Full text of Commercial and Financial Chronicle : March 30, 1907, Vol. 84, No. 2179 : Alternate copy, March 30, 1907

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f i n

a

t t r m

l

B a n k a n d Q u o t a t i o n S e c t i o n (Monthly)

S t a t e a n d C i t y S e c t i o n (semi-Annual^

R a i l w a y a n d I n d u s t r i a l S e c t i o n (Quarterly)

S tre e t R a ilw a y

SATURDAY, MARCH 30 1907.

VOL. 84.
% \ it

1907.

T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e
F o r O n e Y e a r ......................................................................................................$10 00
F o r S ix M o n th s .....................................................................................................
6 00
E u ro p e a n S u b s c r ip tio n (in c lu d in g po stag e)............................................... 13 00
E u ro p e a n S u b s c rip tio n six m o n th s (in c lu d in g postage).........................
7 50
A n n u a l S u b s c r ip tio n in L o n d o n (in c lu d in g p o s ta g e )..............................£ 2 14s.
S ix M o n th s S u b s c r ip tio n in L o n d o n (in c lu d in g po stag e).......................£ 1 11 s.
S u b s c rip tio n in c lu d e s fo llo w in g S up p le m e n ts—
B ' n k a n d Q u o t a t io n (m o n th ly )
I S t a t e a n d C i t y (sem i-annually)
R a i l w a y a n d I n d u s t r ia l (q u a rte rly ) | S t r e e t R a i l w a y (3 tim e s yearly)
T e r m s o f A d v e r t is in g — P e r I n c h S p a c e
T ra n s ie n t m a tte r per in c h space (14 ag ate lin e s )........................................
( T w o M o n th s
(8 tim e s )..............................
Rtnti.iinaCards J T hree M o n th s (13 t im e s )..............................
S ta n d in g B u sin e ss c ard s < g ix M o n th s
(26 tim e s )..............................
. T w elve M o n th s (52 tim e s )..............................

$4
22
29
50
87

20
00
00
00
00

C H I C A G O O F F I C E —-P. H arH e tt, 513 M o n a d n o c k B lock; TeL H a r r is o n 4012.
L O N D O N O F F I C E —E d w a rd s & S m ith , 1 D ra p e rs ’ G a rd en s, E . C.

W I L L I A M B . D M A C O M P A N Y . P u b lis h e r s ,
P in e S tr e e t, C o r n e r o f P e a r i S t r e e t ,
P o s t Office B o x 9 5 8 .
NEW Y O R K .

CLEARING HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates
th at the total bank clearings of all the clearing houses of
the United States for the week ending to-day have been
$3,139,463,836, against $3,258,631,766 last week and
$2,654,650,918 the corresponding week last year.
Clearings— Returns by Telegraph
Week ending March 30.

Per
Cent.

1907.

1906.

New York ........................... ...............
B o s to n ____________________________
P h ila d e lp h ia ______________________
Baltim ore__________________________
C h ic a g o _______________ ___________
S t. Louis_______ __________________
New Orleans.....................................

S I ,708,139,560
145 240,812
102,004,239
18,021,963
190,669,953
49.379,939
15,900,166

$1,370,320,190
115,290,598
120,289,081
19,347,623
158,601,917
43,883,673
14,672,884

+ 24.7
+ 26.0
— 15.2
— 6.9
+ 20.2
+ 12.5
+ 8.4

Seven cities, 5 d a y s ................ .......
O ther cities, 5 days________________

$2,229,356,632
405.000,711

$1,842,405,966
325,907,418

+ 21.0
+ 24.3

Total all cities, 5 days_____ _______
AH cities, 1 d a y ______ _____ _______

$2,634,357,343
505,106,493

$2,168,313,384
486,337,534

+ 21.5
+ 3.9

Total all cities for week................

$3,139,463,836

$2,654,650,918

+ 18.3

The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week
has to be in all cases estimated, as we go to press Friday night.
We present below our usual detailed figures for the previous
week, covering the returns for the period ending with Satur­
day noon, March 23, and the results for the corresponding
week in 1906, 1905 and 1904 are also given. Contrasted with
the week of 1906 the total for the whole country shows a
gain of 22.5% . Outside of New York the increase over
1906 is 18.9%.

Springfield, O . .
Mansfield ___
Decatur
__ .
South B end_____
Jacksonville. 111.
J ac k so n ________
A nn Arbor______
Tot. Mid.W est.
San Francisco..
Los A ngeles..
, Seattle ...............
P o rtla n d _______
Salt Lake C ity__
Spokane________
Tacoma ...............
Helena _ ______
Fargo ________
Sioux F a lls .........
O akland...............
San Jose______ __
Total Pacific..
Kansas C ity ____
M inneapolis____
Omaha ...............
St. Paul____. . .
Denver___
Des Moines . . .
Sioux C ity ........ ..
Davenport____ .
W lchit i . . ...........
Tot>eka_____
Colorado Spring?
Cedar Rapids . . .
Pueblo ________
F re m o n t.............
Lincoln ...............
Tot. oth.W est.
St. Louis _____
New Orleans____
L o u is v ille______
Houston .............
G a lv eston ______
Memphis _ ____
A t la n t a ________
Fort W orth. . . .
Norfolk .............
A u g u s ta ______
Mobile ________

Week ending March 23.

■
1907.

1906.

In c. or
Dec.

1905.

1904.

$
$
$
?
%
New \ork______ 2,095.084,242 1,681,933.696 + 24,6 1.814,981,962 1,141,098.277
103,310,991
P hiladelphia___
138,547,723 + 12.4 122,460.579
155.794.795
42,835.000
35,894.186
50,129,218 + 170
58,66 0,796
P ittsburgh______
20,302,746
20,725,882
24,874.039 + 17.4
Baltimore . . ___
29.209.705
5,623,826
5,996,774
S.S45.290
6.265.347 + 41.2
Buffalo_________
3,665.001
4,543,766
W a s h in g to n ____
4.777.553 + 22.2
5,840,177
2,670.652
3,265,529
A lbany__
...
7.751.067
4.478,794 + 73.1
2.128,596
Rochester _ _
3,004.029 + 23.5
3,711.068
2,394,255
1,730,537
1,554,594
2.298,222
1,795.213 + 28.0
Scranton -1,028,246
Syracuse ______
1.989,837
1.417.750 + 40.3
1,015,865
1.029,392
1,143,340
W ilm ington _____
4-28.3
964,131
1.466,195
1,026,564
l,1 3i,5 70 + 32.9
960,338
R e a d in g _______
1.503.505
862.771
837,705
Wilkes-Barre . 1.249.342
936,555 + 3 34
580,582
609,344
919,902 + 12.2
Wheeling
___
1,031.948
438,296
Erie ___________
410,925
542.761 + 27.3
690,621
408,226
Chester .............
364,341
522.775 — 19.7
420,851
371.312
5;X),000
Greensburg___
359.836
420.922 + 18.8
395.200 + 43.1
424,300
409,200
B in g h a m to n ____
565 600
— 9.S
Franklin ___
181.562
292.860
229,385
264.223
H a rr is b u rg _____
1,067.204 Not included in total
Total M iddle.. 2,376,877.484 1,923,529,247




Boston
Providence_____
H a rtfo rd ___
New Haven
Worcester
__
Springfield.. . _
Portland
..
.
Fall R iv er______
New Bedford____
Holyoke________
Lowell ___ ____
Total New Eng.
C hicago...............
C incinnati...........
C leveland ______
D etroit___ .
Milwaukee ____
In dian a polis____
Columbus ______
Toledo ________
Peoria . _ _ ____
Grand R a p id s .. .
Dayton . ______
Evansville _____
Kalamazoo .
Springfield. Ill . .
Lexington______
Fort W a y n e ____
Youngstow n____
■Rockford ______
B lo o m in g to n __
Akron ______ .
C a n t o n ...............

+ 23.6 2,024,886,778 1,322,808,786

W ilm ington,N .C .
Total Southern
Total a ll______
Outside N . Y ____

H a lifa x ________

Edmonton _____
Total Canada.

NO. 2179.
Week ending March 23.

Clearings at-

( fr h v o n itlz .

PUBLISHED W E E K LY .

Clearing,« at—

S e c t i o n (T1X * S ? * 0

1906.

Inc. or
Dec.

1905.

1904.

*
S
S
%
!
8
145,554.10C 1 115,852,917
170,981,320
144,160,248 + 18.6
6,312,300
5,821,700
7,927,300
6,751.70C + 17.4
2,924,770
2,614,256
3,887,841
2,800,636 + 38.S
1,912,20-1
2,254,126
+ 9.>
1,641,240
2,053.657
1,489,172
886,000
1.544,967
1,726,045 — 30.5
1.381,637
1,591,300 + 20.0
1,338,907
1,909,245
1,319,835
1,235,709
1,522,892 + 17.4
1,787,166
690,366
816,475
1,190,486
804,771 + 47.8
491,524
335,521
665,614
635,716
-*-4.7
449,272
410,198
420,540
439,004
+ 4.4
442.919
346,734
468.884
410.457 + 14.2
163,094,211
193,055,953
162,877,963 + 18.5
131,173,548
178.412,360 154.959,683
196,346,990 + 20.1
235.834,918
21,178,200
22,273,650
26,854,500
23,619,100 + 13.7
20,724,338
13,549,501 + 53.0
17,387,741
11,559.341
9.933,134
8,804.976
13,629.320
11,455,122 + 19.0
7.371,714
6,883,767
8,560,066 + 23.7
10,586.033
4 540.249
5.962,933
5,560,971 + 30.3
7,246 655
5,107.900
4,223,100
4,088,800
5,401.700
+5-8
4,401,949
3,127,467
3,440,373 + 28.0
2,854.488
2.764,445
3,019.800
2,853,202
3.165,695
— 4.6
1.930,492 + 24.6
1.729,367
1.502,786
2.405,674
1,585.oU0
2,472,787
1,914,754 + 29.1
1,652,797
1,272,131 + 40.0
1,320,164
1,179.657
1,781,825
1.194.556
848.074 + 40.9
655,234
581,912
882,570
746,151 + 25-1
933,214
642,845
646,270
+ 4.6
739,070
675,766
722,535
603.000 + 21.9
646,532
734.899
603,842
641,167
648,751
618,S25
J-2.5
560,824
519.342
595,822 + 10.8
660.357
432,120
550.786 — 25.2
394,226
412,143
512,300
511,420 + 46.3
538,400
748.000
403,290 +39.3
835,632
496,469
561,881
349,604
571,235
308,445
321,198 + 77.8
340,779
311,178 + 21.7
378,793
336,856
320,065
186,857
396,015
299.261 + 32.3
279.364 + 23.1
257.767
345,019
302,335
258,021
413.622
327,855 + 26.5
208.339
216.306
+ 3.8
294.189
195,223
197.181
316.482
252.992 + 25.1
259.512
105 000
89.149
102.113
+ 2.8
58,593
343,641,612 283,534,110 + 21.2 264,169,196 228,184,830
38,526,886
31,249,839
+
4.5
22,691,226
40,266,713
8,341,489
5.963,611
11,297,489
+ 6.1
11.986,862
4,585,663
3,651,169
— 1.3
9.705.78M
9,578,674
3,875,550
2.748.132
4,931,724 + 51.3
7.462,910
2,286.591
2,5t>2.163
4,141,163 + 35.5
5,611,258
1,917,840
3,722.276 + 45.4
2,543,078
5.411,786
2,927,844
3,595,928 +27.8
1,865.128
4,594,339
666.238 + 17.0
676,590
486.355
779,408
591,132 — 17.6
524,955
487,209
372.735
431,900
338,378 +27.6
239,365
2C0.864
3.054.229 Not included in total
425 000 Not included in total
77,517,002 + 11.7
42.183,651
57,526,536
80,611,059
22,835,413 + 33,6
18,877,834
22,329,775
30,509,526
16.779,162 + 10.3
15.829,220
13.387,023
18,504.067
9.798,960 + 16.3
7,614,369
8,181,665
11,398.735
6.205.242
5.778,625
6.921.935 + 29.2
8.941.961
3,806,000
5.726,900 + 39.4
5,256,997
7.983,341
4,658.410 + 32.3
4.452,923
4.079.268
6,162.497
2,357.413
1,986,581
2.550.062 + 18.5
3.022,167
1.492,716
1.168,853
1,913,973 + 24.3
2.379.759
825.594
940,229
1.076,569
+ 1.7
1.095.000
1,106,417
1,089,756
954.473
+
36.3
1.300.227
1.050.401
773.216
880,881 — 29.5
620,871
709.302
503,333
671.231 + 11.7
7 >0,000
433.326
522,980 + 38.6
337.899
725.056
359,707
650.000
520,688 -t-24.8
197,450
219.033 + 44.0
176,786
325,556
1,232.507 Not Included in total
7 J,788.148
60,519,822
76.030,676 + 24-1
94.368.673
54,151,714
53,249.063 + 22.7
49.064,321
65,316,694
17,091,186
17.346,497 + 10.2
23.203,.r28
19,122,517
10,548,674
12,060.912 + 10.1
8,610.394
13,273.073
9,200,1 00 + 32.9
7,669,602
5.882.52S
12,230,244
5,244,500 + 27.8
4.126,500
4.911.;00
6.700.000
— 7.8
5,426,553
5.119.079
4.250,285
5.005.071
5,134,512 + 25.7
4.2814*6
4.338.021
0.453.053
4,083,962
+
29.5
2.649,837
3.552.702
5.289.106
4,561,627 — 13.4
2.415.649
2,747.216
3.949.883
2,452.496
3,609.408 — 10.1
2.524,404
3.244.519
2,697.856 + 32.9
1,533,780
3.585.479
2,560,932
1.677.423
1,936,658
+
46.6
1,80S.285
2,839,718
1.216,183
2,171.818
1,649,834 + 31.6
1,360.847
1,534,481 + 15.3
1.:<58,591
1.218.738
1,769,986
1,362,873 + 12.8
1,120,395
1,536.855
1,562,954
1,376,351 + 25.9
1,732,535
1.057,026
1,345,209
1,113.529
1,358,205
+ 1.0
701,053
872.185
1.550,000
1,222.914 + 26.7
994,824
1,028.294
1.345.410
1.225.865
+ 9.8
1,115,038
764,933
1,678.72S
1.153.338 -1-45.5
1,096.000
510.958
663.492
507.629 + 30.7
178,591
234.311
300.000
285,969
+ 4.9
400.000
575 .000
450,000 -1-27.8
625.000
510,000 + 22.5
----------1.760.599
1.045.275 + 68.4
126.440,169 118,735,823
137,176.011 + 19.6
164.076,985
2.706,905.038
1,903.717,660
+
22.5
3.258,631.766 2.660,665,009
1,163,547,524 978.731.313 + 18.9 891,923,076 762,619,383
26.276,917 + 30.9
34.397.594
19.077.645 -1-26.8
24.197,901
6,981,535 + 42.3
9,934,397
2.429,565 + 27.2
3,091,273
2,107.003 + 79.0
3,771,375
1,516.422 + 27.4
1.931,159
+ 8.2
1,432.336
1.550.000
1,207.166 + 56.0
1,889.929
911.436 + 21.7
1.108.797
877.847 4-27.2
1.117.690
812.099 + 53.0
1.242.589
1,259,000 Not included m total
922,850 Not included in total
63.629.971 -t-32-4
84.232.704

27,854,872
18.972,536
4.817,833
2,157,078
1.492.910
1,291,975
1.594.763
1.314.086
680,123
884.532
824.782

18,706.208
13,297.943
4,436,754
1.859.484
1.301,023
1.211.600
1.343 651
1,064.784
526.890
796.546
675.029

61.885 490

45 219.902

714

THE CHRONICLE.

THE FINANCIAL SITUATION.
When a man like Andrew Carnegie joins in the
crusade against Wall Street and the railroads, one
almost despairs of ever-being able to set public opinion
right in this regard. Mr. Carnegie is concerned about
the doings of what he calls Wall Street gamblers, and
in a characteristic speech delivered Thursday night
he said it was time for business men to decline to
recognize them. We say so, too. Unfortunately,
Mr. Carnegie makes the common mistake of confusing
Wall Street with the Stock Exchange. He treats the
two as if they were synonymous. The fact is, how­
ever, the Stock Exchange exists not for the purpose
of fostering speculation or encouraging gambling, but
to provide a place for legitimate dealings in securities
—a market for the investor, either as buyer or seller.
Requirements for admission to dealings on the Ex­
change are, as is well known, of the most rigid char­
acter. As a place for dealings in stocks and bonds,
the Exchange has become the largest security market
in the world.
That there is more or less speculation carried on at
that great mart, that there may even be gambling,
admits of no question. But who are the people,
who mainly use this security market for purpose of
speculation or to promote speculative ends? It can­
not be truthfully affirmed that it is Wall Street people.
The banking and brokerage houses located on Wall
Street, or concentrated in the vicinity of the Stock
Exchange, are the most conservative to be found
anywhere. It would be an exceedingly rare thing
to find them engaged in speculation. They are con­
tent, too, with very moderate profits, confining them­
selves, in the main, to doing a legitimate banking
business or earning their commissions as buyers and
sellers of the things dealt in on the Exchange. When
there is speculation, it is carried on by their clients
who employ these Wall Street houses simply for the
purpose of executing their orders. And who are these
clients who indulge in speculation or in stock gambling?
Not Eastern men, as a rule, but the business men from
the interior and from the remoter parts of the country
—the men from the West, the South, the South-West,
the North-West. It is there where the speculative
spirit is rife. Here in the East sentiment is always
more conservative.
About the first thing that a Western business man
does when he has accumulated a little money or made
some profits from his business is to take “a flyer” in
the stock market. At times of great activity on the
Stock Exchange the transactions consist very largely
of orders given by Pittsburgh millionaires, some of
them former associates of Mr. Carnegie, by Chicago
“plungers,” and by other people of the same class;
and they usually deal on an enormous scale. It is
these persons that are in the main responsible for
whatever of ill character is connected with the business
of the Stock Exclxmge. Obviously, therefore, in that
sense the Stock Exchange does not represent Wall
Street nor even New York City, but the concentrated
speculative spirit of the whole country. It is time
that this fact were recognized and the Stock Exchange
no longer treated as a thing apart by itself and as if
Wall Street were responsible for it. We agree with
Mr. Carnegie in condemning “gambling” and specula­
tion wherever they are found, whether in the security




[V o l .

l x x x iv

.

markets or elsewhere; but there should be a clear
understanding as to who is indulging in the repre­
hensible practice.
Mr. Carnegie is also wrong in supposing that specu­
lators or stock gamblers are responsible for the great
shrinkage in prices which has recently occurred on the
Stock Exchange. We know that Mr. Carnegie’s views
are shared in by large numbers of intelligent people
not familiar with the nature of the dealings on the Ex­
change, but these views are nevertheless wrong.
While there is nothing to prevent short selling on the
Exchange, those selling short must of course fur­
nish the stock for delivery. They may succeed in bor­
rowing it for a time, but eventually they must
buy an amount of stock equal to that which they have
sold in order to close up the transaction. This second
operation is called “covering,” and the stock to cover
can only be obtained—where the deals are large, as
they have been in recent periods—when there is ex­
tensive liquidation. The fact that operators for a
decline have been able to cover their short sales and
that prices have nevertheless continued to decline
is clear proof that holders of stock have been selling
out. As a matter of fact, those acquainted with the
course of things know that the selling has been on a
huge scale. There has in truth been nothing but
selling, the buying orders, except to cover the short
sales, being very meagre. This is due to the circum­
stance that confidence in the stability of railroad in­
vestments has almost completely vanished. Mr. Car­
negie thinks this lack of confidence is the work of
Wall Street interests, declares that President Roose­
velt’s railroad policy is just right , and dilates upon the
advantages of early poverty. What he says on this
latter point—what a benefit it is to the youth to be in
close touch with his parents, a condition that poverty
induces, the father being his guide, philosopher and
friend, the mother “ his nurse, his teacher, his cook,
his seamstress, his angel, his saint”—is altogether
correct. But when he goes into an analysis of the
railroad situation and Stock Exchange affairs, we could
wish that some of that shrewdness characteristic of
his business career, dominated his utterances.
There are quite enough causes to explain the decline
in security values without referring it to stock gambling
or Wall Street scheming. For over a year the rail­
roads have been unable to borrow money freely to
supply their capital needs, and latterly they have not
not been able to borrow at all except on onerous terms.
The price of everything they need in their operations
—labor, fuel, materials, and supplies—has gone up,
and yet they are not allowed to recoup themselves
by raising rates. When a manufacturer finds the cost
of labor and the materials needed by him rising he
obtains compensation by advancing the price of his
goods. Indeed, if he did not he would have to sell
at a loss,and that would mean bankruptcy. But the
railroads are notified in advance that they are not to
be allowed to adopt a course of that kind. What this
is leading to is shown in a conspicuous way in the
February statement of earnings of the Atchison Topeka
& Santa Fe Railway, made public the present week.
That return shows that while gross earnings, as com­
pared with the same month last year, increased
$640,356 (nearly 10%), this was attended by an aug­
mentation in expenses of no less than $937,412 (over
23%), producing an actual loss in net for the month of

M a r . 30 1907.]

THE CHRONICLE.

$297,055. The severity of the winter could not have
been much of an influence in swelling expenses in this
case, as the greater part of the Atchison mileage lies
far to the south. Vice-President Jansen, we see, is
Quoted in a Chicago despatch as saying that the ex­
penses include charges for improvements and better­
ments. It appears, nevertheless, that of the $937,412
augmentation in expenses for the month, only $290,000
can be ascribed to that cause. We may say, too, that
the Atchison’s unfavorable return is only one among
many instances of the same kind. Then it must not
be forgotten that last year Congress enacted the
Hepburn Rate Bill, placing the affairs of the railroads
almost completely in the hands of the Inter-State
Commerce Commission. The spirit of hostility em­
bodied in that measure has since found further ex­
pression in the attempts of most of the State Legisla­
tures to emulate the example of the national legislative
body. Two-cent fare bills galore are marking the
path of legislative achievement and every effort is
being made to add to their taxes and to impose new
burdens and restrictions upon them. In this State a
new railroad board is to be created and the papers
are discussing whether there is to be allowed a
broad court review of its orders and acts, or only a
limited court review.
Mr. Carnegie with a well-earned show of pride points
out that he sold the Carnegie Steel Company for
$460,000,000, but if he had it to-day he would sell
it for not less than $640,000,000. This statement
simply means that through improvement the great
steel property referred to has increased in value in a
few years $180,000,000 and that if Mr. Carnegie still
owned it he would undertake to get the benefit of the
increase. Here again we see the difference between
the treatment of the railroads and the treatment
accorded to^all other classes of property. In a manner
similar to that pursued with the steel property our
railroads have been developed and improved. Are
their owners now allowed to get the benefit of the
resulting increment in value? No. Instead, our
Government authorities are devising schemes for de­
termining on a comprehensive scale whether in some
remote period in the past there may not have been
some water injected into their capitalization. The
simple truth is, the railroads are treated as an outcast
among the industrial agencies of the day. Other
businesses are aided and encouraged. Mr. Carnegie,
for instance, in his business has been greatly helped
by a high protective tariff. But every hand is raised
against the railroads. That explains the great decline
on the Stock Exchange and the complete loss of con­
fidence in security values. There will be no enduring
recovery—there can be none—until this fact is recog­
nized and the railroads are again treated with the
same degree of justice as other industries.
Our new Secretary of the Treasury failed to relieve
the monetary situation as speedily as was anticipated
by an impatient and suffering public; consequently
there was an inclination among some to criticize the
delay. It was only reasonable that Mr. Cortelyou
should move slowly. He had a new law to deal with,
many of the provisions of which were by no means clear,
while his duties in the Treasury Department were of a
class his previous official experience had not familiar­
ized him with. He was consequently in a measure



n

715

experimenting. We may assume that lie thought the
notice granting permission to depositaries indefinitely
to retain the $30,000,000 of deposits which were
marked to be returned to the Sub-Treasury, would in
a measure relieve affairs. Of a like promise was his
offer on March 15 to buy $25,000,000 of the 4s of 1907,
paying interest to July 1; as the offer was more ad­
vantageous to the bondholders than Mr. Shaw’s pre­
vious similar offer, Mr. Cortelyou was encouraged to
anticipate a better response. On the same day the
Secretary likewise gave notice that he would allow
the substitution for Government bonds held, against
special deposits, of any collateral authorized by New
York or Massachusetts as security for savings bank
deposits; at the same time he also directed that in­
terest due April 1 on registered 2% consols of 1903
and the 4% funded loan of 1907 should be anticipated
at once.
None of these devices, however, had any immediate
effect on the money or stock market, as the fearful
panic of Monday at the New York Stock Exchange
bore witness. But the stupendous declines in stock
values on that day brought forth the announcement
of measures from the Secretary that for the time being
arrested the discredit and turned the tide of affairs
towards a restoration of confidence. The vital feature
of Mr. Cortelyou’s newTproposal showed that he4iad
studied the irritation, knew its source, and was deter­
mined to apply the remedy at the point wrhere it was
most needed. In this latter particular he was
more happy in his method than Mr. Shaw, who
in such cases always acted in some measure on
the principle of a counter-irritant; that is to say,
when he wanted to relieve a morbid condition in
New York he would apply his remedies very likely
in San Frarncisco. For this reason his devices so
often failed in the intended effect. New York
on this occasion was not only the centre of the
panicky condition, but was the location of the chief
money movement in and out of the Treasury which
was every day increasing the strain — that is,
adding to the cash accumulation in the Sub-Treasury
at the expense of the cash holdings of the Clearing
House institutions. Moreover, with the first of April
the public knew that a special supply of funds was
called for at this centre to meet the large interest pay­
ments due then and which were sure to w'ork mischief
in the depleted state of our bank reserves if aid was
not extended.
Mr. Cortetyou consequently ordered on Tuesday
the turning of the customs dues paid at New York
day by day into the Sub-Treasury back again into the
New York City banks in the amount of $15,000,000.
In addition to this actual contribution to the money
market at this critical moment, there was a further
assumed relief felt to be probable growing out of a
rumor connected with the foregoing that the Secretary
proposed to deposit the bulk of the customs receipts
hereafter in the banks rather than in the Sub-Treasury;
coupled with which wa.s the statement that a proba­
bility existed of a speedy redemption of all the out­
standing 4s of 1907. Altogether these acts and
rumors, together with the purchase of $1,750,000
gold in London on Monday, made a material change
on Tuesday in the financial sentiment, the panicky
tendency being arrested and a general advance in

716

THE CHRONICLE.

stock values taking place. This comparative buoy­
ancy did not, however, outlast the day.
By that time it became evident that even the $15,000,000 provided under the order was not an immediate
payment of that amount of money into the depository
banks but a gradual effect produced by the simple
turning of the stream of customs dues from a SubTreasury inflow back again into the banks, or into a
Sub-Treasury outflow of the same amount; further­
more, there was nothing in the rumors attached to that
order to the effect that it foreshadowed an underlying
change of policy of the Treasury Department as to
customs duties for the whole country. Finally, it
became evident on a second thought that the paying
off of the whole of the 1907 loan at once might be a
disturbing incident rather than a wholesome one, as
28 1-3 millions of these bonds are held by the Govern­
ment for national bank circulation and 10% millions
held as security for Government deposits; hence the
redemption of the currency and the exchange of the
underlying securities for other securities could not be
done so quickly as to facilitate in a marked degree
the first of April payments.
But there is a further feature in the monetary situ­
ation to-day which we almost weary of calling the
attention of our readers to, and yet it is such an ob­
vious hindrance to a greatly enlarged bank reserve
that it must be done once more. We refer to the
obvious fact that the Sub-Treasury is beyond a doubt
the agency which is working the discomfiture of our
money market. The vaults of that attachment to our
Treasury arrangements hold to-day 20 million dollars
more cash than was so held on the first of January
1907. In other words, during those three months,
while our people have been so fearfully harassed on
account of the growing stringency in money, that
rapacious piece of machinery has been allowed to go
on working so as to take away day by day—by a sort
of slow torture—from our bank reserves 20 million
dollars of cash. Suppose the banks had continued to
have that money through these three months. Be­
sides, that is by no means the worst phase of the
harm the trading public has recently suffered through
the action of this fearful contrivance. Go back six
or seven months further and study its working since,
say, the first of June 1906. On that day (June 1
1906) the Sub-Treasury balance was only $316,673,545;
now, less than 10 months after, it is, as we have seen,
$362,899,983. Those figures declare that in those
months, which have been about as trying in the
money market as any that have come within the
country’s experience, there has been taken from the
country’s bank reserves— substantially from the New
York City banks—and locked up in Sub-Treasury
vaults over 46 millions of dollars. Or let us state the
position exactly:
S ub-T reasury cash h o ld in g s M a rc h 25 1907______________________$362,899,983
Sub-T reasury cash h o ld in g s J u n e 1 1906 ________________________ 316,673,545
Loss to b a n k reserves fro m J u n e 1 1906 to M a rc h 25 1907____ *46,226,438

The foregoing means that had our Clearing House
institutions not suffered this wholly unnecessary
drain on their reserves—other factors remaining un­
changed—instead of the increasing stringency, which
has been the history of the above specified period,
there would have been a plethora of cash and banks
would have been pushing loans upon[their customers




[V o l .

l x x x iv

.

As our readers are aware, nearly a dozen States
have recently enacted laws intended to reduce railway
passenger fares to 2 cents per mile, the latter being
taken up as the present standard. The “present”
standard, we should clearly note, because there is
nothing of sanctity or finality in a 2-cent rate, and if
it is lawful and possible to put rates at that figure
now there is no reason why 1 cent might not be de­
clared the limit in some early following year.
Nor should we fail to note that the recent laws have
been passed without any inquiry whatever about
differences in situation or probable results. It is
quietly assumed that what can be done, without
producing speedy bankruptcy, in Ohio or Pennsyl­
vania can be done in Arkansas, Nebraska, Missouri
and the Dakotas; indeed, a memorial from the Georgia
branch of the National Farmers’ Union (so-called)
has been sent to the Georgia Railroad Commission r
asking for lower fares and suggesting “ that you take
into consideration the adoption of the 2-cent rate so
generally fixed by various States during the past few
months.”
It is not only assumed without inquiry that
what can be done in one State can and should be
copied in another, but there is no attempt to dis­
criminate writhin the State itself. All differences
between railroads in respect to first cost, expense
of operating, amount and character of traffic, and
so on, are ignored; a perverted application of
“ the square deal” is proposed; no inquiry is made
whether any roads at all, or some particular roads,
can make such reduction without being bankrupted.
A lower fare is agreeable; reductions have been
enacted elsewhere; apply the same in our State,
and treat all alike. The emotional treatment even
goes so far that when railroads propose to reduce
expenses to correspond, as every business which finds
its receipts reduced is compelled to do, this is pro­
nounced “retaliation,” instead of being self-defense.
It is popularly assumed that rich men, and especially
men in Wall Street, own the railroads. This is a
delusion. Control is one thing; ownership is another.
The roads may be controlled by a few rich men; they
are, in fact, owned by the common people. In proof
of this, about 15% of savings bank deposits in this
State, 37% in Connecticut and 35% in Massachusetts
are invested in them: and in 36 States, as far as figures
can be had, about 21V£% of deposits are so invested.
In the life insurance companies doing business in
Massachusetts, about 31% of total assets are invested
in railroads. In fire insurance, more than 25% of
the assets on which the policies depend are in railroads.
The educational institutions of the country have about
one-third of their total endowment in railroads.
Looking at it in the other direction, the figures which
are available indicate that the railroads of the country
are owned, to at least one-eighth, by the financial and
educational institutions.
If, then, the coercive attempts now made upon rail­
road rates and traffic should be pushed far enough—
and we may well ask ourselves what is to prevent this
except a material reaction from vehement rashness to
cool common-sense—there wrould be no escape from
an era of receiverships. There is always a tendency
to shortness of memory, and yet it ought not to be
hard to imagine the effect of such an era upon industries
and prosperity. But, aside from all that, inasmuch as

M a r . 30 1907.]

financial institutions generally, in which the common
man of small savings is more sharply concerned than
the rich man who he imagines his enemy, stand upon
the integrity of railroad finances and the prosperity
of their operations, is it not quite time for that com­
mon man to stop and begin to think?
Legislation, though at times needful for correcting
evils, proves often a clumsy way of working cures in
industrial affairs. This has frequently proved to be
especially true with reference to labor troubles, the
detrimental results arising therefrom being a frequent
cause of complaint. A recent statement of the kind
referred to comes from Mr. Walter Langshaw, Presi­
dent of the Dartmouth Mills (Cotton) of New Bedford,
Mass. Upon being questioned as to the correctness
of a report that the corporation of which he is the head
intended increasing its capacity, he remarked in effect
that any material increase in the industry in New
Bedford would depend largely upon the attitude of
the lawmakers of the State on labor legislation. Mr.
Langshaw maintains the right of corporations to pay a
premium for really efficient work against the view
of labor organizations, which is that every man be
paid the same wage regardless of what he produces.
Mr. Langshaw’s position is, of course, unassailable
from any just point of view. Commenting upon the
overtime bill now under consideration by the Massa­
chusetts Legislature, he said he did not believe that
there are any cotton mill operatives that have occasion
for complaint in regard to their treatment by employ­
ers when the mills have had occasion to run overtime.
The picketing bill he also criticizes, characterizing it
as “simply granting a license to a few to intimidate a
large body of operatives.” Furthermore, bills al­
ready passed have, according to Mr. Langshaw,
placed New Bedford at a disadvantage in the cottonspinning business. Summing up the situation, he tersely
remarks: “ We are legislated to death, and the time is
not far distant when the workingman will be convinced
of this fact. It would be well for him to take a more ac­
tive interest in matters that pertain to his calling, rather
than leave it to the walking delegate and the collector.”
The new Immigration Law passed in February, and
which becomes operative July 1, will interfere seriously
with the plan adopted by Southern States to obtain
new settlers; such is the opinion recently made public
by Attorney-General Bonaparte. The growing scar­
city of efficient labor at the South, and the tendency
of newly-arrived aliens to hug the larger cities or go
to the West and Northwest, induced leading interests
in the South some few years ago to adopt a plan of
assisting immigration to that section of the country by
the use of funds contributed for the purpose. Under
the old Federal law of 1903, according to the AttorneyGeneral, contributions might be received from persons
or associations or corporations and expended in in­
ducing or assisting immigrants to come into the State
without subjecting such immigrants to the penalty of
being barred out or deported. Even under that law,
however, those who contributed to the fund would be
liable to prosecution for violation of the provision,
had any ^actions been brought, against helping people
into the country for the purpose of giving them
work. But under the new law, which goes into effect
July 1, the penalty to the contributor toJ:he fund is




717

THE CHRONICLE.

unchanged, but the ass isted immigrant will become
also liable to exclusion.
This is certainly an unfortunate turn of affairs for
the South, for no other section of the country is in
such pressing need of an influx of laborers. Th§
younger generation of n egroes does not , on the whfeJe,
take kindly to farm work, and is consequently less
efficient and reliable than desired. Efforts, 'therefore,
have been making through agents abroad to induce
men capable of farm work to emigrate to the South,
and various steam ship lines have offered to assist
by dispatching vessels direct to such ports as New
Orleans, Savannah, <fcc. The new law will (according
to Mr. Bonaparte, whose opinion coincides with South­
ern representatives who have studied the Act) render
all these efforts nugatory unless some modification of
its provisions can be secured. To secure the modifi­
cation of this unwise legislation Southern interests
should make speedy endeavor.
__________

. ' ~

S

Railroad mana gers are doing much to enlighten the
public mind, now-a-days, regarding railroad affairs,
and this should in the end help in bringing about a so­
lution of the problem. We have referred recently to
the speeches at various points in the South which President Finley of the Southern Railway is making, and
we see that he is still keeping up the work with a view
to promoting good relations with employees and with
the public. Other railroad men are pursuing the same
policy. We note, for instance, a speech made two
weeks ago by Vice-President E. L. Russell of the Mobile
& Ohio Railroad. Colonel Russell well says that fairminded citizens realize that the manager of a railroad
must charge sufficient compensation for service ren­
dered in the transportation of the different products
and materials of the country, to pay the employees.,
maintain the roadbed and bridges and also the motive
power and equipment. But such a manager has about
lost control over the rate of compensation to be paid
for labor and has no control over the prices to be paid’
for the materials entering into the construction of
locomotive engines, freight equipment and pa^se^ger
equipment and the material employed in keeping the
roadbed and bridges in an efficient state of repair.
Colonel Russell has faith in the fairness of the Ameri­
can people, just as we have, and feels convinced that
if the railroad officials of the country will, in a con­
ciliatory spirit, explain frankly the difficulties to be
overcome, the people will meet them half way. We like
particularly his statement that arbitrary methods on
the part of railroad officials, governments, and the pub­
lic generally,should be abolished, and there should be
established in lieu thereof a broad, reasonable and lib­
eral method of disposing of the difficult and serious
questions connected with the transportation of the
products of the country from one section to another.
There was no change in official rates of discount by
any of the European banks this week; compared with
last week unofficial, or open market, rates were un­
altered at London and at Paris and kt of 1% lower at
Berlin and Frankfort.
The feature of the statement of the New York Asso­
ciated Banks last week was an increase of $1,676,350 in
surplus reserve to $4,709,450, which was the result of
a gain of $1,218,900 in cash and of a reduction of $457,450 in ^reserve requirements. Loans decreased $3,-

7i8

THE CHRONICLE.

587,000 and deposits SI,829,800. It may be noted
that the statement was somewhat deranged by the ex­
clusion of the Astor National Bank from the return,
this institution having been converted into a trust
company. The bank- in the previous week reported
<$5,768,000 loans, $806,000 specie, $377,000 legal
tenders and $5,560,000 deposits. Therefore the state­
ment of March 23 should, it would seem, have shown,
by comparison with that of the previous week, a gain
of $2,181,000 in loans, of $2,326,000 in specie, of $75,900 in legal tenders and of $3,730,200 in deposits.
The bank statement of this week is expected to reflect
the receipt of $1,000,000 gold from Europe, the de­
posit of $12,000,000 public funds derived from cus­
toms collections, in the banks, and $2,500,000 antici­
pated April interest on bonds. Payments for re­
deemed 4s of 1907 are reported from Washington to
have amounted, thus far, under the circular of March
14, to $9,556,600; but as disbursements therefor are
made by check from the Department, the amount
distributed at this centre cannot be accurately stated.
It is thought, however, that such payments this week
have been about $5,500,000 at New York.
The market for money was sentimentally influenced
by the announcement by Secretary Cortelyou on
Tuesday of his intention to deposit about $15,000,000
customs collections in New York depositories; by his
order to anticipate April interest on the 3s of 1898 and
.the 4s of 1907, amounting to $2,500,000, and by his
device to facilitate redemptions of 4s of 1907 by per­
mitting national banks which hold these bonds as
pledge for public deposits to substitute for such bonds
United States or other acceptable securities, thus
'enabling these banks to have such released 4s redeemed
without being called upon to surrender their public
deposits. The actual effect of these measures for the
relief of the monetary situation did not begin to be
perceptible until later in the week, owing to unavoida­
ble delays in carrying into execution such measures,
.because of the requirement that substituted securities
for released 4s pledged for public deposits and similar
pledges for customs collections, which were to be
placed in local depositories, should be submitted for
acceptance to the Department at Washington. It was
not, therefore, until Thursday that new deposits in
local banks were placed therein to any important
amount; then, it may be noted, the customs dues,
instead of being deposited by the Collector of the Port,
were withdrawn from the Sub-Treasury for deposit.
The money market was, though, directly influenced
almost immediately upon Mr. Cortelyou’s announce­
ment of his devices by quite liberal loaning by local
banks, which contributed, at least temporarily, to
more normal conditions for money on call. Time loans
grew easier because of the expectation by borrowers
that the market for fixed-date funds would be abun­
dantly supplied, through the disbursement of April
interest and dividends next week, and also by the new
deposits in the banks and the proceeds of redeemed 4%
bonds. Therefore borrowers generally resorted to the
call-loan branch of the market and refrained from bid­
ding for time loans.
Money on call, representing bankers’ balances,
loaned at the Stock Exchange during the week at
14% and at 2V£%, averaging about 6%.
Banks
and trust companies quoted 3% as the minimum. On




[V o l .

l x x x i^

Monday loans were at 14% and at 6%, with the bulk
of the business at 9%. On Tuesday transactions were
at 10% and at 4% with the majority at 10%. Wednes­
day loans were at 6% and at 3% with the bulk of the
business at 5%. On Thursday transactions were at
5% and at 2 ^ % with the majority at 4^2%• On
Friday loans were at 5% and at 2% % with the bulk of
the business at 43^%. Time contracts on good mixed
Stock Exchange collateral were quoted at 6V<j% for
sixty days and 6% for ninety days to six months; the
offerings of money for the shorter period were quite
meagre and at the same time, for the reason above
assigned, the demand was small. Commercial paper
quotations remain unchanged at 6@6.^% for sixty
to ninety day endorsed bills receivable, 6@6V£% for
prime and 6%@7% for good four to six months single
names. Railroad notes are quoted as steady for the most
desirable, while others are offered at fractional conces­
sions.
The Bank of England rate of discount remains un­
changed at 5%. The cable reports discounts of sixty
to ninety day bank bills in London 5@53^%. The open
market rate at Paris is 3.^% and at Berlin and Frank­
fort it is 5% @53^%. According to our special cable
from London, the Bank of England lost £1,137,614
bullion during the week and held £34,996,242 at the
close of the week. Our correspondent further advises
us that the loss was due wholly to large shipments to
the interior of Great Britain. Purchases in the open
market reached ar} important aggregate. The de­
tails of the movement into and out of the Bank were
as follows: Imports, £676,000 (wholly bought in the
open market , and including £201,000 French coin and
£9,000 Austrian coin); exports, £96,000 (of which
£27,000 to South America, £30,000 to Malta and £39,000 to sundry places), and shipments of £1,718,000
net to the interior of Great Britain.
The foreign exchange market was active and higher
at the beginning of the week and on Saturday it was
influenced by the panicky conditions at Berlin, which
seemed to foreshadow the development of extreme
discount tension at London and at Paris. The critical
situation at Berlin was apparently due chiefly to the
liquidation in New York of Canadian Pacific on the
-previous day; this property being largely held by Ger­
man speculators and investors. Selling of this and
other stocks in London and in this city for German
account caused an urgent demand for exchange, chiefly
London cables, for remittance. On Monday the de­
ranged markets abroad and apprehensions of serious
failures at the London and the Berlin settlements con­
tributed to a further rise early in the day, but in the
afternoon London bought largely in our market, which
arrested the advance in exchange through liberal
offerings, though by the close there was a partial re­
covery in rates. On Tuesday, before the announce­
ment of the intervention of Secretary Cortelyou for the
relief of our money market, news of a more confident
feeling in London regarding the results of the settle­
ment and some evidence of support to the Berlin
Bourse contributed to liberal offerings of bills, and un­
der this influence there was a feverish fall during
which sight sterling sold at 4 8275, the lowest since
Dec. 28 1906, when 4 8260 was recorded. Then fol­
lowed a sharp rally on the announcement of Treasury

M a r . 3 >» 19 0 7 .J

THE CHRONICLE.

relief, buying for remittance became large and the
market was active and strong, so continuing until the
last hour, when realizations caused recessions in rates.
On Wednesday cable advices of a successful settle­
ment in London, with few and unimportant failures,
and of the absence of trouble at Berlin, led to free sell­
ing, and there was a notable pressure of security bills
against London purchases of stocks, which caused the
market to close generally lower with cables weakest.
On Thursday the tone was heavy at the opening but
selling of stocks for London account and easier money
broTight about a recovery and there was a good de­
mand for remittance by Saturday’s steamer.
There was an engagement of 81,625,000 gold in
London on Monday for shipment hither, the first
consignment of the metal since Feb. 1. when $500,000
was obtained. The price paid for the gold is said to
have been 77 shillings 10% pence per ounce, though
77 shillings 10}'$ pence was quoted in the market;
it is expected that further engagements will be made
bv our bankers next week if exchange conditions shall
be favorable.
Nominal quotations for sterling exchange are 4 80
for sixty day and 4 84,14 for sight. On Saturday of
last week there was an advance in long, compared with
the previous day, of 25 points to 4 7925(5:4 7935, of
15 points in short to 4 8365(5,4 8375 and of 15 points
in cables to 4 8435(5)4 8450. On Monday long fell
30 points to 4 79@,4 7905, short 40 points to 4 8320(5}
4 8335 and cables 30 points to 4 8405(54 S410. On
Tuesday long declined 30 points to 4 7870@4 7875,
short 10 points—after selling off 45 points at 4 8275—
to 4 8320@4 8325, while cables rose 25 points to
4 8420 @4 8435. On Wednesday long declined 5
points to 4 7865@4 7870. short was unchanged and
•cables were 25 points lower at 4 8405(5 4 8410. On
Thursday long rose 25 points to 4 7890(5:4 79 and
short 5 points to 4 8320(54 8330, while cables fell 5
points to 4 S4@4 8410. The market was easy on
Friday at a decline of 25 points for long, 15 for short
and 10 for cables.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
F ri..
M on.,
W ed.. Thurs., F ri.,
Tues.,
Mch. 22 Mch. 25 Mch. 26 Mch. 27 Mch. 28 Mch. 29
Brown
Bros. & C o________
Baring
& C o_____ _________
B ank British
North America.........
B ank of

60 days 4
Sight. - 4
60 days 4
Sight-. 4
60 days 4
Sight-_ 4
60 days 4
S ig h t.. 4
C anadian Bank
60 days 4
of Commerce----- S ig h t.. 4
Heidelbach, Ickel60 days 4
lieimer & Co............. Sight-. 4
60 days 4
Lazard
Freres....................... Sight-. 4
60 days 4
Merchants' Bank
of Canada................. (S ight. - 4

80
844 «
80
84,4
80
84 4
80
8 44
80
84^
80
844
80
844
80
844

80
84 4
80
844
80
844
HO
844
80
844
80
M 4
80
844
80
844

80
844
80
844
*0
84 W
80
844
80
844
80
S 44
80
844
80.
844

80
844
SO
S44
SO
844
80
844
80
844
80
844
80
844
80
844

80
844
80
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80
844
80
844
80
844
80
844
SO
844
•SO
844

80
844
80
844
80
844
80
844
80
844
80
844
80
844
80
844

The market closed on Friday at 4 7875@4 79 for
long, 4 8310@4 8315 for short and 4 8390(54 84 for
cables. Commercial on banks 4 7830(54 7840 and
documents for payment 4 77^(5 4 7914 . Cotton for
payment 4 7 7 % @ 4 7S, cotton for acceptance 4 7830®
4 7840 and grain for payment 4 79(5,4 79l<±.
The following gives the week’s movement of money
to and from the itnerior by the New York banks.
Week ending March 29 1907.

Received by
Shipped by
N . V. Hanks. X . Y . Banks.

Net Interior
Movement.

Currency ......................................... ..
Gold .............-......................................

$3,934,000
1,607,000

54.806.000 Loss
1,100,000 G ain

$872,000
507,000

Total gold and legal tenders...........

$5,541,000

$5,906,000 Loss

$365,000

With the Sub-Treasury operations and gold im­
ports, the result is as follows.




719
Into
Banks.

Week ending March 29 1907.

Out of
Banks.

Net Change in
Bank Holdings.

Banks’ interior movem’t as above___
Sub-Treasury operations____________

$5,541,000
25,200,000

$5,906,000 Loss
20,700,000 Gain

$365,000
4.500,000

Total gold and legal tenders______

$30,741,000

$26,606,000 Gain

$4,135,000

The following table indicates the amount of bullion
in the principal European banks:
March 28 1907.

Bank oj
Gold.

£l
E n g la n d .- 34,996,242
F ra n ce___ 104,168,157
Germany _ 34.439.000
R u s s ia ___ 118,513,000
Aus.-Hun. 45.376.000
S p a in ____ 15.435.000
Ita ly ---- 32.461.000
Neth’lands 5,145,400
N at Belg..
3,327,333
Sweden __ 4,161,000

March 29 1906.

Silver.

Total.

Gold.

£

£

£
38,450,218
116,905,700
38.792.000
92.635.000
46.089.000
15.078.000
28.297.000
6,054.100
3.422.000
3.786.000

QQfi 949

39,182,743 143 !350 /J(J0
11.479.000 45,918,000
5,537,000124,050,000
12.425.000 57,801,000
25.048.000 40,483,000
4.985.600 37,446,600
5.764.600 10,910,000
1,663,667! 4,991,000
________
4,161,000

Silver,

i

Total.

£
£
_________i 38,450,218
42,034,873 158,940,573
12,930,000; 51,722.000
4,762,000? 97,397,000
12,859,000 58,948,000
23,849,000: 38,927,000
3,855,600 32,152,600
6,045,600; 12,099,700
1,711,000 5,133,000
_________! 3,786,000

Total week 398,022,132 106,085,610 504,107,742 389,509,018|l08,047,073 497,556,091
Prey .week 400,679,206105,627,512 506,306,718387,780,989107,281,321495,008,310

_______ I_______1
_______1
___

i

I

THE CONFUSION IN THE MARKETS.
Writing last week, on the advance in its rate by the
Bank of France, we pointed out the unusual and in
many respects the disquieting nature of this action.
That particular episode in the general situation must,
in fact, be kept in mind in order to understand the
extraordinary series of events which have followed it
on the European stock exchanges. The aspect of
foreign markets on the news of the French Bank’s
announcement, which they at first appeared to re­
ceive with indifference, was undoubtedly, misleading.
As the week drew to a close, it became plain that the
unsettling influence of so notable a move was gaining
control over most of Europe’s markets. The situ­
ation in this respect was considerably complicated by
the fact that the fortnightly settlement on the London
Stock Exchange wa£ to begin this present week, and
that the requirements of that settlement would test
both the extent to which financial London had been
hurt by the violent New York decline of the past two
weeks and the manner in which it had been hurt by
the French Bank’s action.
This, as it may now be seen, was the reason for the
spasm of pessimism into which London appeared to
fall last Saturday. Very rarely of recent years have
rumors of so disturbing a character been sent from the
European centre to New York. Predictions of serious
failures at London’s Stock Exchange settlement this
week were made with the utmost freedom and in usually
well-informed quarters. Naturally, under such cir­
cumstances, Wall Street awaited the early foreign
news of Monday with much apprehension, expecting a
break in prices such as should test the staying powers
of the New York market. Instead, the early cables
reported London as having passed out of its nightmare
with prices recovering and with its bids, even for our
own securities, substantially advanced, the somewhat
remarkable fact being that, despite all of Saturday’s
predictions, the present week has passed without any
serious disturbance either on the London market or
at Berlin, from both of which quarters unpleasant
news had been confidently predicted. We are within
the facts in saying that if European markets such as
have been witnessed this present week had not been
preceded by such rumors and assertions as those of
Saturday, the general comment would have been that
the situation presented no cause whatever for mis­
giving.
What, then, is to be said of the extraordinary out­
burst of alarm on last Saturday’s foreign markets?
Partly it may be explained by somewhat belated

720

THE CHRONICLE.

[V o l .

l x x x iy

.

pessimism over the rise in the Paris Bank rate. In a
measure it may be ascribed to the doubts and uncer­ THE REPORT OF THE LAKE SHORE & MICHIGAN
SOUTHERN RAILWA Y.
tainties with which London had contemplated the
recent liquidation in New York. Beyond these two
Doubtless the thing regarding which the annual re­
reasonable explanations we should say, however, that port of the Lake Shore Co. for the calendar year 1906
what frightened the foreign markets was their discov­ will be especially scrutinized is as to the amount of
ery that real and heavy liquidation was in progress the year’s revenues which have been applied for new
on their own stock exchanges, the source of that liqui­ construction and new equipment. In the preliminary
dation not being plain enough to answer disquieting income statement for the twelve months, given out
rumors which might be set afloat in connection with it. just before the close of the year, there was nothing to
We should suppose that such stock liquidation—which indicate what had been the aggregate of the outlays
in the preceding fortnight had included not only of this character paid for from earnings and charged
American securities, 'but English railway stocks and to expenses. Only the total of the expenses was
British consols—was, like our own recent liquidation, given, and there was no way of determining the precise
in the nature of the easing of an oppressive burden. sum included for the purpose named. The Lake
That the strain on the world’s available reserves of Shore has always been distinguished for the magni­
capital had reached the point of actual distress had tude of its appropriations of this character, and in
been quietly admitted during many weeks by observant more recent years the application of income in that
home and foreign bankers. Last autumn’s 6% rate manner has been particularly striking. This makes
at the Bank of England, the 7% German Bank rate, it interesting to know what the outlays have been in
and Berlin’s maintenance this month of 6%, the high­ 1906. Of course everyone was aware that the amount
est figure ever known at this time of year in the history had been large. The point as to which there was par­
of the institution, wrere as distinct indices to the real ticular curiosity was how this amount compared with
nature of the situation as were the numerous phenom­ previous years—whether it was larger or smaller.
ena in our own money market. That heavy liquida­ The subject has been invested with additional impor­
tion of the burden of liabilities resting upon the banks tance by reason of the fact that the company in Decem­
was an absolute necessity no one disputed; the only ber increased its dividend, making the semi-annual
question of debate was where such liquidation, forced declaration 6% as against the previous 4%.
or otherwise, should converge.
It appears from the report that the sum added to
There was a disposition at the opening of the year, the expenses for new construction and equipment
not only in Europe but in our own financial circles, was not of the exceptional extent of the previous year
to assert that widespread reaction in the industrial !1and yet was of very large proportions. For new con­
activity, both of this country and of Europe, would struction the outlay was $4,221,816 and for new equip­
be requisite to the needed release of capital. Whether ment $1,201,877, making $5,424,723 together. In
that position was theoretically correct or not, 1905 the appropriation of earnings for new construc­
the trade reaction has not yet occurred, here or tion was $3,743,020 and for new7 equipment $3,360,abroad. Something of the sort may be witnessed later, 773, being together $7,103,793. In 1904 the expense
or may not. However this may be, the fact remained accounts included $2,781,201 for new construction
this year, as always, that liquidation on the stock ex­ and $2,776,034 for new equipment, making together
changes was the line of least resistance and would pro­ $5,557,235. The call for dividends at 10% (4% for
vide not only great relief to the strain on capital but the first six months and 6% for the second six months)
the only relief that could be applied immediately.
was $4,946,650, and hence it is manifest that of the
That such relief has been obtained not only in this year’s earnings, more in amount by nearly half a
market, but at London and Berlin, is surely in itself million dollars was applied for new construction and
no cause for misgiving—especially when the always new equipment than was applied in dividend pay­
unpleasant process has been completed with a mini­ ments. However, this last is no new feature, having
mum of disturbance or unsettlement and with prac­ been observed in other years, too—in most of which,
tically no financial disaster. Whether this liquidating indeed, the contrast between the amounts applied for
process on the stock exchanges is to be followed by construction and equipment and the amount dis­
reaction in the domain of general trade is a question tributed in dividends to the shareholders was still
more or less in debate. We do not share the notion, more marked.
sometimes stated, that trade reverses are the necessary
The strength of the Lake Shore’s income position
consequence of a break in Wall Street prices, and are has long been a matter of comment, and the 1906
caused by the break on the Stock Exchange. On results afford further testimony to the fact. For,
the basis thus presupposed, we can see no neces­ even after the contribution of $5,423,723 for additions
sary connection between the two phenomena. The and betterments, a surplus remains in amount of
most that can at ordinary times be said of a sensa­ $1,539,962 over and above the call for the 10% divi­
tional collapse on the Stock Exchange is that influences dends charged against the year’s accounts. Gross
which will later be felt in all branches of finance and earnings increased $3,943,568 on top of the increase
industry are always felt first on the Stock Exchange, of $3,439,756 in the year preceding and large and con­
and that the Wall Street movement may, therefore, be tinuous increases for the years preceding back to 1896.
an accurate harbinger of the movement in general trade. The total of the gross for 1906 is up to $42,544,378.
Yet even to this there are notable exceptions. It What a noteworthy record of improvement and ex­
is only when capital is involved to such extent in pansion this represents will be evident when we say
speculative markets that it cannot be withdrawn with­ that in 1898 the total of the gross was only $20,753,683.
out widespread financial disaster that the fall on the Thus
1
in the eight years the gross has considerably
Stock Exchange is genuine portent of catastrophe.
more than doubled, rising 21% million dollars. But



M

a r

.

30 1907.]

THE CHRONICLE

with this increase of 21% million dollars in the gross
revenues, the gain in the net revenues has been hardly
more than
million dohais,the totalofnet (af'e-'taxes)
now at $8,429,937 comparing with $6,825,664 in 189S.
All the rest of the gain in gross has been consumed by
augmented expenses, and this augmentation in the
expenses is evidence of the way operating cost has been
added to through advances in wages and the higher
prices of materials and supplies and the various other
things entering into the operating accounts of the rail­
roads—making due allowance for the enlarged amounts
spent for new construction and new equipment.
Another point stands out prominently on an ex­
amination of the report, and that is that there has been
no let-up in the development of operating efficiency
and economy so far as this is under the control of the
management—which the course of prices of materials
and supplies obviously is not. The Lake Shore has
always been distinguished for its large train load,
that having been one of its characteristics before the
subject of operating economy had engaged the atten­
tion of railroad men generally, and in the late year
the average train load was raised to a still higher
level. The further increase in the average was, roughly,
5 tons, bringing the train load up to 6243^ tons. This,it
will be admitted by those familiar with railroad affairs,
is quite a remarkable figure. Of course, the Lake
Shore is favorably situated for attaining a record in that
respect because of the fact that so considerable a portion
of its track is main line (branch road mileage as a rule
not admitting of very high train loads) and that the
volume of its through tonnage is large. Furthermore,
over the Ashtabula branch, which forms part of the
line to Pittsburgh, the mineral tonnage—coal, ore,
&c.—must be of perfectly enormous extent . We may
compare the Lake Shore’s train load of 624.^ tons with
the train records of the Pennsylvania Railroad system
east of Pittsburgh and Erie, which possesses many of
the same characteristics as regards traffic conditions
as the Lake Shore. On all the lines of the Pennsyl­
vania Railroad directly operated east of Pittsburgh and
Erie the average train load in the late year was 529
tons. Even on the Pennsylvania Railroad division
by itself the average was no more than 552 tons. These
are both good records, but are excelled, it will be seen,
by the Lake Shore. The Pennsylvania, as it happens,
gets somewhat better average rates, it having realized
in 1906 5.95 mills per ton mile on all the lines directly
operated and 5.54 mills on the Pennsylvania Railroad
division, while the average of the Lake Shore for the
same period of twelve months works out only 5.21
mills per ton mile.
In the company’s finances there has been one im­
portant change in recent years. For a long period no
additions to debt were made, practically all the com­
pany’s needs being provided for out of income. More
recently, however, these needs have been of such pro­
portions that excess revenues and betterment appro­
priations no longer suffice for the purpose, and re­
course has had to be had to the money market. Fur­
thermore, the company has undertaken the financing
of some of its allied properties, in some cases unre­
servedly, in others because it was a large shareholder
in the same and was obliged to furnish its portion of the
new capital required by such roads. In 1903 it cre­
ated an issue of $50,000,000 4% bonds, all of which
are outstanding, and in 1906 it created another issue



721

of $50,000,000 4 per cents, of which $35,000,000 are
out. All these latter $35,000,000 were issued in the
late year, and the only decrease in the funded debt
wras $920,000, due to the retirement of $920,000 De­
troit; Monroe & Toledo bonds which matured in August
1906.
We get an idea how most of the money obtained
from this new issue of bonds was applied when refer­
ence is made to the company’s holdings of stocks and
bonds in other companies. It will be recalled that the
Cleveland Cincinnati Chicago & St. Louis Ry. consid­
erably increased its stock during the year. The Lake
Shore took $-1,395,400 of the additional shares. It also
took $7,000,000 mortgage bonds of the Chicago In­
diana & Southern R R ., one of its subsidiary proper­
ties. As against the $5,000,000 stock of the Indiana
Illinois & Iowa R R . that appeared in the accounts in
the previous year, there now stand $5,000,000 of the
preferred and $12,000,000 of the common stock of the
Chicago Indiana & Southern R R . The company also
purchased $1,154,000 of the stock of the Hocking
Valley Ry. and $1,692,200 more of the stock of the
Merchants’ Despatch Transportation Co. All these
are in the nature of investments, and that they are
profitable is evident from the steady increase in the
company’s income from interest and dividends on
stocks and bonds owned, the further increase in such
income in the late year having been $490,048.
We see, too, that in 1906 the company spent $7,500,000 for additional new equipment, aside from the $1,201,877 paid out for equipment purchased and charged
to operating expenses. The discount and commis­
sion on the $35,000,000 bond sale of 1906 was $875,000
— 23^ % —and this amount has been wiped off the books
by deducting the same from the year’s surplus revenues.
THE GREATER PITTSBURGH DECISION AND
LEGISLATIVE POWERS.
In the litigation regarding the constitutionality of
the Act of the Pennsylvania Legislature providing for
the creation of the Greater Pittsburgh through the
union of the City of Pittsburgh with the City of Alle­
gheny, some interesting questions were raised which
have been judicially determined by the decision the
present month of the Pennsylvania Supreme Court
upholding the validity of the consolidation. Three
main objections had been urged against the legislation
creating the Greater Pittsburgh. The first was that
the Governor’s proclamation convening the Legis­
lature in special session had been subsequently modi­
fied or altered. The question raised was whether it
was within the power of the Governor to make such
alteration or modification. The second objection
urged against the Act of Consolidation was that it was
in the nature of special legislation and therefore for­
bidden under the Constitution. A third point made
was that the method of consolidation was contrary
to that “due process of law” guaranteed by the Federal
Constitution, inasmuch as a majority of the votes cast
in the two cities combined was allowed to determine
ihe question of annexation and not a majority of the
voters in each city—the vote in Allegheny having been
adverse to the proposition.
All three objections have been overruled by the Su­
preme Court, which affirms the decision of the Superior
Court declaring the consolidation legal; and though
an appeal has now been taken to the Supreme Court

722

THE CHRONICLE.

[V o l .

l x x x i V.

of the United States, there appears little likelihood of call for the purpose of fixing the time of the meeting
a reversal, as in such matters the Federal courts al­ of the General Assembly, and then proceeds to desig­
ways follow the State courts. The reasoning by which nate the additional subjects of legislation. Judge
the Pennsylvania Supreme Court reaches its conclu­ Browm declares that with every presumption in favor
sions on the questions involved is indicated in the opin­ of compliance by the Executive with the Constitu­
ion of Judge Brown and is very interesting and would tional requirements, it would be judicial hypercriticism
seem to be of wide bearing and application. It appears to declare the second notice or proclamation insuffi­
that on Nov. 11 1905 the Governor of Pennsyl­ cient to authorize the Legislature to pass the Act
vania called the General Assembly into extraordinary under consideration.
session to meet Jan. 15 1906 for the consideration of
As to the contention that the Act violates the Con­
legislation upon seven subjects mentioned in his procla­ stitutional mandate prohibiting the Legislature from
mation. The first of these subjects was “to enable passing any local or special law regulating the affairs
contiguous cities in the same counties to be united of cities, the Court found this objection also untenable.
n one municipality, in order that the people may The law in question provides for the consolidation of
avoid the unnecessary burdens of maintaining separate two cities of no particular class, but of any two cities be­
city governments.” On Jan. 9 1906 he issued a longing to the same or different classes wherever situ­
second proclamation in which, after calling attention ated and whether in the same or in different counties
to the then approaching extraordinary session, he Judge Brown says whether two cities ought to be con­
designated additional subjects for the consideration solidated is purely a legislative question,and a General
of the General Assembly, one of them being “ to en­ Act providing for their consolidation is not forbidden
able cities that are now or may hereafter be contiguous legislation. The power of the Legislature to provide
or in close proximity, including any intervening land, for the annexation of cities is not limited by the Con­
to be united in one municipality, &e.” The title of stitution. What it may not do is to regulate by a local
the Act providing for the consolidation passed at this or special law the affairs of cities. In providing for
special session employs the language contained in the the annexation of any two cities there is no regulation
so-called second proclamation, and the first section of the affairs of any two particular cities. The Legis­
of the Act reads as follows: “That wherever in this lature might, without transgressing the Constitution,
Commonwealth, now or hereafter, two cities shall be have provided for the consolidation of cities without
contiguous or in close proximity to each other, the regard to the distance between them, absorbing in
twro, with any intervening land other than boroughs, their consolidation all the intervening space., whether
may be united and become one by annexing and con­ occupied b}^ boroughs or townships. Such legislation
solidating the lesser city and the intervening land howrever, is not conceivable,, for the eomtrwm sensv of
.other than boroughs, if any, with the greater city, the people would not tolerate it..
:and thus making one consolidated city, if at an elec­
In providing for annexation in the Act of 1906'. the
tron to be held as hereafter provided, there shall be Legislature restrained its power- to authorise' consoli­
a majority of all the votes cast in favor of such union.” dation in declaring that certain natural, reasonable
At the election held for the purpose a majority of and necessary conditions must exist if two cities are
20,154 was cast in favor of consolidation out of a to be united. No arbitrary, unnecessary conditions are
prescribed; only reasonable ones are required.. The
total vote in the two cities of 55,574.
According to the Pennsylvania Constitution, when Legislature might have limited the right to consolidate
the General Assembly of Pennsylvania is called in to contiguous cities, but it extended this right to
special session there may be no legislation upon sub­ those in close proximity, and, in making contiguity or
jects other than those designated in the proclamation. close proximity a condition of the right to consolidate,
But the Court was not particularly impressed with the the affairs of no special city are regulated. No two
idea that the Governor could not alter his proclama­ contiguous cities are excluded from its provisions,
tion or change its phraseology. Judge Brown, who and any two in close proximity may be united, pro­
wrote the opinion, in discussing this point, says that vided that by their union they do not absorb and
whether the General Assembly ought to be called swallow up an intervening borough.
The Court differentiates the present law' from the
together in extraordinary session is always a matter
for the Executive alone. How it shall be called, and previous law attempting consolidation of the two cities,
what notice of the call is to be given are also for him and which the Court then condemned. In this earlier
alone. The Pennsylvania Constitution is silent as law' (Act of April 20 1905) the language of the statute
to these matters, and the Court thinks wisely so, for served to identify Pittsburgh and Allegheny so com­
emergencies may arise, such as riots, insurrections, pletely—it being required that the two cities must be
wide-spread epidemics, or general calamities of any situated in the same county, and there being even a
kind, requiring the instant convening of the Legis­ provision that cities separated by a stream or river
lature, and, in the power given to the Governor to should be included under the term contiguous—that
call it, no time for the notice is too short if it can reach its character as special local legislation was palpably
the members of the General Assembly. If after one manifest. So much was this true that it might well
proclamation has been issued it occurs to the Execu­ have been labeled, the Court declared in that case,
tive that other subjects than those designated in it an Act for the consolidation of the cities of Pittsburgh
should be passed upon by the Legislature, he can issue and Allegheny. But in the law under consideration
another proclamation, fixing the same time for the the circumstances are entirely different. Its operation
meeting of the General Assembly as wras fixed in the is not confined to cities within certain territorial limits.
first and designate other subjects for its consideration. ! It is general in its terms and refers to no classes of cities,
The proclamation of Jan. 9 was in effect a second but to cities generally. It does not provide that it
proclamation. In it the Governor adopts his original shall operate only “upon two cities situated in the same



Mab . 30 1907.]

THE CHRONICLE

county / ’ as did the earlier law. It does not exclude
“ from its provisions and deny its privileges to all cities
separated by a county line, or which are not wholly
within the same county,” but extends them to any two
cities within the Commonwealth having natural,
reasonable and necessary conditions of consolidation.
That the law applies now, and for the present can
apply, only to the cities of Pittsburgh and Allegheny,
and that it was passed for them, the Court declares
can make no difference if the legislation is general in
form and substance and is not within the prohibition
of the Constitution. Individual needs and require­
ments are responsible for much legislation which must
be general, and when it is so, the causes that lead to it,
or the particular purposes it is to serve at the time of
its enactment have nothing to do with its constitu­
tionality.
As to the third point of objection, namely that the
method of consolidation is not by “due process of law,”
in that it permits qualified electors of the larger city
to overpower or outnumber those of the lesser city
and to annex the lesser city without the vote or con­
sent of a majority of the qualified voters or electors
of the lesser city—the Court holds this contention also
as being without force. The people of municipalities
do not define for themselves their own rights, privileges
and powers, nor is there any common law which draws
a definite line which may be exercised by the State
and those which must be left to the local government .
The creation of municipal corporations and the con­
ferring upon them of certain powers, and subjecting
them to corresponding duties, does not deprive the
Legislature of the State of that general control over
their citizens which they before possessed. It still
has authority to amend their charters, enlarge or dimin­
ish their powers, extend or limit their boundaries, con­
solidate two or more into one and overrule their legis­
lative action whenever it is deemed unwise, impolitic
or unjust, and even abolish them altogether in the
legislative discretion and substitute those which are
different. In the case of the City of Allegheny,
neither the municipality as such nor any of the persons
residing therein, had any vested rights in the municipal
powers as against the State which created the munici­
pality. The latter is merely an agency instituted by
the sovereign for the purpose of carrying out in detail
the objects of Government—essentially a revocable
agency—subject to legislative control which may de­
stroy its very existence.
THE PUBLIC SERVICE CORPORATION OF NEW
JERSEY AND ITS PROBLEMS.
The speech which President Thos. X. McCarter of
the Public Service Corporation of New Jersey deliv­
ered before the Board of Trade of Plainfield, N. J.,
last month has been reprinted in pamphlet form and
throws a good deal of light on the problems confront­
ing that combination of street railway, gas and elec­
tric properties—one of the largest of its kind in the
country. The company operates all the important
gas, electric and street railway properties in New
Jersey as far south as Camden, with the exception of
the gas property in and about Elizabeth and the street
railway system in Trenton. As Mr. McCarter well
says, this is a vast undertaking. And the task of
administering it and rendering efficient and economical
service is increased by the fact that the Public Service



723

Corporation came into possession over night, as it
were, of the numerous properties of different kinds,
in all stages of efficiency and decomposition, as he
calls it.
Mr. McCarter shows how the company, which has
been in existence only four years, had its inception.
He points out that he was not one of the gentlemen
concerned in the original exploitation of these various
enterprises. That work was done by others—“by
some of the strongest men New Jersey has produced.”
He thinks it undoubtedly shortened the lives of VicePresident Hobart and the late B. M. Shanley of New­
ark. He finds much to admire in the work of these
gentlemen and their associates. They quickened the
growth and development of the State, they gave em­
ployment to thousands of people, and they made living
more comfortable. But they made mistakes, too, in
that they overdiscounted the future and overcapital­
ized some of the great properties they constructed.
It was all done, however, in the open, under due forms
of law. In fact, those who were given an opportunity
to “come in” were regarded as highly fortunate. But
it gradually became apparent that, while in the main
gas and electric properties were profitable, and jus­
tified expectations, the street railroads did not. By
the winter of 1902-03 it was evident to those in touch
with the situation that without new capital for neces­
sary improvements and for the restoration of impaired
credits the railroads could not go on. Just at this time
came the dreadful catastrophe in Newark, where a
car full of school children collided with a Lackawanna
train, resulting in much loss of life and great personal
injury. This was the last straw, and it became ap­
parent that something would have to be done very
quickly to avert financial disaster. It was then that
Mr. McCarter, who had been counsel for the various
underlying companies, suggested the idea of the for­
mation of the Public Service Corporation, in order to
provide a large cash capital and acquire upon fair terms
all the constituent properties , good and bad. The
theory was that during the critical period the strong
and prosperous should carry the financially and physi­
cally weak properties.
Thus, the Public Service Corporation was formed
with a cash capital of $10,000,000, fully paid up with­
out one dollar of water. It acquired all of its gas and
many of its electric properties by lease. The stocks
of the financially embarrassed railroads and of the
United Electric Co. of New Jersey, which served Essex,
Hudson and a part of Union counties electrically,
and which was also in a struggling condition, were
exchanged for the obligations—not the cash—of the
new company; and in this operation $60,000,000 of
stock obligation was transformed into approximately
$20,000,000 of new obligations. Public Service stock
was subsequently increased by $2,500,000, making
$12,500,000 in all, on which thus far there has been no
return.
But this represents only a portion of the new money
put into the undertaking. In the four years upwards
of $26,000,000 have been spent in the improvement,
extension and rehabilitation of the properties, besides
which, over $6,000,000 have been appropriated for
similar expenditure the present year. This money,
over and above the $12,500,000 of capital stock, was
I raised by the sale of securities. The task of rehabilitai tion was a colossal one. Many of the railways were in

724

THE CHRONICLE.

a state of phj^sical, as well as financial, collapse, and
have had to be rebuilt. This work is progressing, but
will require several years more for completion, we are
told. The company has built and rebuilt over 110
miles of track. It has purchased 568 new cars, has
built new power stations, has extended the Camden
gas pipe line from Trenton to Plainfield, &c., &c.
Mr. McCarter refers to some of the things that have
been accomplished for the benefit of the public. A
complete transfer system has been put into effect
between the nine railroad systems, at all connecting
points, where none formerly existed, and the five-centfare zone has been so extended that it is now possible
to ride over fifteen miles for a nickel in certain localities.
The price of gas, which ranged from $1 80 down, at
the time of the formation of the company, is gradually
being reduced to the dollar standard—a fair price for
a city like Newark, but an extremely low figure for a
smaller or suburban locality. In Plainfield, when the
Public Service took hold, the price of illuminating gas
was SI 40. It is now $1 15 and Jan. 1 1909 it is to be
only $1 00. The electric base rate is being reduced to
10 cts., involving in some cases a reduction of 50%.
This new rate becomes generally effective, with one or
two exceptions, on Jan. 1 next. Four years ago the
base rate in Plainfield was 18 cents. Mr. McCarter
truthfully says that such a low rate as 10 cents never
could have been obtained for a community of this
character except as a result of consolidation. After
the Hughes gas investigation in New York the base
rate for Manhattan was put at 10 cents and for Brook­
lyn at 12 cents, which shows how favorable a rate 10
cents is for a suburban locality like New Jersey.
Mr. McCarter declares it takes, and will continue to
take, for some years, if not indefinitely, about $4,000,000 annually of new money to finance the needs of the
Public Service Corporation. This does not include
a mile of extended railroad track. Yet in these troub­
lous times even this comparatively small sum of
money is not easily acquired. The situation, so far
as new extensions are concerned, is accentuated by
the passage of the so-called limited franchise law,
restricting the period for which franchises may be
granted to twenty years, except where by vote of
the people the period is lengthened to forty years.
While in a sense this is a direct benefit to the Public
Service Corporation, inasmuch as it prevents others
from obtaining what the Public Service already has,
it must serve to retard the development, of the rural
sections of the State. In times like the present it is
utterly futile to consider the financing of rural country
lines upon any such limited basis. He gives a pointed
illustration of how such a law works to the detriment
of the community. The New Jersey authorities have
chosen as a site for a new normal school a location be­
tween Montclair and Paterson, not now reached by
the company’s lines. They have requested the com­
pany to fill in this gap between these places, and he says
the company ought to do it, but for the reason stated
it is simply out of the question.
The cost of labor and of everything else has been
going up—not to omit taxes, which for the year 1906
amounted to the vast sum of $920,000. As stated
above, the company has been in operation four years.
In 1906, for the first time, it earned a little over 5%,
and that on a gross business of $21,000,000 and a
stock capital of $12,500,000. Nevertheless, Mr. Mc­




[V o l .

l x x x iv

.

Carter is very hopeful, if only the company is not
further hampered and fettered. With the great in­
crease in the company’s business each year, unless all
conditions change, earnings within a reasonable time
will substantially increase. New Jersey is about to be
linked to the metropolis of the nation by a wonderful
system of tunnels, built for electric railways. The
influx of population should then be enormous and in­
creased prosperity for all should follow. Mr. McCarter
lays emphasis on the fact that the day of stock watering
and over-capitalization of properties of this character
is over. He himself at the request of Governor Stokes
drafted the bill that became a law last year in New
Jersey, which positively forbids public utility com­
panies in the State from issuing their obligations for
less than par, except a reasonable banker’s commission,
and forbids the issue of all stock except for par.
He thinks that, with further watering forbidden,
stockholders of existing companies should be allowed
to receive 10% annually, a fair business profit upon
their investment, before any further restriction is
placed upon these companies by taxation or otherwise.
He suggests that for anything beyond 10% it might be
well to employ the principle adopted in some of the
New England States of requiring companies able to
pay dividends in excess of what is considered a reason­
able amount to pay a sum equal to the excess dividend
over the so-called reasonable dividend by way of
additional taxation. By such a method the prosperity
of the company and additional taxation, he says,
would go hand in hand.
IT EM S ABOUT B A N K S , B A N K E R S A N D TRUST C O .’S.
— The public sales of bank stocks this week aggregate 65
shares, of which 55 shares were sold at the Stock Exchange
and 10 shares at auction. The transactions in trust com­
pany stocks reach a total of 68 shares. The first public sale
of stock of the H udson Trust Co. (of New Y ork), which
commenced business August 1 1906, was made this week
at 97.
Shares. B A N K S — New Y o rk .
Low .
H ig h . Close.
x l8 C ity B a n k , N a t i o n a l ____
250
250
250
23 C o m m e rce , N a t . B a n k o f. . . 167
167
167
£34 G a lla tin N a tio n a l B a n k . . . . . 365
365
365
10 N ew Y o r k , N .B .A . , B a n k of 298
298
298
T R U S T C O M P A N IE S —-New Y ork.
440
28 B o w lin g G reen T ru st C o . . . . 440
440
97
40 H u d s o n T rust C o. (N . Y .) -- 97
97

Last previous
M a rc h 1907—
M arch 1907—
N ov.
1906—
M a rc h 1907—

sale.
260
175
369
319

M a rc h 1907— 450
F irst sale.

rrSold a t th e S to c k E x c h a n g e .

— The New York Stock Exchange was open yesterday
(Good Friday), b ut will remain closed to-day. An endeavor
was made by the members to secure a double holiday—
Friday and Saturday— b u t the Board of Governors at a
m eetingon Wednesday decided to grant b u t one holiday, and
th a t on Saturday. In 1898 and 1906 the Exchange was also
kept open on Good Friday. The Boston and Chicago Stock
Exchanges were likewise "open yesterday. In Philadelphia and
Pittsburgh the Exchanges were closed, Good Friday being a
legal holiday in Pennsylvania.
— That trust companies in Ind iana may conduct what
amounts to a general banking business would appear to
follow from the opinion delivered March 14 by State AttorneyGeneral James Bingham . An opinion rendered by him in
February had encouraged a contrary notion. The first
opinion, the “ Indianapolis News” says, was given in answer
to a question raised by State A uditor J . C. Billheimer.
Mr. Bingham , in response to this query, gave itas his opinion
th at trust companies under the Acts of March 4 1893 and the
amendatory Acts thereof, had no right to engage in a general
banking business. In order th at there m ight be no dis­
turbance in the business of trust companies which included
banking features in their operations, steps were taken to
have enacted a bill under which they would be authorized
to conduct a banking business. This bill passed the Senate
but was defeated in the House. Thereupon, to determine
definitely the regulation and supervision of the companies

M a r . 30 1907. j

THE CHRONICLE.

725

in accordance w ith the law, another inquirj^ was addressed
by Mr. Billheimer to the Attorney-General propounding
certain specific questions, and asking th a t the former opinion
be reviewed. Mr. Bingham , in his latest opinion, defines
the powers of trust companies w ith regard to banking as
follows:

moved to New York and the following year formed the firm
of Austin Corbin & Co.; in 1874 the name was changed to the
present title of the Corbin Banking Co. Mr. Edgell, a sonin-law of the late Mr. Corbin, became a partner in 1890, and
in 1896 the other existing member, a son of the founder,
was adm itted to partnership.

“ A tru s t c o m p a n y m a y receive deposits a n d allo w th e m to be checked
a g a in s t, a n d p a y such checks t h a t m a y be g iv e n b y depositors to t h ir d
partie s in th e sam e m a n n e r as checks are u s u a lly p a id b y b a n k s.
“ A tru s t c o m p a n y m a y issue d rafts to th ir d partie s to th e e x te n t t h a t
It a m o u n ts to issuin g its check u p o n a b a n k h o ld in g a de p o sit o f such tr u s t
c o m p a n y , in p a y m e n t of a c heck d r a w n o n a c c o u n t o f a de positor in such
tru s t c o m p a n y .
“ A tru s t c o m p a n y m a y lo a n Its fu n d s a n d m oney s on pe rsonal securities,
a n d b u y com m ercia l p a p e r .”

— Gen. James M. V arnum , who died on Tuesday as a re­
sult of injuries received in an automobile accident, was one of
the founders of the Fulton Trust Co. of this city. He served
as trustee, and on the executive committee since its organiza­
tion, and was for m any years the counsel of the com pany.
Appropriate resolutions w ith respect to his death were
adopted by the trustees of the company at a meeting this
week.

— Dividend payments on the stock of the Mechanics’
National Bank of this city have been changed from semi­
annual to quarterly, a dividend of 3 % having been declared
payable April 1. This is an increase in the rate per annum
from 10% to 12%.
— The Hudson Trust Company of this city has decided to
discontinue the practice of remaining open evenings and
announces th a t, beginning Monday next, its banking hours
will be from 9 a. m . until 4 p. m . Since September 4 the
company has been conducting business daily up to 1 a. m .,
b ut finds that there does not exist sufficient dem and for
the continuance of business beyond the usual banking hours.
A m onth ago the Times Square branch of the Mechanics’ &
Traders’ bank also gave up the experiment of conducting
business at night.
— The additional capital, am ounting to $77,300, authorized
a year ago by the stockholders of the Pacific Bank of this
city, has been adm itted to the Stock Exchange, m aking the
total am ount listed $500,000. The bank has a surplus fund
of $500,000 and undivided profits of $284,029.
— The new stock of the New Amsterdam National B ank of
this city has also been adm itted to listing on the Stock E x ­
change. The additional am ount, $500,000, brings the total
capital up to $1,000,000. The proposition to enlarge the
capital was approved by the shareholders May 14 1906.
O n the following day the directors declared a dividend of
$500,000 out of surplus and profits, to shareholders of record
May 4, which was applied as paym ent for the new stock.
O n December 31 1906 the institution reported, in addition
to its capital of $1,000,000, surplus of $200,000 and a profit
and loss fund *of $59,947. The deposits on the same date
were $6,834,979 and the total resources $8,539,260.
— In response to the application made on March 19 by
the Irving National Exchange Bank of this city, its total
capital of $2,000,000 was adm itted to the Stock Exchange
list on Wednesday. The capital of the bank (formerly the
New York National Exchange) was increased from $1,000,000 to $2,000,000 at the time of consolidation with the
Irving National, the stockholders ratifying the proposition
February 19. A cash dividend, equal in the aggregate to
$275,674, was declared from accumulated surplus of the
National Exchange Bank to shareholders of record January
21, in accordance w ith the resolution of the directors that
the surplus and undivided profits in excess of an appraised
capital and surplus of $1,500,000, be distributed to stock­
holders of record at th at date.
— James Henry S m ith, whose death in K ioto, Japan, was
announced this week, was a trustee of the Union Trust Com­
pany and Equitable Trust Company of this city and a direc­
tor of the Hanover National B ank, the Hanover Safe De­
posit Company and the Empire Trust Com pany. Mr. Sm ith
in 1899 had inherited the bulk of the large fortune of the late
George S m ith, his uncle; it is stated th at he received about
$56,000,000.
— The Corbin Banking Company of 192 Broadway, this
city, a private banking firm consisting of George S. Edgell
and Austin Corbin, filed an assignment on Thursday for the
benefit of its creditors. The assets, it is claimed in a state­
m ent made by the assignee, George C. Austin, exceed the
liabilities by over a million dollars. It is stated, however,
th a t the assets consist principally of real estate, which could
not be sold except at a sacrifice in tim e to meet m aturing
obligations. The principal real estate interests in the East
are on Long Island, at M anhattan Beach and Rockaway.
The deposits, it is stated, do not exceed $300,000. The
business of the company was founded in 1851 at Davenport,
Iow a, by the late Austin Corbin. In 1869 Mr. Corbin re­




— Subscriptions are being received by Ira A . M anning,
147 Fourth Avenue, this city, to the stock of a new in stitu ­
tion which is being organized under the name of the United
People’s Trust Com pany. Mr. M anning assisted in the
organization of a similar Philadelphia in stitutio n, the Peo­
ple’s Trust Com pany, which began business last m onth.
The stock of the New York company will have a par value of
$50 per share, and will be sold at $66, so as to create a surplus.
It has not as yet been determined w hat the capital will be,
b ut in any event it will not be less than $500,000, it is stated.
— The new M ontauk Bank of Brooklyn Borough, which
completed its organization last m onth, commenced business
on the 4th inst. at F ifth Avenue and Union Street. The
bank has a capital of $100,000 and surplus of $50,000.
For the convenience of its patrons the institution is open on
Saturday nights from 7 to 9 p. m . Henry M. R an dall is
President and H . B. Conlin Cashier.
— The Northern New Jersey Trust Com pany, organizing
at Edgewater, New Jersey (opposite 130th Street, New
Y ork C ity), has had its application to do business approved
by the State Commissioner of Banking. The institution will
have offices in the five-story building at Dempsey and River
avenues, standing opposite the ferry entrance, and com­
mence about May 1st. The capital is to be $100,000, surplus
$50,000, shares selling at $150. The com pany’s organizers
are: R . Ross Appleton, President Fourteenth Street B ank
of New York; Frank E . K nox and Thomas H . Rothw ell of
the Columbia Investm ent & Real Estate Company at Times
B uilding, New York; C. B. W arner, of the W arner Sugar
Refining Co.; W illiam G. Brady, August E . Neuman and
other local business men in the vicinity of Edgewater.
— On the 2d inst. the stockholders of the First National
B ank of Morristown, N. J ., ratified the proposition, m en­
tioned in this departm ent Feb. 2, to increase the capital from
$100,000 to $200,000. The selling-price of the new shares
was $150 each, and surplus and profits are now about $365,000.

— The title of the Citizens’ National Bank of H ornellsville,
N. Y ., has been changed to the Citizens’ National B ank of
Hornell, to conform to the change made last year in the name
of the to w n .
— H . S. Shelton has advan'ced from the cashiership to the
vice-presidency of the Connecticut National B ank of Bridge­
port, Conn. L. B. Powe has become Cashier and T. C. Cumm ing Assistant Cashier.
— Robert B. Fairbairn, President of the National R ock ­
land Bank of Roxbury (Boston), died on the 22d inst. in his
sixtieth year. Mr. Fairbairn entered the bank as messenger,
becoming Cashier about 1873 and President in 1898.
— Treby Johnson has been chosen to succeed the late J . W .
Chase as President of the Granite National Bank of A ugusta,
Me. A. E . Barbour replaces Mr. Johnson as Cashier.
— The new stock, am ounting to $400,000, to be p u t out
by the Merchants’ National Bank of Philadelphia will be
offered pro rata to the present shareholders at $150 per share .
Of this, $100 will be placed to capital, increasing it to $1,000,000, and the premium added to the surplus, raising t h a t
item from $600,000 to $800,000. Payments will be made in
six m onthly installments of $25 each. The stockholders
are to act on the proposition April 16.
— The directors of the Fourth Street National Bank of
Philadelphia on Tuesday appointed R . J . Clark as Cashier to
succeed the late W . Z. McLear. W . A. Bulkley was ap­
pointed Assistant Cashier.

THE CHRONICLE.

[V o

l

.

l x x x iv

.

— W illiam W . Brown, heretofore Cashier of the Merchants’ $900,000 and the Union Trust Company over $500,000.
National Bank of Cincinnati, was elected Vice-President and The Harris Trust & Savings B ank, successor to N. W . Harris;
General Manager of the institution on Tuesday. Edwin & Co., in this its first public statement makes the announce­
C. Goshorn was also made a Vice-President, and W illiam ment of $4,200,000 deposits.
P. S tam m , the Assistant Cashier, was promoted to the
— The National City Bank of Chicago, of which David R .
post of Cashier. These elections complete the roster of the Forgan is President, under its first call shows $3,562,000
b a n k , from which two Vice-Presidents— Albert S. Rice and deposits. This bank opened for business in Februar 3r.
How ard S. Rodgers— recently resigned, in order to give
— A useful booklet, citing “ The Powers of Trust Com­
more attention to personal interests. I t is stated th at no
panies,” has been compiled by Alfred C. Milliean for the
further changes will be made; H . C. Yergason, who has been
Wisconsin Trust Company of Milwaukee. An idea of the
a Vice-President for a num ber of years, will remain in that
nature of the publication is perhaps best obtained by qu o ting
capacity. As General Manager, Mr. Brown will practically
from the “ Foreword,” which states th a t it is the endeavor
be the head during President Ingalls’s absences.
to give a digest of the powers exercised by trust companies
— In an account filed on the 23d inst., Receiver W illiam in the various States and Territories. These powers are
H . English of the East E nd Savings Bank Company of Col­ segregated and catalogued in a table under the following
um bus, Ohio, reportsthat four dividends, aggregating 5 2 ^ % , heads: (1) Trust company powers proper, i.e ., fiduciary ;
have thus far been paid to the creditors. The institution (2) The powers of guaranty, which include the three sub­
suspended Jan . 23 1905.
divisions of fidelity insurance, surety and title insurance,
— The Franklin Savings & Banking Company of Cleve­ together w ith other forms of guaranty or trust insurance
lan d , a new organization, opened for business on the 21st which m ay be exercised; and (3) the powers of banking.
inst. at St. Clair Avenue and 55th Street. W . E . Patterson Under the last-named head there has been included three
is President and Charles A. Melcher Secretary and Treas­ various degrees of banking as they have appeared in the
urer. The institution has $50,000 capital.
several laws: (a) Strong banking powers— by which is u n ­
— James M. McIntosh, who recently retired as National derstood the right to exercise all the functions lawfully exer­
B ank Exam iner, to take the presidency of the Union Na­ cised by banks in the State in question; (b) medium banking
tional Bank of Indianapolis, has assumed the duties of his powers— by which is understood the right to do a savings
new office. He succeeds W illiam J . Richards, who has bank business, receive deposits subject to check, &c.; (c)
weak banking powers— by which is understood the right to
become Vice-President of the bank.
buy and sell bonds, stocks, exchange, warrants, negotiable
— Henry I I . Sanger lately resigned his position as Assistant
and non-negotiable paper, and other securities. A table hasCashier of the Commercial National Bank of Detroit (which
been added to show the number of trust companies in each
has arranged to consolidate w ith the First National) to
State, w ith gross capitalization and gross deposits.
become Secretary of the organization committee of a new
— The final report of Henry M. Beatty, assignee of the
bank about to be established in th a t city. The institution
Western Bank of Denver, was filed on the 20th inst. A
is to be known as the National Bank of Commerce.
third dividend was paid to the depositors w ithin the last
— The Lincoln Bank of Springfield, 111., to the organization
of which we referred Dec. 29, commenced business on the few m onths, m aking in all 68 2-3% since the suspension of
the bank in August 1905. In the District Court on the 23d
11th inst. at Sixth and Monroe streets. The institution has
inst. Judge G. W . W hitford refused to issue an order allowing
a capital of $100,000 and is under the management of Jas.
several of the stockholders to compromise the judgments
R . B. Van Cleave, President; Alfred Booth, Charles M.
against them by paying 85 cents on the dollar.
Woods and Henry A. Diksen, Vice-Presidents; Albert H .
— Officers for the newly organized Bankers’ National Bank
R a n k in Cashier, and A. L . Bowen, Secretary.
of
Kansas City, K a n ., have been elected as follows: Jno.
— Two Chicago bank removals, reported in these columns
last week as probable, are now confirmed. The Federa W . Breidenthal, President; George M. Gray, Vice-President,
N ational Bank has already moved to the H etty Green B uild­ and W . R . Berry, Cashier. The bank has a capital of
in g, on the southwest corner of Monroe and Dearborn streets, $250,000.
and the H am ilto n National will on May 1 remove to the
ground floor corner of the New York Life Building, Monroe
and La Salle, recently vacated by the American Trust &
Savings Bank.
— The unexpected call of the U. S. Comptroller for na­
tional bank statements on the 22d inst. found some of the
Chicago banks perhaps less prepared to make a handsome
comparative showing than if it had come a fortnight later;
b u t the figures on the whole are creditable, considering the
disturbed state of the money market throughout the country.
In the sixteen Chicago National banks a gain of more than a
m illion in deposits over the totals of Ja n . 26 is shown; the
loans during the same period expanded over $17,000,000.
The banks showing increased deposits are: The Prairie Na­
tio nal, $150,000; Fort Dearborn, nearly $400,000; National
B ank of the R epublic, $650,000; Bankers’ N ational, $700,000 and Continental, $4,400,000. The growth of the Con­
tinental National B ank during the past year has been quite
noteworthy. Its statement of April 6 1906 showed $53,518,796 deposits; th at of Jan . 26 1907, $60,359,561, or a gain in
one year of $11,216,170. Going back still further, we find
in 1905 the Continental’s deposits were $51,000,000; in 1900,
$31,000,000; in 1895, $9,000,000; in 1890, $7,600,000; in
1885, $5,100,000 and in 1883, $3,600,000. The adm inis­
tration of President Geo. M. Reynolds is certainly bringing
increasing prosperity to this institution.
— The current reports of the twenty-eight Chicago State
banks disclose a condition differing but slightly from that
of Jan . 28, when their last previous statements were pub­
lished. The increase in loans is a little over two million
and in deposits a little under two m illion dollars.' The great­
est gain in deposits since the last previous report is shown
by the American Trust & Savings B ank, v iz., $1,300,000.
The Western Trust & Savings Bank reports an increase of




— From Dec. 31 1906 to March 1 1907 the deposits of the
Bank of Commerce & Trust Company of Memphis have grown
from $5,959,915 to $6,116,443. This latter am ount is the
largest in the history of the company and it is also claimed
to be the largest of any bank in the State. The institution
has a capital of $1,500,000 and total assets of $8,292,923.
The officers are. J . T. Fargason, President; John H . W atkins,
Vice-President; James H . Fisher, Secretary; S. J. Shepherd,
Trust Officer; L. S. Gwyn and E . L. Rice, Assistant Cashiers.
— The United States Trust & Savings Bank has been or­
ganized in Memphis, Tenn., w ith a capital of $100,000.
M. S. Buckingham , President of the State National Bank of
Memphis, has been chosen President of the new institution.
The other officers of the latter are W . H . Wood and M. G.
Buckingham , Vice-Presidents, and W . W . Stevenson,
Cashier.
— H iram T. Gates has been elected President of the
Southern Interstate Bank of R ichm ond, V a., to succeed
S. Galeski, resigned. D . A. Ritchie is successor to Mr.
Gates as Vice-President.
— It has been decided to hold the current year’s meeting of
the West Virginia Bankers’ Association at Clarksburg on
June 12 and 13.
— The Comptroller of the Currency has approved an
application to organize the Union National B ank of Fre.-mo,
Cal., capital $150,000. C. R . Puckhaber, A. Sachs. J . I).
Collins, W . O. Miles, C. L. W alter and A. B. Clark are
interested in the project.
— The Bank of San Francisco, at San Francisco, C al.,
capital $200,000, has been incorporated. The proposed
institution will be affiliated w ith the Crocker National Bank
and will, it is said, supersede the Citizens’ N ational, or­
ganized about two years ago. The change will occur about
June 1.

M a r . 30 1907.J

— The Merchants’ Trust Com paiw of Los Angeles an­
nounces th a t G. G. Blymyer has been placed in charge of
its bond departm ent, dealing in railroad, m unicipal and cor­
poration bonds and Eastern commercial paper. Mr. B lym ­
yer was formerly w ith the banking and bond house of Plympton, Gardiner & Co. of New York and Chicago.
— John Harlan has replaced L. A. McConnell as VicePresident of the National Bank of Commerce, Los Angeles.
— The Harbor Bank of Oakland, Cal., has filed articles of
incorporation. I t is to have an authorized capital of $200,000. The incorporators are A . Kendall, J . F. Rooney,
Frank W . Bilger, H . B. Belden, H . C. Coward, B. F. Woolner, John J . Haynes, John J . McDonald, George Samuels,
J . R . Tallman and A . G. T aft.
— The Bank for Savings in Seattle, W ash., for which art­
icles of incorporation were filed recently, opened for business
on the 16th inst. The capital is $400,000. The institution
will not enter the commercial field, b ut will conduct purely
a savings bank business.

p lo n c ta ry l (£o m m crcia Igtijjl isli|Xeurs
(From our own correspondent.)

London, Saturday, March 16 1907.
The heavy fall in New York this week has over-shadowed
all other considerations in this m arket, and has brought
about a general decline here. At one tim e, indeed, on
Wednesday there was an exceedingly apprehensive feeling,
for the fall in American securities was accompanied by a fall
in consols and all other Government securities. To what the
fall in British Government securities was due is m uch de­
bated in the m arket. By some it is attributed to selling on
the part of large operators who had lost heavily in Ameri­
cans. By others it is accounted for by supposing that some
of the insurance companies which had lost heavily because
of earthquakes and unfavorable marine policies have been
selling.
W hatever the true explanation, all British Government
securities have declined during the week, and this has given
rise to alarm ist rumors. One was to the effect that a dis­
count company was in difficulties. Whether the discount
com pany works in London or upon the Continent, no two
versions of the rum or agreed. That the rumors were quite
false is certain. The large British discount companies are
so very strong th at a fall of one or two points in British
Government securities would certainly not involve them in
difficulties. Even the small discount companies could
hardly be driven to sell on the scale th a t would have brought
about the fall of this week by such a decline as has taken
place. As th a t came to be recognized, the version was
modified, and it was said th a t the discount company was a
Berlin or a H am burg com pany. Again versions varied.
The best German authorities assert th a t both statements are
absolutely false; th a t there is no difficulty in any discount
house or of any company dealing in money either in Berlin
or in H am burg. However, the rumors had their effect in
alarm ing holders and leading them to sell.
There has up to the present been no material recovery.
.There have of course been ups and downs, but upon the
whole consols are even lower than on Wednesday. At the
fortnightly settlement which closed on Thursday there were
two failures. One of them was of a firm, the head of which
had been a member of the Stock Exchange for 49 years.
The firm had at one time a very large business, and though
the business has shrunk, still it stood well in the House.
It is believed th at its misfortune is due not so m uch to over­
speculation on its own part as to reckless gam bling on the
part of a client Avhom it trusted unwisely.
All departments of the Stock Exchange shared more or
less in the decline, b u t the departm ent which suffered least
has been th at for Seuth African m ining shares. The speech
made by General Botha, the new Prime Minister of the
Transvaal, has made an exceedingly good impression. He
declares th a t his policy will be loyalty to the flag and an
earnest endeavor to unite the two great white races. Tele­
grams from Mr. J. B. Robinson, one of the im portant
m ining magnates, have also made a favorable impression.
He declares th a t the mines w ith which he is connected are
able to secure as m any native laborers as they require. In
fact, he states th a t he is at present compelled to refuse offers
of laborers because he has not ready accommodation for them
on the R an d .
In Paris the Bourse has been very unfavorably affected
by the state of the New York and London Stock Exchanges.
Moreover, the dislike of the Income Tax Bill grows stronger;
an d, w hat is still more serious, there are again apprehensions
regarding Germany. Germany alleges that France is over­
stepping the authority given to her by the Algeciras Con­
ference. In other words, France and Germany differ as to
the interpretation to be put upon the convention adopted
b y the Conference. France alleges th at she cannot give
way; that if she showed that she is not free to act in Morocco
she would encourage the Mussulmans of Algeria to revolt;




727

THE CHRONICLE.

and th at therefore her position in Algeria makes it indis­
pensable for her th a t she shall have a free hand in Morocco.
Germany, it is feared, is unwilling to agree, an d consequently
there has been more or less of apprehension in Paris this
week, and there has been heavy selling of copper and diam ond
shares, which recently had such a very remarkable rise.
In Germ any, also, there is an ..unsettled feeling. On the
one hand, there is anxiety because it is believed th at the
negotiations between this country and Russia are pro­
gressing most favorably, and therefore Germans fear th at
they may find themselves confronted by a coalition of E ng­
lan d, Russia and France. The fear is quite ungrounded,
unless of course Germany meditates offensive action. Still
the fear exists. Moreover, there is a fear in certain sections
of society in Germany th a t the Em peror, dissatisfied w ith
his isolation, m ay effect a coup d ’etat. These political ap­
prehensions have added to the effect of the fall in New Y ork
and business has been exceedingly dull in Berlin. Lastly,
the unfavorable impression has been heightened by the rise
of the Bank of the Netherlands rate of discount. In the
Netherlands speculation, especially in Americans, has been
ram pant for some time past, and as gold was being shipped
very freely to New York the Bank of the Netherlands judged
it to be essential to put up its rate to protect its reserve.
Money in London, in consequence of all the foregoing,is
exceedingly stringent, the rate for three m onths’ bills being
5 to 5H % The In d ia Council offered for tender on Wednesday 80
lacs, and the applications exceeded 308 lacs, at prices ranging
from Is. 4 l-16d. to Is. 4 5-32d. per rupee. Applicants for
bills at Is. 4 l-16d. and for telegraphic transfers at Is. 4 ^ d .
per rupee were allotted about 5 % of the am ounts applied for.
The following return shows the position of the Bank of
England, the Bank rate of discount, the price of consols, &c.,
compared w ith the last four years.
1907.
Mch. 13.
£
27,745,960
17,262,224
40,203.313
15,449,756
33,651,380
26,687,756
35,983,716

1906.
Mch. 14.
£
27,926,725
19,120,720
41,012,269
16,114,822
33,722,986
28,635.278
38,112,003

1905.
Mch. 15.
£
27,087.250
16,266.646
44,515,143
15,589,105
32,424,190
31,129,319
39,766,569

1904.
Mch. 16.
£
27,561,390
13,720,681
38,642,241
19,224,851
24,292,522
26,561,863
35,673,273

1903.
Mch. 18.
£
28,129,305
14.681,743
40,979,868
14,668,318
32,274,570
27,181,736
37.136.041

Circulation.
____
Public deposits____
Other deposits_____
Governm’t securities
Other securities____
Reserve,notes&coin
Coin&bull. .both dep
Prop, reserve to lia­
50 9-16
46%
47 9-16
51H
bilities.-____ p. c.
4
4
4
2%
B ank rate_____ p. c.
5
91%
90%
91 %
Consols, 214 P- c___
85%
22 7-16d.
29%A. 26 15-16d.
S ilv e r....................... 31 ll-16d.
Clear .-house returns 222,778,000 261,348,000 268,032,000 195,180,000 207,584.000

86^
26J^d.

The rates for money have been as follows:

March 8.
March 15.
B ank of England rate.............
5
5
Open Market rale—
4%
B ank bills— 3 m onths____ 5 1-16 @5%
— 4 months____ 5 1-16 @5%
4 :X
5
— 6 m onths____
4 % @4 %
Trade bills— 3 m onths____
5® 5%
5 ^@ 5M
— 4 m onths____
5% ® 5 %
5@ 5%
Interest allowed lor deposits—
B y joint-stock banks_______
3%
3%
B y discount houses:
3%
A t c a ll............. ................
3%
7 to 14 days . ------3%
3H

March 1.
5

Feb. 22.
5

4% @4 13-16 4 13-16 © 4 %
4%
4%
4%
4% ® 4 %
5
5
5
5
3%

3%

3%
3H

3%
3X

The B ank rates of discount and open m arket rates at the
chief Continental cities have been as follows:

March 2.
March 9.
March 16.
Bank Open
Bank Open
Bank Open
Rates of
Rate. Market. Rate. Market. Rate. Market.
Interest at—
3
3
3
3
3
Paris_____________
3
6
4%
6
B erlin...................
6
5%
5a
6
6
6
H am bu rg_________
5%
5%
4%
6
4%
6
F rankfort ...........
6
5%
5%
5
Amsterdam _____
5
4%
6
5%
4%
4
4
3 15-16
3%
4
3 15-16
Brussels ...............
4%
Vienna . _______ --- 4%
4% 4 3-16
4H
4M
__
__
7
7
S t. Petersburg____
7
4
4%
4
4
4%
M adrid_____ ______ --- 4%
6
6
Copenhagen........... . 6
5%
5%
5%

Feb. 23.
Bank Open
Rate. Market.
3
3
6
4H
6
4%
6
4>A
5
4H
4
3%
4%
4%
__
7
4
4%
6
5%

Messrs. Pixley & Abell write as follows under date of
March 14:
G O L D .— The B ank succeeded in buying the gold in the open market, am ounting
to about £250,000, b u t only by putting the price up to %&. so as to avoid the Ameri­
can demand. Since our last, the B ank has received £942 000. of which £663,000
Is in bars, £206,000 in U . S. gold coin from Paris and £73,000 in French gold. Against
this, £ 1,060,000 has been w ithdrawn, consisting of £500,000 on In d ia n account and
£560,000 sent to South America. For the week: Arrivals: C ape,£376,000; Austra­
lia, £6,000; total, £382,000. Shipments— B om bay, £116,800; Colombo, £8,500
Calcutta, £45,000; total, £170,300. For the m onth of February: Arrivals— Ger­
m any, £180,000; E gypt, £750,000; Brazil, £30,000; South Africa, £ 1,878,000; In d ia,
£209,000. Shipments— E gypt, £200,000; Brazil, £877,000; Argentine, £1,020,000;
In d ia, £691,000.
S IL V E R .— The market rallied to 31 15-16d. on some inquiry for the In d ian B a­
zaars, b u t this was soon satisfied and, w ith some signs of the In dian Government
being less eager to buy, the price reacted to 31 7-16d., a t which the market closes dull.
Forward is now Md- under cash. The Indian price is Rs. 80
per 100 Tolahs. For
the week: Arrivals— New Y ork, £317,000; Chili, £8,000; total, £325,000. Ship­
ments— B om bay, £136,200; Colombo, £2,500; Calcutta, £203,300; Singapore
(coins), £61,500; total, £403,500. For the m onth of February: Arrivals— U . S A .,
£719,000: In d ia, £150,000; France, £47.000. Shipments— In d ia, £1,839,000;
France, £258,000.
M E X IC A N D O L L A R S .— There is no business to report in dollars. Arrivals—
New York, £45,000; Shipments— B om bay, £40,200; Calcutta, £128,400; total,
£168,600.

The quotations for bullion are reported as follows:

GOLD.
Mch. 14.
London Standard.
s. d.
Bar gold, fine, o z_____ _77 9%
U . S. gold, o z................76 5
German gold coin, o z .. 76 5
French gold coin, oz____76 5
Japanese yen, oz_____ _76 4%

ILVVEERR. .
Mch. 7-1
SSIL
Mch. 14. M ch. 7.
LondonStandard.
Standard
s. d. | London
d.
d.
Bar silver, line, o z--- 31 7-16
77
31 11-16
“ 2 mo. delivery, oz.31 3-16
31 9-16
76 4%
76 4% I Cake silver, oz............. 33 15-16 34 3-16
nom.
76 4% I Mexican dollars----- nom.
76 4%

The following shows the imports of cereal produce into
the United K ingdom during the season to date compared
w ith previous seasons:
IM P O R T S.
Twenty-eight weeks.
1906-07
1905-06.
Imports of wheat..................... cw t.43,026.700 42,645,200
Barley ............................................14,087,900 14,503,800
O a ts ................................................. 5,956,500
6,680,500
Peas_________________ _____ _______ 1,129,960
1,107,205
Beans ___________ ________________
585,570
483,030
In d ian c o rn .......................................27,052,400 25,766,200
Flour ............................................
7,518,800
8 695,100

1904-05.
54,379,300
14,333,900
7.293,900
1,254,451
970.310
24 529.600
6 466,520

1903-04.
47.820,961
21,123,068
9,209,498
1,354,959
1,454.858
2S,472,597
12.952,924

THE CHRONICLE.

Supplies available for consumption (exclusive of stock on
September 1):

59,545,934

+7,598,018

+12.7

The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
Re-exports.
J a n u a r y ............. ..............................
February ..........................................

1907.
£
8,793,276
9,425,830

1906.

£
7,445,855
7,995,860

Difference.

£

+ 1,347,421
+ 1,429,970

PerC t.
+ 18.2
+ 17.8

T wom onths............. .................... 18,219,106
15,441,715
+2,777,391 +18.0
Note.— The aggregate figures are official. They indicate that slight adjustments
have been made in the m onthly returns as issued.
E n g li s h F in a n c ia l M a r k e t s — P e r C a b le .
T h e d a i l y c lo s in g q u o t a t io n s f o r s e c u r itie s , & c ., a t L o n d o n
a s r e p o r t e d b y c a b le h a v e b e e n a s f o llo w s t h e p a s t w e e k :
London,
Week ending March 29.
Sat.
M on.
Tues.
Wed.
Thurs. F r i.
Silver, p e roz........... ............d_ 30 15-16 30 7-16 30 9-16 30 13-16
Consols, new, 2 H P erce nts.. 84 13-16 85
85 3-16 85 5-16 85 11-16
F oraccou nt---- ------- 84 13-16 85
85 3-16 85 5-16 85 11-16
French rentes (in P aris)- .fr. 94.80
C94.67K 94.70 94.62y2 94.72}$
R ussian Im perial 4s-............. 75
78%
75lA
76
75M
do
do
new 5 s . 82M
83%
83M
84M
83M
Amalgamated Copper Co--- 93
93
83%
88K
86 vi
6 Anaconda Mining Co----- 12%
12%
11%
1 2 1 2 ^
Atchison Topeka & Santa Fe 91
89%
89%
92%
91%
Preferred ........................... 97
97
95
97
97
98%
94%
98%
97%
Baltim ore & Ohio-................. 98%
Preferred ................... ..
91
91
90
90
90
Canadian P acific.................... 167%
166%
168%
174%
174%
Chesapeake & O hio------- 39%
40%
38%
41
40%
Chicago Great Western---- 14
14
13
13%
13%
Chicago Milw. & St. P a u l . . . 137
137
134
135
134
Denver & R io Grande, c o m .. 31%
30
29%
31
30
Preferred ............................ 75
74%
72%
72
72%
Jh
E rie, common........... .............. 24
26%
25%
26%
24%
<1
First preferred................... 62
61
61
63!^
62
Second preferred...............38%
40
38
40
38%
140
144
146
145
£
Illinois Central.......................147%
Louisville & Nashville______ 119
118
114
120
119
q
Mexican Central..................... 20
20
19
21%
21
o
Missouri K an. & Tex., c o m .. 36
35%
33%
35%
34%
O
Preferred ........................... 66
66
62%
64%
64
9
N ational R R . of Mexico---- 51%
51
50
50
49%
N . Y . Central & H u d. R iv er. 121
121%
119
123
121
N . Y . O nt. & Western........... 38
37%
36
38%
37%
^
Norfolk & Western, com____ 78
76
74
76%
77%
B
Preferred ........................... 82%
82%
82%
82%
82%
J
Northern Pacific..................... 127
124
119%
127
125
O
a Pennsylvania....................... 62
61
62
63%
62%
»
a Reading Co........................... 50%
50%
48%
52
53
a First preferred.................44%
43%
43
43%
43%
a Second preferred............. 44
43%
43
43%
43%
R ock Island Co....................... 20%
21
20
20%
20
Southern Pacific..................... c78%
77
75%
79%
78%
Southern R y ., com................. 21
22
20%
22%
21
Preferred ......................... .. 72%
75
72%
75%
76
132%
132
138
137%
Union Pacific, com................. 135%
Preferred ........................... 9 0 .
90%
90
90
90
U .S . Steel Corp., c o m .......... 35%
34%
34%
36%
35%
Preferred . ' . ....................... 101%
100%
98
101%
100
W abash ..................... ............14
14
13
14
14
Preferred ........................... 26
25
23
25
24%
Debenture B s..................... 60
60
60
60
60
a Price per share.

6 £ sterling,

F O R E IG N T R A D E OF N E W
Y O R K — M ONTHLY
S T A T E M E N T .— In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for tl^p full months, also issued by our New
York Custom House. The first statement covers the total
imports and exports of merchandise and the Customs re­
ceipts for the eight months of the last two seasons:
Merchandise Movement to New York.
Imports.
1906-07. I 1905-06.
$
J u l y ......... 62,679,926
August . . 62.182.906,
September 58,644,148'
October . . 69,513,980
November 70,307,143
December 83,875,573
J a n u a r y ..1 75,330.156:
February.' -73,357,400

$
51,186.894
54.208.572
58,143,285
68,407,750
58.785,883
62,084,602
65,414,702
63,034,102

Exports.
1906-07. 1 1905-06.
$
44.601.647
56,153,299
49,638.991
55,658.846
52,503,128i
50,934.135
54,687,930
51,324,211

$
40,183,484
48,845.396
45,900,930
49,281.9911
50.593,921
59,600,112
57.601,992'
48,721,595

Customs Receipts
at New York.
1906-07.

1 1905-06.

$
17.955.839i
19.081,828;
17.161,861
18,946,438
17,792,149
19,608,553!
19.970.981
18,096,641

$
14.538.886
17,507,283
17,030,037
17,869,567
15,883.365
16,255,884
IS ,703,721
16,322,548

Totals . . 555,891,232 481,265,790 415,402,187 400.729,421 148,614,290 134,111,291

The imports and exports of gold and silver for the eight
months have been as follows:




Auction Sales.— Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H . Muller & Son:
Stocks.
|
B onds.
10 R a m a p o W a te r C o ..............
5
S50.000 C u b a n R e p u b lic 7s. Issue
20 D o m in io n C oppe r C o ., $10
of 1869_________________ ______ $33 0
e a c h ------------ 55 % p e r sh $13,000 A llls-C haim ers C o. 5s
50 G u g g e n h e im E x p lo r. C o ___ 235 %
1936
__________________ ____
80
40 H u d s o n T r. C o ., N . Y ..........97
$3,000 B k ly n . H ts . R R . 1st 5s
335 Bleecker S t. & F u lt o n F ’y
1941. A . & O . ............ ...........105
R R .....................................
27
$7,700 B o o n to n G a s L t . & Im p .
200 F . O . Green C o _______ $200 lo t
C o. 1st 5s 1952. M . & S . .
70%
10 S ch w arzschlld & S ulzberger
$ 1,200 S ta n d a r d Cordage Co.
C o ............................ .............180
1st 5s 1931. A . & O ____
.4 5
10 B a n k o f N e w Y o r k , N .B .A .2 9 8
$900 S ta n d a rd Cordage C o. A d ­
28 B o w lin ? G reen T r. C o ______440
ju s tm e n t 5s 1931. A . & O
10%
21 S ta n d a rd Cordage Co. c o m . 4
$9,000 T re n to n W a tc h Co. Class
A B o n d s F e. 1906 c o up
$120
$777 C oupo ns T r e n to n . W a tc h
C o. b o n d s _______________ . . . . . $ 2 5

c Ex-dividend.

Com m ercial and IK is ccllau coxxs <itcxus

Month.

R E C E IP T S A N D D IS B U R S E M E N T S (000s om itted).

I

T w o m o n th s ..................... .......... 67,143,952

;

+ 14.0
+ 11.5

£

"»v

+ 4,295,796
+ 3,302,222

1,704 2,050
1,611 1.136
1,972
1,633 2,929 2.721 15.756
1,293 1.394 2,021 1,460 2,378 2,155 2.469 2,304 15,474

Difference.

G O V E R N M E N T R E V E N U E A N D E X P E N D IT U R E S .—
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the month of
February. From previous returns we obtain the figures for
previous months, and in that manner complete the state­
ment for the eight months of the fiscal years 1906-07 and
1905-06. For statem ent of February 1906 see issue of A p r il 21
1906, page 908.

I. *

1906.
£
30,774,811
28,771,123

5,638,359^3,253,178 25.026,029
1

I

1907.
Exports.
£
J a n u a r y ............................................ 35,070,607
F e b ru a ry .......................................... ___________
32,073,345

1906-07.

$
t
270,689 3.822,728
380,662 3,768,442
334,834 3.326,881
323,085 2,117.519
525,576 2,607,461
734,824 3.251,168
431,575 2,575,282
251,933 3,556,548

Disbursed 1906..................................................
Disbursed 1905.....................................................

+ 12.3

The exports since Jan. 1 have been as follows:

S
S
$
469,424
38,982 1,041,294
413,224
24.929
127,900
1,881.931
70,248
285,100
7,455,721 203,343
95,320
261,740
39,631
173,0t)0
377,127 865,111
282,370
290,015 1,367,113 1,043,875
266,134 335,588 2,589,500

Exports.

1906-07.

disbursed . .. 63,129 52,150 41.310 55.710,46,871 44,932!46,920 43,721 394,743
Red. Fund—
1906........................................
3,003 2,310 2,989
1,152 2.304 2,344 1,731 3,292 19,125
1905.............................................
956 2,610 2,301 2,545; 3.004
1,750 3,257 7,148 23,571

+12,462,269

+13.2
+11.3

1905-06.

Silver— New York.
Imports.

Total disbursed--. 65,814 47,848)40,270 54,618)48,323 46.537i27,827|45,720 396,957
Disbursent'ts 1905-06—
Civil and miscel.. j 15.659 10,238 8,401 13,7501 9,428 8,254lll,944
8,240 85,913
W a r ........................ .12,686 8,933 6,613 10,040! 6.492 6.233 7.672 7,451 66,119
Navy ..........................
10,755 10,042 9,379 9,687110,064 9,419| 9,409 8,286 77,042
In d ia n s ...........................
1,648
1,5741
697 1,053! 1,131
6671
971 1,073| 8.815
P e n s io n s .... ....................
12,101 14,102 11,313 10,323 13,687 10,93si 10,865 12,438 95,767
Public W orks ........................j 6,251 5,630 4,681 6,561 4,322 t.,089j 4,210 5,067 42,812
Interest .....................................
4,029
1,631
226 4,29o! 1,747 3,332j 1,849
1,166
18,275

101,001,586

£

+ 7,066,175
+ 5,400,094

Per Cl.

1906-07.

49,273 47.490 5 .251 50,493,49,001 50,350 50,790 48,195395,844
Total receipts--------Disbursem’ls 1906-07—
Civil and miscel_________ j 15,561 7,688 9,131 13.632 10,281 8,734! 11,307 10,08386,417
War ............
14.257 8,833, 8,336 11,056
7,595 6,6981 7,910 7,59672,281
Navy . . ...... 110,547 7,284) 7,041 8,1311 7,781 7.715 8,715 6,502
63.716
In dian s- ...... j 1,987 2,249|
659 1,262
1,610
1,401
696 1,009
10,873
11.961 13,112 10.894 10,124! 13,666 10.799 10.464 13,46094,480
Pensions ......
Public W orks ....................
7,460 7,137 4,034 6,368 5,642 4,844! 7,336 5,97948,800
Inte rest..I 4,041 1,545|
175 4,045; 1,748 6,346| 1.399
1.091
20.390

£

53,474,333
47,527,253

Difference.

Total receipts....................
52,299 56,007 51,497 57,242 55,602 55,814 55,237 53,926 437,627
Receipts 1905-06—
C ustom s ............................ 121,590 26,181 27,244 25,622 24,269 24,963 26,890 23,833 200,592
Internal revenue________
21,089 19,556 20,798 22,174!21,730 23,221 19,775 18,229 166,572
Miscellaneous ..................
6.594
1,753 2,209 2,697j 3,002 2,166 4,125 6,133] 28,680

T w o m o n th s ............................... 113,463,855

1906.

[Receipts 1906-07—
$
$
$
$
$
$
{
$
$
I C ustom s.
26,177 29,012 27,280 27,776 25,921 28,641 29,186 27,554 221.547
Internal revenue -----22,102 21,853 21,491 24,730 24,860 23,585 20,076 20,505 179,202
Miscellaneous ..................
4,020 '5,142 2.726 4.736 4,821 3,588 5,975 5,867; 36,875

1907.
Imports.
£
January ............................................ 60,540,508
F e b r u a r y ......................................... 52,927,347

Totals
months.

The British imports since Jan. 1 have been as follows:

Exports.

T o ta ls _______ 52,244,368 11,415,316 2,944,945

Feb.

Last week.1906.
1905.
3,590,000
3,875,000 4,110,000
170,000225,000
160,000
670,000605,000
320,000

Jan.

This week.
W h e a t ........................................qrs. 3,695.000
Flour, equal to......................... qrs.
180,000
M a iz e .........................................qrs.
670,000

Dec.

The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom :

Nov.

71,962,287
29s. Id .
27s. Id .

1905-06.

$
Ju ly ................... .. 4,147,352
A u g u s t _________ 1,330,277
S e p te m b e r_____ 25,822,574
O ctob er_________ 17,320,171
625,028
December _____ 1,380,413
January _______
388,410
February ______
1,230,143

Oct.

71,008,614
30s. 9d.
30s. 4 d.

Imports.
1906-07.

Sept.

72,896,171
28s. 5d.
28s. Id .

1903-04.
47,820,961
12,952,924
11,188,402

A ilq.

--- 67,458,340
--26s. 8d.
........... 26s. 4d.

1904-05.
54,379,300
6,466,520
10,162,794

July.

Total __________________
Average price wheat, week.
Average price, season_____

1905-06.
42,645,200
8,695,100
21,555,871

Gold Movement at New York.
Month.

000s omitted.

1906-07.
W heat im ported_________ — cw t.4 3 ,026,700
Im ports ot flour-........... ------- 7,518,800
Sales of home-grown____
...16,912,840

[V o l . l x x x i v .

Total
Nat. Rank
Receipts
Receipts

728

DIVIDENDS.
W e have changed the method of making up our weekly
list of dividends. Heretofore our record has included only
the dividends announced each week, but for the convenience
of our readers we now enlarge the scope of the compilation
so as to show also dividends previously declared, but the
date of payment of which has not yet arrived.
In the new
form the statement indicate* all the dividends announced
for the future by all large or important corporations.

Dividends announced this week are printed in italics.
Name of Company.

Railroads (Steam)
Beech Creek, guaranteed (quar.).............
Koston & Maine, common (quar.)...........
Buffalo & Susq., com. (quar.) (No. 32)"'
Canadian Facilic, common.......................
C omm on. extra.......................................
Preferred ........................................... _ J
Chicago & Eastern Illinois, pref. (quar.).
Chlcaeo Great Western’, preferred ‘ A " . .
Chicago Mllw. <fc St. Paul. com. & p re f..
Chicago & North Western, preferred...
Chicago Rock Isl. & Pacific R y . (quar.).
Cleve. C in. Chic. & St. Louis, pre). (quar.'i
Cleveland Lorain & Wheeling, preferred.
Colorado & Southern, tlrst preferred____
Second p-eferred...................................
Cripple Creek Central, ccrm. (quar.) (N o.7)
Preferred (quar.) (No. 8 )..................... ..
D thwareLackawanna & Western (quar.).
Krle R R spcond preferred_____________
Genesee & Wyoming______ ______ _______

Cenl.
1
1*4

1H

Payable.
Apr.
April
A p r.

April
3
H April
9
April
1 « Apr.
2H April
3 H Apr.
i April
2
April
m
IH Apr.
Apr.
2A
‘
2 April
April
Apr.
Apr.
1
2*5 Apr.
2
April
Apr.

Books Closed.
Days Inclusive.

1 Holders
1!Holders
1
2 Mch. 2
2 Mch. 2
2 Mch. 2
1 Mch. 14
1 Mch. 10
20 Holders
1 Mulders
1 Mch. 16
20 H olders
1 Mch. 21
1 Mch. 17
1 Mch. 17
20 Apr. 11
20 A p r. 11
20 Apr. 4
91 M ch 13
1 Mch. 20

of rec. Mch. 23
of rec. Mch. 1
to
to
to
to
to
of rec.
of rec.

April 2
April 2
April 2
Mch 17
April 1
Mcb. 70
Feb. 2
to
Mch. 31
0/ rec Mch. 30
Apr. 1
to
Apr. 1
to
Apr. 1
to
Apr. 20
to
Apr. 20
to
Apr. 19
to
April 9
to
Apr. 1
to

THE CHRONICLE.

M a r . 30 1907.]

Name of Company.

Per i When
Cent. Payable

Railroads (Steam) (Continued)
Interborough R a p id Transit (q u a r.)--2K
M aine Central (quar.)__________________
m
M anhattan R ailw ay (quar.)____________
IK
2
Minn. St. P aul & S. S. M ., com. (No. 8 ).
Preferred_____________________________
3K
New York Central & Hudson R iv . (quar.)
IK
2
New York & Harlem, com. and pret--2
New York New Haven & Hartford(quar)
Northern Pacific (quar.)______ __________
IK
Pittsburgh Bessemer & Lake Erie, com.
IK
P itts. F t. W ayne & Chicago, reg. (quar.)
IK
Special guaranteed (quar.)...................
IK
2
Railroad Securities, preferred.....................
2
Reading, second preferred_____________
$5
Rio Grande Junction______________ _____
i
S t. Louis
San Francisco, first pt. (qu.)
Southern Pacific Co., common (No. 2 ) ..
2K
Southern, preferred____________________
2K
2
Toledo St. Louis & Western, preferred-.
5
Union Pacific, common_________________
2
Preferred ___________________________
Utica & Black River, guaranteed________
3K
Street Railways.
American Cities R y . & L t., pref. (quar.)
IK
Aurora Elgin & Chicago (q u a r .)...'_____
IK
Bangor Railway k Electric (q uar.)_____
1K
Boston Suburb. Elec. Cos., pref. (quar.)
75c.
$3
Cape Breton Electric Co., Ltd.,pref...........
Cincinnati Street Railway (q uar.)...........
IK
C in.N ew p. & C ov.L t. & T r.,pfd.(quar.)
IK
Dallas Electric Corporation, preferred.
2K
Detroit United Railway (q uar.)________
1K
Easton (Pa.) Consolidated Electric_______
2K
Forest City Railway (Cleveland)_______
IK
1
Havana Elec. R y ., pref. (quar.) (N o. 5).
H oughtonCo.(M ich.) St. R y .,p f.(N o .lO )
3
Interborough-Metropolitan, pref. (quar.)
IK
Johnstown (Pa.) Passenger (quar.)_____
K
1
Louisville Traction, com. (quar.)_______
Preferred ______________ _______. . ’___
2K
Memphis Street R y ., preferred (quar.)___
IK
Metropolitan Street R y . (N. Y .) (quar.).
IK
Met. West Side Elev. (Chic.),pref. (quar.)
K
New Orleans R y . & Light, pref. (quar.).
IK
Philadelphia Company, common (quar.)
IK
$2
Philadelphia Traction..............................
Portland (Ore.) R y ..L t.& P .,pref.(qu ar.)
IK
R idge Avenue Pass. R y . (Phila.) (quar.)
,«3
Rochester (N. Y .) R y .. pref. (q uar.)____
IK
S t. Joseph (Mo.) R y., L..H .& P.,pf. (qu.)
IK
2
Sao Paulo (Brazil) T ram .,Lt.& P. (quar.)
Savannah Electric Co., pref. (No. 11)___
3
3
Seattle Electric Co., preferred (No. 13)-South Side Elevated (Chicago) (q u a r.)..
1
Spokane & In lan d Empire R R ., pref. ctfs.
IK
Springfield (III.) Ry. & Light (quar.)____
1
Syracuse R a pid Transit, preferred (quar.)
IK
Tampa (Fla.) Electric C o . ........................
5
1
Toledo Ry s. & L ig h t ...................................
Tri-City Ry.& Lt.(Davenport,Ia.)pf.(qu.)
IK
Twin City Rap. Trans. (M inn .), pf. (qu.)
IK
Union Traction of Indiana, preferred___
2K
United Railways, St. Louis, pref. (quar.)
IK
United Trac. & Elec.,Providence (quar.)
IK
W ashington W ater P ., Spokane (quar.)
IK
W est E nd Street R y. (Boston), common
3K
Banks.
4
Chatham National (q u a r.)._____ ________
Coal & Iron National (quar.)...................
IK
2
Commerce, National B ank of (quar.)___
First National, Brooklyn ( q u a r .) ...........
4
8
First National, New York (quar.)________
6
Gallatin National (No. 149)_____________
Garfield National (quar.)......... ................
3
Hanover National (quar.)______________
4
Liberty National (quar.)_________________
5
Manufacturers' National (B klyn. (quar.)
3K
Market & Fulton National (quar.)______
2K
Mechanics National (quar.)................. ......
3
Metropolitan (quar.)___________________
1
Nassau National, Brooklyn (quar.)______
3
New Amsterdam National (quar.)...........
3
Nineteenth W ard ( q u a r .) .......................
2K
North America, N at. Bank of (quar.)___
2
E x tra .......................................................
3
Oriental (q u a r .).........................................
2K
Park National (q uar.)................... ............
4
Trust Companies
4
Bankers' (q u a r.)-------- ----------5
Bowling Green (quar.)......................... ......
Central (quar.)........................................... 15
E quitable (quar.)...................... ............ . .
3
3
Fifth Avenue (quar.).................................
Franklin, Brooklyn (quar.) (No. 67)____
3K
5
Guaranty (quar.)________________________
Lincoln (quar.)............................... ............
3
Long Island Loan & Trust, Bklyn (quar.)
3
Mercantile (quar.)________ *___________
5
Metropolitan (quar.).................................
6
Morton (q uar.)................................... ........
5
New York (quar.).....................................
8
Title Guarantee & Trust (quar.).............
4
Trust Co. of America (quar.) (No. 23)-8
2
E x t r a ..................................................f..
Union (quar.)----- ------------12K
V an Norden (quar.)----------. -- 2
W ashington (quar.)------- _----3
Williamsburg/), Brooklyn (quar.)____
2
Miscellaneous.
Aeolian, Weber Piano&Pianola. pf. (qu.)
IK
Amer. Agricul. Chcm., pref. (No. 16)-3
Am. Beet Sugar, pref. (No.31) (q u a r.)..
IK
Amer. Brake, Shoe & Fdry., com. (quar.) j 1
Preferred (quar.)______________________
IK
American Can, pref. (quar.)................... .. i I K
Amer. Car & Fdy.,com . (quar.) (No. 18) ]
K
Preferred (q u a r) (No. 32)--------IK
American Caramel, preferred (quar.)--2
American Chicle, common (monthly)---1
Preferred (quar.)............................... —
IK
3
American Express_____________________
American Ice Securities (quar.)............... | I K
American Iron & Steel M fg., com. (quar.)
(e)
Preferred_____________________________
(c)
American Locomotive, common (quar.)_| I K
Preferred (quar.)...................................
IK
2
American Pipe Manufacturing (q u a r.)..
American Screw (quar.)_________________
2K
Amer. Seeding Machine, com. (q u a r.)..
1
American Sewer Pipe (quar.)................. - 75c.
Amer. Shipbuilding, pref. (quar.)_______
IK
Am. Smelt. <fc Ref., com .(quar.)(No. 14)1 I K
Preferred (quar.) (No. 31)___________
IK
American Snuff, common (q uar.)______
2K
Preferred (quar.)............................. ......J
IK
Amer. SugarReftn.. com. & pref. (q u a r.)' I K
American Telephone A Telegraph (quar.) ] 2
American Tobacco, preferred (quar.)___
IK
American Type Founders, com. (quar.).
l
Preferred (quar.)................................... j
IK
American W oolen, pref. (quar.) (No. 32)
IK




A pril
A pr.
A pril
Apr.
Apr.
Apr.
April
Mch.
M ay
April
Apr.
Apr.
Apr.
May

Books Closed
Days Inclusive.

1 Mch. 19
to
1 Holders of rec.
1 M ch. 16
to
15 Holders of rec.
15 Holders of rec.
15, Holders of rec.
if rec.
1 Holders ■
31 Holders of rec.
to
1 A pr. 11
1 Holders of rec.
2! Mch. 10
to
1 Mch. 16
to
\Mch. 26
to
10‘Holders of rec.

Apr.
1 ; Mch. 17
l l -----April
April 22 Mch. 31
Apr. 15 Mch. 31
11Mch. 9
April
l Mch. 9
April
Mch. 30_________

Name of Company.

Mch. 31
M chi 5a
Mch. 26
Mch. 29
Mch. 29
Mch. 28
Mch. 1ft
Mch. 15
M ay 1
M ch. 15
A pr. 2
Apr. 1
A pr. 1
Apr. 25

to

Apr.

to
to
to
to

A pril
A pril
Mch.
Mch.

21
15
31
31

Apr.
Mch.
Mch.
Mch.
A pr.

1
25
25
15
15

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

1 Mch. 22
to
6 Holders of rec.
1 Holders of rec.
15 Holders o! rec.
1 Holders Of rec.
1 ------to
15 Mch. 31
S Holders of rec.
to
li Apr. 16
1 ------1 Mch. 21
to
15 Mch. 30
to
1 Holders of rec.
1 Mch. 19
to
3 1 ...............
1 ------1 .............
to
31 Mch. 23
1 Mch. 21
to
30 Mch. 22
to
to
15 Apr. 1
1 Apr. 2
to
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
1 Holders of rec.
2 ! ________
1 Holders of rec.
1 Mch. 10
to
30 ..............
20 Holders of rec.
1 Holders of rec.
1 Holders of rec.
15 Holders of rec.
la
1 Apr. 21
1 Mch. 24
to
1 Holders Of rec.
1 Holders of rec.
10 Mch. 28
to
1 Mch. 13
to
1 Mch. 21
to
1 Mch. 23
to

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

1 Mch. 23
1 Holders
1 Mch. 21
I t .............
1 Holders
6 Holders
30 Mch. 21
1 Mch. 22
1 Holders
1 _______
1 Mch. 20
1 Holders
1 Mch. 22
1 Holders
1 Mch. 28
30 Mch. 22
1 Mch. 21
1 Mch. 21
1 Mch. 26
1 Mch. 23

Apr.
Apr.
Apr.
Mch.
April
Mch.
Mch.
Mch.
Apr.
Apr.
Apr.
Mch.
Mch.
Mch.
Apr.
Apr.
A pr.
Mch.
Apr.
A pr.
Mch.
Apr.
April
Mch.
Mch.
April
April
April
Apr.
A pr.
Apr.
April
Apr.
Apr.
A pr.
May
Apr.
April
Mch.
April
Apr.
A pr.
April
April
April
April
April
Apr.
April
Apr.
Apr.
Apr.

1

Apr. 15
Mch. 25
May 1
Apr. 1
A p ril 15
Mch. 13
Mch. 31

Mch.
Apr.
April
Apr.
May
Mch.
Mch.
Mch.
Mch.
Mch.

31
1
4
14
1
8
15
12
20
15

Mch. 15
April 1
Apr. 1
Mch.20 a
Mch. 30
M ay 1
M ay 1
Apr. 1
Mch. 18
Mch. 26
Apr. 10
Apr. 1
Mch. 31
Apr. 1

to
Mch. 31
of rec. Mch. 13
Apr. 1
to
of rec. Mch.
of rec. Mch.
Mch.
to
to
Mch.
of rec. Mch.

30
27
31
31
30

to
of rec.
to
of rec.
to
to
to
to
to
to

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

31
23
1
25
1
31
1
1
1
30

1 Holders
1 Mch. 24
1 Mch. 21
30 Mch. 26
1 Holders
30 Holders
30 Holders
30 Holders
1 Holders
1 Mch. 23
1 Mch. 23
30 Mch. 23
30 Mch. 26
30 Holders
1 Mch. 22
1 Mch. 22
10 A pr. 6
30 Mch. 21
1 Mch. 26
1 Holders

of rec.
to
to
to
of rec.
of rec.
of rec.
of rec.
of rec.
to
to
to
to
of rec.
to
to
to
to
to
Of rec.

Mch.27a
Apr. 1
Apr. 1
Mch. 31
Mch. 30
Mch. 29
Mch. 30
Mch. 23
Mch. 23
Mch. 31
Apr. 1
Mch. 31
Mch. 31
Mch. 22
Apr. 1
Apr. 1
A pr.
Mch. 31
Apr. 1
Mch. 20

30 Mch. 21
1 Mch. 19
1 Holders
30 Mch. 16
30 Mch. 16
1 Mch. 19
1 Mch. 12
1 Mch. 12
1 _______
20 Apr. 16
1 Mch. 27
1 Holders
5 Apr. 3
1 Holders
1 Holders
27 May 11
22 Apr. 2
1 Holders
30 Mch. 21
15 Holders
1 Mch. 23
15 Apr. 5
15 April 6
1 Mch. 16
1 Mch. 17
1 Mch 17
2 Mch. 3
15 Mch. 18
1 Mch. 16
15 Holders
15 Holders
15, Mch. 31

to
to
of rec.
to
to
to
to
to

Apr.
Mch.
Mch.
Mch.
Mch.
April
April
April

1
31
23
31
31
1
1
1

to
to
of rec.
to
of rec.
of rec.
to
to
of rec.
to
of rec.
to
to
to
to
to
to
to
to
to
of rec.
of rec.
to

A pr.
A pr.
Mch.
Apr.
Mch.
Mch.
May
Apr.
Mch.
Mch.
Mch.
Apr.
A pr.
A pril
Apri
Apri
April
April
Mch.
Apri
Apr.
Apr.
Apr.

21
1
16
5
23
23
26
21
15
31
31
1
15
15
1
1
1
2
30
1
10
10
15

Miscellaneous (Continued).
April
American W riting Paper, preferred_____
1
Anaconda Copper M in in g (quar.) (No.26) $1.75 A pr.
Apr.
Associated Merchants, first pref. (quar.)_
IK
First preferred (extra) (quar.)---K A pr.
Second preferred (quar.)___________
I K Apr.
Second preferred (extra,) (q u a r.)----K A pr.
Apr.
2
Bell Telephone of Canada (quar.)______
Bell Telephone (Philadelphia), (quar.)__
I K Apr.
Bliss, E . W ., common (quar.) (No. 58)-2 K Apr.
Apr.
2
Preferred (quar.) (No. 58)___________
Apr.
Cambria Iron, guaranteed______________
2
Celluloid Company (quar.)_______ _____
I K Apr.
CentralCoal&Coke.com. (quar.) (No. 26)
I K Apr.
Preferred (quar.) (No. 55)--------I K Apr.
Central Leather, preferred (quar.)______
I K Apr.
Central & South America Telegraph (quar)
I K Apr.
Apr.
Century R ealty _________________________
5
April
2
Chic. Jet. Rys. & U. Stk. Y ., com. (qu.)
Preferred (quar.)____________________
I K April
A pr.
1
Chicago Pneumatic Tool (quar.)__________
Chicago Telephone (quar.)_____________
2 K Mch.
Apr.
Cincinnati Gas & Electric (quar.)______
IK
IK
April
Columbus Gas & Fuel, preferred (q uar.).
jApr.
Consol. Gas, E l. Lt. & Pow., B a lt., pref-- 3
3
Anr
Preferred, prior lien__________________
Apr.
C om Products Refining, pref. (quar.)___
i
Apr.
3c
Preferred (extra)____________________
Crucible Steel, preferred (quar.)_______
I K Mch.
Cumberland Tel. & Tel. (quar.) (No. 94)
I K April
Distillers’ Securities Corp. (quar.) (No 18)
I K 'Apr.
Distilling Co. of America, pref. (q u a r .)..
I K Apr.
Apr.
Dominion Coal, common ( q u a r .) ...........
1
D ulu th Edison Electric, pref. (quar.)___
1K Apr.
Eastm an K odak Co. of M. J . com. (qu.)
2 K April
A pril
Preferred (quar.)____________________
IK
Apr.
Electric Boat, preferred (quar.)...............
2
Electric Stor. B a tt., com. and pref. (qu.)
I K Apr.
Evansville Light Company (quar.)_______
I K A pr.
Apr.
General Chemical, preferred (quar.)____
IK
2
1Apr.
General Electric (quar.)...........................
Mch.
2
Granby Consol. Min. & Smelt, (q u a r.)..
Mch.
E xtra _______________________________
1
Great Lakes Towing; preferred (quar.). .
I K Apr.
Guggenheim Exploration (quar.) (No.17)
2 K Apr.
H a ll Signal, common (quar.)___________
I K Apr.
Preferred (q u a r .)____________________
K Apr.
Apr.
Preferred (a n n u a l)___________________
6
Mch.
Hecker-Jones-Jewell M illin g, preferred-.
4
Apr.
Internal. Buttonhole Machine (q ua r.)--1
International Nickel, preferred (q u a r .)..
I K May
Apr.
International Paper, preferred (q u a r .)..
IK
International Silver, preferred (q u a r.)..
I K Apr.
K iApril
In t. Smokeless Pow. & Chem. ,com. (qu.)
May
4
Preferred ___________________________
Apr.
Lanston Monotype M achine....................
2
April
Mackay Cos., com. and pref. (quar.)-1
M anning, Maxwell & Moore, Inc. (quar.)
I K Apr.
April
Massachusetts Gas Companies, comm on.
1
Mergenthaler Linotype (quar.)------2 K Mch.
Mexican Telegraph (quar.)----------2 K A pr.
A pr.
Michigan Light, common.....................—
1
Preferred (quar.)______________________
1K Apr.
April
National Biscuit, common (quar.)---IK
April
Common, extra-----------------1
N at E nam . & Stam ping, pref. (q u a r.)..
\K April
A pr.
NationalFireproofing, pref. (quar.)---1
April
N at. Lead, common (quar ) (N o. 13) .
1
Mch.
National Licorice, preferred (q uar.)--IK
Apr.
National Sugar Refining, pref. (q u a r.)..
1K
Apr.
New York Air Brake (quar.).....................
2
Apr.
New York Dock, preferred_____________
2
N . Y . & N . J . Telephone (quar.) (No. 94)
I K A pr.
Nova Scotia Steel & Coal, common----I K A pr.
A pr.
Preferred (quar.)______________________
2
Otis Elevator, common............... ..............
I K f Apr.
Preferred (quar.)____________________
I K Apr.
A pr.
Pennsylvania Salt M anufacturing-----6
PeoriaLight, preferred (quar.)...................
I K A pr.
Apr.
Pittsburgh Plate Glass, common (quar.)
IK
A pr.
12
Preferred (a n n u a l)___________________
Quaker Oats, common (quar.)-------I K April
Common, extra......................... ..............
K April
April
2
Railway Steel Spring, common...............
A pr.
Realty AssocUtes, Brooklyn (No. 8)---3
A pr.
Reece Buttonhole Machine (quar.) _______ I 2
Republic I. & Steel, pret.(quar.) (No.24)
I K April
April
26
Preferred (extra)---------------Rhode Isl.Perkins Horseshoe, pf. (quar.)j I K Apr.
Preferred, extra.....................................!
K Apr.
Royal Baking Powder, preferred (quar.)
I K Mch.
April
Safety Car Heating & Lighting (q u a r.).. | 2
April
Extra _______________________________ | 2
Sears, Roebuck & C o.. preferred (quar.).
I K Apr.
Sloss-Sheffield Steel & Iron, preferred...
I K Apr.
Standara M illing, preferred............. ..........
I K A pr.
Streets West. Stable Car Line., com. (quar.)
K Apr.
Swift & Co. (quar.)____________________
I K April
Apr.
Teflt, Weller Co., preferred (quar.)---IK
May
Tennessee Coal, Iron & R R ., com.(quar.)
1
May
Preferred (q u a r.)........................ ..........
2
Texas & Pacific Coal (quar.)............... .^_
I K Mch.
April
Union Bag & Paper, preferred (q u a r.)..
1
Union Ferry (quar.)----- ---- ------ 1
K Apr.
Apr.
Union Switch & Signal, common (quar.) I 3
Apr.
Preferred (quar.)------ ---------3
Apr.
Union Typewriter, common (No. 11)___j 3
First preferred (No. 28)______ ________ j 3 K Apr.
Apr.
Second preferred (No. 28)--.................
4
Apr.
United Bank Note Corp.. pref. (quar.).-!
IK
A
pr.
United Copper, common (quar.)...............:
IK
Apr.
United Fruit (quar.) (No. 31)---------1 2
Apr.
United Gas Improvement (q uar.)----- \ 2
Apr.
United Shoe Mach. Corp., com. (quar.).
2
Preferred ( q u a r .) ....................... .........
I K Apr.
A
pr.
U. S. Finishing, pref. (quar.) (No. 31)-IK
A pr.
United States Glass (quar.)__________, ___
1
United States Leather, preferred (quar.)
I K Apr.
May
U. S. Realty & Improvement (quar.)___
IK
U. S. Reduction&netlnlng, pret.(ouar.).
April
IK
U. S. Steel Corp..com. (quar.) (No. 13).
K Mch.
April
U. S. Smelt., Ref. & M in., com. (quar.).
IK
Preferred (quar.)......................... ..........
I K April
U tah Consol. M ining ot N . J . (quar.)___ $1 25 April
April
E xtra _______________________________ 25c.
Apr.
Va.-Car. Chem., pref. (quar.) (No. 46)-2
Vulcan Detinning, preferred (quar.)_____
I K Apr.
April
W aterbury Co. of West Virginia (q ua r.).
1
W aterbury Co. of N . J . (com. ( q u a r .)..
2 K April
April
2
Preferred (quar.).............-....................
Western Union Teleg. (quar.) (No. 154)I K Apr.
Westinghouse A ir Brake (quar.)...............
2 K Apr.
E x tr a ________________________________
2 K Apr.
West inghouse Elec. & M fg. all stks.(qu.)
2 K Apr.
Westinghouse Machine (quar.) (No. 4 6 )..
2 K Apr.
April
W hite (J. G.) & Co., In c ., pref. (q ua r.).
IK

729
Books Clored.
Days Inclusive.
1 Holders 01 rec. Mch. 15a
to
A pr. 15
18 A pr. 7
A pr. 18
to
15 Mch. 28
Apr. 18
to
15 Mch. 28
A pr. 18
to
15 Mch. 28
A pr. 18
to
15 Mch. 28
15 Holders of rec. Mch. 23
15 Holders Oj rec. Apr. 5
to
Mch. 31
1 Mch. 27
to
Meh. 31
1 Mch. 27
1 Holders of rec. Mch. 15
Apr. 1
to
1 Mch. 6
Apr. 15
to
15 Apr. 1
Apr. 15
to
15 Apr. 1
1 Holders of rec. Mch. 9
A pr. 9
to
9 Mch. 31
Apr. 28
271 Apr. 26
to
April 1
liM c h 15
to
April 1
1 Mch. 15
to
to
A p r. 25
25\Apr. 16
Mch. 31
301 Mch. 28
to
1
1 Holders of rec. Mch. 15
1
1
Apr. to
to
10 Mch. 30
Apr. 10
10 Mch. 30
to
Mch. 31
to
30 Mch. 21
April 1
to
I Mch. 20
A pr. 28
to
27 A pr. 7
Apr. 15
to
15 Apr. 5
Apr. 1
to
2 Mch. 22
1 Holders of rec. M ch.l6a
Mch. 16
to
1 Mch. 1
to
Mch- 15
1 Mch. 1
Apr. 1
to
1 Mch. 21
1 Holders of rec. Mch. 26
\
\Holders of rec. Mch.22a
Apr. 1
to
1 Mch. 19
15 Holders of rec. Mch. 14a
Mch. 31
to
30 Mch. 16
to
Mch. 31
30 Mch. 16
Apr. 1
to
1 Mch. 16
to
Apr. 1
1 Mch. 16
Apr. 1
to
1 Mch. 27
Apr. 1
to
1 Mch. 27
Apr. 1
to
1 Mch. 27
to
Mch. 31
30 Mch. 30
15 Holders Of rec. Apr. 5
May 1
to
1 Apr. 11
to
M ch. 31
1 Mch. 16
Apr. 1
to
1 Mch. 7
1 Holders of rec. Mch. 20
151 Holders of ree. April 30
Apr. 15
to
15 Apr. 2
Mch. 30
to
1 Mch. 18
1
April 1
to
1 Mch 17
to
Mch. 31
30 Mch. 17
to
Apr. 16
16 Mch. 31
1 Holders of rec. Mch.20a
1 Holders of rec. Mch.20a
to
April 1
15 Mch. 29
to
April 15
15 Mch. 29
April 1
to
1 Mch. 13
15 Holders of rec. A pr. 1
Mch 21
to
1 Mch. 16
to
Mch. 30
30 Mch. 26
Mch. 20
Apr. 2
to
to
Apr. 21
22 Apr. 6
15 Holders of rec. Apr. 1
15 Holders of rec. Apr. 5
15 Holders of rec. Mch. 31
15 Holders of rec. Mch. 31
15 Holders of rec. Mch. 30
15 Holders of rec. Mch. 30
Apr. 14
to
15 Mch. 26
1 Holders of rec. Mch.22a
ljM ch. 22
to
Apr.
1
l! Mch. 22
to
Apr. 1
15 Holders of rec. April 5
15 Holders of rec. April 5
April / 4
to
4 Mch. 24
15 Holders of rec. Apr. 5
15 Holders Of rec. Apr. 5
to
April 1
1 Mch. 12
to
April 1
1 Mch. 12
5 Holders of rec. Apr. 1
5 Holders of rec. Apr. 1
30 Holders of rec. Mch. 15
1 Holders of rec. Mch. 14
1 Holders of rec. Mch. 14
Apr. 1
to
1 Mch. 17
Apr. 1
1 Mch. 19
to
to
A pr. 15
15 [Apr. 7
to
A pr. 25
25 lApr. 10
April 17
to
1 Mch. 16
Apr. 1
1 Mch, 23
to
1 Apr. 11
May 7
to
May 7
1 Apr. 11
to
Mch. 30
31 Mch. 21
to
to
A pril 15
15 Mch. 16
Apr. 1
1 Mch. 21
to
Apr. 10
10 Mch. 31
to
Apr. 10
to
10 Mch. 31
1 Mch. 22
to
Mch. 31
to
Mch. 31
1 Mch. 22
ljM ch . 22
to
Mch. 31
Apr. 1
1 Mch. 17
to
Apr. 29
to
29\Apr. 17
15! Holders of rec. Mch. 30
15 [Holders of rec. Mch. 30
15 Holders of rec. Mch. 20
15 Holders of rec. Mch. 20
\'Holders of rec. Mch. 21
25
1 Holders of rec. Mch. 9
May 1
to
ljA p r. 25
April 1
to
1 Mch. 21
April 15
to
30] Mch. 16
15] Holders of free. Mch.ri5
15 Holders of free. Mch .f 15
to
Mch.!22
15'Mch. 16
to
Mch.j22
15 Mch. 16
A pr.f 15
to
15 Mch. 31
to
M ay 2
20 Apr. 11
to
Mch. 31
1 Mch. 21
to
Mch. 31
1 Mch. 21
to
Mch. 31
1 Mch. 21
to
Mch. 31
15 Mch. 21
to
Apr. 10
10 A pr. 1
to
A pr. 10
10 A pr. 1
Apr. 10
to
10 Mch. 31
to
Apr. 10
10 Apr. 1
1 Holders of rec. Feb. 28

a Transfer books not closed, b On account of deferred payments, c Two per cent
declared, five-eighths thereof payable A pril 1 and three-eighths held up awaiting
outcome of legal proceedings, e On account of accrued dividends to date. 1 Also
1 K % on common, payable Oct. 15 1907.

730

THE CHRONICLE.

Statem ent of New York City Clearing-House B anks.—
The following statement shows the condition of the New
Y ork City Clearing-House banks for the week ending March
23. I t should be distinctly understood th a t as to all items
except capital and surplus the figures are the averages of the
daily results, not the totals at the end of the week. In
other words, in reporting loans and deposits and holdings of
specie and legal tenders, the practice is to take the aggre­
gate of the am ounts for the several days of the week and
divide this aggregate by the num ber of days.
We omit two ciphers (00) in all cases.
Banks
00s omitted.

Capital.

Loans.

Surplus.

$
$
2,912,2
B ank of N . Y . .
2,000,0
M anhattan Co.
2,050,0
2,908,8
Merchants’ ____
2,000,0
1,537,8
3,000,0
3,624,6
Mechanics’ ____
1,500,0
A m e r ic a ______
4,080,5
1,000,0
416,6
P h e n ix _______
C ity ................. 25,000,0 21,629,3
Chemical______
3,000,0
5,315,0
Merchants’ E x .
600,0
499,5
G a lla tin -----1,000,0
2,390,4
B utch . &Drove.
300,0
153,8
Mech.&Traders’
700,0
339,1
G re e nw ic h ____
500,0
698,6
Amer. E x ch___
5,000,0
4,802,4
Commerce_____ 25,000,0 14,295,6
M e rc an tile____
3,000,0
4,903,6
500,0
Pacific _______
784,0
C hatham ...........
450,0
1,029,1
200,0
People’s ----469,5
N orth America.
2,000,0
2,246,0
3,000,0
8,173,0
H a n o v e r______
2,550,0
879,0
Citizens’ C e n t..
500,0
N a s s a u _______
346,7
M arket & F u lt’n
1,000,0
1,486,1
Metropolitan . .
2,000,0
890,7
C om Exchange.
3,000,0
4,834,2
O r ie n t a l----750.0
1,204.8
1,500,0
Im p . & Traders’
6,993,1
3,000,0
P a r k __________
8,213,7
E ast R iv er____
250,0
118,0
F o u r t h _______
3,000,0
3,101,1
Second ----500,0
1,873,7
F irst __________ 10,000,0 19.909,9
Irv in g N a t____
1,000,0
523,6
250,0
Bowery ______
779,9
N . Y . C o u n ty ..
200,01
831,5
German -Amer.
750,01
604,0
Chase___
____
5,000,0
4,436,1
F ilth A v e.........
100,0
1,894,9
German E x c h ..
200,0
831,4
G e rm a n ia _____
200,0
944,6
Lincoln ______
500,0
1,467,1
Garfield_______
1,000,0
1,334,5
F i f t h .................
250,0
450,6
M e tro p o lis ____
1,000,0
1,718,0
West Side---200,0
852,7
Seaboard______
1,000,0
1,303,8
1st N a t., Bklyn
300,0
687,0
L ib e rty _______
1,000,0
2,266,5
N . Y . Prod. Ex.
1,000,0
626,5
New A m ster___
1,000,0
262,2
S t a t e __________
1,000,0
611,4

$
16,667.0
21,230,0
11,760,3
19,605,0
21,328,9
7,680,0
154,991,9
25,364,0
5.739,3
7,898,7
2.378,9
6,100,0
5,672,5
27,122,2
135,396,7
22.728,8
3.242,4
5,688,6
2,200,1
16,080,3
54,081,7
18,765,7
3.525,3
7,230,4
10,518,3
35,788,0
9,964,1
24,182,7
70,184,0
1,263,5
18,006,0
10,074,0
78,541,3
15,146,7
3,500,0
5,198,8
3,779,7
47,822,9
10,487,9
3.391,9
4,929,7
12,523,9
7,855,8
3,060,2
9,884,5
4.467,0
16.647,0
4,843,0
12,048,9
6,043,6
4,811,5
12,546,0

Specie.

Legals. Deposits, a Re­
s’rve

$
2,543,0
3,905,0
1,998.9
2.989,0
3,583,0
1,851,0
32,904,4
4,752,8
1,064,2
736,7
504,8
877,0
1,014,2
3,293,8
17,553,3
2,482,2
338,7
632,1
338,4
2,183,2
9,633,2
2,683,9
374,3
1,184,6
2,106,4
6,326,0
1,543,8
4,066,0
14,715,0
219,2
2,964,0
1,160,0
13,981,2
3,315,2
715,0
916,4
813,0
12.637,3
2,371,8
185,0
835,0
1,575,2
1,448,5
575,5
696,2
621,0
3,567,0
604,0
2,161,7
1,330,5
623,8
3,479,0

$
1,661,0
2,231,0
1,051,7
2,135,0
2,200,6
105,0
7,014,9
1,771.3
144,8
610,2
75,8
822,0
200,0
1,014,5
9,865,6
1,102.4
372,2
881,4
260,4
1,226,0
6,377,4
1,414,4
479,9
657.2
198,8
3,917,0
387,3
1,180,0
4,178,0
144,5
2,036,0
1,220,0
1,682,6
530,5
85,0
458,1
200,3
818,8
586,6
935,0
610,8
1,512,9
312,9
204,6
1,268,0
515,0
1,816,0
334,0
478,6
437,4
352,8
195,0

$
14,696,0
23.687,0
12,863,5
19,109,0
22,411,5
7,185,0
138,226,9
24,479,6
5,702,6
5,385.1
2,112,5
6,971,0
5,913,2
18,770,1
109,369,5
17,460,5
3,607,4
5,696,4
2,388,0
14,663,2
61,697,1
17,484,3
3,925,2
6,909,2
10,296,7
40,802,0
9,767,6
20,819,0
76,846,0
1,483,5
19,671,0
9,547,0
60,776,4
15,019,9
3,825,0
5,990,3
3,728,4
51,373,2
11.352,1
4,183,3
6,084,1
13,011,2
7,890,3
3,170,5
9,277,0
4,759,0
19,679,0
4,588,0
10,357,1
6,959,0
5,130,2
15,044,0

%
28.6
25.9
23.7
26.8
25.8
27.2
28.8
26.6
21.1
25.0
27.4
24.3
20.5
22.9
25.0
20.5
19.7
26.5
25.0
23.1
25.9
23.2
22.7
26.7
22.3
25.1
19.7
25.1
24.5
24.5
25.4
24.9
25.7
25.6
20.9
22.9
27.1
26.1
26.0
26.7
23.7
23-7
22.3
24.5
21.1
23.8
27.3
20.4
25.4
25.4
19.0
24.4

T o ta ls ______ 125,800,0i 155,486,7 1049,989,6 184,974,4 70,271.2 1002,144,6 25.4
a
i
a

[V o l .

l x x x iv

.

New York City, Boston and Philadelphia Banks.— Below is
a su m m ary of the weekly returns of the Clearing-House banks
of New York City, Boston and Philadelphia. The New York
figures do not include results for non-member banks:
We omit two ciphers (00) in all these figures.

Banks.
New York
Feb. 2 3 ..
Mch. 2-.
Mch. 9 . .
Mch. 16-M c h .2 3 ..
Boston.
Mch. 2 . .
Mch. 9 . .
Mch 1 6 ..
Mch. 2 3 ..
Phila.
Mch. 2 . .
Mch. 9-Mch. 1 6 ..
M c h .2 3 ..

Capital
and
Surplus.

Loans.

Specie.

$
281,949,5
281,949,5
282,402,3
282,402.3
281,286,7

$
1083,460,4
1079,185.6
1066,956,9
1053,576,6
1049,989,6

$
190,145.8
189,065,2
185,456,7
183,454,4
184,974,4

$
75,419,2
74,401,4
71,566,3
70,572,3
70,271,2

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

183.742.0
183,907,0
181,522,0
179,148,0

16,456,0
15,670,0
16,403.0
15.850,0

4,049,0
4,206,0
4,168,0
4,027,0

51,165,0
51,165.0
51,165,0
51.165,0

223,012,0
223,064,0
222,729,0
221,221,0

Circu­
lation.

Clearings.

S
1045.021,7
1038,431,8
1019,889,1
1003,974,4
1002,144,6

$
53,004,5
52,787,2
52,281,3
51,562,3
50,920,3

$
1,581,598,4
1,987,464,0
2,158,480,4
2,514.930,1
2,095.084.2

208,814,0
208,500.0
208,627,0
202,722.0

8,477,0
8,491,0
8,489,0
8,500,0

167.729,8
169,933,3
182,649,6
170,981,3

255,863,0
249,695,0
250,145,0
247,048,0

13,812,0
13,796,0
13.785,0
13,956.0

169,739,7
141,250,0
144,706,7
155,794,8

Legals. Deposits, a

55,8()9,0
52,384,0
51,032,0
52,016,0

a Including for Boston and Philadelphia the item "d u e to other banks” and also
Government deposits. For Boston these Governm ent deposits amounted on
March 23 to $3,479,000; on March 16 to $3,478,000.

Im ports and Exports for the W eek.— The following are
the im ports at New York for the week ending March 23; also
totals since the beginning of the first week in January:
F O R E IG N IM P O R T S AT N E W Y O R K .
For week.

1907.

1906.

1904.

1905.

$3,300,592
11,102,847

$3,044,331
10,219,739

$2,374,075
8.914,699

General Merchandise_______

$4,687,839
16,111.624

Total ...................................
Since Jan ua ry 1.

$20,799,463

$14,403,439

$13,264,070

$11,288,774

$50,106,131
162,934,044

$43,377,562
135,014,244

$38,054,971
141,107,617

$33,744,666
118,654,421

$213,040,175 $178,391,806 $179,162,588 $152,399,087

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 23 and from Jan . 1 to date:
EXPORTS FROM N EW Y O R K FOR T H E W EEK .
1907.

1906.

1905.

1904.

$12,690,296
137.647,217

$11,645,328
138,230,571

$9,212,177
112,737.110

$10,030,901
110,531,392

$150,337,513 $149,875,899 $121,949,287 $120,562,293

The following table shows the exports and imports of
specie at the port of New York for the week ending March 23
and since Ja n . 1 1907, and for the corresponding periods in
1906 and 1905:
E X P O R T S A N D IM P O R T S O F S P E C IE AT N E W Y O R K .

Total of United States deposits Included, $14,512,100.

Reports of Non-Member B anks.— The following is the
statem ent of condition of the non-member banks for the
week ending March 23 1907, based on average daily results.

Week.

N . Y . City.
Boroughs of
M a n .& B r’x.
W ash. H ’g'ts
Century ____
Chelsea E x . .
C o lo n ia l____
C o lu m b ia ___
Consol. N a t.
F id e lit y ____
14th S treet..
H am ilton . .
Jefferson____
M t. M orris..
M u tu a l_____
19th W a rd _.
P l a z a ______
Riverside . . .
12 th W a r d ..
23d W a r d .. .
Union E xch.
Y o rk v ilie __
Coal & I . N at
34th St. N a t.
B att.Pk.N at_
Borough of
Brooklyn.
B o r o u g h ___
Broadway __
B ro o k ly n ___
Mfrs.’ N a t ..
Mechanics’ . .
Nassau N a t.
N at. C ity ___
North S id e ..
U n io n ______
Jersey City.
First N a t . . .
H u d.C o.N at.
Third N a t___
Hoboken.
First N a t___
Second N a t.

Capir
tal.

Sur­
plus.

Loans.
and
Invest­
ments.

Legal
\Tender
Specie. | and
j B ank
\Notes.

$200

Deposit, with
Clear­
ing
Agent.

Other
Net
Banks. Deposits.
&.C.

Total 1907............... ......................
Total 1906........................... ............
Total 1905............. -........................
Silver

$
11,9
25,0;
68,0i
83,7
267.0
808,6
13,8
203,8!
255,6i
9,9
153.7
26,6
26,1
275,0
16,0
39,0
60,8
381,1
45,2
608.0>
344,3
83.4

$
40,4
62,3
44,3
338,9
228,0
140,0
67,0
312,2
209,1
286,7
86,5
426,3
326,7
247,0
118,1
210,0
162,1
224,6
400,2
183,0
6,4
35,8

200,0
156.3 2,980,0
150,0
405,4 2,814,7
300,0
152,8 1,933,1
704,0 4,703.4
252,0
1,000,0
896.5 10,810,2
750,0
918,2 6,140,0
300,0
614,3 3.185,0
100,0
212,5 1,731,0
1,000,0 1,026,9 10,237,0

40.6
13,6
118,2
483,5
252,5
207,0
128,0
23.0
356,0

199,o!
190,2
134,3 3.275,7
187,4,
184,1
70,0 2,873,1
263,0
79,1
34,4 2,162,3
582,1
144,4 4,973,7
131.9
989,3
160,6 12,447,0
567,9
416,0
801,0
5,405.0
356,0
523,0
’ 79 ,0 3,660,0
46,9
186,6 1,847,1
105,7:
713,0 3,023,0 1,257,0 14,226,0

$
70,0
71,2
92,3
553,5
497,0
353,5
69,8
318,5
211,4
174,5
348,0
95 ,7
955,1
138,0
135,7
175,0
111,7
621,9
164,6
566,0
60,1
62,6

$
'2 5 ,9
141,1
214,8
220,0
377,9
475,8
132.3
58,2
11,4
260,0
98,2
_____
110,5
_
56,5
60,0
12,6

$
756,0
1,373,3
1,194,3
5,152,6
6,486,0
5,140,8
1,019.6
. 6,881,9
5,755.9
3,952.1
3,136,3
3,586,2
4,643.8
4,154,0
2,118.3
2,780,0
2,059.2
7,864,6
3,924,5
4,060,0
1,410,3
581,9

400,0 1,160,3
250,0
712,0
200,0
341,2

4,180,5
2,596,4
1,889,2

186,3
86,3
58,2

311.li
68,0!
107,0

3,750,2
164,6
354,8

385,0
101,0
30,0

7,331.1
2,181,0
2,086,4

110,0
125,0

2.407.9
1,607,3

126,8
66,2

20,4!
42,6

163,6
58,4

86,8
87,7

2.048,0
1,606,6

Tot. Mch. 23 11737 ,o! 15659,7 133243,2 5,952,7 7.460,7! 16,940,3 5,012.0 144154,6
Tot. Mch. 16 11737,0115659,7! 134726,6 6,195,9 7,549.2. 17.316,4 4,880,8 146865,6
Tot. Mch. 9 11737,0 15659,7| 135461,9 6,077,5 7.390,3| 15,253,0 5.062,6 145369,7




$347,090
1,355”,336

$
$
$
100,0
174,7:
927,6
200,0
154,0 1,432.6
100,0
103,7 1,150,5
100,0
427,8 4,441,2
300,0
442,3 6,099,0
1,000,0 1,108,2 6,646,1
200,0
144,4 1,070,6
1,000,0
424,0 6,844,5
200,0
243,3 5,022,8
500,0
642,7 4,191,4
250,0
219,5 2,627,3
200,0 286,5
3,509,9
200,0
260,7 3,407,1'
100.0
342,9 3,974,Oi
100,0
101,1 1,907.7
200,0
211,3 ! 2,438,0
100,0
174,6 1,753,01
750.0
839,6 8,643,4
100,0
384,7 3,405,0
500,0
575,6 4,432,0i
200,0
206,3 1,339,5
200,0
119,2
764,3

580,3
191,9

Since J a n . 1
...............

We omit two ciphers (00) in all cases.
------------------- \
______________

Banks.

Imports.

Exports.

Gold

$200
1.069.000

Week.

$1,702,426 $1,222,801
3,652,375
917,302
30,958,071
974,432

$1,079,372
_________
...............
2,056
...............

$9,314,894
273.000
1.000
31,885

Total 1907....................................... $1,081,428
965,059
Total 1906____
__________
766,001
Total 1905
______

ISince J a n . 1

...............
$241,250!
938.4341
32
1.759
30,462
10,864

$754,673
331,087
l.o a a .f m
94.712
38.819
540.895
56,525
$2,850,345
1,421,959
3.178.938
$1,022

1,786

$58
2,668
9,703
3,577
18

...........58
27,041
204,269
269.637
4.274

$9,622,565
13,843,066
8,822,001

$16,024
51.660
37,496

$506,303
575,441
606.202

Of the above imports for the week in 1907, $245 were
American gold coin and $543 American silver coin. Of tlie
exports d u rin g the same time $200 were American gold
coin and $600 were American silver coin.

gatiM ng atxcl Jfiuaucial.
W e s h a ll b e p le a s e d t o m a i l in v e s t o r s c o p ie s o f o a r 10-page
o ir o u la r d e s c r ib in g
• ru s t B o n d i,

57

S h o rt- T e rm

N o te s

and

C o lla te r a l

Spencer T rask & Co*
B r a n c h O ffice, A l b a n y , N . Y .

W illia m

M o f f a t

&

a n d P in e S ts ., N e w Y o r l

W

h i t e

M e m b e r s N e w Y o r k S to c k E x c h a n g e .
5 NASSAU STREET.
D e a le r s in

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

I n v e s t m e n t S e c u r itie s *

C O M M IS S IO N O R D E R S E X E C U T E D

FOR CASH ONLY

M a r . 30 1907.]

M r n ik z v tf
F o r D iv id e n d s see p a g e 728

W all Street, Friday Night, March 29 1907.
The Money Market and Financial S ituation.— Influences
which recently caused an almost unprecedented decline in
Stock Exchange values have been more or less effective
throughout the week. They were decidedly so on Monday,
when of a list of thirty prominent and active stocks, fifteen
made a lower record than on the previous sharp decline,
March 14th. Since Monday there has been a fairly substan­
tial recovery and a somewhat more hopeful feeling in the
Street. The latter is stimulated by the action of the Secre­
tary of the Treasury in depositing customs receipts in
national banks, by the judicial decision in Minnesota de­
claring that the Great Northern Railw ay has a right to issue
the proposed $60,000,000 of new stock, by some abatement
of the tension that recently existed in financial circles abroad,
by the engagement of $1,625,000 gold in London for ship­
m ent to New Y ork, and by easier money m arket conditions
here. Moreover, the fact that no failures of Stock Exchange
houses have resulted from the enormous shrinkage of values
during the past three months is regarded w ith favor.
On the other hand, some of the railway traffic reports
recently given out show a considerable decrease in net
earnings, and the threatening attitude of railway labor in
certain sections of the West is causing more or less uneasiness.
The open market rates for call loans on the Stock E x ­
change during the week on stock and bond collaterals have
ranged from 2 % to 14%. To-day’s rates on call were
2 % @ 5 % . Prime commercial paper quoted at 6 @ 6 % %
for endorsements and 6 @ 6 % % for best single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £1,137,614, and the per­
centage of reserve to liabilities was 40.95 against 44.00
last week.
The discount rate remains as fixed Jan . 17 at 5 % . The
Bank of France shows adecreaseof 6,250,000 francs in gold
and 975,000 francs in silver.
NEW

731

THE CHRONICLE.

Y O R K C IT Y C L E A R IN G - H O U S E B A N K S .

1907.
March 23.

Differences
from,
previous u>eck.

1906.
March 24.

1905.
March 25.

$
$
$
$
115,972,700
116,472,700
125,800,000
C a p ita l------------145,655.100
137,656.500
155,486,700
Surplus -.................—
Loans and discounts— 1.049.989.600 Dec. 3.587.000 1.029,333,600 1,109,701,700
43,059,800
51,359.700
642,000
50,920,300 Dec.
C irc u la tio n ___________
Net deposits................ 01002.144.600 Dec. 1,829,800 1,013,071,300 1,150,661,900
182,424.500 210,350,200
184,974.400 In c. 1.520.000
S p e c ie ...........................
83,794,600
77,207.100
301,100
70,271,200 Dec.
Legal tenders__________
Reserve held-------25% of deposits_______

255,245,600 Inc.
250,536,150 Dec.

1,218.900
457.450

259,631.600
253,267.825

294,144,800
287,665,475

Surplus reserve.........

4,709,450 Inc.

1,676,350

6,363,775

6,479,325

$11,815,200 the corresponding week of 1906. W ith these U nited States deposits
eliminated, the surplus reserve would be $8,337,475 on March 23 and $6,678,950
on March 16.
Note.— Returns of separate banks appear on the preceding page.

way bonds, which was more active than usual and irregular
during the early part of the week, has become relatively dull
and narrow. A few issues are fractionally higher b u t a
large proportion of the active list is down an average of about
one point. Convertible issues have been weak features,
b ut declines are by no means lim ited to this class of bonds.
U nited States Bonds. Sales of Government bonds at the
Board include $1,000 3s coup. 1908-18, at 103%, $5,000 4s
coup., 1925, at 130% and $15,000 4s reg... 1925 at 130%.
The following are the daily closing quotations; for yearly
range see third page following.
Interect March March March March March M arch
Periods
29
26
23
25
27
28
2s,
2s,
3s,
3s,
3s,
4s,
4s,
4s.
4s.
2s,

1930 ...............-registered
1930_____________ coupon
1908-1918---- registered
1908-1918_______ coupon
1908-1918-.small coupon
1907 __________registered
1907_____________ coupon
1925 __________registered
1925_____________ coupon
1936 Panama Canal coup

Q — Ja n
Q— Ja n
Q— Feb
Q— Feb
Q— Feb
Q— Jan
Q— Jan
Q— Feb
Q— Feb
Q — Nov

*104%
*105%
*103%
*103 %
*10214
*100%
*10154
* 130%
*130 %

*104%
*105 %
*103 MS
*103)4
*10214
*100%
*101%
*130%
*130%

*104%
*105%
* 103%
*103%
*102%
*100%
*101%
*130%
*130%

*104%
*10514
*10314
103%
*102%
*100%
*101%
*130%
130%

*104%
*105%
*10334
*103)4
*102%
*100%
*101%
130%
*130%

*104%
*10534
*10334
*103 34
*102%
*100%
*101%
*130%
*130%

* This is the price bid a t the morning board: no sale was made.

Railroad and Miscellaneous Stocks.— The stock m arket
has been more active this week than last, and prices have
fluctuated more widely. The daily transactions have aver­
aged about 1,250,000 shares, those of nearly 1,700,000 shares
on Monday being offset by the small aggregate of to-day.
Practically the entire list has covered a range of from 3 to
19 points w ithin the week, and a m ajority of net changes
are to a higher level, notw ithstanding the heavy decline of
Monday noted above.
Canadian Pacific has been the most exceptional feature.
I t sold at 155% on Monday and 182% to-day— an advance
of over 27 points. Other trans-continental stocks have
been notably strong, including Union Pacific, Northern
Pacific and Great Northern. Delaware & Hudson and
Reading both close 13 points above the low price of Monday
and Illinois Central 11% points.
The copper stocks sold down on a decline of the m etal,
but all except Am algam ated close higher th an last week.
United States Steel common is fractionally lower, and the
preferred is over a point down.
For daily volume of business see page 739.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending March 29.

Sales
for
Week.

Range lor week.
lowest.

Alice Mining______
420 S4%Mch
100 80% Mch
Amer Teleg & Cable____
200 100 Mch
Assoc Merchants, ls t p td
Bethlehem Steel_______ 1,490 11 Mch
800 45 Mch
Preferred------Cleveland & Pittsburgh.
134 160 Mch
Comstock T u n n e l______ 1.500 27c. Mch
50 90 Mch
D etroit & Mackinac, pref
100 72 Mch
Distill of Amer, pref____
100 80 Mch
Federal Sugar, pref_____
Gen Chemical, pref.........
500 97% Mch
Hocking Valley, com___
100 80 Mch
100 49% Mch
Ingersoll-R and________
M anhattan Beach______
100 4 Mch
470 108 Mch
N Y & N J Telephone___
Ontario SilverM ining___
850 5 Mch
Peoria & Eastern...........
700 18 Mch
10 125 Mch
Rom e W a t & Ogdensb-.
200 19 Mch
S t Jos & Grand Island-S t L & S F — C & E 111
new stock trust certfs $30,000 60 Mch
So R y — M & O stock
400 85 Mch
trust certiflcates_____
900 S2.40Mch
Standard M ining_______
210 87 Mch
United Cigar Mfrs, pref.
100101)4 Mch
U S Leather, pref______
50| 85 Mch
Vandalia .........................

Highest.
29 $5 Mch
26 80% Mch
26 100 Mch
26 12% Mch
23 49 Mch
25160 Mch
28 30c. Mch
25 90 Mch
23; 72 Mch
23 80 Mch
25 99 Mch
28 80 Mch
23 49%Mch
28 4 Mch
26112 Mch
23 5% Mch
25 20 Mch
28125 Mch
27 19 Mch

| Range since J a n . 1.
lowest.

Highest.

Mch $7)4 Ja n
27 $4
Feb
Mch 88
26 75
Mch 106% Mch
26 100
Mch 20J4 Ja n
28 11
Ja n
Mch 65
28 45
Mch 175
Feb
25 160
27 23C. Mch 50c. Ja n
Feb
Feb 90
25 90
Mch 75
Jan
23 72
Feb 85)4 Feb
231 76
26 97% Mch 10234 Feb
Ja n
Mch 115
28 80
Jan
23 49% Mch 60
Jan
Mch
5
28
4
Jan
Mch 115
29! 108
Feb
m
23
4% Jan
Ja n
Mch 30
28! 18
Feb
Feb 125
28 125
Mch
Mch 19
27 19

Foreign. Exchange.— The market was active and higher
at the beginning of the week, owing to unsettled conditions
abroad, later falling because of large offerings of security
bills and the successful adjustm ents on the foreign bourses,
and it recovered by the close on easy money.
Mch 71
Feb
26 65 Mch 26 60
To-day’s (Friday’s) nom inal rates for sterling exchange
were 4 80 for sixty day and 4 84% for sight. To-day’s
Jan
Mch 97
25 90 Mch 26 85
26 $2.60Mch 25 $2.40 Mch $3.70 J a n
(Friday’s) actual rates for sterling exchange were 4 7875@
Mch 94% J a n
23i 89 Mch 23 87
4 79 for long, 4 8310@4 8315 for short and 4 8390@4 84
Jan
26101% M ch 26 101% Mch 112
Jan
Mch 93
for cables. Commercial on banks 4 7830@4 7840 and docu­
25: 85 Mch 25 85
ments for paym ent 4 77% @ 4 79% . Cotton for payment
4 77% @ 4 78% , cotton for acceptance 4 7830 @ 4 7840 and
Outside M arket.— The market for unlisted securities suf­
grain for pavm ent 4 79@4 79% .
fered a sharp break at the beginning of the week, b u t the
To-day’s (Friday’s) actual rates for Paris bankers’ francs turn in sentiment on the Stock Exchange also brought im ­
were 5 2634@5 25% for long and 5 23% d@ 5 23% for short. provement on the Curb, leading to a substantial recovery
Germany bankers’ marks were 93 7-16@93% for long and throughout the list. The copper stocks were especially
94 3-16d@94 3-16 for short. Amsterdam bankers’ guilders prominent, United Copper com mon, after a slum p from 65%
were 39 81 @39 83 for short.
to 52% , moving up to 59 ,the close to-day being at 58% . A
Exchange at Paris on London to-day 25f. 29c._ W eek’s quarterly dividend of 1 % % was declared, placing the stock
range 25f. 30 % c. high and 25f. 29c. low.
on a regular 7 % basis. Butte Coalition dropped from 29%,
The week’s range for exchange rates follows:
to 19% , advanced to 27% and closes to-day at 2 6 % . Greene
-LongCananea, after a decline from 15% to 14,ran up to 16, closing
S terling. Actual
@4 8450
14 8435
H ig h...........4 7925
@4 7935
14 8365
@4 8375
to-day at 15% . Greene Consolidated Copper lost about 3
@4 84
14 8390
L o w ........... 4 7865
@4 7870
14 8310
@4 8315
points to 20% b u t recovered to 23% . Boston Consolidated
Paris Bankers' Francs—
H ig h ______ 5 26%
@5 25%
I 5 23%
@5 22%
Copper went down from 26% to 20 % , reacting finally to
L o w ...........5 26%
@5 2554
|5 23% a
@5 23%
23% . Davis Daly Estates from 14% went down to 12 and
Germany Bankers' Marks—
H ig h........... 93%
@ 93 9-16
94 3-16 @ 94 5-16
up again to 13% . Nevada Consolidated Copper declined
L o w ........... 93%
@ 93%
I 94 3-16 @ 94%
from 14% to 12 b ut advanced again, reaching 14% to-day.
Amsterdam Bankers’ Guilders—
Trinity Copper lost 8 points to 15 b u t reached 25 to-day.
H ig h...........................
@ ........... 39 13-16
@ 39%
L o w ...........................
@ ...........139 81
@ 39 83
Newhouse moved down from 21% to 1 8 % ,then up to 21%..
Nipissing was active and from 12% declined to 10% , recov­
Leas: a 1-16 of 1%, d 1-32 of 1% . h 3-32 of 1% .
v 3-32 of 1%.
Plus: k 1-16 of 1%. x 1-32 of 1%
ered to 12% and ends the week at 12%. Am ong industrials,
The following were the rates for domestic exchange on Standard Oil was conspicuous for a break from 507% to 494,
New York at the undermentioned cities to-day: Savannah b ut closed to-day at 499%. W aterbury Company common
buying 50c. per $1,000 discount; selling 75c. per $1,000 from 50% advanced to 54 b u t later sold down to 52% .
prem ium . Charleston selling $1 per $1,000 prem ium . New Chicago Subway fluctuated widely; after dropping from 16
Orleans bank 75c. per $1,000 discount; commercial $1 per to 14% it moved up to 20% , the close to-day being at 19.
$1,000 discount. Chicago 25c. per $1,000 premium . St. A decision in favor of a stock issue was followed by a drop in
Louis 30c. per $1,000 prem ium . San Francisco 40c. per Great Northern "rights” from 14% to 9 % , owing to the
$1,000 prem ium .
necessity which this involved of the early payment of sev­
State and Railroad B onds.— No sales of State bonds have eral installments of the subscription price; the close to-day
been reported at the Board this week. The market for rail­ was at 10%. Outside quotations will be found on page 739.




New lo rk Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G

TWO

ST O C K S—H IG H E S T A N D L O W E S T S A L E P R IC E S
Hatur'lciD
M a rc h 23
86%
93~,

M o nd av
M a rc h 25

88
94

. 82% 87 Hi
92
93 %
94% 99
94% 95 H
90 % 95 %
*87
90
87
87Hi
49% 5 1\»
46% 50V
*80 128
*90 129
*110 13d Hi *110 139 H
*
85 ★
88
i*5*5*" 160
155**14* 164)
*60
63
*60
63
170 170
165 165
38 V 3 9 14
36% 39%
16 V 16\i
15
15 V
59
* ..
__ _ 59
" l3 % 13% ’ 12% 13%
*75
77
*75
77
*6 1 V 64
*6 1 V 64 %
*18 Hi 20
17
17 H:
1-834 122 V 128 %
127
* 14;. 148
1 4 i 148
*113 118
114 116
130 183 V 131 131
14.0 143
137% 14234
*190 201
• i s o " 1*40
120 130
*160 180
‘ 150 180
10
*5
*5
10
13
H
13%
12
12
5
5
4H,
4V
*13
14
1 2 ^ 12 Hi
70
70
64% 69%
*101 109
*101 109
2 j *8 25%
22 Hi 25V
460
61
*59
62
*47
50
44
46
170 172 V 1 6/ 169
460 465
450 450
2 s V 28 V
28 Hi 28V
71
73
69% 69%
{ 70 Hi 70 V
6?
67
13*8 13 H?
13
13
20
20
20
20
, 23\ 24 V
23 H» 25 H
68
59%
57
58 Hi
36 Hi 37 Hi
34% 36%
*63
70
‘ 63
70
*85
90
*85
90
132*4 137 *4 126 134
68
69 V
50
57

9934100

10

10
9% 10
37
37Hi
72
8 1V
*95 lo o
90
95
84
84
85
85
135 139 V 134% 135
23% 24%
22% 24
55 Hi 57Hi
52
55 Hi
19
19
18
18
*31
34
30>« 34
*73
76
*73
76
21
21
19% 21%
50 V 51
45
50%
*17
23
*16
23
*50
60
*50
60
*50
60
*50
60
112 % 11 4
108 112
132 133% 129 132
•
94 Hi
**19
19% ” i8*v * i‘s»%
*50
52
'4 5
52
*85
90
*80
90
9934 100 H
99
99
128 130
123 128
33
34%
31 % 33%
63
63 Ha 60
63
70% 71V
68 V 70V
*118 122
*118 125
48V 49
49
49H,
»2UV 23% *20V 23 V
115 116 Hi 112% 116*4
35% 37%
36
37%
*110 120
109 lo 9
•
*74
80
75
*177 180
174* 176
36
34% 36 V
36 Hi
73
75
72
7 3 14
*75
90
118 121V i ’l- iv i*19*’
116 119% i n
115%
92
92
*92
98
>90 105
*90 105
*92 100
*92
98
1 1 8 l4 120% 1 16 V 119V
69% 69%
68
68
*93 100
*93 100
97% 100
91% 99V
•
•

20
45

20 **
45 V

18
41
60%
35
35
29
19%
*18
2u%
48% 50
45*4
72%
76% 79 V
113
19%
20 V 21
70
72
72 V
24%
2 6is 27 Hi
101
107 110
24%
25
25
28
27
27
49%
4 9 50V,

*.....114^

20%
45 ^
60V
34^
19 V
43
78V
113%
20V
72
26
106
24%
28 V
49%

Tuesday
M a rc h 26

W ednesday
M a rc h 27

Thvrsdan,
M a rc h 2S

PAGES

STOCKS
N E W Y O R K STOCK
EXCHANGE

t Titian
M a rc h 29

Mange fo r Year 1907
Sates ot
On basis of 100-share lot:
the
Shares

Lowest

H ighe st

lia ilr o a ilK .
86
88 34
88
8934
87
90 V A toll. T o p e k a * S a n ta Fe 226,655 82% M a r 14 108 >4 J a n
84% 88
3,465 92 M a r 2 6 101% J a n IV
D o " p r e f..................
93% 93%
93
95 V 95 V 2a
92
9-2 V 93
10,34.i 94 M ar26 133% J a n rt
97% 97V
97 V 100
97 V 101V A t la n t ic Coast L in e B R . .
94
98 >4
96
98
|B altim ore & O hio .......... 59.917 90 V Mar2."’ 122 J a u 5
95
98
95
H6 %
91% 95
600 87 .Mar 2 5 94 V J a n l(i
*87% 90
*87% 90
i > D o pref........................
*85
88 V *87% 90
50
48 V 50
53 V B rooklyn R a p id T ra n s it.. 67,360 45% M a r 14 S3% J a n 7
4 9 14 51%
47% 50
__ __ 95 M a rl4 115 J a n 2<i
*95 128 B uffalo R ochester & P itt s
*90 128
*90 128
*90 128
......... 135 •Tan 4 135 J a n 4
l>o p r e f........................
‘ 110 139V *110 139V ‘ 110 139V *110 139 Hi
*
83 F eb l r 85% Feb t
*_____ 85
* ___
B utfalo * tsusque, p r e f...
* . . . . . . 83
85
85
1*6*5** 1C8V 166 V 1 6 7 ^ it; 7 182 V / Canadian P a c ific ............ 186*,9*58 155 M ar23 195% J a n 4
157% 165
60 M a r l 4 65>-. J a n 14
63
V Canada S o u th e r n ............
62 Hi *60
*60
62
*61
62 V *60
i ’ 0’35 165 M ar .'5 219 V J a n ?
175 175
‘ 170 1S5 C e n tral of N e w J e r s e y ...
173 175
170 173
40% 41% C hesapeake * O h io ........... 28,75u 3634 Mar25 56 J a n t
38% 40%
36% 3934
38 V 403„
1,200 14V M a r 7 27% J a n '1
16% 16 Hi C hicago * A lto n B R .......
15% 15%
*15
16V 16V
18
*
59 M a r lS 69 J a n fi
* . ___ _ 59
* __ . . . 69
69
D o p r e l................„ . . .
59
13% 1S34
*1*3% 13
* 1 3 * 13%
13 V 14 C hicago G re a t W e s te r n .. lo js b o 12V Mar26 18 J a u V
76% M a r 18 79 F e b 25
*75
*75
D
o
4
p.
c.
debentures
*75
76
V
*75
76
V
76V
76V
T o o 61% M a r 26 71% Feb 14
D o 5 p. c. pref. “ A ” ..
*59 V 62
‘ 59 V 62
61% 61 H *59% 63
1,885 17 M ar25 26% J a n J
18*2 19
D o 4 p. c. pref. “ B ” ..
18
18
17
18V 18%
18V
125 130
128 V 131V 127 129 V 128 Hi 1324, C hicago M ilw . & St. P a u l. 104,470 122% M a r 2 i 157% J a n 14
3,705 145 Alai 25 165V J a n I
148 149
D o p r e f........................
148 V 146 147
145 V 147V 147
3,017 112 M ar26 141 Jai> 14
D o com .c t?s.lO % paid
112 116% 116 V 116V 116% 117
1 1 6 V 117 V
4,025 129 M a r 26 149 J a n 15
1303
4
131
131V
131
131 132
D o pref. ctfs. 10% p a id
129 132
144 147
145 148 C h ic a g o * N o r th W estern 29,061 137 V M a r M 205 J a n 10
144 147
14 L 145
.
207 M a r 11 234 J a il 10
D o p r e l........................
2,467 UO Mai-25 170 J a n 8
124 126
129 132 C hic. St. P . M in n . & O m .
120% 127 Hi 130 132
160 J a n 18 165 J a n 19
‘ 150 180
*150 180 *150 180
*150 180
D o p re f........................
“ ib o
5 Mar2.* _____
9V Keb21
7 C hicago T erm ’1 T ransfer.
5
*5
5
8
*o
8
2,600
9 M ar^7 25 J a n 11
10
*10
15
*8
9
11
*10
20
D o p re f........................
1,900
4 M ar 14
5V J a n 9
4
4%
4%
4% C hicago u n io n T ra c tio n .
4%
4 34
4V
434
2,' >00 11 % M a r 14 193wJ a n 9
13
13
13
12% 13
14
13V 14
D o p r e f........................
5,220 63 M a r2 t 92% J a n 7
70 Cleve. C in . C hic. * St. L .
65 V 69
67
66
70
63
67
106 Feb 21 108V J a u 7
*100 109
*99 111
*100 109
*100 109
D o p r e f........................
23% 26V Colorado & S o u t h e r n ___ 19',7*00 22 V M ar25 38 V J a n t
23% 24%
22% 24 Hi
24 V 24 V
1,098 58% M ar26 69 V J a u 7
5 9V
59
69
69
D o 1 st p r e fe r r e d ___
58% 5 8 34
59 >4 *58
1,800 44 Mar25 58 Hi J a n 8
49
*45
*46
*45
48
45
49
48
D o 2d pre fe rre d.......
9,313 167 M ar25 227 Si J a n 2
177 178
179 V 181
177 178
168 174
e la w a r e * H u d s o n ___
1,000 415 M a r 26 510 J a u 24
460 465
*445 475
455 455
445 445
elaw . L a ck . & W e s t’ll.
5,800 28 V M a rl4 42% J a n 7
29% 30% D e n v e r & R io G r a n d e ___
29
29
29 V 2934
•28 V 29V
1,920 69% M a r 2 5 83 ?>, J a u 10
71
70
*71% 73
71V 75
70
71V
D o p r e f........................
250 65 V M a r 15 8 0 ‘s J a n 16
. . . __ . . . . .
71 D e tro it U n ite d ................... •
*65
69
67V 67 V *68
1,490
13
14
14 D u lu th So. S nore * A t l . .
13
9->4 M a rl4 l9Si J a n b
13
13%
12 V 13
1,010 20 M a r i l 39 J a n 4
25
23
23
*20
23
23
*19 V 25
D o p r e f................ .......
23
23% 25%
24
21% 26%
r ie ..................................... 185,445 21% M a r 2 7 44 V J a n 5
23% 26
57 *4 5834
58% 59 V
57% 59%
57 V 60
D o 1st p re f.................. 15,090 57 M ar2£ 75% J a n 7
38% 40
36*2 37
36% 37 V
36 V 39
D o 2d p r e f................. 12,000 34V M ar25 67 J a n 7
70 E v a n s v . * T erre H a u t e ..
*63
*63
*63
70
70
*63
70
*35
90
90
♦85
*85
*85
90
90
D o p r e t........................
13534 139V 1 3 6 ^ 142 V G re a t N o r th e rn , p re t....... 92,016 126 M ar2 ? 18»34 J a n 2
127 V 134% 134 V 139
57% 59 V T em p ctfs for ore pro p. 73,976 50 Alar25 85 J a n 5
50
5 4V 57%
56 l4
64 V 58V
G ree n B a y * W .,d eb. ctt.A
49
8 M a r 9 14 w. J a n 17
10
10 V 10V
10
Do
deb. ctf. E
200 33 S, M a r 29 47 J a n 3
*
33 *4 33 -4
a v a n a E le c t r ic ............
37 V * " | i “ *3*7% ♦__ __ 37 V
*
77 M a r 2 1 86 Si J a n 4
81% * . . __ _ 72V
D o p re f........................
73V *. . . . . 73 V
2’,60*0 75% M ar2 f 114 Alar 6
75% 83
83
77
85
80
90
85
H o c k in g V alle y t r rects.
600 83 "i M ar 2(- 94 J a n
84
84 H o c k in g V a lle y , p r e l.......
83 "s 83 V
*80
87
84
84
5,950 134 M ar26 172 J a n i;
141 141% 141 145 V llin o is C e n tra l................
140 143
134 141
10,850
22 >« M ar2 j 39 J a n 23
23%
25
23%
24
24
23
V
24%
nterboro-M
e
tro
p
o
lita
n
.
22V
9,100 52 Alar2o 75 V J a n 7
56
57 Si 59%
62
55
6 6 V 57
D o p r e f ..........................
58V
2,485 18 A la r14 28% J a n 4
18% 18%
18% 18% Io w a C e n tr a l.....................
18
19
18
19
4,725 30 V M ar25 51 J a n 7
33% 33%
33% 3 4V
34
31
34
D o p re t........................
34V
__ . . . 74 Alar20 80 J a n lo
*73
*73
76
*73
*72
76
76
76
C .F t .S .* M .,t r . cts. pfd
4,900 18 A lar 14 30% J a u 5
21% 22%
*22
23
20 V 22 *4
ansas C ity S o u th e r n ..
22 V 23
6,600
45 A lar 25 61% J a u >
49
62
49%
50
51%
49V
46% 49 V
D o p i e f ........................
50 19 V M a r ie 28 V J a n 12
*16
23
23
$ 18 V 18%
*16
*16
23
a ke E r ie * W e s te r n ...
. . . . . . 67 A la r14 61 A la rl3
"50
60
*50
60
*50
60
*50
60
D o p re f........................
9
52 M a r l 3 67 V J
57
*60
♦47
*50
55
*50
55
60
L o n g Is la n d ........................
114% 116V 116 118 L o u is v il le * N a s h v ille ... 24,810 108 M ar26 145 V J a u 5
109 114V 114 117
6,646
M
a
r
2f
Feb
13
129
133 134
146
129 130 V 1 3 0 V 131% 130% 131
a n h a tta n E le v a te d ...
♦......... 93
*
150 90 M a :2 e 107 J a n 23
93
90
90 ★
93
e tro p o lita n S tre e t___
22 M e x ic an C e n tra l................ 17,100 15 M a r 14 2 / ^ J a n 6
*18% 20% " 2*0 V 20%
20 V 20% **2*i
700
49 Mar27 59 J a n 15
49
49%
49
49 V M in n e a p o lis & S t. L o u is .
49V
49V
49 s. 49 V
200 86 AIar26 90 J a n 24
*80
85
85
*80
90
86
D o p r e f........................
86 V *80
5,700 97 M a i2 t 1401* J a u
102 3 04 V 101% 104 a;103 104V M in n . S. P . & S. S. M arie.
97 100
4,400 123 M a r l4 168 J a n 3
1 3 1 V 133 x 130 V 131V
128 131
125 125
D o p r e f........................
33
34 Hi 36% M o. K a n s as & T exas....... 46,825 30 V Alai 21 4 4 ^ M a r 1
3 3V 35 V
34 V
30 V 34
6.810 59 M a r 26 72% J a n 4
63 V 64%
62
69
63 34
62% 63
D o p r e f........................
6i
72 s 72%
74% M is s o u ri P a c ific ................ 30.625 64 M a r 14 92V J a u 5
72
73
70
72%
_____ 119 .Mar 2 2 147 J a u e
*118 122
*118 12 a
VT ash. C h a tt. & St. L o u is
*115 125 ‘ 115 125
1,450 48% M ar23 59 ^ J an 9
*49 V 52 V {52% 52% j . ’l a t.o f M e x , non-cum .pf
*48
49
*49 V
100 20% M a r2 t 27 Feb 14
22%
20% 20 V *20% . . . . . . *20 V 22 V *21
D o 2d p r e f................ .
116% 118 N . Y . C e n tra l & H u d s o n .. 69,212 111 Si M a r 14 131*1 J a n 10
113V 117
116 V I I 8 H1 *1 14 % 116
2,290 35 Hi iMai i!3 t>3Hi J a n 7
38V N . Y . C hic. * St. L o u is ...
38
36V 37 V
38
38
37 V 37 V
*
.
.0 0 109 M ar2o 110 J a u 16
*100 120
......
120
D o 1st p re f..................
510 70 Mar-2i> 913, J a n 7
*70
80
**70** 70
72 V “72V 270 **70
D o 2d p r e f..................
900 173 V Mar21 139 J a u 9
174 174% 173 Si 174 V *173 173% *170 174 V N . Y . N . H a v e n & H a r t f.
9,110 34 *5 M ar25 48% J a n 5
36
36
37 V 38% N . Y . O n ta rio & W estern.
34% 37
38
37 V
6,590 71 M a r ;4 92s, J a n 6
76 Hi 78 N o rfo lk & W e s te r n ...........
75% 77 V
75 V 75 V
72
73V
30 80 M a r l4 OO*-! J a u 10
85
*76
*75
85
85
*76
D o a d ju s tm e n t pref.
*73
85
115 122V 120s« 124% 121% 124 V 123 128 V N o rth e rn P a cific .............. 135,445 114 V M a r 25 189% J a u '1
115 116 V 115 116V 115% 118
110 116
D o subscrip, r e c t s ... l6,9tS6 110 M a r2 t 134 Feb 13
700 90 M a r io 1 2 4 u J a u 7
*94
95
90% 94
94 Hi 95
*88
96
acific C oast Co..............
*90 100
-90 100
*90 105
*90 105
D o 1st p re f......... *___
300 95 AIar20 125 M a i 8
98 100 v
*90 105
*86 100
*95
98
D o 2d p re f..................
P e n n s y lv a n ia ...................... 464,262 114 M a r 14 141% J a n 8
1 1 7 % 121V 119 V 122 V 119% 121V 120 V 123
69 P ittsb . C in . C hic. * S t. L.
67
1,330 67 AJar2t 78 J a n 22
67
67
67
*67
70
67
*95 100
100 93 V M a r ie 105% J a n 5
*94
98
*95 100
98
D o p re f........................
98
973,400 91 A la rl4 139 V J a n 7
9 9% 1 04 V 101% 105
L> e a d in g .
98% 102
32% 9d%
*
84
100 84 M a r2 t 92 J a n ri
p r e f ..........................
84
84
85 V
I-Wlst pref
85V
»
• _____ 85 Hi *84
400 83 A la r lt 94 J a u b
84
*
2d p r e f ....... .................
82
84
20 V 21V R ock Is la n d C o m p a n y .... 37,450 17% M ar26 30% J a u 5
17% 19% T o ” 2 0V ' i*93i 20%
45
3,900 40% M a r Jb 64 V J a u 6
45
45
45
44
40% 43
45
D o p r e f........................
100 59 M a r 18 70 J a u 11
65
*59
66% *60
66 V S t. L . & S .F r ., 1st p r e f___
66% *60
*58
1,800 29 M ar25 48% J a n 6
34
31
31
D o 2d p r e f..................
30
32 V 32% *31 V 34
2,200 18 M a r 19 25 V J a n 7
19% 21 St. L o u is S o u th w e s te r n ..
1934
20
*18
20
19H» 20 V
3,200 45 V M a r 25 62 V F e b l i
61% 51V
D o p r e f........................
50% 50%
49
50 V *49% 53
78% 81% S o u th e rn P a cific C o......... 198.160 69% A la r 14 9 6 <4 J a n 14
77% 80V
7 7V 79 V
7 2V 78 s
2,045 112 Alar26 118i« J a n 14
112% 113 * 11234 114
D o p re f......... ...............
112 114
112 113
20% 21V
20
21V 22V S o u th e r n v .tr . cfs. stm ped 31,200 19% M a r 25 34 J a n D
20% 21V
21%
2,600 69 M a r 7 94 V J a n 5
*70
80
73
74
73% 74*4
D o pref.
do
72V
72
9,225 24% Alar25 37 H. J a n 7
26% 28 H; ^exas & P a c if ic .............
25% 26%
25 V 26
2 4 34 26%
1,580 101 M a r 14 123 J a u 8
*105
110
‘
103
.
.
.
.
.
.
-hird
A
v
e
n
u
e
(N
.
Y
.
)
.
.
.
♦103 107
*102 105
1,500 24 M a r 28 29 J a u 7
25
25 Toledo R a ilw a y s & L ig h t
26
25
24
25
24% 25
4,625 23% M ar26 333i J a n
27 V 27 % Tol. S t. L . * W . v . tr. ctfs
27
*26
2 6V
23% 27
28
6.525 45 Alar b 53V J a n 7
D o pret. v ot. tr. ctfs.
50% 6 1V * 4 9% 51
50
49%
5034
49

D

E

H
I

K
L

M

P

1

Range tor P re v io v t
Year (1 U0f>)
Lowest

liiq h e s t

85% May
*93 Dec
131 % J ’ly
105% M.ay
91 Oct
71 J ’ly
124 Nov
139 V N ot
83 J a n
155% May
6.)% J ’ne
204 May
51 V Nov
25 % Sep
70 Dec
16 J ’n t
79 V 3«P
70 Dei
24% N o ’
U46 Si Dec
1160 Dec
......... . . . .

\1 0 ^ Sep
106 J a n
167V J a n
1 25 V Sep
99 Hi J a n
94 V J a n
.53 -.i Sep
L50 Dec
87 Feb
.0 1 V Dec
70% J a n
239% May
63% A ug
35% Oct
77 V O ct
23% J a n
86 H: J a n
80 J a n
39% J a u
199% Dec
213 A u g

i.92” A pl
225 Auji
168 J ’ne
175 Nov
9% Apr
25 Dec
3 % May
11% J ’ly
89 Dec
110 J ’ly
29 V J a n
66% A p r
43 May
189 M aj
437% M aj
36% Ala}
83 OCi
79V Dec
16 J ’ly
32 A pt
38% May
74V Dec
62 V A pr
Dec
80 J ’ly
c l7 8 Dec
(0% Dec
8 1 V N o'
11% Oct
33 V J a n
77% J a n

240 J a u
270 Alar
198 J a u
202 J a n
18 V J a n
42V J a n
13% Feb
47 V M a i
109% J a u
118 J a n
41 O ct
73 V Feb
5 J Deo
231% N o v
560 May
51% J a u
9 1 V J an
102 Feb
22% J a n
45 J a u
50% J a n
83 J a n
76% J a n
76 J a n
94 A ug
348 Feb
85 Dec
92 V J a n
23 V J a n
53 A u g
97% Alay

92 Si Nov
164 Ala)
33% J ’ne
70% J ’ly
24 J ’ly
48 J ’ly
77 Oct
22% J ’ly
49 J ’ly
27% J ’ly
75 Sep
6 1 V O ct
1 3 6 14 May
140 Sep
lo 3 J ’ly
18% May
58 V Dec
90 A pr
134 Dec
163 V A pr
29 Ala)
64 V A pr
85 % Ma>
133 Ala)
36 A p r
18 V J ’ne
126 Nov
o9 M ai
111 A p r
80 Aluy
1 ;9 Si DeC
43 V M a j
81 FeU
»9 V A p r
179 V May

99% J ’ne
184 Hi J ’ne
55% May
87% Alay
34*4 J a n
63% J a n
84 ^ Feb
37% J a n
71 J a n
44% J a n
*9 2 v J a n
81% J a n
156 V J a n
162 J a n
12 7 J an
29% Dec
84 '4 J a n
100V J a u
164 Alar
183% J a n
435g Nov
76 N o v
106% J a n
149V J a u
5 9 ^ Deo
30 Dec
156*4! J a n
73 V A p r
120 V J a n
92 Deo
204% J a n
57 v j an
97% Oct
96 J a n
232 V Feb

103 ’ J a n
105 Ja n
105V Ja n
122 V J ’ly
75 Alay
100 May
112 May
89 Sep
90 A u r
22 v J ’ly
60 J ’ly
60 Feu
4 0 v J ’ly
20 V May
43 V May
61 May
116 J ’ly
31% No*
93% Dec
28 Alay
121 Nov
25 V Dec
2 5V J ’ly
43 J ’ly

142 J ’ne
106 J a n
135 Alay
147 V J a n
87 J a n
109 A u g
£164 J a u
96 J a n
102 J a n
32% N ov
69% A u g
72% A p r
51% Feb
27% J a n
63% Sep
97 V Sep
120 V J ’ne
42% J a n
103 J a n
40% Oct
r l3 » ^ J a n
36 J a n
40 J an
59 V J a n

B A N K S A N D TRU ST C O M P A N IE S — B R O K E R S ’ Q UO TAT ION S
B acks
/"KKW YORK
▲ e tn a ............
A m e r ic a 1i . . .
A m e r E x c h ..
- A stor............
iB a tte ry P a rk
B ow ery* ___
■
B u t c h ’s * Dr
■Century 1j___
'C h a s e ...........

M id
215
500
235
750
120
320

160

A sk
225
525
245
180*
330
170

190
b 290
•C hatham ___ 310 320
iO halseaE xc^ 195

Bantu
C h e m ic a l___
C itiz e n s’ C trl
C i t y ..............
C oal * I r o n .
C o lo n ial 1] . . .
C o lu m b ia n ..
C o m m e rc e ...
C onsolidated
C r n E x c h tf
D iscou n ts . . .
E a st R iv e r ..
F id e lit y !!___
F ifth A v e 'i..

M id
390

A sk
410
145

Banka

F if t h ..............
F ir s t ..............
14 th Street^].
F o u r t h .........
230 25*6
G a lla t i n .......
700
500
5*25** G a r f ie ld .......
G e rm a n A m i!
t l6 7
G e rm an Exl]
150
G ertnaniall ..
295
305
G re e n w ic h 1)
160
150
H a m ilto n ll ..
150
160
H a n o v e r.......
200
3900 4*200 Im p & T rad .

m’o

lt><»

M id
340
650
225
185
1365
500
145
435
500
280
250
500
550

A sk
300
195
525
155
295
515
375

Banks
In te r b o r o lJ ..
Ir v in g N .E x .
J« tte r.io u ‘|...
L ib e rty .......
M a n h a tta n ';.
M a rk e t <fcFui
M e ch an ics’ .
Alech * T ra^
M e r c a n tile ..
M erch E x ch .
M e rc h a nts’ ..
M e tro p o lis’ ;.

M id
150
175
200
50.)
1100
305
260
230
170
.........
17.3
160
390

* B id an d jtsked prices; no sales were m ade on th is day. 4 Less tiia n lOO shares, t K x-nghts.
t Sale at S tock E x ch a n g e or at a u c tio n th is week,
c E x beneficial in te re st in ore properties,




A sk
160
.........
215
510
315
268
240
175
260
190
170

B ank*
M e tro p o li’nli
M t M o rris'J..
M u tu a llj.......
N assaul) ___
N e w A m ste r
N e w Y o rk Co
N ew Y o r k ...
N ig h t & D ay
1 9th W a rd li.
N o r th A m e r.
N o r th e r n ___
O rie n ta l TJ___

M id
165
240

A sk
172 V

B anket

M id
230
440
300
150
570
165
250
350
700

P a r k ..............
People's^)___
305
P h e n ix .........
200
210
P la z a li..........
1200 _____ P rod KxchT;
t ‘293
R iverside^ ..
110
400
Seaboard ___
350
S e c o n d .........
270
172
182
34th S tr e e t.. 220
265
275
12th W ard^i. 400
23d W a r d ? ..
195

A tk
250
465
.........
165
_____
1175
1280
370
........
_____
____

If S ta te banks, o lix-dividend a nd rig h t*. b N e w i w x i t
h 1st in s ta lm ’t paid, n Sold at p riv a te sale at th in o n ce .

M a e . 30

1907.]

ST O C KS— m a S X J S T a r s > l o w e s t
S a h s rd a v
M a rc h 23

M onday
M a rc h 25

733

j^ew York Stock Record—Concluded—Page 2
Tvettlay
M a rc h 26

sa l s

(V td n sidav
M a r c h 27

p r ic k s

T h u rsd av
M a rc h 28

S T O C liS

F r id a y
M a rc h 29

EXCHANGE

R ange lo r P re v ie w
Sales o> M ange tor Y ear 1907
Year (1 9 0 6 )
On basis or100-share Loti
the
weeK
Lowest
H ig h e st
H ighe st
Lowest
Shares

5,270 87\ M a r l4 108 *2Jan 7 102 Bee 122 *4 J a n
91% T w in C ity R a p id T ra n s it.
{) 50 O ct } 150 O ct
D o p r e f........................
795li()6
1.26*4 M a r l4 183 J a n 5 138% May lw 5 % S e p
I
Tnion
P
a
c
ific
...................
128 131V) 1 2 1 s, 130*s 123*4 131
700 86 M a r l 5 94 J a n 7 91% May 99 <4 J a n
U D o p r e f........................
87
87
88
86*2 87
-8 6
1,591 27 M a r‘25 62 J a u 7 50 A p r 98 J a n
U n it R y s I u Y ’t o f S a n F ra n
30
31
34
•80
27
3034
2,680 44 M ar27 71 % J an 7 55 A p r 93 Hi J a n
D o p re f........................
44% 46
50
48
45*4 46%
3,200 12 *3 M a rl4 18*o J a n 5 18 Dec ‘2 6% J a u
YX7 a b a s h ............................
12% 13*4
13
13*2 1 3 k
13*4
6,350 21 *2 M ar25 38 *2 J an 7 36 *2 Dec- 53‘v Feb
W D o p r e f.......................
22
23 %
23*4 •25
21*2 23*?
9% M a r 4 16% J a n 7 16 A p r 21% Feb
1,800
W h e e li n g * L a k e E r ie . ..
11
11
*10
11
*10
12
22% M ar 14 3 7 % J a u 6 36 Mas 48% Feb
D o I s t p r e f ..................
29
*23
30
•24*8 24*s *‘J 2
'
'900
14
M a r l4 2 1 34 J a n 10 21*4 Oct 29 ^ Feb
D
o
2d
j>
re
f..................
*14
18
17*-, ♦14
*16
17
2,225 16 M a r l 4 2o% J a u 12 23 May 33 J a n
W isc o n s in C e n tr a l............
17
17
17
17*4
16% 17
970 36 M a r l 4 51 *2 J a n 7 44 J ’ly 64 J a n
D o p r e f........................
37
{39
39
37
39
36
I n d u s t r i a l «fc lTliscell
10 {280 M a r U {295 Feb 14 §240 J ’ne 5300 Aug
♦280 300
A dam s E x p re s s ..............
*280 300 {280 280
*250 300
*250 3 JO *250 300
4,300 10 M a r 14 16% J a n 6 16 J ’ly 27% J a n
12
1 1 % 12*8
12*2 /V. llis- C ha lm ers..............
10% 11%
11
11*4 1134
11%
l l 7s 12
600
25 M a r 14 4 3 34 J a n 3 40 Sep 67 J a u
28
28
Do
p r e f.......................
26 *2 26*2 *26*2 29
*27*2 29%
27*4 28*.,
27*a ‘27*586*4
83% 87%
83
80*9 89 34 A m a lg a m a te d C o p p e r....... 702,096 78*2 Mar2t> 121% J a n 6 92% J ’ly 118*4 Feb
80*8 89*.,
88
91
78*2 86*4
2,420
19 M ar25 ‘2 5% J a u 8 20 J ’ly 34 *8 J a n
20
A
m
e
r
A
g
r
ic
u
lt
C
h
e
m
ic
al.
20
20
20
19
19
20
2
0
%
19
20
19*3
20*4
*
90*2 M a r 20 H5 F e b ‘20 90 Dei 102 J a n
*80
Do
p r e f......................
*80
95
95
*80
*88
95
95
90
*80
95
3,100 14*2 M a r 14 23% J a n 7 20% M ay 30 J a n
15
" l b " 15*2
15
14% 15 A m e r B e e t S u g a r ..............
15%
15
16
14*2 15*4
15
*
*
* .......
75 M a r 0 M> J a n 21 82 ‘t O ct 89% J a n
D o p r e f........................
* ...
75
75
75
76
♦.
80
*
75
5*4 M a r l 4
7*4 Feb'2*i*626
'5
6 A m e ric a n C a n ...................
" ‘ 5 ’^
6*2
6
6
"5 %
" 5"
6
5 *2 " 5 * 4
"’*’6*3
1,947 48% Mar26 55 F e b ‘28
51%
D o p r e f........................
61
61s,
50*8 50*8 *50
48 -4 49
49% 51
50*4 51
35
35% A m erican C ar & F o a n d ry 15,310 31 M a r 20 4 5 % J a n 14 32% J ’ly 47 *2 J a n
31
31% 34
33% 35*4
34
33*4 31*2
33 4 3 4 ‘t
2,000 92% Mar25 lt>3 J a n 12 98% J ’ly 105 J a n
98
16% 96%
98
9 6 ', i'7
D o p r e f........................
94
97*,
92*2 96%
97
96*4
28 Mas 44% J a n
5,200 •27 Mar-^5 33% F e b l!
29
2934 A m e rica n C otton O i l.......
27
28
27
28% 29
28
28'-4
28*s
27 78 *8*4
88 M a r la yo J a n 21 90 D ei 95 J a n
•8 0
*80
D o p r e f.... ................
♦80
•80
88
88
88
88
88
*88
8 8 *s *80
1,935 200 M ar25 •247 J a n 5 2 l5 A p r 272 Aug
200 {205 * ia 5
A m e rica n E x p re s s............
216
210 211
200 201
♦200 205
(2 1 0 210
7% Mas 1134 J a n
485
8*4 J a u 11
5 *8 M a r l3
6 *2 A m e ric a n G rass T w in e ..
8
6*3
«6 %
5% . . . . . .
6W
6*2
*5%
5*9
6 Si
5 '•2N ov 10 J a n
600
6*4 J a n 16
' " 41,
4 *4 M a r C
5 A m er H id e & L e a th e r___
4%
”4 *2 5
4%
4%
4%
*4%
4*3
*4 >2 5
400 20 M a r 13 K O k J a n 7 24 N ov 43 J a n
* 2 0 % 22
22
D e p r e f........................
2 1 34 2 1 34
20
20
*19
21
2 1 % 2 1 *i ♦19
94 % Sep
35*4
Ja n
1,650
76
Mar-21
88
J
a
n
2
77
{77
7
7
A
m
e
rio
an
Ic
e
S
e
c
u
ritie
s.
77
77
78
77
77
77
78*2
76*2
77 34
200 12*4 M ar25 1 9 >4 J a n 10 16 34 Dec 2 9 14 J a n
* 1 2 % 15 A m e ric a n L in se e d ............
13
*12
14
13
* 12% 1 3 S • 12*4 13
12*4 12*4
360 27 M ar26 36 J a n 7 35 Dei 53 7s J a u
*25
27
30
D o p r e f........................
27
30
28
27
*27
32
{27*2 27 H *25
60% 62 A m e rica n lo c o m o t iv e ... 12,670 55% M ar25 75% Feb 15 53 34 May 78 ^ J a n
69% 61
58*2 59%
69*2 61
57*2 61
65% 59 34
1,660 l o l M ar25 111*2 J a n 21 108% Dec 1 2 0 % J a n
103 103 {107 107
D o p r e f........................
102 1 0 2 % *102 105
105
105 *e 105*8 l o l
*rt
1(1
9
•6
A iner. M a lt Corp.
*6
10
*6
*6
10
10
’ ’ 262 29% M ar27 40 F e b 2 1
29% 29% . . . . .
D o p r e f........................
29% 29%
{29% 293, *30
33
♦27
33
•
400 86 M ar26 9 3 % J a n 7 92 >4 Dec 101=4 J a n
90 " 9 6 ” A m e r S m elters Sec pref B
»1
92
86
80
90
90
90H> 90*., *89
■286,6>0
104*4 M ar25 x lb b J a u 7 138 *2 May 174 J a n
1
1
1
%
111*2116
115%
120*2
A
m
er.
S
m
e
lt’g
<
fc
K
e
iln
’g.
105
115
1
173
4
119
104*4
118*4
1 15 '4
102 103
101 102*4 10234 104*4
100 103 *2 100 103
D o p r e f........................ 25,525 100 M a r ‘26 1 1 7 % J a n 7 112 Dec 130 J a n
103 105
♦200 240
. . . . . . 197*2 J a n H 205 J a n 18 2o0 J ’ly 220 J a n
•200 240 A m e rica n S n u tt..................
* 2H0 240
*200 240
*200 240
•200 240
99 M a r l2 99 M a r 12 100 Dec 107 J a n
♦90 100
♦fO 100
*90 100
♦90 100
*90 100
D o p r e f........................
*90 100
y% iiloi 15% J a n
i ‘ 006
7% M a r 2 6 10% J a u 5
8
7*4
7%
8
8 A m e ric a n S teel F o u n d r ’s.
7%
7%
8
7 *2
•7 %
*7*2
7 S.
‘2.40C 34 M a r 14 47 ia J a n 7 40 May 53*4 J a n
35
34
35 *2 36
D o p r e f........................
37
35
35
35*.,
37
35
35*4
37
127*3
Ma> 157 J a n
27,100
lo7*s
F
e
b
13
122
114%
Mar
14
119% 121
116'4 119
116*8 1 2 0 s* 119% 121*5 119% 122
123% A m e ric a n S u g a r R e fin in g
200 122 M a r 5 131 J a n 2 l i S % D ec 140 J a n
*120 130 *120 125
♦120 130
D o p r e f.......................i
•120 126 *120 128
124 125
2 0 u 118% M ar25 133 J a n 4 130 J ’ly 144*8 J a n
119 119
*115 120
A m er. T elepli. <fc T e le g ...
1 1 8 *2118*2 ♦117 120
•118*4 121
89
86 Hi 9l»
87
89% 90
89*3 90%
89*3 90*4 A.mer. Tobac. (n e w ), pref. 11,883 86 *3 M a r2 5 98% J a u 6 96 J ’ly 109 J a n
90
90 4,
9,345 24 M a r 2 6 36% J a n 7 28 .Nov 48 J a n
25% 26*2
26% 28 A m e rica n W o o le n ............
24
25
28
25
27
25*2
27 *2 28*s
833 95 M a r l4 102% J a n 5 101 J ’ly 110% J a n
*93
95%
95
96
95
96
*94
98
96
D o p r e f........................
96
96
95*2
60% 63 d A u a c o n d a C o p ..P a r $25 129,700 53 M a i l4 302% F e b 16 223 *2 May 300 F eb
0 8 % €0*2
53
60
58% 61%
67*4 61
59%
61*4
. . . . . . 108 M a r l9 121% Feb 14 105 *2 Nov 178 J a n
*105 1 ’. 5 *1'J6 115
*106 115
i jr o o k l y n U n io n lia s ___
* l u 8 115
♦106 115
•1 08 116
125 11 M a r 16 1412 J a n 4 13*4 J ’ly 21% A p r
•11
•10*3 12
13
12
12
O r u n s w . D o c k * C .I m p ’t
*11
11*2 11*2 *10*3 1 2 % { 1 2
4 i M a r *■ 49 % J a n 3 40 A p i 70 May
*42% 49 B u t te n c k C o.......................
*42*2 49
*42*2 49
*42 *2 49
*42 *2 49
*42 >2 49
25 ‘v 2 b *s
25
27%
27% 29% ( cen tral L e a t h e r ............ 19,260 ■Jo Mar2fc> 40 F e b 16 3 3 34 Dec 49 78 J a n
27*4 2 8 %
28 >4 29%
2 6 ‘8 2734
2,816 89 Mar26 102 F eb 8 9 8 a4 Dec 107*2 J a n
90% 91*2
91% 92
93
89
Do
p r e f......................
94
93
91
94
91*4 91a4
33% 36 Colorado F u e l & I r o n ___ 86,725 29 M a r 14 57 Te J a u 8 40 *8 May 83% J a n
29
33
32
31 -3 33*2
31*4 33
34*2
29% 32%
8,907 20 M a r 5 28 J a n 7 17 May 3i)i* Nov
‘22
2 4 ', 25
22
25
25
24% 25*4 Col. & H o c k . C oal & Iro n .
23
25 U
23
22>4
121% 123
5,681 110 M a r l t 140*4 M a r 1 130% A p r 18134 J a n
116 117
116 119*2 119*9 121*2 •118 2 121
C onsolidated G as (N . Y .).
116*4 118
7,562 17% M a r‘26 2434 J a n 22 18% J ’ly 28 A p r
l'.< % 19*4
19
17% 19*4
19
18*2
17*2 18
19%
19% C orn P ro d u c ts R e fg .........
18
5,634 78 M a r l 4 88 J a n 28 74*2 May 8534 A p r
79
81*2 81*2
80*4
80-i 81*2 579
79
D o p r e f........................
78% 81
80*2 81
74=8 Sep
67% 6 J %
69
63
68 *»
62
6634
6 6 % 6 a *2
70
D istille rs S e c u rit’s Corp. 33,490 62 Mai-‘2b 78 Feb 13 5L J a u
67*2 68-4
*_____ 16 J
♦......... 160
144 M a r 2 i 163 J a n 16 138 J a n 199 J a u
•135 160 F ederal M in in g & S m e lt’g
♦136 170
*137 160
150
* ....
80
2,475 80 M a r l f, 97 J a n 14 91 J ’ly 1 1 2 % J a u
83
86
84
85*i
86*3 86*2
85
D o p r e f........................
" s s K 833<
83% *
143 144*2 144*2 146 G e n era l E le c tr ic ................ 10.8J0 zl36% Max 14 103 J a n 22 £156 Dec 181 O ct
142 146
143*2 144*4 138 14334 138 3s 142
126 130 G r a n b y Cons M S & P . . . .
125 125
1,250 1-20 M a r 2s 15-j F eb 13
124% 124 78 120 120
125 125
130 131
3,720 13 M a r ‘26 18*2 J a n 7 16 4 Sep 2 6 *4 J a n
1 3 *s 13%
13
14
14
I n te ru a tio u a l P a p e r.......
14
1434 {14% 14% '13*2 14*2 ♦13
75% 75*2 *74
2,350 74*2 M a r^7 81 F eb 11 80 D ei 90 J a n
74*2 75
75
I D o p r e f........................
76
76*2 76*2
76*4 76 \ 75
44% 41% In te r n a tio n a l P o w e r .......
900 40 M a r 14 50% J a n 15 48 Sep z95 J a n
43
43
43
*43
43
45 *2
45*s,
43
43*2 *43
60 May
27
25
1,800 25 M a r 2 5 41 J a u 7 28 J a n
25
25
28
27 I n te r u a t S te am P u m p ___
•2 7
27 *v
29
27*4 27*, *26
92 May
*73
75% 75%
30 0 7 4 % M a r j 6 81 J a n 14 79 J a u
78
•7 5
77
D o p r e f.........................
74 >2 74 *4 *74
78
67
2,800 x62% M a r l5 75% J a n 24
66*3 67
67 M s ck a y C om pan ie s...........
64 *2 66
6 4 '4 66*4
66*2 67
6 6 % 67
67
66 *4 66*2
1,400 ati3 M a r l5 71 J a n 24
67
•66
65*2 (?7
67
65*2 66*3
66 *8 6 6 %
D o p r e f........................
4,320 75% M a r l 4 86*4 J a u 15 62 Mas 79*2 Dec
75*2 77
78*8 81
76*3 77% V[ a tio n a l B is c u it ............
76
*76*2 76*2
75*3 78
76%
♦110 113
♦110 113
800 111 M a r 26 117% M a r 6 113 J a u 118*2 O ct
1 ’ D o p r e f........................
111*4 113
111
111
•112*2116
111*3 U ‘i
2,560 1 0 % M a r 26 1 5 % J a n 6 12 May 18*2 J a u
11*2 1 1 *-,
11
12
12
10*4 11
’ 1*8 11*2 N a t E n a m e lin g * S t a m p ’g
11*4 *11*4 12*4
500 79 M a r 28 87 F eb 15 82 Sep 88 *2 M a r
80%
*80
79
79
*78
80'*4
85
85
85
81
*78
D
o
p
r
e
f.......................
81
55% 59 N a tio n a l L e a d ..................... 21,070 4 ,) M ar2;j 7 6 % J a n 7 66 May 95% J a n
49
60
53% 57
54
55
56
65
55
66*2
98% 98*4
9J
1.060 y8 M a r . 5 103 J a n 5 100*4 J ’np 106*4 J a n
•99
9y%
98% {99
98
98
D o p r e f........................
98%
98*4 99
115 117
100 115
102*8 110
7,625 100 M a r^ o 141*2 J a n 7 133 J ’ly 163% J a n
107*2 109*4 107 112*4 111 1 1 2 % N e w Y o r k A ir B ra k e .......
72
9,640 6 J% M a r i 4 89*4 J a n 4 87 N ov 107 J a n
74
71
70
74*4
71
73
74
73
71*4 73
72% N o r th A m e r ic a n Co., new
41 *2 J a n 5 2 8 34 J ’ne 51*2 J a n
23 *2 24*4
6,351- ^ 1*2 M a r 2
23% 25
24*3 24% L>aoific M a il.......................
21*2 24*.,
24*2 25
21*2 24*4
86
87% 88*2
8634 88
87
85% 87%
8 8 *a 89
£ eop. Gas-L.<fc C. (C hic.) l a , 475 85 M a r 14 9 S % J a n 4 88 J ’ly 103 J a n
87*2 8 8 *i
•12
12
* 12
3Gt 12 M a r2 i 16% J a n 15 13*4 May 18*8 Nov
14
•1 3
15
12*8 1 2 %
12 “S. *12
14
14 P itts b u r g h C oal C o...........
60
50
1,700 49 M a r l i •j0% J a u 4 50 J ’ly 62 >2 J a n
60% *49
49
49
51
52
50% 50%
Do
p r e f.......................
51
51
30*4 3234
32% 33
30
33*s 35
32% 35
Pressed S te el C a r .............. 10,685 30 M ar2o 57 J a u 10 43 Mas 64'-8 J a n
32*4 33
32 V
89
90
90
91
2,760 86 Mar-26 9a% J a u 24 95 Mas 105 Feb
88
86
89
89% 89%
{92
92
D o p r e f........................
91
169 160 P u llm a n C o m p a n y ............
159 160
160 160
1,132 150 M a r l 4 181 *8 J a n 8 180 Dec 270 N ov
169 159% i5 5 % i5 5 * f! 159 159
40
42%
39
4134
42% 44*2 f> a ilw a y S te el S p r in g ...
42
42
7,150 39 M ar2b 57 >2 J a u 10 44 May 6 2 34 J a n
43*8
42*4 42*4
43%
*
90
•90
300 90 M a r^y 99 *2 Feb 15 9734 J ’ly 107 J a n
90
90
*
...
93
90
90
93
92
J
a
»D
o
p
re
f........................
90
41% Dae
24% 25*2 R e p u b lic Ir o n <fc S te e l. . . 22,210 22% Mar-26 41 J a n 7
24
25
2334 24*4
25*4
25*2 " 2 2 ’ g 2434 ’ 22*2 24*4
*2
79
82
78
82
14,926 78 Mar-25 100 J a n 7 91 Mas
D o p r e l........................
82
78*2 81
81% 84
78*2 81
80*4
62
63
9,210 42 M a r 14 7734 J a n 7 68*2 J ’ly 97 *2 J a n
49
52%
50
51 % 53 <2
51 *s
46
51
62*s
O loss-Shetlield S t. <& Iro n
54
100
100 100 M a r 5 107 J a n 11 1 0 1 s, O ct 113 A p r
100
O D o p r e f..................
2 ,90u 130 M a r 2 6 162 J a n 4 129 J a n $166 N ov
137 130
134 135
*135 137% 135 139*4 T enn. Coal, I r o n <fc R R . . .
130 137*2 ♦185 141
38
39
39
40
40
39
4,550 $ 3 4 % M a r26 $53% M a r 1
87
39
34% 3 J
37
40 ^T ennessee C o p .P a r $25
•7 0
72
81
70
70
70
72
75
1,100 68 M a r 26 85 J a n 17 60 Mas 88 O c t
71
68
68
81 Texas P a cific L a n d T rusi
5 4 Sep 15 >4 J a n
5 34 M a r 29
400
8 % 0 a n 15
5%
6%
6%
6%
5%
6 34 1 {n io u B a g A P a per.
50*2 50*2
U D o p r e l........................
7o0 50% M ar25 61 J a u 7 52 O ct 84 J a n
60*8 5234
51*3 51*3
30 “4 34
30% 33
‘ 3 3 ” "34%
6,700 30% M ar25 4 9 % J a u 0 43 >2 May 53 J a n
33*4 34
" 8 8 S ' 3 5 “ U. S. O ast 1. P ip e <fc F oun .
‘ 34*4 "36%
76
80
76
•7 4
80
76
74
76
76
D o p r e f........................
810 74 M a r 26 89 J a n 15 83 *4 Dec 96% J a n
76
75*8
78
{1 0 0 105
♦100 110
•100 110
100 100
244 100 M a r 6 5117 J a u 9 109 May 138*2 J a n
*95 110
♦100 110
U n ite d States E x p re s s ...
75 A ug 94 *a J a n
72
74
4,6 00 -72 M ar25 90 *2 J a n i
75
72% 76
74% 76*4
0 S R e a lty & Im p ro v e ’nt
76
73*4 73*2
77*2
79
13*2 15
20
18*3 18*3 U 8 R e d u c tio n <fc R e tin ’g
14 *» 15*2
15
15
16% 16% *15
900 13% M ar25 30*4 J a n 28 24 M ai 40% j ’ne
*42
45
• 48
60
44
Do
p r e i......................
460 4 3 78 M a r U 68 J a n 7 60 M ai 84 j ' n e
48
*42
48
45
48
44*2 *43
38
39% 41%
42% 42% U n ite d S tate s R u b b e r ___
40
8,306 8 6 % M ar2 t 5 2*2 Feb 16 38 J ’ly 59*2 Oct
43*2
36 7s 41
43*2 46
42*4
100 101
100 101*2
99*2 100
D o 1st p re f.................
100 100-2
100 101
99*2 l o l
4,46i 09 % M ar2 £ 109% J a n 7 *104% J ’ly *115 J a n
68
71
72
71% 71%
71
Do
2d p r e f ...............
68
2,160 68 M a r2 i 78% J a n 7 75 Mas x87% J a n
72
71%
71*8 72
71*4
33% 34%
33% 35*4
31*2 34%
34*9 36*4 U n ite d S tate s S te e l........... 704,925 31 % M ar25 5 0 % J a n 7 32=8 J ’ly 5 0 >4 O ot
31*2 34%
‘ 3 3 6s 35
96% 98
91*2 96%
93% 97*4
95% 98*2
95% 97%
D o p r e f........................ 213,390 y 1*2 M ar25 107% J a n 7 98*4 J ’ly 113*4 J a n
< 97
98*4
24
24
28%
26% 27%
28
28
28*4 29
28*3 30*2 d U ta h C oppe r___ P a r $10 11,200 $24 Mar25 $39% M a r 4
25s4
27% 28
J ’ly 58 J a n
29
27
4,700' 25% M a r‘26 3 9 % J a n 7 31
29
V lrginia-C aroU na C h e m ..
•2 8
25*2 27
27**
28% 29
23*2
J ’ly 117 *s J a n
D o p re f.........................
1.720 101 M a r 26 108 J a n 9 104
1 0 2 ** 1 0 2 ** 102% 103 x l 02 102
102 “2 1 0 2 3j 101 1 0 2 % 1 0 1 % 102
56
65% 65% V ir g in ia Ir o n C oal & C ..
May 93 Deo
*69
60*2 60%
2,400 55 M a r 2 5 97 J a n 22 38
60
62
55
69*4
61
70
M a i 305 O ct
♦225 300
♦230 300
270 M a r 5 }‘2 90 J a n 26 233
*225 SOO •225 300
\\i ells F a rg o <6 Co
•2 25 300
*220 300
79% 80 *4
80% 80% ' * est’n U n io n T ele’gpli
80
8 0 S j 79% 80%
79*a 79*2
80
80
2,430 79% M a r 6 85 J a n 10 *83*4 Dec 94*4 J a n
146 146
A ug 176 J a n
148** 148*» 146 146 *147
1,290 146 M ar26 161 J a u 2 148
•1 47
149*a 147 147
147
W est’g h ’s e E l& M f g asseu
162
Nov 188 J a a
D o I s t p r e f .................
*147
*148 165 ‘*148 165 1*146 163
165 *150 166
90%

92

89 ** 90*s

89

02

03

93%

129% 134
*86
87
31% 31%
44
46*4
13*2 1 3 k
28 *2 24%
11
12
*25
27
15% 16s,
17** 17*-,
37% 37 *a

91%

93

129% 133
86
86
30
30
♦43
46
13% 13%
23% 2 3 7(
*11
1 2 *i
28
♦25
*15
17
17
17
37
37

93

131%
*85
31%
47%
13%
{23*2
12
*25
17
18
*37%

136*4
87
33
49
14*,
23*2
12
28
17
18
40

22%May

110 Jan

B A N K S A N D TRUST C O M PA N IES— B R O K E R S ’ QUOTATIONS
B anks
U n io n ExcliT
U S E x c h a ’eT
W a s h .H ’htsl
W e s t Side^l..
Y o rk villeU ..

S id
280
122%
225
600
400

A sk
250
132%
425

BROOKLYN

B o ro n g h l).... 175
B r o a d w a y 1 ;.. 160
Brooklyn^! .. 140

150

B anks

Bid

A sk

b u u o k lt n

F irs t..............
H om e B ank*
M a n u fa c trs’ .
M e c lia n ic s ll.
N a t C ity .......
N o rth Sidell.
P ro s p e c tP k l
T e r m in a l___
U n io u li.........

390
160
390
320
250
305
350
150
140

175
325
400
165
225

B id
T r u s t C on.
If. T. CTTT
B a nk e rs’ T r. 500
B o w l’gG reen t44 0
150
C a r n e g ie . .. 215
C e n tra l T r’st 1850
C o lo n ia l....... 400
220
C o m m e rc ia l. 220
C om m on w ’th
E m p ir e ......... 330
E q u ita b le T r
F arm bo <fc Ti i ’276

A sk
550
160
230
2050
410
240
145
340
135
1300

T r u s t G o ’s
F if t h A v e T r
F u lt o n ...........
G u a r a n ty Tr
G u a r d ia n Tr
H u d s o n .......
K n i c k ’rb ’k ’r
Law T I & Ti
M a n h a tta n ..
M e r o a u tile ..
M e tropolitan
M o rto uT rust
M u t u a l .........

Bid A sk
560
300
480
510
240
t9 7
1260
•275
3 -0 390
450 470
850
550
590
725
130
lib

T r u s t C o ’s
M u t. A llia n c e
N Y I,ife<fcTr
N e w Y o rk T r
S ta n d a rd T r’t
T itle G u & T r
T r Co of A m .
U n io n T ru st
U S M tg & T r
U n it States .
V a n N ’denT r
W a s h in g to n .

B id A sk
195
205
1000
740
725
425
560
<
’ 60
750
1300 1325
470 480
1240 1270
305
400
200
215

.....

T r u s t C o’s

Bid

A sk

BROOKLYN

B ro o k ly n T r
C itize n s’.......
F la t b u s h ___
F r a n k lin . . .
H a m ilto n ___
H o m e ...........
J e n k in s . . .
K in g s C o ___
L la lL A T r .
N o a s a u _____
People’s .......

440
150
260
310
825
160
•200
460
310
260
316*4
WUnamsb’g. 220

460
160
320 *
345
175
325
270

^ t Bid anil asked prices; no sales 011 this iia y . { l/e*s Uian loo s h a r e s , t Ex- rights. t>New stock, c Ex-dividend and rights. dN ow quoted dollars per share•Sale at 8 took Kxoh&nge or at anotlon this week, o Ex stock d i v i d e n d , s Trust Co. certificates. H Hanks marked with a paragraph (tf) arc State basks.




New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
O O C U F Y lN li
BONDS
N- Y . S T O C K E X C H A N G E
WHKK EKIiXXG MAJBCH 29

Price
F r id a y
M a rc h 29

U. S . ( i« T w m n e n t
U S Sa c o n s o lre c p a te re d .d l930
U S 2s cok sg I eotrpcn___ til9 3 0
T IS S s r e g is te re a _______ &1918
U S 3» c o u p o n ................... &1918
U S 3 « re g s m a ll b o n d s ., tel 918
\> S 3s con sm a ll b o n d s .. fcl918
U S 4s re g is te re d _______ A1907
U S
c o u p o n .............._ ../il9 0 7
D S t e re giste red....... . ....1 9 2 5
U 8 4* e o u p o n ..................... 1925
T X S P a n C a n 10-30 y r 2s.fci936
S b ttrn p in e is la n d s 48.1914-34
P n b w k s a n d Im p r e ? 4s 1935
P u b w ka a n d im p re g .,.1 9 3 6

Bid.
A sk
104*4 105 *4
105*9 1063s
1034104
103 *a 104

y < »re i*n G o v e r n m e n t
Ja p a n e s e G o v t 6 s sterl’ g.1911
2d series 6s _______ f . ___ 1911
5, loan 4*28 ctfs f u ll pd.19 25
2d series 4 4 s ctfs f u l l paid.
£ lo a n 4a ctfs f u ll p a id ..1931
R e p u b of C u b a 5s ex ten d e b t..
U fe ot M exico s f g 6 s of 1899
O d d 4s of 1904................ 1954
S t a t e S e c u r itie s
A la b a m a e u rr fu n d 4s ....1 9 2 0
D is t of C o lu m b ia 3‘65s___ 1924
L o u is ia n a n ew consol 4 s ..1914
N o r th C a ro lin a consol 4 s .1910
6s ..........................................1919|
So C a ro lin a 4 4 s 20-40....... 1933
Te®n n e w se ttle m e n t 3 s .. 1913
V ir g in ia fu n d d e b t 2-3«...1991
0s deferred B ro w n B ros ctfs.

Week’s
R ange or
L ast Sale

Low
H ig h
1053s F e b ’07
10614 M a r ’07
103*2 A u g ’OC
103*i 103*4
107 J ’ne’02
i 0 2 ^ * I I I I . I 104*2 O c t ’OS
100% 101
100«8 M a r’07
l ( J l 34 102
1 0 l78 M a r ’07
130*4 131 130*4 130*4
130U 131
1 3 0 4 130*i
104% 105*4 105 *s O ct ’06
109*4
111 M ay’06

JZamge
Since
Jan u a ry 1
Low Hicjh
105*8 105*8
1 06

106*4

102*8 io s* 4

100% 101 *9
1 0 0 "s 1 0 1 7e
L29 130*4
129^4130*a

__

*
*
i
*
i
t

Sale
Sale
88%
88
Sale
99

99*4
99*4
99*4
99*4
*7=>4
88%
874
88
T9
80*4
* 8*4 100
99 i t a r ’07
97 s*
02*9 J te r ’07
......... 93
hes* a r e p r ices 0 n the b
99*4
99%
88*4
87*8
8 fl34

__

111 M a r’02
117*a J ’n e ’06
105*2 D ec ’04
101 F e b ’07
12d M a r ’07,
120 M a r’OC
96 M a r ’07
96»< J a n ’07
20 M a r ’07

•1 00 102
• 1 0 0 's ____
____

86
" “

1 "26

96*4 99*4
967s 99*4
87*4 94%
87*9 92 7g
79
85*4
98*4 103*4
96*8 99
92*i 94
of $a to S..

136

05

96

»6* «

95*4

SO

82

89
97*4
101
90*9

91
102*9
101*4
92 7s

R a ilr o a d

__

B

_

PAGES
BONDS

Price
F r id a y
M a rc h 29

N . Y . STOCK E X C H A N G E
W e e k E k d is g M a r c h 29

Week’s
R ang e or
Last Sale

R ange
Suiee
Jan u a ry 1

B id
A sk Low
Low l l l y h
H ig h
C e n t of G a R R —( Con)
93 J ’ne'06
C h a tt D iv p u r m on g 43.1951 J -D
115*2 D ec ’05
M a c & N o r D iv 1st g 5 s .l9 4 6 J- J
115 N o v ’05
M id G a & A t l D iv 5 s ....1 9 4 7 J-J
115*2 A u g ’05
M o b ile D iv 1 s t g 5 s ....... 1946 J-J
105*4 F e b ’07
1 0 5 4 108
Cen R K & B o f G a c o l g 5s 1937 M-.N
18 123 4 126*4.
C e n t of N J ge n ’l g old 5 s .1987 J - J
. 123*2 123 *9 124
123*4 M a r’07
123*4 125 4
Resristered..................A1987 Q-J
111 F e b ’07
A m D ock & Im p g u 5s. .1921 J -J
U 04111
L e & H u d R gen g u g 5s 1920 J -J 102*9.......
L e h & W ilk s B Coal 5 s ..1912 M-N 100 ...... 100*4 100*4
99*4 100469*
99*4 M a r’07
99 101
Con ex t g u a r 4 *2S___ srl910 Q-M
N Y & L o n g B r ge n g 4s 1941 M-S
C e n t P acific See So Pacific Co
8 9 4 89 78
89 *9 F e b ’07
C e n tV e rm o n t 1st g u 94 s.e l9 2 0 Q-F _____ 90
Chas & S av See A t i Coast L in e
103 105
104 M a r ’07
Ches & O h io g 6s ser A ..A .1908 A-0 101*9 104
107 107
G o ld 6s............................. 01911 A-O 107 ....... 107 F e b ’OV
113*2 113*2
113 4 H 6
1st consol g 58................. 1939 M-N 113*4 114
116 J ’ne’06
R e g iste re d .....................1939 M-N
99 78 100*2
997a 105*4
G e n era l gold 4 *as........... 1992 M-S i o o ^ s S f e
104 M ay’06
R egistered... ..................1992 M-S
112 F e b ’06
C ra ig V a lle y 1st g 5s___ 1940 J - J
98 M a r’07
97
98 100 4
R <fc A D iv 1 st con g 4 s .. 1989 J- J
93*, 92 *2 M a r’07
92 *2 9 2 4
2d consol g 4 s ................1989 J - J
113*4 F e b ’05
W a rm S pr V a l 1st g 5 s ..1941 M-S
99*« F e b ’06
100
G re e nb rie r R y 1st g u g 4s ’40 M-N
76
76
76
80
C hic & A lt R R re f g 3 s ...1949 A-O " 7 6 "
" 6 8 " 67*4
69 4
67*4 76%
K a ilw a y 1st lie n 3*38...1 9 5 0 J - J •6 7
80 4 M ay’05
R eg iste re d..................... 1950 J - J
99*2 M a r ’07
99 100 4
C hic B u r l * Q— D e n v D 4 s 1922 F-A “ 9 8 ”
89% Sale
89*9
90
894 924
I llin o is D i v 3*28.............. 1949 J - J
R e g is t e r e d .,.. . . . . ....1 9 4 9 J - J
100 4 90 Sep ’06
i b o ” Sale 100
100 4
100 1 0 2 4
G o ld 4 s ........... ............... 1949 J - J
110*4 J a n ’05
Io w a D iv s in k fu n d 5 s ..1919 A-O
99 100
100*9 M a r ’0.7
S in k in g fu n d 4 8 __ ...„ 1 9 1 9 A-O
100 1 0 0 4
101sb F e b ’07
101% 102
N e b ra s k a E x te n s io n 48.1927 M-N 100
101*4 D e c ’06
R e g iste re d ..................... 1927 M-N
100 J ’l y ’06
S o uthw estern D iv 4 s ___ 1921 M-S
J o i n t bonds See G re a t N o rth
103
103
1024103*4
D e b e n tu re 5s...................1913 M-N 103
1 0 8 7g J a n ’07
1087g 109
H a n & S t J o s consol 6s. .1911 M-8
92 o e t ’u6
C h ic & E I llr e f < f c im p g 4 s l9 5 5 J - J
10078 1017»
1st s f c u r 6s...................1907 J-D 101% 101% 10l7g M a r ’07
132 Oct ’06
1st consol g 6s..................1934 A-C
14 112 1 1 7 4
G e neral consol l s t 5 s . . . . 1937 M-N 112 114
1 1 8 4 F e b ’ob . . . .
R e g iste re d ..................... 1937 M-N
1 1 3 4 F e b ’07 . . . . i l 3 4 1 1 3 4
O hio & I n d C R y l s t 5 s . l 9 3 6 J- J
C hicago & E r ie See E rie
126 M a r ’07
126
C hic In<fc L o u is v re f 6 s ...1947 J - J
125 126
U178 l i l 7 ,
l l l 7g J a n ’07
R e fu n d in g gold 5s........... 1947 J - J
105 4 Sep ’06
L o u is v N A <fc C h 1st 6s. 1910 J - J 102 4
103 M a r ’07
C h ic M i l & S t P te rm g 5s 1914 J - J
103 106*4
103 101 M a r ’07
101 107
G e n e ra l g 4s series A ..e l9 8 9 J - J
104 4 O ct ’06
R e g iste re d ................... «1989
92
92
92
G e n e ra l g 3*98 series B .e l9 8 9
904 924
115*4 O ct ’05
C hic & L S u D i v g 5 s . . . . l 9 2 1 j -j
C hie & M o R i v D iv 5 s ...1926 j -j 110 112% 113 K e b ’07
112 4 113*4
108 A p r ’06
C hic cfc P a c D iv 6s...........1910 j -j
110
110
C h ic & P W 1st g 5s........1921 j -j
110
110 1 1 1 4
106*4 F e b ’07
D a k & G t So g 5a.............1916 j -j
106*4 106**
F a r <& S ou assu g 6s____ 1924 j -j
1 2 5 4 1 3 7 4 J ’l y W
108*4 F e b ’07
H a s t * D D i v 1 s t 7s....... 1910 j -j
108*4 108*4
106 A u g ’04
1st 5s................................1910 j -j
.........
1 8 2 4 A p r ’06
I & D E x ie n 1st 7 s___ ..1 9 0 8 j -j
111 N ot ’06
LaC rosee & D 1st 5s___ 1919 j -j
M in e r a l P o in t D iv 5 s ....1 9 1 0 j -j
i( j2 4 102 *9 M a r ’07
1024103
I05*b F e b ’07
So M in n D iv 1st 6s......... 1910 M - j 106 108
104 105%
104 J a n ’07
S o u th w e st D iv 1st 6 s ....1 90 9 j -j
104 104
1 0 7 4 M a r ’07
W is & M in n D iv g 5s___ 1921 j . j .........109
1 0 7 4 110*4
1067g F e b ’07
M i l & N o 1st M L 6 s ....1 9 1 0 J-D ......... 107
106% 106%
1 1 1 4 F e b ’07
1st consol 6 s . . . ; ......... .1913 J-D
1104H 14
C h ic & N o r th w cons 7 s ___ 1915
119% 121
.........120 4 1 2 0 4 F e b ’07
102 J a n ’07
E x te n s io n 4s......... 1886-1926
102 102
R e g iste re d ...........18S6-1926 F-A
104 F e b ’07
104 104
95 7e
95 7s
G e n era l gold 3*28............ 1987 M-N •97*8.
95% 98
R e g is te r e d __________ ©1987 Q-F
95 F e b ’07
95
95
S in k in g fu n d 6 s ...1879-1929 A-O 109 ....... 111 O c t ’06
R eg iste re d...........1879-1929 A-O * ............. 110
114 4 F e b ’06
r.a
1
0^70
1
UQU
S in k in g fu n d 5 s ...1879-1929 A-O 106 >9....... 106j4 N ov ’06
R e g iste re d......... .1879-1929 A-O
107 4 J ’n e’06
D e b e n tu re 5s................... 1909 M-N 101 Sale 101
101
1 0 0 4 101%
R e g iste re d....... .............. 1909 M-N 100 ........ 101 M a r’07
101 101
D e b e n tu re 5s....................1921 A-0 105*9......... 107 J a n ’07
107 107
R e g iste re d ............ ........ 1921 A-0 105*9......... 108*4 J a n '04
S in k in g f u n d deb 5s........1933 M-N 108 114 114 4 F e b ’07
i l 3 4 114%
R e g iste re d____________ 1933 M-N .........114*9 117 F e b ’06
105*4 D e c ’05
North. I llin o is 1st 5s___ 1910 M-S
O t t C F & S t P a u l 1st 5s 1909 M-S loo** sale 100Q 100*4
1004102%
W in o n a & S t P e t 2d 7 s ..1907 M-N 102 ....... 102 4 D e c ’ 06
123 4 F e b ’07
M U L S & W e s t 1st g 6« 1921 M-N
i .2 2 4 i * M %
E x t <fc I m p s fu n d g 5s 1929 F-A
114 116 4 O c t ’06
1 4 2 4 F e b ’02
A s h la n d D iv 1st g 6 s ..1925 M-S
1 2 8 4 F e b ’06
M ic h D iv 1st g 6s......... 1924 J - J
I n c o m e s ........................ 1911 M-N 100 ....... 109 Sep ’03
114
116
C h lo R o c k l s i & P ac 6 s ...1917 J - J ......... 114
12 1 1 4 " i l 6 %
R e g iste re d..................... 1917 J - J
116 4 M a r ’07
116 4 1 1 6 4
G e n era l gold 4 s................1988 J . J
98*4
99
......... 99
25 98% 100 4
R e g iste re d..................... 1988 J- J
99*4 F e b ’07
99 4 99%
91 Sale
R e fu n d in g g 4 s .............. 1934 A-0
894
91
67 8 8 4 91*4
C o ll t r u s t S e n e s H 4s . . 1910 M-N
97 J ’l y ’04
J 4 s ................................. 1912 M-N
9 2 4 N o v ’06
M 48.................................1915 M-N
90*4 J a n ’07
"90 4 *9 0 4
N 4 s .................................1916 M-N
93 M ay ’04
O 4s..................................1917 M-N
90*4 F e b ’07 m i '9 0 % *90%
P 4 8 . . . . ......... % . . .
1918 M-N
90 M a r ’07
90
90
69 *9 Sale
C h ic R I & P a o R R 4 s "2 0 0 2 M-N
77
68
7 0 4 243 68
R e g is te re d .................... 2002 M N
79 Dec ’05
C oll tr u s t gold 5a......... 1913 M-S
82 *9 Sale
82
85
91%
19 82
B u r C ed R & N o r t h e r n C on 1st <&col t r g 5 s ...1 9 3 4 A-0
. 119
117 117
117 J a n ’07
R e gistered..................1934 A-O
.117*2 l2 0 * a M a r’03
C R I P & N W 1st g u os. 1921 A-O
111 N o v ’05
M <& S t l i 1st g u g 7 s ..1927 J-D

.....

---

126

b a m a C en t See So R y
M id i See A t C oast L in e
Ala1«ba
A lb a n y & S usa See D ei <fc H u d

A lle g h e n y V alle y See P e n n KK
A lle g <fe W es t See B u d f i & P
A ttn A r b o r 1st g 4 s......... A1995 Q-J
87*2 89 M a r’07
99
9 9 ^ 97»*
99*4
A te h 1 & S Fe— G e n g 4s. 1995 A-O
R e g iste re d .............. ...... A-O,
_____ 98 101 J a n ’07
91**
92
80 Sale
AdJtTstment g 4 S .. . . . . . A.1995 Nov
95 Sep ’05
R e g is te r e d _______ .._ ftl0 9 5 N ov
90
92
S ta m p e d .......................7il995 M-N " 90" Tl*
94*4
99
99 Sale
C o a v g 4 s ......................... J-I>
99 F e b ’07
D e b e n tu re s 4s Series F .1 9 0 8 F-A
9 8*9.......
100 *u J a n ’06
Series G ..........................1909 F-A
96 F e b ’07
Series H .........................1910 F-A
98*2 N o y ’04
Series 1 ...........................1911 F-A
94 N a v ’06
Series K ......................... 1913 F-A
E a s t O k la D iv 1st g 4 s ..1 92 8 M- S " " " " S lia 95*4 A u g ’06
A i l K n o x & N See L & N
93 h Sale
A tla n tic C oast 1st g 4s./i.lf>52 31-S
92*4
93*8
C harles <fe S a v 1st g 7 s .. 193(5 J -J
S av F & W 1st gold 6s .. 1934 A-0 " I I " 127* 13278 j a n ’06
1st gold 5s..................... 1934 A-0 1 U » 8 ____ 112*8 J a n ’04
114*8 N o v ’05
A la M id 1st g u gold 5s ..1 0 2 8 M-N
99*2 M a r ’06
B r u n s & W i s t g u g 4s ..1 9 3 8 J - J
87
86*8
8 6 *b
L <fc N coll g 4 s.............. o l» 5 2 M-N
96*4 D e c ’06
9S
S il S p O ca & G g u g 4 s ..1 9 1 8 J - J
A tla n tic & D a n v See S o u th By
A u s tin <fc N W See S ou Pacifto
90*9
92
a lt & O hio p rio r lg 3 * 9 S .1925 J - J
91*9.
96 J ’ne’ 06
R e g iste re d ................ M 9 2 5 Q-J
G o ld 4 s ............................*1948 A-O "9978 4
S9*9 100's
L00*4 M a r "07
R e g is te r e d ................ .7 il9 4 8 Q-J
120
o c t ’01
P itts J un c 1st gold 6s . . . 1922 J -J
M a r ’07
P J u n & M D i v l s t g i5 4 s l9 2 5 M-N
88*4 89
93
93
93
P L E <fc W V a Sys ref 4 sl94 1 M-N
89
90
89*2 89
S o u th w D iv 1st g 3 4 s . ..1 9 2 5 J - J
R e g is te r e d ..................711925 Q-J
90*8 89 O c t ’06
1057s F e b ’07
M o n o n R iv 1st g u g 5 s ..1919 F-A
109 A p r ’05
C en O h io R 1st c g 4 4 s . . 1930 M-S
113 *a M a r ’07
CJ. L o r & W con 1st g 5s 19S3 A-O 1 1 2 **-..
116 M ay’06
O h io R iv e r K K 1st g 5 s .1936 J -D
G e n e ra l g old 5s.............1937 A-0 i Y o " i i ' i *2 1 13 Ia N o v ’06
P itt s C le v <fc T ol 1st g 6s 1922 A-O
119*2 Mar*04
94 M a r’07
P itts & W e s t 1st g 4 s ...1917 J - J
100 N o v ’04
S ta t I s l R y 1st g u g 4 4 s 1943 J -D
B a t C reek <& s See M ic h C ent
B eech C reek See M Y C & H
B e lle v & C a r See Illin o is Cent
B k ly u * M o n ta u k See L o n g I
B r u n s & W e s t See A t l C oast L
B u ffalo N Y & E r ie See E rie
B uffalo R & P gen g 5 s ...1937 M-S ---- 114,
116*9 M a r’07
1 0 3 ^ F e b ’07
9 9
A l l <fe W e s t 1st g 4s g u ..l9 9 8 A-O
103 A p r ’97
C l & M a h 1st g u g 5 s ....1 9 4 3 J - J
B o c h & P itt s 1st g 6 s ...1921 F-A
____ 120*4 124 A p r ’06
C onsol 1st g 6s............ 1922 J- D
11834 Mar*07
------1S2
B uffalo & S ou th w e st. See Erie
96*8 F e b ’07
B n ft & Susq 1st re f g 4s.iJ1951 J'- J
Bur C R & N
S « e C E I& P
1 0 0 *« 100*4
/C a n a d a S o u th 1st 5s........1908 J - J
V ^2d 5s.
1 01
101
.1913 (M-S
103 N o r ’06
R e g is te r e d ..—. .............1913 rlW-S
G arb <fc S lia w n See H I C ent
C a ro lin a C en t See Seab A ir L
C a rth ag e & A d See N Y C & H
C e d R ia F & N S m B O R & N
Cen B ra n c n B y See M o P ac
C e n t of G a R R 1st g 5 s ..p l9 4 5 F-A >119
116 M a r ’07
C onsol g o ld 5a................. 1945 iM-N 105 Sale 105
106*2
R e g is te re d ____________ 1945 - N
113 A p r ’06
1 st pref in c o m e g 5a___ p l9 4 5 Oet
85*9 M a r’
"«T
S ta m p e d .................. ...............
S9 F e b ’07
Ss p re t in co m e g 5s___ jpl946}O ct
78
66
73*9 J a n ’07
73 F e b ’07
S ta m p e d .... ............. ...............
74
3d p ret incom e g 5s___ _pl945 O ct
66
63*9 J a n ’07
62
627&F e b ’07
S t a m p e d ___________________

FOUR

90

92 \

93*9 108*4

96

96

112

1124

----

n

92*4 9878

.....

8 6 *. 89*i

90*9 933*
99*9 102*8
100 101*9
8 9 " '9 0 "
93
96
89
90*4
105 78 105 7s
‘112*4 i l i s g

94

94

116*9118*9
102 103*9
118*4 123*2
94«fc 96%
100
101

101*8
105*2

----

u

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

116
105
85*9
89
73*9
73
63*9
62 7g

116

111

90
90
75’s
73
65
66

M IS C E L L A N E O U S B O N D S —C ontinued on Next P age.
S tr e e t K a il w a y
B ro o k ly n R a p T r g 5s____ 1945 A-O 105
106% M a r ’07
1st re fu n d c o nv g 4 s ___ 2002 J - J
82
79%
82 208
102
B k C it y 1st con os.1916.1941 J - J
103% F e b ’07
B k Q Co & S con g u g 5s. 1941 M-N 1 0 1 4 Sale 1 0 1 4
1014
B k ly n U n E l 1st g i- 5 s .l9 5 0 F-A 101 Sal*)
S ta m p e d g u a r 4-5s___ 1950 F-A
10 F e b ’96
K in g s Co E l 1st g 4 s . . . . 1949 F-A
87 F e b ’87
S ta m p e d g u a r 4 s ......... 1949 F-A ‘ 84%
84%
85 Vi 14
N a s s a u E le c g u g 4 a ___ 1951 J -J
81
"84
81 M a r ’07
C o n n R y <fe L 1 s t<fc ref g 4 4 s ’51 J - J
CH
S ta m p e d g u a r 4 4 s .........1951 J - J
ib a "
D e n Con T r Co 1st g 5 s ...1933 A-O
95 J ’neT O
D « t U n ite d 1st con r 4 4 s .l9 3 3 J - J
* 8 9 " 93% O c t ’06
H a v a n a Klee consol g 5 a .l9 5 2 F-A
90 , 92% J a n '07
In te r- M e t coll 4 4 s ............ 1956 A-O
77% Sale
764
78%}i•550
I n t e r n a t T rac coll tar 4 s .. 194b J - J
70
79% Sep 'W
68
Irfraia tiy Co 1st con g 5 e ..l9 3 0 J - J
109 M a r ^ S
M a n ila E lec 1st & coll 5s. 1953 M-S
887,
M ay’06

aoi

linn

'No price Friday; latest price tlus week. aDue Jan




101

S tr e e t R a i l w a y
M e t S t R y g e n col t r g 5 s .l9 9 7 F-A
105 108%
1 0 4 4 105 M a r ’07
R e f g 4 a ............................. 2002 A-O ....
82
H2% M a r’07
82
85
B w a y & 7 th a v 1st e g 5s 1943 J -D •108 111
108
1«8 113
108
C o l& 9 th A V 1st g u g 5 s .1993 M-S 1 0 8 4 1 1 2 4 113 4 F e b ’07
1134113%
L e x A v & P F i s t g u g 5s 1993 M-S
113*4 D e c ’06
T h ir d A v e R R con g u 4s 2000 J-J
84% 86
><64
»6
89"
" 9 7 " ” 89*'
T h ir d A v e R y 1st g o s ..1937 J - J
112 >7M a r ’07
113
112 4 1 1 4 4
8 4% 8 8 4 M e t W S E l (C h ic) 1st g 4s. 1938 F-A
93 ‘3 j ' i y ’06
M il E l R y & L 30-yr g 5S.1926: F-A
81
85
109 J ’l y ’Oa
M in n S t R y 1 st con g 5 s ..1919 J- J
107 4 F e b ’06
N O r f R y A L t ge n 4 4 s ..1935 J . J
89 *2 90 4 Sep ’06
S t J o s R y L t H * P 1st g 5s ’37 M-N
103*4 O ct ’Oti
S t P a u l C ity C ab con g 5s. 1937 J-J
110 4 N o v ’06
91
93
75
U n d e rg ro u n d of L o n 5 s ... 1908 J- D
80
78
77
32 75
94
100 J a n ’07
74
82
U n io n E l (C hic) 1st g 5 s ..1945 A-O
100 3 00
U n ite d R R s S a n F r s f 4 s .1927 A-O
75 4 78 4 M a r ’07
78% 8 3 4
U n ite d R y s S t L 1st g 48.1934 J -J
83
83
83
85
834
W C h ic S t 40-yr con g 5 s .1936 M-N
90 D ec *97

195 107
79% 92%
102% 1034
10141014
100 108

U Due Apr e Due May ^D ue J’ne ADue J ’ly /cDue Au; oDae Oct

pDut-Nov s Option

BONDS
N. Y . STOCK E X C H A N G E
W kuk E n d in g M a r c h 29

R ange
Sines
Jan u a ry i

P rtee
Week’s
F r id a y
j R a nge or
M a rc h 29 \ L a st S ale

itrt
A sk Low
H ig h
Low H ig h
C liic B o c k i & Pac— (C o n )
109 N o v ’06
Choc O k & t* pen g 5s .o l9 1 9 j -j
C onsol golii 5s.............1 9 5 2 M-N 107*4 i Y o " 111 M ay ’06
105*8 N o v ’06
K eo k & u e s M 1st 68___ 1923 A-O
C lue m l & N O
See 111 C ent
C hic S t L & P itts See P en n Co
128
128
128 131
C hic S t P M & U con 6 s ... 1930 J93 D e c ’03
C ons 6s reduced to 3 HiS-1930 J-D
1 3 m F e b ’07
i a ' i 1, i s ‘ £ u
O il S t P & M u in 1st g 6s 1913 M-N
129*4 M a r ’04
N o r W isc o n s in 1st 6 s .. .1980 J-J 12534 ,
120*4 120=8 F e b ’07
i ‘19 '4 i' 20 ^
S t P & S C ity 1st g 6s. ..1919 A-O
9734 99*4 No-r’Oti
C hicago Ter T ran s g 4 s ...1947 J - J
98*2 M a r’07
......... 98
98*2 99 *2
Coupon o f t .................................1
h o t,
111 Mar*07
11078 113
C h i c * WesT,Inrtgeng680l9:-i2
97*»
977s F e b ’07
97 7s 98
Consol 60-year 4 s .. ......... 1952
C lue & W M ic a see Pere M arq
Choc O <fe G u ll See C R I & P
113 Oet. ’00
C ln H & D 2a gold 4 Has... 1937
105 V 105
104*3---- 105*4 Mar*07
O in D <fe I 1st g u g 5 s ...1941
C K in a & F t W 1st g u 4s g .’23
. 88
88 J a n ’07
83
83
C ln i & \V 1st g u g 48.1953
. 106 1 04Hi F e b ’07
104*2 105
I n d D ec & W 1st g 5 s ...1935
m i j ' D e c !02
1st g u a r gold 5s............ 1935
C I S t L <fc C See C O C & S t L
C ln S & U S « C C C S t L
Clearfield & M a h See B R <fc P
'•J* 96*e 102
96 *«
98
97*s Sale
Clev C m C & S t L gen g 4s 1993
9f»g J a n ’07
99% 99 “s
C airo D iv 1st gold 4 s ....1939
97 M a r ’07
97
98 S;
C in W & M D iv 1st g 4 s .1991
"97'
97*4 F e b ’07
97*2 9834
S t L D iv 1st col t r g 4 s ..1990
97 J a n ’07
97
97
R e gistered ..................... 1990
99^4 F e b ’05
S pr & Col D iv 1st g 4 s ..1940
98 Sep ’06
97
.
W W V a l D iv 1st g 4 a ...1940
105 J a n ’04
106 .
O I S t L & C consol 6 s ..1920
97^!
97 *3
99
97 “2 99
1st gold 4s.............J...fc l9 3 6
99 Hi J a n ’07
' 99 .
99*2 99*2
R e g is te r e d .............. teltt36
113*4 J ’ne’06
C m S <6 C l con 1st. g 5s. .1928
118*5 J a n ’0^
118*2 118*2
C C C <is I consol 7s......... 1914
C onsol s in k fu n d 7s___ 1914
132 F e b ’07
131*8132
G eneral consoi gold 6s. 1934
R egistered..................1934
104H j N o v ’01
t o il B l <fc W 1st pret 4s. 1940
O In n & W 1st pt 5 s ...<(1938
93
94 ** M a r’07
95
Peo <fc E a st 1st con 4 s ...1 94 0
Sale
64
65
In co m e 4s.......................1990
7234
CHev & M a rie tta See P e n n B is
C lev <fe P itts See P en n Co
67
67
67
67
74*4
Col M id la n d 1st g 4s......... 1947
897, Sale
89*4
90
89*4 94*8
Colorado <fc Son 1st g 4 s . . .1929
92
95 F e b ’07
95
95
B e iu n d & e x t 4 ^ 8 ......... 1935
O oluin <fc G ree nv See So B y
C ol & H oc.K V al See H o c k v a l
C ol <fc T oi See H o c k V a l
C ol C o n n Jk T erm See N & W
C onn <ft Pas liiv s 1st g 48.1943
a k <& G t So See C M & S t P
alias <& W aco See M K <& T
101H M a r’07
D el L a c k & W e s te rn 7 s ...1907 M-S 101
1014104*2
1 1 9 'a N o v ’06
M o rris <& E ssex l s t 7 s . . . 1914 M-N
122 Sep ’08
1 st oonsol g u a r 78....... 1915 J-D
127 J ’n e’05
R e gistered ......... .....1 9 1 5 J-D
98
1st ref g u g 3 Hjb ......... .2000 J-D
i2 1 » 4 S e p ''06
N Y L a c k «fi>V l a t 6 s ...1921 J-J
110=4 F e b ’07
C o n stru c tio n 5s...........1923 F-A
110»4 111*6
102*, A u g ’06
Term & im p ro v e 4 s___ 1923 M-N
102 F e b ’03
W a rre n 1st ret g u g 3 His.2000 F-A
133 F e b ’06
D el £ H u d 1st P a D iv 7 s .1917 M-S
14H A ug’01
R e g iste re d .....................1917 M-S
98 Ha Sale
95*2
tf8*2
95 >2 109 >4
10-yr oonv deb 4 s...........1916 J-D
95
95 S
97 *s Sal**
95 110
A lb <fe S us conv 3*2?....... 1940 A-O
1 33*2D ec’06
Kens & S aratoga lst7f>.1921 M-N
D el B iv B R Uridtre See P a H i:
944
9**s
. 95
93»4 9734
D en v <fc R G r 1st con g 4s. 1936 J- J
1105*2 1 0 2 ‘g J a n ’07
102*8 102 *«
Cob sol gold 4*28.............1 93 6 J- J
. 106 105*3 Feb M r
104*4 105 Hi
Im p ro v e m e n t gold 5 s ...1928 J-I>
109 i l a r ’05
H ie G r J u n e 1st gu g 58.1939 J-D
76 D e c ’05
B io g r So 1st gold 4s___ 1940 J - J
89 J a r ’05
G u a r a n te e d ................... 1940 J - J
92*2 16 92
92*4 92
96
B io G r W e s t 1st g 4 s___ 1939 J - J
86*4 87»4 F e b ’07
87*4 8 7 ^
M g e a n d col tru s t 4 s A . 1949 A-O
97 J a n ’t»2
93
U ta h G ent 1st g u g 4s a l9 1 7 A-O
D e s - M o iifc F tD See M * S t i.
Jli* 8>op 04
D es M o i U n R y 1st g 5 s ..1917 M-N
92 M a r’07
90
92
92
Det<fe M a c k 1st lien g 4 s .1996 J-D
92*2 M.ar’ 07
89
92
9 2*2
G o ld 4s............................... 1995 J-D
D e tro it S o u th e rn —
8 6 O ct ’06
. 85
O h io S ou D iv 1st g 4 s ...1941 M-S
111 >2 J a n ’0
.Ill
lll* 2 lllH »
Dml<& Iro n R a n g e l s t 5 s . . 1937 A-O
112*2 F e b ’06
R egistered.........................1937 A-O
2d 6s...................................1916 J- J
S u l S h o rt L in e See N o r Pao
112 J a n ’07
110*8112
D n l So Shore & A t l g 6 s ..1937 J- J 107 111
L 'a a t of M in n « v e S t P M & M
H a s t T en V a <fc G a See So By
113*2 114*2Nov’06
E lg in J ol <6 B a s t 1st g 5 s .1941 M-N
E lm C ort <& N o See Le h & N Y
107*2 J a n ’06
E rie l a t e x t g old 4s.............1947 M-N< 1 0 l »4
109 *» Dec ’06
2 d « x t g o ld 5 s ................... 1919 M-S
108*2 A u g ’06
8 d e x t gold 4*38....... ........ 1923 M-S
110*2 O ct ’06
4 th e x t gold 5 s . . . . ...........1920 A-O
lO O ’s F e b ’07
5 th e x t gold 4 s..................1928 J-D
1 »0 78 1007s
. 127 127 M a r ’07
‘ 26 129*2
l a t oonsol gold 7a_______ 1920 M-S
133 F e b ’06
l a t oonsol g fu n d 7 b ........1920 M-S
96 *s M a r ’07
:* ¥ f
96*a 99*2
E rie l a t oon g 4s p r io r ..1996 J- J
99*2 O ct '06
R e gistered..................... 1996 J- J
80
82
side'
s o " "as
la t oonsol gen lie n g 4 s ..1996 J- J
85*2 F e b ’07
8 5 4 85*2
B egiate red..................... 1990 J- J
84 M a r ’07
P e n n c oll t r g 4s.............1951 F-A
. 86*2
84
91*2
76
80
78 Sale
60-year conv 4s A ......... 1953 A-O
76 103*4
85 F e b ’07
85
87
do
Series 15...1953 A-O
B u t t N Y & E rie 1 s t 7 s ..1916 J-D i*19~ 122 127 N o t ’05
B utt * S W gold 6s......... 1908 J- J
104 104 «b F e b ’06
115*9 115*2
115 Hi 119
O h i o * E r ie 1st gold 6 s ..1982 M-N i i o *
116*2 J a n 'Oo
C lev & M ahon V a l g 5s. 1938 J-J 109
101 101
J e ff B B 1st g u g 5s-- o l 9(H) A-O 101
101
101
130 M a r ’07
130 130
L o n g D ock consol g 6 s ..1935 A-O
130
118 S e p ’06
C oal & B B 1st c u r g u 6 s.l9 2 2 M-N
D ock & I m p 1st c u r 6 s .. 1913 J- J 106
K>97« O et ’05
N Y & G ree n L g u g 5s. 1946 M-N 110
121 *2 D e c ’06

.....

__

.....

D

.tlliS C E l.lA S E O U S

G a c ju i d E le c t r ic L ig h t
A t la n t a G L Co l s t g 5 s ...1947
B k ly n U G as 1st con g 58.1945
B uffalo G as 1st g 5s...........1947
C ousol G as conv deb 6 s . . . . 1909
C on sum G as see P G <Ss C Co
D e tro it C ity G as g 5 s......... 1923
D e t G a s Co con 1st g 5 a ...1918
X d E U U B k n See K Co E L<fc P
K d E l l l /SeeN Y G 4 B L H & P
K q G L N Y 1st con g 5 s ..1932
G a s & E lec B e rg Co c g 58.1949
G e n E le c tric deb g 3 1iis ..l9 4 2
G r B a p G L Co 1st g 6 » . . . 1915
H u d s o n Co G as l s t g 5 s ..1949
K a u C ity (M o) G as 1st g 5s 1922
K in g s Co E l L & P g 5 b .. J 937
P u rch a se m oney 6s . . t . . . i 997
E d E l 11 B k n l a t con g 4s 1939

735

New York Bond Eecord—Continued— Page 2

M a r . 30 1907.]

J-D
M-N
A-O
63
J - J ■116
J-J
F-A
M-S
J-D

99

70
100

15 106
2 33
94 116

100
100
101*3 N o v ’06

2 100

A -O

J-J

117 F e b ’07
93*2 M a r ’06

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

P rice
Week's
b r id a v
R ange or
M a rc h 29 I Last Sale

E rie — (C o n )
si Y S us <te W 1st re f 5 s .1937 J- J
2d gold 4 *28................... 1937 F-A
G e neral gold 5s............ 1940 F-A
T e rm in a l 1st gold 5s. ..1 94 3 M-N
R egis § 5 ,OOf) e a c h ...1943 M-N
M id R R of N J 1st g 6s. 1910 A-O
W ilk & E a 1st g u g 5s. 1942 J-D
Ev<fe In d 1st con g u g 65.. 1926 J - J
E r ie & P itts see P e n n Co
E v a n s cfc T H 1st cons 68.1921 J - J
ls t g e n e r a l gold 5s......... 1942 A-O
M t V e rn o n 1st gold 6 s ..1923 A-O
S u il Co B ra n ch 1st g 5 s .1930 A-O
argo & So See C h M <fe S t P
li n t & P ere M See Pere M ar
F la C <fc P e n in See Sea A ir L in e
F o rt S t U D Co 1st g 4 *28.1941 J- J
F t W & D e n C 1st g 6s___ 1921 J-D
F t W & R io G r 1st g 4 s ...1928 J - J
I ''a l H a r & S A See So P a c Co
V Tal H & H of 1 8 8 2 1 st 5S.1913
G eorgia & A la See Sea A L in e
G a C ar <fe N o r See Sea A L in e
G e orgia P acific See So R y
G ila V G & N o r See So P a c Co
G o u v & O sw eg at See N Y Cent
G ra n d R a p & I n d See P e n n R R
G ra y ’s P t T erm See S t L S W
G t N o r—C B & Q c o l l tr 4 s 1921 J - J
R e g istered. A ................... 1921 Q-J
G re e n b rie r R y See C hes & O
G u lf & S 1 1st ref & t g 5s 61952
a n & S t J 0 See C B & Q
ousaton ic SeeN Y N H A H
H o c k V a l l 8t c o n s o lg 4 *28.1999 J - J
R e g iste re d....... ................1999 J - J
Col <fc H V 1st ext g 4 s ..1948 A-O
Col & T o l 1st ex 4 s ____ 1955 F-A
H o u s t E & W Tex See So Pac
H o u s t& T e x C e n See So P a c Co
llin o is C e n tra l 1st g 4 s .. 1951 J- J
R e g iste re d ..................... 1951 J- J
1st gold 3*28.....................1951 J- J
R e g iste re d ..................... 1951 J - J
E x te n d e d 1st g 3*28....... 1951 A-O
1st gold 3s s t e r lin g ......1 9 5 1 M-S
C oll T ru s t gold 4 s....... ..1 9 5 2 A-O
R e g iste re d..................... 19521A-O
L N O & Tex gold 4s ...1 9 5 3 ' M-N
R eg iste re d ..................... 1953 M-N
C airo B rid g e gold 4 s___ 1950 J-D
I<ou\8vDiv&Term g3*28.1953 J - J
M id d le D iv re g 5s...........1921 F-A
O m a h a D iv 1st g 3 s....... 1951 F-A
S t L o u is D iv & te r m g 3 s .l9 5 1 J - J
R eg iste re d .............. ...... 1951 J - J
G o ld 3*38.......................1951 J - J
R eg istered ......... ........ 1951 J - J
S p r in g D iv 1st g 3 *28...1 95 1 J- J
W e s te rn L in e s 1st g 4s. .1951 F-A
B e lle v & C a r 1st 6s....... 1923 J-D
C arb & S h a w 1st g 4 s ...1 93 2 M-S
C hic S t L & U O g 5 8...1 95 1 J-D
R eg iste re d ..................1 9 5 1 J-D
G o ld 3H*s.........................1951 J-D
R eg istered..................1951 J-D
M e m p h D iv 1st g 4 s ...1951 J-D
S t L Sou 1st g u g 4s___ 1931 M-S
I n d Bl<fe W e s t 5eeCCC<fe S t L
I n d 111 & l a 1st g 48......... 1950 J - J
t n t & G re a t N o r 1st g 6 s . . 1919 M-N
2d gold 5s.......................... 1909 M-S
3d gold 4 s.......................... 1921 M-S
Io w a C e n tra l 1st gold 5 s .. 1938 J-D
G old 4 s............................... 1951 M-S
J enerson R B See E rie
a lA & G B S e e L S & M S
an & M ic h See Tol & O C
K C F tS & M
S e e S tL & S F
K C & M B & B See S t L <fc S F
K a n C & P acifio See M K & T
K a n C ity S o u 1st goid 3 s ..1950 A-O
R egistered.........................1950 A-O
K e n tu c k y C e n t See L & N
Keok & Des M o See C R I & P
K n o x v ille & O hio See So R y
ake E r i» & W 1st g 5 s ..1937 J- J
2d gold 5s.......................1941 J - J
N o r th O hio 1st g u g 5 s .. 1945 A-O
L Sho & M ie h S See N Y Cent
L e h V a l N Y 1st g u g 4*28.1940 J - J
xtegistwred........................ 1940 J - J
L e h ig li V a l (P a) cons g 4 s .2003 M-N
L e u V T er R y 1st g u g 5 s .1941 A-O
B egia te red.........................1941 A-O
L e h V C oal Co 1st g u g 58.1933 J- J
L e h A N Y 1st g u a r g 4 s ..1945 M-S
B egiate red.........................1945 M-S
E 1 0 & N 1st p f 6s .....1 9 1 4 A-O
G o ld g u a r 5s..................1914 A-O
L e h & H o d B See C e n t of N J
L e h & W ilk e s b See C en t of N J
Leroy <6 C aney V a l See M o P
L o n g D ock See E rie
L o n g I a l ’d—1st co ng 5s.A 1 93 1
1st consol gold 4s......... A1931
G e n e ra l gold 48................1938
F erry gold4*2S................1922 M-S
G o ld 4 s............................... 1932 J-D
U n ifie d gold 4 s ................1949 M-S
D e b e n tu re gold 5s...........1934 J-D
G n a r ref g old 4 s.............. 1949 M-S
B k ly n & M o n t 1st g 6 s ..1911 M-S
1st 5s............................... 1911 M-S
N Y B & M B l s t c o n g 5 s 1935 A-O
N Y & B B 1st g 5s....... 1927 M-S
N o r S h B 1st con g g u 5 s o l9 3 2
L o u is ia n a & A r k 1st g 5 s .1927

100

105

86

86*4 89

....

103

105
‘4

‘ *86 W
103

117 ” i*17*

Low
H ig h
108
108
100*4 D e c ’06
100 >2 F e b ’07
118 ............
. . O c t ’06
104 *g O c t ’06
llo
O c t ’06
116 A p r ’06

110
103
108

117 D e c ’06
......... 106*2 106ss F e b ’07
108 ......... 114 A p r ’05
1 01 *2 ......... 106*4 F e b ’06

109 Sale
......... 85

i

105 M a r’98
108Vt 109
84*4
84*4

, 100

92

Sale

Low H i a h
108 108
100 Hi 103

106 5e 106°8

95

100

89*4
88*s

92

108 111
84*4 87
100

103

8 8 5t

89*4 9 8 -a
8 8 ®b 96*2

, 100

102 *2 F e b ’0;

102 Hi 102*3

103=8 104
103 N ov ’06
9Ss4 N o y ’OO
100 D e c ’06

103ag 105*4

..

H

109*2 Sep ’06
104*4 A u g ’0*
1 00 *2 F e b ’07
95 >a J ’ly'OO
99 H2 J ’n e’06
70 O c t ’04
100
102 M a r ’07
102 O c t ’01
_____ 102*4 100'J4 M a r ’07
100 M ay’06
102*4 J a n ’07
”88 Hi '& T ‘ 89*, F e b ’07
123 M ay’99
78*2 A p r ’06
78*4 F e b ’07
106

89 M a r ’07
101 *8 O c t ’99
100 N o v ’OO
102 J a n ’07
122 D e c ’05
97 M a r ’07
• ......... 122 H, 121*4 D e c ’06
119*4 M a r ’04
93°8 M ay’04

100‘s 1007a

102

102*4

ib o ’4 103 Ha
102*4 102*4
89*4 91
78*4

78*»

8*8*4 ’ 89 *
102

102

*9*7*" *97*

100 Hi.
97 .

100 Hi M a r’07
97
97

100 Hi 100 Hi
97
97

......... 99
......... 114
95 Sale
65
79
100 108
......... 80

100 F e b ’07
114 Hi M a r ’07
95
95
79 J a n ’o
111 F e b ’o7
85 F e b ’07

1 1 4 H in 5 H i
95
9 9 °b
77
79
109 111
85
85

K

L

u

u

BONUS— C

107*8
73H,
139*4

H id
103

R ange
Since
Jan u a ry 1

F

o n tin u e d

0 11 N e x t

_____

69

69
O ct ’00

69

72

113
113*4 113
107 7s 1077a F e b ’07
117 J a n ’06

112s, 114
107*8 1077s

107*2 Sale 107Hi 107*4
'106*4........ 112*8N o v ’05
95 O c t ’06
116 O c t ’06
109 Hj O c t ’99
112*8 A p r ’06
96*4 J a n ’07

107*2 107*4

113
105

105

113 7e J a n ’06
105*4 J a n ’06

112*4
99 . ..
91 . ..

113

100

113*8

95Ha M a r ’07
102 N o v ’05
94 . . . .
99*4 O c t ’06
95 M a r ’07
......... 95
107*3......... 110 J ’ne’04
......... 96 H) 96 M a r ’07
100*8.

100 M a r ’07
110*4 N ov ’06
109*4 J a n ’07
109 N o v ’Ob
1 03H> F e b ’07

96*4 96*4

113

114»a

95*a 99
94

,9 5*9

‘ *9*6’ * *9*9^
i o o * i o 2~i;
ioSK* 109*2
ib*3‘4 103*4

P a g e .

G t u a n d E lectric L ig h t
L a e ( ia s L o f S t L ls t g 5 s .e l9 l9 Q-F
106*s
K4
120H:

106*8
63
116

105 F e b ’07
61*2 O c t ’01
86*4 F e b ’07
107*4 D e c ’00
ib*3*‘ ’. ” 11 103 M a r ’07
98 D e c ’06

F -A

BONDS
N. Y . STOCK E X C H A N G E
W e e k E n d in g M a b c h 29

B e t a n d e x t 1st g 5s....... 1934
M ilw a u k e e G as L 1st 4 s ..1927
N Y G E L H & P g 5 s ...1948
P urchase m oney g 4 s ...1 94 9
E d E l 111 1st conv g 5 s ..1910
1st consol gold 5s......... 1995
N Y & Q E l Life P 1st con g 5 sl93 0
N Y & R ic h Gas 1st g 5s. 1921
P a t & P a s G & E con g 5s. 1949
Peo G as <fc C 1st con g 6s. 1943
R e fu n d in g gold 5s...........1947
C h G-L <fc C ke 1st g u g 5s 1937
C on G Co of Ch l s t g u g 5 s . ’36
M u F u e l G as 1st g u g 58.1947
S yracuse L ig h tin g 1st g 5 s .’51
T re n to n G & E l l s t g 5 s ..1949
W estchester L ig h t ’g g 5 s.1950

A -O

M-N
J-D
F-A

M-S
J- J
F-A

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

...........102*2 102 % M a r’07
102 F e b ’07
*9i*
91*2 J a n ’07
99*2
99*2
99 Hs Sale
80H>
80*4 81*2 80
99*3 M a r’07
113*4 J ’n e’06
*99” 98*4 D e c ’06
103 N e v ’05
104*, N o v ’05
” ” ** 11*8” 119 F e b ’ 07
.........103*2 103*2 M a r’07
100 M a r’07
102 J a n ’07
i'o o ” 1*0*5*’ 103*2 D e c ’05
......... 104*2
110 M ay’05
99*i ” '
101*2 F e b ’07

102
102
91*2
99*4
80
99

119
102
1«0
102

105*,
102**
91H>
103*9
8 4 7g
99**

119*»
103H>
100
108

101*2 102

Wo price Friday; latest bidand asked this week, o Due Jan b Due Feb d Dae Apr eDueMay h Due J ’ly A: Due Aug « Due Oct q Due Dec s Option Sal*




New York Bond Record—Continued—Page 3

736
HON OS
X . Y . STOCK K X C H A N 0 E
vvkek e n d in g M a r c h 29

Week’ s
R a ng e or
Last Sale

Price
F rid a y
M a rc h U9

Liouisv A N a s h v gen g 6 s .1930 J-D
Gold 5s............................... 1937 M-N
U n ifie d gold 4 s................1940 J - J
R egistered..................... 1940 J . J
S inK tn n d gold 6a_______ 1910 A-O
C oll tru s t gold 5s............ 1931 M-N
5-20-yr col t r deed g 4 s .1923 A O
E H A N a s li 1st g 6s___ 1919 J-D
L C in «fc Lex g o ld 4 b s..- 1 9 3 1 M-N
N O A M 1st sold 6 s . . . . 1930 J-J
X O A M 2d gold 6s....... 1930 J- J
Pensacola B it gold 6 s ...1 9 2 0 M-S
S t L D i t 1st gold 6s....... 1921 M-S
2d gold 3 s.......................1980 M-S
A t l K nox A N o r 1st g 5 s l9 4 6 J-D
Henrter B dge 1 s t8 f g 6 s .1931 M-S
K e n tu c k y C e n t gold 4 s ..1987 J . J
L<fe N A M <fc M 1st g 4 b s 1945 M-S
L<& N - south M Joint 4 s .1952 J - J
X F la A S 1st g n g 5 s ...1937 F-A
X<fc C B dge gen gn g 4 b s 1945 J - J
P e n s A A t l 1st g n g 6 s ..1921 F A
S & X A la con g u g 5s.. 1936 F-A
L A J e ff B dge Co g u g 4 s .. 1945 M-S
L X A & CH See 0 I & L
ahon Coal See L S & M S
a c lia tta n R y c onsol4s. 1990 A-0
R egistered..................1990 A-0
M e tropol E l 1st g 63___ 1908 J . J
M c K ’p t & B V See X Y C ent
M e tro p o litan E l See M a n R y
M e x C e n t consol gold 4 s ..1911 J - J
1st consol incom e g 3 s .a l9 3 9 J ’ly
2d consol incom e g 3 s ..a l9 3 9 J ’iy
E q u ip & coll gold 5 s....... 1919 A-0
M ex I n t e r n a t ls t c o n g 4 s .l9 7 7 M-S
M ex X o r tli 1st gold 6s___ 1910 J-D
M ic h C en t See X Yr C ent
M id of X J See E rie
M il I S * W See C hic & X W
MU & N o r th See C h M <fc S t P
M in n <fc S t L 1st gold 7 s ..1927 J-D
Io w a E x 1st gold 7s....... 1909 J-D
P a cific E x 1st gold 6s . . . 1921 A-0
S o u tli W e s t E x 1st g 7 s .l9 1 0
1st consol gold 5s.............1934
1st a n d re fun d gold 4 s ..1949 M-S
D es M A F t D 1st g u 4 s ... ’35 J- J
M in n A S t 1, g u See B C B & X
M StP<fc S S M c o n g 4 i n t g u ’38 J - J
M S S M <fc A 1st g 4 in t g u 1926 J - J
M in n U n See S t P M A H
M o K a n A Tex 1st g 4 s ...1990 J-D
2d gold 4s........................ ffi.990 F-A
1st e x t srold 5s..................1944 M-N
1st A re fu n d 4s................20t)4 M-S
G e n s f 4 b s ................... 1936 J - J
S t L D iT 1st ref g 4s___ 2001 A-O
D a l A W a 1st g u g 5 s ...1 9 4 0 M-N
K a n C A Pac 1st g 4 s ... 1990 F-A
M o K cfc H 1st g u g 5s. ..1942 A-O
M K A O k 1st g u 5s....... 1942 M-N
M K <fc T of T 1st g u g 5 s . 1942 M-S
S lier Sh A So 1st g u g 5 s .1943 J- D
T
o t JQ. HL'Iq
1 at g
cm
a 5 s . . . 1943 M-S
Tex<fc
O k la 1st
ug
M o Pacific 1st con g 6s ...1 9 2 0 M-N
T ru s t gold 5s sta m p e d .a l9 1 7 M-S
R e g is te r e d ..................a 1917 M-S
ls t o o ll gold 5s................. 1920 F-A
40-year siold lo a n 4s....... 1945 M-S
3d 7s extd a t 4 % .............. 1938 M-N
C e n t B r R y 1st g u g 4 s .1919 F -A
Cen B ra n cli U P Is t g 4 s .l9 4 8 J-D
Leroy & C V A L l s t g S s 1926 J - J
P a c R of M o 1st ex g 4 s .1938 F-A
2d ex tended gold 5 s ...1938 J . J
8 t L I r I I A Sgen con g 581931 A-0
G e n con stam p g td g 5s 1931 A-0
U n ifie d A ref gold 4 s ..1929 J- J
R i t A G D iT 1st g 4 s .. 1933 M-N
V e rd i V I A W 1st g 5s. 1920 .VI-S
Mob J A K C 1st cons g 5 s .1953 J- J
M ob A O h io new gold 6s .. 1927 J-D
1st ex tension gold 6 s ../tl9 2 7
G e n era l gold 4 s................1938
M o n tg o m D iT 1st g o s ..194 F-A
S t L A C airo coll g 4 s..e l9 3 0
G u aran te e d g 4 s...........1931
M A O c oll 4 s ' See S outhern
M o haw k A M a i SeeX Y C <fc H
M onongaliela K1t See B A O
M o nt C e n t See S t P M <fc M
M o rga n ’s D a A T See S P Co
M orris A E ssex See D e l Li A W
a sh C h a t A S t L 1st 7 s .1913 J - J
1 st consol gold 5 s......... 1928 A-0
J a s p e r B ra n c h 1st g 6 s ..1923 J- J
M c M M W A A 1 1st 6 s ..1917 J . J
T A P B ra n c h 1st 6s ___ 1917 J . J
N ash F lo r A S hef See D A X
N a t of M e x p rior lie n 4 b s . 1926 J- J
1st consol 4s..................... 1951 A-O
N e w >1 A D see X Y X H A H
X J J u n c R R i'ee X Y C en t
X e w A C in B d g e See L o u A X
N O A X E p rio r iie n g 6 s»1 9 1 5 A-0
X Y B k ln A M a n B c h See L I
N Y C e n t A H R iT g 3 b s .l9 9 7 J - J
R e g is te re d .....................1997 J - J
D e b e n g 4 s.......................1934 M-N
L a k e Shore c o llg 3 b s ...l 9 9 8 F-A
R e g iste re d ..................... 1998 F-A
M ic h C e n t coll g 3 'as___ 1998 F-A
R e g iste re d .....................1998 F-A
B eech Creek 1st g u g 4 s . 1936 J - J
R e g iste re d ..................... 1936 J - J
2 d g u gold 5s................ 1936 J - J
B eech C r E x t 1st g S ^ s 61951 A-O

B id
Ill
9 7 b Sale
108
95 Sale
’ 109 b .

87

112ia

112 J a n ’07
I I 514 M a r ’05
97 M ay’06

107*9 .

M

991.,

N

99*2
99 b
104 A p r ’05

102*8 102*?

102*8 .
82 Sale
22 b S a it
1 4 Sj 15

82
20\
15 'a

2 2 ia
15b

Low
115
108
97

-High
I I 5 I4
1173,
101

109
95
112

109
98
112

121

12 1

120 120
72b 72b
96

80
y2
113 4; 113*2
112

F-A
F-A
M-N
A-0
J-J
F-A
F-A
J-D
J- J
J- J
J- J
J- J
A-0
J .J
J-D
F-A
M-S
J- J

112

991b 100*6

10614 ib'-’ia
81

86

20‘s 2734
14*2 21

......... 118

.........

98

130 M a r ’07
1 1 1 4 O ct ’05
118 J a n ’07
113 "4 M a r’05
109 *a M a r ’07
93% F e b ’07
97 A p r ’06
99
103

95
80
103

M a r ’07
X o v ’01

95
96
80
81 >a
103
103
81
81
83 >2 Saio
£3
83 *9
82 Sale
82
104 >2 J a n ’07
95 *2 F e b ’07
l l ’O1! 11014 M a r ’07
107 F e b ’07
102 " Sale’ 102
102
104 ....... 104 M a r ’07
107 J a n ’0
.........104
118
118 Sale 118
......... 100 b l O l ^ M a r ’07
107 b F e b ’06
96
Saie
Sals

.....

i'oT' i'0'2
95

........
.........116
1 10*4 sale
109 Sale
100

80 sale
87

Sale
122

1 0 6 b 110

115

101
86

101

M a r ’07

95 N o v ’Ofi
110 M a r’05
I0 1 3<i J a n ’07
U 6 is M a r ’07

109*2 HI

109 *2 109*2
80
82
85
87
107*2 A p r ’06
98 D e c ’06
122*4 M a r ’07
122 D ec ’05
93*2 J a n ’07
10814 Mair’07
92 *2 A u g ’06
101 X o v ’04

117 Hi 1173a M a r’07
U 334 M a r ’0?
119*4 F e b ’06
11714 M a r ’05
113 J ’l y ’04

11334...
115*8 ...

83',

90 b Sale

10214 J a n ’07
8 5 12 M a r ’07

90
91b
92*2 J a n ’07
94
95 V,
94 Sale
83
83
8 2 b 83
84 M a r ’07
......... 83
8m
83 F e b ’07
83ia 84*4 J a n ’07
.............1 0 1 3 *
102 F e b ’07
102 M a r ’04

.....
....

130

90

130

118” i l 8 *a
109
92

110*9
94

99

99

95
98b
8034
102 104
81
86
83
8 8 1*
82
87
104*2 1 0 4 b
95*2 95 b

noi8llli8

IO6 I4 107b
102 106 b
i 04 104
106 107
118 1 1 9 b
101 105
101

86

105
90
9634

101*4101*,

116 117*4
109 b 114
109 b 109 b
80
88b
85
92 b
121*4 124
93 b 94
108 b 108 b

116^173*
1 1 3 b 116

10214 102 b
84b 87b

90
93 \
92 b 92 b
94
99
83
88 b
81*4 87
83
k7b
84*4 84*4
102 1 0 2 b

M I 8 C £ L l iN E O U S
C o a l a n ti I r o n
Col F A 1 Co gen s f g 5 s ..1943
C onT ertible deb g 5 s___ 1911
C ol F u e l Co gen gold 6 s .1919
G r R i t Coal A C 1st g 6 sl91 9
Diearf B it Coal l s t s f 4 s ...1 9 4 0
D o lln d u ls ttfe coll 5s g u .,1 9 3 4
U o n tin ’t a i C l s t s f g u 5 s g .l9 5 2
Jett * C lear C & 1 1st g 5s. 1926
K a n & H C A C i s t s f g 5 s .l9 5 1
P leas V al Coal 1st g,s f 5 s .1928
B anilay CrseK Co g 5 s ___ 1944
T enn C oal gen 5 s..............1951
T e n n D iT 1st g 6s....... a l9 1 7
B ir m D iT 1st consol 6s. .1917
C a h C M Co 1st g u g 6 s .1922
D e B a r C A I Co g u g 6s. 1910
V a lr o n C o a t& C o ls t g 5 s .1949
V icto r F:-el 1st s f 5 s .........1953

975;

90 sb J ’iy ’01
105 M ay’00

4:8 .........
..... 1 0£99 b

u

Low
High.
115 b M a r ’07
108 M ar'07
97
97 k
101H J ’l y ’06
107 D e c ’05
109 M a r ’07
95
96 *s
112 F e b ’07
109 M a r ’05
121 M a r’07
122 >4 M a r’07
107 b A u g ’06
120 J a n ’07
72ia F e b ’0 /
116 J ’l y ’u6
1 0 8 ^ J a n ’06
96
96
108 J ’ly ’06
87
87
1131-2 M a r ’07

R ange
Since
J a n u a r i/ 1

BONDS

l

.

l x x x iv

Week's
R ange or
Last Sale

Price
F rid a y
M a rc h i 9

X . Y. STOCK E X C H A N G E
W e e k E n d in g m a r c h 2:>

.

R ange
Since
Jan u a ry 1

J J ig h
B id
Ask Low
N Y C en t A H R —(C o n tin u e d )
103°*,
C a r t * A d 1st g u g 4 s ...1981 J-D
G o u t A O s w e ls t g u g S a 1942 J-D
9734
M oh A M a i 1st g u g 4 s ..1991 M-S
97 b
97 b
105 O ct '02
X J J u n o R g u 1st 4 s ...1 98 6 F-A
X Y <fc H a rle m g 3 b s ...2 0 0 0 M-N
l o i b J ’ly ’Ot:
R e gistered..................... 2000 M-N
119 b M a r’05
X Y A N o r th 1st g 5s. ..1927 A-O
X Y A P u ls t c o n g u g 4 s 1993 A-O
10114 D e c ’06
X o r A M o n t l s t g u g 5 s .1916 A O
137 N ov ’9"<
f in e Creek reg g ua r 6s. 1932 J-D
113 M a r ’07
R W A O c o n Is t e x t5 s ./ il9 2 2 A-0
11334 J a n ’02
O sw e <fe R 2d g u g 5 s_..el9 1 5 F-A
R W & O T R 1st g u g 53.1918 M-N
R u tla n d ls t c o n g 4 b s ..l 9 4 1 J- J
106*« O ct ’0?
Osr& LCham 1st g u 4 s gl94® J . J
94*. 95 F e b ’07
95
95 F e b ’07
Rut-C anad 1st g u g 4s. 1949 J-J
122 J a n ’01’
St L a w <fc A d ir 1st g o s .1996 J- J
2d srold t>8.......................1990 A-C
103 7t A u g ’06
U tic a A B lk R tT g u g 4 s .l9 2 2 J- J 100*9 .
91*4
§2b
91b .
Laice Shore gold 3 b s ___ 1997 J-D
92 b M a r ’ 07
R e g iste re d ................. 1997 J-D
92 b
94
D eb en ture g 4 s............ 1928 M-S
K a A cfe G R 1st gu c 5s. 1938 J- J
125 *9 M a r’Ori
M a h o n C l R R 1st 5 s.. 1934 J- J
107 b X o v ’06
P itts * L E rie 2d g 5 s .a l9 2 8 A-O
139 J a n ’03
P itts M c K A Y 1st gu 6 s .1932 J- J
2d g u a r 6a ...................... 1934 J - J
M c K e e s * B V l s t g 6s 1918 J- J
104 D e c ’ 06
M ic h C e n t 1st c o n s o le s .1909 M-S
118 *4 J ’ly ’06
5s...................................... 1931 M-S
119 J ’ne’06
R egistered..................1931
10034 J a n ’O'
4s......................................1940
1 0 6 b X o v ’00
R egistered..................1940 J- J
94 *2 Dec ’06
J L * S 1st g 3 b s ...........1951 M S
94 b J a n ’0
l s t g 3 b s ..........................1952 M-N
B a t C A S t u r ls t g u g 3 s .l9 8 9 J-D
103
103
X Y C hic <fc S t L 1st g 4s 1937 A-O ’103
102 >4 M a i’07
R eg istered.....................1937 A-O
103
W e s t Shore 1st 4s g u . . . 2361 J- J 103 Sale 102
R eg istered.....................2361 J- J 100 b ....... 100 b 100 k
N Y <fc G ree nw L ake See E rie
X Y A H a r See X Y C A H u d
N Y Lack A W
See D L A W
N Y L E A W See E rie
X Y & L o n g B r See C en t of X J
N ew Y o rk N e w H a v A H a rt—
124 F e b ’Ot
H o u s ato m c R con g 5 s .. 193? M-N
X H A D erby con cy 5 s.l918 M-N
N Y A N o r th See X Y C A H
96 Sale
95
96
X Y O & W ref 1st g 4 s ..o l9 9 2 M-S
101 b J ’ne’Ot
R eg is $5,000 o n ly .........ol9 9 2 M-S
X Y A P u t See X Y C <fc H
X Y 4 R B
See L o n g Is la n d
X Y S A W See E rie
X Y Tex A M See So P a c Co
102 104 Sep ’0e
X o r A S o u th 1st g 5s......... 1941 M-N
. 12J
130 F e b ’07
X o r f A W e s t ge n g 6s....... 1931 M-N
130a4 Feb ’01
Im p ro T e m ’t A ex t g 6 s ..1934 F-A
X e w R iT er 1st g 6s....... 1932 A-0 127 13*Jl4 127*4 O ct ’06
97 b
93 **
98 b Sale
X A W R y 1st con g 4s. 1996 A-O
LOO F e b ’06
R e g is te r e d .................... 1996 A-O
95 M a r ’0
D iT ’l 1st 1& gen g 4 s ..,1 9 4 4 J - J
85
86
Pocah C & C jo in t 4 s ..l9 4 1 J-D
105
lt )9 b F e b ’06
C C A T 1st g u g 5s......... 1922 J- J
99 h 99 b M a r ‘07
Scio Y A X E 1st g u g 4s 1989 M-N
X o r t h Illin o is See C h i A X W
X o r t h O h io See L E r ie A W
100
101
X o r P ac—P rio r lie n g 4 s .. 1997
J 101 Sal
98*-.
1 0 0 b 98 b
R e g iste re d..................... 1997
-J
70
7uH
G e n eral lien gold 3s___ o2047 Q-F ”70* Sale
7i. F e b ’07
71
R e g is te r e d ..................a2047 ' F
9 u 34 j a u >or,
D
S t Paul- D ul D iT g 4 s ....1 9 9 6
D u l S h o rt L 1st g u 5 s . . l 9 i e M-S
C B < fe Q c o llt r 4 s S e e G tX o r
120 M a r ’07
S t P A X P gen g 6s___ 1923 F-A
132 J ’l y ’99
-F
R egistered certific’s.,1 92 3
113 M a r’06
S t P a u l A D a l 1st 5 s ....1931 F-A 106
10834 F e b ’07
2d 5 a ............................... 1917 A-O
1st consol gold 4 s......... 1968 J-D
98 b O ct ’66
90
-M
W a s h C en t 1st g 4 s ......... 1948
9d M uy’Ot)
N o r P a c T er Co 1st g 6 a ..1933
11334 M a r ’07
-J 111
N o r R y C a i See So Pac
N o r W is See C S t P M A O
X o r & M ont £ e « X Y C e n t
In d A W See C C C A S t L
h io R i t R R See B alt A O
O re A C al See So Pac Co
O re R R A X a T See U n P ac
O re S h o rt L in e See U 11 Pac
O sw ego A R om e See X Y C
O C F A S t P See C A X W
ac Coast Co 1st g 5s___ 1946 J-D 1 0 2 b .
ac of M is s o u ri See M o P ac
103 J ’l y ’06
P a n a m a 1st 8 fu n d g 4 b s . . 1917 A-O
101 M a r’07
P e n n R R 1st real est g 4s. 1923 M-N ......... 103
1 11 b Sep ’04
Consol gold 5s..................1919 M-S
106 A u jt’OB
Consol gold 4s..................1943 M-N 101
933, Sale
C onT ertible g 3 b s ...........1912 M-N
9034 Sale
88*9
90 b
C onT ertible g 3 b s ...........1915 J-D
A lle g V a i gen g u g 4 s ...1942 M-S
97 ....... . 104 b O ct ’05
D R R R i f c B g e l s t g u 4 a g . ’36 F-A
9 7*3.......
P h ila B a l A W 1st g 4 s .. 1943 M-N '103 ....... 107 b O ct ’Ot
102 J a n ’Oi
Sod B a y A 80 1st g 5 s ...1924 J . J
•98
S u n * L e w is 1st g 4 s . . . 1936 J . J
110 b Sep ’(>4
U X J R R A C an gen 4s. 1944 M-S
105 *v 105
P e n n Co—G u a r 1st g 4 b s .l9 2 1 J . J
105 h
105*4 F e b ’07
R eg istere d..................... 1921 J - J
G u a r 3 b s coll tru s t re g. 1937 M-S
90 b J ’ne’06
G u a r 3 b s coll t r ser B ...1 9 4 1 F-A ......... 8 7 b 90 O ct ’06
943« 95 >9 95 *4 M a r’07
T r Co ee rtif’s g u g 3 b s .l9 1 6 M-N
G u 3 b s t r ctfs O .............. 1942 J-D
3 7 b ......... *9 O ct ’06
G u 3 b s tr c t f s D .............. 1944 J-D
90 b M a r’OC
98
G u a r 15-25 y a r g 4 s ___ 1931 A-O
97 b J a n ’07
C l A M a r 1st g u g 4 b s . . l 9 3 5 M-N
110 J a il *05
01 <fe P g e n gu g 4 b s s e r A . ’42 J- J
1 08 b A u g ’03
Series B .......................... 1942 A-O
Series C 3 b s ..................1948 M-N
96
9 8 b D e c ’05
F-A
Series D 3 b s ..................1950
96 J a n ’04

Low High,

.....

97 b

113

97 b

114

95
95

9134 94*4

92b
92

ft?

94
99 b

100»4 100*4
94 b

94 b

102=8103b

10214 102 b
102 105
1 0 0 b 1 03 b

95

101b

129b 130
97 b

993*
96b
91b

99 b

99 b

100
98 b
70
71
9534

1 03 b
102
74b
71
9534

108'4 10334

1133411334

O

107 Mar’07

F

.... .

107

109

101 101

90*4 937t

90*4 100 b
88 b 95

106 107
105*4 105*4
95

95 b

97b

97b

90

£0

B O N D S —C o n tin u e d 011 N e x t P a w

9d

95
95
95 100 b
83 J ’l y ’06
107 b O ct ’04
102*8 A p r ’06
95 A p r ’02
‘ o f Sale" 59
76b
623b 598 59
107 *b D e c ’04
107 M ay’97
. ,1 0 6
105 b D e c ’06
105 O ct ’00
96
78 F e b ’07
78
78b
95 Sale
94
95
94
95
1 0 6 b J a n ’07
LOO *a 1 0 6 b
I 0 4 b l0 6 '2
104 *a 105 H
102 D e c ’03
99
100 F e b ’07
90
90
98
itO
93*4 90
93 b Feb ’07
93 b 93 b

100 100

T e le g r a p h a n d T e le p h o n e
A m T elep * T el coll t r 4s 1929
C om m C able Co 1st g 4 s ..2397
M e t T & T 1st s f g 5 s ....... 1918
M ic h . S tate Telep. 1st 5s. 1924
X Y A X J T el gen g 5 s ..1920
W est U n io n col tr c u r 5 s .1938
F d a n d real est g 4 b s ...l 9 5 0
M u t U n T el s fu n d 6 s ...1911
X o r th w T el g u f 4 b s g .,1 93 4
M a n u f a c t u r in g *fc In d u s t r ia l

J- J
y .j
M-N
F-A
M-.N
J-J
M-N
M-N
J- J

A m Cot O il ex t 4 b s ...........1915
A m H id e * L 1st s f g 6 s ..1919
A m e r Ice Secur deb g 6s.. 1925
A m S p irits M fg 1st g 6 s .. 1915
A m T hread 1st col tr 4 a ...1919
A m Tobacco 40- yrg 6s___ 1944
4s......................................... 1951

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

*X u pr»c<5 * rj.uay; latest hid and asked. a D u e Ja n b D ae F e b c D a e M a r li Due Apr h Due J ’ly k Due Aug




[V o

•92

95
104

90
96b
104
97
105 b
102>, 102
95
104
105
103
31b
86b
87*-.

98
92
107 Sale
73 b Sale

J a n ’07
J 'n e ’06
F e b ’07
F e b ’07
J ’l y ’03
M a r ’07
95
104
J ’l y ’04

....

i ’0’4 " 104**
98
98

102
9 95
1 104

103
100*4
104

90 M a r’07
90
03
86Tg M a r’07
86
9 lb
87
87
2 37
89
9S
98
8 98 102
92 b
92 b 69 90
93
105 b
107 b 774 105 b 110*4
71*2
7 3 b 376 7 1 b 79 b

o D u eO c t jiD u e N o r

7

Due De® tOptton&ato

M a r . 30

1907. J

New York Bond Record—
P r vet
F r id a y
M a rc h 29

N . Y. ST O CK E X C H A N G E
W k kk e n d in g M a r c h 29

Week's.
R ange or
Last Sale

H ig h
S id
Ash Low
i ’e u n C o —(C o n tin u e d )
92 ......... 96*4 J a n ’06
E rie <io P itt s g u g 3 S js B.194G J* J
98*4 A pr ’04
Series C .......................... 11)40 J - J
108 S e p ’06
G r R<fc 1 ex 1st g u g 4 S js l9 4 1 J - J
127=8 O ct ’02
P iu s F t W <fc C 1st 7 s ...1912 J - J
119 J ’ne’06
2 (17s.................................1912 J - J
119 A p r ’04
3U 7s............................. A1912 A-0
116 M ay’05
P itts \& A sh 1st con os-1927 M-N 109l4
P C C & S t L g u 4 * 2 » A ...1 9 4 0 A-O
10 4 Vi Oct ’06
109 *4 F e b ’07
Series -B g u a r ................ 1942 A-0
112 Sz .l’ue’05
Series C g u a r ................1942 M-N
1»HJ34 M a r ’07
Series X> 4s g u a r ...........1945 M-N
91 F e b ’07
Series E 3Si g u a r g ___ 1940 F-A
Series F 4s g u a r .........1953 J-D
116 M a r ’07
C S t L & P 1st con g 5 s.l9 3 2 A-O
P ensacola & A t l See L & N ash
Peo <fc E a st See C C C <Js S t L
123*8 J a n ’06
Peo a* Pelt U u 1st g 6s___ 1921
100*4 D e c ’05
2u gold 4 ^ 8 ..................... 61921 u
109 A p r ’02
Pere M a rq — Ch & W M 5s 1921 J-D
115 J a n ’07
F lin t tto P M g 68..... ........ 1920 A-O
105 N o v ’06
1st consol gold 5s......... 1939 M-N
106 Vi Sep ’06
P t H u ro n D iv 1st g 5 s .1939 A-0 103
S ag T usd s H l s t g u g 4 s .1931 F-A
P h il B & W See P e n n K K
115 >s M a r ’06
P lu la A H e ad in g cons 7 s .1911 J .D
P itta C m <fc S t L See P e n n Co
P itts C le v e & T ol See i i & O
P itts F t W dt C h See P e n n Co
P u ts M cKees tfc Y See N Y Cen
120 M a r ’06
P itts s h i t L, E 1st g 5 s ...1 94 0 A-O
98 J ’l y ’97
1st consol gold 5s............ 1943 J- J
P itts <& W e s t See B & O
95*4 Sale
94*4
95*,
L> e adm g Co gen g 4s....... 1997 J-J
100 Si J ’ne’06
I V R e g iste re d .................... 1997 J- J
94 7> 94 78
Jersey C e n t coll g 4s. ..1951 A O
94 7s
Rensselaer & S ar See D <fc H
R ic h & D un See S o uth Ky
R ich <fc M eek See S outhern
R io G r VVest See D e n & R io Gr
Koch <fc P itts See B R <ft P
Home W a t & O g See N Y Cent
R u t la n d See _N Y C en t
ag T us <fc H See Pere M a rq
, t J o <fc G r IsJ 1st g 4 s ...1947 J- J !
9 2 Hi 92 ’-i Feb ’07
S t L <fc C airo See M o b <te Ohio
S t L <fc Iro n M o u n t Sec M P
8t L K C
N See W a b a sli
S t L M Br See T R R A of S t L
8 t L o u is <fc S a n F ran cisco—
123Vi J a n ’07
G e n era l gold 6s................ 1931 J- J
107
107
' G e n e ra l gold 5s................ 1931 J- J
91 F e b ’07
S t L <fc S F R R oons g 4 s .. ’90 J- J
10214 A u g ’05
S o u th w D iv l s t g 6 s ..1947 A-O
77\
78H
R e fu n d in g g 4 s............ 1951 J- J
98 N o v ’06
5-year gold notes 4*2.-1908 J-D
S t L M & So E a s tg u 4 S ig l9 0 9 J-D
119 J a n ’07
K C F t S db M c o n g 6 s ..1928 Wl-N
80
81
K C F t S <fc M R y ref g 4s 1936 A-O
KC<fc M K<& B 1st g u 5s. 1929 A-O
97 Sz F e b ’07
O z ’r k & C h C 1st g u 5s g.1913 A-O
S t L o u is So See Illin o is C ent
92 ag
S3
S t L S W 1st g 4s bd ctls.1989 M-N
2d g 4s m o bond c tfs ...p l9 8 9 J- J
79 Sj
79 Sj
73
74
Consol gold 4s..................1932 J-D
G r a y ’s P t T e r l s t g u g S s 1947 J-D
8 t P a u l <& D u i See N o r Pacific
105=8 J a n ’07
8 t P a u l M & M an 2d 6s . . . 1909 A-O
131 A lar’07
1st cousol gold 6s............ 1933 J- J
134 D e c ’06
R egistered..................... 1933 J- J
108 M ar'07
R educed to gold 4 *38.. 1933 J - J
108
116*8 A p r ’01
R e g is te re d .................1933 J- J
D ak ota ex t gold 6s .........1910 M-N 107 ......... 10714 M a r ’07
97 Vk 99*4 97 Sj M a r ’07
M o n t ex t 1st gold 4s___ 1937 J-D
R egistered ..................... 1937 J-D
1 0 0 14 O ct ’0 «
E M in n 1st d iv 1st g 5 s..19 0b A-0
100 h. D ec ’06
N o r D iv 1st gold 4 s ....1 94 8 A-0
124 M ay’05
M m n U n io n 1st g 6 s ....1 92 2 J- J
131V: F e b ’07
M o n t C 1st g u g 6s......... 1937 J- J
R e g is te re d .................... Itf37 J- J
136*4 M a v ’06
116 A ug'06
1st g u a r gold 5s...........1937 J- J
W i l l * S F 1st gold 5 s ..1938 J-D
115 Vi D e c ’06
S t P <fc JS or P;vo see N or Pao
S t P «te S ’s C ity SecC St P M cfcO
82 Sale
81
82
8 A & A Pass 1st g u g 4 s ... 1943 J- J
106 Sj F e b ’07
S Fe P res
P li 1st g 0S...1U4* M-S
8 F ifc N P 1st s in k 1 g 5s. 1919 J- J
110 O ct ’05
S av F & W e s t See A t l Coast L
Scioto V al
JNT E See N or <fe W
76 Sale
Seaboard A ir L in e g 4s ...1 9 5 0 A-0
76
76
C oll t r re fu n d g 5 s .........1911 M-N ......... 99 Vi 97
VI
A ti- B irm 30-yrlst g 4 s.el933 M-S
88 J a n ’07
L3ar C en t 1st con g 4 s ...1949 J-J
96 V2 M a r ’06
F la C en & P en l s t g 5 s .1918 J - J
107 *4 A u g ’06
1st la n d gr ext g o s . . . 1930 J- J
C ousol gold 5s.............. 1943 J-J
104 Vi 109 Sj M a r’06
106 M a r’07
G a <fc A la R y 1st con 5s ol9 45 J - J
110 J a n ’05
G a C ar <fc N o 1st g u g 5s 1929 J- J
109
106 M a r ’07
■*eab <fc R oa 1st 5s...........1926 J - J 106 Si.
Sher S lir & so See M K tfe T
SU top Oca & ij See A t l Coast L
So Car <& G a Sea S o uthern
S o uth ern P acific Co—
85 Vs Sale
U old 4 s (Cen t P a c c oll). &1949 J-D
85
86 Si
R e g is te r e d ..................fcl949 J-D
90 D ec ’06
C ent Pac 1st ref g u g 4s 1949 F-A H i m ” 9 5 ’
96
95
R e g iste re d ..................... 1949 F-A
99 J a n ’07
M o rt g u a r gold 3 Vjs..fcl929 J-D
83 Sale
83
82 Vj
T h ro u g h S i L 1st g u 4s ’54 A-0 ......... 96
98*8 F e b ’O'
G a l H a r A S A 1st g 6s. .1910 F-A
103 M ar'07
M ex & Pac 1st g 5s___ 1931 M-N i ’o9»4 m u 109 N o v ’ 06
G ila V G & N 1st gu g 5 s .1924 M-N .........110
106 W J ’l y ’06
H o u s E & W T 1st g os.1933 M-N 105 ....... 107*4 F e b ’05
1st g u a r 5s re d ...........1933 M-N 1 0 2 * 4 ............ 104 A u g ’06
H
T C 1st g 5s in t g u ..l9 3 7 J- J 1 1 0 * ,....... 110*2 M a r ’07
Consol g 6s in t g u a r . ..1912 A-O ‘ 1 1 1 * 8 .......... 11 I S J a n ’07
G en gold 4s in t g u a r .. 1921 A-0
93 M a i ’07
Waco«fc N W d iv l s t g 6s ’30 M-N
116 D e e ’06
A <& N W 1st g u g 5 s ....1941 J . J
1 0 9 4 F e b ’06

S

H ig h

10914 109 Si
lOO^j
91
115

116 Si

94*4 98\
947a " 96**2

91

92*2

12S Si 123*2
107 110S.
91
93
77*4 82*2
119 119
79*« 82*4
97Vi

97 Vi

92
79Vi
73

95
83
79

105*2105=8
131 131
108

IO 8 S2

I 0 6 7g l0 7 * 4
97 Sj 97*2

131*21 3 lS i

81
87
106*2 108*4

74
97
88

82*4
100*2
89

106

107=e

io<T iba"

85

90

95" io J s
99
99
32 Sj 86
98*g 98*«
103 105 Si

109*4 110*2

111

112

92*2 9 4 7b

P a g e

BON D8
N . Y. STOCK E X C H A N G E
W sstk E n d in g M a r c h 29

R ange
Since
Jan ua ry 1
Low

C o n c lu d e d —

737

4

S o uthern Pac Co— ( C ontiw ^ed)
M o rg a n ’s L a & T 1st 7 s .l9 1 S A-o
1st gold 6s..................... 1920 J - J
N o of C ai g u a r g 5s......... 1938 A-O
O re <& C al 1st g ua r g 5s. 1927 J - J
So P of A r g u l s t g 6 s ...c l9 0 9 J - J
1st g u a r g 6s.............. cl91 0 J - J
So P acific of C a l—
ls tg 6 s s e r ie s E & F ...1 9 1 2 A-0
1st gold 6 s.....................1912 A-0
1st con g u a r g 5s......... 1937 M-N
S P a c o f N M e x .l s t g 6 s ..1911 J-J
So P ac Coast 1st g u 4 s g ,1 9 3 7 J - J
T e x & N O S a b D iv ls t g 6 s.l9 12 M-S
Con gold 5s................... 1943 J - J
*0 P ac R R 1st re f 4 s......... 1955 J- J
S o u th e rn —1st con g 5s___ 1994 J - J
R eg iste re d ..................... 1994 J - J
Mob<fc O hio c o llt r g 4 s .. 1938 M-S
M e m D iv 1st g 4*2-5s... 1996 J- J
S t L o u is d iv 1st g 4 s___ 1951 J- J
A la C en R 1st g 6s......... 1918 J - J
A t l <fc D a n v 1st g 4s....... 1948 J - J
2d 4 s ............................... 1948 J - J
A t l ifc Y a d 1st g g u a r 48.1949 A-O
Col <fe G re e n v 1st 6s....... 1916 J-J
E T V a & G a D iv g 5 s ..1930 J- J
C on 1st gold 5s............ 1956 M-N
E Ten reor lie n g 5s....... 1938 M-S
G a M id la n d 1st 3s.......... 1946 A-0
Ora P ac R y 1st g 6s......... 1922 J-J
K n o x & O hio 1st g 6 s ... 1925 J- J
alob & B ir prio r lie n g 5s 1945 J- J
M o rtg age gold 4 s.........1945 J - J
R ic h & D a n con g 6s___ 1915 J- J
D eb 5s stam pe d............ 1927 A-O
R ic h & M e ek l s t g 48 ...1 9 4 8 M-N
So C ar & G a 1st g 5s___ 1919 M-N
V ir g in ia M id ser C 6 s ...1 9 1 6 M-B
Series D 4-5s................ 1921 M-S
Series E 5s..................... 1926 M-S
G e n era l 5s..................... 1936 M-N
G u a r stam pe d...........1936 M-N
W O & W l s t c y g u 4 s ..1924 F-A
W e s t N C 1st con g 6 s.. 1914 J - J
S & N A la See L & N
Spok F a lls in N o r 1st g 6 s .1939 J - J
rt 'er A of S t L 1st g 4 *28..1939 A-O
JL 1st con gold 5s___ 1894-1944 F-A
G e n re fu n d s I g 4 s .........1953 J- J
S t L M B ge T e r g u g 58.1930 A O
Tex & N O See So P ac Co
T ex & P ac 1st gold 5s....... 2000 J-D
2d gold in c 5s..................?2000 M ar
L a D iv B L 1st g 5 s....... 1931 J - J
W M in W & N W 1st g u 5s ’30 F-A
Tol<fc O C l s t g 5 s .............. 1935 J - J
W e s te rn D iv 1st g 5 s ...1 9 3 5 A-O
G e n e ra l gold 5 s................1935 J-D
K a n & M 1st g u g 4s___ 1990 A-0
T ol P <fc W 1st gold 4 s ....1 9 1 7 J J
T ol S t L & W p r U e n g 3*28.1925 J - J
50-year gold 4 s................1950 A-0
Tor Harnda B u ff l s t g 4 s ./il9 4 6 J-D
l s t e r * D e l 1st c o n g 5s 1928 J-D
l e t re fu n d g 4s...........1952 A-O
U n P ac R R & 1 g r g 4s ...1 9 4 7 J- J
R eg istered..................... 1947 J- J
O re R y & N a v con g 48.1946 J-D
O re S hort L in e l s t g 6 s . . 1922 F-A
1st cousol g 5s.............. 1946 J - J
G u a r re fu n d 4 s ............ 1929 J-D
R e g iste re d ..................1929 J-D
U ta h dc N o r 1st 7s......... 1908 J - J
G o ld 5s............................1926 J - J
U n i N J R R & C Co See P a R R
U tah C en tral See R io G r W es
U tah & N o r th See U n Pacific
U tica & B la ck R See N Y Cent
J a nd alia consol g 4 s ___ 1955 F-A
era C r u z & P ls t g u 4 S iS l9 3 4 J - J
V e r V a l I n d & W See M o P
V ir g in ia M id See S o u th R y
V a <fc S o u th w ’t 1st g u 58.2003 J- J
a bash 1st gold 5s....... 1939 M-N
2d gold 5s..................1939 F-A
D e b e n tu re series A ....... 1939 J - J
C ertificates of de posit___
Series B .......................... 1939 J - J
C ertificates of deposit___
1st lie n e q uip s fd g o s .. 1921 M-S
1st lie n 50 y r g te rm 4 s .1954 J . J
In t e r im ctfs 50-yr 4s..............
Det<fc Ch Exit l s t g 5 s ..1941 j- 'j
Des M o in D iv l s t g 4 s ..1939 J- J
O m D iv 1st g 3 Vj s ...........1941 A-O
Tol & C h D iv 1st g 4s. ..1941 M-S
S t Chas B ridg e 1st g 6s. 1908 A-O
Wrab P itts T erm 1st g 4s. 1954 J-D
2d gold 4 s .......................... 1954 J-D
W a rre n See D el L ac <fc W e s t
W a s h C e n t See N o r P ac
W a sh O & W See S o uthern
W e s t M a ry la n d l s t g 4 s ...1 9 5 2 A-O
G e n & conv g 4 s ............ 1952 A-O
W V a C en t & P 1st g 6s 1911 J- J
W e s t N Y * P a l a t g 5 s .. 1937 J-J
G e n gold 3-4s................... 1943 A-0
In o o m e 5s.......................d l9 4 3 Nov
W e s t N o Car See S o u th R y
W h e el’g & L E 1st g 5 s ...1926 A-O
W h e e l D iv 1st gold 5 s .. 1928 J . J
E x te n & Im p gold 5s. ..1 93 0 F-A
R R 1st consol 4s..............1949 M-S
20-year eq u ip s t 5s ...1 9 2 2 J- J
W ilk e s <fc E a s t See E rie
W il & S io u x F See S t P M & M
W ia C e n t 50-yr 1st g e n 4 s .194 J- J

U

H ig h
Loio
127 Sep ’06
116 N o v ’06
115 ......... 112 F e b ’ 07
M7 In
01 M a r’O"
102 *8 1.03H 103Sj F e b ’07
103 7a ........ 104*4 F e b ’07

Low H i g h
112

103=8 i0 4
107*2 107 *2
90*4 95
108*4 113*4
85*
115
92

......... 111 F e b ’07
......... 113*8 M a r ’07
116=8 i 16*4
110 •a M a r ’O'/
68 J a n ’07
68 ........
117*b ......... 117*8 117*8
116 Sai6 116
116
115*8 A p r ’06
06 O c t ’Oo
. 112*2 111*4 M a r ’O 1
112^4 J a n ’0t>
98 F e b ’05
106 M a r’07
103
112 O c t ’06
109
103
108*2 D e c ’Ob
113 D e c ’05
105
111 F’e b ’O'
106
109 Si M ay’06
96V, J a n ’O^
109*2 J a n ’07
.........I l l
107

94
116
94*4

111 111
1i 2 7g ir.s**
116 117*4
110*211 4
68
69 *4
117*8 119*4
11C 118*4

112

.........117V
......... I l l

.........

112

98 101
108*2 103*9
104*4 104*8

111 A ijg ’06
114*2 I ie c ’04
119 J a n ’06
118 Si
104 M a r ’O
103 ,
•90
107*4 107 h F e b ’07
104 Sep ’06
90*4
92
Sale
110
Salt' 109
114 N o v ’06
89
90S) 89
113*2 1 15 M a r ’07
91
92 M a r ’O /
113 J a n ’06
108
96 J ’uc ’06
91 S>.
92 J ’ue’OC
90*2 .

111*2 113
106

106 *a

111

111

94*4 96*«
109Sj 109Vj

117 J ’l y ’OO
108 J a n ’07
i l 2 " 117 J a n ’07
95*8 93 Si J a n ’0
111 D e c ’06

108 108*2
117 117
93*2 94

114
114
92 N o v ’06
110 M a r’06
106*2 N o v ’04
115 D e c ’ 06
108 110
111 M a y ’04
107
102*2 102*2
102*2
.........
97 J a n >07
80
80
80
85 M a r ’07
85
81
81
80 Sale
95 D e c ’06
110 M a r ’07
108V j 112
93 Sep ’06
99*4 101
100=8 Sale
9 9 'B 1 0 0
100*4 Sale
98
98
98 aale
118 ....... . 121 M a i ’07
114 F e b ’u7
89
88
89*4 Sale
87*4
87 \ Sals
103 *2 F eb ’07
110 J ’n e’06
106*4
1 1 3 S ill6
95

114

118*4

102Vj 102 Si
97
97
89
87*2
82
110

110

99=8 102
98 101*4
97 7a 9 » *1
120*2 126
112*4 114
88
94*4
87\ «7*4
103 103*2

*,

1027S F e b ’06
98 Sep ’06

\

W

R a ng e
Since
Jan u a ry 1

Week’s
R ange or
Last Sale

Price
h'ridav
M a rc h 29

105
110

100

....... . 108
S a lt 110
100
95

101

M a i ’07
111
101
N o v ’06

106
110
99

57
57
57
57*2
57Vi
57*2'
102
102
101
93 M ar'06
54*4 86 54
54
54 Sj Sale
107
107
IO 6 S1 ....... 107
97 Nov-04
80 F e b ’07
......... 80
80
97*< 93 L e e ’06
1.02 J a n ’07
102
70
73
70
......... 70
21
22 Si 63 20
22 Si Sale
57

Sale

lo b ” m u

7 5 7* Sale
56 .......
113*2.
87*4.
■109
105 .......
......... 84

>............. 101

86**

75
76*4
56
56
106 Si A u g ’O',
111*2 M a r ’07
93 Sz J a n ’07
34 F e b ’07

38

76*2
75
102
63*4
109
80 *8
102
80
32 *a

82*2
68
111*2115*2
93 Si 93*2
34
34

109=8 D e c ’06
110 D e c ’06
111 Vj A u g ’05
87*2 J a n ’0"
102*4 D e c ’05

87

111*2
114
101

87S j 87V»

83

86*4

39

86

89

98*4

99

29

98*4 103

M IS C E L L A N E O U S B O N U S —C oncluded.
iH n n ti(n e tu r iu e & I n d u s t r ia l
B e th Steel 1st ext s i 5 s . . 1926
C e n t L e ather 20-year g 5S.1926
Con sol To ba cco 50-yr g 4s. 19 51
D is til Sec Cor conv 1st g 5 s .*27
I n t P aper Co 1st con g 6s. 1918
Consol conv s f g 5s....... 1935
I n t S t P u m p 10-yr oonv. 6s ’13
K n ic k e r Ice (C lue) 1st g 5 s .’28
L a ck a w Steel 1st g 5 s___ 1923
N a t S ta rc h M f g Co 1st g 6s 1920
N a t S ta rc h Co s t deb 5h..1925
R e p u b I <fc 8 1 s t * c o ltr 5s. 1934
U S L e ath Co s ld e b g 0 s ..l9 1 3
U S R e a l t y * 1 conv deb g 5s ’24
U S Steel C orp— ( coup ,d l9 6 3
S f 10-60 y rS s . ( r a g ,.d l9 6 3
Va-Car C hem col tr 5s g .,1 9 1 2
AVestinghouso E & M 8 1 5s ’31

J-J
A-O
F-A
A-0
F-A
J .J
J- J
A-0
A-0
M-N
J- J
AO
M-N
J-J
M-N
M-N
A-O
J- J

M is c e lla n e o u s
A d a m s E x col tr g 4 s ......... 1948
96 A u g ’06
A
m
D
k
<
& lm p 5 s See C e n t N J
99
85 Vj Sale
151
94*2
94*2
97Vi
A m SS Co of W V a g 5 s___ 1920
74 Sale
74
25 72 V) 79
72Si
B ’k l’n FerryC o ls t c o n s g 5 s ’48
90
85*2 Sale
84
86 k 150 84
103Vi 104*; 104*2 104V>
4 104 108*2 C lue Jccfc S t Y a rd c o lg 5 s .l9 1 5
D e tM & M ld g r in co m e s.. 1911
......... 90*8 89S j
1 89 Vj 92
89*2
H ob ok en L <fc I gold 5s. ..1910
......... 99
3 97S j 106
97*2
97*9
M a d S q G a rd en 1st g 5 s.. 1919
97*2 O c t ’05
M a n Bell H & L gen g 4 s ..1940
95
97
12 96*4 102
97
97
82 J a n ’07
82
82*2 N e w p N e S h ip & D D 5 s d l9 9 0
70 ......... 72*4 N o v ’06
N Y D o c k 50-yr 1st g 4 s ..1951
......... 96
97
P ro v id e n t L o a n Soc 4*28.1921
95 M a r ’07
95
104 ......... 104
4 104 106*4 S t J osepli S tk Y'ds 1st 4 Sjs .1930
104
87 *9 Sale
S t L Ter C upp les St-at’n
Prop
81 *9
89
53 87 S» 95
96Si Sale
Co 1st g 4 Sjs 5-20 y e a r..1917
96 201fi 93*j 99
93
95*2 Sale
94 *2
96*« 10 94*2 99*4 S Y u b a W a t Co con g 6 s ..1923
S p V a l W a t W o rk s 1st 6 s .1906
9 7*9 ........ S8 *9 M a r ’07
98*4 99
93 V, Sale
4 93*4 97*2 U S R ed & R e f 1st s f g 68.1931
93*4
93*4

.......

* No price Friday; latest bid and asked this week,




a Due Ja n

trDue Feb

d Due A pr

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

100

100*4 J ’n e’02
41 O c t ’06
101 M a r ’07
70 Sep '06
50
93

........

J-1)
J- J
M-S

--

....

101

101

.....

92

95

2

90

95

......... 103

92**9 95*

F e h ’02

93 M a r ’07
99 M ay ’06
100 *2 Sep ’05
112 J ’l y ’04
113*2 J ’l y ’OO
90
90

t Due May g Due J ’ne A D u e J ’ly

p Due N or

» Option Sal*

CHICAGO STOCK £XCHA.¥GrE—Stock "Record—Daily, Weekly and Yearly
S T O C K S —H l& H M iB T A N D L O W E S T S A L E P B I O MS
S a tu r d a y
M a rc h 23

M onday
M a rc h 25

•1 50 . . . .
*4
5
*13
15
15
17
•4 34
5H>
*83*4

84

*30

40
24
60
82
30
97
30

»
*80
*28
*94
*23

6
*5*2
*50*2 51
*127
128
65
65
*
108
*
39
*36
38
*106 110
*45
53

*13
15
5
49
83
*60
*30
*
*80
28
*94
*20
*5
50
*126
» __
64*4
*105:,i
*35
*36
*106
*45

*1
1% *1
"5%
*5%
6
ISO 130
130
*41
44 41
*119
124 119
104 104
104
128 123
122
47
4 8 's 4 7 ^

52*2
83*4
27
65
40
25
60
82
28
97
30

Tuesday
M a r c h 26
150
*4
'13
151*
*434
*13
50
83

81
30
*94
*25

W ednesday
M a rc h 27

19
18
5*2
15
52
‘ 52*^
83 V;
83
*23
26
*64
65
‘ 30
40
25
___
60
*80
81
30
28*«
96
*94
30
28

20*4
53 V
83*2
27
65
40
25
60
83
28 H97
28

53a
0
P
53s
49
51
51
50*2
'127
128*2 ' ......... 128 Si
65
64
65*3 *6534
......... 107
106
'IO 0 H1IO 6
Sri's -35
38 >2
38*2 *36
38
•3 6
40
*36
38
'106 110
110
*106 110
_____ *45
53
48
53
6
51

.....

11,
*1
1
*5*8
6
6
130
130 . . . .
42
*40
43
120
'119 .........
104
1 0 2 *« 103*2
123
12a 122a4
48
48
48

27
27
77
77 *2 *76 .......
*113 114
113 114*2
•
75
*70
75
*
115
' ......... 113

77*4 77*4
112 113
*70
75
110 110

*1
1
*5%
6
130 . . . .
41
41
l i e ' s 116V)
102 Hi 104
122*8 123
49
49

78

78*3

112

112%

i i a " iia *

«
*
*50
55
49
49
92% *91
*92
92% H2 *2
92*2
9 l 34 91%
104 >4 105
104*4 105*4 103 104*4 103 105
140 140
140 140
135 140
14o 140
99
99
9834
91)
99
99*8
9834 99*4
*1%
*1*4
1*2
1 *2
1*2
1%
1%
1*2
9*4 lO Si
8%
i>3<
8 H>
8 H> 8*4
8*2
27
27 % *27
29
*25
28
27*a •2 7

T h u rs d a y
M a rc h 28

F r id a y
M a r c h 29

A m e r B is c u it 6 s ................ 1910 F-A
A m e r S traw b o ard 1 s t 6 s ..1911 J - J
Oftss A v e & F G (S t L )—
5 s ........................................ 1912 J - J
C hio B oard ot T rade 4s ...1 9 2 7 J- D
C hic Consol B r <fc M lt 6s ........... J - J
C h ic C onsol T rac 4 % s....... 1939 J-D
C hic E d iso n —
D e b e n t 6s .........................1913 J- J
1st g old 5 s ..................... A1926 A-O
C hic A u d ito r iu m 1st 5s. ..1 92 9 F-A
C h ic D o c k Co 1st 4 s...........1929 A-0
C h ic N o Shore E le c 6s___ 1912 A-0
C hic & M il E le c B y 5 s ___ 1919 J - J
C hic P n e u m Tool—
1st 5 s ............................... a l9 2 1 J- J
C h ic B o c k 1 <fc P a c B B 4 s .2002 il-N
C o lla t T ru s t g 5s............ 1913 M-S
C o m m o n w ea lth E le c t 5 8 ...................................... 61943 M-S
Illin o is T u n n e l 5 s ............ 1928 J- D
K a n s C ity B y & L t Co 5 s .1913 M-N
K n ic k e r b ’cker Ic e 1st 5 s .1928 A-0
L a k e S tre e t E l—
1st 5 s ................................. 1928 J - J
In c o m e 5 s .........................1925 Feb
M e tr W S ide E l—
1st 4 s ................................. 1938 F A
E x te n s io n g 4 s................1938 J - J
N o r th C hic S t 1st 5s.........1909 J - J
1st 5 s ................................. 1916 J - J
R e fu n d in g g 4 H is...........1931 A-0
N o C hic C ity B y 4Hi8 ...1 9 2 7 M-N
N o r th W e s t’n E l—
1st 4 s ................................. 1911 M-S
O gden Gas 5 s .....................1945 M-N
Pearsons-Taft 5s................ 1916 J- D
4-40s................
M-S
4'60s Series E
M-N
4'80s Series F
M-N
P eople's G as L & C 1st 6s. 1943 A-0
B e fu n d in g g 5 s .............. 1947 M-S
C hic G as L t & C 1st 5 s .. 1937 J - J
C on sum e rs’ Gas 1st 5 s ..1936 J-D
M u tu a l F u e l G as 1st os. 1947 M-N
S o u th Side E le v 4 His......... 1924 J - J
S w ift & Co 1st g 5 s ...........1914 J- J
U n io n E l (L oop) 5s..........1 9 4 5
O
U n io n P acific eonv 4 s ___ 191l|M-N
U n ite d B ox B oard 6a ................
W e s t C hic S t 1st 5s...........1928 M-N
T u n n e l 1 st 5 s___________ 1909 F-A
D e b e n t 6s ........................ 1914 J-D
C onsol g 5 s .......................1936 MjN
W e s t D iv C ity B y 4 % s .. 1932 J - J
W e s t’r n S ton e Co 5 s ....... 1909 A-0

P rice
F r id a y
M a r c h 29

Week’ s
R a n g e or
L a st S ale
Low

99*2.

H ig h

100

M a r ’07

101*4
101
103
57

M a r ’07
M a r ’06
A p r ’04
D e c ’06

100 101
100 *2 N o v ’06
100 IOOHj 101 J a n ’07
......... 98
9634 J a n '06
......... *98
87 F e b ’06
79

100

Sale

102

t 9 1*2 ......... 90**
7934 80

79
79
80

R ange
:f or year
1907
Low
100

H ig h
100

1 0 1 *4 X02

101

101

77

81*8

100
100
90 D e c ’06
98 J a n '07
9 9 *4 N o v ’06

100

10234

91*2 F e b ’07
16 M ay’05

90

9 8 ” ”98*4

A u g ’06
F e b ’07

8934
90
93 Hi M a r ’07
lOOHi M a r’06
"9 7 " ]
97 M a r’07
98 .
99 O ct ’06
99 ,
99 *2 S e p ’06
118 N o v ’06
1 0 0 *2 .
101 M a r ’07
1 04 Hi M a r ’07
ib ’i " !
101
101
103Hi F e b ’06
98
98
99*s 98
100% 100% 100 M a r’07
99 J a n ’07
99*2
114 N o v ’04
70 Sato
68
70
95 D e e ’ 06
68 Hj Sep ’05
72 Hj D ec ’06
72 J a n ’07
87 D e c ’06
96*2 J a n ’Ob
C h ic a g o bo

93%
90%
85

89*2
9 0 ‘s
80
80
aO D e c ’06

8934 89%
92*2 93*2

N o te .—A c cru e d in te re s t m u s it be! added to all

Week
Share*

M ange fo r Year
1907

Mange lo r Previous
Year (19 06 )

H ighest

Lowest

B ig h est

140 Sep 200 J a n
5 Dec
7 34 J a n
15 Dec 2 8 ’i» J a n
3 9 34 J ’ly 69 M ay
4 J ’ly 13% Keo
12*2 M aj 46*4 M a r
54Hi J a n 6 S Hi Feb
8 > Oct 93 Hj Feb
25 O ct 30 J 'n e
65 Hi O ct 72 Hi N ov
25 M ar 85 -Mar
23 Hj J ’ly 28 >2 Feb
60 M ay 6 8 Hj M ar
89 *2 A p r 99 J ’ne
27 May 3 5 34 Nov
97 Dec 102 J ’ne
22 A p r 60 F e b
6 J ’ne 11% J a n
61 J ’ly 72 J a n
115 Feb 130 N ov
128 *2 Dec 136 J a n
54 J a n 81 N ot
101 J a n 112 N ot
17
F eb 31 Hi Dec
36
J a n 40 Feb
106
Oct 113Hi J ’ne
55 May 64 F eb
16838 M ay 176 May
16 F eb 16 *2 Fet>
1
M ar 1 M ar
6
N ot 7 Jan
136 J ’ly 165 F e b
48 Hi Dec 63 Feb
101 A p r 139 J a n
103 May 118 J a n
118 J ’ne 147 F e b
41 *2 Sep 7134 J a n
79% Feb 80 F eb
46 M ay 48 Sep
134 May
2 *2 Feb
21 J ’ne 23 M a r
62 May 79 ^ Dec
113Hj J a n 119 Oct
78 J a n 95 M a r
112 Dec 122*2 M a r
8 8 7s J’ly 93 *2 M ay
50 A ug 63 Hi Dee
92*4 Nov 99 Sep
101*4 J a n 119 Hj Sep115 May 152 ‘•i J a n
99 Hi Dec 10634 Feb
34 Dec
2*4 J a n
5*4 Dec 17*4 J a n
28 Dec 42 M a r
2934 J ’ne
7% J ’ly
14*4 M ar
3*2 J ’ly

4434 Feb
14*4 M a r
20*8 N ot
4 3®O ct

Chicago Banks and Trust Comoanies

79
N o v ’04
A p r ’94

79
75

Sales
0/ the

K a ili ondx
L a s t S a l e 150
M a r ’07 C hic C ity B y .............. 100
150 M a r l9 150 M a r l 9
M a r ’07 C hic & O a k P a r k ....... 100
5 J a n 24
4 M arl
L a s t S a te 4
h a s t S a le L7
F e b 07;
D o p r e f................100
14 F e b 26 15 J a n 2}
18*4
19*2 C hicago S u b w a y ....... 100 5,610 15 M a r l4 46% J a n 2
4*1
4%
4s
5 C hic U n io n T ra c t___ 100
745
4 34 M a r l3
5 34 J a n 9
L a s t S a i f 16\
D o p re f................100
J a n ’07
1 6 14 J a n 25 19*4 J a n 9
53 Hi K a n s C ity B y <fc Lit ..1 0 0 1,105 49 M ar 2 5 65 J a n 16
53*2 53*2 *50
833b
*83
Do p r e f................100
477 83 M a i 2 5 87 J a n 17
L a s t S a l e 27
M a r’07 M etro po i W S E le v ..100
24 M a r 1 28 J a n 24
L a s t S a l e 65
M a r ’07
65 M a r 7 72 J a n 15
D o p r e l................100
L a s t S a l e 40
J a n ’07 N o r th C hic S tre e t___ 100
38 J a n 4 40 J a n 4
J a n ’07 N o r th w estern E le v ..100
L a s t S a l e 25
25 J a n 7 25 H: J a n 25
L a s t S a l e 60
F e b ’06
59 F eb 2 6 64 H<J a n 15
D o p r e l................100
81
82
82
78
S o u th Sine E le v .........100
35 75 M a r l4 00 J a n 4
490 28 M a i2 5 34 J a n 15
28
28%
28%
28 Hi S tre e ts W S ta ble C L 100
96 Hj F eb 28 98 J a n 21
L a s t ^ a l e 97
F e b ’07
D o p r e l................100
25
25
20 M a r l9 28 M ar27
W es t C hic S tre e t....... 100
26
26
iV Iiscellnneoiiti
434 J a n 25
330
534
6
5*a
5 Hi A m e ric a n C a n ............ 100
7 F eb 28
633 4 3 34 M a r l5 56 F e b 16
51*2 51*2
50*2
5 0 ‘s
D o p r e f ... ---- 100
M a r ’07 A m e r R a d ia to r......... 100
L a s t S a l e 131
129 J a n 7 133 F eb 21
122 *2 122 *2
128
113 1 2 2 H2 M ar28 129 F e b 25
D o p r e f................100
71
70
70
71
A m e r S h ip D id?...........100 1,199 03 M ar20 80*2 J a n 14
L a s t S a l e ICS
M a r ’07
107 J a n 25 109 J a n 7
D o uret................ 100
40
40
40 A m e r S tra w B o a rd .........
30 J a n 2 40 M ar28
L a s t S a l e 3**2
M a r ’07 B ooth (A ) & C o .........100
37 F eb 1 38 Hj Feb 1
L a s t s a le 111
F e u ’07
107 J a n 22 111 F e b 8
D o p r e f................100
M a r ’O C al & C hic C anal & D100
L a s t S a i f 50
50 M a r l3 54 J a n 8
L a s t S a l e 1 65
M a r ’07 C e n tral T ru s t B a n k .. 100
165 F e b 27 165 F e b 27
M a r’06 C hicago A u d it o r iu m .......
L a s t S a l e 16
L a s t H a le I
M a r ’07 C hio B re w ’s & M a lt ’g ___
Ja n 9
1 Jan 9
L a s t S a le 6
J a n ’07
i Jan 9
D o p r e f.................
6 Jan 9
135 136
139
139 C hic E d is o n ................100
318 12 J M ar21 148% J a n 11
4
*41
43
41
737 4 i) M a r l5 51 B’eb 8
C hic P n e u m a tic T ool. 100
'1 1 6 * sl2 0
35 1 1 5 H iJaji 2 120 M ar25
116H» 1*0
C hic T e le p h o n e ......... 100
'10 2H i......... 102*2 104 C hic T itle & T r u s t ... 100
295 102% M a rlO 108 J a n 3
122% 123 *2 123 Hi 124 D ia m o n d M a tc h ......... 100
629 119H» J a n 24 126 M a r l2
50
50 Illin o is B r ic k .............100
50
50
905 4 4 34 F eb 1 50% F e b 9
N o v ’05 K n ick e rbo c k er I c e ...1 0 0
L a s t S a l e 31\
L a s t S a l e 80
F e b ’06
D o p r e l................100
J a n ’07 M ason ic T e m p le ..............
L a s t S a l e 4\
4638 J a n 31 46 J a n 11
J a n ’07 M il & C lue B re w ’g ...........
L a s t S a l t 2 \,
2 Hi J a n 23
2 Hj J a n 23
25 25 Feb
D o p r e f......................
27 M a r 4
77 N a tio n a l B is c u it ....... 100
*76
77
76 Hi
790 76Hj M ar29 86 J a n 14
789 112 M ar26 117% J a n 7
112 1121a 112 Hi 112 Hi
D o p r e l................ 100
*70
75
71
72 N a tio n a l C a r b o n ....... 100
60 71 Mai-29 84*4 J a n 11
' ......... 110
100
110
24 110 M a r 2 6 120 J a n 17
D o p r e f................100
M ay’05 P a g e W o W ire F e n c e ___
L a s t S a l e 5\
L a s t S a l e 99 >2 J ’l y ’06 People’s G as L & C ’kelOO
M a r ’07 Sears R o e b u c k com . 100
L a s t S a l e 54
53 M a r l 8 57 J a n 10
91
91
*90Hj
62 91 M ar2 g 95 J a n 23
Do
p re t................ 100
91 Hi
104 IO 434 104 Hi 105 S w ift <fe C o ...................100 3,412 101 H. M a r l 5 113 Hi J a n 16
135 140
139 >2 140 H. The Q u ak e r O ats Co. 100
391 134 J a n 24 149 Feb 7
♦99 lu O
*99
100
310 98% M a r 23 10234 J a n 16
Do p r e f................100
1 Jan 2
1 Hj
1% M ar29
1 % U n it'd Box Bdtfc P ColOO 1,310
1=8
1*8
10
1 0 % 10*8
D o p r e f................100 6,308
6 J a n 2 I0 H jM a r2 7
9%
*26
27% •26
27 H, W e s tern S to n e ...........100
18 25 M ar2 0 30 F eb 14
M in in s
L a s t S a l e 3 2 H> J a n ’07 B in g h a m C on M in in g 50
32 Hi J a n 24 32 Hi J a n 24
L a s t H a le 10
N o v ’06 B la ck M o u n ta in ................
L a s t S a l e 1 9 \1 M a r ’07 D aly - W e st................... 20
18 34 J a n 3 20 J an 22
L a s t S a le 4
N o v ’06 H u b b a r d - E llio tt..............

Chicago Bond Record
li O N D S
C H I C A G O S T O C K E X C H ’G E
W k k k E n d in g M a k c h 29

STOCKS
C H IC A G O ST O C K
EXCHANGE

75

75

89*4
92

90*2
95

97

97

101

102*2

101

102

104*2 1043«
98*" ib"o*a
100 102*6
99
99
68

75

70

75*4

price s.

NAME

O utstan d­
S u rp lu s <t
In
in g
P rofitst
1905
Stockt

B a n k e rs N a t i o n a l....... $2,000,000 $1,240,475
C a lu m e t N a tio n a l......... 100,000
432,y6i
5
C hicago C ity ..................500,000
4 117,987
10
C om m ercial N a tio n a l.. o2,000,000 2,175,907
12
C o n tin e n ta l N a tio n a l..! 4,000,000 2 ,7 7 2 ,5 i9
8
Cook Co S ta te Savings;
50,000
46,63.
6
C orn E x c h a n g e N a t . . . 3,000,000
4 ,‘)28,030 l i
6
D re xel S ta te ..................
200,000
427,080
D rov e rs D e p N a tio n a l
600,000
339,535
8
K nglew ood S t a t e ........
200,000
529,319 __
F ederal N a tio n a l.........
500,000
74,829 B egan
F ir s t N a t io n a l..............
8,000,000 56,787,3 i s
12
F ir s t N a t E n g le w o o d ..
100,000
} 139,546 10
F ore m an Bros B ’k ’g Co
500,000 4618,23d
P r iv
F o rt D e a rb o rn N a t ___
1,000,000
376,120
6
H a m ilto n N a t io n a l___
500,000
181,778 _
H ib e r n ia n B ’k ’g A ss’n
1,000,000 1,103,760
8
K a sp a r S tate B a n k ___
200,000
§84,90y _
M onroe N a t io n a l.........
*200,000
23,259 __
M u tu a l B a n k ...............
250,000
565,647 . . . .
N a t B a n k of K e p u b lic .
2,000,000 1,202 ,868
6
N a tio n a l C ity ................
1.500,000 357,746 B egan
N a tio n a l L iv e S to c k ...
1,000,000 1,319,010 124-3
N o r th A v e S ta te ...........
200,0 l»0 450,000 B egan
N o r tli Side S ta te S a v ..
50,000
48.801
6
O a k la n d N a tio n a l.........
100,000
33,751
6
P r a ir ie N a tio n a l...........
250,000
566,596 P ra irie S ta te ..................
c500,000
480,439
8
P u llm a n L o a n & S a v ..
300,000
523 5,95 0
8
B a ilw a y E x c h a n g e ___
250,000
9,108 B egan
S o u th C hicago S a v in g s
200.000
4 6 ’,864
4
300,000 470,286 O rga
S e c u r it y ..........................
S tate B a n k of C hicago.
1,000,000 1,022,496
j,
S tock Y a rd s S a v in g s . .
250,000 4141,613 N o n e
U n io n B a n k of C hicago
200,000 537,573 Began
U n io n S tock Yds S tate
200,000 444,769 N o n e
A m e r T ru s t &, S a v g s ..
3,000,000 2,464,868
8
C e n tra l T ru s t Co of 111 2,000,000 5959,113
5*3
C hicago S av B k & T r ..
n 5 0 0 ,0 0 0 n587,653 . . . .
C itiz e n s T ru s t & S a v ..
50,000
47,418 __
C o lo n ia l T ru s t <fe S a v ..
600,000
539,6 <6 5 + 5
D rov e rs T ru s t & S a v ..
200,000
70,03»
6
F ir s t T ru s t <fc S a v in g s *2,000,000
863,892 _
H a rris T ru s t & S av . . .
1,250,000 258.122 B egan
Illin o is T ru s t & S a v .. 4,500 000 57,121,708 12 + 4
J e n n in g s B E L * T r,.
250,000
4128 O rga
K enw ood Tr<fc S av in g s
200,000
533,381 _
Lak e V ie w T r & S a v ..
200,000 426,573 O rg a
M e rc h a n ts’ L ’n A T r Co 3,000,000 54.093,606 12
M e tro p o litan T r & S av
750,000
4331,480
6
N o r th e rn T ru s t C o . . . . 1,500,000 51,795,559
8
20 J,000 431,236 O rg a
N orthw e st T r & S a v ...
Peoples T ru s t «to s a v ..
200,000
448,526 . . . .
R o y al T ru s t C o ............
500,000
5559,630
6
S to c k m e n ’s T r * S a v ..
200,000
45,421 In c o r
U n io n T ru st C o............
1.000,000 5 8/6,645 . . . .
W estern T ru s t & S a v .
1,000.000
288,760
6
W S ide T r & Sav B k ..
200,000 419,253 Began
W o o d law n T r& S a v Bl£
200,000
524,012 _

D iv id e n d
In
1906

Record

Per10 U

n

Last P a id
%

10+10

Dec
Dec
ia n
Jan
Jan
Jan
Jan
Jan
Jan
Jan
oot
Jan
Jan

10

J a n ’07,
£1
Feb ’07,
4 - j J a n ’07,

5
10
12
8
6
12
6

j- j
y-j
<i-j
<i-j
y-J
S!-J
4 -J
8
Q .J
3
bu sin ess
Q-J
1:

ate Ba
6

Q-F Feb
Jan
Q-J A p r
b u s in ess Feb
i 2+;< (i-J J a n
b u sin ess Dec
6
Q-J J a n
6
(4-J J a n
Ws
8
b u sin
5
n ized

8

q .j
Q-J
esa
Q-J
O ct
Q-J

’06, 2
’06, 6
’07. 6
’07, 9
’07, 2
W . Js
’07, 3
’07, lH i
’07, 1
’07. 1H.
16, 1906
’07, 8
’07, HHi
m
2 Hi
2

’07, 1
’07, 4*9
’07, 2
5, 1907
’07, 3
8 ,1 9 0 6
’07, 1H>
’07, IH j

J a n ’07, 2e
J a n ’07, 2
J u l y 3, 1900
J a n ’07, 1*9
12, 1906
Deo ’Ofl, 1 **

iviay 1, 190 5.
Q-J J a n ’07, 1%
6
J a n ’07, 2
8
J a n ’07, 1%
7
10
6

A p r ’07, 2i*
j a n ’07, 1*2

Feb 4. 1907
b u s in
F eb ’07, 1
12+4
n ize d J ’ly 3 1 ,1 9 0 6
J a n ’07, 1*,
uized N ot 18, 1905.
12
J a n ’07, 8
6
Deo r0<5, l 1*
y-jr J a n ’07, 2
8
nized J ’ly 28, 1906
“ 8
Q-F Feb ’07, 2
porate d M arch. 1905
6+1 Q-J J a n ’07, I**
b u a in !ess -.op 6, 1*06
6
Q-J J a n ’07, 1 **

B D iv id e n d s are paid Q-J, w ith e x tra p a y m e n ts Q-F.
If In c lu d e s special d iv id e n d of 30^6 ipaid D ec. 18, 1906.
t M a rc h 2 2 , ’07 for N a tio n a l B a n k s
a n d M a r c h 23, ’07 for S tate in s titu tio n s , ex c e p t those d e sign ated by (5) w h ic h are of date J a n . 26 a n d J a n . 28, re spec tiv e ly.
* B id an d asked prices; no sales
w e ro m ad e on th is day.
t N o price KrUlay; la te st price th is week, a D ue Dec. 31. ft D ue J u n e , c C a p ita l increased J a n . 1.1907 from $350,000, a cash d iv i­
de n d of 30 pe r c en t b e in g declared a n d to be ta k e n as p a rt p a y m e n t for n e w stock, h D a s J u ly . fcO ue m illio n d o llars tran sfe rre d in Deo. 1906 from s u r p lu s
a o co u n t to cap ital, m a k in g la tte r ? 2 ,000,000. n C a p ita l a nd s u r p lu s tobe increased. oC apital to be increased to $3,000,000. iU a p ita l to be incre ased to $300,000.




M a e . 30 1907.]

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

Week ending
M arch 29
lno 7

739

THE CHRONICLE.
Teles*- T elephone
B id
'}AmerTeleg<fc Cable 100
75
]Centrai& So A m er. 100; £125
Commer U n Tel (N Y).25 113
Emp & Bay State Tel 100
75
F r a n k lin .....................100
45
IIGold & Stock-......... 100 105
H udson River Teleplx 100
63
U N Y & N J T e lep h ...l0 0 110 Hi
1)Northwestern Teleg. 50 105
Pacific & A tla n tic .......25
75
HSouthern & A tlantic 25
95

A sk .

SO
140
55

115

In d u s tr ia l a n d iHiscel

B id

Ask

Cons Storage BatteryiOo
8
11
Corn Prod Ref See Stock Exch list

Cramps’ S h & E n BldglOO
HCrucible Steel..........100

8 H2 834
UPreferred............. 100
70Hj 71
IJDiamond Match Co. 100 121 123

Dominion Copper(new)10
68
5*4
5 Ha
10
112H2 Douglas Copper...........5 r 9
30
Electric Boat.............100
110
33
75
83
$81,000
$1,107,000
792,399 $69,272,400
Saturday ...........
101
Electric Vehicle........ 100 . . . . . . 10
2.795.000
404,500
Monday ............. 1,675,825 149,592,150:
5
12
Ferry C om panies
3.317.500
303.000
Tuesday............. 1,281,401 115,676,6001
8
Empire Steel.............100
10
$ 6,000 Brooklyn Ferry stocklOO
369.000
2.275.000
48
Wednesday........ 1,299,042 112,289,700
Preferred................ 100
50
H)
1.702.500
160.000
15,000
68,363,650i
828,414
Thursday______
40
HFederal Sugar,com..100
55
B & N Y l s t 6s 1911.J-J i 98 100
1.844.500
67,000
79,321,600!
886,666
F r id a y ...............
75
UPreferred.............. 100
N Y & E R Ferry stk . 100
60
70
85
70
70
IlGeneral Chemical ..100
80
75
1st 5s 1922........... M-N
98 100
T o ta l............... 6,763,747 $594,516,1001 $13,041,500 $1,384,500 $21,000 N Y & H ob con 5s ’46.J-D $100 105
UPreferred.............. 100
Gold H ill C opper........ 1 f 2 V
H ob Fy 1st 5s 1946 M-N $103 106
2*4
Week ending M arch 29
Ja n u a ry 1 to M arch 29
Greene Cananea (w i).2P f 15*4 16 l4
/Sales at
N Y & N J 2d 5s 1946. J-J $100 106
30
Greene Con Copper...10 t 23 Hi 23a4
Sew York Stock
10th & 23d Sts Ferry 100
1 Hi
Kxchange
8 l " Greene Consol G o ld ... 10 f
1906
1st m ort 5s 1919...J-D $ 70
134
1906
1907
1907
TJUniou Ferry stock .100
26 Hi 28 Hz Greene Gold-Silver.... 10 t 1%
178
G uggenheim Explo’n.100 ........$ 235 H:
89
91
Hist 5s 1920 ..........M-N
79,242,678
4,200,752
71,382,256
6,703,747
Btoe k»—No. shares
Hackensack Water Co —
Par Tttine........ $694,516,100 $371,534,350 $4,053,916,185 $7,171,330,800
S h o r t T c n n Notes
Ref g 4s 52 op 12 ...J-J $ 90
92
*.164,600
$15,200
$122,700
$5,500
Bank shares, par..
85
93
H a ll Signal C o ..........100
A m Cig ser A 4s ’11.M-S $ 91
92
BONDS
12
$ 90
H avana Tobacco C o..100
92
13
S
e
rB
4s
M
clilo
’12.M-S
$234,000
8541.400
*16.800
$21,000
Government bonds
18
Preferred................
100
21
A
m
Tel
&
Tel
g
5s
’10
J-J
$
96
96*4
27,168,050
15,666,500
1,869,900
1,384,500
State bonds........
60
1st g 6s Ju n e 1 ’22. J-D
63
96 ‘4
187,255,600 A tla n Coast L is ’ 10.M-S i 96
121,162.000
11.127,000
13,041,500
R R . and mis. bonds
Hecker-Jones-Jew’l M ill
ButtRoch&P g4 H2S’09F-A i ........ 98
1st 6s 1922.............M-S 104 107
Cent Cross n guosMay’09 $ 98
99
Total bon ds.... $14,447,000 $13,013,700 $137,062,500 $214,965,050 Chic & A lt 5s 1912... J- J $ 98
38
42
983* H er’g-Hall-Mar,new.lOO
Cli R I & Pac 4His’07.J- J } 99
9 9 ^ Hoboken L and& ImplOO 200
D A IL Y T R A N S A C T IO N S AT T H E BOSTON A N D P H I L A D E L P H IA
4Hjs 1908 ............ A-O $ 98
98H2 1]5s 1910................ M-N $100 103
5
hie <fc W In d 6s ’10 F & A $ 983(3 9834
7
EXCHANGES
40
74
P referred................ 100
50
C in H a m & I) 4 His ’08.M-S
8)
Hudson R ealty ..........100 120 135
In terb R T g 4s 1908 M-N $ 9 6 ^ 97
P h ila d e lp h ia
Boston
Week ending
49
Vlngersoll-Raud com .100
5s Mch 1910........... M-S i 955g 96
M arch 29
90
K an C So g5s A p r ’12 J- J $ 94*4 95 Hi UPreferred................ 10U
Bond
Bond
Unlisted
Listed
Listed Unlisted
1901
".ackSteelgSs i909 ..M-S $ 96b, 97*4 In te rn a t’IBankm gColOO 125 i'35"
sales
sales
shares
shares
shares
share*
7
8
5s g 1910................. M-S i 95
96 Hi I n t ’n ’l Merc M a rin e .100
21 Hi 23
Preferred................ 100
iake Sh & M So 5s’ 10 F -A $ 98 Hj 9834
$32,900
22,877
14,338
*8.000
16,728
Saturday ...... 29,018
69
Col tr d 4H2’22op’07A-O
70
Lou & Nash g 5s ’ 10.M-S $ 97
97
H
i
90,500
40,150
28,138
26,390
30.500
92,817
M o n d a y ........
i 98
98*4 lnternat’1 Nickel . . . . 1 0 0 105 115
87,200
12,794
32,135
23,641
42.000
Tuesday........ 75.951
83
P referred................ lOu
87
$ 97
98
59,100
15,390
15.500
30.) 18
18,068
W ednesday. . 50,015
13
$
V&h
Mo
Pac
5s
Feb
10
’08.
F-A
16
98 7e International S a lt... . 100
11,723
106,600
28,472
11,594
7,000
Thursday....... 27,401
50
N
at
of
Alex
5s’07.opt
A-O
l
s
t
g
5.
1951..........A-O
60
$
98Hi
99
H
i
16,101
36.000 ............ H O L I D A Y
F rid a y ........... 62,321
5
10
N Y Cent 5s 1910.... F-A $ 98*8 987g In ternatio nal Silver. 100
62
$ 99
70
99
$376,300 P enn Co g u 4 S,s 1907 M-N
82,433
Total.......... 337,623 112,522 $139,000 153,752
1st 6s 1948.............. J-D 107 109
98 **
f a K B 5s M ar 15 ’ 10.M-S $ 98
45
55
S t L & S F g 4 ''j’0 8 ...J-D $ 94 H. 95 Hi Lackawanna Steel...100
Lanston Monotype.
20 t 12 Hi 13 H»
South’n colitr 5s ’09. A-O $ 95
98
Lawyers M ort Co.......100 190 195
Soutli R y g 5s 1910.. F-A $ 94*, 95
52
JLeli
<
fc
W
ilkesb
Coal.50
Tidewater
con
C
o6sl9o»
2
983
4
70
9
9
^
A Weekly Review of Outside Market w ill be found on a preceding page.
U S R ubber g 5s’0 8 .-MS $ 98
983e Lord & Taylor........... 100 125 130
95
P referred................ 100
W estingh Kl<fc M 58.1907 $ 9334 99 Hi
100
S tre e t R a ilw a y s
Street R a ilw a y s
Ask W heel’g & L i i 5s ’08-F-A $ 961a 97
B id
B id
Ask
ULorillard (P) pref ...100 125 135
Mackay Companies See Stk E x list
N S W Y O R K C IT Y
P ub Serv Corp N J (Con)
Kaili-oaU
35
15
25
30
Madison So G arden.. 100
Jleeck St<fc Ful F stk 1 _
26
J C H ob& PatersonlOO
75
}
69
"7
0
"
87
91
Chic
Peo
&
St
L
pref.100
2d 6s 1919........
1|l8tmort4s 1950 ..J-J
48 g 1949........... M-N
4
li M atilialt BeacTi C o.100
Deposited stock............
1
"e "
B’y <8>7tli A ve stk ..100 215 230
3
So J Gas E l & Trac 100 112 115
97
104
Undeposited stock.......
1
M anhattan T ransit___20 t 33g
112d rnort 5s 1914 ...J-J 100
3
3*8
G u g 5s 1953...... M-S $ 95
$105
13
Prior iien g 4 'us^OM&S
90
Con os 1943 See Stock Exch list
Mex N at Construc.pflOO
17
100
No H ud Co Ry 6s’14.T-J $103
439
Con m tg g 5s 1930.J& J
i ’way Surf ls t5 s g u 1924 100 104
60
M itchell M in in g ..........10 t 4 Hi
68
5s 1928................. J-J $100 102
Income os 1930.............
Monongahela R Coal..50 f 7
[Cent’l Crosst’n stk.. 100 260 300
10
E xt 5s 1924.......M-N
Clue Subway.............. 100
Preferred..................50 f 22 Hi
17
U ls tM 6s 1922 ...M-N 108 115
18
Pat City con 6s ’31. J-D $110
90 loO
190
F t W cfc Den Cy std,.100
70
[C enPkN & E B stk.100 175
Mortgage Bond Co. ..100
2d 6s___1914 opt. A-O $100
Great Northen Ore nee Stk E r list N at Bank of Cuba___100
98 102
Ohr’t’r & 10th St stk 100 150 170
So Side E l (Chic) See C hicago list
N ational Surety........ 100 165 175
;ol& 9th A ve os See Stock Exch list
Syracuse Rap Tr 5s 1946 $104 106-*4 N Y N H & H artfordNevada Cons’d Copper.5' t 14\ 14H»
Con deb 3 *2 8 1956. J & J $104
>ry D K B <& 3 —
108
Trent P & H 5s 1943J-D $100 102
N o rm ’ll Securities Stubs 100 137 H: Nev-Utali M in & sm.li.> I- 3?8 4
111st gold os 1932. ..J-D 105 108
United Rys of S t L —
34
36
35
94
97
P itts Bess & L E ........ 50 t 30
UNew Central C o a l___20
40
TJScrip 5s 1 9 14___ F-A
35
Com vot tr c tfs .......100
Preferred................. 50 t 70
67 Hi 63 h
Eighth Avenue stk .. 100 350 400
N J Ter D o c k * I m p .100
35
74
IIPreferred.............. 100
HRailroad Securities Co.IJScrip 68 19 14___ F-A 100 . . . . . .
N Y B iscuit 6s 1911.A1-S io2*‘a
Gen 4s 1934___See Stk Exch list
Ill.C.stk.tr.cf8.ser.A’5S
80
N Y Mtge<fe Security. 100 186 i b o "
I4 2 d & a r S tF ’y s tk ..100 350 400
87
U n ltR y sS an F ran ii'eeStk Exch list
36
37
30
60
70
Seaboard A ir D ine—
L2d 8t M & St N AV..100
1|New York D o c k ___ 100
39
W ash R y & E l C o ....100
70
78 H, 79
1]1st mort 6s 1910 .M-8 $101 Hi 103
Coli 5s ext May ’ 11. M-S
U Preferred............. 100
80
98
Preferred................ 100
82
83
67
72
SeaboardCo___ See B alt Exch list
N Y Transportation...20 1 3
l]2d Income 6s 1915 J-J
4
4s 19 51..................-J-D
Niles-Bem-Pond com. 100 110 115
:nter-Met—See Stock Ex olia’ge list HWest Chicago St ....1 0 0 ........ *26
in
d
u
s
tria
l
a
n
d
M
iscel
je i A v & Pav F 5s See 8t k Exc list.
N ipissiug Mines .
5 t 12*4 12 Hi
TJCon g 5s 1936....M-N
95
96
Alimeek M in in g ........ 25
llO ntano S ilv e r ........ 100
kletropol Street By. 100
6*4
95
6 Si
Cias Securities
35
'flu tli Avenue stock.100 160 180
Alliance Kealty........ 100 ........ 125
Otis Elevator com___100
45
N EW Y O E K
85
A llis Chalmers Co 1st m
iecond Avenue stocklOO 185 195
90
Cent D n Gas os g’27.J<feJ {100 101H,
s t 5s ’30 opt ’16.. J- J } 75
111st mort 58 1909 M-N $100 102
Phoenix Securities..........
80
t
Vi
Pittsburg B rew ing___50 t 30*4 303*
Consol 5s 1948___ F-A $107 .. . . . . Con Gas (N Y ).......See St k Exc h list American B o o k ........ 100 155 165
Preferred..................50 t 60
[Sixth Avenue stock 100 155 170
II M utual G a s .............100 165 181
American Brass........10" 140 150
New Amsterdam Gas—
Pittsburg Coal See Stock Exch list
Jou Bouiev 5s 1945..J-J $100 104
IIAmerican Can See Stoc k Ex list
Jo For 1st 5s 1919...A-0 { ........ 106
1st oonsol os 1948..J-J $ 95 100
American Chicle Co.. 100 160 178
Pope M anufacturing, loo
2
60
Chlrd Avenue See Stock Exch list
99 103
1st preferred........ .100
N Y & E R G as 1st 5s’44J-J $101Hi 103 H>
Preferred................ 100
2d preferred......... 100
Tarry W P & M 5s 1926 $100 105
Consol 5s 1945........ J-J $ 97 ,100
10 Hi 13
Am Graphoplio com ..100
41Hl
42
35
P referred...............100
98 102
YkersStBB 5s 1946A-0 $100 102
........ ’ 83” Pratt <fc W h itn pref.. 100
N Y & Richm ond Gas. 100
Public Serv Corp of V a —
58th & 29th Sts 1st 5s ’9ti $100 105 Hi Nor D n 1st 5s 1927.M-N $ 99 102
Am er H ardw are........ 100 116 118
80
95
JTwenty-Tli’d St stk 10(J 370 400
^Standard Gas com ..100
1st m g 5s Ju iy 1936 opt
A m M altin g 0s 1914.J- D 100 104
9? Hj
145
Union By ls t5 s 1942 F-A $100 106
^P re fe rre d ............. 100 100
Amer Press Assoc’n.lOC
90 100
R e a lt y a s s o c ( B k ly n ) lo O
155
105
Westchest 1st 5s ’43 J -J $100
1st 5s 1930........... M-N §101 Hi
A m Soda Foun com..10C
1
3 Royal Bak Powd pref. loo 1 0 0 104
BROOKLYN
OT H KK C IT IE S
1st preferred........... 100 ........ 40
Safety Car H eat & L t 100 240 260
HO
98 102
2d preferred........... 10(J
Seneca M in in g .......... 25
lOi)
Itla n Ave 5s 1909..A-C $ 98
Amer L igh t & Tract. 100
6
10
92
88
Preferred................ 100
Singer M lg (Jo........... loo 500 510
A m 'St Found 0s ’35 A&O $ 94
Con 5s g 1931........ A-0 $1H3
95
99
BB
W K os 1933..A-CJ
Bay State G a s .............50
American .Surety........ 5U 187 Hi 195
Standard Cordage___100
3Hi
7
\
43
American Thread p ro f..5 f 4 *4 5
tirooklyn City stock... 1C 200 210
Binghamton Gas 5s 1938 i 95 100
IstM .g.C s.’a ir e d .. A.O
50
7
Con os See Stock Excl: list
AniTobac (new) comloC 300 325
Adjust. M.5s. A pr 1,1931
li
Brooklyn Union Gas deb
45
98
iikln Crosstn 5s 1908.J-J
55
6s 1909 c o n v ’0 7 ...M-S 110 120
Pret, 4s, 0s See Stock Exch list Standard Coupler comlOO
6
7
Preferred................ 100 1 2 0
130
Bkn H gts lst5 s 1941 A-C 103 1106 Buffalo City Gas stocklOO
Am Xypeio’rs com...10C
39
42
6
Preferred................ 101
95 10O Standard M illin g Co. 100
9
Bkln y Oo<fc Sub See Stk Exoh list
1st 5s 1947 See Stock Exch list
30
liklyn Bap Tran See Stk Exch list
Preferred................ 100
Amer W riting Paper. 10C
33
Con Gas of N J 5s ’36 J-J $ 85
2>4 3
77
jOouey Is. & Bklyn ..IOC) 170 210
Preferred................10C
19
1st 5s 1930 ........... M-N
80
Consumers’ L H & Pow —
21
90
93
1st cons g 4s 1948.. J-J
5s 1938.................... J-D $102
1st sf g 5 s ’19op ’09.J- J
81
82 Hi Standard Oil of N J..1 0 0 496 500
Sw ift & Co See Boston St k E x c h’ge
BrkC<& N 5s 1939.J-J 101
11Barney & Sm Car . .. 10C n ........ 72
Elizabeth Gas L t Co..100 27o
ir*pt ifcLiorimer St 1st 6s 102
llP refen ed.............. 10C M....... 140
1st 5a 1910-1914...J- J $102
Essex & Hudson Gas 100 120 123
106
50
45
74
Kings C.E1—4s See Stock Kxoli list
UBethl’in Steel Corp .10C
12H* 14**!, IJTexas & Pacific Coal 100
85
Fort W ayne 6s 1925..J-J
50
55
75
Nassau Klee pret.......lo t ) 65
IjP re le rre u .............10C ........ 49
1st 6s 1908.............A-O $104
...
Gas <fc E l Bergen Co..100
1st ext 59—See Stk X] chang e list Title In s Coot N if.. 100 160 170
5s 1944................... A-C 104
IIGr Rap G i s t 5 s’15 F-A $102 103
1st 4s 1951.......... See S1t k Ext ii‘ iisi Hudson Co Gas..........100 109 111
Tonapah M m (Nevada). 1 t 15
Bliss Company com___5C 135 145
16**
99
Trent/on Potteries comlOO
14
N W b ’g<fc Flat 1st ex 4
Preferred..................51 ) 130 134
Indiana N at & 111 Gas—
17
92 100
15
Stein way 1st 6s 1922. J-J $108 U 2
Preferred new ___10(J
20
Bond & M tg G u a r___10C ........ 375
1st 6s 1908........... M-N
O T H K K C IT IK a
35
60
Trow Directory..........100
55
45
Borden’s C o n d M ilk .. 10C 160 170
Indianapolis Gas........ 50
Bnflalo Street By—
Union Copper.............. 1C t ........
98
Preferred................ 10C 106 109
1st g 5s 1952..........A-O $ 94
tHi
1st consol 5s 1931..F-A $109 111
80
British Col Copper........£ t 7
Jackson Gas 5s g ’37.A-O i 95 100
85
7*4 Union Typewr com..IOC
Deb 6s 1917........... A.C $106
50
116 120
B utte Coalition M in ..IE
26=>* 27
Eansas City Gas........ 100
Chicago City By
See C hicago list
2d preferred........... 100 116 120
Casein Co of A m com.. 10C
2
99
5
HLpdeae G as.............100
Columbus (O) St By..10t 102 102 Hj 1i P re fe rre d .............100 ' W
94
United B k Note Corp. .50 t 55
Preferred................ 10C ) 70
60
80
50
45
P relerred................ lo t J 107 108
Casualty Co of A m er. 10C 125 140
63
t 61
Latay’eG aslst6s’24.M-N
Uolutu By con 5s See P I ila list
HUnitedOigarMf g. ,pf. IOC
88
92
35
30
Celluloid Co................ 10C 130 140
LogdfcWabV ls t 6 s ’25.J-D
Crosst’wn 1st 5s ’33.J-I $........ 107
10
United Copper........... 100
68
Cent Fireworks com.10C
59
Madison Gas 6s 1926. A-O $106 Hi 110
15
60
80
Srauil Bapids K y ....l0 t
ee N ew ark Gas 6s 1944.Q-J $128 132
Preferred................. lot
65
90
75
84
225 ......
P r e f e r r e d ............. 10C
87
00
88
Central Foundry.......IOC
2*4
Newark Consol G as.. 100
3
40
U S Envelope com ...101
Lake St (Chic) E l
See C. hicago list
Preferred................ 101 ) HHi 13
liCon g 5s 1948.......J-D 106 106 Hi
T1Preferred.............. 100
99
71
IlLouisv St 5s 1930..J& J $109 H< 111 Hi No Hudson L H <fc Pow
Deb 0s 1919 op ’01 M-N
73
U S Steel Corporation—
Century Kealty........ lo t
L<ymi<& Bos 1st 5s ’24.J-I $107 108 Hi 5s 1938................... A-O $102
185 195
22
Col tr s f 5 s ’51 opt ’11 .. $106 109
[(New Orl Rys & Lgt. lo t3 21
Chesebrough M fg Co 10( 400 430
HO & In d C N a t * IU .100
71
72
C o ltrs f 5s ’51not opt.. $107 110
^P referred.............10C )
29
35
Chic Pneum Tool. See Cli icago ll8t
1st 6s 1926............. J-D
e Stk E x list Pat A Pas Gas <fc EleclOO
65
U S T it G u & Indem.100
100
70
TIGenM g 4 las ’35 Se<
City Investing Co___lot J
95
100
1]Utali Copper Co. See £ tk Ex list
North Chic Street See C hicago list
llClaflin (H B) oom___10( J 104 110
II Con g 5s 1 9 4 9 ....M-S $100 102
95
90
W aterburyC o, com ..100
54
54 Hi
Pub Serv Corp of N J10(J
H ist preferred........ lot J
8t Joseph Gas 5s 1937. J -J i ........ 85
93
63
Preferred..... ...........IOC 102 Hi 1 0 3 -a
62
Tr ctts 2% to 696 perpeit
1[2d preferred..........lo t )
93
E lectric C om panies
H3
Coll 5s g not es ’09 M->. $ 92
Col & Hock C o al* I p f 101J
74 iY S " Westchester & Bronx
5.) I Chicago Edison Co See C hicago list
N orth J ersey St By lo t
40
Title He M ort G u ar. 100 167*5 172H»
1st g os 1917........ J-J $ 82 Hi 85
73
1st, 48 1948........M-S $ 72
liKingsCo E l L & P Co 100 120
124
Col tr os Oct 1956..J-Jr 97 lOlHi Western Lee.............. 100
26 H 263«
Cous Trac of N J ...1 0 t
72
Westing!) A ir B rake..50 t *143
70
Narragan (Prov) E l Co 50 tz95
99
Consolid Car H eating lotJ
46
•48
1st 5s 1933......... J-r $104 106
N Y <fc Q E l L <fcPowColOO
60
70
Cons Ky Ltg& K efng.lO tJ
3 H,
4 Hi West E l & M fg— 5s see Stk E x lis t
Hew’k Pas By 5e’30J-J $10b 110
Preferred................ 100
70
W hite Knob M m ........ 1C
80
Consol Kubber T ire ..l0(J
4
6
ltapid Trail St B y ..lo t ) 235
20
UnitedElectrioof N J100
76
Preferred................ lot J
30
134 2**
1st 58 1921..........A-C $105 .........1 4a 1949 ................... J-D ( 68
W orthing Pum p pref. 100 110 1118
69
Debenture 4s 1951 A&C)
37
43
| Buyer pays ai'cr’d int. fP n o e p e rs h . tsa la p n c e . aBx.ri&hts.zEc-div. (N e w stock. 1)Sells on St’ k Excli., but not a very a<ctive security.




Sha/res

P ar valve

Railroad. tic
Bonds

Outside Securities

State
Bonds

O S
Bonds

BOSTON STOCK EXOHiN'GrE—Stack Record, Daily, Weekly and Yearly
S h a r e P ric e s — N o t P e r C e n t u m P r ic e s
S a tu r d a y
M a rc h 23

M onday
M a rc h 25

Tuesday
M a rc h 26

W ednesdai
M a rc h 27

T h u rsd a y
'March 28

F r id a y
M a r c h 29

STOCKS
B O ST O N STOCK
EXCHANGE

R a il r o a d s
8 6 38 S6 5h
88
88
8 8 % 8 SC8
85*4 85*
8 y 4 87*2
89%
89®s A tc li Top <fc S a n ta F e lO )
9334 94
92 h 9 2 ’»
93% 94
*93*2 94*i
D o p r e l............
10 )
*92% 9 3 78 * 9 z 7«
93" 8
230 *4 230
230**230* *230 ....... . *230 232
231 231
230 4
2303 B oston & A lb a n y .. ..1 0 )
145 145
144 144
145
140 144
143 144
*140
B oston E le v a te d ... 10 )
144
•
. 230
231)
230
230 230
•230
10 )
154 154
155 155
152 153
155 156
155 155
155
160 B oston & M a in e ... 10
*
165 *
. 165
165
L a s t S a l 165
165
F e b ’O
D o p r e f............ .10
1
30 J
M a r ’O
24
*23
24
*23
*23
*22
23*i
24
23*2 23
BostoiicfeWor E le c C o ...
73*L a s t H a l 74
73 *< *.......
72
72
150 150
115 115
115 115
114
114
1 Of
188
156
M a rO '
260 260
10(
* ..
130 130 *130 131
130 130
130 130
* ........ 130
130
F itc h b u rg p r e f....... 10<
*111 113
112 113
114 114
*100 112
*108 112
*108
112 G a R y & E le c t r ic ... in<
♦ ___
*86
L a s 1 S a l t 83
*86
*86
90
88
88
90
M a r ’O"
Do p r e f ............ 1(H
L a s t S a l t 197 4 F e b ’Or
10 c
16
15
15 78 157g
14*2 15 \ *15a4 17
16*,
16
1 6 “*
10 4 Mass E le c tric C o s ... 10<
57
57
55*2 5734
55
57
58
56*4 57
5 6 4 67
53*,
D o p r e f.............. 1 Of
* l S ’-< 19*, *18*4 19*4
20 7* *v0% 21*, L a s t S a l t 19\
M a r ’Or M e x ic an C e n tr a l___ 10(
175 177*i 174*2175
178 178
175 175V 174 174
173
173\ N Y N H & H a r t . . . 10<
159 *2
.........
...
L a s t S a le 2k5
M a r ’07 N o rw ic h & W o r DreflOO
*
i95
195
195
195
195
195
196 190
195
195
196
195 O ld C o lo n y ................ 10<

S ale
or th t
Week
Share s

R a n g e lo r Year
1907
Lowest

H ig h e st

R ange tor Previous
Year (1 9 0 6 )
Lowest

; H ighest

1,75 1 83% M a r l 4 1 0 7 4 J a n 7 8 6 4 J ’ly 1 1 0 4 Sep
16 1 92% M a r 2b 1 01% J a n 8 *97% Dee 105*8 J a n
58 225 J a n 1 5 240 F e b 19 239 Dec •257 4 Feb
15 7 140 M ar2
147 Aug 160 J a n
3
230 Dec 246 >2 A p r
41 8 152 M a r l
0 Dec 180*2 A p r
....... .1 6 5 J a n
164 O ct 175 Hi May
99 *a Dec 314 Sa A p r
20 > 23 M a r l
25 J a n
39*2 A p r
72 M a r l
72 4 J a n
90 A p r
1
156 O ct 182 J a n
2 114 M a r2 c
1174 J ’ly 127 J a n
18734 Nov 190 M a r
153 O ct 163 A p r
2S5 Oct 298 A p r
8' 130 M a r lt
132 O ct 145 J a n
19f 107 F eb
114 M a r 22 l y5 j an 107 A p r
.......
87 F e b It
89 Dec | 95 J a n
1 9 7 4 F eb If
197 M a i ‘200 ’ >eo
761 !4 4 M a r 2 i 2 0 4 J a n 9 17 J a n 23 J ’ne
2,091 55 M a r 2l 7 1 4 J a n 9 59 >2 Ja n
75 J ’ne
.......
19% M a r
2534 J a n 2 21=6 A ug 28 Deo
90; 173 M a r2 l 1 9 0 4 J a n 2 190 J ’ly 207 ** J an
155 Sep 163 F e b
. . . . . 225 M a r lt 226 Feb 2 228 J ’ly |233 4 M ar
91 195 Mar26 2 0 0 4 J a n 7 193 Dec 210 J a n
53 Sep j 53 >2 O ct
100
50 J a n I 65 O ct
*38
42
L a s t S a l e 40
M a r ’07 R n tla n d p re f........
10<
47 Ha N o v , 64 J an
*
*......... 90
90
90
90
*......... 90
90
90 S eattle E le c tric ____ TOO
lu 90 M a r 15
65 J a n | 99 O ct
97 * ......... 97
91
97
97 * . . . 97
97
D o p r e f.............. \t)<
1( 97 M a r lb 103 J a n 7 95 J a n 106 F e b
130 131% 1263s 127 % 124 130
130*4 133% 131 13 L** 136 4
136*4 U n io n P a c ific ...
100 2,667 124 Mar2t)
1 3 9 4 May 195 Sep
*87*8 8 8 4 *36*2 87*2 *86*4 87*4 * 8 6 % 87*4 * 8 6 4 87*4
85 4
Do p r e f.............. 10<
50 85 4 Mar2H
85*2
91 M ay 99\ J a n
170
170 Sep 178 A p r
*
♦
90
90
90
90
90
91
90
90
91
*904
W e s t E n d S t ...........] 50
114 90 M ar25
92 Dec 101 J a n
106 106
106 106
106 106
106 106*2 106 106
106
D o p r e f.............. 50
271 106 M a rlt) i l O
*105 4
M a r 4 107 Sep 116*2 A p r
-?7%
17% M a r l3 17% M a r l3
2 5 '4 May 273b O ct
L a s t S a I e a 7%
O c t ’06
100
60
O c t ’05
147 J a n 16 147 J a n 15 150 Feb 160 4 Feb
.1 0 0
M is c e lla n e o u s
21
___ _
20
20
21
A m e r A g r ic u l C hem .iO O
25 20 M a r2 f 26 J a n i- 21 J ’ly 34 J a n
87
84
85
85
87
85
87
85
86
86
135 84 M ar27
100
90 Dec 102 J a n
634
7
6*2
7
634
7*2
64
64
7
7*2
64
634 A m er P n e u S e r v ...
50 3,115
6 4 M a r 14
10 4 Dec 29 M a r
19% 21
*20
1 oa4 1 7 4
17
19
16
17
21
17
D o p r e f.............. 50
996 16 M a i 27
174
26 Aug 46 A p r
120
121
121
120 121
1 1 6 34 120
121
1 2 2 % 123 >, A m e r S u g a r R e t in ... io n 4,003 11634 M ar26 1 37 4 F e b U 128 M ai 1567g J a n
119*2119*2
120 122
12434 125
122 123
125 125
124% 125
121*4 123
D o p re f.............. 100
46S 120 M ar25 131% J a u li 130 Dec 141 J a n
119 119*s 117 118*2 n s ^ m
117 120
118*2 1 1 9 4 119
1 1 9 4 A m e r Telep & T elee .10 0 4,323 115 4 Max2*3 134 *2 J a n 2 128 J ’ly [144% J a n
2634 27
25% 2d'*
26% 26%
25 4 26 *2
28*2 28*2
26 4
100
550 25 M a r l 5
2 6 1 A m e r W o o le n ___
28 No\: 47*4 J a n
95
96
96
96
95
95
96
£ 9 3 *4
96*2
90*2
96*2
94
D o p r e f.............. 100 1,150 I . *3*4 M ar29
lO O V D e c 110% Feb
•
3
3
■3
8*2 * . . . . . .
3*2
3 4 * ........
34
B oston L a n d .
65
3 M ar2g
10
3^4 J a n I 4 4 J ’n e
*105% 107 * 105B« 108
*105*2107
107 10 V *105% 107
C u m b e rl Telep & T el 100
10 107 M a rz2 115 J a n 10 115 J ’ly |U834 M ar
1 634 17
21% Novi 34 A p r
*738
*7%
7
7
*7%
734
*738
734
*7%
7%
734
E ast B oston L a n d ..
150
7 M ar V
5% J a n
10 A n g
212 212
210 212
210 210
212 212
210
213 213
210
E d iso n E lec Iliu m
100
241 210 M ar26 230 J a n 7 225 Dec 1250 J a n
139% 144
141 145
141% 142*4 144% 14434 144 144% 145 4 115 4 G e n era l E le c tric
100
243 139% Mar25 162 J a n 24 |157 D e c 1184 O ct
54*4 5534
67
65*2 56 *2
57
68
58 *2
58
684
5 8 '2
58 4 M ass’chusettsG asC oslO O 3,34u 64 s M a r Jb 6 6 % J a n iu j 44 M atj 64% J ’n e
82
80
81*4 82
b ‘2
82
82
82
82 *4 82*4
82
82
D o p re f.........
100 1,146 80 M a r . 6 86 J a n 15 84 >2 Dec j 90 Sep
200 204
*200 203
201 2o5
*202 £ 0 6 4 *201
*205 208
203
M e rg e n tn a le r L in o . 100
90 199 J a n 2 215 M a r 1 1190
Deo
3
*2*2
3
___
H
3
3
3
*2 4
3
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M e x ic an T elephone
75
2% M ai 2o
4% J a n 19
3 J a n j 5*4 Sep
10
*
* ......... 55
* ......... 55
55
L a s t S a l e 54
65
M a r '07 N E C o tto n Y a r n . . . 100
54 M a r l2 58 F eb 14 ! 27 M a i! 60 N ot
*
*
.........
88
88
88
88
88
88
D o p r e f.............. 100
12 x s l J a n 3o 90 J a n 12 80 i l a i , 90 ‘4 N o t
115 115*2 114*2 115*2 114 116
114 114*2 114
115 115
116 N E T e le p h o n e ...
190 114 M a r 2y 126 J a n 7
100
» Dec ,1 4 1 4 A p r
•
P la n tC o m t ’s ts t k nom l 00
4
*2
4 L a s ts a lc
4
4 N o 'i 14a J a n
•
10
L a s t S a i e 1 3 '4
10
10
10
Sep ’06
D o p r e f ...........
100
158 159
159% 160
160
160 161
158 160*2 160 161
160 P u llm a n C o ................ 100
75b
182 J a n 7 180 Dec 26S *2 N ot
10
10
10
10
10
10
10
10
10
10*2
9*2 10
Reece B utton - H ole
10
923
9 4 M ar2 6 11 J a n lb
9 4 J an i 11 D ec
105
10434 105*4 104 104*2 104 104*2 1 0 4 4 1 0 5
104*4 105
105*4 S w ift & C o ___
100
565 X104 M a n 5 113 J a n 16 1
*____
22
*
* . . . . . . 22
L a s t S a le 2 1 4
*21
22
22
M a r’07 T o rrin g to n C lass A . . 2ft
2 1 4 J a n 23 2 2 4 J a n I .
22 *4 Dec I 23 Feb
L
a
s
t
S
a
l
e
*26
'2
6
2
6
*26
*26
27*2
2 <*2
M ar 0 i
D o p r e f............... 25
27 4
2 7*2
2 5 4 M a r 14 26*2 F eb I t 1 25 J ’ly 1 27 *a N o t
*
3
3 * ......
3
L a s t s a le 3
3 *
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M a r ’07 U n io n Cop L ’d <fc M e 26
3 M ar 5
6% J a n 24 I
J ’ut
5 4 Deo
107 108
106 107
108 109 * 1 06
108 108
106 J 08
106% U n ite d F r u i t . . . .
100 1,810 10334 M a r l 1 108 s J a n 7 i
11334 M ay
59
60
59
59
60
58
58
60
*59
60
b*
60
U n Shoe M a c h C orp. 25 1,349
69 J a n 2 b
86% F e b
*7
VS7*2 2 7 4
26 4 27
26% 26%
27*2 27*2 * 27*2 28
27
D o p r e f.........
386 26 4 Mar2;- 29 J a n 4 1 28 Uet. 32% J ’ly
26
3134 34*8
33% 3434
3 l s4 33%
33*4 35*8
34 %
33% 3538
36
U S S teel C o r p ...
100 17,425 3 134 M ar25 6 0 % J a n 7 32% J >ly 50 ** O ct
93^4 96%
92 *4 97
9 6 4 96%
97
97 4 98
D o p r e f............ 100 4,541 92 •a M a r 25 107% J a n 7 99 J ’ne 113*8 F eb
97*2 99
93
Of,
L a s t S a i e ■50
-40 J a n •75 Sep
5
*5
6
6
5
6
6
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6
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6
6 W e s tT e le p * Teles:.100
8b
5 M ar25
8 Not 17*2 J a n
70
70
70
*70
70
70
70
70
*70
74
70
81
79 No\ 98*2 J a n
74 4
M a r ’07
7334 Oct 86 F e b
L a s t S a l e 80
F e b ’07
50
80 F e b 2 s 80 F eb 2 c 75 Nov 98 J a n
itlin in x
4
4
4
4
4
34
4
4
3%
*3*2
3%
3% A d v e n tu r e C o n ........... 26
870
3 4 Mar26
6 4 F eb 20
4 *2 Dec
8 Hi O ct
45
45
50
51*2
50
62
50
64
64
66
56
65 A llo u e z .....................
26 1.292 45 ^iar25 7 4 4 J a n 14 31 “2 J ’ly 55 *4 D ee
80a4 89
79
86
84
90
86
88
8 3 4 86*4
8 /*4
89% A m a lg a m a te d CopnerlOO 72,082 79 M a r ‘2ti 121 J a n 5 92 *2 J ’ly 118 F e b
41
41
38
39
38
38
38
40
*39
40
40 A m Z in c Dead & S m . 25
39 4
940 33 4 M a r l5 53 J a n 22
8®$ Aug 1145 Dec
59
59
69
60
60
59
C 04 61
62% A n a c o n d a ..................... 25
60% 60%
624
57*2 May 74 F e b
7
6
6
7
7
8
7-4
7*4
64
74
74
8 4 A r c a d ia n ...................
26 3,625
2 *8 J ’ly 15 U N o t
1
1
1
*1
1 * .........
1
A r n o l d ..................
1*2 *.........
I
1 4 * .........
% J ’u.
350
1 M a rj'i
2 J an 7
25
2 *» D eo
14J4
14
13
14*2
14
15
15
14
144
15 *i
15 A t l a n t i c ....................... 25 3,555 13 M ar26 22 F e b ‘2 t 1 1034 May 28*4 J a u
14 4
20
20
17*2 19*2
18
14*2 17*4
18 4 18*2
17 4 18*2
194 B in g h a m Con M in & S 50 5,910 14 4 M ar26 ;j7 J a n 14 ! 25 J ’ly | 49 >e F e b
*......... •65 * . . . . . . ■65 * ___ _ •65
L a s t S a l e 65
*•60
•65
M a r’07 B o n an za (D e v Co)
10
•60 M a r l 9 •80 J a n 17 45 M « j -yo O ct
22
23
23%
23
25
2534
24*8
20*2 22
25
22 4 23 4
Boston(JonC<feG(rcta) £ 1 9,200 ^ 0 4 M a r 2 6 33*4 J a n 5 J 20% M ai 35% O ct
20 *j 23%
21
25
25
26*4
27
25%
28*2 29*2
28*4
27 4 B utte C o a lit io n ......... 16 19,613 20 4 M a r‘2t> .<9 4 J a n 7 25 J ’l j
42 Oct
150
160 160
L60
149 15 i
159
160
157 160
159
160 C a iu m e t & A r i z ......... 10 2,738 148 M a r i5 198 Feb 8
184 Deo
850 870
820 825
820 830
880
825 845
830
J a lu m e t <fc H e o la.
J85
845
184 820 M a r 26 1000 F e b 15
25
900 Deo
32
30
32
32
36
29*4 31
33% J e n t e n n i a l................. 25 2,556 29*4 M a r26 47 F e U 1*
36
3 1 4 32
324
17 4 J ’ly 40*8 Deo
•39
-40
•35
•37
•39
•39
•39
•43
•43
•43
*•35
•39
•52 J a n 19 '3o D ei '70 J a n
Jons M e rc u r G o ld . . 5 2,650 •35 Alar
74
79
72
7 6 4 78
76*
79*8 80*2
77%
77% 79
80 4 Jopper R a n g e C on ColOO 27,174 72 M ar2 6 105 J a n 14 1 6 6 34 J ’ly 86 4 J a n
15%
153, Daly -W e s t ................. 20 1,39.: 14 4 M a r io 2 0 4 J a n 23 1 14 M ai 21 >2 N o t
15
16*2
16
16
16
15 *2 16*8
16
16
16*2
70 4 M a r 2 61*2 001 84 Feb
L a s t S a l t /JO *« Feb >07
'.3 No\ .22 M a r
2
2
2
2
•2
2
2
*2
24
*2
2
500
2 M a r ls
2 4 Elm R iv e r ..............
1?
4 4 J a n 10
3 *2 Dec
1 4 J ’ly
16*2 18*4
19
17 4 18
19
f r a n k lin ..... ................. 25 3,295 16*4 M a r ‘26 29% M ar 1 1 4 >s Mat 26*« Sep
19*4
16*4 17
184
1 7 4 18 H
125
*120 124
128 128
125
120
.20
135
135
124 4 126
Glranby C onsolidated. 100
148 L2S M a r 2 5 L51 F eb b 1
Dec i40 Deo
2234
20% 22
23
20 78 23*4
23%
22*4 22%
23% Jreei)® C onsolidated. 10 5,542 20% M ar^it 33 4 Feb l a
22*4 23
19 *2 J ’ly 33*4 Deo
#*«
M a r ’07
5 4 J a n 11
7*8 J a n
4*2 J a n
1334 17*2
20
18
21
17*2 20
19*2
194
21
18
184
Isle Roy ale (C opper). 26 9,807 1334 M ar26 3b' 4 J a n 14 15 4 J ’ly 29 39 J a n
1534 16*2
16
11
17
16% 17
18
17*2
16%
JY->
25 3,605 1434 M a r l4
534
534
0 *v
5*9
6
6
6
6
6 34 Mass C onsol................ 25 1,355
5 4 M ar^o
6
5%
5*2
6 “2 J ’ly 1 2 ’s J a n
*
•90
5 •90 Mar21
•90
•90
*•50
*•50
-85
•S j
*85
•90
25
•40 J ’n t
1*2 J a n
11% 12
11*, Mexico Cons M & S .. 10 1,957 11*4 M a r 27
12% 12S,
11*4 11*4
11*2 11*2
11*4 11*2
11*4
13 Not 143« Dec
15
14
13
14
15
14
14
15
14%
14*2
15 *2 M ic h ig a n ..................... 26 2,593 13 M ar2b 24 4 J a n 16 1 1034 J'n e 22 >2 D ec
144
80
76
75
68
76
76*4 77*i
80
8 L*2 8 1'2
M o h a w k ....................... ‘26 3,831 68 Mar2t5
784
78*2
54 *2 M ai 85 Dec
*1%
.........
2
2
150
2
*134
24
24
2*4
134 J a n 18
2*2 M o ntan a C oal <& Coke 25
2 4 M a r 14 1 1% Dec
*1%
7*2 Feb
13
1434
*14
13
14
14
1378 13%
1 3 4 133,
134
14% NTevada C onsolidated
6 2,585 13*2 Mar27
11 J a n
23% O ct
84
av 34
72
84
9 L N orth B u t t e ................ 15 -,3,880 72 M ar26
79*2 87
85
8 4 4 86
7434 M ai 117 *2 Oct
8734 89*4
*
.
1 Vi
M a t ’07
•70 J ’ly
1*4
1*4 L a s t 'S a lt :*4
25
1 M a r l4
1*4
2 *8 Dec
’4 3
36
46*2
*47
474
47
60
J ld D o m in io n ............ 25 5.732
48 *2 49
48*2
4 6 4 49
63 F e b 14 33 J ’ly 6634 O ct
130
135
122 *2 12934 115 121 *1 124 129
127 127
35
134
Jsceoia ........................ 25 2,918 .15 M a r2 t 81 Feb 21 93 M ai 151 Dec
20
22
23
19% 21
22
22%
23
22% r’arrott(S ilv<fc C opp) 10 1,610 1934 .u a i26 35 J a n 14 '2‘2 34 J ’ly 48 J a u
20 4 2 1 s *21
_
.
2
2
2
L a s t S a le %
2
M a r’07 >hoenix C on sol........... 25
1 J a u 0 13 J a n 2i/ ••60 M aj
% Dec
108 115
113 117
115
117
109 111
114 115
.18
118
25 2,454 08 M ar2o 148 Feb 6 80 J ’ly i l 4
Jan
I
6
7
6 4
7
7*4
6%
7*4
6*2
*64
7
3*4 J 'ly
7*2 tliode I s la n d .............. 25 3,318
6 M a r l4 12 *4 J » n 15
9 *8 Dec
334
3
3
3
3*2
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e(G
old<
fc
Cop)
7
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J
an
t3*4
3*2
3*4
3
4
3
<
v
10
1,600
3*4
3 34
1 4 J ’ly
3 M ai’27
53b N ot
143. 17*4
183,
16
17
18
18
iy-.
17%
18 4
17
174
10 8,687
5 *4 J a n
18% N ot
108 108
100 109
100 109
105
* .........118
101 105
114
25 1,971 00 M a r 26 70 J a n 14 90 j ’u, 122 J a n
39 4
39*«.
40 Mat 52 .Ian
25
20
22
1734 20
14% 18
17% 20
19%
‘25 '
2 5 ; 6,817 1 4% M ar2 6 42*4 J a n 24
18*4 19*4
734 J ’nt 20*2 Dec
62 >* 63%
62
55% 67*4
62
53
53*2
59
57% 67%
58
J m t e u C oppe r...........100 2,925 53 M a rJ b 7 7 4 M a r 7 57*4 Maj 78 F eb
88 J a n 111 Feb
934
9% 10
10
10
934
934 10
9% 10
9%
10*4 J n i t States Coai<feOil 25 l.'-OO
9 4 M a r 15 13 >4 J a n 22
9*4 Sep 14*8 M ar
51
54 *4
64*2 54a4
oO
51 *■
.
53
65
J S S m e lt Ref.<fcMin. 50 7,549 50 M a r l4 70 J a n 2 o l M a i 66 J a n
52 4 64
62 4 53 4
44
44
43s,
42*2 43
42
43
43
43
44*2
44 *s
43 4
D o p r e f................ 50 3,877 41 % M a r i 5 49 J a n 7 43 Mai 47 78 Sep
60
54*2 58*2
69
53
58
69
5 /*2
58
69
59
61 ** ; t a li C on ( G o ld ) .......
5 5,346 61 M a r 14 79 J a n 14 52*4 J ’ne 69*4 J a n
8
734
73,
7
8
8*4
8
8
74
74
7%
8
25 3,534
6 M a r 15 11% Feb27
5 7s Not
9*4 M ai
8
9
9
9
8
9
8 *v
9
0
84
8*2
84
26 2,230
7 *2 M a r l 4 14 J a n 23
4 J ’lj- 13 >2 Oct
160 160
160 162
155 160
160 160
15« 160
155
160
25
•245 L60 M a r 27 98 Feb 11 1 t l J a n 190 Deo
1 *2 1*2
*1*2
14
14
14
14
14
1% M ar27
14
14
14
1 4 W y an do t...................... 25 1,210
3% J a n 22 •70 J ’ly
2*4 Deo
e Before p a y ’t of assess’ts called in 190 1. ’ B u la n d a a k o i jjr.cas; n > SAle* na *da on t u n day. 4 N a ^ - itjjfc . f A s i ’t p a id . i Ex-rights. a Ex-dir. jfc rig h ts

_

Jt

*.....
*......

_

...

.... . ___ ......

_

__
. ....

«...

*•-...

_

__

......

.....

.... .

_




_

....

Boston Bond Record.

M a r . 30 1907.]
BOM>*

A m B e ll T elephone 4s___ 1908
A m T alep & T el coll tr 4s. 1929
A m W r it P a per 1st s 15s g 1919
A tc h * N e bra sk a 1st 7 s ..1908
A te li Tod * 8 Fe gen g 4 s .. 1996
A d ju s tm e n t g 4a___ J ’ly 1995
B oston E le c t L ig h t 1st 6s. 1908
Consol 5s.......................... 1924
B oston * L o w e ll 4 s...........1907
4s.........................................1916
Boston * M a in e 4 4 8 .........1944
Boston T e rm in a l 1st 3 *38.1947
B u r & M o R iv ex 6s...........1918
Non-exem pt 6s................1918
S in k in g fo n d 4 s.............. 1910
B u tte & B oston 1st 6s___ 1917
Cedar R a p * M o R 1st ¥ s .l9 1 6
2(1 7 s ...................................1909
C ent V e rm t 1st g 4 s ..M a y l9 2 0
C B & Q Io w a D i t 1st 5s. 1919
Io w a D iv 1st 4 s .............. 1919
D e b e n tu re 5 s................... 1913
D e n v e r E x te n 4s............ 1922
N e bra sk a E jfte n 4 s ....... 1927
B * S W s t 4s..................1921
Illin o is D iv 3*58.............. 1949
J o i n t bonds See G t N o rth e rn
Ohio J o R y & 8 tk Y d s 5s .1915
C o ll tr u s t re fu n d in g g 4 sl9 4 0
Oh M il * S t P D u b D 6s .. 1920
Oh M * 8 t P W is V d iv 6 sl92 0
Ohic * N o M ic h 1st g u 58.1931
Ohio * W M ic h gen 6 s ....1 92 1
C oncord & M o n t cons 4 s ..1920
C o n n * Pass R 1st g 4 s ... 1943
O n rre n t R iv e r 1st 5 s......... 1927
D o t G r R a p * W 1st 4 s ... 1946
D o m in io n C oal 1st s f 5 s .. 1940
F itc h b u r g 5 s ....................... 1908
4 s ........................................ 1915
48 ........................................1927
F r e m t E lk & M o V 1st 6s . . 1933
U n s tam p e d 1st 6s...........1938
G t N o r C B <fc Q coll tr 4s 1921
R e g is te re d 4s................... 1921
N

o t b —B u y e r

.j
.j
.j
M-S
A-O
Nov
MS
M-S
J-D
J- J
J .J
F-A
J- J
J .J
J- J
A-0
M-N
J-D
Q-F
A-O
A-O
M-N
F-A
M-N
M-S
J- J
j
j
j

R ange
mince
Jan u a ry 1

Week's
Mange or
L a st S ale

Price
F rid a y
M a rc h i9

B O S T O N S T O C K K X C H ’G K
W k e k k k d in g m a r c h 29

BOND*

Illin o is Steel deben 5s___ 1910
Non-convert deben 5 s .-.1913
l a F a ils * S i o u x C i s t 7 s.. 1917
K a n C C lin & S pr 1st 5 s .. .1925
9841101*8 K a n C F t S & G u lf 1st 7 s .. 1908
F t S co tt <& M 6s. ...1 9 2 8
92 KK aa nn CC M
& B gen 4s...........1934
A sse nted incom e 5 s....... 1934
110 F e b ’04
K a n C & M R y & B r 1st 5 sl92 9
104 4 A p r ’OO
K a n C S t J o & C B 1st 7s. .1907
101 S e p ’06
M a in e C en t cons 1st 7 s ...1912
114 M a r’06
Cons 1st 4 8 .......................1912
112Hi J a n ’03
1 0 7 4 J a n ’07
1 0 7 4 1 0 7 4 M aro H o u g h cfeOnt 1st 68.1925
M e x ic an C e n tra l cons 48..1911
102 Sep ’05
ls t c o n s in c 3 s ...........J a n 1939
99*8 O ct ’06
2d cons in c 3s...........J a n 1939
100 J ’ne’01
M ic h Telep 1st 5 s ............... 1917
123*4 N o v ’06
M in n e G e n E lec con g 5s 1929
111 *8 J ’l y ’05
N e w E n g C ot Y a rn 5s___ 1929
84
90
84
64
N e w E n g T eleph 6 s...........1907
109 M ay’05
6 s ........................................1908
100 4 F e b ’07
105 103
100 Hi 1 0 0 ’s
5 s ........................................1915
102 H» J ’l y ’06
93 M a r ’07
98
99\ N e w E n g la n d cons g 5 s ... 1945
B oston T erm 1st 4s....... 1939
102 % J ’ne’06
O ld C olony gold 4 s .............1924
98*4 D e c ’06
90** M ar'07
90*8 91 Hz O reg R y & N a v con g 4 s .. 1946
O reg S h L in e 1st g 6s....... 1922
101 102 4 R e p u b V a lle y 1st s f 6 s ...1919
R u tla n d 1st con gen 4 Has. 1941
95 F e b ’07
94 Hi 95
R utlan d - C a n ad ia n 1st 4s 1949
122 A p r ’06
S a v a n n a h E lec 1st cons 5s. 1952
126 F e b ’05
S eattle E lec 1st g 5 s......... 1930
100 F e b ’07
Terre H a u t e E le c g 5s___ 1929
100 Hi 102
97 Hi 100 Hi M a r’07
T o rrin g to n 1st g 5s...........1918
99 M a r ’07
99
99
U n io n Pac R R & 1 gr g 4 s .1947
112** J a n ’03
1st lie n conv 4 s................ 1911
104 N o v ’06
U n ite d F r u it conv gen 58.1911
89
90
89
89 M a r ’07
U S Steel C orp 10-60 y r 5s. 1963
100 J a n ’07
W est E n d S tre e t R y 4 s___ 1915
103 *3 Sep ’05
G o ld 4 Has............................1914
103*8 A p r ’05
G o ld de be nture 4s...........1916
1 0 0 4 O c t ’06
G o ld 4s............................... 1917
N o v ’06
W estern T eleph & T el 58.1932
140 A p r ’05
71 88*4 97*4 W is c o n s in C e n t 1st gen 4 sl94 9
91 Sale
88*4
91
W is c o n s in V a lle y 1st 7 s ..1909
94*8 96
9 0 4 ....... . 93 M ar'07

101

Price
F r id a y
M a rc h 29

B O S T O N S T O C K E X C H 'G E
W m ek E n d in g M a r c h 29

Low H ig h
96*4 98*4
83
904

B id
A sk Low
H ig h
96*4
97
9 6 4 Sale
83
83
80
83
T]87 4 N o v ’06
104 M a r’06
96*4 98
» a 4 M a r ’07
......... 92 tf91*8 1191^

J- J
A-0
J- J
J- J
M-N
J-D
J-D
A-0
A-O
A-0
M-N
M-N
M-S
M-S
A-O
A-O
J- J
Q-J

741

uai^

101

100 100

100 100

134*4

pays accrued in te re s t In a d d itio n to th e purch ase price for a ll B oston B onds.

R ange
Since
Jan u a ry

Week’s
R ange or
Last Sale

Low

H ig h
lid
A sk Low
100 7g O ct ’06
.........100
99 M a r’07
........ 100

J- J
A-0
A-O

AO

12'214 N

o v ’OH

98 J a n ’07
102*2 N o v ’06
H i
1 14 " i"l6 H 114
94 Hi Dec ’0**
92 M a r ’07
100 M a r ’07
100*4 Sep ’06
113»s N o v ’06
101*4 Sep ’06
118 May’04
80
S3
8434 F e b ’07
26 Hi n e t ’Oii
1734 A u g ’05

.........

J-D
M-N
M-S
M-S
A-O
J- J
A-0
A-0
A-0
J- J
J ’ly
j .j
F-A
A-0
A-0
A-0
J- J
A-0
F-A
J-D
F-A
J- J
J- J
J- J
J- J
F-A
J-J
M-S
J- J
M-N
M-S
M-N
F-A
M-S
M-N
F-A
J .J
J- J
J- J

97

9 8 " " 98 >4
114 " i 2 0 "

92" "92"

100

101

84

102 4 A u g ’04
9734 M a r’07
99 *v J a n ’07
100 M a r ’07
100*8 J a n ’07

85 *2

97*4 100*8
99 Hi 99H»
99 Hi 100
1 0 0 *8 10 0*8

101 *2 Sep ’06
110278 J a n ’05
1121*8 M a r ’06
103 J a n ’07
107*2 N o v ’05
102 M a i ’02
9 8 4 M a y ’06
105 M a r ’07
102 D e c ’0:>
99*2 N o v ’06
1005g Feb'O ^
1150*8 A p r ’06
107 *2 M a r ’O94
94
100 Hi J a n ’0
102 J a n ’07
102*8 J a n '06
98 100
100*2 J a n ’07
98 100
......... 92*
93
93
1194*2 Sep ’05
109°8 A u g ’05

" N o price F r id a y ; la te st bid a n d asked.

H ig h

iAT’ 100*4

103

103

105

105

1005f,1J102
L07 110
94
100 Hi 100H»

102

102

100*2 100*2
92
99

U F la t price.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
S hore Prices—Not P er C entum Price*

88 Hi 89
11

•

11

M o n d ay
M a r s h 25

1 1

S a tu r d a y
M a rc h 23

87

88
21

• 10*2 11

11

11

4'1*8 4 9 4
85*4 36*,
9*8
9*8

49
49
33*9 35*4
9

*48*« 49*2
34
36
9*4
9*4

26
•9*2 10
81 4
81
60*4 61

84
8*2
79
81*-,
57*2 60*,

24
26
9
8*9
80
R1
68
60*4

69*«
•4 3
7\
16*8
49*8
•41*2
•41*2
64
84*4

60 4
58*2 5 9 4 6816x8 60 \
44
43*4 43*4
4 2 7s 43
711,B
7®fl
7*8
7*2
7*2
16*4
16*4 16*8
15*2 16*.
4 9 7r
4534 49iBi«
46*4 49*2
42 *a •4 0
42
•4 2
43
42
*40
42
•41*2 4 2 4
54
53*2 f>3*«?
53*2 53*-,
82
83*4
85*8
81*4 84*4

fY id a y
M a r c h 29

(F o r B on ds a n d In a c tiv e
Stocks see below)

.
•

B a ltim o re

*11

•4 8 4
36
9**
•5
•21
9*9
94
9*4
81
81*9
814
61
60*9 61*8
1 *.
1 *tf
*1 4
59i®,8 f li*16
59 7.
43*« 43*4
43 4
7 “a 7 u ib
7*8
16 *8 16
15*8
4 9 s* M)7*
504
♦42
•42
43
42
•41*9 4 2 4
54
54
64
83*4 84*4 *82 4
•27

w
!>
5$
52

11
49
3 6 78
94
6
23
10
82
61*4
1*8
60 4
43 4
7 7n
15**
52
43
42
64
84*4
30

41

EO
47
70

62

864

45

9l"
16 4

^ E x - rig h ts .

A m e rica n R a ilw a y s ___
C a m b ria S t e e l................
E le c tric Co of A m e rica
G e n A s p h a lt tr ctfs . . .
D o pref t r c t f s ___
Lake S upe rior C o r p ...
Le n ig h C & N a v tr ctfs
L e h ig h V a lle y ................

O

0
Q

O
O

P e n n s y lv a n ia R R .......
P lu la d e lp ’aCo (P itts b ).
P h ila d e lp h ia E le c tric *
P h ila R a p id T r a n s itc ..
R e a d in g ........................
D o 1st p r e f...........
D o 2d p ie f .............
U n io n T r a c t o n ............
U n ite d G as I m p t .........
W elsbach C o ................

*3
S

B id

Bonds
A1 V a l E ex t 7s 1910 A-O
A lt & L V E le c 4 4 s ’33.F-A
A m R y s c o n v 5 s 1911.J-D
60>s A t l C ity 1st 5s g ’1 9 .M-N
B a lls Ter 1st 5s 1926. J-D
B e r g & E B rw 1st 6s’21 J-J
B etk le Steel 6s 1 99 8.Q-F
C h o c * M e 1st 5s 1949 J-J
C h O k & G gen 5s ’19 J-J
C ol S t R y 1st con 5s 1932|
C on T rac o f N J 1st 5 s .’33
E & A 1st M 5s 1920 M-N
E lec & Peo T r stk t r ctfs
E q I I Gtas-L 1st g 5s 1928
H & B Top con 5 s ’25 A-O
In d ia n a p o lis R y 4s. 1933
In te r s ta te 4s 1943 ..F - A
L e h ig h N a v 4*28 ’1 4 .Q-J
R R s 4s g ....... 191 4.Q-F
G e n M 4 4 s g . 192 4.Q-F
L e h V C 1st 5s g ’3 3 ..J- J
16*4 Leh V ext 4s 1st 1948. J-D
2d 7s 1910................M-S
C onsol 6s 1923....... J-D
A n n u it y 6s.............. J-D
G e n cons 4s 2 0 0 3 .M-N
L e h V T ran con 4s ’35 J-D
N e w C on G as 5s 1948 J-D
N e w a rk Pass con 5s 1930
N Y P h & N o 1st 4s ’39 J-J
In c o m e 4s 1 9 3 9 ..-M-N
N oO h io T ra c conos’ 19.J-J
P e n n gen 6s r 1 9 1 0 ..V a r
C onsol 5 b r 191 9...V a r
P e n n * M d Steel con 6s.
P a & N Y C an 5s ’3 9.A-O
C on 4s 1939............ A-O
17
I P e n n Steel 1st 5s ’17 M-N
' People's T r t r certs 4s ’43
IP Co 1 s t* col tr os’49 M-S
j C o n * col t r 5s 1951 M-N
7*2 : P h il Elec gold tru s t ctfs.
| T ru s t certifs 48..............
55
I P <fe E ge n M 5 g ’20. A-O
i G e n M 48 g 1 9 2 0 ..A & O

P h ila d e lp h ia

A sk

100*4
103
11*0 *'

1194
i'05”

1054
*93"
105
105 4

93 4

.........

62*4
108
110

ib‘6 4 l b s "
147 4 149
96
964
66 4

1044
1094

.........

93*4
105*4
99*4 100
96 4 97
67
66
104

| $7.50 paid,

250
50
50 17,430
10 3,300
100
100
15
701
100
50 2,043
.Ml 7,101
250
100
50 15,401
50
156
26 12,056
50 13,50:-!
50 63,707
60
60
6
60 1,052
5(1 20,730
100

.....

P H IL A D E L P H IA

Bonds
A n ac o stia & P o t 5s...........
A t l & C h 1st 7 ...1 9 0 7 J-J
A t la n C L R R 4 sl9 5 2 M - S
A t l Coast L (C t)ctfs 5s J-D
C tfs of in a e b t 4 s ___ J-J
5-20 y r 4s 1925......... J-J
B a lt C Pass 1st 5s ’11 M-N
B a lt F u n d g 5 s .1916 M-N
E x c h a n g e 3 Has 1930 J-J
B a lt & P 1st 6 s m i ’l l A-0
B a lt T rac 1st 5 s .. ’29 M-N
N o B a lt D iv 5s 1942 J-D
C o n v e rtib le 5 s .’06 M-N
C e n t’lR y c o n 5 8 l9 3 2 M-N
E x t * Im p 58.1932 M-S
t $10 paid.

Lowest
33 4
82*4
86
19 4
35
10 4

110
106

J a n 15 35 J a n 9
J a n 3 85 J a n 10
M a r 14 97 J a n 2 6
Feb 2 5 23*4 J a n 7
M a r 15 48 J a n 7
M a r l2 1 3 4 J a n 3

A sk
111

103 ”
118*4
9 9 *v i bo'*;
99

97*3

82*4
81

80
110
71

9*4

29*,

H ig h e st

Uange tor P revious
y e a r (1 9 0 6 )
H ighest

Lowest
35 4
80
97
22
48
13

Dec 41
Oct 90
J ’ly 1 114
Dec 32
Dec 62 4
Dec 19

49 M ar25 5 l J a n 2 50*4 Sep
32*4 M a r l4 47 4 J a n 24 3034 J a n
8 7e M a r 21 ll* b J a n 14 11 M a j
6 N ov
M J an 25
7 J a n 14
20 M a r 15 36 J a n 26 31 Dec
8 4 M ar25 16 J a n 8 1 4 4 Nov
78 M a r l4 103 J a n 7 100 Dec
67 M a r 14 7o78 Ja n 6 65 May
2 4 J a n 7 *-716 OCt
1 4 M a r 20
68 Hi M ar25 70*iio J a n 8 61*8 J ’ly
42 4 M ar2 j 4 8 s » Ja n 4 47 A p r
6 4 Dec
7 4 M a r 14 8*4 F eb 14
16 4 M a r2 7 24 J a n 22 cl 9 4 Dec
45*4 M ar25 69*8 J a n 7 5 6", Ma)
43 M a r 19 45*8 J a n 14 4 3 A pr
42 M a r l5 47 Jai*1 4 44 7g Ma)
53 M a r U 60*8 J a n 22 5 8 4 L>e(
8 0 4 M a r l 4 9 6 4 J a n 5 H8I.4 May
2 5 4 F eb 11 30 Feb 18 25 Dec

B id

P h & R e a d 2d 5s '33 . A-O
C on M 7s 1911....... J-D
C on M 6s g 1 9 1 1 ....J - D
E x I m p M 4s g '47 . A-0
T e rm in a l 5s g 1941. Q-F
P W & B col tr 4s '21. J-J
P o rtla n d R y 1st 5s 1930.
R och Ry<fc L c o n 5 s ’54J-J
U T rac I n d gen 5s’ 1 9.J-J
U n R y s T r ctfs 4s’49J<&J
U n ite d R y s I n v 1st coll tr
s f 5s 1926................M-N
U T rac P it gen 5s '97 J-J
W els b a ch s f 5s 1930. J-D
W lks-B G & E con5s’55J-J
B A L T IM O R E
I n a c t iv e .S tocks
A la C ons C o a l* Iro n . 100
P r e f ............................100
A tla n ta & C h a rlo tte .. 100
A t la n C oast L in e R R .1 0 0
A t la n Coast L (C on n )lO O
C a nto n C o................... 100
Cons C ot D u c k C o r p ...50
P r e fe r r e d ................... 50
G eorgia S ou & F la . . . 100
1st p r e f.....................100
2d p r e f.......................100
G-B-S B r e w in g ...........100

f f l a paid,

Jian ge fo r Year
1 90 ?

Sales
ot S it
Week
Share t

Con. G as E l. L . & P o w . 100
D o p r e f................... 100
N o rth e rn C e n t r a l......... 50 1,054
Seaboard (n e w ).............. 101)
D o 2d p r e f............ 100
640
U n ite d R y & E le c trio .. 50

*

87*4 88
*
19 *>i

•48*9 49
3(5*h
35
9*2

* B id a nd asked prices; no salve on tine day.




A C T IV E S T O C K S

T hursd ay
M a rc h 28

P H IL A D E L P H IA

P H IL A D E L P H IA
I n a c t i v e S to c k s
A lle g h e n y V a l p r e f .... 5(J
A m e ric a n C e m e n t....... 50
A m e r G as of N J ....... 100
B e ll T e le p h o n e ............ 50
C a m b ria i r o n ................50
C e n tra l C oal & Coke. 100
Consol T rac of N J . . . 1 0 0
D ia m o n d S tate S te e l..10
P r e fe r r e d ................... 10
E a sto n C on E le c tric b.60
E le c Storage B a t t . . . . l 0 0
P re fe r re d ..................100
F t W a y n e & W V ....... 100
G e rm a n to w n P ass....... 50
In d ia n a p o lis S t ...........100
In d ia n a U n io n T r — 100
In s u ra n c e Co of N A . .10
In t e r Sm P o w & C liem .60
K eystone Telephone ..5 0
P r e fe r r e d ................... 60
K ey stone W atchC ase. 100
L i t B ro th e r s ................. 10
L it tle S c h u y lk ill...........50
M L n e h lll* S ch u y l H ..5 0
N H a v e n Ir o n & S te e l.5
N o r th e rn C e n tra l.........50
N o r th P e n n s y lv a n ia ..50
P e n n s y lv a n ia S a lt ....... 50
P e n n s y lv a n ia S te e l.. 100
P re fe r re d ..................100
P h ila Co (P itts ) p r o f...50
P h il G e rm a n & N o r r is .50
P h ila T ra c tio n .............. 50
R a ilw a y s G e n e ra l....... 10
S u sq u e li Ir o n & S te e l..5
T id ew ate r S te e l...........10
P r e fe r r e d ................... 10
T onopah M in in g of N e v l
U n io n T r of I n d .........100
U n ite d N J R R & C . . 1 0 0
U n it T rac P itts p r e l.. 50
W a rw io k I r o n * S te e l.10
W e s t Je rse y <fc S e a S h .6 0
W e s tm o re la n d C oal___50
W ilk e s G as A E le c ..100

Wedne. oday
M a rc I 27

90

87*4 88
"87*4
19*->
* 10*2

lay
26

72H,

290
94
11
30*2

93

102*4
99
105*2

4 $20 paid,

t> $2 5 paid.

Ja n

54 J a n
39*4 N ov
1 2 4 N ov
14 J a n
48 J a n
23*4 J a n
118 J a n
86 J ’ne
31Bi6 J a n
73*iie J a n
a54 *2 M a r
9*16 O ct
$ 3 4 L4 J a n
83 J a n
471Bie J a n
51 J a n
63 A ug
101 Feb
32 M a r
B id

B A L T IM O R E
C lias C ity R y 1st 5s ’23 J-J
Chas R y G & E l 5s ’99 M-S
C hari C * A ex t 5 s .’09 J-J
2d 7 s................1910 A-0
C i t y * S u b 1 s t 5 s ..’22 J-D
C i t y * S u b ( W a s )ls t 5 s ’48
Coal & I R y 1st 5 s ’20F-A
C o l& G r n v ls t6 s .l9 1 6 J - J
Consol G as 6 s ... 1910 J-D
5 s.......................1939 J-D
G a * A la 1st con 5 s ’45 J-J
G a C a r * N l s t 5 s g ’29 J-J
G eorgia P 1st 6 s .. . ’22 J -J
G aS o & F la 1st 5s 1945J-J
G-B-S B re w 3-4s 1951M-S
2d incom e 5s 1951 M-N
K n o x v T rac 1st 5s ’28A-0
L a k e R E l 1st g u5 s’42M-S,
M e tS t(W a s h )l8 t5 s ’2 5F A
M t V e r Cot D u c k 1st os.
I n c o m e s ..........................
X p t N * Q P ls t 5 s ’38 M-N
G e n e ra l 5s___1941 M-S
N o rfo lk S t 1st 5 s ’4 4 .-J-J
N o rth C en t 4 4 s 1925 A-0
Series A 5s 1926___ J-J
Series B 5s 1926___ J-J
P itt U n T rac 5s 1997.J-J
Poto V a l 1st 5s 1 94 1.. J-J
S av F la & W es t j>s ’34 A-O
Seaboard A L 4s 1950 A-0
Seab & R o a n 5s 1926. J-J
S o uth B o u n d 1st 5 s .. A-O
UE1 L * P lst4 *2 8 ’29 M-N
U n R y & E l 1st 4s ’49 M-S
In co m e 4s 1949....... J-D
Va M id 1st 6s 1 9 0 6 ..M-S
2d series 6s 1 9 1 1 ...M -S
3d series 6s 1 9 1 6 ..M-S
4 th ser 3-4-5s 1921. M-S
5th series 5s 1 92 6.M-S
Va (S tate) 3s new ’3 2 .J-J
F n n d de bt 2-3sl991.J-J
W es t N C con 6s 1914 J -J
W esV a C& P 1st 6g’ 11 J J
W il * W eld 5 s .. 1935.J J

a R eceipts.

J ’ne
T’ne
Dec
J an
J an

107

A sk

109

103
112*9
104
109*4 109*4
106
i'0'7 ”

118*2

109*4

51 S 52*4
24 Hi 25H»
107
112**
109Hj
78*
79

116

75*2
90
86
51*4

76

86*4
62

c $30 paid.

742

THE CHRONICLE.

[V o l .

l x x x iv

.

f im e s tr o m l a n d R a ilr o a d In te llig e n c e .
RAILROAD

GR O S S

E AR NI NGS .

The following table shows the gross earnings of every STEAM railroad from which regular weekly or m onthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or m onth, and the last two
columns the earnings for the period from Ju ly 1 to and including such latest week or m onth. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with Ju ly , but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross E a rn in g s .
ROADS.

Week or
M o n th .

C urrent
Y ear.

J u ly I to Latest D ate

Previous
Year.

Current
Year.

A la G reat S outhern — See S out hern R a il w ay.
A la N O & T ex Pac.
N O & N E a s t ___F e b ru a ry
262,107
259,952 2,160,314 1,914,925
A la & V ic k s b u rg . F e b ru a ry _
127,012. 121,433 1,042,296
904,512
V ic k sb u rg S h & P F e b rua ry
143,106
824,609
113,358 1,088,309
A la T enn & N o r t h . . J a n u a r y . .
27,194
4,842
23,835
3,232
fc A tc h T op & S Fe_ F e b ru a ry . 7,352.247 6,711,890 60,624,009 53,345,295
360,616 2,147,550 2,049,686
A tla n t a & C h a r i___ Decem ber
367,257
A t la n B lrm & A t i ’c . J a n u a r y . .
139,904
86,144
900,370
617,963
A tla n tic C oast L in e J a n u a r y . . 2,426,242 2,191,758 15,032,044 13,716,728
B a ltim o re <fc O h i o . . F e b ru a ry . 5,939,293 5,802,508 54,076,049 50,986,381
B a n g o r & A roostook J a n u a r y __
213,394 1,809,432 1,367,201
275,661
4,466
B ellefonte C e n t r a l.. F e b ru a ry
4,393
41,302
38,610
B rid g e to n & Saco R Ja n u a ry .
2,914
2,902
29,347
28,773
151,983
B u ff R o c h & P itt s __3d w k M ch
161,789 5,957,694 6,423,092
B u ffa lo & S u s q ____ J a n u a r y . .
163,589
136,523 1,059,888
916,912
119,241
957,095
C al N orthw e ste rn . . D ecem ber
128,863
975,771
C a n a d ia n N o r th e r n . 3d w k M ch
109,400
101,600 4,940,400 3,633,800
C a n a d ia n P a c ific ___ 3d w k M ch 1,389,000 1,129,000 49,937,206 43,434,118
C e n tral o f G e o r g ia .. 3d w k M ch
260.900
229,500 9,077,329 8,482,473
C e n tral o f N Je rs e y . F e b ru a ry . 1,887,745 1,876,568 17,373,634 16,713,276
C h a tta n S o u t h e r n .. 3d w k M ch
3,695
97,854
117,092
2,583
C hesapeake & O h io . J a n u a r y __ 2,000,288 2,225,816 14,583,685 14,089,970
27,434
Chesterfield & L a n e J a n u a r y . .
4,921
21,071
2,950
C hicago & A lto n R y F e b ru a ry _ 1,004,418
867,479 8,752,110 8,084,937
C hic G rea t W estern 3d w k M ch ' 171,561
165.037 6,931,319 6,402,671
C hic I n d & L o u ls v . 3d w k M ch
92,006 4,267,589 4,260,831
111,768
C hic I n d & S outhern — See New Y o rk Cen tra l.
C hic M ilw & S t P a u l J a n u a r y
4,776,378 4,335,358 36,379,662 33,382,242
C hic & N o rth W e s t. F e b ru a ry . 4,834,236 4,589,363 46,006,992 42,370,548
C hic S t P a u l M & O . F e b ru a ry _
975,086
943,828 9,547,394 8,935,870
C hic T erm T ran R R 3d w k M ch
29,342
32,005 1,224.567 1,250,722
C ln N O & Texas Pac — See S out hern
R a ilw ay
C ln c in n a t' N o rth e rn — See New Y o rk Cen tral.
C lev C ln C hic & S t L — See New Y o r k Cen tral.
187.253 1,498 ,893
C olorado M i d la n d .. J a n u a r y . .
190,413
,296,228
ftCol & S o u th S y s __3d w k M ch
222,564 9,752 ,321
277,181
,566,044
Col N e w b & L a u r _ . J a n u a r y _ .
182 ,305
25,866
28,629
169 ,936
466 ,562
56,968
C opper R a n g e ______J a n u a r y . .
60,467
399,541
126 ,696
C o r n w a ll___________ J a n u a r y _ .
17,033
118,102
23,508
C orn w all & L e b a n o n J a n u a r y . .
269,161
282 ,362
39,856
39,399
D e n v & R io G ran d e 3d w k M ch
367.900
,070,211
310,900 15,100 ,081
916 349
29,941
25,742
D e tr o it & M a c k in a c 3d w k M ch
804,009
D e t T ol & Ir o n t Sys 2d w k M ch
79,651
,979,883
84,177 3,007 597
24,670
D u l R L & W ln n ip . Decem ber
26.768
108.944
168 ,412
53,264 2,310 021
D u l So Shore & A t J . 3d w k M ch
58,021
,211,925
,061,424
E r i e ________________ J a n u a r y
4,126,002 4,201,436 31,151 ,203
E v a n s v ille & Ter H — See R o c k Is la n d S ystem .
F a ir c h ild & N E ___ F e b ru a ry .
1,687
1,715
16,494
12,083
F o n d a J o h n s t & G l. Decem ber
388,936
418,911
54,251
51,787
G eorgia R R ________ F e b ru a ry .
250,686
233,195 2,063,980 1,909,432
39,935
G eorgia Coast & P ’t D ecem ber
8,095
2,495
G eorgia S o u th & F la — See S out hern R a il w ay.
,401.526
706.254 30,911 ,975
G r a n d T ru n k S y s .. 3d w k M ch
783,370
117,866
117,496 4,095 ,344
G r T ru n k W e s t . . 1st w k M ch
.780,592
D e t G r H & M i l . . 1st w k M ch
34,012 1,260 ,735
34,488
.095,058
C a n a d a A t la n t ic , l s t w k M ch
37,515
.335,446
36,883 1,382 ,227
G re a t N o r th e rn ____ F e b ru a ry
2,479,799 ,970,511 33,969 ,111
,131,167
M o n ta n a C e n tra l. F e b ru a ry .
177,074
,834,238
217,748 1,809 ,534
,965,405
T o ta l sy ste m ____ F e b ru a ry . 2,656.873 3,188,259 35,778 ,645
G u lf & S h ip Isla n d- 2d w k M ch
46,677 1,712 ,139
466,677
48,480
522,139
537,755 4,026 178
H o c k in g V a lle y ____ J a n u a r y . .
959,573
Illin o is C e n t r a l____ F e b ru a ry . 4,414,084 4,366,911 37,033 141
,202,570
108,000 6,344 555
In t e r & G rea t N o r th 3d w k M ch
140.000
038,177
144,475
,453,386
149,764 5,125 707
a ln te ro c e a n ic (Mex) 3d w k M ch
63,214
59,543 2,309 555
167,529
Io w a C e n tr a l_______ 3d w k M ch
180,341
278,659
191,308 1,349 598
K a itirw ha & M i c h . . J a n u a r y . .
K ansas C ity S o u t h . F e b ru a ry .
726,988
667,330 5,900 ,216
,945,463
L a k e E rie <5c W e s t’n — See New Y o rk Cen tral.
L a k e Shore & M Sou — See New Y o rk Cen tral.
L e h ig h V a lle y ______F e b ru a ry . 2,349,156 2,306,797 23,453,733 22,560,883
318,856
41,279
L e x in g to n & E a s t . . J a n u a r y . .
41,919
303,360
L o n g Is la n d ________ J a n u a r y . .
I n c . 631, 917
I n c . 45, 934
675,879
552,631
95,571
88,381
L o u is ia n a & A r k a n . J a n u a r y . .
927,300
794,865 34,604.109 30,714,574
L o u is v ille & N ashv- 3d w k M ch
M a c o n & B i r m i n g .. F e b ru a ry .
116,849
14,290
112,450
14,667
26,195
M anistee & N o E ___ O ctober . .
26,098,
5,169
54,445
4,761
M a n is tlq u e _________ F e b rua ry .
60,779
211,296
M a ry la n d & P e n n . . J a n u a r y . .
23,053
216,920
22,730
a M exican C e n t r a l.. J a n u a r y . . L2,732,903 2,457,188 17,080,477 15,955,496
189,804
150,522 5,840,666 4,995,154
a M e xican I n t e r n a t . 3d w k M ch
167,500
133,300 5,072,300 4,433,800
a M e xican R a ilw a y . 1st w k M ch
855,335
a M e xican S outhern 1st w k M ch
28,038
26,344
807,979
M ic h ig a n C e n tral
I— See N ew Y o r k Cen tra l.
15,323
547,651
M in e ral R a n g e _____ 3d w k M ch
14,072
541,793
71,932
65,841 2,756,929 2,714,240
M in n e a p & S t L o u is 13d w k M ch
220,509
208,767 8,766,819 8,342,147
M in n S t P & S S M .i3 d w k M ch
427,966
333,399 18,935,382 15,719.047
M o K a n s as & Texas j3d w k M ch
853.000
780.000 33,463,928 30,815,319
M o P a c & I r o n M t . . 3d w k M ch
33,000
C e n tral B r a n c h . . !3d w k M ch
29,000 1,182,322 1,415,313
886.000
T o ta l_____________ 3d w k M ch
809.000 34,646,250 32,230,632
139,700
92,984
743,921
b M obile J a c k & K C D ecem ber
466,475
— See S o u t hern R a il w ay.
M o b ile & O h io
909,256 6,739,264 6 ,ir 2 ,2 1 1
N a s h C h a tt & S t L . Ja n u a ry . . 1,050,356
311,761
284,131 10,940,378 9,783,446
a N a t R R of M e x _ . 3d w k M ch
718,689
18,833
H id a lg o & N E . _ 3d w k M ch
f ll ,633
195,100
N ev-Cal-Oregon____ 3d w k M ch
«2~878
164,053
44,744
5,299
2,327
N e v a d a C e n tra l____ J a n u a r y . .
27,560

J u ly I to Latst D ate.

Latest Gross E a rn in g s.

Previous
Year.

Week or
M o n th .

C u rrent
Year.

P revi ou s
Year.

Current
Year.

Previous
Y e ar.

S
N Y C & H u d R iv e r F e b ru a ry . 6,562,113 6,582,124 63,185,149 60,673 ,928
L a k e Shore & M S F e b ru a ry . 3,263,827 3,030,876 38,665,725 26.872 ,910
L a k e E rie <Sc W est F e b ru a ry .
413,704 3,474,102 3,617 ,791
373,168
C hic I n d & S o u .* . F e b ru a ry _
217,072
187,299 1,648,967 1,460 ,219
M ic h ig a n C entral F e b ru a ry . 2,088,988 2,020,993 18,024,258 16,657 ,445
Cleve C C & S t L . F eb rua ry _ 1.821,250 1,743,632 16,882,445 15,894 ,421
P eoria & E astern F e b ru a ry _
228,032 2,064,831 2,144 ,478
225,342
601 ,667
C in c in n a ti N o r th . F e b ru a ry .
71,884
698,040
63,222
P itts & L a k e Erie F e b ru a ry . 1,022,316
964,753; 9,548,802 8,864 ,881
R u t l a n d __________ F e b ru a ry .
175.757 1,903,277 1.793 ,410
177,043
N Y C hic & S t I
F e b ru a ry .
808,315
751,532 6,640,821 6,384 .826
N Y C hic & S t Louts — See New Y o rk Cen tra l.
N Y O n t & W estern F e b ru a ry .
457,866 5,427,124 5,047 280
518,958
N Y Susq & W e s t .. J a n u a r y . .
278,094
258,037 1,775,350 1,673 ,920
N o rfo lk & W estern Ja n u a r y . 2,559,334 2.375,628 17,645,012 16,262 504
N o rth e rn C e n tral . J a n u a r y . .
992,236
947,736 7,262,890 6,597 490
N o rth e rn P a c ific __ F e b rua ry
3,511,651 4,023,404 44,450,088 41,545 725
P acific C oast C o ___ J a n u a r y
569,764
482,835 4,206,538 3,985 119
d P e n n — E ast P & E Ja n u a r y __ 12583712 12002512 90,996,753 83,949, 653
d W es t o f P & E . J a n u a ry __ In c . 305 ,000
In c . 4,37 6,500
P eoria & E a s te r n .. — See New Y o rk Cen tral.
P h ila B a lt & W a s h . J a n u a r y
1,246,140 1,187,340 9,751,778 8,871,,278
660,853
P h ila d e lp h ia & Erie Decem ber
692,367 4,698,338 4,631,,658
P itts C in C h ic & S t L F e b ru a ry . 2,385,912 2,149,467 20,230,359 18,803 ,055
P itts & L a k e E rie
See New Y o rk Cen tral.
34 .844
9,490
54,714
4,675
R a le ig h * S o u th p o rt J a n u a r y . .
3,113,191 3,253,274 27,842,175 27,528 ,268
R e a d in g R a ilw a y .. F e b ru a ry
C oal & Ir o n C o . . F e b rua ry
3,519,34012,943,198 25,326,845 23,861 ,239
T o ta l b o th cos___ F e b ru a ry . 6.632,531 6,196,472 53,169,020! 51,389 ,507
R ic h F re d & P o t ___ J a n u a r y .
168,088
932 ,690
142,718 1,045,529)
75,502
R io G ran de J u n e ___ Decem ber
55,911
439,032
364 .256
11,530
R io G ran de S o u t h .. 3d w k M ch
7,395
443,137
413 ,472
R o c k Is la n d S ystem F e b ru a ry _ 4,635,562 3,979,204 3 9,452,596135,167 ,655
e S t L & S an F ra n F e b ru a ry _ 4,096,767 3,396,492 32.746,373 28,580 .711
169,351
1 E v a n s & T er H . F e b ru a ry _
159,588 1,543,627| 1,468 ,724
T o ta l of a ll lin es. F e b rua ry . 8.901,680 7,535,284 73,742,596 65,217 ,090
R u t la n d
See .New Y o rk Cen tral
140,069
118,688 1.015,930
S t Jos & G ra n d I s l. J a n u a ry . .
St L ou is & S an F ra n — See R ock Is la n d Sy stem .
209,325
171,436
6 ,552,
S t L o u is Southw est- 3d w k M ch
8,551,
S eaboard A ir L in e .. J a n u a r y . . 1,457,257 1,314,669
237,
28,104
25.799
S ierra R a i l w a y --- F e b ruary .
115,182
966,
121,077
S o uthern In d ia n a - - F e b rua ry .
61.784
cSouthern P ac' fic Co J a n u a r y ._ 10695975 8.181,134
38,897,
S o u th e rn R a ilw a y . . 3d w k M ch 1.164,200 1,069,691
166,766
M obile & O h io ___ 2 d w k M ch
6,463,
200,693
167,686
5.783.
143,885
C i n N O & Tex P . 2d w k M ch
A la G rea t S o u t h . 2d w k M ch
72,815
68,919
2,643,
172,624
177,100
1,281,
G a S o u th & F l a . . F e b ru a ry .
24,616
15,775
Texas C e n tra l______ 2d w k M ch
259,149
308,090
Texas & P a c ific ____ 3d w k M ch
T id ew ate r & W e s t. J a n u a r y . .
7,428
9,494
T oledo & O h io Cent J a n u a r y . .
337,490
379,429
20,155
20,864
T oledo Peo & W e s t. 3d w k M ch
T oledo S t L & W est 3d w k M ch
75,237
65.003
T om bigbee V a lle y .. J a n u a r y . .
6,670
4,875
T or H a m & B uffalo F e b ru a ry .
50,253
54,025
U n io n P acific S y s t. J a n u a r y . . 5,949,772 5,115,176
83,710
V ir g in ia & So W e s t . F e b ru a ry .
75,472
W a b a s h ____________ 3d w k M ch
474.094
449,745
W estern M a ry la n d 3d w k M ch
105,286
90.619
W es t Jersey & Sea J a n u a r y . .
280,010
264,410
W h e e l & L a k e E r ie . 3d w k M ch
86,771
98,601
W ’m spo rt & N B r . . Decem ber
12,962
13,789
W lsc on sln C e n tr a l. . J a n u a r y . .
540,531
532,099
15,683
W rlg h ts v & T ennille J a n u a r y
17,438
Y a z o o & Miss Valley F e b r u a r y ..
835,386
791,248
V ario u s F is c a l Years.
A t la n t a & C h a rlo tte A ir L in e . _
B ellefonte C en tral . .
______ __
M anistee & N o rth e a s te rn _______
M a n ls t iq u e ______________________
M e xican R a ilw a y ________________
M e xican S o u t h e r n _______________
New Y o rk C e n t r a l.. _____ . .
Lak e Shore & M ichigan S outh
L a k e Erie & W e s te rn . _____
I C hicago I n d ia n a & S outhern
M ic h ig a n C e n tra l__________ . .
Cleve C ln C hic & S t L o u is ____
P eoria #c E a ste rn ___ __________
C in c in n a ti N o r t h e r n _________
P itts b u rg h & L a k e E rie ______
R u t l a n d _______________________
N Y C hicago & S t L o u is ______
N o rth e rn C e n tr a l------------d P e n n — E a st of P itts & E rie —
d W est of P itts b u rg h & E r ie ..
P h lla B a ltim o re <Sc W a s h in g to n .
P h ila d e lp h ia & E rie----------P itts C ln C hic & S t L o u i s ---R io G ran de J u n c t io n ---------Texas & P a c ific -------------W est Jersey & Seashero------

Mch
Jan
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Jan
Jan
Jan
Jan
Jau
Jan
Jan
Jan
Jan
Jan
Ja n
Jan
Ja n
Ja n
Jan
Ja n
Jan
Dec
Jan
Jan

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to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

D ec
Feb
O ct
Feb
M ch
M ch
Feb
Feb
Feb
Feb
Feb
F eb
F eb
Feb
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Dec
Feb
Dec
M ch
Jan

31
28
31
28
7
7
28
28
28
28
28
28
28
28
28
28
28
31
31
31
31
ill
28
31
21
31

A G G RE G A T E S OF GROSS E A R N IN G S — Weekly and M onthly.
M o n th ly S um m aries.
2d
3d
4 th
1st
2d
3d
4 th
1st
2d
3d

week
week
week
week
week
week
week
week
week
week

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

(41
(42
(46
(43
(39
(42
(43
(43
(43
(38

ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____
ro a d s )____

C u r’n t Year Prev’s Year. In c . or Dec.
S
9,256,542
9,337,337
14,215,644
8,688.996
9,477,481
9,780.541
10,828,667
9,747,374
10,161,319
9,598,667

S
8,522,557
8.982.678
13,830,670
8.564.371
8,672,351
8,954,573
10,201,031
9,025,944
9,292,598
8,445,534

%

i
+ 733,985 8.61
+ 354,659 3.95
+ 384,974 2.78
+ 124,625 1.46
+ 805,130 9.28
+ 825,968 9.22
+ 627.636 6.15
+ 721 430 7.99
+ 868,721 9.35
+ 1,15 3,1 33 ‘13.65

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

June
J u ly
A ug
S ept
Oct
N ov
Dec
Jan
F eb

1908
1906
1906
1906
1906
1906
1906
1907
1907

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

ro a d s ).
ro a d s ).
ro a d s ).
roads)
ro a d ? ).
ro a d s ).
ro a d s ).
ro a d s ).
ro a d s ).

C n r'n t Y ear Prev's Year
146,010,301
168,336,461
179,191,945
184.551,471
198,733,229
186 696,274
184,235,595
173,212,305
65,168.022

130,233,293
148,013.565
159,835,022
171,553,520
179,405,267
175,727,985
170,746.769
162,623,883
63.850,213

In c. or Dec.
S
+ 15,777 .008
+ 20,322 ,896
+ 19,356 .923
+ 12,997 ,951
+ 19,327 .962
+ 10,971 .289
+ 13,488 826
+ 10,588 ,422
+ 1,317 ,809

a M e xican currency, b In clu d e s earnings of G u lf & C hicago D iv ision ,
c In clu des the H o u sto n & Texas C en tral a n d Its sub sidia ry lines In b o th
years, d Covers lines d irectly operated, c In clu d e s the C hicago & E aste rn Illin o is in b o th years, f In clu des E v a n sv ille & In d ia n a R R .
h In c lu d e s
earnings of C ol. & S o u th ., F t. W o r th & D en v er C ity a n d a ll a ffilia te d lines, ex cepting T rin ity & Br-vzos V alley R R .
k In clu des in bo th years e a r n in g
of D en ver E n id & G u lf R R . , Pecos Svstem a n d S a n ta Fe Prescott & Phoenix R v
t Figures prior to A pr.I 10 1905 are those of the In d ia n a Illin o is & lo tra
a n d In d ia n a H a rb o r o f In d ia n a , n F a r reason far fa llin g off see note on f5 llo w r.it p ig e .




M a r . 30 1907. |

Latest Gross Earnings by W eeks.— In the table which
follows we sum up separately the earnings for the third
week of March. The table covers 38 roads and shows
13.65% increase in the aggregate over the same week last
year.
1906.

T h ird week, of M a rc h .

Increase. Decrease.
$
9,806

B u ffa lo R oc hester & P itts b u rg h
C a n a d ia n N o r th e r n .......................
C a n a d ia n P a c ific ________________
C en tral o f G e o rg ia _______________
C h a tta n o o g a S o u th e r n _________
C hicago G re a t W e s te r n _________
C hicago I n d & L o u is v ille _______
C hicago T e rm in a l T ransfer____
C olorado & S o u th e r n ___________
D e n v e r & R io G r a n d e .__________
D e tro it & M a c k in a c ____________
D u lu t h S o u th Shore & A tlan tic G r a n d T ru n k of C a n a d a _______ 1
G r a n d T ru n k W e s te r n ---- V
D e t G r a n d H a v e n & M ilw -.|
C a n a d a A tla n tic .....................J
In te r n a tio n a l & G reat N o rth e rn
In te ro ceanic o f M exico __________
Io w a C e n t r a l____________________
L o u is v ille & N a s h v ille _________
M e x ic an In te r n a t io n a l_________
M in e ral R a n g e ___________________
M in n e a p o lis & S t L o u is ________
M ln n e a p S t P a u l & S S M ............
M issouri K ansas & T exas_______
M issouri P a cific & Ir o n M t ____
C e n tra l B r a n c h _______________
N a tio n a l R R of M e x ic o .................
N e v a d a C a lifo rn ia & O re g o n —
R io G ran d e S o u th e r n ___________
S t L o u is S o u th w e ste rn -------S o u th e rn R a ilw a y _______________
T exas & P a c ific _________________
T oledo P eoria & W e s te r n _______
T oledo S t L o u is & W e s te rn ____
W a b a s h ___________________________
W e s te rn M a r y la n d _______________
W h e e lin g & L a k e E r ie __________
T o ta l (38 ro a d s )_______________
N e t increase (1 3 .6 5 % )__________

9,598,667 8,445,534 1,184,675
............ ..!
_________ 1,153,133

31.542

a N o train s from n o rth of P lu m a s on N e v . C a '. & O re. n o r from Sierra
V alle ys R y . since M a rc h 16 1907 on a cc o u n t o l w ashouts. The earnings
fo r th is year in clu d e those from all statio ns u p to M a rc h 1 5 ,a n d for R e n o
a n d P lu m a s o n th e 1 6 th . N o business since.

For the second week of March our final statement covers
43 roads and shows 9.35% increase in the aggregate over
the same week last year.
Second week of M a rc h ..

1907.

1906.

Increase. Decrease.

$
9,611,592
68,919
123,200
143,885
79,651
48,480
85,592

$
8,725,307
72,815
98,300
167,686
84,177
46,677
97,636

$
931,746

T o ta l (43 ro a d s )_______________ 10,161,319

9,292,598

958,449
868,721

P re v io u sly reported (37 roads) .
A la b a m a G re a t S o u th e r n ___
C a n a d ia n N o r th e rn _____________
C ine N ew O rl & Texas P a c if ic ..
D e tro it T oledo & Ir o n t o n ____ .*.
G u lf & S h ip Is la n d ______________
W h e e lin g & L a k e E r ie --------

$
45,461
3,896

24",900
1,803

23,801
4,526
"12,044
89,728

Net Earnings M onthly to Latest D ates.— The table fol­
lowing shows the gross and net earnings of STEAM railroads
reported this week. A full detailed statement, including all
roads from which m onthly returns can be obtained, is given
once a m onth in these columns, and the latest statement of
this kind will be found in the issue of March 23 1907. The
next will appear in the issue of April 20, 1907.
-Net E arnlng s-Gross E a rn in g s --P revious
Previous.
C urrent
C urrent
Y ear.
Year.
Y e ar.
Year.
R o a d.
$
$
«
$
6,711,890 d 2 ,386,499 d 2 ,683,554
A tc h T opek a & S a F e .b .F e b 7,352,247
J u ly 1 to F e b 2 8 . . ____ 60,624,009 5 3 ,3 4 5 ,295d22,6 5 7 ,009d20,508,068
28,209
B u ffa lo Gas C o __________ .F e b
28,031
172,905
_______
_______
163,813
O c t 1 to Feb 2 8 . . ____
244,839
613,844
B u ff R o c h & P i t t s . b ___ .F e b
582,817
205,378
5.937,725
2,732,473
J u ly 1 to F eb 28 . . ____ 5,509,171
2,119,009
1,205,744
C a n a d ia n P a c ific , a- . . . Feb 4,268,206
4,224,452
621,988
J u ly 1 to F eb 2 8 . . ____ 45,938,206 40,029,118 15,756,182 14,660,377
258,486
219,690
961,035
CentraJ of Georgia . a ___ .F e b 1,049,920
2 ,242,622
7,762,873
1,938,574
J u ly 1 to F eb 2 8 . . ____ 8,269,629
776,074
832,381
C e n tral of N e w Je r s e y .b .F e b 1,887,745
1,876,568
8,186,264
J u ly 1 to F e b 28 . . ____ 17,373,634 16,713,276 8,187.628
243,584
238,808
867,479
C hicago & A lt o n .a - . F eb 1,004,418
2,478,887
J u ly 1 to F eb 2 8 . . ____ 8,752,110
3,023,597
8.084,937
12,197
89,546
18,308
102,137
D e tro it & M a c k in a c , a . .F e b
183,435
J u ly 1 to Feb 2 8 .. ____
150,380
831,418
732,407
6,305
E d E l 111 Co (B ro ck to n ) . a J a n
8,427
19,073
16,420
604
328
F a ir c h ild & N o r th e a s t. i .F e t
1,715
1,687
4,606
J u ly 1 to F e b 2 8 . ____
16,494
d e fl.7 2 1
12,083
13,688
16,599
F a ll R l v G as W k s . a — . J a n
38,252
33,552
233,195
56,337
250,686
6.508
Georgia R R . a -------- .F e b
602,842
____ 2,063,980
407,589
1,909,432
J u ly 1 to F eb 28
15,356
16,248
H o u g h to n Co E l L t C o .a J a n
27,852
25,360
144,064
171,504
601,528
489,059
In te ro c e a n ic of M e x ic o . .F e b
4
,013,086
1,135,780
____
4,685,004
1,167,440
J u ly 1 to F e b 2 8 . .
248,531
/i58,584
ft40,278
213,049
Io w a C e n t r a l.a ____ -1,982,115
?i660.038
h 501,860
J u ly 1 to F eb 2 8 . . ____ 2,137,940
Feb 2 ,349,156
0476,427
0531,505
2,306,797
L e h ig h V a lle y , b
J u ly 1 to Feb 2 8 . . ____ >3,453,733 22,560,883 08,940,246 08,644,609
10,270
28,747
11,653
25,959
L o w e ll E le c t L t C o rp .a- . J a n
675,294
258,686
623,040
230,462
M e xlo an In te r n a t io n a l. .F e b
1,994,487
4,538,696
1,711,178
J u ly 1 to F e b 2 8. ____ 5,303,141
385.916
_______
_______
222,146
^M e x ic a n L t & P o w C o . .F e b
84,267
40,857
41,799
M ln n G en Elec C o - a ___ . J a n
73.841
fc62,934
254,013
M in n & S t L o u ts .a . . . .F e b
237,895
k60,057
J u ly 1 to F eb 2 8 . . ____ 2,545,339
fc890,448 £ l , 021,926
2,515.271
435,106
411,713
N a tio n a l R R of M e x ic o. .F e b 1,262,358
1,089,954
J u ly 1 to F eb 2 8 .. . . . . 9,993,077
3.638.063 3,388,859
8,940,305
8.348
3,853
N e v a d a C al & O regon-a .F e b
16,828
12,100
J u ly 1 to F e b 2 8 .. ____
69,907
184,902
109,313
155,070




74:}

THE CHRONICLE
--- Gross E arn lng sC urrent
Previous
Year.
Y ear.
R oads.
$
$
457,866
518,958
N Y O n t & W e s t e r n . a .. F e b
J u ly 1 to F e b 2 8 ._ ____ 5,427,124
5,047,280
P itts b u r g h C oal C o_____ F eb
............
J a n 1 to F e b 2 8 ._
R e a d in g R a ilw a y Co—
3,253,274
P h ila & R e a d in g , b ___ F eb 3,113,191
27,842,175 27,528,268
J u ly 1 to F e b 2 8 . .
C oal & Ir o n C o .b _____ F e b 3,519,340 2,943,198
J u ly 1 to F eb 2 8 . . . ____25,326,845 23,861,239
6,196,472
T o ta l b o th c o s .b _____ F eb 6,632,531
J u ly 1 to F eb 2 8 . . . ____53,169,020 51,389,507
R e a d in g C o ____________ F e b
...............
J u ly 1 to F eb 28 . .
T o ta l a ll cos___________ F eb
J u ly 1 to F eb 2 8 ...
3,979,204
R o c k Is la n d sy ste m - a ___ F e b 4 ,635,562
J u ly 1 to F eb 28__ . . . . 3 9 ,452,596 35,167,655
3,396,492
S t L o u is & S an F r a n .a F eb 4 ,096,767
J u ly 1 to F eb 2 8 . . . ____32 ,746,373 28,580,711
169,351
159,588
E v a n s v & T H a u t e .a . Feb
1 ,543,627
1,468,724
J u ly 1 to F e b 2 8 ___
7,535,284
T o ta l of a ll L ines . a ___ F eb 8 ,901,680
J u ly 1 to F eb 2 8 ___ ____73 ,742,596 65,217,090
863,656
708,739
S t L o u is S o u th w e s t’n .b - Feb
6,019,126
J u ly 1 to F e b 28___ ____7 ,089,056
100,287
67,868
Texas C e n tra l . a __________ Feb
822,764
670,930
J u ly 1 to F eb 28___
t)32,946
U S T elephone C o _______ J a n
030,747

---- N et E a rn in g s --C urrent
Previous
Y ear.
Year.
$
$
103,696
74,009
1,757,569
1,441,497
331,184
309,178
705,829
647,172
888,864
10,131,380
198,809
1,406,043
1,087,673
1 1,537,423
128,639
1,044,630
1,216,312
12,582,053
1,197,512
12,572,580
1,307,167
11,169,025
69,751
715,651
2,574,430
24,457,256
263,264
2,354,992
21,799
307,329
0 2 1 ,520

1 ,022,633
11,024,763
201,504
1,613,897
1,224,137
12,638,660
137,517
992,550
1,361,654
13,631,210
1 ,011,112
10,688,959
1,085,353
9,631,961
61,302
667,791
2,157,767
20,988,711
137,743
1,621,334
22,581
274,257
019,010

a N e t earnings here giv en are a fte r d e d u c tin g tax es,
b N e t earnings here giv en are before d e d u c tin g tax es.
d T he c o m p a n y n o w In cludes earnings of th e D e n v e r E n id & G u lf R R .>
Pecos V alle y system a n d S a n ta Fe P re sco tt & P h o e n ix R y . in b o th yearsF o r F e b ru a ry tax es a n d re ntals a m o u n te d to 5189,354, a g a in st $199,259
in 1906, a fte r d e d u c tin g w h ic h , n e t for F e b ru a ry 1907 w as $ 2,1 97 ,1 45 ,
a g a in st $2,484,295 la st year.
F ro m J u ly 1 to F eb . 28 1907 tax es a n d re nta ls
were $1,6 64 ,0 79 , a g a in st $1,614,134 la st year.
h F o r F e b ru a ry 1907 a d d itio n a l in co m e w as $6,006, a g a in st $5,903 in
1906, a n d fro m J u ly 1 to F e b . 28 w as $35,779 in 1907, a g a in st $38,500 in ’06.
k F o r F e b ru a ry 1907 a d d itio n a l In com e w as $9,767, a g a in st $7,266 in
1906, a n d fr o m J u ly 1 to F e b . 28 w as $164,229 in 1907, a g a in s t $121,091 in
1906.
g These results are in M e x ic an curren cy .
o In c lu d in g o th e r In co m e , to ta l in com e (exclusive o f results o f coal
com panies) fo r F e b ru a ry Is $496,407 in 1907, a g a in st $548,093 in 1906,
a n d fo r period fro m J u ly 1 to F e b ru a ry 28 is $9,640,641 in 1907, a g a in s t
$8,986,181 in 1906. D e d u c tio n s fro m to ta l in co m e for a d d itio n s a n d im ­
p rov em en ts were $93,168 in F e b ru a ry 1907, a g a in st $23,218 in 1906,
a n d for J u ly 1 to F e b ru a ry 28 were $1,355,904 in 1907, a g a in s t $904,186
la st year.
v These figures were erroneously p u b lis h e d la s t w eek as th e ea rn in gs of
th e C u y a h o g a T elephone Co.

Interest Charges and Surplus.— The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, &c., w ith the surplus above
or deficit below these charges:
-Int., R entals, & c.----- B a l. of N et E a r n .—
C urrent
Previous
Previous
C urrent
Year.
Year.
Y e ar.
Y e ar.
Roads.
$
$
$
$
62,654
139,961
C en tral of N e w J e r s e y .. .F e b 6713,420
6692,420
3,242,369
J u ly 1 to F eb 2 8 . . ____ M , 907.615 64,943,895
3,280.013
5,576
E d E l 111 Co (B rock ton ) . J a n
708
729
7,719
13,177
148
511
16,451
F a ll R i v G as W k s _______ J a n
£5
4,4
27
a 5 1 ,515 £de f44 ,5 13
G eorgia R R _____________ Feb
a 5 1 ,032
£2 01 ,77 6
a414,844
a413,273
1411
J u ly 1 to F eb 28-_ ____
2,187
14,061
2,187
13,169
H o u g h to n Co E l L t C o . _ J a n
782
10,472
9,488
L ow e ll E l L t C o rp _____ J a n
1,181
_______
72,146
_______
150,000
g M e x ic an L t & P o w Co .F e b
8,887
9,050
32,912
31,807
M in n G en E l C o ------ J a n
£1 ,2 6 2
2,698
2:6,131
3,3ft2
N e v a d a C al & O r e g o n .. .F e b
£9 4,3 36
20,333
£5 1 ,1 5 7
25,873
J u ly 1 to F eb 2 8 . . ____
69,529
29,865
4,480
73,831
N Y O n t & W e s t_______ F eb
593,484
1,164,085
877,305
564,192
J u ly 1 to F e b 28 . . ____
102,526
228,658
243,883
65,295
F eb
P itts b u r g h C oal C o____
240,894
154,044
493,128
464,935
J a n 1 to F e b 2 8 . . ____
4 93,772
867,882
325,812
890,500
Feb
R e a d in g . . . ________
6 ,6 8 8 ,1 5 8
6,943,052
5,458,053
J u ly 1 to F eb 28 ____ 7,124,000
19,216
19,998
2,583
F eb
2,583
Texas C e n t r a l . ____
20,664
20,664
286,665
253,593
J u ly 1 to F e b 2 8 . . ____
0 5,993
®13,928
*13,017
07,592
13 S T elephone C o ______ J a n
a C harges here In c lu d e ro a d re n ta l (p a id b y lessee) a n d o th e r d e d u c tio n s .
6 In c lu d e d in th e fixed charges are ex p e n d itu re s fo r renew als, a d d itio n s ,
a n d Im p ro v e m e n ts a m o u n tin g to $70,940 fo r F e b ru a ry , a g a in st $151,479
in 1906, a n d to $783,370 fro m J u ly 1 to F e b . 28 1907, a g a in s t $1,235,736
la st year.
v These figures were erroneously p u b lis h e d la st w eek as th e earn in gs o f
th e C u y a h o g a T elep hon e Co.
x A fte r a llo w in g for o th e r in co m e .
g These results are in M e x ic an curren cy .

STREET R A IL W A Y S A N D T RA CTIO N C O M PA N IE S .
Latest Gross E a rn in g s .
N am e of
R oad.

A lb a n y & H u d s o n ...'
a A m e rlc a n R y s C o ___
c A ur E lg in & C hic R y
B in g h a m to n R y ______
B irm R y L t & Pow er
B ro c k to n & P ly St R y
B u rlin g to n (V r> T rac
C ape B re to n E lec C o .
C e n tral P enn T r a c ___
C h a ri C on R y Gas & E l
C hica go & M ilw E le c .
dC hlcago & O a k P a rk
C leve P a in e sv llie & E
C lev e lan d & S o u th w .
D allas Elec C o rp ’n ___
D e tro it J a c k 'n & C h i.
f D e tro it U n ite d R y . .
D u lu th S treet R y ___
E a s t S t L o u is & S u b .
E1 P aso E le c tric ______
F t W a y n e & W a ba sh
V a lle y T ra c tio n ___

Week or
M o n th .

C urrent
Year.

Previous
Year.

Jan .

1 to latest date.

C urrent
Year.

V

Previous
Year.

D ecem ber
F e b ru a ry .
Jan u a ry . .
F e b ru a ry .
F e b ru a ry .
Jan u ary . .
Jan u a ry . .
Jan u ary . .
F e b ru a ry .
F e b ru a ry .
F e b ru a ry .
F e b ru a ry .
Jan u a ry . .
F e b ru a ry .
D ecem ber
3d w k M ch
3d w k M ch
3d w k M ch
F e b ru a ry .
Jan u ary . .

$
27,125
192,829
88,892
20,229
164,126
6,195
6,21 7
19,734
49,763
52,478
52,777
66,382
18.031
44,707
89,439
6,194
109,763
14,650
144,638
37.043

$
25,241
178,094
80,258
19,364
138,788
5,736
6.200
19,900
45,531
50,793
36,593
66,034
15,858
39,718
84,735
_
91,429
13,352
133,818
27,346

403,560
88,892
42,308
352,047
6,195
6,217
19,734
104.069
107,812
115,408
139.153
18.031
94,265
1.023,136
644,402
1,243,533
154,014
309,148
37,043

_______
378,532
80,258
39,835
286,724
5,736
6,200
19,900
95,362
104,306
80,036
137,664
15,858
86,285
934.707
_______
1,067,926
142,601
277,010
27,346

Jan uary . .

91 178

80,145

31,178

80,145-

744
N am e of
R o a d.

THE CHRONICLE.
Latest Gross E a rn in g s .
Week or
M o nth.

[ C urrent
\ Year.

$

G a lv e s to n E le c tric Co J a n u a r y
25,548
H a r t f & S p rin g S t R y F e b ru a ry _|
9,166
H a v a n a E le c tric R y . W k M ch 24;
33,567
H o n o lu lu R a p id T r &
L a n d C o ___________ J a n u a r y . .
28,381
H o u g h to n Co S t R y . . J a n u a r y ._
15,944
H o u s to n E lec tric C o . J a n u a r y . _
50,093
Illin o is T ra c tio n C o . . F e b ru a ry J 262,363
In d ia n a p Col & S o u th Decem ber I 21 ,087
Ja c k so n Consol T ra c . J a n u a r y __
10,104
J a c k s o n v ille E lec C o. J a n u a r y
31,727
K a n C ity R y & L ig h t J a n u a r y __l 479,021
L a k e S hore Elec R y . D ecem ber | 70,845
L e x & In te r R y s C o .. F e b ru a ry .
35,267
M a dison & I n t T r a c .. F e b ru a ry .
10,862
M et W est Side E le v . . F e b ru a ry J 216,220
M ilw E lec R y & L t Co F e b ru a ry _ 277,271
M ilw L t H t & T rac Co F e b ru a ry _
48,607
M o n tre al S treet R y . . W k M ch 23
61,873
N a sh v ille R y & L ig h t J a n u a r y
122,945
N J & H R R y & F y Co F e b ru a ry .
23,571
N O R y & L ig h t C o .. J a n u a r y ._ ! 541,653
N o r O h io T rac & L t . . F e b ru a ry _ 116,858
N o r T exas T rac C o . . D ecem ber .
78,750
N o rf & P o rts m T r Co J a n u a r y
147,789
N orthw e ste rn E l e v . . F e b ru a ry . 123,809
O k la h o m a C ity R y . . F e b ru a ry .
14,005
P ee k sk lll L ig h t & R R F e b ru a ry .
10,957
13,045
P itt s M ’ K & G r e e n .. D ecem ber .
P o rtla n d R y s C o ____ D ecem ber . 145,329
R o c k fo rd & In te ru r b F e b ru a ry .
37,365
S t Jo se p h (M o) R y L t
H e a t & Pow er C o _ . F e b ru a ry .
62,711
S a v a n n a h E le c tric Co J a n u a r y _ . - 45,442
S o u th Side E le v a te d . F e b ru a ry .1 134,531
90,424
Syracuse R a p T r R y . F e b ru a ry .
43,994
T a m p a E le c tric C o . . J a n u a r y __
Terre H a u t e T & L Co J a n u a r y __
76,471
T oled o R y s & L ig h t . F e b ru a ry . 153,744
59,635
T o ro n to R a ilw a y ____ W k M ch 23
157,239
T ri-C ity R y & L t Co_ D ecem ber
T w in C ity R a p id T ran 3d w k M ch 106,581
U n ite d R R of S F ____ D e c e m b e r. /1562.200
U n ite d R y s of B a t t .. D ecem ber
U n lte d R y s of S t I — F e b ru a ry . 764*680
18,459
W a s h A lex & M t V er. D ecem ber
29,063
W h a tc o m Co R y & L t J a n u a r y

Previous
Year.

S

Jan .

1 to latest date.

Current
Year.

%

Previous
Y ear.

19,350
9,140
32,710

25,548
19,737
399,496

$
19,350
18,434
367,515

27.958
14,832
43,077
212,272
19,135
9,745
24,913
427,330
66,560
30,509
8,503
189,798
254,512
40,804
51,619
105,932
22,006
498,578
106,472
57,296
123,831
117,001
8,916
9,133
13,879
130,145
32,685

28,381
15,944
50,093
542,402
240,034
10,104
31,727
479,021
866,970
75,032
22,390
448,975
582,262
102,074
710,276
122,945
51,262
541,653
242,049
854,136
147,789
261,188
28,912
23,596
211,176
1,684.157
78,814

27,958
14,832
43,077
449,320
210,25®
9,745
24,913
427.330
788.268
68,316
17,309
390.864
530,533
85,650
622,035
105,932
45,974
498,578
221,440
661,037
123,831
242,867
18,273
19,343
182,630
1,822.909
67,981

60,214
49,618
133,108
78,766
37,839
59,831
142,811
51,842
144,535
95,179
631,004

131,410
45,442
277,768
187,549
43,994
76,471
324,428

126,792
49,618
276,337
164,368
37,839
59,831
301.864

194,069
955,787
579,821
591,017
273.266
29,063

1,063,291
7,059,003
6,023,698
1,495,452
251,643
23,971

713*,664
20,528
23,971

a F igures for th e m o n th in b o th years in c lu d e o pe ra tion s of th e S c ra n to n
R y . , a c q u ire d J a n . 1 1906. b Figures are from F eb . 1. c These figures are
for cons o lid a te d c o m p a n y ,
d These are results for m a in lin e . / 'N o w in ­
c ludes R a p id R y . S y s t., S a n d w ic h W in d s o r & A m h e rs tb u r g R y . a n d D e tro it
M onroe & T oledo S h o rt L in e R y .
h These are ea rly p r e lim in a ry re tu rn s;
decrease d u e to e a rth q u a k e , fire a n d strik e a m o n g em ployees, A u g . 26 to
S e p t. 5 1906. k Decrease d u e to Lew is & C la rk E x p o s itio n la st year,
n Figures are for a ll d e p a rtm e n ts .

Street R ailw ay Net E arnings.— In the following we show
both the gross and the net earnings to latest dates of all
S T R E E T railways from which we have been able to procure
m onthly 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 m onth We bring together all
the roads reporting as is done to-day.
---- Gross E a m ’as---C urrent
P revious
Year.
Year.
Roads.
$
$
27.125
25,241
A lb a n y & H u d s o n .a ____.D e c
J u ly 1 to D ec 3 1 . .
199,169
193,738
A u r o ra E lg in & C h ic ___ . J a n
88,892
80,258
789,700
712,451
J u ly 1 to J a n 3 1 . .
19,364
B in g h a m to n R y C o _____ Feb
20,229
42,308
J a n 1 to Feb 28
39,835
204,999
J u ly 1 to F e b 2 8 . .
193,216
6,195
5,736
B ro c k to n & P ly m o u t h .a . J a n
19,734
19,900
C a p e B re to n E le c t C o .a . J a n
49,763
45,531
C e n tral P e n n T ra c ______ F eb
J a n 1 to F eb 2 8 ..
104,069
95,362
52,478
C ha rle ston C on solida te d. .F e b
50,793
M ch 1 to F eb 2 8 ..
654,391
614,963
52,777
C h ic & M ilw E le c t C o . . . .F e b
36,593
115,408
J a n 1 to F eb 2 8 . .
80,036
C lev P a ln e a v & E a s te rn . . J a n
18,031
15,858
39,718
C le v e lan d & S o u th w e s t.. .F e b
44,707
J a n 1 to Feb 2 8 . .
94,265
86,285
375,419
D e tr o it U n it e d .................. .F e b C439.001
C921,962
J a n 1 to F eb 28
789,627
D e tro it J a c k s o n & C h ic ...F e b
27,053
D u lu t h Street R y . b ____ . J a n
59,484
54,424
E a s t S t L & S u b u r b a n .. .F e b
144,638
133,818
J a n 1 to F e b 28 . .
309,148
277,010
37,043
E i P aso E le c t C o . a ____ . J a n
27,346
F t W a y n e & W a b V a lle y . J a n
91,178
80,145
25,548
G a lv e s to n E le c t C o . a . . . J a n
19,350
H o n o lu lu R a p T r & L C o b . J a n
28,381
27,958
15,944
H o u g h to n Co S t R y . a _ . . J a n
14,832
H o u s to n E le c t C o .a --- J a n
50,093
43,077
Illin o is T ra c tio n C o . a . . . .F e b
212,272
262,363
J a n 1 to F e b 2 8 ..
542,402
449,320
10,104
J ac k so n Consol Tr C o ___ . J a n
9,745
M a y 1 to J a n 3 1 . .
116,243
103,012
J a c k s o n v ille E le c t C o .a . - Jan
31,727
24,913
479,021
K a n s as C ity R y & L ig h t -Jan
427,330
J u n e 1 to J a n 3 1 . .
3,851,642
3,471,368
70,845
66,560
L a k e Shore E le c t R y . a . . .D e c
J a n 1 to D ec 3 1 . .
866,970
788,268
L e x in g to n & In te r u r b a n . .F eb
35,267
30,509
75,032
J a n 1 to F eb 28
68,316
277,271
254,512
M ilw E lec R y & L t b . . . .F e b
J a n 1 to Feb 2 8 . .
582,262
530,533
M ilw L t H t & T r C o . b . . . .F eb
48,607
40,804
J a n 1 to F e b 28-102,074
85,650
M o n tre al S treet R y —
. Feb
243,468
213,416
O c t 1 to F e b 2 8 _.
1,327,460
1,171,015
N ew Orleans R y & L t C o b - Jan
541.653
[498,578
N o r f & P o rts m T rac C o . .J a n
147,789
123,831
N o rth e rn O h io T r & L t . . .F e b
116,858
106,472
J a n 1 to F eb 28
242,049
221,440
N o rth e rn T exas T r C o .a . .D e c
78,750
57,296
J a n 1 to D ec 31
854,136
661,037
O k la h o m a C ity R y C o ___ F eb
14.005
8,916
J a n 1 to F eb 2 8 ___
28,912
18,273




___

----Net E a rn in g s --C urrent
Previous
Year.
Y ear.
i
$
7,755
5,223
55,583
50,513
32,724
28,989
369,701
336,390
7,483
6,413
15,478
14,829
93,126
94,231
361
d e f 58
7,377
5,891
2,258
2,436
8,037
6,031
17,398
18,169
239,946
242,355
15,543
23,231
36,293
52,370
6,740
7,701
12,737
15,884
31,755
35,838
C131.114
141,100
305,073
c302,373
5,108
20,702
25,881
62,299
63,370
135,022
137,812
7,594
8,341
32,414
36,383
5,383
9.008
10,972
11,942
1,485
307
16,866
12,940
9 5,7 18
115,159
206,07 7
229,504
2,973
3,167
40,121
46.787
10,376
10,285
241,004
213,353
1,954,902
1,782,811
31,390
31,800
359,680
390,712
7,447
10,587
18,552
23,216
128,211
127,037
264,615
268,950
22,898
23,372
47,903
49,015
57,377
6 1 ,1 9 3
398,842
4 39 ,26 4
279,735
245,097
45,254
55,973
37,542
44,148
75,654
89,758
31,548
21,538
306,985
269,174
4 .754
3,15 1
10,008
5 ,6 8 5

___

[V o l .

---Gross E a rn in g s —
C urrent
P revious
Y ear.
Y ear.
R oads.
$
$
P ee k sk ill L t & R y C o ___ F eb
10,957
9,133
J a n 1 to F eb 2 8 ...........
23,596
19,343
P itts M cK ees & G b g-b-D ec
13,045
13,879
J a n 1 to D ec 31 _______
211,176
182,630
P o r tla n d R y s C o ________ D ec
145,329
130,145
J a n 1 to D ec 31 _______ 1,684,157
1,822,909
R o c k fo rd & I n te r u r b a n .F e b
37,365
32,685
J a n 1 to F eb 2 8 _______
78,814
67,981
S t Jos R y L t H & P o w C o .F e b
62,711
60,214
J a n 1 to F eb 2 8 ______
131,410
126,792
S a v a n n a h E le c t C o .a — J a n
45,442
49,618
S c h u y lk ill R y C o .a —
D ec 1 to F eb 2 8 ...........
43,737
Syracuse R a p T ran s Co . . F e b
90,424
78,766
J a n 1 to F eb 2 8 _______
187,549
164,368
T a m p a E le c t C o . a _______ J a n
43,994
37,839
Terre H a u te T r & L t . a . - J a n
76,471
59,831
T oledo R y s & L t C o - a - ..F e b
153,744
142,811
J a n 1 to F eb 28_______
324,428
301,864
T ri-City R y & L t -------D ec
157,239
144,535
A p r il 1 to Dec 3 1 ____ 1,251,507
1,091,693
T w in C ity R a p T r C o .b - . J a n
456,837
407,865
U n ite d R y s o f S t L o u is a . F eb
764,680
713,664
J a n 1 to F e b 28------ 1,591,017
1,495,452
W a s h A le x & M t V . a . . - D e c
18,459
20,528
J a n 1 to D ec 3 1 .........._
273,266
251,643
W h a tc o m Co R y & L t .a - J a n
29,063
23,971

l x x x iv

.

---Net E a rn in g s ----C urren t
P revious
Year.
Y e ar.
$
$
4,173
3,524
9,714
7,890
4,975
7,038
112,632
89,080
60,584
49,469
709,457
812,411
14,843
10,854
29,362
22,223
29,104
30,051
60,101
62,954
14,829
17,755
20,569
38,8 1 6
82,294
12,841
26,147
64,126
135,771
64,652
498,910
213,740
216,201
464,668
7,262
125,418
13,088

34,417
70,428
17,430
20,681
67,646
143,551
61,758
399,113
202,346
250,623
541,043
10,625
116,623
7,330

a N e t earn in gs here giv en are a fte r d e d u c tin g taxes,
b N e t earnings here giv e n are before d e d u c tin g taxes,
c In c lu d e s earnings o f D e tr o it M onroe & T oledo R y . In 1907.

Interest Charges and Surplus.— The following S T R E E T
railways, in addition to their gross and net earnings given
in the foregoing, also report charges for interest, &c., w ith
the surplus or deficit above or below these charges:

R oads.
A lb a n y & H u d s o n _______ D ec
J u ly 1 to D ec 31 ............
A u r o ra E lg in & C h ic ____ J a n
J u ly 1 .to J a n 3 1 ............
B in g h a m to n R y C o ______F e b
J a n 1 to F eb 28 ............
J u ly 1 to F eb 28_______
B ro c k to n & P ly m S t R y . J a n
C ape B re to n E le c t C o ___ J a n
C harle ston C o n s o lid a te d .F e b
M ch 1 to Feb 2 8 . ..........
C le v P a in e s v <Sc E a s t e r n ..J a n
D e tro it U n i t e d . . .............. F e b
J a n 1 to F eb 28_______
D e tro it Ja c k s o n & C h i c . .F e b
D u lu t h S treet R y .............. J a n
E l P aso E lec tric C o _____ J a n
G a lv e s to n E lec tric C o . . . J a n
H o n o lu lu R a p T r & L C o . J a n
H o u g h to n Co S t R y ______J a n
H o u s to n E le c t C o _______ J a n
Ja c k s o n Consol T r C o ____ J a n
M a y 1 to J a n 3 1 ............
Ja c k s o n v ille E le c t C o ___ J a n
K a nsas C ity R y & L ig h t . . J a n
J u n e 1 to J a n 3 1 _______
L a k e Shore E le c t R y ____ D ec
J a n 1 to D ec 3 1 _______
M ilw E lec R y & L t C o ___ F e b
J a n 1 to F eb 2 8 _______
M ilw L t H t <Sc T r C o ______F eb
J a n 1 to F eb 2 8 _______
M o n tre a l S treet R y _____ F eb
O c t 1 to F eb 2 8 ............
N ew O rleans R y & L i g h t .J a n
N o r O h io T r & L t C o ____ F e b
J a n 1 to F eb 2 8 _______
N o rth e rn T exas T rac C o .D e c
J a n 1 to Dec 3 1 ............
S a v a n n a h E le c t C o ______J a n
S c h u y lk ill R y C o—
Dec 1 to F eb 2 8 ............
Syracuse R a p T ran s C o .- F e b
J a n 1 to F e b 2 8 ............
T a m p a E le c t C o __________J a n
Terre H a u te T r & L t C o .J a n
T oledo R y s & L ig h t C o ..F e b
J a n 1 to F eb 2 8 ............
T ri-C ity R y & L t ________ D ec
A p r 1 to D ec 3 1 ............
T w in C ity R a p T ra n C o . . J a n
U n ite d R y s o t S t L o u is ..F e b
J a n 1 to F e b 2 8 ............
W h a tc o m Co R y & L t — J a n

— I n t . , R en tals, & c.— — B a l. of Net
C urren t
Previous
C urrent
Y ear.
Year.
Y e ar.
$
$
$
7,292
5,000
463
43,750
30,000
11,833
26,491
24,450
6,233
183,187
171,093
'1 8 6 ,5 1 4
8,031
7,371
d e fl,6 1 8
16,004
14,747
d e fl,1 7 5
62,290
58,136
31,941
1,732
1,745
d e fl,3 7 1
4,250
4,395
1,641
13,402
12,708
3,996
157,100
157,041
82,846
7,212
6,678
489
C108.336
92,296
cz27,508
0216,439
184,439
C£94,921
15,012
de f. 9,763
17,575
17,536
8,306
4,468
S',749
3,873
4,167
4,167
4,841
6,394
5,435
£5 ,98 8
3,959
3,898
def3,652
7,795
8,173
9,071
2,967
T 2,796
* 200
26,175
24,946
20,592
3,475
3,325
6,810
147,519
136,288
93,485
1,165,134
1,095,186
789,768
29,546
20.406
1,844
254,198
244,850
136,514
90,466
184,516
29,448
59,639
36,493
195,666
162,546
41,400
82,739
9,273
118,632
11,687

86,093
170,309
21,954
43,692
36,124
138,962
147,889
39,947
79,894
9,938
118,127
10,904

£4 3,2 27
£9 5,6 07
£ d f.6 ,0 0 8
£ d f .l0 ,4 8 7
24,700
243,598
117,189
2,748
7.019
22,275
188,353
3,142

17,125
25,100
49,719
960
14,844
45,207
89,393
32,124
243,138
115,258
231,324
462,865
6,214

............
22,092
43,850
N il
10,417
42,304
84,594

3,444
13,770
32,683
11,881
11,303
18,919
46,378
32,528
255,773
98,482
d e fl5 ,1 2 3
1,803
6,874

109.708
231,991
464,046
3,904

£ A fte r a llo w in g for o th e r In com e received.
c In clu d e s earnings of D e tro it M onroe & T oledo

E 'n g s .—
Previous
Year.
$
223
20,513
4,539
165,297
112
731
34,990
d e fl,8 0 3
2,982
5,461
85,314
62
£52,719
£128,075
3,166
3,845
1,216
£6,113
def2,413
4,767
177
15,175
7,051
77,065
687,625
11,394
114,830
£44,811
£99,129
£1,012
£4,347
21,253
259,880
97,208
d e f2,405
def4,240
11,600
151,047
6,851

12,909
27,620
17,430
10,264
25,342
58.957

92,638
18,632
76,997
3,426

in 1907.

ANNUAL REPORTS.
A nnual Reports.— The index to “ A nnual R eports,” which
is om itted to-day, will be found in Chronicle of last week.
Lake Shore & M ichigan Southern R y.
(Report for Fiscal Year ending Dec. 31 1906.)
On pages 753 to 755 inclusive is published the report in
fu ll, signed by Mr. W . H . Newman, President; also the bal­
ance sheet and comparative tables of traffic, equipm ent, &c.

M a r 30 1907.J

The comparative statistics for four years, compiled for
the “ Chronicle,” are as follows:
O P E R A T IO N A N D F IS C A L R E S U L T S .
1906.
1905.
1904.
1903.
M iles ope rate d D ec. 3 1 . .
1,520
1,520
1,454
1,454
E q u ip m e n t—
821
739
662
627
L o c o m o tiv e s ____________
Passenger cars___________
614
519
498
480
F re ig h t c ars.......................
35,586
28,298
26,064
23,848
1,468
952
792
733
W o r k in g cars____________
Operations—
Pass, carried ( N o .) ..........
7,195,742
6,545,616
6,176,269
6,200,517
Passenger m ile a g e ..........422,413,859
369,901,000 348,397,149 347,653,654
R a te per pass, pe r m ile . 2.027 cts.
2.035 cts.
2.037 c ts.
2.069 cts.
P ass, earns, per tr. m ile .
51-47
S I . 47
$1.4822
$1.5504
R e v . freight (tons) m o v . 33,835,932
32,314,514
26,846,891 26,960,950
F re ig h t (tons) m ile a g e .. a 5 ,621,502
a 5 ,099,918 a 4 ,592,721 a 4 ,610,710
A v . rate per to n per m ile 0.521 cts.
0.520 cts.
0.522 cts.
0.521 cts.
T ons of revenue freight
per tr a in m ile ________
624.5
619.6
588.3
614.8
F r ’t earns, per tr a in m ile
$3.25
S3.22
$3.07
$3.2162
E a r n , per m ile of r o a d . .
$27,538
S24.983
$23,815
$24,307
E a r n in g s —
$
S
$
$
Passengers..........................
8,715,703
7,675,938
7,239,896
7,191,935
F r e ig h t................................. 29,762,197
26,989,655 24,185,294
24,119,761
M a ll, express, re nts, & c .
4,066,478
3,935,217
3,735,863
3,456,385
T o ta l gross e a r n in g s .. 42,544,378 38,600,810 35,161,053
Expenses—
M a in , of w a y & s t r u c t . .
5,322,563
4,369,542
3,281,901
M a in , o f e q u ip m e n t____ 5,843,734
4,944,965
4,340,250
C o n d u c tin g tra n s p o rta ’n 15,376,192 14,292,416
13,482,788
G e n e r a l............ ..................
709,588
620,791
522,107
Taxes ................................ 1,438,640
1,050,000
1,050,000

3,359,377
3,486,044
13,118,276
472,023
960,161

E xpenses a n d t a x e s .. 28,690,717
N ew e q u ip m e n t ________
1,201,877
C o n s tru c t’n & b e tte r m ’ts 4,221,846

25,277,715
3,360,773
3,743,021

22,677,045
2,776,034
2,781,201

21,395,881
1,788,140
4,527,136

T o ta l expenses............ 34,114,440
P . c. of ex p. t o e a r n s . . .
(80.18)
N e t e a rn in g s.....................
8,429,937

32.381,509
(83.87)
6,219,301

28,234,280
(80.30)
6,926,772

27,711,157
(79.70)
7,056,924

34,768,081

IN C O M E A C C O U N T .
1906.
1905.
$
$
8,429,937
6,219,301
4,153,505
3,518,663

1904.
$
6,926,772
2,570,970

1903.
$
7,056,924
2,336,870

a Three ciphers o m itte d .

Receipts—
N e t e a rn in g s.....................
I n t . , d iv id e n d s , dec____

T o ta l in c o m e ................. 12,583,442
R e n ta ls p a id .....................
1,450,186
In te re s t on b o n d s ............
4,428,292
In te re s t on bills p a y a b le
165,002
D lv s . on g u a r, s to c k ____
53,350

9,737,964
1,305,613
3,822,776
88,261
53,350

9,497,742
1,068,797
3,781,417
136,435
53,350

9,393,794
1,104,191
2,028,463
1,736,760
53,350

T o ta l d is b u r s e m e n ts .. 6,096,830
5,270,000
5,040,000
4,922,764
S u rp lu s for d iv id e n d ____
6,486,612
4,467,965
4,457,742
4,471,030
D iv id e n d s , per c e n t . . , (10)4,946,650 (8)3,957,320(8)3,957,320(7 ^ ) 3 , 709,988
S u r p lu s ............................

500,422

761,042

G E N E R A L B A L A N C E S H E E T D E C . 31.
1906.
1905.
1904.
• Assets—
$
$
$
R R . . b ld g s ., e q u ip ., &c_ 91,500,000
84,000,000
89,344,309
R e a l es ta te ........................
438,661
438,661
438,661
76,669,353
62,528,662
Stocks o w n e d ...................a84 552,511
B on ds o w n e d ____________ a 8 ,194,655
1,223,635
491,235
I n v ’m ’t in leased lin e s ..
— In c lu d e d
above—
1,650,792
4,358,527
3,263,448
2,405,954
M a te ria ls, fu e l, & c..........
Cash ...................................
4,938,939
664,040
4,951,520
U n c o llec ted earns, a n d
o th er open a c c o u n t s .. 21,695,921
16,828,420
5,707,588

1903.
$
89,344,309
1,259,944
65,671,007
291,235
1,650,642
2,586,739
3,739,614

1,539,962

510,645

T o ta l assets................... 215,679,215 183,087,557
L ia b ilitie s —
C a p ita l s to c k ..................... 50,000,000
50,000,000
F u n d e d d e b t ____________ 135,404,000 101,324,000
B ills p a y a b le ____________
1,206,000
3,000,000
2,967,990
1,978,660
D iv id e n d s p a y a b le ..........
A c cru e d in te re st, & c . . .
1,195,242
992,270
A u d it e d pay-rolls a n d
v o u c h e r s ........................
5,537,550
6,079,735
D u e ra ilro a d s...................
1,634,157
889,962
M iscellaneous a c c o u n ts .
435,748
1,703,956
In c o m e a c c o u n t________ 17,298,529
17,118,973

3,972,013

167,518,723 168,515,503
50,000,000
91,324,000
2,896,187
1,978,660
611,357

50,000,000
91,324,000
3,200,000
2,005,335
237,945

3,348,260
.................
472,192
16,888,066

3,830,230
307,747
348,212
17,262,033

T o ta l lia b ilitie s ............ 215,679,215 183,087,557 167,518.723 168,515,503
n See te x t o f re port on sub se q u e n t pages.
— V . 84. p . 271

Chicago Great W estern R ailw ay.
(Report for Half-Year ending Dec. 31 1906.)
At the general meeting held in London on March 6, an
issue of $3,873,000 debenture stock was authorized (see the
offering on a subsequent page of this issue), and two new
men were elected to the London finance committee: Sir E d ­
ward P. Tennant, B art., M. P ., who holds and represents
a large interest in the com pany’s securities, to succeed his
father, the late Sir Charles Tennant; and W alter Cunliffe,
a director of the North Eastern R y ., who takes the place of
the late Chairm an, Howard G illiat. The other members
are Alexander F. Wallace and Edwin Waterhouse. The
following inform ation was also furnished by the officers of
the company:
E xtracts from R em arks of C h a ir m a n A . F . W allace.
T he gross earn in gs d u r in g th e p a s t six m o n th s , as co m p a re d w ith those
o f the corre spon din g h a lf o f 1905, show a n increase ex ceeding $440,000,
b u t th is has been m a in ly sw allow ed u p In increased expenses, because, In
a d d itio n to a rise in the cost o f la b o r a n d ra ilw a y m a te r ia ls , w h ic h a lw ay s
occurs 'n tim es of gre at a c t iv it y , the ra ilw a y has suffered fro m th e c arry in g
c a p a c ity of the C hicago d iv isio n be ing no longer su fficie n t for th e tra ffic
offering, w ith a conseque nt congestion e n ta ilin g loss of e a rn in g pow er of
engines a n d w agons a n d e x p e n d itu re in wages b r in g in g in no re tu rn .
Your
m a n a g e m e n t has lon g foreseen t h a t th is d iv isio n w o u ld ha v e to be d o u b le ­
tra c k e d sooner or la te r, a n d a c o m m e n c e m e n t was m a d e some tim e ago.
I t Is proposed to c o n tin u e th e w ork d u r in g th e c o m in g season, a n d It Is
hope d t h a t sufficie n t wrlll ha v e been done before n e x t a u t u m n to m a te ria lly
relieve th e c ongestion.
M r. O p p c n h e lm , th e V ice-President, cam e over here early In th e y e a r to
c o n s u lt w ith us as to c a p ita l ex p e n d itu re s d u r in g 1907.
I n v iew of th e
c o n d itio n of th e se curity m a rk e ts, the finance c o m m itte e expressed to h im
the view t h a t such e x pe nd itures sh o u ld be k e p t as low as possible.
But
we have fe lt t h a t In th e best Interests of th e p ro p e rty , th e directors o u g h t
to be p ro v id e d w ith such fun d s as are necessary to en able th e c o m p a n y to
h a n d le th e business w h ic h Is offering. A c c o rd in g ly , w e h a v e a p p ro v e d a
re solution of th e directors c a llin g for th e Issue o f 4 % de b e nture stock ($3,8 73,000).
Statement bV Vice-President O ppe nh eim ..
A t no tim e since la st J u ly has th e c o m p a n y been able to All orders fo r
cars, either a t lo c al or te rm in a l p o in ts . O u r average shortage has been
from 800 to 1,500 cars per d a y .
T he do uble-tracking o f th e Chicago d iv isio n
w ill in a gre at m easure relieve th is c ong estio n, reduce expenses, give us




745

THE CHRONICLE.

greater use of o u r e q u ip m e n t, a n d increase b o th o u r gross a n d n e t ea rn in g s.
( I n re p ly to th e q u e ry , “ W h a t is th e u n p a id b a la n c e o f c a p ita l e x p e n d i­
tu re ?” )
I t Is v ery h a rd to say e x a c tly .
I shou ld say i t w o u ld a m o u n t to
b e tw e en $300,000 a n d $400,000.
(Q . A -e ihere a n y te m p o r a r y loans w h ic h
w o u ld h a v e to be m e t o u t o f th is Issue?)
T here Is one lo a n of $150,000
t h a t we m a d e Just be fo’ e I left; I sh o u ld say th e t o ta l to be m e t w o u ld be
a b o u t $50CN000. I t Is Im possible to say e x a c tly .
S e m i- A n n u a l Report of President A . B . Stickney dated F eb . 9 1907.
T he fo llo w in g Is a s ta te m e n t of th e earnings a n d o p e ra tin g expenses fo r
th e six m o n th s e n d in g D ec . 31 1906:
S ix M o n th s —
1906.
1905.
In c.'O r D ec.
$4,627,330
+ $4 44 ,7 95
Gross e a r n in g s .............. ............... ............. $5,072,125
O p e ra tin g e x p e n s e s ____________________ 3,500,071
2,928,220
+ 571,851
N e t e a rn in g s _____ ______ _______ _____$ 1,572,054
In te re s t o n d e b e n tu re sto ck a n d a ll
p rio r charges_______________ __________ 1,052,555

$1,699,109
1,027,065

— $127,055
>
+ 25 ,49 0

N e t b a la n c e .............................................. $519,499
$672,044
— $152,545
P erce ntage o f expenses to e a rn in g s___
6 9 .0 0 %
6 3 .2 8 %
-t-5.72%
T he decrease in n e t earnings Is m ore a m a tte r o f book-keeping th a n re a l,
because la st y ear there w as a necessary d e d u c tio n fro m n e t earn in gs o f
$204,998, w h ic h le ft th e a c tu a l n e t fo r th e half-year e n d in g w ith D e c . 1905
$1,494,112, a g ain st $1,572,054 in th e present half-year.
I t w ill be n o tic e d
t h a t th e n e t ba la nc e , a fte r p a y in g in terest on de b e nture stock a n d a ll prlo
charges In th e half-year. Is s u b s ta n tia lly s u ffic ie n t to p a y a fu ll y e a r’s
d iv id e n d on th e preferred A stock . T he b o ard of directors h a v e de cla re d
a d iv id e n d o f $2 50 per share on the preferred stock A o u t of th e e a rn in g s
of th e six m o n th s e n d in g D e c . 31 1906, p a y a b le A p r il 1 1907, a n d th e
ba la n c e , $236,076, has been carried fo rw ard as a v a ila b le fo r th e p a y m e n t
of th e n e x t d iv id e n d on th e preferred stock A .
The gross earnings are now lim ite d to th e c a p a c ity o f th e E a ste rn (C hicago)
D iv is io n , w h ic h receives th e lo a d o f the three o th e r d iv isio n s re a c h in g
respectively K a ns as C ity , O m a h a a n d S t. P a u l a n d M in n e a p o lis: a n d th e
expenses are Increased by th e reason t h a t th e a m o u n t of tra ffic carried
u p o n t h a t div isio n Is m ore th a n can be e c o n o m ica lly tra n s p o rte d .
A t th e
sam e tim e a v ery large increase of tra ffic In th e im m e d ia te fu tu r e Is p la in ly
foreseeable. M in n e a p o lis, S t. P a u l, O m a h a a n d K a ns as C ity are I n ­
creasing in business a n d p o p u la tio n as ra p id ly as in 1885 to 1890, d u rin g
w h ic h five-year pe riod th e ir p o p u la tio n Increased m ore t h a n 100 % .
H e re­
tofore , th e tra ffic of th e lo c al te rrito ry has been c onfin e d to a g ric u ltu re ,
b u t th e la st year o r tw o has de v eloped a m a n u fa c tu r in g g ro w th heretofore
e n tirely u n k n o w n .
T hus, W a te rlo o , w h ic h te n years ago h a d a p o p u la tio n
of a b o u t 8,000 pe ople, has Increased to ov er 20,000 people b y reason of
m a n u fa c tu rin g de v e lo p m e n ts.
D u r in g th e la st y ear 1,000 acres o f ston e,
su ita b le for m a k in g P o r tla n d c e m e n t, has been discovered a t M ason C ity ,
a n d one ce m e n t m ill w ith a c a p a c ity of 3,500 barrels a d a y Is n o w u n d e r
c o n s tru ctio n , w h ic h Is Im m e d ia te ly to be Increased to 7,000 barrels pe r
d a y , a n d tw o o th e r m ills of e q u al c a p a c ity are In c o n te m p la tio n .
T he
p ra c tic a lly in e x h a u s tib le g y p s u m m in es a t P ort D o dg e are a s s u m in g I n ­
creased im p o rta n c e th ro u g h th e use of th e ir p r o d u c t in th e m a n u fa c tu re o f
pla ster b o a rd , a fire-proofing m a te ria l, as w ell as fo r p la s te rin g , a fe rtilize r,
etc. A large beet sugar fa c to ry is b u ild in g a t W a v e r ly , l a .
T w o large
te rm in a l elevators ha v e been b u ilt o n o u r trac k s In O m a h a ; la rge flo u r ,
m a lt a n d linseed oil m ills are u n d e r c o n tra c t to be b u ilt o n o u r trac k s a t
M in n e a p o lis. A n d th e tra ffic of th e sm a ller in d u strie s a lw ay s exceeds th e
larger.
T he E aste rn D iv is io n m u s t be double-tracked w ith in th e n e x t few years
b y b u ild in g short sections w here m o st needed each year.
B esides, m ore
e q u ip m e n t a n d enlarged facilitie s a t a ll p o in ts m u s t be p ro v id e d for.
Our
gross earnings hav e Increased fro m $5,867,739 In 1899 to $8,573,148 In
1906, or over 4 6 % , a n d the n e t earnings fro m $1,720,223 in 1899 to
$2,539,492 in 1906, or over 4 8 % .
D u r in g th e c ale n d ar year e n d in g w ith D ec. 1906 there has been ex p e nd e d
In necessary im p ro v e m e n ts u p o n th e lin es, a n d In th e purch ase o f ro llin g
stock, a p p ro x im a te ly $ 2,000,000, w h ic h is several h u n d re d th o u s a n d d o llars
In excess of th e a m o u n t of cash w h ic h h a d been p r o v id e d , w h ic h excess
has been p ro v id e d for b y te m p o ra ry loa n s.
C onsiderable w o rk has been
c o m m en c ed t h a t has n o t been c o m p le te d , a m o n g w h ic h m a y be m e n tio n e d
th e b u ild in g of 25 m iles of second tra c k on th e E a ste rn D iv is io n , w h ic h
has been g ra d e d , bridges b u ilt, a n d Is n o w re ad y for tra c k la y in g .
T he bo ard o f directors, therefore, has a d o p te d (s u b sta n tia lly ) th e fo llo w ­
in g re solution (w h ich th e se curity holders d u ly ra tifie d a t th e m e e tin g on
M a rc h 6 .— E d .) :
"W herea s, a t th e e x tra o rd in a ry general m e e tin g he ld on J a n . 30
1899, $8,000,000 of 4 % d e b e n tu re stock w as a u th o riz e d to be
Issued, of w h ic h o n ly $6,900,000 has been Issued, le a v in g u n ­
issue d________________________________________________________________$1,100,000
a n d a t th e e x tra o rd in a ry general m e e tin g he ld o n M a rc h 20
1902 $3,437,000 of 4 % d e b e nture stock w as a u th o riz e d to be
Issued, o f w h ic h o n ly $2,700,000 has been issued, le a v in g u n ­
issued.......... .......................... ................................. ................................. ..
737,000
a n d o f th e a m o u n t th u s a u th o riz e d a n d Issued there has been
c a n c e le d _____________________________________________________________ 1,450,000
m a k in g a t o ta l a u th o riz e d a n d n o t Issued, a n d If issue d, c a n ­
celed ........... ...................... ................. ........................................ ..................$3,287,000
“ A n d W hereas, th e specific purposes for w h ic h such $3,287,000 o f u n ­
issued a n d canceled stock was a p p ro p ria te d hav e been acc o m plishe d w ith
cash o b ta in e d fro m th e sale o f note s, a n d therefore sa id stock Is h o lon ger
av aila b le ;
"N o w , Therefore, Be I t Resolved, T h a t th e a u th o ritie s fo r Issuing said
$3,287,000 of 4 % d e b e n tu re stock be hereby revoked;
“ N ow , Therefore, Be I t Resolved, T h a t a n a d d itio n a l $3,873,000 o f 4 %
de b e nture stock, r a n k in g p a ri passu w ith th e present o u ts ta n d in g 4 % d e ­
b e n tu re stock shou ld be Issued, th e proceeds there of to be d e v o te d to th e
p a y m e n t o f th e u n p a id ba la nc e of c a p ita l e x pe nd itures m a d e in th e c a le n d a r
year 1906; to th e p a y m e n t of th e cost of c o m p le tin g 25 m iles of second
tra c k o n the E a ste rn D iv isio n betw een G a le n a J u n c t io n a n d S to c k to n ; to
c o n s tru c tin g such a d d itio n a l second tra c k on th e E a ste rn D iv is io n as th e
directors m a y deem desirable, a n d for such o th e r c a p ita l e x p e n d itu re s as
th e directors m a v d e e m d e s ira b le ."— V . 84. d . 693. 626.

W ashington (D . C.) R ailw ay & Electric Company.
(Report for Fiscal Year ending Dec. 31 1906.)
President Allan L. M cDermott, under date of W ashing­
ton, D . C., March 1, says in substance:
General Results.— T he c o m b in e d properties fo r 1906 show an increase In
gross earnings of $227,333, or 7.82 % ; In o p e ra tin g expenses of $134,630, or
9 .1 0 % ; In n e t earnings of $92,703, or 6 .5 0 % ; a decrease in m iscellaneous
in co m e o f $5,958, or 1 1 .7 9 % ; an increase in fixed charges o f $41,663, o r
4 .1 7 % , a n d In surplus fro m th e years ope ration s o f $45,082, or 9 .4 2 % .
W h ile 'th e t o ta l o p e ra tin g expenses Increased $134,630, or 9 .1 0 % , th e cost
o f m a in te n a n c e increased $64,612, or 2 0 .5 9 % , p a r tly d u e to th e fa c t t h a t
y o u r properties hav e been m a in ta in e d In be tte r c o n d itio n t h a n he retofore,
b u t m ore to th e large increase In th e cost of m a te rials .
B onds, <fcc.— There are In th e trea sury c onsolida te d m o rtg a g e 4 % b o n d s
o f th e p a r v a lu e of $ 1,078,600. O f these b o n d s $351,600 were, u n d e r the
p la n of re o rg a n iz a tio n , delivered to th e c o m p a n y a n d hav e been cre d ite d to
d e pre cia tio n reserve; $227,000 were issued to cover expenses o f exten sions
a n d be tte rm e n ts p a id for o u t of surplus earnings a n d $500,000 were p u r ­
chased for In v e stm e n t in open m a rk e t. [These b o n d s , listed a t $994,67 1
a n d pref. stock listed a t $64 ,3 5 0 a n d c o m m o n stock listed a t $23,400, m a k e
u p th e Ite m of $1,082,421 show n In the balance sheet b e lo w .— E d.[
D u rin g the pa st year th e fu n d e d d e b t has been increased b y th e issue
of $253,000 consolidate d m ortgage 4 % bo nd s to p ro v id e fo r new c o n s tru c ­
tio n , extensions a n d Im p ro v e m e n ts, m a in ly a d d itio n a l cars a n d ele ctric al
e q u ip m e n t.
There have also been Issued $250,000 consol, m o rtg a g e 4 % b o n d s In lieu
o f a sim ila r a m o u n t o f M e tro p o litan R R . C o. certificates of indeb te dn ess,
series “ A , ” w h ic h m a tu r e d O c t. 1 1906.
New Guaranteed B onds, & c .— O n J u n e 23 1906 th e directors of the
P o to m a c E lectric P ow er C o. a u th o riz e d a new m ortga ge fo r $ 7 ,0 0 0 ,0 0 0 ,
p u r s u a n t to re solutions of th e stockholders.
T he bo nd s un d e r th is m o r t ­
gage are g uaran te ed as to p rin c ip a l a n d interest b y th e W a s h in g to n R a ilw a y
& K lectric C o. T hey are to be a p p lie d as follow s;
(1) $ 1,700,000 are
re taine d to p a y the bo nd s Issued un d e r th e m ortga ge o f 1904; (2) $650,000
are re taine d to p a y $300,000 d e be nture Im p ro v e m e n t b o n d s a n d $350,000
certificates of Indebtedness due M a y 1 1907- (3) $4,650,000 m a y be Issued
fo r th e purchase of real estate, b e tte r m e n t a n d extensions.
(C o m p are
V . 84. p . 142, 342; V . 83, p . 100.)

THE CHRONICLE.
T welve a n d a h a lf acres of la n d o n B e n n ln g s R o a d were purch ase d a n d a
n ew cen tral pow er s ta tio n w as th e re erected a n d e q u ip p e d . T he pow er
sta tio n is n o w In o p e ra tio n a n d necessary sub- stations, cables, c o n d u its ,
& c., hav e been In sta lle d .
O f these bo nd s, there were issued d u rin g th e
y ear 1906 $ 1,0 00 ,0 00 . N o n e of th e c ontrolled c om pa nies has a n y flo a tin g
de b t except such as Is ow n ed by th e W a s h in g to n R a ilw a y & E le c tric C o.
IN C O M E A C C O U N T F O R C A L E N D A R Y E A R S .
1906.
1905.
1904.
1903.
$2,905,907
Gross earn in gs _______
$3,133,241
$2,644 360 $2,462,295
1,613,097
O p e ra tin g expenses____
1,478,466
1,355,823
1,328,052
$1,520,144
44,595

$1,427,441
50,553

$1,288,538
49,024

$1,134,243
32,906

T o t a l ______ __________ $1,564,739
Deduct—
Taxes ____________ ______
$157,682
In te re st .
____________
883,436

$1,477,994

$1,337,562

$1,167,149

$149,157
850,298

$148,377
832,662

$146,033
799,237

T o ta l ............ ........... ..
$1,041,118
S u rp lu s ___ __
..
523,621
P . c. of o p . e x p. to earns.
(51.49)
D iv id e n d on pref. s to c k .
(Z425,000
D e p re c ia tio n re s e r v e ___
50,000
35,102

$999,455
$478,539
(50.86)
(Z425.000
50,000

$981,039
$356,523
(51.29)
6212,500
(?)

$945,270
$221,879
(53.95)

$13,519

$3,539

$144,023

N e t e a rn in g s_________
M iscellaneous in c o m e ___

a 5% .

b2]A % .

B A L A N C E S H E E T D E C . 31.
1906.
1905.
1906.
1905.
Assets—
S
j Liabilities—
$
S
$
Cost of p ro p e rty ..27,743,475 27,519,3581 Preferred stock___ 8,500,000 8,500,000
a Company’s stock
|Common s to c k ___ 6,500,000 6,500,000
and consol. 4 s .. 1 ,082,421 1,082,4211Funded debt_____ 12,913,440 12,647,100
Investments in real
|Deperciation res’ve
516,290
466,290
estate & sundry
j Accounts payable.
65,201
63,508
securities ...........
25,422
27,279 i Accrued interest..
82,613
84,686
Material & supplies
63,513 IAccrued taxes____
72,974
27,299
26,972
Accounts reeeived
|Reserve for damsubsidiary cos._
60 ,6711 ages & renewals.
107,558
80,530
70,691
Accts. rec., m is c ..
41,816(Profit & loss— sur.
22,745
737,961
724,442
Prepaid insurance.
5,192
6,3651
C a s h _____________
361,854
283,959!
T o t a l...'............ 29,421,641 29,085,3821*

Total___________ 29,421,641 29,085,382

a See text above.— V . 84, p. 627, 340.

Chicago City Railw ay.
(.Report for Fiscal Year ending Dec. 31 1906.)
President T. E . M itten, Chicago, Feb. 16 1907, writes:
E a r n in g s .— T he gross earn in gs fo r th e y ea r Increased $549,046, or 7.5 % .
T he statistics show t h a t 6 0 .5 9 % of passengers p a y in g fare to o k a d v a n ta g e
of tran sfers, as a g ain st 60.42 % for th e preceding y e a rfth e average fare be ing
th e sam e as la st y ea r, n a m e ly , 3.1 cts. per passenger carried. T he to ta l
expenses were increased $503,698, or 8.93 % .
T his Increase was due largely
to th e increased v o lu m e of business, to w h ic h m u s t be a d d e d th e he av y
track- repair a cc o u n t a n d th e Increased interest charges o n borrow ed m o n e y ,
du e to th e large sum s b e in g ex pended fo r new cars a n d c o n s tru c tio n of
pow e r p la n ts a n d o th e r b u ild in g s . T he net In com e increased $45,349, or
2.7 % , a n d th e surplus for th e year was $104,822 21, a n increase o f $45,349.
Im provem ents.— T he 200 cars purch ase d d u rin g 1905 h a v in g pro v e d satis­
fa c to ry , 100 a d d itio n a l cars o f th e sam e ty p e were purch ase d a n d placed in
service.
T he use of cable lines a n d horse cars has been d is c o n tin u e d , a n d a ll our
lin es are n o w ope rate d ele ctric ally.
I n order to m ee t th e d e m a n d fo r in ­
creased pow er occasioned b y o p e ra tin g th e en tire sy stem e le ctrically,
m a rk e d a d d itio n s have been m a d e to th e sub-station pow e r p la n ts . T he
b u ild in g s ha v e been enlarged a n d a d d itio n a l m a c h in e ry In s ta lle d , th e ra te d
c a p a c ity o f th e ge ne ra tin g p la n ts a n d sub-stations c o m b in e d be in g now
a p p ro x im a te ly 35,000 horse pow er, a n Increase of 10,000 horse-power.
A new p a in t shop w ith a c a p a c ity of 150 cars has been co m p le te d a t 7 7 th
S t . , a d ja c e n t to th e general re p a ir shops. A m o d e m office b u ild in g fo r use
as d iv is io n a l h e ad q u a rte rs has also been c om pleted a t th e sam e lo c a tio n .
Tw o n ew car s ta tio n s of large c a p a c ity are In course o f erection.
P o rtio n s
of th e tra c k o n 2 6 th S t ., 31st S t .. 43d S t ., 47th S t ., 51st S t ., 63d S t ., A s h ­
la n d A v e ., H a ls te d S t. a n d C entre A v e . have been re-constructed.
The e lim in a tin g of grade crossings still c o ntin ue s.
T his Is occasioned b y
c ity o rd in a n ce c o m p e llin g ra ilroa ds in c e rtain sections to elevate th e ir
trac k s, a n d cross o u r track s b y m ean s o f o v erhea d bridges.
T he expense
to th e c o m p a n y d u r in g th e y ear as a re sult o f th is tra c k e le v atio n a p p ro x i­
m a te d $100,000; th is e x p e n d itu re w ill be reflected la te r In decreased o p e ra t­
in g expenses, as faster schedules can be m a in ta in e d , a n d th e a b o litio n o f
grade-crossing a ccidents w ill result.
M a te ria l Im p ro v e m e n ts In th e fire risk a t th e several pow er houses a n d
o ther b u ild in g s ha v e been effected w h ic h has c onsid erab ly decreased the
p o s s ib ility o f loss b y lire. These changes ha v e also served m a te ria lly to
decrease th e ra te of In sura n ce for th e c u rre n t year.
IN C O M E A C C O U N T A N D O P E R A T IN G S T A T IS T IC S .
Statistics—
1906.
1905.
1904.
1903.
F are passengers.............. 156,177,363 145,500,483 132,852,717 128,304,445
N o . tran sfe r passengers- 94,623,106
87,911,785
77,732,749 66,883,346
P e r cen t of fare pa ss____
60.59
60.42
58.51
52.13
C a ble c a r s _______________
(3 7 .1 % )
(4 5 .6 8 % )
(3 1 .5 6 % )
(3 5 .1 0 % )
E le c tric cars .....................
(6 2 .5 % )
(5 3 .90 % )
(6 8 .2 6 % )
(6 4 .6 7 % )
(.4 0 % )
(.4 2 % )
(.1 8 % )
(.2 3 % )
H orse cars _______ ______
C able tra c k (m ile s)______
_______
34.75
34.75
34.75
E le c tric tra c k ( m ile s )- ..
242.56
184.39
184.20
183.96
E a r n in g s —
$
$
$
Passenger .......................... 7,773,446
7,240,671
6,609.501
6,381,246
O th e r .................................
97,680
81,409
59.478
54,319
G r o s s . ............................
7 ,871,126
O perating Expenses—
M a in te n a n c e ___________ 1
T ra n s p o rta tio n .............. }z6 ,14 6,3 04
a G e n e r a l...........................J
T o ta l -............................
P e r c en t oper. to g r o s s ..
N e t e a rn in g s____________
D educt—
D e p r e c ia tio n ____________
D iv id e n d s ( 9 % ) ________
S u rp lu s fo r y e a r______

7,322,080

6,668,979

6,435,565

f
1/5,642,607-1
[

908,309
2,751,781
1,142,030

896,355
2,625 700
1,126,286

6,146,304
78.08
1,724,822

5,642,607
77.06
1,679,473

4,802,120
72.01
1,866,859

4,648,341
72.23
1,787,224

x
1,620,000

y
1,620,000

120,000
1,620,000

100,000
1,620,000

126,859

.6 7,2 24

104,822

59,473

a In c lu d e s taxes a n d car license, x D e p re c ia tio n a n d in terest In c lu d e d
In o p e ra tin g expenses, v D e p re c ia tio n In c lu d e d In o p e ra tin g expenses.—
V . 84, p . 338.

H avana Electric R ailw ay Co.
{Report for Fiscal Year ending Dec. 31 1906.)
President E dw in Hanson, under date of New Y ork,
Feb. 26, says in substance:
T he gros< earnings of th e ra ilw a y system for th e year show a n increase
over 1905 of some $105,000, or a little over 7 % , b u t th e o p e ra tin g expenses
increased b y some $184,000.
The stage lines for 1906 d id so m e w h at be tter
t h a n for 1905, b u t the result of the w hole ope ra tio n s, In c lu d in g Interest on
t h e Increased fu n d e d d e b t, has been a decrease In th e n e t earn in gs o f som e
$ 68,000.
D u r in g th e year there w as a strike of th e m o to rm e n a n d c on ­
d u c to rs , tro u b le caused by th e re v o lu tio n , a n d these, ad d e d to great d if f i­
c u ltie s encoun te re d re gardin g th e coal s u p p ly a n d th e Increased cost of
la b o r a n d m a te rh ils, a cc o u n t for th e gre atly increased cost o f o p e ra tio n .
U n d e r all th e adverse circu m stan ce s encoun te re d th e directors t h in k th e
re sult m a y be regarded as satisfactory.
\ P e rm its for large ex tensions (a b o u t 24 miles) to th e c o m p a n y ’s lines hav e
been a p p lie d for, b u t u p to th e present tim e official sa n ctio n to these has n o t




[V o

l

.

l x x x iy

.

been g ra n te d .
I t is ho pe d th is m a tte r w ill be fa v o ra b ly resolved w it h in
a short tim e .
Large e x p e nd iture s, how ever, h a v e been m a d e d u rin g th e y ear on c a p ita l
a c c o u n t fo r n ew cars, car c o n s tru ctio n shops, car b a rn s, a d d it io n a l pow er­
house e q u ip m e n t, & c., th e de ta ils of w h ic h w ill be fo u n d in th e re p o rt o f
th e G eneral M anag er.
T he stage lines c o n tin u e to do a v ery sa tisfa c to ry business.
G e rald L . H o y t resigned his seat on the B o a rd of D irectors, a n d his placew as ta k e n b y E . P . B ry a n . P re siden t of th e In te rb o ro u g h R a p id T ra n sit
C o. of New Y o r k .

General Manager G. F. Greenwood writes in part:
The c o m p a n y has m a d e th e fo llo w in g a d d itio n s to the p ro p e rty :
F in ­
ished do uble - tra c k in g th e In s u la r R y . fro m H a v a n a to M a ria n a o .
B u ilt
a n d e q u ip p e d 40 cars a n d p a r tly b u ilt 36 a d d itio n a l cars, a n d purchased,
m a te ria l to c o n s tru ct 30 m ore cars.
B u ilt a large extension to th e car
shops a t C arm elo; c o nstructed a new storage a n d te rm in a l y a rd a t the
P u n t illa In C a rm elo, In c lu d in g a ll necessary trac k s, sw itches, sheds a n d
offices, as w ell as a w h a rf for re ce ivin g lu m b e r a n d o ther supplies a t th e
m o u t h of th e A lm e nd are s R iv e r .
F o u r new boilers hav e been In sta lle d
n th e power-house; th e P a la tin o ex tension has been p a v e d w ith blo ck stone;:
a new electric crane has been purchased a n d in sta lle d for h a n d lin g coal In th e
coal storage y a r d a t th e P u n t illa ; several new tools hav e been purch ase d for
th e re pa ir shops; 40 box freight cars a n d 5 locom otives ha v e been purch ase d
a n d b u ilt ready to r u n a n d fu lfill y o u r c o n tra c t w ith th e C u b a n & PanA m e rica n Express C o. T he a bove c o n s tru c tio n a n d e q u ip m e n t has cost
a p p ro x im a te ly $800,000.
R E C E IP T S A N D E X P E N S E S .
1906.
1905.
1904.
1903.
$
$
$
$
R egistered fares, N
o 30,701,099
28,260,912 24,687,644
23,990,764
T o ta l passengers carried 32,536,680
30,125,569 25,905,196
25,757,534
T ransfers Is s u e d ________
4,425,332
4,056,418
3,278,764
2 ,149,963
T ransfers r e c e iv e d ______
3,742,998
3,533,383 2,821,675
1,952,472
T o ta l m ile a g e ___________
6,709,725
6,881,487 6,246,128
5 ,90 1,9 20
Receipts—
$
$
$
$
T raffic, In c l. stage lin e s .
1,621,209
1,504,837 1,247,486
1 ,0 8 0 ,3 1 »
O th e r receipts___________
40,863
38,033
23,139
22,779t
T o t a l _________________
1,662,072
Expenses—
O p e ra tin g expenses____
940,230
Taxes a n d r e n t s ________
20,257
In t e r e s t ___________ ______
398,314
Preferred d iv id e n d ____ (4 % )2 0 0 ,0 0 0

1,542,870

1,270,625

1.103,098.

757,074
18,979
395,897
_______

709,408
15,338
408,270
_______

641,832
15,938
396,502.
_______

'to t a l ....................... ..
1,558,801
1,171,950
1,133,016
1,054,272
S u r p l u s ___________________
103,271
370,920
137,609
4 8 ,8 2 ^
N ote.— T o th e surplus for the year 1906, $103,271, a d d th e pro fit a n d loss
surplus as of D ec. 31 1905, $509,074, a n d d e d u c t th e e x tra o rd in a ry Ite m s
o f 'suspense a cc o u n t $70,887” a n d "re p a y m e n t of c oupons surrendered
in 1899 as per agree m ent, $10 0,0 00 ,’’ a n d we hav e th e pro fit a n d loss s u rp lu s
D ec . 31 1906 as pe r ba la nc e sheet $441,458.
B A L A N C E S H E E T D E C . 31.
1906.
1905.
I
1906.
1905.
Assets—
S
I Liabilities—•
$
S
S
Properties_______ 20,502,940 20,102,101 ]Common s to c k __ 7.500,000 7,500,000
Stage lin e s ______
225,000
225,000| Preferred stock___ 5,000,000 5,000,000Insular R y . C o ...
280,646
230,982| Funded debt_____ 8,311,561 8,031,037
C ash________ __ .
33,264
359,5451Accrued interest.
171,958
166,835
Accts. receivable..
4,3051 Bills payable.........
250,000
75,086
Materials on hand.
569,690
174,632lOutstand. coupons
6,422
5,215,
Fuel on han d_____
3,541 (Employees' dep'ts.
10,101
18,400
15,567
Insurance prepaid
17,267
11,054! Accounts & wages.
15,171
189,055
Taxes_____ _____
1,820 j Pref. div. No. 4 . . .
50,000
2,025
Deposits as secur.
12,700
2,300|Profit & loss acct.
509,074,
441,459
Treasury bonds__
168,630
86,1131
Treasury sto c k __
36,040
36,0401
T ota l. . .
_
21,938,855 21,237,433!
— V . 84, p . 693. 570

Total_____ _____ 21,938,855 21,237,433

American (Bell) Telephone & Telegraph Co.
(Report for Fiscal Year ending Dec. 31 1906.)
President Frederick P. Fish March 26 1907 writes in sub­
stance as follows. (The reports of the several subsidiary
companies will be given in a later issue of the “ Chron­
icle. ” — E d.)
Increase i n B u sin ess.— T he n u m b e r of exchange statio n s D ec. 31 190&
o pe ra te d b y th e c om pa nies w h ic h c o n s titu te our system In th e United"
S ta te s w as 2 ,72 7,2 89 , a n Increase o f 485,922.
I n a d d itio n to th is n u m b e r
there w ere 297,220 ex change a n d to ll statio ns o pe ra te d b y so-called s u b ­
licensees. A d d in g also p riv a te lines, o u r com pa nies h a d a to ta l o f 3.068,833
sta tio n s , as a g a in st 2,528,715 statio n s D ec. 31 1905. T he to ta l m ilea ge
o f w ire In use for exchange a n d to ll service w as 7,468.905 m iles, of w h ic h
1,688,987 were a d d e d d u rin g th e y ear. These figures d o n o t In clu d e the
m ilea ge of w ire operated b y sub-licensees.
In c lu d in g th e long-distance lines, b u t e x c lu d in g sub-licensees, th e d a ily
av e ’vige o f to ll conne ctions was a b o u t 462,000, a n d of exchange c o nn e ctio ns
a b o u t 16,478,000, as a g ain st 368,000 a n d 13,543,000 respectively In 1905.
C on struction .— T he a m o u n t a d d e d to c o n s tru c tio n a n d real estate by a ll
th e c om pa nies, e x c lu d in g sub-licensees, c o n s titu tin g o u r system In th e
U n ite d S tates d u rin g th e year 1906, w as $79,366,949 v iz .:
F o r exchanges,
$59,971,094; for to ll lines, $13,585,659; for la n d a n d b u ild in g s , $5,810,196.
T he a m o u n t a d d e d In 1904 w as $33,436,700 a n d In 1905 $ 50 ,78 0,90 6,
m a k in g th e gra n d to ta l o f e x p e n d itu re u p o n these properties d u r in g th e
la st seven years $298,914,255.
D u r in g 1906 th e a m o u n t expe nd ed for m a in te n a n c e a n d re co n stru ctio n ,
in d e p e n d e n t o f c o n s tru c tio n , by a ll th e B ell telep hon e c o m pa nies In th e
U n ite d S tates was $32,814,568.
This a m o u n t cam e from the earn in gs,
a n d was c harged In to th e expenses of th e y ear. A s a result th e p la n t is In
a be tte r c o n d itio n th a n ever before.
T h a t p la n t c o u ld n o t be re prod uced
fo r less th a n $70,000,000 In excess of Its cost. T he scrap v a lue o f the le a d
a n d copper In th e lines a n d cables a lo n e is n o t less, a t present prices, t h a n
$80,000,000.
The a m o u n t c o n trib u te d b y the A m e ric a n T elephone & T elegraph Co.
In 1906 b y w a y of In v e stm e n t In Its ow n long-distance p la n t ($ 5 ,64 2,0 0 0).
In telephones ($ 1 ,73 7,0 0 0), In real estate ($330,000) a n d In th e purch ase
o f stock a n d bonds a n d in loan s to its o p e ra tin g com pa nies ($53,432,000) ^
was in a ll $61,141,000, a n a d d itio n o f a lm o st 2 6 % to Its entire In v e s tm e n t
u p to J a n . 1 1906.
P o sitio n w ith Respect to Independent C o m p a n ie s.— T his g re atly Increased
In v e s tm e n t w as m a d e w ith th e view of lift in g th e en tire business to a dis­
t in c tly highe r p la n e specifically a n d as c o m p a re d w ith Its c o m p e tito rs.
Y o u r directors believe t h a t because o f it the p o sitio n a n d business of the
B ell com pa nies were never so secure as a t th e present tim e .
W h ile there
s till re m ain s m u c h to be do ne , p a rtic u la rly in som e places, th e Im p ro v e m e n t,
generally sp e ak in g , has been m a rk e d a n d c o n s ta n t.
The effort has been m a d e to design b u ild in g s a n d pro v id e central-office
a n d toll-line e q u ip m e n t t h a t w ill n o t
be e x ha usted in a short
tim e . A t th e present tim e n o t less t h a n $25,000,000 are Invested In c ir­
c u its In cable t h a t are n o t yet In use, a n d pole a n d c o n d u it facilitie s are now
In s ta lle d w h ic h w ill ta k e care o f a v ery large n u m b e r of cables over a n d
abov e those t h a t now ex ist.
Large ex pe nd itures w ill be re quire d In the
fu tu r e , as In the p a s t, to en able o u r c o m pa nies to d o th e business t h a t is
forced u p o n th e m , a n d It Is th e o p in io n o f y o u r directors th a t the a d d itio n s
w ill n o t o n ly re sult in a proper re tu rn , b u t'w ill create an a d e q u a te revenue
fro m th e p o rtio n o f the p la n t t h a t has n o t yet been u tiliz e d .
As for m a n y years p a s t, there are ce rtain p ortion s of the c o u n tr y in
w h ic h th e re tu rn fro m th e business is n o t s a tisfa c to ry . These are for th e
m o st p a r t localities In w h ic h our com panies h a d n o t been able to cover th e
field ra p id ly en ou gh to s u p p ly th e d e m a n d .
E x c e p t In som e of th e c o m ­
p a ra tiv e ly few places in w h ic h new p r o m o tio n schemes are be ing e x p lo ite d ,
our c o m p e tito rs are as an x io u s to raise th e ir rates as th e y form erly were
to d o business a t a loss. W e hav e now developed o u r p la n t a n d business
In m ost of these localities to such an ex te n t as to have th e s itu a tio n In h a n d .
T he so-called In d e p e n d e n t telephone com pa nies ha v e, as far as c a n be
le a rn e d , except In a few localities, m a d e no re lativ e g a in . C o m p a ra tiv e ly
few c o m p e tin g p la n ts hav e been established d u rin g th e past tw o years.
A n u m b e r of franchises hav e been g ra n te d in v arious c ities, b u t d u rin g
1906 a n d u p to th e present tim e s u b s ta n tia lly no w ork has been do ne un d e r
a n y of th e franchises In the m ore Im p o r ta n t places.

M a r . 30 1907.j

S a n F rancisco Catastrophe in A p r il 1906.— I f l t h a d n o t been fo r the
S a n F rancisco c ata s tro p h e , th e P acific S tate s C o m p a n y w o u ld h a v e ga ine d
n o t less th a n 30,000 subscribers m ore th a n It d id g a in .
T he telep hon e p la n t
}n S a n F rancisco has been r e b u ilt, a n d th e service restored to a s u rp risin g
e x te n t.
B onds a n d N otes.— As sta te d in th e la st a n n u a l re port, co nv e rtib le 4 %
bo nd s to th e a m o u n t of $100,000,000 w ere sold in F e b . 1906; §30,000,000
w ere ta k e n a n d p a id for d u rin g t h a t year.
C o n stru c tio n w o rk proceeded
so ra p id ly t h a t i t be cam e necessary fo r th e c o m p a n y to o b ta in m o n e y on
short- tim e notes in a n tic ip a tio n of th e p a y m e n ts o n th e bo nd s.
On Jan. 1
1907 its short-tim e ob lig atio n s a m o u n te d to a b o u t 521,000,000.
I t also
be cam e e v id e n t t h a t if th e great com m ercia l de v e lo p m e n t w as to c o n tin u e ,
th e proceeds fro m th e bonds w o u ld n o t be su fficie n t to m ee t th e necessary
e x pe nd itures to th e end of the y ear 1907, as h a d been expected.
I n J a n u a r y 1907, therefore, th e c o m p a n y sold three-year 5 % notes to
th e a m o u n t of $25,000,000.
F ro m th e proceeds of the securities sold
th e flo a tin g d e b t w ill be p a id w hen d u e , a n d on M a y 1 1907 th e $20,000,000
3-year 5 % notes d u e t h a t d a y w ill be p a id .
Revenue of E n tire System .— The gross re venue fo r th e year 1906 of a ll
th e B ell com panies in th e U n ite d S ta te s, ta k e n as a w h o le a n d e x c lu d in g
d u p lic a tio n s , was over $114,000,000.
I n spite of the a b n o rm a l fin a n c ia l
c o n d itio n s , w h ic h in v o lv e d u n u s u a l interest charges, th e very great In ­
v estm en t in co n s tru c tio n , m u c h o f w h ic h d id n o t becom e re venue-producing
d u rin g th e y ear, a n d th e h ig h cost of la b o r a n d m a te ria l, th e n e t re tu rn s
fro m th e business as a w hole were n o t re duc ed , a lth o u g h there w as n o t th e
increase w h ic h w o u ld hav e been m a d e If th e c o n d itio n s h a d been m ore
n early n o rm a l.
A ll th in g s considered,- the fin a n c ia l results were sa tis­
fa c to ry .
Y o u r directors believe t h a t for th e year 1907 th e fin an c ia l results
of th e business o f y o u r com panies w ill be s u b s ta n tia lly b e tte r t h a n in th e
y ear 1906.
T he gross revenue of th e com pa nies abov e given does n o t In c lu d e th e
B e ll T elephone Co. of C a n a d a (V . 84, p . 695), n o r does i t ta k e in to a cc o u n t
th e revenue o f the W estern E lectric Co. (V . 84, p . 512). T he business o f
t h a t c o m p a n y for th e y ear 1906 w as th e largest In its h isto ry .
S T A T I S T I C S O F T H E C O M P A N Y A N D I T S L I C E N S E E S D E C . 31.
1906.
1905.
1904.
1903.
x “ I n s t ’s” u n d e r r e n ta l.
7,107,836
5,698.258
4,480,564
3,779,517
4,889
4,532
4,080
3,740
E x changes in U . S. ____
M iles w ire on poles& bldgs 2,754,571
2,159,567
1,654,379
1,358,140
Miles w ire u n d e rg r o u n d .
3,241,471 2,345 742
1,888,760
1,618,691
M iles w ire s u b m a r i n e ...
11,690
9,373
6,671
6,358
T o ta l m iles w ire ..........
6,007,732
N o . of exchange statio ns 2,727,289
N o . d a ily c o n n e c tio n s .. 16,478,058

4,514,682
2,241,367
13,343,468

x E a c h telephone requires tw o “ in s tr u m e n ts ,”
tra n s m itte r.

3,549,810
1,799,633
11,149,063

2,983,189
1,525,167
9,876,402

one receiver a n d

one

R E S U L T S F O R C A L E N D A R Y E A R S (P a ren t C o m p a n y ).
1906.
1905.
1904.
1903.
E a rn in g s —
$
$
$
$
D i v i d e n d s . ........................$10,281,438
$8,897,880
$8,400,301
$7,802,834
R e n t a l of in s t r u m e n t s ..
4,518,991
3,896,151
3,438,606
3,047,088
T elephone tr a ffic _______
7,522,082
6,529,557
5,575,448
4,888,158
R e a l e s t a t e ........................
67,296
82,384
76,782
73,332
I n t e r e s t . . ..........................
2,136,291
2,306,859
1,055,522
734,220
T o ta l.............................. $24,526,098 $21,712,831 $18,546,659
Expenses—
A d m i n i s t r a t i o n .............. 1 $1,629,803/ $1,220,460
$1,103,493
L e gal expenses_________ j
\
93,126
83,530
In te re s t a n d ta x e s ______ 5,288,414
3,578,682
2,670,084
T elephone t r a f f i c _______
4,636,944
3,786,525
3,413,850
T o t a l............................. $11,555,161
N e t r e v e n u e ____________ $12,970,937
D i v i d e n d s . .............. ......... 10.195,234
D iv id e n d ra te * .................
(7 U % )

$16,545,632
$962,298
95,565
1,993,680
2,929,425

$8,678,793
$7,270,957
$5,980,967
$13,034,038 $11,275,702 $10,564,665
9.866,355
9,799.117
8,619,151
(7 J4 % )
(7 * 4 % )
(7 ^ % )

S u r p l u s ..........................$2,775,703
$3,167,683
$1,476,585
$1,945,514
$1,743,295 . $586,149
$728,140
C arried to reserves_____ $1,773,737
C arried to s u r p lu s ______
1,001,966
1,424,388
890,435
1,217,374
T o ta l.............................. $2,775,703

$3,167,683

$1,476,584

♦ The d iv id e n d rate w as changed to 2 % q u a rte rly , 8 %
b e g in n in g O c t. 1906.
B A L A N C E S H E E T D E C . 31.
Assets—
1906.
1905.
C o n s tru c tio n , e q u ip m e n t & s u p p . $40,336,776 $34,694,764
T elep hones............................................
10,244,817
8,567,145
R e a l es tate ...........................................
2,908,099
2,577,870
S tocks a n d b o n d s .............................. 182,357,238
161,554,277
P a te n t a c c o u n t_________ __________
261,384
243,384
M a c h in e ry a n d to o ls _____ _________
42,299
96,169
C ash a n d de p o sits_________________
3,018,025
4,841,993
B ills a n d accounts re ce ivable______ 67,521,977
36,676,200
A m e ric a n Bell T elephone C o _____
22,110,400
22,110,400
O ld C olon y T ru st C o ., tru s te e ____
25,000,000
25,000,000
T o t a l- ...............................................$353,801,015
L ia b ilitie s —
C a p it a l sto c k .....................................i/$158,661,800
S u rp lu s .............. ...................... .............
8,027,455
30,000,000
C o n v e rtib le bo nd s d a te d 1906____
C o lla te ra l tru s t b o n d s _____________
53,000,000
C o lla te ra l tru s t bo nd s as c o lla te ra l 25,000,000
N o tes, 5 % , due M a y 1 1907___.___
20,000,000
R e se rv e s .___________ _______________
9,108,139
N otes a n d a cc oun ts p a y a b le ______ 31,358,411
C o n tin g e n t......................................... ..
18,645,210

$1,945,514
per a n n u m ,

1904.
$30,889,710
7,301,689
2,232,944
138,684,248
219,834
48,127
12,192,673
35,140,048
22,110,400
25,000,000

$296,302,202

$273,819,673

$158,661,800
7,025,488
________
48,000,000
25,000,000
20,000,000
9,208,835
z 9 ,760,869
18,64o,210

$158,661,800
5,601,100
________
28,000,000
25,000,000
20,000,000
8,726,615
9,184,948
18,645,210

T o ta l.................................................. $353,801,015 $296,302,202 $273,819,673
V O f th e c a p ita l stock as here show n shares to th e a m o u n t of $27,110,400
are held as a reserve for ce rtain in debtedness a n d for th e benefit of the
treasury, a n d on th is stock d iv id e n d s ha v e n o t been p a id ; a m o u n t held
b y p u b lic a n d re ce ivin g d iv id e n d s , $131,551,400.
2 In c lu d in g In 1905 $2,959,907 for d iv id e n d J a n . 15 1906.— V . 84, p . 694,
627.
,
'

D iam ond M atch Company.
(Report for Fiscal Year ending Dec. 31 1906.)
President O. C. Barber, Chicago, March 23 1907, says in
substance:
General R esults.— T he year shows earnings greater th a n those of a n y year
since 1901, th e profits be in g $1.993,770.
T his result has been a ccom plishe d
a g ain st he av y adv ances In raw m a te rials a n d la b o r, b u t w ith o u t a n y i n ­
crease In th e selling price of m a tc h e s. T he profits d u rin g th e first three
m o n th s o f th e year are u su ally less th a n d u r in g a n y o ther lik e pe rio d, b u t
n o tw ith s ta n d in g th is fa ct the first three m o n th s o f 1907 prom ise to show
larger earnings th a n those o f a n y previous q u a rte r . In d ic a tin g a ra p id ly
In creasing trad e a n d a m ost p ro m is in g o u tlo o k for th e fu tu re .
C a lifo rn ia P rop erty .— E d w in A . P o tte r, G ran ge r Farvvell a n d the w riter
h a v e ju s t re tu rn e d fro m C a lifo rn ia , w here th e y carefully in specte d th e
c o m p a n y ’s p ro p e rty w ith very satisfactory results. U p to A p r il 1906 there
was a loss, In c id e n t to th e e s ta b lish m e n t of the new business, b u t th is loss
has since been w ip e d o u t b y th e profits. T he tra d e In lu m b e r , sash, doors,
blin d s , & c., In C a lifo rn ia , In w hich B r y a n t & M ay are jo in tly Interested
w ith us, has ra p id ly Increased d u r in g th e pa st year, a n d th e earnings a t
t h a t b ran c h are n o w a b o u t $30,000 per m o n th , w ith th e prospect of a still
gre ater p ro fit fo r th e ba la nc e o f th e year.
O p tio n on A d d itio n a l T im ber L a n d .— Several m o n th s ago th e c o m p a n y
secured an o p tio n o f purchase on 93,000 acres of tim b e r la n d , e s tim a te d to
c o n ta in 1,600.000,000 feet, a d ja c e n t to our present h o ld in g s . I f , a fte r
e x a m in a tio n to be c om pleted b y A p r il 15, th e figures are fu lly verified,
y o u r bo ard o f directors w ill p ro b a b ly re com m en d purchase. T he price for
th e la n d s , m ills a n d a given q u a n tit y o f m a n u fa c tu re d lu m b e r is $1,500,000,
a n d th e term s of p a y m e n t are exceedingly lib e ra l. T he Im p o rta n c e o f th is
p urch ase to y o u r c o m p a n y a n d B r y a n t & M a y , L t d ., Is fu lly realized b y
y o u r b o ard of directors.
I t w o u ld m a k e o u r to ta l h o ld in g s o m e th in g lik e




747

THE CHRONICLE

180,000 acres, c o n ta in in g a p p ro x im a te ly 3,500,000,000 feet of tim b e r,
w h ic h y o u r m a n a g e m e n t believes to be w o rth fr o m $1 to $4 per th o u s a n d
feet a t th e present m o m e n t. A s there has been ex pe nd ed, to g e th e r w ith
th e B r y a n t & M a y C o ., betw een $2,000,000 a n d $2,500,000 in th e erection
of a v ery c om plete p la n t fo r th e m a n u fa c tu re o f lu m b e r , sash, doors, b lin d s ,
m a tc h blo ck s, cases, flooring, m o u ld in g , & c., & c., also in lo g g in g roads, loc o­
m o tiv e s , & c., y o u r m a n a g e m e n t considers t h a t th is purch ase is ju s tifie d
n o t o n ly b y th e large prospective p r o fit, b u t b y its effect in p ro lo n g in g th e
usefulness of th e p la n t.
I t Is presum e d t h a t , w ith very little a d d itio n to
o u r present facilitie s, 100,000,000 feet of lu m b e r can be m a n u fa c tu re d
a n n u a lly , a n d w ith th e g ro w th of tim b e r , i t seems, there sh o u ld be a lm o st
a p e rp e tu a l forest o f good t im b e r fro m w h ic h to d ra w . A d ja c e n t also
is a G o v e rn m e n t forest reserve of v a st e x te n t, fro m w h ic h , fr o m tim e to
t im e , the ripe tim b e r m a y be sold, th e price a t present be in g fixed a t $3 50
pe r 1,000 feet. W i t h i n the p a st t h ir t y days th e G o v e rn m e n t has w it h ­
d ra w n fro m th e m a rk e t for s e ttle m e n t 17,000,000 acres o f forest la n d s
w h ic h are to be he ld as forest reserve. A< large p r o p o rtio n o f these la n d s
are on th e w estern slope a n d in th e W e s te rn S ta te s, w h ic h w ill ha v e th e
effect of e n h a n c in g th e v a lu e of o u r present h o ld in g s , as w ell as th e v a lu e
of o u r o p tio n .
P a ym e nt of F lo a t lm D ebt— F in a n c ia l P l a n .— L a s t y ear th e c o m p a n y
called u p o n y o u for $1,000,000 to relieve itse lf of a large flo a tin g d e b t a n d
to p ro v id e fo r b u ild in g new factories a n d e n la rg in g its business. The
ba la nc e sheet shows t h a t we ha v e p a id oft a ll o u r n o te In deb te dness a n d t h a t
we hav e a t present a large cash b a la nc e .
I t is q u ite e v id e n t t h a t th e
earnings for 1907 w ill large ly exceed those of 1906, b u t y o u r directors feel
t h a t th e y w o u ld prefer to in c u r no indeb te dn ess i f th e pu rch ase abov e
referred to is m ade; a n d sh o u ld th e reports o f o ur ex perts w a rra n t us in
re c o m m e n d in g th e purch ase , a p la n for fin a n c in g th e p r o p o sitio n w ill be
s u b m itte d a t th e a n n u a l m e e tin g o n M a y 1.
I t does n o t follow t h a t even
If th e purchase be m a d e It w ill be necessary to call on y o u fo r a n y m o n e y ,
b u t if a n y be asked for, we believe y o u w ill be eager to ta k e a d v a n ta g e of
th e o p p o rtu n ity offered of In v e stin g In a p ro p e rty t h a t seems de stin ed to
develop great v a lu e .
I t has been suggested t h a t th e lu m b e r business, h a v in g becom e so large
a n d im p o r ta n t a business in itse lf, be segregated fro m th e D ia m o n d M a tc h
C o. a n d a new c o m p a n y org an ized fo r t h a t purpose . W h a te v e r m e th o d
m a y be re co m m e n d e d , we feel very ce rtain t h a t , w h e n th e pro spectus is
presented to y o u , It w ill receive y o u r h e arty s u p p o rt.
W e feel t h a t in no previous year in th e history of th e c o m p a n y has th e
m a n a g e m e n t been m ore successful in th e c o n d u c t of its business.
IN C O M E A C C O U N T F O R C A L E N D A R Y E A R S .
1906.
1905.
1904.
1903.
$1,772,280
$1,653,369
$1,824,089
P r o f it s ___________________ $1,993,770
D iv id e n d s (10 % ) _______
1,550,000
1,500,000
1,500,000
1,500,000
S u r p l u s ________ ______
P revious su rp lu s ________

$443,770
z888,147

T otal s u rp lu s.................$1,331,917
D e p re c ia tio n ____________
..

$272,280
1,000,000

$153,369
1,000,000

$324,089
2,194,593

$1,272,280
$1,153,369
$2,518,682
272,280
153,369
1,518,682

B a la n c e ........... ............. $1,331,917

$1,000,000

$1,000,000

$ 1,000,000

x A s a d ju s te d .
BALAN CE SHEET DEC.
31.
Assets—
1906.
1905.
1904.
1903.
R e a l estate, &C_________ $ 13,776,240 $12,330,570 $12,387,747 $11,387,434
M atches ________________
398,763
663,150
660,396
576,709
L u m b e r , m erchandise &
raw m a te r ia l_______ _
1,624,899
2,431,797
2,190,489
2,840,915
A c co u nts receivable____ j/1,330,767
1,426,114
1,185,738
1,598,812
B ills receivable__________
91,385
184,605
97,969
150,823
753,288
266,971
342,994
444,425
C ash _______ _____________
T o t a l ............................ -$17,975,341

$17,303,207 $16,865,333 $16,999,118

T.jahUitie "
C a p ita l s to c k ....... ........... .$1 6 ,0 0 0 ,0 0 0
A c co u nts p a y a b le _______
563,425
R e s e r v e _________________
80,000
B ills p a y a b le ____________
_______
S urp lus a n d p ro fits_____
1,331,916

$15,000,000 $15,000,000 $15,000,000
398,207
405,333
649,118
_______
_______
_______
905,000
460.000
350,000
1,000,000
1,000,000
1,000,000

T o ta l .............................. $17,975,341 $17,303,207 $16,865,333 $16,999,118
— V . 84, p . 341.
■ ?/ Less reserve.

Electric Storage Battery Co.
(Statement for Fiscal Year ending Dec. 31 1906.)
President Herbert Lloyd signs the printed sheets upon
which the following is furnished:
IN C O M E , E T C .
1906.
1905.
T o ta l n e t in c o m e ____________ $1,0 59 ,3 73 $1,213,987 $1,082,909 $1,501,592
Less 5 % d iv id e n d s on c o m ­
m o n a n d preferred s t o c k ..
812,450
812,440
812,435
812,435
S u r p l u s _______ _____________ $246,923
P re v io us s u r p lu s _____________ 3,507,529

$401,547
3 ,155,447

$270,474
2,928,390

$689,157
2,283,477

U n d iv id e d s u r p lu s .............. $3,754,452 $3,556,994 $3,198,864 $2,972,634
F IN A N C IA L S T A T E M E N T .
C urren t Assets—
1906.
1905.
1904.
$410,814
C ash ............................................ $184,424
$106,779
A c co u nts re ce ivable_________ 1,220,137
1,566,805
1,078,444
N otes re ce iv a b le _____________
342,111
115,176
199,813
In v e n to r y a cc o u n ts— raw m a ­
te ria ls, stock in process
a n d fin ish e d p r o d u c t _____ 1,262,828
882,894
932,521

1903.
$357,495
1,500,820
240,529
707,829

T o t a l ___________ ___________ $3,009,500 $2,756,290 $2,536,955 $2,806,673
A ccts. p a y a b le , n o t d u e , e t c .

166,081

66,069

79,672

107,011

Assets over lia b ilitie s ______$2,843,419 $2,690,221 $2,457,283 $2,699,662
C O N D E N S E D B A L A N C E S H E E T D E C . 31.
1906.
1905.
|
1906.
1905.
Assets—
$
8
| Liabilities—
$
S
P lant investment.
861,634
806,203 ! Preferred stock___
214,200
246 700
Treasury s to c k ___ 1,750,575 1 750,575 Common s to c k ___17,785,800 17, ,753,300
Stks. & bds. owned 2,886,980 2 882,855 Accounts payable.
149,268
66 069
Patents, agreein’ts
Sundry liabilities.
16,813
13,068
and franchises._13,661,626 13 625,920 Surplus................... 3,754,451
,556,994
M ortgages_______
54,893
51,500 Reserved lor depre­
C a sh ----------184,424
106,779 ciation, bad debts
Accts. receivable.. 1,220,137 1 566,805 & unfinished con­
Notes receivable..
342,111
199,813 tracts ...................
304,677
237,212
Inventory accts.,
raw materials,
stock, &c_______ 1,262,829
882,8941

!

T o ta l............. . .22,225,209 21,873,3431
— V. 84, p. 696.

T otal................... 22,225,209 21,873,343

N ational Fire Proofing Co.
(Report for Fiscal Year ending Dec. 31 1906.)
President W . D. H enry, Pittsburgh, March 6 1907 says:
E a rn in g s a n d S ta tu s.— T he earnings fo r th e y e a r, before d e d u c tin g d e ­
p r e c ia tio n fo r p la n ts a n d e q u ip m e n t a n d reserve fo r a d ju s tm e n ts a n d a llo w ­
ances, were $943,180 (c o n tra s tin g w ith $472,053 In 1905 a n d $636,939 In
190 4.— E d .)
T he c u rre n t assets over a n d abov e c u rre n t lia b ilitie s on
D e c . 31 1906 were $3,010,484; o f th is su m $1,251,140 represented cash on
h a n d a n d in b a n k s . T he to ta l u n d iv id e d surplus, a fte r m a k in g d e d u c ­
tio n s for d iv id e n d s , d isc o u n t a n d com m ission on b o n d s Issued, a n d for
a rb itra ry d e p re c ia tio n of properties, w as $1,028-612.

748

THE CHRONICLE.

Im provem ents.— D u r in g th e y ear th e su m o f $102,503 was sp e nt in im ­
p r o v in g several o f th e p la n ts a n d a rra n g in g fo r a m ore ec on om ica l p ro d u c ­
t io n .
T he p h y sic al c o n d itio n o f th e p la n t has been fu lly m a in ta in e d o u t
o f o p e ra tin g expenses.
M iscellaneous.— T he cost of m a n u fa c tu re pe r to n has been decreased.
D u r in g th e y ear b ra n c h offices were established In S t. L o u is , C in c in n a ti
a n d Los Angeles.
T he fireproofing business in th e L o n d o n D e p a rtm e n t has be g u n to show
v ery g ra tify in g results. W o r k is irow progressing o n a b u ild in g in w h ic h
th e fireproofing c o n tra c t w as one of th e largest ever a w ard e d in E n g la n d .
Systems of F ire p ro o fin g .— Y o u r c o m p a n y has several very excellent sys­
tem s of c o m b in a tio n hollow tile a n d reinforced concrete, a n d d u rin g the
y ear h a s do ne a large a m o u n t of th is w o rk .
R ein fo rc ed concrete is en la rg in g
th e uses of hollow porous terra c o tta tile ; fo r, If th e b u ild in g s are p ro p e rly
c o n s tru c te d , th e s tru c tu ra l p a rts m u s t be prote cted fro m the a c tio n o f fire,
a n d porous te rra c o tta tile is th e best k n o w n m a te ria l a v a ila b le fo r th is
purpose . T he cost o f reinforced concrete b u ild in g s pro perly co n s tru cte d
a n d p ro te cte d fro m fire is in excess o f th e system s o f s ta n d a rd h o llo w tile
steel fram e c o n s tru c tio n , a n d th e tim e c o nsum ed in th e proper erection of
a reinforced concrete b u ild in g is very m u c h greater.
R E SU LT S FOR C A L E N D A R Y EA RS.
1906.
1905.
1904.
N e t ea rn in g s, all sources______________
$943,180
$472,053
$636,939
a237,015
6417,540
6417,593
D i v id e n d s _______ _________ _____________
D e p r e c ia t io n ___________________________
$100,000
$100,000
$100,000
A d ju s tm e n ts a n d allow ances________
48,353
_______
_______
N e t loss reinforced concrete v e n tu r e .
_______
158,105
_______
B a la n c e for y e a r____________________ s r.$557,812 d e f.$203,592 su r.$119,346
a 3%
6 5 54% .
I n 1904 a n a d d itio n a l d iv id e n d o f $139,197, m a k in g
7 % p a id d u r in g t h a t y ear, was charged o u t of prev ious surplus.
T he t o ta l surplus D ec. 31 1905 w as $1,487,618; a d d in g surplus $557,818
fo r th e y ear 1906 a n d d e d u c tin g $816,672 for de pre cia tio n of p la n ts a n d
e q u ip m e n t, & c., to J a n . 1 1906 a n d $200,000 fo r d isc o u n t a n d com m ission
on b o n d issue, leaves a t o ta l surplus o n D ec. 31 1906, as pe r b a la n c e sheet,
of $ 1,028,612.
B A L A N C E S H E E T D E C . 31.
1906.
1905.
1904.
Assets—
$
$
$
P la n t s , real estate , properties, & c.,
1 in c lu d in g I m p r o v e m e n t s ___________ 12,479,929
13,258,685
13,185,982
88,329
95,001
115,028
S tocks a n d b o n d s o w n e d _____________
A c co u nts re ce ivable___________________ 1 1,486,993
11,862,237
1,126,362
B ills re c e iv a b le ________ ______ _________ J
\ 81,622
90,731
C a s h ___________ ___________ ______ ______
1,251,140
231,528
381,286
S u p p lie s a n d In v e n to rie s______________
665,912
883,545
924,085
T o ta l assets_________________________ 15,972,303
L ia b ilitie s—
P referred s to c k ________________________
7,900,500
C o m m o n s to c k __________________________ 4,461,300
M o r tg a g e s ______________________________ 2 ,0 0 0 ,0 0 0
Preferred d iv id e n d acc ru e d ___________
158,010
B o n d Inte rest a cc ru e d ________________
25,000
A c c o u n ts p a y a b le _____________________
248,881
B ills p a y a b le ___________________________
R e s ’ve for re p lace m ’ts, a d ju s tm ’ts .& c .
50’,000
Reserve fo r d e p re c ia tio n ______________
100,000
S u r p l u s ___________________ :____________
1,028,612

16,412,618

15,823,476

7,951,450
4,484,500

7,953,150
4,487,350
121,169

766,346
1,528,000
194,849

293,701
1 ,110,000
167,041

1,487,472

1/1,691,065

T o ta l lia b ilitie s ________ _____________ 15,972,303

16,412,618

15,823,476

V $500 000 of th is decrease fro m prev ious year is d u e to a n " a rb itra ry
a llow ance fo r de p re cia tio n o f p la n ts to d a te cred ited to C ost of P ro p e rtie s.”
— V . 84, p . 697.

U nion N atural Gas Corporation, P ittsb u rg h ,P a.
{Report for Fiscal Year ending Dec. 31 1906.)
President T. N. Barnsdall Feb. 12 1907 writes:
S ince th e last a n n u a l re p o rt y o u r c o m p a n y , th ro u g h its u n d e rly in g c o m ­
pa n ie s, has a cq u ire d 73,360 acres o f new oil a n d gas leases a n d surrendered
34,408 acres t h a t hav e p ro v e n u n p r o d u c tiv e , a n d now holds 281,962 acres,
a n Increase d u rin g th e year o f 37,566 acres.
W e hav e also purch ase d 4 gas
wells a n d d r ille d 84 w ells, of w h ic h 78 were gas w ells, 1 oil w ell a n d 5 u n ­
p ro d u c tiv e ; a n d n o w ha v e a to ta l o f 4 oil wells in O h io , 407 gas w e lls ,in
O h io a n d P e n n s y lv a n ia , a n d ,th r o u g h ow nership o f stock in th e Reserve
Gas C o ., a one-half Interest In 102 wells In W e s t V irg in ia .
T here were la id in m a in lines 28 H m iles, In field lines 6 7 H m iles, in ex­
te n sio n In cities a n d tow ns 31 M m iles, a to ta l of 127 K m iles of p ip e .
The
a m o u n t of th e foregoing In v e stm e n t a ggregated over $500,000.
T he n u m b e r of consum ers has been increased in cities operated b y y o u r
c o m p a n y as follow s:
D o m e s tic ____________________________________________________________________ 8,363
S p e c ia l_______________________________________________________________________
167
T o t a l........................................................................................................................8,530
T he to ta l n u m b e r o f m eters n o w a re 7 6,002, o f w h ic h 74,348 are d o ­
m estic a n d 1,654 special ra te consum ers. T he increased n u m b e r was due
to the g ro w th o f the service in cities already* on th e lin e .
N o new d is ­
t r ib u t in g p la n ts were In sta lle d d u rin g th e year.
D is p o s itio n of S u rp lu s of Y e ar 1906.
N e t Increase in in v e s tm e n t, in c lu d in g 127 M m iles of p ip e , $187,258; m eters, services, & c., $91,866; p u m p s ta tio n s , $35,754;
la b o r , $58,411; 39,023 acres, $53,138; p ip e , casin g, rigs, die.,
for 88 new w ells, $67,643; rig h ts of w a y , $19,177; less electric
p la n ts s o ld , $ 7 ,2 9 7 _________________________________________________ $505,950
Decrease in n e t a cc oun ts p a y a b le ______________________________________ 104,431
Decrease in bo nd s o f u n d e rly in g c o m p a n ie s _________________________
50,000
24,430
D ecreased m a te ria ls In w arehouses & c_______________________________
N e t surp lu s fo r year 1906____________________________________________ $635,951
A p p ro xim ate E a rn in g s for J a n u a r y and F ebruary 1907.
E a rn in g s for J a n . 1907, $368,000; F eb. 1907 (a p p r o x .), $400,000 ..$ 7 6 8 ,0 0 0
Expenses, In c lu d in g b o n d Interest a n d gas purch ase d (a p p ro x .) . . 268,000
A p p r o x im a te net earnings for J a n . a n d F eb. 1907_______________ $ 50 0,0 00
Operations of the C orporation a nd its U nderlying C os. for C a len da r Y e ars.

Gross earn in gs, gas, e le ctric ity , & c ._
O p e ra tin g expenses. In c lu d in g d r illin g ,
re n ta ls, ro y a ltie s, & c_______________
G as pu rch ase d (see t e x t)______________
N e t In com e fro m o p e ra tio n ________
nterest o n d e b t, fu n d e d a n d c u r r e n t.
D iv id e n d ( 8 % ) ..........................................

1906.
$
2,990,926

1905.
$
2,618,741

1904.
$
2 ,419,189

943,511
422,863

877,358
339,251

799,968
206,031

1,624,552
268,600
720,000

1,402,132
233,595
720,000

1,413,190
319,937
720,000

988,600
953,595
1,039,937
S u rp lu s ...................................................
635,952
448,537
373,253
Note.— The "g as p u rch ase d ” was n o t purch ased because of a n y sh o rta g e,
a ; th e c o m p a n y has wells n o t in use a t a ll tim e s.
The c o m p e titiv e c o n d i­
tio n s a n d fav o rable term s of th e purchase m a k e it a p p e ar good business
p o lic y to purch ase o utside gas. th u s s a v ing o u r o w n gas a n d a v o id in g som e
of the expense of drillin g wells.
B A L A N C E S H E E T D E C . 31.
1905.
1906.
1905.
I
1906.
Assets—
$
$
I L ia b ilitie s —
$
$
9.000.000
•In v e s tm e n t” 15,860,336 15,378,816 |C apltal s to c k . 9,000,000
3.000.000
B d s ., “ U n io n ” 3,000,000
961,000'
U n d e rly ’g bds. *911,000
743,264
N e t a c c ts .p a y .
638,832
1,674,552
T o ta l s u r p lu s . 2,310,504
T o ta l............ 15,860,336 15,378,816(

T o ta l............. 15,860,336 15,378,816

•T hese ru n from 15 to 25 years a n d are m o s tly 5 per c en ts.— V . 84, p . 395.




[V o l .

G E N E R A L IN V E S T M E N T

l x x x iv

.

NEW S.

R A IL R O A D S , IN C L U D IN G STREET R O A D S .
Belvidere Delaware R R . — Dividend Increased.— This com­
pany, leased to the Pennsylvania R R .,h a s declared an annual
dividend of 10% on its §1,253,000 capital stock, payable
March 15 to holders of record March 12. From 1897 to 1906,
both inclusive, the rate was 5 % yearly, payable in Feb­
ruary.— V. 76, p. 918.
Buffalo & Susquehanna R R .— Listed.— The New York
Stock Exchange has listed -$2,408,000 additional first
refunding mortgage 4% bonds, due 1951, m aking the total
listed $8,929,000.
$8,970,000 F ir s t R e fu n d in g 4s (reduced by sin k in g fu n d to $8,9 29 ,0 00 ).
A c q u irin g the lines co n s o lid a te d A p r il 1 1901and for c o n s tru ctio n $2,250,000
P urchase of Clearfield (Tyler) coal p r o p e r ty _______________________
260,000
T o m a k e a lo a n to th e P o w h a ta n C oal C o___________________________ 1,000,000
I n exchange fo r first m o rtg ag e 5 % bo nds (on D ec. 31 1906 o n ly
$149,500 first 5s re m ain e d o u ts ta n d in g )_________________________
630,000
F o r p a y m e n t in to s in k in g fu n d to re tire first m o rtg a g e 5s_______
201,000
F o r re fu n d in g expenses to d a te _____________________________________
150,000
T o p ro v id e fo r purch ase of e q u ip m e n t_____________________________ 1,489,000
To pro v id e fu n d s fo r a d d itio n a l m ile a g e ____________________________ 1,750,000
To enable c o m p a n y to m a k e a lo a n to th e B u ffa lo & S u s q u e h a n n a
C oal & Coke C o_________________________________________ ___________ 1,240,000
Less bonds purch ase d a n d he ld b y trustee u n d e r sin k in g fu n d pro­
visions o f th e m o rtg a g e ____________________________________ 41,000
Note.— T he $2,408,000 bo nd s ju s t listed In clu de $1,164,000 issued to
purchase a d d itio n a l e q u ip m e n t a n d $1,240,000 issued for th e purpose of
e n a b lin g the c o m p a n y to m a k e a lo a n to th e B u ffalo & S u s q u e h a n n a Coal &
Coke Co. T his lo a n is secured by purchase m o n ey m ortgage for $ $ 1 ,240,000
o n coal la n d s , e q u ip m e n t a n d p ro p erty of th e B u ffalo & S u s q u e h a n n a
Coal & Coke Co. lo cated w ith in th e counties o f A rm s tro n g , In d ia n a , C lear­
field a n d Jefferson, P a ., said m o rtg ag e be ing deposited w ith the trustee
of the first re fu n d in g Issue.

Earnings.— For half-year ending Dec. 31:
Last
Gross
Net
Other
F ix e d
Other
B alance,
6 M o s.
E a rn in g s . E a rn in g s . In co m e .
Charges. Deduc'ns. S u rp lu s .
1906 ............ .$89 6,3 0 0
$323,814
$96,263
$175,284
$65,460
$179,333
1905 ________ 780,389
291,144
..........................................................................
P ro fit a n d loss a c c o u n t fo r half-year e n d in g D e c . 31 1906; C redits: T o ta l
surplus J u ly 1 1906, $470,994; n e t in co m e fo r six m o n th s e n d in g D ec. 31
1906, $179,333; su n d ry a d ju s tm e n ts , $1,789; t o ta l, $652,116.
D eb its:
D iv id e n d s N os. 17-18 o f 1 % each o n $4,000,000 pref. sto ck . $80,000; a n d
N os. 30-31 of 1
each on $4,456,900 c o m m o n sto ck , $111,422; t o t a l,
$191,422.
B a lan c e surplus per b a la n c e sheet D ec. 31 1906, $ 4 6 0,6 94 .— V .
84, p . 693.

Canadian Northern Quebec R y .— Exchange of Bonds— Con­
struction.— An authoritative statem ent, calling attention to
the notice on another page of this issue regarding the offer
to exchange Canadian Northern Quebec 4 % guaranteed
debenture stock for Great Northern Railw ay of Canada 4 %
bonds, announced in this column last week (p. 693), says:j
T he C a n a d ia n N o rth e rn Q uebec was fo rm e d b y th e a m a lg a m a tio n o f th e
G rea t N o rth e rn o f C a n a d a w ith th e C h a te a u g u a y & N o rth e rn a n d th e Q u e ­
bec N ew B ru n sw ic k & N o v a S co tia R a ilw a y c om pa nies, a n d lt has, in a d d i­
tio n to a direct lin e to M o n tre a l, v a lu a b le te rm in a l properties there as w ell
as In Q uebec, In to w h ic h c ity lt Is ex pected lt w ill this year have c o m p le te d
Its ow n lin e . T he present eastern te rm in u s , H a w k e s b u ry , w ill in the near
iu ru re , we u n d e rs ta n d , be c onnected w ith the C a n a d ia n N o rth e rn sy ste m
t o W in n ip e g a n d W es tern C a n a d a .— V . 84, p . 693.

Chattanooga Southern R R .— Offer.— A
yesterday from Chattanooga said:

press dispatch

T he L o u is v ille & N a sh v ille R R . C o.s directors h a v e m a d e a n offer to
th e m in o r ity stockholders. A n u lt im a t u m has also been giv en t h a t If, b y
A p r il 15, those stockholders w o u ld n o t sell, th e proposed buye rs w o u ld n e t
exercise th e ir o p tio n on th e m a jo r ity o f the stock .
I t Is u n de rsto o d the
L . & N . agreed to p a y $1,250,000 for the stock c o m p le te .— V . 83. p . 817.

Chicago Great Western R y .— Option to Subscribe.— Under
date of London, March 16, there is offered for subscription
at £16 per $100 share, through Robert Benson & Co. of that
city, $3,873,000 4 % (irredeemable) debenture stock, part of
the authorized issue of $30,000,000 of which $26,127,000
was outstanding on June 30 1906. Subscriptions are paya­
ble per $100 share as follows: On application, £2; April 4
1907, £2; July 1 1907, £12; total, £16.
A t th is price the yield on In v e stm e n t Is s lig h tly over £ 5 3s. Od. per c e n t.
In te re st w ill be allow ed on th e In s ta llm e n ts a t th e rate of. 5 % per a n n u m to
J u ly 15 n e x t, from w h ic h d a te th e d e b e n tu re stock w ill be ar fu ll Interest.
P a y m e n t in fu ll m a y be m a d e o n A p r il 4 a n d Interest w ill the re up o n accrue
fro m the da te of p a y m e n t.
P referential c onsid eratio n w ill be given to s u b ­
scriptions b y th e holders of d e be nture a n d preferred “ A ” stocks.

See semi-annual report, with purposes of this issue, under
“ A nnual Reports” on a preceding page of this issue.— V. 84,
p . 693,626.
Chicago Rock Islan d & Pacific R y .— Bonds Offered.— See
Rock Island-Frisco Terminal R y . below.— V. 84, p. 569, 507.
Chicago Terminal Transfer R R . — Action by M inority Stock­
holders.— At a meeting of the m inority stockholders held on
Wednesday at the office of Malcom & Coombe in this city,
it was decided to appoint a committee to protect their in ­
terests under the foreclosure proceedings now in progress.
The names of the committee, it is expected, will be an­
nounced shortly by George I . Macolm, Chairm an of the
m eeting.— V. 84, p. 693.
Cleveland Southwestern & Columbus R y .— Officers.— The
following officers and directors are announced for this con­
solidated com pany, formed per plan in V. 83, p. 1590:
F . T . P o m e ro y , P re siden t; A . E . A k in s , F irst Vice-Pres.; F . E . Myers of
A s h la n d , S econd Vice-Pres.; E . F . S ch ne id e r, S ecretary , a n d J . O . W ils o n ,
T reasurer.
D irectors: F . T . P o m e ro y , H . P o m e ro y , A . E . A k in s , F . H . G in n , F . L .
F u lle r, M . J . M a n d e lb a u m , C lev e lan d ; F . E . M yers. A s h la n d ; W . H . Lamp re c h t, G . N . C h a n d le r, H . Q . S a rg e n t, S. C . S m ith . J . F . H a rp e r, C leve­
la n d ; M . A . S p ra g ue , L . M . Coe, Berea; W . B . T h o m p s o n , L o rain ; M . L .
B e n h a m , Le R o y ; A . B . T ay lo r, L o d i.

The “ Cleveland Leader” says that it is expected that the
Columbus Delaware & Marion line wil be utilized either by
purchase, consolidation or through a traffic agreement.
— V. 84, p. 569, 338.
Colorado & Southern R y .— Listed in London.— The London
Stock Exchange has listed the outstanding $10,000,000 “ re-

M a r , 30 1907.J

THE CHRONICLE.

fu nd in g and extension mortgage” 4 J^ % gold bonds, Nos. 1 to
9,100 and 16,001 to 16,900.— V. 84, p. 507, 449.
Erie & Pittsburgh R R . — Earnings.— The New York Stock
Exchange, in connection w ith the listing of 32 additional
shares of $50 each, m aking the total stock listed $2,000,000,
has the following:
t • • • •
Y e ar.
190 2
190 3
190 4
190 5
190 6

Results for C a len da r Years.
Gross
Expenses &
N et Guaranteed
E a r n in g s .
Taxes.
E a rn in g s .
R en tal.
............... $1,626,751
$1,050,109
$576,642
$322,501
_______ 1,565,243 • 1,032,139
533,104
335,555
1,451,181
850,294
600,887
338,332
............. 1,966,605
1,161,760
804,845
362,786
............. 2,143,384
1,277,419
865,965
390,221

B a lan c e ,
S u rp lu s .
$254,142
197,549
262,555
442,059
475,744

“ from which it will appear th a t the earnings of the property
during the past five years have been more than sufficient to
meet interest on bonded debt and pay 7 % guaranteed d iv i­
dends on the capital stock.” — V. 80, p. 472.
Georgia R ailw ay & Electric Co., A tlan ta, G a.— New Stock
as Dividend.— The shareholders on March 26 voted to in ­
crease the common stock from $6,014,600 to $8,000,000 for
the purpose, the press reports say, of declaring a stock divi­
dend of 33 1-3% to the common stockholders.— V. 84, p. 570.
Grand Rapids (Mich.) R y .— Listed.— The New York Stock
Exchange has listed $465,000 additional first mortgage 5%
bonds, due 1916, m aking the total listed $3,157,000, and
has authorized the listing of a further $285,000 from time
to tim e, but prior to Oct. 1 1907, on notice th a t they have
passed beyond the control of the com pany, m aking the
am ount authorized to be listed $3,442,000.
Issuance of $3,215,000 first mort. bonds (reduced bvlsinking fu n d to $3,157,000)
R e t ir in g $1,203,500 C o n so lid a te d S treet R y . Co. 5 % bo n d s,
$600,000 S treet R a ilw a y C o. o f G r a n d R a p id s 6 % bo n d s,
$50,000 N o r th P a rk S treet R y . Co. 5 % b o n d s, a flo a tin g d e b t
of $177,283 35, a n d to p ro v id e $150,000 In cash expe nd ed for
new power-house, a n d re m a in in g proceeds fo r v a rious corporate
p u r p o s e s ____________________________________________________________ $2,500,000
F o r 85 % of th e a c tu a l cost o f extensions a n d p e rm a n e n t im p ro v e ­
m e n ts, consisting of a d d itio n a l tra c k a n d e q u ip m e n t, real
estate, a d d itio n a l power-house, m a ch in e r y , & c__________________
715,000
Less retire d a n d canceled un d e r sin k in g fu n d p r o v is io n ____ 58,000
— V . 84, p . 220.

Great Northern R y .— Decision Permitting Stock Issue.—
The Supreme Court of Minnesota on Thursday handed down
a decision overruling the lower courts, holding th a t the
company m ay issue the $60,000,000 new stock offered to
the stockholders at par in December last w ithout first getting
authority from the State Railroad and Warehouse Com­
mission. Compare V. 84, p. 220.
T he C o urt says t h a t th e Le gislature has th e rig h t to en act statutesjregula tin g th e Increase of th e c a p ita l stock o f ra ilro a d c orporation s a n d to
confer u p o n a c om m ission th e d u ty o f sup erv isin g a n y proposed increase
a n d to refuse pe rm ission If th e facts d o n o t “ b r in g th e case w ith in the
s t a t u t e .”
T he C o urt says fu rth e r: " A n y s ta tu te , how ever, w h ic h a tte m p ts
to a u th o riz e th e C om m ission in its ju d g m e n t to a llo w a n increase o f c a p ita l
stock for such purposes, a n d on such term s as It m a y deem a d v isa b le , or
in Its discre tion to refuse, it , w'ould be u n c o n s titu tio n a l, as a n a tt e m p t to
delegate leg islativ e p o w e r.”
S ection 2872, R ev ise d S ta tu te s 1905, is held
to v io la te section 1, a rtic le 3 o f th e S ta te C o n s titu tio n in t h a t It does
delegate to th e C om m ission such leg islativ e pow er.

Again Postponed.— In the absence of a decision in the
injunction case, the company on Tuesday postponed
th e tim e for th e c losing of th e tran sfer books fo r th e purposes of th e new
issue of stock, a n d th e tim e lim it fo r th e filin g o f su b sc rip tio n s, u n t il 3 p . m .
A p r il 2; th e tim e for filin g assign m en ts u n t il 3 p . m . A p r il 6, a n d th e tim e
for m a k in g th e first, second a n d t h ir d a n d fo u r th p a y m e n ts u n t il A p r il 9.
C o m p a re V . 83, p . 1469, 1590.

Explanation— Description of Ore Lease. — See United
States Steel Corporation under “ Industrials” below.— V. 84,
p. 693, 626.
Great Northern R ailw ay of C anada.— Exchange of Bonds.—
See Canadian Northern Quebec R y . above.— V. 84, p. 693.
Houston & Texas Central R R .— Called Bonds.— First
mortgage bonds of 1890 aggregating $380,000 have been
drawn by lot and will be redeemed at 110 and interest on
presentation at the com pany’s office in the Equitable B uild­
in g, this city, interest ceasing May 27 1907. See advertise­
m ent on another page of to-day’s “ Chronicle.” — V. 83, p.
1524.
Indianapolis Coal Traction Co.— See Terre Haute In d ia n ­
apolis & Eastern Traction Co. below.— V. 81, p. 975.
Indianapolis & Martinsville R apid Transit Co.— See Terre
H aute Indianapolis & Eastern Traction Co. below.— V. 83,
p. 37.
Indianapolis & Northwestern TractionXCo.— See Terre
H aute Indianapolis & Eastern Traction Co. below.— Y. 83,
p. 37.
Indianapolis & Western Traction Co.— See Terre Haute
Indianapolis & Eastern Traction Co. below.— V. 83, p. 562.
Long Islan d R R . — New Director.— Franklin B. Lord, of
the firm of Lord, Day & Lord, has been elected a director to
succeed James Hazen Hyde, who resigned.— V. 84, p. 570.
Louisville & Nashville R R . — Earnings.— For the half-year
ending Dec. 31:
6 mos.
Gross.
1906
$23,930,446
1905................. 21,082,678

Net.
O th. Incom e. Charges
$6,635,890 $765,124 $3,840,658
6,234,387
777.083
3,482,659

B alance.
$3,5 60 ,3 56
3,528,811

749

1905 and purchased the $10,000,000 first mortgage 50-year
4 % bonds, it is said, has been closed, after having sold about
two-thirds of the bonds. Bonds were offered in Philadelphia
on March 29 at about 98.— V. 83, p. 818.
Missouri Pacific R y .— Stuyvesant Fish on Executive Com­
mittee.— Stuyvesant Fish, who was recently elected a mem­
ber of the com pany, has been made a member of the Execu­
tive Committee.— V. 84, p. 626, 221.
Mobile Jackson & Kansas City R R .— Withdrawal of Suits.
— As stated in our issue of Feb. 9 (p. 339), the management
and control of the Mobile Jackson & Kansas City and its
leased line, the Gulf & Chicago, were recently vested in a
voting trust consisting of John E . Borne, President of the
Colonial Trust Co., the trustees of the Gulf & Chicago m ort­
gage; Alexander M cDonald, a director of the Cleveland Cin­
cinnati Chicago & St. Louis R y ., and B. F. Y oakum of the
Rock Island system. The settlement of pending litigation
to the satisfaction of all concerned was announced on
Wednesday as follows:
G o d k in & C h a d b o u m e a n d S u lliv a n & C ro m w e ll, a tto rn ey s for Messrs.
M o ne il, M orrison a n d M c L e o d, th e G u lf & C hicago R y . p ro te ctiv e c o m m it­
tee, a nn o u nc e th e te rm in a tio n o f th e litig a tio n a ffectin g th e M o bile Jac k s o n
& K ansas C ity R R . Co. a n d th e G u lf & C hicago R y . Co. T he suits b r o u g h t
fo r receiverships of these com panies w ill be w ith d r a w n a n d Messrs. M o ne ll,
M orrison a n d M cL eod have been elected m em b ers o f th e bo ard o f directors
of th e M o bile Ja c k s o n & K a ns as C ity R R . Co.
I t Is un de rsto o d t h a t th is result, w h ic h is fu lly satisfactory to a ll partie s,
has been largely due to th e confidence felt b y a ll concerned in th e fu tu re
of the properties u n d e r th e effective m a n a g e m e n t of M r. Y o a k u m . Q

F inancing.— Arrangements are being made for the financ­
ing of the floating debt and putting the company in necessary
funds. Later it is proposed to extend the road on the north
to connect w ith the ’Frisco system and to build a branch
line from Beaumont to New Orleans. This would give the
’Frisco-Rock Island system a direct north and south line
from Chicago to the G ulf.— V. 84, p. 339.
M t. Mansfield Electric R R ., Stowe, V t.— In Receivers’
H ands.— Charles E . Burt of Stowe was appointed receiver
recently on application of the American Trust Co. of Boston,
which, as mortgage trustee, is seeking to foreclose the m ort­
gage securing an issue of 5 % bonds due in 1928.
The lin e , e x ten din g fro m W a te r b u r y to S tow e, a distance of 10 m iles,
(to ta l trac k 12 m ile s ), was opened for tra ffic in F eb . 1898. A t la st accounts
(Ju n e 30 1903) there were o u ts ta n d in g : C a p ita l stock, $300,000: fu n d e d
d e b t, $200,000; current lia b ilitie s , $45,765.
F o r th e year 1902-03 the gross
earnings were $16,090 ($7,466 b e ing fro m passengers a n d $6,894 fro m
fre ig h t): o p e ra tin g expenses, $13,609; n e t, $2,481. P re sid e n t, A . H . S oden,
B oston.

New York New Haven & Hartford R R .— Terms of Deal.—
See Merchants’ & Miners’ Transportation Co. under “ Indus­
trials” below
A press dispatch from New Haven pn March 26 said:
I n c o nn e ctio n w ith th e a cq u isitio n o f th e M e rc h a nts’ & M iners’ T rans­
p o r ta tio n Co. b y th e N ew Y o r k N ew H a v e n & H a rtfo rd R R . C o ., It is
e x plaine d here t h a t th e steam ship lin e Is lin k e d com m ercially w ith th e
Seaboard A ir L in e , th e A t la n t ic Coast L in e , th e N o rfo lk & W e s te rn , th e
C hesapeake & O h io a n d th e B a ltim o re & O h io ra ilro a d system s, each of
w h ich has a differential th ro u g h rate fro m th e W es t a n d S o u th to Providence
a n d B o sto n , w h ic h rate is less t h a n th e s tan d a rd th ro u g h rate .
B y th e
a cq u is itio n th e N ew Y o rk N ew H a v e n & H a rtfo rd R R . secures a larger
c ontrol over th e th ro u g h rate t h a n It w o u ld hav e in th e sta n d a rd rate to
th e N ew E n g la n d te rm in als of th e steam ship c o m p a n y , a n d those te rm in als
re ta in th e differe ntial rate b e ne fit.— V . 84, p . 694, 626.

Pere Marquette R R .— Settlement Ratified.— The stock­
holders on Thursday ratified the settlement with the Chicago
Cincinnati & Louisville referred to last week. Compare
V. 84, p. 693.— V. 84, p. 509.
Philadelphia Baltimore & W ashington R R .— Report.— For
calendar year:
C a l.
Gross
Net
Other
F ix e d
D ividends. B a l. for
Year.
E a rn in g s .
E a rn in g s . Incom e.
Charges.
(4 % )
E x tra E x p .
1 9 0 6 ...$ 1 5 ,9 4 1 ,2 4 1 $3,508,265 $776,556 $1,502,269 $939,742 $1,842,810
1 9 0 5 ... 14,676,204 3,121,746 804,939
1,272,920 939,742
1,714,023
The net earnings as above given are afte r d e d u c tin g rentals ($832,987
In 1906 a n d $751,525 in 1905) based o n n e t e a rn in g s.— V . 82, p . 984.

Philadelphia R apid Transit Co.- -Another Call Expected.—
I t is understood in Philadelphia th at a call of $5 per share
on the 600,000 shares of $50 each ($30 paid in) will be made
within the next ten days, probably some time next week.
The last call, also $5, was paid Dec. 10 1906 (V. 83, p 1171).
— V. 84, p. 571, 451 .
Portland (O.) R ailw ay Co.— Listed.— The New York Stock
Exchange has listed $245,000 additional “ first and refunding
mortgage” 5% sinking fund bond due 1930, m aking the
total listed to date $6,227,000.
T he $245,000 new bo nd s were issued on acc o u n t of th e fo llo w in g e x p e nd i­
tures, ag g re g ating $307,044, v iz .; E x te n s io n a n d re-construction of trac k s .
In c lu d in g special w o rk , $134,078; extension of overhead lin es, $13,242;
new p a v in g , $42,091; new electric cars, tru ck s a n d m o to rs, $63,748;
a d d itio n a l power-house e q u ip m e n t, $415; a d d itio n a l car shop s, $51,325;
a d d itio n a l rig h t o f w a y , $2,145.
Incom e for F is c a l Y ear ending Dec. 31 1906.
Gross earn in g s____________ $1,684,1571 F ix e d charges a n d ta x e s _____ $436,832
N e t earn in g s..........................
7 0 9 ,457| B a lan c e , s u r p l u s . . ................. 272,625
D iv id e n d s on $2,500,000 pref. stock (1 V4 % Q .- J .)- - (5 % ) $125,000
D iv id e n d s on $4,000,000 c o m . stock (1 % O c t. 1; 1 %
D ec. 31 1906).......................................................................... (2 % ) 80,000
-------- 205,000
B a la n c e , s u rp lu s , over d iv id e n d s ---------------------------

$65,625

Practically the entire capital stock is owned by the Port­
Dividends of 3 % call for $1,800,000 semi-annually, leaving
a balance of $1,760,356 in 1906, against $1,728,811 in 1905. land R ailw ay, Light & Power Co.— V. 83, p. 1471.
Called Bonds.— General mortgage bonds to the am ount of
Portland (Ore.) Railw ay & L ig h t Co.— Bonds— Earnings.—
$405,000, drawn for the sinking fund, will be paid on June 1 See Portland R ailw ay above.— V. 84, p. 627.
1907 at the office of the company, No. 71 Broadway. The
R ichm ond (In d.) Street & Interurban R y .— See Terre
numbers of the bonds are given in an advertisement on
Haute Indianapolis & Eastern R y . below.— V. 74, p. 1197.
another page.
Rock Island-Frisco Terminal R y .— Offering of Guaranteed
Market Street Elevated Passenger R y ., Philadelphia.—
Syndicate Closed.— The syndicate which was formed in March Bonds.~ T he First National Bank of Chicago,in its circular




750

THE CHRONICLE.

for March 1907, offers at 102^6 and interest $3,000,000
first mortgage 5 % gold bonds, guaranteed jo intly and
severally,by endorsement on each b o n d .b y the Chicago R ock
Island & Pacific R y . (the old com pany) and the St. Louis &
San Francisco R R . • These bonds are dated Jan . 2 1907,
due Ja n . 1 1927. Interest payable J a n . 1 and Ju ly 1 at the
fiscal agency in New Y ork, or the Mercantile Trust Co. of
St. Louis, the mortgage trustee. Authorized issue, $5,000,000; reserved for use for improvem ents, additions and
extensions, $2,000,000; outstanding, $3,000,000.
A bstract of Letter from P resident A . J . D av id so n , S t. L o u is , F eb . 28 1907.
These bo nd s are secured b y m o rtg a g e o n real estate, a ll s itu a te d In S t.
L o u is , as follow s: (a) A tra c t of 193,239 s q u a r e fe e to n B r o a d w a y ,e x te n d in g
fro m B id d le to C ollins S t.
T his tra c t Is a ll o f three c ity blo cks, except tw o
lo ts, tw o blocks are Im p ro v e d w ith m o d e rn fre ig h t te rm in a ls , a n d th e t h ir d
w ith stores, (b) A tra c t o f 152,500 square feet o n B ro a d w a y , b e g in n in g a t
B ro o k ly n S t. a n d e x te n d in g n o rth fo r 2 Vi blo cks. B o th these parcels are
o f great v a lu e for o th e r th a n ra ilro a d purposes, are lo c ate d on a m a in
business th o ro u g h fa re , a n d are s itu a te d b u t five a n d eleven blocks fro m
th e business centre o f th e c ity ,
(c) A tra c t b e g in n in g a t A d e laid e A v e .
a n d e x te n d in g n o rth over one m ile to H u m b o ld t A v e ., w ith a n average
w id t h of 600 feet, besides a b u t tin g properties. T his pro p e rty is o f con ­
side rable v a lu e fo r fa c to ry purposes, w arehouses, lu m b e r y ards, &c.
It
w ill be used fo r s w itc h in g , storage a n d general y a r d purposes.
I t w o u ld
be q u ite im possib le to d u p lic a te th is except b y purchase fro m a n o th e r ra il­
ro a d .
I n a d d itio n to b e in g reached b y th e C hicago R o c k Is la n d & P acific
R y . , i t Is co n n e cte d , th ro u g h th e T e rm in a l A ssoc iation of S t. L o u is , w ith
a ll th e railroads en terin g th e c ity .
W e believe th e present v a lu e of these properties to be a b o u t 54,000,000,
a n d t h a t th e y c o u ld n o t be d u p lic a te d for t h a t a m o u n t.
A n a d d itio n a l se cu rity , a p e rp e tu a l c o n tra c t betw een th e T e rm in a l R a il­
w a y A sso c iatio n of S t. L ouis a n d th e C hicago R o c k Is la n d & P acific R y .,
its successors or assigns, w hereby th e la tte r or a n y o th e r ro a d co ntro lle d
b y I t , shall h a v e th e rig h t to en ter u p o n a n d use th e track s o f th e T e rm in a l
A sso c iatio n , c o n n e ctin g the tracts un d e r m o rtg a g e , has been m a d e sub jec t
to th e m ortg a g e.
T he p r in c ip a l a n d interest of th e bonds are gu a ra n te e d b y th e C hicago
R o c k Is la n d & P a cific R y . a n d th e S t. L o u is & S a n F rancisco R R . , jo in tly
a n d severally, b y en dorsem ent o n each b o n d .
I n e x ec uting th e ir g u a ra n ty ,
these com panies ha v e agreed th a t the fixed charges shall be considered a y a
necessary charge a g ain st o p e ra tio n , a n d sha ll be so charged . T he p ro p e rty
Is leased to th e g ua ra n to rs fo r a n a n n u a l su m su fficie n t to p a y th e interest
charges, m a in te n a n c e a n d re ne w als. A ll of the c a p ita l stock is ow ned by
th e roads ab o v e m e n tio n e d , a n d has been deposited in a co lla te ral tru s t
a gree m en t w ith th e M e rcantile T rust C o ., S t. L o u is , to fu rth e r secure th e ir
g u a ra n ty .
The r ig h t, how ever, Is giv en to the lessor to a d m it other
-companies to use th e ir te rm in a ls, a n d u n d e r th is a greem ent it is a n tic ip a te d
t h a t th e C hicago & E a ste rn Illin o is R R . w ill m a k e use of th e m .
T he tw o ra ilroa ds w h ic h gua ra n te e these b o n d s, for th e fiscal y ear e n d in g
J u n e 30 1906, earned $ 9,094,517, a fte r p a y in g a ll tax es, interest a n d re ntals.
— V . 84, p . 571, V . 82, p . 929.

St. Joseph Valley Traction Co., E lkhart, I n d .— Bond Issue.
— This company, which operates w ith gasoline motor cars
a line completed a few months ago from Middlebury, In d .,
to Angola, In d ., via La Grange, about 47 miles, has, it is
stated, made a mortgage to W illiam P. Knickerbocker of
E lkh art, as trustee, to secure $700,000 bonds due in 1919.
The President and General Manager is Herbert E . Bucklen
of Chicago. The road was projected to extend from Angola
via Middlebury to South Bend, 80 miles. The St. Joseph
Valley R y . was organized to build the 28 miles from La
Grange to Angola.
St. Louis & San Francisco R R .— Bonds Offered.— See Rock
Island-Frisco Terminal R y . above.— V. 84, p . 627, 571.
Terre Haute Indianapolis & Eastern Traction Co.— Con­
solidation.— This company was incorporated under the laws
of Ind iana on March 23 w ith, it is said, an authorized issue
of $25,000,000 stock and $10,000,000 bonds, as the holding
or merging company for the bulk of the Ind iana trolley prop­
erties acquired during the past two years by the Philadel­
phia syndicate represented in Indianapolis by H ugh J . Mc­
Gowan, in which the United Gas Im provem ent Co. is believed
to be directly or indirectly interested.
The “ Indianapolis News” of March 23 and March 25 says
(compare “ Street Railw ay Section” regarding the constituent
properties):
T he Terre H a u te In d ia n a p o lis & E a ste rn w ill a c q u ire b y purch ase or
lease th e In d ia n a p o lis & N orthw e ste rn (V . 80, p. 2457), th e In d ia n a p o lis &
W estern (V . 83, p . 562 ), In d ia n a p o lis C oal T ra c tio n (P la in fie ld line) (V . 81,
p . 975 ), the In d ia n a p o lis & M a rtin s v ille , the In d ia n a p o lis & E a ste rn a n d
th e R ic h m o n d Street & In te r u r b a n R y .
T he h o ld in g c o m p a n y w ill n o t
a cq u ire th e lines of th e In d ia n a U n io n T rac tio n C o ., th e F t. W a y n e &
W a b a s h V a lle y T rac tio n Co. n o r th e E v a n s v ille a n d S o u th B e n d properties,
w h ic h h a v e re ce ntly com e u n d e r sy n d ica te c ontrol.
F o rm a l ra tific a tio n of a lease b y w h ic h the c o m p a n y w ill g a in c ontrol
f j i 99 years of the street car lines of Terre H a u te a n d the In te ru rb a n s o u t of
t h a t c ity to C lin to n , B ra z il a n d S u lliv a n , w ill be (was) m a d e M arch 25,
w hen th e directors o f th e Terre H a u te T rac tio n & L ig h t Co. w ill (did) a p ­
p ro v e signatures w h ic h hav e a lre a d y been a tta c h e d to th e papers.
T he leas­
in g c o m p a n y is to assum e a ll lia b ilitie s of th e Terre H a u te c o m p a n y ; to
gua ra n te e 6 % on $500,000 preferred stock; to assum e $3,366,000 5 % bo nd s
a n d to guaran te e 2 % on $2,000,000 c o m m o n stock for three years a n d 3 %
o n th is stock for th e succeeding years.
T he new c o m p a n y w ill c o n tro l 363 m iles o f tra c tio n lin e In o p e ra tio n ,
exclusive of the Terre H a u te lines (w hich aggregate 86 m ile s.— E d .) .
The
Terre H a u te In d ia n a p o lis & E a ste rn , as a h o ld in g c o m p a n y fo r th e sy n d ica te
lin es In In d ia n a , corresponds to th e recently In co rp o ra te d I n d ia n a C o lu m ­
bus & E a ste rn T rac tio n C o ., w h ic h Is a h o ld in g c o m p a n y fo r the lines in
O h io ow ned b y th e sam e interests as th e s y n d ica te lines in In d ia n a .
T he
tw o h o ld in g c om pa nies w ill operate In close re la tio n a n d es tablish th ro u g h
service over th e ir roads.
O fficers h a v e n o t y et been elected fo r th e In d ia n a c o m p a n y , b u t o rg a n i­
z a tio n w ill be m a d e w ith in a few d a y s.
I t is u n de rsto o d t h a t M r. M c G o w an
u ltim a te ly w ill be P re siden t.
T hro ug h service w ill be established fro m Terre H a u te to Z an esv ille,
T oledo a n d o ther O h io cities over th e lines o f th e Terre H a u te In d ia n a p o lis
& E a ste rn a n d the In d ia n a C o lu m b u s & E a ste rn , w h ic h are th e tw o h o ld in g
com pa nies for th e sy n d ica te lines In In d ia n a a n d O h io .

Terre Haute Traction & L ig ht Co.— Lease.— See Terre
Haute Indianapolis & Eastern Traction Co. above.— V. 83,
p. 970.
Toledo Railw ays & L ig h t Co.— Reported Purchase.— See
Toledo & Western R R . below.— V. 84, p. 217, 160.
Toledo & Western (Electric) R R .— Reported Sale.— Con­
trol of the road, it is reported, has been formally turned over
by the
” tt syndicate to the Toledo Railways & Light in ­
terests.
F. Franklin, it is said, will continue as Presi­
dent and General Manager, but J . R . N utt and Edward
Kellev will be succeeded as directors by Joseph S. Young and




•

>

[V o l .

l x x x iv

.

W . R . Hodge of the Toledo Railways & Light Co.— V. 84,
p. 272.
United Railw ays Co. of St. L ouis.— Listed.— The New
York Stock Exchange has authorized the listing of $4,000,000
additional 5 % cumulative preferred stock from time to time
on official notice th a t it has been released by the trustee
and issued on a parity w ith the preferred stock listed and
outstanding, m aking the total authorized to be listed
$16,983,200.
•T h e $4,000,000 a d d itio n a l preferred stock was used in th e purchase of
th e S t. L o u is & S u b u r b a n R y ., w h ic h was a c q u ire d b y a deed of conveyance
d a te d D ec. 31 1906, a n d th e said stock deposited w ith th e M ississippi V alle y
T rust C o ., trustee, fo r th e S t. L o u is & S u b u rb a n shareholders, said tru s t
to c o n tin u e to J a n . 15 1908. T he stock in th e h a n d s of th e trustee Is n o t
to a c c u m u la te or accrue d iv id e n d s u n t il a fte r th a t d a te , unless th e S u b u rb a n
R a ilw a y C o .’s shareholders deposit w ith th e trustee cash to th e a m o u n t of
d iv id e n d s t h a t w o u ld accrue to J a n . 1 1908, a n d th e re u p o n receive a
certificate of stock w h ic h w ill be on a p a r ity w h e n registered w ith a ll th e
preferred stock of th e U n ite d R a ilw a y s Co. of S t. L o u is pre v io usly o u t ­
s ta n d in g .
E a rn in g s of S t. L o u is & S u b u rb a n R a ilw a y System for C a l. Y ear 1906.
Gross In c o m e ----------- $1,141,5411 In te re st on b o n d s ___________ $391,000
O p . exp. & taxes($74,372)
833,5781 In te re st on flo a tin g d e b t ___
13,772
N e t e a rn in g s ..... ...............

$307,963|

D efic it for y e a r ................... $96,809

For the results expected from the St. Louis & Suburban,
see V. 84, p . 688.
United Railw ays Investm ent Co. of San Francisco.— Re­
port.— The combinedjresults forthe controlled properties, the
United Railroads for San Francisco and the Philadelphia Co.,
for the calendar 3rear were as follows:
C a l.
Gross
Year—
E a rn in g s .
1906
$24,533,603
1905
24,229,062
— V . 84, p . 392, 104.

N et
E a r n in g s .
$11,787,562
11,693,559

F ix e d
S in k , fu n d s B alance
Charges.
<* D iv .
S u r p lu s ,
$6,202,315
$647,235
$4,938,012
5,884,100
730,189
5,079,270

W estern M aryland R R .— New Vice-President.— Alexander
Robertson, General Manager, has been elected Vice-President
to succeed F. S. Landstreet, resigned.— V. 84, p . 694, 160.
IN D U S T R IA L ,

GAS

AND

M IS C E L L w ^ O U S .

American Ice Securities Co.— P lan Under Discussion.—
While not formally before the board of directors, a plan, it is
understood, is being discussed by some of the leading stock­
holders looking to the possible issue of about $17,000,000
5 % bonds, of which $10,000,000 would be used to retire
half of the $20,000,000 stock of the American Ice Securities
Co. and the remainder to take up at or before m aturity all
the debentures and underlying bonds. See V. 84, p . 690.
American Loom Co.— Automatic Loom Patent S u it.— The
suit in equity brought by the Draper Company against this
company and its President, W illiam C. Lovering, for alleged
infringement of autom atic loom patents, has been decided
by the Circuit Court of the United States, District of Massa­
chusetts, in favor of the defendants and against the Draper
Company. After a full hearing upon the merits,, the com­
plaint was dismissed w ith costs against the Draper Company.
The American Loom Co. is a New Jersey corporation w ith
plant at Readville, Mass. Authorized capital stock, $1,000,000, all of one class; outstanding, $875,300; par, $100.
No bonds.
American Strawboard Co.— Called Bonds.— Sixty-eight
(68,000) first mortgage 6 % gold bonds dated 1891 will be
paid at the International Trust Co., Boston, on June 1 at
par and interest.— V. 84, p. 692, 105.
American Telephone & Telegraph Co.— Report.— See
another page of this issue.
New Director.— Sylvanus L. Schoonmaker has been elected
a director to succeed Charles B. Bowditch.
Convertible Bonds.— The “ Boston News Bureau” in its
issues of March 26 and March 28 respectively said:
(1.) O n T h u rs d a y , K id d e r, P e a b o d y & C o. w ill ta k e u p from the s u b ­
scribers a n d p a y th e m 91 a n d interest for the a m o u n t o f bo nd s th us far sold
for sy n dica te a c c o u n t.
The nex t p a y m e n t, 3 0 % , on a cc o un t of the s y n d i­
cate w ill be p a y a b le a t the office of K id d e r, P ea bod y & Co. A p r il 15.
(2.)
U nde rw riters of th e 4 % c onv e rtib le bo nd s are to-day In receipt o f checks
from th e sy n d ica te m anage rs t a k in g u p one-tenth of th e entire a m o u n t o f
bo nd s a llo tte d to th e m .
T his m ean s t h a t th e a m o u n t of c onv e rtib le bo nd s
recently sold was p r o b a b ly s lig h tly In excess of $10 ,00 0,00 0.— V . 84, p .
6 9 4 ,6 2 7 .

Am erican Tobacco Co.— Bonds Canceled.— The company
has purchased out of surplus an additional $500,000 of its
4% bonds, and delivered them to the trustee, the Morton
Trust Co., for cancellation. The latter has expended $500,000, in accordance w ith the sinking fund provision of the
indenture securing the bonds in the purchase of 6 % bonds,
which have also been canceled.
Reported Acquisition.— The company, it is stated, has pur­
chased the business of L. Miller & Co., an independent cigar
m anufacturing concern.— V. 84, p . 625, 105.
American Tube & Stam ping Co.— Bonds Called.— Ten
($10,000) first mortgage bonds of 1902 have been called
for redemption on April 1 1907 at 105 and interest at the Co­
lonial Trust Co. of New Y ork, trustee.— V. 83, p. 689.
American Union Telephone Co. Directors Resign.—The
“ Philadelphia News Bureau” of March 8 says:
E d w a rd B a ile y , P re siden t o ' the H a rris b u rg T rust C o ., a n d George W .
R e lle y , Vice-President of th e P e n n s y lv a n ia S u re ty C o ., have resigned as
directors of th e A m e ric a n U n io n T elephone C o .— V . 84, p . 161.

American Woolen Co.— Stock
change on March 26 said:

Subscriptions.

An

ex­

W e u n d e rs ta n d t h a t th e sy n d ica te w h ic h u n de rw ro te th e $10,000,000
preferred stock was called on y esterday to tak e u p 7 0 % of th e stock , th e
ba la nc e o f 3 0 % h a v in g been ta k e n b y the stock h olde rs.— V . 84, p. 567.

M a r . 30 1907.1

751

THE CHRONICLE.

Berger M anufacturing Co., Canton, Ohio.— New Stock.—
The stockholders on Feb. 2 voted to increase the capital stock
from S I,000,000 to $1,500,000, consisting of $750,000 each
of common and 7 % cumulative preferred. No bonds.

be su fficie n t fu n d s r e m a in in g to p a y off th e preferred stock n e a r to p a r . if
n o t q u ite so. I t w ill de p e n d e n tire ly u p o n th e successful s e ttle m e n t of
contested taxes a n d bills d u e to th e c o m p a n y for w a te r fu rn is h e d to th e c ity .
W e d o n o t see a n y prospect o f p a y m e n t u p o n th e c o m m o n stock. T he
a m o u n t o f preferred a n d c o m m o n stock is $222,900 ea c h, a n d th e bo nd s
are $52C 100 first m o rtg a g e 4 % . — V . 84, p . 161.

O f th e new stock, $250,000 preferred a n d $150,000 c o m m o n hav e been
Issue d, m a k in g th e a m o u n ts o u ts ta n d in g §650,000 preferred a n d $500,000
c o m m o n ; p a r of shares, $100 each. T he c o m p a n y w as in co rp o ra te d in
O h io in J a n u a r y 1906 a n d m a n u fa c tu re s sheet steel a n d sheet steel special­
ties. P re sid e n t, E d . A . L a n g e n b a c h ; S ecretary, C has. A . Ir w in ; T reasurer,
F . A . S ch w e rtne r.

Cumberland Basin Coal Co.— Change in Control.— This
com pany, organized in Sept. 1902 by Baltimore interests,
including H am bleton & Co. and Henry A . Parr, recently
passed under the control of a syndicate headed by W . De L .
W albridge, President of the American Coal Co. of New Y ork,
(V. 84, p. 392). The company in June 1903 increased its
capital stock from $100,000 to $1,000,000 and made a
mortgage to the Continental Trust Co. of Baltimore as trus­
tee to secure an issue of $500,000 5 % bonds. On Feb. 12
1907 a new mortgage was filed to the Continental Trust
Co. of Baltimore, as trustee, securing $500,000 5% gold
bonds, replacing the previous issue. The “ Engineering and
Mining Journal” of Feb. 9 had the follow ing:

Boston & Philadelphia Steamship Co.— Re-sold.— See Mer­
chants’ & Miners’ Transportation Co. below.— V. 84, p. 392.
(J. G .) Brill Company, Philadelphia.— Sale of Preferred
Stock.— Announcement was made March 27 by Edward B.
S m ith & Co., Philadelphia and New Y ork, of the conclusion
of the sale of $1,270,000 preferred stock of the J . G. Brill
■Co., which is one of the largest industrial concerns in Phila­
delphia, employing about 4,000 men, and having an annual
ou tp u t of 3,500 street railway and other cars, equivalent in
value to about $8,000,000. The total capital stock is
$10,000,000, divided into $5,000,000 7 % cumulative pre­
ferred and $5,000,000 common stock; par of shares $100.
A ll this stock is outstanding w ith the exception of $420,000
preferred and about $100,000 com mon, reserved for the
retirement of an existing mortgage on the John Stephenson
plan t, which is the only indebtedness on any of the plants
of the Brill Company. A part of the proceeds of the pre­
ferred stock recently sold will be used for the purchase of
the Wason plant and the balance will be added to the work­
ing capital required in the constantly expanding business of
the com pany. I t is understood th a t the stock was sold at
par, the entire proceeds going into the treasury, the present
owners not only receiving no money, b u t actually increasing
their interest in the com pany, while the only commission paid
to the bankers is in common stock. Application will be
made to list both classes of stock on the Philadelphia Stock
Exchange. It is understood that the present earnings are
sufficient to cover the dividends on the preferred stock
and leave a surplus largely in excess of 10% on the common
stock. An authoritative statement says:
T he c o m p a n y Is th e largest m a n u fa c tu re r of street ra ilw a y cars in th e
w o rld , th e ir cars b e in g used In all the p r in c ip a l cities o f th is c o u n tr y , a n d in
E u r o p e , S o u th A m e ric a , th e P h ilip p in e Is la n d s , A fric a , J a p a n , A u s tra lia
a n d I n d ia .
T he p la n t in th is c ity was th e first p la n t ow ned b y th e c o m ­
p a n y , th e business h a v in g been starte d In 1869. I t has a lw ay s been p r o fit­
a b le , a n d in 1902 th e c o m p a n y purch ase d th e p la n t of th e A m e ric a n C ar Co.
i n th e c ity of S t. L o u is . I n 1904 th e p la n t o f th e G . C . K u h lm a n C a r C o.
on th e bo rde r o f th e c ity of C lev e lan d w as a c q u ire d , a n d in 1905 th e J o h n
S te phen son C o m p a n y ’s p la n t a t E liz a b e th , N . J . , w as purch ase d . T he
B r ill p la n t in P h ila d e lp h ia covers a b o u t 28 acres a t 62d S t. a n d W o o d la n d
A v .; th e S t. L o u is p la n t covers 11 acres, th e K u h lm a n p la n t 30 acres a n d
th e S te phen son p la n t 89 acres. O n A p r il 1 th e c o m p a n y w ill ta k e over th e
sla n t o f th e W a s o n M a n u fa c tu r in g Co. a t S p rin g fie ld , M ass., c overing a b o u t
25 acres. T his c o m p a n y is one o f th e oldest c ar-b ulld lug p la n ts In the
U n ite d S tate s a n d has a large ex p o rt tra d e .
I t has a c a p a c ity fo r a b o u t
150 steam ra ilw a y passenger cars a n d 125 electric cars a n n u lly .
Its
a c q u is itio n was desirable, b o th because o f Its ge ographical lo c a tio n a n d
because of Its special facilitie s fo r th e m a n u fa c tu re of steam ra ilw a y cars.
These facilitie s are especially v a lu a b le in v iew of th e present te n d e n c y
to w a r d th e ele ctrific ation of steam ro a d s ..
.

Director.— Robert K. Cassatt, of the banking house of
Cassatt & Co., has been elected a director. See V. 84, p. 695.
Canadian General Electric Co., Toronto.— Report.— For
calendar year:
Y e ar—
P ro fit.
1906
$853,675
1905 ..................... 608,206
D iv id e n d s , 10 % y e a rly
preferred.
T here was also w ritte n
1 905), th e pro fit a n d loss
$90,762 o n D ec. 31 1905.—

I n t .,& c .
D iv id e n d s.
To reserve. B a l.,s u r .
$71,160
$484,690 $100,000 $197,825
125,987
335,499
a _______
1 46 ,72 0
o n c o m m o n S to c k la n d 6 % y e a rly o n $300,000
off d u rin g 1906 $219,553 (a g a ins t $137,870 In
surplus be in g $69,034 o n D ec. 31 1906, a g a in st
V . 83, p . 321.

|l- Central Consumers’ Brewing Co. of New Y o rk .— Consoli­
dation Off for the Present.— Otis & H ough on M onday, owing
to the unfavorable monetary conditions, returned the sub­
scriptions to this com pany’s securities, it having been
decided “ to abandon all consolidation for the present.”
— V. 84, p. 695.
Colorado Fuel & Iro n Co.— New President.— Jesse P. W ell­
born, long connected w ith the com pany, and recently its VicePresident and Sales and Traffic Manager, has been made
President by the Board of directors, to succeed the late Frank
J . Hearne.— V. 84, p. 161.
Columbus (O.) Citizens’ Telephone Co.— New Preferred
Stock.— The shareholders will vote April 24 on am ending the
by-laws so as to increase the membership of the board from
nine to eleven, and also on raising the capital stock from
$1,250,000 to $1,750,000, by increasing the 6 % cumulative
preferred stock from $500,000 to $1,000,000.

New Y o rk capitalists represented b y W . D e L . W a lb rid g e , P re sid e n t of
th e A m e ric a n C oal C o ., hav e ^acquired c o n tro l o f th e C u m b e rla n d B a sin
C oal Co. T he purchasers in te n d to reorganize th e c o m p a n y a n d th o r o u g h ly
develop th e properties, w h ic h com prise a b o u t 10,000 acres o f la n d a b o u t
20 m iles fro m C u m b e rla n d , M d .
T he la n d s are said to c o n ta in fr o m
4.000.000 to 5,000,000 tons o f th e fa m o u s B lg-Vein coal a n d a large area
of th e sm a ller v ein . T he new owners propose to c o n s tru c t a b ra n c h
ra ilw a y 4 m iles lo n g to conn e ct th e m in es w ith th e Georges Creek & C u m ­
b e rla n d R R . in order to p ro v id e direct tra n s p o rta tio n to tid e w a te r a t
B a ltim o re . T he C u m p e rla n d B a sin C oal C o. has c o m m o n sto c k o f $1,000,000 a n d first m o rtg a g e 5 % bo nd s for $500,000.
I n re o rg a n izin g i t Is
state d there w ill be Issued $500,00 0 o f 6 % preferred stock (c u m u la tiv e a fte r
tw o years) a n d $500,000 o f c o m m o n stock.
B a ltim o re c ap italists in terested
in th e c o m p a n y are expected to re ta in a large in terest in th e new bo nd s.

The following officers have been elected: r
Pre siden t. F r a n k S. H a m b le to n ;
V ice-P resident,
S ecretary, E . P . H ill; T reasurer, N ic hola s B o n d .

R a lp h

R o b in s o n ;

Detroit Edison Co.— Guaranteed Bonds.— See Eastern
Michigan Edison Co. below.— V. 83, p. 1473.
Distillers’ Securities Corporation.— Dividend No. 18 at
Increased Rale.— The regular quarterly dividend, increased
from l} 4 % t o 1 ^ % , was declared Mar. 27 on the $30,598,700
capital stock, payable April 27 1907 to stockholders of rec­
ord April 6. Dividends were begun in January 1903 at the
rate of 4 % per an num , which in October last was increased
to 5 % and now to 6 % . Compare V. 84, p. 696, 341.
D om inion Power & Transmission Co., L td ., H am ilto n,
O ntario.— Sale of Bonds.— The Harris Trust & Savings B ank,
N. W . Harris & Co. and Perry, Coffin & Burr, we learn,
have marketed all of the $1,650,000 5 % bonds described in
our issue of March 9. Compare V. 84, p. 569.
Draper Com pany.— Decision.— See American Loom Co.
above.— V. 84, p. 273.
(The) Eastern Michigan Edison Co.— New Subsidiary of
Detroit Edison Co.— Bonds.— This com pany has been recently
organized under the laws of the State of New Y ork , for the
purpose of taking over from the Detroit Edison Co. electric
light properties at Ann Arbor, Y psilanti, M t. Clemens and
elsewhere outside of the city lim its of Detroit, and certain
water power properties on the H uron R iver. The entire
capital stock of the company is owned and will be retained
by the Detroit Edison Co. An issue of bonds lias been
authorized bj>- the Eastern Michigan Edison Co. to provide
for the purchase and development of the properties referred
to , which issue is guaranteed by the Detroit Edison Co.
The authorized lim it of the bond issue is $10,000,000.
Trustee, the Trust Company of America. Interest 5 % ,
paj^able May 1 and Nov. 1; 25-year gold bonds. Im m ediate
issue of bonds, $1,000,000, to reimburse in part the Detroit
Edison Co. for the purchase price of the properties.
Eastern Steamship Co.— Report.— For calendar year:
Y e ar—
Gross.
N et.
Charges.
D iv id e n d .
S u rp lu s .
$1,736,331
$365,501
$98,872
(4 % )$ 1 2 0 ,0 0 0
$146,629
1 9 0 6 .................... .
190 5
1,590,127
346,382
99,908
(4 % ) 120,000
126,474
— V . 82, p . 1232.

E astm an K odak Co.— Report.— The results for the calen­
dar year, including subsidiary companies, were:
1 Y ear—
N et profits.
190 6
$4,915,700
1905............ 4,013,913
3,339,148
1904..........
— V . 83, p . 1101.

D iv . on p f. (6 % )
D iv s .o n C o m .
$369,942
(17 ^ % )$3 ,41 8,26 0
365,217
(12 % )2,3 42 ,96 4
360,347
(10 % )1,9 20 ,61 9

B a l., sur.
$1,127,498
1,305,732
1,058,182

Hecker-Jones-Jewell M illing Co.— Dividend— New Cor­
poration.— See Standard Milling Co. below.— Y . 84, p. 696.
International Silver Co.— New Director.— The num ber fo
directors has been increased from fifteen to sixteen by the
election of R . Livingstone Beeckman of New Y o rk .— V. 84,
p . 567,511.
• I t is proposed to issue Im m e d ia te ly $250,000 o f th e n ew preferred shares
K insm an Transit Co., Cleveland.— New Stock.— A cer­
to p ro v id e for extensions, &c. T he c o m p a n y h a d 10,068 telephones in
use o n M arch 1, as c o m p a re d w ith th e 6,909 in use on N o v . 1 1905, a n In ­
tificate has been filed at Columbus, O ., increasing the capital
crease of 45.72 % for th e six teen m o n th s . A t la st a cc oun ts $650,000 o f th e
stock from $610,500 to $936,100 (all common; outstanding,
c o m p a n y ’s $750,000 first m o rtg a g e 5s were o u ts ta n d in g .— V . 82, p . 454.
Crescent Coal Co.— Bonds Called.— All of the outstanding $912,500), to cover the cost of building the new steamer
$100,000 6 % bonds secured by mortgage dated May 1 1901 Matthew Andrews.— V. 80, p. 1733.
K irby Lum ber Co.— Statement of Earnings Misplaced.— In
have been called for payment at par and interest on May 1
at the office of the Union Trust Co. of Pittsburgh, trustee. last week’s issue of the “ Chronicle” we published official
No new bonds, we are informed, are to be issued. Capital statements regarding the payment of overdue interest on
stock, $400,000; par $100. Com pany owns about 500 acres the tim ber certificates and other matters relating to this
of coal land in Jefferson Township. Allegheny County, Pa. company and the allied Houston Oil Co., both of which, as
Pres., Samuel A . Taylor; Sec., W . I. Berryman; Treas., is well known, have for some tim e past been in the hands of
receivers. Unfortunately, in m aking up the paper the brief
John W . Ailes.
Crystal W ater Co., Staten Is la n d .— Status of Sale to City.— annual statement of earnings, dividends, &c., of the Am eri­
can Telephone & Telegraph Co. was, by a mistake of the com­
Secretary George R . Bond has favored us as follows:
positors, such as all newspapers are a t times subject to,
The sale o f th e p la n t to th e C ity of N ew Y o r k has n o t y e t been c o n s u m ­
m a te d , o w in g to a few m a tte rs w h ic h are In process of se ttle m e n t. W h e n
inserted in the m idst of the statement regarding the coupons,
th e c ity Is ready to ta k e over th e p ro p e rty , du e n otic e w ill a g a in be se nt to
an d, it appears, misled some, in spite of the seeming incon­
th e bo nd h o ld e rs fo r th e re d e m p tio n o f th e ir b o n d s , as th is d id n o t occur on
F e b . 14, th e d a te w h ic h was a t first fixed u p o n .
T he price o b ta in e d b y us
gruity of a combination of overdue coupons and generous
w ill a d m it o f th e re d e m p tio n o f th e b o n d s a t p a r, a fte r w h ic h th e stockholddividends.— V. 84, p. 697, 53.
rs w ill be n o tifie d to send in th e ir certificates, a n d i t is hope d t h a t there w ill




752

THE CHRONICLE.

Madison (In d.) L ig h t Co.— Receivership.— A t Madison,
In d ., on March 23, Judge Francisco of the Jefferson Circuit
Court placed the company in the hands of the Madison Safe
Deposit & Trust Co. as a temporary receiver on the ground
of insolvency. The bonded debt is stated as $110,000.
T he a p p lic a tio n fo r a receiver yras m a d e b y E lm e r A . K im b a ll of C hicago
as assignee o f a n ote he ld b y the W estern Gas & In v e s tm e n t Co. o f C hicago
(w h ic h see b e lo w ), th e p a re n t h o ld in g c o m p a n y .
C olonel R ussell B . H a r ­
rison a n d A tto r n e y M . L . C law son of In d ia n a p o lis have ta k e n steps to secure
th e a p p o in tm e n t of a receiver in th e interests of th e bo nd h o ld e rs of the
M a d iso n C o m p a n y
S im ila r a c tio n w as successful in th e case o f th e S e y m o ur
G as & E lec tric L ig h t C o. m e n tio n e d below .

M aryland Coal Co.— Report.— Report for the calendaryear:
1906.
N e t p r o f i t s __________
5155,630
D iv . on pref. stock % (8)150,776
B a la n c e , s u r p lu s ..
— V . 82, p . 337.

$4,854

1905.
5222,634
(8)150,776

1904.
$276,456
(8 ^ )1 6 0 ,1 9 9

1903.
5800,688
(8 ^ )1 6 0 ,1 9 9

571,858

$116,257

$640,489

M erchants’ & Miners’ Transportation Co., Baltim ore.—
Terms of Purchase— Extra Dividend.— The shareholders will
meet April 29 in Baltimore for the purpose of—
(a) Increasing th e c a p ita l stock from $2,000,000 to $5,000,000; p a r
v a lu e o f shares, 5100 each; (W a p p ro v in g a n Issue of 53,250,000 o f 4 %
25-year debe nture s.
(T he present bo nd e d d e b t consists o f 5300,000 first
m o rtg a g e gold 4s, Inte rest M . & N .)

Dividends at the rate of 8 % per annum have been paid
in January and July.
A circular dated March 26 says in substance:
A c o n tra c t has been m a d e b y th is c o m p a n y to purch ase th e p ro p e rty
o f th e B o sto n & P h ila d e lp h ia S te am sh ip C o. (V . 84, p . 392) fo r 53,250,000
4 % 25-year de be nture s to be Issued b y th is c o m p a n y .
A separate c o n tra c t has been entered In to w ith th e N e w E n g la n d N a v i­
g a tio n C o. (V . 83, p . 821) for the ex change of 52,500,000 p a r v a lu e of th e
stock o f th e M e rc h a n ts’ & M iners T ra n s p o rta tio n C o. fo r 52.000,000 p a r
v a lu e of th e stock o f t h e N ew Y o rk N ew H a v e n & H a rtfo rd R R . Co.
T o acc o m plish th is purpose it is necessary t h a t th e c a p ita l stock o f t h is
c o m p a n y be increased from 52,000,000, its present c a p ita l, to 55,000,000.
A s a re su lt of th is Increase a n d ex change, th e present stockholders w ill
be e n title d to (1) re ta in th e ir present h o ld in g , 52,000,000; (2) receive a
stock d iv id e n d o f M . & M . T. C o. stock of 2 5 % , 5500,000; (3) receive stock
o f th e N e w Y o r k N e w H a v e n & H a rtfo rd R R . C o ., p a r v a lu e , 52,000,000
so t h a t th e present stockholders, in a d d itio n to re ta in in g th e ir present
h o ld in g s , w ill receive *4 share o f M e rc h a n ts’ & M iners’ T ra n sp o rta tio n Co.
stock a n d 1 share of N e w Y o rk N e w H a v e n & H a rtfo rd R R . Co. stock fo r
each share of M e rc h a n ts’ & M in ers T ra n s p o rta tio n Co. stock n o w he ld by
th e m .
T he re m a in in g 52,500,000 o u t o f th e 55,000,000 of c a p ita l w ill be
issued to th e N e w E n g la n d N a v ig a tio n Co. In exchange fo r th e 52,000,000
of stock of th e N ew Y o rk N e w H a v e n & H a rtfo rd R R . Co.
T he c o m p le tio n o f th e exchange w ill leave the c a p ita l stock o f th is c o m ­
p a n y e q u a lly d iv id e d betw een th e present stockholders a n d th e New
E n g la n d N a v ig a tio n C o. A fu rth e r a greem ent has been prepared for th e
de posit o f th is stock w ith th e Safe D e p o s it & T ru st Co. of B a ltim o r e , trustee ,
fo r 25 years w ith a pro v is io n for a n ex tension to 50 years; th is agreem ent
requires t h a t th e stock shall be v o te d so as to m a in t a in th e M e rc h a n ts’ &
M iners’ T ra n s p o rta tio n C o. as a n In d e p e n d e n t c o m p a n y .
E a c h stockh olde r has th e rig h t to m a k e th e exchange of stock in p ro p o r­
tio n to his ho ld ing s , a n d has the rig h t to de posit his stock u n d e r th e tru s t
a gree m en t.
N e ith e r th e exchange or de posit u n d e r th e tru s t a greem ent
are co m p u ls o ry , b u t are left to each s to ck h o ld e r’s o p tio n .
A ll stockholders w ho desire to m a k e th e exchange of stock are re quire d
to deposit th e ir certificates of stock endorsed in b la n k (on or before A p r il 20)
w ith th e Safe D epo sit & T rust Co. of B a ltim o re , w h ic h on c o m p le tio n
of th e tra n s a c tio n w ill de liver to th e stockholders th e shares a n d certificates
to w h ic h th e y are e n title d on surrender of the certificates of d e p o s it.— V . 8 4,
p . 629, 576.

Montreal Steel W orks.— Report.— For calendar year:
Y ear—
N et.
1906
$196,998
1905 ................... 120,798

Reserve.
$36,000
20,495

P re f. D iv .
(7 % ) $56,000
(7 % ) 56,000

C om . D i v ' B a l.,S u r .
(7 % ) $46,286 558,712
* (7 % ) 31,863
12,440

♦ Paid M arch 21 1906 a n d charg ed a g a in s t p ro fit a n d loss in 1906.
B alance Sheet of Dec. 31.
Assets ($1,873,875) —
L ia b ilitie s ($1 ,87 3,8 7 5)— P la n t , & c ..................... .........$1,299,481 P re ferred s to c k _____________ $800,000
Stores a n d m e r c h a n d is e ..
254,233 C o m m o n s to c k _______________ 700,000
B ills receivable____________
2,030 P re f. d iv . p a y a b le J a n . 8 . .
14,000
S u n d r y d e b t o r s ...................
296,242 C o m . d iv ., p a y . J a n . 8(4 14%) - 31,500
C a s h ________________ ______
20,145 M is c e lla n e o u s _______________ 100,957
M iscellaneous ____________
1.74 4 1 P ro fit a n d loss s u r p lu s ______ 227,418
C om pare V . 84, p . 224.— V . 83, p . 216, 972, 1174.

(The) Moran Co., Shipbuilders, Seattle.— Dividends.— The
directors on March 20 declared dividend No. 2, 33 ^% , on
the $1,000,000 7 % cum ulative preferred stock, payable
April 1. Dividend No. 1, also 3 3 ^% , was paid in Oct. 1906.
The “ Seattle Post Intelligencer” of March 21 says:
T he c o m p a n y has on h a n d c o n tra c ts for te n vessels, ra n g in g fro m s m a ll
tu g s to 4,000-ton steam ers. T he fo llo w in g are m em b ers of th e b o ard :
P re sid e n t George H . H Ig b e e , VIce-Pres. J . V . P a te rso n , J . T . L a w le r a n d
M . M . L y te r, th e lo c al m e n , a n d R o d m a n E . G rlsc o m , R e a d in g S. B e rtro n
a n d R ic h a r d S . S torrs o f N e w Y o r k . C harles D . T a y lo r Is S ecretary a n d
T reasurer.
C om pare V . 82, p . 808.

National Self-Winding Clock Co.— Sold.— A press dispatch
on March 25 said:
T he assets o f th e c o m p a n y were sold a t a u c tio n a t C h a m p a ig n , 111.,
u n d e r th e d ire c tio n o f th e C o urt on S a tu r d a y .
T he p ro p e rty w as k n o ck e d
d o w n fo r $3,000 to a c o m m itte e re pre sen tin g a b o u t 90 % o f th e b o n d h o ld e rs.
T he purch ase in clu des th e entire p la n t a n d a ll th e p a te n ts . There w ere n o
c o m p e titiv e b id s , a n d th e price p a id ($3,000) represents a b o u t 2 5 % of the
v a lu e of th e p la n t .— V . 8 3, p . 327.

New England N avigation Co.— Purchase.— See Merchants’
& Miners’ Transportation Co. above.— Y . 83, p. 821.
New York & New Jersey Telephone Co.— Dividends of
1 % % Quarterly.— As intim ated in the official statement of
Dec. 26 1906 (V. 83, p. 1595), the dividend distributions,
heretofore 1K % quarterly, w ith an extra dividend of 1%
at the close of the year, m aking 7 % in all, has been changed
to a straight 7 % basis by the declaration of a quarterly divi­
dend of 1 % % , payable April 15 to stockholders of record
April 10.— V. 84, p. 452, 224.
Nipe Bay Co.— Operations.— See United Fruit Co. below.
— V. 82, p. 1382.
Nipissing Mines Co.— Extra Dividend Omitted.— The direc­
tors have declared a quarterly dividend of 3 % , payable
April 20, comparing w ith 3 % an d 2 % extra paid in Ja n .
and Oct. last and 3 % in Ju ly 1906.— V. 84, p. 452, 163.
Old D om inion Steamship Co.— New President.— Herbert
B. W alker, who during his twenty-four years’ connection
w ith the company has risen from office boy to Vice-President
and Traffic Manager, has been elected President and General
Manager to succeed the late W . L. G uillaudeu.— V. 74, p .330.




[V o l .

l x x x iv

People’s Gas & Electric L ig ht Co. of Xenia, O .— Receiver
Appointed.— The United States Circuit Court at Cincinnati
on March 22 appointed the Union Savings Bank & Trust Co,
of Cincinnati as receiver for the company on application
made by a number of creditors and stockholders, who charge
m ism anagem ent, &c., among them Evelyn Bird of Chicago,
holder of $5,000 of an issue of $175,000 bonds. (V. 75,
p. 1090.)
I t Is a lleged t h a t tax es to th e a m o u n t o f $5,672 hav e a c c u m u la te d a n d
a n e x e c u tio n for t h a t a m o u n t has been g ra n te d ; also t h a t J . P . B row n
(P resld en t o f b o th corporation s) in F e b ru a ry la s t confessed ju d g m e n t for
$27,000 a g a in s t th e c o m p a n y in fa v o r of th e W estern Gas & In v e s tm e n t Co.
of C hica go.
The W es tern G as & In v e s tm e n t C o ., i t Is s ta te d , w as In co rp o ra te d In
S o u th D a k o ta J a n . 1 1902 w ith 51,000,000 c a p it a l stock (h a lf preferred;
o u ts ta n d in g a t la s t a cc o u n ts $25,000 pref. a n d 5500,000 c o m m o n .— E d.)
a n d n o w controls th e M a d iso n (In d .) L ig h t C o.; th e R o c h e ste r (M in n .) Gas
C o.; t h e S e y m o u r (In d .) G as & E le c tric C o.; t h e B a rab o o (W ls.) L ig h t Co.
a n d th e C itiz e n s ’ Gas L ig h t Co. of N e b ra sk a C it y , N e b. (also n o t very lon g
since w as o p e ra tin g th e A pple R iv e r P ow er Co. a n d th e S tillw a te r Gas <Sc
E lec tric L ig h t C o ., V . 81, p . 1379.— E d .)
C o m p a re M a d iso n L ig h t C o.
a bove a n d S e y m o u r G as & E le c tric C o. below ..— V . 75. p . 1090.

Philippi Colliery Co.— Receiver.— Judge Goff in the United
States Court at Clarksburg, W . V a., on Feb. 26 appointed
S. L. O ’Neil receiver. A. Thompson, of Philadelphia, is said
to be seeking the foreclosure of a mortgage for $318,000.
Quaker Oats Co.— New Directors.— J . R . N u tt, John Stuart
and John P. W elling were recently elected directors in place
of James Parmelee, George A . Cox and J. G. Schm idlapp.—
V. 84, p. 697, 506.
Seymour (In d .) Gas & Electric L ig h t Co.— Receivership.—
The Jackson County Loan & Trust Co. has been appointed
receiver. A special dispatch to the “ Indianapolis News” on
March 23 said:
The p la n t w as u n d e r o rd ers to be sold to-day a t sheriff’s sale to satisfy
a ju d g m e n t in fa v o r of th e W e s te rn G as & In v e s tm e n t Co. of C hicago (see
t h a t c o m p a n y b e lo w ), b u t th e holders of th e bo nd s c o nv in c ed th e C o urt t h a t
i n order to p ro te c t th e ir Interests a n d th e interests of a ll creditors, a receiver
s hou ld be a p p o in te d .
T he p la n t w as purch ase d five years ago for $55,000
b y C hicago m e n , w ho e x pe nd ed $20,000 In im p ro v e m e n ts a n d bo nd ed it
for $110,000. A m o n th a g o , w hen j t was levied u p o n b y th e sheriff, ap
praisers a p p o in te d b y th e C o u r t fixed th e v a lu e a t 530,000 (c a p ita l stock
575,000).

Southern Illinois Coal M ining & W ashing Co.— Called
Bonds.— The American Trust & Savings Bank of Chicago, as
trustee under mortgage dated April 1 1901, announces that
ten bonds (aggregating $10,000) drawn for redemption at
par and interest and numbered 11, 12, 29, 31, 39, 73, 74,
84, 90 an d 96, will be paid at the office of the trustee on
April 1.
Southwestern Investm ent Co. of H oboken.— Increase in
Capital Stock.— This New Jersey Corporation, a holding
company entirely controlled by the Phelps Dodge & Co.
interests, has filed a certificate of increase of capital stock
from $6,000,000 to $17,000,000, par of shares $100.
T he c o m p a n y was in co rp o ra te d a t T re n to n o n M arch 28 1901 " t o ope rate
ra ilroa ds a n d m in e s, to do a general c o n s tru c tio n business a n d to deal in
stocks a n d b o n d s , th e In corpora to rs be ing Charles W . P arsons o f New Y o rk ,
W illia m W . C a rm a n o f S u m m it, N . J . , E rnest G . In g a lls o f Hastlngs-onth e - H u d so n , W illia m J . H u n t o f M o n tc la ir, N . J . , a n d F ra n k W ilso n of
R id g e w o o d , N .'.J .” T he P he lps D o dg e & Co. properties In clu de th e C opper
Q ueen C on so lid a te d M in in g Co. (V . 79, p. 154), E l Paso & S outhw estern
R R . (V . 81, p . 2 10 ), E l Paso & N o rth e a s te rn , & c., &c

Standard Beet Sugar Co., L eavitt, Neb.— Not Sold.— This
com pany’s property was offered at judicial sale at Frem ont,
Neb., on March 19, b u t there were no bidders and it will
probably be offered again.— V. 83, p. 42.
Standard M illing Co., New Y o rk .— Dividends.— The direc­
tors on March 27 declared a semi-annual dividend of 1 % %
upon the $6,900,000 5 % non-cumulative preferred stock,
payable April 15 to holders of record April 6, thus increasing
the annual rate to 3 % per an num , as against 1% in 1903
and 2 % yearly 1904 to 1906 inclusive.
T he old sub sid ia ry c o rp o ra tio n , th e Hecker-Jones-Jew ell M illin g Co.
(of N ew Je rse y ), has declared th e re g ula r se m i- ann ual d iv id e n d of 4 % on
Its 52,000,000 preferred stock , p a y a b le M a rc h 30 to holders o f re cord
M arch 29. A c o m p a n y of th e sam e n a m e , In co rp o ra te d u n d e r th e law s o f
N ew Y o rk w ith 51,000,000 sto ck , a ll of one class, w as o ffic ia lly described
to us last week as " t h e sam e c o m p a n y ,” m e a n in g , we u n d e rs to o d , a rein c o rp o ra tlo n : b u t th is a n o th e r o ffic ial o f th e S ta n d a rd M illin g Co. declines
to confirm or d e n y , d e c lin in g fu r th e r to give a n y e x p la n a tio n as to th e
r e la tio n , present or prospec tiv e , o f th e tw o concerns.— V . 84, p . 697.

Staples Coal Co.— Called Bonds.— Fifteen bonds of 1895
will be redeemed at par and interest A pril 1 at the New York
office or in T aunton, Mass.— V. 83, p. 1233.
Tamarack M ining Co .— Report.— For calendar year:
Y e ar—
Receipts.
1 9 0 6 ........................ 51.917,232
1905..........
2,448,240
1904.......................... 1,981,361

Expenses.
51.413,084
2,029,119
1,780,552

N et.
$504,148
419,121
200,809

D iv id e n d s. B a l.,s u r .
$300,000
$204,148
300.000
119,121
............
200,809

From balance as above thefe was spent for construction
in 1906 $90,518, against $86,414 in 1905 and $161,958 in
1904.— V. 82, p. 1501.
Taylor Grain Co., Topeka, K an sas.— Sale Ordered.— Judge
J. G. Slonecker. at Topeka on March 18, referee in bank­
ruptcy, ordered Receiver W . E . Sterne to sell the Gyrator
mills, at private sale, if possible, w ithin one m onth; other­
wise to advertise them for sale at auction, the upset price
to be 75% of the appraised value ($125,000). The United
M illing & Grain Co., apparently, never took over the prop­
erty. (Compare V. 83, p. 577.)
Terre H aute (In d .) W ater W orks Co.— Listed in Ind ia nap ­
olis.— The “ Indianapolis News” of Feb. 19 said:
T he $500,000 c o m m o n stock has been a d d e d to the lis t o f th e local se­
c u ritie s. T he o p e n in g b id w as 97
w ith a n offer o f th e stock a t 99.
I n 1906 th e c o m p a n y earn ed $84,675 n e t a n d p a id o u t In d iv id e n d s $30,000.
D iv id e n d s are p a y a b le in J a n u a r y a n d J u ly .
(As to b o n d e d d e b t, & c., see
V . 69, p . 182; V . 6 8 , p . 1026.)

United States Steel Corporation.— Official Explanation.—
See page 755.
For o th e r In v e s tm e n t N ew s, see page 755.

753

THE CHRONICLE.

M a r . M 1907.j

zpoxts un& ‘Bocnmmis*
L A K E SH ORE & M IC H IG A N SOU TH ERN R A IL W A Y COM PAN Y.
T H IR T Y - S E V E N T H A N N U A L R E P O R T — F O R T H E Y E A R E N D E D D E C E M B E R 31 1906.
To the Stockholders of The Lake Shore cfc M ichigan Southern
Railway Company
The Board of Directors herewith submits its report for
the year ended December 31st 1906, w ith statements show­
ing the results for the year and the financial condition of the
com pany.
The report covers the operation of the system, Chicago to
Buffalo, a total of 1,520.35 miles, as follows:

F ro m th e surplus fo r th e y e a r_____________________ ___________ $1,539,962 08There sh o u ld be deducted—
S u n d r y u n c o lle c tib le charges a n d re d u c tio n in
v a lu e of assets___________________________________$485,405 95
D is c o u n t a n d c om m issions a c c o u n t sale of
$ 35 ,00 0,00 0 00 25-year 4 % g old bo nd s o f 1906 875,000 00
1,360,405 95

M ile s .
878.63
224.13
417.59

The gross earnings for year were $42,544,378 38, an in ­
crease of $3,943,568 68 as compared w ith last year.
The freight earnings were $29,762,197 11, an increase of
$2,772,541 86. This increase is accounted for principally
by heavy movements of bitum inous coal, coke and ore.
Passenger earnings were $8,715,702 74, an increase of
$1,039,764 94.
The earnings from m ail, express, rents and miscellaneous
for the year am ounted to $4,066,478 53, an increase of
$131,261 88.
The operating expenses for the year am ounted to $27,252,077 77, an increase of $3,024,363 17.
Maintenance of way and structures increased $953,020 48.
This increase is m ainly due to the operation of additional
third and fourth tracks, sidings and signal system, re-laying
tracks with heavier rails, additional ballasting and increased
number of cross-ties renewed.
Maintenance and renewals of equipm ent increased $898,769 09, principally due to the increase in freight car mileage
and the large increase in this class of equipment in service.
Conducting transportation increased $1,083,776 31. W ith
the exception of car mileage and hire of equipm ent, which
showed a decrease as compared w ith last year, there was a
general increase distributed am ong the various items under
this heading.

M a in lin e ..................................................... ........................................ -...............
P ro p rie ta ry lin es_______________ __________________________________________
Leased lin e s___ ___________ ___________ ___________________________________

T o ta l............................................................ ........................................................ 1,520.35

There were no changes in the mileage of road operated
during the year.
A statement showing in detail the miles of road and track
operated will be found upon another page. [See pamphlet.]
There w as n o change In c a p ita l stock d u rin g th e year, th e
a m o u n t a u th o riz e d a n d o u ts ta n d in g D ecem ber 31st,
1906, b e in g ____________________________________ -........................ $50,000,000 00
T he fu n d e d d e b t o u ts ta n d in g on D ec em b er 31st, 1905, w a s .$101,324,000 00
I t has been Increased d u rin g th e year ended D ecem b er 31st,
1906, as follow s:
B y the issue a n d sale of $35,000,000 00 4 % gold bo nd s of
1906, sam e be in g a p a rt o f a n a u th o riz e d issue o f $50,000,000 00 .............................. ..........................................................
35,000,000 00
$136,324,000 00
I t has been decreased d u r in g th e y ear as follow s:
B y th e purchase a n d re tire m e n t of $920,000 00 of th e
$924,000 00 o u t s t a n d in g D e tro it M onroe & T oledo R a il­
ro ad C o m p a n y first m o rtg ag e bo nds w h ic h m a tu r e d
A u g u s t 1st, 1906_____________________________________________

920,000 00

T o ta l fu n d e d d e b t D ec em b er 31st, 1906_________________ $135,404,000 00

A m o u n t to the cred it of p ro fit a n d loss D ecem b er 31 1905.

$179,556 13
17,118,973 19

B a la n c e D ecem ber 31 1906_______________________________

$17,298,529 32

There were punchased during the year 43,954 shares of
the connftnon stock of the Cleveland Cincinnati Chicago & St.
Louis Railw ay Com pany, 50,000 shares of the preferred There w as ex pended for new c o n s tru ctio n a n d charged a gain st
in c o m e , as show n on a n o th e r p a g e , th e sum o f ___________ $4,221,845 96
and 120,000 shares of the common stock of the Chicago There w as ex pended for a d d itio n a l e q u ip m e n t a n d charged
a g a in s t in co m e , as show n on a n o th e r page, th e su m o f____ 1,201,877 42
In d ia n a & Southern Railroad Com pany, 11,540 shares of
stock of the Hocking Valley Railw ay Com pany, 16,922 shares
T o ta l____ __________ ______________ __________ ______________ ______ $5,423,723 38
of stock of the Merchants’ Despatch Transportation Com­
pany and 71 shares of stock of the Jamestown & Franklin
Included in the charges against income for new construc­
R ailroad Com pany, and also $7,000,000 00 mortgage bonds tion are additional heavy expenditures to continue the work
of the Chicago Ind iana & Southern Railroad Company.
of increasing the efficiency of present stuctures in connection
There were sold during the year 50,000 shares of stock w ith the four-tracking of the m ain line. The expenditures
of the Ind ia na Illinois & Iow a Railroad Companv and $29,- for additional cars and engines have further decreased the
000 00 par value of bonds of the Pittsburgh Chartiers & charges for foreign equipm ent and furnished better facilities
Youghiogheny Railroad Com pany.
for taking care of the heavy tonnage handled.
The income from investments for the j rear was $4,153,S U M M A R Y O F F IN A N C IA L O P E R A T IO N S A F F E C T IN G IN C O M E .
505 36, an increase of $634,842 24, due to additional revenue
1906.
1905.
Increase (+ )
from dividends on stocks owned or acquired during the year
1,520.35 miles 1,520.35 miles
or
and to interest received on sundry loans, &c.
E arnings-from O pe ration .
operated.
operated.
Decrease (— ).
F r o m f r e i g h t _______________ $29,762,197 11 $26,989,655 25 + $2,772,541 86
The first charges show an increase of $1,215,470 51.
F ro m passengers __________
8 ,715,702 74
7 ,675,937 80
+ 1,0 39 ,7 64 94
This is due to interest on additional Gold Bonds sold during
1,032,057 65
+ 70,692 60
F ro m express_____ _________
1,102,750 25
the current year and to increased payments on account of
+ 1,447 29
2,285,806 75
2 ,287,254 04
F ro m m a i l s ............................
540,603 04
-1-54,020 95
F ro m re n ts__________________
594,623 99
leased lines.
76,749 21
+ 5,101 04
81,850 25
F ro m m is c e lla n e o u s ----The following amounts were charged to cost of road and
T o ta ls - .- ..........................$ 4 2 ,5 4 4 ,3 7 8 38 $38,600, 809 70 + $3,943 568 68
equipm ent account for additional new equipment .
Expenses of O peration.
(6 4 .0 6 % )
M a in te n a n c e o f w a y a n d
stru c tu re s________ ______ _ $5,322,562 97
M a in te n a n c e o f e q u ip m e n t.
5,843,734 29
C o n d u c tin g tr a n s p o r ta tio n . 15,376,192 50
G e n eral expenses___________
709,588 01

(62. 7 6 % )

$4,369 ,542
4,944, 965
14,292, ,416
620 ,790

49
20
19
72

T o ta ls ................... ............... $27,252,077 77 $24,227,714 60
N ew c o n s tru c tio n (a d d itio n
3,743, 020 41
b e tt e r m e n ts )_____ ______
4,221,845 96
3,360 772 98
N ew e q u ip m e n t (a d d itio n s)
1,201,877 42
T o ta l expenses___________ $32,675,801 15 $31,331,507 99

(+ 1 . 3 0 % )

+ $953
+ 898
+ 1,083
+ 88

020
769
776
797

48
09
31
29

+ 478, 825 55
-2,158 895 56
+ $1 ,34 4 ,29 3 16

$7,269,301 71

+ $2 ,59 9 ,27 5 52

$3,280,164 50

+ $490,048 02

238,498 62

+ 144,794 22

T o t a l s ................................. $4,153,505 36

$3,518,663 12

+ 634,842 24

Gross in c o m e ................... .$ 1 4 ,0 2 2 ,0 8 2 59 $10,787,964 83 + $3 ,23 4 ,11 7 76
F ir s t Charges.
+ $605,516 42
In te re s t on fu n d e d d e b t ___$4,428,292 45 $3,822,776 03
+ 144,573 17
R e n t a ls o f leased lin e s--1,450,186 00
1,305,612 83
In te re s t on lo a n s --------165,002 35
88,261 14
+ 76,741 21
D iv id e n d s on gu a ra n te e d
s to c k .....................................
53,350 00
53,350 00
+ 388,639 71
T a x e s ........................................
1,438,639 71
1,050,000 00
$7,535,470 51

$6,320,000 00 + $1,215,470 51

N e t in c o m e __________________$6,486,612 08
D iv id e n d s , 1 0 % ...................
4 ,94 6,6 50 00

$4,467 964 83
3,957 320 00

+ $2,018,647 25
+ 989,330 00

$1. 539,962 08

$510,644 83

+ $1 ,02 9 ,31 7 25

^ S u r p l u s . . . _______________

C lass of B o n d —
G o ld m o rtg a g e _____________________________
G o ld b o n d s __________________________________
G o ld b o n d s ............................ ...........................
D e tr o it M onroe & T o le d o ___ ______________
K a la m a z o o & W h ite P ig e o n ..........................




D atcfof
1 ssue.
1897
1903
1906

$7,500,000 00

+ $3 ,02 4 ,36 3 17

N e t e a r n in g s _______________ $9,868,577 23
Other Incom e.
In te re s t a n d d iv id e n d s on
stocks a n d bo nd s o w n e d . $3,770,212 52
In te re s t o n loan s a n d de­
po sits ...................................
383,292 84

T o ta ls ...................................

L o c o m o t iv e s _______________________________________________________
$683,261 38
Passenger cars_____________________________________________________
422,327 23
F re ig h t cars____________________________________ ____________________ 6,377.590 63
O th e r ro llin g s to c k ________________________________________________
16,820 76

D ate o f
M a t u r it y .
J u n e 1 1997
S e p t. 1 1928
M a y 1 1931

The following amounts were expended for new equipm ent,
new structures, tracks, etc., in addition to renewals and
charged to the year’s income.
F O R A D D I T I O N A L E Q U IP M E N T P U R C H A S E D .
L o c o m o t iv e s _______________________________________________________
$284,200
Passenger cars_____________________________________________________
172,000
F re ig h t cars________________________________________________________
116,078
O th e r ro llin g s to ck ________________________________________________
629,598

00
00
78
64

$1,201,877 42
*

*

*

W . H. NEW MAN,
President.
C A P IT A L S T O C K .
N u m b e r o f shares issued— C o m m o n _____________________________ _____ 494,665
N u m b e r o f shares issued— G u a r a n te e d te n pe r c e n t-------------5,335
T o t a l n u m b e r o f shares o u ts ta n d in g ----------- ----- ------- ----- 500,000
N u m b e r o f shares a u th o r iz e d ---- ------------------------------500.000
T o ta l p a r v a lu e Issued a n d o u ts ta n d in g ---------- ----------$50,000,000 00
T o t a l p a r v a lu e a u th o r iz e d _____________________________________ $50,000,000 00
P a r v a lu e per sha re_______________________________________________
$100 00

FUNDED DEBT.
A m o u n t of
A uthorize d Issue.
$50,000,000 00
50,000,000 00
50,000,000 00

A m o u n t Issued an d
now O u tstan d in g .
$50,000,000 00
50.000.000 00
35.000.000 00

B O N D S O F O T H E R R O A D S A S S U M E D B Y T H IS C O M P A N Y .
1876
A u g . 1 1906
$924,000 00
$4,000 00
1890
J a n . 1 1940 • • • • 400,000 00 • • • • 400.000 00

Rate of
Interest.
3 J^%
4
%
4
%

P ayable on
F ir s t D a y s of—
D ec em b er a n d Ju n e .
M arch a n d S e p te m b e r.
N ovem ber and M ay.

7
%
F e b ru a ry a n d A u g u s t.
• 5 • % -'I t i _ ‘ J a n u a r y a n d J u ly i - i ' 1

754

THE CHRONICLE.
CONDENSED

[V o l .

l x x x v i.

G E N E R A L B A L A N C E S H E E T . D E C E M B E R 31 1906.

A SSET S.
Cost of road a n d equipm ent—
C ost of r o a d ____________________________ :_______ $66,700,000 00
C ost o f e q u ip m e n t_____________________________ 24,800,000 00

L IA B IL IT IE S .
C a p ita l stock—
C o m m o n ________________________________________ $49,466,500 00
G u a r a n t e e d ___ a _______________________________
533,500 0
$91,500,000 00

Securities owned—
S tocks in s u n d ry c o m p a n ie s ___________________ $84,552,511 08
B o n d s o f s u n d ry c o m p a n ie s ___________________
8,194 655 24
Other property—
R e a l estate n o t used in o p e ra tio n o f th e r o a d __________________
Advances fo r lessor a n d other com panies—
Ja m e s to w n & F r a n k lin R a ilr o a d C o m p a n y ..
$607,917 59
L a k e E rie A llia n c e & W h e e lin g R a ilr o a d C o .
728,819 98
F r a n k lin & C learfield R a ilr o a d C o m p a n y ____
3,477,796 08
S u n d r y o th e r c o m p a n ie s_______________________
3,596,869 52
F u e l a n d su p p lie s_______________________________________________
C urrent assets—
C ash charged T reasurer_______________________ $4,938,938 84
R e m itta n c e s in t r a n s it ________________________
1,358,130 48
L o a n s a n d bills re ce iva ble____________________
6,833,688 67
T raffic ba lances re ce iva ble ____________________
482,943 83
S ta tio n a gents a n d c o n d u c to rs_______________
583,611 21
S u n d r y a cc oun ts c o lle c tib le ___________________
4 ,026,144 27

92,747.166 32
438,661 50

8,411,403 17
4 ,35 8,5 26 77

18,223,457 30

$50,000 000 00
F u n d e d debt—
G o ld m o rtg a g e b o n d s _________________________ $50,000,000 00
G o ld b o n d s of 1903............ ............... ...............
50,000,000 00
G o ld b o n d s o f 1906_______________ _______ _____ 35,000,000 00

135,000,000 00

B onds of other roads assum ed by this com pany—
D e t r o it M onroe & T oledo first m o r t. b o n d s . .
$4,000 00
K a la m a z o o & W h ite P ig e o n first m o r t . b o n d s
400,000 00

404,000 00

T o ta l C a p it a liz a t io n _________________________________________ $185,404,000
C urrent lia b ilitie s —
A u d it e d p a y ro lls_______________________________$1,484,086 77
A u d it e d v o u c h e rs_____________________________
4,053,463 30
1,206,000 00
L o a n s a n d bills p a y a b le _______________________
T raffic balances p a y a b le ______________________
93,305 61
In te re s t a n d rentals acc ru e d __________________ 1,195,241 51
D iv id e n d s p a y a b le J a n u a r y 29 1907__________ 2,967,990 00
D iv id e n d s a n d interest u n c la im e d ____________
54,152 78
S u n d r y acc oun ts p a y a b le ______________________
288,288 73
------------11,342,528
Accounts w ith lessor c om panies—
1,634,157
M a h o n in g C oal R a ilr o a d C o m p a n y ____________________________
P r o fit a n d loss___________________ ____________________ ______ _
17,298.529

00

70
04
32

$215,679,215 06

$215,679,215 06

D E S C R IP T IO N O F F R E IG H T M O V E D .

F IR S T C H A R G E S .
Interest on bonds—
In te re st 3
per a n n u m o n G o ld m o rt. b o n d s . $ l ,750,000 00
In te re s t 4 % per a n n u m o n G o ld b o nd s of 1 9 0 3 .. 2,000,000 00
In te re st 4 % pe r a n n u m o n G o ld b o n d s of 190 6. .
620,562 45
In te re st 7 % per a n n u m o n D e tr o it M onroe
_
T oledo m ortgage b o n d s ___________________________
37,730 00
In te re s t 5 % pe r a n n u m o n K a la m a z o o & . _
W h ite P ig e o n m ortga ge b o n d s __________________
20,000 00
------------ $4,428,292 45
D iv id e n d 1 0 % g u a ra n te e d o n 5,335 shares L . S . & M . S . R y .
53,350 00
s to c k _____________________________________________________________
R e n t a l o f leased lin e s _____________________________________________ 1,450,186 00
N e w 'y o r k _________________ _______________ _________
P e n n s y lv a n ia _______________________________________
O h i o ________________ _______________ ______ _________
M i c h i g a n .......... .......................................... ........... .........
I n d i a n a ____________________________________________
I l l i n o i s _____________________________________________

$56,244 10
27,152 79
552,250 48
552,181 34
202,544 41
48,266 59
------------ 1,438,639 71
In te re s t o n loan s a n d bills p a y a b le _______________________________
165,002 35
T o ta l first charges_______________________________________________$7,535,470 51
D IV ID E N D S .
P a y a b le J u ly 28 1906. 4 % o n 494,665 shares o f c a p ita l s t o c k ..$ 1 ,9 7 8 ,6 6 0 00
P a y a b le J a n . 29 1907, 6 % o n 494,665 shares o f c a p ita l s t o c k .. 2,967,990 00
_$4,946,650 00

T o ta l________ _______ 1 0 % .

S T O C K S A N D B O N D S O W N E D O R A C Q U IR E D U N D E R L E A S E .
N O . Of

Stocks—
Shares.
B a ttle C reek & S tu rg is R a ilw a y C o ________________
825
C e n tra l T r u n k R a ilw a y C o __________________________
238
C hicago In d ia n a & S o u th e rn R a ilr o a d C o ., p r e f . . 50,000
C hicago In d ia n a & S o u th e rn R a ilr o a d C o __________120,000
C leve lan d C in c in n a ti C hicago & S t. L o u is R y . C o . 231,481
D e tr o it & C hicago R a ilr o a d C o ____________________ 10,000
D e tr o it M onroe & T oledo R a ilr o a d C o ____________
4,141
D e tro it T oledo & M ilw a uk e e R a ilr o a d C o __________ 7,500
E a s t C hicago B e lt R a ilr o a d C o _____________________
1,000
E lk h a r t & W e s te rn R a ilr o a d C o ___________________
4,598
F r a n k lin & C learfield R a ilr o a d C o __________________
5,550
H o c k in g V a lle y R a ilw a y C o ________________________ 11,540
I n d ia n a H a r b o r R a ilr o a d C o. (Illin o is ) ____________
5,000
J a c k s o n C oal R a ilr o a d C o ___________________________
680
Ja m e s to w n & F r a n k lin R a ilr o a d C o_______________ 11,738
K a la m a z o o & W h ite P igeon R a ilr o a d C o __________ 2,309
L a k e E rie A llia n c e & W h e e lin g R a ilr o a d C o .] ____ 50,000
L a k e E rie A llia n c e & W h e e lin g C oal C o ____ j _____
L a k e E rie & P itts b u rg h R a ilw a y C o _______________
100
L a k e E rie & W e s te rn R a ilr o a d C o. preferred______ 59,300
L a k e E rie & W e s te rn R a ilr o a d C o __________________ 59,400
L a k e S hore & M ic h ig a n S o u th e rn R a ilw a y C o ____
39
L a n s in g T ra n sit R a ilw a y C o ________________________
10
L e h ig h V alle y R a ilr o a d C o _________________________ 114,000
M a h o n in g C oal R a ilr o a d C o ., preferred___________
7,990
M a h o n in g C oal R a ilr o a d C o ________________________ 17,318
M a h o n in g S ta te L in e R a ilr o a d C o __________________
10
M e rc h a n ts’ D e sp a tc h T ra n s p o rta tio n C o __________ 22,679
N ew Y o r k C hicago & S t. Lo u is R R . C o ., 1st p r e f. 25,030
N ew Y o r k C hicago & S t. L o u is R R . Co. 2d p r e f . . 62,750
N e w Y o r k C hicago & S t. L o u is R a ilr o a d C o _______ 62,400
5,985
N o r th e rn C e n tral M ic h ig a n R a ilr o a d C o ___________
P itts b u r g h & L a k e E rie R a ilr o a d C o _______________ 100,000
R e a d in g C o m p a n y 1st preferred___________________ 121,300
R e a d in g C o m p a n y 2d preferred____________________ 285,300
R e a d in g C o m p a n y ___________________________________200,050
S tu rg is G o shen & S t. L o u is R a ilr o a d C o ___________
3,000
S w a n Creek R a ilw a y C o____________________________
400
T ay lo r S treet W a re h o u se C o _______________________
100
T e rm in al R a ilw a y o f B u ffa lo _______________________
5,000

Total p a r value.
$82,500 00
11,900 00
5.000.000 00
1 2 , 0 0 0 ,0 0 0 00
23,148,100 00
1 000.000 00
414,100 00
750.000 00
1 0 0 .0 0 0 00
229.900 00
555.000 00
1,154,000 00
500.000 00
34,000 00
586.900 00
230.900 00
5,000,000 00

.

10 ,000
5,930 ,000
5,940 ,000
3 ,900
1 ,000
5,700 ,000
399 ,500
865 ,900
500
2,267 ,900
2,503 ,000
6,275 ,000
6,240 ,000
598 ,500
5,000 ,100
6,065 ,000
14,265 ,000
10,002 ,500
300 ,000
40 ,000
10 ,000
500 ,000

00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00

Products of A griculture—
G r a i n ____________________________
F l o u r ___________ ________________
O th e r m ill p r o d u c ts ____________
H a y ............ ............... ......................
T o b a c c o ________________________
C o t t o n ___________________________
F r u its a n d vegetables___________
O th e r a r t ic le s ___________________

1906.
Tons.
1,891,230
472,795
353,958
191,047
16,322
36,811
269,783
144,549

1905.
T ons.
1,886,214
459,450
342,153
180,376
14,593
38,958
264.318
120,564

In c . ( + ) or
D ec. (— ).
Tons.
+ 5,016
+ 13,345
+ 11,805
+ 10,671
+ 1,729
— 2,147
+ 5,465
+ 23,985

Products of a n im a ls —
L iv e s to c k _______________________
Dressed m e a ts___________________
O th e r packing-house p r o d u c ts .
P o u ltr y , gam e a n d fish __________
W o o l ................................................
H id e s a n d le a th e r_______________
D a ir y p r o d u c ts __________________
O th e r a rtic le s___________________

532,122
175,199
116,113
56,062
12,971
45,790
66,742
76,978

523,375
129,509
95,709
60,671
11,618
47,630
55,016
53,775

+ 8,747
+ 45,690
+ 20,404
— 4,609
+ 1,353
— 1,840
+ 11,726
+ 23,203

1,021,603
8,285,810
1,337,355
5,429,498
3,028,989
145,541

1,217,820
6,970,313
1,034,859
4 ,919,489
4,795,173
129,082

— 196,217
+ 1,315,497
+ 302,496
+ 510,009
— 1,766,184
+ 16,459

Products of forest—
L u m b e r _________________________
O th e r a rtic le s ___________________

842,440
224,273

691,242
173,915

+ 151,198
+ 50.358

M anufactures—
P e tro le u m a n d o th er o ils _______
S u g a r ___________________________
N a v a l stores____________________
I r o n , p ig a n d b lo o m ____________
Ir o n a n d steel ra ils ___ __________
O th e r castings a n d m a c h in e r y .
B a r a n d sheet m e t a l____________
C e m e n t, b ric k a n d lim e ________
A g ric u ltu ra l im p le m e n ts _______
W a g o n s , carriages .tools, & c__
W in e s , liquo rs a n d beers_______
H o u se h o ld goods a n d fu r n itu r e
O th e r a rtic le s ___________________

541,285
105,842
2,356
872,949
316,927
1,038,513
1,254,701
1,133,993
126,745
113,977
118,143
76,515
2,318,361

572,427
117,171
4,090
710,134
234,001
811,218
1,129,709
898,602
898,302
83,981
106,007
62,158
1,982,931

— 31,142
— 11,329
— 1,734
+ 162,815
+ 82,926
+ 227,295
+ 124,992
+ 235,391
+ 20,443
+ 29,996
+ 12,136
+ 14,357
+ 335,430

Products of m ines—
A n th r a c ite c o a l__________________
B itu m in o u s c o a l________________
C o k e .............. ....................................
O r e s ______________________________
S to n e , san d a n d o th e r lik e articles
O th e r a rtic les___________________

M iscellaneous—
O th e r c o m m o ditie s n o t pre­
v io u sly m e n tio n e d ___________
T o t a l .......... .................................

1,041,644
33,835,932

P A S S E N G E R S C A R R IE D

In te rlin e passengers.
L o c a l passengers____
T o ta l n u m b e r of passengers
c a r r ie d ___ .»_________________
Passengers carried one m ile ____

AND

1,279,961

— 2 38 ,31 7

32,314,514

+ 1 ,5 2 1 .4 1 8

T IC K E T M I L E A G E .

1906.
985,968
6,209,774

1905.
859,955
5,685,661

increase ( + )o r
Decrease (— )
+ 126,013
+ 524,113

7,195,742
422,413,859

6,545,616
369.901,000

+ 650,126
+ 52,512,859

T R A IN M IL E A G E .
8,665,574

7,891,449

+ 774,125

7,026,576
870,417
335,604
649,754

6,627,805
529,219
339,877
512,666

+ 398,771
+ 341,198
— 4,273
+ 137,088

17,547,925

15,901,016

+ 1,646,909

B onds—
Total a m o u n t held.
E N G IN E M IL E A G E .
C hicago In d ia n a & S o u th e rn R a ilr o a d C o. F irs t m o r t g a g e ..
$7,000,000 00
E lk h a r t & W es tern R a ilr o a d Co. F irst m o rtg a g e ____________
200,000 00
F re ig h t e n g i n e s . . . ........................
11,348,370
10,531.247
J a m e s to w n & F r a n k lin R a ilr o a d C o. F irst m o rtg a g e ________
298,000 00 1 Passenger e n g in es_______________
8,290,445
7,587,790
J a m e s to w n & F r a n k lin R a ilr o a d C o. S econd m o rtg a g e______
500,000 00
S w itc h in g en gin es_______________
7,077,778
6,468,379
T e rm in a l R a ilw a y o f B u ffalo F irs t m o rtg a g e __________________
500,000 00
W o r k e n g in e s ___________________
1,378,566
1,154.072
----------- ---- |
T o ta l p a r v a lu e o f b o n d s ____________________________________
$8,498,000 00
T o ta l engine m ile a g e ...............
28,095,159
25.741,488

+ 817,123
+ 702,655
+ 609,399
+ 224,494

F re ig h t t r a in s ____ _______________
Passenger tra in s , exclusive o f
stra ig h t m a il & express tra in s
M a il & express tra in s e x c lu siv e .
M ix ed t r a i n s ____________________
W o r k tr a in s ______________________
T o ta l tr a in m ile a g e ___________

T o ta l p a r v a lu e stocks_______________________________________$123,715,100 00 |

+ 2,353,671

G r a n d to ta l p a r v a lu e stocks a n d b o n d s ____________________ $132,213,100 00
T he ab o v e securities are carried o n th e books o f th e c o m p a n y a t a t o ta l
v a lu e o f $92,747,166 32.
F R E IG H T C A R R IE D A N D T O N M IL E A G E .
1906.
1905.
T ons of freight e a rn in g re venue
33,835,932
32,314,514
T ons of c o m p a n y fr e ig h t_______
3,567,143
2,866,560
T o ta l n u m b e r of tons c a r rie d .

35,181,074

2,222,001

T ons c arried one m ile (revenue
freight) _______________________ 5,621,502,883 5,099,918,804
T ons o f c o m p a n y fre ig h t c ar­
rie d one m ile ..................... ......... 325,647,852
282,920,839

521,584,079

T o ta l n u m b e r o f to n s carried
one m ile ................................... 5,947,150,735 5,382,839,643

564,311,092




37,403,075

Increase.
1,521,418
700,583

42,727,013

C A R M IL E A G E .
L o a d e d fre ig h t cars---------E m p t y fre ig h t cars (in c lu d in g
caboose car m ile a g e )..............

277,026,585

256,535,775

+ 20 ,4 9 0 ,8 1 0

112,749,857

98.810,236

+ 13,939,621

T o t a l........... .................................
Passenger cars___________________
W o r k c a r s . . ...................................

389,776,442
5 2 ,3 5 7 .6 8 6
8,356,074

355,346,011
47,645,025
8,599,502

+ 34,430,431
+ 4,712,661
— 243,428

T o ta l car m ilea g e____________

450,490,202

411.590,538

+ 38,899,664

1,520.35

1,520.35

1,520.35

1,520.35

Miles of r o a d , In c lu d in g tra c k ­
age, ope rate d In freight ser­
v ic e .......... ......................................
Miles o f ro a d , In c lu d in g tr a c k ­
age, ope rate d In passenger
s e rv ic e ________________________

M a r . 30 1907.]

755

THE CHRONICLE
F R E IG H T R E S U L T S.
1906.

L O C O M O T IV E S .
1905.

E a rn in g s fr o m tra n s p o rta ­
tio n ______________________ $29,288,235 31 $26,536,365.35
E a rn in g s fro m m iscellane­
ous sources_______________
473,961 80
453,289 90

Increase ( +) or
Decrease I — ) .
+ $2,751,869 96
+20,671 90

T o tal freight e a r n in g s - ..$29,762,197 11 $26,989,655 25 + $2,772,541 86
E a rn in g s per t o n ___________
E a rn in g s per to n per m i l e . .
E a rn in g s per tr a in m ile ____
E a rn in g s per m ile of roa d
o perated In fre ig h t ser­
vice— trackage IncludedD e n s ity of freight traffic
(t. e. tons carried one
m ile per m ile o f r o a d ) . .
A verage n u m b e r o f to n s of
revenue-earning freight
carried pe r to n m ile ______
Average n u m b e r of tons of
a ll
freight
(In c lu d in g
c o m p a n y ’s) carried per
tr a in m ile )_______________
A verage n u m b e r of revenue
tons per loa de d car m ile .
A verage n u m b e r of a ll tons
per lo a d e d car m ile ______
A verage n u m b e r of m iles
one to n c arrie d _________
A verage n u m b e r of loade d
cars per tr a in m ile _______
A verage n u m b e r o f e m p ty
cars pe r tr a in m ile _______
Average n u m b e r o f freight
cars per tr a in m ile _______

86.6 cts.
0.521 cts.
$3 25

82.1 cts.
0.520 cts.
$3 22

+ 4 .5 cts.
+0.001 cts.
+ $0 03

$19,575 89

$17,752 26

+ $1,823 63

3,911,698

3,540,527

+ 371,171

624.5

619.6

+ 4.9

660.7

653.9

+ 6 .8

20.3

19.9

+ 0 .4

21.5

21.0

+ 0 .5

159.0

153.0

+ 6 .0

30.8

31.2

— 0.4

12.5

12.0

+ 0 .5

43.3

43.2

4-0.1

1906.
E a rn in g s fro m passengers. $8,560,805 96
O th e r passenger tr a in earn ­
in gs _____________________
150,407 18
F ro m m iscellaneous sources
4,489 60

1905.
$7,527,458 55

Increase (+ ) or
Decrease (— ).
+ $1 ,03 3 ,34 7 41

144,385 90
4,093 35

+ 6,021 28
+ 396 25

T o ta l passenger earnings $8,715,702 74
E a rn in g s fro m m a ll a n d
ex p re ss..............................
3,390,004 29

$7,675,937 80 + $1 ,03 9 ,76 4 94
$3,317,864 40

+ $72,139 89

$1.1897

$1.1500

+ $0.0397

2.027 cts.

2.035 cts.

— 0.008 cts.

$1.18

$1.10

+ $0.08

$1.47

$1.47

__________

$7,962 45

$7,231 10

+$731 35

277,840'

243,300

+ 34,540

6.36

6.36

__________

57.38

53.09

+ 4.29

58.70

56.51

+ 2 .1 9

T A B L E O F T R A C K S A C C O R D IN G T O S T A T E S.
Second
T h ird F o u rth
T rack.
T rack.
T rack.
S id in g s .
67.84
60.05
34.46
94.12
43.96
43.63
32.89
75.58
262.06
64.85
49.68
524.53
_______
_______
_______
135.50
153.17
14.88
5.11
206.81
7.63
0.54
0.52
73.85

State.
M ile s .
N ew Y o r k .................
69.50
P e n n s y lv a n ia ______ 102.49
O h i o . ........................ 469.75
M i c h i g a n __________ 606.10
I n d i a n a . . ................ 258.49
I l l i n o i s .....................
14.02
1,520.35

1906.
168
390
263

T o t a l...................... ........................................ ........... .............

821

A verage m iles r u n per lo c o m o tiv e in service__________ 38,329

534.66

183.95

122.66

1 ,110.39

Total.
325.97
298.55
1,370.87
7 4 1 .6 0
6 38 .46
96.56
3,472.01

1905.
171
334
234
739

38,943

COST P E R M IL E R U N .
Cents.
4.73
7.64
1.57

R ep airs ................ ...... .......................................... ............. ......
E n g ln e m e n _______________________________________________
R o und- ho use la b o r _______________________________________
F u e l ____________________________ _______ ______ _________ 11.39
W a te r s u p p l y ____________________________________________
L u b r ic a tin g oil a n d w a ste _________________ j ___________
O th e r sup plies_________________ _____ ______ ___________ .38

.68
.24

T o ta l c e n t s ____________________________________________
Miles ru n per to n of c o al_____________________ ___________

P A SSEN G ER RESU LTS.

E a rn in g s per p a s s e n g e r.. .
E a rn in g s per passenger per
m ile _______________________
E a rn in g s per tr a in m ile ex­
c lu d in g m a il a n d express
E a rn in g s per tra in m ile . In ­
c lu d in g m a ll a n d express
E a rn in g s per m ile of road
operated In
passenger
service, trackage in c lu d ­
ed; in c lu d in g m a ll a n d
e x p re ss___________________
D e n s ity of passenger traffic
(i. e. passengers carried
one m ile per m ile of road)
A verage n u m b e r o f passen­
ger cars per tr a in m ile ___
A verage n u m b e r o f passen­
gers per tr a in m ile _______
A verage n u m b e r of m iles
one passenger c a r d e d ___

Passenger lo c o m o tiv e s ___________________________________
F re ig h t lo c o m o tiv e s ______________________________________
S w itc h in g lo c o m o tiv e s ___________________________________

Cents.
4.98
7 .4 6
1.57
10.70
.6 8
.2 5
.34

26.63

25.98

14.75

15.23

F U E L CONSUM ED.
C oal— n u m b e r o f to n s _________________________
1,904,203
A verage price per t o n ___________________________
$1 66
T o ta l cost________________________________________$3,089,422 10
C A R S IN

P A S S E N G E R S E R V IC E .

Passenger cars____________________________________________
S m o k in g c a r s _____________________________________________
C o m b in a tio n cars________________________________________
E m ig r a n t cars____________________________________________
B aggage cars--------------------------------- --P o s ta l cars________________________________________________
D in in g a n d bu ffet c a r s __________________________________
H orse cars________________________________________________
O fficers’ a n d p a y cars___________________________________

240
62
51
4
159
58
23
6
11

T o t a l . ..................... .......................... ............... ......................
T ota l se atin g c a p a c ity of revenue passenger cars____
C ost of repairs (e x c lud ing renewals) per passenger car
m i l e ________ ______ ____________ __________________ 1.053c.
C A R S IN

1 ,67 8 ,0 3 6
$1 63
$2,755,116 55

216
47
45
4
115
52
23
6
11

614

519

22,497

18,842

1. 056c

F R E IG H T S E R V IC E .

B o x c a r s _______ ______________________________________ _______
15,042
12,472
S to c k cars____________________________________________________
438
509
3,091
2,745
F la t c a r s ------------------------------------------7,409
6,262
G o n d o la cars, drop b o tt o m _____________________________ . . .
G o n d o la cars, hop p e r b o tto m , steel_______________________
6,929
5,000
G o n d o la cars, p la in c o m p o s ite ____________________________ 1,000
__________
C oal a n d ore cars, side d u m p _______________________________
180
18 4
Coke c a r s ____________________________________________________
1,078
766
Caboose c a r s _______ >._______________________________________
419
360
3 5,586

28,298

T o ta l c a p a c ity o f fre ig h t cars (to n s ) _______________________ 1,306,088
37.14
A verage c a p a c ity of freight cars (to n s )___________________
C ost o f re pa irs (e x c lud ing renewals) per fre ig h t car m ile .
0.533c.

T o t a l. ................... ............................... ............................... .........

986,38 8
35.30
0 .3 4 8 c .

C A R S I N C O M P A N Y ’S S E R V I C E .
B a lla s t cars, steel_______________________________ ___________
B a lla s t cars, w o o d _____________________________ ___________
D e rric k c a r s _________________________________________________
S te am sho ve ls____ __________________________________________
P ile d r iv e r s _________________________________________________
Sno w p l o w s _________________________________________________
T ool a n d o th e r w o rk cars___________________________________

80
584
19
12
4
16
753

80
184
19
9
4
16
640

T o t a l.............. ...................................... ........................................

1,468

952

T o ta l cars, a ll classes____________________________________

37,668

2 9,769

8

4

F L O A T IN G E Q U IP M E N T .
T ugs, dredges, scows, n a p h th a la u n c h ____________________

Tulsa (In d. Ter.) W ater, L ig h t, Heat & Power Co.— their holdings. The company has recently paid dividends a t
Favorable Decision.— See “ Tulsa” in “ State and City Depart­ the rate of 8 % per an nu m , nam ely, 1 ^ % quarterly Jan . 1,
m ent” V. 84 p. 590.— V.J13, P- 327.
A pril 1, July l,a n d Oct. l, a n d an extra 1% both in January
U nited Copper Co., New Y o rk .— Stock Now on Regular and July; par value of shares, $100; outstanding bonds,
7 % Basis.— The directors, having set aside the entire am ount $1,625,000, 4 % , due Feb. 1 1940.— V. 79, p. 217.
United M illing & Grain Co.— See Taylor Grain Co. above.
necessary for dividends on the preferred stock during 1907
(viz., $300,000), have declared from the profits a regular — V. 83, p. 577.
quarterly dividend of 1 % % on the common stock (viz.,
U nited Sheet & Tin Plate Co.— Sale A p ril 30.— The Com ­
$787,500), payable April 29 1907 to stockholders of record mon Pleas Court of W ashington County, it is stated, has
April 16 1907. The common stock received in January last fixed April 30 as the date for the sale of the assets of the
a quarterly dividend of 1
and } i % ex tra,and in 1906 property. The “ Ohio State Jou rn al” says:
T he M a rie tta p la n t has been appraised a t $ 62 ,00 0, th e N e w c o m e rsto w n
four dividends, each 1 3 4 % and
extra, the aggre­
a t $32,000 a n d th e coal a n d o th e r la n d s a t a price w h ic h b rin g s th e
gate am ount of the dividend just declared being, therefore, pv alalun at tio
n u p to abov e $100,000.— V . 83, p . 1541.
the same as in the five preceding quarters, the onty difference
U nited States Finishing Co.— E arnings.— The net earn­
being th at the rate of the “ regular” distribution has been
ings for the calendar year 1906 were $649,803, com paring
increased to 7 % .— V. 84, p. 577, 448.
with $587,800 for the year 1905. The directors on March
U nited F ruit Co.— Official Statement.— President Preston 21 declared dividend No. 31 of 1 M % on the preferred stock,
was on March 4 quoted by the “ Boston Financial News” :
payable April 1 1907 to holders of record March 21. The
T he b a n a n a season Is ju s t b e g in n in g a n d th e o u tlo o k is fo r a very fa v o r­
am ount of this dividend is $45,500.— V. 84, p. 512, 343.
able one. T he crop Is a good one b o th as regards q u a lit y a n d size.
D u r in g
th e y e a r we ex pe ct a n o u t p u t o f 36,000,000 bu nche s. T he b u lk of th e crop
U nited States Steel Corporation.— Explanation— Descrip­
w ill com e from J a m a ic a a n d C osta R ic a . T he re ce nt e a rth q u a k e In J a ­
m a ic a In n o w a y d a m a g e d th e p la n ta tio n s , a lth o u g h the c ity o f K in g sto n
tion of Ore Lease.— In our issue of Oct. 6 1906 we published
shows It w as h it p r e tty h a rd . A s t o m o n e y v a lu e , th e fr u it from C osta R ic a
a statement regarding the Great Northern ore lease, received
w ill p r e d o m in a te m ore h e a v ily , th e f r u it b e in g larger a n d th e bunche s
bigger. As to price, th e o u tlo o k Is s a tis fa c to ry w h ile a t th e sam e tim e n o
in typewritten form from the com pany’s office, in which ap ­
one c an te ll a n y t h in g a b o u t th is .
peared the words: “ The lease is perpetual until the ore is
T he su g ar business Is especially p r o m is in g . T he p la n ts o f th e c o m p a n y
a t B ane s, C u b a , are s ta r tin g to g rin d the c an e, w h ic h th is y e a r Is of very
exhausted.” This sentence,it was learned from the recent
good q u a lity .
annual report of the com pany, should have been qualified,
The N lp e B a y Co. (com pare V . 82. p . 1382) Is Just b e g in n in g t o be a
the contract being, in fact, term inable, at the option of the
p ro d u c in g p ro p o sitio n .
I t has been g rin d in g fo r a b o u t tw o weeks a n d Is
now t u r n in g o u t 1,000 bags of raw sugar a d a y .
The g r in d in g season c o n ­
Steel Com pany, on Ja n . 1 1915. A correction to this effect
tin u e s u p to th e first of S eptem b er. W e ex pe ct t h a t In th is p e rio d th e
was made in our news columns last week, but as the
N lp e B a y p ro p e rty w ill tu r n o u t a b o u t 275,000 bags; t h a t Is to sa y . if n o th in g
h a p p e n s.
Excessive ra in fa ll w o u ld , of course, c u t d o w n th e o u t p u t , as th e
first statement had purported to come to us from Judge
cane c o uld n o t be h a u le d to th e m lil.
W h ile th e prices for sug ar are lo w ,
E . H . Gary, the Chairman of the United States Steel Cor­
b e in g 2 ^ cents for th is raw p r o d u c t, w h ic h Is sold to th e refineries, t h e
N lp e B a y p la n ts have the m o st m o d e rn m a c h in e r y , a n d we are the re fo re
poration, we wTrote asking whether he would care to set our
able to tu r n o u t th e p ro d u c t In a m ost eco n o m ica l m a n n e r a n d a t a g o o d
record right regarding the misuse of his name in this con­
p ro fit. T he o u t p u t is sold th e w orld over. T he bags sell on a n a v e r a g e
a t a b o u t $8 e a c h .— V . 84, p. 630.
nection. Judge Gary replies as follows:
U nited Illu m in a tin g Co. of New Haven, C onn.— New Stock.
“ I beg to acknowledge receipt of your letter of the 28th
— The stockholders have voted to authorize the issue of instant.
§500,000 new capital stock, bringing the total capitalization
“ In October after the agreement for a lease of the H ill
to $1,500,000, all of one class. I t is probable th a t the new ore properties was signed bj? Mr. H ill and myself I dictated
shares will be offered to stockholders at par in proportion to an announcement for the newspapers and then left m y office




756

THE CHRONICLE

for the day. The statement did not include the sentence
you refer to nor anything concerning the duration of the
lease. This was given to several newspapers as dictated.
Before it was received by some of the newspapers inquiry
was made by a reporter concerning the duration of the lease,
and one of the attorneys who.had been employed in the prep­
aration of the agreement and who was in m y office at the
tim e suggested the sentence which was then included, and
the statement as amended was given to the reporters who
subsequently called. I had no knowledge in regard to the
am endm ent u n til last M onday, when m y attention was
directed to it by a representative of the ‘New York Evening
P o st.’ I am informed the attorney supposed the inquiry
related to the question as to whether or not the lease would
be a term lease of,,say, 25, 30 or 50 years, like most, if not
all, of the ore leases in existence, or whether it would enable
the lessee to hold the property u n til the ore was exhausted.
Of course, he had no intention to create any wrong impres­
sion. I assure you I regret the circumstances exceedingly.
“ The reference in the annual report accords with the
written agreement for a lease.” — V. 84, p. 630, 631, 624.
W ashington (Pa.) County Coal Co.— Receivership.— The
W ashington County Court has appointed N. B. Sanford of
Pittsburgh temporary receiver. The com pany’s embarrass­
m ent was due to the closing of the New Castle Savings &
Trust Co.— V. 84, p. 395; V. 81, p. 851.
Western Gas & Investm ent Co.— Receivership.— See
People's Gas & Electric Co. of X e nia, Ohio; Madison (In d.)
Light Co. and Seymour (In d .) Gas & Electric Light Co.
above.— V. 80, p. 1739.
— In an advertisement appearing to-day opposite our
weekly clearings statement page, the banking house of
K ountze Brothers, corner of Broadway and Cedar Street,
offer buyers a selected list of securities for conservative in ­
vestment. This offering consists of railroad notes, equip­
ment trusts, railroad bonds, public service bonds and m unici­
pal bonds at attractive prices, to yield investors a good re­
turn. See the advertisement for full particulars.
Mr. W il­
bur F. Baker is manager of the bond departm ent.
— The Corporation Publishing Co. of Boston has pub­
lished the first edition of a work by John F. J . M ulhall, P. A .,
on “ Quasi-Public Corporation Accounting.” The work
states briefly the books, forms and methods necessary for the
proper organization and management of quasi-public cor­
porations and the recording of all the essential details of
revenue, operation, maintenance and construction in ad di­
tion to statements as t a profit and loss and assets and lia­
bilities. The corporations covered are water, gas, electriclight and steam-heating plants, telephone companies and
electric railways. The book is bound in cloth and is printed
i n large, clear type and plentifull yillustrated.
— The New York firm of Herbert H . Knox & Co., formed
at the death of Mr. W m . C. Ashwell, expires by lim itation on
April 1, being succeeded by K nox, Wallace & Co., composed
of Herbert H . K nox, W alter T. Wallace and Samuel Sloan.
Mr. Knox is the surviving partner of Ashwell & Co., W alter
T . Wallace is the son of Charles K . Wallace, formerly a
prominent warehouseman of this port, and a nephew of
James P. Wallace. The other firm member, Samuel Sloan,
was for m any years connected w ith Charles C. Edey & Sons
and C. I . Hudson & Co. The new copartnership will carry
on business in the old offices of Ashwell & Co., 30 Broad St.
— The firm of Lathrop & Sm ith, 37 Broad Street, this city,
will be dissolved by m utual consent on April 1. Frank M.
•Cronise and Albert A. Johnson have associated themselves
w ith the firm of Bond & McCauley, 67 Exchange Place.
L. C. Lathrop and Henry Stanley Haskins will form a new
firm under the name of Lathrop, Haskins & Co., with offices
at No. 1 W all Street, where they will move on or about
April 15. Oscar B. Sm ith will retire from active business,
b ut will make his headquarters with Lathrop, Haskins & Co.
— Leonard E . Ware, formerly New York manager for the
Boston house of Bond & Goodwin, and W illiam F. Timlow,
a member of the New York Stock Exchange, have formed
a co-partnership under the firm name of Ware & Timlow,
w ith offices at 18 W all Street. The new concern will make
a specialty of call and time loans on the Exchange. Henry
W’ . Banks Jr. has associated himself with this firm.
:— Peabody, H oughteling & Co., prominent Chicago in­
vestment bankers and bond dealers, announce that they
have leased two floors (2d and 5th) of the new Borland
Building, corner of La Salle and Monroe streets, and will
remove their offices there from present quarters in First
National Bank Building on May 1.
— The 1907 edition of “ The Earning Power of Railroads”
has been issued. It is a convenient little volume of 337
pages, compiled and edited by Floyd Wr. M undy of James H .
O liphant & Co. Price $2. Sold by Metropolitan Advertising
«Co.. 6 W all Street.
— Frank A . Ferris and Robert D . W hite, who have been
associated with Messrs. Rhoades & Co., announce the for­
m ation of a partnership under the firm name of Ferris &
W hite, to deal in high-grade securities, w ith offices at 43-49
Exchange Place.
— Graham & Co., Philadelphia, through their representa­
tiv e , D. G. Rom bach, Scranton, P a., are issuing a neat
rpamphlet containing financial statistics of corporations whose
■securities are identified with Scranton and Wilkes-Barre,




The

[V o

© om m cm al

l

.

l x x x iv

.

T n u cs.

C O M M E R C IA L E P IT O M E .
Friday N ight, March 29 1907.
Favored by more seasonable weather trade has increased
rather than dim inished, notw ithstanding some further set­
back at the Stock Exchange. Mercantile prices are generally
firm and collections, although not as good as could be de­
sired, show some signs of im provement. Manufactures are
still decidedly active. Speculation remains quiet.
L A R D on the spot has been dull with slight changes in
prices. Sm all sales have been made of late at 8 ^ c . for City
and 9@93^c. for Western. Refined lard has been easier
w ith trade stagnant. Refined Continent 9.45c., South
America 10.25c. and Brazil in kegs 11.25c. The market for
lard futures at the West has been irregular. There has been
extensive liquidation at times with a lack of support. Of
late, however, the tone has been rather firm, owing to smaller
receipts of live hogs, covering of shorts and lighter offerings.
Packers have bought to some extent. The dulneee of the
spot trade has discouraged commission-house buying.
D A I L Y C L O S IN G P R I C E S O F L A R D F U T U R E S I N C H I C A G O .
S a t.
M on.
Tues.
W ed. T hurs.
F r l.
8.60
8.70
8.90
8.00
M a y d e liv e ry ____________ 8 . 7 7 ^
J u ly d e li v e r y ...................8 . 8 7 ^
8.70
8.80
9.00
9.00
HollS eptem b er d e liv e ry ______8 . 9 7 ^
8.75
8.90
9 .0 7 ^
9 .1 2 ^
day.

P O R K on the spot has been steady w ith some increase in
the dem and. Mess $17 75@$18 50, clear $17 75@$19 50
and fam ily $19 50@$20. Cut meats have been quiet and
steady. Supplies are moderate. Pickled shoulders 9 34 c .,
pickled bellies, 14@10 lbs., 1 0 J ^ @ llc . and pickled hams
1 2 @ 1 2 ^c . Tallow has been steady w ith trade quiet.
Offerings continue moderate. City 6 ^ @ 6 % c . Stearines
have been dull with prices nom inally easier. Oleo 9}4c. and
Western 10c. Butter has been moderately active and Steady.
Stocks of high grades are small. Creamery, extras, 30
31c. Cheese has been in light demand and steady. State
factory, fancy, 15c. Eggs easier. Trade has been active
b u t supplies have increased. Western firsts 1 7 J^@ 1 7 ^c .
O IL .— Cottonseed has been quiet and irregular. Prime
summer yellow has declined, while winter has advanced.
Prime summer yellow 46c. and prime winter yellow 52@55c.
Linseed has been fairly active and steady. Increased w ith­
drawals on contracts are reported. City, raw, American
seed, 42@43c.; boiled, 43@44c. and Calcutta seed, raw, 70c.
Lard has been easier with the dem and less active. Prime
76@78c. and No. 1 extra 58@60c. Olive has been active
and firm with supplies light. Yellow 85@87J^c. and green
70@78c. Cocoanut has been fairly active and steady.
Cochin 10Mc. and Ceylon 10c. Peanut has been in moderate
demand and steady; yellow 50@60c. Cod fairly active and
steady. Domestic 38@40c. and Newfoundland 40@42c.
C O F F E E on the spot has been dull and easy, owing to a
weaker market for futures. Rio No. 7, 7c., and Santos
No. 4, 83^@ 8J^c. West Ind ia growths have been quiet
and steady. Fair to good Cucuta, 8 J ^ @ 9 ^ c . The m ar­
ket for future contracts has declined moderately, owing to
long liquidation for local and W all Street account , large re­
ceipts at R io and Santos and unfavorable reports as to the
outcome of the valorization. Europe has sold to some ex­
tent, and there has been little disposition to buy, the only
support coming from the covering of shorts.
The closing prices were as follows:
M a r c h ___________ 5.75c.
A p r i l ____________ 5.75c.
M a y _____________ 5.60c.
J u n e ............ ...........5.55c.

J u l y ........................5 .55c.I
Auerust___________ 5 .5 5c.I
S e p te m b e r_______ 5 .60c.I
O c t o b e r __________5 .60c.|

N o v e m b e r ............ 5.60c.
D e c e m b e r ________ 5 .65 c.
J a n u a r y ___________ 5.70c.
F e b ru a ry _________ 5 .70 c.

S U G A R .— R aw has been firmer with some increase in
the dem and. Offerings have been light. Centrifugal,
96-degrees test, 3.58c.; muscovado, 89-degrees test, 3.11c.,
and molasses, 89-degrees test, 2.86c. Refined has been
moderately active and firm. Granulated 4.60(5 4.70c.
Teas in fair jobbing demand and firm. Spices moderately
active and steady. Hops quiet and steady.
P E T R O L E U M has been active and firm. Refined barrels
8.20c., bulk 4.75c. and cases 10.6.5c. Naphtha has been
firm and more active; 73@76 degrees, 13c. in 100-gallon
drums. Gasoline has been more active with prices firm;
86 degrees 21c. in 100-gallon drums. Spirits of turpentine
has declined to 75c. The demand has been light and stocks
have increased. Rosin has been in moderate demand and
firm; common to good strained $4 50.
T O B A C C O .— Trade in domestic cigar leaf has been rather
quiet, but prices have ruled generally firm, owing to the
smallness of supplies held by most packers and jobbers.
Interest in the new Sum atra crop continues. Samples have
been received from the first inscription, b u t little is known
in regard to them as yet. The sales thus far have been
smaller than expected, owing to the high prices ruling at the
inscriptions. Crop reports from Cuba are conflicting.
Prospects for the Remedios crop are said to be poor, owing
to insufficient rain, while the outlook for Vuelta Abajo and
Partidois is more favorable.
C O P P E R has been quiet and easier; lake 25^@25?/sC.
and electrolytic 24>8@25^gc. Lead has been quiet and
steady at 6J^c. Spelter has been in moderate demand and
steady at 6.85@6.90c. T in has been dull and easy; Straits
4 0 ^ c . Iron has been less active and easy; No. 1 Northern
$23 20@$24 70; No. 2 Southern $22 75@$24.

M a e . 30

757

THE CHRONICLE.

1 9 0 7 .]

COTTON.

On S h ip b o a rd , N o t Cleared for—

F riday Night, March 29 1907.
T H E M O V E M E N T OF T H E C R O P as indicated by our
telegrams from the South to-night is given below. For
the week ending this evening the total reeipts have reached
133,702 bales, against 159,389 bales last week and 169,294
bales the previous week, m aking the total receipts since
the 1st of September 1906, 8,811,473 bales, against 6,645,744
bales for the same period of 1905-06, showing an increase
since Sept. 1 1906 of 2,165,729 bales.
Receipts a t—

M on.

S a t.

G a lv e s to n ............
P o r t A r t h u r ___
C o rp . C h ris ti,& c .
N e w O rle a n s ____
M o bile _________
P e n s a c o la ----Ja c k s o n v ille , &c.
S a v a n n a h _______
B r u n s w i c k ______
C h a r le s t o n _____
G e o r g e to w n ____
W i l m i n g t o n --N o rfo lk . - -- .
N e w p 't N e w s,& c
N e w Y o r k _______
’B o s t o n -- ----B a lt im o r e _______
P h i la d e l p h i a ____

10,931

T ots, th is w 'k .

8,8 6 8

Tues. j W ed.
14,4641 10,558

Thurs.
12,162

8,012
72

2,830
591

8,156' 10,561
881
742

5,192
607

1,081

3,050

2,121

2,008

______
2,314

288
179
1,729

171
______
133
894

95
295

84
335

217
______
143
679
---159
353|

57

46

22,739

17,002

13

32

257
1,790

177
689

127
1,096

175
531

58

24

27,210j 27,210

21,903

37

F r l.

Total.

10,264

67,247
____
236
38,070
3,385
____
____
12,717
1,267
746
____
1,198
6,548
378
640
3,030
1,018
222

236
3,319
492
____
____
2,143
1,267
25
____
309
767
378
420
1,018
---

20,638 136,702

The following shows the week’s total receipts, the total
since Sept. 1 1906, and the stocks to-night, compared with
last year:
1905-06.

1906-07.
Receipts to
M a rc h 29.

T his
week.

■Galveston________
fC o rp u sC h risti, &c.
N ew O rle an s
M o b ile _________ .
P e n s a c o la --- —
J a c k s o n v ille , & c.
:S a v a n n a h -----B r u n s w ic k ____
(C h a rle s to n _______
G e o rg e to w n ______
W i lm i n g t o n _____
N o r f o l k ._________
N e w portN ew s,& c.
N e w Y o r k -_
B o s t o n --- _ - B a ltim o r e -----P h i l a d e l p h i a ____

Since Sep
1 1906.

67,247 3,565,411
123,764
236
28,408
38,070 2,078,928
3,385
238,170
123,240
6,871
12,717 1,355,261
1,267
153,701
142,484
746
1,095
310,746
1,198
510,726
6,548
34,421
378
640
15,673
3,030
64,554
1,018
51,974
6,046
222

Stock.

S ince S ep
1 1905.

T his
week.

35,772 2,265.382
111,696
1,244
31,077
36,405 1,356,147
204,959
942
1,350
128,807
699
15,804
15,175 1,244,891
161,061
550
484
156,362
1,043
286,050
709
4,154
543,402
167
18,508
3,846
100
175
54,153
1,689
55,960
6,576
421

T o ta l................... 136,702 8,811,473 100,036 6,645,744

1907.

1906.

328,803

165,449

282,717
25,177

283,281
26,526

76,163
6,149
12,084

55,966
3,087
20,602

11,015
29,138
700
171,607
12,903
7,289
1,610

5,789
31,438
162,661
7,621
9,432
3,756

965,355

775,608

In order th a t comparison m ay be made with other years,
we give below the totals at leading ports for six seasons:
Receipts a t—

1906.

1907.

1905.

1904.

1903.

1902.

G a lv e s to n ,& c .
N ew O rle a n s .
M o bile ............
• S a v a n n a h ___
<Charleston,& c
W llm ln g 'n ,& c
N o r f o l k ---N 'p o r t N ., &c.
A ll oth e rs____

67,483
38,0 70
3,385
12,717
74 6
1,198
6,548
378
6,177

37,016
36,405
942
15,175
484
709
4,154
167
4,984

74,250
70,289
4,755
24,547
4,658
4,236
9,649
182
6,196

15,379
21,159
827
8,235
506
152
6,580
367
3,920

31,072
45,321
1,419
11,982
64
1,264
4,307
219
10,701

21,066
18,652
726
6,378
1,324
479
4,910
657
12,680

T o ta l th is w k .

136,702

100,036

198,762

56,125

106,359

66,890

Sluce S e p t. 1 . 8,811 ,473 6,645,744 7,705,290 6,701,609 7,021,584 6,879,260

The exports for the week ending this evening reach a
total of 210,832 bales, of which 91,289 were to Great Britain,
10.749 to France and 108,794 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1906:

Exports
from—
•G alveston---

Week ending M a rc h 29 1907.
Exported to—
Great
Conti­
Britain. Fr'nee nent.

Great
Britain. France.

62,661 9,081 46,078 117.820 1,535.045 407.460
.........
51,928

»Oorp.Chri8ti,&c
New O rle an s.. 19,190

---

P ensaco la --Fernandlna . . .
Savannah __
Brunswick--C harleston ____

_____

N o r fo lk ______
Newport News
New York -. Boe ton
B a ltim o re ____
Philadelphia . .

____
____
1,877 1,668

San Francisco.
S e a ttle _____
T ac o m a ____ _
Portland, Ore
P e m b in a _____
^Detroit...........

Total.

From Sept. 1 1906 to M arch 29 1907.
Exported to

1,890
1.708

2,893
1,064

20,399 39.595

____
....

....

.. .
23.371 25.261
_____
1,708
.........
.........
_____
8,828 12,373
407
407
716 3,609
1.064
.........
100
8,895

.........

---

.........

100
8.895
_____
_____
.........

793.842 234,846
64 03.1 28 0.S9
52,615 26,432
142.845 46,208
75,492
115.021 6.666
2,367
4,420
148.080 35.403
107.524
66.888 6.083
32,600
6,470

____
9.029

.........

Conti­
nent.

Tota .

887,974 2.830,479
71.83ft 123.7fi4
1,547
1,547
665.119 1,693.807
Afi .132 147.224
51,944 130,991
100
100
635,581 824.634
48,812 124,304
21,393
21,393
176,463 297,484
3,897
6,264
619
5,039
157,680 341,163
16,454 123,978
60,398 133,369
2,700
35,300
6,470
70,321
70,321
63,348
63,348
35,658
35,658
400
400
2,959
2,959
9,029
...........

T o t a l........... 91,289 10,749 108,794 210.852 3.208.199 790,491 3,030,335 7,029,025
Total 1905-06. 30,411 3,482 51,528 85,421 2,381,999 603,321 2.075,019,5.060.339

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. We add similar figures for
New York.




M a r c h 29 a t—

Great
B rita in . F rance
22,053
15,900

Ger­
m any .

Coast­
Other
Foreign wise.

9,028
50,686

2,2 0 0
5,500

'3 0 0

3",660
4,800

T o ta l 1 9 0 7 ..
T o ta l 1 9 0 6 ..
T o ta l 1 9 0 5 ..

71,714
63,018
60,718

38,253
15,731
14,240

68,915
57,122
33,713

4,300

Total.

le a v in g
stock.

l",500
800

1,376 65,559
5,814 132,887
700
3,200
275
275
700
7,600
18,801 18,801
7,000
11,100

217,158
195,916
72,963
11,809
17,577
10,337
164,607
28,566

39,874
42,063
34,178

27,666 246,422
18,805 196,739
27,411 170,260

718,933
578,869
477,338

11,171
44,844
2,500

N e w O r le a n s ..
G a lv e s t o n ____
S a v a n n a h ____
C h a rle s to n ____
M o b i le ________
N o r f o lk ____ __
N e w Y o r k ____
O th e r p o r ts ___

j

21,931
15,643

2*600

Speculation in cotton for future delivery has been com­
paratively quiet, partly owing to the near approach of the
Easter holidays, and prices— m ainly because of continued
large receipts and some further depression at the Stock E x ­
change— have declined. The speculation has continued to
be very largely what is known as of a professional character,
and the large m ovement of the crop, especially at the South­
west, some weakness in Liverpool,and a falling off in the spot
transactions there, have given prices, a setback, despite some
features in the situation which bulls have regarded as dis­
tinctly favorable to their interests. For example, the spot
markets in this country have been as a rule firm, the dry
goods reports have remained highly favorable, and some
comment is beginning to be made on the continued dry
weather in Texas. Reports, seemingly semi-official, have
been in circulation to the effect that the past winter has been
favorable for the hibernation of the boll-weevil, and th a t
there is therefore a prospect that these insects m ay be ab un­
dant during the coming season. Latterly, moreover, the
financial situation has been such th a t bears who sold on the
recent decline have been more inclined to cover their engage­
ments, especially as the cotton exchanges here and in New
Orleans had decided to close on Good Friday and the day
following, while the Liverpool Exchange had resolved to
close on March 29, March 30 and April 1. Still the big re­
ceipts, the dulness of outside speculation, and, it m ay be
added, some reports from Liverpool that Lancashire spinners
are well supplied w ith cotton, were factors which pressed
with more or less telling effect on prices; So that in spite
of rather heavy covering of late, the net change in quota­
tions for the week is in the bear interest. Attention is be­
ginning to be directed more and more to the outlook for the
coming crop, particularly as it is a very general belief that
another large yield is needed. Crop preparations thus far
on the whole seem to be well advanced in not a few sections,
particularly in Texas, where, however, according to m any
reports, there was a drought during the winter, and the rain
thus far this spring has been somewhat scanty, retarding
planting to some extent. On Thursday local covering on
the eve of the Easter holidays caused a small advance after
some irregularity due to continued large receipts and dulness
and depression in Liverpool. Spot cotton has been quiet
and easier. Middling uplands closed at 10.95c., a decline
for the week of 30 points.
The rates on and off m iddling, as established Nov. 21 1906
by thej Revision Committee, at which grades other than
m iddling m ay be delivered on contract, are as follows:
F a ir ..................... c. 2.00 on
Strict mid. fair___ 1.75 on
Middling fair_____ 1.50 on
Barely m id. fair-. 1.25 on
Strict stood m id ___ 1.00 on
Fully good m id ___ 0.88 on
Good m iddling____ 0.76 on
Barely good m id .. 0.57 on
Strict m iddling__ 0.38 on
Middling ............... Basis

Strict low m id- .c . 0.14 off
Fully low m id ____ 0.32 off
Low m iddling--- 0.50 off
Barely low m id ___ 0.70 off
Strict good ord___ 0.90 off
Fully good ord___ 1.07 off
Good ordinary____ 1.25 off
Strict g'd m id. tgd. 0.30 on
Good m id. tinged. Even
Strict m id. tinged. 0.06 off

Middling tin ge d.c .
Strict low m id.ting
Low mid. tinged-.
Strict g’d ord. ting
F ully m id. stained
Middling stained -.
Barely m id.stained
Strict low m . stain.
Fully 1. m . stained
Low m id. stained.

0 12 oft
0 46 off
0 90 off
1 25 off
0 42 off
0 50 off
0 78 off
1.50 off
1 75 off
2' 00 off

On this basis the official prices for a few of the grades for
the past week would be as follows:
S a t.

M on.

Tues.

W ed.

Thurs.

G o o d O r d in a r y ____________
L ow M id d lin g _____________
M i d d l i n g ___ __
__________
G o od M id d lin g ____________
M id d lin g F a ir ______________

9.75
10.50
11.00
11.76
12.50

9.65
10.40
10.90
11.66
12.40

9.70
10.45
10.95
11.71
12.45

9.70
10.45
10.95
11.71
12.45

9.70
10.45
10.95
11 .71
12.45

GU LF.
G ood O r d in a r y .....................
L o w M id d lin g _____
___
M i d d l i n g ___
____________
G ood M i d d li n g .. ________
M id d lin g F a ir ______________

10.00
10.75
11.25
12.01
12.75

9.90
10.65
11.15
11.91
12.65

9.95
10.70
11.20
11.96
12.70

9.95
10.70
11.20
11.96
12.70

9.95
10.70
11.20
11.96
12.70

S T A IN E D .
L ow M id d lin g _____________
9.00
M i d d l i n g ___________________ 10.50
S tr ic t. L ow M id . T in g e d . - 10.54
G o od M id d lin g T in g e d ____
11.00

8.90
10.40
10.44
10.90

8.95
10.45
10.49
10.95

8.95
10.45
10.49
10.95

8.95
10.45
10.49
10.95

UPLANDS.

Fri

H o li­
day.

M A R K E T A N D S A LE S AT N E W Y O R K .
S pot M a rk e t
Closed.

F u tu re s
M a rk e t
Closed.

S a t u r d a y ____ Q u ie t 10 p ts. dec. B arely s t ’d y .
M o n d a y _____ Q u ie t 10 p ts. dec. S te a d y _______
T uesd ay ____ Q u ie t 5 p ts . a d v . V ery s te a d y ..
S te a d y ............
W e d n e s d a y ..
S te a d y _______
T h u r s d a y ___
F r id a y _______
H O L ID A Y .
T o ta l

____

Sales of S pot a n d C ontract.
Con­
1 ConE x port s u m ’n. tract.
____
____
____
____

____
____
____
____

600

Total.

____
2,700

600
____
____
2,700

3,300

3,300

9.5
9.48®
M a rc h
S to c k a t
S to c k a t
S to c k a t

29.
1907.
1906.
L iv e r p o o l________ b a le s .1,248,000 1,104,000
L o n d o n . . .............. ...........
9,000
10,000
M a n c h e s te r ______________
80,000
67,000

T o ta l
S to c k a t
S to c k a t
S to c k a t
S to c k a t
S to c k a t
S to c k a t
S to c k a t
S to c k a t

G re a t B r it a in s to c k ______1 ,337,000
H a m b u r g ________________
11,000
B r e m e n __________________
434,000
A n t w e r p ............ . .............
H a v r e ____________________
2 73,000
M arseilles________________
3,000
B a r c e lo n a _______________
17,000
G e n o a ____________________
145,000
T r ie s te ___________________
13,000

T o ta l C o n tin e n ta l stock s_______

896,000

551,000

1905.
812,000
13,000
50,000

1904.
567,000
11,000
64,000

875.000
9.000
357.000
1.000
136.000
3.000
28,000
63,000
3.000

642.000
8 ,0 0 0
372.000
4.000
225.000
3.000
35.000
31.000
5.000

600,000

683,000

T o ta l E u r o p e a n stock s__________2,233,000 1,732,000 1,475,000 1,325,000
I n d i a c o tto n a flo a t for E u r o p e ___ 159,000
147.000
99.000
224.000
A m e r ic a n c o tto n a flo a t fo r E u ro p e 492,241
293,817
405.000
204.000
E g y p t, B ra zil, &c. a flt. for E u ro p e
56,000
44,000
39.000
27,000
S to c k In A le x a n d r ia , E g y p t ___ *212,000
174.000
206.000
225.000
S to c k In B o m b a y , I n d i a __________ 742,000
743,000
970.000
391.000
S to c k In U . S. p o r t s _______________ 865,355
775,608
647,598
540,169
S to c k In U . S. In te rio r to w n s______ 485,714
516,252
585,328
272,951
U . S . ex ports to- d ay _______________
26,792
7,194
48,485
T o ta l visible s u p p ly ____________ 5 ,372,102 4,659,871 4,248,411 3,209,120
■O f th e a b o v e , to ta ls of A m e r ic a n a n d o th e r de scription s are as follow s:
A m e ric a n —
.1,137,000
981,000
736,000
479,000
54,000
67,000
41,000
51,000
. 827,000
500,000
565,000
629,000
. 492,241
293,817
405,000
204,000
647,598
9 65,355
775,608
540,169
. 485,714
516,252
585,328
272,951
U . S.
7,194
48,485
26,392

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

E a st I n d ia n , B r a s il, & c .—
L iv e rp o o l s to c k _______________
L o n d o n s t o c k ________________
M a n ch e ste r s to c k ____________
C o n tin e n ta l s to c k ____________
In d i a a flo a t for E u r o p e ______
E g y p t , B ra z il, & c., a flo a t ___
S to c k In A le x a n d r ia , E gy ptS to c k In B o m b a y , I n d i a ____
T o ta l E a s t I n d ia , & c________

.4,001,102 3,127,871 3,028,411 2,176,120
.

.
.

.

111,000
9,000
13,000
69,000
159,000
56,000
2 1 2 ,0 0 0

742,000

123,000

10,000

13,000
51,000
147,000
44,000
174,000
970,000

76,000
13,000
9,000
35,000
9.9000
39,000
206,000
743,000

88,000
11,000
13,000
54,000
224,000
27,000
225,000
391,000

.1,371,000 1,532,000 1 , 2 2 0 ,0 0 0 1,033,000
.4,001,102 3,127,871 3,028,411 2,176,120

.5.371,102 4,659,871 4,248,411 3,209,120
5.79d.
6 .03 d.
4 .2 8 d .
8 .2 8 d .
10.95c.
11.70c.
8 .15 c.
15.35c.
11 lo-16d.
lO d .
7 5-16d.
9^d.
P e r u v ta n , R o u g h G o o d , L iv e rp o o l1
9 .6 5 d .
8 .75 d.
lO .lO d .
10.25d.
B ro a c h , F in e , L iv e r p o o l____
4 5-16(1. 7 ll- 1 6 d .
5 9-16d. 5 ll- 1 6 d .
T ln n e v e lly , G o o d , L iv e rp o o l
5 y 3d .
5 Hd.
7 5-16d.
4 %<1.




.

3,556

- -3

-fi • --3a ?

®S§'io -

3 B , ? :- ? 3 s 3 ^ ^ r 2 E

5,009,848 90,25l|516,252
63,233
T otal, 33 to w n s ........ .... ...................... ...................... 89,3306,767,331 116,436|485,714

.

E u fa u la ,
M o ntgom ery,
Selm a,
H elena,
Little R ock ,
A lb a n y ,
A thens,
A tla n t a ,
A u g u sta ,
C olum bus,
M acon,
R o m e,
Louisville,
S hreveport,
C olum bus,
Greenville,
Greenw ood,
M e ridia n,
N atche z,
V icksbu rg,
Yazoo C ity,
St. Louis,
R aleigh,
C in c in n a ti,
G reenw ood,
M em pi Is,
N a shville,
B re nha m ,
C larksville,
Dallas,
Honey Grove,
H o u sto n ,
Paris,

- S o

ceS

■ 3»«sfla)a S a l s § ® f e > g n a B . « ,§ § 1S ^ l a
^ a
2 2 £ S = 8 S 3 t = 't,
j; t

a5KB^<<:<;<o^K^7iuc^S2»-!r.aoc

a T h is y e ar's
a r’s figures e s tim a te d .

The above totals show that the interior stocks have de­
during the week 27,106 bales, and are to-night
30,538 bales less than at the same period last year. The
receipts at all the towns have been 26,097 bales more than
the same week last year.

creased

O V E R L A N D M O V E M E N T FO R T H E W E E K A N D
SIN C E S E P T . 1.— W e give below a statement showing
the overland movement for the week and since Sept. 1,
as made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
----1906-07---M a r c h 29—
S ince
S h ip p e d —
Week.
S ept. 1.
V ia S t. L o u is ....................................... 17,873
659,507
192,604
V ia C a ir o .......................... .................... 3,398
V ia R o c k Is la n d ................................ 2,944
66,105
V ia L o u is v ille ..................... ............... 2,873
69,501
1,531
46,189
V ia C in c in n a ti.............................. ..
V ia o th e r route s, & c_______________ 18,974
371,337
.4 7 ,5 9 3 1,405,243
D educt shipm ents—
I n la n d , & c..

1905-06---S inc e
S ept. 1.
401,013
175,679
39,594
78,243
47,447
203,487

Week.
11,320
4,310
778
2,267
1,025
1,018
20,718

945,463

2.385
397
69S

120 ,53 5
1 6,759
32,201

. . 4,910
1,027
. . 1.171

138,247
59,194
43,228

. . 7,108

240,669

3,480

169,495

.4 0,4 85 1,164,574

17,238

7 75,968

a In c lu d in g m o v e m e n t b y ra il to C a n a d a .

The foregoing shows the week’s net overland movement
has been 40,485 bales, against 17,238 bales for the week
last year, and that for the season to date the aggregate
net overland exhibits an increase from a year ago of 388,606
bales.
----1906-07------ -------1905-06----I n S ig h t a n d S p in n e rs '
S ince
S ince
T akings.
Week.
Sept. 1.
Week.
S ept. 1.
R ec eipts a t ports to M arch 2 9 ..........136,702 8,811,473
100,036 6,645,744
N e t ov e rla nd to M arch 2 9 __________ 40.485
1,164,574
17,238
775,968
S o u th e rn c o n s u m p tio n to M arch 29. 48,000
1,418.000
46,000 1 ,387,000
11,394,047
389,438

M id d lin g U p la n d , L iv e r p o o l.

Continental imports past week have been 114,000 bales.
The above figures for 1906 show an increase over last week
of 31,188 bales, a gain of 712,231 bales over 1906, an ex­
cess of 1,123,691 bales over 1905 and a gain of 2,162,982
bales over 1904.

lx x x iv

Alabama ........... ...................... -............
21,413
65
1,234
..................
22,512640
“
______
1,049
165,392
1,164
12,958
1,144
155,946 1,576
30,193
................................. 124
105,444
648
2,063
268
97,904 l,1 9 0 l 10,964
“
Arkansas a .........
978
64,923
2,054
12,000
400
52,996
910
5,451
“
______
2,161
226,605
2,785
37,446
2,283
160,363 2,808; 46,480
Georgia
______
20
22,854
31
1 731
57
29,030 221
4,772
“
................................. 197
104,480
1,153
9,224
1,358
80,659 1,404
16,991
"
______ 835
140,129
1,024
14,001
3437,707459
5,280
“
...........
4,357
339,546
6,109
30,004
2,332
327,956 5,459
67,468
“
______
293
52,466
1,235
13,478
265
69,475 6 20 1 20,627
“
______
45
55,081
130
2,102
205
56,852
149
8,533
“
........... 529
48,421
375
4,277
644
38,190 701 j 6,256
K e n tu c k y , n e t _
296
6,833
296
300
81
6,362 131
125
L o u is ia n a ______
1,063
189,529
1,486
12,698
726
97,436 3,573
20,378
M is s is s ip p i _____
48
50,101
30
6,020
354
34,708 403
7,970
“
................................. 444
63,622
1,488
4,374
288
41,455
10
2,236
“
______
500
79,479
2,100
11,200
150
62,370 950
8,200
“
______
810
91,272
2,400
5,835
989
62,909 2,114
22,422
“
______ _____________ 237
72,607
329
8,561
683
45,026 564
7,312
‘
______
1,080
83,706
2,665
20,341
182
68,352 1,180
14,636
“
a ......... 100
54,897
899
6,100
2001 51,878 692
5,800;
M is s o u r i ............. ...................... 18,817 685,418
17,873
39,412
11,759
433,249 11,320
43,012;
North Carolina a ___________ 100
16,368
120
1,000
118
11,590 1101
814
O h io ......................
3,551
117,946
3,456
11,363
2,830
124,268 2,893
17,946
South C a ro lin a _
71
19,305
156
2,183
115
14,863
21
6,330
T ennessee ........... ...................... 16,839 827,208
21,165 157,912
8,752
731,885 17,754
72 331
______ _____________ 178
12,252
375
378
160
10,220 154
1,682
“
Texas a - ............. ...................... 60
16,493
93
1,800
160
8,644 176
1,413
"
.......................................... 32
38,887
79
753
35
12,410
82
160
“ a . ................ ...................... 150
99,515
231
1,000
495
77,924 1,409
1,677
"
.................... ...................... 30
33,687
274
256
26i
18,519
88
898
“
.................... ...................... ...................... 33,9082,758,63643,23452,42025,148 1,902,08129,288
51,887
“
___________
428
102,816
914
914
992|
64,109 1,202
2,452

----- @
----- —

----- @
----- —
@
—

March 29
1907.Movement to March 30 1906.
--------Towns.
Receipts.
Ship- Stocks,
Receipts. S h ip - , Stocks
---------- ments. M a r c h ------ ments.
M ch.
Week.
Season.
Week.
29.
Week. Season.
Week.30.

10.14 10.08@
10.08— 10.10
10.08— 10.09

9.89
9.93
9.88@
9.92—
9.92
9.91
9.88®
9.95
9.9~5— 9.96
9.79@ 9.86
9.80— 9.81

9.90@
9.90—

9.89
9.87—
9.88
@
-- @
9.91— 9.93
@
----- 9 .75 — 9.77

9.86—

9.85
9.85
9.78®
9.84 —
9.85
9.83
9.81@
9.82—
9.80@
9.87
9.87— 9.88
9.69@ 9.78
9 .72 — 9.73

9.96@ 10.03 10.06@
9 .98 — 9.9910.13— 10.14

9.95
—
9.79@
—
—

— —
@
—
—
—

9.07
—
9.69@
—
—

9.65
—
9.60@
9.65
9.66 — 9.67
9.51@ 9.56
9 .50 — 9.52

9.61@
9.60—

9.59
9.57®
—
9.56
9.57— 9.59
•H O L I9.64
9.55@
9.63
9.62
9.63 — 9.64
9.56®
9.55—
9.53@
9.63
9.62 — 9.63

9.60
9.60
9.50@
9.59 —
9.49
9.44

9.45@ 9.51
9.46 — 9.48

9.57
9.53
9.40@
9 .43 —

9.48@
9.54—

9.49
@
— 9 . 4 8 ® --- @ 9 .5 0 —
9 .39 — 9.41
9.53— 9.55
9.47—

9.52@
9.52—

9.49
9.46
9.43@ 9.52
9.51— 9.52

9.44®
9.45—

9.40@
9.49—

9.51—

9.50
9.50

9.53

9.55
9.55

DAY.

9.51@
—
—

9,63
—
9.45@
—
—

9.40@
9.60
—
------

—
@

—

—

—

9.52
—
9.34@
—
—
9.34@ 9.43
9 .3 6 — 9.37

9.34
—
9.20®
—
—
9.20@ 9.279.32@ .9.33
9.31@
9.33
9.24@
9.34
9 .22 — 9.23
9.36 — 9.38
9.30— 9.31
9.34— 9.35

9.38
—
9.18®
—
—
9.29
—
9.36
9.27@
9.31 —
—
9.30@
9.30—
9.30@
9.38
9.37 — 9.38
9.18@ 9.20
9.20— 9.21

T H E V IS IB L E S U P P L Y OF C O TTO N to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as .the afloat, are this week’s returns, and conse­
quently all foreign figures are brought down to Thursday
evening.
But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.

[Vo l .

A T T H E IN T E R IO R T O W N S the movement— that Is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items for
the corresponding period for the previous year— is set out
in detail below.

M a rc h —
Range
9.30@
9.32
Closing
9.29 — 9.31
A p ril—
Range
9.33@
9.34
Closing
9 .3 1 — 9.33
M ay—
Range
9.44@
9.49
Closing
9 .4 4 — 9.45
Ju n e —
Range —
@
--Closing
9.47 — 9.49
J u ly —
Range
9.47®
9.52
Closing
9.49 — 9.50
A ugust—
—
Range
9.51®
9.55
Closing
9.52 — 9.54
S ept.—
Range
9.58®
9.60
Closing
9.5.J— 9.58
Oct.—
Range
9.77@
9.81
Closing
9.77 — 9.78
N o v .—
Range —
@
--Closing
9 .8 0 — 9.82
D ec.—
Range
9.86@
9.90
Closing
9 .8 5 — 9.86
J a n .—
Range 10.03@10.07
Closing 10.03— 10.04
F eb .—
--Range —
@
C lo s in g —
—
---

S aturda y,
M o n d ay ,
March
23.
March
25.

Tuesday,
March

26.

March

27.

March

28.

W ednesday,
March 29.

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:

Movement to

— 10.10@10.11 10.10@ 10.11
— 10.12— 10.14—

10.11 10.04@10.08 9 .96@ 10.14
—
—

THE CHRONICLE.
—

Thursday, F r id a y ,
IFeefc.

758

.198.081

------------

11,783,485

North, spinners’ takings to Mch. 29 77,573

2,207,677

163,274 8,808,712
a27,018
381,075
136,256

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

9,189.787

50,466 1,899.676

a Decrease d u r in g w eek.

Movement into sight in previous years:
Week—
Bales. I
S ince Sept. 1—
Bales.
1905— M ch. 3 1 . . . ..................... 257.259 1904-05— M ch. 3 1 ............... 10,420,033
1904— A p r . 2.......................... : 76,060 1903-04— A p r . 2 ....................9,088,651
1903— A p r . 3 ............................ 141,7281 1903-03— A p r . 3 .................. 9,443,935
1902— A p r . 4 ............................ 8 7 ,558| 1901-02— A p r. 4 ................. 9.294.130

Q U O T A T IO N S F O R M ID D L IN G COTTON AT O T H E R
M A R K E T S .— Below are the closing quotations of m iddling
•cotton at Southern and other principal cotton markets for
each day of the week:
C lo sin g Q u otation s ofr M id d lin g Cotton on—
Week ending
M a r c h 29.

S a t’day.

M o n d a y . Tuesday. W ed’day . T hursd'v, F r id a y .

G a lv e s t o n ______
N ew O rle a n s ___
M o b ile __________
S a v a n n a h ______
C h a rle s to n ______
W ilm in g t o n ____
N o r f o lk ________
B o sto n ------B a lt im o r e ---P h ila d e l p h ia ___
A u g u s ta ------M e m p h is _______
S t . L o u is _______
H o u s to n ------L it tle R o c k ____

11
10 %
10 y.
10 H
10 Vs
10 'A
11 %
11.10
11
11.25
1 1 14
10*1
10 13-16
10 13-16
10 H

10 13-16
10 11-16
10 M
10^
10 Vi
10 H
11
11.00
11
11.15
11 %
10 1/S
10 13-16
10 13-16
10^

10 13-16
10 11-16
10 X
10 H
10 %
10
11
10.90
11
11.20
11 X
10 M
10 %
10 13-16
10 X

10 13-16 10 13-16
10 11-16 10 11-16
10 X
10 H
10^
10 Vs
10 H
10 H
10 H
11
11
10.95
10.95
11
11
11.20
11.20
u H
11 X
10%
10 H>
10 H
10 H
■
10 13-16 10 13-16
10 ^
10 X

io x

H
O
L
I
D
A
Y
i

N E W O R L E A N S O P T IO N M A R K E T .— The highest,
lowest and closing quotations for leading options in the New
Orleans cotton m arket for the past week have been as follows:
S a t’day, M o n d a y , Tuesday, W ed’da y , T hursd’v, F r id a y ,
M c h . 23. M c h . 25. M c h . 26. M c h . 27. M c h . 28. M c h . 29.
M a rc h —
R a n g e ............
C lo sin g----M ay—
R a n g e _______
C losin g _______
J u ly —
R a n g e _______
C losin g .......... ..
October—
R a n g e _______
C losin g ............
December—
R a n g e _______
C l o s i n g ______
Jan u a ry —
R a n g e _______
C losin g _______
Tone—
S p o t -------O p t io n s _____

759

THE CHRONICLE.

M a r . 30 1907.J

Savannah, Georgia.— Dry all the week. The thermometer
has averaged 73, the highest being 94 and the lowest 54.
Charleston, South Carolina.— We have had no rain the past
week. The thermometer has averaged 71, the highest being
94 and the lowest 53.
Greenwood, South Carolina.— We have had no rain during
the week. The thermometer has averaged 68, ranging from
55 to 81.
Stateburg, South Carolina.— R a in is now needed for ger­
m ination of seed recently planted in light soils and to soften
stiff clay lands too dry and hard for plowing. There has
been rain on one day during fche week, the rainfall being onty
two hundredths of an inch. The thermometer has ranged
from 46 to 95, averaging 73.
Charlotte, North Carolina.— Dry all the week. Average
thermometer 70, highest 91, lowest 62.
The following statement we have also received by tele­
graph, showing the height of rivers at the ports named
at 8 a. m . of the dates given:
N e w O r le a n s ___________ A b o v e
M e m p h is _______________ A b o v e
N a s h v ille _______________ A b o v e
S h re v e p o rt______________A b o v e
V ic k s b u r g ______________A b o v e

10.12-.19 10.04-.17 W 1 5 - .2 6 10.15-.20 10.11-.19
10.13-.14 10.08-.09 10.22-.23 10.17 — 10.18-.19
10.22-.29 10 14-.26 10.24-.32 10.23-.29 10.20-.28
10.23-.24 10.18-.19 10.30-.31 10.25-.26 10.27-.28
10.09-.16 10.03-.12 10.12-.18 10.12-.16 10.10-.16
10.09-.10 10.07-.08 10.17-.18 10.14-.15 10.15-.16

F ir m .
S te a d y .

Q u ie t.
S te a d y .

Q u ie t.
S te a d y .

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Advices to
us by telegraph from the South this evening indicate that
dry weather has been quite general during the week. Farm
operations as a rule have made very good progress, but
there are complaints from some sections th a t lack of moisture
has interfered w ith work and retarded germination of seed
already planted.
Galveston, Texas.— Dry weather has been quite general
throughout the State. There has been no rain here. The
thermometer has ranged from 72 to 78, averaging 75.
Palestine, Texas.— I t has been dry all the week. Average
thermometer 75, highest 88 and lowest 66.
Fort Worth, Texas.— No rain here the past week. The
thermometer has averaged 76, the highest being 88 and the
lowest 64.
Corpus Christi, Texas.— We have had no rain during the
week. The thermometer has averaged 76, ranging from
72 to 80.
Abilene, Texas.— There has been no rain during the week.
The thermometer has ranged from 64 to 90, averaging 77.
San Antonio, Texas.— Dry all the week. Average ther­
mometer 77, highest 88 and lowest 66.
Taylor, Texas.— We have had no rain during the week.
The thermometer has averaged 75, ranging from 62 to 88.
New Orleans, Louisiana.— There has been no rain the past
week. Average thermometer 75.
Leland, M ississippi.— There has been no rain the past
week. The thermometer has averaged 72.3, highest being
86 and lowest 59.
Vicksburg, M ississippi.— I t has been dry all the week.
The thermometer has averaged 75, ranging from 63 to 88.
Helena, Arkansas.— Weather very warm and too dry for
farm ing. There has been no rain since March 14. The
thermometer has ranged from 64 to 87, averaging 76.
Memphis, Tennessee.— Farm work is progressing actively.
There has been no rain during the week, b u t rain is now
falling. The thermometer has averaged 75.4, ranging from
67 to 85.9..
Nashville, Tennessee.— Weather excessively dry. There
has been no rain during the week. The thermometer has
averaged 75, ranging from 61 to 88.
Montgomery, Alabam a.— Farmers are m aking satisfac­
tory progress with work. Planting is well up so far. We
have had no rain the past week. The thermometer has
averaged 74, the highest being 89 and the lowest 60.
Selma, Alabam a.— Planting has commenced. R ain would
be beneficial.
Mobile, Alabam a.— The weather has been dry and warm
here and in the interior all the week, and rain is needed, as
the ground is too hard for plowing in some sections. Cotton
planting makes good progress quite generally. The ther­
mometer has averaged 73, ranging from 65 to 86.
Madison, F lorida.— We have had no rain during the week.
The thermometer has ranged from 54 to 78, averaging 68.
Augusta, Georgia.— W ith continued warm weather work
is being rushed. Planting has started. R ain has fallen
on one day during the week, the precipitation being inappre­
ciable. Average thermometer 73, highest 93, lowest 52.




M c h . 29 1907.
Feet.
16.2
35.2
10.5
7.1
42.8

M c h . 30 1906.
Feet.
13.2
26.6
27.1
11.3
34.0

Week-

C o n ti­
Great
B rita in . nent.

B om bay—
1906-07..................
1905-06 .................
1904-05___________
C a lc u tta —
1 9 0 6 - 0 7 ................
1 9 0 5 - 0 6 ...............
1904-05...................
M a d ras—
a
1906-07............ ..
1905-06___ __ . .
1904-05...................
A ll others—
1906-07 _______ __
1 9 0 5 - 0 6 .________
1 9 0 4 - 0 5 ...............
T o ta l a ll—
1906-07___________
1905-06..................
1904-05___ _______

Week.

66.000 1.871.000
1

67,000 1,650.000

S ince September 1.

T otal.

Great
B r it a in .

C o n ti­
n ent.

T otal.

31.000
24,000
12,000

34,000
34,000
13.000

33,000
43,000
14,000

624,000
512,000
182,000

657,000
555,000
196,000

6,000
5,000

6,000
5,000

4,000
5,000
1,000

72,000
63,000
17,000

76.000
68,000
18,000

1,000

2,000
2,000
2,000

19,000
34,000
12,000

21,000
36,000
14.000

7,000
8,000
10,000

7,000
8.000
10.000

7,000
10,000
7.000

68,000
70,000
73,000

75,000
80,000
80,000

44.000
37.000
22.000

47.000
4 8.000
23.000

46,000
60,000
24,000

783,000
679,000
284.000

829,000
739.000
308,000

3,000
10,000
1,000

1,000

3,000
11,000
1.000

Since
S ept. 1.

I Since
Week . \S ept. 1

F o r the Week.
Exports from —

1904-05.

1905-06.

Since
Sept. 1.

94.000 1.865.000
H
O
L
I
D
A
Y

— @ — 10.10-.14 10.20-.22 10.19-.24 10.18-.20
10.17 — 10.12-.14 10.23-.24 10.21-.22 1 0.22-.24
Easy.
S te a d y .

gauge.
gauge.
gauge.
gauge.
gauge.

1906-07.

Receipts at—

10.10-.18 10.05-.15 10.15-.19 10.15-.19 10.13-.19
10.12-.13 10.09-.10 10.18-.19 10.16-.17 10.16-.17

Q u ie t.
S te a d y .

of
of
of
of
of

IN D IA COTTON M O V E M E N T F R O M A L L PO R T S
M a rc h 28.

10.10 —
10.10-.14 10.04-.12 10.12-.18
1 0 . 1 0 -.1 2 10.04-.06 1 0 .20-.22 10.15 — — @ —

zero
zero
zero
zero
zero

E X P O R T S O F COTTON G O O D S F R O M G R E A T
B R IT A IN .— Below we give the exports of cotton yarn,
goods, &c., from Great B ritain for the m onth of February
and since Oct. 1 in 1906-07 and 1905-06, as compiled by us
from the British Board of Trade returns. I t will be noticed
th a t we have reduced the m ovement all to pounds.
Y a m & Thread.
000s
omitted. 1906-07'1905-06) 1906-07

Total of A ll.

Cloth.
1905-06 1 1906-07 | 1905-06

1906-07 j 1905-0^

Yds.
509,733
530,139
553,765

Lbs.
95,140
93,660
94,297,

Lbs.
95,131
98,940
103,578

Lbs.
I Lbs.
115,013! 117,282
113,415} 118,745
113,083 124,532

1st qr. 58,414 62,9101,512,579 1,593,637

282,097

297,649

341,511

360.559

571,913
493,412:

104,523
93,422:

106,660
92,020

125,176;
112,506

127,486
111,632

458
20,054:

365
18,700

599,705

618,742

Oct . . .
Nov . . .
Dec____

J a n ___
Feb____

Lbs. i
19,873
19,755’
18,786

Lbs. \ Yds.
22,151 509,948
19,805 502,020
20,954 500,611

20,653; 20,826 560,245
19,0841 19,612| 500,740

Total exports of cotton m a nu fac ture s________________________

The foregoing shows th a t there has been exported from
the United K ingdom during the five m onths 599,705,000 lbs.
of manufactured cotton, against 618,742,000 lbs. last year,
or a decrease of 19,037,000 lbs.
A further m atter of interest is the destination of these
exports, and we have therefore prepared the following state­
m ents, showing the am ounts taken by the principal countries
during February and since Oct. 1 in each of the last three
years._________________________________________________________
October 1 to February 28.

February.
Piece Goods— Yards.
(000s omiucd.)

1907.

1906.

1905.

1906-07.

1905-06.

1904-05-

East Indies......................... 213,382 209,630 228,172 1,082,042 1,161,790 1,075,254
429.092
Turkey, E gy pt and A fr ic a .. 75,554 65,617 73.117 463,832 379,211
China and Ja p a n ................... 69,407 78,120 90,327 294,892
394,798 368.979
133,547
111,601
Europe (except Turkey)___ 28.S71 33,513 25,006
138,859
41,840 36,915 34,542 247,056 235,059 218,642
150,811
150,211
28,542 27,456 26,434
148,054
160,791
43,144 42,161 35,391 201,384 200,450
Total value_____________
Y a m s— Lbs.
(000s omitted.)
Holland __________________
Oth.Europe(except Turkey)
Turkey and E g y p t________
Total lbs...........................

500,740 493,412 512.9S9 2,573,564 2,660 378 2,512,413
£6,376 £5,851 £5,941 £32,164 £30,709 £28,828

3,689
3,868
3,227
1,881
687
1,637
1.915

3,228
3,670
2,826
3,188
1.073
1,333
2,208

2,342
3,449
2,180
2,716
815
1,560
2.313

17,961
18.739
15,132
13,737
3,885
6,959
9,794

17,069
17,881
14,264
19,589
5,591
8,435
10,095

14,209
17,424
11,456
13,030
2,543
9,780
9,622

16,904
£1,027

17,526
£940

15,375
£785

86,207
£5,220

92,924
£4,836

78,064
£4,035

THE CHRONICLE.
W O R L D ’S S U P P L Y A N D T A K IN G S O F CO T T O N .—
The following brief b u t comprehensive statement indicates
at a glance the world’s supply of cotton for the week and
sinoe Sept. 1, for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or am ount
gone out of sight, for the like perid.
Cotton Takings.
Week and Season

1905-06.

1906-07.
Week.

Season.

Week.

S eason.

______ 5,403,296
V isib le s u p p ly M a rc h 22
4,793,644
V isib le s u p p ly S e p t. 1___________
1,784,156
A m e r ic a n in sight to M arch 2 9 . .
136,256
198"; 081 11,783,485
B o m b a y receipts to M a rc h 28 ___
94.000 1,865,000
66.000
O th e r I n d ia s h ip ’ts to M arch 28.
13.000
172.000
14.000
A le x a n d ria receipts to M arch 27
898.000
6,000
6,000
O th e r s u p p ly to M arch 27. a ____
3,000
220.000
10.000

2,545",470
9,189,787
1,871,000
184.000
768.000
327.000

____ _____ 5,717 377 16,722,641 5,025,900 14,885,257

T o ta l s u p p ly _______

D educt— '
V isib le s u p p ly M a rc h 2 9 ___ __

. 5,372,102

5,372,102 4,659,871

345.275 11,350,539
237.275 8,680,539
108,000 2,670,000

T o ta l ta k in g s to M arch 2 9 ____
O f w hic h A m e r ic a n ___
_ _
O f w h ic h o th e r . . . .
. . .

4,659,871

366.029 10,225,386
315.029 7,700,586
51,000 2,525,000

a E m b rac e s receipts in E u ro p e fro m B ra z il, S m y r n a , W e s t In d ie s , &c.

A L E X A N D R IA R E C E IP T S A N D S H IP M E N T S O F
CO T T O N .— Through arrangements made with Messrs.
Choremi, Benaehi <k Co., of Liverpool and Alexandria, we
now receive a weekly cable of the movements of cotton at
Alexandria. E gypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
1

A le x a n d ria , E gy pt,
M a rc h 27.

1906-07.

1905-06.

1904-05.

Receipts (cantars a) — T his w e e k _____________
Since S ept. 1 . ________

50,000
6,737,884

50,000
5 ,760,473

140,000
5,484,099

This
S ince
week. Sept. 1.

This
S ince
week. Sept. 1.

This
S ince
week. Sept. 1.

2,000 175,387
5,500 172,752
3,250 268,656
2,000 95,33 !

2,000 179,156
5,500 142,841
5,000 241,502
1,750 62,742j

1,000 168,205
1.750 110,619
4,000 225,768
2.750 55,558

E x ports (bales) —
To
To
To
To

L iverpo o l
_____ . .
M ane H ester___________
C o n tin e n t ___ __
A m e r i c a ___ _______

T o ta l e x p o r ts ____ _____ 12,750 712,132. 14,250 626,241 j j 9,500 560,150
a A c a n ta r is 98 lbs.

This statement shows that the receipts for the week were
50,000 cantars and the foreign shipments 12,750 bales.
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
The quotations for m iddling upland at New York on
Mar. 29 for each of the past 32 years have been as follows:
1 9 0 7 .c . .
.10.9- 1 8 9 9 .c . . . . .
1906____ ...1 1 .7 0 1898_____ . .
1905____ . .
8.05 1897_____ . .
1904____ ...1 4 .9 0 1896______ . .
1903____
.1 0.0 5 1895_____ . .
1902____ . . 8.94 1894_____ . .
1901.
. _ . 8.19 1893______ . .
1900____ . . 9.62 1892____ . .

6.31
6.12
7.31
7.88
6.31
7.68
8.62
6.68

1 8 9 1 .c _ .
9.00
1890____ ___11.44
1889____ ___10.19
1888____ . . 9.94
1887
10.50
1886____ . . 9.12
1885____ ..1 1 .1 9
1884____
.1 1 .3 8

1883

E AST I N D IA C R O P .— The final report on the cotton crop
for 1906-07 has been issued by the Director-General of Com­
mercial Intelligence of In d ia as follows:
T his m e m o ra n d u m sum m arize s th e p ro v in c ia l reports of th e c o tto n crop
u p to F e b . 1, a n d com pares t h e m . so far as possible, w ith those for th e tw o
previous years. T he reports are com plete except for those from th e
K is h a n g a r h S ta te in R a jp u t a n a a n d th e M a lw a A ge ncy in C e n tral In d ia .
B u t these are of sm a ll im p o rta n c e , a n d th e figures furn is h e d b y th e m for
th e D ecem ber forecast have been used in th e present m e m o r a n d u m .
The
to ta l area In a ll territories reported on is now c o m p u te d as 22,344,000 acres,
w h ic h m a rk s a n et a d v a n c e of 1,272,000 acres, or 6 % , on th e final figure for
th e previous season. T he t o ta l e s tim a te d o u t tu r n a m o u n ts to 4,908.000
bales of 400 p o u n d s , th e increase In th is case being one o f 1,482,000 bales,
or 4 3 .3 % .
T he c haracter of th e season has been ge ne rally fa v o ra b le ,
th o u g h th e crop has suffered fro m disease a n d Insects in v a rio u s quarters.
T he c o n d itio n of th e crop is re ported to be good o n th e w hole.

M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester states that the market
is quiet for yarns and steady for shirtings. Spinners are
considered to be well under contract. We give the prices
for to-day below and leave those for previous weeks of
this and last year for comparison:
1907.

1906.

328 Cop.
Twist.
Feb.
15
22
Mch
1
8
lo
22
29

lbs. Shirt- Cot’n
xngs, common
M id
j
to finest.
U pl’s

d.
d. s. d.
9% @10 15-16 6 7
9 11-16® 10% 6 7
9 13-16(8!
9 15-16®
9 15-16®
9 H @10
9 13-16®

10%
11
10%
15-16
10H

6
<>
6
6
6

s. d.
m 10
@9 10

7 ®9
7^® 9
714 ®9
8 @9
8 @9

9
9
9
9
9

d. d.
6.OS m
6.03 8 H
6.14
6.24
6.03
6.01
5.97

m lbs. Shirt­
ings, common
to finest.

32* Cop,
Twist.
@
®

m
@
8 11-16®
8V*
@
®
8*4
8 13-16®

d. s. d.
9% 6 5
9% 6 5
9*4 6
9H 6
9*4 6
9% [6
9 % !6

s. d
®9 4V
®9 4H

m C d.9
m @9
4 V2 ® 9
5 @9
5J-6 @9

5
5%
5H
4W
6

Cot’n
M id
U pl’s
d.
5.90
5.73

.

l x x x iv

.

Total bales.
Y O R K — To L iv e rp o o l— M a rc h 26— B o v ic , 700 u p la n d , 541
P e r u v ia n _________________________________________ ______ _________ _
1,241
To H u ll— M arch 26— Id a h o , 526 _________________________________
52f>
To L o n d o n — M arch 23— M in n e h a h a , 50 _________________________
50
To Glasgow — M arch 23— C a le d o nia , 60___________________________
60
To H a v re— M arch 23— L a Gascogne, 4 fo re ig n ____ M arch 26—
C a lifo m ie , 80 foreign; E r ik a , 1,025 u p la n d , 159 Sea I s l a n d , .
1,268
To Marseilles— M arch 22— P e ru g ia , 400 _________________________
400
To H a m b u r g — M arch 22— -Patricia, 148_________________________
148To A n tw e rp — M arch 22— F in la n d , 1 ,81 5 ____ M arch 26— Camb r o m a n , 1 ,35 8 ____________________________________________________
3,173'
To B arce lon a— M arch 27— U lr ik e n , 3 ,0 0 2 _______________________
3,002
To G e n oa— M arch 22— K oe nige n L u ise, 707: S a n n lo , 353______
l,06w
To N aple s— M arch 22— K oe nige n L u ise, 192____ ______ _________
192
To V enice— M arch 21— E u g e n ia , 4 02 ____ M arch 27— Sofia H .,
704
3 02________________________________ ______ ___________________ ______
To Trieste— M arch 21— E u g e n ia , 350____ M arch 27— Sofia H .,9 9
449
To S yra— M arch 27— Sofia H . , 1 0 0 ._____________________________
100
N E W O R L E A N S — To L iv e rp o o l— M arch 28— W a y fa re r, 1 3 .0 0 0 .. 13,000
To L o n d o n — M a rc h 27— Ir is h m a n , 6 ,1 9 6 ________________________
6,196To B re m en — M a rc h 28— M o n ta u k P o in t, 7.184; T illy R uss ,
3,250 ______________________________________________________________ 10,434
To G enoa— M arch 23— II P ie m o n te , 9 ,9 6 5 _______________________
9,W15
G A L V E S T O N — To L iv erp o o l— M arch 21— In k u la , 8.332; Kingsto n ia n , 12,015____ M a rc h 25— T e x a n , 4 ,5 3 9 _____M arch 2 6 C iv ilia n , 18,893; W a n d e re , 7 ,4 3 0 ________________________ ______ 51.209To M anchester— M arch 28— A s u n c io n de L a rr in a g a , 1 1,4 52 —
11,452
T o H a v re — M arch 22— M a tte a w a n , 9 ,0 8 1 _______________________
9,081
To B rem en— M arch 23— K o ln , 12,691____ M arch 27— C a lllsto ,
1 1 ,1 2 1 ______________________________________________
______ 23,832
6,150
T o B arce lon a— M arch 22— V a lb a n e ra , 6 , 1 5 0 . . ..............................
To M a la g a — M arch 22— V a lb a n e ra . 1,000___
____
1,000
To G e n oa— M arch 22— S ic a n ia , 6 ,6 5 0 ____ M arch 28— Cerea,
8,466 ____________________________________________ __________________15,116S A V A N N A H — To M anchester— M arch 28— A x m in s te r . 1,576 u p ­
la n d , 314 Sea Is la n d _____________________________________________
1,8-UO
To B rem en— M arch 22— H illm e re, 6,090— M arch 27— K o b e,
6 ,5 4 1 ______________________________________________________________ 12,631
To H a m b u rg — M arch 22— H illm e re , 169____ M arch 27— K o b e,
300_________________________________________________________________
4?, 9To R o tte r d a m — M arch 16— V oorbu rg, 150_______________________
t")0
______ _
300
To G h e n t— M arch 26— V o o rb u rg , 3 00 ____ _________
To R e v a l— M arch 22— H illm e re , 7 3 5 ____ M a tc h 27— K o b e ,2,200
2,935To X a r v a — M arch 22— H illm e re , 1,000___________________________
1,000
To N y k o p ln g — M arch 22— H illm e re , 100________________________
100
To R ig a — M arch 27— K o b e , 500___________________________________
500
To V enice— M arch 28— A lb e rta , 1,70 1 ___________________________
1.701
To Trieste— M a rc h 28— A lb e rta , 3 ,2 5 4 ___________________________
3,254
To F iu m e — M a rc h 28— A lb e rta , 331_____________________________
331
B R U N S W I C K — To M anchester— M arch 22— A x m in s te r , 1,70 8____
1,708
B O S T O N — T o H a m b u r g — M arch 23— B e th a n ia , 200___
______
200
To Y a r m o u th — M arch 19— B o sto n , 8 3 ....... M arch 25— B o sto n ,
207
124_____________ _________ __________________________________________
B A L T I M O R E — To L iv erp o o l— M arch 22— In d o re , 2 ,89 3___________
2,89 3
To B rem en— M arch 23— Cassel, 2 50 ____ M arch 27— G era, 4 6 6 .
716P H I L A D E L P H I A — To M anch ester— M arch 23— M an ch ester C o m ­
m erce, 1,06 4 ______________________________________________________
1,064
S E A T T L E — To M a n ila — M arch 23— S h a w m u t, 100_________________
100
T A C O M A —-To J a p a n — M arch 19—-Titan, 3,000 ( a d d itio n a l)
M arch 23— S h a w m u t, 5 ,8 9 5 ________________________ ______ _____
8,895
T o ta l.............................................................................. ............... ............... ..2 1 0 ,8 3 2

The particulars of the foregoing shipments for the week,
arranged in our usual form , are as follows:
Great F re nch
B r it a in ,
ports,
New Y o r k _____ 1,877
1,668
N ew O r le a n s .. . 19,196
____
G a lv e s to n ______62,661
9,081
S a v a n n a h _____ 1,890
____
B ru nsw ick ____ 1,708
____
B oston ________
____
____
B a lt im o r e ______ 2,893
____
P h ila d e lp h ia ___ 1,064
____
S e a t t le _________ _____________ _
T a c o m a ............ . .........
........

Ger- -—O th.E urop e — \fex..
m a n y . N orth. S outh. & c. J a p a n .
Total.
148 3,173 5,507
...
12.373
10,434
____
9,965
...
...
39.595
23,812
_____ 22,266
___
...
117,820
13,100 4,985 5,286
................ ..
25,261
____
____
____
_ _.
...
1,708
200
____
.
207
___
407
716
.................................
...
3,609
____
____
____
___
___
1,064
____
____
____
100
...
100
........
..... .............................. 8,895
8 ,8958,158 43,024

307 8,895 2 1 0 ,83 a

The exports to Japan since Sept. 1 have been 170,216 bales
from Pacific ports, 10,000 bales from Galveston and 1,028bales from New York.
Cotton freights at New York the past week have been asfollows, quotations being in cents per 100 lbs.:
L iv e rp o o l
_______ c.
M anchester _____ c.
H a v r e ____________ c.
B r e m e n ___________ c.
H a m b u r g ________ c.
A n t w e r p __________c.
G h e n t, v ia A n t ___ c.
R e v a l, in d ir e c t ___c.
R e v a l, v ia C a n a l, .e .
B arce lona . _____ c.
G e n o a ____ ______c.
T r i e s t e __________ c.
J a p a n ____________ c.

S at.
17
16^
23
18
20
20
25
30
28
20
32
45

M on.
17
16
22
18
18(2)20
20
25
30

Tues.
17
16
22 M
18
18 ® 20
20
25
30

Wed
17
16
22 4
18
1 8 © 20
20
25
30

T hurs.
17
16
22
18
1 8® 20
20
25
30

F r i.
17
16
2 2 'A
18
18(g) 2C
20
25
30

30
18
32
45

30
18
32
45

SO
18
32
45

30
18
32
45

SO
18
32
45

L IV E R P O O L .-— B y cable from Liverpool we have the following statement of the week’s sales, stocks. &c., at that port:
M c h . 8.
66,000
2,000
3,000
58,000
18,000
102,000
T o ta l s to ck — E s t im a t e d --- 1,128,000
O f w h ic h A m erican — E s t. .1 ,02 4,0 0 0
T o ta l im p o r t of the week —
159,000
O f w h ic h A m e ric a n
- 125,000
A m o u n t a flo a t----365,000
O f w h ic h A m e rica n
. 302,000

Sales of th e w e e k ____ ..b a le s
O f w hic h speculators to o k .
O f w h ic h exporters to o k . .
Sales, A m e rica n
A c tu a l ex port

M c h . 15.
63,000
1,000
4,000
56,000
6,000
84.000
1.207,000
1.101,000
169,000
150,000
292,000
222,000

M ch. 27.
28,000
f.00
2 ,’ 00
;4.om >
7,00050,000
1,248,000
1,137,0008 9,0 0 0
8.1,Of 0
2>7,000
166 ,00 0

M ch. 22.
52,000
1,000
2,000
47,000
11,000
82,000
1,216,000
1.098,000
101,000
68,000
269,000
213,000

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market.
12:15
P. M.

1
>•
J

Saturday.

Monday.

Tuesday.

Wed’day.

Thursday.

Quiet.

Quiet.

Quiet.

Quiet.

D ull.

5.98
Mid. Upl'ds
5.78
5,000
S ale s.........
5.97
300
Spec.&exp.
5.77
6 .00 j
Futuvcs
Steady at
6.03
Market
1 5 ® 6 pts.
decline.
opened
j

Easy at
2H@ 3
pts. dec.

Steady at
partially
1 pt. adv.

B ’rly gt'dy
a t4 ® 4 H
pts. adv.

Dull at
l® 2 pts.
decline.

Easy at
8@9>^
pts. dec.

Steady at
}!4@ 4
pts. dec.

Steady at
4 ®6 pts.
advance.

Steady at
2 pts. dec.
@1 pt.adv.

Quiet at
1H ® 2«
pts. dec.

S H IP P IN G N E W S .— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 210,832 bales. The shipments in detail, as made up
from mail and telegraphic returns, are as follows:




l

NEW

T ota l ________ 91,289 10,749 48,410

1881
1880
1879
1878
1877
1876

JU T E BUTTS, B A G G IN G , &c.— The market for jute
bagging has been extremely quiet, w ith prices ruling as last
named: 9J^c. for 2 lbs., standard grades. Jute butts con­
tinue dull at 3@4c. for bagging quality.

,

[V o

Market
4
P. M.

1
J

5.90

5.94

5.98

6,000
500

7,000
1.000

6.000
500

Friday.

5.97
5.000
300

H oli­
day.

I

M a r . 30 1907.J

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of Uplands, Good Ordinary
clause, unless otherwise stated.
The prices are given i n pence a n d 100ths.

Sat.
March 23
to
1 2 '4 12 ^
March 29. p .m . p .m .
d.

>
5
5
5
5
5
5
5
5
5
5
D e c .- Ja n .
5
Jan.- F eb- --- 5

M arch
M c h.- A pr.
A pr.- M ay
M ay -June
Ju n e - Ju ly
July - A dg_
A ug .- S e p .
Sep.-Oct .
O c t.- N o v .

d.
59
59
57
57
56
56
54
52
49
49
49
50

761

THE CHRONICLE

Mon.

Tues.

Thus: 5 59 means 5 59-100d.

W ed.

Fri.

Thurs.

12 141 4
12 14, 4
12 %, 4
12 % 4
12 % 4
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .m .

d.
54
54
)4 51
52
14 51 ^
51
49 V,
48
^ 46 >4
46
46
\4\47

d.
d. \d.
d.
d.
d.
d.
60
61
56 \4 58
62 14 62
58
61
60
58
56 14 57 14\62
56
5 3 ^ 55
59 \4 59 >4'58 \4 56
56^
60
59
57
54 14 55 14 59
54
56
55
59
59 14 58 14 56
58
56
53 Mi 54 >^58 14 59
55 14
54
54
52
52 l/4'56 \4 57
56
50 m 51
54
56
54 \4 52
52
48
54
53
51
49 \4\52
50 Vt
51 \4 54
52 \4 50 \4 50
47 14 49
47
49
51 \4 54
52 \4 50 V* 50
49
50 5^153
55 >2 53 14 52
51 ^

d.

1 d.

H
O
L
I
D
A
Y

D A I L Y C L O S IN G P R IC E S O F C O R N F U T U R E S
S a t. M o n . Tues.
45 %
46 %
M a y de liv ery in e le v a to r____________ 4 5 %
J u ly de liv ery in e le v a to r.....................45
45 1^
45%
S e ptem b er de livery in e le v a to r______45 J* 46
46%

Oats for future delivery in the Western market have ad­
vanced, owing to m anipulation by leading Chicago operators,
covering of shorts, light offerings and moderate receipts.
The Kansas acreage, it is stated, will be reduced,owing to
the scarcity of seed. Contract stocks at Chicago continue
small. The upward tendency, however, has been checked
at times by liquidation attributed to the bull clique. The
cash demand has been light, and there has been more or less
selling for short account. On Thursday prices advanced on
bull support, covering of shorts a'nd light offerings.
D A I L Y C L O S IN G P R IC E S O F O A T S IN N E W Y O R K .
Tues.
W ed. T hurs.
S at. Mon.
46
46 14 46 14
M ix e d , 26 to 32 l b s - .................... 4 6 ^
46 14
W h ite c lip p e d , 36 to 38 lb s ____ 49-51 49-51 48 14-50 M 49-51 48-50
D A I L Y C L O S IN G P R I C E S O F N O . 2
S a t.
M a y delivery in e le v a to r____________ 41 \4
J u ly delivery in e le v ato r____________ 37
S e ptem b er delivery in e le v a to r---- 32?*

BREADSTUFFS.

I N CH IC A G O .
W ed. T hurs.
F r i.
46
45%
45 J4 45?* Holi4 6?* 46 ys
day.

F r i.
H o li­
day.

M I X E D O A T S I N C H IC A G O .
M o n . Tues. W ed. T hurs.
F r i,
41 14 4\% 4 2 ?*
42%
37 V* 37 % 37 \4 37 % Holl32%
32?* 33
32%
day.

Friday, March 29 1907.
Prices for wheat flour have remained about stationary as
The following are closing quotations:
a rule during the week, w ith the trading still on a small scale
FLOUR.
and largely of a hand-to-mouth character. The foreign de­ Low grades_______ ______ $2 75 @$3 20 K ansas s tr a ig h ts ............S3 60 @$3 80
Second
c
le
a
r
s
.................
2
80
@
2
85 K ansas clears...................3 10 @ 3 40
m and has been insignificant, and the exports from the sea­ C le a r s ________________ ___3 50
3 75 B len de d p a t e n t s ............. 4 50 @ 4 95^
board have continued sm all. At the principal m illing centres S tr a ig h ts ________________ 3 65
3 75 R y e flo u r________________ 3 65 --- 4 15
2 20
4 30 B u c k w h e a t flo u r _______ 2 1 0 ®
te n t, s p r in g _________ 3 00
of the Northwest and the Southwest trade has been quiet. PP aa te
4 10 G r a h a m flo u r................... 2 90 @ 3 75
n t, w in te r_________ 3 75
AX Minneapolis shipping directions have come in slowly, and K ansas p a te n ts ________ 3 90
4 O O iC o r n n ie a l_______________ 2 70 © 2 80
the lack of them has caused some mills to shut down. E x ­
G R A IN .
c.
|Corn, per b u s h .—
c.
port trade there has been light, though some business has W h e a t, per b u s h .—
___
91 ? * I N o. 2 m ix e d ___________ f.o.b.r><;P?’
N . D u lu th , N o . 1 . .
been done with the United K ingdom and China. Rye flour
f . o . b . 8 9 ^ I N o. 2 yellow , n e w ____ f . o . b . 5 2 R
N . D u lu t h , N o. 2 . .
f.o .b .8 3 H | N o. 2 w h ite , n e w .......... f,o .b .5 5
and corn meal have been quiet and steady.
R ed w in te r, N o. 2 .
f.o .b .8 5 J * |R y e . per b u s h .—
W heat has been under the influence of such conflicting O aHtsa—rdper“ bushel
! N o. 2 W e s t e r n ............... 64 H
conditions th a t prices have remained practically in a state
N o . 2 w h i t e . . ................. 47 @ 49
I S ta te a n d Je r s e y ............ N o m in a l.
N
o
.
2
m
ix
e
d
___________
46
1
4
\
B a rle y — W e s t e r n ________ N o m in a l.
of equilibrium . Advances, owing to bad crop reports from
N o . 2 w h ite , c lip p e d ..
48 @50
| F e e d in g ______________ _ N o m in a l.
at home and abroad, have been offset by reactions due to
The statement of the movement of breadstuffs to m arket as
contradictory advices from the Southwest affirming that the
dry weather and insects have done far less damage than some indicated below are prepared bv us from figures collected by
reports state; also by the Stock Exchange flurries, rather the New York Produce Exchange. The receipts at Western
disappointing foreign markets and some falling off in the lake and river ports for the week ending last Saturday and
speculation as well as not a little liquidation at Chicago since Aug. 1 for each of the last three years, have been:
attributed to prominent bull interests. Moreover, the cash
Barley.
Oats.
Rye.
Wheat.
Com .
business has been dull, the flour trade has been stagnant, Receipts at— Flour.
bbls. 19(U6s. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushA&lbs. bu. 56 lbs.
Northwestern receipts have been large and the stocks in that
548.910
70,(MX)'
2,703,600
2,362,392
117,541
_. _
212.164
section have steadily increased. Then, too, the world’s Chicago
425,000
42,300
104,000
317,000
365,700
31,500
Milwaukee 24,812
5,968
shipments have been on a large scale, though the exports D u lu th . _
14,500
157,175
800,654
441.950
55,750
398,950
1.992,800
110,500
from this country have been light. On the other hand, how­ Minneapolis.
] ,600'
95,000
25,000
190,000
ever, as already intim ated, some of the reports from the D etroit_____
2,800
60,206
11,718
173,129
1.000
112,881
53.105
149,609
-1.453
Southwest insist th a t dry weather and green bugs have done Cleveland.
616,000
997,940
57,200
23,000
St. Louis
61,485
190,175
a good deal of damage, and these at times have not been P e o r ia _____
68.000
6,000
208,500
7,200
221,100
20,250
272,000
78,000
509,000
...........
...........
w ithout their effect. The weather in Germany, too, has Kansas City .
been unfavorable, and it is stated that the greater part of
4,322,441 1,699.235 204,618
5,134,878
Total week
344,152
3,811,193
51,600'
2,524,398
3,078,003
956,027
2,222,718
303,178
the wheat area in that country has been abandoned, owing Same wk. '06
77,276
5,465,200
4,039,806 1,079.422
Same wk. '05
274,509
2,746,697
to winter killing. In Hungary conditions are unsatisfactory ,
complaints are increasing and some of the wheat area has Since Aug. 1
1906-07..- 14,097,335 174,067,892 141,799,499 138,863,771 53,684,549 5.937,953
been abandoned. The weather in Spain has been unduly
1905-06-.. 13,625,587 185,657,685 129,311,219 162,109,526 65,295,335 6,511,981
1904-05... 11,902,096 171,010,709 133,585,330 118,779,644 54,468,005 5,753,012
dry, and Argentine wheat arriving at Liverpool is not grading
as well as could be expected. Then, too, some of the shorts
here have declined to credit the reports that the W all Street
Total receipts of flour and grain at the seaboard ports for
bull pool has sold its cash wheat in Chicago. This has led the week ended Mch 23 1907 follows:
them of late to pursue a rather cautious policy. B ut, on the
Barley,
Rye,
Com ,
Oats,
F lour,
Wheat,
bush.
bush.
bush.
bush.
bbls.
bmh.
other hand, some of the bulls have been afraid that the bull
Receipts at—
2,925
733,500
68,400
946,000
290,000
Y o r k ______
163,096
pool has really sold the May option against its cash wheat New
______
______
113,410
56,265
183,158
Boston
-.............
49.929
______
holdings in Chicago and will deliver the wheat in May, or Portland- _______
7,293
7,976
151,887
2,000
800'
252,482
92.156
122,452
P
h
ila
d
e
lp
h
ia
_____
71.713
at any rate in Ju ly . Between these various and conflicting Baltim ore-..........
724,994
11,721
19,184
50,968
24,574
influences the price has been held within very narrow Richm ond .............
______
______
39.780
22,828
29,912
5,838
______
______
______
85,714
bounds. The foreign consuming world for the time being, Newport News____ 25,499
______
______
89,500
362,000
66,000
New Orleans-a. .
14,857
at least, seems to be getting on very well without American Galveston________
______
______
______
155,000
110,000
9,794
51,737
25,125
8,059
3,481
Montreal.
______
wheat, and the speculation, partly owing to recent events
______
______
55,858
78
4,874
at the Stock Exchange, has been reduced to very modest Mobile...................
5,109
14,767
51,707
proportions. On Thursday prices declined slightly, owing
3,725
Total w e e k --- 421,998 1,012,281 2,769,580 1,057.785 127,111
to reports of rains in the Southwest, more favorable crop Week
13.7451906_______ 266,199 1,227,180 1,517,135 2,082,936 148,541
reports, disappointing Liverpool advices and scattered
a Receipts do not include grain passing through New Orleans for foreign ports
liquidation on the eve of the holiday.
on through bills of lading.
D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S
S at. M o n . Tues.
N o . 2 red w in te r .................................. .8 3 ? *
83 >■* 83 >4
M a y delivery In e le v a to r---------- 8 4?* 84 >* 8 4*4
J u ly de livery In e le v a to r---------- 84
84 y. 84?*
S ep te m b e r delivery In e le v a to r---- 84
84 s* 85 !<*

IN N E W Y O R K .
W ed. T hurs.
F r i.
83 3* 83»/$
8 4 ?* 84
Holi8 4 ? * 84 %
day.
8 5 ?*
85 ^

Total receipts at ports from Ja n . 1 to Mch. 23 compare
as follows for four years:
1907.
4,408,801

1906.
3,764,804

1905.
3,113.422

1904.
4,850.683

D A I L Y C L O S IN G P R I C E S O F W H E A T F U T U R E S I N C H IC A G O .
S a l. M o n . Tues. W ed. T hurs.
F r i.
M a y de liv ery In e le v ato r..................... 75 % 75 ?* 75 %
75%
75 H
J u ly de livery In e le v a to r____________ 77 %
77
77 H
77 H
77 y2 HollS e p te m b e r de livery In e le v a to r_____ 78
78
7$>%
78 9* 78?*
day.

W he at____ -. - ____ bush. 17,109,658
______ 34,066,452
O ats_______
_______ ______ 10,083.728
______
1,480,741
286.784
Rye ______________ -______

17,748,408
51,846,903
21.907,604
5,051,659
422,996

3,843,743
38.003,789
8.109.054
2 ,000,111
123,117

12,520,563
22,390,468
9.295.006
1,199,342
296,765

Ind ian corn futures have shown irregularity, b u t the fluc­
tuations have not been verj^ marked. Speculation has been
less active at Chicago, while here it has been m ainly nom inal.
Bullish factors have been the small supply of contract grade
at Chicago. The arrivals of contract grade at Chicago have
continued very sm all, and this fact has tended to check short
selling. Bulls have given support at times. O n the other
hand, the cash trade has been dull and largar receipts are
expected by some in the near future. Leading Chicago bulls
have sold at times. On Thursday prices declined slightly
on liquidation, the dulness of the cash demand and bearish
pressure.

Total g r a in ............. ........... 63.027,363

96,977,570

52,079,814

45,702.144

D A IL Y C L O S IN G P R IC E S O F N O . 2 M IX E D C O R N IN N E W Y O R K .
S a t. M o n . Tues.
C ash c o rn ..................................... .............56 % 5 6 %
56 %
M a y delivery In e le v a to r..................... 53*4
53 r * 54
J u ly delivery In ele v a to r____________ 5 3 %
53 5* 53?*




W ed. T hurs.
F r i.
56%
56 %
54
54 Holl53?*
53?* d a y .

Receipts 0/—
Flour .........................

-bbls.

The exports from the several seaboard ports for the week
ending Mch 23 1907 are shown in the annexed statem e nt:
Oats,
bush.
52,954
______
1,176
______
______
______
4,191
_____
78

Rye, Barley,
bush.
bush.
_____
_____
7.293
_____
_____
------_____
_____
_____
_____
_____
_____
_____
_____
_____
5,109

58.399
Total week____ 732,834 3.060,388 213,088
Same time 1906--1,239,802 4,014,018 174,251 1,090,006

.........
12.402
8,295 208,624

Exports Jrom—
New Y o rk _______
P ortland________
B o s to n ________
P h ila d e lp h ia ____
B altim ore.............
Newport News___
New O rle ans____
Galveston_______
Mobile___________
St. John , N. B . . .

Com ,
Wheat,
bush.
bush.
111.416 1,039,608
151,887
44,308
157,118
321,814
303,595
696,119
____ __
85,714
37,921
420,003
32,000
284,154
55,858
51,707

Flour,
bbls.
71,583
7,976
23.696
33,335
20,364
25,499
53,444
5,650
4.S74
14,767

Peas,
bush.
2,996
_____
_____
_____
_____
_____
_____
8 ,000*
10,996
36,759

The destination of these exports for the week and sinceJulv 1 1906 is as below:

762

[Vo l .

THE CHRONICLE.

lx x x iv

.

Supplies of domestic cottons for immediate delivery are
at a m inim um ; demand continues steady and active, but
the shortage naturally restricts the volume of business.
This is particularly true of sheetings, denims, tickings and
ginghams; the latter especially are well sold up and all
goods for anything like reasonably early delivery are quickly
picked up. In prints and bleached goods the price tendency
is still upward. Notwithstanding the higher prices on
bleached cottons a m uch larger volume of business could
T o ta l.................... 213,088 8,270,993
732,834 71,845,395 3,060,388 52,713,512
Total 1905-06.......... 174,251 8,113,177 1,239,802 41,591,500 4,014,018 92,587,014
undoubtedly be put through if satisfactory deliveries couldThe visible supply of grain, comprising the stocks in be obtained. The new price levels on prints has not cur­
granary at the principal points of accumulation at lake and tailed buying in the least; heavy orders have been placed
during the past week for forward delivery, and spot offerings
seaboard ports Mch. 23 1907, was as follows:
are practically exhausted. The print cloth market is some­
Wheat,
C om ,
Oats,
Rye,
Barley,
bmh.
bmh.
bmh.
bmh.
bmh.
what quieter, owing, doubtless, to the fact th at mills are
New Y o rk ____________
908,000
257.000
1,000
1,171,000
57.000
still far behind on deliveries. Export business is very dull,
137.000
186,000
2,000
with only a moderate demand from Red Sea ports and the
545.000
468.000
93.000
West Indies.
391.000
2.437,000
146.000
84,000
332.000
569.000
137.000
W O O L E N G O O D S .— First hands report a marked im ­
Galveston............... ........
515.000
326.000
Montreal_______________
5,000
27,000
"V.ooo
45,666 provement in the demand for m en’s and women’s wear for
207:666
23.000
10.000
fall.
In m en’s wear substantial re-orders have been placed
B u ffa lo ________________ 2,532,000
102,000
545.000
463.000
268,000
on fine fancy worsteds and fancy woolens, w ith a good in ­
afloat_______
339.000
199.000
125.000
41,000
816.000
674',660
585.000
19,000
crease in business on staple overcoatings. Light-weight
afloat_______
suitings are being well cleaned up at full values, and light
249,000
319",000
38:600
14:666
tropical worsteds have moved in larger volume th an for some
Chicago________________ 9.852.000
2.175.000
612,000
545,000
239,000
time past. Fine blue serges are ruling higher than the
59.000
1.194.000
299.000
M ilw aukee____________
474.000
581.000
557,000
4,000
283,000
opening values, bu t are meeting w ith a steady call from cloth
70.000
26,000
jobbers. Very satisfactory re-orders are coming in on mer­
3.770.000
3.611.000
cerized goods; in fact, there is a disposition among buyers
490.000
to show a broader range of fabrics in their offerings than
861,000 183,000
6.718.000
442.000
afloat_______
221.000
78.000
was indicated earlier in the season. In dress goods, fancies
M inneapolis___________ 9.251.000
3.575:666
422",000
77:666
776.000 in woolen and worsted construction cloths are in strong
St. Louis______________ 2.234.000
168,000
12,000
686,000
11.000
request. Panamas, in browns and blues particularly, and
afloat_______
3,752.665
567.000
37:666
voiles in fancy effects have been taken in large quantities
223.000
464.000
1,095,000
15,000
for fall; fine serges are alsb in demand but scarce. Staple
236.000
287.000
83.000
O n Mississippi R iv er___
cheviots and broadcloths are being freely re-ordered. L ig ht­
O n L a k e s____________
weight stocks in first hands for spring have been well cleared
up at full prices and premiums are being paid on lines still
Total March 23 1907.47,753,000 12.657.000
9.530.000 1.543.000 2.240.000
available. Attention now centres mostly in the Fall trade.
Total March 16 1907.47,354,000 13.149.000 10.073.000 1.563.000 2.188.000
Total March 24 1906.47,329,000 13.612.000 2 2 668.000 2.180.000 3.887.000
A heavy duplicate business has been done in heavy-weight
Total March 25 1905.32,818,000
9,679,000 16.109.000 1.415.000 3.264.000
lines, particularly henriettas, mohairs, French serges,
Total March 26 1904.32,511,000 10.050.000 10.356.000
980,000 3.600.000
Total March 28 1903.43,291,000 10.202.000
7.307.000 1.077.000 1 686.000
batistes and fancy cheviots and twills, w ith extensive re­
ordering on plaids, checks and stripes in worsteds and woolen
goods. Prices on fall lines average from 2 to 5% higher
T H E D R Y GOODS T R A D E .
than last year.
F O R E IG N D R Y G O O D S .— The linen situation continues
New York, Friday Night, March 29 1907.
very strong. Sheer fabrics are higher and the scarcity of
The dry goods market generally continues strong and crashes has become more pronounced, it being difficult to
very active, especially for spot goods. In the cotton goods secure sizeable lots even at top market prices. Dress linens
division buyers have found the m arket an exceedingly diffi­ and housekeeping goods are in urgent demand and also very
cult one to operate in , owing to the small stocks available short. Both heavy and light-weight burlaps are unusually
for im m ediate shipm ent, and spot goods in m any instances active, w ith indications th at top quotations have not yet
com m and prem ium s. Forward business in cottons is a little been reached. Im ported woolens and worsteds are in good
quieter, buyers showing more unwillingness during the past demand and firm.
^
week to place orders freely for distant delivery. Much com­
Importations and Warehouse Withdrawals of Dry Goods.
plaint is heard about delayed deliveries, which have forced
buyers to purchase spot goods at steadily advancing prices,
to be used in place of goods which should have reached them
weeks ago; this division of the market is apt to continue
rather quiet u n til deliveries improve or at least u n til buyers
are assured th at mills will fill orders placed some tim e ago
at.prices then nam ed. In heavy cottons, large buyers assert
th a t they are obtaining concessions of from
to
belpw
m arket prices on sheetings, medium-weight drills, brown
shirtings, etc., for delivery beyond September, the conces­
sions being attributed to the absence of export business and
poor prospects of trade from China for the balance of the
year. Despite the fluctuations in the staple, both narrow
print cloths and wide gray goods have ruled firm at quoted
prices; converters are well covered ahead and therefore
have not been purchasing as freely as earlier in the m onth.
The clearing up of spring and summer silk piece goods in
first hands has progressed satisfactorily, and the outlook for
fall is bright. Manufacturers of silk goods are facing a
serious problem; the demand has exceeded expectations and
mills have been forced to purchase additional supplies of raw
silk at high prices, which, w ith increased wages, have greatly
increased the cost of production. Linens and light-weight
woolen and worsted dress goods are in active dem and. The
shortage in underwear and hosiery lines has become more
acute,'and substantial advances are being secured for near-by
deliveries. Export trade remains very quiet.
-Wfieat-ComSince
Since
Since
Week
Week
J u ly 1
Week
J u ly 1
J u ly 1
Exports for week and Mch.23.
1906. Mch. 23.
1906. Mch. 23.
1906.
since J u ly 1 to—
m s.
bmh.
bmh.
bm h.
bush.
m s.
United K ingdom .-.-110,035 4,468,961
279,902 37,213,399 1,408,784 23,575,597
C o n tin en t_________ - 42,715 1,877.998
440,143 33,935,660 1,520,435 26,657,360
572.164
52,313
513,295
So. & Cent. A m e r ...- 18,808
12,489
300,986
300
77,100 1,744,363
West In d ie s _______ . 39,291 1,142,741
10,547
8,000
61,890
B rit. No. A m . Cols..
275
58,875
Other countries___
1,964
150,254
1,756
161,007
376,803

.

.

136.415

7 ,475,129
36,364,356

1 ,274,576
2.32 4,1 88
2,15 5,2 70
1,000,819
720,276

36,364,356

ENTERED

4,085
7,727
3,506
4,721
84,290

4 3,859,485

IM P O R T S

104,329
136,415

15,064
3,821,405 155,438
41,325,423
10,402

P E R IO D .

2,467,689

SAME

J A N . 1 1007 AND
1006.
E n d in g
1900.Since J a n . 1 1906.
V alue.
Pkgs.
V alu e.
$
$
235,332
13,587
4,440,233
726,020
40,557
13,061,722
864,278
19,500
10,335,362
465,505
24,560
4,986,157
176,545
38,211
3,540,882

77,269
103,260
142,149
64,497
64,439

240,744

D U R IN G

FOR C ON SU M P T IO N
FOR THE W EEK
AND SINCE
Week Ending
Week.
March 23 1007.
SinceJ a n . 1 1007. March 24
Pkgs.
Value.
Pkgs.
V alue.
Pkgs.
$
$
1,113
326,949
13,514
4,223,240
885
4,109
1,317,491
42,561
14,394,546
2,841
2,170
1,148,708 22,955
12,516,734
1,573
2,492
553,81025,709
5,370,661
2,601
5,180
474,43850,699 4,820,242
2,502

W AREHOUSE
W IT H D R A W A L S T H R O W H
UPON THE
M anufactures o f
223
56,126 4,716
1,540,643
251
W o o l ...........
C o tto n .........
682
199,479
9,607
3,027,447
367
218
134,845 3,195
1,958,803
230
S ilk ..............
F la x ------ ---------- ---------420
96,7216,3701,443,976
322
M is c e lla n e o u s ............... ......................
2,865
94,47941,2391,177,306 5,849

451,614
2,467,689

M anufactures of—
W o o l ...............................
C o t t o n . ......
S i l k .............
F la x .............
M iscellaneous .................

7,019
10,402

W AREHOUSE

MARKET.

9,058,175
41,325,423

T o ta l ...........

65,125
155,438

Total w ith d r a w a ls .......
4,408
581,650
Entered for c o n s u m p tio n .. 15,064
3,821,405

2,919,303

FOR

1 ,236.579
2 ,14 2,6 25
1,819,826
902,392
655,525

17,421

4,403,055

135,787 3,826
118,390
5,817
02,014
3,039
102,108
4,168
127,445
65,610

50,383,598

m a r k e te d _______ 19,472

303
77,2173,7741,240,011 354
8,52a
2,825,248
423
3,090
1,917,462
150
5,721
1,366,681
475
171,72331,5841,431,216 26,635

220,563

Total

222,601
230,760
164,133
3,782

6,756,947
36,364,356

IM P O R T S E N T E R E D
M anufactures o f—
W o o l ................................. ......................
611
C o tto n .........
345
S i l k .............
F la x .............
654
M is c e lla n e o u s ............... ......................

4 3.1 21 .30 ii




219.875

70,535

3,044,331

2,989

38,439

61,377

The value of these New York exports since Jan. 1 has been
$3,773,686 in 1907, against $3,906,993 in 1906.

4,687,839 208,13550.106.131

T o t a l ..............................................................3,744

........ ...................... ......................
5,695
866,43452,6978,780,708 28,037
576,64283,460
for c o n s u m p tio n .. 15,064
3,821,405
155,438 41,325,423
10,402
2,467,680
136,415

Total Im p o r ts ................. ...................... 20,759

----- 1907--------- 1906----S ince
S ince
New Y o rk to M a rc h 23.
Week.
J a n . 1.
Week. J a n . 1.
G re a t B r i t a i n _____________________________
60
672
76
247
O th e r E u r o p e a n ..................................... .........
12
170
12
520
C h i n a . . . ............................................................ .......... 6,191
__________
27,134
I n d i a .............. .................................................... 152
3,972
43
3,629
A r a b i a -------------- ----- ---- ----- 481
14,683
954
8,221
A f r i c a ................................... ............................. 397
2,984
100
2,470
W e s t In d ie s .............. ...................................... 441
5,953
320
5,682
M e x ic o .................................................... ........... 130
612
75
505
C e n tra l A m e r ic a ..................... ........................ 469
4,136
293
4,128
S o u th A m e r ic a ____________________________ 1,042
11,605
828
14,489
O th e r c o u n trie s............................................. 560
10,439
288
3,510

Total
Entered

D O M E S T IC COTTON G O O D S .— The exports of cotton
goods from this port for the week ending March 23 were
3,744 packages, valued at $281,887, their destination being
to the points specified in the table below:

THE CHRONICLE.

M a r . 30 1907.]

S w i

Am

C ity

M fm m m .

News Items.
Connecticut.— Savings Deposits in Corporations Other Than
Savings Banks'.— A bill has been introduced in the State
Legislature providing that all corporations,other than sav­
ings banks, m aintaining a savings departm ent or receiving
deposits as savings, shall invest such deposits in the same
securities as savings banks m ay legally invest. This measure
was favorably reported on March 20 by the committee on
Banks of the House of Representatives and we therefore print
it in full below:
AN

A C T C O N C E R N IN G D E P O S IT S F O R S A V IN G S I N C O R P O R A ­
T IO N S O T H E R T H A N S A V IN G S B A N K S .
G e neral A sse m b ly , J a n u a r y Session, A . D . 1907.
B e it enacted by the Senate a n d H ouse of Representatives i n General Assem bly
convened:
S ection 1. A ll c orporation s o th e r t h a n savings b a n k s , charte red b y
th is S ta te , m a in ta in in g ' a saving’s d e p a rtm e n t, or so lic itin g or receiving
de posits as savings, shall In v e st all such deposits so received a cc ord ing to
th e re q uire m e n ts of th e s ta tu te law s of th is S ta te c o nc ern in g th e in v e st­
m e n t of deposits in sav ings b a n k s. S aid corporation s shall p a y to th e S ta te ,
o n th e deposits so re ce ive d, th e sam e t a x w h ic h Is re quire d to be p a id b y
savings b a n k s b y S ection 2422 of th e general statutes as a m e n d e d b y
C h a p te r 189 of th e P u b lic A c ts of 1903, o n th e deposits he ld b y them; a n d
said c orporation s shall also tr a n s m it to th e B a n k C om m issioners, o n or
before th e first day of O c to b e r In each year, and oftener if re quire d b y said
C om m issipners, a sw orn sta te m e n t of th e a m o u n t of such deposits a n d the
securities in w h ic h th e y are in v e s te d , to g ether w ith such o th e r In fo rm a tio n
as may be required to be g iv e n to said Commissioners in th e a n n u a l s ta te ­
m e n ts of b a n k s a n d tru s t com panies.
Sec. 2. A ll such savings deposits w h ic h are n o t n o w Invested In accord­
ance w ith th e provisions of S ec tio n one o f th is A c t sha ll be so in ve sted
before O c to b e r 1 1908.
Sec. 3. T he reserve fu n d re quire d b y S ection 3400 o f th e general s ta t­
utes In th e case of S ta te b a n k s a n d tru s t com panies shall n o t a p p ly to th e
de posits m e n tio n e d in S ection one of th is A c t.

New York C ity .— Aqueduct Contract Let.— The contract for
the first portion of the construction of the new 161 m illion
dollar aqueduct was awarded on March 27 to Thomas
McNally Co. of Pittsburgh, whose bid was $4,126,000.
This aqueduct is for the purpose of bringing water to the
city from the Catskills, in accordance w ith plans approved
by the Board of ^Estimate and Apportionm ent in Oct. 1905.
Bonds Listed.— On March 28 the New York Stock Exchange
listed the $8,000,000 4 % corporate stock, due Nov. 1 1956,
and the $1,500,000 4 % assessment bonds due Nov. 1 1916,
sold at the public sale on Dec. 14 1906.
O klahom a— In d ia n Territory.— Constitu/ional Election.—
The proposed constitution for the State of Oklahom a drafted
by the convention which adjourned March 15 -wall be sub­
m itted to the voters for their ratification at as peciale lection
to be held Aug. 6.
Pittsburgh-Allegheny, P a .— “Greater City” Decision A p ­
pealed .— Justice Moody of the United States Supreme Court
has allowed a writ of error in the suit brought by ex-Governor
W illiam A. Stone and others to prevent the consolidation
of the cities of Pittsburgh and Allegheny, thus carrying the
case from the Supreme Court of Pennsylvania to the Supreme
Court of the United States. This action m ay delay for some
tim e the form ation of a “ Greater P ittsburgh,” as it is not
certain that the Court can be prevailed upon to hear argu­
ments the present term . See V. 84, p. 644.
Seattle, W a s h .— Bonds V alid.— The following regarding
the $600,000 electric-light bonds awarded Ju ly 9 1906 to
the State of W ashington appeared in the Seattle “ PostIntelligencer” :
O ly m p ia , M arch 20.— T he issue of $600,000 w o rth o f bo nd s for th e im ­
p r o v e m e n t a n d ex tension of th e S eattle m u n ic ip a l lig h tin g p la n t, th e le g a lity
o f w h ic h was que stion e d b y th e S ta te , has been declared to be legal b y the
S u p re m e C o u rt in a decision h a n d e d d o w n to-day.
T he case was in re ality a test case in th e interests o f S ea ttle people,
a lth o u g h it was e n title d S ta te o f W a s h in g to n ex r e l., J o h n D . A tk in s o n ,
as A ttorne y- G e neral, versus E . W . R oss, as C om m issioner of P u b lic y L a n d s
et a l., a n d was be g un in th e S upe rior C o u rt o f T h u rsto n C o u n ty b y th e
S ta te on th e re latio n of M r. A tk in s o n a g ain st th e S ta te L a n d C om m ssloner,
to e n jo in th e S ta te B oard o f L a n d C om m issioners fro m In v e stin g the
m oney s of th e p e rm a n e n t school fu n d of th e S ta te in an Issue o f the general
c ity bo nd s of th e c ity of S eattle of 5600,000. a u th o riz e d b y th e C ity Council
a fte r th e qu a lifie d voters of th e c ity h a d v o te d o n th e que stio n o f th e issu­
ance o f th e bo nd s.
W h e n th e bo nd s were issued M r. R oss asked th e A ttorne y- G e neral his
o p in io n as to th e legal s ta tu s of th e Issue. 'A s s is ta n t A tto r n e y R o b e rt
B o o th o f S e a ttle rendered a n o p in io n t h a t he t h o u g h t th e b o n d s Illegal.
T he s u it to e n jo in was th e n b r o u g h t to settle th e m a tte r.
%

Bond Proposals and Negotiations tliis week
have been as iollows:
Abilene, Dickinson County, K a n .— Bond Sale.— This city
has issued at par $85,000 4 % 5-30-year (optional) water
bonds to the Abilene W ater Co., in payment for its plant.
D enom ination $1,000. Date Feb. 1 1907. Interest semi­
annual.
Adam s County (P. 0 . Decatur), I n d .— Bond Sale.— On
March 26 the four issues of 4 J^ % coupon m acadam road
bonds, aggregating $25,100, described in V. 84, p. 705, were
awarded to the Old Adams County Bank of Decatur for
$25,125 10 (100.10) and accrued interest, while the $4,480
(am ount reduced from $4,880) 4 ^ % coupon Root & Preble
m acadam road bonds were awarded to J . F. W ild & Co. of
Indianapolis for $4,485, the price thus being 100.116.
Adam s County (P. O. W est U nion), O hio.— Bond Offering.
■
— Proposals will be received u ntil 12 m . April 6 at the office
of the* Board of County Commissioners for $68,000 33^%
coupon turnpike refunding bonds. A uthority Section 2,834
of the Revised Statutes. Denomination $500. Date April
6 1907. Interest semi-annually at the office of the County




763

Treasurer. M aturity fifteen years. Certified check for $300,
payable to the Board of County Commissioners, is required.
Purchaser to pay accrued interest. S. S. Jones is County
A uditor and ex-officio Clerk of the Board of County Com­
missioners.
A itk in, A itk in County, M in n .— Bonds Voted.— This city
recently authorized the issuance of $35,000 funding bonds.
Alleghany, Alleghany County, P a .— Bonds Authorized.—
On March 21 the Common Council passed an ordinance pro­
viding for the issuance of $1,000,000 water-extension bonds.
Allen County (P. O. L im a), O hio.— Bond Sale.— On March
26 the $130,000 4 ^ % 9J^-year (average) memorial-building
bonds described in V. 84, p. 462, were awarded to L im a
Trust Company of L im a at 105.45 and accrued interest.
The following bids were received:
L im a T ru st C o ., L im a ___ $137,085 00 C e n tra l T ru st & S afe DeR . K le y b o lte & C o ., C ine . 136,491 00
p o s it C o ., C in c in n a ti- .$ 13 5,2 0 0
W e il, R o t h & C o ., C i n e . . 136,305 00 , H o e h le r & C u m m in g s .T o l. 135,187
S ea son good & M ay er.C lnc . 136,228 00 O tis & H o u g h , C le v e lan d 134,953
M a c d o n a ld , M cC oy & C o .,
L a m p re c h t B ros. & C o .,
C hicago _______ _______ 135,375 00!
C l e v e l a n d . . . .......... ..
134,685
S e c u rity S a v in g s B a n k &
H a y d e n ,M ille r& C o .,C le v . 134,333
T ru st C o ., T oled o____ 135,210 00 F irs t N a t. B k ., C o lu m b u s 133,705
i S. A . K e a n , C h ic a g o ____ 132,600

00
50
00
00
33
00
00

Americus, Sumter County, G a.— Bonds Voted.— The elec­
tion held March 20 resulted in favor of the proposition to is­
sue the following bonds:
$40,000 4 % 30-year p a v in g (c ity ’s p o rtio n ) b o nd s.
35,000 4 % 30-year publlc-school- bullding b o nd s.

Denom ination $1,000. Interest semi-annually.
Anderson, Anderson County, S. C .— Bond Offering.— Pro­
posals will be received until 12 m . April 16 by J . L. Sherard,
City Clerk and Treasurer, for the $75,000 coupon streetim provem ent bonds authorized by a vote of 251 to 200 at
the election held March 14. Securities will be dated April 1
-1907. Interest semi-annual. Bids are requested on blanks
furnished by the city and m ust state rate of interest, denom i­
nation, place of paym ent of interest and principal, and
m aturity of the bonds desired. Successful bidder will be
required to deposit 10% of the bonds awarded to him .
Purchaser to pay accrued interest.
Arcadia, Bienville Parish, L a .— Bond Election Proposed.—
This place is considering the advisability of calling an elec­
tion to vote on the question of issuing highway-building
bonds.
Argentine School D istrict, W yandotte County, K a n .—
Bond Election.— On April 2 the question of issuing the $25,000 high-school-building bonds mentioned in V. 84, p. 523,
will be subm itted to the vote of the people.
A rlington, Tarrant County, Tex.— Bond Election Pro­
posed.— A petition is being circulated requesting an election
to vote on a proposition to issue $15,000 school-building
bonds.
Ashland, Jackson County, Ore.— Bond Sale.— This city
recently disposed of the following bonds:
$1,390 6 % co u p o n sewer-im provem ent bo nd s a w arded to M a rg a re t B esw ick
of A s h la n d for $1,405 02, th e price th u s b e in g 101.08.
D e n o m i­
n a t io n $300, except one b o n d for $190.
In te re s t F eb . 1 a n d
A u g . 1. M a tu r ity F e b . 1 1917, su b je c t to call a fte r one year.
475 6 % co u p o n sew er-im provem ent bo nd s aw arded to W . F . Songer of
A s h la n d for $484 90, th e price th u s b e in g 102.084.
D e n o m in a ­
tio n s $300 a n d $175.
In te re st J a n . 1 a n d J u ly 1. M a tu r ity
J a n . 1 1917, su b je c t to call a fte r one year.

Athens, Athens County, O hio.— Bond Sale.— On March 25
the $6,000 5 % 16-year (average) coupon electric-light-worksextension bonds, described in V. 84, p. 584, were awarded
to'the Somerset Bank of Somerset, at 112.96 and accrued
interest— a basis of about 3.903% . Following are the bids:
S om erset B a n k , S o m e r s e t..$ 6 ,7 7 7 60 W e il, R o t h & C o ., C i n c i n ..$ 6 ,5 8 8
P r o v .S .B .& T r.C o ., C i n . . . 6,637 50 M a c D o n a ld ,M c C o y & C o .,C In 6,555
F irst N a t . B a n k , C o lu m b u s 6,495
Seasongood & M a y e r, C l n . . 6,623
Secur. S. B . & T r. C o ., T o l. 6,562 50 W . R . T o d d & C o ., C ln ____ 6,420

00
00
00
00

Batavia, Clermont County, O hio.— Bond Offering.— Pro­
posals will be received until 12 m . April 22 by G. H . K a in ,
Village Clerk, for the following bonds:
$2,400 4 % co u p o n sidew alk- construction (v illage’s p o rtio n ) b o n d s.
n o m in a tio n $500, except one b o n d fo r $400.
3,500 4 % c o u p o n side w alk- construction (v illa g e ’s p o rtio n ) b o n d s.
n o m in a tio n $500.

D e­
D e­

A uthority V. 97, p. 481, of the Ohio Laws. Date April 1
1907. Interest annually at the First National Bank of
Batavia. M aturity thirty years. B lank bonds to be fur­
nished by purchaser, who will also be required to pay accrued
interest. Certified check for $100, pa 3rable to the Village
Treasurer, is required w ith bids for each issue. Bonded debt,
not including these issues, $41,260. Assessed valuation for
1906, $364,000.
Bay City, Bay County, M ich.— Bond Election.— On April 1
this city will hold an election to vote on the question of
issuing the $200,000 4 % 30-year park bonds mentioned in
V. 84, p. 664.
Benton County (W ash.) School D istrict No. 16.— Bond
Sale.— On March 16 the $16,000 5-10-year (optional) coupon
high-school-building bonds described in V. 84, p. 523, were
awarded to Morris Bros, of Portland at 100.375 for 5s, the
purchaser to pay cost of printing blank bonds. Following
are the bids:
M orris B ro s ., P o r tla n d (for 5 s)________________________ ___________ $crl6,060 00
C. H . C o ffin , C h ica g o (for 5 ^ s ) ____________ __________ ___________ .a l6 ,1 6 0 00
S e a ttle T rust & T itle C o ., S ea ttle (for 5 }-£s)_______________________ a l6 ,1 5 0 00
W m . D . P erkins & C o .. S eattle (for 5 J^s).................................. .........a l6 ,0 3 1 50
R u d o lp h K le y b o lte & C o ., C hicago (for 6 s)____ T_________________a l6 ,4 5 1 50
A . J . H o o d & C o ., D e tro it / (for 6s) ____________ ___________________ 16,450 00
\(for 5s) ....................................................... 16,035 00
E . H . R o llin s & S ons, C hicago (for 6 s)_______________________________ 16,320 00
W m . R . C o m p to n B o n d & M o rtg age C o ., M acon (for 6 s)________ a l6 ,0 8 5 00
a A n d fu r n is h b o n d s free o f cost.

764

THE CHRONICLE.

Benton Harbor, Berrien County, M ich.— Bond Election.—
A t the coming spring election a proposition to issue $30,000
funding bonds will be subm itted to a vote of the people.

[Vo l . l x x j c i v .

Denomination $500. Date April 15 1907. Interest semi­
annually at the American Exchange National Bank in New
York City.
Clark County (P. O. Jeffersonville), I n d . — Bond Offering.—
Bessemer, Jefferson County, A la .— Bond Election Pro­
posed.— This city is considering the advisability of ordering Proposals will be received until 12 m . May 1 by George B.
an election to vote on the question of issuing $25,000 Second Parks, County Auditor, for $25,000 3 J^ % coupon poorAvenue storm-sewer, $50,000 school-improvement and $25,- asylum-construction bonds. Denomination $1,000. Date
May 1 1907. Interest June 1 and Dec. 1 at First National
000 fire-department bonds.
Bank of Jeffersonville. M aturity $5,000 yearly on June 1
Bloom ington, Monroe County, I n d .— Bond Sale.— On from 1909 to 1913, inclusive. Bonds are exempt from taxa­
March 21 $32,000 4 % 1-10-year (serial) school bonds were tion. Bonded debt at present $20,000. Assessed valuation
awarded, it is stated, to N. W . Harris & Co. of Chicago at 1906 $13,653,980.
101.875.
Cleveland, Cuyahoga County, O hio.— Bonds Authorized.—
Bristol, Sullivan County, T enn.— Bond Offering.— John C. The City Council on March 11 passed an ordinance providing
Anderson, Chairman of Finance Committee, is offering at for the issuance of $1,350,000 5 % coupon street-improveprivate sale the $280,000 5 % coupon water-works bonds ment assessment bonds. Denomination $1,000. Date May
mentioned in V. 84, p . 705. Denomination $1,000. Date 1 1907. Interest semi-annually at the American Exchange
April 1 1907. Interest semi-annually in New York and National Bank in New York City. M aturity $150,000 on
Bristol. M aturity April 1 1937.
Nov. 1 1907 and $300,000 yearly on Nov. 1 from 1908 to
Brown City School D istrict (P. O. Brown City), Sanilac 1911 inclusive.
County, M ich.— Bond Offering.— Proposals will be received
Clifton Forge, Alleghany County, V a .— Bonds Authorized.
from April 1 to April 5 by John W . Weed, Director, for — On March 23 the City Council authorized the issuance of
$5,000 coupon school-building-improvement bonds at not $75,000 public-school-building, street and other improvement
exceeding 4 ^ % interest. Denom ination $1,000, except bonds.
one bond for $2,000. Interest annually at the Brown City
College H ill, H am ilton County, O hio.— Bond Sale.— On
Savings Bank or Citizens’ State Savings Bank.
M aturity March 25 the $1,310 70 6 % 1-10-year (serial) coupon-W ood­
$1,000 in 1916, $1,000 in 1918, $1,000 in 1920 and $2,000 ward Avenue im provement bonds described in V. 84, p. 524,
in }92‘2. Bonded debt, including this issue, $9,000. As­ were awarded to the Somerset B ank of Somerset at 109.845
sessed, valuation for 1906, $292,380.
and accrued interest— a basis of about 3.989% . Following
Camden, Camden County, N. J . —Bonds Not Sold.— No are the bids:
sale was made on March 25 of the $50,000 4 % 30-year Som erset B a n k , S o m e r s e t ..$1,439 74 \B rig h to n G e rm a n B k . , C ln - $ 1 ,361 05
& M ay er, C in e . 1,395 501Thos. T . J u s tls J r __________ 1,343 53
registered or coupon hospital bonds described in V. 84, p. SP easongood
r o v .S a v .B k .& T r .C o .,C ln c . 1,376 50 |P eter S eldenger____________ 1,320 70
645. WTe are informed the only bid received was irregular
Columbus, F ranklin County, O hio.— Bonds Authorized.—
and was, therefore, rejected.
The issuance of the following bonds was provided for in
Camp H ill School D istrict (P. O. Camp H ill), Cumberland ordinances recently passed by the City Council:
County, P a .— Bond Sale.— On March 22 $1,600 of the $12,000 $5,000 4 % co u p o n street Im p ro v e m e n t bo n d s. M a tu r ity S e p t. 1 1918,
su b je c t to call o n S e p t. 1 1908.
10-20-year (optional) coupon building bonds described in
4.000 4 >S% co u p o n sewer bo nd s.
M a tu r ity S ept. 1 1909, su b je c t to c a ll
V. 84, p. 705, were awarded to A. J . Haverstick at par and
o n S e p t. 1 1908.
6.000 4 % c o u p o n M orrison A v e n u e Im p ro v e m e n t assessment bo nd s.
accrued interest for 4s.
M a tu r ity S e p t. 1 1918, su b je c t to call o n S e p t. 1 1909.
Canton, O hio.— Bond Sale.— On March 18 the $59,332 45
1.000 4 % c o u p o n N e ig h b o r A lle y im p ro v e m e n t assessment b o n d .
Mat u r lt y S e p t. 1 1918, su b je c t to c a ll o n S ept. 1 1909.
4 % refunding bonds described in V. 84, p. 524, were awarded
2.000 4 % c o u p o n C h a m p io n A v e n u e im p ro v e m e n t assessment bonds.
to Seasongood & Mayer of Cincinnati, while the $13,500
M a tu rity S e p t. 1 1910, su b je c t to call S ept. 1 1908.
South Market Street assessment bonds and the $3,000 5 %
Denom ination $1,000. Date not later than June 1 1907.
H urford Street assessment bonds offered on the 3ame day Interest semi-annually in March and September at the City
were awarded to W illiam Wagner of Canton.
Treasurer’s office.
Cartaret County (P. O. Beaufort), No. Car.— Bond Offering.
Covington, Newton County, G a .— Bond Offering..— Pro­
— Proposals will be received u n til May 1 by W . S. Chadwick, posals will be received u n til 7 p. m ., April 15 (time extended
Trustee of Board of Commissioners, for $25,000 5 % court­ from April 1), by Geo. T. S m ith, City Clerk, for $15,000
house bonds. Denomination $5,000. Interest semi-annual. funding and $5,000 public-school 5 % gold bonds. A uthority
M aturity July 1 1917. Certified check for $500 on a national vote of 139 to 7 cast at election held Jan . 24 1907. Denomi­
or State bank, payable to W . S. Chadwick, Trustee, is re­ nation $1,000. Interest annually at City Clerk’s office.
quired .
M aturity thirty years. Debt, including this issue, $43,000.
Cedar R apids, L ynn County, Io w a .—Bids.-—'The following
Cranston (P. O. Station No. 31, Providence), Providence
bids were received on March 25 for the $125,000 4 % coupon County, R . I . — Bond Offering.— Proposals will be received
city-hall bonds described in V. 84, p. 706:
u n til 2 p. m . April 10 by Daniel D . W aterm an, Town Clerk,
Geo. M . B echtel & Co. of D a v e n p o rt a t p a r.
for $100,000 4% coupon or registered gold bonds. De­
YV. J . H ay es & Sons of C le v e lan d , p a r a n d accrued Inte rest, less $2,500 for
nom ination $1,000. Date May 1 1907. Interest semi­
b la n k b o nd s, a tto rn e y s ’ fees a n d o th e r expenses.
R u d o lp h K le y b o lte & C o. o f C h ica g o , p a r , less $3,600 c om m ission .
annually at the Town Treasurer’s office. Interest on regis­
H a rris T rust & S av in g s B a n k of C hica go, p a r a n d accrued Interest; also
tered bonds will be mailed, if desired. M aturity May 1 1947.
furn ish b la n k b o nd s a n d be ar a ll legal expenses fo r n o t to exceed $750,
p ro v id e d the proceeds of th e sale of the bo nd s are de posited In the c o m ­
Cuyahoga County (P. O. Cleveland), O hio.— Note Offering.
p a n y ’s b a n k for a n average pe riod of six m o n th s w ith o u t in te re st, or
■
— Proposals will be received until 11 a. m . to-day (March 30)
If w ith d r a w n before six m o n th s to be disc o u n te d a t 4 % .
by the County Commissioners for $21,470 5% coupon North
Action on bids was postponed.
Charleroi School D istrict (P. O. Charleroi), W ashington Ridge Road No. 2 im provement notes. Denom ination
County, P a .— Bond Sale.— On March 23 the $25,000 4 J^ % $1,130. Date April 1 1907. Interest semi-annual. Ma­
coupon school-building bonds, described in V. 84, p. 645, tu rity $1,130 each six months from October 1 1907 to October
1 1916 inclusive. Certified check for $1,000 is required.
were awarded to A . B. Leach & Co. of New York City at
Purchaser to have notes prepared at his expense.
101.55. These bonds mature on May 1 as follows: $2,000 in
Bond Sale.— On March 27 the $2,349 5 % coupon im prove­
1913, $3,000 in 1916 and also in 1919; $4,000 in 1922 and in
ment bonds described in V. 84, p. 585, were awarded to
1925; $5,000 in 1928 and $4,000 in 1931.
Hayden, Miller & Co. of Cleveland at 102.681 and accrued
Charlotte, Mecklenburg County, N. C .— Bonds Not Sold.— interest. Following are the bids:
No sale was made on March 23 of the $175,000 4 ^ % 30-year H a y d e n , M ille r & C o .,C le v . $2,412 00! O tis & H o u g h ....................... 52 3§5 I 5
coupon funding bo'nds described in V. 84, p. 645. The only F re m o n t S a v .B k .C o ..F r e m . 2,405 0 0 | W . J . H ay es & S o n ________ 2,366 50
Dallas, Dallas County, Texas.— Bond Offering.— Proposals
bid received was from W . J . Hayes & Son of Charlotte, who
offered par less commission and expenses. Interest payable will f>e received until 12 m . April 10 by J. B. W inslett, City
January and July at the National Bank of Commerce in New Secretary, for the $150,000 high-school, $50,000 schoolbuilding, $60,000 street-improvement and $27,500 city jail
York City.
Chicago— Town of North Chicago, Cook County, 111.— 4 % gold bonds mentioned in V. 83, p. 1307. Denom ination
Bond Election.— A t the regular spring election April 2 the $1,000. Interest semi-annually at the Seaboard National
question of issuing $500,000 park bonds will be subm itted Bank in New York City. M aturity forty years, subject to
call after ten years. Certified check for $1,000 is required.
to a vote of the people.
D ayton School D istrict, Montgomery County, O .— Bond
Chicago Junction, O hio.— Bond Offering.— Proposals w il
be received u n til 12 m. April 6 by W m . G. Gulling, Village Election.— A resolution was recently presented to the Board
Clerk, for $12,000 5 % Myrtle Avenue im provem ent bonds. of Education providing for an election next November on a
Denom ination $1,200. Date April 1 1907. Interest annual. proposition to issue $400,000 school bonds.
Delta, F ulton County, O hio.— Bond Offering.— Proposals
M aturity $1,200 yearly on April 1 from 1908 to 1917 in ­
will be received until 12 m . April 22 by C. W . H atto n ,
clusive.
Village Clerk, for $2,087 95 5 ^ % Delta Street improvement
Cincinnati, H am ilton County, O hio.— Bonds Authorized.— bonds. Denomination $200, except one bond for $287 95.
The Citv Council has authorized the issuance of the follow­ Date Feb 1 1907. Interest March 1 and Sept 1 at the
ing bonds.
National City Bank in New York City. M aturity $287 95 on
$2,500 4 % c o u p o n R ig h th S treet v ia d u c t re pa ir bo n d s.
D a te A p r il 2 1907.
Sept. 1 1908 and $200 yearly on Sept. 1 from 1909 to 1917
,
M a t u r it y A p r il 2 1908.
Denomination $500. Interest semi-annually at the City inclusive. Certified check for $200, payable to the Village
Treasurer, is required. Accrued interest to be paid by pur­
Treasurer’s office.
The City Council on March 11 also authorized the issuance chaser.
Detroit, W ayne County, M ich.— Bond Election.— On April
of the following bonds:
_1 a proposition to issue not exceeding $750,000 public$25,000 3 .6 5 % c o u p o n s a n ita r y bo n d s. M a t u r it y 20 vears.
library bonds will be subm itted to a vote of the people.
135,000 3 .6 5 % co u p o n street- Im provem ent b o n d s, M a t u r it y 40 y ears.




M a r . 30 1907.]

THE CHRONICLE.

Dillonvale School D istrict (P. O. D illonvale), Jefferson
C ounty, O h io.— Bond Sale.— On March 23 the $25,000 4 ^ %
1-25-year (serial) registenpd school-building bonds, described
in Yr. 84, p. 463, were awarded to the First National Bank of
Dillonvale at 105.60 and accrued interest— a basis of about
3.946% . Following are the bids:
F irs t N a t. B k ., D illovale- $2 6,40 0 001 W . J . H ayes & S o n , C le v e .$25,690
S e c u rity S avin gs B a n k &
I Denison<StFarnsw orth,C lev 25,567
T rust C o ., T o le d o ______ 25,815 00! M a c D o n a ld , M cC oy & C o .,
N ew F irs t N a tio n a l B a n k ,
I
C in c in n a ti ----------- 25,505
C o lu m b u s ________ ______ 25,812 50] Som erset B a n k , Somerset- a5,038

00
50
00
oO

a F o r $5,000 bo nd s.

D un n County (P. O. Menominee), W isconsin.— Bond Elec­
tio n.— On April 2 this county will vote on the question of
issuing $35,000 bridge-building bonds.
D urant, In d . Ter.— Bond Election.— We are informed that
a n election will probably be held in about sixty days to vote
on the question of issuing $20,000 sewer and $15,000 waterexteusion bonds. The action originally taken calling this
election for March 11 was subsequently rescinded.
D urham , D urham County, No. Car.— Bond Election.— An
election will be held May 7 to vote on the question of issuing
$275,000 street-improvement and $25,000 sewer-system
bonds.
D urham County (P. O. D urham ), No. Car.— Bond Election.
— An election will be held May 7 to vote on the question of
issuing the $300,000 road-improvement bonds mentioned in
V. 84, p. 463.

East Cleveland (P .O . Cleveland), Cuyahoga County, Ohio.
— Bond Offering.— Proposals will be received un til 12 m .
April 27 by James P. Arter, Village Clerk, for $21,000 5%
street-improvement bonds. Denomination $1,000. Date
May 1 1907. Interest semi-annually at the Superior Sav­
ings & Trust Company in Cleveland. M aturity $3,000 each
six months from Nov. 1 1907 to Nov. 1 1910 inclusive. Cer­
tified check for 10% of bonds bid for, drawn on some bank
in Cuyahoga County, and made payable ot the Village Treas­
urer,Is required. Accrued interest to be paid by purchaser.
E ie n , Hancock County, Me.— Bond Sale.— On March 13
$75,000 4 % high-school bonds were awarded at private sale
to Denison & Farnsworth of Cleveland. Date of bonds
March 1 1907. Interest semi-annual. M aturity from 1911
to 1925.
Elmw ood Place, H am ilton County, O hio.— Bonds Pro­
posed.— The citizens of this village have petitioned the Vil­
lage Council to issue bonds for a new town-hall.
Elyria, Lorain County, O hio.— Bond Offering.— Proposals
v/ill be received until 12 m . April 30 by Frank R . Fauver,
City A uditor, for the following bonds, a description of which
was given in V. 84, p. 706:
$25,000 4 % c o u p o n water-works Im p ro v e m e n t bo n d s.
M a t u r it y $5,000
yearly on M arch 1 fro m 1919 to 1923 In clu siv e. C e rtllle d
check for $1,000 re quire d.
25.000 l\ i % co u p o n bridge bo nd s.
M a tu r ity $5,000 y early on M arch 1
fro m 1910 to 1914 In clu siv e.
C ertified check for $1,000 re­
q u ire d .
20.000 4 \i% c o u p o n p a v e m e n t (c ity ’s po rtio n ) bo nd s.
M a tu r ity $4,000
yearly on M arch 1 from 1909 to 1913 In clu siv e. C ertified
check for $1,000 re quire d.

Denomination $1,000. Date March 1 1907. Interest
semi-annually at the office of the United States Mortgage
& Trust Co. of New York City. Bids must be made on blank
forms furnished by the city and must be accompanied by
certified checks in the above am ounts, payable to the City
Treasurer.
Em poria School District ( P .O . E m poria), Lyon County,
K a n .— Bond Election.— An election will be held April 2 to
vote on the question of issuing $8,000 school-building bonds.
M aturity twenty years, subject to call after ten years.
Enterprise School District No. 10 (P. O. Enterprise),
Owyhee County, Id a h o .— Bond Sale.— On March 16 the $500
6 % school bonds described in V. 84, p. 525, were awarded
to the State of Idaho at par. Following are the bids:
S ta te of I d a h o _______________$500 001 F irst N a tio n a l B a n k , DolgeF lr s t N a t .B k ..H a m p t o n ,N e b . 502 50|
v llle , N . Y _________________ $500 00

70S

Fredonia, Chautauqua County, N. Y . — Bond Election.—
A special election will be held on April 5 to vote on the
question of issuing $12,000 funding bonds.
Garrettsville, Portage County, Ohio.— Bond Offering.—
Proposals will be received until 12 m . April 15 by A. R .
Gates, Village Clerk, for $3,500 4 % coupon additionalwater-works bonds. A uthority Sections 2835 and 2836 of
the Revised Statutes. Denomination $500. Date March 15
1907. Interest semi-annually at the Village Treasurer’s
office. M aturity March 15 1917, subject to call after March
15 1912. Certified check for $200, payable to the Village
Treasurer, is required. Accrued interest to be paid by pur­
chaser. Successful bidder to furnish bonds and coupons,
w ithout charge, upon forms to be approved by the village.
Gilmer, Upshur County, Texas.—*Bond Sale.— The State
Permanent School Fund on March 18 purchased $22,000 5%
20-year water-works bonds on a 4 % basis. Securities are
dated Aug. 1 1906.
Glandorf, P utn am County, O hio.— Bond Sale.-—On March
25 the $9,000 5 % Main Street improvement bonds described
in V. 84, p. 525, were awarded to Spitzer & Co., Toledo, at
102.911. The following bids were received:
S p itz e r & C o ., T o le d o ______$9,262 00! D e n is o n & F a rn s w o rth , Clev. 9,213 25
O tis & H o u g h , C le v e la n d .. 9,277 9 7 | P u tn a m C o u n ty B a n k in g
N ew F irst N a t. B k . , C o lu m . 9 261 001
C o ., O t ta w a ----------- 9,205 00
M a c d o n a ld , M cC oy & C o .,
I TV. J . H ayes & S ons, C le v - . 9,025 00
C hicago __________________ 9,220 00|

Grafton, Taylor County, W . V a .— Bonds Defeated.— At an
election held March 19 a proposition to issue $37,500 funding
and improvement bonds was defeated.
Grand Rapids, Kent County, M ich.— Bond Election.— The
question of issuing the $1,000,000 Grand River dike bonds
mentioned in V. 84, p. 586, will be submitted to a vote on
April 1.
H am ilton, Butler County, O hio.— Bond Sale.— This city
recently awarded the $5,000 4% 15-year coupon storm-water
sewer bonds described in V. 84, p. 646, to the Sinking Fund
Trustees at par.
H am ptonburgh School District, Orange County, N. Y . —
Bond Offering.— Proposals will be received by Henry Ulenberg, Trustee (P. O. Burnside) for $2,000 5 % school bonds.
Denomination $200. Interest semi-annual. M aturity 10
years. Assessed valuation $100,000.
Herrin, W illiam son County, 111.— Bond Election.— A t the
general election this spring this city will vote on the issuance
of city-hall-building and jail bonds.
Hoboken, Hudson County, N. J . — Bonds Not Sold.— No
bids were received on March 27 for the $20,000 4% 20-year
registered or coupon fire bonds described in V. 84, p. 586.
Hudson, St. Croix County, W is .— Bond Sale.— On Feb. 25
the $20,000 20-year ^coupon refunding bonds described
in V. 84, p. 407, were awarded to the State of Wisconsin at
par and accrued interest for 3.75 per cents.
Hudson County (P. O. Jersey City), N. J . — Bond Offer­
ing.— Proposals will be received until 4 p . m . April 4 by the
Board of Chosen Freeholders for $90,000 4 % registered
highway-bridge-reconstruction bonds. Denomination not less
than $1,000. Date April 1 1907. Interest semi-annual.
M aturity April 1 1927. Certified check (or cash) for $500,
payable to Stephen M. Egan, County Collector, is required.
W alter O ’Mara is Count}r Clerk.
Id a h o .— Bond Offering.— Proposals will be received u n til
12 m ., A pril 25, by C. A. Hastings, State Treasurer, P. O.
Boise, for the following bonds:
$50,000
30.000
50.000
21.000
45.000

4%
4%
4%
4%
4%

40.000
20.000
3.000
10.000
5.000
5.000

4%
4%
4%
4%
4%
4%

U n iv e rs ity of Id a h o re b u ild in g bo n d s — $1,000 each.
publlc-buildlng- end ow m ent- fu nd bo nd s— $500 each.
Id a h o Industrial-tralning-school bo nd s— $1,000 each.
Id a h o acade m y- lm pro vem e nt bo nd s— $500 each.
N o rth e rn Id a h o insane- asylum - lm pro vem ent bo nd s— $1,000
each.
Idaho-Lew iston-State n o rm a l school bo nd s— $500 each.
A lbion- S tate n o rm a l school b o n d s — $500 each.
M eadow s-Payette-Lake w ag o n ro ad fu n d bo nd s— $500 each.
Id a h o C o u n ty bridge a n d w agon ro a d fu n d bo nd s— $500 each.
Id a h o soldiers’ hom e im p ro v e m e n t bo nd s— $1,000 each.
A t la n t a ro ad fu n d b o nd s— $500 each.

Denominations $1,000 and $500. Interest semi-annual.
Erie County (P. O. Buffalo), N. Y . — Bond Sale.— On March
M aturity twenty years, subject to call after ten years.
23 the $250,000 4 % 13-22-year (serial) registered armoryCertified check for 5% of am ount bid is required.
completion bonds described in V. 84. p. 706, were awarded
Im perial School District, San Diego County, C al.— Bond
to the Buffalo Savings Bank of Buffalo at par and accrued
interest. A bid was also received from W . J. Hayes & Sons Offering.— Proposals will be received until April 4 by John F.
of Cleveland at par and accrued interest , less $1,800 for a t­ Schwartz, County Treasurer (P. O. San Diego), for $7,000
bonds.
torney’s fees and other expenses.
Ind iana, In d ia n a County, P a .— Bond Sale.— The only
Evanston, Cook County, 111.— Bonds Authorized.— This
city recently authorized the issuance of $40,000 public- bids received on March 25 for the $20,000 4 % 30-year coupon
paving bonds described in V. 84, p. 707, were from local in ­
lib rary-completion bonds.
vestors at par.
Evansville School City, V anderburgh County, I n d .— Bond
Ionia City, Ionia County, M ich.— Bond Election.— This
Offering.— Proposals will be received until 4 p. m . April 25
by the Board of Trustees for $132,000 3 ^ % school-funding city has decided to hold an election to vote on a proposition
and im provem ent bonds. Denominations S I,000, $500, to issue $20,000 city-hall bonds.
Jackson County (P. O. Jackson), M inn .— Bond Sale.— On
$200 and $100. Date May 1 1907. Interest semi-annually
at the Citizens’ National Bank of Evansville. M aturity March 13 this county awarded the $65,000 4 % court-house
$13,200 yearly on May 1 from 1908 to 1917 inclusive. Cer­ bonds voted on M arci 4 (V. 84, p. 646) to the State of M in­
tified check for 3 % of the amount bid, payable to the Board nesota at par. Date of bonds Ju ly 1 1907. Interest an ­
nual. M aturity from 1915 to 1927 inclusive.
of Trustees, is required.
Jacksonville, Cherokee County, Tex.— Bonds Defeated.—
Fergus Falls, Otter Tail County, M in n .— Bond Election.—
An election will be held April 2 to vote on the question of At the election March 16 a proposition to issue $25,000 p u b ­
lic-school-building bonds was defeated.
issuing $24,000 4 % electric-light-plant bonds.
Fort Pierre, Stanley County, So. D a k .— Bonds Voted.—
Joliet, W ill County, 111.— Bonds Voted.— The City Council
An election held recently resulted in a vote of 106 to 1 in has decided to issue $50,000 43^% improvement bonds. In ­
terest semi-annual.
favor of a proposition to issue $10,000 court-house bonds.




766

THE CHRONICLE.

[V o l .

l x x x iv

.

Lakewood, Cuyahoga County, Ohio.— Bond Offering.—
Proposals will be received until 12 m ., April 22, by B. M.
Cook, Village Clerk, for $1,330 5 % Kenilw orth Avenue
construction main-sewer assessment bonds. Denom ina­
tion $133. Date April 1 1907. M aturity $133 yearly on
Oct. 1 from 1908 to 1917 inclusive. Interest semi-annually
at the Cleveland Trust Company of Cleveland. Certified
check for 5 % of the am ount bid is required.
Lancaster School D istrict (P. O. Lancaster), P a .— Bond
Sale.— On March 26 the $60,000 4 % gold coupon schoolbuilding and refunding bonds described in V. 84, p. 708,
were awarded as follows:

bank for $1,000 must be deposited w ith the Secretary of
the Board of R oad Commissioners. Purchasers must be
prepared to take the bonds not later than May 1, the money
to be delivered at one of the banks in M ahoning County or
at the office of the County Treasurer. These securities
take the place of the $100,000 4 % bonds offered b u t not sold
on March 20.
Manchester, H illsborough County, N. H .— Bond Sale.—
On March 28 $50,000 4 % 20-year coupon refunding bonds
were awarded to Merrill, Oldham & Co. at 100.916 and
accrued interest— a basis of about 3.934% . Following are
the bids:

$20,000 b o n d s d u e J a n . 15 1932 a w arded to W . U . H e nse l of L a n c a s te r
a t 103.26 a n d accrued interest.
20.000 b o n d s d u e J a n . 15 1933 aw arded to W . U . H e nse l o f L a n c a s te r
a t 103.36 a n d accrued in terest.
20.000 b o n d s d u e J a n . 15 1935 a w arded to J o h n B . W a r p e l o f L a n c a ste r
a t 104.01 a n d accrued in terest.

M e r r ill,O ld h a m & C o .,B o s to n .100.9161 E s ta b ro o k & C o ., B o s to n ____ 100.156N . W . H a rris & C o ., B oston.100.899| D e n ls o n & F a rn s w ’th .C l.& B o s 100.077
A . J . L a n e , M a n ch e ste r______100.3491 Geo. A . F e r n a ld & C o ., B o st.1 0 0 .0 6
A .B .L e a c h & C o ., N e w Y o rk - 1 0 0 .25 I M e rrim a c k R iv e r S a v in g s B k .,
B la k e B ros. & C o ., B o s t o n ..1 00 .21 | M a n c h e s t e r ________________ 100.00

The other bids were as follows:
L a n c a s te r T r. C o ., L a n c a s te r .$61,428 j W . J . H ay es & S ons, C le v e ..$ 6 0 ,7 0 4
N o r th e rn T r. C o ., L a n c a s te r. 61,362 i E m e r y , A n d e rso n & C o .,C le v . 60,390
U n io n T ru st C o ., L a n c a s t e r .. 61.1311

Laredo, W ebb County, Tex.— Bond Election.— An election
will be held April 2 to vote on the question of issuing $40,000
5 % 10-40-year (optional) school-building bonds mentioned
in V. 84, p. 647.
Lathrop School District (P. O. L athrop), Clinton County,
M o.— Bond Election.— The question of issuing $12,500 5 %
building bonds will be subm itted to the voters on April 2.
M aturity tw enty years, subject to call $2,500 after five years,
$5,000 after ten years and $5,000 after fifteen years.
L aurinburg, Scotland County, N. C.— Bond Offering.—
Proposals will be received un til 11 a. m . A pril 12 by F. L.
B undy, Mayor, for $50,000 6 % funding and refunding bonds.
Denom ination $1,000. Date Jan . 1 1907. Interest semi­
annually at the Town Treasurer’s office. M aturity $2,000
yearly on Ja n . 1 from 1917 to 1941 inclusive, all bonds falling
due after Jan . 1 1927 being subject to call. Certified check
for $1,000 is required. Purchaser to furnish blank bonds.
Official advertisement states th a t there is no litigation
threatened or pending and th a t there has never been any
default in the paym ent of obligations. Bonded debt, this
issue. Assessed valuation $575,000.
Lestershire, Broome County, N. Y . — Bonds Voted.— On
March 19 this village authorized the issuance of $8,500 5%
water-works bonds by a vote of 132 to 26.
London, O n t.— Debenture Sale.— On March 8 the follow ing
debentures were awarded to W ood, G undy & Co. of Toronto:
$271,553 52 4 % loc al- im prov em e nt de b e n tu re s.
M a t u r it y p a r t y e a rly for
te n y e a rs.
10.000 00 4 % school-debentures. M a t u r it y O c t. 1 1936.
11.000 00 4 % water-works d e be nture s. M a t u r it y M a y 21 1936.
6 ,000_00 4 % break-w ater de be nture s. M a t u r it y J u n e 30 1936.

Interest semi-annual.
Lidgerwood School D istrict ( P .O . Lidgerw ood), R ichland
County, N. D .— Bond Sale.— This district has awarded the
$7,500 4 % 10-20-year (optional) school-addition bonds
mentioned in V. 84, p. 465, to the State of North Dakota
at par. Denom ination $500. Date April 1 1907. Interest
semi-annual.
Limestone County (P. O. Athens), A la .— Bonds Voted.—
O n March 23 $135,000 43^% 30-year road-improvement
bonds were authorized by a vote of about 850 to 140. Nego­
tiations are now pending for the sale of these bonds.
Long Beach School D istrict, Los Angeles County, Cal.—
Bonds Defeated.— The election held March 21 resulted in the
defeat of the propositions to issue $200,000 high-school and
$100,000 grammar-school bonds. The vote on the highschool proposition was 331 “for” to 660 “against,” while on
the grammar-school issue it was 510 “for” to “ 434” against”
— two-thirds being necessary to authorize.
Louisville, Jefferson County, K y .— Bond Sale.— U p to
March 26 $121,000 of the $1,000,000 4 % Louisville W ater Co.
gold coupon mortgage bonds, offered w ithout success on
March 6 (V. 84, p. 586), were disposed of at par and interest,
$56,000 to J. M. Fetter and $65,000 to H . V. Loving, Presi­
dent of the Louisville Trust Co
L ynn, Essex County, M ass.— Temporary L oan.— The City
Treasurer has negotiated a loan of $50,000 w ith Bond &
Goodwin of Boston. Loan matures in one year.
McComb, Hancock County, O hio.— Bonds Authorized.—
The Village Council on March 4 passed an ordinance provid­
ing for the issuance of $2,790 5 % coupon electric-light-improvement bonds. Denom ination $465. Date April 1 1907.
Interest semi-annually at the Village Treasurer’s office.
M aturity $465 each six months from Oct. 1 1907 to April 1
1910 inclusive.
Madison, Morgan County, G a.— Bonds Voted.— This town
on March 15 voted to issue $65,000 water-works and sewersystem bonds.
M ahoning County (Ohio) R oad District No. 1.— Bond
Offering.— Proposals will be received u n til 11 a. m . April 20
by North Newton, Secretary of Board of R oad Commis­
sioners, Room 215, Dollar Bank Building, Youngstown, for
$100,000 5 % coupon road-improvement bonds. Authority
an Act passed April 26 1898, amended April 8 1904 and
April 2 1906. Denom ination $1,000. Date May 1 1907.
Interest payable April 1 and Oct. 1 by the County Treasurer.
M aturity $5,000 each six months from April 1 1910 to Oct.
1 1919 inclusive. Certified check on a Mahoning County




Denomination $1,000. Date A pril 1 1907. Interest
semi-annually at the Second National Bank in Boston. These
bonds will be certified to as to their genuineness b\r the City
Trust Co. of Boston, and their legality has been approved
by Messrs. Storey, Thorndike, Palmer & T hayer of Boston.
Manchester School District (P. O. Manchester), Chester­
field County, V a .— Bond Sale.— On March 20 the $15,000
5 % 34-year coupon high-school-building bonds described in
V. 84, p. 647, were awarded $10,000 to the Mechanics’ &
Merchants’ B ank of Manchester at par and $5,000 to the
Bank of Manchester at par. Following are the bids:
M e ch an ics’ & M e rc h a n ts’ B a n k , M an ch ester (for $ 1 0 ,0 0 0 )___________ $10,000
B a n k o f M an ch ester, M an ch ester (for $ 5 ,0 0 0 ) ________________________
5 ,000
S. A . K e a n , C h ica g o ____________________________________________________ 15,525
A . J . H o o d & C o ., D e t r o it _______________________________________________ 15,225

Interest semi-annual.
M athiston,/W ebster County, M iss.— Bonds Not Sold.— Up
to March 20 no award had been made of the $12,000 6%
school-building bonds described in V. 84, p. 408. A bid of
par for straight 20-year bonds has been received from the
First National Bank & Trust Co. of Laurel.
Meaford, O n t.— Debenture Offering.— Proposals will be re­
ceived until April 8 by the Town Clerk for $19,751 43^%
local-improvement debentures. Interest payable at the
Molsons Bank of Meaford.
Medina, Medina County, O hio.—Bonds Voted.— This place
recently authorized the issuance of $32,000 water-works and
$23,000 sewer bonds. The vote was 535 to 67 on the water­
works bonds and 507 to 95 on the sewer bonds.
Middleport, Meigs County, O hio.— Bond Sale.— On March
16 the $4,200 4 J^ % 5-year (average) coupon paving assess­
m ent bonds described in V. 84, p. 526, were awarded to the
Pomeroy National Bank of Ohio at 101.809 and accrued
interest— a basis of about 4.096% . Following are the bids:
P o m e ro y N a t. B k ., P o m . .$ 4 ,2 7 6
R ic h ’d H o r d e n , A g t ., M id 'p ’t4,267
Som erset B a n k , S o m e r s e t.. 4,265
S ecurity S av in g s B a n k &
T n is t C o ., T o le d o ______
4,254

00 W e ll. R o t h & C o ., C ln n __ $4,243 50
00 N ew F irs t N a tio n a l B a n k ,
10
C o lu m b u s ________________ 4,225 00
O tis & H o u g h , C le v e la n d .. 4,215 00
50

Milwaukee, Milwaukee County, W is .— Bond Election.— An
election will be held on April 2 to vote on the question of
issuing $250,000 auditorium , $250,000 police-station, S100,
000 fire-department and $100,000 garbage-crematory bonds
Mineral, Cherokee County, K a n .— Bond Sale.— This city
has made arrangements for the issuance to the contractor
(in payment for the work of construction) of the $10,000 6 %
20-year registered water-works bonds mentioned in V. 84,
p. 408. The city has no debt at present. Assessed valu­
ation, $68,555.
Minneapolis, H ennepin County, M in n .— Bond Sale.— On
Feb. 23 $35,750 5 % water-works bonds were awarded to the
State Board of School F und Commissioners at par. D enom i­
nation $1,000. Interest Jan u aty and Ju ly . M aturity 1927,
subject to call at any tim e .
Minneapolis, O ttaw a County, K a n .— Bonds Proposed.—
A bill has been prepared for introduction in the Legislature
providing for the issuance of not exceeding $100,000 publiclib rary bonds.
Mitchell School D istrict ( P .O . M itchell), Davison County,
S. D . — Bond Election Proposed.— The Board of Education is
considering the advisability of subm itting to a vote at the
spring election the question of issuing $100,000 high-schoolbuilding bonds.
M ontgom ery, A la .— Bond Sale.— According to local
papers, arrangements have been made for the sale of the
$468,000 43^% 30-year refunding bonds offered without
success on Feb. 11. The purchaser is Martin H . Sullivan
and the price paid par and interest .
Napoleon, Henry County, O hio.— Bond Sale.— On March
26 the $1,250 5 % 3-year (average) sewer-assessment bonds
described in V. 84, p . 526, were awarded to D . Meekisen
of Napoleon at 101.68— a basis of about 4.397% . Following
are the bids:
D . M e ekisen, N a p o le o n ____ $1,271 001 J . D . G r o ll, N a p o le o n _____$1,256 50
M . D o n n e lly , N a p o le o n .. . . 1,260 00 J o h n B ro w n , N a p o le o n ____ 1,255 25

Neoga School D istrict ( P .O . Neoga), Cum berland County,
111.— Bond Election.— On April 1 this district will vote on the
question of issuing $5,000 refunding school bonds. Denomi­
nation $500.
New Rochelle, Westchester County, N. Y . — Temporary
Loan.— On March 26 $50,000 6 % four m onths’ certificates of
indebtedness were awarded to the National City Bank of
New Rochelle at par.

M a m 30

1907.

j

THE CHRONICLE.

North Olean (P. O. Sta. No. 1, O le an », Cattaraugus County,
N. Y . — Bonds Voted.— At the election March 19 it was de­
cided by a vote of 99 to 16 to issue about $60,000 sewer bonds.
Norwood, H am ilton County, O hio.— Bonds Voted.— The
election held March 18 (V. 84, p. 466) resulted as follows:
$35,000 S ection A v e n u e V ia d u c t b u ild in g b o n d s , a u th o riz e d b y a v o te of
1,625 to 169.
35,000 m arket-house-bullding b o n d s, a u th o riz e d b y a v o te o f 1,176 to 429.

The proposition to issue Marion Avenue viaduct bonds
was defeated.
Olds. A lberta.— Debentures Not Sold.— Up to March 20
no award hud yet been made of the $9,000 5 % debentures
offered on Feb. 22. See V. 84, p. 352, for description of
these securities.
Omaha, Douglas County, Neb.— Bond Sale.— On March 22
the $50,000 intersection and the $150,000 sewer 4 J^ %
20-year coupon bonds described in V. 84, p. 64S, were
awarded to Estabrook & Co. of Boston at 103.15— a basis
of about 4.265% . Following are the bids:
E s ta b ro o k & C o ., B o sto n $206,300
F irs t N a t. B a n k , C hicago 205,020
W . J . H ay es & S on s,C lev . 204,721
B lo d g e t, M e rritt & C o .,
B o s to n _________________ 204.374
S p itz e r & C o ., T oled o ___ 204,353
H a rris T rust & S av in gs
B a n k , C h ica g o ________ 203,800
C ity S avin gs B k ., O m a h a 203,535

00 W ’d m n o f th e W o r id ,O m .$ 2 0 3 ,3 0 0
00 N .W .H a ls e y & C o ., Chic- 203,100
00 M ason, Lew is & C o .,C h ic . 201,327
George D o h n e , C h a d ro n
(for $ 5 0 ,0 0 0 )___________
52,750
00
Bank,
00 W estern- G erm an
CIncinnati(for<$50,000)
51,010
&
M ay er,
00 Seasongood
C in c in n a ti (for 550,000) 50,645
00|

00
00
50
00
00
50

Oneonta U nion Free School District No. 5 (P. O. Oneonta),
Otsego County, N. Y . — Bond Offering.— Proposals will be
received until 8 p. m . April 9 by M. G. Keenan, Clerk of
Board of E ducation, for the following bonds:
$10,000 registered or c o u p o n school- building bo n d s.
D e n o m in a tio n $500.
D a te M a rc h 8 1907. M a tu r ity 5500 y ea rly o n M a rc h 8 fro m 1908
to 1927 In clusive.
100,000 registered or co u p o n school- building b o n d s. D e n o m in a tio n $1,000.
D a te J u n e 12 1906. M a tu r ity $5,000 y ea rly o n J u n e 12 fro m
1907 to 1926 in clu sive .

Interest (rate not to exceed 4 % ) payable annually at the
W ilber National Bank of Oneonta. Certified check or New
Y ork draft for 2 % of bonds bid for, payable to the “ Treas­
urer School District No. 5, O neonta,” is required.
Otoe County (P. O. Nebraska City), N eb.— Bond Sale.—
Reports state th a t the $75,000 20-year coupon refunding
bonds offered w ithout success as
on March 4 (V. 84, p.
648) have been disposed of to the State as 3.70s.
Painesville, Lake County, O hio.— Bond Sale.— On March
26 W eil, R o th & Co. of Cincinnati offered $58,031 (100.053)
for the three issues of 4 % coupon street-improvement bonds,
aggregating $58,000, described in V. 84, p. 648.
Papillion, Sharky County, Neb.— Bonds Voted.— The elec­
tion March 19 resulted in a vote of 105 to 33 in favor of
issuing the water-works bonds mentioned in V. 84, p. 648.
Paw huska, Osage Nation, O k la.— Bond Sale.-—On March
25 $12,000 6 % city-hall bonds were awarded to John Nuveen
& Co., Chicago, at 104.47. The following bids were received:
J o h n N u v e e n & C o ., C h ic .$12,536 40| S p itz e r & C o ., T o le d o ____ $12,228 00
T ru s t C o m p a n y Hf D a lla s . 12,415 00| O k la h o m a B o n d & T ru st
A . C . Speers & S o n . C h i c . . 12,350 00|
C o m p a n y .......................... 12,125 00

Denom ination $1,000. Date April 1 1907. M aturity
April 1 1927.
Paw huska School D istrict (P. O. Paw huska), Osage
Nation, O kla.— Bond Sale.— This district recently disposed
of $20,000 school bonds.
Pike County (P. O. Petersburg), I n d .— Bond Offering.—
Proposals will be received u n til 2 p . m . April 2 by O . D . H ar­
ris, County Treasurer, for the $16,272 4 J^ % coupon Madison
Township road-improvement bonds mentioned in V. 84, p.
709. Denomination $452. Interest May and November
at the First National Bank of Petersburg. M aturity one
bond each six months. The county has no bonded debt at
present. Assessed valuation $406,095.
Portsm outh, Norfolk County, V a .— Bonds Not Sold.— No
bids were received on March 28 for the $150,000 4 % coupon
school, street-improvement and sewer bonds described in
V. 84, p. 527.
Poughkeepsie, Dutchess County, N. Y . — Bond B id .—
Proposals were asked for up to 12 m . yesterday (March 29)
by J. K . Sague, Mayor, for $40,000 4 % 20-year registered
refunding bonds. Denomination $1,000. Date March 1
1907. Interest semi-annually at the Fallkill National Bank
of Poughkeepsie. The highest bid receivedflat the sale was
100.50.
Purcell, Chicasaw Nation, In d . Ter.— Bond Sale.— On
March 18 $20,000 5 % 20-year school bonds were awarded to
A. J . McMahan at par. A uthority vote of 198 to 75 at elec­
tion held Jan . 16. Denomination $1,000. Date Feb. 1
1907. Interest semi-annual.
R ay (P. O. International Falls), Koochiching County,
M in n .— Bond Offering.— Proposals will be received until
1 p. m ., April 15 by P. A. Erickson, Town Clerk, for $10,000 6 % coupon road and bridge bonds. Denomination $500.
Date May 15 1907. Interest June 1 and Dec. 1 in Minneapo­
lis. M aturity $500 yearly on May 15 from 1912 to 1926
inclusive and $2,500 on May 15 1927. Bonds are exempt
from taxation. Certified check for $1,000, payable to J . W .
Heritage, Town Treasurer, is required. Bonded debt, this
issue. Assessed valuation in 1906, $138,000.
R ichland Parish School D istrict No. 1, L a .— Bond Sale.—
On March 15 the $9,000 5 % 1-9-vear (serial) coupon schoolbuilding bonds described in V. 84, p. 467, were awarded to
•C. H . Coffin of Chicago a t par less 2 % for expenses.




7 (3 7

Ridgewood, Bergen County, N. J . — Bond Offering.— Pro­
posals will be received until 8 p . m . April 16 by J. Blauvelt
Hopper, Village Clerk, for $60,000 5% highway-improve
ment bonds. A uthority Chapter 96, Laws of 1891. De­
nom ination $500. Date May 1 1907. Interest semi-annual.
M aturity on May 1 as follows: $1,000 yearly from 1914 to
1917 inclusive; $5,000 yearly from 1918 to 1921 inclusive
and $6,000 yearly from 1922 to 1927 inclusive. Certified
check or cash for 5 % of the am o u nt bid is required.
Rochester, N. Y .— Temporary Loan .— On March 26
$100,000 8-months local-improvement fund notes were
awarded to the Rochester Savings B ank, $50,000 at 5.75%
and $5 prem ium and $50,000 at 5.50% and $5 prem ium .
The bids were as follows:
R ochester S av in g s B a n k , R o c h e ste r____ /$ 5 0 ,0 0 0 a t 5.75 % a n d $5 p r e m iu m
1 $50,000 a t 5.50 % a n d $5 p r e m iu m
T he B a n k for S av in g s, N ew Y o r k ____ $100,000 a t 5. 75 % a n d $12 p r e m iu m
B ro a d w a y S av in gs In s tit u tio n , N ew Y o r k __________ _______ $10,000 a t 6 % .

Rotterdam and Niskayuna School District No. 12, Schenec­
tady County, N. Y . — Bond Offering.— Proposals will be re­
ceived until 12 m . April 1 by A. T. Blessing, Attorney-atLaw, for $18,000 5 % new-school-house bonds. Authority
Section 18, Article 2, Title 7, of the “ Consolidated School
Law ” and amendments thereto. Denomination $1,000.
Date April 1 1907. Interest annually at the Citizens’ Trust
Company of Schenectady. M aturity $1,000 yearly on April 1
from 1910 to 1927 inclusive.
Sacramento County (P. O. Sacramento), Cal.— Bond Elec­
tion Proposed.— On March 8 the Supervisors decided to sub­
m it to a vote of the people the question of issuing $500,000
court-house bonds.
St. Petersburg, Hillsboro County, F la .— Bond Sale.— On
March 25 the $63,000 6 % gold sewer, street, school and waterplant bonds described in V. 84, p. 649, were awarded to the
New First National Bank of Columbus, O . A bid was also
received from S. A. Kean of Chicago.
Salamanca, Cattaraugus County, N. Y . — Bonds Voted.—
An election held March 19 resulted in favor of propositions
to issue $5,000 lighting-plant-improvement and $20,000 water-plant-improvement bonds.
Salem, Columbiana County, O hio.— Bond Sale.— On
March 25 the $17,000 4 J^ % 9-year (average) coupon refund­
ing bonds, described in V. 84, p. 649, were awarded, it is
stated, to R udolph Kleybolte & Co. of Cincinnati at 104.03—
a basis of about 3.964% . Following are the bids:
R . K le y b o lte & C o ., C i n . .$ 1 7 ,6 8 5 10
Seasongood & M a y e r, C ln . 17,622 20
L a m p re c h t B ros.& C o.,C lev 1 7 ,5 6 1 0 0
M c D o n a ld ,M c C o y & C o .,C ln 17,560 00
P ro v . S. B . & T r. C o ., C ln . 17,552 50
W e ll. R o t h & C o ., C ln ____
17,540 00
H a y d e n ,M ille r & Co., C le v . 17,529 00
C lev e lan d T r. C o ., C ie v e .. 17,518 50

W . R . T o d d & C o., C i n . ..$ 1 7 ,5 0 0
W . J . H ay es & S o n .C le v e . 17,472
Secur. S. B . & T r.C o ., T o l. 17,391
N ew F irst N a t. B k ., C o lu m 17,382
D e n iso n & F a rn sw o rth .C le v 17,352
S . A . K e a n , C h ic a g o ______ 17,323

00
00
00
50
00
00

A b id w as also received fro m E m e r y , A n derso n &’ C o ., C le v e lan d , fo r 4 %
bonds.

San Luis Obispo County (P. O. San Luis Obispo), C al.—
Bond Offering.— Proposals will be received un til 10 a. m .,
April 2, by the County Clerk for $26,000 5 % road-improve­
m ent bonds. Certified check for 10% of bid required.
Sault Ste. Marie, Chippewa County, M ich.— Bond Election.
— On April 1 a proposition to issue $20,000 fire-departmentbuilding bonds will be subm itted to a vote of the people.
Scottdale, W estm oreland County, P a .— Bond Sale.— On
March 25 the $6,000 garbage-furnace, $11,200 funding and
$12,800 sewer 5 % coupon bonds, a description of which was
given in V. 84, p. 649, were awarded to W . J . Hayes & Sons
of Cleveland at 104.28 and accrued interest. Following
are the bids:
W . J . H ay es & S ons, C le _a $ 3 1 ,284
S . A . K e a n , C h ic a g o ____ {>31,950
C leveland T r. C o ., C l e v .. &31,350
E m e r y , A n d e rso n & C o ..
C le v e la n d ______________a $30,900

0 0 1M u n ic ip a l & C o rp o ra tio n
00!
Securities C o .. P lt t s b . a30,750 00
00 D en ison & F a rn s w o rth ,
! C le v e la n d ____________ _ a30,471 25
001

a A n d accrued interest.
b B id s said to be irre gula r, therefore n o t considered.

Seattle, K in g County, W a s h .— Bonds Not Sold.— No sale
was made on March 20 of the $2,250,000 5 % coupon water
bonds, described in V. 84, p. 649. An offer of $2,118,150
(94.14) was received from George H . Tilden & Co. of Seattle,
b u t this bid was rejected.
Shakopee, Scott County, M in n .— Bonds Proposed.— The
issuance of $10,000 park bonds is being considered.
Sherburne, Chenango County, N. Y . — Bonds Voted.— On
March 19 this village authorized the issuance of $15,000
elcctric-light-plant bonds. The vote was 127 to 17.
Sherman, Grayson County, Tex.— Bond Election.— An
election will be held to vote on the question of issuing $27,000
high-school-building bonds.
Shreveport, L a .— No Action Yet Taken.— Up to March 18
no further action had yet been taken looking toward the is­
suance of the $40,000 bonds for the purchase of several sites
for a park system and the $75,000 city-hall bonds voted
on Jan . 16.
We are inform ed th a t the m atter of issuing the $300,000
bonds for various improvements recommended by the Mayor
has been dropped.
,
Sonoma County (P. 0 . Santa Rosa), Cal.— Bond Sale.—
On March 19 the $280,000 4 ^ % gold coupon court-house
bonds offered on March 15 were awarded to the Adams
Phillips Co. of Los Angeles at 105.394 and accrued interest.
Following are the bids:

THE CHRONICLE.

7(58

A d a m s- P h illip s C o ., Los
I G . P . M c N e ar, P e t a lu m a .$288,295 40
A n g e le s ________________ $295,104 141 U n io n T rust & S av in gs
J . H . B ru s h , Pres. S a n ta
t
B a n k , S a n ta R o s a ____ 288,000 00
R o s a N a tio n a l B a n k _ . 292,684 501
E H .R o llin s & S o n s ,S a n F r. 290,500 0 0 1

South Boston, H alifax County, V a .— Bonds Voted.— An
election held March 18 resulted in favor of a proposition to
issue $8,500 5 % 34-year street, sewerage and water im prove­
m ent bonds.
Spottsylvania County,(P. O. S pottsylvania), V a .— Bond
Election.— The Board of Supervisors has decided to hold an
flection to vote on the question of issuing not exceeding
$50,000 public-roads-improvement bonds.
Springfield, Clark County, O hio.— Bond Sale.— On March
26 the $35,000 4 % 19 2-3-year (average) coupon water-works
bonds described in V. 84, p. 528, were awarded to Seasongood & Mayer of Cincinnati at 103.142 and accrued interest—
a basis of about 3.772% . Following are the bids:
S ea songood& M ay er, C in e .$36,100 00! B rig h to n - G e rm an B k .,C in .$ 3 5 ,5 6 3 50
C e n tral T rust <Sc Safe De'E m e r y , A n d e rso n & C o .,
p o sit C o ., C in c in n a ti___ 35,917 2 0 1 C le v e la n d _______________ 35,262 50

Staples, Todd County, M in n .— Bonds Proposed.— This city
is considering the advisability of issuing $25,000 schoolbuilding bonds.
Sulphur Springs Independent School District (P. O. Sul­
phur Springs), Hopkins County, Tex.— Bonds Authorized.—
The Board of Trustees has decided to issue $50,000 schoolbuilding bonds.
Tarentum, Allegheny County, P a .— Bond Offering.— Pro­
posals will be received u n til 2 p . m . April 22 by W . A. G ib­
son, Borough Secretary, for $28,000 43^% coupon grading,
curbing, paving and sewer bonds. Denomination $1,000.
Date May 1 1907. Interest semi-annual. M aturity $10,000
May 1 1927, $10,000 M ay 1 1932 and $8,000 May 1 1937.
Bonds are exempt from taxation. Certified check for $500,
payable to A. J . F ulton, Borough Treasurer, is required.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Tecumseh, Johnson County, N eb.— Bond Offering.— Pro­
posals will be received until 7:30 p . m . A pril 16 by C. M. W il­
son, City Clerk, for the $12,750 4 ^ % coupon electric-light-

[V o l .

ju k x x iv .

plant bonds voted on March 5. A u th o rity , Section 8504,
Cobby’s Annotated 1905 Statutes of Nebraska. Denomi­
nation $500, except one bond for $250. Date May 1 1907.
Interest annually at Nebraska fiscal agency in New York
City. M aturity May 1 1927, subject to call after May 1 1917.
I Deposit of 2 % of bonds is required.
Tilden, Madison County, N eb.— Bond Offering.— Proposals
will be received u ntil 3 p. m . April 6 by F. L. Putney, Village
Clerk, for $18,000 5 % coupon water-works bonds. Author­
ity election held Jan. 29 1907. Denomination $1,000. Date
July 1 1907. Interest annually in New York City. Ma­
turity July 1 1927, subject to call after July 1 1917. Certi­
fied check for $500, payable to E d. B. Houser, Village Treas­
urer, is required. The village has no debt at present. As­
sessed valuation 1906 $116,122.
Topeka, Shawnee County, K ansas.— Bond Election.— A t
the city election April 2 the question of issuing $40,000
electric-light-improvement bonds will be subm itted to the
people.
Trenton, Mercer County, N. J .— Bonds Authorized.— On
March 19 this city passed an ordinance providing for the
issuance of $89,300 4 % coupon or registered street-improvement bonds. Interest semi-annually at City Treasurer’s
office. M aturity ten years.
Troy, N. Y . — Bond Sale.— On March 12 $23,197 02 4 %
Prospect Park bonds were awarded to the Troy Trust Co.
for $23,222 02, the price thus being 100.107— a basis of
about 3.993% . Denom ination $1,000, except one bond for
$197 02. Date March 1 1907. Interest semi-annual.
M aturity March 1 1927.
i
Bonds Not Sold.— No sale was made of $21,150 publicimprovem ent bonds offered on March 12.
T rum bull County (Ohio) R oad D istrict No. 1.— Correction.
— We are inform ed th at the successful bidders for the $74,000 5 % coupon im provem ent bonds offered on March 9
were Breed & Harrison of Cincinnati and not M acDonald,
McCoy & Co. of Chicago, as originally reported.
Tucson, P im a County, A r iz .— Bonds Voted.— This city
recently authori zed the issuance of water-extension, fire-department-improvement and city-hall bonds.

______________ N E W L O A N S ._____________

____ N E W L O A N S .
^ 1 8 ,0 0 0
B A T A V I A , IV- Y . ,

BONDS
o f th e

STATE OF NEW YORK
for

CANAL IM P R O V E M E N T
EXE M PT F R O M TAXATION

N o tice is he reb y giv en t h a t p u r s u a n t t o th e b a n k d r a ft u p o n a b a n k or tru s t c o m p a n y of th e
pro v isio n s of C h a p te r 147 o f th e L a w s of 1903 c ity o f A lb a n y or N e w Y o r k , p a y a b le t o th e order
a n d C h a p te r 302 o f th e L aw s o f 1906, sealed p r o ­ o f th e C o m p tro lle r of th e S ta te o f N e w Y o r k ,
posals w ill be received a t th e office o f th e S ta te fo r a t least tw o per cent o f th e p a r v a lu e o f th e
C o m p tro lle r, in the c ity o f A lb a n y , u n t il F rid a y b o n d s b id for.
A P R I L 5 , 1907,
AT
TW ELVE
O ’C L O C K
A ll pro p o sa ls, to g e th e r w ith th e se cu rity d e ­
N O O N o f t h a t d a y , for th e purch ase in w hole or In p o sits, m u s t be sealed a n d endorsed “ L o a n fo r
C a n a l Im p r o v e m e n t ” a n d Inclosed in a sealed
pa rt of
F iv e M illio n D o lla rs in B onds
envelope directed to th e “ C o m p tro lle r of th e S ta te
to be Issued b y th e people of th e S ta te of N ew o f N e w Y o r k , A lb a n y .”
Y o r k , in e ith e r registered or c o u p o n fo rm a t th e
T he successful b id d e r or b id ders w ill be re­
o p tio n of th e purch ase r, b e a rin g in terest a t th e q u ir e d to p a y fo r th e b o n d s , o n th e acceptance
ra te o f three per cent per a n n u m fro m J a n u a r y 1, of th e p ro p o s a l, b y deposit in th e b a n k of th e
1907, p a y a b le se m i- a nn ua lly o n th e first da y s of M a n h a tt a n C o m p a n y in th e C ity o f N e w Y o r k
J a n u a r y a n d J u ly o f each y e a r, a n d th e p r in c ip a l to th e c re d it of "T re a su re r o f th e S ta te o f New
p a y a b le o n th e first d a y of J a n u a r y in th e year Y o r k o n a c c o u n t o f th e C a n a l F u n d , ” o f th e
1957.
P rin c ip a l a n d interest p a y a b le in g o ld coin a m o u n t o f th e a w a r d , to g e th e r w ith p r e m iu m
of th e U n ite d S tate s o f A m e r ic a , of th e present a n d a cc ru ed in terest fro m J a n u a r y 3 , 1907, less
s ta n d a r d of w eight a n d fineness, a t th e B a n k of th e a m o u n t o f th e de posit of su c h successful
th e M a n h a tt a n C o m p a n y in th e C ity of N ew b id d e r or b id d e rs, w h ic h w ill be a p p lie d to w a r d
Y o rk.
th e p a y m e n t fo r th e b o n d s. A ll o th e r de posits
C o u p o n b o n d s w ill be issued in th e d e n o m in a ­ w ill be re tu rn e d b y m a il to t h e respective b id d e rs,
t io n of O ne T h o u s a n d D o lla rs a n d registered bo nd s w ith in three day s a fte r th e b o n d s hav e been
In d e n o m in a tio n s o f O n e T h o u s a n d , F iv e T h o u ­ a w a r d e d , unless d iffere nt in s tru c tio n s to th e
s a n d , T en T h o u s a n d a n d F ifty T h o u s a n d D o lla rs. C o m p tro lle r as to th e re tu rn o f th e de posit are
A s in k in g fu n d is esta blishe d b y la w for th e d u ly g iv e n .
e x tin g u is h m e n t o f th e indeb te dn ess created b y
T he C o m p tro lle r reserves th e rig h t t o reject
th e sale of th e a foresaid b o n d s a n d for th e p a y ­ a n y or a ll bid s w h ic h are n o t in his o p in io n a d ­
m e n t o f th e in terest the re o n as th e sam e becom e v a n ta g e o u s to th e interests o f th e S ta te .
due.
M A R T IN H . G L Y N N ,
T he b o n d s are e x e m p t from ta x a t io n .
C om ptroller.
N o p ro p o sa l w ill be a cc epted for less t h a n th e S ta te C o m p tro lle r’s O ffice,
p a r v a lu e o f th e bo nd s n o r unless a c c o m p a n ie d
A lb a n y , N Y .
b y a de posit of m o n e y or b y a certified c heck or M a tc h 12, 1907.

S C H O O L BONDS
B a ta v ia , N . Y . , M a rc h 1 2 th . 1907.
Sealed b id s w ill be received for $18,000 P rin gle
A v e n u e registered S chool B on ds be aring 4 per
cent in te re s t, d a te d J a n u a r y 1st. 1907, Interest
pa y a b le J a n u a r y a n d J u ly 1st, p r in c ip a l p a y a b le
$1,000 J a n u a r y 1st, 1908, a a d $1,000 a n n u a lly
th e re afte r.
D e n o m in a tio n
$1,0 00 .
E ach
b id
m u s t be a c c o m p a n ie d b y a certified check fo r
5 per c en t of th e b id . T he B o a rd o f E d u c a tio n
reserves th e rig h t to re ject a n y a n d a ll b id s.
B id s to be m a rk e d "P ro p o s a l of B o n d s ” a n d to be
filed w ith A lb e rt J . S quire s, C lerk o f th e B o a rd
o f E d u c a tio n o f B a ta v ia , N ew Y o r k , on or before
A P R I L 6 T H , 1907. a t 7:30 P . M .
B on ds to be
de liv ere d M a y 1 st, 1907. F o r fu r th e r in fo r m a ­
tio n address
A L B E R T J. S Q U IR E S ,
C lerk o f th e B o a rd o f E d u c a tio n ,
B a ta v ia , N . Y .
B a ta v ia , N . Y . , M a rc h 1 2th, 1907.

Albert Kleybolte & Co.,
4 0 9 W a l n u t S treet,
C IN C IN N A T I, O.

Municipal,
County, State,
and

H ig h - G r a d e
P u b lic
S e c u r itie s

S e r v ic e

Correspondence Solicited

Perry, Coffin & Burr,
INVESTMENT BONDS.
60 State Street,
BOSTON.

F. B. S H ER M A N & CO. Blodget, M erritt & Co , Mac Donald, McCoy &Co.,
M U N IC IP A L
)
and
C O RP O R A T IO N )

BANKERS,

bonds

60 State Street, Boston
3 6 MASSAC S T R E E T , N E W Y O R K ..

M UNICIPAL

AND

CORPORATION

BONDS.

205 La Salle Street, C H I C A G O S T A T E , C IT F & R A IL R O A D BONDS. i Si La Salle Street, Chicago.



M a e . 30 1907. |

.THE CHRONICLE

Tyler, Sm ith County, Texas.— Bonds Proposed.— This place
is considering the advisability of issuing $17,000 paving
bonds.
U niversity Place, Lancaster County, Neb.— Bond Sale.—
On March 23 the $5,000 5 % water-extension bonds described
in V. 84, p. 650, were awarded to W . E . Barkley Jr. at 101.52
and accrued interest . No other bids were received.
Utica, Hinds County, M iss.— Bonds Authorized.— The
Board of Mayor and Aldermen has authorized the issuance
of $6,500 additional water-works bonds.
V idalia, Toombs County, G a .— Bond Offering.— Proposals
are being requested for $23,000 light and water bonds.
Denomination $1,000. Interest semi-annually at the Citi­
zens’ Bank of Vidalia. M aturity thirty years. S. B.
Meadows is Mayor.
Waco, McLenan County, Te x ..—-Bond Election.— An elec­
tion will be held April 9 to vote on the question of issuing
$50,000 school-building, $50,000 park and $20,000 bridge
bonds.
W alla W alla, W alla W alla County, W a s h .— Bond Election.
— A special election will be held April 16 to vote on the ques­
tion of issuing the $100,000 5 % 20-year gold city-hall and
fire-station bonds mentioned in V. 84, p. 712.
W arren, H u nting ton County, I n d .— Bonds Voted.— On
March 19 this town authorized the issuance of $10,000 schoolbuilding bonds by a vote of 153 to 132.
W aukegan, Lake County, 111.— Bonds Authorized.— The
Council has decided to issue $10,000 5% 20-year bonds.
W auseon School D istrict (P .O . W auseom , Fulton County,
O hio.— Bonds Voted.— The electors of this district on March
21 authorized the issuance of $35,000 building bonds by a
vote of 229 to 177.
W aveland School D istrict (P. O. W aveland), M ontgom ­
ery County, In d .— Bond Election.— An election has been
called for April 2 to vote on the question of issuing $6,060
public-school-improvement bonds.
W est Baton Rouge Parish, Drainage District No. 1, L a .—
Bond Offering.— Proposals will be received by D . Devall,
Secretary (P. O. Chamberlin) for $25,000 5 % bonds. De­
nom ination $2,500. Date May 1 1907. Interest semi­

NEW LOANS

annual. “ Bonds are redeemable w ithin ten years; no less
than $2,500 can be redeemed each year.”
W estbrook, Cumberland County, M e.— Bond Sale.— On
March 27 $15,000 4 % 15-year gold refunding bonds were
awarded to Geo. A. Fernald & Co., Boston, at 100.14 and
accrued interest— a basis of about 3.988% . The following
bids were received:
Geo. A F e rn a ld & C o .,B o s .515,021 00 j N . W . H a rr is & C o ., B o s t.$ 1 4 ,8 5 8 40
T im b e rlak e & W e b b ______ 15,015 0 0 j

Denomination $500. Date A p ril 1 1907. Interest semi­
annually in January and July at the City Trust Co. of Boston.
West New York, H udson County, N. J .— Bond Offering.—
Proposals will be received until 8 p. m ., April 2 (postponed
from Feb. 19) by the Town Council for $200,000 4 J^ % coupon
or registered improvement certificate funding bonds.
A uthority, an Act of the Legislature approved March 23 1899,
as amended by Chapter 3, Laws of 1901; also ordinance
adopted by the Town Council on Feb. 5 1907. Denomina­
tion $1,000. Date May 1 1907. Interest semi-annual.
M aturity th irty years. A deposit of $5,000, either in money
or certified check on some responsible b ank or trust company,
and payable to the Town Treasurer, is required w ith each bid.
Conditional bids will not be considered. Bonds will be de­
livered May 1. James L. Wolfe is Town Clerk.
W hitehall, Trempealeau County, W is .— Bond Sale.— On
March 15 the $10,000 5 % 5 1-6-year (average) coupon
village-hall bonds, described in V. 84, p. 531, were awarded
to the John O. Melby & Co. Bank of W hitehall at par.
W ichita, Sedgwick County, K a n .— Bond Election.— At the
coming spring election a proposition to issue bridge bonds will
be submitted to a vote of the people.
W innipeg School District (P. O. W innipeg), M an.—
Debenture Offering.— Proposals will be received until 12 m .,
April 1, by Stewart Mulvey, Secretary-Treasurer of Public
School IBoard, for $200,000 4 % debentures. Interest Feb. 1
and Aug. 1. M aturity Aug. 1 1931.
W oodward, W oodward County, O kla.— Bonds Not Sold.—
No sale has yet been made of the $15,000 6 % water-worksextension bonds offered on March 4. A bid has been received
from A. B. Leach & Co. of Chicago,made subject to thejegality of the bonds.

IN V ES TM EN TS .

William R. Compton
Bond
& Mortgage Co.
Borough of Tarentum, Pa,,
M A C O N , M IS S O U R I.
^ 3 8 ,0 0 0

Sealed b id s w ill be received u n t il M O N D A Y ,
A P R I L 22, 2 o ’clock p . m ., b y W . A . G ib so n ,
S ecretary o f th e B o ro u g h of T a r e n tu m , T a r e n tu m ,
P a ., for th e purchase o f $28,000 co u p o n b o n d s ,
d a te d M a y 1st, 1007, d e n o m in a tio n 51,000 each,
nunfbered consecutively fro m 415 to 442, bear
In g Interest a t 4 14% per a n n u m , p a y a b le sem i­
a n n u a lly from da te hereof, free of ta x to holder,
a n d shall m a tu r e as follow s: B o n ds num be re d
fro m 415 to 424 Inclu sive M a y 1 1027; B o n ds
n u m b e re d fro m 425 to 434 Inclu sive, M ay 1, 1032.
B o n d s n u m be re d fro m 435 to 442 In clu siv e, M ay 1,
1037, fo r th e p a y m e n t of costs, dam ages a n d ex­
penses of g ra d in g , c u rb in g a n d p a v in g a n d for
sewering of th e streets a n d alleys o f said B o ro u g h
o f T a re n tu m .
A certllled check In th e sum o f $500 m u s t
a c c o m p a n y each pro po sal, p a y a b le to order of
M r. A . J . F u lt o n , B o ro u g h T reasurer. The
B o ro u g h of T a re n tu m reserves th e rig h t to reject
a n y or all bids.
W . A . G IB S O N ,
B o ro u g h Secretary.

M IS S O U R I M U N IC IP A L B O N D S —
School, City, County and Drainage
Our list gives a wide selection of
many attractive issues in sizes of
$2,000 to $100,000.
Opinion Chicago counsel, full legal
papers furnished
We buy direct and handle nothing
on brokerage
Close buying, large volume and small
profit make our offerings attractive
Send for latest circular
New Y ork, Chicago, St. Louis and
Kansas City references
W IL L IA M R . COMPTON, President.
4 W ardell Building

Regular Weekly Sales
or

(New York Stock Exchange,
em era ^Philadelphia Stock Exchange,

B O NDS

STOCKS and BONDS
EVERT WEDNESDAY.
W IL L U n

8TR E K 1

FOR

43 Exchange Place,
New York

IN V E S T M E N T .
Drexel Building,
Philadelphia.

C o r n e r P in e H tre e t.

A Financial Courtship

E s ta b lis h e d 1 8 S 3 .

Or a Plea for Conservative
Investments

H . C. Speer & Sons Co.
First Nat. Bank Building, Chicago
C IT Y C O U N T Y
AND TO W N SH IP

BONDS.

T H E SOUTH.
Property and Investments of evfery
K ind in all Southern States.

METROPOLITAN INVESTMENT CO.,
O. B. E D W A R D S , President, Charleston, S. C.,




85 Congress Street,
BOSTON.

3 Nassau Street,
NEW YORK.

New York City Bonds
E X E M P T FR O M STATE, COUNTY
A N D C IT Y T A X E S

H. W. N O B IE & COMPANY,
D e t r o it .
New Y

ork.

P h il a d e l p h ia .

MUNICIPAL
PUBLIC SERVICE CORPORATION

BONDS.

BANKERS,

A U C T IO N E E R S .

66

B ANKERS,

AN D

Adrian H. Muller & Son ERVIN & CO M P AN Y,

N o.

R. L. DAY & CO.,

(E s ta blish e d in 1889)

C o u p o n Bonds

Office

IN V ES T M EN T S .

The above book w ill be furnished
w i t h o u t cost on application to
EL H. R O L L IN S & SONS, 21 M ilk
8t., Boston.

COUPONS

W ITHOUT
w ith steel-p'ate borders, or lith o g rap h e d, or p a rt­
ly p rinted fro m type. I f th e latter, th e n can be

D E L IV E R E D IN F E W

e is e l e & K in o ,
BANKERS,
M em bers o f New Y o rk and P h ila d e lp h ia
Stock Exchanges.

Private Wires to
N.Y. and Philadelphia.

7 5 7 -7 5 9 B r o a d S t .
NEW ARK,

IN V ES TM EN T BONDS
L is t s u p o n r e q u e s t.

Denison & Farnsworth,

(By Frank W . RoIUn.)

BONDS

Specialists InENew Jersey Securities.

DAYS

Certificates engraved in best m anner, or p artly
lith oaraph en and partly p rin te d

ALBERT B. KING & CO., 206 Broadway, N. Y.

BOSTON
CLEVELAN D a n d P H IL A D E L P H IA .

M U N IC IP A L A N D R A IL R O A D

BONDS.
U 8 T ON A P PLIC A T IO N .

SEAS0NG00D

& MAYEB

D c r c a n tfie L ib r a r y B u i l d i n g ,
C IN C IN N A T I.

770

[Vo l . l x x x i v .

THE CHRONICLE

Ifittsuctal.
O F F IC E

OF

THE

C

ATLANTIC MUTUAL INSURANCE COMPANY.
N ew Y o r k , J a n u a r y 2 2d, 1907.
T a: Trustees, i n conform ity w ith the C harter of the C o m p a n y , sub m it the follow ing statement of its affa irs
on the 31 st of December, 190C.

a p it a l a n d
S urplu s

T itle
and

J | | ,0 0 0 ,0 0 0

guarantee

TRUST

co m p a n y

176 Broadway, New York.
I7S Remsen Street, Brooklyn.
198 Montague Street, Brooklyn Banking Dept.

Exa m ines & guarantee*R eal Estate Titles

.

P re m iu m s o n M a rin e R isk s fro m 1st J a n u a r y , 1906, to 31st D e c e m b e r, 1906_______
P re m iu m s o n Policies n o t> m a rk e d ofl 1st J a n u a r y , 1906_______________________________

$3,190,241 67
582,191 98

T o ta l M a rin e P re m iu m s ___________________________________________________________ •__________

$3,772,433 65

Furnishes M ortgages to Investors.

P re m iu m s m a rk e d o fl fro m 1st J a n u a r y , 1906, to 31st D ecem b er, 1906____________
In te re s t received d u rin g th e y e a r___________________________ $356,457 98
R e n t , less Taxes a n d E xpenses_____________________________
125,501 85
$481,959 83

$3,081,714 32

Receive* Deposits subject to check, allotciny
Interest.
Does all Trust Com pany Business.

Losses p a id d u rin g th e year w h ic h w ere e s tim a te d in 1905
a n d prev ious y e a r s _____________________________________ $309,817 14
Losses occu rre d, e s tim a te d a n d p a id in 1906______________1,009,224 32 $1,319,041 46
Less S alv a g e s_______________________ $107,176 57
Re-insurances ______________________ 150,190 74

257,367 31
$1,061,674 15

R e tu r n s o f P re m iu m s ________________________________________________________
$82,411 11
Expenses, in c lu d in g officers’ salaries a n d clerks’ c o m p e n s a tio n , s ta ­
$344,098 27
tio n e ry , new spapers, a dv ertise m en ts, e tc ____________________________
T he C o m p a n y has th e fo llo w in g Assets, v iz .:
U n ite d S tate s a n d S ta te o f N ew Y o r k S to c k , C ity , B a n k a n d o th e r S ec urities______
S pe c ial deposits In B a n k s a n d T rust C o m p a n ie s- - ________ _________,____________________ *
R e a l E s ta te corner W a ll a n d W illia m S ts ., a n d E x c h a n g e P la c e _____ $4,299,000 00
O th e r R e a l E s ta te a n d c laim s d u e th e C o m p a n y ________________________
75,000 00

$5,697 ,108 00
700 ,966 67
4,374 ,000 00
1,191,974 88

P r e m iu m notes a n d B ills R e c e iv a b le _______________________________________________________
C ash In h a n d s o f E u r o p e a n B ank e rs to p a y losses u n d e r policies p a y a b le in foreign
c o u n tr ie s __________________________________________________________________________________
C ash in b a n k ___________________________________________________________________________________

A d iv id e n d o f Six pe r cent Interest o n th e o u ts ta n d in g certificates of pro fits wTill be p a id to the
holders there of, or th e ir legal re pre sentative s, o n a n d a fte r T uesday th e F ifth o f F e b ru a ry n e x t.
T he o u ts ta n d in g certificates of th e Issue of 1901 w ill be redeem ed a n d p a id to th e holders thereof,
cr th e ir legal re pre sentative s, o n a n d a fte r T uesd ay th e fifth of F e b rua ry n e x t, fro m w h ic h date
a ll in terest there on w ill cease. T he certificates to be p ro d u c e d a t th e tim e o f p a y m e n t, a n d canceled
A d iv id e n d o f F o rty per cent is declared o n th e n e t earned p re m iu m s of th e C o m p a n y for the
y ear e n d in g 31st D ecem b er, 1906, fo r w h ic h , u p o n a p p lic a tio n , certificates w ill be issued o n a n d
a fte r T uesd ay th e se ve n tn of M a y n e x t.
B y order of the B o a rd ,
Q. ST A N T O N F L O Y D - J O N E S . S ecretary.
T RU ST EES.

W . H. H. M OORE,
N IC H O L A S F. P A L M E R ,
H E N R Y P A R IS H ,
D A L L A S B. P R A T T ,
G E O R G E W . Q U IN T A R D ,
A . A. R A V E N ,
JO H N L. R IK E R ,
D O U G L A S R O B IN S O N ,
G U ST A V H . S C H W A B ,
W IL L IA M A. S T R E E T .

H E R B E R T L . G R IG G S ,
C L E M E N T A . G R IS C O M ,
ANSON W . H A R D ,
M O R R IS K . JE S U P ,
L E W IS CASS L E D Y A R D ,
F R A N C IS H . L E G G E T T ,
C H A R L E S D. L E V E R IC H ,
L E A N D E R N. L O V E L L ,
G E O R G E H. M ACY,
CH A RLES H. M ARSH ALL,

FINANCE COMMITTEE.
In Charge of Banking Interests
E D W A R D T. B E D F O R D .
CLARENCE H . K E LSE Y.
E D G A R L . M A RST O N.
W IL L IA M H . N IC H O L S .
JA M E S H . O L IP H A N T .
C H A R L E S A. P E A B O D Y .
JA C O B H . S C H IF F .
JA M E S S P E Y E R .
E D W A R D O. S T A N L E Y

CLARENCE H. KELSEY, President.
FRANK BAILEY, Vice President.
EDW ARD O. STANLEY, Second Vice President.
Manager Banking Department.

271 142 54
562 ,631 63

A g g r e g a t in g ___________________________________________________________________________ $ 12,797,823 72

G U ST A V A M S IN C K ,
F R A N C IS M. B A C O N ,
J O H N N. B E A C H ,
W I L L IA M B. B O U L T O N ,
VERN O N H. BROW N,
W A L D R O N P. B R O W N ,
JO S E P H H . CH APM AN ,
G E O R G E C. C L A R K ,
C LEV E LA N D H. D O D GE,
C O R N E L IU S E L D E R T ,
R IC H A R D H . E W A R T ,

Loans M on ey on Bond and Mortgage.

A. A. R A V E N , P resident.
C O R N E L IU S E L D E R T , Vice-President.
JA M E S L . L IV IN G S T O N , 2d Vice-President.
S A N F O R D E . C O B B , 3d Vice-President.
C H A R L E S E . F A Y , 4th Vice-President.

CLINTON D. BURDICK, Third Vice President.
J . W RAY CLEVELAND, Secretary.
ARTHUR TERRY, Treasurer.
FRANK L. SNIFFEN Manager Brooklyn Banking
Department.

Atlantic M utual iM u ran ee Com pany Scrip
o f A ll Years Uouffbt a ad Hold.

JO H N M. G ILLESPIE,
Room No. 518 Atlantic Building,
49-61 Wall Streot.
NEW YORK.

% U QiU ZZT$

H. M, B rin c k e rh o ff,
Form erly G eneral M an ag er a n d E lectrical
E n gine er th e M e tro p o lita n W est Side E le ­
v a te d R R ., Chicago,
A S S O C IA T E D

W IT H

Wm. Barclay Parsons,
C o n s u lt in g E n g in e e r s
60 W A L L ST.,

GUNN, RICHARDS

&

CO.

NEW YORK

Examinations, Design, Construction and
Operation

ELECTRICAL PROPERTIES

P U B L IC A C C O U N T A N T S

U n s a t is f a c to r y O p e r a t io n I n v e s t ig a t e d .

J. Q. W H I T E & CO.,

43 E X C H A N G E P L A C E , NEW Y O R K C I T Y

Engineers, Contractors,
43-49 Exchange Place, - NEW YORK
BOSTON— 50 Congress Street,

Also at CHICAGO— First National Bank Building.

M0NTBEAL—Bank of Ottawa Building.

In v e s t ig a t io n s a n d R e p o r t s o n E le c t r ic
R a i l w a y , G a a , E le c tr ic L ig h t , a n d
P o w e r T r a n s m is s io n P r o p e r tie s
fo r F i n a n c i a l I n s t l t a t lo n s
a n d In v e s t o r s .

Electric Railways, Electric Light and Electrie
Power Plants Financed, Designed and Bnilt.
1860

1907

The United States Life
Insurance Co.
IN THE CITY OF NEW YORK

NEW YO RK CITY

London Correspondent:
J . G . W H I T E & C O ., L im it e d ,
9 C lo a k L a n e , C a n n o n S t . , E . C .

Canadian Correspondents:
C A N A D I A N W H I T E : C O ., L im it e d .

new issue

M o n tr e a l.

4% REGD. GOLD BONDS
M A T U R IN G NOV

1956

P r in c ip a l

P h i l i p p in e Office. M a n i l a . P . I .

Issues Gauranteed Contracts'

BEADLE & MAXWELL.

JO H N P. M U N N , M .D., President.

Gas and Electric
ENGINEERS

Finance Committee
JAMES R . PLUM............................................. Leather
CJLARENCE H . KELSEY. Pres. Title Qnar. A Tr.Co.
W M .H . PORTER___Pres. Cbemtcal National Bank
G o od m e n , w hethe r experienced In life Insurance
o r n o t, m a y m a k e direct c o n tra c ts w ith th is C o m ­
p a n y , for a lim ite d te rrito ry If desired, a n d secure
fo r them se lves. In a d d itio n to first year’s c o m m is­
s io n , a renew al Interest In su rin g a n Incom e for the
f u t u r e . A ddress th e C o m p a n y a t its H o m e O ffic e ,
N o . 277 B ro a d w a y , N ew Y o rk C ity .




T . W . S T E P H E N S & CO.,
2 Wall Street, New York.
B A L T IM O R E
C o n tin e n ta l B u ild in g .

C H IC A G O
1st Nat. B ank Iildg ,

8 2 B e a v e r S t.,

NEW YORK

Examinations and Reports
ERNEST ABS=HAGEN, C.E., M.E.

V IC K E R S
29 Wall St.,

& PHELPS.
Mew York.

C H O IC E N O TES
Circular sent on application

C O N S U L T IN G E N G I N E E R
W a te r Supply,

Sewerage System s., P ow er P la n ts

K x n u iln a t io n s a m 1 R e p o r t s on l.a tln A m e r lc a n I n d u s t r i a l Pr« je c ts m S p e c ia lty

1 BR OAD W AY

NEW YO R K

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