS 4
S ep ’05
D o p r e f .................100
162 162 >2 161 162
161 161% 161 162
161
162% 162
162
P u llm a n C o ...................100
908 166 M a r l5 182 J a n 7 180 D ec 26 •»4 N ov
* 1 0 % 11
*10
* 1 0 % 11
1
0
%
1
0
%
* 1 0 4 11
10% R e e c e B u tt o n -H o le .. 10
10 4 10 4
90 l o % Jan
11 J a n 10
9 4 J an
11 D ec
104 105
105 106
105
105 105% 106 106
106 106
106 3 w ilt & C o ................... 100 1,019 104 M ar 15 U S J a n ;6 101*4 J ’ ne I 20 Sep
.......... 22
22
* ......
2
> .......
22
2 1% 21% *21
22 T o r r in g t o n C lass A . . 25
22 >4 De
60 21% Jan 23 2 2 4 J a n I .
23
b'et>
26
*26
27*2
*26
2 7 4 "26
26
27 4 * 2 6
2 7 4 *26
274
D o p r e f ................. 25
25 J ’ ly 27 % N ov
4 25 % M a r ll 26 Vi F e b l
.........
3
* ..........
3
.........
3
►.........
3
L a s t S a le
M a r’ 07 U n ion C op L ’ d * M g . 25
S M ar
2 J ’ ut
5 ‘v D ec
6% J a n 24
108 109
108 108% 107*4 108
107 % 108
108 108% 1 0 7 4
D>8 U n ite d F r u it ............... 100 2’,054 10o*j M a r ll 1 0 8 4 J a n 7 1 0 3 4 May 113*4 M ay
59
5 7 4 58
60
60
60
60 Un S h oe M a ch C o r p . 25 4.496 57 M a r l5 69 J a n
57 4 69
*58
60
614
£60 “a D e c 86'‘g F eb
2 7 ‘a 28
28
'28
28
28
*27% as
27%
2 7 *._
27 4 2 7 s*
D o p r e f ................. 2T>
6 26 27*8 M a r it 29 Jan
23 4 Dec 32 \ J ’ly
3 7 % 39%
37% 38%
36*g 37%
36 4 3 7 4
36*4
37 4 U S S te e l C o r p ............100 14,940 * 3 4 M ar 14 603g Jan
3 6 4 37 4
32*4 J ’ly 50 4 O ct
1U0»8 1013s 100*8 101
99 100 4
994100%
99*4 99*,
98*4
9 9 5s
9y J’ ne 113% Feb
D o p r e f .................100 2,523 95% M a r 14 107*4 J a n
L a s t S a l e ■50
D e c ’Oo W e s t E n d L a n d .......... 25
40 Jan •75 Sep
*6
6
7
6
6
6
6
6
6
5%
54
8 No> 17 “2 Jan
5 4 Mar2<
5 4 W e s t T e le p & T e le g .1 0 0
9 Jan i i
185
*76
*75
72
74
77
70
70
70
77
72
70
73 4
D o p r e f ................. 100
79 70 M ar 2
82 Jan 17 79 N ot 98 ^ J an
L a s t S a l e 74 Vi
M a r ’ 07 W e s tin g E l cfc M f g . . . 5o
74 4 M ar 7 7 s 4 J a n 18 73*4 Oct 86 F eb
L a s t S a ie. 80
F e b ’ 07
D o p r e f ................. 50
76 N ov 98 Jan
80 F e b 2 ; 80 F e b
M in in g
4
4
4
4
4
*4
4
4%
44
44
4 A d v e n tu r e C o n ............ 25
44
4 4 D ec . 3 4 O ct
4 M a r l4
710
6 4 F e b 20
69
60
* . .. .
55
* ...
58
5934 60
* . . . . . . 58
66
A l l o u e z .......................... 25
120 55 Aiar22 7 4 4 Jan 14 31 % J ’ ly 0 0 14 D eo
‘ 9 4 ** 9 7 4
93 4 95*8 ‘ 9 0 " 93*4 " U K 94 4 ’ » 2 % 9 4 4
914
9 3 54 A m algam ated CopperlO O 57,889 81 M a r l l 121 J a n 5 92% J ’ly 118 F eb
40
38% 42
41% 4 1 4 ♦39
41
40
38
404
40 4
40 4 Am Z in c L e a d <fc S in . 26 i,0 0 5 33 4 .w a n 5 53 J a n 2:
8 % A ug II4 6 D eo
65 76
65
63*4 6 4 7f.
61
62 4
63% 6 1 4
63*4 64 4
62 7g A n a c o n d a ...................... 26
62%
4
5 9 78 M a r l 6 75 F e b 16 57 % May •74 F eb
8
8
8%
8
8%
8
8
84
8*8
2 % J ’]y i' ! o 4 N ov
15*8 J a n 16
7%
8 A r c a d i a n ...................... 25 2,715
6 M am
7*8
*1
*1
*L
14
*1
14
14
1%
7e J ’ u
1%
*14
2 Jau \
1%
1% J a n 30
1 4 A r n o ld .......................... 26
300
2 4 D ec
16% 17
16
15
10*4 May 28 4 J an
164
16*4 16*4
174
1 6 4 16*4
164
16
A t l a n t i c ........................ 26 2,430 14 J a u 17 22 Feb2fr
21% 22 4
20% 22
21
‘21
21
21
2 0 4 21
2 1 V.
21
B ingh am C on Alln<fcS 50 5,112 18% M a r l l 37 J a n 14 25 J ’ ly 49 F eb
•60
* . . . . . . •70
•65
•65
•60
*•60
•65
.65
•65
......
46 May » o O ct
B on an za (D e v C o ) . .. 1(;
900 60 M a r l 9 •80 J a n l7
26*3 27%
2o 4 26
2 5 4 27%
26% 27
26 4
2 6 4 26 4
’ 26*4 B ostonC onC <feG (rcts) £1 3,30o
M a r 14 3 3 4 J a u 6 20*8 Mai 35'V O ct
29
32 ; 30
29 4 30 4
30
30
31*4
29 4 30*6
’49*4
SO 4 B u tte C o a li t io n .......... 16 14,365 21 M a r l , a y 4 J a n 7 25 J ’jy 42 u c t
168 168
169 169
163 165
167 167
161 165
164
165
•Ja.nmet * A r i z ......... 10 2,478 148 M artS 193 F e b 8 107 J ’ iy 184 D eo
875 880
886 900
885 895
880 880
880 8 a o
885
890
iJaium et & H e c la ___ 25
82 370 M a r io 1000 F e b : 5 675 May 900 D eo
37
36
37*4
36 4 36%
364
36 4 36%
36
36 C e n t e n n ia l ................... 2(
17% J ’ iy 40 4 D eo
36 4 36 4
885 35 M ar 14 47 F e b l •41
•50
•50
•49
•50
•62
*•40
•45
•42
•13
•43
•45 •Jons M e r c u r G o ld ...
i 4,1 15 11 M a r l6 5-2 Jan io
■So De- ■70 Jan
82
8 2 4 84%
83*4
79*4 02%
81
81*4 8 3
83 C op p er R a n g e C on ColO l; 15,570 73 4 M a r ll 105 Jan l j
66*4 J ’ lj
82 4 83 4
86 4 J an
17
17
16
1 6 4 16%
16 4 D a l y . W e s t ................... 20 1,330 14 Vi M a r io 20 4 Jan 2;
174
164 164
164
1 6 4 16*4
14 Mai 21 % N o v
66
66
D om in ion C oa l............100
25 60 F e b 5 70% M ar 2 61 4 O ct 81 F eb
L a s t S a i t j i b ' ‘8" F e b ’ 07
109% F e b 1 114 Jan r.| U S N ov 122 M a i
D o p r e f .................100
'2*8
2 78
2 M a r l5
2*4
4% J a n it '
24
*2 4
2*6
*24
24
24
2*4
24
3 % D ec
2*8 Elm R iv e r ..................... 1* " 39*6
1% J ’ly
21
20
20
20 4
20
2 0 7s 22
2i
204
214
21 Vi
21
F ra n k lin ........................ 25 3.335 15 M a r l l 29 4 M ar 1 14 Vi Ma) 2a 4 Sep
* ......... 140
..........
131
137 140
131
*131
136
135 135
Oeo
540 ISO J a n I t 1 5 1 F eb
131 D e c l it )
G ra n b y C on solidated. 100
26 V 26%
23 7a 2 5 4
24% 25
21
%
M
ar
14
24%
2 5 4 26**
23 *8 ‘ 2 4 *8 G r e e n e C on solidated. 1< 4,567
244
19% J ’ ly S.i 4 D eo
S3 4 F e b Is
.... . ......
. .. .. . . .. .. . L a s t S a lt 4 4
• -.... . .. .. .
4 4 M ar 6
M a r’07 G u a n aju ato C o n s o L .
7% Jan
5 4 J an i .
6
4% J an
23
22% 23%
21
22
23*4
20*4 " 2 2 ”
23
22 4
214
23 4 Isle R oy a le (C o p p e r ). 26 6’ 646 19 M a r li 36 4 J a n l ,
1 6 % J ’ly 29*8 J a n
17
13 4 19
18 4 18*4
19 4
18
184 134
18% L a S ajle C o p p e r .......... 26 5,204 14*4 M a r l l 30 F eb 8
1 8 4 18 V
6
6
64
6
64
64
64
64
5% M a r io
64
64
6 “4
9 4 J an 10
6 4 M ass C o n s o l................. 26 1,685
6 4 J ’ly ^12 4 Jan"
•99
*1 . . .
- -99
•99
•99
•98
•93
•90
•90 *
•99 M a y flo w e r..................... 25
310 •90 Aiar21
1 4 Jan
1*4 Jan 24 ■40 J ’ ne
12*4 IS
12% 1 3 4
12*8 12*4
12*8
1 2 ^ M e x ico C ons M & S . ..1 0 1,760 12 M a r ii 15 >4 J a n 24
12*4 IS
13 No> 11*4 Deo
12*4 12*4
16 4
16
16
16
16
16 4 17
16*4 17
15*4
16*4
1 6 4 M ic h ig a n ....................... 26 2,l3t> 14*4 M a r i » ‘2 4 4 J an 15 10*4 J ’nt 22 >a D eo
83
80
83
83
86
85
83
83
83
82
83
83
M o h a w k ........................ 25 1.335 74 M a r l: 96 "j Jan 14 54% Mai
D eo
*____ _
2
2
*1%
"1*4
1*4
710
1*4 Jan 18
1*4
1*4
7 4 F eb
1®8 D ec
1*4
2 4 M a r ll
1%
1%
1% M on tana C oal & C ok e 2 6
15
15
14
1 6 4 1 6 7s *1 5 % 1 6 4
15
15
11
N evada C on solid a ted
l 1,010 18*4 M arJ4 2 o 4 J a n l-t> 11 Jan 23*8 O ct
92%
88
93
91
92 4 95 4
91*4 95
904
'9 2 4 N o rth B u t t e ................. 15 27,244 77*4 M a r H 12o Jan 5 74*4 Mai 117 4 O ct
91*8 92 4
*
14
14
14
700
14
14
14
14
1 4 * ___ _
2 4 D eo
I M a r l4
2% Jan 4 ■70 J ’ ly
14
1 4 o l d C o lo n y ................... 25
4 8% 50*4 ; 49
47
4 9% 61
494
50
51*8
50% O ld D o m in io n ............. 25 13,047 44 M a r ll 63 F e b 14 33 J ’ly 66*4 u c t
514
49 4
145 115
1374140
140 140
*135 140
138 140 *140 4
145 O s c e o la .......................... 25
F eb 21 93 M ai 1^1 Deo
315 130 M a r t i l e i
24
24% 24 4
25
23% 2 3 4 *23
234 234
23 4 f a r r o w (S ilv & C op p ) 10
244 244
833 21 Alai 15 35 J a n 11 22*4 J ’ly 48 Jan
2
2
2
2
2
•60 M a'
2
2
2
2
265
2*8 D eo
1 Jan 6 tS J a n 2 i
1%
1% Phoenix C o n s o l........... 25
121 123
80 J ’ly 114 Jan
121
115 119
124
118 118
120
F eb
iV « * ‘ 120
120 Q u in c y ............................ 25 1 ,9 .9
M a rlS
7*4
8
3% J ’ly
7*4
74
74
74
7*4
7*4
7 *8
7*4
74
7 4 Khoue Isla n d ............... 25 3,699
9% D eo
M a r l4 1 12*4 Jan 15
4
53j,
4
*4
4
4
4
4
4
7 ^ J au t,
4
3*4 San ta F e (G o id <fe C op ) 10 1,850
1% J 'ly
44
3*4 M ar2i
3*4
19
19
19
19
19*4
19% 20
1 8 4 19
19 4
0*4 Jan I 3 7g N 01
19 4
19*8 S h a n n o n ........................ 10 8 ,8 1 » 15*4 M a r ll 21*8 Jau '7
115 122
120 120
112 115
115 117
120 120
120
120 T a m a r a c k ..................... 25 1,034 110 M a r l 5 170 Jan 14 90 J ’ ne 122 Jan
42 7a 1 2 78
42% 42 78 _____ . . . . .
I'e n n c b s e e .. . . . . . . . . . . 25
200 42% .vlarIt 56 4 Jan t- 40 Maj 52 J a n
25
21 ’ 24*4 " 2 2 % *24 4 ‘ 2 3 ” " a s ’ i '2 2 % ’ 23 4 T r in it y ............................ 25 17,333 1 9 4 M a rl4 42 *4 J an 24
26 4
24 4 26
7*4 J ’ nt 2u% D ec
67 4 68
6 64 664
65
64*8 66
6 5 4 66*4
65*8 65*4
Fei
66*4 U n ited C o p p e r............100 5,706 64*8M ar2b 77 4 M ar 7 5 7 4 Ma; 78
a. s l .S n. l 67
M ar’ 07
67 M a r li ti7 M ar 15 88 Jan 111 Fefc
Do
p r e i............... 100
l o " ‘ 1 6 4 T o ” *10*4
10
lo
9 'R 9 7t
9 4 Sep
9% M a r i 5 13 4 Jau 22
1 0 4 i 0 4 *10
14*8 Mai
1 04 U n it S tates Coal <fcOil 25 i',410
56
66
57
00
65 4 5 6 4
6o*e 06
5 5 4 56
U S S m elt Rer.t&Min. 50 5,775 50 M a r ll 70 J a n 2 51 M ai 6 6 J an
44
44% 14*4
414
41
41
14 4 " 4 4 "
4 3 4 43*4
11
D o p r e i ................. 5(i 2,905 4 1 ’% M a r li 19 J a n 1 43 Mai 47 % Sep
"4 4 4
61
61
63
62 %
61
5J
60
61
60 4 6 1 4
614
61
U tah C on ( G o l d ) ........
6 lo ,6 8 0 61 M a r li 79 J a n 14 6 2 4 j ’ne 69*4 Jan
9
8%
8
84
84
8*4
fc 4
8
84
84
9 4 Mai
5 7g N o 1
84
6 M ar 15 USg F e b 2 7
8 4 V i c t o r i a ........................ 26 3 113
9
9*8 l o
10
94
9%
94
94
94
10 W in o n a .......................... 26
7 4 M ar 14 14 Jan 2i.| 4 J ’ ly 13% O ct
94
9*4
960
165
165
.60
170
160
170
164
16* 164
165
1 6 1 4 165
176 M a r ll 198 F e b l ] 131 J an 90 D «*
W o l v e r i n e ................... 25
236
2
1*4
2
1*4
1*4
1*4
1*4
l% M a r 8
S ’*, J an 2‘2| 70 J ’ly
1*41
1*4
2*4 De«
*1*8
660
1% W y a n d o t....................... 26
« B e f o r e p a y ’ t o fa s s e s a ’ t s c ^ ile d iu Lj OI.




"B id a u d a s ic e d p r .o e j; n o sale* m td d <jii tam day.

jN e w s to o it.

f A a V b p a u l. ft£ x -r ig a w .

a K i-<liv. db rig h ta

M

ar

Boston Bond Record

. 23 19 07.

BOND.-*
B O S T O N ST O C K E X C H ’ S E
W e ek K.ndlvq M a r c h 22
A m Hell T e le p h o n e 4 » ___ 1908
A m T e le p & T o l coll tr 4s. 1929
A m W r it P aiier 1 st s 1 5 s g 1919
A Sell ik N e b ra sk a 1st 7 s . .19 0 8
A t e li'1 on & S F e g e n g 4 s .. 1995
A d ju s tm e n t g 4 s ___ J ’ly 1995
B oston E le c t L ig h t 1 s t 6 s .1908
C on sol 6 s ............................ 1924
Boniuu <fe L o w e ll 4 s ............1907
4 s............................................ 1916
B oston ifc M ain e 4*28..........1944
B oston T erm in a l 1st 3 4 8 .1 9 4 7
Bur
M o R iv ex 6 s........... 1918
N o n -e x e m p t 6 s .................1918
S in k in g fund 4 s ............... 1910
8 u tte
B oston 1st 6 s ___ 1917
Cedar R ap & M o R 1st 7s. 1916
2(1 7 s .....................................1909
C en t V erm t 1st g 4 s .. M ay 1920
C B «fc w Iow a D iv 1st o s .1 9 1 9
I o w a D iv 1st 4 s ............... 1919
D eb en tu re 5 s .................... 1913
D en ver E x te n 4 s ............. 1922
N ebrask a E x te n 4 s ........1927
B A S f f s t 4 s ...................1921
Illin o is D iv 3*28............... 1949
J o in t bonds See G t N o rth e rn
C h ic J c B y & Stk Y d s 5s .1915
C oll tru s t r e fu n d in g g 4 s l 9 4 0
Oh M il * St P D u b D 6 s .. 1920
Ch M & St P W is V d iv 6 s l9 2 0
C h ic <fc N o M ich 1st g u 58.1931
C h ic <fc W M ich g e n 5 s . . ..1 9 2 1
C on cord & M o n t oon s 4 s .. 1920
C onn & P a ss l i 1st g 4 s . .. 1943
C u rren t R iv e r 1st 5 s ......... 1927
D et G r R a p & W 1st 4 s . . . 1946
D om in ion Coal 1st s f 5 s . .1 9 4 0
F itc h b u r g 5 s .........................1908
4 s ...........................................1915
4 s .......................................... 1927
F rem tE lk< fc M o V 1st 6 s .. 1933
U n stam p ed 1st 6 s ........... 1933
S t N o r C B & Q ooll tr 4s 1921
R e g is te r e d 4 s .....................1921

J -J
J -J
J. J
M-S
A-O
N ov
MS
M-S
J-D
J -J
J -J
F-A
J -J
J -J
J -J
A-O
M-N
J-D
Q-F
AO
AO
M-N
F-A
M-N
M-S
J -J

K ange
Since
J an u ary 1

W eek’ s
K ange or
L a st Sale

/V ice
F riday
M arch 22

Low H ig h
9 6 va 9 8 4
84
90*4

H ig h
A s k lx>w
Sale
9 6 78
97
Salt
84
*54
1]87 ** N o v ’ 06
104 M ar’06
97*4 9 8 4 9 3 *2 M a r’ 0
91
9 1 7g
9 1 78

B ia
97
84

J-J
A-O
J -J
J -J
M-N
J -D
J-D
A-O
A-O
A-O
M-N
M-N
M-S
M-S
A -O
A -O
J -J
Q-J

98411101%
9 1 4 92

110
F e b ’ 04
1 0 4 'a A p r ’ 00
101 S e p ’ 06
114 M a r’ 06
112H> J a n ’ 03
107 4 J a n ’ 07
102 Sep ’ 05
993s O ct ’ 06
100 J ’ n e’ 01
1 2 3 4 N o v ’ 06
111*8 J ’l y ’ 05
......... 85
85 M a r’ 07
109 M ay’ 05
1 0 4 “ lOO* 1 0 0 4 F e b ’ 07
102*3 J ’ly ’ 06
93 M a r’ 07
1 0 2 7s J ’ n e’06
9 8 4 D e c ’ 06i
9 0 4 M a r’ 07
I00*a 101*s 101
95

107-#107*8

85

90

i(K>4 io6*i
98

9 9 3»

90*8 9 1 4

101

101 1 0 2 4
94 4 95

F e b ’ 07
A p r ’ 06
126 F e b ’05
100 F e b ’ 07
97 Hi 100 4
1004
99 M a r’ 07
112*4 Jan ’ 03
104 N o v ’06
89 M a r’ 07
100 J a n ’07
103 4 S ep ’ 05
103*8 A p r ’05
100 *•; O ct ’ 06
1343i N o v ’ 06
140 A p r ’ 05
89
90
90H2
914
88®4 ......... 93 M a r’ 07

122

100

100

89
100

90
100

1004102
99
99

90 4
94%

974
96

6 £ 3

BO N Or*
BO STON STOCK E X C H ’ GE
W e b k E n ding M a r c h 22

K an ge
Since
Jan u ary

H ig h
L ow H igh.
A s k Low
100% O ct ’ 06
89 100%
99
99
1 2 2 4 N o v ’ 06
. 97
98 Jan ’07
9 8 " 98 4
102*2 N o v ’ 06
' ii T lit?* , 117
10 il6 3i 12(3"
94 4 D e c ’ 06
92 M ar’ 07
92
92
100 101
100 M a r’ 07
100*4 8ep ’06
113*8 N o v ’ 06
101*4 Sep ’ ihj
118 M ay ’04
8 4 34 F e b ’ 07
84
80*2
814
26 4 ° c t ’ OH
1734 A u g ’ 05

Bid

.........100
.........100

I llin o is Steel d e b e n 5 s ___ 1910 J -J
N o n -c o n v e rt d e b e n 5 s . ..1 9 1 3 A-O
l a F a lls <feSioux C i s t 7 s .. 1917 A -O
K an C C lin A S pr 1 st 5s. ..1 9 2 5 A-O
K an C F t S & G u lf 1st 7 s .. 1908. J-D
K an C F t S c o tt & M 6 S ....1 9 2 8 1M-N
K an C M <fc B g en 4 s ........... 1934 M-S
A s s e n te d in c o m e 5 s ........1934 M-S
K an C & M By<fc B r 1st 5 s l9 2 9 A -O
K an C S t J o & C B 1st 7 s .. 1907 J -J
M ain e C en t co n s 1st 7 s . ..1 9 1 2 A-O
C on s 1st 4 s ........................ 1912 A-O
M ara H o u g h & O nt 1st Cs. 1925 A-O
M e x ica n C en tral c o n s 4 s .. 191] J - J
l s t c o n s f * c 3 s ........... Jan 1939 J ’ly
2d co n s in c 3 s ........... Jan 1939
M ic h T e l e p l s t 5 s ................ 1917
M in n e G en E le c c o n g 5s 1929 J -J
N e w E n g C ot Y arn 5 s ___ 1929 F-A
N e w E n g T e le p li 6 s........... 1907 A-O
6 s .......................................... 1908 A-O
5 s .......................................... 1915 A -O
N e w E n g la n d c o n s g 5 s ... 1945 J - J
B o sto n ’ T e r m 1st 4 s ........1939 A-O
Old C o lo n y g o ld 4 s ............. 1924 F-A
O re g B y & NTar c o n g 4 s . . l 9 4 6 J-D
O re g S h D in e 1st g 6 s ........1922 F-A
B e p u b V a lle y 1st s t 6 s . . . l 9 l 9 J - J
B u tla n d 1st co n g e n 4*28.1941 J - J
R u tland -C anadian 1st 4s 194 9 J -J
S av annah E lec 1 st c o n s 5s. 1952 J -J
S eattle E le c 1st g 5 s ......... 1930 F-A
T e r r e H a u te E le c g 5 s ___ 1929 J-J
T o r r in g to n 1st g 5 s ........... 1918 M-S
U n io n P a c R B < fel g r g 4 s . l 9 4 7 J - J
1st lien c o n v 4 s .................1911 M-N
U n ited F r u i t c o n v g e n 58.1911 M-S
U S S te e l C orp 10-60 y r 5 s . 1963 M-N
W est E n d S tre e t B y 4 s ___ 1915 F -A
G old 4 H28..............................1914 M-S
G eld d e b e n tu re 4 s ........... 1916 M-N
G old 4 s ................................. 1917 F-A
W e s te rn T e le p h <fc T e l 5 s . 1932 J -J
W is c o n s in C e n t 1 st g e n 4 s l9 4 9 J - J
W is c o n s in V a lle y 1st 7 s ..1 9 0 9 J -J

N o t b — B u y er pays a c c r u e d in te re s t in a d d itio n to the p u rch a se p r ice fo r all B o s to n B on ds.

W eek's
K an ge or
L a st Sale

P rice
F r id a y
M a rch

.........

102 4 A u c ’ 04
9 7 34
98
99 *2 J a n ’ 07
100
100
100 H>Jan ’ 07

99

i o o " Sale

103

105

107 *2 Sale

”9 9 ” ioo'
" 9 3 “ ioo*
98
93

100
95

9 7 34 1 0 0 * 8

994 994

99 4 100
100 *8100*8

1 0 1 4 Sep ’ 06
1102*8 Jan ’ 05
1121*8 M ar’ 06
1(M Jan ’ 07
107 4 N o v ’ 05
102 M a i’ 02
98*2 M ay’06
105 M ar’ 07
102 D e c ’ 05
9 9 * 2 N o v ’ 06
100% F e b ’ 07
11.50*8 A p r ’ 06
108
1074
1196% H96%
100 4 Jan ’ 07
102 J an ’ 07
102% Jan 06
100*2 J an ’ 07
92
93
11944 Sep ’ 05
109% A u g ’ 05

* N o p r ice F r id a y ; la te s t bid an d asked.

100%<1102
107 110
TJ96% 1J99 4
100 4 100 4

102

102

100*2 100 4
92
99

1j F la t price.

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
S h a r e P r i c e s — N o t P e r C e n tu m P r i c e s
■Saturday
M a rch 16

87 4

88

M on d a y
M arch 18

89

90

........... ...1 9 * 2

T u esd a y
M a r c h 19

87*a 8 8 4
’ .......... 1 9 4

......... ..42
11% H H 2

*36

*11

W ednesday
M arch 20

114

11%

11H»

t Y id a y
M a r c h 22

T h u rsd a y
M a rch 21

01 tht

W eek
Shares

B a lt i m o r e
35 Con. G as E L L . & P o w .1 0 0
D o p r o f . . . . ........ . ..1 0 0
84
N o rth e r n C e n t r a l.......... 50
89
19*3 Seab oard (n e w ) ............... 100
40
Do
2d p r e f ............. 100
11 U nited R y & E l e c t r ic .. 50

*30
*80
89
*184
*35

89% 8 9 ^
......... 19 4
*30 .........
*11
114

11

26
114
83%
61%

50
9 34
.1.
26
11H
854
63

6 1 4 82l l i«
44
45*8
8
8
17*4 18 4
S3
55*4
’ 42*2 42 4
5 6 4 5 6 3,
86
87*2

49H» 50
38% 39 7g
9%
9%

494 494
36 7* 38
9
9*4

25
1 1 4 *10% 11
844
8 1 4 83
60
62
63*,
1*4
1%
14
60% 6 1 %
62
44
44
45
8
7»«
734
17
174
174
60
5 4 3«
52 H>
43
43
42 4
42
42
424
66
56
6 5 34 56 7S
86 % 87*2 8 5 4 86%

49H> 4 9 4
37% 38*4
9
9*8

*49% 49%
37*2 3 7 34
8 7g
9

25

11

83
61*4
1%
6 1 7ie
45
7*4
17 *»
52ii*ie
*414
*414

10»t
82Hj
6 1 7s

14

1%

26
10
»2
62%

1*8 14

60% 6 1 a4 6 0 » 18 6 1 4
44
44
444 444
7»,
7*4
7 76 7 « u
16% 17 >« I 6-4 17
60*2&2i818 50iSi852 9i„
*42
43
" 4 2 " "4 2
*414 424
64
65
5 3 4 54
85% 86 78
83 34 8 6 4

424
£ 0 *3

47 s,

65
654

45 4
92"

154

7
55 4

•: E x -rig lit«.

103
11834
1104

105a«

105*8

110%
"9 3

93

105 4

33 4 J an 15
82% J an 3
86 M ax 14
19 *2 F e b 25
35 M ar 15
10 4 M a r l2

■426
43
1 7 ,4 6 8
8 .1 8 6

’ ’ 470
2,576
4,647
14,675
4,290
7,753
520
7,926
9,941
57,274
41
58

1,809
16,073
B id

P H IL A D E L P H IA

Bonds
A1 V a l E e x t 7s 1910 A-O
A lt A L V E le c l 4 s ’ 3 3 .F -A
A m R y s c o n v 5 s 1 91 1. J-D
A tl C ity 1st 5s g ’ 1 9 .M -N
B alls T e r 1st 5s 1 9 2 6 .J-D
Berg<feEBr w 1st 6s’2 1 J-J
BeMUe S teel 6s 1 9 9 8 .Q -F
C h oc A M e 1 st 5s 1949 J-J
Ch O k * G g e n 5s ’ 19 J-J
Col St R y 1st c o n 5s 1932
67
C on T r a c o f X J 1st 5 s . ’33
E & A 1st M 5s 1920 M -N
E le c * P e o T r stk t r c tfs
E q II G as-L 1 st g 5s 1928
H * B T o p o on 5 s ’ 25 A -O
In d ia n a p o lis R y 4 s . 1933
I n t e r s ta te 4s 1943 ..F - A
L e h ig h N a v 4H»s ’ 14.Q -J
B R s 4s g ........1 9 1 4 .Q -F
G en M 4 4 s g .l9 2 4 .Q - F
L eh V C 1 s t 5 s g ’ 3 3 . . J-J
1 6 4 L e h V e x t 4s 1st 194 8. J-D
2d 7s 1 9 1 0 .................M -S
C o n so l 6s 1 9 2 3 ........J-D
A n n u ity 6 s ............... J -D
G en c o n s 4s 2 0 0 3 .M -N
L eh V T ra n co n 4s ’35J-D
N e w C on Gas 5s 1948 J -D
N e w a r k P a ss c o n 08 1930
N Y Ph<fc N o 1st 4s ’39 J-J
I n c o m e 4s 1 9 3 9 ...M -N
46*a
N o O h io T ra c c o n 5 s ’ 19.J -J
9 2 4 P e n n gen 6s r 1 9 1 0 ..V a r
C on sol 5s r 1 9 1 9 ... V a r
P en n <fc M d Steel c o n 6s.
Pa & N Y Can 5s ’ 3 9 .A-O
C on 4s 193 9............. A-O
P e n n Steel 1st 6 s ’ 17 M -N
P e o p le ’ s T r t r c e r t » 4 s ’ 43
P Cu lst«fc c o l t r o s ’ 49 M-S
C on & co l tr 5s 1951M -N
.........
Phil b le c g o ld tru st c tfs .
8
T r u s t c e r tifs 4 s ...............
P <t E gei> M 5 g '2 0 . A-O
G en M 4s g 1920..A<)fcO

* B id and ask ed p r ice s ; n o sales on this (lay.




94
814
61*4

A m e rica n R a ilw a y s ___ 50
C am hria S t e e l ................. 50
E le c t n e C o o f A m e r ic a 10
G en A sp h a lt tr c t f s ___ 100
D o p re f tr c t f s ___ 100
Lake S u p e rio r C o r p ___ 100
L e n ig h C A N a v t r ctfs . 50
L e h ig h V a ll e y ................. 50
M a is d e * C o ...................... 100
6iBie P e n n s y lv a n ia B R .......... 50
4 3 34 P h ila d « ip * a C o (P i» ts b ). 50
7 7e P h iladelph ia E le c t r ic * . 25
17 4 P h ila R a p id T r a n s i t c .. 50
52 4 B e a d in g ............................ 50
43
D o 1st p r e f............. 50
43
D e 2d p i e ! ............
50
54
U n io n T r a c t o n ............... 50
8 6 4 U n ited G aa Inapt............ 50
31
W e lsb a ch C o ...................100
494
37%
9*8
6
23
10
82
62 4
14

P H IL A D E L P H IA

P H H jA D E L P H I A
I n a c t iv e S to c k *
A lle g h e n y V a l p r e f ___ 5C
A m e r ic a n C em en t........50
A m e r G as o f N J ........100
B e ll T e le p h o n e ............. 60
Can-ibria I r o n .................60
C en tral Coal <fe C ok e . 100
C on sol T r a c o f N J . .. 1 0 0
D iam on d S ta te S t e e l.. 10
P r e f e r r e d .....................10
E a ston C on E le c t r ic ii.50
E le c S tora g e B a tt ___ 100
P r e f e r r e d ...................100
F t W a y n e <fcW V ........100
G erm a n tow n P a s s ........60
I n d ia n a p o lis S t ........... l o o
In d ia n a U n io n T r ___ 100
In s u r a n c e C o o f N A . . 10
I n t e r Sm P o w «fc Cliem .60
K e y s to n e T e le p h o n e ..5 0
P r e f e r r e d .....................60
K e y s to n e W a tch Case. 100
L it B r o t h e r s .................. 10
L ittle S c h u y lk ill........... 50
M in eh ill & S ch u y l H ..6 0
N H a v e n Ir o n <fc S t e e l.5
N o rth e r n C e n tr a l......... 60
N o rth P e n n s y lv a n ia ..50
P e n n s y lv a n ia S a lt........60
P e n n s y lv a n ia S t e e l.. 100
P r e f e r r e d ...................100
P h ila C o (P itts ) p r e f ...5 0
P h il G erm an * N o r r is .50
P h ila T r a c tio n ...............50
R a ilw a y s G e n e ra l........10
S n sq n eh Iron <fc S t e e l..5
T id e w a te r S te e l........... 10
P r e f e r r e d .....................10
T on op a h M in in g o f N e v l
U n io n T r o f I n d ......... 100
U n ite d N J B K & C ..1 0 0
U n it T r a c P itts p r e f .. 50
W a r w ic k Iro n < t s t e e l . l o
W e s t J e r s e y & S o a S h .5 0
W estm orela n d Coal___ 60
W ilk e s G as & E l e c . .101

10
814
61%

49*3
3 6 34
9*8
*5
23
9%
81*3
61
14
60%
4 3 ‘4
7%
16 4
50%
43
*42
54
854
•29

L ow est

517

Philadelphia
*49*4
37%
9%

K an ge l o r Y ear
1907

Sales

A C T IV E S T O C K S
( i o r B o n d s a n d In a ctiv e
S tocks see b elow )

P h <ft R ea d 2d 5s ’ 3 3 .A-O
C o * M 7s 1 9 1 1 ........J-D
Con M 6s g 1 9 1 1 ....J -D
E x I m p M 4s g ’ 4 7 .A -O
T e rm in a l o s g 1 9 4 1 .Q -F
P W <fe B c o l tr 4 s ’ 2 1 . J-J
P o rtla n d R y 1st 5s 1930.
Rotfh Bytfe L e o n 5 s ’ 54J-J
U T r a c I ix l g e n 5 s ’ 19.J-J
U n R y s T r c t fs 4 s ’49J<ftJ
U n ite d R y s I n v 1st c o ll tr
B ib s 19 ^ 6 .................M -N
U T r a c P it g e n 5s ’ 97 J-J
W e l»b a c h s 1 5s 1 93 0. J-D
W lk s -B G & E e o n 5 s ’55J-J

109 4 110 4
1084
120 4

i ‘5 o "
"96 4 9 6 4
66 4
107 4

Bonds

104*2

10534

101
100
97 4 9 7 34
67 4
67
104

(|$7.5 0 paid,

A n a c o s t i a * P o t o s ...........
A tl * Ch 1st 7 ...1 9 0 7 J-J
A tla n C L B B 4 s l9 5 2 M -S
A t l Coast L (C t )c t fs 5s J-D
C tfs o f in d e b t 4 s . .. .J - J
6-20 y r 4s 1 9 2 5 ..........J-J
B a lt C P a ss 1 st 5s ’ 11 M -N
B a lt F u n d g 5 s . 1916 M -N
E x ch a n g e 3 H2S 1930 J-J
B a lt& P l s t O s m l ’ 11 A-O
B a lt T r a c 1st 5 s . . ’ 29 M -N
N o B a l t D i v 5 8 1 942 J-D
C o n v e r tib le 5 s .’06 M -N
C en t’ l B y o o n 5 s l9 3 2 M-N
E x t & Im p 5 8 .1932 M S

814

f $15 paid.

* $10 paid,

88
170
2 4 6 " 290
89
91

102

11

314
95*

102 4

100
82 4 88
103
104
109 4 1 1 0 4
99*2 100
iio '
112

ir i"
114

109

i $20 paid,

D ec 41 J ’ ne
Oct 90 J’ ne
J ’ ly l i : 4 D e c
D ec 32 J an
Dec 62 ■? ■Ian
D ec 19 J an

B A L T IM O R E

974
e3

......

35*2
80
97
22
48
13

A sk

118*s
100

10

J an 9
J an 10
J an 26
Jan 7
Jan 7
Jan 3

H ig h est

51 Jan 2 50*4 Sep 54 J an
47 4 Jail 24 3 0 34 Jan 3 9 4 N ov
l l % J a n 14 11 M »5 12 7h N o v
6 N ov 14 Jan
a Jan 25
36 J a u 25 31 Uec 48 Jan
16 Jan 8 14*2 N ov 23*4 J an
103 Jan 7 100 D ec 118 •Jan
7 * 7« J an 5 65 May 86 J ’ ne
2 4 Jan 7 i 716 O ct 3*bTf Jan
70! *i« Jan 8 61% J ’ly 73**ifl Jan
48 So Jan 4 47 A p r a54 -i M ar
8 34 F e b 14
6 *8 D ec 9% « O ct
24 Jan 22 c l 9 4 D e c ^34 ‘4 Jan
6 9 Jan 7 5 6 l« M aj 83 J an
45% Jan 14 4 3 % A p r 47*6,n J a n
4 V Jau 14 4 4 7s Maj 51 Jan
60% J a n 22 58*8 Dec 65 A u g
F eb
96*8 Jan 5 fl8 l 4 May 101
30 F eb 18 25 D ec 32
Mar

110 %

304
30
90

36
86
97
23 4
48
13 4

Low est

4 9 4 M a r l5
3 2 34 M a r l4
S 7a M ar21
V Jan 14
20 M a r l5
9*2 M ar21
78 M ar 14
67 M ar 14
1 *8 M ar20
59 M a r l4
43 M a r l i
7 4 M ar 14
1 6 4 M a r l4
47 M a r 14
43 M a r l9
42 M a r io
53 M ar 14
80 4 M a r l4
25 *8 F e b 11

B A L T IM O R E
I n a c t iv e S t a c k s
A la C o n s Coaldfc l i on. 100
P r e f ..............................100
A 11an ta & C h a r lo tte .. 100
A tln n C oa st L in e B B . 100
A tla n C o a s tL (C onn)lO O
C a n ton C o .................... 100
C on s C ot D u ck C o rp . ..5 0
P r e f e r r e d .................... 50
G e o rg ia Sou <fc F l a ... 100
1st p r e f ...................... 100
2d p r e f ........................ 100
G -B -S B r e w in g ........... 100

"63

H ig h es t

R ange Tor P rev iou s
Y e a r (1 9 0 6 )

B id I A sk

C h a s C it y B y 1st 5 s ’ 23 J-J
Chas B y G & E l 5 s ’ 99 M -S
Chari C <&A e x t o s . ’09 J-J
2d 7 s .................1910 A -O
C ity & S ub 1st 5s. . ’ 22 J-D
C i t y * S u b (W a s ) l s t 5 s ’ 4S
C oal <fo 1 B y 1st 5 s ’ 2 0F -A
Col<*?Grnv l s t 6 s . 1 9 1 6 J-J
C on sol G as 6 s . .. 1910 J-D
6 s ........................ 1939 J-D
G a & A la 1st con 5s ’ 45 J-J
G a Car <fe N 1st 5s g ’ 29 J-J
G e o rg ia P 1 s t 6 s .. . ’ 22 J-J
GaSo<fe F la 1st 5s 194 5J-J
G -B -S B r e w 3-4s 1951M -S
2d in c o m e 5s 1951 M -N
K n o x v T r a c 1 st 5s ’ 2 8 A -0
L a k e R E l 1st g u 5 s ’ 42M -S
M e t S t (W a s h )ls t 5 s ’2 5 F A
M t V e r C ot D u c k 1st 5s.
I n c o m e s ............................
N p tN d cO P 1st 5 s ’ 38 M-N
G e n e ra l 5s___ 1941 M -S
N o rfo lk St 1st 5 s ’4 4 . . J-J
N o rth C ent4H js 19t55 A -O
Series A 5s 1 9 2 6 ___ J -J
Series B 5s 1 9 2 6 ___ J-J
P itt U n T r a c 5s 1 9 9 7 .J*-J
P oto V a l 1st 5s 1 9 4 1 .. J-J
S » v F la & W e s t 5s ’ 34 A-O!
Seab oard A L 4 s 1950 A-O
Sea-b <fc B oa n o s 1 9 2 6 .J-J
South B ou n d 1st 5 s ..A -O
U E l L& P 1 st 4 *28’ 29 M -N
Un B y <fc E l 1st 4 s ’49 M -S
In co m e 4s 1 9 4 9 ........J-D
V a M id 1st 6s 1 9 0 6 ..M -S
2d s e r ie s 6s 1 9 1 1 .. .M -S
3d se rie s 6s 1 9 1 6 ..M -S
4tU ser 3-4-5s 1 9 2 1 .M-S
5tli aeries os 192 6. M -8
V a (State) 3s n e w ’ 3 2 .J-J
F u n d d e b t 2-3s 1991 .J J
W e s t N C co n 6s 1914 J-J
W e s V a C A P 1st 6g ’ l l J J
W il <fc W e ld 5 s .. 1 9 3 5 .J J

a B e o e ip ts.

b $25 pakid.

100
91
108
107
108
100
100
111
103
109
106
106
118
109
52 4
24
Ion 4
110 4
107
7 8 34
90
105
10$
110
110
109
"7 6 ”

9A
108 4.
101
103
112*9
104
1 ID
107
107
119
110
53 *»
25
113
110
7
95

1104
76 *i

’ 08
llo
90
92
86 34 87
52
52 Hi
— —
106
106
105
107
91
94
92 4 94
105
10*
1 0 4 4 105
110
114

e *3'0 paid.

684

THE CHRONICLE.
J

m

i

j

e

s

t

m

r

a

t

a

n

d

R

RAILROAD

a

i

l

r

o

GROSS

a

d

[V o l .

I

n

t

e

l

l

i

g

e

n

c

e

l x x x iv

.

.

EARNINGS.

The following table shows the gross earnings of every STE AM railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or m onth, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. W e add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest G ross E a rn in g s.
W eek or
M on th .

ROADS.

C u rrent
Y ea r.

J u ly 1 to Latest D ate

P reviou s
Y ea r.

C u rrent
Y ea r.

Latest G ross E a m in o s.

P revio u s
Y ea r.

ROADS.

W eek or
M o n th .

Current
Year.

IJuly 1 to Latst D ate.

P reviou s
Y ea r.

Current
Year.

A la G reat Sou th ern -S e e S ou t hern R ail w ay.
N Y C & H u d R iv e r F e b ru a ry . 6 ,5 6 2 ,1 1 3 6,5 8 2 ,1 2 4 63,185,149
A la N O & T e x Pac.
L a k e S h ore & M S F e b ru a ry . 3,2 6 3 ,8 2 7 3,0 3 0 ,8 7 6 3 8 ,665,725
259,952 2 ,1 6 0 ,3 1 4 1 ,914,925
262,107
N O & N E a s t ___ F e b ru a ry
L a k e Erie & W est F e b ru a ry _
373,168, 413,704 3,4 7 4 ,1 0 2
A la & V ic k s b u r g . F e b ru a ry .
127,012
904,512
121,433 1 ,042,296
C h ic In d & S o u .Z . F e b ru a ry .
217,072
187,299 1,648,967
V ic k s b u r g Sh & P F e b ru a ry .
143,106
824,609
113,358 1 ,088,309
M ich ig an C e n tr a l. F e b ru a ry . 2,088,9881 2,02 0,9 93 1 8 ,024,258
27,194
23,835
A la T en n & N o r t h . . Jan u ary
4,842
3,232
C leve C C & St L - F e b ru a ry . 1,821,250 1,743,632 16,882,445
k A t c h T o p & S F e . J a n u a ry . . 7,6 9 5 ,2 5 3 6 ,764,966 53,2 7 1 ,7 6 2 46,6 3 3 ,4 0 5
225,342
228,032 2,064,831
P eoria & E a stern F e b ru a ry .
360,616 2 ,1 4 7 ,5 5 0 2 ,0 4 9 ,6 8 6
367,257
71,884
A tla n ta & C h a ri___ D e ce m b e r
C in cin n ati N o r t h . F e b ru a ry .
63,222
698,040
139,904
86,144
A tla n B lrm & A t l ’ c . Ja n u a ry . .
9 00,370
617,963
964 ,753 9,548,802
P itts & L a k e E rie F e b ru a ry _ 1,022,316
A tla n tic C oast Line J a n u a ry . . 2,4 2 6 ,2 4 2 2,1 9 1 ,7 5 8 1 5 ,0 3 2 ,0 4 4 1 3 ,716,728
175,757 1,903,277
R u t l a n d __________F e b ru a ry .
177,043
B a ltim o re <fe O h i o . . F e b ru a r y . 5,9 3 9 ,2 9 3 5 ,8 0 2 ,5 0 8 54,0 7 6 ,0 4 9 50,986,381,
751,532 6,640,821
N Y C h ic & St L . F e b ru a ry .
808 ,315
275,661
213,394 1 ,809,432 1,367,201
B a n g or & A r o o s to o k J a n u a ry , .
N Y C h ic & S t L ou is — See N ew Y ork Cen tral.
4,393
4,466
B e llelon te C e n t r a l.. F e b ru a ry .
38,610
41,302
565,635 4 ,9 0 8 ,1 6 6
N Y O n t & W estern J a n u a ry . .
615,719
2,914
B r id g e to n & S a c o R J an uary
2,902
2 8,773
29,347
258,037 1,7 7 5 ,3 5 0
278,094
N Y Susq & W e s t . . J a n u a ry _ .
B u ff R o c h & P i t t s . . 2d w k M ch
144,828
161,789 5 ,8 0 1 ,1 4 4 6 ,2 6 1 ,3 0 4
N o r fo lk & W e s t e r n . J an u ary _ . 2,5 5 9 ,3 3 4 2,3 7 5 ,6 2 8 17,645,012
B u ffa lo & S u s q ____ J a n u a ry . .
163,589
916,912
947 ,7 3 6 7 ,2 6 2 ,8 9 0
1 36,523 1 ,0 5 9 ,8 8 8
N o rth e rn C en tral . . J an u ary
992 ,236
119,241
Cal N orth w estern . . D ecem ber
957 ,095
975,771
128,863
N o rth e r n P a c ific ___ F e b ru a ry . 3,511,6511 4,02 3,4 04 4 4 ,4 5 0 ,0 8 8
7 9 ,400 4 ,7 0 7 ,8 0 0 3 ,4 3 3 ,9 0 0
C a n adian N orth e rn . 1st w k M ch
107,100
569,764: 482 ,835 4 ,2 0 6 ,5 3 8
P a cific C oast C o ___J a n u a ry . .
C a nadian P a c ific ___ 2d w k M ch 1,369,000 1,1 4 3 ,0 0 0 4 8 ,4 9 9 ,0 0 0 4 2 ,2 6 3 ,6 6 6
d P e n n — E a st P & E J an u ary . . 12583712! 120 0 2 5 1 2 !90,996 ,753
2 52,700 8 ,8 2 2 ,1 2 3 8,2 5 2 ,9 7 3
C en tral o f G e o r g ia .. 2d w k M ch
273,400
In c . 4,37
d W e s t o f P & E . J a n u a ry __ I n c . 305 ;,000
C en tral o f N J e r s e y . J a n u a ry __ 2,0 6 5 ,1 7 0 2,0 0 2 ,4 2 3 1 5 ,485,889 1 4,836.708
P e o ria & E a s t e r n .. — See N ew Y o r k C en ;tral.
3,493
113,397
95,271
3 ,117
C h a tta n S o u th e r n . . 2d w k M ch
P h ila B a lt & W a s h . J a n u a ry . . 1 ,246,140 1 ,187,340 9 ,7 5 1 ,7 7 8
C h esapeak e & O h io . J an u ary ._ 2,0 0 0 ,2 8 8 2 ,2 2 5 ,8 1 6 1 4 ,583,685 14,089,970
P h ila d e lp h ia & Erie D ecem ber
660,8531 692,367 4 ,698,338
C h esterfield & Lane J a n u a ry . .
4,921
27,434
21,071
2,950
P itts Cln C h ic & S t L F e b ru a ry . 2 ,3 8 5 ,9 1 2 2 ,149,467 2 0,230,359
C h ica go & A lt o n R y J a n u a ry . . 1,065,174
9 87 ,255 7 ,7 4 7 ,6 9 2 7 ,2 1 7 ,4 5 8
P itts & L a k e E rie — See N ew Y o r k Cen tral.
149,177 6 ,7 5 9 ,7 5 8 6 ,2 3 7 ,6 3 4
C h ic G reat W estern 2d w k M ch
175,169
54,714
R a le ig h * S o u t h p o r t Ja n u a ry . .
9,490
4,675
C h ic In d & L o u ls v . 2d w k M ch
1 02,422 4 ,1 5 5 ,8 2 1 4 ,1 6 8 ,8 2 5
111,653
R e a d in g R a i l w a y .. Ja n u a ry . . 3 ,6 8 6 ,8 68 [3,452,092 2 4 ,728,984
C h ic l n d & Southern — See N e > Y o r k Cen tral.
C oal & Ir o n C o . . J a n u a ry . . 3 ,8 1 5 ,2 5 8 2 ,815,329 2 1,807,505
C h ic M ilw & St P aul J a n u a ry __ 4,7 7 6 ,3 7 8 4 ,3 3 5 ,3 5 8 3 6 ,3 7 9 ,6 6 2 33,3 8 2 ,2 4 2
T o t a l b o t h c o s ___ Ja n u a ry . . 7 ,5 0 2 ,1 2 6 6,267,421 46,536,489
C h ic & N orth W e s t . F e b ru a ry _ 4 ,8 3 4 ,2 3 6 4 ,5 8 9 ,3 6 3 4 6 ,0 0 6 ,9 9 2 4 2 ,3 7 0 ,5 4 8
R ic h F re a & P o t ___ J a n u a ry . .
1 68 ,088
142,718 1,045,529
C h ic S t P aul M & O . J an u ary _ . 1 ,133,970 1,027,839 8 ,5 7 2 ,3 0 8 7 ,9 9 2 ,0 4 2
75,5021
55,911
R io G ra n de J u n e ___ D e ce m b e r
439,032
33,352 1 ,1 9 5 ,2 2 5 1 ,218,717
C h ic T erm T r a n R R 2d w k M ch
30,537
R io G ra n d e S o u t h . . 2d w k M ch
8,7631
9,017
431,607
R a ilw ayC in N O & T e x a s P a c — S ee S ou t hern
R o c k Isla n d S y stem J an u ary . 4 ,8 5 9 ,7 6 2 4 ,177,675 3 4,8 1 7 ,0 3 4
C in cin n a t5 N orth ern — See N ew Y o r k Cen tral.
e St L & San F ran J a n u a ry _ 4 ,2 5 8 ,3 4 5 3 ,572,813 2 8 ,649,606
C lev Cln C h ic & St L — See N ew Y o rk Cen tral.
T E v an s & T e r H . J a n u a ry _
167,995 1,374,276
165,657
190,413
187,253 1 ,4 9 8 ,8 9 3 1,2 9 6 ,2 2 8
C o lo r a d o M id la n d .. J an u ary . .
T o ta l o f all lin e s . J a n u a ry . . 9,2 8 3 ,7 6 4 7 ,918,483 6 4,8 4 0 ,9 1 6
232 ,0 9 2
fcCol & S ou th S y s _ . 2d w k M ch
202,842 9 ,4 7 5 ,1 4 0 8,3 4 2 ,6 5 5
R u tla n d
— See N ew Y o r k Cen tral
C ol N e w b & L a u r .. J a n u a ry _
25,866
28,6 2 9
182,305
169,936
140,069
118,688 1 ,0 1 5 ,9 3 0
St Jos & G ra n d I s l . J an u ary
56,968
C o p p e r R a n g e ______ J a n u a ry .
4 66 ,562
399,541
60,467
S t L o u is & San F ran — See R o c k Island Sy s tem .
23,508
17,033
C o r n w a l l ___________ J an uary
126,696
118,102
2 10 ,997
1 80 ,980 7,4 9 7 ,5 3 4
St L ou is S o u t h w e s t . 2d w k M ch
39,856
C orn w all & L e b a n o n J
________
a n u a ry__. .
39,399
2 82 ,362
269,161
1,457,257 1,314,
9,1 9 6 ,8 1 6
S e a b o a rd A ir L i n e . . J a n u a ry
3 33 .000 14,732,181 13,759,311
D e n y & R io G rande! 2d w k M ch
356 ,300
293,334
28,104
Sierra R a i l w a y -------F e b ru a ry .
25.799
24,4 9 8
D e tro it & M a c k in a c !2d w k M ch
28,676
882 ,476
774 ,5 6 7
115,182 1,090,424
S ou th ern In d ia n a . - F e b ru a ry .
121,077
80,554
84.471 2,927,9461 2 ,8 9 5 ,7 0 6
D e t T o l & Iron t S y s jls t w k M ch
(•Southern P a c ’ fie C o J an u ary _ . 10695975 8 ,1 8 1 ,1 3 4 72,2 6 6 ,8 8 5
2 4,670
26.768
D u l R L & W in n ip . D e ce m b e r
1 68,412
108,944
S o u th e rn R a i l w a y .. 2d w k M ch 1 ,140,502 1,145,336 39,5 0 8 ,6 6 2
57,268
D u l So S h ore & A t l .'2 d w k M ch
5 8,719 2 ,2 5 2 ,0 0 0 2,158,661
M o b ile & O h io ___ 2d w k M ch
166,766 7,2 7 1 ,1 0 9
200,693
E r i e ________________ [January ._ 4,1 2 6 ,0 0 2 4 ,2 0 1 ,4 3 6 3 1 ,1 5 1 ,2 0 3 3 0 ,0 6 1 ,4 2 4
Cln N O & T e x P . 1st w k M ch
149,645
164,946 5,7 6 0 ,9 3 3
E v a n s v ille & T e r H — See R o c k Isla n d S ystem .
65,741 2,778,411
6 5,742
A la G rea t S o u t h . 1st w k M ch
1,478
F a irch ild & N E . . . J a n u a ry _ .
1,815
10,368
14,807
177,100
G a S o u th & F l a . . F e b ru a ry .
172,624 1 ,472,048
54.251
418,911
388 ,936 T e x a s C e n tra l______1st w k M ch
51,787
F o n d a J oh n st & G l. D ecem ber
12,768
848,543
25,780
238,477 1,813,294| 1 ,676,237 T e x a s & P a c ific ____ 2d w k M ch
2 80 ,003
G e o rg ia R R . . .
Ja n u a ry
308,859
262,161 11,972,066
8 ,095
2,495
G e o rg ia Coast & P ’t D e ce m b e r
39,935]
_______
50,264
T id e w a te r & W e s t . J an u ary . .
7,428
9,494
G eorgia S ou th & F la — See S ou t hern R ail w a y .
T o le d o & O h io C en t J a n u a ry _ _
379,429
337,490 2 ,8 9 6 ,9 4 4
7 6 7 .7 0 8
G ra n d T r u n k S y s _ . 2d w k M ch
735 ,167 3 0 ,1 2 8 ,6 0 5 2 7 ,6 9 5 ,2 7 2
904,076
T o le d o P e o & W e s t - 2d w k Mch
23,493
24,592
1 09 ,788 3,9 7 7 ,4 8 0 ! 3 ,6 6 3 ,0 9 6 , T o le d o St L & W e s t 2d w k Mch
1 10,598
G r T ru n k W e s t .. 4 th w k F eb
69,790
65,064 2,9CT1,928
33,958 1,226,247! 1,0 6 1 ,0 4 6 1 T o m b ig b e e V a l l e y . . J a n u a ry _ .
35,038
D e t G r H & M il .. 4 th w k F eb
36,590
6,670
4,875
32,162 1 ,3 4 4 ,7 1 2 1 ,298,563
C an ada A t la n t ic - 4th w k F eb
3 2,483
508,207
T o r H am & B u ffalo F e b ru a ry .
55,358
5 4,025
G rea t N o rth e r n ____ F e b ru a ry . 2 ,4 7 9 ,7 9 9 2,970,511 33,9 6 9 ,1 1 1 3 3 ,1 3 1 ,1 6 7
U n io n P a cific S y s t . J an u ary _ . 5 ,9 4 9 ,7 7 2 5,1 1 5 .1 7 6 4 4,976,022
177,074
217 ,748 1,809,534 1 ,834,238
M on ta n a C e n tr a l. F e b ru a ry .
674,468
V irg in ia & S o W e s t . F e b ru a ry .
83,710
75,472
T o t a l s y s te m ____ F e b ru a r y . 2 ,6 5 6 .8 7 3 3,1 8 8 ,2 5 9 3 5 ,7 7 8 ,6 4 5 34,9 6 5 ,4 0 5
4“65
W a b a s h ____________ 2d w k Mch
502 ,8 0 0
■ ,494119,251,222
53.252
G u lf & Ship Isla n d . 1st w k M ch
52,933 1 ,663,659 1 ,420,000
9 0 ,3 2 9 1 3 ,733,807
W e s te rn M a r y la n d . 2d w k M ch
109,405
537 ,755 4 ,0 2 6 ,1 7 8 3 ,9 5 9 ,5 7 3
522 ,139
H o ck in g V a lle y ___ J a n u a ry . .
W e s t Jersey & .Sea J a n u a r y - .
2 80,010
264,410 3 ,3 3 8 ,9 1 6
4 ,4 1 4 ,0 8 4 4,366,911 3 7 ,033,141 3 4 ,2 0 2 ,5 7 0
Illin ois C e n t r a l ___ F e b ru a ry
W h e e l & L a k e E r ie . 1st w k Mch
106,029 4 ,0 8 5 ,4 3 0
109,537
140.000
I n ter & G reat N orth 2d w k M ch
110.000 6 ,2 0 4 ,5 5 5 4 ,9 3 0 ,1 7 7
8 7 ,1 7 i
W 'm s p o r t & N B r . . D e ce m b e r
13,789
12,962
144,438
o ln t e r o c e a n lc ( ile x ) 2d w k M ch
143,696 4,978,141 4 ,3 0 3 ,6 2 2
W isco n s in C e n t r a l .. J a n u a ry _ .
5 32 ,099 4,3 4 7 ,8 3 4
540,531
51,876
6 3,923 2,2 4 0 ,4 5 6 2 ,107,987
I o w a C en tra l_______ 2d w k M ch
135,105
W r ig h ts v & T en n illel J a n u a ry . .
15,683
17,438
180,341
K a n a w h a & M i c h . . J a n u a ry .
1 91 ,308 1,3 4 9 ,5 9 8 1 ,278,659
791 ,248 6 ,435,362
Y a z o o & Miss V a lle y * F e b r u a r y ..
8 35 ,386
7 26 ,988
6 67,330 5 ,900,216 4,9 4 5 ,4 6 3
K an sas C ity S o u t h . F e b ru a ry .
L a k e E rie & W e s t’ n — See N ew Y o r k Cen tral.
C urrent
L a k e S hore & M Sou — See N ew Y o r k Cen tral.
Y ear.
V a rio u s F is c a l Y ea rs.
L eh igh V a l l e y ______ J a n u a ry __ 2 ,7 3 0 ,3 3 4 2 ,6 8 1 ,8 3 9 2 1 ,1 0 4 ,5 7 7 2 0 ,2 5 4 ,0 8 6
4 1,279
L e x in g to n & E a s t . . J a n u a ry _ .
4 1,919
318,856
303 ,360
A tla n ta & C h a rlo tte A ir L in e ___ Mch 1 t o D e c 31 $3,477,323
I n c .45, 934
L o n g Is la n d ________ J a n u a ry __
I n c . 631, 917
9,526
B e lle fo n te C e n t r a l_______________ Jan 1 t o F e b 28
L ou isia n a & A r k a n . J a n u a ry . .
95,571
88,381
675,879
552,631
365,747
M anistee & N o rth e a s te r n _______ Jan 1 to O ct 31
8 34 ,680 33.6 7 6 ,8 0 9 2 9,919,709
L ou isv ille & N a s h v . 2d w k M ch
9 72 ,900
M a n is t iq u e _______________________ Jan 1 t o F e b 28
9,140
M a con & B ir m in g .. F e b ru a ry _
14,290
14,667
116,849
112,450
M e x ica n R a ilw a y ________________ Jan 1 t o F e b 28 1,314,500
M anistee & N o E ___ O cto b e r . _
26,195
2 6,098
Jan 1 t o F eb 28
213,777
t
o
28
4,761
5,169
F eb
M a n istiq u e _________ F eb ru a ry .
fan 1
54", 445
60,779
13,974,607
23.053
Jan 1 to F e b 28 6 ,728,443
22,730
M a ryla n d & P e n n .. Jan u ary
211.296
216,920
a M ex ica n C e n tr a l. . January . . 2 ,7 3 2 ,9 0 3 2 ,4 5 7 ,1 8 8 1 7,080,477 1 5 ,955,496
Jan 1 to Feb 28
786,671
149,354 5,6 5 3 ,6 5 3 4 ,8 4 4 ,6 3 2
a M exica n I n te r n a t. 2d w k M ch
182,376
Jan 1 to F e b 28
462,500
a M exica n R a ilw a y . 4th w k F eb
1 50,800
Jan 1 to Feb 28 4,367 814
1 41 ,800 4 ,9 0 4 ,8 0 0 4 ,3 0 0 ,5 0 0
M ich igan C e n tr a l___________
Jan
1
to
24,305
25,898
F
eb
28
<z M ex ica n S o u t e r n 4 th w k F eb
827.297
781 ,635
3,650,051
C le v e Cin C h ic & St L o u is ..
Jan 1 to F e b 28
M ich igan Cen tral
— See N ew Y o r k Cen tral.
467,108
P e o r ia & E a s te r n ___________
Jan 1 to F e b 28
M ineral R a n g e _____ 2d w k M ch
13,792
15.053
146,074
5 32 ,328
527,721
C in cin n ati N o r t h e r n _______
Jan 1 to F eb 2ft 2,114,464
65.472 2,6 6 8 ,4 7 2 2,648,399
M in neap & St L ou is 2d w k M ch
72,6 9 2
P itts b u r g h & L a k e E r ie ___
Jan 1 to F e b 28
215.709
M in n St P & S S M . 2d w k M ch
209,952 8 ,5 4 6 ,3 1 0 8 ,1 3 3 ,3 8 0
371,938
Jan 1 to F e b 28 1,624,612
M o K an sas & T e x a s 2d w k M ch
377 ,984 18,507,416 1 5 ,385,648
441 ,114
Jan 1 t o Jan 31
M o P a c & Ir o n M t . . ’ 2d w k M ch
811 ,000 3 2 ,6 1 0 ,9 2 8 30,0 3 5 ,3 1 9
8 58 .000
992 ,236
Cen tral B r a n c h .. 2d w k M ch
32,000
Jan 1 t o Jan 31 12,583,712
3 8,000 1 ,1 4 9 ,3 2 2 1,386,313
d P en nT o t a l.........................2d w k M ch
Jan 1 t o Jan 31
849 ,000 3 3 ,7 6 0 ,2 5 0 3 1 ,4 2 1 ,6 3 2
8 90 .000
In c. 305,
92,984
b M ob ile J ack & K C) D ecem b er
139,700
Jan 1 t o Jan 31 1,246,140
743,921
466 ,475
M ob ile & O h io
j — See S ou t hern R ail w ay.
Jan 1 to D e c 31 ft,364,260
P h lla d e lp h la & E r ie .
Jan 1 t o F eb 28 4,892,334
N ash C h att & St L _! J an u ary . . 1,050,356
9 09,256 6 7 39 ,264 6,172,211
75,502
a N at R R o f M e x . . 2d w k Mch
335,392
D ec 1 t o D e c 31
282,157 10,609,275 9,4 9 9 ,3 1 0
H id a lg o & N E ..| 2 d w k Mch
17,766
Jan 1 t o M ch 14 3,6 0 9 ,6 9 2
699,856
280,010
17,104
N ev -C a l-O reg on ____ F e b ru a ry .
12*136
Jan 1 t o Jan 31
185,178
155,106
N e v a d a C en tra l____ IJanu ary . .
5,299
2,327
44,744
27,560

4,5 8 9 ,4 1 4
1 ,673,920
16,262,504
6,597,490
41,5 4 5 ,7 2 5
3 ,985,119
83,9 4 9 ,6 5 3
6,500
8,8 7 1 ,2 7 8
4 ,6 3 1 ,6 5 8
18,803,055
34,844
24,2 7 4 ,9 9 4
2 0,918,041
45,1 9 3 ,0 3 5
9 32 ,690
364,256
4 06,077
31,188,451
25,184,219
1 ,309,136
57 681 ,806
937 ,125

A G G R EG A TES OF GROSS E A R N IN G S— Weekly and Monthly.
M o n th ly S u m m aries.
1st
2d
3d
4 th
1st
2d
3d
4 th
1st
2d

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

Jan
Jan
Jan
Jan
F eb
F eb
Feb
F eb
M ch
M ch

(40
(41
(42
(46
(43
(39
(42
(43
(43
(37

r o a d s ) ____
r o a d s ) ____
r o a d s ) ____
r o a d s )____
r o a d s ) ____
r o a d s )____
r o a d s )____
r o a d s )____
r o a d s ) ____
r o a d s ) ____

C u r'nt Y ear P rev’ s Year.
S
8,8 8 9 ,4 4 9
9 ,2 5 6 ,5 4 2
9,3 3 7 ,3 3 7
14,215,644
8,6 8 8 .9 9 6
9,477,481
9,780,541
10,828,667
9,7 4 7 ,3 7 4
9 ,6 1 1 ,5 9 2

$
7 ,8 1 9 ,5 7 0
8 ,5 2 2 ,5 5 7
8,9 8 2 ,6 7 8
13,830,670
8,564,371
8,672,351
8 ,9 5 4 ,5 7 3
1 0,201,031
9 ,0 2 5 ,9 4 4
8 ,725,307

In c . or D ec.

%

S
+ 1,0 6 9 ,8 7 9 13.68
+ 733,985 8.61
+ 354.659 3.95
+ 384 ,974 2.78
+ 124 ,625 1.46
+ 805 ,130 9.28
+ 825 ,968 9.22
+ 627 .636 6.15
+ 721 .430 7.99
+ 886,285 10.15

M o n th ly S u m m aries.
M o n th
M o n th
M on th
M onth
M on th
M on th
M on th
M on th
M onth

Jun e
J u ly
Aug
Sept
O ct
N ov
D ec
Jan
F eb

1906
1906
1906
1906
1906
1906
1906
1907
1907

(113
(117
(118
(122
(119
(123
(127
f 123
( 67

r o a d s ).
r o a d s ).
r o a d s ).
roads) .
roads) .
r o a d s ).
ro a d s ).
r o a d s ).
r o a d s ).

C u r’nt Y ear P rev ’ s Year.
$
1 46,010,301
1 68 ,336 ,46 1
1 7 9 ,191 ,94 5
184,551,471
1 98 ,733 ,22 9
186 696 ,274
1 8 4 ,235 ,59 5
1 7 3 ,212 ,30 5
6 5 ,1 6 8 ,0 2 2

$
130 ,233 ,29 3
1 4 8 ,013 ,56 5
1 59 ,835 ,02 2
171 ,553 ,52 0
1 79,405,267
175 ,727 ,98 5
170 ,746 ,76 9
162 ,623 ,88 3
6 3 ,8 5 0 ,2 1 3

In c. o r D ec.

%

%
+ 15.777,008
+ 20,3 2 2 ,8 9 6
+ 1 9 .356,923
+ 12,997,951
+ 19,327.962
+ 10,971,289
+ 13,488 826
+ 10,5 8 8 ,4 2 2
+ 1,317,809

12.11
13.73
12.11
7.58
10.77
6 .2 4
790
6.51
2.06

a M exica n c u rre n cy . 6 In clu d e s earnings o f G u lf & C h ica g o D iv isio n ,
c In clu d e s th e H o u s to n & T e x a s C en tral and its su bsid iary lines In b o th
y ea rs,
d C ov ers lines d ir e ctly o p e r a te d , e In clu d e s th e C h ica g o fc E a stern Illin ois In b o th years.
/ In clu d e s E v a n sv ille & In dian a R R . h In clu d es
ea rn in gs o f C ol. & S o u t h ., F t. W o r th & D e n v e r C ity a n d a ll a ffilia te d lin es, e x c e p tin g T r in ity & B razos V a lle y R R . k In clu d es In b o th years earn in gs
o f D en v er E n id & G u lf R R ., P e co s S y ste m an d S an ta F e P r e s c o tt & P h o e n ix R y .
I F igu res p rio r t o A p ril 10 1905 are th o se o f th e In d ia n a Illinois & Io w a
a n d In d ia n a H a rb o r o f In dian a.




M a e . 23 1907. J

THE CHRONICLE.

Latest Gross Earnings by W e ek s.— In the table which
follows we sum up separately the earnings for the second
week of March. The table covers 37 roads and shows
1 0 .1 5 % increase in the aggregate over the same week last year.
S econ d w eek o f M a r c h . "I

1907.
$
144 ,828
1 ,3 6 9 ,0 0 0
2 73 ,400
3,493
175,169
111,653
3 0,537
2 32 ,092
356 ,3 0 0
28,676
5 7,2 6 8

B u ffa lo R o c h e s te r & P itts b u r g h
C a n ad ian P a c ific ________________
C en tral o f G e o r g ia _______________
C h a tta n o o g a S o u t h e r n _________
C h ic a g o G rea t W e s t e r n _________
C h ic a g o In d la n a p & L o u is v i ll e ..
C h ic a g o T e r m in a l T r a n s fe r ______
C o lo ra d o & S o u th e r n ____________
D e n v e r & R io G ra n d e ______..___
D e tr o it & M a c k in a c ______________
D u lu th S ou th S h ore & A t la n t ic .
G ra n d T r u n k o f C a n a d a _______ 1
G ra n d T r u n k W e s t e r n _______ [
7 67 ,708
D e tr o it G ra n d H a v e n & M il. |
C a n a d a A t la n t ic ______________J
In te r n a tio n a l & G rea t N o rth e rn
1 40,000
144,438
I n te r o ce a n ic o f M e x ic o _________
I o w a C e n t r a l ____________________
5 1,876
L o u is v ille & N a s h v ille ___________
9 72 ,900
182,376
M e x ica n I n t e r n a t io n a l__________
M in era l R a n g e ___________________
15,053
7 2 ,6 9 2
M in n ea p olis & S t. L o u is ________
M in n eap olis S t. P a u l & S. S. M .
215 ,709
M issouri K an sas & T e x a s _______
441,114
858 ,000
M issouri P a cific & Ir o n M o u n t ’n
C en tral B r a n c h _______________
32,000
M o b ile & O h io ___________________
200 ,693
N a tio n a l R R o f M e x ic o __________
335 ,392
R io G ra n d e S o u th e r n ___________
8 ,763
210 ,997
S t. L ou is S o u th w e s te r n __________
S o u th e r n R a ilw a y _______________ 1 ,1 4 0 ,5 0 2
T e x a s C e n tra l____________________
2 4,616
T e x a s & P a c ific __________________
308 ,859
T o le d o P e o r ia & W e s t e r n _______
2 3,493
T o le d o S t. L o u is & W e s t e r n ____
69,790
W a b a s h ___________________________
5 02 ,800
W e s te rn M a r y la n d _______________
109,405
T o t a l (37 r o a d s ) _______________
N e t in crea se ( 1 0 .1 5 % ) __________

9 ,6 1 1 ,5 9 2

1906.
$
161,789
1 ,1 4 3 ,0 0 0
252 ,700
3,117
149,177
1 02 ,422
33,352
202 ,8 4 2
3 33 ,000
24,498
58,719

In crea se.
%

~~2~815
29,250
23,300
4,1 7 8
‘ i',4 5 1

735 ,1 6 7

32,541

1 10 ,000
143,696
63,923
834 ,680
149,354
13,792
65,472
209 ,952
377 ,984
811 ,000
38,0 0 0
166,766
282,157
9,0 1 7
1 80 ,980
1 ,145,336
15,775
262,161
24,592
65,064
465 ,4 9 4
90,329

•30,000
742

8 ,7 2 5 ,3 0 7

16,961

2 26 ,565
20,700
376
25,992
9,231

12,047
138,220
33,022
1,261
7 ,2 2 0
5,757
63,130
47,0 0 0
6 ,0 0 0
33,927
53,235
254
30,017
‘ 4 ,834
8,841
46,6 9 8
' 1,099
4,726
37,3 0 6
19,076
931 ,7 4 6
886.285

45,461

For the first week of March our final statement covers
43 roads and shows 7 .9 9 % increase in the aggregate over
the same week last year.
F ir s t w eek o f M a rch .

1907.

1906.

P r e v io u s ly r e p o r te d (39 r o a d s ) .
A la b a m a G rea t S o u t h e r n _______
C in. N ew O rleans & T e x a s P a c .
G u lf & S h ip I s la n d . . .
_____
T e x a s C e n tr a l_______ _____ __ _____

$
9 ,4 7 8 ,7 3 5
65,7 4 2
149,645
53,2 5 2
25,780

S
8 ,7 4 2 ,3 2 4
65,741
164 ,946
52,933
12,768

$
7 7 4 ,9 1 6
1

T o t a l (43 r o a d s ) ............................
N et in crea se ( 7 .9 9 % ) ....................

9 ,7 7 3 ,1 5 4

9 ,0 3 8 ,7 1 2

7 8 8 ,2 4 8
7 3 4 ,4 4 2

In crea se.

D ecrea se.
$
38,5 0 5
15,301

319
13,012
53,806

Net Earnings Monthly to Latest D ates.— The following
shows the gross and net earnings to latest dates of all ST E A M
railroads furnishing monthly statements. The compilation
includes every road from which we can get a return of this
character, and in that form is given once a month. Early
returns are published from week to week, as soon as issued,
but for the convenience of our readers all the roads making
returns are brought together here in the week in which we
publish our monthly article on net earnings— say, about the
20th of the month.
--------Gross E a rn ’os-------- --------N et E a rn in g s-------C u rrent
P rev io u s
C u rrent
P rev io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
R oads.
$
$
$
$
A t c h T o p [& S a n ta F e .b ..J a n 7 ,6 9 5 ,2 5 3
6 ,7 6 4 ,9 6 6 dZ,4 8 9 ,5 0 2 dZ ,3 9 5 ,9 9 5
J u ly 1 t o Jan 3 1 ............. 5 3 ,2 7 1 ,7 6 2 4 6 ,6 3 3 ,4 0 5 d 2 0 ,2 7 0 ,5 1 0 d l7 ,8 2 4 ,5 1 4
A la T e n n & N o r t h e r n ___ Jan
4,8 4 2
3,232
2,8 1 0
1,593
J u ly 1 t o Jan 3 1 .............
2 7 ,194
2 3 ,8 3 5
1 4 ,6 6 6
1 2 ,9 5 8
A t la n t a B lrm & A t l . a . . . J a n
139 ,904
8 6 ,1 4 4
2 4 ,3 6 3
1 4 ,5 4 7
J u ly 1 t o Jan 3 1 .............
9 0 0 ,3 7 0
6 17 ,963
2 4 0 ,4 0 9
1 5 6 ,2 7 7
A t la n t a & Chari A ir L . a . D e c
367 ,2 5 7
3 6 0 ,6 1 6
108 ,159
8 9 .0 6 0
M ch 1 t o D e c 3 1 ............. 3 ,4 7 7 ,3 2 3
3 ,2 9 3 ,9 1 5
1 ,0 0 1 ,9 6 0
8 2 3 ,8 1 1
A t l Coast L i n e . a . ............. Jan 2 ,4 2 6 ,2 4 2
2 ,1 9 1 ,7 5 8
633 .5 1 8
7 3 0 ,4 6 7
J u ly 1 t o J a n 3 1 _______ 1 5 ,0 3 2 ,0 4 4 1 3 ,7 1 6 ,7 2 8
3 ,7 8 4 .2 4 5
4 ,5 9 0 ,3 3 7
B a ltim o re & O h i o . b ____ F e b 5 ,9 3 9 .2 9 3
5 ,8 0 2 ,5 0 8
1 ,4 6 2 ,3 2 6
1 ,8 7 4 ,3 1 7
J u ly 1 t o F eb 2 8 .............5 4 ,0 7 6 ,0 4 9 5 0 ,9 8 6 ,3 8 2 1 8 ,4 0 5 ,8 5 2 1 8 ,5 0 9 ,9 6 3
B a n g o r & A r o o s t o o k .b _ _ J a n
275,661
2 1 3 ,3 9 4
7 5 .7 9 9
6 0 ,743
J u ly 1 t o Jan 3 1 . ........... 1 ,8 0 9 ,4 3 2
1 ,3 6 7 ,2 0 1
613 .669
507 ,779
B ellefon ta ln e C e n t r a l .b .F e b
4,3 9 3
4 466
1,152
847
J an 1 t o F e b 2 8 .............
9 ,5 2 6
10,1 4 9
2,1 7 3
1 ,8 2 4
B r ld g e t ’n & S a c o R l v . b _ . J a n
2 ,9 1 4
2 ,9 0 2
403
883
J u ly 1 t o Jan 3 1 ----------2 8 ,7 7 3
2 9 ,3 4 7
9 ,8 2 0
1 0 ,3 5 8
B u ff R o c h & P itts b u r g h .b J a n
673 ,2 5 8
7 0 8 ,6 7 2
2 45 ,072
325,664
J u ly 1 t o Jan 3 1 ............. 4 ,9 2 6 ,3 5 4
5 ,3 2 3 ,8 8 1
1 ,9 1 3 ,6 3 1
2 ,4 8 7 ,6 3 4
B u ff & S u s q u e h a n n a .a ..J a n
163 ,589
136 ,5 2 3
51,0 1 2
43,377
J u ly 1 t o Jan 3 1 ............. 1 ,0 5 9 ,8 8 8
9 1 6 ,9 1 2
3 7 4 ,8 2 6
334 ,521
C a llfo rn la N o r th w e s te r n .a D e c
128 ,863
119,241
4 3 ,1 5 7
3 5 ,178
9 5 7 ,0 9 5
975 ,7 7 1
4 3 9 ,6 5 6
442,051
J u ly 1 t o D e c 3 1 .............
C a n a d ia n N o r t h e r n ...........J a n
3 5 1 ,4 0 0
3 5 9 ,9 0 0 d e f5 8 ,9 0 0
9 9 ,3 0 0
J u ly 1 t o Jan 3 1 ............. 4 ,2 6 7 ,5 0 0
3 ,0 5 3 ,1 0 0
1 ,2 5 8 ,7 0 0
1 ,0 8 9 ,2 0 0
C a n a d ia n P a c i f ic .a .......... J a n 4 ,2 0 5 ,5 2 7
4 ,4 2 2 ,6 9 0
5 4 8 ,3 2 8
1 ,2 6 7 ,2 3 4
J u ly 1 t o J a n 3 1 .............4 1 ,6 7 0 ,0 0 0 3 5 ,8 0 4 ,6 6 6 1 5 ,1 3 4 ,1 9 4 1 3 ,4 5 4 ,6 3 3
C en tral o f G e o r g i a .a ____ J an 1 ,0 9 2 ,4 6 4
9 2 1 ,7 4 9
206 ,0 8 9
172,288
J u ly 1 t o J an 3 1 ............. 7 ,2 1 9 ,7 0 9
6 ,8 0 1 ,8 3 8
1 ,6 8 0 ,0 8 8
2 ,0 2 2 ,9 3 2
C en tral o f N ew J e r . b - . - J a n 2 ,0 6 5 ,1 7 0
2 ,0 0 2 ,4 2 3
8 3 6 ,2 0 8
8 82 ,010
J u ly 1 t o Jan 3 1 ............. 1 5 ,4 8 5 ,8 8 9 1 4 ,8 3 6 ,7 0 8
7 ,4 1 1 ,5 5 4
7 ,3 5 3 ,8 8 3
C h a tta n o o g a S o u t h . a . . . F e b
12,958
11,9 0 2
232
3 ,5 5 1
J u ly 1 t o F e b 2 8 _______
106,426
89,2 9 6
d e f.3 8 6
5,841
C h esapeake d s'O h io , b _ _ . Jan 2 ,0 0 0 ,2 8 8
2 ,2 2 5 ,8 1 6
612 ,401
8 8 3 ,6 6 4
J u ly 1 t o J an 3 1 _______ 14,5 8 3 ,6 8 5 1 4 ,0 8 9 ,9 7 0
5 ,3 4 1 ,9 5 4
5 ,6 0 9 ,0 3 8
C h e s te rf’d & L a n c ’s t e r .b Jan
4,921
2,9 5 0
2,1 1 9
1,011
2 7 ,4 3 4
21,071
1 1 ,098
8 ,3 1 6
J u ly 1 t o Jan 3 1 .............
C h ic a g o & A l t o n . a _____ Jan 1 ,0 6 5 ,1 7 4
9 8 7 ,2 5 5
3 3 6 ,4 4 9
270 ,892
J u ly 1 t o Jan 3 1 . ........... 7 ,7 4 7 ,6 9 2
7 .2 1 7 ,4 5 8
2 ,7 8 4 ,7 8 9
2 ,2 3 5 ,3 0 3
C h ic a g o G t W e s t e r n , b . . J an
7 10 ,297
682 ,5 4 0
140 ,363
15 7,4 8 2
J u ly 1 t o Jan 3 1 . ^____ 5 ,7 8 2 ,4 2 0
5 ,3 0 9 ,8 6 8
1 ,7 1 2 ,4 1 8
1 ,6 5 1 ,5 9 3
C h ic In d ia n a p & L o u is .a J a n
4 3 0 ,8 9 7
4 2 3 ,0 3 8
7 9 ,4 2 2
102 ,3 0 6
J u ly 1 t o J a n 3 1 ............. 3 ,5 3 8 ,8 6 4
3 ,5 5 5 ,9 3 7
1 ,1 1 9 ,9 2 6
1 ,2 8 3 ,5 0 1
C h ic T e r m T r a n s fe r . b . _ . Jan
134,518
146 ,488
4 6 ,5 7 0
5 1 ,2 8 7
J u ly 1 t o Jan 3 1 ____ . . 1 ,0 1 0 ,4 0 6
1 ,0 1 7 ,2 3 9
3 8 9 ,1 7 0
3 7 8 ,3 4 5




685

--------Gross E a r n ’gs----------------N et E a rn in g s-------C u rrent
P rev io u s
C u rren t
P reviou s
Y ea r.
Y ear.
Y ea r.
Y ea r.
R oads.
$
$
$
$
Cin N O & T e x P as— See u n d e r S o u th e rn R y S y s te m b e lo w .
190 ,413
1 8 7 ,2 5 3
27,7 7 0
5 2 ,8 0 9
C o lo r a d o M id la n d .a ____ Jan
J u ly 1 t o J an 3 1 _______ 1 ,4 9 8 ,8 9 3
1 ,2 9 6 ,2 2 8
3 9 0 ,6 9 7
3 5 7 ,3 0 6
C o lo r a d o & S o u th S y s .a .J a n 1 ,1 7 7 ,0 3 8
997 ,931
3 1 8 ,6 6 2
3 0 3 ,4 4 0
J u ly 1 t o J a n 3 1 _______ 7 ,9 5 3 ,3 0 3
7 ,0 1 2 ,3 8 3 2 ,3 7 6 ,9 7 2
2 ,2 3 5 ,9 3 5
C olu m N e w b ’ y & L a u r .a .J a n
2 8 ,629
2 5 ,8 6 6
2 ,7 7 6
4 ,8 0 5
J u ly 1 t o Jan 3 1 .............
182 ,3 0 5
1 6 9 ,9 3 6
2 8 ,7 7 5
3 3 ,9 2 6
C o p p e r R a n g e .a __________J a n
60,4 6 7
5 6 ,9 6 8
1 5 ,178
21,3 3 4
J u ly 1 t o Jan 3 1 .............
4 6 6 ,5 6 2
399,541
1 80 ,465
176 ,336
17,033
2 3 ,5 0 8
7 ,6 6 6
14,2 8 9
C o r n w a l l- a .......................... J a n
J u ly 1 t o J a n 3 1 _______
1 2 6 ,6 9 6
1 1 8 ,1 0 2
5 7 ,8 6 7
6 2 ,1 6 9
C orn w all & L e b a n o n .b _ .J a n
3 9 ,399
3 9 ,8 5 6
2 1 ,9 5 0
2 0 ,3 9 2
J u ly 1 t o Jan 3 1 ............
2 82 ,362
269 ,161
1 4 5 ,1 0 6
1 5 5 ,4 2 0
D e n v e r & R io G r a n d e .b .J a n 1 ,7 0 5 ,2 8 4 T l , 586 ,451
5 4 2 ,9 5 6
6 1 9 ,0 5 3
J u ly 1 t o Jan 3 1 ............1 2 ,5 7 8 ,1 8 1
1 1 ,7 5 6 ,3 1 1 4 ,7 8 5 ,2 8 6
4 ,7 5 4 ,0 1 3
107 ,721
9 7 ,9 4 3
1 8 ,7 1 9
3 0 ,5 3 5
D e tr o it & M a c k in a c .a ___J a n
7 2 9 ,2 8 1
642 ,861
1 3 2 ,0 7 2
1 7 1 ,2 3 8
J u ly 1 t o J a n 3 1 _______
D u lu th R L & W i n n . b . . D e c
2 6 ,768
2 4 ,6 7 0
7 ,8 7 9
9 ,9 3 9
J u ly 1 t o D e c 3 1 _______
168 ,4 1 2
1 0 8 ,9 4 4
5 7 ,9 1 8
5 1 ,6 0 8
234 ,0 9 9
2 2 4 ,1 2 6
4 6 ,6 1 9
66,1 8 4
D u l S o Sh & A t l . b -----------J an
J u ly 1 t o Jan 3 1 ............. 1 ,9 3 0 ,6 2 1
1 8 1 7 ,3 7 2
621 ,2 2 2
6 3 9 ,4 5 4
E r ie .a ...................... .............. Jan 4 ,1 2 6 ,0 0 2
4 ,2 0 1 ,4 3 6
9 2 1 ,7 6 3
1 ,0 5 2 ,7 4 7
3 0 ,0 6 1 ,4 2 4 8 ,9 2 6 ,9 3 1
8 ,9 1 1 ,4 3 5
J u ly 1 t o Jan 3 1 _______ 3 1 ,1 5 1 ,2 0 3
F a irch ild & N o rth e ’ n . b . J a n
1,4 7 8
1 ,8 1 5
d e f5 8 8
910
J u ly 1 t o Jan 3 1 _______
1 0 ,368
1 4 ,807 d e f2 ,3 2 5
4 ,2 7 8
F o n d a Jo h n s & G l o v . a . . D e c
54,251
5 1 ,7 8 7
2 2 ,9 3 9
2 3 ,1 7 4
J u ly 1 t o D e c 3 1 _______
4 18 ,911
3 8 8 ,9 3 6
2 1 0 ,4 1 2
1 9 4 ,0 8 5
G e o rg ia C o a st & P i e d ____D e c
8 ,0 9 5
2 ,4 9 5
_________
J u ly 1 t o D e c 3 1 .............
3 9 ,9 3 5
________
1 5 ,3 4 4
_____________
G e o rg ia R R . a ____________ J a n
2 8 0 ,0 0 3
2 3 8 ,4 7 7
2 3 ,8 1 2
5 1 ,7 0 6
J u ly 1 t o J a n 3 1 _______ 1 ,8 1 3 ,2 9 4
1 ,6 7 6 ,2 3 7
401 ,0 8 1
5 4 6 ,5 0 5
G ra n d T r u n k o f C a n —
G ra n d T r u n k R y ______Ja n 2 ,5 1 6 ,9 5 3
2 ,2 4 0 ,5 3 6
5 7 4 ,7 3 3
5 3 0 ,4 4 8
J u ly 1 t o J a n 3 1 ............. 1 9 ,9 6 3 ,3 5 5 1 8 ,2 4 6 ,4 5 4 5 ,5 5 6 ,0 8 2
5 ,1 2 0 ,0 4 4
G ra n d T r u n k W e s t e r n .J a n
4 5 0 ,1 5 1
4 1 4 ,6 2 6
3 7 ,9 5 9
4 0 ,3 9 2
D e t G r H a v & M ilw ___ J a n
147 ,941
1 2 2 ,1 4 9
2 1 ,4 1 2
2 8 ,7 1 2
C a n a d a A t la n t ic _______ J a n
1 25 ,069
1 1 8 ,2 5 6 d e f l8 ,4 9 2
4 ,3 8 0
G u lf & Ship I s la n d .a ____ J a n
2 2 5 ,3 6 4
1 9 3 ,1 3 8
5 6 ,7 7 8
6 5 ,898
J u ly 1 t o J a n 3 1 ............. 1 ,4 0 7 ,7 8 7
1 ,1 8 7 ,7 2 5
3 2 4 ,2 7 7
3 9 0 ,9 1 5
H o c k in g V a J le y . a _______ J a n
5 2 2 ,1 3 9
5 3 7 ,7 5 5
1 0 4 ,1 7 5
171 ,1 5 0
J u ly 1 t o Jan 3 1 ............. 4 ,0 2 6 ,1 7 8
3 ,9 5 9 ,5 7 3 1 ,3 0 2 ,2 1 1
1 ,4 9 4 ,9 4 6
4 ,5 1 6 ,4 3 8 1 ,3 8 8 ,1 1 2
1 ,5 1 2 ,1 2 9
Illinois C e n tra l. a ________ Jan 4 ,6 5 9 ,0 5 9
J u l y t l t o Jan 3 1 ............. 3 2 ,6 1 9 ,0 5 7
2 9 ,8 3 5 ,6 5 9 9 ,4 1 8 ,4 9 9
9 ,1 3 8 ,2 9 5
In te r o ce a n ic o f M e x i c o . .J a n
6 3 9 ,2 4 1
5 6 2 ,1 9 0
1 8 2 ,1 5 7
1 8 9 ,3 9 6
J u ly 1 t o J a n 3 1 _______ 4 ,0 8 3 ,4 7 6
3 ,5 2 4 ,0 2 7
9 9 5 ,9 3 6
9 9 1 ,7 1 6
I o w a C e n t r a l .............. . . a . J a n
272 ,7 4 7
2 4 4 ,8 8 7
fr80,451
ft63,519
J u ly 1 t o J an 3 1 ............. 1 ,8 8 9 ,4 0 9
1 ,7 6 9 ,0 6 6 h 6 0 1 ,4 5 4
h 46 1.58 2
K a n a w h a & M ic h ig a n .a .J a n
180 ,341
1 9 1 ,3 0 8
3 5 ,2 7 7
5 8 ,4 ia
J u ly 1 t o J a n 3 1 _______ 1 ,3 4 9 ,5 9 8
1 ,2 7 8 ,6 5 9
3 1 5 ,6 9 8
3 5 6 ,0 9 2
K a n sas C ity S o u t h . a . . _ F e b
7 2 6 ,9 8 8
6 6 7 ,3 3 0
2 9 3 ,3 4 9
161,841
4 ,9 4 5 ,4 6 3 2 ,2 4 8 ,5 6 5
1 ,1 6 5 ,4 2 6
J u ly 1 t o F e b 2 8 _______ 5 ,9 0 0 ,2 1 6
L e h igh V a l l e y - b __________J a n 2 ,7 3 0 ,3 3 4
2 ,6 8 1 ,8 3 9 0 8 4 5,93 9
0 8 8 5 ,4 2 9
J u ly 1 t o Jan 3 1 ............. 2 1 ,1 0 4 ,5 7 7 2 0 ,2 5 4 ,0 8 6 0 8 ,4 6 3 ,8 1 9 0 8 ,1 1 3 ,1 0 4
L e x in g to n & E a s t e r n .b .J a n
4 1 ,9 1 9
4 1 ,2 7 9
9 ,8 7 1
20,031
J u ly 1 t o Jan 3 1 _______
318 ,8 5 6
3 0 3 ,3 6 0
123 ,3 2 9
123 ,6 2 4
L o n g I s l a n d .b ____________ J a n
In c.
4 5 ,9 3 4 D e c . Z2,329
I n c . 6 31 ,917
I n c . 2 9 3 ,3 6 3
J u ly 1 t o J a n 3 1 _______
L o u is ia n a & A r k a n s a s .a .J a n
88,381
95,5 7 1
2 0 ,3 6 5
3 3 ,7 9 6
J u ly 1 t o J a n 3 1 .............
6 7 5 ,8 7 9
552 ,631
1 9 2 ,0 4 1
2 0 8 ,1 4 9
L o u ls v & N a s h v ille .b ._ J a n 4 ,1 0 7 ,3 2 3
3 ,7 4 9 ,5 4 9 1 ,0 9 9 ,8 4 7
1 ,1 2 8 ,5 3 5
J u ly 1 t o J a n 3 1 _______ 2 8 ,0 3 7 ,7 6 9
2 4 ,8 3 2 ,2 2 7 7 ,7 3 5 ,7 3 7
7 ,3 6 2 ,9 2 2
M a n ls t iq u e .b ____________ F e b
5,1 6 9
4,7 6 1
1 ,4 6 6
145
Jan 1 t o F e b 2 8 . ...........
9,1 4 0
9 ,6 9 8
1,351
754
M a ry la n d & P e n n a .a ___ Jan
2 3 ,0 5 3
2 2 ,7 3 0
4 ,2 1 7
4 ,3 8 $
J u ly 1 t o Jan 3 1 _______
211 ,2 9 6
2 1 6 ,9 2 0
7 2 ,3 6 3
7 6 .3 3 9
M e x ica n C e n tra l............ . . J a n 2 ,7 3 2 ,9 0 3
2 ,4 5 7 ,1 8 8
8 1 9 ,6 6 4
7 3 5 ,6 6 3
J u ly 1 t o Jan 3 1 _______ 1 7 ,0 8 0 ,4 7 7
1 5 ,9 5 5 ,4 9 6 4 ,7 8 0 ,8 0 0
4 ,6 9 2 ,9 9 5
M e x ica n I n t e r n a t io n a l..J a n
7 1 1 ,3 0 4
6 3 8 ,9 8 1
1 9 9 ,3 2 8
2 7 5 ,7 1 8
3 ,9 1 5 ,6 5 6 1 ,4 8 0 ,7 1 6
1 ,7 3 5 ,8 0 1
J u ly 1 t o J a n 3 1 _______ 4 ,6 2 7 ,8 4 7
M in eral R a n g e . b . . ______Jan
5 5 ,4 6 8
5 9 ,350 d e f l,0 4 3
9 ,5 5 7
J u ly 1 t o Jan 3 1 _______
4 4 9 ,2 7 4
444 ,4 3 1
1 0 8 ,0 7 6
9 4 ,0 8 6
M in neap & S t L o u l s . a ___Jan
3 1 2 ,2 5 4
2 5 7 ,2 1 2
fc81,086
fc82,885
J u ly 1 t o J a n 3 1 ............. 2 ,2 9 1 ,3 2 6
2 ,2 7 7 ,2 7 6 £ 8 3 0,39 1
fc958,992
M inn St P i S S M . b ____ J an
7 0 6 ,2 9 0
8 6 0 ,7 0 5
1 3 8 ,1 7 5
4 0 0 ,4 1 7
J u ly 1 t o Jan 3 1 _______ 7 ,5 0 6 ,8 2 5
6 ,9 9 3 ,3 7 2 3 ,5 1 3 ,0 7 8
3 ,8 5 2 ,1 6 6
M o K a n & T e x . a _______ Jan 2 ,2 9 3 ,2 6 6
1 ,6 9 3 ,0 9 4
7 4 1 ,3 9 2
3 8 0 ,6 4 5
J u ly 1 t o J a n 3 1 . ...........15,6 2 9 ,8 6 1
1 3 ,0 2 9 ,5 0 5 5 ,8 1 3 ,6 2 9
3 ,8 7 1 ,7 3 4
M o P a cific S y s t e m _ b ____ J an 3 ,8 3 0 ,6 2 9
3,6 9 5 ,7 5 1
9 9 3 ,3 2 6
9 0 7 ,5 9 1
J u ly 1 t o J a n 3 1 _______ 2 8 ,5 3 9 ,2 5 0
2 6 ,3 8 3 ,6 3 2 9 ,3 1 5 ,8 3 8
8 ,7 3 4 ,4 2 5
M o b ile & O h io .— See u n d e r S o u th e rn R y S y s te m b e lo w .
N ash C h a tt & S t L . b . . . J a n 1 ,0 5 0 ,3 5 6
9 0 9 ,2 5 6
1 9 8 ,8 3 2
252 ,1 4 9
J u ly 1 t o J an 3 1 ............. 6 ,7 3 9 ,2 6 4
6 ,1 7 2 ,2 1 1 1 ,4 0 4 ,3 4 0
1 ,5 0 1 ,4 9 0
N a tio n a l R R o f M e x i c o . .J a n 1 ,3 3 4 ,0 6 0
1 ,2 0 4 ,9 7 6
5 0 3 ,1 2 1
4 9 4 ,1 0 8
J u ly 1 t o Jan 3 1 _______ 8 ,7 3 0 ,7 1 9
7 ,8 5 0 ,3 5 1 3 ,2 0 2 ,9 5 7
2 ,9 7 7 ,1 4 6
_______ 1 9 ,1 6 4
___________ _
H id a lg o & N o r ’ e a s t’ n .J a n
8 4 ,136
J u ly 1 t o J a n 3 1 _______
5 9 1 ,6 6 5
_______ 169 ,3 0 5
____________
N e v a d a Cal & O r e g o n .a .J a n
14,178
1 2 ,3 6 6
6.2 2 9
3,3 3 6
Ju ly 1 t o J a n 3 1 .............
1 68 ,074
1 4 2 .9 7 0
1 0 0 ,9 6 5
6 6 ,0 5 4
N e v a d a C e n t r a l - b _______ J an
5,2 9 9
2,327
2,264
432
J u ly 1 t o J a n 3 1 _______
4 4 ,7 4 4
2 7 ,560
14,044
14,184
N Y O n ta r io & W e s t - a . . J a n
6 1 5 ,7 1 9
5 6 5 ,6 3 5
168 ,737
142 ,338
J u ly 1 t o J a n 3 1 _______ 4 ,9 0 8 ,1 6 6
4 ,5 8 9 ,4 1 4 1 ,6 5 3 ,8 7 3
1 ,3 6 7 ,4 8 8
N Y Su sq & W e s t . a ____ Jan
2 7 8 ,0 9 4
2 5 8 ,0 3 7
7 2 ,6 2 7
9 1 ,7 9 3
J u ly 1 t o J a n 3 1 ............. 1 ,7 7 5 ,3 5 0
1 ,6 7 3 ,9 2 0
5 1 6 ,7 1 7
5 3 2 ,0 1 4
N o r f & W e s t . b ............... Jan 2 ,5 5 9 ,3 3 4
2 ,3 7 5 ,6 2 8
9 5 9 ,0 2 5
9 9 0 ,9 0 9
J u ly 1 t o Jan 3 1 ............. 1 7 ,6 4 5 ,0 1 2
1 6 ,2 6 2 ,5 0 4 6 ,5 7 6 ,3 9 5
6 ,5 7 5 ,2 3 5
N o rth e r n C e n t r a l .b .......... Jan
9 9 2 ,2 3 6
9 4 7 ,7 3 6
132 ,828
1 90 ,028
P e n n s y lv a n ia S y s t e m — L ines d ir e c t ly o p e r a t e d —
E a st o f P itts & E r i e . . . J a n l 2 , 583 ,7 1 2 1 2 ,0 0 2 ,5 1 2 2 ,9 4 2 ,3 9 9
3 ,1 3 8 ,0 9 9
W e s t o f P it t s & E r i e .. J a n
I n c 3 0 5 ,0 0 0
D e c 143 ,1 0 0
P h ila B a lt o & W a s h . b . . . Jan 1 ,2 4 6 ,1 4 0
1 ,1 8 7 ,3 4 0
1 6 7 ,3 8 3
2 1 1 ,6 8 3
P h ila d e lp h ia & E r ie . b _ . D e c
660 ,8 5 3
6 92 ,367
8 8 ,9 9 1
1 3 9 ,4 5 4
8 ,2 7 6 ,7 5 1 2 ,1 9 1 ,0 2 0
2 ,4 0 1 ,0 2 6
J a n 1 t o D e c 3 1 _______ 8 ,3 6 4 ,2 6 0
P itts Cin C h ic & St L . a . . F e b 2 ,3 8 5 ,9 1 2
2 ,1 4 9 ,4 6 7
4 0 5 ,1 1 2
3 6 9 ,7 0 0
J an 1 t o F e b 2 8 _______ 4 ,8 9 2 ,3 3 4
4 ,5 9 3 ,8 4 3
9 1 0 ,4 1 0
9 3 2 ,5 9 9
R a le ig h & S o u t h p o r t - a . .J a n
9,4 9 0
4 ,6 7 5
2 ,7 6 8
1,199
J u ly 1 t o Jan 3 1 .............
5 4 ,7 1 4
3 4 ,8 4 4
14,850
12,969
R e a d in g R a ilw a y —
P h ila & R e a d i n g . b . . . J a n 3 ,6 8 6 ,8 6 8
3 ,4 5 2 ,0 9 2 1 ,0 5 5 ,1 3 7
1 ,1 1 8 ,1 0 7
J u ly 1 t o J a n 3 1 _______ 2 4 ,7 2 8 ,9 8 4 2 4 ,2 7 4 ,9 9 4 9 ,2 4 2 ,5 1 6 1 0 ,0 0 2 ,1 3 0
C o a l & I r o n C o . b .......... Jan 3 ,8 1 5 ,2 5 8
2 ,8 1 5 ,3 2 9
312 ,1 9 5
1 9 6 ,0 7 7
J u ly 1 t o J a n 3 1 ............2 1 ,8 0 7 ,5 0 5
2 0 ,9 1 8 ,0 4 1 1 ,2 0 7 ,2 3 4
1 ,4 1 2 ,3 9 3
T o t a l b o t h c o s . b ...........J an 7 ,5 0 2 ,1 2 6
6 ,2 6 7 ,4 2 1 1 ,3 6 7 ,3 3 2
1 ,3 1 4 ,1 8 4
J u ly 1 t o J a n 3 1 _______ 4 6 ,5 3 6 ,4 8 9 4 5 ,1 9 3 ,0 3 5 1 0 ,4 4 9 ,7 5 0 1 1 ,4 1 4 ,5 2 3
R e a d in g C o . .................... J a n ............................................
1 2 8 ,0 4 8
142 ,1 2 5
J u ly 1 t o J an 3 1 .......................... ........................ ..
9 1 5 ,9 9 1
8 5 5 ,0 3 3
T o t a l a ll c o s .................... Jan ............................................
J u ly 1 t o J a n 3 1 .............................................................

1 ,4 9 5 ,3 8 0
1 ,4 5 6 ,3 0 9
1 1 ,3 6 5 ,7 4 1 1 2 ,2 6 9 ,5 5 ft

tm

THE CHRONICLE.

------- Gross E a rn ’gs-------- --------N et E a rn in g s-------C u rrent
P rev io u s
C u rrent
P rev io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
R oad s.
$
$
$
$
R ic h m o n d F re d & P o t . . . J a n
168 ,088
1 4 2 ,7 1 8
5 0 ,8 6 6
50,008
J u ly 1 t o J a n 3 1 _______ 1 ,0 4 5 ,5 2 9
9 3 2 ,6 9 0
3 0 1 ,3 8 7
321 ,286
R io G ra n d e J e t..................- D e c

7 5 ,5 0 2

55,911

R i o G ra n de S o u th ’ n . b - . J a n
J u ly 1 t o Jan 3 1 _______

46,051
3 66 ,678

4 7 ,5 1 5
3 4 4 ,0 5 8

n 2 2 ,6 5 0

n l6 ,7 7 3

13,8 0 6
1 52 ,400

22,451
150,525

R o c k Isla n d s y s t e m .a _ .J a n 4 ,8 5 9 ,7 6 2
4 ,1 7 7 ,6 7 5
1 ,3 3 3 ,1 8 9
J u ly 1 t o Jan 3 1 _______ 3 4 ,8 1 7 ,0 3 4 3 1 ,1 8 8 ,4 5 1 1 1 ,3 7 5 ,0 6 8

1 ,1 1 1 ,7 7 4
9 ,6 7 7 ,8 4 7

S t L ou is & San F r a n .a Jan 4 ,2 5 8 ,3 4 5
3 ,5 7 2 ,8 1 3
J u ly 1 t o J a n 3 1 _______ 2 8 ,6 4 9 ,6 0 6 2 5 ,1 8 4 ,2 1 9

1 ,3 0 0 ,4 9 3
9 ,8 6 1 ,8 5 8

E v a n s v & T H a u t e .a .J a n
1 65 ,657
167 ,995
7 3 ,7 9 4
I\
J u ly 1 t o J a n 3 1 ............. 1 ,3 7 4 ,2 7 6
1 ,3 0 9 ,1 3 6
6 4 5 ,9 0 0
T o t a l o f all l i n e s .a ____ J a n 9 ,2 8 3 ,7 6 4 7 ,9 1 8 ,4 8 3
2 ,7 0 7 ,4 7 6
J u ly 1 t o J a n 3 1 . . . . . . 6 4 , 8 4 0 , 9 1 6 5 7 ,6 8 1 ,8 0 6 2 1 ,8 8 2 ,8 2 6
S t J o s & G r I s l’d . b ______J a n
J u ly 1 t o Jan 3 1 _______

1,1 4 6 ,7 1 9
8 ,5 4 6 ,6 0 8
68,845
606 ,489
2 ,3 2 7 ,3 3 8
1 8 ,8 3 0 ,9 4 4

1 40 ,069
1 ,0 1 5 ,9 3 0

1 1 8 ,6 8 8
9 3 7 ,1 2 5

5 4 ,4 6 3
412 ,5 2 1

34,6 6 0
330 ,235

S t L ou is S o u th w e ste r n , b . Jan
883 ,4 1 6
J u ly 1 to Jan 3 1 ............. 6 ,2 2 5 ,4 0 0

7 1 5 ,6 3 8
5 ,3 1 0 ,3 8 7

2 06 ,029
2 ,0 9 1 ,7 2 8

1 2 9 ,5 3 2
1 ,4 8 3 .5 9 1

S ea b oa rd A ir L i n e . a ____ J a n 1 ,4 5 7 ,2 5 7
J u ly 1 t o J a n 3 1 _______ 9 ,1 9 6 ,8 1 6

1 ,3 1 4 .6 6 9
8 ,5 5 1 ,9 2 5

299 ,986
1,9 1 0 ,8 6 7

396,152
2,785,787

1 21 ,273
8 5 1 ,1 0 4

5 4 ,3 9 0
4 1 3 ,5 0 4

42,851
335 ,054

S ou th ern I n d i a n a .b ____ J a n .
J u ly 1 t o Jan 3 1 -----------

133 ,748
9 6 9 ,3 4 7

S ou th ern P a c i f i c . a ______J a n lO .6 9 5 ,9 7 5
8 ,1 8 1 ,1 3 4
3 ,3 4 4 ,6 9 0 2 ,2 9 9 ,3 9 8
J u ly 1 t o Jan 3 1 -----------7 2 ,2 6 6 ,8 8 5 6 1 ,7 8 4 ,3 1 2 2 7 ,3 4 1 ,1 3 6 2 1 ,4 1 1 ,8 6 0
S ou th ern R y s y s te m —
S ou th ern R a il w a y .a _ .J a n 4 ,6 1 6 ,7 1 9
4 ,5 5 3 ,3 5 6
6 8 4 ,0 5 8 1,124,234
7 ,7 8 8 ,6 2 1 9 ,1 4 0 ,9 1 5
J u ly 1 t o Jan 3 1 ............. 3 2 ,9 3 3 ,0 2 3 3 1 ,1 5 7 ,7 9 9
M o b ile & O h i o . a ______J an
J u ly 1 t o Jan 3 0 _______

931 ,6 0 2
6 ,0 3 4 ,1 4 0

8 24 ,985
5 ,3 3 9 ,2 4 8

307 ,7 5 0
1 ,9 3 6 ,8 0 0

294 ,3 1 6
1 ,7 8 3 ,9 2 6

C ine N O & T e x P a c . a Jan
605,461
J u ly 1 t o Jan 3 1 _______ 4 ,9 2 4 ,8 9 2

7 0 9 ,3 6 2
4 ,7 4 1 ,8 6 8

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

163,125
1 ,114,958

A la G t S o u t h e r n . a . .. J a n
356 ,702
J u ly 1 t o J a n 3 1 . ........... 2 ,3 7 5 ,8 2 2

328,021
2 ,1 7 9 ,1 1 3

5 9 ,860
4 4 9 ,7 3 6

5 9 ,8 4 6
4 4 3 ,4 0 8

G eorgia S ou & F l a . a .J a n
201 ,481
J u ly 1 t o Jan 3 1 _______ 1 ,2 9 4 ,9 4 8

1 69 ,875
1 ,1 0 8 ,8 9 1

5 6 ,7 9 0
2 3 8 ,5 4 6

37,262
2 98 ,388

8 3 ,2 3 0
6 0 3 ,0 6 2

3 5 ,9 7 4
3 4 5 ,5 3 0

32,210
251 ,676

T e x a s C e n t r a i . a . . . ______J a n
J u ly 1 t o Jan 3 1 _______
T id e w a t e r & W e s t e r n .b .. J a n
J u ly 1 t o J a n 3 1 _______

113 ,2 4 4
7 2 2 ,4 7 7
7 ,4 2 8
5 0 ,2 6 4

T o le d o & O h io C e n t r a l.a . Jan
379 ,429
J u ly 1 t o Jan 3 1 _______ 2 ,8 9 6 ,9 4 4
T o l P e o r & W e s t e r n .b _ _ F e b
J u ly 1 t o F e b 2 8 _______

9 ,4 9 4
5 1 ,3 3 2
337 ,490
2 ,5 6 4 ,6 6 4

1,037
3,761
9 7 ,9 3 9
9 6 6 ,7 2 4

3,526
12,282
8 3 ,2 6 0
7 22 ,018

9 9 ,3 5 5
8 5 9 ,8 5 6

104 ,142
9 0 5 ,7 4 4

19,186
198 ,763

2 1 ,0 7 0
207 ,279

T o l S t L & W e s t e r n .a ___ Jan
332 ,9 9 7
J u ly 1 t o J an 3 1 _______ 2 ,4 7 1 ,1 1 4

329 ,7 1 2
2 ,5 0 9 ,0 0 7

p 9 2 ,3 6 9
p 6 8 1 ,7 9 5

p 6 0 ,7 0 4
p 5 8 7 ,0 2 4

T o m b ig b e e V a lle y C o ___ Jan
6,670
16,841
N o v 1 t o J a n 3 1 _______
U n ion P a c i f i c . a ..................Jan 5 ,9 4 9 ,7 7 2
J u ly 1 t o Jan 3 1 — -------4 4 ,9 7 6 ,0 2 2
V irg in ia & S o u th w e s t, b .F e b
8 3 ,7 1 0
J u ly 1 t o F e b 2 8 _______
6 7 4 ,4 6 8
W a b a s h , b ..........................J a n 2 ,1 0 7 ,9 6 1
J u ly 1 t o J a n 3 1 ............. 1 6 ,2 4 8 ,6 9 3
W e s t J ersey & S eash ore b Jan
2 80 ,010
W estern M a r y l a n d .a ____ Jan
430 ,631
J u ly 1 t o J n a 3 1 ............. 3 ,1 2 0 ,1 9 0
W h eelin g & L a k e E r i e .b .J a n
445 ,865
J u ly 1 t o J a n 3 1 _______ 3 ,5 6 4 ,6 4 9
W ’m sp o r t & N o r B c h . a . D e c
12,962
J u ly 1 t o D e c 3 1 . ...........
8 7 ,1 7 2
W isco n sin C e n t r a l.b ____ J a n
540 ,531
J u ly 1 t o J a n 3 1 _______ 4 ,3 4 7 ,8 3 4
W r ig h ts v & T e n n il l e -b ._ J a n
s l7 ,4 3 8
J u ly 1 t o Jan 3 1 ----------- s l3 5 ,1 0 5
Y a z o o & M iss V a l l . a . . J a n
967 ,849
J u ly 1 t o Jan 3 1 ............. 5 ,5 9 9 ,9 7 6

4,8 7 5
2,4 2 8
2,157
12,930
5,919
5,4 9 2
5 ,1 1 5 ,1 7 6
2 ,7 0 4 ,7 6 8 2 ,2 6 5 ,1 2 2
4 0 ,9 3 2 ,2 6 1 2 1 ,5 1 3 ,9 6 4 1 9 ,4 6 0 .9 6 7
7 5 .4 7 2
3 9 ,362
33,9 1 6
6 39 ,752
196 ,2 2 0
252 ,1 2 0
2 ,0 4 6 ,0 5 3
5 20 ,114
430,481
1 4 ,7 3 4 ,7 0 6
4 ,9 5 6 ,1 8 3 4 ,3 7 2 ,4 0 1
2 6 4 ,4 1 0
d e f9 9 ,7 9 6
11,304
3 7 0 ,4 2 2
1/132,522
t/129,171
2 ,6 8 3 ,1 8 8 j/1 ,0 0 7 ,6 7 8
2/845,969
451 ,4 1 7
100,854
1 4 5 ,9 3 0
3 ,3 5 1 ,7 0 9
1 ,245,211
9 7 5 ,9 1 0
13,789
2,532
1,924
9 4 ,3 0 0
2 7 ,1 5 9
3 1 ,7 3 6
532 ,099 1 6 5 ,4 5 2 .
162,040
4 ,1 8 4 ,6 2 1
1 ,6 1 3 ,8 8 5
1,546,386
s l5 ,6 8 3
3,2 3 8
3,815
S124.764
38,071
47,488
9 0 1 ,6 1 8
2 7 8 ,3 5 8
2 1 1 ,7 6 5
4 ,7 9 2 ,0 1 9
8 7 7 ,7 9 4
4 8 5 ,5 4 5

[V o l .
— In t.. R en tals, & c .—
C u rrent
P rev io u s
Y ea r,
Y ea r.
$
$

R oads.

l x x x iv

.

— B a l. o f N et E ’ n gs.— ■
C u rren t
P rev iou s
Y ea r.
Y ear.
$
$

C o p p e r R a n g e ____________ J a n
J u ly 1 t o J a n 3 1 .............

8,4 3 7
59,0 6 1

8,4 3 7
59,061

6,741
1 21 ,404

12,897
117 ,275

C orn w all & L e b a n o n ____ Jan
J u ly 1 t o Jan 31-,______

3,5 2 5
2 6 ,673

4 ,1 7 8
29,1 6 5

1 8 ,425
118 ,4 3 3

1 6 ,2 1 4
1 2 6 ,2 5 5

D e n v e r & R i o G ra n d e ___ Jan
352 ,464
J u ly 1 t o Jan 3 1 _______ 2 ,4 9 0 ,0 9 9
D u lu th S o Sh & A t l ____ Jan
J u ly 1 t o Jan 3 1 _______

86,641
599 ,0 4 7

G e o rg ia R R ______________J a n
J u ly 1 t o J a n 3 1 _______

a51 ,031
a36 2,24 1

H o ck in g V a ll e y __________J a n
J u ly 1 t o J a n 3 1 .............

60,878
4 4 0 ,7 4 6

K a n a w h a & M ic h ig a n ___ J a n
J u ly 1 t o J a n 3 1 .............
M a ry la n d & P e n n a _______ Jan
J u ly 1 t o Jan 3 1 _______
M ineral R a n g e ___________ Jan
J u ly 1 t o J a n 3 1 _______
M o K a n & T e x . . - . ...........J a n
J u ly 1 t o J a n 3 1 _______
N ash v C h att & S t L ____ J an
J u ly 1 t o Jan 3 1 .............
N e v a d a Cal & O r e g o n ..J a n
J u ly 1 t o J a n 3 1 _______
N Y O n t & W e s t e r n _____ J a n
Ju ly 1 t o Jan 3 1 . ______
N o rf & W e s t e r n _________ J an
J u ly 1 t o Jan 3 0 _______
R e a d in g C o m p a n y _______ J an
J u ly 1 t o J a n 3 1 _______
R io G ra n d e J e t __________D e c
R io G ra n de S o u th e r n ___ Ja n
J u ly 1 t o Jan 3 1 .............
S t J o s & G r I s la n d . ...........J a n
J u ly 1 t o J an 3 1 _______
S e a b o a rd A ir L in e _______ Jan
J u ly 1 t o Jan 3 1 _______
T e x a s C e n tr a l____________ Jan
J u ly 1 t o J an 3 1 .............
T o l e d o & O h io C e n t r a l ..J a n
J u ly 1 t o J a n 3 1 . ...........
T o l P e o ria & W e s t e r n ___ F e b
J u ly 1 t o F e b 2 8 _______

2 0 ,637
153 ,3 2 7
3 ,9 6 8
3 4 ,0 6 7
9 ,9 4 6
69,675
4 2 3 ,6 7 6
2 ,9 0 2 ,7 2 6
149 ,492
1 ,0 4 6 ,4 1 4
3 .3 0 2
2 2 ,5 7 1
7 3 ,2 0 9
5 19 ,653
402 ,5 4 0
2 ,6 7 4 ,6 6 8
8 9 0 ,5 0 0
6 ,2 3 3 ,5 0 0
8,3 3 3
17,033
125 ,678
20,967
1 4 2 ,7 3 0
337 ,4 4 8
2 ,2 6 4 ,3 8 9
2,5 8 3
18,081
3 7 ,037
2 5 8 ,5 2 3
2 4 ,432
1 9 3 ,1 2 0

3 43 ,312
2 ,4 3 8 ,1 2 2

2 4 4 ,8 5 7
2 ,4 4 3 ,6 7 7

109 ,911 * d e f3 8 ,8 0 6
6 12 ,162
* 3 0 ,2 3 0
a51 ,5 1 5
a3 6 3 ,3 2 9

d e f2 7 ,2 0 9
4 4 ,9 2 4

61,521
* 4 2 ,2 0 5
4 6 3 ,9 2 4 * 1 ,1 0 1 ,6 2 5
19,8 5 5
* 1 5 ,3 4 9
140 ,4 9 7
3:166,154
3 ,8 3 4
249
3 2 ,8 3 4
3 8 ,296
9 ,9 4 6 * d e f l0 ,8 1 9
6 6 ,625
* 3 9 ,4 2 2
3 6 5 ,6 2 8
3 1 7 ,7 1 6
2 ,5 5 2 ,1 8 5
2 ,9 1 0 ,9 0 3
149 ,590
4 9 ,3 4 0
1 ,0 4 7 ,5 0 6
3 5 7 ,9 2 6
2,639
* 4 ,4 8 6
1 7 ,6 3 5
* 8 8 ,2 0 5
6 8 ,370
95,5 2 8
494 ,6 6 3
1 ,1 3 4 ,2 2 0
334 ,2 0 7
5 5 6 ,4 8 5
2 ,3 5 9 ,7 5 5
3 ,9 0 1 ,7 2 7
8 6 7 ,8 8 2
604 ,880
6 ,0 7 5 ,1 7 0
5,1 3 2 ,2 4 1
8 ,3 3 3
14,317
17,734
*617
126 ,147
* 3 5 ,1 2 3
2 1 ,432
3 3 ,4 9 6
1 4 5 ,9 0 8
269 ,7 9 1
304 768 * d e f3 0 ,8 0 1
2 ,0 8 7 ,5 2 8 * d f3 3 9 ,2 3 6
2 ,5 8 3
33,391
18,081
3 2 7 ,4 4 9
4 7 ,4 9 7
* 6 2 ,4 1 9
2 7 1 ,3 2 2
* 7 1 4 ,0 4 6
2 3 ,422
d e f5 ,2 4 6
183 ,4 7 8
5 ,6 4 3

3 2 8 ,1 1 9
2 ,4 7 4 ,4 6 5
* d e f4 2 ,9 6 5
* 3 5 ,0 2 7
1,618
196 ,349
£ 1 1 0,64 0
* 1 ,2 3 1 ,9 1 7
* 3 9 ,0 7 5
*2 1 9 ,8 8 8
551
4 3 ,5 0 5
* d e f l5 5
* 2 8 ,8 4 6
15,017
1 ,319,549
1 0 2 ,5 5 9
4 5 3 ,9 8 4
*802
*4 9 ,8 9 5
7 3 ,9 6 8
8 7 2 ,8 2 5
6 5 6 ,7 0 2
4 .2 1 5 ,4 8 0
588 ,427
6 ,1 9 4 ,3 8 6
8 ,4 4 0
* 8 ,7 8 8
* 3 2 ,0 0 4
13,228
184 ,327
* 9 8 ,0 4 5
* 7 1 3 ,1 2 4
2 9 ,627
2 3 3 ,5 9 5
* 3 6 ,4 5 4
*4 5 3 ,9 5 7
d e f2 ,3 5 2
23,801

a C h arges here in c lu d e r o a d r e n ta l (paid b y lessee) a n d o th e r d e d u ctio n s .
6
In clu d e d In th e fix e d ch a rg es are e x p e n d itu r e s fo r r e n e w a ls, a d d itio n s ,
an d im p ro v e m e n ts a m o u n tin g t o $ 37 ,186 fo r J a n u a r y , a g a in st $14 4 ,6 2 0 in
1906, an d to $71 2,43 0 fro m J u ly 1 t o Jan . 31 1907, a ga in st $ 1 ,0 8 4 ,3 5 7 last
y e a r.
* A fte r allo w in g fo r o th e r In com e.

Miscellaneous Companies.
------ G ross E a r n ’gs------C u rrent
P rev io u s
Y ea r.
Y ea r.
$
$

------- N et E a rn in g s ------C u rren t
P rev io u s
Y ear.
Y ea r.
$
$
38,225
3 6,686
144,695
1 35 ,782
170,042
184 ,890
3 3 1 ,0 3 2
3 51 ,354
19,009
2 1 ,5 2 0
9,113
7,229
42,610
55,389
16,941
17,386
147,202
133,725
16,690
16.510
119,721
110.533
46,0 5 3
4 0 ,2 1 8
40.411
28,083
248 ,888
211 ,806
13.535
12,961
105 ,424
99,6 2 9
37,472
34,431
3 63 ,627
340,781
111,513
89,011
891 ,8 0 5
9 1 9 ,4 1 6
3 3 7 ,9 9 4
374 .645
35,0 6 2
21.324
25 1 ,9 2 0
289.194
28,1 2 0
19,708
1 9,010
2 1 ,520
4 9 .9 7 0
60,582
264 ,437
339 ,186
4 ,7 9 2
9,521

C o m p a n ies.
B u ffa lo G as C o __________ .J a n
O c t 1 t o Jan 3 1 . .
C u m b T el & T el C o . b . . . -F e b
4 78 ,854
433 ,4 9 7
Jan 1 t o F e b 2 8 . .
965.571
8 69 ,5 2 8
32,9 4 6
C u y a h o g a T e le p h C o ___ .J a n
30,7 4 7
E d ’n E lI llC o (B r o c k t o n ) a .D e c
19,801
18,851
J a n 1 t o D e c. 3 1 . .
166,799
145,979
Fall R iv e r G as W o r k s , a .D e c
37,444
36,972
Jan 1 t o D e c 31
363,021
35 2 ,9 5 8
H o u g h to n C o E l L t C o .a .D e c
26,084
27,512
Jan 1 t o D e c 3 1 . .
236 ,108
211 ,723
H udson R lv E l P o w .C o - .J a n
96,892
76 ,038
a N et earnings here g iv e n are a fte r d e d u ctin g ta x e s,
K e y s to n e T e le p h o n e C o . .J a n
67,345
83,842
b N et earnings here g iv e n are b e fo r e d e d u ctin g ta x e s.
J
u
ly
1
t
o
J
an
31
4
6 7 ,5 0 9
54
3
,1
8
6
d T h e c o m p a n y n ow in clu d e s earnings o f th e D e n v e r E n id & G u lf R R ..
27,530
L o w e ll El L t C o r p . a ____ . D e c
28,651
P e c o s V a lle y sy s te m an d S a n ta F e P r e s c o tt & P h o e n ix R y . In b o t h years.
2 54 ,935
Jan 1 t o D e c 3 1 . .
277 ,914
F o r J a n u a ry ta x es a n d ren tals a m o u n te d t o $ 2 1 0 ,0 2 1 , a g ain st $19 6 ,3 4 3 in
1 90 6, a fte r d e d u ctin g w h ic h , net fo r J a n u a ry 1907 w as $ 2 ,2 7 9 ,4 8 1 , a g ain st
7 7 ,894
M inn G en El C o . a _______ D e c
87,001
$ 2 ,1 9 9 ,6 5 2 last y ea r.
F ro m J u ly 1 t o Ja n . 31 1907 ta x e s an d rentals w ere
7 2 4 ,5 8 0
Jan 1 to D ec 3 1 ..
805 ,631
$ 1 ,4 7 4 ,7 2 5 , a g ain st $ 1 ,4 1 4 ,8 7 5 last y e a r.
4 82 ,835
P a cific C oa st C o ________ Jan
5 69 ,764
h F o r Ja n . 1907 a d d itio n a l in c o m e w as $ 7 ,7 0 2 . a g a in st $9,489 in 1906,
3 ,9 8 5 ,1 1 9
J u ly 1 t o Jan 3 1 . .
4,2 0 6 .5 3 8
a n d fr o m J u ly 1 t o Jan . 31 w as $ 29 ,773 in 190 7, a g ain st $32 ,597 in 1906.
P itts b u r g h C oa l . . .
Jan
fc F o r Jan . 1907 a d d itio n a l in c o m e w as $ 2 0 ,3 7 0 , a g a in st $ 15 ,238 in 190 6,
P o c a h o n ta s C ollieries C o . D e c
a n d fro m J u ly 1 t o Ja n . 31 w as $ 1 5 4,46 2 in 1907, a ga in st $11 3 ,8 2 5 In 1906.
................
................
Jan 1 t o D e c 3 1 . .
n T h ese figures rep resen t 3 0 % o f gross earn in gs.
J a n u a ry ___________
o
In c lu d in g o th e r In c o m e , t o t a l In co m e (e x c lu s iv e o f results o f co a l U S T e le p h o n e C o _______ Jan
32,946
30,747
c o m p a n ie s ) f o r J a n u a r y is $90 3 ,9 1 6 in 1 9 0 7 , a g a in st $ 9 0 0,24 0 in 1906,
246,594
210 ,692
V ic t o r F u el C o . b ............. Jan
a n d fo r p e r io d fro m J u ly 1 t o Jan 31 Is $ 9 ,1 4 4 ,2 3 4 In 1 90 7, a ga in st $ 8 ,4 3 8 ,1,439,768
1,1
8
7 ,6 8 0
J
u
ly
1
t
o
J
a
n
31
0 8 8 in 1906.
D e d u c tio n s fr o m t o t a l in c o m e fo r a d d itio n s a n d im p r o v e ­
18,032
m en ts w ere $ 1 6 4,72 0 in J a n u a ry 1 90 7, a g a in st $86 ,337 in 1906, a n d fro m
W y o m V a i G as & El C o . . .Jan
12,924
J u ly 1 t o J a n . 31 w ere $ 1 ,2 6 2 ,7 3 6 in 1 90 7, a g a in st $ 8 8 0,96 8 last year
a N et earn in gs here g iv e n are a fte r d e d u ctin g ta x e s ,
V F o r Jan . 1907 a d d itio n a l In co m e w as $ 3 ,0 9 8 , a g a in st $4,6 5 7 in 1906;
a n d fo r p e r io d fro m J u ly 1 t o Ja n . 31 w as $ 2 1 ,7 8 2 in 1907, a g a in st $14 ,705
b N et earnings here g iv e n are b e fo re d e d u ctin g ta x e s .
la st y e a r .
s I n c lu d e s $441 o th e r in c o m e fo r Ja n . 190 7, a g a in st $437 in 1906 and
Miscellanoeus Companies.
$ 3 ,4 0 4 fr o m J u ly 1 t o J a n . 31 1 90 7, a g a in st $ 3 ,2 2 4 last y e a r.
V F o r J a n u a ry a d d itio n a l In co m e a n d n e t p ro fits fro m c o a l, & c ., w ere
— I n t ., R en tals, & c .— — B al. o f N et E ’ n gs.—
$ 9 7 ,7 5 5 th is y e a r , a gain st $ 1 0 3,05 4 last y e a r , a n d fr o m J u ly 1 t o J a n u a ry 31
C u rren t
P reviou s
C u rrent
P reviou s
w ere $ 3 8 1,45 8 this y e a r , a ga in st $ 4 7 6,47 5 last y e a r.
Y ea r.
Y ear.
Y ea r.
Y ear.
C o m p a n ies.
$
$
$
$

Interest Charges and Surplus,— The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, &c., with the surplus above
or deficit below these charges:

— I n t ., R en ta ls, & c .— — B a l. o f N et E ’n g s .—
C u rren t
P rev io u s
C u rren t
P rev iou s
Y ear.
Y ea r.
Y ea r.
Y ea r.
R oads.
$
$
$
$
A tla n ta B lrm & A t la n t ic .J a n
21,729
17,042
2 ,6 3 4
d e f2 ,4 9 5
J u ly 1 t o Jan 3 1 _______
1 65 ,746
116 ,379
7 4 ,6 6 3
3 9 ,898
B a n g or & A r o o s t o o k ____ J an
66,197
59,8 9 8
9 ,6 0 2
845
J u ly 1 t o J an 3 1 .............
456 ,701
3 64 ,417
1 5 6 ,9 6 8
143 ,3 6 2
B ellefon te C e n tr a l_______ F e b
303
300
849
547
Jan 1 t o F e b 2 8 _______
606
600
1,5 6 7
"
1,224
B r id g e to n & S a c o R i v e r . .J a n
543
543
d e f l4 0
340
J u ly 1 t o J a n 3 1 .............
3,801
3,801
6,0 1 9
6,557
C a lifo rn ia N o r t h w e s t e r n .D e c
2 6 ,854
2 8 ,0 7 0
16,3 0 3
7,1 0 8
J u ly 1 t o D e c 3 1 _______
167,771
167 ,952
271 ,8 8 5
274 ,099
C e n tr a l o f N ew J e r s e y . .. J a n 667 8,55 9
6 6 4 3,30 5
157 ,649
238 ,7 0 5
J u ly 1 t o Jan 3 1 ............6 4 ,1 9 4 ,1 9 5
6 4 ,2 5 1 ,4 7 5 3 ,2 1 7 ,3 5 9 3 ,1 0 2 ,4 0 8
C h ic a g o G reat W e s t e r n ..J a n
178,973
169 ,584 d e f.3 8 ,6 1 0 d e f.1 2 ,1 0 2
J u ly 1 t o Jan 3 1 ............. 1 ,2 3 1 ,5 2 8
1 ,1 9 6 ,6 4 7
4 8 0 ,8 9 0
4 54 ,946




C u m b T e l & T e l C o .......... F e b
J an 1 t o F e b 2 8 ----------C u y a h o g a T e le p h o n e ------ J an
E d is o n E lI U C o (B r o c k t’ n) D e c
Jan 1 t o D e c 3 1 .............
F a ll R iv e r G as W o r k s . . . D e c
Jan 1 t o D e c 3 1 .......... _
H ou g h ton Co El L t C o ..D e c
J a n 1 t o D e c 3 1 .............
L o w e ll E le c t L t C o r p -------D e c
Jan 1 t o D e c 3 1 .............
M inn G en E l C o .................. D e c
Jan 1 t o D e c 3 1 .............
P itts b u r g h C o a l ..................Jan
P o c a h o n ta s C ollieries C o .D e c
J a n 1 t o D e c 3 1 _______
J a n u a r y ..............................
U n ite d S ta te s T e le p h o n e . Jan
V ic t o r F u el C o .....................J a n
J u ly 1 t o J a n 3 1 _______

39,0 8 6
62,7 7 7
13,928
708
8 ,5 8 4
246
6,7 7 4
2,812
3 3 ,7 5 0
1,797
17,000
8,9 0 8
107 ,180
236 ,2 7 7
18,206
212 ,9 9 4
/1 6 .9 5 1
13,928
2 3 ,1 2 3
1 6 2 ,9 5 2

3 1 ,5 4 0
50,661
13,016
729
8,452
504
4 ,9 0 7
2,812
3 3 ,7 5 0
1,443
16,370
9 ,0 7 0
111 ,710
249 ,2 4 5
22,199
196 ,088
/1 6 .6 4 2
13,017
21,9 5 4
126,742

145 ,804
288 .5 7 7
7 ,5 9 2
8 ,4 0 5
46,8 0 5
16,695
140 ,428
13,878
85.971
11,738
8 8 ,4 2 4
28,564
2 56 ,447
138 ,368
3 ,1 1 8
7 6 ,2 0 0
2,7 5 7
7 ,5 9 2
45,480
2 33 ,702

f In clu d e s sin k in g fu n d a n d p re fe rr e d s t o c k d iv id e n d .
* A ft e r a llo w in g fo r o th e r in c o m e r e c e iv e d .

138,502
280,371
5,9 9 3
6 .5 0 0
3 4 ,158
16,882
128,818
13,698
7 6 ,783
11,518
8 3 ,2 5 9
25,361
229 ,071
8 8 ,749
12,863
5 5 .8 3 2
11,478
5.9 9 3
36.178
192,832

M a r . 23 1907.J

THE CHRONICLE.

687

STREET R A IL W A Y S A N D TRACTION CO M PAN IES.
Latest Qross E a rn in g s.
N am e o f
R oad.

W eek or
M o n th .

Current I P reviou s
Y ea r. \ Y ea r.

$
A lb a n y & H u d s o n ___D e ce m b e r
27,1251
a A m erica n R y s C o ___F e b ru a r y _
192,829
c A u r E lgin & C h ic R y J an u ary
88,892
20,229!
B in g h a m to n R y _____ F e b ru a ry _
B irm R y L t & P o w e r F e b ru a ry . 164,126
B r o c k t o n & P ly St R y D e ce m b e r _
6,944
B u rlin gton (Vt> Traci J an u ary . .
6,2171
C a pe B reton E lec C o . iD e ce m b e r _
23,693
C en tral P enn T r a c ___ F e b ru a ry .
49,763
52,478|
C h ari C on R y G a s & E l!F e b r u a ry .
C h ic a g o & M ilw E le c . F e b ru a r y .
52,777
66,3821
^ C h ica go & O a k P a rk JF e b ru a r y .
Clevv P a ln esville & El Jan u ary
18.031:
C levelan d & S o u t h w ., F e b ru a ry .
4 4 ,7 0 7 j
89,439
D allas E lec C o r p ’n ___ iD e ce m b e r
D e tr o it J a c k ’n & Chi
5,861!
d w k M ch
D e tr o it U n ited R y ___ 2d w k M ch 1 0 7 ,5 4 8 !
14,051 i
D u lu th S treet R y ___ 2d w k M ch
E a st St L ou is & S u b . J an u ary . . 164,510
41,575
El P a so E le c t r ic .......... D e ce m b e r .
F t W a y n e & W abash
9 1 ,178|
V a lle y T r a c t io n ___ J an u ary
G a lv eston E le c tr ic Co D e ce m b e r _
27,258
9,166!
H a r tf <Sc S prin g S t R y F e b ru a ry .
33,611
H a v a n a E le c tr ic R y . W k M ch 17
H on olu lu R a p id T r &
28,381
L a n d C o ___________ J a n u a ry . .
H o u g h to n C o St R y . . D e ce m b e r .
19,973
54,1171
H o u sto n E le c tr ic C o . D e ce m b e r .
Illin ois T r a c t io n C o _ . F e b ru a ry . 262,363
21 .087
In d la n a p Ool & S ou th D e ce m b e r
J a ck s o n C on sol T r a c . (January
10,1041
31,882
J a ck son v ille E le c C o .| D e ce m b e r
K a n C ity R y & L ig h t Ja n u a ry . . ! 479,021
L a k e S h ore E lec R y . D ecem ber
70,845
3 5,267
L e x & In te r R y s C o - IF e b ru a ry _
10,8621
M a d ison & In t T r a c . . F e b ru a ry .
M et W e s t S id e E le v . . jF e b ru a r y . I 216,220
M ilw E lec R y & L t C o 1J a n u a ry . . I 304,9911
5 3.467
M ilw L t H t & T r C o . . , J a n u a ry _ J
6 0 ,0 7 4 1
M on trea l S treet R y . . W k M ch 16
N a sh ville R y & L ig h t J a n u a ry ._ 1 22,945
N J & H R R y & F y C o F e b ru a r y .
23,571 j
N O R y & L ig h t C o . . J a n u a ry . . 5 41 ,653
N o r O h io T r a c & L t . . J a n u a ry . .
125,191!
N o r T e x a s T r a c C o . . D e ce m b e r .
78,750
N o rf & P ortsm T r C o J a n u a ry . .
1 4 7 ,7 8 9 ’
N orth w estern E l e v . . F e b ru a ry . 123,8091
14,0021
O k la h om a C ity R y _ . F e b ru a ry .
Peek sk ill L ig h t & R R J a n u a ry . .
12,639
13,045
P itts M ’ K & G r e e n .. D e c e m b e r .
P o r tla n d R y s C o ____ D e c e m b e r .
145,329!
S t J osep h (M o) R y L t
62,711
H eat & P o w e r C o . . j F e b ru a r y _
4 8,6 5 5
S a v a n n a h E le c tr ic C o iD e ce m b e r
S o u th Side E le v a t e d . F e b ru a r y . 134.531!
9 0 ,424
S y ra cu s e R a p T r R y . F e b ru a r y .
T a m p a E lectric C o . . jD e ce m b e r .
41,161
83,271
T erre H a u te T & L C o D e ce m b e r .
170,684
T o le d o R y s & L ig h t J a n u a ry
60,367
T o r o n t o R a ilw a y ____ W k M ch 16
157,239,
T r i-C ity R y & L t C o . D e ce m b e r
T w in C ity R a p id Tran 1st w k M ch 107,712
U n ite d R R o f S F . . . D e ce m b e r . /1562.200
U n ited R y s o f B a l t . . D e ce m b e r
U n ited R y s o f S t L _ . F e b ru a r y . 764",680'
18,459;
W a sh A le x & M t V e r . D e ce m b e r
28,903
W h a t c o m C o R y & Lt D ecem ber .

J an . 1 to latest date.
C u rrent
Y ea r.

$
25,241
178,094
80,258
19,364
138,788
6,278

40 3 ,5 6 0
88,892
42,3 0 8
352 ,047
111,775
6,200
6,217
21,685
258,417
45,531
104,069
107,812
50,793
36,593
115 ,408
66,034
139,153
18.0311
15,858]
39,718
94,2651
84,735; 1,023,1361
633,294!
93,358 1,067,655
1 2,962
139,3641
143,192!
164,510!
28,104
391,655
80,145
22,602
9,1 4 0
34,032

P rev iou s
Y ea r.

378 ,532
8 0 ,2 5 8
39,835
286 ,724
102 ,143

6 , 20(1

211 ,980
95,3 6 2
104,306
80,036
137,664
15,858
86,285
934 ,707
958 ,039
129,249
143,192
288 ,943

91 178
315.135
19,737
365,929

80,145
268,321
18,434
334 ,805

28,381
229,242
591,347
542 .402
240,034
10,104!
326,466!
479,021
866,970
7 5 ,032
22,390
448 ,975
304,991
53,467
648 .403
122,945
51,262
541,653
125,191
854 ,136
147,789
261 ,188
28,912
10,210
12,639
13.879
211 ,176
130,145 fcl ,684,157

27,958
167,065
517 313
449 ,3 2 0
210,2?%)
9,745
305 .636
427.330
788 .268
6 8 ,3 1 6
17,309
390,864
276,021
44,846
570 ,416
105,932
45,974
4 98 ,578
114 ,968
661,037
123,831
242 ,867
18,273
10,210
182,630
1 ,822,909

27.958
16,853
46,413
212 ,272
19,135
9,745
23,618
427 ,330
66,560
30.509
8,503
189,798
276,021
44,846
53,222
105,932
22,006
498 ,5 7 8
114 ,968
57,2 9 6
123,831
117,001
89,616

60,214
131,4101
126 ,792
54,146
611,215
586 ,235
133,108
276 ,337
277,768]
78,766
187,549!
164,368
469 ,222
37,353
411 ,7 6 3
61,062
629 ,760
823 .162
159,053
170,684
159,053
52,118
144,535
92,483
982 ,076
875 ,795
631,004 ft5,955,787 7 ,0 5 9 ,0 0 3
6,579,821 6 ,0 2 3 ,6 9 8
71 3 ,6 6 4 1,591,017; 1,4 9 5 ,4 5 2
20,528
273 .266
251.643
23,311
195,009
279 ,469

a F igures fo r t h e m o n th In b o th ye a rs in clu d e o p e r a tio n s o f t h e S cra n to n
R y . , a c q u ir e d Ja n . 1 1906.
b F igu res are fro m F e b . 1. c T h e se figu res a re
fo r co n s o lid a te d c o m p a n y ,
d T h e se a re results fo r m a in line. f N ow In­
clu d e s R a p id R y . S y s t ., S a n d w ich W in d s o r & A m h e r s tb u r g R y . a n d D e tro it
M on roe & T o le d o S h o rt L in e R y .
h T h e se are ea rly p re lim in a r y retu rn s;
d ecrea se d u e t o ea r th q u a k e , fire an d s trik e a m o n g e m p lo y e e s . A u g . 26 t o
S e p t . 5 1906.
k D ecrea se d u e t o L ew is & C lark E x p o s itio n last y ear,
n F igu res are fo r all d e p a rtm e n ts .

Street Railway Net Earnings.— The following table gives
the returns of S T R E E T railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Mar. 2 1907. The next
will appear in the issue of Mar. 30 1907.
--------Gross Earn 'd*------- --------N et E a rn in g s-------C u rrent
P rev io u s
C u rrent
P rev io u s
Y ea r.
Y ea r.
Y ea r.
Y ear.
R oad s.
$
$
$
$
B in g h a m to n R y C o _____ F e b
20,229
19.3 6 4
6 ,4 1 3
7 ,4 8 3
Jan 1 t o F eb 2 8 _______
4 2 ,3 0 8
3 9 .835
14.829
15,478
J u ly 1 t o F e b 2 8 _______
204 ,999
193,216
94,231
93,126
C en tral P en n T r a c _______F e b
49,763
45,531
2,258
2,436
Jan 1 t o F eb 2 8 _______
104,069
9 5 ,3 6 2
8,037
6,031
C h a rleston C o n s o lid a t e d .F e b
52,4 7 8
50.793
17,398
18,169
M ch 1 t o F eb 2 8 _______
654 ,391
614 .963
239,946
242 ,3 5 5
C h ic & M ilw E le c t C o . . . F e b
52,777
36.593
23,231
15,543
Jan 1 t o F eb 2 8 . . ____
115,408
8 0 ,036
5 2 ,3 7 0
36,293
C levelan d & S o u t h w e s t . . F e b
44,7 0 7
3 9 .718
15.884
12,737
J an 1 t o F e b 2 8 _______
9 4 ,2 6 5
8 6 ,2 8 5
3 5 ,8 3 8
31,7 5 5
Illin ois T r a c t io n C o . a . . . F e b
262 ,363
212 ,272
115,159
95,7 1 8
Jan 1 t o F e b 2 8 ----------542 ,402
4 4 9 ,3 2 0
229 ,504
206,077
L e x in g to n & I n t e r u r b a n .F e b
35,267
30.509
10,587
7 .4 4 7
Jan 1 t o F e b 2 8 ----------75,0 3 2
68,316
23,216
1 8 ,5 5 2
M on trea l S treet R y - ........F e b
243 ,468
2 13 ,416
61,1 9 3
57,377
O ct 1 t o F e b 2 8 ----------- 1 ,3 2 7 ,4 6 0
1,1 7 1 ,0 1 5
4 3 9 ,2 6 4
3 9 8 ,8 4 2
O k la h om a C ity R y C o . . . F e b
14,005
8,9 1 6
4 ,7 5 4
3 ,1 5 1
Jan 1 t o F eb 2 8 ____ 28,916
18,273
10,008
5 ,6 8 5
S yracu se R a p T ran s Co . .F e b
9 0 ,4 2 4
7 8 ,766
38,816
3 4 ,417
J a n 1 t o F eb 2 8 .............
187,549
164,368
82,2 9 4
70,4 2 8
U n ite d R y s o f S t L ou is a . F e b
7 6 4 ,6 8 0
7 13 ,664
216,201
2 5 0 ,6 2 3
J an 1 t o F e b 2 8 ............. 1 ,5 9 1 ,0 1 7
1 ,4 9 5 ,4 5 2
4 6 4 ,6 6 8
541 ,043
ajis'et ea rn in gs h ere g iv e n are a fte r d e d u ctin g ta x e s ,
b N et ea rn in gs here g iv e n are b e fo r e d e d u ctin g ta x e s .

Interest Charges and Surplus.

R oads.
B in g h a m to n R y C o ______F e b
J a n 1 t o F eb 2 8 .............
J u ly 1 t o F e b 2 8 .............
C h a rleston C o n s o lid a t e d .F e b
M ch 1 t o F eb 2 8 _______




— I n t ., R en tals, & c .— — B a l. o f N et E 'n g s . —
C u rren t
P r e v io u s
C u rren t
P rev io u s
Y ea r.
Y ea r.
Y ea r.
Y ea r.
$
$
$
$
8.031
7,371
d e f l.6 1 8
112
16,004
14,747
d e f l.1 7 5
731
6 2 ,2 9 0
58,136
31,941
3 4 ,9 9 0
13,402
12,708
3,996
5,4 6 1
157 ,100
157,041
82,846
8 5 ,3 1 4

M o n tre a l S tre e t R y ______F e b
O ct 1 t o F e b 2 8 _______
S y ra cu se R a p T ra n s C o . . F e b
Jan 1 t o F e b 2 8 _______
U n ite d R y s o f S t L o u is . . F e b
J a n 1 t o F e b 2 8 _______

—I n t ., R en ta ls, & c .—
C u rren t
P revio u s
Y ea r.
Y ea r.
$
$
36,493
36,1 2 4
195,666
138 ,962
25,1 0 0
22,092
49,719
43 ,8 5 0
2 31 ,324
231,991
4 62 ,865
464 ,0 4 6

—B a l. o f N et E 'n g s .—
C u rrent
P reviou s
Y ea r.
Y ea r.
S
$
24,7 0 0
2 1 ,253
2 4 3 ,5 9 8
2 5 9 ,8 8 0
13,770
12 ,909
3 2 ,683
2 7 ,6 2 0
d e fl5 ,1 2 3
1 8 ,6 3 2
1,803
7 6 ,9 9 7

x A fte r a llo w in g fo r o th e r in c o m e re c e iv e d .

A N N U A L R EPOR TS.
Annual Reports.— The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since the last edition
of the “ Ry and Industrial” and “ Street Railway” sections.
This index does not include reports in to-d a y ’s “ Chronicle.”
R ailroads—
P a g e.
In d u stria ls— (Concluded.)
P a ge
C h ica g o P e o ria & S t. L o u is ______505
H u d son R iv e r T e le p h o n e _______ 511
C leve. C in. C h ic. <5c S t. L o u is ___ 155
Illinois B rick (b a l. sh. D e c. 3 1 ) . 337
D e la w a re & H u d s o n ------------------- 623
In te r n a tio n a l S ilv e r ______________567
D el L a ck a w a n n a & W e s t e r n ___ 455
In te r n . S m o k e le ss P o w . & C h e m . 393
H u n tin g d o n & B ro a d T o p M tn.
K an sas N a tio n a l G a s____________ 568
R R . & C o a l................................
339 K e y s to n e T e le p h o n e , P h ila ____ 218
M a ry la n d & P e n n s y lv a n ia ______390
L a ck a w a n n a S te e l_______________ 269
N ew Y o r k C h ica g o & S t. L o u is . 155 L e h igh C oal & N a v ig a t io n ______568
N o rfo lk & S o u th e r n ______________ 159 M a c k a y C o m p a n ie s ______________447
N orth ern C e n tr a l____________ 50 4 , 51 3 M frs. L ig h t & H e a t, P it t s b u r g h . 448
P e n n s y lv a n ia R R .................... 566 , 574 M arsden C o _______________________ 274
R u tla n d R R _______ ______ ________623
M assach u setts L ig h tin g __________452
P h ila d e lp h ia & E rie______________391
M ilw au k ee & C h ica g o B re w e rie s . 452
W est J ersey & S ea sh ore__________5 72
M on ta n a C oal & C o k e ___________ 389
In du strials—
N a tio n a l B is c u it _________________ 388
A m erica n C a n ____________________ 337
N a tio n a l C a rb o n __________________ 506
A m e rica n C iga r__________________ 567 N e b ra sk a T e l e p h o n e ____________ 452
A m e r. D ist. T e le g . C o . o f N . J . . 572 N ew Y o r k & N ew J ersey T e l e p h . 452
A m er. D ist. T e le g . C o . o f N . Y . 222 N ew Y o r k & R ic h m o n d G a s ____ 511
A m erica n P ip e M a n u fa c t u r in g .. 218 N o v a S c o tia Steel & C o a l_______ 452
A m e rica n R a d ia to r _____________ 625
N orth A m e r ic a n ____________ 2 6 9 . 278
A m e rica n S n u ff___________________567
O sc e o la C o n s o lid a te d M in in g ___ 452
A m er. S o d a F o u n ta in (b a l. s h . l . 272 P e n n s y lv a n ia T e le p h o n e ________ 342
A m . Su g ar R e f. (b a l. sh . D e c.3 1 ) 448 P e o p le ’s G as L t . & C o k e , C h i c . . 388
A m e rica n W o o l e n ...................... ....... 567 P itts b u r g h C o a l__________________ 389
A m e rica n W ritin g P a p e r ________ 506 P itts b u r g h P la te G la s s __________ 342
A sso cia te d M erch an ts ( h a l f- y r .) . 510 P ressed Steel C a r ________________ 447
B e ll T e le p h o n e C o . o f C a n a d a .. 573 P r o v . L o a n S o c ie t y o f N . Y ____ 569
Bell T e le p h o n e C o . o f P h lla ____ 451 Q u a k e r O a ts................ ......... .................506
Bell T e le p h o n e C o. o f M issou ri. . 510 Q u in cy M in in g ____________________577
C en tral D ist. & P r in t. T e l. P itts . 392 j R a ilw a y S te e l S p r in g ____________ _569
Cen tral L e a th e r _________________ 505
R ich e lie u & O n ta rio N a v ig a t io n . 453
C h esapeake & P o t o m a c T e le p h . 510 S lo s s -S h e ffie ld S teel & I r o n ------- 625
C h ica g o J e t. R y s . & U n io n S to c k
S ou th ern N e w .E n g . T e le p h o n e . 275
Y a rd s ___________________________ 446 S p rin g V a lle y W a t e r . . ..................577
C h icago P n eu m a tic T o o l ________ 389
T o r o n t o E le c tr ic L ig h t __________395
C o lo r a d o T e le p h o n e _____________ 573
U n io n N atu ral G as C o r p ., P i t t s . 395
C o n s o lid a te d C o tto n D u c k ______452
U n io n O il, C a lifo rn ia ____________ 4 5 3
C o n s o lid a te d GaR o f N ew Y o r k . 219 U n io n S w itc h & S ig n a l.................. 449
C o n so lid a te d R o llin g S t o c k ____ 567
U n ite d B o x B o a rd & P a p e r ____ 453
C o n s o lid a te d R u b b e r T i r e ----------- 627 U n ite d C o p p e r (13 m o s .) 1 ............. 448
C ream ery P k g- M fg ., C h ic a g o .. 269 ; U nited States L e a t h e r _______
505
® u m b p rla n d _T elep h . & T e le g ___ 393 U n ite d S tates S teel C o r p . . 62 4 , 631
D a ly -W e s t M in in g _______________ 510
W a r w ic k Iron & S t e e l __________343
D ia m o n d M a tc h _________________ 341
W a s h in g t o n R y . & E le c t r ic -------627
D o m in io n C o a l_______________ 505 , 514
Street R a ilw a ys—
D u P o n t ( E . I .) d e N e m o u r s ___ 449
G eorgia R a ilw a y & E l e c t r ic ____ 570
E m p ir e Steel & I r o n ____________ 510
In te r n a tio n a l T r a c t io n , B u ffa lo . 624
G eneral O h em faa l_____________ . 269 In te r-S ta te R a ilw a y s , P h ila ____ 570
G u ggenheim E x p lo r a t io n .
505 L ou isv ille R y ____________________ 567
H a v a n a T o b a c c o _________
567 T w in C ity R a p id T r a n s it _______ 446

Texas & Pacific Railway.
(.Report for Fiscal Year ending Dec. 31 1906.)
President George J. Gould says in substance:
E a rn in g s.— T h e en tire te r rito r y tr ib u ta ry t o th e r o a d , b o t h in T e x a s a n d
L ou isia n a , e n jo y e d e x c e p tio n a l p r o s p e r ity d u rin g th e p a st y e a r v O u r
gross earnings w ere $ 1 4 ,9 1 4 ,6 0 8 , c o m p a r e d w ith $12 ,1 3 0 ,3 9 1 in 1 9 0 5 , an
Increase o f 2 2 .9 5 % .
T h e e xp en ses o f o p e r a tio n w ere $ 9 ,8 5 4 ,9 2 3 , c o m p a r e d
w ith $ 8 ,2 1 0 ,1 6 7 , an Increase o f 2 0 % , w h ile th e net e a rn in g s w ere $ 5 ,0 5 9 ,685 . an in crea se o f $ 1 ,1 3 9 ,4 6 0 , o r 2 9 .0 6 % .
T h ese e a rn in gs a r e th e la r g e s t
in th e h isto ry o f th e c o m p a n y .
T h e earnings p er m ile s h o w th e s a m e
re la tiv e resu lts, th e gross earnings p er m ile b ein g $ 8 ,1 1 0 a n d th e n e t p e r
m ile $2,751 (co n tra s tin g w ith $6,643 a n d $2,1 4 7 r e s p e c t iv e ly In 1 9 0 5 .— E d .)
T h e in crea se o f e xp en ses o f o p e r a tio n w as $ 1 ,6 4 4 ,7 5 7 : o f th is, 5 4 % , o r
$ 90 1,07 9, w as fo r la b o r an d fu e l.
T h e la b o r q u e s tio n co n tin u e s t o p resen t
a serious p ro b le m and th e d e m a n d s o f la b o r are a g r o w in g b u rd en w h ic h Is
m ore d ifficu lt t o c a r r y fro m ye a r t o y ear.
M arked d e v e lo p m e n t in th e sparsely se ttle d te r rito r y w est o f th e 9 8 t h
m eridian is p a rticu la rly n o tice a b le .
T h e y ie ld o f c o t t o n a lo n e in t h a t s e c ­
tio n has Increased fro m 4 4 ,058 bales in 1902 t o 133 ,719 bales in 1906, w h ile
th e area u nd er c u ltiv a tio n e x p a n d e d in lik e p r o p o r t io n .
T h is t e r rito r y is
re ce iv in g large acce ssio n o f farm er settlers.
P erhaps th e best In d ication o f p e rm a n e n t g r o w th th a t a ra ilw a y o p e r a t in g
In a c o m p a r a tiv e ly new c o u n tr y ca n sh o w Is in its an n u a l Increase o f lo c a l
fre igh t per m ile. T h e T e x a s & P a c ific sh o w s :
Local F reig h t B u sin ess fro m 1903 to 1906.
1906.
1905.
1904.
1903.
L o ca l frt. tr a n s p ’ted ( t o n s ) . .2 ,0 0 5 ,6 3 5
1 ,7 8 2 ,5 7 6
1 ,5 9 5 ,6 8 2
1 ,4 5 4 ,5 0 3
do
d o p er m ile o f ro a d
1 ,090.6
976 .2
87 3 .8
8 4 2 .2
T h e to ta l n u m b e r o f passengers ca rrie d 1 m ile , lo ca l a n d t h r o u g h , i n ­
creased 3 2 .6 3 % o v e r last y e a r.
T h e c a p a c it y o f th e ro a d has been ta x e d t o th e u tm o s t d u rin g th e y e a r t o
m o v e th e business offe re d an d t o a v o id th e c o n g e s tio n th a t Im p ed ed t r a ff ic
u p on th e lines te rm in a tin g a t G a lv e sto n .
T h e c o t to n cr o p d u rin g th e p a s t
year, b o th in T e x a s an d L o u isian a, sh o w s in cre a se d a cre a g e , p a r t ic u la r ly
in th e c o u n t r y tr ib u ta ry t o th e c o m p a n y ’s lin es, a n d th e p la n t has been
health ier, p r o b a b ly d u e t o Increased care b e s to w e d u p o n Its c u lt iv a t io n .
R o a d .— N o Increase has o c c u r re d in th e m ileag e o f th e c o m o a n y ’s lin e s
in T e x a s o r L ou isian a d u rin g th e y ear 1906. T h e e x te n s io n o f th e A v o y e lle s
bra n ch fro m S lm m e sp o rt t o M elv ille (21.76 m ile s ), co n s tr u c te d in 190 5, w a s
p u t in o p e r a tio n ea rly in th e y ear 1906, a n d th e in cre a se d m ile a g e resu ltin g
th e re fro m app ears in this re p o rt.
N ew E q u ip m en t T ru st.— A new series o f e q u ip m e n t tru st ce r tific a te s w a s
Issued du rin g the ye a r d e sign a te d Series G , a m o u n tin g t o $ 2 5 0 ,0 0 0 , s e c u r e d
b y th e fo llo w in g e q u ip m e n t: 12 lo co m o t iv e s , 75 c o m b in a t io n c o a l a n d b a l ­
last cars, 20 c a b o o s e cars, 3 b a g g a g e and express ca rs , 1 b a g g a g e, m a ll a n d
express ca r, 1 p o s ta l ca r.
(V . 8 3 , p . 1591.)
A p p lic a tio n o f R eso u rces.— T h e fo llo w in g s ta te m e n t w ill s h o w in w h a t
m an n er th e c o m p a n y 's resources w ere ap p lie d d u rin g th e y e a r:
R esources— •
Cash o u han d D e c. 31 19 0 5 ___________________________________________ $ 8 0 5 ,7 7 0
Surplus fro m o p e r a tio n an d o th e r net In com e, 190 6------------------------- 3 ,0 8 2 ,8 1 8
D ecrease In assets (n ew e q u ip m e n t )_________ _______________________
2 3 0 ,2 4 7
Increase in liab ilities (ch ie fly bills a n d a c c o u n ts p a y a b le ) --------------- 1 ,9 0 9 ,4 3 5
T o t a l ..................................................................................................................... $ 5 ,7 9 8 ,0 2 3
D ed uctions—
D iv id e n d o n 2d M. b o n d s z $ l , 2 3 3 ,8 0 6 1L ouisiana b ra n ch l i n e s . . . $ 4 7 6 ,6 4 4
Im p r o v e m e n t a c c o u n t ____ ^ 919,154 |Increase In assets, a c c ’ts
E q u ip m e n t a c c o u n t _______ x599,420|
co lle c tib le , & c --------------- 1 ,5 8 5 ,2 5 6
C ost ro a d an d e q u lp m ’t - 1 9 8 ,5 9 1 1D e cre a se in l i a b i l i t i e s ____
2 32 ,684
T o ta l d e d u c t io n s ._______ __________________________________________ $ 5 ,2 4 5 ,5 5 6
B a la n ce, cash on h a n d , D e c. 31 1 9 0 6 -------------------------------------------------- $ 5 5 2 ,4 6 7
x In clu d e d In th e in c o m e a c c o u n t b e lo w .— E d

688

THE CHRONICLE.

M a in ten a n ce and im p ro v em en ts.— T h e fo llo w in g e x p e n d itu re s fo r t h e
p r o p e r m a in te n a n c e a n d im p ro v e m e n t o f th e p r o p e r t y , a g g r e g a tin g $ 1 ,1 1 7 ,22 8 , w ere m a d e d u rin g th e y e a r .
O f this a m o u n t $19 8,07 3 w as c h a r g e d
t o ca p ita l a c c o u n t a n d th e b a la n ce t c in c o m e :
B a llast - --------------- ------------------$20 0,18 9 |S id e tr a c k s ......... ........................ .. $29 ,949
C h an gin g
a lig n m en t
and
|D o u b le t r a c k s _______________
4 2 ,8 8 6
gy a d in g ------------------------------- 104 ,946 I B ridges a n d c u lv e r ts ________ 1 3 8 ,8 6 7
D itc h in g a n d e m b a n k in g ___
4 9 ,6 1 4 1T elegraph lin e c o n s t r u c t ’ n _ .
28,306
F illin g b r id g e s --------------- ,------13,695 |B u ild in gs, s tru ctu re s , & c ___ 2 0 4 ,9 3 0
S teel rails an d c o s t o f la y in g . 3 0 3 ,8 4 6 1
T h e a m o u n t ch a rg ed t o m a in te n a n c e o f w a y a n d stru ctu re s d u rin g t h e
y e a r w as $ 1 ,5 2 2 ,0 8 1 , b e in g a n in crea se o f $ 2 3 1,39 6 o v e r la s t y e a r ; 123
m iles, o r 1 4 ,555 to n s, o f 7 5 -lb . steel rails w ere la id in t r a c k d u rin g th e y e a r ,
m a k in g a to ta l o f 1 ,1 7 2 .6 m iles o f m ain tr a c k la id w ith 7 5 -lb . ste e l ra ils .
8 43 ,072 cross-ties a n d 399 sets o f sw itch -tie s w e re also la id in th e t r a c k d u r ­
in g th e y e a r , a t a c o s t o f $ 37 0,20 8.
T h e fo llo w in g b allast w as p la c e d in t h e
tr a c k d u rin g th e y e a r , a t a c o s t o f $20 0 ,1 8 9 ; R o c k , 4.20 m iles; c in d e r s ,
6 .0 3 m iles; g r a v e l, 67.60 m iles; to t a l, 7 7 .8 3 m iles.
B o n d s , & c .— T h e a m o u n t o f fu n d e d d e b t p e r m ile o f r o a d o w n e d a n d
o p e r a te d b y this c o m p a n y w as o n D e c . 31 1906 $ 2 9 ,4 9 8 , o n w h ic h t h e i n ­
terest c h a rg e p e r m ile w as $ 1,552; o f th is $ 71 1.85 w as c o n d it io n a l o n e a r n ­
in gs, w h ile th e net earnings p e r m ile fo r t h e y e a r w ere $ 2 ,7 5 1 .
C a p ita l
s t o c k issu ed p e r m ile , $ 20 ,9 7 6 .
d e s c r ip tio n o f R oad D ec . 31.
— W eight o f R a ils (M ile s ) —
------L ength o f B rid g es (fe e t).-----75-lb. 63-lb. 56-lb. Other.
Iro n .
W ood . C o m b ’ n . T restles.
116
511
71
13,3 2 9
141
519
1 7 4 ,4 6 2
19 0 6 ------------- 1,173
190 5
1,049
116
611
71
12,486
188
1,2 6 9
1 7 6 ,9 1 4
190 4
910
116
742
71
11,848
603
1,219
189 ,369

Below will be found comparative tables for a series of years
of operations, earnings, expenses, & c.,an d certain statistics.
• •
F R E I G H T C A R R I E D (000s om itted ).
psr*-"-.! ■
Total
L iv e
Y ea r—
tons.
L u m b er. S tock.
G ra in .
Cotton.
1906
4,7 3 4
924
135
394
221
1905
4,157
741
135
415
184
1904 ..............3,673
608
128
181
218
1903 ------------4,0 7 2
649
137
592
222
1902 ------------ 3,816
606
127
485
211
1901 .............. 3,7 9 2
568
116
589
192

Coal.
446
370
365
424
324
404

M a n u fs . &
M erch .
1 ,0 1 4
910
870
894
1 ,0 3 6
893

O P E R A T I O N S , E A R N I N G S , E X P E N S E S , & c.
1906.
1905.
1904.
1903.
M iles o p e r a t e d ----------------1,848
1,826
1,826
1,8 2 7
O perations— •
Passen gers c a r r ie d ........... 2,5 3 6 ,6 6 1
2 ,0 4 4 ,3 0 9
2 ,1 5 1 ,5 5 3
1 ,9 1 1 ,3 5 1
P a ssen gers c a r r ie d 1 m il e l 4 9 ,6 7 7 ,5 5 2 1 1 5 ,5 0 2 ,5 3 9 1 2 5 ,2 2 7 ,7 5 8
1 0 6 ,4 5 6 ,3 9 4
R a te p e r pass, p e r m ile .
2.41 c ts .
2 .3 5 cts.
2.29 cts.
2.3 4 c t s .
F reigh t (ton s) m o v e d . . .
4 ,7 3 4 ,0 0 2
2,1 5 6 ,7 0 1
3 ,6 7 3 ,3 5 0
4 ,0 7 2 ,6 6 0
F reig h t (tons) m il e a g e ..9 6 1 ,1 8 9 ,7 1 4 81 4 ,3 0 2 ,1 4 1 7 3 2 ,7 7 5 ,7 3 5 8 3 6 ,6 8 2 ,2 6 2
A v . ra te p e r t o n p e r m ile
1.03 cts.
1.01 cts.
1.1 5 c ts .
1.01 c t s .
A v e r , tra in -loa d (rev .) _ _
218
215
211
207
G ross earnings p e r m ile .
$8,110
$6,643
$6,809
$7,003
T ran sp ortation receipts—
$
$
$
$
F r e ig h t........ ................... ..
9 ,9 0 1 ,7 0 2
8 ,2 4 3 ,2 2 9
8 ,4 0 7 ,9 9 2
8 ,5 0 4 ,4 6 2
P a s s e n g e r ----------------------3 ,6 0 2 ,0 0 6
2 ,714,881
2 ,8 6 1 ,7 4 2
2 ,4 9 4 ,5 4 5
M a l l . . . ----------- ---------------3 00 ,136
280 ,0 7 3
271 ,753
2 69 ,683
E x p r e s s --------------------------3 38 ,967
275 ,577
2 96 ,756
2 2 3 ,0 0 8
M is c e lla n e o u s ___________
771 ,7 9 6
616 ,630
5 9 4 ,9 0 4
6 0 3 ,0 4 6
T o t a l --------------------------- 1 4 ,9 1 4 ,6 0 8
T ran sp ortation exp en ses—
M a in t. o f w a y & s t r u c . .
1 ,522,081
M ain t. o f e q u ip m e n t___
1,8 3 8 ,0 4 0
C o n d u ctin g tr a n s p o r ta ’n 6 ,0 7 7 ,6 2 6
G en eral e x p e n s e s _______
4 17 ,176

1 2,130,391

1 2 ,4 3 3 ,1 4 7

1 2 ,0 9 4 ,7 4 4

1 ,2 9 0 ,6 8 5
1,3 7 1 ,4 1 3
5 ,1 2 4 ,3 7 3
423 ,6 9 5

1 ,331,901
1 ,3 7 3 ,4 5 1
5 ,0 1 8 ,2 8 8
3 8 8 ,0 5 2

1 ,5 1 8 ,0 9 8
1 ,3 9 5 ,2 6 5
5 ,0 1 1 ,6 6 3
3 6 1 ,0 8 0

T o ta l (e x c l. t a x e s ) —
P . C. o f e x p . t o ea rn s----N et earns, fro m o p e r a ’n .
O th er r e c e ip ts ___________

9 ,8 5 4 ,9 2 3
(66.08)
5 ,0 5 9 ,6 8 5
56,0 1 7

8 ,2 1 0 ,1 6 6
(67.68)
3 ,9 2 0 ,2 2 5
584 ,162

8 ,1 1 1 ,6 9 2
(65.24)
4 ,3 2 1 ,4 5 5
61,7 4 4

8 ,2 8 6 ,1 0 6
(6 8 .5 1 )
3 ,8 0 8 ,6 3 8
171,485

T o t a l in c o m e __________
D isbursem en ts—
In teres t o n b o n d s _______
I n t. o n 2 d l n c o m e s ( 5 % ) .
F ire c la im s _______________
T a x e s ----------------------------In teres t a n d d is c o u n t ___
Im provem en t a c c o u n t ..
E q u ip m e n t a c c o u n t ____
M is c e lla n e o u s ___________

5 ,1 1 5 ,7 0 2

4 ,5 0 4 ,3 8 7

4 ,3 8 3 ,1 9 9

3 ,9 8 0 ,1 2 3

1,4 7 5 ,6 5 0
1,5 0 7 ,7 8 5
1 ,4 9 0 ,0 1 5
1 ,2 3 3 ,8 0 6
1 ,2 3 3 ,8 0 6
1 ,2 3 3 ,8 0 6
_______ 164,140
___________
333 ,7 6 4
3 4 5 ,4 3 8
3 1 2 ,2 9 7
172 ,310
123 ,400
104,669
9 1 9 ,1 5 5
5 5 7 ,5 9 5
7 00 ,584
599 ,4 2 0
5 7 0 ,5 2 3
5 7 1 ,6 4 9
51,160
3 2 ,4 6 3
4 5 ,2 4 5

1 ,4 7 3 ,3 5 4
1 ,161,900

4 T o t a l d is b u r s e m e n t s .. 4 ,7 8 5 ,2 6 5
4 ,5 3 5 ,1 5 0
B a la n ce .................................sur. 330 ,437 d e f. 30,763

2 9 6 ,0 5 3
4 0 8 ,9 4 9
2 7 3 ,2 6 4
568 ,121
2 1 ,6 6 0

4 ,4 5 8 ,2 6 5
4 ,203,301
d e f.7 5 ,0 6 7 d e f.2 2 3 ,1 7 8

G E N E R A L B A L A N C E S H E E T D E C . 31.
1906.
1905.
1904.
R a ilr o a d , e q u ip m ’ t, & c . 8 9 ,2 3 1 ,8 8 9
N . O . P a c. R R . s t o c k ___ a 6 ,7 1 6 ,2 0 0
S ecurities o w n e d ------------6 4 7 ,5 9 8
E le v a to r propezfcy--------5 0 9 ,2 0 5
N ew e q u ip m e n t -.............
1 ,198,782
_______
G o rd o n co a l m in e _______
M aterials o n h a n d _______
4 7 9 ,3 8 4
C a s h o n h a n d ........ ..............
552 ,467
A c c o u n t s c o lle c t ib le ____
2 ,7 7 9 ,3 3 7
L a n d n otes r e c e iv a b le - .
50,9 4 0
M is c e lla n e o u s ___________
291.099

8 8 ,5 5 6 ,6 5 4
a 6 ,7 1 6 ,2 0 0
6 37 ,355
509 ,205
1,4 2 9 ,0 2 9
141,541
310 ,3 8 3
8 0 5 ,7 7 0
1 ,2 2 1 ,0 0 6
3 6 ,965
114 ,408

8 7 ,7 6 8 ,2 1 4
a 6 ,7 1 6 ,2 0 0
682 ,054
5 0 9 ,2 0 5
1 ,7 4 4 ,2 7 5
141,541
225 ,6 5 6
509 727
1 ,1 2 6 ,9 4 0
3 6 ,508
158 ,203

1903.
8 7 ,4 0 5 ,5 5 9
a 6 ,7 1 6 ,2 0 0
686 ,1 0 8
5 0 0 ,3 9 0
2 ,1 4 0 ,1 1 6
141,541
5 2 2 ,8 7 6
3 5 1 ,1 3 3
1 ,1 2 6 ,6 5 0
31,930
231 ,662

T o ta l a s s e t s ................... 10 2 ,4 5 6 ,9 0 2 1 0 0 ,4 7 8 ,5 1 5 9 9 ,6 1 8 ,5 2 3
9 9 ,8 5 4 ,1 6 8
L iabilities—
C a p ita l s t o c k ____________ 3 8 ,7 6 3 ,8 1 0 3 8 ,7 6 3 ,8 1 0
3 8 ,7 6 3 ,8 1 0
3 8 ,7 6 3 ,8 1 0
B o n d s, &C_______________ 5 4 ,5 0 1 ,6 9 3 5 4 ,4 9 5 ,5 6 5 5 4 ,2 2 2 ,8 1 4
5 4 ,2 7 9 ,6 0 2
E q u ip m e n t o b lig a t io n s .
1,198,781
1,4 2 9 ,0 2 9
1 ,7 9 1 ,6 1 3
2 ,2 5 0 ,0 1 0
V o u ch e rs a n d p a y -r o lls .
1 ,1 3 8 ,7 5 9
9 0 2 ,5 7 0
8 0 7 ,5 8 4
9 53 ,438
I n t . d u e a n d a c c r u e d ___
2 77 ,120
272 ,954
3 08 ,118
3 1 9 ,7 0 2
Bills p a y a b le ............... .. 4 ,4 5 0 ,2 0 0
3 ,1 6 6 ,8 0 0
1 ,9 8 3 ,4 0 0
1 ,6 2 5 ,0 0 0
O th er a c c o u n t s __________
555 ,8 2 5
207,511
470 ,1 4 5
316,501
I n c o m e a c c o u n t ________ 1 ,5 7 0 ,7 1 2
1 ,2 4 0 ,2 7 5
1 ,2 7 1 ,0 3 9
1 ,3 4 6 ,1 0 6
** T o t a l lia b ilitie s -...........1 0 2 ,4 5 6 ,9 0 2 1 0 0 ,4 7 8 ,5 1 5

9 9 ,6 1 8 ,5 2 3

9 9 ,8 5 4 ,1 6 8

a T h is item is n o t an a v a ila b le asset, b u t is h e ld s im p ly t o p r o t e c t ce rta in
rig h ts a n d fra n ch ises a p p e rta in in g t o th e line in L o u is ia n a .— V . 8 4 , p . 509 ,
52.

Pittsburgh & Lake Erie R R .
(Report for Fiscal Year ending Dec. 31 1906.)
President W . H . Newman says in substance:
N ew S tock.— O n D e c. 12 1906 th e b o a r d o f d ir e cto r s p assed a r e s o lu tio n
p r o v id in g fo r th e in crea sin g o f t h e c a p ita l s to c k fro m $ 1 0 ,0 0 0 ,0 0 0 t o $ 3 0 ,0 0 0 ,0 0 0 , all o f w h ich is t o b e c o m m o n s to c k .
T h is in crea se w as a p p r o v e d
b y th e sto c k h o ld e r s a t a sp e cia l m e e tin g h e ld F e b . 28 1907.
A g reem en t.— O n N o v . 28 1906 an a g re e m e n t w as m a d e w ith th e W a b a s h P itts b u r g h T e r m in a l R a ilw a y C o. fo r th e jo in t use o f o u r tra ck s b e tw e e n
th e T e r m in a l C o m p a n y ’s c o n n e c tio n a t W e st E n d , P itts b u r g h , an d o u r
fre ig h t term in als a t P itts b u r g h , a d ista n ce o f 2 m iles; th e a b a n d o n in g o f th e
T e r m in a l C o m p a n y ’s r iv e r t ip p le a t S aw M ill R u n t o e n a b le o u r r o a d t o raise
its tr a c k s a b o v e high w a te r, a n d t h e e x c h a n g in g o f rea l e sta te fo r te rm in a l
p u rp oses in P itts b u r g h , fo r th e m u tu a l a d v a n ta g e o f b o t h c o m p a n ie s .
G eneral R esu lts.— T h e earnings in co m p a r is o n w ith 1905 s h o w in crea ses
as fo llo w s :
F r e ig h t t r a ff ic ________________ 1 2 .7 4 % IG ross e a rn in g s_________________ 1 2 .8 0 %
P a ssen ger t r a ff i c ______________1 3 .1 6 % |Net e a r n in g s __________________ 1 1 .4 4 %




[V o l .

l x x x iv

.

E x tra o rd in a ry E x p en d itu res in O pera ting E x p e n s e s .— T h e exp e n ses for t h e
y e a r in c lu d e e x t r a o r d in a r y ite m s a g g re g a tin g $ 4 ,9 3 3 ,4 1 6 , v iz .:
R ig h ts o f w a y ----------------------- $8 0 4,26 6 |N ew d e p o t s a n d b u i l d in g s .. $38 8 ,2 7 2
N e w s i d in g s ________________
266 ,1 9 7 |N ew b r id g e s ________________
1 4 7 ,5 5 7
S e c o n d t r a c k _______________
4 3 ,173 |K o p p e l b r a n c h ______________
9 ,7 6 8
T h ir d t r a c k --------------------------- 379 ,112 |E llw o o d S o u th e rn e x te n s io n
5 ,7 0 4
F o u rth t r a c k _______________
2 10 ,753 |N ew l o c o m o t iv e s ___________
2 5 7 ,6 0 0
I n te r lo c k , a n d e le c. s ig n a ls .
1 9 ,9 4 6 1N ew p a ssen g er c a r s ________
1 4 3 ,5 8 7
R e m o v a l g ra d e c r o s s i n g s ..
3 4 ,8 6 1 1N ew fre ig h t c a r s ____________ 2 ,2 2 2 ,6 1 9
Controlled C o m p a n ie s .— T h e earnings o f t h e P itts b u r g h C h artiers &
Y o u g h io g h e n y R y . w e re s u ffic ie n t t o p a y t h e e x p e n s e s , fix e d ch a rg e s , 6 %
d iv id e n d , a n d re tire t w e n ty -n in e b o n d s .
T h e in c re a s e d earn in gs o f th e
M o n o n g a h e la R R . e n a b le d It t o p a y its fix e d ch a r g e s , re tire a fe w first m o r t ­
ga g e b o n d s a n d a p p ly th e b a la n c e t o t h e b e tte r m e n t o f th e p r o p e r t y .
RESU LTS FOR C A LE N D AR

YEARS.
1905.
2 4 ,9 0 0 ,5 7 4
1 ,0 9 2 ,4 3 4

1904.
1 9 ,9 6 7 ,5 8 9
8 9 8 ,0 6 1

T o t a l t o n s _________ _________ ________ 2 9 ,4 6 6 ,1 2 3 2 5 ,9 9 3 ,0 0 8
C arried 1 m ile --------------------------------------- 1896158559 1635970184
C o m p a n y 's freig h t ca rried 1 m ile ------- 4 6 ,3 9 6 ,0 3 8 4 7 ,5 7 4 ,3 2 7

2 0 ,8 6 5 ,6 5 0
130 094481 8
3 4 ,1 5 8 ,8 6 5

T o t a l c a r r ie d 1 m i l e . . .......................-.1 9 4 2 5 5 4 5 9 7
B itu m in o u s c o a l ----------------------------------- 1 1 ,4 0 2 ,3 1 5
C o k e - - - _________________ __________ _
4 ,6 5 6 ,2 2 9
O r e s ------------------------- -----------------------------3 ,9 6 8 ,4 5 2
S to n e , s a n d , & c ----------------------------------2 ,0 0 3 ,6 1 2
M iscella n eo u s —
N u m b e r o f passengers c a r r ie d _______
3 ,0 0 5 ,3 4 9
P a ssen gers ca rrie d 1 m ile ------------------- 6 6 ,8 7 7 ,6 3 6
F re ig h t earnings p e r t o n p er m ile ------- 0.681 c ts .
$7.8 1
F re igh t earnings p er tra in m ile ----------A v . N o . to n s (re v .) p e r tra in m ile ___
1,147
A v . N o . to n s (all) p e r tr a in m ile ------1,175
E a rn in g s p er p assen g er p er m ile ------1.81 c t s .
E a rn in g s p er p assenger tra in m ile —
$1.14
$ 76 ,510
G ross earnings p er m ile -----------------------

1683544511
9 ,5 1 8 ,1 3 6
4 ,8 1 1 ,2 3 6
3 ,4 6 1 ,5 5 5
1,591,331

1335103683
9 ,0 6 9 ,1 9 6
3 ,0 6 9 ,7 9 0
2 ,4 0 9 ,7 6 3
1 ,1 3 3 ,4 1 1

2 ,5 7 5 ,5 1 5
5 8 ,2 2 8 ,6 3 8
0 .7 0 0 c ts .
$7.53
1,076
1,107
1.84 c t s .
$1.15
$67,825

2 ,3 7 4 ,1 3 4
5 4 .2 0 0 ,3 9 3
0 .6 7 2 c t s .
$ 6 .8 0

T on s C a rried — •
E a rn in g r e v e n u e _______________________
C o m p a n y ’s f r e ig h t ____________________

190 6.
2 8 ,2 7 1 ,9 6 9
1 ,1 9 4 ,1 5 4

I 1,012
1,039
1.8 4 c t s .
$ 53 ,011

E A R N I N G S , C H A R G E S , &C.
1906.
M iles o p e r a t e d —
- - --------------190.70
E a rn in g s from O pera tion—•
$
F re ig h t t r a ff i c ----------------------------- ---------- 13,0 5 1 ,8 8 0
P a ssen ger t r a ff ic --------------------. —
1,2 8 7 ,5 6 5
63,027
E x p re ss t r a ffic ------------------- —
T ra n sm issio n o f m a ils --------------------------33,322
33,460
R e n t a ls - - ----------------- ------------------1 2 ,2 4 2
M iscella n eou s s o u r c e s . ---------------------

1905.
190 .70
S
1 1 ,5 7 6 ,7 3 8
1 ,137,818
52,8 1 9
3 0 ,1 4 7
29,753
10,461

1 90 4.1
190 .70
$
8 ,8 3 8 ,9 1 1
1 ,0 6 3 ,9 6 4
5 1 ,5 4 0
2 6 ,961
29,591
2 4 ,5 4 3

T o t a l s ------------------------------------------- - 1 4 .4 8 1 ,4 9 5
E x p en se s o f O pera tion—
M a in te n a n ce o f w a y a n d s tr u c tu re s . _ 1 ,3 6 4 ,8 2 3
1 ,2 6 2 ,7 2 2
M a in te n a n ce o f e q u ip m e n t - - ----------3,3 9 4 ,1 4 0
C o n d u c tin g tr a n s p o r ta tio n - ----------2 38 ,887
G eneral e x p e n s e s ----------2 ,3 0 9 ,6 0 9
N ew c o n s t r u c ’ n (a d d ’ ns & b e t t e r m ’ts)
2 ,6 2 3 ,8 0 7
N ew e q u ip m e n t (a d d it io n s )---------------

1 2 ,8 3 7 .7 3 6

1 0 ,0 3 5 ,5 1 0

1 ,3 3 3 ,9 6 3
1 ,2 7 6 ,1 4 4
2 ,7 7 7 ,7 3 5
189,075
2,4 0 4 ,8 8 4
1,9 0 5 ,8 2 3

1 .3 8 5 ,4 9 5
1 .2 2 1 ,7 4 2
2 .5 8 5 ,0 5 9
176,958
1,1 7 9 ,0 5 1
1 .1 7 3 ,3 3 8

11 ,1 9 3 ,9 8 8
T o t a l e xp en ses . . —
------—
(77.30)
P er c e n t o f e x p e n s e s t o e a r n in g s ------3 ,2 8 7 ,5 0 7
N et e a r n in g s--------- --------------------- -------89,021
I n te re s t o n lo a n s , & c ---------------------------

9 ,8 8 7 ,6 2 4
(77.02)
2 ,9 5 0 ,1 1 2
68,446

7 ,7 2 1 ,6 4 3
(76.94)
2 .3 1 3 ,8 6 7
19,818

T o t a l n et in c o m e ------------------------------D ed u ct—
In terest o n fu n d e d d e b t ------- —
—
R e n ta ls leased l i n e s . - - - - . . . . .
T a x e s a n d m is c e lla n e o u s ------------------------U se jo in t fa c ilitie s ------------- - —

3 ,3 7 6 ,5 2 9

3 ,0 1 8 ,5 5 8

2 ,3 3 3 ,6 8 5

220 ,0 0 0
481 ,617
181 ,918
7,971

221 ,1 2 5
478,661
170,622
5,222

2 2 2 ,0 4 2
47 5 ,8 7 9
162 ,875
-----------

T o t a ls ----------------------------------------------N et I n c o m e ------------------------------------------D iv id e n d (1 1 % in ’ 06; 1 0 % In ’0 5 & ’04)

891 ,5 0 7
2 .4 8 5 ,0 2 2
1 ,1 0 0 ,0 0 0

875 ,631
2 ,1 4 2 ,9 2 7
1 ,0 0 0 ,0 0 0

8 6 0 ,7 9 6
1 ,4 7 2 ,8 9 0
1,0 0 0 ,0 0 0

1 ,3 8 5 ,0 2 2

1 ,1 4 2 ,9 2 7

,

4 7 2 ,8 9 0

G EN ER AL B A L A N C E SH EE T D EC. 31.
1906.
1905.
1906.
1905.
!
$
| Liabilities
5
$
Assets—
$
Cost of road----------10 ,267,973 10,267,973! Capital s to ck ......... 10 ,000,000 10 000,000
Cost of equipm ent. 6, ,641,961 6.641,961 j Funded d e b t..........4 ,000,000 4.000,000
j Wages & supplies . 1,195,353 1.090,341
Advances for lessor
539,316
477,919
and other cos___*3 ,998,186 1,860,430 j Traffic bals. pay’le
85,000
911,568; Interest accrued - .
Stk. in sundry c o s. 1,,030,558
85,000
600,000
22,570: D iv. pay'le Feb. 1.
Bds. in sundry cos.
9,931
500,000
90,458
i Sundry accts. p a y .
89.211
Real est. not used
26,530
26,5301Pitts. McKees. &
in oper. of road.
Yough’y R R .C o.
744,549
668,091
.542.966
874.093
Fuel and supplies.
621,469
,343,160 2.721.412 Item s in suspense.
857,349
C ash_____________
125.000 Profit and loss------ 5,696,633 7.319.552
Loans & bills rec’ le
559.815
Traffic bal. rec'le.
Sundry collectible
.700,220 1,598,061
accounts_______
201,300
15,189
Items in suspense.

,

T o t a l ...................26,572.778 25,293,465

T o t a l ...................26.572,778 25,293.465

*Mahoning State Line R R ., $101,373; Little Kanawha syndicate. $3,765,476:
Greene County R R . syndicate, $125,000; R accoon Branch, $4,336.— V . 84, p. 509.

United Railways Co. of St. Louis.
{Report for Fiscal Year ending Dec. 31 1906.)
President John I. Beggs, Jan. 21 1907, writes in substance:
E a rn in g s .— T h e gross earnings a n d o th e r In co m e In creased $ 6 8 6 ,3 3 2
( 8 .1 1 % ) ; o p e ra tin g e x p e n se s, t a x e s , reserve fu n d a c c r e tio n s a n d d e p r e c ia ­
tio n charges increa sed $24 9,04 3 ( 4 .6 8 % ) , le a v in g a surplus fo r th e y e a r o v e r
an d a b o v e th e p re fe rre d s to c k d iv id e n d o f $55 2,30 0 (2 .2 2 % o n th e c o m m o n
s to c k ).
A cq u isitio n o f the S t. L o u is & Suburban R y . — A ll th e p r o p e r t y , fra n ch ise s
an d o th e r assets o f th e S t. L ou is & S u b u rb a n R y . C o . w e re a c q u ir e d a n d t h e
p r o p e r t y d e e d e d t o th e U n ite d R a ilw a y s C o . o f S t. L o u is, a n d w e c o m m e n c e d
o p e ra tin g th e lines as part o f o u r system at m id n ig h t o f D e c . 31 1906. T h is
p r o p e r ty w as a c q u ir e d b y th e e x ch a n g e o f 40,000 shares o f t h e p r e fe rr e d
c a p ita l s to c k o f th e U n ited R a ilw a y s C o . o f S t. L ou is fo r an e q u a l a m o u n t —
th e en tire a m o u n t o u ts ta n d in g — o f th e ca p ita l s t o c k o f t h e S t. L ou is &
S u b u rb a n R y . a n d b y th e U n ite d R a ilw a y s C o . o f S t. L o u is a ssu m in g t h e
p rin cip a l a n d Interest o f th e b o n d e d d e b t o f th e S t. L o u is & S u b u r b a n R y . ,
a m o u n tin g in th e a ggre ga te t o $ 7 ,5 0 0 ,0 0 0 , t o g e th e r w ith its flo a tin g d e b t ,
ag g re g a tin g a b o u t $44 7 ,0 0 0 .
B y th is a c q u is itio n w e a c q u ir e d 105 .32 m iles
o f a d d itio n a l t r a c k ; 41.20 m iles lo c a te d in t h e c it y o f S t. L ou is a n d 6 4 .1 2
m iles lo c a te d in th e c o u n t y o f S t. L o u is , b rin g in g o u r to t a l tr a c k a g e as o f
J a n . 1 1907 u p t o 4 56 .14 m iles; 350 .09 m iles be in g in th e c it y o f S t. L ou is
an d 106 .05 m iles In th e c o u n t y o f S t. L ou is.
T h e gross earnings o f th e S t. L ou is & S u b u rb a n R y . fo r t h e y e a r 190ft
w e re $ 1 ,1 4 4 ,0 4 0 .5 4 .
T h e o p e ra tin g e x p e n s e s a n d fix e d ch a rge s, h o w e v e r
e x c e e d e d th e gross r e ce ip ts fo r th e y e a r 1906 t o th e a m o u n t o f $ 96 ,800 .
U n d er th e te rm s o f th e pu rch ase o f th e S t. L ou is & S u b u r b a n R a ilw a y
p r o p e r t y , d iv id e n d s are n o t t o b e p a id u p o n th e p re fe rre d s t o c k g iv e n In
e x ch a n g e fo r th e s to c k o f th e S t. L ou is & S u b u rb a n p r o p e r t y u n til a f t e r
Ja n . 15 1908, an d w e be lie v e th a t d u rin g 1908 th e c o n s o lid a te d p r o p e r t y
w ill earn th e d iv id e n d o n all o f th e p re fe rre d s to c k o u ts ta n d in g w it h o u t
re d u c in g g r e a t ly — If a n y — th e surplus w h ich w o u ld n a tu ra lly h a v e a c ­
c ru e d In th a t y e a r fo r th e c o m m o n s t o c k o f y o u r p r o p e r ty .
F u n d ed D eb t.— T h e fu n d e d d e b t w as Increased d u rin g th e y e a r b y $ 7 ,5 0 0 ,0 0 0 — th e a m o u n t o f b o n d s o u ts ta n d in g again st th e S t. L ou is & S u b u rb a n .

THE CHRONICLE.

M a r . 23 1907.]

T h e $ 7 0 0,00 0 u n d e rly in g 5 % b o n d s o f th e M issouri R R . d u e M arch 1 1906
•were p a id a n d $ 7 0 0,00 0 first gen eral m o r tg a g e b o n d s o f t h e U n ite d R a ilw a y s
C o . w ere Issued in th e ir s te a d , a n d t h e s e , w ith $3 0 0 ,0 0 0 o f t h e sa m e issue
In th e tre a s u ry t o th e cre d it o f o u r reserv e fu n d s w e re d is p o s e d o f t o ce r ta in
ba n k s a n d tru s t c o m p a n ie s o f th e C ity o f S t. L ou is a t 8 6 % .
Th e p roceeds
o f th e sale o f th e $ 7 0 0 ,0 0 0 , to g e t h e r w ith a s u fficie n t a m o u n t fro m o u r c u r ­
r e n t fu n d s t o m e e t th e d is c o u n t, w as u se d t o liq u id a te t h e M issouri R R ,
b o n d s , th e a m o u n t o f d isco u n t h a v in g b e e n c h a rg e d a g a in st t h e su rp lu s
earnings.
O n J u ly 1 1907 $ 1 ,5 0 0 ,0 0 0 u n d e rly in g 6 % b o n d s o f t h e C itize n s’ R a ilw a y
w ill m a tu r e , fo r w h ic h w ill b e Issued t o us first ge n e ra l 4 % b o n d s r e s e rv e d
f o r th is p u rp ose, r e d u cin g th e a n n u al fix e d ch arges o f th e c o m p a n y $ 3 0 ,0 0 0 .
R eserve F u n d s .— T h e in ju ries a n d da m a ges reserve fu n d a n d th e fire i n ­
su ra n ce reserve fu n d h a v e b e e n in cre a s e d d u rin g th e y e a r b y ch a rg in g in
a g ain st o p e r a tin g e xp en ses an a m o u n t in e xce ss o f th e a m o u n t p a id o u t.
F iv e per c e n t o f th e gross r e c e ip ts e a ch m o n th has been ca rried t o a d e p r e ­
c ia tio n reserv e fu n d t o m e e t e x tr a o r d in a r y o u tla y s fo r r e p la c e m e n ts a n d r e ­
n ew a ls (see b a la n ce sheets b e lo w .— E d .) .
P ow er and S u b -S ta tion s.— D u rin g th e y e a r t h e U n io n D e p o t 'p o w e r pla n t
w a s d is co n tin u e d an d a p a rt o f th e m a c h in e r y s o ld .
A new s u b -s ta tio n is
u n d e r c o n s tr u c tio n a t S prin g A v e . a n d w h e n c o m p le t e d th e o p e r a tio n o f
t h e Cass A v e . p o w e r -p la n t w ill be d is c o n tin u e d .
In s u b -s t a t io n s rotaries
r e p r e s e n tin g a n aggregatejof| 3,500 K .JW. w ere in sta lled .
C a rs and E q u ip m e n t.— N o a d d itio n a l passenger cars w ere a d d e d t o t h e
e q u ip m e n t , b u t w ith th e b e g in n in g o f th e n ew y e a r it is e x p e c t e d w e jw lll b e
a b le t o c o m m e n ce th e c o n s tr u c tio n o f cars in o u r n ew sh op s.
T rack and R oa d w a y. — D u rin g th e y e a r th e re w ere r e c o n s tru cte d a b o u t
2 5 .5 7 m iles o f tr a c k , w h ic h w e re rela id o n a c o n c r e te b ase w it h 9 -In ch
g r o o v e d rail, a n d 1.60 m iles w ere rela id w ith 7 5 -lb . te e rail a n d 0 .1 7 m iles
r e -la id w ith 7 -in c h g ird er r a il, a ll r e p la c in g v e r y b a d ly w o rn t r a c k .
D u rin g
1907 it is p r o p o s e d t o r e c o n s tru ct a la rg e m ile a g e o f tr a c k in a b o u t t h e sam e
w ay.
S u m m a ry o f C a p ita l E x p en d itu res fo r thejYearlXQOQ.
T r a c k & r o a d w a y c o n s tr’n - - $ 6 1 9 ,0 5 6 1M iscella n eou s e q u ip m e n t ___ 1 $ 2 6 ,9 7 2
E le c t r ic line c o n s t r u c tio n ___
96,970 i P o w e r p la n t , b ld g s. & e q u ip .
73,621
R e a l e s ta te , b u ild in g s , & c - - 235,436|
---------------T o t a l .................................. - _____________ ______________________________ $ 1 ,0 5 2 ,0 5 5
L ess cars a n d e le ctr ic e q u ip m e n t o f cars s o l d ----------------------------------1 1 8 ,0 2 6
N et ca p ita l o u t la y -----------------------------------------------------------------------------RESU LTS FOR C A LE N D AR

$ 9 3 4,02 9

YEAR.

1 90 6.
1905.
190 4.
1903.
T o t a l rev.J pass. c a r r ie d -1 8 3 ,2 3 7 ,8 8 6 1 70 ,009 ,69 1 2 0 1 ,3 1 6 ,5 3 2 1 4 7 ,1 4 1 ,4 2 9
8 3 ,9 7 4 ,5 0 2
6 3 ,0 9 6 ,6 7 9
7 4 ,2 3 1 ,4 7 0
T ra n sfers a n d p a s s e s — 8 1 ,1 8 3 ,3 2 4
$
$
$
$
9 ,9 5 3 ,3 9 8
7 ,2 5 9 ,4 6 0
8,4 2 4 ,3 2 2
G ross e a r n in g s ----------------9 ,1 0 5 ,7 8 9
5,7 5 1 ,0 6 7
x 5 ,318,369
4 ,5 1 3 ,5 1 5
O p er. e x p . a n d t a x e s — £ 5 ,5 6 7 ,4 1 1
2 ,7 4 5 ,9 4 5
36,387

3 ,5 3 8 ,3 7 8
40,559

3 ,1 0 5 ,9 5 3
35,694

4 ,2 0 2 ,3 3 1
24,167

T o t a l in c o m e .................. u_ 3 ,5 7 8 ,9 3 7
D ed u ction s—
In teres t o n b o n d s ----------1 ,8 7 7 ,4 7 7
I n t . o n S t. L ou is T r .
fu n d e d d e b t ----------------500 ,000
O rg a n iz a tion e x p e n s e s - .
----------M iscella n eou s I n t e r e s t -649 ,1 6 0
D iv s . o n p r e f. s tk . ( 5 % )

3 ,1 4 1 ,6 4 7

4 ,2 2 6 ,4 9 8

2 ,7 8 2 ,3 3 2

1 ,8 8 5 ,6 1 8

1 ,7 9 0 ,1 8 0

1 ,7 7 1 ,0 0 0

5 00 ,000

575 ,111
833
80,168
5 98 ,022

2 8 8 ,8 0 0

3 ,0 3 7 ,0 7 5
3 ,0 4 4 ,3 1 4
sr. 104 ,572 s r .1 ,1 8 2 ,1 8 4

2 ,8 4 5 ,1 1 9
d e f . 62,787

N et e a rn in g s --------------O th er in c o m e -------------

T o t a l d e d u c t io n s ______ 3 ,0 2 6 ,6 3 7
S u rp lu s o r d e fic it------- sur. 552,300

? T>Q7
6 4 9 ’,160

1,000
1 96 ,473
5 87 ,846

x In clu d es d e p r e c ia tio n , $45 5,68 1 In 1906 an d $ 4 2 1,75 2 in 19 0 5 — n o n e
c h a r g e d in fo rm e r y ears: also t a x e s , w h ic h in 1906 a g g re g a te d $48 7 ,7 4 1 a n d
In 1905 $ 4 8 1 ,7 5 1 .
G E N E R A L B A L A N C E S H E E T fD E C . 31.
1906.
Assets—
1905.
1906.
1905.
Liabilities—
P r o p e r t y _______ 102 ,608,623 89,701,083
$
$
Pref. stk. avail'e. 3, 000,000 7,000,000 Pref. shares issued 19,983,200 19,983,200
Com. shares issued 24,913,800 24,913.800
d o reserve Ids.
383,500
277.000 Funded debt (see
Gen. 1st M. 4s do
Street R y . sec.) 59,480,000 51,980,000
M at’l & supplies.
268,156
338,476
759,500
886,100 Bills payable____
505,000
C a sh ____________
685,449
582.000 A cc’ts p a ya b le..
294,617
Cash for coupons.
460,070
270,795
111,820
751,350
Bills receivable. _
625,919
71,506 Matured interest.
162,290
162,290
Open accounts___
708,529 D iv. on pfd. stk.
39,677 Int. accrued_____ 1,026,522
210,817
48,199
Insur.,& c.,prep’d
214,560
M iscellaneous___
54,510
30,558 D eprec’n reserve.
178,055
In j’y & dam . fund
398,361
196.878
Fire insur. fu n d ..
59,172
19.797
Miscel. reserve___
20.262
24,239
Miscel. accounts.
108,380
86,269
Profit & loss surp.
704,791
249,591
Total a s s e ts ...108,204,746 99,564.609
-V . 84. p. 104,52.

Total liabilities 108,204,746 99,564,609

Green Bay & WesternJRailroad.
(Report for Fiscal Year ending Dec. 31 1906.)
Results for four years and the balance sheets for two years
show the following:
1906.
$46 6,79 6
129,325
40,0 0 0

1905.
$437,502
122 ,349
26,569

190 4.
$44 6,85 2
119 ,862
25,6 8 2

190 3.
$43 3 ,5 2 4
120,612
25,459

T o t a l e a rn in g s ________
.$ 636,121
O perating E x p en se s —
$ 1 3 4,36 5
M a in ten a n ce o f r o a d ___ .
M a in t. o f e q u ip m e n t —
53,818
C o n d u c tin g tr a n s p o r t’n
179 ,873
G eneral e x p e n s e s ----------30,709
21,461
T a x e s -----------------------------. -

$58 6,42 0

$5 9 2,39 7

$ 5 7 9 ,5 9 5

$10 5,07 0
62,942
179,277
28,294
18,294

$11 6,43 0
54 ,792
1 69 ,500
25,7 3 0
20,359

$1 1 9,27 5
52,568
158 ,368
25 ,952
15,143

T o ta l op er. expenses
N et ea rn in g s ...................... .
G e n ’ l im p r o v e m ’ t f u n d .
S p ecia l (b a ck ) t a x f u n d .

$ 4 2 0,22 6
$21 5,89 5
30,000
25 ,000

$39 4,50 7
$19 1,91 3
30,000

$386,811
$2 0 5,58 6
40 ,000

$ 3 7 1,30 6
$20 8 ,2 8 9
9 0 ,0 0 0

$16 0 ,8 9 4
B a la n c e --------------------- (5) $30 ,000
P a id o n d e b . " A ’s ” -----P a id o n s t o c k -------------125 ,000

$16 1 ,9 1 3
(5) $30,000
(5 )1 2 5 ,0 0 0

$ 1 6 5,58 6
(5) $30 ,000
(5 )1 2 5 ,0 0 0

$ 1 1 8,28 7
(4 )$ 2 4 ,0 0 0
(4 )1 0 0 ,0 0 0

$1 5 5,00 0
sur. $ 5 ,894

$155,000
su r. $6,913

$15 5,00 0

$ 1 2 4,00 0
d e f. $ 5 ,713

G ross ea rnings—
F r e i g h t ________________
P a s s e n g e r ______________
M a ll, exp ress & m is c e ll-

B a la n c e ---------------------

G EN ER AL B A L A N C E SH EE T DEC. 31.
1906.
1905.
I
1906.
Assets—
$
Liabilities—
$
$
Const’n & equip’t.10,070,837 10,094,037 Capital stock _____ 2,500.000
Material and sup­
' ’A ” debentures___
600,000
10.911 “ B ” debentures___ 7,000,000
plies ___________
10,209
C a sh _____________
53,867 P a y -ro lls_________
33,278
15,769
153,121 Accounts payable.
Mark T Cox .Treas.
195,697
26,907
General A u d ito r ..
8.479 Old material acc’t .
12,065
7,945
P . O. Department
4,456 New rail acc’t ____
4,458
641
U . S. Express C o ..
499 Tie account______
518
3,009
Due from a gen ts..
6.536 Sundry ace'ts____
8,657
16,314
D ue from R It. cos.
17.303 Gen. improv. fund.
6,815
15,514
_______
Insurance prem'm
2.575 Special tax funds.
25,000
Stocks *ow ned____
94,680 D ividend due_____
94,680
155,000
Profit and loss____
71,117
f • T ota l1.................. 10,437,215
— V .8 4 p. 220. ■ •




10.446,464

1905.
$
2,500,000
600,000
7,000,000
15,913
51,412
8,182
2,911
4,048
25,217
18,559
155",000
65,222

T o t a l .................. 10,437,215 10,446,464

689

Lackawanna Steel Company.
(Report for Fiscal Year ending Dec. 31 1906.)
President E . A . S. Clarke, W est Seneca, Erie County,
N . Y . , March 13 1907, quotes from the preliminary statement
cited in V . 84, p. 269, and says:
In a d d it io n t o Item s m e n tio n e d a b o v e (in th e p r e lim in a r y r e p o r t in V . 84
p . 2 6 9 ), th e r e w as fo r m e d d u rin g th e p a s t y e a r a c o r p o r a t io n , n a m e d t h e
S e n e ca T r a n s p o r ta tio n C o ., t o o p e r a te u n d e r ch a r te r vessels o n t h e G rea t
L a kes fo r tr a n s p o r tin g y o u r p r o d u c t s .
T h e e n tire c a p ita l s t o c k , $ 5 ,0 0 0
p a r v a lu e , Is o w n e d b y y o u r c o m p a n y .
D u rin g th e y e a r th e r e w as s h ip p e d
in th is w a y 168 ,743 gro ss to n s o f fin ish ed m a te ria l.
Y o u r d ir e cto r s also a u th o r iz e d th e c o n s t r u c tio n o f a n e x te n s io n t o N o . 7
b lo o m in g m ill, t o b e k n o w n as N o . 8 m ill, w h ic h w ill p r o d u c e sm all b illets
a n d sh eet b a rs.
T h e p r o d u c t o f th is m ill w ill b e sh ip p e d in p a r t t o t h e S en ­
e c a I r o n & S teel C o . , a c o r p o r a t io n w h ic h is b u ild in g sh e e t a n d h o o p m ills
in t h e v ic in it y o f y o u r w ork s a t B u ffa lo , w h ich c o r p o r a t io n y o u r c o m p a n y
has c o n t r a c te d t o s u p p ly w ith its re q u ire m e n ts o f s teel.
I t has se e m e d w ise t o m a k e a d d itio n a l d e d u c tio n s fr o m earn in gs f o r d e ­
p r e c ia tio n , & c ., as s h o w n in th e in c o m e a c c o u n t .

The certified public accountants say in part: “ W e have
satisfied ourselves that only actual additions and extensions
have been charged to property account; that the provisions
made for depreciation and extinguishment during the year
are ample and that the treatment of the organization ex­
penses and deferred charges is fair and reasonable.”
R E S U L T S F O R Y E A R E N D I N G D E C . 31 1906.
(L a ckaw an na Steel C o . and S u b sid ia ry C o m p a n ie s .)
G ross sales a n d e a r n in g s____________________________________________ $ 2 8 ,9 8 9 ,6 3 9
L ess— M a n u fa ctu rin g c o s t a n d o p e r a tin g e x p e n s e s ------------------- _ .$ 2 3 ,2 4 3 ,3 4 0
A d d — M iscella n eou s m a n u fa c tu r in g a n d o p e r a tin g gain s & losses
2 7 ,9 8 8
T o t a l in c o m e fr o m m a n u fa c tu r in g a n d o p e r a t in g ----------------------- $ 5 ,7 7 4 ,2 8 6
Other In co m e—
D iv id e n d s o n in v e s tm e n ts In o r e , in t . o n d e p o s its , & c ..$ 4 2 5 ,3 8 5
N e t In co m e fr o m p r o p e r t y r e n t e d ------------------------------------63,661
N e t e a rn in gs o n o r e c o m p a n ie s a n d r a ilr o a d s c o n t r o ll e d . 1 6 7 ,0 8 2 — 6 5 6 ,1 2 8
T o t a l in c o m e ____________________________________________________ _
D ed u ct—
A d m in is tra tio n , sellin g a n d ge n e ra l e x p e n s e s --------------------------------T a x e s ________________________________________________________________
Sales a g e n ts’ co m m is s io n s ___________________________________________
C o m m e rcia l d is c o u n t a n d in te re s t----------------------------------------c r e d it .
In te re st o n b o n d s o f s u b s id ia ry c o m p a n ie s -----------------------------------In te re st o n bills a n d loan s p a y a b le ---------------------------------------------------R e n ta ls a n d r o y a ltie s --------------------------------------------------------------------------

$ 6 ,4 3 0 ,4 1 5
$ 2 7 7 ,6 1 8
82,5 5 9
2 2 8 ,2 0 7
4 ,9 2 8
1 3 8 ,8 8 8
88,997
1 54 ,929

N et earn in gs fo r y e a r 1906 (p er in c o m e a c c o u n t ) ------------------------$5 4 6 4 ,1 4 5
D ed u ction s p er “ In co m e A c c o u n t" —
P ro v is io n fo r e x h a u s tio n o f m in era l o r e s ----------------------- $27 0,84 6
I m p r o v e m e n ts a n d e x t r a o r d in a r y r e p la c e m e n t fu n d s .1 ,0 9 9 ,8 4 1 — 1 ,3 7 0 ,6 8 7
In te re s t o n L a ck a w a n n a S te e l C o —
F irst m o r tg a g e 5 % c o n v e r t ib le g o ld b o n d s --------------- $ 7 5 0,00 0
5 -y e a r 5 % g o ld n o t e s __________________________________ 5 0 0 ,0 0 0 — 1 ,2 5 0 ,0 0 0
N e t I n c o m e , as p e r p r e lim in a ry s ta te m e n t o f ea r n in g s --------------- $ 2 ,8 4 3 ,4 5 8
F u rth er A p p r o p r ia tio n s —
A d d itio n a l p r o v is io n fo r im p ro v e m e n t a n d e x t r a o r d i­
n a r y re p la c e m e n t fu n d s (m a k in g $ 1 ,5 0 0 ,0 0 0 f o r y r .) $400,159
P r o v is io n fo r r e d u c t io n o f ex p e n se s d u rin g o r g a n iz a ­
t io n p e r io d ---------------------------------------------------------------------- 250 ,000
D is co u n t o n b o n d s , p r o p o r tio n ch a rg e a b le a ga in st
cu rren t y e a r _______________________________________________
8 5 ,3 6 0 — 7 3 5 ,5 1 9
S u rp lu s, In com e fo r th e y e a r ---------------------------------------------------------- $ 2 ,1 0 7 ,9 3 9

The “ net earnings $ 5 ,4 6 4 ,1 4 5 ,” as above shown, are re­
ported “ after deducting expenditures for ordinary repairs
and maintenance (approximately $ 2 ,0 0 0 ,0 0 0 ).”
C O N S O L ID A T E D B A L A N C E S H E E T D E C . 31 1906.
(.Lackawanna Steel C o. and S u b sid ia ry C om p a n ies.)
Assets—
$ ,
Liabilities—
Capital stk. issued
Cost of real estate, plants. & c.—
(par $ 1 0 0 )...$ 3 4 ,9 7 1 ,4 0 0
As at D ec. 31
Less in hands of
190 5............$46,636,130
Additions dur­
trustees per
ing yr. 1906 2,642,751— 49,278,881
250,000— 34.721,400
c o n tr a .............
Investments in ore cos., & c___ 5,289,800 Cap. stk. ot L ack. Iron & Steel
Co. not ow ned.........................
28,600
D iscount and commission on
bonds, expenses during or­
Lack. Steel Co. 1st M. 5 % conv.
ganization period and impts.
gold bonds_________________ 15,000,000
to leased properties ($2,667,5-yr. 5 % gold notes, secured
b y deposit of $12,500,000
891 less $335,360 written of!
during y ear)............................. 2,332,531
1st cons. m tge. bond s. .10,000,000
Deferred chges. to o p e ra tin g ..
84,318 Lack. Iron & Steel Co. 5 %
In hands of trustees, being pro­
gold bonds................ ............ .. 1,775,000
ceeds of sale of property in­
Lake Erie Co. 5% coll. tr. sink.
cluded under mortgage:
fund gold bonds____________
950,000
C a s h .................. ........................
251,850 Current acc’ ts & pay rolls_____ 4,780,045
Stk. of Lack. Steel
Bills payable_______ _________ 2,000,000
Co. at par de­
Taxes accr’d , not y e t due____
52,334
ducted contra___$250,000
Interest a cc r u e d ................... ..
440,751
Inventories_____ ______ _______8,517,688
Mines extinguishm ent fund ___
459,082
Miscell. accounts receiva ble.848,426 E xtraordinary replacem ’ t fund 1,058,505
Advance paym ’ ts for materials
Contingent fund_____________
59,626
and supplies-...........................
104,498 Surplus D ec. 31 ’0 5 . $10,979
Customers’ acc’ ts (less reserve) 5,719,818 Add bal. for yr. 1906
Notes receivable_____________
358,198
as per inc. a cc’ t ___2,107,939-2,118,917
Cash in bank a n d on hand____
658,252
Total assets------------------------ 73,444,260
Total liabilities____________ 73,444,260
— V . 84, p. 511, 394.
N o te .— W e learn th a t th e L a k e E rie C o m p a n y w a s In c o r p o r a te d in N ew
J ersey in M a y 1905 as a h o ld in g c o m p a n y fo r th e B r o t h e r t o n a n d th e S u n ­
d a y L a k e m in es (w h ich w ere In c o r p o r a te d in M ic h ig a n ). It has Issued s to c k
o f $ 1 0 0 ,0 0 0 , p ar $ 10 0, a ll p r a c tic a lly o w n e d b y th e I L a c k a w a n n a S teel C o .,
a n d $ 1 ,1 0 0 ,0 0 0 co lla te ra l sinking fu n d 5 % g o ld b o n d s d a te d M a y 1 1 9 0 5 ,
d u e M a y 1 1920, b u t s u b je c t t o call a t 102
a n d in terest o n a n y in te re s t
day.
D e n o m in a tio n $ 1 ,0 0 0 ; in te re st p a y a b le M a y a n d N o v e m b e r a t th e
O ffice o f th e c o m p a n y . T ru s t C o . o f A m e r ic a , tru ste e .
G u a r a n te e d p r in ­
c ip a l a n d in terest b y th e L a ck a w a n n a Steel C o .
O f th ese b o n d s $15 0 ,0 0 0
'h a v e be e n p a id o ff a n d a lik e n u m b e r w ill p r o b a b ly b e c a lle d th is M a y .
T h e re is a sin k in g f u n d o f 75 c e n ts o n e a ch t o n o f o r e s h ip p e d .— E d .

Cambria Steel Company.
(Report for Fiscal Year ending Dec. 31 1906.)
The report,signed by E . B. Morris, Chairman of Executive
Committee, and Powell Stackhouse, President, says, under
date of Philadelphia, Feb. 20 1907:
G en eral. — S h ip m e n ts o f steel sh o w a n in cre a se o f 1 1 .9 % In q u a n t it y , a n d
t h e g ross v a lu e o f a ll p r o d u c t s s h ip p e d 2 5 .6 % o v e r t h e p r e c e d in g y e a r ,
w h ic h w as y o u r p r e v io u s m a x im u m y e a r .
Y o u r m ills a n d s h op s h a v e b e e n
f u lly s u p p lie d w ith o r d e r s , a n d th e v o lu m e o f bu sin ess has b e e n s a t is fa c t o r y :
y o u h a v e s u ffe re d , as h a ve all o th e r Industrial c o r p o r a t io n s , b y t h e s c a r c ity
o f p r o p e r ly s k ille d la b o r . T h e c o n tin u e d a d v a n c e in th e v a lu e o f y o u r
su p p lies o f all m a te ria ls a n d th e e x p a n s io n o f y o u r bu sin ess in to n n a g e
a n d a m o u n t In v o lv e d , d e m a n d a c o n s t a n t ly in cre a s in g w o r k in g c a p it a l
re d u c in g y o u r ca sh rese rv e s.
S to ck .— T h e a u th o r iz e d ca p ita l s to c k n a m e d in t h e c h a r te r is $ 5 0 ,0 0 0 ,0 0 0 ,
o f w h ic h $4 5 ,0 0 0 ,0 0 0 has b e e n Issued: th e r e m a in in g $ 5 ,0 0 0 ,0 0 0 c a n o n ly
b e Issued at n o t less t h a n par.

690

THE CHRONICLE*

N otes P a id .— T h e last o f t h e $ 3 ,5 0 0 ,0 0 0 te r m n o te s issu ed D e c . 15 1900
w ere p a id o n D e c . 15 1906.
M in e r a l P r o p e r tie s .— T h e c o a l, iro n ore a n d lim e sto n e p r o p e r tie s o w n e d
p r o d u c e d sa tis fa c to r y resu lts.
Y o u r P e n n Iro n M in in g C o. s h ip p e d fro m
its m in es on th e M en o m in e e R a n g e , M ic h .. 497 ,350 to n s o f iro n ore fo r use
a t y o u r w o rk s . T h e R e p u b lic Iro n C o . o f M ich ig a n , o f w h ic h y o u o w n o v e r
99 ^ % o f t h e ca p ita l s t o c k , s h ip p e a ’ fro m its m in e s 181 ,031 to n s o f iro n o r e ,
a b o u t 132 ,000 to n s fo r y o u r u se , th e r e m a in d e r h a v in g b e e n s o ld . T h e
M a h on in g O re & S teel C o ., M esabi d is tric t, M in n ., o f w h ic h y o u o w n 5 0 %
o f t h e ca p ita l s t o c k , p r o d u c e d , o n a c c o u n t o f y o u r o n e -h a lf in te re s t, 608 ,374
to n s o f iro n o r e in 1906; its a n n u al o u tp u t ca n be in c re a s e d , w h e n r e q u ir e d ,
a n d its ore reserves are a m p le t o s u p p ly y o u w ith th is class o f o re s fo r a v e r y
lo n g term o f years.
G eneral O ffice at J oh n stow n .— A s ix -s t o r y fir e p r o o f o ffic e b u ild in g is n o w
u n d e r r o o f a n d s h ou ld b e r e a d y fo r o c c u p a n c y e a r ly in th e c o m in g su m m e r.
C am bria P la n t.— A large sum has b e e n e x p e n d e d fo r m in o r b e tte r m e n ts
an d r e m o d e lin g th e orig in a l C a m b ria p la n t, th e c h ie f o f w h ic h is th e r e p la c e ­
m e n t o f th e o ld a n d in a d e q u a te m a c h in e s h o p w ith an e n la rg e d fir e p r o o f
b u ild in g , w it h m o d e r n t o o ls .
T h is is e x p e c t e d t o be f u lly c o m p le te d
w ith in th is y e a r .
Steel s t o c k h a n d lin g bin s f o r N o . 5 a n d 6 bla st fu rn a ce s
are u n d e r co n s tr u c tio n .
G autier P la n t .— T h e n ew 2 4 -in ch u n iversal p la te m ill w a s tu r n e d o v e r t o
th e o p e r a tin g d e p a rtm e n t in M ay last a n d has p r o d u c e d th e e x p e c t e d r e ­
su lts.
A 2 2 -in ch p la te a n d b r e a k -d o w n m ill is n o w b u ild in g . T h e t e m ­
p o r a r y w o o d e n b u ild in gs e r e c te d o v e r th e m ills a ft e r th e flo o d o f 1889 are
b e in g r e p la c e d b y steel c o n s t r u c tio n , e lim in a tin g a seriou s lire risk .
F r a n k lin P la n t.— T h e s e v e n th b a t t e r y o f 56 O tt o -H o ffm a n c o k e o v e n s
is n o w p r o d u c in g c o k e ; t h e e ig h th b a t t e r y , 56 o v e n s , is b e in g d rie d o u t a n d
w ill b e m a k in g c o k e a b o u t A p ril 1.
N o . 8 blast fu r n a c e w as a u th o riz e d
M arch 13 1906 a n d is n o w u n d e r c o n s tr u c tio n . A 2 0 0 -to n h o t m e ta l r e ­
c e iv e r a n d t w o a d d itio n a l 5 0 -to n o p e n -h e a r th fu rn a ce s (N o s. 16 a n d 17)
are n ow u n d er c o n str u c tio n .
A d d itio n s w ill be re q u ire d t o y o u r l lo o m
a n d b ille t m ill b e fo r e y o u r steel m a k in g p la n t c a n be fu r th e r in cre a se d .
C a r S h o p .-—'This p la n t has b e e n in fu ll o p e r a tio n sin ce th e e a r ly p a rt o f
1905 a n d ord ers in h an d assure lik e c o n d itio n s fo r 1907.
C o n sid e ra b le a d d i­
tio n s w ere m a d e in 1906 a n d are n o w In p ro g re s s , a ll o f w h ic h sh o u ld be
c o m p le t e d w ith in th e first h a lf o f 1907.
Im p rovem en ts.— T h e re w a s e x p e n d e d fo r im p ro v e m e n ts $ 2 ,3 8 5 ,8 4 1 ; o f
th is a m o u n t $ 2 ,2 8 9 ,6 9 6 w as c h a r g e d t o p la n t a d d itio n s , a n d th e r e m a in d e r ,
$ 9 6 ,1 4 5 , w a s r e p a id b y a m o u n t r e a liz e d fro m sales in 1906 o f real e sta te an d
m in e ra ls , u h d e r te r m s o f y o u r lease fro m C a m b ria Ir o n C o . T h e re w a s e x ­
p e n d e d , in a d d it io n , $337,490 fo r r e p la c e m e n ts an d a lte ra tio n s , a n d ch a rg e d
t o o p e r a tin g a c c o u n ts .
F u rth e r c o n sid e ra b le a d d itio n s a re r e q u ir e d ,
w h ic h w ill b e m a d e as r a p id ly as c o n d itio n s ju s tify ; w ith a c o n tin u a n c e o f
p re s e n t bu sin ess it is h o p e d th a t th e c o s t m a y b e m e t fro m e a rn in g s in e x ­
cess o f t h e usual d iv id e n d s .
M a n u fa c tu r e rs ’ W ater C o .— T h is c o r p o r a t io n , o f w h ic h y o u c o n tr o l th e
en tire ca p ita l s t o c k , p r o v id e s t h e w a te r s u p p ly fo r y o u r w o rk s ; y o u r use
d u rin g 1906 a v e r a g e d 7 1 ,0 0 0 ,0 0 0 g a llo n s d a ily .
N o c o n s tr u c tio n w o rk has
be en d o n e o n th e Q u e m a h o n in g d a m a n d p ip e lin e , b u t all th e p r o p e r t y
w ith in t h e lim its o f th e p r o p o s e d d a m has b e e n p u rch a se d a n d c o n s t r u c tio n
sh ou ld n o t b e lo n g d e la y e d .

The income account and balance sheets are as follows:
1906.
1905.
1904.
N et ea rn in gs fro m o p e r a t i o n - ................$ 4 ,8 9 7 ,7 0 4
$ 4 ,1 0 0 ,1 8 3
$ 1 ,9 2 5 ,5 4 3
R e n ts , in v e s tm e n ts , & c ............... ............
510 ,971
343 ,6 2 8
2 89 ,353
T o t a l n e t in c o m e ------------------------------- $ 5 ,4 0 8 ,6 7 5
$4,4 4 3 ,8 1 1
$ 2 ,2 1 4 896
F i x e d ch a rges u n d e r C a m b ria Ir o n C o .
le a se , in teres t o n term n o t e s , & C -444 ,6 7 2
4 4 3 ,4 7 6
4 51 ,239
B a l a n c e ...................................................... $ 4 ,9 6 4 ,0 0 3 $ 4 ,0 0 0 ,3 3 6
$ 1 ,7 6 3 ,6 5 7
D ed u ct—
D iv id e n d s , 3 % ............................................. $ 1 ,3 5 0 ,0 0 0
$ 1 ,3 5 0 ,0 0 0
$ 1 ,3 5 0 ,0 0 0
G en era l d e p r e c ia tio n fu n d ------------------550 ,0 0 0
550 ,000
350 ,000
B e tte r m e n t a n d im p ro v e m e n t f u n d . .
3 ,0 0 0 ,0 0 0 2 ,0 0 0 ,0 0 0
__________
T o t a l d e d u c t io n s ------------------------------- $ 4 ,9 0 0 ,0 0 0
$ 3 ,9 0 0 ,0 0 0
$ 1 ,7 0 0 ,0 0 0
S u r p l u s ...........................................................
$ 64 ,003 „ $10 0 ,3 3 6
$63 ,657
B A L A N C E SH EE T D EC. 31.
1906.
1905.
I

1906.

1905.

♦Leasehold esta te.33,090,305 33,090,305 Capital stock_____ 45,000,000 45,000,000
Plant additions___ 9,317,479
7,027,783('General depreciaE quip’ t additions.
728,168
583,627!
tion fu n d -......... 2,650,000 2,100,000
Real est. Steel C o .
298,808
265,102; Betterment & imSundry securities. 1,515,563
1,290,2901
provem ent fund 7.000,000 4,000,000
Inventory account 7,983,109
6,929,607) Accounts payable,
Special d e p o sit___ 1,250,000 2,250,000;
including d iv___ 2,465,165 2,896,771
C a sh _____________
692,654
367,182| Bills payable, term
Accts. receiva ble. 4,311.206 4,852,366!
n otes----------------- -------------565,000
Bills receivable___
285,100
184,217! Profit & loss a c c t .. 2,357,227 2,278,710
T o t a l .................. 59,472,392 56,840,4811

T o t a l ...................59,472.392 56,840,481

♦Property, w orks, coal, ore lands, &c , subject to paym ent of $338,720 annual
rental, under Cambria Iron Co lease for 999 years, being 4 % on $8,468,000 Cambria
Iron C o.’s stock.— V . 84, p. 161.

American Iron & Steel Manufacturing Co.
(Report for Fiscal Year ending Dec. 31 1906.)
Pres. J. H . Sternbergh, Lebanon, P a ., Feb. 12 1907,
wrote:
T h e a d m ira b le fina ncial s ta te m e n t sh o w n h e re w ith is th e b e st w e h a v e
e v e r m a d e . T h e business o f 1906 far su rpassed in to n n a g e a n d v a lu e a n y
y e a r in ou r h is t o r y , a n d is a c c o u n t e d fo r m a in ly b y a n e n o r m o u s a n d
s te a d y d e m a n d fo r o u r p r o d u c ts a n d in p a rt b y th e u p -t o -d a t e jc o n d it io n
o f o u r w ork s .
W e sp en t d u rin g th e y e a r fo r b e tte r m e n ts a n d e x te n s io n s , m a in ly fo r n ew
b u ild in g s a n d n e w m a c h in e r y , $ 1 6 7 ,9 0 1 , a n d Increased th e reserve fu n d t o
p r o v id e fo r d e p r e c ia tio n b y $6 5 ,5 0 0 ; a n d w e h a v e p a id th e usual d iv id e n d s
o n o u r p referred a n d c o m m o n s to c k (5 % a n d 8 % r e s p e c tiv e ly p er a n n u m ,
c a llin g fo r $ 3 5 4 ,0 0 0 .— E d .) ; a n d in cre a se d c o n s id e r a b ly o u r s to c k o f raw
m a teria ls a n d finished g o o d s ; a n d a lte r all th is sh o w a n in cre a se d b a la n c e
o f u n d iv id e d p rofits a m o u n tin g a t th e c lo s e o f bu sin ess D e c . 31*1906 t o
$ 1 ,6 1 8 ,2 1 9 80.
B A L A N C E SH EE T DEC. 31.
1906.
1905. |
1906
1905.
Assets—
$
Sf
I Liabilities—
S
$
Plant and equipm ent4,365.860 4,905,56S| Pref. 5% cum. s tock .3,000,000 3,000,000
Supplies (at cost)___1,647,836 1,549,769! Common s t o c k _____ 2,550,000 2,550,000
C a sh ________________ 460,937
149,715!Current lia b ilitie s ... 360,730
561,244
Accounts receivable. 1,054,317
756,656! Undivided profits___1,618,220
650,462
j Reserve fd. for dep’n
x
600,000
Total .

.7,528,950 7,361,7081

T otal......... ............... 7,528,959 7,361,706

x In 1906 the reserve account, $665,500, is deducted from the valuation of plant
and equipm ent.— V . 83, p. 268.

American Ice Securities Company.
(Report for Fiscal Year ending Dec. 31 1906.)
President Henry H . H ead, writing from the New York
office, 1170 Broadway, on March 1 1907, says:
Y o u r P resid en t has p e r s o n a lly In sp ected th e m a jo r it y o f th e p r o p e r tie s o f
t h e A m erica n Ic e C o. a n d is pleased t o sta te th a t th e y are In a s p le n d id
s ta te o f repair an d e ffic ie n c y .
G rea t lib e r a lity o f e x p e n d itu r e fo r rep a irs
a n d b etterm en ts has be e n e x e rcis e d w ith th e v ie w o f p e rm a n e n t a n d e c o n o m ­
ica l co n d itio n s fo r p r o d u c t io n a n d d is trib u tio n .
S in ce t h e p r o p e r tie s are
n o w u p t o a sta n d a rd c o n d it io n . It s h o u ld c o s t c o m p a r a t iv e ly little In th e
fu tu r e t o m a in ta in th e m , an d m u c h o f th e earn in gs th a t h a v e g o n e In to re ­
p airs a n d betterm en ts d u rin g th e p a st th ree years s h o u ld h e re a fte r b e a p ­
p lic a b le t o d iv ision a m o n g th e s to c k h o ld e r s.
T h e s u p p ly o f ice fo r n e x t
s u m m er in all th e c o m p a n y ’s d e p a rtm e n ts has b e e n se c u r e d , an d Is a m p le
fo r all its n eed s. S o th a t in e q u ip m e n t, o r g a n iz a tio n a n d s u p p ly , th e A m e r ­
ica n Ice C o. fa ces its season In th e b est c o n d it io n fo r su cce ssfu l o p e r a tio n
n th e w h ole s c o p e o f Its e x is te n ce .
^




[V o l .

l x x x iv

.

A M E R IC A N IC E S E C U R IT IE S CO. B A L A N C E S H E E T .
D ec.31 ’06. Mch.20 ’06.
D ec.31 ’06. M ch.20 ’ 06.
Assets—
$
$
Liabilities—
S
$
Cash and n o te s .. . 1,286,923
86,921 Stockissued----------19,029,360 18,835,240
Pref. stk. A m . Ice
Debentures (see
Co. a tp a r ----------14,338,300 14,212,700
contra)_________ 3,000,000 3,000,000
Com. stk. Am . Ice
Co. at $20----------14,691,060 4,622,040
Total stock and
I3f
Treasury bonds___
102,419
217,070
debentures_____ 22,029,360 21,835,200
A ccr’d divs. on pfd.
501,348
S u rp lu s ....... .......... 1,185,311
stk. of Am. Ice
Co. to D ec. 31’06 2,795,969 3,197,857 j
Total ..................23,214,671 22,336,588 !

T o t a l __________ 23.214.671 22,336,588

x Par value $23,455,300, against $23,110,200 Mch. 20 1906.
N o te .— A d iv id e n d o f $ 3 3 3,01 4 50 o u t o f a b o v e s u rp lu s, p a y a b le Jan . 2
1907.
(C o m p a re V . 8 3 , p . 1100, a n d fo o tn o te t o ta b u la r sta te m e n t In
V . 8 3 , p . 1 5 8 9 .— E d .) .
A S S E T S A N D L I A B I L I T I E S O F A M E R IC A N I C E S E C U R I T I E S C O .
On th e basis o f assets an d lia b ilitie s o f th e A m e rica n Ice C o. as s h o w n In
th eir r e p o r t fo r y e a r e n d in g O c t . 31 1906.
(V . 8 3 , p . 1588.)
Assets—
s
Liabilities—
$
Real property................ ............. 6,750,709 Capital stock............................... 20,000,000
Personal property____________ 1,687,677 Of this held in treas.970,000
Investm ’ ts, stocks and bonds
Less am t. to ofi-set
(on which net earns, for year
undeposited stk.
equal over 1 0 % )___________ 2,673,382
of Am . Ice C o . . 665,060—
305,540
W ater rights and patent rights 6,000,000
Cash and notes receivable_____
292,840
19,694,460
5,500 Debenture bonds
L o a n s --------------------- -------------Bonds and mtges. receiva ble..
64,933
A m . Ice Sec. C o .3,000,000
Insurance premiums__________
17,979 Less am t. held by
Inventories, ice, coal, & c_____
444,532
com pany---------- 102,420— 2,897,580
A cc’ ts receivable, ice, coal, &c. 1,023,379 Bonds payable sub­
Good will...................................... 8,275,111
sidiary cos_____ 2,032,000
Less held b y Am ­
ice C o.................. 391,950— 1,640,050
Coll. tr. bds. Am .
Ice C o . ................ 2.233,000
Less held b y Am .
Ice C o......... ........ 263.000— 1,970.000
Real est. m tges.. Am . Ice C o ..
592,750
Vouchers payable, A m .IceC o.
366,845
A c c ’ ts payable. A m . Ice C o . . .
74,357
T o t a l......................................... 27,236,042 ! T otal........................................... 27,236,042
C om p a re re p o r t o f A m e rica n Ice C o . in V . 8 3 , p . 1 58 8.— V . 8 3 , p . 159 2.

(E. I .) du Pont de Nemours Powder Co.
{Report for Fiscal Year ending Dec. 31 1906.)
G ross sales y e a r 1 9 0 6 .......................................................................................$ 3 0 ,7 5 1 ,7 2 6
N e t ea rn in gs, a fte r s e ttin g a side fo r d e p r e c ia tio n an d fo r in ­
su ra n ce a n d a fte r m a k in g a ll rep a irs a n d a d ju s tin g v a lu e o f
s to ck s o n h a n d - - __________________________________________________ $ 5 ,3 6 7 ,0 2 8
D ed uct— In te re st o n fu n d e d d e b t ___________________________________
$ 5 3 5 ,8 1 9
9 8 9 ,2 3 6
D iv id e n d s o n preferred s to c k ( 5 % ) ___________ __________ _______
D iv id e n d s o n c o m m o n s t o c k ________
____
_______
1 ,5 3 3 ,8 2 6
E x ce s s o f earn in gs o v e r d iv id e n d s _______________________________ $ 2 ,3 0 8 ,1 4 7
C a pitaliza tion D ec . 3 1 , 1906.
P referred .
C om m on .
C a pital s to c k issu ed __________________________________$ 2 4 ,2 0 1 ,3 2 2
$ 2 5 ,0 6 2 ,8 8 8
D e d u ct p re f. s to c k e x ch a n g e d fo r 4 H % 3 0 -y ea r
g o ld b o n d s ________________________________________
9 ,2 1 0 ,0 0 0
__________
B a la n ce , (See b a l. sh e e t in V . 8 4 , p. 4 4 9 ) ______$ 1 4 ,9 9 1 ,3 2 2
$ 2 5 ,0 6 2 ,8 8 8
O f w h ich “ re s e rv e d ” ______________________________
$ 1 2 5 ,1 8 0
$ 1 1 8 ,3 4 1
T o ta l fu n d e d d e b t D e c. 31 1 90 6____________________________________ $ 1 4 ,2 7 4 ,0 0 0
T h e c o m p a n y ’ s d iv id e n d r e c o r d has be e n as fo llo w s ; O n p r e f .. 5 %
y e a r ly ( Q .-J .) , O c t . 1903 t o Ja n . 25 190 7, b o t h In c lu s iv e .
On com m on ,
D e c . 1904, H % ; 190 5.
1 90 6, M ch . 1 ^ % ; J u n e , 1 H % ; S e p t ., 1 ? » % ;
D e c ., 1 H % ; 1 90 7, M c h ., \ % % .

During the year 1906 a bond issue of §16 ,000 ,00 0 was
authorized, of which $9,210,000 was issued fo& the retire­
ment of a like amount of the preferred stock, reducing the
amount thereof to $14,99 1,3 22. See comparative statement
for 1903-06 in V . 84, p. 449; see also V . 83, p. 158.
The Electrical Development Co. of Ontario, Limited.
(Report for Fiscal Year ending Dec. 31 1906.)
The directors report as follows:
O pera tion s.— T h e c o n s tr u c tio n Is n o t y e t c o m p le t e d , a n d a lth o u g h a sm all
a m o u n t has b e e n r e c e iv e d fro m th e sale o f p o w e r , lt is n o t s u fficie n t t o w a r ­
r a n t a n y sta te m e n t o f p r o fit a n d lo ss.
A c q u is itio n s in N ew Y ork S ta te.— T h e c o m p a n y In ten d s t o d is trib u te
p o w e r In th e U n ite d S ta te s t h r o u g h t h e N iag ara F alls E le c tr ic a l T r a n s ­
m issio n C o ., a n d v a lu a b le fra n ch ise s h a v e b e e n se cu re d fro m m u n ic ip a litie s
fo r th e sale o f p o w e r , a n d , in fu r th e ra n c e o f th is p o lic y , th e c o m p a n y has
a c q u ir e d b o n d s a n d s t o c k In th e T r a n sm is s io n C o m p a n y m e n t io n e d , a ls o in
th e N iag ara F a lls G as & E le c t r ic C o . a n d th e A lb io n P o w e r C o ., all o f w h ic h
c o m p a n ie s are n o w o w n e d a n d c o n tr o lle d b y th is c o m p a n y .
A n u cleu s
h a s th u s b e e n c r e a te d , fro m w h ic h t h e fu tu re d e v e lo p m e n t| o f th e c o m p a n y
In N ew Y o r k S ta te w ill sprin g.
B o n d s .— T h e a u th o r iz e d issu e o f b o n d s is $ 1 0 ,0 0 0 ,0 0 0 , $ 8 ,0 0 0 ,0 0 0 o f
w h ic h h a v e b e e n u n d e rw ritte n a n d s o ld ; th e r e are In th e tr e a s u r y $2 ,0 0 0 ,0 0 0
a u th o r iz e d b o n d s , th e p r o c e e d s o f w h ic h w ill b e s u ffic ie n t t o c o m p le t e th e
d e v e lo p m e n t , e x c e p t th e fu r th e r e le ctr ic a l a p p a r a tu s fo r t h e a d d itio n a l
u n its , a n d th e e x te n s io n o f t h e p o w e r -h o u se b u ild in g , w h e n e v e r t h e y m a y
b e re q u ir e d .
(C o m p a re V . 8 2 , p . 6 9 4 , 104 3.)
E xtra cts fro m A d d ress o f P resid en t P ella tt at A n n u a l M e etin g F e b . 25.
T h e w o rk s o f th e c o m p a n y a t N iag ara F a lls are n o w in o p e r a t io n , a n d
p o w e r is b e in g d e liv e re d o v e r th e lin es o f th e T o r o n t o <5c N iag ara P o w e r C o.
In to th e c it y o f T o r o n t o . T h e tra n sm issio n lin e has b e e n te s te d o v e r its
fu ll le n g th o f 84 m ile s , a n d Is c a r r y in g p o w e r w ith o u t in te rr u p tio n .
We
h a v e in s ta lle d t w o u n its c o m p le t e , e a c h w ith a c a p a c it y o f 12,500 h o r s e ­
p o w e r , eq u a l t o 2 5 ,0 0 0 h o rse -p o w e r; a th ird u n it o f th e sa m e c a p a c it y w ill
b e r e a d y fo r o p e r a tio n a b o u t A p ril 1 n e x t a n d a fo u r th u n it o n e m o n th t h e r e ­
a fte r, m a k in g a t o t a l o f 5 0 ,0 0 0 h o rse -p o w e r.
P o w e r w a s tu r n e d on in T o r o n t o in th e last w e e k o f N o v e m b e r , a n d fro m
th a t tim e t o t h e p r e s e n t t h e T o r o n t o R a ilw a y C o . a n d th e T o r o n t o E le c tr ic
L ig h t C o . h a ve b e e n u sin g It In In creasin g q u a n titie s , b u t It w as n ot u n til
Ja n . 14 th a t 2 4 -h o u r p o w e r c o u ld be d e liv e r e d . T h e a fo r e s a id c o m p a n ie s ,
b e tw e e n t h e m , are ta k in g o v e r 10,000 h o r s e -p o w e r , a n d e a c h , a c c o r d in g t o
Its c a p a b ilitie s , w ill c o n tin u e In creasin g its lo a d u n til t h e ste a m p la n ts are
e n tire ly sh u t d o w n .
W e are n o w in r e c e ip t o f e a rn in g s— large ea rn in g s, t o o — a n d n e x t y ea r I
b e lie v e th a t I shall b e a b le t o sa y t o y o u t h a t th e w h o le o f th e fix ed ch a rg es
is m o r e th a n p a id o u t o f ea rn in g s.
H o w m u c h m o r e th a n th is w e c a n d o
d e p e n d s , o f co u r s e , u p o n th e m a rk e t th a t w e c a n d e v e lo p .
[T h e P resid en t
a ls o w e n t q u ite fu lly In to th e p o s itio n o f th e c o m p a n y In its r e la tion t o th e
C a n ad ian H y d r o -E le c t r ic C o m m is s io n , th e B u rto n A c t ( V . 8 4 , p . 223) a n d
th e p e n d in g t r e a t y re g a rd in g th e p r o t e c tio n o f N iag ara F a lls .— E d .]
E xtra cts fro m S p eech o f V ic e -P r es id e n t and G eneral M a n a g e r N ich olls.
T h e T o r o n t o E le c t r ic L ig h t C o . w ill th is w e e k Increase th e ir c o n s u m p t io n
b y a n a d d itio n a l 2,0 0 0 h o r s e -p o w e r .
In t h e p a st t e n y e a rs t h e t o t a l In­
co m e o f th e T o r o n t o R a ilw a y C o . has In creased o v e r 3 0 0 % a n d th e In com e
o f th e T o r o n t o E le c tr ic L ig h t C o . n e a r ly 3 5 0 % .
T h is p e rce n ta g e o f g r o w th
s h o u ld n o t m a te r ia lly d im in ish .
In a d d it io n t o th e c o m p le te r e q u irem en ts
o f th ese larg e c o m p a n ie s , w e e x p e c t , b e fo r e th e e n d o f th e cu rre n t y e a r , t o
b e s u p p ly in g e le ctr ic p o w e r fo r a t le a st c e r ta in se ctio n s o f th e T o r o n t o &

Y o r k R a d ia l R a ilw a y C o ., th e N ia g a ra S t. C a th erin es & T o r o n t o R y . C o.
a n d several o f ou r large in d u strie s.
In a d d it io n , t h e c o n s t r u c tio n o f th e
T o r o n t o N iag ara & W e s te rn R y . w ill b e c o m m e n c e d th is sp rin g a n d sh o u ld
b e c o m p le t e d s om e tim e n e x t y e a r . T h is is t h e c o m p a n y t h a t has leased
th e rig h t t o c o n s tr u c t a n d o p e r a te a r a ilw a y u p o n o u r r ig h t -o f-w a y b e tw e e n
T o r o n t o a n d N iag ara F a lls , a n d fro m w h o m w e w ill r e c e iv e a re v e n u e b o t h
fo r th e use o f th e r ig h t -o f-w a y a n d fo r t h e c o n s u m p tio n o f th e e le c tr ic p o w e r
r eq u ired in its o p e r a tio n .
(V . 8 2 , p . 694.)
P r a c tic a lly o u r w h o le d e v e lo p m e n t fo r 125 ,000 h o r s e -p o w e r w ill b e c o m ­
p le te d th is y e a r , e x c e p t th e re m a in in g w a te r w h e e ls a n d g e n e ra to rs a n d th e
c o n tin u a tio n o f th e p o w e r -h o u se . T h e h ead w o rk s , w h e e l p it a n d ta il-r a c e
tu n n els are finished fo r th e fu ll o u t p u t , a n d t o sell th is o u t p u t w e realize
w e m u s t m a k e a p rice w h ic h w ill c o m m a n d a r e a d y sale.
B A L A N C E SH EE T D EC. 31 1906.
Assets—
S
I Liabilities—
S
Plant. & c _ ...................................11,341,048 j Capital s t o c k . . - .......................... 6,000,000
Mfg. town site at Chippewa—
47,118! 1st M. 30-yr. gold
Rights of way and cost of transbonds, auth— $10,000,000
mission line between Niagara
ILess treasury bds.
2,000.000
Fails and T oronto__________2,511,851!
-----------------B onds and stock of Niagara
I Bal. underwr’n $8,000,000
Falls Gas & E lec. C o., Albion
! Underwritten and
Pow. Co. Elec. Transmission
not yet issued335,000
Co. and Clifton Hotel C o . . .
353,2671 Outstanding bonds------------- 7,665,000
Cash in bank and office______
34,2581 H ypothecated bonds (Canadian
Accounts receiva b le__________
64,585|
Bank of Commerce) $335,000 257.061
! Bills and accounts payable___
425,000
5,066
i Sale o f pow er_________________
Total assets............................. 14,352,1271
— V . 84, p. 223. 53.

Total liab ilities........................14,352,127

Mexican Light & Power Co., Limited.
(Report for Fiscal Year ending Dec. 31 1906.)
Friends of the company write to us as follows:
T h e surplus ea rn in g s a p p lic a b le t o d iv id e n d u p o n th e c o m m o n s to c k
a m o u n t e d t o $ 2 5 6 ,8 4 3 , e q u a l t o a b o u t 1 .9 0 % .
T h e e s tim a te d n e t fo r 1907
o f $ 1 ,7 6 0 ,0 0 0 sh ou ld le a v e a su rp lu s e q u a l t o a b o u t 5 J-S % u p o n th e s t o c k ,
ou t o f w h ic h t h e c o m p a n y w o u ld , w e th in k , b e ju s tifie d in co m m e n cin g
d iv id e n d s d u rin g t h e la tte r p a r t o f th e y e a r .

President George A . Drummond, Montreal, Jan. 28 1907,
says in substance:
C on stru ction .— A t th e c lo s e o f t h e y e a r it w as p o ssib le t o e ffe c t sw eep in g
re d u c tio n s In th e c o n s tr u c tio n staff a n d t o re o rg a n iz e u p o n a m o r e e c o n o m ­
ica l o p e r a tin g basis.
P ow er-h ou se N o. 1, a t N e c a x a , Is n o w n e a r ly c o m p le t e d a n d th e re r e ­
m a in s a t N e ca x a n o o t h e r c o n s tr u c tio n w o r k o f im p o r t a n c e , e x c e p t dam
N o . 2 , w h ic h Is n o w r e a d y fo r slu ic in g , a n d u p o n w h ic h w o r k w ill p r o c e e d
d u rin g th e w h o le o f th is y e a r .
D a m N o . 1 , at T e n a n g o , w a s c o m p le t e d in
J u ly ; b u t in D e ce m b e r th e c o n c r e te s p ill-w a y w as r a ise d tw o m e te rs.
T h e L a gu n a dam is n o w c o n s tr u c te d t o a h e igh t o f n in e m e te rs a b o v e
t h e riv e r b ftttom .
It w ill h a v e s to ra g e c a p a c it y , a t th is h e ig h t, o f 2 2 ,0 0 0 ,000 c u b ic m eters o f w a te r, b u t , o w in g t o th e d e la y in th e c o m p le t io n o f th e
C a rm en ca n a l a n d tu n n e l fo r t h e d iv e rs io n o f th e U p p e r N e ca x a R iv e r in t o
t h e L a g u n a stora g e b a s in , th e a m o u n t o f w a te r s to r e d is n o w o n ly 1 1 ,0 0 0 ,0 0 0
c u b ic m eters; th e G en eral M anager h op es th a t th is w ill b e s u ffic ie n t, w ith
o th e r s u p p lies , t o c a r r y a ll p e a k lo a d s d u rin g th e e n su in g d r y se ason w ith
th e use o f v e r y little ste a m p o w e r . T h e C a rm en ca n a l Is a b o u t 5 k ilo m e te rs
a n d th e tu n n el is 880 m e te rs in le n g th . T h e c a n a l w as c o m p le t e d in
O cto b e r ; b u t t h e tu n n e l n o t till N o v e m b e r .
T h e L os R e y e s c a n a l a n d tu n n e l h a v e a ls o b e e n c o n s t r u c te d t o d iv e r t
t h e u p p e r w aters o f L os R e y e s R iv e r in t o th e N e ca x a B a sin , a n d it is e s ti­
m a t e d t h a t th is w ill p ro cu re a n a d d itio n a l m o n t h ly s u p p ly o f 1,0 0 0 ,0 0 0 t o
3 ,0 0 0 ,0 0 0 c u b ic m eters o f w a te r d u rin g d r y s e a s o n s ,a n d ,t o g e t h e r w it h th e
L a g u n a B a sin , s u p p ly th e r e q u ire m e n ts o f p o w e r -h o u se N o . 1, a t N e c a x a ,
p e n d in g th e c o n s t r u c tio n o f d a m N o . 2.
F ra n ch ises, & c .— A new fra n ch ise a u th o riz in g th e c o m p a n y t o m a in ta in
s u b terra n ea n ca b les a n d aerial tra n sm ission lines fo r th e s u p p ly o f e le ctr ic
e n e r g y fo r lig h tin g , m o t iv e p o w e r a n d o th e r p u rp o se s t o th e C ity o f M e x ico
a n d t o a ll to w n s a n d p la ce s In th e F e d e ra l D is trict o f M e x ico u n til th e y e a r
2012 w as g r a n te d Ju n e 30 1906 a n d ra tifie d b y t h e F e d e ra l C on gress o n
N o v . 26 1906. T h e c o n t r a c t fo r th e s u p p ly o f e le c tr ic e n e r g y du rin g 20
y ea rs fo r p u m p in g p o t a b le w a te rs fo r th e c it y , w h ic h w as sign e d o n M a y 16
la s t , w as ra tified o n O c t . 22 190 6. T h e fra n ch ises o f t h e c o m p a n y are n o w
c o n s o lid a te d a n d ra tifie d b y d ecrees o f th e F e d e ra l C on gress o f M e x ico on a
b asis b o t h e q u ita b le a n d s a t is fa c t o r y .
(C o m p a re V . 8 3 . p . 49 0 .)
L e a s e -^ B o n d s A s s u m e d .— A ll th e p ro p e rtie s o f th e M exica n E le c tr ic L ig h t
C o ., L im ite d , in clu d in g th o s e p u rch a se d fro m th e M e x ica n G as & E le c tr ic
L ig h t C o ., L t d ., and fro m L a Compania E x p lo t a d o r a de las F u erzas H id ro E le c tr lc a s d e S an I ld e fo n s o . S. A . , w e re leased b y th is c o m p a n y fro m
Ja n . 1 1906 for 99 y e a rs , u n d e r a c o n t r a c t b y w h ic h th is c o m p a n y assum es
t h e p a y m e n t o f th e p rin cip a l a n d Interest o f th e $ 6 ,0 0 0 ,0 0 0 bonds o f th e
M ex ica n E le c tr ic L ig h t C o ., L t d ., and all th e e x p e n se s o f o p e r a tin g and
m a in ta in in g th e w o rk s a n d lines o f said c o m p a n y , th e c a p ita l s t o c k o f w h ich
is o w n e d and c o n tr o lle d by th e M e x ica n L ig h t & P o w e r C o .
(C o m p a re
V . 8 1 , p . 3 5 , 730 ; V . 8 3 , p . 4 9 7 , 1415.)
E a rn in g s .— In J a n u a ry 1906 th e G eneral M an ager m a d e an e s tim a te o f
ea rn in gs an d o p e r a tin g e x p en ses fo r t h e p a st y e a r . T h is e s tim a te a n d also
t h e a c tu a l earn in gs fo r th e past y e a r , a n d th e e s tim a te fo r 1907 fo llo w ;
E s t. 1906. A c tu a l 1906.
E s t. 1907.
G ross e a r n in g s __________________________ $ 4 ,0 1 2 ,0 0 0
$ 3 ,8 5 4 ,1 9 4
$ 5 ,0 4 2 ,0 0 0
1 ,4 4 0 ,0 0 0
1 ,4 7 6 ,9 7 5
1 ,5 2 2 ,0 0 0
O p era tin g e x p e n s e s ____________________
TONet ea rn in g s, M e x ica n c u r r e n c y -- $ 2 ,5 7 2 ,0 0 0
N et ea rn in g s , g o l d --------------------------- $1 ,2 8 6 ,0 0 0

$ 2 ,3 7 7 ,2 1 9
$ 1 ,1 8 8 ,6 0 9

$ 3 ,5 2 0 ,0 0 0
$ 1 ,7 6 0 ,0 0 0

T h e c o m p a n y , o u t o f Its n e t e arn in gs o f $ 1 ,1 8 8 ,6 0 9 g o ld fo r 1 90 6, ap p lie d
$ 11 3 ,3 2 3 g o ld fo r th e m a in te n a n c e o f its pla n ts an d ca rried th e b a la n ce o f
$ 1 ,0 7 5 ,2 8 6 g o ld t o p r o fit an d loss a c c o u n t .
T h e o p e r a tin g e x p e n se s o f
$ 1 ,4 7 6 ,9 7 5 , M ex ica n c u r r e n c y . In clu des $591 504 fo r steam p o w e r p e n d in g
t h e c o m p le t io n o f th e h y d r a u lic p la n t. T h e n et earn in gs fell $97 ,391 g o ld
b e lo w th e e stim a tes b e ca u s e (1) th e T r a m w a y C o m p a n y w as u n a b le t o
p r o c u r c its m a c h in e r y so as t o ta k e p o w e r o n O c t . 1 as a greed ; (2) th e
m in in g c o m p a n ie s a t El O ro e n c o u n te r e d sim ila r d e la y s an d also o p e r a te d
w ith less p o w e r th a n e x p e c t e d ; (3) th e C ity o f M e x ico d id n o t m a k e ce rta in
a n t ic ip a te d ex te n sio n s in th e p u b lic lig h tin g .
I f th e tr a m w a y s , m in in g and
m a n u fa c tu r in g c o m p a n ie s w ith w h ich th is c o m p a n y has m a d e c o n tr a c ts
fo r th e d e liv e r y o f p o w e r c a n se cu re e a r ly d e liv e rie s o f th e ir m a c h in e r y ,
m o t o r s , & c ., fro m th e m a n u fa c tu r e r s , th e net earn in gs fo r 1907 s h o u ld be
in crea sed t o a b o u t $ 2 ,0 0 0 ,0 0 0 g o ld .
S u p p ly o f E lectric E n e r g y .— O n Jan . 1 1907 th e In stallation s c o n n e c tc d
in th e F ed era l D is tr ic t o f M e x ico a t El O ro w e re a p p r o x im a t e ly 4 6 ,6 5 5 h .p .,
as fo llo w s ;
P u b lic lig h tin g , 1,542 a re s, e q u a l t o 1,370 h .p .; p r iv a te lig h t­
in g , n u m b e r o f 16 c .p . la m p e q u iv a le n ts 2 6 8 ,3 7 2 , o r 19,770 h .p .; sm all
m o t o r u n its, 9 ,0 5 0 h .p .; larg e m o t o r u n its , 6,5 7 0 h .p .; tr a m w a y , 670 h .p .;
E l O ro m in es , 9 ,2 2 5 h .p .
B efore th e c lo s e o f th e y e a r 1907 It Is e s tim a te d th a t th e to ta l c o n n e c te d
lo a d w ill b e 64,000 l i.p ., as fo llo w s ; T o t a l n o w c o n n e c t e d , 46,0 0 0 h .p .;
Increase in p riv a te lig h tin g , 3,000 h .p .; Increase in m o t o r u n its, 4,0 0 0 h .p .;
t r a m w a y s , 6,0 0 0 h .p .; in crea se a t El O ro m in e s . 5 .0 0 0 h .p .
A ll th ese in ­
s ta lla tion s w ill n o t b e s u p p lie d s im u lta n e o u sly , b u t th e a d d itio n s referred
t o w ill b rin g th e m a x im u m o r p e a k lo a d u p t o a b o u t 4 1 ,0 0 0 h .p . (co n tr a s t­
in g w ith 2 7 ,0 0 0 h .p . In D e ce m b e r la s t, b e tw e e n 6 an d 7 p . m .) , w h ic h ,
a llo w in g fo r losses In tra n sm issio n , w ill u tiliz e th e en tire o u t p u t o f th e
p resen t N e ca x a a n d San Ild e fo n s o h y d r a u lic plan ts.
Steam P la n ts— A d v isa b ility o f In crea sin g H y d r a u lic P la n t. — I f th e d e m a n d
fo r p o w e r s h o u ld e x c e e d p resen t e x p e c t a t io n s it w ill be n e ce ssa ry t o u tilize
t h e c o m p a n y ’s steam p la n ts , w h ich h a v e a to t a l ste a m -g e n e ra tin g c a p a c it y
as fo llo w s :
N o n o a lc o s ta tio n , 6 e n g in es an d 4 tu r b in e s . 7 ,5 0 0 K .W . ; San
L a z a ro s t a tio n , 3 e n g in e s, 3,000 K .W . ; V e r o n ic a s t a tio n , 1 e n g in e , 1,000
K .W . : to ta l n ea rly 16.000 h .p .. o r 11.500 K .W .
A s th e o p e r a tin g e x p en ses
p er u n it o f p o w e r d is trib u te d are m o re th an tw e lv e tim e s w h a t t h e y are in
th e case o f th e h y d r a u lic p la n t at N e ca x a . th e a d v is a b ility o f Increasin g th e
h y d r a u lic plan t Is re a d ily a p p a re n t.
T h e G eneral M anager has pre p a re d p r e lim in a ry e stim a te s fo r th e c o n ­
str u c tio n o f p o w e r -h o u se N o. 2 In th e N e ca x a V a lie v a b o v e p o w e r-h o u se
N o. 1, from w h ich It a p p e a r s that w ith n o m o r e d iv e r s io n o r sto ra g e w o rk s
th an th ose n ow bein g c o m p le t e d , e x c e p tin g a d am on L os R e y e s R iv e r ,
su fficien t w a te r Is a v a ila b le t o o p e ra te th e p ro p o s e t p o w e r -h o u se N o . 2
co n tin u o u s ly a t 2 0 .0 0 0 h .p ., o r on peak lo a d s at 40,0 0 0 b .p .
The cost o f




691

THE CHRONICLE.

M ajr. 23 1907.]

c o n s t r u c tin g a d a m o n L o s R e y e s R iv e r , t o g e th e r w ith th e tu n n e l, p o w e r ­
h ou se b u ild in g a n d e q u ip m e n t, w ith a c a p a c it y o f 2 0 ,000 h . p ., is estim a te d
a p p r o x im a t e ly a t $ 2 ,0 0 0 ,0 0 0 g o ld , a n d th is ca n be in cre a se d t o 40,000 h .p .
a t an a d d itio n a l c o s t o f $ 1 ,0 0 0 ,0 0 0 g o ld , or a to t a l c o s t o f $ 3 ,0 0 0 ,0 0 0 g o ld
fo r 4 0 ,0 0 0 h .p . T h is se c o n d p o w e r p la n t, co n ta in in g t w o un its gen era tin g
2 0 .0 0 0 h . p ., sh o u ld u ltim a te ly y ie ld an a d d itio n a l net an n u a l rev en u e o f
$8 00,0 0 0 g o ld p er a n n u m , an d su b s e q u e n tly a d d itio n a l ge n e ra tin g un its
o f 1 0 ,0 0 0 h .p . e a c h c a n be In stalled as t h e y are r e q u ire d .
P R O F IT A N D LO SS A C C O U N T .
N et earnings fo r 1906 fro m all p r o p e r tie s --------------------------- ----------.$ 1 ,0 7 5 ,2 8 6
D ed u ct—
P r o p o r t io n o f in terest on b o n d s ch a rg ea b le t o o p e ra tin g a cco u n t
t o D e c. 31 1 9 0 6 ____________________________________________________
$ 5 1 8,44 3
In terest o n b o n d s M ex ica n E le c tr ic L ig h t C o. fo r y ea r 1 9 0 6 ------300,000
B a la n ce , su rp lu s-------------------------------------------------------------------------------- $25 6 ,8 4 3
A d d — D iv id e n d fro m M e x ica n E le c t r ic W o r k s , L t d ., ye a r 1 9 0 4 .
292 ,000
D iv id e n d fro m M e x ica n E le c tr ic L ig h t C o ., L t d ., y e a r 1 9 0 5 -1 40 ,000
N e t e a rn in gs fo r 1 90 5, in c lu d in g earnings o f p ro p e rtie s a c ­
q u ire d fro m th e M e x ica n E le c tr ic a l W o r k s , L t d ------------------380,331
D ed uct u n c o lle c tib le a c c o u n ts w ritte n o f f --------------------------------------- deb. 18,746
T o t a l p ro fit a n d loss a c c o u n t per b a la n c e s h e e t------------------------ $1 ,0 5 0 ,4 2 8
G EN ER AL B A L A N C E SH EE T D EC. 31 1906 (GOLD CU R R E N C Y ).
Assets—
S
I Liabilities—
$
Prop’ ties, concess’ ns,& c.(cost) 24,350,457! Cap. stock (auth. $16,000,000) 13,585,000
Apparatus re n te d -....................
21,439iBonds (auth. S12,000,000)---12,000,000
60.000 sh. M ex.E l.L t.C o.,L t d . 3,000,000! Current loans and overdraft^. 1,403,866
Shares of other com panies____
10,9921Sundry accounts payable_____
216,240
M aterials______________ _____
742,7381 Unclaimed w a g e s ______ _____
3,204
Accounts receivable__________
387,0361E m p’yees’ &consumers’ depos.
2,622
Government deposits— .........
21,0151Accrued bond interestUnpaid stock su bscrip tion .s..
24,3751
Mex. Elec. Lt. Co., L t d -----150,000
Unexpired insurance, & c_____
25,635|
Mex. L t. & P o w . C o., L t d . .
250,000
C a s h ..............................................
77,674 Profit and loss acco u n t-............ 1,050,429
T o t a l ........................................28,661,3611
— V. 83, p. 1415

Total ........................................ 28,661,361

Otis Elevator Company.
(Report for Fiscal Year ending Dec. 31 1906.)
President W . D . Baldwin, March 12 1907, says:
T h e c o m p a n y ’s busin ess fo r t h e p a s t y e a r h as be e n in e x ce ss o f a n y p re ­
v io u s y e a r , a n d t h e o u t lo o k fo r th is y e a r is p ro m isin g .
T h e re has b e e n e x p e n d e d fo r t h e p u rch a s e o f real e s ta te , n e w b u ild in gs
e q u ip m e n t ( e x c lu s iv e o f repairs a n d m a in te n a n c e o f p la n ts ), an d a c q u is itio n
o f o u ts ta n d in g s to c k o f s u b s id ia r y c o m p a n ie s , th e sum o f $ 1 ,2 1 4 ,4 2 0 , o f
w h ich su m $ 1 ,0 2 0 ,4 2 0 has b e e n p a id in cash a n d t h e r e m a in d e r in s to c k
fro m th e c o m p a n y ’s tre a s u ry . These e x p e n d itu r e s h a v e c a lle d fo r large
cash d isb u rse m e n ts, in a d d itio n t o th e in cre a s e d re q u ir e m e n ts (w ork in g
c a p ita l) fo r c a r r y in g t o c o m p le t io n y o u r c o m p a n y ’s c o n t r a c ts .
The
c a p a c it y a n d c o n d it io n o f y o u r p la n ts n o t o n ly ju s t if y t h e la rg e e x p en d itu res
m a d e In t h e p a s t , b u t a lso t h e e x p e c t a t io n t h a t y o u r p re se n t sh op s w ill b e
a b le t o ta k e c a r e o f th e la rge r v o lu m e o f business a n t ic ip a te d d u rin g th is
y e a r , a n d t o m u c h g re a te r a d v a n t a g e th a n h e r e to fo r e .
T h e Increased
p rice s p a id fo r la b o r a n d m a te r ia l, to g e th e r w ith th e in crea sed c o s t o f o p e r a ­
t io n d u e t o e ffe ctin g c h a n g e s a n d im p ro v e m e n ts in t h e p la n ts , a n d t h e
v o lu m e o f business d o n e In ce rta in g ra d e s o f w o rk , h a v e t e n d e d t o re d u c e th e
m a rg in o f p r o fit o v e r p r e v io u s yea rs.
W e h a v e c o n tin u e d t o m a k e lib e ra l d e d u ctio n s fo r p o ssib le d e p r e c ia tio n
o f r a w m a te ria l an d finished s to c k on h a n d , m a in te n a n c e o f p la n ts , c o s t o f
im p ro v e m e n ts , e q u ip m e n t, & c.
«
D u rin g th e y e a r lt w as d e e m e d a d v is a b le t o o rg a n iz e O tis E le v a t o r C om ­
pa n ie s o f Illin o is, P e n n s y lv a n ia , M issouri a n d T e x a s , t o c o n d u c t th e b u si­
ness fo r m e r ly c a r r ie d o n b y y o u r c o m p a n y in th e ir r e s p e c tiv e te r rito r ie s ,
an d th e sta te m e n ts h e re w ith s u b m itte d in clu d e th e resu lts o f th e o p e r a tio n s
o f th o s e c o m p a n ie s .
O u t o f th e earn in gs o f last y e a r 's business y o u r d ir e cto r s h a v e d e cla re d
a d iv id e n d o f 3 % o n t h e c o m m o n s t o c k o f t h e c o m p a n y , p a y a b le 1 ^ % o n
A p ril 15 1907 a n d 1 ^ % o n O c t . 15 1907.

Statistics— Earnings, expenses, charges, & c., have been:
190 6.
190 5.
1904.
\ 1903.
N e t e a rn s, .a fte r all c h g s .,
r epairs a n d r e n e w a ls .
$8 5 5 ,1 6 7
$9 1 2 ,9 3 8
$8 9 1 ,0 1 6
$90 8,05 5
D ed u ct—
P r e f. d iv id e n d s ( 6 % ) . . .
$34 7,79 1
$ 3 3 9,69 7
$33 5 ,9 7 0
$33 2,67 0
C o m m o n d i v i d e n d s . - . ( 3 % ) 191 ,2 5 9 ( 2 % ) 127 ,0 0 6 (2 % ) 127 ,0 0 6 (2 % ) 1 2 7 ,0 0 6
D e p r e c i a t i o n ----------------2 1 6 ,1 1 7
246 ,2 3 5
228 ,040
248 ,3 7 9
S u r p l u s ----------------------P r e v io u s su rp lu s________

$10 0,00 0
1 ,6 0 0 ,0 0 0

T o t a ls u r p lu s --------------- $ 1 ,7 0 0 ,0 0 0

$20 0,00 0
1 ,4 0 0 ,0 0 0
$ 1 ,6 0 0 ,0 0 0

$20 0,00 0
1 ,2 0 0 ,0 0 0
$ 1 ,4 0 0 ,0 0 0

G EN ER AL B A L A N C E SH EE T DEC. 31.
1906.
1905.
I
A ssets__
S
S
! Liabilities—
Plant account____11,066,032 10,460,643] Capital (preferred)
Cash........................
400,034
411,5251Capital (com m on ).
Bills receivable___
131,322
117,645! Gold notes ( 4 % ) . .
Accts. receivable. 3,849,502 3,002,7171Bills payable_____
Inventories______ 2,447,345 1,443,160 |A ccounts payable.
IPref. d iv id e n d s ...
ICom. d iv id e n d s ...
(S u r p lu s ..................
T o t a l ......... ........ 17,894,235 15,435,690!
— V . 84. p. 629.

$20 0,00 0
1 ,0 0 0 ,0 0 0
$ 1 ,2 0 0 ,0 0 0

1906.
§
6,156,600
6,375,300
200,000
1,905,000
1,277,377
88,699
191,259
1,700,000

1905.
^
5,699,000
6,350,300
400,000
572,000
601,899
85,485
127,006
1,600,000

T o t a l ................... 17,894,235 15,435,690

Federal Sugar Refining Company.
((Official Statement of Jan. 26'1907.)
The statement made to the New York Stock Exchange,
in connection with the admission to quotation in the unlisted
department of S3,322,800 preferred stock and $6,677,200
of the common stock, says in substance:
I n c o r p o r a t e d u n d e r th e la w s o f N ew J e rs e y Ju n e 19 1902. A u th o riz e d
c a p ita l: p r e fe rr e d s t o c k , 6 % , $ 1 0 ,0 0 0 ,0 0 0 ; c o m m o n s t o c k , $ 1 5 ,0 0 0 ,0 0 0 .
T h e p r e fe rr e d c e r tific a te says:
(1) T h e h o ld e rs o f th e p re fe rr e d s t o c k shall
b e e n t itle d t o r e c e iv e , w h e n a n d as d e c la r e d , fro m th e surplus o r n et p rofits
o f th e c o m p a n y y e a r ly d iv id e n d s a t th e ra te o f 6 % p e r a n n u m , a n d n o m o r e ,
p a y a b le q u a rte r ly o n d ates t o be fix e d b y th e b y -la w s .
T h e d iv id e n d s o n
t h e p re fe rre d s t o c k shall b e c u m u la tiv e , a n d shall be p a y a b le b e fo r e a n y
d iv id e n d o n th e c o m m o n s t o c k shall b e p a id o r set a p a rt; so th a t if in a n y
y e a r d iv id e n d s a m o u n tin g t o 6 % shall n o t h a v e be e n p a id t h e r e o n th e
d e fic ie n c y shall be p a y a b le b e fo r e a n y d iv id e n d s shall b e p a id u p o n o r set
a p a rt fo r th e c o m m o n s t o c k .
(2)
E a ch a n d e v e r y h o ld e r o f t h e p referred
s t o c k shall be e n title d a t a n y t im e , e x c e p t in g w h e n th e b o o k s o f th e c o m ­
p a n y are c lo s e d fo r th e p a y m e n t o f d iv id e n d s , t o d e liv e r t o th e c o m p a n y ,
p r o p e r ly In d o rse d , his c e r tific a te fo r p re fe rre d s t o c k , a n d r e c e iv e in lieu
th e r e o f c o m m o n s t o c k , share fo r sh are, a n d th e r e u p o n su ch ce rtifica te or
ce r tific a te s o f p re fe rre d s t o c k shall be re tire d a n d ca n c e le d an d n e v e r a g a in
re issu e d , an d th e r e u p o n such p re fe rre d s t o c k , th e c e r tific a te fo r w h ic h is
so r e c e iv e d an d c a n c e le d , shall b e c o m e a n d th e r e a fte r re m a in c o m m o n
stock .
(3)
A ll o r a n y o f said p r e fe rre d s t o c k n o t so e x c h a n g e d shall be
s u b je c t at a n y tim e t o re d e m p tio n b y th e c o m p a n y a t p ar a n d 2 5 % in
a d d itio n th e r e t o .
A t th e tim e o f a n y su ch r e d e m p tio n th e h o ld e r o f p r e ­
fe rr e d s t o c k so re d e e m e d shall h a v e t h e rig h t t o w a iv e said 1 2 5 % in cash
and d e m a n d th a t t h e c o m p a n y issue t o h im , in lieu Of said p r e fe rr e d s t o c k
so r e d e e m e d , c o m m o n s t o c k , share fo r share.
(4)
In th e e v e n t o f a n y
liq u id a tio n o r d isso lu tio n o r w in d in g up (w h e th e r v o lu n t a r y or in v o lu n ta r y )
o f t h e c o m p a n y , th e h o ld e rs o f th e p re fe rre d s to c k shall be e n title d t o be
p a id In fu ll b o th th e p a r a m o u n t o f th e ir shares an d th e u n p a id d iv id e n d s
ac c r u e d th e r e o n b e fo re a n y a m o u n t shall be p aid t o th e h o ld e rs o f th e c o m ­
m o n s to c k .
P ar v a lu e o f sh ares, p re fe rre d a n d c o m m o n , $ 1 0 °.

692

THE CHRONICLE.

Both, c o m m o n a n d p r e fe rr e d s t o c k h a v e v o t in g p o w e r : th e re are o v e r 150
N o d iv id e n d s
b e e n p a id o n
th e p re fe rr e d s t o c k , o n e o f 1 2 % o n F e b . 7 1905 a n d o n e o f 3 % o n A u g . 25
190 6. D iv id e n d s h a v e a c c u m u la t e d o n t h e p r e fe rr e d s t o c k s in ce M a y 1 1905
fe rre d sto c k h o ld e r s a n d o v e r 130 c o m m o n s to c k h o ld e r s .
Ere
a v e b e e n p a id o n th e c o m m o n s t o c k . T w o d iv id e n d s h a v e

B a la n ce Sh eet J u ly 28 1906.
SB Asseis—
$
I L ia b ilities —
$
P r o p e r t y a n d p la n t— re p r e P r e f. s t o c k ___ $ 1 0 ,0 0 0 ,0 0 0
s en ted b y th e e n tire c a p lL ess in tr e a s ’ y
6 ,6 7 7 ,2 0 0 3 ,3 2 2 ,8 0 0
ta l o f t h e F ed era l Su g ar
C o m m o n s t o c k 1 5 ,0 0 0 ,0 0 0
R e fin in g C o . o f Y o n k e r s
L ess in tr e a s ’ y
8 ,3 2 2 ,8 0 0 6 ,6 7 7 ,2 0 0
a n d p a t e n t s --------------------- 6 ,9 1 0 ,4 3 5 A c c o u n t s a n d b ills p a y a b le 2 ,8 0 4 ,4 3 7
Bills r e c e iv a b le ------------------- 5 ,9 0 1 ,4 8 4 P ro fit a n d loss a c c o u n t ___
2 68 ,956
A c c o u n t s r e c e iv a b le ----------261 ,1 1 6
C a sh ________________________
358
T o t a l ----------------- --------------1 3 ,0 7 3 ,3 9 3
T o t a l - ................................... 1 3 ,0 7 3 ,3 9 3
T h e re is n o b o n d e d d e b t e ith e r o f th is c o m p a n y o r o f a n y a c q u ir e d o r
c o n s titu e n t c o m p a n y . T h is c o m p a n y o w n s n o t th e fe e , b u t t h e en tire
$ 1 0 0 ,0 0 0 c a p ita l s t o c k o f th e F e d e ra l Su g ar R e fin in g C o . o f Y o n k e r s , w h o se
p la n t , lo c a te d a t Y o n k e r s , in clu d e s a b o u t 1 0 a c r e s o f la n d ly in g b e tw e e n
t h e N ew Y o r k C en tral & H u d s o n R iv e r R R . a n d th e H u d s o n R iv e r , a n d
u n d e r w a t e r , a n d has a w a te r fro n ta g e o f a b o u t 716 f e e t, o n w h ic h there
h a v e b e e n b u ilt d o c k s o f th e b e st c o n s t r u c tio n , w ith w a te r o f su fficie n t
d e p t h t o u n lo a d o c e a n -g o in g , s u g a r-ca rry in g ste a m e rs.
O n th e se d o c k s
h a v e b e e n c o n s tr u c te d 10 w a re h o u se s. T h e re fin e r y its e lf co n sists o f 3
la rg e b u ild in g s , w it h v a r io u s s m a lle r b u ild in g s .
It has b e e n e q u ip p e d w ith
t h e m o st m o d e r n a n d im p ro v e d m a c h in e r y .
T h e c o m p a n y w ill p u b lish an an n u a l r e p o r t t o its s to c k h o ld e r s . T h e
fiscal y e a r en ds A u g . 31.
D ir e c to rs — C. A . S p re ck e ls , C la re n ce H . M a c k a y a n d W illia m W . C o o k ,
a il o f N ew Y o r k C ity ; D u m o n t C la rk e , N e w Y o r k C ity a n d D u m o n t , N . J .;
G eorg e C r o c k e r , N ew Y o r k C ity ; G e o rg e A . F e m a ld , B o s t o n , M ass.; P ierre
J . S m ith , O ra n ge, N . J. C. A . S p re ck e ls Is P re s id e n t; C laren ce H . M a c k a y ,
V ic e -P r e s id e n t; D u m o n t C la rk e , T re a su re r; P ie rre J . S m ith , S e c r e ta r y an d
A ssista n t T rea su rer.
O ffic e , 138 F r o n t S t .— V . 8 4 , p . 34 1 .

Associated Merchants Co.
(.Report for Fiscal Year ending Feb. 1 1907.)
President John Claflin says:
N et p rofits fo r six m o n th s e n d in g F e b . 1 w ere $ 8 0 7 ,0 0 3 , a gain st $73 8,80 5
f o r th e co rre s p o n d in g p e r io d last y e a r .
D u r in g th e h a lf-y e a r 302 shares o f
first p r eferred s to c k w e re c o n v e r t e d in to c o m m o n s t o c k .
O n O c t . 9 , w ith
t h e a p p ro v a l o f th e d ire cto rs o f th e A s s o c ia te d M erch an ts C o ., b u t a t his
o w n r is k , J o h n Claflin o p e n e d a n e x te n s io n o f th e business o f Jam es M cC reery & C o. in his n e w b u ild in g a t 3 4 th S tre e t.
In D e ce m b e r , a t th e re ­
q u est o f th e d irecto rs o f th e A s s o c ia te d M erch an ts C o ., J o h n Claflin so ld t o
Jam es M cC reery & C o . a ll th e assets, e x c e p t th e real e s ta te , p e rta in in g to
t h e 34th Street business a t c o s t a n d in te re st, i . e ., $ 2 ,2 0 0 ,0 0 0 . T h e p ro fits
o f th e n ew in v e s tm e n t h a v in g m a te r ia lly e x c e e d e d In terest, th e assets tra n s­
ferred b y J o h n Claflin t o Jam es M cC reery & C o . w e re o f g re a te r v a lu e th a n
$ 2 ,2 0 0 ,0 0 0 , th e p rice p a id h im . J o h n C laflin c o n tin u e s t o h o ld fo r th e
b en efit o f th e A s so c ia te d M erch an ts C o. th e real esta te o c c u p ie d b y Jam es
M cC reery & C o ., ru n n in g fro m 3 4 th t o 3 5 th S treets.
R E S U L T S F O R Y E A R S E N D IN G
1 9 0 6 -0 7 .
$
1 ,5 0 2 ,0 3 2
(6 )3 6 6 ,6 7 3 (5
(7 )3 5 5 ,1 6 6 (6
(9 )5 4 2 .0 8 6 (8

Y ea r—
N e t ea rn in gs_______ _______ ___________
D Iv . o n 1st p referre d s t o c k ___________
D iv . o n 2d p referre d s t o c k ___________
D iv . o n c o m m o n s t o c k _______________

T o t a l ..............................................................
B a l a n c e _______________ t________________

1 ,2 6 3 ,9 2 5
2 3 8 ,1 0 7

F E B . 1.
190 5 -0 6 .
190 4 -0 5 .
$
$
1 ,3 4 2 ,3 6 2
1 ,0 8 4 ,9 2 5
M )2 7 8 ,25 6 (5 H ) 2 4 8 ,4 0 6
% ) 3 4 2 ,2 9 3 (6 ^ ) 3 0 9 ,9 3 7
3 ^ )4 81,630
(8 )3 6 3 ,8 8 6
1 ,1 0 2 ,1 7 9
2 4 0 ,1 8 2

B A L A N C E S H E E T F E B . 1.
1907.
190 6.
A ssets—
$
$
C a s h _____________________________________
x 6 7 6 ,2 9 7
2 ,6 3 7 ,6 6 9
A ll th e p r im a ry secu rities o f : J . M c ­
C reery & C o .. N . Y . : S te w a rt & C o .,
B a lt.; J . N . A d a m & C o . , B u ff .. an d
$ 2 ,4 0 0 ,0 0 0
d e b e n tu re b o n d s o f
O ’ N e ill-A d a m s C o ., N . Y . , a g g r e ­
g a tin g in 1906 $ 8 ,1 0 0 ,0 0 0 p a r v a lu e j/8 ,1 0 0 ,0 0 0
5 ,9 0 0 ,0 0 0
45,001 shares H . B . Claflin C o ________
5 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
J u n ior s ecu rities, a g g re g a tin g $ 5 ,5 0 0 ,000 p a r v a lu e , y ie ld in g m o r e th a n
a - 1 0 % a n n u a l in c o m e o n $ 5 ,2 0 0 ,0 0 0 .
5 .0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0

9 2 2 ,2 2 9
162 ,696
1905.
$
2 ,0 4 7 ,4 8 9

4 .0 0 0 .0 0 0
5 .0 0 0 .0 0 0

18 ,5 3 7 ,6 6 9

1 6 ,0 4 7 ,4 8 9

6 .1 7 1 .5 0 0
5 .0 7 3 .5 0 0
6 ,0 0 5 ,0 0 0

4 ,3 9 3 ,6 0 0
5 .0 6 1 .2 0 0
5 .5 4 5 .2 0 0

1 ,2 8 7 ,6 6 9

22,913
1 ,0 2 4 .5 7 6

T o t a l lia b ilitie s ........................................ 1 8 ,7 7 6 ,2 9 7

1 8 ,5 3 7 ,6 6 9

1 6 ,0 4 7 ,4 8 9

x A fte r p a y m e n t o f $ 2 ,2 0 0 ,0 0 0 fo r th e 3 4 th S treet business o f M cC reery
& C o.
y In clu d es en tire bu sin ess o f M cC reery & C o ., S te w a rt & C o. an d
J . N . A d a m & C o. a n d fo u r-fifth s o f d e b e n tu re b o n d s , tw o -th ird s o f in co m e
b o n d s a n d fo u r-fifth s o f ca p ita l s to c k o f O ’ N e ill-A d a m s C o . a n d fo u r -fifth s
o f c o m m o n s to c k o f C. G . G u n th e rs’ S o n s .— V . 8 4 , p . 510.

American Sewer Pipe Company.
(Balance Sheet Dec. 31 1906.)
|
1906.
1903.
Assets—
| Liabilities—
$
$
Cost property, less
Capital stk. issued. 7.805,700 7.805.700
depreciation . . . 9,263,819] 9,253,0291 Bonds outstand’ g . 1,482,000 |1,532.000
-------. payable.
..
33,969
Cash
194,130
190,8501Accounts
40,670
Accounts and bills
34,471 ■ 30.754
IW a g e s ....................
r e c e iv a b le _____
339,714
342,565 i Int. & taxes accr’d
39,722 • 39,734
Materials and sup|D iv id e n d _________
58,543
58,543
i • p lie s .....................
754,581
850 ,110ISurplus .............._ . 1,091,137 1.135,854

1905.
$

T o t a l .................. 10,552,243 10,636,5541 T o t a l ................... 10,552,243 10,636,554
D iv id e n d s at th e ra te o f 3 % y e a r ly ( H % q u a r t e r ly ) , c a llin g f o r $ 2 3 4 ,1 7 1
h a v e b e e n p a id sin ce J u ly 1904.
D u rin g 1906 $ 5 0 ,0 0 0 b o n d s w e re re ­
d e e m e d b y th e sin k in g fu n d a n d c a n c e le d , m a k in g a to t a l o f $ 5 6 0,50 0 c a n ­
c e le d t o D e c. 31 1906.
O n th e d a te last n a m e d th e re w e re h e ld in th e treas­
u r y $ 4 5 7,50 0 b o n d s , b e in g th e sa m e a m o u n t a s jh e ld D e c. 31 1 9 0 5 .— V . 8 3 ,
p . 6 8 9 ,3 8 1 .

American Strawboard Company.
(Report for Fiscal Year ending Dec. 31 1906.)
President O. C. Barber says in part:
D e p r e c ia tio n .— Y o u r d ire cto rs h a v e c h a r g e d t o su rplu s a c c o u n t fo r d e ­
p r e c ia tio n $ 1 ,2 2 1 ,7 3 1 .
T h is seem s a larg e a m o u n t , b u t lt is fu lly ju s tifie d
b y th e fa c t th a t s in ce 1892 n o th in g has b e e n ch a rg e d o ff fo r d e p r e c ia tio n
o th e r th a n o r d in a r y rep airs.
It Is th e o p in io n o f y o u r d ire cto rs th a t a still
g rea ter sum m u st be c h a rg e d o ff t o g e t th e p r o p e r t y d o w n t o a s o lid basis,
a n d th a t th e earnings m u st b e la r g e ly u sed fo r th e p u r p o s e o f re p a irin g and
e q u ip p in g th e m ills w ith m a c h in e r y o f m o d e r n ty p e t o m e e t th e c o m p e t it io n
o f o u tsid e m o d e r n m ills.
E a rn in g s.— T h e earnings fo r th e y e a r 190 6, w ith o u t a n y d e d u ctio n fo r
d e p r e c ia tio n , a m o u n te d t o $ 3 9 5 ,5 2 6 , m o r e th a n o n e -h a lf o f w h ich w as
e a rn ed b y th e C ircle ville m ill, o r $ 2 1 4 ,4 7 8 .
T h e b a la n c e o f th e earnings
w ere m a d e b y th e stores a n d th e o th e r e ig h t m ills th a t w e re In o p e r a tio n
d u rin g th e y e a r .
T h e v a lu e o f th e C ircle v ille m ill Is t o -d a y s o m e w h a t lea*
t h a n its orig in a l c o s t , it h a v in g b e e n b u ilt 22 y e a rs a g o .
T h e c o s t o f th e
m ill w h en finished w as $ 4 5 0 ,0 0 0 .
It w as b u ilt b y th e P o r ta g e S tra w B o a rd




l x x x iv

.

C o.
I t has a c a p a c it y t o -d a y o f 65 ton s o f b o a r d p e r d a y , w h ich is a little
o v e r o n e -th ir d o f th e p resen t p r o d u c t io n o f th e s tra w b o a r d o f th e c o m p a n y
p e r d a y in th e p ast y e a r.
Im provem en ts R eq u ired .— I n a d d it io n t o p r o p e r ly e q u ip p in g th e p resen t
m ills in o p e r a tio n , a large sum o f m o n e y m u s t b e e x p e n d e d in r e -lo c a tin g a
n u m b e r o f m a ch in e s w h ich t o -d a y are id le a n d Instead o f p r o d u c in g a p r o fit
are m a in ta in e d a t a large e x p e n s e , as is e v id e n c e d b y th e a n n u al s ta te m e n t,
b y th e su m o f so m e $ 3 8 ,0 0 0 .
T h e m a n a g e m e n t h a v e a lr e a d y s ta r te d t o
re b u ild a n d r e -e q u lp th e m ill at W ilm in g t o n , 111., th e to t a l c o s t o f w h ich
w ill req u ire an e x p e n d itu r e o f fro m $1 2 0 ,0 0 0 t o $ 1 3 0 ,0 0 0 .
T h e large
a m o u n t ch a rg e d o ff t o d e p r e c ia tio n o n ly a p p lie d t o th e m ills th a t a re e n ­
tir e ly o u t o f c o m m is s io n a t th e p re se n t tim e .
P r o d u ctio n .— W h e n th e c o m p a n y w as o r ig in a lly o r g a n iz e d . It h ad 21
o p e r a te d m ills a n d a c a p a c it y o f o v e r 400 to n s p e r d a y , w h ic h w as a b o u t 6 5 %
o f th e p r o d u c t io n o f b o a r d s co n s u m e d in th e U n ite d S ta te s o f all k in d s.
T h e c a p a c it y o f th e m ills t o -d a y o f th e en tire c o u n t r y w ill a g g reg a te a b o u t
2,1 0 0 to n s p e r d a y a n d th e re Is c u t a n d c o n s u m e d o f all k in d s o f b o a r d a b o u t
1,600 to n s p er d a y .
IN C O M E A C C O U N T .
1906.
1905.
1904.
1903.
$ 3 9 5,52 6
$22 3,58 9
$28 6,04 1
$56 2,62 7
P r o f i t s ___________________
C h a r g e s ............. ...................
$24 ,9 3 7
$10 3 ,1 6 7
$ 9 4 ,4 0 3
$ 3 0 1 ,9 4 7
D iv id e n d s ( 2 % ) _______
120 ,000
_______
_______
______ .
$ 2 5 0,58 9
S u r p l u s ......................... .
P re v io u s s u r p lu s - ............ $ 1 ,1 0 7 ,3 5 6
L ess d e p r e c ia ’ n (see te x t) 1,2 2 1 ,7 3 1
F in a l s u rp lu s .

$12 0,42 2
$ 9 8 6,93 4
_______

$19 1,63 8
$79 5 ,2 9 6

$26 0 ,6 8 0
$ 5 3 4 ,6 1 6

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

$ 1 3 6,21 4
$ 1 ,1 0 7 ,3 5 6
$ 9 8 8 ,8 3 4
$ 7 9 5 ,2 9 8
B A L A N C E S H E E T D E C . 31.
190 6.
1905.
1603.
I
1906.
A s sets—
I L ia b ilities —
$
$
$
$
P lan ts an d p a t s . 5 ,101,371 6 ,3 2 6 ,6 1 0 C a p ita l s t o c k ___ 6 ,0 0 0 ,0 0 0 6 ,0 0 0 ,0 0 0
S to r e s ________
4 2 5 ,0 0 0
4 2 5 ,0 0 0 A c c ’ts p a y a b le .
22,7 2 6
3 1,6 7 1
P e r s ’l p r o p e r t y .
5 4 ,642
5 2 ,3 4 0 B ills p a y a b le ___
7 5 ,0 0 0
M e rch a n d ise____
3 1 ,219
3 6 ,4 2 9 B o n d s ___________
268‘ 666
3 2 3 ,0 0 0
S u p p lie s ________
158 ,100
154,133 A c c r 'd in t e r e s t ..
• .700
8.07ft
Bills r e c e iv a b le .
3,425
4,5 0 0 .S u s p e n s e a c c ’ t . .
245
A o c ’ts re c e iv a b le 3 56 ,700
2 28 ,7 4 8 I D iv id e n d a c c ’t - .
34,040
C a s h ____________
87,1 7 3
46,299 S u r p lu s .................. 1 36 ,214 1 ,1 0 7 ,3 5 7
I n v e s tm e n ts ____ 2 50 ,295
2 71 ,0 4 3
T o t a l ..................6 ,4 6 7 ,9 2 5 7,54 5 ,1 0 3 1

T o t a l ...................6 ,4 6 7 ,9 2 3 7 ,5 4 5 .1 0 3

Gompare important facts in V . 84 , p. 52, 106, and United
Box Board & Paper C o., V . 83, p. 1540.
Herring-Hall-Marvin Safe Co.
(Report for Calendar Year 1906.)
President C. U . Carpenter says in substance:
P r o fits .— T h e a c tu a l n e t p ro fits fo r th e y e a r ’s o p e r a tio n s , b e fo r e ch a rg in g
o ff fo r d e p r e c ia t io n , are $ 1 0 2 ,0 4 9 .
R eserv es.— W e h a v e e s ta b lis h e d a s p e cia l rese rv e o f $ 1 1 ,0 0 0 a gain st
p o s s ib le losses in u n c o lle c t ib le a c c o u n ts In San F r a n c is c o , d u e t o t h e fire
la s t A p r il. T h e la rg e r e s e rv e f o r e r e c tio n is e s ta b lish e d t o ca re f o r th e
e x p e n s e a t te n d a n t u p o n e r e c tin g j o b s s h ip p e d t h e la t te r p a rt o f t h e y e a r .
D e p r e d a tio n and, M a in ten a n c e .— W e h a v e set a side $ 3 1 ,6 6 6 has a c o n ­
s e r v a t iv e d e p r e c ia t io n , as fo llo w s : 5 % o n r e a l e s ta te a n d b u ild in g a c c o u n t
(v a lu e o f re a l e sta te d e d u c t e d ) , 1 0 % u p o n m a c h in e r y a c c o u n t (less t o o ls ,
& c.) a n d 2 0 % o n fu r n itu r e , fix tu r e s , & c.
In a d d it io n , th e c o m p a n y
c h a r g e d t o e x p e n s e $ 18 ,160 u p o n m a in te n a n c e , it b e in g o u r p o lic y t o k e e p
o u r p r o p e r t y in first-class c o n d it io n .
W e a d o p t th e p o lic y o f c h a rg in g t o e x p e n s e a ll re p la c e m e n ts o f new
t o o ls , p a tte r n s a n d b e lt in g , so th a t o u r v a lu a t io n o f th e se item s Is v e r y
c o n s e r v a tiv e .
T h e re Is n o m o r tg a g e o r lie n o f a n y c h a r a c te r u p o n t h e p r o p e r t y .
S a n F r a n cis c o F ir e , A d m in istra tio n , & c .— O u r safes a n d v a u lts c a m e
th r o u g h th e c a ta s tr o p h e a t S an F r a n cis c o w it h m a g n ifice n t resu lts. T h e
f a c t o r y Is in first-cla ss c o n d it io n , th e o u t p u t p e r s q u a re f o o t o f flo o r area
h a v in g Increased In 1906 o v e r th a t o f a n y o th e r p e r io d .
T h e com pan y
be g in s th e y e a r 1907 w ith a s a t is fa c t o r y b o o k in g o f ord e rs o n b u rg la r w o rk
a n d a n e x c e lle n t v o lu m e o f sales u p o n fir e -p r o o f p r o d u c t io n .
T h e resu lts o f o p e r a tio n s fo r t h e c a le n d a r y e a r 1906 w e re:
N e t earn in gs fo r ca le n d a r y e a r 1 9 0 6 _______ . ________________________ $10 2,04 9
D ed u ct— C harges fo r d e p r e c ia t io n __________________________$ 3 1 ,6 6 6
S a n F r a n cis c o r e s e rv e in c lu d e d a b o v e ___________ 11,0 0 0
42,6 6 6
B a la n ce , s u r p l u s __________________________________

5 ,0 0 0 ,0 0 0

* T o ta l assets............................................... 1 8 ,7 7 6 ,2 9 7
L iabilities—
F irst p referred s t o c k ___________________
6 ,0 8 3 ,8 0 0
S e c o n d p r eferred s t o c k ________________
5 ,0 7 3 ,8 0 0
C o m m o n s t o c k __________________________
6 ,0 9 2 ,4 0 0
D iv . on 1st a n d 2d p r e f ., J a n . 15 t o
F e b . 1 _____________ ___________ ____________ ________
S u rp lu s__________________________________
1 ,5 2 6 ,2 9 7

1906.
$

[V o l .

BALANCE
A s s e ts —
R e a l e sta te a n d b u ild in g s .
M a ch in e r y , & c ____________
S to c k s o n h a n d a t c o s t ___
W o r k In pro ce ss a n d m a ­
terials a t c o s t ___________
B ills & a c c t s . r e c . & ca sh .
In su ra n ce, & c., p a id in a d v
S to c k o f o th e r c o m p a n ie s P a te n ts , tr a d e -m a rk s , & c .

$ 2 0 2,65 2
2 9 8 ,8 6 4
2 0 7 ,0 7 6
3 29 ,988
372 ,830
8,0 9 5
1,000
92,0 0 0

T o t a l .................. ...................$ 1 ,5 1 2 ,5 0 6
— V . 8 4 , p . 393 .

D E C . 31 1 9 0 6 .
L ia b ilities—
D e b e n tu re s m a tu rin g t o
1 9 1 5 - . - ----------- ---------------B ills p a y a b le ----------------------A c c o u n t s p a y a b l e ------------R e se rv e s fo r c o m p le t io n o f
c o n t r a c t s ------------------------C o n tin g e n t lia b ility r e s ’ ves
C a p ita l s t o c k (7,0 0 0 s h . ) . .
S u rp lu s o f y e a r ’s o p e r a tio n

$5 9 ,3 8 3

SHEET

$410,000
170 ,354
92,5 6 1
64,208
16,000
7 0 0 ,0 0 0
5 9 ,3 8 3

T o t a l ..................................... $1 ,5 1 2 ,5 0 6

GENERAL IN V E ST M E N T N EW S.
R A IL R O A D S , IN C L U D IN G STREET R O A D S.
Amherst & Sunderland Street R y .— Sold.— W m . S. Loomis
President of the Holyoke Street R y . C o., and others, it is
stated, have bought the control of this p ro p erty.^ T h e capi­
tal stock is $120,000 and the bonded debt $1 17 ,0 00 .— V . 78,
p. 701.
Ashland & W estern R y .— Details of Mortgage.— The first
mortgage to the Cleveland Trust Co. as trustee is made to
secure an issue of $200,000 of $1,000 20-year 6 % gold
bonds, due Jan. 1 1927, but subject to call in whole or in part
at 102 J^on July 1 1908 or any interest day thereafter; interest
payable at the office of the trustee.— V . 83, p. 1589, 1468.
Atlantic City & Suburban Traction C o.— Payment of In­
terest in Scrip.— Circular letters have been sent out asking
the first mortgage bondholders to accept scrip in payment
for interest due on Feb. 1 last; the second mortgage bond­
holders to accept scrip and raise a fund of $20,000 for the
payment of pressing claims; and the unsecured creditors are
requested to accept stock in lieu of all claim s.— V . 77 , p .1224.
Atlantic Quebec & W estern R y .— Listed in London.— The
London Stock Exchange in February last listed £ 7 0 ,2 0 0
5 % first mortgage debenture bonds of £ 1 00 each (Nos. 805
to 1,506) and partly paid scrip certificates for £ 5 6 ,2 0 0 5 %
first mortgage debenture bonds.— V . 83, p. 154, 1522.
Bangor & Aroostook R R .— Sale of Bonds.— This company
and its subsidiary, the Northern Maine Seaport R R ., have
sold to a syndicate formed by Brown Bros. & Co:

M a r . 23 1907.J

THE CHRONICLE.

$ 8 0 0 ,0 0 0 5 % N o rth e r n M aine S e a p o rt R R . first m o r tg a g e b o n d s d u e 1 9 3 5 ,
g u a ra n te e d b v th e B a n g o r & A r o o s t o o k . T o t a l a u th o r iz e d issue,
$ 5 ,0 0 0 ,0 0 0 , o f w h ic h th ere h a v e b e e n issu e d , in clu d in g t h e a b o v e ,
$ 4 ,4 1 0 ,0 0 0 .
T h e p u rp o s e o f th e p re se n t issu e is t o p r o v id e for
d o u b le -tr a c k in g 30 m iles o f line w h ere th e t r a ffic n o w o ffe rin g is
t o o g re a t t o b e h a n d le d o v e r o n e t r a c k ; also fo r te rm in a l im p r o v e ­
m en ts a n d a d d itio n a l eq u ip m e n t.
1 ,0 0 0 ,0 0 0 B a n g o r & A r o o s t o o k R R . , M e d fo rd E x te n sio n 1st m o r tg a g e 5 %
g o ld b o n d s d u e 193 7, be in g th e t o t a l a u th o riz e d issue. T h e se
b o n d s p r o v id e fo r th e c o n s tr u c tio n o f a 28-m lle lo w -g r a d e c u t -o ff
fro m a p o in t 4 m iles sou th o f W e s t S ebeis t o L e g ra n g e , passing
b e tw e e n S c h o o d ic a n d S eb o e is
L a k e , a n d fo rm in g w ith th e
N o r t h e r n M aine S e a p o rt lin e a lo w -g r a d e r o u te fro m t h e sea,
s u it a b le fo r t h e presen t h e a v y tr a ffic .
9
,000 B a n g o r & A r o o s t o o k R R ., Series “ D " . 5 % e q u ip m e n t tru s ts,
m a t u r in g sem i-a n n u a lly t o 191 7, b e g in n in g O cto b e r 1907. T h is
is su e c o v e r s th e fo llo w in g e q u ip m e n t, p u rch a se d a t a c o s t o f $ 1 ,00 0 ,0 0 0 : 300 flat c a r s , 706 b o x c a r s , 40 s to c k cars a n d 6 ca b o o s e s .

The two issues first named are described as legal for sav­
ings banks in the States of Maine and Massachusetts.— V. 84,
p 157
Boston & Lowell R R .— Sale of Bonds.— Mackay & Co.
have sold to investors at par and interest $325,000 4 % de­
benture bonds, to be dated July 1 1907 and maturing July 1
1927. These bonds are issued to take up a like amount of
4s, due July 1 1907. See V . 84, p. 50.
Buffalo & Susquehanna RR .— Application to L ist.— The
New York Stock Exchange has been requested to list $ 2 ,408 ,• 000 additional first refunding mortgage 4 % bonds of 1951,
making the total listed $ 8 ,9 2 9 ,0 0 0 .— V . 83, p. 1091, 1116.
California Midland R R .— New Bond Issue.— The stock­
holders will meet on April 5 to vote on a proposition to issue
$3 ,000 ,00 0 5 % 40-year-gold bonds, to be dated Maj’ 1 1907,
and secured by mortgage to the Mercantile Trust Co. of San
Francisco, as trustee, on a proposed railroad from Marys­
ville, C al., to Grass Valley and Nevada City, with divergent
line to Auburn, Cal. President, John Martin; Secretary,
Henry Malloch.
A c o m p a n y o f th e sam e n a m e , b u t fo r d iffe re n t s e c tio n o f c o u n t r y , a u ­
th o r iz e d a b o n d Issue in D e c . 1901 b u t lo s t its c h a r te r th r o u g h In a c tiv ity .
C o m p a re V . 7 3 . p . 89 9 .

Canadian Northern Quebec R y .— Listed in London.— The
London Stock Exchange has listed the scrip for £1 ,0 0 0 ,0 0 0
4 % perpetual guaranteed debenture stock. See offering in
V . 83, p. 968.
Exchange of Bonds.— The company, as successor by amal­
gamation of the Great Northern Railway of Canada, an­
nounces that upon deposit not later than April 14 of that
com pany’s 4 % guaranteed bonds with the National Trust
Co. of Toronto, there will be issued in exchange therefor 4 %
Canadian Northern Quebec R y . perpetual debenture stock
(guaranteed both as to principal and interest by the Cana­
dian Northern R y . Co.) at the rate of £ 9 5 sterling of such
debenture stock for each $500 of Great Northe'rn bonds, in­
terest to be adjusted both on stock and bonds, the said de­
benture stock to be issued in London, England. Compare
V. 83, p. 968, 1036.
Canadian Pacific R y .— Listed.— The London Stock E x ­
change has listed a further issue of £ 1 ,0 0 0 ,0 0 0 4 % noncumulative preferred stock and £ 1 ,6 8 2 ,4 0 6 4 % perpetual
consolidated debenture stock; also a further issue of £4 6,23 3
perpetual 4 % consolidated debenture stock of the New
Brunswick R y ., interest guaranteed bv the Canadian Pacific.
— V . 84, p . 338.
Central New England "Ry.— Offer for Minority Interests.—
The “ Financial Bulletin” of Philadelphia for March 16 says:
R en ew ed efforts h a v e r e c e n tly b e e n m a d e b y N e w Y o r k in terests t o
a c q u ir e th e o u tsta n d in g se cu ritie s o f th e C en tral N ew E n g la n d R R . , c o n tr o l
o f w h ich w as p u rch a s e d b y th e N ew Y o r k N e w H a v e n & H a r tfo r d R R . In
F eb . 1904.
N ew Y o r k b ro k e rs h a v e be e n o ffe r in g 68 H fo r th e In co m e
b o n d s , 2 2 VS lo r th e p re fe rr e d s t o c k a n d 14 fo r th e c o m m o n s t o c k , b u t
lo ca l h old ers, as a rule, h a v e r e fu se d t o sell at th e s e p r ic e s , as t h e y b e lie v e
th e y w ill u ltim a te ly se c u r e m u c h h igh er figu res.
T h e N ew H a v e n R R .
•obtained Its m a jo r it y In terest a t 26 fo r th e p re fe rre d a n d 11 f o r th e c o m m o n
shares an d 66 fo r th e In c o m e b o n d s .
T h e N ew H a v e n o w n s $ 2 ,9 6 3 ,5 0 0
o u t o f $ 3 ,4 5 0 ,0 0 0 c o m m o n an d $ 2 ,6 9 6 ,1 0 0 o u t o f $ 3 ,1 5 0 ,0 0 0 p re fe rr e d sto c k ,
a i)d $ 5 ,9 0 4 ,0 0 0 o u t o f $ 7 ,2 5 0 ,0 0 0 In co m e b o n d s .
T o c o v e r th e c o s t o f its
pu rch a se th e N ew H a v e n issued $ 5 ,000 000 4 % d e b e n tu re s .— V . 8 4 , p . 449.

Chicago, Cincinnati & Louisville R R .— Settlement.— See
Cincin. Hamilton & Dayton R y . below.— V. 84, p. 50 7, 219.
Chicago Great Western R y .— See Wisconsin Minnesota &
Pacific R R ., below.— V. 84, p. 626. 390.
Chicago Terminal Transfer R R .— Sale Advertised for M a y 3.
— The foreclosure sale under the mortgage of 1897 ($16,500,000 authorized and $1 5,1 4 0 ,0 0 0 outstanding) is advertised
to take place in Chicago on May 3.
Upset price $15,140,000,
subject to the several contracts, leases, mortgages, & c.,
described in the decree entered Feb. 20 1907. The new
interests which a few months ago bought into the property
it is believed will announce the plan of reorganization as
soon as times are propitious. The sale includes, in addition
to the property owned in fee:
A ll In terest o f th e c o m p a n y in a n d t o $ 5 ,0 0 0 ,0 0 0 , o r s u b s ta n tia lly
$ 5 ,0 0 0 ,0 0 0 , o f th e c a p ita l s t o c k o f t h e C h ic a g o & C a lu m e t T e rm in a l R a ilw a y
C o. a n d $ 6 ,0 0 0 ,0 0 0 o f t h e firs t m o r tg a g e b o n d s o f said C h ic a g o & C a lu m et
T e rm in a l R a ilw a y C o . , d e p o s it e d w ith t h e tru stee; also 5,0 0 0 shares o f
$100 ea ch o f t h e H a m m o n d & L a k e M ic h ig a n R a ilw a y C o ., a n d 5,000
shares o f $10 0 e a c h o f t h e C a lu m e t R iv e r R a ilw a y C o .— V . 8 4 , p . 56 9 , 507.

Chihuahua & Pacific R R .— Description.— The “ Engineer­
ing Record” of March 2 contains an illustrated article on the
construction of this road.— V . 71, p. 181.
Cincinnati Hamilton & D ayton R y .— Settlement of Claims.
— Judge Lurton at Cincinnati on March 16 issued a supple­
mental order granting the recent request of receiver Judson
Harm on to compromise the claims between the Chicaga Cincin­
nati & Louisville, the C. H . & D. and the Pere Marquette.
The agreement provides for the cancellation of the Pere
Marquette $ 3 ,5 0 0 ,0 0 0 collateral trust indenture of 1905 and




693

the return of the $4,206,000 capital stock of the Chicago
Cincinnati & Louisville securing the bonds to their former
owners; also for the cancellation of a claim of about $800,000
for betterments made upon the Chicago Cincinnati & Louis­
ville. The latter company will also receive $400,000 of
Pere Marquette receiver’s certificates.— V . 84, p. 507, 101.
Easton (Pa.) Consolidated Electric C o.— See Easton
Transit Co. below.— V . 84, p. 450.
Easton (Pa.) Transit C o.— Exchange of Bonds.— Referring
to the call for payment on April 1 at 103 and interest of
the $300,000 first mortgage 5s due 1922, Edward B . Smith
& Co. of Philadelphia announce:
W e a re p re p a re d t o e x ch a n g e 5 % c o lla te ra l tru s t b o n d s o f t h e E a s t o n
C o n so lid a te d E le c t r ic C o. fo r th e a b o v e b o n d s o f th e E a s to n T ra n sit C o .
o n te rm s t o b e g iv e n u p o n a p p lic a t io n .— V . 8 4 , p . 450 .

Erie R R .— Suspension of Construction W ork.— Announce­
ment was made on Thursday of the com pany’s determina­
tion to suspend all construction work in New York State until
further notice, partly on account of adverse money market
conditions and partly because of proposed burdensome legis­
lation, particularly with reference to the control of subsidiary
corporations, through which the new work was to be done.
Section 42 of the Public Utilities bill provides that no rail­
road corporation shall own more than 1 0 % of the capital
stock of any other railroad corporation. An official state­
ment says:
T h e re a re t w o Im p o rta n t lines b e in g c o n s tr u c te d in N e w Y o r k S ta te , o n e
fro m C u b a , o n t h e m a in lin e , t o H u n ts , o n th e B u ffa lo d iv is io n , b y m e a n s
o f t h e G enesee R iv er R R . , a n d a n o th e r la rg e e x p e n d itu r e Is b e in g m a d e f o r
a lo w -g r a d e line b e tw e e n P o r t Je rv is a n d N e w b u rg h J u n c t io n , o n t h e N ew
Y o r k d iv is io n , b y th e E r ie & J e r s ey R R . C o. T h e se c o m p a n ie s w ere o r g a n ­
iz e d in th e S t a t e o f N e w Y o r k a n d w o rk h a s b e e n u n d e r w a y d u r in g th e p a st
year.
U n d e r p resen t c o n d it io n s , th e s e c o m p a n ie s fin d t h e m s e lv e s u n a b le
t o d is p o s e o f th e ir secu rities o n te rm s t h a t ju s t ify t h e c o m p le t io n o f t h e
w o rk a t th is tim e .
It Is e x p e c t e d t o c o n tin u e th e w o rk o n th e B e rg e n C ut a n d t e r m in a l im ­
p r o v e m e n ts c o n n e c t e d w ith It a t J e r s e y C it y , o n a c c o u n t o f t h e pressin g
n e ce s s ity fo r t h e m , a n d u p o n th e C o lu m b u s & E rie R R . , in W a r r e n C o u n ty
P a ., a n d v a r io u s sm aller c o n t r a c ts In O h io an d N ew J e r s e y w h ic h a r e n e a r ­
in g c o m p le t io n .— V . 84, p . 39 0 , 270.

Great Northern R y .— Again Postponed.-— In the absence of
a decision in the injunction case, the company postpones:
T h e tim e fo r th e clo sin g o f th e tra n s fe r b o o k s fo r t h e p u r p o s e s o f t h e n e w
Issue o f s t o c k , a n d th e tim e lim it fo r th e filing o f s u b s c r ip tio n s , u n til 3 p . m .
M arch 26; th e tim e fo r filing a ssig n m e n ts u n til 3 p . m . M a rch 30; a n d th e
tim e fo r m a k in g th e first, se c o n d a n d th ird p a y m e n ts u n til A p r il 2 .
C om ­
p a re V . 83, p . 1469, 1590.

Ore Certificates.— The temporary certificates are now being
exchanged for permanent certfiicates of interest in “ Great
Northern Iron Ore property.”
Ore Lease Terminable Jan. 1 1915.— The report of the
United States Steel Corporation published last week (p. 635)
makes known the fact that the lease of the ore properties
m ay be terminated Jan. 1 1915 at the option of the Steel
Company.— V . 84, p. 626, 570.
Great Northern Railway of Canada.— Exchange of Bonds.—
See Canadian Northern Quebec R y . above.— V . 83, p. 155,
271, 969.
Havana Electric R y .— New President.— Warren Bicknell
of Cleveland, formerly President of the Lake Shore Electric
R y . of that city, has been elected President.
Report.— The results for the year ending Dec. 31 were:
C al.
Total
O perating
T a x es
B on d
B a lan ce.
Y ea r—
R eceip ts.
E xp en ses.
and R en ts.
In terest.
S u rp lu s
1906
$ 1 ,6 6 2 ,0 7 3
$ 9 4 0 ,2 3 0
$ 2 0 ,2 5 7
$ 3 9 8 ,3 1 4
$ 3 0 3,27 3
1905
1 ,5 4 2 ,8 7 0
7 5 7 ,0 7 4
1 8 ,979
3 9 5 ,8 9 7
3 7 0 ,9 2 0
1904 ............ 1 ,2 7 0 ,6 2 5
7 0 9 ,4 0 8
1 5 ,3 3 8
4 0 8 ,2 7 0
137,609
F r o m th e b a la n c e as a b o v e in 1906 w as p a id a d iv id e n d o f 4 % ($ 2 0 0 ,0 0 0 )
o n th e p re fe rr e d s t o c k , le a v in g a b a la n c e fo r th e y e a r o f $ 10 3 ,2 7 2 .
T h e to t a l a c c u m u la te d su rplu s D e c. 31 1906 w as $ 5 0 9 ,0 7 4 ; a d d in g b a la n c e
as a b o v e fo r 1906 ($1 0 3 ,2 7 2 ) a n d d e d u c tin g $ 1 0 0 ,0 0 0 fo r r e p a y m e n t o f
c o u p o n s su rre n d e re d in 1899 as p e r a g r e e m e n t , a n d $70 ,887 fo r su sp en se
a c c o u n t , le a v e s a t o t a l p r o fit a n d loss su rp lu s as o f D e c. 31 1906 o f $ 4 4 1 ,4 5 8 .
— V . 84, p . 570.

Holyoke (M ass.) Street R y .— See Am herst & Sunderland
Street R y . above.— V . 82, p. 1322.
Indianapolis Southern R R .— Description of Road.— See
article in “ Railroad Gazette” of March 15 1907.— V . 83,
p. 1590.
Kansas City Mexico & Orient R R .— Sale of Bonds— Con­
struction.— President Stillwell is quoted as saying that he
has succeeded in selling $1 ,500,000 bonds of the company,
which will permit of a rapid extension of the road this sum­
mer. Compare V . 84, p. 508, 102.
Lancaster County (P a.) Railway & Light Co.— Payment
for Stock.— “ Philadelphia News Bureau” of March 19 says:
T h e sh areh olders h a v e be e n p a id th e first I n s ta llm e n t o f 2 5 % , o r $ 5 0 0 ,0 0 0 ,
u p o n th e ir h o ld in g s , w h ic h n a v e b e e n tra n s fe rre d t o B e r tr o n , S to r r s &
G rls c o m , o f N e w Y o r k a n d th is c it y .
O th er p a y m e n ts o f 2 5 % w ill b e p a id
o n Jun e 1, S e p t. 1 a n d D e c . 1 n e x t , thus m a k in g t h e p u rch a se p r ic e o f t h e
$ 1 ,0 0 0 ,0 0 0 s t o c k (p a r $50) $100 p e r sh are, o r $ 2 ,0 0 0 ,0 0 0 .
S eeV . 8 4 ,p. 570.

Michigan Central R R .— Description of Tunnel.— The “ E n ­
gineering Record” of March 2 contains an illustrated article
describing the tunnel under construction under the Detroit
River by the Detroit River Tunnel Co.— V . 84, p. 339, 271.
Minneapolis St. Paul & Sault Ste. Marie R y .— Extension to
Duluth.— The com pany, it is announced, has decided to
build from the main line at Brooten, M inn., 14 miles south­
east of Glen wood, northeast to Superior and Duluth, a dis­
tance of 200 miles, crossing the Northern Pacific at
Royalton and again at Mooselake. The contract for con­
struction has been let and work is to begin as soon as the frost
is out of the ground.— V . 84, p. 51.
New York Central & Hudson River R R .— Estimated Quar­
terly Earnings to Be Discontinued— Explanation.— After the
regular meeting of the directors the following statement was
given o u t on Wednesday: .

694

THE CHRONICLE

•A d iv id e n d o f 1 % % fo r th e q u a rte r w as d e cla re d , p a y a b le A p r il 15 1907
t o th e s to ck h o ld e rs o f r e c o rd a t 3 p . m . M arch 28.
It has b e e n d e c id e d
th a t , begin n in g w ith th e p re se n t fisca l y e a r , t h e p re lim in a r y e s tim a te d
q u a rte r ly s ta te m e n t h e r e to fo r e issu e d w ill b e d is c o n tin u e d .
T h e r e a so n
f o r this ch a n g e is t h a t th e e s tim a te s , e x c e p t as a ge n e ra l b a s is f o r th e
d e c la r a tio n o f d iv id e n d s , a re m o r e o r less in a c c u r a t e , a n d co n s e q u e n tly
m islea d in g , a n d p a r t ic u la r ly s o th is y e a r , o n a c c o u n t o f th e d iffic u lt y in
estim atin g a c c u r a te ly in a d v a n c e th e result o f th e h e a v y in crea ses in th e
a m o u n ts p a id fo r la b o r , & c.
H e re a fte r su ch in fo r m a t io n w ill o n l y b e g iv e n
o r p u b lic a tio n w h e n th e a c tu a l results are a s c e r ta in e d .— V . 8 4 , p . 57 1 , 3 9 1 .

New York City Railw ay.— Favorable Decision.— The A p ­
pellate Division of the Supreme Court, First Department,
on March 15 handed down a decision in the case of one K etchum, holding that the rule of the company requiring pas­
sengers to ask for transfers at the time of paying fares is a
reasonable regulation. The decision of the lower courts,
awarding damages for a refusal to give a transfer to the
plaintiff some time after the payment of his fare, is reversed.
Justice Scott wrote the opinion.— V . 84, p. 391.
New York & Long Island R R .— Completion of Tun­
nel to Long Island City Expected Aug 1.— This company,
owned by the Interborough Rapid Transit (subway) Co. of
New York City, it is said, expects to have its tunnel from
42d Street, Manhattan, to Long Island City ready for use
on-or about Aug. 1.— V . 83, p. 1229.
New York New Haven & Hartford R R .— Negotiations.—
See Poughkeepsie & Eastern R y . below.
Legislation.— The Connecticut Senate this week passed the
bill giving the holders of the $3 0,000,000 convertible deben­
tures issued Jan. 1 1906 the right to subscribe to new stock
and also to confirm the merger of seven subsidiary roads.
The bill now goes to the Governor. Compare V . 84 , p. 450,
27 1 .— V. 84, p. 626, 571.
Northwestern Pacific R R .— Meeting Postponed.— The
meeting for the authorization of the $35,000,000 mortgage
has been postponed until April 29 for some technical reason.
The San Francisco papers give the following facts regard­
ing the constituent companies as shown by reports for the
year ending June 30 1906 on file with the California Railroad
Commission.
C om pa n ies.
L in e o f Road.
M ile s .
S tock.
B on d s.
S a n F ran . N o .P a c .T ib u r o n t o U k ia h , & c ____ 177 % $ 6 ,0 0 0 ,0 0 0 $ 3 ,8 8 0 ,0 0 0
C al. N . W . , lessee
1 ,5 6 6 ,0 0 0
985 000
o f t h e a b o v e ____ U k ia h t o S h e r w o o d _______ 40
N o rth S h ore R R ..S a u s a l i t o t o C a z a d e r o , & c. 9 0 K
6 ,0 0 0 ,0 0 0 3 ,4 9 8 ,0 0 0
S an F ran . & N .W _ 3 lines in H u m b o ld t C o ___ 5 3 .6 2
3 0 0 ,0 0 0
4 6 2 ,0 0 0
— V . 8 4 , p . 221 , 272.

Poughkeepsie & Eastern R y . — Negotiations for Sale.— The
executors of Russell Sage have practically concluded a sale
of the road for a consideration of about $400,000.
No pa­
pers have yet been signed, so that the announcement in the
press that the road has been acquired by the New York
New Haven & Hartford is pronounced premature. It is
expected, however, that the sale will be consummated and
that the New Haven road will be the purchaser. It will give
the latter terminals in Poughkeepsie. The road runs from
Poughkeepsie to Boston Corners, 40 miles.— V . 66, p. 1238.
San Pedro Los Angeles & Salt Lake R R .— Earnings for
Calendar Year.— The following comparative statem ent, it
is stated, is confirmed as substantially correct:
Y ear.
G ross.
O per. E x p .
N et.
D ed u ctio n s.
B a la n ce.
1 9 0 6 _________ $ 4 ,8 0 0 ,1 3 9
$ 3 ,4 4 9 954
$ 1 ,3 5 0 ,1 8 5
$18 5 ,2 2 4
$ 1 ,1 6 4 ,9 6 1
1 9 0 5 __________ 2,4 0 5 ,4 5 6
1 ,7 5 7 ,4 2 0
6 48 ,036
244 ,894
4 0 3 ,1 4 2
N o n e o f th e $ 4 0 ,0 0 0 ,0 0 0 o f 4 % b o n d s , It is s a id , h a v e b e e n s o ld .
The
Interest c h a r g e o n th ese If o u ts ta n d in g w o u ld ca ll fo r $ 1 ,6 0 0 ,0 0 0 y e a r ly ,
so th a t o n th e basis o f th e a fo re sa id earn in gs th e r o a d d id n o t m e e t its in­
terest c h a r g e , b u t , a c c o r d in g t o t h e “ N e w Y o r k T im e s ,” it is said t h e p r o p ­
e r ty “ is n o w earn in g fu lly e n o u g h t o m e e t t h e Interest o n th e s e b o n d s .”
The U n io n P a ic fic R R . a n d S e n a to r C lark e a ch o w n a h a lf in terest In th e
com pany.
T h e r e p o r t th is w eek t h a t t h e U n io n P a c ific h a d ta k e n o v e r
M r. C lark s in terest w as d e n ie d b y h im .— V . 8 2 , p . 1323.

[V o l .

l x x x iv

.

o f th e R o c k Is la n d c r o w d .
T h is tr a n s a c tio n w as th e basis o f th e r e p o r t
th a t th e c o n tr o l o f th e U n io n P a cific h ad p assed t o riv a l in te re sts .— V . 84 .
p . 57 2 , 509.

Virginian R ailw ay.— Description of Road.— See long article
concerning the constituent properties “ The Tidewater and
the Deepwater Railways,” with maps, illustrations, & c., in
the “ Railroad Gazette” of New York for March 15 1907.
Construction is being vigorously pushed, the entire line
of the Tidewater R y. Co. and part, if not all, of the Deepwater being under contract. The “ Railway Age” of Chi­
cago of March 15 says:
H.
F e r n s tr o n , C h ief E n g in eer o f t h e T id e w a te r R y . , w rites th a t th e
g r a d in g is 5 6 % c o m p le t e d , th e b r id g in g 3 3 % c o m p le t e d , a n d t h e tu n n elin g
3 3 % c o m p le t e d , fro m Sew alls P o in t , V a ., t o th e V irg in ia S ta te lin e, a dis­
t a n c e o f 332 m iles. T r a c k w as laid fro m Sew alls P o in t w est 100 m iles
last y e a r a n d th e g r a d in g Is c o m p le t e d t o m ile p o st 123. T h e M a c A r th u r
B ro th e rs c o n t r a c t in clu d e s a p o r tio n o f th e D e e p w a te r R y ., w h ich is being
e x te n d e d fro m th e p resen t te rm in u s a t M Ica jah , W . V a ., t o a c o n n e c tio n
w ith th e T id e w a te r R y . a t th e V irg in ia S ta te lin e , a d is ta n c e o f 41 m iles.
T h e T id e w a te r has a w a r d e d t w o c o n tr a c ts In c o n n e c t io n w ith th e d red g in g
a n d th e s u b s tr u c tu r a l w o rk fo r th e iirst o f its b ig c o a l piers a t S ew alls P o in t;
th e c o n t r a c t fo r th e su p e rstru ctu ra l w o rk has n o t as y e t been a w a rd e d .
T h e t o t a l c o s t o f th re e c o n t r a c ts is e s tim a te d a t $ 2 ,0 0 0 ,0 0 0 .— V . 8 4 , p . 627 .

W estenrM aryland R R .— Change in Officers.— A t a meeting
of the directors on March 15 President Winslow S. Pierce
and Vice-President Fairfax S. Landstreet resigned, and B. S.
Bush, who was President of the Western Mining & Coal Co.
of St Louis, which has had control of the mining property
of the Missouri Pacific R y ., was chosen President. The
office of Vice-President was not filled. A statement given
out after the meeting says:
M r. B ush has be e n p r o m in e n tly c o n n e c te d w ith th e r a ilw a y a n d f c o a l
interests o f th e G o u ld sy ste m In th e W e s t , an d his e le ctio n t o th e 'p r e s id e n c y
o f th e W e ste rn M a ryla n d is In lin e w ith th e p r e v io u s ly a n n o u n c e d p la n o f
e x te n d in g th e G o u ld sy ste m in th e E ast a n d th e a n n o u n c e d In te n tio n o f
th e p re se n t m a n a g e m e n t t o r e tir e .
Mr. P ie rce a n d M r. L a n d s tre e t r e ta in
th eir Interest in th e b o a r d a n d th eir m e m b e rs h ip o n th e se v e ra l b o a r d s a n d
co m m itte e s .— V . 8 4 , p . 160.

W e st India Electric Co., Kingston, Jamaica.— Status.—
President Hutchison, in a statement to stockholders, says:
T h e to t a l losses sustained b y th e c o m o a n y d u rin g th e r e c e n t e a r th q u a k e
w ill n o t n ow e x c e e d $ 1 5 ,0 0 0 . a n d a lr e a d y th e ea rn in g s a re r u n n in g a b o u t
equa l t o w h a t t h e y w ere in th e sam e p e rio d o f 1905. T h e re should b e a
larg e increase in th e c o m p a n y ’s e le ctr ic lig h tin g bu sin ess, as t h e r esid en ts
o f K in g s to n in e re c tin g new h o u ses a r e in stallin g e le ctr ic l ig h t iln p la c e o f
ga s .— V . 8 4 , p . 340.

Wisconsin Minnesota & Pacific R R .— Listed in London.—
The London Stock Exchange has listed $405,000 additional
first mortgage 4 % 50-year gold bonds of $1,000 each.—
V . 83, p. 631.

IN D U S T R IA L , GAS A N D M ISC E LLA N E O U S.
American Cereal C o.— Stock Reduced.— This company’s
property having been taken over by the Quaker Oats Co.,.
a certificate has been filed reducing the capital stock from
$3,400,000 to $ 1 0 ,0 0 0 .— V. 83, p. 971, 381.
American Coal Co .— Acquisition or Alliance.— See Cum­
berland Basin Coal Co. below.— V . 84 , p. 392.
American Graphophone C o.— New Director.— Henry A .
Bishop has been elected a director.— V . 84, p . 510, 157.
American Iron & Steel Manufacturing C o.,L eban on , Pa.
— Report.— See “ Annual Reports” on a preceding page.
Dividends Pending Litigation.— An amicable suit was re­
cently brought to determine whether or not the preferred
shares are entitled to participate equally with the common
shares in the distribution of earnings in excess of 5 % on both
classes. The company has accordingly declared quarterly
dividends of 2 % each on both classes of stock, payable fiveeighths thereof on April 1 1907 to stockholders of record
March 23 1907; the payment of the remaining three-eighths
being temporarily suspended pending a decision in the afore­
said suit. The preferred stock has received dividends at the
rate of 5 % per annum since organization; the common stock
has recently been on an 8 % basis.— V . 83, p. 268.
American Lead & Baryta Co.— Referee's Report Favors
Bondholder.— “ St. Louis Globe-Democrat” of March 16 says:

Susquehanna Railway Light & Power Co.— Purchase.—
See Lancaster County Railway & Light Co. above.
Controlled Property.— See report of United Gas & Electric
Co. of New Jersey in Y . 83 , p. 1589.— V . 8 4 , p. 571.
Texas & Pacific R y . C o.— Report.— See “ Annual Reports”
on a preceding page.
New Directors.— Robert C. Clowry has been elected a
T h e re p o r t o f Jam es C. J o n e s, re fe re e In th e suit o f J o s e p h G . D o n n e lly
director to succeed James H . Hyde and Benjamin Nicoll, in
ag ain st th e c o m p a n y , O rlan d o E . R o b in s o n an d J o h n M o r to n , r e c o m m e n d s
place of Louis Fitzgerald.— V. 84, p. 509, 52.
a ju d g m e n t again st M o rto n a n d R o b in s o n fo r $ 3 0 ,0 0 0 , b e in g th e a m o u n t
Texas Traction C o.— Stock.— The com pany’s stock con­ o f b o n d s p u rch a se d b y D o n n e lly fro m th e d e fe n d a n ts . D o n n e lly is g i v e n
a jo in t first m o r tg a g e lien w ith th e M issouri T ru st C o . o n th e assets o f thesists of $2,000,000 common and $1,000,000 preferred, all co n c e r n . T h e Hen o f th e M issouri T r u s t C o . is fo r $ 63 0,00 0.
T h e c o m p a n y w as in c o rp o ra te d N o v . 18 1901 fo r $ 1 0 ,0 0 0 ,0 0 0 u n d e r t h e
of which is outstanding. See full description of enterprise
law s o f N ew Jersey t o e x p lo it lan d s In W a s h in g to n C o u n t y , M o ., s u p p o s e d
in V . 84, p. 627.
t o b e r ich In b a r y ta .
W h e n th e c o m p a n y w as in c o rp o ra te d a n o p t io n o n
0 0 a cres o f la n d w as h eld.
T h e referee finds th a t th e c o m p a n y o w n e d
Underground Electric Railways of London.— Listed in n3 3,0
o lan d in W a s h in g to n C o u n ty at th e tim e o f th e in c o r p o r a tio n , b u t o n l y
London.— The London Stock Exchange has listed a further h eld an o p t io n o n lt; th a t th e o n ly m o n e y th a t w as e v e r p a id in w as $ 1 0 ,0 0 0 „
b y M o rto n ; th a t th e c o m p a n y . Instead o f m a k in g $16 0 ,0 0 0 a n n u a lly
issue of £ 1 6 0 ,0 0 0 Baker Street & Waterloo R y . perpetual pa ab id
o v e o p e ra tin g e x p e n s e s , w as lo sin g $60 ,000 ; th a t th e N a tio n a l M illin g tc
4 % debenture stock, making the total amount listed, it is M in ing C o ., w h ich w as t a k e n o v e r b y th e c o m p a n y , w as lo s in g $ 7 5 ,0 0 0
a n n u a lly a n d w as fin a lly so ld fo r $ 7 ,0 0 0 .— V . 8 1 , p . 1102.
understood, £ 5 6 0 ,0 0 0 .— V . 84, p. 340, 104.
American Telephone & Telegraph C o.— Permanent Certifi­
Union Pacific R R .— Earnings of Subsidiary.— See San
cates Ready.— The temporary 3-year 5 % notes are now being
Pedro Los Angeles & Pacific R R . above.
Testimony before Inter-State Commerce Commission.— The exchanged for permanent certificates at the Old Colony Trust
“ Railroad Gazette” of March 1 and March 8 contain con­ Co. in Boston and at the Manhattan Trust Co. in New York.
Arizona Commercial Copper C o.— Stock Offered.— Stock­
siderable citations from the testimony of President Harriman
before the Inter-State Commerce Commission at the recent holders of record April 4 are offered the right to subscribe
hearing in this city. This testimony should be read in con­ at par ($25) to the extent of one-ninth of their holdings for
nection with the exhibits published exclusively in the the $250,000 treasury stock. Subscriptions must be paid
“ Chronicle” of March 2 and March 9, pages 509 and 572 April 15. This will increase the amount outstanding to
respectively. Also see interview 'p. 411 of “ Gazette” for $2 ,500 ,00 0, the entire authorized amount. The issue, it is
stated, has been underwritten by the Paine-Amster and other
March 22.
interests in the directory. The company was incorporated
Rumors.— The “ Boston News Bureau” of March 19 says:
in Maine in 1905 to succeed the Arizona Commercial Co.—
T h e re is p ersisten t b e lie f in th e Inner circle s o f W a ll S tre e t t h a t 2 0 0 ,0 0 0
shares o f U n io n P a cific pa sse d a t p r iv a t e sale la st T h u r s d a y a t $110 a s h a r e .
V . 73 , p. 446.
T h e b e lie f Is t h a t it w as S ta n d a r d -O il-H a r rim a n s t o c k .
T h e re is a t a c it
a d m is s io n in w e ll-p o s te d qu a rters th a t a large b lo c k o f s t o c k w a s s o ld p r i­
Arizona W ater Co.— Sold— Payment to First Mortgage
v a t e ly , b u t lt is s t o u t ly d e n ie d t h a t lt w as In a n y sen se H a rrim a n o r S t a n d ­
Bondholders.— Arthur B . Leach, William H . Burrows and
a rd O il s t o c k .
I t is u n d e rs to o d t h a t th is s t o c k w as t a k e n u p b y m e m b e r s




THE CHRONICLE

Ma r . 23 1907. ]

Morgan G. Bulkeley, the bondholders’ committee appointed
by agreement of Sept. 25 1905, report Jan. 29 1907:
A ll p r o p e r t y o f th e c o m p a n y w as a c q u ir e d fo r b en efit o f b o n d h o ld e rs
at fo re c lo s u r e sale.
T h e A r iz o n a Canal has be e n so ld t o th e U n ite d States
G o v e rn m e n t fo r $ 2 3 5 ,1 6 8 , fro m w h ich y o u r co m m itte e has p a id r e c e iv e r ’s
c ertifica tes, p a s t-d u e c o u p o n s m a tu rin g b e fo r e fo re c lo s u r e , cash a d v a n c e s ,
ta x e s , exp en ses o f fo re c lo s u r e a n d o th e r in d e b te d n e s s , ag g re g a tin g $11 4,925 3 7 , le a v in g In h a n d fo r d is trib u tio n t o first m o rtg a g e b o n d h o ld e rs
$12 0,24 2 6 3 , fro m w h ich a d iv id e n d o f 4 5 % o f th e p a r v a lu e o f o u ts ta n d in g
first m o r tg a g e b o n d s (b e in g $256,000) has been d e cla re d , an d w ill be p a id
th r o u g h th e N ew Y o r k T ru st C o. u p o n p resen ta tlb n o f th e c e rtifica te s o f
d e p o s it .
A c o n t r a c t has been clo se d c o n v e y in g t o th e U n ite d S tates G o v e rn m e n t
th e u n d e rly in g can als (o f w h ich y o u r c o m m itte e h olds a slig h t m a jo r it y o f
s to c k ) a t gross p rice o f $7 8 ,9 9 3 .
W h e n titles are a p p r o v e d y o u r c o m m itte e
w ill r e c e iv e a p p r o x im a t e ly o n e -h a lf o f this su m , less ce rta in caxes, expen ses
an d o th e r In debtedn ess.
T h is w ill le a v e In o u r h a n d s, in a d d itio n , 6,300
acres o f la n d , free a n d cle a r, u n d e r th e irrig a tio n sy ste m ; a n d th e a m o u n t
w h ic h w ill u ltim a te ly b e a v a ila b le t o h olders o f first m o r tg a g e a n d in c o m e
b on d s Ldepends u p o n th e p rice a t w h ich these lands c a n b e s o ld .— V . 8 2 ,
p. 807.

CD. E .) Baxter & Co., Incorporated.— New Stock.— A t a
meeting of the shareholders held at Hartford, Conn., March
5, the capita] stock was increased to §5 ,0 0 0 ,0 0 0 , of which
$1,000,000 is 6 % cumulative, preferred and $4,000,000
common. The preferred is being subscribed for at par to
provide additional working capital. A dividend of 6 % on
the preferred has been declared,.payable April 1 to stock­
holders of record Feb. 28. The company confines itself to
the construction and equipment of steam and electric rail­
ways, for which it has contracts in hand aggregating over
$1 2,000,000, all in the United States. New York office,
27 William St.
Bell Telephone Co. of Canada.— New Stock.— Shareholders
of record March 23 are offered the privilege of subscribing
till 1 p. m . April 17 at par ($100 per share) to the extent
of 2 5 % of their respective holdings for $2 ,500,000 new capital
stock, subscriptions to be paid in installments of $25 per
share on May 1, July 2, Oct. 1 1907 and Jan. 2 1908.
Report.— The reports for the calendar years show:
Calendar
G ross
year.
ea rnings.
1 9 0 6 ____ $ 4 ,1 3 9 ,3 3 5
190 5
3 ,5 1 7 ,5 9 5
— V . 8 4 , p . 451.

N et
earn in gs.
$ 1 ,1 3 5 ,8 3 8
1 ,0 0 4 ,8 9 9

B on d
in terest,
$14 2,98 3
102 ,580

D ividends^ S u rp lu s S u bscrip a id ( 8 % ) .
fo r year.
bers.
$ 7 2 6,67 7
$26 6 ,1 7 8 95,145
6 5 0 ,2 1 6
252 ,103
78,1 9 5

Richard Borden Manufacturing Co., Fall River, M ass.—
New Stock— Dividend Increase.— The shareholders will vote
May 1 upon a proposition to increase the capital 2 5 % , from
$800,000 to $1,000 ,00 0, for the purpose, one account says, of
paying a stock dividend. A quarterly dividend of 5 % has
been declared, payable March 30, contrasting with 2 % last
December and 1 3 ^ % for each of the preceding quarters of
1906 (V . 83, p. 1323).
(The) J. G. Brill C o. of Philadelphia.— A malga mation.— This
company, organized last July, has filed a certificate of in­
crease of capital stock from $50,000 to $ 1 0 ,0 0 0 ,0 0 0 ,for th
purpose of carrying out the amalgamation which has been
contemplated for some months past (compare V . 83, p. 382).
Par of shares $100. Technical papers give the following.
O fficia l a n n o u n c e m e n t Is m a d e In a c ircu la r ju s t Issued u n d e r d a te o f
F e b . 6 1907 o f th e ch a n g e s In th e Brill C ar C o . w h ich w ere n o t e d In these
p ages la st A u g u st.
J. G . B rill C o . has so ld a n d tra n sfe rre d Its p r o p e r t y
a n d business t o th e J. G . B rill C o m p a n y , ca p ita l $ 1 0 ,0 0 0 ,0 0 0 , o f w h ich
o n e -h a lf Is p referred a n d o n e -h a lf c o m m o n s t o c k .
T h e n ew c o m p a n y has
assu m ed all o f th e o b lig a tio n s a n d c o n tr a c ts o f J. G . Brill C o. a n d has
b e c o m e ow n er o f th e en tire ca p ita l s t o c k , th e e n tire $ 1 ,0 0 0 ,0 0 0 o f c a p ita l
s t o c k o f th e A m e r ic a n Car C o. o f S t. L o u is , t h e $60 0 ,0 0 0 o f ca p ita l s t o c k
o f t h e G . C. K u h lm a n Car C o . o f C le v e la n d , a n d th e en tire $ 6 0 0,00 0 c a p ita l
s t o c k o f th e J o h n S te p h e n so n C o. o f E liz a b e th , N . J .
T h e o ffic e r s o f th e
n ew c o m p a n y are: P re s id e n t, Jam es R a w le ; V ic e -P r e s id e n t, J o h n A . B rill;
S e c o n d V ic e -P r e s id e n t a n d G en eral M an ager, S am u el M. C u rw en; T reasu rer,
E d w a r d B rill; S e c r e ta r y , M. H e rm a n B rill; S e c r e ta r y t o th e P re s id e n t,
J . W . R a w le .
T h ere w ill b e n o p re se n t o ffe r o f s e cu ritie s, b u t lt Is u n d e r­
s t o o d th a t t h e y w ill b e liste d o n th e P h ila d e lp h ia E x ch a n g e la te r.— V . 8 3 ,
p . 382.

Camp & Hinton Co., Lumberton, M iss.— Bonds Called.—
The company has called for payment at 105 and interest
on April 1 at the Inter-State Trust & Banking Co. of New
Orleans, trustee, the entire $400,000 bond issue under the
mortgage of 1903.
(Compare V . 80, p. 653). There have
recently been sold $500,000 6 % bonds, dated Dec. 1 1906.
See bond offering, V . 84 , p. 53.
Canadian Salt Co.. W indsor, O nt.— Earnings. — The *‘ Fin an
cial Post of Canada” (Montreal) says:
T h e a n n u al s ta tem e n t show s fo r 1906 a n e t p r o fit o f $ 63 ,000 o n th e c a p ita l
o f $50 0,00 0 (to ta l a u th o r iz e d issue $ 8 0 0 ,0 0 0 , p a r $ 1 0 0 ).
D iv id e n d s at
th e ra te o f 8 % a b s o r b e d $ 4 0 ,0 0 0 .
T h e Interest o n a loan o f $50 ,000 m a d e
f o r n e w c o n s t r u c tio n w o r k w as $ 2 ,9 2 2 .
T h e b a la n c e , $ 2 0 ,0 0 0 , w as a d d e d
t o rest (s u r p lu s ), Increasin g th a t a c c o u n t t o $ 6 6 ,0 0 0 .
T h e n e t p ro fits fo r
1905 w a s $ 5 6 ,6 3 5 .
P r e s id e n t, W illia m C. V a n H o m e .

Carnahan Tin Plate & Sheet Co., Canton, O .— Classifica­
tion of Stock.— The com pany, it is announced, has classified
its capital stock into $100,000 preferred and $400,000 com­
m on .— V . 78, p. 1551.
Car Trust Realization Co., Lim ited.— Listed in London.—
The London Stock Exchange has listed £ 7 0 5 ,0 6 0 5 % income
bonds (registered), for £ 1 ,0 0 0 , £ 1 00 and £ 1 0 each, and
£2 50 ,0 0 0 4 % debenture stock.— V . 83 , p. 627.
Central Consumers’ Brewing Co., New York C ity.— Con­
solidation— Bonds Offered— Prospectus.— Otis & Hough of
Cleveland, New York and Columbus, and Post & Flagg of
New Y ork, as their agents, are offering at par $2,900,000
“ first and general mortgage” 6 % gold bonds, with a bonus
of 2 5 % of preferred stock and 2 5 % of common stock. The
company is to be capitalized as follows:
C a p ita lisa tion —
A u th o rized .
Issu ed .
P referred s t o c k , 6 % n o n -c u m u la t iv e (p a r $100) $ 6 ,0 0 0 ,0 0 0
$ 5 ,2 5 0 ,0 0 0
5 ,2 5 0 ,0 0 0
C o m m o n s t o c k (p a r $ 100) ....................................... 6 ,0 0 0 ,0 0 0
F irst a n d g en . m t g e . sin k in g f d . 6 % g o ld b o n d s 7 ,5 0 0 ,0 0 0
6 ,7 5 0 ,0 0 0
O f th es e b o n d s $ 1 ,4 5 7 ,5 0 0 are r e s e rv e d t o retire u n d e rly in g lie n s, b u t " I t
Is e x p e c t e d a large p o r t io n o f th e u n d e rly in g b o n d s w ill b e e x c h a n g e d l o r
b o n d s o f t h e p resen t Issue a t tim e o f c lo s in g .”




695

D escrip tio n o f B o n d s .— M o rtg a g e tr u s te e , F a rm e r s ’ L o a n & T r u st C o. o f
N ew Y o r k C ity .
B o n d s d a te d M arch 30 1907 a n d d u e J u ly 1 195 7, b u t
t o t a l issue s u b je c t t o ca ll a t 110 a n d in te re s t.
D e n o m in a tio n s $ 1 ,0 0 0 ,
$500 a n d $10 0.
In terest p a y a b le J u ly a n d Ja n . 1 a t o ffic e o f tr u s te e .
T h e c o m p a n y “ is c o m p e lle d t o p a y o ff b y p u rch ase In th e m a r k e t $50 ,0 0 0
o f b o n d s p er a n n u m fo r five y e a rs , b e g in n in g J u ly 1 1908; $ 6 0 ,0 0 0 p e r
an n u m fo r five y e a rs, b e g in n in g J u ly 1 1913; $80 ,000 p er a n n u m f o r fiv e
y e a rs, b e g in n in g J u ly 1 191 8, a n d so o n In fiv e -y e a r p e r io d s , so t h a t a t t h e
ex p ir a tio n o f fift y ye a rs a ll th e b o n d s w ill h a v e b e e n p a id o f f . ”

The company was incorporated Aug. 28 1906 under the
laws of New ^ork to take over the following breweries
located in Greater New York , the options on which, or most
of them, were acquired early in 1906 in the name of the
Breweries Bond & Securities Co.:
C en tral B rew in g C o ., 68th S t. a n d E a st R iv e r , N ew Y o r k .
C on su m ers’ B rew in g C o . o f N ew Y o r k C ity , L im ite d , 5 5 th S t. a n d A v e n u e
A , N ew Y o r k .
E x ce ls io r B rew in g C o ., 254 H a rt S t ., B r o o k ly n .
C o n su m e rs’ B rew in g C o. o f B r o o k ly n , W o o d s ld e , L o n g Isla n d .
E b lin g B rew in g C o ., 156 th S t. a n d S t. A n n ’s A v e ., N ew Y o r k .
J. & M . H a ffe n B rew in g C o ., 644 E . 1 52 d S t ., N ew Y o r k .

The prospectus, dated March 18 1907, says in substance:
F o u r o f th e se s ix b rew eries are “ c o n s u m e r s ’ c o m p a n ie s ,” t h e shares o f
w h ich are w id e ly d is trib u te d a m o n g th e re ta il d ealers t h r o u g h o u t G rea ter
N ew Y o r k .
T h e to t a l n u m b e r o f sh areh old ers in t h e co n s titu e n t c o m ­
p an ies a m o u n ts t o a b o u t 9 0 0 , e v e r y o n e o f w h o m w ill b e in te re s te d in t h e
se cu rities o f th is n ew c o r p o r a tio n .
T h e ca p ita liz a tio n o f th e c o m p a n y is
th e m o s t co n s e r v a tiv e p er b arrel o f sales o f a n y o f t h e b r e w in g c o n s o li­
d a tio n s o f r e c e n t y e a rs. T h e b o n d Issue, a b o u t $7 20 p e r b a rre l, is e x c e e d ­
in g ly sm a ll, e s p e c ia lly c o n s id e rin g th e m o r e th a n a m p le assets b a c k o f t h e
m o r tg a g e .
T h e c o n s titu e n t c o m p a n ie s sh ow a s te a d y in crea se in b u sin es s
a n d th e earn in gs fo r th e y e a r 1906 s h o w 6 % o n t h e b o n d s , 6 % o n t h e p r e ­
fe rre d s t o c k a n d m o r e th a n 5 % o n t h e c o m m o n s t o c k t o b e issu ed .
The
P resid en t a n d e x e c u t iv e o ffic e r s w ill b e s e le cte d fr o m th e fo re m o s t b rew ers
a m o n g th e c o m p a n ie s en te rin g th e c o n s o lid a tio n , a n d m e n o f fin a n cia l
a b ilit y in N ew Y o r k a n d C le v e la n d w ill b e o n t h e n e w b o a r d o f d ir e c t o r s .
H e n r y B o e h m k e a n d C arl J. H o s te r w rite (in s u b s ta n c e ): “ T h e b rew eries
are a d m ir a b ly lo c a te d ; are all In first-class p h y s ic a l c o n d it io n a n d h a v e
a m p le c a p a c it y , e x c e p t t h e C o n su m e rs’ o f B r o o k ly n (th e sm allest p l a n t ) ,
w h ic h n eed s a n ew b re w -h o u se a n d a d d itio n a l cella rs.
W e e s tim a te t h e
p la n t a n d e q u ip m e n t v a lu e s c o n s e r v a t iv e ly a t $ 4 ,2 3 0 ,9 5 0 .
T h e p rop osed
c a p ita liz a tio n w e b e lie v e t o b e c o n s e r v a tiv e a n d su b s ta n tia l s a v in g s sh o u ld
resu lt fro m th e a m a lg a m a tio n .”
D ig est o f R ep ort o f Chartered A cco u n ta n ts fo r Th ree Y e a rs en d . D e c . 31 1 9 0 6 .
T h e n u m b e r o f barrels o f be e r a n d ale s o ld b y t h e c o n s titu e n t c o m p a n ie s
a n d th e ir net p r o fits , a fte r ch a rg in g all e x p e n s e s , b a d d e b ts , m a n a g e m e n t,
salaries a n d d e p r e c ia tio n , w e re :
Year—
B a rrels.
N et P r o fits .
A v e r . P r o fits .
$ 7 3 5,54 2
p er b a rre l, $0.92
1904 .............. ......... ..................... -7 9 3 ,8 5 1
1905
..................... ............. 87 0 ,3 4 6
9 2 1 ,3 2 8
p er b a rre l, 1 .0 5
1906
9 3 6 ,7 7 9
9 9 4 ,8 3 2
p e r b a rrel, 1.06
T h e ch a rg e fo r 1906 fo r m a n a g e m e n t salaries w as $65 ,0 0 0 a n d fo r d e p r e ­
cia tio n $ 1 8 7 ,3 5 6 , w ith a p r o p o r tio n a te ch a rg e fo r th e p r io r y e a rs.
T h e assets Ja n . 1 1907 w e re $ 7 ,9 3 0 ,9 0 2 , v iz .:
P lan ts & e q u ip , .b o o k v a l s .$ 3 ,914,679 ! C h a tte l m tg e s . ( g o o d ) -------$ 1 ,7 4 6 ,7 1 2
S a lo o n & o u ts id e real e s t . * 1 89 ,925 |U n se cu re d n o te s ( g o o d ) - 5 6 9 ,8 4 8
S u n d ry In v e st’ s ,b o o k v a l s .
9,1 7 0 IC u s to m e rs ’ licen ses & sunB eer, a le , & c ., o n h a n d - .
4 7 3 ,0 5 7
d r y a c c t s . r e c ’le ( g o o d ) _
4 3 4 ,4 6 3
R e a l esta te m o r tg a g e s ------2 23 ,067 | C a s h ----------------------------------369 ,981
• B o o k v a lu e , $ 3 0 4 ,4 7 5 ; m o r tg a g e s th e r e o n , $ 1 1 4 ,5 5 0 , n e t , $ 1 8 9 ,9 2 5 .
T h e b o o k v a lu e o f th e p la n ts a n d o th e r real e s ta te w e b e lie v e t o b e c o n ­
se r v a tiv e . T h e a b o v e assets w ill b e tra n s fe rre d a c c o r d in g t o th e c o n t r a c ts
fre e a n d cle a r o f all liab ilities e x c e p t m o r tg a g e s o n p la n ts a m o u n tin g t o
$1 ,4 5 7 ,5 0 0 a n d s u n d r y n o te s , & c ., a m o u n tin g t o $ 1 6 1 ,5 9 7 .

Chadwick-Boston Lead C o.— See United Lead C o., below.
— V . 72, p. 677.
Cherry Valley Iron C o.— See United Iron & Steel Co.
below.— V . 83 , p. 1592.
Chicago Edison Co.— Debentures Offered.— N . W . Halsey &
Co., A . B . Leach & Co. and Illinois Trust & Savings Bank,
all of Chicago, 111., and the National City Bank of New
York, are offering at 9 7 and interest (at which rate the
investor receives 6 % per annum), $2,500,000 5 % 3-year
gold debentures dated March 1 1907 and due March 1 1910,
but subject to call as an entire issue, but not any part thereof,
on any interest day, at 101 and interest, on 90 days’ notice.
Total authorized issue, $5,000 ,00 0. Interest payable March
1 and Sept. 1 in Chicago. Illinois Trust & Savings Bank,
trustee. These bonds have the benefit of an important
agreement with the Commonwealth Electric Co. as to the
payment of their principal and interest, as below stated.
A b stract o f L etters fro m S a m u el I n s u ll, P resid en t o f B oth C o m p a n ie s ,
M a rch 15 1907.
T h e p r o c e e d s o f th e se d e b e n tu re s w ill b e u sed In m a k in g e x te n s io n s a n d
a cq u irin g t h e p r o p e r t y t o p r o v id e fo r t h e c o . ’s r a p id ly g r o w in g b u sin ess.
C hicago E d is o n C o .— C a p ita liza tio n . |C om m onw ealth E le c . C o .— C a p lta ltz ’ n .
C a p ita l s t o c k a u t h o r iz e d .$ 1 5 ,0 0 0 ,0 0 0 (C a p ita l s t o c k a u t h o r iz e d - $ 1 5 ,0 0 0 ,0 0 0
D o o u ts ta n d in g F e b . 1 '0 7 1 3 ,6 1 4 ,1 1 5 IS to c k is su e d _______ ______ 1 0 ,0 0 0 ,0 0 0
F irst M . 5s, d u e 1 92 6, o p |B o n d s o u t s t a n d i n g ______
8 ,0 0 0 ,0 0 0
6 ,0 0 0 ,0 0 0 1D e b e n tu re s
g u a ra n te e d
tlo n a l 1 9 1 1 ____________
D e b .6 s , d u e 1 9 1 3 ,n o w o p .
1 ,4 8 3 ,0 0 0 ]
b y C h ica g o E d is o n C o .,
P resen t d e b e n tu re s (a u th ) 5 ,0 0 0 ,0 0 0 1 p r in c ip a l a n d I n te r e s t.
5 0 0 ,0 0 0
In a d d itio n th e C h ica g o E d is o n C o . has g u a r a n te e d th e p r in c ip a l a n d
in terest o n $ 2 2 7,00 0 a n d t h e in te re st (b u t n o t th e p rin cip a l) o n $ 3 3 ,0 0 0
o f th e b o n d s o f th e C h ica g o S e c tio n a l E le c t r ic U n d e r g r o u n d C o.
In co m e A cco u n ts fo r Y ea r en d in g M a rch 31 1906.
C h icago
C om m on - |
C h icago
C om m on E d lso n .
w ealth.
|
E d is o n .
w ealth.
G ross I n c o m e .$ 4 ,7 4 4 ,8 2 3 $ 2 ,5 0 7 ,7 7 2 |Int. o n 1st M . $3 0 0 ,0 0 0
$ 3 3 8,88 8
N e t I n c o m e ___ 1 ,5 5 0 ,0 2 5
7 0 4 ,5 5 8 j B a l a n c e ______ 1 ,2 5 0 ,0 2 5
3 6 5 ,6 6 9
In te re s t o n C h ica g o E d is o n d e b e n tu re s , b o t h o ld Issue a n d en tire
n ew Issue____________________________ ______ _________________________ $ 3 3 8 ,9 8 0
’"'• F or eleven m o n th s en d in g F e b . 28 1907 th e C h ica g o E d is o n C o. s h o w e d
an Increase In gross earnings o f 8 .7 % a n d th e C o m m o n w e a lth E le c tr ic C o .
o f 4 5 % o v e r th e sa m e p e rio d o f th e p re v io u s fiscal year.
T h e C h ica g o E d ison C o . w ith its a sso cia te c o m p a n y , th e C o m m o n w e a lth
E le c tr ic C o ., p r a c tic a lly co n tro ls th e cen tra l sta tio n business o f p r o d u c in g
a n d sellin g e le ctric cu rren t In th e c it y o f C h ica g o , s u p p ly in g a te r rito r y
h a v in g a p o p u la tio n o f n e a rly tw o m illio n .
T h e C o m m o n w e a lth E le c t r ic
C o. w as o rg a n ize d In 1898 a n d t o o k o v e r v a riou s In d ep en d en t e le c t r ic
lig h tin g p la n ts In th e o u tly in g d istricts o f th e c it y o f C h ica g o .
T h e p r o p e r ty
a n d fra n ch ises o f th e C o m m o n w e a lth rep resen t an In v e stm e n t o f o v e r
$ 1 8 ,0 0 0 ,0 0 0 .
T h e p r o p e r ty o f th e C h ica g o E d iso n C o ., w h en th e p ro ce e d s
o f these d eb en tu res n a v e b een e x p e n d e d , w ill h a v e c o s t o v e r $ 2 8 ,0 0 0 ,0 0 0 .
Growth o f B u sin ess— E q u ivalen t 16 Candle P o w e L a m p s C on nected M a rch 3 1 .
1906.
1905.
190 4.
190 3.
1902.
C h ica g o E d iso n C o ...........1 ,6 6 0 ,1 0 8 1 ,4 7 5 ,6 9 9 1 ,3 0 7 ,6 3 1 1 ,1 3 8 ,8 6 6 9 0 1 ,8 4 8
C o m m o n w e a lth E le c. C o. 973 ,7 5 2
7 2 7 ,9 7 5
6 0 4 ,1 9 4
4 4 7 ,5 0 7 3 4 1 ,3 5 5
T h e C h ic a g o E d iso n C o . Is p r a c tic a lly p r o t e c te d fro m seriou s c o m p e titio n
b y th e fa c t th a t Its co n d u its la w fu lly o c c u p y th e ch ie f b u sin ess streets o f
C h ica g o a n d b y th e c o n s e q u e n t ex p e n se th a t w o u ld b e I n v o lv e d In d u p llc a tln g lts p la n t.
A tru st a g reem en t p r o v id e s th a t w h ile th ese d eb en tu res
are o u ts ta n d in g n o b o n d s o r o th e r ob lig a tio n s m a y b e Issued u n d e r a n y
m o rtg a g e h erea fter p la c e d o n th e p resen t p r o p e r ty a n d fra n ch ise s o f th e
C h ica g o E d iso n C o.

696

THE CHRONICLE.

T h e se d eb en tu res are fu r th e r se cu re d b y an a g reem en t b e tw e e n th e C o m ­
m o n w e a lth E le c tr ic C o . a n d th e tru ste e , d e p o s it e d w ith said tr u s te e , w h e r e ­
b y th e C o m m o n w e a lth C o . agrees th a t o n o r b e fo r e t h e m a t u r it y o f th e
d e b e n tu re s it w ill co n s o lid a te w ith t h e E d is o n C o . o r w ill p u rch a s e its
p r o p e r tie s in su ch w a y as t o b e c o m e b o u n d t o p a y said d e b e n tu re s , o r In
th e a lte rn a tiv e w ill, u p o n d e fa u lt in p a y m e n t , a ssu m e a n d p a y th e prin cip a l
a n d in terest o f t h e d eb e n tu re s a c c o r d in g t o t h e ir te rm s.
T h e a g re e m e n t o f
th e C o m m o n w e a lth C o . also p r o v id e s a g a in s t th e issu an ce, w h ile th ese
d eb en tu res are ou ts ta n d in g , o f a n y b o n d s o r o t h e r o b lig a tio n s u n d e r a n y
m o r tg a g e h ereafter p la c e d o n t h e p re se n t p r o p e r t y a n d fra n ch ise s o f th e
C o m m o n w e a lth C o .— V . 8 4 , p . 627.

Chicago Pneumatic Tool Co .— Acquisitions.— The com­
pany recently purchased the Franklin (Pa.) Machine & Tool
C o., formerly the Grant Tool C o., for a sum said to be
$2 00 ,0 00 , in stock of the Pneumatic Company. The plant,
it is reported, will be used to increase the facilities of the
Air Compressor W orks.— V . 84, p. 389, 341.
Cleveland-Sandusky Brewing C o .— New President, cfee.—
Simon Fishel has been elected President and General Manager.
The number of directors also has been reduced from fourteen
to ten by the retirement of Ernest Mueller, Carl F . Schroeder,
Herman Schmidt and L . Schlather.
Earnings.— The Cleveland “ Finance” says:
T h e fin a n cial sta tem e n t s u b m itte d s h o w e d e a rn in gs fo r th e last fiscal y e a r
a m o u n tin g t o $80 4 ,8 3 2 ; $ 3 6 3,42 0 p a id fo r in te re s t o n b o n d s; $60 ,000 p a id
t o th e sin k in g fu n d f o r re tire m e n t o f b o n d s; $ 1 5 5,12 2 (6 J ^ % ) p a id In
d iv id e n d s u p o n th e 6 % p re fe rre d s t o c k , o n e m o n th e x tr a be in g a d d e d t o
b rin g t h e tim e o f p a y m e n t o n b o t h c o m m o n a n d p re fe rre d s to ck s t o th e
sam e d a te ; $95 ,460 p aid In d iv id e n d s ( 4 % ) o n c o m m o n s t o c k , a n d $13 0,83 0
c a r r ie d t o su rplu s a c c o u n t .
U n d iv id e d p ro fits t o d a t e , $ 8 8 2 ,9 3 2 ; t h e c o m ­
p a n y h as w o rk in g c a p it a l o f $ 1 ,0 0 0 ,0 0 0 ; C h arged o fl fo r d e p r e c ia tio n ,
$ 1 3 4 ,1 5 6 ; sin kin g fu n d a m o u n ts t o $ 5 3 4 ,9 7 1 .— V . 8 2 , p . 572 .

Colorado Telephone Co.— New Stock.— Stockholders of
record April 1 are offered the right to subscribe on or before
that date pro rata at par ($50 per share) for $1,500,000 addi­
tional stock, subscriptions to be paid in full April 15 or 5 0 %
April 1 and the balance July 1. Stock paid for in full April
15 receives the July 15 dividend.— V . 84, p. 573.
Columbia Gas & Electric Co., Cincinnati, Cleveland, & c .—
Official Statement.— President Archibald S. White recently
gave out the following:
T h e c o m p a n y h as a c q u ir e d a b o u t 2 50 ,000 acre s o f g a s -p r o d u c in g t e r rito r y
In W e s t V irg in ia .
I t has s ix tim e s as m u c h g a s as C le ve la n d c a n co n s u m e .
E x p e r ts s a y th a t th is gas w ill last f o r 30 y e a r s .
It is g o in g t o c o n s tr u c t a
p ip e lin e fro m W est V irg in ia t o C in cin n a ti, w h ere th e n a tu r a l g a s w ill b e
s o ld a t 30 cen ts a th o u s a n d , In p la c e o f th e a r tific ia l gas.
It has also b e e n in v ite d t o p ip e its g a s t o L o u is v ille , w h e re It c a n g e t 40
cen ts a t h o u s a n d fo r i t , a n d t o In d ia n a p o lis , w h ere th e p r ice has b e e n
establish ed a t 60 c e n ts . A r tific ia l g a s In W a s h in g to n sells fo r $1 25 a
th o u sa n d , a n d is o n ly a b o u t 200 m iles fro m its W e s t V irg in ia g a s fields.
In B a ltim o re g a s sells fo r $1 25 a th o u s a n d a n d th e c it y is o n ly 40 m iles
fro m W a s h in g to n .
In o r d e r t o a v o id th e n e ce s s ity o f Installing a new s y s ­
tem o f p ip in g It p ro p o s e s t o a c q u ir e a m a jo r it y o f th e s to c k o f th e P e o p le ’s
G as L ig h t C o. a n d th e C lev ela n d G as L ig h t & C o k e C o ., w h o se m ain s n o w
r e a c h m o r e t h a n 5 0,0 0 0 h ou ses In C le v e la n d , o r a b o u t h a lf o f Its In h a b ita n ts,
w h o a re n o w w ith o u t n atu ral g a s . T h e se c o m p a n ie s h a v e m a d e a p p lic a tio n
t o t h e C ou n cil fo r perm issio n t o d is trib u te n a tu ra l gas a t a p r ice w h ich
sh all n o t e x c e e d 30 ce n ts a th o u s a n d c u b ic fe e t .— V . 8 4 , p . 452 .

Commonwealth Electric Co., Chicago.— New Stock.— This
ally of the Chicago Edison Co. has filed a certificate of in­
crease cf capital stock from $10,000,000 to $1 5,0 0 0 ,0 0 0 .—
Debentures Offered.— See Chicago Edison Co. above.—
V . 84, p. 627.
. . . .
Consolidation Coal Co. of Maryland.— Report.— The results
for the year ending Dec. 31 were:
Other
Charges,
Y ear.
G ross.
N et.
In com e.
& c.
D iv id e n d s .
1 9 0 6 ...$ 4 ,3 1 0 ,6 0 8 $ 1 ,5 2 2 ,5 8 0 $ 4 9 7 ,2 3 2 $59 1,10 8 (8 % )$ 8 2 0 ,0 0 0
1 ,3 3 6 ,3 5 9
3 1 2 ,0 4 7 6 3 1 ,1 1 7
(6 % )6 1 5 ,0 0 0
190 5___ 4 ,1 6 5 ,4 3 7
1 9 0 4 . . . 4 ,1 3 0 ,5 8 9
1 ,2 3 1 ,6 0 5
331 ,703
6 3 2 ,9 7 3 ( 4 % )4 1 0 ,0 0 0
— V . 8 4 , p . 161.

B a lan ce,
S u rp lu s
$60 8,70 4
402 ,289
502 ,336

Corn Products Refining Co.— Payment of all Arrears of
Dividends on Preferred Stock.— As foreshadowed last week,
the directors declared on March 19, along with the regular
quarterly dividend of 1 % on the preferred shares, an extra
dividend of 3 % , both payable April 10 to holders of record
March 29, thus discharging all the arrears of dividends con­
currently with the end of the first full year of the com pany’s
existence. The preferred stock is $28,238,000 7 % cumu­
lative. The preliminary statement for the year, it is said,
shows a small surplus after the payment of 7 % on the pre­
ferred stock, interest, depreciation, & c., and expenditures
of about $1 ,250,000 for new construction. The “ New York
Tim es” says:
T h e d iv id e n d s fo r th e p a st y e a r w ere p a id o u t o f th e e a rn in gs o f t h e C orn
P r o d u cts R e fin in g C o. T h e e a rn in gs o f t h e C orn P r o d u c t s M a n u fa ctu rin g
C o. (fo r m e r ly k n o w n as t h e G lu co se S u g a r R e fin in g C o ., V . 8 3 , p . 1414)
a re t o b e d e v o t e d t o w a r d th e b u ild in g o f Its n ew p la n t , w h ic h w ill c o s t ,
w h en c o m p le t e d , In th e n e ig h b o r h o o d o f $ 5 ,0 0 0 ,0 0 0 (V . 8 3 , p . 6 8 9 , 1 1 0 1 ).
P resid en t B e d fo r d s a y s : “ W e sh all p u rsu e th e sam e c o n s e r v a t iv e p o lic y
as in th e p r e ce d in g y e a r .
In o t h e r w o rd s, th e usual r a te o f 1 % q u a rte r ly
w ill b e d ecla red a n d b a c k d iv id e n d s satisfied a t th e c lo s e o f t h e y e a r If th e re
Is su ffic ie n t su rplu s t o m e e t su ch p a y m e n t s .— V . 8 4 , p . 628 .

Crescent Coal C o.— Bonds Called.— All of the outstanding
bonds secured by mortgage dated May 1 1901 have been
called for payment on May 1 at the office of the Union Trust
Co. of Pittsburgh, trustee, on May 1 1907.
Crucible Steel Co. of America, Pittsburgh, P a .— Earnings.
— The following earnings for the quarter and also for the half
year ending Feb. 28 1906 were made public on March 19:
Three m os.
S i x m os.
T o t a l n et aarn in gs, a ft e r d e d u c tin g all e x p e n d itu r e s
f o r r e p a ir s, in teres t o n b o n d s , m o r tg a g e s , & c ------- $ 7 4 1 ,2 4 4
$ 1 ,2 8 3 ,5 8 9
Less a m o u n t set asid e as re se rv e fo r c o n t in g e n c ie s . .
$ 1 4 ,9 2 2
$25 ,6 7 1
D iv id e n d o n $ 2 4 ,4 3 6 ,5 0 0 7 % c u m u la tiv e p re fe rre d
s t o c k ............. ............................................................ ............(1 Yi) 3 6 6 ,5 4 8 (3) 7 3 3 ,0 9 5
S u rplu s fo r th e q u a r t e r ______________________________ $ 3 5 9 ,7 7 4
$52 4,82 3
T h e sta te m e n t is b a s e d o n I n v e n to r y va lu e s as o f A u g . 31 1906 fo r a ll
finished m a teria l.
R a w a n d p r o c e s s m a te ria l Is v a lu e d a t c o s t as o f F e b . 28
190 7.— V . 8 4 , p . 5 7 3 , 223.

Davenport (la .) Locomotive W o rk s.— New Stock.— A tech­
nical journal says:
T h e c o m p a n y has in cre a se d Its ca p ita l s t o c k t o $ 1 ,1 0 0 ,0 0 0 , a b o u t $ 5 0 0,00 0
o f w h ic h w ill b e s p e n t in t h e n e x t t w o y e a rs fo r e x te n s iv e I m p r o v e m e n ts
and a d d itio n s .
F iv e n e w b u ild in g s are In im m e d ia te c o n t e m p la tio n




[V o l .

l x x x iv

.

W h e n th e a d d itio n s are all c o m p le t e d th e c a p a c it y o f th e p la n t w ill b e
in crea sed t o t w o lo c o m o t iv e s a d a y a n d w ill en a b le th e c o m p a n y t o b u ild
th e h e a v y t y p e o f lo co m o t iv e s w h ic h a re In use u p o n s ta n d a r d -g a u g e r o a d s .
— V . 8 2 , p . 1442.

Dering Coal C o.— Purchase.— The Kelley Coal Co. of D an­
ville, 111., has been sold to R . R . Ham m ond, J. K . Dering
and the two Shirkies, all identified with the Dering Coal Co.
While no official information is at hand, it is thought that the
purchase, which probably includes the acquisition of the
$3,000,000 outstanding bonds, may be a private transaction
of the men named, at least for the present. A press despatch
from Danville says:
I t Is s ta te d t h e c o n s id e r a tio n w as $ 4 ,0 0 0 ,0 0 0 .
T h e p r o p e r t y w as o w n e d
e q u a lly b y J o h n R . W a ls h o f C h ic a g o a n d th e Illin ois T r a c t io n S y s tem
in te re sts, a n d co n sists o f fiv e s h a fts w ith a n a v e r a g e o u t p u t o f 2 ,0 0 0 ,0 0 0
to n s a n n u a lly a n d m a n y th o u sa n d s o f acres o f la n d .— V . 8 3 , p . 753 .

Diamond Rubber Co., Akron, O .— Purchase.— This com­
pany, which recently purchased the Bryant Steel Wheel &
Rim Co. of Columbus, O ., will, on April 15, increase its
outstanding capital stock from $3,500,000 (all common,
par $100) to $5 ,000 ,00 0, for the purpose of “ increasing the
plant,” presumably in part, at least, through the aforesaid
purchase. There is no mortgage on the property and no
bonds will be issued.— V . 81, p. 1852.
Distillers Securities Corporation.— Dividend of Subsidiary
Increased.— This company’s subsidiary, the Distilling Com­
pany of America, has declared a quarterly dividend of 1J ^%
on its preferred stock, payable April 15, contrasting, it is
said, with
Jan. 15 1907 and O ct. 15 1906 and 1 %
previously.— V . 84 , p. 341.
Dominion Iron & Steel C o.— Right to Guarantee Securities
of Coal Company.— A bill has been introduced in the Nova
Scotia Legislature to authorize the company to guarantee
the payment of principal or interest of bonds or other se­
curities the majority of whose capital stock is held or con­
trolled by the company or of any company holding shares,
stock, debentures, debenture stock, bonds or other obliga­
tions of any company carrying on any trade or business
within the objects of the company. The company has re­
cently acquired coal areas in Cape Breton, and the object, it
is understood, is to empower the company to form a sub­
sidiary company to operate the same.
No name has been
mentioned for any company that may be organized under
the proposed legislation.— V . 83, p. 1473.
Edison Phonograph Co., Orange, N . J .— Decision.— See
New York Phonograph Co. below.— V . 79, p. 2798.
Edison
United
Phonograph
Co.— Bonds.— A t
auc­
tion sale on Feb. 27 $15,000 4 % collateral trust gold bonds
due Jan. 15 1908 were offered with Jan. 1906 coupons on.
Compare V . 79, p. 2798.
Electric Storage Battery Co.— Report.— For calendar year:
Y ea r.
G ross.
1 9 0 6 ............... .$ 1 ,3 3 1 ,8 0 0
1 9 0 5 .................. 1 ,4 6 7 ,4 8 7
19 0 4 .................. 1 ,3 4 4 ,5 3 6

N et.
$ 9 3 0,70 7
1 ,0 7 8 ,4 5 5
9 6 5 ,6 5 9

Other I n c .
$12 8 ,6 6 6
135 ,5 3 2
117,249

D ivid en d s.
B a l.,s u r p .
( 5 % )$ 8 1 2 ,4 5 0
$24 6 ,9 2 3
( 5 % ) 8 1 2 ,4 4 0
4 0 1 ,5 4 7
( 5 % ) 8 1 2 ,4 3 5
270 ,4 7 3

New Director.— H . H . Vreeland of New York has been
elected a director, succeeding Thomas F. Ryan, resigned.—
V . 82, p . 801.
Fairmont Coal Co.— Report.— This company, controlled
by the Consolidation Coal Co. of Maryland, reports:
Cal.
G ross
N et
Other
Charges
D ivid en d s
Y ear.
E a rn in g s. E a rn in g s. In com e, to In com e. P rev . Y e a r .
1 9 0 6 ...$ 4 ,5 1 6 ,5 8 8 $ 1 ,3 3 5 ,2 5 8 $448,524 $71 0,35 3 (4 J ^ )$ 5 4 0 ,0 0 0
1 9 0 5 . . . 3 ,5 1 8 ,6 7 4
669,709
320 ,9 9 6
618 ,389 (2 % )2 4 0 ,0 0 0
1 9 0 4 . . . 3 ,7 5 4 ,1 5 2
8 7 4 ,6 5 4 332,333
563 ,053 (3 % )3 6 0 ,0 0 0
— V . 84, p . 62 8 , 162.

B a la n ce,
S u rp lu s.
$ 5 3 3 ,4 2 9
132,316
283,934

(W m . L .) Gilbert Clock Co., W insted, Conn.— Increase.—
This company has applied to the Connecticut Legislature for
authority to increase its capital stock from $500,000 to
$2,000,000. The increase will be used for working capital,
and improvements which will enable it to add watches to its
list of products. The officers are: James G. Woodruff,
President and Treasurer; Geo. B . Owen, Vice-President and
General Manager; Eugene S. Brown, Secretary.
Hecker-Jones-Jewell Milling Co.— Re-Incorporated.— See
Standard Milling C o., below.— V . 71, p. 344.
Hoster-Columbus Associated Breweries, Columbus, O .—
Report.— For the calendar year 1906:
N et ea rn in gs, $ 5 5 9,22 7 (a ga in st $ 6 4 0,91 4 as r e p o rte d fo r 190 5 ): d e d u ct
b o n d In terest, $ 3 i2 ,0 0 0 : sin k in g fu n d , $50 ,0 0 0 ; d iv id e n d on p referred s t o c k ,
$4 0 ,5 0 0 ; a d ju s tm e n ts , $ 8 ,3 8 7 ; b a la n ce , surplus fo r y e a r, $ 1 4 8 ,3 4 0 .
T h e re
w as ch a rg e d o il fo r d e p r e c ia tio n , & c., $13 8 ,8 3 8 .
B on d s In sin k in g fu n d ,
$ 1 0 0 ,0 0 0 ; u n d iv id e d p r o fits , $ 4 2 4 ,2 5 3 .
E x p e n d itu re s fo r a d d itio n s a n d
im p ro v e m e n ts d u rin g th e y e a r a m o u n te d t o $ 2 8 ,5 6 3 .— V . 8 4 , p . 39 3 .

Houston Oil Co.— Litigation.— Charles Dillingham, as
receiver of the Houston Oil C o., has filed an intervention in
the Federal Court of Texas, asking that the receivers of the
Kirbv Lumber Co. be compelled to pav him at once the sum
of $2,374,424.
T h is a m o u n t, it is a lle g e d . Is th e d ifferen ce b e tw e e n p a y m e n ts m a d e b y
th e receivers o f th e L u m b e r C o m p a n y t o th e in te rv e n o r as r e ce iv e r o f th e
O il C o m p a n y , a n d th e a m o u n t w h ich s h o u ld h a v e b e e n p a id as p r o v id e d fo r
u n d er th e tim b e r co n tr a c t.
It Is a lleg ed , a m o n g o th e r th in gs In th e b ill, th a t th e K ir b y L u m b e r C o.
Is a m p ly a b le t o m a k e th e p a y m e n ts In a c c o r d a n c e w ith th e c o n tr a c t, as
e v id e n ce d b y r e ce iv e r’s sta tem en t filed w ith th e C o u rt, sh o w in g a p ro fit in
its o p e ra tio n s d u rin g 1906 o f o v e r $ 1 ,5 0 0 ,0 0 0 .

The intervention is set down for hearing on March 22.
Interest on Timber Certificates.— See Kirby Lumber Co.
below.— V. 83, p . 1173, 99.
International Harvester Co.— See Wisconsin Steel Co.
below.— V . 84, p. 162, 106.
International Paper Co.— Resignation of Director.— A l­
brecht Pagenstecher, one of the original directors of the
company, has resigned, owing, it is said, to a disagreement

M a b . 23 1907.]

THE CHRONICLE.

with the management regarding matters of policy.— V . 83,
p. 1039, 1036.
International Smokeless Powder & Chemical Co., Phila­
delphia.— Dividends.— The company has declared a semi­
annual dividend of 4 % on the $600,000 preferred stock,
payable May 15, as registered April 30, and a quarterly divi­
dend of % of 1 % on the $9,000,000 common stock, payable
April 1, as registered March 20. Touching the dividends on
the common shares, the “ Philadelphia Financial Bulletin”
of N ov. 29 1906 said:

697

company is reticent concerning its plans for a steel car plant,
but a newspaper report asserts that such a plant, costing
$1,500 ,00 0, will be ready for use next fa ll.— V . 84, p. 274.
Quaker Oats C o.— Reduction of Stock by Subsidiary .— See
American Cereal Co. above.— V . 84, p. 576.

T h e c o m p a n y has fu lfille d Its im p lie d c o n t r a c t b y g r a d u a lly Increasin g
its d iv id e n d fr o m 3 % in 1904 t o 3 .8 5 % fo r th is y e a r as fo llo w s : A p ril 190 6,
n o n e ; J u ly 190 6, 0 . 7 5 % ; O c t o b e r 1 9 0 6 ,1 .6 0 % ; J a n u a r y 1 9 0 7 ,1 .5 0 % ; t o t a l,
3 .8 5 % .
I t Is u n d e rs to o d t h e d iv id e n d w ill c o n tin u e t o b e Increased u n til
it re a ch e s 4 ^ % a n n u a lly , th is ra te b e in g n e ce ssa ry t o p a y t h e m a x im u m
d iv id e n d o f 8 % o n D u P o n t I n te rn a tio n a l p r e fe rr e d , a fte r w h ich e v e n m o r e
su b sta n tia l retu rn s a re e x p e c t e d .— V . 8 3 , p . 1 3 5 0 ,4 3 9 .

Rhode Island Perkins Horse Shoe Co., Providence.—
Extra Dividend Continued.— The directors have declared a
quarterly dividend of 1 M % and an extra dividend of
of
1 % on the $1 ,750 ,00 0 preferred stock (7 % cumulative),
payable April 15 to holders of record April 1, being the same
amounts as paid last January. The preferred stock is now
on a regular 7 % basis with extras as above; during 1906 it
received 5 % regular and 2 % extra in April and y ^ % extra
in October— total 7 ^ % .
Compare V . 83, p. 1595.

Kirby Lumber Co.— Payment of Overdue Coupons.— Cou­
pons due Feb. 1 1907 on the Maryland Trust Cu. timber
certificates of beneficial interest in Kirby Lumber Co. con­
tract with Houston Oil Co. of Texas will be paid on April 1,
together with interest on said coupons at the rate of 6 %
per annum from Feb. 1.
Report.— For calendar years 1906 and 1905:

Rubber Goods Manufacturing Co.— Suspension of D ivi­
dends on Common Stock.— 'The directors have decided to
discontinue the payment of dividends on the common stock,
pending consummation of the merger with the United States
Rubber Co. in order that there m ay be no doubt about
there being sufficient funds available in the liquidation to
satisfy the claims of the preferred stockholders.

Y ear.
G ross.
AJet.
D ivid en d s.
T o R eserve.
B a l.,S u r .
1 9 0 6 _$ 2 4 ,5 2 6 ,0 9 8 $ 1 2 ,9 7 0 ,9 3 7 (7 H % ) $ 1 0 ,1 9 5 ,2 3 3 $ 1 ,7 7 3 ,7 3 7 $ 1 ,0 0 1 ,9 6 7
1 9 0 5 . 2 1 ,7 1 2 ,8 3 1
1 3 ,0 3 4 ,0 3 8
( 7 M % ) 9 ,8 6 6 ,3 5 5
1 ,7 4 3 ,2 9 5
1 ,4 2 4 ,3 8 8
In his a p p lic a tio n t o th e C o u rt fo r p e rm issio n t o p a y th ese p a s t-d u e c o u on s o u t o f fu n d s In h a n d , th e r e c e iv e r e stim ates th a t b y J u ly 20 h e w ill
a v e su ffic ie n t fu n d s w ith w h ich t o p a y th e p r in cip a l o f tim b e r ce r tific a te s
w h ic h m a tu r e d F e b . 1 1 90 7, a m o u n tin g t o $ 4 0 0 ,0 0 0 .

S

Litiqation— Alleqed Profits.— See Houston Oil Co. above.—
V . 84 , p. 53.
Lake Superior Corporation.— See Michigan Lake Superior
Power Co. below.— V . 83, p. 1527.
Law yers’ Mortgage Co., New Y o rk .— Dividend Increased.
— The directors on Wednesday declared a quarterly dividend
° f 2 ^ % , placing the stock on a 1 0 % basis, an advance of
2 % in the annual rate. The following also is confirmed:
A ll t h e s t o c k o f t h e c o m p a n y h e ld b y t h e M u tu a l L ife a n d t h e E q u ita b le
L ife , fo r m e r ly a m o u n tin g t o 7 ,0 0 0 sh ares, it w as le a rn e d th is w e e k , has b e e n
so ld t o s to c k h o ld e r s o f th e L a w y e r s ’ M o rtg a g e C o ., s to c k h o ld e r s in t h e
L a w y e r s ’ T it le In su ra n ce C o . a n d in t h e M o rtg a g e B o n d C o .,t w o in s titu ­
tio n s c lo s e ly a llied w ith t h e L a w y e r s ’ M o r tg a g e C o .— V . 8 4 , p . 163.

Macon (G a.) G as, Light & W ater C o,— Dividends.— A
dividend of 2 J ^ % has been declared on the first preferred
stock; 3 % was also paid March 7 1906.
C a p ita liza tio n a t la st a c c o u n t s , $23 0 ,8 3 0 first p r e fe rr e d , $17 9 ,1 0 0 s e c o n d
p r e fe rr e d a n d $30 0 ,0 0 0 c o m m o n s to c k ; p a r , $ 10 0.
B o n d s : $ 7 5 ,0 0 0 first
6 s, In terest M . & N ., a n d $ 4 1 3,00 0 c o n s o l. 3 0 -y e a r 5s, Interest M . & N ., d u e
O c t o b e r 1 9 1 0 .— V . 6 8 , p . 380.

Marion (O.) Manufacturing Co.— Receivership.— James
Bastable, recently appointed receiver, on March 5 filed the
required bond. Compare V . 84, p. 224.
Mexican EleGtric Light C o.— See report of Mexican Light
& Power Co. under "A n n u al Reports” on a preceding page.
— V . 8 3 , p. 1415.
Michigan Lake Superior Power C o.— Reorganization—
Reasons for Delay.— The Philadelphia “ Financial Bulletin”
of March 19 said:
S ev era l ca u ses h a v e c o n t r ib u te d t o d e la y t h e r e o r g a n iz a tio n : (1) T h e f a il­
u re t o d isp ose o f th e $ 5 0 0,00 6 r e c e iv e r s ’ c e r tific a t e s , o w in g t o th e tig h tn e ss
o f th e m o n e y m a rk e ts .
(2)
T h e e x c e s s iv e bid s r e c e iv e d fo r r e h a b ilita tin g
t h e p o w e r p la n t, w h ich th e r e ce iv e rs e s tim a te a r e m o r e th a n 5 0 % o f w h a t
t h e w o rk is w o rth .
(3)
T h e lit ig a tio n w ith t h e C h a n d le r -D u n b a r C o . o f
C lev ela n d o v e r certa in w a te r r ig h ts.
In th is litig a tio n a n a d v e r s e d e c is io n
w as r e c e n tly h a n d e d d o w n a g a in st t h e M ich ig a n C o m p a n y in t h e U n ite d
S ta tes c o u r ts , b u t th e c a s e w ill b e c a r r ie d t o th e U n ite d S ta te s S u p re m e
C o u rt, a n d th e r e ce iv e rs a re c o n fid e n t o f a rev ersa l o f t h e lo w e r c o u r t ’s
d e c is io n .
T h e lit ig a tio n in v o lv e s co n s id e r a b le o f t h e M ich ig a n c o m p a n y ’ s
w a te r r ig h ts, b u t it w ill p r o b a b ly t a k e s o m e tim e t o d e c id e a n d is n o t m a ­
t e r ia lly a ffe c tin g th e r e o r g a n iz a tio n .— V . 8 4 , p . 106; V . 8 3 , p . 1102.

National Dump Car C o., Chicago.— Xew Stock.— The
com pany, it is stated, has increased its capital stock from
$3 ,000 ,00 0 to $4 ,000,000.
National Phonograph Co.— Decision.— See New York
Phonograph Co. below.— V . 82, p. 632.
National Fire-Proofing C o.— Earnings for Calendar Year.—
CalN et
Preferred
Replace.
Balance
Tot. Sur. A d ju sts.,
T ot.S u r.
Y r. Earns.
Dividend.
R es’ve.
lor Year.
Jan. I .
A c.
D ec. 31.
06-1943.180 <3%)$237,015 $100,000 sur$606.165$l,487,473 $1,065,025 $1,028,612
’ 05- 472,053 (5M ) 417.540 100,000 del 45,487 1,691,065
158.105 1,487,473
The “ Adjustments, & c.,” In 1906 above include: "D epreciation to Jan. 1 1906,
$816,672; discounton bond issue, $200,000; other, $48,353.— V . 83, p. 1594.

New York Phonograph Co.— Suits Against Dealers.— Jus­
tice Keogh in the Supreme Court at New Rochelle on March 16,
in a test case against a dealer in Edison phonograph records
and other supplies, held that the plaintiff is entitled to
recover from the latter all profits accruing from the sale of
the articles named during the year 1896 to the present time.
There are said to be 940 dealers and jobbers in New York
State against whom actions have been brought. The suits
are the result of the decisions in the United States Courts
holding that the company had the exclusive license to sell
phonographs, records and supplies in New York State during
the time named. Compare V . 82, p. 632: V . 80, p. 1S58, 166.
Pennsylvania Sugar Refining Co .— Foreclosure.— A t the
request of Receiver Earle, the Real Estate Trust Co. has in­
stituted proceedings to foreclose the $3,000,000 mortgage
dated July 1 1901.— V . 84, p. 629, 106.
Pittsburgh Plate Glass C o.— Dividend Increased.— The
directors on Thursday declared a quarterly dividend of 1 % %
on the common stock, payable April 1. This increases the
annual rate to 7 % , as against 6 % from 1900 to January 1907,
both inclusive, and 4 % in 1889. Compare V . 84, p. 342.
Pullman Com pany.— All-Steel Pullman Car.— An all-steel
Pullman car has this week been on exhibition on the Penn­
sylvania road between Philadelphia and Jersey City. The




D iv id e n d s o n th e c o m m o n shares w e re r e s u m e d la s t O c t o b e r , a fte r an
in te rv a l o f s ix y e a r s , b y t h e p a y m e n t o f a s e m i-a n n u a l d iv id e n d o f 1 % o n
O c t . 15. T h e U n ite d S tates R u b b e r C o . o w n s p r a c t ic a lly all o f t h e o u t ­
s ta n d in g c o m m o n s t o c k a n d o v e r 9 0 % o f t h e p r e fe r r e d .— V . 8 4 , p . 34 2 .

Shawinigan W ater & Power C o.— Listed in London.— The
London Stock Exchange has listed a further issue of $200,000
consolidated first mortgage bonds.
Report.— Copies of the report for the calendar year 1906
are withheld, but according to the Canadian papers it shows:
G ross ea rn in gs, $ 3 5 7 ,1 4 7 ; o th e r re v e n u e , $ 5 ,2 4 9 ; t o t a l r e v e n u e , $ 3 6 2 ,3 9 6 ;
o p e r a tin g e x p e n s e s , $ 26 ,745 ; gen era l e x p e n s e s , $16 ,4 0 9 ; a ll c h a r g e s ,
$ 2 4 3 ,2 4 2 ; n e t p r o fit , $ 7 6 ,0 0 0 , w h ic h has b e e n d is p o s e d o f b y ca r r y in g
su ffic ie n t t o c o n tin g e n t fu n d t o m a k e th a t fu n d $ 1 0 0 ,0 0 0 , le a v in g a b a la n c e
t o p r o fit a n d loss o f $ 5 ,3 6 3 .
E a rn in g s h a v e in cre a se d s te a d ily .
The annual
ra te o f In co m e Jan . 1905 w as $ 2 3 5 ,9 9 4 ; in J a n . 1906 it w as $32 2 ,0 0 0 ; f o r
Jan . 1907 it w as a t th e ra te o f $ 5 0 0 ,0 0 0 . C a p ita l s t o c k o u ts ta n d in g Is
$ 6 ,5 0 0 ,0 0 0 ;
tr e a s u r y s t o c k $ 5 0 0 ,0 0 0 .
B o n d s ( 5 % ) o u ts ta n d in g a re
$ 4 ,5 0 0 ,0 0 0 o f a n a u th o r iz e d Issue o f $ 5 ,0 0 0 ,0 0 0 .
B ills a n d a c c o u n ts p a y ­
a b le a g g re g a te d $ 1 ,1 4 4 ,9 8 2 o n D e c . 31 b u t th is in clu d e d in terest d u e o n
J a n . 1, a n d has sin ce b e e n r e d u c e d t o $ 6 5 6 ,8 5 7 .
I t w ill later b e r e d u c e d t o
$ 1 6 6 ,4 3 0 . T h e c a p a c it y o f th e p la n t Is 3 5 ,0 0 0 e le ctr ic a l a n d 4 5 ,0 0 0 w a te ro w e r.
N e w c o n tr a c ts h a v e b e e n m a d e t o th e e x te n t o f 5 ,0 0 0 e le ctr ic a l
o rs e -p o w e r a n d fu rth e r c o n t r a c ts are In n e g o tia tio n .
N o rth e r n A lu m in u m
C o . o p e r a tin g b y w a te r fr o m t h e S h a w in iga n C o ., is la r g e ly e x te n d in g Its
w o rk s , a n d T h e N o rth A m e r ic a n C o tto n C o ., c o n n e c t e d w ith th e D o m in io n
T e x tile C o. o f M o n tre a l, w ill b u ild n e x t sp rin g a t th e F a lls , a n d w ill b e c o m e
a t o n c e a la rg e c o n s u m e r o f p o w e r .— V . 8 3 , p . 1 1 7 5 ,

S

Somerset Coal Co.— Report.— This company, controlled by
the Consolidation Coal Co. of Maryland, reports:
C a l.
Gross
Y ea r.
E a rn in g s.
1906
.$ 1 ,9 5 7 ,3 7 1
1905
1,606,271
1904 __________________
9 7 5 ,2 9 8
— V . 8 3 , p . 1040.

N et
E a rn in g s.
$398,231
247 ,1 7 5
2 0 2 ,2 4 3

Other
Charges
In co m e, to In co m e.
$ 2 6 ,8 4 0
$26 4 ,8 3 4
2 1 ,4 4 5
240 ,2 8 9
29,361
2 06 ,865

B a la n ce,
S u rp lu s.
$ 1 6 0,23 7
28,331
24,739

Standard Milling C o.— Subsidiary Re-Incorporated.--T h is
company’s subsidiary, the Hecker-Jones-Jewell Milling C o.,
heretofore a New Jersey Corporation with $5,000,000 capital
stock, of which $2,000,000 was preferred, mostly owned by
the Standard Milling Co. (as shown in foot-note to balance
sheet in V . 83 , p. 96 8), was on March 8 re-incorporated under
the laws of New York with $1,000,000 share capital.—
V . 83, p. 968.
Staten Island (N. Y .) W ater Supply Co.— Purchase by
C ity.— On March 15 1907 the Board of Estimate and Appor­
tionment of the City of New York , agreeably with the report
made March 12 1907 by the special committee, consisting
of Comptroller Herman A . Metz and George Cromwell,
President of the Borough of Richmond, voted to authorize
the purchase by the Commissioner of W ater Supply, Gas and
Electricity of the property, rights, franchises and business
of the company located within the city of New Y ork. The
board also authorized the Comptroller to issue for this pur­
pose $1,100 ,00 0 corporate stock of the city of New Y ork.
The committee was advised under date of March 7 that an
offer of $1 ,100 ,00 0 would be accepted.
United Iron & Steel Co., Philadelphia.— Plan Consum­
mated.— This company, incorporated under the laws of Penn­
sylvania on Nov. 27 1906, has increased its capital stock from
$5,000 to $2 ,000 ,00 0, all common (par of shares $1 00 ), and
on Feb. 8 absorbed the plant and properties formerly
owned or operated by the Cherry Valley Iron Co. (V . 83,
p. 1592). The com pany’s properties and directors are offi­
cially reported as follows:
T w o B la st F u rn a c es , Total A n n u a l C a p a c ity , 2 1 0 ,0 0 0 T on s.
(1) C h e rry V a lle y F u rn a c e , L e e to n ia , O h io .— O n e s t a c k , first b lo w n In
N o v . 1 1 90 4, p r o d u c t , fo u n d r y , “ F o r t P it t ” sp e c ia l c a r-w h e e l a n d g r a y
fo rg e p ig Iron; an n u a l c a p a c it y , 110 ,000 t o n s .
(2) F a n n ie F u rn a c e , W e s t
M id d le s e x , P a .
O n e s ta c k e n tire ly r e -b u ilt In 1903-04; p r o d u c t , B esse m er
a n d fo u n d r y p ig iro n ; a n n u a l c a p a c it y , 1 00 ,000 to n s .
Ir o n Ore L a n d s, Coal L a n d s and C ok e O vens.
T h e c o m p a n y o w n s a c o n tr o llin g in te re st in th e P itts b u r g h I r o n O re
C o ., w h ic h o w n s a n d o p e ra te s t h e B ru n t Iron ore m in e In t h e M esabl R a n g e
in M in n e so ta a n d leases a n d o p e r a te s th e H o b a r t , N assa u , L a R u e a n d
C r o x t o n m in es In t h e sa m e r a n g e .
T h ese m in es h a v e a n a n n u a l c a p a c it y
o f fro m 8 0 0 ,0 0 0 t o 1 ,0 0 0 ,0 0 0 to n s .
T h e c o m p a n y a ls o o w n s 732 a c r e s lo f
u n d e v e lo p e d c o k in g c o a l lan d s In F a y e tte C o u n t y , P a ., a n d 200 b e e -h lv e
c o k e o v e n s a t L e e to n ia . w ith an ann u al c a p a c it y o f a b o u t 1 2 0 ,0 0 0 to n s .
D ire cto rs (a n d o ffic e r s ): E d w in N . O h l, (P r e s id e n t); W m . H . S c h o e n
(V ic e -P re s id e n t a n d S e c r e ta r y ): A . W . T h o m p s o n , fo r m e r ly P r e s id e n t o f
th e R e p u b lic Iro n & Steel C o. (T re a s u re r); W illia m B . R h o d e s , J o s h u a W .
R h o d e s , H a r ry R u b e n s , L . E . B lo c k , w h o is V ic e -P r e s id e n t o f th e In la n d
Steel C o . o f C h ic a g o . - O f fi c e , P e o p le 's B u ild in g . P itts b u r g h ,\ P a . -u

tJmtedilLead Co .— Called Bonds.— Ten*gold 5s of 1901 of
the Chadwick-Boston Lead Co. (V . 72 , p. 677) are payable
at 110 and interest at the State Street Trust C o., B oston,
on April 1. A t last accounts $271,000 of the bonds (due
April 1921)^were outstanding.— V . 82, p. 701. ^

698

THE CHRONICLE.

United Metals Selling C o.— Commission.— The
Street Summary” of March 16 said:

“ W all

I t Is sta ted In s o m e q u a rte rs th a t th e co m m is s io n o n sales Is 1 M % I t is w ell u n d e rs to o d , h o w e v e r , in w e ll-in fo r m e d circle s t h a t t h e c o m p a n y
is o n ly r e c e iv in g 1 % o n its sales, a n d th is has b e e n th e ra te f o r s o m e c o n ­
s id era b le t im e . C o m p a re V . 8 4 , p . 630.

United States Realty & Improvement C o.— First Dividend.
— The directors on March 12 declared an initial quarterly
dividend of 13 ^ % on the $1 6,162,800 capital stock,payable
April 1 to stockholders of record April 2 4 .— V . 84, p. 630.
Universal Caster & Foundry Co., Newark, N . J .— Called
Bonds.— Fifteen first mortgage 6 % bonds secured by mort­
gage dated Dec. 14 1903 and due 1929 will be paid at par
and interest at the Fidelity Trust Co. of Newark, trustee,
on July 2 .— V , 82, p. 1383.
W altham W atch Co.— New Stock.— The shareholders on
March 20 duly authorized the directors to issue a part or the
whole of the $1,000,000 preferred stock now in the treasury,
to be offered to stockholders at par in proportion to their
holdings. Compare V . 84, p. 630.
Shareholders of record March 25 are offered the right to
subscribe at par on or before April 25 for $500,000 of the new
preferred stock in the proportion of one share of new for each
22 shares of their respective holdings, whether common or
preferred. Receipts will be issued bearing interest at 6 %
from the date of subscription to June 3 1907. The American
Trust Co. of Boston will buy or sell at $1.50 each the rights
attaching to shares of old stock.— V . 84, p. 630.
Wellman-Seaver-Morgan Co., Cleveland.— New President
— Willard N. Sawyer has been elected President to succeed
S. T . W ellm an, who has retired.— V . 81, p. 1563, 1440.
Western Canada Cement & Coal Co., Lim ited.— Listed in
London.— The London Stock Exchange has listed £2 25 ,0 00
6 % first mortgage debentures of £100 each (Nos. 1 to 2,250).
W isconsin Steel C o.— Ally of International Harvester Co.—
The “ Iron A ge” of March 7 said:
A n n o u n c e m e n t is m a d e o f th e tra n sfe r b y th e In te r n a tio n a l H a r v e s te r C o .
t o th e W isc o n s in S teel C o . o f th a t p a rt o f Its p ro p e rtie s c o n s istin g o f blast
fu r n a c e s , steel p la n ts , ro llin g m ills, o re m in es a n d c o a l la n d s p r e v io u s ly
o p e r a t e d b y th e steel d e p a rtm e n t o f th e I n te rn a tio n a l H a rv e s te r C o . T h e
fa c ilitie s o f th e W isc o n s in c o m p a n y w ill b e la r g e ly in cre a se d b y th e new
1 4 -in . a n d 16-ln . M org a n c o n tin u o u s m ills n o w u n d er c o n s tr u c tio n a t th e
c o m p a n y ’s S o u th C h ica g o w o rk s , a n d a t t h e sam e lo c a tio n th ere w ill be
e r e c te d th is y ea r a t h ird blast fu r n a c e . T h e m a n a g e m e n t o f th e W isc o n s in
S teel C o. w ill be t h e sam e as th a t o f th e steel d e p a rtm e n t o f th e In te rn a tio n a l
H a r v e s te r C o.
(A W is c o n s in S teel C o . w as In c o r p a r a te d In W is c o n s in
In A u g . 1905 w ith $ 1 ,0 0 0 ,0 0 0 c a p ita l s t o c k , J o h n A . M c C o r m ic k b e in g an
in c o r p o r a to r .)

— Goulding Marr, the well-known banker and broker of
Nashville, Tenn., will shortly occupy his handsome new
bank building, which has been constructed entirely for his
own use. It is of white limestone, with massive stone
columns. The banking room proper is particularly striking;
it is wainscoted 10 feet high with Georgia white marble,
with a base of Irish green marble. The ceiling is 25 feet
high and has two stained glass domes. The decorations are
in green and gold. Solid mahogany is used throughout for
fixtures and furnishings. Altogether it constitutes one of
the most attractive private banking establishments in the
South.
— Redmond & Co. are offering a number of standard rail­
way obligations to net o } i % to more than 6 H % . Included
in the list are New York Central. Michigan Central. Lakf'
Shore, Louisville & Nashville, Atlantic Coast Line, Penn­
sylvania R R ., Missouri Pacific and Southern Railway 5%
gold notes; also Rock Island 4^ 2 % notes and Portland
Railway Lighting & Power 5 % secured notes.
— The Guaranty Trust Co. of New York have issued a
circular presenting considerations to show that railroad
equipment bonds possess security equal or superior to that
of first mortgage bonds, combined with a net return con­
siderably higher than such bonds yield, thus affording a
most desirable class of railroad obligation for investment.
The circular will be mailed on request.
— Coffin & Company, the New York bond house, 34 Pine
Street, announce that Walter S. Place has been admitted
to full membership in the firm.
Mr. Place has been asso­
ciated with the firm for the past seven years and will con­
tinue in charge of the Boston office at 35 Congress Street.
The Philadelphia office is located at 421 Chesnut Street.
— Announcement of the death of George S. Stillman on
the 15th inst has been made by the banking firm of Rosen,
Stillman & Co. of this city, in which he was a partner.
Mr.
Stillman was twenty-eight years of age. His death was
due to meningitis, which developed from typhoid fever.
— Henry Talmadge, founder of the banking firm of Henry
Talmadge & Co. of this city, died on the 19th inst.
He was
Vice-President of the Cossitt Land Company, a trustee of
the Central Trust Company, and a director of the Mechanics’
National Bank. He was eighty-two years of age.
— Howard A . Haven, formerly of the Stock Exchange
firm of Haven & Stout, which later became Haven & Clement,
died on the 16th inst.
Mr. Haven withdrew from the firm
some time ago, the business being continued under the name
of Clement & Smith.
— The banking and brokerage house of Steiner Brothers,
Birmingham A la ., has opened a New York office at
No. 11 W all Street, under the firm name of B . & S. Steiner.
They will deal largely in high-grade Southern securities.




T ;h e

[V o l .

l x x x iv

.

(ilo m r a c m a i

COMM ERCIAL EPITOM E.
Friday Night, March 22 1907.
If any reaction in trade has set in, it has been very moder­
ate, business as a rule still being active, with prices well sus­
tained and a feeling of confidence universal. In not a few
lines trade and manufactures have increased, notwithstand­
ing the recent occurrences in Wall Street. The iron and steel
trade has been so active that premiums are being paid for
prompt deliveries. The textile production is enormous.
L A R D on the spot has declined, owing to the break in
future prices at the W est. Trade has been at a standstill
and supplies are increasing. The receipts of hogs for the
week have been considerably larger than for the same week
last year and liberal receipts are expected to continue. City
8.80c. and Western 8 .9 0 @ 9 c .
Refined lard has been dull
and weak. Refined Continent 9 .5 0c ., South America 1 0 .50c.
and Brazil in kegs 11.50c. The market for lard futures at
the W est has declined, owing to the larger movement of
live hogs, heavy liquidation, selling on stop orders,‘the dulness of the spot trade and a lack of support . Packers have
been selling of late.
D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S IN C H IC A G O .
S a t.
M on.
T u es.
W ed .
T h urs.
F ri
9.05
8 .7 2 ^
8 .8 2 ^
8.67
8 .7 2 ^
M a y d e liv e r y ____________ 9.00
J u ly d e liv e r y ____________ 9 . 0 7 ^
9.15
9.00
8.92
8 .7 7 } ^
8.80
S e p te m b e r d e l i v e r y ____ 9.15
9.2 5
9 .1 2
9.0 0
8.85
8 .9 2 } ^

P O R K on the spot has been easier, owing to the weakness
in lard and the future market at the W est. The spot de­
mand has shown some increase of late. Mess $17 7 5 @ $ 1 8 50,
clear $17 7 5 @ $ 1 9 50 and family $19 5 0 @ $ 2 0 . Cut meats
have been dull and irregular. Pickled shoulders l'Oc.,
pickled hams 1 2 @ 1 2 ^ c . and pickled bellies, 1 4 @ 1 0 lb s.,
1 0 ^ @ 1 0 % c . Tallow has been steady with demand and
offerings light; City 6 % c . Stearines have been dull and
easier; oleo 9 ^ @ 1 0 c . and lard 1 0 3 4 @ 1 0 ^ c .
Butter firm
with a fair demand. Creamery extras 3 0 ^ i@ 3 1 c . Cheese
moderately active and steady. State factory, fancy, 15c.
Eggs advanced on speculative buying. Western firsts lSJ^c.
O IL .— Cottonseed has been dull and easier. Prime sum ­
mer yellow 4 7 @ 4 7 ^ c . and prime winter yellow 5 1 @ 5 2 c .
Linseed has been firm with an increased demand, due to
favorable weather of late. City, raw, American seed, 4 2 @
43c.; boiled 4 3 @ 4 4 c .; Calcutta, raw, 70c. Lard has been
easier, owing to the decline in the raw material. Some in­
crease in the demand is reported. Prime 7 7 @ 7 9 c ., No. 1
extra 5 8 @ 6 0 c . Olive has been quiet and steady; yellow
7 5 @ 8 0 c .; green 7 0 @ 7 8 c . Cocoanut has been quiet but
firm, owing to the smallness of available supplies; Cochin
1 0 % c ., Ceylon 10c. Peanut has been quiet and steady;
yellow 5 0 @ 6 0 c . Cod has been strong, with an increased de­
mand; domestic 3 8 @ 4 0 c ., Newfoundland 4 0 @ 4 2 c .
C O FFE E on the spot has been easier, owing to the dulness
of trade and a sagging market for futures. Rio No. 7,
7 @ 7 H c - ; Santos No. 4, 8^|c. W est India growths have
been in moderate demand and firm; fair to good Cucuta
8 )^ @ 9 J 4 c . The market for future contracts has been quiet,
with narrow fluctuations in prices. On the whole the tone
has been easier, owing to large receipts at Rio and Santos,
scattered liquidation by tired holders and selling against
firm offers from Brazil. W all Street interests have sold to
some extent. Chief support has come from covering by shorts.
The closing prices were as follows:
M a r c h ___________ 6 .0 0 c .
A p r i l ____________ 6 .0 5 c .
M a y ______________6 .0 5 c .
J u n e ______________5 .8 5 c .

I J u l y _______________ 5 .8 0 c . JN o v e m b e r _______ 5 .8 0 c A u g u s t ____________ 5 .8 0 c . D e c e m b e r — ______5 .8 0 0 |S e p te m b e r -------------5 .8 0 c . (J a n u a r y ___________ 5 .8 5 c |O c t o b e r ___________ 5 .8 0 c . I F e b r u a r y _________ 5 .9 0 c -

SL^GAR.— Raw has been quiet and steady. Centrifugal,
96-degrees test, 3 }4 c ., muscovado, 89-degrees test, 3c ., and
molasses, 89-degrees test, 2 % e . Refined has been steady;
a moderate business has been done on withdrawals, but new
orders have been small. Granulated 4.60c. Teas have been
in moderate jobbing demand and firm. Spices have been
firm and fairly active. Hops have been quiet and steady.
P E T R O L E U M has been active and strong with barrels
and cases higher. A large export business has been reported
of late. Refined, barrels, 8 .2 0c ., bulk 4.75c. and cases
10.65c. Naphtha has been fairly active and steady; 7 3 ® 7 6
degrees 13c. in 100-gallon drums. Gasoline has been active
and firm; 86 degrees 21c. in 100-gallon drums. Spirits of
turpentine has been moderately active and firm at 78c.
Rosin has been in fair demand and firm; common to good
strained $4 4 5 @ $ 4 50.
T O B A C C O .— There has been no noteworthy developments
in the general situation. The demand for domestic leaf has
been fairly active with prices firm. Interest continues to
centre largely in the Amsterdam inscriptions. A t the first
inscription Sumatras were of inferior quality; at the sec­
ond the quality was better and the prices paid higher than
at the first inscription, when unusually high quotations
were paid. Some American buyers have withdrawn on
account of high prices.
CO PPER has been quiet and easier; lake 2 5 $ 4 @ 2 5 % c .;
electrolytic 25J^@ 25J^c. Lead has been quiet and eisy at
61^0. Spelter has been in moderate demand and steady at
6 .8 5 @ 6 .9 0 c . Tin has been quiet and easier; Straits 41c.
Iron has been more active and firm; No. 1 Northern $23 2 0 @
$25 20; N o. 2 Southern $22 7 5 @ $ 2 4 .5 0

O n S h ipb oard , N ot C leared fo r —

COTTON.
Friday Night, March 22 1907.
T H E M O V E M E N T OF T H E CROP as indicated by our
telegrams from the South to-night is given below. For
the week ending this evening the total receipts have reached
159,389 bales, against 169,294 bales last week and 171,823
bales the previous week, making the total receipts since
the 1st of September 1906, 8,674,771 bales, against 6,545,708
bales for the same period of 1905-06, showing an increase
since Sept. 1 1906 of 2,129,063 bales.
R eceip ts at—

Sat.

G a lv e s to n
P o r t A rth u r
C o rp . C h rist!, &c
N ew O rlean sM o b ile __________
P e n sa co la
_
J a c k s o n v ille , & c.
S a v a n n a h _______
B ru n sw ick
C h a r le s t o n ___ G e o r g e t o w n ____
W ilm in g to n _N o r fo lk „
____
N ’p o r t N e w s, & c
N ew Y o r k . _
B oston
____ B a lt i m o r e ____ _
P h ila d e lp h ia ____

11,787

C99

THE CHRONICLE.

M a r . 23 1907.J

Th urs.

M on.

T u es.

W ed .

12,227

■18,602

11,877

F ri.

Total.

10,331
______
______
6,607
174

74,169
______
______
39,732
3,165
150

Great
M a rch 22 at—•R ritain . F r a n ce

Other
G er­
m a n y . F o r e ig n

C oa st­
w ise.

16,622
4 6 ,9 7 8
13,329

220 ,9 9 3
22 1 ,0 2 2
7 8 ,1 4 8
12,158
17,859
8,696
1 62 ,530
29,735
7 5 1 ,1 4 1
59 9 ,1 5 0
462 ,6 2 9

N e w O rleans . .
G a lv e s to n _____
S a v a n n a h ____
C h a r le s to n ____
M o b i l e ________
N o r f o l k _______
N ew Y o r k . . , .
O th er p o r t s ___

6 ,5 0 8
69,869

2",660
6,2 0 0

~506

i',7 6 6
6,000

2 ,3 0 0
1,000

1,565 68,7 5 0
3 ,7 8 6 1 69 ,562
900 17,465
250
250
667
4,567
21,233 21,233
6,500
13,200

T o t a l 19 0 7 . .
T o t a l 1906 . .
T o t a l 1 9 0 5 ._

86,977
52,303
55,7 4 2

4 3 ,5 2 2
11,831
22,650

86,129
54,879
52,013

56,4 9 8
37,509
37,151

28,401 301 ,527
20,577 177,099
24,923 192,479

21,467
21,555

2 2,588
27,374
3,236

T otal.

i ’ 506

2,400

L ea vin g
stock.

Speculation in cotton for future delivery has been some­
what more active at irregular prices, closing lower, however,
for the week. Militating against an advance have been
8,499
3,697
7,0 8 8
6,038
7 ,803
445
215
the continued enormous receipts and bearish weekly sta­
837
799
695
150
tistics, to say nothing of the fact that although professional
3,100
2,530 19,622
3,1 8 2
3,9 9 8
3,811
3,001
trading has increased somewhat, the outside public for the
1,088
1,088
most part has continued to hold aloof. Then, too, a further
1,442
282
312
52
5
392
399
______
decline at "the Stock Exchange has not been without its
3,274
881
779
218
364
342
690
8,873
934
1,342
1,991
2,110
920
1,576
effect and for a time the Liverpool market gave very plain
598
598
evidences of liquidation, attributed partly to Egyptian op­
52
670
48
570
984
3,632
221
839
468
387
733
erators. Liquidation has also at times been very noticeable
2,487
2,487
487
101
194
50
35
107
here, many who had been inclined to favor the long side
parting with their holdings because of the continued large
T o t a ls th is w ’k 25,993 27,448 32,559 27,693 18,386 27,310 159,389
receipts, especially at the Southwest, where the predictions
of an early falling off in the movement have been so plainly
The following shows the week’s total receipts, the total
since Sept. 1 1906, and the stocks to-night, compared with belied by the event as to cause a good deal of discouragement
among recent buyers. But the ginners’ report of March 20,
last year:
giving the quantity ginned up to March 10 at 13,290,677
S tock.
190 5-0 6.
1906-07.
bales, against 10,725,602 bales for the same time last season
R eceip ts to
and 13,697,310 for a like period two years ago, though re­
This S in ce S ep
M a rch 22.
This S in ce S ep
1 1906.
w eek.
1 1905.
1907.
1906.
w eek.
garded by not a few as a bearish exhibit, was powerless to
G a lv e s to n ______
390 ,584
prevent a rally in prices, as the market had evidently be­
147,929
74,169 3 ,4 9 8 ,1 6 4 31,229 2 ,2 2 9 ,6 1 0
123,764
7,606
111,696
come, in a speculative sense, somewhat oversold. A further
28,172
31,936
C or p u sC h r lstl, & c .
advance came on Thursday, when it was seen that Liverpool,
N ew O rlea n s.
289 ,743
290 ,464
39,732 2 ,0 4 0 .8 5 8 29,458 1 ,3 1 9 ,7 4 2
234 ,785
1,561
204,017
26,444
M o b i l e ___________
3,165
22,426
so far from regarding the Census Report as bearish, really
127,457
150
123,240
7 ,956
concurred with not a few here who deemed it a bullish docu­
441
15,105
J a c k s o n v ille , &c
6,871
Savannah.
___ 19,622 1 ,342,544 12,404 1,227,633
95,613
57,474
m ent. Moreover, the spot markets have continued firm,
160,511
7.242
1,088
152,434
2,710
3,716
B r u n s w ic k _______
the dry goods reports have been in the main very favorable,
935
155,878
12,408
141,738
20,312
C h arleston ______
1,442
90
1,095
1,043
G e o rg e to w n .
and the financial situation was regarded by many in the
568
285,341
3,274
309 ,5 4 8
9,8 1 7
5,080
W ilm in g to n ____
cotton trade as more promising. Receipts continue large,
504,178
6,873
539 ,248
N o r fo lk ___________
29,929
8,873
36,561
278
18,341
34,043
361
N e w p o r t N ew s, &c
598
but it is believed that in the near future considerations as to
470
3,746
169 ,030
N ew Y o r k - - ___
670
15,033
167,726
the present crop will be displaced as a market factor by
53,9 7 8
B o s t o n ___________
533
12,483
3,632
61,524
7,6 1 6
50,956
1,076
54,271
10,895
2,487
9,546
B a lt im o r e _______
weather news and the prospects for the next yield. Many of
6,155
5,824
393
2,137
3,381
P h il a d e l p h i a ____
487
the bulls here think the present yield is not over 13,000,000
T o t a l ___________ 159,389 8,6 7 4 ,7 7 1 104,581 6 ,5 4 5 ,7 0 8 1 ,0 5 2 ,6 6 8
to 13,250,000 bales, while their opponents in many cases
7 7 6 ,2 4 9
put it at 13,750,000 to 14,000,000 bales, a wide diversity of
In order that comparison m a y be made with other years, opinion which may of itself in some degree account for the
narrowness of the speculation. As regards the next yield,
we give below the totals at leading ports for six seasons:
the impression is very general that there will be an increase
in the acreage, especially west of the Mississippi River.
1904.
1905.
1903.
1906.
1902.
R eceip ts at—
1907.
Developments will be watched very carefully, however.
17,494
G a lv e sto n , & c
48,9 1 5
38,8 3 5
26 763
20,7 1 4
74,169
To-day large receipts, disappointing Liverpool advices and
22,904
N ew O rle a n s54,759
36,186
29,458
2 7,269
39,732
liquidation caused a decline. Spot cotton has been dull and
3,3 4 4
M ob ile
___
1,561
1,451
186
3,1 6 5
2,313
S a v a n n a h ___
12,404
23,980
7,687
17,812
19,622
8,068
easy, closing at 11.10c. for middling, a decline within a
1,442
1,025
C h a rleston , &c
1,968
810
445
667
week of 15 points.
1,395
3,274
568
6,542
1,383
1,586
W llm ln g ’ n ,& c
8,873
6,873
14,225
8 ,5 1 4
N o r f o l k _____
4,419
6,270
The rates on and off middling, as established N ov. 21 1906
278
592
216
598
388
929
N ’p o r t N ., &c
by the Revision Committee, at which grades other than
13,579
3,5 9 5
8,5 1 4
20,210
A ll o t h e r s ____
7,509
11,489
middling may be delivered on contract, are as follows:
T o ta l th is w k .

159,389

104,581

174,331

9,345

64,442

9 7 ,046

77,1 7 8

S ln ce S e p t. 1 . 8,6 7 4 ,7 7 1 6 ,5 4 5 ,7 0 8 7 ,5 0 6 ,5 2 8 6 ,6 4 5 ,4 8 4 6 ,9 1 5 ,2 2 5 6 ,8 1 2 ,3 7 0

The exports for the week ending this evening reach a
total of 122,772 bales, of which 58,122 were to Great Britain,
1,050 to France and 63,600 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1906:
Week ending Mch. 22 1907.
Exported to—
Exports
from—
G a lv eston ____

Great
Conti­
Britain. F t 'nee nent.
12,958

Corp.Christi,&c
New Orleans . . 28,797
Mobile ..............
P e n sa co la ____
Fernand in a ___
Savannah ____
6,535
-------W ilm ington___
N o r fo lk ______
N ewport News
New Y o r k ____
Boston „
B a ltim o re ____
Philadelphia. .
Portland, Me
San Francisco.
Seattle ______
T a co m a ...........
Portland, O re.
P e m b in a .........

....

Great
Britain. F rance.

11,883 24,841 1,472,384 398,379
51,928 _____
18,696 47,493
150

150

774,646 234*846
64.033 28,059
52,165 26,432

::::

3,742
4,271
17 1,050
1,802
:::::

Total.

From Sept. 1 1906 to M ch. 22 1907.
Exported to—

::::

¥.744 15,279

140.955 46,208
73,784 - - -

12,168 12,168

115,021
6.000
2,367 . .
4.420 .........
146,203 33.735
107.524 .........
63,995 6,083
31,536 .........
6,470 _____

‘ "7 5
3,123
234
1,452

" ‘ 75
6,865
4,505
2,519
1,802

3,592
3,483

3.592
3.483
" ’9 ,029

T o t a l ............
Total 1905-06.

II” J

Conti- j
nent.
Total.
841,8962,712,659
71,836 123,764
1 ,547|
1.547
644,720 1,654,212
55,132 147,224
51,944 130,991
100
100
612,210 799,373
48.812
21,393
21,393
176,463 297,484
6,264
3.897
619
5,039
148,852 328,790
16,047l 183,571
59,682; 129.760
2,700;
34,236
6,470
70,321
70,321!
63,248
63,248;
26,763
26,763
400
400
2,959
2,959
9,029

58,122 1,050 63,600 122,772 3.116,910779,742 2,921,741 6,818,193
71,350 6,761 23.336 101,447 2,351,588 599.839 2,023,491 4,974.918

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. W e add similar figures for
New York.




F a ir ____________ c . 2.00 on
Strict mid. fair— 1.75 on
Middling fair_____ 1.50 on
Barely mid. fa ir -. 1.25 on
Strict good m id___1.00 on
Fully good m id___0.88 on
Good m iddling------0.76 on
Barely good m id -. 0.57 on
Strict m iddling___0.38 on
Middling ......... ..
Basis

Strict low m id --C - 0.14 off
Fully low m id____0.32 oft
Low m id d lin g .... 0.50 off
Barely low m id___0.70 off
Strict good o rd ___0.90 off
Fully good ord ___1.07 off
Good ordinary____1.25 off
Strict g ’d mid. tgd. 0.30 on
Good mid. tinged. Even
Strict mid. tinged- 0.06 oft

Middling tin g e d .c .
Strict low m id.ting
Low m id. tin g e d ..
Strict g’d ord. ting
Fully m id. stained
Middling s ta in e d ..
Barely mid.stained
Strict low m . stain.
Fully 1. m. stained
Low mid. stained-

0.12 off
0.46 off
0.90 off
1.25 off
0.42 off
0.50 off
0.78 off
1.50 off
1.75 off
2"00 off

On this basis the official pi'ices for a few of the grades for
the past week would be as follows:
Fri.

M on.

10.00
10.75
1 1.25
12.01
12.75

9.9 5
10.70
11.20
11.96
12.70

9 .7 5
10.50
11.00
11.76
12.50

9.75
10.50
11.00
11.76
12.50

9.85
10.60
1 1.10
11.86
12.60

9 .8 5
10.60
11.10
11.86
12.60

GULF.
G o o d O r d in a r y _____ ___
L o w M id d lin g _________
M id d lin g .
______________
G o o d M i d d l i n g ___
____
M id d lin g F a ir _______ ____

10.25
11 .00
1 1.50
12.26
13 .0 0

10.20
10.95
11.45
12.21
12.95

10.00
10.75
1 1.25
12.01
12.75

10.00
10.75
1 1.25
12.01
12.75

10.10
10.85
1 1.35
12.11
12.85

10.10
10.85
I 1.35
12.11
12.85

S T A IN E D .
L o w M id d lin g ________
M id d lin g . - —
S tr ic t L o w M id. T in g e d . _
G o o d M id d lin g T in g e d ____

9.25
10.75
10.79
11.25

9.2 0
10.70
10.74
11.20

9.0 0
10.50
10.54
11.00

9 .0 0
10.50
10.54
11.00

9 .1 0
10.60
10.64
11.10

9.1 0
10.60
10.64
11 .1 0

U PLANDS.

T u es.

W e d . T h u rs.

Sat.

G o o d O r d i n a r y . . ...........—
L o w M id d lin g - ___________
M id dlin g _ ________________
G o o d M id d lin g ________ .
M id d lin g F a ir _________ . .

N E W Y O R K Q U O T A T IO N S FO R 32 Y E A R S .
The quotations for middling upland at New York on
Mar. 22 for each of the past 32 years have been as follows:
1 9 0 7 .C . .
1 9 0 6 ____
1 9 0 5 ____
1 9 0 4 ____
1 9 0 3 ____
1 9 0 2 ____
1 9 0 1 ____
1 9 0 0 ...

. . 11.10
_ _ .1 1 .5 5
. . . 8 .1 5
- .1 4 .0 0
.--1 0 .1 5
. . . 9 .0 0
. . . 8.44
. . . 9 .8 8

1 8 9 9 .c ___
1 8 9 8 _____
1 8 9 7 _____
1 8 9 6 _____
1 8 9 5 _____
1 8 9 4 ____
1 8 9 3 -- - ..

..
..
-.
-.
-.
..

6 .3 1
6.12
7 .3 8
7 .9 4
6.31
7.56
9 .0 0

1 8 9 1 .C . . . - 9 .0 0
1 8 9 0 ____ . . . 1 1 . 4 4
1 8 8 9 . . . . . 10.12
1 8 8 8 ____ _ . 1 0 .00
1 8 8 7 ____ . . 10.12
1 8 8 6 ____ . . 9 .2 5
1 8 8 5 _____ .- 1 1 .3 1
1 8 8 4 ____ . . 11.12

1 8 8 3 -C __ . . 1 0 .1 2
1 8 8 2 ____ . . . 1 2 . 1 9
1 8 8 1 ____ . - - 1 0 . 8 1
1 8 8 0 ____ - - 1 3 .1 9
1 8 7 9 ____ . . 10.12
1 8 7 8 ____ - . 10.88
1 8 7 7 ____ . . . 1 1 . 5 0
1 8 7 6 ____ . . . 1 3 . 0 6

M arch
S tock at
S to ck at
S to ck a t

22.
190 7.
190 6.
L iv e r p o o l ............... b a l e s .1 ,2 1 6 ,0 0 0 1 ,1 2 3 ,0 0 0
L o n d o n .................................
9 ,0 0 0
10.000
7 6 ,0 0 0
6 6 ,0 0 0
M a n c h e s t e r - .......................

T o t a l G rea t B rita in s t o c k ______1 ,3 0 1 ,0 0 0 1 ,1 9 9 ,0 0 0
1 1 ,0 0 0
11,000
S t o c k a t H a m b u r g ________________
S t o c k a t B r e m e n ......................... .......
4 3 4 ,0 0 0
3 49 ,000
S t o c k a t A n t w e r p ________________
_______
_______
S t o c k a t H a v r e ............. ........................
2 7 3 ,0 0 0
2 25 ,000
3 ,0 0 0
4,000
S t o c k a t M arseilles............. ................
S t o c k a t B a rc e lo n a ............................
17,0 0 0
8,0 0 0
S t o c k a t G e n o a ................................ ..
1 4 5 ,0 0 0
7 0 ,0 0 0
S t o c k a t T r i e s t e ...................................
1 3 ,0 0 0
5,000
T o t a l C o n tin e n ta l s t o c k s .............

8 9 6 ,0 0 0

6 7 2 ,0 0 0

190 5.
8 4 3 ,0 0 0
12,000
5 0 ,0 0 0
90 5 .0 0 0
9 .0 0 0
3 4 9 .0 0 0

1.000

1 38 .000
3 .0 0 0
7 2 .0 0 0
6 3.0 0 0
3.0 0 0
6 3 8 ,0 0 0

1904.
5 7 5 ,0 0 0
12,000
63,000
650 .000

8,000

3 7 2 .0 0 0
4.000
2 1 3 .0 0 0
3 .0 0 0
4 0 .000

21.000
5.0 0 0

666 ,0 0 0

T o t a l E u ro p e a n s t o c k s __________2 ,1 9 7 ,0 0 0 1 ,8 7 1 ,0 0 0
I n d ia c o t t o n a flo a t fo r E u r o p e ___ 163 ,000
107 .000
A m e r ic a n c o t t o n a flo a t fo r E u ro p e 4 7 8 ,9 2 6
302 ,981
E g y p t , B ra zil, & c ., aflt. fo r E ’p e .
54,000
3 2 ,0 0 0
S t o c k in A le x a n d r ia , E g y p t ______ 215 ,0 0 0
181 .000
S t o c k In B o m b a y , I n d i a .................. 7 2 4 ,0 0 0
96 7 ,0 0 0
S t o c k in U . S. p o r ts .................... .......1 ,0 5 2 ,6 6 8
776 ,249
S t o c k In U . S . In terior t o w n s ______ 5 12 ,820
54 3 ,2 7 0
U . S. e x p o r ts t o - d a y _______________
5 ,8 8 2
13,1 4 4

487 ,0 0 0
49,0 0 0
629 ,000
192 ,000
576 ,0 4 2
300 ,2 4 5
9,5 5 2

-4 ,0 4 0 ,296 3 ,3 0 6 ,6 4 4 3 ,0 5 5 ,4 3 5

2,2 4 2 ,8 3 9

E a st In d ia n , B r a z il, & c .—
L iv e r p o o l s t o c k ________________
L o n d o n s t o c k _________________
M a n ch ester s t o c k ........................
C o n tin e n ta l s t o c k _____________
In d ia a flo a t f o r E u r o p e .
E g y p t , B ra z il, & c ., a flo a t.
S t o ck In
' A le x a n d r ia , E g y p t .
S t o c k In B o m b a y , I n d ia ____

.

118 ,000
9 ,0 0 0

128 ,000

88,000

71,0 0 0
12,000
9 ,0 0 0
39,000
9 0 ,0 0 0
35 ,000
199 ,000
76 1 ,0 0 0

12,000
14,000
37,0 0 0
228 ,000
43,000
230 ,0 0 0
3 89 ,000

.1 ,3 6 3 ,0 0 0 1 ,4 8 7 ,0 0 0 1 ,2 1 6 ,0 0 0
-4 ,0 4 0 .2 9 6 3 ,3 0 6 ,6 4 4 3 ,0 5 5 ,4 3 5

1,041,000
2,242,839

.5 ,4 0 3 ,2 9 6 4 ,7 9 3 ,6 4 4 4 ,2 7 1 .4 3 5
M id d lin g U p la n d , L iv e r p o o l____
6 .O ld .
6 .0 0 d .
4 .2 8 d .
M id d lin g U p la n d , N e w Y o r k ____ .
1 1 .1 0 c .
1 1 .6 5 c .
8 .1 5 c .
E g y p t , G o o d B r o w n , L i v e r p o o l . . 12 1 l-1 6 d . 9 13-1 6 d .
7 5 -1 6 d .
P e r u v ia n , R o u g h G o o d , L iv e r p o c 1
9 .6 5 d .
8 .7 5 d .
lO .lO d .
B r o a c h , F in e , L iv e r p o o l _________ - 5 9 -1 6 d . 5 l l - 1 6 d .
4 5 -1 6 d .
T in n e v e lly , G o o d , L iv e r p o o l
5^d.
5Hd.
4^d.

3,283,839
7 .7 2 d .
1 4 .7 5 c.
9H d.
10 .2 5 d .
7M<X.

.
.
.

11,000

10,000
12,000

6 9 ,0 0 0
163 .000
5 4 ,0 0 0
215 ,0 0 0
724 ,0 0 0

50,000
107 ,000
32,000
181 ,0 0 0
967 ,000

7«d.

Continental imports past week have been 226,000 bales.
The above figures for 1906 show a decrease from last week
of 50,002 bales, a gain of 609,652 bales over 1906, an ex ­
cess of 1,131,861 bales over 1905 and a gain of 2,119,457
bales over 1904.




.

.

.

.

.

10l7o50 5437270
132,380 512,820 66,012(4,946,615
-

T otal, 33 t o w n s ----------------------------- 1 15 ,6 1 o j6 ,678,001

62
22,512
352 4~196'
910
154,802
1,409 30 [625
506
97,636
917 11,886
521
52,596
866 5 961
2,025
158,080
3,653 47 005
31
2 8 ,9 7 3 |
287 4 936
753
79,301
935 17,037
54
37,673
496 5 705
1 878
325,624
4,736 70,595
380
69,210|
475 20,982
188
56,647
1,047 8,477
125
37,546
593 6,313
110
6,281
10 175
991
96,710
3 474 23 225
536
34,354
600 s ! o i 9
280|
41,167
2,549! 1,958
350j
62,220
1,550 9 ,0 0 0 .
923
61,920
1,169 23,547
365
44,343
2,034 7,193
639
68,170
2,420 15,634
285
51,678
2 179 6 292
14,155
421,490
15 395 42,573
193
11,472
190
806
3,535
121,438
2,115 18.009
61
14,748
61 6 236
9,747
723,133
18,062 81,333
53
10,060
.
. 1 676
1
101
8,484
131 1 4 2 9
07
12 375
203
207
626
77,429
1,599 2 591
174
18,493
149
960
25,290 1,876,933
31,269 56,027
968j
63,117
1,025 2,6 6 2
.................................... 138
21.413,
239 1,299
---------2,364
164,343 j
5,465 13,073
...........
163
105,320
335 2,587
A r k a n s a s ........... ........................1,469
63,945
2,551 13,076
............
4,456
224,444
3,693 38,070
Georgia
............................................................1622,834
16 1,742
...........
469
104,283
2,069 10,180
...........
1,737
139,294
1,487 14,190
....................................5,685
335,189
5,203 31,756
........... ........................ 393
52,173
2,127 14,320
...........
481
55,036
2,447 2,187
656
47,892
1,015 4,123
...
K e n tu c k y , n e t . ....................... 38
6,537
~ 38
300
L o u i s i a n a . ......... __
1,346
188,466
2 616 13,121
M is s is s ip p i .........
220
50,0537311
6,002
------------------------------ 290
63,178
390 5,418
;
.................................... 800
78,979
1,247 12,800
...........
1,079
90,462 2,4581
8,066
............
525
72,370
511 8,653
...........
1,124
82,626
2 477 21,926
.................................... 148
54,797
1,481 6,634
M is s o u r i.
....................... 16,817 666,601 16,072 38,468
North C a r o l i n a . ....................... 155
16,268
250 1,020
O h io ----------------------------------------4,342
114,395
2,429 11,268
South C a r o l i n a . ....................... 143
19,234
168 2,368
T e n n e s s e e ............
24,348
810,369 25,544 162,238
............
256
12,074
247
575
T e x a s . ...................
84
16,433!
63 1,833
"
. . . ----------50
38,855!
70
800
.....
187
99,3651
1,103 1,081
“
• ......... ........................................25
33,657
51
500
..
45,262
2,724,728 47,322 61,746
.....
350
102,388
465 1,400
Alabama
“

_ __________

The above totals show that the interior stocks have de­
creased during the week 16,764 bales, and are to-night
30,450 bales less than at the same period last year. The
receipts at all the towns have been 48,704 bales more than
the same week last vear.
O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
SINCE SE P T . 1 .— W e give below a statement showing
the overland movement for the week and since Sept. 1,
as made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
M a rch 22—
S h ip p ed —
V ia S t. L o u is _____ _____ ______
V ia C a i r o _________________________
V ia R o c k Isla n d . . __________
V ia L o u is v i ll e ___ _____ _______ V ia C in c in n a ti. . ________________
V ia o th e r ro u te s , & e ____ _________

------- 1 9 0 6 -0 7 -------S in ce
S ep t. 1.
W eek .
641 ,634
-1 6 ,0 7 2
. 3,775
189,206
. 2,960
63,161
. 1,984
66,628
1,734
44,658
16,769
352 ,363

T o ta l gross o v e r la n d _____ - D ed u ct shipm en ts—
O v e rla n d t o N . Y . , B o s t o n , & c . . .
B e tw e e n in te rio r to w n s __________ .
I n la n d , & c .. fro m S o u t h -------

T o t a l v is ib le s u p p ly ____________ 5 ,4 0 3 ,2 9 6
,7 9 3 ,6 4 4 4 ,2 7 1 ,4 3 5
O f th e a b o v e , to ta ls o f A m e r ic a n a n d oth< ■d e s crip tio n s a re as
A m e r ica n —
.1 ,0 9 8 ,0 0 0
99 5 ,0 0 0
7 72 ,000
M a n ch ester s t o c k ___________
65 ,000
5 4,0 0 0
41,000
C o n tin e n ta l s t o c k ___________
. 8 2 7 ,0 0 0
622 ,0 0 0
5 9 9 ,0 0 0
A m e r ic a n a floa t fo r E u r o p e .
. 4 78 ,926
302,981
3 8 2 ,0 0 0
U . S . p o r t s t o c k s ____________
.1 ,0 5 2 ,6 6 8
77 6 ,2 4 9
655 ,108
U . S. in te rio r s t o c k s ________
. 5 1 2 ,8 2 0
5 4 3 ,2 7 0
6 00 ,080
U . S . e x p o r t s t o - d a y ________
5 ,8 8 2
13,144
6,247

l x x x iv

Eu fau la,
M o n tg o m e ry ,
Selm a,
H elena,
Little R o ck ,
A lb a n y ,
A thens,
A tlan ta.
A u gusta,
C olum bus,
M acon,
R om e,
L ou isville,
Shrevep ort,
C olum bus,
G reenville,
G reen w ood ,
M eridian,
N atehez,
V ick sbu rg ,
Yazoo City,
St. Louis,
R aleigh,
Cincinnati,
G re e n w o o d ,
M em phis,
N ashville,
Brenham
C larksville,
D allas,
Honey G rove,
H o u sto n ,
Paris,

—
@
--- -------------------®
-- @
10 .2 6 — 10.28 —
—
------------------ —

1 0 .17@ 10 .25 10.01 @ 1 0 .3 3
10 18—
------ —
---------10.15@ 10 .26
10.25— 10.26
10.0G @10.14
10.07— 10.08
10.01 @10.16
10.04— 10.05

9.9 6 @ 1 0 .0 8
10.06— 10.07
9.86@
9.94
9 .8 8 — 9.89
9.97
9.86
9.81®
9 ,8 5 —
9 .9 9 @ 1 0 .0 5
10.0 0 — 10.01

T H E V IS IB L E S U P P L Y O F CO TTO N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and conse­
quently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.

[V o l .

A T T H E IN T E R IO R T O W N S the m ovem ent— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year— is set out
in detail below.

Range
1 0 .0 4 @ 1 0 .1 3
Closing 1 0 .0 8 — 10.09
a n .—
Range
1 0 .2 4 @ 1 0 .3 3
Closing 1 0 .2 9 — 10.30
'eb.—
Range —
@
—
C l o s in g —
—
—

D ec .—

10.19@ 10 .25
1 0 .2 0 — 10.21

13
—

—
—

9 .9 8 @ 1 0 .0 6
9.81® 10
9 .9 8 — 9.99 ——

9 86 @10 01
9 .9 4 — 9.96 —
— —
@ 9 .8 6 —
@
--- @10.01
9 .7 9 — 9.80
9 .8 4 — 9.86 1 0 .02— 10.03

9 .9 0 @ 1 0 .0 0
9 .7 2 © 1 0 .0 4
9 .9 1 — 9.92 —
—
—
9.88
9.76

9 .8 7@ 10.00
9 .9 8 — 9.99
9.77@
9.86
9 .8 0 — 9.81
9.72®
9 .7 5 —

9.8 2
—
9.72@
9.80
9 .7 8 — 9.79

9.70@
9.76
9 .5 5 ®
9 .7 0 — 9.71 ——
9.59@
9.63
9 .5 8 — 9.60
9.55@
9.64
9 .5 5 — 9.56

9.65 @ 9.75
9.48 @ 9.76
9 .6 4 — • 9 65 —
—
—
9,61 @ 9.73
9 .7 1 — 9.73
9.53®
9.61
9 .5 3 — 9.55
9.61
9.51
9.48 @
9 .5 0 —

9.74
9.40®
9 .7 4
9.62 —
—
—
9.60@
9 .6 1 —
9.40@
9.56
9 .5 0 — 9.51

9.57@
9.74
9 .6 9 — 9.70
9.58
9.48
9.43@
9 .4 7 —

9 61
—
9.61®
— 9 4 7 <a
9 .6 0 — 9.62 —
—
9 ,4 7 —
@
------- @
—
9 .4 4 — 9.46
9 .4 8 — 9.50
9 .6 9 — 9.70

9.59®
9.74
9 37®
9 .7 4
9 60— ■ 9 61 —_______
9.54@
9.73
9 .6 9 — 9.70
9.37@
9.55
9 .4 8 — 9.49
9 .4 1 @ 9 .5 9
9 .4 4 — 9.45

Range
9 .6 1 @ 9 .6 9
9.58@
9.66
Closing
9 .6 8 — 9.69
9 .6 2 — 9.63
J u n e—
-------@
----------- @
Range —
®
Closing
9 .7 0 — 9.72
9 .6 0 — 9.62
J u ly —
Range
9.65@
9.73
9.59@
9.67
Closing
9 .7 1 — 9.72
9 .6 1 — 9.62
A u g u s t—
Range
9.71 @ 9.76
9.63 @ 9.70
Closing
9 .7 5 — 9.76
9 .6 5 — 9.66
S e p t .—
Range
9.77®
9.82
9.69@
9.75
Closing
9 .8 0 — 9.81
9 .7 0 — 9.71
October —
Range
9 .9 5 @ 1 0 .0 4
9.90®
9.98
Closing 1 0 .0 0 — 10.01
9 .9 1 — 9.92
N o v .—
Range —
@
------- @
----------- ©
Closing 1 0 .0 4 — 10.06
9 .9 5 — 9.97

9.58
9 .3 3 @ 9 .6 0
9 .4 8 —
—
—
9.49®
9 .47—
9.50@
9.60
9 .57— 9.59
9 .4 5 —
@
—
9.33
9 .3 7 — 9.39
9.33@
9 .3 2 —
9.53
9 .5 1 —
9.59
9 .5 8 —
Closing

M a y—

T r ,®
9 .o 2 —
? i al3P
Closing
A p r i l—

M arch—

S a tu r d a y,
March 16.

« 17
9.53

9 .4 4 —

M on d a y,
March 18.

9.55

Tuesday,
March 19.

° ' 3 0 @ 9 -38
9 .2 7 — 9.28

W ednesday,
March 20.

9 -3 2 @ 035
9 .3 3 — 9.35

Thursday,
March 21.

9 . 4 3 @ 9.58
9 .5 5 — 9.57

March

22.

9.42©
9.60
9.30@
9 .4 5 — 9.46 —
—

9 .6 0
—

F r id a y ,
W eek .

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:

M ovem ent to March 22
1907.M ovem ent to March 23
1906.
I
T
o
w
n
s . ----------------- ----------------------------------------1
R eceipts.
.
Ship- Stocks
R eceipts.
Ship- Stocks
— — ---------- ---------------------------------------ments.
March
- — ---------- --------------------merits.M c h .
W eek. Season. | W eek.
22.
W eek.
Season.
W eek.
22.

----------- -------------------------------------------------------------a
-------------------- @
------------ _______________________________________

THE CHRONICLE.

_______

700

43,294 1 ,3 5 7 ,6 5 0

--------1 9 0 5 -0 6 -------S in ce
W eek .
S ept. 1.
15,395
389 963
171.619
3,306
38,816
776
7 5 ,8 76
1,531
4 6 ,422
2,132
2 0 2 ,4 6 6
2,073
25,213

9 2 4 ,7 4 5

2,472
349
1,153

118,150
16,362
31,5 0 3

7,2 7 6
2,946
1,915

133,337
58,167
42,057

T o t a l t o b e d e d u c t e d -------— -1 2 ,1 3 7

233,561

3,9 7 4

166,015

L e a v in g t o t a l n e t o v e r l a n d .a --------- -3 1 ,1 5 7 1 ,124,089

2 t ,239

. 758 ,730

a I n c lu d in g m o v e m e n t b y rail t o C an ada.

The foregoing shows the week’s net overland movement
has been 31,157 bales, against 21,239 bales for the week
last year, and that for the season to date the aggregate
net overland exhibits an increase from a year ago of 365,359
bales.
---------190 6-0 7 --------I n Sight and S p in n er s ’
S in ce
T a k in gs.
W eek .
S ept. 1.
R e c e ip t s a t p o r ts t o M arch 2 2 _______ 159 ,389 8,6 7 4 ,7 7 1
N e t o v e r la n d t o M arch 2 2 _________ _ 3 1 ,1 5 7 1 ,1 2 4 ,0 8 9
S o u th e rn c o n s u m p tio n t o M arch 2 2 . 48,0 0 0 1 ,3 7 0 ,0 0 0

--------- 190 5-0 6------- -S in c e
W eek .
S ep t. 1.
104,581 6 ,5 4 5 ,7 0 8
2 1 ,2 3 9
7 5 8 ,7 3 0
4 6 .0 0 0 1 ,3 4 1 .0 0 0

T o t a l m a r k e te d ............. ........................2 38 ,546 1 1 ,1 6 8 ,8 6 0
I n te rio r sto ck s in e x ce ss______________« 1 6 ,7 6 4
416 ,5 4 4

171 ,820 8 ,6 4 5 ,4 3 8
035 .038
408 ,093

C a m e in to sigh t d u rin g w e e k ______2 21 ,782 ...................
T o ta l in sigh t M a rch 2 2 ___________ ________ 11 ,5 8 5 ,4 0 4
N o r t h , s p in n e rs’ ta k in g s t o M ch . 2 2 . 4 5 .1 0 7 2 ,1 3 0 ,1 0 4

136,782
9,0 5 3 ,8 3 1
3 0 .1 1 9 1 .849,210

a D ecrea se d u rin g w e e k .

Movement into sight in previous years:
W eek .
1905— M arch
1904— M arch
1903— M arch
1902— M arch

B a les. I S in ce Sept.%1—
B a lts .
2 4 ......................... 2 48 ,327 1904-05— M arch 2 4 _______ 1 0,162,774
2 6 ____ ................. 100 ,650 ! 1903-04— M arch 2 6 . ............ 9 ,012,591
2 7 ______________132 .636 ! 1902-03— M arch 2 7 .............. 9 ,3 0 1 .2 0 7
2 8 . . ............... . . 113 ,842 190 1-0 2— M arch 2 8 ............. 9 ,2 0 6 ,5 7 2

M a e . 23 1907.]

Q U O T A T IO N S FO R M ID D L IN G CO TTO N A T O T H E R
M A R K E T S .— Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week:
W eek ending
M a rch 22.
G a l v e s t o n ___
N e w O rlea n s ___
M o b i l e _________
S a v a n n a h ...........
C h a r le s to n _____
W ilm in g t o n ____
N o r f o l k ________
B a l t i m o r e ____
P h ila d e lp h ia ___
A u g u s ta _______
M e m p h i s ____
S t. L o u is ___
H o u s to n . ____
L ittle R o c k ____

C losin g Q uotations fo r M id d lin g C olton on—
S a t'day.
11 M
10 15-16
10
103*
3 034
103*
11 M
11.25
113*
11.50
115*
10M
11
11%
10%

M on d ay. Tuesday. W ed ’day. T h ursd’ y. F r id a y .
11 1-16
10 13-16
103*
10%

10 15-16
10 11-16
10^
10%

10 15-16
10 11-16
10 5*
10?*

10 y2
11 X
11.25
11%
11.45
11%
10%
io %
10 15-16
103*

10%
U %
11.20
11%
11.25
11 K
10%
10 %
10 13-16
10%

10%
11 3*
11.00
11 J*
11.25
113*
10H
10 74
10 13-16
105*

11
10 13-16
10M
105*
105*
105*
11X
11.00
113*
11.35
11M
10 H
10%
10 13-16
105*

11
10 13-16
10 %
103*
103*
io %
n%
11.10
113*
11.35
11 34
10 H
10%
10 13-16
105*

The closing quotations to-day (Friday) at other important
Southern markets were as follows:
A t l a n t a ------------- — 1 0 % I M o n t g o m e r y ______ 1 0 % I R a l e i g h __________ 11
C o lu m b u s , G a ______10 3* I N a s h v i l l e __________ 10 % |S h r e v e p o r t ______ 10 3-16

N E W O R L E A N S O P T IO N M A R K E T — The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
S a t’day, M on d a y, Tuesday, W ed ’day, T h ursd’ y, F r id a y ,
M c h . 16. M c h . 18. M c h . 19. M c h . 20. M c h . 21. M c h . 22.
M arch —
R a n g e _______
C lo sin g _______
M ay—
R a n g e _______
C lo sin g _______
J u ly —
R a n g e _______
C lo s in g .............
October—
R a n g e _______
C lo sin g _______
D ecem ber—
R a n g e _______
C lo sin g_______
J a n u a ry —
R a n g e _______
C lo sin g_______
T on e—
S p o t ________
O p t i o n s _____

1 0 .3 2 -.3 3 1 0 .1 7 -.2 9 1 0.08 .15 1 0 .0 8 -.1 2 1 0 .2 2 -. 27 1 0 .1 9 -.3 5
1 0 .3 2 -.3 3 10.21 — 10.08- .09 1 0 .0 9 -.1 0 1 0 .3 1 -.3 2 1 0 .1 9 -.2 0
10 .3 6 -.4 3 10 .2 8 -.3 6 10.15- .26 1 0 .1 0 -.2 4 10 .2 4 -.4 0 1 0 .2 6 -.4 2
1 0.40-.41 10 .3 1 -.3 2 10.18- .19 10.1 9 -.2 0 1 0 .3 9 -.4 0 1 0 .2 6 -.2 7
10.5 0 -.5 7 1 0.39-.4 9 10.26- .36 1 0 .2 0 .2 5 1 0 .3 5 -.5 0 1 0.37-.5 2
10.53-.5 4 10.4 2 -.4 3 10.29- .30 10.30-.3 1 1 0 .4 9 -.5 0 1 0 .3 7 -.3 8
1 0 .2 8 -. 34 1 0 .2 1 -.2 8 10.10 .22 1 0 .1 0 -.1 8 10 .2 0 -.3 4 10.2 2 -.3 3
10.3 1 -.3 2 1 0.2 4 -.2 5 10.13- .14 1 0 .1 5 -.1 6 10 .3 3 -.3 4 10.2 2 -.2 3
1 0.32-.3 6 10 .2 4 -.3 3 10.13- .24 1 0 .1 4 -.2 0 1 0 .2 3 -.3 5 10 .2 3 -.3 6
10.3 4 -.3 5 1 0 .2 7 -.2 8 10.15- .16 10 .1 8 -.1 9 1 0 .3 5 -.3 6 10.24 —

of an inch. The thermometer has ranged from 45 to 90,
averaging 67.
Selma, Alabama.— Planting has commenced, and farmers
are well advanced with their work. There has been no rain
during the week. Average thermometer 68 , highest 87
and lowest 57.
Madison, Florida.— Dry all the week. The thermometer
has averaged 60, the highest being 88 and the lowest 46.
Augusta, Georgia.— Planting starts next week. Warmer
weather now prevailing over the State induces rushing of
work. The week’s rainfall has been thirteen hundredths of
an inch on one day. The thermometer has averaged 65,
ranging from 42 to 91.
Savannah, Georgia.— There has been rain on one day
during the week to the extent of thirteen hundredths of an
inch. The thermometer has ranged from 47 to 90, aver­
aging 66.
Charleston, South Carolina.— The week’s rainfall has been
forty-six hundredths of an inch on one day. Average ther­
mometer 64, highest 90 and lowest 46.
Greenwood, South Carolina.— Rain has fallen on two days
of the week, the precipitation being one inch and fifty-one
hundredths. The thermometer has averaged 61, the highest
being 72 and the lowest 50.
t
Stateburg, South Carolina.— There has been a thunderstorm
on one night of the week, with heavy rain and a barely ap­
preciable precipitation on one other night. The thermom­
eter has averaged 66, ranging from 41 to 90.
Charlotte, North Carolina.— There has been rain on one day
during the week to the extent of one hundredth of an inch.
The thermometer has ranged from 39 to 82, averaging 60.
The following statement we have also received by tele­
graph, showing the height of rivers at the ports named
at 8 a. m . of the dates given:
N ew O r le a n s ___________ A b o v e
M e m p h i s ............. .............. A b o v e
N a s h v ille ----------------------- A b o v e
S h r e v e p o r t......................... A b o v e
V i c k s b u r g _____________ A b o v e

Q u iet.
S te a d y .

S te a d y .
S te a d y .

Q u iet.
S te a d y .

F irm .
S te a d y .

Q u iet.
S te a d y .

M a rch 21.




of
of
of
of
of

gauge.
gauge.
gauge.
gauge.
gauge.

M c h . 22 1907.
F e e t.
15.7
3 2 .3
19 .7
12.0
41 .1

190 5-0 6.

1 90 6-0 7.

R eceip ts at—
W eek .
B o m b a y ____ __ .

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Our tele­
graphic reports from the South this evening denote that
the conditions have been quite favorable during the week.
In most sections comparatively high temperature has pre­
vailed and rainfall has been light, with dry weather pre­
vailing in Texas. As a result, on the whole, crop prepara­
tions have progressed well.
Galveston, Texas.— There has been no rain the past week.
The thermometer has averaged 69, ranging from 60 to 78.
Palestine, Texas.— There has been no rain during the week.
The thermometer has ranged from 46 to 86, averaging 66.
Corpus Christi, Texas.— Dry all the week. Average ther­
mometer 69, highest 80, lowest 58.
Fort Worth, Texas.— W e have had no rain during the week.
The thermometer has averaged 77, the highest being 86 and
the lowest 64.
Abilene, Texas.— There has been no rain this week. The
thermometer has averaged 70, ranging from 46 to 94.
San Antonio, Texas.— No rain the past week. The ther­
mometer has ranged from 46 to 90, averaging 68.
Taylor, Texas.— Dry all the week. Average thermometer
66, highest 90 and lowest 46.
Neio Orleans, Louisiana.— W e have had no rain during the
week. The thermometer has averaged 74.
Shreveport, Louisiana.— There has been no rain the past
week. The thermometer has averaged 62 , ranging from
38 to 86.
Leland, M ississippi.— It has rained during the week, the
rainfall reaching twenty-six hundredths of an inch. Average
thermometer 61.3.
Vicksburg, M ississippi.— It has been dry all the week.
The thermometer has averaged 70, the highest being 85
and the lowest 45.
Helena, Arkansas.— The weather has been dry, warm and
fine for farming operations during the week. Some land is
yet overflowed outside the levee; in fact, the river is rising.
, The thermometer has averaged 6 5 .8 . ranging from 40 to 86.
Little Rock, Arkansas.— The weather the past week has
been exceedingly favorable for farm work which is progressing
rapidly. Prospects are for an exceptionally early planting.
There has been no rain during the week. The thermometer
has ranged from 42 to 88, averaging 65.
Memphis, Tennessee.— Dry all the week. W ith fine weather
plowing is progressing activety. Average thermometer 6 6 .4 ,
highest 8 4 .4 , lowest 38.
Mobile, Alabama.— Clear weather in the interior with
temperature high. Farm work is active and there is a large
demand for fertilizers. Cotton planting has begun in some
sections. There has been rain on one day the past week,
to the extent of one inch and twenty-two hundredths. The
thermometer has averaged 67, ranging from 51 to 82.
Montgomery, Alabama.— Unusually hot to-day. Farmers
are progressing finely with work. There has been rain on
one day during the week, the rainfalip>eing fifteen hundredths

z e ro
z e ro
z ero
z e ro
z ero

M c h . 23 1 90 6.
F e e t.
11.3
21.2
14.5
8.6
3 3 .3

IN D IA C O TTON M O V E M E N T FR O M A L L PO R TS.

® — — © — 1 0 . 25- .27 — @ — — @ — — 1 0 .3 6
1 0 .4 0 - .4 2 1 0 .3 3 -.3 4 10.20- .22 1 0 .2 1 -.2 3 1 0 .4 0 -.4 2 1 0 .2 8 -.3 0

—

S te a d y .
S te a d y .

701

THE CHRONICLE.

S in ce
S ep t. 1.

W eek.

123 ,000 1 ,771,000

190 4-0 5.

S in ce
S ep t. 1.

W eek .

S in ce
S ep t. 1.

57,0 0 0 1 ,8 0 5 ,0 0 0 100,000 1,5 8 3 ,0 0 0

F o r the W eek .

S in c e S eptem ber 1.

E x p o rts fro m —
Great
B rita in .
B om bay—
1 9 0 6 -0 7___________
1 9 0 5 -0 6___________
1 9 0 4 -0 5 .................. ..
C a lcu tta —
1 9 0 6 -0 7___________
1 9 0 5 -0 6 ___________
1 9 0 4 - 0 5 . . ____ __
M ad ras—
1 9 0 6 -0 7 ________ .
1 9 0 5 -0 6 ___________
1 9 0 4 -0 5 . ________
A ll o th e r s —
1 9 0 6 -0 7 ___________
1 9 0 5 -0 6 ___________
1 9 0 4 -0 5 ___________
T o t a l a ll—
1 9 0 6 -0 7 ___________
1 9 0 5 -0 6 ___________
1 9 0 4 -0 5 .
_______

3,000
1,000

1,660
3,000
2,000

A L E X A N D R IA

C o n ti­
n ent.

Great
B r ita in .

Total.

19,0 0 0
8,000
8,0 0 0

2 2 ,8 0 0
8,0 0 0
9 ,0 0 0

7 ,0 0 0
6,000
3,0 0 0

C o n ti­
n ent.

T otal.

30,0 0 0
33,0 0 0
13,000

5 9 3 ,0 0 0
488 ,0 0 0
170,000

6 2 3 ,0 0 0
521 ,0 0 0
1 83 ,000

7 ,0 0 0
6,0 0 0
3,0 0 0

4 ,0 0 0
5,000
1,000

66,0 0 0
58,0 0 0
17,000

70,0 0 0
6 3 .0 0 0
1 8 ,000

1,000

1,000

2 ,0 0 0
1,000
2,000

19,000
3 4 ,0 0 0
12,000

2 1 ,0 0 0
35,0 0 0
1 4 ,000

3 ,0 0 0
2,0 0 0
5,000

3,0 0 0
2,000
6,000

7,0 0 0
10,000
7,0 0 0

61 ,000
62,0 0 0
63,0 0 0

6 8 ,0 0 0
72,0 0 0
7 0 ,0 0 0

30,0 0 0
16,000
16,000

3 3 ,0 0 0
16,000
18,000

43 ,000
4 9 ,0 0 0
23,000

7 3 9 ,0 0 0
642 ,0 0 0
262 ,000

7 8 2 ,0 0 0
6 9 1 ,0 0 0
285 ,000

R E C E IP T S

AND

S H IP M E N T S .

A le x a n d r ia , E g y p t
M a rch 2 0 .

190 6-0 7.

190 5-0 6.

190 4-0 5.

R eceip ts (ca n ta rs a) —
T h is w e e k ______ ________
S in ce S e p t 1 ....................

7 5 ,0 0 0
6 ,6 8 7 ,8 8 4

90,000
5 ,7 1 2 ,8 0 2

140 000
5 ,3 4 2 ,9 6 5

This
S in c e
w eek. S ep t. 1.

This
S in ce
w eek. S ep t. 1.

This
S in ce
w eek. S ep t. 1.

4 ,0 0 0 173 ,387
7 ,7 5 0 167,252
6,250 265 ,406
3 ,5 0 0 93 ,3 3 7

4,5 0 0 177,052
1 37 ,478
4",000 236 ,577
500 60,8 9 2

1,750 1 67 ,362
1 08 ,777
5',500 221 ,7 7 2
1,000 52,9 7 8

T o t a l e x p o r t s ____ _____ 2 1 ,5 0 0 699,382

9 ,0 0 0 611 ,9 9 9

8,2 5 0 550 ,889

E x p o rts (bales) —
To
To
To
To

L iv e r p o o l______________
M a n c h e s t e r ____ ______
C o n t i n e n t ____________
A m e r ic a _______________

a A c a n ta r is 98 lbs.

M A R K E T A N D SA L E S A T N E W Y O R K .
S p ot M a rk et
Closed.
S a t u r d a y ____
M o n d a y ______
T u e s d a y ____
W e d n e s d a y ..
T h u r s d a y ___
F r i d a y _______

S t e a d y ___________
S t e a d y 5 p ts. d c c .
Q u ie t 20 p ts. d e c .
S tea d y
________
S t e a d y 10 p ts a d v
Q u i e t ____________

F u tu r e s
M arket
C losed.
S t e a d y ----------S t e a d y _______
S t e a d y . ...........
V e r y S te a d y
B a re ly s te a d y
S t e a d y _______

Sales o f S p o t and C on tract.
C on­
C on E xp ort s u m ’ n. tract.

::::

....

"4 0

40

Total.

Z, 800

2 ,8 0 0

-----

1,8 0 0
300

~ 40
1 ,8 0 0
300

4,9 0 0

4,9 4 0

JU TE B U T T S , B A G G IN G , &c — There has been a
dearth of business in the market for jute bagging during the
week under review, and prices are nominal; 9 ^ c . for 2 lb s.,
standard grades. Jute butts dull at 3 @ 4 c . for bagging
quality.

702

THE CHRONICLE.

W O R L D ’S S U P P L Y A N D T A K IN G S OF C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
since Sept. 1, for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amount
gone out of sight, for the like perid.
C o tto n T a k in g s .
W e e k and S eason .

1 90 6-0 7.
W eek .

V is ib le s u p p ly M a rch 15 _______ 5 ,4 5 3 ,2 9 8
4 ,9 7 4 ,6 6 7
1 ,7 8 4 ,1 5 6
V is ib le s u p p ly S e p t. 1 ___________
A m e r ic a n in sig h t t o M arch 22 _ .
221 ,782 1 1 ,5 8 5 ,4 0 4
136 ,782
B o m b a y receip ts t o M arch 2 1 ___
123 ,000 1 ,7 7 1 ,0 0 0
57.000
O th er In d ia s h ip ’ts t o M arch 2 1 .
11,000
159 .000
8,000
10,000
A le x a n d r ia receip ts t o M ch . 2 0 .
892 .0 0 0
12.000
O th er s u p p ly t o M arch 2 0 . a ____
2,000
217 .0 0 0
11,000

5 ,4 0 3 ,2 9 6

T o t a l ta k in gs t o M arch 2 2 _______
O f w h ic h A m e rica n ________
O f w h ich o t h e r ____ __

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

417 .7 8 4 1 1 ,0 0 5 ,2 6 4
272 .7 8 4 8 ,4 4 3 ,2 6 4
145 000 2 ,5 6 2 ,0 0 0

405 .8 0 5
262 .8 0 5
143 ,000

4 ,7 9 3 ,6 4 4
9.8 5 9 .3 5 7
7 .3 8 5 .3 5 7
2 ,4 7 4 .0 0 0

a E m b ra ces re ce ip ts In E u ro p e fr o m B ra zil, S m y r n a , W e s t In d ie s , & c.

M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester states that the market
is firm for both yarns and shirtings.
The demand
for both yarn and cloth is good.
W e give the prices
for to-day below and leaVe those for previous weeks of
this and last year for comparison:
1907.
32s Cop.
Twist.
F eb
8
15
22
Mch
1
8
15
22

d.
d. s. d.
9 15-16 @ 11
6 7
9% @ 10 15-16 6 7
9 11-16@ 10% 6 7

s.
@9
@9
@9

d.
10
10
10

d.
6.00
6.03
6.03

d.
8H
m
m

9 13-16@ 10%
9 15-16 @ 11
9 15-16® W A
9% @ 10 15-16

@9
@9
@9
@9

9
9
9
9

6.14
6.24
6.03
6.01

7
734
734
8

834 lbs. Shirt­
ings, common
to finest.

32s Cop
Twist.

Cot'n
M id
Upl's

@
@
@

d.
9%
9%
9%

s. d.
6 5
6 5
6 5

s.
@9
@9
@9

d.
4)4
4%
414

d.
5.87
5.91
5.73

m
@
8 11-16 @
8 5/s
m
@

9V*
934
9^
9%

6
6
6
6

@9
®9
@9
@9

5
534
534
434

5.78
5.92
5.77
6.00

414
414
414
5

SH IP P IN G N E W S .— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 122,772 bales. The shipments in detail, as made up
from mail and telegraphic returns, are as follows:
T otal bales.
N E W Y O R K — T o L iv e r p o o l— M arch 20— V ic t o r ia n , 1,305 u p la n d ,
304 S ea Is la n d ____ M arch 21— C e d ric , 3 0 4 _____________________
1,913
T o M an ch ester— M arch 15— T h esp is, 786 u p la n d , 800 Sea I s l . .
1,586
T o G la sgow — M arch 16— F u rn essia, 2 4 3 _________________________
243
T o B rem en — M arch 20— -C h em n itz, 3 8 6 _________________________
386
T o H a m b u r g — M arch 14— M y r tle d e n e , 3 0 0 ____ M arch 16— P re ­
t o r ia , 3 0 1 _________________________________________________________
601
T o R o tte r d a m — M arch 21— T u rb lsta n , 9 ________________________
9
T o A n tw e r p — M a rch 15— S t. C u th b ert, 2 5 0 ____ M arch 16—
V a d e r la n d , 1 ,0 5 7 _________________________________________________
1.307
T o C op en h a g en — M arch 20—-C. F . T ie tg e n , 2 0 0 ________________
200
620
T o N aples— M arch 15— N e ck a r , 6 2 0 _____________________________
N E W O R L E A N S — T o L iv e r p o q l— M arch 20— C u s to d ia n . 1 4 ,1 8 2 ._ 14,182
T o M a n ch ester— M arch 19— M an ch ester E n g in e e z, 7 ,5 0 0 _______
7 ,5 0 0
T o B elfast— M arch 16— R a th lin H e a d , 7 ,1 1 5 ____________________
7,1 1 5
T o B rem en — M arch 16— M a n h a tta n , 1 7 ,9 7 1 ____________________
17,971
T o H a m b u r g — M arch 16— Ilm e n a u , 4 0 0 ____ M arch 20— B itsch in , 3 2 5 . _____________________ ______________________ ___________
725
G A L V E S T O N — T o L iv e r p o o l— M arch 13— N ica ra g u a n , 5 ,9 7 8 ______
5,9 7 8
T o M an ch ester— M arch 19— R a m o n d e L a rrin a g a , 6 ,9 8 0 _______
6,9 8 0
T o B rem en — M arch 14— M a d rilen o, 8 ,4 4 9 ____________________
8,449
T o H a m b u r g — M arch 15— S t. Jan . 3 ,4 3 4 ____________ ___________
3,4 3 4
P E N S A C O L A — T o H a m b u r g — M arch 20— F rirz o e , 1 5 0 ______________
150
S A V A N N A H — T o L lv e r o o o l— M arch 19— L in ca lrn , 3 ,2 3 0 ________
3 ,2 3 0
T o M a n ch ester— M arch 19— L ln c a ir n , 3 ,3 0 5 ________________
3 ,3 0 5
T o H a m b u r g — M arch 16— C e ltic P rin ce ss, 2 ,4 7 6 ; B a llo c h m y le ,
1 ,9 6 6 ____ M arch 18— C liv e g r o v e , 3 ,2 5 2 ________________________
7 ,6 9 4
T o R e v a l— M arch 16— C eltic P rin ce ss, 1 5 0 _______________________
150
T o S to c k h o lm — M arch 16—-C eltic P rin cess, 1 0 0 _________________
100
T o G efle— M arch 16— C eltic P rin ce ss, 2 0 0________________________
200
T o N o rr k o p in g — M arch 16— B a llo c h m y le , 2 0 0 ____ M arch 18—
C liv e g r o v e , 1 0 0 _________________________________________________
300
T o G o th e n b u rg — M arch 18— -C liv eg rov e, 3 0 0 ____________________
300
W I L M I N G T O N — T o B re m e n — M arch 19— C a y o L a r g o , 1 2 ,1 6 8 ____ 12,168
N E W P O R T N E W S — T o H a m b u r g — M arch 16— -A cllia, 7 5 _________
75
B O S T O N — T o L iv e r p o o l— M arch 16— M ich ig a n , 1 ,0 7 6 ____ M arch 18
— S a x o n ia , f ,6 7 6 ____ M arch 19— W in ifr e d ia n , 1 ,1 9 1 __________
3,943
T o M a n ch ester— M arch 15— I b e r ia n , 3 2 8 ________________________
328
T o G en oa — M arch 15— R e p u b lic , 110_________________ __________
110
T o Y a r m o u t h — M arch 15— P rin ce G e o rg e , 7 1 ____ M arch 17—
B o s to n , 5 3 ________________________________________________________
124
B A L T I M O R E — T o L iv e r p o o l— M arch 16— T e m p le m o r e , 17________
17
T o H a v re— M arch 19— P a rth e n la , 1 ,0 5 0 _________________________
1,0 5 0
T o B rem en — M arch 19— O ld e n b u r g , 1 ,3 0 2 _______________________
1,302
T o H a m b u rg — -March 14— P isa, 1 5 0 _______________________________
150
P H I L A D E L P H I A — T o L iv e rp o o l— M arch 9— H a v e r fo r d , 1 ,3 0 5 ____
M arch 16— N o o r d la n d , 3 9 7 _____________________________ .
1,702
T o M an ch ester— M arch 11— M a n ch ester E x ch a n g e , 1 0 0 _______
100
S E A T T L E — T o J a p a n — M arch 19— K a g a M aru , 3 ,5 9 2 _____________
3,5 9 2
T A C O M A — T o J a p a n — M arch 20— T it a n , 3 ,4 8 3 _____________________
3,483
T o ta l.

122,772

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great F ren ch G er- — O th.E u rop e— M e x .,
B rita in .
ports, m any. N orth. South. & c. J a p a n .
N ew Y o r k ______3,742
____
987 1,516
620
N ew O rlean s___ 28,797
____ 18,696
G a l v e s t o n ______12,958
____ 11,883
P e n s a c o l a ______ ____
____
150
S a v a n n a h ______6,535
____
7 ,6 9 4 1,050
W ilm in g t o n ____
____
____ 12,168
N e w p o r t N e w s . ____
____
75
B o s to n _ ............. 4,271
110
124
B a l t i m o r e ______
17 1 ,0 5 0
1,452
P h ila d e lp h ia ___ 1,802
S e a t t l e _________
____
. . . 3,5 9 2
T a c o m a . . ........... ........
. . . 3,483
T o t a l ............... 58,122

1,050 53,105

2,566

730

124

Total.
6 ,8 9 5
47,493
24,841
150
15,279
12,168
75
4,505
2,519
1,802
3,592
3,483

7 ,0 7 5 122,772

The exports to Japan since S ep t.l have been 161,321 bales
from Pacific ports, 161,321 bales from Galveston and 1,028
bales from New York.




S a t.
17
16^
23
18
20
20
25
30

M on.
17
1 6 )4
23
18
20
20
25
30

T u es.
17
1634
23
18
20
20
25
30

W ed.
17
16^
23
18
20
20
25
30

T h urs.
17
1 6 )4
23
18
30
20
25
30

28
20
32
45

28
20
32
45

28
20
32
45

28
20
32
45

28
20
32
45

F r l.
17
16^
23
18
20
20
25
30
28
20
32
45

C EN SU S B U R E A U ’S R E P O R T ON C O T T O N -G IN N IN G .
— The Division of Manufactures in the Census Bureau com­
pleted and issued on March 20 the final report on cottonginning the present season as follows:
T h e fo llo w in g is a su m m a r y o f th e final r e p o r t o n c o t to n -g in n in g fo r this
s e a so n , s h o w in g th e t o t a l c o t t o n p r o d u c t io n o f 190 6, a c c o m p a n ie d b y
c o m p a r a t iv e sta tistics fo r 1905 a n d 1904.
T h e t o t a l c r o p r e p o r te d fro m g in n in g esta b lish m en ts a n d c o tto n -s e e d
o il m ills is s u m m a riz e d as fo llo w s :
------------------------- C ro p o f------------------------1906.
1905.
1904.
B a les.
B a les.
B a les.
T o t a l c r o p , c o u n t in g ro u n d as h a lf an d
in clu d in g lln t e r s _____ _______________ 13,2 9 0 ,6 7 7
1 0 ,7 2 5 ,6 0 2
1 3 ,6 9 7 ,3 1 0
E q u iv a le n t 5 0 0 -lb . ba les (in cl. lln t e r s ).1 3 ,5 7 6 ,2 2 5
1 0 ,7 7 7 ,5 1 0
1 3 ,6 7 9 ,9 5 4
D istrib u tio n __
S q u a re (u p la n d ) r e p o r t e d r o m g ln n ’s . 1 2 ,7 7 8 ,8 3 7
1 0 ,2 1 4 ,0 5 9
1 3 ,1 9 8 ,9 4 4
R o u n d (u p la n d ) r e p o r te d fro m g in n ’s .
266 ,795
279,836
296,151
S ea Isla n d r e p o r te d fr o m g in n e rie s___
5 7 ,352
112 ,539
104,317
L ln te rs r e p o r te d fro m c o t t o n o il m ills .
3 2 1 ,1 6 0
230 ,497
245 ,973
T h e c o t to n c r o p s g r o w n in 1906, 190 5, 1904 a n d 1903, exp ressed in
r u n n in g b a le s, an d th e a v e r a g e w e ig h t o f b a le fo r th e c r o p o f 1906 b y S tates
are g iv e n as fo llo w s :

1906.

8 K lbs. Shirt­ Cot’ n
ings, common M id
to finest.
V p l’s

6
6
6
6

c.
.c .
c.
.c .
.c .
,c .
.c.
c.
c.
c.
c.

G enoa

T o t a l s u p p ly _ _______________ 5 ,8 2 1 ,0 8 0 1 6 ,4 0 8 ,5 6 0 5 ,1 9 9 ,4 4 9 1 4,6 5 3 ,0 0 1
D ed uct—
V is ib le s u p p ly M arch 2 2 . ____

c.
M a n ch e ste r
H a v r e _____

S ea so n .
2 ,5 4 5 ,4 7 0
9 ,0 5 3 ,5 3 1
1 ,8 0 5 ,0 0 0
1 70 .000
7 6 2 .0 0 0
3 17 .000

u k x x iv .

Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:

1 90 5-0 6.
W eek .

S ea so n .

[V o l .

A v er.
G ross
W t.*

R u n n in g bales, cou n tin g round as half
and in clu d in g llnters.
State or T erritory.
1906.

1905.

1904.

1903.

1906.

U n ite d S ta te s _______ 1 3 ,2 9 0 ,6 7 7 1 0 ,7 2 5 ,6 0 2 1 3 ,6 9 7 ,3 1 0 10,015,721
A la b a m a _______
1,2 6 4 ,5 7 2 1,2 4 9 ,6 8 5 1 ,4 7 1 ,1 7 0 1 ,0 0 0 ,7 3 5
A r k a n s a s ________
913 ,947
615 ,337
733 ,859
916 ,945
F lo r id a ________________
62,832
80,180
89,0 0 2
9 5 ,3 1 7
G e o r g i a _______________
1,6 6 3 ,4 5 6 1,7 5 9 ,0 8 3 1 ,9 9 2 ,7 5 7 1 ,3 2 7 ,5 9 6
K e n t u c k y _ ____ _
3,4 2 4
2,578
644
2,614
K a n s a s ___ _______
15
14
75
978 ,4 2 4
L o u is ia n a .
_
___
523,871 1,107,271
836 ,334
In d ia n T e r r it o r y ______
404 ,9 0 5
347 ,518
469 ,519
274 ,052
M ississippi
1 ,5 3 4 ,2 6 2 1,1 9 8 ,5 6 8 1,8 0 8 ,6 1 7 1 ,4 4 1 ,7 1 8
5 3 ,790
41,612
37,904
50,766
N o r t h C a r o l i n a .. . .
624 ,423
664,923
7 58 ,846
563 ,694
O k la h o m a .
328,044
____ __
474 ,871
342 ,033
190,360
829 .777
S o u th C a r o l i n a ___ __
928 ,643 1,1 2 9 ,4 2 6 1 ,2 0 8 ,1 8 0
T e n n e sse e . .
___ __
2 78,364
329 ,627
251 ,016
304 ,383
T e x a s ______ __ ______ 4 ,0 6 3 ,9 0 1 2 ,4 9 0 ,1 2 8 3 ,1 3 2 ,5 0 3 2 .4 5 4 ,6 1 6
V ir g in ia
14,629
17,446
14,024
16,259
148

510 .7
506 .8
5 3 0 .0
454 .7
48 7 .8
547 .8
5 1 6 .7
51 6 .7
515 .6
524 .9
4 7 4 .4
51 1 .9
4 8 0 .2
5 2 2 .2
5 26 .4
474 .8
5 24 .3

• A v e ra g e g ro ss w e ig h t in p o u n d s , c o u n tin g ro u n d as h a lf bales.
K e n t u c k y figu res in clu d e lln ters o f esta b lish m e n ts in Illinois.
A c t i v e gin n eries r e p o r te d a re 28,7 0 2 In 190 6, 29,0 3 8 fo r 1905, 30,3 3 7 fo r
1904 a n d 3 0 ,2 1 8 fo r 1903.
In t h e final c a n v a s s , w h e re g in n e r s h a d n o t fin ish ed g in n in g , t h e y w ere
r e q u e ste d t o p re p a re c a re fu l e s tim a te s o f t h e q u a n t it y o f c o t t o n w h ich
re m a in e d t o b e g in n e d a t th e ir e sta b lis h m e n ts .
T h e se e s tim a te s, a m o u n t­
in g t o 155,704 ru n n in g b a le s , h a v e b e e n In clu d e d In th e t o ta ls fo r 1906.

L IV E R P O O L .— By cable from Liverpool we have the fol­
lowing statement of the week’s sales, stocks, & c., at that port:
M c h . 1.
Sales o f th e w e e k _______b a le s .
5 3 ,0 0 0
O f w h ic h s p e cu la to rs t o o k . .
1,0 0 0
O f w h ich e x p o r te r s t o o k ___
1,000
S ales, A m e r ic a n .................... .......
4 2 ,0 0 0
A c tu a l e x p o r t --------------------------7 ,0 0 0
F o r w a r d e d ______________________
8 8 ,0 0 0
T o t a l s t o c k — E s t im a t e d ______1 ,0 8 9 ,0 0 0
O f w h ich A m e r ic a n — E s t . .
9 9 5 ,0 0 0
T o ta l im p o r t o f th e w e e k ...........
2 0 8 ,0 0 0
O f w h ich A m e r ic a n ________
173 ,000
A m o u n t a flo a t......................... .......
4 3 1 ,0 0 0
O f w h ic h A m e r ic a n ________
371 000

M ch . 8.
6 6 ,0 0 0
2 ,0 0 0
3 ,0 0 0
5 8 ,0 0 0
18,0 0 0
1 0 2 ,0 0 0
1 ,1 2 8 ,0 0 0
1 ,0 2 4 ,0 0 0
159 ,000
125 ,000
3 6 5 ,0 0 0
302 000

M c h . 15.
6 3 ,0 0 0
1,0 0 0
4 ,0 0 0
5 6 ,0 0 0
6 ,0 0 0
8 4 ,0 0 0
1 ,2 0 7 ,0 0 0
1 ,1 0 1 ,0 0 0
169 ,000
150 ,0 0 0
2 9 2 ,0 0 0
222 000

M ch . 22.
5 2 ,0 0 0
1.000
2 ,0 0 0
4 7 ,0 0 0
11,0 0 0
8 2 ,0 0 0
1 ,2 1 6 ,0 0 0
1 ,0 9 8 ,0 0 0
101 .0 0 0
6 8 ,0 0 0
2 6 9 ,0 0 0
213 000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.

Saturday.

M onday.

Tuesday.

W ed’day.

Thursday.

Friday.

Market,
12:15
P . M.

)
}■ Moderate
J demand.

G ood
dem and.

Quieter.

Good
demand.

Good
dem and.

Moderate
demand.

Mid. U pl’ds

6.06

6.03

5.93

5.95

5.98

6.01

S a le s _____
Spec.& exp.

7,000
500

1;1,000
1,000

8,000
500

12,000
1,000

10,000
1,000

7,000
500

Futures.
Q uiet at
Quiet,
Market
1 unch. at 1 @ 1 )4 Pts.
opened
J 1 pt. adv. advance.
Market
P. M.

j
J

Steady,
un­
changed.

Steady at V ery st’dy
2)4 @ 3 pts. a t 2 @ 3 pts.
advance.
decline.

Steady at
2 points
advance.

Steady at
Easy at B ’ rly st’dy
Quiet a t
Steady
Steady
1®414 pts. 5)4 @ 8 Pts. a t 3 ^ @ 4 H unch. at 2 at 3 @ 4 pts. 2 @534 pts.
decline.
decline.
advance.
pts. dec.
advance.
pts. adv.

The prices of futures at Liverpool for each da}' are given
below.
Prices are on the basis of Uplands, Good Ordinary
clause, unless otherwise stated.
The p rices arc given in p ence and lOOtfis.
Sat.
M arch 16
to
12 M
M arch 2 2 . p .m .
a.
M arch . .
M c h .-A p r .
A p r .-M a y
M a y -J u n e
J u n e -J u ly
J u ly - A u g .
A u g .- S e p .
S e p .-O c t .
O c t .- N o v .
N o v .-D e e .
D e c .- J a n .
J a n .- F e b .

____
____
____
____
____
-------

12H
p .m .

M on .

WTe d .

T h u rs.

Fri.

1 2 !*
12 K
4
12H
4
4
4
12 H
4
12H
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .

d.
d.
d.
69
61
67
68 H 67
61
68 H 67
61
61
6 8 )4 67
68
67
61
61
67 )4 67
6 5 )4 6 5 M 5 9 W
64
64
58
61
61 )4 5 5 )4
55
6 0 ^ 61
a o )4 61
55
6 2 ^ '5 6
0 62

5
5
5
5
5
5
5
5
5
5
5

T u e s.

T h u s: 5 69 m eans 5 69-100 d.

d.
57
5 6 )4
56 H
56 H
56 )4
5 6 )4
55 V*
54 )4
5 2 )4
52
52
53

d.
d.
57
5 9 )4
59
57
5 6 )4 59
56 H 59
57
59
59
57
55)415734
54 34 56
52
53 X
51 X 53
5 1M I53
52 H 54

d.
59
5 8 )4
58
58
58
58
56 )4
55 )4
52
51 H
51 H
52 H

d.
62
61H
61
61
61
61
59 )4
57 Yx
54 )4
54
54
55

d.
d.
63
6 5 )4
62 H 65
62
64
62
64 W
6 1 )4 64
61 )4\63H
60
61 >4
5 8 1 4 ,5 9 )4
56
5 6 )4
55 H 56
55^|56
56 >4157

d.
68 '4
68
65 )4
66
6 5 )4
65
63
61
58
57 M
57 X
59

703

THE CHRONICLE.

M a r . 23 1907.1

BREADSTUFFS.

selling for a decline, but part of the loss was recovered before
the close, on covering of shorts and bull support.

Friday, March 22 1907.
Prices for wheat flour have shown no quotable change,
but of late the undertone of the market has been rather easy,
and it is reported that some small transactions have taken
place at five to ten cents below market quotations. The
general situation has undergone no essential change. Buyers
continue to pursue the policy of taking only enough flour
to fill immediate requirements. Export trade has been
stagnant and the clearances from the seaboard for Europe
have continued on a small scale. Corn meal and rye flour
have been quiet and steady.
W heat declined early in the week, partly owing to more
favorable weather, denial of the reports of damage to the
winter-wheat crop in this country and liquidation, as well
as not a little selling for short account.
Moreover, the stocks
at the Northwest have been rapidly increasing, receipts
there being liberal. Foreign markets as a rule have been any­
thing but encouraging for a rise and the stock market at
times has exhibited a weakness which has been to some
extent reflected in all the commodity markets, wheat b y no
means excepted. The export demand, too, was light early
in the week. Intimations that rather heavy liquidation had
taken place in Chicago for account of large operators also
played its part in the decline which occurred in the fore part
of the week. Within a few days, however, the complexion
of the market has somewhat changed. The tone has be­
come firmer by reason of a better export demand and stronger
foreign market, due partly to unfavorable crop reports from
Hungary, Spain and some other parts of Europe, and re­
ports of damage to the crop in the Southwest by hot weather
— 90 degrees Fahrenheit at some points— and the ravages of
bugs. This has led to quite a little covering of shorts here
and not a little new buying for a rise both in New York and
Chicago. Some bad crop reports have also been received
from Indiana and Ohio, which have not been without their
effect. Then, too, the firmness of what are termed coarse
grains, such as corn and oats, has been imparted in some
degreejto the wheat market. The market, however, is what
is usually termed a two-sided one. It is worth while to re­
member that many of the crop reports are distinctly favor­
able. Even in the Southwest the damage from insects is
said to be greatly exaggerated, while reports by three differ­
ent experts who have been examining the crop conditions
are of a decidedly assuring character. Then, again, the
flour trade has been poor, and of late it has been asserted
that very large quantities of wheat are being held back at
country elevators in the Northwest. To-day prices advanced
on unfavorable crop reports from the Southwest, where
further damage from bugs was reported, a rather bullish
crop statement b y the “ Modern Miller,” buying by influ­
ential Chicago operators and covering of shorts. Large Ar­
gentine shipments and disappointing cables had little effect.

D A I L Y C L O S IN G P R I C E S O F O A T S I N N E W Y O R K .
F r i.
Sat.
M ix e d , 26
to321bs.
47%
47
W h i t e
c lip p e d ,
26 t o 38
49 51
50-52
50-52
50-52
50-52
l b s ___
5 0-52
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D O A T S IN C H IC A G O
Sat. M o n . T u es . W ed . T h urs. F r i .
40%
41%
41%
42%
41%
M a y d e liv e r y In e le v a t o r ____________ 39 %
J u ly d e liv e r y in e l e v a t o r . - ...........- - - 3 6 %
36%
37%
37%
37%
36%
S e p te m b e r d e liv e r y in e le v a t o r ______3 2 %
32 %
32%
32%
32%
32%

D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S
S a t. M o n . T u es.
83
83%
N o . 2 re d w in te r ............. ..........................8 3 %
M a y d e liv e ry in e le v a t o r ..................- . 8 3 %
83 % 84
J u ly d e liv e r y in e le v a t o r .......................84V i 84
84 %
S e p tem b er d e liv e ry in e le v a to r ...........84 >4 8 4 %
84 %

Baltim ore_________
R ic h m o n d ......... ..
Newport News____
New Orleans . a ___
G alveston-..............
Norfolk___________
M ontreal.............
M o b ile ....................
St. John....... ..........

IN N E W Y O R K .
W ed . T h urs. F r i .
83 %
83%
84
83 %
84
84
84
84^
84 %
84
85
84 %

D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S IN C H I C A G O .
Sat. M o n . T u es. W ed . T h urs. F r i.
M a y d e liv e r y in e le v a t o r ------------------- 7b %
75%
75%
75%
75%
76 %
J u ly d e liv e ry In e le v a t o r ____________ 77 14 77
77 H
75%
77%
77%
S e p te m b e r d e liv e ry In e le v a t o r ______7 7 %
77%
78%
77%
78%
78^

Indian corn futures have advanced, owing mainly to bull
manipulation, covering of shorts and light offerings. Here
the speculation has been dull, but at Chicago it has been
broad and active at times.
Bulls have been encouraged to
act aggressively by the smallness of contract stocks and
arrivals at Chicago. A t times there has been no contract
corn in the receipts at Chicago. Then, too, farmers will
soon be busy with farm work, and it is expected that the crop
movement will diminish. The cash demand has been quiet,
and in the main and at times leading bulls have taken profits.
But the generality of the trade have been more disposed to
buy than to sell. To-day the market declined on liquida­
tion, bearish pressure and the dulness of the cash trade.
Covering of shorts and supporting orders caused a partial
rally before the close.
D A I L Y C L O S IN G P R I C E S O F N O . 2 M I X E D
Sat. M o n .
Cash c o m ............................................... - - - 5 6 %
56 %
M a y d e liv e ry in e le v a t o r - .................... 53
53 %
531 4
J u ly d e liv e r y in e le v a t o r ------------------- 5 3 %

C O R N IN N E W Y O R K .
T u es. W ed . Th urs. F r i .
56 Vi 5 6 %
56%
57
54%
54%
54 %
54 Vg
54 %
54
54
53%

D A I L Y C L O S IN G P R I C E S O F C O R N F U T U R E S
S a t. M o n . T u es.
M a y d e liv e r y in e le v a t o r ____________ 44 %
45 % 4 6 %
J u ly d e liv e r y In e le v a t o r ____________ 45 %
45%
46 %
S e p te m b e r d e liv e r y In e le v a t o r ---------45 %
46%
46 %

IN C H I C A d O .
W ed . T h u rs. F r i .
46 %
4$%
46
45%
46 ‘4
45%
46
46%
46%

Oats for future delivery in the Western market have ad­
vanced sharply with the trading active and at times excited.
Leading operators there have bought and bid the market up
and frightened shorts have covered. Commission houses
have been good buyers. The crop movement has been light.
A t times leading bulls have taken profits, but on all setbacks
buying has been active and prices have quickly responded.
There has been an absence of opposition to the upward move­
ment of prices. The cash demand has been quiet as a rule,
though within a day or two a larger business has been trans­
acted at firm quotations. Contract stocks continue relatively
small. To-day prices declined on heavy liquidation and




The following are closing quotations:
FLOUR.
L o w g r a d e s _____________ 52 75 @ $ 3 20 I K a n sas s t r a ig h ts _______ $3 60 @ $ 3 80
S e c o n d c le a rs ___________ 2 80 @ 2 83 K an sas c le a r s ___________ 3 10 @ 3 40
C l e a r s ___________________ 3 50 @ 3 75 |B le n d e d p a t e n t s ________ 4 45 @ 5 10
S tra ig h ts________________ 3 65 @ 3 75 |R y e flo u r _________________ 3 65 @ 4 15
P a te n t, s p r in g __________ 3 90 @ 4 30 I B u ck w h e a t f lo u r _______ 2 00 @ 2 20
P a te n t, w in te r _________ 3 75 @ 4 00 |G ra h am flo u r ___________ 2 90 & 3 75
K an sas p a t e n t s ________ 3 90 @ 4 0 0 | C o r n m e a l_______________ 2 70 @ 2 80
G R A IN .
W h e a t, p e r b u s h .—
c.
|C o r n , p e r b u s h .—
c.
91 M | N o . 2 m ix e d ___________ f .o .b .5 7
N . D u lu th , N o . 1 ___________
N . D u lu th , N o . 2 ______ f .o . b .9 0
j
N o . 2 y e llo w , n e w ____ f .o . b .5 2 %
R e d w in te r, N o . 2 ____ f .o .b .8 4
| N o . 2 w h ite , n e w ________ f .o .b .5 5
H a rd
“
“
____ f .o . b .8 6 % 1R y e . p e r b u s h .—
O ats— per b u sh e l—
| N o . 2 W e s t e r n __________64 %
N o. 2 w h it e ____________
48 @ 5 0
| S ta te a n d J e r s e y _______ N o m in a l.
N o . 2 m ix e d ___________
47
|B a rle y — W e s t e r n ________ N o m in a l.
N o . 2 w h ite , c l i p p e d - .
49 @ 51
| F e e d in g ________________ N o m in a l.

The statement of the movement of breadstuffs to market as
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years, have been:
Receipts at—

Flour.

Wheat.

Corn.

Barley.

Oats.

Rye.

bbls.\96lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bu. 56 lbs.
142,250
C h ica g o ____
1,950,438
2,545,325
549,875
51,286
220,565
M ilw aukee..
365,600
24,300
37,100
73.000
204.000
297.600
D ulu th_____
9,750
834,262
3,280
26,624
105,226
Minneapolis.
2,274,640
118,020
399,270
33,340
390,166
39.000
186.000
84,100
D etroit_____
' 2 ,400
58,200
43,603
Cleveland___
108,229
~ Y,66o
683
"23,522
94,115
1,120,530
42,900
St. Louis___
537.600
19,081
73,625
189,468
1,800
P e o r ia _____
62,000
7,000
18,000
198.000
144,000
Kansas C ity.
539,000
279.000
122,400
Tutal week
Same wk. ’06
Sam ew k. ’05

362,123
279,666
271,042

4,116,942
2,403,925
2,558,380

3,699,750
3,043,655
4,334,792

4,817,304
2,033,751
4,639,612

1,516,767
1,246,627
1,228,806

138,287
50,853
77,676

Since Aug. 1
19 0 6 -0 7 ... 13,753,183 170,256,699 136,664,621 134,541,330 51,985,314 5,733,335
1905-06--- 13,322,409 183,133,287 127.0S8.501 159,031,523 64,339,308 6,460,381
1 90 4-0 5--. 11,627,587 168,264,012 128,120,130 114,740,838 56,388,583 5,675.736

Total receipts of flour and grain at the seaboard ports for
the week ended March 16 1907 follows:
Receipts at—
New Y o r k ____
B o s to n _______
Portland______

Flour,
bbls.
129,404
35,843
11,175
71,154
47,649
6,346
26,069
16,406
______
3,214
4,505
7,975
17,776

Wheat,
bush.
2S9.000
74,189
216,438
116.550
31,970
22,808
65,896
73,700
124.000
_ -7,980
.
24,608

377,516
257,901

1,047,139
877,021

Corn,
bush.
878,275
231,971

Oats,
bzcsh.
570,000
85,547
___
97,476
32,997
70,588
___
62,000
______
72,617
1,500
............

Barley,
bush.
57,600
300
8,376
4,000
____
____
____
____
____
____
2,383
____
18,682

R ye,
bush.
1,950
____
____
1,027
15,237
____
____
____
____
____

992,725
2,165,359

91,341
147,973

18,214
20,176

302,263
1,059,233
53,586
439,000
151,000
______
10,778
10,040
3,136,146
2,263,210

____
------

a Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.

Total receipts at ports from Jan. 1 to March 16 compare
as follows for four years:
Receipts oj—
'
F lo u r ............................... -b b ls.

1907.
3,986,803

1906.
3,498,605

1905.
2,797,493

1904.
4,383,726

W h e a t-............................. bush. 16,097,377
Corn.......................... ................... 31,296,872
O ats.................. ............................ 9,025,943
1,353,630
B a r l e y _____ ________ ________
R y e ___________________ ______
283,059

16,521,228
50,329,768
19,824,668
4,903,118
409,251

3,593,484
37,058,592
7,081,078
1,867,812
111,221

11,968,994
20,775,572
8,112,664
1,063,100
261,450

Total g r a in .-................ ........ 58,056,881

91,988,033

49,712,187

42,181,780

The exports from the several seaboard ports for the week
ending March 16 1907 are shown in the annexed statement:
Exports pom —
New Y o rk ..............
Portland......... ......
B o s to n .
P h ilad elp h ia____
B altim ore..............
N orfolk__________
Newport News___
New O rleans____
G a lveston .............
M obile___________
St. Johns, N. B . .
Total w eek____
Same time 1906...

Flour,
bbls.
55,919
11,175

Oats,
bush.
10,960
j l ____

R ye, Barley,
bush.
bush,
_____
21,785
_____
8,376

16,226
22.530
3,214
20,069
2,741
714
7,975
17,776

""2 7 1
no

m u
m u
..........................

664,459 2,097,632 167,005
702,856 2,588.649 168,216

21,190
926,751

Wheat,
bush.
176,086
216,438
64,599
48,000
65,896
68,832

Corn,
bush.
582.969
244.969
245,279
713,895
19,314
281,226
10,040

24,608

2,666

bm h.
2,580
244

8,349
r .500
18,682
48,843
331,008

3,814
2,752

The destination of these exports for the week and since
July 1 1906 is as below:
----------Flour------------------------Wheat-----------C ornSince
Since
Since
W eek
July 1
W eek
July 1
W eek
July 1
Exports forw eekand M ch. 16.
1906. M ch. 16.
1906. M ch. 16.
1906.
bush.
bush.
since July I to—
bbls.
bbls.
bush.
btish.
United K in g d o m ... 91,981 4,358,926
490,836 36,933,497 1,136,347 22,166,813
C on tinent__________ 22,675 1,835.283 150,388 33,495,517
923,228 25,136,925
4.967
460,982
So. & Cent. A m e r ... 22,376
553,356
23,235
288,497
33,090 1,667,263
W est In d ie s .............. 25,622 1,103,4,50
............
10,247
______
61,890
Brit. No. Amer. Cols
106
58,600
............
8,000
Other Countries____ 4,245
148,290
---------376,803
______
159,251
T o t a l ...................... 167,005 8,057,905
Total 1905-06......... .168,216 7,938,926

664,459 71,112,561 2,097,632 49,653,124
702,856 40,351,698 2,588,649 88,572,996

704

THE CHRONICLE.

The visible supplyfcof grain , comprising he ^stocks i
granary at the principal points of accumulationj at lakeland
seaboard ports March 16 1907, was as follows:!Wheat,
bush.
N ew Y o r k _____________
889,000
•
a floa t-______
______
B o s t o n ________________
47,000
P h iladelph ia__________
650,000
Baltim ore_____________
410,000
N ew O rleans__________
283,000
G alveston_____________
467,000
Montreal_______________
1,000
T o r o n t o _______________
23,000
B u ffa lo .......................... .. 3 ,474,000
afloat..............
919,000
Toledo .............................
844,000
afloat_______
______
D e tr o it ......... ...................
269,000
afloat_______
______
C h ic a g o ........................... 9,872,000
afloat_______
______
M ilw aukee____________
481,000
afloat_______
70,000
P ort W illiam __________ 3,470,000
P ort Arthur___________ 3,287,000
a flo a t,............
490,000
D u lu t h ,........................... 5,971,000
a floa t,............
221,000
M inneapolis....... ............ 8 ,557,000
St. Louis_____ !__........... 2,368,000
afloat_______
______
Kansas City___________ 3,790,000
223,000
Peoria_________________
Indianapolis___________
278,000
On Mississippi R iver___
______
On L a k es_____________
______
On Canal and River___
______
Total
Total
Total
Total
Total
Total
Total

Meh.
Mch.
Mch.
Mch.
Mch.
Mch.
M ch.

16
9
17
18
18
19
21

1907-. 47.354.000
1907-. 45.750.000
1906-. 47.272.000
1905-. 33.943.000
1905-. 33.943.000
1904- .32,925,000
1903.. 45.055.000

C om ,
bush.
1,099,000

Oats,
trnsh.
206,000

Rye,
tmsh.
............

113,000
675,000
2,924,000
478,000
468,000
25,000

" 2 ,660
87,000
119,000
133,000

1,000
92,000

102,000
661,000

201,000
6,000
659,000
440,000
596,000

1,000
467,000
145,000
18,000

Barley,
bush•
'■ '.53,000

____
39,000
_____
275,000
179,000
............

291,000

38",000

14",000

2,092,600
1,160,000
478,000
26,000

745,006
299,000
615.000
______

545,666

239,666

2,000

343,000
______

850,000

178,000

342,000

483,000
667,000

3,650,666
200,000

73,666
17,000

70b',066
13,000

547,666
527.000
333,000

70',000
1,076,000
81,000

10,000

13,149,000 10.073.000 1.563.000
12,359,000 10.227.000 1.536.000
15,349,000 23.636.000 2.255.000
9,787,000 15.911.000 1.459.000
9,787,000 15.911.000 1.459.000
9,511,000 10.689.000
959.000
10,837,000
7.182.000
995.000

2,188,000
2,251,000
3.934.000
3.617.000
3.616.000
3.696.000
1.708.000

TH E DRY GOODS TRADE.
New York, Friday Night, March 22 1907.
Practically all divisions of the dry goods trade have worked
into a stronger position this week and prices in many lines
are tending higher. The local and out-of-town spot demand,
not only for cottons but for woolens, linens, silks and other
lines, continues extraordinarily large and the scarcity of
merchandise for near-by delivery has become more pro­
nounced. Buyers, however, manifest some conservatism in
contracting for future requirements, particularly in fine goods,
owing, doubtless, to money stringency and uncertainty as
to deliveries; but the present lull is considered healthful.
The lessened activity does not extend to mills, which are
making energetic efforts to catch up on back orders, or to
jobbers, who are enjoying an enormous trade in all season­
able lines. In cotton goods, especially, top prices are uni­
formly maintained by sellers for near-by delivery. Print
cloth mills are sold for months ahead on narrow goods; prices
continue firm and for immediate delivery are largely nom inal,
owing to the scarcity. Wide gray goods, as well as brown
sheetings, 4-yard 56x60s, are firmer. Bleached goods are
virtually unobtainable in any quantity for early delivery. In
hosiery and underwear lines present indications point to the
greatest scarcity experienced in years; premiums are freely
offered for lace and lisle hosiery- for women, while fine
men's wear hosiery is also scarce and high. Trade in silk
piece goods is the best seen in years; supplies are inadequate,
prices have been advanced and are expected to go higher,
owing to the increased cost of raw silk. Dress goods lines
for fall have been moving satisfactorily, fair recorders hav­
ing been placed on medium and low grades.IsExport trade
is practically dead.
D O M ESTIC CO TTO N G O O D S .— The exports of cotton
goods from this port for the week ending March 16 were 6,525
packages, valued at $327,031, their destination being to the
points specified in the tables below:
----------1907---------- --------------- 1906---------S in ce
S in ec
N ew Y ork to M a rch 16—
W eek .
J a n . 1.
W eek .
J a n . 1.
G rea t B r ita in --------------------------------------------43
612
20
171
O th er E u ro p e a n ___________________ . ______
27
158
10
508
C h in a ...............................................................- . - 2 , 0 5 0 6,191
___________
27,134
I n d i a ..................................... - - - - v ................... - 899 3,780
__________
3,5 8 6
A r a b i a . . . ........... - .............. .......................... ..1,831
14,202
154
7,2 6 7
A fr ic a ..................................................................... 386
2,587
13
2,370
W e s t I n d i e s - - ......................... - ........................ 547
5,5 1 2
417
5,362
M e x i c o ----------------- ------------------------------------88
482
37
430
C en tral A m e r ic a _______________ ___________
48
3,667
350
3,835
S o u th A m e r ic a ------------------------- ------------------ 527
10,5 6 3
1,150
13,661
O th er C ou n tries .................. ........................ —
79
9,8 7 9
67
3,222
T o t a l ................................................................ -6 ,5 2 5

5 7 ,6 3 3

2,2 1 8

67,546

The value of these New York exports since Jan. 1 has
been $3,491,799 in 1907, against $3,717,611 in 1906.
Demand continues exceedingly active for bleached goods
in all counts and widths and stocks are sold ahead to a
greater extent than witnessed in years. The situation in all
domestic cottons, in fact, is acute; few goods are available
for reasonable deliveries, and even the higher prices recently
made on bleached and half-bleached cloth and ginghams,
the M e. advance on ticketed brown muslins and the shorter
discounts on prints have not curtailed buying. Whatever
falling off in business has occurred in staple lines has been due
to scarcity of goods rather than to any decrease in the
demand. Standard grades of linings have been advanced
with the price tendency upward; the demand continues




[V o l .

l x x x iv

.

remarkably heavy, several well-known lines have been with­
drawn and most mills are unable or unwilling to accept
additional business, being fully sold ahead for some time.
Shirtings have moved freely at higher prices than in any
recent season. Tickings, denims, sheetings and other do­
mestics are in urgent request, with little prospect of sellers
meeting all requirements. Wash dress goods and printed
cottons for spring and summer are being rapidly cleaned up
and everything points to a record business this season.
Export trade with China is at a standstill, and only moderate
business has been done in other quarters.
W O O L E N G O O D S.— On fall dress goods prices on high
and medium grades, though considerably above last year's,
are considered legitimate and orders have been placed freely
by jobbers and cutters-up. Medium and heavy-weight
cloakings are being shown and are bringing firm prices. In
manufacturing quarters interest now centres in Fall lines of
dress goods; broadcloths appear to be favored as the leader,
although other lines, such as plaids, checks and fine stripe
worsteds form a large part of initial orders. Purchases of
cheviots, heavy staple worsteds, woolens and manipulated
fabrics are about U p to last year's volume. Fancy domestic
woolens continue in heavier demand than for many seasons
past, with light colored goods in increased favor. Spring
lines of dress goods are well cleaned up in first hands. In
men’s wear, re-orders on medium-weight and fancy over­
coatings have brought the total yardage about up to last
season’s. Light-weight lines are practically out and mills
are unwilling to accept supplementary orders for spring
even at premiums. The outlook for fall favors fancy wool­
ens for first place and heavy duplicate orders have been sent
in by manufacturing clothiers. Mills are now preparing
elaborate new lines for the spring of 1908 and indications
are that all-worsted and all-wool fancy goods will show
material advances, owing to the increased cost of production.
In the primary market many fall lines of men's wear have
been withdrawn.
F O R E IG N D R Y G O O D S.— The linen situation is becom­
ing more acute as the season progresses. The shortage
which at first was pronounced in certain lines has extended
to practically all lines, and importers are hard pressed for
goods to meet orders falling due. Manufacturers are being
urged to forward immediately shipments ranging up to next
fall. Buyers are constantly being confronted with ad­
vances; union goods especially are higher, reflecting the in­
creased cost of cotton yarn. Silks and ribbons are very
active and stronger. Burlaps are in greater demand; stocks
are exceedingly low and prices have been advanced within
the past week, with an upward tendency. Woolens and
worsteds continue firm and active.
Importations and Warehouse Withdrawals of D ry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending March 16 1907 and since
Jan. 1 1907, and for the corresponding periods of last year,
are as follows:
K
g
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g
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g
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THE CHRONICLE.

M a r . 23 1907.]

S

tate

/iw j > C

it y

D

epartm ent.

News Items.
California.— Legislature Adjourns.— The thirty-seventh ses­
sion of the California Legislature ended March 12.
K a n sas.— Legislature Adjourns.— The Legislature of 1907
adjourned March 13.
.
Missouri.— Legislature Adjourns.— Special Session.— The
Legislature of this State adjourned March 16. Governor
Folk has called an extra session, to convene April 9, for the
consideration of excise legislation, the public utilities bill
authorizing municipal assemblies to fix schedules of rates
for the service rendered by public service corporations,
police regulations for the cities and the quo warranto bill.
Porto R ico.— Loan Offering.— Proposals will be received
until 3 p . m . April 3 by J. & W . Seligman & Co. of New York
City (fiscal agents of the loan) for S I ,000,000 4 % gold
coupon bonds to be issued under authority of an Act of the
Legislative Assembly of Porto Rico, approved March 8 1906.
Denomination $1,000. Date Jan. 1 1907. Interest semi­
annually at the office of J. & W . Seligman & C o ., in New York
City. Maturity $50,000 yearly on Jan. 1 from 1908 to 1927
inclusive. Registered bonds of $5,000 each will be issued
in exchange for coupon bonds, if desired. The bonds are
exempt from all taxes in the Island of Porto Rico. The
United States Treasury Department authorizes the state­
ment that it will accept these bonds as security for public
deposits on precisely the same conditions as the Philippine
bonds; that is, the Department will accept these bonds as
security for public deposits, should further deposits be made,
and permit them to be sbustituted for Government bonds
now held as security for deposits, on condition that the
Government bonds thus released be used as security for
additional circulation, whenever, in the judgment of the
Secretary of the Treasury, it is desirable to stimulate an
increase in national bank circulation. The legality of the
bonds has been passed upon by the Attorney-General of the
United States and by Messrs. Cravath, Henderson & de Gersdorn. Certified check for 2 % of the face value of bonds ap­
plied for, payable to J. & W . Seligman & C o., is required.
The official notice of this bond offering will be found among
the advertisements elsewhere on page xv.
W ash ington .— Legislature Adjourns.— The Legislature of
1907 adjourned March 14.

Bond Proposals and Negotiations this weel
have been as fo llo w s :
Aberdeen School D istrict(P . 0 . Aberdeen), Brown County,
S. D .— Bond Election.— A n election will be held next month
to vote on the question of issuing $40,000 5 % funding and
school-building bonds.
Adam s County (P. 0 . Decatur), In d .— Bond Offering.—
Proposals will be received until 10 a. in ., March 26, by J. F.
Lachot, County Treasurer, for the following bonds:
$ 4 ,880 4 H % c o u p o n R o o t & P re b le m a c a d a m ro a d e x te n s io n X o . 2 ( R o o t
& P reble T o w n sh ip ) b o n d s .
D e n o m in a tio n $244.
8 ,5 4 0 4
% c o u p o n R e ite r & B u h lm an m a c a d a m r o a d ( R o o t T o w n s h ip )
b o n d s.
D e n o m in a tio n $427.
5 ,5 6 0 4 ^ % c o u p o n F ren ch T o w n s h ip e x te n sio n N o 2 m a c a d a m r o a d
(F ren ch T o w n s h ip ) b o n d s .
D e n o m in a tio n $278.
6,8 2 0 4 M % c o u p o n B ru sh w o o d C ollege e x te n sio n N o. 2 m a ca d a m ro a d
(H a r t fo r d T o w n sh ip ) b o n d s .
D e n o m in a tio n $541.
4 ,1 8 0
c o u p o n R o o t & P reble m a ca d a m r o a d e x te n s io n X o . 1
(P r e b le a n d R o o t T o w n sh ip s) b o n d s.
D e n o m in a tio n $ 2 0 9 .

The above bonds will be dated March 15 1907. Interest
semi-annually at the First National Bank in Decatur. Ma­
turity one bond of each issue payable each six months from
Nov. 15 1907 to May 15 1917 inclusive. Certified check for
3 % of the amount bid, drawn on a bank in Adams County
and made payable to the Board of Commissioners, is re­
quired. Purchaser to pay accrued interest.
Adel, Berrien County, G a.— Bond Offering.— Proposals
will be received until 12 m . April 15 by A . D. Wiseman,
Treasurer, for $25,000 5 % water-works and citv-hall-building bonds. Authority Section 16, Laws of 1900. Denomi­
nation $500.
Date July 1 1907. Interest semi-annual.
Maturity July 1 1937. Certified check for $250 is required.
Official circular states that there is no controversy threatened
or pending and that default has never been made in the pay­
ment of principal or interest. Purchaser to furnish blank
bonds.
Bonded debt, including this issue. $35,000.
As­
sessed valuation for 1906, $525,000; real value, estimated,
$650,000.
Allegheny County (P. O. Pittsburgh), P a .— Bonds Not
Sold.— No bids were received on March 20 for the $500,000
4 % 30-year coupon road-improvement bonds described in
V . 84, p. 644.
Allendale, Barnwell County, S. C .— Bond Offering.— Pro­
posals will be received until 12 m ., April 15, by C. B. Farmer,




705

Town Treasurer, for $10,000 6 % coupon school-building
bonds. Securities are dated April 1 1907. Interest semi­
annually at the Allendale Bank of Allendale. Maturity
April 1 1937. Certified check for $100, payable to C. B .
Farmer, Town Treasurer, is required. The town has no
bonded debt at present. Assessed valuation $250,000.
Altoona School District (P. O. Altoona), Blair County,
P a .— Bond Sale.— On March 18 the $120,000 4 % 30-year
coupon funding bonds described in V . 84, p. 644, were
awarded to Denison & Farnsworth of Cleveland and Boston
at 100.11— a basis of about 3 .9 9 4 % .
Amarillo, Potter County, T ex.— Bonds Registered.— On
March 14 $1,900 5 % 10-40-year (optional) engine-house-repair bonds dated March 1 1907 were registered by the State
Comptroller.
Anderson, Anderson County, S. C .— Bonds Voted.— The
election held March 14 resulted in favor of the proposition
to issue $75,000 street bonds.
Asheville, Buncombe County, N . C .— Bond Offering.—
Further details are at hand relative to the offering on March 27
of the $30,000 coupon school bonds mentioned in Y . 84,
p. 644. Proposals will be received until 12 m . on that day
by W . W . Patton, City Treasurer. Bids are requested for
bonds bearing 4 % , 4 ^ % or 5 % interest-. Authority, Sec­
tions 13 to 19 inclusive. Chapter 649, Public Laws of 1905.
Denomination to suit purchaser. Date June 1 1907. In­
terest Jan. 1 and July 1. Maturity June 1 1937.
Bonds are
exempt from taxation. Certified check (or cash) for $500,
payable to City Treasurer, is required.
Bakersfield, Kern County, Cal.— Bond Election.— The fol­
lowing elections will be held in this city:
O n M arch 25 t o v o t e o n th e q u e s tio n o f issu in g $ 1 2 0 ,0 0 0 sew er b on d s
O n M arch 26 t o v o t e o n th e q u e s tio n o f issu in g $ 3 0 ,0 0 0 p a rk b o n d s.
O n M arcli 27 t o v o t e o n th e q u e s tio n o f issu in g $50 ,0 0 0 c ity -lia ll b o n d s

Batavia, Clermont County, Ohio.— Bonds Authorized.—
The City Council on March 5 passed an ordinance providing
for the issuance of the $2,400 4 % coupon street-improvement
(village’s portion) bonds, authorized by a vote of 123 to 1
at the election held March 2.
Denomination $500, except
one bond for $400.
Date April 1 1907. Interest semi­
annually at Village Treasurer’s office. Maturity April 1 1937.
Bellaire, Belmont County, Ohio.— Bond Sale.- ‘-O n March
19 the $25,000 4 ^ %
10-year water-works-improvement
bonds, a description of which was given in V . 84, p. 462,
were awarded to the Dollar Savings Bank of Bellaire at 106.60
— a basis of about 3 .7 0 5 % .
Benton County (P. O’. Camden), Tenn.— Bond Election.—
An election will be held in the near future to vote on the
question of issuing $50,000 road bonds.
Benton Ridge School D is tr ic t/P . O. Benton Ridge), H an­
cock County, Ohio.— Bonds Awarded in Part.— Of the $12,000
4 % coupon school-building bonds offered on March 6, $10,200
were awarded to G. M. Driesback at par and $600 to Mrs.
Hester Jones at par. See V . 84, p. 406. for description of
these securities.
Bevier School District (P. O. Bevier), Macon County, M o.
— Bonds Proposed.— The Board of Education has passed a
resolution to submit to a vote of the people at the April elec­
tion the question of issuing $11,500 high-school bonds.
Big Rapids, Mecosta County, M ich.— Bonds Proposed.—
The Board of Trade has passed resolutions in favor of issuing
improvement bonds.
Bristol, Sullivan County, Tenn.— Bonds Proposed.— The
Board of Aldermen are considering the advisability of issuing
bonds for the purchase of the water-works system of the
Bristol-Goodson Water Co. and for the construction of a
reservoir.
Bryan, W illiam s County, Ohio.— Bonds Authorized.— On
March 5 the Village Council passed an ordinance providing
for the issuance of $30,000 5 % coupon light and water plant
improvement bonds. Denomination $1,000.
Date April 1
1907. Interest semi-annually on March 1 and Sept. 1.
Maturity $3,000 every six months from Sept. 1 1913 to
March 1 1918 inclusive.
Burlington School District (P .O . Burlington), Des Moines
County, Io w a .— Bonds Voted.— A t the election held March 11
the issuance of $150,000 high-school-building bonds was
authorized by a majority of 1,007 votes.
Burtrum School Dstrict N o. 90 (P. O. Burtrum), T o d d
County, M inn.— Bond Sale.— On March 2 $1 ,000 4 % heat­
ing and ventilating bonds were awarded to the State of Minne­
sota at par. Denomination $100. Interest annually on
Julv 1. Maturity from 1911 to 1920 inclusive.
Camp Hill School District ( P .O . Camp H ill), Cumberland
County, P a .— Bond O ffering— Proposals were asked for up
to 12 m . yesterday (March 22) by J. E d . W ilson, Secretary
of Board of Education, for $12,000 coupon building bonds.
Denomination $100, $500 and $1,000. Date April 1 1907.
Interest (rate to be named in bids) payable semi-annually at
the Cumberland Valiev Bank in Lemoyne. Bonds mature
in 1927 and are subject to call after 1917.
Bonded debt,
this issue. Assessed valuation $382,000. The result of
this offering was not known to us at the hour of going to
press.
Cape M av, Cane May Courty, N . J .— Bonds Proposed.—
The City Council is considering the advisability of issuing
I $40,000 improvement bonds.

706

THE CHRONICLE.

Carthage, Jasper County, M o .— Bonds Voted.— This city
on March 13, by a vote of 1,146 to 274, authorized the issu­
ance of $220,000 5 % water-plant bonds.
Cedar Rapids,^Linn County, Io w a .— Bond Offering.— Pro­
posals will be ieC3ived until 12 m ., March 25, by T . Devendorf, City Treasurer, for $125,000 4 % coupon city-hall
bonds. Denomination $1,000. Maturity $5,000 yearly.
Centralia, Boone County, M o .— Bonds Voted.— This city
recently authorized the issuance of water-works and electriclight bonds by a vote of 423 to 39.
Chagrin Falls, Cuyahoga County, Ohio.— Bonds Voted.—
The election March 12 resulted in favor of the proposition to
issue $18,000 sewage-disposal-plant and sanitary-sewer
system bonds, by a vote of 375 to 99.
Chambers County (P. O. W allisville), T e x .— N o Action
Yet Taken.— No action has yet been taken in the matter of
calling an election to vote on the question of issuing the $ 5 0,000 4 % bridge-building bonds mention of which was made
in V . 84, p. 463.
Champaign County (P. O. U rbana), Ohio.— Bond Offering.
— Proposals will be received until 10 a. m ., April 3, by C. E .
Russell, County Auditor, for the following bonds:
$ 1 ,4 0 0 4 % H a rp er D itch b o n d s .
3 ,3 0 0 4 % K e lle y D itc h b o n d s .

D e n o m in a tio n $ 1 4 0 .
D e n o m in a tio n $330.

The above bonds are dated April 3 1907. Interest semi­
annual. Maturity one bond of each issue every six months
from Oct. 3 1907 to April 3 1912 inclusive.
Charleston, Charleston County, S. C .— Bond Offering.—
Proposals will be received until 12 m ., May 15, by the City
Treasurer for $1 ,000,000 4 % coupon refunding bonds.
Bids are requested as follows:
F o r th e p u rch a s e o f a ll o r a n y p o r t io n o f $ 1 ,0 0 0 ,0 0 0 4 % 3 0 -y e a r c o u p o n
r e fu n d in g b o n d s , p a y m e n t t o b e m a d e in b o n d s m a tu rin g J a n u a r y and
J u ly 1909, w ith all c o u p o n s fa llin g d u e su b s e q u e n t t o J u ly 1 1907 a tta ch e d
th e r e to ; a n y p r e m iu m b i d t o b e p a y a b le in ca s h . S e ttle m e n ts t o b e m a d e
J u ly 1 1907.
F o r th e p u r c h a s e o f all o r a n y p o r t io n o f $ 1 ,0 0 0 ,0 0 0 4 % 3 0 -y e a r c o u p o n
r e fu n d in g b o n d s , p a y m e n t t o b e m a d e in cash; said b o n d s , h o w e v e r , t o be
issu ed u p o n c a n c e lla t io n o f sim ilar a m o u n ts o f th e 4 % c o u p o n b o n d s falling
du e Jan . 1 o r J u ly 1 1 9 0 9 , w h ich m a y b e held b y th e c it y o r w h ic h m a y be
p u r c h a s e d b y it.

Tenders are also requested for the sale to the city of all
or any part of the $1,000,000 4 % coupon bonds now out­
standing and maturing Jan. 1 or July 1 1909; all coupons
falling due after July 1 1907 to be attached. Payment to
be made July 1 1907 in cash.
Interest on the new bonds will be payable Jan. 1 and July 1
Successful bidder to deposit a certified check or surety bond
for 5 % of the amount o f bid awarded to him. These bonds
are exempt from State, County and City taxes, and in the
hands of banks in Charleston exempt their shareholders
from all taxes to the extent of the holding as is now the case
with 4 3 ^ % Brown State bonds.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Chatham, Conn.— Bond Bill Passes Legislature.— The State
Legislature has passed the bill providing for the issuance
of $72,000 5 % refunding bonds.
Chatham, Pittsylvania County, Va*.— Bond Election Pro­
posed.— An election will be held shortly to vote on the ques­
tion of issuing $3,000 additional high-school-building bonds.
Chattanooga, Hamilton County, Tenn.— Bonds Voted.—
The election held March 12 resulted in favor of the propo­
sition to issue $1,000,000 street, sewer, park, funding, fire,
police and city-hall bonds.
Chemung County (P. O. Elmiraj, N . Y . — Bond Sale.— On
March 20 the $26,480 4 % 3 2-3-year (average) land bonds, de­
scribed in V . 84, p . 585, were awarded to English & Co. of
Elmira at 100.021. A bid was also received from S. A .
Kean of Chicago at par less 1 % for expenses.
Cherokee County (P. O. Columbus), K a n .— Bonds Pro­
posed.— The issuance of refunding bonds is being considered.
Cherry vale, Montgomery County, K a n .— Bond Election.—
An election will be held in April to vote on the question of
issuing $15,000 city-hall bonds.
Cincinnati, Hamilton County, Ohio.— Bonds Authorized.—
On Feb. 25 the City Council passed Ordinance No. 1,810
providing for the issuance of $4,500 3 .6 5 % coupon Butler
street-improvement bonds.
Denomination
$500.
Date
March 15 1907. Interest semi-annually at the office of the
City Treasurer. Maturity March 15 1927.
Bond Sales.— Since the first of the year the following bonds,
aggregating $134,613, have been purchased by the Sinking
Fund:
J a n u a ry .
$ 1 4 ,0 0 0 00 4 % c it y s ta b le b o n d d a te d D e c. 1 1906 a n d m a tu r in g in 1926
11,801 54 4 % 1 -1 0 -y e a r (serial) P u rce ll A v e n u e assessm en t b o n d s d a te d
D e c . 27 1906.
5 ,6 8 8 06 4 % 1 -1 0 -y e a r (serial) P ea rl S tre e t assessm ent b o n d s d a te d
D e c. 27 1906.
2,1 5 6 00 4 % 1 -1 0 -y e a r (serial) V e r n o n S tre e t assessm ent b o n d s d a te d
Ja n . 3 1907.
489 10 4 % 1 -1 0 -y e a r (serial) J a c k s o n S tre e t assessm en t b o n d s d a te d
J a n . 3 1907.
6,5 5 9 70 4 % 1 -1 0 -y e a r (serial) S tra d e r A v e n u e asse ssm e n t b o n d s d a te d
Ja n . 25 1907.
472 40 4 % 1 -1 0 -y e a r (serial) E ig h th S tre e t a sse ssm e n t b o n d s d a te d
Ja n . 25 1907.
7 ,2 9 4 64 4 % 1 -1 0 -y e a r (serial) S a ch e m A v e n u e assessm en t b o n d s d a te d
Ja n . 25 1907.
9,151 56 4 % 1 -1 0 -y e a r (serial) S p rin g G ro v e A v e n u e assessm en t b o n d s
d a te d F e b . 14 1907.




[V o l .

l x x x iv

.

F e b r u a ry .
$1 0 ,0 0 0 00 4 % flo o d e m e r g e n c y b o n d d a te d F e b . 1 1907 a n d m a tu rin g
in 1909.
M a rch .
$60 ,000 00 3 .6 5 % w a te r-m a in -e x te n sio n b o n d d a t e d F e b . 25 1907 a n d m a ­
tu rin g in 1937.
7 ,0 0 0 00 3 .6 5 % M ain S treet e x te n s io n b o n d d a te d F e b . 25 1907 a n d m a ­
tu r in g in 1932.

Clarksville, Montgomery County, Tenn.— Bond Offering.—
Proposals will be received until 12 m ., March 28, by M. C.
Northington, Mayor, for $25,000 4 % coupon high-school
bonds. Authority, Act of Senate passed Feb. 18 1907.
Denomination $500.
Date April 1 1907. Interest semi­
annual. Maturity April 1 1927, subject to call after April
1 1912.
Cleveland, Cuyahoga County, Ohio.— Bonds Authorized.—
On March 4 the City Council passed an ordinance authorizing
the issuance of $300 000 water bonds.
Cloverdale School District (P. O. Cloverdale), Putnam
County, Ohio.— Litigation.— The Common Pleas Court has
decided in favor of the issue of $8,000 6 % school-building
bonds mentioned in V . 84, p. 288. W e are informed that
the case has been carried to a higher court and will be tried
some time in April.
Concord, Cabarrus County, No. Caro.— Bond Sale.— On
March 19 the $100,000 5 % 30-year coupon funding bonds
described in V . 84, p. 585, were awarded to the Security
Trust Co. of Spartanburg at par.
Conway, Horry County, S. C .— Bonds Not Yet Sold.— No
sale has yet been made of the $30,000 20-40-year (optional)
coupon public-improvement bonds offered without success
on Jan. 22. For description of bonds see V . 83, p. 1605.
Cumberland, Providence County, R . I . — Bonds Proposed.
— At a special meeting held in this town Feb. 27 a resolution
was passed directing the town officials to apply to the
General Assembly for authority to issue $200,000 funding
bonds, at not exceeding 4 % interest. Maturity twenty-five
years. Interest semi-annual.
Dayton, Montgomery County, Ohio.— Bonds Authorized.—
The City Council recently passed an ordinance providing for
the issuance of $4,500 5 % 1-year market-place bonds dated
March 1 1907. Interest semi-annual.
Dayton, Rhea County, Tenn.— Bond Election.— An election
will be held March 30 to vote on the question of issuing
$12,500 school-building bonds, under authoritjr of a special
Act recently passed by the State Legislature.
Deer River, Itasca County, M inn.— Bond Sale.— On
March 12 the $9,000 electric-light-plant bonds described in
V . 84, p. 524, were awarded to Caledonia Investment Co.
of St. Paul.
De Funiak Springs, W alton County, F la .— Bond Offering.
— Proposals will be received until 12 m . April 20 by D . S.
Gillis, Town Clerk, for the following bonds:
$ 3 ,000 5 % sew er b o n d s.
D e n o m in a tio n $100.
10.000 5 % s c h o o l-b u ild in g b o n d s.
D e n o m in a tio n $ 5 0 0 .
20.000 5 % w a te r-w o rk s b o n d s .
D e n o m in a tio n $ 1 ,0 0 0 .

Authority General Laws of the State of Florida.
Date
May 15 1907. Interest semi-annually on Jan. 1 and July 1.
Maturity May 15 1927. Certified check for 5 % of the
amount bid for is required.
Douglas, Cochise County, A r iz.— Bond Sale.— Oil Jan. 2
$75,000 6 % sewer bonds were awarded to John Nuveen &
Co. of Chicago at par and accrued interest. Denomination
$1,000. Date Jan. 1 1907. Interest semi-annual. Ma­
turity $3,000 yearly on Jan. 1 from 1913 to 1937.
Douglas School District No. 17, Converse County, W y o .
— Bond Offering.— Proposals will be received until March 30
by C. F. Maurer, Clerk, for $ 3 ,5 0 0 L>uilding and $1 ,500 re­
funding 5 % coupon bonds. Authority, Sections 570 to 580
inclusive of the Revised Statutes of 1889 and Sections 581
to 592 inclusive of the Revised Statutes of 1899. Denomi­
nation $500. Date April 1 1907. Interest semi-annually
at the County Treasurer’s office. Maturity April 1 1927,
subject to call after April 1 1912. Bonds are tax-exem pt.
East Troy, W alw orth County, W i s .— Bond Sale.— On
March 18 the $10,000 3 A
X % 1-20-year (serial) water-works
bonds described in V . 84, p. 586, were awarded to John P.
Chafinatat 100.01. A bid was also received from Wilmer Bros.
El Paso, El Paso County, T e x .— Bond Election.— An elec­
tion will be held March 30 to vote on the question of issuing
$170,000 5 % 20-40-year (optional) street-opening, school and
storm-sewer bonds.
Elyria, Lorain County, Ohio.— Bonds Authorized.— On
March 5 the City Council passed ordinances providing for
the issuance of the following bonds:
$ 25 ,000 4 % c o u p o n w a te r-w o rk s -im p r o v e m e n t b o n d s .
M a tu r ity $5,000
y e a r ly o n M arch 1 fro m 1919 t o 1923 in clu siv e .
25.0 0 0 4 J 4 % c o u p o n b rid g e b o n d s .
M a tu rity $5,0 0 0 y e a r ly o n M arch 1
fro m i9 1 0 t o 1914 in clu s iv e .
20.0 0 0 4 Yi % c o u p o n p a v e m e n t b o n d s .
M a tu r ity $4,0 0 0
y e a r ly o n
M arch 1 fro m 1909 t o 1913 In clu sive.

Denomination $1,000.
Date March 1 1907. Interest
semi-annually at the office of the United States Mortgage
& Trust Co. of New York City.
Ensley, Jefferson County, A la .— Bonds Proposed.— The
City Council is considering the advisability of issuing $100,000
sanitary-storm-sewer and school-house bonds.
Erie County (P. O. Buffalo), N . Y . — BondOffering.— Pro­
posals will be received until 11 a. m . to-day (March 23) by
Charles J. Fix, County Treasurer, for the $250,000 4 %

M a r . 23 1907.]

THE CHRONICLE,

armory-completion bonds offered but not sold on Feb. 9.
Authority, Chapter 256 and 277, Laws of 1900, and Chapter
3 9 3 , Laws of 1904. Denomination $25,000. Date April 1
1907. Interest semi-annually at the office of the County
Treasurer. Maturity $25,000 yearly on April 1 from 1920
to 1929 inclusive. Certified check for 2 % of the bonds,
payable to the County Treasurer, is required. Bonds will
be delivered April 1. The report that these bonds had been
disposed of is evidently in error.
Fairmont, Martin County, M inn.— Bond Sale.— Arrange­
ments have been made for the sale to the State of $20,000
city-h'all bonds. These bonds take the place of those
awarded on Oct. 2 1906 to F. E . Magraw of St. Paul, which
sale was never consummated.
Falconer Union Free School District No. 6 (P. O. Falconer),
Chautauqua County, N . Y . — Bond Sale.— On March 11 the
$32,500 5 % coupon or registered school-building bonds, a
description of which was given in V . 84, p. 464, were awarded
it is stated, to W . J. Hayes & Sons of Cleveland at 105.42.
Fall River, Bristol County, M a ss.— Bond Sale.— On March
20 $135,000 4 % 10-year municipal loan and $50,000 sewer
loan 4 % 30-year registered bonds were awarded to Estabrook
& Co. of Boston at 100.035 and interest— a basis of about
3 .9 9 7 % .
Following are the bids:
E s ta b ro o k & C o ., B o s to n -_ a $ 1 0 0 .0 3 5 IB lo d g e t, M erritt & C o ., B o s _ b l0 0 .8 2 7
N . W . H arris & C o ., BostonalOO.OOO IB la k e B ros. & C o ., B o s t o n .._ & 1 0 0 .57
R . L . D a y & C o ., B o s t o n . . 610 1.19 7 |
a F o r a ll o r n on e o f th e b o n d s, b F o r sew er b o n d s o n ly .

Denomination $1,000 or multiple. Date March 1 1907.
Interest semi-annually by check.
Fergus Falls, M inn.— Bond Sale.— Local papers state that
the State School Fund has purchased $80,000 water-works
bonds of this place.
Fitchburg, M a ss.— Bonds Proposed.— A bill is before the
State Legislature providing for the issuance of $150,000 4 %
water bonds.
Flemingsburg, Fleming County, K y .— Bond Offering.—
Proposals will be received until 12 m . April 1 by H . A .
Kackley, City Clerk, for $5,000 5 % citj'-building bonds.
Denomination $500.
Date April 1 1907. Interest annually
at City Treasurer’s office. Maturity $500 yearly on April 1
from 1908 to 1917 inclusive. Certified check for $100 is
required.
Florence School District, Florence County, S. C .— Bond
Offering.— Proposals will be received until 12 m . March 26
by J. L. Mann, Superintendent of Schools, for $35,000 5 %
school-house bonds. Maturity 20 years. Certified check
for $500 is required.
Floresville, W ilson County, T e x .— Bonds Registered.— On
March 8 $4,000 4 % water-works bonds dated Oct. 15 1906
were registered by the State Comptroller. Maturity $2,000
in eighteen years and $2,000 in thirty-six years, subject to
call at any time.
Fort Frances, O n t.— Debentures Not Sold.— No sale was
made on Feb. 26 (if the $43,500 4J ^ % water-works deben­
tures described in V . 84, p. 351.
Fort W ayne, In d .— Temporary Loan.— This city has bor­
rowed $25,000 for water purposes.
Frankfort, Benzie County, M ich.— Bond Sale.— This
village has awarded $9,397 50 5 % water-works refunding
bonds to the Benzie County State Savings Bank of Frank­
fort.
Franklin County (P. O. W inchester), Tenn.— Bond Elec­
tion.— The Election Commissioners have been asked by the
Good Roads Committee to call an election for March 28 to
vote on a proposition to issue road and pike bonds.
Fredericktown School District (P. O. Fredericktown),
Madison County, M o .— Bond Offering.— Proposals will be
received until 12 m . April 2 by the school Board for $25,000
5 % 5-20-year school-house bonds. Authority vote of 389
to 124 at election held April 3 1906. Denomination $500.
Date April 1 1907. Interest annually at the office of the
District Treasurer. Certified check for $250, payable to the
District Treasurer, is required. Bonded debt $6,750, of
which $750 will be paid in May 1907. * Assessed valuation
1906 $1 ,049,696. E . A . Sample is Secretary of the School
Board and Clerk of the District.
Fullerton, Orange County, Cal.— Bond Election.— Steps
arc being taken by the City Trustees to call a special election
to vote on the issuance of $80,000 5 % street-improvement
bonds.
Greensboro, Guilford County, N . C .— Bonds Voted.— On
March 12 the issuance of $30,000 5 % 30-vear school-building
bonds was authorized by a vote of 491 to 7. Date of sale
not yet determined.
Guilford County (P. O. Greensboro), N. C .— Bond Offering.
Proposals will be received until 3 p . m . April 1 by John L.
K ing, Chairman of Highway Commission, for $60,000 5 %
coupon highway-improvement bonds. Denominations: 50
bonds of $1,000 each, 19 bonds of $500 each and 5 bonds of
$100 each. Date June 1 1903. Interest semi-annually at
the County Treasurer’suffice.
Maturity June 1 1933. Bonds
have been certified to as to genuineness by the United States
Mortgage & Trust Co. of New York City and their legality
has been approved by J. H . Caldwell of New York City and
John N . W ilson of Greensboro, whose opinion as to legality
will be furnished to the purchaser. Certified check for 2 %




707

of the bonds bid for, drawn on a national bank and made
payable to J. N . Fry, Treasurer, is required. Accrued in­
terest to be paid by purchaser. Bids must be made on blank
forms furnished by the county.
Gulfport, Harrison County, M iss.— Bonds Authorized.—
The City Council has authorized the issuance of $18,000
school-building bonds.
Hastings, Barry County, M ich.— Bond Offering.— Pro­
posals will be received until 2 p. m ., April 3, by James M.
Patton, City Clerk, for the $35,000 4 % paving bonds de­
scribed in V . 84, p. 407. Authority, election Dec. 27 1906.
Denomination $1,750. Interest semi-annually at the City
Treasurer’s office. Maturity $1,750 yearly on Sept. 1 from
1907 to 1926 inclusive.
Hector School District, Renville County, M inn.— Bond
Sale.— This district has sold to the State School Fund the
$8,000 school-building bonds voted on March 2.
Holly, Oakland County, M ich.— Bond Sale.— On March 4
the $15,000 5 % coupon water-works bonds described in
V . 84, p. 525, were awarded to Trowbridge & Niver Co. of
Chicago for $15,400 (102.666) and accrued interest. Pur­
chaser also pays expense of delivery in Chicago and furnishes
blank bonds.
Holly Beach City, Cape May County, N . J .— Bond Sale.—
On March 13 this borough sold $20,000 5 % 20-year redemp­
tion bonds. Denomination $500. Date April 1 1907.
Interest semi-annually at the Marine National Bank of W ild ­
wood .
Hollywood, Los Angeles County, Cal.— Bonds Voted.—
The election held March 4 resulted in favor of the proposition
to issue $100,000 4 ^ % 15-year street-improvement bonds.
The vote was 272 “ for” to 13 "a g a in st.” The bonds will
be offered for sale, we are informed, in about four weeks.
Houma, Terrebonne Parish, L a .— Bonds Proposed.— On
March 5 the Board of Aldermen passed an ordinance provid­
ing for the issuance of $30,000 water-works-extension bonds.
Maturity $3,000 yearly.
Hudson County (P. O. Jersey C ity), N . J .— Bonds Pro­
posed.— The County Park Commissioners have requested
the Board of Freeholders to issue $500,000 park bonds.
Hunter, Greene County, N . Y . — Bond Sale.— On Feb. 4
$18,000 4 % 4-21-year (serial) funding bonds were awarded
at par, $13,000 to the Catskill Savings Bank of Catskill,
and $5,000 to a local investor. Denomination $1,000.
Date
Feb. 1 1907. Interest annual.
Huntingdon, Carroll County, Tenn.— Bond Election Pro­
posed.— The Mayor and Board of Aldermen are considering
the advisability of submitting to a vote of the people the ques­
tion of issuing bonds for improving the streets.
Indiana, Indiana County, P a .— Bond Offering.— Proposals
will be received until 12 m . March 25 by the Finance Com­
mittee, at the office of John S. Taylor, Clerk of Council, for
$20,000 4 % coupon paving bonds. Denominations $1,000
and $500.
Date July 2 1906. Interest semi-annually at
the office of the Borough Treasurer. Maturity July 2 1936,
subject to call on any interest-pajnng date after July 2 1916.
Bonds are exempt from tax.
lone, Morrow County, Ore.— Bond Sale.— On March 6 the
$4,000 6 % 20-30-year (optional) gold coupon electric-lightplantbonds offered without success on Jan. 2 (V . 84, p. 288)
were awarded to the Bankers’ & Lumbermen’s Bank of
Portland at par. Securities are dated Jan. 15 1907.
Ironton, Lawrence County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m . April 16 by F . A . Ross,
City Auditor, for $19,000 4 % coupon building bonds.
Authority Section 2835 of the Revised Statutes. Denomi­
nation $1,000.
Date April 1 1907. Interest semi-annually
at the National Park Bank in New York City. Maturity
April 1 1927. Accrued interest to be paid by purchaser.
Certified check for $100, payable to City Treasurer, is re­
quired .
Kane, McKean County, P a .— Description of Bonds.— The
$11,300 5 % funding bonds, disposed of by this borough on
March 4, as stated in last week’s issue, were taken by the
First Nat ional Bank of Port Alleghany for $11,600— the price
thus being 102.655.
Denomination $500.
Date Feb. 1
1907. Interest semi-annual. Maturity $1,000 yearly be­
ginning Feb. 1 1909.
Kansas City School District (P. O. Kansas City), K a n .—
Bond Sale.— On March 18 the $200,000 4J ^ % 20-jrear coupon
school-building bonds described in V . 84 , p. 586, were awarded
to the Commercial National Bank of Kansas City at 102.08
and accrued interest— a basis of about 4 .3 4 4 % .
Following
are the bids:
'
C o m m e rcia l N a t. B k ., K a n s a s .lfi2 .0 8 |M a c D o n a ld .M cC o y & C o .,C h i c . 1 00 .55
J o h n N u v e e n & C o ., C h i c a g o . . 100 .95 |W. J . H a y e s & S o n s , C le v e —
9 9 .0 0

Kingm an, Kingm an County, K a n s.— Bonds Not Sold.—
No award was made on March 18 of the $13,000 5 % 15-30year (optional) water-works-extension bonds described in
V . 84, p. 647.
Bids of par were received from John Nuveen
& Co. of Chicago and the State School Fund.
La Crosse, La Crosse County, W i s .— Bond Election.— At
the municipal election April 2 the question of issuing $65,000
4 % auditorium construction bonds will be submitted to the
people.

708

THE CHRONICLE.

La Grande, Union County, Oregon.— Bonds Voted.— A t
the election of March 11 this city authorized the issuance of
$160,000 water and light bonds by a vote of 306 to 125.
Laguna School District, Los Angeles County, Cal.— Bond
Offering.— Proposals will be received until 2 p. in. March 25
b y the Board of Supervisors for $5,000 5 % 1-10-year (serial)
bonds.
Lancaster School District (P. O. Lancaster), P a.— Bond
Offering.— Proposals will be received until 4 p . m . March 26
by H . A . Schroyer, District Treasurer, for $60,000 4 % gold
coupon school-building and refunding bonds. Denomination
$1,000. Date Jan. 15 1907. Interest semi-annually at the
Treasurer’s office. Maturity $20,000 on Jan. 15 1932,
$20,000 on Jan. 15 1933 and $20,000 on Jan. 15 1935. Cer­
tified check for 2 % , payable to H . A . Schroyer, District
Treasurer, is required. Bonds are exempt from taxation.
Larimore, Grand Forks County, N . D .— Bond Election.—
The City Council has adopted a resolution to submit to a vote
of the people the question of issuing water-works bonds.
Election will be held April 1.
Lawrence County (P. O. Deadwood), S. D .— Bonds A u ­
thorized.— The Board of County Commissioners on Jan. 22
adopted a resolution authorizing the issuance of $235,550
5 % coupon refunding bonds. Denomination $1,000. Date.
N ov. 1 1907. Interest semi-annually at the County Treas­
urer’s office or at the Fourth National Bank of New York
City. Maturity N ov. 1 1927, subject to call N ov. 1 1917.
Lawton, Comanche County, Okla.— Bonds Voted.— A t an
election held March 12 it was decided to issue the $260,000
5 % 30-year water-works and sewer-system-extension bonds
of which mention was made in V . 84, p. 647.
Lee County (P. O. Bishopville), So. Caro.— Bond Offering.
— Proposals will be received until 12 m . April 2 by R . W .
McLendon, Chairman of Court House Commissioners, for
$40,000 coupon court-house bonds. Bids to be based on
bonds carrying 4 3 ^ % or 5 % interest. Denominations $500
and $1,000.
Date Feb. 1 1907. Interest annually at
place to be named by purchaser. Bonds are exempt from
taxation.
Maturity Feb. 1 1937, subject to call after Feb. 1
1922. Bids must include expense of printing and issuing
bonds and must be accompanied by a check for 5 % of the
bonds, payable to R . W . McLendon, Chairman of Court
House Commissioners.
Leeds, Benson County, N . D .— Bond Sale.— On March 4
the $8,000 3-18-year (serial) coupon water-works bonds
described in V . 84, p. 465, were awarded to the Board of
University and School Lands of North Dakota at par for
4 per cents.
Livingston School District No. 4 (P. O. Livingston),
Park Coanty, M on t.— Bond Offering.— Proposals will be
received until 8 p . m . April 9 by Frank Beley, Chairman, for
$18,000 gold coupon bonds at not exceeding 4J ^ % interest.
Authority election held March 2 1907. Denomination $1,000.
Date July 1 1907. Interest semi-annually in New York City.
Maturity July 1 1927, subject to call after July 1 1917.
Certified check for $500, payable to Frank Beley, is required.
Lohrville, Calhoun Co., I a .— Bond Offernig.— Proposals
will be received until April 15 by Hugh Baird, City Clerk, for
$5,000 5 3 ^ % gas-light bonds. Authority Section I , Chapter
49, Laws of 1906.
Denomination $500.
Date May 1 1907.
Maturity May 1 1927, $1,000 being subject to call after May 1
1912 and $4,000 after May 1 1917. Certified check for $200
is required. Bonded debt, including this issue, $ 9 ,500 .
Assessed valuation $117,875; real value (estimated), $4 71 ,500.
Lorain, Lorain County, Ohio.— Bonds Authorized.— On
March 4 the City Council authorized the issuance of $4,840
6 % side-walk-construction bonds. Denomination $1,000
except one bond for $840. Date January 1 1907. Interest
semi-annually at the office of the City Treasurer. Maturity
$1,000 each six months from March 15 1908 to March 15
1909 inclusive and $1,840 on Sept. 15 1909.
Los Feliz School District, Los Angeles County, Cal.— Bond
Offering.— Proposals will be received until 2 p. m . March 25
by the Board of Supervisors for $10,000 5 % 1-10-year (serial)
bonds.
Los Gatos School D istrict, Santa Clara County, C al.—
Bond Offering.— Proposals will be received until 11 a. m .
April 1 by F. E . Mitchell, Chairman of the Board of Super­
visors (P. O. San Jose), for the $30,000 4J ^ % gold coupon
high-school building bonds (mentioned in V . 84, p . 526).
Denomination $1,000.
Date April 1 1907. Interest semi­
annually at County Treasurer’s office. Maturity $2,000
yearly on April 1 from 1913 to 1927 inclusive. Accrued in­
terest to be paid by purchaser. Certified check for 5 % of
the amount of bonds bid for, payable to Henry A . Pfister,
ex-officio Clerk of Board of Supervisors, is required.
Lumberton, Robeson County, N . C .— Bond Sale.— On
March 1 the $20,000 water-works-extension and $5,000 electric-light-extension 20-30-year (optional) gold coupon bonds
described in V. 84, p. 408, were awarded to John Nuveen &
Co. of Chicago at 100.20 for 5 ^ s .
Madison, Morgan County, G a .— Bonds Voted.— An elec­
tion held March 15 resulted in favor of a proposition to issue
water-works bonds.
Mahoning County (Ohio) Road District N o. 1 .— Bonds Not
Sold.— No sale was made on March 20 of the $100,000 4 %




[V o l .

l x x x iv

.

road-improvement bonds, a description of which was given
in V . 84, p. 526.
Mamaroneck, Westchester County, N . Y . — Bond Offering.
— Proposals will be received until 8:30 p . m ., March 25, by
Charles W . Buckster, Village Clerk, for $60,000 5 % paving
bonds at not exceeding 5 %
interest. Denominations
$1,000 and $400.
Date April 1 1907. Interest semi-annual.
Maturity $2,400 yearly on April 1 from 1912 to 1936 inclu­
sive. Certified check, payable in New York City, for 1 0 %
of bonds, is required.
Mamaroneck Union Free School District No. 1 (P. O.
Mamaroneck), N . Y . — Bond Offering.— Proposals will be re­
ceived until 8:30 p. m . April 2 b y C. M. Bingham, District
Clerk, for $41,000 registered school-house-addition bonds
at not exceeding 5 % interest. Denomination $2,050. Date
May 1 1907. Maturity one bond yearly on May 1 from 1911
to i93 0 inclusive. Certified check for 5 % of bid, drawn on a
State or national bank or trust company, is required. These
bonds were offered as 4s on Feb. 5 and all bids received on
that day were rejected. See V . 84, p. 351.
Manitowoc, Manitowoc County, W i s .— Water-Works Elec­
tion.— The following in regard to the proposed water-workssystem is taken from the St. Paul “ Pioneer Press” :
M a n ito w o c , W I s ., M arch 1 4 .— M a y o r H e n r y S to lz e w o n a g rea t v ic t o r y
a t th e s p e cia l e le ctio n , w h ere th e q u e s tio n o f b u ild in g a n ew w a te r-w o rk s
pla n t t o b e o w n e d a n d o p e r a te d b y th e c it y w as ca rrie d b y a v o t e o f 1,589
t o 532.
T h e n e g a tiv e v o te s fa v o r e d th e p u rch a s e o f th e p resen t p la n t
o w n e d b y a p riv a te c o r p o r a t io n , w h ic h o ffe r e d It t o th e c it y at its a p p ra is ed
va lu e o f $ 23 5,38 9.

Marlin, Falls County, T e x .— Bond Offering.— Proposals
will be received until 12 m . April 3 by I. L. Peterson, Mayor,
for the $16,000 4 % coupon water-works-improvement bonds
mentioned in V. 84, p. 408. Denomination $500. Date
Feb. 1 1907. Interest semi-annually at the office of the City
Treasurer.
Maturity Feb. 1 1947, subject to call Feb. 1
1912. Certified check for $200, payable to the “ City of
Marlin,” is required.
Marquette County (P. O. Marquette), M ich.— Bond Sale.—
This county, it is stated, has awarded $100,000 road-improve­
ment bonds to Farson, Son & Co. of Chicago at 102.28
and accrued interest.
Marshall, Harrison County, T e x .— Bond Sale.— On March
14 the $45,000 5 % 10-40-year (optional) citj'-hall bonds de­
scribed in V. 84, p. 526, were awarded to Spitzer & Co. of
Toledo for $46,033 (102.295) and accrued interest— a basis
of about 4 .7 1 % to the optional date and about 4 .8 7 % to full
m aturity.
Marshall County (P. O. Lewisburg), Tenn.— Bond Elec­
tion Proposed.— There is talk of calling an election to vote on
the question of issuing $100,000 road bonds.
Massachusetts.— Bond Offering.— Proposals will be re­
ceived until 12 m . April 3 by Arthur B. Chapin, State
Treasurer and Receiver-General, for the following bonds:
$22,000 3 H % g o ld M edfield insane asylu m lo a n .
M a tu rity A p ril 1 1 9 3 6 .
2 5 0 .0 0 0 3
% g o ld a b o litio n o f g ra d e crossin gs lo a n .
M a tu r ity N o v . 1
1936.
65,0 0 0 3 J 4 % g o ld h o sp ita l fo r e p ile p tics lo a n .
M a tu r ity N o v . 1 1 9 3 6 .
126 .000 3 H % g o ld priso n s an d h o sp ita l lo a n .
M a tu rity N o v . 1 1 9 3 6 .
230 .000 S H % g o ld a rm ories lo a n .
M a tu rity M arch 1 1937.
300 .0 0 0 S M % g o ld M e tro p o lita n sew erag e lo a n .
M a tu rity Ja n . 1 1 9 4 6 .
3 0 0 .0 0 0 3 H % g o ld M e tro p o lita n p a rk lo a n .
M a tu rity Ja n . 1 1947.
300 .0 0 0 3 J ^ % g o ld M e tro p o lita n p a r k s , series 2 , lo a n .
M a tu rity Ja n . 1
1947.
1 ,1 5 0 ,0 0 0 Z ] 4 % g o ld C harles R iv e r B asin lo a n .
M a tu r ity Ja n . 1 1947.
36 0 .0 0 0
g o ld h ig h w a y lo a n .
M a tu rity $ 1 2 ,0 0 0 y e a r ly o n A p ril 1
fro m 1908 t o 1937 in clu sive .
180 .000 3 H % g o ld S u ffo lk C o u n ty co u r t-h o u s e lo a n .
M a tu rity $ 6 ,0 0 0
y e a r ly o n M arch 1 fro m 1908 t o 1937 In clu sive.

Bids will be received for registered bonds, except $300,000
of the Charles River Basin bonds, which will be coupon if
requested. “ In case coupon bonds are issued, negotiable
interim certificates will be issued pending the printing of the
bonds.”
Certified check on a national bank or trust com­
pany doing business in the Commonwealth of Massachusetts
or New York City for 2 % of the amount bid for, payable to
the State Treasurer and Receiver-General, is required.
Securities will be delivered $1,283,000 on or before May 1
1907, $1 ,000,000 on or before July 10 1907 and th e 'r e ­
mainder on or before Sept. 4 1907.
Medina, Orleans County, N . Y . — Bond Offering.— Pro­
posals will be received until 7:30 p. m . March 26 by W . B .
Eckert, Village Clerk, for $60,000 sewer bonds, at not ex­
ceeding 5 % interest. Maturity one-fifth yearly on Aug. 1
from 1908 to 1912 inclusive. Certified check (or cash) for
5 % of the amount of bonds bid for, payable to the Village
Treasurer, is required. Purchaser will be lequired to take
$40,000 of the bonds within ten days from date of sale, and
to take and pajr for so much of the remainder of bonds within
three months from date of sale from time to time but as may
seem necessary in the judgment of the Board of Trustees
for the construction of the sewer system.
Memphis School District (P. O. M em phis), Tenn.— Bond
Offering.— Proposals will be received until 12 m . April 8 by
A . B . Hill, Secretary of Board of Education, for $150,000
4 % coupon bonds, with the understanding that the pur­
chaser will take an additional $50,000 at the same price if
the Board of Education desires to sell such an additional
amount. Authority House Bill No* 294, of the Acts of the
Legislature, approved Feb. 12 1907. Securities will be dated
April 1 1907. Interest semi-annually in Memphis. Ma­
turity April 1 1947. Certified check on a Memphis Bank for
$3,000 , payable to A . B. H ill, Secretary of Board of Educa­
tion, is required.

M a r . 23 1907.

\

THE CHRONICLE.

Milledge ville, Baldwin County, G a.— Bonds Defeated.—
The election held March 12 resulted in the defeat of the
proposition to issue $50,000 5 % 30-year paving and cityhall bonds.
Milwaukee, Milwaukee County, W i s .— Bond Sale.— On
March 20 the $100,000 west sewerage, $50,000 south sewer­
age, $110,000 permanent street-improvement and $10,000
public bath 4 % coupon bonds were awarded to the Citizens’
Trust Co. of Milwaukee for $271,150 (100.425) and accrued
interest— a basis of about 3 .9 5 % . A bid of $270,270 was
also received from S. A . Kean of Chicago. Authority Chap­
ters 40b and 41 of the Wisconsin Statutes of 1898. De­
nomination $1,000 and $500. Date Jan. 1 1907. Interest
semi-annually at the office of the City Treasurer or at the
Morton Trust Co. in New York City. Maturity one-twen­
tieth of each issue yearly.
Monroe County (P. O. Bloomington), In d .— Bond Sale.—
On March 20 the $54,000 3 ^ % 14}^-year (average) coupon
court-house bonds described in V . 84, p. 466,' were awarded
to Bloomington National Bank of Bloomington at 102.50
and accrued interest— a basis of about 3 .2 8 3 % . Following
are the bids:
B lo o m in g t o n N a t .B k .,B l ..$ 5 5 ,3 5 0
J. F . W ild & C o ., I n d ____ 55,0 0 7
C h as. C. W e d d in g & C o . . . 5 4 ,940
J. T . E llio t & S on s, I n d - . 54,8 9 2

00 ] E .M .C a m p b e ll& C o .,I n d . .$ 5 4 ,5 3 7
0 0 1H arris T r .& S a v .B k ., C h ic. 54,307
00 |D ick M iller & C o __________ 54,3 0 5
60 |R . K le y b o lt e & C o ., C h ic . 5 4 ,250

00
53
50
00

Montevideo, Chippewa County, M inn.— Bond Sale.— The
State of Minnesota recently purchased at par $7,000 4 %
water bonds of this village. Denomination $1,000. Date
March 4 1907. Interest annual. Maturity $1,000 yearly
on July 1 from 1912 to 1918 inclusive.
Moose Jaw, Sask.— Debenture Sale.— On March 11 the
three issues of 5 % debentures, aggregating $135,865 67,
described in V . 84, p. 526, were awarded to Aemilius Jarvis
& Co. of Toronto at 98.442 and accrued interest. The bids
were as follows:
A em iliu s J arvis & C o .,T o r.$133,750 00 |N a tio n a l T r u s t C o ., L t d .,
O . L e g er, M o n tr e a l______ 134 .507 011
S a s k a to o n ____________ $13 1,55 3 00

Moss Point, Jackson County, M iss.— Bond Sale.— On
March 15 the $10,000 6 % 1-20-year (serial) coupon schoolbuilding bonds described in V . 84, p. 466, were awarded to
John Nuveen & Co. of Chicago at 104.15 and accrued in­
terest— a basis of about 5 .4 7 6 % .
Moultrie, Colquitt County, G a.— Bond Election Proposed.—
Local papers state that it is probable that the Council will
call an election in the near future to authorize the issuance
of bonds for paving purposes.
M t. Sterling, Montgomery County, K y .— Bond Election
Proposed.— The City Council is making arrangements to call
an election to vote on the question of issuing $100,000 30year street-improvement bonds.
Mount Vernon, W estchester County, N . Y . — Bond Sale.—
On March 19 the $60,000 tax-relief and $33,000 school-taxrelief 5 % 3-year bonds described in V . 84, p. 647, were
awarded to Adams & Co. of Boston.
Mount Vernon, Knox County, Ohio.— Bonds Authorized.—
On March 4 the City Council passed an ordinance providing
for the issuance of $2,500 5 % coupon Burgess Street paving
(city’s portion) bonds. Denomination $250. Date April i
1907. Interest annually at the office of the trustees of the
sinking fund. Maturity $250 yearly on April 1 from 1908
to 1917 inclusive.
Nacogdoches, Nacogdoches County, Texas.— Bonds Voted.
— On March 15 the $50,000 5 % 5-40-year (optional) water­
works bonds, mention of which was made in V . 84, p. 526,
were authorized by a vote of 202 to 33. Date of sale not
yet settled.
Nebraska City, Otoe County, N eb.— Bonds Proposed.—
The issuance of $75,000 high-school-building bonds is being
considered. Reports state that the cost of the proposed
building will be about $75,000.
Newark School District (P. O. Newark), Licking County,
Ohio.— Bond Sale.— On March 18 the $65,000 4 % 13 2-3year (average) high-school-addition bonds, described in
V . 84, p. 526, were awarded to Central Trust & Safe Deposit
Co. of Cincinnati at 101.76. Following are the bids:
C e n .T r.& S a fe D e p .C o .,C ln _$(•>(>, 144
W eir, R o th & C o . , C ln ------- 6 5 ,9 2 0
B reed & H a rrison , C ln —
6 5 ,9 1 6
S e a s o n g o o d & M a y e r, Cln
0 5 ,9 1 0
P r o v S a v .B k .& T r .C o ..C in 6 5 ,7 8 0

00 |W e s te rn G erm an B k ., C i n . $65 ,7 1 5
00 |R. K le y b o lt e C o . , C ln ____ 65,6 9 5
50| O tis & H o u g h . C le v e la n d . 6 5 ,669
00| N ew F irst N a tio n a l B a n k ,
00 i C o l u m b u s _______________ 65 162

00
00
50
50

New Decatur, Morgan County, A la .— Bond Offering.—
Proposals will be received until 12 m . April 10 by Samuel
Blackwell, Mayor, for $25,000 5 % school-house bonds.
Interest semi-annually in New Decatur or in New York City.
Maturity 25 years.
New Madison, Darke County, Ohio.— Bonds Defeated.—
A proposition to issue $15,000 municipal light and waterworks-plant bonds was defeated at a recent election.
Newton, Jasper County, Io w a .— Bonds Not to Be Offered
at Present.— W e are advised that the $40,000 water-works
bonds voted on Feb. 5 (V . 84, p. 466) will not be put on the
market until next January.
New Ulm School District (P .O . New U lm ), Brown County,
M inn.— Bonds Voted.— A special school meeting held Feb. 26
resulted in favor of the proposition to issue $15,000 school
bonds.
Norfolk, M idison County, N eb .— Bond Sale.— On March 8
the $40,000 4 % coupon sewer bonds mentioned in V . 84,




709

p. 289, were awarded to Spitzer & Co. of Toledo at par.
Denomination $1,000.
Date May 1 1906. Interest semi­
annual. Maturity May 1 1936, subject to call after May 1
1911.
Norfolk School District ( P .O . Norfolk), Madison County,
N eb.— Bonds Authorized.— The Board of Education has au­
thorized the issuance of $24,000 school-house bonds.
North Adam s, M a ss.— Bonds Proposed.— This city seeks
legislative authority to issue $100,000 water bonds outside
the debt limit.
Northfield, V t .— Bond Offering.— This city is issuing
$80,000 3 3 ^ % coupon water bonds. W e are informed that
one-half of the issue has been disposed of and that subscrip­
tions for the unsold portion will be received by Charles A .
Edgerton, Agent. Denomination $500 and $1,000. Date
March 1 1907. Interest semi-annually at the Northfield
National Bank. Maturity $2,000 yearly from 1910 to 1915
inclusive, $4,000 in 1916, $4,000 in 1917 and $3,000 yearly
from 1918 to 1937 inclusive. Bonds are exempt from taxa­
tion. Official circular states that the rents of the waterplant are pledged to pay the interest on the bonds and that
the balance of the income, beyond cost of maintenance and
yearly extensions not to exceed $500, is pledged to the sink­
ing fund to retire the bonds as they mature. Bonded debt
at present $30,000.
Norwalk, Conn.— Bond Bill Passed by Senate.— Bills pro­
viding for the issuance of $150,000 bonds and of $35,000 sewer
bonds have passed the Senate.
Oakley, Hamilton County, Ohio.— Bond Sale.— On March
19 the $3,491 45 5 % 1-10-year (serial) Madison Avenue
sewer-assessment bonds described in V . 84, p. 466, were
awarded to Seasongood & Mayer of Cincinnati at 103.804
and accrued interest— a basis of about 4 .2 1 8 % .
Following
are the bids:
S e a s o n g o o d & M a ye r. C l n . .$ 3 ,6 2 4 2 8 | P r o v id e n t S a v in gs B a n k &
W e ll, R o t h & C o ., C in ______ 3,6 1 3 95]
T ru st C o ., C in cin n a ti___ $3,581 19
C o lu m b ia L ife In s. C o ., C in. 3,6 1 3 65 |O tis & H o u g h , C le v e la n d -_ 3 ,5 7 0 70

Oleander School District, Fresno County, Cal.— Bond Of­
fering.— Proposals will be received until 2 p. m . April 2 by the
Board of Supervisors for the $8,000 5 % 1-10-year (serial)
school-building bonds described in V . 84, p. 527. Denomi­
nation $800.
Orilla, O nt.— Debenture Offering.— Proposals will be re­
ceived until 12 m . March 28 by C. E . Grant, Town Treas­
urer, for $2,600 4 ^<>% debentures. Interest semi-annually
at the Traders’ Bank in Orilla. Maturity part yearly for ten
years.
Osyka, Pike County, M iss.— Bids Rejected.— W e are in­
formed that all bids received on March 5 for the $10,000
6 % town bonds, described in V . 84, p. 527, were rejected.
The bids were as follows:
T r ib b e t t E s ta te , J a c k s o n ____ $ 10 ,152 IS. A . K e a n , C h ic a g o __________ $ 10 ,0 1 0
T h o s . J . B o lg e r, C h ic a g o ____ 10,102 |H. M . In ie , (fo r $ 2 ,0 0 0 ) _______
2,0 2 0
C . H . C o ffin , C h ic a g o ________ * 1 0 ,0 5 1 1
* A n d fu rn ish b o n d s.

Bond Offering.— Proposals are again asked for the above
bonds and will be received until 8 p. m . April 2 by M. B .
Varnado, Town Clerk. Date Feb. 5 1907. Maturity Feb.
5 1927. Bonds are exempt from tax . Certified check for
5 % of the bonds bid for is required.
Palmer Township School District, Northampton County,
P a .— Bond Sale.— On March 9 the $5,000 5 -10-year (optional)
and $8,000 10-20-year (optional) 4^ 4% coupon schoolbuilding bonds described in V . 84, p. 527, were disposed of
at a premium.
Paulding, Paulding County, Ohio.— Bonds Authorized.—
On Feb. 12 the Village Council adopted a resolution author­
izing the issuance of $13,000 4 % coupon main-sewer-debtextension bonds. Denomination $500.
Date April 1 1907.
Interest semi-annually at the Village Treasurer’s office. Ma­
turity April 1 1927. Under the ordinance the purchaser of
these securities will be compelled to furnish blank bonds free
of charge.
Pella, Marion County, Io w a .— Bonds Defeated.— An elec­
tion held March 5 resulted in the defeat of the proposition to
issue the $75,000 light-plant-purchase and water-extension
bonds mentioned in V . 84, p. 466.
The vote was 529 to
278— two-thirds being necessary to authorize.
Philadelphia, P a .— Bonds Awarded in Part.— On March 20
$125,000 of the $5,000,000 3J ^ % 30-year registered bonds
offered on March 18 were awarded at par to George H . Hill
of Drexel & Co. of Philadelphia, who represented a client
of the firm. This was the only offer made for the bonds.
Pike County (P. O. Petersburg), In d .— Bonds Authorized.
— The Pike County Commissioners have authorized the issu­
ance of $16,272 4 )4 % Madison Township road-construction
bonds and $32,000 Patoka Township road-improvement
bonds.
Piqua, Miami County, Ohio.— Bond Sale.— O 11 March 15
the $30,000 4 % coupon street-improvement bonds described
in V . 84, p. 527, were awarded to W eil, Roth & Co. of Cin­
cinnati at 101.11 and accrued interest. Following are
the bids:
W e il, R o t h & C o ., C in ____ $ 30 ,333 00 |W estern G erm . B k ., C in ..$ 3 0 ,1 0 1 00
S e a s o n g o o d & M a y e r, C in . 30,211 65 |Rud. K le y b o lt e & Co., C in . 30,0 3 7 00
P r o v . S. B. & T r. C o ., C in . 30,1 5 3 99 | M a cD on a ld ,M cC oy& C o.,C h 30,001 00

Pittsfield, M ass .— Bonds Proposed.— This town seeks
legislative authority to issue $100,000 4 % 30-year sewer
bonds.

710

THE CHRONICLE.

Plant City, Hillsboro County F la.— Bond Offering.— Pro­
posals will be received until 2 p . m . April 1 by W . L . Lowry,
City Clerk, for $25,000 water-works and $5,000 sewer 6 %
bonds. Denomination $1,000. Interest semi-annually in
New York City. Maturity 20 years. Certified check for
$100 is required.
Pleasant Ridge School District, Hamilton County, Ohio.—
Bonds Defeated.— This district recently defeated a proposition
to issue $75,000 school-building bonds, the vote being 76
“ for” to 119 “ against.”
Pomona, Los Angeles County, Cal.— Bond Election.— The
City Trustees have called an election for March 28 to vote
on the question of issuing
bonds for the following
purposes: $325,000 for municipal ownership of the Con­
solidated Water Company’s plant; $40,000 for schools and
$35,000 for a city-hall.
Pontiac, Oakland County, M ich.— Bond Election.— An
election will be held April 1 to vote on the question of issuing
$10,000 5 % 1-10-year (serial) fire-hall bonds
Denomina­
tion $1,000. Interest semi-annual.
Bonds Authorized.— The.City Council passed an ordinance
providing for the issuance of $6,000 5 % coupon street-paving
bonds.
Denomination $1,000. Date March 15 1907.
Interest semi-annually at the City Treasurer’s office.
Ma­
turity $1,000 yearly on March 15 from 1908 to 1913 inclusive.
Port Angeles, Clallam County, W a sh .— Bond Offering.—
Further details are at hand relative to the offering on April
22 of the $80,000 6 % coupon water-works bonds mentioned
in V . 84, p. 648. Proposals for these bonds will be received
by C. W . Fields, City Clerk. Authority, Act amending
Section 1077 of Ballinger’s Annotated Code of the State of
Washington. Denomination $100 or multiple. Date, day
of sale. Interest semi-annual. Bonds will be payable upon
the call of the City Treasurer, in the order of their numbers,
whenever there shall be in the special fund, after payment of
all interest on all outstanding bonds and warrants, a suffic­
ient balance to pay the same.
Porto Rico.— New Loan.— See item under “ News Item s”
on a preceding page.
Princeton School District (P. O. Princeton), Mercer
County, N . J .— Bonds Authorized.— The Princeton School
Commission recently authorized the issuance of $9,500
school-building bonds.
Pulaski, Pulaski County, V a .— Bond Offering.— Proposals
will be received by John T . Loving, Mayor, for $50,000 5 %
25-year coupon electric-plant bonds. Denomination $500.
Purvis, Lamar County, M iss.— Bonds Defeated.— On
March 15 the proposition to issue municipal jail bonds was
defeated by a vote of 36 to 22.
Raymond, Hinds County, M iss.— Price Paid for Bonds.—
W e are informed that the price paid for the $5,000 6 % water­
works bonds awarded on Feb. 5 to the Mississippi College of
Clinton (V . 84, p. 648) was par . Denominations: 20 bonds
of $100 each and 6 bonds of $500 each. Date April 1 1906.
Interest annual. Maturity April 1 1926.
Red Bank, Monmouth County, N . J .— Bond Offering.—
Proposals will be received until 8 p . m . April 1 (time extended
from March 18) by A . C. Harrison, Town Clerk, for $41,380
4 % coupon sewer bonds. Denomination $500, except one
bond for $380. Date May 1 1907. Interest semi-annually
at the Town Treasurer’s office.
Maturity $3,380 in 1912 and
$2,000 yearly from 1913 to 1931 inclusive. Bonds are
exempt from taxation. Certified check for 5 % of bid, pay­
able to T . F . W h ite, Town Treasurer, is required.
Red Deer, Alberta.— Debenture Offering.— Proposals will
be received until 12 m . April 15 by L. C. Fulmer, SecretaryTreasurer, for the following debentures:
$ 30 ,0 0 0
2 0 ,0 0 0
6 .0 0 0
5 .0 0 0
4 .0 0 0
2 ,3 0 0

5%
5%
5%
5%
5%
5%

3 5 -y e a r sew er d e b e n tu re s.
3 0 -y e a r w a te r-w o rk s -e x te n s lo n d e b e n tu re s .
2 0 -y e a r “ h o s p ita l” g ra n t d e b e n tu re s.
2 0 -y e a r fire-hall d e b e n tu re s.
5 -y e a r lo c a l-im p ro v e m e n t d e b e n tu re s .
2 0 -y e a r " la n d fo r w a te r-w o rk s ” d e b e n tu re s .

Red River County (P. O. Clarksville), T ex .— Bonds Regis­
tered.— On March 13 the State Comptroller registered $678
5 % bridge-repair bonds. Securities are dated Feb. 14 1907.
Maturity ten years, subject to call at any tim e.
Richmond County (P. O. Rockingham), N . C.— Bond Sale.
— On March 4 the $10,000 30-year coupon W o lf Pit Town­
ship road bonds described in V . 84, p. 352, were awarded
to MacDonald, McCoy & Co. of Chicago at 101.56 and ac­
crued interest for 5s. This is on a basis of about 4 .9 0 % .
Date Jan. 1 1907.
Rushsylvania Union School District (P .O . Rushs 3dvania),
Logan County, Ohio.— Bond Offering.— Proposals will be re­
ceived until 1 p . m . April 5 by C. E . Huston, Clerk Board of
Education, for $12,000 4 % school-building bonds mentioned
in V . 84, p. 587. Authority Sections 3991 and 3992 of the
Revised Statutes of Ohio. Date April 12 1907. Interest
semi-annual.
Maturity as follows:
$ 1 ,600— on e b o n d o f $200
1911 in clu siv e.
2,0 0 0 — o n e b o n d o f $250
1915. Inclusive.
2,400— o n e b o n d o f $300
1919 in clu sive.
2,8 0 0 — o n e borSl o f $350
1923 Inclu sive.
3 ,2 0 0 — o n e b o n d o f $400
1927




each six m o n th s fro m M arch 15 1908 t o S e p t. 15
e a ch six m o n th s fro m M arch 15 1912 t o S ep t

15

ea ch s ix m o n th s fro m M arch 15 1916 t o S e p t. 15
ea ch s ix m o n th s fro m M a rch 15 1920 t o S e p t. 15
each six m o n th s fro m M arch 15 1924 t o S e p t. 15

[V o l .

l x x x iv

.

Accrued interest to be paid by purchaser. Certified check
for 5 % of the amount of bonds bid for, payable to the Treas­
urer of the Board of Education, is required. Bonded debt this
issue. Assessed valuation 1903, $2 44 ,8 40 .
Ripley, Lauderdale County, Tenn.— Bonds Voted.— On
March 14 this city authorized the issuance of $10,000 6 %
10-20-year (optional) coupon street-improvement bonds,
mentioned in V . 84, p. 52 8, by a vote of 134 to 53.
St. Joseph, Buchanan County, M o .— Bond Election Pro­
posed.— The question of submitting to a vote of the people
a proposition to issue $25,000 bonds for a workhouse and
industrial school is being considered.
St. Louis, M o .— Bonds Not Sold.— No bids were received
on March 18 for the eight issues of 3 .6 5 % gold bonds aggre­
gating $3 ,000 ,00 0 and described in V . 84, p. 352.
St. M ary’s, Elk County, P a .— Bonds Voted.— At the elec­
tion of March 16 it was decided by a vote of 531 to 134 to
issue $50,000 sewer-system bonds.
St. Paul, Ram sey County, M inn.— Bond Sale.— On March
20 the $100,000 4 % 30-year coupon Fort Snelling bridge
bonds described in V. 84, p. 587, were awarded to the Harris
Trust & Savings Bank of Chicago at 100.675— a basis of
about 3 .9 6 2 % .
Sandusky, Erie County, Ohio.— Bonds Authorized.— The
City Council on|March 4 passed an ordinance providing for
the issuance of $22,000 4 % coupon Monroe Street paving
(city’s portion) bonds. Denomination $1,000. Date March
1 1907. Interest semi-annual
Maturity March 1 1917.
Sarcoxie, Jasper County, M o .— Bond Sale.— On March 18
the $10,000 5 % 5-20-year (optional) water-works-system
bonds, described in V . 84, p. 468, were awarded to S. A .
Kean, of Chicago, at 100.60.
Bids of par were also received
from the First National Bank of Sarcoxie and from the
State Bank of Sarcoxie.
Shelby, Richland County, Ohio,— Bond Offering.— Pro­
posals will be received until 12 m . April 9 by C. C. Moore,
Village Clerk, for $3,500 4 % coupon sanitary-sewer bonds.
Authority Sections 91, 95, 96 and 97 of the Municipal Code
of Ohio. Denomination $700. Interest semi-annually on
April 1 and Oct. 1. Maturity $700 yearly on April 1 from
1908 to 1912 inclusive. Accrued interest to be paid by pur­
chaser. Cash or certified check for $300 is required.
Snyder, Kiowa County, Okla.— Bond Sale.— This city has
sold the $30,000 water-works bonds mentioned in V . 84 ,
p 588, to R . J. Edwards of Oklahoma.
South Sharon, Mercer County, P a .— Bond Election.— This
borough, it is stated, will vote March 25 on the question of
issuing bonds for the erection of a municipal lighting plant.
Stevens Point, Portage County, W i s .— Bond Offering.—
Proposals are being requested for $10,000 4 % bonds. De­
nomination $500. Accrued interest to be paid b y purchaser.
Summit, Union County, N . J.— Bonds to Be Taken by Sink­
ing Fund.— W e are informed that the $6,500 sewer and $11 ,000 improvement bonds, mention of which was made in
V . 84, p. 650, will be taken by the Sinking Fund Commission
when issued.
Sweetwater, Monroe County, Tenn.— Bond Offering.—
Further details are at hand relative to the offering on April 1
of the $30,000 water and $10,000 street 5 % gold coupon
bonds mentioned in V . 84, p. 650. Proposals will be received
until 7 p. m . on that day by S. T . Jones, Mayor. Denomina­
tion $500. Date April 1 1907. Interest semi-annually in
New York.
Maturity April 1 1937. Certified check for
$500, payable to the Town of Sweetwater, is required.
Assessed valuation 1906, $525,000.
Tecumseh, Johnson County, N eb .— Bonds Voted.— The
election held March 5 resulted in a vote of 277 to 75 in favor
of the proposition to issue $12,750 4 J ^ % 10-20-year (optional)
electric-light-plant bonds. Date of sale not yet determined.
Tekam ah,Burt County, N eb .— Bond Election.— An election
will be held JMarch 26 to vote on the question of issuing the
$10,000 electric-light-plant and $2,500 water-extension
bonds mentioned in V . 84, p. 469.
Thorold, O n t.— Debenture Offering.— Proposals will be re­
ceived until 8 p. m . April 1 by D. J. C. Munro, Town Clerk,
for $80,000 4 % water-works debentures.
Toledo, Ohio.— Bonds Authorized.— Ordinances providing
for the issuance of the following bonds were recently passed
by the City Council:
$3,259 62 5 % c o u p o n Y a te s S tre e t N o . 2 assessm en t b o n d s.
D e n o m in a ­
t io n $ 33 0, e x c e p t o n e b o n d fo r $289 62.
D a te D e c. 13 1906.
In te re st M arch 13 a n d S e p t. 13. M a tu rity o n e b o n d e a ch
six m o n th s fr o m M arch 13 1908 t o S e p t. 13 1912 in clu siv e.
3,189 55 5 % c o u p o n D e x te r S tre e t N o. 1 assessm en t b o n d s.
D e n o m in a ­
tio n $320, e x c e p t o n e b o n d fo r $309 55.
D a te D e c. 15 190C .
In te re st M arch 15 a n d S e p t. 15.
M a tu rity o n e b o n d e a c h
s ix m o n th s fro m M arch 15 1908 t o S e p t. 15 1912 in c lu s iv e .
10,884 20 5 % c o u p o n E a st B r o a d w a y a n d O sw a ld S treet N o. 1 a ssessm en t
b on d s.
D e n o m in a tio n $ 1 ,1 0 0 , e x c c p t o n e b o n d fo r $984 20.
D a te D e c . 13 1906.
In te re st M a rch 13 a n d S e p t. 13.
M a­
tu r ity o n e b o n d e a ch s ix m o n t h s fro m M a rch 13 1908 t o
S e p t. 13 1912 in clu s iv e .
1,835 27 5 % c o u p o n In fir m a r y R o a d a n d A r lin g to n A v e n u e X o . 1 a ssess­
m en t b o n d s .
D e n o m in a tio n $ 1 8 5 , e x c e p t o n e b o n d fo r
S170 27.
D a te O c t . 30 1906.
In terest M arch 30 an d S e p t.
30.
M a tu rity o n e b o n d e a ch s ix m o n th s fro m M arch 30 1908
t o S ep t. 30 1912 in clu s iv e .
1,142 26 5 % c o u p o n W a y n e S tre e t N o . 2 assessm ent b o n d s .
D e n o m in a ­
tio n $ 3 0 0 , e x c e p t o n e b o n d fo r $242 26.
D a te D e c. 27
1906.
In te re st M arch 27 an d S e p t. 27.
M a tu r ity on e
b o n d ea ch six m o n th s fro m M arch 27 1908 t o S ep t. 27 1909
in clu siv e .

M a r . 23 1907.J
4 ,4 6 6 31 5 %

640 16 5 %

123 97 5 %

2,4 3 8 36 5 %

3 ,0 0 6 81 5 %

1,433 60 5 %

924 73 5 %

1,216 38 5 %

9 ,0 8 3 82 6 %

1 2 ,844 65 5 %

$ 2 ,4 5 7 23 5 %

5,761 01 5 %

7,001 74 5 %

1,6 9 5 85 5 %

711

THE CHRONICLE.

c o u p o n W h t n e y A v e n u e N o . 1 assessm ent b o n d s .
D e­
n o m in a tio n $ 45 0, e x c e p t o n e b o n d fo r § 4 1 6 .3 1 .
D a te
D e c. 28 1906.
In te re st M arch 28 a n d S e p t. 28.
M a tu rity
o n e b o n d ea ch s ix m o n th s fr o m M arch 28 1908 t o S e p t. 28
1912 In clu sive.
c o u p o n S ew er N o . 976 assessm ent b o n d s .
D e n o m in a tio n
$ 16 0, e x c e p t o n e b o n d fo r $160 16.
D a te D e c. 27 1906.
In terest M arch 27 an d S e p t. 27.
M a tu rity o n e b o n d ea ch
six m o n th s fro m M a rch 27 1908 t o S e p t. 27 1909 in c lu s iv e .
c o u p o n S ew er N o . 977 assessm ent b o n d s .
D e n o m in a tio n
$60 an d $63 97 .
D a te Jan . 5 1907.
In tere st M arch 5
a n d S e p t. 5.
M a tu r ity $60 M arch 5 1908 a n d $63 97
S ep t. 5 1908.
c o u p o n B aker S treet N o . 2 assessm ent b o n d s.
D e n o m in a ­
tio n $ 25 0, e x c e p t o n e b o n d fo r $188 3 6 .
D a te D e c. 24
1906.
In terest M arch 24 an d S e p t. 24.
M a tu rity o n e
b o n d e acli s ix m o n th s fro m M arch 24 1908 t o S e p t. 24 1912
in clu siv e .
c o u p o n U tic a S tre e t N o . 2 assessm ent b o n d s .
D e n o m in a ­
tio n $300 e x c e p t o n e b o n d fo r $306 81.
D a te Ja n . 29 1807.
In teres t M arch 29 an d S e p t. 29.
M a tu rity o n e b o n d each
six m o n th s fro m M arch 29 1908 t o S e p t. 29 1912 in clu s iv e .
c o u p o n sew er N o . 972 b o n d s.
D e n o m in a tio n $360 e x c e p t
on e b o n d fo r $353 60.
D a te Ja n . 29 1907.
In te re st M arch
29 a n d S e p t. 29.
M a tu r ity o n e b o n d ea ch six m o n th s fro m
M arch 29 1908 t o S e p t. 29 1909.
c o u p o n sew er N o . 965 b o n d s .
D e n o m in a tio n $235 e x c e p t
o n e b o n d fo r $219 73.
D a te F e b . 6 1907.
In terest M arch 6
a n d S e p t. 6.
M a tu rity o n e b o n d ea ch s ix m o n th s fro m
M arch 6 1908 t o S e p t. 6 1909 in c lu s iv e .
c o u p o n sew er N o . 969 b o n d s.
D e n o m in a tio n 305 e x d e p t o n e
b o n d fo r 3 0 1 .3 8 .
D a te D e c . 27 1906.
In te re st M arch 27
a n d S e p t. 27.
M a tu r ity o n e b o n d ea ch six m o n th s fro m
M arch 27 1908 t o S e p t. 27 1909 in c lu s iv e .
c o u p o n sew er N o . 978 b o n d s .
D e n o m in a tio n $910 e x c e p t
o n e b o n d fo r $ 8 9 3 82.
D a te J a n . 2 190 7.
In te r e s t M a rch 2
a n d S e p t. 2.
M a tu r ity o n e b o n d e a ch six m o n th s fr o m M arch
2 1908 t o S e p t. 2 1912 in c lu s iv e .
c o u p o n H a m ilto n S treet p a v in g assessm ent b o n d s .
D enom ­
in a tion $ 1 ,3 0 0 , e x c e p t o n e b o n d fo r $ 1 ,444 65.
D a te F e b .
23 1907.
In te re st M arch 23 a n d S e p t. 23.
M a tu rity o n e
b o n d e a ch s ix m o n th s fro m M arch 23 1908 t o S e p t. 23 1912
in clu siv e .
c o u p o n S ew er N o . 973 assessm ent b o n d s .
D e n o m in a tio n
$41 0, e x c e p t o n e b o n d fo r $407 23.
D a te F e b 15 1907.
In terest M arch 15 a n d S e p t. 15.
M a tu rity o n e b o n d each
six m o n t h s fro m M arch 15 1908 t o S e p t. 15 1910 in clu s iv e .
c o u p o n R o b is o n S treet N o . 1 assessm ent b o n d s .
D e n o m i­
n a tion $ 58 0, e x c e p t o n e b o n d fo r $541 0 1 .
D a te F e b . 23
1 90 7.
In terest M arch 23 a n d S e p t. 23.
M a tu rity o n e b o n d
ea c h six m o n th s fro m M arch 23 1908 t o S e p t. 23 1912 in ­
clu siv e .
c o u p o n P a ge S tre e t N o . 5 assessm ent -b o n d s .
D e n o m in a ­
t io n $700, e x c e p t o n e b o n d fo r $701 74.
D a te F e b . 18 1907.
In terest M arch 18 and S e p t. 18.
M a tu rity o n e b o n d each
six m o n th s fro m M arch 18 1908 t o S e p t. 18 1912 in clu siv e .
c o u p o n S ew er N o . 975 assessm ent b o n d s.
D e n o m in a tio n
$ 4 2 5 , e x c e p t o n e b o n d fo r $420 85.
D a te M arch 21 1907.
In te r e s t M a rch 21 an d S e p t. 21. M a tu rity o n e b o n d ea ch
six m o n th s fr o m M arch 21 1908 t o S e p t. 21 1909 in clu siv e .

515 4 6 ^ 5 % Ico u p o n y iictst8 B ro a d w a y N o . 3 assessm ent b o n d s.
D e n o m i­
n a tio n $13 0, e x c e p t o n e b o n d fo r $125 46.
D a te M arch 21
1908.
In terest M arch 21 an d S e p t. 21.
M a tu rity o n e b o n d
e a ch s ix m o n th s fro m M arch 21 1908 t o S e p t. 21 1909 in ­
clu siv e .
1,506 95 5 % c o u p o n Sew er N o . 967 assessm ent b o n d s.
D e n o m in a tio n
$25 0, e x c e p t o n e b o n d fo r $256 95.
D a te F e b . 25 1907.
In te re st M arch 25 an d S e p t. 25.
M a tu rity o n e b o n d ea ch
six m o n th s fro m M arch 25 1908 t o S e p t. 25 1910 In clu sive. »*j
199 51 5 % c o u p o n Cirtis S treet N o . 2 assessm ent b o n d s .
D e n o m in a ­
tio n $100 and $99 51.
D a te M arch 5 1907.
In terest
M arch 5 a n d S e p t. 5 .
M a tu r ity $99 51 o n M arch 5 1908
and $100 o n S e p t 5 1908.

Interest payable at office of the City Treasurer.
Tyndall School District No. 3, Bonhomme County, So.
D ak .— Bond Sale.— On March 14 $15,000 5 % school-house
bonds were awarded to the Union Investment Co. of Minneap­
olis at 103.333 and accrued interest. Following are the bids:
U n io n I n v . C o ., M in n e a p o lis * $15,500 T h o s . A . B o lg e r C o ., C h ic ___ $15 ,1 0 0
F a rs o n , S o n & C o ., C h ic a g o . 15,027
C. H . C o ffin , C h ic a g o ________ 15,476
R . K le y b o lt e & C o ., C h ic a g o . 15,460 D e v it t , T r e m b le & C o ., C h i c . . 1 5 ,000
T r o w b r id g e & N iv e r C o .,C h i c . 15,107 A . J. H o o d & C o ., D e t r o i t . . . 15,000
F . E . M agran , S t. P a u l______14,900
J o h n N u v e e n & C o ., C h ic ___ 1 5,105
* A n d b la n k b o n d s fre e o f c h a rg e t o d is trict.

Denomination $500.
Date April 1 1907. Maturity
$5,000 on April 1 1922 and $10,000 on April 1 1927.
Uhrichsville School District (P. O. Uhrichsville), Tusca­
rawas County, Ohio.— Bond Offering.— Proposals will be
received until 12 m . April 1 by J. Leslie Hillyer, Clerk of
Board of Education, for $5,500 4 % coupon school-repair
bonds. Authority Section 3,9 9 1 , Laws of 1904. Denomi­
nation $500. Date April 1 1907. Interest semi-annually
at the Commercial Bank in Uhrichsville. Maturity April 1
1927. Bonds are exempt from all taxes. Certified check
for $500, payable to J. Leslie Hillyer, Village Clerk, is re­
quired. Bonded debt, including this issue, $34,500.
Union City (P. O. Union City, Indiana), Darke County,
Ohio.— Bond Sale.— On March 11 the $2,500 5 J ^ % coupon
street-improvement bonds described in V . 84, p. 590, were
awarded to Seasongood & Mayer of Cincinnati at J04.94
and accrued interest. Following are the bids:
S e a s o n g o o d & M a y e r, C i n ..$ 2 ,6 2 3 5 0 | M a cD o n a ld ,M cC o y & C o .,C in $ 2 ,580100
H a y d e n , M iller & C o ., C le . 2,6 1 3 00 |W e il, R o t h & C o . ,C i n ______ 2,577 50
S e c. S a v . B k . & T r . C o . , T o l 2,582|00 |O tis & H o u g h , C l e v e l a n d .. 2,5 2 6 25

Union County (P. O. Creston), Io w a .— Bond Sale.— On
March 4 $30,000 4 /1> % funding bonds were awarded to Geo.

N E W LOANS.

N E W LOANS.

# 1 8 ,0 0 0
B A TA V IA , IV. Y.,

B O ND S

SCHOOL

BONDS

B a ta v ia , N . Y . , M arch 1 2 th , 1 90 7.
S ealed b id s w ill b e r e c e iv e d fo r $ 1 8 ,0 0 0 P rin gle
A v e n u e reg istered S c h o o l B o n d s bea rin g 4 per
c e n t in te re st, d a te d J a n u a ry 1st, 190 7, in terest
p a y a b le J a n u a r y a n d J u ly 1st, p rin c ip a l p a y a b le
$ 1 ,0 0 0 J a n u a ry 1st, 1 9 0 8 , a n d $ 1 ,0 0 0 a n n u a lly
th e r e a fte r .
D e n o m in a tio n
$ 1 ,0 0 0 .
E a ch
b id
m u s t be a c c o m p a n ie d b y a c e r tifie d c h e c k fo r
5 p e r c e n t o f th e b id . T h e B o a rd o f E d u c a tio n
r eserves th e rig h t t o r e je c t a n y a n d all b id s .
B id s t o be m a r k e d " P r o p o s a l o f B o n d s " an d t o be
filed w ith A lb e r t J . S q u ire s, C lerk o f th e B oa rd
o f E d u c a t io n o f B a ta v ia , N ew Y o r k , o n o r b e fo r e
A P R I L 6 T H , 1 90 7, a t 7 :3 0 P . M .
B o n d s t o be
d e liv e re d M a y 1st, 1 90 7. F o r fu r th e r in fo r m a ­
t io n add ress
A L B E R T J. S Q U I R E S ,
C lerk o f th e B o a rd o f E d u c a t io n ,
B a ta v ia , N . Y .
B a ta v ia . N . Y . , M arch 1 2 th , 190 7.

Albert Kleybolte & Co.,
409

W a ln u t

S tre e t,

C IN C IN N A T I, O.

Municipal,
County, State,
and

H ig h -G r a d e P u b lic
S e c u r itie s

S e r v ic e

Correspondence Solicited

Perry, Coffin & Burr,
IN V E S T M E N T BONDS.
60 State Street,
BOSTON.

Mac Donald, McCoy & Do,,
MUNICIPAL

AMD

CORPORATION

BONDS.
i &i

La Salle Street, Chicago.




o f th e

STATE OF NEW YORK
CA N A L I M P R O V E M E N T
EXEM PT FROM T A X AT IO N

N o tic e is h e r e b y g iv e n t h a t p u rs u a n t t o th e
p r o v is io n s o f C h a p te r 147 o f th e L a w s o f 1903
a n d C h a p te r 302 o f th e L a w s o f 1 90 6, sealed p r o ­
p o sa ls w ill b e r e c e iv e d a t th e o ffic e o f th e S ta te
C o m p tr o lle r , in th e c it y o f A lb a n y , u n til F r id a y
A P R I L 5 , 1 90 7,
AT
TW ELVE
O ’CLOCK
N O O N o f th a t d a y , fo r th e p u rch a se in w h o le o r In
p art o f
F i v e M i ll io n D o l l a r s i n B o n d s

t o b e issu ed b y th e p e o p le o f th e S ta te o f N e w
Y o r k , in e ith e r reg iste re d o r c o u p o n fo rm a t th e
o p t io n o f th e p u r c h a s e r , b e a r in g in te re st a t th e
ra te o f th re e p er c e n t p e r a n n u m fro m J a n u a r y 1,
1 90 7, p a y a b le s e m i-a n n u a lly o n th e first d a y s o f
J a n u a ry a n d J u ly o f e a ch y e a r , a n d th e p r in cip a l
p a y a b le on th e first d a y o f J a n u a ry in th e y e a r
1957.
P rin cip a l a n d in terest p a y a b le in g o ld c o in
o f th e U n ite d S ta te s o f A m e r ic a , o f t h e p re se n t
s ta n d a r d o f w e ig h t a n d fin en ess, a t th e B a n k o f
th e M a n h a tta n C o m p a n y In th e C ity o f N ew
Y ork .
C o u p o n b o n d s w ill b e Issued In th e d e n o m in a ­
t io n o f O n e T h o u s a n d D o lla rs a n d re g iste re d b o n d s
in d e n o m in a tio n s o f O ne T h o u s a n d , F iv e T h o u ­
s a n d , T e n T h o u s a n d a n d F ifty T h o u s a n d D o lla r s .
A sin k in g fu n d is e s ta b lis h e d b y law fo r th e
e x tin g u is h m e n t o f th e in d e b te d n e s s c r e a te d b y
th e sale o f th e a fo re s a id b o n d s a n d fo r th e p a y ­
m e n t o f t h e Interest th e r e o n as th e sam e b e c o m e
due.
T h e b o n d s a re e x e m p t fro m t a x a t io n .
N o p r o p o s a l w ill b e a c c e p t e d fo r less th a n th e
p a r v a lu e o f t h e b o n d s n o r unless a c c o m p a n ie d
b y a d e p o s it o f m o n e y o r b y a c e r tifie d c h e c k or

b a n k d r a ft u p o n a b a n k o r tru s t c o m p a n y o f t h e
c it y o f A lb a n y o r N ew Y o r k , p a y a b le t o th e o r d e r
o f th e C o m p tr o lle r o f th e S ta te o f N ew Y o r k ,
f o r a t le a st t w o p e r c e n t o f t h e p a r v a lu e o f t h e
b o n d s b id fo r .
A ll p r o p o s a ls , to g e th e r w ith th e s e c u r ity d e ­
p o s it s , m u s t b e sealed a n d e n d o r s e d “ L o a n fo r
C anal I m p r o v e m e n t ” a n d In clo se d In a sealed
e n v e lo p e d ir e cte d t o th e “ C o m p tr o lle r o f t h e S ta te
o f N e w Y o r k , A l b a n y .”
T h e s u cce ssfu l b id d e r o r b id d e r s w ill b e r e ­
q u ir e d t o p a y fo r th e b o n d s , o n th e a c c e p t a n c e
o f th e p r o p o s a l, b y d e p o s it in t h e b a n k o f th e
M a n h a tta n C o m p a n y In t h e C it y o f N e w Y o r k
t o th e c r e d it o f “ T re a su re r o f t h e S ta te o f N ew
Y o r k o n a c c o u n t o f th e C anal F u n d ,” o f th e
a m o u n t o f th e a w a r d , to g e t h e r w ith p r e m iu m
a n d a c c r u e d in te re st fr o m J a n u a r y 1 , 1 9 0 7 , less
th e a m o u n t o f th e d e p o s it o f s u ch s u cce ss fu l
b id d e r o r b id d e r s , w h ic h w ill b e a p p lie d t o w a r d
th e p a y m e n t fo r th e b o n d s . A ll o th e r d e p o s its
w ill b e r e tu r n e d b y m all t o th e r e s p e c t iv e b id d e r s ,
w ith in th re e d a y s a fte r th e b o n d s h a v e b e e n
a w a r d e d , unless d iffe re n t In s tru ctio n s t o th e
C o m p tr o lle r as t o th e re tu rn o f th e d e p o s it are
d u ly g iv e n .
T h e C o m p tr o lle r reserv es th e rig h t t o r e je c t
a n y o r all b id s w h ich are n o t in his o p in io n a d ­
v a n ta g e o u s t o th e Interests o f th e S ta te .
M A R T IN H . G L Y N N ,
C o m p tro ller.
S ta te C o m p t r o lle r ’ s O ffic e ,
*
A lb a n y , N . Y .
M a tc h 12, 1907.

F. B. SHERMAN & CO. Blodget, Merritt & Co ,
M U N IC IP A L

BANKERS,

)

and

BONDS

CORPORATION )

205 L
aSalle Street, C H I C A G O

16 Congress Street, Boston.
NASSAU STR K K T, N EW Y O R K .

STATE, C ITY & R A IL R O A D

BONDS.

712

THE CHRONICLE.

M. Betheel Co. of Davenport£at 102 and interest. Denomi­
nation $1,000. Date April 1 1907. Interest semi-annual.
Utica, N . Y . — Bond Sale Postponed.— W e are informed
that the sale of the three issues of 4 % registered street
bonds aggregating $30,833 74, mentioned in V . 84, p. 590,
which was to have taken place on March 15, was postponed
until April 19. For description of these bonds see V . 84,
p. 530.
Vernon, Conn.— Bonds Proposed.— This town seeks au­
thority from the State Legislature to issue bonds.
Vernon Centre, Blue Earth County, M inn.— Bonds Voted.—
On March 12 this village authorized the issuance of $5,000
water-works bonds by a vote of 61 to 27.
Viborg, Turner County, S. D .— Bonds Voted.— An election
held recently resulted in favor of the proposition to issue
bonds for a water-works system.
• Vicksburg, Warren County, M iss.— Bonds Authorized.—
The Mayor and Board of Aldermen of this city have given
notice of their purpose to issue $250,000 sewerage bonds.
Virden School District N o. 144 (P. O. Virden), M an .—
Debenture Sale.— This district has awarded the $5,000 5 %
debentures described in V . 84, p. 292, to Geo. A . Stimson
& Co. of Toronto at a premium.
Walla W alla, W a sh .— Bond Election.— The following re­
garding the $100,000 5 % 20-year gold citv-hall and firestation bonds, bids for which were rejected on March 12
(V . 84, p. 650), is taken from the Seattle “ Post-Intelligencer” :
W a lla W a lla , M arch 1 2 .— T h e C ity C o u n cil d e c id e d t o -n ig h t t o issue a
ca ll fo r a s p ecia l e le ctio n t o d e c id e o n t h e q u e s tio n o f a b o n d issu e o f $ 1 0 0,00 0
fo r a new c it y hall a n d fire sta tio n .
It is p r o b a b le th a t th e p ro p o s itio n t o
issu e $ 5 0 ,0 0 0 o f fu n d in g b o n d s w ill also b e s u b m it te d t o v o te r s . A ft e r
s e v e n b ids o n c it y hall b o n d s h ad b e e n o p e n e d , it w as d is c o v e re d th a t th e
c it y c o u ld n o t le g a lly issu e th e m w it h o u t a s p e cia l e le c t io n .
T h e highest
b id s u b m itte d w as b y M . A . A n d e r s o n o f C le v e la n d . O ., fo r $ 1 0 5,50 0 o n
th e $10 0,00 0 issu e, w h ic h w as a d v e r tis e d fo r a m o n t h s in ce .
A ll w ere
r e je c t e d .

Warren County (P. O. McMinnville), Tenn.— Bonds Pro­
posed.— A bill will be introduced in the State Legislature
providing for the issuance of pike-road bonds.
Warrenton, Warren County, N . C .— Bonds Vot^d.— An
election held March 10 resulted unanimously in favor of a
proposition to issue bonds for a municipal building.

[V o l .

$ 6 ,380
G lenw ood A v.
G radina B o n d s .
H a y d e n . M iller & C o ., C le v e la n d ._____________ a$6 ,549 00
S e a s o n g o o d & M a y e r, C in c in n a ti_______________
6,5 4 3 33
B rig h to n -G e rm an B a n k , C in c in n a ti____________
6 ,5 4 0 45
N e w First N a tio n a l B a n k , C o lu m b u s _________
6,539 50
S e c u r ity T ru st & S a v in gs B a n k , T o l e d o _______
6,5 3 7 25
6,5 2 4 80
O tis & H o u g h , C le v e la n d _____________________ _ .
W e il, R o t h & C o ., C in c in n a ti___________________
6 ,5 0 2 00
W . J . H a y e s & S on s, C le v e la n d ................ ..............
6,4 9 3 00
D e n iso n & F a rn sw o rth , C le v e la n d ______________ __________
a S u ccessfu l b id d e rs.

IN V ES TM EN TS .

CITY OF CHARLESTON, S. G,
4 % 30-Year Bonds
T h e C ity o f C h a rleston p r o p o s e s t o o ffe r O n e b o n d s , h o w e v e r , t o b e issu ed u p o n c a n c e lla t io n
M illio n D o lla r s ($ 1 ,0 0 0 ,0 0 0 ) o f 3 0 -y e a r b o n d s , o f sim ila r a m o u n ts o f th e 4 P e r C en t C o u p o n
w ith Interest at 4 p e r c e n t , p a y a b le s e m i-a n n u a lly , B o n d s o f th e C ity o f C h a rle sto n , fa llin g d u e J a n u ­
o n th e 1st o f J u ly and J a n u a r y , u n d e r th e a u t h o r ­ a r y 1 o r J u ly 1, 1909, w h ich m a y b e h e ld b y the
it y o f an A c t o f th e G en eral A s s e m b ly , e n t itle d , C ity o f C h a rle s to n , o r p u rch a se d u n d e r th e te rm s
“ A n A c t t o a u th o riz e th e C ity C o u n c il o f C h a rle s­ o f th e b id n e x t h ereafter c a lle d fo r.
to n , S. C ., t o issue C o u p o n B o n d s a t a rate o f
T H I R D . — F o r th e sale o f p o r tio n o f th e p resen t
In terest n o t e x c e e d in g 4 p er c e n t p er a n n u m , fo r Issue o f 4 P e r C e n t C o u p o n B o n d s o f th e C ity o f
th e p u rp os e o f ta k in g up o r e x c h a n g in g th e 4 p e r C h a rleston m a tu rin g J u ly 1 o r J a n u a r y 1, 1909,
c e h t c o u p o n b o n d s o f said c it y , m a tu rin g on n o t e x c e e d in g $ 1 ,0 0 0 ,0 0 0 , w ith a ll C o u p o n s
J a n u a r y 1 and J u ly 1, 1 9 0 9 ,” a p p r o v e d o n th e t h e r e to a tta c h e d fa llin g d u e a fte r J u ly 1, 1907,
13th d a y o f F e b ru a r y , 1907.
p a y a b le In cash o n th e first d a y o f J u ly , 1907.
A n d o f an O rd in a n ce o f th e C ity o f C h a rle sto n
I n th e e v e n t o f o v e r -s u b s c r ip tio n a t a c c e p t a b le
e n t itle d , “ A n O rd in a n ce t o p r o v id e f o r issu in g fitrures In a n y o f th e a b o v e cases a p r o p o x tio n a te
C o u p o n B o n d s w ith in te re st a t th e ra te o f 4 p e r a llo t m e n t w ill b e m a d e .
c e n t p er a n n u m fo r th e p u rp o s e o f ta k in g u p o r
E a ch su c c e s s fu l b id d e r w ill b e re q u ire d t o d e ­
e x c h a n g in g th e 4 p er c e n t C o u p o n B o n d s m a tu r in g p o s it w ith C ity T re a su re r w ith in 24 h ou rs a sa tis­
o n J a n u a r y 1 an d J u ly 1. 1 9 0 9 ,” ra tifie d o n th e f a c t o r y S u r e ty B o n d o r a ce rtifie d c h e c k fo r 5 p e r
12th d a y o f M arch , 1907; “ in e x c h a n g e fo r O n e c e n t o f th e a m o u n t o f b id a w a r d e d t o him as se­
M illion D o lla r s ($ 1 ,0 0 0 ,0 0 0 ) o f th e a fo re sa id 4 p er c u r it y fo r his c o m p lia n c e w ith th e term s o f th e
c e n t C ity o f C h a rle sto n 4 P e r C e n t C o u p o n b id ; a n d In th e e v e n t o f n o n -c o m p lia n c e , sea led
B o n d s , m a tu rin g J a n u a r y 1 o r J u ly 1, 1909, w ith b id s t o b e c a lle d fo r a t a p e r io d n o t less th a n 15
a ll c o u p o n s o n the said b o n d s fa llin g d u e su b s e ­ d a y s fo r th e a m o u n t d e fa u lte d o n . a n d a n y lo ss
q u e n t t o J u ly 1, 1907, a n d fo r th is p u r p o s e in v ite s t o th e c it y b y reason o f th e re -sa le t o b e d e d u c t e d
th e f o llo w in g :
o u t o f th e d e p o s it o r t o be p aid b y th e m akers o r
S ea led b id s w ill b e r e c e iv e d b y th e C ity T r e a s ­ s u re tie s o n th e b o n d s o f bid d e rs.
u rer o n o r b e fo r e 12 o ’ c lo c k o n W E D N E S D A Y ,
In th e e v e n t o f a n y b id d e r n o t d e p o s itin g a
M A Y 15, 1907.
ce rtifie d c h e c k o r a b o n d w ith in 24 h ou rs, th e c it y
F I R S T .— F o r th e p u rch a se o f a ll o r a n y p o r tio n t o h a v e th e rig h t eith e r o f c a n c e lin g th e said b id
o f an issue o f $ 1 ,0 0 0 ,0 0 0 o f th e a fo re sa id 3 0 -y e a r a n d o f a c c e p t in g th a t o f a n o th e r b id d e r , o r o f
4 P e r C e n t B on d s: th e p rin c ip a l p a y a b le in 4 P e r h o ld in g th e b id d e r lia b le th e re o n .
C en t C o u p o n B o n d s o f th e C ity o f C h a rle s to n ,
T h e c it y fu r th e r reserv es t h e rig h t t o r e je c t
m a tu rin g J a n u a ry o r J u ly , 1909, w ith a ll C o u p o n s a n y o r a ll b id s m a d e .
th e r e o n fa llin g due su b s e q u e n t t o J u ly 1, 1907;
T h e se B o n d s are e x e m p t fro m S ta te , C o u n t y
a n d a n y prem iu m b id p a y a b le in cash ; s e t t le ­ a n d C ity T a x e s , a n d In th e han ds o f b a n k s in
m en ts t o b e m a d e o n J u ly 1, 1907.
C h a rle sto n e x e m p t th e ir sh areh old ers fro m a ll
S E C O N D .— F o r th e p u rch a se o f a ll o r a n y p o r ­ ta x e s t o th e e x t e n t o f th e h o ld in g as Is n o w th e
t io n o f an issu e o f $ 1 ,0 0 0 ,0 0 0 o f th e a fo r e s a id case w ith 4
per cen t B row n S ta te B on d s.
3 0 -y e a r 4 P er C en t B o n d s , p a y a b le in ca sh ; said

ERVIN & COMPANY, A Financial Courtship

B O tfD S

^New York Stock Exchange,
” ?Philadelphia Stoek Exchange.

FOR

43 Exchange Place,
New York

IN T E S T M E X T ,
Drexfil Building,
Philadelphia,

E s t a b lis h e d 1 8 8 3 .

Or a Plea for Conservative
Investments

WITH
WITHOUT

w ith steel-D 'ate borders, o r lith ograp h ed , o r p a rt­
ly p rin ted fro m ty p e . I f th e latter, th en can be

F irst Nat. B ank B u ild in g , Chicago




R O N HQ
-

U

D E L I V E R E D IN F E W

R.

L.

DAY

&

CO.,

B A N K E R S,
35 CoEgres8 Street,

3 Nassau Street,

BOSTON.

N EW YORK.

New York City Bonds
E X E 3IP T F B O M S T A T E , CO U N TY
AN D C IT If T A X E S

H. W. NOBLE & COM P ANY ,
DETROIT.
N ew Y

ork.

P h il ad elph ia .

M UNICIPAL
AND

P U B LIC SER V IC E C O R P O R A TIO N

BONDS, .
Specialists inlNew Jersey Securities.

e is e l e & k in o ,
BANKERS,
M em bers o f N ew Y ork and P h iladelph ia
Stock E x ch an g es.
P riv a te W ire s to
N .Y . and P h ila d e lp h ia .

7 5 7 - 7 5 9 B road S t .
NEW ARK.

I N V E S T M E N T BONDS
L is ts

re q u e st.

Denison & Farnsworth,

(By Frank W . Rolllas)

The above book will be furnished
w i t h o u t cost on application to
E. H . RO LLIN S & SONS, 21 Milk
St., Boston.

H. C. Speer & Sons Co. BONDS SiSo?? COUPONS
CITY CO U N TY
AND T O W N S H IP

$58 ,000
F ederal S t. ,
P a v in g B on d s
$60,831 00
0 6 1 ,2 1 0 30
__________
6 0 ,6 1 0 00
6 0 ,6 3 5 00
60,511 40
6 0 ,7 3 0 50
6 0 ,2 0 5 00
6 0 ,8 2 4 75

All bids included accrued interest.

§ 1,000,000

„

.

Warrenton, Fauquier County, V a .— Bond Sale.— On March
7 the $25,000 5 % 20-30-year (optional) coupon reservoir
bonds, described in V. 84, p. 469, were awarded to W . H .
Gaines & Co., of Ullman, at par.
W ashington C. H ., Fayette County, Ohio.— Bonds Pro­
posed.— The City Council is considering an ordinance provid­
ing for the issuance of $9,000 street-improvement and $6,000
sewer bonds.
W ellsboro, Tioga County, P a .— Bonds Voted.— On March
12 this town authorized the issuance of $15,000 street-im­
provement bonds by a vote of 295 to 63.
W e st Palm Beach, Dade County, F la .— Bond Sale.— On
March 19 the $7,500 5 % 10-30-year (optional) gold coupon
street-improvement and sewer-extension bonds, offered
without success on Feb. 5 (V. 84, p. 512), were awarded to
the Dade County State Bank of W est Palm Beach at-par.
W est Springfield, M a ss.— Bond Sale.— This town has
awarded $25,000 bridge bonds to Merrill, Oldham & Co. of
Boston.
Wrightsville, Johnson County, G a.— Bonds Not Yet Sold.
— No disposition has yet been made of the $25,000 5 %
coupon water-works bonds offered without success on Jan. 2.
See V . 83, p. 1552, for description of these securities.
York Township School District (P. O. Toronto), O nt.—
Debenture Sale.— On March 18 $17,000 4J^% school deben­
tures were awarded to Geo. A . Stimson & C o.of Toronto at
100.30 and accrued interest.
Youngstow n, Mahoning County, Ohio.— Bond Sale.— On
March 18 the following bids were received for the $6,380 5 %
Glenwood Avenue grading and the $58,000 5 % W est Federal
Street paving bonds described in V. 84, p. 471:

N E W LOANS.

BANKERS.

l x x x iv

DAYS

Certificates e n gra v e d tn best m anner, o r rnutlv
lith ograp h ed and partly p rin ted

ALBERT B. KING & CO., 206 Broadway, N. Y.

BOWON
C L E V E L A N D kud P H IL A D E L P H IA .

MUNICIPAL AND RAILROAD

BONDS.
LIST ON APPLICATION,

SEASONGOOD & M A YE S
tte r c r

L B b n ry B n lh D n s ,
A T I.