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fiitanrtal T¥. I rontrb INCLUDING Bank and Quotation Section (Monthly) Railway and Industrial Section (Quarterly) and City Section (semi-Annually) Street Railway Section {^TeJ^^") State iiPAirr. office Congress, Washington, Dana Da Coup ant, in the otBoe of Librarian of Consreaa. Wftshlnfirton. D. <1. O. York, as second-class matter— William B. Dana Compant. Publishers, 76)^ Pine St., N. T. in Entered according to Act of Congress, In the year 1905, by William B. A weeteir VOL. newspaper entered at Post New Office, SATUEDAY, MARCH 80. NO. 2074 1905. 25, Week enMng March — Clear iriQS at 1905. 1904. Inc. or Dec. 18. 190a 1902. PUBLISHED WEEKLY. Terms ol Subscription —Payable For One Year For Six Months Knropean Subscription (includiDg postage) Soropean Subscription Six Months (including postage) $10 00 6 00 13 00 7 50 £2 148. £1 lis. Annual Subscription in London (including postage) Six Months Subscription in London (including postage) Subscription includes following Sections— I +31-0 +7-7 370.303 133,970,738 161,875,508 21,884,900 13,386,058 9,713,113 7,807.209 5.459,024 4,218,600 2.934,553 3,034.632 1,840.736 1,645,042 1,178,248 631,000 764.828 516.876 670,118 790.216 547,523 549,766 385,790 427.488 384,361 263.693 215,873 196,334 232,259 81,57b 152,910,651 7,127,100 3.203.081 1,970.644 1.480.602 1,420,821 1.672,320 Hart,ford New HavenSpriuefleld Worcester Portland River Lowell Fall 852,320 432,370 New Bedford 5S4.08(i Holyoke State and City (semi-annually) Bank and quotation (monthly) BATLWAYAND INDCSTKIAL (quarterly) Street Railway (3 times yearly) 116,762,882 6,619,200 2,956,612 1,674,126 1,459,274 1.036,665 l.H49,332 732,904 438,813 497,732 448.008 172,111.297 Boston Providence in Adrauce Total New England. I Chicago Terms Per Inch Space Advertising ot Cleveland Transient matter per inch space (14 agate Unes) ( Two Months (13 times) Months (26 times) ( Twelve Months (52 times) CHICAGO OFFICE— PUny Bartlett, 513 Monadnock Block. LONDON OFFICE—Edwards & Smith, 1 Drapers' Gardens, E. WlIiLIAin B. Post $4 20 22 00 29 00 50 00 87 00 (8 times) '^^^^ Months Standlne- Bnainesa Cards J Btancung Business cards •! ^^^ DANA COMPANV, Detroit Milwaukee Indianapolis. Columbus 5,l.')2,i00 Peoria 2.852,293 3.729,501 1,868.894 1,450.350 1,529,363 560,200 885.000 572.180 817,192 850,138 654,848 563,386 451,323 477.631 428.892 302.168 335.691 284.376 343,141 91,020 571,409 Toledo Grand Rapids Uaytou C. Evansville Akron. Publisbers, Springrfleld. Ill Pine Street, Corner of Pearl Street, Box 938. NEW YORK. Office 196.880.817 21,541,500 14,152,736 10,473,109 8,907.080 5.318,514 Cincinnati Youngstown Kalamazoo Lexington Canton Rockford Springtleld, GLEABINQ HOUSB RETURNS. O Bloomington Quincy Decatur. The following table, made up by telegraph, etc., indicates Mansfield Jacksonville that the total bank clearings of all the clearing houses of the Jackson. Ann Arbor United States for the week ending to-day, March 25, have Fort Wayne been $2,733,644,516, against $3,010,873,390 last week and South Bend Total Mid- Western $1,903,717,660 the corresponding week last year. Clearings— Ret^ims lyy Week Eruiino Mnrrh New 1905. 25. Tork. tl. 465,295,269 Boston PbUadelpbia Baltimore Chicago St. Louis New Orleans Seven Other Ai days 118,628,661 102,212,146 17,395,0a5 178.285,899 48,088,174 14,524,&11 +55-8 +23-7 +18-1 +2-3 +35-7 +10-7 —16-1 All cities, 1 11.964.429,125 302,489,623 11,344.064,857 250,000,202 +46-2 +21-0 5 days.... $2,266,918,747 466.725,769 «1,694. 065,059 309,652,601 -H2-2 +50-7 for week-. 42,733,644,516 $1,903,717,660 +43-6 5 days all cities, Total - $952,431,486 95,933,861 86,526.337 17,000,657 131,395,329 43.457,443 17.319.745 P. Cent. day all cities week covered by the above will be given next Saturday. "We cannot furnish them to-day, clearrags 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. The full details for the We present below our usual detailed figures for the previous TacomaHelena Fargo Sioux Falls Total Pacific , , Minneapolis Omaha , St. Paul St. Joseph.. Denver Des Moines Topeka Davenport Wichita. Colorado Springs-.... Cedar Rapids ... Pueblo Total other West'm Louis New Orleans St. Worth Birmingham iVeek ending 1905. New York Philadelphia... PittsburKh Baltimore Buffalo Washington.... Albany Rochester Scranton Syracuse WiImln«;ton Wilkes Barre-. WheeiinK„ BtnKhamton ... Greensburif.... Chester Erie , Reading Franklin, Pa.. Total Middle. 1004. $ 2.062,637.890 1,111,109.992 126,388,30:3 102,352,635 40.922, 17H 34,079,665 26.991,917 23,485,424 6,513,801 6,248,202 4.925.01! 3.74S,lo9 3.806.088 3,341.145 .S.296,761 2,428.315 1.632,000 1.600,000 1,290,713 1,176.066 1.143,210 1,080,365 848,315 782,626 887,582 647.307 441 000 387.800 307.620 373,026 372.9es 300.838 4«1,011 430,843 1,052,835 1,021,402 201,417 250..'H0O 2,284,138.714 1,205,013,200 March Inc. or Dec. 1903. RockKnoxville Charleston Little 18. 1902. Macon Chattanooga --85-6 1,318,576,102 1,385,677,307 --23-5 100,104,671 113,336.775 --20-1 54,997,fl5l'i 40,486.495 --14-9 21,665,77!) 21.105,158 +4-2 4,983.255 5,559.010 +31-4 3,851,468 4,000.384 +13-9 3,081,4:«J 2,735.062 +35-7 2,720,50.8 2,141,170 -|-2-0 1,468,787 1,591,80(. --9-7 1,053,935 1,371.372 --5-8 1,000.065 1,128,472 --7-8 801,887 890,622 +37-1 + 13-7 -17-5 —6-8 +10-0 663,361 381,500 400.42 304,063 461,605 Jacksonville Columbus, Ga. Total Southern Total all Outside New York. Winnipeg 6.-3.102 Halifax Ottawa. Quebec VancouverHamilton +31 4-76-4 1,526,480,846 1,580,091,533 4-7-8 +14-1 —2-6 +221 -28 +229 +1-3 —11-9 +29-8 —11-3 +15-7 4-iro +21-9 +76 +19-5 +2-5 +171 -1-11- +11-5 4-14-6 +55-6 4-44-8 -f4-7 -^12-2 77,17 tal. tal. 241,634,323 +164 241,128,568 231.413,777 31,143,674 6,630,176 4.080 000 2,670,74 3,238.438 2.415,232 2,083,261 540.945 451 ,034 +5-6 +21-9 +15-2 —20-6 30,662,944 6.659.667 4,089,291 2,521.157 3,306,85a 2.073,557 2.054.317 349,356 417,647 263,746 21,627,886 4.101.622 2.797.257 3.253,763 2.749,982 1.510.709 1,300,547 512,617 349,085 249,837 53.525.564 +150 62,398,565 38,451.305 22.643,376 16,051.775 8,525,704 20,007,292 14,783,006 7,690,547 -1-13-2 6,12.t.l54 5.001.104 4,106,485 2.441,142 1,241,193 018.976 968,788 1.081,043 17,627,960 12.157,380 7,620,586 5,690,127 5,146,450 4,136,176 2,394.832 1.311,104 1,398,036 708,249 424,328 17,546,721 11.247,617 7.685.140 4.921.558 4,573.351 4,347,734 2.048,856 1,517.185 1,490,758 906,287 578,691 650,000 162,233 121,761 272.05' 1,775.252 982,5"919.035 1,107.938 080,64^ 523,170 284,170 386.37 56.>^,50ti 425,.500 -f50 +24-2 -1-46-6 4-42-0 4-60 8 +8-6 +100 -6-1 —0-6 +53-6 +8-4 +43-0 -f-58-8 -5-1 +2-4 4-197 4-230 4-90-0 include d in to 8-25,100 148,890 Not a1. 72,785.737 65,207,094 +11-5 59,692,60^ 57,638,559 60,264,540 18,725,886 12,860,661 54.443,938 +10 43,184,785 13,517,961 10,328,420 6,071.804 4,073.500 3,366.292 3,015.671 3.141,115 2,800,324 2.469.445 1.622.530 1.664,687 1,826,020 1,127,040 872.310 1,152,169 1,172.879 761,000 734,852 333.029 50,926.991 11,708,617 9,791,361 5.800.000 2,839,000 4.066.115 2.414,774 3,591,070 2,329.175 1.692,644 1,876,453 1JJ90,753 1,470,687 +61-5 +50-1 4-330 -1-6 +13-8 +35-6 23,109,831 16,918.571 3,598.397 1.866,158 1,829.666 1.336,154 18,616,910 15,354,394 2,277.465 1,622,043 1.707.25a 1.710.160 877,255 6,983,2110 4,716,000 4,894,200 3,477,603 5.378.960 4,042,98' 3.1(^3.655 1.704,48:* 1,653,398 3,120,738 1.484,618 1,049,181 1,117,571 1.130.643 510.590 051 ,42.'I,0tl0,03i 206,080 22.54.'i,216 -16-9 10,695,047 5,628 861 4,024.000 +-i0 3 4,52,3,011 2.897,077 6.003,328 3,334,300 2.604.551 1,673,557 +8-2 +200 —11-3 +212 4-15-3 +10 1,459,7:^5 +13-3 1,565.925 1,127.720 1.113,503 078,654 1,230,740 4-99-3 4-31-7 l,052,0iJ0 856,550 050.395 376,124 120,140,540 ;.010.S72,290 1.918.560.549 138,41)5,354 918,234,391 -f24-l 4-17-2 807,390,55i —56 +14-2 -7-8 -51-5 -1-11-1 4-11-6 993,330 829,553 711.861 669,000 505,937 386.107 —45-2 +7-2 103,255,908 103,392.498 +56-9 2.125,488,030 2,158,660,200 +17-4 806,071,928 772,082,893 Canada— Montreal Toronto 335.800 327,859 335,920 -19-0 160,096,287 20,556,950 11,718,123 9,198,631 6,510,239 4.354,715 3,340,050 3.500.532 2,368,739 1,484,853 1,344,582 865,863 624,700 619,408 654.181 437.674 729.994 453,135 492.537 382,165 323,321 534,019 220,249 208.108 162.219 161,273 91.291 -1-5-7 32,903,952 8.084,647 5,700,34 2,694,123 4,881.754 2.979,185 3:054,154 772,484 725,328 216.262 2,647,62(5 Sioux City Fort Clearings at— 181.668,930 21,607,950 15,442,577 9,258,930 7,092,733 5,548.9"" 4,056,200 2,609,458 2,855,421 1,762,423 1,712.165 1,097,484 726,600 676,961 627,913 620,776 621,911 404,200 460,794 894,923 339,409 441,980 241,435 190.001 293,705 198,436 —1-5 +17-5 5,753,05<; , Spokane Augusta 17*4 per cent. 146.772,533 +241 +16 4 4.574,880 6.816.455 , Portland, week, covering the returns for the period ending with Satur- Louisville Houston day noon, March 18, and the results for the corresponding Galveston Richmondweek in 1904, 1903 and 1902 are also given. Contrasted with SavannahMemphis the week of 1904 the total for the whole country shows a gain Atlanta Nashville of 56 '9 per cent. Outside of New York the increase over 1904 Norfolk is 141.682,481 +21-6 -1-6 + 1-5 +370 62.012,236 Seattle Salt Lake city FYemont +28-5 1+6-4 +17'7 281,368,952 Kansas City cities, 5 cities, Total 1904. 130,554,237 6,089.900 2,420,284 1.527,593 1.348,097 1.556,036 1,120.836 928,215 505,309 378.087 343,949 Not Include din to 379 382 Not include d into San Francisco Los Angeles. TeleorapK —151 124.070.069 6,783,900 2,392.526 1.623,170 1.465.331 1,541.595 1,319.902 1,017.880 522,993 626,662 318.453 John. fjondon St. Victoria Total Canada 25, 789 565 15,907,514 10,,015 ,5ji0 5. 39« ,811 12,ti72,2)2 1.465, 163 2,,191 111 1,,622 Oil 4,058,135 1,480,514 1.926,1.v.; 1,1 OH, 187 1.173,811 1.048,852 +170 1,068,6.59 244 +0-4 871, ,007 867, 005 788,,7sti 743,570 775,189 548,640 173 891,805 856,301 888,411 60.441,800 41,594,845 1,,380 ,.545 1,,053, J 11-9 45-1 +45-3 816,633 682,985 591391 461.940 52,968.404 44.133,060. I THE CHRONICLE. 1140 months' prices have gained immensely without any decided set-back, and if with the apparent hitch in Pebru OHIOAGO STOCK MARKET. Our record Exchange for of the transactions on the Chicago Stock the week and year, which Chronicle, lar feature of the now is [Vol. lxxx. a regu- will he found to-day on page 1163. ary the idea gained any foothold that a set-back was dicated by present surroundings, those ago might be led little secure their profits now. to less confidence felt ance of low rates for THE FINANCIAL SITUATION. who bought with reference money has helped io- long Possibly a the continu- to to influence this action. The character of the advices with reference to peace Another depressing circumstance was the increasing week has doubt the early part of the week thrown around the set prospects has changed for neared its close. An Associated Press dispatch from St. tlement of the Eusso-Japanese war. The expressed Petersburg, dated March 23, and published here yester- determination of the Czar to continue the slaughter day, stated that the party within the Government which which has been in progress the past thirteen months, and is urging the Emperor to indicate to Japan Eussia's not to seek peace until Eussia was victorious, opened up the better as the end the war, if a reasonable basis can be a prospect of such another series of battles, each succeedreached, has been greatly encouraged in the last few ing one being more bloody than its predecessor, the very days, and an actual pacific proposal may be pending. suggestion of which is revolting and depressing. But willingness to War news encourages a much more promising hope. Marine, the Emperor's Ministers are said to be favorable Then there has been also the Venezuela difference with The dispatch further states that French our own Government which has been under discussion to this course. influences in the same direction are now being supported during the week, and has certainly had a part, though by German opinion, and it is said that the recent report probably a small part, as a disturbing influence in the This is because the smell of gunpowder that the Emperor William had tendered his good offices stock market. seems to be confirmed. We have written more fully on is an extremely nauseating dose to our people just now. And yet we should protest most earnestly against Japan the prospects of peace in a subsequent article. The only definite statement regarding the issue of a making a peace that did not ensure complete security With the exception Enssian internal loan March 23, of the is Ministers of and of the contained in a brief cable dated announcing that the amount against Eussian encroachments hereafter. be $100,- to is latest The report that Japan As the week closes, exchange has lessened will issue a loan for £30,000,000 in England and i^ew Tork is confirmed. Messrs. Kuhn, Loeb «& Co. state which fear we have GOOjOOOj it will be issued at 86. that they have taken for issue in this country one-half of against this new Japanese loan. The loan will bear 4J per cent appears the fear existing of closer money, referred to above as an influence What Stock Exchange values. in stability continued decline in foreigu the be an explanation of the almost continuous to 20 years, with the option of the decline in exchange since the middle of March is given Japanese Government to redeem all or any part after lower down in this report. The fall in rates has been five years, and will be secured by the revenues from the correctly attributed to relatively dearer money here than interest, will run for tobacco monopoly, which yield largely in amount required excess of the in Europe ; to the drawing of finance bills to take vantage of the higher money rates, through loans of the for the service of the loan. proceeds of these The effort to specify, item by item, at times like the jiresent the daily influences ad- affecting the stock market, bills; and to liberal change against securities bought Though all for offerings of ex- European account. these factors have, been operative, it seems them otherwise than in the broadest way, is that the purchase of securities has chiefly influenced the There are general principles, every market. Such purchases, however, have not been requite impracticable. one knows, of almost weekly application. Individual cent, for they are said to have been made while the securitieSj under every kind of circumstance may, of boom in our stock market, which reached its culminacourse, be moved up or down by specific facts changing tion a lortuight ago, was developing. Europeans who then bought American stocks sought the cheapest market the actual investment value of the property concerned lessened dividend and in certain for money in which to carry them, and until recently such as an enlarged or phases of the market may carry the body of prices Avith the Kew York market offered that advantage. When, however, monetary conditions were reversed them. Earnings of the railroads may be increasing or decreasing in a general way, and so imparting strength and the European centres became relatively more advanTlie commercial affairs of tageous for the carrying operation, the securities were or weakness to stock values. the country may be active and developing or slow and transferred abroad, loans here were canceled and excontracting, so that, taking a long view, all industrial change was drawn against the properties. Eelative moneor to state — affairs may wear an aspect of decided promise or real discouragement. tary conditions thus It is scarcely necessary for us to say that in each of these particulars the situation has continued on the up affected. While bills have fluctuated, and most of the time have shown a tendency to sag oft' in a small measure. We do not really know the reasons for the declines that have taken place. Market values are much higher than they were six dear rates for months ago and some are abnormally high bly be called top-heavy; but there are many possi- declines which from impelling cause for this New York to Europe, and only true that the drawing contributed to the weakness tageous the it is — the exchange and the money here made such drawings advanproceeds money market of — these incidentally affected not drawn in of finance the bills operations the in great volume, being in loaned finance bills They were movement. and therefore Avhen covering at maturity becomes in necessary tlie their operation can probably bo effected in such a way as to result in a One purpose will be to be said that the past six or eight reasonable prolit to the drawers. have occurred that cannot be accounted It is — might the through the process of transfer the exchange market was grade as heretofore, and yet values at the Exchange theory. became shifting of transactions for ou that MA^. THE CHRONICLE. 25, 1905. 1141 Mr. Eckels looks forward to the time rates for money shall he prevented Irom advancing to fig- when the country west of the Mississippi will become the ures which might exert a disturbing efiect upon the secu- section where the investor in securities is to be found. Furthermore, the results of these financial "The day has gone by when New England and the East rity markets. operations seem clearly to give assurance that interna- are the investors and loaners of money alone. Those served by them if, through the loaning of the proceeds, Pacific groups. monetary equilibrium can be restored with reason- who are taking so much wealth from tlie earth, now free able promptitude whenever conditions develop which from debt, are using that wealth with the conservative wisdom of the older sections, and from its use are gainmake such restoration necessary. ing the comforts and refinements of life which were Mr. James H. Eckels, President of the Commercial denied them during the years when everyone was a borNational Bank of Chicago, and lormerly Comptroller of rower instead of a lender." the Currency, recently wrote an interesting article on The reduction announced in telephone rates gives ^'The Financial Power of the New West," which is now Mr. Eckels cites some special interest to the annual report of the American reprinted in pamphlet form. striking figures in illustration of the gi'owth and devel- Telephone & Telegraph Co., which operates the Bell He system of lines, as distinguished from the lines operated opment of the western part of the United States. tional does not use term is the word "West" West" he means sense the Trans-Mississippi the territory west of the in generally employed here in the East. West, that He Mississippi Eiver. the that the By "The is, says upwards of $600,000,000 of bank deposits, is as much 'East' as 'West.' " To show the marvelous growth in financial power of the region west of the Mississippi Eiver, Mr. Eckels points out that that "already Chicago, with in the summer of 189S, at the time of the report of the Comptroller of the Currency for July 14, the by the so-called independent companies. Notwithstand- appearance of these independent companies on ing the the scene, the operations of the Bell system are being all the time extended, and the growth pace with this very few money that appreciate people is year Last extension of & service. amount the Doubtless of new going into the system from year to year. the Telephone the of business keeps money required Telegraph Co. by the American for the extension of its long lines and for investment in its operating companies was banks west of the river had outstanding $320,192,811 of obtained by the sale of $20,000,000 5 per cent coupon loans and discounts and they held individual deposits notes due May 1 1907 and secured by the company's 4 to the amount of $328,070,822, which sums were, respec- per cent collateral trust bonds to the amount of $25,- national 14 per cent and 16-4 per cent of all the loans and 000,000. The money required for like purposes for the discounts and all the individual deposits of national year 1905 is provided by the sale just consummated of banks in the United States. On November 10 1904 $25,000,000 4 per cent collateral trust bonds. It aptively, the banks west of the Mississippi had $747,679,980 of pears from the report that loans and discounts and $785,743,868 of individual de- the amount added to during the year 1904 total and real estate the by all the companies constituting the Bell system United States. In other words, the national banks west in the United States was $33,436,700. In 1903 of the river made gains of 133 per cent in loans and of the expenditures in this way wei^e $35,368,139 per cent in deposits, while the national banks in all 700, in 1902 $37,336,500, in 1901 $31,005,400, in the remainder of the country gained only Qj per cent in 1900 $31,619,100, making the grand total of expendiposits, or 19-8 loans and 72 per cent in deposits. The explanation wealth is of this simple enough. all tures upon these properties during the growth in financial power and 766,400. Last year the country west of It is pointed out that Mr. Eckels, produced 70 per ness the Mississippi, according to cent of construction and 21-2 per cent of the total for the wheat, 50 per cent of all the corn, 43 per during 1904 the exceeded year and that the number five years $168,* development that of of busi- any preceding of subscribers to the Bell 100 per cent greater than three the United States, and all the flax. This territory is the years ago. The number of exchange stations at the end great surplus producer of bread and food stuffs. It fur- of the year operated by the companies which constitute nishes not only practically the whole of our exports of the Bell system was 1,799,633, an increase of 274,466. cereals, but a very large proportion of the grain that In addition number there were 167,213 this to comes into commercial cliannels at all by being exchange and toll stations operated by companies contracts and shipped sub-license beyond the borders of under associations in or the State Adding also telephones. which it is grown. Bell of Besides this, the mineral making use output of the Western employed for private line purposes, the Bell country is very large. telephones Mr. Eckels notes that before the great miners' strike companies have a total of 2,003,213 stations. The miletemporarily curtailed the output, the West produced 80 age of wire for exchange and toll service at the end of million dollars of gold, and the silver yield, as is known, 1904 was 4,671,038 miles, of which 712,147 miles were cent of the oats and 80 per cent of the barley grown in system is practically added during the year. The capital stock of the Amerand of coal. Eeference might ican Telephone & Telegraph Co. is $158,661,800, of also be made to cattle-raising "the cattle that feed the which, however, $27,110,400 is held as a reserve and for East and England, and the swine and sheep that furnish the benefit of the treasury, leaving $131,551,400 outraw material for half a dozen new packing centers." Kor standing in the hands of the public. The company has should the great increase that has occurred in transporta- paid dividends each year from April 1000 to date at is also very large. To this should be added the produc- tion of copper, of iron tion facilities in —without ignored the — same which, part indeed, of the the country be progress made 7J per cent per annum; its predecessor, the American Bell Telephone Co., paid an equivalent or The company's earngreater rate from 1884 to 1900. the rate of would have been impossible. Of upward of 200,000 miles of railroad in the United States, about 45 per cent ings for 1904 were over 2 million dollars larger than for belongs to the Northwestern, the Southwestern and the 1903, the comparison being $18,546,050, against $16^ THE CHRONICLE 1142 [Vol. lxxx. There was almost a continuous decline in foreign exrevenue was $11,275,702 for 1904, The caU for the 7J per change each day this week and the market was unseitled against $10,564,665 for 1903. On Friday sight ex cent dividends was $9,799,117, leaving a surplus of and lower for all classes of bills. $1,476,584 on the operations of the year, of which $586,- change sold at rates within 30 points of the lowest since October 1904. Compared with the highest rates recorded 149 was carried to reserve and $890,435 to surplus. this year, which were on February 4, those for sight on 545,632; the net Friday were about two and a half cents per pound There was no change in official rates of discount hy sterling lower and compared with March 10, when the any of the European banks this week and unofficial or market first began to grow weak, a fall in sight of one open market rates were steady at the principal centres. and one-quarter cents per pound is indicated. As heretoLast week's statement of the N'ew York Associated fore stated, the market has been influenced by the relaBanks showed a loss of §7,430,900 cash, a decrease of tively higher rates for money here than abroad, which $5,241,900 in loans, of $13,227,700 in deposits and of encouraged the drawing of finance bills in order to em$4,123,975 in surplus reserve, to $5,154,175, the lowest ploy the proceeds in our money market, and also by offersince November 21 1903, when it was $3,911,350; pubings of security bills drawn against purchases of stocks lic deposits were reduced $1,481,200 through surrenders The for European account. Inasmuch as such purchases in response to the call which matured March 15. have not been readily traceable through the reports of bank statement of this week should reflect, among other arbitrage operations on the Stock Exchange, it has been items, the transfer through the Sub-Treasury of $150,supposed that large blocks of American securities must 000 to I^ew Orleans and of $100,000 to Cincinnati. have been placed in Europe by syndicates against which This marks the beginning of the spring movement of exchange has been drawn. To some extent this is a fact, currency to the interior for crop-planting purposes. and part of the Southern Pacific bonds which were It now appears, recently negotiated were so placed. Influenced by the low bank reserves, as indicated by however, that the securities against which the greater last week's statement, by more or less important losses part of the exchange which has come upon the market in by the banks to the Sub-Treasury, and by a movement of the last fortnight has been drawn were bought within currency to the interior, rates for money were firm this Instead of their being forwarded the past few months. week. Loans on call representing bankers' balances to Europe at the time of purchase, the securities were were at 3f per cent and at 2 per cent, averaging 3J per carried here for account of the purchasers, relatively cent; very little money, however, was loaned at the exlower rates for money in New York than those abroad treme Bank and rates. trust company loans were at advantageous. When relaMonday transactions making such an operation 3J per cent as the minimum. On tive monetary conditions first gave indications of a were at 3J per cent and at 2 per cent, with the majority about the 15th, the New On Tuesday loans were at 3^ per cent change, as was the case on or at 2i per cent. York bankers who were carrying these securities adand at 3 per cent, with the bulk of the business at 3^ per that higher interest rates must be On Wednesday transactions were at 3| per cent vised the owners cent. charged. Thereupon the owners decided to complete and at 3 per cent, with the majority at 3| per cent. stocks and cancel the loans thereon. On Thursday and on Friday loans were at 3J per cent payment for the The securities were shipped abroad and exchange drawn and at 3 per cent, with the bulk of the business at 3J per riods and per the for request 3.J Time cent. loans longer for than representing brokers cent appeared all to for be the shorter pe. against them, thus accounting for the hitherto unexplainBankers exable source of supply for such exchange. from press sixty cline, will continue to de- bonds will sale this probably contribute to the supply of amount of exchange. There are some expectations that, influenced by the pressure of bills, firm rates for money and a light demand for remittance, sight exchange but there was a good demand and more freely rates were 3|'2)4^ per cent ©5 market week to London investors of $10,000,000 4 per cent American Telephone & Telegraph ninety days and 3J per cent for four to six months; foreign exchange houses are reported to have loaned money Commercial paper was for three months at 3J per cent. dorsed the- under the influence of further offerings of security and the bills, days to six months on good mixed stock collateral, while other lenders named 3^'S)3J per cent for sixty to ofiered, the opinion that quoted institutions of maturity dates better in bills receivable, 4'S)4J for sixty to ninety this day en- may fall to lated at per cent for prime and 4J the gold-importing point, which 4 8525. It may is now calcu- be noted that offerings of which were liberal early in the downward movement of exchange, have perceptibly diminished this week, and it is thought that the volume emitted has not The market was chiefly influat any time been large. enced this week, as has also been the case recently, by finance per cent for good four to six months single names. The Bank of England minimum rate of discount remains unchanged at 2J per cent. The cable reports discounts of sixty to ninety day bank bills in London 2^ per cent. The open market rate at Paris is 2 per cent and bills, offerings of security bills, by expectations of continued and by a light inquiry for remitAccording firm rates for money Commercial bills against cotton were offered in tance. to our special cable from London, the Bank of England fairly liberal sums early in the week, and they subsegained £526,628 bullion during the week and held quently came forward in moderate amounts. The mar£40,293,197 at the close of the week. Our correspondket for Continental exchange has been quiet, and on ent further advises us that the gain was due to imports of Friday francs fell off in response to a decline in ex£393,000 (of which £8,000 from Bucharest and £385,change at Paris on London. Gold received at the Ous» 000 bought in the open market), to exports of £58,000 tom Ilonse during the week $802,119. (of which £50,000 to South America and £8,000 to Nominal rates for sterling exchange are 4 84J'S>4 85 Gibraltar), and to receipts of £192,000 net from the inRates for actfor sixty day and 4 80^'S)4 87 for sight. terior of Great Britain. nal busini'ss on Monday ^^ere 30 points lower all around at Berlin and Frankfort it is 2g'2)2^ per cent. ' II Mae. THE CHRONICLE. 25, 1905.1 — compared with those on Friday of last week ^long at 4 84'S)4 8410, short at 4 SG'S^ 8610 and cables at 4 8635® 4 8645. The market was weak and it so continued on Tuesday, when there was a fall of 10 points in long and short, the former to 4 8390'S)4 84 and the latter to 4 8590^4 86; cables were 15 points lower at 4 8625® On Wednesday the market was irregular and 4 8630. after opening heavy there was a partial rally and it closed 10 points higher for long, at 4 84®4 8410, and 5 points On for cables, at 4 8625® 4 8635; short was unchanged. Thursday the tone was weak, influenced by a pressure of security bills, and long fell 20 points, to 4 8380® 4 8390, short 25 points, to 4 8565® 4 8575 and cables 35 The tone was steady on points, to 4 8590®4 86. Friday, and while it was 10 points lower for long, short and cables were unchanged. The following shows daily posted rates for sterling exchange by some of the leading drawers. FACTS ABOUT STATE TAXATION, WORTH, CONSIBEBING. We MON., Fri.. Wed.. TUES., Brown GO days Brothers & Co. I Sight Baring, 5 60 days Magoun & Co ? Sight.. Bank British 5 60 days No. America.. (Sight.. Bank of 5 60 days Montreal {Sight.. Canadian Bank 5 60 days of Commerce. {Sight.. Heldelbacb.Ick- 5 60 days eibelmer&Co. } Sight Iiazard j 60 days Frereg {Sight.. Mercoants' Bk, 5 60 days of Canada. {SiBht .. 5 . . 85 87 85 87 85 87 85 87 85 85 87 85 87 85 87 85 87 85 4 87)^ 87 4 85 4 87 85 87 85 87 85 87 \lar. 22. 87 85 4 85 4 87 4 85}<^ 4 87)^ 4 85^ 4 87J^ 4H5]4 4 87;^ 4S5ii 4 85 4 87 4 85^ Thur., Mar. -^3. 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 87 85 84Vg 86>6 85 87 85 87 85 87 85 87 85 87 87 for The taxation. of Prolonged everywhere and this to logic stage. extravagance became the origin of the disposition to freer expenditures by every political organization National, State and — ' City. The General Government pace and the lesser set the municipalities have not been backward in sharing in Chief and earliest among army and navy and new lately a to do with public works Panama finally the more appropriations; extension of the pension it; it. enlarged items were the the had something list Canal, long a matter of contention, got to be an affair which Congress, urged no doubt by a popular wish, was easily led to take up. As the primary result of this general extravagance aided FRI.. Mar. 24. by a temporary depression A deficit. in — business — ^was a wholly natural secondary feature is Treasury found in the discussions about putting a duty on coffee and tea to cure the deficit which improving business has begun to wipe new Some out. urge, as an added taxes, the help they As we sions. would be reason for these our island posses- to look at the matter, the real reason for the shown the suggestion is another big surplus the added taxes would produce not to pay our debts with, but to spend. Our Congressmen and legislators are favor 80 J^ 85 87 85 87 engendered prosperity 84}^ 86^6 841^ 863 •87 subjects has brought affairs events 85 87 85 87 85 87 85 87 S414 new in devising 84!^ 86}i 84^ are at length nearing the point at which the gift in highest request in legislative circles will be ingenuity DAILY POSTED KATES FOE FOREIGN EXCHANGE. War. 17. Uar. 20. Mar. 21. 1143 — The market closed on Friday at 4 8370®4 8380 for much like the children we are bringing up to-day to be long, 4 8565®4 8575 for short and 4 8590®4 86 for the grown-ups soon whose chiefest "fun" is spending cables. Commercial on banks, 4 8330®4 8340, and — — documents payment, 4 82|®4 83f. for money. Cotton for pay- ment, 4 82f ®4 823, cotton for acceptance, 4 8340, and grain for payment, 4 83§®4 83|. Kew York Legislature, in devising Possibly likewise the 4 8330® its new method for getting needed funds requiring larger expenditures, had as for enterprises basic purpose its [ The to and from the interior to movements of money following gives the week's make the system by the l^ew York banks. special Week ending Mar. Ueceired by Shipped bv N. Y. Banks. S. Y. Banks. 24, 1905. Currency Gold $5,811,000 607.000 Total eold and legal tenderfl $4,557,000 690,000 *6.508.000 ?5,247.000 Net Interior Movement. the adopted for raising We taxes. charge that all of those commend is as in to follows. extravagance? Week ending Mar. Banks interior movemeat as above ... Bank 40,293,197 Knssla. 100,389,000 Is 829.758.000 31,297,000 Loss. $1,539,000 three quarters of the State do not feel the amount of bullion in it March Silver. Total. Gold. £ critical to for their Silver. 7otal, der, and and operation that the its rural taxpayers in burdens'? Is districts new the are extravagances laid to they engen- consequently meet, go £ 40,293,197 44,076,433 154,799,352 35,792,798 14,03.5.000 36,063,000 89,803,000 through 35,792,798 94,178,260 44,534,519 138,712,779 12,800,000 48,869,000 8.,291,000 the Legislature with but little or objection on the part of a considerable members 98,004,000 of both Houses. Aust.-Hun.t Spain 48,220,000 12,95:7.000 61,147,000 47,223,000 12,811,000 20,762,000 35,714.000 14,631.000 19,587,000 34,218,000 fore Italy 22,300,000 S.883,900 25.689,900 21,924.000 8,786,800 25,710.800 6,012,200 6,279,700 12,291,900 5,441,700 6,699,700 12,141,400 1,625.607 4,877,000 8,180,667 1,590,333 4,771,000 scrutiny' number of the find that here is there- conscientiously 3,251,833 We 60,034,000 14,952 000 Netherl'ds.. Nat. Belg.». Tot. week. Tot. orev The . :i88,253,649 109,41S,7UO 497,672,349 348,237,425 110,106,352 458,843.777 . 388.628.976 109.029.907 497,658,883 348.1 62,.580 109.104.281 457,266.861 division (between gold and silver) given in our table of coin m j | The Anstro-Hungarian Bank Statement Is now issued in Kronen and iieoerinstead of Gulden and Krontzer. The reduction ot the fonncr currency TO sterling A. was by considering the Gulden to have the value ot ,tU cents. As tne Krone has reaUy no greater value than 20 cents, our cable correspondent a very serious objection to this new system even if and intelligently used. It makes the passage of a bad law easier because there are so many legislators who vote on its i passaire who have none or few o ° among and pnllion the Bank of Germany and the Bank of Belglnm is made from the best estimate vre are able to obtain; in neither case is it claimed to he •ccnrate, a,8 those banks make no distinction in their weekly returns, merely reporting the total gold and sUver; but we beUeve the division we make is a close approximation. their constituencies affected by care whether any such tax little bill events, without settling how and hence have becomes a law or it , ' not. At t bydi^^SKSoKfTr^n^byl"^^^^ i have generally been the preventing extravagance? These special the class 24, 1904. £ .50,142,000 much 1 23, 1905. 6,329.000 106.718,000 face not a fact that the members of the Legislature who' come from £ 110.722,919 France Germany*.. 42,107.000 in carrying But does not the plan in be a means which decidedly aids it not a method for raising money not the result of the to which puts the new taxation wholly on the larger communities and virtually exempts the rural districts'? Is Holdings. taxes England.... its Gain. $1,261,000 2 800 000 T.onn £ankof Gold. who were foremost §5,247,000 26.050,000 The following table indicates the principal European banks. March Net Change in Banks. know and do not mean $6,508,000 23,250,000 Sub-Treasury operations Total gold and legal tenders Out of Into Banks. 24, 1905. to the endeavor. prove practice refer State revenue from all had any but the better motives it, Gain. $1,261,000 Sub-Treasury operations the result do not We easier. through this scheme, which had on Gain. $1,254,000 7.000 Gain. activity With extravagance legislative all method of running the , -- present shape State's finances the far this is finances of our new taxing chargeable with - Commonwealth^ THE CHRONICLE. 1144 have assumed, the Altogether, the disturbing fact less is study, close outside that a thoroughly reck- money of appropriating habit demands situation regardless tax amount, and afterwards^ under the pressure of the apresponding revenue, has become the custom. Or, to speak j sucli tax is levied is to drive that business out of the place where neighborhood where it is not taxed. New York has no ownership in, no hold or lien upon, the Stock Exchange business. Circumstances, each slight it is propriations, seeking objects for taxation yielding a cor- State limits; and as no most other States, the tendency and action of the in the of the [Vol. lxxx. taxed to a more exactly of the financial situation as a whole which in itself, tend to keep it here. The interest of the city confronts Governor Higgins at this moment, it appears and State is to build up, not to weaken, that tendency, that he has got to meet this year six million dollars of ap- We do not mean to state what would be the full propriations more than the State Treasury, as our laws now or exact outcome of the tax, immediate or remote. Hence, the Legis- Any one can see that the facilities for the exchange ature, before it adjourns, must devise a tax or taxes which of securities would be materially lessened. Its action If it does not, would not end in a day or in a year. will furnish that amount of money. All we knov/ stand, will have revenue to pay it with. i ; j report says Mr. Higgins has stated that he will not sign the appropriation is bills, and in that decision the ; Governor is it, a dilemma means that of no little dimensions and new system Seriousness. It taxation influence and tendency would be to its lessen the business of the Stock certainly right. Here, then, definitely is that and the capital used business so of State where in the Exchange, and to drive Exchange portion of the some other occupation, or out of taxed to a city where it is not taxed. lost, into thia be continued, the Legislature is to this if some subject for produce enough revenue to meet closing days find In other tion is of the done tions of be at words, in no each when a hurry, must study up all familiar, the in remaining, little difficulty, the years ot easily secured por- economic ques- with which he is not likely to and discover and decide upon some tax way its short everything or taxes which will produce the needed funds. ber that in this Remem- the system has been working during existence. At it is first THE PBOSPJEGT OF PEACE. extravagances. its legislator session city must in its taxation which will the devices were i i ' Such definite news as has come from St. Petersburg this week has hardly foreshadowed success to the stubborn war party. great fall in Russian bonds on the Eussian Bourse semi-official announcements that, to support an unpopular war, new taxes on beer, matches and incomes must be imposed; collision between the soldiers and the people in the Government's efforts at conscription of men and forced levies of horses publica- A 5 ; because they were numerous and offered tion in Eussian newspapers of details of the speculations Korean lands, to help along selections would. This has been going on now for which the Eastern war was incurred this is not the several years, and each year every department of the material which will bring support to a belligerent gov* people's industries and methods of doing business have ernment. been plowed over to find a subject for a new tax until Perhaps all this would be offset by actual indications the field is exhausted. The proposals for such taxation that a chance for a turn in the fortunes of Avar existed. now before the Legislature show of themselves the utter But there has rarely been an occasion in international barrenness of even the power of invention to disclose a war when declarations that the contest would not be subject to meet the needs of the hour. We pointed out last week ended, sounded so hollow. With these conditions confronting the State, the Leg- the particular reason why it was difficult to take seriislature is about to undertake the business of providing ously the assertion of the Czar and his courtiers that the the required relief. As already stated, subjects for war could be carried on indefinitely. During the week taxation have been reported and are now before it. which has elapsed, all indications have gone to show how They are all matters which affect immense inter- immense and probably insuperable are the difficulties ests; they call for a high order of intelligence which would lie in the way of resuming the Manchurian to deal with them; and no person without a proper campaign with any hope of eventual success. One of amount of time at his command, enabling him to the later announcements of the week probably a result become acquainted with the facts and conditions to be of the return of Eussian experts who have been examaffected, ought to presume to act upon them. We need ing the Siberian Eailway is to the effect that all ideas mention but one, and that only briefly. It is the of double-tracking that line must be abandoned, since proposed tax of two dollars on the sale of each one hun- the necessary repairs to make the railway practicable dred shares of stock at the New York Stock Exchange. for the service required of it will use up the funds de^ We have not room to discuss the subject. That is not voted to the purpos e. our object on this occasion. Our purpose is only to show At the same time have come, as was to be expected, that the Legislature could not have subjects affecting reports of the difficulty which the recruiting officers were wider interests, involving more serious possibilities of encountering, notably in the outlying districts, such as harm to the finances of the country, to act upon, than Poland, which are not bound to Eussia by any ties of those it is proposing to handle in the remnant of the hereditary loyalty. What private advices have come highly fruitful sources of revenue as naturally the first of Government officers in — — — session left for their consideration. body lays a tax on the greatest because machine it so far excels all —we When a legislative might almost say, other like bodies, the only for the conversion of the securities of the coun- from Gen. Linevitch at the front only conjecture; but it is to the Czar one can when such an army has perfectly safe to say that each successive step in the retreat of been marked by wholesale loss or destruction of the supplies colloctcid to feed that army during the balance of money, and vice versa, it becomes it to hesitate, lest it cripple in some degree the facilities which such the season, the situation of the army on its way to Hara body aflords. bin is not such as to give any hope of the resumption of Now York tax on a certain class of acts in this offensive campaigning. There has, indeed, existed all city is an impost which cannot of course be collected along the possibility that the Japanese, after cooping try into A Mae. THE CHRONICLE. 25, 1905.] Harbin might, by executing one of their swinging movements to the northward, cut ofi the railway between that city and Russia an achievement which could scarcely be frustrated by the troops now at the Russian Government's disposal, and which, if accomplished, would shut off effectively the avenue of further supplies for the Manchurian army. up their antagonists in — from advices Yesterday's St. Petersburg clearly re- There fact is in the present instance something to say of that in Russia's been have so to by ficially do 1145 particularly an extent which interests its securities sustained arti; were compelled financial own their for so case great the safety, tc that return of peace with the return of investment confidence in other quarters might, as in the case of England May realize 1902, result chiefly in an effort to aftei on the which had been held so long and at such a This, however, in our judgment, is but a minoi Intimations, so the story ran, had come from Linevitch cost. to the effect that Harbin might not be safe as a perma- consideration as compared with the very large problems nent point of resistance, since 200,000 more men were constantly involved in this Eastern war with the nevei needed for effective resistance to Oyama's army. At ending possibility of European complications when eacb Vladivostock such a stand was possible, but on the pre- of the two belligerents had a treaty among the neutral It has seemed to us that the repeated supposition that two years' stores should be first accumu- European States. lated. Who imagines that the railway could bring in season precautions taken by the Continental money markets, either the men or the supplies thus asked for, or that the the accumulation of gold at the French and German Japanese blockade of Vladivostock on the sea can now banks, often through ofler of special inducements, have be broken. been at least in part a measure of the feeling of appreWe have not mentioned in this recital of facts going hension which could not disappear so long as the war Were this feeling to be removed, it is to show the hopelessness of further warfare the attitude continued. of the French banking community. There is undoubt- scarcely conceivable that European finance and industry edly much force in the argument quoted from the would not again move freely and hopefully. Russian financiers that, at a price, they could place their bonds in any strong European market. But Russia LAST YEAR'S SHRINKAGE IN STEEL has other matters to consider than the mere fact of flected that city's raising money to uneasy feeling in these very matters. complete its present campaigns. As markets, view it must have a greatest European money to ensuring itself in retention of the view that the action In our issue of February 18 we reviewed the figures of Bessemer steel production for the late calendar year and commented on the great shrinkage in the production of and consumption of steel which these figures showed to careful eye to the future, with a the French financial community. of CON SUMPTION. a chronic borrower who, in the past, has been virtually turned out of two of the securities of the It is good from offices this point Paris bankers, to which have occurred in 1901. We pointed out, however, that we the Bessemer product no longer constituted such a prewas a most formidable and ominous ponderating proportion of the total output of steel as incident for Russia. Even if, at very inviting formerly, and that therefore until the statistics regarding terms, the French bankers take a new Russian the make of steel by the open-hearth process (which had loan, who is to say what eflfect the low valuation been increasing in a very noteworthy way in recent will have on the older bonds in French invest- years) became available, it would not be possible to speak ors' hands? When it is added that vfrtually all definitely or accurately on the point of curtailment ol referred last week, 0^ the statesmen in the Imperial Council whose advice consumption. Mr. James M. Swank, the General Manhave been of any value in the past have ager of the Iron & Steel Association, has since then joined this week in recommending peace on the best completed his compilation dealing with the output oi terms obtainable; when there is no doubt that the open-hearth steel, and the results confirm the conclusions French Government has tentatively given similar counsel, reached in our earlier article. Aggregate steel consumption and when a well defined and not at all improbable was decreased in a very marked degree. And this falling rumor credits Emperor William of Germany with off, together with the revival of confidence and the rehaving personally advised his infatuated relative at St. covery in general business which subsequently occurred, or labors to draw out of the conflict before it is too explains the great activity and urgent demand in the and before a city on Russian soil has capitulated, iron and steel industry that developed towards the close the situation would certainly seem to be one in which of 1904 and have continued to gain headway ever sine© the yielding of the stubborn war party was merely a then. Petersburg late, question of time. Whether war As far as concerns the open-hearth figures consid- ended at once, as this week's dis- ered by themselves, they reveal the same tendency as patches have suggested, or whether it drags on for such the statistics for this class of steel for previous years. more will the is or less limited period as the make ground peace. possible to Manchurian armament Wonderful development has occurred in this department the Czar, there is at any rate fafr of the steel industry within the last decade. Even in a moment chances favor A highly interesting question, much mooted now on for believing that at the the English and continental markets, is what will follow in the financial market after a peace announcement. few years ago the answer would quite unanimously have A year of such unfavorable the output conditions as 1904, growth in was maintained, although the further increase was very small offset to the — loss so small in the as to count for little as an, production of Bessemer steeL The product of open-hearth steel in 1904 was 5,907,been given that a great revival in finance and industry GG6 tons, which compares with 5,829,911 tons in 1903J would ensue. The experience of 1902, however, when 5,087,729 tons in 1902, 4,656,309 tons in 1901 and only return to peace after the Transvaal War was followed 2,947,316 tons in 1899. In 1895 the aggregate had by a prolonged period of stagnation in the markets been only 1,137,182 tons, and prior to that year the total chiefly interested, has somewhat shaken belief in the had never in any one year reached a million tons. The necessary recovery as a result of the ending of a war. record by years back to 1893 is shown in the followingo THE CHRONICLE. 1146 Tear. Tons. 737,89u 784,936 1893 1894 1895 1897 1898 1899 1900 1,608.671 2.280,292 2.947,816 3,398,136 1.187,182 1,298,700 ^{l»6 Tear. Ton$. 1901 1902 1903 4,656,809 6,687,729 1904 .5,907,666 5.fi29,911 Wliile the open-hearth product has thus been steadily rising, the Bessemer output, at least during the last two Only 7,859,140 of the peculiar state of things which had developed in the latter part of 1903 ound themselves suddenly confronted with a situation where they could no longer float new obligations even companies with exceptional credit finding it difl&cult to — place Bessemer ingots and castings were produced in 1904, against 8,592,829 tons in 1903 and 9,138,363 tons in 1902. Even in 1901 the Bessemer plants had turned out 8,713,202 tons of steel. The losses here shown do not indicate a displacement to that extent of Bessemer steel by open hearth steel, but rather reflect the unfavorable conditions prevailing under which the aggregate consumption of steel was greatly reduced, and particularly the consumption of those articles and classes of inished steel in the manufacture of which Bessemer steel is used. For instance, there was a very large contraction in 1904 in the output of rails, and rails in this country are almost exclusively made out of Bessemer steel. In the table below we show both the Bessemer *nd the open-hearth product, and also the aggregate The railroads the railroad world. tons years, has been heavily declining. lxxx This great shrinkage followed directly as a consequence OrEM-HEABTH STEEL PKODUCTION. T<m*. tear. [Vol. new loans. The income outlook for the railroads, of that time, and hence managers were obliged to curtail their outlays in every direction, and curtailment of the purchases of rails was one of the ways in which economy was enforced. But all this has again been changed, market values of stocks and bonds, which during 1903 had shrunk in such an amazing way as to create an actual feeling of disquietude, having in 1904 completely recovered, and a very material and noteworthy advance in prices having been established. There is, hence, no difficulty now in finding a market for railroad securities, and as returns of earnings are once more improving, railroad managers are making up for lost time in carrying out improvement* and in doing needed new work. As through the publication last week of the annual remake of steel for each of the last six years. port of the United States Steel Corporation we have the STEEL PRODUCTION IN UNITED STATES IN GROSS TONS. Bessemer OpenCalendar Ml Other Total Ingots figures showing that company's output of various articles Tear, Steel. Hearth. Steel. and Castings. of iron and steel, it will be interesting to see what 2,947,316 106.187 10,639,857 1899 7,586,354 1900 105,424 10,188,329 changes occurred under the conditions which prevailed 6,684,770 3,398,135 1901 8,713,302 103,984 13,473,595 in 1904 in the Steel Corporation's proportions of the 4,656,309 1902 121,158 14,947,250 9,138,363 5,637,7-9 In 1903 5,829,911 112,238 14,534,978 total output of iron and steel in the United States. 8,592,829 •112,000 il9i>4 7,859,140 5,907,666 13,878,806 the table we now give we show the country's total pro• No data for 1904; taken same as previous year. duction for each of the last three years and the portion The important fact disclosed by the foregoing is that of the same contributed by the Steel Corporation in the too, did not appear very rosy at railroad c altogether only 13,878,806 the United States in of steel Avere tons 1904, against 14,534,978 made in tons in 1903 and 14,947,250 tons in 1902. In other words, we have here a decrease of 656,172 tons as compared with 1903 and of 1,068,444 tons as compared with 1902. The significance of this when things it is in remembered that country this is be appreciated will falling off normal condition of the one of continuous growth. Obviously conditions the last half of 1903 and nearly Ihe whole of 1904 were not normal but just the reverse. Hence, instead of expansion there was contraction. But even this does not indicate the full extent of the change which occurred. In the earlier of the three years the home product had to be supplemented by large imports. In 1904, instead of large imports, there were large ex- Making allowance ports. ternal was for this movement, the shrinkage really very much in home consumption In our the result article of February 18 would be with allowance the changes in the external currents in produce this table here with some for the case of one important finished steel product, namely made the ex- greater than that indicated by the decrease in production. we showed what alteration in rails. trifling "We re- alterations necessary by the receipt of later returns. 1904. 2,084,438 1903. 2,873,228 1902. 2,876,293 200,323 119,249 71,640 Total production Imports, Iron and steel 2,284.761 37,776 2,992,477 95,555 2,947,933 63,522 Exports, iron and steel 2,322,537 416,250 3.088,032 30,837 3,011,455 67,666 rails Otlier rails, iron and steel Bessemer —pig and Bessemer steel iron, open-hearth steel, rails. Iron Production— 1902. 1904. 1903. 17,821,307 Wliole country 18,009,252 16,497.033 U.S. Steel proport'n.. 7,369,421(45%) 7,279.241(40%) 7,975,530(45%) Open-hearth Steel— 5,637,729 Wliole country 5,829,911 5,907,066 2,978.399(50%) 2,976,300(51%) 2,984,708(529^ U. S. Steel Bessemer Steel 9,138,363 8,592,829 Whole country 7,859,140 U.S. Steel 5,427,979 (6£%) 6,191,660(72%) 6,759,210(74%) Bessemer Sails— 2,947,933 Wholecountry 2,992,477 2,284,781 1,212,643(54%) 1,934,315(65%) 1,920,786(65%) U.S. Steel — The changes revealed in this comparison are on the The whole in accord with current knowledge. Corporation actually made more iron in Steel 1904 than in 1903, notwithstanding the decrease in the country's total iron production of over 1^ million tons ; and its propor- which in 1903 had fallen from 45 per 40 per cent, again moved up to 45. This is what tion of the total, cent to would be expected. The Steel Corporation does not make enough iron to supply its own needs and when these needs diminish, as natural that should favor it they did in its own 1904, plants it furnaces. only rather than The comparison as to steel Almost the whole of the decidedly noteworthy. outside is rails is loss in output fell on the Steel Corporation, with the result that KAIL PEODLCTION. Bessemer case of four leading items had only 54 per cent of the rail output of the year, lu other agaiust (io per cent in both 1903 and in 1902. words, while the total make of Bessemer rails fell from it 2,284,761 tons in 1904, the portion of the same furnished by the Steel Corporation If the dropped from 1,934,315 tons to 1,242,646 tons. 2,992,477 tons in 1903 to from the 3,057,195 2,943,789 Steel Corporation's contribution bo deducted Home consumption 1,906,287 iudepeudeut steel Thus the home consumption of rails in 1904 was only total production of Bessemer rails, the tons ot steel 1,906,287 tons, agains 3,057,195 tons in 1903 and 2,943,- compauies are seen to have made 1,042,115 789 tons in 1902. In brief, the decrease as compared in 1904, agaiust 1,058,162 tons in 1903 and 1,027,147 with either one of the two years preceding was considera- tons in 1902 showing scarcely any change at all in tlie — bly over a inillion tons — a shrinkage of fully one-thiid. output of rails by these compauies. Mae. But the Steel THE CHRONICLE. 25, 1905.] if Corporation shrinkage in the demand for ought it to The 691,669 trade. Steel Corporation 1904 liability is reserve. It is premiums to be hereafter received on the policies, and all being improved at a given interest rate, will suffice to meet these policy contracts one by one as they mature. This required sum now in hand is the reserve. It is present revival in the the tons loss in rails sustained by the in The great bulk of assets. by parity of reasoning assumed that a given sum now in hand, together with rails, gain most from most from the suffered 1147 at the quoted price for rails had a money value of over 19 million dollars (and the profit on rails is presumably considerable), true that there is a value in the age and reputation ao« which shows for how much the improvement in this one quired, also that any sound company has a recuperaitem alone will account. The company's proportion of tive power which would probably carry it through, even $28 a ton, j I i the Bessemer steel declined, having output also been if this reserve were somewhat impaired, provided public 1903 confidence were not disturbed; yet reputation and recupand 74 per cent for 1902; but this reduction was inevita- erative power are not taken into account. The required With its sum now in hand is subject to exact mathematical calcuble with the reduction in the make of rails. only 69 per cent for 1904, against 72 per cent for i output reduced over one-third, the amount needed of rail out of which ingots the rails are manufactured show very alteration, the Steel Cor- little 50 per cent of the country's poration having produced and if it is not present there a legal or techni- is cal impairment. In the case of open-hearth course coincidently reduced. steel the ratios was of lation, Ordinarily, corporate surplus over and above every is obligation to the public, and therefore belongs to the it stockholders as excess value upon their stock. In life output of open-hearth steel in 1904, 51 per cent in 1903 insurance, everything belongs to the members, for the and comparative 52 per cent in 1902. trifle sidered in this TEIJ The EQUITABLE LIFE contest over the manner a week by a vote close this OASE. company was brought amend so to is theirs, with simply assets which the not legally and mathematically required to the rest of the assets, for of electing directors in the Equitable Life Assurance Society of the capital stock need not be con- connection; the surplus to the charter as have. is it is Surplus does not exist in usual understanding of the term ; life insurance, in the that a misnomer, is to allow participation used in the lack of a more accurate term, and it has some misleading effect. Formerly this excess fund was will given in the State reports as by policy-holders. Policy-holders consequently have the right to annually choose seven directors against six by the stockholders, and four '^ gross divisible surplus j" 1898 the Mutual Life gave it in two items as " contingent guaranty fund" and "divisible surplus," the plete change in the composition of the majority of the 52 latter meaning what it was assumed could be safely members, if it is assumed that participation by policy- divided very soon ; the New York Life avoids the term, holders will effect such change. But inasmuch as there using the more correct expression "reserve to provide is no real antagonism of interest between the stock and dividends ;" but the present term used generally in the the company and no issue has been or is likely to be raised reports is " unassigned funds (surplus)." upon which policy-holders will feel concerned, the whole Thus we see that "dividend" and "surplus" are un- years will be required in order to agitation will probably end in make resort possible a the proxy and to the nominal participation by policy-holders that has long prevailed in other companies. It may effects be well to point out that for any undesirable which may be supposed to in com- proceed from the exist- fortunate terms in life insurance use because they con-' vey an inaccurate impression; neither should have been used, and both should be abandoned for language less liable to mislead. Surplus, strictly speaking, applicable for division, or unassigned funds; is reserves an un-| The reason why it has grown to such responsible. By the general law enacted in 1853, before proportions, amounting in some companies to as much as the Equitable was organized, a guaranty capital was re- one-fifth of assets, is that the risks written have been ence of capital stock in life insurance the State is it is divided interest. [ quired as a protection against loss to the first or earliest so largely of the "deferred" class, no return being and the law to that effect still made to living policy-holders until the close of a "term" two companies in the State with- of years, usually fifteen or twenty. The morality and out capital stock, and none can now be organized Avith- expediency of this plan we need not now discuss. Necesout it. Companies are "mixed," and the mode of elect- sarily, it piles up vast accumulations temporarily; but if lot of policy-holders, stands; there are only ing trustees depends on the provisions of the charter in each case. better way for bridging over the early years of a company might have been provided; yet there and has not been trouble in practice on this account. agreed seem to be clearly an unwarranted interference A The assets agitation now has arisen because the Equitable's and surplus are amount large. But the demand of surplus shall be sepa rately stated and that investment shall be specified, item by item, sible case, and is exist. liabilities; it it is is It is only the excess of not one dollar of assets non-identifiable. also a material misapprehension in the current discussions about the nature of surplus in life insurance. Life insurance surplus is peculiar. The obligations of life insurance are future to all propositions to compel a division before the time with freedom of contract. Concerning the possible dangers of the great size of single companies, as to which there is undoubtedly some apprehension, we wrote last week. But it is not at all certain that these accumulations are to go on increasing is already stated in every cannot be specifically invested, because it rather than another ; ing their at over There impos- when they make it does not specifically assets is its it amount of surplus the ; that the the insured voluntarily choose contracts, that seems to be within their right of choice, and contingent, amountas much as ten or even twenty times the present any such rate as the past has shown. The terms of these contracts are successively expiring, and successive must be made, according to contract. If the original estimates and expectations are realized, the amounts distributed will be the larger; but those who disdivisions approve of the deferred-distribution plan are certain that there will be a heavy falling off from those expectations. may be so, and in some measure the results thus have been below those claimed and expected^ to the. This far THE CHRONICLE. 1148 extent that plan is iiself so there will be disappointment. is it on terminative of As The is such a large carrier of anthracite, and a few years more must be de- some may possibly think If the results are ample, the accum- for the freight it moves. it. down by re-distribution; if the results For 1904 low. are not satisfactory, there will inevitably be a reaction though a towards the old plan of annual distribution, which plan, It will, indeed, already shows signs of resuming In any event, therefore, there more importance. a natural compensatory is little it receives high average rates On the contrary, it seems no cause to us that there is for the average realized per ton per mile, was only 6*75 better than for 1903, no doubt, be a surprise, company has developed a high too, is mills. hear that the to train-load. During 1904 made to the average, a further addition of 27 tons was admitted, rates are its bringing the train-load up to 420 tons, which, principle at work. the whole cDmpany the trial, ulations will be kept On [Vol. lxxx. will be it a very satisfactory figure for a company like who have been indulging in the Delaware & Hudson. forebodings some of whom have even made the strange In reviewing the annual report of the Delaware Lack"the only way out of it is Government awanna & Western, we called attention to the criticism suggestion that ownership of the life insurance business" underrate by President Truesdale of that company of the proposed Having rate legislation by Congress adverse to railroad interests. the common sense of the American people. gone largely into what may be called a pooling plan of President Willcox, of the Delaware & Hudson Comapprehension, and that those — — life insurance savings, they will not allow themselves to be injured by it; for they will judge it by its results; pany, also deems pertinent to it refer to this subject. The chief executive of a company which devotes all its abandon earnings above the requirements for 7 per cent dividends But the life insurance principle, and the public ad- on its shares to improvements and additions, with the it. cheapening view of improving the service and herence to it, are not in the slightest danger. and gradually those do not satisfy they will if the DELAWARE & HUDSON EEPOBT. of cost transportation evidently entitled to to its patrons, be heard with reference to is any- which attracts attention in the present thing threatening railroad interests in general. Mr. report of the Delaware & Hudson Company is that it is Willcox made some admirable arguments before Conthe seventy-fifth annual report issued by the company. gress against the proposed measures, and his discussion This shows what a long history the company has had, of the matter in the present report is equally telling and The company convincing. He points out that the Delaware Ss Hudson, its charter in fact dating back to 1823. The first fact ranks with those that have had an extended period of in prosperity; and the results disclosed evident that this record of prosperity is After large allowances unimpaired. 1904 make for it common with the railway companies of the country generally, has no desire that rebates, secret rate-cutting or being maintained unjust discrimination or undue or unreasonable preferSuch pracfor depreciation, ences in railway service shall be tolerated. by existing statutes, and, as the property, a surplus remained on the operations of the Inter-State Commerce Commission stated in its last If anything furtwelve months in the sum of $4,452,522 equal to over annual report, have practically ceased. sinking funds and for betterments and additions to the tices are prohibited — 11 per cent on the average amount of stock outstanding ther can be devised in the direction of their suppression during the year. As only 7 per cent dividends are be- it will undoubtedly have the earnest support of the rail* ing paid, the Out of purpose was but $2,756,162. call for that the balance remaining $1,500,000 was credited roads of the country. As Mr. Willcox well says, the Esch-Townsend bill account of mining plant and the rest credited to has no bearing whatever upon such practices and no The present statutes prohibit connection therewith. profit and loss. Betterments and additions to the property for the unreasonable rates and fully empower the Inter-State to the addition by reason year aggregated $2,465,243, but no of the same was made to capital account. The total of Commerce Commission to enforce that prohibition. As a matter of fact, substantially no cases of unreasonable twelve rates have been established since the Commission was The Esch-Townsend bill goes further than months to both operating expenses and profit and loss created. was no less than $5,807,444. It may be recalled that merely attempting to secure reasonableness of rates. Its the betterment and depreciation charges for the in 1899 the stockholders voted to set aside every year, as provisions take the ultimate rate-making power from the the a sinking fund to retire stock and bonds and guaranteed officials who represent the interests identified with power in one central securities, an amount equal to at least 5 cents per ton of respective properties and vest that Out of the fund thus created, $417,100 of governmental board, having no responsibility for the coal sold. was purchased and canceled during the year. The results of operation. Mr. Willcox is certainly justified company also paid off $585,000 of debentures. Alto- in saying that such a movement concerns most seriously prosperity and continued gether, therefore, the capitalization of the property was all who are interested in the diminished during 1904 by payments on account thereof development of the railways whether as employees, amounting to the sura of $1,002,100. The stock being security-holders, shippers, residents of the respective manufacturers of, or dealersi at a premium, the $417,100 purchased cost $009,002. localities which they serve, stock — On the other stockholders at new stock sold to premium of $2,348,763. hand, the $7,000,000 135 yielded a in, railway materials, &c., &c. What such legislation would mean can be perceived would place railroad income under whose chief ing bonds and debentures of the New York & Canada full control of a board of public officials asserting Kailway Co. amounting to $5,000,000 were paid, as also function would naturally be to satisfy those obvious tendency $200,000 outstanding bonds of the Chateaugay Kailway, claims against such income. The the railway properbesides the expense of standard-gauging the Chateaugay would be to cut down the income of & Lake Placid Ky., amounting to $2,005,778. The rest ties so as to affect injuriously their value and to impair From the proceeds of this $7,000,000 sale the of the proceeds were the company. used for the general outstand- purposes of readily enough. It the ability of the companies to continue liberal disburse- ments tor wages and material and for maintainmg and Mak. THE CHRONICLE. 25, 1905.] increasing efficiency of the would UA9 —Mr. Charles L. Robinson, Vice-President of the Guardian Trust Company, formerly with the National Bink of ComMr. been elected a director of the Chelsea Eschange of rate-making from those who are constantly studying merce, has The Oriental Bank, now the Clearing Bank for the Bank. the necessities for development of the respective regions Chelsea Exchange Bank, handles also the active account of which they serve to an official board which in view of the Guardian Trust Company, Mr. Jones, President of the the vastness of its duties could not possibly be as well Oriental Bank, being a member of the Board of the Gaarinformed or as efficient. From every standpoint, there- dian Trust Company. This makes a very close connestion between these three institutions. fore, such legislation would be detrimental to the interJustice Bischoff, In the Supreme Court on Thursday, President Willest of security-holders and the public. granted the icjnnction asked for by Wm. A. Read, restraincox is to be commended for attempting to arouse se- ing his former partners in the banking firm of Vermilye & curity-holders of the company and for suggesting action Co. from using the firm name after the partnership is wound up at the close of this month. The Court said: "While it Is on their part to avert the threatened harm. my conclusion that the plaintiff cannot eventually suoceed upon his prayer for a sale of the firm name to the highest ITEMS ABOUT BANKS. BANKERS AND TRUST GO'S. bidder, still an injunction should issue to prevent the de. —The public sales of bank stocks this week aggregate 265 fendants' unauthorized use of the name as against the plaint* shares, of which 114 shares were sold at the Stock Exchange iff after this partnership comes to an end." and 151 shares at anotion. The transactions in trust com—Simultaneous with the announcement this week that conpany stocks reach a total of 142 shares. The Stock Exchange trol of the Union Bank of Brooklyn had bsen secured by transactions were all in the stock of one bank, the National President David A. Sullivan, of the Stuy vesant Bank of that Bank of Commerce, while the total of 151 shares sold at auc- borough, came the further information that the two institution was made np of small lots of the stock of eleven differ- tions would consolidate under the name of the Uaion Bank, ent banks. Twenty-five shares of stock of the Van Norden with the presdut Stuyvesant Bank and its branches continued Trust Co. were sold at 290, an advance of 55 points over the as branches. Each bank has a capital of $330,030. The price price paid at the last previous sale in January. paid for the control of the Union, it is stated, was {^15 per service. It also, as Willcox so pertinently observes, transfer the function — BuxKa—New 4BowervBank Mharts. loric. ; 4 Citizens' Central Nat. Bank..., *114 Commeroe, Nat. Bank of Price. 33014 leT^a 225-227 156 10 Consolidated Nat. Bank 420i«-421i6 20 Gallatin Nat. Bank 165ia 4 German-Amerloan Bank 245 8 Qreenwloli Bank 280 10 Irving National Bank 28 Merchants' Exch. Nat. Bank.. 176 280Se 11 Mercantile Nat. Bank 221 5 Mount Morris Bank 50 New York, N. B. A., Bank of... 320i« Tkdst Companies—-Yew Tork. 35214 18 City Trust Co 680 60 Equitable Trust Oo 51 Metropolitan Trust Co 639%-6i5 1600 1 Union Trust Co 26 Van Norden Trust Go 290 * La$t previout sale. Jan. 1905— 365 June 1904— 146 Mar. 1906— 228 Nov. 1904- 145ifl 1905— Oct 1904— Jan. 1905— Feb. 1905— Feb. 1905— Feb. 1905— Apr. 1904— Feb. 1905— Feb. 417i« 161k 291 268 175 280 214 318% Jan. 1903— 400 Mar. 1905— 645J« Feb. 1905— 64014 Mar. 1905— 1510 Jan. 1905— 235 Sold at the Stock Exchange. & —The Title Guarantee Trust Company of this city has a quarterly dividend of 4 per cent, payable March declared 81, increasing the rate of distribution from 12 per cent to 16 per cent per annum. share, or about 50 points over the present market price. reported, has been sebagaa business in May, 1903, Fully two-thirds of the stock, it is The Sfcuyvesant Bank with |100,OCO capital. The amount was increased cured. to |300,000 In July, 1903. —A neat little book pertinent to the functions and facilithe Fifth Avenue Trust Company of this city has oome to us from that institution. The brochure Is deserving of mention for the good taste displayed in its design, as also for the information it contains. The major portion of its pages is devoted to a digest, prepared by the attorneys of the institution, of the laws governing ''The Inheritance and Distribution of the Property of Decedents." This will be found very convenient for ready reference. There are also views of the offices of the company, the frontispieoe being a cut of the building, which is located at 5th Avenue and 43d Street. ties of —The Bank at 2717 Broadway, an on the upper West Side which derives its ac—J. & W. SeUgman & Co. have purchased a plot of ground 103 feet on William Street, 79 feet on South William counts entirely from the residents in the neighborhood, on Street and 54 feet on Stone Street. At the other corners con^ the second inst. were $587,238, agains!; $333,652 a year and a verging at this point are the following fine buildiiiga Farmers' half ago. The bank is a comparatively new one. Mr. George Loan & Trust Co, Corn Exchange Bank, Cotton Exchange Chapman is President an 3 Mr. Eiward J. Croker is Cashier. and Delmonioo's. The banking house which secures this —The annual report of the Disconto Gasellschaf t of Berlin advantageous site contemplates the erection of a compara- (with branches at Bremen, Frankfort a/M. and London) for tively low building to be devoted mainly to its own use. the year ending December 31 1904 shows a net profit of —On Wednesday evening the Brooklyn and Long Island $4,069,469, an increase of $432,22) over the previous year. bankers, comprising Group VII., New York State Bankers' The dividend payable on the increased capital of $40,476,200 Association, held their annual banquet in the Hotel St. is 8% per cent, as compared with 814 P^r C9°t on $35,714,300 George, at which Mr. Stephen M. Qriswold, Chairman of in 1903. The reserve of the bank has baan brought up to Group VII., and also President of the Union Bank, presided. $13,714,000. Deposits and funds placed at the disposal of the Mr.Charles H. Sabin, President of the New York State Bank- bank amount to $65,240,000, while the acceptances are $33,« deposits of the Century institution : , Association; Mr. David Cromwell, Treasurer of the latter, and Mr. Henry Chapin Jr., Vice-President of the National Bank of North America of this city, were the principal speakers of the evening. Mr. Chapin discussed in an able ers' manner the laws governing banking in the different States. The evening's program was thoroughly enjoyed. Many ladies were present. —As an aftermath of the resignation of President Edwards ef the National Bank of North America of this city, Mr. August Belmont has resigned from the board of directors of the institution. —Mr. Oakleigh Thome and several of his business assohave this week organized the Broadway Securities Company as a holding concern for the stocks they own in the North American Trust Company and the Trust Company of America of this city. Daring January the North American Tiu3t CompaDy shareholders were offered a partic- ciates 810,000. On the other hand the liquid assets of the bank are The pen- with $17,857,100 of securities owned. bank has been increased to $893,000; the savings of the employees amount to $916,600, at an interest rate of 5 per cent. The Disconto Gasellschaf t also owns the entire capital stock of $11,904,600 of the Norddeutache Bank in Hamburg, which for 1904 earned a dividend of 814 V^^ $60,475,000, sion fund of the cent. —The lately incorporate! HDboken, N. J., financial insti- Company, will be in charge of James C. Gahagan as Presilent; L30 Stein and Charles H. Focht, Vice-Presidents, and H. C. Steneck, Secretary and The company has a capital of $100,000. It 19 Treasurer. tution, the Jefferson Trust scheduled to open in Jane. —It is reported that the project to establish the First National Bank of Montclalr, N. J,, has been abandoned, the charter, which was granted on November 3 last, having expired by limitation. The institution was to have had » the two companies, ipating interest in a block of stock of which will shortly be consolidated. To effect these changes the Broadway Securities Company was formed with a capital of 18,075,000, in shares of flOO. capital of $100,000. —The New Saturday its Jersey Bankers' Association concluded last second annual convention, which opened the^ THE CHRONICLE. 1150 preyious day ,at Atlantic City. GoverHor E, C. Stokes of New Jersey and ex- Attorney-General of the United States John W. Grigga were the guests of honor and the principal speakers at the banquet which was given by the association on the evening of ^.the first day's session. Addresses during the course of ^the proceedings were delivered by President Uzal H. McCarter of the Fidelity Trust Company of Newark; James G. Cannon, Vice-President of the Fourth National Bank of New York; Clark Williams, Vice-Preside at of the United States Mortgage & Trust Company of New York; Jordan J. R:>llinsof Rollins & Rollins, Attorneys of New York City, and David O. Watklns, New Jersey Commissioner of Banking and Insurance. For the ensuing year the association will be offisered by the following: President, Edward S. Campbell, President of the National Newark Banking Company of Newark, N, J.; Vice-President, Carlton Godfrey, President of the Guarantee Trust Company of Atlantic City; Treasurer (re-elected), H, G, Parker, Cishier of the National Bank of New Jersey, at New Brunswick, and Secretary (re elected). William J. Field, Treasurer of the Commercial Trust Company of New Jersey, Jersey City. —The payment depositors of the of the 23 German Bank per cent dividend of Baffalo, N. Y , to the author- was commenced on Thursday by Receiver A. J. Wheeler. The former President of the bank, Eugene A. Georger, was arraigned In the Sapreme Court at Buffalo on the 15th Inst, on nine indictments brought against him by the Grand Jury. Bail, fixed at 125,000 on one of the indictments charging misappropriation of $10,000 of the bank's funds, was furnished. ladictments were also found against Adolph Machwirth and John P. DIehl, directors of the bank; Richard Eaaory, President of the bank at the time of its failure; Cashier Paul Werner, and R ibert F. Schelllng, a director and formerly a VicePresident of the bank. Bail, ranging from $l,O0O to |2,000, was furnished by all the accused. A statement with regard to the attitude of the depositors' committee concerning the new ofifer of $287,500 made by the directors In settlement of the action brought against the latter was issued on the 17th ized several weeks ago, [Vol. lxxx. I. The amount Is for 60 per cent, or $50 per and was payable on.and after the 23d inst. A similar s^m was paid in August last. The Union Trust Company of Providence, R. share, Providence Is conducting the liquidation. —The stockholders of the ladustrial Trust Company of Providence, R. I., voted on Tuesday ]to raise the capital from $l,50!),000 to $3,000,000, the company having recently been authorizsd by the General Assembly to make an increase to sum not exceeding $5,000,000. Of the new $1,600,000 issue, go to the stockholders of the Newport Trust Company of Newport, R, I. (capital $300,000) to be paid for In shares of the latter on the basis of three shares of the Industrial Trust Company for five shares of the Newport Company. About $750,000 par value of the new stock will be offered pro rata to existing stockholders of the Industrial Trust at $250 per share, while about $50,000 par value will be issued at the same price ($?50 per share) to former stockholders of the banks now merged into branches of the Indusa 1,750 shares will , trial Trust, The remainder of the new Issue will be alloted such persons and in such amounts as the President of the corporation shall direct, whether or not such persons are stockholders, directors, ofiKoers or members of any committee of the corporation." All the new capital is to be paid in by April 16. at $350 a share "to —Bankers of Massachusetts, who for some time past have been seeking to forma State organization, have at length been successful In their efforts. A meeting of the banking Interests of the State was held in Boston at the Hotel Brunswick on Wednesday night, when the movement succeeded of realization. Of the 445 banking institutions of the Common wealth, 283 were represented at the meeting by delegates, all signifying their approval of the step. Any national bank, trust company or savings bank may become a member of the body, which is to be known as the Massachusetts' Bankers' Association. The annual dues are $5 for members having a capital of $100,000 and less than $1,000,000; $20 each for members having a capital of $1,000,000 or more; $5 each for savings banks having deposits of less than $1,000,000, and $10 each for those having deposits of $1,000,000 or more. The first set of officers Is as follows: President, H. M. Batchelder, It says in part inst. As soon as the Information oame to this committee that the evidence President of the Merchants' National Bank of Salem; Vicebefore the Grand Jnry was of anoh a character that Indlotmenti for President, W. D. Luey, Vice-President of the Worcester felony could be reported, this committee Immediately declined to Trust Company of Worcester, and Treasurer, E, H. Lowell, make any f nrther recommendation to the court In the matter; and It Cashier of the Winnlslmmet National Bank of Chelsea. never haa and never will favor the compromlas of actions brought by —Oa March 81 the Rockingham National Bank of Portsthe receiver against said directors upon any basis that contemplates the failure to prosecute said directors for any criminal acts greater mouth, N. H., will be placed In liquidation, the directors than misdemeanor. having decided to close up Its affairs. The bank was charRequisition papers for the extradition of Arthur E. Apple- tered in 1813 and is one of the oldest financial institutions yard, in connection with charges growing out of the failure in the State. The capital Is $1GO,000, In $100 shares. Arof the bank, were signed by Governor Douglas, of Massa- rangements are being made to pay to the stockholders a divichusetts, on Wednesday. Steps for his release were imme- dend of $135 per share, diately taken by his counsel in a petitionfor a writ of habeas —An application presented to the Comptroller to organiza corpus. April 5 was fixed as the date for the hearing, Mr. the National Dr^posit Bank of Philadelphia, capital $300,000, Appleyard in the meantime giving bonds at $15,000. was approved on the 6th inst. The name of H. M.Van Court, —For purposes of mutual Interest and protection, an asso- President of the Central Trust & Savings Company of Philaciation composed of bankers of Albany has lately been delphia, appears in the list of incorporators. formed. While the oonstitutlon has been fashioned much Plans are being perfected to organize a trust company after those adopted by clearing houses in the larger cities, it for West Philadelphia, to be designated the Empire Title & Is stated that the organization Is not intended for clearingIt will have an authorized capital of Trust Company. house purposes. Oae important action taken by the asso- $500,000 and will locate at Forty- fourth street and Lancaster ciation was the appointment, at a meeting on the 9th inst., Avenue. Ir, is expected to open the institution in May. of a committee to which an individual banking institution The National Marine Bank of Baltimore announces the may apply for assistance if at any futare time it should be completion of its new home at the corner of Gay and Water embarrassed or In need of help. The constitution and by- streets, where it will be ready for business on Monday. The laws, after adoption by the association, are to be submitted bank occupies the first and second floors of the building, to the various boarda of the banks and trust companies for a description of which was given in these columns on April formtil approval. An agreement abandoning the practice of 16 last year. The institution has a capital of $400,000 and P'lyine; interest on daily balances of commercial accounts up surplus and profits of $160,000. John M. Littig Is President to $10,000 is embodied in the rules of the association. and Ydtes Pennlman is Cashier. —Notwithstanding the opposition expressed by the two —The formation of the Fidelity Trust Company of Baltibanks already established in Brookllne, Mass,, a charter has more was completed on Monday, when the following officers been granted to the Brookllne Trust Company. The incor- were elected: President, Edwin Warfield; Vice-Presidents, porators of the proposed institution Include James P. Thomas A. Whelan, Seymour Mandelbaum and Van Lear Stearns, President of the National Shawmut Bink of Boston; Black; Secretary and Treasurer, Htrry Nioodemus, and AsA. C, Ritshesky, President of th^ United States Trast Com- sistant Secretary and Treasurer, Thomas L. Berry. Under pany of Boston; Galen Stone of Hoyden, Stone & Co., Bjs- the charter the company has a capital of $500,000. As anton, and Frederick P. Fish of the American Telephone & nounced in this department last week, it is the intention Telegraph Co. The company will have a capital of $200,000. to increase the amount to $1,000,090, and for the purA second dividend in liqnldation has been declared to pose of authorizing such increase a special meeting of the the stockholders of the National Bank of North America cf stockholders will be held on April 3). The company, It will — — — Mar. 25, 1905.] THE CHRONICLE. 1151 be remembered, has been organized to take over the banking Trust Company leads with a gain of $8,400,000; the Ameriand Bafe deposit departments of the Fidelity & Deposit Com- can Trust and Savings Bank comes next, with $8,000,000, in pany of Maryland. ronnd numbers; the Illinois Trust and Savings Bank, $2,200,liquidating dividend of $10 per share recently 000; the Federal Trust and Savings Bank, $1,150,000; and —With the paid to the stockholders of the Union Bank & Savings Com- the First Trust and Savings Bank, $800,000. The total deposits of the First National Bank of Chicago pany of Cleveland, the aggregate of snch dividends paid since the institntlon was taken over by the Reserve Trust Com- are now but $300,000 short of one hundred millions, and of the Illinois Trust and Savings Bank less than $400,000 short pany in January 1904 is brought up to $30 per share. of ninety millions; while the combined cash and credits held The recommendation of the directors of the Columbus by both the national and State banks of Chioago were on Savings & Trust Company of Columbus, Ohio, to increase — the capital from |500,000 to $1,000,000 will be acted upon by the stockholders at a special meeting to be held on April 20. It is understood that it is the intention to allot a portion of the new Stock to parties not at present shareholders, thus admitting new interests into the institution. About July 1 the company expects to enter its new building, now being Long and High streets. National Bank of Cincinnati has become erected at the corner of —The Citizens' the owner of property at the southeast corner of Fourth and Main streets— a plot covering an area of about 62x100 feet and embracing four parcels, the total cost of which was $148,000. A five-story bank and office building will be erected on the site, to be occupied excluaively by the bank and the Procter & Gamble Company. The present buildings will be torn down within sixty days to make way for the new structure, and the expectation is th»t by Jaly 1 of next year the projected building will be in readiness for occupancy. —A bill for the regulation of private banks in Indiana was passed by the Legislature of that State before the recent adjournment. This question of State supervision of private banking Institutions was one of the principal discusei9ns at last year's meeting of the Indiana Bankers' Association and the State Bar Association of Indiana, as well as the National Association of Supervisors cf State Banks (which latter met last fall in Indianapolis), both advocated supervision for such institutions. The bill just enacted is known as Senate Bill No. 81, and provides that every partnership, firm or individual transacting a banking business within the State, or using the word bank, banker or banking in connection with his or its business, shall be governed by the Act. It forbids the transaction of a banking business on a capital of less than $10,000, and requires the filing of an application setting forth the name of the bank, a copy of the partnership agreement if there is one, showing that the owner or one of the owners is a resident of Indiana, the county, and city or town where the business is carried on, the amount of capital paid in and maintained in the business, a statement that the owner or owners have property worth double the bank's capital, and the names of the officers, agents or employees having active charge and management of the business. Banks now doing business shall file their first statement on or before July 1 next, and at least two reports a year shall be made. Every private bank shall have "in plain view ,of its customers" a notice containing a printed list of all the owners of and parties interested in such bank, and a statement to the effect that it is a private bank. Depositors are to have a first lien on the assets of the bank, and are maie equal with general creditors in the other property of the owners. —It has been decided to increase the capital of the Kalamazoo National Bank of Kalamazoo, Mioh., from $150,000 to $300,000. —Chicago 141 h show national banks in their statements of March the largest amount of deposits in their history being $322,915,101, as against $293,837,130 on January 11— an increase of over $24,000,0[)0, or 8 per cent. The increase of loans during the same period was about $26 090,000, or 14 per cent, In deposits the Corn Eichange NationU records the largest gain, being approximately ^S.COO.OOO; the First National, $4,200,000; the Comoiercial National, $3,500,000; the Continental National, $3,3CO,000; the National Bank of the Republic, $2,700,000; the Fort Dearborn National, $2,000,000; the National Live Stock Bank, $1,300,000; the Drovers' Deposit Ndtional, $1,100,000; and the Chicago National, over $700,000. The 28 State banks of Chicago also show a gain in deposits over their January reports of $13,502,687—not eo large proportionately as the national banks; but during the preceding quarter Ihelr deposit increase was considerably in excess of that of the National institutions. Of these the Northern March 15, $639,881,774. —In connection with its official statement of January 12 1905, the Royal Trust Company of Chicago has issued an attractive booklet entitled "Historical Facts About Money and Banks." It begins with the first Christian cenof money used in the time tury, showing the kind of the Caesars, tells how Legion savings banks were established in the second century for the benefit of soldiers and traces down to the present era the various media used in financial transactions— gold, silver, copper, arrow-heads, Beginning with the oldest bank of cattle, tobacco, etc, etc. modern times, the Bank of Venice, established in 1157, this little history recites the consecutive narrative of the foundation of all the principal banking institutions of the world— the Bank of Amsterdam in 1609, the Bank of England in 1694, the Bank of Prussia in 1765, the Bank of Pennsylvania in 1780, the Bank of North America in 1784, the first Bank of the United States in 1791, the Bank of France in 1800, the second Bank of the United States in 1817, the Imperial Bank of Germany in 1875, etc., etc. Other interesting facts are re- vealed, such as the incorporation (1816) of the first savings banm in this country which was legally regulated (the "Prov- ident Institution for Savings in Boston") ; the founding of the Sbawneetown in 1813: the charter granted the Bowery Savings Bank of New York City in 1834, which limited its total deposits to $500,000 (now $39,000,000)— befirst Illinois sides many bank at details of the development of twentieth century banking. —Vice-President Lyman A. Walton, of the Equitable Trust Company of Chicago, has beengelected President of the South Commissioners for the ensuing year. The vote of the Commissioners was unanimous for Mr. Walton. Park (Chicago) Board of —May 1st prox., the Hibernian Banking Association of Chicago will remove from the Ashland Block to the new Rector Building, southeast corner of Clark and Monroe streets, The bank proper. Including the savings department, will occupy the second floor and the trust department the entire third floor. —The capital of the Pullman Loan & Savings Bank of Chicago has been increased from $200,000 to $300,030. The new issue went to the old stockholders out of the surplus as a stock dividend of 50 per cent. With this deduotion of $100,000 the bank still has a surplus of $175,500. Live Stock Trust & Savings Bank has been incorporated to take over the business of P. J. Harmon & Co. of Chicago. The new institution has been capitalized at —The $200,000. —Preparations for the third national convention of Chap- Bank Clerks are under ters of the way. 20 to American Institute of The meeting will b 3 held in Minneapolis from July 22, and promises to be the largest gathering of the organization. —President G. W. Qarrels of the Franklin Bank of St. Louis recently announced that dividends hereafter will be at the rate of 10 per cent per annum instead of 8 per cent, with payments quarterly instead of semi-annually. The bank has a capital of $600,000 and surplus and profits of over $400,003. — The executive council of the Tennessee Bankers' Association has decided to hold the yearly session at Lookout Mountain on June 20 and 21. Joseph P. Gaut, President of the Hohton National Bank of KnoxvlUe, is President of the association. Tbe Secretary and Treasurer era, respectively, Samuel H. Ot, General Manager of the Nashville Trust Company of Nashville, and J. H, Falrcloth, Cashier of the First National Bank of Martin, Tenn. —Robert J. Taylor has been elected successor to the late Capt. J. M, Johnston as President of the American National Bank of Macon, Ga. Mr. Taylor was previously Vlce-PresI- THE CHRONICLE. 115-2 dent of the bank, and two Vlce-Preeidents have now They are L. P. Hillyer, who also conbeen chosen. Cashier, and Richard W. in the capacity of tinues Mr, Hillyer's John=ton, son of the late President. appoiatmeat to the dual cfiaae of Vice-President and Caehitr is a well merited promotion. He has been closely identified with the institution sinca its organlz ition, and was largely instrumental in its establishment. Mr. Hillyer also holds the Secretaryship of the Georgia Bankers' Association. —The & Merchants' National B.ink of Hantsville, Ala. (capital, $1CO,000), went iato voluntary liquidation on the 16th inst., having been absorbed by the Huntsville Savings Farmers' Bank & Trust Company. We subjoin the totals for merchandise, gold and silver for the eight months since July 1 for six years. MlBOHANDISB, — — — —E H. Groenendyke has resigned as Secretary of the Los Angeles Trust Company of Los Angeles, C*!,, to become Cashier of the Uaion Savings Bank of Pasadena, in which, it is reported, he has acquired an interest. —An adjunct Modesto Bank of Modesto, Cal., will be opened in April under the name of the Modesto Savings Bank. The capital cf the latter, |50,000, was obtained through the declaration of a dividend by the Modesto Bank. The last named will increase its capital from $175,000 to of the $200,000. —The proposition to increase the cisco National Bank San Franfrom $500,000 capital of the at San Francisco, Cal., oa by the stockholders at a meetThe par value of the shares is $100 each. to $1,000,000 will be voted ing on April —It 11. announced that the United States National Bank of San Francisco, referred to in these columns March 11, has been organized as successor to the Commercial Bank & Trust Company of San Francisoo. The latter had a paid-in capital of $94,300. The new institution will have a full-paid capital of $200,000, and will occupy the form.^r quarters of the Western National Bank at 805 Market Street, —J. E. Chilbsrg has been chosen Vice-President of the Scandinavian-American Bank of Seattle, Wash., vice A. H. Soelberg, resigned. The bank is to occupy new quarters in the Alaska Blouk, at Second Avenue and Cherry Street, about is of Ex- Im- Exports ports. ' 01-03 03 04 i » port*. ~~f~ i SILVIB. Excets of Ex- Im- Exports ports. port*. Bxcesi of Ex- port*. »"" $ I 1,010,02J 7'48,9'9 •481040 84,885 41,126 43,859 3*4,169 1.047,946 034,362 3935S4 14,835 04,562 •3 0,21' 34,032 0403 984.068 680.772 301296 17.348 34,834 •17,48 34,189 01 0*4 974,238 5»4,467 379T71 38 933 41.937 3.005 35 665 00-01 1,016.195 343640 491665 3'4.332 36,248 »23,91e 43,2^ 99-00 919,473 555.253 3»4220i<44,921 31, 81 •6 930 35 894 16,297 18,70rt 17,364 40,125 46.630 41 ,423 Bzcess of Imports. Similar totals for the two months since Jannary 1 for six years make tbo following exhibit. QOLD Mbbohanbirb. SlLTliB. Two Idos. Bxctes Export*. Import*. , C. F, Colcord has become President of the Commercial National Bank of Oklahoma City, Okla., succeeding John Threadgill. F. B. Z eglar and J, A. Ryan are Vice-Presidents of the bank. GOLD. Excess Mo*. Exports. Imports. * T. B. Btachhouse, formerly Cashier of the American Nilional Bank of Spartanburg, S. C, has been elected Third Vice-President of the National Loan & Exchange Bank of Columbia, S, C. An ameadment to the charter of the lately created Southern Bank & Trust Company of Dallas, Tex. has been filed by which the institution is authorized to conduct a general bankiog business. The new company has a capital of $300,OCO and is arranging to open in May. A modern bank building is now being erected for the institution on Main Street on a site purchased for the purpose. The management of the corporation will consist of W, H, Moser, President; C, C. Marshall, Cashier, and J. V. W. Holmes, Assistant Cashier. [Vol. LX3CX. of Bxportt « t 1903 43a,436 1904 4e0,8t5 1903. 439,678 190*4, '430,715 1901. 449,283 1900. 437,024 * i Im. JSejiort*. s ports. t Exee*i Exeeu ExIm- of Ma. Exports port*. port*. portu t 1 31,019 31,622 4.0^7 27,536 171,612 89,233 1,324 13,26J •11.936 167,797 91 ,781 1,692 3.8B8 •2,288 7,637 147,483 83,227 10.640 3,103 133.809 113474 8.63 ^ 6.124 2,514 144.781 94.283 7.0^6 3,903 3,192 'iOl.417 8,401 8,927 7.441 8,451 9,370 9,552 t 3.985 4,716 3.181 4,114 5,87>* 5 015 t 4,416 4,811 4,263 4,337 3.991 4,637 Bzoesi of Import!. In these tables of totals, gold and silver in ore for all the years are given under the heads respectively of gold and silver. The following shows the merchandise balance for each year back to 1876. . BZOBSS OF MBB0HANDI8B IMPOSTS OB BXPOBTS. 28— 2 months ending Feb. 28— 8 months ending Feb. 876 876 877 878 879 880 881 882 883 884 885 886 887 888 889 890 891 892 893 894 895 896 897 898 899 900 901 903 903 904 905 Exports. »7 ,036,165 Exports. 52,742,971 Export8.156,531,197 Exports.169,025,994 Export8.204,793,927 ExportB.152,618,305 Export8.210,481,l70 Exports. 71,084,147 Exports. 88,.'S39,246 Exports. 88,275.090 Exports. 169,572,935 Exports. 60,859,3^2 Exports. 66,157,877 Exports. 27,939,274 Exports. 30,830,296 Export8.106,446,fi89 Exports. 82,052.261 Exports.214,123,927 Exports. 29,799,441 Export8.218,061,932 Exports. 91,652,052 Exports. 6),'x72,040 Exports. 312,482,849 ....Export8.41»,ft93,681 Exports. 41 6,231,433 Kxport8.S64,219,837 Export8.491,65.'>,144 1875 1876 1877 1878 1879 1880 1881 1882 1883 1884 1885 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 1902 Exports.379,770,656 Exports.SOI, 296,303 1903. ExportB.393,584.442 1904 Export8.281,040,058 1908 Exports. Experts. Exports. Exports. Exports. Exports Exports. Exports. Exports. Exports. Exports $4,802,668 23,163,273 43,275,516 67,086,295 55,848,872 16,097,887 48,768,418 5,744,484 33,963,776 26,215,009 50,224.202 6,791,800 16,203,807 6,633,419 2,905,317 19,207,051 29,226,076 58,673,683 18,299,727 45,790,639 11,848,817 33,646,216 63,181,674 90.441,764 90.980,374 Exports. Exports. Imports. ^..Exports. Exports. Exports. Exports. Imports. Exports. Exports. Exports. Exports. Exports. Exports. Exports. 9;;,'293,090 Exports. 116,473,836 Exports. 83,226,224 Exports. 91,781,261 ...Exports. 89,233,086 .Exports. 31,019,052 [From OBT own oorrespoadent,] London, Saturday, March 11, 1905, The Stock Exchange began the week in a cheerful spirit, but the apprehensions aroused ia Paris by the desperate The Bureau of Statistics at Washington has Issued fighting around Mukden and the probable effect upon the the statement of the country's foreign trade for Russian people speedily caused somewhat of a set-back. The Fdbruary, and from it and from previous statements reduction of the rate of discount by the directors of the Bank we have prepared the following interesting sumof England on Thursday morning, however, brought about maries. an improvement which has continued since— indeed has been FOBBION XBADB aiOVBHBMT OF THB UHITBD STATES. stimulated further by the monthly return of the gold pro[In the tollowlnRtablei three olpheri (OOOi) are In all oaiei omitted.] 1904-05. 1903-04. duction of the Transvaal. The out-turn in February was only Export* Importi. Exeeu. Export*. Import*. Emcee* about 5,030 ounces less than January, a much longer month, Dlerch'iUse. t t $ 1 * 1 311,743 '443.057 +68,699 Jttly-SepU '491.625 '446.054 +43.671 while it was over 70,000 ounces more than for February last 40.1.H50 Oot.-Dec. 484 615+181,885 4 ».1.476 '436.696 +'438,7X0 year. This report has made a most fuvorable impression January.. 143412 +'43,062 14*4.045 t»*«.380 8-4.590 +39.465 February. lU 9.021 103,047 +3,967 89.02a +'49,778 118,800 because it was generally expected that the Chinese holidays, Total.. 1,010,0^9 r'48,939 +'481.040 i,otr,94s 634,862 +393,084 which occurred early in February, would cause a very conGold aiId Gold In Ore. falliag off. There has been an increase, moreover, Jnly-Sept. 14,591 *40,eSl -6,840 10,901 ir,665 -r.464 siderable Oot.-Deo.. 38,172 IM.IOS +'4'4.0Q4 •4,810 33.637 -3»,»1? in the number of laborers during the month of nearly 8,000, January... l«,Ha« l.t-96 +14.938 C91 8.286 -7.63ft '4,191 February.. 14,794 788 +14,603 3,034 -4,801 Altogether, the report has made a most favorable impression Total 84 38,) 41,128 +43,269 14,885 64,662 -30,217 and all markets are closing decidedly better aa the week ends, Sliver and 81lv»r in Ure. There has been again during the last few days very good Jnly-Sept... 1*4,768 3.902 +6.860 6.680 r,378 +768 Oot.-Deo.... 11.005 «.4lO -r4,5H6 13,727 7,378 -8.8S4 buying of consols, Irish land stock and Transvaal threes. January.... 4.866 +'4.448 4,B87 1.922 -'4,378 4,609 February... 4,036 '4,063 '4,107 +1.073 3,910 --1,888 Partly this is due to the belief that the disastrous defeat of Total 3'4,ie8 3*4,032 16.297 + 13,871 18,709 + 13,323 the Russians will compel them to make peace quickly. Partly it is a consequence of the redaction in the Bank rate. March 31. IMPORTS AND EXPORTS FOR FEBRUARY . . . . . - , . Mak, THE CHRONICLE. 25, 1905.] While money was dear many large companies were 1153 The following return shows the position of the Bank of England, the Bank rate of discount, the price of consols, &o,, compared with the last three years: keeping considerable sums of money on deposit. Now, however, instead of leavicg the money with their bankers, they 19( 5 1904. 1908 1803. are investing in consols. One institution, for example, this Mch. 8 Mch. 9 Uch. 12. Mch 11. * a. X t week laid oat £ ICO, 000 in the purcaase of consols. French Circulation 27,343.750 27,706,525 28.888,830 28 582.805 16,6l9.24l PnbUo deposits 18,303.748 13.876,983 18,937,323 investors and operators have likewiee been buying consols Other deposits 37,890.899 t9,939.2k*6 40,606,878 38.848,167 15,689.186 I9,22t,834 Government securities I4,66t<,3is 16,274.386 and other first-class securities, but not on a very large scale. Other securities 26,4*4,310 25.231,158 82620,8<8 33,1»3.086 Reserve of notes and coin a5,B87.695 126,861,814 In Paris, in fact, jast now there is grave disquietude as to Coin A bullion, botli departm'ts 30,856,188 26.168,3B3 35,741,425 37,619.019 3^,749.888 35.408,888 49 16-16 47 1-16 46 5-16 £8>i of Rpssian bonds may do in consequence of Prop, reserve to liabilities, p. o. what the holders *2% percent. i Bank rate 4 3 91xd 91 B-18 65 7-16 94 1-16(1. Consols, 2Jii per cent the rout of the Russian army. Those best in position to 273-i«d. 28 7-16d. SUver 25^ 22Md. 215,886,000 165,578,000 164,2&v,000 170.228,000 judge seem to be of opinion that French holders of Russian Clearine-House returns •March 9, 1.05. bonds will not be alarmed by Rassian defeats, no matter how The rates for money have been as follows: disastrous; firstly, because the more decisive the defeats the more likely is peace to be made, and, secondly, because 09 tn Market Bates. a fordivotitehu French investors are convinced that whatever happens the London I'ttdtBUU Join> Din'tH'*, Sank £Ul*. Russian Goverrment will keep faith with Its creditors. But atoe> At 7-14 « e Month* SMo*. iMot Bank> Gall Day* i Month*. I Month! there is much fear that if disturbances are renewed in Russia T" 2}4 2Hm 7-16 29i®8 m&3 French holders of Russian bonds may become seriously Feb. 11 i~ 2^^3 9- 16 3 5-ie®7-lt> 2k®2ii 11 8 2 3-ie®2% 2 7-l6®2« 24 3 2M®2J« 2>6i«2M 2k Mar. 3 3 " 2 ®2H 2H@2M 10 2"^ 2;^@2M .. alarmed. Therefore, French investors are doing little here at present. In Germany, likewise, there is a good deal of nervousness, and German operators are not doing as much as they usually do in London. German trade has not yet recovered from the great coal strike, and investors are nervous lest the dis- Russian arms should be followed by graver disorders in Russia itself than have yet occurred. It is feared that if this were to happen, there might be a break upon all the Continental bourses. In London th'. re is no danger directly, for the holding of Russian securities in this country But if there were to be serious alarm is exceedingly small. upon the Continent, with heavy selling of everything for which there was a free market on French, German, Dutch and Belgian accounts, all markets would be upset for a while at least. Upon the whole, however, there is less nervousness in London than might have been expected. The conviction here is that the defeat of General Kuropatkin is so decisive that peace will have to be made without delay, and that the Russian Government in its alarm will make all the concessions the Rassian people insist upon. Whether that be so or not it undoubtedly has a great iifluence upon markets. Moreover, the impression here is very general that we are about to have a long period of cheap money. The Bank of England still retains control of the open market, aLd consequently the open market has to borrow large amounts from the Bank, Yesterday, fcr example, a considerable amount had to be repaid by the open market to the Bank in the morning; but in the afternoon money became so very scarce that more had to be borrowed from the Bank than had been paid to it in the morning. Consequently, the market is even more indebted to the Bank than it was the day before. aster to the And it Is likely that the indebtedness ^will increase as the month advances. On Thursday the directors of down their rate of discount from the Bank of England put 3 per cent, at which it had stood since the 21st of April last year, to 2}^ per cent. The Bank is now very strong. Its reserve nearly approaches 81 millions sterling, And there is every probability that it will continue to grow stronger. It is true that yesterday both the French and German exchanges turned against this country. But both exchanges are far above the point at which it would pay to send gold from London, Indeed, only last week Berlin forwarded gold to Loudon, and there is no probability that gold will go from London to Berlin for a considerable time to come. The general impression here is that the Continent is so well supplied with money that rates will remain low all through the spring and early summer. The only doubt entertained respecting the future of the market is that money rates in New York may rise high enough to make it profitable to ship gold from London. Still it is everywhere believed that the production of gold is increaeing so rapidly that the fresh supplies reaching London will enable it to part without inconvenience with any amounts that may be required either by New York or by Buenos Ayres. The India Ccuncil cffered for tender on Wednesday 90 lacs of its drafts, and the applications amounted to nearly 581 lacs, at prices ranging from Is. 4d. to Is. 41^(3. per rupee. Applicants fcr bills at Is. 4 1 32d. and tor telegraphic transfers at Is. 4 3 33d. were allotted about 4 per cent of the amcuLts applied fcr. Later in the day the Council sold a small amount of bills on Madras at la. 4 3 32d. and of telegraphic transfers on Bombay at Is. 4 5.33d. per rupee. •• zHmH 2« 2M®3 2« m®3 2S»®3 IH 1^ IH 2M®29i 1 2« 2 8 2 2M 1« rate of discount and open market rates at the Continental cities have been as follows: The Bank "jhief March March 11. Feb P«5 .26. 4. 18. Satt* of Inttrttt at Bank Ovtn Bank Bank Ovtn Bat*. Markti Bat*. Mark, 3 S^wIm Berlin .•••. 1^ 8 8 2 2 3H 8« 3« 17-16 aambnrff 3 frankfort 3 2 Ajniterdsm 8 3 2M 8 8 3 3« Sruiieli st.Peteribnrg.. SH 5H Madrid Ck>DenhaKen. 4 Vienna 9. iH m 8 SM 8 8 2H 2% 8 3 8 3H 3H 2 a a 2M 2H 2% oom. nom 8 4 & 09*n 3« 3» 8H 3ii m 4 Bank Bat*. Marhtt m m m 8« 2M 2M 2% nom 4 19-16 8 VA 3 .. Messrs, Pixley March nom. 0«i<n Bat*. Mark* 8 4 3 iii 4 4 4 Abell write as follows under date of 1905: Gold.—There have been no demands for gold and the Bank of Eng all arrivals. 8ome;iar<fe amounts have arrived from Berlin, and news la to hand of a fa ther shipment of £500,000 from Bombay. The Bank rate, which was fixed at 3 per cent on the 2l8t April last year, was cbanRed to-day to 2^ per cent, a rate not touched since June, 1898. *936,000 has reached the Bank during the week, of which 4566,000 Is In bars and £361,000 from Berlin. £20,000 has been withdrawn for Malta. For the week— Arrivals: Oape, land has received £378,000; Bombay, £110.000; Australia, £43,000; West Indies, £42,000; West Africa, £28,000; total, £601.000. Hhlpments: Bombay; £.'>8,C00. For the month of February— Arrivals: Germany, £1,120,0(0; Belgium, £109,000; France, £34,000; South Africa, £1,Shipments: France, £747,000; South 554,000; India, £1.209,000. Africa. £2.'\,000; India, £352.000. Silver.— The market in silver has been steadier, for though In the absence of any demand the price at one time touched IT^iqA. for cash, this proved to be the bottom, and we have since rallied to 275ied. on special orders and a better general inquiry. Spot silver is in scanty supply, and at the close the market is quiet with an uncertain tendency. Forward has fluctuated between ^d. and 5jgd. under cash. The Bank of Bombay and the Bank of Bengal have advanced their rate to 8 per cent, and the Bombay quotation for silver is R«. 69'e. For the week— Arrivals: New York, £139.000; West Indies. £9,000; Australia, £6.000; Chill, £?,000; total, £156,000. Shipments: Bombay, £238,500. For the month of February- ArrlvaU: Kassla, £86,000; France, £16,000; U. S. A., £669,000. ShipmemiE: Bussla, £310,000; France, £43.000; India, £714,000. Mexican Dollars— Nominal. The quotations Gold. London Standard. for bullion are reported as follows: Mch. Meh. Silver. 9. 2. London Standard. 8. d. fine oz. 77 U. S. gold coin... oz. 76 Germ'n gold ooin.oz. *76 French gold ooin.oz. *76 Bar gold, Japanese yen oz. 9 4 4 4 *76 4 8. 77 76 4 *76 4 •76 4 *76 4 16. Bar silver, fine., .oz 27B,e Do 2 mo. delivery BarBllver,oontain'g ce. 6 gra. gold oz. 4 grs. gold o« 3 grs. gold oz Cake eilver — — Mexican Nominal. Meh. d. d. 9 Mch. 9 27 27i3ie 2789 277,6 297, a dollars.oz. '27 27i3ia 2789 277ia 297ie *27 of cereal produce Into the twenty-seven weeks of the season compared with previous seasons: The following shows the imports the United Kingdom during 111POBT8. 1903-4. 1902-3. 1904-5. 19012. Imp'tflOf wheat, OWt.62,01 5,100 46,015,761 41,579,741 32,477,400 14.031,400 20,474.768 17,691,561 15,374,300 Barley 8,726,198 8,180,866 9,754,400 6,969,500 Oats 1,313,989 1,067,878 1,122,000 1,205,971 Peas 1,309,388 1,097,327 1.047,700 927,210 Beans 28.557,000 27,737,797 20,035,311 24,855,200 Indian com 6,393.720 12,553,074 10,104,128 11,436,900 Flour Supplies available for consumption (ezoluslve of stock on September 1): 6,298,720 12.5,'i3,074 Sales of home-grown. 9,832,429 10,820,684 1902-8. 41.579,741 10,104,128 14,047,707 68,141,249 69,389,519 65,731,576 1904-5. 1903-4. Wheat imported, owt. 52,015,100 46,015.761 Imports of flour Total Aver.prloe wheat, week. 308. Average price, season.SOs. 8d. 4d, 28b. 27b. 8d. Od. 25s. 25b. 3d. 6d. 1901-2. 32,477,400 11,436,900 16,916,388 60,840,638 27a. 26s. Od. 9d. THE CHRONICLE. 1154 of wheat, flonr The following abowa the quantities maize afloat to the Qnlted Kingdom: IMi teeek Wheat 4,005.000 1B5.000 435,000 qrs. Floor, equal to qrs. qrs. Maize, 8,420,000 260,000 680.000 635,000 Bntcllsh Financial market*— Per Calble. The daily closing quotatioLs for securities, etc., at London are reported by cable as follows for the week ending Mar, 24: London. Ihurt. Wed. Tuet. afon. Sat. ii6i3ie 26% 269i« 91 14 9114 91 >4 915i« 9138 9138 9138 For acoonnt 917,e FVoh renteB(lnParl8)fr. 99-52»« 99-6& 99-70 99-85 9078 91ie 90% 91% Spanish 48 6J4 6i« 6ie ABaoonda Mlolng 91i« 93 1« 9214 91% Santa Fe. Atoh. Top. 106 106 106 106 Preferred 112% 11116 Baltimore & Ohio 99i« 99i« 99^ 99 >9 Preferred 152i« 15414 1«9\ 151 Canadian Pacific 69''8 6016 69»8 6t»''8 Chesapeake &. Ohio 25 14 25 241s Ohio. Great Western... 25 184ifl 186 185 Chic. Mil. & St. Paal... 185 35>4 34% Pacific. 35>4 35% Chic. Rook I. 35 36 36 Den. & Rio Gr,,oom.... 36 92i« 92I4 92 1« 92 Preferred 47 '8 47ifl 47 48 Erie, common 82ifl Sole 8388 tSH Ist preferred 70 70 69 2d preferred 70% 165i« 165J« 165ifl 167 nitnols Central Louisville NashvUle. 145 it 146% 1451s 25i« 25 Mexican Centi al 25^ 26 32i« Mo. Kan. & Tex., com.. 33 321s 33H egis Preferred 69 68 68 4214 Nat.RK.of Mex.,l8tpf. 42)t 42^ 421s N. Y. Cent. & Hudson. 165% 166 168 166>s 64i« 62 N. Y. Ontario & West-. 63^ t>4>4 89i« Norfolk & Western SSk 8&% 87% 96 Preferred 96 96 96 165i« lesit 165 Northern Securities 165 73'^8 73>« 7316 7314 Pennsylvania 48% 49 49*9 Phila. Reading '^.... 48% 47 14 47 14 4714 iBt preferred* 47^ ounce Silver, per Ooiisol8.,new, 267,6 9116 913ie 99871* 99-70 913,e 915,8 90% 6 90% & 105 iim iim 11058 99ifl 151% 5bifl Preferred 35% , com I36J4 102i« 36i« 97% S4 47 73 23ifl Wabash Preferred Debenture * 36i« 8216 68% 1641s I44I4 25 311s 66% 42 164 60 67 961s 1611s 48I4 47 14 461s 681s 3816 1021s 13216 "B" 86 102 102 13558 102i« 97% Union Paolflo Preferred U. 8. Steel Corp., Preferred.... 102 13416 1021s 13e>« 102'« 3718 98^8 36 102 85 1* 35% 96% 9688 47 S2H 69 164% 145 25 S214 671s 4314 I66I4 eoi4 87i« 961s 1611s 781* 4838 47 H 461s 6938 35 1021s 133<>B 102 863s 98 28 231s 23 47% 461s 46% 74 24 48 76 47 73 91 14 46% 69% 70% 84% 91 14 47 47 74 78 Price per share. PoEEiON Teade of New Yobk— Monthly Statement. — Id addition to the other tables given in this department, made up from weekly returns, we give the following figures for the full months, also issued by our New York Custom House, The first statement covers the total imports and exports of merchandise and the Customs receipts for the eight months of the last two seasons. MIBCHANDI8K MOVBMKKT AT NKW TOBK CUSTOMH BXCKIPTI AT N»W YOKK. Importi. Export t. 1901-0&. 1903-04. t S 1904-06. 1903-04. 1904-06. 60,26fl,18f> t 35.666.730 S 87.816,937 12,0;>1,148 87.676.464 $ 1008-04 « 15.620.389 ie.iv9.614 July Aoftatt 4?.676.e39 52.798.439 47,672,945 89,694,99C September 49,»30,9:0 47.295,127 44,6^6,636 Oetober.. 67.934,340 49,934,976 48,808,417 63.927.484 16.904.940 November. December. 67,902,844 46,018,6('3 46,354.607 48.684.3.n 14.701,716 57.993.880 60.787,016 66.183.48e 47,774,941 46,280.467 47,440,340 18.t3-«,S09 14,422,026 18,307.301 18.846.093 61,407,193 4a.60!i.0e*^ 46,860,63e 16,818.90« 14,708.8>-4 67.437.869 38.180.016 89,210.736 14.597.442 14,60(5,986 Jannarr.. fsbniarr.. Total... 446.^66,664 897,772.7k. 16,016,971 42.166.250 16,C42.410 of gold months have been as follows: and silver for the eight 382,6i9.888 14,7*0,933 337,812,641 16,1(7,138 163,096,704 416,284,068 668.393.881 Silver oertlfloate* Subsidiary illver 113.162.870 i0,;^80,000 Treasury notes of 1890 846,881,016 United States notes Curr'oycert., Act June8,'78. 469 203.840 .Satlnnal bank notes HxpOTtB. 1904-06. 190e-C4. t 1 1901-05 BILVIB— NBW TOB» ItnporU. Bajport». 1903-04 1901-05. 1904-06. 2,e2>i,9S7.327 26«.3a2,615 2.660,614.713 2,503,481,887 Total fopulatlon of the United States Mar. 1, 1005, estimated at 82,791,000; otroaatlon per capita, $3ci 93, For redemption of outstanding certificates an exact equivalent in amoant money is beld in tbe Treasury, and Is not Included * of the appropriate kinds of In the account of money beld as assets of the Government. t This statement of money held in the Treasury as assets of the Government does not Include deposits of public money in national bank depositaries to tbe credit of the Treasurer of the United States, and amonntlne to f 93 l4«.2rtH h3 Name Per When Cent PayabU of Cotnpany. Railroads (Steam). Belt Ry. of CbloBKO (quar.) CUio. Burlington & (^uincy RR. (qnar.) Chic. Bock Island & Pac. Ry. (qnar.).. July AuRnst.... September.. October.. 185.869 154,<4>- !i43.688 3ii6,39: 8.283 02-^ 466,42^ 383,4 3H 1.856,84r 1.884.045 306,87(1 8.823,9.((' s t 19.616.284 7.489.76*. 267,e0*' f 8.648,136 488.847 684.668 2d3.1('4 8,476.831 818.214 294,08C 2,508.481 19.034 2.1(!3,077 279.847 8,4e0,«64 8.661.S64 110,260 178,100 8^6,163 812,464 686.285 8'i!6,70e 3,138.f65 174.926 15.018.90^ 14,B47.i3« 82d,8l4 8.567,990 28.713.189 71.698.30c 11.070.040 1,983,764 23,8C0.'J74 November. December. 986.369 7.083,627 1,312.487 Janoarv... February. 814.190 610.960 11.511.016 4.019,11V Total.. 6.411.891 Beokt Cloud. (Dayt Inelxuive.) Chicago & Western Indiana (qnar.)... Cleve Cln. Chic & St. L.. pref. (quar.) Maine Central (qnar.) N. Y. Central & Hudson River (quar.) Pere Marqnette. com Utloaift Bla<'k River Street Kall-waya. Capital Trao.. Washington, D.C.(Qaar.) Newport A Cov. L. & Tr., pt.(qa.) City By., Dayton, O., com. <& pref. (qn.) Cleveland Electric By. (quar.) DtUuth-Superlor Trac, pref. (qnar.)... Hartford (Conn ) Street By. (qnar.).-Houghton Co. (Mich.) St. By. (pref.).. Pbiladelpbla Co , Plttsb., com. (qnar.). Savannah Electric, pref Cln. (Tnited Bya., St. Loms, pref. (quar.)... Apr 1 Apr 1 Mar 28 to Apr Apr 4 Mar so to Apr Apr 1 Apr 20 Holders of reo. Mar 31 1 Holders of reo. Mar 15* IN Apr 1"« Apr 16 Apr 1 to Apr 19 1 Apr 1 Mar 22 to Apr 2 S^, Mar 30 2 1»4 2 m IH Apr Apr IS Apr 1»8 1 Apr 4 2 Liberty National (qnar ) Mannfacturera Nat., B'klyn (qnar.)... Park, National (qnar.) 4 16). Central (quar.) Mercantile (quar 4 6 3 3 4 Apr Apr Mar Apr Mar Apr Apr Apr ) anarantee <& Trust (qnar.) Union (qnar.) Washington (qnar.) 6 l.b87,888 Mar 31 to to to to 1 Mar 21 Mar 21 Mar 26 Mar 3S Mar 26 Apr 13 Apr 1 Apr 6 Mar 31 Apr 2 Apr 1 Apr 1 Apr 2 to to to of reo. to 1 Mar 26 to 1 Mar -23 to 31 Holders of reo. 1 31 1 ) 1 Mar 31 Apr 2 Mai 30 Holders of reo. Mar 26* Mar 23 to Mar 31 Holders of reo. Max 31 Mar 24 to Apr 2 Mar 22 to Mar 31 Mar 24 to Mar 31 Holders of reo. Mar 2T Holders of reo. Mar 27 4 1 Mar 22 to Apr 2 16 to Apr 2 1 Mar 25 6 to Mar 81 4 Mar 31 Mar 24 to Apr 9 12\t Apr 10 Apr 6 Apr 1 3 3h Apr IH Apr Apr Apr Apr Brooklyn (quar.) Marie 1 of (quar.).. First National, Brooklyn (qnar.) First National. New York (qnar.) Oarfleld National (quar.) Truat Companies. America, Trust Co. of (quar.) (No. Bankers (quar ) ) Apr 1 IH Apr 3 Apr 1 3 Holders l>a May 1 Mar 26 3 Apr 11* Apr 10 Banks. Chatham National (quar.) Commerce, National Bank 1 15 Apr 1 1 1 1 ffliscellaneoas. Apr 1 Mar 12 Apr 20 Apr 16 do do pref. (qnar.) 1>Q Apr 1 Mar 28 American Iron A Steel Mig oom 1 Holders 2 Apr American Looomotive,'prtf.(quar.).... 1^4 Apr 31 Apr 1 American Sewer Pipe (quar.) 760. Apr 1 Mar 26 American Shipbuilding, pref. (qnar.).. 1»4 Apr 16 Apr 6 Betg.,oom (qn (No 6) Apr 16 Apr 4 Amer. Smelt. <& do 1'4 Apr 1 Mar 26 do pret.(qa.) (No.23) do American Woolen, pref. (qu ) (No. 24). l\ Apr 16 Apr 3 Bell Telephone of Phlla. (qnar.) l»a Apr 16 Apr 6 American Caramel, pref. (qnar.) American Chicle, com. (monthly) 2 1 , ) Century Bealty do (extra) do Corn Products Co., pref. (qnar ) Denver Union Water, oom. and 4 J'ly a 1 6 Mar 31 Apr 30 Apr 2 Mar 26 Apr ao Apr 2 Apr 10 Apr 16 Apr 2 Apr 16 to to to of reo to to to to to to to Apr 16 Holders of reo. jTy 1 Mar 26 to Apr 2 1 III Holders of reo Mar 31 10 Holders of reo Mar 87 27 Apr 8 to Apr 27 1 Apr 1 to Apr 14 Apr 1 Apr 14 to 1 to Mar 31 1 Mar as 16 Holders of reo Mar 23 to Apr 3 1 Mar 38 to Apr a 1 Mar2S 31 Mar 28 to Mar 31 1 Holders of reo. Mar 20 10 Apr 8 iO Apr 1 to 18 Apr 4 Apr 17 1 Apr Apr Apr Apr 1 2^ Apr l>a Apr Apr 2 Apr ]•» Apr 6 Apr Hecker-JonesJewell MiUing. pref 4 Mar »4 Apr Internat Smokeless P. & Chem., oom. Apr Mackay Companies, pref. (qnar.) 1 Apr New York Air Brake (quar.) 2 Apr l^ Apr 1 to Nova Scotia Steel A Coal, pref 2 to Pittsburgh Plate Qlass, com. quar.)... 1 Mar 21 1H> Apr do do pref. (annual) 12 do Apr 1 Mar 21 to Procter A Gamble, pref. (quar.) Apr 16 Holders of reo a San Francisco Gas A Electric (qnar.). \\ Mar 3> Mar 10 to Milling, pref. (No. 4) Standard 1 Apr 12 Apr 2 to Tefift Weller, pref. (quar.) Apr 1 Mar 26 to IH) to Tenn Coal, Iron * RR., com. (qnar.).. 1 May 1 Apr 11 United States Printing (quar.) to l"* Apr 16 Apr 6 Weatlnglt'e Elec. <fe Mfg.. all stks. (qu .) to 2H Apr 10 Mar 20 pref... Distillers Securities Corp.(qu.) (No 10) Eastman Kodak, com. (qnar.) pref. (quar.) do do Elec. Storage Battery, com. <& pt, (qu,) General Electric (quar.) Hall Signal, com. (qnar.) (No. 21) do pr*f. (annual) do 1. I. Apr 6 Mar 31 Mar 31 MarSl* Mar 30 Apr 12 Mar 31 May a Apr 16 Apr 10 *Trau8ler books not cl0Be(L Aactiou Sa»o8- Uy Messrs. Adrlau H. Mnller TSs 5 ElmlraWat. i..<bRR. Co. 20 Troy & Bennington RR.251 41 Troy & Oreenliush RR. ABSooIatlon 188 189% 14 Cemral Nat. Bank, Troy, N Y 135 200 Pope Mfg. Co 2d prpf... 20M 65 Lawyers'Mort Oo.l91is-l»:/i4 Stock op Money in Country.— The following table 3a0i4 4 Bow«ry Back shows the general stock of money in the country, as well as 80 Balk of N. Y., N. B. A..320ifl 11 Mercantile Nat. BaDk...280(% the holdings by the Treasury, and the amount in circulation 230 10 Irving Na'. Bank on the dates given. The statement for March 1, 1904, will be 800 A roer. Surety Co .. 190-200 100 Kansas City Pittsburgh found in the Cheoniole of March 6, 1904, page 968. <kOalf RR $18 lot Son . 25 Van Norden Trust Co. ..290 100,000 The New St. Elmo Gold & Cop. Min'g Co., Ltd., 3 asB'ts paid, $1 each $5 lot 60 Ala. A Qa. Iron Co. oom. & Ga. Iron Co. 4 Cltlzr-ne' Cent. Nat. Bk..l67is nftO 60 Equitable Trust Co 352 14 15 CI ly Trust C> 51 Metropo). Tr. 0.)..639%-645 1600 1 Union Trunt Co 28 Meroh'tB' Ercli. Nat. Bk 175 100 Mount Hope Cemetery A«B0..*2^ each $1 SOpersb. 10 OonnoUdated NhI. Bank.155 221 6 Mount MorrlHBank ..245 5 Greenwich Bank 4 Gernfian-Am»T, Bank .. 165is 9 OhrlB.A 10th Sts. RR C0.I8O &, SloekB. 20 Gallatin Nat. B'k.420is-421i6 t 535.651 06979 76,400.191 4i'2,iul,i<2 96,4i-a,378 10.2836S3 Slocks. QOLD MOVIMBNT AT NlW FOBK. Import$. 15,893,128 339.663.718 34e,2ei,97i< 11B.04 0.932 117,612,312 The imports and exports MONTH. 4rt^,. t Title ^ovxmtxciiiX mitX lltXxscMmuonsMtxos «ir Month. 482.666,hi9 74,880.719 461.761,899 1(0.814.^85 1881s 3414 34 , 47 70 86 102 688 900,710 88,6t3,l50 14.409.162 7.8&8,101 12.H47.H85 46.417 14,061,633 t 24 S4>4 & 47 70 S 646.';5l.720 Gold cerllflcateB standard silver dollar! 991s 1531s 591* ]84% & , 6i8 92 105 112 24 & , Pri, i Ooldooln(ino.bul'nlnTreaB.)l,831,ie5,720 164.864,081 2fc9i6 d. 2% p. ota. 2d preferred* Southern Pacific Southern Rallw., com ,-8tock of Money Mar.l.-^ 1006. r-Monevin Circulation.-. Mar. 1, In tke Onxted Beld in Mar. I, State$. iTtasury. 1906. 1904. and 1903 1904. 3,278,000 235,000 Latt week. 3,695.000 165,000 510.000 [Vol. lxxx. 239 Ala. $325 lot pref.. $4,000 lot Bonds. $3,812 Eltnira Water L. 6t RR. Co. 2d purob. mort. 4p. 1949 $11,000 Troy 35-35i« <k Boston RR. 146% cons. I8t 78. 1924, J<&J $2,000 Federal Gas Co., TltuBvllle, Pa., Ist 68, 1911, A&O 10 $10,000 Chamber of Com. of N. Y. bldg. fund subscript, non-cum. inc. oertlfioate. 45 $14,500 Medina C)uarry Co. 1st 6h, 193/. A&O 6 $^,000 Cent. Un. Gas Co. Ist 1108» 68.1927. J&J $10 000 The Cora <b Lavela RR. &, Improv't Co. 1st 6s, 1920; Jan., 1899, coupons attached $70 per bond . . Mar. THE CHRONICLE. 25, 1905. J New York City Clearing Uoase Banks.- -Statement of oondition for the week ending March 18, 1905, based on averng© of daily BANKS. results. We omit two tip hers (00) in all <josea. Surph'.s Capital. Loans. Leyals. tspecie. 1155 New York City, Boston and Philadelphia Banks.— Below a summary 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. is We omit two 1 Deposits He. COS omitted. Capital <S BANKS ciphers (00) in all these figures. Loans. Surpltis. JM'. C'irew- posits, t Legals. .Specie. lation. Clearings. I've. $ Bk. of N. T. Manliat. Co. Merchants' Mechanics'. America.... Phoenix ... City Chemical .. Merch. Ex . Gallatin But.&Drov Mech.&Tra. Greenwich Amer.Exch. Commerce.. Mercantile Pacillc Chatham ... ... People's K. America Hanover ... Irving Citizens' .. Nassau Mar.<fe Fult. 8hoe<feLthr. Corn Exch Oriental . ... Imp. <fc Tran Park East River Fourth .... Second .... First N.Y.Nt.Ex. Bowery ... N. Y. Co... German Am Chase Fifth Ave.. German Ex. jfermanla .. J.incoln (Rartleld.... Wifth ilk. of Met.. West Side.. Seaboard .. latN.Bklyn Liberty N.Y.Pr.Ex New Amst. Aator $ $ $ 2,000,0 2,050,0 2,000,0 3,000,0 1,500,0 1,000,0 25,000,0 300,0 600,0 1,000,0 300,0 700,0 500,0 6,000,0 25,000,0 3,000,0 422,7 450,0 200,0 2,000,0 3,000,0 1,000,0 2,550,0 500,0 1,000,0 1,000,0 2,000,0 750,0 1,500,0 3,000,0 250,0 3,000,0 300,0 10,000,0 1,000,0 250,0 200,0 750,0 1,000,0 100,0 200,0 200,0 300,0 1,000,0 250,0 1,000,0 200,0 600,0 300,0 1.000,0 1,000,0 600,0 350,0 $ $ 3.204,0 2,555,6 19,551.0 6,123.0 2,491,7 28,653,0 2,707,8 1,407,0 13,745,2 •Z,<iS2,0 3,275,5 21,972,0 4,420,4 8,663,0 22,499,3 471,0 3,347,0 265,8 17,397,9 207,709,1 47,387,0 4,778,5 7,644,1 24,720,5 909,5 6,930,5 356,4 1,252.4 9,053,1 2,238,0 464,4 2.212,4 121,3 790,0 6,151,0 357.6 53,s,l 3,669,4 547,4 4,293,8 4,266,5 28,885,9 11,629,6 149,484,1 18,839.0 3,50S,4 4,335.3 23,507,8 448,:. 3,202,1 618,7 790,0 6,932,0 1,057,8 401,5 2,0(7,7 422,5 1,561,5 2,0:;l,8 15,69^,4 6,648,6 49,608,7 ,11,398,2 1,2U2,8 7,206,0 1,039,0 3,734,5 679,6 16,372,6 3,295,3 464,4 317,31 7,253,8 1.075,0 1,299,2; 7.057,5 1. "751.8 381,2 6,563,0 3,276,0 29,640,0 8,638,2 899,0 1,077,3 3,846,0 6,607,1 24,086,0 73,656,0 16,443.0 7,091,1 1,197,0 181,9 99,5 4.1ti8,0 2,935,0 21,94.>,0 613.0 9,625,0 1,462,6 16,240,1 105,786,4 22,750.8 8,124,0 1,493,7 890,3 386,0 3,163,0 768,3 4,494,0 1,078,4 707,1 807,8 4,260,7 632,2 4,175,2 46,906,6 12,46;;,0 9,830,6 2.435,7 1,784.7 2,636,6 225,0 705,6 2,618,4 453,2 873,0 1,531,4 1,362,1 12,692,2 7.764.7 1,971,9 1,234,9 402,7 2,678,8 671,7 9,428,9 1,862.6 1,485,6 3,743,0 646,4 751,0 2,839,0 1,430,8 11,923,0 630,0 698,0 4,174,0 2,414,1 2,011,8 11,537.8 6,B33,7 497,6 1,052,8 6,102,4 1.701,1 549,0 4,696.0 754,0 607,2 ' $ P.O. 1,798,0 19,174,0 26'0 2,361,0 33.713.0 25-1 1,497,0 16,778.1 250 3,194,0 22,930,0 .'5-6 2,462,5 26,228,8 27-2 197,0 2,729,0 24-2 7,912,3 213,620,9 25-8 1,921,9 23,941,5 27-9 570,4 6,330,1 23-3 561.6 7,096,6 25-5 79.-J 2,552,2 21-3 695,0 5.717.0 J4-2 386.4 3,690,5 25 1,611,5 22,462.3 26-2 15,098,5 134,940,5 25-1 24-4 l,:i9),2 20,06^:, 433.9 3,873,9 22-7 923,1 6.071.3 J7"7 302,9 2,531,5 2V8 2,095.7 14,609,ti J 5-0 4,252.8 60.47il.b 25-8 483,8 6,866.0 24-5 1,499,6 20,650,0 JO -4 474,6 3.911,5 24-0 7,2s4,l 24-9 672,8 468,2 9,261,» 23-y 3,449,0 36,272,0 24-8 8,49:i,8 17-0 690,3 1,350,0 21,297.0 .'4-3 6,361,0 86,809,0 265 185,8 1,413.5 25-9 2,371,7 24,988,u 26-1 1,937.0 10.280,0 24-8 2.066,6 100.861,0 24-6 418,1 7,581.4 25-2 311,0 3.543,0 19-6 6.948.7 2V-1 539,0 211.4 4,277,7 J3-8 l,771,o 65,88^,1 2.V4 468,4 10.907,5 26-6 685,8 3.949,9 .'30 612.8 6.436,9 19-6 1.525.9 13,390.0 22-8 8.250,3 ii-i 270.3 153,3 2,847.7 J5-4 721.5 11,086,9 23-3 347.0 4,295,0 26-5 1,707.0 17,628,0 25-7 927,0 4,696,0 33-1 250,0 10.206,8 260 406,5 6,258,0 23-3 414,2 7,769,7 27-2 407,0 4,659,0 24-9 ; t Total United States deposits included, $18,302,200. — Reports of Non-Member Banks, The following is the statement of condition of the non-member banks for the week ending Mar. 18, 1905, b.ased o^ u,verage of daily results. We omit BANKS. 2,34 7,246.0 52,635,4 192,547.0 62,635,4 191.564,0 62,635,4 192,881,0 16,297,0 16,170,0 18,985,0 0,139,0 225,079,0 6,878,0 223,118,0 6,025,0 229,638,0 7,296,0 7.315,0 7.397.0 155,748.8 138.019.8 162.910,7 264,975,0 11.964.0 150,938,9 Mar 4 Marll Marl8 Surtal plus. Wash. Hgts ... 48,167.1 222,129,0 4 Chelsea Ex. .... .. 68,482,0 ; — Imports and Exports for the Week. The following are imports at New York for the week ending for dry goods March 16 and for the week ending for general merchandise tlie March 17 also totals since beginning first ; Loans <t Jnvest- Specie. Leg. T. Net S:Bank Clear'g Other Deposits Notes. Agent. Bks.&c For week. 1905. 1904. Dry Goods. Consol. Nat. 1,000,0 1,042,7 Fidelity 200,0 124,9 14th Street. 131,4 100,0 Gansevoort. 87,1 200,0 Hamilton .. 200,0 133,2 Jellerson .. 400,0 333,5 Mt. Morris 129,7 250,0 Mutual 226,0 200,0 19th Ward . 194,0 200,0 Plaza 242.2 100,0 Riverside .. 103.2 100.0 State 767.3 100.0 12th Ward 117,6 200,0 23d Ward .. 100,0 109.5 Union Exoli 760,0 636.4 United Xat. 1,000,0 150,2 Yorkville .. 293,7 100,0 . 1903, 1902. Total Since Jan. $2,662,587 10,679.207 $2,623,040 10,443,486 $3,362,888 10.521,989 $2,699,567 7,848.814 $13,241,794 ........ General Merchandise $13,066,526 $13,884,877 $10,548,381 $35,374,814 127,679,351 .$30,994,646 $36,179,022 99,844.122 $30,830,742 89,187,376 1. Dry Goods General Mercliandise Total 11 weeks 104.184,134 $163,054,165 $135,178,780 $136,023,144 $120,018,118 of dry goods for one week later will be found in our report of the dry goods trade. The following is a statement of the exports (exclusive of specie) from the port of New York to foreign ports for the week ending March 20, and from January 1 to date. The imports MEW YORK FOR THE WEEK. EXPORTS FROM 1905. For the week Previously reported.. Total 11 weeks 1903. 1902. $11,214,418 107.380,897 $10,279,500 94,469,864 1904. $11,913,848 100,823.262 .$9,836,836 100,694,556 $112,737.11* •1^110,53 1,392 .t;n8.595,316 $104,749,354 Note. — As the figures ot exports as reported by the New York Custom House from week to week frequently show divergience from the monthly totals, also compiled by tlie Custom House, we shall from time to time adjust the totals by adding to or deducting from the amount "previously reported." The following table shows the exports and imports of specie at the port of New York for the weekending March 18 and since Jan, 1, 1905, and for the corresponding periods io 1904 and 1903. NEW YORK EXPORTS AND IMPORTS OF SPECIE AT GoliU o.,- " 692,4 604,5 495,1 3,103,2 5,897,0 3,913,3 906,2 2,274,0 •2,06o,l 3,974,5 2,495,1 2,796,8 3,425,1 2,300,0 3,078,0 1,35>,3 8,121,0 1.91i>,0 1.482,9 4,762,8 2,270,5 2,388,2 11,8 16,4 32,7 45, 255,0 337,0 16,7 120,9 14,9 162,1 10,3 168,0 24.5 2b,7 199,0 17.3 541,0 31,0 47,6 121,2 283,6 40,5 34,2 31,7 25,4 245,1 190,0 35,7 66,2 90,9 140,4 138,4 3 26,5 98,9 294,1 207,5 185,0 105,3 269.0 168,0 141,1 264,4 50,6 272,5 73,4 39.6 51,2 358,9 453,0 274,2 59,1 367,8 167,6 124,2 187,8 268,7 97,2 327,0 481,0 85 141,0 228,0 132,8 690,6 86,9 252,0 45,9 140,1 264,7 3,6 125,0 66,0 126,8 310,0 78,9 56,9 56,1 290 205,1 ,161,0 572,1 609,9 669,4 3,057,7 5,974,0 2,371,4 895.5 2,915,0 2.352,3 4.402.3 2,473,7 3,479,6 3,480.2 2.825,1 3.062,0 1.602.4 9,655,0 2,3.S0,0 313,3 760,0 268,8 2.039,6 6,647,1 1,415,0 2.934,1 Sorough ot IMPORTS. Since Jan. Great Britain Week. 1. Since Jan. 1. .'til.600 $i,366',6o6 $1,752,031 '\v256 20.899,553 l,60ii 137,305 36,553 268.747 9,s70 $68618t'5 Mexico South America $ 142,6 68,2 62,8 264,5 315,9 week January. FOREIGN IMPORTS. West Imiies 100,0 100,0 100,0 100.0 300.0 1,731,482.4 2.062,637,9 65,574,0 Marll 48,167.1 222,176,0 262,255,0 11,942,0 122,725.2 65,347,0 60,457,0 11,917,0 Maris 48.167,1 220,377,0 126.388.4 " due to other banks," t Including lor Boston and Pluladelphia the item and also Government deposits. For Boston these Government deposits amounted on March 18 to $2,986,000 on March 11 to $3,380,00o. France Uerniany Man&Br'nx 1,699,495,2 L'jiila. Mar EXPOKTS. N. Y. CITY. Boroughs 0/ Columbia 42,829,8 42,851,3 42,804.5 42,803,6 86,431,<' .S6,253,8 two ciphers (00) in all eases. ments. Colonial 11798249 11899700 '5,004, U87665.S 33,703,7 11744381 Jieposii wit/t 00s omitted. Century 223,170.4 219.628.4 221,189.7 215,060,0 ' Total... 116,972,7 136,879,6 11276784 216,060,0 83,703,7 11744381 25-4 t $ Feb 26 251,924,1 11212814 4 251,924,1 11344253 Marll 251,852,3 11329203 Maris 251,852,3 11276784 Bus. Mar 7,971 I8,;i00 7,250,<IOO Ail other countries I Total 1905 Total 1904 Total 1903 ,001 12,470 i ;t0-0,87r. t.29, 889,071 531,000 61,003 l,n 13,774 1,^53,345 $1,388,291 52,764 033,216 $2,204,506 4,273,643 1,967,936 *558.255 $7,032,480 308,000 5,000 30,512 *i'.i25 6"79/J99 45,162 146,676 $21,687 122,513 423.933 192.963 1.632 1 26.882 $568,706 172.286 266.522 .Silver. Great Britain France Germany West Indies "9,431 Mexico South America 574 All other countries Total 1905 Total 1904 Total 1903 $567,686 618,512 70.S.76V .+s,05ii,0oo 11,288.576 8.997.686 .+ Of the above imports for the week in 1905, $3,451 were American gold coin and §125 American silver coin. Of the exports during the same time, 5680,875 were American gold coin and 57,500 were American silver coin. Brooklyn. Borough ... Broadway . Brooklyn .. Mfrs.'Nat.. Mechanics' Merchants'. Nassau Nat Nat. City North .. Side. Peoples 17th Ward . SpragueXat tjnion Wailabout . 97.3 348,4 112.3 174.6 814,0 27,0 15,7 116,9 37-,7 230.4 20,3 220.0 142,0 16,9 78,3 11.5 120.0 41,2 48,6 136,2 551, 1,331,6 80,1 159,6 435,0 930.0 329,0 624,0 87,9 35,6 117,4 183.3 60,9 81,4 25,0 143,0 82,4 137,0 24,1 40,0 400,0 1,077,7 4,518,2 186.3 301,1 4,2103 250,0 250,0 200,0 661,9 14V,9 293,9 2,280,3 8K3,7 1,470,0 91,0 64,0 32,9 77,5 17,8 69,0 143,0 209.1 400,1 110,0 125,0 643.4 160,5 2,681,5 1,242,7 147,0 36,3 45,0 66.6 186,1 73,4 200,0 150,0 300,0 252,0 500,0 100,0 300,0 300,0 100,0 100,0 100,0 200,0 200.0 100,0 159,1 685,6 60'),3 64.3 773,7 571, i; 170,0 191,0 92,7 239,3 112,2 95,8 1,833,8 2,410,0 1,760,0 3,449,5 8,922,3 1.426,1 5,5<'0,0 3,338,0 1,356,1 1,768,0 684,3 1,134,0 1,162,5 58,5 182,4 301,0 183,2 630,8 63,9 i23y) 300,0 120,.^ 52,7 18,1 64,0 286.6 148.4 47,7 212.0 423,7 2,009,1 2.538.5 1,959,8 4,444,2 11,030,9 1,631,3 5,980,0 724,3 Hudson 533,0 8,793,1 137,1 15,1 4,9 1.915,4 914,7 1.752.2 473,7 72,0 . Second Nat Third Nat.. Second Nat of Co. High-Grade Transact a general bankino" business and execute stock and bond orders upon the New York Stock Exchanore. Branch Office, Albany, N.Y. William and Pine Moffat HOBOKKX. First Nat... List & INVESTIVIENT BONDS. 2.97S.8 1,309,0 Co. National Monthly Descriptive l,l'i3,0 74,7 and Ifinanclal, Spencer Trask 1,561,2 2,Ob3,2 1,560,6 823,0 —See page preceding. gattlilix0 3,8-'8,0 jKKSETCrrr First Nat... Auction Sales. & Stg., New York. White, members New York !^tock Exchanire, 1 NASSAU STREET, CORNER WALL, ^Dealers fn Invei^tuicnt Securities. Maris 101370 124.-.77 1090307 4,550,4 6,024,4 1 50233 7 423,4 1249137 Tol-Warll 101370 124514 1079287 4,607,5 6.105,6 127768 7,465,0 1210044 Tot. Mar 4 101370 124514 106S616 4,435,5 5.949.1 12'.)63',< 7,988,2 1211199 Tot. TeL 58iiC-ot«il Cortlaodu Teteonoiie i^tooka a Speclaltr. THE CHRONICLE. 1156 United States Bonds.— Sales of Government Bonds at the Board are limited to $9,000 2s, coup., 1939, at 105^^ to 105%. and $3,500 3s, coup., 1908-18, at 105. The following are the daily closing quotations; for yearly range see third ^nzztU. ^aufejers^ ^p* For DivideiuLt act page iis4- WAIiL STREET, FRIDAY, MARCH 24, 1905.-5 P.M. page The Money Market and Finaiicial Sitnation. — Apparently not much importance attaches to the movement of security prices since our last issue. There was a decided advance early in the week, which has been more than lost later, 2s, while general conditions governing the market have continued practically unchanged. These conditions include the Far Eastern situation, European finances and affairs of a domestic character, all of which are very much the same as 38, 38, for however, is A somewhat firmer tendency to-day, no doubt due to late advices from abroad which two weeks past. indicate that the prospect of peace negotiations in the near future is more hopeful. Various combinations or mergers have been rumored in connection with the advance in certain stocks, but none of these can be officially confirmed and there seems no logical reason for a greater portion of the irregular movements mentioned. If there has been a speculative effort to advance the price of cotton, as was reported, it has so far been unsuccessful, and the grain markets have been weak. The foreign exchange market is easier under a liberal supply of bills, a considerable portion of which is said to have been drawn against securities. The result is a relief from the tendency to higher money market rates here which was a feature last week, and the call-loan rate is not as high as then reported. The open market rates for call loans on the Stock Exchange during the week on stock and bond collaterals have ranged from 2 to Z\ p. o. To-day's rates on call were 3@3i^ p. c. Prime commercial paper quoted at 3^@4 p. o. for endorsements and 4@43^ p. c. for best single names. The Bank of England weekly statement on Thursday showed an increase in bullion of £526,638 and the percentage of reserve to liabilities was 55*05, against 51 '12 last week, the discount rate remaining unchanged at 2^^ per cent. The Bank of France shows a decrease of 9,300,000 francs in gold and an increase of 1,150,000 francs in silver. NEW TOBK CITY CLEARING-HOUSE BANKS. Differences 1905 1904 previous week March 21 215,060,000 Deo 83,703,700 Deo 6,129,700 1,301,200 s 115,572,700 132,366,200 998,91b,800 36,913,800 1,037,013,700 217,239,600 69,324,400 298,703,700 Deo 293,60y,525 Dec 7,430.900 3,306,925 286,564,000 259,253,425 $ Capital 115,972,700 135,879,600 Surplus Loans & discounts Dec 5,241,900 1,127,(578,400 42,803,500 Dec Circulation Net deposits Specie Legal lenders p. c. of deposits Dec 4,123,975 5,154,175 Surplus reserve 6] ,000 Dec 13,227,700 •1,174,438,100 Eeserveheld 25 1903 MarcU 19 Jrom March 18 $ 110,322,700 122,764,400 911,547,400 42,863,500 900,682,400 163,592,500 64,758,500 228,351,000 225,170,600 27,310,575 3,180,400 $18,302,200 "United States deposits included, against $19,783,400 las* vreek and $4(1,488,700 the correspondins week of 1904. With these United States deposits eliminated, tlie surplus reserve would be $9,729,725 on March 18 and $14,224,000 on March 11. NOTE. Returns of separate banks appear on the preceding page. * — foreign Exchange.— Foreign exchange was weak, influenced by firm rates for money, by free offerings of security bills and by a light demand. To-day's (Friday's) nominal rates for sterling exchange were i 84V/@4 85 for sixty days and 4 86i^@4 87 for sight. Today's (Friday's) actual rates for sterling exchange were 4 8370@4 8380 for long, 4 8565@4 8575 for short and 4 8590(a> Commercial on banks, 4 8330@4 8340, and 4 86 for cables. documents for payment, 4 825^@4 83^^. Cotton for payment, 4 8258@4 823^; cotton for acceptance, 48330@4 8340, and grain for payment, 4 83%@4 8Z%. To-day's (Friday's) actual rates for Paris bankers' francs 5 20@5 19%* for long and 5 18i^t@5 183^ for short. Germany bankers' marks were 945^(a»4 11-16+ for long and 94^@94 15-16+ for short. Amsterdam bankers* guilders were 40(ct401[ for long and 40i^**@403^1[ for short. Exchange at Paris on London to-day, 25 f. 16^c.; week's range, 25 1. 19>^c. high and 25 f. 16i>^c. low. were The week's ranee for exchange rates foUowsi -Short- -Lony.- — HUrling Actual ® ® 1 ® I 4 84 4 8410 4 »3b0 4 8370 Paris Ji ankers' I'ravcs— Hl)rh....( 5 lO-ig 5 1938« High....! Low 20 ® 5 IO'Hj* Oermany Hankers' Marks Low I Hlifh....! Low I 5 — ® @ 94=8 94«ifl Amsterdam Bankers' High....! ® W ® 40iie* Low ...I WW.. «U 40 I Less: *»i6 0f 1%. t i)4iiiot 94»e I I | Guilders— 411I19 I 4OI18 *U'1G I >32 of 4 86 4 8565 4 4 -Cables. 8610 8575 5 17'a SlSiflt ® ® ® 40 "4 ^U .©11 40'«TI ® ® 4 8645 4 86 951,6 94i6iat ® @ W 8635 4 8590 • 51712* SlSie 95 4 94^8 403ifl 40S** '±\J'^^" 1%. *332 0fl% Plus: Til 16 .............. . 011%. *'»3aotl%. : mium; fotlotcii.g. Mar. 18 Interest Periods Mar. 20 Mar. Mar. 22 21 1930 1930 registeredQ— Jan ^1043., 10438 •10436 couponQ—Jan »1047e *104'^e 1053b 1918 1918 registered Q * 38, 1818, 3s, 1918, 48, 1907 4s, * This registeredQ—Jan •1041.^ couponQ—Jan 105 Hz registeredQ— Feb *132'.i couponlQ—Feb * 132 la 1907 1925 1925 48, 48, is •i04ii * 10414 *104i4 •104^4 *ib3'i ibs'ii -103% •IO412 •104Hi •10456 105V2 •105 "12 *10508 '132>2 •13212 •132»8 •1321a *13aia •1323i the price bid at the morning board; no sale , •las'* *105>4 •ib4>4 •10434 105 Mar. 24 10434 •10434 *104»4 2s, 28, 1930, smaU.registered 28, 1930, small.... coupon —Feb couponQ— Feb smalLregistered Q —Feb small couponQ—Feb Mar. 23 ib4>^ •ib4»i * 10434 '104»4 •ro3>i •10458 *ib3^ *104^ •lOoSg *105»8 -132»8 *132«8 *13234 *1323« was made. Railroad and Migcellaueoas Stocks —There was a limited volume of business in stocks during the early part of the week and at the same time prices had a decidedly upward tendency. Later the market has been more active, the transactions aggregating over 1,400,000 shares on Thursday, but the tone changed to one of weakness and, notwithstanding a sharp recovery in some issues to-day, a considerable portion of the activr* list closes lower than last week. Among the notably exceptional features are Canadian Pacific and "Soo Line" preferred, which advanced over 5 points, and are still nearly 4 points higher than last week. "Big Four" and "Nickel Plate'^ have also been strong, but New York Central has not maintained the advance noted last week, and closes over 6 points below the highest then recorded. Union Pacific has been by far the most active stock, and after moving up 2 points on the advance of Monday and Tuesday and covering nearly 3 points to-day, closes with a net loss. Chesapeake & Ohio has also been active and relatively strong. Atchison has been in request, and with St. Paul and Bait. & O. closes with a substantial net gain. Corn Products has been the weak feature of the industrials. On a reduction of its dividend rate the preferred declined to 62J^ as against 75 last week and the common is over 4 Iron is exceptional in an adpoints lower. Colorado Fuel vance of over 5 points, and Tenn, Coal & Iron is nearly 8 points higher; while the copper stocks have been weak and U. S, Steel, both common and preferred, are fractionally higher. For daily volume of business seepage 1166. The following sales have occurred this week of shares not represented in our detailed list on the pages which follow. & Sales STOCKS Week Ending Ifar. Sangt for week for 24 Week 30(1 Preferred 90'iiMara2 28 4Mar2(i 100 100 200 Preferred....... A.mer Beet Snifar 24\Mar21 47 1,800 Amer AgrionJ Chem 8434Mar21 91 Mar2' 99 Mar21 OgMariS Range Hne* Jan. 24>9Mar21 91»aMar22 30 Mar21 8434Mar21 20 Jan 89i«Feb 24 Jan 77 Jan 1. 24><)Mar 9534 Feb 30 Msr 85 Mar 99i«Jan 99 Mar »4Feb 148i«Mar 90 Feb 89»sFeb 69 Mar 104 Feb 91 Mar 91 Mar20 Amer Telen 4 Cable 96 Jan 99 Mar21 Assoc Merchants Ist prJ S8Mar22 «feFeb Atch Top <fe 8 Fe rights. 3,68U 600 147 Mar23 14734 Mar22 129»j,Jan Canadian Pac sub 2d pd 79 Jan 100 80 Ma; 24 80 Mar24 nieve Lor <S> Wheeling.. 900 a!H3>sMar24 86iaMar21 xiS "sMar Electric Storage Battery & Denv O, stmpd.. 600 64 Mar23 69 Mar24 44 Jan B'C 77 101 Maris 101 Maris 101 Mar aeneral Chemical, pref.. 71 Jan 78isMar CO 78>sMar24 78>iMar24 Homestake Mining 5,620 17»4Mar20 20i2Mar22 10 Jan 20VMar Enick Ice (Chicago) 60 Jan 73 Mar 100 73 Mara2 73 Mar22 Preferred ISSi^Feb 190 Mar IBO Mari!2 190 Mar22 Morris <fe Essex IM^Jan 26>4Feb 23''gMar22 24HiMar20 tmam<& stamping.. Nat 400 92 Mai21 92 Mai2 89^ Feb 92 Mar Preferred 100 42 Mar21 42 Mar31 42 Feb 42 Mar New Central Coal 50 62 Marlt- 62 Maris 69 Jan 66 Mar Dock Co, pref 60 402 Marai 4U2 Mar20 400 .Tan 402 Mar New York & Harlem igMar iaMar2 4Mar22 "aMax North American rights.. 7,640 W n NY .• St L <& Ban Fran stock tr ctfs for C<fe K lU pref.. O 8 Leather tr oo recta.. 206 133 40,950 Mar23 183 Mar23 133 Mar 134'aPeb 1234Mar23 11 Mar ISHjMar Maris 105 Mar24 103i«Feb 106»4Mar Marlg 52i9Marl8 35 Jan e6HMar llisMarlti Pref Trust Co. recta .... 8,400 104 n S Beduo <& Betln'g, pt 40U 50 Outside Market.— Trading in the markeh for unlisted The movesecurities has been on a limited scale this week. ment of values has been decidedly irregular, strength being displayed in some issues while in others the tendency has been towards a lower level. Northern Securities continued to lead the market in point of activity, total transactions aggregating about 100,000 shares; this stock declined from 161}^ to 154%, but to-day recovered again to 161J^. The price of Northern Securities "stubs" fluctuated between 725 and 900; the close to-day was at 800. Inter borough Kapid Transit has been extremely quiet; in the early part of the week the price rose from 2i2i^ to 216, but later it sank to American Writing Paper preferred rose 2'}^ points to 2101^. 35% and closes to-day at 34; the common advanced from 5^ to 7 and ends the week at 6. International Mercantile to 36?^^, then declined to 34^.^ Marine preferred gained and to-day recovered to35i^: the common fluctuated between 133^ and 14, and the final sale to-day was at 133^. After an advance of 8 points to 628. Standard Oil dropped back again to 620. Otis Elevator common ran up 4^^ points to 53^^. United States Leather (when issued) moved up 3 points to 42. Colorado Fuel & Iron new common stock (When issued) was traded in for the first time to-day; odd lots sold at 48 and .10; the "rights" started at 3 and rose to 4. Manhattan Transit declined from 3^ to 3^4, but to-day it rose to 4%. British Columbia Copper dropped from 1% to 61^ and then recovered to 7. Tennessee Copper sank 6}^ points to 251^. but closes to-day at 273^^. After a decline from 28% to 27^4 GreeneConsol.Coppcrends the weekat 283i Outbide quotations will be found on page 1166. ^ I The following were the rates for domestic exchange on New York at the under-mentioned cities to-day Savannah, buying [Vol. lxxx. 50c. per $1,000 discount; selling 75o. per $1,000 preCharleston, 13}^c. per $1,000 premium; New Orleans, bank, $' 00 per |1,0')U discount; commercial, 7')c. per $1,000 discount; Chicago, 5c. i)er $1,000 discount; St Louis, 30c. per $1,000 discount; San Francisco, 80c. per $1,000 premium. Stat« and Railroad Bonrts.— No sales of State bonds have been reported at the Board this week. There is very little change to note in the general characteristics of the market for railway and industrial bonds. I New lork Exchange— Stock Stock Record, Daily, Weekly and Yearly TWO PAGES (ICCUl'YING STOCKS—UlQIiEST AND LOWKIST SALE PRICKS Mondaq March 20 Saturdav ifarch 18 *35 72 40 75 8838 89 103 loa *35 •72 •36 •72 89 13 103 142 40 72 8838 90 14 102 V2 103 141 I42I2 141'i!l42»2 March 22 40 76 91 '2 10? 7g March 23 March 24 36 21 35 36 74 88 102 la 140 74 8938 103 14078 5I2 5 5", 32 •32 35 •801a 16 32 V2 32 32 81 31 I6I2 §1538 81 I6I2 16 33I2 31 4oia 47 4612 46 80 "a ><li4 67°h 5 S2 32 81% •15 5 8034 67»4 68 »65 16 32 46 fcOia 813b 67 14 81-2 68»8 31 68^4 7934 6634 65 285 70 90 300 70 90 3oO 290 20 •65 •85 •285 iiO '20 941a 9434 85 •94 Hi 97 >2 •934 95 »v 93'a •94 161 29 293f, •37 101 "310 •58 101 350 60 I4II4I42I1. 16914 16936 8818 90 14 12334 1241% 2418 2434 HoO •59 •89 116 163 170 61 93 116V2 163 14 49 40 98 •310 58 40 >4 103 350 60 141 1421a 169i8l69i2 8634 88^4 12314 12412 24 14 24 'e 150 170 61 62 89 93 H6I2II9 162^164 la 31 32 311a 31ii 6534 66 661a 6678 107'* 10734 107 108 >« •142 143 •141 143 41 41 •41 411a 2134 22 22 22 160 1621a I6O34 I6334 48 4838 471a 483, 110 117 •110 117 80 79 203 80 120334 20334 6138 85^ 61 93'a 107 84 113 > 12134' Siiia 105 94'a 951a 92 14 92 14 •91 91'a 344 3413 80 bOH •60 70 •13 16 Hi •50 67 •241a 261a 80 71 71 •188 192 > 94 9434 109 93 95 1421414334 •40 411a 1^4 •821a 6234 861a •92 1421a I4314 •40 411s 120 79 203 la 8479 63 86I4 •92 9334 •94 95 10778 107 't •94 95 •28I2 55 94^8 112 3313 80 •60 •14 52 » 185 64 38 84 8334 2934 28 14 64 66 17 55 93 93 14 50 159 27 55 404 40 4 103 360 •58 60 I39I4 140 4 1674168^4 85 4 8634 122^%1-J338 23^8 24 4 •150 •60 165 63 95 & t- & & & 'J Do 85 <Sj West'u. Rio Grande 4,050 Do 675 tr. ctl.tr. ctts. 2,020 610 3,348 70 90 302 Do & Terre Evansv. Do Haute.. Do deh Oocking Valley clf.A \\ <*,tf n_Do .'. pref I604I6I Illinois Central 27 4 2834 -Lowa Central 5478 5478 Do pref 37 37 IZanawlxatfe Michigan.. 84 84 -IVc.Ft.S.<feM.,tr. ots. pfd 284 284 Kansas City So. vot. tr. .. 6373 65 Do piet. vot. tr. ctfs. 17 Keokuk <& Des Moines... 55 Do pref 41 41 r ake Erie <fe Western... 100 103 -Li Do pref 14 50 310 360 Shore i22''8 82 8314 105 112 9479 9638 9238 923;, -901a 91 12 34 3l7g 80 8O34 3434 8018 70 60 70 lOia •13 161a 52 57 57 241a • 71 185 261a 79 71 190 39',3*0*6 i'letrop. Secur., sub. rec. 121,350 Metropolitan Street 56,100 Mexican Central Michigan Central & Minneapolis <fc 32,400 St. "'906 Louis. S. S. Mane. 9^o'o"6 8,100 3,750 7,47u 46,750 Texas 106=8 10734 Missouri Pacific XI ash. Chatt. & St. Loui.« 145 141 40 21 41 4034 ii at. of Mex, non-cum.pl a2 Do 2d pref 16038 160 16178 N. Y. Central <fe Hudson.. 4838 48 494 N. Y. Chic. & St, Louis... 117 •110 117 Do Istpref 73 81 81 Do 2d pret 202 20134202 N. Y. N. Haven & Hunt. 084 584 594 N. Y. Ontario & Western, 85 85 4 S534 Norfolk & Western Do adjustment pref. 94 93 93 pacific Coast Co 94 92 4 92 i- Do Istpref 108 •1U5 108 93 95 Do 2d pref 95 Pennsylvania 14134 14134 143 404 42 4 4434 Peoria <& Eastern Pore Marquette Do pref * * 1264122" Philadel. Rapid Transit.. viz" i20"* 1204 804 82 84 Piltsb. Cin. Chic. & su L. 80 82 4 84 •105 112 105 112 106 112 Da pref 93«8 95 924 944 944 964 ! > eading Lvlst pref •92 9178 9-2 91 91 923b 2d pref •89 90 90 904 •894 904 33I4 34 324 334 3333 3434 Bock Island Company Do pref 7934 80 794 79 7j, 794 8012 60 70 60 70 60 70 Bntland, pref 13 16 13 16 1. Joseph (feGr'd Island. •13 164 •62 60 56 50 55 Do Istpref 57 24I4 2414 •24 •24 Do 2d pref 26 26 ....... 79 78 88 774 774 St. U<fcS.Fr., Istpref.... Oo 2d pret •704 714 •70 71 704 71 C.<feE.I.com stock tr ctfs 185 192 •185 190 185 190 22 2. 76 4 Jan 2 12'=8Janl2 / 25 Jan 37=8 Jan ; 3 754 Jan 3 994 Mar 800 50i) 2 §290 Jan2(, 56 Jan 20 11344 Jan 25 Jan Jan 11,012 165 73 . 78 i22" 300 & Mich. South'n Long Island Louisville cfe NashviUe... \/[ anhattan Elevated . L. '58 60 140 41414 168 169 8834 87 j;1224123>8 24 4 2434 155 J 70 62 62 4 •89 95 Jan 3038 Jan 2^ 85 Jan 23 22 Feb 20 5 Feb 8 3138 Mar 4 55 4 Jan 3 68 Jan 10 90 Feb 28 r,2o6 236 Jan 4 83 Feb 16 47 17 4 Jan t 600 86=6 Jan 1^5 100 90 Jan 18 15,822 15234 Jan 25 1,700 2 7 Mar2.> 300 544 Feb 28 100 36 Jan 23 2,000 8134 Jan 25 2,600 27 '2 Jan 7 7,900 52 Jan 3 1434 Feb 25 52 4Marl5 "85*6 35 Jan 11 pref Green Bay<feW.,deh. 94 94 •93 7,150 160,400 9,715 9,600 1st pref 2d pref Great Northern, pret 19 4 26 9334 1,78.. pref <fe 106 4 145 Dodge. <& Ft. Detroit South, vol. 89 Do pref 117 1173i 1174118 Minn. S. P. 16541664 166416634 Do pref 314 314 Mo. Kansas 303a 31 644 65 4 6534 6614 Do pref 141 300 pref Des Moines 684 6738 299 335 i -'elaw. l^ack. 3178 65 1938 50 :- 45 ^8 46 4 L^rie 80 4 81 Ej Do 67 70 90 300 27 65 39 83 4 83 4 27 4 28 63 64 14 17 4 100 310 15 80S: 54 37 55 40 84 14 29 65 17 55 & «fe tor Freviovs Year (1904) Highest 3 i' H44Jan 9 21 4 Jan 25 Feb iV.io 56 4 Jan 86 Jan 89 4 Jan 148 Jan 30 Jan 62 J an 104 4 Jan 137 Jan 40 4 Jan 21 3 12 ly 11 13 24 10 25 12 4 Mar 7 292,795 14134 Jan 7,900 42 Jan 20 115 Marl 3 ;^ "bbo 744Febl7 530 1984 Jan 3 102,950 4038 Jan 6 32,500 100 774Jan25 914Feb24 700 784 Jan 17 100 100 Jan 3 lOo 85 Jan 12 349,350 135 Jan 25 2,40o 27 Jan 25 77 Jan b 80 Jan 11 1184 Mai 75 Jan24 106 Feb 17 408',700 a;79 Jan 13 2,200 91 Mar24 100 84 Jan 5 t' 3i3'o"6 1,100 104,450 11,400 Nov Nov 894 Nov 1044 Mar 9 87=8 Jan 1044 Nov 145-if> Mario 104 4 Feb 155 4 Nov lll4Marl3 727eMai 105 4 Deo 98 68 175 114Aug 2734 Nov 154 Nov 29 May 48 4 Nov 111 Mar21 684Maj- 9338 Dec 12134 Marll 100 Feb 115 Nov 2634 Feb 8 13 4 J'ne 24% Nov 64 4 Feb 10 48 J'ne 63 Dec 39 4 Feb 3 1778 J'm 37 4 Nov 196 Feb 4 149 Mai 1904Deo 100 Marl4 2504 Feb 35934 Deo 364 .Mai 14 18 Mai 3579 Nov 91 Marl5 64 4 Feb 89 Deo 284Marl7 19 4 Jan 27 Deo 978 Jan 24 14J'ne 1434 Jan 364 Feb 1 234 J'm 33 4 Dec 83 4 Mai 24 60 4 J'ne 7934 Deo 17 4 Jan 21 5 4 J'ne 1479 Nov 37 Jan 21 9 4 Aug 28 4 Nov 4834 Marll 214 Ma> 41=8 Nov 83 Si Marll 55=8 May 77 Deo 71 4 Mar 3 33 Ma) 584 Deo 72 4 Jan 16 54 J'ly 67 Deo 90 Feb 28 72 Feb 83 Nov 302 Mar24 170 Mai 2424 Deo 90 Jan 13 70 Aug 86 4 Nov 24 Feb 2 11 J'ne 2034 Nov 99 Marll 60 Maj 94 Deo 9678Mari3 77 Mai 95 Deo 164 Marl 6 12534 Feb 159 Deo 32 Feb 3 14 J'ne 33 Nov 0834 Feb 3 32 Feb 5934 Nov 39 Marl7 22 4Ma3 38 Dec S44Marl6 64 4 J'ne 834 Nov 34 Feb 14 16 4 Feb 3 178 Nov 70 Feb 14 31 Feb 6634 Nov 1434 Feb 25 104Jan 1938 Apr 524 Maris 45 4 Apr 82 Apr 44 4Marl4 26 Mai 434 Dec 106 Marl3 85 J'ne 105 Oct iioQ Marl3 §245 Nov §300 Dec 654 Feb 3 46 May 62 4 Nov 145 4Marl3 101 Feb 14334 Dec 175 Feb 9 13934 Mai 169 4 Nov 91 Marl? 724 Mai 96 4 Aug 1254Marl7 10434 Mar 13038 Oct 26 Marl3 Apr 23=8 Nov 5 5150 Feb 16 §1194 Feb ISO Nov 62 4Mar21 40 J'ne 6734 Jan 91 Feb 24 SO J'ly 96 4 Sep 120 Mar21 55 Jan 95 Oct 168 Mai21 116 Maj 150 Oct 334 Janl^ 14=8 i'eb 3638 Nov 69 Marl 3 32 4 J'ne 65 4 Deo 11078 Marl3 87 Feb 111 4 Deo 14738 Mar 4 101 4 Feb 147=8 Deo 45 Jan 16 3434 Feb 45 4 Nov 24 4 J an 10 1578 Feb 254N0V I6734 Mai 14 11278 Mar 145 4 Deo 51 4 Mar 13 25 May 47 Deo 122 "a Jan 30 101 4 May 115 Nov 83 Maill 60 J'ne 78 Deo 210 4 Feb 4 §1864 May 199 Oct ^i'i Maris 1939 Mai 47 7^ Oct 88 4 Marll 63 4 Mai 80 4 Deo 94 4 Feb 3 88 May 95 Dec 98 4 Feb 7 61 Feb 82 4 Deo 108 Feb 6 95 J'ly 101 Sep 98 Feb 7 614Jau 864Deo 14734 Marl3 1114 Mar 140 Deo 454 Feb 23 17 Mai 32 4 Deo 106 Feb 14 744 J'ne 813f,Jan 87 4 Feb 6 'ioH Ma) 79 4NOV 124 Mar Jan 18 9934 Mar 9 94 Feb 2 92 Feb 3 37 73 Jan 18 85 Jan 4 J'ly 1 8734Marl3 112 Marl3 244Mar22 400 75 200 70 Feb 8 87=8 Feb 96 4 Oct Marl 7 38 Feb 704N0V Jan 18 1184 Mai 160 Oct Jan 31 §ia54J'ne 165 Oct 36 4 Mar22 134 Feb 2 54 Feb 3 134Janl3 "ib*6 34 66 8934 Mar23 83 Nov 89 Aug 150 4.Mar21 1094 Mar 13534 Oct 7234 Jan 31 64 Apr 72 Nov 205 4 Feb 3 1544 Feb 19434 Nov 60 4Mar21 284 Mai 51 Nov 44'2Marl5 33 Jan 474 Nov 834 Jan 4 75 Jan 854 Jan 25 4Marl6 12 78 J'ne 264 Nov 884 Maris 804 J'ly 90 Nov H834 Janl8 47 4 J'ne 7434 Nov 374 Feb 7 20 J'ne 394 Nov I8334 Marl4 137 4 Feb 177=8 Dec 192 Jan 31 173 Mai 1857gOct 249 Jan 31 161 4 Mai 2144 Dec 265 4 Feb 1 207 Fob 237 Nov 225 Jan 31 135 Mai L60 Nov 230 Jan 31 5165 Apr 192 Deo 19 4 Feb 17 5 4 Aug 164 Nov 32 4Mar23 79 4Mar23 69 Jan 17 54 Highest Lowest 37 4 Feb 18 25 J'ly 74 Mar22 54934 J'ne 9338 Mar 9 64 Feb Jan 25 159 Jan 160 154 159 34 Do pref. vot. 83 4 Detroit U nited 15 '4 Duluth So. Snore <Si Atl.. 314 45 4 94 94 160 647a 6534 10638 107 1« 105=8 •140 146 -40 40 41 21 •21 22 159=8 10214 158=a 48 4714 4913 474 601a 110 117 110 117 110 79 81 80 78 •201 204 200 20018 •200 60 14 62 584 6014 5634 8512 86=8 84 4 844 92 94 •92 853e *9^ 94 •94 95 93 93 92 106 108 12 •106 108 105 93 95 •93 95 95 14178 144 141414238 14038 •40 42 43 43 404 142 9II2 190 285 98 41 103 320 360 320 360 •58 •58 60 60 1401314113 14134 143 1691a 1693, 169 I6914 87 14 88\ So% 8734 123=8 12458 122 la 124 25 12 2379 2478 241a '150 170 160 170 62 12 62 621a 62 13 89 95 89 95 120 117iall8 1181a 165 168 16534 167 31 32 3934 3118 96I4 •i4ia 261a 79 70 71 70 90 300 65 85 •9314 94 15934 160 12 271a 271a 40 6613 67 107 la 108 la 147 41 41 21 22 161ial6334 66 4 6 7 la 6 *31 82 8I34 15^4 3l38 15 3OI4 4434 79^8 80', -5 "v 33 814 lOSg 32 46 41 411a 42I4 •100 101 101 92 14 92 12 90 33 82 14 5 1938 '93 55 •60 \ii" 8212 290 291a 38 83=8 29 651a 14 17 65 14 65 85 95 I6034I62I2 •38 40 83 14 833, 2914 29 S 65 "a 6534 40 •8314 83^4 29 291a eoJa 66 -14 17 •49 65 41 41 45 la 2614 9434 93 95 541a 56 •541a 56 70 90 300 •85 I6214 •2Sia 2912 160»4 161 1^ 81 33 47 5 31 5 Lowest BuJlalo Roch. Pittsb'g. li . .Do pret 1*230 874Jan 4 Buffalo <fe Susqne, prel... 165,430 13034 .Jan 25 / lanadian Pacific V Canada Southern 100 67 4 Jan 11 200 190 4 Jan Central of New Jersey... 210,450 46'^ Jan 25 Chesapeake* Ohio 1,900 3838 Mar 8 Chicago Alton 1,600 80 Jan 2o Do pref 20,900 2178 Jan 25 Chicago (Jreat Western.. 600 80 Jan 24 Do 4 p. 0. debenture.'' 120 62 4Mar23 Do 5 p. 0. pref. "A".. 1,700 324 Jan 25 Do 4 p. c. pref. "B".. Chicaijo Milw. & St. Paul. 181,572 1714 Jan 400 182 4 Jan l;ri Do pref 7,022 205 4 Jan Chicago North Western 234 Janlo Do pret 150 Jan (> Chic. St. P. Minn. Om. 195 Jan 17 Do pref . b',hoC 734 Jan 5 Chicago Temi'l Transfer. 18,100 174Jan 4 Do pref 9 4 Jan 3 Chicago Union Traction. 13,410 750 394 Jan 7 Do pref 17,376 90 Jan 14 Cleve. Cin. Chic.'i; St. L. 200 119 4.Mar 8 Do pref 9,230 22 4 Jan 20 Colorado So., vot. tru.si 1,100 60 Mar Do Istpf. vot. tr. cfs 1,400 34 Mar2o Do 2ilpf.vot.tr. ctls. 6.300 1804 Jan 25 Hudson Pkelaware<fe Denver Range Week Shares Railroads. 10738 108=8 IOTSbIuS^s 10758 10912 96 98 '96 97 97 97 •96 97 66I4 67 65 66>8 67 66 60 »8 67 •152 155 152 155 150 155 *152 155 *152 155 147 157 *155 180 *155 180 •155 180 155 180 155 180 '155 180 *86i2 89 "a 8934 8834 8934 8938 89 12 -86I2 •87 147 78 150 14 1461314813 14638 1484 1484149 146 150 14518 146 '70 6934 70 •7012 7II2 70 70 71 70 71 '691a 70 199 201 198 201 197 200 199 199 20014 200'^ '199 2U0 58I4 60i« 68I4 5578 573b 674 584 57 59 561a 5812 57 4li8 42 41 14 42 14 41 41 4078 4138 41 41 41^4 4114 8O34 81 82 81 81 80 8I34 81 81 81 81 81 23 2376 24^8 234 2338 244 23^8 'Z\h 24V, 23«8 88I2 87 864 87 4 874 874 87 87 88 86 Si 87 •87 «62ia 62 12 624 624 604 67 6712 62 la 67 *B2>a 67>2 63 •35 3412 35 '4 354 3534 34 35 34^8 35 36 3434 35 180i4l817e 17878 18038 178I4I8OI4 a;l7678 177=8 179 179^8 179 180^6 139 189 188 188 187 190 185 186 190 190 '188 190 240 24034 24OI424OI4 238 239 12 23678 23814 2404 243 240 '8 241 250 263 250 263 •250 260 257 262 •250 263 '255 263 190 200 190 197 •190 200 •190 200 •190 200 >1»0 2U0 •193 200 193 200,, 192 200 *195 200 •193 200 200 '195 1734 19 18 *17 18 18 18 18 19 18 -lOi^ 18 33 34 35 36 32 34 354 35 32 14 3212 33 361a lOia I2I4 lOia 11 1134 12 94 1034 104 114 •1134 12 44 4518 44 44 40 414 50 •48 lOSislU IO714 1077g i 08 41 09 3^ 107 la 109 106 108 105 105 •120 122 121 122 •121 1214 •121 122 1'20 120 '120 122 2334 '24 2412 25 2379 24 23 23 '8 2378 24 ij. 231a 24 12 60 la 60 12 6OI2 6OI2 •60 60 60 61 60 60 60H^ 601*, «35i* 3516 33 36 35 34 3434 35 35 36 35 35 1H74190 1884 18y4 19156 190 192 188 190 '19018 19076 190 375 390 <375 390 •376 390 375 3^0 -3/5 390 '370 395 *34 3334 3334 334 334 35 •34 35 341a 31V, •33 341a 88 14 8934 89 !sy 4 90 88 88-4 89 89 >2 •89 88 "a 8934 «28i>j 28'27 "a 28I2 271a 27 12 27 27 274 274 2734 2734 514 ror Year iyu5 or 100-share lots 40 80 '74 102 14 102 139 I4II4 107111 10814 971a 9712 65=8 6634 14334 IO8I2 10934 Range On basis 35 Feb 6 A nnAjbor "300 66 Feb 6 •^ Do pref 894 904 Atch. Topeka & Santa Fe. 142,500 844 Jan 25 102 410278 5,88(1 99 Jan 2o Do pref 14034 1424 Atlantic Coast Line BR.. 17,324 120 Jan 25 108 4 109 4 L)altimore <fe Ohio 66,600 100 4 Jan 25 600 91 Mar ^ *964 974 1) Do pref 664 68 Brooklyn Bapid Transit.. 77,275 584 Jan 25 40 74 8778 89 40 74 01 the STOCK KXCHAJfGE Friday Tuesday March Sai^ STOCitS NEW YOBK 4 724Jan 19 1734 Jan 31 583, Jan 21 29 4 Feb 3 Apr Apr 3834 Mar 76 Mai 554 Feb 19 4 Mai 56 90 5734 Jan Deo Dec 82=8 Dec 92 Dec 85 Deo 80 107 3734 86=% Nov Nov 724 Dec Mar 18 Nov May 60 Not Jau 30 Nov Mar 7934 Dec 394 Jan 72 4 Dec 30 Apr 9 35 16 6 J 61 Jan 24 81 4 Mar Jan 6 734Mar 6 Jan 30 192 .Marl6 150 Jan 185 Deo Bid Ask BANKS AND TRUbT COMPANIES— BROKERS' QUOTATIONS Banks Rid Ask NBW YOKE Lmericall ... 515 UnerKxch.. 272 530 278 Lstor 776 ,S25 Jattery Park 160 170 Joweryll 3304 dutch's c& Dr 155 165 Banks Bid City 291 Coal Iron. 230 Colonial I1 ... 450 & Columbiali Ask 296 Rid Ask Irvin:^ t230 Jotlersonlj... 165 180 Fourth 400 t225 227 Consolidated tlSu C'mEichge'i 390 400 JenturyTJ.... 195 Discount^) ... 150 160 Jhase 650 East Biver. 150 160 Chatham 320 330 FideUtyll ... 180 200 JhelseaEioT 170 Fifth AveTl. 3450 3750 Chemical 4275 4325 Filth 300 Citizens' Ctr; tl674 First 765 785 • Bid and asked prices; no sales were maUa on this 1Sal«at Stock Exchange or at aaotioQ this week. Commerce BaakH Ask Ria Banks 14thStreetTl. 300 .. I 210 Gallatin Gau.sevoortli t4204 N2118 Liberty 140 U5 Liuculn 520 540 1500 Gartiel<l 500 I115 215 Maiden Lane Gorman Ami! tl85 4 German Ex' 400 Qennauuill .- Greenwich 620 ii Hamiltoni] 5 JO .. f245 170 Hanover 510 325 Imp & Trad, 590 605 160 luterborolf.. 150 day. « i Loss laaa 100 Mauhattanli. 315 Market&Ful 262 305 Mechanics' Meca & Trar 150 Mercantile .. t2S0=8 Merch Exch. tl76 Merchants'.. 175 . Metropn sititros. Xroat Co. certiacates. A 400 330 270 315 185 Banks Mt MorrisU Rid Ask 221 315 198 190 New Amster 475 500 New York Co 1300 N Y Nat Ex. 200 205 New York... t320 4 19th VVardH. 250 North .\mer. 220 225 Northern 130 Oriental',1 245 250 250 233 Pacific',] 530 540 Park Mutual!;... Nas.sauli .. ?90 Banks Pheuix Plazali Ex 140 595 183 280 700 Prod Exchli 175 BiversideH .. 250 Seaboard 670 Second 600 Shoe <& Leth. 160 \60 State!) 1200 34th Street.. 195 20« . 12lh WardH. 120 23d WardT.. 125 Union ExchT 196 a lir di\ndend am I riglita. ri?ats. i( State i);iQiCi. Aaseasmeat paid. n Sold at private sale at this price. t 290 130 585 People'sH 205 New stock. Stock Record— Concluded— Page 2 1158 STOCKS—HIOMSBT AUD LOWEST SALJS Monday Marc^ SO Saturdau March 18 •26 263, 63 »4 6*3. 67 4 681. II8H1 118 H, 3434 35 99% •99 26 64 *98 38 129 29 38 38'4 •129 132 29 H; 391a 39 \ 68 108 1C8 •2;> 22% 23% 4539 46^4 23% 23% 62% 52»4 245 250 16% 16% 58 7834 60 80 37% 78^8 *^0 "" 3708 3834 9834 3434 35 98 *33 97 38 235 •32 }228 94 99 35 97 38 228 •7Ja •734 10^2 10 6319 5334 10% 10% 53 •5% 0-4 •39 •17 •42 39 17»s 46 7 6I84 6234 62»e 96% 29J4 107 >< 108 11513117 210 107 •59 63 52% 62% 63% •95 105 I7I4 17 7 2634 103% 122% 175 98% 18% 65% 145 108 117% 120 •13% 14 •95 46 95% 96% 29% 30 •205 (14 • 205 •59 143 9634 2978 5% 1834 141% 143% 143 •143'4 I45I4 54 39% 115% 116 115 26% 26 Hi 26h 101l3l02»4 102 121 1213, 122 •170 173 •150 «98% •98>ul00 17 16 16H2 142 834 47% 49 46% 47 ^e 1115 •I634 204 206 14 206 I8V1 18V^ 73'a V3>2 5434 103 17% 205 17 18 7134 4034 41 "4 115 92% 95 14 188 m88', 223* 23 H. 79 79 •Hd^ 212 14 63 71% 41 •100 110 95 41 115 96% I8734 189 •22 23 78% 78% 89% 90% 90', •38 39 •87 39 88 87% 87% *87 61% 62% «1>3 61 34 "36>a"37' •103 IO6I2 166 Hi 169 102»4 10''i34 116 36 106 156 ^102 lll'ill2% 4j 111 38 »2 92 92 245 >a 245 Hi 247 •43 45 H; 120 36% 10734 159% 102% 45% 112 38% 38% 92 92% 3734 247 35% 36 94% 94^4 •93% 9434 21 1H% 19% 19 7676% 79% 76 26% 26% 26 Hj 26% •92% 96% •92»a »6 89% 91% 89 89 3S>4 35'4 125 •108 • 101 125 1 '-J 94% •180 •192 41% 13% 14'-, 7834 79 31% 32% 883, 89% •88 132 13 105 94 Hi 4034 41 •1 10 112 Hi 34% 35 Hi 94% 95 H; •34 Hj 3514 107 107 •41 47 •260 9234 41 89 Hi 42 13Hi 14 78 '4 78 H< 31% 32 8834 1 87% •41 88 •128 •12 •104 93 Hj 82% 8234 22% 23% 46% 46% • 8O34 39% 45 18 128 133 12% 12% 1> 4 104% 93% 94% 40% 41% 11034 111% 34% 35% 94% 953, 34% 34% 107 107 45 47% 257 4250 260 94^ x:93% 9334 183 I8O34 l£i3 199 192 192 45% 24% 62% 4534 1834 44% 44% 26% 26% 23% 23% 28 63 61 250 •245 82 22% 22% 183* 19% 37 98 17>a 3834 69% 58 45 •26 24 46 26H> 27 16i« 6O34 •42 3934 •18% 19% ii\ 53 JS9 39% •45 2i\i •95 •32 •225 39% 68% 80 Hi 82 26 H, 260 •96 •96 100 100 3834 38% 39 37% 38% '129 132 •129 132 132 29% 30% 29 29% 29 100 130% 132 \ 131 133 128% 131 99 Hi 99% 99% 100 99% 99% 40 42 41 41% 42% 42 *18»4 IS"* 4519 45 »s *244 16 •58 2634 67% 583j 108Hj108Hi 108% 109% 109% 114 57Hi 13!%132-'4 S9958 y9°s 40 40 80 81 22 "2 22»4 40 >a 46 2334 26 65% 63% 64% 6S% 69% 66% 68% 118Hill8»a 118% 118% 118 118% 24 Hj 35-V 35% 3534 34% 3434 99% 99% »9% 99% 99% 100 991* 2d 27 2634 643, 67% 68% 100 38% 27 65 ifedneidav March 22 Tuetiiav March 21 •244 62 250 J'SJCJJS STOCKS KKW YORK Thumdav lYtday March 23 March 24 26 26 26 6234 64 65% 67 117% 118 64% 67 33% 34% 9934 9934 •96 37 *28 •96 132 30 129 131% •28 3734 129 128-8 99% 99 41% 41% 80% 813^ 22 22% 44% 45% 99% 41% 81% 22% 45% i, 18 17 18 44% 44% 44% 27 23 51 •26 244 250 244 22% 50% 65 68 pref 30 383, 6734 23% 5034 131% 99% 42% 81% 23% 47% 19 45i-< 27 Lowest 2,900 16,010 24% Jan 6 Jan 12 Jan Jan 5 Jan 25 96 Jan 13 98 Feb 11 32% Jan 25 1:6% Maris 22% Jan 18 35% Jan 18 513, Jan 25 106 Jan 6 155% Mar 1 113 Jan 6 97 Jan 9 21% Jan 4 64% Jan 16 20% Jan 25 41 Jan 25 17% Jan 24 57 6334 3,060 11534 38,2011 3234 l9t;,2()ii stmped Highest cfs. 3,3U0 do O. stock tr. ctfs... Pacific I'^exas hird Avenue (N. Y.)... <fe <fc 9%J'ne 29 Dec 25%J'ne 6O34 Deo 3634 41% Mar 118 6834 Nov Sep 119% Deo 100 Marl 3 Mar22 98% Feb 28 90 J 283, 61% Industrial Adams 250 & i>Ii8ceU ?236 Jan Express . 15 15% 2,701! 14% 16 lUs-Chalmers 14 Jan 25 70(1 56 60 60 60 56 Do pref 68% 66 Mar23 392,125 70 Jan 25 79% 81 77% 7834 78% 79% AmalgamatedCopper 38% 39 37% 38% 36% 37% 38 38 American Car Foundrj- 29,30H 31% Jan 2 9,03(1 291% Jan 2 99% 100% 9934 100% 98% 99% 100 100 Do pref 34 34 3334 34% •33 34% American Cotton Oil 1,400 83% Feb 33% 34 •95 '92 •95 95 95 H5 97 loo 95 Janl 97 Do pref 16% 16% Highest Lowest 27% Jan 20 65%Mar2] 72% Feb 27 121% Feb 15 18% Feb 37 % Deo 77% Jan 97%De<j Feb 98 Dec 25,'70(' 41 Marl3 20%J-ne 38% Nov & 20(' 13434 Feol6 115 Mar 134 Oct 40'i Toledo Kallways Jfc Light oO%Marl6 17%J'ne 27 % Oct ToL St. L. W. T. tr. ctfs 6,775 40%Marl7 21% May 38 Nov Do i)rel. TOt. tr. ctfs. 1(»,510 59% Marl7 32 Feb 67% Nov Twin City Rapid Transit. 21,730 114%Mur 87% Feb xi07H Oct Do pref 168 Marl. 158 Aug a 65 Nov 958,4ou 136%Feb25 71 Mar 117 Nov Union Pacific Do pref 5,800 lOl^s Feb2 2:36% Feb 93 Deo 2,40(1 UnitRyslnv'tof SanFran 42% Mar 2 9 Feb 25 Dec Do pref 3,900 83 Marl 42%Apr 69 Dec 8,800 28% Feb 16 May 25 Nov Wabash 11,500 Do pref 48 Feb 3234 Feb 48% Nov 300 1934 Marl WheeiinK<fii Lake Erie... 14%J'ly 22% Nov Do Istpref 1,200 44%Mar24 48 Feb 37 J'ly 5234 Jan 900 26%. an 9 2>^%Marl Do 2d pref 21%J'ne 32 Nov Wisconsin Cent. v. tr. cfs. 4,240 21%Jan 3 25 4 Febl 16 J'lie 25 Nov Do pref. vot. tr. ctfs. 3,800 46 Jan IS 64% Feb I 37 J'n» 49% Nov M. 13134 Week Loois Southwestern.. Do Hange /or Year iyU5 Bange lor Previout On basis o/100-share lots Year (1904) Shares Southern Pacific Co 67% 112% 114% 110% 113 •26 St. 37% 38% 37»4 37% 38% 56 67% 127 26% 100 the aXCHANGE 118% 118% Do pref 34% 85% Southern T.tr. a!97% 98 Do pre! 100 Sales of STOCK [Vol. lxxx. 16% 59% 59% 7734 79% 15 H. <fe J250 Feb 19 68 4220 Feb 250 Feb 17 Feb 17 81%Marl( 39 Mar21 Oct 6 Mar 21% Nov 39% Mar 71 Nov 43% Feb 8234 Dec 1434 J'ly 35% Dec 67 Jan 9434 Deo Feb 24 24% J'ne 37% Dec Feb 1 Siih J'nt- 97 Nov •32 32 38 •33 38 •33 38 American Dist. Telegraph 33 38 Jan 10 38 Jan 10 22 Aug 39 Dec •228 235 228 228 226 233 American Express 200 ?209%Jan _ 246 Feb 27 ISO J'ne 219 Nov 230 230 734 8% 50(i 7%Marll _ _ Jan _ 14 7% 7% •734 8% 8% 8% American Orass Twine .. 6 Aug 14 Deo 934 10% 9% 10 10% Amer Hide <fc Leather 10% 10% 10 7,500 9%FeblJ< 11% Jan 14 2% Jan 11% Deo 52 6434 28,726 4534 Jan 52% 53% 5134 62% 62% 63% De pref 65%Marl7 11% Jan 4334 Dec 934 Nov 5% 5% 5% 6% American Ice 1.135 5%Mar22 7% Feb 1 5% 6% 6% 6% 6 Dec 39 39% 38% 39 •38% 39 910 35% Jan 10 41 Feb 2 24% Mai 42 Oct 39% 39% Do pref •16% 18% •17 40H 16% Jan 17 19% Mar 6 18 16 16 17% 17% American Linseed 7 J'ne 20% Nov 42 46 •42 46 •42 46 43 43 200 36 Jan IH 46% Mar 6 22%J'ne 42% Nov Do pref 48% 495s 46% 48% 45% 47% 47% 48 American Locomotire... 70,710 33 Jan 25 49%Mar21 16%Jan 36% Not 116 117 115% 116 117 Mar21 116 116 115%116 Do pref 3,860 10334 Jan 76% Jan 105 Nov 834 Jan 14 7 7% 7 7% 1,700 634 Jan 7 7% 7% 7% American Malting 2% J'ne 9 Deo 26% 26% 26% 26 25% 26% 25 26% Do pref 6,300 23% Feb 9 28% Mar 16 J'ne 29 Deo 101% 103% 99% 101% 98% 100% 100% 103 Amer. Smelt'g & Refln'g. 168,430 7934 Jan . 108%Mar20 46 Feb 82% Deo 12034 122% Zl20 122% 12234 121% 122 121% Do pref 6,800 111% Jan 13 12334 Mar 9 8834 Jan 115 Oct 150 175 •158 175 •165 175 *165 175 American Snuli 169% Jan 12 183 Jan 21 110 Jan 170 Nov 98% 100 -98% 100 •98% 100 •98%100 ""I'o 99 Jan 7 101% Feb 27 85 Jan 99% Nov Do pref 3%J'n« 15% Deo 17% 18% 16% 17% 163* 17% 17% 17% American Steel Foundr'e. 26,670 1234 Jan 6 18% Mar20 64% 66% 62% 64% 64 81,345 5234 Jan 6 66%Mar21 26 J'ly 57% Dec 66% 65% 66 Do pref 1493, Mar 2 122% Max 153 Nov 141% 143 140% 14134 139%141 141 141% American Sugar Befinin).' 37,010 138% Jan 212 137% Jan 17 140 Mar 7 123 Jan 141 Nov 137% 137% 138 138 Do pref •145 147 144 146 •144 145 *143 145 Amer. Teleph. & Teleg... 143 Feb 16 148% Jan 121 Feb 149% Nov 9634 96% 95% 9634 96% 96% 96% 97% Amer.Tobao. new) ,pl. ctfs 8,847 91% Jan 25 99% Feb 8 85% Not 96 Deo 2934 31 1 29% 3034 29 2934 2934 30 14 American Woolen 15,185 20% Jan 26 Mar21 10 Jan 26 Nov 108% 108% 10734108% 107 109 108 108% 1,335 93 Jan 6 108%Marl6 69 Jan 9434 Deo Do pref 119 120% 118 lis 11534 11534 116 117% Anaconda Copper 7,000 103% Jan 25 123 Marl 8 61 Feb 120% Nov •205 212 205 212 •204 214 •205 215 203 Jan 26 a;215 Feb 14 185 Mar 229% Oct t;>rooklyn Union uas "845 10% Jan 13 14%Marl7 12% Deo 6 J'ly 13 13% (!13% 13% •13% 13% 13% *run8w. Dockifc C.ImpM •58 •5734 eo •5734 60 10(1 69 58 Mar 1 60% Jan 18 47 Feb 6234 Deo 69 60 Butterick Co 53% 55% 5234 54% 53%- 57% 57% 69 (Colorado Fuel <& Iron... 269,050 43 Jan 25 69 Mar24 25 % Mai 58% Nov 95 105 •95 105 •95 105 105 105 V Do pref 187 83 Feb 10 105 Mar24 63 Apr 95 Deo •1688 17 8 J'ne 19% Deo 900 1434 Jan 25 18% Jan 80 16% 16% 16% 16% 16% 16% Col. & Hock. Coal <fe Iron. 204% 207 205 205 % 205 206 205 205% Consolidated Gas (N. Y.). 13,800 194% Jan 9 214 Mar 3 185 Feb 220 Oct 101% Jan 131 Deo 128% Jan 3 133% Feb 1 Continental Tobacco, prel 934 May 26 % Nov 1334 14% Corn Products 14% 17% 1234 14% 13 14 28,123 1234 Mar22 2234 Feb 7 67% 70^4 62% 65% 62% 63 64% 65% 11,847 62% Mar23 79 Jan 10 65 Mai 82 % Nov Do pref 4034 4134 41% 42<4 40% 42% 42% 42 Distillers Securit's Corp. 18,911 j;84% Jan25 4234 Marie 19%J'ne 40% Deo 100 115 •*100 115 100 115 Federal Mining <fc Smelt'g 105 105 300 60 Jan 1 120 Feb 20 43% Nov 68 Deo 71 Nov 90 Nov 95% 96% 9434 96 16,300 75 Jan 6 97 Feb 21 94% 95% 94 96 Do pref 187% 188% 187% 187% j;18434 185% 185% 187 General Electric 6,330 18l%Jau24 192 Marie cl51 J'ne 194%Nov 22% 22 H, 21% 22% 21% 21% 21% 22 International Paper 10% May 25% Deo 4,750 20 Feb 1 25%Marll 78 78% •77% 78 "4 76% 77 77% 78 1,559 76% Feb ( 82 Marll 64% Feb 79% Deo Do i)ref 90 90 90 •89% 90 65 Jan 18 100 Feb 28 26 Mai 72 % Deo 90% 90 92% International Power 1,300 37 39 •37 39 •36% 37 •35 37 Internat'l Steam Pump.. 37 Jan 10 40%Feb2( 28 Sep 41% Nov •86 •85 87% 86% 8U% •85 87 200 b6%Janl3 88%Marl3 71% Feb 87 Nov 88 Do pref 613, 62% 62 S 61 60% 61% 61% 61% VTational Biscuit 6,248 54 Ha Jan 25 6234Marl7 36 Jan 69% Nov 116 120 •116 120 116 120 115 120 i^ Do pref 115% Jan 10 120^4 Maris 100% Jau 117 Nov 97",.50(') 38 3S% 38 3.-<% :i9% 43% National Lead 39% 24% Jan 24 43%Mar24 14% Feb 26% Oct 39% 109 106 101 106 10ti% 111 2.700 97% Jan 7 lll%Feb20 80% Jan 93% Deo Do pref '15834 159% i55" 159 155% 157% 167% 158% New York Air Brake 3,400 147 Jan 24 15934 Marl7 120 Feb 164 Nov 100% 102 100% 1U0% 100% 100% loo^a 1003, North American Co., new ^,800 93 Jan 20 105 Feb 10 80 Mai 107 Nov 45% 4534 44 45 43% 44% 44 4,000 42 Jan 25 49% Jan 4 24 Feb 65 Nov 45 Pacific Mail 11034 112^4 10934 111% 109%ll034 110% 112 9234 Mai 112% Dec eop. Gas-L.<fii C. (CUic.) 39,307 105% Jan 25 114 Marl4 38% 39% 38 38% 37 17,000 33 Hi Jan 3) 39%Mar21 24% May 44% Oct 68^ 38% 39% Pressed Steel Car 92% 93 % 93 92% 94 93 93 5,420 873^ Mar 6 94 Mar21 67 May 92 Deo 93 Do prel 249 249 248 249 247 248% 250 250% Pullman Company 2,922 237 Jan 3 254 Feb2^ 209 Mai 244 Nov 35% a;33 33 % 3334 84% I>ailway Steel Spring... 35% 36% 35 7,85(' 32 Jan 7 38 Mar 2 16 M»> 35 Nov 93% 95% 93% 95 •92% 95 700 93 Jan 25 98 Feb 21 7134 Mar 94 Deo 93% 94 rVDo pref 6 ilaj 18% Nov 20% 21% 19% 21 19 20% 20% 21% Republic Iron & Steel ... 56,850 15 Jan 28 23% Feb 23 78% 80 77% 78% 76% 79 45,55(» 67 Jan lo 87% Feb 23 37 Maj 73HjNov 79% 82 Do pref 26 31 Mar24 1434 Apr 29% Deo 26 26 26% 25% 26 66,900 24 Marl 4 26% 31 Rubber Goods Mfg •94 96'-^ *9:i% 96% 92% 96% Deo 1,900 94 Jan 25 99 Feb 28 7434 Jan 98 Do pref 95% 97% i90 92 89 91% 97 90 91 95 (.^loss-Shelfield St. & Iron 10,760 60 Jaa 25 118%Feb24 31%Jan 65% Nov 109 120 •101 125 100 Jan 18 180 Feb23 77 Jan 105 Deo 110 120 O Do pref 5 34 Mai 34 Jan 28 Nov 1 1 3 Jan 3 1 Standard Rope A'rwine.. 1 ,600 1 % % 8934 91% 91% 94 09 92 97 14 renn. Coal, Iron <fc RR... 127,460 68 Jan 25 9734 Feb 23 3l%Ma> 77% Not 91% 42 •41% 42% 41% 4134 42 42 43 3,400 37% Jan 31 43 Mar24 25 May 39% Nov Texas Pacific Land Trust 13 3 % Aug 13% Not 9 li% 12% 1334 13,40(1 Jan 25 ll%Mar2o 12% 13% 13 nion Bag <& Paper 13% 77 77 Tan 10 79 Mar20 46 Feb 76 % Not 945 68 78% 78% U'Do pref 31 32 6% May 20% Deo 31% 32% 30% 32% 31% 32% U. S. Cast 1. Pipe & Foun. 25,8(10 19%Jan 8 33%Marl4 8834 87% 89% 87 87% 87% 88 2,250 79% Jan 3 90 Fob 28 40 Mai 81% Deo Do prel S8 128 132 •126 132 100 Feb J 128 Not 20 120 Jan 9 134 Feb }128 128 127 131 United States Kxprews... 6% May 2034 Deo 13% 13% 12% 13 2,400 ll%Mar 8 14% Jan 16 12% 133f. 12% 12% United States Leather 1<'4 103% 103 'f 104% 101% 104% 104 % 105 2,100 00% Jan 10 O634 Feb 16 75% Jau 106% Deo Do pref 94 94% 94% 91 89% 93 9.5 93 U 8 Realty & Iniprovo'nt 6,100 77 Jan 4 98% Mar 10 43 J'ly 84 % Not 41 40% 41% 40% 41% 41% 43 Unit6<l States Rubber 13,400 8834 Jau 8 44% Feb 20 10% Fob 34 % Deo 41% 4,40(r 98% Jan 6 16 Feb 18 41 Jul 100 Deo 111 111% 111 11134 110% HI 110% 113 Do pref 33->4 8% May 33 % Deo 3334 35 355,(19(1 28% Jan 25 37% Mar 13 35 36 343, :-;4% 35"|. United States Steel •4 9334 943, 97% .MHrl3 61% May 95% Deo 209,721 91% Jan 94% 95 93% 9434 Do pref 94% 95% ;-;4% Jau 3 2234 J 'ui- 44% Deo 4,4(iO 82% Jan 25 39 34 33 34 ', Virginia-Carolina Chein.. 35% 34 34 34 Feb 20 97% Apr 116 Not 108 108 1,216 103 Jau 28 10 107%107% 107% 107% 108 108 Do pref 18% Sep 44 Not 4534 47 46 4,025 40 Jan 7 52% Feb 24 47% 49 46% 47% 48% Virginia Iron Coul & C. 250 260 •250 260 35 Jan 8 260 Feb21 «200 J'uo 2oO Aug Co 260 2tiO 250 200 Wells, Fargo <fc 93% 93% 92% 93% 92% 9234 92% 923, 2,ii6 92 Jan 17 95% Jau 4 85 May 94% Deo est'n Union Tele'gpli 1,400 76 J an 25 133% Jan 16 153 Mtt^ 185 Deo 181 181% 180 180 180 180 lbl% 18234 West'gh'se El A M Ig asseu -192 200 •I HO '^00 •190 200 •190 200 100 "0 Feb 28 193% Jan 17 180 Ant 198% Not Do Isturnf 100%Mar21 37 97 : 2.'' ( -'4 '4 }< <-. i BANKS AND TRUST COMPANIES— BEOKERS' QUOTATIONS Banka Mia T7nlted 96 Waali.H'ht8l 230 WestSldell.. 576 JTorkvUleli Ask .. 400 Bid lillllJlS Mcclmnicsll . BBOOKL,T.<« 120 326 625" Merchants'.. 180 890 290 North Sidoll. 271 Pcople'sli 290 Prospect PkT 135 17Ui Wardli. 156 Sprague 230 Stuyvesanti 190 360 Na.snuu Nat City BoroughH Ask IVual Coo. Hid Ask 800 300 CITY Hankers' Tr. N. T. 4<35 HowrgGrecn 216 220 Broad wayTr. 165 175 680 696 2210 C'lR'tylJifc'l'r Central 'lY'st TrUHt Vo'n Bid Ask Farm Lo A Ti 1470 1490 .•.95 Fifth Ave Tr 585 imoOKLVN Guaranty Tr 690 (Suardlau Tr 205 Knick 'rb'k'r '.80 705 .. 490 990 710 North Amor. 295 Heal Est Tr't 825 StaudardTr't 390 TitloCiu 606 <Si.'Vr Ask Am. 515 303 410 (;7l> Tr Co Lincoln Tr... 540 Manhattan Bid TruMt Co'n Trust Co'8 BrooklyuH .. Ask of U nion Trust 11500 580 USMtg&Tr 510 525 Unit StaWis 1500 1580 Van N'llonTr 290 Washington. •140 BIIOOKLTN Brooklyn Tr 410 210 Flalbush 833 Franklin 340 Hamilton 475 Kings Co L Isl L&Tr. 295 205% Nassau 331 People's Williams b'g. 230 Mercantile .. 135 190 Morchauls'.. 160 City Trust... 1UV2% 14(5" 130 Metropolitan t<i3934 1645 Colonial 3^15 895 Cou'yI&BBI 146 MortonTrust 900 926 Coniiiionw'tli 95 105 riral 376 Windsor 186 195 Mut.AUiauce 205 215 Unlonll 155 Empire 240 MannfnctrH'. 365 Wallaboutii 160 Eguitablo Ti 1650 N Y l>lfe<fcTr 1075 • Bid and asked pricoB; uo sales ou this day. Kx diviuoua auil nguts. < Krj-Klits. Cr riglits. c Ex dividoud aud rights i Loss than LOO snaro-t. 1 Uale at Stock Kxchange or at auction this week. Ex stook divlduud. J rrti.st. Co. cortiaciios. 'J Uanics lu^itkoJ with a parasrapb Broa<lway1i.. 300 Bid New York Tr . t 436 360 360 316" 240 . (H) aro Stat* baaxt New York Exchange— Bond Stock Record, Friday Weekly and Yearly OCCUPYING FOUR PAGES BONDS Weel^a Jiange or Last Sale JPriee stock exchangb Wbkx Enuinq March 24 Pridav MarcU 24 n. t. Ask Low Bid U S 28 consul regi8tered.dl930 U S 28 oonsol coupon dl93U fcl91.'S 38 registered fcl915^ V S 38 coupon bonds.. /cl 918 V S 38 reg small U S 38 cou small bonds. ./cl918 A1907 U S 4s registered /i.1907 U S 48 coupon „ 1925 TJ S 48 registered 192;i U S 48 coupon IT IO4S4 104 'e IO5I4 10514 SaJf I0514 Q-J (J.J q.j Q-J 10« 110 Foreign Government Japanese Govt Cs sterl'g.l911 A-0 10 1 7b Sale full paid 2d series 6s ctfs Bepub ol Cuba 5s exten debt.. Mexico 8 K OS Speyer <& Co ctfs 48 !s of t or 1H9'.' 100 bale 105 '6 Sale M-b lOlia 991* 105 y-J 'lOOia 1954 'i'-i stock exchange ^-< January 2 Week Ending March 24 Ho Low Uxyh Central ot Ga— CC'cmtinueri; Ang'04 IO5I4 10538 101 la 104 k' 104 1051a 1053s, 104 12 335 lOO't 77* 94ial03i2 90 ^ loo >4 11, IO3I4 108 10512 101 't 3li tlOO lOlij, 94 's. zOl 9334 94 "e 103 94^6 Sale 94 Is 3 1u$e are yr ices Q n tlu U a-fts State Securities Alabama Class Class class B 5s A 4 to 5 J-j j-j 190U j-j 1920 J-J 1924 F-A 190(i 190li C 4s Currency funding 4s Dist of Columbia 3-658 99 1021a Mar'02 106 Mar'02 11934 Oct '04 11 1 118 Hj. 103 Ha. 102 131 Louisiana new consol 48. .1914 J-J North CaroUua consol 48.1910 J-J 1919 A-O 6s 1933 J-J So Carolina 4^28 20-40 Xenn new settlement 3s. .1913 J-J J-J Small Virginia fund debt 2-3s...l991 J-J 68 deferred Brown Bros ctfs. 101 la Jan '05 109 14 Oct '00 lOl^i 101 13 . . 96 9312 9618 96^4 12 '...... 96 95iaLec'04 97 Mar'05 12 Mar'05 96 14 97 12 971. IS'8 Albany & Susq Hee Del & liud 100 Sale 104»8Sale Q-J A-O A-O '102 104 xVov 961a 97 Registered ftl995 Nov A1995 M-N Stamijed Debeii lures 48 Series D.1906 F-A Series E J 907 Series ¥ 1908 F-A Series G 190t< F-A Series 1910 F-A Series 1 1911 Series 1913 W NW M 981a 98«t. 101 Sale 142 130 111 11538 II514 98 >« 98 J-J J-J J-J Q-J 951-^ A-O Q-J M-S .VI- ;i.l92o & M& & Beech Creek SeeN Y C& U. Bellev & Car See Illinois Cent Bklyu <fe Montauk See Long 1 BriuiB <fe West See Atl Coast L Bullalo Y Erie See Erie Bnflalo B & P gen g 5s... 1937 M-S AU& & C1& MahlstgugSs 1943 J-J F-A & Pitts Ist g 6s... 1921 1922 Buttalu & Southwest See Erie Buit & Susq l8t ref g 4s.dl951 Bur Cedar B & No Ist 5a. 1900 Con Ist & col trust g 58. .1934 Begistered 1934 C B I F<fe N Wlstgu 58.1921 M & St L Ist gu g 78.. ..1927 Boch Consol 1st g 68 C\anada South IstSs '2d 5s Begistered J-D J-J J-L *99 A-O A-O I20I3I23 A-O lulSs ioi" ioi'ii 125 1« Nov'03 112»8Jan'04 114i4 0ct '04 93 J'ly'04 9734 Oct '04 95% M 113 14 99 1023f. Mar'06 10238 1023b 1211a 1211a I2OI2 Mar'Oo 1121a Sep '04 I0312 \Wi% 106% 106 Mar'Oo 1051a 107 J'ly'04 103 la Sale 105-'4 ' <fc Shawn See 111 Cent Carolina Cent See Seab Air L Carb Registered General gold 4s Registered Ist & refunding g 4s 102 la 104 1C5»6109 Carthage <fe ife Cent ol Ga BB g 6s..;?1945 Consol gold 08 1945 Begistered 1946 Ist pref income g 5s pl94i 2d preJ uicome g 58 ^1946 3d pret income g 58 pl945 1st J-L F-A ii-rj Oct Oct Oct Jan '05 94 94 112 Feb '05 110 112 121 Mar'Oo 121 28 113 121 94 9414. *110 118'fel22 115 Sale 114 115 107 93 92 71ii 71 66 55 92 71 115 A-O llllQ J-J J-J M-N FA FA FA J-J Mar'05 86 14 IOSI4 10934 109iaNov'04 Feb'05 lOO'-.i 106 110 111 llOiaMar'05 92 12 9214 Mar'05 92 14 Sale 92 14 921a 89 Saio 8834 74«8 52 la 62 65 lllia 93 90 07 711a "ri 12 108 13 11234 181 S3 '4 86=8 89 J-J AO 9913. J-J J-J J-J iocj" ibti IIOI4 113'4 92 14 93 --i 9213 96I4 87 91 99 la 104 la. •95 J-J F-A 118 118 Friday; latest price Oiia week. 991a Feb'05 95 J'ne'OO 953, Mar'05 109 Mar'98 11513 115 115 II8I2 1181a US'-.; II914 118=8 Mar'05 aDa«Jaa rf Due Apr 98 OS's 953t 115 1203t II714II9 Vii 12134 « 1917 1988 1988 1934 Coll trust Series C 48 .. 1905 H4B 1910 M4S 1915 N 48 1910 O 48 1917 P48 1918 Chic R I & Pao RB 48. .2002 Registered 2002 Coll trust gold 53 1913 Choc Ok <fc G gen g 5s .oiolit Consol gold 5s 1052 Des x\I <fc Ft D Ist 2 las.. 1905 Keok & DesM Istos 1923 J-J J-J J-J A-O M-N M-N M-N M-N iVi-N M-N M-N MN M-S 11214 102 97 134 13634 13314I351U Feb '0 11314 Mar'05 135 "a 11234 11314 10334 10419 lo 10134 102"^ 1181a 117 106 103 113 10712 HI Feb'05 111 la II914 96 86 8334 Oct 106 12 Apr'Ol Mar'05 10534 110 113 113 loiSglOSVa 97 981a II3I4II314 8 49 Apr '02 10434 Apr'0( 10134 Mar'05 963* 97 961s Feb'05 10534 Aug'04 11014 Jan '05 103=8 Mar'05 108 '4 IO8I4 1061a Feb '06 10034 i'eb'04 1051s 104 llOig 130 13014 120 I32I4 , 132 101 106 , , 1231a 12212 10014 Salt , 8634 80 12 83 951a 96i« 102 97 '4 9618 IIOI4 11014 103=8 103a8 IO6I4IO8I4 1061a 1061a 108 107 1113« 112 106i8Mar'()5 137 Feb'05 105 106 1« 1331a 137 11834 121 llOialigia Mar'Oo 119 la Mar'Oo 117 Sep '04 Mar'05 Feb'05 109% Feb'05 187 Mar'05 135 115 134 137 115 1151a 1091210913 178 187 109341101a 112 113'8 llOia Feb '05 113'8 113^8 10911 J'ue'u4 9818 Jan '05 98i« U6ia Apr '03 U9I2 Feb 05 9818 117 "a Mar'05 112 Mar'Oo 11913 1191a 110 llOSf 116 I1719 112 112*8 1371a J'ly'99 llSia Mar'05 11434 117 11034 Feb'u5 106 184 113 Aug'u4 184 Aug'04 10738 Oct '04 11034 11014111 109141091a 116l2ll5'8 11034 109 "a Feb'05 115^8 Mar'05 111^8 llOia Dec '04 117 .. .. 1161? Jan '05 128I4 Mar'o5 128'« 10434 106 ^a 1041a Dec '04 10258 May'04 100 14 101 IOOI4 Mar'05 103 Nov'98 119 116 Dec'04 116 117 Feb '05 11334 1151, 113 Feb'05 llOiaUS 107 Mar'04 105=8 107 106 Mar'05 104 104 Mar'04 II318 11314 Feb'05 Ill 10834 Jan '04 119 119 '^8 11958 II6I4 Nov'04 1181a I0314 100 ig 8438 101 10734 10734 111^4 Mai'05 1203^ 111 '04 10258 10258 97 Mar'Oo 1 13 14 Feb'05 95 12 Sep '04 8634 801a 86 iv Sale 82 82 109 la 108H 11812119111 1023., 116l8ll6l8 128 1291a 9912IOI 117 113 117 113 104ial06ia 1121311314 1173411959 104i2Nov'04 105 la May'04 104 •« Mar'05 10418107 10934 J'ne'04 130 130 129 14 130 19 14 Nov'04 1421a Feb '02 1311a Jan '05 1 103 109 1311a 131>3 Apr '04 Sep '03 I23I2 Mar'Oo 124 Nov'04 10614 loeia 122 >a 126 62 i6vl Jan '03 98 130 9734 101 '4 Sep '04 97 J'ly'04 xdi" 107 ' 9734' salV 1,. 100=8 90'4 9434 943^ 96 93 94 94 14 94 '4 90 81' 81^8 Sale 761-1 94 97"""9'9ii May'04 May'Ol Dec'04 May'04 82 Sep 212 81 H 83 14 '04 Sale 9313 94-'t. 11034 115 Mar'05 103''8Jan'04 06 93 110 "a 9738 11534 11210115 05 J-J A-O J'ne'9'.i I07I4 Aup'04 13578 Mar'(;5 102 J-J M-N 95 95 Feb'04 110 II034 Sep '04 11034 11034 110^4 IJOM>S—Continued on Next Puae. J-1) Bway<fc7thAvl8tcg5sl94:: J-D Col<fc9thAvlstgu g 5s.l99o M-S •Mo price 86 14 Sale 111>2 8578 116>-^ J'ne'04 JUSCELLAKKOUS Street RaiUvny Brooklyn Rap Tr g 58 1945 lat refund conv g 48 2002 BkCity 1st con 58.1916, 1941 Bk Q Co& S con gu g 58.1941 Bklyu Uu El let g 4-58.1950 Kings Co El lat g 48 1949 Stamped guar 4s 194'.> Nassau Elec gu g 4s . .1951 City <fe S By Bait Istg 5s.l92•Conn Ry<fe Llst&ref g4i28'ol Den Con Tr Co lat g 58... 193;; Dena'ramCo con g 6s. .1910 Met By Co 1st gu g 68. .1911 Det United 1st con g 4ia8.193'. Lotus By Co lat con g58..193o Met St By gen col tr g 58.1997 F-A F'-A M-N Q-F A-O A-O A-O A-O M-N M-N A-O A-O M-N M-N F-A M-S M-S M-S M-N M-N Des Mo & Minn 1st 78. .1907 MUw <& Madiaon lat 68.. 1905 North lUinois Ist 5s 1910 Ott C F & St Paul Ist 5s 1909 Winona & St Pet 2d 78.. 1907 12612 126'2 MU L S & West 1st g 6s 1921 12434 126 Ext cSi Imp sfund g 58 1929 FA 99 14 Ashland Div 1st g 68. .1925 M-S 98 Mich Div 1st g 6s 101ial0238 1924 J-J Convertible deb 5s 1907 F-A 120 la 12112 Incomes 1911 M-N Clue Rock Isl <fc Pao 68.. .1917 J-J ugiaiigi-i J-L) 190b J-J 1913 IVI-S 1913 M-S Ad SeeH YV& U CedBIaF&N SeeBCK&H Cen Branch U P lstg48...194b Cen Branch Ry See Mo Pao Cen BK B of Ga col g 58 1937 99 14 99^4 11612 ligiaFeb'OS 100 la.... 115 .. .. 103 Apr'97 12334 125 126 la Jan '05 126 126 Feb '05 West I8tg48gu..l99& A-O J-J M-S M-N A-O Ao Low Migtk 10818 Mar'05 108 A-O 110 M-N U9i«.Sale M-N 116 II8I4 M-S loeiaSale M-S J-J J-J JJigli Fob '05 95 104 102 Since January 1 .... Uen 313S...1950 J-J (J Pitts Clev Tol 1st g 6s 1922 A-O Pitts West Ist g 48.. .1917 J-J J P Co certfs Bat Creek S See Mich Cent N 96 99'-.. '04 99I4 Jan'05 101 106 82 1950 J-J Registered Chic B & Q— Ch & la D 58 1905 1922 F-A 102 Denver Div 4s 97 Salt 1949 J-J Illinois Div 312S 1949 J-J Begistered J-J 107 Is Gold 48 1949 Iowa Div sink fund 58. .1919 A-O IIOI4 1919 A-O 103=8 Sinkingfund48 Nebraska Extension 4s. 1927 M-N 108 1^108 14 1927 M-N 107 Registered 1921 M-S 100 Southwestern Div 48 Joint bonds See Great Nortli 1913 M-N 108 Debenture 5s Han f& St Jos consol 68. .1911 M-S 112 Chic& E lU lata f cur 6s. 1907 J-D IO6I4 1934 A-O 137 140 1st consol g 68 General consol 1st 5s 1937 .M-N I20I2 1937 M-N Registered Chic & Ind C By 1st 58.1930 J.J 120 Chicago & Erie See Erie Chic In <fc Louiav ref 68...1947 J-J 136 1361a Befunding gold 58 1947 J-J •114 Louisv A <fe Ch Ist 63.1910 J-J lObia 185 Chic Mil & St Paul con 7s 1905 J-J Terminal gold 58 1914 J-J 11034 ilia, General g 4s series A..el989 J-J 1 13 's Sale Registered el989 «-J Ill's 08 •J General g 3ias series B.el989 116'4 Chictfe LSuDivg58....1921 J i Chic & MoBiv Div 58.. .1926 J i Ligia Chiccfe PacDiv6s 1910 J J 11034 lllSg Chic& P WlstgSa 1921 J •J 117 IJ8I4 Dak& GtSog58 1916 J J 112 113 Far & Sou assu g 6s 1924 J •J 13213 133 Hast& DDivlst78 1910 J J II514II8 Ist 58 1910 J •J loe's I& D Exten Ist 78 1908 J i 184 Salt Lacrosse & D Ist 5s 1919 J -J li4'a Mineral Point Div 58 1910 J-J W6^ So Minn Div Ist 68 1910 J-J 11034 111 10934 Southwest Div Ist 68.. ..1909 116 Wisife Minn Div g 5a. ...1921 Ist 951-., a4ia 96 Not'04 105 Sale 10434 105 103'% 1051a MU & No lat L 68. ...1910 IO4I2 103 Mar'05 l8t consol 6s 1913 103 104 Is 109 Mar'05 105 llOiv Chic &Northw cons 78 1916 93i« 9314 93^6 93 Is Mar' 5 Extension 48 1886-1920 911a 100 101 100 14 lOOia 161 9914IOI Begistered 1886-1926 92=8 Sale 59 92 93 General gold 312S 921a 1987 931a 9014 J'ly'02 Begistered pl987 10712 Sinking fund 6s... 1879-1929 1051a Mar'04 109 14 108 Sep '04 Begistered 1879-1929 124 i27"" II912 Mar'04 Sinking fund 58.. .1879-1929 9S 98 98 Registered 1879-1929 98 14 93 100 Sep '04 Debenture 58 1909 Registered 1909 Debenture 58 1921 Registered 1921 Sinking lund deb 58 1933 Registered 1933 Mouou BIT 1st gu g 5s. .191'.! ^:i Cen Ohio R 1st og4>2S.. 1930 M-S & Oct 99 la Nov 'OJ 97 1st consol g 5s al911 1939 1939 1992 1992 ^^ 1051a.... 1041a.... 1041a Mar'05 102 10238 102 I0214 N 96 gS^as... Begistered "o'i 112i2Nov'04 11234 W Va Sysref 481941 M-N 1925 J-J SouthwDiv Ist 97 Aug'04 9934 Oct '04 99iaNov'04 99 14 Dec '04 99 12 Jan '05 M-N 931a 973b 94"% 98 99 9938 W PLE& 9634 97^4 East OklaDiv 1st g 4s.. 1928 M-S AUKnox<& Nor Ist g58.. 1940 Atlantic Coast 1st g 4s./i.l952 Charles & Sav 1st g 7s..l93e Sav K' & 1st gold 6s.. 1934 Istgold 53 1934 Ala Mid 1st gu gold 58 192» Bmns & Ist gu g 48 193* SU Sp Oca & a gu K 48 191» Atlantic <& Dauv Hee South Ky Atlantic & Yadk See South By Austin & See Sou Pacific Bait <& Ohio prior lg3i2S.192o Registered A1925 Gold 48 A194i? Begistered /tl948 Conv deb 4s 1911 3 ^281926 P Jun & Div Ist g 105 9738Feb'05 FA FA K 100 6 961a 100 16b 103% 105 lOJiaMar'O.'i 102 la 102 la 97 "i 9458 9734 97 96\ Sale FA H H' 98^8 1041a 11258 lllia 135 '4 13612 134 .... 113'all4ia FA At Coast Line Allegheny Valley 6'eePennKK' Alleg <fc West See Bull B <fe P A1995 Ann Arbor Ist g 4s Atch T «fc S Fe gen g 4a.. .1990 1995 Begistered. Adjustment g4s /il996 110 58. .1921 Gold 6s Ash Low 941a <fe Railway Koilrond Alabama Cent Hee So By laba Midi See Imp gu Range Week's Range or Last Sale Friday March 24 Bid Le& Hud Bgengug5sl920 Leh & Wilks B Coal 58.. 1912 iM-N ^1910 Q-M Con ext guar 412S N Y Long Br gen g 48 1941 M-S Cent Pacific See So Pacific Co Chas & Sav See Atl Coast Line Ches & Oluo g 6s aer A../il908 A-O Begistered General gold 4 "as Begistered 0/ $5 to i. Craig Valley 1st g 58. ...1940 B <fe A Div ist con g 4s.. 1989 lOlialOlia 1989 2d consol g48 Warm Spr Val 1st g58..1941 Greenbrier By Istgu g Is '40 Chic & Alt BR ref g 3s... 1949 105 >a Dec '04 103 14 Dec '04 1361a J'iy '01 120 Mar'OC 96 Mar'05 •^a; Chatt Div pur mon g 4s. 1951 Mac & Nor Div Ist g 58.1946 Mid Ga & Atl Div 58. ...1947 1946 Mobile Div 1st g 58 Cent ol N J gen'l gold us. 1987 A1987 Begistered Am Dock & 1051.2 105'* 105 ^s 132 »2 133 133 133 log's 110 Mar'05 Price n. t. Since 1041a 1047g 104i2Mar'05 104^4 1051. 105 105 107 J'ne'02 lO-liaLec'04 103 Si 104'% 105 1041a Feb '05 losing 106 1053g Jan'Od 132'% 133 1321a Mar'05 132^4 133 133 Mar'06 y-F y-F Q-F Q-F PbUippine islands 4s. 1914-34 Q-F U Migti Government U. S. BONOS Range Dae jJay Met St Street Itailway Ry—fCoi^Ref g 482002 O314 LexAV<&PFl8tgug58l993 Tlurd A ve R R con gu 48 2000 Tlurd Ave Ry Ist g 5s. .1937 .Met W SKI (Chic) I8tg4s.l93» Mil El Ry & L 30-yr g 58.1920 .Minn St Ry 1st con g 58. .1910 St Jo Ry Lt H<fcP Ist g 58.1937 102 St Paul City Cab con g 58.1937 113 , n9'4 97 , '^alfc ll.S3j 95 90 'g 10734 , 931a 113 90ia 941a Mar'('5 117 1201a 96^4 97'^ "so 94^8 97ie llb3s Mar'05 llOiallSia 9338 117 95 Feb'uo 106 Oct '9! 106 la Nov'04 90 96 IOOI4 , 110 . J'ly'04 Underground Elec Rys of Lon (ion Profit sharing 5s...l'J08 El (Chic) Ist g 5s..l94;i Union United RRs San Frsf 43.1927 United Rys St L 1st g 48.1934 Chic St 40-yr cons g 58.1931 W 9934 100 90 14 Sale )-8'2 89 96 88 Gas and Electric Light G L Co Istg 58. ..194, J-D ^ Due j ue AUuoJly >c Due .\bk oDue 99^8 IOOI4 109 13 Dec 'ill' 54 97 90 '< 88'% Mar'05 99 Dec '97 7( 87 90 14 8518 901a 883* Atlanta Oct p Due Nov ^Option 8»1« Bond Kecord— Continued— Page 1160 BONDS STOCK EXCHANGE Week Ending Mabch 24 Chic & St L /See Atch T Sa Fe Price N. Y. ^a: Chic St Cliio St L & N O See lU Cent L Pitts -See Penn Co P M O con 6s.. .1930 Range or Jiange Since Last Sale January 1 Ask Low Bid <fe Cliic St Week's Friday March 34 <fe Cons Cs reduced to Sivs.l'JSii j.r> J-D tfc I37I2 138 Mar'Oo 94 14. 93 Dec '03 132i8NoV04 135 12934 Mar'U4 131 125^2 Feb'05 125 . 97 Mar'05 96 94^2 Sale 94 >4 115 Feb '05 113 &W 2d gold 412S 1937 J-J Cin D & I 1st gu g 58. ..1941 M-N Cin I <fe Ist gu g 48.1953 J.J W L C i'ee C C C St L Oln 8 & C See C C C St L Clearfield Mah See B K & P Clev Cin C & St L gen g 4s 1993 8t Low High <fc . . 104i2Dec'03 113 Oct '00 118>2 119 98 118ia3alc 98 983. 9834 Feb '05 ifc <fe J-D Cairo Dlv Ist gold 4s M CtnWife St L Div 1939 J-J Divl8tg4s.l991 J-J iRt col tr g"4s..l990 Eegistered 1990 & Col Div Ist g 48.. 1940 Val Dlv 1st g43... 1940 CI St I. <fe G consol 6s. .1920 M-N M-N M-S 102Tg IO2I4 102^ IOOI4. 10034 Feb '05 lOOSg 100-V 9334. 1 02 's Mar'Oo .102 100 Oct '04 . M-N 10538 . Feb '05 94i2-'i^"s'03 105 Jan '04 .../C1936 Q-P fcl936 Q-F Registered CinS& CI con 1st g 5s.. 1928 J-J lOlM . 100 Bpr WW J-J Ist gold 4s CCC& I consol 78 1914 Consol sink fund 78 1914 General consol gold 6s. 1934 Registered 1934 Ind Bl & 1st pref 4s. 1940 1st pf 58...<tl938 O Ind & Peo<fe East 1st con 48. ..1940 Income 4s 1990 CI Lor & Wli con Ist g 5s. 1933 Clev & Marietta See Penn RR Clev & Mahon Val g 5s. ..1938 Clev & Pitts See Penn Co Col Midland 1 St g 48 1947 Colorado c& Son Ist g 4s... 1920 Colum & Greenv Sti So Ry Col & Hock Val See Hock Vai Col Conn & Term See N & Conn & Pas Rivs Ist g 4s. 1943 W W W Dak&GtSo SeeCMcfeStP aUas & Waco See M K T Del Lack & Western 7s... 190' J-D J-D 97 . 100 . 9934 llS^ilUiii 112 124 ... 123 J-J J-J 134>2. A-O 99"^ 9913 Q-J 133^8 138 . Coupon off Westlnd?ene6a(?1932 Q-W Mich .SeePereMarq Choc O & GuU *ee C R I <fe P cm H <fe D consol s I 73.. .1905 A-O lOC^ ChiCifc I N Y Lack <fe 134 Ind Isicon gug68..1926 <fc So See Ch M <fe St P 125% 125% & Pere M See Pere Mar 86% 99 Fla C & Penin See Sea Air Line 87 8438 97% Fort St U D Co 1st g 4%s.l941 115 116 Ft & Den C Ist g 68 1921 Ft W<fe RioGr 1st g 48... 1928 / 4.al Har <fe S A See So Pac Co ^ Tai H & H of 1882 1st 5s.l913 Georgia & AJa See Sea A Line 118%119 Ga Car <fe Nor See Sea A Line 98 99% Georgia Pacific See So Ry (ilia V G <fc Nor See So Pac Co Gouv & Oswegat See N Y Cent Grand Rap & Ind See Penn RR lOT 104 Gray's Pt Term See St L S 10034 100^4 Gt Nor—C B <fe Q coU tr 43 1921 98%1003j Registered./!. 1921 10078l037g Greenbrier Ry See Ches & O Gulf <&S I Istref &tg 5s 61952 9934 9934 & St Jo See C B & Q Jan W Han ousatonic 112 112 933,, 134 134 90 CoU Trust gold 4s 83 Registered 116%116% 76'i 7334 90% 94% Mar'05 107^2 108 128>2l30 J-D J-D J-D I3015 12S>uii'eb'05 130^4 Mar'05 130 Jan '05 129 14 130 12914 Mar'05 114'2J'ly'04 IO35& 103=^ HII4 Term <6 improve 48 1923 & N Y 1st 7s. .190li A-O 10734 ^l^ Warren 1st ref gu g 3128.2000 FA Del & Hud Ist Pa Div 78.1917 M-S 13438 Registered 1917 M-S Albdfe Sus Ist con gu 78.1900 A-O 106 Guar gold 6s 1906 A-O 104 "o. RenSffe Saratoga Ist 7s. 1921 M-N 14258 Del Rlv RR Bridge See Pa RR 103 Hi Syr Bing 107 102 77 Mar'06 . Des Mol & Ft D See G R cfe I P Dea M <S> Minn See Ch <fc N Des Mol Un Ry let g 5s. .1917 M-N W DetM&Tol SeeLS&MSo Det & Mack let Uen g 48.1995 Gold 48 1995 Det Sou Ist g 48 1951 Ohio Sou Div let g 4s. ..1941 Dnlife Iron Range Ist 58.. 1937 Registered 1937 2d 68 1910 Dul 80 Shore <fe Atl g 58. .1937 L^astof Minn SeeStPM&M Juaet Ten Va & Ga See So Ry Elgin Jol & East 1st g 58.1941 Cort & No See Leh <fe N Y Erie Ist eit gold 4s 1947 2d ext gold 5s 1919 3d ext gold i^a 1923 4th ext gold 58 1920 5th ext gold 48 1928 let consol gold 7s 1920 1st consol g fund 78 1920 Erie Ist con g 48 prior.. 1996 199i; Registered ist consol gen Uen g48..19yO Registered 1990 Penn coll tr g 48 1951 50-year conv 4.s A 1953 Bulf N Erie 1st 78.. 19H; Buff<fe S gold 68 190S Chlc<fe Erie Ist gold 58.. 19H2 J-D J-D J-D MS A-O A-O 149 Ang'Ol 104 14 Dec '04 1 04 14 Feb'05 142 12 Mar'05 102 101% W Jeft KR Ist gug OS al90'.» Long Dock consol g 68.. 1935 Ist cur gu 68. 1922 Imp 1st cur Os.. 1913 101% 10834 108 Feb'05 10912 10934 Feb'05 9934 Sale 9934 100 93 93^8 90 94 95%,... d7 130 130 129% 129% 103 105 10634 107% 100 108 108 102 109% 110 98% 100 89 04% Jan '02 104 110 97 96 83 93 100 97 84 93 Hi Sep '04 Sep '04 97 8I34 Mar'Oo 93% Mar'05 95 70 90 97 84 96% J-J J-J 114'%. 114% Mar'05 111%114% M-K nsh,. 117% Jan '05 117%117% 108»4 112 11334 .... loaiu.... J'ne'04 11334 J 'ly '04 107% Jan '05 133% Mar'05 13012 101 93 130 "2 102 H, IOOI2 Sale 101% 103 133 92'e 137 Aug'03 101% 102 38 100 98%Jau'04 88 93 14 172 91 10334 93% Nov'04 94% 9434 10734 94 95 109i4Sale 107% 107% 117%117% 110', 94% 97% 9534 111 J-D J-J 1263* 26% Mar'05 126% 126% 105 105 M-N A-O A-O M-N 123'-jl233, Mar'Oo 23%Mar'()5 105 05 Coal&RR Dock& J-J N Y & Green L gu g 53.1940 M-N N Y Sus & W 1st ref 6s. 1937 J-J 2d gold 4'28 1937 FA General gold 5s 1940 Terminal Ist gold 5s. ..1943 M-N Regis 35,000 each. ..1943 M-N IstgOs.lOlO A-O WUkife Eal8tgiig5s.l942 J-D Erie & Pitts See Penn Co 10 13534 116'-2l20'2 Feb '05 6% Mar'05 13 J'ly'(M 118 13%Nov'03 .... 112 117 115 17 16 04 FA MldRRoIN J J-J J-J J-J A-O M-S A-O A-O .M-N M-N J-D J-J F-A F-A J-J J-J Gold 3%s 1951 J-J Registered 1951 J-J Spring Div 1st g3%8... 1951 J-J Western Lines 1st g 4s. .1951 Bellev&Car 1st 6s 1923 J-D Carb<fe Shaw Ist g 48... 1932 M-S Chic St L cfe N O g 53.. .1951 J-D Registered 1951 J-D Gold3%s 1951 J-D Registered 1951 J-D Memph Div Ist g48... 1951 J-D St L Sou 1st gu g 48.. ..1931 M-S Ind Bl & West See C C C <fe St L Ind Dec & Ist g 5s 1935 J-J Istguargold 5s 1935 J-J Ind 111 & la 1st g 48 1950 J-J Int<fe Great Nor Ist g 68.. 1919 M-N 2d gold 5s 1909 M-S 3d gold 4s 1921 Iowa Central Ist gold 58..1938 J-D Refunding g 48 1951 M-S Jefferson RR See Erie Kal A & G R See L S <fe S an & Mich See Tol & O K C Ft S cfe See St L & S F FA MS 116iv! . 109i<i Jan '05 Mar'05 Doc '04 10 Mar'or> 17% Jan "05 118 110 121% 123% llO^B Sale 105 . 10934 Dec '04 lOa'eJau'OS 100 270 Mar'Oo 101% 98% 101% 99 llOSg 103 10534 110«ft 109 lllia 105 107 105% J'ly'04 100^4 Apr '04 .104 113 Nov'04 113 % Mar'OO 100% 103% 102 Aug'04 94 Mar'03 99 % Oct 'o;-: 70 Oct '04 107%.... 107 Mar'05 102 .... 102 Oct '01 105% 105% 105 % 105% lOlTg..., 101 Apr '04 105 .... 106 % Mar'03 947g.... 96 % Mar'05 109 .... 123 May'99 86 Tan '05 81%. 85 Nov'04 96 105=8 104% 106 9434 10534 ... 96% 85% 86 95% "96" 96 Mar'05 101 % Oct '99 100 Nov'OO , 95%. Nov'04 124%126% 124%Apr'04 Nov'98 reb'05 125%. 90 125 123 95 . 11934 Mar'04 . 93''8May'04 102 109% 107% 100 123% 125 110% 110% 110% Jan '05 103% 103 Nov'04 Mar'04 106 107% Dec '02 Sale 100 100 99»8l00 122% 122% Mar'05 101% Sale 101% 101% 75 77 121 100 Mar'Oo 75 7038 114%11536 115% Mar'05 122% 103% 81 114%116 86% 85% Mar'Oo 85 I cfe 85% 88 W N Hud R See Cent of N J WUkesb See Cent of N J cfe cfe J-J J-J 1938 1922 1932 1949 1934 1949 Uuitied gold 48 Debenture gold 5s Guar ref gold 4s Bklyncfc l8t5s Mont H <fe 118% Mar'05 113%. 11 Feb '05 A-O A-O 119% 110% 119%11908 J-J 113 MS 97% M-S A-O 108%. A-O 106%. 1919 J-D 99 110% 117% 117%Feb'05 100% 117% 117% 10134 Mar'05 105 Jan 'Or. 101%101»4 105 105 99% Oct '04 100% Mar'05 100% 103 M-S 101% 96 J-D M-S 101% J-D II314 AO 99 106% Nov'04 J-D MS 110%111% 119«8Jan'05 109% Oct '99 108 Dec '04 99 Jan '05 1 02 110 J'ne'04 101% Sale 102 161 100 Mar'02 112 107% Sep '04 109 Nov'04 10534 Fob '05 121 121 119% Feb'05 103 "2 114»8 99% Sale , 101% 10334 105% Mar'03 103"-.. I01%j'ue'04 11 4% Jan '05 1940 J-J Os 117% 11934 11288114% 117% 120 4% Mar'Oo 120% 120 Ist g 68. .1911 1911 Nash Istg 75% 108% 10939 J-J J-J 1931 M-N 5-20-yrcol tr deed g 48.1923 E 72 10938 109=8 logi^ 1107811134 111% Mar'Oo 101% 105 Jan '04 M-N /il931 O-J General gold 48 Ferry gold4%8 Gold 4s 251 Oct '00 11839. A-O Leroy cfe Caney Val See Mo P Long Dock See Erie Long Isl'd— 1st cong58./il931 Q-J 1st consol gold 4s 73% 73 63 P Knoxvllle cfe Ohio See So Ry Lake Erie cfe Ist g 5s. .1937 2d gold 5s 1941 North Ohio Ist gu g 58.. 1945 LSho cfe Mich S See Y Cent Lehigh Val (Pa) coU g 58.1997 Leh Val N Y Ist gug4%s. 1940 Registered 1940 Leh VTer Ry Ist gu g 58.1941 Registered 1941 Leh V Coal Co Ist gu g 58.1933 Leh cfe N Y Ist guar g 4s. .1945 Registered 1945 El C cfe Ist g l8t pf 68.1914 Gold guar 5s 1914 Leh Leh 72% 73% 1950 A-O N Coll trust gold 5s 109% 109^8 104% 105% M Registered 111'*, 11034 105% 87% Mar'05 105 M-S 108 M-S 103% 104 '8 N Y BcfeMBl8tcong58l93!) A-O 116 N Y cfe R B Ist g 58 1927 M-S 100% NorShB 1st con gguosol932 Q-J 112'4 117 117 Louisiana cfe Ark Ist g 5s. 1927 M-S 106 114% 116 Louisv cfe Nashv gen g 03.1930 J-D 121 Salt Gold 5s 1937 M-N 120 109 111 Unified gold 48 1940 J-J 103% 103 Hj 117%117% 105 13434136% 9934 9334 85 M N 114 133>i2 J-J J-J J-J J-J FA Nrov'04 116'2ll7l2 117% Feb'05 104^4 103 Feb'05 M-S A-O <fe Tex gold 48 ...1953 Registered 1953 Cairo Bridge gold 4s 1950 Louisville Div gold 3 %s. 1953 Middle Divreg53 1921 Omaha Div 1st g 38 1951 St Louis Div gold 3s 1951 Registered 1951 Registered 117 MS LNO Kentucky Cent See L cfe Keok cfe Des Mo See C R 115"4ll7>-.2 M-N M-S M-S A-O J-D 105 J-J W 104% 104% 142% 142% Sale »4 100% KCcfcMRcfeB SeeStLcfeSF Kan C cfe Pacific See M K cfe T Kan City Sou let gold 38.. 1950 A-O Blm Y& 110% 128% 128% 130% 130% 108 Feb '03 13334 Mar'04 . 101 108 3%s 73 94 AI-S J.J 1951 1951 1951 1951 1951 1952 1952 Ist g 3%3 Ist gold 33 sterling 75 14 M-N 1 Pac Co Registered 9834 100 93 Saie 99 * W TexSee So So Pac See Registered A-O 1936 J-J Improvement gold 58...192^ J-D Bio Gr West let g 43.... 1939 J-J Consol and col trust 48 1949 A-O Utah Cent Ist gug 4s ol917 A-O Bio Gr 80 gu See Rio Gr So <fc Extended 75 14 Sale Q-J Illinois Central 1st g4s..l951 J-J lie's Jan '05 Consol gold 4I2S Houst E 1st gold J-J F-A Since January 108% 112% 111 87% Feb'05 .105% 105% A-O N Y N H& H Houst&TexCen Feb'05 n9h W Ist 68.. .1921 FA J-J 1923 M-N See Sale 88% 90 Registered 1999 J-J Col <fe H V 1st ext g 4s. 1948 A-O 104>aNoT'01 . Ill J-J Hock Val l8tconsolg4%8. 1999 J-J '05 J-J Apr ^1 Mar'9S 105 110 J-J J-D W J-J Dec '04 AC Kange or Last Sale Bid Ask Low High Ao Low High, 123% 124% J-J 123%.... 123% Mar'05 A-O 10738---- 106 Oct '04 A-O 110 116 112 J'ne'02 A-O 106%.... 104 Oct '04 J-J 114 .... 114 Feb'05 11334 114 . 100 Mar'05 82 81 112^2 Feb'04 Bange Week^s Price Priday March 24 -1^ F'^argo lint Nov'04 99 100 81 •^a Sale 116 A-O Construction 5s Denv& R Grist con g 48.1936 H <fe T Ist cons 63.1921 Ist general gold 58 1942 Mt Vernon Ist gold 6s.. 1923 Sail Co Branch 1st g 58.1930 &V& <fe Morris <& Essex Ist 78. ..1914 Ist consol guar 78 1915 Registered 1915 Istref gug 3112S 2000 BONDS STOCK EXCHANGE Week Ending March 24 N. Y. Evans Chicapo Ter Trans g 48. ..1947 J-J C /fo <fe Ch St P & Minn Ist^es 191>; M-K Nor Wisconsin Ist 6s...l93<i J-.J St P S City 1st g 6s...l91i> A-O Chic Jiigf) Vol. lxix. 2 100 114% Jan '05 104% 106% 119 117 121 119% 102% 104 114% 114% 98%100'% 114%114% lUlSt;KLI.^VNEOUS ItONDS—Continued on Next l*a»e. Ctaa and Electric laslit Bklyn U Gas Ist con g 5s. 1945 M-N 116%117 Buualo Gas Ist g 5s 1947 .\-o 72 73 Consol Gas conv deb 68 1909 J-J '182 184 Gonsum Gaa See P G cfe C Co 11634Mar'06 72 72% 182 182 Detroit City 101% Gasgos Det Gas Co con l.st g 1923 J-J 5s. ..1918 Ed El 111 Bkn See K Co E L cfe P Kd E 111 SeeN V G E L H (fc P Kfj G LN Y 1st con g 5s.. 1932 Eq G cfe Fuel See P G cfe C Co Gascfe Elcc BergCoc g58.194'.> »en Electric ilub g :i'%8..1942 Gr Bap G L Co Ist g 58.. .1915 Hudson Co Gas ist 08..1949 Kan City (Mo) Gas Ist 5s 1922 Kings Co El L cfe P g 58.. .1937 Porchase money 68 1997 FA 101% Sale 102 105 J'ue'03 112 Nov'03 cfe ar i; M-S 111 61 % Oct '01 89% Mar'06 J-D F-A FA ]()7''., MN 110%. A-O A-O A-O 108 Doc '00 109 12 Feb'05 100 Oct '04 (linN nnd Electric i..iKl>t LaoQft8LofStLl8tg53.el919 Q F .100% IO9I4 109% MUwaukee Gas L l.st 48. .1927 M N 9234 92% Jan '06 73 70 Mut Fuel Gas Co See I'cop Gas 174%187'4 N V G E L 11 cfe P g 53. ..1948 J D 111 111^, 1113^ 111% •.14 Purcliase money g 4s... 1949 F A 94% 95 94% 100 102% 03 VI 04 ^V 103% Mar'05 1m1 K1 111 l.st conv g 58. .1910 M S 1995 J J 118'4 iBl coii.sol gold 08 118% 118% NY.t(iKI L.tl' lHtcong58l930 V A 105 106 Hi 10(!3^ Mar'Oo 100 Mar'04 N Y cV; Rich (i.is 1st g 58.1921 M N Poo (ia.s cfe C Iht con g 08.1943 A 126% 127% Feb'05 Refunding gold 5s 1947 M S 107 10634 Deo '04 CliGLcfcCkelstgug5s 1937 J J 109 110 110 Feb'OC 89% 9134 108 '4 Fob'05 Con G Coof Cli iHtgu g58.'3() J D 108% Kq G cfe F Ch lat gu g (is. 1905 J J 101'4 100% Jan '05 109% 109% Mu Fuel Gas Istgu g 5s. 1947 M N 107 Sale 107 107 % 42 116%117 1 .Syracuse Lighting Ist g 58. '51 J 1) Trenton G cfe Kl Ist g5«.. 1949 M 8 Wcstcliester liighfg g 58.1950 J D 108%109% 92% 92% 110 94 111% 9734 103% 106 34 118%118% 105 108 125 127% 108 lift 107% 110 100% 100% 106%107% 100 llOSg 1103^ 6 110% 112% 110% 126% Sale 126% 126% 12 125"' 127" KdKlIlHkii iBtcou g4a 1939 J-J 111%11S 111%11334 113 Jon '05 97 96 M Oct '04 Mo ]^rloe fridar; lateat bid and asked this week. aDneJau {>DuoFeb UDueApr eDueMuy ADaeJ'ly /cDueAng oDuoOot cDueDee fOvaoaaal* ' Mar. Bond Record— Continued— Page 25, 1905.] BONDS Wee A;' Price STOCK EXCHANGE Wkbk ending Mabch 24 or Last Sale Low Did Ask Nashv—f Continued J l,Ciii& Lexpol(14i28...1931 M-N 1091a 1930 J-J 130^4 N O & l8t eold 6s 1930 J-J 1261a N O & M 2(1 Kold 68 -.1920 M-S 112 114 PensacolaDiv gold 68. 1921 M-S 121 St L Div Ist gold 68 1980 M-S 2d gold 38 Loaisv<fc M-S 100 108 M-S 96^8 Sale J-J F-A F-A F-A SeeOl&l, M 8 Se« L S & Mahon CoalRycon8ol48.1990 anhattan 1990 Eegl8tered 1908 Metropol El let g 68 Coloniz g 5s. ...1934 ManSW A-0 A-0 9678 106'% 107 105 Dec'04 lOe^g Sale 11514116^2 21 I05'fel07 107 14 Mar'05 J-J ibe'i^iofii McK'pt & B Colltr off g4^8l8t Ser....l907 77I9 73 75 Jan '05 AG FA MS 16 95 16 22I3 261a 14 IT'S 95 14 15 2434 16 "241^ "ii 95 12 20 94 Vi 98 90*8 J'ly '01 Ueilnternatlst con K 48.1977 1977 M-S S tamped guaranteed Itf ex North l8t gold 68.. ..1910 J-D M-ich Cent SeeN Y Cent Mid of N J S««Erle May'UU 105 Deo '03 Jan '05 122»,. 122 Feb'05 11314 11314 Mar'05 II712 11734 Jan '05 964, 96 Mar'05 142 . A-O J-D M-N M-S Minn Un M &M 101 J-J *'9968! 103 W M , MS J-D 1071a M-S 105 la 107 M-N 1061a M-N I2518 M-S 107 Bale la 90 99 101 la 10034 IOII4 IO6I4 86 107 Hi 9034 May'05 85 105 14 Deo '04 95 95 111 IO834 la 3i 100ial01i4 6(1 85 871a 81 103341071a 9034 87 4 Jan '05 Mar'05 9438 111 95 14 1111-2 10478 10834 ioi 106 106 107 1091a 107 la Feb '05 1071a IO715 104^2 107 1061a Mar'()5 10658 Feb'05 1051a loe^s 125 125 14 123 1251a 107 107 10634 11038 M 108 108^4 107 >a Mar'05 95I2 97 951a J 107 .... J 10414.... 104 IO414 117 1171a 117i4Mar'0.o 119'2 11834 118^4 F F F A A 110 109^4 95 'a 963* 9578 Sale 96^4 Sale lOlia II314 921a 97 la Sale J M-N M-S J-J J-J J-J 128 126 96 J-D Q-J M-S F-A Q-F 97 130 97 93 Sj J-J 104iall0 Mar'05 Oct IO4I4 II7I4 103 117 9618 97I4 97 1.^ 12838 A-O 115»4 Jan '03 12134 109«8Apr'04 124 Feb'05 120 Mar'05 108 IO6I4 J'ne'04 124 120 124 120 105 ig Mar'05 105 4 105 1« 1154 Sep '04 119=8 Feb '05 119 119=8 1064Nov'00 100 75 103 .... .... 118 . 10038 11934 J-J 1051a 107 96I4 M»y'04 11334 Jan '02 1074 Feb'05 10741074 10534 Mar'05 A-O 1051a A-O 1044 106 101 Contin'talClstsf gu58g.i95'J FA Gr Riv Coal& C Ist g 6s.. 1919 A-0 Jetf& ClearC& I lstg58.1926 J-D 2d gold 58 1920 J-D Kan<&HC<fe C Ist s t g;.8.19.")l J-J Pleas Val Coal Istgsf 58.1928 J-J Tenn Coal gen .'is 1951 J-J Tenn Div Ist g 68 al917 A-0 Birm Div Ist consol 68. .1917 J-J Cah C 1*1 Co 1st gu g 68.1922 J-D FA MS J-J 127 110 con g 08.. 1937 M-N N H & Derby con g 58.. 1918 M-N 1905 J-J N Y& N E l8t7s N Y & North See N Y C & H N Y O & W rel Istg 48..ffl992 M-S Regis $5,000 only ^1992 M-S N Y & Put See N Y C & H Y & R B See Long Island N N Y S W See Erie N Y Tex & M See So Pac Co Nor& South Ist gSs 1941 M-N Norf & West gen g 68 1931 M-N Improvem'tife ext g 6s.. 1934 New River Ist g 6s 1932 <fe Ry Ist con g 48.1996 Registered 1996 Div'l 1st life gen g 48... 1944 PocahCcfe C Joint 4s.. 1941 CC<feTl8tgiig5s 1922 Scio V <fe N E 1st gu g 48 1989 North Illinois See Chi <fe North Ohio See L Erie & Nor Pac Prior Uen g 4s. .1997 Registered 1997 General lien gold 3s a2047 Registered o2047 St PaiU-Dul Div g 48.. ..1996 Registered 1996 W N NW Mar'04 131S4Apr'03 10178 Nov'04 104 Sale IO4I4 104 103 4 Jan '05 13 IO314 10638 1034 103 V» 111 1121a IIII4 Feb '05 133 4 Jan '05 13341334 13334 131i« F-A C B & Q coU tr 48 See Gt Nor St 132 99 14 J-J 96>4 Sale J-D 109 Mar05 96^4 "bs'i^ 97 4 104 J-J M-N IIII4IIII4 Dec'04 A-O 132«8l40 1324 Doc '04 IO3I4 103 104 A-O 9934 J'ne'04 A-O .'.'".'; W — Ore RR & Nav See Ore Short Line See 1207gl2158 11578 U7 119 119 106 105 93 1094 Feb'05 1024 102 4 Sale 11 100 1044 Feb'05 Q-J Q-J 106 103 Q-F 7634 Sale 7634 77 15^ 7634 75 Feb'05 100 Sale 100 100 n 10438 97 100 9734 95 109 41094 102 103 10434 IO6I4 106 104 76I4 105 14, 78 75 100 101 126 126=8 7634 J-D FA 12538 127 llOHj llS-a llO^i Q-F F-A A-O J-D Q-M 100 126 132 108 109 9979101 Jan '05 ii's" iieVi II8I4 Feb'05 118I4 118I4 113i4Feb'0o 9214 11513 J-D A-0 Feb'05 Feb'05 Aug'04 11314I13V 109 101 94 116 101 J-J 126 J'ly '99 11214 J'ly '03 11738 119 1131a Un Pao Un Pao NYC NW 17 811a 100 Registered 1921 J-J Guar 3^28 coll trust reg.1937 M-S Guar 3 las colltr ser B...1941 Tr Co certtf's gu g 3128.1916 M-N C St L <fe P 1st con g 58.1932 A-O Registered 1932 A-O 8318 Sale 9914 1003* 9934 10018 99'8 10034 9918 10013 10034 101^4 100 la Mar'05 101 1* 101 14 99 Dec '02 , 101 99iaNov'02 91=8 90I4 Mar'05 91 90 ' 90 14 Sale 89 90 90 89 93 9034 89 89 14 911a 89 89 106131074, 9034 904 Mar'05 1071a Feb '05 102 Mar'04 IO718 IO418 110 911a 98^4 91 A-O M-N F-A 95 N&C . . 9934 May'04 91 13 Sale J-J 1942 1948 1950 Erie<fe Pitt8gug3ias B.1940 Series C 1940 Bdge gen gug4ias 1945 P C C <fe St L gu 4 las A. 1940 Series B guar 1942 Series C guar 1942 Series D 48 guar 1945 Series E 3 la guar g 1949 Pitts Ft & C Ist 7s. ..1912 2d78 1912 3d 78 /i,1912 Penn RR Ist real est g48.1923 Consol sterling g 6s 1905 Con currency 68reg...^l905 Consol gold 5s 1919 Consol gold 4s 1943 Convertible g 3ias 1912 Series B Series 348 Series D3ia8 117«, Apr '02 1121a 114 v. 115 1946 J-D Mo See Pac Ist s fund g4ias.. 1917 A-O Sink fund subsidy g 6s. .1910 M-N Penn Co— Guar Ist g 4ias.l921 J-J Panama II7I4II7I4 ftllSCElJ^ANEOUS Coal and iron Ool C <& 1 Dev Co gu g 58.1909 J-J Col Fuel Co gen gold 68... 1919 M-N Col F & 1 Co gen 8 t g 5a.. 1943 FA Convertible deb g 58 1911 F-A Trust Co ctfs PCC I8tg6s.l919 10341034 NoT'03 ...... A-0 P-A M-N C1& P gen gug 4 las ser A. '42 J-J Registered 1997 J-J Debenture g 4s 1890-1905 J-D Registered 1890-1905 J-D Debt ceru ext g 48 1905 M-N Registered 1905 M-N Lake Shore coll g 3 Hjs. . . 1 998 F-A Registered 1998 FA MichCentcoUg3>a8 1998 F-A Registered 1998 F-A Beech Creek 1st gu g 4s. 1930 J-J Registered 1936 J-J 2d gu gold 58 1930 J-J Beech Cr Ext Ist g 3 »28 bl951 A-O Cart& Adlst gu g 4s. ..1981 J-D Clearf Hit Coal Islsf 48.1940 J-J Gouv&08wel8tgug5s 1942 J-D <fe 1 W <fc W^ha L E 121 139 1034 M Feb'05 Feb'05 Nov'04 104 Dec '04 83 821a NewH&D SeeNYNH&H Vlron Coal i& R Coast Co Ist Pac of Missouri g 5s ac . Co gug 68.1910 C o 1st g 58.1949 1034 <fe Housatonic P & N P gen g 68. ...1923 Registered certific'8..1923 96I4 94 St Paul & Dul let 5s.. ..1931 9634 98 2d 58 1917 1st consol gold 48 1968 Wash Cent Ist g4s 1948 Nor Pac Ter Co Ist g 68.. 1933 97 98 "a Nor Ry Cal See So Pac li:6ial29 Nor Wis See C St P &O 122 l'J2 Nor & Mont See N Y Cent 97 14 99 & See C OIndRiver RR IstC C & St L 11334 115=8 hio g 58.1936 General gold 5s 95 95 1937 Ore & Cal See So Pac Co 122 1211a Feb'05 llS^giVsia 116'8 Mar'05 120 ... 119 Jan '05 llOia... 117 14 Mar'05 II414... 113 J'ly '04 Nash Elor & Shef See L <fe N Nat of Mex prior lien 4^8.1926 J-J 101 1951 A-O 82 T* 83 1st consol 48 I 128 117 109 Mar'ns lOOisFeb'OO 1004100=8 126 100'8l03i4 lOO's 101 Oswego & Rome See O C F & St P See C <fe W DeBarC& FA of N J NY&LongBr SeeNYNH&H NY&NENew See CentHart— New York Hav 11534 119 '0 12838 122 Mar'05 97 14 Mar'05 114 95 101 95 99I4 107 llQia 9512 98 llliaMar'04 95 Nov'04 llS'e Mohawk <fc Mai SeeNYC&H Monongahela Riv See B & O Mont Cent See St P M <fe M Morgan's La & T See S P Co Morris & Essex See Del L <fe W Nash Chat & St List 78.1913 J-J 1st consol gold 58 1928 A-O Jasper Branch 1st g 68. .1923 J-J McM M & Al Ist 68. .1917 J-J T & P Branch 1st 68 1917 J-J N J Juno RR See N Y Cent New Cin Bdge See Penn Co N O & N E prior Uen g 68 pl915 N Y Bkln & Man Bch See L I N Y Cent & H Riv g 3>2S.1997 101 15 IO8I4IIO 7 10778 109 100 101 14 <fe 101 »8 102 V, 85 "a Sale 107 la Sale 90 108 95 113 108 107 Salo <fe Sher Sh <fe So 1st gu g 58.1943 Texife Oklal8tgng5s...lti48 1900 Missouri Pacitic 3d78 1920 Ist consol gold 68 Trust gold 58 8tamped.al917 al917 Registered 1920 l8t coll gold 58 Cent Br Ry Ist gu g 4s. 1919 Leroy<feCVALil8tg58 1920 Pac R of Mo Ist ex g 48.1938 2d extended gold 58. ..1938 St L Ir Mcfe Sgeu con g 581931 Gen con stamp fftd g 53 1931 Unified & ret gold 4s. .1929 Riv & G Divlst g4s..l933 Verdi V I & l8t g 58.1926 Mob & Birm prior lien g 58 1945 1945 Mortgage gold 4s MobJ&K Cist cons g 5s. 1953 Mob & Ohio new gold 6s. .1927 let extension gold 68..?il927 General gold 48 1938 Montgom Div Ist g 58. .1947 St L. & Cairo coU g 48..el930 Guaranteed g48 1931 & O coll 48 See Southern 11734 11734 98'6 96 NoT'Ol & Wa Ist g 48.. .1990 F-A Mo K E l8t gu g 5s.. .1942 A-0 1942 M-N M K Ok let gu 58 <fe ' 101 Kan O & Pao MK<feTofTl8tgug58.1942 111 IIIBb 122 122 II3I4II3I4 "q . 10034 See St P let g 4s.. .1990 J-D (^1990 F-A 2d gold 48 1944 M-N Ist ext gold 5s 2001 A-0 St L Div Ist ref g 48 l8t gu g 58.. .1940 M-N Dal MoKan&Tei 111 . Minn & St L sra See B C R & N UStP<fcSSMcong4intgu'38 J-J M A P let 58 stpd 48 int gu 1936 J-J M8SM<feAl8tg4intgu 1926 .... 109 14 109 <fe See Ch M & St P Minn & St L let gold 78.. 1927 J-D 140 1909 J-D 111»8. l8tgold78 Iowa Ex Istgold 68... 1921 South West Ex Ist g 78.1910 1934 iBt consol gold 58 Ist and refund gold 48. .1949 10818 <fc MU & Mad MU A North Ex 1084 109 <fe See Chic MULS&WBee Chic & & N "W NW Pacific M-S <fc R WAOconl8text58.ftl922 Oswe & R 2d gu g 58...el915 RW&OTR Ist gug 58.1918 Utica & Blk Riv gug 48. 1922 N Y Chic & St L Ist g 4s. 1937 Registered 1937 N Y & Greenw Lake See Ene N Y & Har See N Y C Hud N Y Liack & W See D L W N Y L E W See Erie lOgsg 10018 1014; 101 Sale 10134 12411 I2014 1311a N y Harlem g 3ias...2000 M-N 2000 M-N Registered K Y & North Ist g 58.. .1927 A-O 73 ^e 78 7614 75 24 Is 78 llhi 1939 l8t consol income g 38.al939 j'ly 2d consol income g 38..al917 J'ly 1919 Equip & coUgoldSs Coupons J-D J-D MS J-D V See N Y Cent Metropolitan El Bee Man Ry Mex Cent consol gold 4a. .1911 J-J 109 108 101 J-J J-J J-J J-J J-J J-J McKee8<feBVl8tg68l918 J-J Mich Cent Ist consol 68.1909 M-S 1931 M-S 58 1931 Registered 1940 48 1940 J-J Registered 1951 J L & S Ist g 3ias 1952 M-N I8tg3ia8 Bat C & Stur Ist gng 38.1989 J-D ll2iaU3 1121a 14 Mar'05 110 Mar'03 9S'%Oct'04 89 . LNA&Ch 98ial00ia 110 110 96 97 113 1151, 1 15 116 IO7S4 Ist 4s gu... 2361 2361 Registered 1997 Lake Shore gold 3ia8 1997 Registered 1928 Debenture g 48 Det Mon & Tol let 78.1906 KaA<feGRl8tguc 58.1938 Mahon C'l RR Ist 58. .1934 Pitts McK & Y l8t gu 68.1932 1934 2d guar 68 West Shore Mar'05 1121a , 115 1910 AC Jeff Bdge Co gu g 48. 1945 M-S Sink fund gold 68 L <fe 9638 115 116 113 Mange Week's N. Y. ) 122 Apr '04 75 J'ne'02 113 Nov'99 100 la Mar'05 110 Feb'()5 11234 J-J High. A-O ISO'^ Feb '05 1261a Feb'05 11638 Mar'02 M Hender Bdgelststges.lSSl Kentucky Cent pold 48 .. 1987 L&N<feM<feMl8tg4>28l945 Ii&N-South M joint 48.1962 N Fla & S l8t gu g 68. ..1937 Pens & Atl l8t gu g 68. .1921 S «fc N Ala con gn g 58. .1936 3500 J^ice Friday Range or S'S Since STOCK EXCHANGE March 24 January 1 Last Sale January 1 Week Ending March 24 Bid Ask Low High No Low High Low MigK N Y Cent & H "R—(Continued) 109 109 107 4 J'ly '00 Moh & Mai l8t gu g 4s. .1991 M-S 101 98 105 Oct 'W2 301a 13034 N J June R gu l8t 4s.. .1936 F-A 101 106 Mar'05 107 103 1261a 1261a N Y& Pn Istcon gu g48 1993 A-O I0II4 Nor & Mont Ist gu g 58.1916 A-O Since Mar'05 109 BONDS Kange Mange Priday March 24 N. Y. 1161 3 J-J J-J J-J A-O A-0 M-N M-N 113241154 Jan 104 '05 Apr '02 11578. 117 . IOOI4. 991a. 9413. 9413. 105 13. 115 . 115 . 94 9778 96 102 9534 Jan '04 Nov'OO Apr '04 11441144 1144 Jan '05 Jan '05 11334 11334 11334 J-J J-J 93*8 116»s11608. A-0 M-N loeia. 119 107 F-A 94 98 10Si4Aug'03 1134. 104 110781111* 106 106 111 Jan '05 Nov'98 Mar'OO Feb'05 Oct '04 110 Aug'04 104 -a Oct '04 93=8 Feb'05 127=8 Oct '02 121 Mar'04 W BONDS—Continued ' Mar'05 104 107 102 llOialllis ill 109 llOia 106 102 921a 93 94 9 8 '3 "983. 98 119 118 104 14. 93'% Apr '04 Feb "05 93=8 106 107 105 4 107 103 107 J-J Q-M MN 48 1929 J J 1114Sep'04 II213 loeig 10434 Sale 97=8 Sale .M-S M-N 106 1044 Aug'03 on Next I'age Telcgmpli and Telephc Nov'OO 1074 Oct '04 10378 103 7e 90 Feb'05 Am 55 100 103 14 104 90 89 Sale , 2 8834 !-9m 149 107=8 Dec'i'4 1024 J'ly '04 107 May'97 102 85 84 111 112 97 103 4105 894 Sale Tel coU tr I , I 4 48 g.. 1934 97=8 124 10934 J'ne'04 IO5I4 J'ly'03 111 4 Mar'05 106 4 1067b 107 J'ne'04 103 J J 97 97'^ Dec'04 Oct '99 J'ly '04 100 1004 11041114 26 104=8 107 & 934100 Induntrial .llanutactarinK 1915 Q Am Cot Oil ext 44s Am Hidecfc L Isi s f g68..1919 1104111 Jan '05 Am Spirit* Mfg let g6s.. 1915 11034 112 11114 Mar'05 Am Thread Ist col tr 48.. .1919 102 Dec '03 Am Tobacco 40-yrg68 1944 103 103 103 Feb '05 1951 48 88 89 7p 48 8634 934 Consol Tobacco 60- yr g 18.1951 32 Jan 'Ot) *Mo price JPriday; Ute«t bid and asked ttu« week. aOoeJaa 974 92 109 . NorthwTelguf Oct '00 Mar'ii5 <fe I 1024 Oct '08 Feb '02 100 >4 105 99 111 Telep Comm Cable Co 1st g 48.. 2397 J 9614 105 4 Erie T & T col tr g s f 5«. 1926 ? J 1918 M N 1104 MetTifc Tlslsf g58 90 894 N V & N J Tel gen g 5s.. 1920 M N 104*9 West Union col tr cur 58.1938 J J 11114 Fd and real est g 4 48... 1950 M N 106 34 Sale Mut Un Tel s fund 6s. ..1911 M N 109 <)Daei!'eb e Dae jlay M F 100 97 95 88 S M s 974 Sale Sale 95 A-Ol 11734 Sale 117 74 80 J J F A F A ^OaeJ'ne ADaeJ'17 74=8 Sale 80=8 Sale j) Dae Nor 874 983^ 95 884 34 100 101 61 97 10014 9 95 97 5 874 89 14 11734 282 74 7e 630 80=8 44 «OpUoasale. llOUlH'a 71 74 777, 84 4 Bond Record 11C2 BONDS Friee DKRR& Bpelstgu48g.'36 6r R <fe ex 1st gn g4»i2e 1941 1st g 48.. 1943 I>liiIaBal<fe Sun <fe Lewis Ist g 4s. ..1936 U N J RR <fc Can gen 4s. 1944 Pensacola & Atl See L <fe Nash Peo & East &<e C C & St L Peo & Pek Un Ist g 68.. ..1921 bl921 2d gold4i2S 58 1921 Pere Marq— on c& 1920 Jlmt&PMges 1939 iBt consol goldSs Pt Huron Div Ist g 58.1939 SagTuscfeH Ist gug 48.1931 I W WM B t»lill PliUa W See Penn RR Reading cons 78.1911 <fc <fe Pme Creek Pitts Cin & reg guar 6s.. .1932 St Ii See Penn Co Pitts Cleve & Tol SeeB&O Pitts Ft & CU Bee Penn Co 1922 Pitts Jtmo l8t gold 6s Pittfl & L Erie 2d g 58...al928 W NY &Y Cen See Pitta McKees Pitts Sh L E l8t g 58. ..1940 1943 Ist consol gold 58 Pitts West See B O Ash l8t con 58.1927 Pitts 1997 Keading Co gen g 48 & Week's Bange or Binoe March Ask Low Bid * 110 Hi lllJi 109 99 110 & See Pitts B R <fe L Iron Mount iSe« M P L K C & N Bee Wabash StLMBr SeeTRRAofStL St L S Fran 2d g 6s CI B 1906 St St 1906 2d gold 68 Class G General gold 68 1931 General gold 58 1931 St L <fc S F RR cons g 4s. .'96 Southw Div Ist g 58.. 1947 Refunding g 4s 1951 6-year gold notes 4'a.. 1908 con g 68. .1928 FtSifc M KCFtS<feMRyre?g4sl936 K C M R&B Ist gu5e. 1929 KC ,' H & TC Ist g58int gu..l937 110 110 Consol g 68 int guar. ..1912 A-O Gen gold 4s int guar. .1921 A-0 Waco & div Ist g 6s '30 Wl-N NW 108% Morgan's La 110 la Sep '04 No Ist gold 63 of Cal 1st 1151a 11778. II9I4 126 137 , 123 II312 122 112 llSiaMar'US IISH, 11513 Sale lldia <fe Bt IjOuIs So See Illinois Cent l8t g 48 bd 0018.1989 St L S 2d g 48 ino bond ctfs...jJl989 1932 Consol gold 48 Gray's PtTer Ist gug 58 1947 Bt Paul & Dul See Nor Pacific & Man 2d 6s.. .1909 et Paul " Ist consol gold 68 1933 Registered 1933 W M Reduced to gold 4'<»8..1933 RegiBtered. 1933 1910 Dakota eit gold 6s Mont eit 1st gold 48.. ..1937 Registered 1987 E Minn let div Ist g 5s.. 1908 Nor Div l8t gold 4s.. ..1948 Minn Union Ist g 6s 1922 Mont C 1st gu g 6« 1937 Eeglstered. 1937 guar gold 58 Ist 1937 WiU & S F Ist gold 5S..1938 Bt P & Nor Pac See Nor Pao &0 Bt P & S'x City See C St P Salt Lake C 1st g s f 6s.. .1913 BFePresifc PU Ist g 5s. ..1942 11434 116 Apr'04 Nov'97 121 111 120 Oct . , Registered llS-'e . 120 . Mar'05 98 Cent Pac Ist ret ga g 4s 1949 Begiatered 11618117 1171:2 10214 Sale 10134 100 101 lOOia 109 75148310 109 7514 89 108 Gila VG&N 1st gug 58. 1924 W T Ist g 58.1933 guar Hous K Ist <fe OS red 1933 JJ AC J-J J-J J-J J-J A-0 AC A-O A-O A-O M-N M-N Oct '04 10214 Jan 103 100 991a 101 lOO'^s 11)0 '05 101 Mar'05 '05 89 101i4Nov'01 • •• 95 ifO Mar'05 93 95 104S8 Feb'05 10412. 104 Is Feb'05 1291^ 130 « 12912 1291^ 115 117 II512 Mar'05 100 9934 9934 104 98=8 Nov'Ol 90^4 Sale 91 12 9014 96 Lee '04 126I4 126I4 Jan '05 91 Sale 9II4 9012 102 "u 99 99 86 9913 861a Sale 821a 83 821a 9934 104=% 104 '8 1043g 12912 130 12 Il'2l2ll5l2 9934 9934 104 88I4 91 92I4 I26I4I26I4 98 8834 92 34 98I4IOII2 84 861a 9 8612 8314 200 801a 8338 llOis 111^4 110iaJan'05 137 140 138 138 llOialll 137 138 May'02 I113fll2 HI Mar'05 lieisApr'Ol 112 I1314 11238 Mar'05 111 140 1121, 10434 11238 11238 10 1031a 10434 May'Ol 10434 Mar'05 104^4 Sale 10434 10434 1041a 106 104»4 12234 .... 128 Apr'02 13634 13712 135 Jan '05 13434 Dec '04 1181^120 118i» Feb'05 117 Jan '04 1191a 135 135 , , 110 Jan 11334 90 11818 1181b Dec '01 '04 130 91 91 901a 10434 l04i.>Mar'Oo 99 .... 108 .... 105 "a.... 110 .... 11134 113 11214.... 11034 .... 95 109 1 i Feb '05 09 la Mar'05 8434 92 03 14 10434 95 98 »s 109 109 1 1091a 109 112 la Mar'05 110 Jan '05 97 Sale 967g 101 la Sale lOlH, 95 9534 95 1« Jan '03 lOlk 9534 89 89 12 108"% 109 100 "a 113 10938110 106 108 108 109 12 Feb '05 10038 100 99i4Mai'03 89 Vj Mar'05 108 4 Mar'05 103 Sep '04 115 Feb'05 109 Mar'05 10714 Feb'05 W Western Div FA J-J Ist g 58... 1935 AC 1935 J-D Kan& Ist gug 48.... 1990 A-O T0IP& Wist gold 4s. ...1917 J-J TolStL&WprIieng3ias.l925 J-J 1950 A-O 50-year gold 48 Tor Ham & Buff Ist g 48./il946 J-D Ulster & Del Isteon g 58 1928 J-D 1952 A-O Ist retund g 4s UnPacRRcfe Igr g48...1947 J-J 1947 J-J Registered 1911 M-N Ist Hen convert 48 Registered 1911 M-N Ore Ry <fe Nav con g 4s. 1946 J-D Ore Short Line lstg68..1922 F-A 1946 J-J 1st consol g 5s 1929 J-D Guar refund 48 1908 J-J Utah & Nor let 78 Gold 6s 1926 J-J J RR <fc C Co See Pa RR Uni N Utah Central Bee Rio Gr Wes General gold 5s M <fc North See Un 11 9314 a 24 42 97 14 96 IOS'sHIOb 26 10038 104 8889 8934 108itll0'8 113 "alls 109 1091a 1051a 10714 1031a J'ly '04 Since Hiali 1*. 1291a 121 IO314 IO6I4 , , 102 , No Low 11 9934 Sale 91 OOH). 106 10958 101 101 la 1051a 114^2 1141a II514 10939 Sale I0914 7-.' 109^8 Jan' 0:. 100->8Oct 'U4 , , , 100 Hz 11034 112 10812 119 "a Sale 971s Sale 117 99 117 118 100 95I4 95 Hi 9934 129i2Nov'04 122 Dec'04 106 Sep '04 113 Jail '01 102 Nov'04 106 , Jiigh lioaglllia Dec '04 99ifl 99 127i2Feb'0i; 127 Range January 1 Mar'05 11-2 lis Jan '05 88 106 91Hi 10818 1091s 10933 102i4Mar'ti5 102 14 102 "4 104i2Dec'04 115 Mar'05 iui^iis"* 114i<2Dec'04 119 Feb '04 10939 109'\ 109 la Feb =05 103 Oct '04 11212 Feb'05 IO8I2 Mar'05 1191... II912 110 Feb'04 9718 97 11714 Dec'04 99 Mar'05 II712 II712 981a Mar'05 IO8I2 10938 108 109 Hi ' 112 il2ia lOSiolOSHj 117Hjl20i4 96 H2 99 98 100 117H2117H2 9518 90 la Dec'04 98H2 961a 114'8 11334 118 114 121'»122 12134 May'04 Peb'05 114 114 12118122 114 116 1 23 14 12434 121'4 II312 114 Mar'05 124 12434 l-.'434 126 la 126=8 126 Hi Feb'05 11634 118 116i*Mai'05 112 112»8Jan'05 95I2 97 98 Feb'Oo 10334 111 110 Mar'o5 lllia 123 Feb'02 110 110 Deo '04 II2I4 114 Jan '05 II6I2II7 U5I4 1151, II6I2 HOHj May'04 93 13 93 Dec '03 ig Mar'05 11618 1 16 130 9734 10934 117 I23I4 12612 11534 U6ig 112 112»» 96 Hj 98 108 111 114 114 13 11514116=8 II6I4II6I9 J'ly'OO 100 .. .. Nov'04 121 100 la. il2HjMar'05 121 Mar'05 100HaMar'06 11313. il2'8J'ly'04 1221a Sale 12218 . . IIII4 11514 113 1091a 97 14 9734 93 Hi 95 9OH1 91 86 14 Sale 97Hi 99 122I2 96 Mar'05 109HjAug'04 106H2NoT'04 115 14 Mar'05 111 May'04 107 Sep '04 9734 II2H2II2H1 122 21 9334 100 Hi 19 I2OI4I23 96 102 114H»115i4 9734 96Hi 98Hi 95 94 Hi 91 85 's Mar'05 85 78 9118 85 86=(» 83 Hj 86=8 9734 Mar'05 97 Hj 9734 112^8 11 2 Hi Mar'05 112 112Hi 95i4Jan'05 9514 961* 106 105 106 H< 120 10434 106 Hi 2 1 03 Hj 10534 105 105 105 13234 Sale 128*^ 134 1593 112^8 ISSH 121 Feb'05 U63gl21Hi 103 Sale 102Hi 103 13 102 Hj 103 Hi o 124 H) 127 Hi 12514 125 12538 119'4 1 117Hil20 120 120 97 Ha Sale 9738 9734 172 97 Is 98 92^8 10934 112 iia 114H>Apr'02 110 110 llSHjSale 108 Hj 109 91 75H2Sale 102 Hi U8I4 Doc '03 Pacific Black R See N Y Cent See Mo P Ver Val Ind & See South Ry irginia Mid Va & Southw't 1st gu 58.2003 J-J 1939 M-N Wabash 1st gold Ss 1939 F-A 2d gold 58 1939 J-J Debenture series A 1939 J-J series B 1st Hen equip 8 fd g 58. .1921 Det & Ch Ext Ist g 6s.. 1941 J-J Des Moin Div Ist g 48.. 1939 J-J 1941 A-O Om Div Ist g 3128 TolcS; ChDiv 1st g 48.. .1941 M-S St Chas Bridge Ist g 6s. 1908 A-O Wab Pitts Term Ist g 48.1954 J-D 1954 J-D. 2d gold 4s Warren See Del Lac <fe West Wash Cent See Nor Pac See Southern Wash O & West Maryland l8tg48...1952 .A.-0 WestN y<fc Pa Istg 5s.. 1937 J-J 1943 A-O Gen gold 3-4s dl943 Nov Income 68 West No Car See South By Va Cent <fe P 1st g 68. .1911 J-J Wheerg* L E 1st g 58... 1926 A-O Wheel Div 1st golil 5s. .1928 J-J Exten <fe Imp gold 6s. ..1930 F-A 1922 J-J 20-year equip s f 08 1949 U-S 1st consol 48 Wilkes & East See Erie <& M Wil & Sioux F See St P Wis Cent 50-yr Ist gen 4s. 1949 J-J W <fe MS 107 >a 110 31 II8I4 ll9Hi 26 108Hj112i« 108 H2 109 90 Feb'05 90 90 70^4 66 Hi 7579 75''f, 3i43 102 Jan '04 IIIH. 110 Jan '05 10934 110 97 NoT'04 "8(334 "So 88I4 Mar'05 88''8 86 9534 99 97 Hj Jan '05 97Hi 98i« 107 09 Hi Mar'03 94 Salo 94 94 Hz 89 94 961a 4234 Sale 457, 42 43Hi 512 42 W Mar'05 II8H2 1 W 96T8 9778 25 101 10134 9714 799 94iaAng'04 10934 10034 Sale 12 109 12 114 110 110 Llli4May'03 102 1021a, 95 J-J J-J WMinW<feNWlstgu58'30 Tol & O C Ist g 5s 1935 Utica 1021a A-O W Utah 109 14 J-J J-J J-J J-J J-J 1956 M-N 1938 M-S 1922 J-J Knox & Ohio 1st g 68.. .1925 J-J Rich & Dan con g 6s 1915 J-J Deb 58 stamped 1927 A-O Rich & Meek Ist g 48.. .1948 M-N 80 Car & Ga Ist g 5s. ...1919 M-N Virginia Mid ser C 6s.. .1916 M-S Series D 4-5s 1921 M-S Series E58 1926 M-S General 5s 1936 M-N Guar stamped 1936 M-N l8t cy gu 4s. .1924 F-A O& West N C 1st con g 68.. 1914 J-J S & N Ala See L & N Spok Falls <fe Nor Ist g 68.1939 J-J Stat Isl Ry 1st gu g 4iaS..1943 J-D Syra Bing <fc N Y 6'ee D L & '|''er A of St L Ist g 4128..1939 A-O 1 Ist con gold 5s.. ..1894-1944 FA Gen refund s f g48 1953 J.J St L M Bge Ter gu g 58. 1930 A-O Tex & N O See So Pao Co Tex<fe Pac 1st gold Ss 2000 J-D 2d gold inc 58 ^2000 Mar 1931 J-J La Div B L Ist g 58 W Ask Low IIII2 J-J M-S Con Ist gold 5s E Ten reor Hen g 58 GaPac Ry Istg 6s 109 77 89 109 75 75I4 Jan 1905 F-A Registered 1994 Ohio coll tr g 4s. .1938 Mem Div 1st g 4i2-5a... 1996 St Louis div Ist g 4s. ...1951 Ala Cen R Ist g 68 1918 Atl& Danvlstg4s 1948 1948 2d 48 Atl <fe Yad Ist g guar 4s. 1949 Col & Greenv 1st 68 1916 E T Va <fe Ga Div g 58.. 1930 II7I2I2O 10334 May'04 1949 Mort guar gold3'28..fcl929 Gal Har<fe 8 A lstg68..191U 2d gold 78 1905 Mei<fc Pac l8tg5s... .1931 NO 1st 7s Mob & J'ly'97 121^2 /fcl94U A& N W l8t gug 58.. ..1941 68. ...1907 Sabine Div Istg 6s.. ..1912 M-S 1943 J-J Con gold 58 Southern— Ist con g 5s 1994 J-J '01 1121a Dec'02 W Seaboard Air Line g 48 ...1950 CoU tr retund g 58 1911 Oar Cent Ist con g 4s. ..1949 FlaCen& Pen 1st g5». 191b Ist land gr ext g Ss . . 1930 Consol gold 6s 1943 Ga <fc AlaRy Ist con 58 o 1945 GaCar<fe No Istgugos 1929 Beab& Roa 1st 58 1920 Bher Shr & So See M K <fc T Sll Sp Oca & G See Atl Coast L SodBay <fe So 1st g 5s 1924 J-J Bo Car & Ga See Southern Bo Pac Co— RR Ist rel 48.195D CoU tr g 4'<j8 1905 Gold 4s (Cent Pac coU)./(;194'J A-0 1920 J-J gn g SPacofNMexlstg68..1911 J-J Tex& M e A & A P See So Pac Co B F & N P Ist sink f g 58.1919 J-J Bav F & West See All Coast L Scioto Val <fc N E See Nor & T 1st 7s. 1918 <fe Gviaranteed gold 5s 1938 Ore & Cal Ist guar g 58.1927 S A <fe A Pass 1st gu g48. 1943 So P of Ar gu Ist g 68.. .<;1909 Ist gnar g 6s cl910 8 P of Cal Ist g 68 1905 1st g 6s aeries B 1905 1st g 68 series Cife D...1906 1st g 68 series Eife F...1912 1912 Ist gold 6.S 1st con guar g 5s 1937 Stamped 1905-.. 1937 123i8l23ig 123»8l24i2 123i8Jan'05 lUO 106»2 101 J'ly'04 1063^ 109 Apr'02 122 123 Feb'05 Aid J-J Sis 35 ;q Weekfs Range or Last Sale Price Friday March 24 Miah No Low High Southern Pac Co (Continued) Nov'97 Jan '05 <fc <fe ** 1 no P See N Y Cent 1941 Rutland Ist con g 4'as Ru^Canad Ist gu g 48. ..1949 Marq & Sag TubGr H See Pere ..1947 Isl Ist g 48. t Jo & <& Adlron Ist g 58.1996 8t Law 1996 2d gold 68 St L <& Cairo Bee Mob & Ohio Rome Wat & Og January lUO 110^8 H Boch 3505 STOCK EXCHANGE Week EN-DtNo march 24 N. T. Oct '04 108i4Mar'05 1997 Registered Jersey Cent coll g 48.. .1951 Eensselaer & Sar See D & Rich & Dan See South Ry Rich & Meek See Southern Rio Gr West See Den & Rio Gr Bio Gr Jtmc Ist gug 58. ..1939 1940 Jtlo gr So Ist gold 4s Guaranteed 1940 102 110 10314 & & Y& Last Sale %4. Vol, lxxx. 4 BONDS Range Friday K. T. STOCK EXCHANGE "Week endeng maeoh 24 Pesn KR (Cojitinued) AUe? Val gen gu g 4S...1942 C1& Mar l8t gQ g 4^28. .1935 —Concluded—Page 9338 Sale II8H1II9 9918 30 1 92 ''g 167 9OI4 94 93 18 Hi Feb '05 118 118i> 98*4 98 Mar'05 98 40 Mar'Ol llOis II414 II318 II418 "92" Sale 102 92 111 iim II4I4II414 111 Mar'05 11414 Jan '05 110i4Mtty'04 1 14 14 Mar'05 M 94i4Sale 93Hi Jan '06 92 H 44 94I4 67 113 102 92 90Vi 114<^ 102 96 >« 9\S IVII.SCEI.I.ANEOUS BONDS-€oncliiiled. UaniilacturinK <3(c IniluMtrinI registered 481951 DlHtilSecCorconv Istg 5h.'27 IVIisceliRneoas Con Tobacco Distill of . Amer coll tr g 58. 191 lU Steel Co deb 5s 1910 Non-couv deben 5s 1913 Int Paper Co Ist con g 68.1918 Int St f unip 10-yr oonv. Os '13 Knlcker [c«!((Jhic) Ist g 5s.'2>S I^ckaw Steel Ist g 58 1923 Nat Starch Mf g Co Ist g 68 1 920 Nat Starch Co s f deb 68..1925 Btan Rope C <fe T Ist g 6a... 1946 Income gold 58 1946 8 Lealh Co 8 f deb g88.. 1913 V 8 Kealty & I couv deb g 58 '24 V S steel CorplO-eO yr5s.d'6:-; Registered va-Car i(« I* Chem priM AprU 1963 col tr 68 g..l912 FrldAjr; latest bid 81 Is 97=8 Sale 85 14 80 99 99 92 109 Dec'04 81 Hi Sep '03 Jan '99 Feb '04 Mar'05 10334 109 104=8 104H» 104»« 9834 98 Feb '06 107 Hi Sale 107 14 107 H92 !« Feb'05 89'8 65 46 ::;50 108 10934 18 10234 104 =8 98 ''ii 98 10434 108 91 65 Mar'05 46'(; 82 >4 79 15 42 i)3 70 Hi 49^8 Hale 314 1'4 3H US 5 Hi II2I4 112 Mar'0& niHj 112 lit Salt 101 102 1031.1 "ii 93 94<^ Hale 93 Hi 95'^ 33<J.i 92 95'-, 9334 95 57 9'Ji4 95=8 100 Hj. 101 101 101 1-^ 101 3 14 112 and asked. 1948 Adams Ex col tr g4s AmDk<fcImp6s See Cent N J Am SS Co of S B'kl'n FerryCo l8lcon8g58'48 K A Chic Jc <fc St Yard col g b». 1916 J J DetM <fc M Idgr incomes.. 1911 A Hobokeu L & I gold 58. ..1910 .Mad Sq Garden ist gSs.. 1919 Man Bch H & Lgeii g 48.. 1940 M S Provident Loan Soc4H28.1921 St J DSoph Stk Yds 1 »t 4 Hjm. 1930 J J St Sale 103 103 108 106^ 60 67>« 76 BO 10034 J'nc'02 66 57iflMnr'05 10734 Nov'04 76 Bale 75 60 96 Hi 96 96 99 100 108 H, 76 Feb '02 96 100 94 >3 96>a 98 100 LTer Cui)i>leHStat'ii«)> Prop Co Istg 4HiH 6-20 year.. 1917 J D J J Yuba Wat Co con g 68.. 1923 Sp Val Wat Works 1st «h.1»06 US Red & Ref Ist s f g O9. 1931 3 103 M N M N M N Newp Ne Ship & UDba dl990 J J N V Dock 60-j-r 1st g4«.. 1961 K A .2 aDaeJan 6DaeF«b .VI W Vag58....1920 M N Dae Mar d Dae Apr ^iDueJ'ly k Duo Ang o M S 96 >a. 112 J'Iy'04 1 18 Hj J'ly'OO 9014 9218 49 88^ 92 >« Dae Oct p Dae Not t Due D«e «Optt«n«*>* . .- CHICAGO STOCK EXCHAITaE-Stock Eecord-Daily, Weekly and Yearly STOCKS—HIGHEST AND LOWEST SALE PRICES ' ^ , . Monaay March 20 Saturday March 18 Thursday Friday March 23 Wednesday March 22 Tuesday March HI March 24 LastSale • i •— "'"6^'"668 "6'4"6^8 1 2II2 2II12 12^4 * 13 » 50 50 1 ll^fe 50 36 24 •231^ 9"7""9'7i4' *28ia *28ia 40 3612 5^334 89 * 100 100 100 100 100 100 100 Do pref Kans City Ry & Lt ..100 100 Do pref 84''8Mar'05 23 14 24 23 V Metropol 24 S Elev..l00 63 12 100 63 C Do pret 80 80 North Chic Street.... 100 *23 24 Northwestern Elev..l00 "66" •60 62 100 "e'o" Do pret 95 la 96 100 96 95 Sonth SirteElev *28ia Streets WStable C L 100 100 lOl'elOl^g ' Do pret 1031a 56 65 100 West Cliic Street 65 2834 28=8 28=8 IO2I4IO234 1021510314 60 60 60 for Previou* Year (1904) Week W i<, 1021, '100 60 •39 3934 Last Sale "24" '24" 64 2334 '24" 3934 ' 66 90 « "2*4" '.'".'.'. "97" "97" 102 •60 12 50 pre£ Range 1905 Lowest Shares "bi'u Chicago Subway IOI4 ChicUmon Tract.. ..100 "bi'^ ""5"4"'i""5"4i4 IOI4 * "24"" 241^ "24'"24" 66 ; "54'4 "blS\ * 1138 36 *84 24 * Do "54" "54 i^ 1 » Chic Pass By Chic & Oak Park Range for Year Sales of the EXCHANGE Railroads Jan '04 Ohic & Alton Feb'05 Chic City Ey Ohic Consol Trac ^778 Last Sale 199 "Illli'g'o" WW", i STOCKS CHICAGO STOCK Jan 37^8 i"8"6"' Ja"n"'5 i"9"9"'F"e"b""i "390 "614 1,2:13 300 100 25 20 Mar 7 53 12 Marl 6 9>2Jan 3 45 Jan 30 Jan 9 Feb 24 Feb 3 Mar24 Feb 20 Feb 3 Feb 2 3s Peb2] 85 Feb 3 24i8Marl7 66 Mario 99 Feb 2 24i2JanlO 66 Jan 5 97i4Mar20 2914 Jan 4 103i4Mar21 72 Feb 3 "'9i^F'e'b""9 'l'258F"e'b23 821, Jan i',455 481; 20 59 5 80 100 100 92 2S J7 55 50 160 45 4 Mar24 Jan 6134Mar J 4 Feb 15 NoY 27 la May 45 NoY 281a Dec 31 Dec 8014 Nov 85 Noy 15 Mar 26 Sep 41 Mar 68 Oct H5 Mar 88 Sep 15 Jan 2634 Nov 44 Apr 67 la Not 90 Mar 981a Not 28 Jan 34 Oct 82i2J>Lpr 103 J'ne 38 Apr 661a Sep 51 Jan 18 Jan 10 23 1,362 la 9 9 an 30 Aug "6""Sep "'8"*Nov 23 Sep 27 Not 561a 13-8 1 37^8 Jan Mar 190 155 ""6 Jan"2"G '"'734 Jan" 24 Jan 31 2 Highest Lowest Highest Miscellaneous 100 100 100 "ioK American Can 64I4 100 64 64 Do pref 631a 100 -Amer Katiiator lio" i-^'o" 100 Do pret "56"i^"'5"6i4' 5058 100 51 Amer Shipbldg *104 100 Do pref LastSale 19S May'04 AmerT<fc S Bank... .100 100 Last Sale 40 Jan '05 Booth (A) & Co 'IO5I4 110 100 Do pref Feb '05 Cal & Clue Canal & DlOO LastSale 60 Central Trust Bank. .100 LastSale id""""FeV'05 Chicago Auditorium Last Sale 1 Jan '05 Chic Brew' jr & Malt'g Allis.Chalmers «.«... ...... ; 78 130 130 49 651a 130 4979 50 49 '""""40" <""""40"" 1051a 105 12 '105 58 *58 62 *i6"' *\ *\ »142 »103ia 138 14 139 WW". •84 LastSale *6ia 170 170 48 48 50 51 491a 4S% *140 142 *140 142 142 14S 103^2 IO3I2 103 IO3I2 103 1035f, 13834 13914 138ial39i2 I3712I371V '167 501s 501a 110 62 no" ;ii;;; *6 •61a 170 *77 »127i2 50 60 130 •io"'l""! *6 •167 66 iv "'".'.W'ii" *105 110 *58 62 40 110 62 »105 *58 6GI4 6534 7812 •771a » "lO^'loaJ 'kVt^'iO'; i'lOTg"!!" 66 66 \ *14" "if "isii'isii *'l8'" ""iSJi^ 73 7334 7334 «••... ...... "ii" '45' *6l'i4"6i''^ . 120 45 113 45 113 "62""6234 "61 '^"6214 119 119 45 45 llSS? 44^8 45 115 * iio" "'6'i""""6"2"" 118 45 115 * iio'i^ .'""! 1101411034 *i"o"8"* '96" "90" iio34 i'10'4 44''8 63 89 54 90 ' ...„^....„. ...„^....^.. III2 •!!!!!! "'r''s"'2Xi Ilia 12 1134 '25' '24" 1134 "25" "26" "Hh 113, "'2"6"""2"7"" Jan 7 46 461a '05 170 46 i'o's" i"o"3"" I3712IS8 Do Chic Chic Chic Chic pret EfUson 100 Pneumatic Tool. 100 100 Telephone Title & Trust.. .100 Diamond Match 100 Brick Recpts 67 68 ""e's'^ Do pref Recpts "6'8"'.i Kans City Stock Yds. 100 "*19" "l"9"' Knickerbocker Ice... 100 100 ...... ...... Do pret Last Sale 17"" 3'n&''6i London & Chic Contr LastSale 9 Dec '04 Manufacturers' Fuel ''4414 48 Masonic Temple Last Sa le ^ Jan '05 Mil& Chic Brew'g LastSale iO NoT'04 Do pret 61 14 60 100 61 6I34 National Biscuit llS-a 119Hj 119 100 Do pref 1181a 45 100 45 45 45 National Carbon 114 115 100 Do pref LastSale 106 Jan '05 People's Gas L & C'kelOO Pullman Co 100 St Louis Nat St'k Yds .... i"o"8"ii i"o'9""i"o"9"" 100 i()"8"% Swift&Co 60 The Quaker Oats Co. 100 60 *9Q Do pref 100 Un Stock Yds(So Om)100 III4 '"67'" ""6'7"' *15 73 4(54 pref "163; *168 168 168 Do ""16 "4 ""16"% "10=8 "li" 6414 6534 i"3"7i4 i"3'7"i.i 11% Illinois La St Sale 10^" Dec"'"o'4 Union Bas<fe P Co ...100 Do pref 100 """2" "'v'V"i''^& '"'2''i Unit'd Box Bd & P ColOO iiig 111^ 1138 1134 Do pref 100 LastSale 10 Nov'04 Weaver Coal & Coke 30 29 Western Stone 100 i',7'6"5 Feb 23 Marl 6 60 Jan 25 09 50 76 Jan 24 79 64 125 Feb 21 130 1,820 38 Jan 19 51 10 9818 Jan 17 100^8 3,968 "ss"' Jan""'4 """"l3 """2"5 ""3"5'5 675 45 237 973 60 180 105 Marl7 56 Jan 11 148 la Feb 23 10 Jan 5 1 Jan 18 7 Jan 20 153 Jan 25 32 Jan 7 140 Jan 25 103 >a Feb 14 134 la Feb 1 10 Jan 4 65 Jan 9 "'3i4j"an" "lii'i^D'eo 3134 Jan 6434 Deo Mar 40 Mam Mar22 "'19" '"2iiO 'ii""re"b""6 ""6"6 4",o"2"5 63 Feb 15 7334 D'e'c 50 Jan 45"' Jan '16 2 Jan 30 'm" Ja'n""2"5 "4'5"4Ja'n'"l'7 2 ' Jan 30 "6'234" Mar2"i '"5^>'i i'o"6" F"e'b"2"5 i'14" J'ne Dec Nov Aug 51 Jan 214 Jan 134 Apr 20 Nov 25 Sep 42 36 Jan 99 la Jan 25i4Mar 95 Jan 98«8 Feb Jan"""6 "9 9 'a Jan 25 60 Mar24 se^aJan 4 91 la Feb 23 46 Apr 3534 J'ne J'ne 75 i',6"2"6 238 Jan 4 l>aPeb20 Jan 3 12iaMarl4 7 "io'lAaxii 10 14 10 'i3"'F"e"b"l5 Feb Jan 62 20 9 7i4 0ct 4,378 1,515 Deo 12'" Oct" 7 la 187 114iaJan 5 120 la Marl 6 495 41 Jan 25 47 Feb 28 13 110 Jan 5 115 Jan 31 106 Jan 11 106 Jan 11 97 358 'I'o'i^ 17 10 791a Mar'JO 115 14 Jan 1231a Sep Mar24 19 J'ne 40 la Deo Mar 4 82 Aug 94i4 0ct 183 Mar 198 May ""4"d"' Ja"n"'"4 33 Nov 40 Not 10514 Mar21 10034 Mar 110 Feb 61 Feb25 52 Feb 62 Aug 150 Marl 8 120 J'ly 12334 Jan 10 Jan 5 10 Oct IOI4N0T II4N0V 1 Jan 18 1 Jan 7 Jan 20 8 Feb 7 Feb 172 Feb 20 140 May 173iaNoT 52^2 Marie 18 J'ly 36 Not 143 12 Feb 17 115 Mar 147 la Nov 10534 Mar 6 86 Feb 108 Oct 140 Fet21 1261a Feb 142 la Not 11 "a Jan 16 31a Mar 12 la Deo 71 la Jan 16 3812 Mar 76 "a Dec 34 J'ly J'ly 581a Dec lieiaNov 461a Dec Sep 120 IIOI4N0V iie'i-LNo'v 47i2Jan Not 87 10 '8 Dec 338 2034 Not Jan Nov 19 Sep Feb 251a Dec > Chicago Bond Record ~ BONDS Price ^.2 CHICAaO STOCK EXCH'GE ^ ^ Friday March 24 Week Ending Maech 24 Bid Aslc A.mer Biscuit 68 1910 A.mer Strawboard 1st 6s. .1911 Oass Ave <fe F G (St L) 58. 19 1 Chic Board of Trade 48 ...1927 DMc Consol Br <fe Mlt68 Ohio Consol Trac 4 138 1939 Chic Edison debent 6s. ...1913 F-A 106 J.J J-J 1UOI4 1st gold 58 ?il926 Chic Auditorium Ist 5s. ..1929 DMo Dock Co 1st 48 1929 DhicEquitGas 68 1905 Dhlc <fe Elec By 58 ....1919 Dhic Pneum Tool Ist 5s .ol921 C5hic Rock I & Pac BR 48.2002 CoUat Trust g 58 1913 Commonwealth Elect 58.bl94H Kans City Ey & Lt Co 58. 1 9 1 Knickerb'cker Ice Ist 58.1928 Lake Street El Ist 58 1928 Side El 1st 48.. ..1938 Metr .Extension g 48 1938 •Torch Chic St Ist 58 1906 let58 1909 Befundinsr g 4ia8 1931 No Chic City StRy 41^8. 1927 KorthWesfn El 1st 4s.. .1911 Pgden Gas 58 1945 Pearsons-Taft 58 1916 4-408 1920 4'408 Series C i'60s Series E 4-808 Series F IPeople'sGasL&C let 68. 1943 Eefunding g 5s 1947 Chic Gas Lt<fe 01st 58.. 1937 Consumers' Gas Ist 5s. .1936 Pt Louis Brew'g Ass'n 68. 1914 Bonth Side Elev 4 SiS 1924 6-wift<fe Co 1st g 58 1914 union El (Loop) 68 1945 Dnlon Pacific conv 48 1911 A-O F-A A-O MU W > . , BBB .' 1 ' D 8 Brewing 1910 1928 cl963 1928 Tunnel Ist 58 1909 Debent 68 1914 Consol g 58 1936 West Div City Ry 4 las . 1 982 west'm Stone Co o.2o os. 909 Mote. — Accrued interest mus 58 Dnlted Breweries 68 D S Steel Corp 2d 68 West Chic St Ist 58 . 1 ^ , Chicago Banks and Trust Comnanies 103 J-D 103 J.J J-D 60 104 104 J-J 65 i"04i4" 100 J-J J-J J-J ig i"o"6" 75 78 M-N M-S :.".:"::::: M-S 107 la Sale M-N A-O 97 98S2 J-J 97 95 89 F-A J-J J-J J-J 98 >4 Sale 90 9913100 98'a A-O 90 921a 96 M-N 9414 941a M-S 94 1« M-N 91 J-D 100 99 14 M-S 99I4 9934 F-A M-N M-N 100 la A-O 124 M-S 107% 108 108 J.J J-D J-J J-J 10634 107 J-J 103 Hi 10313 Bale A-O 1061a M-N M-S F-A M-N M-N 94 F-A J-D 70 M-N 8734 Sale J-J 91 90 90 96 A-O t be added to all . Week's Range or Last Sale Low Range 2 Since OutstandSurplus & ing Profits Stock 1903 m NA3IE January 1 High No Low High Bankers National 100 Jan '05 100i4Eeb'05 103 14 Feb'05 103 Jan '05 103 Apr '04 65 Mar'05 103 Is J an '05 104 14 10414 98 Feb '04 luo 991a 100 14 loo 2,000,000 $1,071,611 29,045 143,388 1,402,444 64,53 1,783,400 1,327,281 4,63H 3,567,276 15,586 273,089 6,215,626 107,529 640,546 202,737 142,224 1,030,106 149,618 Calumet National 100,000 Chlcaso City 200,000 Chicago National 1,000,000 500,000 103 103 14 Chicago Savings Commercial National. 2,000,000 66^2 Continental National, 82 3,000,000 50,000 103 ig 103 Hi i.'ook Co State Savings 12 104 14 10434 Corn Exchange Nat. 3,000,000 Drexel State 200,000 Drovers Dep National 600,000 First National 10034 Not'04 8,000,000 First Nat Ens:lewood.. 100,000 Foreman Bros B'k'g Co 500,000 80 78 4 7834 68 Fort Dearborn Nat 79 Not'04 S 500,000 Hamilton National 500,000 80 Apr '04 1057^10814 Hibernian B'k'g Ass'n 1,000,000 1071a 1071a 100,000 100^8 Feb'05 10068 100-8, Home Savings 200,000 97 97 ^ Manufacturers Bank.. 97 97 Milwaukee Ave State. 250,000 97iaMar'05 98 971a 95 "a 96 951a 961-2 Nat Bank of Republic. 2,000,000 90i<. National Live Stock... 1,000,000 86 89 S) 891a North Side State sav.. 50,000 99 95 100 99 "a 99 14 Oakland National 50,000 98iaMar'05 94 Peoples Trust & Sav .. 200,000 Prairie National 250,000 95 95 Mar'06 34 94 94i« 250,000 931a 95 H, Prairie Stats 941a Pullman Loan & Sav.. 300,000 96 "a 88 94 Mar'05 South Chicaao Savings 200,000 99 14 Mar'06 99 la State Bank of Cliicago. 1,000,000 99 stock Yards Savings .. 250,000 200,000 Union Stock Yds State 99 "a 100 991a Mar'05 U S Bank <& Trust Co 1,000,000 lOOiaDec'04 123 la Sep '04 lOSialOT^e Amer Trust & Savgs.. 2,000,000 107 la Feb '05 1081a 1031a 15 107-'.i lOS's Central Trust Co of 111 4,000,000 200,000 IO7I4 Mar'05 1061a 107ia t^olonial Trust & Sav.. 200,000 Drovers Trust & Sav.. 500,000 102*4 104 Tg Equitable Trust Co 104 104 102ial03'<. Federal Trust <fe Sav.. 2,000,000 103 103 First Trust & Savings 1,000,000 lOoialOtj'e 106^8 Feb'05 Illinois Trust <fe Sav.. 4,000,000 114 Nov'04 200,000 International Trust Co 81 J'ly '04 250,000 J ackson Trust & Sav. 200,000 Kenwood Tr & Savings 88 Nov'04 Merchan Loan <fe Tr Co 3,000,000 100 96 96 29 94 750,000 Metropolitan Trcfe Sav 70 MBy'04 Northern Trust Co Bk 1,000,000 90 80 90 Feb '05 88I4 20 8734 90'f Royal Trust Co 500,000 8734 Union Trust Co 1,000,000 95 97 95 Mar'05 Western Trust & Sav. 1,000,000 100 Jan '04 . Chicago bo|nd price 11^,104 251,372 953,827 1,291,452 I>ividend Record In Per1904 iod Last Paid Q-J Jan 13 15 "12" 8+5 J-J Jan 12+3 Q-J .Ian '12" J Jan J Jan J Jan 8 8 6 6 12 12 J Jan 6 J Jan J Jan J Jan J Jau 6 8 1112 8 12 10 6+4 Priv ate Ba nk 6 6 ""8 "s 10 10 6' 6 15 "e" 6 12+3 Q-J Jan j"-"j" '05, '05, '05, '05, '05, '05, '05, '05, '05, || 3 2 3 3 1>» 2 3 3 '05, lig Jan J-J Jan '05, '05, J-J Ian Q-J Jan Jan Jau J-J Jan '05, 3 '05, lia '05, 3 '05, 3 '05, 3 5,253 6 6 49,489 "e" 3,169 New Bank 55,90 "'8" 66,234 Q-J Jan '05, 2 "i38 175,541 8 8 Q-J Jan '05, 2 29,906 Jan '05, 1 5 Q-'j Jan '05, iia 594,422 6 85,724 5.734 New Bank 1.000,000 Proje cted I nsti tution •< 1,374,721 1,397,006 97,541 6 1 5 7 4 44,73-< 6 6 8 5 450,000 8 850,544 4 59:1, 580 12"+"4 6,188,033 16 Prole oted I ustitu 53,846 J-J Jan Q-J Jan Q-J Jan 4 M-S Mar Q-J Jan '05, '05, '05, '05, •05, '05, Q-J Jan '05, 3 Jan 1 II4 lia 4 1 tion 3,271 Besan Jan 3, i'90 Jan 12 12 3.583,904 Jan 231,537 6 6 Jan 1,680. .iOS 8 8 F-A Feb 427,601 6 6 n 530,140 171,955 •05, '05, .05, '05, 3 3 2 3 Q-J Jan '05, Ha 8. special dividend of i Capital to be increased to «1,()00,000. 1i Includes Also paid 12 ^% in Dec, 1903, iu stock ot First Trust & Savings Bank, «olared Aug. 10, 1904. * Bid and asked prices; na oales were made on this day. a Due Dec. 31. t No price Friday; latest price thla week. )Due June, e Due April. h Due July. , 2 '05, 4 '05, 3 30% BOSTON STOCK EXOHANaE-Stock —Not !ihare Prices Monday March 20 Saturday March 18 88'g Wednesday 2'hursday Friday March S2 March 23 March 24 9OI4 91 103 103 12 25812 25SI9 155 155 184 184 •307 76 180 146 148 148 75»-^ ' 7512 .... *92 1834 •92 .... 19 64 19 102 85 6434 203 205 209 •98 i4-2»4 138 "s 2914 107 *-6^ •121 24 -15 541a 98 98 98 1311813278 99 100 131 14 13234 993^ 99 43 14 85 "{'14 23 24 24 91 •434 14434 29 \ 107 1^ 107 334 12-2 121 2938 •31a 2934 I0712 •3 334 •6I2 252 188 252 253 18914 4353 43*8 8412 84I2 43 14 85 202 a;200 II4 137 4 *6l2 608 129 100 127 99 9634 1164 Last Sale Last Saoe 116 3434 3i>3p 95 3^ 9 4^8 434 Last Sale 14158 139 4 140 136 1364 1434 144 138 14334 144 14 137 2938 3034 108 107 2934 2i> 107 107 •34 334 Last Sale 1214 1214 11934 121 334 23 •64 6=8 25a 4 2378 6 -=8 25334 2^34 2234 Last Sale 253 4 2534 188 xl85 185 43'8 4334 44 84 14 844 S314 834 200 200 201 187 4334 8412 200 1^8 23I4 23 894 904 434 2 134 '"iXi 13634 137 14 •II4 1374 249 248 934 934 II4 II4 1364 136 4 Last Sale Last Sale 247 14 249 934 934 IO8I4IO84 1084 109 ' 254 *34 111 8814 34 23 4 112 89 34 14 Last Sale Last Sale Last Sale 111 874 3;i°8 20 102 93 100 "v y^sg 35 4 9434 ••65 112 08 337^, Last Sale Last Sale 65 20 101 90 99 21 102 90 99 6 23 7 9 'a 78^8 797j, 7834 7934 20 2 1 1612 32 '4 •90 •97 93 100 <6^2 ti70 •10 •15 18 18 18 7 •37 •7 ••34 6 23 79 4 12 '90 99 3434 94Sj, 93 99 6 1'4 1 64 •14 ••75 16 14 30 •70 •70 678 634 670 1 1 534 6 •2214 7838 22 4 7739 78 4 Last Sale 11 Last Sale ^014 665 665 14 3034 6 '8 '4 76^8 16 79 Iti 79 75 14 77 14 IC'4 16 •8212 84 77 16 82 lOHi 234 3 11 28 »a 2«7g 11 6 2»38 4 "a 4'>8 9»8 4'-^ 25 113* ••90 14 >4 •63 •3<^ *1>4 26»4 97 "a 2834 6I4 I6I4 3034 1 4 14 63, 67b 660 665 ll^e 1 14 3'e IV 3 3 105 1.^ 106 17 17 •I'b •2'4 8 2'«. 2Wj 8 •134 "a 136 3 3 76»8 15 7934 80 7934 11 1034 1034 10 104 6 2818 6 2838 6 281* 28 434 434 4'4 434 25 4 117^ 25 14 12 54 2734 44 23^8 1 1 11 6 144 334 37, •1'4 11., 2611 26 ^ 97 '4 99 1., 2«i.^ •i\ •II4 2S 7'« 133' 134 S •3 31.. 14 27 27 100 lul 2a 4 29 1^8 214 106 2'^ I214 lib 1434 633, 3'e • 2 106 104 I'b 214 734 178 24 77, 134 134 25 24 25 114 117« •90 134 14I4 6234 6234 80 3^-8 334 *1'8 14 26 4 264 98 [00 2«4 28 4 134 106 2i« 2 '4 V»8 34 34 loO a 2 106 2l8 2^4 778 131 3 234 234 11 11 U-* JO'S ll^e 10 104 2534 9^1 26 '( 2612 2534 10 4O34 5 25 4 2678 2434 26 \ 9^8 4034 97t 934 934 404 40'4 47h 97e 40»e 41 40-2 6 4's •4'e 14 113 -2', 14 113 2 13 41 14 llVia 11234 234 -234 434 ia34 IBelorepay't or asweiiB'tH called 478 1334 112 112 2 41 14 •I'A lu 1905. 434 134 112 112 2 )3-', S, 21* 078 4-'4 4«« 24 4 24^8 III4 IOI4 114 •90 •90 •90 13 4 52 52 13 614 *3^'e 14 26 974 28 134 104 130 •24 10 26 4 99 4 •2 2 40 '4 4=8 13 •134 2 '4 7=8 24 2^4 7»e 130 loO 25 94 '< 4"e 13 Ul '4 112 2 '05 Calumet <fc Hecla 2 d Before pay'lot assess 530 Continental Zinc 32,it33 i',.V02 l,7te5 200 1,555 06 1,0U0 1,657 500 26 100 234 12 25 104 franklin Consolidated. 10 6 Granby 283t Greene Consolidated. 10 4^ Guanajuato Cou.sol.. 24 -'b iMie Royaie (Copper). 1134 .Mass Consol 2; 2(. .Uayhower 13 4 Michigan 54 'b .Mohawk 25 25 25 334 M onta.ua Coal <k Coke 25 26 14 Old Colouy 25 264 Old Dominion 100 -4 Osceola 25 2S4 l'arrotl(Sily<fc Copp) 10 !', Phuenix Consol 25 25 107 Quiucy 2 25 Uhode Island 2 '4 Santa Fe(Gold<fe Cop) 10 10 8 Sliaunou 130 I'amarack 26 '26 6 500 1,005 6,550 9,356 1,850 l,Li91 3,834 466 2,832 2,167 466 300 1,517 4,452 186 3,149 276 104 525 1,5 '20 1-28 415 25 26 14,496 loo Mar'05 United Copper UuitedStatcsMiuing 25 13,320 244 25 Unit States Coal <&Oil 26 2.300 94 5 6,957 4034 4134 Utah Con (Gold) 25 720 44 4 4 Victoria Winona 26 1,906 13 13 293 Wolverine 25 111 111 "" ^fVtt\1,039 ...... Wyandot ...... ...... 2 TTJ»1J*,V»'. ...... 10 iH Mat'(»5 I'ennessee IOI4 Trinity called lu 1904. •BiUandaskeU. 1 534 70 Mar 8 8 Jan 11 Jan 25 24 Feb 23 Jan 25 81=sMarl3 8914 Nol Jan IO4I4 N01 23934 J'ne 254 Dea xl37 Feb 1554 Ceo 230 Mar 2424 NoA Aug 1754Deo Apr 174 Oct Feb 3034I>eo 158 166 295 164 127 186 Oct Deo 285 142 24>4 Jan 57 73 Jan 88 170 J'ne 175 imsep 24 J'n« 136 J'ne rll64J'ne 180 J'ne 160 Apr 276 Jan 133 J'ne Apr 804 Feb Mai 79 4 Not Aug 7314 Deo J'ne 207 J'ly Now 8t«ok. tAss'tpauL « 42 Feb 96 4 J'ly Jan 40 87 Oct Aug 163 4 Apr Jan 232 Apr 159 222 198 74 68 29 May 14 Mar 1167, No? 864 Mar 974 Deo May 173 Nov 160 89 Jan 93 4 Dec 108 Jan 114 Dec 16i4J'ly 174 Feb 374J'ly 43 4 Dec 143 Dec 146 4 Dec 7138 12 4 Apr 71 Jan 24 4 Deo 87 Deo 34 Feb 638^0'' Feb 27 4 sop 1224 Feb 1624 Nov 122 4 Jan 141 Nov 119i4Feb 1494 Nov 9 Feb 24 4 Nov 68 4 Jan 9434 Deo 3 Nov 4 Sep 1124 Jan 12234 Deo 74 J'ne 19-14 Nov 74Deo 54 Jan 230 Feb 266 Aug al51 J'ne 194 Nov 36 Dec 444 Aug 17 7734 Mar 8434 Oct J'ne 200 173 14 Apr 234 Feb 141 118 4 Oct Jan J'ly 9 Nov Nov Mar 243 208 Nov Nov Nov 4 17 Oct 8 64 Jan 0:9934 Mar 116 22 Dec 24 4 Oct 26 Oct 224J'ly Nov Jan Oct 5 95 Feb 113 J'ue 45i4Feb 614Deo 28 Jan 32 Oct 2 6 204Deo 77 03 Deo 34 Nov 99 4 Deo 33 Deo 95 4 Deo 4 May Jan 1034 Feb Jan 40 4 &38May 5 14 May 60 Apr 64J'ne 75 Jan 23 4 Nov Mar 01 76 7534 J'ne t904Aug 75 ^ai Feb Deo Deo Jaa 93 100 Aug di»],e 778 ( 21 Nov Nov 8284 Mar Dec 1 Mar Feb Feb Feb 14 1638 25 20 J'ly 7 Feb Mai May 43 76 8 1'4 .- No, Deo Deo Apt Jan SOi^Jan 23i4No^ 5234 Oct 26 4 Feb 17 t' KoT 1624Jan 6 Apr 1854 Mjiy 199 1 Feb 9 12-% Jan 5 304 Marl3 2 Janl Feb h 14 Feb23 75 Jau 25 1534 Jau 24 163^ Mario 35 Jan 3 2934 Jan 25 70 Jan 25 85 Maris 714 Feb 3 534 Jan 26 1)45 Jan 7 095 Feb 20 •15 10 Marl8 Mar 1 16 =8 Mar2-.; 20 Jan 4 8 4 Jau lb 6 Mar 14 30 Mar 2 4 40 Feb 9 12 Jan 3 1534 Jau 2u 64 Jan 25 a3 Marl4 124 Jau 4 18 4 Feb 15 60 Jau lo 82 Mar21 113 Jau lo 1164 Mai^l6 314 Jau 13 2 '4 Jau 3u 10 Jau 25 124 Jan 16 64 Mails 5 Jan 4 25 Jan 25 29 78 Alarll Mai' 14 3 Jan 4 234 Jau 25 2a-'4 Jau I'l 93* Jau 7 13 4 Mario 14 Jau 12 30 Mar'2'z 1534 Mario 104 Jau 61 S Jau 10 56 4 Mar 9 34 Mar ^ 5I4 Jau 10 14 Jau lb 87 4 Jan 13 26 4 Jau 2j 28 4 Jau 3 88 Feb 9 103 Mar 14 27 Jau 25 30 Jau u 3 '4 Jau 14 134 Mar2-.i 104 War 21 118 Jau 17 14 Jau 6 2^2 Feb 21 24 Jau 2.1 3 Jau lb 9 Jau 3 6=8 Feb 6 121 Jau 9 140 Marl 4 3 7e Marl3 Feb A 2 29 Feb2- 35 Jau 19 13=8 Feb 1 7-'e Jau 2(j y Marlu 9 Mario 21 Jan 2:, 27 4 Marll 94 Marls 113« Jau 6 39-\ Mar 4 434 Jau 10 4=8 Mar2;i Jau 13 Jau 25 154 Feb 21 11 10.-. Jau 4 120 Feb 10 27, Feb 21 — |f^..vwA ^ Q..HH I'b Juu 9 Higliett Mar 64 88 11 120 200 Copper Range Con Col 00 29,781 20 1,5U2 15 4 Daly. West 81 Dominion Coal 100 345 Do pref Elm Kivcr 1 18''4 2,43 77 Tecumseh 3 40 4 106 Last SaCi 94 7 134 10-V 2438 •1 14 104 •134 2 '4 74 '4 3=8 334 BostouUouC&G (rcls)£l 25 10 Catalpa (Silver; 18 Centennial 26 Mar'uii Central Oil 25 ^30 Uous Mercur Gold... 5 67fc •90 134 26 99 28 Last Salr 11 «9'a 25 25 134 Mar'OO .Arnold 25 1638 Atlantic 25 31^4 Bingham Con Mind; h 50 •80 B<>uanza (Dev Co)... 10 Arcadian Jau 744 754 15 4 15 4 61* 283^ 6ifc 53 734 77 154 16 81 14 81 1< 76 284 11 2^34 40b 141, 2 •2I4 30 •24 104 63 14 ^ja-a 18 14 74 Last Sale ^34 24 234 14 2 106 17 4 ...„. 63 li 54 27 99 29 1134 •90 16^8 •7 26 6 AdventurtCon 25 224 AUouez 79'^,, Amalgamated CopperlOU 665 665 Last Sale /5 4 78 16 82 116 25 25 18 7I4 -37 •7 116 •234 1708 714 •37 Lowest iVlining Feb'uS Amer Gold Dredging 5 Mar'0.'j Am Zinc Lead & Sm. 25 16 31 >* Last Sale 10 Sighest H .•Inaconda 164 314 Lowest Sharei 'J 22 14 Bange lor Prexioxt Year (1904) Week EXCHANGE NTN •15 •7 6 2214 7778 75 6U0 18 "95 23 14 80 'b 17 32 17 32 670 •10 93 100 12 ••70 6 78 •90 1905 the Uailroaiis 8934 Atoh Top <fe Santa FelOO 7,280 85 4 Jan 25 9338 Mar 9 894 1023. 102 111 99 4 Jan 25 1044 Mar 9 100 Do pref 258I4 258 14 Boston & Albany 100 179 254 Jan 3 259 Feb 27 15478 15536 Boston Elevated 100 253 a;151 Jan 26 158i4Jan 5 2484 Boston* Lowell 100 51 242 4 Jan 3 249 Marie 181 181 Boston & Maine 100 155 173 Jan 3 1854Marl4 10 171 Jan 6 1744Mar21 Do pref 100 '305 10 305 Jan 18 307 Feb 28 Boston & ProTldencelOO 34 14 Boston&Wor Elec Co... 334 4,283 134 Jan 17 35 Mar22 764 784 2,076 63 4 Jan 17 784Mar24 Do pref '175 178 Chic June Ry <fe U S Yl 00 76 150 Jan 13 182 Mario 13 124 Jan 132 Feb 8 Do prel 100 188 Feb '05 Con<fe Mont Class 4.. 100 186 Jan - 188 Feb 24 165 Mar'05 Conn & Pass Kiv pref 100 1604 Jan 19 165 Feb 6 295 Mar'05 Connecticut River. ..100 285 Janl" 295 Feb 7 *146 I46I4 Fitchburg pref 148 Maris 100 89 142 Jan 75 Mar'05 da. Ry & Electric 59 4 Janl 76 Mail4 100 92 92 92 Mar24 100 33 86 Jan Do pref 185 Mar'05 Maine Central 175 Jan 24 186 Mar 9 100 1834 Mass Electric Cos 184 100 1*385 134 Feb 11 194 Mar 9 744 55 14 Feb 11 65 Mar 8 Do pref 100 24 4 25 4Marl4 50 2134 Jan 254 Mexican Central 100 02 2024 H <& Hart.. ..100 1,002 198 4 Jan 2104 Feb 4 16? Feb'05 Northern N 165 Jan 19 167 Feb 23 100 ?32 232 Jan 24 232 Jan 24 Jail '05 Norwich & Wor pref 100 209 210 Marl 4 Old Colony 38 206 4 Jan 100 1004 1004 Pere Marquette 102 Feb 14 100 79 Jan 100 • 85 87 Feb 6 143 78 Jan Do pref 100 72 Jan 19 604 Mar'05 Rutland pref 604 Mar 100 17 Mar20 45 15 Jan 1 Savannah Elec com. .100 "544 65 Jan 13 15 60 Jan Seattle Electric 100 100i4Peb25 984 198 93 4 Jau 984 Do pref 100 1294 1314 Union Pacific 1374Feb25 100 27,811 113 Jan 994 994 74 9634 Jan 1 101=8 Feb 20 Do pref 100 175 Mar'06 Vermont & Mass 172 Jan 18 175 Mar 2 100 99 Mar21 113 93 Jan West End St 50 1164 1164 77 112 Jan 1164Mar23 Do pref 50 2^38 Mar'05 Wisconsin Central. ..100 21isJan2 25 Feb 23 43^ Dec '04 Do pref 100 146 Mar 20 146 Mar20 WoicNashtfe Roch..l00 Aliscelloueous 23*8 233, Ajner Agricul Chem.lOC 8,255 194 Jan 25 25 Mar21 90 91 Do pref 100 839 86 Jan 3 93 Marl3 434 434 AmerPneuServ 6 Feb 20 4 4 Jan 21 200 50 22 Mar'05 20 Jan 17 25 Jan 5 Do pref 50 14 141 Amer Sugar Relin 100 7,462 139 Jan 25 149 Mar 2 136 4 1374 435 136 Mar23 140 4 Mar 7 Do pref 100 144 1444 Amer Telep & Teleg.lOO 3,009 142 4 Jan 24 148 Jan 4 301. Amer Woolen 2934 100 14,201 21 Jan 23 31 Mar21 108 108 Do pref 100 1,901 9214 Jan 3 1084Mar2l Mar'OS Boston Land 3i4Marl3 0^4 3 4 Jan 23 10 II9I4 II9I4 Cumbei'l Telep & Tel lOU 155 119i4Mar24 124 Jan 6 2334 233, Dominion Iron & St 2,230 17 Jan 24 2478 Mar 16 6=8 Mar'05 East Boston Land 64Mar 8 734 Janlo •2534 253 4 Edison Elec Ilium.. .100 ""75 260 Mar 3 254 4 Jan 24 185 4 185 4 G-eneral Electric 193 182 Jan 25 191 Jan 17 100 44 44 Mass'chusettsGasCoslOO 2,702 38i4Jan 6 45 Feb 10 84 84 Do pref 883 SOI4 Janlo 85 4 Maris 100 200 200 Mergentlialer Lino. .100 50 191 Jan 5 202 Mario 1=8 2 Jan 4 1 Feb 6 1=B Mexican Telephone.. 10 3,855 137 137 X E Telephone 285 134 Feb 17 140 Jan 5 100 234 Jan 9 Mar'Ou PlantCom t'st stk com 100 1 Feb 24 Ihe 10 Jan 6 17 Jan 10 16 Mar'Oo Do pref 100 249 250 PuUmanCo 918 238 Jau 3 2524 Feb 28 100 •934 10 8 4 Jan 12 10i4Feb23 Keece Button-Hole.. 10 9 1084 1U8 4 Swift & Co 221 105 Feb 24 114 Jan 6 100 '05 Torrington Class A.. 25 iS 23 Jan la 23 Jan 18 Jau 26 iiill'Oo 25 4 Jan 5 26 14 Jan 16 26 Do pref 4 Jan 6 3 Jan 27 Feb '05 anion Cop L'd & Mg. 25 3 1114 112 United Fruit 100 1,471 105 Jan 10 115 Feb 20 89 8J United Shoe Mach... 25 2,550 6I34 Jan 3 954 Feb 17 33=8 o33, Do pref 25 1,403 31'38Jan 3 394 Feb 16 12 jMarl5 14 4 Jau 16 12 Mar'OS US Leather 100 1004 Jan lu I06I4 Feb 16 1U6H Feb '05 Do pref 100 100 U S Rubber 8 3478 Jan 4 43 14 Feb 17 1124 112 4 Do pref 100 49 9878 Jan 5 113 Feb 21 3.'.34 U S Steel Corp 35 100 24,519 28I4 Jan 25 374Marl3 95 95 7^ Do pref 100 10,246 9II4 Jan25 9738 Marl 3 60 Feb 674 Jan 20 OU Feb '0 J WestEndLand 25 '20 21 West Telep & Teleg.lOO 426 18 Jan 17 224 Feb 6 97 4 Jan 24 104 Feb b 101 101 100 Do pref 135 *90 93 Westing El & Mfg.. . 60 3 88 Jan 10 92 Mar 9 95 98 Do pre! 50 9 92 Feb 8 99 Mar20 30 II4 ••75 •75 7 •75 3334 9334 Las i Sale -2014 204 20 1014 iOl 101 20 ' 6 6 670 *-75 3.) '•65 20 4 101 30 •lia ISi ••75 I6I2 17', •313^ 32 34 967g 101 11 12 11138 1113s 36 £ange jor Year Sales of '.'.'.'. 9«4 984 41 35 Hi 22 670 •15 24 1404 44 84I2 13734 •137 6 22>2 •17 32 Last Sale 23 253 44 1^8 22 *-75 85 914 •44 1S838 18S38 200 6 23 1^8 85 23 I2II4I2II2 24 24 121 2334 24 41 6 210 90 5 ' 20 »a 102 •91 *95 209 9t;34 116 116 91% 248 24812 245 »i 246 12 246 9I2 10 •9 «9 10 10 110'4ll0'5 a;108 1^10812 '1081210912 • 23 23 23 •2512 •2512.... •25 "-^ •312 •3 4 •*3>2 4 4 4 11 14 11212 112 112 '4 IIII4II2 89 lo 8934 89 89 90 90 34I4 ^414 34^4 34»« 34 34 •65 2434 2014 Last Salt Last Sale •544 98 12834 1307g 245 35 98 86 1« .... 93 •20 23 1411^14212 138 138H, 144 I4412 2934 31 107 108 '2 24 138 138 143=8 144 12 13714 138 '1^4 •15 25 9II2 9II2 14134 14234 l^e 63 146 \ 253 174 18 63 •2334 20034 .... •544 98 14 99 116 116 99 II6I2 *434. I8734 188'B •92 Last Sale 23 7j 92 24 209 85 14 •5412.... 98 24 143 138 Z209 100 .... 17 2514 203 201 85 17 6»e 253 210 86 143 2334 91'2 •434 .... •2414 204 86 •97 98 98 115 "a 115 "2 *116 144 •241a 5413 131>r2l323t •99I3 100^2 76 1774 '177 '125 Last Sai'c Last Sale Last Sale 145 41454 143 1464 Last Sale 75 184 184 6278 634 2512 85 •15 .... •64 >a.... 98 97 337e Last Sale •2412 2612 204 176 •93 19 63^8 64 ....210 •210 •100 85 ' 19 64 "a 6434 24 >4 24^4 2U4 2U5is 76 1874. •92 19 334 7578 176 75 ' 35 Weekly and Yearly ' '305 7578 14512 146 146 ' 248 180 174 180 174 33 187 12. 'I8712. 183 174 '305 125 125 *187i2 88=8 88 101 7g 1024 258^4 258I4 155 155 15o3gl554 248 248 305 34 76 180 32 76 32 76 180 89=8 248 182 174 182 182 I74I2I74I2 j;305 3II2 3134 76^2 17934 1793, 31»4 76>i2 88 103 1^1034 258 2584 248 ' 185 STOCKS BOSTON STOCK Tuesday 10234 10234 258 "^4 '258 Vi 258'2 25812 15512 '155 156 15512 •248 248^4 248 184 Per Centum Prices March 21 90 89 887, Record, Daily, 19 39 6 Oct 435 Jau 14 4 Feb 05 (t Apr 678 J'ly 20 J'ly 7 4 Apr 38 1034 40 Oct Nov Nov 14 Nov 224 Nov 3334 Nov ISje Nov 778 Nov 700 Nov 25 Nov 1 3234 Nov 2934 3 76 10 Maj Jau 14 Oct Feb 744 Nov Aug 36 Jan J'ne 72 Jan 116 Nov 4 Nov 16 4 Nov 51I16N0V Oct 34 4 Deo 103 J'ly 134 J'ne J'ue 7 2 •'^8 J^lar 20 024 Feb 6 Deo May 364 Nov Feb 1 9 78 Deo 46 J'ly 2 Nov 34 J'ue 114 Deo 34 4 F«l) 67 4 Nov 634 Aug 24 Jau 50 J'uc 24 Nov I) 1.J d 3 4 Feb Feb 2034 Feb y 53 29 4 Deo 98 Nov 33 4 Nov d-bO Aug t6 80 Feb 126 Muj 14J'ue •50 3 4 Aug 86 Ma) -iS J'Uf Nov 34 Mai Mai 18 Jan 8 4 Jan 334 30 2 5 09 50 w Jan Nov ,Nov Nov Nov Nov 140 Nov 44 Nov 434 l>eo 184 Nov 6 Mar 3 34 1034 2834 1234 47 Deo Nov Nov 638N0V Feb 13''k Nov Jau 110 Nov Feb )3 Nov — — 4 J'ne • Ex-rlfhts. al£x.dly, Anghta. Mae. BONDS boston stock exch'ge March 24 Nebraska 9678 Sale AtcliTop&SFeseng4s..l995 A-O J'ly 1995 Nor Adjustment g 4s Boston Elect Light 1st 68.1908 M-S 1924 M-S Consol 5s & lowaDiv F-A .\1-N 101 F-A J-J J-J 112 J-J J-D 87 Sale 105 F-A J-J J-J M-N J-D 107 108 J-J W 10234 10234 991a 9934 11^ 81 87 9513 96»8 1081a J-an '05 106'8l08 99ial00i4 IOOI4 100 14 1261a Mar'05 1261a 1261a Feb'05 108 126 108 126 lOSia IO8I4 1081a 10914 Mar'02 J-D A-0 112i4Jan'03 101 Mar'05 99 99 108 la Mar'Oo A-O 101 A-O 99 100 M-S 1081a M-S 103 103 1^ M-S M-S A-O 140 A-O 140 J-J Q-J 99 98 llli4May'02 1401a Mar'05 1401a Mar'05 99 981a 98=8 101 100 101 10734 1081a 103 1031a IO318 1031* 102 la Apr '04 Sale 139 135 1401a 1401a IOH4 981a 98«8l00ia 98^8 Note— Buyer pays accrued interest in addition to the purchase Philadelphia and Baltimore Stock Monday March 20 March 21 88 106 Saturday 106 Tuesday ' ACTIVE STOCKS f^riday Ma/rch ?4 •871a. 93 103 lOSia I25S3 981a 9434 106 1051a 1061* 70 Sa 7679 25 25 767f, 96 94 106 IO6I4 1110278 10278 104i4J'ne'04 ^102^8 Jan '05 1251a Mar'Oo 124341251a 103 Is Aug'04 102 102 Mai'02 971a Feb'05 1061a 106 la Mar'05 107 Feb'03 104 Nov'04 131 Sale 131 131 1111411215 113 Mar'05 100 97 97 la 1041a IO634 .... 106 1118 103 24 103 Jan '05 iii'4""! lllia Dec'04 and asked. latest bid Daily, 1i 1191 1031a 105 Vj 91 Flat price. Weekly, Yearly Range Jiange tor Tear lor J^evioui year (1904) 1905 the ifl IO6I4IO6I4 10234 Apr '03 1031* Jan '05 IO5I4 105 1191 ; 1136 T!92isT195ia 102i4Sep'04 IO6I4 Mar'05 1041a 105 la 107iall4ia Tigsi 1193 Sales 881a 88 12 Consolidated Gas 106 106 Northern Central 'I914 1934 seaboard Air Line Do prel 101 9713 102iaAug'04 95 95 1021a Dec'04 103 Aug'04 103 Apr'04 IO6I4 Feb'05 100 Dec'04 100 Dec'U4 96 95 Friday 01 (For Bonds and Inactive Stocks see below) Thursday 7673 1906 1907 1908 1915 1905 1905 1924 No price 100 108 125 25 Mar'05 llj38Nov'04 75 J'ne'03 Exchanges— Stock Record, March 23 Wednesday March 22 76 Old Colony gold 48 Oreg Ry & Nav con g 4s.. 194(3 1922 Oreg Sh Line 1st g 68 Repub Valley 1st s 1 6s. ..1919 Rutland 1st con gen 4ias.l941 Rutland.Canadlan I8t4sl949 Savannah Elec Ist cons 58.1 952 1930 Seattle Elec 1st g 5s 1918 Torrington Ist g 58 Union Pac RR & 1 gr g 48. 1947 1911 1st lienconv 4s United Fruit conv gen 58. 1911 U S Steel Corp 10-60 yr 58.1963 West End Street Ry 4s.... 19 15 Gold4ias 1914 Gold debenture 4s 1916 Gold 48 1917 Western Teleph & Tel 5s. 1932 Wisconsin Cent Ist gen 481949 Wisconsin VaUey Ist 7s.. 1909 price lor all Boston Bonds. Share Prices—Not Per Centum Prices March 18 1912 N Y& N Eng 1st 78 100 la 1021-2 100i8Nov'04 1201a Sep '04 102 J'ne'03 118 Mav'04 Mara Hough&Ont 1st 68.1925 Mexican Central cons 4s. .1911 Jan 193y lstconsuic3s Jan 1939 2d cons inc 38 Mich Telep cons 5s tr rec.l92y Minne Gen Elec con g 5s 1929 New Eng Cot Yarn 58 1929 1st 6s 10734 126 108 10134 100 10H«101'8 101 Jan '05 IO8I4 .... 108 12538 125\ 1251a 12558 98 14 Mar'05 98 94 la Sale 931a 941a IO414I05 104 14 1041a la Mar'05 10538 105 73. ..1912 1 Miah Xo Low High, Ask Low 108 Ist 7s. .1907 6s 63 5s January aqct 101 ig Jan '05 io2h; 1021a 1021a r.'Si8J'ne'04 '. M New Eng Teleph 6s Feb '05 107 108 100 12612 126 10712 108 A-0 Bid deben 58 1910 Non-conveit deben 5s. ..1913 la Falls <fe Sioux C Ist 78. .1917 Kan C Clin & Spr 1st 5s...l92.'> Kan C Ft S & Gull Ist 7s. .1908 6s. ...1928 Kan C Ft Scott & 1934 KanCMcfe B gen 4s 1934 Assented income 58 Kan C & M Ry & Br Ist 581929 Maine Cent cons Ist Cons 1st 4s Jiange Since Eange or Last Sale Illinois Steel J'ne'04 9658 J-J Week's Price Friday March, 24 LRifeFtSmldgr Ist7s...l905 101\ Mar'06 106 14 Dec '02 99 14 Dec '04 M-K M-S BONDS boston stock exch'ge Week Ending March 24 KanCStJo&CB '04 Jan '04 IOOI4 Feb '04 M-N W 9738 Sep 100 107 A-0 Chic & No Mich Ist gn 5s. 1931 1921 Mich gen 5s Chic <fe Concord & Mont cons 4s. .1920 Conn<fe Pass B Ist g 4s. ..1943 1927 Current River 1st 53 1st 48... 1946 DetGrRap& 1913 Coal Ist 68 Dominion 1906 Eastern 1st gold 68 1915 ritchburg 48 1927 4s Fremt Elk<fe Mo V 1st 68.. 1933 1933 Unstamped 1st 6s Gt Nor C B <fe Q coU tr 4s 1921 1921 Registered 48 94 14 Mar'03 1291a Sep '04 II714 Feb'03 86 87 M-N M & St P Wis V div 68192U 102ifl 10234 102^4 Feb '05 9934 Mar'()5 100 J'ue'Ol 9912. A-0 W 108 II212 Jan '03 II212 Dec '04 J-J 191ii Debenture 5s 1922 Denver Exten 4s 1927 Exten 48 Nebraska 1921 8 t 4s B <fe S 1949 imnois Div 3112S Joint bonds See Gt Northern Ohio Jc Ry & Stk Yds 58 .1915 Coll trust retunding g 481940 Ch Mil <fe St P Dub D 6s.. 1920 Ch 1 97»8 110 1919 A-O 1st 4s V 961'. 94 108 Feb '04 104^2 Apr '00 117 Feb '04 9978 Jan '02 Lowell 4s Maine4='2S <fc 1 9934IOUI4 1 10234 10234 Sale ioa'4 9612 9710 96 "2 J-D 1907 1944 1905 Improvement 48.... Bostcfe Mon 3<i issue 7s... 1904 Boston Terminal 1st 3^28.1947 1918 Bnr & Mo Biv ex 6s 1918 Non-exempt 6s 1910 Sinking tund 48 & Boston 1st 68 1917 Bntte Cedar Rap & Mo R 1st 7s. 1916 1909 2d 7s Cent Vermt 1st g48..Mayl92U Chic Burl & Q extend 48.1905 1919 Iowa Div 1st 5s Boston Boston Jamiary 400 96'f. Mar'Oo 108 Since o 10014 9612 1st 78. 2 High No Low High Bid Ask Low lOOHlOCii 100 14 1908 J-J Am Bell Telephone 4s 48.1929 J-J Am Telep & Tel coll tr .1908 M-S Range Week's Jiange or Zast Sale Price Friday Week Exdixg Maech 24 Atch & 1165 Boston Bond Record. 25, 1905.] Week Lowest Share!> Highest Highest Liowest Baltimore 90 88 106 1878 16»4 Id's 1536 1878 15»8 -8713 881a 88 88 108 187e 381a 141a 187e 381a 141a 'IS'e 14 14 1478 United 14'a Ry & 88iaMar24 Feb 24 2018 Jan 3 J 39i8Jan 4 430 8434 Jan 11 100 50 100 100 Electric.. 50 22 10214 Feb 16 110 300 16 Jan 13 100 35 la Jan 1 842 13 Jan 19 Mar 18 3 571a Jan 86 Deo J'ne 1091a Deo 7 J'nt 1973 Nov 1334 J'ne 40 Nov 534 J'ne 15i4Dec 71 Pliilndelphia •521a 623^ 261a 27 7 7 131a 131s 1178 12 47 47 lOoia 1051a 85 »8 65 'f 479 47s. 716ia 7]9i6 461a 46^4 IOI3 101^2 •o2ia 523^ 27 27 7 13 1178 1434 13 12 13 12 14 1434 10 la 434 7112 47 i8 10 'e 3034 3118 4736 48ii6 46 46iie 451a 45it> 5878 5878 59 115iall6ia 21 21 PHILADELPHIA *106 66 48 107 10 50 BeU Telephone 50 Cambria Iron 50 Central Coal & Coke. 100 Preferred 100 Consol Trac Pitts 50 Preferred 50 Duimond State Steel... Prelerred Easton Con Electric... 50 Elec Storage Batt 100 Preferred 100 German town Pass 50 Harrison Bros pref . 100 Indianapolis St 100 Inter Sm Pow & Cheni.50 Minehill & 61a Ask 6»4 60 43 Susqueh Iron & Tidewater Steel Prelerred Steel.. io 10 Preferred • 13 12 •13 15 47 6534 45b 1.^ *46 105 65 106 65 H. i\ 41a 7OI18 7058 4618 4634 10 Sg 1078 4-'« 4S 7078 71i-.> 47 47-'4 1034 10 V 30 14 30 Sa 30->R 30 4638 47I16 *4534 46 45 59 45 59 114=8 11534 47i8<7iii« *4534 46 •4539 45*8 *5878 116 59 LI6I4 PHILADEI<PHIA Bonds E ext 78 1910 A.O AmRysconv58 1911. J-D Atl City Ist 58 g '19. M-N 21^2 Al Val BaUs Ter 10334 II3I4 114 103 93 90 102 106 Me l3t 58 1949 J-J Ch Ok & G gen 5s '19 J-J E & A 1st M 85 Elec & 5s 1920 Peo Tr stk M-N tr ctls Elm & WU 1st 68 '10.J.J Eq II Gas-L 1st g 5s 192b P 30 32 Indianapolis Ry 4a. 1933 Interstate Rys— 3-3 ia-48 113 Lehigh 12 la 31a 106 107 101 471a 48 "9934 100 2 2ig 1«4 2 6 63 6l4 67 F-A 1943 Nav Newark Pass con 5s 1930 fc834 63 6334 IOOI4 Bid ana asked prices; no sales on Uua day. 1) Lioweat la 305 731 13,653 A&O col tr 4s '21. J.J Ry con 5s s 1 Jan 13 45 H Feb 2c 42 Jan 9 58i4Mar 9 1051b Jan 6 20 Feb2^ Mar 47 Feb 46I4 Mar 1930 5s 1930. J.D BA1.TIM011E Inactive Stoclts Atlanta* Charlotte. .100 Allan Coast Line RR 100 Atlan Coast L (Conn) 100 Canton Co 100 Georgia Sou <& Fla...lOO Ist pre! 100 2d pref 100 G.B-S Brewing 100 Mt Vernon Cot Duck Unit Klec L & P prel.50 215 Bid 103 77 3959 I Ask 10358 77-4 126 113 106 8 9 107 .M.N Ry con58l932 M.N .5s. 1932 M.S Chas City Ry Ist 58 '23 J-J 1031a 109 ex-cUviaend. i-j 1| Kx-righta. t$15 paid. % Mar 46 Dec Mar 42 la Dec 38 28 5 45*4 Jan Mario Jan 17 59i4Dec 81 May 108 Dee 1934 Oct J'ne BALTIMORE Ch.is Ry G & El 58 '99 M-S Charl 0& A ext 5s. '09 J-J 63 1904 J-J Series 58 1926 J-J Series B os 1926 J-J Pitt Un Trac 53 1997. J-J Poto Val 1st 5a 1941. .J.J SecAvT(Pitts) 5s '34 J-D Sav Fla & West 5s '34 A-< Seaboard L 48 1950 A-O .Seab & Roan 5s 1926. J-J A Va Mid 1061a 1st 68 1906.. M-S 2d scries 68 1911. ..M-S 3d series Ga 1916. ..M-S 4th ser 3-4-58 1921. 5th series 03 1926. -M-S Va (State) 38 new '32. J-J MS Baltc&Pl8t6smril A-O Ext& Imp t South Bound 1st 5s. .A-O UEl L&Plst4i2S'29.M.N Uu Ry<fc Kllst4s'49 M.S Income 4s 1949 J-D Refunding 3133 1952J-J Coiiv(.-rtible 5s. '06 Aug 44 13 Nov 9 •- tl838Dec III4N0V 1413N0T 621a Jan 1311a Dec 3334 Feb 59 7, Dec 4 la Nov 278 Mar 5573 Mar 70 Dec 3758 May 4358 Oct May lO'sDeo 5 8 Jan 19 Nov 19i3.Mai 4II4 Dec A 112 120 i2l"' 1021a 105 Cent'l 103 109 20 Dec Nov 22 Bid Ask 97 hi 108 II714 110 II6I2 113 112 8 113 Bait Trac lst58.. '29 M.N No Bait Div 5s 1942 J-D 138 May 734 Feb 5 la J'ly GeorgiaP lst6s...'22 J-J GaSo ifc Fla Isl 5s 1945 J-J iVi'ii 983, 99 14 G-H-SBrew3-4sl951M-S 56 2712 2d income 5s 1951 M-N 85 S. 85 11634 Kuoxv Trac 1st 5s '2SA.O Gala Lakeli El Isl gu5s'42M.S 65 -M etSt( Wash)lst53'25F A .Mt Ver Cot Duck 1st 5s. 77 Incomes 32", Npt N&O P Ist 58'38 M-N General 53 1941 M.S 370 Norfolk St 1st 5s'44..J.J il2ia "92ia 95 Nortli Cent 4 i-js 1925 A-O 111 Atl Coast L(Ct)ctf3 53 J-D Ctls ol indebt 43 J-T Bait CPass 1st 5s '11 M-iN Bait Fundg 53.1916 M-N Exchange 3 las 1930 J-J 28 26=8 leMay X 9 la 103 1^ 104 lUia 10-214 iu" Jan 59 1171a 9 Oct 51 J'ne 1818 May 1910 A-O City & Hub 1st 5s. .'22 J-D Oity& Sub(Was)lst5s'48 Col &Grnv 1st 6s. 1916 J-J Consol Gas 6s. ..1910 J-D 1939 J-D 5s Ga& Ala 1st con 5s '45 J-J Ga <Jar &, N 1st 5s g '29 J-J IO8I4 10834 Pot 5s 4934 43 2d 7s 115 Bonds <fc 2836 Feb 17 8=18 .Tan 4 1534 Jan 4 1258 Feb 20 1714 Jan 27 49 Jan 26 lUig Jan 3 70 Feb 25 439 :dar24 534 Jan 17 67 la Jan 25 7334 Marl 3 4034 Jan 25 4734 Mar24 9=8 Jan 11 III4 Feb 24 1 1734 Jan 4 §3238 Feb 24 Ch Ist 7. ..1907 J-J 106 Allan C L RR4sl952M-S Pa & N Y Can 78 '06. J-D Con 53 1939 A-O Con 4s 1939 A-U Penn Steel Ist 58 '17 M-N People's Trtr certs 4s '43 P Co lat& col tr 5s'49 M-S B 53 H Mario 14 251a Atlife Income 4s 1939. ..M-N Md <fc Anacostia II518 No Penn 1st 4s '36. .M-^' Deben 6s 1905 M-S Penn gen 68 c 1910-. Var Consol 6s 1905. ..Var Consol 5s c 1919. ..Var Penn <fc Steel con 6s. W Welsbach 89 14 RRs 4s g 1914. Q-F Gen M 4 las g. 1924. Q-F 109 Leh V C 1st 58 g '33. .J-J 115 II514 Leh V ext 48 Ist 1948. J-D 2d 7s 1910 M-S 1153< 116 Consoles 1923 J-D Annuity 6s J-D 151 la "152' NY Ph& No 1st 4s '39 J-J 6,20H 2,630 4,^51 ;2,954 10,590 2&,440 32,775 44 U Trac Ind f;en5s'19.J-J Un Rys Tr ctls 4s'49J&J U Trac Pit gen 5s '97 J-J 11434 115 1007e 101 4ias '14. Q-J Gen cons 48 ad-int ctls. Leh V Trac lst4s '29. J. 1) New Con Gas 58 1948 J-D 230 Terminal 5s g 1941. Q-F Rochester H & B Top con 5s '25 A.Q ii 7,153 165 100 ConM 6sgl911....J-D Ex Imp M 43 g '47. A-O ConM ot '82 48 '37-J-.T 110 Ry 1st con 5s 1932 ConTracolN J 1st 5s. '33 M M M 1171-i Col St 76 460 1,4 Phil Elec gold trust ctls Trust certif s 48 P & E gen 5 g '20. A-O Gen 4s g 1920.. Ph & Read 2d 5s '33. A.O Con 7s 1911 J-D 1191-i 11934 Ist 5s 1926. J-D 16,036 PHILADELPHIA Ask Bid Choc <fe 59 Westmoreland Coal. ..50 U's 14 *46 47 105 105 6438 65 Che&DCanlst58'16J-J United N J RR & C. 100 273 1^ 275" Unit Pow & Trans 25 United Trac Pitts 50 Warwick Iron & Steel. 10 West Jersey & SeaSh.50 61^'ifl •1234 *1178 Bethle Steel 68 1998. Q-F Schuyl H..50 50 Phil German & Norris.50 Phila Traction 50 Bailwiiys General 10 461a 106 613,„ 678 Jan Feb 2 6=8 Mar22 13 Jan 26 10 la Jan 25 10 Jan 9 40 la Jan 7 105 Jan 25 521a Jan 9 48 50 50 Consol Lake SuperiorJ.lOO Do pref.t 100 Electric Co ol America 10 Gen Asphalt interim ctls.. Do prel interim ctls.. Lehigh Coal & Nav 50 Lehigh Valley 50 MarsdeuCo 100 f ennsylvania RR 50 Philadelp'aCo (Pittsb) 50 PhUadelpliia Electric. 25 PhUa Rapid Transit i.. 50 Reading 50 Do 1st prel 50 Do 2d prel 50 Union Tracton 50 United Gas Impt 50 Welsbach Co 100 Berg&EBrw Ist 6s'21 J-J 481a 10 50 Pennsylvania Salt 50 Pennsylvania St eel.. 100 Preferred 100 Phila Co (Pitts) prel.. .50 461a >-105 'SSia 53 American Railways 27 14 27 3h Cambria Steel 21ifl 50 Haven Iron & Steel. 5 North Pennsylvania. .50 Penn Gas Coal 5u 678 141a 4'!8 Nesquehoning N 521a 2738 12I4 1178 434 Keystone Telephone ..50 KeystoneWatchCase.lOO Lake Superior Corp.. 100 *52 27 6=8 G^s 6638 434 . . Little SchuylkiU 27 la 7034 715l6 711a 711^16 4758 47 461a 467f, 107g 10 '8 1034 1078 3034 3l3^ 30 3034 48 1* 46IS18 471a 477i6 *4578 461^ •4579 46 14 451a 45\ *45 451a 5878 5878 5878 5878 lieS) 1167^, 1161a 11636 Bid American Cement AmerIron<fe Steel Lit Brothers 521a 27 6434 inactive Stoclu Preferred *52 1434 *4734 4»8 713i6 4638 678 1434 106 651a 66 3034 473g47i3j3 •451a 46*4 •45I4 4534 llSSf. 678 7 I314 1218 106 30 59 115 *52ia 523, 2714 2778 119 Funddebt2-3s 1991.J.J West N C con 6s 1914 J.J WesVa C&P 1st Gg'll J J Wil & Weld 5s. .1935. J-J Beorganization certs. $3 asaess't paid, i 57 28 331a 96 114 xii" us 116 115 9934 97 la 981* 91 94 14 65 643, 101 110 117 110 114 96 96 K, 115 112 118 $20 paid. THE CHRONICLE 1160 Volume Business at Stock Exchanges ol KXCHANGE TBAJSSACTIONS AT THE iJEW YOBK STOCK DAILY. WEEKLY AND YEARLY atocks Week vndinQ March 24 lyoS 631,753 Saturday Monilay 1,086,321 941.887 1,333,168 1,424,117 1,265,496 Tuesday Wednesday Thursday Friday £ond,s $167,000 281,500 139,000 178,000 270,000 510,500 5",6o6 $18,676,500 $1,546,000 $12,500 $1,449,000 3,378,500 3.532.000 2,947.0U0 3,417,500 3.952,500 $57,950,300 lOi.527,100 89,987,700 124.830,950 133.229,^00 122,144,600 6,682,742 $629,669,850 Total V 8 ice Bonds Par value SJiarei State Bondt Railroad $7,500 Caiui SecuritieH Bid As k Indiana Nat <& 111 Gas— l8t 6s 1908 M-N 38 IndianapolLs Gas 50 55 1st 6s 1920 M-N 410534 107 H Jackson Gas Co 81 50 5s g 1937 A-O J 97 101 Kansas City Gas 30 100 40 58 1922 See Stock Ex. Ust. TILadede Gas lOi 103 IjPreferred loo 100 106 Lafay'eGaslst 6s'24..\l.lS 35 Log&Wab V l8t68'25.J-lJ 45 Madison Gas 68 1926. A-O 4106 110 Newark Gas 68 1944. CJ-J 4136 137 Newark Con.sol Gas. .100 So 86*4 UCong 58 1948 S-D 4110 IIOH2 No Hudson L aaUs Week ending March 24 at £xchange — January 1 to March 24 Stock 1904 1905 1904 1905 H& Pow HO <fe Ind C Nat & Ist 68 1926 & Pas Gas & 111 .100 BONDS ftoTermnent bonds $12,500 State bonds StSL and mis. bonds Franklin HGold & Stock 1I4>28, 1905 ©.shares Total bonds $2,000 .$75,050 1,546,000 18,676,50U 13,4"75"6'i6 39.573,«U0 289,679,700 $249,200 1 88,000 153,857,000 $20,235,000 $13,477,000 $329,328,550 $154,294,200 EXCHANGES Saturday Houday Tuesday Wednesday Thursday Friday . LisUd Unlisted shares shares 21,461 29,685 28,122 43,148 49,535 41.139 213,090 Total Philadelphia 8.862 13.113 19,721 13,641 15,506 13,976 84,819 LUUd sales shares Unlisted shares 26,109 44,546 42,428 29,204 26,109 24,754 $33,000 98,100 143,000 95,000 105,000 95,000 198,150 $569,100 8,295 14,086 13,707 28.871 14.615 16.937 96.511 A Cons By LtffcfeBefrig.lOO Dominion Securities. 10(i Douglas Copper 5 Electric Boat 50 Empire Steel U'l- 39 S3 IHi t 13 22 loO 1 HO ^ I Hackensack Water Co Bef g48 52 op 12. ..J-J Signal Co 495 85 12 lOi Havana Commercial. lot Hernng-HaU-MarvinlOo t74H. Companies J-D B<fcNYlst68 1911.J.J N Y<fe E B Ferry stk. 100 1st 5s 1922 M-a N & Hob con OS '46. J-D 5: HobFyl8t5sl946M-K 1st, 5s 1946. J-J 23d Sts Ferry 100 1st mort 58 1919. ..J-D & HUniou Ferry stock .100 11l8t5sl920 M-N Preferred 1st preferred 2d preferred loi 3^2 41 106 I4 40 3 6 200 M.^ 4102 103 »9 6 10(; 26 110 106 30 Merc Marine. lOt 13 \ Preferred 100 Col tr deb 4 Hjl922op'0'i International Salt 100 3434 »2H! 4H2 Int'n'l 1 30 Preferred loo Hudson Bealty Internat'lBankingColOli 105 108 77 84 88 92 1 10 HI 4110 111 4105 110 40 60 95 4 92 29 Hi 31 98'i 100 Railroad Atchison conv 48 (w i)... 103 Chic Peo & St L pref.iOO 34 82 102 100 lOo ImplCMi 77^^ 1910 Houston OU 95 33 40 79 Hoboken Land & 1)58 96Hi 36 Co.. lot 100 69 92 Ferry Companies Brooklyn Ferry StocklOO 34 W 85 67 45 57H» 102 10 Hi 50 5 a 9 Greene Con Cop See Bos; stock Exch Greene Consol Gold... t 714 7H» 10 18 HackensackMeado ws 1 00 126' 89 25 77 15 24 ^4 t loo Ga & Tenn Copper Gold HUi Copper >« If t Preferred 1st g 5s June 1 '22. J-D Hecker-Jones-Jew'l .MlC 1st 68 1922 M.!^ 100 N J 1 00 14 7 41 87 t...- H General Chemical ..100 IjPreferred 100 93 122 103 137'9 137 6 35 Preferred 19 10 34 62 100 10( 85 106 Atlantic 25 <fc Atlantic 25 Preferred U nitedE lectric of 48 1949 found on a preceding page. 30 1 Ot Preferred lOo Electro-Pneum'ic TYanlo 80 102 <fe HSouthern NY& Q El L&PowColOO $843,300 1 loi Lead Beduc'n.50 7H» 18''4 lOli Preferred Electric Havana Tobacco sales $100,200 247.700 151,500 117.200 158,400 68,30O 7 Cousol Bubber Tire.. 100 Debenture 48 Cons Storage BatterylOo Cramps' Sh & En BldglOO HCrucible Steel 100 II Prelerred loo Cuban Us of 1896 HDiamond Match Co. 100 HaU Bond Outside Securities voill be 90 119 115 80 47 122 AttC 15 65 100 128 YA flN N J Teleph....00 IINorthwesternTeleg. 50 10th Market Prelerred 100 NY&N J Weekly Beviete of Outside li 98 173 125 Electric Bond .^lincei Chicago Edison Co... 100 168 171 HKingsCo El L<feP Co 100 195 205 Narragan (Prov) El Co 50 fxlOO OAJLY TK AN S ACTIONS AT THE BOSTON AND I'HII.ADELPlilA Week ending March 24 iyU5 100 100 Hudson BiverTeleph 100 Pacific BotUyn 5 30 75 Telesr «& Telepiione HCentralA So Amer. 100 Commer Un Tel (N Y).25 Emp & Bay State Tel 100 .N 3 73 106 H Cong 5s 1949. ...M-S 4105 St Joseph Gas 58 1937.J-J i 9732 70,072.943 30.402,884 4,676,043 6,682.742 $62y,6i;9,850 $430,187,250 $6,486,550,100 72,808,190.) 25 Par value 4-147,900 *339,650 $8,700 $11,400 Bauk shares, par.. Stocka and Electric Vehicle J-D EleclOO HAmerTelegA Cable 100 InilUHtrial HCons Firew'ks com .100 Preferred A-O 4108 5s 1938 Pat New York [Vol. lxxx. 29 69 Istg5sl951 H; 84 30 72 12 Li International SUver.lOO Preferred 10( 172 14 35H» 4S 49 1st 6s 1948 J-D 4103H 104H» Lanston Monotype 20 t 1534 15 'g Lawyers Mort Insur.loo 1»7 192 Lawyers' Title Ins. ..100 325 332 97 101 Lord & Taylor pref ..100 140 HLoriUard (P) pref ...100 135 10 40 H» Mack>iy Companies ..lOo 74 Hi 75'» Preferred lOO 20 25 Madison Sq Garden.. 100 90 2d 6s 1919 M-N 70 10 14 IJManhatt Beach Co. 100 103 14 Street liailwayH 8treet Kailvrays Bid Ask Bid Ask ?112ia 133»2 MKW YOEK CITT HLoviisv St5sl930..J<feJ Deposited stock 3 5 32 Lynn<fc Bos 1st 5s '24. J-D ni234 114^4 34 3 Undepoaited stock 5 Bleeck St<& Ful F stk 100 95 100 98 New on Bys Co 6 109 Prior Ueng4H2S'30M&s 106 1Il8lmort48 1950 ..J 19 434 Preferred 100 90 i^a Con mtg g 58 1930. J&J 92 H2 Manhattan Transit 20 t U B'y & 7th Ave dtk ..100 243 248 4128 1952 7 J-J J 82 15 Income 5s 1930 Mex Nat Construe. ptloo 1j2dmort 58 1914 ...J-J 104 107 t 10 103, Stock Exch Ust New common (w i).100 26 27 lIFort Worth & Denver Monongahela B Coal. .50 Con 58 1943 Hee New preferrediw i).100 71 72 54 Prelerred 28 Hi 29 City stamped B'T^ay Surf Isl 58 gn 1924 n08 110 100 50 95 14 Mont & Boston Consol .5 99 Hi 101 North Chio Str stock. 100 1 87 95 Mo Pacific new 4s 2d 58 int as rental 1905 Pub Serv Corp of N J 100 135 136^2 N Y Cent deb 4s •34.M.1S lOO's 101 14 Mosler Safe Co 100 360 llCent'l Crosst'n stk. .100 340 100 73»2 Northern Pacific Tr ctta 2% to 6% perpet 73 121 Nat Bank of Cuba lOo 120 Hist 21 68 1922 ...M-N all 100 24 Coll trust 58 gold not6» 175 180 1|Nat Enam & stamp lOo 24 H» irCenPkN & E K stk. 100 206 212 When released 88 185 1909 optional M-N 98I4 98^4 Northern Securities.. 100 161 162 94 IjPreferred Chr't'r & 10th St stk 100 177 100 TJ North J eraey St By 100 28 725 800 National Surety Stubs loo 135 Cohfe 9th Ave 08 Hee Stock Exch list 45'* 42 Ist 4s 1048 M-N 81 82 37 Pitts Bess & L E TJNew Central Coal 50 t 34 20 Dry D E B <fc S— Cons Trac of N J. ..100 115 82 iv Preferred 77 N Y Biscuit 6s 1911. M-S 105 50 t 74 iflst gold 58 1932.. .J-D 112 Ist 58 1933 102 J-D 110^4 IIII4 Seaboard Air Line 58 1914 ....F-A 100 N Y Mtge & Security. 100 172 i77'* tlscrip 20 24 390 405 New'k Pas By 58 •30J-J 115 CoUlr5al907 0P...M.8 9dhi 100 14 UNew York Dock 11 Eighth Avenue at. . . 100 100 60 H 62 Or & New Ist 63 '05 A-O 4100 101 25 26 New common (w i) HPref erred 100 HScrip 6s 1914.. ..F-A 103 Essex Pas 6s 1905 M-N noo lOlia 415 84 7 85 Hi N Y Transportation. ..20 f New latpref (wi) 7H> 1]42d.& Gr St F'y 8tk..lOU 405 1'4 Eapid Tran St By.. 100 250 255 52 & St N AV..100 50 70 54 Nor Am Lum'r <fc PulplOO New 2d prel (w i) i2d St 3 1st 5s 1921 A-O no8 Bights 1 HOntano SUver lllsimort 68 1910 .M-fc 1041-.! 107 4H» Hj loo 50 49 80 85 24 J C Hob& PatersonlOO 60 Otis Elevator com 1|2d income 68 1915 J-J l(Ki Va <fc Southwestern. .100 62 108 48 g 1949 M-N 784 79 Preferred Interborough Bap Tr. 100 211 212 100 I06 Industrial and Miscel 6c. So J Gas El & Trac 100 126 127 80. Phoenix Mining 1 t Lei Av & Pav F as See St k Kxc list Gug5s 1953 M-S no3 105 Pittsburg Brewing Metropol Securities See Stk E X list Alliance Bealty 50 t 26 H, 100 115 125 No Hud Co By 68'14J-J ai2 Preferred 80 Metropol Street By Hee Stk K X list Amer Bajik Note Co. 50 50 t 46Ha H 58 1928 J-J SI 09 10 Hi lO'b] Pittsburg Coal American Can com... 1 00 Ninth Avenue stock. 100 1»5 192 100 Ext58 1924 64^4 M-N 4106 107 64 72Hi Preferred Preferred 100 Second Avenue stocklOO 206 212 100 '31. J-D 4123 Pat City con 68 104 7 Pope Manufacturing.lOO " American Chicle Co.. 100 126 130 Tllst mort 58 1909 M-^' J103 74 77 2d 68. ...1914 opt A-O aoo 96 100 Ist preferred 1948.... F-A 4115 117 lOo Conaol 68 Preferred lOO 20 22 '4 95 So Side El (Cliic) stk. 100 2d preferred 178 TlSixth Avenue stock 100 174 100 American Elevated Am Ice Securit's (w i) 100 "25" 28 Pratt & Whitn pref.. 100 100 Sou Boalev 58 1945.. J.J ((102 106 Syracuse Bap Tr 6a 1946 4107 United Bys of St~ 78 Bealty Assoc (Bklyn)lOO 154 ibo" Debenture 68 So Fer Ist 58 1919. ..A-O no5 108 i 77 104 105 14 Boyal BakPowd pref. 100 109 110 Com vot tr ctf8 29 2914 Am Maitinj^Os 1914.J-D 100 Third Avenue See Stock Exch list 61 63 Preferred 79 »8 793b American Nickel 2 BusseU & Erwin P <fc il 58 192b J105 108 100 IHi Tarry lo t 25 Gen 4s 1934.... See Stk Exch list YkersStltB 5s iy46A.U 51061-., Amer Press Assoc'n.lOO 97 105 Safety Car Heat& Lt 100 250 270 60 2 UnitBysSauFran 6'eeStk Kxcli Ust Seminole Mining 4 28th & 29th Sts Ist 58 '96 4112 114 5 It.. .. Am Soda Foun com. .100 63 34 14 Wash By & El Co Singer Mfg Co 100 68 UTwenty-Th'd St stk 100 390 400 100 050 670 100 1st preferred 20 25 9 J-J loo 101 Preferred 100 12 Standard Coupler comlOO Deb 5s 1906 93^ 94 100 2d preferred 195 4a 1951 Preferred J-l; Union By Ist 58 1942 F-A nio 113 89^ 100 120 American Surety 50 188 yHi 10 HWest ChicjigoSt ....100 Westcheut Ist 5s '43 J-J 102 106 60 Amer Tobacco (old).. 50 250 500 Standard MUUng Co. 100 37 Hi 39 Preferred UCong 5s 1936. ...M-N iS'ee Stock Exch list Preferred loo 81 82 285 68 Am Tobacco (new) Com.. Exch 300 Standard BBOOKI.Tl( Gas Securities list OU of N J. .100 620 624 Prefd &'e« Stock NEW yOHK list Storage Power % "a. Atlan Ave 5b 1909. .A-O 4102 iSe« Stk Exch 50 t and 68 4s A-O 113 Cent Union Gas let 5s Con 58 g 1931 4108 110 Am Typeto'rs com... loo 37 Hi 42H. Swift <£; Co See Boston SI k Ext h'ge 98 100 1st 58 1910-1914 Con Gas (N Y)8tk. See St k Exc li list Impt 58 See Stock Kxc li list 100 J-J 410234 108 Prelerred 26 27 6 Tennessee Copper t Conv deb Oh ctts AceStk Exch list B B & E 58 1933. .A-O 103 104 Amer Writing Paper. 100 80 90 33 34 HTexastfe Pacific Coal 100 Brooklyn City stock... 10 238 242 HMutual Gas 290 310 100 Preferred 100 110 «7 87 Hi 1st 6s 1908 A..O 4105 Con 08 See Stock Excli list New Auisterdaiu Gas J-J 5s 1919 Bkln Crosstn 58 1908. J-J 102 Ist cousol 58 1948. -J-J 4113 Arizona Con Mining.. .50 t31Hi 32 S Title Ins Co of N Y..IOO 195 205 115 HKi 1134 4 Tonapah Min (Nevada). 1 f t3-'8 Bkn Hgls l8l5H 1941 A-U 104 105 N Y <fe East lliver Gas— i IJaldomero Mining 20 19^4 23 18 TreutouPolteriescomlOO BklnQCo&Sub -See Stk Excli list 1st 5h 1944 J-J 4113 115 Barney & Sm Car ... 100 II 91 94 Preferred new 100 Bklyu Bup Tran See Stk Kxcli list Consol 58 1945 109 1|Prelerrc<l loo 130 J-J 111 76 32 H> 34 Trow Directory uew. . 100 65 N Y <fc Bichmoud Gas.lOO 35 IConey Is. & llklyn ..100 340 350 Bethl'm Steel Corp. ..100 ^* 87 Union Copper 10 t \ let cons g 48 1948.. J-J 89 99 Nor Uu Ist 5s 1927. AI-A' 4104 107 Preferred 100 100 96 103 Typewr com. .100 94 Union Brk C & N 58 iy39.J-J 113 115 ll.Staudard Gas com ..100 130 150 CoU.tr. g.s.f. 68 1914.... 117 lat prelerred loo 115 llProlerreil 50 140 150 Gr Sl<fcNe w Ist 58 '06 F-A 100 100 155 170 BUsa Company com 117 2d preferred 100 115 ar"pt dtLorimer St Ist G« 102 50 130 145 ist 68 1930 m-ii 110 Preferred 1 12 ^2 2»« UnitBoxboardtfc Pap. 100 I's Kings Co. Elevated 100 410 420 Bond<fc Mtg Guar OTHUlt CITIJUS ll'V Preferred lOo 150 Ist 48 1949 <S'ee Stock Excli U8t Borden's CoudMiUc. 100 149 195 113 lOi Elec prel 115 Hi U.S. Casually Nassau loo loo 75 Amer Light & Tract. 100 84 Preferred 87 6 100 8H1 A-U 110 113 5b 1944 6\ Preferred i f 6;t. U S Cotton Uiick 100 104 105 British Col Copper 18 Ist 48 1951 See SI k Kxc li li.sl Bay Stale Gas H, U S Envelope com... 100 '4 "0 3 t 50 i Camden Land 8.) 00 1 00 N Wb'g&Flatlstex4H2s 101 101 Biugliaiiiton G.as 58 1938 i i)5h 93 CoUiUoldCo 100 120 121 li Prelerred 15 20 Steiiiway 1st 6a 1922.J-J jiiy U S Leather new (wi) lot 40 41 >9 Brooklyn Union Gas deb 121 Cent Fireworka com. 100 05 Prelerred now (w i)100 96Hi 96»4 70 '07. ..M-S 191 100 Preferred 6s 19011 conv 193 3-<, 97 Hi 9734 Now us (w 1) Bullalo City Gas StocklOO loo 4S. 7 Central Foundry 8 OTHEB CITLSa 21 Hi 22 Hi U S Steel Corporation Ist 58 1947 See Stock Exch list Prelerred 100 79 ColtrslSa'ftlopt '11 .. illlH, 113 Buffalo Street By— 80 Cousol Gas of N J Deb 68 1919 op 'OlM-N 100 lat consol 58 1931. .F-A 4111 Coltrs 158 '51 not opt.. illlh lis II2I3 100 165 176 Ist 58 1936 JJ 1)6 Century Bealty 95 Deb Ob 1917 480 U 8 Tit Guifc Indem.lOO 130 135 A.O noo Consumers' L i& i'ow Chescbrouifli Jlfg Co 100 440 7 6 ChicaKo City By stk. 100 108 H2H Universal l'"ire Ext'r.lOO 58 1938 197 J-I) 4112 City Investing Co 1 Columbus (O) St By. .10(1 Universal Tobacco... 100 '4 loo 106 lilJotroit City Gas 50 llClaUindl lJ)com 2 6 ^< Prelerred 96 Preferred 100 loo 98 100 llO"-. Kliisabeth Gas Lt Co. .100 260 1]l8t prelerred 300 Colam Ky con Ss See Pli ila lisl Westchester & Bronx Knsex (& iluilsiiu Gas 100 126 127 i)referre<l 100 100 112(1 Crossl'wn l8t58'33.J-lJ no'.t Title Jt Mort Guar Co. 165 79 KortWayiio Oh 1925. .J-J 4 76 50 Colo ludustrml Ss CranU Bapida By.... 100 Westingh Air Brake. .60 1148 65 80 (11 Wj GHKife Kl BiTgt'ii Co.. 100 60 61 CoUfe HockCoalifcl pi 100 60 Prelerre<l White Knob Mining. 10 t 100 92 Grand KapidB Gits J-J 4 85 90 lHtK58 1917 *«».o otiv^iini; tiiBLK.iuu lAka St (Chic) El stk 1 00 1^8 *» •« ^ncw siock jScw stock (w i) i; * » 00 l|lBt08l'J10 uo. lllBt 58 1915 F-A 4101 lOSHi Compressed Air Co. 1 OO 41.01 Comprosseu 'le l»t68 Ist 58 1928 126 pref. 100 J.J JJ 4 Wortlimi; Worlluni.' Pump i)rel.lOO 120 66 Hu dson Hudson Co Gas 60 G.-ta 100 113 Hi CouHolld CouHolid Car Heating 100 113Hilll iBayer pays accrued interest. 1 Price p«r share. (Sale price, a Kx rights. xEx div iNew stock. H SoUs on Stock Exchange, but not a very active secorltj. I s! M >-j W t W 2.''i ".J ".J H 1 . 1 \T 1 . . Mas. THE CHRONICLE. 25, 1905.] and Inxrjestm^txt - -- I ,||j I p j,_ ' _ 1 ^ 1 _ _ j'uxjTjTji. J u' l - i ' • 'LH. ~ ' ~ ' i — ~— — i i I '~ I '' ' • ""' ' • ' 1 — i l^ailtoaxl Intjelligjence* — — 1^— ~ ' ~ i ~ riri~i~ nr i i i i 1167 - i • i - _-i n.l "l 'l 'l i i i i jl j' i . i .r . - i rr -ir~i ~- - i i . -------------*- - -^--'-'-' — i - -»»».».- - --.---.-^-^-. ^ RAILROAD GROSS EARNINGS. ^ ^^ ^ _ - - ^ ^ ^ ^ ^ _ ^ - - ^^ ^ . ^ - . ^ , f-i j-, n n.rin i i 'luX. ! i .njtr The following table shows the gross earnings of every Steam railroad from which regular weekly or monthly returns can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two columns the earnings for the period from .f uly 1 to and inchidina: such latest week or month. We add a supi^lementary statement to show the iiscal year totals of those roads whose fiscal year does not begin with July, but covers some other The returns of the street raihvays are brought together sepurateln on a subsequent page. period. Latest Oross Earnings BOADS or Week Month Current Year Previoiis Year $ Ala Gt Southern. 2d wk Mar Ala N O & Texa* Pacillo. NO&NoEast. Ala & Vicksb'g VickBb 8h & P. 59,164 53,377 July 1 to Latest Current Year $ 2,293,598 2,182,834 172.656 90.333 97,013 . . PM KOADS Previous Year 207,734 1,603,243 1,672,404 919,571 119.287 891,896 971.782 134,654 998,315 Dec. 191,506 Ihc. 112,784 Allegheny Valley January ,419,981 1,404,996 35,122 32,476 1 atiti Arbor 3d wk Mar Atoh Top & S Fe. January. 5.407,741 5,407,329 40.022,828 41.219,599 2,182,100 2,068,954 279,179 307,55 Atlanta <fe Char.. January . 589.950 394,480 58,105 82,605 Atlantic &Blr... January... 1,766,227 1.726,175 12,271.047 11,403.283 Atl Coast Line... January. 86,038 80,996 13,708 13,434 Bait & Ann SL.. December. February. 4,744.660 4,634,806 44,447,564 43,461,175 Bait & Ohio 148,323 155,081 1,201,414 1,141,700 Bangor A Aroost January. . 5.089 37,970 46,964 4.881 BeUefonte Cent'] February.. 27.204 3,355 28,498 2,931 Bridgt & Saco R. January... Buil ftoch & PUtt< 3d wk Mar 145,378 145,175 5,753,924 5,455.781 658.380 586,701 67,008 82.127 Buflalo ASnaq... January. 88,728 80,716 1,055,977 1,005,562 Cal North w'n..... February 43.500 2,629,400 2,158,400 51,900 Canadian North.. istwk Mar Canadian Paolilc 2d wk Mar 917.000 787.000 35,230.524 31,858,949 202,700 204,900 7,34r),350 6,964,068 Cent'lof Georgia 2d wk Mai Cent'l of N Jersey February.. 1,615,893 1,553.502 14,662,075 14,233,077 85,37« 2.602 2,768 79,215 Chattan South'n. 2d wk Mai Cheeap AOhio... January... 1.652,559 1,552,429 12,110,964 11,201.993 Chlo& Alton Ry. January... 769,808 908,103 7,651.^74 6,985,819 Chlo Gt Western 2d wk Mar 165.995 155,641 5.370,230 5,945,606 98.452 3.852,541 3.725,982 ChloInd&L'v.. 2d wk Mai 109,092 Chlo Milw & 8t P January, . 3,656,000 3,652.438 30.277.382 29,856,095 February. 3,403.306 3,709,125 36,865,017 36,729.075 Chic & North &0. January... 929,594 919.67S 7,429.727 7.377,929 Chlo St 28,273 27,022 1.066,582 1,119,544 Chlo Term Tr RE 2d wk Mar OinNO&TPao. 2d wk Mar 130,573 124,070 5,117.742 4,712,360 ClCinOhA 8t L. January.. 1,614,816 1,368,419 13,756.104 12,438.551 254,997 229,067 1,782,518 1,775,083 Peoria ifeEast'D January. 91,869 4,363,066 4,285,777 Colorado & South 2d wk Mar 101,438 23.137 132,251 137,429 ColNewb & Lau. January 16,898 39,183 311.935 279,810 Copper Range.. . December 44,802 4,203 46.303 January.. 3.:il7 30,766 Cornwall 14,257 145,157 146.547 Cornwall <fe Leb . January .. 21.146 3d wk Mai 289,200 271.200 12,266,833 12,061,006 Deny. & Rio Qr... 76,965 567,368 Det & Mackinac. January... 72,840 561,038 29,30S 1,070,968 1,136.046 Detroit Southern. 2d wk Mar 23,401 40,233 1,844.802 1,810.716 DulSoSh&Atl.. 2d wk Mar 50.062 January. 3,376,811 2,956,330 27,12y,347 26,803,103 Erie F'rchUd & N'r'e'n February.. 23.438 3.343 3,308 25,047 Faraiv& Powhat January, . 6,638 55,473 47,086 6.633 36,630 Fon John8t& Gl. January.. 45,410 433,730 405, Si 5 FtW&DenvCltj January... 196,'J'l 183,845 1,545,668 1,671,999 178.', Georgia RR January.. 211,580 1,473,332 1,461,970 Ga South & Fla.. February.. 130,149,963 1,145,116 1,153,719 57,4:.. Gila ValGA N.. October 35,843 Gr Trunk System 2d wk Mai 644,997 582,141 21,555,917 23,727,080 GrTr. West'n. Istwk Mai 110,756 96,775 3,458,647 3,626,224 DetQrHifeM.. Istwk Mar 32,620 14.964 1,030,518 904,606 Great Northern.. February.. 2,376.297 2.056,738 28,345,472 27.418,174 Montana Cent'! Febraajy.. 177,406 184,604 1,561,206 1,463,831 Total system February.. 2,553,703 2,241,342 29,906,678 28,882,005 Gulf&ShipIsland 2d wk Mai .34,030 1,295,468 1,309,99'.^ 37,235 Hocking Valley.. 2d wk Mar 104,218 120,156 4,285,761 4,242,256 Dliuois Central.. February. 3,555,67i) 3,707,757 33,512.248 31,391,309 Illinois Southern February.. 18.421 25.573 152.074 189,324 Lndlll & Iowa... January. 924,828 154,770 147,060 1,023,141 Int & Gt North'xi 3d wk Mar 104,750 87.286 4,607,261 4,485,503 Jlnteroo(Mex)... 2d wk Mar 120,996 123,427 4,057,171 4,050.366 Iowa Central 2d wk Mai 5-J.347 46,110 1,805,12s 1.706,509 Kanawha & Micli 2d wk Mar 29,856 29,580 1,223.837 1,150.785 Kan City South'u January. 520.418 563,053 3,895.914 3.849.364 LakeErie&WestB December 442.190 438,492 2,645,763 2,770.983 Lehigh Val RR.. January.. 2,323,851 2,038,834 18,127,96" 17,295.029 Lexlng &, East'n. January... 32,629 31,317 .320,116 267.144 Long Island January. Inc. 85,072 liic. 333,031 Louisiana & Ark. January. . 68.140 58.521 371,409 477,943 Loulsv <fe Nashv. 2d wk Mai 765.830 724,170 27,001,300 26,519.697 Macon & Birm... February.. 8.441 12,246 96,774 90,704 Man'teeA Gr. (IH p November 4,2«2 37,332 5,802 34,187 Maais <& No £as; January. 42,677 231,922 41,807 241,798 Manlstique February.. 5,522 52.875 6,496 57,179 Maryl'd & Penn.. February.. 19.904 206,733 18,769 212,479 piexioan Cent'l.. January. 2,246,627 2,118,495 14,716,553 14,636,544 J Mexican Iitern. January.. 533,826 582.623 3,863,416 3,953,896 (Mexican Ry WkMar 4 119.000 128,000 4,004,100 3,869.100 {Mexican South'ii Istwk Mar 22,817 21,440 745,858 763,665 MlUen A So'w'n.. December. 6,347 27.402 5,124 40,88y Mineral Range.. 2d wk Mar 404,-223 13,941 9,646 485,224 Minneap <fe St L. 2d wk Mai .')8,567 50,802 2,101,293 2,081,475 Mo Kan & 'irexai- 2d wk Mai 376,107 305,826 14,435,985 3.115,437 Mo Pac & Iron Mi 3d wk Mar 749,00(1 736,000 30,423,787 30,912,842 Central Brancli 3d wk Mar 32,000 34,000 1,121,000 1,361,000 Total 3d wk Mar 781.000 770,000 31,544.787 2,273,^42 February. February. February.. Latest (-iross Karnia^s Vale W . . . . . Week MHtP&S StM. Mob Jack & K .MobUe& NashCh&BtL.. JNat'lRRof Mox Nev-Cal-Oregon Ne vada Central . N Y C & Hud Riv N YOnt<& West. N Y Sugq & VVesi Norfolk &Weat'i' Northern Central Ncrth'n Pacltic. Ohio Rlv& West.. Pacific Coast Co ePenn— EastP&E eWeat P & E.... Pero Marquette PhilaBalt&W'sh . Phlla & Erie Pittsb C C <fe St Raleigh I. & O Fear Reading Railway Coal&IrCo.... Total Both Cos. Rich Fi-'ksb & P Rio Grande Jet,. Rio Grande So... Rocklsl'd Sys.. Rutland RR . St Jos&Gr I StL&SanFranj? L Southwest.. Seaboard Air L. Southern Ind So Pacihc Co 6... Southern RaUw'y Texas Centra! ... Texas & Paciflc. St TexS Tol Tol V&N W .. & Ohio Cent 3d week Deo. (48 roads). 4th week Dec. (48 roads) Ist week Jan. (44 roads). 2d week Jan. (47 roads). 3d week .Ian. (46 roada). 4th week Jan. (51 roads). 1st week Feb. (48 roads). 2d week Feb. (46 roads) 3d week Feb. (48 roads). 4th week Feb. (50 roads). Ist week Mar. 2d week Mar. J (47 roads) (45 roads). Mexican currency. operated, Current Year Previous Yar 8,927,835 12,958,404 7,186.669 7,365.918 7,619,207 11,351,443 7,013,165 6,744,568 6,943,146 8,878,591 8,182,655 8,417,168 8,288,087 12,476,020 6,730,800 7,624,696 7,479,313 10,493,163 6,973,620 7,251,543 7,112.251 9.475.624 7.403.362 7,817,622 Inc. or Dec. P.C- Current Year Previou,-. Year Lalesl Dale Prevvorts Year wk Mai 167.662 106,812 6,139,836 5,140,119 337,76i: 10,440 8,47 279.162 wh Mar 146.731 131,075 5,704,650 5,509,184 2d wk Mar 206,731 204,009 7,098,379 7,136,032 2d wk Mar 230,575 22y,63e 8,004,892 7.956,145 129,>^82 7,643 146.388 February11,864 21,343 2,294 1,738 19.411 January... February.. 5,3y5,334 5.390,449 53.540.198 51,980,(>14 491,21 449,094 4,150,680 3,915,723 January. . 222,839 195,522 1.528,966 1.464,183 January. . January.. 1,900.395 1,777,597 13,711,835 13,160,!>28 740,036 697,336 6,149.890 5,967, 4<.tO January. February. 3,129,288 2,941,945 34.427,853 32,-584.385 124.273 13.111 13,161 122,466 January... January .. 434,057 406,061 3,722,799 3.503,784 January. . 9,310,774 8,473,874 70,760.292 70,944,992 /rt<;.1.42 7.300 Juc. 7 96,500 January .. 2d wk Mar 237,091 216,491 8,959,681 7,820,042 1.056,540 956,040 8.087.27b 7,981,871* January January .. 489,071 449,179 4,696,716 4,622,363 February., 1,860,545 1,784,986 16,433,991 16,343,!)04 4,078 24.816 3,809 24,160 December. January. 2,957,516 2,513,730 21.128,767 20.177,698 January... 2,984.780 2,997,578 19.871,984 18.718,529 January... 5,942.296 5,511,308 41,000,751 38,896,227 818.474 780,101 January .. 120.681 104.465 329,078 46,618 52,395 310,337 December. 326,178 8.632 8,439 341,567 2d wk Mar January.. 3,471,855 3,478,079 26.911.930 28,446,004 1,352,073 1,329,489 December l'l8.238 90',e69 749.784 809,534 January .. January... 2.979,676 2,911.360 23,604,628 21,753,716 3d wk Mar 200,312 133.584 6,479,717 5,841.527 December. l,l-.i0,39y 1,100.201 6,583,921 6,156,759 866.959 105,687 954,569 97,207 February,. January... 7,188,861 7,134.171 56,658,994 57.015,455 2d wk Mar 983,907 960,114 34,004,599 32,434,534 616,843 584,586 12,477 11,557 2d wk Mar 3d wk Mai' 235,128 210,299 9,696,379 9.303,600 102,100 12,00O 16,100 96,200 January . 53,301 3d wk Mar 64,080 2,847,935 2,652,129 941,601 23.193 26.967 931,903 2d wk Mar 59.600 63,258 2,641,563 2,271,738 2d wk Mar 398,535 44.887 43.836 434,880 February.. January... 4,472,006 4,093,778 36,005,374 34,085.165 2<1 WkMar 11 P& West .... W . . . TolStL<fe Tor Ham & Butt Un Pac System Vandalla RK.— St. Louis Div. January. Terre H. <te Feo January... Virginia & So W'n February.. . . W Jersey &. Sea'e January. Wheel & LE 3d wk Mar 348.679 51,196 51,562 420,335 195.610 75,142 V\'m'8port&N.Br. January... Wisconsin Cent.. January... Wrightsv ik T'n.. January. . Yazoo & Miss. V. February.. 11,616 458,611 12,617 544,832 . Wabash 3d wk Mar . VARIOUS FISCAL YEARS Allegheny Valley Atlanta & C'harl Air Line Atlantic to 1 C. Ohio... 2d & Jan. Mar. Birmingham Deo. Jan. Jan. International &GtNorth'n.. Jan. Interoeeanio of Mexico Jan. Lake Erie Western Jan. Manistee North Eastern.. Jan. Manlstique Jan. & & Maryland & Pennsylvania., Mexican International iMexicau Railway Mexican Southern Mar. Jan. Jan. Jan. t Missouri Pacific Jan. Central Branch Jan. Total Jan. tNatloual RR of Mexico Jan. Northern Central Jan. cPennsy., East of P E Jan. eWestof Jan. Phlla Baltimore Wash.... Jan. Philadelphia Erie Jan. Pitts Cin Chic St Louis.... Jan. Kio Grande J unction Dec. Texas Paciflc Jan. Vandalia RR.-St. L. Dlv.... Jan. Terre Haute & Peoria Jan. West Jersey & Seashore JaiL t P&E & & .. .. & & & MONTHLY SUMMARIES $ +639.74-^ 7-72 Month Mar. 1904 (125 +482,384 3"87 .M outh Apr. 1904 (127 +455.869 6-77 Mouth May 1904 (128 —258,778 3-39 :\ron'h June 1904 (108 Mouih July 1904 (125 -f 136,894 1-87 + 858,28o 8-18 Month Aug. 1904 (122 + 39,545 0-57 Mouth Sci)t. 1904 (124 - 506,975 7-00 Moutli Oct 1904 (124 -169,105 2 -38 Mouth Nov. 1904 (124 —597,033 6-30 Month Dec. 1904 (123 +779,293 10-52 Mouth Jaiu 1905 (116 Mouth Feb. lu05 61 -f 599,546 7-67 ( 330,098 379,55t> 48,117 417,308 422,884 41.466 405,304 400,082 18,508,445 16.728,285 200.710 2,727,816 2.736.416 88,456 3,178,907 3,156,251 101.853 103,024 11,244 480.301 3,989,341 3,928.864 105.021 116,315 14.642 714,790 5,989,623 5,499,658 Current Period BeUefonte Central Chic St P Minn & Omaha AGGREGATES OF GKOSS EAKN9NGS— Weekly and WEEKLY SUMMARIES Current Year or Afontit Jiilv Year Previous Year Inc. $11 2,784 31 $3,331,614 $3,130,451 Jan. Jan. Jan. Feb. Jan. 31 31 28 31 Mar. 21 Mar. 14 170,599 10,149 929,594 1,132.579 1,185.773 to Dec Jan. Feb. Feb. Jan. 31 31 28 28 4,970,99^: to to to to to to to to to to to to to to to to to to to to to to to to to to to to Mar. Mar. Mar. Mar. Mar. Mar. Jan. Jan. Jan. Jan. Jan. Feb Deo. Mar. Jan. Jan. Jan. 42,677 9,729 312,541 533.826 31 4 1,094,000 210.078 7 21 7,919,793 290,000 21 21 8,209,793 14 2,335,114 740,036 31 31 9,310,774 Inc. 7 31 31 1,056,540 31 489,071 28 3.943,546 31 46,618 21 2.700,022 31 348,679 31 51.196 31 195,610 118,073 10,018 919,678 1,150,297 1,259.044 5,218,728 41,807 12,548 309,358 582,623 1,118,700 218,183 8,914,557 387,000 9,301,557 2,359,507 697,336 8,473,874 96,500 956,040 449,179 3,624,928 52,395 2,794,378 330,093 48,117 200,710 IffontUly. Current YearlPreviousYar rds.) 133.218,211 133,294.034 rds. 132,433.290 136,783.139 rds.) 130,935,613 134,660,386 rds.) 113,351,491, 114.280.175 rds.) 132,242,621 139,712,599 rds.) 145,292,493 144,558.473 rds.) 151,475,024 147.338.536 rds.) 159,732,9.59 154,758,622 rds.) 154,304.117, 140,909,476 rds.) 146,748,102 136.889,640 rds.) 127,073,053 119,220.07r rds.) 43,651,281 44.914,739 b Includes the Houa. <fc Tex. Cent, and Itti aubslO. lines in both years and for both periods, g Inc^ludes the Chicago <k Eastern lUinois In both years. e P.C. Inc. or Dee. —75,823 006 —4,349,849 3-18 —3,724,773 2-77 —928,684081 —7,469.978 5-35 +734,020 0-51 +4,136,488281 + 4.974.337 3-21 + 13.394,641,9-51 +9,858,462,7-20 6-58 +7,852.980 — 1,263,458 2-81 j Covers lines dtrectly THE CHRONICLE. 1168 Latest ttross Earnings by Weeks.—In the table which follows we sum up separately the earnings for the second The table covers 45 roads and shows weflk of March, 7 '67 per cent Increase In the aggregate over the same week last year. id week of March. 3 63,377 28,008 145,176 787,000 204,900 2,768 165,641 98,452 27,022 124,070 91,869 264,000 29,308 40,233 644.997 682,141 Ann Arbor BnflWoBooh. & Plttsb'g Oanadlan Paolflo central of (Jeorida CliattanooRa t^outliem.. Oliloftgo wreat 'WoBtern Ohio. iDd'pUe <fe Lonlsv. OWo. Term. Transler Otn. N. O. & Texas Pac. Colorado & Soathem DenTer & Slo Graafla . Detroit Southern.... Dnlnth So. Shore & AU. Gr^d TmiiH of Canada j Grand Trnnk Weat.. > Det. Gr. Hav. & MHw. 5 Gulf & Ship HocklnR Island Valley.......... 34,030 120.156 82,179 123.427 46,116 29,580 724,170 9,646 80,S02 106,812 305,826 762,000 32.000 Intematiocal & Gt.No.. Interooeanlo (Hex.) Iowa Central ..... Kanawha & Michigan. & Nashville.. Mineral Rantre.... Ijonlflvllle MlnneapollB & St. Louie Minn. St. P. AS. 8te. M.. Mo. Kansas <& Texas..... Mo. Paolflo & Iron Mt. . . Central Branch ..... Mob. JaokBon & K. City. Mobile (teOhlo Nashv. Chat. & St. Loals National RR. of Mexico.. Pere Marqaette..... JEUo Grand© Southern. .. St. Lonls Southwestern. Southern KaUway ...... Xezaa Central Texas (& Pacific Toledo <fe Ohio Central. Toledo Peoria A Weat'n. Toledo St. L. <& West.... Wabasli ,„,.. Wheeling & Lak e Erie. , Total (45 roads) ....... Net Increase (7-67 p.o.).. 98,650 120,996 62,347 29,856 765,830 13,941 58,567 167,662 376.107 773,000 36,000 *10,440 146,731 206.731 230,575 237,091 8,632 161,638 983.907 12,477 281,040 66,175 23,193 59,600 428,775 80.287 8,417,168 *8.47i! 131,076 204,009 229,638 216,491 8,439 139,394 960,114 11,557 232,589 71,557 26,967 63,258 396,140 67,214 7,817,622 2,200 166 10,354 10,640 1.251 6,503 9,569 23,401 1905. 1904. .--a - - „r.- - - 5,907 9,829 Mexican Railway Mexican Southern Mob. Jackson & K. City.. WaehY. Chat & St. LiOoIb. Total (47 roads)........ Net increase 10-52 p. o.) 7.832.07J f 11 9,000 22,817 1111,043 H Figures are for 4,29."^ 7,76.^ 60,850 70,28 11,000 4,000 1,968 16,656 2,722 20,600 193 22.244 23,793 . •»«>»••• 8,451 15,382 3.774 3.658 32,636 13,073 649,002 899,546 Increate. — .-.. 49,456 Deereaie. 9 46,463 9,000 56,463 cr. Babalo Gas Co Feb. Oct 1 to Feb. 28... & N. W.a. Feb. 88,728 80,716 Feb. 28... . 1,055,977 1,005,562 Cent, of N. Jersey.b.Feb. 1,616,893 1,653.502 July 1 to Feb. 2»... ,14,662,075 14,233,077 Chatt'n'ga Sontb.aFeb. 5,863 8,628 July 1 to Feb. 28 80,621 74,254 Fair oh. &. N. Bantb Feb. 3,343 3,308 July 1 to Feb. 2» 26,047 23,4;j8 Farmv.&Powh'n.a Jan. 6,633 6,638 July 1 to Jan. 3i 55,473 47,086 California July 1 to Maryland Mar. IT 1 <Jb Penr.Feb. to Feb. 2S Mexican Toleph..Dec. Mar. 1 to Deo. 31 Mo. Pac. System, b. Jan. 19.906 312,541 25,288 247,342 3,243,793 18,769 809,358 23,337 228,233 3,534,567 N. Y. Cent & Hud. Rlv.— Jan. Ito Mar. 31. ...18,450,000 17,231,462 PlttB.O.C.ASt. L.aFeb. 1,860,545 1,784,986 ~ Jan. 1 to Fob. 28.... 3,943,546 3,624,928 Virginia & So'thw. bFeb. 51,562 41,466 July 1 to Feb. v;8... 405,304 422,881 WmBp'rt& Mo.Br.aJan. July 1 to Jan. 31 11,616 103,024 11,244 101,853 def.2,965 6,022 1,394 6,828 def.36 6,436 4,350 90,876 10,762 108,539 532,680 4,682,900 263,025 686,125 24,590 168,V170 2,202 29,U39 Eleo. Ry. Co. aonolaln Rapid Tr. . c arrenoy. Latest Bale frsnOKS Tear. gear, 20,117 18,027 191,922 Previous Year. $ 99,267 758,694 1,160,421 14,760,614 22,753 160,895 def.18.160 220,778 615,726 6,302,298 def.2,195 def.2,114 1,472 6,349 ville Rapid Tran.. February IndlanapollB&North western Traction., January .. def.3,439 3,327 92,447 11,954 109,122 871,606 4,129,397 219,896 610.372 18,142 134,669 1,137 24,491 205,51(5 d 62,43 22*i3e 15,86* 14,148 129.673 33,498 928,177 22,136 32,628 14,143 9,505 276,513 70,792 37,035 123,889 31.041 908,073 19,92b 66,166 24,565 830,553 112,514 201,252 83,906 4,45/ J76,5i3 3i,634 18.04^ 59,801 31,04' 16,477 55,808 23,425 730,366 106,992 177,518 34,694 432.026 75,617 4*?.426 80,807 8,096 27,456 1 1,68ft 6S,047 10,042 87,12-1 34,694 68,666 59.84.'5 {37,500 J31,856 i 26,259 35,372 22,473 10,39 t 63.566 59,845 383,562 {338,565 24,951 15,674 42,983 82,990 23,719 14,429 30,736 76.267 51,240 15,674 50,875 14,429 l.'>,126 13.52ii 15,126 13.523 6,425 4,824 13.729 10,666 22.598 22,598 tnternatl Tract. Co. System (Buffalo) . . February 290,939 284,349 611,008 881,319 25,5SO 21,45t^ 25.660 21.456 .. 347,379 314,233 t2,96S,987 v2,£ 81,665 December. 64,777 659,878 Jaoksonvllie Eleo.Oo. January Kansas City By.& Ot. January . .. Cjexlnarton Ry, ....... February .. LoidonSi. ity.(Can.) January .. Mad. (Wis.) Traction February Mot West Side Elev.. February Mll.Elec.Ry.&LtOo January .. KD.LtHeat&Tr.Co January ittoatreal Street .. Ry.. February Muncle Hartford All departments. 32,685 29,394 14,477 14,271 21,782 21,493 26,207 20,825 13,383 11,409 7,314 6,850 169,«47 18»,170 254,351 258.112 38,523 30,062 185,864 168,686 60,508 29,200 66,945 30.849 45,740 25,207 13,383 15,016 349.467 254.351 38,523 389.099 11.409 13.864 340,410 258,112 30,062 352,393 24,001 22,847 '20,8i8 da Wayne February ^nsk. Tr. A Light. Oo. 11,225 Ft. . December. New Orleans Rys.Co. December. Norfolk Ry. & Lt. Co. December. Sor. Chlo Tr. & Lt. Co February Northern Texas Trao. Northwestern Kiev.. Oakland Tract. Cone 31ean St. KaUway.. Orange Co. Traction. February February February February February Peeks. L't'g&RR. Co. February PottBV. Union Tract February Eys Co. Gen.— Roads February UghtCo's February Eiochester Railway .. February Rooh. & East. Rap. Ry February . . . . Kookford Belolt & JanesvlUe February 8t Joseph (Mo.) Ry. Lt. HeatA Pow.Co. February San Fran. Oakland & February San Jose Ry Sao Paulo (Brazil) rl50.444 rl47.180 449.697 4,674,344 54,011 50,737 65S,189 614,039 60,312 56,883 125,777 116,490 36.423 35,33:; 80,531 72,963 110,282 102,470 221,560 811.286 100,354 85,54t 205.027 180,057 6,615 15,403 13,625 6,400 11,714 11,339 6,462 5,793 16,88S 7,766 7,76f 16,398 12,956 11.806 27.240 23.854 23,362 19,529 46,739 36.919 2,08f> 2,03S 4,345 4,081 123,920 109, S76 268,416 222.428 26,314 15,104 12,307 7,357 15,500 14,987 49,805 108,633 102,298 41,170 . 7,524 80,607 Tram. L't & Po. Oo. VVkPeb.l9 Savannah Elect. Co. January Boranton Kallwav... February 11,278 7,304 . 326 i" 18,027 93,131 Indlanap.(b Martins- 28,089 81,581 68.118 22,060 41.340 39,73« 12,S7« 68.83( d 970.376 d783,629 41,34C 130,274 201,760 89,734 116.080 189,813 262.243 67,460 24,987 41,188 .lunuary .. 201,760 189.8)3 254.68; South Side Elevated February 123,442 I26,46i Rap.Tr. Ry. January .. 74,20^ 67,460 Syracuse 74,206 Electric Co. January .. 31,139 24,98'i 31,139 i'amna rerreHte.Tr.&LtCo January .. 46,247 41,188 48,247 24,397 rol. Bowl.Gr.A So.Tr December. 879,359 Toledo Rys. & Light. February 133,40'- 124,037 284,34i> 26) ,586 222,00.'! Decf'inber. 18,708 Toledo A Western.. Toronto Itallway ... Wk Mar 18 46,597 41,50» 504,86}* 446,264 Twin 0*ty K*p. Tr.nir idwk.Mar. 79.7H2 74,330 831,73.' 790.774 Un'dRys.of8t.Loul« February 552,793 566,438 1,157,932 1.131,536 February 61tf,»66 482,103 1,060,337 1,009,313 United of San Fran Wash. Alex. & Mt V. lanuary .. 16.44(,. 17,614 17.614 16,440 41.05' Yonnaot.rtwn-.^haron Jjinuarv 36.047 41l.06«; 36.947 Seattle Eleotrlo Co. . . . . . . I Spanish silver. These are results for properties owned b These are the combined earnings of all the oonstltnent companies c These are results for main line. d Figures here are from July 1. II Mbxlcam .. WkMarl& A Land Co February aoughton Co. St. By. January .. Houston Eleo. St. Ry. November Illinois Traction Co. February (ndianap. & Bast. Ry. January .. a Net earnings here given are after deducting taxes. b Net earnings here given are before deducting taxes. II January Havana LImaEI.Ry.&LtOo. January — $ Wayne & Wabash Lehigh Val. Traa. Oo Street Ry. Dep February Eleotrlo Light Dep. February Net Earnings MontSil j to Latest Datee.—The table following shows the gross and net earnings of Steam railroads reported this week, A full detailed statement, Including all roads from which monthly returns can be obtained, Is gives once a month In these columns, and the latest statement of Shli kind will be found in the Chboniclb of March 18, The next will appear in the issue of April 22, 1906. 19(6. — Gross Earnings. Net Earnings.—, Roads. Ft. Lake Shore Eleo. Ry 3.092 3,104 4. Atl'ta <& Char. A. L.a Jan. 279,179 307,552 July 1 to Jan. 31... 2,182,100 2,068,054 Bait. <fe Ohio Co.fc.Feb. 4,744,660 4,634,806 July 1 to Feb. 28 . 44,447,564 43,461,175 \ Valley Traction.. "i,377 Cw'rent Year S 57,830 702,266 1,802,007 15,656,403 25,324 171,611 4,683 287,892 688,257 7,011,360 Albany & Hudson ... January.. 20,117 American R'ys. Co.fl. February 97.S2.«^ Atlan Shore Line Ry. December. 7,748 Aar. EiKln & Chic. Rj January .. 28,359 Binghamton Ry February X7,134 Boston & Worcester.. January .. 22,47:Burllngt'n (Vt.) Trao. Pebruary 5,162 Oal. Gas & Electric. January .. 432,02e Cent. Penn. Tract February 36,707 Chicago & Mil. Eleo. February. 23.599 Ohio. & Oak ParR..c.. February . 63, 2S? Oln. Dayton «& Tol.Tr January 33,498 Oln.Newp.& Oov.Ry. November 83,287 Oltlzens' Ry. & Llgnt (Muscatine, Iowa).. February 9,409 01eve.& So.W.Tr.Oo.. February 30,406 Oleve. Palnsv. &E... February 11,209 Detroit Dnlted Ry..» 3dwk.Mar. 79,373 Daluth Street Ky.... 2dwk.Mar. 1 ,034 Bast St. Louis & Sub. February 95.42^ Eijfln Aurora &Sou.. January .. 33,906 . 920 834.756 779.293 Year. ^M* or X' to OMrrtnt Jan. 1 Vt<r'w Pro'ui Ytar. ifur. . 937 7.403,362 Year: Latest Grass Sarnitigs Gboss E^BHINOB. 276 8,182,656 Previous Year. STREET RAILWAYS AND TRACTION CQUPANIES. 41,660 197,716 Current Previous Year. 6,231 827,185 week ending March Current After allowing for other income received. T Included in the fixed charges in this fiscal year are expenditures for renewals, additions and Improvements amounting to $109,863 for February, 1905, against $25,362 In February, 1904. and to $1,073,046 for period July 1 to Feb. 29 against $452,710 the previous year. 2,43*i 7.051,359 If 128,000 21,44C V7,951 194,612 < — ^Bal.ofNel Earn'gs.—> Roads. $ $ 9 California & N. W..Feb. 27.382 26,557 def.22,699 def.44.717 July 1 to Feb. 28... 216,714 208,742 71,178 12,C36 Cent, of N. Jersey.. Feb. 11609,502 11517,173 78,755 98,563 July 1 to Feb. 28... ir4.740,735 114,032,034 2.270,615 2.220,264 Maryland & Pen n.. Feb. 4.026 324 2,875 452 Mar. 1 to Feb. 28 44.150 40,499 46,726 51.948 N. Y. Cent & Hud. Rlv.— Jan. 1 to Mar, 81 5,460.900 5,148,833 *768,300 *757,297 IV'msport & No. Br. Jan. 2,764 2,846 def.562 def. 1,709 Jnly 1 to Jan. 31.... 19,815 19,480 10,124 5,011 15,93*8 •*> etc. Previous Year Year. 16,471 $ $ Previously rep'di4S rd's) Current * Week ending March 11. For the first week of March our final statement covers 47 roads, and shows 10*52 per cent increase in the aggregate over the same week last year. March. — Int., Rentals, 3,205 104,21«« 5,787 9,426 16) 130,000 * 1«< tree* of Interest Cliartres and Surplus. 62,856 37,235 Qt. Soutliem.. Decrease. S 59,164 87.434 145,336 917.000 202.700 2,602 165,995 109,092 28.273 130,673 101,43? 287,400 23,401 50,062 S Alabama tncrecuc. 1904. 1905. [Vol. lxxx. ' \ Mar. THE CHRONICLE. 25, 1905.] nTbese earnings Inolnde tta« Detroit Unitea Ry., Detroit di Foit HTiron Sbore Line and tbe Handwloli Windsor <St Amherstbarg By. r Fignres here are from Maroh 1. T These figures are for period from Jane 1 to Jan. 31. 1169 / — Oross Earnings. Current Previous , . Ket Earnings Current Previous Year. Year. Year. Year. $ Roads. $ $ $ San Fran. Oakland & Ban Street Kailway Net Earnlngrs.— In the following we )th the gross and the net earnings to latest dates of all filTBEET railways from which we have been able to procure monthly returns. As in the case of the steam roads, the returns of the different roads are published by us each week as soon as received, and once a month (on the last Saturday of the month) we bring together all the roads reporting as is done to-day. show b /— Oross Earnings. Ourre7it Year. — , / Previous Year. — Net Earnings. «, Current Previous Year. Joly 1 to Jan. 31.... Blnghamton By.b. .Feb. Jan. 1 to Feb. 28.... Jnly 1 to Feb. 28.... California Qas is Eleotrlo Corporat'n.a. Jan. Oentral Pennsylvania Feb. Traction Co Jan. 1 to Feb. 28 OMo. A Mllw. Eleo.Feb. Jan. 1 to Feb. 28 Olnclnnati Dayton A Toledo Traotion.b...Jan. June 1 to Jan. 31 cOln. »ewp. & Cov. Ry. Nov. Co. a Jan. 1 to Nov. 30.... Olev. Painesv. & B.. Feb. Jan. 1 to Feb. 28 Cleveland & Soathwesfn Feb. Traction Oo Jan. 1 to Feb. 28 . Detroit United Ry.n (all properties) • Feb. Jan. 1 to Feb. 28 Dnlntii Street Ry.b.Feb. Jan. 1 to Feb. 28 East St. Lonls JEBab.Feb. Jan. 1 to Feb. 28 Elgin Anro.&So.b. Jan. Jnly 1 to Jan. 31 — . Fort Wayne & Wabash Valley Traction ..Jan. Honolulu Rapid Transit & Land.b Feb. Jan. 1 to Feb. 28 20,117 26,259 293,799 17,134 85,872 173,000 18,027 23,186 15,864 82,628 160,815 3,187 6,428 137,473 6,488 13,340 81,096 4.882 10,834 74,830 432,026 276,513 125.840 92,983 36,707 76,617 23,599 48,425 34,684 70,79i 18,048 37,035 deM,lS7 18,884 7,463 15.638 83.498 854,811 31,041 359.003 11,038 163,762 869 deM,932 m Illinois Trac. Ind'p'lis Co.Feb. & East. Ry. Jan. 80,807 905,073 11.685 23,425 36.443 372,717 2,238 6,847 81,355 370,563 2,777 6,493 30,406 65,166 87,456 55.308 7,433 19.466 4,967 10,262 317,844 670,107 43,450 91.043 95,425 201,252 33.906 278,996 284,956 692,586 41,883 87,426 87,123 177,518 34.694 276,965 106,274 229,832 18,116 37,801 49,511 107,353 11,609 120.932 79,028 160,565 14.129 30,878 43,933 90,427 12,885 114,616 68,668 59,845 25,459 19,521 24,951 61,240 23,719 50,876 9,859 19,928 7,891 19,445 15,674 42,983 139,926 82,990 15,126 Electric Railway & 25,207 Jan. Oct Ito Jan. 31 91,263 Lond. St.Ry(Can.)a Jan. 13,383 Madison Traction. .Feb. 7,314 Jan. 1 to Feb. 28 15,016 llUwaukee Elec. By. A Light Co..b Jan. 254.351 Biilwaakee Light, Heat <k Traction Co.b Jan. 88,523 Montreal St. By . . Feb. 185,864 Oct. Ito Feb. 28.... 1,027,213 Light Co . 1 to Feb. 28 ... & Lt.b.Dec. Jan. 1 to Deo. 3i.... Korfolk By. 14,429 30,736 148,471 75,267 13.523 820 16,738 49,637 37,329 4.886 1,608 5,047 49,980 30,963 5,070 84.689 l,la0,258 7,253 97,"i49 1,021,935 6,044 Feb. Jan. I to Feb. 28 Nortb Tex. Tract b Feb. Jan. 1 to Feb. 28 Oakl'd Tract. Con. bFeb. Jan. 1 to Feb. 28 Olean St. By. Co.. Feb. Jan. 1 to Feb. 28 Orange Oo. Tract. ..Feb. . . 16,236 18,100 m 10,108 37,824 2,594 1,729 3,737 5,086 22,688 1,150 2.382 5,193 268,112 124,123 118,561 30,062 168,685 937,821 18,742 87,968 325,336 12,242 37,265 819,564 11,225 24,002 54,011 658,189 11,278 22,847 50,737 614,039 4,765 11,023 22,902 269,884 8,822 9,004 22,057 286,167 60,312 126,777 36,423 80,531 100,354 205,027 6,615 15,403 5,462 80,825 7,766 79,569 56,883 116,490 35.333 72,963 85.546 180,057 6,400 13.625 5,798 78,666 7,755 77,068 24,860 63,223 11,852 29,736 43,778 86,930 2,707 7,605 28,729 45,238 12,527 24,683 85,929 78,181 2,674 6,780 July 1 to Feb. 28.... PeeksKlU Lt.&RR aFeb. July 1 to Feb. 28 Bochester A East'n Bap. Railway Feb. 12.807 July Ito Feb. 28.... 154,223 Bochester Ry. Go.bFeb. 123,920 Jan. 1 to Feb. i8.... 258,416 July 1 to Feb. 28.... 1,043,856 Bockford Belolt& JanesvlUe Feb. 7.804 Jan. 1 to Feb. 28 15,500 St. Joseph By. Light Heat A Power Feb. 50,607 Jan. 1 to Feb. 28.... 1U8.633 . Roads. def.383 def.80 33,158 2,444 34,oeo 19,163 2.091 82,180 760 7,857 f991 109,376 222,428 897.300 50,584 49,478 106,383 471,483 7,524 14,987 1,619 4,291 3,273 49,805 102.286 17,063 40.036 17.509 88,080 def. 40.567 82,754 410,670 , $ Ctirrent Previous Year. Year. $ $ A California Oas Electric Corporation.. Jan. Olnclnnati Dayton A Toledo Traction Jan. June Ito Jan. 31.... Oin. Newp. & Cov. Ry, Nov. Co... Jan. Ito Nov. 30.... Detroit United Ry. (all properties) Feb. Jan. 1 to Feb. 28.... Duluth Street Rv... Feb. Jan. 1 to Feb. 28.... Elgin Aurora & So. Jan. Jnly 1 to Jan. 31.... Honolulu Rapid Transit &Land Feb. Jan. 1 to Feb. 28.... k76.618 k47,150 20,651 135,596 16,287 1Idf.9.613 128,806 18,156 def.7.754 16,792 185,051 16.483 181,184 92,970 186,407 16,711 83,440 9,333 65,172 89,787 177,354 16,445 32,820 9,256 64,374 4.836 9,705 49.222 45,833 19,651 187.666 34,305 14.872 189,379 *17,137 *df.7,369 *50,691 *def.9,599 1,405 def.2,316 4,361 def.1,942 2,276 3,129 55,760 60.242 4,340 8,679 5,321 10,818 3,802 11,852 3,080 8,109 30,033 4,166 def.2,587 8,454 Houghton County St. Ry. (Hancock, Mloh.). Jan. Aug. 1 to Nov 30.... Ind'p'lis & East.Ry. Jan. International Tract. Co. 3,407 8,284 33,195 4,166 System (Buflalo).. Feb. 126,201 July 1 to Feb. 28.... 1,096,646 Jacksonv. Elec. Co. Jan. 3,016 Lexington Ry Feb. 5,819 11,638 Jan. Ito Feb. 28.... Lond.8t.Ry. (Can.).. Jan. 2,123 Milwaukee Elec. Ry. & Ught Oo Jan. 74,350 Heat Lt. Montreal Rv... Feb. St. Jan. Oct Ito Feb. 28.... Mnncle Hartford & Fort Jan. Ito Feb. def.1,572 16,442 3.062 19,947 720 904 def. 126,491 def.27,487 def.41,802 130,619 1,059,639 221,748 3,176 7.609 4,077 433 1,606 5,611 4,230 def. 911 471 2,061 *45,142 74.719 'Sl.SSO 18,943 20,477 95.806 14.220 16,940 85,789 def.201 *def.l,958 20,326 17,491 4,167 8,334 19,287 201,489 4,000 8,000 17,457 201.298 22,917 45,834 9,482 19,706 80,818 61,303 2,693 6,386 26,776 53.762 216,613 22,666 45,132 9,333 18,668 26,667 58,134 2,462 4,904 26,220 62,345 206,890 -261,132 *14,722 •31,186 '207,998 2,626 5,263 2,697 5,894 def.1,007 def.972 def.876 def.2,121 & Milwaukee Trac. Co Feb. 28.... Norfolk Ry.&r.t.Co.Dec. Jan. 1 to Dec. Bi.... 229,530 598 2,689 J6,967 n05.247 233,776 def. 178 1,004 18,020 t63.816 Northern Ohio Traction & Light Co Feb. Jan. 1 to Feb. 28.... North. Texas Tract Feb. Jan. Ito Feb. 28.... Oakl'd Tract. Oons.Feb. Jan- 1 to Feb. 28.... Olean Street By.... Feb. Jan. 1 to Feb. 28.... Bochester Ry. Co... Feb. Jan. 1 to Feb. 28.... Jnly 1 to Feb. 28.... Rockford Belolt & JanesFeb. ville Jan. 1 to Feb. 28.... Ban.Fran. Oakland & San Feb. Jose Ry Jan. 1 to Feb. 28.... Savannah Electric. Jan. acranton Ry. Co Feb. Jan. 1 to Feb. 28.... Seattle Electric Co. Jan. Syracuse Rapid Tr. Jan. Jnly 1 to Jan. 31.... Tampa Elect. Co. Jan. Terre Haute Tr&Lt Jan. loL Rys. <fc Lt.Co.Feb. Jan. 1 to Feb. 28.... Twin City Bap. Tr. Jan. * t 1,821 — ^Bal. of Net Eam'gs.—^ Int., Mentals, etc. Ourre7it Previous Year. Year. $ WayneRyCo 20,825 76,788 11,409 6,850 13.864 North.OhioTrac.&Llfirht Co.a 36,947 blVet AArnlnffs h<«r« elven ari >i«for« dednotlng taxes. e Inolndes South Oovlogton A Clnolnnati St. By. Oo. f Ten per cent of gross Income charged Into operating expenses In February, 1905, to create a reserve fond for damages. The niinols Traction Co. Is a consolidation of Danville Urbana A Champaign, Urbana & Champaign By. Qas & Electric Co., Danville St. By. &. Light Co. and Decatur &7. & Light Oo. n These earnings Inolnde the Detroit United By., Detroit & Port Huron Shore Line and the Sandwich Windsor A Amherstbnrg By. Houston Elect. Oo. Nov. Lima Jan. 14,791 30,592 14,787 19,247 32,770 51,933 24,630 210,119 7.070 11,321 52,086 115,647 162,410 a Net earnings here given are after dedaotlng taxes. 163,111 83,287 928,177 11,209 24,565 Indianap. & Northwest Traction Co Jan. 22,598 2,082 July 1 to Jan. 31... 221,977 91,528 International Tract. Co. 8y8tem(Bnfralo)b.Feb. 290,939 284,349 98,714 July 1 to Feb. 28 2,863,737 2,756,084 1,318,394 Jaoksonv. Elec. Co. Jan. 25,560 21,456 10,625 Kan. (?lty By.& Lt.aJan. 347,379 314,233 135,947 June 1 to Jan. 3i.... 2,956,987 2,581,665 1,283,651 Lexington Ry. b...Feb. 21,782 21,493 7.425 Jan. Ito Feb. 28.... 45,740 16,869 Mnncle Hartford & Fort Wayne By o.a..Feb. 25,741 49.717 15,733 17.250 41,813 59,124 29,954 222,108 12,219 16,060 64,174 139,028 176,806 Interest Charges and Surplms. Houghton County St. Ry. (Hancock, Mich.). Jan. Houston Elect. Co.. Nov. Aug. 1 to Nov. 30 rwln City Rap Tr.b Jan. youngstowB-Sharon Ry. Jul St Lt. Co.a 28,069 68,118 39,734 58,830 116,080 189,813 67,460 482,106 24,987 41,188 124,037 261,555 331,412 41,056 Terre HauteTr&Lt.Jan. 8,533 det.1.993 8.711 1,088 4,764 det. 41.170 81,561 41,840 61,221 130,274 201,760 74.205 514,815 31,139 46.247 133,405 284.349 851.120 Tol. RyB.<&Lt.Oo.a.Feb. Jan. 1 to Feb. 28.... Year. Soad*. Alb'nydcHad.BB.aJaiL Aurora Elgln&Oblo. Jan. By Feb. Jan. 1 to Feb. 28.... Savannah Eleotrlc.Jan. ScrantonRy. Co....Feb. Jan. 1 to Feb. 28..-. Seattle Electric Oo. Jan. Syracuse Rap. Tr.b Jan. July 1 to Jan. 31.... Tampa Elect. Co. ..Jan. Jose . 18,009 25,587 10,563 18.660 37,320 25,135 20,834 142.058 1.937 8,962 42,819 85,520 197,325 1,933 7,889 2,870 10,031 12,960 25,627 14 2,210 *23,234 *53,ti09 63 106 8,194 6,022 9,862 24,997 122 876 7,398 12,732 7,398 14,310 24.130 16,282 10,563 5,180 4,224 536 18,711 def. 1,410 87,421 4,493 def. 4,651 23,187 83,989 28,746 20.296 9,620 4.334 141.849 80.050 68,270 4,942 2,128 10,282 9,539 7,098 1,792 41,690 21,355 10.496 82,902 58.508 32.745 187.519 78,481 74,891 After allowins: tor other Income received. Fixed charges Include dividend on preferred stock. 1 ThlB Burplns Inoladea proportion of Burplus of City Qas (3o. amounting to ¥3,352 this year against $3,429 last year In December, and to $36,852 this year against $^8,947 last year for period from Jan. 1 to Dec. 81. H After allowing for eost of bridge destroyed by flood, $1,139. l£ Inoluaes also sinking fund charges. THE CHRONICLE 1170 Vol. lxxx. ANNUAL REPORTS. CONDENSED BALANCE SHEET DEC. 1904. la omitted to-day, will Adirondack Ry Sohen. & Daane. RR Railroad equipment Chat. President Divid Willcox writes in substance: General.— Dividends upon capital stock have been paid at the rate of 7 p. 0., amonntlng to $2,756,182; the snm of $1,600,000 haB been charged to profit and loss and credited to the account of mining plant and the balance of the net Income of the year, $196,359, has been credited to profit and loss. Additioj«8. Etc.— Betterments and additions to the property have aggrejrated $2,465,242. No addition by reason thereof has been made to capital accotint. Their cost has been a« follows: Coal department, $44 4,634; railroad department, $749,148; new eqnlpment for rail- road department, $1,871,460. The followlne new eqnlpment has been acquired by purchase or construction: 50 locomotives, 26 oars for passenger servioe, 171 cars for freight and company service. OAPiTALizAxroN, ETC.— Debentures have been paid as follow?: Equlpmeit debentures, $20 ),000; car trust certifloates, $150,000; Hudson Coal Co. debentures, $235,000; total, $385,000. In addition 4,171 shares of stock have been purchased for the sinking fund and Total of said redactions in capicanceled, being at par $417,100. talisation. $1,002,100. The sinking fund for the year 1904 was as follow?: Dividends on stock heretofore retired byslnklne fund, $59,971; amount charged In eipenpes of coal department, $228, cot!; total sinking fand for 1904, f 287,977; total to credit of sinking fund for 1903 and 1904, $501,663.This entire amount, with $7,440 additional, has been expended In purcbaslcg and retiring 4,171 shares of the company's capital stock, as above stated. Coal Odtput.— The total amount of anthracite coal produced by all parties during 1904 was 57.492,S22 tons. The amount produced by this company was 5,832,668 tons. At the close of the year it had on hand 203,176 tons. Stock.— An Increase of $10,000,000 in the capital stock was authorized on March 7, 190*, of which amount $7,000,000 was Issued to the stockholders at 135. From the proceeds were paid the outstanding bonds and debentures of the New York & Canada Ry. Co., $5,000,000; the outstanding bonds of the Chateaugay Ry. Co.. $200,- New 000, and the expense of standard-gauging the Chateaugay & Lake Placid Ry., amonntlng to $2,085,778, and the balance was applied to general purposes. Accordingly, the New York & Canada Co. has Issued to this company its 6 p.c. pref stock to the amount of $5,000,000, and the Chateaugay & Lake Placid Co. has Issued to this company Its 4 p. 0. preferred stock to the amount of $2,000,000. The balance sd expended on account of the Chateaugay & Lake Placid Co. has been Chronicle,— Ed ] the amount produced by your The total output of coal, ccmpany, and the amount transported for others, were Tern* (0008 omitted) Total output 1904. IPOS. 1902. 1901. 1900. 1899. 1?9S. 1897. B7,49i 69,862 81, 200 63,668 45,107 47,665 41.900 41,638 H Produced by D. & W32 Carried for other companies 2,w23 Total tons carried 8,255 5,979 2,679 3,127 1.513 5,055 4,017 2,616 a,«il 4,183 2.816 3,034 1,679 3,fle6 8,658 4.610 7,571 6,430 5,613 5.647 6,223 1,681 OPEBATION8 AND FISCAL BESULTS. 180 1. 1903. Operationt— 1902. Pass, carried earn'g revenue. 6,633,135 6,313,818 6,074,613 No. of pass, carried 1 mile... 113,873,216 111.050,>i35 103,8 27,273 2"185 ots. 2*285 cts. Av. receipts p pass, per mile 2 250 cts. $0*91372 $0-96889 Pass, earnings per train mile. $1 06134 10,6.'i9,444 Tons fr'ght carried earn. rev. 15,612,163 15,009,808 Tons freight carried i mile. .1782.362,895 1616,518.022 1159.831,753 0*661 cts. 0-675 cts. 0-711 ots. Aver, receipts p. ton p. mile. $2-85207 $2-60014 Freight earns, per train mile. $2-45464 420-39 393'32 Av. No. tons freight In train. 345*47 Qross earns, per mile of road. $17,880 $17,739 $16,031 Equipment — 836 392 384 392 352 380 13,298 14.160 18,205 cars... 541 Earnings Coal Department — $ Coal sales at mines 163,503 do do at railroad dept... 1,243,502 do do at other points 17,493,730 Coal added to stock 131,678 267 Lioojmotlvee Passenger oars Freight cars Company 205 40,091 511,484 $ 163,417 904,000 18,461.617 654,197 12,979 347,207 19,583,988 20,543,417 18,820,904 10,562,283 5.968,312 11.628,821 4.703,997 5,809,649 3,683,049 682,832 584,840 863,951 870,799 17,203.427 2,380,561 16,817,158 3,726,259 11,207,443 1,113,466 4,332,168 6,674,166 3,263.022 1,801,768 4,045,206 4,773,526 8,303,148 1,621,074 2,8 '31,284 Total earnings 15,071,124 Operat'g expen. ofrailroads- 18,642,954 11,050,690 2,407,319 2,803.525 9,679,342 1,805,096 3,123,383 2,565.541 2,485,467 994,806 1,543.400 2,169,908 2,235,182 740,660 Interest, rentals, etc. 9,196,281 6,875,843 2,999,967 8,169,196 6,473,758 2,994,860 6,689,150 4,861,540 2.977,120 Profit to D. & H. Co. f r'm RR.'s do do from coal depart't. 2,876,886 2,330,661 2,478,893 8,726,269 1,384,420 1.113,456 6,256,447 808,9 i4 6,205,167 2,290,363 2,497,876 4,462,528 2,756,162 3,914,794 2,450,000 2,497.876 2,450,000 1,696,361 1,464,791 47,876 Miscellaneous profit Interest on investments Total earnings Expenses Goal Department— Mining and preparing coal.. Railroad transportation Oeneral, taxes, handling, sinking fand, etc Value of coal sold from stock. Total expenses Net Coal Department Earnings of Kailroadt — Lines In FermHyivanla Albany & Bu-quehanna RR. R«^n. & Sara. KH. and Adlron. New York A Canada RR LlnPB In Pennsylvania Albany A SuHq'ifihanna RR.. Ren. & Bara. RK. and Adlron. New York A Canada RR Total operating expenses Net earnings of railroads Deduct Total profits Deduct— Charged off Net earnings for year. Dividends (7 p.c.) Borplns $ 112.699 746,545 11,074,256 83,767 803,647 3,966,036 8.02<,.'i38 1,239,832 12,60''. ^'31 10,8.?0,950 8.374,292 286,299 7,879,435 10,000 799,321 800,000 Coal handling & storage plants... 237,166 Sapp'les on hand (cost) 2,248,069 Shop machinery, tools, etc 405,133 Ooai at agencies (cost) Fire insurance fund 116,668 Stocks and bonis owned *12,483,866 Advances on unmlned coal 899,686 •ash 2,633,001 Due from paymasters, etc 1,511,096 Bills and accounts receivable 3,033,021 Total assets Liabilities— Capital stock 5,260,204 12,148,716 14,966,093 8,038,768 l,COf>,<iO0 Marine equipment Coal department equipment Mining plant, breakers, Ac, 62,497,029 1,000,000 600,000 10,000 820,944 10,000 841,922 2,488,634 241,616 1,746,666 509,822 94,604 2,30'>,000 190,032 2,150,032 644,610 1,352,733 892,559 892,302 6,451,488 876,298 900,520 1,772,205) 1,705,678 3 65,467,389 5,029,314 55,513,891 40,990,000 84,407.100 31,507.100 9,150,000 9,500,000 9,350,000 Int., divs., etc due Jan. 1 571,050 575,050 557,560 Int dlvs. and bonds unclaimed.. 185.461 131,711 130,923 Sinking fund to retire cap. stock 813,^85 179,842 Fire Insurance fund 159,321 100,357 Audited pay-rolls 1,185,720 1,134,631 Audited vouchers 2,469,1=14 2,605,556 4,017,102 Other accounts payable 1.062,202 189,853; Profit and loss 6,800,573 6,593,154 6,670,628 Bonds (see Rt. & Ihd. Sbc.) . . Total * 62,197,029 liabilities. Stocks and bonds owned as follows; 55,467,389 55,513,891 Stooks— 50,000 shares N. Y. &Oan BR pref., 39,999 common; 20.000 Ohat'ay & L. P. By. pref.; 8,000 Reus. & Sara. BR 4,500 Alb, & Sasq RR.; 6.778 Ch. Val. Sh. & Alb. RR 2,246 Champ. Transp.; 4 Del. & Hud.; 1.879 Ohat'y Ore & ; ; Iron 1st pref., 1,811 2d nref., 12, SCO common; 2,000 Hudson Coal Co.; 1,000 Blnff Point Land Impt.; 1,69823 Jackson Coal Co ; 750 Ohat'y & L. P. Ry. com.; 450 Coop'n & Charl. Val. RR ; 2773, oo United States Hotel, Saratoga, N Y.; 108 N.J. <k N. Y. RR.; 30 Laurel Ruq Turnpike; 75 Troy Union BR.; total, $12,487,150. B9nds— Oarbondale Gas Co.. $8.000 bonds and mortgages on real estate, $8,716 ; total, $16,716.-V. 79, p. 2795. ; Texas & Pacific Railway. ^Report for Fiscal Year Ending Dec. loss. [See also page 1148 of to day's 5,146,357 500,00!) A Lake Placid Ry. const'n . charged to profit and 5,141,150 12,600,000 10,i99,4l3 1,000,000 to Delaware & Hadson Company. fReport for Fiscal Year Ending Dec 31, 1904 J 1902. $ "Annual Reports," which Real estate Unmlnpd coal be found in Chronicle of March 18. Railroad construction Annnal Reports.— The index 31. 1903. SI, 1904, President George J, Gould says in part Obnesal BEBULT8— Qross earnings increased $338,404, or 2 79 p. expenses deoreasel $174,413. or 2 10 p. 0., leaving an Increase In net earnlng<i of $n2,817, or 1346 p. 0, Gross earnings per mile show a decrease of $194, owing to an Increase la the average mileage operated over the previous year of 99 miles of new branehes. The increase per mile in net earnings wa"? $161, or 7-31 p. c, the largest net earnings per mile In the history of the company. The Increased revenue from operation is largely due to passenger traflBo, which, owing partlvto the Influence of the World's Fair at St. Louis, increased $867,197. or 14 p. o. expenditures of operation was largely due to a deThe decrease crease In maiotenance of $114 per mile. This was made feasible by the Improved physical condition of the property resulting from the liberal expenditures for Improvement in past years rendering economy 0.; m in operation possible. INCBEASE IN LooAL Teaffic— Perhaps the most gratifying feature the marked Increase In local trafSs, both freight and passenger, with all railways operating In comparatively new and sparsely settled sections, the development of local business Is of paramount Importance. The local tonnage transported for the five years ending Dae. 31, 190), amounted to 7,385,042 tons, producing a revenue of $15,741,748, against a tonnage for the previous five years ending Deo. 31, 1899, of 4,530,398. producing a revenue of $11,262,994, or an increase for the last five years of 63 p. o. and in revenue of 40 p. o. The new mileage acqnlred in the above period has mostly been In branches is penetrating territory tributary to th^ line In Louisiana. The movement of grain from the interior to the Southern seaboard mateil illy decreased during the year, affecting the earnluKs of the road In the transportation of wheat and corn to a c >nsidsrable extent compared with the previous year, the company's elevators at New Orleans handling comparatively little business during the season. The exDorts of domestic grain, rice and fl )ur from the Port of New Orleans for the year 1904 compare as follows: 1908. Calendar Year— 1904. 11,989,273 Wheat, bushels of 56 pounds 1,894,054 18,832,203 6,233,427 Corn, bushels of 60 pounds 624,337 Flour, barrels 1,374,844 61.555 86,935 Oati, bushels of 32 pounds 29.407,375 899,907 Rice, pounds 72,829,8(35 56,388,606 Rice exported to Porto Rloo, pounds Bbanoh Lines.-The company's branch lines in Louisiana, which embrace a total mileage of 340, were finally completed and put In operation at the commencement of the year 190 1, and are already showing excellent results. Daring the past year they have more than earned the Interest on the bonds Issued for their constrnctlon. Bonds —The cost of construction of the branch Hues in excess of the bonds Issued therefor daring the year was $297,154. There were issued and sold during the year the following bonds: First mortgage Loulclana Dlvl-lon, $65,000; first mortgage 5 p. c. bonds, $114,000. The first mortgage eastern division 6 p. o. bonds. $2,766,000, will be redeemed at par on Mar. 1, 19)5, and replaced by a llkd number of first mortgage 5 p. c. bonds. The ftxpendlf.nres for the betterment of the property made during the year and charged to Income aggregated $396,503. of which for ballasting $210,857; side and double tracks, $106,02S; water stations, dams, etc., $ti4,770; depots and other buildings, $56, 134 [remainder scattering). OBNRRAi. Rbmarkb.— On the eastern division a great deal of land is being cleared and tbouiandit of fruit trees set ouf, between Edgewood and Texarkana. RilHlni; potatoes for the early summ'>r marbet Is a growing Industry. At Big Sandy and Lake Fjrk. new saw mills have been erected, and at Grand Saline a new salt works has besn built. la Dallas and Fort Worth many new Industries have been established and these cities are growing rapidly. At Dsnton, a new fl )ur mill, with a capacity of 250 barrels dally, was built and has been In opera- summer. At Abilene, on the Rio Grande tion since Ust division, a large cotton oil refinery Industries have been establiehsd along the line of the western division and immigration Is fast settling up the country between Balrd and Big Springs. On the Lonlslauii division, near Mile Post 6, a company is erecting a large plant for the purpose of mtnuraoturing paper from bagasse, being the cruihed sugar cano heretofore useil for fuel. This Is an entirely new enterprise. At Mlle-Post 64, one of the largest timber nallls has been bnllc. Numerous Mab. THE CHRONICLE. 25, 1905.] 1171 In the State bas been erected. On the Indian Village branch, a large cooperage mill Is being bnllt, and at Belle Alliance, on the La Fourohe branch, a very large glnoose and syrup factory has been erected. Ameriean (Bell) Telephone & Telegraph Co. ^Report for Fiscal Year Ending Dee. 31, 1904. J F&EIGBT CARBIBD (OOOS OMITTED). The remarks of President Frederick P. Fish, together with the company's income accoant and balance sheet and a table showing the growth of the Bell system for a series of years, will be found^on pages 1180 and 1181. (Cjmpsire V. Tear— 1904 tons. .... ..3,673 1903.... ..4,072 1902.... ..3.816 1901 ..3.792 1900.,.. ..2.891 .... Manuf.di Live Total Lumber. 608 649 608 568 4C0 stock. Grain. Cotton, Goal, 128 137 127 116 117 181 592 485 569 376 218 222 211 192 192 365 424 324 404 344 merch. 870 894 1,03« 1902. 1901. 1903. 1804. $ $ $ $ Assets 87.768.214 87.405,559 84.881.597 2,930.611 Railroad, eqalp.. etc PaolfloRR 8tock..a6,'716.200a6,7ie.200a6,7l2.900 6,712,600 N. O. 686,108 2,024,923 2,066.190 682,054 Securities owned 3,074,000 (c) (c) (c) Bonds tn escrow 4&0,390 39?.937 500,390 509,206 Elevator pjoperty 180,894 1.744,275 2,140,116 2,063.513 New equipment 141.440 141,440 141,541 141,541 Gordon coal mine 615,694 564,897 522,876 225,656 Materials on hand 250.237 2,05.'^.90O 351,133 t09,727 Cash on hand 1,126,940 1,126,850 1,250.569 1,146,648 Aooouiits collectible 36,ei0 31,930 39.153 36,508 Land notes receivable... 144.117 106,815 231,662 168,203 Miscellaneous 99,618,528 99,864,168 98,602,292 99,411,985 Liabilities — INCOME ACCOUNT OF PABENT COMPANY. 6is8 Financial Results.—The income account for four years past was giveo in the Chronicle last week on page 1108. OBNBBAL BALANCE BHBET AT CLOSE OF EACH FISCAL TBAB. Total assets 80, p. 1113.) £93 88,763.810 38,763.810 38,760,810 38,760,110 5»,2*i2,814 £4,279,602 53,288,883 55,630.296 290,788 Equipment obligations.. 1,791,613 2,250,010 2,173,407 963.438 946,214 931,377 807,584 Vouchers and pay-rolls.. 3J9.702 294,552 292,848 308,118 Int. due and accrued 1,983.400 1.625,000 1,200,000 Bills payable.. 286.127 316,501 369,441 470,145 Other accounts 1,271,039 1,346,106 1,569,284 3,220,440 Income account 1904. 99,618,623 99,854,168 98,602,292 99,411,985 (a) This Item is not an available asset, but is held simply to protect certain rights and franchises appertaining to the line In Louisiana. (c) The first mortgage &B, which in previous yeais were carried in this item and also on the other side of the account, being reserved to retire the Eastern Division bonds, no lODger appear on the balance sheet, though an amount sufliclent for this purpose was ot course still in esok'uw at the end of 1904. The reserved bonds have since been Issued, the Eastern Division bonds having matured March 1, 1905.— V. 80, p. 1108,1059. Cbioago & Oak Paik Elerated R&llway. ^Report for JSix Months to Dee. SI, IS04.J President Salnebury says in substance: The Chicago & Oak Park Elevated Railway Company was formed April 22, 1904, and entered Into an agreement for the acquisition of the securities of the Chicago & Oak Park Elevated RB, Co. (formerly known as the Lake Street Elevated RR. Co.), in accordance with which arrangement this company has received and holds, of the securities ot the Chicago & uak Park Elevated RR. Co., the following: Income bonds, par ^alne $852,800 87,082-29 Stock (Shares) In addition to the above we are advised that 7,416 636-1.000 shares of the stock of the railroad company have been deposited under the terms of the arrangement for the exchange. The company has also received and now holds $1,384,160 of the notes (demand obligations) of the Chicago & Oak Park Elevated RR. Co. lor moneys advanced and loaned to said company. The railway company has issued and now has ontstandiDg $J44,v50 of its notes (demand obligations), in addition to which there is the debenture note Of $360,000 Issued by the Chioa go & Oak Park Elevated RR. Co. in settlement of the claim of $770,084 58 of the Northwestern Elevated RR. Co., and by this company Indorsed over and guaranteed to the Northwestern Elevated RR. Co. EAKNINOS, EXPEKSES AND OHAKGES OF RAILroad. 1902. f Interest Total Administration Legal expenses Interest and taxes Telephone trafflo 8.400,301 3,438,606 6,678,448 76.782 1,055.522 7.802,834 3,047,088 4,888,168 73,332 734,220 6,023,523 2,299,379 4,199,708 56.030 698,816 16,645,632 18,277,457 1,103,493 ,... 962.298 95,665 1,993.680 2,929,425 964,827 124,646 1,970,948 2,381,764 6,980,967 83.530 2,670,084 3,413,850 7.270.967 11,275,702 x9,799,117 (71* p.o Surplus Carried to reserves Carried to surplus X On the amount of stock held 8.619,151 1,945,614 1,250,868 686,149 890,436 ) 6.442.185 7,835,272 6,584,404 728,140 1,217,374 522,247 728,621 1,476,584 Dividends 10..'=.64,665 1,476,586 Total Net revenue Capital stock liabilities $ 18,646.659 Dividends Rental of instruments Telephone trafflo Real estate Bonds, etc Total 1903. $ Earnings- 1,946,514 1,260,868 by the public. See foot-note to bal- ance sheet below. BALANCE SHEET DEC. 31. 1904. Assets— A 1903. S 9 26,876.806 6.767.190 7,301,689 Telephones Real estate 2,009,749 2.232,944 Stocks and bonds 138,684,248 130,678,449 Patent account 219,834 173.864 Machinery and tools 48,127 48,127 Cash and deposits 13.192,673 13,319,633 Bills and account receivable 36,140.048 22,397.407 American Bell Telephone Co.... 22,110,400 22,110,400 Old Colony Trust Co., trustee... 25,000,000 Construct'D, equip. snppllea.. 30,889,710 Total Liabilities— Capital stock Capital stock Instalments Surplus.. Bonds (see V. 80, p. 1113) Notes Reserves Accounts payable Contingent 1P02. $ 22.496,192 6.522.106 1,745.380 114,864.799 166,014 48.126 6,933,364 16,628,621 22,110,400 27M19,673 224,381,525 190,414,903 yl&8,661,800 154.179.300 114,946,500 1,972,380 11,172,472 4,710,665 3,493,290 6.601,100 63.000.000 28,000,OCO 28,000,000 20,000,000 7,942,075 6,079,262 8,726,616 *9,184,948 8,931,895 8,078.169 18,645,210 18,645,210 18,645,210 273,819,673 224,381,525 190,414,903 Total Including In 1904 «2,959.907 for dividend Jan, 16, 1905. the capital above stated shares to the amount of $27,110,400 are held as a reserve for certain iadebtedness and for the beaedt of the Treasury, and on this stock dividends have not been paid; amount held by public and receiving dividends, $131,551,400.-7. 80, p. 1110 1113. * y Of Cambria Steel Company. f Report for Fiscal Year Ending Dee. SI, 1904.) The report, signed by Chairman E. B. Morris and President Powell Stackhoase, says In sabstance: Fboduction.— Shipments of steel show a decrease compared with the preceding year of 25-2 p. c. in oiuantity and in the gross value of all products shipped of 36*7 p. o. The depression in the steel business that commenced in the summer of 1903 continued In a more severe to ended to form up to October, 1904; It was most pronounced In curtailment of Dee. 31, June 30, Dec. 31, Jtif.eao, orders on the part of railways and shipyards, little new building being 1604. 1004. 1904. Deduct— 1904. Earnings— Passenger. $101,730 $30«,209 Reserved for taxes... $15,8-*3 $28."67 done, and repairs either neglected or maintained at the minimum. Other 7.397 10.721 Rentals least: d roads'. 82.766 CocnmenclDg with October, 1904, our business has been of satisfac«2.405 Interest on debenture tory volume, excepting in plates and rails. Oar plate mill has been Total earnings... $iC9 li!7 $824,931 note 3,500 turning out about half product, and our heavy rail mill has been Idle Bio.— Maint.way.&c. $11,042 $21,770 Interest on car equip. or running on a restricted tonnage and prodt. Maint. equipment.. a('.007 4 4.127 and other notes 20,802 Conduct, transp'n.. 202.201 384.708 Interest on bonds NOTES.— Of the $3,500,000 term notes issued Deo. 15, 1900, $2,890,114,150 •322.424 Ueneral 12,041 27.823 000 have bnen paid, including $665,C00 In 1904, leaving $610,000 Totals $196,74 2 $433,947 outstanding, $45,000 of which are due and payable in 1905 and Total $245,886 $478,4£0 Deficit $31,862 $87,416 $565,000 In 1606. Add— For int. on notes Mimebal Pboperties.—The coal, iron ore and limestone properties Net earnir gs $163,131 $346,500 to railway company 28.677 owned produced satisfactory results, but as favorable opjwrtnnltles Other income 1.647 Total d eflcit $58 ,440 $87,446 cffer, the quantities of these base supplies should be further supple* Includes other interest. Total Income $164,870 $346,500 mented, thus reoognlzlng our corporate obligations to the future. Our Penn Iron Mining Co. shipped from its mines on the Menominee BALANCE SHEET OF BAILroOd CO. Range, Mich., 140,527 tons of iron ore for use at your works. The Dec. 31, June 30, June 30, Dec. 31, Republic Iron Co. of Michigan, of which you own about 99ia p. c. of 1904. 1804. IV 04. 1904. the capital stock, shipped from its mines in the Marqaette Distriot; Astets— LiabUities— $ $ $ $ Conftrnction and Capital stock 123,120 tons of iron ore, about llO.Ooo tons of which we will ase, the .10,000,000 10,000.(00 equipment 17,378.439 Mortgage bonds.. 5.000,000 6,000 OdO remainder having been sold. The Mahoning Ore dt Steel Co., Mesa^i Bignt of way and Income bonds } 17,726,485 1,00\000 1,U0 ',000 District, Minnesota, of which we own 50 p. o. of the capital stock, property 436,7961 1,780,500 Notes pay able X2,2' 7.150 produced, on account of our one-half interest, 360,000 tons of iron Cash and accts. 56.000 Car equip, notes 43,0 ore In 1904; its annual output can be increased, when required, and receiyable 14,664 134,116 Contract oblig'ns. 60,491 its ore reserves are ample to supply you with this class of ores for a Stocks and bonds 8.713 Real estate morts 8.363 In treasury 10,903 very long term of years. Secur. boriowed.. 150.1 00 Ist mtee. bona* Accrued taxes. ... SO.O Franklin Plant.— In November, 1903, five 60-ton open-hearth furas collateral ... 678,000 437,833 Miscellaneous int. 114,175 33.687 naces were under construction the product not being then required, tinadjuiied accts. BH,362 58,009 44,082 Accounts payable. 48,314 work was suspended. This was resumed during 1904. and at this Deficit 114,053 17,601 04,418 Unaojusted accis. 12.823 date three of these are producing steel; the two remaining should be ToUl 18.693,885 18.805.343 Total 18,693.865 18.395.316 operative within ninety days, completing the fifteen COton furnaces authorized, with an estimated capacity of 30,000 tons of steel lni<ots X Includes: Debenture note (for debt to Northwestern Ij), $360,000; ChlcsKO per month. The two additional plate slab-heating furnaces under susA Oak Pttjk Elevated Ry Co., $1 040,000. "only a bookkeepicg item." represent- pension per last annual report are now being completed. The coaing cash raised at organization; Chlcsgo & Oak Park Elevated Ry. Co.. $344.struction of blast furnace No. 7, authorized in April, 1903, work on l&o; notes uecured by first mortgage bonds as collateral. $4s3.0y0. which was suspended in November, 1903, was resumed in latter part of BALANCE SHEET OF BAILMttV CO. DEC. 31, 1904. 1904, and IS now being pushed to completion. Asuts— LiabilitUtCoke Ovens.—The 100 Otto-Hoffman ovens, under oonstruotlon at Stock of Chlcflgo 4 Oak Park Preferred stock.... $2,986,000 last report, were completed and put In operation In Aui<ust and SepElevated RR. Co. (87.Common stock 5.416.300 remher, and are producing satisfactory results, making a total of 260 C8vi-2» thares) and Income $8,402,300 by product ovens In nse. To provide for your increasing output ot bonds Chic. & Oak Park El. In escrow to be Issued— RB. Co. (par). $662,800. metal, an additional 100 ovens should be authorized during 1005. Preferred stock.. $45,060 Carried at $7,464,696 Cab Shops.— Owing to the suspension of car orders by the railroad Ccmmon stock.... 67.491 Notes receivable 1.384.160 112,660 companies, this plant was operated during 1904 only for a short time. Cash on hand I,8i4 Notes payable 344,160 Orders now in hand promise full work for 1905. Bxpenies SJaso Improvements.— There was expended tor Improvements $730,033; of this amount $656,052 was charged to plant additions, and the re$8,860,010 ToUl mainder, $73,981, was repaid by amount realized from sales in 1904 fl mo». Year a mos. Tear tnded . . ; THE CHRONICLE, 1172 of real estate and minerals nncler terms of your lease from Cambria Iron Co. There was expended, In addition, $224,319 for replacements and alterations and charged to operating accounts. Manuacturkbb' Wateb Co.— This corporation, of which you control the entire capital stock, provides the water supply for yonr works; your nee averages 53, < 00,000 gallons dally. Hinckson'd Run Reservoir commenced In 1902; work was proceeded with during 1904 and $109,337 expended thereon. This Is now In use, and la substantially completed. Oonemansh pipe line Is completed and in use; amount expended in 1904, $13,612. The income account and balance sheets are as follow p: Nov. 1, 190T, to Dec. 31 , 'Oz Tear Tear 1904. 190S. $3,048,765 424,125 ^14 months). $3,472,880 three other minor Items in the inventory, has made It necessary to charge off $482,605, and this sum has accordingly been deducted from the earnings of the year, leaving the net surplus to be carried forward $106,777. The company has now abandoned and charged ofi' from its capital account two mills, which alone of its 30 mills have caused a loss every year since the company started. IMPEOVBMBNTS.— Since the formation of the company in 1899 the machinery in all its mills has been kept up to modern standards, as evidenced by the fact that the quality of its manufacture has steadily Improved and Us output has been increased fully 25 p. o. Improved meihods and a better distribution of business between the difi'erent mills have also played an Important part Inlncreasicg the efScienoy of the various plants. $5,660,204 Ket earns, from oper'n... $1,925,543 289,353 Rente, Investments, etc.. [YOL. LXXX. $5,084,260 575,944 The profit and 1901. $1,632,561 Net earnings on term Total net lnoome$I, 773,928 603,241 464,614 451,239 notes, etc $5,058,963 Balatoe $3,008,266 $1,763,657 Deduct — Dividends (S%)$1,360,000 (L%)$l,350,000(4i«%)$2,026,000 400,000 800,000 General depreo'n fund..,. 350,000 1,500,000 600,000 Betterm't and imp' t fund Total deductions Surplus BALAHCB SHEET DEC. 1904. 1903. % % KLeaseh'd estate. 33,090.3f 5 33,090.S05 Plant additions... f, 166.643 4,510.590 Real est.. Steel Co. 78,440 72,042 Sundry securities. I,ie0,3»2 1,132,132 Inventory acco'nt 5,956,703 «,511,05S Special deposit.... 2,500,000 3,760,000 Cash 1.084,078 344,545 Accts. receivable. 8,815,169 3,799,60 a Bills receivable... 116,034 393,698 AMtti— Total $4,325,000 $731,968 $2,250,000 $758,266 $1,700,000 $68,657 31. 1903. 1904. UabiUtiti— % % 45.000,000 45,000,000 Capital stock General dpprecia1,560,000 l,200,OC0 lion fnnd and Betterment improVm'tfund 2,000,000 2,000,000 includiDKdiv.... 1,581,''73 610,000 Bills pay..termntB 1,927,616 1,276,000 2,201,313 Accounts Profit & pay'le. loss acct. 2,^23,911 Total 52,866,684 68,603,928 52,P65,684 53,603,928 X Property, works, coal, ore lands, etc., nual rental, under Cambria Iron Co. lease for 989 years, being COO Cambria Iron Co.'s stock.-T. 78, p. 1166. subject to payment of 1338,720 an 1 p. c. on bonds. $350,000 Expen., includ. malnt. 210,172 Interest . . Misoellaneous xChargedofif Sinking fund 115,575 108,860 50,000 $1,667,152 $1,215,817 Balance, farplus. $106,776 $258,535 $1,181,028 $646,832 $1,157,655 $164,087 X See remarks above. BALANCE SHEET JAK. 1906. 1904. Assetst % Plant & real est. ,16,613,646 17,0P6,253 Good-will, etc.... 18.010,160 18,010,150 Cash 1,3:9,632 1.153,938 Account! recelv.. 1,172 631 1,220,502 19S.892 115,808 Notes receivable. 475,438 Company bonds.. 316,857 Miscellaneous. .. 10,235 10,236 Sup. & materials. 2,634,985 2,204.676 Sinking fund 274,425 398,800 Treas. com. stock 2.000,000 2,000,000 , . on f 3,468,- Surplus Preylous surplus Total surplus $908,055 $978,410 $342,096 332,670 127,006 248,379 284,829 267,638 127,006 266,575 274,658 $200,000 (2%)... Depreciation $200,000 1,000,000 $800,000 $300,000 700,000 400,000 335,970 127,006 228.040 $1,400,000 $1,200,000 $1,000,000 $700,000 OERBBAL BALAHCE SHEET DEC. 1904. 1903. Assets— Plant account t $ 10,008,847 10,274.761 454,2H4 Ca»h 662,440 Bills receivable... 35,954 57,390 Accts. receivable. 9,531,460 2.612,326 laventorles I,!j20,145 1,271,458 31. 1904. LiaHlitits— Capital (pref.) 5,699,600 Capital (commoD). e,3o0,300 Gold notes (4 p. c.) 400,000 Accounta payable 882,548 Pref'd dividends.. Common dlvid's. 127,008 Surplus Total 1901. 1,200,000 Preferred dividends (6%).. Common dividends -V. 80, 1902. 14,848,846 14,670,169 Total. 1,400,000 1903. « 6,599,500 6,86H,30<) 950,000 359,371 83,992 127,00a 1,200,000 1904. bonds 17,00 >,000 54,60S Accounts parable 5 p. c. Surplus 1,686,211 17,000,000 76,868 1,406,059 48.690,810 42,480,987 Total 42,890,819 42,480,927 80, p. 873. International Silver Co. (Statement for Fiscal Year Ended Dec. SI, 1904. J The company reports as follows for the years ended Dec. 81: 1904. Paper Company. Report for Fiscal Year Ending Dec, SI, 1904 J f T?ritlni; 1903. 1901. 1902. Brought forward $2,286,271 $2,119,518 $1,905,300 $1,678,383 904,017 938,137 614,933 Earnings for year.... 881.197 $3,786,497 $220,022 (4)204,300 242,657 $2,293,316 $223,391 $763,131 $771,384 $666,979 $2,427,167 $2,286,271 $2,119,618 BALANCE SHEET DBO. 31. $388,017 $1,906,299 Total $3,190,288 $3,057,655 Interest on bonds $332,593 $384,387 Dlv. on pref. stock... (4)263,080 (4)264,300 167,458 Depreciation Surplus Dec. 31 1904. $ Astttt— Plant, etc . 1 - Common 6,019,207 16,162.828 8,187,426 4 110,270 3,211,175 Stock on hand Other investm'nts 4 120,324 ist mon'ge bonds in treasury 138.719 703,371 158,369 625,940 Acc'nts and notes 1,815,168 receivable 1,758,884 Cash ,...28.002,954 26,903.717 Total —V. 80. p. stock.... Preferred stock... 1st mort. bonds... Debenture bonds. Holmes & (1)61,075 113,560 1904. I 9,944,700 B.607,000 8,e47,000 2,CO0,000 1903. % 9,94«.700 6,607 500 3,710,000 2,000,000 127.600 lAahilitiet— pat ents, . . 172,697 1903. 187.600 £dw. bonds Acc'nts and notes payable 1,183,168 1,161,671 Dividends Surplus 2,886,271 65,8S1 2,427.167 Total 66 076 26,002,954 26,903,717 lOOO (The) Brownell Co. (Boilers and Engines), Dayton, Ohio. (Report for Fiscal Year Ending Dec. 31, 1904.) The report, signed by President A. H. Kemper and Secretary and Treasurer W. B. George, shows : year ending Deo. 31, 1904 $82,769 Applied as follows Dividend on pref. stock, 6 p.c. (payments quar.. Jan.2, eto.)$33,000 Dlv. on com. stock, 4 p.c. (payments quarterly, Jan. 2, eto). 16,000 31.370 .„ To surplus 2,389 To undivided profits Net profits for $82,759 Total BALAHOE SHEET DEO. 31, 1904. Liabilities— Besoureet— Cash Bills receivable Accounts receivable... Materials and supplies Plant and equipment.. $64,905 21,731 63.978 216,579 689.462 Accounts payable Quar. divs. Jan. 2, 1905 Preferred stock Common stock Surplus Undivided ...14,343,346 14,670,169 p. 476. American 1906. LiabiUfies— $ t Preferred stock.. .12,500.003 12,500,000 Common stock ...li,500,0i)0 11,600,000 , Total —V. than in 1903, but the foreign buslnet's Increasing over previous years made the total volume of sales for 1904 greater than for any year since 1902. The outlook for business for the coming year the directors consider favorable, but they deem it conservative not to increase the dividend of 2 p. o. on the common stock at this time. From the gross earnings for the year 1904 liberal deductions have been made for depreciation in value of raw and finished materials on hand, maintenance of plants, cost of improvements, etc. Pbkpatmeht of Notes.— During the year 1904 payment of $550,000 of the 4 per cent gold notes was anticipated and they were canceled, leaving a balance outstanding of but $400,000. Of this amount. $200,000 becomes payable on Jan. 1, 1907, and the balance on Jan. 1, 1 908, the payment of which it is reasonable to expect will be anticipated before maturity. DiBKCTOBS.-It is with deep regret that we announce the death of the Chairman of the board of directors, the Hon. Nortln P. Otis, who for nearly half a century has been identified with the elevator industry in this country. We also deplore the sudden death, on March 14, 1905, of Henry R. Reed, a director [see page 1179]. Gtatiatics. —EaTninga, expenses, charges, etc., have been: 1903. 1. • Oti8 Eleyator Company. Report for Fiscal Year Ending Dec. SI, 1904 J President W. D, Baldwin eays in substance Gbnebal Results.—The unsettled oondition of the labor market in some parts of the country during the past year tended to Interfere with building operations, and our business in this country was less 1904. $1,473,852 $1,827,360 $1,301,742 $850,000 $850,000 $850,000 237,665 214,848 222,178 34,894 482,605 124,376 f^ Net earns., after all charges, repairs and renewals $891,016 Deduct— 1901. $1,228,890 72,852 1902. $1,742,166 85,194 1903. $1,364,806 109,046 141,367 Interest, etc Total net Income $2,214,896 Fixed charges under Cambria Iron Co lease, int. account and balance sheet follow: loss profits $21,661 12,250 650,000 400,000 64,106 18.639 Total liabilities. ...$1,056,646 Total resources ....$1,066,645 Co., York and Cincinnati, are offering R. Todd a block of the stock. Compare V. 76, p. 1087, & W. New The executive committee, consisting of W. N. Caldwell, G. B. Holbroot, Aaron Bagg Jr.,' James J. Storrow, says: Gbnebal Rksdlts.— During the first six months business was very Alabama Consolidated Coal & Iron Co. (Report for Fiscal Year Ending Oct. SI, 1904.) satisfactory, but during the second half of the year orders fell off to a President T. G. Bneh, under date of Dec. 1, 1904, gives the substantial txtect, neoest-ltatlng at times shutting down a number of the mlilH and materially alfriotlng the profits for the second half of the folIowiDg facts regarding the operation of the furnaces loyear. At the present time there is an Increasing demand for our cated at Ironaton and Gadsden, Ala., and the coal mines product. There was charged to mannfacturlng expense during the located at Brookwood, Hf^witt (MlUdale), Searles and Lewisyear for current repairs $S01,253, as compared with $316,214 for the burg, Ala., together with the ore mines at or near the furnaces preceding year. DurlnK the year the trustee of the sinking fund has expended $124, 876 In th>- purchase of bonds and thu Treanurer has bought 200 bonds of the company. On Jan. 1, 1905, there were in ihB slnhlng fund 543 bonds, wbioli had co«t the comi>aiiy $398,800, and there wer« also In the treasury 600 bonds which had cost $17ft,*33. The amount of cash on haiid at the end of the year was $1,359,632 and the accounts payable amounted to *.'S4,608. The company during thfl year has continued ihfi policy of dlncountlng all bills for cash. The (inlok assets on Der.ij 1,1901 (Including at cost the 600 bonds held in the treasury). wfre $5,668,223. as compared with $5,100,099 on Deo. 31, 1903. CiiAROEU Off.— During the vear it was decided to close up the Syms & Dudley mill located at Watervlelt, Mioh.. and the Eaton. May <Sc Robbing mill at Lee, Mass., and transfer the available machinery to Holyoke. These plants have proved unprofitable, oauHlng a loss this year of $37,630. Their abandonment, wiih the adjustment of two or in operation during the year, with the exception about one month, due to the strike of the coal miners and several stoppai^es for repairs, etc. There was a material reduction The furnaces were of a shut down of In cost of the iron produced. All the coal mines (except the one at MlUdale) have been in continuous operation barring the shutdown on account of the strike in July and August last. Our output is in a large measure restricted to company rcqulrpmonts, but we plan to enlarge the output, which can be done without very great outlay. Thero was a material reduction In the cost of both ci;al and coke during the past year. The capacity of our ore mines and rock quarry has been Incr^'awod, so that we not only have ample supply for company purposes, bat are selling ore and limestone at aatlffaotory prices. We have constructed one new ore wafher at Ironaton and completed new coal washers at Seerles and Lewlsburg. Mar. THE CHRONICLE. 25, 1905. J Capacity.— Last year I etated the capacity of onr company ae follows: (1) Threj farnacea with capacity of 150,000 to 180,( 00 toas of Iron per annnm; (2) coal mines -with a capacity of eoO.OOO to 650,000 tons per annum; (3) 765 coJie ovens with a capacity of 260,000 to 275,000 tons per annum; ( i) ore mines and limestone quarry with full capacity for tne needs of the furnaces. Although conditions were not normal, the operations for the year just closed clearly demonstrate that this prediction was correct. Resekve Fuhd.— Ab usual we set aside 25 cents per ton on the Iron made as a reserve fund for prospective repairs to the furnaces; we have also the usual royalty on ore and coal mined, and have made a monthlv charge for depreciation. FiNAKCKS.— The oiijslDal plan for the exchange of preferred stock for 5 p. c. honds was modified so as to provldefortheexohangeof $l,250,000 (one half) of thepreferred stock lor $1,250,000 5 p. c. bonds, the stockholders making the exchang*^ being required to subscribe for '^0 p. 0. of their holdings so exchanged In additional bonds at SO cents on the dollar. One half of the entire preferred stock was exchanged for the bonds, and the subscriptions ir.ade for the additional bonds— the proceeds of which were placed In tha treasury. The transaction covering exchange of preferred stock for bonds was not closed before the end of the fiscal year; hence In the balance sheet attached the capital stock is phown as heretofore. The amount of bonds shown in the balance sheet Inciudes the $260,000 5 p. c. bonds which were subscribed and paid for by the stockholders making the exchange of preferred stock for bonds. Ibon Mabket.— The serious depression in the Iron trade of course matarially reduced the n«t revenue. Probably at no time in the history of the iron trade In the South has the coat of production and the The directors Belling price been more dangerously near together. thought It wise to continue In operation our furnaces and mines, and by selling only such Iron as appeared necessary, we accumulated a large surplua, on which we are now realizing Increased profits, due to the sharp advance In the market the past sixty or ninety days. The outlook for the ensuing year Is encouraging. We shall, therefore, operate our furnaces and mines to their capacity. The compftrative operations and earnings years and the balance sheet of Nov. 1901-02. sales Coal sales Store sales Rents collected Saw mill Misoellaneoaa; Total $2,729,026 Op. exp., taxes, etc.. 2,536,535 Xet e»Tnlng8 DeductInterest on bonds Dividends on com State tax and mlso... Depreciation 22,874 51,951 $1,910,782 1,743,321 $613,418 $448,944 $167,461 [Included In operating expenses]. 8175,000 $172,470 $129,318 (1%)24,980 4,000 98,106 $302,086 $311,332 BALANCE SHEET ROY. 3,982 24,000 4,883 24,000 $200,452 $248,492 $269,979 .def.$97,488 1904. 80,914 8,748 1,932 $2,873,217 2,424,273 $62,029 153,125 DIvld's on pref. (7%). $158,203 $9,258 1. 1903. 1904. HablUUes— Atsets— $ Proper's, inc .stocks of coDstit'nt COS.. .4,,717,381 4,'11,831 Oommon Improvements 1S03. $ Bonds 722,000 Taxes accrued 10,7C9 .''7,500 Interest on bonds... . 1 .581,144 1,519,647 "~ 68,-<!14 Materials & supplies 279.9BK Iron on hand Merch'dise In stores. 58,768 Accts. & bills recelv. 222,722 Cash MiBceUaneoas 115,686 47,676 y0,869 67,813 149,XB2 8,236 86,567 stock Preferred stock Acc'ts 7,091,559 3.788,144 2,5u0.000 2,&00,OOC 490,000 11,037 pay'e. 32.3.817 46,822 196.1&2 106,874 5*,mo7 593,788 bills Reserve for royalty. Real estate sales ... Profit ToUl & 2,B0ii,000 2.500,001 Reserve for repairs. Depreciation and Total. loss etc., have been compiled as follows EARNINGS EXPENSES AND CHARGES. 1904. 30,881 [Subscribers Deo. 31, No.] Revenues, all sources.. ..$561,062 Op. exp.,constrnc'n, eto. 483,699 $77,363 76,888 NeteariiiDgs Dividends (2) 1902. 27,940 $810,043 513,176 $577,677 511,807 Total surplus Die. 31 Miles wires.... df. $11,018 $38,165 1,584 def. $7,458 $87,691 ,711 $73,045 1,C52 1,552 85 27,940 1,548 85 30.831 29,143 BALANCE SHEET DEC. 31. Instruments 1904. 1903. % % franch., etc... 4,069,341 4,052,997 Plant, Asiets— Stocks & bonds of cos. not merged... *207,540 34,-65 Supplies 67,317 21S 2,390 2,899 17.144 accts. rec'le. Adv nces Due fr m managers. Due from agents.... Cash in treasury.... Total assets 207.F40 34.2'4 68,884 90 7,689 1,2'4 21,778 4,401,714 4.384,397 $924,193 535,544 $19,981 78.730 93,709 87 Offices 1901. $65,870 $96,867 $88,649 (2)76,888 (2)76,886(2111)96,107 475 87,690 Balance, surplus. Previous surplus Sundry 1903. 29,143 : 80,503 86 27,905 1904. Sundry ( ..3,814,700 3.814,700 accounts pavable Contingent 26,671 27,239 9,796 520,347 8,830 603,628 liabili- ties Profltacdloss Total 1903. ( Hahilities— Capital stock. liabilities.. 4,401,714 4,884,397 Includes 1.760 shares stock Holmes Elec, Protec. Co., $175,000; 65 shares stock Am. DIst Tel. Co., $6,500; 170-4 shares stock Am. Dlst. Tel. Co. Of N. J.. * $17,040; 10 collateral trust Compare report —V. of bonds Western Onion Tel. New Co., $10,000. Jersey corporation in V, 80, p. 648, 80, p. 474. : $3,180,332 2,566,914 $192,491 The earnings, Mexican National Construction Co. (Report for Fiscal Year Ending Dec. 31, IdOJf.J President Wm. J. Palmer, under date of March 8, 1905, $981,367 313,418 says in substance 323,620 Stock, Etc.—The capital stock (as reduced from $100 per share 250,798 Jane 25, 1901.) is $800,003, in 10,000 shares of oommon and 70,000 91,198,071 569,826 502,156 403,802 50,640 Coke Increaeing. This Increase and the improvements made In the plant leave us In a good poiltion to take care of any Icoreaied business. 311,415 123,237 $1,337,451 $1,861,608 591,196 720,560 568,654 483,046 474,491 379,340 50,922 39,753 16.416 897 13,863 11,848 3,634 4,411 Iron sales BnrpluB 1900-01. 90.817 103,319 475,166 200,597 107,286 518,623 217,803 135.610 630,106 234,096 Coke output (tons)... Earnings from — for the last four follow: 1902-08. 1903-04. Operations— Iron output (tons).... Coal output (tons).... 1 1173 327.477 2H,790 59,752 74,237 54,678 691,275 7.091,659 6.738,114 Boissevain & Co., in a circular addressed to the shareholders on Jan. 27, 1905, summarized as follows the results obtained under Mr. Bush's management since incorporation OUTSTANDING CAPITALIZATION AS RBCBNTLY MODIFIED (866 abOVC). First mortgage 6 p. o. bonds, due 1911 (V. 77, p. 1534) $472,000 First coneol.mort. 5 p. o. bonds, due 1933 (V. 79, p. 105).. 1,500,000 shares of preferred stock— par value $10 per share. Dividend scrip outstanding Deo. 31, 1904, $182,197 59, will share with the preferred stock In any dif trlbution on same basis as heretofore; that Is, it will receive an equal percentage with the stock reckoned on the old par value ot the latter, or one-tenth of the percentage received by the preferred st^ok on its reduced par. LIQUIDATION.— Since the expiration of the company's oonoesBlon for further construction, the purpo<;e of the management has been to convert the property into cash as rapidly as could be done without too great sacriflco, and distribute the proceeds. Daring the year Jast past a cash distribution of $215,469 86 was ordered, payable Nov. 1, upon the production of the certificates for stamping, being $3 per share upon the pref. stock, and a corresponding S p. o upon the dividend scrip, and making, with the previous distribution of Aug. 1, 1901, total payments of $20 per share upon the pref. stock aud 20 0. 0. upon the dividend scrip. The amount of this uncalled for Deo. 81, 1904, was $16,655, the cash to meet which Is on hand. The company has BO other debt. Pbopebtt.—The company's property now consists of the following: (1) $168,000 in four notes, maturing annually June 1, 1905 to 1908, secured upon real estate Iq Mexico sold in 1<103; (2) $140,000 In other securities of an estimated value of $130,000, besides some land and ferry interests of minor value; (3) 89 miles ot railroad, with rolling stock, machinery, materials and supplies, exteading from Zicateoaa to Ojo Oallente. 30 miles (whereof only 15 miles, Zioateoas to Tranooso, are now operated; traffl j was suspended on tue remainder July 2tf, 19<0), and from Mar,zj,nlllo on the Paoitto Cjast to the city of Oollma, 59 miles. Both roads are free from any mortgage, lien or debt. The operations of the railroads during the year 190i compare with previous years as below (all in Mexican currency) ^OolimaBivision, 59 miles.—. ^Zaeatecas Dip., 15 »t.-^ 1304. 1903. 1902. 190t. 1903. 1902. Gross earning8.$142,151 $124,662 $121,586 $20,972 $20,392 $22,888 Operat. expens. 80,520 18,427 19,808 22,592 79,008 80,802 : Preferred 7 p. o. cumulative stock 1,250,000 stock 2.500,000 ATBEAQB EABNINOS FOB 5 TEAKS - PRESENT CHAROBS. Average net profits for the five years ending Oct. 31, 1904, after deducting all expenses for operation, repairs, taxes, etc.. amounted to 330,770 , Deduct— Present fixed charges (Interest and sinking fund).. 113,500 Dividend, 7 p o. on $1,250,000 preferred stock 87,500 Net earnings. $61,631 $45,5%3 $40,734 —V. 79, p. should occur, there is good reason to believe that the results for the current year will again approach that figure. The company lias paid in dividends during the five years $90u,000, and for eaoh dollar so distributed one dollar has been applied from the net profits to improve the properties. The "improvements made since organization' aggregate $1,681,143, on account of which there have been issued $490,000 6 p. first mortgage bonds and $250,000 of 5 p.o. first consolidated mortgage bonds, which have a Hen on all the properties. We consider the first conaolidatftd mortgage bonds a sound Investment security,"— V. 80, p. 873. 653. American District Telegraph Co., New York City. (Report for Fiscal Year Ending Dec 31, 190^.) : , $295 RAILROADS, INCLUDING STREET ROADS. Albany & Sasquehanna RK.— Refunding Bonis -PreOption.—The shareholders will vote April 7 (1) on making a mortgage upon the property and franchises to secure an issue of |10,000,0L0 Z^ per cent 40-vear gold mortgage bonds, bearing, interest from April 1, 1903, the payment of the principal and interest to be guaranteed by the Delaware & Hudson Co., and the bonds to be deliVvsred to that company for the redemption of the $10,000,000 first consolidated mortgage 6 p. o. and 7 p. c, bonds of this company maturing April 1, 1906; (2) the authorizing of an increase of ferred Stock the capital stock in the amount of |10,000,000, consisting of 4 p. c. preferred stoak, preferred both as to principal and (dividends (*;h« payment of the latter to be guaranteed by the Hadson Co.), and the use thereof at par in retirDelaware ing an equal amount at par of the said new bonds upon the surrender of the same by the Delaware Hudson Co. for Hudson Co. so elect, the cancellation; or, if the Delaware issue of said stock at par in the first instance in lieu of such new bonds for the redemption of the said outstanding bonds; provided, that under no circnmstanceB shall the aggregate amount of the stock and bonds of the company outstanding at any time exceed the present amount of 1 13, 500, CO 3 at par, -V.75, p. 1147. & & President Robert C. dowry says The unfavorable local businesis conditions noted in the la?t report continued almost throughout the year. The total r.joeipt8 decreased $16,61.'>. This decrease, however, was more than ofi'set by a reduocion oper:itiQg aud other expenses, and an Increase of 2, ,* ,?i\^^ ^^ $11,495 in net earnings. The work o! Inatalling new^ boxes, eto was continued, but at a decreased rd,te, as* the large expenditures the two preceding years made possible. At ths close of the year a total of 15,457 new boxes had been Installed, and other improvements correspondingly advanced. The expenrtitares on this accoant, and for wiring new buildings and reaching additional subscribers, etc., classed aa "ooLstruotlon," aggregated $15,8vl9, and that amount ie included in the expenses of thy year. The number of subscribers is steadily $383 GENERAL INVESTMENT NEWS. Common Average balance (equal to 5 p. o. on $2,500,000 com. stock) $129,770 "Under favorable trade oondltions, such as prevailed In 1903, the net profits have amounted to $609,418. Unless something unforeseen $2,515 1967. & Atlantic & Blrmiagham Rj.—Enlarq'ment— Proposed Extensions.— For the enlargement of this oomoany and the its line from Montezuma, Gi,, to Birmingham, 241 miles, with branch therefrom to Atlanta, application has been made for the incorporation of the Atlanta exceneion of Ala ,. J I THE CHRONICLE. 74 & Atlantic Ry. Co The extension will be bnilt, bv the Atlantic & Birmingham Constrnotion Ck),,o»pUal $3,000,000, which already has the work under way. The "Mannfactnrere' Record" eaye: Birmingham it is fitated, It 18 paid that thoB« behind the plan are Oapt. W. G. Raoul, Presiaent Blrnjlngham Railway; H. M. Atkinson of Atlanta. of the Atlantic Gordon Abbott of Boston, Percy R. Pyne of New York and George Dolft Wadl«*y of Waycrons, Q»., who are all dlreotora In the load. In Inman of Atlanta and T. JeflerBon OooUdge Jr. addition to these, 8. of Boston are named as being aasootated with the projeot. & M B. F. Yoflkujn, chairman of the executive committee of thf St, Louis San Francisco RR., is understood to be "ehirirg a portion of the underwriting taken by T. JeflEerson Coolidgfi Jr., who is said to have taken one-third of the $3,C01,00T of underwritiDg," I^ is denied that the Frisco & itself is interested. -V. 80, p. 115, 710. Atlantic toast Line BR.— A^ew Oeneral Manager.— W. N, Royall, Manager of the first division, will, it is announced, become on April 1 General Manager of the system, succeeding John R Kenley, who resigns but remains as Fourth Vice-President. Listed.— The New York Stock Exchange has listed $5,295,- OOO additional first consolidated mortgage 4 p. c. bonds of 1952, making the total listed 142,139,000. OE the additional amount $4,406,000 was for refunding and $889,000 represents: Acquisition of real property, $10,000; construotioti of Cohn Extension (near Climax, Qa.), lOJ^ miles, $70,000 construction of Fort Myers Extension (Florida), 28 miles, $309,000 new rolling stock, |50i 000. J£arnings.~FoT the 6 moe. ending Dec. 81, earnings were ; ; Gross. Net. Olh.inc. Charges. Divs.{2h%). Bal.sur. 6mos. 9 $ $ $ 1904..10,M0,665 3,774,167 1,161,136 2,818,828 $ 959,417 $ 1,167,058 ^ 1P03.. 9,677,108 3,509,695 —V. 80, p. 1058. 161. Baltimore & Ohio ER.— Bond*.— The company hag requested the New Ycrk Stock Exchange to list $2,347,000 additional Pittsburgh Lake Erie & West Virginia system refund ing mortgage 4 p. c. bonds of 1941, making the total listed $29,847,000.— V. 80, p. 995, 599. Beecii Creek Extension H^.—Leaseand Merger.— Bee N^w York Central & Hudson River RR. below.—V. 78, p. 1356. Boca & Loyalton HR,— Reported Sale. The control of this property is reported to have been sold to the Western Pacific — V [Vol. lxxx. state whether it would accept the provisions of the tentative ordinance suggested by him in August last (V. 79, p. 782) If approved by the people and passed by the Council, of which there appeared at one time to be a fair prospect. The Mayor thinks that the recent acquisition of control by the Chicago Union Traction Interests mllltatos against a settlement, at least for the present.—V. 80, p. 649, 699. pany to Cleveland Lorain & Wheeling Rj,— Improvements,—Ihe "Railroad Gazette" of March 17 contains an illustrated article regarding the extensive icnprovements which the Baltimore & Ohio has j ast completed on this company's line. The new work practically Involved the rebuilding of the southern portion of the road, straightening the line, reducing grades and changing from single to double track. Total cost about $4,000,000.— V. 80, p, 1058. Colorado & Sontheru Ry.— Lw^ei.- The New York Stock Exchange has authorized the listing on April 3 of the $8,500,000 firbt preferred stock, $S,500,000 second preferred etaok and $31,000,000 common stock. Earnings.— For the 6 monthe ending Dec. 6 mos,— Net Oross. 1904 1903 $3,203,890 3,273,493 -V. 80,p. 1111,660. 0th. income. $930,146 927,280 $9,842 11,272 81 earnings were: Bal sur. Charges. , $397,840 403,275 $542,148 635,277 Colambns Loudon & Springfield (Electrie) Ry.— ficorganization Committee. W, B. McKinley of Champaign, 111., A. E. Locke of Boston and O. T. Martin of Chicago are acting as reorganization committee for this company and the Da,yton Springfield & Urbana. The depositary is the Union Trust Co. of Cincinnati.— V. 80, p. 117. Savings Dayton Springfield & Urbana ElectrlclRy. ReorganizaSpringfield Ry. tion Committee, See Columbusj London above.— V. 80, p. 232. Delaware & Hadson Co.— Guaranteed Bonds, Etc.— See Albany & Susquehanna RR. above. Rpport.—See page 1170 —V. 79, p. 2795. — & — & Des Moines & Fort Dodge RH.-Listed,— The New York Stock Exchange has listed the $3,072,000 first mortgage guaranteed bonds of 1935, Compare V. 79, p. 1704, 2696. Sale of Sp. c. JBonds.— A press Grand Trunk Pacific dispatch from Montreal states that the first block of 3 p. c. bonds, guaranteed by the Dominion Government, has been s:>ld at 95. See description of these bonds, etc., in V. 89, Rj— Railway Co.— 76, p. 1191. Brooblfn Rapid Transit Co.— New Referee Appointed. Great Northern Ry. —Bond.s SfcZl.— Clark, DDdge & Co. Justice Gaynor In the Supreme Court in Brooklvn on March and the First National Bank, both of this city, offered thii 9 appointed former Jastice D C idy Herrick of New York as week, at 104J^ and interest, £1,000,000 St. Paul Minneapolis & referee in the action brought in March, 1900, by the Brooklyn Manitoba Railway Pj,cifie Extension 4 p. c. gold bonds, due H>^ights RR. against the Brooklyn City RR. to recover about July 1, 1940, principal and interest assumed by the Great $2,000,000 which the Heights Company claims to be due it Northern Ry. Co.; limited to $30,000 pw mile of main traok on account of expenditures made for improvements. V. 80, in Montana and $35,003 In Idaho and Washington. Author599, 856, — — 849, p. Buffalo Bradford & Kaue RR.— New Control— Oa Jan. 1, 1905, the control of this company, whose line extends from Bradport to Smethport, Pa 26 miles, was acquired by S. 8. Bullls, of Vickaburg, Miss., and on Jan. 10 a new board of directors was organized and the following oflBcers were elected: W. W. Bell, President; S. S, Ballls, First VicePresident; P. BuUlB, Second Vice-President; R, 8. Bullls, Secretary and Treasurer. Qaneral offices at Bradford, Pa. Capital stock, $30'),000, all issue! ; no mortgage or dabts of any kind. An officer writes The Klnzna & Big Level RR., a line 10 miles lonsr, extending from a connection with this railroad to Ormsby Station, has been boaght by ns and the two will be consolidated in the near future. This latter railroad extends across the B R. & P. RR. and tbe Erie RR. at Mount Jewett to a connection with the Baltimore & Otilo RR. at a point soath of Mt. Jewett, 12 miles distant from Kane. The B. B. & K. RR. Is operating under lease from the B. & O. RR. this 12 miles of track and Is rnnnlng through trains to Bradford and Kane. Tbe Klnzua & Big L«vel RR. has outstanding $50,000 bonds, which we have purchased , Q with the stock.— V. 78, p. 101. — Canadian Northern R^.— Offering, A press dispatch from London, England, announces an offering at 95 of £1,923,287 of 8 per cent debenture stock, redeemable in 1953. Compare V 76, p. 1299.-V. 80, p. 996, 710. ized issue, £6,000,000 ; outstanding, Including present issue, £4,003,000, The subscription books were closed at 11 o'clock on March 22, all the bonds having been sold. See further particulars In advertisement, which Is given for record on another page of to-day's Chronicle ; also see announcement regarding these bon^ls in last weed's Chronicle, p. 1111. Listei,— The aforesaid £ t,0 )0,000 Pacific Extension bonds Manitoba Ry. Co. were listed of the St. Paul Minneapolis York Stock Exchange.— V. 80, p. 1111. this week on the New & Kansas City Southern Ry.—Termination of Voting TrustExchange of Certiflcites.— Formal notice is given by advertisement that the voting trust will expire by limitation on April 2. and that on and after April 3 the voting trust car* tificates will be exchanged for certificates of capital stock at the Mercantile Trust Co., 120 Broadway. See advertisement on another page. The New York Stock Exchange has authorized the listing on April 8 of the certificates of stock which will replace the voting trust certificates. Earnings. For the 6 mos. ending Deo. 31, earnings were Bal.. sur. Charges. Net. 0th. income. 6»M>».— Orots. $588,564 $553,901 $1,093,468 $48,997 1904. ...$3,375,498 — : 1903.... 3,286,311 — V. 80, p. 997,651. LouiSTllle & Eastern (Electric) RR.— Listed in Cincin- Canadian Paciflc Ry.— Z:<i«««i.— The New York Stock The Cincinnati Stock Exchange has listed the $350,000 Exchange hag authorized the listing of $16,900,000 additional YMti.— bonds of the Louisville Anchorage & Pewee Valley 5 p. c. ordinary capital stock from time to time after April 3, on Electric Ry. Co.—V. 76, p. 288. notice of issue and payment In full, making a total authorLouiSTille & Nashville RR.— Call id Bonds.— The XJa\on ized of $101,400,000. (Compare V. 79, p. 1641, 2146,) -V. 80, Trust Co. will pay at par on Sept. 1 next $65,000 Cecilia p. 996, 710. Capital Traction, Washington, D. C. Dividend Increased, A quarterly dividend of \\4, P^^ ^6°* ^^^ heen declared, payable April 1, Increasing thy r^.te of distribution from 5 per cent to 6 per cent per annum,— V. 80, p. 471. Chicago City Rj.— Ordinance Repealed, The Chicago City Council on March 20 repealed the ordinance ex'^ending the general franchise, which was renewed Feb. 23, (-^ee V. 78, Corporation Counsel Tolman at once filed suit p. 1167) against the company before Jadge Mack in the State Court to ascertain the rights of the city and company under existing legislative Aots. A summons was signed directing the company to answer at the April term Toe repaalin..? ordinarice, it is stated, directs the city officials not to interfere with tbe company in the operation of its cars. The pnrpose of the suit, the city offi;5lal8 say, is to test expeditiously the validity of the 99 year Act In the S^ate coarts, where It is thought the city stands a better chance than in the United States Supreme Court of having the Act of 1865 declared invalid. Mayor Hirrlson in hie message urging the steps taken, gives as hie chief reason the refusal of the com- — — drawn for the sinking fnnd. Qoneral mortgage bonds to the amount of $354,003, drawn for tbe sinking fund, will be paid on Jane 1, 1905, at the office of the company. No. 71 Broadway, The numbers of the bonds are given in an advertisement on another pag?.—V. 80, br*t5ch bonds of 1877. p, 872, 472. HadiHon (Wis.) Traction Co.— So7d— The control of this property is reported to have been purchased by F. Warren Montgomery of New York.— V. 79, p. 501. Mexican Central Ry— Equipment Bonds Called.— Equipment and collateral 5 per cent gold bonds, second series, to amount of $50,Ono, will be paid at par and Interest at either the Manhattan Trust Co., t.hif? Old Colony Trust Co., Boston; York, or Glyn, Mills, Carrie & Co., 67 Lombard St., E, C, on or after April 1, 1905.— V. 80, p. 220, 163. New Jersey Terminal Co.—Incorporated.- This company was Incorporated in New Jersey on Nov. 11 with $2,600,000 of authorized capital stock. Its New Jersey representative being the Corporation Trust Co. Wallach & Cook are Interested in the enterprise, which is said to be an off -shoot of the New Dndon, Mae. THE CHRONICLE. 25, 1905. Tidewater Terminal Co. The last -named company was incorporated in New Jersey on Oct. 31 with $l,000,COO of authorized capital stock, bat no information regarding its plans has been given out. The New Jersey Terminal Co. has no connection with the New Jersey Terminal Ry. Co. See V. 76, p. Wise & Liohtenstein were counsel for the Tidewater 1144. Terminal Co. New Orleans Railwaya.—-^sseaawcnf.— The reorganization plan having been declared oparative, the committee has called for payment on April 1 50 p. c. of the assessments, which are $20 a share on the preferred stock and |10 on the common. The other 50 p. c. is to be paid on May 1. See plan, V. 80, p. 651, and compare V. 80, p. 1111. New York Central & fladson River RR.— Merger and Lease of Subsidiary Line.— The shareholders will vote Apr.19 on approving a contract for the use and lease of the railroads of the Beech Creek Extension RR. Co., the Curwensville & Bower RR. Co., the Pittsburgh & Eastern RR Co. and the Clearfield Southern RR. Co. (the said four companies to be consolidated and me'-ged into a new corporation to be known as the Beech Creek Extension RR, Co.) for the term of 999 years from June 1, 1905, and the substitution of such contract for the existing contracts for the use and lease of the same railroads (compare V. 79, p. 1335). ^uarterZy,— Earnings for the quarter ending March 81 (partly estimated In 1905) were 1175 Rio de Janeiro Tramway Light & Power C<t.—New a concession which gives it Company.— This company has tbe txcluslve right to transmit to Rio de Janeiro electricity developed from water power, for street railway, Industrial and lighting purposes. The company has an aitborized capitalization of $25,010,000 In st^ck and an equal amount of Among those Identified with tbe profive per cent bonds. ject are William L. Bull, F. 8 Pearoion, Pdrciiral Farquhar, of New York; Sir William C Vai Home, Montreal; Wiiliam Mackenzie, E, R. Wood and Z, A. Lash, of Toronto. & Mexico Ry.—Bonc/s.— Bonds to of $1,059,000 have been registered unler the Texas laws, having been issued on the 141 mileH of road beSt. the Louis Browsville amount tween Robstown and Brownsville.— V. 80, p. 872, 652. Texas & Pacific Ry.— Listed —The New Y. rk Stock Exchange has listed $3,766,000 a'iditional first mortgage 5 p. c. bonds of 2000 [issued to refund the Easteru Division 6s March 1], making the total listed $35,000,000, the total amount authorized under the mortecage. Report.— See page 1170 of to-day's Chronicle —V. 80, p. paid 1108, 1059. Tidewater Railvraj.- Extension— Contract8,—This company has advertised for bids for ooDstructlon of ICO miles of road from Sewells Point, near Norfolk, Va., toward the West Virginia State line, where connection will be made with the Daepwater Railway (see V. 78, p. 1961), Together Net Other Interest, Gross Balance the roads will form a coal line from the West Virginia coal 8 mot. end'g earnings. income. taxes, efe. March 31— earnings. for divs. fields to Chesapeake Bay. The Mayor of Norfolk hag ap$18,450,000 $4,682,V00 $1,546,300 $5,535,900 $693,300 1906 : 1904 17,231,453 4,129,398 1,776,733 5.223,834 682,297 Dividends of 1}4 P c. qnarterly oall for $1,653,100, leaving balance, deficit, ot $959,800 in 1905, against $970,828 in 1904. V. 80, p. 1113, 600. New York City laterborongh (Electric) Rj.— Increase of Stock —Bonds.—Ttie State R-iUroad Commission has approved the propobition of the company to Increase its capital stock from 1400,000 to $5 000,000, and to make a mortgage for $5,COljOOO; also to operate its proposed lines with overhead trolley. See V, 80, p. 1059, 117. New York- Philadelphia Co.— Oncers.— The following officers are announced Nbw Tobk-Philadelphia Co.—W. A. Stern, President; A. N. Chandler, Vlce-Prealdent; W. E. Harrington, Vice President I. H. Silverman, Treaenrer; J. Dixon Andrews, Secretary. Camden & Tkbnton Rt. Co.—W. A. Stem. Pr'esldent; I. H. Silverman, Treadnrer; W. E Harrington, Gen. Man.; A. W. From, Sao ; Nbw Brunswick RR —I. H. Silverman, President ; A. Chandler, Vice-President W. E. Harrington, General Manager A, Stern, Treasurer; A. W. From, Secretary. Tbbnton & S. ; W. The executive offijes Compare Philadelphia. ; are at No. 605 Land Title Balldiag. V. 80, p. 712, 168. Nlagrara Transfer Rj,— Right to Construct Denied.— The Appellate Division for the Third Department at Albany, on March 9, canceled the certificate of necessity granted some time since by the Railroad Commission for the construction of the company's proposed road between Buffalo and Tonawanda, as described in V. 79, p. 158 The New York Central & Hadson River RR. opposed the appliof^tion on the ground that the new road was not required and the Central was willing to construct spurs and swirches into any part of the territory the new company intended to serve. An appeal, it Is stated, will be taken tothedurt of Appeals.— V. 79, p. 153. proved the ordinance appropriating $95,000 to purchase the right of way, 13 miles long, which the city will give the Tidewater Railway to reach its proposed terminals at Sewells Point.-V. 79, p. 787. Tidewater Terminal Co., New Jersey.— See New Jersey Terminal Co. above. Twin City Rapid Transit Co.— Settlement with City of St. Paul.— M.a,yoT Smith signed on March 6 the resolution passed by the City Council of St. Paul on March 1 defiolng the terms on which the city relinquishes the right of appeal from Judge Loehren'fl decision (V. 79, p. 2087) and fixing the relations of the city with the company for the next thirty -four years, that is until early in 1939. Under the terms of the settlement the company agrees to build various extensions and to make sundry improvements within a specified time; also to rellnguish its right to build new lines without consent of the City Council except extensions of existing lines. This last-named provision is to be effective only so long as the Council refrains from granting rights in the streets to competing companies. The St. Paul "Pioneer Press" says: The company will pay into the city treasury as a gross earnlnga tax the dlffc^renoe between its general taxes, exclusive ot such taxes and charges as are now provided by ordinance, and 6 p. o. on Its groBS earnings, the first payment to be made March 1, 1907, for the year 1906; also on or before July 1, 1905, $30,000— to be used either toward a new pavilion at Como Park or for widening Sibley Street below Third. In case the company falls to comply with all terms of the agreement within three years the city will have the right to have Judge Lochren'd decree vacated, giving the city the right of appeal. Compare V. 79, p. 2087. 22cporf.—The results for the year ending Dae. 31 were Tear— Gross. Net. Int. <£ taxes. Dividends. Bal., sur. 1904 $4,309,081 $2,144,777 $906,196 $1,0S5,»50 $203,031 1903 4,063,938 419,297 2,185.888 731,041 1,0S5,&60 Dividends include 7 p. c. ($210,000) on the preferred and 5 p. c. ($825,550) on the common stock yearly.- V. 80, p. 652. : Norfolk & Western Ry.— L'4«ed.—The New York Stock Exchange has listed $3,000,090 additional 4 p. c. divisional Urbana Bellefontaine & Northern (Electric) Rj.— Refirst Hen and general mort. bonds of 1944, making the total ceivership.- At Cincinnati on Monday the United States $8,0C.0,G00. These bonds were placed by Brown Bros. & Co. Court, on application ."of the New York Security & Trust Co,, 8TATBMENT OF ISSUANCE OF $8,000,000 DIVWIONAL FIB8T LIEN AND mortgage trustee, appointed Judge Schmidlapp of Cincinnati OEHBRAL MOBTGAOB 4 PEB OBNT BONDS. and Myron H. Wilson of Cleveland as receivers of the propFor Cincinnati Division, Shops, depots and otBee bldgs 1119 ,708 erty, Interest on the $503,000 bonds being In default.— V. 78, Portsmouth to Cincln., 0..$J,55\224 Second track V97,i'''^ between Naugatuck and Kenova, W.Va. 8,297,P30 laeeer & Soutbera Ry 104.087 Other branches & extensions 5^ie,63S Iiow-ffradfiline —V. 80, Yards and sidings 278, "593 Improvements to roadway and tracks 63,942 Replacing and 33,li,3 fllllng bridges. p. 1059. 9i*8. Omaha & Conncil Blaffj Street Ry. Listed in Cincinnati .—This company'ct stock has been listed on the Cincin natl Stock Eichang«, being placed temporarily in the unlisted department p-^ndlng the establishment of a transfer office In that city.— V. 79, p. 2088. Oregon Short Line ER,— Engraved Bonds Riady.— The p. c, refunding gold bonds due 1929 are now bsing engraved 4 issued In place of the temporary certificates at the office of the Treasurer, No, 120 Broadway.—V. 80, p. 473, 233, Pennsylvania Cominny.— List-^d.—Tae New Y )rk Stock Eschange has listed |5,00^,00') forty-vear guaranteed 3>^ p. c. Series C trust certificates and $10,0^0,000 fortv-year Serlei D trust certlficafes, both lots guaranteed bv thePann- RR. Co. See V. 79, p. 2457.— V 80, p. 1113, 223. Phiiade'-phia Rap?d Transit Co.— iVeujD.r^cfor.— Henry W, Phipps bag been elec'^^ed a director to succeed Michael sylvania Murphy, resigned.- V. 8), p. 1059, 872. PittebuTgh Cincinnati <;hlcago& St.Lonfs Kj.—L^'sted.- The Naw York Stock Etchtin2;o has listed |9, 000,000 consolidated mortgage guarauteed 4 p. c. bonde, series F of 1953, (See V. 79, p. 1267 ) Tnese bonds were iesued as follows: To provide for the payment of the following underlvlnj? bonrta: First and 2nd mort. 7 per Oftnt bonds of the Oolnmbns & lodunapolls Ot»Dtral Ry. C)., matured Nov. 1. 1904, «?,. 996,000; flrat mort. 7 p. o bonds of Union & Logansport RR Co., maturing Dec 1, 190S. $715,000, and others of eame Issues which have heretofore been parotia?ed ana canceled. Also to provide for payment of betterments and improvements to property.—V. 79, p. 2797. p. 1551. Yandalia RR.— Listed.—The New York Stock Exchange has listed the $14,649,500 capital stock. Compare V. 79, p. 2148.-V. 80, p. 1113, Wabash RR.—fl^dZiers of Debenture " B" Bonds Seek Adjiistment.— For several months past the holders of a considerable amount of the $26,500,000 debenture ''B" bonds have been seeking either the payment of Interest on their holdings or some adjastment by which new securities should be Issued In exchange therefor, their claim being that the earnings of the property have been and are being diverted from Interest payments (no Interest having ever been made on the "B" bonds) to improvements. Tbe committee having the matter in charge and which represents from $5,000,000 to $7,000,000 of the issue (although no public call for deposits has yet been made), consists of tiie following: Hpnry K. Evans, President of the Continental Fire Insurance Co.; H. K. Pomroy, President of the Stock Exchange, and George M. Unmmlng, Vice-President of the United States Mortgage & Trust Co. The eommittee la In favor of a settlement without litigation, but the tentative proposition reselved from the company's counsel on March 6 being un3atl8faotory, a formal demand has been made on the Mercantile Trust Co., the mortgage trustep, for an accounting of the earnings of the property. Mr. Ev.^ns says that inasmuch as the earnings of the road were sufficient to oover the 6 p. c. due to the debenture "B's," he should oppose any offer of exchange that did not give to them the equivalent of 110 In vaiue. The plan suggested by the company's counsel would call for the making of a new issue of $80,030,000 of 50-yeir gold bonds, secured oy mortgage on the entire system. Including THE CHRONICLE. 1176 future additions acquired with their proceeds; also the Chi per share. [Vol. lxxx. Djpngitary. Kaickerbocker Trust Co,, No. 68 cago— Detroit, Buffalo, Djs Moines and O naha divisions, Broadway, New York City. See plan, V. 80, p. 601, 999. which are not covered by the present debenture issue. Of American Iron & Steel Mannfactaring Co.—First Divithe new bonds, $3,503,C0], bearing 4 p. c. interest and having dend on Reauced Common. — The first dividend on the repreference as to both principal and interest, would be issuable only in exchange for the present debenture "A" bonds. The remaining $56,500,000 of the new bonds would bear 2 p. c, interest annually for 2 yeare, then 3 p. c. for 3 years, and thereafter 4 p. c; $23,500,000 thereof would be exchanged, $ for I, for the existing "B" bonds. Tae balance, $30,000,OCO would be set aside for use from tim's to time as r quired for double-tracking, acquiring additional terminals or otherwise bettering the property. Compare V. 78, p. 1963, 2601.— V. 80, p. 473. common stock, announced last week, is $1 a share, or 2 payable April 1.— V. 80, p. 1113, American Light & Traction Co.— Report.— The results for the calendar year were Cal. Other Total IHvidends Preferred Common Balance, duced c p. , : Vtar— received. income, expenses, dividends. diii-lends. surplus. 1904.$1,007,001 $144,503 $18,993 (8)$')63,814 (2>4)$105,318 $163,379 1903. 970,479 110,371 30,539 (6)653,060 497,251 — V. 80, p. 713. American Monorail Co.— 5<afws.— At a meeting held Jan. 26 at the office of L Upshur, 41 Wall Sorett. President Washington AlexaEdria &Mt. Veraon Kj.— Re funding.— Thomas C. Powell G. removed from office. EL, was Tunis Is The company has canceled its former bonded debt and made VJce-Presiden' J, Colemiu Drayton, Treasurer, and J. P. new first mortgage to secure |2, 500,000 of 5 p. o. gold bonds ; a of $1,000 each, dated Mir. 1, 1905, and due Sept. 1, 1955, but subject to call at 110 and interest on any interest day upon three months' notice: Interest payable Sept. 1 and Mar. 1 at cffiee of R^al Estate Trust Co. cf Philadelphia, trustee. Of the new bonds, |l, 500,000 immediately available have been sold Co. of Philadelphia and $1,000,000 are reto Graham served in the treasury for future acquisition, betterments, The capital stocfe Is |1, 500,000, etc., at 80 p. c. of actual cost. par, $100 per share. The officers and directors are: Officers— Clarence P. King, President; Henry H. Pearson Jr., VicePresident; FranK K. Hippie. Secretary; John W. Plttook, Treasurer; & Horace A. Swartz, Aeslstant Treasurer. Directors - John Oassela and Frederick Mertens of Washington, D.O 8. Wynne Ffonlke", Howard S Graham, Frank K. Hippie, Oiarence P. King and Henry H. Pearson Jr., Philadelphia, Pa. Tne present issue of bonds provides for extensive improvements and necessary enlargements; it being immediately necessary to double-track the line from Washington to Alexandria, which work has been commenced and will be rapidly pushed to completion. Additional equipment has also been ordered, part of which will be delivered April 1, the balance during the month of May. The new station and offices in Washington, adjacent to the Post Office at 12th St. and Pennsylvania Ave., are almost ready for occupancy, the company expecting to operate its cars to the new terminal in Arril. Also, upon the completion of the new highway bridge now being constructed by the District of Columbia over the Potomac River, between Washington and Virginia, the company will locate its doable-track line thereon.— V. 77, ; p. 402. Waghington Railway & Electric Co.— Report,—The results for the calendar year were: Year— Gross. Vei. Olh.inc. Taxes. Interest. Bal.,sur. Williams, Secretary. The company was organized in March, 1903, under the laws of South Dakota, with $25,000,000 stock, of which $2,500,000 la In the treasury; par of shares, $10. Of the outstanding stock (mostly issued for parents of Howard A. TanlH), a ma) )rlty was pooled with the American Monorail Co. of Baltimore, a holding company, organlzad with $100,000 capital stock under the laws of Maryland; trustees, J. Coleman Drayton, New York, and Henry W. Williams and Howard H. Tunis, of Baltimore. It Is or has been proposed to build a slngle-rakll railroad between Washington and Baltimore under tha charter of the Baltimore & Washington Transit Co., and for that purpose the American Monorail Oo. of Baltimore is said to have offered part of its holdings at 20 cents on the dollar; but this la not oonlirmed. Ameiiean Salt Co., Belle Isle, La.— Reduction of Capital —This New Jersey corporation gives formal notice of the reduction of its capital stock from $1,500,0(0, par of Stocfe. shares $100, to $15,000, par of shares $1. Application for a receiver was made in New Orleans in January last. The company in February, 1903, developed a salt ralne at Balle Isle, La. Charles H. Riinile is President. Offl je, Chicago, III. Of the stock. Max Pam holds 313 shares, Harry Flyton, Sacretary, 4,150 shares; I. L. Eliwood and J. W. Gates each 1,688 shares. American ( Bell) Telephone & Telegraph Co.— Bonds Scli, —The $25,000,000 of 4 p. Peabody & c. gold bonds offered by Kidder, & Co., Limited, were Co. and Baring Brothers over-subscribed, nearly $10,000,000 being taken abroad. Report.—Sze page 1171 of to day's Chronicle, Reduction of Rates.-See New York Telephone Co. be- low.— V. 80, p. 1113, 1110, 999. American Tobacco Co.— Payment of Maturing Debentures. The $1,581,100 7 p.c. gold debentures issued by Continental — Tobacco Co. April 1, 1903, will 1905, at the office of Baring, ba paid at maturity, April Magoun & Co., New 1, York, due.— V. 83, p. 1055, 653. American Witch Hazel Co.— Bcce»t;er Appointed,— Thla company was on Jan. 19 placed in the hands of Ferdinand J. TTa^hington Terminal Co.— Bonis— Further Facts.— Th\B HoytJr.,a3 receiver, by Judge Holt of the United States company recently made a mortgage to the United states District Court in this city, on application of Lesser Bros., Trust Co. of this city, as trustee, to secure an issue of $12,- representing creditors. The company was organized on 1904. .$2,644,860 $1,288,538 1903 2,462,295 1,134,243 -V. 79, p. 2644. . $49,024 $148,377 $832,662 $366,523 32,906 146,033 799,237 221,879 090,000 gold bonds of $1,000 each. These bonds are dated Feb. 1, 1905, and will mature Feb. 1, 1945, without option of earlier redemption. The first block of $10,000,000 will bear interest at the rate of d}4 p. c. per annum, the remaining $2,000,090 at not exceeding 4 p. c. The interest is payable Aug. 1 and Feb. 1 in Washington and New York. Authorized capital stock $5,000,000, issued $2,500,000, par of shares President, A. J. Cassatt; Secretary, C. W. Woolford. $50. As to reported guaranty, etc., see V. 80, p. 652. Weat Cliester Eennett & Wilmington Electric Uy.—Sale April go, The foreclosure sale is advertised for April 20 at Kennett, Pa. Upset price, $110,000— V. 80, p. 1060. Western Maryland RR.— Bond Offering.— BMr & Co. recently offered at a price to net about 4% p. c. $500,003 1st mort, 4 p. c. 60-\ear gold bonds of 1902. Authorized issue, $50 000,000; outstanding, $29,367,000. Compare V. 79, p. 269.— V. 80, — p. 601, 1113. together with interest Feb. 3 with $1,000,000 capital stock, as successor of the American Witch Hazel Corporation. The liabilities are said to be between $40,000 and $ iO.OOO; assets probably $10,000 to $15,000. Compare V. 75, p. 551. Automatic Coaling & Weighing Co.—Status. —See New York Weighing Barge & Coal Co. below. Bay Cities Water Co., California.— Fofe Unfavorable.— See Contra Costa Water Co. below.— V. 78, p. 844. Bell Telephone Co. cif Canada.— iZ^pori.— The reports for the calendar years 1904 and 1903 show: Gross Net Bond Dividends Surplus Total luhOalen. earnings, interest, paid (8%) for year. 1901..$2,93a,«53 $!<01,905 $100,000 $588,11/ $113,787 1903.. 2,522,275 682,152 lOa.OOD 467,510 114,642 V. 78, p. 1389. year— earnings, — seriberf. 57,172 Big Horn Basin (Wyoming) Development Co.— Bonds 0#ered.— Dake M. Farsoa & Co., 115 D ^arborn St., Chicago, offer for sale the unsold portion of $550,000 first mortgage Westmoreland RR.— Mortgage.—Th\B company, recently irrigation 6 per cent [linking fund] bonds of $1,000 each, formed hy merger of the Blairsvllle & Derry and the Braden- gold dated Jan. 1, 1905; maturing Jan. 1, 19<i0, but subject to call ville & Derry RR. companies, has made & mortgage to the 105 and accrued Interept after Jan. 1, 1910; interest payEast End Savings & Trust Co. of Pittsburgh, as trustee, to at able Jan. 1 and July 1 at First Tru^t & Savings Bank, Chisecure $250,000 bonds. Ex-Qovernor W. A. Stone of Pittscago, trustee. A circular says in part: burgh is interested. INDUSTRIAL. GAS AND MISCELLANEOUS. American Arithmometer Co.— New Name —See Burrougts Adding Machine Co., below.— V. 78,. p. 1551. American Compound Bearing Co.— Retirement of Overissue of Stcck,—Ai Newark, N. J., on March 7 ViceCuancellor Pitney ordered the receiver, Chauncey G. Parker, not to defend the suit brought by the Chapman Double Ball Baaring Co. to have a new issue of $4,800,000 stock declared Illegal. The Vice-Chancellor said that the testimony in the receivership proceedings gave evidence of irregularity in the increase ot stock. Compare V. 79, p. 828. American Ice Co.— Our Two-Thirds Deposited— Penalty Beginning April f .— The committee, John E. Borne, Chair man, announces that over two-thirds of each class of stooh: have been deposited under the proposed plan for exchange for the stock of the American Ice Ser.urities Co. All shares ot preferred stock not deposited on or before April 1, IfiOl. will be accepted after that date without the privilege of taking the debenture bonds. All stock not deposited by the date named will be accepted only on the payment of 50 cents Total bond 18SU3, $750,000; bonds remaining in treasury for future betterments, under provisions of the trust deed, $200,000; total outstanding bonds (no II )atlng debt), $i5O,000; capital stock paid up, $3,000,000. Assets pledged to secure these bonds: 245,000 acrea of choice agricultural land located directly east of Yellow Btone Park in the Big Horn Basin, Wyo., this land being segregated under the United State.'* law known as the Oarey Act, and the laws of Wyoming, with water rights attached, valued by the State at a maximum of $30 per acre, $7,350,000; natural reservoir (ooynrlng over 6,000 acres of land to an average depth of 7ft ft.), $, 000,000; over 100 miles of canal, with hea-lgatee. etc., $'?00,000; total assets $S,650,000. President, 8. L. Wiley of Wiley & Russell Mfg. Oo. of Sprlngfleld. Mass., and Omaha. See advertisement on another page. Barronghs Adding Machine Co., Detroit, M ich.-iZetncorporated.— The American Arithmometer Co. (V. 78, p. 1551,) was reincorporated with this name on Jan. 16, 1905, under the laws ot Michigan, with $5,000,00 ) of full paid capital stock; par value of shares, $100 no bonds. The business was removed In October, 1904, from St. Louis to Djtroit, where the plant employs 700 hands. Of the company's adding and listing machine (manufactured under the patents of the late William Seward Barronghs), nearly 24,0 JO are reported The history of the enterprise follows in UHO. In 1R82, machine conceived 1882-1888, developmentof inventions cost of first machine $300,OuO; 1839, tirst machine marketed; 1891 ftrst 500 machines recalled and destroyed by Inventor; 1891-1895, ma; : ; Mae. THE CHRONICLE. 25. 1905.] 1896-1900, manufaotured and sold, 1,000 machines; 1902, 3,162 machines; 1903, 4,445 machines; 1904, 5.088 maohlnep; 1905 (estimated), 7,000 machines. "The present company having been organlzea in January last eo dividends have as Tet been declared. The probability is that we will pay dlTldends quarterly— April 1, July 1, Oct. 1 and Jan. 1." Joseph Boyer, President; H. Wood, VloePresldent; B. Q-. Chapman, Secretary and Treasurer; Alvan Macauley, General Manager. Bnsh Terminal Vo.— Bonds.— The shareholders will vote April 3 on issniner 1350,000 of the consolidated bonds of 1904 in accordance with Sub-division E of Section 4 of the mortjjage for the purpose of procuring additional working capital. This will make $3,750,000 of the bonds outstanding. Compare full statement, V. 80, p. 999, 1005. Calnmet Lighting Co , Chiesgo.— SfoJd.— See North Shore Electric Co. in V. 80, p. 1115.—V. 75, p. 344. oMnea manufaotnred and ; Bold, 1,5C0; 1901, 2,121 1177 one $1,000 bond and $200 of stock for each $300 paid, the eubscriber paying also the accrued interest on bonds allotted Holders ot 100 shares will be entitled to subscrit>e to him. to bonds of the par value of $8,558 93 and to stock of the par value of $1,811 78, and will be required to pay for these securtles the sum of $5,247 15, with Interest on the bonds from Feb. 1, 1905, to April 13, 1905, at 5 p. c— V. 80, p. 474. Compressed Air Co.— S'uccessor.— See Rome Locomotive & Machine Works below.—V. 79, p. 2798. Consolidated Gas Co. of New York.-Legislative Inquiry. Both houses of the Legislature last week passed the joint resolution introduced by Senator Page providing for an investigation by a committee of 3 Senators and 4 Assemblymen into the cost of gas and electricity to and the rates charged by tte lighting companies in New York City, The Carroll (la.) Lfght, Heat & Vo-wer Co.— Bonds Offered.— is to report as soon as possible and suggest such Charles E. Temple, Grand Rapids, Mich., is offering tor sale committee Hearings, it is legislation as may be deemed necessary. 95 and interest, $50,000 first mortgage 5 p. c. gold bonde; at expected, will begin next week and continue almost daily, denomination, |1,000, dated April 4, 1904; due April 4, 1924; so that the committee mav report to the present session of optional April 1, 1907, at 105 and interest; authorized issue, the Legislature in time to reach a vote before adjournment. $100,000. For year ending Sep<-. 16, 1904, gross earnings, The committee consists of Senators Stevens of Wyoming Co. Sae V. 79, p. 2590, $38,194; net earnings, $22,655. (Chairman), Page and Q-rady, and Assemblymen Agnew, CentenDial Copper Mining Co.— Assessment Called.— A.n Apgar, Merritt and Palmer. assesemtnt of $4 per share has been levied on the stock, payTaxpayers' Sttti.- Justice Kelly in the Supreme Court in able at the cffice, 60 State St., Boston, in two instalments as Brooklyn on Wednesday, in the action brought by William follows: $3 April 10, 1905, by stockholders of record April 8; R. H-^srst as a taxpayer to restrain the payment of about $2 Aug. 10. A Michigan corporation. Authorized capital $1,200 OCO for past lighting bills (the back interest of about stock, $2,500,000; iseued, $3,250,000; paid up March 21, 1905, $200,000 being waived), held that the sole question to be deNotes out- cided was whether the city ofiBcials were guilty of bad faith $1,390,228; par of shares, $25; paid up, $15.50. standing issued for Arcadian mill property, $300,000. and refused to allow an investigation into cost of production. Report.— The reports for the calendar year 1904, etc, show: The trial was concluded, briefs being submitted. V. 80, p. 1903. 1904. ^1902. Tear ended Dee. 31— $255,857 $116,933 $446,136 Gross receipts 164,910 del. 12,219 96,220 Netrecelpts H. F. Fay 1b President; Q. G. Endioott, Secretary and Treasurer.— V. 71, p. 1122. Centary Realty Co.— Fa;fra Z>it?idend. —The company has declared this week an extra dividend of 2 per cent, payable April 1. The board of directors also at the same time declared the regular semiannual dividend, increasing the amouDt to 4 p. c, payable July 1. Three per cent has been paid semi-annually since Jan,, 1903. Chicago & Milwaukee Transportalion Co.— Called Bonds. —Five first mortgage bonds of 1898, covering steamship "Christopher Columbus," to wit Nos. 4, 17, 31,64 and 71, were payable at Bank of Commerce, Cleveland, O., on March 1, 1906.— V. 78, p. 690. Chicago Motor Vehicle Co.— JBanferup^- The company was declared bankrupt by Judge Kohlsaat in the United States District Court at Chicago on Jan. 10, but an appeal, it wss stated, would be taken to the United States Circuit Court of Appeals. press despatch said Liabilities, $60,000 of merchandise claims, $8,000 labor claims and $150,000 mortgage on the plant at Harvey, IlL Assets, aatomoblles, factory and machtaes.— V. 78, p. 822. Citizens' Light & Power Co., Fort Wonh,Tei..—Stattis.— Bonds Offered.- Aliieov, Meldrnm Co., 74 Broad wav, were recently offering for sale $95,000 of this company's $103,000 first mortgage 5 p. c, gold bonds. These bonds are da'ed June 1, 1901, and are due in 1941. but subject to call A : & whole or iQ part at company's option, also at the rate of $1,000 yearly, at 106 and interest; decomiDatlon. $500; interest payable June and December at In Koyal Trust Co. of Chieaao, trcstee. Capital stock, $100,00:': earnings for the ten months ending Oct. 3', 1904, S5e.333, contrasting with Si2,7S0 for same period of 1903; net, S2*,340, against §l0,24t: interest. IS, 258, against H.810; balance, surplus, $«1, 084, against $7,031. President, D. T. Bomar, Fort ofiBce of "Worth. Citizeob' Transit Co., Cleveland.— Sfocfc O^ered.— Ttiis company, organized under the laws of Ohio in July last with $600,000 capital stock "to make, buy, sell and operate electric passenger automobiles in the State of Ohio," is offering a limited amount of its stock at par, $100 per shares It is proposed to put automobiles, seating from 20 to 40 passengers, into service in the parks, boulevards and streets of Cleveland as rapidly as possible until the entire city is supplied. The power is to be furnished by the Edison battery and transmitted through the Imperial Electric Motor. President, Chas. S. Britton; Secretary and Treasurer, D, E. Cole, 6C6 Citizens' Building, Cleveland. Clarksbarg Fael Co.— iJepor^— The results for the calendar year were: Tear. Grost. Xet. 0th. Inc. 1904 1903 $476,964 645,177 $133,445 259,6i0 $27,483 24,593 Oh'aes,dep.,dc. !)J124,975 109,611 Bal.,Sur. $35,«58 174,592 — — 1060, 474, 470. Consolidated Heat Light & Power Co., Cal.— Boncfs.— company has created $60,000 20- year gold bonds, par $500, to provide for erection of a gas plant in Visalia. Consolidation Coal Co. of Maryland.— iZepor^—The results for the year ending Dec. 81 were: This 0th. Ine rear. Qros$. Xtt. Oh'ges.tee. i p.e.Div. Bal.Sur. 1904..$4,130,.^89 $1,231,604 $331,703 $7tj0,212 $410,000 $393,095 1P03.. 4,419,249 1,664,016 234.630 811,138 410,000 677,508 V. 80, p. 474, 225. — Continental (Beet) Snsrar Co., Fremont, Ohio.— Increase of Capital Stock. This Ohio corporation has filed a certificate of increase of capital stock from $500,COO to $1,000,000. G. E Collin 2 s is President. Offices, 25 Frankfort St., Cleveland. See V. 79; p. 682. Contra Costa Water Co.-Oakland Votes Down B:nd Issue for Municipal Plant.— At the city election on Mar. 11 the propoeition to issue bonds for the construction of a municipal water plant through the medium of the Bay Cities Water Co. was lost by a vote of 4,415 for to 5,208 against the plan, a two-thirds vote being necessary. See "Oakland," V. 80, p. 486.— V. 78, p. 345. — Corn Prodncts Co.— Dividend Reducei.—The directors on Tuesday declared a dividend of 1 p. c. on the $27,380,700 (cumulative) preferred stock, payable April 10 to holders of record March 31. This is a reduction of 5i of 1 p. c. from the previous payment, the full 1^^ p. c. having been distributed quarterly from July, 1902, to January, 1905, inclusive. From May, 1903, to February, 1904, the common stock received 1 p. c. quarterly. President C. H. Matthiessen has iss^ued a circular, saying Daring the greater part of last year the general depreeslon In bualnesa and increased oompetUion In the starch and glncose Indastries serionsly aflfeoted the earnings of the companies from which the Com Prodncts Or>. derives its income. Exact flgores showing the combined net earnings of theee companies cannot be famished until the andltora have finished thplr work, when statements will be mailed to each thareholder as usnal. The receipts of the Corn Proincts Co. for the year amount to SLSO^.-oSS, and the expenses amoant to §116,123, leaving net earnings of $1,059,465. The combined net earnlnsts of the varlons companies whose stock this company owns in whole or In part are estimated at $2,700,000, before writing oflf the Interest on bonds and expenditnres for repairs, Improvements and advertising. The combined bonded debt oC all the companies In which your company is interested (excluBlvo of tte New Ycrk Glucose Co.) is now $7,390,000, as against $7,5 18,000 one year ago None of the subsidiary companies owe any money except for current bills. The Corn Prolucts Oo.'e indebtedness of $500,000, as reported last year, has been reduced to $400,000, amply secured by the Giucoee Sugar Refining Co. common stock. The sBbslrtlary companies have on hand atout $1,000,000 of real estate not required in their boBlness, and which they are endeav: oring to convert Into cash. No dividends have been received from the New York Glucose Co. since Dec. 1, 1904. The number of stockholders has increased from 2,488 to 2,666. —V. 80, p. 474. (Compare report, V. 78, p. 1905).— V. 80, p. 653, 119. Colorado Fuel & Iron Co.— Option to Subscribe.— A-greeDn Pont International PoTvder Co.— Dividend of Con' abJy with the funding plan of Dec. 11, 1903 (V. 77, p. 2282. 2341) the properties lately sold by the company have been trolled Compaiy —See International Smokeless Powder & conveyed to the Colorado Industrial Co., a corporation or- Chemical Co. beiow.— V. 80, p. 119. ganized under the laws of Colorado; all the capital stock of Erie C An slX.- Additional Contracts Atoarded.—Thx(e fursaid Industrial Company has been acquired by said Fuel ther contracts for enlargement of the canal under the Barge Ccmpany, which has issued in payment thertf or $6,200,000 Canal Act were awarded on March 13 as follows: Nos. 2 and of its common stock and has guaranteed the mortgage bonds 5 (Erie Canal), $852,330 and $381,987, respectively; No. 3 of the Industrial Company to an aggregate amount of $45,- (Champlain Canal), $670,497. 0OO,C00. Attormy Oenerai's Qpinjon.— Attorney-General Mayer on The bonds and stock used for re-purchase of property and for additional capital, amounting at par to $17, COO, March 10 denied the application of various interests that he COO cf Industrial Companv bonds and $3,400,OCO of oommoD bring action to test the constitutionality of the Barge Canal (unlisted) stock of the Fuel Company have been depc sited Act, In his opinion, he says, it his duty to assert the validity by the underwriting synalcate with the committee for sub- of the lavf that when a real controversy In the coarse of its scription by stockholders as provided in said plan. administration arises, as It probably wiJl shortly, he will do Stcckhclders of record April 8, 1905, who are not members all in his power to facilitate a speedy and full determination; of the ucderwritlrg syndicate are accordingly offered the and thnt until such a contingency develop?, it is the duty of right to subscribe for said securities at the New York Trust State officers to administer the law accordiag to its provisCo., No. 26 Broad St., on or before April 13, on the basis of ions.— V. 80, p. 715. ; THE CHRONICLE. 1178 [Vol. lxxx. Equitable Lite Assarauce Sicletj— Directors Approve Plan—Crimmina Committee Obfecti*. —See editorial article on an annual rental of $3^,000 land and building on Charles page 1147 and coicpare V. 80, p. 1114, 999. Fairmont Coal Co.— iZepor^.—Tlie reaalta for the calen Watch dar year were: Div. Bal.,Sur. Net. Oih.Ine.Ohg'i,dep.,tic. Tear. Gross. 1904.. $3,754, 152 $982,138 $33»,333 $670,538 (3)$360,000 $283,934 1908.. 5,197,686 1,894,568 357,013 668,618 (2)240,000 1,342,963 Earnings of Subsidiaries,— The earnicgs of the Pittsburgh Fairmont Fael Co., a majority of whose stock was acquired on July 27, 1904 (V. 79, p. 2699), for 1904 were: Gross & earnlDgp, $326,311; net income. $137,395; charges (Including $70,000 interest on bonds), $86,667; balance for year, $50,638. See Clarksburg Fuel Co. above.— V. 80, p. 474, 235. — General Asphalt Co.— Arbitration Demanded. The American Minister at Caracas, acting under Inetructions from Washingtcn, D. C, lately informed the Venezuelan Government that it must arbitrate the questions at issue between the countries, chit fly the dispute regarding the concession of this company's subsidiary, the New York & Bermudez Asphalt Co., to the Bermudez (asphalt) Lake, or the United States will feel free to take other steps to secure justice. Our Minister yesterday notified the Government of President The situation is further Castro's refusal io arbitrate. complicated by the agretment of the Government of Ventzuela with the foreign bondholders, which was to be signed yesterday, setting apart a large portion of the Customs receipts for Interest on a proposed issue of Venezuelan consols. It was announced last week that the Superior Court in Venezuela decided March 15, on appeal, thatJiheNew York Bermudez Asphalt Co. aided the Matos revolution and should therefore pay damages to be fixed by the High Federal Court. Tbe proceedings in the Venezuelan courts touching the company have, it is claimed, been so irregular as to amount practically to a denial of justice. The action to rescind the concession is scill pending. All persons are warned by advertisement against using asphalt from the & Bermudez Lake "from which said company was wrongfully dispossested July 22, 1904." Contract— The subsidiary Barber Asphalt Co. recently obtained a contract for about $1,000,000 of paving and repaving in Philadelphia at an average price for the paving of $1.55 per square yard, contrasting, it is said, with $1.84 last year and $3.12 two years ago.— V. 79, p. 2750, 2586, 3207. Colorado Springs.— Sate Ordered.— The company's property, it is stated, will take place May 10. Appraised value reported as $309,000; upset piice not less than 75 p. c. of samB.- V. 79, p. 2591. Hoa&ton Oil Co.— Litigation.— See Kirby Lumber Co., General Metals Co., judicial sale of this below.— V. 80, p. 475, 166. ; it also transferred by deed its Waltham, to the E. Howard S:., Co. Kirby Lamber Co.— Suit For Damages.— Snita have been brought by the lumber company against the Maryland Trust Co. and the Houston OH Co. (1) for damages to the amount of $17,017,533 for alleged breach of contract and (3) for the dismissal of the receivership on the ground that the plaintiff is not insolvent. The claim for damages represents (a) $2,071,633 excess payments claimed to have been made under tbe timber contract and (b) $15,000,000, being $5 for each 1,000 feet of timber which the Houston Oil Co. failed to deliver in accordance with Its original contract. The complainant alleges that said original contract called for 8,0(.0,000,000 feet of timber to be cut up to the year 1914 and to be paid for at the rate of $10 per 1, COO fee- but that the Houston Oil Co. was unable to furnish this amount because it only controlled about 500,000 acres of land, which would only yield about 5,003,COO,COJ feet of timber. The lumber company also alleges that the supplemental contract by whicti the oil company sought to relieve itself from the obligation to deliver 8,000,000,000 feet of timber was not executed by authority of the board of directors of the lumber company, nor with their consent, and that the directors remained in ignorance concerning it until the receivership. The lumber company admits that at the time the receivership bill was filed there it owned $3,COO,000, but denies that it is insolvent. The lumber company in its answer in the suit brought by the Maryland Trust Co, as trustee, in which the receiver was appointed, also makes the following allegations : The defendant further alleges that, relTirg on the Houston OH Co. to fully ; perform its part of thejtimber contract, it not only rebuilt and improved Its existing lumber mills, greatly increasing their capacity and improving and extending its tram roads, but in adfiiiion erected 6 new mills of gi eat capacity, with tram roads, at an expense of $!, 000,000. and at the time of the Uling of the original bill it was possessed of eighteen mills, together with appurtenances and facilities of every kind, including 140 miles of tram railroads, with a capacity of manufacturing 450,000.000 feet of lumber per year, running during the daytime only, and a sufficient number of said mills for oceration in the night time, and with the aid of the night operation bad an ultimate manufacturing capacity of more than 70ri,000,ijOO feet of yellow pine lumber per year. During the existence of the tiojber contract, the lumber company cut and removed 47v,804,765 feet of merchantable ye. low pine from July 1, 1901, to Feb. 1, 1904, and paid therefor $.',275,000. The answer further alleges that neither the Maryland Trust Co. nor the Houston Oil Co. has a lien on the properties of the lumber company. Sales Ordered.— Judge Burns of the Federal Court, at Houston on March 2, ordered the sale on May 2 of portions of the company's lands: (1) 16,316J^ acres in Jasper and adjoining counties, upeet price, $200,000, to satisfy judgment of $165,510^in favor of Nona Mills Co. of Beaumont, etc.; (3) 3,815 acres in Jasper and adjoining counties under judgment of $16,705 in favor of O. L. Cochran, guardian; (3) 8,922 acres in Orange County, to satisfy judgment of Margaret P. Thompson for $7,579.—V. 80, p. 166. (E.) Howard Watch Co.— See Keystone Watch Case Co. below.— V. 76, p. 755. Lawyers' Mortgage Co., New Yorb.— Increase in DiviIndependent BrevfiBg Co., FitUhviTgh.— Acquisition.This company is reported to have arranged for the absorption derid.— The directors have declared a quarterly dividend of on April 1, as of Feb. 8, of the Chartiers Valley Brewing Co., \% p. c. upon the $2,500,0CO capital stock, payable April 1 a company said to have $175,000 capital stock, and a brewery next to stockholders of record March 20, 1905. This is an with an annual capacity of 80,000 barrels and an output last increase of 3^ of 1 p. c. Par of thares $;00. year of 35,000 barrels.— V. 80, p. 999. Co., Topeka, K&n.—Bjnds.-F. H. Mills & Co., Boston, recently offered at 103 and interest a block of first mortgage sinking fund gold sixes of $500 each, dated Feb. 1, 1905, due Feb. 1, 1923, subject to call at 104; coupons payable Feb. 1 and Aug. 1 at Fidelii y Trust Co., Kansas City, Mo. trustee. Bonds authorized by mortgage, Independent Telephone , $100,000; now issued, $65,000; reserved for txtensione, to be issued at 80 p. c. of the cost, $35,000. Capital stock, $150,000. B. F. Pankey, President, under date of March 3, states: On March 1, 1906. a total of f.OSB Instrnments were in actual use, against 1,612 on Jan. 1,1904. Plant ici vestment, Jan. 1. 1905. IIWI,"!?!*. BarnlnKS for calendar year '904: Oross income, $57.0Sii; operation and maintenance. *2A,4rt2; net Income, tSI.nuo. Twenty- year franchise eranted July. 1901; no objectionable fe'ttures. Company has cotnectlon with Kanstts City over lines of Kansas City Homes Telephone Co. and, throuuh Union Telephone * Telegraph Co., with a large number of towns wesi of this city. N Indot-trial Coal Co. ctock Offered.— Chas. Haley, fiscal agent, Keystone Building, Pittsburgh, is offering $100,000 treasury stock at pir, $10 per share; autborized capital stock, all of one class, $500,030; no bonds. Mines at Hllliardfl, Pa., the property embracing "4,530 acres of the beat bituminous coal In Pennsylvania on the Bessemer Lake Erie RR." "This security Is paying 6 p. c. dividends, and it Ib proposed to increase the shipping capacity to 1,800 tons dally." D.-laware incorporation organized June 18, 1904. President, John W. Grove of Pittsburgh. & A International Smokeless Powder & Chemical Co.— Dividend. The directors have declared a quarterly dividend of 87J^ cents a share (^^ of 1 p. c.) on the 180,000 shares of common stock, par $50. The preceding payments oa the common stock were: Iq 1934 three quarterly distributions of 37J^ cente; in January, 1905, 50 cente; tota?, $1 Q2^. Report.- The report for the calendar year 1«04 showed net — earniDgs;J615,CO0(against $450,000 for 1903); pref dividends, $48,000; common dividends ($1 62i^ per sharO, $292,500. Directors The Da Pont International Powder Co. owns control (V. 18, p. 1448; V. 77, p. 2893). The directors are: W. W. Glbbp, George 8 Graham. Hsnry O. Watts. Oarl D. Bradley, £. O. Bnokner, H. F. Baldwin, T. Coleman Da Pont, P. S. Da Pont. Alexis I. Da Pont.— V. 80, p. 119. — Incorporated in 1894 ander the New YorK Inearanoe law. Dividends for one year past, 6 p. o. previous to that for a number of years, un5 p. 0. yearly. Now earning about 10 p. o. Surplus, $l.(i00,ooo divided protttP, $37,314. Assets Include Cash, $209,123 N Y. Olty mortgagee, $3,828,31!^. Mortgages guaranteed aggregate aboat $32.000,000. President, R. M. Hard; Vloe-Presldents, £. W. Ooggesball, Charles 8. Falrchild and David B. Ogden Secretary, C. O. fivers. Tills company should not be confounded with the allied Lawyers' Mortgage Bond Co. (V. 80, p. 602, 874.) , ; : ; , Lowell (Mass.) Machibe Shop.— Sat'e of Control.— &. majority of the $900,000 capital stock has been deposited with the City Trust Co., Boston, under the terms of the offer of Robert F. Herrick to purchase the same at $1,180 per share, par $500; depositors receiving also the semi-annual dividend of $30 per share, payable May 15. Further deposits from shareholders unavoidably delayed in accepting the Mr. Herrick is thought offer will be received until Sept. 1, Petee by some to represent persona identified with the Saco Co., which owns a large plant at L-Jwiston, Me., and another at Newton Upper Fall?, Mass. The stock has paid dividends, it is stated, as follows: 19C0. 1899. 1901. 1804. 1902. Year 1903. 10 10 9 10 Percent... 8 lo & Meridian (Miss.) Water-Works Co.— Receivership.— A.i Meridian, on Feb. 3S, Judge Niles of the United States DisTrust trict Corirt, upon application of the Farmers' Loan Co. of New York, trustees for the bondholders, appointed A. M. Lynn Receiver of the property. Mr. Lynn is understood to be the district manager of the American Water-Works Quairantee Co. of Pittsburgh. A special despatch to the "New Orleans Times- Democrat " says The city of Meridian and the company has been engaged for a year & & : In a desperate strnggle for eupremaoy, the city endeavoring to annul th'aifranohlae of the company and build a plant under municipal The State Supreme Court last week handed down a o«7nerBlilp. un anlmous opinion Invalidating the franchise of the company, but as the water woiks attorneys had also taken advantage of the Onlted P.tatts Court, It was thought by the general public this would be heard Wefore any other step would be taken The receivership, tuerefore, o.<ime as a surprise. See "Meridian" In V. 77, p. 991, 1762. Minneapolis Brewing Co.— Bonds Called.-The Manhattan KfTstone Watch Case Co.— Acr/wmtton.-lQ December last 'iTrust Co. will ou April 1 pay at 110 and interest $24,500 first the Ucited States Watch Go. of Waltham, Mass., organized mortgage 7 p. o. bonds of 1893.— V. 76 p. 708. In 1885 by the American Watch Tool Co., leased its plant to iMiSBoari River Power Co.— Called Bonds.- Twenty ($30,^ he Keystone Watch Case Co. of Philadelphia for 25 years at 000 ) Ist mortgage 8 p. c. bonds of 1900 have been called for Mar. THE CHRONICLE. 25, 1905.] at 105 and interest, say $1,C80 per bond, on May 1, 1905, at the cfBce of the Colonial Trust Co., 233 Broadway, N. Y. See V. 76, p. 708. payment 1179 Otlg Elevator Co.— New Directors.- Edmund A. Russell, Godfrey R. Rebmann and W. S. Spalding have been elected directors to succeed the late N. P. Oils, H. R. Reed and John A. Roche. JSeporf.— See page 1172 of to-day's Chronicle.— V. 80, Monmouth (111.) Was & Electric Co.— Bonds Offered.— MacDonald, McCoy & Co., Chicago, are offering at par and interest, |33,500 first and refunding mortgage five p. 476. Pittsburgh Coal Co.—Acquisition.-An officer of the comper cent gold bonds dated Ost. 1, 1904, due Oot. 1, 1929, but subject to call on Oit. 1, 1909, or any interest date thereafter pany writes : "Our company paid the full consideration for at 5 per cent premium and accrued interest. Interest pay- the capital stock of the Jones & Adams Co. in cash, all of the able semi-annually on the first days of April and October, stock of said company being acquired." See V. 80, p. 1115. Denominations, $500 and |1,0C0. State Bank of Chicago, Plymouth (tfass.) Electric LigbtCo.—Refundivg Bonds Chicago, III., trustee. A circular savR: Offered.- E. H. Gay & Co. are offering at a price to yield 4:% Stock- Preferred, 6 p. c. onmnlatlve, $50,000; common, $1^0,000 p. c. $30,000 first mortsa^e 5 p. c. gold bonds of |1,000 each, (par, $100). BondB authorized, $200,000— to refund bonds of Edison Illuminating Co., $42,000; tor future betterments and extengions at dated Jan., 1905; du^ 12,000 to §3,000 yearly, each Jan. 1, 1916 85 p. 0. of cost, $78,000; In treasury, $10,000; Issued, $70,000. to 1924, and $38,000 Jan. 1, 1925. Coupons payable Jan. 1 and OrosB for year 1S04 (of which 10 months as Independent properties), July 1 at American Loan & Trust Co., Boston, trustees. $43,038; net earnings. $12,742; preEcnt Interest charge, $5,8i0. FaTorable franchise for thirty years. Owns and controls, without com- "Franchise perpetual and exclusive." Stock, $90,00(1; firct Eirnings for year 190304 mortgage limited to |60,0r0. petition, all the gas and electric-light buslnesB in the city. Annual sinking fun(3: IfilO to 1914, $2,100; 1915 to 1919. $3,150; 1»20 to Gross, $29,234; net, $11,442; interedt on present bends, $3,C0r; : 1925 1924, $5,250; Neir York to 1929, $10,500; making $105,0C0 in all. & Baltimore Trausportatiou Line.— Called called for redemption at 105 and interest on April 1, at the Trust Co. of North America, Nos. 3, 9, 24, 31, 89, Philadelphia, the following bonds, viz Operates a freight line of sreamere, 101, 107, 154, 157, 185. established some forty years ago, between New York and L. Gaw Jr. is Treasurer, Phila. Baltimore. Bonds.— The company has : H GlncosA Co.— iVo Dividend Since Dec. 1, 1904.— See circular of Corn Products Co. above.— V. 74, p. 1093. New York (Bell) Telephone Co.— Large Reduction in Rates. The directors announce a reduction in the rates for telephone service, to 'ake effect on May 1, ranging from 20 p. c , viz., from |75 to $80, for 600 messages, to lOi^ p. c, or from |228 to |3C4, for 4,5C0 messages. The schedule of toll rates between the several telephone dittrlcts in New York City, also revised, will take effect on the first of the month following the next issue of the telephone directory. The allied New York & New Jersey Telephone Co. has also anncucced a reduction in rates beginning May 1. Sae report of parent company, the American Telephone & Telegraph Co. on page 1180. New York — —V. 76, p. 269. New York Weighing Barge & Coal Co. —Reorganization in New Jersey in December, 1900, with 14,0.0,000 cepital stock and a $500,000 bond issue (Knickerbocker Trust Co., trustee), was on Sept. 27, 1904. placed in the taads of John S. MacMasters, of Jersey City, as receiver, by the Court of Chancery of New plan of reorganization, Jersey. Bonds issued, §359,000. dated Jar. 25, 1905, is now announced by this committee: James Kerr and Howard M. Smith, with John S. Nugent aa Secretary, and James M. Gifford, 5 Nassau St., and Albert 6. Kerr, 40 Wall Plan.—Thia company, incorporated A New Yoik City, as counsel. The plan is substantially as follows St.. : A corporation will be organized with an authorized capital of $1, 000,000. All persons having valid claims will be permitted to partic ipate auoh reorganization to the extent of their claims and interest to Jan. 1, 1905, on payment to the committee on or before April 1, 1905, of 10 p. c. of the face of such claims and interest, and will reoelye stock of the new company at par to an amount equal to such olaims and interest. If all creditors participate In the plan, about $300,000 of stock will be iseued, leaving about $400,000 of such stock to meet future needs. Such propt rtlon of the assessment as may be found necessary will be used In purchasing and perfecting title to barges and other property acquired by the receiver, paying taxes, receivership and other charges connected with the reorganization, leaving the corporation with a substantial working capital. No bonds will be issued and the property of the corporation will be free from mortgage and other liens. The actual cash investment represented either by bonds or other olaims, and which will be enutlett to share in the reorganization, amounts to about $525,000. m balance, surplus, |8,442. New Yori.—Offlcial Statement. statement just made to the New York stock Eschanere in connection with the application to list $1,000,000 of the 4J^ per cent bonds of 1921 will be found on page 1182. The whole issue of bonds is $2,000,000, of which $1,000,000 were previously listed on the Stock Exchange. The bonds have been issued to provide additional capital for the work of the society, which is to aid such persons as it shall deem in need of pecuniary assistance by loans of money at interest upon the pledge or mortgage of the personal property. The annual report was given in our last issue on page 1110. The statement published on another page gives the form of the bon<3, the balance sheet and other facts regarding the society. V. Frovideat Loan Society of —The — 80, p. 1110. Rome & Machine Works.— Increase company filed at Albany on (N. Y.) Lfleomotive of Capital Stock.— Thia March 3 a certificate increasing its authorized issue of capital stook from $150,000 to $500,000. Substantially all of the old stock was owned by the Compressed Air Co., and with other holdings of that company was sold at auction on Dec. 14, 1904, and bought in by the bondholders' cocnmittee of the Compressed Air Co. (Compare V. 79, p. 2088, 2798.) The $350,000 new stock will all be issued to pay for the plant and other property of the Compressed Air Co., the depositing bondholders of the latter receiving stock and bonds in the Rome company in exchange for their bonds. Concerning the Rome company, see Compressed Air Co. in V. 76, p. 268. Sbawinigan Water & Power Co. Called Bonds— Refunding.— The $1,500,000 first mortgage 5 p. c. gold bonds of 1900 have been called for redemption at tne Royal Trust Co., Montreal, on July 1, 1905, at 105. Farson, Leach & Co. offer in exchange for the called bonds the new consols, which are now to have a first lien. There are about -14,000,000 consols outstanding, most of the first 5$ having already been retired. See V. 79, p. 274. Somerset Coal Co.— Report.— The results for the year ending D;o. 31 wery: Tear. Gross. 1^04 1903 $975,298 0th. Inc. Net. Oh'ges. Bal., 8ur. die. $24,789 $29,361 $2a3,193 453,980 1,951,549 238,286 26,061 Prom balance as above a dividend of 2 p. c. ($80,000) was paid in 1903, leaving a surplus of $373,980,— V. 80, p. 476. $228,571 666,205 Standard Screw Co., Detroit.— Pwrcftase.— This company on March 17 closed negotiations for the purchase of control of the Hartford (Conn ) Machine Screw Co. and its ally, the Western Automatic Screw Co., on the basis of $1,517,670 for the entire share capital, viz., $818 10 per share The company was promoted by the Automatic Coaling & Hartford the stock of the Weighicg Barge Co., wbich owns the United States patents Western stock and $233'19 per sbare for will receive the company. All the shareholders obtained by Peete B. Clarke for an elevator barge. This same terms, provided their holdings are deposited with the their for device, it is claimed, has proven an operating success, though, Security Co., Hartford, Conn,, on or before May 20, or in through mismangiment, the New York company became exceptional cases by July !!iO. Pending the sale no further insolvent. The parent company, the Automatic Coaling & dividends will be paid by either selling company except a Weighirg Barge Company, was iLc^rporated in Delaware in dividend snlfioient to divide the proceeds of the investment December, 1903, with |500,000 of authorized stock, and is, it assets reserved by the companies, as below stated. is stated, perfectly solvent; it has issued no bonds. Charles E. Gross;, repreeenticg the seller?, is quoted: North Western Commercial Co., Seattle, Wash.— Increase For a number of years the Hartford Company has paid a dividend of Capital Stock.— The shareholders will vote at Seattle on of 10 p.o. a month oa a capital of $100.00i> and the Western company 18 p. c. annually on $iOO,ooo capital. Each company held certain MaylUon inceasing the capital stock from $1,5(:0,0 to investments— railroad etouks and bonds— which in the Hartford compar value of shares, $100. See plan under Pacific pany a«grej?ated, at markt't value, $181,900, and in the Western com|2,£00,C00; Packing & Navigation Co. in V. 60, p. 1081, and compare pany, $200,431 88. An cffer was finally made to allow them to re- and that he purchase pi ice of the shares of each oumpany should be equivalent to the prices originally aeked— $1,000 a thare and $300a8haie, res' pectlvelj— and theactual sale was made at $818 10 per share for the Hartfoni Machine Screw Co. and $233 19 tain these assets, V. 80, p, 471. Orange Connty CJas & Electric Co lUiddletown, N. Y.Orange County Lighting Co. below.— V. 79, , Sticceasor.— See p. 155. Orange Conaty Lighting Co., Middletown, N. Y.—Reorganized.—Th\B company has been incorporated at Albany with $100,000 authorized capital stock as successor of the Orange County (N. Y.) Gas & E'ectric Co., foreclosed and bid in by Philip N. Jackson of Newark, N. J. (V. 79, p. The new company has been orgaoized by Mr. Jackson 155). in accordance, it is understood, wi;h the plan proposed by him last December, holders for each |500 old bond deposited with the Fidelity Trust Co. of Newark, together with $100 cash, receiving In exchange new 5 p. o. bonds of the same amount and stock at the price of 80 p, c. in par for cash payment. Of the 5 p. c. bonds of the Orange County Gas & Electric Co. |114,000 were iesued and $100,000 was reserved to retire at or before maturity a like amount of 6 p. c. bonds, which in the reorganization apparently remain undisturbed. 1 per share lor the Western Automatic Screw Co. Blair dc Co. deposited an amount ectlloit^nt to pay for a m.iorlty of the stock of each company, and entered into an agreement to buy each and every share of said companies at the same prices. As to Standard Company, see V. 80, p. 716. Standard Steel Car Co., Pittsburgh.— ilfe/Zona Buy Shares of Charles Schoen.— The Mellon Interests of Pittsburgh, which control the company, have purchased the stock holdings of Charles T. Schoen of Philadelphia. The following changes in the management are ancounced : New Ottioers. - Wllllrtm Blerman, Secretary, in place of A. 3. Valentine; J. W. Williams, succedlDg L. O. Wood. Directors Retired —A. R. Fraser, E. H. Jennings and L. Q. Wood retired as directors, and the board was reduced from 11 to 9 members. Directors Elected— A. W. Mellon, John M. Hansen, B B. Mellon, W. L. Mellon, L. G. Wler (President of the Adams Express Co.), Edwin Hawley, J. B. Brady, Henry R. Rea and Henry Aiken.— V. 80, p. 169. l^" InTcstmcnt News Conclnded on Pace 1183. TnE CHRONICLE. 1180 ^jefr0rts [V^OL. LXXX and ^ocxxmtnts. AMERICAN TELEPHONE & TELEGRAPH COMPANY. ANNUAL REPORT FOR THE YEAR ENDINQ DECEMBER New York, March 28, 1905. 2o thi Stockholders: The results of the business for the year 1904, as shown by the Treasurer's statement appended, were as follows: Gros3 Revenue $18,546,659 21 — .. 7,270,957 46 Expense^, including interest and taxes 11,275,70175 Net Revenue Dividends paid Carried to Reserve Carried to Surplus .„ 9,799,117 50 20 890,43505 The followipg were the corresponding figures for the year ."186,149 1903: Gross Revenue Expenses, including interest and taxes Net Revenue Dividends paid. Carried to Reserve Carried to Surplus $16,545,632 5,980,967 10,564,665 8,619,150 728,139 1,217,374 39 30 09 76 97 37 The net output of telephones during the year 1904 was making the total number in the hands of the operat- 701,047, ing companies 4,480,564. The number of exchange stations at the end of the year operated by the companies which constiiute our system was In addition to this number 1,799,633, an increase of 274,466. there were 167,213 exchange and toll stations operated by companies or associations under sub-license contracts and making use of our telephones. Adding also telephones employed for private-line purposes our companies have a total of 2,003,213 stations. Tae total mileage of wire for exchange and toll service was 4,671,038 miles, of which 712,147 miles were added during the year. Including the traffic over the Lonaj Distance lines the daily average of toll connections was about 301,000, and of exchange connections about 11,149,000, as against corresponding figures in 1903 of 258,000 and 9,876,000; the total daily average for 1904 of connections, both toll and exchange, reaching 11,450,000, or at the rate of about 3,687,000,000 per year. The total amount added to construction and real estate by all the companies constituting our system in the United States during the year 1904 was: For Exchanges ForToll Lines For Land and Buildings $22,673,200 8,243,50j 2,520,000 $33,436,700 The amount added in 1900 was $31,619,100; in 1901, $31,005,400; in 1902, $37,336,500; and in 1903, $35,368,700; making the grand total of expenditure upon these properties during the five years, |168,766,400. The amount expended by this company in 1904 for the construction, equipment and supplies required for its Long Distance lines was $4,012,905, making the total investment in Long Distance lines and equipment up to the close of the year $30,>:89,710. The development of the business during the past year exceeds that of any preceding year, and this applies not only to the increase of the number of subscribers in established exchanges, but to the toll line development and the extension of lines and service into the more sparsely peopled sections of the different States. Present indications point to even a larger growth of the business for the year 1905. The efficiency of the operating companies is constantly improving. The work of construction, maintenance and operating is done better and with more economy each year as improved equipment and more intelligent methods of construction, maintenance and operation are devised and spirit of loyalty and of devotion to introduced into use. the work pervades our entire organization throughout the A country. becomes more clear that the prosperity is and always must be based primarily upon its ability to give such service, both in extent and quality, as is required to meet the reasonable demands Every year of the it company of the public. Every extension of the service brings in new subscribers and, what i« of greater moment, inor«Mses the value of the service to those already connected The demand for telephonic connection has spread throughout the entire country, so that to-day not only the smaller householders and business men but even the isolated farmers in all parts of the country are coming to regard the telephone as a necessity. Its use on railroads, in factories, on steamships and in other special environments is growing rapidly and there is an enormous increase in the number of private branch ex changes in hotels, apartment houses and other large establishments, where by the use of the private branch exchange the same telephones can be employed for intercommunication between the rooms or offices as well as to talk out upon the lines of the general system. The experience of the Bell operating companies in meeting the greatly increased demand for telephone service which 31, 1904. has characterized the last few years, and the trend of the business as a whole, afford definite assurance that the investment required for the extensions which must necessarily be made, in the interest of the company and of the public, will bring an adequate financial return. It is gratifying to note that the service throughout the country is constantly improving, notwithstanding the enormously greater difficulty in carrying on the business on its present large scale. This is due in part to improvements in physical plant and to the adoption of better operating and maintenance methods, but even more to the more definite recognition that a high standard of service must be attained and to the more intelligent and careful supervision of the plant and of the operating which has come with experience and with a higher aspiration for good service. Involved in the extension of the business, both from the point of view of the companies and of the public, is the establishment of such schemes of rates as will result in an adequate return to the operating companies and at the same time will make it possible to graduate the cost of the service to the varying requirement of the respective subscribers and therefore be alike fair to the large and small user. In no other business that serves the public are the difficulties of dealing with rates greater than in the telephone business, particularly in view of the fact that in no two localities is the investment or the cost of operating per station the same, and that, as communities increase in size, conditions arise which largely increase these costs. The Bell companies are dealing with this question intelligently and on sound lines. By the adoption of measured service in places where it is applicable, and of different grades of service which can be supplied at varying prices to meet the requirements of different classes of telephone users, they are promoting the necessary extension of the service on a basis that is safe, and satisfactory both to the companies and to the public. As a fundamental principle, the larger user should pay to some extent in proportion to his use, while the smaller user should be offered a service adapted to his needs at a lower price. The number of subscribers to the Bell system is now practically a hundred per cent greater than was the case three years ago. In almost every part of the country each subscriber is able to talk to twice as many stations and through those stations to a very much larger number of people. Thus the value of the service to the user is constantly increasing and its cost to the subscribers in relation Moreover, the telephone to its value is constantly reduced uses on the average pay a substantially less amount for the service they receive, irrespective of its increased value, than was the case three years ago. Not only are the standard rates reduced from time to time wherever the conditions justify such a reduction, but a constantly-increasing proportion of the telephones installed is furnished at the lower scale of rates adapted to the needs of those whose requirements are adequately met by the classes of service offered at such lower rates. Concurrently with this reduction of the average rate, and as a consequence of the continued application of sound methods of engineering and of operation, and of the extension of the business into fields where relatively expensive construction and high cost of operation are not required in order to render adequate service, there is a constant decrease in the average investment and oost of operation per station, of the Bell system as a whole. This is not true of every locality, and tlie extent of this reduction, if any, in any given place, depends upan the local conditions; as, for example, the size of the community and the density of its population, the proportion of the investment that is required iu any special place for real estate, expensive underground construction, intercommunicating trunk lines or elaborate exchange equipunent, and the character and extent of service that is demanded. As a general principle it seems perfectly certain that it will always be the case that the larger and more densely populated the community the higher must be the standard of rates for the comprehensive service required for that community. Not only the investment and the cost of operation, but the general difficulty of doing the business which can only be overcome by enlarged expenditure, increase in passing from the smaller towns and cities to the larger. All these diificulties and expenses culminate in cities of the first rank, In those cities there is extensive underground construction, laid and maintained under unfavorable conditions and at great cost, the real estate expense is necessarily very high, the central office equipment is complicated iind expensive, out of all proportion to the number of subscribers served, there has to be a network of trunk lines connecting the different exchanges one with anotiier, and there are many other conditions involving great expense that are not present to a proportionate degree in smaller communities. Moreover, the business is on such a large scale and the element of time Mar. THE CHRONICLE. 25, 1905.J 1181 so much more important as to require the maintenance of a much higher standard of promptness and eflSciency in the service furnished than is necessary in a smaller community, and this higher grade of service can only be attained at a disproportionate increase in cost. In fact, the conditions in those cities are such that only engineering skill of the highest order, and the courage to embody the resalt of that engineering skill in permanent construction and to practice the most sensitive methods of operating regardless of cost, even at times when there was a fair question as to secured by demands for service. Even in the largest [See pamphlet report]. On the back of the cover of this report is a curve which illustrates graphically the growth of the number of subscribers to the system from the beginning to the thirty-first day of December, 1904. [See pamphlet report]. For the Directors, four per cent collateral trust bonds to the its amount of $25,000,000. The money required for like purposes for the year 1905 is provided by the sale, just consummated, of $35,000,000 four per cent collateral trust bonds. Appended hereto, as usual, are a series of comparative statistics showing certain phases of the development of the business of the Company and its associated companies: a statement of the ledger balances of the Company as of Dec, 31, 1904; also a comparative statement of the earnings and whether the great expense involved was justifiable, have expenses for the years 1903 and 1904 and copies of the reenabled our companies to bring the situation into such shape ports of the Committee on Tresurer's Accounts of May 26, as to be able to render the amount and character of service Sept. 29, Nov. 33, 19D4, and March 4, 1905. [See pamphlet that is now required of them. To-day there is no question report?] There is also appended a map showing the toll lines of the as to their foresight, and it is certain that the telephone problem in the large cities, complicated and difficult as it Bell system throughout the United States, which gives an indication of the extent to which tHe territory is occupied. is, can be worked out satisfactorily, whatever may be the however, not only the average rate per station but the standard rates of the individual subscriber have been reduced from time to time as the conditions warranted, and this policy will be continued as circumstances permit. cities, In some places in the country, particularly where there has been the demoralizing effect of unintelligent competiThe service tion, the rates are at the present time too low. rendered is worth substantially more than the users pay for it, and the net return to the operating companies in those particular localities is inadequate. In many such places the rates have already been raised to the point of reasonable re turn, with the goodwill and hearty co-operation of the community. There is no doubt that this process of readjustment will continue as the public becomes satisfied that it is the intention of our operating companies to increase rates only where it is necessary and to reduce them as and when the conditions of the business justify it. That such is the policy of our companies will, it is believed, be recognized more clearly from year to year. But little need be added to what has been said in former reports with reference to the effect of the operation of the so-called independent telephone companies upon the interests of the Bell companies. The developments of the year 1904 have served only to confirm the view heretofore expressed, that their presence in the field in certain portions of the country is not a matter of substantial disadvantage to the interests of the Bell companies as a whole. In some cases their competition, particularly in view of the rates at which they undertook to supply service, and which they themselves to a large extent now publicly acknowledge to have been entirely inadequate, has undoubtedly operated as an embarrassment to the logical progress of the business and to that extent has interfered with its sound development, to the disadvantage, temporarily at least, of our interests, and clearly to the disadvantage of the public. It becomes more clear, however, every year that to enable the Bell companies to meet successfully such competition as may from time to time exist, it is only necessary for them to prosecute their affairs intelligently and with due regard to the public interest. The situation as a whole, so far as this phase of the business is concerned, seems even more satisfactory than in forsaer years. It is to be observed that in many instances even aggressive competition has not substantially affected the sound application and development of the rates from time to time established by our companies as fair to them and to the public. The fact that your Company and its allied companies constitute a national system extending throughout the country is each year more definitely recognized as entitling the Bell system as a public utility to a position which cannot be attained by rival organizations that are, relatively speaking, largely local in character. The number of telephone companies organized to operate independently of the Bell companies in rural districts and relatively small centres of population and for the most part in places not at the time having the Bell service, which have concluded that is for their interest to become a part of the Bell system, is constantly Increasing, and their course in entering into contracts with the Bell companies whereby they take our telephones and connect with toll lines of our system is significant as showing the growing appreciation of the value of the Bell service. Such contracts are clearly for mutual advantage, as well as for the advantage of the commuity served, and are to be encouraged in the interest of sound telephone development wherever, by reason of the establishment of such relations, it becomes unnecessary for cur companies to duplicate an existing plant. On the 3l8t day of December, 1902, as appears from the admirable and complete bulletin of the Census Department relating to the telephone and telegraph industry of the United States, there were of the telephones classified as operated by independent companies, so-called, 84,021 which were in fact Bell telephones used under contract with the Bell companies and as part of the Bell system. This number has grown so that on the 1st of January, 1905, there were, as above stated, 167,213 telephone stations of this class. There is every reason to believe that this sub-license budness of the Bell companies will increase from year to year to the advantage of concerned The money required by the Company for the extension of its long lines and for investment in its operating companies for the year 1904 was obtained by the sale on favorable terms of $20,000,000 five per cent coupon notes due May 1, 1907, and FREDERICK P. FISH, President. TOLL LINES IN THE UNITED STATES OF THIS COMPANY AND THE COMPANIES ASSOCIATED WITH IT. Jan. 1, 1900. 89,292 501.832 Jan. 1, 1896. Miles of Pole Lines. 52,873 MUesofWlre 215,687 EXCHANQKS OF THE BELL COMPANIES 927 686 Exohanffflfl Branch Offices Miles 1. Jan. 1, Jan. 1, 1904. 1905. 130,178 136,547 975,702 1,121,228 Jan. 1, 1903. 122,409 837,912 1,239 1,187 IX THE 1,514 1,861 UNITED STATES. 1,609; 2,131; 4,080 of Wire— On poles touildlngs. and ... 524,123 1,109,017 1,358,140 1,654,379 273,185 Underground.. 184,515 489,250 1,328,685 1,618,691 1,^88,760 Submarine 2,028 3,404 6,048 6,358 6,671 Total 459,728 1,016,777 2,443,750 2,983,189 3,549,810 422,620 742,654 798,901 930,251 Total Circuits 237,837 25,741 50,350 53,795 59,461 Total Employees... 11,930 632,946 1,277,983 1,525,167 1,799,633 Total Stations 281,695 2. 3. Toll Connections. The average number of daily Or a total per year of about toll connections 300,998 96,921,000 is. Exchange Connections. The estimated number of exchange connections daily In the United States, made up from actual count in most 11,149,063 of the exchanges, is Or a total per year of about 3,589,998,000 The number of daily calls per station varies in dlflFerent exchanges, the average throughout the United States being 62io. COMPARATIVE STATEMENT OP EARNINGS AND EXPENSES. Earnings— Dividends Rental of Instruments Telephone Traffic Real Estate 1903. $7,802,833 3,047,088 4,888,158 73,332 734,219 63 35 34 1904. $8,400,301 18 3,438,fi05 54 92 $16,545,632 39 Interest 5,575,447 90 76,782 49 1,055,522 10 $18,546,659 21 15 Expenses— $962,297 84 95,564 60 1,993,680 03 2,929,424 78 Expenses of AdmlnistratiO'ii Legal Expenses .. Interest and Taxes Telephone Traffic $1,103,492 83,530 2.670,083 3,413,850 95 42 61 48 $5,980,967 30 $7,270,957 46 Net Revenue Dividends paid $10,564,665 09 8,619,150 75 $11,275,701 75 Balance $1,945,514 34 $728,139 97 1,217,374 37 $1,476,584 25 $586,149 20 890,435 05 $1,945,514 34 $1,476,584 25 Carried to Reserve Carried to Surplus LEDGER BALANCES DECEMBER Construction, 9,799,117 50 31, 19C4. Debtors Equipment and Supplies $30,989,710 7,301,689 2,2s2,943 138,684,248 219,834 48,127 12,192,673 35,110,048 22,110.400 25,000,000 Telephones Real Estate Stocks and Bonds Patent Account Machinery and Tools Cash and Deposits Bills and Accounts Receivable American Bell Telephone Co Old Colony Trust Co., Trustee $273,819,672 Total Creditoes— $158,661,800 5,«01.099 28,000.000 Capital Stock Surplus Bonds Bonds (CjUateral) 25,oijo.000 20,000,000 Notes Reserves.^ •Accounts Payable Contingent 8,72t>,615 9,184,943 18,645,210 $273,819,672 Total all ' Of this amount, $2,959,906 50 Is for the dividends payable .Tanuary 15, 1905, to stockholders of record December 31, 1904. WM. R. DRIVER, Treaburer. THE CHRONICLE. 1182 OFFICIAL [Vol. lxxx. THE PROVIDENT LOAN SOCIETY OF NEW YORK. STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH FOUR AND ONE-HALF PER CENT BONDS OF New York, March 15, 1905. of New York herewith makes application for the listing of $1,000,000 additional Four and One-Ha.f per Cent Bonds of 1921: Nos. 898 to 900, Nos, 905 194 to to 1,800 for $1,000 each; No. 300, Nos. 94, Nos 30G to 375 to 373, Nos. 400, for $500 each. The proceeds of the sale of these bonds has been used in providing additional capital for the needs of the Society's work. This Society was incorporated under a Special Act of the Legislature of New York State in 1894, and has been in operation in New York City since May 21, 1894. It is managed by a Board of fifteen Trustees, five being elected each year at the annual meeting of the members of the Society. The members are the incorporators and those associated with them April 25,1894; the holders of Certificates of Contri bution amounting to not less than $500, elected under Article III. of the Constitution; certain officials of the City of New York, and officers of certain charitable societies. There were 99 members on March 1, 1905. The Constitution contains the provision that no member or Trustee of the Society shall receive any compensation for his services or any profit other than lawful interest on money loaned to it. The objects of the Society are to aid such persons as it shall deem in need of pecuniary assistance by loans of money at interest upon the pledge or mortgage of personal prop- The Provident Loan Society A A erty. It A A A began business on May A A 21, 1894. The capital of the Society consists of $1,000,000, represented by Certificates of Contribution, issued at par and accrued interest for cash, on which semi-annual interest at annum has been paid since organization. These Certificates are registered by the New York Trust Company. The Society has accumulated also a surplus which on February 28, 1905, was $309,019 12, These capital funds have been used in loans upon personal property at less than its appraised value. The accounts have been audited annually by independent accountants. The bonds for which application to list is made bear Four and One-half Per Cent interest, payable in gold semi-annually, March 1 and September 1, at the executive office of the Society in New York, They are coupon bonds in denominations of $500 and $1 000, with a provision for registration of principal. The date of issue is September 1, 1901, Principal is payable in gold September 1, 1921, at the office of the Society in the City of New York, subject, however, to redemption at the option of the Society at 1023^ and accrued interest on or after September 1, 1906, on three months' previous notice by publication once a month in one or more newspapers of general circulation in the City of New York. The principal and interest are payable without any deduction for any taxes now or hereafter levied by the United States, or by any State, County or Municipal authority ,which the Society may be required to deduct therefrom. In accordance with the resolution of the Board of Trustees authorizing this issue of bonds, the amount of bonds of the Society at any time outstanding shall not be in excess LISTING OF 1921. unless as security for the bonds of this series and of series subsequently authorized and issued. If default shall be made in the payment of the interest on any of said bonds the principal hereof shall become immediately due at the option of the holder. The principal and Interest of this bond are payable without any deduction for any taxes now or hereafter levied by the United States, or by any State, County or Municipal authority, which the said Society may be required to deduct therefrom, the Society hereby agreeing t j pay the same. The Society reserves the right to redeem this bond at 102 ^a and accrued interest at any time on or after September 1, 1906. on three months' previous notice of its intention so to do, to be given by publication once a month in one or more newspapers of general circulation in the City of New York. This bond shall pass by delivery, unless registered in the name of the owner on the books of the Society. After a registration of ownership, certified hereon by the Transfer Agent or ofl3cer of the Society, no transfer, except on the books of the Society, shall be valid unless the last preceding transfer shall have been to bearer, which shall restore transferability by delivery, but this bond shall continue subject to successive registrations and transfers to bearer as aforesaid, at the option of each holder, but such registration shall not affect the negotiability of the coupons attached hereto. This bond shall not be valid unless authenticated by the Certificate of the Continental Trust Company of the City of New York indorsed hereon. In witness whereof The Provident Loan Society of New York has caused its corporatejseal to be hereunto aflixedand attested by its Secretary.Jand this bond to be signed by its President, this first day of September, 1901. The Pbovidknt Loan Society of New Yobk. Attest: , Secretary. , PresidmU STATEMENT OF ISSUANCE OF FOUR AND ONE-HALF PER CENT GOLD BONDS OF 1921. To provide loanable funds In addition to $1,000,000 represented by Certificates of Contribution and accumulated surplus of $309,019 12 $1,940,000 For purchase of property and erection of building for Williamsburg otfioe 60,000 Six Per Cent per of four times the amount of the Certificates of Contribution of the Society then outstanding. There are at present $1,000,000 Certificates of Contribution outstanding, and the amount of bonds which may be issued is, therefore, at present limited to $4,000,000, The amount of bonds covered by this application forms part of a series limited to $i,000,000, of which $1,000,000 have heretofore been listed on the New York Stock Exchange. Should any further amount of bonds be issued, such additional issue would require designation as being of another series of bonds, unless the present series is called and redeemed. The series of which these bonds are a part consists of 1,800 bonds for $1,000 each, numbered from 1 to 1,800, both inclusive, and of 400 bonds for $500 each, numbered from Al to A400, both inclusive, making in all $2,000,000, They are authenticated by certificate of the New York Trust Company, or by the New York Security Trust Company, or the Continental Trust Company, of the City of New York the New York Trust Company having succeeded to the said other & — companies. The form of the bond is as follows : United States of America, State of Bonds listed on New York This application to Stock Exchange $1,0J0,000 1,000,000 $2,000,000 list The financial condition of the Society as of Feb, 28, 1905, is shown by the following statement: INCOME ACCOUNT JAN, 1, 1905, TO FEB. 28, 1905, INCLUSIVE. Gross receipts Expenditures $58,017 17, 901 $40,115 23.193 $16,923 Net receipts. Interest on funds employed. Surplus for two months - BALANCE SHEET FEBRUARY 27 59 63 12 50 28, 1905. Assets Cash in offices and on deposit in banks and trust com- $230,^23 68 panies Loans on pledge of diamonds, gold and silver jewelry, 2,850,966 00 153,971 90 6,600 00 silverware, clothing, furs, etc Interest accrued on outstanding loans tDisoount on $220,000 P. L. 8. bonds sold Real Estate— Paid on account of purchase price of property for Williamsburg oflice 1,000 00 $3,243.0t)l 58 Liabilities-"" "$1,850,000 00 1,030,000 00 51,647 50 Four and One-Half Per Cent Gold Bonds Certificates of Contribution Interest accrued on funds employed [Jnolaimed surplus due pledgers, arising sales Profit and Loss Surplus— Ba'anoe January 1, 1905 Accrued per February 28, 1905 •Since been from auction 32,394 96 .$292,096 56 16,922 55 309,019 12 $3,243,061 58 March 1, 1905, gold bonds to the amount of $150,000 have makinK the amount outstanding $2,000,000. sold, tTobe charged off against Profit and Loss Surplus at end of flscal year. The Officers, Trustees and Offices are as follows Officers.— Robert W, de Forest, President; Frank Tucker, James Vice-President Mortimer L. Schiff Secretary Speyer, Treasurer; Max G. Hopf, Assistant to the Treasurer. Trustees.— George F. Baker, Otto T. Bannard, Charles F. Cox, John D. Crimmins, Robert W, de Forest, David H: Greer, John S. Kennedy, V, Everit Macy, D. O. Mills, Percy A. Rockefeller, Mortimer L. Schiff, William Sloane, James : ; Speyer. J, ; , Kennedy Tod, Cornelius Vanderbilt. Executive Office, —United Charities Bldg,, 105 E. 22d St. Loan Offices,— Fourth Avenue Office, 279 Fourth Avenue; West FortyEldridge Street Office, 186 Eldridge Street East One Hunsecond Street Office, 119 West 42d Street dred and Twenty-fifth Street Office, 105 East 125tli Street Herewith is submitted Certificate of New York Trust Company as to bonds signed and issued, ; New York. THE PKOVIDENT LOAN 80JIETY OF NEW YORK. $1,000. $2,000,000 No $1,000. Twenty- Year Four and One Half per Cent Gold Bond. Principal payable September 1, 1921. Interest payable semi annually, March 1 and September 1. For value received, The Provltent Loan Society of New York f>romlpes to pay to the bearer or registered owner hereof at its olllce, n the City of ^ew York, on the tlrst daj of September, 1921, $1,000 In gold coin of the United States, of or equivalent to the present standard of welglit and fineness, and, on presentation and surrender of the annexed coupons as they shall severally become due, to pay Interest on said principal suui at the rate of Four and One-Half per Cent per annum, in like gold coin, semi annually on the first days of March and Septembeiin each year, at the sal otllce, until such principal sum shall be paid. This l>r)nd is one of a series of bonds limited In the aggregate to $^,000,000. Tlie total a'uount of bonds of the Society at any time outstanding shall not be in excess of four times the amount of the Certlflcaies of Contribution of the Society then outBtandmg. The Society herebv agrees with the holder of this bond that it will not execute any mortgage on any real estate at any lime owned by It, I ; THE PROVIDENT LOAN SOCIETY OF NEW YORK. Frank Tucker, VicePreaident. The Committee on Stock Lists recomniendei that the abovemeutioned $1,000,000 additional Four and One-half per Cent Coupon Bonds of 1921, Nos. 898 to 900, inclusive; Nos. 905 to 1800, inclusive^ for $1,000 each, and No, A 94, Nos. A 194 to A 300, inclusive; Nos A 306 to A 373, inclusive, and Nos. A 375 to A 4C0, inclusive, for $500 each, be added to the amount now on the list, making the total amount listed to date $2,000,000; Nos, 1 to 1800, inclusive, for $1,000 each, and Nos, Al to A 400 for $500 each. Adopted by the Ooverntng Committee March 22, 1935, Mar. THE CHRONICLE. 25, 1905. standard Rope & Twloe Co.— i'^oredosure.— Foreclosure proceedings having been commenced under the first mortgage, the Bache protective committee notifies all income bondholders and stockholders who desire to preserve their equity to deposit their holdings with the Colonial Trust Co., No. 222 Broadway, New York, on or before April 1. The first mortgage bondholders' protective committee, Alvin W. Krech, Chairman, now represent a majority of the outstanding issue, and, in view of the foreclosure proceedings instituted by the trustees, urge the holders to deposit the same forthwith with the Equitable Trust Co. of New York. Ilb3 COMMERCIAL EPITOME Friday Night, March 24, 1905. A general tone of confidence has dominated most markets and there has been a slight hardening in values for many lines of merchandise. Climatic conditions have been favorable, promijing an early spring season, and —V. 80, p. 1115, 874. effect upon the distributhave had a stimulating Tennessee Coal, Iron & RR. Co.— Common Stock Divi- ing trade, dealers and jobbers as a rule experiencing denda Resumed.— IhQ directors on Tuesday declared a a fairly satisfactory run of orders from the retail trade. Requarterly dividend of 1 p. c. on the |82, 552,800 common ports from the iron and steel trades have continued to report stock payable May 1 to holders of record April 10. This is business as active, there being free buying of iron for early the first dividend dealared on the common stock since Nov., delivery. The fact that normal conditions have been reThe common stock in 1887 received 1 p. c; in 1900, stored in railroad freight transportation has had a stimulat1900. V. 80, p. 1063,1001. ing inflaenoe upon business. The information from the inte6p. climatic conditions favorable for the grow—Increase of Stock.—This rior has reported Toledo (Ohio) Coal & Clay Co ing crops and for satisfactory progress with spring farm Ohio incorporation has increased its stock from 1350,000 to work and seeding. $500,COO, of which one-half ($250,000) is 6 p. c. preferred; now Lard on the spot has been quiet, only a jobbing business outstanding $217,0C0 each of common and preferred; par of being transacted. Offarings have increased, and there has shares $100, Company owns coal rights on 1,683 acres. A been a slightly easier turn to prices. Toe close was firmer at c— mortgage for $350,000 was made last August, but $233,000 of the bonds were subsequently deliverd to the trustee for cancellation; of the remaining $117,000, $87,000 are outstanding, being gold 6 per cents of $500 each, due July 1, An exchange says 1919, but subject to call at 105. The new capitalization will provide for a numbar of large improve: ments. The company owdb coal rights on 2,000 [1,683] acres of land at Bird's Kan, Glaernsey Oounty, Ohio, and has been operating a coal mine since Sept. 3, 1903, with a dally output of 16 oars. The company owns some rich deposits of shale and Are clay, and will erect a brick and sewer pipe plant to take care of the by-product. The plant win have a capacity of 30,000 bricks per day. President, Ohas. G. Hart; Secretary, C. O. Miniger; Treasurer, H. M. Cook. Compare V. 79, p. 632. prime Western and 6 75o. for prime City. The defor refined lard has continued slow. The close was firmer at 7'35c. for refined for the Continent. Speculation in lard for future delivery has been moderately active. Under profit-taking sales by packers prices yielded slightly during the latter part of the week. The close was firmer on limited receipts of swine, DAIbT GI OSiaa PBUOBS OF LABD rUTUBBS IH OKIOAOO. Sat. MoH. tuet. Wtd. Thurg S'ri. 7*30c. for mand May del'y. Jnlydel'y 712i« 725 7-15 7'80 7-12ifl 7-10 7'27i3 7-22i« 7-07i« 7-23i2 7-12i« 7-27i« Pork has had a fair sale, both jobbers and exporters being Toledo United Breweries Co.— Consolidation. —Bonds buyers, closing slightly higher at $13 37>^@i3 75 for mess and Offered.— The Ohio Savings Bank & Trust Co. of Cleveland $14 50@15 for family. Damand for out meats has been quiet offered this week, at par, $1,000,000 6 p. c, first mortgage 25- but prices have been steady at 6c. for pickled shoulders, 8^@ year sinking fund gold bonds of this proposed consoltdatioa, 9c. for pickled hams and 7@73^c. for pickled bellies, 14@ a bonus of 50 p. c. in stock being given with each bond. An 10-lbs. average. Beef has had a fair jobbing sale at steady prices, closing at $9 50@10 for mess, $10 50 for packet, |11@12 advertisement save: The merger of [three] Toledo breweries has been accomplished, with for family and $16 50@17 for extra India mess in tcs. Talthe provision for taking on a fourth. The actual issue of bonds and low has been quiet and slightly easier, closing at 43^@45^o. stock will equal only such sum as will show an earning capacity of 6 Stearines have been firmer at 7J^@7%o. for lard steariae and p, 0. net on the bonds and stock Issued, based on the average annual Cotton seed oil has been in moder7J^c. for oleo stearlne. profits for the three years as determined by Barrow, Wade, Guthrie & steady for prime yellow. Butter Co., but in no event will the bonds exceed $^,000,000, and the aggre- ate demand, closing gate common and preferred stock $?,0D0,000. The average ar.nual has been in limited supply and firmer for choice grades, net prottte per annum of the Huebner. the Grasser & Brand, the Fin- closing at 20@283^c. for creamery. Cheese has been steady lay and the Buckeye breweries, from Jan. 1, 1902, to Jan. 1, 1905, Is at 10J^@14c. for State factory, full cream. Fresh eggs have $356,558. been in full supply, but prices have been firmer, closing at Trackee River General Electric Co., San Francisco.- 173^@18c, for best Western. New Stock, The shareholders on March 11 voted to increase Brazil grades of coffee have been in improving demand, the capital stock from $3,600,000 to $3,000,000; par value of the general report being of Increasing interest shown by the shares, |50 each. The company is paying dividends monthlv consuming trade as a buyer. There has been a better underat the rate of $1 20 per year per share. The new stock, it is t me to the market. The close was steady at 7J^o. for Rio said, will be issued in conneotion with the construction of a No. 7 and West India growths have 8J^o. for Santos No. 4. second generating plant (capacity 1,500 k.w.) which is to be had a slightly better sale and at steady prices, cloaing at in operation next October.- V. 80, p. 476. 9@9)'4C. for good Cucuta and 103^@10J^c. for good average United Shoe Machinery Co.— CaWed Bonds.— Tae Ameri- Bogota. Speculation in the market for contracts has been Prices have advanced on stronger can Loan & Trust Co. of Boston will pay on presentation the moderately active. remaining two hundred and eighty-six of the 6 p. c. sinking European and Brazilian advices and an improving trade fund debenture gold bonds ($143,000) issued in 1898 by the demand. The close was quiet but steady. The following were the closing asked prices : International Goodyear Shoe Co., which have been drawn 6*700. Nov 6'903. 6"30o. Aug for payment at 105 and Interest, interest ceasing April 10, March...... May 7'OOc. 6-80C. Deo 6-45e. Sept 1905.—V. 79, p. 969. 6-600. Oct July 6"85c. Jan 7050. — United States Watch Co., Waltham, Mass.— See Keystone Raw sugars have been in slow demand and prices have deCo. above.—V. 72, p. 1088. clined to 4 27-82C. for centrifugal, 98-deg. tesi, and 43^c. for Westchester (N. Y.) Racing Association.— Jlfor/gag'e.-A Muscovado, 89-deg. teat. Rafined sugar has been dull and 5 mortgage has been made to the Title Guarantee & Trust Co. unchanged at "85 3. for granulated. Teas have sold at lower prices for Japan grades, but closed steady. Spices have been of New York, trustee, upon the new race track, etc., at steady. Belmont Park, Qieens, L. I. Kentucky tobacco has continued to be firmly held, but This mortgage secures $400,000 5 p. o. bonds of $5,000 each, due In 1910, but subject to call $50,000 Aug. 1, 1906; $50,000 Aug. 1, 1907, business has baen limited. Seed-leaf tobacco has tieen firm. and remainder Feb. 1, 1908. See page 5 of "Engineering Nowe" of The feature has been a more active demand for Florida SuFeb. 23 for description of property. Capital stock, $1,200,000. Presi- matra, induced by reports of inferior quality and high cost Watch Case Samuel B. Lawrence. August Belmont Ofl^ioe, No. Western Telephone & Telegrraph Co.— iJepor^—The re- dent, 28 Nassau is a director. St. sults for the years ending Jan. 31 were lean— Net receipts. Int., taxes, etc. 1903-04 $1,408,215 $533,l:i4 190203 1,238,222 538,590 -V. 78, p. 1220. : Pref. div. Bal., sur. $800,000 640,000 $75,091 59,632 —In the April number of '-Scribner's Magazine" Frank A. Vanderlip of the City Bank in his article on the political problems of Earope discusses the insurance question as it affects policy-holders. He refers to the economy of the administration of insurance in Garmany so that over 91 per cent of the income is paid in benefits to the insured. —Subscriptions for the 100,000 shares of the treasury stock of the Greene Gold-Silver Co. will be received at the com pany's office, 24 Broad St. See particulars in advertisement on another page and the fuller advertisement in our last issue. —King, Hodenpyl & Company announce that they will open today (March 25) a branch office on the seventeenth fljor of the new First National Bank Building, Chicago, with Mr. Bruce Clark as manager. of the foreign Sumatra tobacco being offered at the inscriptions at Amsterdam. Other business has included limited sales of 1903 crop Pennsylvania broad leaf and 1902 and 1903 crops Wisconsin Havana seed binders. Havana tobacco has been held for higher prices and closed firm. Prices for Straits tin advanced early In the week, but turned weaker at the close, owing to a dull trade and following London. Prices quoted were 29'50@29"75c!. logot copper has been quiet and there has been some pressure to sell forward deliveries, closing at 15J|'@15J^o. for Lake and 15i.^@ 15i^c, for electrolytic. Lead has held steady at 4'60@460c. Spelter has been quiet and easier, closing ae 6 00@6'l(Jc. Pig iron has been in good demand and firm at $17 50@17 75 for No. 2 Northern and $17 25@17 50 for No. 2 Southern. Refined petroleum for export has been lees active and closed lower at 7 15c. in bbls., 9'85c. in cases and 4'25c. in bulk. Naphtha has been steady at llj^c. for 71 decrees and Credit balances have been unchanged, 12c. tor 76 degrees. closing easy at r89c. Spirits turpentine has been fairly active and prices have advanced, closing at 57J^(g573^c. for machine bbls. Rosins have been In scnall supply and steady at $3 for common and good strained. Hops have been easier. Wool has been steady, THE CHRONICLE. 11I!IS4 COTTON. Fbiday Night, March 24, 1905. as indicated by our telegrame from the South to-night is given below. For the week ending The Movement of the Cbop evecing the total receipts have reached 174,381 bales, against 139,662 bales last week and 143,666 balea the previous week, making the total raoeipts* since the Ist of Sept., 1904, 7,506,528 bales, against 6,645,484 bales for the same period of 1908-4, showing: an increase since Sept. 1, 1904, of 861,044 bales, ^VOL. LXXX. 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. add similar figures for New York, which are prepared for our special use by Messrs. Lambert & Barrows, Produce Exchange Building. We this BeceipU at— Sat. 1 Wtd. Tue«. Xoti. 459 233 9,695 3,156 5,530 4,304 3,003 • •>«• 8,406 204 306 238 376 ..... 964 871 2,016 3,202 4,813 New Orleans... 5,449 9,981 8,963 13,620 722 869 Pensaeola, Ac. Savannah...... 4,581 Brunsw'k, <fee Oharleaton 855 707 1,784 1,240 1,537 Wilmington,... Wasb'ton.&o. Rorfolk 2,120 2,833 2,517 968 484 1,963 5 6,542 14.225 388 388 N'p'tNew«,*e. New York. 50 50 717 300 1,984 215 Boston......... 1,928 Baltimore 25 176 25 125 Phlladelp'a, *o 6,S05 1,981 1.985 1,660 Tot. this week. 19,190 87,169 81,269 28,990 23,288 34,485 174,331 The following shows the week's total receipts, the total since and the stocks to-night, compared with last year. Septi 1, 1904, 1903-04. 1904-05. Beeeiptt to Meh. 24 This I voeek. Thii Since Sep. 1, 1904. Stock. Since Sep. 1, 1903. toeek. 1904. 1905. 165.418 829.773 10,331 46,137 9.047 15,062 49.S89 7,090 7,584 13,672 6,045 35.184 42,511 2.137,740 17,081 2,242,288 6,404 180,"60 413 93,985 New Orleans 54,759 2,082,894 22,904 1,807,630 8,3441 256,177 MohUe 189,592 1,451 P'saeola, dsc. 10,228 154,897 113 126,180 Bavannah... 23,880 l,373,e05 7,687 1,074,391 968 163,148 Br'wlok, &c. 241 120,352 186.191 1,963 Charleston.. 810 150,283 856 5 1.068 P. Boyal, &o. Wilmington. 6,542 290,647 1,395 320,525 122 Wash'n, &c. 336 Korfolk 14,225 583,744 8,514 433,564 9,868 592 N'portN.,&o S88 16,501 22.314 50 500 New York. 7.547 59,189 1,505 19,804 Boston 6,805 903 Baltimore. 40,797 24,148 1,984 333 175 10.879 12,290 PMlaclel.&o. 26,064 254,973 83.128 aalveston... 9,661 Pt. Ar.,«fec, 99 96,581 28,000 3,872 2,545 655,108 174.331 7,506,528! 64,442 6,645,4841 Totals 107 70.401 8,189 5,869 2,929 576.042 In order that a comparison may be made with other years, we give below the totals at leading ports for sis seasons. Bece.iptt at— Oalves'n, 1904. 1903. 1902. 48,915 64,759 8,344 23,980 17,494 22,904 26,763 36,186 2,313 17,812 1,9 8 810 445 667 1.896 8,514 1,383 4,419 1,586 6,270 1901. 1900. 20,714 27,269 35,737 38,321 186 227 8,068 16,299 1,476 388 532 216 929 20,210 3,595 7,609 11,489 83 7,691 13.326 29,647 2,€91 15,831 3,088 1,947 2.995 37 10,957 wk. 174,331 64,442 97,046 77,178 106,001 80,579 &.G. New Orleans Mobile... „„ Savannah... Ohas'ton, &o. Wilm'ton, ifec Norfolk N. News, &c. All others... Tot. this 1905. 1,451 7.687 6,542 14,225 981 5,178 Since Sept, 1 7608.528 6645,494 6915,225 6812,370 6394,283 595«,215 The exports for the week ending this evening reach a total of 118,001 bales, of which 49,987 were to Great Britain, 7,412 to France and 60,602 to the rest of the Continent, Below are tha orporta for the week and since Sept. 1, 1904, Week Minding Mch. 24 .190S. Bxvorted to— Moaportt from— Oreat Brit'n. Fremce aalTeston.... 26,164 PUArthuT. 4c. •••••• New Orleao*.. 14.617 Mobile 7.091 23,5;8 45 8.026 88,003 e.i'i'i 9,744 11,364 9.799 14,t90 1. 1901. to Mch . 21. 1906 Exported to— Great 1 rtritain. J^anc( 968,409 202,3J2 761.670 2S;.718 4-',f0l 33.769 62,6(39 19.629 287,435 47,76& Oont4nent. Total. 608.660 1,672 351 84,502 Ti),787 658.914 1,708.297 63,48S 135,218 60,808 148808 724,708 l,0»»,Hb8 Ui,3i7 6,94 B 129,283 .... 8,379 69.172 78.851 ..... 108,850 .... Otaarletton... Port Boyal.... 4,888 Boston Baltimore Total Total, 1008-04. 4 68,466 74,5 (f2 1,100 61 2,200 20,700 10,100 61 2.200 20.700 6,900 9,600 186,507 00,856 88.037 16,011 30,928 14,484 63.501 26,305 Total 1905.. 56,742 22,650 52,013 37,161 24,923 192,479 462,629 Total 1904.. Total 1903.. 82.493 14,896 9,733 15,836 10.697 83,166 51.708 13,682 31,326 25,064 11,460 133,130 492,887 888,898 .. s'900 6,500 600 1,800 700 8,000 Speculation in cotton for future delivery has been on a limited scale only, and there has been an easier turn to prices. The advices received from the South indicate a lull in the demand for actual cotton. It is understood that at the last advance in prices exporters and domestic spinners purchased a considerable supply of cotton sufficient to cover their current wants, and they, therefore, during the past few days have been reported to be showing indifference as buyers. There has been no pressure from the South to sell supplies, but the fact that the demand had baited has operated against the market. The Census report which, it is understood, will show the total amount of cotton ginned from the present crop will be issued on Tuesday of next week. The ideas of many of the trade are that figures will be in the neighborhood of 13,500,000 bales, and there has been some bear pressure upon the market discounting such a report. Another factor that has had some influence against values has been an improvement in the weather at the South, climatic conditions being reported favorable for rapid progress with preparations for the new crop. To-day there was a tame market and under limited selling prices yielded a few points. The close was quiet, with prices unchanged to 4 points lower for the day. Cotton on the spot has been easier, closing at 8'15c. for middling uplands. The rates on and off middling, as established Nov. 18, 1903, by the Revision Committee, at which grades other than middling may be delivered on contract, are as follows. Fair 0. 1-30 on Good Middling Tinged .c. Even 0-96 on Strict MiddliDg Tinged.... 0-06 off Middling Fair 0*62 on Middling Tinged Strict Good Middling .....0'12off 0*44 on Strict Low Mid. Tinged ... 0-34 off Good Middling 0-14 off Low Middling Tinged..... 0-60 off Strict Low Middling 0-38 off Strict Good Ord. Tinged .. 0-84 off Low Middling 0'50 off Strict Good Ordinary 072 off Middling Stained 1-00 off Strict Low Mid. Stained... 106 off Good Ordinary 0-30 on Low Middling Stained..... 1-60 off Strict Good Mid. Tinged.. On this basis the official prices for a few of the grades for the past week— Mch. 18 to Mch. 24— would be as follows. . UPLANDS. <^att. Mon Toes Wed TM. 7-20 7-30 Low Middling 7 -8 a Middling 8-30 Middling Fair 820 .*-64 916 792 GULP. Sat. Mon Tues Wed 6K>od Ordinary .....^^...^ Good Middling Good Ordinary................. 745 Low Middling S'C7 845 Middling GK)od Middling Middling Fair: 8-89 9-41 STAINED. Sat. Low Middling.... 670 Afiddllng Strict Low Middling Tinged... 7-70 7-86 8-iO 7-15 7-77 7-25 7-87 8-25 8-69 9-21 8-74 9-26 7-55 R-17 815 815 a-59 8-50 911 7-40 8-02 8-40 8'84 9-36 8-12 a-94 9-48 9-61 8-59 911 750 8-55 8 99 mon Tnes Wed 6-80 7(50 7-96 8-80 7-15 7-77 6-75 7-75 7-91 6-65 765 781 Frl. 7-15 7-77 8"15 a-59 9-11 Tb. Frl. 7-40 802 8-40 8-84 7-40 8-02 8*40 a-64 9-36 936 Tk. Frl. 6-65 7-65 7-81 6-65 7-65 7-81 8-15 826 8-16 8 15 Good Middling Tinged quotations for middling upland at New York on The Mch. 24 for each of the past 32 years have been as follows. 1905. ...0. 8-15 14-60 1904. 1016 1903 1897. ...0. 75i6 1889....0.10ifl 1888 9i5ie 1881....0.10\ 13i« 1880 lOie 1879 1878 9Sie lO's 1902 7»,6 8'e 8*8 11% 8iB,e 115,8 1877 1901 1876 6% 1900 9''e 136ie 113,e 160$ lOifl 1875 9 1899 e6ia 16<i8 1874 1882......123,« 6ii6 1898 H7ie NoTB.— On Oot. 1, 1874, grades of cotton as quoted were changed. According to the new clasBlticatlon Middling was on that day quoted %o. lower Chan Middling of the old clasaiUcatlon. MARKET AND SALES. The total sales of cotton on the spot each day during the week are indicated in the following statement. For the 1896 1895 1894 1893 1892 1891 1890 7''8 65ifl lOk 1887 1886 1885 1884 1883 convenience of tlie reader we also add columns which show at a glance how the market for spots and futures closed on same days. 271,867 7,717 81.383 18.892 67 13,080 10!) 1,212 a.788 8.010 236 288 19,242 162.222 11.9.5.1 116,782 122,867 4,124 881H4 lC9,'/0i 2.867 989 8,'^e7 •••••• 49,9H7 7,iia «l.»bl 160 110.804 lUO 300 79 PhUadelpbU.. flan Fran.. Ac, \&9.045 3,66 06 1 N»w York • 18,61(1 Ac. atook. Total. ....... WIlmlnKton.. Norfolk. N'port N.. s'j.ass Sept. 56.2-5' 6.428 Paniaools.fto. eaTannah Bmniiwlok Conti- Zotal Wtek. nent. from many. Other CoastFor'gn wise. 868 968 9,647 6,042 Qer- 20,307 3,765 16,426 27,964 25,035 18,886 21.787 8,487 9,000 Charleston... Mobile Norfolk New York.... Other ports . 678 9,418 5 1.026 Orleans. 42.511 6,404 54,759 3,344 10,228 23,980 383 533 8,643 — New OalvestoB Savannah.. Totai. 7,971 6,404 8,199 5,624 Pt. Royal, «ke. Leaving Great Britain Fr'nce FH. Tkurg, Galveston Pt.Artlmx,&c Mobile OM SmPBOABD, NOT OLEARBD FOB— Meh. 24 at- 269 803 73 400 bfiai 5.531 3^,821 8 79t» 169,94l> 36.680 169.946 oo.eoa 118.001 a,b27.7e8 681,0«2 a,71i),9«5 6,17«,086 4S.25T 66,S»H 8.080.180 649.801) 3.«43,H84 8.178 j873 Spot Market Olosbd, yolet. Saturday Monday... Unlet. 1 Opts. ad. Tuesday . Qalet. 5 pt,H. do. Wednesday Quiet. 10 pts. do. Thursday.. tjai)!ir, JTrday Quiet, Futures Market Olosbd. 8ALK8 OF Spot <fe Oontbaot. Ex- Con- Con- port. tump. tract. Total. "Steady 800 2,600 1,829 300 200 113 512 200 854 3.900 4.754 Very steady. 2,600 500 20 >*• *•• Steady steady Steady 118 212 600 > :iteady ,_,, Total Mar. THE CHRONICLE. 25, 1905.1 1185 At the Interior Towns movement — that the week and the Is since Sept. 1, the shipments for the week and the stocks to-night, and the same items for the corresponding period of 1903-04 is set out in detail below. receipts for the — goo OOWZgOQtdODHj-cd 'o oD 3} a> •i>j ooea •4-4 06^ ocb 1^00 •aoa "J MA S ! <t<t I 00 «D I 00 ' oe «J^ ^«3 «3<1 <I 00 Od CT.M «jos cxco IS -JOi oen €) I osos au to toco — ts a 00*4 dob OCD I eoob one *?*? 6l co'-a cocn (9 © I I deb MOO 1 ® I ao«3 COCO -3<1 OBob obob •a CO oo ® I cibco VitO •a -4 •4<4 •400 I I «a«4 -4-4 2l •J -J o I 00 to 00 oo 03 00 S <i-a -a -a -i-a I s ! I I S O bS S -a-a -ao -a 00 CD 05 •a 00 CO -a -a to -a •4-4 -4-4 -4 -4 do -4 S i -4 I 2\ I -aM I S I I I S -a«a • • »a-a I -4 -4 -4 I lU S S I s »a-a -4-4 I S -a-a dd I I CO w oo S I 2 I S I s ' coo S -a-a COO) OiOi aoC3< to s S CO ® d«a 00^ M -a-a I .jH-lf^MtO COM &3 Ml-i if^-ao5toa)-4t3C3onh--ato S |f>.WC;<a>l-'OOI^C»50DC-<lCOaOOlW0500l^OOKil-'c-ftOt)lOlCCti,K)OC;fJ>tS<SQO tSCB*'<lWl-'»-'Ot«;UlQOOS-~lQOh-'t-H'05COOC05if^CDI-'|^.05COOWW)-'0&S to to -a to to M CO to M OS M MOO t-" to I *^toei3to» c;>0'i-'i*kt0'^H-oa*>.M' Ki^boi->uii->o<>->toi^coa5i^)^OCi:i(>-oiF>t:^cx>osuito^Maif^c>:i^co: ie--aif'050i-'ei3-aeo»-KJcoi»oicnQCH'>-itocn 00 CD OUIOVtOVO-JOl^CCOCKlf^COaOSlf^COh'tSOSOIIi^CCH'OCOUlO^Cd. S .4<l "4-4 -a-a OB -4 03 0) cocn •4-4 ^-a 00 MtOOSHtO CrtMCCO K^ OS wto<>tow<i« w^ os^owtocowpsH-'Wto W h- M to QopK)ptnw-atJO<i_^c;i CO <1 H- <)^"b< MW V O" CO"co'ooO'w'tO tS COVlo CO^VOO ^5 0l05COOJoroM^^oo-'0>^-*>l-'^-to^f»•co-aeoo;-OD005«05lf>•|y^«^050 Ml COCO Old CDO fe9 I S I -4d HCO 05 to s I -a-a •4^4 dd 00 09 #kO< dd I^O< -a-a -a-a -a-a I S -a-a 0105 It' OS , s -a-4 ^1 w tow -a-a CD -a s Id -a-j MW on HW 05 ' -a-a o'lf^^' "(P'*' Co'tf^lo 01 M M to to ^ta to JO-l CO 1^1)0 tslswc b-a — to 'o totsif^ 00 01 to It' o 05 OOStOCOO't-'OSOl-'^ 05to<icooico<oot"Oc<3i^otc-ao coo-a^^ oosocooaotoo<05i(>'05tococ<:coi-ii^viMoa9Couiti-aabi^Qotoaost30s •4 -a d d it» s S S -a 00 -a 00 00 0'lf'C«}05l^-WCOOH-05COo;|fi.MO'ACO©Otf'COOOtO<lCCI-K^WOCO«>00 toi-'towwi05-aif^t--aw»ao<i^oo4('if».-aaiooc»sifk,fi.ooacoo5wco-a<iw-a to<e BtookatLlTMpool,:»co<,^aleei. Btookatrjoaaon....^,^,:,,^^^ stock at SIuiehe8tw..,.o. ..».„, Total Great Britain stock.' 905,000 708,000 1,138,000 Stock at Hambarg 14.000 9.000 7,000 Stock at Srsmon ^^ ^^ 349,000 872,000 281,000 233,000 Stock at Antwerp .....^.» 1,000 4,000 3.000 8.000 Stock at aavre.... ..^ ,„ 138,000 218,000 191.000 231,000 Stock at Cf arseillos....... .. 2,000 3,000 3,000 3,000 Stock at Barcelona.. ..„ 59,000 72,000 40,000 44,000 Stock at aenoa.... ....„ 21,000 82.000 63,000 40,000 Stock at T?l«Bte. „..,.„ ^ 4,000 5.000 5,000 3,000 Tosal Continental etooks 638,000 666.000 574,000 588.000 Total European Btooks..., 1,543,000 1,316,000 1,282,000 1,721,000 India cotton «aoat for Sasope 72,000 90,000 228.000 189.000 Amer. cotton «floattor B'rope. 382,000 192.000 481.000 333,000 Egypt, Brazll,Ae.. nH'i.for E'pe 39,000 85,000 43.000 52,000 Stock in Alexandria, Bgypt... 199,000 330.000 14-2.000 231,000 Stock in Bombay, Indl»...».,« 761,000 389,000 700,000 603,000 Stock In United atateBportB.. 655.108 576,042 52i!.023 751,460 Stock in U. 8. l^iterlortoirsB.. 600,080 300.245 242,167 427,103 United StAtea '^Tforti to-day 6.670 6,247 9,552 30,350 Total vlBlble supply 4,271,435 8,283,839 3,620,540 4,184,233 Of tke aboye, totals of American and otlter descriptions are as roUo^^a: * 772,000 487,000 623,000 1,012,0<>0 41,000 49,000 Oontlnental stocks. ...... .„...„„ 599.000 629,000 534,000 547.000 Amerlean afloat for Europe.,. 882.000 192.000 481.000 833,000 United States Btook .„,.^ 655,108 576,012 522,023 751,460 united atttteslnterlorstookB. 600.080 300,245 242 167 427,103 6.670 United atatesezporti >o-day . 6.247 9,652 30,860 total American...... ........ 8,055,435 2,242,839 2,432,540 3.077,233 Man TndiaH, Sraail, tSe.— M^aiT^ni .tnAfc 120,000 71.000 88.000 77,000 ^ ItondOB stock 6,000 12,000 12.000 8.000 Manchester stock 14,000 9,000 .^....„ '36,000 OonUneniaiscooMs 39 000 37.000 40.000 ..^ ,...,. India afloat tor Bnxope . ...». 72,000 90,000 228.000 169.000 39,000 nrPt.Braall.Ao., afloat. 52.000 36,000 43,000 took In Alezandria, Egypt... 199.000 280.000 142.000 231,000 took Id Bombay, India....... 761,000 889,000 700,000 603,000 XotalSast India, aw.,,.^ 1.216,000 1,041,000 1,188,000 1,107.006 Total Amertcan... ««.„„. 8,055,435 2,242.839 2.432.540 3,077.23 3 Total Tlslble sapply 4,271,435 8,283.839 3,620,540 4,184,233 Middling Upland, Llyerpool.. 4%d. 6-34d. 4-28d. 7-72d. Middling Dpisnd. Nen York. 8IB16O. 8-160, 14-750. 10-05C. gypt CTood Bro'«m,Liyerpooj 75i„d. 9isd. Oiiel 8ni6d. PwBf Bough aood,Llverpool lOlOd. 10-25d. 7fl. 7'SOd. Bioaoh F>nf». Liverpool 4»i8d. 4Bi.d. 6d. 7>«d. Ilnn*'*Hv Good, LWerpooi. 4B8I. 438CI. 5d. 7kd. Continental imports past week have Deen 77,000 balee. The above figures for 1905 show sn ncrease over last week of 43,345 bales, a gain cI 987.556 bales over 1904, an excess of 650,895 t'f.,les over 1903 and a gain of 87,102 bales over 1902, ^ •-' wto "Va ccooswtu tOCI-' en O M h- OO-aconr-COCOCOM w CO M-j-a-a M 5?* O5CJ1C00) tow 7,553 bales added to week's reoelpts as oorreocion for season. totals show that the interior stocks have increased during the week 2,813 bales, and are to-night 299,835 bales more than same period last year, The receipts at all the towns have been 91,829 bales more than same week last year. Week and Since Sept. 1. a statement showing the overland movement for the week and since Sept. 1, as made up from telegraphic reports Friday night. The results for the week ending Mch. 24 and since Sept. 1 in the last two years are as follows. Overland Movement for the We give below 1903-04. 1904-05. March 24. Week. Since Sept. 1. Wuk. Since Sept. 1. SMvpedr- V a St. Louis VlaOalro Via Rook Island Via Louisville Via Cincinnati Via other routes, &o 17,960 8,567 3,577 1,571 1,349 6,942 ...« Total §p:osB overland Deduct shipments Overland to N. Y., Boston, 434.150 2.53,367 40,690 71,452 43.493 227,010 38,166 1,070,162 — Ac. 122 132,679 13,188 3,352 Total to be deducted Leaving total net overland'.. 6,322 3,107 100 2,842 569 2,188 464,078 237,997 13,308 104,901 80,435 179,348 15,128 1,030,067 41484 38 2,424 63,789 29,289 67,525 12,488 Between interior towns Inland, Ac, from South 187,351 5,703 160,603 25,678 882,811 9,425 869,464 9,014 3,241 movement by rail to Canada. The foregoing shows that the week's net overland movement this year has been 25,678 bales, against 9,425 bales for the week in 1904, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of 13,847 bales. Including 1904-05. 1903-04. in Sight and Spinnen' , . i"' The above — bales. I"* 050si^t4toif»©i-'t-*kC<ocoo5050>toao^--aQoQDif'WC(3wcotow^-ooiotsi(i . If anehesier stook........^ ...... ; toco ii^i^co-aoiooci:>i(^QOr-'-ai^c£>tootooi>^ococc-ait^o5Vito-acoi->c;< iyi-a>-'COr-'tO<JW-4COO'^0|fktOl(»-CDtOOOh-005C»005(-'50iUC»0'lf>'COeO -a 00 1902. 1903. 700.000 1,132,000 6,000 8,000 M MtO ci^KO-ao'tOKnato-a-atototoos-awt-'Wtoi-'Os. o-aooo otoot;iO)->osooDtoaotocotoQocDi->b}05)->Mao- osvtif^Mi^cxcdcDCoo CO 1904. S75,000 12,000 63,000 650,000 8,000 OstOH" oDMCol-'Wto^icosexbi^oo' co'cdao w"b> «^ t-'CO CD M CO >*• t^a -a 6> to S 00 to » lp.ffibViK->wMl-Jwb<)b©«To'<oblcb*-'^«cbi® M*»o«o<b'>-'lo oo OtO l-'l-' to o w owwa S -4-4 H" >-• ^ -aoi-'-jeo'-'t-'Cot-'i-'.^ooas-ao'O-jcj'tfi'CO i^wiikQoco-atoo'OsoDO.-' OD 05 to oo v^-*^ 00 tx os cc -J «_ti OS <j 00 00 00 CD 00 cc 10 ~a <i p: C0<3> -a-4 O)"-")*^ CO -a-a dicn S ' b tiSt'w dd coco to to* OOWOi»'aif'i^eoa.HH-^ooooi(^0)os^wt«tococco3f--4coo-aH-to 1^* •a«» -a 6< CO 00 >- CD to •4 -J I tog. S -4-4 -4-4 coco 050 1905. 843,000 12,000 50.000 LlTurpoolttJOk to tov The Visible Supply of Cotton to-night, as made up by cable and telegraph, is as follows. Foreign stocks, as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday evening. But to make the total the complete fignres for to-night (Hch. 24), we add the item of exports from the United States, including in it the exports of Friday only. AWMtrnaMr- 2 J- Hi; . a)OtOU''(l^*tf-®»cnt3>-'«JCOH'w05<)^oow<i'ia'MOo'ai fe;^ I S • cocotocoeoi-'i-'COr-oi-'-jwoD-aooDesiF'io h-5 CJicJ -a 00 I I -a«a «4<I •-si 0 ' '• fr- . . CO i^ I? 'I -4-4 S -a -a 0><» mo) OS u I ^>' Zr ocv<i^c>j-atoowto&3i-'i->i-'OCDaoooco-4toto-aaD-aQOMo:iF^v<aBCv< «a-4 -a -a S ^ t^ COOS 05 05 dd dd d w Abo C«M Cud I I 00 09 05-4"^ COMtOMCOCOMtSC;! to to WtOi-'i-' -'H'ifkow co«'W05Mtow'H'kiwVoc;<'>-'"v-' wco*'#>05» ce'-^Vsco aiie>coi->o5too5-a'^-QD>-'iP»Mai»o-^o»-'cotOf-'eo»-'^WN-cooooiarcoooe<3 (id -a-a •400 ' CO CdtO -a*a ceo S5h o»i -a -a s -a-a -a OS obob ' • 1^. . to£ <I«4 -4-a 0)05 00 ' • tS -a-a d<J MCa -J-4 IS »4<I <l«4 OiOi -a 05 . 05 0» 06 OB ^ IS OICD ^»3 S «a-a »j«a CJ>cJl 05 05 CD CO •a-a 05-a , OM -4-4 0905 ® <)<1 cooo -Jn 00 oo -3-4 -a i <io ooo I CD -4 -a-a I s -a • -a S S -4-4 coco -a •a I I •q-a •400 1^00 -a -J to I •id wio -4-3 S I S <I-J 00 en I , «-ao9 I -a-a 05-a 00 05 IS I tcoo •ad -4 I S «^ -a-a -a-a -a-a -a-a I WW -a-a COM I -j-q kSIO dd da dd wco coo -4-4 -4-4 I I 0:05 CsOD S 09 to I 00 00 00 o< ab«4 t9» ® I -q-q oo ' S I 00-^ 10 CO <j«q "?*? •a<i S I V^ <i<i o»a obcb *?"? d><l -4 -J s S ' «a<l COCO *?*? «><i Oii^ a SP ooO; : I - -ft ao« OS 00 ' 3 HDBOag H @ I »1 CD 00 ' ' t- P 5 C-P 2 3-(i> <B Takings. Week. Since SepL 1. Receipts at porta to Mch. 24 Net overland to Mch. 24 174.331 7,506.528 25,678: 882,811 Southern consumption Mch. 24.. 44,000,1,228,000 Total marketed Week. Since Sept. 1. 64,442 6,645,484 9,425 869.4G4 42,000 1.209.000 244,009 9,617,339 115,867 8,723,948 2,812 538,420*15,217 288,C43 Interior stocks In ezoeas. Came Into sight during week. 246,821 100,650 10155759 Total In sight Mch. 24 9,012,591 North, spinners' tak'gs to Mch. 24 * Decrease during week. Movement Mar. 27.,... 902— Mar. 28 1901 -Mar. 29. - i. 1900-Mar. 30 51,088 1,940,784 into sight in previous years. Week— 1903 61,834 1,640,373 Since Sept. Bales. 1— Bales. I 132,636 113,842 121,424 99,907 | I 1902-03- Mar. 27... lSOl-02-Mar. 28. .. 1900-01-Mar. 29.... 1899-00- Mar. 30... 9,301,207 9.206,572 8,827,468 8,111,964 THE CHRONICLE. 1186 [Vol. lxxx. Memphis, Tennessee. —Favorable farming weather and Quotations foe Middlino Cotton at Othkb Markets.— Below are closing quotations of middling cotton at Southern plowing active. We have had ratn on three days the past and other principal cotton markets for each day of the week. week, the rainfall being eighty-two hundredths of an inch. Average thermometer 60-1, highest 75-7, lowest 42-4. 0I.O8INO QUOTATIONS FOB MIDDUKQ COTTON ON— Nashville, Tennessee.— Farming operations are being rapidly Week ending March 24. Sat'day. Monday. Tuesday. Wed'day. Thurid'y Friday, pushed. We have had rain during the week, the precipitation being two Inches and thirty-eight hundredths. The 7'8 7% 7'8 7\ Galveston... 7% 7"ie thermometer has averaged 59, the highest being 78 and the 7J« 7i« 719 788 New OrleanB 71118 7"l6 lowest 39, 788 788 713,« 7% MobUe 7\ 7H 788 7\ Mobile, 4ta6a7»a.— Excessive rains occurred in the interior Savannah... 7\ 7% 7\ 7^ 7% 7\ 7% Oharleston 7% 7\ 7% the early part of the week, followed by scattered showers in 7<>8 788 788 Wilmington. midweek and clear weather toward the close. Farm work 7''8 7'^8 7'8 8 7''fi Norfolk 8 8-15 was interrupted by the rain, but latterly fair progress made. 8-25 8-lR 8-20 8-20 8 30 Boston 8-12 8-12 8-12 8 00 812 812 Baltimore... Opinions as to reduction in cotton acreage and fertilizer tak8-40 8-40 8-40 8-45 8-50 Phlladelph'a 8 65 ings coi fllct. There has been rain here on two days of the 7''8 7''8 7^ Auguflta 715,6 7\ Zl=*'8 week. The thermometer has averaged 65, ranging from 51 71I18 788 788 758 Memphis 7^ 7h 71116 7iiie 7\ St. Louis.... 7^ to 75. 7% 7h 7''% 7''9 7% 7\ 7% Hoaston 7i3ia Montgomery, Alabama, — Planting is progressing well. Rain 738 738 738 738 Uttle Rock.. 7H 7H has fallen on three days of the week, the rainfall reaching The closing quotations to-day (Friday) at other important one inch and seventy-on6 hundredths. The thermometer Southern markets were as follows. has ranged from 50 to 79, averaging 64. Selma, Alabama.— F&rm work has been practically at a Natchez LouisvlUe 7^\% 788 8 Atlanta. 738 Raleigh 788 Montgomery Ctolnmbas, Qa. 7 83 standstill the past week. Rain has fallen on three days, the Nashville Colnmbos, Itfls s 7 7^ Shreveport.... 7^ precipitation being four inches and thirty hundredths. AverNew Orleans Option Market. The highest, lowest and age thermometer 65, highest 75, lowest 55. Madison, Florida.— We have had no rain during the week. closing quotations for leading options in the New Orleans The thermometer has averaged 64, the highest being 80 and cotton market the past week have been as follows. . . . — Sat'day, Mondav, Tuesday, Wed' day. Thursd'y Friday, Mch. Meh. 20. 18. March— Mch. 21. Mch. 22. Mch. 23. Mch. 24. Closing.. 7-48--52 7-51--52 7-54--62 7-62--63 7fil--57 7-52--53 7-39 -47 7-41--42 7-38 -52 7-52- Range.. 752--5S Closing.. 7-55--57 7-57--66 7-65--66 7-52--62 7-52--S3 7-39--59 7-42--43 7-61--70 7-69--70 7-62--63 7-72--74 7-66 --69 7-67--68 7-70--77 7-76--77 Steady. Steady. Steady. Quiet. Quiet. Quiet. Range .. Mat- JulyRange.. Closing.. AugustRange.. Closing. OCTOB'KRange . Closing.. 7 Augusta, Georgia.— B.a\n has fallen on two days of the week, the precipitation being fortj-five hundredths of an inch. The thermometer has averaged 63, ranging from 48 738--E0 7 42 46 7-48--49 743--44 7-55--61 7-59--60 the lowest 48. 0NE— Spot.... Options Quiet. from the South 7-46--55 7-54--E5 to 80. Savannah, Georgia,— It has been dry all the week. The thermometer has ranged from 53 to 82, averaging 64. Charleston, Uouth Carolina,— There has been rain on three days of the past week, the rainfall being forty-four hun7-56--65 7-43--54 740--54 7-45-50 7-56-57 7-46--47 7-52--53 747--48 dredths of an inch. The thermometer has averaged 61, ranging from 51 to 77. iJtateburg, South Carolina,— Fa,rm work is active and 7-59--61 7-49--50 7-53--57 7 48-50 peach trees are in bloom. We have had light rain on one 764-72 7-53-62 7-50-61 7-54--56 day during the week, the rainfall being three hundredths of 7-64-65 7-53-54 7-61- 62 7-54--56 an inch, The thtrmometer has averaged 65, ranging from Easy. Weather Reports by Telegraph. -Oar ports - Steady. Steady. B'rly st'y Quiet. telegraphic re- this evening denote that rain has been quite general during the week. la portions of the Southwest and in Alabama and Mississippi the rainfall has been rather excessive, interfering with farm work. Elsawhere as 42 to 83. Greenwood, South Carolina,— There has been rain on one day the past week, the rainfall being sixty hundredths of an inch, The thermometer has ranged from 50 to 71, averaging 60. The following statement we have also received by telegraph, showing the height of the rivers at the points named, at 8 A. M. March 24, 1905, and March 25, 1904. Meh. 24, '05. Mch. 25, 04 a rule the weather has been fairly favorable and crop prepaFeet. Feet. rations have made good progress. 13-3 ll-O C^ew Orleans Above zero of gauge. 27-1 25-2 Above zero of gauge. Galveston, Teajow.— Rain has fallen on one day of the week, Memphis 18-5 27-9 Above zero of gauge. Nashville the precipitation being eighty-six hundredths of an inch. Shreveport 15-8 95 Above zero of gauge. averaged 64, ranging from 58 to 72. The thermometer has 37-0 Above zero of gauge. 344 Vloksburg Corpus Ghristi, Texas,— Tiaere has been rain on three days India Cotton Movement from all Ports. The receipts of the past week, the rainfall being one itch and twentyfour fcun(^redths. The thermometer has ranged from 56 to of cotton at Bombay and the shipments from all India ports 80, averaging 68. for the week ending Mch. 33 and for the season from Sept. 1 iSan Antoni'-', Texas, Rain has fallen on three days of the week, to the extent of one inch and th?rty-eight hundredths. to Mch. 23 for three years have been as follows. Average thermometer 86, highest 82, lowest 60. 1903-04. 1902-03. 1904-05. Taylor, Texas.— We have had rain on four days durirg the Receipts at— Since Since Since week, the precipitation being one inch and seventy-nine hunWeek. Week. Week. Sept. 1. Sept. 1. Sept. 1. dredths. The thermometer has averaged 69, the highest being 80 and the lowest 48. Bombay. -. 100,000 1,583,000 85,000 1,309,000 88,000 1.576,000 We have had rain on three days during Palestine, Texas. Since September 1. For the Week. the week, the rainfall being one inch and eeventy-tour hunExports dredth?. The thermometer has averaged 63, ranging from ContiGreat ContiGreat from— — — — 48 to 78. Fort Worth, Texas.-It has rained on two days of tbe week, the precipitation reaching ninety-two hundredths of an itiCb. The thermometer baa racged from 44 to 74, averaging 59. AOilene, Teojas.— Rain has fallen to an inappreciable extent on one day of the week. Average thermometer 62, highest 80, lowest 44. Shreveport, Louisiana.— There has been rain on two days of the past week, the rainfall being one inch and eighteen hnndredthp. The thermometer has averaged 61, the highest teing 78 and the lowfs-. 52. Nevi Orleans, Louisiana,— R&ia has fallen on two days of the week, ?he precipitation being five inches and ninety- nine hundrectbs. The thermomater has averaged 67. Leland, Mississippi,— Hiinh&a falkn during the we. k to the extent of one inch and twenty- nine hundredths. Average thermometer, 57 9, highest 72, lowest 40. Vick!,burg, Mississippi.- Rdiin has fallen on four days of the past weak to the extent of two inches and seventy hundredths— too much rain. The thermt meter has averaged 62, the highest being 78 tnd the lowest 48. Little Rock, Arkansas,— FeLimerB are making good headway with work and corn-planting has ccmtnenced. There has been rain on two days of the week, to the extent of fiftyThe thermometer has averaged five hundredths of an inch. 59, ranging from 43 to 75. Helena, Arkansas,— Rain has interfered slightly with farm work. It has rained on three days of the week, the precipitation reaching one inch and forty hundredths. Tne thermometer has ranged from 41 to 76, averaging 59'8. nent. Total. 8,000 31.000 72,000 9,C00 38,000 73,000 50,0l>0 3,000 2,000 3,000 Britain. Britain. nent. Total. Bombay— 1904-05.. 1903-04.. 1902-03.. Calcutta 1904-05.. 1903-04.. 1902-03.. 1,000 7.000 1,000 28,000 170,000 507,000 459,000 183,000 657,000 487,000 3,000 2,000 3,C00 1.000 3.000 3,000 17.000 12,000 20,000 18,000 15,000 23,000 2,000 8,000 4,000 12,000 25,000 9,C00 14,000 33,000 13,000 7,<~00 13.000 Madras— 1904 05.. 1903-04.. 1902-03.. All 1,000 1,000 2.000 1,C00 5,000 4,000 2.000 6,000 4,000 2,000 4,000 13,000 63,000 e4,000 39,000 70,000 68,000 52,000 16.000 37.000 7S.000 18,000 44,000 80.000 23,000 65,000 48.000 262,000 608.000 527.000 285,000 673,000 575.000 others— 1904-O5.. 1903-04.. 1902-03.. Total all— 1904-05 . 1903-04.. 1902-03.. 2,000 7,000 2,000 New England Cotton Mill Situation,- i'frj&eo/ Weav- River indicite that there has heeo farther troable with weavers in a number of mills. Those In the Granite Mill No. 1 struck at noon on Thursday, demanding thut the mill go back to the eight-loom system, and the contention elsewhere seems to be on the same baBis. It is statf d by mill mea that it is the first time in the history of American textile manufacturing that so strong a stand has been made by operatives aizainst improvements as the weavers have made at Fall R.ver, matters having now reached the stage where the issue will be fought on its merits whatever the cost. fers.—Lutfcst aJviceo iroui Fall Mar. THE CHRONICLE. 25, 1905.] Alexandria Receipts and Shipments of Cotton.— Through arrangements we made with Messrs. Choremi, Benachi & Co., of Alexandria, we now receive a weekly cable of the movements of cotton at Alexandria. Egypt. The following are the receipts and shipments for the past week and for the corresponding week of the previous two vears. Alexandria, Egypt, March 1904-05. 1903-04. 1902-03. 140,000 5,342,965 22. 70,000 6,203.495 5,643,289 Beeeiptt (oantars*)— This week. Since Sept. 1 .. Since This week. Sept. 1. . . 1. This Since week. Sept. 1. 4,615 177,437 4,118 126,009 5,067 239,767 843 71,028 voeeh. Sept. 8,250 S50.889 14,750 587,678 14,643 614.241 Total exports * Since 1,750 167,362 4,000 182,078 108,777 111,617 5'506 221,772 l6',256 252,426 500 41,557 1,000 52,978 Exports {bales)— To Liverpool To Manohester To CJontinent Tn A iT>«rlft»,. ... This 27 000 A oantar is 98 lbs. This statement shows that the receipts for the week ending 22 were 140,000 cantars and the foreign shipments March 8,250 bales. — Manchester Market. Our report received by cable to-night from Manchester states that the market is quiet for yarns and firm for shirtings. Manufacturers are generally well under contract. give the prices for to-day below and leave those for previous weeks of this and last year for We comparison. 1904. 1905. 9H Twist. d. d. SMrt- Oott'n lbs. 32« Oop. ings, common Mid. d. d. B. Twist. Uplds to finest. 8. S^lbs. Shirt- Oott'n 32« Oop. ings, common Mid. d. d. d. 8. 4-23 lOifl® 10% 3 11 96 9 417 lO^s® 10% ®8»e 3 11»««6 10 9^-^ 3 11ifl?6 10 410 1058« 11 »8i4 4 «6 10 419 llie-aillis «838 4 1 tfeili^ 4-81 lO'e'llM ©888 4 1 06 111s 428 lOifi^llie as Fl).17 7i« " 24 714 Moh.8 734 " 10 7% " 17 71fi " 24 71« TTpldi to finest. 6 6 d. d. 8. 4i«®9 6 6 6 6 9 8 6 d. 7-28 7-62 8-32 8-78 8 24 7-73 lis II9 4ist»9 9 '99 6 9 a9 -ag 99 7i« 6 Bxports op Cotton Qoods from Great Britain.— Below the exports of cotton yarn, goods, &c., from Great Britain for the month of February and since October 1 in 1904 05 and 1908-04, as compiled by us from the British Board of Trade returns. It will be noticed that we have reduced the movement all to pounds. we give FarfKk Thread. Oloth. lotalofAll. 000« ortMUd. 1904-06 1908-01 Lbs. Lb$. 1901-06 Yds. 1903-01 1904-06 1903-04 Tdt. Lbt. Lb». 1904-05 Lbs. 1903-01 106,891 Lbs. 90,146 88.601 19,164 18,036 77,843 123,761 96,879 Tot.l8t guar 63,860 47,041 1,680.469 1,196,672 i83,630 232,485 337.620 269,526 Jannary 17.152 17.151 16,367 17.015 106,823 101,829 112,S5; 106,830 October 16,768 15,298 November... 17,938 18,707 December . . February.... 486,679 474,172 660,718 477,956 512.939 402,619 00,680 376,368 88,458 118,666 101,697 158,143 481.478 89,171 95.707 74,848 69,794 107,368 86,462 89.816 StooUnKS and looka Bandry artloU38 875 15.538 573.95' Total expc>rts Of cotton manofaotares 393 16,879 494,111 The foregoing shows that there has been exported from tlie United Kingdom during the five months 573,955,000 lbs. of manufactured cotton, against 494,111,000 lbs. last year, or an increase of 79,844,000 lbs. 1187 disease, BO that the area under both early and late cotton la 11 per cent smaller than last year, and the estimated outturn has fallen by 36 per cent. In Bind the crop Is In fair condition, but the expected yield is stlU 12 per cent below that of 1903-4. Want of rain is reported 10 have seriously damaged the crop in Madras, where, in spite of an addition of 9 per cent to the area, the expected outturn Is lower by 22 per cent. Elsewhere the reporta are generally favorable and there is a notable Improvement in Bajputana. Last year's figures have been repeated for AJmer-Merwara and Mysore, as the reports from those provinces are late. The aggregate figures, which, however, do not refer to the zamindari area of Madras (for which only fragmentary reports have been obtained) and certain non-reporting tracts, are approximately 19 million acres (5 por cent greater than last year and 30 per cent above the average) and nearly 3^ million bales (10 per cent better than last year and 40 per cent above the average). and JiTTE Butts, BAaaiNG, Etc— The market for jute baerging has been dull during the past week at unchanged prices, viz. 6^8"' *0J^ IM Ids. and 6%c. for 2 lbs., standard grades. Jate butts also dull at l%@l^<i. for paper quality and 2@23^c, for bagging quality, SHippma News.—Aa shown on a previons page, the exports of cotton from the United States the past week have reached 118,001 bales. The shipments in detail, as made up from mail and telegraphic returns, are as follows: Total balet. Liverpool, per steamer Armenian. 3,883 upland and 50 Peruvian 3,933 To Hull, per steamer Idaho. 100 100 To Glasgow, per steamers Astoria, 200 Ethiopia, 100. .. 300 To Havre, per steamer Evelyn, 467 upland and 260 Sea Island 717 To Mateeliles, per steamer Algeria, 222 222 To Bremen, per steamer Main, 150 150 To Antwerp, per steamer British Empire (additional), 560. 560 To Barcelona, per steamer Ulrlken, lOO 400 To Qenoa. per steamera Cretlo, 549....Prinz Oskar, 279 ..._ 828 To Naples, per steamer Neokar, 200 200 To China, per steamer St. Hugo. 600 600 Sew oblbans—To Liverpool— March 17— Steamer Cestrian, 10,517. ...March 22—Steamer Florldian, 4,000.. 14,517 To Bremen— March 22 Steamer Irada, 17,000 17,000 New Tobk—To To Hamburg-March 17—Steamers Montauk Point, 1,061; Moorfield. 366 March 18 -Steamer Dovedale, I.OIS March 20-8teamer Royal, 3.053 5,498 To Copenhagen- March 20 -Steamer Tolesby, 1,080 1,080 QALVBSTOBr-To Liverpool- Moh. 17— Strs. Alraerlan, 6,243 Colonial, 12,294 March 20— Steamer Dominic, 6,627.. 25,164 March To Hamburg -March 17— Steamer Wooda, 2,018 18 -Steamer St. Jan, 1.450 To Rotterdam -March 18— Steamer Corby Castle, 100...... To St. Petersburg— March 17— Steamer Alderney, 100 To Reval— March 17— Steamer Alderney, 700 To Venioe-Miroh 18 Steamer Srlg, 600 To TrlsBte— March 18 -Steamer Srlg, 423 To Flume -March 18 -Steamer Srlg, 1,150 To Mexico March 18— Steamer Navigator, 650 Mobilb—To Havre -March 18 -Steamer sierra Mirena, 6,428. Pbksaoola—To Havre- March 14— Steamer Teleefora (additional), 45 To Bremen -Mch. 20— Steamer Manchestar Shipper, 9,044. To Hamburg-Moh. 20—Steamer Manchester Shipper, 300. To Gottenburg- March 20— Str. Manohester Shlppar, 400.. SAVAiniAH-To Liverpool- March 23— 8tr. Castleventry, 3,626. To Bremen, etc.- March 23— Steamer Hermlae, 6,668 To Santander, etc. -March 28 - Steamer Castleventry, 150. To Barcelona— March 20— Steamer Federlca, 5,04C To Trieste -March 20— Steamer Federlca, 200 To Flume -March 20-8teamer Federlca, 309. Nbwpobt News—To Liverpool— M»rch 16-Str. Kanawha, 1.. To Rotterdam -March 21— Steamer Amsteldyk, 66 BOSTOM- To Manchester Mch. 18 Steamer Caledonian, 2.267 Baltimobb—To Liverpool— March 17— steamer Vedamore, 79. To Bremen—March 22— Steatupr Wltteklnd, 190 PHILADELPHIA— To Botttsrdam-Moh, 16— Str. Pennmanor, 300 9AH Fbahoisoo—To Japan—Mch. 18 -Steamer Mongolia, 5,631 FEBEUABT AND FBOM OCTOBEB 1 TO FBBBUABT February. Pieet eoods—Tardt. (000» emitted.} 1906. 1904. Oct. 1 to Feb. 28. 1903. Bait TndiQi 2«,17i 221,488 2»0,662 Turkey, Hgypt and Africa... 73.117 70,W02 Ohlna and Japan 90.327 65.881 54.26U Eirope (except Turkey) 36.006 29,881 36.884 South America 34.642 44,657 85.36i North America 26,434 27,Ot58 28,188 All otber countries 33,391 31,821 27,9^6 Total yards Total Talue 28. 1901-06 1,075.254 48U,0a2 36i,97d 111,801 2l8,tl42 148.054 160.791 1903-04 921.327 :i35 3H3 2l«,5'i7 124.674 285.608 149,981 149.746 1902-03 995.619 401.123 829.786 122,763 1M9 843 H9 910 149.818 612.98(1 481.478 (63,016 2,612,413 2,136.116 ?,248,876 £6,941 £6.395 JE4,8i4 £28.828 i28.776 i 83.431 Tarns— Lbi. 100 100 700 500 423 1,160 650 6,428 45 9,044 300 400 3.626 5,668 160 5,046 200 300 1 66 2,267 79 190 300 5.531 118.001 been 169,695 Total The exports to Japan since Sept, 1, 1904, have from Pacific ports and 1,000 bales from New York. Cotton freights at New York the past week have been bales as follows. A further matter of interest is the destination of these exports, and we have therefore prepared the following rtatements, showing the amounts taken by the principal countries during February and since October 1 in each of the last three years. XPORT8 OF PIBCB aOODS AND TAENS TO PBINOIFAL OOCTirrRIEB IH 3,468 aatw. iron. lutt. 14 16 20 20 25 12 14 15 20 20 25 12 Liverpool... c manohester ? Hftvxe e. 14 15 20 Bremen e. Hunburg, aBbed.e. Antwerp e. 20 25 12 9hent, v. Antw'p.e. Beval, indirect.. e. Beval, via Canal.e. Barcelona, April.e. aenoa, March... e. 18J« 18>« 29980 29 930 29«80 29930 W€dnts. TkMr: 14 15 20 20 25 12 14 15 20 20 25 12 Fri. 14 15 20 20 25 12 18i« 18 1« ISifl \%H 29930 29 930 29930 29930 29O30 29930 29930 29930 22 Is 22 >s 15 15 23 Meste 23 e. 40 40 laoan (via 8ueE).e. Quotations are cents per 100 lbs. 22ifl 15 23 40 22 15 23 40 22 15 23 40 22 15 23 40 LrvEBPOOL.— By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port. (OOOi omitttd.) HoUand Germany Oth. Europe (except Turkey) Butlndlei Ohlna and Japan Turkey and Bxypt All other oonntnei Total Ibt Total Talue East 2,312 8.449 2.180 2.716 2.817 8 891 8,226 8,608 2,816 2.087 2.096 2,783 815 S67 862 1.660 2,313 1.308 1,86^ 1,728 1.974 16.376 14,877 18,846, £785 isoo i68l1 13,883 16.668 9,727 11,898 1.463 6.900 8.261 11.872 10,808 ll.<0i 14,339 2,670 10,802 10 827 78,084 68.184 £4.035 £3.616 71 520 £8!818 14,203 17,484 11.460 13.080 a.61S 9.780 9,6 i2 Crop.— The final general memoranduoi of the cotton crop for 1904-5 was issued under date of Calcutta, Indla. February being in part as follows: The final reports on the early crop aammarlzed In the memorandum Issued on Deo. 21, 1904, showed that cultivation had Increased and that the outturn was (rood The late crop was then expected to be deficient and the reports Just received prove the correctness of this anticipation. In Bombay the crop has s nSered from want of moisture, cold 17, Mch. Sales of the week bales. Of which exporters took. .. Of which specQlators took. Sales American Actual export Forwarded Total stock— Estimated Of which American- Est'd. total import of the week..... Of which American A.mount afioat Of which American.... 8. 68,000 4,000 7,000 66,000 6,000 80,000 898.000 826,000 57,000 38.000 182.000 142.000 Meh. 10, 51,000 2,000 1,000 48,000 7,000 60,000 871,000 801,000 41,000 36,000 181,000 141.000 Meh 17 Mch. 24 65,000 45,000 ••--• 2,000 61.000 12,000 73,000 1,000 1.000 42,000 7,000 76,000 854,000 777,000 68,000 47,000 191.000 153,000 843,006 772,418 71,000 61,000 172,000 141.000 The tone of the Liverpool market for spota and fntorea sach day of the week ending March 24 and the daily cloeicg prloee of spot cotton, have been as follows. THE CHRONICLE. n88 Monday. Tuesday, Wed'day. Thur$d'y Friday. Sat'day. Spot. Market, 1S:30p. M. Fair bnslneBS Qnlet. Moderate Moderate Moderate demand. demand, demand. Qnlet. dolnft. 4-31 Upl'dfl, 8pee. i29 1-S4 428 4 24 4-28 8,000 Mid. 10,000 500 8.000 8,000 8000 8,000 500 50C 500 500 & «xp. 500 Futura, Market Qnlet at 6pt8, deoUne. opened. Qnlet at Steady at Qnlet at Qnlet at e®3 Basy at 2 pts. decline. 5 pt8. advanoe. deoUne. decline. Qnlet at n--,^t pti. n^Slne'd 5^7 pti. adranoe. ni»cnanB a decline. Steady, nnch. to Qnler, nnch. to 1 pt. dec. 1 pt. adT. tdranoo. Dnllat IVeryst'dy Market, 4 p. H. 3S4 pii. decline. 4(i»6 I pti. 3 pts. 1 pt. ' prices of f atnrea at Liverpool for each day are given below. Prices are on the basis of Uplands, Good Ordinary olanse. nnless otherwise stated, The Tae«. Sat. RIon. Mch. 18. Meh. 20. Mch. 21 Thnrs. ITed. Mc^. 22. Mch. 23 Frl. Mch. 24 12i« 1 12i« 4 12i« 4 12i« 4 12i« 4 I214 4 P.M. P.M. P.M. P.M. P.M. P.M. P.M. P.M. P.M. P.M. P.M. P.M. d. d. 114 March Moli.-AprIl. April May May-June... June- July,. July- An/?. Aug.-Sept . . Sept. -Oct.. Oot.-Nov..Nov.-Deo. .. Dee. -J an Jaii.-Feb.... d. 18 4 4 14 4 13 4 4 16 4 14 4 117 4 17 4 tl9 4 19 4 il9'4 19 4 4 21 4 20 4 4 22 4 21 4 1 23 4 22 4 4 23 4 23 4 4 23 4 23 4 4 25 4 24 4 4. d. d. d. d. d. d. d. 13 13 14 17 4 17 4 18 4 17 4 12 411 4 08 4 4 17 4 18 4 17 4 12 411 4 08 4 4 18 4 20 4 1£ 4 X3 4 12 4 09 4 4 21 4 22 4 21 4 16 4 1.^ 4 12 4 1fl 4 23 4 23 4 24 4 26 4 26 4 27 4 28 4 29 19 20 21 22 2S 23 24 4 24 4 25 4 26 4 27 4 28 4 28 4 29 4 30 10 10 clipped May delivery in elev 31% 31% July deUvery in elev 3114 Sept. delivery In elev.... 29^ 3188 29!^ 24, 1905. 89% 8808 87% 88 DAILT OLO8IHO PBIOBB OF WHEAT FUTTrnKS IN CHIOAOO. Mon. Bat. Tuet. Wed. Thurt. m 115SIb dellv. elev (lelJv. Ill ei«v 92% Sept. delivery In elev.... seos July 1143t 9288 11514 92^^ 86% 86:>8 114»« 91% 85^ 112''e 90\ 84% tri. 112^ 9088 84,^ Indian-corn futures have been moderately active but at lower prices, Deepite reports from the interior of only limited country acceptances, the crop movement has been on a liberal scale, the receipts at the primary markets reaching large, fnll figures. Shipments have been comparatively light and fair additions, therefore, have been made to existing stocks. Pressure to sell from speculative holders has developed, and this, together with sympathy with the decline in values for wheat, had a depressing effect, Tbe spot market has been easier. At the lower prices a limited volume of business has been tranpacted with exporters. To day the market was sleadifr on reports of light country acceptances. The spot market was firmer but quiet. DAILT OLOBINO PBIOEB OP NO. 2 MIXBD OOBM IN YORK. Bat. Mon. Tue*. Wed. Thurt. Frt OsBh coi n f o. b 59% 59% 59% 59\( 58% 59^ NEW rtflivery In elev July dellv. In elev J>AtLT OLOBINQ PRIOBB 55*4 55 55 »e 55i« Sept. delivery in elev..., 54''e 54i« S4ie 54 >« 55 54 54 5438 OF NO. 2 MIXBD CORN IN Bat. delivery In elev July delivery In elev 49 49ie 49% Mon 49^ 49>4 49)4 30% 30% 30«« 2914 S0>fl 29^ 29>4 Flne....,„^ $2 Boperflne 3 Extra, No. 2,.„„. 3 Extra, No. 1 3 Ulears 14 Straights 5 Patent, spring 5 90 -93 '33 t>3 25 40 60 00 20 75 •3 ©4 o5 «6 FLOUB. 10 Patent, winter $5 40 City mllla, patent. 6 60 Bye fiour, superfine 4 75 Buobrwheat flour.. 2 80 Com mealWestern, etc..... 2 35 Brandywlne 2 75 65 '95 80 20 1316 80 35 '94 95 00 '92 25 92 90 93 00 75 90 OBAUSr. rtte*. 48*78 49 4916 CHICAGO. Wed. 4814 4838 48>« Thurt. 483e 4.8^ 48''e Com, per bnah— 0. fl. 5114958I4 1. o. b.bSH t. o.b.Nom f. o.b.Nom Western mixed.. No. 2 mixed No. 2 yellow No. 2 white Bye, per bushWestern 82i«987 Nominal State and Jersey. Barley—West ....— 43m»52 4OI9947 Feediur... oats, Combining these figures with those for previous weeks, we have the following, which covers the exports to foreign countries for the period since July 1, 1904, comparison being made with the corresponding period of 1903-04, 542,611 975,664 608,652 Wheat, Corn, bush. buth. 1,616,741 122,673 1,387,875 26,470 1,483,760 Total.. ..2.026,927 4,488,376149,348 Mxportt Flour, from— bblt. Fran. PngetS'd. Stkn Portland.. Cot '03-4.2.861.899 5.06H.&67 3ti.365 Sye, buih. Barley, buth. 3,105,582 Oatt, buih. 148,238 151.952 246,656 854 412 425,225 627,035 516,846 37d,379 ^ 1.26S 1,422 4,157,842 8.736,280 Tne movement Of breadstuffs to market asindlcatedinthe •tatements below is prepared by us from figures collected The receipts at by the New York Produce Exchange. Western lake and river ports for the week ending March 18 and since Aug. 1, for each of the last three years have been: B«c»il>ti at— Wheat. Flour. Corn. Bye. Barley. Oats. Bbls.imibs Bush.90lt>s Busn.oSlbs Bush.9ilbs Buth.tSlbs Bu,.b6 189.267 OhlcaRO Mllwankee 8S.830| 8S.830: Toledo 108,550 8.0S1 188 440 258,897 14,853 0.600 859,100 360,550 858,000 401.100 Eaniai City 1«0,973| 11,933 80.00) 9,000 78,800 1,630 77,676 300,650 157,018 271.012 418,431 2,66'J,S80 4,639.612 «,S84,7U2 8,407,9811 2,ei5,aj4| 8,487,821 2.865,866' 3,868,849, 3,696.397 81,78) 000 1,283.806 1,807,603 820,271 Same wk. '04 Same wk. '03 666 838,290 1,000 93,»72 4(2.600 260,400 64,SO0 13S,59V 50,030 lbs. 81.100 18,850 453,000 199,200 65,?56 128.00o! 29,180| 18,133' . . . 183.500 206,464 1,800 Detroit 617.207 42,750 103,958 1,466.820 12,000 MlnneapoUi 3.416.600 3.0a8,200| 12.075 Dalnth Cleveland St. Lonlt Peoria 209,000, 786,805 Sine* Aug. 1 11,627.587 163,264,013 188,130,180 111,740,88^ 59,888.683 8,875,736 18.806.308 184 661,584180,897,865 117,665 Oil* 95,868,986 6.810,058 18.719,474 20H,181.009 106.413.620 133.008,114 1<».643.017 8,079.168 1IKI4-6 1903-4 1003-3 Total receipts of flour and grain at the seaboard ports for tbe week ended March 18, 1905, follow: Flour, Beceivt* at— Boston Portlund, Me .,..., .».. Philadelphia Baltimore ,..^.. Richmond Newport Newi .... «. New Orleans Galveston Norfolk Montreal... Mobile 8t. J obn, N bush. 2«,«<'0 .. . Wheat, bbls. la»,861 38,009 1,101 41,630 88,581 3.800 l,18i 11.931 NewYork 1.000 SO.OoO 6,030 14,881 18,471 B 1.266 19,800 . £84.463 801,188 634,516 16!<.000 Wheat bbls. 868 '97.585 82,918 15,460 8,100 7,083 '19,600 ll.e6« 13,766 77,138 8.3C7,683 1,U68,V4S 8,168 760 788,343 1,103,153 Total receipts at ports from Jan. 1 to follows for four years: 1904. 190B BecHpU of— rioor^ buth. 102,900 0,400 "80,ll"8 bW.biS Barley, bxuh. 109,800 Oats, busti. 4»8.UU0 63.610 1 6.818 2,143 17,688 Total week....... Week 1901 Corn, bu^h. 740,775 396.HH8 17,143 233,393 841,740 21.282 2 7.388 2.797.193 4,888.726 bU8h.'~3,603.481 " 87.OB3.603 " 7,081,078 11.9flR,9Bl March 120.331 85.868 18 7.083 6 333 compare as 1908. 1,0J6.680 1902. 1.504.139 17,018,118 36,111.880 F^i. 4808 48% 49 Karler " 1.81)7.8:8 80.775.673 8.1l«.e«4 1.063.100 tiye . May 30% SOi« Exports of Grain and Floar from Pacific Forts.—The exports of grain and flour from Pacific ports for the week ending Mch. 23, as received by telegraph, have been as follows: From San Francisco to various South Pacific ports, 15,835 bbls. flour, 159 bushels wheat, 1,800 bushels barley and 8,6C0 bushels corn; from Portland to Paciflc ports, 91,ol8 bushels . 89(>8 3114 SCa 29% Following are the closing quotations: Tot.wk. 1906 go^g Nom. Nom. 38ia 25 4 22 easier. Sept. dellv. In elev 38i« 4 23 4 21 4 22 14 4 14 4 16 DAILT OLOaraO PKIOBBOr WHB1.T FUTUBBB III NEI\¥ YORK. 8ai. Mon. Tuet. Wed. Thurt. VH. No. 2 red winter, f o. b. . 119 11838 118''8 n8i« 1163b 115% 113i« 11138 110% 113''8 May delivery In elev 113 1128a .luly delivery In elev 97 9616 9738 9538 97''i8 947e . 38i« SS^a f.o.b. 4 17 4 15 4 17 i 19 4 17 4 18 4 20 4 18 4 19 4 20 418 4 20 4 21 4 19 4 20 4 22 4 20 4 21 416 4 23 4 18 4 23 4 19 4 24 4 20 4 26 4 21 4 26 421 4 27 122 4 28 123 4 29 4 24 11 ; May wUte DAILT OLOSmO PBIOBB OF NO. 2 MIXBD OATS IN CHICAGO. Bat. Thurt. FTi. Mon. Tuet. Wed. Wheat, pep busn— 0. e. N.Dul.,No.l f.o.b.120% N. Dnl., No. 2 f.O.b.114% Red winter, No. 2.. f.o.b.116% Hard winter, No. 2. f.o.b.Nom. OatB— Mixed, p. bush. 36 '937 White 37 ®40 No. 2 mixed Nominal. No. 2 white Nominal. Friday, March May No. 2 12 4 11 12 4 11 13 4 11 16 4 14 18 4 16 19 4 17 20 4 18 21 4 19 22 4 20 23 4 21 24 4 21 Business in the market for wheat flour lias continued dull. Prices have shown irregularity, with the general tendency towards a lower basis. There has been no especial pressure to sell spring wheat flours, but offerings of Kansas flours and winter-wheat flours have been fairly free and lower prices have been accepted to effect sales. A quiet market has been experienced for city mills. The demand for rye flour has been dull prices have been quoted unchanged. Buckwheat flour has been quiet and unchanged. Corn meal has been quiet and easier. Speculation in wheat for future delivery has been fairly active. Prices have continued to show a declining tendency, with speculative holders selling to liquidate their Foreign statistics reported early in the week accounts. were of a bearish character, large world's exports for the previous week being shown, resulting in a substantial gain in the supply of wheat efloat for European importing ports. The receipts of wheat at the interior points reached fairly full figures, the arrivals at the Northwestern markets early in the week being reported large. The principal depressing factor tbe favorable hps been climatic conditions reported from the West for the new crop. The growing winter-wheat crop reported was in a promising condition and the weather in the spring-wheat belt was favorable for spring seeding. Advices received from Argentina stated that the yield of the wheat crop will reach a new high-record figure of 148,000,000 bushels, being an increase of 24,000,000 bushels over last year's crop, which was the previous high record. It is calculated that the export surplus from this season's crop of Argentine wheat is 107,000,000 buphels. To-day the tone was weaker under larg« exports to Europe from Argentina and continued favorable weather reports from the interior. The spot market was and Oats for future delivery at the Western market have been quiet and there has been a fractional decline in prices. The movement of the crop has been on a liberal scale, and weather conditions in the interior have been reported favorable for satisfactory crop work. Locally the spDt market has been quiet and slightly easier. To-day the market was quiet but steady. DAJXT OLOBIHO PBIOBS OF CATS IN NEtT YORK. Bat. Mon. Tttet. Wed. Thura. FrL No. 2 mixed In elev Nom. Nom. Nona. Nom. Nom. Nom. d d. BRBADSTOFFS. dull [Vol. lxxx. " 111221 i!61,450 610,008 16.230.410 6..S38 311 8.612.033 1.811,161 319,701 "• 19,712.187 "12.181.780 67,676,731 80811,618 Corn OaU Total frrnin 11.166.7l»8 1,430.489 Tne exports from t^e several seaboard ports for the week ending March 18, 1905^ are sbov^n in the annexed statemont: Mar. THE CHRONICLE. 25, 1905.] Flour, Oa,ts, Rye, iiarley, bbls. btuh. 10,525 bush. bush. A Peas, bush. 69,',8i 1189 3.V!«0 active and have increased their purchases ahead. good deal of business has been prevented by the inability to guarantee sat80,0(i0 8,600 Portland, Me. isfactoryjdeliveries. The home trade has been inquiring rather " 1,846 "37,013 11,970 Boston more freely for light-weight goods but the firmuess of sellers Philadelph:a 38,4^^3 bS Baltimore has been against any large business. Lighter weie;ht9 than Norfolk 4 yard sheetings are in particularly small supply. The export Zl'J.ses •«•«•»•• "iVm Newp'rt News 153 inquiries have mostly been for light-weight 927 6.862 1.518,779 NewOrleans.. goods but mills are 0,329 Galventon '750* so far sold ahead that manufacturers find it impossible to ."i',ii3 12.750 Mobile 17,638 96.629 77.139 St. John, N. B. make the deliveries demanded. Orders for bleached goods have been larger, and while buyers show no inclination to 18.680 96,795 Total week.. 225.089 8,102.311 181.403 11,918 33,107 28,163 Same time '04. a3iS,889 a 356,e3ii 315.1)33 107.263 speculate, the future business has shown some improvement. The desdnation of these exports for the week and since Low counts are still scarce. Ticks have been well sold ahead July 1, 1904, is as below: and there are reports of a coming advance. Danims, plaids and -Wheat.Corn. •tlour. other coarse, colored cotton goods have been in fair demand at Week Since July Weeic Since July Exports for Week Since July recent prices. Kid-finished cambrics have shown some imMir 18, 1, IfiOl. Mar. 18 1, 1904 week ana since Mar 18, 1, 1904. bush. bush. buih. July I to— oush. bbls. bbls. provement and are steadily held. Canton flannels and cotton 8,905,665 l..'^U3,518 84.897.02S United Kingdom. 62.593 2 390.785 825,0a9 blankets have been in moderate request and remain un962,808 1,680,719 30,707.4; 2 27,019 815,643 Continent 23,i!83 28LI.001 3,3(10 20.610 496.613 S. & C. America.. changed. Prints nave been more active but fancy prints 801.619 24,694 19,822 744,528 West Indies have not improved to any extent. Q-Inghams have only been 40 138,404 Br. N.Am, Col '8 73,814 1,483 60.665 Other countiies. 53,414 834.640 moderately Inquired for but remain at recent figures. Print cloths were more active earlier in the week than they were at 3,102.311 36.335.089 9.933.737 Total 225,089 121,400 4,656.084 Total lfcOi-04 632,889 51,219,390 2,266,6li0 48,614,282 315.13S 13,061,0X0 the close, but the supplies of certain goods are getting low The visible supply of grain, comprising the stocks in and sellers are reluctant to accept current prices. Narrow granary at the principal points of accumulation at lake and goods have been relatively more active than wide goods. Regulars are quoted at 2%c. seaboard ports, March 18, 1905, was as follows: Corn, bush. 5&».8u8 17,143 318,268 42.857 404,478 9,400 Wheat, Eayports New from— York. ... bush. 3«.h90 40,488 1,194 6,955 11.641 '.'.'.'.'.'.'.'. , I Wheat, In store at— Do 112,000 7,000 565,000 39,0„0 135.010 ',00a 963,000 167,00*1 888,000 435,bd 140,000 401,000 Buffalo Do afloat Toledo Do afloat ' " Detroit Do Chicago •Do Barley, bush. 211,000 »t1,0 '<1 191.000 7isa.000 8<0,' 00 123,000 90,000 639 000 1,HJ4,I;00 4ft ,000 16H,(!(i0 10.000 13,000 24.066 6,000 ""4,000 1,573.000 210.000 4,0:0 386,066 "s.doo i'6i,od6 87,666 afloat 715,000 3,885.000 B'.OOO 301,000 4,860,000 1,610,000 4,993,000 76,000 4,438.'0d6 i"7"»,ood ^64,000 11,863,000 2,191,000 42,000 49,010 4,646,000 813.000 76,000 2,000 1.871,000 14,000 l,'i0J,0J0 18i>,000 14P.0')0 110,000 41,000 1.336,000 "21,006 '"s^f'm i89,odd 9.7f^7,000 15,911.0110 1,459 000 »,3H6,000 9.511,00) 15,727,000 10.689,000 7,182.000 3,2iy,000 1,563,011.1 8,617,000 4,155,001 959.000 :<,69il,000 995,r.00 l,TO-,(00 1,769,000 1,412,000 afloat Milwaukee Do bu»h. 148,000 260 000 53,oOa 17,000 1,801,000 1,201,000 ,. Montreal Toronto atloat Port William PonArtnnr Duluth Do afloat Minneapolis St. TjouIs afloat Kansas City " Indl ana^DOlis ! ! ! On Mississippi Riv ." ! ! On Lakes On canal aud Total Total Total Total Total 869,000 481,0C0 7''\000 Philadelphia Baltimore New Orieins. Gaivesiou. Rys, Oats, bush. 841,000 341,000 53.000 204,000 bush. 1,300,000 afloat Boston Do Corn, bush. 647,003 New York river lOiJ.OOO .. Mar. 18, 1906. 33,94^,000 Mar. 11, 19.15 35,094,000 Mar. 19. 1"04 3i;.^25.000 Mar. 21, 1903.46,055,000 Mar. 28, 1902.60,918,000 10,ii:i7,0f)0 9,103.000 2,070,000 THE DRY QOODS TRADE. Nktt York, Peidat, P. M., March 24, 1805 Business has again been rather more active in the cotton goods market dnricg the week, and with buyers operating more freely prices have been firmly held. The principal feature of the market is still the scarcity of certain lines of goods and the difficulty experienced by buyers In securing the required delivery. This has resulted'ln an increased volume of buying orders for as prompt shipment as is obtainable and the placing of orders somewhat farther ahead than had been intended. It has also necessitated the substitution of other lines for those desired. The statistical i)osltion of the goods market is so strong and the future of the cotton market bo uncertain that sellers feel perfectly justified in holding firmly to their prices. No open advances have been announced, but there is little heard of in the way of irregularity and the outlook is for an advance rather than a decline. Buyers have allowed their stocks to run so low and find the demands of their customers so urgent that they are forced to pay full asking prices. Export business at the moment is quiet but there have been some fair inquiries in the market and if satisfactory deliveries could be guaranteed there might be another revival of the demand from Chinese sources. In the woolen goods division there have been some duplicate ordersjfor men's wear heavyweight goods. DoMBSTio Cotton Goods.—The exports of cotton goods from this port for the week ending Mar. 20 were 8,074 packages, valued at 1362,746, their destination being to che points specified in the tables below Naw York to Mar 1905. 90 1S04. Week. Since Jan, Week. Since Jan. 1. 1. Woolen Goods —In the woolen goods division agents are busy superintending the delivery of sample pieces and in figuring out how they stand on the initial business of the Eeason. Complaints are etiU being heard of cancellations, but these are moie iu the form of substitutions than outright cancellation of orders. It has been apparent for some time that buyers placed orders for goods that they did not require, but this was due more to a lack of knowledge of their requirements than to speculation. Woolen goods manufacturers are making the principal complaints, and it is apparent that buyers have in many instances canceled their orders of these and substituted worsteds. In this way several lines that were sold out have again been put on the market owisg to the returns that have been recaived. There is considerably more activity in the dress goods market, and while many fall lines have not yet been opened, others have already finished their initial business. The opening of the season was later than usual, owing to the fact that buyers were not ready to commence operations and the range of prices had not been definitely determined. The prices that have been made show an advance over those of last year about equal to what had been expected. Staples have been, so far, much in the lead and fancies are likely to have to take a back place. Foreign Dry Goods.—Sellers of imported woolen and worsted dress goods report satisfactory progress and are convinced of a successful season. Silks have been active and firm. Ribbons are in better demand. Linens again show improvement and are firmly held. Burlaps are quieter at recent figures. Importations andlVareHoase T^ltbdrawals of Dry Good! » g s OH H "t© gSsS'lS 5 B-rt-* 3 Ent'd Bilk Flax Total Total f West Indies Mexico Central America South America Other Countries Total 10 17 218 169 3,301 35,831 4.613 2.632 1,935 6,110 362 1,896 428 3.*) 2 87 297 1,006 328 8,074 607 3,898 18,635 3,489 72,837 13 58 :;::;: i ""12 368 97 282 660 204 1,694 €5 372 J 19,725 3,273 7,866 1,799 4,606 J3l S.190 12,816 2,784 57,116 of these New York exports since Jan. 1 has been 18.815,111 in 1905, against $2,978,636 Ic 1904. Heavy brown drills and sheetings continue in small supply and are correspondingly firm. Buyers have been rather more The value Flax. Total Mannfe 811k.. 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M CO en OJ 9) h-O 00 JO M 1 a 1 M MACO-joa wcs "hifi.. m O<0'-CBCO CO to M MCO B n O»«OO>*-00 -JCOtOIK>4 1 1 . t i-« i s : i 0< M to 1 (OO I •3 t M« WW W;^J^ aooo OSCO : t^co t^\ t^'O tSCD OSMi <1 ; 1 to Ik OS to CO 1 OCK -Jl^* t- : i 09 1^ »0 _-4 ; 9 M ! to ?0 1 u MM M ^ 00 '^ % 1^ ^ CO M 00 0^ i^^foaxjf c;<a9i-><Bas cooD 0) o» i ! 1 OJH'OtiOc 0»-^ col to«-*i cnco^iQox 1 MCO 10 OS co« M «Q0 — ^-Ol -OlOi-'O OI<». >->Cn 'O 00 tOOOtOMOS j^r •4 M M H l-<tOOO«10i9 1 OS CO g 's -iOJ 1 1 <j> : ViMcokSM a»-i>-'*>.iy cj<^«a-^ : i n? ! 1 M a^ M : ! : irt k-< I : §i g; i liiilT 1: , Great Britain Other European..... China India Arabia Africa MlsoeU IP Wool Cotton ^^'OOtOCO ^ CO ^ • 1 THE CHRONICLE. 1190 OiTY D£Pi^pTM£WT. PUBLJ8HKD WEEKLY. ot Subscription— Payable in Advance I^r One Year, Inolnding For Sli Months nropean all f 10 00 6 00 13 00 Supplbmbnts Subscription (Including postage) 750 Knropean Subscription Six Months (tnoludlng postage) The Batlwat and Industbial Section, Issued quart <*rly, Is furnished every annual subscriber of the t ommebcial and witiiout extra charge to The State and Citt Section, Issued seml-annuaUy, Is also furnished without extra Oiarge to every subscriber of the Chbonicle. The Stbekt Railway Section, Issued three times a year. Is likewise furnished tcithout extra charge to every subscriber of the Chkoniole. The Bank and Quotation Section, issued monthly, is also furolshed vtithout extra charge to every subscriber of the Chkoniole. Terms of Adrertising—(Per (8 Incli Space). Three Months (13 times) . $29 00 Six Months (26 times)... 50 00 $22 00 Twelve Months (52 times)... 87 00 Transient matter (each time) $4 20 standing business cabds. Two Months any of said States whose net Indebtedness does not exceed 7 per cent of the last preceding valuation of the property therein for taxation. The term "net indebtedness" shall be construed to denote the Indebtedness of any city, town, or other municipal corporation, omitting the debt created for supplying the Inhabitants with water and deducting the amount of any sinking fund available for the payment of the municipal indebtedness. Provided, hotoever, that such bonds shall not have been issued in aid of railroads or for special assessment purposes. Provided, also, that the bonds of any county, city, or town, of less than 10,000 Inhabitants, or of any school district or other municipal corporation of less than 2,000 inhabitants in any State or Territory other than those named in paragraph 8 of section 1 of this Act shall not be authorized Investments. Provided, further, that snoh. bonds are issued by municipalities that are permitted by law to levy taxes sufficient to pay the interest and to provide sinking funds for their debt; otherwise such bonds shall not be authorized investments. [And provided, further, that the bonds of any scch county, city, town, school district, or other municipal corporation of any State or Territory, except in the States named in paragraph 8 of section 1 of this Act, which does not have a constitutional provision limiting the indebtedness of counties, cities, towns, school districts, or other municipal corporations therein, shall not be legal investments.] But not exceeding 50 per cent of the deposits shall be so invested. of 100,000 inhabitants of BtMt fim Terms fVOL. LXXX. times) \riLIiIAM B. . . BANA CORIPANY, .Publisher*, Pine Street, corner of Pearl Street, NEM^ FOST OFFICE Box 958. News YORK Items. — New York St&ie.— Savings Bank Bill Fosses House. The General Assembly on March 22 passed Assemblyman J. T. Smith's bill amending the Savings Bank Investment Law. This measure was published in full on page 1033 of the Chronicle March 11. 1905. Parke County (P. 0. Rockville), Ind.— Bond Sale IVegal, —We are advised by George Branson, Ex-County Treasurer, that a decision has been rendered in the suit brought to prevent the delivery to J. F. Wild Co. of Indianapolis of the gravel-road bonds of Adams Township awarded 156,310 50 to that firm last fail— the plaintiff having amended his complaint by claiming that the sale was illegal in that accrued interest was not paid in addition to the principal of the bonds. The Court holds that the bonds themselves are valid but that the award is illegal in that only par was obtained for the bonds whereas, the Court says, "face value" as set forth in the Statutes is the par value plus the accrued interest at the time of sale. See V. 80, p. 483. & im & Co. have taken for issue Japanese Loan.— Kuhn, Loeb in this country cne-half of a new Japanese loan for £30,000,The loan will bear 4)^« interest, will run for twenty 000. years, with the option to the Japanese Government to redeem all cr any part at par after five years, and will be secured by Bond Calls and Redemptions. Bethany, Mo.— Bond CaW.— Call is made for payment April 15 of Qi bonds Nos. 11 and 13, dated March, 1899. Clark County, Mo. Bond Call. Call is made for pay' ment May 10 at the State National Bank of St. Louis o° bonds Nos. 50 to 83, inclusive, each for $100. Clinton, ^o.—Bond Call.— Interest ceased March 10 on 5% bonds Nos. 12 to 32, inclusive, each for $1,000, dated Jan. 1, — the revenues from the tobacco monopoly which, it is estimated, are now about $11 000,000 annually, or largely in excess of the requirements of this loan. Simultaneously with the public issue in the United Spates by Kuhn, Loeb & Co., the National City Bank and the National Bank of Commerce, the loan will be issued in London by Parr's Bank, the Hocg- 1891. Shanghai Bankicg Corporation and the Yokahsma kong Dent Coanty, Mo.— Bond Call,— Call was made for paySpecie Bank. The bonds will be offered shortly for public ment March 1 of bond No. 1, dated March 1, 1898. subscription at about 90, to yield about ^%% if option to reMemphis, Mo.— .^ond CaZi.— Interest ceased Feb. 15 on deem is exercised in five years or 5'30;? if allowed to run to bond No. 18, maturity. Mnltnomah County (P. 0. Portland), Ore.— Warrant k.x\zona.— Legislature Adjourns,— ThQ Legislature of this Call.— John M. Lewis, County Treasurer, has called for payState adjourned March 16, 1905. ment all Class "36" and "37" warrants drawn on the general Centerville Station Town&hip, St. Clair County, 111.— road fund up to and including Oct. 7, 1904; also Class "C" Bonds Illegal.—The following appeared in the St, Louis warrants up to and including Aug. 8, 1904. "Globp D*=mocrat :" Peno Township, Pike €oanty, Mo.— Bond CaZZ.— Interest SPBiNOHKLD.lLt.— March 6.— ludge Humphrey in the United Statos Cir- ceased March 1 on bonds Nos. 49 and 50, each for 1 1,000, cuit Court to-day declared that |35,<'00 of bonds Issued by the Highway ComInterest, 5^. missioners of the town of Centerville Station, St. Clair County. 111., were in- date Nov. 1, 1887. valid. The case was that of the Northwestern Savings Bank of St. Louis Van Baren Towngtalp, Jackson Coanty, Mo.— Bond Call, in which case the bank asked that the asatnst the town of Centerville Station, town be compelled to pay the money on the bonds on which they had de- —Call was made for payment March 3 on a |1,000 bond, No, faulted In Interest. The case was appealed to the United States Circuit Court 58, dated Jan. 4, 1892. Intereet, 4$?. & of Appeals. CrldersTille, Ohio. -Fond LH'gation. — The following is aken from the Toledo " Blade :" WapAkonkta, Ohio, March 9, 1905.— Suit was filed yesterday against the village of CrldersvlUe and the County Treasurer to enjt in the collection of taxes levied to pay a bond issue of .that village. The petition states that the village of Crideravllle Issued bonds to the amount of I8''!,BOO, which issue waB based on a special Act passed by the General Assembly March 14, 19u8, authorizing a bond issue to provide funds to erect an electrlc-light plant, which Act was unconstitutional. The petition states that the proceeds were not used for the purpose of erecting an electrlc-llght plant, but were paid to the Board of Trade' contrary to law. See V. 74, p. 844. New Hampshire. Acts Amending Savings — The State Legislature Bank Invest- Bond Proposals and Negotiations Adams County (P. 0. Natchez), Miss.— Bond Offering,— Proposals will be received until 12 M., April 8 by John F. Jenkins, Chancery Clerk, for $15,500 5% gold coupon bridge bonds. Denomination, $500. Date, Feb. 1, 1905. Interest, annually at the ofl&ce of the County Treasurer. Maturity, 15,000 In six years; |2,500 in seven years; |2,5C0 in eight years; |2,500 in nine years and $3,000 in ten years. Certified check for lOjf of the bonds bid for, payable to the President of the Board of Supervisors, required. Authority for issue Chapter 125, Law» of 1900, and Section 313 of the Annotated which recently adjourned passed several amendments to the savings bank laws, two of which relate to investments. The first of these amends paragraph 18 of the Investment Act (see State and City Section for November, 1904, page 2245) by striking out the words "in Code the New England States" so that the paragraph now reads as ment Law. follows: 18th. In the stock of any railroad corporation, exclusive of street railways, located in any part of the United States or Territories, that has earned and paid rejjular dividends of not less than four per cent per annum on its capital stock for live years next precedingsuoh investment provided, such capital stock on which it pays dividends equals in amount one-third of the entire bonded indebtedness of said corporation; or In the stock of any other railroad corporation ["in the New England States " omitted in new law] whose railroad and railroad property are leased to such railroad upon an annual rental of not less than four per c«^nt per annum npon the capital stock of the leased railroad; jtrovided, said leased railroad shall have earned dividends of not less than three per cent upon Its capital stock for a period of three years Immediately preceding said lease; but not exceeding twenty-live per cent of the deposits shall be so Invested. ; tMi week have been as follows: of Mississippi of 1892. Adams Mills (Ohio) Spedal School District.- Bonds Voted— Bond Offering.— The election March 11 resulted in favor of the proposition to issue |10,000 Hi school bonds. Proposals for these bonds will be received until 12 m , April 15 by Thomas A. Mills, Clerk Board of Education. DenominaDate, April 15, 1905. Interest, semi-annually on tion, $500. March 1 and Sept. 1 at the First National Bank of Dresden. Maturity, $500 yearly on March 1 from 19C6 to 1925 Inclusive. certificate of deposit for $200 on some bank in Muskingum or Coshocton counties payable to the Clerk of the Board, required. Blank bonds to be furnished by the sucoessful bidder, A Allegheny (Pa.)-Twelfth Ward School District.- Bond The above amendment takes dliect May 15, 1905. Bid«.— Following are the bids received March 16 for the A second amerdment which took effect March 9th omits $100,000 a 80-vear school bonds awarded, as stated last week, certain portions of paragraph 9 so that it now stands as fol- to N. Holmes '& Sons of Pittsburgh at 104'18 : the part of the old law omitted being indicated by means of full-faced brackets: 9th. In the authorized bonds of any county, city, town, school district, or other municipal corporation of any other of the United States or Territories whose net Indebtedness at the time of such investment does not exceed 5 per cent of the last preceding valuation of the property therein for taxation; and In the authorized bonds of any city lows ; N. Holmes 4 Sons, Lamprecbt Bro8.4 l'ltt3b'Kh....l04l8 Co., Olore.. 101-76 I Worklngman'i SaT. Bk. 4 Tr. Co.lOl'OO I Bonds Authorized— The issuance of $6,000 4% 15-year water-works extension bonds has been authorized by the City Council, according to reports. Denomination, Date, May 1, 1905. |C00. Alliance, Ohio. Mar. THE CHRONICLE. 25, 1905.] Arkansas City, Kan.— Bond <S^a2e.—This city has awarded to Spitzer Co. of Toledo at par an issue of "about" $15,000 Q% 1-10-year (serial) Sewer District No. 2 bonds dated April Interefct, semi-annual. 1, 1905. Atlantic City, N. 3 .—Description of Bonds.— The $50,000 board-walk bonds recently awarded to Blodget, Merritt Co. of Boston are in denomination of $1,000, dated April 1, Maturity, April 1, 1925. The 1905. Interest, semi-annual. price paid is said to be 102*21. Baker City, Qre.-Bond Sale.— Thia city has sold to local investors at par and Interest $7,200 6% 10-year sewer-construotion bonds. Denomination, $100. Date, Jan. 1, 1905. & a & eemi annual. Barnga, Mich.— Bonds Authorized by Legislature.— The Interest, State Legislature has authorized this village to issue electriclight and water bonds. — BarbertOD, Ohio.- jBowd Offering, Proposals will be received until 7:30 P. M., March 27, by W. F. Robison, Village Clerk, for the following ooupon bonds $8,188 b% l-lC-year (serial) llopocan Avenue assessment bonds, dated Mar. 1, : 1905. Denomination, |800, except one bond for |98?. h% main storm-sewer bonds, dated Sept. 1, 1904. and maturing one bond of »300 yearly Trom March 1, 1905. 1,575 5$ local storm-sewer bonds, dated Sept. 1, 1904, and maturing one bond of f 157 50 yearly from Marcb 1. 1905. 2,050 69 l-lO-ypar (serial) Fourth Street assessment bonds, dated Sept. 1, 3, too 1904. Denomination, J205. 13,2C0 5% l-lo-year (serial) Baird Avenue assessment bonds, dated Sept. 1, 1901. Denomination, $1,220, All bids must be nnccndiInterest, March 1 and Sept. 1, Accrued interest to be paid by purchaeer. Certified tional. check for $300, pay able to the Treasurer of the village, or else cash to that amount, required with bids for each issue. BarLesTilleCOhio) School District.— Bonds Foeed.— This on March 14, by a vote cf 296 to 233, authorized the issuance cf $35,000 schocl-building bonds. Date of sale not dittrict yet determined. 1191 by Myra L. Williams, Secretary Board of Trustees (P. O. Chinook), for $21,EO0 10-20-year (optional) bonds at not exceeding 6% interest. Authority, special election held Feb. 4, Denomination, $1,000. Date, March 31, 1905. Inter1905. est semi-annually at the office of the County Treasurer. Check for 5% of bonds required. (hrismau, Edgar County, 111.— Bond Sale,— This city has sold an issue of $15,000 5% water bonds to the First National Bank of Chrisman at par. Denomination, $500. Date, April 1, 1905. Interest, semi-annual. Maturity, $5,000 on April 1 of the years 1910, 1915 and 1920. Clereland Height?, Ohio.— Bond 0#eringf.— Further details are at hand relative to the offering en April 11 of $25,000 A^% coupon water-works bonds. Proposals for these bonds will be received until 12 m. on that day by William Q. Phare, Village Clerk, at tie Fair mount. Post Office in said village or at his office. No. 402 American Trust Building, Cleveland. Denomination, $1,000. loterest April 1 and October 1 at the Fairmount Savings Bank Co. in Cleveland. Maturity, $5,000 yearly on October 1 from 1914 to 1918, inclusive. Accrued interest to be paid by purchaser. Certified check for 10^ of the amount of bonds bid for, payable to the Treasurer of the village, required. Cleveland Heights (Ohio) School DIgtsict.— Bond Sale.— On March 20 the $28,000 i}i% 17 year (average) bonds described in V. 80, p. 1014, were awarded to W. J. Hayes Sons, Cleveland, at 105 '41— a basis of about 4*057^. Follow- & ing are the bids W. J. Hayes 4 Sons, Cleve... $29.515 00 Holzman & Co., Cincinnati. .$£9.401 00 Se^songood & Mayer, Cinoin. 29,508 75 Union Sav. Bk.4 Tr.Co.. Cln. 29,290 80 Sec. Sav. Bk. 4 Tr. CcToledo 29,e 05 00 W. K. To^d & Co..Cincln.... 1(9,12500 : . Weil. Koth & Co., ClnciD Denlson, Prior * Co., Cleveland and Boston Laraprecht Bros. &Co.. Cleve. R. Kleybolte & Co., Clncln. . . 2P,476 00 Prov. Sav. Bk. & Tr. Co., Cin. 29,113 60 Co., Cleve. 1:9,008 (JO Co., Cleveland. 28,845 60 Hayuen, Miller & 29,44700 29.433 60 29,402 tO K. L. Fuller New & IstNat. B'k.Colnmbus. 28,63000 — Clinton, N. Y.— Bends Author' zed by Legislature. Chapter Braceville Toirnshlp StUool District No. 8, Ohio.— Bond 57, Laws of 1905, authorizes the issuance of $7,000 electiic£7ecf on.— An election, it is stated, will be held March 27 to light-platt bonds. vote on the question of issuing |9,'000 school-building bonds. Coal G^rove Sehool Dlibtrict (P.O Station, Ironton), Ohio. Bradner, Ohio.— Bonds Defeated.— This village on March Bond Election,— An election will be held in this distiiot to 14 voted against a proposition to issue $3,000 water-works vote on the question of issuing $5,000 school-house bonds. bonds. Colfax, Wash.- PFarranf SaZe.— Local reports state that Brookline, M.a&%.— Temporary Loan.— The Town Treasurer has borrowed from the Eliot National Bank of Boston, at all of the $55,000 Q% special-water-anpply-fund warrants deLoan scribed in V. 80, p. 484, have been placed. This is $12,750 3*, $100,000 in anticipation of the collection of taxes. more than the amount sold at the time of our last returns matures Nov. 1, 1905, Buffalo, N. Y.— Temporary Loan Authorized,—The issu- published in the Chronicle. Collingwocd, Ohio. Bonds Voted.—The vote on the propance of $10,000 i% certitioates of indebtedness, dated April 1, osition to issue $15,000 water-works-extension bonds submit1905, and maturing July 1, 1906, has bef n authorized. Cadillac, Mich.— Bond Eleetion.—The City Council has ted at the election held March 14 wes 281 for and 112 against. Columbus, Ohio.— Bonds Authorized,— The City Council decided to submit to a vote of the people the question of on March 13 authorized the issuance of $26,000 coupon issuing $35,000 bonds for various purposes. Cambridge, Ohio.— Bond O^eringr.— Proposals will be re- bonds for repairs to Indianoli*, Peters Run and Hudson ceived until 12 M., April 17, by T. R. Deselm, City Auditor, Street sewers and levee. Denomination, $1,000. Date, not for $5,C00 i%% 20-year eewer bonds. Denomination. $500. later than May 1, 1905. Interest, March 1 and September 1, Date, April 1, 1905. Interest semi-annually at the office of in New York City. Maturity, March 1, 1925, subject to call the City Treasurer. Accrued interest to be paid by pur- after March 1, 1915, Bond tale.- On March 17 the twelve issues of i.% find iyi% chaser. bonds aggregating $400,000 described in V. 80, p. 1014, were Cf pe May, N. i.—Bond Sale.— The $30,000 5^ 80-year bonds mentioned in the Chronicle two weeks ago have been sold awarded to Denison, Prior & Co. of Cleveland and Seasongood Mayer of Cincinnati, at their joint bid of 102809 at 105 to local citizens. and interest. Following are the^bids: Caswell County (P.O. YaneeyYilie), N. Bend Election. —An election will be held the latt^tr part of May to vote on Denlson, Prior Premium. Fremium & Co., Cleve. R. Kleybolte A Co.. Clncln... 6,365 iO the question of is; uing bonds for road purposes. and Seasongood A Mayer, New ist Nat. B'k., Columbus. 6.260 00 Cincin Ceiina, Ohio.— Bond 8ale.—A\\ bids received March 6 for $11,237 40 B. H. Rollins A 8ong (Items Nos. 2tol2, inclusive) A Co.,ChlcaBO. the $42,000 43^« coupon refunding bonds described in V. 80, Farson. LeachA Sons, Cleve. 9,972 00 Well, Roth A Co. (Items Nos, 8,300 20 W. J. Hayes and Geo. A. Fernald A Co., 1 ,?95 00 1, 6, H an d w 726, were rejected, and the bonds subsequently sold at prip. Boston 9,420 00 Central Tr. & Safe Dep. Co. vate sale to W. R. Todd & Co. of Cincinnati for $43,700. Union Sav. Bk. A Tr. Co.. Cin. 8,510 00 165 20 (ItemNo.4) Champaign School District No. 71, Champaign County, Kountise Bros.. New York .... 8,126 00 111.— Bond O^eringf.— Proposals will be received until 2 p. M, These are not original issues, being a disposal of bonds held to-day (March 25) bv John N. Beers, President Board of in the sinking fund as an investment. Education, for $40,0C0 i% (3 issues) coupon school-building Concord, N. ]1.— Bonds and Loan Authorized. At a meetbonds. Authority, election held March 3, 1905. Denomina- ing of the city government March 13 an issue of $45,000 retion, $50(\ Date, May 1, 1905. Interest stml-anDually at the funding water bonds was authorized; also a temporary loan Champaign National Bank in Champaign. Maturity on of $75,000 in anticipation of the collection of taxes. May 1 as follows Concord, N. G,—Bond Ojferirjgf.— Proposals will be received $3,500 in 1906. 13,000 In 1910. $3,000 In 1913. $2,500 In 1917. $2,500 In 1020. until 12 M., March 30, by G-aorge H. Ratledge, Clerk Board 3,000 in 1907. 3,000 in 1911. 3,000 In 1914. «,5<0iu l»i8. in 1921, 8,000 8,600 in 1908. 3,0C0inl912. 2,500 in 1016. 2,500 in 1919. of Light and Water Commissioners, for $30,000 ^% gold couBonded debt, including this issue, $91,500. Assessed val- pon light and water bonds. Denomination, $1,000. Interest, uation 1903, $1,853,080; real value over $10,000,000. semi-annually on January 1 and July 1. Maturity, 25 years. Charleston, 111.- Deacr/pffon of Bonds.— The $16,000 Certified check for $1,000 payable to the Board required. refunding bonds, the sale of which was recorded in the These bonds are secured by a first mortgage on the Concord Chronicle February 35, are in denomination of $1,000, dated water works and the Concord electric-light plants, tolls and Feb. 27, 1905. Interest, semi-annually in January and July. franchises, the estimated value of which (excluding income) Maturity, Jan. 1, 1923. The purchasers of these bonds were is $125,000. H. C. Speer & Co. of Chicago and the price paid par. Cook C«.unty (P. 0. Chicago), 111.- Bond Sale.—On Cherrjvale, Kan.— Bonds Authorized by Legidature.— March 20 the $500,000 i% 1-20-year (serial) Series "H" bonds This city is authorized by an Act of the State Legislature to described in V. 80, p. 1071, were awarded to N. W. Harris & issue $88,124 23 bonds to take up outstanding warrants, part Co. of Chicago at 103'205— a basis of about %%%. Following of which debt was ncurred in the purchase of the plant of are the bids the Cherryvale Water Co. Interest not to exceed 5^, payaN.W.Harris A Co., Chlo.... $816,028 00 MacDonald.McCoyACo., Chl$618,218 50 ble April and Oct. 1. Maturity, not lees than ten nor more First Tr. A Sav. Bk., Chic. 518,800 00 N.W. Hal8ey*Co.,ChloagQ. 511,860 00 State Bank of Chicago Farson, Leach A Co. and B. 510,876 00 than twenty years. H. Rollins A Sons, Chic... 513.800 00 Mason. Lewis A Co., Chlo. 510,660 00 Chicago (111.) Sanitary DIet.-Btis— ^uard Postponed. Amer. Tr.ASav. Bk., Chic. 618,260 00 Home Sav. Bank, Chicago.. 510,(.87 0O —The following bids were received March 22 for the $2,000,Bond Election.— It is stated in looal papers that this county * 000 4s< bonds described in V. 80, p. 1071 will vo e on April 4 on the question of issuirg $5,000,000 tends Farson. Leach A Co.. Chic... $8 017,500 First Tr. A Sav. Bk.. Merch. for a new court home. Loan A Trust Co. and N. W. Cooperstown, N. Y.—Bond$ Defeated.— Thla village on Harris & Co. Chicago $2,005,820 ,,, m. . r ^. The bios were referred to the Finance Committee and ac- March 16 defeated a proposition to issue $36,000 Main Street tion on the same will be taken by the Board of Trustees at paving bonds by a vote of 31 to 102. the next meeting March 29. Coraopol is Sehool District, Allegheny County,Fa.— Bond Chouteau County (Mont) School District No. 10.— Bond O^ertn^.— Proposals will be received until 8 p. M April 3, by C^/rermg.— Proposals will be received until 1 p. m., March 31, T. F. Watson, Secretary, for $30,000 4;« 29-year bonds. De- — H & C— — : H . . . : , . THE CHRONICLE. 119-2 [Vol. lxxx. nomination, $1,000. Date, April 1, 1905. Interest, semi- of $9,CO0 80- year funding bonds at not exceeding 6<g interest. annual. Bonds are free from tax. Denomination, $1,000. Interest semi-annually on Jan. 1 and Corn\rall Union Free School District No. 5, Orange Jnlv 1 at the Kanaas fiscal agency in New York City. County, JS. Y.—Bonds Legalizea by Legitlature.— The State Flint, Mich.— Bonds Not to be Issued. We are advised Legislature has passed a bill (Chapter 77, Laws of 1905,) that the City Council has killed the project to issue $72,920 legalizing an issue of $28,C03 bonds put out by this district. bonds for the extension of water mains and for other imCorydon (Iowa) School District.— Bonds Voted—Bond provements to the water system. Fonda, N. Y.— Bonds Legalized.— Chapter 38, Laws of 1905, Offering,- This district on March 13, by a vote of 383 to 216, authorized an issue of ^% school bonds. These bonds will be legalizes an issue of $23,000 street-improvement bonds of this offered for sale on April 15. place. Cottonwood County, M.lnn.— Bonds Defeated.— The elecPort Frances, Oat,— Debenture Ojfenngr.- Proposals will tion March 11 resulted in the defeat of the proposition to be received until April 15 by F. H. Warner, Town Clerk, for issue 180,000 conrt-houae bonds. $20,000 5% 20-year municipal- building and fire- protection Cregco(Iowa) School District.— Bonds Voted Bond Offer- debentures. ing. —By a vote of 535 to 813, this district on March 18 auFort Worth, Tex.-— Bonds Bfgris^ered.— On March 7 the thorized the issuance of |35,000 4<{ school-building bonds. State Comptroller registered $14,000 4.% 40-year refunding These bonds will be offered for sale on April 20. bonds of this city, dated July 1, 1901. Comberland County (P. 0. CrossTille), Tenn.— Bonds An additional $15,000 of these bonds was registered by the Projjoaed.— This county seefes legislative authority to issue State Comptroller on March 17. These bonds are issued to the owners of outstanding securities in exchange for their 135,000 court-house bonds. Davidson County (P. 0. Nashville), Tenn.— Bonds Pro- holdings of old securities. posed. bill has been prepared lor presentation in the Frankfort, Marshall County, Kan.— Bond Election AuState Legislature authorizing this county to issue $300,CO0 thorized by Legislature. The Legislature has granted perbridge bonds at not exceeding 4^ interest. mission to this city to hold an election to vote on the issuance Delaware, Ohio.—iiond Sale.— On March 14 the $4,100 5i of $25,000 coupon water-plant bonds at not exceeding 5% inl-lOyear (serial) coupon Franklin Street assessment bonds terest. Denomination, $100 to $500, Interest, semi-annual. Cnm- Maturity, not more than twenty nor less than ten years. described in V. 80, p. 885, were awarded to Hoehler mlngs of Toledo at 103'91— a basis of about 4'20^. Following Franklin, Ind.—Bond Election Proposed.— The School Board, it is stated, has decided to ask the city authorities to are the bids Hoehler & Cummlngs, Toledo. |4,260 30 Seasontrood & Mayer, Clnein.. 14.234 75 call a epecial election to vote on the question of issuing $50,W. J. Hayes & sona, Cleve.... 4,860 OU First Nat. Bank. Bamesville.. 4,160 00 000 high schcol-buildiog bonds. De Pere, Wis.— Bond Sale. This city on March 8 awarded Gallia County ( P. 0. Gailipolig), Ohio.— Bond Sale,— The an issue of $44,0C0 4% water- works- improvement bonds to highest bidder on March 21 for the $10,000 5% 2-5-year (serial) N. W. Harris & Co. of Chicago for |44,230. Denomination, infirmary bonds described in V. 80, p. 1014, was that of the Date, March 3, 1905. Interest, semi-annual. Matur- Cincinnati Trust Co. at 102'95— a basis of about 4'IC^. Fol|500. ity, from 1910 to 1935, inclusive. lowing are the bids Derby, Conn.— Bonds Proposed.- Legislative sanction is Cinolnnatl TrnstCo., Clncln....l02'96 R. Kleybolte & Co„:New York.. 102-525 Hoehler & Cummings, Toledo.. 103-49 Weil, Roth &Co., Cincinnati... 102-92 being sought by this town for the issuance of $25,000 high 102'74 102'as6 New 1st Nat. Bk.. Columbus Seasonsood & JMayer, Clncin school bonds, Sec. 8av. Bk. & Tr. Co., Toledo.. 102-026 Lamprecht Bros. & Co.. Cleve... 102-26 Dickson, TeBD,— Bond Election. An election will be held Oenlson, Prior & Co., Cleveland102-61 Union Sav. B'k & Tr. Co., Cin... 102-26 W. R. Todd & Co., Cincinnati. ..1C2-06 and Boston to-day (March 35) to vote on the question of issuing $6,000 W. J. Uayes & Sons, Cleveland. 102-69 ProT Sav. B 'k & Tr. Co., Cln. 101-96 interest. electric- light-plant bonds at not exceeding Geneve, N. Y.— Bond 8ale.—0a March 20 the $25,000 Dodge City, Kan. Bonds Authorized by Legislature.— 93^ year (average) street-improvement bonds described in V. The State Legislature has authorized the city to issue $20,000 80, p, 1072, were awarded to the Cortland Savings Bank at water-plant bonds at not exceeding 5^ interest. Bonds must 108 072 and interest. Following are the bids be voted before issuance and must be made to mature in Cortland Sav. Bk., Cortland. 125, 768 20 N. W. Harris & Co.. N. Y f 26,481 26 thirty years. 86,404 70 R. Kleybolte & Co., Clncin... 25,t5S0 00 Geneva National Bank 25.319 Douglas County, Kan.— Bonds Authorized by Legislature. W. J. Hayes & Sons, Cleve... 26,579 00 Farson, Leach & Co., N. Y.... 26,287 85 06 26,571 70 Kountzo Bros., New. York... O'Connor & Kahler, N. Y recently passed by the State Legislature authorizes An Act Neb.— Bonds Geneva School District, Fillmore County, the Board of County Commissioners to issue not exceeding $30,000 bonds to repair damages to bridges caused by the Not Sold— Bonds Again Offered.— We are advised that the floods of 1903 and 1904. Danomination, $1,000. Maturity, $29,900 4% registered school building bonds offered on March 15 years. Interest not more than 4V^^, payable semi-annually. 15 were not sold. The district subsequently increased the Dong) as School District No. 27, Cochise County, Ariz.— interest rate to il4^ and again advertised the bonds for sale 20-year bonds offered on Feb, 27, March 24, wi*h wnat success we are not as yet informed. Bond Hale.— The $15,000 description of which was given in V. 80, p. 727, were See V. 80, o, 1014, for description of bonds. a Grand Forks, N. Dak.— Bond Election.— An election will awarded to W. H. Brophy of Bisbee for $15,500. Securities be held April 3 to vote on the question of issuing $30,000 are dated March 1, 1905. East Liverpool, Ohio. -Bond Election.— It is stated that bonds for the erection of a lighting plant or the purchase of Electric Co. this city will vote in April on the question of issuing $85,CO0 the plant of the Grand Forks Gas Grand Rapids, Mich.— Bond Election.— The City Council school-building bonds, Deicription of Bond/*.— The $3,000 Q% coupon bonds recently has decided to sulamit to a vote at the spring election April 3 authorized by the City Council to pay obligations aiieicg the question of issuing the $104,000 3%% school bonds menfrom an epidemic of smallpox will be issued in denomination tioned in V. 80, p. 886. Bonds Proposed.— hooal papers state that the issuance of of $1,000, dated April 1, 1905. Interest, annual. Maturity, $700,000 water bonds is being considered by the City Council. $1,000 yearly on April 1 from 19C6 to 1908, inclusive. Granger, Allegany County, N. ¥.— Bonds Legalized.— Eliendale, N. 1}&k.— Bond Election,— It is stated that an election will be held April 3 to vote on the question of issuing Chapter 29, Laws of 1905, legalizes an issue of $5,000 bonds of this town. bonds for sewer purposes. Granger (Iowa) School District.— BoTjd -Saile.— This dision of Bonds. We are advised ElliSTille, JMiss.—DescWpf that the $20,OCO water bonds, the sale of which we reported trict has sold to a local bank an issue of |6,000 b% schoollast week, were taken by John Nuveen & Co. of Chicago, and building bonds. Granite, Greer County, Okla.--Bonds Authorized by Legthe price paid was 101*25 for 53^ per cents. Denomination, islature,—The Legislature has passed a bill authorizing this laterest, annual. Maturity, Date, April, 1905. $500. town to issue $20,000 10-30 year (optional) water bonds at twenty years. Esstx County (P. 0. Newark, N. J.—Bo«d fale.- Oa March not exceeding %% ioterest. Grunt Tcwnsbip (P. 0. Lawrence), Douglas County, Kan. 28 the $6fiO,CO0 i% 3!i><^-year gold park bonds described in V. will offer for sale March 27 80, p. 1072, were awarded to Jno. D, Everitt & Co. and —Bond Offering.— This township 107'273. Following the $3,f 00 1-5-year (serial) flood-debt bords authorized by the Farson, Leach & Co,, New York City, at recent Legislature. A. A. Hicks ia Township Treasurer. are the bids Gray County (1*. 0. timarroxi) Kan.— Bonds Authorized 107-173 Kountze Bros.. New York Jno. D. Everitt & Co. and FarBon, I.each & Co., New York.. 107-278 U. M. Grant & Co., New York .107-11 by Legislature.-The Statw Legislature has authorized this 11613 lOT-neS New York Life In». Co N, W. Haleey 4Co., N. Y county 1o issue a sufiBoient amount of bonds to redeem all N. W. UarriB & Co., New York. 10'. -265 bearino; date prior to Jan. 15, 1905. Excelsior, Mian.— Bond Sale.- On March 6 the $3,800 i% outstanding warrants Denominations, rot lena than $500 nor more than $1,000. In8-year village-hall bonds described in V. 80, p, 727, were Matuterest, not exceeding 6)5, payable Jan. 1 and July 1. awarded to (ieorge A, Datoit of Chaska at par. March 23 the $180,000 rity, not less than 10 years nor more than SO years. Fall Klyer, MafS.— Bond 8ale.~ Oa Bunds Authorized by Legislature.— The Board of County (two iesute) 8J^$ 1 0-year bones were awarded to Adams & Commissioners has been authorized by the State Legislature Co. of Boston at UO'Sl— a baeis of about 3 44$K; and the $40,issue $5,000 bridge bonds at not exceeding 6^ interest, 000 8J^5f 60-year sewer bonds were awarded to W. J. Haves to payable in January and July. Decomlnatlon, $500 to $1,COO. & Sons, Boston, at 101 -675- a basis of about 8'41jf. See V. 80, Maturity limit, five to fifteen years. Following are the bids : p. 1184, for deecription of bonds. Green Bwy, Wis.— Bonds Be/u«ei.— Both Spitzer & Co. of 10- y<ar.80- yrar. Toledo and Mason, LhwIs & Co. of Chicago, the two best $2V!.000 940,000 $168,000 Sfwer. fark. Municipal. bidders at the sale on D2C. 7 of $5,0(0 4% reiunding and $12,100-61 101-41 luo-5i AdaiDB & Co., Boston 101-16 100-15 1. 1«75 LOO i% bridge bonds, have declined to take the securities, for W.J. Hayes &, Son«. Boston 101-641 1(jO-3HS 1C0'.SH8 N. W. Harris A Co.. Boston the reason that the question of issuing the bonds was not put 100•7^0 10O-879 100!J79 K. U Day & Co., Boston 100-21 100 (57 ItO 21 Bloduet. M erritt & Co., Boston to a vote. We are advised that the cify now intends to hold 100*16 oo-e7 100-ie Blake Bros. * Co.. Boston a special election to give the people an opportunity to sanc10114 Kstabrook A Co., Boxton lOOWl OeniHon, I'rlor & Co., Cleveland and ROit idooo tion the isyuunce of thfee bonds. Greeite County (P. 0. Bloomfleld), Ind.— Bond and Loan Finney C«>»inty (P. 0. Garden City). Kan.— Bond Offering.. W. McD. Rowan, County Clerk, is offering for sale an issue Offering,— Propoaala will be received until April 8 by Wil- — — —A — & I | — — . H . . . H : I | — H & — : I , I I . | - 1 — Mas. THE CHRONICLE 25, 1905.] liam fl. Deckard, Connty Auditor, for $11,000 Q% bridge bonds and a temporary loan of $8,000 as follows : 5H,uuu til 000 6* bridge bonds. Denomination, 1500. Maturity. $2,000 yearly on <'*/^'^°«*',roml807 to 1910, Inclusive, and $3,000 Jan. 1. lull. 6,000 6% promissory note, due Jan. 1, 1907. GrcenyiUe, Ohio.— Bond O^eringi.— Proposals will be received until 12 M., April 3, by Jos. C. Katzenberger, City 1-year fire-apparatns bond, dated Auditor, for an $800 April 3, 1906. Certified check for $25 required. brandy Center (Iowa) School Digtrlct.— Bonds Voted.— This district on March 13 by a vote of 84 to 38 authorized the No details have as yet been iflsuanee of $3,500 school bonds. arrangpd for the eale of these bonds, H Hammond Township, Spencer County, In6.-Suhsidy Election,— The County Commissioners have called an election in this township on April 12 to vote a subsidy to the Indianapolis & Ohio Valley Traction Co. Hanford (Cal.) School District. —Bonds Defeated.— At a recent election a proposition to issue $10,000 high-school bonds failed to receive tbe necessary two-thirds vote. The returns were 177 for and 98 against. Hanover, Ont.—Dtbenture Sale,— This city has sold to Wood, Gundy & Co. of Toronto $15,500 43^< local improvement debentures for $15,966 and Interest, becurittes mature part yearly for twenty years. Harrisbnrg (Pa) ScStool Digtrlct.— Bond Sale— Oa March 20 the $85,000 A% building bonds described in V. 80, p. 1134, were awarded to E. H, Rollins & Sons, Boston, at 105-077 and interest— a basis of about 3 '59^. Following are the bids B. H. Rollins & Sons, Boston.. .105-077 Hayden. Miller & Co., Cleve.... 104-20 N. W. Haiser & Co.. New York .106-045 Lamprecht Bros. Co.. Cleve. ...103-94 Denison, Prior & Co. .Cleveland MacDonald, McCoy & Co., Chic. .104-88 103 877 and Boston Trowbridtie & Niver Co., Chic. .104-83 103-10 .ir4-761 Lawrence Bamum & Co..N. Y.. Kountze Bros., New Yorls N. W. Harris* Co., New York. .104-713 Newberger Bros.;& Henderson, W.J. Hayes* Sons. Cleve .104-67 Philadelphia 102-39 & Co., New York. .104-62 Pbllip F. Kelly, Philadelphia... 101-692 Hiawatha, Kan.— Bo«d Election Authorized by Legislature.— An Act recently passed by the State Legislature authorizes this city to hold an election to vote on the question R. Kleybolte of issuing $15,000 public-building bonds. Hlekmim Connty (P. 0. Ceuteryille), Teun.— Bond Election Proposed. The election which was to have been held March li to vote S100,C00 bonds ia aid of the proposed Tenneesee Industrial Railroad did not take place, having been postponed fcr the present. The matter will be taken up again at the April term of the County Court. flfghland, Wig.- Bond Election,— An election will be held March 28 to vote on the question of issuing bonds for an electric-light plant. Holly, Mich.— Bonds Fofed.—This village on March 13 authorized $5,003 sewer bonds by a votn of 227 to 112. Holyofee, Mass.—Bowd O^ertngf.— Proposals will be received until March 29, by Pierre Bonvouloir, City Treasurer, for the following bonds: — 2pm, sa^ gold registered gas and electric light bonds dated Nov. 1, 1904. interest, May and November. Maturity, $3,000 yearly on Nov. 1 from 1905 to 1919, inclnslve. 95,000 S%% gold registered manlcipal bonds dated March 1, 1905. Interest, March 1 ana Sept. 1. Maturity, $9,500 yearly on March 1 from 1900 to $30,000 1915, inclusive. 1193 Clerk, for $4,800 5% Lake Avenue improvement bonds. Bonds Denomination, $500, except one will be dated day of sale. bond for §300. Interest semi-annually on April 1 and Oat. 1. Maturity, Oct. 1, 1906. Certifisd check on a Lakewood or Cleveland bank for K% of bonds bid for, payable to the Treasurer of the village of Lakewood, required. Purchaser most pay accrued interest. — Bond Q^ering.— Proposals will be reLancaster, Ohio ceived until 12 M,, April 15, by the City Auditor, for $15,000 i% Danomiuation, coupon market-honse-improvement bonds. Interest annually at the Date, March 1, 1905. $1,000. Maturity, $5 030 on March 1 of office of the City Treasurer. each of the years 1910, 1915 and 1920. Accrued interest to be paid by purchaser. Certified check for 2% of the bonds bid for, payable to the Treasurer of the City, required. LangingTt Mlcii.— Bond Election.— At the spring election this city will vote on the question of issuing $16,0C0 firedepartment bonds. are adLaramie, Wyo.— Bonds Not Ytt Authorized— vised that no action has yet been taken looking to the authorization of the $12,OCO reservoir bonds voted at the election held last September. It is probable that these bonds will not be issued for some time. Lawrence Connty (P. 0, Ironton), Ohio.— Bond Election Proposed. A petition is being circulated asking tbat a special election be called to vote on the question of issuing $150,000 new court house bonds. Leominster, Mass.— Bonds Proposed. A bill is before the State Legislature providing for me issuance of $100,000 ii 20-year blgh-scbool-buUding bonds outside of the debt limit. Lexington, M-H.—Bond Election.— It is stated that an election will be held in April to vote on the question of issuing We — — bonds for a city hall. Lima (Ohio) School District.— Bond SaZe.~Oa March 20 tbe $15,000 5% 1-15-year (serial) bonds described in V. 80, p. 1073, 106 were awardea to W. 726—a J. basis of about 4'01^. W. J.Hayes & Sons, Cleve... $16,009 16,977 a. Kleybolte & Co., Cincln. Sec. Sav.Bk.4Tr. Co„Toledo. 16,h48 N. W. Harris 4 Co.. Ohio 16,042 Weil, Roth & Co. Cincln. 15,989 Uenison, Prior & Co., Cleve15,925 land and Boston Hoehler&CummlDgs, Toledo l^,92l Hayden, Miller & Co., Cleve,. 16,911 . . 00 50 00 00 00 Hayes & Sons, Cleveland, at Following are the bids Un. Sav. Bk. & Tr. Co., Cin. .$16,902 00 Holzman & Co., Cincinnati... 15,870 00 NewlstNat. Bk.. Columbus. 15,870 00 seasongood & Mayer, Clncin 16,h51 ZB W. R. Todd * Co., Clnrianatt. 15.835 00 F. L,. Fuller & Co.. Cleveland. 15,787 50 : . . 50 Lima Trust 60 00 First Nat. Co., Lima Bank, Barnesvllle. 16,7e5 00 15,415 00 Linton, Ind.—Bond Sale.— It is stated that an issue of 4^ per cent 5-14-year (serial) bonds have been sold at $20,000 par. Long Beach, Cal.— Bond OJ'cringr.— Proposals will be received until 12 M , March 27, by G. W^. Hargis, City Clerk, for $30,000 b% convention-hall bonds. Denominasion, $500. Date, March 1, 1905. Interest semi-annnally at the office of the City Treasurer. Maturity, $2,000 yearly on March 1 from 1906 to 1920, inclusive. Cerrlfied check for $500, drawn on some bank in California, payable to the City Treasurer, required. L train, Ohio.— Bonds Authorized.— Oa March 8 the City Council passed an ordinance providing for the i«8uanoe of $33,000 4i^« coupon refunding tionds. Danomiaatlon, $1,000, Date, Jan. 15, 19l)5. Interest seml-anaually at the Chase National Bank. N«w York City. Maturity, March 15, 1920. Los Nielos Valley Union High Seh<>ol District (P. 0. Downey)., Cal.— Bonds De/'eated.- This district en Feb. 21 defe ited a proposition to is&ue bonds to erect a high-school Separate bids to be made for each issue. L'^gality of tbe bonds has been approved by Messrs. Storey, Thorndike, Palmer & Thayer, Certified ch^ck on a national bank for $500, payable to the City of Holyoke, required. Hnff Township, Spencer i'onnxj, lud.— Subsidy Election, building. — Oa April 12 an election will be held in this township to Madera School District, Madera Connty, Cal.— Bonds vote a subsidy to the Indianapolis & Ohio Valley Traction Defeated.— At the election Feb. 25 the proposition to istue Co, See itt-tn under the head of Hammond Township above. $25,000 pchool-building bonds failed to carry by a vote of 157 flnmboldt, Neb.— Bond Election troposed.—A petition is for to 228 against. being circulated asking that an election be called to vote on Madrid, Iowa.— Bonds Voted.— The election March 14 the question of isfeulcg $8,000 citj-hall and $2,000 park resulted in a vote of 182 to 84 being cast in favor of the propobonds. sition to issue $14,000 water-works bonds. Datails of issue Independence School District, Montgomery County, Kan. and date of eale not yet determined. Bonds Avthorized by Legislature.— The Board of Education Muuehester (Iowa) School District.— Bonds Fofed.— This has been authorized by tbe State Legislature to issue not district on March 18, by a vote of 212 to 135, authorlzed^the more than $20,000 bonds to fund the floating debt of the dis- issuance of $11,000 school-building bonds. Date of eale and trict. Interest not exceeding Qi, payable semi-annually. Ma- other details not yet determined. Toe district has no debt at turity, not less than five nor more tban twenty years. present and the assessed valuation is $584,561, about 25;i loia, Kan,— Bon^s Authorized by Legislature.— The State actual value. lieolelature has authorized this city to issue bonds to take up Manistee, Mich.— Bond Election.— An election will beheld its floating debt. Interest, not exceeding 8%, payable semi- April 8, according to reports, to vote on the qnestion of iseuannually. Maturity, not less than tea nor more than twenty ing $50,0C0 bonds for the purpose of inducing new industries — years. to locate in the city. Jackson, Ohio. Bonds Fofed.— This place has voted to issue IGO.COO i-ewer bonds. Kansas City (Mo.) School District.— Bond Election Prois talk of the Board of Education oilling an pofed.— There election to vote on a proposition to issue $1,000,000 scaool bonds. Kershaw Coanty (P. 0. Camden), S. C.—Bond Sale.-On March 7 $45,000 5% 20-year court-house bonds, dated April 1, 1905, were awarded to Weil, Roth & Co of Cincinnati at 1C6 —a basis of about 4-54^. Denomination, $1,000. Interest annually in April. Kiowa County School District No. 1, Knu.— Bonds Authorized by Legislature.- The i-suance of $1,500 ectiool- house-repair bontfs has been authorized by the Leglshitnre. The Issue under the Act must first be passed upon by the voters of the district. Interest limited to 6^, payable semi-annually. Maturity, not more than twenty years nor lees than five years. Lakewood, Ohio.- Bond Oj^erinflf—Proposals will be received until 12 M., March 27, by flenry J. Sensel, Village (Tex.) Scbo>l District —Bond Jf/ecMon Proposed. is on foot to hold an election to vote on the quedtion of issuing $10,000 school-house bonds. Bonds Authorized.— The City Couno-il has Marlon, Iowa authorized tbe iseuance of $1,665 94 6;? coupon streetimorovement bonds. Denouiination, $500, except one bord Date, Jan. 20, 1905. Interest, annually on for $165 94. April 1 at tbe cffl-je of the City Treasurer. Maturity, $500 on April 1 of the years 1906 and 1907 and $865 94 on April 1, Manor A movement — 1908. Marion, Ohio.- Bond Q^cringr. —Proposals will be received 1, by S. T. Quigley, City Auditor, for $6,000 coupon fire-.stat?on bouda. Ddnomination, $500. Date, April 1, 1905. Interest semi-annnally in March and Septem- until 12 M., April H ber at the office of the City Treaeurer. Maturity, $1,000 on Pept. 1 from 1910 to 1916, inclusive. Certified check for $500 required Massachusetts.— i'ttccf.ssfw/ Biddera.—We are informed by wire that N. W. Harris & Co. of New York, E, H. Rollins Sons of Boston and Ot&o. A. Fernald & Co. of Boston were y*>arly & THE CHRONICLE. 1194 the Bucoeaaful bidders yesterday at the salegof |2,300,000 S}4% bonds of this State. We are not advised as to what allotment was made to each of these firms. MasBllIo n (Ohio) School District.— Bjud EkcHon Proposed.— The Board of Education is considering the question of holding an election to vote on the issuance of bonds to pay off the fl lating debt and to make repairs to buildings. To this end the board has passed an order instructing the Clerk and Solicitor to draw up a resolution to submit the proposition. I Vol. lxxx. be received until 10 a, m. on that day by L. Bouanchaud, Mayor, Denomination, $1,000. Date, Deo. 81, 1904. laterest, June 80 and D;c. 31 at the Bank of New Roads. Maturity, Dec. 31, 1918, subjact to call $2,C00 on Deo. 81 of each of the years 1908, 1910, 1912. 1914 and 1916. Certified check for Bonded 10^, payable to the above-named Mayor, required. debt, this issue. Assessed valuation, $148,000— about 20;r of a New N.T.— Bond Sale.— Oa March 21 the $97,003 sewer construction bonds maturing $7,000 Bochelle, registered Menasha, Wis.— Bond Sale.—Oi M*rch 8 the City Council May 1, 1908, and $5,000 yearly thereafter were awarded to awarded to N. W. Harris & Co. of Chicago an issue of $75,000 W. J. Hayes* Sons, Clev3land, at 104*097. Following are i}4% water-works bonds for $80,550 and blank bonds free of the bids charge. Bonds mature $3,000 in 1914, $4,000 yearly from W. J.Hayas 4 Sons. Cleve. $100,974 00 Farson, Leach & Co., N. T.. $100,669 90 B. H. Rolling & Sons. Bost.. 100,963 72 Blodget. Merritt* Co.. Bost. 100,527 89 1915 to 1924, inclunve, and |32,000 March 1, 1925. N. W. Halsey & Co., N, Y.... 100,946 00 O'Connor &Kahler, N.Y.... 90,88090 Millersbarg, Ohio.— Bonds Auarded.—We are advised N. W.Harris & Co., N.Y 100,662 001 : 1 I I that the Village Council on March 18 reduced the total of the 6^ South Clay Street bonds, bids for which were opened on March 7 (see V. 80, p. 1073), from $3,619, the amount originally offered, to $2,889 and awarded the bonds to the highest bidder, the First National Bank of Barnesville. The bank's bid at the sale was $53 premium on the larger amount, and this premium was proportionally reduced to 147. Milwaukee, Wis.—Bond Sale.—Oo. March 22 the six issues of i% 1 20year (serial) coupon bonds, aggregating $620,000, described in V. 80, p. 1073, were awarded to R. L. Day Co. and Estabrook Co. of Boston at their joint bid of 104'197—a basis of about 3*519^. Following are the bids : & & . li. Dst! & Co. and lEstabrook & Co.. Boston $610,021 10 Blake Bros. & Co. and Kountze Bros., N. Y 644,490 00 E. H. RoUins & Sons and N.W.Haleey &Co., Chic. 644,430 00 Minerva, Ohio W. J. Hares &, Sons, Cleve.. 648,467 00 Blodeet, Merritt &Co., Bost. 642,630 80 N. W. HHrris & Co. (for S44v,000) 457.188 00 Ciiizens' Tr. Co. (for $80,000). 82.620 00 —Bond O^ertng.— Proposals will be re- by R. T. Davis, Village Clerk, 1-10-year (serial) town-hall bonds. Denomina- ceived until 12 M., April for $4,030 MacDonAld,McCoy&Co..Chl.l«43,«82 00 5<g 8, March 1, 1905. Interest, semi-annual. Acbe paid by purchaser. Certified check for B% of the amount of bonds bid for, payable to the Treasurer of the village, required. These are the same bonds awarded on Feb. 20 to Djnison, Prior & Co. of Cleveland and Boston, but which were subsequently refused by that firm on the ground, as claimed, that the issue had not been advertised tion, $400. Date, crued interest to properly. Mohawk, N, Bonds Legalized.—A.n issue of $30,000 and improvement bonds of this district is legalY, water, light ized by Chapter 72, L<\W8 of 1905. Monroe Coanty (P.O. Woodsfleld), Ohio.— Bond Bleetion.— This county, it is stated, has decided to submit to a vote of the people the question of issuing $176,000 court-house bonds. Monrovia, Cai.— Bond Election.— An election will be held April 17 to vote on the question of issuing the following bonds: $10,000 2,000 2.000 16,000 6 poo 26.000 b% es b% 6% h% pablic building bonds of $400 each. fire-apparatus bonds of $200 each. library bonds of $200 each. "water bearin(r land" bonds of $500 each. park bonds of $800 each. Series 1, twenty-six bonds of $250 each; Series 2, l>% water bonds. twenty bonds of $200 each: Series 8, thirty bonds of $8C0 each; Series 4, eighteen bonds of 1250 each; Series 6, twenty-five bonds of $2o0 each. All bonds are to be dated June 1, 1905. Montour Falls, N. Y.— Bonds Legalized by Legislature.— An issue of $3,000 street-improvement notes of this place is by Chapter 59, Laws of 1905. Montrose, Colo.—Bond Ojfering.— Further details are at hand relative to the offering on April 1 of $100,000 5% gold coupon water-works bonds. Proposals for these bonds will be received until 2 p. M on that day by Laura Callaway, Town Clerk. Denomination, $1,000. Date, April 15, 1905. Interest semi-annually at the office of the Town Treasurer or legalized at Kountze Bros, in New York City. Maturity, April 15, 1920, subject to call after Oct. 15, 1915. Certified check for 2% of the amcuat of bid, payable to the Mayor of Montrose, required. Total debt, including this issue, $154,600. Assessed valuation 1904, $582,168. Monising, Mich.— Bond Election' It is stated that this city will vote on the quastion of issuing $40,000 bonds this — spring. See V. 80, p, 1185, for description of bonds. New York City.—Bonds Authorized,— By Chapter 27, Laws of 1905, the city is authorized to issue $1,250,000 bonds for improvements to the Metropolitan Museum of Art. Niagara Falls, N. Y.—Bonds Proposed.- The Legislature will be asked, it Is stated, for authority to ficiency bonds. issue $50,000 de- North Adams, Mass.— Bond 8ale.—0n March 1 this city of Massachusetts at par $30,000 Sy^t street- widening and extension notes and $6,000 8^^ Board of Health notes. Denominations, $1,000 and $600. Date, March 1, 1905. Interest, semi-annual. Maturity, yearly to 1915. North Fort Worth (Texas) School District.—Bond Election.— An election will be held March 28 to vote on the question of issuing $23,000 school building bonds. North Hempstead (Town), N. Y.— Bonds Proposed.— At a meeting of taxpayers held on March 1 a resolution was passed recommending the erection of a town hall and the issuance of $30,000 bonds to pay for the same. Norwich, Conn.— temporary Loan.— This city some time since negotiated a call loan of $164,000 at if with the Norwich Savings Society. Loan is dated Jan. 2, 1905. sold to the Commonwealth Norwood (Ohio) School Distriet.- Bond Election,— An election will be held April 8 to vote on the question of issuin $26,000 school- house-improvement bonds. Nymore, Beltrami County, Mian.— Bonds Not Yet Sold. The $4,000 Q% gold coupon fire-protection bonds offered on Dacember 5 have not yet been sold. are advised that the village again submitted the question of issuing these bonds to a vote and that tbe proposition carried a second time; also that it is the intention now to sell the bonds to the State. Oakes, N. Dak.—Bond Election.^We are advised that this eity desires to place $20,000 20-year sewer and water bonds. Part of this issue, however, must first be authorized by the voters at an election, which will be held early in April, before the bonds can be offered for sale. Oakland, Cal.— Bonds Defeated.— The proposition to issue $5,700,000 water bonds failed to carry at the election Mtir, 11, the vote being 4,415 for to 5,208 against. — We Oakley, Kan.—Bonds Authorized by Legislature.— The State Legislature has passed a bill authorizing this city to issue $1,200 jail bonds at not exceeding Q% interest. Maturity within 15 years. Oswego, N. Y.— Bonds Authorized by Legislature.— ChA^ter 63, Laws of 1905, authorizes the issuance by this city of $350,000 water-supply bonds. Panola Coanty (P. 0. Batesville). Miss.- Bond Offering.— Proposals will be received until 12 m , April 3, by T. T. O'Bryant, Chancery Clerk, for $50,000 A^% 20 year bonds. Danominatlon, $500. Date, about May 1, 1905. Interest, annual. Certified check for 10^ of bid required. Perry County (P. 0. Hattiesburg), Miss.— Bonds Proposed, The Board of Supervisors of this county has given notice that at a meeting of the Board to be held on April 8 proceedings win be taken to Issue $iO,000 1-25 year (serial) bridge bonds at not exceeding 6;^ interest. Denomination, $500. Pittsburgh (Pa.), Morse Sub-School District— Bond Offering. — Proposals will be received until 2 p. m March , John MoKaln, Secretary, for $50,000 ii bonds. 29, by Denomina- Date, April 1, 1906. Interest semi-annually. $1,000 Maturity, $2,000 April 1, 1906, and $8,000 yearly thereafter. Bonds are free from tax. Pleasant Ridge, Ohio.— Bond 8ale.—Oa Mirch 20 the $1,050 5% 1-5-year (eerlal) sidewalk bonds described In V. 80, Todd Co. of Cincinnati at p. 1016, were awarded to W. tion, C— Nelson, B. Debenture Q^cring. —Proposals will be received until 12 M April 8, by John Houston, Mayor, for $150,000 5i? debentures, dated April 1, 1905. Interest semiannually at the Bank of Montreal in Nelson. Securities will , run for twenty years. New Castle, Del.— Bonds Proposed.— This city seeks legis- lative authority to issue $50,000 bonds. New Castle, Ind.— Bonds to be Jusued.-The City Council, it is stated, is preparing to Issue $30,000 4% refunding bonds. New Castle, Pa.— Bonds to he Issued,— It is stated that an issue of $85,000 bonds will be put out for the erection of a school house. New Madrid, Mo.— Bond Q(ferfnflr.— Proposals will be received until 8 p. M., April 8, by W. Copeland, City Clerk, for $12,000 5^ coupon water-works bonds. Denomination, Date, June 1, 1905. Interest semi-annually at the $1,000. Commonwealth Trust Co., St. Louis. Maturity, June 1, 1925, Bubj-jct to call after June 1, 1916. Certified check for 2% of the par value of the bonds bid for, payable to the City Clerk, H required. New Roads, La.— Bond Q^erinflr.— Farther detai's are at hand relative to the offering on April 1 of $14,000 5% gold coupon water-works bonds. Proposals for these bonds will & R 101047 and Interest— a basis of about 4^^^. the bids Following are : R. Todd & Co.. Clnoln $1,061 00 First Nat. U'k. BarneBTllle.... 1.066 00 W. I W. H. T^lttle & Co.,Clnclnnatl.$l,050 00 I Polk County (P. 0. Dos Molaes), Iowa.— Bids Rejected. of Supervisors has rejected the bids received March 14 for the $100,000 court-house bonds described in V. The bonds will b3 re-alvertised. 80, p 888. Port Angeles, Wash.— Bonds H^if/idratcn from Market.— are advised that the $14,00) Q% light-Improvement bonds described in V. 79, p. 521, wbioh this city has been offering for sale have not been placed. The City Council has directed that the bonds be withdrawn from the market for the reason that the condition of tbe city's finances does not now require the creating of such an Indebtedness. Paeblo, Colo.— Bond Miction. An election will be held April 4 to vote on the qiestlon of issuing $43,000 refunding —The Board We — bonds. Mar. THE CHRONICLE. 25, 1905. Biimapo U^iion Free School District No. 7, Bocklaiid County, N. Y. -Bonds Legalized.— Bonds of this district to the amount of $33,0C0 are legalizad by Chaptsr 76, L\W3 of 1905 A special election, it Is Beadiiigr. Ohio —Bond Election.— stated, will be held April 3 to vote on the qaestion of issuing $27,000 bonds for the improvement to the water and light system. — — Boe&TilJIe, Coab. Bonds Authorized bj/ Lcginlature. Tbe State L-i-glslature has passed the bill authorizing this city to issue $75,000 filcration-plant bands. Boeebnd Couistj (P. 0. Forsyth), Mont.— Bond Offering,— Proposals will be received until 10 a m., April 22, by Rjbt. 10-20 year (optional) J. Colo, County Clerk, for |45,O0O Interest, semi-annualy at the coupon refanding bonds. D-uomination, $1,000. D^to, offije of the County Treasurer. July 1, 1905, Bjnds are ex>3mpt from taxes. Certifirjd check for $2,000, payable to the County Treasurer required. Authority for issue, Section 4240 of the Political Code of H Montana, Saginaw, Mich.— Bond OJ'enng.— Proposals will bo received until 2 p M., Mar. 27, oy Wm. SeyfE^rdt, Comptroller, for $10,000 i% Westyrn Taxing District sewer boads. Danomination, 11,000. Date, March 15, 1905. Interest semiannually at office of City Treasurer. Maturity, $1,000 yearly, A certified check on a Saginaw bank or New York draft, payable to the Treasurer of the city of Saginaw, for 2% of — f5,000 fire-engine bojids. Sanit Ste. Marie, MSch,— Bond 0^(iri»*gf.— Proposals will be received .?.t any time by James McK:nna, City Comptroller, for the $15,000 gold coupon paving bonds mentioned in Denomiaation, $3,C00 (this may be iasr, week's Chronicle. changed). Date, March 15, 1905, latereat (not over 6^) itional B mk. Maturity, $3,000 semi annually at the Chase yearly on March 15 from 1906 to 1910, inclusive, N Sattle, W.s8h. —Bids.— Following are the bids received 10 for the $210,00.) light-plant and the $175,010 building bonds awarded, as stated last week, to N. W. Hilsey C.J. of Ch'.-iago at 103 -83 for i% SO-year bonds : March & N. W. Halsey f In- I stltut'n, St.Louis 1 I Travers Bro. &Co. $2i 0,000 .102'917 20(»,0c0 ..lOH-oOl 100,000 100,100 200.000 200.COO l,00i,ono .108009 Whitaker & Co.. National 102-167 S00,"00. .103-993 300,000. .103-013 100,000. .103-021 mana I Miss. Valley Tr. Co.. 1,000,<10J. .1' '2-314 26,000. .101 77 60.000. .vn-Qi 60,000. .101 53 25.000. .101-37 International Bk. 25,000. .101-22 25,000. .101-07 Lor 200,000. .101-465 BlodgeMMerritt&Co. 1,000,000. .101-218 N. W. Halsey 500,000. .101-06 Co. . '{ I & Sdlem, Mass. !1,OCO,000 ..101-06 250,000 ..101-05 .100-70 260,0( 250,000 .100-36 250.000 .100 00 l.OOO.CCO .100-876 Franklin Bank. ....-( 103-1605 250,0C0 J Louis Un. Tr. Co. .103-79 .104-491 .106-10 260,01)0 .102-198 Wernse & Dieck- St. Bank Commerce of & Co., R. Kleyb lite 1,000,000.. 100-87 .. KouDtze Bros and B. H. Sons, Bolllns & 1,000,000. .100-822 1,0(JO,000. .100-777 Mercantile Trust Co. Missouri-LlncolnTr. Co & Hays Little vestment Co &Co., Chicago— |12,"00 premium for l4-,ift,000 4? 2>year bonds. 5. 000 premium for $425,000 i% l-O-20-year (optional) bonds. Trowbridge & Niver Co., Chicago— premium for 4176,i)Oii4* 20-year bonds. premium for ?'360,000 i% 10 20-ye*r (optional) bonds. Maion, Lewis & Co., Chicago; Estabrook & Co., New York, and Denlson Prior §<,Hi7 1,017 & Cleveland and Boston *N817 premium for $«25,o0t i% 20-year bonds. Co., ii8,6S7 535 14,343 W. N. premium for $U5,ooi> *ig< 2ij-year bonds. premium for $433,000 4^ 10 20- year (optional) bonis. premium for »425,000 i}4% 10-20year (optional) bonds, 60 Harris & Co., Chicago— 18,-40 premium for *4-35,000 i% 2:)-year bonds. 3,870 premium for $125,003 i% 10-20 year (optional) bonds. * Sons, Chicago— E. H. Rollins $1,540 1,005 ,S0,217 18,105 premium premium premium premium for for for for $125,000 i% 20 year bonds. «4ai,000 i% 10 20 year (optional) bonds, $t23,00 ) 4>^« 20.year bonds. $4i!5,0L>0 4>6% 10 20-yeiir (optional) bonds. Washington Trust Co,, Seattle -Par for $176,000 i% 20-year bonds. Kountz* Bros,, New York— about 3-242^ Germai Sav'gs 195 Siinta Paula, Cal.— Bands £>e/eaied.—This town has voted against a proposition to issue |20,000 5^ town-hall bonds. Santa Kosa, Cal.— i-ord Election.—h: Is stated that an 'flection will ba held in this ciiy to vo-e on the issuance of $72,500 sewer, $72 500 water, $50,000 bridge and street and bonds bid for required, St. Louis, Mo.— Bo;id B d-f —Following are the bids received March 15 for the $1,000,000 d^i renewal bonds awarded, a? stated last week, to the German S^viog-i lastitntion of St. Louis at an average price of 108'7817 a basis of J 1,000.000.. 100-76 In1,000,OCO iio-TS'ie People's U. S Bank. 1,000.00),,.100-753 A.G.Ed ward3& Song. 1,000,000 .lOU-69 Farson. Leach & Co. 1,000,000 ..11 0-297 G.H. Walter* Co.. 500,000 ..100-06 $'i4,9 )6 premium for $425,000 4^JS 20- year bonds. premium fur $185,000 ii4% 10-20-year (optional) bonds. 13.217 50 W. D. Perkins & Co., Seattle- premium for $176,000 i}4% 2f>-year bonds. premium for $176,000 4^« 10-2i)-year bonds. premium for $,<6i>,0, 4^* 20-year b mds. premium for 8250,000 iliX 10-20-year bonds. W. J. Hayes & Sons, Cleveland— $11,113 premium for $175,000 i^i 20-year bonds. 6,301 premium for $175,000 i}4% lO-20-year (optional) bonds. 15,876 premium tor $2^0,000 ifi% 20-ye*r bonds. 9.001 premium for |260,0o0 iii% 0-20 year (optional) bonds. Union Savings Bank & Trust Co., Cincinnati— $12,550 premium for $260,000 i}4% 20-yeHr bonds. 8,755 premium for $175,000 i;i% 20 year bonds. Adams-Phillips Co Los Angelts— $5,975 premium for $426,000 4 1-5^ 20-year bonds. $10,600 6.000 12,675 7,626 J , . Sedalia (M p.) Sehool District —Bond 0#ertng'.— Proposals by A. W, McKenzie, Secretary, for $2'i,000 4^5 20-year coupon funding bonds. Bond Sale.— Thia city on March 20 awarded to Wm. S. Felton & Co, of Salem a registered loan of $9,500 D.-nomination, 1 1,000 or less. Ddte, June 1, 1905. Interest, carrying i% interest. Denominations, $500 and $1,000. Date, semi-annual. Certified check for $5C0 required, SherodavlUe, Ohio.— Bond Sale.—Oa March 18 an issue of March 1, 1905. Maturity, $5,000 March 1, 1906, and $4,500 March 1, 1907. Sjveral bids were received from Boston $1,000 5^ fire-department bonds dated Feb. 4, 1905, was warded to the First National Bank of Barnesville at 101*10 bankers, Denomination, $200 Interest, annually in Salem, Ohio,—Bond Sale.— On March 18 the $17,000 5^^ and interest. October. Maturity, $400 Ojt. 1, 1905 and $600 Oct. 1, 1906. 1-17-year (-lerial) street and alley-debt-extension bonds deSmith Center, Smith Connty, JiAn.— Bond Election Authorscribed in V, 80, p. 888, were awarded to Radolph K'eybolte & Co., Cincinnati, at 107*75 -a basis of about 8*968jJ, Fol- ized.— The State Legislature h,^s authorized this city to hold an. election to vote on tbe question of issuing |17,0C0 bonds lowing are the bids to fund the floating debt. Denomination, $1,000, laterest E. Kleybolte & Co., Cincln. .118,317 50 W. E. Moss & Co., Detroit. ...*18,02^ 60 W. J. HrtTBK * Sons, ';ieye. 18,150 00 Hoehler&CummlnKS, Toledo 18,025 00 not to exceed 1^, Maturity not more than twenty years, State Sav. Bank & TrustCo. 18,117 60 Weil. Roth & Co.. Cincinnati. 17,«'8 00 optional at any time. TJn.Sav. Bk.&Tr.Co., Gin.... 18,07100 Hayden. Miller* Co., Cleve 17.. 74 80 South Cato\ina.—Legislation.—The State L-^gislaturs prior LamprecliiBros.&Co.,Cieye. 18,067 00 Albert C. Case, New York.... 17,065 40 Dentson. Prior 4 Co. .CleveF. L. Fuller & Co., Cleveland. 17,W36 Oo adjournment Feb. 18 passed, among others, the following land and 10,065 will be received until 8 P. M., April 10, . =^ : . . . . . Boston 90 SeasouKOodSMayer, cm.... 18,05175 First Nat. Bank, Barnesville. 17,510 00 San Antonio, Texas,—Bonds Voted and Defeated.— At a special election held March 3 the issuance of $43,000 bonds of Improvement District No. 9 was authorized, while the iesuanoe of $55,000 bonds of Improvement District No. 10 was defeated, San Batgnayeat^ra, Ca!.—Bond Election.— An election will te held April 22 to vote on tha question of issuing $100, 003 wa-er, $25,000 electric light-plant and $10,000 storm-^ sewer bonds. San D ego, Cal.— Bond Election Proposed. —The Board of Directors of the Chamber of Commerce has put itself on record as favoring an election to vote on the qnestion of iseuiug $50,001 road and boulevard bonds, Smduskj, OhI>.— Sond Sale.—'N. W. Halsey Co, of Chicago wero the highest bidders on March 17 for the $10,000 lO-yaar refanding wa*-er and the $7,500 i% 15 year Monroe Sreet water-main-extension bonds described in V, The bida ware as follows 80, p. 889. & H : -PremiumBonds. tll7 50 » 7,500 Bonds, «16'^ 00 1 15 00 li'5 Oil $10,000 N. W. Halsey & Co.. Chicagi Commrclal National Bank, Sandusky N. Hirris & Co., Chicago Well, Roth & Co., Ci .cinn.iti Seaaongood A Mayer. Cincinnati W R. Kleybolte Centra 67 00 40 50 S3 76 32 50 & Co, Cincinnati TfuHA Safe Deoosit Co Americun Bunking Co Sandusky Holzmin & Co., Cine nnati W. R. Todd & Co., Cincinnati 7oB6 60 25 00 4') 2100 2110 ,. , " ,' ,., 10 95 lo 00 Par 61 35 10 00 Par Sanf >rd, Me.— Bond SaJe.—This place recently sold at private eale $ .8,000 .S3^« sewer bonds to Luther R. Moore of S CO at 99. T.jeee securities take the place of the $59,000 3^4% sewer boLds awarded last December to E H. Gay & Co, of Boston, which Pali was never consummated, S inta Monica, Cal,— Brnd Election Proposed.— The question of calling an elecHon to vote on the issuance of sewer ani municipal bondd is bei^g conaidered. Acts Darlington Co. High 8ch Dist. No. 12— Authorizing eohool-bulld- ing- bonds. Ellokee 80H. Dist. No. 70, Obangebueg Co.— Aathorlstlng sohool- bntldlog bonds. FoBK School Dist. No. 26, Mabion Co.— Authorizing building h^nds. Greenwood 8ch. Dist.— Authorizing loan to pay JKFFEBSON SPECIAL 8CH. DlBT., ofl indebtedaesa. CHESTEBFIELD CO.— Authorizing bonis. JoNESviLLE ScH DiBT., UNION Co.— Authorizing building bonds. Liberty 8ch. Dist. No, 11. Pickbnb Co.— Authorizing bonds. MuLLiNS SCH. District No. 34, Marion Co.— Authorizing building bonds. Newbbrrt Co. 8oh. Dist. No. 14— Authorizing bonds. NbwbebbtCo. 8cH. DI8T.No 52— Authorizing sohoolbuUdlug bonfls. North Augusta Sch. dist. No. 6t5, Aiken Co.— Authorizing sohoolbulidlug bontis. Orangeburg Co. Sch. Dist. No. 36—Aathorlz'ng school bond elec- tion. Orangeburg BOHOLO Sch. Co. 8cH. dipt No. 65— Authorizing building bonds. Dibt. No, 40, Lancaster Co.— Authorlz;ng $12,000 sohoui bonds. Spartanburg Sch. Dist — Authorizlag building bonds. Wagsneb— Authorizing the Issuance of public Improvement bonds. South Omahd, Neb.— Bowd Election.— The City Council bas called an election Aoril 4 to vote on the propositions to )s^ue 170,000 city-ball and $40,000 park bonds. These bonds MTti to take the place of those voted last November, whijh the Cou'-t recently declared invalid for the reason that the petlcloo calling the election was defective. Spencer, N. C.— Bond Election.— An election will be held A.pril 18 to vote on the question of issuing $70,00 bondls for sewers, for street improvements and for the erection of a Sihtwl building. Spriagfleld, Ohio.— Bond OJTerir*:'/. -Proposals will be received until 8 P M., April 11, by Chas. C. Ban r, Clerk of Council, for $28,000 4% coupon city-hoapital bonds. Denomination, $1,000. D.ite, M-;,rch 1, 1905. Interest, semi annnuMaturity, |15,000 aliy at thn offi ;e of the City Treasurer. March 1, 1923, ar.d $13,^00 March 1, 1924. Certified check tor $1,(0) reqnired. ) THE CHRONICLE. 1196 Bond Electicn.—A special election bas been called for 2 to vote on the is; nance of |225,000 bonds for the purpose of oonstrncting an outfall and main intercepting sewers and for sewage- disposal workp. Springfield, Jt.—Bond Ojferingf.— Proposals will be received until 2 p. M, April 6, by the Trustees of the Springfield Village, R. G. Britton, Chairman, for $150,000 4^ water-supply May Denominations, $500 and $1,000. Date, April 1. In semiannual. Maturity, $5,'- 00 yearly, beginning in Autb.rity for issue, Acts of the State Legislature of 1904 and vote taken at a village meeting held March 18, 1905. Herbert H. Blanchard is Attornf y for village. StarkTllft, mss.—Sond Election.- On April 15 an election will be held to vote on the question of issuing $8,000 water and light- plant-improvement bonds. SteiibeLTllle (Ohio) School l^istrict.— Bond Election.— An election has been called for April 8 to vote on the quesbondH, terest, 1915. tion of issuing $^0 000 school-building bonds. Strong City, Kan.— Bond Elzction Authorized— An Act recectly p ssed by the State Legislature permits an election in this city to vote on the issuance of not more than $5,CC0 bonds to purchase real estate and buildings theron for use ag a public huildtcg. to be LegaVzed.—We are advised by the Ciry Clerk tbat the city authorities have deemed it best to have the State L' gislatnre validtte the $140,000 5^20 50year (optional) park bonds vot d at the election Jan, 24, 1905. As th( Legislature does not meet until April nothing will be done biifore that time. Ttiledo, Ohio.— Bond Sale.— On March 22 the $100,000 i% 9-year gfrneril-fund refunding bonds described in V. 80, p. 1075. were iiwarded to the Second Natlor.al Bank of Toledo at 102-087 and interest- a basis of about 3 •72)^^. Following Tampa, Fla.— Bonds are the bids & & SecoEd NHt. Bank, Toledo. .$102,C8" 0^ Set Sav. Bank & Tr. Co., To- Central Tr. Well. Both I'^i.QfQOO ledo R. Kleybolte & Co.,Clncin 101.910 00 HoehleriCummirgs, Tol.. 1111,75000 SeasonKood & Mayer, Cin... 101,678 i^5 Un. Sav. Bk. ... D. Co., Cin. $101, 600 00 Co., Clnoln.... 101, 83 00 lOi.541 oo S. W. J. Hayes 4 Song, Cleve.. Spitzer & Co.. Toledo & Tr. Co., Cln. lOl.f'27 00 101.620 00 . Ticondercga Uiilon Free School Di&trlot No. 5, Essix COBnty, N. T. -Bond Offerv gr.— Proposals will be received until 2pm., April 10 by W. W. Richards, Treasurer Board NEW of Education, for |45,000 i% school bonds. bond for $1,000. Interest, |2,000 except one 1 at the National RENEWAL BONOS. Bonds to be renewed: Classes A and B, aggregating $7,437 ,ero, maturinft July 1st, 1906; Class C, aggrepaf ing 1966,000, maturing Jan. Ist, 1906. Character of Bond: Klfty-yiar gold bonds, In denominations of either $100, $^00 or $1,000, gaid bonds to be coupon or registered, at option of bidder; In- North America, New York City, 1916 and $3,000 yearly on Nov. 1 1, from 1917 to 1938, inclusive. Certified check for $500 payable to the Treasurer required. Bonds may be registered or coupon at option of purchaser. terest payable semi-annually in Montgomery, Ala bama, or New York City State of New York. Bide for entire issue, or any part thereof, not less than for $100, are Invited upon following terms: 1. 8. Bank The official notice of this bond offering will be found amcfig B. Stewart, Clork Board of Education is offering for sale $78,500 i% 39-year building bonds. Traverse City, Mich.- Bonds Proposed, The Board of Trtde recommends the issuance of $100,000 bonds to encourage new industries to locate in tbat city. Troy Towcsbip, Perry Coiinty, Ini.— Subsi'y Election,— The County Commissioners have called an election in this township on April 10 to vote on the question of granting a subsidy to the proposed electric line between Evansville and — Tell City. Yi toria, B. C— Debenture Sale.— Oa ing debentures were awarded to ronto : Denomination, $1,000. Date, Feb. — INVESTMENTS. LOANS. Dist. No. 5 4% ERVIN & COMPANY, N.Y., BANKERS, Bonds. Members 13, 1905. NEW YORK CITY approve. The State will exchange with accepted bidders, any time after acceptance of old, new for old bond eing given the bidder for diflerence in inter est to date of maturity of old bondH. No bid offer iBg less than par will be considered. The State reserves the rivht to retire present bonds to an amount not exrc dinK $K00,000 Bids will be received at the Governor's Office at Mon-gomery until 12 o'clock M., Al'lilL 4, lOc-^, and will be opened immediately. Not Ice of acceptance or rejection will be given each bidder by letter mailed in Montgomery not later than April 19, 1905. Envelopes containing bids must be luldreHsed to the Governor of j^Islhereon bama, and have Cinspictiouifly written "Bids for Itenewal U'nds, Stat^i of Alabama." The State reserves the r'ght to reject any and all bids. For further infoimatlon, apply to tbe (»• vernor of credit Alabama. H.M.CUNNINGHAM, Llentenint and Acting Governor. BOHDS sfggK CERTIFICATES Also Handsomely ergraved; 43 Exchange Place, New York. R. H. C. Speer & 159 La halle COUNTY AND TOWNSHIP CITY Compan)' St., Philadelphia. & CO., 8 Nassau Street, 35 Congress Street, BOSTON. NEW YORK MEMBERS YORK AJS'D BOSTOIS STOCK EXCHANGES. T.W.STEPHENS &00., 2 Wall Street, New York STATE, MUNICIPAL, AND HIGH GRAD RAILROAD SECURITIES. Trowbrif ge& Niver Co. MUNICIPAL AND PUBLIC SERVICE & INVESTMENT BOND^ BONDS. Burr Perry, Coffin 60 State Street, Ist CHICAGO, Nat, Bank Bldg. SPUM/C/PAL INVESTMENT BONDS. Oo,, CORPORATIOK Saile Street, ctxicagCi Blouget, Merritt & Co., BANKERS LIST. i6 OENISCN. PRIOR & CO CLEVELAND, AMD 4 Street. BONDS. mt La teNO FOR BOSTON, 60 State MacDonald, MoOoy BOSTON. Chicago. BONDS. Brexel Building, DAY L. 2S"EW ALBEKT EalablUhrd 1883. FOR IXVESTIHENT. BOBfDS TAX EXEMPT BONDS. steel-plate fffect. the che!i.>pr kind, partly lithographed and partly printed from type. 100 Stock Certificates, $3 to $25; the !atter ei;KrHved with steel-plate borders —elegant. Seal I'ress, If with Certificates, $1 50. B. KING & CO., 112 William St., N.Y {Telephomi.) Engravers and Lithographers. New York Stock Exchange, Philadelphia Stock Exchange. BANKERS, and 3}^% ! i j ( refunded- sixty days before the maturity of the present bonds, Into such depository as mny be desiguafed by the Governor, or in lieu of the above designated payment, such guaranty as the Gc/Vernor may Interest, semi- 1905. Victi'rl», Tex.- Bond Election Prcposed.— The matter of hoidirg an election to vote on the question of iesuing $15,000 fewer bonds is being considered. Wapanncka, iLd. Tcr.— l^'onds Voted. This town, at an eleciion held March 13, voted to issue |8,000 school bonds. Wardeicr School District No. 6, Shoshone County^ Idaho. —Bond Sale.— The $15,000 5^ 10-20- j ear (optional) schoolbuildJBg bonds voted at the election held Dec. 27, 19'4, have been so;d to ihe State Land Board at par. Denomination, Ddte, Jan. 1, 1905, Interest, semi-annual. SI, COO. Warsan, Wis.— Bond OJ'eriTjflr.— Proposals will be received until 12 M. to- day ^March 25) by Chas. F. Beck. Ci*y Clerk, for $125,000 i% oonpon bonds, of which $90,000 will be used •) 3% 1, annual, Stale. The entire amount of each accepted bid, or bo much as may remain unpaid, must be paid in lawful moueyof the United States or In lieu thereof an equal im- uiit of Alabama bonds which ure being March 13 the followWood, Gundy & Go. oi To- $25,000 4)t 50-year street extension debentures. 12,000 i% 20-year ' Home for the Aged " debentureB. For Dated March Department, Topeka (Kan.) School District —Bond Offering.~J, Upon bonds bearing 3% per annum. Upon bonds bearing 3k^ peraunum. A certifled check, payable to the order of the Governor of Alabama, for live per cent of the amouut bid for must accompany each bid. For the bidB that are accepted, other security, approved by the Governor, may be substituted fcr the certitled check. Tbe certifled check accompanying rejected bids will be returned, with notice of rejection. The 5* of each accepted bid will, on failure of bidder to comply with terms of his bid, be forfeited to the of the advertisements elsewhere in this Sea'ed proposals will be received until 2 P. M., iHOft. fi.r $45,0' 58 bonds of this district. full particulars address W. W. Richards, Treasurer, Ticonderoga, N. Y. By order of tbe Board of Educutlon of Union Free School District No. 5, Ticonderoga, N. Y. I-. MALi' Ol.M, President. H. D. HOFFNAGLE, (.leik. APBlLlO, Denomiration, 1 and Nov. May Maturity, $1,000 Nov. ^^,403,000 STATE OF ALABAMA TICONDERCGA, Union Free School fTOL. LXXX. SOSTON, 3« Congress Street, Boston. »AH8A() 8VREKT. MEW ¥»RK 8TATE. CITY k ICAiLllOAD . B0Nii)8. Mar. THE CHRONICLE. 25, 1905.] to refund water bonds maturing April 1, 1905, and |35,000 for street Improvements, schools, water works, sewerage, park^ and public grounds. Dauomination, §1,00^. Due, April 1, 1905. Interest semi- arinu ally at the offiie of the City Treasurer. Maturi'y yevrly on April 1, $8,000 from 1911 to 1920, inclusive, and $9,000 from 1921 to igZ"), incluCash or certified check for 5^ of the bonds bid for resive. 1197 Dominion See. CorDOratlon. .$27,087 00 & Co , Toronto. . . . 27.r.26 5» Wood, GrundyA Co., Toronto 2«,8B3 00 26,763 00 W. C. Brent, Toronto H. O'Hara I I | G. A. Stimson & Co., Toronto.$26,*528 00 Brouse, Mitchell & Co., Tor. 2«.5»?2 00 Canadian Sec. Corporation... 26,476 00 .^milins Jarvis & Co., Tor... 26,41000 . — Wjandotte (Mich.) School District. fiond Sate.— On March 20 the $50,000 4^ 30 year school bonds dpsciibed in V. 80, V. 1138, were awarded to N. W. Harris & Co. of Cbicaeo at 103-186—a basis of about 8%<?. Following are the Wds: quired. Watertown, Mass.— Loa» O^ermg. —Proposals will bf^ re- ctived until 3 p m., March 27, by Charles W. Stone, Town Treasurer, for a loan of $100,000 in anticif ation of taxes. Loan will be made in denominations to suit purchaser and will mature Sept. 15, 1905. Note or notes to be diflconntbd. Waverly, CoflFee Couaty, Kan.— Bond O^eriwgf.— Proposals will be received unil 1 p, m., March 30, by the City Council, Defor $16,000 43^5^ water-works and electric-light bonds. nomination, $500. Date, April 1, 1905. Interest semi-aunuMaturity, April 1, 1925, fuhject to ally in New York City. Certified check call $1,000 yearly, beginning April 1, 1910. for 5;? of the amount of bonds bid for required. No bonded debt at present. Assessed valuation 1904, $1C8,COO; real value about $500,000. Weir School District, Cherofeee County, Kan,— Bonds are advised that the |2,000 Not to be Issued at Present. fund'ng bonds recently authorized by the State Legislature (see V. 80, p. 731,) will not be iseued for the present and probably not until next September. West Allis, MilTvaukee CouEty, Wis.— /^ond Election.— On March 25 an election will be htld in this village to vote on the question of ietuing $15,0CO sewer and $60,OoO watersystem- extension bcn(ip. West Homesteiid, Pa. Bonds Proposed. The Borongh Council has icstructed ihe Solicitor to draw up an ordinance providing for the issuance of $80,000 bonds. White rounty (P. 0. Spaitii.), Tenffi.— '^owd! Election Froposed.— We are advised that this ccunty may vote on the question of IssuiKg $50,000 road bonds. Nothing definite has as yet been done in the matter. Woot'stock, Out.— Dtbenture Sale.— On March 21 the $25,751 71 i^% 20-year d'.benturea were awarded to the Dominion Seouriti'es Corporation of Toronto for $37,087 and aocru d Following are the bids : interest. We — INVEST?^Ei^Ta W. Harris & Co., ChlcaKO. 151. 093100 N. W. Halsey * Co.. Chic... .»50,8e2 50 W. R.T. dd 4 Co.. Cincinnati. 51,0il 00 John Nuveen & Co.Chlc 50.1H5 00 60,880 00 H. W. Noble & Co., Detroit... 60.027 50 Mat'hew Finn, Detroit 50,8(i9 60 Spitzer & Co., Toledo 50,oi;6 00 W. B. M'ss & Co., Detroit. W. J. Hayes & Sons, Cleve... 6i ,612 00 Seasongood & Mayer, Clnoln. 49,300 00 K. H. Rollins & Sons, Chic... 50,368 88 To)(.keiS, N. Y.— Bond Sale.- -On March 21 an issue of $40,000 i% 20-year water bonds was awarded to Kou'rtze Bros., New Yo;k City, at 107 882— a basis of about 3-49;g. Following are the bids : 107-332 Blake Bros. & Co. Boston 106-94 Kountze Bros., New York 106 88 W. J Hayes & Sons. Cleveland.lO' 18 R. Kleybolte 4 Co. Clncin loroo 105-07 Geo. M. Hahn, New York Co., N. Y K. D. Shepard & N. . STATE AND CITY DEBT CHANGES. Beliirigham, Wash.— This city is the county seat of Whatcom County and was organized Dec. 28, 1903 by the union of the cities of Faiihaven and Wbatccm. We give below a stflit^emen*^ of the financial conditioTJ of 'he consolidated city, When Due. Cash in various funds... $9,995 LOANS— Assessed Valuation foe 1904— Funding Bonds (Whatcom)— May 1. 1912 District A (former old 6s. MAN, $57,000 Whatcom) $1,117,716 Municipal Bonds (Whatcom)— fis ". ... esig. rs,g., , , $i50,ooo..r)eo. l.'ll .^0,000. Sept. 1,'12 37.000. Apr. 1,'}3 .1&J, $150,000 July 1, 75,000.. Jan. 1, J&-f. a-., 6(«! S.! BONDS. 27-29 PINE STREET, NEW Interest Paid on Daily Floating debt Total debt Jan. 1, & Co., San Fra ncisco Chicago. - . . RR. FULTON & CO., Municipal Bonds, 171 LA SALLE STREET, CHICAGO. HAYES & SONS, BOSTON. MASS. Company Jnlien T. Davies, William J. Easton, Charles R. Henderson, Benjamin D. Hicks, John D. Hicks, William M. Ingraham, Augustus D. JuiUlaxd, business, Martin Joost, Edgar L. Marston, William J. Matheson, Charles Matlack, WUllom H. Nlohola, James H. Ollphant, Robert Olyphant, Alexander E. Orr, Charles A. Peaboajr, Frederick Potter, Charles Richardson, Elihu Root, Woodhnry Langdon, Saiiford H. Steele, EUis D. WlUlams, James D. Lynch, Louis Windmullet. John S. Kennedy, CLARENCE H. KEL.SET, President. FRANli BAILE Y. Vlc e-Prcstdent. EDWARD Manager Banking Department. O. STANLEY, 2d Tice-PresIdeB* CLINTON J. NEW YORK: D. WRAY FRANK L. BURDICIt, 3d Vlcc-Pres. CLEVELAND, SNTFFEN, TMffr. Secretary. mfsTs' Brancli. WHITINGVS PAPERS. CHICA<;t.» AUGUST BELMONT, Acting President. WILLIAM A. JOHN J. MITCHELL GEORGE W. YOUNG. NASH, Vice-Presidents. Gen'l Mgr. and Treas. F. C. RICHARDSON, Assistant Treasurer. This Company Audits and Invest iBates Accounts and makes Physical Examinatl- ns of Properties Its r-ertiflcates and Reports iire Prepared in behalf of Merchants, Bankers, Corporations. Committees and others, in strict confidence. The Company also EDWARD T. FERINE, and Installs Keeping Accounts. Devises Jloney-Savlng Systems THE SOUTH. GEO. For Bniilnesa Correspondenoei for letter written with your own hand, or of MUNICIPAL AND Business OpportnnitloN, Investment PUBLIC FRANCHISE CORPORATION Securities, Keal Estate, Ttmiber, .Tllnes, Industrial Properties, Farm or Toivu BONDS Mortgages in all parts of the Soutli, Bontcht and Sold. METROPOLITAN INVESTMENT CO.. J. CL,ET£L,ANU. OHIO. Trust John Jacob Astor, Edward T. Bedford, Charles S. Brown, 1897. an,* LIST ON .IPPL-ICATriOB. $9,500,000 TRUSTEES NEW YOWK. PHILADELPHIA. all ILL 43 Cedar Street 172 Washington Street, CHICAGO, CHICAGO, New York, ORGANIZED oUNJU^, CORPORATION 15-:0 22-00 Interest. The Audit Company OF - Bxatnines >& guarantees Seal Estate Tltlett Xioans Money on Bond and Mortgag*. burnishes Mortgages to Investors. Receives Deposits subject to check, allowing Properties. T. B. POTTER, MUNICIPAL and ooMnc D 146 Broadway, New York, 175 Semsen Street, Brooklyn. ITfrs Branch, 198 Montague St., Br'klyn, Exaniinations and Reports on Physical and Operating Values of Manufacturing PINE STKEET, 2000 C llTIE GUARANTEE andTRUST company ENGINEERS, 22 23-00 B Capital and Surplus Does Life Buildino', A TRUST COMPANIES. BALLANTYNE & EVANS. BOSTON, 1.533,953 CiTV Tax Rate (per M.) 1904— $702,000 211,744 1905.. 913,744 DESIGN, CONSTRUCT AND OPERATE RAIL\VAY LIGHT, PO"WER AND Oorporatioi 272,407 . (former Fair- haven) 1,'05.. ENGINEERS. ROLLINS & SONS, DeMver. D Bonded debt Jan Tinr.e Deposits. BONDS. E.H. Dist. District Distii t District District INCORPORATED. New York 3,475,911 (former Kees- Tot. for all Bellingham. $6,400,017 HYDRAULIC PLANTS. AND Service C ll7igville 1911 1912 g , A&O. $183,000 Apr. 1,'13 Suliject to call $25,000 yearly after 1903. YORK. MUNICIPAL Public Dist. Examinations and Reports. and (former new 5128. DBALERS IN STREET RAILWAY B Whatcom). Watek Bonds (Whatcom)- M. Byllesby MUNICIPAL, RAILROAD and District Municipal Bonds (Falrhaven)- 68, ENCINEERS. Rudolph Kleybolte&Oo. H. BANKERS, W. I B. li,T)WARDS, President. Charleston, 6.0. Commercial and Financial Agent Badness nndortaken tn all parts of Xhi world. Satisfactory references Whether hy the typewriter, are UNEQUALED. Their quality s assured and they have won highest honor« at all the great World's Fairs. For high grade writing papers of hU kinds, for bond papers, and for ledger papers. Insist on having them made by the • WHITING PAPER COMPANY, HOL.YOK.E. MASS. New York. Philadelphia. Chicae:o. THE CHRONICLE 1193 ^ccanntKUts, [Vol. lxxx. t£>GmpviuUs. ^rtiBJi; «MMMM<MMWMW«MIWMW« LYBRAND, ROSS BROS & MONTGOMERY Public Certified Account ''sT/Aur 00 $12,000,000 nts. (PennsylTanla) Stephen Glrarcl Bulldtns. E^UITABIE PHILADELPHIA. TFall Street Kxchanare BalldlnSi NEW YOllli. HASKINS y^wi SELLS, 8(, CEBTIFIED PUBLIC ACCOUNTANT: 30 Brof J 30 Coleman Street, New Street, London, E. C. A IdresB, Cabte deTOland. CUoago. York. The modeni HASKSELLS." St. Louis. PittsbnrKl PRODUCTION ENGINEEE8. PUBLIC ACCOUNTANTS. it pay taxes and insurance, will it undertake the care and management of estates. It Exchange Building, and 43 Exchange Place. appointment and Telephone 6940-6941 Broad. During yom* of court. your death at it will administer lifetime your it cheque, and to is it coupons and will collect bonds, rents, mortgages, interest, dividends, every class of income; of financial your securities; will safeguard sell property and authorized by law to act as executor, administrator, guardian, or trustee IX^al! Street St. your deposit account, subject It will accept allow you a fair rate of interest; CuNi^, Richards & Co. 43 Wali business. company embraces every function trust under wiU or will act as your agent, estate. 15 Nassau Street, Equitable Building. WM. FRANKLIN HALL Accountant, Exchancre Buildinv, BOSTON, MASS. 53 State Street, Books andlted. Examinations and Investlga tlons conducted with the utmost care and efficiency. 'Minrnitivd. OFFICE OF THE ATLANTIC MUTUAL INSURANCE COMPANY, Wilkinson, Reckitt, Williams & Co., New York, January 20th, 1905. CERTIFIED PUBLIi' ACCOUNTANTS, The Trustees, in Conformity with the Charter of the Company, submit the following statement of (Illinois.) its affairs on the 31st of December, iqo4 52 Broadway, New Yorli. PHILADELPHIA. CHICAGO Premiums on Marine Rlsfes from Ist January, 1904, to Slst December, 1904... $2,909,343 08 ; Premiums on "^"^ Total Marine W. F.WEISS, CERTIFIED PUBLIC ACCOUNTANTIs 128 Broadway, Hiew York. TKLEPHONK-8758-8759 CORTLANDT. LOOMIS,OONANT&00. Policies not Premiums marked 56 BALTIMORE. PINE STREET NEW YORK. JAMES PAEK & 00., CERTIFIED PUBLIC ACC0UNTANT85'4J roadway. Mew York. b: ti ofl Ist January, 724,151 84 $3.633.494 92 " " Rent Losses paid during the year which were estimated In 1903 aTid previous years Losses occurred, estimated and paid in 1904 $1,090,082 27 $142,418 20 84,094 99 Less Salvages Re-insurances Betums of 226,513 19 863.569 08 Premiums and Expenses, $405,721 91 The Company has the following Assets, viz.: $5,243,600 52 United States and State of New York Stock; City, Bank and other Securities 1,417,543 97 SpeolRl depu.slt8 in Banks and Trust Companies Real Eatate corner WaU and William Streets and Exchange place... $4,289,000 75,000 4,364,000 00 Other Real Estate and Claims due the Company Premium Notes and Cash in the Bills 1,020,087 28 Receivable hands of European Bankers to pay losses under policies payable In 241,710 47 351,301 69 foreign countries Cash In Bank $12,638,243 93 Aggregating A dividend of MANILA, SISAL AND JUTE Six per cent Interest Street, New wlU be redeemed and paid to the holders 'JTucsday, the sevciilli of February interest thereon wlU cease. The certificates to be produced at next, from which date all the time of payment, and canceled. A dividend of Forty per cent is declared on the net earned premiums of the Company for the year ending Slst December, 1904, for whlcli, upon application, certificates will be issuecl By order ot the Board, on and alter ITaeMday, the aecontl of May, next. o. TRUSTEES. York. M(«RIUS K. JESUP. THKODOrlE P. JOHNSON, LEGGKTT, ClIAKIyES J). LKVEIilCH, LKANUER N. LOVELL, GKOliGK H. MACY, CUAKLKS H. MARSHALL, W. H.H.MOOR K. IJCWIS CASS LKDVAttl), I'liANClS C, CLARK, COKNKLIUS El/DKKT, GEOltGE oi All VcarH Uouitlit Company Scrip BWALO KLEITMA.NN, HERBERT L. UIUUQS. 118 Fred. NEW YOBI. M. Smith, Broker In A.IJBVRN, Secnrlties, NEW lOKK, NIC'IOLAS F. PALMER, HKNRY PARISH, FREDEHIC A. PARSONS, DALLAS B. PRATT, GEORGK W. QUINTARD, A. A. liAVEN. JOHN L. UIKKK, DOUGLAS KOBINSON, GUSTAV H. SCHWAB. WILLIAM C. STURGBS. A. A. JAS. L. LlVlNiiSrON, jri Vice-Fres'l. IVo^w It^eatly. No. 518 Atlantic Bailding, 51 Wall Street, II. Secretary. RAVEN, Presidenl. CORNELIUS ELDERT, Tice-l'res't. THKO. P. JOHNSON, zd Yice-f^res'l. and Sold. JOHN M. GILLESPIE, Soom STANTON FL.OYB-JONKS, CLEMENT A. GKISCOM, ANSON W. HARD. QCSTAV AM31NCK, KRANCIS M. BA.CON, JOHN N. BKACTl. BOULTON WILLIAM VEKNUN H. IIKOWN. WALDRON P. BROVTN, JOSKPH 11. CHAPMAN, IJ. Atlantic Muttin! Iiiaiirancc on the outstanding certificates of profits will be paid on and after Taosday, the seventli to the holders thereof , or their legal representatives, of K^-briiary next. The outstanding certificates of the issue of 1 899 thereof , or their legal representatives, on and after CORDAGE. 65 Wall $3,01tJ,978 35 $31S,124 29 771 957 98 Siiernian Streel, ChXcuuo. The American Mfg. Co. —^—^— from Ist January, 1904, to Slst December, 1904 $275,«26 58 " 107,14S 14 $333074 72 less Taxes ofl Interest received during the year Tel. 4958 Broad. CALVERT BUILOINQ, 1904 Premiums CERTIFIED PUBLIC ACCOUNTANTS 30 Broad Street, New York. ALFRED ROSE, CERTIFIED PUBLIC ACCOUNTANT. marked REVIEW. THE FINANCIAL $2 PRICe WILLIAM FiiiC 1905 iSSUE. B. 00. DANA COMPANY, PUBLISHERS .si;rcei, «Joriicr I'carl SirccI, Ziew l'<brk.