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YOL. 86.
MAE. 7 1908.
C L E A R I N G S —
F O R
P u b lis h esd e v e r y S a t u r d a y try W I L L I A M B . D A N A C O M P A N Y , P l n e 6 t , o r n e r
d
co
Pearl St
N . Y .C liy .
W illia m B . D a n a , P r e s t .; J a o o b g e ln o r t J r ,. V ie .* -. r r e t .
.
A r n o ld G . D a n a , T re a d .
A d d r e s s e s o l a ll, O lllc o o t th e t /o u ir a n y .
and S ec
C om p
NO. 2228.
F E B R U A R Y , S I N C E
J A N U A R Y
1
A N D
F O R
W E E K
F ebru a ry.
N e w Y o r k _____________
P h il a d e lp h ia __________
P it t s b u r g h _____________
B a l t i m o r e _____________
B u f f a lo _________________
A l b a n y _________________
W a s h i n g t o n __________
R o c h e s t e r _____________
S c r a n t o n ..........................
S y r a c u s e ______________
W i lm in g t o n .....................
R e a d i n g ________________
■ W ilk e s -B a r r e _______
W h e e lin g _____________
H a r r i s b u r g ____________
E r i c ...................................
B i n g h a m t o n __________
G r e c m s b u r g ____________
C h e s t e r ________
F r a n k l i n _______
F r e d e r ic k ______
T o t a l M id d le ..............
B o s t o n ______________
P r o v i d e n c e ___ I
H a r t f o r d _______
N e w H a v e n ___
Springfield..........” **
P o r t l a n d _____________
W o r c e s t e r _______ ”
-Fall R i v e r ______
N e w B e d f o r d ..............
H o l y o k e ..........................
L o w e l l ________________
T o t a l N e w E n g la n d
T o t a l P a c if i c _______
K a n s a s C i t y _______
M in n e a p o lis ______
"*
O m a h a ................
"
S t . P a u l..................... ..
D e n v e r .................. ...........
S t . J o s e p h ____________ I
D e s M o i n e s ____________
S io u x C i t y ........................
L in c o ln ............................
W i c h i t a ________________
D a v e n p o r t .....................
T o p e k a ________________
C o l o r a d o S p r in g s . .
C e d a r R a p i d s ______
P u e b lo ______ _________
F r e m o n t _________ .
T o ta l oth e r W e s t ..
S t . L o u i s ______________
N e w O r le a n s __________
L o u i s v i l l e ........... ............
H o u s t o n ______________
G a l v e s t o n _____________
R i c h m o n d ....................
A t l a n t a ______ _________
M e m p h is ______________
S a v a n n a h ______ ______
F o r t W o r t h ___________
N a s h v i l l e ______ ______
N o r f o l k ............................
B i r m i n g h a m _______ _
M o b i l e ...............................
A u g u s t a ______________
K n o x v i l l e ........... ............
L it t l e R o c k .....................
J a c k s o n v i l l e __________
C h a t t a n o o g a _________
C h a r l e s t o n ____________
M a c o n _______ _________
B e a u m o n t ____________
W ilm in g t o n , N . C _____
C o lu m b u s , G a _________
O k l a h o m a _____________
T o t a l S o u t h e r n _____
T o t a l a ll_____________
O u t s id e N o w Y o r k .
5
7,331,509,776
529,293.04.1
212,998,062
114,874.856
33.724,054
28.567,400
23,404,344
14,049,780
8,479,348
7,675.5,14
5.167,251
4.575.562
4.474.81C
4,147.131
3,728.975
2,701,186
2,170,706
2,040,373
1,920,791
970.104
646,876
8,337,419.990
662,428,334
39.163,406
13,795.075
9,229,824
7.252, S2S
6,596,8.18
6,168,202
4.425.521
2,637,0,19
2.008,931
1,933,390
740.639,422
927.943,982
109,447,650
62,508,662
50,621.034
45.379.612
31,416,093
20,837,600
17,372.475
11,429,642
9,017,281
8,449,925
7,939,242
4,078,872
3.388,948
3,040,408
2,844,897
2,750.012
2,675,675
2,417,030
2,169,283
2.090,079
2,018.564
1,822,838
1.SOI.545
1,768,765
1,30,1,487
1,072,232
1.070,973
560.805
1,338,399,611
194,294,367
5 i 195,400
3L 559,238
24,014.883
22,311,901
19,044,326
16.702,896
15,753,646
3,274,.KM
1.884.503
1.490,936
1,519.139
388.045,739
119,412.894
70,209.380
41.022,269
31,129,604
28.050,946
23,696.48'
12,462,137
8,924,085
5,054.4.14
4.979,144
4,590,486
3.641,087
3,005,341
2,423,23,1
2.181,122
1.325.203
. 362,113.871
242.654.852
81,044,131
56,667,748
53,290,945
28,270,000
24,577.761
21,112.751
20.510..Ill
10,604,958
10,470,180
14,960,141
10.250.940
8.702.010
7,107.021
0,963,697
6,508.904
5.948.673
5,828,957
5,604,541
5,554,594
2.760.S02
2.221.639
1.771,802
1.399,494
4.423,451
651,340,107
11,823,9.18,740
4,492,448,004
1,222,020,581
128,007,430
36,077.215
26,965,495
21,216,3.16
16,250,682
19,420,226
14,546,524
S.4'29,018
2.059,732
1.698,597
1,940,075
1,755.740
27.1,973,090
124,805,991
73.059.670
41.811,803
34.431.057
27,557.631
19.220,063
10.218.534
7,969,214
4.04,1,002
5,121.661
3,975.565
4,093,286
2,044,404
2.813,298
2,053,207
931.803
364,1.12,188
230,206,067
66,508,450
48.16,1,690
41,072,491
39.011,500
22,416,253
17,775,813
21,119,039
12,76.1,308
15.106.720
18.376,036
8,100,145
7,164,733
4,991,614
6,201,144
5.521.814
5.549,47.1
5,528,478
6,442,508
5.411.341
2.833.952
2.534,036
1,086,694
1,333,355
3.326,663
588,675,931
8,7.10,701.8.17
3,860,671,020
1908.
1907.
%
— 33.2
— 18.9
— 26.5
— 21.5
— 5.0
— 34.6
— 13.3
+ 0.1
— 3.4
+ 8 .0
— 6.4
— 12.0
— 1.5
+ 16.5
— 0.7
— 15.6
— 19.0
+ 5.0
— 7.7
+ 8 .4
+ 11.7
— 31.6
— 20.9
— 12.0
— 15.6
— 4.1
1
2 .8,908,93,
— 6 .1
— 6 .0
— 15.5
— 12.9
— 1.4
— 11.3
— 8.2
— 19.7
— 7.7
— 13.7
— 14.5
— 5.5
— 1.8
— 6.2
— 14.8
— 23.7
— 3.8
— 1.2
— 35.1
— 4.9
— 17.0
— 1.1
— 8.2
+6.1
— 29.4
— 15.9
— 90
— 25.6
— 0.9
— 1.1
— 14.3
— 5.3
— 19.2
— 11.3
—7 1
+ 2 .7
— 11.2
— 8.6
— 34.1
— 31.1
— 22.0
— 11.7
— 27.2
+ 2 .0
— 12.9
— 65.6
— 37.1
— 9.9
+30.1
+ 15.5
— 28.9
+ 4.5
+ 4.1
+ 1.9
+ 10.6
— 1.8
— 18.9
— 18.0
— 10.7
— 20.0
+ 2.9
— 13.4
+ 12.4
— 32.0
+ 16.1
— 5.9
— 29.7
+ 0 .6
— 5.1
— 17.9
— 1.1.0
— 22.9
+ 6 .2
— 8.8
— 1.1.8
+ 3.0
— 23.1
— 8.3
+ 22.8
— 20.3
— 18.5
— 30.1
— 10.9
— 1.1.2
— 6.7
— 5.2
— 2.9
— 2 .0
?
1 6 ,9 6 9 , ISO.OOf
1 ,2 0 3 ,3 0 1 ,3 7
4 .1 5 ,3 8 9 ,6 5 7
2 5 2 ,0 4 9 ,4 2
7 1 ,5 1 1 ,9 4 !
6 2 ,7 4 0 ,0 0 1
5 1 .9 6 6 ,2 5 1
3 1 4 7 4 .1 2
1 8 ,7 6 8 ,1 6 4
1 6 ,9 6 1 ,2 2 2
1 1 ,2 9 2 .2 5 4
1 1 ,2 3 3 ,4 4 :
9 ,8 3 7 ,9 8 8
8 ,5 8 4 ,7 5 9
8 ,3 9 2 ,8 3 8
5 ,8 6 5 .2 7 1
4 ,8 7 1 .3 0 0
4 ,4 0 2 ,3 0 3
4 ,2 9 3 ,0 2 1
2 ,2 4 4 ,2 0 4
1 ,5 4 0 ,1 3 0
In c. or
D ec.
-f l.4
— 2 0 .5
— 2 2 .0
— 1 8 .9
— 6.1
— 3 6 .1
— 17.1
— 2 .7
— 2 .5
+ 0 .2
— 9 .7
— 1 2 .9
— 0 .2
+ 2 0 .0
— 2 .4
— 10 9
— 1 8 .8
— 2 .3
— 4 .7
+ 3 .7
+ 1 7.4
1 9 .2 0 5 ,6 0 6 .4 2 4
5 ,9 5 7 ,
3 ,8 9 3 ,
1 ,3 8 3
1 .8 0 4,
209,
12.1,
105,
91,
59,
39,
30,
23,
17,
12,
15,
7,
6,
5.
6 , 8 0 5 ,8 9 8
4 , 2 8 0 .2 5 3
5. 2 4 5 ,0 1 0
4, 6 0 1 ,8 5 2
3,,4 5 4 ,3 4 3
4 , 1 5 0 .1 8 2
4 . 0 7 9 ,4 4 7
3 , 4 2 4 .7 3 0
3, 4 1 8 .7 3 0
3, 2 6 7 ,4 9 1
2 , 3 5 3 ,2 2 0
2 , 2 0 5 ,5 6 0
2 , 2 2 0 ,1 1 2
1. 1 9 1 .1 8 2
2 ,6 0 5 ,5 3 5 ,4 7 1
2 75 , 7 6 9 ,5 4 2
74, ,8 0 1 ,1 8 0
57, 8 8 6 ,0 7 9
42, 9 1 3 ,1 6 0
33, ,4 5 0 ,7 5 5
40, ,9 5 1 ,8 5 3
32, 1 6 1 ,8 3 4
11, ,9 5 3 ,9 8 6
4, 8 8 0 ,2 0 9
6 0 8 ,7 8 5
2 0 0 ,5 0 8
3, 9 6 7 .0 4 3
2:
586, ,6 1 0 ,9 3 4
2 72 , ,4 3 1 .1 1 5
1 6 0 ,2 9 1 ,5 1 3
02, ,0 8 5 ,7 0 0
74 ,9 5 5 .2 0 4
60, ,4 9 7 ,2 7 8
42, ,2 6 4 ,7 8 7
22, ,1 0 5 ,6 7 7
17, ,4 6 9 ,2 1 4
9,,3 3 1 ,4 1 4
10 ,838,435
8, ,1 8 6 ,4 8 6
8, ,2 7 1 ,1 8 9
4, ,8 3 0 ,8 1 5
6, ,2 7 9 ,2 9 0
4, ,5 4 9 ,0 5 0
2, 3 8 6 ,9 0 5
803, ,7 3 4 .1 1 1
502, ,4 9 6 ,0 0 9
158 ,4 2 2 .5 9 0
98 ,5 0 7 ,8 5 4
81, ,6 2 5 ,0 8 5
0.3 ,0 1 3 ,5 0 0
49, ,1 6 6 ,8 5 4
3 9 ,9 5 7 ,2 7 8
46, ,1 6 2 ,3 3 8
31 ,8 3 4 ,7 9 2
3 5 ,1 0 6 ,7 2 6
3 6 ,1 7 1 .9 2 4
17 ,9 9 8 ,1 1 3
15 .9 0 3 ,2 0 8
11 ,3 1 6 ,9 1 4
15 ,3 2 2 ,6 8 0
12 ,1 3 1 ,1 2 1
12 .3 0 5 .0 1 6
11 ,6 4 3 .2 4 3
11 .4 0 5 ,4 9 2
12 ,11 1.313
0 .2 8 0 ,0 9 8
5 ,1 7 4 ,1 6 1
2 ,3 3 9 ,1 4 4
3 ,2 7 2 ,7 5 6
0 ,6 6 0 .9 2 9
+ 2 .6
+ 14.1
— 38J6
— 4.7
— 24.8
— 9.6
1 ,2 8 6 ,3 9 2 ,7 3 8
— 26.9 2 0 ,1 1 6 ,0 1 0 ,0 8 !)
8 ,4 6 9 ,7 0 4 ,3 0 4
— 14.1
Iy lalcC ainsb Tler p a dCnd nC ainso Pg 50
T b le r g y e ga h n a a ia le r g n ae 8
2 9 .
— 3 0 .0
1 ,5 6 7 .6 6 8 ,7 1 7
7 0 ,3 2 7 ,0 0 6
3 1 ,2 6 2 ,4 5 1
2 1 ,5 0 8 ,1 0 4
I 7 .9 6 0 .9 6 C
1,1 ,07 3 ,0 0 1
1 3 ,7 2 4 ,1 1 1
9 ,9 4 0 ,6 3 4
6 ,4 2 5 .8 2 7
4 ,4 9 1 ,8 6 3
4 .2 9 8 ,7 6 3
— 2 2 .9
— 1 5 .8
— 7 .5
— 0 .6
— 1 2.2
— 3 .3
— 1 2 .3
— 1 1 .9
— 7 .3
— 1 3 .3
— 0 .2
1 ,7 6 2 ,6 8 1 ,4 4 0
1 ,9 0 8 ,3 4 8 ,7 5 3
2 4 1 ,4 5 5 ,2 5 0
1 4 3 ,6 3 8 ,6 9 9
1 1 2 .3 7 9 ,1 6 4
9 5 ,2 4 2 ,4 8 8
7 1 ,4 0 8 ,6 2 5
4 6 .4 0 .1 ,8 0 0
3 4 ,7 6 0 .7 8 1
2 4 ,1 7 5 ,9 3 4
2 0 ,2 6 3 ,4 2 0
1 8 ,0 3 3 ,5 4 1
1 6 ,2 8 1 ,5 4 2
8 ,7 5 1 ,0 2 6
7 ,0 6 6 ,8 6 7
6 ,7 3 3 ,8 3 8
6 ,3 2 0 .9 2 8
6 ,0 2 7 .5 1 7
6 ..1 0 9 .3 6 4
5 ,1 6 1 ,1 6 1
4 ,4 2 8 ,9 2 7
3 ,9 9 2 ,2 6 0
4 ,1 1 8 ,8 2 6
3 ,3 6 0 ,3 2 1
3 ,7 4 0 ,2 3 2
4 ,0 5 0 .0 2 5
2 .9 1 3 ,4 1 8
2 ,4 3 0 ,9 2 3
2 ,1 3 9 ,5 1 3
1 .1 5 2 .1 4 7
2 ,8 7 1 ,2 9 1 ,9 8 8
3 0 8 ,8 0 6 ,6 9 0
1 1 1 ,4 3 5 .5 6 9
7 3 ,0 3 7 ,2 7 3
5 2 ,1 2 7 .7 3 1
5 1 ,5 6 4 ,5 8 3
4 1 ,1 6 8 ,4 1 .1
3 7 .0 8 9 ,6 9 1
3 3 ,0 5 7 ,2 4 4
0 ,7 9 8 ,3 3 3
3 ,9 8 8 .9 0 9
3 ,7 5 7 ,1 0 2
3 .3 6 7 .7 0 0
— 2 1 .5
— 8 .3
— 1 3 .3
— 1 2 .5
— 6 .4
— 4 .3
— 10.0
— 1 5 .2
— 12.4
— 4 .8
— 1 1 .0
— 3 1 .3
— 5 .0
— 1 3 .2
— 1 .0
— 1 1 .6
1908.
1907.
<
5
S
1 ,2 2 5 ,.1 1 3 .9S1 1 ,9 8 7 .4 0 4 ,0 1 !
1 0 9 .7 3 9 ,74(
1 1 4 ,8 4 4 .0 1 1
4 4 .9 3 1 .5 7 '
6 4 ,1 6 8 ,8 4 '
2 2 ,2 2 6 ,2 8 5
3 5 ,0 5 4 ,5 7 .
0 ,7 4 9 .5 2 ,
7 ,6 5 3 . IS f
4 .9 1 2 ,9 3 .
8 .4 7 4 ,4 5 .
6 .0 7 3 .5 7 3
4 .8 3 7 ,4 0 7
2 ,8 4 2 ,8 2 4
3 ,7 7 7 ,0 3 4
2 .2 5 3 ,1 2
2 ,7 1 9 , 3 1.
1 ,S 9 9 ,1 0 I
1 ,9 1 5 ,7 5 6
1 ,6 2 4 ,9 2 5
1 ,5.37,971
1 .2 3 9 ,7 9 3
1 ,5 7 5 ,5 9 1
l,0 S 0 ,7 S fi
1 ,1 1 1 ,6 0 5
1 ,2 2 5 ,9 6 1
1 ,1 1 8 ,0 8 4
9 0 2 ,0 3 1
1 ,1 1 7 ,2 3 0
5 0 0 ,2 6 4
8 1 1 .8 H
3 5 8 .1 0 0
5 1 2 ,4 0 0
5 4 9 ,8 3 4
5 9 6 ,9 2 7
4 6 5 ,8 9 2
5 4 0 .3 4 1
2 0 4 ,0 9 3
2 6 9 ,9 9 7
1 ,4 3 9 ,8 4 9 ,1 1 2 2 ,2 9 0 ,8 3 3 ,0 9 9
1 2 4 ,3 3 4 ,6 1 0
1 6 7 ,7 2 9 ,8 0 2
5 ,7 4 5 ,1 0 0
8 ,3 5 5 .9 0 0
3 .1 9 2 ,1 7 4
3 .8 9 0 ,0 4 7
2 ,1 3 8 ,6 9 0
2 ,5 1 3 ,3 * 1
1 ,7 0 3 ,2 0 8
1 .9 6 9 ,7 0 8
1 ,3 8 9 ,2 1 8
1 .7 3 1 .0 3 6
1 ,6 1 8 ,1 5 1
1 ,2 2 6 ,0 5 0
1 .3 7 6 .S 9 0
8 0 0 ,1 3 7
5 8 3 ,2 2 8
7 3 7 ,8 2 3
6 0 2 .7 3 6
4 9 7 .3 1 7
3 7 4 .9 0 3
4 6 6 .7 3 8
— 9 .3
— 3 0 .9
— 3 2 .8
— 2 0 .7
— 1 7 .7
— 3 5 .1
— 0 .5
— 1 3 .3
— 6 3 .8
— 2 8.1
— 9 .5
+ 1 1 .8
+ 1 7 .8
1 4 1 ,9 8 4 .7 6 8
2 3 0 .7 0 5 ,5 7 2
2 5 ,1 2 1 ,5 5 0
1 1 ,1 3 7 ,7 0 7
1 2 ,3 1 3 ,8 5 8
1 0 .4 3 7 ,1 3 5
7 .7 9 7 .9 0 7
4 ,4 5 4 ,8 0 0
2 ,7 0 0 ,4 7 8
2 ,8 9 9 ,3 7 1
1 ,9 8 0 .7 1 8
1 ,1 0 1 , +34
1 .6 3 4 ,0 7 8
7 1 3 ,3 0 4
6 4 9 .7 5 2
7 1 7 ,0 3 6
8 ,1 2 ,13S
4 1 0 ,0 0 0
4 8 8 ,1 2 4
4 7 3 ,9 3 3
5 1 8 .4 4 5
6 8 7 .3 8 9
5 4 1 ,2 8 0
3 4 6 ,4 8 5
4 2 5 .0 4 3
3 7 0 ,1 4 1
2 2 3 ,3 3 5
2 0 0 ,0 0 0
3 06 ,8.1 9
1 1 1 ,3 5 5
3 2 0 ,4 4 5 ,2 8 2
3 3 ,1 9 8 .1 9 4
9 ,6 4 7 .9 1 8
6 .9 3 4 ,9 1 4
5 ,5 4 8 ,5 9 4
4 ,0 5 5 .6 3 5
4 .6 5 0 ,3 0 9
3 ,9 2 1 ,8 5 2
1 ,2 6 4 ,5 6 1
5 0 8 ,8 0 2
3 9 0 ,0 0 0
4 3 2 ,6 7 8
4 0 0 ,0 0 0
3 7 6 ,2 4 7 ,6 6 1
5 4 .6 6 2 .3 0 4
1 4 ,4 1 8 ,8 0 0
1 0.2 .1 1 ,8 5 5
7 .4 9 2 .0 6 0
5 ,7 7 0 .4 5 2
5 .7 0 7 ,2 8 4
4 ,8 4 0 ,7 1 7
4 .3 6 0 ,0 7 5
8 5 1 ,8 6 8
4 6 9 .S 1 0
3 5 7 .4 3 2
3 .18.000
8 1 0 ,1 9 9 ,3 0 0
2 5 8 ,4 8 7 ,7 4 1
1 4 9 ,5 8 0 ,9 0 1
8 6 ,4 .1 0 ,2 7 4
6 9 ,0 9 4 ,0 1 5
0 4 ,2 9 3 ,7 6 9
4 9 ,1 0 6 ,7 1 7
2G,0<s2,4rf 9
1 8 ,4 1 1 .7 6 6
1 0 ,6 3 9 .3 5 3
1 1 ,1 3 2 ,0 9 9
1 1 ,0 6 0 ,7 9 4
8 ,4 0 8 ,4 9 9
6 ,4 1 6 ,9 9 3
5 ,3 7 8 ,1 4 2
5 ,0 2 8 .1 5 9
3 .0 3 6 .8 3 6
— 2 8 .1
+ 5 .4
•f* 1 1 .2
+ 7 .6
4 * 8 .5
— 5 .0
— 1 3.!)
— 1 5.0
— 5.1
— 1 2 .3
— 2 .6
— 2 6 .0
— 1.6
— 2 4 .7
+ 1 6 .8
— 0 .5
— 2 1 .4
7 0 ,9 5 3 .4 5 7
3 1 ,6 4 9 .3 7 0
2 0 ,1 8 4 ,7 9 6
1 2 ,0 8 7 .8 2 4
1 0 ,1 7 2 ,1 1 3
7 ,0 9 3 .8 3 7
5 ,3 6 2 ,1 0 4
2 .9 0 5 ,9 6 7
2 .0 1 6 ,5 5 0
1 ,0 6 9 ,9 8 9
1 ,1 9 9 ,4 5 9
1 ,1 4 1 ,2 ) 9
8 1 3 ,7 1 4
6 0 0 ,0 0 0
7 2 4 ,5 4 1
3 8 4 ,3 9 7
1 8 2 ,0 7 8
1 0 9 ,5 4 0 ,6 5 7
3 1 ,9 9 + 6 4 6
1 9 ,7 8 9 ,0 3 0
1 2 .3 5 6 .2 0 8
9 .9 1 8 ,2 8 5
8 ,0 1 7 ,3 9 9
7 .4 4 8 ,3 3 7
4 ,0 6 3 .5 6 7
2 ,4 8 2 ,4 ,1 2
1 ,7 2 2 ,1 9 1
1 ,1 2 8 ,1 8 6
1 .4 2 0 .5 S 5
9 2 3 ,3 9 4
7 5 0 ,0 0 0
9 )4 ,4 4 0
6 1 7 .8 0 S
3 4 6 .9 6 0
7 8 2 ,6 0 8 ,5 3 7
5 3 2 .8 7 0 .8 3 2
1 9 2 ,3 7 9 ,5 2 2
1 1 8 ,6 9 0 .1 9 7
1 0 7 .1 1 1 ,6 7 5
6 4 ,8 9 0 .5 0 0
5 4 ,8 6 4 ,1 7 8
4 8 ,4 2 4 ,5 2 0
4 6 , G 5 9,9 44
|
4 0 ,7 3 2 ,1 8 3
3 4 ,3 3 7 .0 6 8
3 3 ,6 1 2 ,7 2 8
2 3 ,1 3 7 ,8 0 1
19,2.11.3,17
1 5 ,8 9 1 ,2 1 2
1 0 ,0 2 8 .5 3 2
13, '- 7 7 ,2 0 9
1 3 ,0 1 3 ,8 9 0
1 2 ,0 4 7 ,5 7 3
1 2 .4 6 9 .2 6 i1 2 ,7 1 1 ,1 7 5
6 ,4 3 5 ,3 3 7
4 ,4 8 0 ,2 7 4
3 ,7 7 5 ,1 1 0
3 ,2 9 0 ,3 3 4
8 .8 3 4 ,6 0 2
+ 2 .7
— .1.7
— 1 7.7
— 1 6 .9
— 2 3 .8
— 2 .9
— 1 0 .4
— 1 7 .5
— 1.1
— 2 1 .8
+ 2 .2
+ 7 .6
— 2 2 .2
— 17.4
— 2 8 .8
— 4 .4
— 11.3
— 5 .4
— 7 .9
— 8.1
— 4 .7
— 2 .4
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4,896,030,828
429,480,956
156,590,303
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8,286,345
4,837,495
4.292,652
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2,279.540
1,757.900
2,142,247
1,773,436
1,051,095
722.880
5,705,626.767
524,133,454
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11,636,060
8,853.697
6,809,394
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13.257,926
10,090,357
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6,696,926
3,384,992
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2,249,130
2,199,099
1,613,509
2,070,997
1,995,407
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D ec.
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C h i c a g o _______ _ .
C i n c i n n a t i ........................
C l e v e l a n d _____
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I n d i a n a p o l i s __________
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G r a n d R a p i d s ................
D a y t o n .............................
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F o r t W a y n e __________
L e x i n g t o n _____________
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F E B R U A R Y
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1908.
E N D I N G
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s te r lin g
u n fa v o r a b le
d e fe r r e d
a t
c a s h
s u r p r is e ,
w a s
w h ic h
r e tu r n
a s
u p o n
“ C h r o n ic le ”
in
m u c h
r e g a r d e d
d e p e n d in g
in
in c r e a s e
c a u s e d
b e e n
c h a n g e s
m illio n s
s te r lin g
a n
w a s
t h a t
I m p e r ia l
r e d u c t io n .
th e
d is c lo s u r e
s t a t e d
t h e
m o n t h ,
th e
o f
b y
5 %
t h e
in
o f
o c c u r r e d
p o r t a n t ,
o f
fig u r e s
e x p la n a t io n
h a v e
th e
s u c h
s h o w n
m illio n s
c ir c u la t io n ,
n o
fo r
t o
g a in s
th e
p e c t e d g a in , a n d
b e c a u s e
B a n k
w e e k ly
T u e s d a y
t o
h o w e v e r ,
r e c e n t
a s
o f
d is c o u n t
T u e s d a y
c h a r a c t e r
th e
c ir c u la t io n ,
in
o n
o f
fa v o r a b le
b y
th e
S a t u r d a y
r a te
c h a n g e ,
o f
b e
in d ic a t e d
n e a r ly
o f
o n
th e
s u c h
r e tu r n
p e c t e d
o f
u n
in
G e r m a n y
p r o b a b le ,
o n
u n
c a b le
r e d u c t io n
lic
R a ilr o a d s
r u le r
s p ir it ,
b e in g
H e
a s
h a v e
in c id e n t s
e s t im a t e d
o v e r
a c c o m p lis h e d
e
it h o u t
s t r iv in g
lik e ly
s u c h
in
w e
e a r n in g s
I t
h e n
th e
n a t u r a lly ,
T h a t
a re
lim it in g
is
s h o w
r a ilr o a d s
c o r p o r a t io n s
g o n e
W
k in d
w o n d e r
in
t h a t
in
p r a ir ie s ,
th is
fa r
u t m o s t
t o
o u r
d e c r e a s e s
w a y
a n d
o f
k e p t
W
s in c e
P a c ific ,
a n d
a re
liv e ,
t h e ir
w a y
t h a n
W
o f
fe r tile
th e
a c h ie v e m e n t .
M e a l
tr e a tm e n t
w a s
a n d
m o n e y
o t h e r
t h a t
th e
t h a t ,o u r
o v e r
t h e
r e a c h e d
w h ic h
m o r e
c h a n g e
a n d
n o t e
t h a t
p e o p le ;
t h e
a n d
in
s p ir its
h a d
c o n d it io n
o f
fo r g in g
t o
s t o p
t r e a t m e n t .
d iv id e n d s
g o in g
T a k e
s a v in g s
e v e r y
b e
w e r e
in
a n d
s ta g e .
in
W
o f
m o s t s u c c e s s fu l
m o r e
b u t , s o
fo r e m o s t
t h e ir
e a r t h .
a n d
a d v a n c in g
c r itic a l
p o w e r fu l
m o d e s t y
d e s t r u c t io n ,
la n d ;
N e v e r
m o r e
o u r
h u n d r e d
b illio n s
fo r e s ts
t o
u n til it
fiv e
th e r e
w h e n
w e e k
S ta te s
h a r d e r
o v e r
th a t
a n d
la s t
b illio n
m o u n t a in s ,
d is fa v o r .
s ta te
t o
s p e e d ily
t o
v e n tu r e s o m e
c o u n t r y ’s
w e
h ig h
t o -d a y .
A t la n t ic
u n s u b d u e d
t h o s e
a re
T h e s e
th e
a n d
a n d
t a n g le
U n it e d
s till
h a p p e n e d
g lo r ie d
n o
y e t
a v a ila b le
h is t o r y
s t a t e d
t h e
a
r e in s ,
th e
m o n t h ;
b u s in e s s
h a s
m e a n s
c o n t in u o u s ly
th r o u g h
a n d
in to
t o
a p p e a r s
a
fo u r t e e n
S u d d e n ly
fe ll
h o p e
c o m p ila t io n s
I t
t h e y
W
b e e n
p r o g r e s s ,
e x t e n t
in
a n d
th r o u g h
t h a t
w o r ld .
o f
im p o s s ib le
s u c h
c o u n t r y ’s
d o lla r s .
r iv e r s ,
p e o p le
r a y
E v e r y w h e r e ,
m e a n ?
w id e -a w a k e ,
d a le ,
m e n t in
b y
lo w e r d e e p ,
v e n t u r e
c le a r in g
th e
c a p it a l
h a v e
a n d
b o a s t
in
w e r e
s h o r e s
o b s t a c le
a n
t h is
e a r n in g s
th e
d e r
a ll
m illio n
t h e y
o v e r
p a y
c o u n t r y
in
la r g e
a n d
r a p ild y
in d u s t r io u s ,
h ill
h e
if
h is
it
c r e a t iv e
o t h e r
o r ,
t o
m a k e
t h e
a
it
w a ll;
it p a s s e d ,
p r e c e d e d
E x c h a n g e ,
o r
n o t
o f
m o n t h
fin d s
w ill
s o r t
m e a s u r e d
t o
S t o c k
W e
t o
d is t in c t iv e
re a l
th e ir
w e r e
o f
t h e
o r
h ig h e s t
t h e
e n te r p r is e s ,
w h o
s tr a in e d
e x t in g u is h e d ;
fr o m
th e
o u r
in d u s t r y ,w a s
h a r d
fr o m
lo w
a t
w e a k e n e d
m o m e n t a r y
e ith e r
r a ilr o a d s .
a c c u m u la te d
s e v e n t y
a
t r a n s a c t io n s .
t im e
a s
o u r
la r g e s t
in
a ffa ir s
h ill
o f
1 8 2 9
th e
in
a s h in g t o n .
o r
o f
a s c e n d e d
v e n tu r e s .
s ta te .
h a t
n e v e r
a
c o m p e lle d
b u s in e s s ,
t h e
ju s t
th e ir
t e m p o r a r ily
p r o g r e s s
s p e e d ily
th e
t o
s o r ts
m o r ib u n d
th e
m a n u fa c t u r e r
,a s
lo s s e s
a ls o
w e r e
B e s id e s , th e
n o
m o m e n t
W
m in d
th e
e m b o d im e n t
g r e a te r
w a lk e d
o f
s in ,
ic o n o c la s t ,
a
e d ic ts
d e s t r o y
o f
t h is
a t
h a s
b e in g
h is
t h e
w e r e
o u t b u r s t
a n d
a u t h o r ity
c o m p le t io n
a n d
w h ic h
e v e n
fr o m
a t
b o r r o w ,
im m e n s e
W
a t
p o in t
lo w lin e s s
a n d
p a n ic
o u r
o f
c a m e
p a n ic ,
in c r e a s in g
fo r c e d
lo a n
I t
b e e n
a s
t o
p a n o r a m a
t h e
t h e n
e a s y
m u s t
c o lla te r a l le ft ,
fo r
d o w n
a
in te n s e
G id e o n
is s u e
lit t le
o f
T h a t
m o n e y
t h a t
a n d
b e e n
o v e r
a s
tr a n s p ir in g .
in
t im e
a n d
c a lle d
w h o
s o
o f
th e
m e r c h a n t
m a n
d o
a ll
n o w
h a v e
d a y
h a s
o ff
d o n e .
t h e
s in c e
o r
a p p e a r in g
fa ilu r e s
e v e r y
b y
I n s t e a d
h a s
in
s tr a in
b e g u n
o p e r a t io n .
d ir e c t ly
b r ie f e x is t e n c e .
a c u te
a s
h a s
d a y
e v e n t s
b e in g
in c id e n t
a
th e
th e s e
t h e m
o ft e n
a re
b u t
d id
t u r n
c h a r g e
is
a s in g le
h a d
s o
t o
o f
o f
in d iv id u a ls
m o m e n t
w a s
c h ie f
t o
c r ip p le d
d e s t r u c t iv e
a g e n ts .
A n
b e g a n
t h e y
C h e r u b im .”
s e lf-c o n s c io u s
t o w a r d s
o f
s h e ll
t h is
d a y s
e n te r p r is e s
o c c a
c o m e
m o r e
s tr ik e
in
o f
t h e
w ith in
h im s e lf
p a r t ic u la r
s e m b la n c e
h e
th e
e v id e n c e s
t h e y
o r
m o r e
in
s e a t
p u r e
o u t w a r d
h a t c h e d
t h a t
s in c e
s a y ,
s o m e
a c t iv e ,
t h e
th e
t o
h is
r ig h te o u s n e s s ,
v ig o r
o f
e x p e r ie n c e
t im e .
t w o
a n d
d e c r e a s e
p h a s e s
A t
m a r k e d
a ls o ju s t
S tr a n g e
o n e
o r
is
b u t
v e r y
b u r s t
A n d
c o m m u n it y ,
c r e d it
th e
h a s
a n y
o n e
d e c lin e
o f
b y
p o s s e s s e s .
a c c o r d in g
a
p r e v a ils ,
d e t e r io r a t in g
h is to r y
o f
w a s ' s o
H e
p o p u la t io n ,
im p a ir m e n t
c o m m u n it y
o f
th e
w h ic h
w o r k e r s , a n d
o p e r a t io n ,
U n it e d
o f
r a te
th e
S I T U A T I O N .
c o n d it io n s
o r
d e a t h
in d iv id u a l
c a p it a l
th e
h e a lth
t h e
a s s u r e d ly
th e
F I N A N C I A L
o f
w e e k ’s
G o v e r n o r s
r a te ,
a n d
w a s
d is
m a r k e ts ,
Mar. 7 1908.)
fo r
th e
b ly
lo w e r in g
E n g la n d ,
fo r
I t
G e r m a n
it s
w a s
p r e s e n t
ra te
b u llio n
o f
th e
th e
r e d u c e d
th e
p r o b a b le ,
lo n g
t e n d e n c y
E u r o p e
o f
o f
th e
w a s
a fte r
th e
o f
a b e y
a n d
o f
a t
d is
o f
b e e n
1 ,4 7 3
c r e a s e
is
b e
in
T h e
s e c u r it y
h a v e
e r tia .
m a r k e ts
th is
H e r e
in
w e e k
N e w
Y o r k
S t o c k
E x c h a n g e h a v e
o n
m id s u m m e r
a
w a s
a
o n
a
a n d
s p a s m
r u m o r ,
m illio n
T h e
b r a n c h
o f
it s
lim it e d ,
in
t h e
F r e n c h
la s t
a n d
a t
b o u r s e s
th e
th e
in te r n a tio n a l
tr a g e
t r a c t e d
b y
r e fr a in
fr o m
a n d
lo w
p r ic e s
r u lin g
s p e c u la to r s
fo r
s e ll fo r
a
lik e
t h e
a t
n o t
o n ly
o n
th e
a ffe c t
a r b i
m ig h t
b e
1 8 7 8 ,
E x h ib it s
n o
o f
—
a
c o m m e r c ia l
in d u s tr ia l
w a y
th e
a t
A m e r ic a n s
q u o t a t io n s ,
b y
a ffa ir s .
g r e a te r
p e r io d s
b y
o f
y e a r .
F r o m
th e
is
a liv e
s till
th e
a c t iv it y
tr u e
fin d
in
t h a t
it
s e c u r e
v e r y
a t
p e n s io n s
a g a in s t
m a n y
a re
th a t
th e
th is
r e s p e c t
r a th e r
th e
w ith
$ 1 0 ,2 8 3 ,7 7 0
a m o n g
in
m ills ,
w e
s ta t e m e n t
in
a
o u r
th r e e
A lm o s t
s e r io u s ly
9 2 4
s a m e
w e r e
la s t
t h e y
in
s tr a in ,
a n d
fo r
G .
c a n
th e
D u n
1 ,6 2 1
w ith
y e a r .
g r e a te s t
p la c e d
a t
w e r e
th is
I t
in
is
o u s ly
in
b e e n
m a y
a n d
p e n s io n
th e
&
B a v a r ia ,
c ia b ly
im p o r t
D u s s e ld o r f,
&
A ll
n u m b e r
w h ic h
o f
G e r m a n y
in
t h a t
c o u n t r y
m a c h in e r y
a lth o u g h
th e
b u t
w a s
w e ll
th e
q u ite
o n
a
r e p o r ts
h ig h ly
e n g a g e d
o v e r
1 ,5 4 0 ,0 0 0
2 0 %
a ls o
t o
t o
it s
[S p in
C o .
a n d
lo c a t e d
a n d
R e p o r t s
a n d
o f
in
T h u r in g e n .
m a n u fa c t u r in g
c lo s e
o f
c u r r e n t
th e
a t
t h a t
in
th e
y e a r
th e
t im e
n o t
o n ly
C o n tin e n t
p r o s p e r o u s
in
a p p r e
c o r p o r a t io n s
C o n fe r e n c e
w e ll
t o
p la n e ,
in
t h e
w
i t h -
a h e a d .
o f
t o
c o n fir m
S a x o n y
th e
S p in
p r o fit
K e m p s t e n
b y
c o t t o n
e s t a b
n e t
fr o m
d iv id e n d s .
s in c e
t o
in d u s t r y
s e e m s
is s u e d
I n t e r n a t io n a l C o t t o n
o f
m o n t h
1 9 0 7
fu lly
o f
u p o n
it s
p r o fits
is s u e d
u r t e m b u r g ,
b e a r in g
in
o f
S p in n in g
C o .,
1 9 0 7
c o m p a n ie s
($ 1 6 ,5 0 0 )
T h e
e a v in g
ra te s
o f
th e
m a r k s
in
B a m b e r g
1 9 0 6
E r la n g e n
b e e n
s e e m s
o r
th e
W
in fo r m a t io n
th e
fu r
r e p o r ts
c o n s p ic u
tr u e
le a d in g
in
c o n s e
p r o fit
d iv id e n d
g a in s
t h e ir
c o m p ila t io n
T h o s e
in c r e a s e d
it s
W
&
la r g e
h a v e
th e
fu n d .
t h e
S p in n in g
m a d e
m o n th
C o .,
C o .,
c o t t o n
G e r m a n
m ills , w h ic h
la r g e r
m e n t io n e d
w h ic h
6 6 ,0 0 0
o f
t h e
a n y
p a r t ic u la r ly
1 9 0 7 ,
In
b u t
t h e e x h i b i t is
($ 2 5 8 ,5 0 0 )
in
d u r in g
e s ta b lis h m e n ts ;
ca s e s
a s
G e r
p r o fits .
m a jo r it y
s e c u r e
fa r
in
h a v e
r e g a r d s
in d iv id u a l
is
b e n e v o le n t
in c r e a s e d
s im ila r
b e
C o .,
m a r k s
e a v in g
A u g s b u r g
t o
A m o n g
a d d e d
a n d
W
a m o u n t
in
e a v in g
A s
in s t a n c e
s o m e
T h is
($ 3 8 5 ,0 0 0 )
$ 1 2 ,0 1 1 ,3 7 5 ,
d iv is io n
o f
s u s
p o s it io n ,
u n iq u e
c o n c lu s io n s .
e a c h
in
m u s t
la r g e
o f
o f
B a v a r ia .
s e c t io n
W
a re
o u r
in
a n d
in
t h e
s o
c o r p o r a t io n s
b y ,
o v e r .
u n a b le
fo r
in d ic a t e
t h a t
is
I n s o lv e n c ie s
in
m o n t h s
$ 6 3 ,2 2 1 ,2 5 9 ,
s a t is fa c t o r y
n o
n u m b e r
s a t is fa c t o r y .
n in g
o n ly
lia b ilitie s
.
s in c e
B a n k
C o n t in e n t ,
g o
v e r y
w ith
r e p o r ts
1 9 0 6 ,
lis h m e n ts
o f
b o r r o w e r s
in d e b t e d n e s s ,
n u m b e r
b r a n c h
th e
a s
w h ic h
y e a r
t w o
c o v e r e d
th e
t o
o f
w o r ld
la r g e
b a s is
2 7 3 ^ % ,
k e e p
s e c u r it y .
fa ilu r e s
o f
t o
in
m a r k s
r e v iv a l
b u t
b e s t
R .
r e c e n t
a ffa ir s .
lo a n s ,
o n
g iv e n
p e r io d
w h a t
e v e r y
is
in
b e in g
tim e s
fe lt
o f
t h e
t o
c o n fid e n c e
M e s s rs .
a m o u n t
o n ly
in v o lv e d ,
1 9 0 7 .
b y
a g g r e g a te
th e
a lm o s t
a n d
h a v e
c o v e r in g
in s titu
te n d in g
m o r t a l i t } '.
a n y
th e
fo r
in s o lv e n c ie s
d o lla r s .
v a r io u s
o c c u p ie d
t h e
1 ,0 3 4 ,0 0 0
a n y
o f
o f
y e a r
o n
c r ite r io n
a c c o r d
fr o m
lo w ,
n e g o tia te
ra te s
m a n u fa c tu r e r s
lia b ilit ie s
h a v e
t o
w e e k
in
m a n u fa c tu r e r s
o f
b a n k in g
in
in
t h a t
y e a r .
b y
p e r io d
t h e y
&
s u s ta in e d
a re
w e r e
a
n in g
in d u s t r ia l
c a ll
c o m p ile d
$ 2 7 ,0 6 4 ,5 7 1
c o m p a r e s
o r
c o u n t r y
s a fe
c o r r e s p o n d in g
o f
o f
o r
a
e n jo y e d
t h a n
v a r y in g d e g r e e ,
s u b m it t e d
1 9 0 7
s e e m
b y
J a n u a r y
F e b r u a r y
t h e r e fo r e ,
p e r io d
t h is
la s t
fo r
b u s in e s s
d e fa u lts
p e r io d
$ 4 ,4 9 6 ,0 0 0 .
o f
c o m m e r c ia l
m illio n s
m a n u fa c tu r e r s
r e p o r ts
r e fle c t
w e e k
th e
fa c t
in
la c k
fo r
3 0
t h ir t e e n
$ 1 ,6 5 4 ,
m o n t h
r e c o r d
s a m e
t h e
c o v e r e d
th o s e
th e*,
m o r e
o n ly
th e
th e
th e
t h a n
a g o ,
fo llo w s ,
a
t h e
$ 4 ,6 1 4 ,0 0 0
C o t t o n
th e
c o n d it io n
th e
I t
1 9 0 8
e x c e e d in g
th e
s it u a t io n ,
o r
o n
h ig h
a s
o r
h e a lt h y
d iffic u lt
t o
F e b r u a r y ,
a n d
d is tr u s t
a n y
c o m m e r c ia l
th e m
fin d
th e
o f
in
r e p o r t e d
d u r in g
y e a r ,
o f
b o r r o w in g s
T u r n in g
w e
o f
t o
is
t o
a d v e r s e
b u t
e m b a r r a s s m e n t
fe a tu r e
s p ir it
in im ic a l
c o n t in u e
s e c t io n s
e s t —
th a n
p r e v io u s
a
a ll
W
m o r t a lit y
m o n t h
M o r e o v e r ,
tio n s
s o
b u s in e s s
m o n th
fa ilu r e s
o f
y e a r
is
y e a r ’s
b e e n
y e a r
w ith
t h e
it
in s t it u t io n s ,
h a v e
in v o lv in g
fo r
fo r
m o r e
q u e n t ly ,
r e a s o n .
d e c id e d ly
N o r t h , S o u t h , E a s t a n d
a n d
o f
o f
u n c e r ta in
la s t
$ 5 4 ,1 6 4 ,0 8 5 ,
a n d
1 9 0 7
n is h
in
fa ilu r e s
c u r r e n t
t o
a
y e a r
in
c o m p a n y ,
t h e
in
in v o lv e d
$ 4 6 0 ,9 1 8
k in d r e d
m o n t h
th is
lia b ilit ie s .
t h a n
o r
o f
w ith
tr a n s p o r te r s
a m o u n t
in s u r a n c e
a p p e a r s
t h e
m o n th s
th e
a g a in s t
6 8 8
n o t ic e a b le
a n d
o n ly
m illio n s
b a n k s
id e n tic a l
o f
b r o k e r s
in
lia b ilit ie s ,
o f
t o
lo w e r
a lm o s t
t w o
5
la r g e
o f
a n d
v e r y
C o .,
r e p o r t e d
a m o u n t
s im ila r
s it u a t io n
s u b s ta n tia l
s till
is
lim it in g
b y
w h o
e x p e c t in g
is
a p p e a r s
b u s in e s s
w e r e
g r e a te r
th e s e
s ix
fa ilu r e s
th e
t o
in
&
n o t ic e
o f $ 8 ,6 7 2 ,1 4 3 ,
a g a in s t
lo c a l
fo r
r e p o r t e d
w h e r e a s
t o
r e fle c tio n
th e
t h a n
r e a c h e d
o f
A m e r ic a n s
I n v e s t o r s
2 0
s e c u r itie s
a
fa v o r a b le
lh e
D u n
d o
& c .
" p r in t in g
w h ile
J a n u a r y ,
A
t o
A
in
a m o u n t
1 9 0 7 .
F e b r u a r y
s u s p e n s io n s
8 2 4 ,
in
O n e
r e g a r d s
in
S t.
A m e r ic a n
M o r e o v e r ,
in
a
h o s t ile
th e r e
fr o m
c o n d it io n
e x c h a n g e
b u y in g ,
o u r
B e r lin
c a p it a l.
a
o f
y e a r .
a c c o u n ts
A s
o f
in flu e n c e
in
P a r is ,
d u e
th e
in d ic a t in g
a t
r e s u ltin g
tr a n s a c tio n s .
in
p a r a ly z in g
s u c h
is
C o n g r e s s
r e fle c t,
p a r a ly s is
a b r o a d , b u t
m a r k e t
E x
th e r e
a t
d is c r e d it e d ,
in
t o
w h ile
B r it is h
p a r tia l
o u r
t o t a l.
m a r k e ts
m u n ic ip a lit y
s p e c u la t io n
d e p r e s s io n
th e r e
in
t h e
L o n d o n ,
th e
M e s s rs .
o ils .
r e p o r t e d
in
d e fa u lts
$ 6 ,3 8 1 ,0 5 3 ,
a n d
is
h a v in g
c a r p e n te r s ,
fa ilu r e s ,
s m a ll
w it h
lin e s
p a in ts
lia b ilitie s o f fa ile d
b y
in
lu m b e r ,
T r a d in g
F e b r u a r y
s it u a t io n
th e
th o s e
S t o c k
a n d
e d n e s d a y
w a s
B o u r s e
r e fle c tio n ,
L o n d o n
W
t h e
p e n d in g
in
P a r is
o n
b y
s e e m s
c o n d it io n s
is
th e
in
o n
m o r e th a n
la c k e d v it a lit y ; t h o u g h
in e r tia
P a r is
o n
tr a n s a c tio n s
s c a r c e ly
h o w e v e r ,
m a r k e t ,
p r o p o s it io n s ;
c o m m e r c ia l
b o r d e r in g
u n in te r e s tin g
is s u e
L o n d o n
e v e r y
s ta te
d a ily
a c t iv it y
p r o p o s itio n s
b u s in e s s .
th e
h a v e
o f
lo a n
P e te r s b u r g .
v a r io u s
a n d
w h ic h ,
d o lla r
a
h a lf-h o lid a y ;
a t B e r lin
fa in t
a lm o s t
in
a v e r a g e d
c h a n g e h a s b e e n d u ll
a t P a r is
a t
b e e n
a n d
r e la t iv e ly
in
b e e n
m o n t h
b e e n
h o w e v e r ,
$ 1 3 ,4 8 4 ,0 0 7
th e
r e p o r t e d
h a v in g
q u a r te r .
t o o ls ,
1 ,1 7 0 ,
a n d
$ 5 ,4 5 2 ,9 6 9
th e
h a v e
o r t a lit y ,
w e r e
e x p la in e d ,
c e n tr e
a n d
m
t o
c o n s t r u c tio n —
e n g r a v in g .”
h a v in g
in
w o u ld
la r g e
n u m b e r ,
d is c o u n t
p r o b a b le ,
t h e
th e
t o w a r d
G o v e r n o r s
a p p e a r
m a c h in e r y
t h a t
567
b u ild in g
a b ly
d e c r e a s e
r a te
w it h
R e is c h s -
m a r k e t
th e
s u ffe r e r s
o f
m a in ta in e d
o p e n
o ffic ia l
e n d
in
th e
d is t in c t ly
th e
t h o u g h t
p r o b a
B a n k
t h o u g h ,
b e
w a s
s ta t e m e n t ,
it
th e
h e ld
a c t io n
n o t
r e d u c e d
r a te ,
w o u ld
o f
n o t w it h s ta n d in g
th e
E n g la n d
;
fu r t h e r
in
as
in
r a te
t h a t
a p p a r e n tly
w o u ld
T h u r s d a y ,
s h o w n
3 j^ %
b e e n
fo r
B a n k
in
a w a itin g
r e g a r d e d
le v e l,
O n
B a n k
h a s
e v e r y w h e r e
e a s e .
G e r m a n
r e d u c tio n
tim e
B a n k
c o u n ts
th e
a
w h ic h
s o m e
b a n k .
t o
o f
fo r e s h a d o w
a n c e
T H E C H R O N ICLE
g r e a te s t
I n
tio n s
s h a r p
t h a t
c o n t r a s t
p r e v a ile d
w ith
th e
in
m o s t
fo r e g o in g , a n d
b r a n c h e s
o f
w ith
th e
c o n d i
c o t t o n
%
.
in d u s tr y
in
T h e
G r e a t
m a d e
e x h ib it
G r e a t
b y
B r ita in
r e p o r t
J u n e
3 0
o f
o n
B r it a in
.t h e
fo r
2 8
1 8 9 9 .
T h e
n e t
d e n d s
a n d
o f
6
c a r r y
^
5 %
%
o n
o n
th e
£ 1 4 9 ,0 4 1
p 'r o f i t
t o
£ 1 8 1 ,7 5 7
s jx
m o n th s
fo r
th e
o f
fir s t
e x h ib it
is
y e a r .
th e r e
1 9 0 6 ,
m o n t h s ,
b a r e ly
a c c r u e d
d u r in g
fa c t o r y
th a t
a p p a r e n t
m e e t
a n y t h in g
t o
m e e t
w it h o u t
w h ic h
b e
h a lf
o f
fir s t
th e
r e a s o n
fis c a l
it
is ,
in
th e r e
th a t
o f
t h e
y e a r
n o t
y e a r
a b r u p t
e x p e c t
a
w ith
m u c h
w a s
5 %
g iv e
fa ilu r e
g iv e n
fa llin g
o ff
in
th e
in
t r a d e
lo s s
t o
th e
g r o u p
P a c ific
a t
p r o m is e
W e s te r n
d ir e c tio n .
v o lu m e
c o m m e r c ia l
a
a n d
s u c h
p la n e
e it h e r
c le a r in g s
1 9 0 8 ,
t h a t
fo r
d u e
fa c t
t h a t
d a y
in
u n fa v o r a b le
t h a t
in g
t o
a re
b e e n
th is
y e a r
d e c id e d
m o r e
w h e r e
t o
la s t
th e
r e fe r r e d
a re
o r t o th e
m o r e
b u s in e s s
w a s
a
a n
d e c lin e
p r e c e d in g
y e a r ;
n o t w it h s ta n d
t o
th e
tr a n s a c tio n s
e le m e n t
th e
lo s s e s
w h ile
b e t te r
th a n
in
o ff
it
c la s s
1 9 0 7 ,
lo s s
t h e
a r e
s t o c k s
m a k in g
s h o w n
p r e v a ilin g
is
tr u e
h a s
t h a t
is
O n
o f
s e e n
in
a
r e s u lt
th e
th u s
s h o w
Y o r k
r e a c h e d
a
e x
o f
s t o c k
d e m a n d
s t o c k s
N e w
b o n d s
b a n k
g r e a te r
th e
tr a n s a c tio n s
a s
o r
o n
t h e
b e e n
d e a lin g s
g e n e r a lly .
F e b r u a r y
in
in
b o t h
a
m o n t h
w h e r e
d e c lin e s .
o f
1 9 .7 %
a n d
s in c e
th e
la r g e
N e w
fo r
E n g
th e
fa llin g
2 8 .1 %
o ff
m o n th
o n
th e
r e s p e c t iv e ly
w a s
9 .6 %
1 0 .7 % .
W
.
a n d
a n d
fo r
T h e
M id d le
th e
fa llin g
s h o w in g ,
“ O th e r
a
p e r c e n t
a ll
T h e
th e
a n d
fr o m
A n a ly z
g r e a te s t
th e
b e t te r
e x h ib it in g
fo r
fa r
a
S t o c k
t o t a l o f
th e
e s t e r n ”
s e c t io n
is
g a in .
r e c e ip ts
a v e r a g e
w e r e
a
r e c o r d
b a c k
t o
th e
b u r g h
a n d
o n
g r o s s
E r ie .
o f
th e
y e a r
c e ip ts
p e r
a g e
e x p e n s e s
(in
p a r t
a s
fr o m
1 .5 8 7
t h is
lin e s
d ir e c t ly
la t t e r
a s
b u t
p e r
m ile
1 9 0 5 , t o
p a s s e n g e r
r e s u lt
o f
b e t w e e n
fo r
b e in g
p e r
a
la s t
P it t s
t h e
S ta te
m o n th s
it
c e n ts ,
a v e r
a d v a n c e d
d is t r ib u tio n
p a s s e n g e r
a v e r a g e
r e
w h ic h
T h e
y e a r
y e a r
w a s
a v e r a g e
a c c u r a t e
a n d
t o
o f
p e r io d
t h e
1 .9 1 8 c e n t s .
p r e c e d in g
h ig h e s t
o f
ru n s
o n ly
e a s t
2 .0 1 4
m ile
m o r e
fr e ig h t
t h e
t h e
fr o m
m ile
a v e r a g e
th r e e
b r ie f
d o w n
p e r
r e c o r d
la w
a b o u t
t h a t
p u llin g
fig u r e s
a p p e a r s
r e la te
o p e r a t e d
fo r c e
d u r in g
o f
1 9 0 6 a n d
c e n ts
th is
t w o -c e n t -fa r e
in
I t
lo w e s t
fig u r e s
c a u s e
t h e
e x p e n s e s
t h e
a n d
o n ly
p a r t ic u la r
p a s s e n g e r
is
k e p t ,
T h e
p e r
o f
c o m p ile d
t r a ff ic .
p e r
w h ic h
P e n n s y lv a n ia
is
T h e s e
p a s s e n g e r
w a s o b t a in e d in
e a r n in g s
b e e n
t h e
c a r e fu lly
p a s s e n g e r
c e n t s ,
w a s
1 9 0 7 ,
t h e
o f
w e e k
1 8 6 4 .
t h e
P e n n s y lv a n ia
th is
t h e
fr o m
h a s
o f
a p p a r e n tly
t o
1 .9 1 8
y e a r
b u s in e s s
r e p o r t
p u b lic
r e fe r
y e a r
th e
a n n u a l
m a d e
W e
t o
t h e
o f
C o .
s in c e
o b s e r v e
c a u s e
o n e
t h a t
la s t
r e p r e s e n te d
a g g r e g a te
o f
o f
B y
y e a r
s t a t e m e n t
th e
r e la tin g
b a n k
r u le u n im p o r t a n t ,
u n fa v o r a b le ;
d u ln e s s
F o r
th e
fa llin g
E x c h a n g e
o f
o f
c o n s p ic u o u s
o f
in
in te r e s t .
2 5 .9 % .
c o m p a r a t iv e
b o n d s
a
o p e r a t in g
p e r io d
a lr e a d y
im p o r t a n t
e x c h a n g e s .
a s
R a ilr o a d
is s u e .
fa il
o f
th e
s e c t io n s ,
t h e
m o n t h
r e s p e c t iv e ly .
r e a c h e d
a n d
r e c o r d e d ,
d e c r e a s e s
F e b r u a r y
1
lo s s
is
q u it e
th e
a n d
fo r
J a n .
a g o
n o t
w it h
m o n t h s ,
m a k e s
a s
p h a s e
o f
m o n t h s
th is
lo s s
m o d e r a t e ,
u p o n ,
b a s e d
c itie s
J a n u a r y
s a m e
is
1 1 4
in c lu d e d
e x h ib it in g
d a y
o f
O n e
c o n tin u e s
p e r io d
e la p s e d
c a n n o t
th o s e
y e a r
is
th e
is
th e
d e c r e a s e
t w o
y e a r s
th e
F o r
la s t
fin a n c ia l
& c .,
m o n t h
th e
T h e
th e
t w o
o n e
lo c a lly
t h is
F e b r u a r y
c h a n g e s ,
th e
o n e ,
p o in ts
a n
s o m e
o f
fo r
2 8 .9 %
s in c e
c o n s p ic u o u s
s t r ic t ly
c o m p ila t io n
p a g e
th e
o f
a n d
1 9 0 7 .
e x tr a
h a v e
A t
t o
fr o m
fo r
th e
g a in s ,
F e b r u a r y
th a n
2 3
o u r
th e
w it h
a
c o r r e s p o n d in g
fir s t
s t a te m e n t
o n ly
e ith e r
2 4 .5 %
th e
o f
n a tu r e
s t a t e m e n t
a n d
o n
c o m p a r in g
a n y
t h a t
th e
th e
T h is
F e b r u a r y
g e n e r a l,
a n d
o f
1 9 0 6 .
in
tr a n s a c t io n s ,
b e lo w
a p p e a r s
t o
r e c o r d in g
o r
s t o c k
fu lly jw a r r a n te d , b y
lo s s e s
v e r y
o r
t h a t
r e fe r e n c e
a s
m u c h
1 9 0 7
s e e m s
b u s in e s s p a s s in g , w h e t h e r
d e s c r ip t io n
o p e r a t io n s ,
o n
o f
a
th e
.
b e h in d
fo r
8 .4 %
m id d le
fr o m
s im ila r
2 9 .9 %
fa lls
e x h ib it
tim e
w h o le
1 4 .1 %
c o n s p ic u o u s
g r o u p
o ff b e in g
T h e
1 9 0 7
w a s
S o u th
s a m e
is
a n d
th e
fo r
p e r io d
th e
t h e
th e
t w o
th e
g r o u p s , w e fin d
r e c o r d e d
S lo p e
th e
th e
h o p e s
b y
fr o m
e ffe c t
2 5 .9 %
g r e a te r —
Y o r k
t h a t
w ith
a g g r e g a te
m o n t h s ,
7 .1 %
in
2 1 .5 %
a t
t w o
e x h ib it e d
a n d
N e w
1 9 0 7 ,
fr o m
b e
la n d
la s t
s a n g u in e
1
c itie s
w o u ld
o f
th e
e v e n
is
le s s e n e d
s e c t io n s .
fo r
o f
e v e r y
p e r io d
o f
a ll
c le a r in g s
c o m p a r e d
is
t o
t o
fr o m
d e c r e a s e
d e c lin e
o f
b u t
re tu r n s
o f
o f
a
y e a r ’s
t h e
w it h
r e a c h in g
th e
J a n .
is ,
th e
fo r
a g e s
d e m a n d
th e r e
r e s u lts
g e n e r a l
e n c o u r a g e
1 9 0 6
th e
t o
c o n t r a s t e d
in g
o p e r a
r is e
b u s in e s s
t h a n
th e
t o
o f
e x p e c ta t io n s
a n d
u n fa v o r a b le ,
1 4 .5 %
p e r
le s s
,
lo s s
th is
O u ts id e
a s
in s u ffi
a
th e
s o
is
t o t a l
a n d
m o n t h s
.
t h e
1 9 0 7 ,
r e p o r ts
in
d e c r e a s e
a lm o s t
c o n c lu s iv e
n o t
w ill
d e c lin e d
th e
p e r io d
a v a ila b le
o f
2 5 .2 %
3 0 .5 %
w e r e
s h o w s
1 9 0 6
b y
u n s a t is
b e
o f
t w o
e v e n
s o u r c e s
y e a r ,
T h e s e
p r o p o r t io n s
fo r
t h a t
fr o m
e v id e n c e
F e b r u a r y
m o n t h
fa c t
is
r e p r e
th is
h a v e
p a r t
1 9 0 5
c o u n t r y ,
m o d e r a t e
in
th e
o r
1 9 0 7 .
th e
th e
m o n th s
s h a r e s
in
1 9 0 8
fo r
t w o
F e b r u a r y
p r o p e r tie s
a c c o u n t
is
a b o v e ,
fo r
s h a r e
th e
1 9 0 6
o f
th e
c le a r in g s
y e a r
in
o n e s
o f
B u t
o f
a c t iv it y ,
s ta te d
p e r io d
th a n
t o
la s t
th e
c o r r e
m u c h
h a d
b e t t e r
th e
s ix
le s s
O r d in a r ily
1 9 0 7 -0 8
th e
(o n
T h e
th e
fa ll.
in
o u t
s t o c k ,
A s
in
a n d
fo r
s h a r e s
o f
r e s u lt
6 2 8 ,9 9 2
it ,
le a d in g
t o t a ls .
m e r c a n tile
c o u n t r y
th a n
fir s t
c itie s ,
v o lu m e
t h a n
b u s in e s s
d e p r e
le s s
th e
fr o m
a n
o p e r a t io n s
c le a r in g s
le s s
th e
a s
v a r io u s
w h e r e
in te r e s t,
o r
p r o fit
in
la s t
o f
fo r
H o w
d iv id e n d
n e a r
th e
B u t
is
n e t
a n d
r e tu r n
h a lf
w h ic h
th e
fa v o r a b le
t h e
1 9 0 5 .
s h a r e s .
e a r ly
t o
p o r t io n .
a s
h a lf
in
t o
s t o c k
n e t
la s t
o f
e x a m p le
th e
le s s
t u r n e d
th e
th e
s e r v e
O f t h a t
£ 1 1 0 ,0 0 0
p r e fe r e n c e
a n y w h e r e
in
th e
e a r lie r
t h a t
d o u b t , t o
c a m e
g o o d
th e
t h e
s e c u r e d
a n d
r e s u lt
th e o r d in a r y
th e
t h a t
h a l f - y e a r ’s
o n
t io n s
fo r
fa c t
a
b a s is )
t o
o f
e x c h a n g e s ,
w e ll
fo r
£ 6 1 ,9 0 7 ,
la c k
1 ,4 5 3 ,3 1 0
t w o
d e b e n t u r e
o n ly
J u ly -D e c e m b e r
th e
th e
o r
w ith
d iv i
s h a r e s ,
d e d u c t io n s
o b t a in e d
1 9 0 6
h a l f - y e a r ’s
fr o m
t o
a n n u m
d u e ,
o f
fo r
a n d
o f
w a s
a s
a c t iv it y ,
m o n t h s
th e
w it h
B o s t o n
h a v e
lo s s .
d e c id e d ly
& c .,
o n e -t h ir d
p e r io d
a n d
t h e
A t
t w o
a n d
c o m p a r is o n
fa v o r a b le .
c o n t r a s t e d
th e
1 9 0 7
s h a r e s
t o
p r e fe r e n c e
£ 2 4 2 ,2 8 4
u s u a l
p r o fit
t o
o p e r a tio n s
r e p o r t
w h a t
o f
s h a r e s ;
le s s
a s
in
fo r
in
p a y
s h o w n
o r d in a r y
A
th e
m a in t e n a n c e ,
s p o n d in g
r e tu r n
th e
n e t
w a s
p r o fit
fr o m
1 9 0 7 .
b y
o f
y e a r
1 6 ,4 7 0 ,9 7 2
s e n ts
th e s e
a n d
s h a r e s ;
e v e n
s a t is fa c
m o s t
w a s
3 9 ,1 7 3 ,7 3 2
e n d in g
o r g a n iz a t io n
A s s o c ia t io n
o f
le a v in g
o f
m a k in g
r e m a in e d
c ie n t
c r e d it
y e a r
s h a r e s ,
2 6 ,4 3 4 ,6 0 1
m o n t h
la s t .
in
it s
£ 3 ,0 0 0 ,0 0 0
r e s u lte d
m a d e
o n e -q u a r te r
th e
£ 2 ,0 0 0 ,0 0 0
th e
h a lf
A fte r
c ia t io n ,
th e
th e
3 1
9 ,8 3 9 ,7 0 6
w e r e
o f
th e
s in c e
th e
D e c .
b u t
th e
r e fe r e n c e
d is c lo s e d
fo r
e n a b lin g
fo r
is
A s s o c ia tio n
e n d e d
m a d e
p e r io d
p r o fit
£ 4 2 4 ,0 4 1 ,
w e
la s t ,
t w e lv e -m o n t h s ’
b e e n
h a lf-y e a r
w h ic h
1 9 0 7 ,
P r in te r s ’
A s s o c ia t io n
t o
S e p t .
t h r o u g h o u t
C a lic o
th e
th e
1 9 0 7 ,
c o lu m n s
t o r y
[VOL. LXXXVI.
THE CHRONICLE
568
t o
t r a ffic )
1 .7 9 1
s in c e
c e n ts ,
t h e
y e a r
1 8 7 5 .
T h e
c o n s e q u e n c e
e a r n in g s
lo w e s t
th r e e
p o in t
y e a r s
a v e r a g e
t h e
p e r
y e a r
o f
o f
t h is ,
p a s s e n g e r
s in c e
a g o ,
0 .1 2 7
1 9 0 6 .
t h e
t h e
o f
c o u r s e ,
m ile
b e g in n in g
n e t
c e n t ,
S in c e
p e r
e a r n in g s
c o m p a r e d
t h e
w e r e
o f
la s t
is
t h a t
th e
n e t
t o
th e
r e d u c e d
t h e
r e c o r d ,
y e a r
w it h
t w o -c e n t -fa r e
b e in g
0 .4 2 7
la w ,
fo r t y a t
c e n t
a n
fo r
a c c o r d in g
s
Mar. 7 1908
t o
th is
s h o w in g ,
w a s
m o n t h s
th r e e
r a ilr o a d
c o m p a n y
S u p r e m e
C o u r t
fa r e
a c t
t o
s y lv a n ia
T h e
b e
ta b le s
E r ie
D iv is io n ,
D iv is io n ,
lo s s
th e
a
9 0 ,
m ile
w a s
fa r
r e d u c in g
r e v e n u e s
la s t
y e a r ,
c o n g r a t u la t e d
a s
h a s
it
b u t
t o
th e
$ 5 7 6
p lo y e d
lo w -
o n ly
P e n n
a s
o n
th e
a ll
o f
a
lo s s
t h e
o f
T h e
lin e s
in
o f
th e
5 8
a
E a s t
w a s
$ 1 ,0 6 1
0 9 ,
o n
B a n k
t o
T h u r s d a y
n o
c h a n g e
in
E u r o p e a n
e a s y
o f
a t
3 3 4 %
a ll
th e
in
o f
o f
W it h
r a te s
th e
d e
w a s
y e a r
o p e n
T h e
b y
a n y
m a r k e t
fa ilu r e
J a n e ir o
o f
c a u s e d
o f
t h e
t o
m e n t
1 /4 %
m o s t
w a s
s tr ik in g
a n
r e fle c t
n e g o tia tio n
o f
o f
N e w
n o te s
U n it e d
d u e
t o
o f
G e n e r a l
d e p o . it s
th e
d e c r e a s e d
o f
fo r
th e
r e v e n u e s
a re
d e c r e a s in g
a u g m e n te d ,
s h o w
th e
o f
it
im p o r t a n t
d e e m a b le
p a r t
A u g .
a n d
s e e m s
W a r
th e
1 ,
u n lik e ly
th a t
e ffe c t e d
w it h o u t
n a tio n a l
b a n k
lio n s
th a t
b y
o f
r e tir e m e n ts
o f
m illio n s
m o n t h ,
s h a ll,
w it h
th e
a s
r e s p e c t
M a r c h
th e s e
s o o n
t o
2 3 .
it
fe a tu r e ,
e a c h
e x c e s s
o f
th e
a t
1 2 4 % ,
a s
t h e
in fr e
m o r e
fo r
a t
lo a n s
o n
t h e
n o te s
n e g o t ia t in g
a n d
t h e m ,
th e r e
p r o fit
in
is
o p p o r t u n
t h e
e x c h a n g e
t r a n s a c tio n
o p e r a t io n
b a n k e r s ’
E x c h a n g e
in c i
b a la n c e s ,
d u r in g
a v e r a g in g
m in im u m ,
fu n d s
t o
v ie w
o f
s u c h
o f
a t
th e
c o n v e n ie n t ,
o f
a
n o w
c a n
th e
a ls o
r e
b e
fr o m
3 5
t h a t
a n d
d e s ir a b le
d is p o s it io n
b e
I t
r e d e m p t io n
a n d
o f
e x t e n s io n
r e d e m p t io n
n o te s
b a n k
w ill
m o n t h s
w ill
th e
m il
w ill
b e
p o s s ib le
c o n t in u e d
r a te
fo r
ra te s
d a y ;
c a ll
lo a n s
o n
q u o t e d
4 %
o f
9
t h a t
th e
S e c r e
a n n o u n c e
h is
2 %
w h ile
;
t h e
w e e k
b a n k s
tr u s t
lo a n e d
fo r
b e in g
r e q u ir e m e n ts
S t o c k
u n ifo r m ly
th o u g h
h e
w ill
w e e k
m a k e
w a s
q u o t e d
a t
o ffe r in g s
b e c a u s e
E x c h a n g e ,
th e
th e r e
o f
d id
fo u r ,
m e r c ia l
la r g e ly ;
a s
d o
in g
w a s
c o m p a n ie s
b u t
t h e y
o t h e r
t h e
ra te s
p a n ic ,
a r e
a n d
h a v e
w e r e
t h e r e fo r e
5 3 4 @ 6 %
fo r
a n d
%
o f
t o
fo u r
b y
lo c a l
b o u g h t
m a tu r it ie s ,
m a r k e t
d a y
t o
s ix
C o m
m a tu r in g
n in e t y
c h o ic e
fo r
n o t
t h e
n o
d a y s ,
y e a r .
s h o r t
in
h a v e
s ix t y
fo r
4 ) 4 %
t h e
e s p e c ia lly
t o
w e r e
n in e t y
r e c e n t ly
n o t
b a l
T im e
c o lla t e r a l
fo r
4 ) 4 @
p r e fe r e n c e
w h o
a n d
r e c e iv a b le
s in g le
g a v e
b u y e r s
3 %
d e m a n d ,
w h ic h
t h e ir
d e p o s it o r ie s .
r e m a in d e r
g o o d
le a v in g
E x c h a n g e
a n d
fiv e
th e
in
c o m p a n ie s ,
b a n k
S t o c k
fo r
fo r
m a r k e t ,
th e ir
s ix t y
4 3 4 %
p a p e r
tr u s t
fo r
5 %
t h e
w it h
m ix e d
3 3 4 %
a n d
o f
d u r
n o te s ;
e n d o r s e d
s ix
m o n t h s ’
n a m e s .
T h e
B a n k
3 3 4 %
T h e
c a b le
b ills
is
in
2 3 4 @
O u r
d u e
2 ^
a t
%
E g y p t ,
o p e n
B e r lin
t o
a n d
s p e c ia l
lo s t
£ 4 1 ,1 4 3
£ 3 9 ,2 7 9 ,5 7 4
t h e
fu r t h e r
t o
t h e
a t
a d v is e s
in te r io r
m o v e m e n t
in t o
fr o m
A u s tr a lia
a n d
(w h o lly
a n d
n et
s h ip m e n ts
o f
£ 6 2 7 ,0 0 0
t o
t h e
t h e
t h e
lo s s
w a s
T h e
B a n k
w e r e
£ 2 7 5 ,0 0 0
S o u t h
t h e
w e e k !
B r it a in .
£ 4 3 1 ,0 0 0
t o
is
L o n d o n ,
d u r in g
o f t h e
(o f w h ic h
b o u g h t ); e x p o r t s , £ 1 5 0 ,0 0 0
P a r is
it
o f
t h a t
G r e a t
o u t
b a n k
a t
fr o m
b u llio n
t o
2 3 .
d a y
r a te
c lo s e
u s
o f
a n d
I m p o r t s , £ 7 3 6 ,0 0 0
£ 3 0 ,0 0 0
c a b le
t h e
J a n .
n in e t y
F r a n k fo r t
o u r
h e ld
r e d u c e d
s in c e
m a r k e t
t o
s h ip m e n ts
o f
T h e
w a s
s t o o d
o f s ix t y
.
a t
a n d
r a te
h a d
E n g la n d
o f
fo llo w s
it
d is c o u n t s
c o r r e s p o n d e n t
t o
d is c o u n t
w h ic h
3 %
A c c o r d in g
a n d
d e ta ils
a s
,
r e p o r ts
B a n k
w e e k
E n g la n d
4 %
L o n d o n
4 3 4 % t h e
o f
fr o m
fr o m
b a r
g o ld
A m e r ic a ),
in te r io r
o f
G r e a t
e x c e e d in g ly
q u ie t
p o lic y
t h a t
th is
g o o d
a t
m o n t h s
B r it a in .
o f
T h e
th is
m o n e y
o u t
u n d is tu r b e d
a s
s t e a d
b o n d s .
m a r k e t
fig u r e s
o n
c o n
n e g o
b e e n
a re
p e r io d s ;
r e p r e s e n tin g
S t o c k
a n c e s
fo r e ig n
w e e k
r a n g e .
n e w
b a n k e r s
m il
d e fic it
th e
a d d it io n
I n
2 7 3 4
r e m a in d e r .
c a lle d
s e e m s
tlie
t o
p u b lic
in
e x p e n d i
b e in g
w h ic h
th e
t h e
d e p o s it s ,
a s
th e
r e s o r t
o f
o f
a re
t h a t
1 9 0 8 ,
b e e n
n a t io n a l
t o
m a tu r in g
T h e
a
t h e
h a v e
o f
b e e n
fo r e ig n
th o s e
b a n k e r
fo r
o f
t h e
p r a c t ic a lly
b ills
I n a s m u c h
r e m a in in g
p a r t ia l
r e c a ll
a lr e a d y
d is tu r b a n c e
t a r y
o f
e v e n
th e
s u r r e n d e r e d
a
o f
d e p o s it o r ie s ,
h a v e
p e r
th e
ca s h
re s e r v e s
a n d
d e fic it
e x p e n s e s
p o s s ib ly
e x te n s io n
w h ile
s u r p lu s .
y e a r .
p r o b a b le
b o n d s
o r
a
in
n e a r ly
T r e a s u r y
c o n s e q u e n t ly ,
fis c a l
r e tir e
S e c r e t a r y .
m illio n s ,
r e v e n u e s
in
b o n d s .
a c t iv e ly
t h e
o f
n e c e s s ita tin g
S p a n is h
b y
m illio n s
a n d
s e e m s
b e
w a s
r e c e n t
d e c r e a s e d
2 9 3 4
th e
in c r e a s e s
f i s c a l 'y e a r ,
th e
1 -3
in d ic a t e s
o f
th is
t h e
t h e r e o f ’ to* t h e
2 1
s t a t e m e n t
T r e a s u r y
t o
t o
d e p o s it s
m illio n s ;
e ig h t flm o n t h s
lo a n s ;
s t a t e
r e s u lt o f t h e
t h e r e fo r
t o
b a n k
m u n ic ip a l
th e
a p p e a ls
s u r r e n d e r s
m illio n s ,
F e b r u a r y
tu re s
ily
3
in
in c id e n t
C it y
S ta te s
2
w e e k ’s
m illio n s
w h ic h
in c r e a s e d
t
la s t
m illio n s ,
r e q u is itio n
a b o t
r e d u c e d
lio n s
2
a n d
m illio n s ,
1 7
Y o r k
d e c r e a s e d
b e c a u s e
1 h e
o f
o f
o p e r a t io n s
b a n k
p r o g r e s s ,
w e r e
fe a t u r e
in c r e a s e
t o
C ir c u la t io n
4
t h e
s e c u r it y ,
b a n k e r
c a ll,
a n d
a t
a re
h a v e
a b r o a d ,
p a p e r
fo r
n e g o t ia t io n .
o n
2 %
t h a n
p a p e r
w h e n
h a v in g
w it h
fe a t u r e
th e r e
y e a r s
o r
t o
L o n d o n .
s u p p o s e d
m e n t
th e
a t
o f
th e ir
t h e
la te
t w o
c o lla t e r a l.
n e w
y e a r ,
a n d
c o r r e s p o n d in g
c o n d u c t
a t
w e r e
T h e
t o
h is
M o n e y
s lig h t
fo r
a
t h o u g h
c h o ic e
b u y e r s
fo r
in
w a s ,
c o m p lia n c e
o b lig a t io n s
in
fo r
e n d o r s e m e n t
lo a n e d
B a n k
s o m e
fo r e ig n
o ffe r e d
d e n t
th e
ra te s
is
t h e
s u c h
c h a r a c t e r
in c r e a s e s
t ln o u g h
w e r e
th e
th is
c o lla t e r a l
h a v e
w a s
r a te s
o f
o f
n o t e s ,
p la c e d
t o
s t o c k
r e d u c e d
th e r e
h a v e
t r a c t iv e
p e r
c o m p a r e d
e x c e p t io n
d is c o u n t
o r
c e n tr e s .
R io
d is c o u n t
th is
o f
o ffic ia l
c h ie f
C o m m e r c e
flu r r y
•
o ffic ia l
b a n k s ;
r a te
s e a s o n
R u lin g
w h ic h
E n g la n d
th is
a n d
is
w a s
in d is p o s e d
c o m m e r c ia l
T h is
m a r k e t,
a r e
t h e
u n e m
w e e k
h ig h -g r a d e
o f
t h a n
m o n e y
th is
b u s in e s s
th e r e
b u y in g
w e e k .
t h e
q u e n t .
y e a r .
o f
g o o d
th is
o f
L e n d e r s
w h e r e
lo w e r
fe a t u r e
a b s o lu t e ly
m e r c a n tile
it y
T h e
o f
fo r
a
T im e
o n e
a b s e n c e
e v e n
a t
t ia t io n s
a n d
o f
w e r e d a ily le ft
b u s in e s s .
e n tir e
b e e n
in
q u o t a t io n
b a la n c e s
s u c c e s s io n .
a c c o u n t
n e c t io n s ,
p r o fit
la s t
t h e
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THE CHRONICLE
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B a n k
[VOL. LXXXVI.
THE CHIiONICLE
570
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B a n k s ’ I n te rio r m o v e m e n t , a s a b o v e .
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W e e k ending M c h . 6 1 9 0 8 .
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T o t a l g o l d a n d le g a l t e n d e r s _______
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in t h e B a n k o f G e r m a n y a n d th e B a n k o f B e lg iu m Is m a d e fr o m t h e b e s t e s t im a t e
w e a re a b l e t o o b t a i n ; In n e ith e r e a s e Is It c l a i m e d t o b e a c c u r a t e , a s t h o s e b a n k s
m a k e n o d i s t i n c t io n In th e ir w e e k ly r e t u r n s , m e r e ly r e p o r t i n g t h e t o t a l g o ld a n d
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b T h e A u s t r o -H u n g a r i a n B a n k S t a t e m e n t Is n o w Is s u e d In K r o n e n a n d H e lle r
In s te a d o f G u ld e n a n d K r e u t z e r .
T h e r e d u c t i o n o f th e fo r m e r c u r r e n c y t o s t e r lin g
P o u n d s w a s b y c o n s id e r in g t h e G u ld e n t o h a v e th e v a l u e o f 8 0 c e n t s . A s th e K r o n e n
h a s r e a lly n o g r e a t e r v a l u e th a n 2 0 c e n t s , o u r c a b le c o r r e s p o n d e n t In L o n d o n , In
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d T h e t o t a l o f g o ld In th e B a n k o f R u s s ia I n c lu d e s th e b a la n c e h e ld a b r o a d —
t h a t Is, t h e a m o u n t h cltl f o r R u s s ia n a c c o u n t In o t h e r C o n t in e n t a l b a n k s .
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B a n k B r it is h
160 days
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th e
o f
a lw a y s
fo r
a n d
d e c lin e
o f
p e o p le
o r g a n iz a tio n
m a k e s
E x c h a n g e ,
p a n ic
o th e r w is e
w h o
le g is
r e a s o n ,
a re
v is ib le
h o n e s t ly
m a n
d e p r e c ia t io n
th e
c o m p la in t
s o m e
lo o k
d is p o s itio n
th e
o f
t h a t
w h ic h
th e
a n d
fa c t
t r a in in g
e x p la n a t io n
fo lly ,
in
r e s u lta n t
p iic e s ,
t o
T h e
S t o c k
t h e
“ a n ti
o u r
T h e
r e s p o n s ib ilit y
o n
c o m p la in
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A fte r
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b u s in e s s
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o f
$ 7 ,9 3 9 ,0 0 0
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t o
th e
lie s
d e s c r ib e d
fo llo w e d
fin a n c ia l
a n d
c a u s e s .
v e s tm e n t
c o m m o n ly
s e e ,
e c o n o m ic
la r g e r
b ill
N e t Interior
M o vem en t.
c a n
d is p o s e d
T h is
o f
E X C H A N G E
in v a r ia b ly
s e v e r e
in s t it u t io n ,
th e
8 3 ) 4 .
S h ip p ed bp
R eceived bu
N . Y . B a n k s. N . Y . Hanks.
.................................... ..............................
T o t a l g o l d a n d le g a l t e n d e r s
w e e k ’s
b y
S T O C K
s o r t
a
w e
p le a s a n t
w h ic h
t o
th e
e x p e r ie n c e
w h e r e
lo n g ,
O N
a lm o s t
h is to r y
m o r e
o r
o f
h a s
lim it e d
T h e
p o in t s .
s h o w s
s o m e
th e
8 6 5 0 @ 4
8 6 8 5 .
c a b le s
in
A g it a t io n
o p t io n ”
la t iv e
t o
t o
t o
8 7 0 5 .
fe ll
p o in t s
p o in t s
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8 3 7 0 ,
p o in t s
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8 7 1 0 .
a n d
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fe ll
8 7 @ 4
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F r id a y
p o in t s
4
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w ith
1 0
a
tr a n s
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t o
a
m u lc t e d
Mar. 7 1908. j
in
a n
S o
a m o u n t
fa r
la w
a s
it .
th e
L a w
o f
fa c t
h a v e
o f
g o n e
t w o
c e n ts
H e p b u r n
I t
h a t
th e
p e r
m ig h t
w a s
fix
c o n s id e r e d
b ill
fr a n k ly
b r a n c h .
W e
fo r
a n d
th e
m o s t
in g
p o w e r
g r a n te d
in
d o u b t fu l
t o
a n y
d iffic u lt
h a v e
o n
t o
b a n k
n a tio n a l
th e
b a n k in g
u ltim a te
p r e s e n t
s y s te m
th e
T h e
t h a t
d o n e ,
a
th e
m a c h in e r y
lim it a t io n s ,
H e p b u r n
p o in t
is
o f
p o w e r
t o
r e q u ir e
a
a rre s t
a p p r o a c h
b u t
r e s o r ts
o r
o f
o u r
a s h o w
T h is
w it h in
M r .
th a t
u n q u e s t io n a b le
s u b
t e r fu g e .
L e t
p u r p o s e
a t
h o w e v e r ,
p o in t
o f
th e
p u r c h a s e
th e
b a s is
la w
p le d g in g
o f
e n d
t o
w ill
d e n y
t io n
w it h
th e
t io n
o f
W
c u r e s
is
p r ic e ,
n e c e s s a r y
g r e a t
b u lk
o f
n o t
o r
e ffe c ts
7 0 %
g in
o f
a s
tio n
w h ic h
im a g in e ,
b u t
h e
a n
w h ic h ,
W
is
e
th e
A
is
p u r c h a s e .
th e
t h e
is
a s
s a m e
in
th e
b y
a b o li
I t
d e a le r
fir s t
o f
b e
th e
in d ir e c t ly ,
o f
th e
m e r
d ir e c t ly ,
th e
u n im p r o v e d ,
p la c in g
is
t r a d in g
o f
o n
a
a
6 0
m a r
in
S t o c k
b e g in
w it h ,
lik e
M r .
H e p b u r n
s e e m
th e
w o r ld
fin a n c e ,
p r a c t ic e
c o n t r a r y ,
a
m e r c h a n d is e
is
m o r e
th e
o f
m o n e y
tr u e
p le d g e
o r
y ie ld ,
t o
t h e n ,
p e o p le
o f
im p r o v e d
p r o p e r t y ,
is
is
p r o
o r
th e
s h o u ld
n o t e
S till
w ill
o f
it
h e
in c o m e
fie ld
t h r o u g h
th e
t h e y
t h in g
th e
b u y in g .
o n
is o la t e d
w h e th e r
t o t a l
s u b s t a n c e
p a r t
m e r c h a n ts ’
a s
th e
c o n n e c
w h e th e r
la r g e r
g r e a te r
w h e th e r
h a v e ,
n o t ,
o n
th e
p u r c h a s e
o b v io u s ly
s e c u r itie s .
a
I n
in c o m e
fu tu r e
la n d ,
m o r tg a g e
o n e
is
q u e s tio n
th e
g u a r a n te e d
s u c h
th e
n o
in
t h r o u g h
s t o c k s ,
o f
p u r c h a s e s
w h ic h
p u r c h a s e r
is
o n
th e
a s
t h a t
a r is e n
o f
o f
e s ta te .
d ir e c t ly ,
a v o w e d
is
in
c o n d u c t e d
o n
E x c h a n g e
a
t r a n s a c
o f
t h e
e x a c t
th e
t o
p r e c is e
is
c o t t o n
a b u n d a n tly
th e
w h e a t
o f
a ll
o t h e r in d u s
T h e
in
o f
th e
a re
c o t t o n
h im s e lf,
h is
h e
c o u ld
p u t
b r o a d e r
a n d
v id e s
th e
th e
a ll
tim e s
N o r
is
t a in t y
w h a t
o f
t o
th e
m a c h in e r y
w h e n
n o
o f
t o
1 9 0 1 )
a n
o n
a t
a
t im e
t a in in g
o f
th e
th e
h e ig h ts
g r e a t e s t
e x c e s s e s
th e
o f
W
e
h a v e
th e
in
o u r
p r in c ip le s
w h ic h
W h e n
u n d e r lie
it
c o m e s
w a s
b u t ,
a n d
t o
o f
p r ic e s
th e
o n
h a v e n o
o f
t o
th e
th e ir
1 9 0 6
th e
m u c h
d is c u s s in g
d e
s u s
s a le s
s p e c u
w e re
o f
m a r k e t ’s
a g a in , t h r o u g h
s u p p o r t
s o m e
a c tu a l
m a k e
in
th e
s u p p o r t
o t h e r
p o w e r fu l
d e t a il
th e
b o r r o w e d
d e fin ite
b e a r in g
w a s
I n
t h r o u g h
r e a c h e d
a
n o
t h a t ,
th e r e
c a r r ie d
m a r k e ts
t h is
s e e m e d
w it h s to o d
p r o v id in g ,
in
t o
s a le s
th e
s t o c k
1 7 2 0
v a lu e s .
r e s tr a in in g
O c t o b e r ’s
b e in g
I n
b e g u n ,
m o n th s
a n d
th e
w h ic h
h a d
in
S im ila r ly , s h o r t
v a lu e s
in
c o lla p s e
s e a s o n
p u r c h a s e s ”
s e e m e d
th u s
a
fr e n z y
u p o n .
v a lu e s ,
th e
r e s u lt
o f
la r g e
p u r c h a s e s ,
e x p e r ie n c e
p u r p o s e
h a d
p o s it iv e
c r u m b lin g
r e v ie w e d
q u e s tio n ;
q u e s t io n .
a n d
la s t
th e
o n ly
in
s p e c u la
o f
c o m m u n it y
v a lu e s
p u b lic
n o t
u s e
I t
fa ll
fo r
w r e c k
w ill
u n c e r
t o
a c c u m u la te d
in
u p o n
T h e r e
d is c u s s io n
w h a t e v e r .
c lo s in g
d a y ,
o f
o n
h a d
w h e n
th e
c o v e r in g
g r o u n d e d
a
m a r k e t
a s
A
in fla t io n ,
c o u n t
t im e
in
a n d
a fte r w a r d s ,
o f
e x t r e m e .
th e
d id
h a n d ,
m a r k e t
t o
th a t
t im e
h o ld e r
d e v e lo p e d
1 7 2 0 .
“ c o v e r in g
im a g in a b le
n e c e s s a r y
th e
o f
c r e a te d
w h e n th e
a t
p r o
w h ic h
c o n s t a n t
e p is o d e s
o w n
th e
th e
a
th e
a n d
p r o c e s s
t o w a r d
in flu e n c e
s t o c k s
la t iv e
a s
in
e x is t e d ;
o t h e r
o f
fu lly
lim it
h e ig h ts ,
s e q u e l
v a lu e s ,
a
o f
s a le s
th e
m a k in g
in
a n d
a t
a c tu a l
e c o n o m ic
r is e
a n d
n o
in c r e a s in g
n e c e s s a r y
o th e r
m a k e s
c e r t a in ly
p r ic e
m o m e n t
s u c h
w ith s ta n d
u n r e a s o n a b le
c lin e
s a m e
in
it
e lim in a te d .
in
o u r
r e a liz in g
t o
a
e x p a n s io n
s h o r t
th e
1 9 0 1 ,
flu e n c e s
th e
v io le n t
o f
o f
(a s
h a v e
fo r
o n c e
s t o c k s ,
a t
a t
s u p p o r t
th e
m a r k e t
th e
b u b b le
y e a r
o f
t o
a
o u t
fo r
S e a
m o n t h s
tim e s
t o
c o n
th e
m a r k e t ,
a s
th e
th e
in
c o n d it io n s ,
o r
b e e n
a b s e n c e
s e v e r it y
t h a t
q u e s t io n
a t
in
c o n s id e r a
e m p lo y e d
s e c u r it ie s
o t h e r
fo r
h a d
p o in t e d
b o t h
S o u t h
e a r ly
P ic tu r e
th e
th e
w ild
is
fo r
b e fo r e
m a r k e t s .
fir s t,
m o n e y ,
it
b u y
flu c tu a tio n s
b e e n
e x t e n t
th e
im p o r t a n t
in d e x
c a n
p r e s e n te d
in te r e s t,
g o n e
in
b e
a n d
a d d e d
o f
a ll.
s p e c u la t io n
o ft e n
t iv e
v is ib le
m a r k e t
p r ic e
s p e c u la tio n
is ,
th e
p r o t e c t
s e ll.
th is
n e c e s s a r ily
o f
t o
in
in v e s tm e n t
u n d e r
in v e s to r
c a n
a ll
a
a s
n e c e s
c o m m o d it ie s
th e
T h e r e
s c a le
th e
a g it a t io n , in
in d u s tr ie s ,
lo s s
a s
w a s
la t e r n in e tie s .
o f
u p o n
b o r r o w e d
s a m e
p o s s ib le
w o u ld -b e
w h ic h
v ie w .
o f
d is t r ib u t io n
b e
s e c u r it ie s
m o r e
fu tu r e
a b s o lu te
in
p r o d u c t s
fo r
m a tte r
c o m p e lle d
p o s s ib le
u n d e r
tr a n s a c
in d u s tr ie s
th e
t h e
d e c lin e
T o
th e
s a le s ”
e x c h a n g e
t o
u s e
a
s till
b r o a d e n s
n o t
a t
o n c e
th e
o f
o p e r a tio n s
s t o c k
s o m e
a t
o n
p o s s ib le
w o u ld
s u c h
fin is h e d
t h a t
in d u s t r ie s ,
v ir t u a lly
a g a in s t
a
s e n s e ,
c o m e
w a y
h is
a t
lig h t
“ s h o r t
th e
c o n t r a c t s
o f s u c h
flo u r -m a n u fa c tu r in g
b e in g
m a te r ia l,
L o o k in g
t o
p h a s e
t o
a s
o f
a d v a n
“ fu tu r e
in t h e a n t i-o p t io n
b r o u g h t
t h r o u g h
r a w
m a d e
fo r
r is e .
m a r k e t s , d u r in g
k n o w n
a n d
m a n u fa c t u r e r
s a le s
th e
s o -c a lle d
T h is
o u t
c o t t o n
fo r
o p e r a t io n s
g o o d s .
e v ils
its
P o p u la r d e n u n c ia tio n
a g a in s t
th e
u s u a lly
th e n
w h a t
o f
th e
o u t w e ig h
is t r u e .
p u r c h a s e s
th r a s h e d
in q u ir y
s it y
c o n c e iv a b ly
m ig h t
its e lf
o r d in a r y
a n d
s till
c a s e
n a t u r e
r e fe r e n c e
o r
a n d
if th is
a g a in s t
s te e l
c a s e
b u y e r
p r e c is e ly
o f
T h e
s a k e
m a k e
re a l
c h a n d is e
w h o
th e
th a t
c o n s t a n t ly
t r a n s a c tio n ?
th e
b o r r o w s
t o
o b s e r v e d
t h r o u g h
p r e s u m e
p r a c tic e s
m a r g in
th a t
fo r
is
o u t r ig h t
s t o c k s
its e lf.
e x p e c ta t io n
h ig h e r
a n d
a
th e m
in
s u c h
s y s t e m
t h is —
w e
th e
e x c lu s iv e ly
o f
p r o c u r e d
th e
t h a t
d e s t r o y
c o n c e r n e d
h a v e
a n d
q u a n titie s
m o n e y
fr o m
a d m it t e d
T o
la r g e
s p e c u la t io n .
c u r e
th e
h a t
s im p ly
o r
t o
q u e s t io n
p r im a r ily
N o w ,
e v ils
th e
fr a n k ly
m a r g i n .”
o f
s e c u r itie s
fe to c k
w a y
a
s a le
a tta in e d .
th a t
is
a im e d
b o r r o w e d
th e
b e
I t
is
o n
a n d
o f
c o n s id e r
v ie w .
“ s p e c u la t io n
th e
if
o f
d e v e lo p m e n t
g iv e n
d ir e c t in g
in
h a s
u s ,
la r g e r
s o ,
a
d e liv e r y
c e r ta in
it .
fr o m
p r o b le m
a n
th e
e v il.
d e s t r o y
t h e
tio n s
its
th e
b e
u s se e
t h a n
s id e r a tio n
c o n fe r r e d
fir s t
L e t
th e
a n d
fo r
in
p r e s e n t
t a x
o f
fr o m
p u b lic
th e
t o
w o u ld
p r a c t ic e
a t
a ll
a n a la g o u s ,
d iffe r e n t
t o
w a s
n o t
1 0 %
d e a lt
u n ifo r m
b e e n
n o t
v ie w
o f th e
G o v e r n m e n t ,
in v o k e d
d o e s
o f
h a s
a
t a x
a t
g r a n t
fa ir ly
o f
r a d ic a lly
p r a c t ic e
n o t
in a u g u r a tio n
n o t
a lm o s t
c o u r ts
c e r ta in
a
c a s e
th e
o f
g o v e r n m e n t
is
m e a s u r e
r e g u la tio n
b e in g
in s ta n c e .
T h e
th e
o f
a
s u c h
b e
c e r ta in ly
it
s u c h
th e
a n d
o n
o f
is
t io n ,
p u b lic
r o o t
c a s e
U s e
is
o f
th e
a n y
ta g e s .
s ta n d
o b t a in
fr a m e d
in
a n d
a t th e
w a s
w h ic h
p u r p o s e —
G o v e r n m e n t a n d
in g
t o
m ig h t
s y s t e m
r a th e r
r e v e n u e
p lo y e d
T h is
th e
t a x
m e a s u r e ?
t o
e m
M r .
a u th o r
n o t
d e p a r t m e n t
d a n g e r s
a
g r e a t.
a
o c c u p a t io n ,
w o u ld
im p o s e d
w ith
G o v e r n m e n t —
t h e
is
m e a s u r e
le g is la t io n .
a s
p u b lic
d e s t r u c t io n
w h a t
n o te s
s itu a tio n
B u t
C o n s t it u t io n ,
w it h
s u r r o u n d e d
S ta te
b y
o u r
s e e
th e
c o n s t it u t io n a lit y .
le g is la tiv e
o f
T a x
d e e m e d
im p o s in g
o c c u p a t io n
o f
T r a n s fe r
t im e s
p u r p o s e
a
ju d g e d
w a s
lin e s
571
tr ie s .
r e s u lt
b e
d r a s t ic
t h a t
t h a t
th e
th e
tr a n s a c t io n .
fo r s o
p u r p o s e
p u r p o s e s
th e
p a r t
h is
t h a t
a
in
e a c h
d e g r e e .
g iv e n
b e lie v e
S ta te
t w e n t y -fiv e
d e s t r o y
s u c h
fo r
o n
w h ic h
m a y
m e a s u r e ,
lim it
im a g in e d
a
t o
is
Y o r k
g r o u n d
t h a t
fr o m
b u t
lin e s
t a x
s o m e
a d m it s
c o n t r ib u t io n
t r e a s u r y ,
N e w
s h a r e
a
b e
in
b e
r e v e n u e
a s s ig n e d
p o s s ib ly
p r o b a b ly
r e a s o n a b le
$ 1 0 0
w o u ld
is t h e
th e
p r o h ib it iv e .
t o
im p o s it io n
p u r e ly
t o
p r a c t ic a lly
E x c h a n g e ,
w o u ld
th e
th a t
a
b e
S t o c k
th is
h a r s h
1 9 0 5 ,
t o
w o u ld
th e
a p p ly ,
H o w
fr o m
W
w h ic h
c o n c e r n s
w o u ld
o f
THE CHRONICLE
m o n th s
p a n ic .
th e
o n
a r g u m e n ts
th e
c le a r
g e n e r a l
th e
re a l
m is u n d e r s to o d
th e
a c tu a l
s ig
n ific a n c e
q u it e
a n d
p r o s p e c t s
u n a b le
fr o m
h a v e
n o
t o
d o u b t s
tie s
m o r e
w a s
t h a t
o r
d r iv e
B e r lin
W
t o
c e n ts
is ,
t o
a
n o t
t a x
“ th e
P r e s id e n tia l
s o
p la y
t o
t h e
fa c ili
m a n ife s t e d ,
e v id e n c e ,
lig h t in g
m e n t
tr ie d
a
c o n s e q u e n c e
t h e
B r u s s e ls
a n d
v e s t e d
w ill
w h ic h
e v e n
S t o c k
t o -d a y
fift y
s a le s
E x c h a n g e
g a lle r ie s ”
w h a t
b e
o n
th e
e v e
o f
t h e
h a r m
e
w a r n
m u c h
T O
P O L I T I C A L
a ll
A S S A U L T S
C o n tr a r y
t a in e d
a fte r
a s s a u lts ,
a
t u a lly
th e
o f
w o u ld
in c r e a s in g .
m u lt ip lic a t io n
th e
o f
t h a t
p a r t
t h e y
o f
b e
a n d
a u t u m n ,
a s
a s
e lic it in g
p o litic a l
o f
th e s e
lit t le ,
h a d
a p p e a r
s u r p r is in g ,
a n d
e n te r
e v e r y o n e
c a s e ,
r e n e w a l
m e r c h a n ts
g e n e r a lly
t h e
Q u ite
a r e
o u r
la s t
d e c r e a s in g ,
s u p p o s e
b e
fa c t
o n
p a n ic
s o
if
h o w e v e r ,
a t ta c k s
a n y ,
b u s in e s s
a c
is
p r o t e s t
m e n .
T h e
in
v a r io u s
u t ilit y
a n d
w ill
b a n k
b e
n e x t
t h e
d a y
it
a c c u s t o m e d
e s s e n tia l
c o u n t r y
t o
fo r
a t
g o
o n
th e ir
la r g e
w ith
o w n
c a n
t h e
d e v e lo p m e n t
b e n e fit
h a r d ly
a n d
b e
t h e
w o r k
b e n e fit
o f
m o s t
o f
r e
d r o p
o f
s t o p
a n
w ith
t o
in p r o fit s b y t h e m a n u fa c t u r e r
c o n c e r n .
a n d
th e
th r o w in g
th o u s a n d s
o f
r e d u c t io n
o f
th e
o f
a ll
th is ,
a n d
n o t h in g
o f
th e
k in d
n o w
t h o s e
a c t io n s
ir o n
r e t a in e d
r e s p o n s ib le
t a k e n
s e e m
p la c e
fo r
o r
o n
s o
la r g e
o n
in
t h e
its
c h a r te r
a p p e a r s
in
fo llo w s ,
p r o s
W
h a t e v e r
c o u r s e
T h e r e
in g ,
b e in g
is
b u t
in
s o n
t h o u g h t
in
t o
th e
w ill
r e c e n t
a v e r a g e
th e s e
b e
a
g o
o r
y e a r s ,
a n d
c h a n g e s
w e
a ll
t o
r a ilr o a d
in te r e s ts
th e
h o s t ilit y
b e in g
p o w e r
a g e n c ie s —
m a tte r s
a ffa ir s .
n e r
tle
in
o r
t h a t ,
in v o lv e d
*H e
is
p u b lic
n o n e
o f
a fte r
a ll,
a n d
in
th e ir
lit t le
n o
t h e
w it h
t h e
fa r
th e
c o n s e q u e n c e s
s a n it y
h e
a n d
r e a
in
p r o g r e s s
t h in k
t h a t
th e
h o w
fa r
p o lic y
b y
S t a te
a g a in s t
is
a p t
a n d
lik e ly
H e
o f
m a y
a n ta g o n
a n d
n a tio n ,
p u b lic
u t ilit y
e le c t r ic -lig h t
t o
b e a r in g
r a ilr o a d
s e c u r it ie s ,
b e e n
t o
g a s ,
d ir e c t
is
a w a k e n
h o w
p e r s o n a lly .
e n te r p r is e s ,
h a r m
d a n g e r .
c o g n iz a n t
fu lly
a d o p t e d
y e t
h a v e
n o t
in c lin e d
r a ilw a y s ,
s e r v ic e
h a v e
m a n ife s t e d
s tr e e t
t h e
th e
G r e a t c h a n g e s in p o lit ic a l
n o t
s y m p a t h y
g r e a t
te ll
b e fo r e
h im s e lf
a t
a p a t h y ,
e c o n o m ic
c a n
fr ig h t fu l
a re
is
n o t
c o r p o r a tio n s —
a n
te n d e n c ie s
m a n
w it h
o n e
s w a y .
is m
o r
a n d
n o
t h e r e b y
c o n c e r n
in
a p p a r e n t
fr a u g h t
h o w
a s s u m e
b u s in e s s
t h e
m o r a l
p o lit ic a l
b e
is
e n ta ile d
a g a in
a n d
fo r
m e a n tim e
h a r d s h ip s
s h a ll
r e a s o n
p u r s u e d
s u r e
m o v e m e n t
a n d
th e
fe e l
t h a t
u p o n
b u s in e s s
h o ld in g
a n d
o r
th e
h is
a
o w n
p a r t
p e r h a p s
lit
a c c o r d in g ly
h e
fe e ls
t o
h is
p e r
r e s u lt
t o
t o
a re
a n d
it
lim it
R o o s e v e lt
th e
s t a t e
t o
w o u ld
iv e
t h a t
is
h e n c e
c o n t r o l
c o n d it io n s
o f
w h ic h
lim it e d
o f
b e
s w o lle n
b u s in e s s
h e
w a s
h im s e lf
t h e
fin d
o f
in
m o v e m e n t
d e e p
t im e
g e ts
I n
a n d
t h a t
t o
p r e v e n t
b e y o n d
ta k e n
c o r
t r a d e ,
a n d
r e g u la t
F e d e r a l
w ith
a s
c e r ta in
a
p r o fits
O n e
s h o u ld
m ig h t
c o n t in g e n c y
o n ly
h im s e lf.
c o n t r o l.
m e a n s
a tta in e d .
s u c h
a ls o
p o lit ic a l p o lic y
a p p lie d
c o m
g o o d s
e v e r y
fo r t u n e s ”
t h a t
th e
c o n c e r n
a n d
b e
in te r
t h a t
G o v e r n m e n t .
“ s w o lle n
t h a t
th e
fa v o r
in
im m e d ia t e
c o u ld
b e
m a n y
o f
th e
h a s
s u g g e s te d
m ig h t
r e la te d
b e c o m in g
h e
lic e n s e ,
fu r t h e r .
w o u ld
o f
s h ip
h a s
t h a t
s till
m a n
s u p p o s e d
e x e r t
I th e
o r d e r
e n g a g e d
o r
a n d
th e
r e g u la t io n
is
P r e s i
in te r -S ta te
b e e n
in
it
it
h im s e lf in
F e d e r a l
a t ta c h e d ,
t h a t
fu r t h e r
c a r r i e i ’s
F e d e r a l
a
t o
in
th is
s iz e
p r a c t ic a lly
in
th e
o r
u p —
u n d e r
c o n d it io n s
in
it
th e
g e ts
g o
o w n
t h a t
c o m e
F e d e r a l
t h o s e
m a k e
o u t
c a r r ie d
b e in g
T a x e s
d e c la r e d
t h e
u n
th e m s e lv e s .
p r o fit s
t h a t
o f
is
d a y ,
s t e p
m e r e ly
it
is ,
v e r y
lo n g
t h e
b e h o o v e s
F r o m
t h e
c o r p o r a t io n s
e n g a g e d
in c o r p o r a t io n
b y
n o t
t h a t
t o
in
c o n d u c t e d
o f
t o
t h e
lik e ly
c o r p o r a t io n
a c c o r d in g
n o
a ll
o f
a re
S o c ia lis m .
n o w
r e g u la t io n .
c o n c e r n s
p o in t
p o r a t io n
v ie w
th e
o u t ,
a t tit u d e
p r iv ile g e s .
t h e
d a y
e x t e n d
p a r t
th e
t h e
fo r m
n o t
is
a l
s o u n d e s t
t o
a n
s o
t h a t
e m p lo y
th e r e fo r e
G o v e r n m e n t —
o f
o f
I t
d is
a n d
is
s u r e
g r e a te r
h a s r e p e a t e d ly
th e
p r o d u c t s
p a in s
is
t h e
b e in g
th e
o u t r ig h t
B u t
g r a d e d
s iz e
c o m m e r c e —
b u t
o r
it
a n d
c h a r a c te r .
a n d
a n d
c o u n t r y
t h e
b e
r e g u la t iv e ,
w h ic h
in
in
th e
t o -m o r r o w
e v e n
m a in ta in
c h a r t e r
r e g u la tio n
m e r c e ,
a n d
th e
d a y
I t
t h is
t o
o f
a n d
m o v e m e n t
m e n ,
p a
s p r e a d in g
c o n t r o l,
t h o u g h t
d e
a n d
a n d
a n d
a n d
a re, fa s t
g r a d u a lly
t h e
o f
fo r m .
w o u ld
d e n t
a re
m o v e m e n t
G o v e r n m e n t
a n d
o f
in
t h e
a lr e a d y
a ll
d o c t r in e s
t h a t
g e ts
s u b je c t
e n te r p r is e s .
a c c o r d in g
a m e n a b le
S ta te s
p r o fit s ,
p e c t .
m u s t
r is k in g
r a ilr o a d
a r g u m e n t
t o
a re
k in d s
w h o ,
n o t
s c a le
c o r p o r a t e d ,
B u t
c h e c k
e x t e n t
in s t it u t io n s ,
p u b lic
c a r r ie r s .
fr o m
d is
th e s e
t h o s e
m a n
a
t h e
t o
lin e
a n d
c o r p o r a t e
th e
o r d e r .
o f
B u s in e s s
w o r k .
a t
o u r
t h e
b u s in e s s
o f
o f
a g a in s t
in
a ll
th e
h u n d r e d s
th r e a ts
u p r is in g
w o u ld
h a s
o f
b y
s till
p o p u la r
c ir c u m s ta n c e s
t h e
e m p lo y m e n t
o f
a
o f
a n d p r o d u c e r e v e r y w h e r e ,
fo llo w e d
w a g e s
m e th o d s
t r e s s in g
o u t
w o r k m e n ,
C o n s id e r in g
p o lit ic a l
d e p r e s s io n
t o
o f
g e t t in g
in to
b u s in e s s
th e
in
v ig o r o u s ly
t h a t
t h e
r e g u la t io n
a ll-p e r v a d in g
t h e
in
w e
p u b lic
e n d
s e e n
lo c a l
c e r ta in
t h e
S o c ia lis m
b e
in it ia t iv e
p a te r n a l
a n d
a r e
a
fis c a l
b u s in e s s
r e a s o n in g
s t e e l in d u s t r y a n d a ll a llie d t r a d e s ,t h e lo s s in b u s in e s s a n d
s u lts
e n jo y
th u s
is
t h e y
le g is la t io n ,
o t h e r
a n d
u n c o n s c io u s ly
t h e m ,
S u c h
th e
T h e
e x a g g e r a t e d .
b e
a r e
a d v o c a t in g
r a ilr o a d s
in a b ilit y
a n d
G o v e r n m e n t
fo r
s o
th e
th e
is
p la c e d
s t o c k -in -t r a d e
a n d
t h a t
e ffo r t
o f
c r e d it
r e la
s u c h
s u ffe r e d
in s id io u s ly
m a y
p r o h ib it o r y
w ill
t h a t
a r e
it
I n d iv id u a l
th e
r a ilr o a d
a
o f
e ffo r t
a c t iv e ly ,
te n d e n c ie s
g u is e s
c o n c e r n
r e s tr ic tiv e
m e n
e n te r p r is e s .
T o -d a y
s p e c ie s
o f
in v e s t
w h o
t h a t
a n d d ir e c t ly
o p p o s e
p o lit ic a l
b u s in e s s
e x t e n t o f th e s u ffe r in g e v e r y w h e r e b e in g e n t a ile d th r o u g h
d e s t r u c t io n
fa il t o
t h e
d ir e c tio n s .
p u b lic
e x p e c ta t io n s
t h e
t o
t o
th e
th e
in s te a d
r ig h t
a s
t o
b u s in e s s
t h e y
a ll
te r n a lis m
H A Z A R D O U S .
id e a
in
a n d
T h e s e
th e r e
a c t iv e
th e
p e r s o n a lly
o u r
w h e n
s t r o y in g
I N D I F F E R E N C E
b e
t h e
o n ly
c a p ita l
b u t
p r e v e n ts
o n
o f
p e o p le
t h a t
b e
r a ilw a y
s a m e .
t r e a t e d ,
w h ic h
t o
o b lig a t io n s
th e
w r o n g
m o v e m e n t
t o
u n r e le n tin g ly
e le c t io n .
a ll
in
t h a t
lo c a l
b y
s t r o n g ly
lik e ly
c o u n tr y ;
t h e
th e
u n fa ir ly
in e r t ia
th e
it
is
t h e
p a r t ic u la r ly ,
m o s t
is
s ta k e
o f
c o n fe r r e d
b e
a t
o f
b y
a re
in s ig n ific a n t.
W
u s e d
o f
r e s tr a in
o f
T h e
o f
a m o u n t
o r
p a r ts
h e ld
S o u t h
a t tit u d e
p o r t io n
t h in k
s h o u ld
a n d
e n te r p r is e s
o t h e r
b e in g
e s t
te n d e n c ie s
c a p it a l
p o w e r
a d v a n t a g e s
le g is la to r s
o u r
th e
o f
m a y
W
m e n ta l
in s ig n ific a n t
o u t
tr a n s a c t io n s
a
s in c e
a n d
t h e
p o lit ic a l
s u c h
c la s s e s
p e o p le
s p e c im e n
th e
a
I n
n e w
e n te r p r is e s
r e -c o n s id e r .
a
d e a l
t h e
w e a k -m in d e d
a s
t h a t
f o r
m e r e ly
t o
w e
in te r e s t s .
w h e r e
t iv e ly
o n ly
m a r k e ts
p r o p o s e d
b ill,
s o n a l
y e a r s
fe w
I t s
e x p e r im e n t ,
a re
A s id e
th e
t h a t
b y
p a s t
t o
o f
is
e x c h a n g e
s te p s
w e
o f p r a c t ic a l fin a n c e
m is u s e d
th e
im a g in e
th a t
o p in io n ,
c a lle d
b e
in
e x p e r im e n t .
t a k in g
$ 1 0 0
o u r
b e
d o
is
p e r
in
m a y
h a s
b ill,
s e r io u s ly .
u n d e r ta k e
d o in g
i n t o ' s u c h
e
r e p e a t
G e r m a n y
fo r
la r g e r s t o c k
a n d
L o n d o n .
c a r e
th e
w ill
fu n d a m e n ta ls
a r g u m e n t
s im ila r
H e p b u r n
c o n s t it u t io n a lit y
th e
m a r k e t
le s s
th e
m e a s u r e
C o n g r e s s
G e r m a n y
t o
o f
a t
o f
t h e
th e
t h a t
o n ly
p e o p le .
ta k e
t o
b lo w
th e
o f
a s
id e a
d e lib e r a t e
w h e n
[V L LXXXV
O.
I.
THE CHRONICLE
512
a
t o
b e
n o t
th e
w h ic h
r a ilr o a d s
H e
r e s u lt
s h o u ld
b e fo r e
Mae. 7 1908. j
T h e
E m p lo y e r s ’
p o in t .
h a s
T h e
n o
s k ilfu l
p r e v e n t
im a g in e s
o f
fo r
o ld
a n d
a
d e n ts
r e s u lt
th e
h e
h is
c a r e le s s n e s s
h e
o f
m a d e
t io n
h e
m a d e
th e
a p p lic a t io n
its
tr a d e s
a id
in
b e r
o f
s o u n d
e c o n o m ic
d e n ts
c a u s e d
a v o id a b le ,”
th e
m e n
fo r
s h o u ld
th e
a
it
b u s in e s s
w ill
A n d
th e
h a lls
is
rie r s
m o n t h
a n d
in
is
n o
a c c i
a re
s u c h
u n
t h a t
b e c o m e
a u t o
s u it.
a n d
W
lim it e d
o r k
c o m
ir r e s p e c t iv e
w h ic h
a g o ,
a n d
fr o m
h a r m fu l
th e
r o a d s
s im ila r
b e
h e
h e
b e c o m e s
b u s in e s s
o u r
b u s in e s s
o u r
p r o d u c e r s
a n d
m e n ,
a n d
o f
is
s e n t
o f
t o
in
is
th e n
t h e
e v e r y
o u r
h e
a s
o f
is
v it a l
b e in g
in te r e s t
o f
T h e
s e c u r it y
e x e m p t
p a r t ic u la r
t o
fie ld .
th e
r a il
ju s t ific a t io n
u n til
a g e n c y
life .
c a r
m o v e
is
r e m a in
e q u a l
r e g u la tin g
c la s s e s
s h o w
t o
th e
fa n c ie d
t o
e x t e n d e d
m e r c h a n t s ,
la b o r in g
in
is
la z y
le g is la t iv e
e ffe c ts
in d u s tr ie s ,
w a lk
t o
e v e r y w h e r e .
o w n
th e r e
o t h e r
th e
o p p o r t u n it y .
o u r
o r
e v e r y
s u b s ta n tia l
a d v o c a t e s
r e s t
b e in g
a
o f
lim b ,
th e
m a tt e r
h is
w h ic h
w h ic h
if
in
m a n
t h a t
o n e
m a tt e r
b u t ,
its
a
n o t
le g is la t io n
o f
o f
n o t
illu s tr a tio n s
p r e v a ils
it
n o t io n
w h ic h
t h a t
c o n c e r n s ,
s h o u ld
tr e a tm e n t
G o v e r n m e n t
o f
la t e
in
I t
in
fin a lly
e v e r y
b e h o o v e s
o u r
m a n u fa c tu r e r s ,
(t h e
la tte r
o f
w h o m
fo r
t o
t o
E n lig h t
c o m b in e
in
t h a t
c o m
a n d
I h e
in
g a in
fo r
h e a v y
th e s e
s y s t e m ,
o t h e r
in d ic a t io n
c o m in g
e v id e n c e
o f
s it u a t io n
th e
r e s u lts
fo r
w h a t e v e r
t o
s u g g e s t,
it
is
t o
o f
fu tu r e
th e
b e
w e
a r e
o u r
t o
w h ic h
t h e y
p a r t ic u la r
n o r m a l
t o
re s t
c u r b
th e
a s s a u lts
u p o n
g o in g
o n
a ll
b u t
fu r t h e r
b y
t o
g r e a t
d u c t io n s
a n d
p a s t
w e r e
m e n t,
th e
is
w e
A
a
n o t
o r
fu r th e r
o f
a
th e
c h e c k
h is
t r a ffic
s ta te m e n t
a n d
r e v e n u e s
o w n e d ,
a t
t h e
o p e r a t e d
e n d
o f
a
in
t o
th e
b e
r e p o r t
th e
fo r
a s
le s s
I f
t h e
r e t r e n c h
o f
th is
a ll
t o
o r d e r .
in
th e
t h e
a n d
t h a n
th e
c a r r ie r s
b y
g iv e s
lin e s
re
a s c r ib e d
r e p o r t
s u p e r io r
c o n t r o lle d ,
n o
r e g a r d e d
a d m it t e d
a ll t h e
1 9 0 7
t h a t
b y T h e T a il-
m u s t
n e e d
e v e n
o ffs e t
P r e s id e n t
w h ic h
t h e
c o s t
C o m m e r c e
c o n s e q u e n c e s .
o f
th e
fo r
o r
fo r
th e
v e r y
b e
b u t
h a v e
w h e r e
e n t ir e ly
in tim a te d
n o 't
p r o p e r t y ,
o f
w e r e
e m p lo y e d
n e e d ,
c o n
e
s t r u g g lin g ,
e x p e n s e s .
c o u ld
a t te n tio n
r a ilr o a d
W
o p e r a t in g
b e e n
a s
t r y in g
w e r e
p a n ic .
in
o n ly
r e v e n u e s ,
a n d
I n t e r -S t a t e
m e n
c o n v in c e d
n o t
g r o s s
r e a c h e d
b r o a d ly
ta k e
m a n a g e m e n t
a lt o g e t h e r
b o t h
h a r d
th e
w a s
m is c o n d u c t
t o
t h e
h a v e
t h e
o f
w a g e s
y e t
in v it e
s u m m a r y
w h e th e r
s c a r e d
r e fu s e
o p e r a t io n s
o f
in
t o
le g it im a t e
o b lig e d
a n d
r e v e n u e s
m o n t h
m is d e e d s
p o s s e s s
a n d
b e e n
p u tt in g
in c r e a s e
p o s it io n
g r o s s
n u m b e r
a
in t o
a d v e n t
le t t e r
t h e ir
o f
m a g n ific e n t
g a te
a
h is
in
n o w
P r e s id e n t
t h e ir
h a s
in te r e s tin g
r a ilr o a d s
in
la s t
in
o u t g r o w t h
t o
th e
fa ile d
in
d e v e lo p m e n t
r a ilr o a d
a u g m e n t a t io n
in
C o m m is s io n
r o a d s
T h e
o f
h a v in g
fin a lly
t r a ffic
t r e m e n d o u s
g a in s
R o o s e v e lt
t h e
th e
w h ic h
la r g e
a
th e
is
in
in s ig h t
w h ic h
b e fo r e
w h ic h
u n d e r
v e r y
a n
u n d e r
e v e n
r e fe r e n c e
a n d
s e r v e .
in
o f
u p o n
c o r p o r a t io n s
t h e r e b y
r e p o r t
g r o w t h
fu r n is h in g
a g a in s t
a lik e
r e v e r s a l
t h e y
t h e
o f
c o u n tr y ,
n a t io n a l,
h a s
o n e
e n te r p r is e .
c o n d it io n s
d u c t e d
th is
m o v e m e n t
t h a t
fo r
r e s o u r c e s ,
P e n n s y lv a n ia
a s
a n d
s o
fu n d s
a n d
T h e
fo r
in s t e a d
tu r n
o t h e r
T h e y
m is fo r t u n e
in te r e s ts
th is
th e
g u id e
y e a r .
d e t r im e n t
in
in
a n
h o w
n o
a
in
a n
a s
t h a t
s it u a t io n
o w n . fa u lt
S t a te
y e a r s ,
o f
th e
a s
t im e ,
w h e r e
s t a t e
t h a t
a n d
c a p ita lis ts
v a s t
n e w
a
e x c e ls
e x p e c t e d
fu r n is h
w h a t
t h e y
o u r
s o m e
c o n t r ib u t io n s
T h e
la r g e ly
fa r
c h a n g e d
s u c h
is
w e a lth .
a n d
c o u n t r y ’s
u p o n
r e g r e t
a n d
fo r
o f
im p o r t a n t
a c c e p t e d
in d u s t r ia l
w h ic h
fo r
b e
is
th e
t o
v a s t
r a ilr o a d
c a p it a l
r e v e
u s e fu l
p r e s e n t
t o
n o r m a l
p o lit ic ia n s ,
u p o n
in v e s to r s
th e
th e
a re
t o
d e p r e s s io n —
a n d
is
t o o
th e
v o lu m e
o f t h is
r e v ie w
b a c k w a r d ,
m a tt e r
c o u r s e
T h e
e x c h a n g e
is
a n d
o b -
o f
a n d
t h e
e a r n in g s
c o m p le t e ly
u n d e r
a n d
m o v in g
r a ilr o a d s
s o
a s
w h ic h
lo n g
c a m e
t r a ffic
g r o w t h
fo r
o b lig e d
a d v a n c in g ,
p a s t
g r o w t h .
h a s
o f
e x p a n s io n
p r o s p e c ts
r e tr o g r e s s io n
in
d o w n
c o u n t r y ,
r e fle c tio n s
r a th e r ,
o ff
c u t
p o in t
t h e
is ,
y e a r
th e
t o
in
in
th a t
e v e r ,
m a r v e lo u s
o p e r a tio n s
c h a r a c t e r
a n n u a l s t a t e m e n t s
fu r th e r
p e r io d s
a
r e v u ls io n
g e n e r a l
fa llin g
w h ic h
th e
is
r e v e a ls
m o n t h s .
s y s t e m
o f
P e n n s y lv a n ia
c h a r a c t e r is tic s
th e
s e r v e d
t w e lv e
O r d in a r ily
r a ilr o a d
e v e r y
a
R E P O R T .
t h e
y e a r
b u s in e s s
c h a n g e
D e c e m b e r
th e
a n d
o f
a n d
m a g n itu d e —
t o
t h o u g h
n u e s
c a le n d a r
s t r e n g t h
p a n ic
y e a r
r e p o r t
th r e a te n
in s t it u t io n s .
R A I L R O A D
t h e
th e
g r o w t h
th e
r e s u lts ,
r e ite r a te d
a ffa ir s
b r o k e n
a p p lic a t io n
b u s in e s s
ju s t ifie d ,
is
s u r e
th e
a c t iv it ie s
th e
tr e a tm e n t
c a n
a
a v a il
n o w
it s
s e r v ic e
m is ta k e n
is
I t
a
t o
e x t e n d e d ,
t o
m a tt e r
e v e r y -d a y
fo r
fa il
in
th e
th e r e fo r e ,
th e
th e
m u lt ip ly
w h ic h
p u b lic
c o n c e r n
u n d e r
n o t
lim ite d
th r o u g h
th e
w e m a y b e
m ig h t
p o lic y
n o t
t h a t
u p o n
A n d
w e
b r o a d e n e d
lin e
b e
la w
m e s s a g e
r a ilr o a d s .
r e c o v e r e d
w o u ld
a n d
la t t e r ,
s e e n
t h e
b e a r in g
b e
s o
t h a t
m e n t
b e
m a n .
c o u ld
e m p lo y e e
fo r
e m p lo y e d
b e t w e e n
in d u s t r y
a
n u m
C o .
o f
r e v e a lin g
s im p ly
d ir e c t
s u m
I f
s p e c ia l
o v e r
a
d e fin ite
in
o p e r a
t h e .
w h ic h
w o u ld
a ll
g r e a t
“ th e r e
s h o u ld
fo r
in
in v o k e
th e
in
th o s e
th e
a n d
v ie w s .
T h u s
a n d
c e r ta in
a c c id e n t s
I n
t h a t
t h a t
la w
m a tt e r
a ll
s o m e w h a t
c o n c e r n s
h a s
a
a
c o u ld
d is t in c t io n
“ th e
in
e m p l o } rc e s
w o r k e r s
a n d
th e
r e s tr ic t
p r e v e n t a b le
a c c id e n t s
b e in g
r e c e iv e
n e g lig e n c e .”
th e s e
th e s e
o f
fo r
C o n g r e s s
t h a t
t o
m a n u fa c t u r in g
a r g u e d
o r
o f
o r
E x p o s i
b r o a d e n
in c r e a s e
w a g e
n e g lig e n c e
a d d in g
in s t e a d
p e n s a tio n
H e
t o
a n d
b o t h
r e a s o n
b y
p a y m e n t
m a tic
th e
o n e
e m p lo y e s
a s s e r te d
a n d
in c lu d in g
a c c id e n t s .
t o
a c c i
a c c id e n ts
m e a n
b u s in e s s
H e
t o
n o t
la b o r e r s
o f
a ll
t im e .
d a n g e r s
p o p u la r
y e a r s ,
e x t r a o r d in a r y
th a t
n e g lig e n c e ,
I n
m e a n t
c o r r e s p o n d in g
th e s e
- e v ita b le
d id
h e
fo r
s u c h
o f
b e e n
c h a n g e d ,
J a m e s to w n
p r in c ip le
t h a t
if
a n d
th e
h e
m e c h a n ic a l
a
d a m a g e s
e v e n
a t
th a t
lin e s
a c c id e n ts
t h e r e in ,
t h a t
in flu e n c e .
m e a n t
g e t
o f
in to le r a b le )
in
a ll
t h e
P E N N S Y L V A N I A
s e iv a b le .
s h o u ld
is
in d u c e
o ff
p r e v io u s
R a ilr o a d
t h e
b u s in e s s .
b e
fo u n d a tio n s
in
e x h ib it
w h ic h
h a s
t o
e s p e c ia lly
th e m s e lv e s
A s
c a r r ie r s ;
o f
s h a ll
e m p lo y e e s .
J u n e
th e
s o
a ll
a n d
in c r e a s e
tio n s
o f
s c o p e
a n d
s e r v a n t
fe llo w
b u t
lin e s
w a r d
v e r y
b e s tir
T H E
th e
o f
p r in c ip le
a ll
c a r e le s s n e s s
c le a r
s e r v ic e ,
e x t e n d
its
it
s a m e
in
in ju r e d ,
la s t
a n d
p u b lic
s h o u ld
d e fe n c e
c a r e
o b je c t io n s
o f
s e lf-in te r e s t
th e
a n d
h e
S u p r e m e
R o o s e v e lt
th e
s h o u ld
o w n
J a n u a r y ,
th e
c o n d it io n s
m o n
fr o m
fo r m
S .
h e d e m a n d s r e c o g n it io n
a n d
is
in
k in d s ,
t h in g
s u c h
n o t ic e
e n e d
w h ic h
c o u r s e
fin d
573
ta k e
e m p lo y e e s
o f
U .
w o u ld
m a n u
p r e s e n t
th e
e m p lo y e e s
a ll
e m p lo y e e
fr o m
r a ilr o a d
o f
h is
b u t
in
th a t
o r
its
m e e t
t h a t
a
a n d
n e g lig e n c e
P r e s id e n t
m a s te r
w h ic h
s p e e c h e s
t o
fo r w h ic h
o f
th e
in
I n
t o
o f
c a s e
t h a t
b e
d iffe r e n t
th e
w h ic h
y e a r
e m p lo y e e s
th a t
b y
L a w ,
a d v o c a t in g
la w
p a r t
t o t a lly
r e v is e
m a y
p la n t ;
h a n d s .
s o le ly
T h e d o c tr in e
th e
t o
a b o u t
t o
a
H e
th e
u n c o n s t it u t io n a l
a p p lie s
a p p ly
is
n o t a b le
m a c h in e r y
a n d
c a u s e d
tr a in
s o u g h t
s tr e n u o u s ly
o n
a
im a g in e s
b u s in e s s .
life
L ia b ilit y
d e c la r e d
n o w
b u t
th a t
th e
E m p lo y e r s ’
C o u r t,
t o
is
m a n
e x t e n s iv e
h a n d lin g
a c c id e n t s
le s s n e s s
is
h is
d a m a g e
th a t
r a ilr o a d
C o u r t
u p o n
L a w
b u s in e s s
e m p lo y in g
r e q u ir e s
it
L ia b ilit y
o r d in a r y
b e a r in g
fa c tu r e r
t o
THE CPIRONICLE
a g g r e
s y s t e m ,
c o m p r is in g
1 1 ,1 7 5
m ile s
o f
r o a d .
fo r
O n
th e
fir s t
m a r k ,
a ffo r d s
th is
a n
T h is
lo s s
1 9 0 6 ,
o f
w a s
t h a n
o f
t h e
is
in
g r o s s
o f
t h e
1 5
W
o f
fu r t h e r
in
a m o u n t
is
A t
t h e
lik e w is e
t w e lv e
it h
t h e
s u c h
r e a d e r
T h e r e
a n
w a s
n o
t h a n
th e
in g s
a c t u a lly
o n ly
g ro s s
a t
o ff
b y
4 ,7 5 5 ,7 9 1 ,2 1 8
c r e a s e d
b y
g re a t
in c r e a s e
t h e
c o m p a n y
p r e c e d in g .
th e m
a
W
h a v e
g a in s
a s
in
a
c lo s e ly
w h o le .
c a u s e s
t h e
c o n t r o l
o p e r a t in g
fr o m
th e
c o s t
t h e
m e n ta l
fu e l,
T h is
w a s
a c t iv e
in
g r o s s
w o u ld
b u t
w e
h a p p e n
th e
o ld
e x p e n s e s
s y s t e m
if
o f
t o
t h e
t h e
d o
o p e r a t e d
p o s s ib le
g r e a t
t o
e x t e n t
n e t
r e tu r n
a n
fo r
e v e n
m o n t h
is
a t
la r g e r
r a te
w e r e
e c o n o m ie s
t u r e s ;
o f
t u n a t e ly ,
c o n t r o l
o f
p e n d itu r e s
t h e
t h e
h a s
fa llin g
b e e n
o ff
in
o v e r
t o
4 4
o ffs e t
b e
e x p e n s e
c u t
r a te
4 4
o f
m illio n
y e a r
w a s
p a n y ’s
th e
g a in s
1 9 0 7 ,
la r g e s t
h is t o r y .
p r e v io u s
la r g e
in
e x p a n s io n
n o t
t o
t h e
T h is
y e a r s
w e r e
g r o s s .
in
A lt o
r e v e n u e s
A ll
t h e
a b o v e
in
is
e a s t
a s
a n d
in
lin e s
in te r e s t
th e s e
lin e s
o f
it
th e r e
o n
w a s
fr o m
t h e
n e t
it
a n
w o u ld
in c o m e
o f
d e n d
a
s e e m ,
in
fo r
1 9 0 6 .
n e t
w e r e
n o
in
b y
s u c h
in
e x p e n d i
o u t c o m e .
g e t t in g
o f
F o r
e x
$ 2 ,4 2 4 ,7 0 0 .
1 9 0 6
t h e
in
a n
t h a t
to w a r d s
w h o le
r e m a in e d
a n d
t o
lo s s
J a m e s
p r o s p e r it y
b e
la r g e r ,
th e
w a s
a g a in s t
w a s
t h e
o v e r
e a r n in g s
N e v e r
th e
d iv i
$ 2 1 ,9 0 8 ,4 3 5 .
t o
t h e
fu n d s
h o w e v e r ,
c o n t r ib u t e d
p a y m e n t s ,
w a s
$ 6 0 ,
r e s u lt
1 9 0 6 .
w e r e ,
fu n d
c a r r ie d
fo r
e a r n in g s
w a s
in
o f
1 9 0 7
h e a v ily ,
o f
fin a l
t h a n
r e v e n u e
w h e r e a s
w a s
is s u e
o u t
m o r e
s in k in g
in
$ 1 ,4 9 2 ,8 9 1 .
$ 3 3 ,5 7 5 ,0 5 6 ,
s u r p lu s
s u r p lu s
in te r e s tin g
t h e
o f
c o n t r ib u t io n
E a s te r n
d iv id e n d s
o f th o s e
$ 9 ,3 1 5 ,1 9 7
c o n t r ib u t io n s ,
p r o fit
o f
fo r
r e
h o ld in g s
in c r e a s e d
c o m in g
t h e
s t a te
t h e
$ 3 3 ,5 7 5 ,0 5 6 ,
e x p e n d it u r e s
s im ila r
P r e s id e n t
b e t te r
th e
a n d
s u r p lu s
o f
1 9 0 7 ,
o u t
o f
d iv id e n d s
th e s e
o f
M ile .
o p e r a t e d
e a r n in g s
T h e
c a ll
n o
1
N o.
in
s o u r c e s
o f th e
o f
M ovem en t
b o n d
e a r n in g s
g o
u p h ill.
3 ,8 2 6 , 1 4 1 ,9 9 1
3 ,4 7 5 ,6 4 6 ,2 7 0
3 ,0 7 5 ,4 0 2 ,8 2 6
2 ,9 5 9 ,9 9 1 ,8 9 6
2 , 8 5 7 , 3 4 1 .1 6 4
2 ,6 0 7 ,2 1 5 ,3 4 3
2 ,3 9 9 ,9 3 7 ,0 5 5
l ,9 8 7 ,8 1 0 ,6 9 8
1 ,8 0 1 ,5 9 7 ,0 4 8
1 ,6 4 2 ,7 1 5 ,0 4 3
t h e
o n
h a s
a re
g o in g
in
g r o s s
n o t e s .
o u t
w e
in c o m e
a n d
o t h e r
in c o m e
p o lit ic ia n s ,
d ir e c t ly
c h a r g e s
7 %
6 y 2 %
th e
a n d
T h e
la r g e r ,
a g a in s t
I n
n e t
c h a r g e s
r e q u ir e m e n ts
1 9 0 6
I f
y e a r .
J a n u a r y ,
e x t e n t
in
in
th e
o f
a d v a n c e
in te r e s t
s t o c k
a n d
p e r io d
o p e r a t io n s
s t a t e d ,
in
o u r
o w n
lin e s
b e c a u s e
a s a g a in s t
p u r p o s e
its
s h o r t
P a ssen g er
N o . C a rried .
1 5 3 ,0 4 7 ,0 4 6
1 4 0 ,5 1 3 ,3 6 4
1 2 6 ,0 0 3 ,5 3 9
1 2 0 ,4 1 6 ,2 1 8
1 2 3 ,6 3 2 ,2 0 3
1 1 5 ,8 4 8 ,8 4 1
1 0 5 ,4 2 7 ,3 2 1
8 3 ,6 7 6 ,4 4 6
7 6 ,7 6 9 ,0 8 0
7 1 ,8 1 4 ,6 4 2
a p p e a r s
fix e d
a s
d u c e d .
r e d u c t io n
a
d e c r e a s e s
in
th e
lo s s
h a n d
s h o w s
fo r
o n
1 9 0 1
w h e r e
t h e
1 9 0 7
m o v e d
a d d it io n
w e r e
I t s
B r ie fly
c o lla t e r a l
d o lla r s
1 9 0 7 ,
t h e
E r ie .
in
a n d
w e
w it h
s y s t e m
a b o v e
$ 3 5 ,6 7 4 ,3 0 0
m illio n
o n
in v e s tm e n t s
o t h e r
o f
in
w e r e
t h e
c o n d it io n
in c r e a s e
b u t
3 -y e a r
t h e le s s ,
o b s e r v e d ,
d o in g s
d e a l
r e c e iv e s
$ 1 6 ,5 7 2 ,9 4 3
b u t
t h e
p u b lis h e d , a n d
lo s s
a
a n d
c o m p a n ie s .
I n c o m e
2
o f
m a r v e lo u s .
a n
in
g r o w t h
p r e v io u s ly
s im p ly
c o n t r ib u t io n s
th e
T h is
th e
o f
g r o s s
M ile s o f
Ilo a il.
1 1 ,1 7 6
1 1 ,0 8 1
1 1 ,0 1 1
1 0 ,9 1 8
1 0 ,9 1 4
1 0 ,7 8 3
1 0 ,4 8 5
1 0 ,2 1 7
9 ,2 3 7
9 ,0 3 6
t h a t
fr e ig h t
P e n n s y lv a n ia ’s
P it t s b u r g h
e x t r a o r d in a r y
w ill b e
o f
m o v e m e n t
fig u r e s
b a s e d
o f
m o r e
s e e n
to n s
to
d u r in g
th e
N e t.
$ 8 3 ,6 3 1 ,4 4 5
8 4 ,3 5 4 ,3 9 9
7 3 ,9 6 9 ,2 4 9
6 5 ,7 0 2 ,9 6 0
6 7 ,1 3 8 ,3 2 0
6 7 ,5 3 9 ,5 1 1
6 4 ,9 1 3 ,4 9 2
5 4 ,7 3 8 ,0 7 7
4 5 ,6 7 5 ,7 1 2
4 1 ,4 5 9 ,4 1 5
b e
t o n s
t h e
$ 3 2 6 ,7 8 5 ,5 2 6 .
e v e n
w ill
a re
t h a t
1 9 0 7 —
is
fo r
T h e
fo r
it
b e e n
1 8 9 8 .
r e c o r d
fa s t
s y s t e m .
w a s
t h e
t o
■ F r e ig h t M o v e m e n t - ------T on s M oved .
T o n s 1 M ile .
3 7 ,6 7 4 ,5 1 1 ,9 0 3
1 9 0 7 ............................4 3 5 , 0 6 4 , 1 3 6
3 2 ,9 1 8 ,7 2 0 ,6 8 5
1 9 0 6 - - ....................- 3 6 3 , 9 5 5 , 8 2 7
2 9 ,5 0 3 .1 4 7 ,3 6 2
1 9 0 5 . . - .................- 3 2 5 , 9 7 6 , 8 8 9
2 5 .1 3 3 .2 5 3 .7 5 6
1 9 0 4 ________
2 8 4 ,8 1 9 ,9 4 0
2 5 , 7 1 2 , 9 6 4 ,2 9 0
1 9 0 3 ________
2 9 5 ,1 2 0 ,3 9 8
2 3 ,8 2 7 ,0 0 5 ,3 3 4
1 9 0 2 _______________ 2 6 9 , 5 1 2 , 8 7 9
2 1 .9 2 9 ,5 6 5 ,5 1 9
1 9 0 1 ________
2 4 3 ,4 6 3 ,9 8 0
2 0 .3 6 4 .6 6 3 .7 5 6
1 9 0 0 _______________ 2 1 9 , 0 7 6 , 3 7 7
1 9 ,6 1 5 ,0 2 9 ,9 9 8
1 8 9 9 _______________ 2 1 0 , 1 0 1 ,6 5 3
1 6 ,3 2 9 ,3 7 9 ,6 3 2
1 8 9 8 ________________1 7 5 , 5 6 5 , 4 0 0
w h o le
t o
2 1 ,9 2 9 ,5 6 5 ,5 1 9
O w in g
a s
o b s e r v e d
1 9 0 1
it
H e r e
in
e x c h a n g e d
d o w n h ill
b e
o n e .
E xp en ses.
$ 2 4 3 ,1 5 4 ,0 8 1
2 1 1 ,5 4 3 ,7 6 6
1 9 2 ,1 0 0 ,3 4 8
1 7 1 ,5 1 3 ,4 6 0
1 7 5 ,3 7 9 ,4 3 8
1 5 2 ,5 3 9 ,7 1 9
1 3 3 ,7 1 3 ,3 8 6
1 2 0 ,4 0 8 ,2 7 6
1 0 6 ,7 2 3 ,3 7 6
9 4 ,6 7 0 ,8 5 6
fr e ig h t
b e e n
a n y
t o
w ill
fr o m
h a v e
t o n s
y e a r s .
0 0 0 ,0 0 0
fo r
w a s
m a r v e lo u s
t a b le
a g a in s t
T h e
in e v it a b le
t h e
a s
lo s s
s u c c e e d e d
t o
it
e x p e n s e s
e n o r m o u s
a c c o u n ts
d o w n
in
d o lla r s
a n d
t h e
m a n a g e m e n t
b e in g
t h e
3 7 ,6 7 4 ,5 1 1 ,9 0 3
p h e n o m e n a l
m a in ly ,
ta k in g
e a r n in g s
A s
a
t r a ffic
T h e
g r o s s ,
th is
m a n a g e m e n t
w o u ld
t h e
t h e
c a le n d a r
$ 1 9 8 ,6 2 6 ,8 7 8
$ 1 ,7 6 7 ,5 0 0 .
T h is ,
m illio n
a
P itts b u r g h
c o n s e q u e n c e
r e a c h e d
ju s t
b u t
o f
n in e
a ll
fo r
e x p e n d it u r e s
d e c r e a s e
a
$ 3 ,6 7 3 ,2 0 0 .
m a d e
d is a s te r
t h e
a s
r e s u lts
w e s t
in
t h a n
re
m o n t h ly
g r o s s
o f
s u c h
a re n a t u r a lly
th e
in
w h a t
e n fo r c e d ,
O n
c o n t r o lle d ,
c u r t a ilm e n t
m o n t h
o f
t h e
c o m
I t
fo llo w in g
m a in in g
a u g m e n tin g
n o w
$ 2 ,4 8 9 ,1 0 0 .
e a r ly ,
J a n u a r y
n o t
T h e
a n d
d e c r e a s e
o f
a n d
t h a t
r e a c h in g
th e
e ffo r t
th u s
s m a ll,
fo r
a
s u m
p r a c t ic e
r e la tiv e ly
in
w a s
w e r e
y e t
fu r th e r
I m a g in e
s t e a d ily
e a s t
th e
$ 1 ,2 4 8 ,5 0 0 ,
a t
D e c e m b e r ,
a s
a lo n e —
fr o m
m e n t
in c ie a s
o f
r o s e
b illio n s
o f
w a s
s till
in s t e a d
lo s s e s .
a n d
o p e r a t e d
c o s t
e n te r in g
r o a d s .
t ia ff ic
s h o w
o w n e d ,
g o v e r n
b u s in e s s
lo s s e s
d ir e c t ly
in
th e
g a in s .
n o t
im p o s e d
t h in g s
u n c h e c k e d .
lin e s
th e r e
o f
w h e n
lin e s
E r ie ,
o t h e r
t o w a r d s
c o m p a n y
a lik e
a u g m e n t e d
a n d
t h e
D e c e m b e r
o f
is
a g a in s t
th e
fo r
y e a r s .
y e a r s
m ile ,
in g
b e y o n d
a n d
t e n
n o w
P a il-
n o t w it h s ta n d in g
w h e n
t h e
a n d
s u m
y e t
a s
in
in
in
b e e n
t h a t
w a g e s ,
th e
p r e v io u s
o f
w a s
in
t h e
c o n t in u e
th e
la t g e
h ig h e r
o u t la y s
h a s
g a in s
le s s
2 1
r a ilr o a d s
w e r e
le g is la t iv e
fr ig h t fu l
P e n n s y lv a n ia
a jo iit y
fa r e d
a n d
e x t r a
o f
t h in g s
t e n d e n c y
a s th e
lo s s
y e a r
1 6 ,3 2 9 ,3 7 9 ,6 3 2
t h e
r e tr e n c h m e n t
t o
g r o s s
P e n n s y lv a n ia ’s
s ix
t h e
o n e
th e
v e iy
S ta te s
la b o r
t h e
p e r io d
h a v e
a llo w e d
p r o p o r t io n e d
tu r n s
a
s itu
o f
m
n o
in c ie a s e s
o f
r e c e ip ts
c o m e s
y e a i
t h e
fo r
la s t
F r o m
r o a d s ,
a c c o u n ts
o f
r a ilr o a d
N o w
g a in s
s ta te
t h e
fr o m
a n d
th e
c o n d it io n
a ll
r e a d e r s
s u p p lie s , a n d
t h e
a n d
in g .
a n d
o p e r a tio n s
t h e
a n d
g r o s s .
in
t h e
a n y
y e a r s
T h e
a b o u t
P e n n s y lv a n ia
fr o m
r e s u lt
in
o f
o f
r e n d e ie d
g ie a t
t h e
in
r e s u lt
o n
fa c e
U n it e d
o f
fr o m
a
r e g u la tio n s ,
t h e
o u r
e ffic ie n c y
a s
n e t
is
p r a c t ic a lly
t o
w a g e s ,
m a te r ia ls ,
in to
t y p ic a l o f
fo llo w e d
r o a d s
in
y e a r ,
G ross
E a r n in g s .
1 9 0 7 .....................................$ 3 2 6 , 7 8 5 , 5 2 5
1 9 0 6 __________________ 2 0 5 , 8 9 8 , 1 6 5
1905
2 6 6 ,0 6 0 ,5 0 7
1 9 0 4 ' ....................
2 3 7 ,2 1 6 ,4 2 0
1903
- ..................... 2 4 2 , 5 1 7 , 7 5 8
1 9 0 2 ' .............................. 2 2 0 , 0 7 9 , 2 3 0
1901
1 9 8 ,6 2 6 ,8 7 8
1 9 0 0 1 ..........................
1 7 5 ,2 3 6 ,3 5 3
1899
1 5 2 ,3 9 9 ,0 8 8
1 3 6 ,1 3 0 ,2 7 1
1 8 9 8 .........................
1 9 0 6 .
d iv is io n s
in
t h e
in
t h a n
th is
t h a t
e a r n
e a r n in g s
le s s
n e t
o ffic ia ls
d e c r e a s e d
e n h a n c e d
u p o n
in
h a v e
t h e
th e
g a in
d is tin g u is h e d
e a r n in g s
in c r e a s e d
s e r v ic e
n e t
th e
b e in g
p a s s e n g e r s
t h e
le a d in g
M o r e o v e r ,
is
in
a
n o t e w o r t h y
t h e
fig u r e s
fa s te r
n e t
m ile
o f
a s
w it h
in d ic a t in g
fa m ilia r
o f
o n e
n u m b e r
y e t
d o e s
$ 7 2 2 ,9 5 4 ,
s im ila r r e c o r d , t h e
T h e y
a re
o v e d
d o lla r s
lo s s e s
r e s p e c t
in c r e a s e d
o f
r e c e n t
e a r n in g s ?
$ 8 4 ,3 5 4 ,3 9 9
m
t h e
w h a t
n e t
c o n s e q u e n c e
c o m m e n t a r y
a ll
g r o s s ,
th is
T h e
th e
a
o n e .
a
a n d
m illio n
h a t
a
t h e
g e n e r a l
r o a d
a
r e p o r t in g
in
t h e
it s e lf
M o r e o v e r ,
s y s te m
o f
o f
t h e
t r a n s p o r t a t io n
fin d s
th r e e -q u a r te r s
a s
a g a in s t
in
in
a m o u n t
o f fr e ig h t
a n d
r e v e n u e s ,
E x p e n s e s
a n d
3 5 0 ,4 9 5 ,7 2 1 ,
th is
a t io n .
g a in
in
a s
n u m b e r o f to n s
g r o s s
a ll.
r e v e n u e s ,
fe ll
$ 8 3 ,6 3 1 ,4 4 5 ,
T h e
in
t h e
w a s
g a in
n e t
.
in c r e a s e
s u p p o s e
o f
m o r e
in
d o lla r s
n o t w it h s ta n d in g
th e
$ 3 0 ,8 8 7 ,3 6 1 .
lo s s
c o n s id e r a b le ,
m illio n
g e th e r ,
m o n t h s
a
v e r y
d e c r e a s e
T h e
$ 2 9 5 ,8 9 8 ,1 6 5
fo r
le ft
is
d o lla r s
in
D e c e m b e r .
a d d it io n
o n ly
it
p a n y ’s
s till
w h ic h
$ 3 2 6 ,
a n d
n o t w it h s ta n d in g
w it h
a n
c o m
T h is
1 9 0 7
m illio n
s iz e ,
r e a c h e d
th e r e fo r e
3 0 0
le s s
e x p e r ie n c e d
c o m p a r is o n
s h o w in g
n o
t h e
in
im p o s in g
o f
m a g n itu d e
in c o m e
r e v e n u e s
p a s s e d
t o
fig u r e
th e
t o t a l
in
$ 3 2 6 ,7 8 5 ,5 2 6
in
a
g r o s s
a n d
a m o u n t in g
is
id e a
t h e
r e a c h e d
t o t a l
T h is
c o m e .
m ile a g e
t im e
t h e
7 8 5 ,5 2 6 .
la r g e
[V L LXX V
O.
X I.
THE CHRONICLE
5 7 4
fo r
w h e r e a s
$ 1 5 ,8 0 4 ,6 4 0 .
w a s
1 9 0 7
r e
t h is
B u t
e x h a u s t e d
$ 2 ,3 5 2 ,4 2 4
fo r w a r d
t o
o f
b y
th e
t h e
c r e d it
y e a r ’s
e v e n ts
a c c o u n t .
M c C r e a
w a y .
w h ic h
d is c u s s e s
A ft e r
h a d
t h e
a d v e r t in g
e x is t e d
fo r
t o
a
th e
fa c t
n u m b e r
o f
mar.
y e a r s
7 1908.]
in
a ll
b r a n c h e s
e x c e p tio n a lly
in
t h a t ,
lic
la s t,
a ffe c t in g
w h ile
a
a n
w h ic h
a n d
a ll
im p o r t a n t
o f
r e c e n t
la t io n
o f
th e
e ffo r t
t h e
t o
it
m a y
a r is e
b e
w ill
t h e ir
u p o n
t h e
e n t ir e
th e ir
H e
th is
lo s s
o f
h o u r s
n o te s
th a t
u n d e r
t o
th e
in to
th r o u g h
th is
o f
th e
p o in ts
o u t
4 1 4 .
B u t
fr o m
t o
lo s s .
d o lla r s
m o r e
w a s
a g a in s t
n e l
t o
in
th e
c o m p a n y
fe ll
3 1
a s
o f
D e c .
b a n k
d e n t
1 9 0 7
a n d
a c c o u n t
c h a r g e d
a g a in s t
o ff
p r o fit
m illio n
7
m illio n
d o lla r s
t o t a l
c h a r g e s
1 9 0 7
t h e
a n d
lo s s
t o
3 0
$ 3 9 ,5 4 1 ,4 1 4
o f
a m o u n ts
d a t e
m illio n
c h a r g e d
w h e n
h a d
e n d
o f
t o
h e ld
th a t
p a n y
th e
b y
s a le
la r g e
th e
t h e
it
a m o u n t
h e ld
L o u is
v a r io u s
o f
a s
w a s
th e
o t h e r
h o ld in g s
o f
O h io
s t o c k s
s till
t h a t
o n
o n
c a s h
h a n d
is
a n d
in d e p e n
C in c in
o r
s m a lle r
c o m p a n ie s .
d u e
N o r fo lk
W
e
c o m
th e
W e s te r n
&
w h y
h a r d ly
in
t h a t
t o
a
c o n t r ib u t io n
t o
a s
a
h a v e
its e lf,
t o
o w n
p r o p e r
in e v it a b ly
T h e
h a s
m u tu a l
r e m a in e d
g r o w
o n
S ic ily
a n d
g r o w t h
t h e y
w e r e
s e lv e s
o f
b e c a m e
s o
a n d
th e m
th e
s a m e
o f
w it h
th e
C h e s a p e a k e
&
a p p e a r s
in
t h e
b a l
th e
D E C A D E N C E
E d ito r
a
le c tu r e
o f
r e c e n t
u p o n
r e v ie w in g
th is
th e
th e
o f
a n d
a
a r r iv e
g iv e n
v a r io u s
fo r
t h e
t o
th e
N A T I O N S .
n o t
lo n g
a s
d e v e lo p
in d u s tr ie s
in
w ith in
u n d im in
fa il,
w h ic h
it
in
h a s
m a n y
s p it e
a m p le
w e s t.
d a y
in te r n a l
c a m e
in
m o r e
a n d
a s
o n e
w h o
m a k e
c ir c u m
P e r s ia —
fo r
fa t e
t o
g r e a t
in c e s s a n t s t r u g g le
t h e ir
e x is t e n c e
fa v o r a b ly
t h e
t h e m
o f
w e r e
p o w e r
in
w it h
w h ic h
fo u n d
fo r
t o
a n d
h e n ,
c o n t e s t s
r iv a ls ,
t h e
t h e ir
w a r s ,
r o o m
c o n fin e s
t h e ir
A s s y r ia
W
a n d
s t r u g g le
t o
o f
in te r n e c in e
A s ia tic
t e ll
th e
t e r r it o r y ,
c o u ld
a c c o m m o d a t e
h o ld
n a tio n a l
e x p a n s io n .
T h is
is
th e
k e y
o f
t h e
s it u a t io n
J a p a n
H e r
s
t o
m o d e r n
g r e a t
r e la tio n s
o w n
t o
a d o p t io n
o d s
o f
o f
t h e
m o d e r n
n a r r o w
a ffo r d .
R u s s ia
e x p a n s e
o f
o p e n e d
a n d
r a p id ly
in d u s t r y , m u s t
w h ic h
h is t o r y
n a t io n s
K o r e a
p o p u la t io n ,
th e
d is c u s s e d
n a tio n a l
s a id
“ W
a s id e
c o n c lu s io n
n e e d s
o f
E n g lis h
C h r o n ic le
e x p la n a t io n s
y o u
w ill s w e e p
a t
S ta te
y o u
r e a s o n s
p h e n o m e n o n ,
O F
“ F in a n c ia l
n u m b e r
th e
p r a c t ic a l t h in k e r
in g
s o
a n d
th e
in
n a r r o w
fo r
h a v e
s u p p ly
h a d
t h e
t h e
e n o u g h
n a tio n s
p o p u la t io n
is ,
fo r
p r iv ile g e ,
t h e ir
a lw a y s
is
a llo w
M e d it e r r a n e a n ,
t h e
n a t io n s
lo n g
h a v e
h a s
th e
r o o m
a n d
la r g e ly
in
h e r
I t
A s ia t ic
g r o w in g
o f
fo u n d
a n d
t o -d a y .
m a c h in e r y
lim it s
S ib e r ia
p o p u la t io n .
I n
a t
o f
v ic t o r y
p a s t
fo o d
t h e y
p r e y
h is t o r y .o f
w h ic h
y o u
c o n d it io n s
t h e
t h e
th e ir
a n
p e t it io n
a s
a n d
s u c h
C e n tr a l
e ffe c t
m o d e r n
t o
A s ia
o f
m e t h
s e ttle , a n d
is la n d s
r o o m
th e
fo r e s h o r e .
t h e
w h ic h
o w n
t o
e x p la in s
in
d o
n o t
t h e
w h ic h
v a s
s h e
h a s
s h e e t.
T H E
T o
w ith in
w a s
its
th e ir
g r o w
t h e ir
r e d u c e d
I t
g r o u n d
a s
o f
t h is
B a b y lo n ia ,
s t o r y .
th e
c o m
c o n t in u e d
o f
s o
T h e
n a tio n s
e v il
lo n g
e a s y
s t a n c e d .
in
d e s t r u c t io n .
n a tio n s ,
t h a t
G r e e c e
e
w h y
T h a t
e x a m p le ,
t e r r it o r y ,
fie r c e
b e fo r e
a s
w ill
d e c a d e n c e
I t a ly
o f
a n y
o f
t o
th e s e
lo n g
o th e r
d e p r iv e d
it
ju s t ifie d
fa r
th e
o f
h a s
fin a l
s h o r e
S o u t h e r n
im m e d ia t e
fu l,
th e
s o
in
a r e a .
t h a t
in
c o m p r e s s e d
o w n
it
f o r
e a s te r n
t h e
n o t a b le
R o m
o n e ,
s iz e
w h ic h
w h e n
S ta te s ,
in
m a in
s o u r c e s
u p o n
v ig o r o u s
th e
a
q u e s t io n ,
o p p o r t u n it y
a m p le
a n d
m a d e
s o
o f
c o n t r a r y ,
a n d
s u r v iv e
th e
in
b o u n d s ,
r iv a lr y
h a d
t h e
in
r e s u lte d
G r e e k
h a s
m a in
h a b it a b le
e n te r e d
t h e
c iv iliz a t io n ,
g r e a tn e s s
B u t
O n
c u lt u r e ,
it
r e m a in s
s u g g e s t io n ?
n o t
s u ffic ie n t
s t r e n g t h .
in s ta n c e s
if
s c o p e
a n d
I t
s t a t e m e n t
im p o r t a n c e ,
fo u n d
fr e e
r e c e n t ly
a n d
a n c e
b e
t h e ir
h a s
p e o p le
is h e d
th e
t o
fin d in g
its
th e
is
o f
th e
fo llo w in g
r e a s o n ,
w o r k .
T h e
r iv a ls .
t o
a c h ie v e d
r e la te d
its
th e
c h ie f
p e r
t h e y
w o u ld
c o n s id e r a b le
m a k e
n a t io n
o f
it
w a s ,
th a t
a t
n a t io n
la w ,
d is tin g u is h e d
v e r y
'O n e
t h a t
t h a t
th e r e
c a u s e .
a n c ie n t
c iv ic
c o n t in u e
o f
m e
o f
c e r ta in
s u g g e s t io n
le a s t
o r
s o ?
a n y
w h ic h
th e
d o ,
h is t o r y
t h e
p a r t
w it h
d is t in c t iv e
w a s
p r e s e r v e , it s t it le
r e n d e r e d
t o
t h e
th e
t h e
p a s t ,
w a s
w h e n
p r e s e r v in g
A s
o n e
t h is
e x p la in s
s e e m
le s s
o r
P e n n s y lv a n ia
la r g e r
$ 1 5 ,4 9 2 ,6 8 5
o ff
C o .,
m u c h
P it t s b u r g h
a n d
its
p a y
$ 4 3 ,1 7 0 ,1 2 3 .
c a s h
a m o u n t
th e
R y .,
t o
h a p p e n s
o f
b y
b y
c o n d it io n .
p a r t
a lm o s t
T h is
h e ld
3 -y e a r
P e n n s y lv a n ia
T h u s
h e ld
1 9 0 7 .
ite m
o f
fin a n c ia l
$ 3 7 ,3 8 5 ,6 7 3
th e
th e
in
o f
d o lla r s .
d o lla r s
s o m e le s s e r fin a n c in g ,
e a s y
w e n t
c a s h
S t.
&
o f 7 0 m illio n
m illio n
a n d
in
1 9 0 7 .
$ 1 ,9 1 0 ,5 5 3
o b s e r v e
o n
1 9 0 7 ,
n o te s
it
$ 5 ,8 4 8 ,7 0 2
C h ic a g o
6 0
c o m p a n y
1 9 0 6 ,
th e
th e
n o te s
1
n e w
w ith
$ 3 9 ,5 4 1 ,
2 3
p r o fit
t h e
E x t e n
o n
w a s
s u m s
in
S t a t io n
T u n n e l
3 1
fo r
E x t e n s io n
a g g r e g a te d
in
w o r k
n o w
T e r m in a l
t h e
w e r e
o f
w o r k
c h a r g e d
in c o m e
k e p t
4 3 ^ %
t h e
3 1
a t
in
th e
w o r d s ,
C o m p a n y ,
n a ti
r e d u c t io n
T u n n e l
D e c .
s u m s
t o
b e e n
N o v .
1 9 0 7
o th e r
in
t o
e m b r a c e
o f
e a r ly
d u e
D e c .
o n
th e ir
a n y
fin d
a s k e d
t o
e ith e r
e x p e n d it u r e s
t h e
th e n e ig h b o r h o o d
$ 5 0 ,0 0 0 ,0 0 0
I n
t o
a m o u n t
m a k in g
is s u e
h a s
p r o c e e d s
w h ic h
o f
a b o u t
t h e
th e
u p
a g a in s t
th is
th e
t h e
w h ile
o ff,
a n d
c o lla te r a l n o te s
t h e
n u m b e r
th e ir
t h e m
r ig h t
th e
a c c o u n t , w e g e t a t o t a l o u t la y t o d a te fo r th e T u n
E x t e n s io n
T h e
o f
d u r in g
a n d
a g a in s t
1 9 0 7 ,
m a r k e d
T h r o u g h
t h e
t h e
la t t e r
A d d in g
c a p ita l
p o r t io n
fo r
e s ta b lis h m e n t
c o n s e q u e n t
c o m p le t io n
t o
r e fe r e n c e
n o t
t im e
th e
a n d
b o o k s
d o e s
in c o m e
d o lla r s .
m e a n tim e
m a te r ia l
fin is h in g
Y o r k
t h a t
T h e s e
p r io r
a
o u t la y s
t o
t o
lin e ,
it h
t h e
th is
t im e
a n d
o n
o r
t h a t
s e r v ic e
n o t
d id
th e
t h a t
c o n t r ib u t io n
p r o
in
6 a
p r e s t ig e .”
a c c u r a c y
p la y e d
m o r e
w o u ld
E v e n t u a lly
b r o u g h t
S im ila r ly ,
N e w
W
s a m e
la r g e
a n
w ith
w ill a lo n e
a n d
lit t le
b e
fa c t
t h a t
t h a t
q u e s tio n s
th e
d id
t o
o u t
h a v e
c o n t in u e d ,
c a p it a l
m a in
p o in t .
s io n , h e
o f
p o in t
p o w e r
w h e n
h a p s ,
r e g u
r e v e n u e s
r e v e n u e
p r o p o r t io n a t e
c o n fin e d
o n
a t
a
n e c e s s a r ily
w a y .
b e
th e
in
o f
o f
e x c lu s iv e ly
p r o g r e s s
a n d
a
b u t
lo s s
t h a t
th a t , a s th e
e n t it le d .
th e
Y o u
p u b
t o
w h a t c o n s t it u t e s , a n d
n a tio n s
p a n ic
th e
is
a
in te r n a tio n a l
n o w
n e a r ly
a n d
t o
s a y s
la b o r .
a lm o s t
a re
th e
s o
t im e
s u ffe r in g ,
fe a r
a s s u r e d
a r g u e s ,
e m p lo y m e n t
o f
a c t u a lly
h e
t o
n o w
th e
le g is la tio n ,
n o t
ju s t ly
id le n e s s
h a s
c o n fin e d
1 9 0 8
a r e
fa c e
w h ile
e m p lo y e e s
w e r e
is
H e
fin a n c ia l
a re
w a s
s o
c h e c k
d is tu r b e d
th e
a p p r o a c h e d
a d ju s t e d ,
t o
e n fo r c e d
e q u ip m e n t ,
a n
t h e y
fa ir ly
h a v e
o n
m a n a g e m e n t
th e r e in
c h a n g e
s e r io u s ly
S t a te
h a d
s e v e r e
s y s t e m .
in te r e s t s
a n d
a
t h e
t h e
b r o u g h t
h a d
a s s u m e d ,
b e
r a ilw a y s
in
r a ilw a y s
w h ic h
o f
w h ic h
w it h
t h a t
c a u s e s
F e d e r a l
c o n t r o l
t o
o f
th u s
a n d
m e t
u n d o u b t e d ly
in v e s tm e n t s
t e c t io n
n o te s
r e v e n u e s
b u s in e s s
o n e
r e s u lt
in d u s t r y ,
t r a ffic ,
h e
th e
n u m b e r
c o n fid e n c e ,
fr o m
o f
in c r e a s e d
N o v e m b e r
la r g e ly
THE CHRONICLE
M r .
w h ic h
e
a ll
t h a t
B a lf o u r ’s
a n d
a re
th e
g iv e n
fo r
t h a t
im a g in e
t h is
a fte r
I n d ia
th e
s p e c ia l p le a d
a d a p t a b ilit y
c iv iliz a t io n
a t
a
g iv e n
a c u t e ,
b e t w e e n
th e
t h a t
t o
fin d
c o u n t r y ,
th e
a s
t h e
a n d
I n d ia n
th e
in
t h e
t o
o f
w ill
n e w
p o p u lo u s
th e
in
W
a r is e
a n d
fo r
h a s
v ita l a s
d iffic u lt y
th is
v a s t
h a t
w ill
in
C h in a
t e r r it o r y ,
th e
u n d e r
d iffe r e n c e
g r o w in g
P e n in s u la
t h a t
g r e a t
s it u a tio n
n a t iv e , d e e p
o f
h e r
p o p u la t io n
b e c a u s e
t h e
o f
p o lit ic a l
o c c u p a n c y .
a c c e s s
m o s t
g r o w t h
d o u b le d
a n d
m u c h
p r e s s u r e
fr e e
fu t u r e
b e c a u s e
h u m a n
th e
w ith
is ,
in
th e
o f
s o
E u r o p e a n
r o o m
o f
m e a s u r e
o u t le t ,
h a s
n o t
d iffe r e n c e
c r e a s e
a n y
a d m in is t r a t io n ,
b e c o m e
d e c a y ,
fo r
b e
w h e n
w o r ld ,
s o
in
th e
fo r
a n
t h a t
lo n g
576
THE CHRONICLE
a s le e p ,
c o m e s
b e g in s
t o
q u ic k e n e d
d u c in g
A s
g r e a t t h a t in
t o
it
e x ic o
le s s
a n d
b e
o f
o f
in la n d
W
a ll
n o t
b e e n
flo w e d
fa s t
o p p o s e d
in
h a s
a
t o
t h e m ,
b u t
n o w
t h a t
c a n
a b ilit y
a n y
w o u ld
a b le
h e r
t o
o f
o f
o n e
p a s t
t h e
o n
h e r
a d m in is t r a t io n
s e c u r e
b e e n
a t
a n d
h e r
t io n .
in s t a b ilit y
b e e n
t o
n o t
w h ic h
v a r io u s
a n
a t
p o p u la t io n
c o u ld
n o
m a y
b e
it
h e r
fo r
t h e
is
a
t o
p o p u la
t h a t
h e r
c o n d it io n
a n d
w h ic h
G o v e r n m e n t
a g g r e s s iv e
a n d *e x t e n s iv e
p o w e r
h e r
fa c t
in
m a in t a in ,
F r e n c h
d is t in c t ly
n e w
in
b u t
lo n g
t h e
in
o u t le t
in
o f
h a s
th e ir
a t te m p t s
c o lo n ie s
in
b o t h
t o
A fr ic a
p o lic y
o f
w h ic h
is
th e
m o s t
n a tio n s
E u r o p e a n
is
o f t h e
th e
la r g e r
t h e
th e
o ft e n
a r e a ,
is
in s is t e n t ,
m e t.
a n d
w a s
a
d a y
b e c a u s e
e n t ly
d a y s
th e
b e
th e
th e
w h e n
fo r .
t h a t
a fte r
fa r
g o n e
t o
th e
n o t
n e w
la c k
life
a n d
o th e r
b e e n
c o n d it io n
o f
t o
is
fo r
th e
h a v e
n iz e d
o r
th is
b e h in d
w ill
c o m e
n a t iv e
h a n d ,
th e
G o v e r n m e n t
w ill
n e e d
b e
is
a n
a n d
m e n
o p e n in g
in
m o r e
r o o m .
s a tis fy
th a t
t o
n e a r
s e r io u s
c h a s e
t h a t
a r is e s
w ill,
o f
c o u r s e ,
b e
th e
p r o b le m
o f
a ll
h a s
p e o p le ,
o u r
r a p id ly
in g
b o u n d le s s
b e e n
th e
a r a b le
fo r
t h in k , w ill fa il t o
s a id
fa c t
te r r it o r y
g r o w in g
w a it in g
o n e , I
a b o u t
ly in g
p o p u la t io n
la n d , w ith
e x c a v a t io n ,
t h e
r e m a in s
a t
o u r
c o u ld
r e c o g n iz e
b u t
d o o r s
t o
fr e e ly
b e
m in e r a l w e a lt h
o u r
h is t o r y
m o r e
a s
r e s id e n t
lo o k
p r e s e n t
o u r s
o f
o f
o u r
c o n d it io n
fe a r
e x t e n t
fr e e
o w n
e x is ts ,
w ill
th e
h a v e
g e n e r o u s
a s
m o r e
o u r
in
b o u n d s .
o n
a n d
in c r e a s e
o f
in d u s
s e c t io n s
is
e ls e
o f
th e
d iffic u lt
fr o m
t o
a n x ie t y
a s
v a s t
d u e
t h a t
in
h a s
t e r r it o r y
lo n g
in c id e n t a l
w ill
g r o w t h
p r iv ile g e
a
th e
a d m in is tr a
W h e r e
S o
p u r
w o n d e r
S a n d w ic h
r e c o g n iz e d
u n u s u a l
o n ly
w e
n a tu r a l
it
b y
f o r
m o r e
T h e
w h ile
th o s e
r o o m
is
fa r
th e
b e t t e r
fr e e d o m
b e
it
in e v it a b ly
in
in
q u e s t io n s
u s ,
o f
r e
p r o m o t in g
t h a t
R ic o ,
th e
d e v e lo p m e n t
n a tu r a l
w e
t o
o f
o r
p u r s u e d
is s u e s
w is e
d o
q u e s t io n
a n d
c o m m e r c e
b y
fo r
t h e y
th e
r a is e s
s o
r e s u lt
s h o u ld
t o
a n d
p o p u la t io n s .
c a n
p r o s p e r it y
s o
p o w e r
p r o p e llin g
c o n fr o n t e d .
t e r r it o r y
th e
th e
o f
r e c o g
im p u ls e
w h e n
ju s t ifie d
P o r t o
fille d
b lin d
a lw a y s
in v o lv e
o f
h a v e
o f th e
in v it in g
c a m e
in
t h e
t h a n
o u r
g r e a t
e v e r
a s
r e a s o n
t h a t
fo r
d e c a d e n c e .
H e n r y A . S t o is o n .
o f e v e r y
h a v e
b itte r e s t
e n c o u r a g e d
h a s
e v e r
fa c ilitie s
fo r
v e r y
w ill
h a v e
s u p e r flu o u s
S ta te s
b e
p o s s ib le ,
P h ilip p in e s
b u t
w ith in
w o u ld
a n d
o f
r e c o g n iz e d ,
m a n ife s t ly
s a y ,
b e e n
fin d
th e
p o s s e s s io n
e n d u r e
in e v it a b ly
e x p a n s io n
o r
t o
s h a ll
a s
w e
im p r o v e d
n a t iv e
th e
p o u r ,
it
th e
fo u n d e d
s u s ta in in g
s o r t
s ig n ific a n c e ,
p a s t ,
w a s
th e
th e
a
a ll-c o m e r s ,
p o p u la t io n
t h e
q u ic k ly
th e
w h ic h
A n d
o f
h a v e
th e
re a l n a tu r e
is
it
w h ic h
a n y
a n d
a n d
U n it e d
fa c t
n e w
th e
o u r
a n d
th e
o p p o r t u n it y
t r y , t h a t
th e ir
b e e n
r a p id ly
in
h a n d
o f
in t o
a ll
la r g e r
s h a p e d
t h e y
fo r
G o v e r n m e n t
fu t u r e
lo c a l
t io n
a
o f 'A l a s k a
fo r
g e n iu s
t h a t
b r e a k
th e
n e e d .
b lo o d ie s t
o ft e n
th is
la n d s
a s
t h e
h a s
a n d
it
t o
w ith
h a s
h is
d e t e r
c h a lle n g e d
m ilit a r y c h ie ft a in s
k n o w
o u r
th a n
t h e
o t h e r
it
w h e th e r
g a in s
its
th e
s tr u g g le
h e n
h is t o r y
a
e n e r g y ,
o n
s e ttle m e n t
th e
n e w
it
b e e n
t h o u g h
e v e n
w h ic h
Is la n d s
in c r e a s e
t o
p o lic y
w h ic h
in e v it a b le
n a t iv e
o f
a b le
is
a p p a r
B u t
it
b o t h
w e a lth
n o t ,
t h e m ,
w h y
h a v e
h e t h e r
im m ig r a tio n ,
th e
p r e s e n t
d e c a d e n c e
a n d
r e a s o n
h is t o r y
W
a n d
d is a p p e a r e d ,
g r o w in g , a n d
o f
t h is
o f
t e r r it o r y .
o u r
o p p o r t u n it y
th e
t o
p e r m a n e n c y
a s
in
m e r e
c h a r a c t e r
h a s
s u p r e m e
t o
s a id
in
fa r
t h e m
w h ic h
o f
p a r t .
t h e
b e e n
h o m e
th e
lik e
d e v e lo p e d .
r e tu r n
w ill
o p p o r t u n it y .
S p a in ,
u n o c c u
S p a n is h
th e
b y
s e e m s
o p p o r t u n it y
e v e r
T h a t
h a s
e x c e p tio n s .
s u c h
c iv iliz a t io n
W
o v e r
o f
t h e y
th e
le d
n e w
m ig r a t e d ,
o f
im p u ls e .
m u s t
fe lt
a
h a v e
t h a t
c le a r ly
it
a n d
fin d
th e ir
o n e
I t
e v e r y
g r o w t h
t h a t
h a v e
th e
is
b e e n
g o n e
t im e .
d e t e r m in e
n o t a lw a y s
t h e
d a y s
h e t h e r
t h e y
d r iv e s
th e
t o
v it a l
w h ic h
th e
a c c o r d in g
s e e n
h a s
a ll
in
d e v e lo p m e n t
h a s
b e
I t
a ll
a ll
th e
fu t u r e ,”
c a u s e s ,
p la y
t h e
is
r a c e .
t o
in
B u t
w ill
r e p r e s s e d
w h ic h
c h a r a c t e r
it
in
th e
c e n
a t
in
t h e
e s tim a te d
w h e n
e x p a n d
fo r t h
s o
b e
fo u n d
a ls o
c o m in g
u n o c c u p ie d
k in d
r a c e s
th e
is
a n o th e r
t o
g a v e
o u r s e lv e s , n o
A m e r ic a n
v a s t
fo r
g o n e
t h in k
th e
th e r e
d o u b t le s s
a n d
w o r k
O th e r
“ it is
p a s t
w o r k
p o lic y ,
o r
t h a t
v a lid it y
w h ic h
d u t y ,
B u t
h is to r y
g o
n o
m o v e
e s s e n tia l
th e
fo r
its
fu t u r e .
m ig r a tio n s
it
fu tu r e .
fo r
s c o p e ,
o f
a n d
s o
a t
a t
o f
o f
d e c a y ,
t o
w h ic h
th e m s e lv e s
p r o b le m .
th e
w it h
s e e m
t h e
W
h a v e
t h a t
h e t h e r
A s
g r e a t
v ig o r
t h e
v ig o r o u s
h u m a n
b o u n d s
h a s
r o o m
d o in g
is
o r
o f
c o n te s ts
s e e k in g
d ip lo m a c y .
n e e d
t h e
p o p u la t io n
o n
th e
it
b o t h
w e r e
n a tio n s
t o
w it h
n e e d
p r o v id e d
m a n n e r
w a y
s p r e a d
a c c e p t e d
c o r r e s p o n d s
s e e m s
t h e y
t o
T h o s e
a n d
h a v e
n a t iv e
s o m e
m a y
g r e a tn e s s .
th o s e
m a n ife s t ,
a n d ,
w h e n
u n a n s w e r a b le
w h ic h
in
b e
th e
is tic
th e
in
p o p u la t io n ,
p e r s is t e n t ly
G e r m a n
P o r t u g a l
la n d s .
t h a t
a n d
in v it a t io n
P o r tu g u e s e
a n
m in e
o f
e v e r y
s t r a in e d ,
a n d
th e
p ie d
is
o f
a n d
a c c u s t o m e d
s a y ,
o f
a r e
c le a r ly
in d u s t r ia l
s tr e n g t h .
I
y o u
e v e n ts
n o n e
w e ig h e d
d ir e c t io n s ,
q u e s t io n
b e e n
lo s t
o f
b e
s o
b e
c o m e s
f re e
a lr e a d y
c a u s e s
o p e r a t io n
fo r c e s
is
a s
th e
in te r n a tio n a l
t o
T h e r e
•
S p a in
T h e r e
m u s t
t h o u g h
o f
r e c o g n it io n
o f
th e
t h e y fo r e s h a d o w
in
a r e
d a y
o c c u p ie d ,
fo r
b e c o m e
it
tr u e ,
fo r
h a s
m is ta k e n
b e
m e n
th e
life ?
is
h a s
th e
v a r y in g
th e
a m o n g
G e r m a n
h e a v y -h a n d e d
c h a r a c te r is tic
n e e d
life
in c r e a s in g ,
a n d
its
T h e
G o v e r n m e n t
t e r r it o r ia l
c lu m s y
illu s t r a t io n
n e e d , a n d
G o v e r n m e n t .
r a p id ly
T h e r e fo r e ,
n o t a b le
t h a t
t o
h a v e
w h a t
a n t ic ip a t e
a
a re
th e s e
o r
A s ia .
G e r m a n y
t o
in te r n a l
th e
s h o w
a n d
id e a s
o f
u n o c c u p ie d t e r r it o r y
t o
w h ic h
fa ls e
th e ir
if
it
w h e n
b o r d e r s
w h o m
c a u s e s
c a u s e
o f
t h e e a s t
a n d
e x c e p t io n
w ith
c a n n o t
b y
a n d
u p
r e a s o n
T h e y
w e s t
a m b it io u s
in c r e a s in g ;
r e c o g n iz e d
o p e n
b e
v ig o r
e x p la n a t io n
is
a
a n d
t o r y
s e e m s
T h e
is
s h e
d iffe r e n t
t h e
o f
h is t o r y
v e r y
c o m p a r a t iv e ly
a n d
t h a t
w h o
t im e , a n d w h a t
p r e s e n t,
p r e s s u r e
d e fin it e
q u e s t io n
h a v e
g r o w in g
n a tio n a l
p o p u la t io n
t h a n
im m e d ia t e
t h e
a s s ig n
t h o u g h t fu l
u s
la n d
t o
t h o u g h
is ,
o w n
c o m m o n
t h e ir
t o
h e r e
o u r
o f
p r e s e n t
th e
it
b e fo r e
m o r e
p e o p le
s h o r t ,
tu r ie s
o r
n o
is
a n d
e a s ie r
a n d w ill
t r e m e n d o u s
b e c o m e
I n
Is la n d s ,
is
w it h in
o u r
A s
w h a t
fr e e d o m
p a r t
r e a c h e d
m o r e
o f
th is
a
s t e a d y
h a v e
S a n d w ic h
s h a p in g
e s p e c ia lly
R u s s ia
g o v e r n
E v e r y w h e r e
b e c o m in g
fa c t o r
in
t o
a s k
r o o m
m e n t
s o
d iffe r e n t.
t o
th e r e
m o r e
t o
b e e n
a n d
w h e n
p r o
o v e r flo w ?
p r e s e r v e
is
h a s
v e r y
g in n in g
t h a t
a re a s
• F r a n c e
W
o f
t im e s
w h ic h
fr e e ly
b e
b e e n
is
E n g la n d ’s
b r o a d
a n d
C h in a
h a v e
fo r
v e n t u r e
n a tio n a l t r a d it io n s
c o u n t r y .
O r ie n t,
t h r ift ,
m o d e r n
in t o
in
c a n
b e e n
a n d
w it h
fr o n t ie r s .
it h
t h e
h a s
a n d
d o m e s t ic
h a d
p r e s s u r e
life
d o e s
fa c ilit ie s
m a n
A s ia tic C o a s t, a n d
o w n
h o m e
th e
J a p a n
n o
C h in e s e
d e t e r m in in g
fu t u r e
in
o u r
a t
th e
t h e
m o d e m
A fr ic a , A u s tr a lia , t h e
r e s is ta n c e
p r e s s u r e
im p r o v e d
t h e
e n tir e
o f
c o m m u n it y
liv in g ,
o f t h e
t h e
I n d ia , S o u th
M
is ,
r e s t r a in t ,
a lo n g
e v e r y
a n d
o f
s p it e
in flu e n c e
a s
m e a n s
e s t im a t e .
s tr e a m
t h e
t h o u g h t
t h e
m e n ta l
u n d e r
in c r e a s e ,
[Vol. lxxxvi.
N e w
Y o r k
M a r c h
5 th
1 9 0 8 .
Mar. 7 1908, |
THE CHRONICLE
ITEMS ABOUT BANKS, BANKERS AND TRUST CO’ S.
—The public sales of bank stocks this week aggregate 202
shares, of which 125 shares were sold at the Stock Exchange
and 77 shares at auction. The transactions in trust com
pany stock reach a total of 90 shares. One hundred shares
of stock of the Second National Bank were sold at the Stock
Exchange at 350, this being the first public sale of the
bank’s stock since the commencement of our record in 1898.
S h a res.
B A N K S — N ew Y ork .
Low .
H ig h .
C lo se .
L a s t p r e v i o u s sa le .
*25 C om m erce, N a t. B a n k o f ....
140
150
149
F eb.
1908—
150
2 M a rk e t & F u lto n N a t. B a n k
241
241
241
M ay
1006—
270
7 5 M e r c a n t i l e N a t . B a n k ________
113
118
118
F eb.
1908—
114
350
Y ork .
140
159
350
Feb.
1908—
140
*100 S econ d
N a t i o n a l B a n k _____ 3 5 0
T R U S T C O M P A N Y — N ew
9 0 C a r n e g i e T r u s t C o _____________
* S o ld
a t th e
S tock
150
E xch a n ge.
A New York Stock Exchange membership was trans
ferred this week for 852,000, an advance of 81,000 over the
last previous sale.
The Comptroller of the Currency on Feb. 28 designated
Topeka, K an., as a reserve city under the Act of March 3
1887, as amended by the Act of March 3 1903. The applica
tion was presented by Senator Charles Curtis on behalf of
the three national banks of the city—-the Merchants, the
Central and Capital national banks.
—A bill to tax stock sales was introduced in the House of Rep
resentatives on Monday by Representative William P. Hep
burn, and has attracted much attention. It provides for a
tax of 50 cents on each share of stock sold, of the face value
of 8100 or under. Mr. Hepburn is quoted as saying that
the bill does not seek to impose a tax upon any agreement
evidencing the deposit of stock certificates as collateral se
curity for money loaned, which stock certificates are not
actually sold, nor upon such stock certificates so deposited.
Section 1 of the bill is in part as follows:
T h a t t h e r e Is h e r e b y I m p o s e d a n d t h e r e s h a l l I m m e d i a t e l y a c c r u e a n d b e
c o l l e c t e d a t a x a s h e r e in p r o v i d e d o n a ll s a le s o r a g r e e m e n t s t o s e ll
or
m e m o r a n d a o f s a le s o r d e l i v e r i e s o r t r a n s f e r s o f s h a r e s o r c e r t i f i c a t e s o f
s t o c k In a n y a s s o c i a t i o n , c o m p a n y o r c o r p o r a t i o n , m a d e a f t e r t h e 3 0 t h d a y
o f J u n e 1 0 0 8 , w h e th e r m a d e u p o n o r s h o w n b y th e b o o k s o f th e a s s o c ia t io n ,
c o m p a n y o r c o r p o r a t i o n , o r b y a n y a s s i g n m e n t In b l a n k , o r b y a n y d e l i v e r y
o r b y a n y p a p e r o r a g r e e m e n t o r m e m o r a n d u m o r o t h e r e v id e n c e o f tra n s
f e r o r s a l e , w h e t h e r e n t i t l i n g t h e h o l d e r In a n y m a n n e r t o t h e b e n e f i t o f
s u c h s t o c k o r t o s e c u r e th o fu tu r e p a y m e n t o f m o n e y o r th e fu tu r e tra n s fe r
o f a n y s t o c k , o n e a c h sh a re o f o n e h u n d r e d d o lla r s o f fa c e v a lu e o r fr a c t io n
th e r e o f o f fifty ce n ts .
The bill provides that the payment of the tax shall be
denoted by stamps, to be affixed as follows:
I n a c a s e w h e r e t h e e v i d e n c e o f t r a n s f e r Is s h o w n o n l y b y t h e b o o k s o f
t h e c o m p a n y t h e s t a m p s s h a ll b e p l a c e d u p o n s u c h b o o k s ; a n d w h e r e t h e
c h a n g e o f o w n e r s h i p Is b y t r a n s f e r o f a c e r t i f i c a t e , t h e s t a m p s h a l l b e p l a c e d
u p o n t h e c e r t i f i c a t e ; a n d in c a s e s o f a n a g r e e m e n t t o s e l l o r w h e r e t h e
t r a n s f e r Is b y d e l i v e r y o f t h e c e r t i f i c a t e s a s s i g n e d In b l a n k , t h e r e s h a l l b e
m a d e a n d d e l iv e r e d b y t h e s e lle r t o t h e b u y e r a b ill o r m e m o r a n d u m o f
s u c h s a le t o w h ic h t h e s t a m p p r o v i d e d f o r b y t ills A c t s h a ll b e a f f i x e d '
a n d e v e r y b ill o r m e m o r a n d u m o f s a le o r a g r e e m e n t t o s e ll b e f o r e m e n t io n e d
s h a ll s h o w t h e d a t e t h e r e o f , t h e n a m e o f t h e s e l le r , t h e a m o u n t o f t h e s a le
a n d t h e m a t t e r o r t h i n g t o w h i c h i t r e f e r s ; a n d n o f u r t h e r t a x Is h e r e b y I m
p o s e d u p o n th e d e liv e r y o f th e c e r tific a te o f s t o c k o r u p o n th e a c tu a l Issu e
o f n e w c e r t i f i c a t e s w h e n t h e o r i g i n a l c e r t i f i c a t e o f s t o c k Is a c c o m p a n i e d
b y t h e d u ly s t a m p e d m e m o r a n d u m o f s a le .
Violations of the proposed law are to be punishable by a
fine of not less than 8500 nor more than $1,000, or a term of
imprisonment of not more than six months, or both. The
law in operation in New York State affecting stock transfers
imposes a tax of but 2 cents a share on stock sales.
— At a meeting of the New York Chamber of Commerce
on Thursday James G. Cannon, Vice-President of the Fourth
National Bank, was elected Chairman of the committee on
finance and currency to succeed William A. Nash, resigned.
—The Minneapolis Clearing-House Association at a meet
ing on Feb. 28 placed itself on record as heartily commending
Senator Knute Nelson of Minnesota on his opposition to the
Aldrich Bill as originally introduced. The Association,
however, expressed itself as absolutely opposed to the two
amendments to the bill presented by Mr. Nelson, the first
providing for a governmental guaranty of deposits and the
second stipulating that national banks shall keep their entire
legal reserve in cash in their own vaults. In taking issue
with the Senator, the Association states that his public
utterances have heretofore been characterized by good
judgment and sound common sense, but that in this instance
it believes him to have been misled by certain fallacies
which ought to be corrected. The objection of the Clearing
House to the holding of the entire legal reserves in a bank’s
own vaults at all times is based upon the fact that this require
ment would place the country banks and the banks of the
smaller reserve cities, such as the Twin Cities, in an impossi
ble position, especially during the period of crop moving.
This, it states, would mean for the Minneapolis banks the
577
carrying of from 50 to 60% of their deposits on hand in
available funds. The Association in its statement adds that
the daily deposits of its banks are largely made up of credit
items, local checks and drafts on points throughout the
country, and that the banks are called upon daily for large
shipments of currency to the country. During this active
period the banks usually carry in available funds about 40%
of their deposits, and even then, it is noted, it is very difficult
to maintain the legal cash reserve at 1 2 ^ % in their vaults.
1 he adoption of any such law as advocated by Mr. Nelson
would, in the opinion of the Association, revolutionize the
banking business in its section of the country, and would
greatly lessen the ability of the banks to assist in the move
ment of commerce. Reference is also made by the Associa-'
tion to the remark reported to ha c been made by Mr. Nel
son, namely: “ It was not until he banks of New York,
Chicago and other reserve centres had tied up over $30,
000,000 of the reserve of Minnesota national banks that our
local banks were forced to follow suit.” The principal
difficulty with the statment, it is claimed by the Clearing
House, is that it is not true. Had it been true, the Asso
ciation states, every bank in the State of Minnesota would
have closed its doors forthwith. The Association adds
that during November and December the Minneapolis banks
shipped to the country over $2,000,000, and in every case
currency was sent where it was really needed by the country
banks.
—A change has been made in the method of examination
of State banks in Kansas by State Bank Commissioner John
Q. Royce. The last Legislature increased the number of
examiners from three to eight. The Commissioner has
now determined to assign the examiners to separate terri
tories over the State, one for each Congressional District.
1 he result is that where formerly each of the three examiners
was responsible for 275 banks, now each examiner is charged
with the supervision of only about 90 banks. This will
make it possible to have two complete examinations of all the
banking institutions in the State during the year.
—The Los Angeles Clearing House Association has taken
steps toward surrounding its banking institutions with addi
tional safeguards. On Feb. 26 a resolution was adopted
providing that after Sept. 1 1908 no bank in the city shall
either clear for or receive an account from any bank or trust
company doing a banking business in the city which has a
paid-up or unimpaired capital of less than $200,000. It is
expected that many of the institutions affected by the reso
lution (in all some twenty or more) will increase their capital
or merge their business with another institution in order to
meet the requirements of the new rule, The Association
has also decided to put into practice the plan adopted by
several of the other clearing houses throughout the country
of employing a special bank examiner for the purpose of
investigating from time to time the affairs of institutions
enjoying clearing-house privileges.
—The bill introduced by Assemblyman Hamm amending
Section 100 of the insurance law of New York State so as to
permit life insurance corporations to become parties to
reorganization or protective agreements was signed by Gov
Hughes on Feb. 28. As our readers know, the particular
object in view in amending the law was to cover the case of
the Third Avenue Railroad Co. of this city, now in receiver’s
hands. The New York Life Insurance Co., the Mutual Life,
and the Equitable Life Assurance Society hold, it is said,
about $5,000,000 in bonds of the railroad company. We give
herewith the bill as enacted into law, showing the new matter
in italics.
AN
ACT
T o a m e n d t h e I n s u r a n c e l a w , In r e l a t i o n t o l i f e I n s u r a n c e c o r p o r a t i o n s
b e c o m in g p a r tie s t o r e o r g a n iz a t io n o r p r o t e c t iv e a g r e e m e n t s .
T h e P e o p l e o f the S ta te o f N e w Y o r k , r e p r es en te d in S e n a te a n d A s s e m b l e ,
d o en a c t a s f o l l o w s :
S E C T IO N 1.
S e c tio n 1 00 o f C h a p te r 6 00 o f th e L a w s o f 1 8 9 2 , e n t it le d
“ A n A c t In r e la t io n t o I n s u r a n c e c o r p o r a t i o n s , c o n s t it u t i n g C h a p t e r 3 8 o f
th e g e n e r a l la w s ,” a s a m e n d e d b y C h a p t e r 3 2 6 o f th e L a w s o f 1 0 0 6
Is
h e r e b y a m e n d e d t o r e a d a s fo llo w s :
S E C T IO N 100.
I n v e s t m e n t s .— N o d o m e s t i c l i f e i n s u r a n c e c o r p o r a t i o n ,
w h e th e r I n c o r p o r a te d b y sp e cia l A c t o r u n d e r a g e n e ra l
la w , s h a ll, a ft e r th e
t h e f i r s t d a y o t „ u n e , n i n e t e e n h u n d r e d a n d s i x , I n v e s t In o r l o a n u p o n a n y
s h a re s o f s t o c k o f a n y c o r p o r a t i o n , o t h e r th a n a m u n ic ip a l c o r p o r a t i o n , n o r .
e x c e p t i n g G o v e r n m e n t . S t a t e o r m u n ic ip a l s e c u r it ie s , s h a ll it I n v e s t in , o r
lo a n u p o n , a n y b o n d s o r o b lig a t io n s w h ic h s h a ll n o t b e s e c u r e d b y a d e q u a t e
c o lla t e r a l s e c u r it y , o r w h e r e m o r e th a n o n c -t h lr d o f th e t o t a l v a lu e o f th e
c o lla t e r a l s e c u r it y t h e r e f o r s h a ll c o n s is t o f s h a r e s o f s t o c k .
E v ery such co r
p o r a t io n w h ic h o n t h e fir s t d a y o f J u n e , n in e t e e n h u n d r e d a n d s i x , s h a ll o w n
a n y s h a re s o f s t o c k o t h e r th a n p u b lic s t o c k s o f m u n ic ip a l c o r p o r a t io n s , w h e n
e v e r t h e s a m e s h a ll h a v e b e e n a c q u ir e d , o r a n y b o n d s o r o b lig a t io n s o f t h e
k i n d s a b o v e d e s c r i b e d , w h e r e s a id b o n d s o r o b l i g a t i o n s s h a ll h a v e b e e n a c
q u ir e d a ft e r t h e fir s t d a y o f M a r c h , 1 9 0 6 , s h a ll d is p o s e o f t h e s a id s h a r e s o f
s t o c k a n d o f s a id b o n d s a n d o b lig a t io n s w it h in fiv e v e a r s f r o m t h e 3 1 s t d a y
o t D e c e m b e r 1 0 0 6 , a n d In e a c h y e a r p r i o r t o t h e e x p i r a t i o n o f s a i d f i v e y e a r s
578
THE CHRONICLE
[V L L X V
O . X X I.
upon between the directors of the bank and the trust com
pany. In announcing his decision yesterday, Justice O Gor
man said: “ As I understand it, 93% of the depositors have
consented to this amended plan; I am not going to go against
their will. The Court now gives it approval.”.
— Willard V. King has resigned as Vice-President of the
New York Trust Co. of this city, having been elected Presi
dent of the Columbia Trust Co. He will assume his new
duties on the 23d inst. Mr. King succeeds Robert S. Brad
ley of Boston, who has been President of the Columbia Trust
since its inception, but has never been active in its manage
ment. Mr. Bradley remains a director of the company.
Mr. King had been connected with the Continental Trust Co.
from the beginning, and rose to the position of Vice-Presi
dent, continuing in that capacity when the Continental and
New York Security & Trust were consolidated. The Colum
bia Trust began business in December 1905; it was one of
nine companies in Greater New York to show an increase in
undivided profits account during 1907. It has a capital
and surplus of $1,000,000 each, undivided profits of $130,000
and deposits of $5,000,000. Clark Williams was largely
—The case of the American Bankers’ Association against instrumental in organizing the company, and was Vice-Presi
the American Express Co., brought under the Inter-State dent up to the time he became State Superintendent of Banks
Commerce law, has been assigned by the Inter-State Com a few months ago.
merce Commission for hearing in the Aldermanic Chambers,
— At the regular monthly meeting of the directors of the
City Hall, this city, March 19 at 10 a. m.
Carnegie Trust Co. of this city, held on Wednesday, Charles
— In response to the application of Attorney-General Jack C. Dickinson, the Acting President, was elected President
son, J . Henry Haggerty and Joseph B . Ford were appointed in place of Leslie M. Shaw, resigned; Fred.H .Parker, former
temporary receivers for the Mechanics’ & Traders’ Bank of Secretary of the company, was elected a Vice-President, and
this city by Justice Platzek of the Supreme Court on Satur P. H. Sheridan was elected Treasurer.
day last. Morgan J . O’Brien, stockholder and depositor of
—The stockholders of the Hudson Trust Co. of this city
the bank (which closed its doors on Jan. 29), was named as will meet on next Wednesday (the 11th inst.) for the purpose
counsel for the receivers. The question of making perma of determining how much of the surplus of the institution
nent the receivership will be argued on March 24. The created by the reduction of its capital from $1,000,000 to
following statement with reference to the placing .of the bank $500,000 shall be returned to them.
in receivers’ hands was issued immediately after their ap
—The motion to make permanent the temporary receiver
pointment by Paul Grout, counsel for the bank:
ship of the Knickerbocker Trust Co. of this city comes up
T h e a p p o in t m e n t o f r e c e iv e r s w a s w it h o u t n o t ic e t o m e o r t h e b a n k a n d
w a s a c o m p l e t e s u r p r is e .
It I n te rru p ts o u r p la n s fo r r e s u m p tio n .
We
for hearing to-day. An inventory of the assets of the com
h a v e n o d e s ir e , h o w e v e r , t o c r it ic iz e t h e m a n n e r o f th e a p p o in t m e n t s
n o r t h e a p p o i n t m e n t s t h e m s e l v e s , b e l i e v i n g t h a t a n e a r l y r e s u m p t i o n Is
pany filed on the 2d inst. gives the book value of the assets
p o s s i b l e , n o t w i t h s t a n d i n g t h e f a c t t h a t t h e b a n k Is In t h e p o s s e s s i o n o f
t e m p o r a r y r e c e iv e r s , p r o v id e d a s u ffic ie n t n u m b e r o f th e b a la n c e o f th e
as $56,473,692 and the appraised value as $49,105,344.
d e p o s it o r s sig n th e d e fe r r e d -p a y m e n t a g r e e m e n t.
Justice Clark on the 28th ult. granted a petition filed by the
O u r p la n s fo r r e s u m p tio n h a d p r o g re s s e d t o th e e x t e n t o f o u r h a v in g
o b t a in e d th e s ig n a tu r e s t o th e d e fe r r e d -p a y m e n t a g r e e m e n t o f d e p o s it o r s
temporary receivers of the institution for permission to
a m o u n t in g t o a b o u t 75 % o f th e d e p o s it s .
T h e s to c k h o ld e r s a re t o m e e t on
T u e s d a y n e x t f o r t h e p u r p o s e o f r e d u c in g t h e c a p i t a l s t o c k o f 5 2 ,0 0 0 ,0 0 0
substitute bonds and notes of the Barney Estates Co. (an
t o 5 1 ,0 0 0 ,0 0 0 , t h e r e b y a d d in g 5 1 ,0 0 0 ,0 0 0 t o o u r s u r p lu s .
T h e e x a m in a tio n
m a d e b y th e e x a m in e r s o f th e B a n k in g D e p a r tm e n t s h o w e d
th e c a p ita l
organization formed to pay the debts of the late Charles T.
o f 5 2 ,0 0 0 , 0 0 0 t o b e u n i m p a i r e d , w i t h a s u b s t a n t i a l s u r p l u s .
A r r a n g e m e n t s a r e p e n d i n g f o r t u r n i n g o v e r t h e m a i n o f f i c e In N e w Y o r k
Barney) for other forms of indebtedness which Mr. Barney
a n d t h e t w o b r a n c h e s In N e w Y o r k t o a p r o m i n e n t b a n k e r u p t o w n .
A r
had left with the trust company.
r a n g e m e n t s a ' e a ls o p e n d in g fo r g e t t in g m o n e y t o p a y o i l t h e C le a r in g -H o u s e
s h a ll m a k e s u c h r e d u c t i o n o f Its h o l d in g s o f s a id s e c u r it ie s a s m a y b e a p
p r o v e d In w r i t i n g b y t h e S u p e r i n t e n d e n t o f I n s u r a n c e .
N o In v estm en t or
lo a n s h a ll b e m a d e b y a n y s u c h life In s u r a n c e c o r p o r a t i o n u n le s s t h e s a m e
s h a ll lir s t h a v e b e e n a u t h o r iz e d b y t h e b o a r d o f d ir e c t o r s o r b y a c o m m it t e e
t h e r e o f c h a r g e d w ith th e d u t y o f s u p e r v is in g s u c h I n v e s tm e n t o r lo a n .
No
s u c h c o r p o r a t i o n s h a l l s u b s c r i b e t o o r p a r t i c i p a t e In a n y u n d e r w r i t i n g o f
t h e p u r c h a s e o r s a le o f s e c u r it ie s o r p r o p e r t y , o r e n t e r I n t o a n y t r a n s a c t io n
f o r s u c h p u r c h a s e o r s a le o n a c c o u n t o f s a id c o r p o r a t i o n j o i n t l y w it h a n y
o t h e r p e r s o n , llr m o r c o r p o r a t i o n ; n o r s h a ll a n y s u c h c o r p o r a t i o n e n t e r
I n t o a n y a g r e e m e n t t o w i t h h o l d f r o m s a l e a n y o f I ts p r o p e r t y , b u t t h e d i s
p o s it i o n o f Its p r o p e r t y s h a ll b e a t a ll t im e s w it h in t h e c o n t r o l o f Its b o a r d
o f d ir e c to r s .
A n y s u c h c o r p o r a t i o n . In a d d i t i o n t o o t h e r I n v e s t m e n t s
a l l o w e d b y l a w , m a y I n v e s t a n y o f I t s f u n d s In a n y d u l y a u t h o r i z e d b o n d s
o r e v id e n c e s o f d e b t o f a n y c i t y , c o u n t y , t o w n , v illa g e , s c h o o l d is t r ic t ,
m u n ic ip a lit y o r o t h e r c iv il d iv is io n o f a n y S t a t e ,a n d m a y lo a n u p o n th e s e
c u r i t y o f i m p r o v e d u n i n c u m b e r e d r e a l p r o p e r t y In a n y S t a t e w o r t h l l f t y
per cen tu m
m o r e th a n th e a m o u n t lo a n e d t h e r e o n .
P r o v id e d , h ow ever,
tha t n o th in g i n th is se c tio n c o n ta in e d sh a ll be c o n str u e d a s p r o h ib itin g a life
i n s u r a n c e c o m p a n y f r o m e n te r in g in to a n a g r e e m e n t f o r the p u r p o s e o f p r o
te ctin g th e i n te r e s ts o f the c o m p a n y in se c u r itie s la w fu lly h e ld b y i t , o r f o r the
p u r p o s e o f r e o r g a n iz a tio n o f a c o r p o r a tio n w h ich is s u e d s e c u r itie s s o h e ld ,
a n d f r o m d e p o s i t in g su ch s e c u r itie s w ith a c o m m itte e o r d e p o s it a r ie s a p p o in t e d
u n d e r s u c h a g r e e m e n t ; b u t su ch a g r e e m e n t a n d the d e p o s it o f s e c u r itie s th ere
u n d e r m u s t f i r s t b e a p p r o v e d i n v r ilin g b y the S u p e r in t e n d e n t o f In s u r a n c e
w ith a sta te m e n t o f h is r e a so n s fo i su ch a p p r o v a l.
N o r sh a ll th is se c tio n be
c o n s tr u e d a s p r e v e n ti n g su ch co m i. n y f r o m a c c e p tin g c o r p o r a te sto c k o r b o n d s
o r o th e r s e c u r i t i e s , w h ic h m a y b e
istr ib u te d p u r s u a n t to a n y su ch a g r e e m e n t
a p p r o v e d a s a f o r e s a i d o r to a n y
la n o f r e o r g a n iz a tio n a p p r o v e d in w r itin g
b y th e S u p e r i n t e n d e n t o f I n s u r a n e w ith a s ta te m en t o f h is r e a s o n f o r su ch
a p p r o v a l.
B u t i f a n y se c u r itie s so r e ceiv ed sh a ll c o n s is t in w h o le o r i n p a r t
o f stock i n a n y c o r p o r a tio n o r o f b o n d s o r o b lig a tio n s w h ic h sh a ll n o t be se c u r e d
b y a d e q u a te colla tera l s e c u r i t y , o r w h e r e m o r e th a n o n e -th ir d o f the total v a lu e
o f th e c o lla te r a l s e c u r i t y th erefo r sh all c o n s is t o f sh a r e s o f sto c k , th en a n y stock
a n d a n y s u c h b o n d o r o b lig a tio n s o r e ceiv ed sh a ll be d is p o s e d o f w it h in f i v e
y e a r s f r o m th e t i m e o f th eir a cq u is itio n o r b e fo r e the e x p ir a t io n o f su c h fu r th e r
p e r i o d o r p e r i o d s o f t i m e a s m a y be f i x e d in w r it in g f o r that p u r p o s e b y the
S u n r in te n d e n t o f I n s u r a n c e .
S E C T IO N 2.
T h i s A c t s h a ll t a k e e f f e c t I m m e d ia t e ly .
lo a n a n d p r o v id e a d d itio n a l ca sh t o o p e n a s s o o n as 9 5 % o f th e d e p o s its
h a v e c o m e u n d e r th e d e fe r r e d -p a y m e n t p la n .
W e b e lie v e t h a t If t h e t e m p o r a r y r e c e iv e r s w ill c o - o p e r a t e w it h t h e b a n k ,
a n d a s u ffic ie n t n u m b e r o f t h e d e p o s it o r s w ill sig n t h e d e f e r r e d -p a y m e n t
a g r e e m e n t , a n e a r ly s e ttle m e n t c a n b e b r o u g h t a b o u t .
It was stated last week that the examination of the insti
tution made by the State Banking Department showed
capital unimpaired and surplus of $31,8 21 after charging off
$585,000 of questionable assets. Under an order issued by
Justice O’Gorman, modifying that of Justice Platzek, so as
to permit the stockholders to exercise their corporate rights,
the stockholders on Tuesday ratified the proposition to re
duce the capital from $2,000,000 to $1,000,000. It was also
voted unanimously to apply the $1,000,000 taken from
capital toward the surplus. It has further been decided to
make application to the court for permission to have the
receivers pay immediately the Clearing House indebtedness,
thus releasing, it is said, securities in which the bank has an
equity of more than $4,000,000.
— It is announced that the City Chamberlain has made a
deposit of $100,000 of the city’s funds with the Trust Com
pany of America of this city. This is the first amount placed
in that designated depositary since the financial disturbances
of last autumn, at which time the city reduced its deposit
in this institution to practically nominal figures.
—The application of the directors of the Oriental Bank of
this city to set aside the appointment of the Carnegie Trust
Co. and Henry Schneider as temporary receivers of the bank
was granted yesterday by Justice O Gorman. The receivers
were named by Supreme Court Justice Platzek at the in
stance of Attorney-General Jackson on Friday last, the 28th
ult., when arrangements were pending for the liquidation
of the bank by the Metropolitan Trust Co. The fairness of
this arrangement had been questioned by the Attorney-Gen
eral. It is understood that an amended plan has been agreed
— Julius Heynan has been elected Secretary of the Maiden
Lane Savings Bank of this city to succeed the late Maurice
Maas. Louis Windmuller continues as President of the
institution.
—The Citizens’ Trust Co. of Brooklyn Borough will to-day
discontinue its branch at 198 Montague Street, opened last
August. The company announces that the business of the
branch will be merged in its main office at Broadway and
Sumner Avenue. It also states that it has arranged to send
its messengers daily to the district in which its branch was
located for the collection of deposits.
— Under a decision handed down by Justice Carr of the
Supreme Court on Wednesday, the suit concerning the sol
vency of the Williamsburgh Trust Co. may now be tried in
Kings County. The decision, according to the “ Brooklyn
Eagle,” vacates the ex parte stay which had been obtained
by Attorney-General Jackson from Justice Betts. On Feb.
7 Justice Howard had signed an order permitting a change of
venue from Ulster County to Kings County, but an order
obtained by the Attorney-General from Justice Betts stayed
the proceedings. It is this stay that has now been vacated.
—The examination made by the State Banking Depart
ment into the affairs of the Home Bank of Brooklyn is said
to show the capital of $100,000 unimpaired and a surplus
on Jan. 31 of $21,432. Only $30,940, it is stated, was
marked off as at all doubtful, and of this $10,000 has since
been paid to the bank in cash, thereby increasing the surplus
to $31,000. It is reported that Pres. W. C. Damron has
expressed his intention to retire as soon as the rehabilitation
of the bank is accomplished. Assents from 75% of the de
positors to the deferred-payment plan, under which the
reorganization will be effected, have, it is said, been received.
Mar. 7 1908.]
THE CHRONICLE
—Presiding Justice Sweetland has granted another two
weeks’ extension of time in the matter of the appointment of
a permanent receiver for the Union Trust Co. of Providence,
having given the receivers until March 14 to continue their
efforts toward reorganization. It is understood that in order
to avoid permanent receivership the creditors of the companymust be practically unanimous in the temporary waiving of
their claims against it. It is reported that all but about
1,000 of the 17,000 depositors (representing an aggregate
of $17,762,038) have released their accounts, leaving un
waived claims amounting to about $1,000,000. The Town
Council of Johnston, R . I., is among those who have recently
assented to the plan. At a meeting held on Feb. 14 it voted
its assent for the sinking and trust funds deposited by the
town with the company, to the extent of about $20,000.
The institution, it is reported, holds $60,000 of the town’s
notes, and arrangements are to be made for the reduction
of the town indebtedness by the amount released to the
company.
—A fourth dividend in liquidation, amounting to $5 per
share, was declared payable March 5 to the stockholders of
the National Bank of North America, of Providence, It. I.
The three previous payments aggregated $125, making the
total thus far $130. The bank was placed in voluntary
liquidation in 1904.
—Judge Lowell, of the United States Circuit Court, ap
pointed Arthur I). Hill receiver for the firm of James F. Shaw
& Co., incorporated, of Boston, on the 2d inst., in response
to the petition of John McLaughlin of Cumberland Hill,
It. I. The firm has been prominent as promoters of street
railway enterprises, one of the roads built by it being the
Boston & Worcester Street R y. The Boston “ Herald”
states that it is reported that the assignment will be only
temporary, that one of the creditors of the company has
given assurances of support, and that this house will stand
behind Mr. Shaw until a settlement can bo reached. The
petition of the plaintiff, it is said, states that there are
promissory notes outstanding amounting to $700,977. Of
the entire indebtedness the “ Herald” says, $13 3,10 2 is
unsecured. Twenty-nine notes, amounting to $567,875, are
secured in whole or in part by collateral consisting of shares
of stock. The only assets, it is claimed, are equities in
securities of an estimated value of $880,000. The firm of
James F. Shaw & Co. was incorporated in March 1907 and
was capitalized at $500,000; its directors at the time of in
corporation were: James F. Shaw, Pres.; George A. Butman,
Treas.; Edward P. Shaw (former State Treasurer) and
Arthur U. Clapp. James F. Shaw resigned on Saturday last
as President of the Boston & Worcester Electric Co. and
the Boston & Worcester Street R y ., in order that the road
might not be affected in any way by the receivership pro
ceedings.
— It is reported that a dividend of 60% has been declared
by Comptroller of the Currency William B. Ridgely to the
depositors of the failed Jewelers’ National Bank of North
Attleborough, Mass. The stockholders were assessed 100% .
—Application for authority to establish a new national
bank in North Attleborough, Mass., to take the place of the
Jewelers’ National has been sought. The institution is to
be called the Manufacturers’ National Bank, and is to have
a capital of $100,000 and surplus of $25,000.
—According to dispatches in the daily papers, Receiver
John H. Strawn of the failed Farmers’ & Drovers’ National
Bank of Waynesburg, Pa., has notified the directors of the
institution that they will have to contribute the sum of
$1,500,000 as a result of the bank’s suspension. The insti
tution closed its doors Dec. 12 1906; there is said to be a
shortage of $1,800,000.
—The change in the name of the Dime Savings & Banking
Co. of Cleveland to the Commercial Savings & Trust Co. went
into effect on the 2d inst., at which time the institution
opened in its new quarters on the ground floor of the William
son Building, at Euclid Avc. and Public Square.
—The Continental National Bank of Chicago completed
its twenty-fifth year of existence on the 3d inst., having
opened for business on March 3 1883. The bank on its an
niversary shows deposits of over 70 millions of dollars and
resources of over 80 millions. The marked growth in the
5 7 9
business of the institution dates from the time President
George M. Reynolds first became connected with it, on Jan . 1
1898. The capital was then but $2,000,000 and deposits
but $13,000,000. Three years before—in 1895—the bank’s
deposits stood at but $9,000,000. In 1900 the deposits had
advanced to $31,000,000, in 1905 to $51,000,000, while
to-day they have, as already stated, grown to over $70,
000,000. The capital, surplus and undivided profits now
aggregate over $7,000,000.
— For a fortnight past the financial centre of Chicago has
been rife with rumors of an important bank consolidation
to wit, the merging of the Hibernian Banking Association
with the American Trust & Savings Bank. This would
make a banking institution of the first magnitude, ranking
sixth in the city in point of resources. The joint deposits,
according to the latest statements, would amount to 4 3 ^
millions and the combined capital and surplus to $4,500,000.
It is true that such a combination has been seriously dis
cussed by Presidents Potter and Clarke of the respective
banks, but we are officially informed that no definite plan or
agreement has been arrived at, and that it is highly probable
none will be. Both institutions are prosperous and well
managed and there is apparently no reason why either should
efface itself.
— On Monday, March 9, the National Produce Bank of
Chicago will be permanently located in its new and con
venient quarters on the ground floor of the Ogden Building,
southwest corner of Clark and Lake streets. This banking
institution, which commenced business on Aug. 26 last, has
pursued a conservative yet progressive policy under the
administration of President Edwin L. Wagner; and, with a
capital of $250,000 and surplus of $50,000, shows by its
published statement of Feb. 14 deposits of considerably over
half a million dollars.
—At a recent meeting of the directors of the Union Trust
Co. of Detroit, Frank W. Blair was elected President of the
institution, following his election as a director. As Presi
dent Mr. Blair succeeds D. M. Ferry, whose death occurred
last November. Henry B. Ledyard has been elected Chair
man of the board of directors and of the executive committee.
Ellwood T. Hance, First Vice-President of the company,
committed suicide yesterday. A statement has been issued
by the officers of the company in which it is declared that
Mr. Hance’s accounts with the institution are in excellent
shape, and that the act could only have been occasioned
by causes beyond their knowledge.
—James II. Jamison has been appointed permanent re
ceiver of the First National Bank of Chariton, Iowa, which
suspended last October.
—The First National Bank of Globe, Ariz., which was
placed in charge of a receiver on Nov. 22 last, resumed busi
ness Feb. 29. It is stated that the bank reopens with a
doubled capitalization of $100,000.
— It is reported that the State Savings Bank of Butte,
Mont., which suspended on Oct. 17 , resumed business on
Feb. 15 . At the time of its closing the institution was con
trolled by F . Augustus Heinze; it is understood that Mr.
Heinze is no longer identified with the bank, his stock having
been taken over by the Largey Brothers.
—The reorganization of the German-American Bank of
St. Joseph, Mo., under the national system was perfected
on the 24th ult. The management remains unchanged, the
following officers continuing in charge: William Krug, Presi
dent; Henry Krug Jr . and J . G. Schneider, Vice-Presidents;
R . R . Calkins, Cashier, and A. H. Bansbach, Assistant
Cashier. The bank was organized as a State institution in
1887, and has claimed the distinction of being the largest
State bank in Missouri, Kansas and Nebraska outside of
St. Louis. The capital of the bank is the same as before
its conversion, namely, $200,000.
—An application to convert the City Bank of Memphis
Tenn., into the City National Bank was approved by the
Comptroller of the Currency on February 20. The capital
of the bank, now $100,000, is to be increased with its con
version to $200,000. The institution began business two
years ago.
—It is stated that the Inter-State Finance & Trust Co. of
Big Stone Gap, Va., which closed its doors on Dec. 13 , has
5 8 0
[V L LXXXV
O.
I.
THE CHRONICLE
been reorganized and has resumed business. The officers
Canadian Bank Clearings.—The clearings of the Canadian
under the reorganization are R . T. Irvine, President; W. T. banks for the month of February 1908 show a decrease from
Goodloc, Vice-President and Secretary; R . P. Barron, Treas the same month of 1907 of 8.8%, and for the two months the
urer, and H. H. Slcmp, Assistant Treasurer
loss reaches 8 .1% .
—The capital of the Wilmington Savings & Trust Co. of
F eb ru a ry.
T ic o M o n t h s .
Wilmington, N. C., has been increased from $25,000 to C le a r in g s at —
I n c . or
In c . or
1907.
1908.
D ec.
1908.
1907.
D ec.
$100,000, through the declaration on Feb. 1 of a stock divi
Canada—
$
$
$
%
5
%
dend of 300%.
M ontreal-------- 95,031.138 107,654,099 — 11.7 211,139,875 235,848.788 — 10.5
175.261.5S0 206,960,650 — 15.3
Toronto _____ 77,288,063 91,039,861 — 15.1
— It is announced that the Atlanta National Bank of W innipeg_____ 37,065,201 35,177,890 + 7.1 86,420,064 79,798,277 + 8.3
26,711,192
12,718,891 12,601,515 +
V
26,003,968 + 2.7
Atlanta, Ga., plans to increase its capital from $500,000 to O a ncouver.. . 10,009,054 10,575,758 —0 .9 22,811,05S 23.513,933 — 3.0
5.4
tt a w a ______
7,608,814
10.2S5.610
6,713,126 + 13.3
Quebec_______
14,904,769 +
$1,000,000. One-half of the proposed $500,000 issue will go H a lifa x ............ 6,688,602 0,1S3,544 + 8.2 14,700,152 14,841,115 — 9.3
1.0
6,108,414 — 12.7
to the present shareholders and the remainder offered to Ham ilton......... 5,332,527 5.229,950 — 26.S 11,803,890 13,110,234 — 10.0
8,581,842
C a lg a ry ---------3,825,856
10.806,065 — 20.6
9,365,382
3,952,704
4,526,180 — 12.7
new interests. The announcement of the intended addition L o n d o n ......... ..
10,299.078 — 9.1
9,814,425
St. John--------4,479.018
4,480,578 — 0.2
10,254,590 — 4.3
to capital is accompanied by a statement that the bank has Victoria _____ 4,272,712 3,750,822 + 13.9
8,663,807
7,660,331 + 13.1
5,647,542
6.634,975 — 14.9
Edm onton____
3,286,665 — 27.1
2.395,916
become sole owner of the Century Building, in which it is
607,207,619 660,636,773 — 8 .
Total Canada 271,208.496 297,334,402 — 8 .8
quartered. Under the latest call made by the Comptroller
of the Currency (Feb. 14) the bank reports deposits of
The clearings for the week ending Feb. 29 make an un
$4,946,381 and aggregate resources of $6,641,881. Its sur
favorable comparison with the same week of 1907, the de
plus fund is given as $500,000, besides which it has undivided
profits of $194,900. Charles E . Currier is President of the crease in the aggregate having been 13 .5 % .
bank.
W e e k ending F ebru a ry 2 9 .
—An order authorizing the payment of a 20% dividend
to the creditors of the Neal Bank of Atlanta, Ga.,was issued
by Judge Ellis on the 20th ult. At the same time Judge
Ellis ruled that the State of Georgia be given preference over
the depositors and creditors of the institution for the recovery
of $192,503 taxes on deposit with the bank at the time it
closed, less $25,000, the amount of a note which the State
owes the bank, leaving $167,503. The matter of $ 11,8 7 1,
deposited by the Tax Collector of De Kalb County and
claimed by the State, was reserved for further consideration..
The bank was placed in charge of the State authorities on
Dec. 23. The Central Bank & Trust Corporation is the
receiver.
—J . K . Jackson has recently replaced Silvain Baum as
Cashier of the Exchange National Bank of Montgomery,
Ala.
— The Central Bank of Mississippi, at Jackson, Miss., was
placed in the hands of a receiver on the 21st ult., Chancellor
Lyell appointing E . E . Hindman to take charge of its affairs.
The New Orleans “ Picayune” states that it is understood
that the embarrassed condition of the bank was brought
about by reason of the financial stringency, and that the
receivership is expected to be only temporary. The bank
was organized last year; its authorized capital is said to be
$500,000.
Clearings at—
1908.
1907.
In c . or
D ec.
1905.
1906.
C anada—
$
$
$
%
M o n t r e a l ______ __________________ 2 1 ,4 9 8 ,1 7 6 2 5 ,5 1 3 ,7 1 3 — 1 5 .7 2 9 ,2 8 2 ,2 0 7 2 4 ,5 5 0 ,1 4 8
T o r o n t o ........... ...................................... 1 8 ,4 9 9 ,4 5 9 2 2 ,5 6 8 ,8 4 4 — 1 8 .0 2 0 ,9 9 0 ,1 1 9 1 9 ,9 2 5 ,8 3 5
W i n n i p e g ............................................. 8 ,7 7 6 ,9 0 9 9 ,1 4 2 ,7 2 3 — 4 .0 6 ,4 3 9 ,2 8 5 5 ,2 8 9 ,8 4 7
V a n c o u v e r _______________________
1 ,4 4 6 ,1 8 3
2 ,9 3 1 ,9 1 7 3 ,3 6 2 ,1 4 5 — 1 2 .8
1 ,9 1 2 ,8 5 8
O t t a w a ____________________________ 2 ,3 6 2 ,1 6 4 2 ,2 1 8 ,7 3 5
+ 6 .5
1 ,8 2 9 ,5 9 9
1 ,8 2 4 ,1 7 8
Q u e b e c ...... ...........................................
1 ,7 0 2 ,9 3 2
1 ,4 4 2 ,7 4 2 + 1 8 .0 1 ,4 2 5 ,5 2 4
1 ,4 0 3 ,1 3 1
H a l i f a x _____
___________________
1 .3 3 3 ,6 9 4
1 ,4 4 9 ,3 5 4 1 ,4 2 0 ,8 8 3
1 ,4 0 6 ,0 8 1 — 5 .2
H a m i l t o n ___ ________ ____________
1 ,3 7 1 ,9 2 6
1 ,0 6 2 ,6 5 2
1 ,5 4 1 ,5 3 6 — 2 4 .3
1 ,1 6 6 ,7 2 9
1 ,2 8 5 ,1 8 3 — 2 8 .0
9 2 5 ,3 4 8
L o n d o n .................................. ............
1 .1 2 9 ,9 8 4
8 7 1 ,3 5 2
1 ,1 0 9 ,8 7 8 — 2 1 .5
9 7 9 ,8 4 6
S t . J o h n _________ ________ ________
9 5 8 ,1 0 3
+ 1 .3
1 4 9 ,3 3 5
1 ,0 1 0 ,9 6 8
9 9 8 ,1 7 9
V i c t o r i a ________________ ___________
6 8 8 .9 3 9
7 0 0 ,4 2 5
1 ,0 1 7 ,8 7 3 + 1 3 .0
1 ,1 4 9 ,2 5 3
8 6 4 ,0 8 3 — 4 5 .0
4 7 4 ,8 2 9
T o t a l C a n a d a ____________
6 2 ,7 0 3 ,7 3 0 7 2 ,4 7 1 ,3 2 1 — 1 3 .5 6 7 ,4 7 2 ,4 7 7 5 9 ,3 4 8 ,8 8 4
Clearings by Telegraph—Sales of Stocks, Bonds, &c.—
The subjoined table, covering clearings for the current week,
usually appears on the first page of each issue, but on account
of the length of the other tables is crowded out once a month.
The figures are received by telegraph from the leading cities.
It will be observed that, as compared with the corresponding
week of 1907, there is a decrease in the aggregate of 33.9% .
So far as the individual cities are concerned, New York ex
hibits a loss of 45.1% ; Boston, 23.5% ; Philadelphia, 18.5% ;
New Orleans, 25.3% ; Baltimore, 19.9% ; St. Louis, 3.5% .
Chicago records a gain of 2.7% .
Clearings— R eturns by Telegraph.
W eek ending M a rch 7 .
N e w Y o r k ..................................
B o s t o n _______ ___________
1’ h i l a d e l p h l a _____________
B a l t i m o r e . - ........................
C h i c a g o ....................................
S t . L o u i s ______ _________________
1907.
P e r C l.
§ 1 ,8 0 3 ,1 3 0 .5 2 5
1 4 1 ,5 3 4 ,7 0 5
1 1 9 ,0 4 0 ,8 1 9
2 4 ,5 8 2 ,0 7 5
2 2 6 ,9 7 7 ,8 8 7
5 5 ,9 0 9 ,6 5 1
1 7 ,7 4 9 ,9 0 5
— 4 5 .1
— 2 3 .5
1908.
$ 9 8 9 ,6 0 0 ,0 3 8
1 0 8 ,2 7 7 ,0 4 3
9 7 ,5 3 7 .7 5 9
1 9 ,6 8 5 ,7 0 5
2 3 3 ,1 6 9 ,4 4 1
5 3 ,9 4 0 ,9 4 4
1 3 ,2 6 1 .9 8 4
—The directors of the Spokane & Eastern Trust Co. of
— 1 8 .5
— 1 9 .9
Spokane, Wash., have decided to increase the capital of their
+ 2 .7
— 3 .5
company from $100,000 to $300,000. The surplus and pro
— 2 5 .3
fits are to be left as at present, so that the institution, with
$ 2 ,3 8 9 ,5 2 5 ,5 6 7
— 3 6 .6
S e v e n c it ie s , 5 d a y s ............. ......................... $ 1 ,5 1 5 ,5 6 S ,9 1 4
4 3 6 ,2 8 6 ,4 9 2
3 5 5 ,4 6 2 ,3 9 7
— 1 8 .5
its proposed addition to capital, will have a working capital
$ 2 ,8 2 5 ,8 1 2 ,0 5 9
of nearly $600,000. The present shareholders will be allowed
$ 1 ,8 7 1 ,0 3 1 ,3 1 1
— 3 3 .8
T o t a l a ll c i t ie s , 5 d a y s ...............................
5 4 4 ,6 8 5 ,3 3 5
3 5 7 .9 8 2 ,4 1 3
— 3 4 .3
to subscribe to the new stock at par, and it is expected that
$ 2 ,2 2 9 ,0 1 3 ,7 2 4
$ 3 ,3 7 0 ,4 9 7 ,3 9 4
— 3 3 .9
T o t a l a ll c it ie s f o r w e e k ________________
practically all of the issue will thus be taken up. An extra
dividend of 10% has been paid by the company on its earn
Our usual monthly detailed statement of transactions on
ings for 1907. Regular dividends of 1 )/j% quarterly, or 6% the various New York exchanges is appended. The results
a year, are distributed by the institution, and at the close of for the two months of 1908 and 1907 are given below.
the fiscal year, in December, an extra disbursement is made.
T w o M o n th s, 1 9 0 7 .
T w o M o n th s, 1 9 0 8 .
As that date, however, in 1907 happened to occur in the
D escrip
A dual
P a r V alue
A ver.
middle of the crisis, it was decided to defer action until the
tion .
P a r Value
A ver.
A ctu a l
V a lu e.
P r ic e .
or Q u antity.
Price. or Q u a n tity.
V a lu e.
situation had cleared. The institution is carrying a reserve
3 9 ,1 7 3 ,7 3 2
S t’k lS h ’s .
2 6 ,4 3 4 ,6 0 1
of over 40%. The company was formed eighteen years ago
/ V a l . $ 2 ,2 2 9 ,6 0 3 ,7 0 0 $ 1 ,6 2 5 ,7 5 0 ,5 2 9 7 2 .9 $ 3 2 6 6 ,8 7 2 ,7 2 5 [$ 3 ,0 9 6 ,4 2 9 ,5 7 9 9 4 .8
K
by J . P. M. Richards, the President, who has been actively I t o v .b obnddss. $ 1 2 6$,3 1 2 ,9 0 0 $ 1 0 0$,6 9 1 ,9 1 1 17 9 .7 $ 7 3$,1 6 9 ,2 0 0 $ 7 2$,0 1 7 ,3 8 0 19 8 .4
1 6 9 ,5 0 0
1 8 8 ,9 6 4 1 1 .5
1 1 3 ,2 0 0
G
’t
1 2 4 ,2 7 6 0 9 .8
$ 9 ,9 8 1 ,5 0 0
$ 9 ,2 2 3 ,2 7 2 9 2 .4
b s.
in charge of its affairs ever since. The annex building, now S taante s td'k s $ 2 1 ,4 3 3 ,0 0 0 $ 2 2 ,1 6 2 ,0 1 9 1 0 3 .4
$ 8 6 ,8 0 0
$ 1 6 5 ,9 0 5 1 91 .1
B
k
$ 2 9 ,0 0 0
$ 5 2 ,8 9 5 1 8 2 .5
in course of erection by the trust company, is rapidy near
T o t a l - - $ 2 ,3 7 7 ,4 9 1 ,8 0 0 $ 1 ,7 4 8 ,7 8 1 ,6 3 0 7 3 .3 $ 3 ,3 5 0 ,2 7 9 ,7 2 5 $ 3 ,1 7 8 ,0 2 5 ,1 0 0 9 4 .9
8 0 ,5 9 4 ,1 0 0
ing completion. Its features include one of the largest vault G r a in , b u .
8 1 ,8 0 6 ,9 5 0
6 6 ,2 1 6 ,3 5 0 8 2 .2
8 4 ,7 4 2 ,1 4 0 1 0 3 .6
systems on the Pacific Coast. It is reported that the inter T o t . v a lu e
$ 3 ,2 4 4 ,2 4 1 ,4 5 0
$ 1 ,8 3 3 ,5 2 3 ,7 7 0
ests controlling the Spokane & Eastern Trust Co. contem
plate the organization of a national bank if a favorable cur
The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in 190S
rency law is enacted by Congress.
W .—The annual report of the Deutsche Bank, Berlin, for and 1907 is indicated in the following:
1907, just^ submitted to the stockholders, shows that before
declaring a dividend of 12 % for the year, $738,000 was
charged off from the account of the banking premises and
the reserve fund was increased $428,000. The business
turnover for the year 1907 amounted to $21,667,000,000,
being an increase of $1,289,000,000 over the total business
/o.r the preceding year.
SALES OF STOCK A T T H E N EW Y O K K STOCK EXCH AN G E.
1908.
1907.
’
M 'lh .
N u m b er
of
Shares.
V alues.
P a r.
A ctu a l.
N u m ber
of
S hares.
V a lu es.
P a r.
A ctu a l.
$
$
$
$
J a n _ 1 6 ,5 9 4 ,8 9 5 1 ,3 9 6 ,4 0 3 ,8 0 0 1 ,0 1 5 ,7 6 4 ,1 1 1 2 2 ,7 0 2 ,7 6 0 1 ,9 4 8 ,4 7 7 ,9 2 5 1 ,8 5 4 .9 5 0 .9 3 0
F e b . 9 ,8 3 9 ,7 0 6
8 3 3 ,1 9 9 .9 0 0
6 0 9 ,9 8 0 ,4 1 8 1 6 ,4 7 0 ,9 7 2 1 .3 1 8 ,3 9 4 ,8 0 0 1 ,2 4 1 ,4 7 8 ,6 4 9
Mar. 7 1908.
THE CHRONICLE
581
The following compilation covers the clearings by months
The Bank of England is getting stronger and stronger every
week and the Stock Exchange is getting impatient because
since Jan. 1:
the rate of discount is not reduced. The rate of dis
M O N T H L Y C L E A R IN G S .
count of the Imperial Bank of Germany is however still 6% .
The Imperial Bank greatly needs to strengthen its gold re
Clearings, Total A ll.
Clearings Outside N e w Y o rk .
M o n th .
serve, and yet the foreign exchanges are all against it.
1907.
190S.
1908.
1907.
%
%
Therefore, there is a danger that if the Imperial Bank put
down its rate gold would be withdrawn. The natural in
S
$
5
$
J a n . . 1 1 ,3 5 9 ,3 0 8 ,2 3 2 1 5 ,0 5 4 ,6 5 5 ,4 0 6 — 2 4 .5 4 ,6 0 9 ,0 3 3 ,2 7 7 5 .4 1 0 ,9 8 4 ,5 2 2 — 1 4 .9
ference is that the rate will be kept very high for the greater
F eb ..
4 ,4 9 2 ,4 4 8 ,9 6 4 — 1 4.1
8 .7 5 6 , 7 0 1 , 8 5 7 1 1 .S 2 3 .9 5 S .7 4 0 — 2 5 .9 3 ,8 6 0 ,6 7 1 .0 2 9
part of the present year—probably throughout the whole
year. Under these circumstances, the Bank of England
The course of bank clearings at leading cities of the country has thus far b^en reluctant to decrease its rate.
The India, Council offered for tender on Wednesday 40
for the month of February and since Jan. 1 in each of the
lacs of its bills, and the applications amounted to 144 lacs,
last four years is shown in the subjoined statement:
at prices ranging from Is. 3 29-32d. to Is. 3 15-16d. Ap
B A N K C L E A R IN G S A T L E A D IN G C IT IE S .
plications for bills at Is. 3 29-32d. were allotted about 40%
of the amounts applied for.
— F e b r u a r y ------J a n . 1 to F e b . 2S(000,000*
1908. 1907. 1906. 1905.
1905.
^ The following return shows the position of the Bank of
1906.
1908.
1907.
o m itt e d .)
S
$
S
S
§
$
$
S
England, the Bank rate of discount, the price of consols,
New Y ork_____ . . . 4,896 7,332 8,324 7,1 IS 11,646 16,969 19,563 14,853
&c., compared with the last four years:
C h ic a g o ______ . . .
857
1.968
1,813
928
1 ,S05
1.556
826
742
B o s t o n _______ . . .
Philadelphia_
_ ..
St. L ouis........... . . .
P ittsb u rg h ____ . . .
San F ran cisco.. . . .
Cincinnati. . .
...
Baltimore ____ . . .
Kansas C i t y . . . . . .
C levelan d ____ ___
New Orleans_ . . .
_
Minneapolis . . . . . .
L ou isville......... . . .
D e tr o it _______ . . .
"Milwaukee____ . . .
P r o v id e n c e _ . . .
_
O m a h a _______
B u ffa lo _______ . . .
...
St. Paul
Indianapolis . . . . .
.D en ver........... . . .
_
Richm ond_____ _
Memphis _____ . . .
S eattle............ .. . . .
Hartford . . .
..
Salt Lake City. . . .
524
429
230
157
128
94
SO
125
1.568
1,203
533
455
399
241
252
25S
144
192
150
119
112
95
70
86
18
18
12
12
1,209
957
502
355
270
209
204
272
126
158
166
99
105
91
59
93
67
75
60
60
49
46
58
29
33
Total _____ . . . 8.154 11,123 11,897 10,200
Other cities____ . . .
603
701
5S0
450
18,809
1.307
Total a ll___ . . . 8,757 11,824 12,477 10,650
Outside N . Y . _ . . . 3,861
1.492 4,153 3,532
20,116
67
73
48
48
45
27
42
32
34
29
28
22
21
27
12
16
662
529
243
213
194
109
115
119
63
81
70
57
51
45
30
41
34
31
31
28
25
21
35
14
22
651
556
230
207
156
99
108
98
56
83
65
56
48
39
32
37
28
27
26
25
24
$2
39
13
22
549
4S7
212
1S6
120
84
92
79
52
t0
56
49
40
33
27
29
23
22
23
24
IS
8 .4 ,0
1,494
1,268
514
458
342
222
245
214
129
192
146
119
103
82
70
77
03
59
59
50
1,206
1,043
467
380
259
193
199
173
121
171
126
102
89
69
59
50
72
31
54
54
47
53
S3
42
43
37
20
29
25.348
1,531
1,255
21,515
984
26,879
9,910
28,811
9.248
22.499
7.046
69
71
64
55
47
73
31
52
1908.
F e b . 19.
£
2 7 ,5 8 0 ,0 3 5
1 5 ,3 3 7 ,6 6 2
3 9 ,9 8 7 ,5 4 2
1 4 .3 2 7 .2 1 6
2 9 ,5 8 8 ,8 7 0
2 9 ,6 1 1 ,0 9 7
3 8 .7 4 1 ,1 3 2
1907.
F eb. 2 0 .
£
2 7 ,6 2 1 ,0 9 5
1 4 ,6 9 4 ,3 0 9
4 2 ,4 9 0 .4 1 7
1 5 ,4 5 3 ,7 5 6
3 2 ,5 0 3 ,7 1 8
2 7 ,5 0 5 ,1 4 3
3 6 ,6 7 6 ,2 3 8
1906.
F eb. 2 1.
£
2 7 ,9 0 8 ,2 8 0
1 6 ,8 0 9 ,5 3 0
4 2 ,5 3 3 ,2 2 1
1 5 ,2 2 8 ,8 0 7
3 5 ,8 3 6 ,7 8 4
2 0 ,5 5 4 ,6 9 1
3 6 ,0 1 2 ,9 7 1
1905.
1904.
F eb. 22.
F eb. 2 4 .
£
£
C i r c u la t io n __________
2 6 ,9 8 0 ,8 7 0
2 7 .6 2 9 .1 S 0
P u b l ic d e p o s i t s _____
1 6 ,4 3 0 ,4 0 3
1 4 ,0 6 6 ,4 6 7
O t h e r d e p o s i t s ...........
3 8 ,6 1 2 ,2 8 9
3 9 .6 0 3 ,8 8 2
G o v e r n m ’ t s e c u r it ie s
1 5 .6 0 3 ,5 8 5
1 9 ,2 2 9 .8 3 4
O t h e r s e c u r i t ie s _____
2 7 ,3 0 8 ,7 8 7
2 6 ,5 2 7 ,6 8 6
R e s e r v e ,n o t e s & e o l n
3 0 ,3 1 6 ,3 5 3
2 6 .3 0 4 ,8 4 2
C o i n & b u l l .,b o t h d e p
3 S ,8 5 .3 ,2 2 3
3 5 ,4 8 4 ,6 2 2
P r o p , r e s e r v e t o 11a44%
b i l lt i e s ..............p . c .
53%
5 5 1 -1 6
48
4 8 1 3 -1 0
B a n k r a t e ........... p . c .
4
5
4
:J
4
C o n s o ls . 2 % p . c ___
87%
86%
90%
91
86%
S i l v e r ________________ 2 5 1 5 - li M .
31 1 3-16(1.
30% d.
2 7 1 5-16 (1 .
26 1 5 -1 6 d .
C le a r .-h o u s e re t u r n s 2 5 2 ,8 9 7 ,0 0 0 2 7 9 ,8 2 4 ,0 0 0 2 1 3 ,1 1 8 ,0 0 0 1 9 9 ,8 6 5 ,0 0 0 1 6 9 ,2 0 6 ,0 0 0
The rates for money have been as follows:
B a n k o f E n g la n d r a t e ..............
O pen market rate—
B a n k b ills — 3 m o n t h s _____
— 4 m o n t h s ___ _
— 6 m o n t h s _____
T r a d e b ills — 3 m o n t h s _____
— 4 m o n t h s _____
Interest allowed for deposits—
B y J o in t -s t o c k b a n k s ______
B y d is c o u n t h ou ses:
A t c a ll .....................................
7 t o 14 d a y s ...........................
F eb. 21 .
4
F eb. 15.
4
Jan. 3 1 .
4
F eb. 7 .
4
3 % @ 3 9 -1 6
3%
3%
3% @ 4
3% @ 4
3 3 -1 6 @ 3 %
3% @ 3%
3%
4@ 4%
4®4%
3 3 -1 6 (5 )3 %
4@4%
3%
4©4%
4@4%
3% @ 3%
3%
3%
4@4%
2%
2%
2%
2%
2%
3
2%
3
2%
3
2%
3
4@4%
The Bank rates of discount and open market rates at the
chief Continental cities have been as follows:
(F ro m ou r o w n C orresp on d en t.)
London, Saturday, F ebru ary 22 1908.
Business on the Stock Exchange has continued quiet
during the week, but there is undoubtedly a better feeling
and there is much greater inclination to engage in new en
terprises of all kinds. During January the large operators
here jumped to the conclusion that speculation would re
vive upon a considerable scale, and they bought, therefore,
rather heavily. The same mistake was made in Paris, where
the purchasing of Russian stocks more particularly was
upon an enormous scale. Those operators recognized that
in so trying a year the public would not be ready to embark
in speculation, but thought that if they themselves set the
example the public would be induced to follow. They soon
found that their calculations were wrong. They conse
quently pulled up, and for a week or two there was a very
uncomfortable feeling on the Stock Exchange.
Naturally, in the disappointment and miscalculation,
people were prepared to believe almost any foolish alarmist
report. The Austro-Hungarian Foreign Minister, having
announced in one of his speeches to the Austrian Delegation
that he had applied for an irade for the construction of the
Novi Bazaar Railway, rumors started that Austria was be
ing made use of by Germany for the purpose of breaking off
the understanding between Austria and Russia. When, a
day or two later, it was announced that the irade for the
survey of the railway had been granted, people felt confirmed
in the impression that the influence of Germany was used
and a good deal of bad feeling was aroused, both in Russia
and in France. Newspaper recriminations followed, and
the world was gravely assured that there was danger of war.
No danger of war has existed at any time. But the news
paper warfare alarmed the bourses and the stock exchanges
and added to the setback in prices.
_ Since then there have been rumors that some kind of nego
tiations or pourparlers have been going on between Russia,
Sweden and Germany, and that Russia has put forward the de
mand that Sweden should agree to the fortification by Russia
of the Aland Islands. What the truth exactly is nobody
knows. The story clearly is inaccurate as reported in the
papei’s, for Sweden is not a party to the treaty which binds
Russia not to fortify the islands, and therefore the consent
of Sweden to their fortification is not necessary. But it is
believed in some way or other the question has been raised,
and this has added to the general uneasiness It is perfectly
plain, however, that Russia at present can do nothing ef
fectual, because she has no fleet to support any action she
might take in the Baltic or elsewhere. Gradually the public
here in London is coming to recognize that these and similar
rumors, whatever may be the object of those who have set
them afloat, are quite baseless, and the belief is once more
abroad that we are now about to see a considerable revival of
business'upon the Stock Exchange,
Feb. 2 1 .
Kates oj
Dank
O p en
Interest at—
R ate. M a rk et.
P a r i s _______________ . . .
3
2%
B e r li n ___
________ - - 6
4%
i la m b u r g __________ - - 0
4%
F r a n k f o r t _________ . . .
6
4 9 -1 6
A m s t e r d a m _____ . . .
4
3%
B r u s s e l s _____
—
4%
4%
_____
V ie n n a
...
4 % 4 1 -1 6
S t. P e t e r s b u r g ...
6%
nom .
M a d r id ____________ - - 4%
4
C o p e n h a g e n ... . . - - 6%
6%
F eb . 15.
Bank
O pen
R ale. M a rk et.
3
2%
6
4%
6
4%
6
4%
4
4%
5
4
4
4%
nom .
6%
4%
4%
7
7
F eb. 6 .
Bank
O pen
R ate. M a rk et.
3
2%
6
4%
6
4%
6
4%
4
3%
5
4
4 1 -1 6
4%
nom .
6%
4%
4%
7
Jan. 3 0.
Bank
O p en
R ate. M a rk et.
3
2%
6
4%
6
4%
6
4%
4
3%
5
4%
5
4 7 -1 6
nom .
6%
4%
4%
7
7
Messrs. Pixley & Abell write as follows under date of
Feb. 20:
G O L D . — O f tills w e e k ’ s a r r iv a ls t h e B a n k s e c u r e d a b o u t £ 2 5 0 , 0 0 0 , t h e b a l a n c e
g o in g t o th e C o n t i n e n t , t o t h e s a m e q u a r t e r t h a t h a s b e e n b u y i n g f o r t h e la s t fiv e
w eeks.
T h e w e e k 's m o v e m e n t s a r e a s f o l l o w s :
T h e B a n k h a s r e c e iv e d a t o t a l o f
£ 5 5 0 ,0 0 0 , o f w h ic h £ 3 7 0 , 0 0 0 is in b a r s a n d £ 1 7 5 , 0 0 0 In s o v e r e i g n s f r o m E g y p t .
£ 6 2 4 , 0 0 0 h a s b e e n w it h d r a w n , £ 5 0 8 . 0 0 0 o f w h ic h h a s g o n e t o S o u t h A m e r i c a .
N e x t w e e k w e e x p e c t £ 5 5 4 , 0 0 0 fr o m S o u t h A f r i c a .
A r r iv a ls — C a p e , £ 4 3 2 , 0 0 0 B o m b a y , £ 6 9 , 0 0 0 ; A u s t r a lia , £ 1 0 , 0 0 0 ; W e s t A f r i c a , £ 8 , 0 0 0 ; t o t a l . £ 5 1 9 , 0 0 0 .
Shb>
m e n t s — B o m b a y , £ 9 5 , 7 0 0 ; M a d r a s . £ 1 2 , 5 0 0 ; t o t a l , £ 1 0 8 ,2 0 0 .
S I L V E R . — T h e m a r k e t h a s lo s t m o s t o f la s t w e e k ’ s a d v a n c e a n d Is d o w n t o
2 5 1 5 -1 0 d .
B u s in e s s h a s b e e n u n i m p o r t a n t a n d h a s c h i e fl y c o n s is t e d o f m o d e r a t e
b u y i n g o r d e r s fr o m t h e B a z a a r s , w h e re th e fe a t u r e h a s b e e n a p r e m iu m o f t h r e e
r u p e e s o n s p o t s i lv e r o v e r fo r w a r d , b u t t h is h a s s in c e b e e n r e d u c e d t o t w o r u p e e s .
A m o u n t s o f f e r e d fr o m A m e r ic a h a v e b e e n s m a ll, a n d t h e r e Is n o c e r t a in t e n d e n c y
in t h e m a r k e t a t p r e s e n t .
F o r w a r d h a s fl u c t u a t e d b e t w e e n 1 -lG d . a n d % d . o v e r
ca sh .
I ’ r ic e In I n d i a Is I t s . 6 0 % p e r 1 0 0 T o la h s .
A r r iv a ls — N e w Y o r k , £ 1 3 0 , 0 0 0 .
S h i p m e n t s — B o m b a y . £ 9 6 . 6 5 0 ; A d e la id e ( c o i n ) , £ 3 8 , 8 0 0 ; S in g a p o r e ( c o i n ) , £ 4 7 , 5 5 6 ;
M a d r a s . £ 5 , 0 0 0 ; t o t a l , £ 1 8 8 ,0 0 6 .
M E X I C A N D O L L A R S . — T h e r e Is n o b u s in e s s t o r e p o r t .
The quotations for bullion are reported as follows:
GOLD.
F eb . 2 0 . F eb. 13.
L ondon Standard.
s. d .
s. d .
B a r , g o ld , lin e , o z .
77
9
77
9
U . S . g o l d , o z .............
76
5
76
5
G e r m a n g o ld c o i n , o z
76
76
5
5
I r e rich g o ld c o i n , o z
76
76
5
5
J a p a n e s e y e n , o z ........... 76
4
4
76
I
S IL V E R .
F eb. 20.
| L o n d on S tandard.
d.
I B a r s l iv e r , fin e , o z ___ 2 5 1 5 -1 6
I ’ ’ 2 m o . d e l i v e r y _____2 6 1 -1 6
IC a k e s ilv e r, o z _________ 2 8
I M e x ic a n d o l la r s _______ n o m .
F eb. 13.
d.
26%
26%
2S%
nom .
The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IM P O R T S .
T w cn tg-lou r weeks.
I m p o r t s o f w h e a t , c w t ____
B a r l e y .......................................
O a t s ...............................................
P e a s ................... .. .........................
B e a n s ........... ....... .................... ..
I n d ia n c o r n ...............................
F lo u r ..........................................
1 9 0 7 -0 8 .
------- 4 0 .8 3 9 ,6 0 0
-------- 1 5 ,3 0 8 ,0 0 0
-------- 4 ,7 4 5 ,8 0 0
--------9 8 9 ,1 6 0
--------6 5 4 .6 5 0
---------2 2 ,0 6 3 ,0 0 0
--------- 7 ,4 0 2 ,0 0 0
1 9 0 6 -0 7 .
3 7 ,4 3 0 ,4 0 0
1 2 ,9 6 6 .5 0 0
5 ,3 9 6 ,8 0 0
1 ,0 1 3 ,1 4 0
5 4 1 ,1 1 0
2 3 ,2 2 5 ,9 0 0
6 ,7 1 2 .1 0 0
1 9 0 5 -0 6 .
3 7 ,6 5 3 ,5 0 0
1 3 ,0 5 9 ,0 0 0
5 .6 0 3 .4 0 0
9 9 3 ,2 8 5
4 5 2 ,1 4 0
2 1 ,3 4 0 ,9 0 0
7 .6 7 1 .4 0 0
1 9 0 4 -0 5 .
4 7 .2 0 8 .4 0 0
1 3 ,0 5 4 .8 0 0
5 ,9 3 8 .7 0 0
1 ,1 0 0 .1 9 1
8 0 7 ,8 2 0
2 1 .2 0 1 ,0 0 0
5 ,5 6 1 . 9 2 0
Supplies available for consumption (exclusive of stock on
September 1):
1 9 0 7 -4 8 .
W h e a t I m p o r t e d , c w t .......................... 4 0 .8 3 9 ,0 0 0
I m p o r t s o f f l o u r ................................. . . 7 ,4 0 2 ,0 0 0
S a le s o f h o m e - g r o w n ............................ 2 0 .6 1 3 ,0 3 3
1 9 0 6 -0 7 .
3 7 ,4 3 0 .4 0 0
6 ,7 1 2 ,1 0 0
1 4 ,3 3 7 ,1 0 8
1 9 0 5 -0 6 .
3 7 ,6 5 3 ,5 0 0
7 ,6 7 1 ,4 0 0
1 8 ,5 5 3 .6 0 0
1 9 0 4 -0 5 .
4 7 ,2 0 8 .4 0 0
5 ,5 6 1 , 9 2 0
8 ,7 6 7 , 7 2 9
T o t a l ..........................................................6 8 ,8 5 4 ,6 3 3
A v e r a g e p r ic e w h e a t , w e e k ..............
33s. Id .
A v e r a g e p r ic e , s e a s o n ................ ..........
34s. 2 d .
5 8 ,4 7 9 ,6 0 8
26s. 6 d .
26s. 3 d .
6 3 ,8 7 8 ,5 0 0
2 S s . lO d .
2 8 s. O d.
6 1 .5 3 8 .0 4 9
30s. 7 d .
30s. 3d
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
T h is w eek.
W h e a t ............................................... - _ q r s . 4 ,0 5 0 ,0 0 0
F lo u r , e q u a l t o .................................. q r s .
2 5 5 ,0 0 0
M a l t o ...................................................... q r s .
3 5 5 ,0 0 0
L a st week.
3 .6 3 5 ,0 0 0
2 1 5 ,0 0 0
4 9 0 ,0 0 0
1907.
2 ,8 6 5 .0 0 0
1 9 0 ,0 0 0
5 9 0 .0 0 0
1906.
3 ,3 4 5 ,0 0 0
2 2 5 ,0 0 0
S 0 5 .0 0 0
[V L I,X X I
O. XV
THE CHRONICLE
582 ___________________________________________________________
/x; «
'
English Financial Markets—Per Gable.
w The daily closing quotations for securities, &c., at London,
aslreported by cable, have been as follows the past week:
M on.
S a t.
T ves.
W ed.
25 9-16 25 13-16 25 9-16
c87)4
Consols, new, 2 K per cents. - 87 11-16 8 7 K
87 15-16 88K
c87)4
97.40
97.67)4
French Rentes (in Paris) f r . . 97.25
82)4
2
82)4
Russian Imperial 4s------------- 8 ‘ 'A
_____
o’,Ido
do new 5s-------92)4
52
53
Amalgamated Copper C o------ 53)4
on
6)4
6 Anaconda Mining C o--------6)4
69)4
70)4
A tch. T op . & Santa F c ---------- 70 K
86
86
Preferred -------------------------------- 86)4
81)4
Baltimore & O hio---------------- 81
8 '< i
£
82)4
P r e fe r re d .:---------------------- 82)4
82)4
146
Canadian P acific------------------ 148
146)4
Chesapeake & O h io------------- 27)4
27)4
27)4
Chicago Great W estern------3)4
3M
3)4
Chicago Mllw. & St. P a u l... 113
112
111)4
D enver & R io Grande, com . 16)4
15
16)4
44)4
41
Preferred________ ________ 44)4
Erie, com m on......... ................ 1 3 H
13)4
13)4
First preferred---------------- 27
27
27
Second preferred............... 20
19
19)4
Illinois C entral-...................... 127)4
127
128
Louisville & Nashville........... 92
92
91)4
Mexican Central..................... 19)4
19
18)4
Missouri Kans. & T ex., com . 18)4
18
18)4
Preferred---------------- -------- 48
48
48
National R R . of M exico------ 51)4
50
50
N . Y . Central & H udson------ 97
97)4
96)4
N . Y . Ontario & W estern ... 31)4
31
31
N orfolk & Western, common 62
62
62
Preferred.............................. 80
80
80
Northern Pacific...................... 126
124)4
125)4
a Pennsylvania_______ _____ 5 7 K
58
57)4
a Reading C o............................ 49 V s
49)4
48)4
a First preferred_________ 41)4
41)4
41)4
a Second preferred............. 40)4
40)4
40)4
R ock Island C o . . .................... 11 K
11)4
11)4
Southern Pacific.................... 7 m
70)4
68)4
10
Southern Railway, com m on. 10)4
10
29
Preferred.............................. 31
28)4
114)4
Union Pacific, com m on_____ 117)4
115)4
82)4
Preferred.............................. 83
82)4
29)4
U . S. Steel Corp., com m on .. 29)4
29)4
94)4
95)4
Preferred________________ 94)4
8
8)4
W a bash ....................................
8)4
15
'
Preferred.............................. 15
14)4
39)4 ?.'■ 39)4
Extended 4s........................ 39)4
a Price per share.
b£
sterling.
c
Ex-dlvldcnd.
(Commercial aml
25)4
87)4
87)4
97.55
82)4
92
51)4
6)4
70)4
86
81)4
82)4
147
27)4
4
112)4
16
41
13
26)4
18)4
128)4
92
18)4
18)4
49
50
97
31
62
80
125
58
49)4
41)4
40)4
11)4
70 54
10
29
115)4
82)4
29)4
95
7
13)4
39
£ * * * ■ ”’
T h u rs.
F rl.
25 7-16
87)4
87)4
97.70
82)4
25 9-16
87)4
87)4
97.70
82)4
92)4
51)4
6)4
70)4
80)4
81)4
82)4
147)4
27)4
4
114)4
16
41)4
12)4
26)4
17)4
128
91)4
18
18)4
49
49)4
97)4
31)4
61)4
80
126
58)4
49)4
41)4
40
11)4
70)4
9)4
27)4
116)4
82)4
30)4
95)4
_____
52
6)4
70)4
86)4
81)4
82)4
147)4
27)4
4)4
113)4
15
42
12)4
26
19
128)4
92
18
18)4
49
49)4
97)4
31
61)4
80
125)4
58)4
4954
41)4
40)4
12
70)4
10
28)4
116)4
82)4
30 )4
95)4
7
7
13)4
39)4
14
39)4
EWWl
ceX atte^ttsi@ ew
X
L s
FO R EIG N TR A D E OF NEW Y O R K — MONTHLY
ST A T E M E N T —In addition to t h e ‘ O t h e r tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our New
York Custom House. The first statement covers the total
imports and exports of merchandise and the Customs reM ercha n dise M o ve m e n t to N e w Y o r k .
M o n th .
1 9 0 6 -0 7 .
1 9 0 7 -0 8 .
J u l y ...........
A u g u s t ...
S ep tem b er
O ctob er . .
N ovem ber
D ecem b er
anuary .
$
7 5 ,5 5 4 ,4 5 1
7 0 ,2 9 3 .0 9 6
5 8 ,8 3 3 ,0 2 3
6 2 ,2 5 0 ,9 3 3
6 3 ,5 9 9 ,1 6 3
5 3 ,0 1 9 ,8 6 2
4 7 ,4 8 9 ,9 4 1
C ustom s R eceipts
at N eio Y o r k .
E x p o r ts.
Im p orts.
$
6 7 ,6 7 9 ,9 2 6
6 2 ,1 8 2 ,8 9 6
5 8 ,0 4 4 ,1 4 8
6 9 ,5 1 3 ,9 9 0
7 0 .3 0 7 ,1 4 3
8 3 ,8 7 5 ,5 7 3
7 5 ,3 3 0 .1 5 6
1 9 0 7 -0 8 .
1 9 0 6 -0 7 .
1 9 0 7 -0 8 .
$
4 4 ,6 0 1 ,6 4 9
5 6 ,1 5 3 ,2 9 9
4 9 ,6 3 8 .9 9 1
5 5 ,6 5 8 ,8 4 6
5 2 ,5 0 3 ,1 2 6
5 0 ,9 3 4 ,1 3 5
5 4 ,6 8 7 ,9 3 0
$
5 8 ,5 0 3 ,8 1 6
5 6 ,8 3 3 .7 0 7
5 4 ,7 1 2 ,7 4 8
6 2 ,7 3 9 .8 9 4
6 4 ,9 8 1 .8 7 8
6 6 ,4 2 0 ,9 3 1
6 2 .5 3 1 ,6 9 0
$
1 9 ,3 6 8 ,0 6 8
1 9 ,2 0 5 ,7 3 6
1 7 ,0 0 2 ,2 9 3
1 8 ,8 5 9 ,6 9 8
1 4 ,2 8 7 ,8 7 1
1 4 ,9 6 4 ,6 8 9
1 4 ,6 4 0 ,4 4 6
1 9 0 6 -0 7 .
$
1 7 ,9 5 5 ,8 3 9
1 9 ,0 8 1 ,9 2 8
1 7 ,1 6 1 ,8 6 1
1 8 ,9 4 8 ,4 3 8
1 7 ,7 9 2 ,1 4 9
1 9 .6 0 8 ,5 5 3
1 9 ,9 7 0 ,9 8 1
T o t a l . . 4 3 1 , 0 4 0 , 4 6 9 4 8 7 ,5 3 3 ,8 3 2 4 2 6 ,7 2 4 ,6 6 4 3 0 4 ,1 7 7 ,9 7 6 1 1 8 ,3 2 8 ,8 0 1 1 3 0 ,5 1 9 ,7 4 9
The imports and exports of gold and silver for the seven
months have been as follows:
Silver— N e w Y o r k .
Gold M o vem en t at N e w Y o r k .
M o n th .
E x p o r ts .
Im p o rts.
Im p orts.
1 9 0 7 -0 8 .
1 9 0 6 -0 7 .
5 .0 8 5 ,6 6 8
2 .9 0 5 ,0 3 3
2 0 7 ,0 7 5
2 ,3 2 2 ,9 5 8
3 1 ,8 3 0
6 6 ,9 2 5
3 8 ,9 8 2
2 4 ,9 2 9
7 0 ,2 4 8
2 0 3 ,3 4 3
3 4 ,6 3 1
8 6 5 ,1 1 1
1 ,3 6 7 ,1 1 3
T o t a l .............. 1 0 4 6 7 8 4 24 5 1 ,0 1 4 ,2 2 5 1 0 .6 1 9 ,4 8 9
2 ,6 0 4 ,3 5 7
1 9 0 7 -0 8 .
1 9 0 6 -0 7 .
J u l y ____________
9 7 0 ,7 7 6 4 ,1 4 7 ,3 5 2
1 ,3 3 0 ,2 7 7
5 2 2 ,8 7 0
A u g u s t ..............
S e p t e m b e r ___
7 2 0 .3 2 7 2 5 ,8 2 2 ,5 7 4
O c t o b e r ..............
7 5 1 ,3 8 1 1 7 ,3 2 0 ,1 7 1
6 2 5 .0 2 8
N o v e m b e r ___ 5 7 ,5 5 0 ,4 0 3
1 ,3 S 0 ,4 1 3
D e c e m b e r _____ 3 6 ,5 7 6 ,9 0 8
3 8 8 ,4 1 0
J a n u a r y ...........
7 ,5 8 5 ,7 5 9
1 9 0 7 -0 8 .
5 5 6 ,9 2 2
6 0 3 ,3 0 4
6 0 1 ,40S
9 9 5 ,3 8 3
3 0 6 ,3 9 8
6 7 0 .9 6 4
7 1 9 ,3 7 5
E x p o r ts .
1 9 0 7 -0 8 .
4 ,6 9 4 ,1 4 9
6 ,4 7 4 ,0 1 3
5 ,7 7 7 ,3 7 8
4 .3 2 2 .1 3 4
3 ,9 4 7 ,7 5 8
3 ,0 7 6 ,4 2 1
3 ,2 9 7 ,5 1 6
4 ,5 1 3 ,7 5 4 3 1 ,5 9 4 ,3 6 9
P er
C en t.
N a m e o f C o m p a n y.
R a il r o a d s ( S t e a m ) .
Interborough R a p id T ransit (q u a r .)______
N e w Y o r k Lackaw anna A W estern (quar.)
P ltts b . F t . W a y n e A C h ic ., reg. gu . ( q u .) .
S pecia l g u ar, (q u a r .)....................................
P lttsb. Y o u n g s . A A s h ., c o m .A p r e f .____
R e a d i n g C o m p a n y , flr s t p r e f e r r e d ______
S t. J o se p h S outh B en d A S o u ., c o m m o n ..
P referred . . . .......................................................
S t. L o u is <fc S a n F r a n ., 1st p ref. ( q u , ) . . .
S o u t h e r n P a c ifi c , c o m . ( q u a r .) ( N o . 6 ) . .
U n io n P a c if i c , c o m m o n ( q u a r . ) __________
P r e f e r r e d . . .........................................................
U t i c a & B l a c k R i v e r ..........................................
W a r r e n _______________________________________
W e s t J e r s e y & S e a s h o r e ..................................
S tr e e t R a i l w a y s .
A m e r ic a n R a il w a y s ( q u a r . ) ........................ ..
C h ic a g o C i t y R y . ( q u a r . ) ................................
G a l v e s t o n - H o u s t o n E l e c . C o ., p r e f .( N o .2 )
N orth ern Ohio T ra c. A Ligh t (q u a r.)_____
Philadelphia T raction --------- --------------------P ortland R y . Light A Poicer, p ref. (quar.)
South S id e E le v ., Chicago (q u a r.)_________
T w in C ity R a p . T r ., M i n n ., p ref. (quar.)
U nited T ra c. A E le c ., P r o v . (q u a r.)---------B an k s.
N ineteenth W a rd (quar.) ( N o . 2 7 ) ..............
T w e l f t h W a r d ________________________________
T r u s t C o m p a n ie s .
F ilth A v en u e (q u a r.)-----------------------------------V a n N orden (quar.) ( N o . 1 2 ) -------------------M is c e ll a n e o u s .
A m . B eet Sugar, p ref. (quar.) ( N o . 3 5 ) . .
A m er ic a n C a n , p ref. (q u a r .)........ .................
A m . Car A F d r y ., com . (q u .) ( N o . 2 2 ) . .
Preferred (quar.) ( N o . 3 6 ) ........... ...............
A m e r ic a n C a r a m e l, p r e fe r r e d ( q u a r . ) . .
A m e r ic a n C h ic le (m o n t h l y ) ............................
E x t r a ......................................................................
A m e r ic a n E x p r e s s ------------------------- --------------A m e r ic a n R a d i a t o r , c o m m o n ( q u a r . ) ___
C o m m o n ( e x t r a ) ________________ ________
A m . S m elt. A R e f., com . (q u .) ( N o . 1 8 ) . .
P r e ferred (quar.) ( N o . 3 2 ) ........................
A m e r . S n u ff, com m on ( q u a r .) ...............
Preferred (quar. ) .......................... ............
A m e r ic a n S u g a r R e f g . , c o m . & p f . ( q u . ) .
A m erica n Tobacco, p ref. (q u a r .)............. ..
B o r d e n 's C o n d e n s e d M ilk , p r e f . ( q u a r .)
Calumet A H ecla M in in g ( q u a r .) ...............
Cambria Ir o n ...........................................................
Celluloid C o m p a n y ( q u a r )
_____________
C e n tr a l L e a t h e r , p r e fe r r e d ( q u a r . ) _______
C h ild s C o m p a n y , c o m m o n ( q u a r . ) _______
P r e fe r r e d ( q u a r . ) _____________ _________
C o n s o li d a t e d C o t t o n D u c k , p r e f ........... ..
C o n s o li d a t e d G a s . N . Y . f q u a r . ) _________
D ia m o n d M a t c h ( q u a r t e r l y ) ........................
D o m in io n Coal, L td ., com . ( q u a r j .............
d u P o n t ( E .I .) d e N e m o u r 8 P o w ., c o m . ( q u )
E a stm a n K o d a k , co m m o n ( q u a r .) ..
P r e fe r r e d (q u a r ) ________________________
F e d e r a l M in in g & S m e lt in g , p r e f . ( q u a r .)
General Chem ical, p ref. ( q u a r . ) . . . .
G e n e r a l E l e c t r i c ( q u a r . ) ..............
G u g g e n h e im E x p l o r a t io n ( q u . ) ( N o . 2 1 )
I n t e r n a t io n a l S ilv e r , p r e f . ( q u a r . ) . . .
I n t e r n a t . S m o k e le s s P o w . & C h e m ., c o m .
P r e f e r r e d . . ........... .............................................
L a c le d e G a s L ig h t , c o m m o n ( q u a r . ) . . .
M a c k a y C o m p a n ie s , c o m . & p r c f . ( q u a r .)
M assachu setts Gas C os, com . ( q u a r .) _____
N a t i o n a l B is c u i t , c o m m o n ( q u a r . ) ..............
C o m m o n ( e x t r a ) ...............................................
N a t io n a l E n a m . & S t a m p ., p r e f . ( q u a r .)
N a t io n a l L e a d , c o m . ( q u a r .) ( N o . 1 7 ) .
P r e fe r r e d ( q u a r .) ( N o . 6 5 ) _____________
N l le s - B c m e n t - P o n d , c o m __________ _______
N o v a S c o t i a S t e e l & C o a l , L t d . , c o m . ( q u .)
P r e fe r r e d ( q u a r t e r l y ) _______________
Q u a k e r O a t s , c o m m o n ( q u a r . ) ..............
C o m m o n ( e x t r a ) .......................................
Q u in c y M in in g ( q u a r .) ( N o . 4 3 ) ...........
R a ilw a y Steel S prin g, com m on _______
P r e fe r r e d ( q u a r . ) .....................................
R e p u b l i c I r o n & S t e e l, p f . ( q u . ) ( N o . 2 8 )
R ubber Goods M f g ., p ref. (quar.) ( N o .3 6 )
S e a r s , R o e b u c k & C o ., p r e f . ( q u a r . ) _____
S t a n d a r d O il ( q u a r t e r l y ) _______ _________
S w ift A C o . (quar.) ( N o . 8 6 ) ........................
U n io n B a g A P a p e r, p r e f. (q u .) ( N o .3 6 )
U n io n S tock Y a r d s, Om aha ( q u a r . ) . . .
U n it e d B a n k N o t e C o r p ., p r e f . ( q u a r . ) . _
U n lt c d S t a te s L e a t h e r , p r e f . ( q u a r . ) ------U . S . S te e l C o r p ., c o m . ( q u a r .) ( N o . 1 7 )
a T r a n s fe r b o o k s
1 K % June 20.
not
c lo s e d .
W h en
P a ya b le.
B o o k s C lo sed .
D a y s In clu sive.
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1K
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H o ld e r s o f r e c . F e b .
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H o ld e r s o f r e c .
H o ld e r s o f r e c .
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31 H o l d e r s o f r e c . M c h . 2 0
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to
to
rec.
rec.
rec.
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to
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to
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of
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H o ld e r s o f r e c . M c h . 2 1
H o ld e r s o f r e c . M c h .1 8 a
M c h . 11
to
M c h .1 9
M c h . 11
to
M ch . 19
M c h . 12
to
A p ril 1
M c h . 15
to
M ch . 20
M c h . 15
to
M ch . 20
H o ld e r s o f r e c . F e b . 2 9
M ch . 22
to
M ch . 31
M ch . 22
to
M ch . 31
M ch . 28
to
M ch . 31
M c h . 13
to
M ch . 16
H o l d e r s o f r c c . M c h . 14
H o l d e r s o f r c c . M c h . 14
M ch. 2
to
A p r il 2
H o l d e r s o f r e c . M c h . 14
M ch. 3
to
M c h . 15
H o ld e r s o f r e c . M c h . 5
H o l d e r s o f r e c . M c h .1 4 a
M c h . 11
to
A p ril 1
H o ld e r s o f r e c . M c h . 10
M ch . 6
to
M c h . 10
M ch . 6
to
M c h . 10
M c h . 21
to
A p r il 1
H o l d e r s o f r e c F e b . 18®
H o ld e r s o f r e c . M c h . 3
M c h . 21
to
M ch . 31
H o ld e r s o f r e c M c h . 5
H o ld e r s o f r e c . F e b . 2 9
H o ld e r s o f r e c . F e b . 2 9
H o ld e r s o f r e c . F e b . 2 8
H o ld e r s o f r e c . M c h . 2 1
H o ld e r s o f r e c . M ch . 4 a
H o ld e r s o f r e c . M c h . 1 3
F eb . 29
to
A p ril 1
H o ld e r s o f r e c . M c h . 2 0
H o l d e r s o f r e c . A p r il 3 0
M c h . 10
to
M ch . 16
M c h . 15
to
M c h . 18
M c h . 17
to
M ch. 30
H o ld e r s o f r e c . M c h . 2 8
H o ld e r s o f r e c . M c h . 2 8
M c h . 12
to
A p ril 1
M c h . 14
to
M c h . 15
F e b . 25
to
F e b . 26
M c h . 13
to
M ch . 20
H o ld e r s o f r c c . M c h . 3
H o ld e r s o f r c c . M c h . 3
H o ld e r s o f r e c . A p r
4
H o ld e r s o f r e c . A p ril 4
M ch. 4
to
M ch . 9
A p r il 12
to
A p r il 2 2
M c h . 11
to
M ch. 20
H o ld e r s o f r c c .M c h . 2 1 a
H o ld e r s o f r e c . M c h . 7
M ch . 16
to
A p ril 1
H o ld e r s o f r c c . F e b . 2 0
H o l d e r s o f r e c . M c h . 14
M ch. 1 6
to
A p r il 15
F e b . 20
to
F e b . 29
M c h . 19
to
A p r il 1
H o ld e r s o f r c c . M c h . 10
M c h . 17
to
A p r il 20'
d e c la r e d . 1 H %
p a y a b le M c h . 2 0 a n d
Imports and Exports for the Week.—The following are
the imports at Now York for the week ending Feb. 29; also
totals since the beginning of the first week in January:
F O R E IG N IM P O R T S A T N E W Y O R K .
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:
3
75
15
50
90
S to c k s .
E . J . B u r n h a m C o ____________0 0
M e r c a n tile N a t io n a l B a n k - 1 18
H o m e I n s u r a n c e C o _________4 3 0
N e w J e r s e y Z i n c C o _________ 2 5 1
C a r n e g i e T r u s t C o ................ 1 4 0 - 1 5 9
S to c k s .
192 P r o v . S a v . L ife A s s u r . S o c .
o f N . Y . ..................... ................ 5 0
2 M a r k e t & F u lt o n N a t . B k .2 4 1
B on d s.
$ 1 0 ,0 0 0 C h ic . & G t . W e s t . R R .
C o . 1st M . 5 s, 1 0 3 6 , J . & D .
______
100 K & ln t.
F o r the w eek.
1908.
1907.
1906.
$ 4 ,2 6 7 ,2 4 8
1 4 ,5 4 8 ,9 9 7
1905.
D r y G o o d s ........... ............................
G e n e r a l M e r c h a n d is e _________
$ 3 ,0 5 5 ,2 9 7
1 0 ,7 1 6 .9 5 3
$ 4 ,2 5 9 ,7 6 9
1 7 ,2 2 4 ,8 3 6
T o t a l ............................. - ............
S in ce J a n u a ry 1.
D r y G o o d s . ........... ........................
G e n e r a l M e r c h a n d is e --------------
$ 1 3 ,7 7 2 ,2 5 0
$ 2 1 ,4 8 4 ,6 0 5
$ 1 8 ,8 1 6 ,2 4 5
$ 1 7 ,6 6 4 ,5 6 4
$ 2 8 ,0 3 3 ,9 5 1
7 4 ,7 1 3 ,7 3 9
$ 3 6 ,6 8 7 ,3 3 2
1 1 9 ,4 1 2 ,7 5 8
$ 3 3 ,1 2 2 ,4 2 4
1 0 0 ,9 5 5 ,3 1 3
$ 2 9 ,5 4 2 ,1 5 0
1 0 6 .9 5 6 ,1 6 8
$ 3 ,8 4 4 ,0 1 6
1 3 ,8 2 0 ,5 4 8
T o t a l 9 w e e k s .......................... $ 1 0 2 ,7 4 7 ,6 9 3 $ 1 5 6 ,1 0 0 ,0 9 0 $ 1 3 4 ,0 7 7 ,7 3 7 $ 1 3 6 ,4 9 8 ,3 1 8
DIVIDENDS.
The following is a statement of the exports (exclusive of
The following shows all the dividends announced for the
specie) from the port of New York to foreign ports for the
future by all large or important corporations:
week ending Feb. 29 and from Ja n . 1 to date:
N a m e o f C o m p a n y.
Per
C ent.
R a il r o a d s ( S t e a m ) .
A t l a n t i c C o a s t L in e C o m p a n y ( q u a r . ) . .
A t l a n t i c C o a s t L in e R R . , p r e f e r r e d _____
B o s t o n & A l b a n y ( q u a r . ) ............................. ..
B o s t o n & M a in e , c o m . ( q u . ) ( N o . 1 7 0 ) .
C a n a d ia n P a c if i c , c o m m o n .............................
C o m m o n ( e x t r a ) ______ ___________ ________
P r e f e r r e d ................ . .........................................
C h i c . M llw . & S t . P a u l , c o m . a n d p r e f . .
Chicago R . / . A P a cific R y . (q u a r.)______
D e la w a r e * H u d s o n C o . ( q u a r . ) ................
E r ie & P it t s b u r g h ( q u a r . ) ................................
G r e a t N o r t h e r n O r e C e r t ific a t e s ................
2
2 )4
2
1K
3
)4
2
3 )4
1 )4
2M
1K
$1
W h en
P a y a b le .
B o o k s Closed.
D a y s In clusive.
EXPO RTS FROM N EW Y O R K FOR TH E W E E K .
1908.
M ch .
M ay
M ch.
A p r il
M ch.
M ch.
A p r il
A p r il
A p r il
M ch.
M ch.
M ch .
10
11
31
1
31
31
1
20
1
16
10
16
H o ld e r s
A p r il 4
H o ld e r s
H o ld e r s
M c h . 11
M c h . 11
M c h . 11
H o ld e r s
H o ld e r s
H o ld e r s
o f rec.
to
o f rcc.
o f rec.
to
to
to
o f rec.
o f rec.
o f rec.
F e b . 29
to
Feb.
M ay
F eb.
M ch.
A p r il
A p r il
A p r il
M ch .
M ch.
F eb.
29
11
29
2
1
1
1
20
20
21
M c h . 16
1907.
1906.
1905.
$ 1 3 ,5 5 7 ,2 0 2 $ 1 2 ,3 4 2 ,4 7 2
9 7 ,8 5 1 .9 7 0 , | 9 9 ,7 2 6 ,3 1 2
$ 1 1 ,4 1 6 ,2 5 6
7 8 ,4 2 1 ,8 8 1
T o t a l 9 w e e k s ........................... $ 1 4 9 ,7 7 4 ,3 6 0 $ 1 1 1 . 4 0 9 , 1 7 2 j$ 1 1 2 ,0 6 8 ,7 8 4
$ 8 9 ,8 3 8 ,1 3 7
F o r t h e w e e k ..................................
P r e v io u s ly r e p o r t e d ...................
$ 2 0 ,3 5 2 ,4 6 2
1 2 9 ,4 2 1 ,8 9 8
The following table shows the exports and imports of
specie at the port of New York for the week ending Feb. 29
and since Jan. 1 1908, and for the corresponding periods in
1907 and 1906.
Mar. 7 1908.1
THE CHRONICLE
EXPORTS AND IMPORTS OF SPECIE AT NEW YO R K .
Exports.
dold.
Week.
Imports.
Since Jan. 1
Week.
Since Jan. 1
$35,000
2,955
153,980
128,884
$320,819
41,903
04,638
$6,443,920
1,514,874
449,976
3,000
350
$42,000
13,413.212
198,815
7,540
1,578,464
159,.503
612.045
474,341
$1,049
10,516
50,288
7,146
$14,444
24,250
26,651
38,776
340,443
229,455
67,025
$6,753,124
6,656,327
11,170,745
$ 68,999
26,665
102,220
$741,044
411,620
470,582
$197,605
504,475
Total 1908.........................................
Total 1906
___________________
Silver.
Great Britain........... ...........................
$42,000
2,956
15.000
$702,080
1,398,311
3,048,375
$988,526
35.000
$0,306,897
315,000
127,877
Total 1908.......................................... $1,023,526
1,476,963
1,000,810
Total 1906______________ _______
Of the above imports
were American gold coin
Of the exports during the
gold coin a n d ---------- were
for the week in 19U8, $47,340
and $6,896 American silver coin.
same time $42,000 were American
American silver coin.
Statement of New York City Clearing-House Banks.— The
detailed statement below shows the condition of the New
York City Clearing-House banks for the week ending Feb. 29.
The figures for the separate banks are the averages of the
daily results. In the case of the totals, however, a departure
was made with the statement for Feb. 8, so that in addition
to the averages for the week the actual figures at the end of
the week are now given.
We omit two ciphers (00) In all cases.____________________
B a n ks.
C a p it a l.
00s o m itte d .
S u r p lu s .
L oans.
A vera ge.
S p e c ie .
A vera ge.
$
$
$
'■
ffl 5
3.168,7
20,327,(
4,531,1
Bank of N. Y . _ 2,000,0
3,236,6
2,050,0
23,510,1
9,583,1
Manhattan Co
2,000,0
1,613,3
19,191, C 3,754,1
Merchants’ __ 3,000,0
3,704,8
24,978,0
5,021,1
Mechanics ’ ___
1,500,0
4,631,9
24,033,5
4,780,7
America______
1,000,0
530,0
7,299,C
1,519,1
P h enlx_______
C ity___________ 25,000,0 24,880,9 173,646,7 48,660,3
3,000,0
5,600,3
32,757,9
Chemical--------7.398,7
600,0
528,3
6,236,4
Merchants’ E x.
1,628,5
1,000,0
2.411,1
Gallatin.............
9,895,8
1,490,0
300,0
Butch.A- Drov.
141,8
1,868,6
391,8
500,0
Greenwich-----723,2
4.768,6
1,229,2
Aracr. E x c h ...
5,000.0
6.136.8
35,307,7
6,819,3
Commerce-------- 25,000,0 14,956,3 157,223,8 26,782,7
3,000,0
Mercantile-----2,435,4
8,553.9
1,151,9
500,0
Pacific ..............
823.4
3.119.7
633,3
Chatham..........
450,0
1,000,4
5,462,8
707,0
470,4
People’s ______
200,0
1,734,2
605,0
9,286,3
Hanover______
3.000,0
60,765,8 11,651,8
Citizens’ Cent-.
2,550,(1
1,190,0
19.858,5 4,540,5
Nassau .............
500,0
304.9
4,084,5
228,5
7.741,1
1,571,7
Market A Fult’n
1,000,0
1,746,8
2,000,0
1,033,2
10,133,3
Metropolitan . _
2,339,9
5,069,5
39,897,0
Corn Exchange.
3,000,0
8,769,0
5.110,0
Imp. & Traders'
7,258,7
26,336.7
1,500,0
P a rk __________
3,000,0
9,265,0
74,334,0 20,977,0
1,247.3
East River____
118,8
333,8
250.0
F ourth_______
3,321,3
21,465,0
4,290,0
3,000,0
Second .............
1,629,2
10,210,0
2,270,0
1,000,0
First .................. 10,000,0 20,085,4 113,110,0 26,281,0
Irving Nat. Ex.
2,948,4
2,000,0
1,267,0
10,084,7
Bowery .............
250,0
785,0
2,628,0
760,0
N. Y. County..
500,0
1,079,8
6,917,5
1,180,3
750,0
026,0
Gerraan-Amer .
3,619,3
691,9
5.000,0
4,991,1
Chase_________
70,775,1 17,690,5
100,0
1,924,4
Fifth Avenue..
2,412.1
12,180,5
200,0
German E xch..
879,4
3,765,4
245,0
200,0
Germania_____
966,9
959,4
5,038,8
1,000,0
Lincoln..............
1,175,9
13,540,1
2.291,1
1,000,0
1,227,2
Garfield........... ..
6,002,5
1,892,6
250.0
442,5
F ifth ........... ..
2,997,6
583,9
1.000,0
1,743,9
Metropolis____
10,339,0
1,105,5
200,0
705,7
West Side.........
3,949,0
889,0
Seaboard..........
1,000,0
1,572,9
18,388,0
5,120,0
2,394,4
1,000,0
Liberty .............
14,472,2
2,991,6
640,3
N. Y. Prod. Ex.
1,000,0
5,334,8
1.475,5
1,000,0
10,904,0
State __________
858,6
2,499,0
377,4
14th Street____
3,757,4
1,000,0
327,7
L c g a ls . D e p o s it s .
A vera ge. A vera ge.
R es 'v e .
$
S
%
787,C 19,674.( 27.0
1.522.C
30,400,0 36.4
1.457.C
19,758,0 26.3
1.612.C
25,579,( 25.9
2,058,0
26,267,( 26.0
70,C
6,100,0 26.1
3,449,0 167,250,9 31.1
1,892,7
34,098,5 27.2
251,5
6,028,6 28.3
546,6
8,057,8 25.2
88,1
1,897,4 25.3
5,348,2 31.3
450,0
1,378,5
30,056,0 27.2
9,018,6 139,720,2 25.6
228,5
4,204,8 32.8
425,6
3,131,7 33.8
SO1,0
5,451,0 27.0
46,3
2,079,8 31.2
7,528,0
70,823,4 27.0
324,6
18,797,5 25.9
839,5
4,237,2 25.2
654,3
8,107,5 29.3
176,8
9,972,9 25.2
3,670,0
47,208,0 26.3
1,458,0
24,315,0 27.0
2,684,0
85,375,0 27.7
1,500,2 31.8
144,9
1,498,0
22,075,0 20.2
470,0
10,628,0 25.8
950,8 102,357,0 26.6
1,538.6
10,540,7 27.1
92,0
3,450,0 24.8
7,080,1 25.0
590,1
3,343,1 25.7
170,7
70,900,5 26.0
2,328,7
13,628,6 26.8
1,248,7
700,0
4,053,9 23.3
514,3
5,893,0 25.0
1,159,1
14,097,6 24.4
6,370,6 33.1
222,6
317,8
3,285,8 27.4
1,608,8
10,224,9 26.5
287,0
4,428,0 26.7
952,0
21,930,0 27.7
550,0
13,150,3 26.9
242,2
0,157,9 27.9
178,0
12,022,0 22.2
655,9
3,835,3 25.6
Totals, Average 124,350,0 159,804,9 1161,057,7 261,318,2 59,850,4 1167,623,7 27.5
Actual figures t bis morni ng........... 1166,988,4 263,011,8 58,981,9 1170,818,5 27.3
On the basis of averages “ circulation” amounted to $04,133,000 and United states
deposits (included In deposits), $55,350,100: actual figures Feb. 29, circulation,
$62,944,300: United States deposits, $55,380,500.
The statements compiled by the State Banking Depart
ment, together with the totals for the Clearing-house banks,
both the averages for the week and the actual figures at the
end of the week, are shown in the following table.
In the
figures for State banks and trust companies all of these insti
tutions in Greater New York are included.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending February 29 1908.
Loans and
~
00* omitted.
Investments.
Legals.
Specie.
Deposits.
Deposits.
$
,
?
$
$
$
Clearing-House
Banks— Actual. 1,160,988,4 203,011.8 58,981,9 1,176.818,5 321.993,7
+ 13,132,9 + 1,580,3 — 2,914,4
+ 15,795,3 — 1,334,1
Clearing-House
Banks— Avgc .1,161,057,7 261,318,2 59,850.4 1,167,623,7 321,168,6
+ 17,088,0 + 2,943.4
— 810,2
+ 21,332.3 + 2,127,2
State Banks—
Average_____
247,802,9
43,241,8 a20,073,8
70,037,3
277,237,6
+ 281,2
— 171,5
— 931,9
— 640,4
+398,0
Trust Companies
— Average____ 695,333,7
38,746,2 a5,669,7
651,272,5 168,815,4
+ 947,0
— 1,107,3
— 105,7
+ 2,873,5 + 4,796,8
State Banks and
Trust Cos.— not
42,475,4 alO.618,0
In Clcar.-IIouse. 769,650 8
5732,801,0 188,562,2
+890,6
— 1,281,1
— 132,0
+ 3,253,9 + 5,108,1
Note.— In the case of the Clearing-House banks the deposits are "net” both for
the average and actual figures; In all other cases "gross” deposits are shown. The
Clearing-House actual figures Included U. S. deposits amounting to $55,380.500. a
decrease of $3,843,300 from last week; averages Included U. S. deposits of $53,350,
100. a decrease of $3,979,000 from lastweek.
“ Reserve on deposits” Includes, for both trust companies and State banks, not
only cash Items but amounts due from reserve agents, and In the case of trust com
panies Includes likewise municipal bonds. State banks In New York City are re
quired by law to carry a reserve amounting to 15% of deposits, while outside of
New York City only 10% Is required, which reserve In both cases need not be more
than one-half In cash. Trust companies In Greater New York are required to keep
a reserve of 15% , of which only 5% need be In cash and 5% more may be In munlcl
pal bonds, while In the case of the trust companies In the rest of the State the re
quired reserve Is 10% , of which only 3 % need be In cash and 3% more may be In
municipal bonds.
The State Banking Department also furnishes the follow
ing report for State banks and trust companies outside of
Greater New York.
STATE BANKS AND TRUST COMPANIES OUTSIDE OF N EW YO R K CITY
Week ending February 29 1908.
% 01
Res.
Loans.
Deposits.
Reserve.
$78,313,100 $80,550,000 $14,732,700 18 9
State Banks.............................
„
— 101,300
+568,900
+177.SOO
Trust Companies...................
117,009,900 123,040,500 19,452,200 15.9
— 135,900
+ 53,300
+137,300
+ Increase over last week. — Decrease from last week.
Reports of Non-Member Banks.— The following is the
statement of condition of the non-member banks for the
week ending Feb. 29, based on average daily results:
We omit two ciphers (00) In all cases.
Bank.
Capi
tal.
N. Y. City.
Boroughs of
Man.&Brx.
S
Wash. Hgts
100,0
_
Century _
200,0
Colonial . . .
100,0
Columbia . .
300,0
Fidelity . . .
200,0
Jefferson_
_
500,0
Mt. Morris.
250,0
Mutual___
200,0
19th Ward.
300,0
P laza_____
100,0
23rd Ward.
100,0
Union Exch
750,0
Yorkville . .
100,0
Coal AI.Nat
500,0
NewNethl’d
200,0
Batt.Pk.Nat
200,0
Borough of
Brooklyn.
Broadway .
150,0
Mfrs.' Nat.
252,0
Mechanics’
1,000,0
Nassau Nat.
750,0
Nat. C ity..
300,0
Jersey City.
First Nat. .
400,0
Hud.Co.Nat
250,0
Third Nat. .
200,0
Hoboken.
First Nat . .
220,0
Second Nat.
125,0
Loans,
Disc’is
and
Invest
ments.
Sur
plus.
Specie.
Legal
Tender
and
Bank
Notes.
Deposit with
Clear
ing
Agent.
1
Other
Net
Banks, Deposits.
Ac.
$
181,5
144,6
474,1
492,8
157,5
700,7
225,1
305,2
471,3
370,4
179,4
897,8
402,0
608,6
209,4
129,8
$
862,5
1,220,1
3,234,6
4,708,0
943,9
3,322,7
2,163,5
2,727.3
3,824,9
3,492,0
1,447,5
5.499.9
3,211,5
3.999,0
1,336,0
872,4
$
15,2
17,0
353,1
364,0
51,4
28,5
237,3
19,9
57,2
223,0
169,3
430,7
46,2
579,0
S4,0
92,8
$
47,6
96,9
178.7
317,0
25,9
191,4
32,8
304,3
397.9
152,0
67,5
250,0
485,0
202,0
12,0
58,7
$
93,0
133,6
483,4
644,0
92.5
110,8
421,5
030,5
174.1
339,0
261,0
664,6
304,5
55S.0
125,0
45,1
$
754,7
1.476,4
4,128,6
5,477,0
866,8
113,G 2,890,3
63.7 2,766,6
4.9 3,235,2
541,7 4,535,0
3,741,0
1,776,4
5,284,7
3,955,5
50,0 4.039,0
1.117,0
706,2
382,1
755,2
860,0
928,1
551,7
2,268,9
5,370,2
9,307,7
5,401,0
3,116,0
57,4
543,5
254,7
314,0
120,0
461,8
157,0
621,8
599,0
G 1,0
O
332,5
737,4
708,9
1,342,0
1,364,0
157,0 2,930,2
66,4 5,776,8
106,1 10,131.5
5,753,0
222,0 4.967.0
1,199,5
737,0
360,6
4,206,3
2,177,8
1,750,5
202,9
112,9
56,9
349,9
41,0
102,7
2,202,8
165,0
032,8
795,0
193.4
24,6
6,220,0
1,831,7
2,156,8
597,2
197,1
2,223,2
1,694,6
119,6
74,0
14,3
68,2
157.6
50.S
38,6
9S.5
1,832,3
1,687,5"
$
220,8
473,9
Tot. Feb. 29 7,747.0 12,584,7 80,441,9 4,624.5 5,837,0 12,774,6 3,170.2 90,048.2
Tot. Feb. 21 7,747,0 12,633,4 80,240,7 4,631,6 5,731,1 14,064,3 2,908,0 9(1,717,7
Tot. Feb. 15 7,747,0 12,633,4 80,399,5 4,479.6 5,733,0 12,080.8 3,128,1 88,909,2
New York City, Boston and
Philadelphia
Banks.—
Below is a summary of the weekly totals 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 In all these figures.
Banks.
New York
Feb. 1 ..
Feb. 8 . .
F e b .1 5 ..
Feb.21__
Feb. 29
Boston.
Feb. 8 . .
Feb. 1 5 ..
Feb. 2 1 ..
F e b .2 9 ..
Phila
Feb. 8 . .
Feb. 1 5 ..
Feb. 2 1 ..
Feb. 2 9 ..
Capital
and
Surplus.
Loans.
Specie.
S
292.496.9
283,911,1
283,911,1
283,911.1
284,214.9
S
1133,786,1
1139,755.7
1135.248,2
1143.969.7
1161,057,7
$
258,139,6
254,081,3
253,424,2
258,374.8
261,318,2
S
67,012.5
60,097.0
60,503,3
60,666.6
59,850,4
$
1138,501,5
1137,384,5
1132,309,1
1140,291,4
1167,623,7
$
69,263,7
07.391,5
66.723,5
66,187.7
64,133.0
t
1.340,131,
1.304,320,9
1,092,577,8
1.028,157,8
1,225.514,0
44,030,0
44,036,0
44,036,0
44,036,0
191,2G2,0
191,527,0
190,405,0
189,313,0
20.841,0
20,252,0
20,055.0
19,631,0
2,954,0
3,007,0
2,903,0
2,845,0
210,191,0
208,024,0
205,795,0
202.469,0
10.SOS.0
10.810.0
10,826,0
10,771,1'
138,458.0
127.850.4
107,818,5
124,334,6
54,440,0
54.440,0
54,440,0
54,440,0
219,557,0
219,001,0
217.078,0
216,355.0
234,276,0
236,353,0
237,778,0
238,135,0
17,992,0
17,971,0
17,965,0
17,864,0
113.347.6
95.815,3
85,071,7
114.844,0
Legals. Deposits, a Circu
lation.
54,183,0
55,422,0
57,836,0
58,730,0
Clearings.
a Including Government deposits, and for Boston and Philadelphia, ihe item "due
to other banks." At New York Government deposits amounted to $55,359,100 on
Feb. 29, against $59,329,100 on Feb. 21; at Boston to $6,420,000 on Feb. 29, against
$0,434,000 on Feb. 21.
gaMiitig and ffimtmctnL
of Re
serve.
27.3G
W e shall be pleased to m ail to in s titu tio n s a n d in v e s to rs co p ie s
o f o u r B on d C ircular en title d “ IN V E S T M E N T O P P O R T U N I
T IE S . in w hich we re v ie w p ast e v e n ts a n d e x is tin g co n d itio n s
in the fin a n cial an d b u sin e ss w o rld s .
27.50
28.1
Spencer Trask & Co.
W I L L I A M A N D P IN E S T S .,
NEW YO RK
B ran ch O ffic e s : C h ic a g o , III., a n d A lb a n y . N . Y .
26.4
26.2
+ Increase over last week. — Decrease from last week.
a Includes bank notes, b After eliminating the Item “ Duo from reserve deposi
tories and other banks and trust companies In New York City,” deposits amount to
$019.417,400,ja decreased $256,000 from last week’s figures.
583
M
o f f a t
Members
«NSA S R E .
AS U T E T
N .w
&
York
W
Stock
h i t e
Exchange.
H N V B B N B IL IN
A OE A K W D
D E A L E R S IN INV ESTM E NT SE CU R IT IES
Commission Orders Executed for Cash Only
[V L LXX V
O.
X I.
THE CHRONICLE
584
m ium . St. Louis, 70c. per $1,000 premium. New Orleans,
25c. per $1,000 premium.
State and Railroad Bonds.— Sales of State bonds at the
Board are limited to $5,000 Virginia fund, debt 1991 at 90.
On a greatly reduced volume of business the market for
railway and industrial bonds has shown a decided tendency
to weakness, although there have been a few exceptional fea
tures. Conspicuous among the latter arc Pennsylvania conv.
3i^ s, Rock Island 4s, Northern Pacific 3s, the U. S. Steel
5s and American Tobacco issues, which show a fractional net
gain, and Southern Railway 5s, which have declined 3
points within the week. The Mexican Central issues have
lost a part of the advance noted last week. InterboroMetropolitan 4)4s have held steady at about last weeks
closing prices. Otherwise the active list is generally lower.
United States Bonds.— Sales of Government bonds at the
Board include $7,000 2s reg., 1930, at 104, $10,000 3s reg.,
1908-18, at 101
and $12,000 4s reg., 1925, at 122.
the
following are the daily closing quotations; for yearly range
Wall Street, Friday Night, March 6 1908.
The Money Market and Financial Situation.— There have
been no developments this week of sufficient importance
to affect the security markets or to create any enthusiasm
in W all Street, and therefore business here continues prac
tically at a standstill. Reports of iron and steel production
for the month of February show a slight increase over that of
January, but the difference is so slight as to be almost wholly
without significance, and the starting up of a few manufac
turing plants in various localities is about offset by the shut
ting down of others. Moreover, the reports of railway earn
ings and other criteria show no improvement in the general
business of the country.
The Western Maryland Railroad has passed into the hands
of receivers, and thus the weekly record of such events,
Mch. Mch. Mch. Mch. Mch.
Interest Feb.
which has been maintained for some time past, is kept up.
6
2
5
4
3
29
Periods
The Bank of England’s weekly statement shows that the
104
2s, 1930 ..................registered Q— Jan *104% *104% *104% 104% *104
large percentage of reserve recently reported is still held, 2s, 1930......... ............ .coupon Q—Jan *105 *105 *105 *104% *104% *104 %
and the minimum rate of discount of that institution was re 3s. 1908-18 ............. registered Q— Feb *101% *101% *101% 101% *101 *101
*101
duced from 4 to 3 Yt°/o. The local money market is extremely 3s, 1908-18 ................coupon Q— Feb *101% *101% *101% *101% *101 *100 %
3s, 1908-18____small coupon Q— Feb *100% *100% *100% *100% *100%
122
*122
*122
dull, with practically no change in tone or rates.
^
*122
*122
4s, 1925 __________registered Q— Feb *122
1925......... ...............coupon
The open market rates for call loans on the Stock Exchange 4s, 1936 -Panama Canal regls Q— Feb *122% *122% *122% *122% *122% *122%
Q— Nov *103% *103% *103% *103% *103% n o w
2s,
during the week on stock and bond collaterals have ranged
from 1 M % to 2 % . To-day’s rates on call were 1)4 @ 2 % .
Prime commercial paper quoted at 5 J ^ @ 6 % for 60 to 90-day
Railroad and Miscellaneous Stocks.— The stock market
endorsements and 5 ) ^ @ 6 % for best single names.
has continued dull, although the transactions aggregated
The Bank of England’s weekly statement on Thursday somewhat larger than last week, and fluctuations have again
showed a decrease in bullion of £ 4 1 ,1 4 3 , and the per cent of been narrow. The general tone of the market remained un
reserve to liabilities was 49.59, against 49.13 last week.
changed throughout the week. A show of strength was
The rate of discount was reduced March 5 from 4 % , as recorded by a few issues during the early hours to-day, and
fixed Jan. 23, to 3 ) 4 % . The Bank of France shows a de of a list of 25 active shares, 17 are slightly higher, 6 lower and
crease of 7,000,000 francs gold and 2,825,000 francs silver.
2 are unchanged, as against 10 higher, 10 lower and 5 un
The New York City Clearing House banks in their state changed last night.
.
ment of averages for the week ending February 29 showed
St. Paul has been a notably strong feature, advancing from
an increase of §2,127,200 in reserve held and a surplus of 8 )4 on Monday to 12)4 to-day, on a steady demand lor the
$29,262,675 over the required reserve, against a surplus of shares. New York Central, Delaware & Hudson, Pennsyl
$32,468,550 the previous week.
vania and Reading have also been relatively strong.
The copper stocks have reversed the movement noted last
1906.
1907.
1908.
week and declined on rather drastic dividend reductions.
Averages lor A verages for
Differences
Averages {or
American Sugar Refining, on the other hand, recorded an
week ending
week ending
from,
week ending
March 3.
March 2.
■previous week.
Feb. 29.
advance of 1)4 points, and National Lead covered a range of
over 5 points, closing near the highest. Air Brake is nearly
116,472,700
126,150,000
124,350,000
Capital........................ ..
144,961,100
155,799,500
2 points up and U . S. Steel, both .common and preferred,
159,864,900
Surplus-----------------------1,079,185,600 1,040,838,700
Loans and discounts___ 1.161.057.700 Inc. Y f , 088’,666
is 1)4 points higher.
50,907,000
52,787,200
64,133,600 Dee. 2,054,100
1,029,545,000
For daily volume of business see page 594.
Net deposits......... .......... 1.167.623.700 Inc. 21,332,300 1,038,431,800
8,555,900
14,352,900
55,350,100 Dec. 3,979,000
U . S. dep. (lncl. above)
The following sales have occurred this week of shares not
189,065,200 182,672,800
261,318.200 Inc. 2,943,400
Specie ........................ ..
79,722,200
74,401,400
represented in our detailed list on the pages winch follow:
Dec.
816,200
59,850.400
Legal tenders..................
Reserve held........... —
25% of deposits......... ..
Surplus reserve-------Surplus excluding U. S.
deposits — ......... —
321,168,600 Inc.
291.905,925 Inc.
2,127,200
5,333,075
263,466,600
259,607.950
262,395,000
257,386,250
29,262,675 Dec.
3,205.875
3,858,650
5,008,750
43,100,200 Dec.
4,200,625
7,446,875
7,147,725
fiL mo R 'U U 11 11lo uu ► n A a y
L U 14 1
jc -v iv tn
-~
rr
--- of seDarate banks, al3o the summary issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.
Foreign Exchange.— The market was dull and irregular
this week, with long firm, on easier discounts, and short and
cables heavy because of a comparatively light demand; the
Bank of England rate was reduced to 3 ) 4 % .
To-day’s (Friday’s) nominal rates for sterling exchange
were 4 8 4 y 2 for sixty day and 4 87)4 for sight. To-day’s
(Friday’s) actual rates for sterling exchange were 4 8 3 5 5 @
4 8365 for long, 4 8 6 3 5 @ 4 8640 for short and 4 8 6 6 0 @ 4 8670
for cables. Commercial on banks 4 8 3 @ 4 83)4 and docu
ments for payment 4 8 2 ) 4 @ 4 8 3 )4 . Cotton for payment
4 82)4 @ 4 8 2 )4 , cotton for acceptance 4 8 3 @ 4 83)4 and
Germany bankers’ marks were 94 7 -lG @ 9 4 )4 for long and
95 l-1 6 d @ 9 5 1-16 for short. Amsterdam bankers guilders
were 40 20(5)40 22 for short.
Exchange at Paris on London to-day 25f. 18 /oc.; week’s
range 25f. 19)/£c. high and 25f. 18c. low.
The week’s range for exchange rates follows:
- LongSterling Actual—
High______ 4 8370
© 4 8385
L o w ........... 4 8350
© 4 8300
Paris Rankers' Francs—
High--------- 5 10%
© 5 18%
L o w --------- 5 20%
@ 5 20
Germany Bankers’ Marks—
High______ 94 7-10 @
94%
L o w ______
94%
@
94%
Amsterdam Rankers’ Guilders—
High............................................
L o w ............ .................................
Less:
Plus:
a 1-16 of 1% .
k 1-16 of 1 % .
14 8675
14 8035
© 4 8680
© 4 8640
15 17%a
|5 17 %d
14 8720
14 8060
@ 4 8725
© 4 8670
© 5 17%
© 5 17%
95 l-1 0d @
95
©
95 1-16
95x
40 3-10 @
40 20 ©
40%
40 22
d 1-32 of 1% .
x 1-32 of 1% .
li 3-32 of 1% .
y 3-32 of 1% .
The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah
buying, 50c. per $1,000 discount; selling, 75c. per $1,000
premium. Charleston selling, $1 per $1,000 premium.
New Orleans bank, 25c. per $1,000 discount; commercial,
50c. per $1,000 discount. Chicago, 15c. per $1,000 pre-
STOCKS.
Week ending Mch. 6 .
Sales
for
Week.
Range since Jan. 1.
Range for Week.
Lowest.
Loicesl.
Highest.
Amcr Steel Fdry tr rets.
450 5% Mch 3 5%
Preferred tr rets.........
Mch 3 30%
400 30
Amer Tcleg & Cable____
100 54 Feb 29 54
Bethlehem Steel Corp.. .
Mch 2 12%
400 12
Chic Un Tr tr rets...........
Mch 6 2(4
715 2
Comstock Tunnel______ 2,300 22c. Mch 3 26c.
Federal Sugar Ref pref. .
110 85% Mch 2 S5%
Gt Northern subscription
receipts 95% paid___
500 118% Mch 6 11,8%
Homestakc Mining_____
100 70 Mch 5 70
Iron Silver Mining...........
300 §1% Mch 4 $ 1 %
100 30 Mch 6 30
New Central Coal..........
N Y & N J Telephone.. .
10 100 Mch 5 100
200 3 Mch 5 3
Ontario Silver Mining_
_
RR Securities— Ills Cent
20 79 Mch 3 79
%
% Feb 29
Utah Copper rights------- 9,365
Mch 3
Western Maryland_____ 1.60C 8
Mch
Feb
Feb
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Highest.
4%
27%
53
12
2
21c.
73%
Feb
Feb
Jan
Jan
Jan
Jan
Feb
6
30%
54
10
3
30c.
80%
Feb
Feb
Feb
Jan
Feb
Jan
Feb
6 114
5 07
4 $1%
6 30
5 90
2
5
Feb
Jan
Feb
Feb
Feb
Jan
128%
72 •
$1%
30
101%
4%
Jan
Jan
Mch
Feb
Jan
Jan
3
29
29
4
3
5
2
Mch 3 79
Feb 29
Men o
Mch
Feb
Mch
Jan
Feb
Jan
Outside Market.— The dulness in outside securities was
even more pronounced this week, as evidenced by the small
volume of business and the trifling changes in puces,
lhe
mining issues absorbed what little interest appeared m the
trading. Nipissing was a prominent figure, jumping from
6)4 to 7 and to-day to 7 )4- The close was at •A
field Consolidated was active,and from 4)4
the final quotation to-day being 5)4- Goktlbeld Daisy
moved up from $1 08 to $1 15, reacting finally to $1 10.
Transactions in copper stocks were light, the reductions in
dividends on Calumet & Hecla and Wolverine mining com
panies being an adverse feature. Boston Consolidated Cop
per moved down from 14)4 t ° 14)4.
British Columbia
Copper sold off from 4)4 to 4)4 and back to 4 )4 . Butte
Coalition dropped a point to 19)4 and ends the week at 19)4.
Cumberland-Ely receded from 7 )4 to 7. Davis-Daly Estates
advanced from 4 to 4 )4 . Douglas Copper rose from 5 A to
6. Greene Cananea moved up from 8 )4 to 8 )4 , and back
to-day to 8. Nevada Consolidated lost half a point to 9 and
Nevada-Utah fell off from 4 to 3 )4- United Copper common
declined from 6)4 to 5 )4 . Industrials are at a standstill.
Havana Commercial preferred from 45 rose to 4 6 )4 , then
dropped to 4 4 )4 . To-day it sold up to 48, with the close at
47)4- Standard Oil advanced from 482)4 to 488, dropped
to 485 and to-day reached 490. The close was at 486)4Chicago Subway moved down from 17 )4 to 16 and up to
16)4. To-day it sold at 16)4. Consolidated Steamship 4s
fluctuated between 10 and 9 )4 _
^
Outside quotations will be found on page’ 594.
.
.N Y
ew ork Stock Exchange-Stock R
ecord D
, aily, W
eekly an Yearly
d
O C C U P Y IN G
TW O
STOCKS— HIGHEST AND LOWEST SALE PRICES
Monday
March 2.
PAGES
'
_
ST O C K S
^ E W Y O R K STOCK
EXCHANGE
Tuesday
March 3.
J
Range Since Jan. 1 1908.
On basis ol 100-share ion
J
Range lor Previous
Year (1907)
Lou-est
Highest
Highest
,
R a ilro a d s
tch Topeka A Santa Fc
66 Feb 14
74% Jan 18
66*8 Nov 108% Jan
83% 83%
83%
Do pref________
83% Feb 17
87% Jan 20
*59
65
78 Nov 101*8 Jan
*55
Atlantic Coast Line H R*
59% Mch 2
75% Jan 18
79
79%
58 Nov 133% Jan
79%
altlmore & Ohio_____
70% Feb 10
90% Jan 14
*80
83
75*8 Nov 122 Jan
*80
80 Jan
Do pref________
85*4 Jan 21
40% 41
75 Nov
40%
94% Jan
37%
17,560 Brooklyn Rapid Transit Feb 10
47% Jan 29
2634 Nov
'-----05
83*8 Jan
Buffalo & Pacific.!
143% 14334
74% Nov85*4 Feb
/Canadian Susque, pref.
140 Feb 17 158*4 Jan 11
*54% 62
138 Nov 195% Jan
Y^'anac
anada Southern____
54 Mch
62 Jan 18
52 Nov
165 165
65% Jan
Central o f New J e r s e y .." 160 Feb 1 1
183 Jan 13 144 Nov 220 Jan
Chesapeake & O h io .. .
25% Feb 19
3234 Jan 15 *23% Nov
56 JanChicago & Alton R R ____
10 Feb 13
14% Jan 14
8% Nov27% Jan
Do pref_________ .
4
48 Sep
69 Jan1,715 Chicago Great W estern3% Feb 8
8% Jan 3
67 Nov
8
*38
18 Jan
Do 4 % debentures___
38 Feb 26
49% Jan 4
46 Dec
*16% :
79 FcD
Do 5 % pref “ A ” ____
15% Feb 15
31 Jan 6
21 Dec
*5%
713j Feb
Do 4 % pref “ B ” ____
5 Feb 11
10 Jan 6
8% Dec
1 1 0 % l li s s
26% Jan
Chicago Mllw A St P a u l.. 103% Jan
11778 Jan 18
*140
.
93% Nov 157% Jan
Do pref_____
138 Jan
145 Jan 1 1
130 Nov 165% Jan
Do com ctfs 4 5 % paid
98% Jan
109% Jan 20 .-•85 N ov 141 Jan
*127 129%
Do pref ctfs 4 5 % paid 125% Jan
136 Jan 20 111 Oct
*140 145
143
149 Jan
Chicago A North Western 135% Jan
152% Jan 18
+180 195
*180
Do pref........................... §185 Jan 11 195 Jan 25 126 Oct 205 Jan
*113 120
*113
Cblc St P Minn A Omaha 114 Feb 25 132% Jan 20 185 Opt 234 Jan
*140 150
106 Oct
*135
170 Jan
Do pref____
1401- j an ;i 153 Jan 27
*!•>
* 1137% Dec 165 Jan
Chicago Termin’I Transfer
134 Feb 18
4*4 Jan 14
*10
15
3% Oct
*10
9*4 Feb
Do pref____
11 Jan 6
—
12 .Tan 23
9 Mch
25 Jan
Chicago Union Traction"
2 Jan 14
2 Jan 14
23g Aug
6% Apr
*48
■
Do pref____
*48% 48% "48%
12% Jan 14
12% Jan 14
7 Dec
49
19*8 Jan
300 '
*85
I
Clove CIn Chic A s V l " " '
+89
92
*89
48% Feb 19
62 Jan 15
48
Nov
92
927g Jan
22 % :
' ‘
Do pref____
22*4 227g 22*4
85% Feb 19
92 Jan 8;
80 Dec 108% Jan'
233j
3.300 Colorado & Southern!" " "
*51
i
52
52
52
21 Feb 19
26*s Jan 22
17 Nov
52%
387g Jan
1,470
§40% <
Do 1st p r e fe r r e d .!!!!
40
41
41
50*8 .Tan 2
6278 Jan 4
41 Nov
411
69% Jan
5.830
140% 147%
Do 2d preferred_____ !
146 140
140
39*4 Feb 19
44% Jan
29% N ov58% Jan
2.S55
*470 500
elaware & H udson___ 141% Feb 10 168 Jan 10
+470 500
480
12358 Oct 227% Jan
*15% 16
elaware Lack & W hst. 420 Jan
500 Jan
369% Oct 510 Jan
15%
*42
44
14% Feb 19
934 40
Denver A Rio Grande
213gJan .
16 Nov
41
427s Jan
*30
____
39% Mch
Do pref_____
*31
597g.ian 14
53 Nov
8378 Jan
*0
7%
33 Feb 25
Detroit United___
*6
'7 %
38% Jan
3134 Dec
7%
"7 %
80% Jan
12% 12%
6 Feb 11
* 12 % 13%
Duluth So Shore A Atiaii
87S Jan 31
4 1334
6% Oct
19% Jan
12%
127j 13
11% Feb 13
Do pref
1 2 % 1234
18% Jan 10
8 12%
10 Nov
12%
39 Jan
20
26%
12 Mch
r l e _____ _____
24 3 25%
g
17% Jan _
72% Nov8 25%
253.1
44% Jan
*18% 20
243g Mch
18
18
3534 Jan 10
4 18
28 Nov
757s Jan
16
Do 1st pref
*65
80
16 Mch
*65
26% Jan 10
80
80
20 Nov
67 Jan
80
Do 2d p r e f________
*75
90
*75
90
90
90
Evansville A Terre Haute
117% 118
117% 118% 11734 118% 118% 119% 11834 119%
90 Apr
92 Apr
Do pref_________
5178 5178
63
54%
113% Feb 10 z 125*i Jan 18 107% Oct 189*4 Jan
54
58%
56% 58%
66
57%
Great Northern p r e f ...
48% Jan
58% Mch
37 Oct
85 Jan
Iron Ore p ro p erties...
"9 % '
75 Oct
75 Oct
F ___
_
* ...
Green Bay A W , deb ctf A
8 Jan 14
------ 24
13% Jan 23
534 Oct
--24
14% Jan
*05
*65
8(
Do
deb ctf B
*65~
*05
81
*65
81
241- Oct
47 Jan
*65
81
*63
*03
6!
avana Electric
*03
§70 Jan
§70 Jan 8
72 Apr
£6% Jan
63% O
f
*68
*68
71
*68
62 Feb 10
*08" "75”
75 Jan 13
Do pref____
75
63 Nov 114 Mch
*75
7£
125
*123 12C
125% 125% 125% 1257S
70 Jan
80 Jan 9
125% 124 124
64 Nov
Hocking Valley tr rects
94 Jan
7
7
7
*7%
7%
122% Feb 17 133 Jan 18: 116 Nov 172 Jan
*7%
7%
Do pref_____
§7%
7%
*7%
7
*19%
20
20
19% 19% *19%
6% Jan
87s Jan 31
19% 1934
Illinois Central.................
478 Oct
39 Jan
19
19
*10
' *10
12
11
11
*10
17% Feb 19
23% Jan 29
11% 12
14 Nov
75% Jan
11*8 11
4-nterboro-Metropolitan
*27
30
*27
28
28% *27
10 Feb 19
28% 29
13% Jan 14
Do pref
29
29
287- Jan
9% Nov
*58
65
*58
*58
02
27% Feb 19 31 Jan 14
+55
*55
Iowa Central.
62
29 Dec
+55
62
51 Jan
18
18
18
18
18
59% Feb 19
*18
18% 18% *18
Do pref____________
70 Jan 13
60 Oct
18
80 Jan
*47
50
*46%
*46% 47% *46%
*46
237g Jan 0
481 *46
XTC Ft S & M , tr cts pref18 Feb 25
47
18 Mch
30*4 Jan
*10
14
*10
*10
14
46 Feb 19
10
*10
54 Jan 14
14
-K an sas City Southern..
*10
14
45 Mch
613g Jan
*35
40
*35
12 Jan 4
*35
40
*35
Do p r e f . . . .......... ..
40
*35
15% Feb 3
*30
40
11 Nov
28% Jan
*25
30
*25
*25
30
*27
*27
30
akc Erie A W estern___
*26
30
9*4 N ov07% Apr
89% 89
89
30 Feb 6
*89
92
89
34*( Jan 11
89
89%
26 Dec
90
901
67% Jan
*120 126 *120 1
Do pref.
87% Feb 19 103% Jan 18|
*120 126 *120
*120 126 *120 126
85% Nov 145% Jan
.ong Island______________
*15
19
120 Jan 4 132% Jan 29 1007 Oct
*15
*15
19
*15
*15
19
s
*15
19
146 Feb
1734 18!
Doulsvllle & Nashville___
177g
15 Feb 24
18
18%
25 Jan 10,
17%
17% 4734
23 Dec 107 Jan
18
18
5.000 M an h attan Elevated
* 20 % 2 1
20
14% Jan 2
20
20 % 20%
20% Jan 28
20% 203g 20% 201
12*4 Nov
27*s Jan
1.000 M e tro p o lita n S t r e e t .!..
01
01
*55
20 Mch 2
*50
60% *55
26% Jan 15
23% Dec
*5712 60
*57% 60
59 Jan
100 Mexican Central..........
94% 90
9334
61 Feb 29
0734 99
67 Jan 18 X62% Dec
07
9834 103
102 104
90 Jan
3.545 Minneapolis A St L o u is .!
* ------ 130 *125 1
79% Jan 2 104 Mch 6
*128 135 *118
*125
...
60 Oct
140% Jan
135 135
150
Do pref_____
1734 1734
17%
123% Feb 11 135 Mch 6 110 Oct
1734 18%
1734
18
18%
168 Jan
18% 18%
3.410 Minn St P & S S M a r ie !!!
403j 47
40%
17% Mch 2
48
48
47%
271,8 Jan 14
48
48
20*4 Nov
49
49
1,300
44B Mch
s
Do pref...........................
3078 3134 31
46 Feb 19
3134 32%
31%
59% Jan 15|
31% 323g
7234 Jan
53 Nov
29% 31% 12,300 Mo Kansas A T e x a s .!
*100 105 *100 I
28% Feb 19
+100 100 *100 100 *100 105 *100 105
47 Jan
44% Dec
9234 Jan
Do pref________
* ____
*48
50
9734 Jan 2 114% Jan 14
50
50
97 Dec 147 Jan
50
497g 497g
Missouri Pacific____
43*4 Jan 0
18%
50 Feb
39% Nov
1934
* -----59*s Jan
937S 9434
\ni(h Chatt A St Louis!
94% " 65 ' "95%
13% Oct
95
06
27 Feb
12,020 at of M ex, non-cum pf
-*■’
30
307s
90% Jan 2 103 Jan 14 X83 Dec 13434 Jan
32
31
31
*30
33
1,075
Do 2d pref_________
*82
96
24% Jar
96
33*4 Jan 14
*83
90
19*4 Oct
*83
63% Jan
N Y Central & H udson. 90 Jan 14
60
60
60
65
90 Jan 14
*60
03
85 Nov 110 ” Jan
*60
555 N Y Chic & St L o u i s ...
134
133 133
60 Feb
133
70 Jan 15
132 132
41 Oct
9134 Jan
300 Do 1st pref____________
2934 2978
30%
128*8 Jan
303g 30*g
30
139% Jan 18 127*8 Nov- 189 Jan
1,700
Do 2d pref________
60%
60
60
29% Feb 19
5934
36 Jan 14
59% 5934
28 Oct
4S*g Jan
1,000 N Y N Haven & Hartford
68 Feb 19
80
70 Jan 15
*70
79
56 Oct
92% Jan'
12034 121%
^ Y Ontario A W e ste rn ..
79 Jan 17
81 Jail 9
122 1233g
70 Oct
90% Jan
03",480 Norfolk & W estern_______ 1167s Jan
105 105%
129% Jan 18 100% Oct
105*g 100%
189% Jan
4,130
*80
84
Do adjustment p r e f ! .! 103 Feb 10 112 Jan 18
*79
82
91% Nov 134 Feb
Northern Pacific___
*80 100
79 Feb 24
93% Jan 14
*80 100
66 Nov- 124% Jan
*80
84
Do subscrip rects
*78
84
65 Nov
76 N ov
Pacific Coast C o ..
1 1 1 % 1 123.1
82 Feb 8
97 Jan 13
113*3 114
85 Dec
Mch
42,765 Do 1st pref___
*61
65%
108*4 Jan 2 1177g Jan 20 *103% Nov- 125 Jan
§60% 60%
14l3g
36
*80
95
Do 2d pref____
81% 83
59 Jan 7
*81
70 Jan 22
95
*81% 95
95
61 Oct
78 Jan
260 Pennsylvania . . .
I 90
94% 951
05
81% Mch 3
96*g
95% 96%
9534 97
90 Jan 10
97% 394,200 Plttsb Cln Chic A St L* *
69% Oct
105% Jan
88
*78
88
*78
92% Feb 17 r i l l Jan 18
88
*78
*78
88
88
88
70% Oct
139% Jan
Do Pref
*75
80
81
*75
80
78 Jan 2
*75
SO
76% 76%
84 Jan 18
2 S
O
73 Oct
’ ""lo o
92 Jan
►
ending . . .
11
11
11%
11 11%
76 Jan 6
11% 11*8
82% Jan
11% 11%
3.200 1st pref_______
94 Jan
67 Nov
! 11%
22
2178 22
22
22%
10% Feb 3
23
1534 Jan
23
22% 23%
11% Nov
2.200
l 23
30% Jan
2d pref_______! ! ! ! ! 20*4 Feb 3
*45
50
50
*40
60
*45
3034 Jan
55
65
+45
26% Nov
55
64% Jan
21
211
22%
Eock Island Company . . 45 Feb 10
21% 21%
21% 21%
61*4 Jan 15
21% 2134
> 21% T .500
58 Oct
70 Jan
Do pref_____
*9
111
12
*9
19% Feb 19
11%
*9
11%
*9
30% Jan 13
11%
24 Nov
111
48*8 Jan
L & San Fr. 1st p'ref..
*25% 28
28
*25% 28
11 Feb 19
*25% 275g *25% 275g
15%Jan 15
11 Nov
I 27%
25% Jan
Do 2d pref____________
67
68
08%
68% 68%
„
24% Feb 19 32% Jan 29
67*4 69
08% 69%
1 69% 15,993 Louis Southw estern"!!
25 Nov
62% Feb
109 +108*4 109% §109% 109% 109*8 109*8 109 109
66% Feb 17
78% Jan 20
63% Oct
109
96% Jan
1,392
Do pref_______
9%
934
10
9*g 93.4
100*8 Jan 2 112 Jan 21 100 Oct
9% 10
9%
9%
5,.500 Southern Pacific Co
, 0%
118% Jan
297S 27% 28%
28% 281
9% Jan 10
27
28
13% Jan 2
25%
10 Nov
271
34 Jan
7,302
Do pref________
127S 1334
14%
14
14
25% Mch 5 37 Jan
14
14
*14
15
29% Nov
14 '
94% Jan
1,850 Southern v tr cfs stamped
21
21
*18
20
20
123.| Feb 29
*18
21
21 Jan 15
*18
21
17% Nov
21
37% Jan
100 _ D o
pref
do
9%
*9% 10%
9
9%
17% Feb 21
9%
91,
22*| Jan 29
9*g 9*g
16 Nov 123 Jan
9*g
900 ' 'exas & Pacific_____
15
14*4 1434
*14
15
147g 147; *14
9 Mch 3
13% Jan 20
15
9 Dec
1434
29 Jan
300 J-hlrd Avenue (N Y ) ! ! "
33%
3334 34%
34% 34%
12 Feb 6
34% 34h
15 Jan 14
3334 33%
1034 Dec
33%
1,100 Toledo Rallwavs & Light
33*4 Jan
81% *81
81% *80
81% *80
33 Feb 3
82
377 Jan 16
s
*80
....
82%
29*4 Nov
547g Apr
125 Toledo St L AvVcstern
110% 112% 111% 113% 111% 114
78% Feb 7
89% Jan 4
112% 1143g
0834 N ov- 108% Jan
114% 357,335
Do pref_____
*78% 80
§80
80
110% Mch 2 1285s Jan 18 100 Oct
*781? 80
*78% 80
80
183 Jan
170
Twin City Rapid Transit’
80 Jan
843, .Tan 13
75 Aug I 96 May
nlon Pacific_________
Do Kpref___ _ _QUO TATIO N S.
~
B A N K S A N D T R U ST CO M PAN IES— B R O E R S '
073.1 63s,s 6734 6S%
68%
83% 83l2 83% 83%
8334
00
60
59% 59% *59
78% 78%
78
79
79%
*80
83
*80
83
+80
3 93.{ 40*% 3934 40%
397a
* ------ 65
1
------ 65
143 144
142% 143
*56
00
*56
60
*160 180 *100 180
26*34 27%
26*34 27
*10
~
*10
11
'------ 49
3 4 3?
*3
334
4
*38
...
*38
...
*15% 20
*15% 20
*5
0
*5
0
10834 110
108% 1093s
*139 142 *139 142
*100 103
*98 112
*120 129% *125 133
*140 144 *140 145
*180 195 *1S0 195
*113 120 *113 120
*140 150 *140 150
* 12
*%
2
*10 ‘ 15
*10
15
—
—
6734 CS58
*83% 837g
68% 09%
68%
B
D
E
H
L
Bid
Banks
Ask
Banks
Bid
Ask
Bid
Ask
Banks
Bid
Banks
Ask
Banks
Rid
Ask
Banks
Bid
Ask
Fifth Avoir. 3700 3850
Imp & Trad 515
New York
530
Metropolis V 390
Chemical . . 385
400
Oriental U _.
F i f t h .......... 300
350
Intcrboro U_ ____ 155
Aetna ______ 170
Metropol’nli 157
1271? 135
165 ' Pacific II___ 230
F irst_______ 620
250
Irving N Ex 170
America TJ-. 4S
O
180
500
Mt Morris!!. 220
C ity............... 245
250
240
__
P a r k ............. 375
14th St1T - 170
400
Jefferson IT. 170
Amer Exch. 215
190
225
Mutual !J___ 250
190
200
2C0
F o u rth ____ 175
P e o p le ’ s I I .. 300
185
Liberty------- 425
Battery P k . 115
125
450
Nassau fl___ 205
700
210
P h e n lx ____ 1371
G a lla tin ___ 310
330
L in c o ln ___ 5500
Bowery H . . 310
325
550
New Am st
Columbia U- 400
6 0 b " G arfield ___
Plaza !T____ 570
325
Manhattan!! 205
BronxlloroU 300
280
T149% t!5 0
New N eth’d 200“ 220" P ro d E x ch T 140
G erm A m II 125
135
Mark’ t AFul 1241
Butch A Dr 150
160" Consol't’ d - . 115
NewYorkCo 1200
130
G cr m ’ n Exit 475
R iv e rsid e 11. 200
500
Mechanics’
Century U -- 170
185
215
220
New York
Copper ____ 185
260
195
285" ’ Seab oard . . 325
G erm an ia If 500
Mech ATra II
C h ase.......... 200
Corn E x H -. 275
N ’ht ADavV
285
—
405
G reen w ich U 250
S e c o n d ____ t350
270* Mercantile . t i i F
Chatham . . 300
315" East R iver. 135
19th W ard II
1 45
490
H a m ilto n IT.
State H____ 315
325
Merch Excli 170
—
ChelseaEx H 200
175
Fidelity H._ 100
North Amer
165
H a n o v e r . . 475” 490
12th W ard V
300
Merchants’ . 145
152%
* Bid and asked prices^ no sales wore made on rhi« , 1 . , ,
+ . , . .
,
------- -------------- —
23d W ard 1 190
t Sale at Stock Exchange or at auction this week c E i-bcn c 0 cl al In'teresMu ore prop^rtles^h II State banks a~i IX-diyidend and rights, 6 New stock
1st lnstallm ’t paid. n Sold at private sale at this price.
STOCKS— HIGHEST AN D LOWEST SALE PRICES
Saturday
Feb. 29.
[V L L X V ■
O. XXI
Blew York Stock Record—Concluded— Page 2
58 6
Monday
March 2.
Tuesday
March 3.
Wednesday
March 4.
Thursday
March 5
Friday
March 6
Sales o)
the
Week
Shares
ST O C K S
N E W Y O R K STOCK
EXCHANGE
Range Since Jan. 1.1938
On basis of 100-share lots
Lowest
Highest
Range 1or Previous
Year <1C07)
Ijncest
Highest
62 Jan
21% Jan 28
10% Nov
15 Jan 24
Unit R ys Inv’ t of San F r .
19% *1638 19%
19% *15
71% Jan
*15*2 16*2 *15l2 19*4 *15*2 1914 *16% 36% *20
38% Jan 30
27% Jan 22
20 Nov
Do pret_____________
35
36% *32
*30
34
*27
361» *27
*33
35
18% Jan
6% Mch 3
10% Jan 3
8 Oct
a b a sh ------------------6%
6%
1,625
7
7
684 634
6%
7U
77S Vs
*V s
8%
381» Jan
13 Mch 3 18% Jan 10
14% Nov
Do pref.............
1.400
*13% 1334 13% 13%
13
14%
13
13
m
14
14*8
*14
163" Jan
5 Mch 0
9 Jan 3
6 Oct
300 Wheeling & Lake Erie—
*5
6
5
5
533
53
6
*5
*5
6
6
*5
37% Jan
19 Jan 6
14 Feb 27
13 Oct
Do 1st pref-------------14
170
§14
14
*14
18
17
§15% 15% *14
*14
18
2 13 , Jan
6 Feb 27
11 Jan 6
8 Oct
Do 2d pref-------------100
*5%
6
6
7
*5%
7
*5*2
7t2 ♦oh
7
*5l2
257S Jan
1 1 Nov
17% Jan 16
13i-> Feb 28
Wisconsin Central----------*13
16
*13% 15
*13
*13
15
*13% 15
51% Jan
*1314 14
43i» Jan 20
33 Feb 19
28 Oct
*32
D o pref________________
*32
38
38
*32
*32
38
*30
38
*30
38
Indusfrial&Miscellaneous
164 Jan 2 §185 Jan 18 §150 Auf 330 J’no
A dams Express .
*165 177 *166 17,7 *166 177 *165 177 *165 177
*165 177
1078 Jan
5 Mch 6
Aug
078 Jan 13
llls-Chalmers
800 A iils -C
‘
5
5%
6*4 *512 6*4 *5% 6 % *5% 6%
*514 6 I4 *5%
14 Mch 6
433.1 Jan
22 Jan 14
14 Nov
1.500
Do pref
16
16%
14%
14
16% 16%
*1712 20
*1718 20
*16
17
45% Feb 19 53% Jan 15 a-41% Oct 12178 Jan
4978 5138 493( 50% 228,032 Amalgamated Copper—
5012 517s 50t4 523g! 4978 51%
50-% 5.134
13 Jan 4 18 Jan 31
26% Jan
10 Oct
1.000 Amer Agricultural Chem .
*1634 17%
17
17
17
17% *16% 17%
17*2 17*2
173« 17%
7 «in .JAn 4 84% Jan 31
95 Feb
75 Oct
*78
82
Do pref-----------------------*78
82
*78
82
*75
82
82
*75
*75
82
9 % Feb 10
28W Jan
13 Jan 14
734 Nov
200 American Beet Sugar------1034
10% 10% *10
*9
1012 IOI4 IOI4 *9% 10%
*912 1012
65 " J an 23 65 Jan 23
10 “ Jan
75 Mch
Do pref—
* ____ 80
'------ 80 * ____ 80 * ------ 80 * ____ 80
* _____ 80
4 Feb 20
5% Jan 11
7% Apr
3 Oct
400 American Can
4%
4%
4%
4%
434 *4%
47S
4*4
*4
4%
4*8
44 Jan
60% Apr
52% Jan 10
34 Nov
1,710
46
46%
Do pref—
4578 46
4578 46
46
46
46
46
.
46*2 46*2
25% Feb 13 32% Jan 14
45% Jan
2438 Oct
7.545 American Car & Foundry
29% 30%
2878 293s
27
27%
27
2714 2714 2612 26l2 27
90% Jan 15
103 Jan
84% Vfch 4
78 Oct
600
Do pref-----------------------87% 88%
84% 84%
*86
89
87% 87%
*84
89
*85% 87
34% Jan 14
21 Nov
24-% Feb 19
36% J’iy
735 American Cotton Oil------26% 26%
26% 20 %
25% 25%
26
25% 2512 25U 2514 26
90 Jan
70 Nov
Jan 10 §80 Jan 10
30
§85
85
Do pref------------*80
85
*80
85
*80
85
*80
85
*80
85
§170 Feb 20 200 Jan 9 175 Oct 247 Jan
American Express
*165 181 *165 181 *165 181 *165 181 *170 180 *165 180
5% Mch 4
* 37s Jan 8
8% Jan
3 Oct
§5%
5%
412 434
47s
5
1
538 5 8 2.070, American Grass T w in e ..
-3
*414 434
M%
4%
6% Jan
378 Jan 11
2% Nov
234 Feb 26
* 2%
“
100 American Hide & Leather
3
*2%
3
♦2*4
3U * 212 3 I4
27S 2 %
*2^4
3*4
30% Jan
10 Oct
12 % Mch 4 15-% Jan 20
200
*12
13
Do pref. . . ____
13
13
*1212 141c *1212 1312 *12% 1312 12% 12%
8% Oct
88 Jan
12 i-> Feb 8 1978 Jan 21
6.495 American Ice Securities..
16%
16
1412 16%
14
14%
13% 13%
§13% 1378 13i8 13%
19% Jan
8% Jan 10
63g Oct
0 " Mch 5
800 American Linseed
57S 57
8
6
6
6%
6%
634
*6
6*4
6is 6>4 *6
16% Oct
22 Jan 23
36 Jan
17 Mch 5
631
18
Do pref________
17
17% *15
1812 *17
‘
1812, 17% 17%
*17
18% *17
32% Nov
7534 Feb
41% Jan 14
31*8 Feb 25
2,500 American Locomotive___
34%
33% 3334 33
32
33
32
33% *32% 33%
31*4 32*s
1 1 1 % Jan
83 Oct
92 Jan 18
85% Jan 3
100
*90
91
Do pref
91
92
*89
*89
91
90% 90% *89
*88
91
2% J’ne
§7 % Apr
3 Mch 2 4% Jan 18
300 American Malt Corp------4
*3
*3
5
*3
3
*3
5
5
3
*312
5
17 Nov
40 Feb
2 1 Jan 13 32% Jan 18
100
*24
27
Do pref________________
27
27
*22
27
*24
28
*25
27
*25
28
00 Oct
93% Jan
80% Jan 29
70 Jan 17
200 Amer Smelters Sec pref B
*73
76
*73
76
77
74
*72
*75
74% 75
*71*4 74
58 % Nov zl55 Jan
55 % Feb 17 79% Jan 15
59% 60% 103,728 AmcrSmelting & Helming
59% 60%
60%
58
6O 4 59% 6034 59
I
81% Oct
58?a 603s
11733 Jan
87% Feb 20 90 Jan 13
92
92%
3,340
91% 92
Do pref------91%
91
90t2 91
90
90
90
93
160 Oct 205 Jan
American Snuff
*150 240 *150 240 *150 240 *150 240 *150 240 *150 240
85 Jan 6 §70 Nov 102 J’ne
*78% 81
81 Feb 3
*78% 81
Do pref___
81
*78
*78% 80
*7812 81
*7812 81
4% Nov
103, Jan
7 Jan 13
4U Feb 14
*5%
6
250 American Steel Foundries
*5
6
6
*5
*5
6
*5
6
*5
6
20 Nov
47% Jan
34 J an 20
*28
30
20% Feb 14
200
Do pref
30
30
30
*29
*29
30
*29
50
*29
9234 Dec 137W Feb
31
115% 116% 10,950 American Sugar Ketlnlng
98% Jan 2 .rllO Mch 5
115 116
11334 114*8 1 1 1 2
114 11534 114 115
114
114% 114%
300
Do pref________________ 105 Feb 18 114% Jan 29 zl00 Nov 131 Jan
114 114
*112 115 *109 113 ♦111 115 *113 115
88 Oct 133 Jan
270 American Teleph & Teleg 10 1 Jan 6 111) Jan 18
*10612 110 *106 108 §10634 10634 *105% 107 *105% 108 *106 108
60 Oct
98.% Jan
817s Jan 29
500 American Tobac (new), pf
78% 78%
72% Jan 2
78
78%
*70
80
77
77
1 1 Oct
*77
80
77
77
H W Jan
O
20% Jan
600 American W oolen---------. .
*16% 18
15% Feb 17
*16% 18
16% 16
1634
1634 1634 16
68 Nov 1027,3 Jan
*16t2 18
86>• Jan 18
>
78% Feb 19
153
79%
Do pref________________
80% §79% 79% *77
79% *77
*79
81
Oct
7914 79l 4 *78
32
32% 13,135 dAnacondaCopper Par$ 25 $37% Feb 19 S34 Jan 18 $25% Nov 30234 Feb
32% 3234 32% 32%
32% 3373
$ 1%
3214 3338 32l2 33*2
$ 1 1 J’ly
$4% Jan 17
$178 Jan 2
«!B alaklala Cop per Par $ 10
$3 Oct
$9% May
$37g Jan “
234 27S
$2% Jan 23
* 2%
2*4
2% 234 1.100 dBatopIlasMtnlng Par $20
234 2%
80 Nov 125 May
*234 3
2%
27g
96 Jan 11
100
*88
98
xSH Feb 21
*88
98
rooklyn Union Gas.
S9
89
*92 100
14 % Jau
6 Oct
*92 100
*92 100
7 Jan 23
*6
8
*6
8
6 Jan 3
runswlck Dock&C Imp
*6
8
*6
8
27 Oct
49% Jan
*6
8
*6
8
20
*14
*13% 20
§10 Feb 7 §25 Jan 15
Biittcrtck Co
*13% 20
I17s Nov
*13% 20
40 Feb
*1314 20
*13U 20
19% Jan 20
*16
430 /Central Leather .
17
15% Feb 10
17
17
*16% 17
17
17
68 Nov 102 Feb
107g 1678
16% I 6I2
80 Jan 20
82% 82%
170
Do p r e f ____________
§81% 81%
75% Jan
*80
83
677„ Jau
*81
83
14 Nov
§81
82
582
82
22% Jan 15
925 Colorado Fuel & Iron
16% 1675 *16l.t 17 %
15% Feb 11
16% 16%
Dec
*16
17
28% Apr
16
16
163s 17
17% Jan 6
900 Col & Hock Coal & Iroiill
*14
1434
143.1 15%
14% Mch 6
*14
15
*14
15
Oct
140% Mch
*14
15
*14
15
lOWi Jan 11
96
97
500 Consolidated Gas (N Y ) . _
*97% 100
96 Jan
24% Jan
Oct
9812 98l2 9812 98% *98 100
*9812 100
14% Jan IS
*11
12
*11
12
10% Feb 10
Corn Products R efin in g..
*11
12
*11
12
Oct
88 Jan
*11
12
*11
12
66 Jan 20
400
59
Do pref____
*57% 5834 *57
50 Jan 2
57*4 59
58% 58%
Dec
78 Feb
*37
5912 57U 571t
35 Jan 18
2,400 Distillers’ Securities *Corp
28% 28%
28% 29%
27% Feb 19
283 29
4
29%
Oct
163 Jan
293S 287S 287S 29
29
*30
81
*30
81
Federal Mining & Smelt’g
*30
81
*30
81
Oct
9 1 Jan
*30
81
*30
81
69% Jan 15
6538
6538 *55
Do pref________
59 Feb 10
*58
65*8 *55
65
163 Jan
89l« Oct
653s *55
651s *55
*54
1,321 General Electric
§116% 116%
1 1 1 Jan 2 125 dan 15
115
152 Feb
60 “ Oct
115U 11534 116% 116% Xll4% 114% *80 116-% *75
*115 117
92 Jan 29
200 Granby Cons M S & p “ I
95
95
78% Jan
95
85
85% *80
4 % Oct
8% J ’ne
*85
95
95
*85
*5
7
*5
7
Tnt Mer Marine stk tr ctfs
*5
7
*5%
7
10 “ Nov
24 Apr
7
*5
7
*0
IS Jan 13
*153.t 20
*1534 20
16 Feb 25
*- Do pref________
*1534 17% *15*4 20
20
7 I0 Nov
18% Jan
1714 *15
; *15
12% Jan 18
834 9
9
9
975 International Paper.
8% Mch 0
9
9
* 8%
9%
Nov
81 Feb
51 1 r
v -'”
9
*St2 9'2
9
65 Jan 16
56
57
57
5734
2,195
52 Jan 2
Do pref__________
57
58
58
N ov
6034 Jan
59
57
6734 *56
*57
*25
40
*25
40
*25
40
International P o w e r____
*25
40
40
41 Jan
8 Oct
40
*25
*25
21% Jan 18
21
21% 12,600 Internat Steam Pum p___
20% 21%
13 Jan
19% 20%
19% 20%
1934
19
81 Jan
50 Oct
I 8I4 19U
731.8 Jan 20
1,200
68% 69% 69% 69%
65 Jan 10
*67% 69
Do pret_________
67% 68%
40 Oct
675s 67
75% Jan
*65
68
60 Jan 11
*54% 60
*54
56%
52 Feb 25
100 Mackay Companies
*52% 60
*53
60
*52U 56
54
50 Oct
71 Jan
54
64 Jan 13
61% 61%
61%
100
597 Feb 25
8
Do pref_________
*5934 6112 *5934 61% *59*4 61% *61
64
68W Oct
*60
86% Jan
76% Feb 27
75% 75%
76
76
68 Jan 3
900
76
76
ational B iscuit..
76
76
75
75
90 Nov 1173s Mch
75
7512
1071o Feb 10
*107% 111%
102 Jan 2
*108 113
Do pref___________
6% Nov
*107 113 *107 113 *107 113 *107 113
153g Jan
9% Jan 18
*7
9
7l» Feb 14
*8
9
350 Nat Enamel’g & Stamp’ g
*9
9%
9
9
9
*8
9
*7
87 Feb
*60
76
§70 Feb 25 §80 Jan 18 §76 Sep
76
*65
*65
76
Do pref___
*60
76
70
*65
76
33 Nov
: *65
49% Mch 3
76% Jan
4734 4834 42,934 National Lead
30 Feb 10
4734 49%
473g 49%
47% 49%
47%
80 Oct 103 Jan
4312 45*8 44
*8978 91
87 % Jan 6 91 Jan 18
90
90
1.670
Do pref_____________
90
90% §90% 90%
*8834 8914 88% 89%
*5 Dec $20% Apr
$978 Jan 20
734 734 2,650 Newhouse M & S .P a r $10
$7 Jan 2
*734. 8%
733
8
7%
8%
8
8
8
8
47W Dec 141% Jan
72 Jan 14
59% 5978
50 Jan 2
60
1,525 New York Air Brake____
56
5934 59% 59*8 *57
*57
60
*55
60
893- Jan
37 “ Nov
54% Jan 13
42% Mch 5
43
42H 42H *42
440 North American Co, new
43
42% 42% *42
§43
43
427) 427S
41W Jan
19 Nov
29% Jan 10
28
25 Feb 10
26% 26% *26
700
26
26
acific Mall.......... .............
26% 27
27%
26% 2714 *26
70% Oct
98% Jan
89 Jan 14
80 Jan 2
86% 86%
*86
87
990
eople’s G L & C (Chic)
87
87
85% 86 %
8534 8612 86% 86%
1038 Jan 9
7 Nov
107g Jan
9 Feb 1
* 8%
9%
* 8%
9%
* 8*4
9%
Pittsburgh Coal Co_______
* 8%
9%
9%
*834
912 * 8%
60% Jan
37 Nov
4278 ja n 13
36% Feb 14
*38
40
*37
40
Do pref________________
300
38
38
37% 37%
♦37
40
*37
40
67 Jan
15% Nov
171.1 Feb 10 23% Jan 15
20
20%
20% 20%
19% 20
2,400 Pressed Steel Car------------19% 19%
19% 19%
20
9978 Jan
2012
80 Jan 20
64 Nov
69 Jan 3
*70
73
*70
73
100
Do pref________________
*70
73
71
71
*71
73
73
*71
147 Jan 3 160 Jan 20 135% Nov 18 1 % Jan
*148 150% *148 150%
150 Pullman Company----------150 150 *148 151
67% Jan
5150 150 *148 151
21% Oct
2334 Feb 8 29-% Jan 17
29
27
25% 261
1.100 I> allway Steel Spring—
25%| *21
25*8
25% *21
25% *24
*24
80 Jan 22
90% Feb
72 N ov
75 Jan 29
90
*75
*74
90
-tv Do pref____________
*74
90 ^ *74% 90
*74% 90
41 Jan
90
*74
18% Jan 14
12 Oct
1434 Feb 11
16
16
15% 15%
3.730 Republic Iron & Steel—
15% 15%
15% 153s *15% 1534
*15U 16
100 Jan
71% Jan 15
50% Oct
65 Feb 29
6634 67
3,990
66
66%
Do pref________________
65% 6534 65% 66
65
65
7734 Jan
65
6514
42% Mch 5
26 Oct
36 Jan 2
42% 4234 42% 42%
loss-Sheffleld Steel&Irn
1,000
42
42
*3934 41%
41
41
*39
42
92 Jan 29
80 Oct §107 Jan
87% Jan 7
*91 125
Do pref_____________
93 * ____ 90
*88
------ *88
*85
93
*85
93
Mch
28
*26
500 dTennesseeCopper Par%2 5 $25% Feb 17 S32% Jan 13 $17 Oct $53% Jan
26
26
28
2734 28% *26
28
*26
*26
28
85
42 Dec
45 Feb 11 58 Jan 18
53
*49
500 Texas Pacific Land Trust
*49
54
49
49
54
49% 49%
*48
8% Jan
*4812 54
4 Oct
4 Feb 21
5 Jan 18
4
4
200 1 Tnlon Bag & Paper------*4
4l2
4%
*4
4%
*4
*4
412
61 Jan
393, Nov
60 Jan 23
447g Jan 6
52
*45
100 U
Do pref............. .........
52
*45
52
52
*45
*45
49% Jan
47
47
17 Oct
17 % Feb 26 21% Jan
550 U S Cast l Pipe & Foundr
19% *18% 19% *1834 19%
19
19
89 Jan
*1812 1934 18% 18*4 §19
49 Nov
69 Jan 28
56% Jan 2
64%
Do pref________________
385
64
*63% 66% §64% 64% *63%
64
*63*4 66I4 63*8 63%
70 Nov §117 J*n
90 Jan 6
70 Feb 18
81
*65
*65
81
United States Express___
*65
81
♦65
81
*65
81
90% Jan
*65
81
36 Nov
42% Jan 21
30% Feb 5
39
U S Realty < Improvem’ t
&
* ____ 39
*____ 39
39 * ____ 39
30 % Jan
* ____ 39
61, Nov
4 Feb 21
7 Jan 23
11
*4
U S Reduction & Refining
*4% 11
*4% 10
*4
9
*5
10
68 Jan
*4% 10
18% Dec
20% Jan 13
16 Feb 10
21%
*14
22
Do pref____________ ___
*12
22
*14
21% *14
*12
21
13 1 - Nov
52% Feb
*12
21
1734 Feb 10 26 Jan 14
19
19
18
18
300 United States Rubber___
*173.4 20
*17% 20
*18
20
1097* Jan
62 Oct
18
18
76 Feb 19 88% Jan 14
77
77
*76% 77%
Do 1st pref
1,406
77% 7734 §77% 78
77% 77%
78% Jan
39 Nov
77% 7712
42 Feb 21 61% Jan 23
*43
50
*45
50
Do 2d pref____________
225
*40
45
*40
45
503s Jan
45
45
217s Oct
45
45
2 534 Jan 2 31% Jan 18
2934 303s 134,520 United States Steel______
29% 30
293
287s 29-% 29
28% 29
79% Nov 10734 Jan
2812 2S7s
9.5% Jan 14
87% Jan 2
0234 9338 93% 9334 28,236
Do pref________________
92% 93
92% 93%
92% 92%
$39% Mch
$27% Jan 29 $13 Oct
91?8 92U
247 2534 17,210 rfUtah Copper___ Par $10 020 Jan 2
8
25
26
25% 26
26
27
26% 27
2534 27
18% Jan 14
10 Feb 27
>
Vlrglnla-Carollna C h e m ..
16% ♦14% 16'; *15% 16% *15% 16W
*15
16% *15
75 Nov 108 Jan
*15% 16
01 Jan 20
*80% 90
*87 Jan 2
Do pref
* 86 % 90
* 86 % 90
* 86% 90
* 86% 90
31 Oct
53% Jan 28
* 86 % 87
97 Jan
43 Jan
Virginia Iron Coal & Coke
*46
53
*46
53
*46
53
*200 300
§250 Feb 13 §250 Feb 13 250 May 300 J’no
Y y ells Fargo & Co
*200 230 *200 230 *200 300 *200 300 *200 300
60 Jan 18
54 Dec
85 Jan
...
3.010
47% 48%
41 Feb 19
estern Union T e le g ..
49% 50
48
49%
46-34 4634 47% 47%
463i 48%
32 Nov 154 Jan
39 % Feb 24 52% Jan 18
40
800 Westlngh’seEl&Mfg assen
40
40
40
41% *35
40
40
40
40
*40
42
60 Dec §160 May
70
70 Jan 13 77 Jan 21
*50
Do 1st nre-_________
*60
70
*50
70
____ *50 100
*60 100
W
B
N
P
S1
'
BANKS
AN D
T R U ST
COM PANIES— B A N K E R S '
Q UO TATIO N S
Ask
*tk
Trust Co’ s Bid
Ask
Trust Co’ s Bid
Trust Co’ s Bid
190
Mut A ll’ noe 175
Brooklyn
F id e lity ___ 184
930
____ Fifth A v Tr
275
415
Brooklyn Tr 400
4 *5 N Y Llfe&Tr 900
*2 **
Brooklyn
— - Citizens’
400
•120
125
N Y T ru st. 450
100
F u lto n ____ 2*5*0*
390
290
200
Flatbush . . 240
310
4*10 ’ Standard Tr 350
Guar’ ty T r .
First _______ 150
385
____ 225
100
T ltleG u * Tr —
120
Franklin
Guardian Tr 150 * 170
Home BlcU—
____ 290
1140 1159
Tr Co of Am 140
70
Hamilton . .
60
H u d s o n ___
Manufac’rs' 3*00
1200
_
_
____ 100
1500
Union Trust —
H o m e _____
200
L a w T I & T r 185
Mechanics’ll
____ . . . .
175
U S Mtg &Tr . . . . 3J0
190
J e n k in s ___
120
Lincoln T r . 100
Montauk . . 130
460
Unit States. 1080 m o
150
160
Kings Co . . 440
M anhattan. 350
400
N assau____ 240
Brooklyn
V a n N ’d nT.r —
250
100
300
125
L Isl L & Tr 240
825
Mercantile . 775
N at C ity___ 275
____ 210
Washington 400
____ N assau____
325
335
475
Metropol’ tn 450
320
Noqth Side 1
1
Borough 11300
___ 310
Westchester 165
175
People’s ___ 275
Morton T r . 400
425
42*5 " ____ Prosp’ctPlci 150
—
Windsor - 1050
105
W llflam sbe
95
105
M utual-----Terminal U
“ "iTSuI and asked prices; no sales on this day. § Less than 100 shares, t Ex-rlghts. b New stock, c E x-d lv. and rights, d Now quoted dollars per s h a r e .
t Sale at Stock Exchange or at auction this week, s Trust Co. certificates. H Banks marked with a paragraph (II) are State banks.
Bid
Banks
Union ExcU 165
..
U S E xchH .
W ash H’ ts H 230
W 'flt Sldo U 500
Yorkvllle H- 400
Ask
170
110
____
____
425
Banks
Bid
Ask
Trust Co’ s
N Y City
A s t o r _____
Bankers’ Tr
_
_ Bowl’ g Gr’n
200
B’way T r . .
. Camcgle . .
2*75 Central T r .
150
Columbia . .
Commercial
270
Com’wealth
300
E m p ir e ___
340
Eqult’ble Ti
160
Farm Lo&T
Bid
Ask
N York Stock E
ow
xchango B d R
on ecord, Friday, Weekly an Yearly
d
*
O C C ’ D l’ Y I N U
BONUS
N . Y. 8TOOK 1SXOHANGB
W kkk E nihno M arch 0
Price
Friday
March 6
W'eefc’ a
Range or
Last Sale
■Nia
a s !( Low
IT „ „U« S, (ioveriniiviii
High
U 8 2a cbnsol registered.<11930 O-J 104 Sale 104
104*2
U o 2a consol coupon....<11930
104*g........ 104 *s Juu ’ 08
U 8 3a registered............. £1018 *W, 101 102
Q-1‘
101*4 101*4
U 8 3a coupon..................... £1918 <i-W 101 102
101*4 F e b ’ 08
U 8 3s reg small bonds.. /cl 918
107 J’ne’02
U 8 3a oou small bonds..*1 9 1 8 O-F il)0*i
101 *2 Fob’08
U 8 4a registered.............1 9 2 6 q-F 122 Sale 122
122
U 8 4a coupon............. ......... 1926 q-F 122*2 . . . .
122*2 Feb’OS
U 8 Pan C«n 10-30 yr 2a.*1930 Q N 103*2........[ 105** Oct ’ 00
Phil lupine inlands 4fl. 1914-34 W "
111 May’O
li
Pub wks and imp reg 4s 1936 Q-S
Pub wka and imp r e g ..-1930 4 -F
FO U R
PA G E S
BONDS
N. Y . STOC K E X C H A N G E
W eek E ndino M aecti 6
Range
Since
January
'
1
R nce
lY id a y
M a rch 6
Week’s
Range or
Last sale
Range
Since
January 1
C ento! Ga H R —('Coni
N ia
a s k Low
High
Low Jirah
2d pref income g 5a stamped
. 42
4 1 Jan ’08
44
45
3d pref income g f>s....pl94D Oct
. 28
28
28
27
374
3d pref income g 5s stainpej.
27 F e b ’
32 4
27
33
Chutt Div pur mon g 4a.1951 j - D
. 90
893 Feb’
a
834 894
Mao A Nor Div lat g 5a .1946 J-J
103
100 4 Fob’
1 0 0 4 10 0 4
i o f 4 io i
Mid Ga A A t! Div 5a___ 1947 J - J
116 Nov
Mobile Div l a t g 6 a........1046
105 D ec’07
Cen RR A B of Ga col g 5s 1937
90
95
92
95
92 100
Cent of W J gen’lgold 5 a .1987
123 Salt 122 4
____
123
117 123
Registered.................. h 1987
1 2 1 4 Sale 1 2 1 4
121
12041214
A m Dock A Imp gu 5 s .. 1921
106 . .
107 Feb’os
107 1 0 8 4
L e & Hud R g cn g u g S s 1920
10 1 ....;
93 4 ........
Loh A Wilka B Coal 6 s. . 1912
Foreimi Governm ent
98 Jau ’08
93
98
977g......... 9 8 4 F eb’03
Con ext guar 4 4 s ....f f l 9 1 0
Imperial Japanese Governm't
984 0 9 4
95
N Y A Long Br gen g 4s 1941
Sterling loan 4 4 « ............ 1925 F-A i 85*2 Sale
8 5 7e U 5 85*,
85*4
Cent Paciilo Nee So Pacific Co
2rt series 4 4 s ..................1925 J-J 1 84*4 Sale
84*2
83 7
»
85*4
CeutVermont 1st gu 94s.el920
Sterling loan 4 s .............. 1931 J .J J 77
88 May’07
78
7 7 8b
77*4
76
Chaa A Sav Nee A tl Coast Line
Ropub ot (Juba 5a oxten debt.. M- 8 1100*2 Sale 100*4 101
100 4 1 0 4
d i e s A Ohio g 6 s ser A ..A 1 9 0 8 Ai-0 102 ...
102 F e b ’Os
U S of Mexico s t g 6s of 1H99 y-J
OSS, 99
101 1 0 2 4
96
90
98*4
*
GoldOs................................al911 A-O 103 1U51 103 1'eb’Og
Gold 4s of 1 9 0 4 .. .. ; .........1954 J-D
93 Sale
103 103
93
93*2
90 4 94
1st consol g 5s................... 1939 M-N 1 0 8 4 .. .
108 78 109
Itese are pr ices 0 n th e
107 4 112
of $5 to £
S ta te and City Securities
101 4 Deo ’07
Registered....................... 1939 M-N
General gold 4 4 a ..............1992 M97 4 Salt
37
97 .
Alabama eurr fund 4s ....1 9 2 0 l -J
07 ......... 111 Mar’02
96 IOI®,
Registered.......................1992 'A- S
104 51 ay’00
Diet of Columbia 3 ’65a___ 1924 F-A
117*2 J’ ne’Ou
Oraig Valley la t g 5 a ....1 9 4 0 J1 1 2 F eb ’00
Louisiana new consol 4 s .. 1914 J-J
97 ........; 105*2 D ec’04
94 4
94
R A A Div 1st con g 4 s .. 1089 JN ow York City—
014 964
92 Feb ’O '
b
2d consol g 4a..................1989 J874.
Now 4 0s (when issued) 1957 M-N 100*2 Sals 106*8
02
92
105^1074
Warm Spr Val 1st g 5 s . . 1941 M
1134 Feb’05
N ow 4 4s (when issued) 19i7l M-N 102 sale 101*4 102*
1014 1 0 3 4
Greenbrier Ry l a t g u g 4 s ’40 M
99*« Fob ’06
4 4 % Corporate Stock ..195 7 M-N 107 Sale 106*2 107*2 153
105 1084 Chic A Alt UR ref g 3 s . . .1949
65
70 Feb ’08
70
4 4 % assesamt bonus___ 1917 (Vl-N
A
78
102
102*.
102 104
R ailway la t lien 3 4 s . . . 1950 J.
60
61
NorUt Carolina consol 4 s .1910 J
61
64
100*4 A p r’07
Registered...................... 19 50 J«0 4 Mny’06
Oa............................................ 1919 A-O
126 M ar’07
Ohio Burl A Q— Denv D 4a 1922 F-A
97 F e b ’Ob
0 7 4 99
8o Carolina 4 4 s 20-40........ 1933 J.J
100 4
12 0 Mar'OO
Illinois Div 3 4 s ............... 1949 J 88
Tenli new settlement 8 s . . 1913 J
91
8b
8 8 4 88 4
90 4
92*4 Oct ’07
Registered......................1949 J .
90 Sep ’06
90
Virginia fund debt 2 -3 a ...l9 9 i J .J
90
90
90
90
Gold 4 s............................. 1949 J 98 4 Salo
22 4 24 *s 24 F o b’08
Os deferred Brown Bros ctfs.
98*4
9 9 3 76 9 7 4 1 0 1 4
4
■1
2 2 4 26
Iowa D iv sink fund 6 s. .1019 A-O 107 .
106 Jau ’08
106 106
R ailro ad
98*4
Sinking fund 4 s............. 191!) A-O
99 4 Fob’Ob
96
99 4
984.
Nebraska Extension 4 s . 1927 M-N
labama Cent Nee Ho tty
1 0 0 4 Feb ’ 08
99 100 4
Registered...................... 19 3 7 M-N
97 .
laba Midi Nee A t Coast Line
1 0 1 4 D ec’06
88 .
Southwestern D iv 4 s___ 1921 M-S
Albany A Buan Nee Del A li ud
90 Oct ’07
J olnt bonds See Great North
AUeglieny Valley Nee Penn KU
Debenture 5 s.................... 1013 M-N 101 102
101
101
AUog A Weal Nee Bull K A lJ
9741014
lla n A St Jos consol 6s. .1911 M-S 103
Ann Arbor 1st g 4s......... /<1906 o-J
105'4 F eb ’08
10 5 4 1054
79 F o b’ 08
79
SI
83
ChioA K 111 ref A imp g 4 s 1955 J -J
92
Atob T i t S Fc—Gen g 4a. 1995 A-O
92 A p r’o7
9 8 4 Salo
97 4
08**« 86 9 6 7g 1 0 1
lot consol g 6s .................. 1934 A-O
115 D e e ’O
Registered.......................... 1995 a -O
L O Jan ’08
O
9 5 4 100
General oonsol la t5 s ___ 1937 M-N ......... 110
Adjustment g -ls ........... /i.1996 Nov
109 4
110 4
8 5 :,4 Sale
1064112
85>\
8 54
6 83
884
Rogiatered...................... 19 3 7 M-N
1 18 4 F o b ’ oe
Registered................... *1995 n ov
86 A p r’07
*100
Ohio A lud 0 Ry la t 58.1936 J
1 0 9 4 J a n ’ oa
Stamped........................ *1996 m -N
10941094
Sale
86
86
21 82 4 87 4 Chicago A Erie See Erie
C o n v g 4 h............................ 1956 j-D
86 Sale
86
fel)
42 8 5 4 89
Cbic In A Louiav ref 6 s ...1 9 4 7 J
10-year couv g 5 a ......... 1917 j.p ,
H 7 ..
118
118
1174118
96*, 96
9 6 4 2 b 94 4 9 84
Refunding goldSs........... 1947 J-J 103 .
105 Oct ’0
Debentures 4 sS eries(1.1909 F-A
9 8 4 May’07
Loulsv N A A Ch 1st 6 s. 1910 J
Senes H ...........................l y i o p A
1004
"
10 U3
« 10 1 4
100 1 0 1 4
96 Fob’07
102
' ‘ 10 1
Cliic 5111 A St P term g 6s 1914 J-J
Senes 1 ............................ 1911 F A
O c t ’07
98 4 Nov’ OI
General g 4s series A ..« 1 0 8 0 J-J 1 0 1 4 . " " 10 2 F e b ’08
Series K .......................... 1913 f -A
100 103
94 N ov’U
O
Registered.....................*1989 0 104 4 Oet ’06
EaaDOkhi Div I s t g 4 s . .l 9 2 8 M S
93 51uy’O?
86
A t! Knox A N Nee L A N
Generalg 3 4 s series B .el989 J .
87
88
88
87
904
106
Ohio A L S u Div g 5 s ___ 1921 J .
Atlantic Coast 1st g 4a.*1952 M-S
1 1 5 4 Cot ’00
80
80
6
C hioA M oH iv Div 5 a ...1 9 2 6 J-J 108 i i 2
diaries A Sav 1st g 7 s ..1939 J . J
100 A u g’07
i,-x. w 1st gold . .a ..l9 3 4
i .i .. .it 0 . .
Chic A Pac Div 6a........... 1910 j . j
1 0 2 4 104 104 F o b’Ob
Sav F A W
1327a Jan ’06
A-O
104 104
Chic A P W l a t g 58........ 1921 J.J 108 loy
1 st gold 6 s....................... 1934 A-O
108 4
1084
1128 Jan ’04
s
084 n o
Dak A Gt So g 5a............. 1916 J-J 104
Ala Mid 1st gu gold 6 s . .1928 M-N 101*4 ,
1 0 4 4 F e b '08
114*4 Nov’06
104 4 1 0 6 4
118
I’’ar A Sou aasu g 6 s........1924 J-J
Bruns A W 1st gu g 4s .. 1938 J . J
137 4 J ’i y ’99
99*2 Mar’O
O
H ast A D Div la t 7 s........1910 J-J 104
L A N coll g 4a........... ol952 M-N
102 4 Jan ’08
71*2 74*2 75 F o b’08
10241024
76
76
1st 5a..................................X9io J-J 100
811 Sp Oca A G g u g 4 s ..1 9 1 8 J-J
100 4 J ’ly ’07
04 J’i y ’07
1 A D Kxten 1st 7 s......... 1908 J-J
Atlantic A Banv Nee Houtb Ry
1 8 2 4 A pi ’06
'
LaCrosae A D la t 5 s___ 1919 J-J 1 0 6
10 6 4 F e b ’08
Austin A N V Nee Sou Pacilie
V
1064 10 64
Mineral Point Div 5a.
1910 J-J 100*8.1'.
|>alt A Ohio prior 1g 3 *aa.l925 J .J
100*4 Feu’08
100*4 10 0 4
9 0 4 91
16 90
90*4
91
934
So .Minn D iv 1st 6s ........1910 J-J 1 0 2 4 i o 3 *4 1 0 2 4 F eb’08
IO
103
1 0 Pl8t'er0« ................. *1926 ()-J
^
1
80 4 89 *2 Jan ’OS
8 9 4 80 4
Southwest Div 1 st 6 s___ 1909 J-J 1 0 1 4 1 0 3
Gold 4 a .............................*1948 A-O
101 J a n ’us
101 iOt
99 bale
98*2
99
96 4 1 0 2
W is A Minn D iv g 5 s ... 1921 J-J 1 U 8 4
Registered................... /il948 m j
1084
1934
108
99
064
06*2
96 4 9 6 4
MU A N o lat M L OaillllOlU J-D 1 0 3
100 D eo’07
Pitts June la t gold Oa.. 1922 j - j
120 Oct '01
1st consol 6 a................... 1913 J-D 105
10 8 4 J a u ’08
W 1st g 3 >281925 M-N
82
1084 1 0 8 4
80 *2 D ec’07
Chic A N orth w cons 7 s " "’ * 19 15
117
P L L A V Va Sys ref 4slU41 M-N
V
117 Feb 03
'1 6
118
89 4 Sale
89*2
80S,
87
924
Extension 4 s......... 1886-1926 F-A
1)7*4
B outllw Dlv 1st g3*2 S .„1 025 J-J
964
’97
86 Salt
86
86 *2
834 894
94
Registered........... 1886-1926 F-A
R eg istered ................../t l 925
9 8 4 J a n ’06
82
86 Oct ’ 06
984 9 8 4
00
General gold 3 4 s ............. 1987 M-N
Moiioti Rl v 1st gu g oh. . 1919
91
91
90
914
1057 F o b’07
e
Registered................... »1987 o -F
Oen Olilo R 1st O g 4 4 s ..l 9 8 0 M-S
05 F eb’07
109 A p r ’00
Sinking fund 6 s . . .1879-1929 A-O 110**
Cl Lor A V con 1st g 6a 1933 A-O i o f * ......... X09**4 J ’ne’0.7
V
106 D ee’07
Registered........... 1879-1929 A-O
Ohio River R R 1st g 5a.lU30 J - D ’ 100 ......... 1 1 0
0 8 4 Jau ’08
108 *a 108 4
May’00
0
Sinking fund 5 s . . .1879-1929 A-O i ‘ 7 "
General gold 5a............. 1937 A-O ......... 102
104 4 Oet ’07
113*aNov’00
Registered........... 1879-1929 A-O 106
Pitta Clev A 'l o l la t g 6s’ l9 2 2 A-O
104 Nov’u7
1 19*a Mar’04
Debenture 6 s.....................1909 M-N 1 0 0 4
Pitta A W est la t g 4s. 1917 J-J
10 1
10 14
88*4 Oct ’07
100 > 1 0 1 4
g
Registered.......................1909 M-N
Stat 1st lty 1st gu g 4 *28 1943 J-D
9V 4 J’ne’07
10 0 N ov’04
Debenture os..................... 1021 A-O 106 4 . ' . " " 105 F eb ’08
But Creek A 8 Nee Mich Cent
ioi” i‘05'4
Registered.......................1921 A-O
Beech Creek Nee N Y C A H
103 J ’ne’07
Sinking fund <leb 5a........1933 M-N 108
Bollov A Oar Nee Illinois Cont
1 0 8 4 F eb ’08
10841084
Registered.......................19 3 3 M-N 107 ,
Bklyn A Moutauk Nee Long I
107
107
107 107
North Illinois la t 5 a ....1 9 1 0 M-S
Bruns A West Nee A tl Coast L
90 ,
99 D eo’07
0J
Ott 0 F A St Paul la t 5a 1909 M- S
Bultalo N Y A Brio / Nee lin e
1 0 0 4 M a y ’07
Mil L S A W est 1st g 6a 1921 M-N 1 1 7 4
Bullalo R A P gou g 6 s . . .1937 M-S 108
118 F eb’08
118 118
113 4 May’07
E x t A Imp a fund g 6 s 1929 F-A no
A ll A W est lo t g 4s g u .,1998 A-O
no
no
10 n o
98 Deo’ 07
01 A Mali 1st gu g 6s ___ 1943 J-J
Ashland D iv 1st g 6 s ..1925 M-S 118*4 ,
1 4 2 4 F eb ’02
103 A p r’ 97
Mich Dtv 1st g 6 a..........1924 J-J
Roch A Pitts 1st g O s...1921 F-A 1147 ........ 114 J a n ’08
1184 .
s
128 4 F eb ’06
i’l T * i i T *
In co m e s...................
1911 M-N
Consol 1st g On............. 1922 J-D 11.7*41.1.": 117
109 Sep ’03
117 " 8 117 117
Ohio Rook lal A Pac 6s..Il*J17 J - j 112 Sale 112
Butfaio A Southwest See lin e
112
1 1 2 113
Registered.......................i UJ7 j . j
Bull A Susa 1st ref g 4 s.* 1 9 5 l J -J
116 4 M ar’07
01 F o b’03 . . . . 91
91
Bur C R A N See O It 1 A P
General gold 4 s................. 1988 J-J
95 Sale
05
06
9 4 4 100 4
Canada South 1st Os........19()g J-J
Registered.......................i 988 j . j
05
92 Sep ’07
1 0 4 4 Jan ’08
lO l ^ ld O a
Refunding g 4 a ................19 3 4 a -O
-* J P Morgan A Co receipts
105*2 safe"
86*4 Sale
864
864
83 4 8 7 4
105 4 122 1 0 2 4 1 0 6
Sid 6 s ..................................1913 M-S ......... 90*2 105
Coll trust Se n esH 4s .. 191b M-N
97 J’l y ’04
03 4
99
8 9 8 4 101
Registered....................... 1 9 1 3 M-S
J . i s ................................... 1912 M-N
.
92 4 N o v ’0b
1(10*4 M uj’07
Garb A Sliawu See 111 Cent
................................... 1915 M-N
9 0 4 J a n ’07
N 4a ..................................................... 19K5 M . N
Carolina Cent Nee Sea b Air L
93 May’04
9 4 s.................................... 1 9 1 7
Cartliago A Ad Nee N Y O A J
1
9 0 4 F eb’07
V 48 ................................. 1 9 1 8 M-N
Ced R la F A N Nee B C It A N
84 Aug’07
Chic R I A Pao RR 4 s ..2002 M-N
on Brauon lty Nee Mo Pao
58 4 S alt
57
6 S 4 68 5 5 4 6 4 4
Registered......................2002 M N
ent of Ga R lt lat g 6a..«1 9 4 5 F-A 108
6 2 4 Jan ’08
624
116 Mar’07
Coll trust gold 5 s ......... 1913 M-S
Consol gold 6 a................. 1946 M-N
62 Safe" 6 1 4
617
i
99
59 4 76
00
99 4 10 0 7 4 1024
Bur Ced R A Northern—
Registered........
"*1946 M-N
113 A p r’06
Con 1st A col t r g 5 a . . . l 934 A-O 110 i n * 4 llO 7
1 st prof Income g 5aV.V.pl946 Oct
65
, 110*8
106 111
62 F eb’08
02
70
Registered................... 19 3 4 g .o
Stam ped...................... * _
1 2 0 4 M a r ’03
68 51ay’07
2 u pret income g & s "" p l * 94*6 Oct
C R I F A N W ls t g u o a .1 9 2 1 A-O
111 Nov’05
46
44 Deo *07
M «fe St L 1st gu g 7 s ..1927 J-D
104 1 0 4 4
104*8 104**
101*4 101
101 101
1812
142
1 041 24
23 2
9*
84
i7
172
0*
9
7
A
...... 7
S
4
8
6
9
6
04
1084
n
(
8
S treet lfn ilw u y
Brooklyn Rap 1 4 g 6 a......... 19 4 5 A . 0
9 5 4 Sale
1st refund conv g 4 s . . . . *2002 J .J
68 4 Sale
B kC ity lstco u 5 s .1916.1941 J .J
B k Q (Jo A S con gu g 5a. 1941 M-N
B klyn Uu El lat g 4-5a .l9 50 F-A
9 3 4 94
Stamped guar 4-6s____ I960 f -a
K ings Co El lat g 4 s . . . . 1949 F-A
Stamped guar 4 s ........... 1049 F-A
804
Nassau Elec gu g 4 s ____ 196] j . j
......... V?
Conn R y A L l s t A r e l g 4 4 a ’51 j . j
Stamped guar 4 4 s ............ 1951 j . j
03
Den Con Tr Co lat g 5 a ...1 9 3 3 A-O
Det United 1st con g 4 4s. 1932 j . j
t avail a Eleo conaolg 6 a. 1952 F-A ......... 91
ntor-M etcoll 4 4 s ................1956 A-O
5 5 7a Sale
ntoruat Truo coll tr 4 s .. 1940 J . j
58 .......
jouis lty tjo lat con a 6a. .1930 J - j
Manila Eloo 1st A ooll 5s. 1953 M-S
.
—
N o ’pnoo Finlay; latest price this week. aDue
4
H 8 C 1IA K IJ B .N .s C n u d o N t P
II I.I M O 6 O U— o tin e n ex age.
954 054
91
P
8*>4
684
094
6 5 4 734
9 9 4 Oat ’07
9 5 4 Oct ’07
04
94 4
98 Sep ’07
87 Fob’07
77 4 F eb’08
77
8 2 4
77 Fob'08
75
78
9 8 4 51 ay’07
97»4 Oct ’07
95 J’ no’O
O
7 0 4 D ec’07
94 J a n ’08
04
94
55
f,6 4 952 4 9 7 6 3 4
e
6 1 F eb ’ 08
61
65
<>9 51ar’0«
Moy’ 06
Jau a Due
Apr eDuo May
9 11
4 04
Street R a ilw a y
Met St Ry gen ool tr g 5 s .l9 9 7
Ref g 4 s ............................... 2002
B w ayA 7th A v I s t o g S s 1943
C o iA U th A v ls t g u g 58.1993
Lex A v A P F 1 at gu g 5a 1993
Third A v e ltU con gu 4a 2000
Cont Trust Co cortls .
Third A vo Ry 1st g 5 a .. 1937
Met W S El (Ohio) I s t g 4 s .l9 3 8
MU El Ry A L 30-yr g oa.1926
Minn St Ry lat con g 5 s . . 1919
N Or! Ry A L t god 4 4 s ..1 9 3 5
St Joa Uy L t H A P la t g 6s ’ 37
St Paul City Cab con g 5o 1937
Underground of Lon o a .,.1 9 0 8
Union El (Chto) la t g 5 s ..1945
United Rita San F r s f 4 a .l9 2 7
United Rye St L 1st g 4s. 1934
p D a o j ’ne
ADuo J’ly
F-A
A-O
J-D
70 . . . .
70 F eb ’ 08
......... 45
42 4
424
00 100 10 0 J a n ’08
M -S
08 F e b ’08
......... 102 4
M -S
90 Jau ’08
......... 1024
J-J ......... 63
51
61\
* 49 . . . .
10
604
J-J 102 1 0 3 4 102 Feb ’08
F -A
9 3 4 J’ ly ’09
F -A
109 J ’l y ’09
J-J
107 4 F eb’06
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90 4 Sep ’05
M-N
1034 Oet ’06
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1 1 0 4 Nov’O#
J-D
644 Sop’O
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A-O
1004 1004
A-O
65
68
69
66
J.j
7 8 4 F e b ’08
A:Due Aug obu e Oct
p p u e Nov
68
85
4 2 4 49
100 100
98
98
90
90
4 9 4 65
50
53
102 1 0 3 4
9* .
94
10#7, 1 0 0 7
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59
684
76
—
79
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588
[V L LX X I.
O. XY
New York Bond Record— Continued— Page 2
BNS
OD
Range
trice
Week?*
Range
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Week?*
BNS
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Since
Friday
Range or
N . Y . STOCK E X C H A N G E
Since
Range or
Friday
January 7
Last Sale
March 6
N Y S O KE C A G
. . TC XHNE
WEEK ENDING MARCH 6
January l
Last Sale
March 6
W
ENDING MARCH 6
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Low
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le B a n a
9 -0
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94 M -S 964.— *9 4Sp’0
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9 e 7
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effgD 1 ousol g6 s..1 3 A
st
93 -O
1 1 1 4 NYBAM 1 cong6 s1 1 A -O
2 2
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2
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1104>ov’0
La AB 1 carga6s.1 2 M
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12
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19 ep’
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0 TT’0
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93
6
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DYAG e 1 gug6s.l046M ::::::m 1 04O ’ :: ioo* 100 NYS B1 1o g6g 5 ol9 7 M
o AImnL cu 6s..1 1 J-N
ck rep st r 9 3
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1 F
0 eb'
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102 S
N
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ou h A ng g s 9 2
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G a dE
o* n lectric L t
igh
G aa d E
n n lectric L t
igh
01 1 2
le 102 eb’0 8 9 0
LKGsLofS1 1 5 6 9 4 Q 102 sa 1 4F 0 7.... 0 1 2
a e an exttL g g s.«1 39 A
e f a d st sts....1 1 -O
9 -F
A lytaGLCstcon6s...197
tlanUGs1 lstg gos.145
n ao
94
084 984
B ffa Gs1 g6 s_...1947
k
’0
M wu e GsL g 4s..1 28 J-N 1 4 0
U a ke a st 9 -D
504 15
694 103 1 0 8 4 NYGELHAP1 5s...19 7M 0 9 914Jan 7 1 88 084
Bn lo a con d b6 s_1 0
u so Ga st e
694 6le 0
4 9
4
4 -A
4 0
C l Cs Gsg6 s.... 1 2
o
v
93
9
1044S0 1 54 964
a 9
eb’0
5 1
P rch sem o n e y g 4s...1 4 M .... .... 1 04A g 8.... 7 8 4
u a
9 9 F 9 704 754F ’0
D
etroit ity a
9
9 9 100 A r’0
5 6
0 u 7
E stl IUsol goldv s.... 195 J-J .... 112 1 3 J’n ’0 ....
dE 1 con 5g 6 s..190 -S 7
p 7
D GsB con1 iig5s...1AP
et iiU o Seest C EL 1
aC
98
1 4A e 6 ..........
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91 F
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95
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sl9 0 -A
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d
1 pr’0 * .....
0 ov 7
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NtA PlsGPE1ng 6 8.19 4 9 M ......... 1 34N t 5 ........ .
91 4D ’0
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E EL Y1YGAELH9 2
qG N st
5s..1 3
04 N ’0
o 5
P A R Asco g6 9 1 A
a a a st S 2 -S
6
ct 7
G aEE d b g g5s.l949
o >
1 Fn’0
1 a 8 97 «5
0 1
e e ad g 1 5
o fus in old s..... 1 47 -0♦iYiV/.I... 15 Jeb’0 1... 1 441 1
8 J u’0 20 80 80 PRGnACgstcong0 8 .1 9 43 M
0 a 8
On£lectricergC 34s..1 4
e < leoB e oo
92
9
-S
1 9 S le 1 0 8 4 D eo'00 1 0 6 4 1 0 9 4 C G A C e1 g g5 9 J-J ioo .... 1 4F 8|| 9 1 0
0 a 1 0 7 4 1097i
10 -yrgdeb5s......... 1 1
91
7
8 0
00 ob’0
8
h GC ofOst nug5 J 9 --- 1 0 O ’0 <( ......... 4
-L o k h1 g s
G danC Go 1stg5s...1 4
r so L a st
9
.... 994 1 2 J’ly’0
0 ct 7 9 X0.
5
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CuF e Gs1 st g5
o u a st u
n
0
7
H B pGo Cs 1 g6s..1 5
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99
9 4 .... 99 D ec’06
9
2 0
9
-N 0
Mcu l ig ting stgs----1M 00 .... .... F 8 .... .....
KnCC(MLAs1 5Ss1 3
a g oE a g g5 9 7
2
J
-I)
S ra seL h g1 6s.’6iM ..... ...... 1 0 My 5 ..... ••«
y
K usityselo)Gy6s......t997
in a m e st ...I9 2
*9*2
••«
1 4 eb’0
10 1 7
0 0
io t T * i*o*0
P rch Bnn P g4s1 3
olstcon 9 9
0 a ’0
iJ-S .......... 1 1 F 7 ..........
-D
93 4 M a r ’06
E EH k
dl
• op F a ; la st b a da e th we ,a D eJ n 6 DeFb rD eA r eD eMy Z u ’ly A u A g oD eou q D eDo i O tion
N rice rid y te id n sk d is e k a a u e t u p u a iD oJ ;D o u u t u e p )
kkk
105
1 0 7 4
M ar’9 8
1 0 7 7i
oy
0 8 4
9 8 4
85
86
ov
' D O C ’ 07
M a r’07
16
101
75
109
9 0 4
7 0 4 ....
10 64 11 0
108
108
82
9 2 4
5 5 4
9 3 4
.............
80
............. 1 0 6 4
8 8 4
9 9 4
6 0 4
0 6 4
7 11)08.]
F e w Y o r k Bond Record^Contiirudd— Page 3
HON Ds*
Price
F rid a y
M arch 6
N. Y . STOCK E X C H A N G E
W eek Enoino 51 Alien 6
WeekJg
R ange or
Last Sate
ka n g e
Since
J a n u a ry 1
Low H tyh
Low High
Loulsv >6 Nashv gen g 6a.1930 J-D
117 J a u ’ 08
113 117
Gold 5s................................. 1937 M-N 108 ........ 110 O c t ’ 07
95
97
Unified gold 4 s................. 1940 J -J
96 F e b ’08
95*4 100
Registered.......................1940 J .J
101 *g J ’ly ’ 00
Sink Innd gold 6a..............1910 A -0
107 D e c '05
Coll trust gold 5a..............1931 M-N 103 ......... 104 F o b ’03
104
105
92*4 93 *v 92*4 F e l)’ 0.?
5-20-yr col trdoed g 4 a .1923 A -0
88
94
«
E II & Naali 1st g 6a....1 9 1 9 J-D 1103 ......... 111 N o v ’ 07
li Oln ifc E e x g o ld 4 ‘g a ...l9 3 1 M-N
103*4 J a n ’ 08
103*4 103*4
K O d U l lat gold 6 a ....193 0 J -J 117
1153 117
4
115*4 J a n ’ 08
N O A M 2d gold 6a........1930 J-J
114
1 2 2 * 4 M ar’ 06
Pensacola D lv gold 6 a ...1 9 2 0 M-S
107*4 A u g ’ 06
St L D lv lat gold 6a........1921 M-8
117 M »y ’ 07
2d gold 3a........................ 1980 M-S
02*2 A u g ’ 07
86
88*9 8 6 F o b '08
A tl K nox < Gin div 4 s ..1965 M-N
fc
86
89*2
......... 116 J ’l y ’ 06
a U Knox < Nor ia tg 5 a l9 4 0 J O lUO
fc
Hender B d g e la ta fg 6 a .l9 3 1 M-S
108*2 Jan ’ 06
Kentucky Cent gold 4 a ..1987 J -J
8 8 F o b ‘08
88
92
L & N & XI & M la t g 4 'as 1940 M-S
108 J ’ l y ’06
Ltfc N-SoutU M Joint 48.1952 J - J
85
87
87
87 Jan ’ 0 8
N Fla A S lat gu g 5 a ...1 9 3 " F-A
113*2 M ar’ 07
N & C Edge gen gu g 4 *28 194 J -J
Pena A A tl 1st gu g 6 s. .1921 F-A
113 113
113 J a n ’08
S A N A la con gu g Ba.,1936 F-A
111 XIny’07
L A Jeff B d g e C o g u g 4 s ..l9 4 5 M-S
91*2 Jan '08
91*2 91*2
L N A A C h S e cC IA L
ahon Coal See L S A M 8
auluittan Ry consol4a.1990 A -0
94 Sale
91
94
92*8 0 8
Registered.................. 1990 A -0
104 A p r ’06
Metropol E l la t g 6a___ 1908 J -J 101<*8......... 101*\j 1 0 1
**6
993 I f l l ^
4
XIcK’ pt A B V Set N Y Cent
Metropolitan El See Man Uy
Mex Cent consol gold 4 a ..1911 J -J
83 Sale
81 °8
83*.
74*i
85
19 Suit*
lat consol Income g 3 a.d l939 J ’ ly
18*2
20
14*a 20*2
16 *2 Sale
2d consol Income g 3 a ..a l9 3 9 J ’ ly
16*9
17*2
10
17*2
90«s J ’l y ’ 01
Mox Internat 1st con g 4a.1977 M-S
80 F e b ’ 08
Stamped guaranteed___ 1977 M -3
80
80
105 M uy’OO
Mex North la t gold Ua___ 1910 J -D
Mich Cent See N Y Cent
Mid of N J See Erie
Mil L S A W See Chto A N W
MU A North See Ch XI A St P
Minn A St L 1st gold 7a .. 1927 J-D 125*4 128*2 125*4 F o b ’08
i25*4 125*4
105 A p r ’07
Iowa E x la t gold 7 s........1909 J-I) 102*9 . .
118 J a n ’ 07
Pacific Ex la t gold 6a...1921 A - 0
113*4 M ar’ 05
South W est Ex la t g 78.1910 J-D
100 J a n ’ 08
la t consol gold 5a............. 1934 M-N
100 100
82
80 F o b ’ U8
la ta n d refund gold 4 s ..1949 M-S
80
82
97 A p r ’ 06
Dos M < Ft D la t gu 4a... ’35 J -J
&
Minn A St L gu See B C it A N
95 N o v ’ 07
M StP A S S M con g 4 int gu ’ 38 J -J
102 J ’ ue’ 07
M S S M A A lat g 4 int gu 1926 J -J
Minn U n See St P M A M
94
95*2 94
0534
Mo Kan A Tex 1st g 4 a ...1 9 9 0 J-D
94
98
77*2
77*2
77**
2d gold 4a......................... pi990 F-A
77*2 84
98 F o b ’ 0 8
la t ext gold 5a................... 1944 M-N ......... 98
95
98
76 F o b ’08
1st A rotund 4a.................2004 M-S ......... 75
75
78
70*2 72
72
72 V
Gen a I 4*2a.....................1936 J - J
71
77*2
82*4 83 J a n ’ 0 8
St L D iv 1st ref g 4a___ 2001 A -0
83
83
104*2 Jan ’ 07
Dal A Wa la t gu g 5 a ...1 9 4 0 M-N 103
95 *2 A p r ‘07
Kan C A Pao 1st g 4a...1 9 9 0 F-A
105•'*8 F e b ’ 08
Mo K A E l a t g u g 5 a...1 9 4 2 A-O 1 0 5 . . . .
10639 lO o ^
104 F o b ’ OS
M K A Ok 1st gu 6a........1942 M-N ......... 103
10234 104
M K A T of T la t g u g 6 a . 1942 M-S .........100*2 100*2 100E
97*2 103
SlierSh A So la tg u g 5 s . 1943 J-D .............1 0 3 >* 106 A u g ’ 07
10 0 * 8 O ct ’ 07
T e x A OIda 1st g u g a s .. . 1943 M-S
105 F o b ’ OS
Mo Pacific latoou g6a ...1 9 2 0 M-N 105 109
104*2 1 0 6
89
92*. ill 89
Trust gold 58 stam ped.al917 M-S ......... 89
99
104 *9 F e b ’ 07
R egistered...................«1917 M-S
90
90
1st coll gold 5a................... 1920 F-A
98
68
70
40-year gold loan 4s........1945 M-S
70
9 7 * iM a y ’07
3d 7a extd at 4 % ............... 1938 M-N
84*2 85 F o b '08
Cent Br Ry 1st gu g 4 a .1919 1 -A
85
85
*
84*4 J a u ’08
Cen Branch U P latg4a.l94H J-D
83*2 84*4
110 M ar’05
Leroy A C V A L l s t g 6 a 1926 J -J
95
101
yit*4 F o b ’08
Pao R of Mo lat ex g 4 a .1938 F-A
99*4 99*,
112 D e c ’07
2d extended gold 5a...1 9 3 8 J -J ......... 115
10434 105
St L Ir M A Sgen con g 5al931 A -0 1 0 4 ° g 1 0 0
104 110
109*2 J’n e ’ 07
Gen con atamp gtd g 5s 1931 A -0
70
70
76
78
Unified A ref gold 4 a ..1929 J -J
80
83 F e b ’ 0 8
ltiv A G D lv 1at g 4 s .. 1933 M-N
86*4
107*2 A p r ’OO
Verdi V I A W la t g 5a. 1926 M-S
70
U8 D e c ’ 06
MobJ A K O lstc o n a g 5 a . 1953 J -J
113 F o b ’ 08
Mob A Ohio new gold 6a.. 1927 J-D
113
113*2
105>-j J an ’ 08
la t extension gold 6 a ../il9 2 7
J
1 0 5 *2 105*2
84*4 F e b ’ 08
General gold 4a................1938 M -S
84*4
84*4
102 *2 O ct ’ 07
99*2 .
Xlontgom D iv la t g 6 a ..1947 F-A
92 *2 A u g ’ 06
St L A Cairo coU g 4s..«1980 -F
101 N o v ’ 04
Guaranteed g 4 a ...........1931
•J
51 A O coll 4a See Southern
Moliawk A Mai SeeN V C A li
Mouongahela Rlv See B A O
Mont Cent See St P M A M
Morgan’s La A T See S P Co
Morris A Essex See Del L A W
ash Chat A St L 1st 7 s .l9 1 3 J -J 112 *4....... . 109 N o v ’ 07
1st consol gold 5a......... 1928 A -0 *1 0 7 *9 ......... 107*4 J a n ’ 08
107 107*4
Jasper Brunch lat g 6a.. 1923 J -J
116*2 M ay’ O
M cal M W A A i 1st 6 a ..1917 J -J
117*4 M a r’05
T A P Branch lat 6a___ 1917 J -J
113 J ’l y ’ 04
Nash Flor A Shef See L A N
N atof M ex prior lion 4*28.1926 J .J
99
J a n ’08
.........100
99
lat consol 4a.......................1951 A-O
80 Sale
80
80
82
Now 1 1 A D See N Y N H A H
N J J unc RR See N Y Cent
Now A Cln Bdgo See Lou A N
N O A N E prior lion g 0s »1915 A.-0
N Y Bkln A Man Bell See L f
N y Cent A H R lv g 3*23.1997 J -J
88*9 89
8 7 4 91
88*9
8 8 *8
Registered.......................1997 J -J
8 8 8a J a n ’ 03
88®» 88°g
Deben g 4a........................ 1934 M-N
94
1*4‘4
91
94
Lake Shore coll g 3 *28 . ..1 9 9 8 F-A
75
82
76
7 6 *2 7 6 *2 75*2
Registered.......................1998 F-A
73 Sale
73
23
73
78
Mich Cent coU g 3*28___ 1998 F-A
74
76
7 7 * 2 F e b ’ 03
74*2 81
Registered.......................1998 F-A
71 N o v ’07
Beech Greok la t gu g 4 s .1936 J - J
95*8.
102 F o b ’ 07
Registered.......................1936 J -J
102 M a rT l
2d gu gold 5 s ................. 1936 J -J
M
N
‘2
iU
C o a l and Iro n
Ool F < I Co gen a f g 5 a ..19 4 3
$>
C o n vertib le deb g 5 s ___1 9 1 1
Col F u el Co gen gold 6 s] 19 19
G r R iv Coal A C l a t g 6 sl!)19
Olonrf B it Coal l a t s f 4 a ... 1940
Col In d u l.stA coll 5 s g u .. 19 3 4
Contiu’ ta lC la t a t g u 5 a g .19 5 2
7etl A C le a rC A I l s t g o s . 1 9 2 6
K an A H C A G l a t a f k 5s. 10 5 1
Plena V al Coal 1 s t g a f 5a. 19 28
H unilayCreok Co g 5a — 1944
l'oun Coal gon Oa............1951
T eiin D iv l a t g 6 a.......« 1 9 1 7
B lrm D iv 1 s t consol 6 b . . 1 9 1 7
Cali C XI Co la t gu g 6 8 .19 22
. Do B a r C A I Co gu g 6 a .1 9 1 0
y a t r o n Coal A C o la t g 5a. 1949
vio to r F u e l 1 s t a f 5 s ......... 19 5 3
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
794
82
42 *2 SaG
......... 95
.........
75
86*9 Sale
103 .........
102*4 104
*103 .........
9 7*4.........
80 .........
L SC K L L
4N E O U S
B O N D S
N. Y. STOCK E X C H A N G E
W e e k E nding M a rc h 6
N y Cent & R it—( Continued
Beech Cr E x t lat g 3 *23 61951 A -0
Cart & Ad 1st gu g 4 s ...l 9 S l J -0
G ouv& O a w e la tg u g o s 1942 J-D
Moh & Mai 1st gu g 4s. .1991 M-S
N J Juno R gu la t 4 s ...1 9 8 F-A
N Y & Harlem g 3 * . ..2 0 0 M-N
28
N Y < North 1st g 5 a ...1 9 2 . A-O
fe
N Y & P a 1st con gu g 4s 1993 A-O
Nor & Mont la tg u g 58.1916 A -0
Pine Creek reg guar 6a. 1932
R W<feOcon la tex t5s.A 192 2 A-O
Os we & R 2d gu g 5 a ...e l9 1 5 F-A
E W i t O T H lat gu g 6s. 1918 M-N
Rutland 1st con g 4*2S..1941 J - J
Og&LCham la tg u 4 s gl948 j . j
Rut-Canail la t gu g 4a. 194!* j - j
St Law < Adir l a t g 5 a .1996 j . j
fc
2d gold 6a........................ 1996 A-O
Utica & Blk R lv g u g 4 a . 1922
Lake Shore gold 3 *28___ 1997 J-D
Registered................... 1997 J-D
Debenture g 4a............. 1928 M-S
25-yoar g 4 s ................... 1931 M-N
Ka A A G R 1st gu c 5a. 1938 J - J
Mahon C’l RR lat 5 a ..1934 J - J
Pitts A L Erie 2d g 5s.a l9 2 8 A-O
P ittaM cK A Y la t g u 6 a .1932 J - J
2d guar 6a.........................1934 J - J
M cK ees A B Y la t g 6s 1918 J - j
Mich Cent 1st consor6a.l909 M-S
5a.........................................1931 M-S
Registered................... 1931 Q-M
4a.........................................1940 J - J
Registered................... 1940 j - j
J L A 8 l a t g 3*28 ............1951
1st g 3*2S............................ 1952 M-N
Bat C A Stur I s t g u g 3 a .l9 8 9 J-D
N Y O h io * St L 1st g4a 1937 A -0
Registered.......................1937
W est Shore 1st 4a g u .. . 2361 J-J
Registered.......................2361 J-J
N Y A Greenw Lake See Erie
N Y A H ar See N Y C A Hud
N Y Lack A W See D L A W
N Y L E A W See Erie
N Y A Long Br See Cent of N J
N Y N H A H —Conv 6a subs..
Housatonic R con g 5a.. 1937 M-N
N H A Derby con cy 5s.l9 18
N y A North See N Y C A H
N Y O A W ref l a t g 4 a ..0 l9 9 2 M-S
Regis $5,000 only......... ol992 M-S
N Y A Put See N Y C A H
N Y A R B See Long Island
N Y S A W See Erie
N Y Tex A M See 80 Pac Co
Nor A South 1st g 5a......... 1941
Norf A W est gerf g Oa........1931 M-N
Improvem’t A e x t g 6 a ..l9 3 4 F-A
N ew River l a t g 6s........1932
N A W Uy 1st con g 4s. 1996 A-O
Registered.......................109G
D iv ’l le t 1A gen g 4a.. . 1944 J-J
10-25 year conv 48____1932 J-D
PocahO A C Joint 4 s ..1941 J-D
C C A T la t gu g 5 s......... 1922
Scio V A N E l a t g u g 4 a 1989 M-N
North Illinois See Chi A N W
North Ohio See L Erie A W
Nor Pac—Prior lion g 4 a ..1997 Q J
Registered.......................1997 Q-J
General lien gold 3 s___ a2047 Q-F
R egistered................... o2047 Q-F
St Paui-Dul D iv g 4a___ 1996 J-D
Dul Short L la t gu 5a.. 1916
C B A Q c o ll t r 4 a .SeeGtNor
S t P A N P gen g 6 a ....1 9 2 3
Registered certific’a ..l9 2 3 Q-F
St Paul A Dul 1st 5a___ 1931 F-A
2d 6 a ..................................1917 A-O
1st consol gold 4 s ......... 1968 J -D
W ash Cent 1st g 4 a ......... 1948 Q-M
Nor Pao Ter Co la t g 6a..1933 J-J
Nor Ry Cal See So Pac
Nor W is See C St P XI A O
Nor A Mont See N Y Cent
Ind A VV See C O C A St L
hlo R iv RR See Balt A O
Ore A Cal See So Pao Co
O r o R R A N a v See Un Pao
Ore Short Line See Un Pao
Oswego A Rome See N Y C
O 0 F A St P See C A N W
ao Coast Co la t g 5 s ....1 9 4 6 J-D
ao of Xllaaouri See Mo Pac
Penn R R la t real est g4a. 1923 M-N
Consol gold 5s................... 1919 M-S
Consol gold 4 s................... 1943 M-N
Convertible g 3*28............1912 M-N
Convertible g 3*28 ............1915 J-D
AUeg Val gen gu g 4 s ... 1942
D R It l i A Bge la tg u 4 a g .’36 F-A
P h lia B a lA W 1st g 4 a ..1943 M-N
Sod Bay A So la t g 5 a ... 1924 J - J
U N J RR A C a n g e n 4 s .l9 4 4 M- S
Penn Co—Guar latg4*2S .1921 J-J
Registered...................... 1921 J - J
Guar 3*28 coll trust reg. 1937 M-S
Guar3*2SColl tr aer B ...1 9 4 1 F-A
T r Co certif’s gu g 3*28.1916 M-N
Gu 3*28 tr c tfs C ............... 1942 J-D
Gu 3 *28 tr ctfa D ............... 1944
Guar 15-25 year g 4 s ___1931 A -0
Cl A Mar lat gu g4*2S..1935 M-N
Cl A P gen g u g 4 *23 aer A . ’42 J-J
Series B ............................ 1942 A-O
Soriea C 3*28................... 1948 M-N
Senes D 3*28 ................... 1950 F-A
589
J r ice
Friday
March 6
Sid.
Week’ s
R ange or
Last Sale
Ask Low
> /.
High A o Loro Jl tgh
......... 97*4 X Iar’07
......... 10 5 Oct ’02
. . . . . . 1 0 1 *2 J ’ l y ’Ob
1 1 0 *2 M ay’O?
......... 1 0 1 *4 D e c’06
96
78
86
97
115 4
___
10 7 X ot ’ 07
......... 10 9 T 109*4
e
y 109*8 1 1 1 *2
10 5 J a n ’ os ___ 10 5 10 5
110
10B ^ Oct *06
87 " F o b ’08
85 Ja n ’08
122 J a n ’Ob
12 5 F e b ’ 08
.........
84 34 87
85
85
94 1 0 0
90 ........ 92 F e b ’08
90-2 91*2 92 Ja n ’Of
9 0 ’ 8 Sale
90*6
91
3
90*4 9 1
903«
91
54
3 10 * 4 ____
10 2 * 4 ......... 10 9 Oct ’07
107*2 N o v’06
13 9 J a n ’03
......... 1 1 5
104
10 7 * 2 ......... 10 5
92
87
12 5
12 6
8934 92*4
90
1*2*4
8 8 *s 95
88=8 94*2
D eo’08
D e c ’07
.......... 1 0 0 34 J a n ’07
10 6 * 2 N ov’00
94*2 D e c’ 06
......... 92 *2 Xiay’07
101
Sale
99*2 101
102*4 Mar’07
100*2
100 100*2 100
993
4 100
......... 100
121
112
Range
■ since
January 1
30
8
9
96**6 i d
98 103
9 6 * e l0 i
Sale U8»4 1213 204 115*2 124*4
4
......... 113 Oct ’07
.........
95
94
94
101*2 J’ne’06
1
92*2 98
100 Oct ’ 07
120*a Jan ’08
120 120*8
......... 117*2 Jan ’OS
117*2117*4
127 Oct ’06
......... 96
2 92*4 67*4
95*2
95*2
91 Sep *07
87 ‘2 Sale
6 81*4 88**.
87*2
87*i
81 -Sale
80*2
81
93 78
8 4 3»
853 Sale
4
3 ±17
84*4
86 \
86
......... ..
117
91
Salt
993 Sale
4
......... lUO
70 *« Sale
91*2
91*3
3
993
4 100*s 134
2
99
99
70*2
71
17
70 Feb’08
96*2 Ja n ’08
1153 ......... 117 J a n ’ 08
4
115*4......... 132 J ’l y ’99
117*4 J ’l y ’ 07
100 Oct ’07
98 *2 Oct ’06
81 ......... 93 Xlay’06
87*2 95
09*3
98
68
70
89
101’ 4
100
72
70
96 *2
117
117
112
i1i *
O
P
B O N D S — C o n tin u e d
on
N ext
102
104*4 103*a
03 >2 Sale
89*4 Sale
93 I , .........
105
105
101
03
89
103*4
5 101*2 105
J a n ’ 08
102 105
Nov’07
D ec’07
93 *4
6 91*4 94*2
893 83 88
4
91*2
102*2......... 107*2 Oct ’06
110*2 Sep ’04
......... 103*2 10 2 34 F eb ’08
i 0234
1U37 J’ly *07
§
8 3 * 2 ......... 90*2 J’ne’06
2 861
*
84*4......... 86*4
8 6 *.,
_ 92*2
92 * 9 ......... 92*3 Feb ’08 _
8 4 * 4 ......... 84*4 F eb’08
84*4
.........
94*2
93 ®8 F eb ’08
110 J a n ’ 06
90
104*2
861
4
92*2
81*4
96
.................... 108*4 Aug’03
98*2 Deo’05
96 Jan ’04
P a g e
T e leg rap h and Telephone
Am Telop * Tel coll tr 4a 1929 J-J
q- J
Met T & T 1st a f g 5 s ........1918 M-N
Xlicli. State Telep. 1st 5s. 1924 F-A
M-N
W est Union col tr cur 5a.1938 j - j
Fd aud real est g 4*28...1950 M-N
Conv 4s, Series A , ......... 1930 XI N
ttl-N
iVlonnlacturing & Industrial
79*2 Feb’OS
79*2 82
75 Nov’07
107 *2 Oct ’04
I02°u A p r’O
O
95 A p r’02
40
42*4 32 383 61
4
107*8 D eo’04
107 XIny’97
105 *2 Dec ’06
105 O c t ’00
78 F o b’07
Am Cot OB ext 4*28........... 1916
86
87*-, 24 82*2 89
104
104
Am Hide & L let a f g 6a ..1919
1(10 104
Amer Ice Secur deb g 6a..1925
99 104
103*2 Feb’08
103
103
Am Spirits Xlfg 1st g 6 s .. 1915
2 103 103
Am Thread l&t col tr 4 s ...191 9
100 Jan ’08
100 100
H
O
H
O
6 80
87*2 Am Tobacco 40-yr g 6s___ 1944
93*2 F o b’07
4s........................................... 1951
*'No price Friday; latest bid and asked. gD aeJan hD uoFeb cD uo.iiar 4 Due Apr A Dae J’ly A Due Aug
;
Jnt'st
Period
mar.
Q-F
M-S
A -0
il-S
J-J
A-O
F-A
o Duo
*80
80
75*2 Jan ’ 08
8 o3
4
85r
,d
104 F eb’07
92 S Feb’08
i
843 8 4 ^
4
84
83
104
90
87*2 90
75
79
60
60
97 100*-. 100
•83
84
102L Sale 101
63*2 Sain
62
4
75*2 75*2
1
1
84 *-! 94
83
88
75
77 >
«
F e b ’08
F e b ’08
F e b ’08
F eb’ OS
i
84
102Q 87
Ca *2 74
80
92*2
75*2 80
60
65
91 100
83
84
96N 105
60S, oyi*
84^
S3
A p r’ 07
HOMO*
N . Y . STOCK E X C H A N G E
W bek E nding M a rc h 6
[V LX X I.
OL. X V
New York Bond Record— Concluded— Page 4
590
V
-* 0
>
S. £
Price
Priday
M ar eh 6
WeeV s
Range or
Last bale
Range
Sines
1an 1 lory i
Hid
Ask Low
fe u u Co—<Con tinned)
Utah So L0 1 0 Ulgn
8 1 * 9 ......... 92 A p r’07
E r i e * Pitts g u g 3 *28 B .1940 J-J
J-J
84*9......... 9S3 A pr’ 04
4
Gr K A I ex 1st gu g 4 * 1941 J-J 102 ......... 108 Sep ’00
98
J .J ......... ........... 127“s Oct ’ 02 . . . .
....................
119 J’ne’O
O
J-J
A-O
119 A p r’04
M-N
Pttts V<fe Ash 1st con 6S.1997
110 M»y*05
A-O 107 ......... 108 F eb’ 08
108 li)8
A-O 100*4......... 108 F eb'08 ~
108 108
M-N 102*4......... 112*9 J’ ne’ 05
97 ......... 11*0*4 Mar’ 07
M-N
85 e8 ......... 91 F eb ’07
F-A
’ *****
J-D
A-O 111*4......... 109 Jan ’0£
109 109
Pensacola A A tl See L < Nash
s
fe
Peo & East bee G C C < St L
fc
Peo A. Pek Un 1st g 6s___ 1921
123 *« J a n ’05
......... 97
2 o gold 4*as.......................61921 n
100»4 D ec’05
PeroM arq—Clufc W 14 6 s 1921 J -D
109 A p r ’02
Flint & I ' l l g lis................1920 A-O
112*9 Aug’ 07
1st consol gold 6 s ..........1930 M-X
10034 A p r ’07
Pt Huron Div 1st g 5 s .1939 A-O
100*uaep ’00 . . . .
.....................
SagTusds H 1st g u g 4 s .1931 F-A .....................
Phil IS it \V bee Penn lilt
Phlla & Heading cons 7 s .1911 J-D
115*9 M ar’O
O
Pitts Oln < St L Sec Penn Co
fe
i
Pitta Clove & Tol bee B & O
Pitts Ft W & Oil bee Penn Co
Pitts M cKees & Y b e e n Y Oen
Pitta Sil < j L E 1st g 5 s ...1 9 4 0 A-O 110 ......... 109>4 F o b ’08
8
109*4 109*4
93v8 J 'ly ’ 97
1st consol gold 5s..............1943 J - J
Pitts & W est bee B & o
93*4
94a 75 93
«
1 > eading Co gen g 4s........ 1997 J-J
94*s Sale
97 is
■Ev Registered...................... 1997 J -J
90 Fob ’08
90
92
Jersey Cent coll g 4a. ..1 9 5 1 A 0
92 Sale
4 80
94*9
Rensselaer < Sar bee 1) & H
&
Rich & Jpan See Soutli Hy
Rich & Meek bee Southern
Bio Gr W est bee Den & Hio Gr
Koch & Pitts See B R & P
Rome W at & Og See N Y C
Rutland See N Y Cent
C a g Tus < H See Pore Haro
fe
O t Jo < Gr Isl 1st g 4 s . . . 1947 J.J ......... 82*9 85 Jan ’08 . . . . 85
fc
85
St L<Ss Cairo See Mol) A Ohio
s
8 t L <> Iron Mount bee M P
£
B t h K O J i U bee Wabasli
B t h M Br See T lilt A of St L
St Louis & San Erancisco—
114*4......... 113 F eb’08
IIS 1 14>,
General gold Os................ 1931
General gold 5 s ................ 1931 J-J
......... 105*2 104 F e b ’08
103 106*4
St L A S if lilt cons g 4 s .. ’98
s
90
90
Southw Div 1st g o s ..1947
09
70
Refunding g 4 s.............1951 J-J
09 Sale
52 tii)
75
98 N ov’ O
O
6 -year gold notes 4*2.-1908 J D
St L M & So East gu 4 >2gl909 J .1J
......... 114*2 Fob’Oo
K C Ft S A M con g OS..19285 M-N i l 3
s
ill
1 14 *9
063 Sale
4
00*4
07 *21 603 723
K C Ft S A M Ry rot g 4s 1930 A-O
s
4
4
K C & M it & 151st gu 5s. 1929 A-O
Oz’rkcfc CliO ls t g u o s g.1913
......... 06 *2 90 Doc ’07
St Louis So See Illinois Cent
87
St L S W 1st g 4s bd otfs.1989 M-N ......... 873 80
5 84*9 89 *
4
4
00 ......... 00 F eb’08
00
70
2d g 4s Inc bond ct4 s...p l0 8 9
50
01
Consol gold 4 s ..................1932 j.r>
60 sale
23 60
00 “s
101*sA pr’07
Gray’ s P tT er 1st g u g 5s 1947
St Paul <> l)ul S e a N o rr ' "
£
104*4 104*4
A-O 104 *«......... 104*4 F eb’08
120*9 120*9
d 120‘s 128
J-J 120*4 128
134 Deo'Ob
105
105
6 102 100 *9
104 “giotS
j-J
110*8 A p r’01
J-J
105 ......... 1043
4 1043
4
6 1043 1043
4
4
98 ......... 988. F e b ’08
Mont ext 1st gold 4s___ 1937 J-D
94
98*9
100*4 Oct '00
Registered...................... 1937 J-D
101*4 101 *4
A-O ibi*>4......... 10 1*4 J a n ’08
A-O
124 May’05
J-J
Mont C le t gu g Os..........1937
128 Jan ’08 . . . . 128 128
Registered....................... 1937 j - j
130*4 Aiay’O
O
1st guar gold 6 s ........... 1937 j - j 109 111
105 D ec’07
W ill & S F 1st gold 5 s ..193 J-l) 109 ......... 115*9 D eo’00
St P < i Nor Pao See n or Pao
S
St P<& S’ x City 6'eaCStPMcfeO
75
78
B A & A Pass 1st g u g 4 s. ..1 9 4 J-J
73
78
2 78
83 h
b Fe Pres A Ph l s t g 6S...1U4 M-S
s
102 Sep ’07
8 F A N P 1 st sink t g 5s. 1919 J-J
c
110 O c t ’05
Bay E & W est See A tl Coast L
Scioto Val A N E See Nor & W
s
43
44
Seaboard A ir Line g 4s ...1 9 5 0 A O
43*9
434
1 43*9 55
Coll tr refund g 5 s ......... 1911 M-N ......... 83*2 90 D ec’07
Atl-Blrm 30-yrl8t g 4s.el933 M-S
88 J a n ’07
Oar Cent 1st con g 4 s ...1 9 4 9 J-J
90*2 Mar’O
O
107*4 Aug’O
O
J-J
J-J
Consol gold 6 s...............1943 J-J
109*9 MafOS
Ga & A la Ry 1st con 5so l9 4 6 J-J
99 D ec’07
Ga Oar A H o l s t gu g 5s 1929 J-J ..........io o
s
110 J a n ’05
10 G Mar’07
J-J
Sher Shr A So bee M K < T
s
&
BUHp O c a * G See A tl Coast L
So Car A Ga Sea Southern
s
Southern Pacillo Co—
J-D
8 4 4 85*2 84
85
2 83*4 87
J-D
F-A *......... 95
95
95*9
99
9 94
F-A
93*8 J ’ne’07
J-D
83 > 85
4
1 80
84*4
84*4
84*4
Through St L 1st gu 4s ’54 A-O ......... 88
88 F eb'08
88
88
Gal H ar & S A 1st g 0 s . . 1910 F-A 10 0 .
103 >9 A p r ’07
Alex & Pac 1st g 6 s___ 1931 M-N 100*9 10 8 4 107 Jau ’08 . . . . 107 lb ?
Glia V G AsN 1st g u g 5s. 1924 f/l-N ......... 105
100*4 J -ly ’00
Hous E & W T 1st g 5s. 1933 M-N
10(3 101
101 J a n ’08
1st guar 6 s red........... 1933 M-N * ......... 16 2
104 Aug’O
O
H & T O 1st g 5s lilt g u ..l9 3 7 J-J 109“s ......... 110 *8 Feb'08 . . . . ibo‘ *4iio*s
Consol g 6 s int g u a r...1912 A-O 110*8......... l0 7 ‘\ ov’07
JN
Gen gold 4s int g u a r..1921 A-O
8 0 ‘s ......... 88 J a n ’08
" 88 " " 8 8 "
W aco AsN W d iv l s t g 6 s ’30 M-N
A A N W 1st gu g 6s ___ 1941 J-J
s
109*9 Feb’O
O
BONDS
N. Y. STOCK E X C H A N G E
W eek endin o M arch 0
~ £
Price
brio an
March 6
S g*
an
Week'a
Range or
hast sate
Since
January t
Bia
Low H igh
Low
Hiah
southern Pao Co—(Continued)
127 Sep ’00
Morgan’s La J T 1st 7s. 1918 A O 109
ls
116 Nov’00
1st gold 0 s.......................1920 J-J
112 F eb’i>
7
No of Cal guar « 5 s .......... 1938 A-O
9 7:)4 N ov’O?
Ore A Cal 1st guar g 5s. 1927 J-J 101 ,
s
99 > .
9
98 > Jan ’08
9
So P of A r gu 1st g 6 s .. ,cl9 09 J-J
08*9 98*9
99*4 .
101 D ec’07
1st guar g 0 s............... cl910 J -J
So Pacific of Cal—
104*9 104*9
1 s tg 0sseries E & F ...1 9 1 2 A - O
104*9 104*9
114*9 D ec’04
1st gold (is.......................1912 A - 0
112
110 May’ i>7
1st con guar g 5s........1937 M -N
104 M ar’O
S Pac of N Alex 1st g 0 s .. 1911 J-J
So Pac Coast 1st gu 4s g. 1937 J-J
107 '9 E
’ob '07
TexifcNOSabDivlst gOa.lOli M-S
90 E ’08
’eb
95*4 90
Con gold 5 s........... ......... 1943 J-J
24 87*9 93
88 “s SUJo
8 S“8
89
cO Pac ItK 1st ref 4 s........ 1955 J-J
83 Sale
83
80*9 19 83
97
Southern—1st con g 5 s-----1994 J-J
114 N ov’O
O
Registered....................... 1994 J-J
75*9
75*9 10 75
77
AtobA; Oluo c o l l t r g 4 s ..1938 M-8
100 Jan ’08 . . . . 102
102*9
Alern D ir 1st g 4 * 2 -5 s ...1990 J-J
1 70*9 70
70*9
70S
St Louis div 1st g 4 s ....1 9 5 1 J-J
113 Jan ’00
Ala Oen R 1st g Os......... 1918 J-J
90 J’uo’O
O
A tl As Danv 1st g 4 s........1948 J-J
92 J ’ne’O
O
2d 4 s ..................................1948 J-J
A tl A Yad 1st ggu ar 48.1949 A - O
s
111 F eb ’07
Col & Groenv i s t Os........1910 J-J
110's J’l y ’Oi
E T Va Ai Ga D iv g o s .. 1930 J-J
102
104*4
Con 1st gold 5s............. 1950 M - N 102 105
102 105 *s
87 *a 99
11() *9 J’ ue’07
E Ten reor lien g 5s........1938 M -S
05 Sop ’07
Ga Aliilland 1st 3s...........1940 A - O .......... 08
9
Ga Pac ity 1st g 0s......... 1922 J-J 100 105 > 1 0 0 s 106*4
100 107
108 J a n ’08
Knox A; Ohio 1st g Os. ..1 9 2 5 J-J
107 108
87 >9........ 11 5 :*&A p r ’ 0 0
>iob A Bir prior lien g 5s 1945 J-J
s
90 Get ’05
Mortgage gold 4 s......... 1945 J-J ........- 83
103 105
103
103
103 107
Rich A Dan con g 0s___ 1915 j .J
s
90 *9 Oct ’07
Dob 5s stamped............. 1927 A - O
98 F eb’06
Rich A Aleck 1st g 4 s ...1 9 4 8 M -N
s
95**
95 S
05*9 96
So Car & Ga 1st g 5s___ 1919 M-N
95 *9 96 S
112 O c t ’00
Virginia Alid ser C 0 s . . .1910 M -S
108*9 D ec’00
"9*7*9
Series D 4-5s..................1921 M - S
113 D e c’06
Series E 5 s .......................1920 M - S
103 Oct ’07
......... 100
General 6s.......................1930 M - N
107 Mny’07
Guar stamped........... 1930 M-N .........100
78
»0*s 90** Jau ’07
W O < W 1st cy gu 4 s ..1924 F-A
&
10‘j S bop ’07
W est N O 1st con g 0 s ..1914 J-J
S A N A l a See L A N
s
117 J ’ ty ’O
O
Spok Falls A Nor 1st g 0s. 1939 J-J
s
111 J’ l v ’07
’ [ 'er A of St L 1st g 4*os..l93 9 A-O 1 U* *4
110 > Fob ’08
*
109*4 111
1.1st con gold 6s___ 1894-1944 F - A
92*4 Feb ’08
Gon refund s f g 48.......... 1953 J-J *00 ,
9 0 S 92*4
111 D ee’00
St L Al Bge Ter gu g 58.1930 A-O 1 0 1 ^) .
Tex A N O See So Pac Co
s
100
10b 102 1 12S
Tex & Pao 1st gold 5s........2000 J-D 102*4 Sale 102
O
92 N ov’O
2d gold inc 5s................... y20bo Alar
O
1 1 0 Mar’O
La Div B L 1st g 5s........1931 J-J
100 *2 Nov’04
W Alin W As N W 1st gu 6s ’30 F - A
102 *9 F e b ’US
102 103 “4
Tol As O O 1st g 5 s............... 1935 J-J 100*4
Muy’04
111
Western Div 1st g 5 s . . . 1935 A-O
90 Jan ’0 95 S 98
General gold 5s................. 1935 J-D
84
89
89 Jan ’08
Kan A AI 1st gu g 4 s___ 1990 A - O
s
803
4
8034 Sait
80
70:,4 81 >
9
Tol P A W 1st gold 4 s ....1 9 1 7 J-J
s
83*9
82
82 rfait
Tol St LA* W or lieu g 3 * . 1925 J-J
23
80S
69 7
e
09
50-year gold 4s................. i960 A - O
73
G »78 £al*j
k
95 Doc ’Oo
Tor Ham A Bulf 1st g 4 s ./il9 4 0 J-I)
105 Jau ’08
104 105
103
lster A Del 1st con g 5s 1928 J-D 1 0 1
s
O
93 bop ’O
1st refund g 4 s........... 1952 A-O
99 102
99 “s 100
On Pao Hit A l gr g 4s ...1 9 4 7 J-J
s
90°s sale
F o b’08
100*4
08*9 10 0*4
Registered.................... 1947 J-J
84"fc
83
83
87 V
*
20-yr couv 4 s ...................H 927 J-J
8 J“s Sale
94^8 F o b’Oo
96
Ore Ity A Nav con g 4 s .1940 J-D
91
90**4
118
117
115 lv:u»4
Ore Short Lino I s t g O s ..1922 F-A 118 Sillo
111* 2
Sale 1 1 1
1st consol g 5 s........... 1940 J-J 1 1 1
100 I l l s
86
86u
4
85*9 8 9 v
8
80 Sale
Guar relund 4 s ......... 1999 J-D
87**4 M ai’o7
Registered............... !Il9 2 9 J-D
100 Uct ’07
Utah A Nor 1st 7s......... 1908 J-J 10 0 “s
106*9 J ’ly ’07
Gold 5 s ..............................1920 J-J
Uni N J K it A O Co See Pa ItH
Utah Central See Hio Gr Wes
Utah A North See Un Pacitic
Utica A Black It See N Y Cent
94*a Oct ’07
andalia consol g 4 » ___ 19 5 5 F-A
98 Sop ’00
era Cruz <fcPlstgu 4 * l 934 > J-J
28
Ver Val Ind A W bee Mo P
Vu-glnia Mul See Soutli Hv
99 Jan ’ OS
Va & Southw’ t 1st gu 58.2003 J.J 100 105
99
99
102 ioy34
abash 1st gold os........1939 M-N 102*9 Sale 102*4 102S
2d gold 0 s................... 1939 F-A ......... 87*2 »7 S F o b ’us
87 S 04
00 J’ne’O
Dobenturo series A ........1939 J-J
37
37
Series B............................ 1939 J-J
37
45
02 J ’no’O.
Certificates of deposit___
102 F e b ’ 08
1st lion equip s fd g 5 s . . 1921 M-S
lob i.02"
93 M ill’ Ob
1 st lien 50 yr , term 4 s .1954 J-J
50 y r k ‘
..............
37*9
38 *9
1st ref and ext g 4s . .. .I 9 6 0 J-J
3 7 S 47 S
104 Oct ’0
Dot A Oh E x t 1st g 5 s ..1941 J.J
97 Nov’Ol
Dos Moin Div l s t g 4 s ..1939 J-J
80 Feb’07
Om Div 1st g 3 *98............ 1941 A-O
OO^a J'ne’ov
Tol A Ch Div 1st g 4 s ... 1941 M-S
1.00 Muy’oV
St Chas Bridge 1st g 0 s .1908 A-O
43
44
43 Sale
42**
W ab Pitta Term 1st g 4 s .1954 J-D
9
10
0 Sale
2d gold 4 s............................ 1954 J-D
9
Warren See Del Lae A W est
W ash Cent See Nor Pao
W ash O A W See Southern
87>9J’l y ’07
W ash Terml 1st gu 3 * . . 1945 F-A
28
40
66
60 Sale
49
00
W est Maryland l s t g 4 s ...1 9 5 2 A-O
39**, Fob’08
3 »»4 47
Gen A cony g 4 s .............. 1952 A-O .......... 34
1U0S Aug’O
O
.........103
W V a C o u t A P I s t g O s 1911 J-J
1 1 1 J a n ’u8
108 S 1 1 1
.
W e s t N Y A Pa l s t g 6 s ..1937 J-J 1 10“* .........
87**4 Jan ’()»
87 *s 87 a
4
Gen gold 3-4s.....................1943 A-O
34 F o b ’07
Income 5s.........................d l943 Nov
W est N o Car See South Hy
107 J a n ’OS
103 100
Wheel’g A L K 1st g 5 s . . .1920 A-O
110 D eo’O0
Wheel Div 1st gold 5 s ..1928 J-J 100 103
118*4 Jan ’08
Exteu A Imp gold 5 s ...1 9 3 0 F-A
93*4 9 a S
00
01S
lU t 1st consol 4s............... 1949 M-S “ 06 " Hale
00
72 S
104 Oct ’ 07
20-ycar equip s f os ...1 9 2 2 J-J
W ilkes A East See Erie
W ll A Sioux F See St P At A M
80
82
80 Sale
W ls Ceut 50-yr 1st geu 4s 1940
14 80
85
U
V
W
illU S C K L L A N E C U S R O N D S — C o n c lu d e d .
iHnnulncturiiig O Industrial
k
M iscellaneou s
Beth Steel 1st ext s f 5 s . . 1926 J-J .......... 85
96 Aug’06
Adams Ex col tr g 4 s ......... 1948 iM-S
Cent Leather 20-year g 5s.l9 25 A-O
903 30 85*9 93
4
90
90*, 90*4
A m SS Co of W V a g 5 s_ 1920 M-N
_
Consol Tobacco 50-yr g 4 s .1951 F-A * 0 1
03
......... 02 F e b ’08
08
B ’kl’n FerryCo 1st cons g 5s ’48 F-A
07 S. 1 1 04
Distil Sec Cor couv 1st g 5 s .’ 27 A-O
07
......... 00 *9
75
C h io J c * Sc yard c o lg 5 s .l9 1 5 J-J
Int Paper Co 1st con g Os. 1918 F-A * 102*4 ------ 102*4 102*4
2 1102 105
Det M & M Id gr incomes.. 1911 A-O
Consol conv s f g 5s........1935 J-J
80
81
5 80
81 Sale
80
Int Morcan Marino 4 * ..1 9 2 2 A-O
98
In t St Pump 10-yr conv. Os ’ 13 J-J ......... 90
90
90
90
92*2 Int Navigation 1st s f 5 s .1922 F-A
Knic^er Ice (Chic) l s t g 5 s .’28 A-O
97*2 Oot ’05
Man Bell H * L g en g 4 s ..1940 II-N
Lacknw Steel 1st g 5s___ 1923 A O
85 F e b ’08 . . . . 84
80*4 .........
89
Newp N e Ship * D D 5a (71990 J-J
N at Starch M fg Co 1st g Os 1920 M-N
83 *9 A u g’07
75*4 78
N Y Dock 50-yr 1st g 4 s ..1951 F-A
N at Starch Co s f deb 5 s ..1926 J-J ......... 75
70 Apr *07 . . . .
........ ......... Providence Seo dob 4 s .. ..1957 M-N
Repub I A S ls t & coltr 5s. 1934 A O ......... 90
s
80 D oc’07
Provident Loan Soo 4*as.l921 M -S
.
U 8 Leath Co s t deb gO s.. 1913 M-N 105 *4 Sale 105*4 105*4 17 101
105*4 St JosephStk Y d s ls t4 * a s .l9 3 0 J-J
U S Kealty<fc Xconv deb g 5 s ’24 J-J
1 04*9 70
00
06 ......... 00
St L T e r CupplesStat’u A Prop
U S Steel Oorp— ( coup .(71903 M-N
1840 83*9
87 3
4
88*4
88 *s Sale
Co lstg4*9-s 6-20 year.. 1917 J-D
Sf 10-00 y r 5 s . ( rog ..(71903 M-N
6 85 34
877
s
88*4
S Yuba W at Co con g Os..1923 J-J
Va-Oar Chcm ool tr 6 s g ..l 0 1 2 A-O
94 ......... 8 t> Jau ’08
89
89
Sp Val W at Works 1st Os.1900 M-S
VVeatinghouso E A M s 1 5s ’31 J-J
08
to 07
08 ......... , 07
75
____________________________
.........
__________________--U S lied & Ref 1st a t g Os. 1931 ___
•■fifo price Friday; latest bid aud asked this week. crDueJaa 6D u oF ob d Due Apr T duo May ; h a e j ' u e
88
Sale
..........103
(33 v Sale
8
......... 80
9 4*9.........
87 .........
1
88
88
6 83
90*4
1003 J’ ho’02
4
41 Oct ’O
O
10 0 J a n ’ 08
100 1 0 U
70 S e p ’06
03 \
04 *4 "44 "63 " "o’d’>
-j
77*4 F o b’ oh
76
773
4
50 Fob ’02
87
87*2
85 O c t ’07
85 ......... 90 May’O
G
......... 02 1 0 0 *a Sap ’Oi
”05**' . " " "
A D u oJ T y
9
M 2 j ’iy *01 —
113*9 J’ ty’O
O
90 Aug’ 07
p
D u e N ov
86
89
............ ........
eO pU oa I
CHICAGO STOCK E X C H A N G E — Stock Record—Daily, W eekly and Y e a r ly
STOCKS— HIGHEST AND LOWEST SALE PRICES
Saturday
Feb. UJ
‘
Monday
March 2
Tuesday
March 3
Wednesday
March 4
* - - - - 172% * ------ 1721; * ____ 172% * ------172%
*134 2
*134 2
*1*1
2
*1%
2
* ____
10 * -----10 * ____ 10 * -----10
*10% 17
*16
17
*16% 17
*16% 17
*30
*74
* ____
*45
* ____
* ____
* ____
65
27l2
91%
* ____
40%
76
17
60
40
2112
60
65
28
92
30
*39
*74
■
____
*44
'____
1
-----'____
*64
27%
92
*
4012 *39
40% *39
*74
*74
75
75
1?
17
*44
50
47
*44
40
40 * ____
20
2112 * . . . .
50 * . . .
50
...
58
65
64
58
28
27*s 28
27*s
92
92
92
92
_____________ 30
* ------ 30 * ------
*4
4%
4%
46
46
46<2
*130
. . . *130
*117 120 *117
* ____ 50 *
...
4%
4%
4%
46
46
46l2
46
. . . *130
*130
120 *117
*117
_____________ 50
*26
*92
43%
*26
28
*92
96
43% *43
*1
*4
23
107%
1061-.
*8412
124
*30%
1%
*1
*4
6
*23
23
108
107%
1061- *106%
86 " 347s
124
123%
31
*30
75
*107
*5114
*100
*24
*74
90
130
95
*112
*10i4
*14
28
95
45
*26
28
*92
90
4434 4434
*1
1%
5
*4
2234
23%
108
108%
106
107
85
86
124
123%
31
*30%
76
76
75% 75%
107% 109 109 *108
5212 51
51%
1
103 *100 105 *100
2512 *24
75
*74
967S 9534
130 *126
95
95
1% *1%
10%
10%
*14
16
1%
5
223
109
106
85
123%
31
76
109
51
103
25
25% *24
*74%
75
97"%
97
97
130 130
130
95
95
95
13s *1%
1*8
10% 10%
10%
*14
16
10
40%
75
17
Thursday
March 5
Friday
March 6
Jan’08
Last Salt 175
Feb'08
Last Sale 2%
Fcb’08
Last Sale 8
163.i
1634 16% *16%
Feb'OS
Last Sale 23,i
July’07
Last Salt 18
S
Last Sale 4234 Feb’O
Feb’OS
Last Sale 74
Feb’O
S
Last Sale ’
Feb’O
S
la st Sale !
July 07
Last Sale i
Jan’08
Last Sale 1
Sep’07
Last Sale )
40
20
60
58
59
60
____
*60
27*8
2734
28%
27*8 27%
92
92
92
91& 92
30
July’07
Last Sale 33
*4%
438
4%
4%
47
46% 46%
46
138
135 135 *135
Feb’08
Last Sale 117
Feb’O
S
Last Salt 51
93%
*------ 95 93%
Last Sale. 42
Jan’08
*26
Feb’O
S
28
Last Sale 29
91
91
*90
95
4434 4434 *43
45
*43
45
Last Salt 165 Mch’07
Mch’06
Last Sale 16
Last Sale 1
Oc '07
Nov’07
Last Sale 5
223s
2238
22% 22%
10834 109% 109 10934 109*4 110%,
106% 107
*106 107
85
85%
123*4 123*4 123% 124’
124 124
*30% 31
Last Salt 30% Feb’08
Last Sale 31% Nov’ 05
Fcb’06
Last Sale 80
Aug’07
Last Sale 41
Last Sale 2% June’07
Last Sale 26% July’07
75%
76
76
70
76
76
110% 111
110 110
111 111
____
53
51
51
51
53
Last Sale 103 Feb’08
*100 103
May’05
Last Sale 534
Feb’O
S
Last Sale 85
*24
Feb’O
S
25
Last Sale 24
*74
75
Last Sale 743S Feb'OS
9634 97%
97%
98%
97% 97%
130
*125 130 *125
‘ 9 5 ' 96'
95
05
95
95
Feb’06
*1%
Last Sale 1*8
1*8
10
10
10
10%
*934 10%
*14
16
Feb’O
S
Last Sale 15
4%
46
Last Sale
Last Sale
Last Sale
Last Salt
32%
10
16
4
Jan’07
Nov’O
G
May’07
Nov'OG
Sales
of the
Week
Shares
„
Railroad*
Chicago City R y _____ 100
Chicago & Oak P ark. 100
Do pref____________ 100
Chicago Subway_____ 100
Chic Union Traction . 10 0
Do pref....................... 100
Kans City R y & L t .-1 0 0
Do pref....................... 100
Metropol W S E lev___ 100
Do pref___ '_________100
North Chicago Street. 100
Northwestern Elev___ 100
Do pref____________ 100
650 South Side E le v a te d .. 100
815 Streets W Stable C L .1 0 0
115
Do pref......................1 0 0
West Chicago S t r e e t ..100
Miscellaneous
350 American Can________ 100
782
Do pref____________ 100
20 American R a d ia to r ..100
Do pref.......................100
Amer Sh ip bu ildin g...1 0 0
Do p r e f . . . ................100
Amer Straw Hoard_______
Booth (A) & Co...........100
Do pref....................... 100
Cal & Chic Canal & D .1 0 0
Central Trust B a n k ..1 0 0
Chicago A u d itoriu m ...
Chic Brew’g & Malt’g . .
Do pref_____________
67 Chic Pneumatic T o o l.100
S89 Chicago Telephone___ 100
35 Chic Title & T rust. . .1 0 0
100 Commonw’th-E d lson.100
243 Diamond Match_____ 100
Illinois Brick__________100
Knickerbocker Ice___ 100
Do pref.................. . .1 0 0
Masonic Tem ple______
Mllw & Chic Brewing..
Do pref................. ..
468 National Biscuit_____ 100
72
Do pref____________ 100
519 National Carbon______100
Do pref____________ 100
Page W ov Wire Fence
Pcoplc’sGasL&Coke. .1 0 0
Scars-Rocbuck c o m ..1 0 0
Do pref....................... 100
1,545 Swift & Co......................1 0 0
24 The Quaker Oats C o ..1 0 0
Do pref....................... 100
343
Unit Box Bd & P C o .100
Do pref..............
100
’ 405
Western S to n e _______ 100
Mining
Bingham Con M ining. 50
Black Mountain__________
D aly-W est......................... 20
llubbard-EU lott_________
Inter
est
Period
Price
Friday
Mch. 6
Riel
Week's
Range or
Last Sale
Ask Low
Jo t
Previous Year
(1907)
Highest
Highest
160 Jan
l*s Feb
8 Feb
15 Feb
2*4 Feb
40% Jan
24 175 Jan 27
2*4 Feb 13
3
8 Feb 3
3
21 Jan 16
10
234 Feb 13
13
46
79
19
50
9
68% Jan 4
17
42
Jan 10
Jan 6
Jan
Jan
Jan
Jan
14
20
22
23
Jan 31
20
Jan 31
20
65
27
90
Jan 6
Jan 3
Jan 23
71 Jan 13
29% Feb 21
92 Jan 16
4 Feb
41% Jan
125 Jan
110% Jan
46 Jan
91 Jan
42 Jan
24 Jan
90 Jan
40 Feb
20
5% Jan 11
52 Jan 10
135 Jan 31
117 Feb 11
55% Jan 16
95% Feb
42 Jan
30 Jan 11
98 Jan 27
44*4 Mch 4
21
106
100
80
113
30
26
3
4
3
2
22
28
120
111
90
126
39
Feb
Jan
Jan
Jan
Jan
Jan
13
2
10
31
7
2
9
3
10
Jan 7
Jan. 14
Feb 4
Jan 16
Feb 25
Jan 14
150 Mch
134 N ov
10 Oct
11 Oct
2% Dec
14 Apr
28 Nov
68*4 Nov
17 Dec
43 Nov
34% Apr
20 Sep
58 Apr
60 Nov
26 Oct
95 Apr
20 Mch
205 Apr
5 Jan
16 Apr
46% Jan
6% Apr
19% Jan
65 Jan
87 Jan
28 Jan
72 Jan
47 J’ly
25% Jan
66 J’ly
90 Jan
34 Jan
99 May
35 Apr
3
34%
120
112
:0
83
30
25
90
45
165
Oct
Nov
Dec
Nov
Nov
Nov
Jan
Dec
Dec
Oct
Feb
7% Apr
60 Apr
140% Sep
130 Apr
80% Jan
109 Jan
40 Mch
40 J’ne
111 Feb
54 Jan
165 Feb
21
95
95
77
108%
34
Jan
Aug
Dec
Oct
Oct
Oct
Nov
Nov
6151 "
134%
112%
87%
129%
67
1
Jan
J’iie
Feb
Apr
May
Oct
May
May
3
24
16
2
3
10
89 .Tan
25% Feb
77 Jan
99% Jan
134 Jan
96% Feb
1*4 Jan
12 Jan
16% Jan
16
13
6
27
29
15
21
46 Jan
2% Jan
27 Mch
80 Jan
11734 Jan
84% Jan
120 Jan
72
20
67
75%
Nov
Nov
Nov
Nov
100 Nov
85 Oct
34 N ov
6 Jan
10 Dec
92*8 Apr
57 Jan
95 Jan
1131- Jan
173% May
1023.1 Jan
2% Apr
12*4 Apr
30 Feb
32% Jan
16% Apr
80% Jan
24 Jan
72 Jan
88% Jan
114*4 Jan
87 Jan
1*8 Jan
10 Jan
15 Jan
76 Jan 30
3
2 111 Mch 5
57 Feb 1
2
3 104% Jan 7
Aug
Jan
Feb
Oct
Nov
Nov
9734 Nov
32% Jan
70 Jan
10134 Jan
51 Mch
102 Jan
41
2%
25
58%
91
50
20
Jan
Chicago Banks and Trust Companies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending Mch. 6
Range
Range Since
Jan. 1 1908
STOCKS
CH IC AG O STOCK
EXCHANGE
R'ds
Sold
Range
Since
Jan. 1 1908
High No. Low
NAA1E.
Outstand
ing
Slock
t
i urptus
and
Prollts
t
High Bankers N a tio n a l----------- $2,000,000 $1,328,95S
Dividend Record
In
1906
In
1907
Per Last Paid
%
iod
«
8
Q-J Jan ’08. 2
An. Dec '07. 6
§36,741
5
6
142,495
10
J-J Jan ’08. 5
10
4,326.490
12
12
Q-J Jan '08. 3
3,315,703
Q-J Jan 08, 2
99% Jan’OS ____
8
8
U912 9912
J - J ____ 101%
____
§8,305
Q-J Jan ’08, 1%
6
6
J - D ____ ____ 100 May'07 ____
4,953.474
12
Q-J Jan '08, 3
y47g 95*2
12
22
95
95%
P - A
951g Sale
Q-J Jan '08, 1%
____ ____
§44,641
6
6
J - J ____ ____ 103 Apr’04 ____
Q-J Jaa *08, 2
____ ____
.\79,190
8
8
55 Aug’07 ____
55
J - D t— .
6
Q-J Jan '08. 1%
§37.970
3
98
9634 Jan’06
”. . . ____
F - A
12
Q-J Jan '08. 3
12
7.744.658
98
.... ....
A - O
10
Q-J Jan '08. 2%
§157.017 10+10
*87’ Fcb"i)6 ____
.... ....
A - O ____
640.833
Prlv ate Ba nk
J - J
7
Q-J Jan '08. 2
397,560
6
J-J Jan 118. 2%
5
170.389 ____
69
00%
72 %
69
J - J *69 Sale
3
____
Q-J Jan ’08, 2
8
988.663
8
79 Nov’04
M- N
10
__
____
Jan '08, 5
10
§131,557
80 Apr’04 . . . .
M - S ____ ____
See V. 86, P- 384.
324,458
4
Q-F Feb ’08. 1
1001.1 100 Jan’08
66,238
3
100 100
J - J
§94.034 . . . .
4% Jan. Jan '08. 4%
98
98 ” 28
A - () ~98~ Sale
97
99
1.274,844
0
15
7% Q-J Jan ’08, 2
M - S *9712 Sale
97%
08
98%
97
420,500 Began busine S3
Feb 5 1907
98%
98% Feb’O
S
93 100
M - S
____
55.976 Began busine ss
Aug 26 1907
90 Dec’06 ___"
J - D ....
.... ....
____
3
61,889 Began busine S
Dec 8 1906
M - N ____ .
96% Sep’07 ____
§6,424
Q-J Jan *08. 1%
6
6
A - O ____ 93
85 Dec'07 ____
I I .. m il
Q-J Jan '08. 1%
37.174
6
6
_ _______m
_
mm
mm .
70,799
m m 87% 88% Jan’08
J - J mm
88
88%
’8
67.415 <138
Q-J Jan '08. 2
16 May’05
Feb
4
J-J Jan ’08, 2
16.946
93.590 Orga nlzed Oct 12 1906
2
82
82
81% 84
F - A 8U2
Q-J Jan '08. 1%
6
§84,269
Vo’ "
80% Jan’OS ____
80%
80
5*4
J - J
____ ____
8
9 + 1 Q-J Jan ’08. X
1.156.805
90 Dec’00 ____
J - J .... ....
J-D Dec '07. 3
6
§166,708
6
J - J
6
6
M-N N o v ’07, 5
§39,564
. . . . ____
79 Aug’06 ____
A - O ....
____
6
6
§62,954
Q-J Jan '08, 1%
75 Feb'07 . . . .
M - N ____ ____
Q-J Jan '08, 2
8
2.478,634
8
Q-J Jan '08. 1*4
10
7
7
Sale
U86.178
88%
8S%
M - S 88
86*4 90
8512 90
92,643 ____
851- Fob’08 ____
. . . . __
80U 89
M- N
____ . . . .
6
6
*1,154.648
Q-J Jan ’08, 1%
J - D ____ . . . . 100%Mch’00 . . . .
____ ____
A-O Oct '07, 1%
3
3
§6.828
94 Sep’07 ____
M - S ____ ____
____ ____
633.060
10
10
Q-J Jan '08, 2%
M - N .... ....
98 July’07 . . . .
_
971-Jai '08 ____
6
84,567
6
Q-J Jan '08. 1%
M - N ____ m _
0712 9712
____ 112 Feb’08 ___
109% 112
63,255 Orga nlzed Aprl 1 3 1907
A - O 1X1
____ . . . .
1.476.576 ____
M - S ____ 9710
98% Feb’O _
S _
94 100 %
2
323.513 Began busine «s
J - .1 $100*4 Sale 100% 100%
97% 103
F sr v issr
2
9434 98
97
7,898.312 12+4 1 0+ 4
....
J - D
98
98
g Feb '08. 1
99
M - N $— 6
98*4 Feb'08 ___
9834
§41.351 . . . .
Q-J Jan '08. 1%
98
95
§32.002 . . . .
9434
9434
2
2
Q-J Jan '08. 1
J - J ____
94
96%
4.542.710
12
2
12
Q-J Jan '08. 3
J - J ____
98
98
93
9834
90
366.455
6
A - O ____
90 Feb’08 ____
6
Q-J Jan ‘08, 1%
90
90
1,817.172
Q-J Jan 08, 2
M - N . . . . ____ 114 Nov’04
8
8
_____ . . . .
70
45.081 . . . .
6
SS Jan '08. 3
68 Jan '08
68 ”
68
§76.323
J-J Jan '08, 3
M - N ____ . . . .
6
6
90 May’07 . . . .
....
Q-J Jan ‘08, 2
151,667
kS
F - A .... ....
68% Sep’05 ____
8
I I I . ____
J - D ...a . . . .
Q-F Feb ’08, 2
571.483
8
8
73 June’07
1111 1111
§10.596
J-J Jan ’08. 2%
5
73 June’07
M- N .... ....
1,038,801
87 Dec’06
J - J .... ....
m i
....
§25,479 Forme rly Jen ntng s R E L &Tr
90% Jan'06
A - O
317,872 6 + 1
6
Q-J Jan '08. 1%
§42.209 Began busine ss
Sept 5 1005
N ote.— Accrued interest must be added to all Chicago bon d Drloes
i
6
28.177
6
Q-J Jan '08. 1%
* Bid and asked prices; no sales wore made on this day. t Feb. 14 for national banks and Feb. 15 for State Institutions, except figures designated
by a (§ ) , which are of date Dec. 3 1 907 and N ov. 10 1907 respectively, t No price Friday; latest price this week, a Due Dec. 31. b Due June, d In
cludes special dividend of 3 0 % paid Dec. 18 1900. k Capital Increased from $300,000, a 6tock dividend of 33 1 -3 % being declared In part paym ent
therefor, n Capital and surplus to be Increased
q Dividends arc paid Q -J, with extra payments Q -F . x As of Dec. 31 1907.
.
American. Biscuit 6s_„1910
Am er Strawb’d 1st 6sll911
Cass Avo & F G (St L) —
5s.................................... 1912
Chic Board of Trade 4sl027
Chicago City R y 5 b___1927
Ohio Consol Br&Mlt 6s____
Ohio Consol Trac 4 J^s.1939
Chic Audltorlum lst 5sl929
Chic Dock Co 1st 4s. .1929
Chic No Shore Elec 6 s .1912
Chic & Mil Elec Ry Ss.1919
Chic Pneurn Tool—
1st 5s.........................al921
Chic R 1 & P H R 4 s . .2002
Collat Trust g 5s___ 1913
Commonw’alth-Edlson—
Chic Edison d c b 6sl013
1st g 5 s ____ July 1926
Debenture 5s____ 1926
Commonw Elect 5s61943
Illinois Tunnel 5s____ 1928
Kan City R y& LtCo 5s 1913
K n lck V k er Icc 1st 5S.1928
Lake Street El—
1st 5s
1928
Income 5s
____ 1925
Mctr W Side El—
1st 4s
____ 1938
Extension g 4s_____ 1938
North Ohio St 1st 6 s . .1909
1st 5s
1916
Refunding g 4 ^ s . . l 9 3 1
No Chic C lty R y 4H sl927
North Western El—
1st 4s....................... 1 9 1 1
Ogden Gas 5s_________ 1945
Pearsons-Taft 5s_____ 1916
4.40s ........................... .........
4.60s Series E ___________
4.80s Series F . .................
Peo Gas L&C 1st 6 s . .1943
Refunding g 5s____ 1947
Chic Gas L&C 1st 5s 1937
Consurn Gas 1st 5 s .l9 3 6
M ut’ l Fuel Gas Ist5sl947
South Side Elev 4 ^ s . 1924
Swift & Co 1st g 5s___1914
Union El (Loop) 5s___1945
Union Pacific conv 48.1911
United Box Board col6s%6
W est Chic St 1st 5 s . ..1 9 2 8
Tunnel l* t 6s.............1909
Debenture 6s
1914
Consol g 5s............... 1936
W es DlvClty Ry 4 H sl932
Western Stone Co 5 s . . 1900
F - A
J - J
____ 100
100 Mch’07
Calumet N a tio n a l_______
Chicago C ity..................—
Commercial National . ’—
Continental N a tio n a l___
Cook Co State S a v in g s..
Corn Exchange National
Drexel State_____________
Drovers Dep National___
Englewood State------------First N a tio n a l___________
First Nat Englewood____
Foreman Bros B ’k'g C o .
Fort Dearborn N ational.
Hamilton Nattonal______
Hibernian B ’k’g A ssn—
Kaspar State B ank--------Live Stock Exchange N at
Monroe National________
Mutual Bank......................
Nat Bank of Republic___
National C ity____________
National P ro d u c e----------North Avenue State____
North Side State Savings
Oakland National----------Prairie National_____ . . .
Prairie State_____________
Railway E x ch an ge______
S e c u rity _________________
South Chicago S a v in g s..
State Bank of Chicago—
Stock Yards Savings____
Union Bank of C h icago..
Union Stock Yards State
American Trust & Savgs.
Central Trust Co of 111___
Chicago Sav Bk & T r____
Chicago Title & Trust___
Citizens Trust & Savings
Colonial Trust & Savings
Drovers Trust & Savings
Farwcll Trust Co...............
Flirt Trust & Savings___
Harris Trust & S a vin gs..
Illinois Trust & Savings.
Kenwood Trust & Savgs.
Lake View Trust & Savgs
Merchants’ Loan & Tr Co
Metropolitan Trust & Sav
Northern Trust Co.............
Northwest Trust & Savgs
Peoples Trust & Savings.
Pullman Trust & Savings
Royal Trust C o .________
.Stockmen’s Trust & S a v .
Union Trust Co________
United States T r u s t ------Western Trust & Savings
W est Side Tr & Sav Bank
Woodlawn Tr& Sav Bk__
100,000
500,000
3.000,000
4,000,000
50,000
3,000,000
200,000
600,000
200,000
8,000,000
150.000
500,000
1,000,000
500,000
1.500,000
200,000
1,250.000
300,000
250,000
2,000.000
1.500,000
250,000
200,000
50,000
100,000
250,000
.500,000
250,000
300,000
200,000
1,000,000
250,000
200,000
200,000
3,000,000
2,000.000
n500,000
5,000.000
50,000
600,000
200.000
1.600,000
2,000,000
1.250,000
5,000,000
200,000
200,000
3,000,000
750,000
1.500,000
200,000
200,000
1:500,000
600 000
200 j)00
1,000,000
200,000
1,000,000
200.000
200,000
BOSTON 'STOCK E X C H A N G E — Stock Record, Daily, W eekly and Y e a rly
SHARE PRICES— NOT PER CEN TU M PRICES
Saturday
Feb. 29.
Monday
March 2.
69% *68
84% *83%
198
199
128 *126
210 *202%
135 *135
____
*286 287% ____
*1)
10
*9
50
*45
*45
____
12
*10
____
53
*51
*130% 137% 136
108%
G
S34
*83%
*108
128
*202
135
Tuesday
March 3.
68% *68%
841.1 83%
198 *198
128
127
210 *202
135
135
____ 151
____ *286
10
*9
50
45
121- *10
55
5478
130 *130%
1087,:
Wednesday
March 4.
6S3,s
831199
127
210
135
151
2871X)
45
68%
*831198
127
*202
133
__
____
9
*45
*11
55
55
1371- *136%
6S% *68% 68%
841- *83% 84%
198
198 198
128 *126 127
210
Last Sail
231
133 133
151 151
Last Sale
10
*9
10
60
*45
50
127S 13%
____
*50
55
137% *136 137
1G5
*1203.1 ____
*70
75
*70
75
121
*70
121
75
*70
75
10
10
10
10
10
10
10 *
40
40
41
42
41
42
42144
*17% 18% *1778 1S78 * 17% 18% *1678 17%
132% 1321- 132% 132% 132 132
132 132
185
185
*183
185
185
185
*185
186
*83
*97
82% 83
—
—
17%
£0
4%
10%
112%
2111%
106%
*16
80
*3
*105
*15%
*4%
*200
*116%
52
*83
*193
*1
* ___
*
*106
*150
9%
07
21
*24%
*__
115
42%
26%
28%
92%
*6
*50
17%
80
4%
11%
112%
111%
107%
10%
80
3%
100
15%
5%
204
117%
52
84
*16%
SI
4
*10%
112%
*111%
100
*16%
80
*3
*104
*15
*4-%
203
115%
61
83%
194
111
43 * ___
80
107
107
151
151
9%
9%
96->s
97
21
*20
25
*24
1%
115% 115%
42%
42
27
27
28%
28%
02192%
6
7
62% *50
83
98
*S2%
*97
83%
97%
167S 167S
1678 17%
17
81
81
81
+80
*4%
4%
4%
41
.1
4%
11% *10% 11% *10% 11%
11378 1137% 1 1 5 :% 113% 115
112 113
113 113
106 1063.1
107
106% 107
18
16
I 6 I.1
10% 16%
78?8 80
78% 79
80
3%
3%
*3
3%
*3
106 *104 106 *104 106
151- *15% 16% *15% 153.,
*45S 5%
*45s
6%
5%
202 202
201
203 203
117 117 *115 115
117
61
51% 61%
51%
51
83183% 8334 83% 83%
194 194 *193 195%
194
*1
*1
U1%
1%
41
42% * ____
41%
80 * - 80
80
107 107% 107 107
107
150 151
150% 150%
151
0%
*9%
9-% *9%
9%
96% 96%
90%
97
07121% 211- *20
22
22
25
24% 24125
25
1%
1%
1%
115% 115 115% 110 n o
42
42%
42% 42%
4212634 263,
26% 27
27
28%
29
29
29%
20-%
023g 02%
92%
92% 93
6
6%
616
*
1
62%
62% *50
62% *50
2
*1%
28
27
50% 52%
*22% 24
*0S78
*33%
69%
£3%
127
201
*133
127
Feb’O
S
135
286
10
*45
*10
*rf)
*136
Feb’08
10
50
137
152 July’07
245
Feb'08
122
122
79
Jan’08
73
Oct’07
190 Sep ’07
* ___
10
*42
17% Feb’O
S
133
133
144
Jan’08
205
Feb’O
S
*185
180
12
Nov’07
25
Nov’07
25
Feb’08
70
Feb’08
94b
941
1133g 11 4 1
83
Feb’O
i
152
Feb’08
*8312 84
*97
98
140 Sen D7
1
7
17%
1714
171s
C
O
81
80
80
*41S
*4ls
4%
414
11 3 4
l l t 2 1U2 *1114
115 115 7 s 1151.1 110
114 1141 114% 1 1 5
1061.1 l0(-34 1001- 10634
*1014
*10l4 17
17 1
79
79
79
79
Last Sale 3
Jan’08
Last Sale 1071- Feb’O
S
Lost Salt 15
Jan’08
Last Sale 434
Jnn’08
203 203 *200
203
110l2 110l2 116
11014
51
5134 52
52
S312 83% *83
8312
194 194 *____
195
*1
ll2
1*4
1*4
40
41
40
41
78
78
SO
*75
107 107
107
107
149 151
150
150
*93„
934
912
9*2
98
98
98
98
21
22
21
*20
24l2 24% *24
25
L n s t S a le 1*2
Feb’08
11534 116
110
116
4212 42l2 42
4212
2634 203.,
27
27
2912 297g 30
30>4
9334
93
93
93
*6
*6
7
7
Feb'OS
L a s t S a le 021
L a s t S a le 107s
Feb’08
I m s I S a le 3478
Feb’08
Sales
o/ the
Week
Shares
Range Since
Jan. 1 1908
ST O C K S
BO STON STOC K
EXCHANGE
Railroads
Lowest
11 lyhest
9
183s Feb 1
85 Jan 31
6*2 Jan 10
13*- Jan 16
110 Mch 0
11(5 Jan 6
110% Jan 15
22 Jail 4
88 Jail 4
3 Jan 7
110 % Feb 3
15 Jan 26
5*2 Jan 25
212 Jan 13
124 Jan 15
57% .Jail 15
S5 Jan 20
200 Jan 18
2 Jail 23
591-Jan 14
80 Jan 14
119 Jail 20
159 Jan 18
10 Feb 21
100 Feb 4
22 Feb 0
25 Jan 14
2% Jan 28
120% Jan 25
40 Jan 14
28*- Feb 20
31% Jan 18
05% Jan 14
8 Jan 31
70 Jan 16
2l78 Jan 30
34% Feb 19
13 Jan 3
1 78 Jan 4
)
4 Feb 1
(1
)
9% Feb 25
!
99% Jan 2
) 106 Feb 1 ?
)
99 Jan 2
)
18 Jan 2
)
773.1 Feb 1 C
*
>
3 Jan 7
00* -J a n 11
143.1 Jan 0
4*2 Jan 2
43
) 202 Mch 4
217
111 Jan 2
879
1 50 Jan 2
242
77 Jan 2
17
193 Jan 6
150 Mexican T elephon e..
)
1 Mch 2
65 N E Cotton Y a m ____ 1
40 Mch 5
1
) 78 Mch 5
373
> 105 Jan 4
98
1 147 Jan 2
135
)
9% Jan 2
121Swlft & Co------------------ 100 )
88% Jan 2
100 Torrlngton, Class A . .
5 20 Jan 3
Do pref-----------------68
■ 24 Jan 27
)
Union Cop E ’d & M ’g_
1*2 Jail 7
’ Bis
114*2 Jan 2
892
38*- Jan 4
Do pref.
3fO
24% Jan 3
4,558
1 26 Jail 2
Do pref____________ 1
1,638
871- Jan 2
421 W est Telep & T e lc g --]
4 Feh 3
Do pref------------------- ]
59 .Tan 9
Westing El & M fg___
197s Feb 18
Do pref____________
34% Feb 19
M inin g
Lowest
74*s Jan 14
6 71-Nov 1071- Jan
87 Jan 16
7li l4 No\ 10 1 % Jan
200% Feb 27 1 181) Dec '-’40 Feb
140 Jan 20,j 11734 N ov 152 Jan
210 Jail i s ;| 800 j ’in- 231 Jan
140 Jan 28]! 129 No\ 170 M a y
156 Jan 22 , 150 Oct
105 Jan
28(5 Feb 21 2S5 Oct 301 Feb
10 Jan l>
8 O’ly
15 Feb
46 Jan 31
50 Aug
65 Jail
17 Jan 25
16 Nov
28-3.1 Jan
601-Jan 10
55 Nov
80 Jan
128 Dec 160 Jan
137*2 Jail 22
993.1 Qct
IK) Jan 24
120 Jail
165 Mch 4 170 Oct
188 Fob
152 J’ly 150 Moll
246 .Jan 20 244 Dec 280 Jan
122 Mch 6 116 No\ 135 Jan
691- Dec 114 Mch
79 Jan 21
73 Oct
88 Mch
190 Aug 198 Jan
7 Dec
201- Jan
12 % Jail 8
71% Jan
37 Oct
50% Jan 8
2534 Jan
14 Nov
17*- Feh 13
139% Jan 20 1271- Nov 100% Jan
144 Jan 9 145 ’ Dec ICO Jan
205 Feb 2(5 205 Nov 220 Feb
200% Jan
185 Jan 18 ( 176 Oct
52 Jan
5 J’ly
57 Jan
25 Nov
45 Jan
27 Feb 4
25 Nov
94 Jan
75 Feb 1 1
82 Aug
95 Feb 8
833.t Nov 103 Jan
128% Jan 14 1001- Oct
182% Jan
84 Jan 13
783j Nov
93 Jan
155 Feb 11 145% Nov 170 Jan
85 Jan 27
95 Jan
74 Dec
94 Nov 110 Mcli
140 Aug 147 Jan
)
M iscellaneous
1,310
306
480 Amer Pneu Service..
Do pref........ .............
280
ner Sugar Refln____
2.055
Do pref-----------------501
1,687
220
007
II Ujhesi
0
0
07% Feh 1
8: % Mch ;
1811-Jan :
1 125 Feb 17
) 200% Feb 1
0 133 Jin 1
) 13 i Feb I:
) 284 Jail 1(
’ 250 Boston Suburban El Cos .
0 Mch Do pref________
12
45 Jail 31
377
10 Feh 28
Do pref_________
235
50 Feb 27
25 hlc June R y & US
) 120 Jan 2
Do pref ..............
5
102 Jan U
2
) 103*4 Mch 5
) .........................
* 244 Jan 14
F itc h b u r g p r e f1 117 Jan 2
71 Jan 7
) .........................
Do pref------i ........... .............
Maine Central.
)
8I.1 Jan 2
135
)
40 Jan 2
Do pref.
289
)
17% Feb IS
) 128 Jan 0
) 111 Jan (
) 205 Feb 2 C
Old Colony.
) %175 .Jan 11
) .........................
Do pref----) .........................
Rutland pref.
) 25 Jan 15
) 70 Feb 17
Do pref.
6
t 883S Jail 2
2.058
) 110*2 Mch 2
Do pref________
* SO Jan 3
Vermont & Mass1 150 Jail 13
336 W est End S t-------)
70 Jan 2
Do pref________
50
)
90 Jan 2
28 Atch Top It Santa Fe.
Do prof_____ ______
50
21 Boston & Albany____
51 Boston Elevated_____
Boston < I,-'well_____
&
’ 200 Boston & Maine_____
2
Range tor Previous Year
(1907)
O
fe
75
75 *
*93
*04
05
112% 113% 111% 112%
*7912 80% *79% 80%
16:51,1 163%
Last Sale
Last Sale
122 122
Lest Sale
Lest Sale
Lest Sale
9%
9%
42>% 43
Last Sale
132 133
Lest Sale
Last Sale
*185 180
La st Sale
Last Sale
Last Sale
Last Sale
*93
95
1141,i 1141.1
Last Salt
Last Sale
831.1 833,i
973.1 973)
Lc3t Sale
Friday
March 6 .
O
O
95
95
*94
111% 113*- 110% 111%
*79% 80% *79% 80%
83%
82%
98
*96
Thursday
March 5.
10 Oct
721-Nov
3l2 N ov
91- Oct
93 Dec
105 Dec
89'4 Nov
12*4 Nov
69 Oct
3 Mch
931- Nov
12% Oct
3i2 Oct
185 Nov
91 Oct
43 Oct
75 Nov
185 Nov
li4 Dec
40 J’ne
80 Oct
96 Nov
137 Nov
9 Nov
761- Nov
20 .1’ne
241- Nov
1 Oct
1011- Oct
30 Oct
23% Nov
22 Oct
79*2 Nov
4 Nov
50 Nov
2014 Nov
70 May
2(5 Jan
95 Feb
1434 .fail
33 Jail
137*4 Feb
1313.1 Jan
134*- Jan
30*- Jail
102*- Jan
4 “ Jan
115 Jan
25 Feb
9% Jan
230 Jail
162 Jan
06% Jan
86% Apr
215 Mch
434 Jan
75 J’ly
90 Jan
126 Jan
182 Jan
11 Jan
113 Jan
221- Jan
27% J’ly
67g Jail
120 Dec
69 Jan
29 Jan
5038 Jan
10734 Jan
9 Jan
82 Jan
78% Jan
SO “ Feb
250
% Nov
1%
U2
3 Jan 18
0% Feb
1*- Feb 21
20
26
20 Oct
342
33*--Jan 20
741.1 Jan
25*2 Feb 18
4978
6034 35.504
42% Dec 121 Jan
53% Jan 14
45 Feb 19
L a s t S a le 231Feb'08
19 Nov
Am Zinc Lead & S m ..
20*-Jan 20
53 Jan
20% .Tan 13
327S 32?8 32%
32l2 " 3 7
20 Oct
33% Jan 14
75 Feb
28 Feb 19
37S 378 *334 4
37g 378
37g
37g
334
334
234 Oct
4
605
3%
6 Jan 16
153g Jan
3% Feb 21
181.t 18%
17
17%
18
18
17% 17%
?34 Oct
752 Arizona Com m ercial.. 2 :
18
18
2034 Jan 29
28% May
14 Jan 2
*.40 —
*.40 —
L a s t S a le .45
*.40 —
*.40 —
A rn old__________
o'
Feb’08
.35 Sep
2 Jail
.40 Feb 14, .45 Feb 19
L a s t .SaitjlAug’07
*2 May
Ash Bed......................jj;
1 % Jan
1034 10% *10
10% 10%
10%
11%
11% 11%
11
291
*11
*10
6% Oct
14 Jail 23
22 Feb
9% .Tan 3
L a s t S a le 2*4
Feb’08
l l 2 Nov
4 Jan IS
Balaklala temp cerl
121- Apr
2 Jan 2
U2
138
1
1%
1%
H4
ll4
1%
1%
6% .Tan 20
4% Dec
1%
1%
1*8 1.855 Bingham Con Min
37 Jan
1 Mch 6
.60
,63 *.50
.65
.60
.05
.65
.60
.70
.35 Sep
741- Feb 27
.65
.71 3,475
.80 Jan
.35 Feb 19
143.1 15
14% 14%
14% 15
14% 14%
14i2 1412 14*4
8% Nov
17 Jan 29
14*4 1,351
33% Jan
11%Jan 3
19% 20%
193g 19%
193s 1934 19i2
1934 12.683
19% 201,s
19% 20 %
2 1 % Feb 27
10 Oct
15*2 Jan 2
39% Jan
102
100 101%
99 100
100% 102
100
100 100
100
89 Oct
99
897
198 Feb
93 Feb 20 116 Jan 20
645 650
685 645 1565 590
630 635
625 645
700 Jan 15 635 Oct 1000 Feb
434 Calumet & H e c la ____
5S0
585
*565 Mch 5
24
*22
24
24
*231- 24%
24
23% *21l2 23
28% Jan 15
16 Oct
*22
125 Centennial____________
23
21 Feb 10
47 Feb
.37
37 *.28
.35
,37 * ____
.25 Oct
36 * ____
.30
.25
.52 Jan
.28 1,025 Cons Mercur Gold____
.25 Mch 6 .40 Jan 23
62%
62
60 61%
62
62
01
O lg 61
O
65 Jan 18
44% Oct
62%
69i2 4,259
105 Jau
*50
65% Feb 18
8%
8
8%
71 - Dec
8%
9
8
8%
9% Jan 18
8
*8l4 81_
20% Jan
397
7 Jan 3
40 Oct
L a s t S a le 40"
Oct’ 07
70% Mch
85 Nov 114 Jan
L a s t S a le 80
Dec’07
34 Nov
1
2 Jan "l8
*1
1%
*1
1%
1
*34
1
4% Jan
.99
1%
1.010
1%
.99 Mch 6
8
6 Oct
8
8%
8
10% Jan 27
7%
8%
8
8
8
29% Mch
7%
7%
1,225 Franklin
7 Feb 19
80
85
SO
80
941- Jan 18
05 Oct
85
*85
85
*82
*80
G
O
151 Feb
124
SO Jan 2
51.1 Oct
8%
838
01- Jan 20
8%
8%
8%
8%
8%
17% Apr
814
81;
su
6% Jan 2
9,285
8*8
2%
2
2 Deo
2%
2
2% Jan 22
6% Jan
175 Guanajuato Consol___
2 Feb 26
1934 20-% 2012 20i2 "1 9%
1U- Oct
20% 20%
20% 21
36% Jan
20% Jail 27
20
20% 21
173, Feb 17
1.701 Tsle Royale (Copper).
14
8 Oct
14
14% 14%
15
14%
17% Jan 14
30 Feb
14 14 1414 13
14
14% 14%
2.504 La Salle Copper_____ _
12% Jan 2
*234 3%
23g Nov
*2%
234 1,168 Mass Consol___________
4 *4 Jan 18
*3
3 % *3
214
9% Jan
3%
3
3
3%
2*4 Mch 6
.40 Nov
.45 *.40
134 Jan
+ .35
.50
.50 *.40
.50 *.40
L o s t S a le 45
Jan’08
Mayflower____________
.25 J; n 10 ,50 Jan 22
534
634
534 6
5% Nov
6%
5%
6%
8 Jan 18
6
57
s
15% Jan
5%
5%
6%
4% Feb 19
1,313
034 Oct
8
8%
8
8%
8%
1234 Jan 20
8
*7%
8
8
7*2
24 % Jan
7*2
7% Feb 25
7*2 1.092
51
51
60
49% 49%
60
60
49
37 Oct
58 Jan 18
49
51
51% 511*
96% Jan
301
45 Feb 19
.75
.75
.60
1 % Jail 24
.61
1 Nov
.75
.00
.60
.55
.60
.60 * 5 5
.55
3% May
.55 Mch 6
465
9%
9%
9
S34 N ov
9%
9%
9%
9%
9
12*2 Jail 20
9%
9*4
9% 3,200 Nevada Consolidated.
9%
20% Jan
83s Jail 2
493S 61
49% 51
5238 49
50
30 Oct
51150
61
54% Jan 18
60 22.958
485g
4034 Feb 19
120 “ Jan
50
.50
.50
<2 Sep
.50 *
,50 *_ _ .
.50
.50
.50
150
.50 Jan 15 .55 Jan 28
21- Jan
35-% 36%
35l2 30%
3512
36
36
40 Jan 28
18 Oct
30% 37
37
35
367 2.849
8
28 Jan 2
G3 Feb
80
83
83
S3
02 Jan 14
81
81
83
S3
81
71 Oct
83
82% 82%
77 Feb 19
181 Feb
247
1612 ifil2 *16
1084 1.269
15
17
16
16%
16% 17
83., Oct
17*5 Feb 28
16% 16%
10% Jan 11
85 Jan
L a s t S a le 1
1% Jan 25
*.50
*.50
1
*.50
1
*.50
1
Feb’08
3.i Jan 15
i2 Eec
«3 Jan
80
S012 82
03*-Jan 15
83
82% 84
82% 82%
81
82%
82
70 Oct
77 Feb 19
‘ ii2
148 Feb
3
3
*3
3
*3
*3
3*2
3
3
4*2 Jan 20
313
2 Oct
2%
c 1 2 34 Jan
2% Feb 20
355
2
*2
*2
2% Jan 20
2
*17S 2%
2%
2%
2*8
2%
2%
1*2 Nov
2 Jan 3
7 % Jan
156
10% 11%
10% 10%
10% 10%
13% Jan 20
10*2 1012 1012 1012 2.096
10% 10-%
9% Feb 19
7*8 Oct
243s Jan
02
681- 68%
65
77 Jan 20
05
65
62
65
65
67
05
65
51 Oct
60 Feb 13
114
170 Jan
14
14% 15
1312
14% 14%
15
18 -% Jan 14
14
15%
14
14%
1312 2,287 Trinity------------------------ 25
93s Nov
12% Feb 19
42% Jan
*5%
6
57
8
6%
6%
638
8% Jan 8
6
6
57S
6
6%
7 Dec
5% Arch 5
467 United Copper.............100
77% Mch
Last Sale 213.1 Feb’O
20 Jan 3
S
Do pref------------------- 100
21»4 Feb 13
22 Oct
91 May
10
934 ’ 308 UnltedStatesCoal<StOII 2 5
01
G
34
10
9%
*9% 10
9%
9t2
9%
10% Jan 3
9*2
9% Feb 17
13% Jan
71- Nov
32% 32% *32
30
28
29
3210
31%
31
SO
30% 30135% Jan 20
243.1 Oct
1,232 U S Smelt Ref < M in. 50
fe
28 Mch 0
70 Jan
38
3811 38
37%
3734 38
38
3778 38
37i2
38% 38%
40*2 Jan 20
971
Do pref--------------------- 50
40 Jan
37 Feb 1 .
1
27?g Oct
38
3 912 38
373,i 3812 3712 38
39%
3£3.i 3931 371,- 38%
41% Jan 28
0,102 Utah Consolidated___
5 291-Jan 3
25l2 Oct
79 Jan
4 I0 ■4
*4
312
_
3
».<
4
3'a
31
3%
5% Jan 14
3%
C95 V ictoria-------------------------25
3'8
3% Feb 20
11% Feb
31- Oct
L o s t S a l t 1.061, J’ly’O’/
W ashington-------------------25
3 % Mch
1 May
0
5%
*534
o |
r,34
* 5%
5%
* 5%
0
5%
6%
#6% Feb 7
410 W in o n a ----------------------- 25
14 Jan
4*- Jan 2
c?% Nov
120
[25
.20
*120
120
122
121
121
120 120
120 120
145 W olverine--------------------- 25 115% Jan 2 132 Jan 20
198 Feb
93 Oct
.85 *.65
.85 *.65
*.65
*.65 ,85<
.65
.65
.85 *.05
.85
100 W y a n d o t_______________ 2 !
3% Jaa
.60 Jan 3 1.06*4 Jon 29
.10 Nov
c Before pay’ t of nsscss’ ts called In 1907. * Bkl and asked prices, d New stock. e A s s 't paid, h Ex-rlgbts. a E x -d lv . and rights.
b Ex-stock dlv"
*1%
27%
60%
*22%
2
27151%
24
2
*1%
27
27
50% 51%
*22% 24
134 1%
♦26% 27%
50
61
♦21% 22%
1 7S
17g
27
27
497g 5114
ri
,3
Matc 7 1908 |
.
U O M IS
BOSTON STOCK E X O H ’ GE
WttBK ItHDINU MABCH 6
Ain Bell Telephone 4 s___ 1908
Am Telep A Tel coll tr 43.1929
A m W rit Paper 1st u 16s g 1919
Atch A Nebraska 1st 7s. .1908
Aten Top A S l< gen g 4 s .. 1995
’e
Adfustment g 4 s ....... Ply 1995
Stam ped......... .......J ’ly 1995
Boston Kloct Light 1st tis. 1908
Consol 6 s............................ 1924
Boston A Lowell 4 s ........... 1910
Boston ii» Maine 4 %s ......... 1944
Boston Terminal 1st 3% s. 1947
Bur A Mo Illy ox 6s........... 1918
Non-exempt 6 s................. 1918
Sinking fund 43 ................1910
Butte <6 Boston 1st 6s___ 1917
Cedar Rap A Mo R 1st 7s. 1916
2d 7 s ..................................... 1909
Cent Vernit 1st g 4 s ..M a y l9 2 0
0 B A Q Iowa D iv 1st 53.1919
Iowa Div 1st 4 s ................ 1919
Debenture 5 s.....................1913
Denver Exten 4 s............. 1922
Nebraska Exten 4 s ........1927
B A S W s £ 4 s ................... 1921
Illinois D iv 3 %s................1949
Joint bonds See G t Northern
Ohio j o Ry A Stk Yds Cs . 1915
Coll trust refunding g 481940
Oh Mil A St P Hub D 6 s .. 1920
Oh M A St P W ls V dlv 6sl920
Ohio a N o Mien 1st gu 5s. 1 98 1
Ohio A W Mich gen os___ 1921
Concord A Mont cons 4 s ..1920
Conn A Pass R 1st g 4 s . . .1943
Current River 1st Os......... 1927
Det Gr Rap A \V 1st 4 s ... 1946
Dominion Coal 1st s f 5 s ..1940
Fitohburg 6 s ......................... lyos
4 a ...........................................1915
4 s ...........................................1927
From tKlk A M o V 1st 6 s ..1933
Unstamped 1st 6s........... 1933
Gt Nor O B A Q coll tr 4s 1921
Registered 4 s..................... 1921
Price
Friday
March 6
j.j
J-J
j .j
M- S
A-O
Nov
M-N
MS
Al-S
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
Week’ s
Mange or
Last Sale
Benas
Sold
Boston Bond R ecord.
Mange
Since
January 1
5 9 3
BON l ib
BOSTON STOCK K X C H ’ GE
W eek E nding M arch 0
Bid
Ash Low
JJtgh So Low High
99 % Sale
99 ‘a
09 % 20 98% 99%
79*a Sale
30 78% 81%
79 V
4
80
1|78 Nov’ 07
104 5
96*4 97% 97 1
9G»t 99
84 ...
86
85
85 Jan ’08
84 . ..
85% J’no’07
J-J
A-O
J-J
J-J
M-N
J-D
J-D
A-O
A-O
A-O
M-N
M-N
M-S
M-S
A-O
A-O
J-J
Q-J
110
Feb’04
S o p ’00
114 Mar’06
112% Jan ’03
104 Oct ’07
102 Sep ’05
97 J a n ’08 . . . .
100 J’ne’Ol
123 l4 N ov’08
111 >8 J’l y ’05
79%
79%
3
fll03 Oct '07
98 Oct ’ 07
llOO^Mny’O? . . . .
9 7 7s J’ue’07
102% J’ne’06
97% May’07
86 J an ’08
10 1
1001 .
!!
101 Sale
......... 88
92*4 Sale
92 >4........
101
88
122
126
95
99
91
112%
104
89
90
98
103%
100
128
140
92%
92%
4
101
Oct ’07
A p r’06
F eb’05
F o b’08
da ■” 2
D ec’07
Jan ’03
Nov’06
Mar’07
Feb’08 . . . .
A p r ’07
Apt ’06
Mny’07
Sep ’07
A p r’05
93
34
F o b ’08
Illinois Steel deben 5s___ 1910
Non-convertdeben 6 s ...1 9 1 3
la Falls ASioux C is t 7 s .. 1917
Kan C Clin A Spr 1st 5 s ... 1925
Kan C Ft S A Gulf 1st 7 s .. 1908
Kan C Ft Scott A M 6s. ...1 9 2 8
Kan C M A B gen 4 s ........... 1934
Assented income 5 s ........1934
Kan C A M Ry A Br 1st 5sl929
Maine Cent cons 1st 7 s . . .1912
Cons 1st 4 s ........................ 1912
................... Marq Hough A Ont 1 st 68.1925
Mexican Central cons 4 s ..1911
1st cons in c3s.......... Jan 1939
2d cons me 3 s .......... Jan 1939
97
97
Mich Telep lst o s................. 1917
Minne Gen Elec con g 5s 1929
New Eng Cot Yarn 5 s ....1 9 2 9
N ew Eng Teleph 6 s........... 1908
79% 80
5 s .......................................... 1915
5s............................................1916
-------------- -- New England cons g 5 s ...1945
Boston Term 1st 4 s ........1939
N Y N I I A H con dob 3 %sl9o6
Old Colony gold 4 s ..............1924
Oreg Ry A Nav con g 4 s .. 1946
86
86
Oreg Sli Line 1st g 6s........1922
99 102% Repnb Valley 1st s f 6 s ... 1919
Rutland 1st con gen 4 % s .l9 4 1
Rutland-Canadian 1st 4s 1949
Savannah Elec 1st cons 5s. 1952
Seattle Elec 1st g 5 s ......... 1930
95
96
Terre Haute Elec g 5s___ 1929
97 100
Torrlngton 1st g 5 s........... 1918
Union Pac It R A 1 gr g 4s. 1947
20-year conv 4 s ................. 1927
Um teu Fruit conv gen 6s. 1911
U S Steel Corp 10-60 yr 53.1963
90
90
W est End Street Ry 4 s . . . .1915
Gold 4% s.............................. 1914
Gold debenture 4 s ........... 1916
Gold 4s................................. 1917
Western Teleph A Tel 5s. 1932
92% 1f97% Wisconsin Cent 1st gen 4sl949
92
96% W isconsin Valley 1st 7 s .. 1909
N oth— Buyer pays accrued interest in addition to the purchase price for all Boston Bonds.
J-J
A-O
A-O
A-O
J-D
M-N
M-S
M-S
A-O
A-O
A-O
A-O
J-J
J’ly
f-Hf
Mange
Since
January 1
Week’s
Mange or
Last Sale
Price
Friday
March 0
Low H igh
97% 99
95
97
High
Ask Low
98% 98% F e b ’08
97% 97 Feb ’08
122% Nov’ O
ti
90 Jan ’08
1 0 0 % ........ 100% 100%
113 114
112% F e b ’08
8 7 % ........
94% D ec’ O
O
87 ........
89 Hep ’07
99 May’07
113% Nov’06
101% Sep ’ 05
118 May’04
81%
81%
26% Oct ’06
17% Aug’05
J .J
F-A
A-O
A-O
A-O
J-J
A-O
J-J
F-A
J-D
F-A
J-J
J-J
J-J
J-J
F-A
J-J
M-S
J-J
J -J
M-S
M-N
F-A
M-S
M-N
F-A
J-J
J-J
96%
90
90
100 100%
109% 113
102 % Aug’04
96 F e b ’08
100 F e b ’08
100% Jan ’07
93
LO
O
87% Jan ’08
101% Sep ’06
1102% Jan ’06
1121% Mar’06
102 Aug’u7
107% Nov’05
102 Mai *02
98% May’06
97% Doc’07
97 A p r’07
99% Nov’06
1199% F eb’08
1i87%Sep ’07
116 Jan ’ 08
88% Sale 1138%
88%
96% F eb ’U8
95 Nov’07
102% Jan '06
99 S May’ 07
t
83 Sale
83
84
1194% Sep ’05
109% Aug’05
J.J
* No price Friday; latest bid and asked.
96%
100
79%
88
1J99%1]99%
iio ” iiT *
1186 U89%
96% 96%
79
87%
1 Flat price.
1
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, W eekly, Y e a rly
■Slmro Prices— Not Per Centum Prices
Saturday
Feb 99
Monday
March 3
......... .........
"8 3 %
10%
10%
10
27%
8%
•4%
8* "
4
" s 'i "
84“
10%
10
10
3%
84%
63
1%
56%
35%
6%
14%
48
4L
39
48%
76
27% 27%
9
8 15io
6
+42
43
27% 27 *s
9
9
*4 %
5
............ ............
27%
8%
6
• ..........
*83 %
62%
1%
65%
35%
*5%
14%
47%
*39
*38
*48%
75%
Tuesday
March 3
......
*33
*83%
53
85
52% 53%
1%
1%
55% 60*io
35% 35%
t7%
7%
* 14% 14%
473io‘17u if
41
*39
*38
39
48% 48%
70% 76
P H I L A D E L P H IA
84%
63%
oO-iieSO'rie
34% 34%
7%
7%
14% 14%
47‘<io 48%
•39
41
*38
39
•48
48%
76
76
Bid
ln n c tiio S tock s
Allegheny Vnl pref___ 50
Amor Pipe M fg......... loo
Boll Telephone (Pa). 100
95
46
Cambria Iron................. 60
Central Coal A Coke. 100
Consol Trao of N J ...1 0 0
Diamond State Steel.. 10
Preferred..................... 10
Easton Con Electric 6.60
Eloo Storage B a t t ....l0 0 "26%
Preferred................... 100
Ft W ayne A W V ........100
Germantown Pass........50
Indianapolis S t........... 100
Indiana Union T r ___ 100
Insurance Co of N A . . 10 * 26 "
Inter Sm Pow A Ciiem.50
Keystone Telephone ..5 0
Preferred..................... 50
KoystouoWatchCaae.lOO
Lit lirothors................... 10
15
Little Schuylkill........... 50
64
Mlnehlll A Hchuyl H . .50
57%
N Haven Iron A Steel.5
Northern Central......... 50
North P ennsylvania..50
Pennsylvania Salt........50
Pennsylvania Steel.. 100
Preferred................... 100
Phtla Co (Pitts) p ro f...60
36
Phil German A N orris.50
66
Phlla Traction............... 50
Railways General........10
Susqueli Iron A Steel..5
Tidewater Steel........... 10
Preferred..................... 10
Tonopah M ining of N evl
6%
Union Tr of Xnd........ 100
United N J UR A O .. 100 237
Unit Trao Pitts prof..50
6
Warwick Iron A Steel.10
W est Jersey A SeaSh.50
Westmoreland Coal....5 0
W ilkes Gas A E l e c ..100
Ask
Wei/giesday
March 1
'8 4 * '
8 4 ''
*9%
10%
*42
43
27% 27%
9
5
6
23
23%
84%
03
1%
56%
•34%
7%
*14%
47%
•39
*38
48
75%
84%
63
1%
56%a
36
7%
15
48%
41
38
48%
76
Thursday
March 5
" 84** * 8 4 "
*3%
10%
*9%
Friday
March 6
Sales
A C T IV E S T O C K S
the
Week (For Bonds and Inactive
Stocks see below)
Shares
•88% 8*4%
♦3 H 4 v
i
+7^J 10
*10
10 %
B altim ore
a. Gas Ul. L. A Po
Do pref...............
Northern C entral......... 50
Seaboard (new )............... 100
Do 2d pref............. 100
650 United Ry A Electric.. 50
♦42
43
43
♦43
27% 27%
27% 27%
,129
9
9
*8%
603
8%
*4 H 5
i
5
23
*4%
*22% 23%
•2 2
23
105
*3 H 4 4
j
*4U
5
8
85
84% 65
84
594
63%
63
53
53%
,493
*1
1%
1%
,575
l'a
56% ki ‘ *i,i
56% 57%
,358
*34% 35%
102
•34% 35
,785
7%
7%
7 % 7%
325
14»o 14% *14% 15
48%,,
48
4«u1 38, ,991
A
•39
41
*39
4L
38
•38
39
38
200
47% 47%
689
47% 47%
75% 76
75% 75%
,701
*20
26
P H IL A D E L P H IA
Bonds
A1 V al E ext 7s 1910 A-O
A lt A L V E leo 4 %s’ 33.F-A
AinU ysconvSs 1911. J-D
Atl City 1st 5s g ’ 1 9 .M-N
46
Balls Ter 1st 5s 1926. J-D
B e rg A E B rw lst 6s’21 J-J
Betlile Steel 6s 1 9 9 8 .Q-F
Choc A Mo 1st 5s 1949 J -J
Ch Ok A G gon 5s ’19 J-J
Col St Ry 1st con 5s 1932
'*28*' Con Tracof N J 1st 5 s .’33
E A A 1st M 5s 1020 M -N
Elec A Peo Tr t. Ik tr ctfs
Eq II Gas-L 1st g 5s 1928
B A R Top con 5s ’25 A-O
Indianapolis Ry 4s. 1933
"io % Interstate 4s 1943 ..F -A
Loliigh N av 4% s ’ 1 4 .Q-J
R lts 4s g ........1 914 .Q-F
Gen M 4% s g . 1 924 .Q-F
Loh V O 1st 5s g ’3 3 .. J-J
Leh V ext 4s 1st 1948. J-D
16
2d 7s 1910................. M-S
Consol 6s 1923........J-D
Annuity 6 s............... J-D
Gen cons 4s 2 0 0 3 .M -N
Leh V Tran con 4s ’35 J-D
New Con Gas 5s 1948 J-D
Newark Pass con 5s 1930
N Y Ph A N o 1st 4s ’39 J-J
Income 4s 1 9 3 9 ...M -N
37
NoOhioTrao con5s’ 19.J-J
Penn gen 6s r 1 9 1 0 .. Var
87
Consol 5s r 1 9 1 9 ...V a r
Penn A Md Steel con 6s.
Pa A N Y Can 5s ’39.A-O
Con 4s 1939............. A-O
6 % Penn Steel 1st 6s ’ 17 M -N
People’s Tr tr certs 4s ’43
P Co IstA col tr os’49 M-S
239
Con A coltr 5 s 1951 M-N
6% Phil Elec gold trust ctfs.
Trust certifs 4 s ...............
P A W gen M 5 g '2 0 . A-O
Gon M 4s g 1 0 2 0 ..A A O
Bid
A sk
96%
lOOv,
106 107%
102% 103
106%
90
105%
00%
84
44 % 45%
102%
107
108
103
104%
144
03%
65
105
101
94
08
66
ib'5
"
100%
96%
102
94%
98%
66%
Philadelphia
American R a ilw a y s.... 50
Cambria Stee l................. 50
K lectno Co of America 10
Gen Asphalt tr c t f s ___ 100
Do pref tr c t f s ___ 100
Lake Superior Corp___ 100
Lenlgh O A N av tr ctfs. 50
Lehigh Valley................. 50
Marsden Co.......................100
Pennsylvania R R ......... 50
Phlladolp’ aCo (Pittsb). 60
Philadelphia El6Ctricf. 26
Pliila Rapid T ran sit^.. 50
R eading........................... 50
Do 1st pref............. 50
Do 2 d p ie f............... 50
Union Traotion............. 60
United Gas Im pt........... 50
Welsbacli C o ................... 100
P H IL A D E L P H IA
Ph A Read 2d 6s ’3 3 .A-O
Con M 7s 1911........J-D
Con M 6s g 1 9 1 1 ....J -D
E x Im p M 4s g ’4 7 .A-O
Terminal 6s g 1941. Q-F
P W A B col tr 4s ’21. J-J
Portland Ry 1st 5s 1930.
Roch R y A L c o n 5 s ’54J-J
U Trao Ind gen 5s’ 19. J-J
Un ltys T r ctfs 4s’49JAJ
United Rys la v 1st coll tr
Bf Ss 1926................. M-N
U Trao Pit gen 6s ’97 J J
Welsbacli s f 5s 1930. J-D
W lks-B G A E con5 s’5 5J-J
Bid
Lowest
Bange tor Previous
Year (1907)
Highest
20
Jan 15
20
Jan 15
80
4
10
Jan
Fob
Fob
.7an
86
5%
10
11%
Jan 21
Jau 29
Feb 18
Jan 18
10
2
12
18
3
Lowest
Highest
33%
80
78%
10
24
8%
35
85
97
23%
48
15
Jan
May
Nov
Nov
Dec
Oct
Ask
B A L T IM O R E
107% 108%
105
105%
115
96%
.........
Inactive S tock s
Ala Cons CoalA Iron. 100
P r e f.............................. 100
Atlanta A Charlotto..luO
Atlan Coast Lino RR. 100
Atlan Coast L (Conn) 100
Canton Co.....................100
Cons Cot Duck Corp. ..5 0
Preferred.....................50
Georgia Sou A F la ...100
1st pref.......................100
2d pref........................ 100
G-B-S Brewing........... 100
Bonds
Anacostla A Pot 5s...........
A tl A Ch 1st 7 . .. 1907 J-J
Atlan C L R R 4sl952M -S
A tl Coast L(Ct)ctfa 5s J-D
Ctfs of Indebt, 4 s ___ J.J
6-20 y r4 s 1925......... J-J
B a ltC P a s s ls tS s ’ l l M - N
Balt Fundg 6 s .1916 M -N
Exchange 3 %s 1930 J-J
Balt A P 1st 6s m l ’ l l A-O
Balt Trao 1st 5s. . ’ 29 M -N
No Balt D lv 6s 1942 J-D
Cont’ l Ry cou 5sl932 M-N
Ext A Imp 58.1932 M-S
ChasCitylty 1st 6 s ’ 23 J-J
7#.L0 panj,
B id
.......
.........
108
.........
97
97%
70
Jan
Jan
Jan
Jan
Jan
J’ne
43 Jan 18 43% Jan 18 43% Dec 51 Jan
2 6 % Feb 10 30 % Jan 20 22 Oct 47% Jan
8% Jan 25 ODjgJan 6
7% Oct 11% Jan
3% Jan 9
6 Jan 20
3 Oct
8 Jau
1 9 % Jan 6 25 Jan 18 18% Nov 36 Jan
3% Feb 29
6% Jan 17
4 Dec 16 Jan
78% Jan 2 89% Jan 17 69 Oct 103 Jan
62% F eb29 61 Jan 13 48% Oct 78% Jan
i®!# Jan 20
1% Jan 10
% Nov
2% Jan
5l°i6 Jan 2 5Si3le Jan2u *52 Nov 7011lg Jau
34% Mar 3 39 Jan 30 33% Nov 48 J an
5% Feb27 t7% Mar 3 O^ia Nov
9 Apr
13% Jan 22 18% Jan 7 d 12 Nov $26% May
46%e Feb 17 57% Jan 9 35% Oct 69% Jan
39 Jan 3 42 Jan 20 36% N ov 45% Jan
37 % Jan 2 41*10 Jan 10 32 % Oct 47 Jau
47% Mar 6 62 Jau 10 41% Nov 60% Jan
73% Jan 2 8 0 % Jan 13 66% Oct 96% Jan
30 Feb
107
71
66% 66%
105 107
68% 69
99
98
40
14
lo o
106
104 *2
67 *2
60
170
bo
A sk
87
99
100%
102%
BALTIM ORE
* Bid and usked; no sales on this day, If Kx-riglite, ||$7.G0p»ld, f f l ‘3% p*i4.
Mange Since
Jan 1 1 9 0 8
0/
107%
40%
16
101%
68%
.........
Norfolk St 1st 5s ’4 4 ..J J
105
.
..
3%
103
107
4 3 % 44
09
'*80*
*69*
Virginia MUlland-
iof
* 8 3 " "83%
46% 46%
73 ' 73%
93
104
108
110
108
ib o "
110%
Va (State) 8s new ’32.J-J
Fund debt 2-3s 1991.J J
W est N C con 6s 1914 J J
W esV a C A P ls t d g ’ l l J-J
Wil A Weld 5 s ..l9 3 5 .J -J
90%
101
90%
103
101%
$ 835 paid, uReceiphj. 6 $25 paid. e$80patCL (J$42%paid».
TH E CHRONICLE
594
Volume ol Business at Stock Exchanges
TRANSACTIONS AT THE NEW TORIC STOCK EXCHANGE
DAILY, W EEKLY AND YEAR LY.
Stocks
Week ending
March 6 1908
Saturday
Monday . . .
Tuesday-----Wednesday
Thursday...
Friday_____
Shares
220,096
300,115
377,199
325,029
277,060
282,123
Par value
Railroad,
etc..
Ronds
State
Ronds
$19,224,600
26,130,750
31,957.400
29,242,900
24,113,475
24,686,300
51,122,500
1.224.500
1.952.000
1.010.000
1.182.500
1.384.500
5259,500
557.000
354.500
218.000
333.500
288,000
17. S.
Bonds
T c ic g r & T elep h on e
eAmer Teleg & Cable.1 0 0
^Central & So A m e r .. 100
Com m ’l Un Tel ( N Y ) . 25
Emp & Bay State Tel 100
F ran k lin ........................ 100
.jGold & Stock Teleg .100
Hudson River Teleph 100
eN Y & N J T e le p h .. .1 0 0
eNorthwestern T e le g ..50
Pacific & Atlantic____ 25
Southern & A tla n tic ..2 5
F erry C om pa n ies
510,000
[V O L . L X X X V I.
Bid
45
100
100
60
40
95
35
95
95
55
80
Ask
55
120
75"
50
100
42
100
105
70
0-l 2
A lt
Industrial and Misce
Bid
3
1
Cons Ry Lgt&Refrlg.lOO
5
Consol Rubber Tire- .1 0 0
15
Preferred __________ 100
271*
20
Debenture 4s 1051 A&O
Cons Steamship Lines 100
*4
ls
10%
10
Coll tr 4s 1 9 5 7 ...J & J
Cons Storage Batt’ y__100
Exc list
Corn Prod Ref See Stock
4%
5
eCruclblo Steel_______ 100
35%
35
^Preferred__________ 100
{Diam ond Match C o .lo o 123 124%
2*4
Dominion Copper______ 10
2*8
6
5%
Douglas Copper________ 5
Econ’y Lt & P (Joliet, 1
11)
100
1st M 8 f g 5s 1 0 5 6 .J-l)
20
Electric Boat_________100
15
70
60
Preferred __________ 100
3
Electric Vehicle______100
5
Preferred __________ 100
10
Empire Steel__________ 100
5
62
Preferred .................. 100
45
eFederal Sugar of N Y 100
87
^Preferred________ 100
70
eGeneral Chemical___ 100
50
^Preferred................ .1 0 0
9212
Gold Hill Copper_______ 1
%
8%
Greene Cananea_____ 20
;,8'4
Greene Consol Gold___ 10
1%
9-16
Greene G old-Silver..
10
Guggenheim Explor’n 100 135 150
ellackensaek Water Co
Ref g 4s '52 op T 2 ..J -J
85
80
Hall Signal Co_________100
24
28
Havana Tobacco Co. .100
8
6
Preferred___________ loo
18
15
1st g 5s June 1 ’2 2 . J-D
60
45
Hecker-Jones-Jewell Mill
1st 6s 1022................M-S
08 102
Her’g-Hall-M ar, new . 100
40
33
Hoboken Land & IniplOO 150
c5s 1010..................... M-N §95
99
Houston OU_________.1 0 0
7
5
Preferred __________ 100
30
40
Hudson R ealty_______ 100 100 110
50
elngersoll-Rand c o m .lo o
40
ePreferred _________100
90
75
Internat’ l B.ank’g C o .100 120 130
Int’nl Mer Mar See Stk
Exc list
90 Internat’l Nickel____ 100
80
78
Preferred __________ 100
74
12
International Salt___ 10U
10
48
1st g 5s, 1051........... A -0
43
__ 10
lntem at’ 1 silver______100
Preferred __________ loo
55
52
1st 6s 1948................J-D 100 105
Lackawanna Steel___ 100
27
31
Lanston Monotype___ 20
*0% 10
Lawyers' Mtge Co-------101
175 185
eLeii & W ilkes-B Coal 50
55
75
130
Lord & Taylor-----------100
Preferred __________ 100
00 100
sLorlllard ( P ) , pref__10U 115 135
Maclcay Companies— See Stk E xllst
10
20
Madison Sq G ard en .. 100
70
86
2d 6s 1910.......... - M-N
2
eManhat Beach Co___ 100
8
234
Manhattan Transit____ 20
Mitchell Mining_______ 10 1 l l te
%
*434 ____
Monougahela It C o a l..5 0
„_
Preferred ___________ 50 * 221.1
Mortgage Bond Co___ 100
77% 82%
Nat Bank of Cuba___ 100
95
National Surety______100 140 150
Nevada Cons’d Copper.5
*9
9*4
Nev-Utah Mlu & S m ._ 1 0
*3-34 3%
eNew Central Coal____ 20
40
20
N J Ter Dock & I m p .100
N Y Biscuit 6s 1 0 1 1 .Al-S 100
N Y Mtge & Security.100 130 140
eNew York Dock____ 100
ePreferred__________ 100
71
*2
N Y Transportation___ 20
2 34
Niles-Bern-Pond com .10 0
95 100
Nlplsslng Mines________ 5
7%
<'7*4
• I? 3
2
eOntarlo Silver_______ 100
30
25
Otis Elevator com ___ luu
85
75
Preferred __________ 100
Pittsburgh Brewing___ 50 * 14% 15 '
Preferred ___________ 50 * ____ 38
Pittsburgh Coal.See Stk Exc list
Pope Mauufacturtng-ioo
l8
*2
25
1st preferred_______ 100
60
1*2 2%
2d preferred_______ 100
95 too
Pratt & Whltn p r e f..l0 0
Realty Assoc (Bklyn) 100 110 113
91
93
Royal Bak l ’ owd pref 100
Safety Car Heat & Lt-lOO 115 120
45
Seneca Mining_________- 2 "
Singer Mfg Co................ 100 300 315
Standard Cordage-----100
%
1*2
20
22 .
1st M g 5s '31 red .A -O
Adjust M 5s Apr 1 1931
2
3
28
Standard Coupler cornlOO
35
Preferred --------------- J00 100 n o
Standard Milling C o . . 100
4
7
24
Preferred ................... 100
27
1st 5s 1030.............M-N
07
72
Standard Oil of N J ..1 0 0 485 490
Swift & Co-S ee Bost Stk Exc list
1st 5s 1010-1014___ J-J § 96 100
eT exas* Paclllc C oal-100
78
85
1st 0s 1908................A-O
Title Ins Co of N Y ___ 100
125
Tonopah Min (N evada). 1 * 5%
57
S
Trenton Potteries cornlOO ____ 12
Preferred, new-------100
45
65
Trow Directory----------- 100
30
40
Union Typewriter cornlOO 50
55
1st p r e fe r r e d ...._ _ 1 0 0
90
05
2d preferred________ 100
91
93
United Bk Note C o rp ..5 0 *46
48
Preferred ___________ 50 *45
60
eUnlted Cigar M fg ,p f. 100
80
90
United Copper----------- 100
5*4 8
Preferred __________ 100
24
U S C a s u a lt y ...............100 200 215
U S Envelope com ___ 100
25 _ _ _ ,
ePreferred .................. 100
—
88
U S Steel Corporation—
Col tr s r 5s ’ 51 opt ’ l l §108*2 109%
Col tr s f 5s ’51 not opt § 108 109%
U S T it Gu & Ind em .loo
85 100
eUtah Copper Co-See Stk Exc list
Waterbury Co, com .10 0
Preferred ................... 100
Westchester & Bronx Tit
& Mtge Guar............. 100 140 100
Western Ice.................. .10 0
Westlngh Air Brake___ 50 *90 " "oV*
W est El & Mfg 5s-S ee St Exc list
%
White Knob Min______10
ls
84 1
Preferred ___________ 10
05 100 ;
Worthing Pump p r o f.100
Brooklyn Ferry stock 100
1
i
o B & N Y 1st 6s 1911J J $S0
N Y & E R Ferry stk.100
1st 5s 1922..............M-N Vo"
Total
1,782,828 5155,364,4261 57,879,000 52,010,500 530,000
N Y & Hob 5s May 46 J-D 190
Hob Fy 1st 5s 1946M-N 1 98
Jan \ to March 6
Sales at
Week ending March 6
N Y & N J 5s 1946____ J-J 185
New York Stock
20
10th & 23d Sts F e rry .100
1908
1007
Exchange
1907
1908
1st mtgo 5s 1 9 1 9 .. J-D 150
8
eUnlon Ferry s t o c k .. 100
27,997,333
Stocks— No. shares...
49,437,700
9,150,560
1,782,828
60
elst 5s 1920_______ M-N
Par value......... ..
$155,364,425 $771,168,900 $2,365,743,525 $4,118,970,560
$32,500
Bank shares, par_____
$25,000
$113,200
$12,500
Sh ort-T erm N otes
Bonds.
5143,200
$3,500
$173,000
Government bonds..
$30,000
89
Am Clg ser A 4s T 1 ..M -S 587
23,184,000
718.500
10,882,500
2,010,500
State bonds_________
87
Ser B 4s Mch 15 T2M S 184
133,069,400
9,477,000
83,906,200
7,873,000
RR. andmlsc. bonds..
Am Tel & Tel g 5s 10 J-J 1961s 96%
Atlan Coast L 5s ’ 10.JH-S 194
9512
$156,396,600
$95,051,700 Ches & Ohio 6s J’e 28 ’08 S997s 100%
Total bonds_______
$9,919,500 $10,199,000
6s, July 1 1 9 1 0 _____J-J 198-14 99%
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Ch R I & Pac 4 H s '08 A-O §993,4 100
EXCHANGES
Chic & W Ind 5s ’10 .F & A 593I2 0878
67
60
Cln Ham &D4 >^s ’08 M-S
C O C & St L 5s, June ’ l l §97*4 97L
Philadelphia
Erie 6s, Apr 8 1908_______ §9 1
94
Week ending
Interb R T g 4s 1908 M-N 19812 99
Listed
Bond
Unlisted
Bond
Listed Unlisted
March 6 1908
5s Mch 1910..............M-S 189
92
shares
sales
shares
sates
shares
shares
Kan C So g 5s Apr ’ 1 2 .J-J 588*4 89%
Lack Steel g 5s 1 9 0 0 .Al-S 184
90
8,096
$50,000
1,942
7,175
$19,000
Saturday____________ 16,336
5s g 1910.................. M-S
83
6,748
0,000
3,061
7,168
45.700 Lake Sh & M So 5s’ 10 F A §78
Monday_____________ 20,948
15,839
53.000
3,515
10,238
54.000 Lou & Nash g 5s T o .M -S §98-14 99
18,270
10,982
7,000
2,205
9,430
24.000 Mich Cent 5s 1 9 1 0 .. .F - A §98*8 9812
20,434
Wednesday_________
981
10,186
21.000
7,049
7.681
53.700 Minn & St L g 5s ’ l l . F - A §98*s 95
Thursday___________ 14,553
§90
8,460
16,000
5,983
26,200 Missouri Paclllc—
5.681
17,885
IlsFeblOTOconvop F-A
09
60,011
47,373 $156,000
23,845 $222,600 NatofM ex 5se tto 09 A-O §98
Total ____________ 108,426
§97
99
N Y Cent 5s 1910____ F-A §98l8 98%
Pa R R 5s Mch 15 TO M-S §9S34 99
StLM S’east 4 Ms ’0 9 . J-D 185
91
St L & S F g 4 M s ’0 8 . J-D §85
90
South’n coll tr 5s ’0 9 . A-O §75
84
A weekly review ol Outride Market will be lound on a preceding page.
South Ry g 5s 1 9 1 0 .. F-A §65
70
U S Rubber g 5s ‘0 8 . Al-S §9978 100
Street Railways
Bid Ask Wabash 5s, May 10 1909 §85
91
Bid Ask
Street Railways
Westingh El&M 6s 1910 §83
Pub Scrv Corp N J (Con)
87
New York CUg
J C Hob & Patcrsn.100
Wueel'l & L E 5s '0 8 .F-A §84
89
25
40
19
50
Bleeck St & Ful F s tk .100
4s g 1949.............M-N
80
58
74
60
e 1st mtge 4s 1 9 5 0 .J-J
So J Gas E1& T ra c.1 00
R a ilroad
98 102
e B ’ y & 7th Avc stlc_.10O 115 150
Gu g 5s 1953. __ Al-S §03
96
90 100
o 2d mtge 5s 1 9 1 4 ._ J-.1
Chic Peo & St L pref.100
No Hud Co H y6s’ 14 j-J §104
Con 5s 1943 See Stock Exc list
Deposited stock_____
5s 1028..................... J-J § 98 103
96
B ’way Surf 1st 5s gu 1924 § 92
Undeposlted stock___
E xt 5s 1024____ AV-N §95
125 250
e Cent’l Crosst’n stk ._1 0 0
Prior Hen g4M s’30Al&S
Pat City con 6s ’3 1 . J-D §108
84
e 1st mtge 6s 1 9 2 2 .M-N 100 110
Con m tg g 5s 1930.J& J
2d 6 3 ..1 9 1 4 opt A -0 §100
45
e Ccn Pk N & E K stk 100 100 130
Income 5s, July 1 9 3 0 ..
So Side El (Chic) See Oh leago list
5
e Chr’t’ r & 10th S tstk 100 105 130
Chic Subway.................. loo
Syracuse R T 5s ’46.A1&S § 96 100
10%
16
Col & 9th Avc 5s See Stock Exc list
Trent P & H 5s 1 9 4 3 .J-D § 92
Ft W & Den Cy s td _.100
90 100
98
Dry D E B & B—
United R ys of St L—
Qt North’n Ore-6'ee Stk Exc list
95
88
e 1st gold 5s 1 9 3 2 ..J -[)
Com vot tr ctfs-------100
N Y N H A Hartford—
22
75
20
55
e Scrip 5s 1914____ F-A
C ondeb6s’48— See Stck Exc list
e P referred________ 100
62% 63*2
Eighth Avenue sto c k .100 250 310
Conv deb 3 Ms ’56 J&J §86
Gen 4s 1 9 3 4 ..See Stock Exc list
88
95 100
e Scrip 6s 1914____ F-A
Unltltys
0 42d & Gr St F’y stk .100 225 300 Wash Ry SanFran See Stk Exc list North’n Securities Stubs 100 11212
Pitts Bess & L E _______ 50 *25
& El Co-------100
30
50
75
19
21
42d St M & St N A v e .1 0 0
Preferred ___________ 50
Preferred __________100
60
97
J
67
70
e 1st mtge 6s 1910.AI-S §< 0
eRallroad Securities Co—
4s 1951...................... J-D
50
73
75
35
2d Income 6s 1 9 1 5 .J-J
e W est Chicago S t___100
111 C stk tr cfs ser A ’52
8412
30
Inter-M et— See Stk Exoh ange list
Seaboard Company—
e Con g 5s 1936 — M-N : : : :
Lex Av &PavF 5s See Stk Exc list
1 st preferred_______100
40
20
Metropol St R y— See Stk Exc list
Gas Securities
Com & 2d pref-Nee Balt Exc list
Ninth Avenue s to c k ..1 0 0 125 150
New York
Seaboard Air Line—
Second Avenue s to c k .100 100 125
Cent UnGas 5s g '27.J& J §85
Coll 5s ext May ’ l l M-S § 85
92
90
e 1st mtge 5s 1 9 0 9 .M -N 94 100
Con Gas (N Y )— See Stk Exc list
83
90
Consol 5s 1948____ F-A
e Mutual Gas__________100 110 125
Industrial and Alisccl
« Sixth Avenue sto c k .100 100 130
New Amsterdam Gas—
80
§60
1st consol 5s 1 9 4 8 ..J-J §82
Ahmeek Mining_______25
§90 100
55
85
N Y & E R G as 1st 5s’44 J-J §90
Alliance R ealty_______ 100
110
Exc list
97
Consol 5s 1945_____ J-J §80
Allls-Chalniers Co 1st mtg
§60
80
88
N Y & Richmond Gas 100
s f 5s '36 opt '1 6 ___ J-J §60
64
§1-0
86
32
34
Nor Un 1st 5s 1 9 2 7 ..M -N
American Book_______ 100 120 150
75
(>5
82
86
a Standard Gas c o m ..lo o
American Brass_____ 100 100 110
300 325
75
e P referred________ 100
^American Can-Nee Stock Exc list
§85 100
70 100
1st 5s 1930................M-N §90
American Chicle C o .. 100 175 180
80
95
Westchest 1st 5s ’43 J-J §60
Other Cities
Preferred .................1 0 0
92
88
Brooklyn
Amer Light & Tract.100
Am Graphophone com 100
98
90
§03
37
92
Atlan Ave 5s 1909
A -0
Preferred __________ 100
Preferred ........... . .1 0 0
75
81
82
Con 5s g 1931.......... A-O § - - - - 100
Bay State Gas__________50
1
95 100
B B & V E 5s 1 9 3 3 .. A -0
V
1% Amer Hardware______100 102 105
Blngh’n Gas 5s ’3 8 .A&O
Am M altlng 6s 1 9 1 4 ..J -l )
95 100
85
95
Brooklyn City stock— 10 178 182
Brooklyn Union Gas deb
Amer Press Assoc’n .-lO O
90 100
Con 5s— See Stk Exeh Exc list
6s 1909 conv 1907.A1-S 100 103
A m Soda Fount com . 100
95 100
Bkln Crosst’n 5s 1 9 0 8 .J-J
Buffalo City Gas stocklOO
1 st preferred_______ 100
Vo"
6
90 100
7
Bkn Hgts 1st 5s 1941 A-O
1st 5s 1947— See Stock Exc list
2 d preferred............. 100
2
Bkln Q Co & Sub See Stk Exc list
Am St Found 6s ’35 A&O § 80
Con Gas of N J 5s ’3 6 .J-J §85
86
90
Bklyn Hap Tran— See Stk Exc list
Consumers' L H & Pow—
American Surety_____ 50 140 150
e Coney Isl & B k ly n ..1 0 0 100 150
American Thread pref._5
5s 1938.......................J-l) §100 105
4l2
*31»
85
75
1st cons g 4s 1 9 4 8 ..J-J
Elizabeth Gas Lt C o ..1 0 0 250
Am Tobac (new) com . 100 230 245
00 100
Brk C & N 5s 1 9 3 9 .J-J
Am erTypefders co m . 100
34
___ Essex & Hudson G as.100 106 109
30
98
Gr'pt&LorSt 1st Cs.Al&N
Preferred .................1 0 0
Fort Wayne 6s 1 9 2 5 ..J-J
93
88
25
Exc list
30
Gas & El Bergen C o ..1 0 0
Amer Writing Paper.100
42
65
1*2 2
46
50
Preferred _________.10 0
e Gr Rap G 1st 5s 1 5 . F-A §06
16
14
98
93 100
1st s f g 5s 19 op’OO.J-J
Hudson Co Gas_______100
80
78
90
Exo list
93
1st 4s 1951Barney & Smith C a r.100
50
____ Indiana Nat & 111 Gas—
90
Preferred___________ 100 100 120
1st 6s 10 0 8 ................M-N
15
20
§05 102
eBethl’m Steel C o rp ..1 0 0
Indianapolis Gas---------50
10
1312
40
45
Other Cities
^Preferred__________ 100
1st g 5s 1952............. A -0 §85
38*2
30
05
Buffalo Street R y—
Bliss Company c o m .. 50 100 110
Jackson Gas 5s g '3 7 . A-O §86
89
§103*2 105
Preferred ___________ 50
Kansas City Gas_____ 100
90 100
50
103 105
Bond & Mtge Guar___ 100 290 310
e Laclede Ga3________ 100 _____ 100
Icago list
Borden’s Cond M ilk ..100 135 138
e Preferred________ 100
50 100
9212
88
Preferred __________ 100 100 107
Lafay'eGas 1st 6s’ 24.M -N
23
30
101 104
British Col Copper.......... 5
Log& W abV 1st 6s ’ 25 J-D
43g
20
*4%
25
la list
Madison Gas 6s 1 920 . A-O §9912 106
Butte Coalition Mining 15 *19% 19*2
§100 103
Newark Gas 6s 1 9 4 4 ._<J-J 122 124
Casein Co of A m coni.10 0
3
60
67
Newark Consol G a s .. 100
Preferred .................. 100
68
81
____ 85
85
Casualty Co of A m e r .100 130 140
e Con g 5s 1948____ J-D 100 103
Icago list
No Hudson L H & Pow—
Celluloid Co----------------- 100 121 125
§ 105)2 107
5s 1 9 3 8 . . . ................A -0 §100 . . . . Cent Fireworks c o m .. 100
15
8
101 102
Preferred __________ 100
70
55
812 ____ e O & Ind O N at&Ill.lOO
Central Foundry.......... 100
1st 6S 1926________ J-D
2
11;
18
25
20% ____
Preferred ............... .1 0 0
9
7
63
68
tic Ex list Pat & Pas G a s * E lec. 100
Deb 6s 1019 op '01 Al-N
e Con g 5s 1949-----J\ S §94
V
G
O
50
97
Icago list
Century Realty............. 100 185 195
St Joseph Gas 5s 1937 .J-J §75
80
85
85
Ghesebrough Mfg C o .100 380 410
57
59
Electric Companies
59
City Investing Co____ loo
54
§85
89
eClaflln (H B ) , com __loo
Chicago Edison Co See Ch Icago list
05
30
40
elst preferred_____ loo
e Kings Co El L&PCo 100
90
ou
94
62
§60
Narragan(Prov) El C o .50 * ___
c2d preferred.............loo
90
62
65
86
Col & Hock Coal&l pf 100
§100 101*2 N Y&W El L & P ow C o.l00 _____ 20
1st g 5s 1917............. J-J
Preferred ---------89
85
40
§103 104
Col tr 6s Oct 1 0 5 6 ..J -J
United Elec of N J .
50
» 235 215
60
Consol Car H ea tin g .. 100
1st g 4s ........
3012
61
§58
§ 100 —
* Per share
§ Buy** pays accrued Int
a Ex-rlghts, « Sells on Stk. E x ., but not very active. I New stock, nN om inal.
Outside Securities
4‘66
* Sale price. z E x -d lv . j
M a r . 7 1908.]
T H E CHRONICLE
| m jts tn u u t
ami
r a i l r o a d
595
% lm lx o n &
g r o s s
e a r n i n g s
.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
«an be obtained.
Ihe first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month.
We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year dots not begin with July, but covers some other
period. Tho returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
R O A D S.
Week or
M onth.
Current
Year.
Previous
Year.
July 1 to Latest Dale.
Current
Year.
Latest Grow Earnings.
Previous
Year.
Ala Great Southern — See Sout hern Rail way.
Ala N O A Tex Pac.
N O A N E a st-_r 1st wk Feb
48.000 1,906,499 1,828,047
44.000
Ala A Vldksburg.r 1st wk Feb
920,287
24.000
977,890
24.000
Vlcksb Sli A P__r 1st wk Feb
031,030
25.000
963,579
22 000
Ala Tenn & N o r th .. November.
18,024
3,034
19 321
4,070
k Atch Top A S Fe_ January . .
310,675 7,770.787 50,056,303 53,532,598
Atlanta A Chari___ September
1,043,466
336,877 1,106,12;
354,795
Atlantic Blrm A Atl December
968 ,73."
124,261
141,044
7-60,468
Atlantic Coast Line January . . 2,023,464 ,420,242 15,209.605 15,032,046
Baltimore & Ohio
January . 5,177,120 6,365,559 48,062,263 48,136,756
Bangor A Aroostook December
202,940 239,645 1,490,255 1,533,772
Bellefonte Central
5,463
January -
38,760
5,133
34,217
B o s t o n * Maine
r December 3,077,335
21,994,744
Bridgeton & Saco H December
3,205
3,026
25,859
31,206
BufI Roch & Pitts. 4th wk Feb
149,778
140,443 0,108,038 5,488,145
Buffalo & Susq Ity December
187,621
145,251 1,179,153
896,300
Canadian Northern 4th wk Feb
130 ,700
102,200 6,371,700 4,60 0 700
Canadian Pacific.. . 4th wk Feb 1,220,000 1,207,000 49,400,056 45,889,000
Central of Georgia
3d wk Feb
222,500
242 600 r8,072 ,408 08,007,910
Central of N Jersey. January . . 2,082.479 2.005,170 10,570,912 15,485,891
Chattanooga South. 3d wk Feb
1,251
3,390
70,148
102,493
Chesapeake & Ohio. January . .
884,762 2,000,288 10,860.860 14,583,688
Chesterfield & Lane January .
5,743
4,921
37,750
27,434
Chic & Alton R y _ .r December
973,902 1,107,517 6,571,791 6,636,317
Chic Burl A Q u in .. December 6,147,968
43,523,096
Chic Great W e s t .. 3d wk Feb
128,516
17 o '7 00 5,367,946 5,948,880
Chic Ind & Loulsv 4th wk Feb
04,039
102,22
3,548,501 3,927,307
Chic Ind & Southern — See New Vol k Cen tral.
Chic MUw A St Paul January . . 4,135,355
,35,473,087
January . .
Cldc A North W e st.
393,853 5,292,810 40,530,507 41.180,474
ChlcSt Paul M & O . January .
050,872 1,134,189 8,104,888 8,572.528
Chlc Term Tran RR 3d wk Feb
27.482
32,283 1.098,770 1,085,371
— See Sout hern Rail way.
Cln N O * Texas P
Sec New York Cen tral.
Cincinnati Northern
Clev Cln Chic A St I. — Sec New York Cen tral.
Colorado Mldland.r December
190,744
206,93
1,297,211 1,298,215
h Col A South Sys.r 4th wk Feb
235,868
211,816 10,172,288 8,942,080
Col Newb * Laur. . January . .
23,169
28,629
180,604
182,306
Copper R a n g e .------- December
58,120
60,72."
400,096
447,238
C orn w all---------------- January . .
4,334
17,033
94,151
126,700
Cornwall* Lebanon December
12,546
188,615
33,015
242,964
Cuba Railroad-------- January . .
183,793
183,788 1,053,125
978,401
I Delaware * H u d .. January . . 1,472,305 1,375,751 112301 ,126 110581,895
Del Lack * W e s t .. January . . 2,518,557
20,656,61
Denver & Rio G r._r 4th wk Feb
356,400 14,500,344 13,742,312
359,200
Detroit & Mack___ o 4 th wk Feb
27,449
22,707
798,639
827,486
Dct Tol & I rout Sys 4th wk Feb
63,334
85,412 2,873,808 2.806.874
Dul So Sh & A tl___ r 4th wk Feb
50,136
65,209 2,119,086 2,103,101
E r i c ........................... December 3,771,283 4,194,520 27,620,633 27,030,203
Evansville A Ter H — See Rock Island S ystem .
Fairchild & N E ___ January . .
1,321
11,188
1,478
10,304
Fonda Johns & Glov January . .
51,906
488,863
53,269
472,180
Georgia R R ____
January . .
237.303
280,003 1,830 ,49S 1,813,296
Georgia South & Fla — Sec Sout hern Rail way.
Grand Trunk S y s t .. 4th wk Feb
770,487
739,228 29,165,590 28,631,804
Gr Trunk W e s t .. 3d wk Feb
90,711
98,809 4,022,421 3,866,883
Ect Gr Ilav & Mil 3d wk Feb
24,031
30,941 1.213,204 1,191,112
Canada Atlantic- 3d wk Feb
25,378
26,580 1.385,388 1,312,230
Great Northern___1
Montana Central) January . . 3,313,130 2,543,527 38.003,973 33.118,769
Gulf & Ship Island. 3d wk Feb
38,105
51,361 1,471,812 1,564,986
Hocking Valley____ January .
328,834
522,139 4,047,547 4,020,181
Illinois C entral____ January . 4,202,74.r 4,059,059 33,043,586 32,619,057
Inter & Great North 4th wk Feb
152.000
216,000 4,751,806 0,172,055
a Interoccanlc(Mex) 4th wk Feb
206.612
164,809 5,166,526 4,085.005
Iowa Central______ 4th wk Feb
55,009
04,555 2,088,303 2,137,942
Kanawha & M ic h .. January . .
139,994
180,341 1,328,801 1 ,349,599
Kansas City South. January . .
046,163
773,131 5,687,449 5.120.874
See New York Cen tral.
Lake Eric & W est’n
Lake Shore & M Sou — See New York Cen tral.
Lehigh Valley_____ January . . 2.639,720
,125,624
Lexington * E a s t.. J a n u a ry __
32,053
328,148
41,919
317,946
Long Island________ January . .
Dec. 32 ,544
Inc.211 , 854
Louisiana & A rk___ January . .
78,696
688,179
88,382
675,880
Loulsv & N ashv___ 4 th wk Feb
919,680
974,281 31,040,928 31,519,445
Macon & Blrmlng’m January . .
11,317
91,109
15,012
104,463
Manlstlque_________ January . .
5,226
38,032
49,276
3,971
Maryland & I’ e n n .. January .
23,7515
237,10*1
23,053
211,298
n Mexican C en tral.. December 3,103,483 2,562,707 18,416,451 18,347,574
a Mexican lnternat. 4th wk Feb
174,786
191,503 5,777,347 5,303,144
a Mexican Railw ay. 2d wk Feb
184,300
159,600 5.022.000 4,631,500
a Mexican Southern 2d wk Feb
24,851
813,100
26,166
792,054
See New York Cen tral.
Michigan C entral..
Midland Valley____ February .
67,827
762,800
04.852
490,722
Mineral R a n g e_____ 4th wk Feb
15,432
535,311
15,521
499,518
Mlnneap & St L ___r 4th wk Feb
72,303
07,759 2.706.001 2 545,340
204,854
Minn St P & S S M . 4th wk Feb
196,761 8,124.357 8,043,336
Mo Kansas & Texas January
1,791,386 2,203,266 15,092,848 15,629,864
925.000 1.019.000 30.028.318 ‘ 1,007,621
Mo Pac * Iron M t . . 4th wk Feb
34,000
Central Braneh.o 4th wk Feb
35,000 1,074,000 1,095,000
959.000 1.054.000 31.702.318 32,102,621
Total system ___ 4th wk Feb
ft Mobile Jack & K C W k Feb 22
20,120
34,706 1 .008 ,588
965,007
Nashv Chatt & St L January . .
378,011 1,050,356 6,655,380 6,739,267
a Nat R R of Mexico 4th wk Feb
353,302
372,409 10,700,058 9,993,079
Hidalgo * N E ._ 4th wk Feb
21,093
18,615
660,535
664,029
4,882
Nevada-Cal-Oregon. 3d wk Feb
227,804
5,065
179,958
Nevada Central____ January . .
4,429
48,005
5,299
44.744
July 1 to Latest Date.
ROADS.
Current
Year.
N Y C * Hud River December 7,432,065
Lake Shore & M S December 3,308,010
Lake Erie & West December
344,423
Chic Ind * South December
259,507
Michigan Central. December 2,108,728
Cleve C C A St L. December 1,967,658
Peoria & Eastern December
230,449
Cincinnati N orth. December
67.394
Pltt-s & Lake Erie December
716,046
R u tlan d _________ Decern ber
209.939
N Y Chic & St L. Decern ber
868,248
N Y Chic A St Louts — See New York Cen
N Y Ont A Western January . .
93,988
N Y N H A H art._r December 4,186,274
N Y Susq A W e s t .. Decern ber
270,633
Norfolk A W estern. January . . 1,012,017
Nothern C entral.. January___
874,436
Northern Paclllc___ January . . 4,328.338
Paclllc Coast Co___ December
595,860
cl Penn— East P A IC January . . 10563312
(l W est of I> A E . January _
Dec. 1,6
Peoria A E astern.. — See New York Cen
Phlla Balt A W ash . January . . 1,206.840
Pitts Cln Chic A StL January . . 2.000,197
Pitts A Lake Erie — See New York Cen
Raleigh A Chariest. September
5,563
Raleigh ASouthport November.
10,379
Reading R a ilw a y .. January . . 3,075,509
Coal A Iron C o .. J a n u a ry __ 3,122,400
Total both cos___ January _ . 6,198,089
Rich Fred A Potom December
143,425
Rio Grande June___ Decern ber
SO ,384
Rio Grande S o u th .. 4th wk Feb
12,858
Rock Island System January . . 4,647,237
e St I, A San Fran January . . 3,573 432
f Evansv A Ter H January . .
157,259
Total of all lines. January . . 8,377,928
R u tlan d ____________ — See New York Cen
St Joseph A Gr I s l .. December
160,793
St Louis A San Fran — See Rook Island S
St Louis Southw ._r 4th wk Feb
200,848
Seaboard Air L in e .. December 1,254,950
Southern Ind ian a.. January 164,543
c Southern Pac C o .. January . . 9,320,488
Southern R a ilw ay.r 4th wk Feb 1,076,938
Mobile A Ohio _ .r 3d wk Feb
130,171
Cln N O A Tex P.r 3d wk Feb
122,010
Ala Great South.r 3d wk Feb
49,475
Georgia So A Fla. 4th wk Feb
56,650
Texas C entral_____ 3d wk Feb
17,701
Texas A Paclllc____ 3d wk Feb
393,843
Tidewater A W est. December
7,530
Toledo A Ohio Cent January . .
272 578
Toledo Peo A W e st. 4th wk Feb
28 ,732
Toledo St L A West 3d wk Feb
60,954
Tomblgbce V a lle y .. November
4,500
Tor Ham A Burrah January . .
58,297
Union Paclllc Syst January . . 5,189,921
Virginia A So W e s t. January . .
73,; 93
W a b a s h ____________ 4th wk Feb
506,626
Western Maryland. 4 th wk Feb
110,574
W Jersey* Seashore January . .
283,310
Wheel A Lake Erie. ■1th wk Feb
00 ,779
Wisconsin C entral.. December
535,072
W rlghtsv A T e n n .. J a n u a ry __
22.708
Yazoo A AIlss Valley January __
899,711
Various Fiscal Years.
51,438,162
23,363,936
2,034,401
1,504,981
14,713,125
14,003,030
1.568,423
525,391
7,802,352
1,671,589
5,244,64b
4,900,213
29,511,113
1,740,562
18,931,041
7,879,390
44,915,313
4,295,574
96,234,753
Inc.\ ,53
4,908,166
1,4971258
17,645,014
7,262,890
40 560,347
3,036,775
90.990,753
7,800
10,362.078 0,751,778
18,260.239 17,844,447
16,176
14,623
54 180
37,087
26,460,845 24,729,985
21,144,499 21,807 508
50,005 344 46,536.494
992,006
877,441
476,98.'
439,032
421 .401
4 1 0 ,3S3
36,779,88 1 34,745,321
29,902.895 28,471,062
1,332,991 1,381,074
08,065,773 64,597,457
871,501
875,861
Period.
Atlanta A Charlotte Air L i n e ...
Bellefonte Central______________
Delaware A H udson. ___________
M anlstlque________________ I . I l l
Mexican R ailway______ III. ” 1
Mexican S outhern___________
New York Central________
Lake Shore A Mich Southern.
Lake Erie A W estern_________
Chicago Indiana A Southern.
Michigan Central_____________
Cleve Cln Chic A St Louis____
Peoria A Eastern_____________
Cincinnati N orth ern _________
Pittsburgh A Lake Erie_____
R u t la n d ______________________
New York Chicago A St Louis
Northern Central________________
d Penn— East of Pitts A Erie___
< W est of Pittsburgh A E r ie ..
1
Phlla Baltimore A Washington.
Pitts Clncln Chic A St Louis____
Rio Grande Junction____________
Texas A Paclllc_________________
W est Jersey A Seashore________
Mch
Jan
Ian
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Ian
Dec
Jan
Jan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Sept
Jan
Dee
Jan
Feb
Feb
Dec
Dec
Deo
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Dec
Jan
Jan
Jan
Jan
Jan
Dec
Feb
Jan
SC 2,558 430
SI
5.403
31 20.141,603
31
5,226
14 1,021,500
14
152,462
31 98.309,059
31 44,953,475
31 5,066 939
31 3,004,4,82
31 28,547 100
31 26.447,804
31 3.010,347
31 1,005,108
31 14,904 400
31 3,058.087
31 10.465,671
31
874,436
31 10 563,312
31 1,105,800
31 1,206,840
31 2.000.197
31
941,376
29 2,488.466
31
283,310
AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
Weekly Summaries.
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
week
week
week
week
week
week
week
week
week
week
Dec
Dec
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb
(46
(44
(44
(40
(43
(47
(43
(44
(45
(34
roads)____
roads)____
roads)____
roads)_____
roads)____
roads)------r o a d s ) ....
roads)____
roads)------roads)-------
Cur’ nt Year Prev’ s Year Inc. or Dec.
%
$
9,862,173
14,424,945
8,75.8,715
9 204,111
8.911,729
13,441,916
8.352,856
9,004,015
9,600,421
9,121,055
4.67
12.54
12.43
13.52
7.75
8.55
12.84
12.7-1
16.78
3.74
5
9,402,071
12,616,149
7.665,487
7,959.373
8,220,471
12.292,331
7,270.407
7.857,030
7,9.88,773
8,723,779
3
— 460,090
— 1,808,796
— 1,088,228
— 1,244,738
— 601,258
— 1,149,585
— 1,082,449
— 1,146,9.85
— 1.611 ,04.8
— 397,276
Monthly Summaries.
Month
Month
Month
Month
Month
Month
Month
Month
Month
Month
April
May
June
July
Aug
Sept
Oct
Nov
Deo
Jan
1007
1907
1907
1907
1007
1007
1907
1907
1907
1908
t These figures are on the new basis prescribed by the 1nter-State Coinmcr'cc’c o rnnilssion.
(118
(121
(121
(116
(121
(118
(120
(120
(123
( 58
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
roads).
Cur’nt Year Prev’s Year Inc. or Dee.
S
188.130.451
195 943.305
181 125,657
187,069,790
197,288 033
192 548,022
213,607.727
1S9.988,564
174.422.451
51,9.83.470
S
154,894,748
165 800,345
161,235.109
103 685,258
175,726,323
175 505 039
190,843,678
184,197,391
184.893,810
56,959,863
S
+ 33.235.703
+ 30 052 960
+ 21,890,548
4 23,384,532
+ 21 561,710
4 17.042.983
+ 16.854,049
+ 5,791 173
— 11,471 ,359
— 4,976,393
2 1 .45
18.12
13.69
14.28
12.27
9.71
8.56
3.14
6.20
8.74
Latest Gross Earnings by W eeks.— In the table which
follows we sum up separately the earnings for the fourth week
of February. The table covers 34 roads and shows 3 .7 4 %
decrease in the aggregate over the same week last year.
On
account of its being leap year February had one more day
in 1908.
1908.
Buffalo Rochester & Pittsburgh.
Canadian N orthern--------------------Canadian Pacific-----------------------Chicago Ind & Louisville.............
Colorado & Southern-----------------Denver & R io Grande...................
Detroit & Mackinac-----------------Detroit Toledo & Ironton---------Duluth South Shore & Atlantic
Grand Trunk o f C anad a...........
Grand Trunk W estern--------Detroit Gr H av & Alllw____
Canada Atlantic------------------ J
Georgia Southern & Florida____
International & Great Northern
Interoceanlc ot Mexico.................
Iow a Central-------------- ----------Louisville & Nashville_________
Mexican International.......... .......
Mineral R a n g e ................................
Minneapolis & St Louis...............
Minn St Paul & S S M _________
Missouri Pacific & Iron M tn ____
Central Branch................. .........
National R R o f M exico________ _
Hidalgo & Northeastern_____
R io Grande Southern___________
St Louis Southwestern_________
Southern R a ilw a y ..........................
Texas & Pacific___________
Toledo Peoria & W estern.
W aba sh ____________________
Western Maryland________
W heeling & Lake Eric_________
Total (34 roads)-----N et decrease ( 3 .7 4 % ) .
1907.
S
149,778
130,700
1,220,000
94,639
235,868
359,200
22,707
63,334
50,136
$
140,448
102,200
1,207,000
102,221
211,816
356,400
27,449
85,412
65,209
776 487
780 228
56,656
152,000
206.612
55,009
910,680
174,780
15,432
72,303
204,854
925,000
34,000
353,302
21 ,093
12,858
200,848
1,076,938
303,848
28,732
500,626
119,574
90.779
55,135
216,000
164,809
64,555
974,281
191,503
15,521
67,759
196,761
1,019,000
35,000
372,400
18,615
11,744
227,052
1,209,819
471,325
31,180
520,006
106,691
105,507
8,723,770
F o u rth w eek o f F e b r u a ry .
9,121.055
In crea se. D ecrea se.
5
___
—
7,582
$
9,330
28,500
13,000
24,052
2,800
4,742
22,678
15,073
37,259
1,521
64,000
41,803
9,546
54,601
16,717
89
4,544
8,093
94,666
1,000
19,107
2,478
1,114
___
26,204
132,881
77,477
2,448
22,380
12,883
14,728
187,377
584,653
307,276
For the third week of February our final statement covers
45 roads and shows 1 6 .7 8 % decrease in the aggregate over
the same week last year.
1907.
In crea se. D ecrease.
Th ird w eek o f F eb ru a ry .
1908.
Previously reported (36 roads).
Chicago Great W estern--------------■Chicago Terminal Transfer--------Georgia Southern & Florida-----Gulf & Ship Island______________
Mineral R ange___________________
N cvada-C allfom la-O regon--------R io Grande Southern---------------Texas Central------------------------------Toledo St Louis & W estern-------
$
7,637,408
128,516
27,482
41,386
38,105
14,718
4,882
..
11,621
17,701
66,954
$
9,152,938
176,760
32,283
47,258
51,361
15,823
5,065
12,659
27,756
78,518
$
$
51,458 1,566,088
48,244
4,801
5,872
13,256
1,105
183
1,038
10,055
11,564
7,088,773
9,600,421
51,458 1,663,106
1,611,648
Total (45 road s)---------------------N et decrease ( 1 6 .7 8 % ) ---------------
For the month of February the returns of 31 roads show
as follows:
1008.
M o n th o f F eb ru a ry .
1907.
S
S
Gross earnings (31 roads)----------- 26,887,870 30 .529,687
D ecrea se.
%
S
3,641,817
11.93
It will be seen that there is a loss on the roads reporting
in the amount of $3,641,817, or 11.93% .
Net Earnings Monthly to Latest Dates.—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 monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of Feb. 29 1908. The
next will appear in the issue of March 28.
.
. . .
■ •
------- G ross E a m ’os ------- ----------N e t E a rn in gs -------C u rrent
Y ea r.
P rev io u s
Y ea r.
C u rren t
Y ea r.
P reviou s
Y ea r.
_
_
Hoads.
*
*
5
■
S
Atch Top & Santa F e .b .J a n 7.31 6 ,6 7 5 7,770,788 d l , 041,850 d2,578,404
July 1 to Jan 3 1 _______ 5 6,056,303 5 3 .5 3 2 ,5 0 8 d l6 ,3 60,820d 20,574,088
Atlantic Coast L ln m a ...J a n 2 ,023.464 2,426,242
330,664
633,518
3,784,247
July 1 to Jan 3 1 _______ 15,200,665 15,032,046 3 ,005,862
Buffalo Roch & Pitts, b --J a n
577,8.36
673,258
230,531
245.072
July 1 to Jan 3 1 _______ 5,592,501
4,026,354
2,164,721
1,013,631
Canadian P acific.a _______Jan 4 ,498,560
4,205,527
. 023,901
548,328
July 1 to Jan 3 1 _______ 45,3 8 4 ,0 5 6 41,670,000 15,055,014 15,134,104
Chesapeake & O h i o .b ..-J a n 1,884,762
2,000.288
508,506
612,401
July 1 to Jan 3 1 _______ 16,860,860 14,083,688 5,756,980
a ,341,954
Chesterfield & L a n e .b ...J a n
5,743
4,921
1**21
2,119
July 1 to Jan 3 1 _______
37,750
27,434
10,362
11,253
Chic MUw & 'S t P a u l.b — Jan 4 ,135,355
----------1,334,298
----------13,368,832
----July 1 to Jan 3 1 ________ 3 5,473,987
370,511
■Colorado & S o u th ern .b --J a n 1,268,747
1,174,554
451,157
2,702,145
July 1 to Jan 3 1 _______ 0,111,340
7 ,916,777
3,273,675
2,386
Colum bia New b & L a n . .Jan
23,169
28,620
d e l 902
14,676
.Tilly 1 to Jan
31
180,604
182,306
1,629
7,666
Cornw all.a _______________ Jan
4,334
17.033
d e fl,0 2 2
57,868
July 1 to Jan
31
94,151
126,700
41,868
77,224
Cuba Railroad C o_________ Jan
183,793
183.788
67,036
251,562
July 1 to Jan3 1 ________ 1,053,125
078,401
313,052
r458.684.
Delaware & H u d so n .a --J a n 1,472 395 1,375,751
r481,230
...
July 1 to Jan 3 1 _______ 12,301,126 10,581,805 r5 ,204,677 r 4 ,354,124
Del Lack & W e s te rn .b --J a n 2,518,557
----------„ 252*22?
----------July 1 to Jan
3 1 _2 0,656,613
8,832,581
-----Denver & R io G rande.a-Jan 1,433,123 1,594,143
382,111
395,497
4,318,340
4 ,219,543
July 1 to Jan 3 1 _______ 13 357,144 12,308,712
Georgia R R . a --------------------Jan
237,303
280,003
21,635
23,812
July 1 to Jan31________ 1,830,498 1,813,296
303,881
401,081
Hudson R lv Elec Pow Co.Jan
117,170
96,802
62,293
46,052
G ulf & Ship I s la n d .a _____Jan
160,956
224,965
27.901
68,234
July 1 to Jan3 1 ------------- 1,353,610 1,406,238
304,340
380,050
Hocking V a l l e y .a ________Jan
328,834
522,139
24,858
104,175
July 1 to Jan 3 1 ............. 4 ,047,547 4,026,181
1.155,782
1,302,211
[VOL. LXXXVI
T H E CHRONICLE
596
------- N et E a rn ings ------C urrent
P rev io u s
P r e v io u s
Y ea r,
Y ea r.
Y ea r.
$
R oads.
$
$
5
1,388,112
069,458
4 ,6 5 9 ,0 5 9
Illinois Central.a ------------ Jan 4.202,745
9,418,400
8 ,114,065
July 1 to Jan 31-------.3 3 ,6 4 3 586 32,619,057
32,619,057
Interborough Rap Tr C o .b —
3,450,066
Oct
1 to Dec 3 1 ______ 6,301,496 5,815,232
3,699,401
5,809,780
6,235,061
July 1 to Dec 31--------------------------------11,456,623 10,307,253
10,307,253
Jan
1 to Dec 3 1 ----------- 23,513,173 20,916,145 13,196,644 12,122,658
182,157
teroceanlc of M exico.Jan
652,226
639,241
190,861
005,936
July 1 to Jan 31----------- 4,497,304 4,08 3 ,4 7 7
1,248,929
35,277
awha & M ichigan.a-Jan
139.094
4,613
180,341
315,698
July 1 to Jan 3 1 ----------- 1,328,801
105,488
1,349,509
40,411
stone Teleph C o .a — Jan
87 045
83,842
40,678
256,561
612,582
July 1 to Jan 3 1 .............
564,308
287,981
9,871
ington & E a s te r n .b -. Jan
32,053
41,910
7,534
122,418
July 1 to Jan 31----------328,148
317,946
110,831
32,544
Inc 12,191
11,854
July 1 to Jan 31.
Dec 275.671
78,696
21,457
88,382
lslana & Arkansas.
21,768
108,133
688,179
675,880
205,815
July 1 to Jan 31.
1,325,512
4,077,101
620,848
July 1 to Jan 3 l I _ .- - .2 7 . 8 6 1 , 0 9 3 27,822,449
6,670,886 0 ,111,440
711,304
190,328
Mexican International.Jan
715,654
263,300
4,627,850
1.480,716
July 1 to Jan 3 1 _______ 5 ,135,393
1,625,726
4,12 3 ,0 6 7
1,428,078
865,004
lssourl-Pacific.b -----------Dec 3 ,577,856
--------------24,708,621
8,322,512
July 1 to Dec 3 1 _______25,187,318 24,708,621
6,613,208
50 ,189
lssourl River Pow C o -.J a n
63,739
557,403
Feb 1 to Jan 31_______
726,942
2 ,203,266
503,547
813 756
o Kansas & T e x .b _ Jan 1,791,386
_
------ ,
15,620,864
5,240,599 6,200,061
July 1 to Jan 3 1 _______ 15,092,848 15,620,864
1,050,356
165,039
108,832
ashv Chatt & St L . b . - . J a n
878,011
6,730,267
1,410,428
1,404,341
July 1 to Jan 31_______ 6,655.380
70
2,264
5,209
evada C e n tr a l.b ________ Jan
4,429
5,539
44,744
14,044
July 1 to Jan 3 1 .............
48,605
400,017
503,121
1,334,060
National R R of M e x . . . Jan 1,343,554
3,316,660
3,202,056
8,730,721
July 1 to Jan 3 1 _______ 9,456,414
16 476
10,164
84.136
Hidalgo & N o r th e a s t..Jan
81,117
137,607
169,305
501,666
July 1 to Jan 3 1 _______
501,792
118,516
615,710
168,737
Y Ontario & W e s t .a .-J a n
593,988
1,653,874
4,008 166 1,556,561
July 1 to Jan 3 1 _______ 4,900,213
634,284
2.559,334
950,025
orfolk & W e s t e r n .b ...Jan 1,012,017
6,537,505
17,645,014
6,576,396
July 1 to Jan 3 1 _______18,931,041 17,645,014
120,528
092,236
132,828
orthem Central, b_______Jan 874,436
Pennsyvanla—-Lines directly operated.
2,275,500
12,583,712
2,042,399
East of Pitts & Erie___ JanlO ,563,312 12,583,712
Dec 581,700
W est of Pitts & E r i e ..Jan
Dec 1, ,652,800
167.683
167,383
1,246,140
Phlla Balto & W a s h .b .-.J a n 1,206,840
n24,115
n22,650
75,502
80,384
Rio Grande Junction____ Dec
16,410
14,930
46,070
Rio Grande S o u .b ________ Jan
42,848
137,596
155.007
365,530
July 1 to Jan 3 1 _______
381,132
1,334,732
1,095,802
4,840,801
Rock I s la n d .a ____________ Jan 4,647,237
9 ,546,860 11,359,639
34,745,321
July 1 to Jan 3 1 _______ 36,770,881 34,745,321
1,112,328
1,257,538
4,233,660
St Lou Is & San Fran .a - Jan 3,57 3 ,4 3
.
.
7 .017,976
9 ,609,459
28,471,062
July 1 to Jan 31_______ 29,002,895 2 8,471,062
50,065
51,987
166,960
Evansv & Terre H .a - .J a n
157,259
447,546
542,104
1,381,074
July 1 to Jan 3 1 _______ 1,382,095
2,260,117
2.643,234
Total of all lin es.a _____ Jan 8,377,928, 9,250,421
July 1 to Jan 3 1 _______ 68,065,773 l 64,507,457 17,912 389 21,511,201
08,487
139,960
850,323
St Louis Southw estern.a. Jan
7 2 1 0 3 2:
1,518,121
1,742,375
July 1 to Jan 3 1 _________6,148,153l 6,069,281
2,000,482
1 10,785,544
10,785,544
3,480,955
Southern Pacific.a_______Jan 9,320,488
July 1 to Jan 3 1 _______78,424,844 i 72,914,858 22,084,747 27,835,066
"
428,646
684,058
Southern R a ilw a y .a ____ Jan 3,947,605 , 4 ,616,710
.
. „„
32,033,025
6,661,636 7,788,621
July 1 to Jan 3 1 _______ 33,207,407 32,033,025
033,623
166,720
290,428
Mobile & O h io .a ______ Jan 726,750
6 ,003,413
1,616,083
1,858,075
July 1 to Jan 3 1 _______ 6,118,692
501,012
41,420
91,094
Cine N O & Tex P a c .a-Jan
552,995
, 4,783 851
967,371
806,839
July 1 to Jan 31_______ 4 ,054,263
1
342.670
16,525
58 440
Alabam a Gt S o u t h .a --Jan
252.413
2,300,368
356,064
443,383
July 1 to Jan 31_______ 2,270,174
22,856
Georgia Sou & F l a . a . . Jan
155,722
_______
193,690
July 1 to Jan 3 1 _______ 1 224,778
15,565
9,407
6,537
Tacom a Gas Light Co— Jan
19,110
,
379,420
52,658
97,939
Toledo & Ohio C entral.a . Jan
272,578
706,398
066,725
July 1 to Jan 31............. 2,796,084, 2,806,045
1,705,060
5,954,078
2.750,261
Union P a clflc.a__________ Jan 5,189,921
July 1 to Jan 3 1 _______ 48,109,217’ 4 5,018,628 19 440,519 21,822,051
17,635
95,274
45,016
Virginia & S o u th w .b ____ Jan
73,300 1
214,203
500,758
156,858
July 1 to Jan 3 1 .............
682,0401
)
280,010 def81,596 def90,706
W est Jersey & Seashore ..J a n
283,310
187,161
067,849
278,358
Yazoo & Miss V a lle y .a --J a n
890,711L
877,704
July 1 to Jan 3 1 ................ 6,010,105> 5 ,500,076 2TK.841,045
------- G ross E a rn in g s -----C u rrent
Y ea r.
a Net earnings here given are after deducting taxes, y •
b Net earnings here given are before deducting taxes,
c Figures revised for previous year so as to accord with the new classifi
cation of earnings and expenses now required by the Intci-State Commerce
it The company now Includes the earnings of the Denver Enid & Gulf R R . ,
Pecos Valley system and Santa Fc Prescott & Phoenix R y . In both years.
For January taxes and rentals amounted to * 241,764 , against $103,772 In
1907; after deducting which, net for January 1008 was $ 1.700,09o , against
$2,384,721 last year.
For period from July t to Jan. 31 taxes and lentals
were $1,660,251 In 1908, against $1,349,463 In 1907.
g These results are In Mexican currency.
n These figures represent 30 % of gross earnings.
r For January 1008 net from Coal Department was $69,208 aga nst
$128,507 last year, and from July 1 to Jan 31 was $.>01 ,*61 In 1908, against
$682,899 last year.
Interest Charges and Surplus— The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, &c., with the surplus above
or deficit below these charges.
— I n t., R en tals, cfee.—
C u rrent
Y ea r.
— B a l. o f N e t E 'n a s .—
P r e v io u s C u rrent
P rev iou s
Y ea r. ,3 Y ea r.
Y ea r.
$
$
$
212,599
C232.094
cl 60,492
1,298,048 Cl .719,018 cl ,333.103
28 329
35,082
48,895
184,284
107,126
67,278
209,253
<1307,265
(1244,857
2 ,077,958 (12,426,617 (12,443.677
51,031 £def33,462 £d ef27,209
362,242 £d ef91,207
£44,925
60.878
£5,307
£42.205
440,747 £ 1 ,278,773 £ 1 .101,626
R oads.
$
Colorado & Southern____ Jan
246,857
July 1 to Jan 31_______ 1,470,870
Cuba Railroad Co.............. Jan
31,054
July 1 to Jan 3 1 . ..........
205.926
Denver & Rio G r a n d e ... Jan
305,764
July 1 to Jan 31_______ 2,246,128
Georgia R R - .......................J a n
56,264
July 1 to Jan 3 1 .............
400.060
82,920
Hocking V a lley----------------- Jan
July 1 to Jan 3 1 _______
542,832
Interborough Rapid Transit Co—
2 ,472,906
Oct
1 to Dec 31_______ 2,725,751
4 ,704,115
July 1 to Dec 3 1 _______ 5,344,801
Jan
1 to Dec 3 1 ________10,510,545 0,25 1 ,0 6 8
20,637
Kanawha & Michigan. _.Jan
23,344
July 1 to Jan
3 1 . . . . . . 154,350 }53,3g 8
£1,280,591 £1.171,817
£1,487,682 £1,440,403
£ 3,754,724 £3,545.180
4,727
15.3J0
* t 84,251
M)6,li>4
M a r . 7 1908. j
T H E CHRONICLE
— Int., Rentals, & c.—
— Dal. of Net E ’ nrjs.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
5
$
5
Missouri River Power C o. Jan
32,886
17,303
Feb 1 to Jan 31_______
257,380
300 .022
Mo Kansas & Texas____ Jan
555,840
406,040
£332,478
£28,149
July 1 to Jan 3 1 _______ 3,824,283
3,380,057 X\ .673,028 £3,014,230
Nashv Chatt & St Louls.Jan
153,292
149,492
11 ,747
49,340
July 1 to Jan 3 1 _______ 1,075,376
1,046,417
357,924
335,052
84,753
N Y Ontario & Western .Jan
73,209
95,528
33,763
July 1 to Jan 3 1 _______
572,956
519,653
1,134,721
083,605
Norfolk & W e s te r n _____ Jan
441,303
402,540
550,485
102,891
July 1 to Jan 3 1 _______ 3,047,513
2 674,669 • 3,400,082
3,901,727
8,333
Rio Grande Junction____ Dec
8,333
15,782
14,317
17,045
Rio Grande Southern___Jan
18,160
£2,10 2
£617
130,350
July 1 to Jan 3 1 .............
128,286
£35,122
£31,757
102,047
St Louis Southwestern___Jan
146,882
£10,890
£29,271
July 1 to Jan 3 1 _______ 1,150,060
1,040,052
£768,086
£013,838
40,101
Toledo & Ohio Central.-Jan
37,037
£31,247
£02,419
288,387
July 1 to Jan 3 1 . ...........
258 ,524
£638,887
£714,047
c After allowing for miscellaneous charges and credits to Income.
d These llgtircs are after allowing for other Income and for discount and
exchange. The sum of 510,000 Is deducted every month from surplus and
placed to the credit of the renewal fund.
£ After allowing for other Income received.
STREET RA ILW AYS AND TRACTION COMPANIES.
Gross Earnings.
Name of
Road.
Week or
M onth.
Current
Year.
5
aAmerlcan Rys Co—
209,287
cAur Elgin & Chic Ry J a n u a ry ..
03,98r
Binghamton R y --------- Ja n u a ry .
22,435
Blrm R y Lt & Power D e ce m b e r
200,568
Brockton & Ply St Ry D e ce m b e r
7,368
Cape Breton Elec Co D e ce m b e r
24,804
Central Penn Trac___ J a n u a ry .
52,725
Chari Con R y Gas & El J a n u a ry .
61,561
Chicago & Mllw Elec. N o v e m b e r
87,982
dChlcago & Oak Park Ja n u a ry _
68,271
Cleve Palnesv & East Ja n u a ry ..
18,263
Clove Southw & Col. J a n u a ry _
52,81 !
Columbus Electric Co D e ce m b e r
32,256
Dallas Electric Co___ D e ce m b e r
96.63C
/ Detroit United Ry 3d wlc Fcl
102.74.'
Duluth Street R v .
17,20 J
East St Louis & Su b.
173,066
El Paso Electric
50,791
D e ce m b e r
F t W ayne & Wabash
Valley T ra ctio n .. . December
116,186
G alv-Ilous Elec Co . December
87,660
Havana Electric R y . W k Mch
36,934
Honolulu Rapid Tran
& Land C o_____
December
32,755
Houghton Co St R y . . December
10,740
Illinois Traction C o . . December
351,077
Jacksonville Elec C o. December
33,243
496,321
Kans City R y & Light January .
Lake Shore E lec tric.. December
68,476
Lex & Inter Rys C o .. November
43,034
Met W est Side E le v .. February
203,508
Mllw Elec R y A Lt Co D e ce m b e r
334,302
Mllw Lt lit & Trac Co D e ce m b e r
50,498
Montreal Street R y . W k Feb 2!
64,832
Nashville R y & Light D e ce m b e r
139,606
N J & H R R yA F yC o D e ce m b e r
33,230
North Ohio Trac A Lt January . .
126,125
North Texas Trac C o. D e ce m b e r
84,346
Norf A Portsm Tr Co N o v e m b e r . 202,006
No Westchester Lt Co D e ce m b e r
11,470
Northwestern E le v .. February . 143,055
Oklahoma City R y . . January . .
16,910
PccksklU Light A R R D e ce m b e r
14,71 1
Pensacola Electric Co D e ce m b e r
10,585
Portland R y L tA P Co D e ce m b e r
342,850
Puget Sound Elec R y D e ce m b e r
130,576
Rio de Janeiro Tram
Light A Power____ January . .
545.105
Rockford A Intcrurb December
42,204
St Joseph (Mo) R y Lt
H eat & Power C o .. January _ .
70,159
Sao Paulo Tr Lt A I*. January . .
191 ,731
Savannah Electric Co December
53,566
Schuylkill R y C o____ December
17,093
Seattle Electric Co___ December
301,370
South Side Elevated . February
156,698
Sou Wisconsin R y Co January .
11,260
Syracuse Rap Tr R y . January . 102 422
Tam pa Electric Co
45,805
December
Toledo R ys A L igh t. January . .
210,060
Toronto R ailw ay____ W k Feb 22
62,720
Twin City Rap Trail. 3d wk Feb 108.210
United R R of San Fr. December ft481,285
United Rys of St L _ . January . . 827,398
W hatcom Co R y & Lt December
33,105
Jan. 1 to latest date.
Previous
Year.
Current
Year.
S
210,716
88,80?
22.07C
180,223
0,044
23,60?
54,306
55,334
81,143
72,771
18,031
40,558
27,013
80,430
110 .568
12,902
165,297
41,575
$
$
209,287
210,716
93,98r
88,893
22,435
22,079
2,214,035 1,020,150
110,365
111,775
250,005
258,417
52,725
54,300
6 1 ,561
55 334
072,71 1
803,591
68,270
72,771
18,262
18,031
52,81 1
40,558
340,574
1,125,673 1,023,136
816,167
838,850
126,125
11 1 ,205
173,066
165,297
506,603
301,650
101,370
81,375
33,655
1,283,722
1,050,892
260,932
31,503
19,073
302,105
31,882
479,021
06,675
40,148
216,220
320,065
50,379
58,310
132,549
20,328
125,101
78,750
145,050
123,809
14,907
13,299
16,129
309,006
113,407
41,380
68,090
174,068
48,655
309,476
134,531
11,528
97,125
41,161
221 ,189
50,466
105,277
502,200
826,337
28,903
Previous
Year.
1,002)646
906,487
240,385
304,548
349,016
249,919
220,244
3,779,187 3,013,108
392,393
326,468
4 96,32!
470,021
938,161
806,970
516,355
481,579
423,022
4 4 8,975
3,823,382 3,523,438
826,130
702,222
544,151
510,155
1,568,411 1 ,379,246
482,057
429,721
120,125
125,191
1,060,053
854,135
2,437,810 1,563,855
112,956
298,662
261,188
10,916
14,907
169,658
146,498
228,150
4,050,144 3 ,403,850
1,664,281 1,304,574
545,105
591,305
70,159
191 ,731
602,400
. 207,035
3,049,434
331,393
11,260
102,422
521,181
210,960
510,032
68,699
174,908
611,215
3,101,386
277,708
11 ,528
97,125
409,222
221,180
791.2 23
763,320
827,308
354,460
826,337
279,460
a Figures for the month In both years Include operations of the Scranton
v™*/ acquired Jan. 1 1900. c These figures arc for consolidated company,
d These are results for main line. / No earnings for Detroit Jackson &
Chicago R y. for Jan. 1007 Included In these (lgures. h Decrease due to
strike and boycott.
Street Railway Net Earnings.— In the following we show
both the gross and the net earnings to latest dates of all
ST R E E T railways from which we have been able to procure
monthly returns. As in the case of the steam roads, the
returns of the different roads are published by us each week
as soon as received, and once a month we bring together all
the roads reporting, as is done to-day.
------- Cross Earnings------------------ Net Earnings-------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
s
$
$
$
03,085
88,803
35,082
32 725
877,207
780,700
404,553
36o|701
22,435
22.070
8,232
8 ,4 1 0
7,308
0,044
def.40
1 008
110,305
111,775
31,0 00
4o)881
24,804
23,003
10,731
10 084
250,005
258,417
03,010
103,044
52,725
54,300
0,220
5,770
01,500
55,334
20,408
1 7 007
000,420
001,013
241,757
222)548
87 083
81,143
40,027
41 230
072 711
803,501
560,080
470)307
18,263
18,031
7,461
7,701
52,811
4 0,558
16,360
10,054
32,250
27,613
18,004
1 5 178
.............
155,875
___ ’___
340,574
_
.
Roads.
Aurora Elgin A Chicago.Jan
July 1 to Jan 3 1 .............
Binghamton R a ilw a y ...J a n
Brock & Plym St R y .a -- D e c
Jan
1 to Dec 3 1 ............
Cape Breton Elec C o .a --D e c
Jan
1 to Dec 3 1 ............
Central Penna Tract C o .. Jan
Charleston Consol R y .. . J a n
Mch 1 to Jan 3 1 .............
Chicago & Mllw Elec___ N ov
Jan 1 to Nov 3 0 . ...........
Cleve Palnesv & E ’n .a .-J a n
Cleveland Southw & Col.Jan
Columbus Electric C o .a .D e c
Jan 1 to Dec 3 1 . . . , , ,
_
597
— Gross Earnings------Current
Previous
,
Roads.
Year.
*
--------Net Earnings-------Current
Previous
Dallas Electric C o .a ------ Dec
06 630
80,439
24,366
17,280
Jan 1 to Dec 3 1 _______ 1,125,673
1,023,130
307,571
323,993
Detroit U n l t e d .a ................ Jan 500,065
510,600
109,592
171.399
Duluth St R y C o .b _______Dec
7 3 002
66,590
27,800
24,969
Jan 1 to Dec 3 1 .............
846)084
768,874
408,693
350,054
East St Louis & Sub_____ Jan 173,066
165,297
90,251
74,830
El Paso Electric C o .a ____ Dec
50 701
41,575
15,480
10,572
Jan
1 to Dec 31-------500)603
391 ,656
128,078
115,253
Ft W ayn e & W ab V a i l ..D e c
116,186
101,379
53,653
43,482
Jan 1 to Dec 3 1 ______ 1,283,722
1,002,646
537,686
432,186
Galv-H ous Elec C o .a .- .D e c
87,660
81,375
33,238
30,931
Jan
1 to Dec 31-------- 1,050,802
906,487
394,697
335,261
HonoluluRTALandCo b-D ec
32,755
31,593
14,850
14,461
Jan 1 to Dec 3 1 _______
364,548
340,016
163,266
147,907
Houghton Co St R y .a — Dec
10,740
19,073
7,536
7,6 4 7
Jan 1 to Dec 31_______
240,010
229,244
94,001
82,989
Illinois Tract C o .a ________ Dec 3 5 1 ,077
302,165
152,011
133,386
Jan 1 to Dec 3 1 _______ 3,770,187
3 ,013,108
1 ,050,700
1,361,952
Jacksonville Elec C c .a - .D e c
33,243
31,882
12,094
13,573
Jan 1 to Dec 3 1 -------- -302,303
326,468
136,052
124,630
Kansas City R y A L t .b .-J a n
496,321
479,021
237,490
241 ,004
June 1 to Jan. 3 1 _______ 4,175,059
3,851,642
2 ,034,814
1,954,902
Lake Shore E lectric.a - .D e c
68,476
66,075
25,542
27,223
Jan 1 to Dec 31 _______
038,161
866,970
416,602
390)712
Lexington & Interurban.Nov
43,034
40,148
15,331
15,515
Jan 1 to Nov 3 0 _______
516,355
481,579
190,887
168,570
Mllw Elec R y & Lt C o .b -D ec
334,302
326,065
158,236 ,
168,123
Jan 1 to Dec 3 1 _______ 3,823,382
3,523,438
1,848,601
1,788.851
Mllw Lt H t A T r a c t -b -.D e c
50,408
56,379
28,099
31,344
Jan 1 to Dec 3 1 .......... ..
826,130
702,222
466,689
424,806
Montreal Street R y C o ..J a n
285,515
271,956
83,011
82,459
Oct 1 to Jan 3 1 ........... 1,188,238
1,083,902
446,211
378,072
Norf & Portsm Tr Co_____ Nov 202,000
145,950
57,754
50,040
Jan 1 to N ov 3 0 _______ 2,437,818
1,503,855
933,944
550 ,663
Northern Ohio Tr & L t . . Jan
126,125
125,101
44,233
45,610
Nor Texas Trac C o .a ___ Dec
84,346
78,750
35,215
31,548
Jan 1 to Dec 31_______ 1,060,053
854,135
437,381
306,984
NorWestchestcr Lt C o .a Dec
11,470
5,370
Jan 1 to Dec 3 1 _______
112,056
49)646
Oklahoma City R y .............Jan
16.916
14,907
3,362
5.254
Peeksklll Lt & R R C o .a .D e c
14,711
13,209
6,495
5,570
Jan 1 to Dec 3 1 _______
169,658
146.498
76,949
68,543
Pensacola Elec C o .a ____ Dec
19,585
16,120
5,005
4,761
Jan 1 to Dec 31.............
228,150
76,269
P u g e t S ou n d E lec R y . a . D e c
-----------------------------------------130,576
113,467
37,248
29,700
Jan 1 to Dec 3 1 _______ 1,664,281
1,304,574
573,047
453,011
Portland R ys C o.................Dec
342.850
309,006
169,187
134,108
Jan 1 to Dec 3 1 _______ 4,050,144
3,403,859
1,772,825
1,536,587
Rio dc Janeiro Tram way
Light & P o w er.a______-Jan 545,105
205,118
Rockford A In te ru rb -a .-D e c
42,264
41,389
19,004
16 379
Jan 1 to Dec 3 1 _______
501,305
510,032
264,333
214,831
St Jos R y L t H t & P o w -.J a n
70,159
68,699
32,243
30,997
Sao Paulo Tram Lt A P ..J a n
101,731
174,968
128,025
110,063
Savannah Ecctrlc C ) .a .D e c
53,506
48,055
14,308
15,820
Jan 1 to Dec 3 1 _______
602,400
611,215
188,091
232,160
Seattle Elec C o .a -------------Dec 361,370
300.470
108,486
112,512
Jan 1 to Dec 31---------- 3,840,434
3,101,386
1,264,493
1,138,300
Schuylkill R y C o .a . ........ Dec
17,003
0,554
207,035
Jan 1 to Dec 3 1 _______
_______
102,951
Syracuse Rap Tran Co___ Jan
102,422
97,125
35,205
43,478
Tam pa Elec C o .a _______Dec
45,895
41,161
16,385
12,194
Jan 1 to Dec 3 1 _______
521,181
469,222
133,051
189,264
Toledo R ys & Light. b ---J a n
216,960
221,189
91,873
00,862
Twin City Rap Tr C o .b .. Jan
469,801
456,837
211,690
213,740
United R ys of St L o u is.a Jan
827,398
826,337
273,030
248,407
W hatcom Co R y & Lt a Dec
33,195
28,903
13,694
11,760
Jan 1 to Dec 31.
354,469
270,460
144,027
04,287
a Net earnings here given are after deducting taxes
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
— Int., Rentals, & c.—
Current
Previous
Roads.
Aurora Elgin & Chicago.Jan
July 1 to Jan 3 1 _______
Binghamton R ailw ay___ Jan
Brock A Plym St R y .......... Dec
Jan 1 to Dec 31.............
Cape Breton Elec C o_____Dec
Jan 1 to Dec 31_______
Charleston Consol R y .._ J a n
Mch 1 to Jan 3 1 _______
Cleve Palnesv & E ’n ____ Jan
Columbus Electric C o___ Dec
Jan 1 to Dec 31_______
Dallas Electric Co_______ Dec
• Jan 1 to Dec 3 1 _______
Detroit U nited___________ Jan
Duluth Street R y C o_____Dec
Jan 1 to Dec 3 1 _______
El Paso Electric Co______ Dec
Jan 1 to Dec 3 1 _______
G av-H ous Elec C o............Dec
Jan 1 to Dec 31.............
Honolulu R T & LandC o.D ec
Jan 1 to Dec 3 1 _______
Houghton Co St R y ______ Dec
Jan 1 to Dec 31_______
Jacksonvllc Elec C o_____Dec
Jan 1 to Dec 3 1 _______
Kansas City R y & L t _____Jan
S
28,532
192,596
8,206
1,818
21,379
4,360
51,512
13,443
14S.563
7,213
11,904
136,275
23,480
263,541
136,046
22,043
301,735
5.418
60,350
16,358
185,689
6,249
74,133
3,981
47,449
5,142
50,165
151,278
1,228,022
Lake Shore Electric____ Dec
25,348
Jan 1 to Dec 31_______
204,073
Mllw Elect R y & Lt C o .-D ec
102,140
1,184,604
Mllw Lt H t & Tract C o .-D e c
36,232
July 1 to Dec 3 1 _______
415,918
Montreal Street R y C o ..J a n
45,955
Oct 1 to Jan 3 1 _______
173,818
Northern Ohio Tr & L t -.J a n
42,502
North Texas Trac Co-------Dec
9,819
Jan 1 to Dec 3 1 ----------128,503
Pensacola Electric C o___ Dec
3,619
Jan 1 to Dec 3 1 _______
40,904
Puget Sound Elec R y ___ Dec
37,348
Jan 1 to Dec 31.............
38S.453
— Dal. of Net E ’ngs.
Current
Previous
Year.
Year.
S
5
$ '
26,402
6,550
6,233
183,187
211,057
186,514
7,973
def 64
443
1,801
d e f.1,867
def. 193
21,855
10 281
19,026
4,250
6,371
5 ,834
51,601
41,504
52,283
13,349
0,965
4 ,258
1 43,69S
93,104
78,850
7,213
248
488
10 674
6,160
4,504
• 19,600
10,414
886
d e f.2,134
223,389
44,030
100,604
120 ,494
£30,160
£55 303
16,727
5,757
8,242'
261,802
106,958
8 8 ,1 6 2
4,188
10,071
6,384
47,216
67,728
68,037
14,406
16,880
16 .4 3 5
172,623
209,009
162,038
£9,119
£08,944
63,000
£ 0 0,232
3,956
3,555
3,691
46,976
46,552
3 6,013
3,475
6,952
1 0,098
40,704
85,887
83.026
147,519
86,212
93,485
1,165,135
800,702
780,767
22,670
194
4,544
254,198
122,529
130,514
96,873
£64,438
£80,191
1,073,514
£747,340
£ 771 ,12 7
28,417 £def6,721
£2,995
£51,918
324,715
£100 ,91 7
40,165
37,056
42,294
159,173
272,393
218,899
1,731
41,339
4,271
10,223
25,396
21,325
119,581
308,878
187,403
3,156
2,286
1,605
35,365
32,089
d e f.100
def.2,389
311,115
184,594
141,806
[VOL. LXXXVI
T H E CHRONICLE
598
— In t.. Rentals. A c .—
— Bal. of Net E'ngs.—
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Roads.
4,520
11,300
12,392
1,916
07,708
144,034
134,461
44,057
Jan 1 to Dec 31----------79,622
45,574
32,890
62,912
Seattle Elec C o__________Dec
756,364
381,936
490,351
774,142
Jan 1 to Dec 3 1 ----------£18,913
28.457
24,619
£7,124
Syracuse Rap Tran R y -.J a n
11,513
729
681
15,656
Tam pa Elec C o---------------Dec
187,841
6,530
1,423
126,521
Jan 1 to Dec 3 1 .............
£29,174
68,604
£24,046
62,307
Toledo R ys & Light-------Jan
98,482
121,955
89.735
115,258
Twin City R ap Tran Co- - Jan
16,926
39,585
233,454
231,541
United Rys of St L o u is.-J a n
5,546
7,110
6,584
6,214
W hatcom Co R y & L t — Dec
46,051
77,516
66,511
48,236
Jan 1 to Dec 31----------x A fter allowing for other Income received.
ANNUAL
Pennsylvania Railroad.
(Report for Fiscal Year ending Dec. 31 1907.)
President James McCrea’s remarks are published in full on
subsequent pages.
Below are the income accounts of all transportation com
panies east and west of Pittsburgh and Eire owned, operated
decontrolled by or affiliated in interest with the Pennsylvania
system .
Miles operated____________
Cr.'oss earnings____________
E x p en ses_________________
1907.
11,176
$326 785,526
243,154,081
1906.
11,081
$295,898,165
211,543 766
$266,060,597
192,100,348
• N et earn ings---------------Other Income--------------------
$83,631 445
28,980,689
$84,354,399
25,035,834
$73,969,249
21.821,289
$112,612,134
108.588,762
$109,390,233
107,845.373
$95,790,538
04,647,720
1905.
11 011
81,544,860
84.023,372
81,142.818
• Surplus..................- ............
TR \F F IC ON A L L L I N E S B O T H E A S T A N D W E S T OF P IT T S B URGH
A N D E R IE .
1907.
1906.
1905.
Passengers carried
-153.047 ,046
140.513,364
126 084,223
Passengers carried 1 m ile
3,826,141,901
3 .4 7 5 640,270 3 ,075,402,826
F l i g h t (tons) carried_______
4 3 5 ,0 6 4 ,1 3 6
363,955,827
333,011.237
Freight (tons) carried lm lle .3 7 ,674,511 ,903 3 2 ,9 18,720.685 29,503 147 362
\k Below are given the results on the lines east of Pittsburgh
and Erie, comprising the Pennsylvania Railroad Division,
the United Railroads of New Jersey Division (excluding the
Delaware & Raritan Canal), the Philadelphia & Erie Division
and Buffalo & Allegheny Valley Division:
• T R A F F IC ON L I N E S E A S T O F P IT T S B U R G H A N D E R IE .
1905.
1906.
.
1907.
3,820
3,764
Miles o p ., cxel. D .& R . Canal
3,858
62,108,708
55.781,809
Passengers carried----------------?i , 3
!
1.493 393,002
1,305,299,112
Passengers carried 1 m ile ----- 1 ,629,769,o^o
2.014 cts.
2.0 14 cts.
Rate per passenger p e rm lle- ___ I wi* cts.
172,371,063
157,003,767
Tons carried-.......... - ................
&2 2 4 .2 2 7 ,074
Tons carried 1 m i le --------------.21,482,1)07,314 18,488,40 2,5 34 16,89 6,171,154
0 .5 9 5 cts.
0.593 cts.
Rate per ton p e rm lle----------0.577
81.518
81.427
Earns, per pass, train in 1le . a
5 l> 5io
83.147
82.996
Earns, per l'gt. train m lle .a 83.312
a Freight and passenger trains only: excluding switching, & c., trains.
b The actual number of tons carried over the live grand divisions, lrre
spcctlve of the divisions over which they passed , and thus avoiding duplica
tion was 132.284,515 tons, against 118,432.169 tons In 1906. The actual
num ber of tons of coal and coke carried, avoiding duplications, was
69 824 822 tons, against 60 930,2 3 3 , an Increase of 1 4 .6 0 % , the tonnage
mileage being 13,039.552.425 tons one mile In 1907. against 10,804,632,S70
In 1906, an Increase of 2 0 .6 8 % .
E A R N I N G S & E X P E N S E S OF L IN E S E A S T OF P IT T S B URGH & ERIE
1907.
1906.
1905.
8
8
Earnings—
f ___
109,960,888
Freight _____________________
123 826,165
100,093,828
32,623,889
27,392,393
31,231,338
Passenger4 ,007,278
2,936,877
3,270,778
Express —
2,433,760
2,553,823
2,307,652
M alls............... ...............................
1,558,932
892,303
914,755
M iscellaneous-............... ............
362,801
308,301
298,938
Delaware & Raritan C a n a l..
_______
148,239,882
133,921,993
17,060,498
26,201 245
55 276,180
2,835,334
432,387
15,121,800
24,363,199
50,908,650
2.583,378
413.383
101,805,644
Total expenses------------------119,607,348
(68.68)
Per cent oper. exp. to earns.
(72.57)
3,715,034
Taxes of Penn. R R . C o--------2 2 6 7 ,535\
Taxes on leased lines------------1 ,7 1 1 .6 2 9 /
42,719,204
N et earnings ________
41,226,313
G E N E R A L IN C O M E A C C O U N T .
1907.
1906.
$
$
Receipts—
42,719,204
4 1 ,226,313
Net earnings, as above--------11,741,184
10,440,955
In t. omPenn. R R . In ve sts..
In t. on United N . J. R R .
234,472
346,109
and canal securities--------395,041
718 118
In t. for use of equipm ent___
2,0 9 5 112
Interest, general account —
195,770
62,629
Profits from sundry accounts
239,299
109.680
R e n t s -------------------------------------
93,390 410
(69.73)
£2,587,043
Total earnings------------------Expenses—
Malnt. of way and structures
Maintenance of eq u ip m en t..
Transportation--------------------General____________________
Delaware & Raritan C a n a l..
T o ta l_______________________
Deduct—
Rentals on basis of net earns.
Fixed rentals------------------------In t. on funded d e b t ------------In t. on bond allotm ent_____
Oround r e n t*In t. on mtges.
Interest on car trusts----------•Equip, trust loan sink, fund
Interest, general account—
Miscellaneous------------------------T o ta l.....................................
B a la n c e _____________________
164,812,825
,„
2 0 ,2 6 o ,845
3 1 ,721,614
63,869,728
3.269,652
480,509
Cons. m tge. sink. fd. a c c t -.
37,944,530
1905.
$
37,944.539
10,018,026
267,963
371,913
1,067.604
311,411
55,020,420
55,503,466
49,981,456
4 ,8 7 7 ,0 6 5
4 ,249,169
10,412,488
6,788.658
4,140,592
7,387,652
7,955
1,631,992
101,937
164,758
11,805
733,108
68.400
479,799
219,151
£7.662,810
4,160,584
5,489,947
1,237,277
59,571
835,986
136,400
21,445.364
. „
S 3 3 .5 7 5 ,0 o6
19,829.165
35,674,300
296,365
19,878,940
30,102,517
1907.
$
270,302
125,890
3,2(50,65 1
Extraordinary expenses-----
1005.
$
1 900 .
$
225,9o6
12(5.170
8.701,47 5
Principal of car trusts p a id -3,150,694
4,2 4 6 .0 3 9
Allscellaneous------------------------7.660
5,000
D ividends____________________ (7)21,908,435 (6 ^ )1 9 ,8 6 9 ,6 6 1
2,500,000
2,500,000
Extraordinary expense fund
182,969
126,450
8,424,881
3,249,238
5,000
(6)18 113,978
Deduct—
Extraordinary expend, accts
N Y. Tunnel construction. Am ount charged off-------------
31,223,632
2,351 .424
24 725,484
4 ,648,576
35.674,301
30,102,517
24,725,484
15,200,849
2 4 ,725,484
31.725,484
T o ta l............... ..........................
Balance, surplus.......................
Prollt and loss Jan 1----------Prollt from securities, &c
Bal. to prollt & loss Dec. 3 1 .
REPORTS.
Annual Reports.— An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the “ Chronicle” in which
it;\i9$pub]ished. The latest index will be found in the issue
of_Feb. 29. The next will appear in that of March 28.
I n t.. rent., d lv .. extraor.,& e•
From this balance deduct—
Payment to trust funds-----
30,926,333
2 4 ,725,484
7,000,000
2,200,849
13,000,000
7,000,000
24,725.484
15,200,849
24,725.484
24,725,484
x Item of taxes on leased lines now Includes taxes formerly Included In
rentals, the 1905 ligures being, therefore, Incorrect as compared with those
of late years, although the aggregate of the two Items remains the same.
G E N E R A L B A L A N C E S H E E T D E C . 31.
1907.
1906.
1905.
A ssets—
S
J
S
Construction, equipment. & c ._ -------- 291,061 ,204 251,766 ,809 2 3 0 ,630 ,969
Leasehold Interest In H . P . M t. J. &
L R R - - _____ ______ - ................ ..
1,882,550
1,882.550
1,882,550
3 1 ,685,263
32,426,740
3 1 ,264,575
Cost of bonds owned - - __- _______ Cost of stocks ow n e d -- ...................... ..
1 8 8 ,304 ,400 1 6 2 ,3 4 2 .979 205,339 ,882
Trust of Oct 9 1878
____ ________
6,0 1 5 ,2 3 9
5 ,780,283
5 ,6 0 6 ,3 1 3
Penn. 1111. eons. m tge. sinking fun d1,536,450
1,437,560
1 , 3 3 9 390
135.000
140,000
Sun. H az. & XV. sinking fund................
10,000
10,000
Insurance f u n d ------------------------------------J '009
O
2 ,962,202
3,169,402
Mortgages and ground rents. ----------3 , o u . J 43,283,461
3,283,460
Securities of United N .J . C o m p 's ..
3.283.460
0 ,0 1 5 ,4 6 5
9,328,031
Materials on hand---------------- ---------------- l o , 9 2 9 ,92a
Loans for construction and real estate
0,629,4651
purposes_____________________________
2 8 ,8 3 5 ,0 3 3 / 30,681,488
New York tunnel extension.......... ......... 3 9 ,.>4 1 ,414
9 ,6 1 0 ,3 8 3 j
Due from controlled cos.,for advances 6 ,119,166
Accounts receivable from sale of N . &
15 492,681
W . and C. * O. stock----------------------- 15,492,685
1 ,496,648
851 ,823
Bills recclvabie_____________
341,092
9 ,054,745
8,411,472
7 ,690,426
Due from agents------------------------4 2 ,468,988
25,999,197
Cash In hands of Treasurer, &c----------- 36,653,667
735,104
701,135
Cash for cou pon s-.........................
732,007
18,921,933
4,649,907
Miscellaneous assets----------------------------4 ,457,412
Total assets.......... ................................... 672,305 ,375 593,515 ,894 5 7 7 ,070 ,825
Capital stock_________________________ (1314,594,650 305,951,350 302,547,350
Funded d e b t_________________ _______ -2 6 8 :0 2 9 ,6 1 0 188.487,110 188,649,620
3,202,827
Mortgages and ground re n ts .. _____
2 ,945,035
3,074,161
1,182,550
1,182,550
H. P. M t. J. & L. stock guaranteed - 1,182,550
700,000
700 .000
do
do
bonds gu aranteed..
700,000
1 ,906,108
2,585.457
Net traffic balance due other ro a d s ..
4 7 5 ,9 1 6
1 ,288,000
1,368,500
Payments for leased equipm ent_ _
_
1,449,000
4,700,848
2,500,000
Extraordinary expenditure fund____
19,104,030 18,13V, 639
Pay rolls and vouchers____________ _ . - 20,226,164
169,512
263,136
Matured dividends fic Interest u n paid.
293,859
13.709,163 j
Pennsylvania Company deposit acct.
2 ,290,897
16,276,032
Due controlled companies other than
9,453,984)
traffic baiances_________ _______ ____
0,461,820
(110,819
Due employees’ savings fund_______ 1
1,065,401
(46 2 ,1 3 8
Due relief f u n d ___________________
( 1,258,704
■
1130 ,455
Due Insurance f u n d __________________ j
Securities of United N . J. Co’s trans
3,283,460
3,283,461
ferred with the le a se .. . ____________
3,283,460
Fund for purchase of securities guar
6,015,239
5.789,283
6,285,541
anteed (trust of Oct. 9 1878)_______
64,568
Trustee of consolidated m ortgage------— --1,6 98", 560
1,572,390
Consol, m tge. bonds sinking fund------1,824.450
140,000
135,000
Sun. Haz. & XV. sinking fund - . . . . l ’*3 ’9*2.!
1 ,435,352
1 ,415,200
Interest accrued on Penn. R R . bonds 2 ,582,123
4.572,107
5,328,386
8,051 ,112
Miscellaneous---------------------------------------24,725,484 24,725,484
Balance to prollt and lo s s .------------------- 2 4 .7 2 .),484
Total liabilities_____________________ 672,305 ,375 593,515 ,894 577,070,825
a Includes balance of stock, * 2 7 5 ,4 5 0 , held to retire the outstimdlng
holdings In the Allegheny Valley, Cumberland Valley, Bald Laglt Valley
and Philadelphia & Erie Railroads.
— V . 8 6 , p. 481, 422.
New Orleans Railway & Light Company.
(.Report for Fiscal Year ending Dec. 31 1907.)
1907
1907.
Revenue m ile age ----------- 18,332,961
Pass, carried (revenue). 78,879,204
Transfers redeemed, N o. 7 ,5 9 0 ,597
Gross Earnings—
Earnings R R . departm ’t 3,087,733
1,893,685
do gas and electric. 150,873
do m iscellaneous___
Total gross earn ings..
Operating Expenses—
Oper. exp. R R . d ep t—
Oper. exp. gas & e le c ..
1904.
.
16,753,874
16,354,415
65,021,214
60,696,927
6,641,103
5 ,832,572
$
S
S
3,724,272
3,291 ,961
3,071,929
1,875,400
1 .705,807
1,541,575
173.518
05,942
60,840
_ _ _ _ _ _ ________ __ ____________
1906.
17.718,107
73,606,068
7 220,152
..I ? * '!’ -
~ ^ T h 2 oT ~ 5 .773,190
5,003,710
4.C74.344
2 225,580
848,435
1,901,085
770,376
1,753,721
744,802
3,074 ,015
2,699.175
2,671,460
2,422,249
2,408,523
2,175,821
(1,900,901
1,784,226
(5)500,000(1 K ) 125,000
2,149,840
2,411,759
858,638
Total oper. expenses.
3,270,397
Net earnings...................
2,770,894
Deduct—
„ „
Interest on funded d e b t.
1 ,355,772
Taxes and miscellaneous
669,846
D lv. on pref. stock- - ( S M % )3 12,5 00
2,400,901
1,909,226
513,023
2,149,840
25,981
Issued.
$2,490,500
991,000
234,700
2,500,000
N d ().n& CarroUto’n R R .V L lg h t & Pow. C o ., co m .
Preferred
_ . - - - - - - - - - - - .....................................
4 ’60° •°00
953,300
Saint Charles Street R R . C o - - - - - - - - ---------------< r’ 1 lrin
>
349,800
New Orleans & Pontchartraln R R . l o ---------------New Orleans Lighting ------------------------------------- - CoR
New Orleans Gas Light Co------------------------------------- 5,250,000
Owned.
$2,463,300
4,826,800
234,700
2 ,500 ,000
4 ,588,000
946,000
349,800
10,000
5,160,700
T o t a l ................................
Balance, surplus-------------
2.338.118
432,770
STOCKS
298,274
OWNED.
New Orleans City R R ., preferred................................
Common __________________________________ _______
Total ...............................................- ................................... $21,388,300 $21,070 ,300
— V . 8 6 , p. 548, 338.
Twin City Rapid Transit Co. (of New Jersey).
M in n e a p o lis, S t. P a u l, S tillw a te r, Lake M in n e to n k a , M in n e s o ta .
(Report for Fiscal Year ending Dec. 31 1907.)
President Lowry, Minneapolis, Jan. 17 1908, says:
General Results.— A comparison with 1906 shows the handsome Increase
In gross passenger earnings of $428 ,46 2.
But for the financial crisis In the
last quarter of the year, the Increase would probably have aggregated
$500 ,00 0.
Operating expenses, for the reasons hereinafter meat Ion eel.
Increased $305 ,05 6.
Net earnings thus show an Increase of $lOo,O08.
,\s there were substantial Increases In the amounts paid for taxes (»40,4 1 7 ). bond Interest ($39,326) and common stock dividends ($52,->00). tnc
surplus, after providing for these, shows a decrease of $ 3 2 , j 4 4 .
in o
m ar.
T H E CHRONICLE
7 1908.]
am ount appropriated for renewal funds Is $24,000 In excess of last year,
due to the Increased Investment.
The car service has been considerably Im proved, the car mileage being
Increased 2 ,5 i s , 080 miles. The rates of wages paid to all employees have
also been Increased. The company Is fortunate In having Its relations to
Its employees and also to the traveling public on a m ost satisfactory basis.
Renewal F u n d.— From the surplus earnings of the past year, $506,000
has been appropriated to the renewal fund.
In addition, $17,500 Interest
has accrued on Its Investment. The renewals m ade during the year
amounted to $ 2 5 8 ,029. These were charged to the fu n d , which thus stands
at $855 ,92 0. The full am ount, excepting $420 cash, Is now Invested In
our 5 % bonds by the purchase during tills year at par of 492 bonds of
$1,000 each.
New Construction.— New construction work was done to the amount of
$ 1 ,6 5 7 ,1 5 4 , distributed as follows:
Additions to power plant ($232,776 ); buildings and fixtures
■
($21,806) ------------------------------------------ ---------------------------- .
.$ 254,672
New shops at Midway ($340,948); car equipment ($353,136)
694,084
Track (Minneapolis, $91,313; S t.P au l, $80,172; suburban, $70,492* 247,977
Selby tunnel--------------------------------------------------------------------------.
265,607
Big Island Park, Tonka Bay Hotel and steam boats________ ______ 194,814
Insurance.— The policy of building up an Insurance fund was continued,
$19,671 being added thereto. The fund now am ounts to $84,743. Of
this sum , $82,000 Is Invested In our 5 % bonds held In trust for the fund
by the Central Trust Co. of New York.
Reserve F u n d .— In the past year a reserve fund for contingencies was set
up by appropriating $250,000 from the surplus, to m eet extraordinary out
lays, such as discounts on bonds and legal expenses. On these accounts,
$108,145 were expended during the year.
Controversy. During the past year a controversy arose between the
city of Minneapolis and the Minneapolis Street R y . Co. as to the validity
o f an ordinance passed by the City Council requiring the Street Railway to
sell six tickets for 2 .> cents
The company brought an action In the United
States Circuit Court to restrain the putting In eirect o f the ordinance and
to have the same declared void. This case was tried before H on. William
A . Locnren, one or the Judges of said Court, who found In favor of the
com p any upon every proposition and declared the ordinance Illegal and
void. The city has appealed to the Supreme Court o f the United States
from such Judgment, but we are advised by our counsel that they have the
utm ost confidence that the judgment will be affirmed by the Supreme Court.
(Compare V . 8 5 , p. 5 3 2 .— E d .).
Bonds.— There were Issued and sold to the public $800,000 consolidated
5 % bonds due 1928. There were also Issued and purchased by the com
pany for the renewal and reserve funds $ 574 ,00 0, thus m aking a total Issue
during the year of $1,3 7 4 ,0 0 0 . O f the 7 % bonds of the Minneapolis Street
Railw ay Co. $20,000 were redeemed on M ay 1 1907 and an equal amount
of first consols m ay be Issued In place o f them .
Dividends.— During 1907 there have been paid four dividends of 1 % %
each on the preferred stock and four dividends of 1 }4 % each on the com
mon stock, amounting In all to $ 1,215,000.
599
The woolen mills, as distinct from the worsted mills, suffered m uch
throughout the year, the demand being for worsted rather than for woolen
goods.
\\ lth this exception, the mills were under full headway, with am
ple orders upon the books, when we were overtaken In the autumn by the
llnancla! panic. Many merchants who had orders upon our books declined
to accept goods, and there were m any others whose lines of credit were ex
tended as far as the limits of safety allowed. To avoid the accumulation o f
goods and the further extension o f credits, the company began a curtail
ment of Its production which In the m axim um amounted to 6 8 % .
This
curtailment extended throughout the balance of the year, and up to the
time of thisi annual meeting the com pany is pursuing the same policy. T h is,
together with the fact that the Inventories of the stock, raw, wrought and
In process, and of supplies, were appraised at market value and are below
cost, and the elimination from the accounts receivable of all those of a bad
and doubtful nature. Is re'Iected In the lower statem ent of earnings which
the report shows.
The betterments upon the thirty plants amounted to $1,087 489. The
directors thought It wise to purchase land and erect new tenement houses,
principally at Lawrence, and have expended $179,161 to this end.
New Stock.— The $10,000,000 new preferred stock authorized at a special
meeting In Novem ber 1906 has all been paid in cash. The preferred capital
stock stands at $35,000 0 0 0 , the common remaining as heretofore
Wood Worsted M ills.— Your directors have subscribed $2 500,000 to the
capital stock of the W ood Worsted Mills, m aking the total capital stock of
the W ood Worsted Mills $ 3 ,5 0 0 ,0 0 0 , every share o f which has been sub
scribed and paid for and Is owned by your com pany, excepting one share
to each director, as required by law. Ninety-live per cent of the machinery
of the W ood Worsted Mills has been Installed, and the concern Is now
equipped for business. The mill enjoys an excellent reputation In the
trade, and Its fabrics are sought for with the same appreciative distinction
as Is shown the longer established mills of the com pany.
It Is very gratify
ing- to note that this m ill has proved eminently successful.
, Shareholders.— The number of shareholders has Increased during the year
45 % over that of a year ago.
.,9 ,u
Slook‘— The outlook for this year, while far from encouraging no w ,
still leads us to hope that before the year closes we shall have done a fair
volume of business, and we have no apprehension concerning the uninter
rupted paym ent of the dividends on the preferred shares.
E A R N IN G S , E X P E N S E S , ETC.
1907.
1906.
1905.
51,4 2 0 ,6 9 6
46,6 1 1 ,2 9 9
48 660 449
43[879|291
1904.
5
39,632,916
36 590,586
3,426.606
11,109,225
4,809,397
10,049.828
4 ,781,158
8 196,925
3,042,330
6 ,554,595
14,535,831
2,420.833
2,000,000
14,859,225
1,750,000
2,000,000
1 2 ,978,083
1,560,416
1,367,838
9 ,5 9 6 ,9 2 5
1,400,000
Net sales & other Income 47,3 7 7 ,8 4 6
Cost and expenses--------- 43,951,240
Net profits________ . . .
Preferred dividend (7 % )
D ep rec ia tio n ___________
E A R N I N O S . E X P E N S E S , C H A R G E S , &c.
1907.
1906.
1005.
5
$
S
6,020,542
Passenger earnings..........
5 ,592,079
4 ,733,335
35,201
Other sources . _____ _
52,009
25,920
1004.
5
4,269,408
38,672
Total receipts________
Expenses—
• • • \
General expenses— —
M alnt. o f equipment —
M alnt. o f way & struct.
Operating power plants.
Insurance ----------------------Injuries and d a m a g e s..
Car service-----------------------
6,055,743
5,644.988
4,75 9 ,2 5 5
4,308,080
412,518
209,748
192,209
513,867
48.000
203,132
1,340,962
354,341
240,230
195,024
467,264
48,000
a202 522
1,167,999
251,585
203,762
143,491
403,574
48,000
122,948
945,784
207,189
2166,705
2115,251
387,571
48,000
165,001
•867,319
Total operating----------Net earnings-............... ..
Deduct—
Interest and taxes_____
Dividends on pref. (7 %*
Dividends on com . (5 % j
2 ,980,436
3,075,307
2,675,380
2,969,608
2,119,145
2 ,640,118
1,057,036
2,351,045
T o ta l................ .79.569,891 76.729.8571 T o ta l.................. 79,569,891 76,729.857
— V . 86, p. 482.
1.223,171
210.000
1,005,000
1,137,428
210,000
952,500
1,050 ,797
210,000
881.388
2911,003
210,000
825,550
Lackawanna Steel Company (and Subsidiary Companies).
T o t a l ________
B ala n ce ____
Approp. for renew, fund
637,135
506,000
2,200,928
669,680
482.000
2 ,142,185
497,933
&340,000
1,046,553
404,492
6206,269
Balance, surplus_____
P .c . e x p . & taxes to earn.
.
131,136
63.84
a l8 7 ,6 8 0
61.83
57,933
58.27
108,223
55,13
a In 1906 figures $50,000 are added to Item of Injuries and damages as
appearing In report of that year to cover estimated am ount of deficiency
In reserve In consequence of awards In court delcslons proving higher than
anticipated , the surplus of the year belngjtherefore reduced by that am ount.
b In the report of 1905 this item appeared as $240,000 a d the surplus as
$257 ,9 3 3 ; but after It was published the directors appropriated an additional
$100,000 for renewals out of the surplus, as stated In the report of the Pres.
z T h e 1904 accounts were rearranged In 1905, the renewal funds being
withdrawn from various Items In operating expenses and assembled In
one Item and the tax account adjusted, $4,808 underestimated.
G E N E R A L B A L A N C E S H E E T D E C . 31.
1907.
1906.
1905.
$
5
R oadw ay, & c., Including
securities In treasury. 4 1 ,629.306
39.072,152
37,323,634
Notes fc accts. receivable
136,611
39,089
50 ,627
Cash ____________________
743,777
336,716
1,107,797
Materials and sup plies..
502,449
424,587
390,034
Insurance fund_________
84,743
65,072
52,789
Renewal funds--------------855,500
363,500
363,500
•
■
1904.
$
Resources —
T o t a l .........................
43,952,386
Liabilities —
Common stock.................. 20,100,000
Preferred stock________ 3,000,000
Funded debt____________ 17,900,000
Unpaid vouchers, & c—
189,384
Taxes accrued, not due..
370,232
In t. accrued, not due___
294,033
Bills p a y a b l e ..................
250,000
Dividend p a y a b le ...........
251,250
Renewal funds................
855,921
174,738
M iscellaneous..... ..............
Special reserve_________
141,855
Income account— surplus
424,973
Total . _______________ 43,952,386
— V . 8 6 , p. 422, 287.
34,400,587
29,737
393,265
347,468
31,395
50,000
41,072.198
38,517,300
35,252,452
20,100,000
3,000,000
16,546,000
178,844
331.637
283,117
18,000,000
3,000,000
15,566,000
134,822
310,422
270,850
16.511.000
3,000,000
14.386.000
82,267
321,205
252,033
251,250
590,450
97,063
225,000
470 ,895
83,154
206,388
206,269
84,259
593,837
456,156
203,030
41,972,198
38.517,300
35,252,452
Dominion Coal Company.
(Report for Fiscal Year ending Dec. 31 1907.)
The report of President James Ross, accompanied by a
statement of the results for the late calendar year and the
comparative balance sheets of Dec. 31 1907 and 1906, will
be found at length on subsequent pages of this issue of the
“ Chronicle.” — V . 86, p. 172.
American Woolen Company.
(Report for Fiscal Year ending Dec. 31 1907.)
President W m . M. Wood says in substance:
The year 1907 began even more encouragingly than any previous year
in the history of the com pany, and he outlook continued bright throughout
the llrst quarter of the year, when the com pany’s production was abreast
of that of any previous quarter, while the sales were far In excess.
Begin
fling with the second quarter, and continuing until September, there was
a great scarcity of help. The mills were closed for two weeks In August
to permit of a vacation.
Final surlp us..............
10,114,998
11,109,225
1 0.049,829
BALAN CE SHEET.
Dec. 31 ’07. Jan. 1 ’07.
Dec. 31 ’07.
Assets—
$
Liabilities—
$
$
Plants and Invest
Common stock...29,501,100
ments ................ 42,352,877 43,086,227 Preferred stock...35,000,000
Cap. stk. of Wood
Bank loans......... .. 3,249,915
Worsted Mills.. 3,499,400
999,400 Current accounts.
830,644
Inventories_______ 10,417,329 12,389,035 Accr’d dlv. on pref.
Cash ...................
2,250,498 1,084,043
510,417
stock___________
Accounts receiva
Sterling credits,
ble, net................. 20,686,970 18,352,039
per contra_____
362,817
Wool under sterling
Undivided profits.10,114,998
credits-------------362,817
819,113
8 ,1 9 6 925
Jan. 1 ’07.
$
29,501.100
25,000,000
7,694,225
2,606,193
819,113
11,109.225
(Report for Fiscal Year ending Dec. 31 1907.)
President E . A . S. Clarke, under date of W est Seneca,
Erie County, New York, Feb. 13 1908, says in substance:
Status.— It Is with no small satisfaction that the dliectors report your
com pany as being. In the period of acute depression marking the close o f
the year, In strong financial and physical condition. The first nine m onths
of 1907 gave opportunity for operating all of your various properties to
their full extent, but the last quarter saw them entirely closed down or
operating on a greatly reduced basis.
New Plants.— The additional blast furnace at Buffalo mentioned in
last year’s report was completed and put In blast on Feb. 13 1907; It has
since produced 156,305 gross tons of pig Iron. Mill N o. 8, which produces
small billets and sheet bars, was completed and put In operation during
October.
Ellsworth Collieries C o.— The Ellsworth Collieries C o., the entire capital
stock of which Is owned by your com pany, was organized (V . 84, p. 510,
303) to acquire the properties of the Ellsworth Coal C o., mention of which
was made In last year’s report. Considerable construction and Improve
ment work, started by the previous owners, has been com pleted, and the
property Is now In satisfactory condition. The quality of the coal and
coke produced has been eminently satisfactory. There was mined during
the year 1,278,122 gross tons of coal, of which 299,401 gross tons were
used In the production at Ellsworth of 162,158 gross tons of coke. The
output of coal was less than expected, owing to a fire which resulted In
closing collieries 3 and 4 for 3 H m onths; but without serious damage to
the property.
Production.— Your com pany received during 1907 from mines which It
owns or In which It Is Interested 1,941,376 gross tons of Iron ore and pro
duced a total of 788.784 gross tons of coke and 1,008,588 gross tons of pig
Iron and splcgelclscn.
It also produced 852,055 gross tons of Bessemer
Ingots and 425,789 gross tons of open-hearth Ingots, m aking a total of
1,277,844 tons of steel Ingots.
Shipments of Product, In Gross Tons.
1907.
1906.
1907.
Standard rails 1_____ 523.200 556,955 P la t e s _______________113,969
Light rails----------------- 48,777 47,868 Merchant steel p rod- 61,343
Angle bars,fltt’gs,& c. 33,510 43,639 Slabs,billets&bloom s*61,157
Structural sh a p es.. . 141,455 121,407 Pig Iron & m lscel___
8,289
1906.
95,244
52,401
17,078
34,655
T o t a l ........................................................................................................ 091,700 969,047
♦Including 3,502 tons sheet bars and small billets.
As the total shipments for the last two m onths of 1007 amounted to only
a little over 60,000 tons (barely two-thirds of one normal m onth’s ship
m en ts), It will be seen that the Increase In rate of production Is very sub
stantial.
Orders.— Orders on the books at the close of 1907 amounted to 203,741
gross tons, a decrease o f 7 1 .2 % from the corresponding figure for 1906.
Delivery on these orders has been largely suspended, pending improved
financial conditions. The low-priced contracts mentioned In last year’s
report as having affected the earnings of tbe year 1906 have been, sub
stantially. worked out; and the prices received during 1907 represent fairly
the market conditions of that year.
Steamship Lin e.— During 1907 the Seneca Transportation Co. delivered
by Its vessels, over the Great Lakes, 135.444 tons of your com pany’s
products.
Sale oj Notes.— On March 1 1907 your com pany Issued and sold $ 5 ,0 0 0 ,
000 of two-year 5 % secured gold notes (compare V . 8 4 , p. 394; V . 85 . p .
349), from the proceeds of which $ 2,000,000 was used to pay floating debt,
$1,500,000 for payment on account of purchase of the Ellsworth proper
ties, and the balance In new construction at your Buffalo plant.
General Results.— The net surplus of Income for the year, after all deduc
tions, Is practically 7 % on the total capital stock, while the total surplus
is over 1 3 % .
However, the earnings of the last quarter were, substanti
ally. only sufficient to take care of Interest and depreciation charges.
Had your com pany been able to operate to full capacity during the last
quarter, the Income would have been materially greater.
It has seemed wise to the directors, owing to general financial and trade
conditions, not to consider the declaration of any dividend on your stock,
although the earnings would otherwise have warranted It.
[VOL. LXXXYI.
TH E CHRONICLE
Accretions to Physical Property.— No deduction has been m ade from
Income of 1907 for reduction of expenses during organization period.
Since the com pany was formed there nave been valuable accretions to its
physical property which are not represented on Its books, Its property ac
counts as they now stand representing only the actual cost of the tangible
properties acquired or constructed. The directors Intend during 1908 to
have a reasonable valuation placed on these accretions and to apply the
credit so arising towards the extinguishment of organization expenses,
discounts and commission on bonds, & c., now carried on the books; and
to adopt a definite plan for disposing of the balance, If any, which m ay
then remain In those accounts.
R E S U L T S FO R Y E A R E N D I N G D E C . 31.
C
Lackawanna Steel Co. anil Subsidiary Companies.)
1907.
1906.
Gross sales and earnings---------------------------------- --------- $33,011,410 $28,989 ,639
Less— Manufacturing cost and operating expenses.$26 ,388,013 $23,243,340
A dd— Mlsc. m fg. and operating gains and lo sses..
_______
27,988
$6,623,397
$5,774,286
$607,661
\
63,661
{ 167,082
T otal Income_______________________________ ______ $7,231,058
Deduct—- .
Adm inistration, selling and general expenses______ | $734,179
T a x e s ---------------------------------------------------------------- --------Sales agents’ commissions__________________________
Commercial discount and Interest_____ ______ _____
65,425
$6,430,415
N et earnings over ord. repairs and m alntenance. $6,431,454
•Deductions per "Incom e Account"—
Sinking fund on bonds & exhaustion of m inerals. .
$449,791
Depreciation and accruing renewals________________
1,282,189
Interest on Lackawanna Steel Co. bonds and notes 1,435,972
Interest on bonds of subsidiary companies________
500,611
Discount and commission on bonds and notes____
168,693
Interest on bills and loans payable_________________
Rentals and royalties ________________________________
144,350
$5,846,959
$2,443,846
$2,758,098
Other income—
D lvs. on Investments In ore, lnt. on deposits, & c ..
N et earnings on ore cos. and railroads con trolled ..
Further Appropriations—
A d d ’l provision for Improv’t and extraordinary re
placement funds (making $t ,500,000 for year). .
Prov. for reduc’n of exp. during organlz. p e rio d ..
f $425,385
1
—
f $277,618
\
82,559
228,207
cr. 4,928
$270,846
1,099,841
1,250,000
138,888
85,360
88,997
154,929
$400,159
250 ,000
Surplus, Income for the year____________________ $2,443,846 $2,107,939
C O N S O L ID A T 'ED B A L A N C E S H E E T D E C . 31.
(Lackawanna Steel Co. and Subsidiary Companies.)
1907.
1906.
1906.
1907.
Liabilities—
$
$
Assets—
$
$
Stock outstanding 34,721,400 34,721,400
Cost of real estate,
plants, &c......... 00,615,067 49,278,881 Lack. Iron & Steel
Co. stock not
Investments in ore
owned ................
28,600
'28,600
companies, &c._ 5,032,321 5,289.800
1st ratge. 5% conv.
Disc, and comm .on
gold bonds........... 15,000.000 15,000,000
bonds, exp. dur
5% gold note3____ 15,000,000 10,000,000
ing org. period
Subsld. cos. bonds 8,404,000 2,725,000
and lmpts. to
Ellsworth Coll. Co.
leased prop., less
------------amts, written off 2,350,621 2,332,531 nur.money notes 1,500,000
Current accts. and
Deferred charges to
pay-rolls......... .. 2,970,313 4,780,045
84,318
operations_____
44,951
2,000,000
Bills payable..............................144,469
Bond sinking fund
251,850 Taxes accrued, not
130,435
— cash ................
52,334
64.117
due ----------------S,517,GSS
Inventories______ 10,322,290
489,543
440,751
S48.426 Interest accrued-.
Mlsc. accts. recclv.
922,443
Mines extinguish
Aclv. paym’ts for
ment and bond
104,498
mafls < supplies................
fc
792,629
459,082
sinking fund —
Customers’ accts.
(less reserve)___ 4,373,811 5,719,818 Deprec’ n and re
placement fund. 1,846,497 1,058,505
358,198
Notes receivable-.
593,893
Contingent & mlsc.
Cash In bank and
funds......... ........
198,840
658,252
59,626
on hand_______ 1,337,346
Profit & loss acct. 4,562,764 2,118,917
Total assets____85,723.178 73,444.260
— V . 86. p. 483.
Guggenheim Exploration Company.
We believe the stockholders have every reason to feel gratified with this statement,
considering that none of the properties enumerated above, with the exception of
Esperanza Limited, has been upon a dividend-paying basis up to the present time.
Now, however. In the opinion of our engineers, the development and equipment of
the Utah Copper Co., Nevada Consolidated Copper Co., Cumbcrland-Elv Copper Co.
and Yukon Gold Co. have progressed so far as to assure the earning of dividends dur
ing the year 1908.
BALAN CE SHEET DEC. 31.
1906.
1907.
1907.
1906.
$
Liabilities—
S
$
Assets—
5
Treasury stock.. . 1,673,700 1.680,700 Capital stock____ 22,000,000 22,000.000
Bills and accounts
Am. Sm. Secur. Co.
14,801
Series A stock. .13,800,000 13.860,0001 payable_______ 4,153,510
Series B stock.. 1,800,000 1,800,0001Surplus ..................13,744,251 13,760.954
Common stock.
1
11
Oth. prop. & lnv’s 17,564,989 14,327.4441
Turn., fixtures and
equipment-------7,706
7,7111
Bills & acc’ts coll’e 4,449,975
47,472 1
Cash .................
541,390 4,052,4871
T o ta l__________39,897,761 35,775,815) Total ..................39,897,761 35,775,815
OTHER PROPERTIES A N D IN VE STM E NTS,” DEC. 31.
1907.
1906.
1907.
1906.
$
$
5
$
Esperanza, Ltd_____ 426,183
563,797 Yukon Gold C o ... 8,222,106
315,063
912,808
912,758
Utah Copper Co___ 4,632,283 3,615,737 Cumb.-ElyCop.Co.
618,400 Nev.Cons.Cop.Co. 1,671,589 1,671,589
Pac.GoId Dredge Co.
164,877 Nev. No. RR.bds. 1,650,000 1,650,000
Atlin Cons. Min. Co.
Car. Gold Min. C o ...
514,232
556,611 N.W.IIydraul.M.Co. ---------Miscellaneous Inv’a
50,020
Yuk .Cons.Gold. Fields
61,624
3,507,193
Co ..........................
17.564,989 14,327,444
175,563!
Bullion Hyd. M. Co.
‘miscellaneous Investments,’’ are carried
#
_
The company on Jan. 2 1908 paid its 20th consecutive
quarterly dividend of 2 ^ % , the rate since and including
Jan. 2 1907 being 1 0 % yearly, and previously 7 % per an
num . Compare V. 85, p. 1521.
Kings County Electric Light & Power Co., Brooklyn, N. Y .
(Report for Fiscal Year ending Dec. 31 1907.)
The report, signed by President A . N . Brady and W . W .
Freeman, as Secretary of the board, says under date of
Feb. 24:
The results of the year’s operations and the condition of the company
at the end of the year 1907 are presented herewith. A s the entire capital
stock of the Edison Electric Illuminating Co. of Brooklyn Is owned by this
com pany, the two companies are treated as one In reporting the results,
thereby eliminating the corresponding cross entries that would appear In
separate statements.
1,511,688
274,709
1,385,586
100,000
299,759
142,932-
1,285,586
50,000
156,827
50,000
1,392,413
. 006,560
15)764,000
1,235,586
606,560
(8)592,000
’l ,-780,395
Depreciation charges.
Deduct— Bond discount written off_________ .
Bond Interest_______________
Dividends paid----------------------
21,853
.1 ,1 5 9 ,3 6 0
Total liabilltles.85,723,178 73,444,200
(Report for Fiscal Year ending Dec. 31 1907.)
President Daniel Guggenheim under date of Dec. 31 says:
a Merged Into the Yukon Gold Co.
Note.— The above Items, excepting
at cost.
General Results.— The gross earnings have increased $574,468,- or 19.8.%.
over 1906, whereas the net earnings over operating expenses have In
creased 2 1 .6 % , and In amount, $299,759. This Increase has been suffi
cient to meet dividends at the usual rate of 8 % on the new stock Issued
early In the year and also to provide a substantial Increase In depreciation
charges.
A t the beginning of the year the directors adopted the policy of charging
to expenses a sum equal to one-half cent per kilowatt hour of current sold
In each month for depreciation and replacements not provided for by re
pairs made and charged regularly to operating expenses. The aggregate
sum so charged Into expenses during the past year Is $242,932 and the net
credit to this fund at the end of the year, after deducting previous replace
m ents, Is $294,760.
The directors have also adopted the policy of charging off the discounts
on bonds sold In prior years at less than par. This Item, amounting to
$775,000, was originally Included In property account; $150,000 has been
chai'ged off In the past three years and the balance will be reduced regularly.
property and Franchises.— The property account is presented at fair valu
ations, verified during the past year by disinterested experts. A ll the
property Is In first-class condition. The property Includes two large and
m odem generating plants on valuable water-front land and ten sub-station
plants on ground owned by the company; also seven sub-station equip
ments In buildings provided by large wholesale customers for more local
requirements. The company has 1 ,338 miles of overhead circuits and 518miles of underground circuits, all In conduits owned by It exclusively.
The franchises have not been capitalized. They are all perpetual and
are valued by the State T ax Commission for purposes of taxation for the.
year 1907 at $10,100,000.
,
The Item "license under Edison patents” represents the price paid
originally by the Edison Company, In stock and bonds, for the exclusive
right In Brooklyn to the use of the name and patents of the Edison Electric
Light C o., since succeeded by the General Electric C o., and for valuable
reciprocal trade arrangements as an Edison licensee company, which are In
full effect to-day and return to the company regularly a large percentage
on the Investment Involved.
Insurance.— The Insurance Investment fund represents the company’ s
Interest In the accumulation, aggregating more than $ 1,000,000, of an
Insurance fund under an arrangement whereby the company, In co-opera
tion with other similar large companies, has been carrying Its fire Insurance
for four years past at a substantial saving.
Favorable Outcome of Dispute with C ity.— The accounts receivable Include
$707,088 due by the city of New York for public lighting, which sum Is
less than the amount owed a year ago by $1,274,871. The difference rep
resents payments made on account of the company’s claims nrlor to Feb.
1906, which were contested by the city. For one year of the period In
question the company’s claims have been sustained In full, with interest,
by the courts, and as a result a settlement of the entire matter has been
effected within the past week which will promptly convert the full amount
outstanding on the books Into a cash asset. The company’s charges for
public lighting furnished since the date above mentioned have been paid
regularly, and a renewal contract for the year 1908 has been promised
within the present month.
New Stock.— The last Issue of stock, on March 1 1907, enabled the com
pany to liquidate Its floating debt, and has provided for all capital expendi
tures to date. The company has therefore no floating debt, and the
funds In hand and In sight will, In the opinion of the directors, provide fo
such capital expenditures as are anticipated during the coming year,
without the necessity of further financing or the Issuance of obligationsof any sort.
Public Service Commission.— -The company’ s relations with the Com
mission have been cordial; there has been no criticism by the Commission
of any of our policies or business methods.
C O M P A R A T IV E C O M B IN E D E A R N I N G S Y E A R S 1907 A N D 1906.
Increase.
1906.
1907.
$
$
$
574,468
Gross earn in gs_______________________________ 3,47 1 ,7 4 0
2,897,272
Sj |
£
600
156,827
172,000
3 7 ,026dect 5,172
1,122,334
37,026
.1 ,1 8 1 ,2 1 3
1,159,300
21,853
C O M B IN E D B A L A N C E S H E E T D E C . 31 1007 A N D 1906
1907.
1906.
1907.
1906.
Liabilities—
$
Resources—
$
$
Plant & property. 19,822,392 18,254,108 Kings Co. cap. stk.
inci. adv. pay’ts
Stocks & bds. In
for new stock*. . 10.000,000 8,342,022
other cos. (except
Edison stock)..
682,248
682,248 Consol. 1st M. 4%
gold bonds......... 4,275,000 4.275.000
Central Tr. Co. of
1st M. 5 % gold bds 2,500,000 2.500.000
N. Y .. trustee
(guar. fu n d )... 1,000,000 1,000,000 Purch. money 6%
gold bonds......... 5,176,000 5,176,000
License under Ed
108,890
10S,89(>
ison patents____
945,000
945,000 Bond lnt. accrued.
Bills payable.............................
1,260.000
Morton Trust Co.
628,765
dimu\K
4,900 Accounts payable.
4,900
— real est. deposit
80,957 Customers’ guaran
Insur. Invest, fund
112,415
tee deposits-----52,798
37.956
Controller, City of
103,298
55,223
7,500 Accrued expenses.
7,500
New York.........
112,415
86.957
93,244 lies’ve ins. account
193.338
Cash on hand____
26,336 Replacem’t & de
31,628
Bills receivable. . .
prec’n rcs’veac’t
294,760
271.037
Acc’ ts receivable—
437.155
342.985 Profit & loss b a l.. 1,181,213 1,159,360
Commercial____
City of New Y ’k
707,089 1,981,960
330,535
457.547
General supplies..
Accrued and sus
22,277
31.927
pense charges..
Total ..................24,433,139 23,778.050
Total ..................24,433,139 23,778,050
•Note.— Edison stock $5,000,000, represented by purchase m oney, 6 %
bonds.—-V. 80, p. 540.
American Grass Twine Company.
(Report for Fiscal Year ending Dec. 31 1907.)
President J. M. Robinson says:
Although a general depression of business prevailed during the last
three m onths of 1907, the sales made in that year show a substantial
Increase over those of 1906. The advertising which was done has produced
satisfactory results, and a marked and steady growth of the popularity o f
our goods Is reflected by the Increased dem and,
ih e net profit for the
year over all expenses was $141,377.
Our floating debt, amounting to $ 1 15 ,67 9, has been paid.
The first two months of 1908 show an Increase over the corresponding
m onths of 1907, which, considering business conditions, should be gratifying
to the stockholders.
BALANCE SHEET DECEMBER 31.
1900.
_.
1907.
1906.
1907.
Liabilities—
§
$
Assets—
$
$
Property................ *4,562,986 4.607,385 Capital stock......... 15,000,000 15.000,000
Bills & accts. pay.
114,925
17,904
Franchises, good
5,735
will, & c ............. 9,793,349 9,888,407 Deferred payments
9,944
234,760 Interest on loans
Patents..................
234,760
32,279 Pay-roll, St. Paul
Cash........................
65,236
3,792
76,802
mill....... ..............
4,784
Bills & accts. rec..
90,409
95,058
246,607 Profit and loss____
141,378
Manuf’d product..
274,035
143,213
Raw mat. & supp.
143,290
Total------- -------- 15.164,060 15,229,451
T otal.................... 15,164,066 15,229,454
* Includes: St. Paul plant, $2,035,742; Superior plant, $1,0 09 ,18 2: Oshkosh
plant, $57 1,772; grass department, $34 4 ,118 ; furniture and fixtures, $ 2 ,17 1 .
— V . 85, p. 656.
Mar. 7 1908.]
THE CHRONICLE
N a t io n a l C a r b o n
C om pany.
{Report for Fiscal Year ending Jan.
v a n ia
31
1 9 0 8 .)
and
The results for four years past com
pare as follow
s:
1 9 0 7 -0 8 .
S
N e t e a r n i n g s ...........................
9 2 4 ,8 0 2
D l v . o n p r e f . s t o c k (7 % )
3 1 5 ,0 0 0
D l v . o n c o m m o n s t o c k (4 % ) 2 2 0 ,0 0 0
A d d ’n s & d e p r e c ’n a c c t 3 5 0 ,0 0 0
C h a r g e d o i l ________________
5 ,0 5 0
B a l.t o p r o f.& lo s s a c c t .
1 9 0 6 -0 7 .
1 9 0 5 -0 6 .
$
5
9 5 1 ,0 7 8
8 9 0 ,7 0 4
3 1 5 .0 0 0
3 1 5 ,0 0 0
( 4 ) 2 2 0 . 0 0 0 ( 3 y , ) 1 9 2 ,5 0 0
3 7 5 .0 0 0
3 5 0 ,0 0 0
1 .9 0 6
3 ,5 1 3
3 4 ,7 5 2
BALAN CE
3 9 ,1 1 2
SH EET
1908.
5
Assets—
2 9 ,7 5 1
I le a l e sta te , p la n ts.
m a c h in e r y , & c . 8 ,0 4 7 , 8 8 2
M c r c h ., m a n u f a c ’ d
& u n m a n u f a c ’ d . 1 ,1 1 0 ,7 9 3
Cash . ............. —
2 0 2 ,6 9 3
C ash res’ d fo r d iv .
o n p r e f . s t o c k __
7 8 ,7 5 0
C on s tr. u n d er c o n
t r a c t .....................
H ills & a c c t s . r c c ’ le
5 0 2 ,4 2 4
1907.
«
,5 0 0 ,0 0 0
.5 0 0 ,0 0 0
1908.
$
P r e fe r r e d s t o c k . . . 4 ,5 0 0 ,0 0 0
C o m m o n s t o c k . . . 5 ,5 0 0 ,0 0 0
D iv id e n d o n p r e
fe r r e d s t o c k p a y
7 8 ,7 5 0
a b le F e b . 1 5 _____
A c c o u n ts p a y a b le .
0 0 ,3 4 0
P r o l ft i t lo s s a c c t .
4 0 9 ,4 4 0
t o b a l a n c e ______
C o n s tru ctio n c o n
t r a c t s _________
8 ,9 1 0 ,4 1 8
1 ,0 4 9 ,8 8 5
1 4 2 ,4 5 3
7 8 ,7 5 0
5 0 ,1 8 5
4 9 3 ,3 2 4
T o t a l ......................1 0 .0 0 S .5 4 2
-V . 84, p . 500.
6 5 ,4 7 0
1 0 ,7 2 5 ,0 1 5
sto ck
of
secu red
th e
T o t a l ......................1 0 ,6 0 8 ,5 4 2
4 3 4 ,0 9 5
5 0 ,1 8 4
U n io n
G as
P r e s id e n t
w a y,
N ew
&
N orm a n
Y ork ,
E le c tr ic
C o .,
M arch ,
G .
F eb.
K en an ,
10
31
th e
of
8 5 ,0 0 0
th e
th e
M arch
N ew
Y ork
is s u e
under
d a te
T ru st
of
th e
B road
'first sixteen
A b r ie f s u m m a r y o f t h e o p e r a t io n s o f t h is c o m p a n y f o r t h e
e n d in g D e c . 31 1 9 0 7 fo l lo w s :
,
E a r n i n g s a f t e r p a y i n g a l l c h a r g e s a s p e r t e r m s o f l e a s e . ..................... 5 4 8 1 , 6 9 7
0 % d iv id e n d s p a id o n 5 5 ,0 0 0 ,0 0 0 o f p r e fe r r e d s t o c k f o r 16 m o n t h s . 4 0 0 ,0 0 0
months
S u r p l u s e a r n i n g s ---------------------------------------------------------------------------------------------------- 5 8 1 , 6 9 7
T h e c o m p a n y h a s c a r r ie d o n a m u c h m o r e e x t e n d e d c a m p a ig n th a n h a d
p r e v io u s ly b e e n c o n s id e r e d a n d t h e fu ll b e n e fit s f r o m t h is w o r k h a v e n o t/
a s y e t b e e n re a liz e d .
H o w e v e r , t h e w o r k h a s a l r e a d y r e s u lt e d In a la r g e
I n c r e a s e In b u s in e s s .
b
Additions During the 1 0 Months ending Dec. 3 1 1 9 0 7 (With Increase
as Compared with Previous Corresponding Period).
M arch
2
as
p la c e d
of
th e
and
tru stee.
D e
cash
9 9 )4 ,
n otes
or
& C o .,
y ie ld in g
is s u e d
in
n o
on
&
W o rce ste r
E le c tr ic
&
com pan y
Jam es
Shaw
New President
C o m p a n ie s .—
& W o r c e s te r S tr e e t R y . b e lo w .— V . 8 5 , p . 1 4 5 8 .
New President.—
W o r c e s te r S treet R y .—
M .
to
com p an y
n ot
and
h a s g iv e n
B oston
Ih e
5 %
S ep tem b er
at
,
in
1909,
& W ., c o m m o n
C o.
C h a r le s D . B a r n e y
p o r t io n
Increase in Passenger Rates.—
B oston
149
8 3 ,0 0 0 ,0 0 0
due
p a y a b le
have
Co
and
t ic e o f a n in c r e a s e o f p a s s e n g e r r a t e s in
P e n n s y lv a n ia
M a rch 1 5 to 2 ) 4 c e n ts a m ile .— V . 8 6 , p . 4 7 9 .
2 9 W illia m
su b sta n ce:
in
of
1908 and
In terest
R a ilw a y
8 1 3 ,0 0 0 ,0 0 0 ,
o f th e C . L .
P h ila d e lp h ia ,
5 % % ,
r ig h t s
419.
s h a r e h o ld e r s , i t is s t a t e d , w e r e o f fe r e d
and
th e in v e s to r
exch an ge.
p .
W h e e lin g
tota l
an
2
Y ork
o n ly .
p rop erty ,
86,
n e a r ly a ll o f t h e m in o r it y
&
n o t e s o n a b a s is n o t m a d e p u b lic .
1 0 ,7 2 5 ,0 1 5
1 9 0 7 .)
says
1908,
L o r a in
d e p o s it o f s t o c k
w it h
V .
Acquisition— New Collateral Note
a u th o r iz e d
n ote s, d a ted
b y
721;
h a s a c q u ir e d
2 5 %
has
fr a n c h is e s ,
C in c in n a ti, O .
Months ending Dec.
16
R R .—
abou t
th e
V . 85, p.
C le v e la n d
— See B osto n
{Report for
O h io
to
n o m in a tio n
N ew
7 8 ,7 5 0
1 0 1 ,3 8 0
&
c o n n e c t io n
o n e -y e a r
pu rch ase
com pan y
a m o u n tin g
th is
to
C om p a re
Issue.— 'I 'l i e
'
p r e fe rr e d ,
Liabilities—
C o.
c r e d it s .
B a lt im o r e
1 9 0 4 -0 5
S
8 4 0 ,3 0 7
315 000
(1 ^ )8 2 ,5 0 0
3 7 6 ,2 8 1
7 ,0 5 6
1.
FE B.
R R .
601
B u tle r o f B o s t o n w a s e le c t e d
fill
th e
F . Shaw .
vacan cy
A rth u r
a s P r e s id e n t o f
cau sed
b y
E . C h ild s o f
th e
B oston
&
O n
F eb.
P r e s id e n t o f th is
th e
r e s ig n a t io n
B oston
E le c t r ic
of
su cceed ed
M r.
C o m p a n ie s .
M r . S h a w w a s h e a d o f t h e s t r e e t r a il w a y b u i l d i n g fir m o f J a m e s F . S h a w
& C o . , w h i c h o n M a r c h 2 w a s p l a c e d In t h e h a n d s o f A r t h u r D . H i l l o f B o s
t o n a s r e c e iv e r , o w in g t o in a b il it y t o t a k e c a r e o f Its 5 7 0 0 ,9 7 6 o u t s t a n d
in g n o t e s .— V . 8 5 , p . 1 3 3 8 .
C am den
(W . V a .) In te r -S ta te
s h a r e h o ld e r s
v oted
F eb.
14
to
R y .—
New Name, &c. —
ch an ge
th e
nam e
of
The
th e c o m
p a n y t o t h e O h io V a lle y T r a c t i o n C o .; a ls o t o is s u e $ 4 0 0 ,0 0 0 o f
p r e fe rr e d
stock
w h ic h , i t is r u m o r e d , w ill b e u s e d
to
a c q u ir e
gn.s m e t e r s . I n c r e a s e 2 2 . 0 5 % . \
8 2 5 e le c , m o t o r s , In cre a se 2 4 .5 6 % .
th e K a n a w h a V a lle y T r a c t io n C o . o f C h a r le s t o n , W . V a .
3 ,0 0 9
e l e c t r i c m e t e r s , li t e r . 2 7 . 1 0 % . 3 , 4 5 0 m o t o r h . p . , i n c r e a s e 1 7 . 6 0 % .
The
com m on
stock
o f th e
O h io
V a lle y
T r a c tio n
C o . is
1 1 ,6 0 6 g a s r a n g e s , In c r e a s e 5 1 .0 8 % . |
/0
1
fe e l t h a t t h e f u t u r e w ill s h o w e v e n g r e a t ly I n c r e a s e d b e n e llt s a n d t h a 8 2 , 0 0 0 , 0 0 0 .
t
W . C . S p r o u l o f C h e s te r , P a ., is P r e s id e n t o f
th e o p p o r t u n it ie s fo t a d d it io n a l o u t p u t o f b o t h g a s a n d
c lc c tr ic ltv a n 1
b o t h c o r p o r a t io n s .— V . 8 3 , p . 4 9 1 .
v e r y g rea t.
T h e c o m p a n y h a s e x p e n d e d n e a r ly 5 1 ,5 0 0 ,0 0 0 f o r e x t e n s io n s a n d b e t t e r
C a m d en & T ren ton R
m e n t a n d n o w h a s a p l a n t w h i c h Is t h o r o u g h l y u p t o d a t e a n d In c o n d i t i o n
— A
c o m m it t e e h a s b e e n o r g a n iz e d in P h ila d e lp h ia ,
to s u p p ly th e p re se n t a n d th e n e e d s o f th e n e a r fu tu r e .
T h is e x p e n d it u r e
c o v e r s th e fo llo w in g p r in c ip a l Ite m s :
P u r c h a s e o f th e O h io F u e l S u p p ly
c o n s is tin g o f E d w a r d P o w e ll, J . P . E ld r id g e , R o b e r t P e a r s a ll,
C o . ’ s p l a n t s , w o r k s a n d f r a n c h i s e s (I n H a m i l t o n C o u n t y ) ; a 3 3 1 - 3 % e n
C la r e n c e L . H a r p e r a n d T a lc o t t W illia m s , t o p r o t e c t t h e
la r g e m e rit o f t h e e le c t r ic g e n e r a t in g s t a t io n ; t h e p u r c h a s e o f a v e r y d e s ir a b le
s it e f o r a n a d d it io n a l e le c t r i c g e n e r a t in g s t a t io n : a m a te r ia l e x t e n s io n o f
fir s t m o r t g a g e b o n d s , a n d u r g e s t h e d e p o s i t o f t h e s e b o n d s
b o t h g a s a n d e le c tr ic d is tr ib u tin g s y s te m s , I n clu d in g th e c o m p le t io n o f
w it h t h e U n io n T r u s t C o ., 7 1 5 C h e s tn u t S t ., P h ila d e lp h ia
t h e h ig h -p r e s s u r e g a s d is t r ib u t in g s y s t e m w it h n e c e s s a r y r e g u la t in g v a lv e s ,
a t o n c e , b u t n o t la te r th a n A p r il 1 .
& c .; a ls o g a s a n d e le c t r ic m e te r s a n d s e r v ic e c o n n e c t io n s f o r n e w c o n s u m e r s
secu red .
W e h a v e s h u t d o w n m a n y p la n ts u s in g o t h e r fo r m s o f lig h t , fu e l
A l t h o u g h d e f a u l t o c c u r r e d N o v . 1 1 9 0 7 In t h e p a y m e n t o f I n t e r e s t o n t h e
a n d p o w e r a n d s u p e rs e d e d th e m w ith s e r v ic e fr o m o u r p la n ts , I n c lu d in g
firs t m o r t g a g e b o n d s , t h e c o u r t a p p o i n t e d a s s o l e r e c e i v e r t h e n o m in e e o '
16 g a s o li n e p l a n t s , 4 4 s t e a m p o w e r p l a n t s , 3 4 I s o l a t i n g li g h t i n g p l a n t s a n d
t h e g e n e r a l c r e d it o r s o n t h e g r o u n d t h a t th e fir s t m o r t g a g e b o n d s a r e a b u n
3 7 h y d r a u lic e le v a t o r s c h a n g e d t o e le c t r ic .
d a n tly se cu re d .
In v ie w o f th e s e o c c u r r e n c e s th e c o m m it t e e , b y c ir c u la r
W e a r c t o -d a y s u p p ly in g a b o u t o n e -t h ir d o f o u r c u s to m e r s w it h n a tu ra l
d a t e d F e b . 2 6 , u r g e s u n ite d a c t io n u n d e r a b o n d h o ld e r s ’ a g r e e m e n t d a t e d
g a s , t h e b a s is p r ic e b e in g a b o u t 3 0 c e n t s p e r t h o u s a n d .
T h e b a s is p r ic e o f
F e b . 20 1 9 0 8 .
B y t h i s a g r e e m e n t t h e c o m m i t t e e Is a u t h o r i z e d ( 1 ) a t I t s
th e a r t llllc la l g a s w a s a p p r o x im a t e ly 6 7 H c e n ts p e r t h o u s a n d .
O ur ou tp u t
d i s c r e t i o n t o f o r e c l o s e t h e m o r t g a g e a n d b y In t h e p r o p e r t y ; ( 2 ) t o s e l l
o f n a t u r a l g a s Is I n c r e a s i n g e a c h m o n t h a n d w c e x p e c t w i t h i n t h e n e x t y e a r
t h e b o n d s s u b je c t t o t h e r ig h t o f d is s a tis fie d d e p o s it o r s t o w it h d r a w t h e ir
t o A n d t h a t t h e n e t r e s u lt s t o t h e c o m p a n y w ill b e g r e a t e r s u p p l y i n g n a t u r a l
h o ld in g s w ith in 15 d a y s a n d
(3 ) t o p r e p a r e a p la n o f r e o r g a n iz a t io n w h ic h
g a s t h a n h a s b e e n t h e c a s e In s u p p l y i n g a r t lllc la l g a s .
s h a B b e e f f e c t i v e In c a s e a m a j o r i t y o f t h e d e p o s i t e d b o n d s r e m a i n o n d e p o s i t
T h e r e s u lt s s e e m g r a t if y i n g , a n d e v e n e x t r a o r d i n a r y , c o n s id e r in g t h e
a f t e r 15 d a y s n o t c e .
T h e e x p e n s e s o f th e c o m m i t t e e , fo r w h ic h t h e d e p o s i
fo llo w in g u n p r e c e d e n te d d iffic u ltie s :
(1 ) I n c r e a s e d p r i c e s f o r m a t e r i a l s ,
t o r s s h a ll b e lia b le , m u s t n o t e x c e e d 1 % o f t h e a m o u n t o f t h e d e p o s i t e d
w h ile o u r o r d in a n c e p r e v e n t e d o u r c h a r g in g m o r e f o r g a s a n d e le c t r i c i t y ;
b o n d s u n l e s s . s p e c ia l a u t h o r i t y t h e r e f o r Is o b t a i n e d a t a b o n d h o l d e r s ' m e e t (2 ) t w o d i s a s t r o u s H o o d s , s o m e t h i n g h e r e t o f o r e u n k n o w n in C i n c i n n a t i ,
ln g .
V . 86, p. 479, 228.
w h i c h m a t e r i a l l y r e d u c e d t h e e a r n i n g s ; (3 ) w a g e s h a v e i n c r e a s e d a b o u t 2 5 % ,
e f f i c i e n c y d e c r e a s e d a n d h o u r s o f l a b o r d e c r e a s e d f r o m 12 t o 8 h o u r s ; (4 )
C a n a d ia n P a c ific R y .
— W a lte r R . B a k e r
d e v e lo p in g th e m a r k e t fo r n a tu r a l g a s h a s b e e n t e m p o r a r ily a m a te r ia l
h a s b e e n a p p o in t e d S e c r e t a r y , a n d a ls o ju n io r a s s is ta n t t o
d r a w b a c k t o th e c o m p a n y ’s e a rn in g s .
N o f u r t h e r d i f f i c u l t i e s a r e n o w a p p a r e n t , a n d I t is i m p r o b a b l e t h a t t h e
th e
P r e s id e n t,
w it h
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at
M o n t r e a l,
Q u e .,
e ffe c t iv e
c o m p a n y w ill a g a in b e c o n f r o n t e d w it h s u c h a la r g e n u m b e r o f u n u s u a l
M a r c h 1 1 9 0 8 , t o s u c c e e d C h a r le s D r in k w a t e r , w h o a s k e d t o
c o n d it i o n s w h ic h h a v e c o n t r ib u t e d a s a n o b s t a c le t o Its e a r n in g p o w e r ; a n d
t h e c o n d i t i o n o f t h e p r o p e r t y Is s u c h t h a t n o l a r g e o r u n u s u a l e x p e n d i t u r e s
b e r e lie v e d f r o m s o m e o f h is d u t i e s .
M r . D r in k w a t e r w ill
w i l l b e n e c e s s a r y In t h e i m m e d i a t e f u t u r e .
I c o n fid e n t ly p r e d ic t th a t o u r
h e r e a fte r a c t a s s e n io r a s s is ta n t t o t h e P r e s id e n t , h a v in g
e x p e c t a t i o n s a s o r i g in a ll y c o n s id e r e d w ill b e f u l l y r e a li z e d .
c h a r g e o f le g is la t iv e , & c ., m a t t e r s .
( T h e c o m p a n y ’ s a u t h o r i z e d c a p i t a l s t o c k Is 5 1 0 , 0 0 0 , 0 0 0 , o f w h i c h o n e h a l f Is 6 % c u m u l a t i v e p r e f e r r e d ; a m o u n t s o u t s t a n d i n g 5 5 , 0 0 0 , 0 0 0 p r e f e r r e d
.— W e h a v e c o n f i r m e d t h e
and
(? )
c o m m o n (V .
82,
p.
1274;
V.
83,
p. 277,
577, 912 , 1234,
s t a t e m e n t t h a t o f t h e s u b s c r ip tio n s fo r t h e
$ 2 4 ,3 6 6 ,0 0 0
1 3 6 0 ; V . 8 5 , p . 4 7 3 ).
C o n t r o l o f t h e c o m p a n y Is h e l d b y t h e C o l u m b i a
G a s & E l e c t r i c C o . ( o r g a n i z e d In 1 9 0 6 a s t h e C o l u m b i a C o r p o r a t i o n ; V . 8 3 ,
n e a r ly o n e - h a lf h a v e b e e n p a id in f u ll .— V . 8 6 , p . 5 4 5 , 5 1 .
’
p . 1 2 3 1 ; V . 8 4 , p . 4 5 2 ) , w h ic h a ls o c o n t r o ls t h e P e o p l e ’s G a s L ig h t C o .
a n d th e C le v e la n d G a s L ig h t & C o k e C o ., b o t h o f C le v e la n d .
T h e C o lu m
C h ic a g o G r e a t W e s t e r n R y .
.—
b i a C o r p o r a t i o n Is c a p i t a l i z e d a s f o l l o w s :
A u t h o r iz e d a m o u n t c o m m o n
c o m m it t e e , W illia m
A . R e a d , C h a ir m a n , r e p r e s e n t in g
s t o c k , 5 5 0 ,0 0 0 ,0 0 0 (n o p r e f e r r e d ) : fir s t m o r t g a g e (a n d c o lla t e r a l tr u s t ) 5 %
b o n d s , 5 7 5 ,0 0 0 ,0 0 0 . O u t s t a n d in g a m o u n t s s t o c k , e n t ir e 5 5 0 ,0 0 0 ,0 0 0 ; fir s t
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B a n k e r s ’ T r u s t C o . b e fo r e t h e c lo s e o f
1 4 8 9 ; V . 8 5 . p . 1 4 0 4 , 1 5 2 1 .— E d .] — V . 8 5 , p . 4 7 3 .
y .— Notice to First Mortgage Bond
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— New Secretary.
New Stock Nearly Half Paid for
— Debenture Stock Deposits
b u s in e s s o n
GENERAL
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g a g e 5 0 -y e a r 4 % g o ld b o n d s , b e in g t h e e n tir e a m o u n t o u t s t a n d in g , a n d a
lir s t lie n a t 5 3 0 ,0 0 0 p e r m i l e o n 3 0 8 m i l e s o f r o a d a n d e q u i p m e n t .
T h ese
n o t e s a r e a l e g a l I n v e s t m e n t f o r I n s u r a n c e c o m p a n i e s In N e w Y o r k .
See
a d v e r tis e m e n t
on
a
p r e c e d in g
p a g e .— V .
Meeting April 6
Merger, Agreement with City and New Stock.—
C le v e la n d
p a tch
to
m e e t in g
E le c tr ic
th e
of
“ N ew
th e
Y ork
N ew s
s to c k h o ld e r s
B u rea u ”
has
been
86,
A
s p e c ia l d is
s t a t e s t h a t a s p e c ia l
c a lle d
fo r
A p r il
6 fo r
t h e p u r p o s e o f c o n s id e r in g :
(1 ) T h e s u r r e n d e r o f a ll o r s o m e o f t h e e x i s t i n g fr a n c h is e s o f t h e c o m p a n y
a n d t h e a c c e p t a n c e o f a n e w o r r e n e w a l fr a n c h is e fr o m t h e C it y o f C le v e la n d ;
(2 ) t h e s a le o r le a s e o f a ll t h e p r o p e r t y a n d fr a n c h is e s o f t h e c o m p a n y ;
(3 ) t h e a d o p t io n o f a n a g r e e m e n t b e tw e e n t h e C le v e la n d e le c t r ic R y . C o .
a n d t h e F o r e s t C i t y R y . C o . f o r t h e i r c o n s o l i d a t i o n ; (4 ) t h e le a s e o r p u r c h a s e
b y t h e C le v e la n d E le c t r ic R y . C o . o f a ll t h e p r o p e r t y a n d fr a n c h is e s o f t h e
L o w - F a r e R y . C o . a n d t h e F o r e s t C it y R y . C o . . o r e i t h e r o f t h e m , a n d (3 )
th e In cre a se o f th e c a p it a l s t o c k o f th e c o m p a n y t o s u c h an a m o u n t as th e
S to c k h o ld e r s s h a ll d e t e r m in e .
See
e d ito ria l
1 9 0 8 .— V .
in
85,
C le v e la n d
“ E le c tr ic
p .
1461,
&
L o r a in
Interest by Baltimore
— V .
86, p .
D e tr o it
due
S e c tio n
of
F eb.
29
1
&
1908
S ou th ern
Purchase of Minority
R y .—
Ohio RR.
Iron ton
on
th e
D iv is io n )
See
th a t co m p a n y
R y .—
Coupon Paid.—
$ 4 ,4 9 5 ,0 0 0
fir s t
D e tr o it
m o rtg a g e
above.
Additional Committee for
C oupons
S ou th ern
bonds
M a r c h 2 d a t t h e W i n d s o r T r u s t C o ., 6 5 C e d a r S t . ,
c o m m itte e
R R .
w ere
N ew
p a id
Y ork .
Collateral Trust Notes.—
5 %
fo llo w in g
new
o r g a n iz e d
t o r e p r e s e n t h o ld e r s o f 5 %
(co m p a re
V .
86,
p .
The
546) has been
c o m m itte e ,
under
d a te
of
M arch
2,
m akes
b y adver
t is e m e n t o n a n o t h e r p a g e t h e f o llo w in g a n n o u n c e m e n t , c a llin g
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at
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C o .:
T h e u n d e r s ig n e d , a t t h e r e q u e s t o f t h e h o ld e r s o f a la r g e a m o u n t o f t h e
c o l l a t e r a l t r u s t n o t e s , h a v e c o n s e n t e d t o s e r v e a s a c o m m i t t e e , a n d w i l l a id
I n t h e f o r m a t i o n o f p i a n s I n t e n d e d t o d e v e l o p t r a f f i c f o r t h e t w o r a i l r o a d s In
w h ic h th e n o t e -h o ld e r s a re I n t e r e s t e d , a n d
a l s o c o - o p e r a t e In t h e d e v e l o p
m e n t o f c o a l a n d t i m b e r l a n d s In w h i c h s o m e o f t h e m e m b e r s o f t h e c o m m i t
t e e a r e I n t e r e s t e d , t h e d e v e l o p m e n t o f w h ic h w ill I m m e d ia t e ly g iv e a d d e d
to n n a g e to th e se r o a d s .
T h is p r o p o s e d d e v e l o p m e n t w ill a d d g r e a t ly t o
th e v a lu e o f th e n o te s .
Y o u a r e t h e r e f o r e r e q u e s t e d t o c o - o p e r a t e b y d e p o s it in g y o u r n o t e s w it h
t h e d e p o s i t a r y , o r b y s ig n in g a n d d e p o s i t in g w it h t h e d e p o s l t a r y a n a g r e e
m e n t a u t h o r i z i n g t h e c o m m i t t e e t o a c t In y o u r b e h a l f . F o r m s o f s u c h
a g r e e m e n t m a y b e h a d u p o n a p p lic a t io n t o th e d e p o s it a r y , th e W in d s o r
T r u s t C o. N o . 65 C e d a r S tr e e t, N e w Y o r k C ity .
D e p o s it o r s m a y w ith d r a w
w i t h o u t e x p e n s e o f a n y k i n d In c a s e t h e y .d i s s e n t fr o m a n y p la n p r o p o s e d
b y th e c o m m itte e .
Suit.—
H o rto n
C .
R o r ic k ,
of
S p itz e r
&
C o .,
ban k ers,
o f
T o le d o , h a s b e g u n s u it in t h e M ic h ig a n S t a t e c o u r t s t o o b t a i n
an
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o f t h e p r o f it s , a lle g e d t o b e $ 1 ,2 8 1 ,5 0 0 , o f t h e s y n d ic a t e w h ic h
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5 1 ,2 0 8 ,0 0 0
c o l la t e r a l t r u s t n o t e s p l e d g e d t o s e c u r e t h e 5 8 2 0 ,0 0 0 lo a n r e
c e n t l y ta k e n o v e r fr o m t h e U n ite d S t a te s M o r t g a g e & I ru s t C o . b y H . B .
H o llin s & C o ., e x c e p t a s a n o ir s e t a g a ln s t h e c la im fo r t h e r e t u r n o f t h e
s a id p r o fit s t o t h e D e t . T o l . * I r o n t o n .
H o l l i n s & C o . , It Is s a i d , h a d n o
I n t e r e s t e i t h e r In t h e p u r c h a s e o f t h e A n n A r b o r s t o c k o r t h e s y n d i c a t e
w h i c h h a n d l e d t h e n o t e s I s s u e d In p a y m e n t .
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V .
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to
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1908.
C om p a re
10
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V . 85, p.
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1338;
480.
T h e o p in io n o f C h a lim a n S te v e n s , give n at len gth In th e " N e w Y o r k
T r ib u n e " and " S u n ” states th a t In o r d e r t o a u th o rize th e Issue o f s t o c k ,
b o n d s o r o th e r e v id e n c e o f In d ebted n ess p a y a b le m o r e th a n 12 m o n th s
a fte r th e d a te t h e r e o f, pu rsuan t t o S ection 55 o f th e R u b llc S e rvice C o m
m ission s L a w , 3 c o n d itio n s m u st be c o m p lie d w ith :
(1) C a pital m u st be secure b y th e Issue.
(2) T h e use o f such c a p ita l
m u st be n ecessa ry fo r o n e o r m o r e o f th e 4 p u rp oses sp ecified In S e ction 5 5 ,
v iz .; (a) a cq u is itio n o f p r o p e r t y ; (6) c o n s t r u c tio n , c o m p le t io n , e x te n sion o r
Im p r o v e m e n t o f fa cilities; (c) Im p ro v e m e n t o r m a in te n a n ce o f s e rv ice ; (d)
d isch arge o r re fu n d in g o f o b lig a tio n s .
(3) T h e a m o u n t a u th o rize d m u s t be
r e a so n a b ly requ ired for such p u rp ose o r p u rposes.
It Is fu rth er held that d iv id e n d s , u n d e r S ection 23 o f th e s to c k c o r p o r a
tio n s la w . ca n he d eclared o n ly fro m su rp lu s p ro fits, w h ich b e lo n g t o th e
c o r p o r a tio n a n d n o t t o th e s to c k h o ld e r s , u n til a d ivid e n d Is d e c la r e d , and
th a t b y the de cla ra tio n o f a d iv id e n d p a y a b le at a futu re tim e In w arra n ts
n o c a p it a l Is se c u r e d .— V . 8 6 , p . 5 4 6 , 480 .
&
F r a n k lin
R iv e r
&
M e g a n tic
R a n g e le y
Earnings.—
G ra n d T ru n k R y .—
in
Consolidation.—
R y .—
See
Sandy
L a k e s R R . b e lo w .— V . 6 5 , p . 1 0 7 1 .
F o r h a lf-y e a r
(a p p r o x im a te
1 9 0 7 ):
1907.
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£
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1906.
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86,
£92
T he
T he
p u r p o s e s .” — V .
10s.
is s u e , it
p roceeds
p.
per
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is
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sto ck
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to
in
5 0 %
“ gen eral
285.
G rea t
N orth ern
R y .— Rebate
Amendatory of Elkins Act. — T h e
F eb. 24
1 3 ,2 3 1
stock
C om p a re V . 85, p . 405.
stock
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C ou rt on
fo r w a r d .
th ird
Guaranteed Stock.— S u b s c r i p t i o n s
4 %
g u a ra n te e d
L on don
1906.
£
5 2 3 ,4 6 5
1 0 ,0 7 7
5 2 3 .4 6 5 |
3 %
a n n u a l d is tr ib u tio n .
1907.
£
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B r o u g h t I n -----------
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Decision—-Hepburn
U n it e d
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o f A p p e a ls a t D e n v e r in S e p t e m b e r la s t h o l d i n g t h e c o m p a n y
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V .
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85, p. 793.
T h e o i r e n s e s w e r e c o m m i t t e d In 1 9 0 5 b e f o r e t h e e n a c t m e n t o f t h e H e p b u r n
l a w In 1 9 0 6 , w h i c h I t w a s c l a i m e d r e p e a l e d b y I m p l i c a t i o n a t l e a s t t h e p r o
v is io n s o f t h e E lk in s la w .
J u s t i c e W h it e , w h o w r i t e s t h e u n a n i m o u s
o p i n io n o f t h e C o u r t , s a y s t h a t s e c t io n 13 o f t h e R e v is e d S t a tu te s w h ic h
p r o v i d e s t h a t t h e r e p e a l o f a n y s t a t u t e s h o u l d n o t h a v e t h e e lT e c t t o r e l e a s e
o r e x t in g u is h a n y p e n a lt y , fo r fe itu r e o r lia b ilit y In cu r re d u n d e r s u c h
s t a t u t e u n l e s s t h e r e p e a l i n g A c t s o e x p r e s s l y p r o v i d e s , a n d t h a t w h i l e It
h a d o n l y t h e f o r c e o f a s t a t u t e , y e t Its p r o v i s i o n s c o u l d n o t j u s t i f y a d i s r e g a r d
o f th e w ill o f C o n g r e s s as m a n ife s t e d b y e it h e r e x p r e s s e d o r b y n e c e s s a r y
I m p l i c a t i o n * in a s u b s e q u e n t e n a c t m e n t .
I h e q u e s tio n w a s d e e m e d t o b e
o f s u c h i m p o r t a n c e t h a t t h e a t t o r n e y s o r th e b t a n d a r d O i l C o . w e r e a l l o w e d
t o h i e a b r i e f In s u p p o r t o f t h e v i e w s o f ^ h c d e f e n d a n t , t h e p o i n t b e i n g o n e
o f t h o s e r a is e d In t h e a p p e a l f r o m t h e $ J 9 ,0 ( )0 ,0 0 0 fin e I m p o s e d o n t h e
S t a n d a r d O il C o . o f I n d i a n a .
Venner Suit Dismissed.—
day
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and
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have
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b r o u g h t a b o u t t h e o r g a n iz a t io n o f t h e N o r t h e r n S e c u r it ie s C o .
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c o u r t h a d jii d s d le t I o n . w h i c h w a s d e c i d e d a f f i r m a t i v e l y , - V . 8 6 , p . 4 8 0 , 2 8 5 ,
G re e le y
T he
&
N orth ern
com pan y,
posed
e le ctr ic
p a r tly
co n stru cte d ,
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s e c u r i t y - h o l d e r s a s t o t h e s t a t u s o f t h e p r o p e r t y , w e w is h t o c a ll a t t e n t i o n
t o t h e fa c t t h a t th e ro a d w a s p u t In to th e h a n d s o f r e c e iv e r s u n d e r a d e fa u lt
u p o n I t s c o n s o l i d a t e d m o r t g a g e . w h i c h Is r e a l l y a t h i r d H en o n t h e p r o p e r t y
T h e t w o p r io r H ens a r e t h e D e t r o it S o u t h e r n ,O h i o S o u t h e r n D i v i s i o n ,m o r t
g a g e , w h i c h Is a l i e n o n t h e m i d d l e p a r t o f t h e l i n e , a n d t h e D e t r o i t T o l e d o
& I r o n t o n " d i v i s i o n a l a n d g e n e r a l li e n ” 4 s , w h ic h a r e a fir s t lie n o n t h e t w o
t e r m i n a l s e c t i o n s , t h a t Is, o n t h e lin e f r o m I r o n t o n n o r t h f o r a b o u t 30
m ile s a n d fr o m D e t r o it t o
L im a , O h io , a d is t a n c e o f 125 m ile s .
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w r it e t o t h e “ C h r o n ic le ” a s fo llo w s :
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.— Election Held
A t
ago,
C o lo .,
m o rtg a g e
secu re
.— Mortgage.—
Co
years
G r e e le y ,
C ou n ty
M arch 3 , J osep h
to
U tility
b etw een
M r. Fish. —
H a c k s ta ff
&
several
o f w h i c h , i t is s t a t e d ,
C e n tra l
Succeed
R a ilw a y
in c o rp o ra te d
Status of Security Holders— Receivers’ Certificates Not a
First Lien. — F . J . L i s m a n & C o . , 3 0 B r o a d S t r e e t , N e w Y o r k ,
Report . —
C o .—
O ver.
Exp.
Right to Issue Scrip Dividends Denied.—
R R .—
S e r v ic e C o m m is s io n
C om p a re
c o lla t e r a l t r u s t n o te s :
E
R o l li n s M o r s e , N e w Y o r k , C h a ir m a n ; F . L o t h r o p A m e s , C h a r le s F .
A y e r , B o s to n ; P . G . G o s s le r , G e o rg e W . Y o u n g a n d H e n r y A . M u r ra y ,
N e w Y o r k C ity ; C . D . W a r r e n , T o r o n t o , C a n a d a .
J o h n F . T im m o n s ,
S e c r e t a r y , 65 C e d a r S t r e e t , N e w Y o r k ; W a lla c e , B u tle r & B r o w n , 54 W a ll
S t r e e t , N e w Y o r k ; a n d T h o m a s H . T r a c y , T o l e d o , C o u n s e l.
T h is
E r ie
P u b lic
1269.
W h e e lin g
284.
T o le d o
M arch
(O h io
cfe
R a ilw a y ”
(P a .)
1 9 0 7 .-5 3 5 0 ,1 6 8
577,727 526,270 5103,997 58,229
559,525 536,242
1006 . 326 ,693
8 2 ,8 4 3
27,417
109,760
3,299
48,500
57,961
D iv id e n d s p a id In 1907 537,500 ( 5 % ) , against $18,750 (2>/j % ) , le a v in g
a d e ficit o f 51 ,258 In 1907, against su rplu s o f 539,211 In 190 6.— V . 8 5 ,p . 151 8.
p. 420.
to Authorize
R y .—
E a sto n
C a l.
G ro ss ea rn .
N e t In c . N e t in c .
T o ta l
n ea r. E . T ra n
E . T r .C o .E d .I l l .C o . E . C o n .E l .
1908
e x te n s io n
th e s e n o te s fo r o n e y e a r w ith in te r e s t a t th e ra te o f 6 % , s u b
n o tic e .
w ill a ls o b e p r o m p t l y m e t .
T h e r e a s o n f o r t h i s Is t h a t t h e c o u r t h a s r e c e n t l y
a u t h o r i z e d a n Issu e o f ( 5 3 0 0 ,0 0 0 6 % ) r e c e iv e r s ’ c e r t if ic a t e s , w h ic h a r e a lie n
w it h m o r t g a g e r ig h t s , b u t ju n io r t o th e t w o Issu es a b o v e m e n t io n e d .
T h ese
r e c e iv e r s ’ c e r t ific a t e s w e r e ta k e n b y p a r t ie s la r g e ly In te re s te d o n t h e c o n
s o l i d a t e d I M S , w h o w e r e In f e a r t h a t In c a s e t h e r e w a s a d e f a u l t o n e i t h e r
o f t h e t w o p r i o r H en Issu es t h e ir e q u it y m ig h t b e w ip e d o u t .
T h e o r d e r o f c o u r t a u th o r iz in g th e s e c e r tific a te s a n d th e a c t io n s o f th e se
I n t e r e s t s In t a k i n g t h e m e s t a b l i s h e s t h e p r e c e d e n t t h a t t h e I n t e r e s t o n t h e
b o n d Issu es m u s t b e p r o m p t ly m e t a n d n a tu r a lly t h a t t h e y c a n n o t b e d is
t u r b e d o r I m p a i r e d In a n y w a y In t h e
r e o r g a n iz a tio n
w h ic h
w ill t a k e
p la c e s o o n e r o r la t e r .— V . 8 6 , p . 5 4 6 , 4 8 0 .
e x te n s io n s
545. ‘
C h ic a g o
je c t to
[V L LX X I.
O. XY
THE CHRONICLE
603
to
n ot
r a ti
and
a r t ic le
go
over
in
to
Mar. 7 1908.]
Financing.—
to
fin a n c e
stock
th e
or
use
T he
th e
m a n a g e m e n t , i t is s t a t e d , m a y
c o m p a n y ’s
stock
of
THE CHRONICLE
and
bon d s,
$ 3 0 ,0 0 0 ,0 0 0
ju s t
C o v in g t o n ,
to
R y .,
L a .,
a ted
V a lle y
C o r in th ,
tr a ffic
to
v ia
F eb.
w ill
be
and
it
as
th rou g h
H am m on d
fro m
B a to n
m ile s , h a s
been
Y azoo
H a le y v ille
ten
in
oper
&
M is
bran ch ,
abou t
ex p ected
th a t
2 1 9 m ile s ,
M arch
th rou gh
in c lu d in g
15.
(V .
85,
th e
S u p e r io r
C ou rt
U n io n
in
h is o w n
fo r
s e r v ic e
tra ck a g e )
p . 7 9 8 .)
n a m e, as
t e s t t h e r ig h t o f t h e
P a c ific t o
ow n
a new
of
S e c u r i
I llin o is C e n tr a l s t o c k .
T h e a p p l ic a t i o n f o r a t e m p o r a r y I n ju n c t io n t o r e s t r a in t h e v o t e t h e r e o n
a t th e a n n u a l m e e t in g o n M a rch 2 w a s d e n ie d .
M r . I .e m a n s a y s h e w ill
c a r r y t h e c a s e t o t h e U n i t e d S t a t e s S u p r e m e C o u r t In o r d e r t o t e s t t h e
q u e s t i o n s a t I s s u e .— V . S 6 , p . 5 4 7 , 4 S 0 .
I n t e r b o r o u g h R a p i d T r a n s i t C o . , N e w Y o r k . — New Bond
Issue to Enable Company tomRefund or Extend $ 1 5 , 0 0 0 , 0 0 0
Notes Due M ay 1 1 9 0 8 and for Other Purposes. — T h e c o m p a n y
on
T h u rsd ay
p e r m is s io n
a p p lie d
to
to
e x ecu te
th e
a
P u b lic
S e r v ic e
m o rtg a g e
p o w e r h o u s e s , its le a s e h o ld
of
a ll
in t e r e s t in
of
s c r ib e d
4 5 -y e a r
as
g o ld
m o rtg a g e
real
esta te
th e su b w a y
p r o p e r t y t o s e c u r e a n is s u e o f n o t t o e x c e e d
v a lu e
C o m m is s io n
its
bon d s.
and
bonds
fo r
oth er
are d e
A s n o n e g o t ia t io n s f o r t h e s a le o f t h e p r o p o s e d b o n d s h a v e
m ade, and
th e
m on ey
0 0 0 , to
it
b e d a ted
w ill
p le d g e
b o n d is s u e .
pan y
to
M ay
n ecessary
th e
presen t
l
1908, to
in te r e s t n o t t o
n ot
4 %
is s u e
tim e ,
to
exceed
th e
n otes
to
r a is e
com pan y
asks
exceed
$ 2 5 ,0 0 0 ,
b e p a y a b le in n o t t o
exceed
6 % , to
$ 3 0 ,0 0 0 ,0 0 0
exceed
s e c u r e w h ic h
of
th e
proposed
th e
$ 1 5 ,0 0 0 ,0 0 0
4 %
g o ld
n otes
due
M ay
1
o th e r o b lig a t io n s .
T h e o u t s t a n d in g i n d e b t e d n e s s in
000
to
T h e p r o c e e d s o f t h e s e n o t e s w ill e n a b le t h e c o m
red eem
1908 and
at
be
t o is s u e p r o m is s o r y n o t e s n o t t o
th r e e y e a r s , w it h
it
m ay
needed
p e r m is s io n
a d d itio n
to
th e
5 %
dem and
g o ld
n otes
lo a n s ,
duo
M arch
$ 5 ,1 2 0 ,1 7 2 ;
1
1 9 1 0 in c lu d e s :
a ccou n ts
p a y a b le ,
T im e
and
$ 5 ,2 3 2 ,5 5 4 ;
t o t a l, $ 1 0 ,3 5 2 ,7 2 6 , w h ic h w a s in c u r r e d c h ie fly a s f o llo w s :
The security for the new m
ortgage is as follow
s:
T h e
d e n ie d
a p p lic a tio n
th e
-----------------------H
S v f j T o t a l ................................................................................................- ......................... ........... $ 5 4 , 0 9 5 , 4 1 9
N o te .— T h e a b o v e s t a t e m e n t d o e s n o t I n c lu d e t h e c a p i t a l iz e d v a l u e o f
t h e s u b w a y le n s e s o r t h e M a n h a t t a n R a i l w a y le a s e , o r t h e a m o u n t I n v e s t e d
In t h e N e w Y o r k & L o n g I s l a n d R R . ( S t e i n w a y t u n n e l ) , a b o u t $ 7 , 5 0 0 , 0 0 0 ,
o r th e a m o u n t s d u e fr o m th e c i t y o f N e w Y o r k o n s u b w a y c o n t r a c t s N o s .
1 a n d 2 , f o r m a te r ia ls a n d s u p p lie s a n d o t h e r c u r r e n t a s s e ts .
th e
M arch
28 to
a u th o r iz e th e n e w
is su e .
Profit from Operation of Extension to Borough Hall, Brook
lyn .-—It i s s t a t e d o n g o o d a u t h o r i t y t h a t a s a r e s u l t o f t h e
th e
B r o o k ly n
tu b e
s u b w a y h a s in c re a s e d fr o m
th e
passen ger
tra v el
on
th e
4 0 ,0 0 0 t o 5 0 ,0 0 0 a d a y , p r o d u c in g
a n a d d it io n a l g r o s s r e v e n u e o f $ 2 ,0 0 0
to
o th e r h a n d , th e
e x p e n s e s is b u t $ 5 0 0
d a y.
in c r e a s e in
o p e r a tin g
$ 2 ,5 0 0 d a ily ; o n
th e
a
E v e n b e t t e r r e s u lts a r e e x p e c t e d w h e n t h e e x t e n s io n t o
A tla n tic A v e n u e
is c o m p l e t e d . — V . 8 6 , p .
I n te r n a tio n a l
occu rred
and
v ie w
of
1 upon
a ls o
th e
M ark T . C o x a n d
W .
G rea t
d e fa u lt
M arch
m o rtg a g e
In
&
The
K in g fie ld
R iv e r
N orth ern
fo re to ld
R R .—
in
la s t
th e
cou p on s
th e
on
T h om as
th ir d
d e fa u lt
on
th en
ber
of
M arch
h o ld e r s
th e
2
secon d
th a t
fo r
& C o .,
th ey
th e
due on
th e secon d
bon d s.
fir e ,
p o s s ib ly
and
S econ d
su m m er
n u m ber
an
th e
secon d
m o rtg a g e
of
a ct as a
b o n d h o ld e r s .
N e w jY o r k ,
m o rtg a g e
John
pro
D e p o s it s
& T r u s t C o .,
o f m u tu a l
r e p r e s e n t in g a
th e
nam es
p r o te c tio n
e x te n s io n
“ h ou rs
of
o f t im e
la b o r
num
an n ou n ced
of
oth er
h a v in g
accou n t
to
la w ,”
redu ced
of
c o m p ly
r e q u ir in g
to
9 h ou rs,
R iv e r
Consolidation.—
R y .—
S treet
R y .,
in c e n d ia r y ,
and
at
See
S an dy
F ir s t
fro m
Y o r k . — Fire
N ew
O n
S a tu rd a y
d estroy ed
b etw een
avenu es,
c o n ta in e d
$ 8 0 0 ,0 0 0
th e
and
n ig h t,
o ld
to
S econ d
9 6 th
and
som e
t h e r e in .
Destroys
F eb.
a
9 7 th stre e ts
225
cars,
lo s s
is
w h ic h
on
m o s t ly
to ta l
T he
$ 1 ,0 0 0 ,0 0 0 ,
29,
A venue
th e
in
s u r a n c e , i t is s t a t e d , c o v e r s o n l y
50 o r 6 0 %
In th e p a st tw o y ea rs th e sy ste m
h a s s u ffe r e d s e v e r e ly s e v e r a l
tim e s fr o m
o f th e s c h e d u le s .
fir e s o f t h is k i n d .
Committee—
T h e fu ll c o m m it t e e f o r
b on d s d u e 1997
(co m p a re
th e
5 %
c o lla t e r a l
tru st
V . 8 6 , p . 3 3 7 ) is a s f o ll o w s :
D o n a ld M a c k a y , o f M a c k a y & C o .; H e n r y E v a n s , P r e s id e n t o f t h e C o n
t in e n ta l F ir e I n s u r a n c e C o .; W m . T . D ix o n ; E d w a r d H . L a d d J r ., o f L a d d
& W o o d , a n d A le x a n d e r H e m p h ill V ic e -P r e s id e n t o f G u a r a n ty T r u s t C o .
o f N e w Y o r k , W m . P . D ix o n a n d H e n r y E v a n s b e in g a d d e d t o t h e c o m
m itte e .
In v i e w o f t h e r e c e n t fi li n g b y t h e G u a r a n t y T r u s t C o . o f N e w Y o r k ,
t r u s t e e o f t h e m o r t g a g e , o f a b ill t o s e c u r e t h e s e g r e g a t io n o f t h e I n c o m e
d e r iv e d fr o m th e p r o p e r tie s c o v e r e d b y m o r t g a g e , th e c o m m it t e e h a s d e c id e d
t o a s k f o r a d e p o s i t o f f u n d s In o r d e r t o c o - o p e r a t e w i t h t h e t r u s t e e ’ s a c t i o n
a n d t o fu r th e r p r o t e c t th e In te re sts o f b o n d h o ld e r s .
H o ld e r s o f th e se b o n d s ,
o n w h i c h t h e F e b . 1 9 0 8 c o u p o n Is I n d e f a u l t , a r e r e q u e s t e d t o d e p o s i t t h e
s a m e w ith th e G u a r a n ty T r u s t C o . o f N e w Y o r k u n d e r a p r o t e c t i v e a g r e e
m e n t , o f w h ic h c o p ie s m a y b e o b t a in e d f r o m t h e d e p o s it a r y — V
S6
o
548, 337.
'
M e x ica n
la te r a l
Bonds Called.—
C e n tra l R y .—
5 %
g o ld
bonds
o f $ 3 8 ,0 0 0 , w ill b e
due
E q u ip m e n t a n c fc o l-
1 9 1 7 , fir s t s e r ie s , t o
p a id a t p a r a n d
th e
am ou n t
in te r e s t a t e ith e r th e
C o lo n y T r u s t C o . o f B o s to n , M a n h a tta n T r u s t C o ., N e w
on
or
a fte r
A p r il
M ilw a u k e e
&
is su e
o f
1 9 0 8 .— V .
&
&
G ary
$ 6 0 0 ,0 0 0
F eb.
15
86, p.
E a ste rn
S t ., L o n d o n , E . C .,
Merger.—
R y .—
R y . a b o v e .— V .
“ fir s t
c a ll a t c o m p a n y ’s o p t i o n
due
on
84,
p.
See
C h i
508.
T he com p an y has m ade
m o rt. 5 %
1908 and
O ld
Y ork ,
548, 480.
Gold Notes.—
O h io R R . —
e a ch , d a ted
to
1
R o c k fo r d
M ilw a u k e e
M o b ile
an
g o ld
F eb.
n otes”
of
$ 1 ,0 0 0
15 1 9 1 1 , b u t s u b je c t
a n y s e m i-a n n u a l in te r e s t d a y
(A u g . 15 a n d F e b . 1 5 ) a t p a r a n d in te r e s t, w h e n d r a w n b y lo t .
T h e n o te s a re secu red b y m o rtg a g e m a d e t o th e G u a r a n ty T ru st C o . o f
N e w Y o r k a s t r u s t e e b y t h e M o b ile & O h io R R . C o . a n d Its s u b s i d i a r y t h e
G e o r g ia I n d u s t r ia l R e a lt y C o ., c o v e r i n g th e fo llo w in g :
W a r r io r S o u th e r n R y . 1st M . 4 % g o ld b o n d s , d a t e d 1 9 0 3 , g u a r
a n t e e d p r i n c i p a l a n d I n t e r e s t b y t h e M o b i l e & O h i o R R ____________$ 6 0 3 , 0 0 0
W a r r io r S o u th e r n R y . e q u ip m e n t tru s t n o te s d a t e d 1 9 0 2 , c o v e r in g
2 0 0 d r o p - b o t t o m g o n d o l a c a r s ( N o s . 2 0 0 t o 3 9 9 ) _______________. . . . 1 4 5 , 4 9 3
C e r t a i n p a r c e l s o f r e a l e s t a t e In M o b i l e a n d B i r m i n g h a m A i n . , s e v e r a l o f
w h ic h a re o w n e d b y th e G e o r g ia I n d u s t r ia l R e a lt y C o ., h a v in g b e e n p u r
c h a s e d b y It In 1 9 0 6 w i t h f u n d s b e l o n g i n g t o t h e r a i l r o a d c o m p a n y .
N o t e .- T h e W a r r i o r S o u t h e r n R y . e x t e n d s f r o m S e a r c y , A l a . , t o K e l l e r m a n , A l a . , 1 3 .6 m ile s .
T h e e n tir e e a p lta l s t o c k a n d a ls o t h e e n tir e fu n d e d
d e b t , $ 6 0 3 , 0 0 0 , Is o w n e d b y t h e M o b i l e & O h i o .
C om pare V . 81, p . 1371
V . 8 3 , p. 1166.
N orth ern
Valid.—
P a c ific
— Montana 16-IIour Labor Law Held
R y
T h e S u p re m e C ou rt o f M on ta n a o n
F e b . 2 5 a ffir m e d
t h e i m p o s i t i o n o f a fin e o f $ 1 0 0 b y J u d g e C l e m e n t s o f L e w is &
to
C ou n ty
fo r
a lle g e d
v io la tio n
16 th e n u m b e r o f c o n s e c u tiv e
e m p lo y e e s
con cern ed
at
The
w ork .
in
of
th e
th e o p e r a tio n
d e c is io n
S ta te
is o f g e n e r a l
in t e r e s t in
p are
83, p.
V .
lim itin g
r a ilw a y
o f t r a in s m a y
w h ic h w e n t in t o e ffe c t o n
e d ito r ia l,
la w
h o u r s d u r in g w h ic h
n a t io n a l la b o r la w
be
v ie w
M arch 4 .
kept
o f
th e
C om
1560.
T h e c o m p a n y c o n t e n d e d t h a t t h e s u b je c t w a s o n e e x c lu s iv e ly w it h in t h e
p o w e r o f C o n g r e s s , b u t t h e c o u r t h e ld th a t u n t il t h e
la tte r
a c te d , th e
S t a t e h a d a r i g h t u n d e r Its p o l i c e p o w e r s t o e n f o r c e s u c h r e g u l a t i o n s .— V 8 6 .
p . 169.
V a lle y
P e o r ia
ney
s ig n e d .
T r a c tio n
R y .
&
is n o w
P e k in
U n io n
R y .—
P r e s id e n t, h a v in g
J.
is
R och ester S yracu se
&
85,
p.
C o .—
New
Name.—
See
— A
C am den
above.
K ie fe r
F .
New President.—
su cceed ed
S ecreta ry ,
H . K . P in k
C u rtis s
v ic e
H .
K .
M illa r d , r e
P in k n e y .—
1577.
c e r tific a t e
of
E a ste rn
in c re a s e
of
(E le c tr ic ) R y .—
c a p ita l s to c k
fro m
New Stock.
$ 6 ,0 0 0 ,0 0 0
t o $ 8 ,5 0 0 ,0 0 0 w a s file d a t A lb a n y o n M a r c h 5 .— V .8 4 , p .1 4 2 9 .
San
w as
b o n d h o ld e r s ,
r e c e iv e
roads, on
bon d s,
Y ork , and
to
C o m m is s io n
of
L a k e s R R . b e lo w .
e q u ip m e n t
e s t im a t e d
V .
a g reem en t.
w o u ld
pu rpose
“ C h r o n ic le ”
m o rtg a g e
th e
requ est
b o n d h o ld e r s ’
D enny
of
D ead
M e tr o p o lit a n
Default— Deposits
E d g a r L . M a rston , o f N ew
te c tiv e c o m m itte e a t th e
a
&
& R a n g e le y
O h io
w e e k ’s
o f b o n d s a r e t o b e m a d e w it h t h e F a r m e r s ’ L o a n
to
C om m erce
a
Second Avenue Car Barn.—
108.
H a m e r , o f P h ila d e lp h ia , h a v e c o n s e n t e d
s u b je c t
of
A lt h o u g h o n m a n y r o a d s t e le g r a p h s e r v ic e w ill b e d is c o n t in u e d a t a
n u m b e r o f s t a t i o n s a n d t h e h o u r s In w h i c h t h e o f f i c e s w i l l b e o p e n r e d u c e d
a t m a n y o t h e r s , a la r g e n u m b e r o f a d d i t io n a l o p e r a t o r s w ill h a v e t o b e e m
p l o y e d , e n t a ilin g a n e s t im a t e d a d d it io n a l e x p e n s e fo r a ll t h e r o a d s o f t h e
c o u n t r y , a c c o r d i n g t o n e w s p a p e r r e p o r t s , o f a b o u t $ 1 0 , 0 0 0 , 0 0 0 a y e a r .i j
T h e la w a ls o p r o v id e s t h a t t r a in m e n , e n g in e e r s a n d fir e m e n o n o t h e r th a n
w r e c k i n g a n d r e l i e f t r a i n s s h a l l n o t , b a r r i n g d e l a y In c o m p l e t i n g a t r i p , b e
p e r m i t t e d t o b e c o n t i n u o u s l y o n d u t y f o r m o r e t h a n 1 6 h o u r s in t h e a g g r e
g a t e In a n y 2 4 - h o u r p e r i o d , a n d a f t e r b e i n g o n d u t y 1 6 c o n s e c u t i v e h o u r s
m u s t b e r e lie v e d a n d n o t a g a in p e r m it t e d t o r e s u m e d u t y w it h o u t h a v i n g
b e e n o t r d u t y 10 h o u r s .
I f o n d u t y l e s s t h a n 1 6 h o u r s , 8 h o u r s o f l d u t y Is
r e q u ir e d .
C o m p a r e e d i t o r i a l V . 8 3 , p . 1 5 6 0 .— V
83, p. 492.
In te rsta te
Called for. —
In te r -S ta te
p r o v is io n s
4
Hours of Labor Law
t h e t im e o f s e r v ic e o f t e le g r a p h e r s t o b e
th e s a m e w e n t in to e ffe c t o n M a rch 4 .
C la r k
T h e s h a r e h o ld e r s w ill m e e t
of
th e
b u s in e s s d e p r e s s io n , fo r
cago
C a s h C o s t o f P r o p e r t i e s In c lu d e d i n the P r o p o s e d M o r t g a g e o r the A c t u a l C a s h
A d v a n c e s M a d e to C o m p a n i e s S p e c i f i e d a s o f D e c . 31 1 9 0 7 .
V a l u e o f le a s e s o f s u b w a y t a k e n a t a c t u a l a m o u n t o f c a s h e x
p e n d e d fo r e q u ip m e n t , a n d th e a c t u a l a m o u n t fo r c o n s t r u c t io n ,
In e x c e s s o f a m o u n t r e c e i v e d f r o m C i t y o f N e w Y o r k ________ $ 3 5 , 7 5 2 , 6 9 9
R e a l e s t a t e n o t I n c l u d e d In e q u i p m e n t ________________________________
1 9 6 ,8 1 4
C a p ita l s t o c k o f R a p id T r a n s it S u b w a y C o n s tr u c tio n C o . a t
p a r , b e i n g a m o u n t p a i d In c a s h ------------------ ------------ ------------ -------------- 6 , 0 0 0 , 0 0 0
S tock s and b on d s—
S u b w a y R e a l t y C o ________________________ _________________________________
2 ,1 0 6 ,2 6 6
N e w Y o r k & Q u e e n s C o u n t y R a i l w a y C o ________________________
2 ,9 0 0 ,1 5 2
N e w Y o r k & L o n g I s l a n d T r a c t i o n C o . . ............... .. ............................ ..
7 4 4 ,5 5 8
L o n g I s l a n d E l e c t r i c R a i l w a y C o . _____________ ______________________
6 1 2 ,8 2 1
M a n h a t t a n g u a r a n t y fu n d
(w h ic h , b y th e a g r e e m e n t u n d e r
w h i c h t h e g o l d n o t e s m a t u r i n g M a y 1 1 9 0 8 w e r e i s s u e d , Is
a p p r o p r i a t e d t o t h e s e c u r i t y o f t h e g o l d n o t e s ) ___________ _ '
4 ,0 5 7 ,9 8 6
A m o u n t s d u e f r o m c o m p a n i e s w h o s e s t o c k s a r e I n c l u d e d In t h e
m ortg a g e;
N e w Y o r k & Q u e e n s C o u n t y R a ilw a y C o . ($ 7 3 2 ,
0 0 0 ) , N e w Y o r k & L o n g Is la n d T r a c t io n C o . ($ 5 0 ,0 0 0 ), S u b • w a y R e a l t y C o . ( $ 9 4 2 , 1 2 3 ) . - - ________ ______________________ _________
1 ,7 2 4 ,1 2 3
o p e n in g
x
C o m m is s io n .—
C om m erce
o r G ly n , M ills , C u r r ie & C o ., 6 7 L o m b a r d
E q u i p m e n t o f t h e s u b w a y u n d e r c o n t r a c t s 1 a n d 2 _ ............... ..............$ 7 , 7 2 7 , 8 1 6
E x c e s s c o s t o f t h a t p a r t o f t h e B r o o k l y n e x t e n s i o n In o p e r a t i o n
D e c . 3 1 1 9 0 7 , ___________________________________ ______________________________ 2 , 6 2 4 , 9 1 0
bon d
1
in Effect. —
$ 1 5 ,0 0 0 ,
3 - y c a r g o l d n o t e s d u e M a y 1 1 9 0 8 a n d t h e $ 1 0 ,0 0 0 ,0 0 0
3 -y e a r
n
ca r b a rn , o c c u p y in g th e b lo c k
fo llo w s :
T o b e d a t e d N o v . 1 1 0 0 7 , t o h e p a y a b le N o v . 1 1 9 5 2 , w ith In te re st a t a
r a t e t o b e fix e d b y th e b o a r d o f d ir e c t o r s fr o m t im e t o t im e , p a y a b le M a y 1
a n d N o v . 1.
S u b je c t t o p u r c h a s e a t 1 1 0 % a n d a c c r u e d In te re s t t h r o u g h
t h e o p e r a t io n s o f a s in k in g fu n d o f $ 3 0 0 ,0 0 0 p e r a n n u m , b e g in n in g N o v . 1
1 9 1 0 , a n d a ls o s u b je c t t o p a y m e n t a n d c a n c e lla t io n a t t h e o p t io n o f th e
c o m p a n y o n a n y I n t e r e s t d a y In a m o u n t s o f n o t le s s t h a n $ 1 ,0 0 0 , 0 0 0 f a c e
v a lu e a t 1 1 0 % a n d a c c r u e d In te re st.
T h e m o r t g a g e s e c u r in g th e b o n d s w ill a ls o s e c u r e e q u a lly w ith t h e b o n d s
o u t s t a n d in g c o lla t e r a l g o ld n o te s a s r e q u ir e d b y th e tr u s t a g r e e m e n ts
se c u r in g th o s e n o te s .
(V . 8 0 , p . 1 0 1 2 ; V , 8 4 , p . 4 5 0 , 3 9 0 ).
been
XA
I n te r -S ta te
and
$ 5 5 ,0 0 0 ,0 0 0 fa c e
T he
V
w ith
h o ld e r
R a ilr o a d
M r . D e n n y s t a t e s t h a t h is fir m e x p e c t s t o r e p r e s e n t a la r g e n u m b e r o f
bon ds.
B e lie v in g t h a t t h e p r e s e n t m a n a g e m e n t o f th e r o a d o w n s p r a c t i
c a l l y a ll o f t h e t h ir d m o r t g a g e b o n d s a n d s t o c k s , h e t h i n k s It t o b e t o t h e
I n te r e s t o f th e s e c o n d m o r t g a g e b o n d h o ld e r s n o t t o d e p o s it t h e ir s e c u r it ie s
u n d e r th e p r o t e c t i o n o f a n y c o m m i t t e e w h ic h m a y b e a ffilia t e d w it h t h e
p resen t m a n a g em en t.
H e is n e i t h e r f o r n o r a g a i n s t t h e p r e s e n t c o m m i t t e e ,
a n d m a y o r m a y n o t a d v is e h is c u s t o m e r s , a n d s u c h a s c a r e t o p la c e t h e ir
b o n d s u n d e r h is s u p e r v is io n , t o d e p o s i t w it h t h e p r e s e n t c o m m i t t e e , a c c o r d
in g t o f u r t h e r I n f o r m a t io n a s t o Its a f f i li a t i o n s w it h p r e s e n t m a n a g e m e n t ,
p r o p o s e d p l a n s , a m o u n t o f b o n d s w h i c h It e x p e c t s t o
re p re se n t,
& c .—
fro m
H e n ry W . L e m a n , o n e o f th e cou n sel fo r S tu y -
sh ares o f s to ck , to
t ie s C o . a n d
&
R ou ge
v e s a n t F is h in t h e s u it r e c e n t ly a b a n d o n e d , h a s b e g u n
a c t io n
of
c o lla t e r a l.
R ou ge
67
new
is
(to ta l le n g th
in a u g u r a t e d
New Suit.—
T he
is su e
t e m p o r a r ily
B a to n
H am m on d,
c o n c lu d e
an
H a le y v ille , A la ., 8 0 m ile s , w a s o p e n e d
10,
B ir m in g h a m
of
bonds
F e b . 24 as a p a rt o f th e
sy stem .
M is s ., t o
on
The
th rou g h
c o m p le te d , e x te n d in g
u n d e r le a s e s in c e
s is s ip p i
in s te a d
e q u ip m e n t
New Line Operated.—
E a ste rn
r e q u ir e m e n ts
603
F eb.
6%
D ie g o
brou gh t
27
to
bon d s,
C u yam aca
in
th e
fo re c lo s e
&
E a ste rn
S u p e r io r
th e
M e r c a n t ile
fir s t
T ru st
R R .—
C ou rt
at
m o rtg a g e ,
C o. o f
Foreclosure .—
San
N ew
D ie g o ,
s e c u r in g
S u it
C a l.,
on
$ 5 5 0 ,0 0 0
Y o r k , tru stee.
T h e road Is a stan d ard -g au g e steam line ex ten d in g from San D iego to
F o ste r, C a l., 25 m iles. F o r th e y e a r ending J u n e 30 1906 th e gross earnings
w ere $ 6 7 ,5 14 ; net earn in gs. $ 20 ,0 6 5; p a y m e n ts, $ 3 4 ,5 5 3 ; b alan ce, d e ficit.
5 1 4 ,4 8 8 .
T o t a l d e f ic it t o J u n e 30 1 9 0 6 , $ 5 0 6 ,2 4 5 .
C a p it a l s t o c k , $ 7 6 0 ,0 0 0 .
T h e r e h a v e r e c e n tly b e e n r u m o r s t h a t th e o w n e r s h ip o f th e p r o p e r t y w o u ld
p a ss to th e S o u th e r n P a c ific In te re sts .
V . 70, p. 77.
Sandy
R iv e r
&
Narrow-Gauge
G a r d in e r ,
th e
in
fo llo w in g
th e
on
&
R a n g e le y
R R .,
D ead
a c q u ir e d , b u t
o ffic e r s
gauge
&
now
in
th e
no
V ic e -P r e s id e n t
M axcy;
S ecreta ry
o f G a r d in e r ,
a ll
th e
p la c e d
on
It
o r g a n iz e d
has
ta k en
a g g r e g a tin g
(V . 6 5 , p .
is s a id
com pan y
G en eral
54
m ile s
R iv e r
1071) and
to
A.
and
r e tir e
th a t
p o in t.
W eston
J o s ia h
S.
a ll
p r a c tic a lly
m o rtg a g e
th e
be
F a r r in g to n ,
L e w is o w n
A
&
s h o r t ly
M an ager,
$ 2 4 1 ,6 0 0 .
p ro p e rty
on
th e
P h illip s
P r e s id e n t,
G eorge
M essrs. M a x cy
is
are:
at
over
S an dy
th a t th e
o ffic ia l in fo r m a tio n
T reasu rer,
w h ic h
th e
r a ilr o a d s ,
and
and
M e.
stock ,
and
r e g io n , n a m e ly , th e
R y .
new
L e w is ;
w as
r e c e iv e r s ’ h a n d s , w ill a ls o
t h e r e is
of
1908,
M e g a n tic R y .
R iv e r
Consolidation of
R R .—
com pan y
30
R a n g e le y
F r a n k lin
L akes
T h is
Jan.
2 -fo o t
th e
K in g fie ld
T h e
R a n g e le y
Roads.—
M e .,
le n g t h , in
R R .,
has
fo llo w in g
been
o ld
a n d t o p u r c h a s e t h e c o n n e c t in g r o a d s ; a ls o t o b u ild
is s u e s
a d d it io n a l
m ile a g e :
as of F e b . 15 1 9 0 8 .
B on d ed D ebt of C on sm u en t
D a ted .
D u e.
A u th o r .
O u tst’ g
F r a n k lin & M e g a n t ic R y . 1 st M . 5 s . -1 9 0 1
A p r il 1 1901
$ 5 0 ,0 0 0 $ 5 0 ,0 0 0
S a n d y K l v e r R R . 1 s t i t . 0 s _______________1 8 8 5 S e p t . 1 1 9 1 5
1 0 0 ,0 0 0
1 0 0 ,0 0 0
C o n s o l , m o r t g a g e 5 s _____________________ 1 8 9 6 J u l y 1 1 9 2 1
(? ) 2 0 0 , 0 0 0
K l n g i l e l d & D e a d R i v e r R y . 1 s t A t.
5 s. 1900 O ct. 1 1910
5 0 ,0 0 0
4 2 .0 0 0
I n t e r e s t o n a ll t o u r i s s u e s Is p a y a b l e s e m i - a n n u a l l y a t o f f i c e o f M a i n e T r u s t
& B a n k in g C o ., tr u s te e , G a r d in e r. M e .
S eaboard
c e iv e r s
A ir
th e
L in e
on
p a id
Y ork ,
M arch
cou pon
B ir m in g h a m
A ir
Payment of Coupon. —
R y .—
2
at
due
L in e
th e
N ew
M arch
R y .
1
fir s t
Y ork
S ta tes
p o in te d
S.
C ou rt
D a v ie s
in
W a r fie ld
o f
th e r e c e iv e r s o f t h e
&
B ir m in g h a m
b y
S ou th
th e
4 %
on
A tla n ta
3 0 -y e a r
d iv id e n d
L in e
E le v a te d
to
4
of
A ir
and
jkt o f
p . 3 3 4 ).
1%
to
on
D ec.
h oods
T he
in
th e
w eek
la s t
ap
L a n c a s te r W illia m s , t w o
a ll
of
86,
R R .,
th e
w h ose
p.
548,
C h ic a g o .—
c a p ita l
stock
is
481.
Dividend Rate Re
had
$ 1 0 ,3 2 3 ,8 0 0
y e a r ly ,
1 la s t th e in t e r e s t o n th e $ 8 ,0 0 0 ,0 0 0
been
ch arged
d ir e c to r s b y
to
c o n s tr u c tio n
(V .
86,
W a g e s .—
P in e
S t .,
Reductions.—
The
fo llo w in g
r e d u c t io n s
in
w ages
an n ou n ced:
N o r fo lk , & W e s t e r n .— T h e G e n e r a l M a n a g e r o f t h e N o r f o l k & W e s t e r n
R a ilw a y C o . h a s a d d r e s s e d a le t t e r t o th e c h a ir m e n o f t h e v a r io u s la b o r
o r g a n i z a t i o n s I n t h e s y s t e m , p r o p o s i n g a r e d u c t i o n In w a g e s o f a l l e m
p l o y e e s In t h e d i f f e r e n t d e p a r t m e n t s .
I t Is r e p o r t e d t h a t t h e r e d u c t i o n
p r o p o s e d Is o n a s l i d i n g s c a l e , w i t h t h e u n d e r s t a n d i n g t h a t w h e n t h e r e v e
n u e s o f t h e r o a d r e a c h $ 2 ,5 0 0 ,0 0 0 a m o n t h w a g e s a re t o b e r e s t o r e d .
N e w Y o r k N e w H a v e n * H a r t f o r d .— O f f i c e r s a n d c l e r k s o f t h e c o m p a n y
to
Y ea r—
G ro ss.
1 9 0 7 _____ $ 1 , 7 2 2 , 4 0 7
1906
.
1 ,4 1 6 ,3 0 5
1 9 0 5 ______ 1 , 1 1 9 , 7 6 8
S treet
th e
Securities Pledged.—
R y .—
upon
M a r y la n d
S ta tes
a p p lic a t io n
Y ork ,
as
g a g e ,”
tru stee
th e
of
of
Receivership .—
R R .—
C ir c u it
th e
th e
com pan y
C ou rt
M o b ile
&
M o r ris
of
M arch
B o w lin g
“ gen eral
a s s e n tin g ,
y e a r e n d in g D e c . 31
5,
G reen
lie n
th e
m a tu re
c o lla t e r a l
A p r il
1,
r a ilr o a d
1908
c o m p a n ie s
(V .
86,
p.
lo a n s ,
and
te r e s t r e q u ir e m e n ts
on
T ru st
and
C o.
of
c o n v e r t ib le
a p p o in te d
N ew
P r e s id e n t
B .
F .
T h e e a r n in g s fo r t h e h a lf
com pan y
a g g r e g a tin g
a ls o
p r o v id e
T he
.
H epbu rn
to
2 2 7 ),
carry
it
is
in
th e ir
is u n a b le
to
$ 3 ,7 7 6 ,7 5 0 ,
fu ll
fo r
its
ow n
coal
w h ic h
A p r il in
R a t e L a w , w h ic h
e x p la in e d , a ls o
fo r b id s
a fte r
p la c e s
ta k e
M ay
th e
1
com
p a n y in a s e r io u s d ile m m a .
T he
w o u ld
pon s
m anagem ent
be
on
m ade
th e
w it h
and
req u ested
S u tro
&
B ros.
con
b y
ad
C o .,
44
a m o u n t o f h o ld
Earnings . —
R y .—
F or
c a l.
year:
D iv id e n d s . B a l . ,S u r . T o t .S u r .
(8 % ) $ 3 7 3 ,1 3 7 $ 1 8 6 ,8 7 2 $ 8 0 6 ,3 1 1
( ? % ) 2 4 8 ,6 6 8
2 1 4 ,6 3 5 7 6 1 ,5 3 8
( 5 % ) 2 0 0 ,0 0 0
1 9 4 ,4 5 1 5 4 6 ,0 5 2
IN D U S T R IA L ,
at on ce
fo r
fir s t m o r t g a g e
y este rd a y
a u th o r ity
bonds
to
th a t
pay
p r o m p t ly
th e
at
a p p lic a tio n
A p r il c o u
m a t u r it y .
P r e s id e n t B u s h in a le t t e r t o t h e d ir e c t o r s s a id in p a r t :
T h e g r o s s r e v e n u e s o f t h e r a i l w a y f o r t h e s i x m o n t h s e n d e d D e c . 31 1 9 0 7
in c r e a s e d $ 5 4 0 ,7 2 5 , o r 2 0 .3 3 2 % , a n d t h e n e t r e v e n u e s I n c r e a s e d 5 3 5 0 ,1 7 6 ,
o r 3 0 . 2 2 4 % , o v e r t h o s e o f t h e c o r r e s p o n d i n g p e r io d o f t h e la s t fis c a l y e a r ,
w it h a r e s u lt in g s u r p lu s o v e r a ll fix e d c h a r g e s . I n c lu d in g t h e a b n o r m a l ly
h ig h c o s t o f t e m p o r a r y lo a n s a n d r e n e w a ls .
T h e c o m p a n y Is n o t c o n f r o n t e d w i t h a n y f a i l u r e o f I t s r e v e n u e s t o c o v e r
Its fu ll fix e d c h a r g e s , a n d Its b u s in e s s h a s m a in t a in e d a s t e a d y g r o w t h
w ith u n m is t a k a b le a ssu r a n c e o f c o n t in u e d d e v e lo p m e n t .
It h a s, h o w e v e r ,
m a t u r i n g o b l i g a t i o n s , a r is in g o u t o f Its t e m p o r a r y p r o v i s i o n s f o r c a p i t a l
e x p e n d i t u r e s , a n d It m u s t a t a n e a r ly d a t e e n c o u n t e r t h e p r o b l e m p r e s e n t e d
b y t h e c o m m o d i t y c la u s e o f t h e F e d e r a l r a te la w .
A s y o u a re a w a r e , t h is c o m p a n y h a s o u t s t a n d in g lo a n s m a t u r in g A p r il 1
1 9 0 8 t o t h e a m o u n t o f $ 3 , 7 7 6 , 7 5 0 , s e c u r e d b y p l e d g e o f $ 5 ,0 3 7 ,0 0 0 o f Its
fir s t m o r t g a g e b o n d s .
T h e m a r k e t p r i c e o f t h e s e b o n d s — o r i g i n a l l y In
M IS C E L L A N E O U S .
C o . , N e w Y o r k . — Plan
to Issue New Bonds to Retire Preferred Stock and for Other Pur
poses .— T h e s h a r e h o l d e r s w i l l m e e t M a r c h 1 4 a t 1 5 E x c h a n g e
P la c e , J e rs e y C ity , to
m o rtg a g e
5 %
C oal &
v ote on
bonds
Iron
m a k in g a n is su e o f $ 1 ,7 5 0 ,0 0 0
d a ted
F eb.
1
1908,
v iz :
T o b e e x c h a n g e d , d o lla r fo r d o l la r , fo r t h e $ 1 ,2 5 0 ,0 0 0 p r e fe r r e d
s t o c k , p r o v id e d t h e p r e fe r r e d s t o c k h o ld e r s s u b s c r ib e d f o r a n
a m o u n t o f t h e b o n d s e q u a l t o 20 % o f t h e li s t o c k h o ld in g s a t 7 0 $ 1 ,2 5 0 ,0 0 0
T o b e s o l d a t 7 0 t o p r e f e r r e d s h a r e h o l d e r s a s a b o v e s t a t e d __________
2 5 0 ,0 0 0
T o r e m a i n In t r e a s u r y f o r f u t u r e r e q u i r e m e n t s _______ _______________
2 5 0 ,0 0 0
N o t e .— T h e d i v i d e n d d u e F e b . 1 1 9 0 8 o n t h e p r e f e r r e d s h a r e s , b u t d e
f e r r e d o w i n g t o p o o r c o l l e c t i o n s . Is t o b e p a i d , a c c o r d i n g t o t h e p l a n , t o
p r e fe r r e d s h a r e h o ld e r s w h o a c c e p t t h e t e r m s o f e x c h a n g e .— V . 8 5 , p . 2 1 7 .
C o p p e r C o .—
A m a lg a m a te d
F eb . 29
M anager John
D .
Operations Resumed . —
R yan
an n ou n ced
P a rro t, T r e n to n , N orth
L a te o n
th a t on
la s t a ll t h e m in e s o f th e A n a c o n d a , W a s h o e , B u t t e
M onday
& B oston ,
B u tt e a n d t h e B u tt e C o a lit io n m in in g
c o m p a n ie s ,a n d a ls o th e W a s h o e s m e lt e r , w o u ld r e s u m e w o r k .
86,
p .
170,
54.
A g r ic u ltu r a l C h e m ic a l C o ., N e w
sion for Notes due March
n otes d u e
been
w e
M arch
1 1908
exch an ged
are
fo r
in fo r m e d ,
sh orter
w ill
9
m on th s
Car &
e n d in g
be
term
paper
c a r r ie d
F ou n dry
Jan.
3 M o s .—
N et.
1 9 0 7 - 0 8 _______ $ 1 , 7 7 2 , 0 0 0
1 9 0 6 - 0 7 _______ 2 , 3 0 7 , 2 8 2
1 9 0 5 - 0 6 _______ 1 0 0 8 , 1 1 1
9 M o s .—
19070 8 $ 7 ,1 4 0 ,6 2 1
19060 7 5 ,7 4 4 ,2 1 9
1 9 0 5 - 0 6 _________ 2 , 3 5 1 , 1 6 1
— V . 8 5 , p . 1520.
A m e r ic a n
C ig a r
4
Provis-
Y i%
3 -y e a r
( V . 8 0 , p . 6 5 3 ) , a b o u t $ 5 0 0 ,0 0 0 h a v e
as
and
ban k
th e
r e m a in d e r ,
lo a n s
u n til
th e
p e r m it o f th e ir b e in g fu n d e d
o n a fa v o r a b le b a s is in t o lo n g -t e r m
A m e r ic a n
Y o r k .—
1 .— O f t h e $ 2 ,5 0 0 ,0 0 0
m a r k e t im p r o v e s s u ffic ie n tly t o
C o .—
s e c u r it ie s .— V . 8 6 , p . 2 8 7 .
Quarterly .—
F o r th e
3 and
31:
C o m .D i v i d e n d . B a l . . S t i r p .
( 1 % ) $ 3 0 0 ,0 0 0
$ 9 4 7 ,0 0 0
(4 % )
1 5 0 ,0 0 0
1 ,6 3 2 ,2 8 2
............................................................ 4 8 3 , 1 1 1
P r e f. D iv id e n d .
(1 Vi % ) $ 5 2 5 , 0 0 0
(1 H % ) 5 2 5 , 0 0 0
(1 H % ) 5 2 5 , 0 0 0
( 3 % ) $ 9 0 0 ,0 0 0
( 1 % ) 3 0 0 ,0 0 0
................
(5 M % ) $ 1 , 5 7 5 , 0 0 0
( 5 K % ) 1 , 5 7 5 ,0 0 0
(5 X % ) 1 , 5 7 5 ,0 0 0
C o .—
Report .—
C a le n d a r
N et
yea r—
e a r n in g s .
1 9 0 7 - ...........................- - - $ 1 , 8 8 7 , 0 9 8
1 9 0 6 ......... ............................ 2 , 3 3 2 , 3 7 9
F or
ca le n d a r
P r e f . d iv id e n d
(6 % ).
$ 6 0 0 ,0 0 0
6 0 0 ,0 0 0
$ 4 ,6 6 5 ,0 2 1
3 ,8 6 9 ,2 1 9
7 7 6 ,1 6 1
years:
B a la n c e ,
s u r p lu s.
$ 1 ,2 8 7 ,0 9 8
* 1 ,7 3 2 ,3 7 9
T o ta l
A uX!,,l.u2 ~ «
$ 6 ,7 6 4 ,7 (5
5 ,4 7 7 ,6 7 7
♦ T o t h i s a m o u n t In 1 9 0 6 w a s a d d e d $ 3 5 0 , 0 0 0 n o t n e c e s s a r y t o b e r e t a i n e d
p r o v is io n s o f p r e v io u s y e a r s fo r a d v e r t is in g * & r ., fu n d s .
V . 8 5 , p . 2 8 .).
A m e r ic a n
rop erty
o t o s i,
M o.
to
be
to
A m e r ic a n
Jan.
file d
a
84,
C o .,
Report.—
D l v . o n p r e fe r r e d .
( 7 % ) $ 2 1 0 ,0 0 0
(7 % )
2 1 0 ,0 0 0
(7 % )
2 1 0 ,0 0 0
S m e lt in g
&
T he
of
c a p ita l
T he
fro m
r e s u lts fo r th e y e a r
D lv . on co m m o n .
( 6 % ) $ 3 0 0 ,0 0 0
(4 % )
2 0 0 ,0 0 0
(4 % )
1 9 6 ,0 1 3
8 %
q u a rte r ly
s t o c k , p a y a b le
to
C o .—
d iv id e n d
of
d ir e c to r s
1 %
on
th e
on
$ 5 0 ,
A p r il 15 to h o ld e r s o f r e c o r d
per an n u m .
( P e r C e n t ) o f C o m m o n S to c k .
1906.
1 9 0 7 . ------------ 1 9 0 8 -----------7
7 .4
J a n ., 2 ; A p r ., 1
p r e fe rr e d
1% % .— V .
B a l., s u r .
$ 3 8 9 ,7 2 4
4 5 4 ,2 8 1
4 2 7 ,8 9 8
Dividend Rate of
4 % .— T h e
T h is p la c e s t h e is su e o n a b a s is o f 4 %
$ 5 0 ,0 0 0 ,0 0 0
u a r t e r ly
at
347.
T he
R e fin in g
a
A n n u a l D iv id e n d
1005
5 X
104
5 %
T h is
4
w ere:
d e c la r e d
[a r ch 2 7 .
M arch
New Stock.—
in c re a s e
$ 5 ,1 0 0 ,0 0 0 .— V . 8 5 , p .
31
on
694.
of
com m on
1 0 ,0 0 0
fo re c lo s u r e
C le v e la n d .—
ommon Stock Reduced from
2
p.
c e r tific a t e
R a d ia to r C o .—
Y ea r—
N e t p r o fits.
,0 7 - 0 8 _________ $ 8 9 9 , 7 2 4
0 6 - 0 7 _________ 8 6 4 , 2 8 1
0 5 -0 6
8 3 3 ,9 1 1
V . 8 4, p. 625.
[a r ch
Foreclosure Sale.—
C o .—
under
V .
M u ltig r a p h
has
A m e r ic a n
B a ry ta
s o ld
C om p a re
A m e r ic a n
5, 0 0 0 , 0 0 0
&
L ead
w as
im p a n y
id in g
an n ou n ced
G A S A N D
A la b a m a C o n s o lid a t e d
m ort
1 9 0 7 , i t is p o i n t e d o u t , s h o w e d a s u r p lu s
o v e r a ll in t e r e s t c h a r g e s , b u t t h e
of
Judge
a t^ B a l t i m o r e
B u s h a s r e c e iv e r o f t h e p r o p e r t y .
care
See
R R . above.
U n it e d
“ g e n e r a l lie n
are
T o t a l s u r p l u s a s a b o v e D e e . 31 1 9 0 6 w a s $ 7 6 1 , 5 3 9 , f r o m w h i c h w a s
d e d u c t e d $ 1 4 2 ,1 0 0 f o r s t o c k d i v i d e n d , le a v in g $ 6 1 9 ,4 3 8 ; a d d i n g s u r p lu s
fr o m o p e r a t i o n s o f 1 9 0 7 , $ 1 8 6 ,8 7 2 , m a k e s t o t a l s u r p lu s D e c . 31 1 9 0 7 ,
$ 8 0 6 ,3 1 1 .
P a s s e n g e r s c a r r i e d . 2 0 . 8 4 6 , 3 1 7 In 1 9 0 7 , a g a i n s t 1 7 , 2 2 9 , 5 5 4 In
1906.
C a p i t a l s t o c k o u t s t a n d i n g D e c . 31 1 9 0 7 , $ 5 , 3 2 0 , 9 5 0 ( a n d $ 6 7 9 , 0 5 0
s u b s c r i b e d a n d In c o u r s e o f p a y m e n t ) , a g a i n s t $ 4 , 3 7 5 , 2 0 0 D e c . 31 1 9 0 6 ;
b o n d s , $ 5 ,4 0 0 ,0 0 0 ; d u e B a n k o f M o n t r e a l, $ 7 0 1 ,3 2 9 , a g a in s t $ 3 3 4 ,9 1 2 .
C om pare V . 8 5 , p . 4 06, 223.
.
S ou th ern
W estern
of
‘1 9 5 2
N e t.
IstC h g e s.
$ 9 4 6 ,6 7 6 $ 3 8 6 ,6 6 7
7 1 4 ,3 4 1
2 5 1 ,0 3 8
5 4 4 ,9 2 1
1 4 9 ,5 7 0
-
R e d u c t i o n s In w a g e s o f t r a i n m e n w i l l , I t Is r e p o r t e d , b e
aV S m f f /i e r n PR yS — P r e s i d e n t F in l e y o n F e b . 2 5 m a d e t h e f o l l o w i n g s t a t e m e n t :
‘ ‘ O u r e m p lo y e e s , w o r k in g u n d e r c o n t r a c t , h a v e d e c lin e d o u r p r o p o s it io n
In r e g a r d t o a l e d u c t l o n o f w a g e s .
W c h a v e s ta te d t o o u r e m p lo y e e s th a t
w e w ill a s k t h e m e d i a t i o n o f t h e C h a ir m a n o f t h e I n t e r - S t a t e C o m m e r c e
C o m m is s io n a n d th e C o m m is s io n e r o f L a b o r .
W e h a v e req u e ste d m e d ia
t i o n In t h e h o p e o f a r r i v i n g a t a n a d j u s t m e n t o f a l l m a t t e r s In c o n t r o v e r s y
w h ic h w ill b e c o r d i a l l y a c c e p t e d b y b o t h I n t e r e s t s I n v o l v e d . ”
T h e req u est
f o r m e d i a t i o n Is m a d e u n d e r t h e t e r m s o f t h e E r d m a n n A c t .
A s to red u c
t i o n In s a l a r i e s o f g e n e r a l o f f i c e r s s e e V . 8 6 , p . 2 3 0 .
S ea board A i r L in e .— S e c V . 8 6 , p . 4 8 1 .
B a l t i m o r e <fc O h i o . - — S e e V . 8 6 , p . . . 2 7 .
B osto n & M a i n e .— S e e V . 8 6 , p . 4 7 9 .
•
L o u i s v i l l e <& N a s h v i l l e .— T h e
ord er
r e d u c in g th e p a y
o f e n g in e e r s
a n d c o n d u c t o r s 1 0 % , w h ic h w a s t o h a v e g o n e I n to e ffe c t M c h . 1, w a s
r e s c in d e d a ft e r th e In te r v e n tio n o f th e I n t e r -S t a t e C o m m e r c e C o m m is s io n .
T h e c o n d u c t o r s h a d p r e v io u s ly a c c e p te d th e c u t .
A s im ila r r e d u c t io n b y
t h e N a s h v ille C h a t t a n o o g a & S t. L o u is w a s a ls o r e c a lle d .— V . 8 4 , p . 2 2 2 .
O h io
due
1266.
E le c tr ic
A m e r ic a n
a year.
W a r r io r
H o ld e r s
bon d s
c o m m u n ic a t e
85, p.
W in n ip e g
_ V .
5 1 2 5 ,0 0 0
g o ld
N . Y . , s t a t in g n a m e , a d d r e s s a n d
in g s .— V .
th ir d
le tte r s a y :
T h e c o m p a n y Is In a h e a l t h y , g r o w i n g c o n d i t i o n a n d t h e r e Is n o t h i n g t o
ju s t if y fe a r o f th e fu t u r e .
T h e d i r e c t o r s w is h t o k e e p o n h a n d t h e u s u a l
c a s h s u r p lu s , a n d a ls o t o p r o v id e fo r th e p u r c h a s e o f m o r e c a r s , a n d th e
lik e , w it h o u t r e s o r t in g t o a flo a t in g d e b t o r c a r -p u r c h a s in g c e r t ific a t e s .
— V . 8 6 , p . 338. 334.
are
4 %
v e r tis e m e n t
ca p ita l s t o c k , th u s
3 % , c o n t r a s t in g w it h 4 %
1 9 0 7 , in c lu s iv e .
P r e v io u s t o a b o u t J u ly
n cw
&
bon d s.
P a rd ee
la te
Notice to Bondholders. —
v e r t ib le ”
3 % . — T h e d ir e c to r s h a v e d e c la r e d a q u a r te r ly
Ju n e 1901
4 ^ %
R .
R y .,
r e d u c in g th e a n n u a l ra te to
fro m
C a ro lin a ,
c o n s id e r a b le e x c e s s o v e r th e lo a n s , h a s , n o t w it h s ta n d in g s u b s t a n t ia l In
c r e a s e In g r o s s a n d n e t r e v e n u e s , s h r u n k t o a l e v e l b e l o w t h e t a c e o f t h e l o a n s .
I t lia s n o w b e c o m e a p p a r e n t t h a t t h e c o m p a n y w ill b e u n a b le t o m e e t
t h e s e lo a n s o r t o p r o v id e a d d it io n a l c o lla t e r a l t o s e c u r e th e ir e x t e n s io n .
In
tills s it u a t io n t h e c o m p a n y Its e lf w ill, o f c o u r s e , b e u n a b le t o b o r r o w th e
m o n e y n e c e s s a r y t o m e e t m o r t g a g e In te re st fa llin g d u e o n th e firs t o f
A p r il n e x t.
T h is I m m e d ia t e I n a b ilit y t o m e e t t h e A p r il I n t e r e s t r e q u ir e m e n t s w ill a f f e c t
t h e fir s t m o r t g a g e In te re s t a t m o s t t o th e e x t e n t o f b u t a b r ie f d e la y .
T h e c o a l p r o p e r t ie s o f th is c o m p a n y a re r ig h t fu lly o w n e d a n d o p e r a t e d
u n d e r c h a r t e r o f th e S ta te o f W e s t V ir g in ia .
The
coa l
la n d s
a re
a
m a te r ia l p a r t o f th e s e c u r it y o f th e c o m p a n y ’s m o r t g a g e s a n d t h e r e v e n u e s
f r o m Its c o a l b u s in e s s c a n n o t b e s a c r ific e d w it h o u t m a t e r ia ll y a f f e c t in g
I n c o m e a p p lic a b le t o t h e ju n io r s e c u r it ie s .
T h e la w c a n n o t b e g e n e r a lly
o b s e r v e d , i n t h e e x t r e m e c o n s t r u c t i o n o f w h i c h It is s u s c e p t i b l e , w i t h o u t
e it h e r a w h o le s a le m a r k e t in g o f c o a l la n d s I m p r a c t i c a b l e e x c e p t a t a p p a l li n g
lo s s t o p r o p r ie t a r y a n d m o r t g a g e I n te r e s ts , o r a r e s t r ic t io n o f p r o d u c t io n
t o t h e fu e l r e q u ir e m e n t s o f t h e r o a d s , e n t a ilin g v a s t lo s s o f r e v e n u e t o t h e m
a n d I n e v it a b le e x a c t io n s fr o m th e p u b lic .
.
I n t h e o p i n i o n o f c o u n s e l t h e r e is s u b s t a n t i a l g r o u n d f o r t h e v i e w t h a t
t h i s f e a t u r e o f t h e r a t e b i l l , I f c o n s t i t u t i o n a l , Is n o t a p p l i c a b l e t o t h i s c o m
p a n y ’ s s i t u a t i o n , a n d t h a t e v e n I f t h i s b e n o t s o , It Is p r a c t i c a b l e t o s o m o d
if y th is s it u a t io n , w it h o u t m a te r ia lly a ffe c t in g r e v e n u e s , a s t o m e e t a n y
ju s t p u r p o s e o f t h e la w .
B u t t o m a k e , e v e n fo r a b r ie f p e r io d , a n y m is
t a k e n fo r e c a s t o f t h e ju d g m e n t o f th e c o u r t s I n v o lv e s t h e r is k o f In c u r r in g
p e n a l t i e s In o v e r w h e l m i n g a c c u m u l a t i o n .
I t h i n k It c l e a r t h a t t h e la w
c a n n o t b e I g n o r e d u n t i l It h a s b e e n d e c la r e d I n v a l id b y t h e c o u r t : t h a t It
c a n n o t s a fe ly b e t r e a t e d a s I n a p p lic a b le e x c e p t w it h t h e s a n c t i o n o l t h e
c o u r t , a n d t h a t If v a l i d , t h e r e la t io n s o f th e c o m p a n y t o Its c o a l I n te r e s ts
c a n n o t b e s a fe ly a n d c o n c lu s iv e ly r e m o ld e d e x c e p t w it h t h e a p p r o v a l o f
th e co u r t.
N ew
S e a b o a r d , a s r e c e iv e r s fo r th e A t la n t a
S e a b o a r d .— V .
S id e
duced from
N orth
re
C o .,
(S u n d a y )^
m o rt.
The
T ru st
Receivers for Controlled Company .— Judge
U n it e d
ow ned
[V L L X V
O . X X I.
THE CHRONICLE
604
86, p.
sh ares
549.
r e c e iv e
th e ir
r e g u la r
Mar. 7 1908.)
A m e r ic a n
T H E
S n u ff
Report.—
C o .—
C a l. Y e a r —
N e t.
1007
................ . - $ 2 , 8 0 0 , 5 8 6
1 9 0 6 .................. ........... 2 , 7 8 1 , 8 6 7
New Director.—
has
been
A m e r ic a n
A
la r g e
th e
p la n
1 7 0 ),
d ir e cto r
85,
p.
to
of
w it h
W .
d e s c r ib e d
g iv e n
b y
h a v in g
T r u s t C o . in
in
th is
W o o d s id e ,
s h o u ld
d e p o s it
b e fo r e
th e
d e p o s ite d
c o lu m n
th e ir
in
d e s ir e t o
h o ld in g s
a d jo u r n e d
(V .
A m e r ic a n
fo r
T ube
fir s t
Y ork ,
&
S ta m p in g
m o rtg a g e
r e d e m p t io n
C o lo n ia l
on
(n o w
bonds
A p ril
C o.
T ru st
t r u s t e e .— V .
1
la s t
p.
w e e k ’s
a ssen t to
w ith
m e e t in g ,
th e
th e
a fo r e
M arch
14.
85,
p.
H a ltN et
YcnJ - „
E a rn s.
1 9 0 7 - 0 8 ------- $ 0 7 7 , 5 4 6
1 9 0 6 - 0 7 -------- 8 0 7 , 0 0 3
Bonds Called.—
G o .—
of
1908
th e
A s s o c ia te d M e r ch a n ts ’
h a lf-y e a r e n d in g F e b . 1:
1902
at
105
T ru st
have
and
C o.
of
been
T en
c a lle d
in te r e s t
at
A m e r ic a )
of
865.
Co
E x t r a d i v i d e n d s a r e A o f l" ,', e a c h o n t h e i l r s t a n d s e c o n d
stock s an d 1 % on co m m o n stock .
C om pare V . 86, p . 549.
p r e fe r r e d
C o .,
San
C a le n d a r
G ross
Year—
In com e.
1 9 0 7 ---------------------$ 1 0 , 2 4 5 , 7 1 1
1 9 0 6 --------------------6 ,5 0 9 ,7 3 7
— V . 85, p. 281.
B u tle r
dends.—
on
B roth ers,
com pan y
a
1908
of
2 % ,
1906, w hen
p.
273.
C a lu m e t
&
d iv id e n d
h o ld e r s
o f
D ecem ber,
each
in
M arch
com m on
T he
400
th e
th is
e x tra
p a id
in
b o n d s .— V . 8 4 ,
d e c la r e d
a q u a rte r ly
M arch
31
to
stock
4 0 %
(8 1 0 )
8 0 %
$ 2 ,5 0 0 ,0 0 0
S ep t. 1906.
$25
in
S h a res.
D iv id e n d s
7 %
a n n ou n ces th a t n o d iv i
on
e ith e r
th e ir
per ann um
C e n t)
on
1904.
A %
to
C om m on
1905.
2 %
of
th e
S ep t.
““ C o n s o lid a t e ^ R u b b e r
T ir e
1 1907.
Plan Operative . —
p re fe rre d
stock
h a v in g
C om pan y,
th e
See V . 86, p . 54.
C o .,
N ew
Y ork
N o p r in t e d r e p o r t is is s u e d b u t t h e f o llo w in g
fig u r e s h a v e b e e n p u b lis h e d :
T h e a fo r e s a id
V .
86,
p.
2 %
T o ta l
In com e.
$ 1 ,2 0 3 ,8 6 6
1 ,2 9 6 ,3 4 7
o n in c o m e s w ill
Net.
E a rn s.
$ 5 7 ,0 1 0
8 5 ,5 1 5
in t e r e s t o n
in c o m e s.
(2 % )$ 5 7 .0 1 0
<3% ) f^ S lS
B a t.
Sum
N on e
N on e
b e p a id A p r il 1 190 8.
483.
C o n s o lid a t e d
can
O th er
In co m e
$ 7 0 ,6 5 3
7 4 ,5 0 0
T ru st
Foreclosure.—
S te a m s h ip L in e s .—
C o.
of
B oston ,
tru stee
under
th e
T h e A m e r i
8 6 0 ,0 0 0 ,0 0 0
( c o lla t e r a l t r u s t ) m o r t g a g e , file d a b ill in e q u i t y in t h e U n it e d
S ta tes
C ir c u it
C ou rt
at
P o r tla n d ,
M e .,
fo re c lo s u r e o f th e
m o rtg a g e .
See
C o . b e lo w .— -V . 8 6 , p . 3 3 9 , 2 8 8 .
D o m in io n
C o a l C o .—
New Director.— G
— V .
86,
p.
Report.—
ra h a m
See
on
000 )
in to
fo r
th e
“ A n n u a l R e p o r t s .”
F ra s e r h a s b e e n e le cte d a d ir e c to r .
Change in C o n tr o l-
T h e s h a r e h o ld e r s a t a m e e t in g h e ld o n
to co n v e rt 5 0 %
n o n -v o tin g
o f J th e
p r e fe rr e d
o u ts ta n d in g s t o c k
sh ares,
th e
lo r o n to R y .,an d
an agreem en t b y
w h ic h
th ey
th e
5 0 %
M a c k e n z ie ,
a s s o c ia te s , u n d e r th e
p r o v id e
Feb.
term s o f
com p an y
fu n d s t o m e e t its p r e s s in g r e q u ir e m e n t s , in c lu d in g
p o n s d u e M a r c h 1 o n th e $ 8 ,0 0 0 ,0 0 0 b o n d s .
th e
w it h
cou
P re ss r e p o r ts s ta te th a t th e n e w In te re sts a g r e e d t o n u t u p $ 3 ,0 0 0 ,0 0 0 . o f
w h i c h $ 1 , 0 0 0 , 0 0 0 f o r n e w w o r k a n d $ 2 ,0 0 0 , 0 0 0 f o r e x i s t i n g o b l i g a t i o n s ,
p r e s u m a b ly r e c e iv in g th e $ 2 ,0 0 0 ,0 0 0 tr e a s u r y b o n d s a s p a r t c o n s id e r a t io n
r u e p r e f e r r e d s h a r e s w ill b e e n t i t l e d t o d i v i d e n d s o f 5 % p e r a n n u m , n o n c u m u l a t l v e u n t il J a n . 1 1 9 1 0 , t h e r e a ft e r c u m u la t iv e w it h a c o n t in g e n t r ig h t
M arch
M in in g ,
The
7
S m e ltin g
com p an y
years:
P r o d u c tio n ,
p ig i r o n .
2 3 4 ,5 3 8 t o n s
2 0 5 4 7 7 ton <
1 7 2 ,7 6 3 t o n »
The
fo llo w
is c o n f ir m e d :
&
P ow er
h as o m itte d
th e
C o .—
q u a rte r ly
w h ic h
$ 1 3 , 5 0 0 ,0 C 0
( % ) — P r e s e n t C a p it a l S to c k
P e tr o le u m
In
p ip e
th e
lin e
G u ffe y
m ile s
of
C o .,
c o n n e c t io n
of
th e
m e m b e r th a t th e
Sour
L ake,
lin e
T e x .— V .
w o u ld
or
(p a r $ 1 0 0 ) .
L in e
p .
G u lf
is
to
fro m
th e
th ere
r e fin e r y
re
c o n tr o lle d
G le n n
w it h
and
p o o l,
th e
d ock s
b y
415
com
at
P ort
393.
Report.—
C o .—
W .
c o n c e r n in g
A u g u s t la s t its
F o r c a le n d a r y e a r s :
1907.
S 2 3 3 .7 4 9
3 7 5 ,0 0 0
1906.
$ 1 2 8 ,9 9 4
3 7 5 ,0 0 0
S.
C h a n ges.
I n c . $ 1 0 4 ,7 5 5
____
_
$ 2 4 6 ,0 0 6
--------------------------------- $ 1 4 1 , 2 5 1
New Director.—
to su cceed
in
c o n n e c tin g
th e
N e t e a rn in g s o v e r o p e r . e x p e n s e s , & e .
D e d u c t — I n t e r e s t o n 5 % g u ld b o n d s
D e f i c i t f o r y e a r --------
C o ., w h ic h
e x te n d in g
T e x .,
to
P ipe Line to
b e lo w
C o m p a n y , i t is i n t e r e s t in g
lin e
84,
H avana T ob acco
sta te m e n t
C o ., c o m p le te d
p ip e
to
th e
G u lf P ip e
P e tr o le u m
P a .—
P itts b u r g h ,
w it h
T exas
8 -in c h
A rth u r,
D e c . $ 1 0 4 ,7 5 5
L u ck e tt h as b een
e le cte d
a
d ir e c to r
G r a n t B . S c h le y , r e s ig n e d .— V . 8 5 , p . 2 8 7 .
H o s te r -C o lu m b u s A s s o c ia te d
F o r c a le n d a r y e a r s :
B r e w e r ie s ,
C o lu m b u s ,
O .—
Report.—
C a l.
C ross
N et
B ond
S in k in g
D iv .
A d ju s tB a la n c e ,
V rs.
e a r n in g s ,
e a r n in g s ,
in t e r e s t .
fu n d .
P a id ,
m e a ts.
1 0 0 7 . $ 7 9 0 ,8 6 2 $ 4 2 3 ,3 7 2 $ 3 0 9 ,0 0 0 a b t .$ 2 5 ,0 0 0 $ 1 2 1 ,5 0 0
(? )
d ef ! 3 2 128
1 9 0 6 . 9 1 3 ,1 6 4
5 5 9 ,2 2 7
3 1 2 ,0 0 0
5 0 ,0 0 0
4 0 ,5 0 0 $ 8 ,3 8 7
1 4 8 ,3 4 0
T h e r e w a s c h a r g e d t o d e p r e c i a t i o n , & c . . In 1 9 0 7 $ 1 3 1 , 9 7 7 , a g a i n s t $ 1 3 8 8 3 8 in 1 9 0 6 . — V . 8 4 , p . 6 9 6 .
’
I n te r n a t io n a l
S ilv e r
K an sas
N a tu ra l
Report . —
C o .—
C a le n d a r
E a r n in g s
Year—
fo r Y e a r .
1 9 0 7 ______ ______________ $ 9 3 3 , 2 9 1
1 9 0 6 . . ............ ................. 1 , 3 3 8 . 1 5 6
— V . 86, p. 483.
G as
F or
In terest
on B d s.
$ 3 2 7 ,9 4 5
3 3 0 ,7 9 7
C o .—
c a le n d a r
years:
P r e fe r r e d
D iv id e n d s.
( 7 % ) $ 4 6 0 ,8 1 7
(4 % ) 2 6 3 .3 2 4
Earnings.—
F or
B a la n c e ,
S u r p lu s.
$ 1 4 4 ,5 2 9
7 4 4 ,0 3 5
c a le n d a r
year:
C a le n d a r
G ross
O p . E x . .R e n ts I n t . , r e n t.
S u sp en se
B a la n c e ,
Year—
E a r n in g s.
& T a x e s . I ’ se d p r o p . ,& c
Item s.
S u r p lu s.
$ 7 8 4 ,2 0 6
$ 1 ,0 2 8 ,2 4 6
$ 1 0 8 ,9 6 2
$ 1 ,0 9 8 ,1 0 5
1 9 0 7 ............................$ 3 , 0 1 9 , 5 1 9
1 9 0 6 ............ .............. 1 , 9 9 9 , 3 1 3 ----------------1 , 2 3 3 , 8 1 1 --------—
2 6 1 ,4 0 6
5 0 4 ,0 9 6
T o t a l s u r p l u s D e c . 31 1 9 0 7 , $ 1 , 7 3 0 , 3 9 4 .
N u m b e r o f con su m ers D e c. 3 1.
1 9 0 7 , 1 1 0 , 1 1 2 , a g a i n s t 5 9 , 0 8 7 In 1 9 0 6 .
G a s a n d o il la n d s le a s e d , 2 5 4 ,1 7 0
a c r e s ; g a s w e l l s a v a i l a b l e , 3 1 1 , a g a i n s t S o l In 1 9 0 6 ; o i l w e l l s , 4 0 . — V
86
p. 173, 112.
’
A m e r ic a n
000
S te a m s h ip
T ru st C o. o f
m o rtg a g e
e q u ity
at
(V .
82,
P o r tla n d ,
C o .,
Foreclosure.—
B o s t o n .—
B o s to n , as tru stee u n d er th e
p.
990;
M e .,
on
V .8 6 ,
p.
M arch
4
3 4 0 ),
fo r
file d
The
$ 3 ,0 0 0 ,
a
s u it
in
fo re c lo s u r e
T o p r o t e c t t h e b o n d h o ld e r s J u d g e P u tn a m a t P o r t la n d o n M a rc h 4 m a d e
a n o r d e r c o n s o li d a t in g t h e a fo r e s a id s u it w it h t h e a c t io n o f t h e B e r w ln d
W h i t e C o a l M i n i n g C o . a g a i n s t t h e M e t r o p o l i t a n n o w p e n d i n g In t h i s c o u r t
H e a l s o e x t e n d e d t h e p o w e r s o f t h e r e c e i v e r s s o t h a t n o w t h e y a r e In c h a r g e
o f a ll t h e p r o p e r t y . — V . 8 6 , p . 3 4 0 , 2 8 8 .
Bond Issue. —
h e ld
on
F eb.
$ 2 ,0 0 0 ,0 0 0
12
th e
A t
s h a r e h o ld e r s
M o n t r e a l C o t t o n C o .—
in g
a u th o r iz e d
b o n d s , o f w h ic h
th e
i t is in t e n d e d
to
annual
an
m eet
is s u e o f
is su e a t p r e s e n t
S I ,0 0 0 ,0 0 0 t o p r o v i d e f o r t h e r e t i r e m e n t o f S 3 5 0 ,0 0 0 o l d 4 ^ %
bonds
due
th is
year and
Dividend Increased.—
fo r o th e r
A
d e c la r e d p a y a b le M a rch
fro m 7 %
to 8 % .
pu rposes.
q u a rte r ly d iv id e n d
15, th u s
in c r e a s in g
of 2 %
th e
has been
a n n u a l ra te
T h e c o m p a n y ’ s s h a r e s h a v e b e e n d e a l t In o n t h e M o n t r e a l S t o c k E x c h a n g e
fo r n in e y e a r s o r m o r e .
It h a s a n a u t h o r iz e d Issu e o f $ 4 ,0 0 0 ,0 0 0 c a p it a l
s t o c k , o f w n i c h $ 3 , 0 0 0 , 0 0 0 Is o u t s t a n d i n g ; p a r o f s h a r e s $ 1 0 0 .
B onded
d e b t $ 3 . ) 0 , 0 0 0 4 p % b o n d s , d u e In 1 9 0 8 .
T h e c o m p a n y o w n s m ills a t
V a ll e v fU l d , P . Q -- o p e r a t e d b y h y d r o -e le c t r i c p o w e r a n d c o n t a in in g 2 0 0 ,0 0 0
s p in d le s a n d 5 ,0 0 0 l o o m s .
Q u a r te r ly d iv id e n d s a t th e ra te o f 7 % p e r
a n n u m w e r e p a i d in 1 9 0 7 , 1 9 0 6 a n d 1 9 0 5 a n d 9 % In 1 9 0 4 .
T h e s a le s f o r
t h e c a h n d a r y e a r 1 9 0 7 a g g r e g a t e d 5 2 ,9 4 2 ,0 0 0 , c o n t r a s t in g w it h 5 2 ,6 1 5 0 0 0
In 1 9 0 6 a n d 5 2 , 3 4 2 . 0 0 0 In 1 9 0 5 .
T h e d ir e c to r s a re ;
S . H . E w in g . P r e s i
d e n t ; H . M . M o l s o n , V i c e - P r e s i d e n t : J a c q u e s G r e n i e r , H . S . H o l t ', 'A
H
G a u lt, C . B . G o r d o n , W in . F in le y . S " n a t o r L . J
l-’ o r g e t , J n o
P
B la c k ’
F . O r r L e w is .
M e s srs . H o lt , B la c k , F o r g e t a n d G o r d o n a re a ls o d ir e c t o r s
o f t h e D o m l n 'o n T e x t i l e C o .
...................................................................................................
N a t io n a l
W .
H .
G la s s
B e ll
has
K n ig h t, w h o
($ 0 ,0 0 0 ,
r e m a in in g
ot th e c o m m o n s t o c k t o b e t u r n e d o v e r t o W illia m
P r e s id e n t o f
4
S te a m s h ip
172.
Preferred Stock . —
26 v o te d
M arch
M e t r o p o lit a n
E le c t r ic a l D e v e lo p m e n t C o ., T o r o n t o .—
th e
.— Earnings for
Calendar Year.
C a le n d a r
G ross
\ eat
S a le s.
0 0 7 ---------- . . $ 1 , 1 3 3 , 2 1 3
1906 . . . .
...
1 ,2 2 1 ,8 4 7
G u ffe y
M e tr o p o lita n
1907.
1 % ( M % 8 . a .)
of
t h is M a r c h a s w e ll a s t h a t
b e e n p a id in D e c . 1 9 0 7 .
D iv id e n d R eco rd
S to c k
P h ila d e lp h ia
p la n h a s b e e n d e c la r e d o p e r a t iv e .
stock '
s e m i-a n n u a l
1006.
1 A %
o f th e 8 2 ,0 0 0 ,0 0 0
p r o p o s itio n
8 1 ,4 0 6 ,8 0 0
p r e fe rr e d
fu ll
G a s C o ., P it t s b u r g h , P a .—
T h e h o ld e r s o f 7 5 %
th e
c u m u la tiv e
r e c e iv e d
7 %
(P er
A u g . 1 9 0 0 to A u g . 1 9 0 3 .
2 % y e a r ly .
— V . 8 2 , p. 989.
No Dividends this
Y o r k .—
c a le n d a r
D e c . '0 3
J a n . ’ 0 6 . M a l i ’ 0 6 . S e p . '0 6 . D e c . ’0 0 . M c h .'C H . J u n e ' 0 7
S c v ’0 7
1
3
3
3
3
3
3
3
'
T h e s e d iv id e n d s In c lu d e d 2 % r e g u la r a n d 1 % e x t r a .— V . 8 5 , p . 1 4 6 4 .
(8 2 0 )
w ith
and
D ecem ber an d
M arch
have
d iv id e n d s a t th e ra te o f
th e
year,
W o r ld ”
C o n s o lid a te d
d iv id e n d d u e
d in a r ily h a v e
ex tra
Dividend Further
C o .—
con tra sts
now
N ew
8 1 ,2 6 7 ,2 0 0
C o n s o lid a t e d
5 %
S ep tem b er
1907 an d
C o .,
sh arse
G ra n by
Dividend Omitted.—
sto ck
an
1900. 1001. 1902. 1903. 1904. 1905. 1006. 1007.
280
180
100
140
160
200
2S0
260
d e c la r e d
p re fe rre d
a ccep ted
T h is
in
o ffic ia l o f th e c o m p a n y
be
or
5.
D ivi
la s t
p a id
N o
W edn esday
c a p ita l
w it h
as
and
8 3 ,0 0 0 ,0 0 0 .
R e c o r d — S to c k
F ir e w o r k s
w ill
r e g u la r
(8 1 5 )
June
D iv id e n d
. 1 8 0 7 - 1 8 i)R P e r c e n t 160
200
— V . 8 5, p . 1464.
March.— A n
10%
am ou n t
(C o p p e r ) M in in g
6 0 %
M arch an d
C e n tra l
10%
of
B a la n c e ,
S u r p lu s.
$ 1 ,6 0 2 ,7 0 2
1 ,9 1 1 ,5 4 3
F or
Results for Late Year. —
C o .—
“ E le c tr ic a l
p a n y ’s e x i s t i n g
C h ic a g o .—
8 4 ,5 0 0 ,0 0 0
(8 5 p e r s h a r e ), p a y a b le
record
la s t
V ia d u c t,
its
sam e
T h e d ir e cto r s o n
of 2 0 %
Annual
on
c a p ita l w a s
H e cla
S t.
D eprec.
R eserve.
$ 4 5 5 ,2 9 2
3 2 8 ,7 5 2
Report . —
C o .—
N et
P r e f e r r e d , B a la n c e ,
P r o fits.
D iv id e n d s. S u r p lu s.
$ 5 1 7 ,2 5 6
(6 % ) $ 1 5 0 , 0 0 0 $ 3 5 7 ,4 5 2
3 0 0 . 6 0 5 (4 U
’ 1 2 .VU) i s 8 l o r ,
9 1 ,5 1 2
(3 % )
7 5 ,0 0 0
1 6 .5 1 2
I t Is u n d e r s t o o d t h a t t h e G e n e r a l E l e c t r i c C o m p a n y 's p r o d u c t i o n o f a p p a '
r a t u s o r t h e y e a r e n d e d J a n . 31 r e a c h e d t h e s p l e n d i d t o t a l o f $ 7 u ,0 0 0 ,0 0 0 .
a s c o m p a r e d '. n t h $ 6 0 , 0 0 0 , 0 0 0 In t h e p r e v i o u s y e a r .
W h i le t h e r c p o r tS w ill
n o t b e d u e u n t il M a y . t h e s e fig u r e s m a y b e a c c e p t e d a s a p p r o x im a t e ly
co rre ct.
1’- is e s t i m a t e d , h o w e v e r , t h a t t h e a m o u n t a v a i l a b l e f o r d i v i rV V L ?9 •
80(J, . ° I)(>• a s c o m p a r e d w i t h $ 1 0 , 2 3 2 , 8 3 9 In 1 9 0 3 o n a g r o s s o f
O „ o ,0 0 0 , o r a o o u t o n e - h a l l t h e p r o d u c t v a l u e .
I n o t h e r w o r d s , In s p i t e
o f t h e t r e m e n d o u s a d v a n c e In t h e v a l u e o f t i l e p t c d u c t , t h e p e r c r n t V 'o f
p r o f i t t o g r o s s h a s f a l l e n o i r In t h e p e r i o d 1 9 0 3 - 0 8 H o r n 2 8 t o 14 ®:
V 86
p . 231.
O k la .,
-Report.
C a l.
In te re st
on B on d s.
$ 1 4 4 ,3 5 4
7 8 ,9 4 3
d iv id e n d
th e
w it h
th e
Reduced.—
p a id
r e g u la r
b e in g
c o n tr a s tin g
dend
R a n d o lp h
1
d iv id e n d
and
E xpen ses
and T a xes,
$ 8 ,0 4 3 ,3 6 3
4 ,1 9 0 ,5 4 9
The
F eb.
F r a n cis c o ,
Iron
E le c t r ic
th e
Coast.—
B a la n c e ,
S u r p lu s
$ 4 3 ,1 3 6
1 7 3 ,4 1 8
O il
G en eral
in g f r o m
.— Report for H a lf-Y ea r— F o r
D i v . o n 1st D i v . o n 2 d
D i v . on
p f .2 A % ) .
p f. ( 3 % ) com . 2 A % )
$ 1 5 0 ,9 4 0
$ 1 5 2 ,2 1 4
$ 2 1 1 ,4 3 3
1 5 2 .4 1 8
1 5 2 ,2 1 4
2 1 2 ,4 1 2
S teel &
T o t a l s u r p lu s D e c . 31 1 9 0 7 w a s $ 1 ,1 3 2 ,6 5 1 .— V . 8 5 , p .1 3 4 1 .
th e
N ew
E x tr a
D ie s.
$ 1 1 6 ,8 2 3
1 1 6 ,5 4 1
A s s o c ia te d
E m p ir e
C a l.
N et
D epre1 r.
E a rn s,
c ’n .& c .
1 9 0 7 . S 6 u 2 ,4 0 3 $ 9 4 ,9 5 1
i.y \ «
8 7 0 ,9 4 1
7 0 .2 4 0
1 9 0 5 . . 1 3 5 ,7 5 1
4 4 .2 3 9
w it h
86,
T h e p la n r e d u c e s t h e o u t s t a n d in g s h a re c a p i t a l fr o m
,8 2 9 9 3 , 2 6 0 ( o f
w h i c h $ 1 7 , 1 8 4 , 1 ) 0 0 Is p r e f e r r e d ) t o $ 1 7 , 1 8 4 , 0 0 0 , a l l o i o n e c l a s s .
't h e r e
w ill a ls o h e Is s u e d $ 3 ,4 4 0 ,0 0 0 4 % 1 5 - y e a r d e b e n t u r e s .
E a ch $100 sh a re
o f t h e p r e s e n t c o m m o n s t o c k w ill b o e x c h a n g e d fo r 8 2 5 o f t h e n e w s t o c k ,
a n d f o i 5 1 0 0 o f t h e p r e s e n t p r e fe r r e d w ill b e g iv e n $ 7 7 n o w s t o c k , $ 2 0 d e b e n
t u r e s a n d S3 c a s h , t h u s g e t t in g r id n o t o n l y o f a la r g e a m o u n t o f " w a t e r , "
b u t o f th e e n tir e p r e fe r r e d s t o c k Issu e a n d o v e r 2J % o f a c c u m u la t e d d i v i
d e n d s th e re o n .
C om pare V . 8 6 , p. 482.
(8 1 0 ,0 0 0 )
t o a n a d d itio n a l 1 % p e r a n n u m
a ft e r t h e a c c u m u la t io n o f a 8 1 0 0 ,0 0 0 s u r
p lu s ; w it n p r e fe r e n c e a ls o as t o a s s e ts ; b u t s u b je c t t o r t c k m p t l o n a t a n y
t i m e a t $ 1 ) 0 p e r s h a r e a n d e n t i t l e d t o n o v o t i n g p o w e r e x c e p t In c a s e o f
d e f a u lt o n t h e fir s t m o r t g a g e b o n d s . — V . 8 5 , p . 4 3 .
th e ir
accord an ce
a d v e r tis e m e n t
t h a t a ll s h a r e h o ld e r s w h o
d e p o s ita r y
John
Deposits of Stock Called for .—
s to c k h o ld e r s
G u a ra n ty
fu lly
w as
“ C h r o n ic le ”
S u r p lu s.
$ 9 0 0 ,3 9 9
9 0 1 , G 97
002.
th e
th e
a lr e a d y
n o tic e
years:
C om . D iv .
(1 1 % ) 5 1 ,2 1 0 , 1 8 7
( 1 0 % ) 1 ,1 0 0 ,1 7 0
su cceed
S te e l F o u n d r ie s .—
r e a d ju s tm e n t
s a id
a
m a jo r ity
c e r tific a t e s
ca le n d a r
C h a r le s W . B u m s t e a d , o f H e lm e t t a , N . J .,
e le c te d
d e c e a s e d .— V .
F or
P r c f. D iv .
(7 % ) $ 7 2 0 ,0 0 0
( 7 % ) 7 2 0 ,0 0 0
605
C H R O N IC L E
N a t io n a l
com pan y
C o .,
been
r e s ig n e d .— V . 8 5 , p .
P a c k in g
has
$ 1 5 ,0 0 0 ,0 0 0
P itts b u r g h ,
a p p o in te d
C o .,
d e c la r e d
an
P a .—
r e c e iv e r
o f s t o c k , p a y a b le
su cceed
First Dividend.—
d iv id e n d
A p r il
of
1 .— V .
1% %
85, p.
N a t io n a l W a t e r S u p p ly C o ., N e w p o r t N e w s , V
ship.—
N ew
II.
F.
e le cte d
p o in te d
p. 484,
W .
P .
1579.
C h ic a g o .—
in itia l
New Receiver .—
to
T he
on
its
408.
a,.— Receiver
S e e P e n in s u la P u r e W a t e r C o . b e lo w .— V . 8 5 , p . 4 0 8 .
Y ork
&
T h u rber,
2d
N ew
J e r s e y T e le p h o n e
fo r m e r ly
V ic e -P r e s id e n t.
T reasu rer
424.
and
th e
Co
G en eral
F ord
W a lte r
, •L -
.— New Officers —
M an ager,
H u n tin g to n
B row n
has
has
been
been
ap
A u d it o r .— V .
86,
su r p lu s.
606
N ew
— A
T H E
Y ork
have
Reorganization.
S ta te S te e l C o ., B u ffa lo , N . Y . —
m a jo r it y
of
en tered
L oa n , T ru st
th e
in to
&
b o n d h o ld e r s
an
S a fe
and
agreem en t
c r e d it o r s
under
are
w h ic h
s a id
th e
p a r t ic u la r s
O ’G ara
are
w it h h e ld .— V .
85,
p .
a v ie w
fe e t.
1212.
Bonds with Bonus.—
C o a l C o .—
to
B u ffa lo
D e p o s it C o . a c t s a s t r u s t e e , w it h
t o c o m p le t in g t h e p la n t a n d p u t t in g t h e c o m p a n y o n its
A ll
D u r in g
F eb ru ary
a
s m a ll b l o c k o f b o n d s w a s a d v e r t is e d f o r s a le a s fo llo w s :
F ir s t m o r t g a g e 5 % s i n k i n g fu n d b o n d s d a t e d S e p t . 1 1 9 0 5 a n d d u e S e p t .
10 1 9 5 5 ( b u t s u b j e c t t o c a l l a t 1 0 5 a f t e r S e p t . 1 1 9 0 8 .— E d . ) .
In terest
M a r c h a n d S e p t e m b e r (a t o ff ic e o f J . li. R u s s e ll & C o ., N e w Y o r k )
W ith
b o n u s o f 10 s i ’. a r e s p r e f e r r e d a n d 10 s h a r e s c o m m o n s t o c k .
A c c r u e d in te r
e s t f r o m S e p t . I la s t t o b e c h a r g e d t o t h e p u r c h a s e r .
C om pare V . 8 1, p.
5 1 2 ; JV. 5 0 . p . 180.
P e n in s u la r
ership.—
P u re
Judge
W a ter
W a d d ill
at
N o r fo lk ,
V a ., o n
o f
P h ila d e lp h ia
C o .,
in
N ew port N ew s,
th e
U n it e d
and
John
B .
L ock e
Receiv
V a .—
S ta tes
of
C ir c u it
Joseph
F e b . 2 7 , a p p o in te d
J.
N ew port
D e
C ou rt
K in d e r
N ew s
as
re
c e iv e r s f o r t h e N a t io n a l W a t e r S u p p ly C o .a n d
t h e P e n in s u la r
P u re
A .
W a ter
C o.
P h ila d e lp h ia
s y s te m ),
in g
in
on
th e
on
(a
a p p lic a tio n
file d
co n tra cto r w h o
th e
grou n d
of
b y
b u ilt
John
B a rh a m
th e
c o m p a n ie s
jo in
p e titio n .
C oal
Report.—
C o .—
'F o r
ca le n d a r
A
G a m b le
C o .,
Soap,
p le te d
and
s a id ,
p.
la s t
w eek
S ta ten
th e
p la c e d
Is la n d ,
la r g e s t
soap
N .
in
T he
B a la n c e .
S u r p . or U c f.
s u r . 8 2 .8 9 9 ,5 9 2
d e f.8 0 ,1 0 7
s u r .2 8 1 ,6 5 2
to n s o f co k e ,
1 9 0 6 .— V . 8 6 ,
New Plant on
C in c in n a t i.—
Staten Island, N . Y . , in Operation.—
p la n t o n
com p an y has com
o p e r a tio n its n e w
Y .,
m a k in g
m a n u fa c tu r e r
$ 1 ,2 0 0 ,0 0 0
t h e e n t e r p r is e ,
in
th e
it
w o r ld .— V .
is
84,
1000.
B a ilw a y
S te e l 3 p r in g
C o .—
C i le n d a r
N et
Year—
E a r n in g s.
1 )0 7
$ 2 ,3 2 0 ,1 3 7
1906
2 ,3 4 1 ,1 2 0
* F r o m " t h e s u r p l u s t n ’ lOOO a s
L a t r o b e p la n t p u r c h a s e .— V . 8 4 ,
S t illw a t e r
th e
(M in n .)
Report.—
F o r c a le n d a r y e a r s :
In t. L a P r e f .d l v .
C o m .d l v .
B a la n c e
tr o b e b d s.
(7 % )
(4 % )
S u r p lu s
$ 2 1 6 ,6 3 3
$ 0 4 4 ,9 8 4
$ 5 3 0 ,9 9 0
$ 6 1 8 ,5 3 0
2 1 5 ,5 8 7
9 4 4 ,9 7 9
5 3 9 .9 8 8
* 6 4 0 ,5 6 6
a b o v e t h e r e w a s c h a r g e d o ir f o r a c c o u n t o f
p . 569, 577.
W a terw ork s
Sale.—
C o .—
A
press
d is
\ c o m p r o m is e o f t h e lit ig a t io n p e n d in g fo r s e v e n y e a r s h a s b e e n r e a c h e d
w ith H C
F a r m e r u n d e r w h ic h t h e c o n t r o l o f t h e p r o p e r t y p a s s e s t o th e
a lte r
‘ T h e 3 0 - y e a r f r a n c h i s e o f t h e c o m p a n y e x p i r e s in A p r i l 1 9 1 0 , a t
a b o u t 'w h i c h t im e t h e b o n d e d d e b t o f 3 1 0 0 .0 0 0 fa lls d u e .
(T h e b o n d s a re
llr s t m o r t g a g e 7 s , $ 1 ,0 0 0 e a c h , d a t e d J a n . I 1 8 8 0 , a u e J a n . 1 1 9 1 0 .
In ter
e s t p a y a b le J a n . I a n d J u ly 1 a t F ifth A v e n u e B a n k , N e w Y o r k .
T ru stee,
ja n ie " G
C annon, N ew Y ork .
C a p i t a l s t o c k 8 1 0 0 , 0 0 0 , In 8 1 0 0 s h a r e s .
P r e s id e n t , E . W . D u r a n t : S e c r e t a r y a n d M a n a g e r , H . H . H a r r is o n : T r e a s
u re r , R . S . D a v ie s .
_
Paid .—
W estern
P r e s id e n t
S ta b le
Car
H erm a n
F eb.
1 1908 th e co m p a n y
is s u e
of
$ 1 ,0 0 0 ,0 0 0
of
L in e ,
G rossm an
p a id
Bonds All
C h ic a g o .—
an n ou n ces
th a t
bon d s.
A ll o f s a id b o n d s h a v e n o w b e e n p a id a n d t h e m o r t g a g e s e e m i n g t h e s a m e
re le a s e d
'T h e I n d e b t e d n e s s f o r t h e " H i c k s " a n d " C a n d a ” c a r s p u r c h a s e d
o n M a rc h 1 1 9 0 2 h a s a ls o s in c e t h a t d a t e b e e n r e d u c e d $ 3 6 0 .0 0 0 .— V . 85
p. 867.
(T h e ) T e x a s
C om pany,
O il,
H ou ston ,
Underwritten— Right to Subscribe.—
an
a u th o r iz e d
o u ts ta n d in g
c id e d
to
c a p ita l
stock
of
$ 1 0 ,0 0 0 ,0 0 0 , p a r
is su e
T h e T e x a s C o m p a n y , w it h
$ 1 2 ,0 0 0 ,0 0 0 ,
v a lu e ,
$ 1 ,0 0 0 ,0 0 0 , p a r
New Stock
T e x a s .—
of
its
has
is s u e d
stock .
v a lu e , o f
It
b y
a
le a d in g
fir m
o f
ban k ers
and
has
de
its u n is s u e d s t o c k .
T h is $ 1 ,0 0 0 ,0 0 0 o f s t o c k , it is a n n o u n c e d , h a s a ll b e e n
w r itte n
in
N ew
u n d er
Y ork
C ity ,
b u t t h e c o m p a n y h a s a r r a n g e d w it h th e u n d e r w r it e r s t o a llo w
T reasu rer R .
is s u e
fo r
w h ere
E .
B rooks
s u b s c r ip tio n
th e
p r in c ip a l
S u b s c r ip t io n s
n o t la te r th a n
w ill
to
in
o ffe r a
a c tiv itie s
be
10
1908.
o f th is
O k la h o m a
of
r e c e iv e d
M arch
p o r tio n
T exas,
th e
com p an y
w it h
Par
fir s t
v a lu e
$ 1 ,0 0 0 ,0 0 0
and
L o u is ia n a ,
are
lo c a te d .
p a r tia l
paym ent
o f sh ares
$100.
T h e s u b s c r i b e r a g r e e s t o b u y f r o m ----------- --------— ------------ b a n k e r s . — —s h a r e s o f s t o c k o f 'T h e T e x a s C o m p a n y , t o g e t h e r w i t h o n e - t e n t h o f t h a t
n u m b e r o f s h a r e s o f s t o c k o f P r o d u c e r s O il C o . , a t t h e p r ic e a n d u p o n t h e
te r m s fo llo w in g :
T h e p t l c e Is 8 1 3 7 5 0 p e r s h a r e o f t h e s t o c k o f T h e T e x a s
C om pany,
and
Is t o
be
p a id
a s fo llo w s :
10
o n d e liv e r y h e r e o f
n o t l a t e r t h a n M a r c h 2 5 1 9 0 8 , 15 % o n M a r c h 2 > 1 9 0 8 , l o % o n M a y 2 5 1 0 0 8
a n d 10 % o n t h e 2 5 t h d a y o f e a c h o f t h e f o l l o w i n g s i x m o n t h s .
BALAN CE
SH E ET
OF
TH E
T E X A S
COM PAN Y
M AY
1
1907.
A ssets ($ 1 3 ,6 1 2 ,5 8 8 )—
!
L i a b i l i t ie s ( $ 1 3 , 6 1 2 , 5 8 6 ) —
♦ P l a n t a c c o u n t _______________$ 6 , 0 7 4 , 7 7 8 1 A c c t s . a n d b i l l s p a y a b l e - . $ 1 , 5 2 1 ,6 3 0
8 0 6 , 9 0 S S usp ense a c c t . (fo r d o u b t
O th ei I n v e s tm e n ts .
f i l l a c c o u n t s ) . -------- . . . .
7 9 ,9 8 6
S to c k s o f o il, c r u d e a n d
2 5 0 ,0 0 0
r e l l n e d a n d In p r o c e s s . - 1 ,3 4 7 , 1 3 1 I n s u r a n c e r e s e r v e f u n d —
9 ,9 4 8 S in k in g f u n d a n d d e p r e c lU n e x p l r e d I n s u r a n c e _______
1 ,0 0 0 .0 0 0
a t t o n a c c o u n t ------------------ 1 ,2 6 0 , 9 7 0
B o n d s a n d m o r t g a g e s _____
C a p i t a l s t o c k -------------------8 ,0 0 0 ,0 0 0
A c c o u n t s a n d b ills r e c e iv
A u th o rize d . S I 2 ,0 0 0 ,0 0 0
a b l e __________________________ 2 , 0 5 0 , 0 0 3
S u b s c ’d fo r . 1 0 , 0 0 0 0 0 0
C a s h o n h a n d ________________ 1 , 3 6 3 , 8 1 7
P a i d I n _____
8 ,0 0 0 ,0 0 0
S u r p l u s ------------------------------------2 ,5 0 0 ,0 0 0
♦ P l a n t a c c o u n t I n c l u d e s I n v e s t m e n t s In r e a l e s t a t e , l e a s e s , r i g h t s o f w a y .
p ip e lin e s , ta n k a g e /.r e fin e r ie s , s h ip s , e a r s , t e r m in a ls , d is t r ib u t in g s t a t io n s ,
p r o d u c i n g p r o p e r t ie s , w e lls a n d e q u ip m e n t .
T h e s e v e n t e e n t h r e g u la r q u a r t e r ly d iv id e n d o f 3 % , w a s p a id
D ec.
31
T u ls a ,
and
in
1907.
I.
T .,
H u m b le ,
T he
to
c o m p a n y ’s
P ort
T e x .,
r e g u la r o p e r a t io n
a
on
8 -in c h
A rth u r,
T e x .,
d is ta n c e
of
o il
v ia
abou t
F eb. 7 1908.
p ip e -lin e
D a lla s ,
fro m
C o r s ic a n a
5 6 0 m ile s , w a s p u t
F rom
opened
T u ls a t o
D a lla s ,
la s t
J o u r n a l”
O n
S ep t.
24
1907
deeds
s t a t e d , s u b s t a n t ia lly
th e
T exas
a ls o
C om pany
“ L o u is ia n a
ow ned
by
esta te
w as
S ep tem b er,
of
and
w ere
at
w h ic h
B e a u m o n t s a id :
of
C o m p a n y ,”
T he
T exas
pu rch ased
file d
e n tir e
th e
John
T e x . , is l a r g e ly in t e r e s t e d
in
P ip e
o f w h ic h
E a rly
B ayonne,
N .
W .
it
The
L in e
C o.
to
is p r e s u m a b l y
in
J .,
w as
of
h o ld in g s
P h o e n ix
C om pany.
in
tr a n s fe rr in g ,
L o u is ia n a
th e sto ck
s a id , f o r a la r g e r e fin e r y .
th e
as
a
year
s ite ,
G a tes, n o w
of
real
it
w as
H o u ston ,
th e c o m p a n y .— Y . 8 3 , p .
1417,
973.
U n io n
fered .—
R e fr ig e r a to r
T r a n s it
C o.
T he
bon d
d ep a rtm en t
W is .,
th e
and
in t. th e
u n s o ld
m o rtg a g e
p o r tio n
of
th e
F id e lity
tru stee,
a
1908
on
to
1913, b oth
M ay
and
1
1914
N ov.
tru stee.
says
in c lu s iv e
$ 1 5 0 ,0 0 0 .
1.
D e n o m in a tio n s
in
$ 3 0 ,0 0 0
and
is
$500
of
each
par
s ix
6 %
a n d d u e in
1908— fro m
m on th s
p a y a b le
p a y a b le
at
$ 1 ,0 0 0 .
A
and
C o .,
at
$ 4 8 0 ,0 0 0
1 1908
N ov. 1
cou pon s
in te r e s t
T ru st
o ffe r in g
t o t a l is s u e
In terest
P r in c ip a l
Bonds Of
o f W is c o n s in .—
of
fir s t m o r t g a g e g o l d b o n d s , d a t e d M a y
s e m i-a n n u a l in s t a llm e n t s b e g in n in g o n
and
M ay
o ffic e
1
of
c ir c u la r
su b sta n ce:
S e c u r e d b y a llr s t lie n a t $ 2 4 0 p e r c a r o n 2 ,0 0 0 r e f r i g e r a t o r c a r s , w h i c h
c o s t o r ig in a lly $ 2 ,0 0 0 ,0 0 0 a n d w e re r e c e n t ly a p p r a is e d b y J . J . H e n n e s s e y ,
m a s t e r c a r b u lk ie r o f t h e C h ic a g o M ilw a u k e e & S t . P a u l R y . C o . a t 8 6 5 0
p e r c a r , o r 8 1 ,3 0 0 ,0 0 0 .
T h i s v a l u a t i o n Is v e r y c o n s e r v a t i v e , a n d a d d s
n o t h i n g fo r t h e c o m p a n y ’s e s t a b lis h e d b u s in e s s a n d r e p u t a t i o n .
The
c a r s a r e a l l In g o o d c o n d i t i o n , a s t h e m o r t g a g e r e q u i r e s , t h e c o m p a n y o w n
i n g e x t e n s i v e s h o p s In M i l w a u k e e .
T h e c o m p a n y Is a m e m b e r o f t h e
M a s t e r C a r B u l l d e i s ’ A s s o c i a t i o n , a c c o r d i n g t o t h e r u le s o f w h ic h le s s e e s
a n d r a il r o a d s a r c r e s p o n s i b le f o r a n y d a m a g e b y lir e o r a c c i d e n t .
T h e c a r s a re u s e d b y a n d c a r r y p r a c t ic a lly a il o f th e s h ip m e n t s o f th e f o l
lo w i n g c o n c e r n s : J o s . S c l il lt z B r e w i n g C o . , F r e d M ille r B r e w i n g C o . a n d t h e
V a l. ifla t z B r e w in g C o . (o f M ilw a u k e e ); W h it e R o c k a n d A r c a d ia n M in e r a l
S p r i n g c o m p a n i e s o f W a u k e s h a , W i s . ; B o r d e n ’ s C o n d e n s e d M ill; C o . o f
C h ica g o a n d N e w Y o r k .
A c o n t r a c t w it h t h e G o u ld
s y s t e m o f r a ilw a y s
g iv e s It a c c e s s t o t h e p e r is h a b le fr e ig h t b u s in e s s w h e n e v e r t h e c a r s a r c n o t
r e q u ir e d b y t h e a fo r e s a id s h ip p e r s .
1 1 9 0 3 to 1 9 0 7 .
S ta te m e n t o f E a r n i n g s f o r Y e a r s e n d in g S e p t .
Year—
G ross.
19030 4 ................. $ 3 0 8 , 6 3 6
19040 5 .................. 3 5 8 , 2 3 8
U n it e d
M is s o u r i
r e c e iv e d
th e
N et.
|Year—
C ross.
$ 1 8 3 , 0 6 2 1 9 0 5 - 0 6 _____________ 8 3 9 0 , 1 3 3
10 1 ,8 7 2 | 1 9 0 6 0 7 _____________ 3 8 1 , 4 9 2
R iv e r
P ow er
Earnings.—
C o .—
N et.
$ 1 8 0 ,4 4 1
1 5 8 ,2 0 0
W e
have
fo llo w in g :
R e s u lt s f o r Y e a r e n d in g J a n . 3 1
1908.
G r o s s e a r n i n g s ----------------------------8 7 2 6 , 0 4 2 |I n t e r e s t , t a x e s , & c ____________ $ 2 5 7 , 3 8 1
N e t ( a f t e r o p e r . e x p . ) . ............ 5 8 2 , 4 0 3 |D e p r e c i a t i o n ____________________
2 5 ,0 0 0
on
t h e la s t $ 2 5 ,0 0 0 o f a n o r ig in a l
fir s t m o r t g a g e
p ip e -lin e
T h e T e x a s C o m p a n y o n A u g . 2 4 p o s t e d Its ll r s t I n t e r - S t a t e
p lp e -lln ta r lir , fix in g a ra te o f 2 5 c . a b a rre l f o r th e tr a n s p o r ta tio n o f c r u d e p e e
t r o le u m f r o m t h e G le n n p o o l , I . T . t t o W e s t D a lla s a n d E l e a n o r , T e x . ,
e ffe c t iv e S e p t. 1.
T h e c o m p a n y h a s a 2 7 0 -a c r e fa rm a t W e s t D a lla s o n
w h i c h It w il l s h o r t l y h a v e c o m p l e t e d t w e l v e 3 7 ,5 0 0 - b a r r e l s t e e l t a n k s ,
a f f o r d i n g s t o r a g e f o r 4 5 0 ,0 0 0 b a n d s o f o i l , a r e fin e r y o r s e p a r a t in g p l a n t ,
a t w h ic h t h e h e a v y I n g r e d ie n t s o f G le n n c r u d e w ill b e r u n o l f a n d s o ld t o
fu e l c o n s u m e r s , a n d a p u m p in g s t a t io n o n t h e m a in 8 -in c li t r u n k li n e ,
w h i c h Is t o b e e x t e n d e d s o u t h t o H u m b l e , w h e r e It w i l l j o i n t h e c o m p a n y ’ s
e x i s t i n g p i p e - l i n e s y s t e m , l e a d i n g t o T h e T e x a s C o m p a n y ’s r e f i n e r y a n d
d o c k s at P ort A rth u r.
T h e r e w ill b e n in e p u m p in g s t a t io n s o n t h e n e w lin e .
S ix o f t h e s e , o n
t h e lin e b e tw e e n T u ls a a m t D a lla s , a re c o m p le t e d .
'T h e y a r e l o c a t e d
a t T u l s a , H e n r y c t t a , S t u a r t a n d A r m s t r o n g , 1. T . , a n d a t S h e r m a n a n d
W e s t D a lla s , T e x .
A s t a t io n w ill a ls o b e lo c a t e d a t C o r s ic a n a , a n o t h e r
a b o u t 6 0 m ile s s o u t h o f C o r s ic a n a a n d t h e la s t c n e o n t h e m a in lin e a t B o b
b i n , In M o n t g o m e r y C o u n t y .
T h e c o m p a n y n o w h a s a s t a t io n a t H u m b le ,
a n o t h e r a t D a y t o n , a n o th e r a t S o u r L a k e , 50 m ile s e a st o f H u m b le , a n d
a n o t h e r a t G a r r is o n , s o u th o f B e a u m o n t a n d o p p o s it e S p ln d lc t o p .
'T h e
c o m p a n y o p e r a t e s t w o r e f i n e r i e s in s o u t h e a s t T e x a s , o n e a t P o r t N c c h e s ,
a n d th e o th e r at P o rt A rth u r.
T h e P o r t N e c h e s p l a n t Is d e v o t e d l a r g e l y
t o t h e m a n u fa c t u r e o f a s p h a lt p r o d u c t s fr o m t h e h e a v y c r u d e s o f th e G u lf
C o a st re g io n .
p a t c h t o t h e " P i o n e e r P r e s s ” d a t e d F e b . 1 5 s a y s in s u b s t a n c e :
S treet’s
th is
“ O il I n v e s t o r s ’
M ilw a u k e e ,
year:
B ond
D l v ’d s .
S p e c ia l
C a l.
N et
R eserve
In t e r e s t . (1 1 - 8 % ) . A d j ’ s t ’ s .
Y e a r . P r o fits.
f o r d e p .& c .
__________
8 5 9 ,0 0 1
1 ) 0 7 - 8 5 . 7 3 1 , 9 8 3 3 1 . 6 9 0 , 7 4 8 1 ' , 0 8 2 ,6 4 4
1 ,1 6 7 2 4 1
...............
2 ,2 7 2 ,9 3 5
1 ) 0 6 . 5 ,2 0 7 ,1 2 3
1 ,9 3 7 ,1 1 5
1 ,2 0 7 ,0 S 7 8 3 4 3 , 2 7 2
________ _
1 9 0 5 . 3 ,2 0 5 ,3 5 8
1 ,4 2 3 ,3 4 6
P r o d u c t i o n In 1 9 0 7 . 1 0 , 3 5 3 . 4 9 4 t o n s o f c o a l a n d 4 5 6 . 9 3 3
a g a i n s t 1 9 , 5 9 1 , 2 0 0 t o n s o f c o a l a n d 4 2 9 , 0 7 6 t o n s o f c o k e In
p . 4 24 , 232.
P rocter
m ile s ,
tim e
th e
T h e P e n i n s u l a r P u r e W a t e r C o . w a s i n c o r p o r a t e d In 1 9 0 1 w i t h 8 5 0 0 , 0 0 0
a u t h o r iz e d c a p i t a l s t o c k a n d a b o n d Issu e o f 8 3 0 0 ,0 0 0 (V . 8 3 , p . I l l ) ; t h e
N a t i j n u l W a t e r S u p p l y C o . w a s o r g a n i z e d in 1 9 0 0 w i t h 8 2 5 0 , 0 0 o s t o c k a n d
3 1 ,0 0 0 , 0 0 0 o f b o n u s a u t h o r i z e d ( V . 8 5 , p . 4 0 8 ) t o c o n t r o l t h e P e n i n s u l a r
C om pany.
In S e p t e m b e r 1 9 0 8 t h e N e w p o r t N e w s L ig h t & W a t e r C o .
o b t a i n e d a t e m p o r a r y I n ju n c t io n (u n d e r s t o o d t o b e s t ill p e n d in g ) r e s t r a in
in g th e P e n in s u la r P u r e W a t e r C o . fr o m c r o s s in g th e m a in s o f th e N e w p o r t
C o m p a n y (V . 8 3 , p . 8 2 8 ).
T h e r e c e i v e r s h i p Is a t t r i b u t e d t o t h i s I n j u n c
t i o n . t h e I n s o l v e n c y o f t iie K n i c k e r b o c k e r T r u s t C o . , t r u s t e e u n d e r t h e
m o r t g a g e s , a n d th e r e c e n t fa ilu r e o f A . N . C h a n d le r & C o . o f P h ila d e lp h ia ,
w h o w e r e p r o m o t in g t h e e n t e r p r is e .— V . 8 5 , p . 108.
P itts b u r g h
275
of
th e g rea ter p a rt o f th e
in s o lv e n c y ,
[V L L X V
O . X X I.
C H R O N IC L E
B a la n c e , s u r p lu s
f o r y e a r ............ .....................................» ....................................... $ 3 0 0 , 0 2 2
F o r J a n . 1 00 8 th e g ro s s e a rn in g s w e r e
$ 6 3 ,7 3 9 ;
o p e r a tin g e x p e n s e s
a n d d e p r e c ia t io n , $ 1 3 ,5 5 0 ; n e t e a r n in g s , 8 5 0 ,1 8 9 ; I n te re s t c h a r g e s , $ 3 2 ,8 8 6 ;
b a la n c e , s u r p lu s , $ 1 7 ,3 0 3 .— V . 8 6 , p . 112.
U n it e d
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C o .,
5 %
N a t io n a l
B oston ,
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7 %
in g
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1909
R u b b e r C o . — Offering of Notes Replacing
Notes Due March 1 5 1 9 0 8 . — B l a i r & C o . a n d
S ta tes
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S ep t. 15.
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due
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paym en t
15
d a te.
c ir c u la r s a y s :
T h e s e n o t e s a r e Issu e d t o r e f u n d a lik e a m o u n t o f n o t e s m a t u r in g M a r c h
15 1 9 0 8 , a n d a r e s e c u r e d b y t h e d e p o s i t w it h t h e t r u s t e e o f n o t e s o f t h e
s u b s id ia r y
c o m p a n ie s
a g g r e g a tin g
$ 1 2 ,0 0 0 ,0 0 0 .
'T h e t r u s t a g r e e m e n t
p r o v id e s t h a t t h e c o m p a n y s h a ll n o t c r e a t e a n y m o r t g a g e d e b t w h ile th e s e
n o t e s r e m a in o u t s t a n d in g a n d t h a t t h e n e t c a s h a s s e ts s h a ll a t n o t im e b e
o f le s s v a l u e t h a n 8 1 5 ,0 0 0 ,9 0 0 o v e r a n d a b o v e a ll I n d e b t e d n e s s , e x c e p t
th e fu n d in g n o te s .
T h e T r e a s u r e r s t a t e s t h a t " a s o f D e c . 31 1 0 0 7 , t h e n e t
c a s h a s s e t s o f t h e U n it e d S t a t e s R u b b e r a n d s u b s id ia r y c o m p a n i e s , I n c lu d
in g Its p r o p o r t i o n o f t h e n e t c a s h a s s e t s o f t h e R u b b e r G o o d s M a n u f a c t u r i n g
C o . , w e r e 5 2 4 ,2 9 6 ,0 0 0 o v e r a ll li a b i li t ie s , o t h e r t h a n t h e f u n d i n g n o t e s .
" T h e n e t e a r n i n g s o f t h e c o m p a n y f o r t h e y e a r e n d i n g M a r c h 31 1 0 0 7
o v e r a ll I n t e r - s t c h a r g e s w e r e $ 1 , 5 9 0 , 3 8 2 . I n c l u d i n g o n l y 8 3 8 9 ,3 0 8 o f t n e
R u b b e r G o o d s M a n u fa c tu r in g C o .’s p r o llt s o f $ 2 ,0 0 4 ,4 8 4 .
F o r th e n in e
m o n t h s e n d i n g D e c 31 1 9 0 7 , t h e n e t e a r n i n g s o f t h e U n i t e d S t a t e s R u b b e r
C o . a n d Its p r o p o r t i o n o f t h e n e t e a r n i n g s o f t h e R u b b e r G o o d s M a n u f a c
t u r i n g C o . w e r e o v e r $ 4 , 0 0 0 , 0 0 0 . a f t e r t h e p a y m e n t o f a ll I n t e r e s t c h a r g e s . ”
S o fa r as p o s s ib le , h o ld e r s o f th e o u t s t a n d in g fu n d in g n o t e s m a tu r in g
M a t c h 15 w i l l b e g i v e n t h e p r e f e r e n t i a l o p p o r t u n i t y o f s u b s c r i b i n g t o t h e
n e w n o t e s .— V . 8 6 , p . 5 5 .
U tic a
H a r r is
B u rr,
and
(N . Y .)
&
C o .,
B oston ,
e x te n s io n
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5 %
Bonds Offered.—
B oston ,
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and
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$ 1 ,0 0 9 ,0 0 0
b o n d s, d a ted
J u ly
N . W .
C o ffin
S
c
" r e fu n d in g
1 1907
and
1 1957.
T h e s e b o n d s a re p a r t o f a n a u t h o r iz e d Issu e o f $ 5 ,0 0 0 ,0 0 0 , o f
w h ic h
$ 2 , 0 0 0 , 0 0 0 Is o u t s t a n d i n g a n d 3 3 . 0 0 0 , 0 0 0 Is r e s e r v e d e i t h e r t o r e t i r e c e r t a i n
u n d e r l y i n g b o n d s ( t h e t o t a l o f a l l s u c h b o n d s Is $ 2 , 8 9 0 , 0 0 0 ) o r t o p r o v i d e
fo r p e r m a n e n t e x t e n s io n s , a d d it io n s , & c ., u p t o 75 % o f th e c a s h c o s t t h e r e o f,
b u t o n l y w h e n t h e n e t e a r n i n g s f o r t h e p r e c e d i n g 12 m o n t h s h a v e b e e n e q u a l
t o a t l e a s t 9 $0 o n a l l b o n d s t h e n I s s u e d o r a b o u t t o b e I s s u e d .
The com
p a n y h a s " t h e o w n e r s h ip a n d c o n t r o l o f t h e e n t ir e g a s b u s in e s s a n d p r a c
t i c a l l y t h e e n t i r e e l e c t r i c l i g h t a n d p o w e r b u s i n e s s In U t i c a , L i t t l e F a l l s ,
H e r k i m e r , M o h a w k , I l h m , F r a n k f o r t a n d o t h e r m u n i c i p a l i t i e s In t h e M o
h a w k V a l l e y , t h e t o t a l p o p u l a t i o n s e r v e d b e in g In e x c e s s o f 1 3 0 , 0 0 0 . ”
E a r n i n g s f o r C a le n d a r Y e a r 1 9 0 7 .
G r o s s e a r n i n g s . ............ ...........$ 7 7 2 , 7 2 9 1 I n t e r e s t o n o l d b o n d s . ______ $ 1 1 9 , 5 0 0
N e t ( a f t e r t a x e s ) - ........................ 3 9 0 , 5 9 5 |I n t . o n $ 2 , 0 0 0 , 0 0 * r c f . & e x . 5 s 1 0 0 , 0 0 0
B a l a n c e , s u r p l u s f o r y e a r ________________________ ________________________
C om p a re V . 8 5 , p. 165.
.$ 1 8 0 ,0 9 5
Mar. 7 1908. j
THE CHRONICLE
fjLepxrrte
m x&
607
Q o z m u z u t*
THE PENNSYLVANIA RAILROAD COMPANY.
S IX T Y -F IR S T ANNUAL REPO RT—FOR TH E Y E A R ; END IN G D EC EM BER 31 1907.
General O ffice, Broad Street Station,
P h ilad elp h ia , 26th F ebru ary 1908.
further investments in the securities of lines embraced in
your system, and to increased holdings of Car Trust and
The Board of Directors submit herewith to the Stockhold Water Trust Certificates.
ers of The Pennsylvania Railroad Company a synopsis of
CA R TRU STS.
their Annual Report for the year 1907:
r T S V ssues
^ar Trust securities during the year consisted
T h e g r o s s e a r n i n g s o f a l l l i n e s d i r e c t l y o p e r a t e d w e r e ________ 3 1 6 4 , 8 1 2 , 8 2 5 6 4
O p e r a t i n g e x p e n s e s e x c l u d i n g t a x e s ------------- 5 1 1 9 , 6 0 7 , 3 4 8 2 8
of $2,782,000 00 of Pennsylvania General Freight Equipment
T a x e s o n P en n sy lv a n ia R a i l r o a d a n d l e a s e d
Certificates of 1906, embracing a balance of $782,000 00 of
l i n e s . __________ ____________________________ _______
3 ,9 7 9 ,1 6 4 21
Series W and $1,000,000 00 each of the Certificates of
1 2 3 ,5 8 6 ,5 1 2 4 9
O p e r a t i n g e x p e n s e s , I n c l u d i n g t a x e s ............ ........... ......................... ..
X and Y , and $9,118,000 00 of like Certificates of
1907, embracing $1,000,000 00 each of Series A, B C D.
N e t e a r n in g s f r o m o p e r a t i o n ----------------------------------------------------- $ 4 1 ,2 2 6 ,3 1 3 15
D e d u c t r e n t a ls p a id r o a d s o p e r a t e d o n b a s is o f n e t e a r n i n g s .
4 , 8 7 7 , 0 6 5 33
E , F, G, H and I and $188,000 00 of Series J , an aggregate
of $11,900,000 00. There were thus furnished for the
N e t o p e r a t in g e a r n in g s o f T h e P e n n s y lv a n ia R a ilr o a d C o . $ 3 6 ,3 4 9 ,2 4 7 82
T o w h ic h a d d :
Pennsylvania Railroad Company 1,000 steel long coke gon
I n t e r e s t f r o m I n v e s t m e n t s ___________________ $ 1 0 , 6 7 5 , 4 2 7 21
dola cars; 5,918 steel hopper gondola cars; 476 steel under
H ir e o f e q u ip m e n t , In te re st G e n e ra l A c
c o u n t , a n d o t h e r i t e m s _______________________
3 , 1 1 8 , 0 7 9 11
frame box cars and 334 steel underframe refrigerator cars;
-------------------------------1 3 ,7 0 4 ,1 0 6 3 2
for the Pennsylvania Company 1,294 steel hopper gondola
G r o s s I n c o m e ________________________________________________________ $ 5 0 , 1 4 3 , 3 5 4 1 4
cars and 565 steel underframe box cars, and for the Cleve
D ed u ct:
land Akron & Columbus Railway Company 335 steel under
F i x e d r e n t a l s o f l e a s e d r o a d s __________________ $ 4 , 2 4 9 , 1 6 9 2 8
frame box cars, 76 steel flat cars, 200 steel long gondola cars,
I n t e r e s t o n b o n d e d d e b t ________________________ 1 0 , 4 1 2 , 4 8 7 1 8
In te re st o n m o rtg a g e s a n d g ro u n d re n ts,
and 70 steel underframe stock cars; an aggregate of 10,268
I n t e r e s t o n c a r t r u s t s , & c ____________________
1 ,9 0 6 ,6 4 1 4 4
cars.
-------------------------------1 6 ,5 6 8 ,2 9 7 9 0
The total number of Car Trust cars now in service is 10 5,
N e t I n c o m e ------------------------------------------------------------------------------------------ $ 3 3 , 5 7 5 , 0 5 6 2 4
142, and the Car Trust certificates outstanding December
F r o m th is a m o u n t t h e f o l lo w i n g d e d u c t io n s h a v e b e e n m a d e :
P a y m e n t s a c c o u n t S in k in g a n d T r u s t F u n d s
31st 1907 aggregate $72,818,000 00.
a n d p r i n c i p a l o f C a r T r u s t s __________________ $ 3 , 5 5 4 , 5 4 5 3 3
E x t r a o r d i n a r y e x p e n d i t u r e s ______ _____________ 3 , 2 6 0 , 6 5 1 4 2
A m o u n t tra n s fe rre d t o E x t r a o r d in a r y E x
p e n d i t u r e F u n d ............................................................. 2 , 5 0 0 , 0 0 0 0 0
-----------------------------
D i v i d e n d s a g g r e g a t i n g 7 p e r c e n t ___________________________________
T R A F F IC .
9 ,3 1 5 ,1 9 6 7 5
$ 2 4 ,2 5 9 ,8 5 9 49
2 1 ,9 0 8 ,4 3 5 50
b a l a n c e t r a n s f e r r e d t o P r o f l t a n d L o s s --------------------------------A m o u n t t o c r e d it o f P r o llt a n d L o ss D e c e m
b e r 3 1 s t 1 9 0 6 ______________________________________ $ 2 4 , 7 2 5 , 4 8 4 3 0
A d d p r o fit fr o m N o r th e r n C e n tr a l R a ilw a y
s t o c k d iv id e n d , a d ju s t m e n t o f v a lu e o f se
c u r it i e s o w n e d In r o a d s a b s o r b e d , a n d
s e t t l e m e n t s o f s u n d r y a c c o u n t s --------------------4 , 6 4 8 , 5 7 0 01
$ 2 ,3 5 1 ,4 2 3 9 9
$ 2 9 ,3 7 4 ,0 6 0 3 7
D e d u c t a m o u n t a p p lie d to w a r d c o n s t r u c tio n
o f N e w Y o r k T u n n e l L ln e .
C A P IT A L
7 ,0 0 0 ,0 0 0 0 0
2 2 ,3 7 4 ,0 6 0 3 7
A m o u n t to c r e d it o f P r o flt a n d L o ss D e c e m b e r 3 1 st 1 9 0 7 .
G EN E R A L
$ 2 4 ,7 2 5 ,4 8 4 30
B A L A N C E S H E E T (C o n d e n s e d ).
D ecem ber 3 1 s f 1 9 0 7 .
A ssets—
C o s t o f r o a d , e q u i p m e n t a n d r e a l e s t a t e ---------------------------------------- $ 2 9 1 , 0 6 1 , 2 0 4
S e c u r i t i e s o w n e d ___________________________ _______ ______________________ 2 2 3 , 0 0 1 , 1 8 4
L e a s e h o l d I n t e r e s t In H a r r i s b u r g P o r t s m o u t h M t . J o y & L a n
1 ,8 8 2 ,5 5 0
c a s t e r R a i l r o a d . . _____________________ _______________________________
A c c o u n t s r e c e iv a b le :
S a le N o r f o l k & W e s t e r n a n d C h e s a p e a k e & O h io s t o c k s . .
1 5 ,4 0 2 ,6 8 5
S e c u r i t i e s r e c e i v e d w i t h t h e le a s e o f t h e U . N . J . R R . & C . C o .
3 ,2 8 3 ,4 6 0
L o a n s f o r C o n s t r u c t io n a n d R e a l E s ta t e p u r p o s e s t o v a r io u s
c o n t r o l l e d c o m p a n i e s ________________________________________________
18 4 1 2 ,4 9 2
\TPW V n r lr T u n n eil E x t e n o(/\ n __________________________________________
rP lln ru l l«*vfn n s i o n
0(1
N ew Y ork
3 9 5 4 1 ,4 1 4
C urren t A sse ts—
D u e fr o m c o n t r o lle d c o m p a n ie s fo r a d v a n c e s
f o r c o n s t r u c t i o n a n d o t h e r p u r p o s e s ----------------- $ 6 , 1 1 9 , 1 6 5 71
D u e f r o m a g e n t s _______________________________________ 7 , 6 9 0 , 4 2 5 6 9
B i l l s r e c e i v a b l e a n d m i s c e l l a n e o u s a s s e t s ------------ 4 , 7 2 2 , 5 6 7 4 6
M a t e r i a l s _________________________________________________ 1 5 , 9 2 9 , 9 2 4 7 3
C a s h ________________________________________________________3 7 , 3 8 5 , 6 7 3 2 7
8 4 7 ,7 5 6
S i n k i n g F u n d s , T r u s t F u n d a n d I n s u r a n c e F u n d __________
7 8 2 ,6 2 6
T o t a l -------- -------------------$ 6 7 2 ,3 0 5 ,3 7 5
L i a b i l i t ie s —
C a p i t a ! s t o c k -------------------------$ 3 1 4 ,5 9 4 ,6 5 0
F u n d e d d e b t ( I n c l u d i n g m o r t g a g e s a n d g r o u n d r e n t s ) __________ 2 7 0 , 9 7 4 , 6 4 5
G u a r a n te e d s t o c k a n d b o n d s o f th e H a r r is b u r g P o r t s m o u t h
M t . J o y & L a n c a s t e r R R . C o ---------------------------------------------------------1 ,8 8 2 ,5 5 0
S e c u r itie s r e c e iv e d w it h th e le a s e o f th e U . N . J . R R . & C .C o .
3 ,2 8 3 ,4 6 0
C a r T r u s t P r in c ip a l a n d T a x e s c h a r g e d o u t a n d a w a itin g
s e t t l e m e n t --------------------4 ,4 4 8 ,0 6 7
P e n n s y l v a n i a C o m p a n y D e p o s i t A c c o u n t ............ ........................
2 ,2 9 0 ,8 9 7
E x t r a o r d i n a r y E x p e n d i t u r e F u n d _________ ______
2 ,5 0 0 ,0 0 0
C u r r e n t L i a b i l i t ie s —
P a y r o lls , v o u c h e r s a n d n e t t r a ffic b a l a n c e s .$ 2 0 ,7 0 2 ,0 7 9 98
D u e c o n t r o lle d c o m p a n ie s o t h e r th a n tr a ffic
b a l a n c e s . .................... ........... - -----------------------------------9 ,4 6 1 ,8 1 9 4 8
D u e S a v in g , R e lie f a n d I n s u r a n c e F u n d s ,e t c .
1 ,2 5 8 ,7 0 4 0 6
In te re st a c c r u e d , m a tu re d a n d u n c o lle c te d ,
.
a n d d i v i d e n d s u n c o l l e c t e d --------------------------------2 ,8 7 5 , 9 8 1 9 4
M i s c e l l a n e o u s l i a b i l i t i e s ------------- ----------------------------3 ,4 9 1 ,0 7 0 23
3 7 , 7 8 0 ,6 6 4
S i n k i n g F u n d s a n d T r u s t F u n d ---------------------------------------------------------9 8 1 5 ,9 5 5
P r o f l t a n d l o s s ---------------------------------------- -----------------------------------------------------24 7 2 5 ,4 8 4
43
58
00
00
25
86
45
86
57
00
00
13
00
25
80
09
00
D EBT.
The amount of funded debt, including real estate mort
gages and ground rents, December 31st, 1907, was $270,
974,645 13 , being an increase of $79,413,374 3 1. This was
due to the issue of $60,000,000 of three-year collateral notes,
and to the taking upon your Balance Sheet of the bonded
debt of the Philadelphia & Erie Railroad, $19,823,000, as a
result of tho absorption of that property, as against which
were credited the redemptions of various securities and the
reduction in real estate mortgages and ground rents.
S E C U R IT IE S
OF
O TH ER
C O R P O R A T IO N S .
The cost of the securities of other corporations held by
your Company December 31st 1907 was $219,989,663 17,
and the direct revenue received therefrom during the year
was $10,440,955 2 1, being 4.75 per cent upon the cost
thereof. The increase in the cost thereof is due to the ac
quisition of tho stock of the Bald Eagle Valley Railroad, to
STOCK
AN D
F U N D E D D E B T — L IN E S
P IT T S B U R G H .
W EST
OF
The fifty millions of Pennsylvania Company eighteen
months A y, per cent Collateral Improvement notes, which
were issued May 1 1906, as stated in your last report, and
which were guaranteed,principal and interest,by your Com
pany, were paid at maturity, November 1 1907.
In order to provide for construction expenditures, under
lying liens and other corporate purposes, the Pittsburgh
Cincinnati Chicago & St. Louis Railway Company authorized
the creation of ten millions of bonds under its consolidated
mortgage, to be known as series G, to bear date November 1
1907, to run for fifty years, and to bear a rate of interest
not exceeding four per cent. Of these bonds, $6,000,000
have been sold to the Pennsylvania Company, and the pro
ceeds used in payment of construction expenditures hereto
fore made, and for other corporate purposes.
C A P IT A L
E X P E N D IT U R E S .
The amount of Capital Expenditures during the year on
the Lines west of Pittsburgh for construction, equipment
and real estate was $7,008,945 42.
In these expenditures were included large outlays upon
track elevation in Chicago and Allegheny City; upon the re
vision of line and construction of second and third tracks
on the Pittsburgh Cincinnati Chicago & St. Louis Railway;
the improvement of yards, docks and other terminal facilities,
the increase of sidings, the purchase of additional real estate
and right of way, and especially upon additional motive
power and equipment for both your Northwestern and South
western systems.
T R A F F IC .
69
68
36
T o t a l . . --------------------------------------------- -----------------------------------------------------------$ 6 7 2 , 3 0 5 , 3 7 5 0 0
FU N DED
The number of tons of freight moved on the five grand
divisions east of Pittsburgh and Erie in 1907 was 224,227,074.
an increase of 51,856 ,0 11, or 30.08 per cent; the number of
passengers was 67,356,833, an increase of 5,248,125, or
8.45 per cent.
The other Railroad Companies east of Pittsburgh and Erie
in which your Company is interested show satisfactory re
sults. Detailed statements of their operations will be found
in their respective annual reports, as well as in the full re
port of your Company.
The number of tons of freight mbved on the lines west of
Pittsburgh was 155,900,426, an increase of 13,530,327. The
number of passengers carried was 33,001,393, an increase
of 2,587,833.
The gross earnings of all lines east and west of Pittsburgh
for the year 1907 were $326,785,525 96, operating expenses,
$243,154,080 72, and net earnings, $83,631,445 24, an in
crease in gross earnings, compared with 1906, of $30,887.
360 72 and a decrease in net earnings of $722,953 97.
There were 435,064,136 tons of freight moved on the entire
system, being an increase of 71,108,309 tons, and 153,047,046
passengers carried, an increase of 12,533,682.
G EN E RAL
R EM ARK S.
In pursuance of the power conferred by the Shareholders
at the last meeting and for the purpose of meeting your
capital requirements,an issue was made March 15th 1907,
under the terms of an agreement with the Fidelity Trust
Company as Trustee, of $60,000,000, three-year fire per cent
collateral notes. This course was adopted by reason of the
fact that, under the financial conditions then existing, long
term securities could not be placed on a sathifnetorr basis.
608
THE CHRONICLE
There was a heavy increase in the volume of freight traffic
until the month of December, the tonnage and ton mileage
for the year showing a large gain and the revenue an increase
of more than twelve and a half per cent over the previous
year; but there was a material reduction in the gross and net
earnings per ton per mile. While the increase in the passen
ger traffic was much below the percentage shown in 1906
over 1905, being but nine and thirteen one-hundredths per
cent as against fourteen and forty-one one-hundredths per
cent, the gross revenue therefrom increased barely four and
one-half per cent, as compared with a gain in 1906 of fourteen
per cent over the preceding year. The expenses, also, were
largely increased, the cost per passenger per mile showing an
increased percentage of nearly thirteen per cent and the cost
per train mile an increase of nearly seventeen per cent. As
a result there was a reduction of nearly one-third in the net
earnings per passenger train mile; and while this was due
in part to a more accurate distribution of expenses as be
tween freight and passenger traffic, it was clearly shown that
the lower fares which prevailed during a portion of the year
had not stimulated traffic to the extent necessary to offset
the loss of revenue and the higher cost of operation due to the
increase in wages and cost of supplies. It may be noted here
that the average rate received upon the entire system during
the year was less than two cents per mile.
. There was a further increase in taxes, the amount paid
upon your own property and upon that of the lines operated
by your Company for the year aggregating $3,979,164 2 1,
as against $3,715,033 82 for the preceding year.
After meeting all liabilities and paying dividends aggre
gating seven per cent, and $3,150,693 72 on account of the
maturing principal of Car Trusts, there was a surplus of
$8,112,075 41, of which $3,260,651 42 was applied toward
the Extraordinary Expenditures of the year, $2,500,000 00
transferred to the Extraordinary Expenditure Fund and
$2,351,423 99 credited to your Profit and Loss Account.
The heaviest outlays during the year between Pittsburgh
and Jersey City were upon the extension of the four-track
system on your Main Line, the revision of the low-grade
freight line along the Conemaugh River, formerly known as
the Western Pennsylvania Railroad, the extension and im
provement of yards and terminal facilities at various points,
the purchase of right of way in connection with the con
struction of further relief freight lines and the perfecting
of your permanent water supply.
The aggregate expenditures for construction, equipment
and real i state during the year upon your Main Line between
New Y< rk and Pittsburgh, including $6,150,693 72 on ac
count of the principal of Car Trusts and $500,000 on account
of the principal of Water Trust Certificates, were $19 ,8 12 ,
455 98, of which $9,110,780 57 was charged to capital ac
count, $5,530,826 75 against the income of the year, and
$5,170,848 66 against the Extraordinary Expenditure Fund
theretofore existing. There was also charged against the
income for the year the amount of $880,518 39 advanced to
the Western New York & Pennsylvania Railway and other
subsidiary companies.
The capital expenditure on the branch lines, which was
met out of their own resources, aggregated $1,462,321 21.
In pursuance of the policy announced in the last report,
the expenditures for the year were confined almost exclu
sively to the completion of work actually under way; and it
is gratifying to note that with the exception of a portion of
the relief freight lines for which no present necessity exists,
substantially all the improvements outlined in the report for
1902, as essential to put your road in condition to meet the
legitimate demands of your traffic, have been completed.
As a result, the average daily mileage of the freight cars
moved over your lines increased about twenty per cent be
tween 1903 and 1907. The expenditures for the present
year will be practically confined to finishing the work now
in progress on the main line, and to the Tunnel Extension
into and through New York and the Terminal Station in
that city.
The progress upon the Tunnel Extension has been satis
factory, although it has necessarily been delayed by the en
gineering, legal and municipal questions inseparable from
so extensive an undertaking. It is expected that the entire
wmrk upon the tunnels and terminal station will be com
pleted in 1910.
On the section between Harrison, east of Newark, where
the Tunnel Extension leaves your New Jersey Division, and
the western portal of the Bergen Hill Tunnels, substantial
progress was made during the year upon the masonry,
superstructure and embankment necessary to carry your
railroad across the Meadows above the grades of the railways
and streets traversing that territory. The two tunnels
through Bergen Hill have, with the exception of about seven
hundred feet, been fully excavated. The concrete lining is
being placed in the Bergen Hill Tunnels and also in the two
tubes under the Hudson River, while the excavation is com
pleted from the river to the Terminal Station approach at
Tenth Avenue. From Tenth to Ninth Avenue more than
half of the work has been finished, and on the Terminal
Station site between Seventh and Ninth avenues in New York
City practically all the retaining walls and foundations are
in place. The steel viaducts for the support of the streets
adjoining the station site and for the avenues crossing it
are also nearing completion, while the steel structure of the
station itself is in process of erection. The tunnel excavation
[V L L X V
O . X X I.
from the terminal site castwardly to the First Avenue shafts
on the westerly side of the East River is completed, with the
exception of the section between Fifth and Sixth avenues,
and nearly one-half of the concrete lining and other work
on that portion of the line is completed. In the construction
of the four tunnels under the East River, one of the iron
tubes has already been completed, and the remaining tubes
will be connected early in the present year.
The tunnels under Long Island City from the East River
to East Avenue shaft in the Borough of Queens have been
completely excavated and iron lined, and two-thirds of the
concrete lining is in place. The work between the East
Avenue shaft and the western end of Sunnyside Yard, near
Thomson Avenue, where the tunnels reach the surface, is
under construction.
It was not possible to actively proceed with the Sunnyside
Yard until a number of changes had been made in the City
plans covering the re-location of certain streets and the con
struction of highways across the yard so as to eliminate grade
crossings. But an agreement for this purpose having been
reached in June last, the necessary work on the viaducts,
embankments and bridge masonry is now under way.
This yard will be about fifty-five hundred feet long and
fifteen hundred and fifty feet across at the widest point, and
is an important part of the Tunnel Extension. The Long
Island Railroad and the New York Connecting Railroad
eventually will be directly connected with your New York
Tunnel Extension in the vicinity of the; yard, and through
these lines the New York New Haven & Hartford Railroad
and its New England connections will be provided with a
direct all-rail route to the South and West over your system.
By reference to the general balance sheet it will be seen
that the total amount capitalized on account of the New
York Tunnel Extension to December 31 1907 is $39,541,
414 45, but this does not embrace the sums charged off from
time to time against income and profit and loss accounts.
These latter sums aggregated $23,000,000 00 prior to 1907;
and as from adjustments made during the year already
noted, large credits accrued to your Profit and Loss account,
an opportunity was afforded to charge off the further amount
of $7,000,000 00 on account of the Tunnel Extension,
making the total charges to date against Income and Profit
and Loss accounts $30,000,000 00. There will also be sub
stantial credits to the cost of this work arising from the sale
of surplus real estate not permanently required for the uses
of the Tunnel Company. During 1907 over $1,600,000 00
was received from tins source, the main item being the con
sideration paid by the United States Government for the
post office site conveyed to it on Eighth Avenue between
Thirty-first and Thirty-third streets.
The Companies engaged in its construction, namely, the
Pennsylvania New York & Long Island Railroad Company,
a corporation of the State of New York, and the Pennsyl
vania New Jersey & New York Railroad Company, a cor
poration of the State of New Jersey, were, pursuant to the
laws of both States, consolidated and merged on June 2fr
1907 into the Pennsylvania Tunnel & Terminal R R .C o .
Large expenditures were also made upon the Philadelphia.
Baltimore & Washington, West Jersey & Seashore and
Long Island Railroad Systems, the funds for which have
been temporarily advanced by your Company.
The prosperity which had existed for a number of years
in all branches of industry, and which had so exceptionally
increased the traffic upon the railways, met with a severe
check in November last, which is now largely affecting the
revenues of your system. While a number of causes seriously
disturbed public confidence, and thus brought on the finan
cial panic Avhich has so sharply affected the business inter
ests of the country, an important one undoubtedly was the
fear that , as the result of recent Federal and State legisla
tion, the regulation of the railways had approached so nearly
to an effort to control their management and revenues that
the investments therein were not assured of that protection
to which they are justly entitled. Eventually it may be
assumed the questions that arise will be fairly adjusted, but
in the meantime the railways have to face the loss of revenue
consequent upon the enforced idleness of a large portion of
their equipment, while to a proportionate number of their
employees this has necessarily brought about either an entire
loss of employment or a material reduction in their hours
of labor.
In Pennsylvania, notwithstanding the legal maximum
charge was three cents per mile, and the rates on passenger
travel had been adjusted from time to time upon a careful
consideration of the extent, frequency and character of the
service rendered, and while the average rate received upon
your lines was only about two cents a mile, a bill was passed
under which the railways of the State were forbidden to
charge, under any circumstances, more than that rate for
transportation within the State. In order to earn the
average rate theretofore received, it would have been neces
sary to advance the special rates on commutation and ex
cursion business, which are specially authorized by the
Constitution, had been long in force, and had furnished the
basis upon which communities had been built up, values
fixed and methods of living established which promoted the
health and comfort of the public; or,in default of such action,
the rate fixed by the law referred to would have reduced your
earnings below a fair and proper return upon the capital
invested.
Mar. 7 1908.J
THE CHRONICLE
C O S T O F R O A D : E x p e n d itu r e o n th e fo u r t r a c k s y s t e m o n M a in I .in e , o n d o u b l e
tr a c k in g : C o n e m a u g h
D iv is io n , o n
P it
c a ir n , U o llld a y s b u r g a n d o t h e r y a r d s , a n d
o n b r a n c h e s , s h o p s a n d o t h e r f a c i l i t i e s _____ $ 5 ,3 1 ) 4 ,0 3 2 1 3
C ost
of
P h ila d e lp h ia
&
E r ie
R a ilr o a d ,
a b s o r b e d ----------------------------3 0 ,2 0 8 ,0 0 0 0 0
A m o u n t tr a n sfe rre d fr o m
R e a l E s ta te a c
c o u n t , b e in g p r o p e r t y u s e d f o r r a ilr o a d
p u r p o s e s ............... .................................................
1 4 , 2 0 0 , 2 8 4 21
----------------------------- $ 4 0 , 8 0 3 , 2 1 6 3 4
E Q L 1 P M E N T :■ P o r t io n o f c o s t o f lo c o m o t iv e s
a n d f r e i g h t a n d p a s s e n g e r c a r s _______________
$ 5 4 3 ,0 5 9 31
P o r t io n o f p a y m e n t s o n a c c o u n t o f p r in c ip a l
o f C a r T r u s t C e r t i f i c a t e s ___________
3 ,0 0 0 ,0 0 0 0 0
------------3 ,5 4 3 ,0 5 9 31
$ 5 3 ,3 4 6 ,2 7 5 65
R E A L E S T A T E : C r e d its th e r e t o o n a c c o u n t
o f t r a n s f e r t o C o s t o f R o a d , a s a b o v e -------- $ 1 4 , 2 0 0 , 2 8 4 21
L e s s a d d i t i o n a l p u r c h a s e s -----------------------------------------1 7 2 , 7 8 0 13
l
1 4 ,0 2 7 ,4 0 5 0 8
T o t a l c h a r g e s t o C a p i t a l A c c o u n t f o r 1 0 0 7 ............................... . . . $ 3 0 , 3 1 8 , 7 8 0
57
It will be noted that the sum of $3,000,000, being a portion
of the payments on account of Car Trust Equipment, has
been charged to Capital Account. This was deemed advisa
ble by reason of the fact that the large sums heretofore
charged therefor against income had reduced the book value
of your equipment to a figure below its actual value. Of
the 247,699 freight cars now furnished by the lines in your
system, more than one-half are either steel cars or of steel
underframe construction.
The increase of CAPITAL STOCK during the year was
as follows:
T ota l
C o n v e r t i b l e B o n d s o f 1 0 0 2 . . __________
$ 5 ,0 0 0
C o n v e r t i b l e B o n d s o f 1 0 0 5 _______
5 ,6 5 0
A lle g h e n y V a lle y R a ilw a y C o m p a n y
c k -----------------------------------------------------------------1 6 4 ,0 5 0
C u m b e r la n d V a ll e y R a il r o a d S t o c k 1 ,6 0 4 ,4 0 0
P h ila d e lp h ia & E r ie R a ilr o a d S t o c k . . 4 ,4 8 5 ,2 0 0
B a ld E a g le V a ll e y R a il r o a d S t o c k 2 ,2 8 0 ,0 0 0
_
I s s u e d in e x c h a n g e f o r
In e x ch a n g e fo r
In e x ch a n g e fo r
P r e fe r r e d S t o
In e x ch a n g e fo r
In e x ch a n g e fo r
In e x ch a n g e fo r
_
For these reasons legal proceedings were instituted in the
Court of Common Pleas of the County of Philadelphia to
restrain the enforcement of this law. After an exhaustive
examination of the data and facts submitted, it was decided
to be unconstitutional by reason of the fact that under its
provisions injustice would be done to the owners of the rail
ways, and this decision was affirmed on appeal by the Su
preme Court of the State.
In pursuance of the action taken by the Shareholders at
the last annual meeting, the Philadelphia & Erie Railroad
has been merged into the main line; and in further pursuance
of the policy of acquiring the minority interests in roads
in your system, where such acquisition promotes efficiency
and economy of operation;and is to your general advantage,
your Board has purchased on satisfactory terms all the indi
vidual interests in the Bald Eagle Valley Railroad, which
extends from a point near Tyrone on your main line to Lock
Haven on your Eric Division.
It has also been deemed advisable to absorb the Junction
Railroad, three miles in length, which furnishes the connec
tion in the city of Philadelphia between the Philadelphia
Baltimore & Washington Railroad, your Main Line, and the
Philadelphia & Reading Railway, and the entire stock inter
est where in is owned by your Company; and also the South
West Connecting Railway, a small branch, about a mile and
three-quarters long, in the Conncllsville coke region.
Your approval will therefore be asked of the necessary
agreements covering the absorption of the Bald Eagle Valley
Railroad, Junction Railroad and South-West Connecting
Railway properties.
The charges to CAPITAL ACCOUNT during the year
were as follows:
609
is s u e
d u r in g
1 9 0 7 ------------------------------------------ $ 8 , 6 4 3 , 3 0 0
00
00
00
00
00
00
00
Included in this amount are the balances held, as noted
on the Balance Sheet, to retire the small individual holdings
of stock outstanding at the end of the year in the Allegheny
Valley, Cumberland Valley, Bald Eagle Valley and Phila
delphia & Erie raliroads.
The Board have to record with the deepest regret the death
on October sixth, in the 83d year of his age, of Mr. Alexander
M. Fox, who had served continuously as one of your directors
since 18 7 1. His sound judgment and long experience made
him a wise counselor, while his attractive personality and
devotion to your interests had won the high regard and con
fidence of his associates.
Mr. Percival Roberts Jr . was elected a Director on Octo
ber 23d to fill the vacancy thus created.
Mr. Hugh B. E ly, Superintendent of the Insurance Depart
ment, in which he had served continuously with the highest
efficiency since its establishment in 1882, having died
October 30th, Mr. II. H. Newborn, Assistant Superin
tendent of that Department, was appointed November 13th
1907 to the position thus vacated.
By order of the Board,
JA M ES McCREA, President.
Attest: LEW IS NEILSON, Secretary.
STO C K H O LD ERS
PA M PH LET
T IO N
IN
T A R Y ,
FORM
PERSO N
ROOM
260
M AV
O B T A IN
ON AN D
O R
A F T E R
C O P IE S
OF
3 rd M A R C H
L E W IS
TH E
R E PO R T
1008 O N
IN
A P P L IC A
B Y
LE TTE R
TO
BRO AD
STR E E T
S T A T IO N , P H IL A D E L P H IA .
N E IL S O N , S E C R E
DOMINION COAL COMPANY, LIMITED.
REPO RT OF DIRECTO RS FOR Y E A R ENDING D ECEM BER 3 1S T , 1907.
C O M P A N Y ’S
O P E R A T IO N S .
Theljoutput for 1907 was 3,641,253 tons, as compared
with 3,552,746 tons for 1906, or 11,49 3 tons less than in
the corresponding period. The decrease was due to the
fact that mining operations had not been resumed at No. 7
Mine since the fire which occurred in December 1906. The
business of the Company has been adversely affected by the
following circumstances:
The weather experienced throughout the winter and the
spring was abnormally severe, thereby delaying the opening
of navigation at Sydney by about four weeks, and,owing
to the presence of drift ice along the Nova Scotia coast
and in the Gulf, the regular shipments to the St. Lawrence
did not begin until June 6th. These unusual conditions
rendered it impossible to get up the full quantity of coal
required for St. Lawrence points during the season of open
navigation; supplementary shipments had to be made via
Portland, Me., after the closing of the river, entailing heavy
additional cost of railway carriage from that port to Montreal.
The delays to steamers also caused an increase in the freight
ing costs.
Mining costs have continued to increase greatly, by reason
of the scarcity of labor, the irregular working of men and
the high prices paid for all materials used at the mines,
including hay and feed for horses; these conditions were the
most unfavorable in the history of the company.
C O M P A N Y ’S
P R O PE R T Y .
No. 7 Mine was idle nearly all the year on account of the
(ire as above noted, which destroyed the bankhead and all
surface works, and necessitated the flooding of the mine
from the ocean. The flooding was stopped on January
29th 1907, and pumping out commenced immediately after;
the first coal was hoisted on November 27th. All surface
works have been replaced and are now in first-class order,
and the mine in condition to give a normal output next
season.
New TForA;s.—One of the new mines (No. 12), referred to
in the last annual report, has been opened in the LinganVictoria district. The main slope has been driven 390 feet,
and the back deep 335 feet, and first levels have been broken
off. The prospects in this district show great promise and
when fully developed the new colliery will produce a subtantial output. The construction of the branch line (about
seven miles in length) connecting this district with the
main line of the Company’s railway has been commenced.
The bush has been cleared for four miles and grading com
pleted for two miles. Some 368 acres of land have been pur
chased for the surface works, town site and reservoir, and
the necessary clearing has been completed to a sufficient
extent to admit of the erection of the temporary mine build
ings, boarding-houses and stables.
Following the policy already established by your directors
to safeguard in every possible manner life and property,
careful attention has been paid to the prevention of fires
both for underground and surface works. All collieries are
periodically inspected by a special fire inspection committee,
and regularly drilled fire brigades are organized at each of
the collieries. Safety lamps are now in use at all the mines.
A Rescue Station at a central point with full equipment
has been established, including twenty sets of “ Draeger
Breathing Apparatus,” to enable men in any emergency to
work in a poisonous atmosphere. A volunteer corps for
such service has been organized and the men have been
drilled in the use of the apparatus by a competent instructor
brought over from England.
A Horse H ospital has been erected in which the sick and
injured mine horses are properly treated with satisfactory
results.
W recking P la n .—In response to the invitation of the
Federal Government to tender for the establishment of a
wrecking plant to afford aid to wrecked, disabled or stranded
vessels within the coastal waters of the Maritime Provinces
and the Gulf of St. Lawrence, an offer was submitted by the
Company which was accepted, and an agreement entered
into for five years. Certain of the Company's steamers
have been assigned to this duty and a complete salvage
outfit purchased. During the eight months of its existence
assistance has been rendered to eleven vessels.
N ew Coasting Steam er .—Owing to the great difficulty
experienced in obtaining schooners to carry on the coastwise
trade, a specially designed steamer was built in Scotland to
the Company’s order. This steamer, the Cabot, arrived at
Sydney on September 21st, and has been continuously
employed in the trade since that date.
Loading Plant at Glace B a y H arbor .—A trestle and chute
have been erected at this point to provide return cargoes
[V L L X V
O . X X I.
THE CHRONICLE
610
for sailing craft coming in with lumber and produce, and
the berth in this harbor dredged to enable vessels to lie
alongside. These facilities have proved advantageous to
the Company.
R o l l i n g S t o c k , & c — One new main line locomotive and
one new bank-switching locomotive have been purchased
during the year. Also one new steam shovel for the banking
station. The capacity of the banking station has been in
creased by building new turn-out and trestle. Scales for
weighing coal on cars have been installed in Nos. 1, 2 and 4
Colliery Yards. A new 65-foot turn-table has been erected
at the Glace Bay Round House.
N e i v D w e l l i n g - H o u s e s for miners were erected as follows:
No. 5 Colliery, 29 houses; No. 4 Colliery, 1 house; Mechanics’
Row, 1 house; and one boarding-house in No. 2 District,
and construction started on one hundred additional houses
at various places. A census w taken in October showing
ras
a total population of 10,600 persons occupying the Company’s
houses.
A N e w B a n k h e a d to serve both Emery and Phalen seams
at No. 5 Colliery has been built and was put in operation
on Ju ly 1st, replacing the old bankhead destroyed by fire
in October 1906. Also a new machine-shop equipped with
all necessary modern tools.
E l e c t r i c P o w e r T r a n s m i s s i o n . —The third unit has been
installed at the Centi’al Electric Station at No. 2 and the
use of electric power extended during the year by the in
stallation of an electric underground haulage engine at
No. 3 Colliery, the introduction of electrically drived turbine
pumps at several collieries, electric motors to run the central
machine-shop at Glace Bay and at No. 2 Colliery,and the
bankhead machinery at No. 5 and No. 7 Collieries, and for
hoisting tanks at No. 8 water shaft.
The Company’s property generally has been maintained
in a state of efficiency and the development of the mines
regularly carried on so as to insure the best possible results.
C o m p a n y ’ s S t o r e s . —The management of the commercial
stores, which was found to be most unsatisfactory, has been
completely changed,and the pernicious system of allowing
long time and indiscriminate credits to workmen discon
tinued. A careful inventory of the goods in stock has been
taken and loss for depreciation provided for.
G EN E RAL.
The suit taken against the Company by the Dominion
Iron & Steel Company referred to in the last annual report
was tried at Sydney (July 30th to August 19th) before
Mr. Justice Longley,and judgment given in the plaintiff’s
favor on September 16th. Your directors have throughout
been acting upon the advice of eminent counsel but after
this reverse, for their fuller satisfaction they took other
counsel into consultation, who were unanimous in their
opinion that the Coal Company's contentions were right
and would eventually be maintained. The appeal taken
before the Supreme Court of Nova Scotia was heard at
Halifax on December 17th 1907, and a decision in favor of
the Steel Company was given on January 14th 1908. Since
receiving this second adverse judgment and in view of the
appeal which has been taken to the Privy Council, your
directors have submitted the case separately to three promin
ent members of the Ontario bar, and to two United States
lawyers of high standing. In each case an entirely favorable
opinion has been' received and your directors consider that
the recent decisions should be reversed and judgment given
in favor of this Company.
Your directors regret that the annoyance and expense of
a protracted litigation should continue to be borne by the
Company, but as no genuine response has up to the present
been made by the Steel Company to the numerous overtures
put forward from time to time by influential friends of the
two companies for a settlement on fair and equitable lines,
the only alternative would have been complete surrender
to the Steel Company’s unreasonable demands. The ques
tions involved are so vital to the prosperity of this Company,
and your directors’ belief in the justice of the Company’s
cause and its ultimate success in the suit being well assured,
they have had no alternative in the best interests of the
sharholders but to earnestly prosecute the appeal to the
Privy Council.
Your directors, however, continue ready to discuss any
feasilble scheme of settlement offered by the Steel Company
recognizing that in view of the intimate relations which must
inevitably exist between them, an amicable termination of
the dispute would redound to the greater advantage of both
companies.
Respectfully submitted,
JA M ES ’ROSS, P r e s i d e n t .
B A L A N C E S H E E T O F T H E D O M IN IO N C O A L C O M P A N Y , L IM IT E D
A S A T D E C E M B E R 3 1 S T 1907 (C O M P A R E D W IT H
D E C E M B E R 3 1 S T 1 9 0 6 .)
B a la n c e s .
F o r y e a r e n d in g
A sse ts—
D ec. 31 1 9 0 6 .
P r o p e r t y A c c o u n t a s p e r l a s t R e p o r t ___ - - $ 2 3 , 3 2 3 , 2 7 6 5 9
A d d C a p i t a l E x p e n d i t u r e s s i n c e , le s s w r i t
t e n o i l - ............... ....................................... .........................
3 1 7 ,8 0 3 7 5
$ 2 3 ,6 4 1 ,0 8 0 34
C a s h In B a n k s a n d O f f i c e s ______________
A c c o u n t s R e c e i v a b l e _____________________
C o a l o n h a n d -------------------------------------------------_
N e w S u p p l i e s In S t o r e s a n d W a r e h o u s e s , & c
3
I n s u r a n c e s p a i d In a d v a n c e _____________
.
S t e a m s h i p H i r e p a i d In a d v a n c e _______
S e c u r i t i e s o f o t h e r C o m p a n i e s __________
_
$ 2 8 1 ,8 8 9
7 9 5 ,3 6 6
3 6 1 ,1 1 9
6 5 4 ,5 3 4
6 ,2 0 8
1 7 ,0 1 0
3 1 4 .9 6 4
58
82
69
50
52
97
63
F o r y ea r en d in g
D ec. 31 1 9 0 7 .
$ 2 3 , O i l ,0 S 0 3 4
1 9 9 ,0 5 3 8 9
$ 2 3 ,8 4 0 ,7 3 4 23
$ 8 6 4 ,7 8 5
8 3 8 ,4 8 8
1 5 3 ,6 4 0
5 9 8 ,1 6 7
4 6 ,9 0 5
1 7 ,7 5 5
3 6 4 ,1 7 3
85
83
24
31
56
08
08
$ 2 ,4 3 1 ,0 9 4 71
$ 2 ,8 8 3 ,9 1 5 9 5
$ 2 6 ,0 7 2 ,1 7 5 0 5
$ 2 6 ,7 2 4 ,6 5 0 18
$ 1 5 ,0 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
7 2 ,0 0 0
3 1 0 ,2 5 6
2 2 9 .0 0 8
$ 1 5 ,0 0 0 ,0 0 0
3 ,0 0 0 ,0 0 0
5 ,0 0 0 ,0 0 0
5 0 ,0 0 0
2 6 3 ,6 2 4
1 9 1 ,8 7 2
L i a b i l i t ie s —
C a p i t a l S t o c k , C o m m o n _________________
C a p i t a l S t o c k , P r e f e r r e d ---------------------------F i r s t M o r t g a g e B o n d s --------------------------------M o r t g a g e s ------------------------------------------------------C a p e B r e to n R e a l E s ta te D e b e n tu r e s .
D o m ln lo n R o llin g ,S t o c k D e b e n tu r e s .
.
.
.
.
.
A c c r u c d D iv id e n d — P r e fe r r e d .
U n p a i d R o y a l t y ------------------------- .
A c c o u n t s P a y a b l e ----------------— .
B o n d I n t e r e s t , A c c r u e d ------------C o n t i n g e n t F u n d ..................... ...........
.
.
.
.
.
$ 8 7 ,5 0 0
8 7 ,3 2 4
3 3 6 ,5 4 3
4 1 ,6 6 6
8 1 ,0 3 5
$ 6 3 4 , 0 7 0 11
$ 5 6 5 ,8 4 5 0 0
S tir p l u s —
B a la n c e fr o m p re i
F or cu rren t y ea r.
.
.
$ 1 ,3 9 4 ,1 2 4 74
0 3 1 ,8 1 5 64
1 ,8 2 5 ,9 4 0 38
1 ,0 0 2 ,3 6 8 10
$ 2 ,0 2 5 ,9 4 0 38
$ 2 ,8 2 8 ,3 0 8 48
00
00
00
00
40
10
$ 2 3 ,6 1 2 ,1 6 4 5 6
L ess— W r itte n o ff—
T o p r o v i d e f o r d e p r e c i a t i o n In W o r k s ,
S t o r e s , & c ----------------------------------------------- --------T o p r o v i d e f o r fir e a n d m a r in e lo s s e s a n d
o t h e r c o n t i n g e n c i e s _______________
00
37
38
66
70
00
00
00
00
10
60
$ 2 3 ,5 0 5 ,4 9 6 7 0
$ 8 7 ,5 0 0
1 0 3 ,1 9 7
2 6 5 ,0 0 7
4 1 ,6 5 8
6 8 ,4 8 2
00
12
22
34
32
2 0 0 ,0 0 0 0 0
1 7 5 ,0 0 0 0 0
$ 1 ,8 2 5 ,9 4 0 38
$ 2 6 ,0 7 2 ,1 7 5 0 5
P R O F IT
AN D
$ 2 ,6 5 3 ,3 0 8 48
$ 2 0 ,7 2 4 ,6 5 0 18
LOSS ACCOU N T
F O R 'Y E A R 1 9 0 7 (C O M P A R E D W I T H
1 9 0 6 ).
F o r y e a r e n d in g
F o r y e a r e n d in g
,
D ec. 31 1 00 6.
D e c . 31 1 9 0 7 .
N e t P r o c e e d s f r o m S a le o f C o a l a n d N e t
I n c o m e fr o m S t e a m s h ip s , R a ilw a y s ,J R c a l
E s t a t e , & c ...............................
$ 1 ,1 3 7 ,3 7 0 9 2
$ 2 ,0 9 4 ,5 3 0 23
L ess—
I n t e r e s t o n B o n d s . ...................
$ 2 5 0 ,0 0 0 0 0
$ 2 5 0 ,0 0 0 0 0
D iv id e n d o n P r e fe r r e d S t o c k . . .
._
2 1 0 ,0 0 0 0 0
2 1 0 ,0 0 0 0 0
M i s c e l l a n e o u s I n t e r e s t __________
4 5 ,5 5 5 28
3 2 , 1 7 1 13
D i v i d e n d o n c o m m o n s t o c k _____________________
6 0 0 ,0 0 0 0 0
$ 5 0 5 ,5 5 5 28
$ 1 ,0 9 2 ,1 7 1 13
$ 6 3 1 ,8 1 5 6 4
$ 1 ,0 0 2 ,3 0 8 1 0
C e r t ifie d c o r r e c t .
W .
S.
A N D R E W S , A u d ito r
— Mr. Robert H. McCurdy, formerly General Manager of
Wheeling Steel & Iron Co.— E a r n i n g s . —The “ Wheeling
Register of Feb. 12 , in a report of the annual meeting, says the Mutual Life Insurance Co., has become connected with
that the net earnings for the year 1907 were 81,220,000, but the long-established Stock Exchange house of Henderson
the company declines to confirm the statement. Compare & Co. Associated with Mr. McCurdy will be Messrs. Nor
man Henderson and Louis E . Hatzfcld. The firm will be
V . 8 4 , p . 4 53 .
known as McCurdy, Henderson & Co., with offices at 24
Wood Worsted Mills Corporation.— N e w S t o c k , cfee.—See Nassau St., where they will be prepared to execute orders
report of American Woolen Co. above.— V. 84, p. 1058.
for stocks, bonds and investment securities.
— Duke M. Farson, for many years a prominent bond
Wolverine Copper Mining Co.— D i v i d e n d F u r t h e r R e d u c e d .
—A semi-annual dividend of 85 per share has been declared, dealer in Chicago, has resumed business under his own name.
payable April 15 to stockholders of record March 14, com He was for a time connected with the firm of Farson, Son &
paring with 87 50 last October and 810 in April 1907. The Co. in the First National Bank Building, but has now opened
stock consists of 60,000 shares of $25 each, of which 813 offices at 238 La Salle St. As heretofore, Mr. Duke Farson’s
specialties are high-grade municipal and corporation bonds.
has been paid in. Previous dividend record:
— D. Thomas Moore and H. Y . D. Moore, member of the
D lv s
1898. 1899. 1900. 1901. 1902. 1903. 1904.
1905.
1906.
1907.
New York Stock Exchange, have formed the new firm of
P e r c t . . $ 1 . 0 0 S 3 .5 0 $ 4 . 0 0 $ 4 . 0 0 $ 1 . 0 0 $ 5 . 5 0 $ 7 . 5 0 $ 1 1 . 0 0 $ 1 7 . 0 0 $ 1 7 . 5 0
— V . 8 5, p. 669.
D. T. Moore & Co., 40 Wall St., to succeed Morse, Moore &
Moore, which was dissolved by mutual consent. The new
partnership will conduct the old concern’s stock and bond
commission business.
— E . H. Rollins & Sons, Chicago, have just secured the
services of John F . Bacon as their representative in Wiscon
— W. A. MacKenzie &, Co. announce that they have opened
sin and Minnesota, beginning March 1. Mr. Bacon is a an office for the purchase and sale of municipal and corpora
tion securities in Room 58, Canada Life Building, Toronto.
well-known bond salesman in the West, having for several
years past been connected with the Chicago office of Kley- Mr. MacKenzie was for several years with the firm of Aemilius
bolte & Co. Rollins & Sons have appointed as their Ohio Jarvis & Co. as manager of their bond department.
representative H. M. Jenks, with headquarters in the Fourth
— Leo M. Prince and Victor M. Reiehonberger, both mem
National Bank Building, Cincinnati. Mr. Jenks has been bers of the New York Stock Exchange, have organized the
associated with the bond house of A. B. Leach & Co. for a new firm of L. M. Prince & Co. at 20 Broad St. for the trans
number of years.
action of a commission business in stocks and bonds.
Mar. 7 1908.1
THE CHRONICLE
—In an advertisement printed on page xv, N. W. Harris
& Co., Pine St. corner William St., New York, also at 35
Federal St., Boston, and the National City Bank of this city
are to-day offering an additional $2,500,000 issue of Chicago
Railways Co. first mortgage 5% gold bonds due Feb. 1927.
The recent offering of $2,500,000 Chicago Railways Co. first
mortgage bonds was largely oversubscribed on the first day
on which investors were given an opportunity to purchase.
The proceeds of the present issue will be used to enable the
company to make immediate further extensions and addi
tions. Full particulars of this latest bond offering appear
in to-day’s advertisement, while a detailed financial descrip
tion and a map of the property was published in the Feb. 29
issue of the “ Electric Railway” Section, sent our subscribers
last Saturday. Other important information regarding
the company’s latest developments can be gleaned from the
investment news items in the “ Chronicle,” Feb .29,p.545 and
546. The additional issue is offered at 9 5 ^ and interest,
netting the investor 5 % % .
—Another enterprise of more than passing importance
has been added to the financial institutions of Kansas City
in the opening on March 2 1908 of the Kansas City (Mo.)
Stock Exchange. Direct wire service has been secured
with all the prominent exchanges throughout the country,
and quotations will be furnished of the leading stocks and
securities of the New York, Chicago, Boston, San Francisco,
Los Angeles, Coldfield and Colorado Springs exchanges.
The officers and directors of the Exchange and its list of
stockholders include, it is stated, some of the best business
men of Kansas City and vicinity and of the East and the
West.
.
B?nd ^ Goodwin, Bankers and Brokers, Trinity Build
ing, New York, and 35 Congress Street, Boston, have rcmoved their Chicago office from the First National Bank
Building to No. 234 La Salle Street, where, in addition to
their extensive commercial paper business, they are now
equipped to execute orders for the purchase and sale of securi
ties on-the New York and Boston exchanges. They succeed
to the stock and bond business of C. E . Welles & Co. at the
same location, and Mr. May, manager in Chicago for Welles
& Co., will remain in charge of these departments.
— Winmill & Fish, bankers, 20 Broad St., New York,
desire bids on 50 shares of Manhattan Real Estate Asso
ciation stock, 50 shares New York Real Estate Associa
tion stock, 100 shares Blickensderfer Manufacturing Co.
stock, 100 shares New England Watch Co. stock and for
rights on 100 shares N. E . W. Co. stock. The firm will con
sider any reasonable bid which intending purchasers make
on these securities. Telephone 445-6-7 Rector.
—The reader’s attention is invited to the advertisement
of A. M. Kidder & Co., 18 Wall Street, offering 2,000 shares
tax-exempt Cleveland & Pittsburgh R R . Co. 4% betterment
stock, guaranteed by Penn. R R . Co., at a price to return
the buyer 4 % % . After paying all other charges, the earn
ings of the road were equal to 25% on this 4% guaranteed
betterment stock, of which the par value is $50 per share.
“ Ihe Financial Review” annual for 1908,compiled bythc
publishers of the “ Commercial and Financial Chronicle” of
New York, has been issued. It is an invaluable book of
reference for commercial and financial statistics.
Some of the contents are as follows:
Retrospect of 1907, giving a comprehensive review of the
business of that year, with statistics in each department,
financial and commercial.
Bank Clearings in 1907, with comparative statistics for
25 years.
Number of shares sold on the New York Stock Exchange
in each of the past 20 years.
Securities listed on the New York Stock Exchange in 1907;
also principal note issues sold in 1907.
Money rates by weeks for past four years on all classes of
loans.
Weekly Bank Statements in 1906 and 1907.
Crop Statistics for a series of years.
Iron and Coal—Production for a series of years.
Gold and Silver—Production for a series of years and
Monthly Range of Price of Silver since 1836.
Exports and Imports for a scries of years.
Comparative prices of Merchandise for a series of years.
Foreign Exchange— Daily Prices in New York in 1907.
Great Britain—Review of commercial and financial affairs,
with comparative statistics.
Bank of England Weekly Statements in 1907, and the
changes in the Bank rate for a series of years; also bank
rate in principal Continental cities.
Government Bonds— Monthly Range since 1860 and Debt
Statement.
State Bonds— Record of Prices since 1860.
Railroad and Miscellaneous Bonds and Stocks— Monthly
Range of Prices for five years in New York and for one
year in Boston, Philadelphia and Baltimore.
Description of Railroad and Industrial Securities, Records
of Earnings, Dividends, Railroad Construction, and other
statistics, for a series of years.
The price of the Review is $2.
William B. Dana Co., 7 6 Pine Street, New York.
Copies may also be had from P. Bartlett, 513 Monadnock
Blk., Chicago; Edwards it Smith, 1 Drapers Gardens, London
611
COMM ERCIAL EPITOM E.
ri
F rid a y N ight, M arch 6 1908.
1 hough business is mending to some extent, the improve
merit is very slow. Some of the iron and steel mills have
started up and retail and jobbing purchases of general mer
chandise have somewhat increased, while prices in the main
are pretty well maintained. But caution is the word.
S to c k s o f M e r c h a n d is e .
M a rch 1
1908.
F e t). 1
1908.
M a rch 1
1907.
7 ,3 2 5
8 ,2 2 5
7 ,7 5 0
C o c o a _______________________________
-bags
11 ,4 2 0
8 ,5 0 0
1 2 ,5 0 0
C o I T e e , B r a z i l - ______________ ._
3 ,3 1 4 ,9 2 1 ) 3 , 3 0 3 , 9 4 5 3 , 3 2 7 , 1 0 8
C o f f e e , J a v a _____________________
— m a ts
6 3 ,5 0 0
2 4 8 ,3 0 0
3 6 ,4 2 5
C o f r e e , o t h e r ___________________
------- b a ;,
2 0 6 ,2 3 4
1 9 1 ,5 6 3
2 6 5 ,8 2 3
S u g a r ............................................ ..... .
hogsh eads
N one
N on e
S u g a r -------------------- --------------------------------------- b a g s , & c N one
N one
H l d e s ----------------------------N o
5 ,5 0 0
7 ,0 0 0
2 ,8 5 0
C o t t o n ----------------------------- -------------------------------------b a l e s
1 0 2 ,5 2 1
1 2 2 ,7 4 0
1 4 6 ,2 6 0
R o s i n ---------------------b a r r e ls
—
________
1 5 ,1 5 0
S p i r i t s t u r p e n t i n e --------------------------------------------b a n - e l s
_____ _ _
713
T a r -------------------------------b a r r e ls
S a l t p e t r e _________________________
.b a g s
3 ,8 5 0
4 ,2 0 0
3 ,0 0 0
M anila h e m p _____________________________ bales
1 8 ,5 0 0
1 2 ,4 6 5
1 2 .2 3 2
.S is a l h e m p _______________________________________ b a l e s
4 ,5 0 0
3 ,3 5 0
2 ,6 5 0
F l o u r _____________________________ b a r r e l s a n d s a c k s
4 8 .9 0 0
4 7 .4 0 0
6 4 ,6 0 0
LA RD on the spot has advanced, owing to a rise in futures
at the West, a firmer market for hogs at times and light
offerings. Trade has increased somewhat, but the demand
is still, in the main, for small lots. City 7)^c. and Western
7.60c. Refined lard has also advanced, with some increase
in the demand. Refined Continent 8.15c., South America
8.75c. and Brazil in kegs 9.10c. Speculation in lard futures
at the West has been active. Prices have shown some
irregularity, but in the main the trend of the market has
been upward, owing to buying by large packers, investment
buying through various commission houses, more favorable
trade reports, the strength of the grain markets, an absence
of aggressive selling and covering of shorts.
D A I L Y C L O S IN G P R IC E S
S a t.
M a y d e l i v e r y . ..................... 7 . 6 5
J u l y d e l i v e r y . - ...................- 7 . 8 5
S e p t e m b e r d e l i v e r y -----------8 .0 7 * 4
OF LA R D FU T
M on.
T u es.
7 .6 5
7 .8 0
7 .8 7 * 4
8 .0 0
8 .1 0
8 .2 2 * 4
U R ES
Wed.
7 .7 0
7 .0 2 * 4
8 .1 2 * 4
IN C H IC A G O .
T lt u r s .
F r i.
7 .7 5
7 .0 5
7 .0 5
8 .1 7 * 4
8 .1 7 * 4
8 . : u *4
PO RK on the spot has advanced, owing to a noteworthy
increase in the demand and light offerings. Mess $14@
$14 50, clear $14 75@ $15 75 and family $ 15 50@ S16. Beef
has been firm, owing to an increasing demand, partly for
export, and light supplies. Mess $ 11@ S 11 50, packet $12@
$12 50, flank $ 11 50@ $12, family $ 13 50@ $14 50 and extra
India mess $21 @ $21 50. Cut meats have been quiet and
steady. Pickled hams 8 ^ @ 9 c. and pickled bellies, 14@ 10
lbs., 7@ 7% c. Tallow has been dull and steady; City 5@
5% c. Stearines have been quiet and steady; oleo 7)4c.
and lard 8J^@ S% c. Butter has been quiet and steady;
creamery extras 30c. Cheese has been quiet and steady;
State, small, fancy, 15% c. Eggs have been fairly active
and steady; Western firsts 2 3 ^ c .
OIL.—Cottonseed has been quiet and easier; prime sum
mer yellow 37c. Linseed has been moderately active and
steady; city, raw, American seed, 43@44c.; boiled 44@45c.,
and Calcutta, raw, 70c. Lard has been quiet and steady;
prime 67@69c. Cocoanut has been fairly active and steady;
Cochin 8@ 8j^c. and Ceylon 6% @ 7)^c. Olive has been dull
and easier; yellow 60@70c. Peanut has been dull and
steady; yellow 65@80c. Cod has been quiet and steady;
domestic 42@43c. and Newfoundland 44@45c.
CO FFEE on the spot has been quiet and steady; Rio No. 7,
6jz£c. West India growths have been quiet and steady; fair
to good Cucuta 9 ^ @ 1 0 ^ c . Speculation in future con
tracts has continued quiet with slight changes in prices.
On Thursday, the 5th inst., the announcement of a bank
suspension in Brazil caused selling for local and foreign ac
count. Local roasters and dealers continue to give the
market support. There is believed to be a large short in
terest here. The closing prices were as follows:
M a r c h . _ ................
5 .8 5 c .
A p r i l .............................. 5 . 0 0 c .
M a y ....................
5 .0 5 c .
J u n e _____ __________ 6 0 0 c .
J u l y ....................
6 .0 0 c .
A u v e u s t - - . ............... •_ 6 . 0 5 c .
S e p t i r i e b e r ________ 6 . 1 0 c .
O c t o b e r . - ________ 6 . 1 0 c .
N o v e m b e r _______6 . 1 5 c .
D e c e m b e r ___ ______ 6 . 2 0 c .
J a n u a r y - - ............... 6 . 2 0 c .
F e b r u a r y ____________ 6 . 2 5 c .
SU GA R.—Raw dull but firmer. Centrifugal, 96-degrees
test, 3.89c.; muscovado, 89-degrees test, 3.39c.; molasses,
89-dcgrecs test, 3.14c. Refined dull but firmer; granulated,
4.80@4.90c. Teas and spices have been in good demand
and generally firm. Hops quiet and steady.
PETRO LEUM moderately active and firm. Refined, bar
rels, 8.75c.; bulk, 5.00c.; cases, 10.90c. Gasoline has been
in good demand and firm; 86-degrees in 100-gallon drums, 22c.,
drums $8 50 extra. Naphtha has been fairly active and firm;
73@76 degrees in 100-gallon drums 19c., drums S8 50 extra.
Spirits of turpentine quiet at 52b£c. Common to good
strained rosin steady at $3 75.
TOBACCO.— Prices for domestic leaf have been rather
heavy, but no marked changes have occurred. Trade has
been quiet, with the purchases limited in the main to small
quantities to meet immediate requirements. Havana has
been quiet and easy. At the Sumatra inscriptions somewhat
lower prices arc expected to prevail.
COPPER dull and easier; lake 12 % @ 12 ^ c .; electrolytic
1 2 } 4 @ 1 2 % c - Lead dull and easier at 3.60@3.65c.. Spelter
dull and easier at 4.65@4.75c.. Tin quiet and firmer; Straits
29%c. Iron has been quiet and steady.
[V L LXXXV
O.
I.
THE CHRONICLE
612
C O T T O N .
O n S h i p b o a r d , N o l C le a r e d f o r —
F rid a y N ight, M arch 6 1908.
TH E MOVEMENT OF TH E CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
97,612 bales, against 117,984 bales last week and 134,208
bales the previous week, making the total receipts since
the 1st of September 1907, 6,937,324 bales, against 8,346,088
bales for the same period of 1906-07, showing a decrease
since Sept. 1 1907 of 1,408,764 bales.
S a t.
R e c e i p t s a t—
T ota l
M on.
6 ,2 9 2
_______
269
5 ,6 1 1
647
_______
161
1 ,2 4 5
G a l v e s t o n -------------P o r t A r t h u r -------O o r p .C h r i s t ! , & c_
N e w O r l e a n s -------M o b i l e -----------------P e n s a c o l a ------------.J a c k s o n v ille , & c .
Savannah —
l l r u n s w l c k ----------C h a r l e s t o n ----------G e o r g e t o w n -------W i l m i n g t o n _____
N o r fo lk
---------------N ’port N ew s, & c
N e w Y o r k . .............
B o s to n _
-------B a l t i m o r e _______
P h i l a d e l p h i a _____
64
_______
477
1 ,3 0 8
_______
_______
297
1 ,5 7 3
25
1 5 ,9 3 5
W ed
1 0 ,3 2 4
_______
_______
4 ,9 4 6
112
284
_
F r l.
4 ,1 2 9
_
5 ,7 0 5
600
349
6 ,3 7 5
486
497
1 ,3 6 7
1 ,2 5 0
1 09
1 17
3 9 ,4 8 7
3 ,5 2 7
618
2 6 ,5 6 5
4 ,1 7 5
497
164
9 ,5 5 8
109
1 ,0 3 6
252
772
_
_
1 ,4 5 8
268
•
1 9 ,7 0 5
288
461
86
50
154
130
1 ,3 9 3
137
17
320
32
1 4 ,6 9 0
86
827
128
247
1 .6 0 1
—
1 3 ,1 0 9
1 6 ,2 0 1
1 ,8 6 1
5 ,4 9 4
128
17
1 ,0 9 5
3 ,1 7 4
107
9 7 ,6 1 2
The following shows the week’s total receipts, the total
since Sept. 1 1907, and the stocks to-night, compared with
last year:
T h is
w eek.
G a lv e s to n ____ .
P ort A r t n u r ___
CorpusCnrlstl ,& c.
N ew O r le a n s ____
M obile
. .
P e n s a o la ____ _
J a ck s on v ille, & c.
S a v a n n a h ________
B r u n s w ic k _______
C harleston _____
G eorgetow n ____
S to c k
1 9 0 6 -0 7 .
1 9 0 7 -0 8 ,
R e c e i p t s to
M arch, 6 .
S in c e S e p
1 1906.
T h is
w eek.
S in c e S e p
1 1907.
P h ila d e lp h ia ____
3 9 ,4 8 7 2 ,0 3 3 ,1 3 4
9 6 ,0 1 4
3 ,5 2 7
3 7 ,2 1 0
618
1 ,6 1 5 , 5 3 0
283 408
4 ,1 7 5
1 3 0 ,3 5 4
497
7 ,5 6 9
164
9 ,5 5 8 1 ,3 4 5 , 1 0 4
1 9 6 ,3 9 2
109
1 8 6 ,5 5 6
1 ,0 3 6
387
4 5 5 ,6 8 4
1 ,8 6 1
5 ,4 9 4 * 4 6 6 ,0 5 4
5 .8 2 2
128
3 .1 8 0
17
9 ,7 8 3
1 ,0 9 5
5 8 ,2 4 1
6 ,9 0 2
107
8 4 ,2 4 7 3 ,3 4 4 ,3 9 0
1 2 3 ,7 6 4
4 ,6 5 2
2 8 ,1 7 2
3 8 , 8 2 8 1 ,9 6 2 , 4 0 9
2 2 9 ,9 0 4
2 ,7 7 9
1 1 7 ,6 4 0
1 ,0 3 2
6 ,8 3 4
1 6 ,3 4 5 1 ,3 0 4 ,7 4 6
1 5 0 ,0 4 8
1 ,7 9 6
1 3 8 ,9 7 7
1 ,5 6 0
1 .0 9 5
3 0 1 ,8 0 2
2 ,9 5 7
4 8 3 ,5 7 2
1 0 ,0 7 2
3 3 ,2 7 8
986
1 4 ,3 6 3
801
5 5 ,0 4 1
3 .7 6 6
4 6 ,2 0 6
1 ,9 2 7
4 ,8 4 7
75
T o t a l ________ __
9 7 ,6 1 2 6 ,0 3 7 ,3 2 4
1 7 1 ,8 2 3 8 , 3 4 6 , 0 8 8
N o r fo lk ____ ____
N ew p ort N ews, &c.
1908
1907.
1 4 9 ,7 5 7
3 7 7 ,9 2 2
2 1 8 ,5 1 4
2 4 ,5 1 2
301 4 4 6
21 ,5 2 4
8 0 ,7 8 5
7 ,2 1 8
1 7 ,0 5 5
11 3 .6 6 7
8 ,0 7 1
1 3 ,3 1 0
2 ,4 2 9
2 6 ,4 4 3
1 19
1 0 3 ,8 4 9
9 ,7 6 9
1 5 .3 9 3
2 ,8 4 0
1 4 ,2 3 9
3 5 ,0 7 6
836
154 3 76
1 2 ,0 3 8
9 ,9 5 9
1 ,6 2 5
______
—
6 5 8 ,6 8 3 1 ,0 6 4 ,0 8 9
* <),7 i<> hales a d d e d as co r re c tio n o f re ceip ts sin ce S e p t. 1.
In order that comparison may be made with other years j
we give below the totals at leading ports for six seasons:
R e c e i p t s a t—
1905.
1906.
1907.
1908.
1904.
1903.
G a lv e s to n . . .
P t .A r t h u r ,& c ,
N e w O r le a n s .
M o b i l e ...............
Savannah —
B r u n s w ic k —
C h a r le s t o n ,& c
W ilm in g t o n ..
N o r f o l k ______
N ’p o r t N ., & c
A l l o t h e r s --------
3 9 ,4 8 7
4 ,1 4 5
2 6 ,5 6 5
4 ,1 7 5
J ,5 5 8
109
1 ,0 3 6
1 .8 6 1
5 .4 0 4
128
5 ,0 5 4
8 4 .2 4 7
4 ,6 5 2
3 8 ,8 2 8
2 ,7 7 9
16 345
1 ,7 9 6
1 ,5 6 0
2 ,9 5 7
1 0 ,0 7 2
986
7 ,6 0 1
3 5 ,1 1 3
9 ,3 9 5
37 435
1 ,1 3 4
10 ,5 5 3
1 ,5 9 8
722
728
6 ,6 1 7
147
2 ,8 4 2
5 8 ,2 5 3
5 ,9 7 2
4 4 ,2 3 1
4 ,1 6 2
1 2 ,7 4 1
3 ,8 6 2
689
2 ,2 5 1
7 ,6 1 5
182
3 ,7 0 8
1 5 ,1 5 0
487
1 9 ,6 2 7
508
4 ,3 7 3
592
1 51
811
3 ,0 4 5
689
2 ,6 2 3
4 0 ,0 5 2
578
4 0 ,6 2 2
3 ,2 0 7
1 9 ,0 1 6
5 ,1 8 0
783
3 ,2 7 1
7 ,7 2 1
198
1 1 ,5 3 0
T o t a l t h is w it .
9 7 ,6 1 2
1 7 1 .8 2 3
1 0 6 ,2 8 4
1 4 3 ,6 6 6
4 8 ,0 5 6
1 3 2 ,1 5 8
S in c e S e p t . 1 . 6 ,9 3 7 ,3 2 4 8 .3 4 6 .0 8 8 6 ,3 3 9 ,5 3 0 7 ,1 9 2 ,6 3 5 6 ,5 1 3 ,6 5 4 6 ,7 2 7 ,7 1 6
The exports for the week ending this evening reach a total
of 92,437 bales, of which 23,888 were to Great Britain,
10,985 to France and 57,564 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1907.
Week, cruilng M a rch 0 1 9 0 8 .
E x po rted to—
E x po rts
from —
G a l v e s t o n ____
P o rt A r th u r. ..
C o r p .C h r ls t l.& c
N e w O r le a n s ..
M o b i l e ................
S a v a n n a h ____
B r u n s w ic k ...- .
C h a r l e s t o n ____
W i l m i n g t o n ___
N o r fo lk
N e w p o rt N ew s
N ew Y o r k . . . .
B o s to n
B a lt i m o r e . .
P h ila d e lp h ia .
P o r t la n d . M e
S a n F r a n c is c o S e a t t l ; _______
T acom a . . . . .
P o r t la n d , O r e .
P e m b in a
___
D e t r o i t -------------T o t a l ..............
T o ta l
1 9 0 6 -0 7 .
Great
C on tiB r lla in .'F r'n ce nent.
6 ,7 0 6 1 0 .9 8 5
3 ,5 2 7
3 0 ,3 8 0
T o ta l.
4 8 ,0 8 0
3 ,5 2 7
9 ,3 4 0
1 1,8 71
4 ,0 6 7
5 ,5 3 1
4 ,0 0 7
2C
4.78C
5 ,2 2 9
2 ,4 7 1
200
221
2C
1 0 ,0 0 0
2 ,4 7 4
1 ,5 0 2
2 21
1 ,3 0 2
400
7 ,2 6 0
F r o m S ep t. 1 1 9 0 7 to M a rch 6 1 9 0 8 .
E xported to
Great
B rita in . F r a n ce .
C on llnent.
1 1 .2 7 3
1 6 ,5 2 9
1 9 ,3 7 3
1 7 ,5 6 5
300
1 ,1 0 0
1 ,5 0 0
6 ,0 0 0
5 ,9 0 0
T o ta l 1 0 0 8 ..
T ota l 1907. T ota l 1906. _
3 6 ,7 0 2
0 4 ,3 2 5
4 7 ,8 8 9
4 2 ,8 3 8
3 9 ,8 0 7
6 901
9 7 ,3 7 0
1 ,3 2 9
5 7 ,5 6 4
3 ,6 1 0
2 ,0 0 0
5 ,0 0 0
—
5 6 ,1 5 3
4 8 ,9 2 8
3 3 ,2 0 2
2 7 ,5 0 6
4 4 ,1 2 9
3 2 .8 8 6
T o ta l.
L e a v in g
stoc k .
5 3 ,4 4 8
7 9 ,7 9 1
7 ,8 4 0
800
1 0 ,8 1 0
1 6 ,6 4 9
4 ,5 0 0
1 1 ,8 0 0
1 6 5 ,0 6 6
6 9 ,9 6 6
7 2 ,9 4 5
1 6 ,2 5 5
1 3 ,7 0 2
9 794
9 9 ,3 4 9
2 5 ,9 6 8
2 2 , 4 3 9 1 8 5 ,6 3 8
3 1 ,3 2 7 2 2 8 ,5 1 0
1 8 ,3 8 0 1 3 0 .4 3 S
4 7 3 ,0 4 5
8 3 5 ,5 7 3
641 ,8 3 6
016
3 ,4 7 4
1 ,0 0 0
800
1 ,0 0 0
1 5 ,5 4 9
___
—
1 ,0 0 0
800
F e b . 2 9 to M c h . 6 —
S a t.
M i d d l i n g u p l a n d ___________________1 1 . 4 5
6 3 8 ,3 5 2 1 ,7 5 2 ,9 4 8
4 8 ,8 1 1
9 6 ,0 1 4
2 ,5 0 1
2 ,5 0 1
4 8 1 ,1 4 7 1 .3 8 5 ,1 9 2
9 7 ,5 6 0
2 0 7 ,3 3 8
5 9 ,7 5 3
1 3 4 ,8 0 6
1 5 7 .3 8 0
8 2 ,0 9 2
1 0.4 6S
1 2 2 ,7 5 7
2 5.96C
1 ,6 3 6
2 1 6 ,4 0 4
1 2 5 ,9 8 7
3 6 ,7 7 t
3 6 ,3 2 0
1
5 4 6 ,9 4 5 !
8 6 ,3 2 8
3 4 .0 5 0
2 9 5 ,9 4 1
5 ,0 7 2
8 6 ,5 1 9
2 9 .1 9 S
______
3 ,4 8 7
2 2 3 ,7 6 7
„ 5 ,5 6 4 '
6 0 ,2 9 0
9 ,4 5 0
7 9 0 .8 4 4
1 6 8 ,4 2 0
4 4 ,5 1 8
4 4 7 ,2 1 8
3 1 ,0 3 2
1 ,6 3 6
4 6 9 ,3 6 9
1 3 1 ,5 5 1
1 0 0 ,5 4 8
4 5 .7 7 9
______
4 4 ,8 7 2
6 5 ,9 0 0
2 8 ,5 4 3
too
4 4 ,8 7 2
6">,909
2 8 ,5 4 3
100
2 8 ,5 2 0
M on.
1 1 .6 5
T u es.
1 1 .6 5
W ed . T h u rs.
1 1 .6 5
1 1 .5 5
P r i.
1 1 .4 5
NEW Y O R K QUOTATIONS FOR 32 Y E A R S .
1 9 0 8 .c . . .
1907.
1 9 0 6 .. .
1 0 0 5 -------1 9 0 4 _____
1903.
1902 - .
1 0 0 1 _____ .
.1 1 .4 5
. - 1 1 .4 5
.1 1 .3 0
- - 7 .8 5
1 6 ,2 5
- 1 0 .0 0
. 9 12
. . 8 .9 4
1 9 0 0 . c _____
1 8 9 9 ...............
1 8 9 8 ________
1 8 9 7 .. .
1 8 9 6 . .........
1 8 9 5 ______
1894. .
1 8 9 3 ............
.
.
.
.
.
.
.
0 .6 9
6 .5 6
6 .3 1
7 .1 9
7 .6 2
5 .6 9
7 .5 6
9 .1 9
1 8 9 2 .C
1 8 9 1 .........
1890
1889
1888
1887.
1886
1885 . . . .
6 6 ,2 4 5 1 6 4 ,9 4 4 2 ,9 8 8 ,2 3 9 7 4 8 .0 0 3 2 ,7 7 8 ,2 3 8 6 ,5 1 4 ,4 8 0
7 .0 0
. 8 .8 8
_ .1 1 .3 7
1 0 .1 9
1 0 .2 5
9 .6 9
9 .1 9
1 1 .3 7
1 8 8 4 .c - .
1883.
.
1 8 8 2 _____
1 8 8 1 ..
1 8 8 0 .........
1879
1878
1877 . . .
1 0 .8 8
. 1 0 .1 0
1 1 .7 5
1 1 .3 7
. .
.
9 .7 5
11 .0 0
1 2 .5 0
M ARKET AND SA LES AT NEW Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Future::
C lo s e d .
S a le s o f S p o t a n d C on tra ct.
C lo s e d .
C onE x p o r t s u m ’n .
9 2 ,4 3 7 2 ,5 1 2 ,2 3 0 7 0 1 ,0 6 2 2 ,7 3 7 ,9 5 8 5 ,9 5 1 ,2 5 0
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. Wejfhddlsimilar figures for
New York.
0 ,6 6 4
1 6 ,3 1 5
2 ,7 2 7
C o a st
w ise .
Speculation in cotton for future delivery has still kept
within very moderate bounds, and aside from some aggres
sive manipulation of the near months, resulting in an ad
vance in these deliveries, nothing very striking has taken
place. The later months have remained practically station
ary. Among the factors which have contributed to the ad
vance in March and May have been the continued small
receipts, the bullish weekly exhibit of statistics, covering by
some of the more nervous shorts and vigorous buying at
times by certain prominent bull interests. Firmness of Liver
pool prices, activity in the spot business there, some reports
of improvement in Manchester’s trade and predictions of
bullish ginning figures have also had a very noticeable in
fluence. Then, too, the idea that farm work, especially
east of the Mississippi, is very backward has counted for
something, even though it be very generally recognized by
experienced people in the trade that there is still plenty of
time to catch up. Somewhat better financial conditions
have also had some effect. But beyond and above all this
was the idea that a large, concentrated short interest existed
in March and May—especially May—an idea which seemed
to be supported by the fact that the relative value of May
has increased very noticeably as compared , for instance,
with Ju ly. Recently May was only about 10 points over
Ju ly, but during the past week this premium has trebled,
though it has really fluctuated between 23 and 30 points,
as against a premium at times last week of 9 to 1 1 . The May
option, too, which was recently at a discount under New
Orleans May, has latterly reached a premium over May at
that market. March, also, has shown noteworthy strength,
although the transactions in that month have been compara
tively small. A point on which a good deal of stress has been
laid is the strength of spot and near-by deliveries and the ap
parent impracticability of bringing cotton here from the South
with spot prices in that section so far above the New York
“ future” parity. But latterly prices have weakened some
what, even on the near deliveries, owing to liquidation in
which, according to a very general opinion, some of the lead
ing bulls have taken part. Also, there have been rumors
that a lockout of some 20,000 hands in Manchester is immi
nent. Short-time continues very general in this country.
Mills are still buying the actual cotton on a very small scale,
and speculation, dull for a considerable period, is not im
proved by the anti-option agitation at Washington, which,
it is feared, may take shape in the passing of some bill by
the House of Representatives inimical to trading in futures.
Nevertheless, it may be reiterated that there has been an un
dercurrent of strength all the week, not only in the spot
prices at the South, but also in the near months here, and
within a day or two leading bull interests seem to have re
sumed their buying. The reduction in the Bank of England’s
rate of discount to 3j^ % and the daily sales of 10,000 bales
of spot cotton at Liverpool have been by no means ignored.
To-day prices declined, owing partly to reports that the
Federation of Spinners had issued circulars announcing short
time in Lancashire. Some “ long” liquidation here followed.
Spot cotton has been quiet. Middling uplands closed at
11.45c.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
2 ,1 1 1
2 3 ,8 8 8 1 0 ,9 8 5
1 5 ,5 2 2
2 5 ,9 0 8
4 ,1 1 3
O th er
F o r e ig n
Total.
8 4 0 ,2 3 2 1 2 7 4 ,3 6 4
4 7 ,2 0 0
______
7 0 4 .4 2 7 1 0 6 ,6 1 8
6 1 ,1 8 6 4 5 ,5 9 2
3 8 ,2 8 0 3 6 ,7 6 4
400
7 .2 6 0
N e w O rle a n s .
G a l v e s t o n _____
S a v a n n a h _____
C h a r l e s t o n _____
M o b ile
_______.
N o r f o l k ________
N ew Y o r k ....
O th er p o rts . _
G er
m a n y.
T o ta l.
4 .1 9 4
T h u rs.
6 ,7 7 2
3 ,5 2 7
2 ,8 9 4
__
149
____
329
814
__
551
688
_______
_____
8
1 7 ,9 7 2
...................
T u es.
7 ,7 7 6
_______
_______
3 ,6 7 6
1 ,5 5 8
_______
_______
1 ,3 4 4
G re a t
B r ita in . F r a n c e
S a t u r d a y ..
M onday—
T u esday .
W ed n esday
T h u rsda y .
F r i d a y -------T ota l
-.
Q u ie t
Q u ie t
Q u ie
Q u ie t
Q u ie t
Q u ie t
10 p ts a d v
20 p ts a d v
t ___
.........
10 p ts d e c . .
10 p t s d e c .
S t e a d y - .............
S t e a d y . .............
Q u i e t ________
B a r e ly s t ’ d y .
. S t e a d y . .............
. E a s y __________
C on
tra ct.
T o ta l .
....
125 2 3 ,3 0 0 2 3 ,4 2 5
—
50
60
200
3 ,1 0 0
50
269
3 ,1 0 0
2 4 4 2 6 ,6 0 0 2 6 ,8 4 4
Mar. 7 1908.1
THE CHRONICLE
F U T U R E S .— T h e
h ig h e st,
lo w e s t
and
c lo s in g
p r ic e s
at
N e w Y o r k t h e p a s t w e e k h a v e b e e n a s fo llo w s :
o a ? QSJ? Q M ? 053', Q W rQ S 'g Q»--= Q » § Qid? 6 S )3 .Q S 3 QSIs S l s g l s g s g ' s g l s S a a s l g s g g l g s i o g s - o g l
613
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.
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241 ,000
4,000
40,000
19,000
18,000
292,000
3,000
21 ,000
132,000
9.000
216,000
4,000
1 1 ,000
111,000
5,000
906,000
720,000
017,000
1,012,000 1,024,000
Liverpool s t o c k ........... ...........
02 000
0 1 ,000
Manchester s t o c k ................7 ;7 ,0 0 0
840,000
Continental sto ck ....... .
4 80 ,814
590,839
American alloat for Europe .
658,683 1,004,089
U . S. port stocks________
513,232
547,021
U . S. interior stocks
_ ....
- 513,
11,218
U S. exports to-d ay.......... .............
12,038
Liverpool Stock________
_____
London stock..... ................. ..
Manchester stock______________
Continental stock____ _________
India afloat for E u rope............
Egypt, Brazil, & c ., afloat.
Stock In Alexandria, E g y p t..
Stock In B om bay, Ind ia..........
Total East India, &c . . . .
Total A m e ric a n --------------
972,000
54,000
079,000
40 0,999
781 ,274
005,199
11,389
8 0 1,000
42,000
570,000
383,000
005,808
005,348
17,235
.3,48 4,9 47 4,144,987 3,509,801 3,090,391
.
110,000
11,000
14,000
74,000
136,000
39,000
244,000
593,000
104,000
8,000
12,000
60 ,000
203,000
73,000
227,000
042,000
133 000
9,000
12,000
41 ,000
154,000
77,000
181 ,000
980,000
70 ,000
12,000
3,000
41 ,000
91 ,000
58,000
195,000
647,000
.1 ,227,000 1 ,329,000 1,593,000 1,117,000
.3,45 4,0 47 4,144.087 3,509.861 3,090,391
Total visible su p p ly ............... .4.6 8 1 .0 4 7 5,473,087 5,102,801 4.207,391
.
0.04d.
5.92d.
.Middling Upland. Liverpool.
6.24d.
4.19d.
.
11.45c.
Middling Upland , New York. .
11.25c.
11.45c.
7.90C.
'9 lid .
Egypt, Good Brown, Liverpool
8 15-1 fid. 12 15-10d.
7 'Id
9.05(1.
Peruvian, Rough Good, Liverpool1 10 50d.
8.75d.
l().20d.
5»4d.
4 M d.
Broach, Fine. Liverpool —
■
5«tfd. 5 11-1 fid.
5 7 - lfid.
4H d.
Tlnnevelly, Good, Liverpool.
. 5 3-16d.
5 1-5(1.
th e p a s t w e e k h a v e b e e n 1 6 6 ,0 0 0
C o n t i n e n t a l im p o r t s
b a le s .
T h e a b o v e fig u r e s f o r 1 9 0 8 s h o w a d e c r e a s e f r o m l a s t w e e k
o f 0 7 ,9 9 8
b a l e s , a lo s s o f 7 9 2 , 0 4 0 b a l e s f r o m 1 9 0 7 , a d e
c r e a s e o f 4 2 0 , 9 1 4 b a le s f r o m 1 9 0 6 , a n d a g a i n o f 4 7 4 , 5 5 6
b a le s o v e r 1 9 0 5 .
H
i
hC
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•
C
H»
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tJM tC M M M Hi
4 3 * «4 .U C 3 »-iH i,U 4 0 tO
'
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Hi
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to
i
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1
.a a
*
4 i O O O C ' O O C l l J r O H O C 0 O M ^ l C O 7 0 L C H ^ C C H U K » C c 4 ^-0
4 0 O < | t '0 C i O 4 ^ 4 k O J i .C i 4 k C C O 0 C C 5 ^ I O ‘- i O « k l t 0 O t 0 C i 4 k t 0 O 0 0 H *
N
b b b b b b b Vobbb-^b b b b b b o t o b b b t o b b b b b b
.4,681 .
,947 5,473,987 5,102,861 4,207,301
'Total visible supply-------.
________ ________
.
.
Of the above, totals of American and other descriptions arc as follows:
H a s t I n d i a n , U r a c i l , & c.~
C H
o *
to H* Hi
r Cl4oOOOCClHiCOOcCiCiCi4i.CH*^a-kjH-oCiClClHiHi4kCitOtOCiO;
—
Total European stocks ---------- 2,000 000 2.115,000 1,900 ,000 1 ,545,000
130,000
203,000
91,000
154,000
India cotton alloat for E u iopc.
400,999
383,000
590,839
American cotton alloat for Europe! 4 8 0 8 1 4
3
39,000
58 ,000
73,000
77,000
Egypt, Brazil, &c.,afloat for Europe
195,000
181,000
227,000
Stock In Alexandria, Egypt . . . . . . . 244,000
593 000
047,000
980,000
042,000
Stock in Bom bay, I n d i a ------------ -. 503.000
058,683 1,004,089
0(55,308
781,274
Stock in U . S. ports . . . .
605,348
513,232
Stock In U. S. Interior towns
547,021
005,199
17,235
.
11,218
12,038
11,389
U . S. exports to-d ay. ----------
Total A m e ric a n ..... ................
MMMMM
C HH
l i i
.
_
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928,000
9,000
340,000
1,000
155,000
3 ,000
61,000
39,000
3,000
A e a-mrlc n
C l CO i
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52
791,000
.
id M MMfO
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1,215,000 1,209,000 1,180,000
11 ,000
13,000
11,000
450,000
438,000
362,000
.
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i j
T H E V I S I B L E S U P P L Y O F C O T T O N to -n ig h t, as m a d e
u p b y c a b le a n d t e l e g r a p h , is a s f o l l o w s .
F o r e ig n s t o c k s ,
a s w e ll a s t h e a f l o a t , a r e t h i s w e e k ’s r e t u r n s , a n d c o n
s e q u e n t l y a l l fo r e i g n f ig u r e s a r e b r o u g h t d o w n t o T h u r s d a y
e v e n in g .
B u t to
m a k e th e
to t a l th e c o m p le te
fig u r e s
fo r t o -n ig h t (F r id a y ) , w e a d d th e ite m o f e x p o r ts fr o m
t h e U n i t e d S t a t e s , i n c l u d in g in i t t h e e x p o r t s o f F r i d a y
o n ly .
1905.
M a r c h 0—1900.
1008.
1907.
871,000
Stock at Liverpool______
.
.1 ,128,000 1.128,000 1,105,000
Stock at L o n d o n
.............
9,000
12,000
1 1,
,000
8,000
Stock at M anchester_____________
70^000
70,000
73,000
06,000
45,000
Total Great Britain stock
Stock at H am burg______ _ .
Stock at B rem en ___________
Stock at A n t w e r p _________
Stock at H avre______ ______
Stock at Marseilles_________
Stock at B arcelona____ ___
Stook at G enoa______ ______
Stock at T r ieste____________
^
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The above totals show that the interior stocks have de
creased during the week 1,829 bales and are to-night 33,789
bales less than at the same time last year. The receipts
at all the towns has been 34,256 bales less than the same
week last year.
O V E R L A N D M O VEM EN T FO R T H E W E E K A N D
SINCE SE P T. 1.— W e give below a statement showing the
overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
March 6—
. . .
Shipped—
*
Week.
Via St. Louis____ _______ __________ 12,80'l
• Via Cairo ............................... ..
. . . 0,071
•Via Rock Island . .
2 600
806
Via Louisville______ ______________
• Via Cincinnati_______________
594
Via Virginia points__________
2,403
Via other routes, & c . _____________ 7,2-11
.3 2 .8 1 9
Deduct Shipments—
Overland to N. Y . , Iloston, & c.. . 4,393
. 1,114
Inland, & e.. from South.
355
since
Sept. 1.
307,137
140.172
23,067
39,780
29,718
67,028
183,870
------- 1 9 06 -07-------- Since
Week.
Sept. 1.
15,674
0 02,903
5,878
180,319
3,994
57,270
2,847
02,445
2,041
41 650
3,485
96,949
9,001
212,671
792, 278
.
43,520 1 ,254,20 7
78, 106
57. 234
45, 177
6,569
7,648
1,440
120,45 7
5 3 ,0 3 9
38,21 1
211,707
.. 5,862
180 ,517
15,663
Leaving total net overland * ________20,957
.2 6 ,9 5 7
611,,701
27,857 1,042,560
* Including movement by rail to Canada
The foregoing shows the
ment has been 26,957 bales,
week last year, and that for
gate net overland exhibits a
430,799 bales.
week’s net overland move
against 27,857 bales for the
the season to date the aggre
decrease from a year ago of
---------1907-0S--------Since
In Sight and Spinners'
Week.
Sept. 1.
Takings.
Receipts at ports to Arch. 6 ------------ . 97 012 0,937,324
011,701
Net overland to Mch. 0 ---------- — . 26,957
Southern consumption to Mch. 6 . . 45,000 1,283,000
----------19' 0 6 -0 7 --------Since
S ep t. 1.
Week.
171,823 8,340 ,08 8
1,042,560
27,857
1,274,000
48,000
Total m arketed-------------------------- 169,509 8,832.085
432,049
Interior stocks In excess------------------. *1,829
247,080 10,662,648
*33,495
450 ,745
•
Came Into sight during week____.1 07,740 _____ . .
Total In sight Mch. 6 ------------------ ............... 9,204,734
North, spinners’ takings to Mch. 6..6 2 ,8 7 1
1,235,105
214,185
i l , 133,393
89,159
2 ,0 0 1 ,4 4 8
* Decrease during week.
M o v e m e n t in to - s i g h t
Week—
1900— March
9 ____
1905— March
10____________
1904— March
12 100 3— March 13____ _______
in p r e v i o u s y e a r s :
Bales.
Bales.
Since Sept. 1—
158.556 1905-06— March 9 . . . ____8.7 7 1 ,8 1 9
216,552 1904-05— March 10
____9,701,847
____8,794,437
99,834 1903-04— March 12
164,18 3 1190 2-0 3— March 13.
... 9 ,0 3 3 ,8 1 5
THE CHRONICLE
614
[V O L . L X X X V I.
M obile, A labam a .—Fine weather in the interior past week
QUOTATIONS FOR MIDDLING COTTON AT OTHER
M A RK ETS.— Below are the closing quotations of middling and farm work is making better progress. The Tombigbee
cotton at Southern and other principal cotton markets for River is falling rapidly. Consumption of fertilizers in Ala
bama the current season is estimated 25% less than last year.
each day of the week.
Dry here all the week. Average thermometer 62, highest
Closing Quotations for Middling Cotton on
76, lowest 43. Month’s rainfall four inches and thirty-five
Week ending—
hundredths.
Sat'day. Monday. Tuesday. Wed'day. Thursd’v. Friday.
March 6.
M ontgom ery, A labam a .— Weather fine and farmers are
11 7-16
G a lv e sto n --------- 11%
11 7-16
11 7-16
11%
hustling. There has been rain on one day the past week,
11 5-16
New Orleans— 11%
11%
1i K
11%
the rainfall being one hundredth of an inch. The thermom
UK
--------- U K
Mobile
11%
11%
11%
Savannah ------- 11
11
11 1-16
11%
11%
11%
eter has averaged 62, the highest being 79 and the lowest
Charleston--------- 11
11
11
11
11
11
32. February rainfall three inches and fifty-five hundredths.
W ilm ington------- 11%
11%
11%
11%
11%
11%
N o r f o lk --------- - U K
11%
11%
11%
Selm a, A labam a .—There has been no rain the past week.
11%
11%
Boston ------------- 11.35
11.65
11.45
11.55
11.65
11.65
The thermometer has averaged 6 1.1, ranging from 32 to 78.
Baltimore _ . . 11%
11 %
11%
11%
11 %
11%
Philadelphia — 11.70
11.80
11.70
M adison, F lo r id a .—There has been no rain during the
11.90
11.90
11.90
A u gu sta. --------- 11 >5
11%
11%
11%
11%
11%
week. The thermometer has ranged from 44 to 79, aver
M em p h is----------- 11%
11%
11%
11%
tl%
11 %
St. Louis___ . . 11%
aging 65.
11%
11%
11%
11%
11%
Houston --------11%
11%
11%
11%
Augusta, G eorgia .—There has been rain on one day of the
Little R ock____ 11
11
11
11
n “~
11
week, the precipitation being four hundredths of an inch.
Average thermometer 56, highest 74, lowest 24.
NEW ORLEANS OPTION M A R K E T .—The highest,
Savan n ah, Georgia .—It has been dry all the week. The
lowest and closing quotations for leading options in the New thermometer has averaged 56, the highest being 73 and the
Orleans cotton market for the past week have been as follows: lowest 28. February rainfall one inch and sixty-two hun
dredths.
Sat’day, M onday, Tuesday. W ed’d a y, Thursd’v, Friday,
Charleston, South C aro lin a .—There has been rain on one
Feb. 29. M cli. 2. M ch. 3. M ch. 4. M ch. 5. M ch. 6.
day during the week, the rainfall reaching nine hundredths
March—
of an inch. The thermometer has averaged 54, ranging
10.76- .92 10.69-.80 10.66-.68
R a n g e _______ 10.55-.65 10.75-.86
from 30 to 72.
Closing.
. . 1 0 .6 6 .6 7 10.90 —
10.76 — 10.72- .74 10.63-.69
April—
Greenwood, South C arolin a .— Dry all the week. The ther
>
R a n g e _______ — @ — — @ —
— @ — — @ — — (S —
mometer has ranged from 44 to 65, averaging 54.
10.72 * 10.67 * 10.60 *
Closing............. 10.66 — 10.86 *
M ay—
Stateburg, South C arolin a .—Cloudy weather has prevailed
10.70-.92 10.62-.77 10.58- 69
R a n g e _______ 10.52-.66 10.71 -.87
more or less on everyday of the week,with light rain on one
10.71-.72 1 0 .6 6 .6 7 10.59-.60
C losin g........... 10.64- 65 10.85-.86
June—
day to the extent of five hundredths of an inch. Average
R a n g e _______ — @ — — @ —
— @ — — @ — — @ —
thermometer 54.3, highest 74, lowest 23.
10.69 * 10.64 * 10.54 *
Closing. ------- 10.62 * 10.83 *
July—
Charlotte, North C arolin a .—We have had rain on two days
10 65-.89 10.57-.72 10.51-.62
R ollRange . . . . . 10.50-.64 10.68-.85
of the week, the rainfall having reached twenty hundredths
d a y.
10.67-.68 10.60-.61 10.51-.52
Closing---------- 10.62-.63 10.81-.82
of an inch. The thermometer has averaged 5 1, the highest
October—9 .96-.00 1 0 .0 1 -.il
10.00-. 13 9.95-.02 9.93 —
R a n g e ---------being 68 and the lowest 38.
Closing----------- 9.98-.00 10.10-.I 1
10.01-.02 9 .95-.97 9 .9 2 -.93
The following statement we have also received by tele
December—
R a n g e ____ .. 9 .93 — 9 .97-.04
— @ — 9.93 .95
graph, showing the height of rivers at the points named
Closing_______ 9.9 3 -.9 7 10.07-.09
9 .97-.99 9 .9 1 .9 3 9.88 -.9 0
at 8 a. m. of the dates given:
Tone—
S p o t _________
O p tio n s _____
Steady.
SteadySteady.
Steady.
Steady.
Steady.
Steady.
Quiet.
Steady.
* Nominal.
W EA TH ER RE PO R TS B Y T E L E G R A P H .—Advices to
us by telegraph from the South this evening denote that the
weather has been more favorable the past week. Where rain
has fallen the precipitation has been moderate or light, but in
many sections, notably in Texas, dry weather has prevailed.
As a result of the better meteorological conditions, farm work
is making good progress quite generally.
Galveston, T exas .—There has been no rain the past week.
The thermometer has averaged 60, ranging from 60 to 72.
February rainfall three inches and thirty-five hundredths.
A bilene, T exas .—There has been no rain during the week.
The thermometer has ranged from 52 to 84, averaging 68.
Month’s rainfall eleven hundredths of an inch.
Corpus C hristi, T exas .—We have had no rain the past
week. Average thermometer 69, highest 74, lowest 64.
February rainfall one inch and nine hundredths.
Fort Worth, T exas .—There has been no rain the past week.
The thermometer has averaged 68, the highest being 84 and
the lowest 52. Month’s rainfall two inches and forty-one
hundredths.
Palestine, T exas .—There has been no rain during the week.
The thermometer has averaged 72, ranging from 62 to 82.
February rainfall four inches and forty-five hundredths.
S a n Antonio, T exas .—There has been no rain during the
week. The thermometer has ranged from 62 to 84, averaging
73. Month’s rainfall two inches and forty-two hundredths.
T aylor, T ex a s .—The week’s rainfall has been only a trace,
on two days. Average thermometer 72, highest 82 and low
est 62. Februai-y rainfall four inches and forty-one hun
dredths.
N ew Orleans, L o u isia n a .—We have had rain on two days
during the week, the precipitation being nine hundredths of
an inch. The thermometer has averaged 69. Month’s rain
fall four inches and fourteen hundredths.
Shreveport, L o u isia n a .—There has been only a trace of
rain during the week. The thermometer has ranged from
44 to 82, averaging 63.
Vicksburg, M is s is s ip p i .—There has been rain on one day
the past week, to the extent of four hundredths of an inch.
The thermometer has averaged 67, ranging from 55 to 78.
H elena, A rka n sa s .— Farm work is now progressing well.
The river is still rising and is now 7 ^ feet below high water
mark. It has rained on one day during the week, the rainfall
reaching twenty-four hundredths of an inch. Average ther
mometer 58.6, highest 77 and lowest 45. February rainfall
six inches and ninety hundredths.
M em ph is, Tennessee .—Rainfall for the week one inch and
fifteen hundredths on two days. The thermometer has
averaged 53.8, ranging from 33.3 to 7 4 .1. Month’s rainfall
five inchea'and thirty-six hundredths.
N ashville, Tennessee .—There has been rain during the
week, the rainfall being one inch and forty-one hundredths.
The thermometer has ranged from 37 to 79, averaging 58.
February rainfall four inches and fifteen]hundredths.
.
~ .
New O rleans------------------ Above
M e m p h is ------------------------Above
N ashville------------------------Above
Shreveport----------------------Above
V ick sb u rg ----------------------Above
zero
zero
zero
zero
zero
of
of
of
of
of
March C 1908.
,
Feet .
15.7
34 8
25.0
10.2
4 3.5
gaiiscegauge.
gauge.
gauge.
gauge.
March 8 1907.
Feet.
15.5
27.5
33.5
13.0
30.7
A LE X A N D R IA R E C E IP T S AND SH IPM EN TS OF
COTTON.—Through arrangements made with Messrs.
Chorcmi, Benachi & Co., of Liverpool and Alexandria, we
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
March 4.
1907-08.
1906-07.
1905-06.
Receipts (cantars)—
This w e e k _________
Since Sept. 1__________
170,000
6,318,443
120 .000
6,523,519
150,000
5,497,802
This
Since
week. Sept. 1.
Since
This
week. Sept. 1.
This
Since
week. Sept. 1.
6,500 172,021
8,000 152,529
7,250 234,673
3,750 47,736
9.250 169,619
6.250 159,551
13,000 253,657
4,000 87,691
4,750 169,835
6.500 133,358
14,000 224,899
2.500 59.082
25,500 606,950
32,500 670,518
27,750 587,174
Exports (bales)—
To
To
To
To
Liverpool........................
Manchester___________
C o n tin en t_____
Am erica--------------------
Total ex p o rts..........
Note.— A cantar Is 90 lbs.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week were
170,000 cantars and the foreign shipments 25,500 bales.
COTTON CONSUMPTION AND OVERLAND MOVE
MENT TO MARCH 1 — Below we present a synopsis of the
crop movement for the month of February and the six months
ended Feb. 29 for three years:
1907-08.
Gross overland for February______.bales
Gross overland for 6 m o n th s_____
____
Net overland for February_______________
Net overland for 6 m onths______________
Port receipts In Febniary________________
Port receipts In 6 m o n th s _________ _____
Exports In February-------------------- ----------Exports In 6 m o n th s ...........
..
Port stocks on Feb. 2 9 _________ . _____
Northern spinners’ takings to March 1 . . .
Southern consumption to March 1_______
Overland to Canada for 6 months (In
cluded lri net overland)_______
____
Burnt North and South In 6 m onth s. . . .
Stock at North’n Interior m kts. Feb. 2 9 . .
Came In sight during February__________
Amount of crop In sight March 1_________
Came In sight during balance of scason.
Total crop------------ ----------- --------------- -----------Average cross weight of bales____________
Average m l weight of bales________ ____
1906-07.
1905-06.
100,830
705,093
128,588
588,374
081.585
6,857,684
7 5 8 .188
5,872,040
669.290
1,200,903
1,245.000
195,018
1 ,203,033
150,603
1,011,006
914,453
8,145,268
866,240
0,302,303
1,101 ,579
1,932,659
1,219,000
138,742
834,083
120,203
680,710
504,028
0,205,780
517,107
4,630,770
838,012
1 ,726,924
1,188,000
55,579
91,481
80,297
2,620
' ' “
13,668
9,044
15,395
969,10 1 I ,200,056
728,231
9.125,058 10,800,274 8,572,496
2,600,480 2,747,364
13,550,700 11,319,860
509.02
512.07
518.54
490.24
480.62
496.04
JU T E BUTTS, BAGGING, ETC .—There has been con
tinued dulness in the market for jute bagging during the
week under review, with prices unchanged at 7J4 cents per
yard for 2-lb. domestic bagging and fiYi cents per yard for
re-woven and inferior foreign. Jute butts also dull at 2@ ?
cents per lb. for bagging quality.
Mar. 7 1908.]
615
THE CHRONICLE
T ota
l
W O R L D ’ S SU P P L Y A N D T A K IN G S OF CO TTO N .— S A V A N N A H — T o Brem en— idarch 4— R o stc c k , 2 1 5 ------- --------------- l b a2e1 s .
5
T o H am b u rg , & e .—-March 2— E v an g elin e, 2,06 4 ; Z eeb u rg , 1,0 7 5
The following brief but comprehensive statement indicates
----- M arch 4— R o sto c k , 7 1 3 __________________________________ 3 ,8 5 2
20
at a glance the world’s supply of cotton for the week and since N O R F O L K — T o R o tte rd a m — M arch 6— C llfto n la, 2 0 -------------------B O S T O N — T o L iverp o o l— M arch 2— S a x o n la , 3 9 3 ----- M arch 4—
Sept. 1, for the last two seasons, from all sources from which
C an ad ian , 2 .0 8 1 _______________________________________________ 2,474
B A L T I M O R E — T o L iv erp o o l— F eb . 28— Q uernm ore, 2 0 0 . . --------200
statistics are obtainable; also the takings, or amount gone
T o Brem en— M arch 4—-Chem nitz, 1 ,3 0 0 _______________________ 1,3 0 0
T o H am b u rg— F e b . 28— B o sn ia, 2 ................. .......................................
2
out of sight, for the like period.
P H I L A D E L P H I A — T o M anchester— F e b . 1 7 — M anchester T rad e r
1906-07.
1907-08
Cotton Takings,
W eek and Season.
W eek.
Season .
4 ,7 4 9 ,9 4 5
A m e rica n In sight t o M arch 6 ___
B om b a y receipts to M arch 5 ____
O th er In d ia sh lp ’ts t o M arch 5 . .
A lex a n d ria receip ts t o M arch 4 .
O th er su p p ly t o M arch 4 * ______
167 ,740
68,000
1,000
23,000
2,000
Season.
W eek.
5,521,510
1,784,156
214,185 11,113,393
92.000 1,545,000
139.000
6,000
871.000
16.000
212.000
2,000
2 ,2 9 1 ,8 4 4
9,2 0 4 ,7 3 4
1,202,000
128,000
842 .000
189.000
5 ,0 1 1 ,0 8 5 13.977,578 5,851,695 15,604,549
T o t a l s u p p ly ______________ .
D ed uct—
V isible s u p p ly M arch 6 ________
4,6 8 1 ,9 4 7
T o t a l takin gs t o M arch 6 ____
O f w hich A m e r ic a n ____
O f w h ich o t h e r _______
329.738
269.738
60 ,000
5 ,473,987
4 ,6 8 1 .9 4 7 5,473,987
377.708 10 190,562
323.708 7,866,562
54,000 2,324,000
7.295.631
7.145.631
2 ,150,000
* (em braces receip ts In E u ro p e fro m B ra z il, S m y r n a , W e s t In dies, & c.
*
221
2 2 1 ____________________________ ________________ _______________
S A N F R A N C IS C O — T o J a p a n — M arch 3— A m erica M ara , 400--------400
S E A T T L E — T o J a p a n — M arch 2 — M innesota. 6 ,9 7 5 ____M arch 3—
T o sa M aru , 1 4 1 _____________________
7,116
T o M an ila— M arch 2— M inn esota, 1 5 0 ___________________________
150
T o t a l . ....................................... ................................................................................9 2,437
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
G re a t F r e n c h
G er— O th .E u ro p e —
r
B r it a in
p o rts, m a n y .
N o rth . So u th .
New Y o rk --------- 5,229
____
300
____
2,530
G a lv e sto n -------- 6,706 10,985 26,833 3,556
____
._
__
Port Arthur____ 3,527
New O rleans.. . 5,531
____
3,396
____
5,944
S a v a n n a h ........ .. ........
........
1,918 2,149
____
N o r fo lk ________
____
____
'
20
Boston ________ 2,474
____
____
_
B a ltim o re _____
200
____
1,302
.1 ..
____
Philadelphia___
221
____
___ ________
San Francisco.. ____
____
_
"
‘
........
........
........
S e a t t l e .............................................
M e x
& c.
.,
Ja p a n .
T o t a l.
1,950
...
...
..
10,009
48,080
3,527
14,871
4,067
20
2,474
1,502
221
400
7,266
...
...
...
...
_
_.
___
.
_
___
_
466
150 7,116
IN D IA COTTON M O VEM EN T FRO M A L L PO R TS.—
T o t a l ............... 23,888 10,985 3 3 .7 4 9
5 ,7 2 5 8 ,4 7 4
150 9 ,4 6 6 92,437
The receipts of cotton at Bombay and the shipments from all
The exports to Japan since S e p t.l have been 138,148 bales
India ports for the week and for the season from Sept. 1 for
from Pacific ports and 30,123 bales from New York.
three years have been as follows:
Cotton freights at New York the past week have been as
1905-06.
1906-07.
> M a r c h 5.
1907-08.
follows, quotations being in cents per 100 lbs.
Tues.
M on .
Wed.
Sat.
Thurs.
F ri.
S in c e
.Since
S in c e
It e c e lp t s a t —
L iv e r p o o l— F e b -M c h
12
12
15
15
12
12
W eek.
W eek.
S e p t . 1.
S e p t . 1.
W eek.
S e p t . 1.
B o m b a y . . ............... ..
F o r
E x p o r t s fro m
92,000 1,545,000
68.000 1,202,000
the
W eek.
72,000 1,686,000
S in c e
Septem ber
1.
—
G re a t
B r it a in .
B om bay—
, 1907-08 . . . . .
1900-07
..............
190 5-0 6------ --------C a lcu tta —
1907-08
------19 0 6 -0 7 ....... ............
1905-00....................
M adras—
190 7-0 8___________
1900 0 7 ________
1905-06
....
A ll oth ers—
1907-08. . . . . . .
1 9 0 6 -0 7 ........... ..
190 5-0 6. ________
C o n t i
nent.
G re at
B r it a in .
T o t a l.
C o n t i
n ent.
T otal
4 3,000
33,000
10,000
44,000
35,000
10,000
13,000
25,000
30,000
335,000
556,000
436,000
348 ,000
581 ,000
406 ,000
2,000
4,000
2,000
4,000
3,000
4,000
5,000
9,000
50,000
47,000
12,000
60 ,000
52,000
1 ,000
2,000
_.
1 ,00(1
2,000
6,000
2,000
1.000
23,000
17,000
31,000
29,000
19,000
32,000
1,000
1,000
3,000
3.000
1 ,000
3,000
4,000
S ,000
7,000
10 ,000
79,000
53,000
60 ,000
. 87,000
60,000
70 ,000
1.000
2,000
1,000
s4 ,000
39,000
19,000
45,000
41,000
20 ,000
30 ,000
38 ,000
40.000
410,000
682,000
574,000
476 ,000
720 ,000
620 ,000
1,000
2,000
____
___ _
____
_
_
T o t a l all—
1907-08
.. . . .
1 9 0 6 -0 7 ....... ............
190 5-0 6....................
M A N C H ESTER M A R K E T .— Our report received by
cable to-night from Manchester states that the market
continues quiet for both yarns and shirtings. The demand
for both home trade and foreign markets is poor. W e give
the prices for to-day below and leave those for previous
weeks of this and last year for comparison.
8H lbs. Shin- Col'n
t n g s , common
M id
to finest.
Upl's
32s Cop
Twist.
8H lbs. ShirtIngs. common
to finest.
d. s. d.
6
10 A 0
10H 0 0
28
22A
28
32
28
32
15
22 1
4
25
25
21< a .2 2 H
26
32
28
28
21
21
21
28
28
21
21
21
35
45
35
45
35
45
35
45
35
45
35
45
Feb
14.
34,000
Sales o f th e w eek .
..b a l e s
O f w hich sp ecu lators t o o k . .
1,000
O f w hich e x p o rte rs t o o k .
2,000
Sales, A m e r ic a n _____ . . . .
30,000
A c tu a l e x p o r t . . _____ ._ ._
9,000
F o r w a r d e d ...................... ................
08,000
T o ta l s to c k — E s tim a te d ____ :1 ,068,000
O f w hich A m e rica n — E s t.
940 .000
T o ta l Im port o f th e w e e k . ____
8 3,000
O f w h ich A m erica n _ ._
59 000
A m o u n t a f l o a t . . __________ . 363,000
325.000
O f w h ich A m e rica n _______
28.
43,000
21.
4 7 ,000
1 .000
4 ,000
45,000
16,000
101 ,000
1,112,000
983,000
159,000
137,000
269,000
245,000
Feb.
Feb.
2,000
41 .000
16,000
75,000
1.121 000
1,0 1 0 ,0 0 0
108,000
103,000
242,000
215 ,000
6.
5 4 ,0 0 0
2 ,0 0 0
3 ,0 0 0
5 0 ,0 0 0
10,000
77,0 0 0
1 ,128,000
1,01 2,000
91 ,000
76,0 0 0
209 ,000
167,000
M ch .
Col'n
Mid
Upl's
In cre a se------------------------------ -------------------------B razilian d e cre a se ____ _______________ ____________________________ 1,533
P e ru v ia n
do
_________________ ___________________ ___ ________ 823
D e c r e a s e ____________________________________
2,356
N et Increase_______________________________________________ ______
3 ,7 6 0
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:
Market,
12:15
P . M.
Sa tu rd a y.
M onday.
T u e sd a y.
W ed nesd a y
T h u rsd a y.
F rid a y .
Dull.
Steadier.
Good
demand.
Good
demand.
Good
demand.
Good
dema nd.
1
1
J
6.08
6.11
6.11
6.10
6.04
9
9
10.000
1,000
10,000
500
10,000
500
10.000
1,000
© 9 10
©910
© 9 10
©9 9
6.09
6.03
0.03
6.14
Market
opened
Quiet at
1 4 @ 4M pts.
/
decline.
Steady at
5 points
advance.
Steady at
3 © 4 pts.
advance.
S t'y . unch.
to 1 point
advance.
Quiet at
5 points
decline.
B’ rely st’ dy
at 1 @ 2 pts.
decline.
1 Quiet at
; 4 @ 6 pts.
•
J decline.
Steady at
6.35 9 15-16© 11
0.21 OH © 10 15-10
6.14 9 11-16 ® 1 0 H
6.00 9 13-16® 1 0 %
6
6
6
0
7
7
7
7
9
10K 5
0.04 9 15-10©
6
7H © 9
i
©9
@9
Fu tu re s.
a
6,116
10,000
2.000
©9 1
©9 0
© 8 10
©8 0
8
2 ,0 2 9
3,788
299
American Increase.
Egyptian
do
Indian
do
5.99
i m 5 10
10 as 5 9
6
10 A 5
10 H 5 5
4 'A ® 8
22 a
28
32
28
32
22^
3.000
300
9 15-lGda
©
OH
@
OH
9A
©
@
25
25
Mid. Upl’ds
d. d.
6.43 934
©
0.39 9 11-16©
©
©
28
32
l -28
15
25
25
22 A
22A
22A
22A
15
22^
S a le s .........
Spec.&exp.
s. d.
©9 3
©9 2
10’/5
25
25
22A
d.
5.90
5.87
s. d.
d. a. cl.
0
11A 6
l l h 5 11
d.
15
25
25
L IV E R P O O L .— By cable from Liverpool we have the fol
lowing statement of the week’s sales, stocks, &c., at that port:
Spot.
1907.
1908.
Jan.
24
31
Feb.
7
14
21
28
Moh
6
16
22 A
L IV E R P O O L STOC K T A K IN G .
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week’s receipts of
24.000 bales. Exports from all India ports record a gain of
4.000 bales during the week and since Sept. 1 show a
decrease of 244,000 bales.
32s Cop
Ttvisl.
16
25
25
M a n ch e ste r— F e b _ .
H a v r e _______________
B r e m e n — A p r i l ___
H a m b u r g ____________
A n t w e r p _____________
G h e n t, v ia A n tw e r p
R e v a l _____ _________
R c v a l , v i a C a n a l ___
B a rc e lo n a — M ch . 5 .
G e n o a — M c h ________
T r i e s t e — M c h ________
J a p a n — M c h __________
9
0.24
S H I P P I N G N E W S . — A s sh o w n o n a p r e v io u s p a g e , th e
e x p o r ts o f c o tto n fr o m th e U n ite d S ta te s th e p a s t w e e k h a v e
reach ed
9 2 ,4 3 7 b a le s .
T h e s h i p m e n t s in d e t a i l , a s m a d e
u p fr o m m a il a n d te le g r a p h ic r e t u r n s , a re a s fo llo w s :
Market,
4
P . M.
B'rely st dy Steady at B'rely st'dy S t'y, unch.
at A pt .dec. 3 A @ 0 pts. z t 5 A @ 7 A to 2 A Pts.
pts. dec.
decline.
to2pts.adv. advance.
5 @ 1 0 A
pts. adv.
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.
T h e p r ic e s a re a lv e n i n
pence a n d
100 i h s .
T h u s,
5 57
m eans
5 57-100d.
T o t a l b a le s .
N E W Y O R K — To Liverpool— March 4— Celtic, 520; Georglc, 1.119
_
upland, 191 foreign_ _____ __________________ _____________________ 1,830
To London— Feb. 28— Minnetonka, 2 ,5 1 6 -------------------- --------------- 2,516
To Hull— Feb. 29— Martello, 8 8 3 ____ _______ _____________________
883
To Ham burg— Feb. 29— Pretoria, 3 00------------------------------ -----------300
To Genoa— Feb. 28— Prlnzcss Itcnc, 1 ,580
Mch. 5— Erika, 50 1,630
To Naples— Feb. 28— Prlnzess Irene, 7 0 0 — _____________________
700
To Leghorn— Feb. 28— Italia, 20 0 -------------------------------------------------200
•To Japan— Feb. 28— Invcresk, 4 5 0 ------ March 4— K atuna, 1,500 1,950
G A L V E S T O N — To Liverpool— Feb. 28— Crispin. 6 ,7 0 6 ................. ..
6,706
To Havre— March 3— Matteawan, 1 0,085------ --------------------------------10,985
To Bremen— Feb. 29— Penlce, 10,5 9 3 ____March 3— Inkula, 14,
4 1 7 _______________________ ____------------------------------------- _____________25,010
To Hamburg— March 5— Ramon de Larrlnaga. 1,8 2 3 .......... ......... 1,823
•T o 1Antw erp— Feb. 29— Thurland Castle. 3 ,5 5 6 ------------ ----------- -- 3,556
P O R T ^A R TH U R — T o Liverpool— March 4 — Conlston, 3 ,5 2 7 -------3,527
N E W 1O R L E A N S — To Liverpool— Feb. 28— Yucatan, 2,031 . . .
■ .March B— Floridian, 3,500 . . . . . . . -------------- . . . . . . ----------- 5,531
To Hamburg— Feb. 28— Tropea, 3,396 —
— ----------------------- 3,396
To Gon ott— March }'.8— Ccrea, 5,944
...................... ..................... - 5,944
S at.
F e b . 29
to
M ch . 6.
12 H
p .m .
d.
May-June
Dec.-Jan
ct.
5 57
5 57
5 57
5 59
F e b .-M e n .
Mch.-Apr.
A p r.-M ay.
June-July
Ju ly-A u g.
A u g .-S ep .
Sep. -Oct .
Oct.- N o v .
N o v . -Dec.
12 A
p .m .
—
Tues.
M on .
W ed.
F ri.
7 h u rs.
4
4
4
4
4
12 H
12«
V I V a.
12 H
p .m . p .m . p .m . p m . p .m . p .m . p .m . p .m . p .m . p .m .
d.
68 A
65 K
67
5 60 A 68
67
5 60
64
5 57
55
5 49
46
5 42
39 A
5 35
5 32 A 37
............ 36
d.
67
67
69
70
69
65
55
47
40
A
A
3 7 14
37
d.
d.
d.
d.
69 V
69 A
71 A
72 V,
71 A
t\7V
59
50
43
40 A
40
67
67
68
69 A
68 A
65 H
57
49
42
39 A
39
69 A
69 A
71 V
72 A
71 A
67 A
59 A
51
44
41 A
41
72 A
72V
74A
75 A
74
70 A
61 A
53
40 A
43
42 A
d.
d.
65
68
68
65
70 V 67 A
71 V, 68 A
7 0 A 67 A
66 A 64
57 A 56
49 A 47 A
42
40
39 A 37 A
37
39
a.
d.
61 A 62 A
61 a 62 A
64 A 65
67
67
66
65 A
63
62 A
55
55
4 7 47 A
40
40
37 A 37 A
37
37
[VO
L.
THE CHRONICLE
610
B R E A D S T U F F S .
Friday, March 6th 1908.
Prices for wheat flour have been firmer in the main, though
no very important changes have taken place. But with the
tendency of the wheat market still upwards, mills as a rule
have raised quotations and some buyers have shown more
disposition to follow the advance. Stocks in the hands of
dealers are admittedly small, and though there is as yet no
disposition in the trade to replenish depleted stocks, yet at
times during the week an increased volume of business has
been reported. This is true especially of the large springwheat flour markets. Export business has been light. Corn
meal and rye flour have been quiet and firm.
W heat, under the influence of the growing strength of the
American cash situation as exemplified in decreasing receipts
and shrinking stocks, has advanced. And this in spite of
considerable liquidation at times by important interests, and
also in spite of continued large shipments from Argentine.
The reduction in the rate of discount by the Bank of England
to 3 % % has also been more or less of a bracing factor, to
say nothing of rising prices on the whole in the English and
Continental wheat markets. The stock at Minneapolis has
decreased 475,000 bushels this week. Southwestern markets
have reported a good cash demand and at Kansas City as
well as at other points farmers' deliveries have fallen off
sharply. The Northwestern receipts at times have been
only half what they were on corresponding days last year.
Stocks last week decreased at points east of the Rocky
Mountains over 2,500,000 bushels, making a decrease within
two weeks of some 4,200,000 bushels, whereas at this time
last year they were increasing. Very bullish private reports
have been received in regard to country stocks at the North
west, some of them even affirming that they are practically
exhausted. Some of the mills it is said will, owing to the
low stage of supplies, be obliged to shut down for a month
or two. It is expected, too, that the Government report
on farm reserves, which is to be issued on March 10, will be
of a bullish character. On the other hand, it is said that the
exportable reserve of Argentine is about 150,000,000 bushels.
However this m ay be, the Argentine offerings of late have
been liberal. Moreover, the crop prospects over most of
Europe appear to be more favorable, and so far as this coun
try is concerned the outlook for the winter wheat
also
seems
to
be
reasonably
good.
And
export
business has been dull.
A large Chicago bull pool
is said to have sold lately
some 6,000,000 bushels
of May wheat. There is no doubt that heavy liquidation,
partly by .large interests and partly by scattered holders,
has had no little effect in the last few days. Still the cash
situation is regarded as so strong that not a few are inclined
to think that, with occasional reactions, the drift of prices is
towards a somewhat higher level. To-day prices were
irregular, advancing for a time on small receipts, reports of
decreasing stocks, a better export inquiry, bull support and
covering. Later on a reaction occurred, however, on liqui
dation, attributed in part to unloading by bulls, Argentine
shipments amounting to 6,216,000 bushels, against 4,600,000
a year ago, a large Argentine crop estimate, weak foreign
markets and selling for short account.
D A I L Y C LO SIN G P R IC E S OF W H E A T F U T U R E S IN NEW YO RK .
Sat. M on . Tues. Weil. Thurs. F rl.
No. 2 red winter____________________ 104% 103% 1 0 5 % 104% 104% 104%
May delivery In elevator____________ 1 0 6 % 105% 107% 1 0 6 %
1 0 6 % 106%
July delivery In elevator____________ 101% 100% 102% 101%
101% 101
D A I L Y C LO SIN G P R IC E S O F W H E A T F U T U R E S IN CHICAGO.
Sat. M o n . Tues. Weil. Thurs. Fri.
May delivery In elevator_____________ 1)0 % 0 7 % 100'
00
98% 08%
July delivery In elevator— ............. - 0 4 %
03% 05%
04%
03% 03%
Sept, delivery in elevator_________ 0 1 %
00%
02%
01%
01
00%
Indian corn futures have advanced, owing to bullish
manipulation, buying by commission houses and covering of
shorts. The weather over many sections has been mild
and rainy and roads are in bad shape. The receipts of con
tract grade at Chicago have been exceedingly small., On
some days no contract grade has arrived there. Bulls have
been favored, too, by the small stocks in Chicago. There has
been a good cash demand at times at strong prices. Liverpool
has also favored the bulls. Prices are admittedly high, but
the danger of bull manipulation has checked short selling.
To-day prices were firmer on favorable weather, small re
ceipts of contract corn, reports of a good cash demand, bull
support and covering of shorts.
D A I L Y C LO SIN G PR IC E S OF N O . 2 M I X E D
Sat. M on .
62%
02%
70%
70%
68%
68%
Cash corn________________ :
May delivery In elevator.
July delivery In elevator.
C O R N IN NEW YORK.
Tues. Wed. Thurs. F ri.
64 %
64 %
05
62 %
72%
71%
73
71 %
70%
69 %
70%
70%
D A I L Y C L O SIN G P R IC E S OF C OR N F U T U R E S
Sat. M on . Tues.
May delivery In elevator..
62%
61%
61 %
July delivery In elevator..
59 %
59%
60%
Sept, delivery In elevator.
59
60 %
59%
IN CHICAGO.
W e il.:I'hurs. Fri.
62 %
63%
6.3%
61 %
61%
61 %
60%
60%
60%
Oats for future delivery in the Western market have ad
vanced with other cereals, though the trading has been in
active. Prices are considered unduly high, but strong in
terests are arrayed on the bull side, and in spite of liberal
receipts there has been an absence of selling for short account.
The cash demand at the W est, moreover, has been active at
L X X X V I.
rising prices. Commission houses have bought to some ex
tent at times, and there has been more or less covering of
shorts. To-day prices were firmer early with corn, but re
acted later on liquidation and the dulness of speculation.
D A I L Y C LO SIN G P R IC E S OF O A T S IN NEW YO RK .
Sat.
M on.
Tues.
Wed.
Thurs.
Fri.
57%
57%
57%
57%
57
M ixed, 26 to 32 lbs------- 5 7 %
W h ite, clipped 32 to
34 lb s...........- ........... -_ 5 9 % -6 1 5 9 % -6 1 5 9 % -6 1 5 9 % -6 1 5 9 % -6 1
60-62
D A I L Y C LO SIN G P R IC E S O F O A T S IN
Sat. M on .
52 %
M ay delivery In elevator----------------- 53
July delivery In elevator___________ 4 4 %
44%
CHICAGO.
Tues. Wed. Thurs. F r i .
53 %
53 %
53 %
53 %
46
45%
45%
45%
The following are closing quotations:
FLOUR.
Low g r a d e s -------------------S3 90 @ $ 4 10 Kansas straights-----------$4 00 @S5 10
Second clears___________ 3 65 @ 3 75 Blended clears_________ 5 20 ® 5 30
C le a r s ___________________ 4 1 5 ® 4 2 0 Blended patents________ 5 8 0 @ 0 30
Straights________________ 5 1 0 @ 5 35 R ye flour________________ 4 75 ® 5 35
Patent, spring--------------- 5 40 @ 6 35 Buckwheat flour----------3 50
Patent, winter--------------- 4 85 @ 5 00 Graham flour___________
Nom inal.
Corn m eal_______________ 3 20 @ 3 70
Kansas patents
G R A IN .
W h ea t, per bush.—
c.
Corn (new ), per bush.—
c.
N . D uluth, N o. 1 --------119%
N o. 2 m ix e d __________ f.o .b . 65
117
N . Duluth, N o. 2 -------05%
N o. 2 yellow .................
Red winter. N o . 2 --------f.o .b . 104%
N o. 2 white___________
65%
R y e, per bush.—•
Hard “
“
...........
U«
O ats, per bush.—
N o. 2 W e s te r n ..............
87
Natural w h i t e -------------58 % @60
State and Jersey............. Nominal
m i x e d .......... ..
57
Barley— M a lt in g ________
104 @110
“
white, clipped. 60 @ 62
Feeding------------------------- Nominal
The statement of the movement of breadstuffs to market as
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Receipts al—
Flour.
Wheat.
Com.
Oats. .
Barley.
Rye.
bbls. 19625s. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bu. 56 lbs.
213,276
Chicago-----450,200
125,010
1,315,116
1,7,86,142
22,500
Milwaukee. .
55,500
249,600
81,000
78,000
171,200
24,300
37,750
Duluth.........
306,867
64,650
Minneapolis.
109,350
118,650
1.303,280
424,080
Toledo_____
1,000
125.500
27.000
64,500
Detroit _
_
3,800
24,900
20,146
75,750
1,126
Cleveland . .
172,621
215,390 ' ' " l";760
18,040
49,680
St. Louis.. .
199,000
378,800
263,750
Peoria_____
26,850
" s',666
297.000 ■ ' 27',666
53.000
414,700
Kansas City
102.000
241,500
115.500
Tot.wk.’08
Same wk.’07
Same wk.’O
O
350,232
351,177
333,336
2,379,597
4,512,999
3,372,205
3,523,908
3,208,448
3,455,095
2.679,587
5.071,403
3,545,224
875,660
1,103,922
1,290,430
55.800
137,337
136,079
Since Aug. 1
1907-08... 11,174,199 161,859,269 119,833,203 118.459,592 49,320.418 5,207.179
1906-07. _ . 13,050,642 162,015,650 126,808,467 127,654,217 49,374,849 5,439,498
1 905 -06 ... 12,713,750 177,351.773 121,895,560 152,405,409 61,941.348 6,317,764
Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 29 1908 follow:
Corn,
bush.
531,050
132,382
Oats,
bush.
65.8,500
66,760
Barley,
bush.
26,400
4,944
Rye.
bush.
67,275
12,700
174,763
1,137,005
36,278
174,800
115,714
97,000
49,304
45,302
30,620
96,000
7,000
17,177
46,634
1,072
3,064
269.694
10,013
40,190
______
4,633
47,783
.........
.........
1,476.314
1,373,646
2,409,005
3.660.962
986,676
860,224
90,760
98,463
144,868
29,121
Flour,
Receipts at—
bbls.
New York................ 150,970
46,073
Boston___________
Portland, Me.........
19,367
Philadelphia_____
93,294
Baltimore................
51,401
Richmond..............
2,791
New Orleans.........
23,020
Norfolk....................
3,928
Galveston.................................
Wheat,
bush.
267,000
164.660
285,878
320,712
21,146
58,190
3,700
Montreal_________
St. John, N. B ------
5.415
30,421
Total week-------Week 1907.............
440.108
465,569
82,666
a Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
■
Total receipts at ports from Jan. 1 to Feb. 29 compare as
follows for four years:
1908.
3.205,369
1907.
3,267,304
1906.
2,955,131
1905.
2,200.709
Wheat........................ ...b u s h . 14,082,319
C orn...................... .. ........... .. 20,100,785
Oats............................ ■
................ 6,339,984
Barley — ............... .................. 1,039,988
R y e ...........................
14,065,159
24,590,762
7,109,097
1,122,378
232,370
14.060.988
47,317,706
16,302,628
4,531,964
364,941
.3,112,151
30.331,948
5.484,855
1,557,232
95,612
Total grain...........-------------- 42.536,945
47,119,766
82,578,227
40,581,798
Receipts of—
Flour ........................ ____bbls.
The exports from the several seaboard ports for the week
ending Feb. 29 1908 are shown in the annexed statement:
Exports from—
New Y ork..........
Portland, M e .-- .
.
Boston
Philadelphia . . . .
Baltimore........... .
New Orleans.. . .
Galveston........... .
Mobile................. . _
Norfolk................
St.John, N. B .. I
Wheal,
bush.
Corn,
bush.
552,943
285,878
257,025
34*285
348,953
1S2.196
49.351 1.595.917
36,653
266,853
137,600
323,690
______
115,714
269',694
Flour,
bbls.
73,097
19,367
25,467
70,599
50,220
24,324
27,236
7,428
3,928
36,421
Total w cek ... .1,721,498 3,071,598 338.0.87
Week 1907_____ .1,247,691 3,039.433 277,125
Rye, Barley,
Oats,
bush.
bush.
bush.
0,060 114,208
—
.........
lb",666
............
.........
.........
.........
.........
" “ (587
_______
.........
_____
_____
...........
.........
......... 47,783
6,747 130,208
92,263
.........
47,783
26,818
Peas
bush.
1,851
8,984
"is o
10,985
6,592
The destination of these exports for the week and since
July 1 1907 is as below:
----------Flour----------------------- Wheat-------- ------------------ CornSince
Since
Since
Week
July i
Week
July 1
Wee*:
July 1
Exports tor week and Feb. 29.
1907.
Feb. 29.
1907. Feb. 29.
1907.
since July 1 to—
bbls.
ibis.
bush.
bush.
bush.
bush.
United Kingdom...251.487 4,811,054
868,448 49,227,704 1,406,873 18,233,408
40.081 1,745,911
Continent..............
837,864 40,717.142 1,633,883 19,109,182
So. & Cent. America 12,294
513,979
15,186
312,179
1,774
183,473
West Indies----------- 30,350
944,447
...........
19,607
25,874 1,006,653
Brit. No. Am. C ols.. 1,781
49,506
......... ........................
2,000
61,024
Other Countries------ 2,088
205,781
______
83,850
1,194
24,214
Totr ....................338,087 8,270,678 1,721,498 90,360,542 3,071,598 38,017,954
al
Total 1907-08...........277,125 7,637,493 1,247.691 09,472,182 3,039,433 44,845,472
mar.
The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports Fob. 29 1908, was as follows:
Barley,
bush.
188,000
Corn,
bush.
1,228,000
Oats,
bush.
285,000
Rye,
bush.
222,000
177.000
256.000
2,460,000
837.000
171.000
70,000
1,000
71,000
116,000
129,000
50,000
145,000
76,000
378,000
136,000
4,000
233,000
455.000
210.000
187,666
51.000
9.000
7,000
5,926.000
1,078,000
2,484,000
211,000
37,000
375,666
206,000
217,000
23,000
345,000
3,913,000
649.000
D uluth........... .............. . 8,296,000
“
afloat...........
Minneapolis.................. 7,046,000
St. Louis........... .......... . 1,231,000
1,097,000
15,000
468,000
234.000
347.000
2,049,000
153,000
07.000
2,513,000
45,000
. 1,960,000
12,000
.
240,000
672.000
170.000
285.000
50.000
814,000
74.000
4,000
.42,900,000
.44,470,000
.44,884,000
.47,283,000
.35,565,000
-34,658.000
-40,757.000
8.756.000
0,055.000
) 1,102,000
16,208,000
9.169.000
9.157.000
11.291,000
8.629.000
8.894.000
10.904.000
24.451.000
15.873.000
10.253.000
7.002.000
828,000
818,000
1.590.000
2.314.000
1.647.000
1.151.000
1.031.000
Wheat,
bush.
New York...................... . 1,783,000
“
afloat______
1,028.000
Boston . . ......................
501.000
Philadelphia - .............
417.000
Baltimore......................
402,000
82,000
. 1,718,000
•
*
afloat--------- . 1,796,000
555,000
Toledo — ^ ----------- .
Detroit. . -
- - ........... .
Chicago...........- ............
•
•
afloat______
Milwaukee -----------
P e o r i a - . . .. .- .............
313.000
'
121,000
583,000
341,000
6,000
On Mississippi R iver..
On Canal and River.
Total
Total
Total
Total
Total
Total
Total
Feb. 29 1908.
Feb. 22 1908.
Mch. 2 1907.
Mch. 3 1900.
Mch. 4 1905.
Mch. .5 1904.
Mch. 7 1903.
T H E
D R Y
G O O D S
4.648.000
4.856.000
2.419.000
4.189.000
4.332.000
4.088.000
1.771.000
T R A D E .
New York to Neb. 29.
■Great Britain.......... ..............
Other Europe............... ......
China - - -----------------------------India _____________________
A rab ia...................... — . . .
A f r i c a ------ - - - ................. ..
W est Indies---------- -----------M e x ic o ------------------------------Central Am erica.......... .........
South America - - .................
Other countries. . . ----------..................................
--------- 1008------------------------- 1007---------Since
Since
Week. Jan. 1
Week. Jan. 1
531
85
118
10
111
27
121
4. 111
3,738
1,032
3,120
1
2,857
____
125
3.906
1,695
12,271
123
2,201
933
____ 529
4,509
3,529
457
3 68
374
22
____
40
3,253
2,287
441
8,131
2,409
9,531
55
8,084
2,845
20,053
6,380
W O O L E N G O O D S.— In the men’s wear woolen and
worsted goods market there has been a small improvement
in the demand for low-grade manipulated fabrics, and the
buying of fancies has been maintained. Practically all of
the initial business has now been placed, however, and on
the whole the results are from satisfactory. The better
feeling in the trade is due mainly to the belief that duplicate
orders will have to be heavy, and that there is some founda
tion for this is shown by the fact that orders have in several
cases been materially increased by buyers who on returning
homo realized that they had not adequately protected them
selves. A feature of the situation that is attracting a good
deal of attention is the canceling of orders for spring goods
by retailers, but it is not believed that this will be carried
on to any great extent, particularly in the South and South
west, where conditions are much better than they are in the
East. From now until after Easter will naturally be a quiet
period in the trade, and developments then will indicate
how the season is likely to compare with last year. Dress
goods buyers are operating with a great deal more freedom
than men’s wear buyers, and the business for fall already
transacted has been quite satisfactory. It is not expected
that the total sales will equal last year, but there are indi
cations that the falling off will not amount to more than
about 2 5 % , compared with some 50 to 6 0 % in the men’s
wear division. A t present staples are being principally
taken, with broadcloths the best in demand. Fair duplicate
orders for worsteds arc being received, and these are likely
to prove popular all the year.
F O R E IG N D R Y G OO DS.— The imported woolen and
worsted goods market is moderately active. Silks and rib
bons are quiet and featureless. Linens are rather more
active. Burlaps are slow.
Importations and Warehouse Withdrawals of D ry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Feb. 29 1908 and since
Jan. 1 1908, and for the corresponding periods of last year,
are as follows:
o o
•
1
a—
i? 3
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o
£ 2
V Is
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r o 2-p
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48,743
The value of those New York exports since Jan. 1 has been
81,927,018 in 1908, against 82,975,299 in 1907.
There have been some sales of heavy brown drills and
sheetings for immediate delivery, but the market is irregular
as the result of re-selling by second hands. Medium and
light-weight sheetings have been in fair request, and in the
primary market are quotably unchanged. Chinese purchases
have included medium-weight drills Vat recent prices. The
demand for bleached goods is increasing slightly, but the
more prominent lines have been affected by the lower values
named for low-count goods; stocks of goods awaiting ship
ment orders are still heavy. Kid-finished cambrics have
been reduced J^c., but so far this has failed to materially
stimulate the demand. It is expected that cotton blankets
will be opened shortly, and a good deal of interest is being
shown in the question of prices. In the meantime there has
been some active purchasing of domets for fall at the prices
recently named, and this department is among the most
satisfactory of the whole market. There has been some
spot buying of fancy prints and ginghams, but staple prints
are only moving slowly. Print cloths have been quiet and
l»uying has been confined almost entirely to small lots offered
by second hands. Standard gray goods are again slightly
lower for the week.
anu
Wo
Cot
Sill
New York, Friday Night, March 0 1908.
While the volume of business transacted in the primary
cotton goods market during the week has again been small,
some encouraging repeat orders have been received for spring
merchandise, and buying has been larger than in the recent
past. The most favorable feature of the present situation
is the comparatively good business being done by jobbers,
which must soon result in the replenishing of supplies. It
is true that they arc offering goods at very low prices, and it
is possible that agents may have to reduce their figures before
goods will be purchased in any quantity. The fact that
many lines are being re-offered by second hands at very low
prices makes the market a difficult one to operate in and
serves to unsettle the minds of buyers. It is hoped, however,
that these accumulations will soon be worked off and that
the market will settle down to a more stable basis. In the
meantime curtailment is becoming more general, particu
larly in the South, and the cost of production is being lessened
by reductions in wages and the lowering of prices of materials
generally. In New England mills are still running on part
time, and a decision is expected to be arrived at shortly by
the Arkwright Club of Boston, extending the recent curtail
ment agreement. Exporters generally are optimistic re
garding the .outlook, although current business is of only
small proportions. Encouraging reports have been received
regarding the Chinese situation, and it is expected that a
larger business will be done with that country during March
than during the first two months of the year. In the men’s
wear woolen and worsted goods market the feeling is some
what better, and in the dress goods division sales are on a
satisfactory scale.
D OM ESTIC COTTON G OO DS.— The exports of cotton
goods from this port for the week ending Feb. 29 were 2,318
packages, valued at 8177,273, their destination being to the
points specified in the tables below:
T otal
617
THE CHRONICLE
7 1908.1
3' 14 31 C '1
i
O M it* m to
c © © to ©
o
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k
—
b p» © © C
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b © -1 > ©
5
tO © © “d ©
^ 2
.
T H E
C H R O N IC L E
CVax*. u k x x v i .
Aurora, St. Louis County, Minn.— Bond S olo— W e are
advised that on Feb. 28 the Commercial Investment Company
of Duluth was awarded the following bonds at par:
Jtue
< & h xo
PUBLISHED WEEKLY.
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
For Ono Y e a r............................................................................................................ $10 00
For Six M onths......... - ..............................................................................................
0 00
European Subscription (including postage)................................................. 13 00
European Subscription six months (including postage)..................
7 50
Annual Subscription in London (including postage)............................... £ ‘ 14 s.
2
Six Months Subscription in London (including postage)....................
£ 1 11 s.
Canadian Subscription (including p o sta g e)................................................. $ 1 1 50
Subscription includes follow ing Supplements—
B a n k a n d Q uo tation (monthly)
I S tate and C ity (semi-annually)
r a i l w a y AND INDUSTRIAL (quarterly) | ELECTRIC R a il w a y (3 times yearly)
T e r m s o f A d v e r tisin g — P er In c h S p a c e
Transient matter per inch spaco (14 agate lines)
.
( Two Months
(H times’) ........22 00
Standing Business Cards <
$ 4 20
g o U m e s ) ............................... 50 00
1 Tw elve Months (52 tim es)............................... 87 00
C IIIC A G O O F F IC E —P. Bartlett, 513 Monadnock Block; Tel. Harrison 4012.
L O N D O N O F F IC E —Edwards & Smith, 1 Drapers* Gardens, E. C.
W IL L IA M ! B . D A N A C O M P A N Y , P u b lis h e r s ,
P* O . B o x ! )5 8 .
P in o S t ., C o r n e r o f P e a r l S t .,
N ew Y o r k .
M U N IC IP A L BO N D S A L E S IN F E B R U A R Y .
The total amount of municipal bonds placed during the
month of February was $60,573,180, or over five millions
more than that of any month reported by us. Temporary
loans and Canadian securities, which are never included in
our totals, amounted to $6,935,000 and $1,634,259, re
spectively. In May 1904 we reported the only other monthly
output which exceeded fifty millions. The total for that
month was $55,110,016. The large offerings of corporate
stock and assessment bonds made by New York City were
responsible for both these enormous totals. The city .obtained
an average price of about 100.94— a basis of about 3.4 6 1 %
— for 3 j ^ % 50-ycar corporate stock to the amount of $32,
000,000 offered in May 1904, while the $47,000,000 50-year
stock bearing 4 j /i%
interest sold on Feb. 17 1908
brought 104.22— a basis of about 4 .2 9 5 % . The $3,000,000
4342% 10-year assessment bonds offered in February brought
100.90— a basis of about 4 .3 8 8 % , against 100.13, or a basis
of about 3 .4 8 5 % for $5,000,000 3L£% 10-year assessment
bonds offered in May 1904. Ninety-eight bids, aggregating
$126,071,950, were received at the sale of the 33^s, while
the 4 j ^ % bonds offered last month attracted 1,168 bids,
aggregating $271,242,650.
Other large municipal issues which go to form part of the
record for the month just past were as follows: $1,917,500
4 % bonds of Chicago Sanitary District, 111., sold at 98.0978;
$550,000 5 % bonds (two issues) of Bayonne, N . J.; $300,000
4}/£s of Toason, Aria., sold at par; $284,000 4s of Louisville,
K y ., sold at par; $280,000 4s of Cincinnati, O ., sold at
106.07; and $200,000 5s of Orange, N . J., sold at 107.643.
The number of municipalities emitting bonds and the
number of separate issues made during February 1908 were
153 and 259 respectively. This contrasts with 136 and 166
for January 1908 and with 137 and 207 for February 1907.
For comparative purposes we add the following table,
showing the aggregates for February and the two months
for a series of years:
Month of
February.
11)08
.$ 0 0 ,5 7 3 ,1 8 0
1007
. 37,5 4 3 ,7 2 0
1!)()6_- 28,300,655
HI05____ . 0,310,631
1904 . .
7,051,321
1 0 0 3 ______
5,1 5 0 ,9 2 6
1 9 0 2 ------ _ 12,614,450
1001____
4,221,24!)
1000
5,137,411
F or the
\
Two M os. |
571 .509,8161 189047,705,866 1898.
36,698,237 1807.
17,746,884 1896_____
31,795,122 1805______
2! ,002,722 1894_____
23,530,304 1 8 9 3 -- - .
13,462,113 1892_____
25,511,733
Month of
February.
$7,038,318
9,308,489
12,070,477
4,423,520
5,770,480
11,906,122
5,071,600
7,761 ,931
F or the
Two M os.
$13,114,275
17,456.382
23,082,253
10,031,241
16,111,587
19,038,389
10 ,510,177
14,113,931
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
m onth’s bond sales in detail. It will be given later.
B o n d P r o p o s a l s a n d N e g o t i a t i o n s this
as follows:
week
have been
Ashtabula School District (P. O. Ashtabula), Ashtabula
County, Ohio.— Bond Offering.— Proposals will be received
until 6 p. m . March 17 by Charles E . Peck, Clerk Board of
Education, for $8,000 4 ) ^ % coupon school bonds. Author
ity Section 3994, Revised Statutes. Denomination $500.
Date, day of sale. Interest April 1 and Oct. 1 at the District
Treasurer’s office. Maturity $500 yearly on April 1 from
1910 to 1925 inclusive. Certified check on a national bank
for $500 is Required. Bidders must satisfy themselves as to
the legality of the bonds before submitting their bids.
$20,000 5 % sewer-comtructlnn bonds.
Denomination
5,000 5 % water bonds.
Denomination $1,250.
$5.00*
Date April 11908. Interest semi-annual. Maturity twenty
years.
Baltimore, M d .— Bond Offering.— Attention is called to
the advertisement elsewhere in this Department of the offer
ing on March 16 of the $1,000,000 4 % Registered Park Loan
and the $1,000,000 4 % registered Annex Loan. Full de
scription of bonds and terms of offering will be found on
page 558 of last week’s “ Chronicle.
Bartlesville, Washington County, Okie,.—-Bond Sale.__
This city recently awarded $50,000 5 % 20-ycar sewer-ex
tension bonds and $54,000 6 % 25-year refunding bonds to
John Nuveen & Co. at par. These bonds are in denomina
tion of $1,000 each. Date Nov. 1 1907. Interest semi
annual.
Batavia School District (P. O. Batavia), Gaoasoe County,
N. Y .— Bond Offering.— Proposals will be received until
7:30 p. m . to-day (March 7) by Albert J. Squires, Clerk
Board of Education, for $18,000 4 > £ % registered Pringle
Avenue school bonds. Denomination $1,000. Date Jan? 1
1908. Interest semi-annual. Maturity $1,000 yearly on
Jan. 1 from 1909 to 1926 inclusive. Certified check for 5 %
of the bid is required. Bonds to bo delivered May 1 1908.
Bay Minette School District (P. O. Bay Minette), Baldwin
County, A la .— Bond Election.— An election will be held
March 14 for the purpose of voting on a proposition to issue
$5,000 school bonds.
Beaver City, Furnas County, N eb.— Bonds Not Yet Sold.
— Up to Feb. 10 this city had not yet succeeded in disposing
of the $25,000 6 % 5-20-year (optional) water-works bonds
mentioned in V . 85, p. 1475. W e are advised, however,
that proposals for these securities will be rcoeived at any
time. W . L. Leonard is City Clerk.
Beaver Pond School District (P. O. Biuefield), Mercer
County, W . V a. Bond Offering.— Proposals will be received
until 2 p. m . March 21 by E . L Bowman, Secretary Board of
Education, for the $150,000 6 % gold coupon bonds voted
on Feb. 11. Denomination $100 or multiple. Date
March 1 1908. Interest annually in Biuefield or New York.
Maturity March 1 1928.
Bonds are exempt from taxation.
Certified check for 1 % of bid, payable to E . L . Bowman,
Secretary Board of iLclucation, is required.
Belleville school District (P. O. Newark), Essex County,
N. J. Bonds Defeated.— A proposition to issue bonds for
school purposes was defeated by the voters of this district
at an election held Jan. 22. The vote was 171 “ for” to 221
‘against.’’
Bellevue, Huron County, Ohio.— Bond Sala.— On March 2
the $4,000 6 % coupon Castalia Street improvement assess
ment bonds maturing $400 yearly on Dec. 21 from 1908 to
1917, inclusive, and described in V. 86, p. 495, were awarded
to Dennison & Farnsworth of Cleveland at 107.25 and ac
crued interest. Following are the bids:
Dennison & Farnsworth,
C leveland---------------$4,290
First N at. Bank, Cleveland 4,270
Seasi.ngood & Mayer, Cine- 4,267
New Fust National Bank,
..................
4,266
Columhus
W e ll, Roth & C o., Cine___ 4,246
W . J. Hayes & Sons, Cleve. 4,242
Security Savings Bank &
00
Trust C o.. Toledo-----------$4,214 00
00 Otis & H ough, C leveland-- 4,202 00
75 Koehler & Cum m ings, Tol 4,212 50
Fremont Sav. B k ., Fremont 4,175 00
00 Bellevue Sav. Hk.,Bellevue 4,145 00
00 First N at. flank, Barnes00
vllle ________ ______ ______ 4,121 00
Beloit, Rock County, W is .— Bond Offering.— Proposals
will be received until 12 m . to-day (March 7) by J. A . Jauvrin, Chairman Finance Committee, for $15,000 5 % coupon
bonds. Denomination $500. Date April 1 1908. Inter
est annually in Beloit. Maturity $1,000 yearly on April 1
from 1909 to 1923 inclusive. Bonds are exempt from all
taxes. Certified check for $1,000, payable to the City Treas
urer, is required.
Berne, Albany County, N. Y .— Price Paid for Bonds.— •
W e are advised that the price paid for the $10,000 5 % coupon
highway-improvement bonds disposed of on Feb. 1 (V. 86,
p. 558), was par. Denomination $1,000. Date, Feb. 1
1908. Interest annual. Maturity part yearly from 1912 to
1921 inclusive.
Bruce, Rusk County, W is .— Bond Offering.— Proposals
ill be received until 8 p. m . March 30 by the Bond Com
mittee, Ava Blackman, Chairman, for $7,800 5 % coupon
water-works, electric-light and sewer bonds. Authority
Section 943, Statutes of Wisconsin, as amended by the Laws
of 1907. Denomination $650.
Date, April 1 1908. Inter
est annually in Minneapolis or Chicago. Maturity part
yearly on April 1 from 1916 to .1927 inclusive. Certified
check for $390, payable to S. M. Alvey, Treasurer, is re
quired. Total bonded debt, this issue. Assessed valuation,
$176,372. Real value (estimated), $250,000. Official cir
cular states there has never been any default in the payment
of principal or interest.
Burlington, Alamance County, N. C.— Bond Sale.— -On
Feb. 15 the $50,000 water and $50,000 sewer 5 % 30-year
coupon bonds, bids for which were rejected on Feb. 10
(V. 86, p. 4 3 3 ),were awarded to Emery, Anderson & Co. of
Cleveland.
M a r . 7 1008. i
TH E CHRONICLE
Calgary, Alberta.— Debenture Sale.— This city, it is re
ported, awarded 876,000 4 ^ % ‘ 0-year debentures to W ood,
2
Gundy & Co. of Toronto on Feb. 26.
Cambridge Springs, Crawford County, Pa — Bond Sale.—
On Feb. 19 811,000 4 ^ % bonds, proposals for which were
asked until Feb. 3, were awarded to the First National Bank
of Cambridge Springs at par. Denomination $500. Interest
Jan. 1 and July 1.
Canfield Township (P. O. Canfield), Mahoning County,
Ohio.— Bonds Defeated.— An election held here Feb. 18 re
sulted in the defeat of a proposition to issue $50,000 bonds.
The vote was 49 “ for” to 71 “ against.”
Canton, Haywood County, N . C.— Bond Offering.— Pro
posals will be received until April 1 by J. W . Scott, Town
Clerk, for $65,000 5 % 30-year sewerage water-supply, elec
tric-light, school and street-improvement bonds. Denomi
nation $ 1 ,000. Certified check for $100 is required.
Canton, Ohio, Union School District.— Bids.— Following
is a list of the bids received on Feb. 27 for the $30,000 4 %
20-year coupon public-school-property-improvement bonds
awarded, as stated in V . 86, p. 558, to the Western German
Bank of Cincinnati:
819
that, owing to the amount of preliminary work to be done,
no steps have yet been taken looking towards the offering of
the $45,000 sewer bonds voted (V. 86, p. 182) on Jan . 15.
Commerce, Hunt County, Texas. — Description of Bonds.—
We are informed that the $16,000 4J^% 20-30-year (optional)
coupon water-works bonds offered but not awarded on Oct. 7
1907 and registered by the State Comptroller on Dec. 12 1907
(V. 85, p. 1658) are in denomination of $500 and are dated
Aug. 1 1907. Interest semi-annual.
Concordia Parish School Districts Nos. 1 and 2, L a .—
Bonds Not Yet Sold.— Under date of Jan. 31 we are informed
that the $1,500 District No. 1 and the $3,000 District No. 2.
5 /o 1-5-year (serial) coupon bonds, proposals for which were
asked for at any time (V. 85, p. 1658), are not yet sold.
Cook County (P. O. Chicago), 111.— Bond Election.—At the
spring election next month the question of issuing $2,000,000
bonds for an infirmary for consumptives and a poor farm
near Blue Island will be voted upon.
Corinth Union Free School DistrictNo. 7 (P. O. Corinth),
n n n A 7 7 d / Scr^ f^O
Tl ^ onc^ -— We are advised that the $20,
s
000 4 / 2 /o registered school-house bonds offered without suc
cess on Feb. 3 (V. 86, p. 361) are dated Nov. 1 1906 and are
exempt from all taxation. Denomination ? 1,000. Interest
annually at the Corinth National Bank of Corinth. Maturity
Carberry, Man.— Debenture Sale.— G. A . Stimson & Co. of $2 000 yearly on Nov. 1 from 19 11 to 1920 inclusive. Total
Toronto, according to reports, were recently awarded $11,367 debt this issue. Assessed valuation $780,000.
5 % debentures maturing part yearly for twenty years.
Croswell, Sanilac County, Mich.— Rond Offering.— Pro
Carman, Man.— Debenture Sale.— According to reports, the posals will be received until March 16 for the $18,000 4 ^ %
$16,000 5 % coupon water-works and sewer debentures, pro coupon street-improvement bonds offered but not sold on
posals for which were asked until Feb. 25 (V. 86, p. 433), Aug. 26 1907.
W estern G erm an B k ., C ln .5 3 0 ,165 5 0 I H . E. F ife . C a n to n _______$30,011 50
Breed & H arrison Cln
. 3 0 ,159 50 C leveland T r u s t C o ., C le. - 30,123 00
S ea son good & M a yer, C ln. 30,150 00 j
have been sold to G. A . Stimson & Co. of Toronto. Deben
tures are dated June 30 1907 and mature part yearly on June
30 from 1908 to 1927 inclusive.
Champaign County (P. O. Urbana), Ohio.— Bond Sale.—
On March 2 the $1,400 4 % coupon Mohr Ditch construction
bonds, maturing $140 each six months from Sept. 5 1908
to March 5 1913, inclusive, were awarded to the Citizens’
National Bank of Urbana at par while the $3,610 4 % coupon
Hodge Joint Ditch construction bonds maturing $370 on
Sept. 5 1908 and $360 each six months from March 5 1909
to March 5 1913 inclusive were awarded: $2,520 to W . R.
Ross of Urbana at 101.40 and $1,090 to Miles Bodey of
St. Paris for $1,091 75— the price thus being 100.16. See
V. 86, p. 433, for a description of these bonds.
Charleston, Kanawha County, W . V a .— Bond Sale.— On
Feb. 21 the nine issues of 4 ^ % bonds, aggregating $170,000,
offered without success on Oct. 28 (V. 85, p. 1658) were
awarded to Scasongood & Mayer at par and accrued interest.
A bid of par was also received from the Union Savings Bank
& Trust Co. of Cincinnati.
Chemung County (P. O. Elmira), N . Y .— Bond Sale.— W e
are advised that the $15,300 5 % 1-ycar road-improvement
bonds, bids for which were rejected on Jan. 28 (V. 86, p.
299), have been disposed of at par.
Denver, Col.— Montclair Park District.— Bond Offering
Postponed.— Dispatches state that the offering of the $397,700
6% 5-17-year (optional) park bonds which was to have taken
place March 3 (V. 86, p. 434) has been postponed until
March 24.
^ Devil’ s Lake, Ramsey County, N . D .— Bond Sale.— On
Feb. 1 an issue of $12,000 5*^% 10-year refunding bonds
dated Feb. 1 1908 was awarded to the American Order of
United Workmen of North Dakota at par. Denomination
$1,000. Interest semi-annual.
Dixon School District (P. O. D ixon), Lee County, 111.—
Bond Offering.—-Proposals will be received until 1 p. m. March
12 by E . W . Smith, Secretary, for $50,000 5% coupon school
building bonds. Denomination $500. Date March 12 1908.
Interest annually on Ju ly 1 in Dixon. Maturity $3,000
yearly, beginning Ju ly 1 1914. Certified check on a local
bank for $2,500 is required. Total debt at present $6,000.
Douglas County (P. O. Omaha), N eb.— Bond Election
l roposed.
lhc County Commissioners are considering the
advisability of calling an election some time next May to
vote on the question of issuing court-house and jail bonds.
Douglas County School District No. 4, Ore.— Bond Sale.—
On Feb. 10 an issue of $9,300 4)x>% refunding bonds was
awarded to the following bidders at par for 4 ^ s :
Chicago, HI.— Bond Sale.— W e are advised by wire that
this city on March 6 awarded $1,000,000 4 > £ % bonds to the
syndicate headed by Lee, Higginson & Co. of Chicago for
$1,028,127 (102.812) and accrued interest. The following
bids were received:
F . R . S h e rid a n ------------------------ $3,0 0 0 | E . M . M oore S r ......... ............. ........$1,000
$20,000 5 % 20-year school-building bonds was purchased
at par by G. D. Davis, Cashier of the Bank of Claremore.
Denomination $1,000. Date Sept. 1 1907. Interest semi
annual .
Dundee, Monroe County, Mich.— Bids Rejected— BondOffering.— All bids received on March 2 for the purchase of
scribed in V. 86, p. 241, were awarded to Lawrence E . Saybourne for $5,013 (100.46) and accrued interest. A bid was
also received from L. H . Houston of South Charleston.
Maturity $490 on March 2 1909 and $500 each six months
from Sept. 2 1909 to Sept. 2 1913 inclusive.
Clarksdale, Coahoma County, M iss.— Bond Sale.— Reports
state that on Feb. 25 the $30,000 school-building, $30,000
watcr-works-plant-construction and the $30,000 street-im
provement 5 % ooupon bonds offered but not sold on June 4
1907 (V. 86, p. 299), were awarded to the Thomas J. Bolger
Co. of Chicago at par.
El Paso County (P. O. El Paso), T ex.— Bonds Voted and
Sold.—On Jan . 4 this county voted to issue $28,000 court
G . W . K i m b a l l ----------------------- . .
H . L i t t l e __________ _______ ___________
2 . 1 0 0 ! C i i a s . B . A r n o l d _____________ 8 0 0
2 ,0 0 0 j C a r l S c h u n n s t t I n .........
.........
400
Interest annual. Maturity part yearly on Feb. 20 from
1909 to 19 13 inclusive.
Dublin, Laurens County, G a.— Bonds Voted.—The ques
L e e ,H ls.T lns'm & C o.,C h ic _ $ 1 ,0 2 8 ,1271W . H . C o lvin & C o. (fo r
H arris T r .& S a v s .H k .,C hlc 1,020,830 | $50,000 b o n d s ) _____ ______ $51,425
tions of issuing the $25,000 paving, $25,000 improvement,
Bonds mature $56,000 yearly from January 1911 to Janu $12,000 school and $3,000 park 5% 29-year bonds mentioned
in V. 86, p. 182, received a vote of 343 to 32 at the election
ary 1927 inclusive and $48,000 in January 1928.
Claremore, Okla.— Bond Sale.— On Feb. 20 an issue of held Feb. 25.
the $13,357 74 6% Special Paving District No. 1 bonds,
mentioned in V. 86, p. 559, were rejected. These securities
Clark County (P. O. Springfield), Ohio.— Rond Sale.— On will again be offered for sale and proposals will be received,
March 2 the $4,990 4 % coupon Hodge Joint Ditch bonds de this time until March 27. Fred. B. Clark is Village Clerk.
house bonds. These securities, we are informed, will be
taken by the State Permanent School Fund.
Florence School District (P. O. Florence), Florence
County, S. C.— Bond Offering.— Proposals will be received
until 12 m., March 20, by the Board of School Commis
sioners, J . L. Mann, Secretary, for $35,000 5% bonds.
Authority, an Act of the Legislature approved in Feb. 1908.
Denomination $1,000. Date May 1 1908. Interest semi
annual. Maturity May 1 1928. Certified check for $500
is required.
Cleveland, Ohio.— Vote.— The unofficial vote cast at the
election held March 3 to vote upon the propositions to issue
the $725,000 sewer bonds and the $225,000 paving bonds
mentioned in V. 80, p. 181, was 13,603 “ for” to 6,704
“ against” on the former, and 12,729 “ for to 6,501 “ against”
on the latter proposition. It will require an official canvass
to determine whether 2-3 of the votes cast were in favor of
the propositions.
Bonds Withdrawn from Market.— W e Jure advised that
the $250,000 paving-intersection fund (city’s portion) and
$40,000 sewer-intersection fund 4 % coupon bonds, men
tion of which was made in V. 86, p. 181, have been with
drawn from the market and destroyed.
Fort Morgan School District No. 3 (P. O. Fort Morgan),
Morgan County, Col.— Bond Offering— Proposals will be
received until 6 p. m. April 1 by L. C. Baker, Secretary
Board of School Directors, for the following bonds:
$15,000 5 % building- bonds.
Denomination $5,0 0 0 .
years, subject to call after live years.
15,000 5 % refunding bonds. Denomination $500.
years, subject to call after ten years.
Maturity
fifteen
Maturity
twenty
Date April 1 1908. Interest semi-annually at the County
Treasurer’s office at Fort Morgan. Certified check or de
posit of $2,000 is required. Accrued interest to be paid by
purchaser.
Fostoria, Seneca County, Ohio.— Bond Sale.—The $6,000
College Hill (P. O. Station K , Cincinnati), Ohio.— Bonds refunding Sewer District No. 1 and the $2,000 North Main
Not to Be Offered at Present.— The Village Clerk advises us Street improvement 4% 17-year bonds described in V. 86,
p. 496, were sold on March 2 to Dennison & Farnsworth or
Cleveland and Boston at 100.087 and accrued interest. The
bids received were as follows:
D e n is o n & F a r n s w o r t h , C l e w | R . K l e y b o l t e A C o . , C in _
l a n d a n d B o s t o n . ------------ — $ 8 , 0 0 7 ] C l i a s . C . M u r r a y A C o . , C ln
5 8 ,0 0 5
8 ,0 0 0
All bidders offered accrued interest in addition to their bids.
Galveston County (P. O. Galveston), Tex.— Bond Offering.
— Proposals were asked for up to 3 p. m . yesterday (March 6)
by John M. Murch, County Auditor, for the following bonds:
5 3 1 ,0 0 0
s e a w a ll a n d b r e a k w a t e r b o n d s .
1 ,7 0 0 g e n e r a l f u n d i n g s c r i p b o n d s .
1 ,2 0 0 r o a d a n d b r i d g e s c r i p f u n d i n g b o n d s .
The result of this offering was not known to us at the hour
of going to press.
Gardner, Worcester County, M ass.— Note Sale.— Reports
state that on March 3 an issue of 85,000 park notes was
awarded to the Westminster National Bank of Gardner at
100.52 for 5s. Denomination 81,000. Date March 2 1908.
Maturity 81,000 yearly. Interest semi-annual.
Follow
ing are the bids:
W e s tm in s te r N a tio n a l B a n k ,
|C a p i t o l S a v i n g s B a n k A T r u s t
C o . , M o n t p e l i e r _______
...
G a r d n e r ----------------------------------- . . $ 5 , 0 2 6 1
G a r d n e r S a v . B a n k , G a r d n e r ____P a r i
- Car
Gloversville, Fulton County, N . Y .— No Action Yet Taken.
— The City Chamberlain writes us that up to Feb. 5 no date
had yet been set for the offering of the 875,000 liigh-school
bonds voted last September. See V . 85, p. 1227.
Graham Independent School District (P. O. Graham),
Young County, Tex.— Bonds Registered.— School-house bonds
to the amount of 818,000 were registered on Jan. 18 by the
State Comptroller. Bonds carry 5 % interest and mature
Dec. 1 1923, but are subject to call in live and ten years
after date.
Grand Forks County (P. O. Grand Forks), N . D .— Bonds
Not Yet Sold.— In reply to our inquiry as to whether any
action had been taken looking towards the re-offering
of the 815,500 7 % coupon Drain No. 4 construction bonds
which were offered but not disposed of on Dec. 10 1907
(V. 85, p. 1536), the County Auditor advises us that it is
not expected that they will again be placed on the market
as the cost of constructing the drain will be paid for from
time to time from the tax levy raised for that purpose.
Greensville County (P. O. Emporia), V a .— Bond Offering.
— A t 12 m . March 23 B. W . W ychc, County Treasurer, will
offer at public auction 87,000 6 % court-house-repair bonds.
Denomination 81,000. Date March 23 1908. Interest
Jan. 1 and July 1. Maturity 81,000 yearly on Jan. 1 from
1909 to 1915 inclusive.
Greenville, Greenville County, S. C.— Bond Sale.— On
Feb. 26 the 818,000 5% 20-year coupon refunding bonds
described in V. 86, p. 497, were awarded to Thackston & Son
at 102.916. The following is a list of the bids received:
T h a c k s t o n & S o n ---------------W e l l , R o t h & C o . , C ln . .
R o b in s o n H u m p h r e y C o
A t l a n t a ________
______
1 3 , 5 2 5 OOlThos. J. Bo lgc r & Co.. Ch i. $ 1 8 . 1 3 7 59
1 8 , 3 2 1 001 E. H. Hollins A S o n ., C h i . 18,059 40
| Dewitt, T r i m b l e A Co-JClil 1 8 , 0 5 1 00
IS 237 5 0 |
Grimstad, Roseau County, Minn.— Bond Offering.— Pro
posals will be received until 2 p. m., April 16, by Peter
Palmeson, Town Clerk (P. O. Garland), for a 86,000 road
building bond at not exceeding 6% interest. Authority,
Chapter 64, General Laws of 1905; also election held Jan. 25
1908. Date May 1 1908. Interest annually on July 1.
Maturity May 1 1928.
Guelph, Ont.— Debenture Sale.—On Feb. 26 833,000 5%
debentures were disposed of, it is stated, to Wood, Gundy &
Co. of Toronto.
Hamilton, Ohio.— Purchaser of Bonds.—We are informed
that the 815,168 87 4 yz% coupon Park Avenue improvement
assessment bonds, mention of which was made in V. 86, p.435,
were awarded on Feb. 7, and not on Jan. 22 as at first reported.
The purchaser was W. It. Todd & Co. of Cincinnati and the
price paid was 815,303 87, or 100.889. Maturity part yearly
on Dec. 1 from 1908 to 1917 inclusive.
Harrisburg School District (P. O. Harrisburg), Dauphin
County, Pa.— Bond Offering.—Proposals will be received
by D. D. Hammelbaugh, Secretary of the School Board, for
865,000 4% gold coupon school bonds. Denomination 8 1,
000. Date Jan. 1 1908. Interest semi-annually at the of
fice of the City Treasurer. Bonds will be certified to as to
their genuineness by the Columbia Trust Co. of New York
City. Bids must be made on a blank form furnished by the
city and must be accompanied by a certified check for 2%
of the bonds bid for, payable to the District Treasurer.
Bonds will be ready for delivery any time after March 15.
Purchaser to pay accrued interest. These securities are part
of the 869,000 bonds offered but not sold on Jan . 18 (V. 86,
p. 123). Of the total issue, 84,000 has been purchased by
N. W. Halsey & Co. of New York City at par and interest.
Hartwell, Hart County, Ga.— Bonds Not Sold.-— A. letter
received on March 2 from the City Secretary and Treasurer
stated that the 816,000 5% 10-25-year (serial) gold coupon
school-house bonds dated Ju ly l 1907 and described in V. 86,
p. 241, were not yet sold.
Hastings County, Ont.— Debenture Sale.—According to
the “ Toronto Globe,” this county recently disposed of $20,
000 5% bridge debentures to Aemilius Jarvis & Co. of To
ronto. Maturity part yearly for twenty years.
Hildreth, Franklin County, N eb.— Bonds Not Yet Sold.—
Under date of Feb. 21 the Village Clerk, A. L. Beck, informs
us that no sale has yet been made of the 810,000 6% 5-20-
[VOL. LX X I.
XV
TH E CHRONICLE
620
ycar (optional) coupon water-works-construction bonds de
scribed in V . 86, p. 182.
Huntsville, Madison County, A la .— Bond Sale.— An issue
of 818,000 5 % bonds has been awarded, it is stated, to Horace
E . Garth at par.
Irvington (P. O. Station Newark), N. J.— Bond Offering.—
Proposals will be received until March 17 by the Town Coun
cil for 858,000 4 ^ % school-building-addition bonds. De
nomination 81,000. Interest semi-annual. Maturity fifty
years.
Jefferson, Ashtabula County, Ohio.— Bond Sale.— Dis
patches report that 840,000 4 ) ^ % water-works bonds were
recently purchased by W eil, Roth & Co. of Cincinnati for
842,011— the price thus being 105.027. These bonds were
offered without success as 4s (V. 84, p. 1321) on May 27 1907.
Jennings, Calcasieu Parish, L a .— Bonds Not Yet Sold.—
W e are informed, under date of Jan. 22, that the city has
been unable to find a purchaser for the 840,000 5 % 30-40year (optional) school-building bonds mentioned in V . 85,
p. 616. Securities are dated July 1 1907.
Interest semi
annual.
Kamsack School District, Sask.— Debenture Offering.—
Proposals will be received until April 14 by E . C. Lawrence,
Secretary-Treasurer of the School Board, for 85,000 school
debentures. Maturity twenty years.
Kankakee, Kankakee County, 111.— Description of Bonds.
— W e are advised that the 812,000 5 % judgment bonds re
cently purchased by N . W . Halsey & Co. of Chicago (V. 86,
p. 497) “ at par and accrued interest and a premium” are in
the denomination of $1,000 and are dated Jan. 1 1908.
Interest annual. Maturity part yearly from 1909 to 1914
inclusive.
Kearny (P. O. Jersey City), Hudson County, N. J.— Bond
Sale.— John D . Everitt & Co. of New York City advise us
that they recently purchased the 823,000 5 % 20-year fire
house and site-purchase bonds, the 862,000 5 % 25-year
school-building and site-purchase bonds and the $150,000
5 % 6-10-year (serial) street and sewer improvement bonds
first offered (V. 85, p. 1163) on Oct. 30 1907.
Kettle River Township (P. O. W illow River), Pine County,
Minn.— Bids Rejected.— On Feb. 25 the Township Supervisors
rejected all bids received for the 87,500 refunding bonds
described in V . ‘ 86, p. 242.
Knoxville, Tenn.— Bond Offering.— Proposals will be re
ceived until 10 a. m . March 10 for the $60,000 6 % coupon
street-improvement (city’s portion) bonds mentioned in
V . 86, p. 560. Denomination $500. Date April 1 1908.
Interest semi-annually in Knoxville. Maturity $20,000 on
Oct. 1 in each of the years 1908, 1909 and 1910. W . O
White is City Comptroller.
Leadwood School District No. 63 (P. O. Leadwood), St.
Francois County, M o.— Bonds Withdrawn from the Market.—
W e are advised that, owing to the discovery of an error in
the proceedings, the $25,000 5 % registered school-building
bonds which this district has been offering for sale (V. 86,
p. 182) have been withdrawn from the market.
Lenoir, Caldwell County, N . 0 . — Bond Sale.— The $80,000
6 % 30-year water and sewerage bonds offered on Feb. 15
and described in V . 86, p. 435, were awarded to Emery,
Anderson & Co. of Cleveland at 104.40 and accrued interest.
Liberty, Amite County, M iss.— No Action Yet Taken.—
No steps have yet been taken looking towards the re-offering
of the $10,000 6 % bonds offered but not awarded on May 7
1907.
The Town Clerk states that he is unable to say when
any action will be taken in this matter.
Lim a, Allen County, Ohio.— Bond Sale.— The following
bonds were sold on Feb. 27 to the Securities Savings Bank &
Trust Cq . of Toledo at 103.077— a basis of about 4 .2 4 3 % :
$ 5 ,400 00 5 %^South Broadway paving refunding bonds.
Denomination
3,376 80 5 % North Cole Street paving refunding' bonds.
Denomination
$375 20.
4,382 10 5 % South Baxter Street paving refunding bonds.
Denomina
tion $486 90.
The bids received were as follows:
vSec. Sav. Bk & Tr.Co.,Tol $13,563 901 W ell. Roth & C o., C ln eln .$13,422 90
Otis & Hough, Cleveland . 1 3 , 5 5 5 90 |Old National Bank, Llmu_o3,.>03 39
The Lima Trust C o., Lima 13,458 90 |
a For $3,376 80 Cole Street bonds.
“ Irregular.”
W e are Informed that this bid was
Bonds arc dated Feb. 1 1908. Interest annually on March
1 at the office of the Sinking Fund Trustees. Maturity oneninth of each issue yearly on March 1 from 1909 to 1917 in
clusive .
.
London, Madison County, Ohio.— Bids Rejected.— All
bids received on Feb. 28 for the $2,241 42 5 % High Street
improvement assessment bonds described in V. 86, p. 497,
were rejected.
Louisville, Jefferson County, K y .— Bonds Awarded in
Part.— Up to and including Feb. 29 $84,000 more of the
81,000,000 4 % Louisville Water Co. gold coupon mortgage
bonds mentioned in V. 86, p. 124, had been sold at par and
interest. This makes a total of $687,000 bonds disposed of
up to date. Bonds are dated July 2 1906 and mature
July 2 1946.
Bond Sale.— During the months of January and February
the remainder of the 81,000,000 4 % 40-year gold coupon
sewerage-system-construction bonds which this city has
been selling from time to time since July 10 1907 (V. 86,
Mar. 7 1908
THE CHRONICLE
p. 1-24) were disposed of. W e are informed that $98,000
were disposed of in January and $200,000 in February.
Loveland School District No. 2 (P. O. Loveland), Larimer
Comity, Col.— Bonds Not Yet Sold.— W e are informed that
this district has not as yet disposed of the $5,000 5 % build
ing bonds mentioned in V . 84, p. 1659.
Lumber ton, Robeson County, N . C.— Bond Offering.—
Proposals will be received until 2 p . m . March 23 by E . J.
Britt, Mayor, for $25,000 6 % gold coupon funding bonds.
Denomination $500. Date July 1 1908. Interest semi
annually at place designated by purchaser. Maturity July 1
1938. Bonds are exempt from municipal taxation. Certi
fied check for $500, payable to E . J. Britt, Mayor, is re
quired.
Luzerne County (P. O. Wilkes-Barre), P a.— Bond Offer
ing.— Proposals will be received until 2 p. m . March 19 by
James M. Norris, County Comptroller, for $300,000 4 ) ^ %
coupon bonds. Denomination $1,000.
Date Dec. 1 1907.
Interest semi-annual. Maturity $15,000 yearly from 1912
to 1916 inclusive, $18,000 yearly from 1917 to 1920 inclusive,
$19,000 in 1921 and $19,000 in 1922 and $23,000 yearly from
1923 to 1927 inclusive. Bonds are tax free in Pennsylvania.
The legality of the bonds has been approved by John G.
Johnson, E sq ., of Philadelphia. Certified check for 2 % of
bid is required. Of the total issue, $200,000 will be delivered
on April 1 and the balance within thirty days, at option of
purchaser. James A . Dewey is Deputy County Comptroller.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Lynn, M ass.— Temporary Loan.— This city recently ne
gotiated a loan of $75,000, maturing in six months, with
Loring, Tolman & Tupper of Boston at 4 .5 4 % discount.
P Madisonville (P. O. Station M , Cincinnati), Hamilton
County, Ohio.— Bonds Proposed.— According to reports in
local papers, the Village Solicitor has been instructed to
draft an ordinance providing for the issuance of $10,000
electric-light-plant-improvement bonds.
Manchester, Hillsboro County, N . H .— 'Temporary Loan.—
This city recently borrowed $100,000 from Bond & Goodwin
at 4 .6 0 % interest, loan maturing Dec. 9 1908.
Marion County (P. O. Indianapolis), In d .— Bond Offering.
— Proposals will be received until 12 m ., April 11, by Albert
Sahm, County Auditor, for the following bonds, mention of
which was made in V . 86, p. 560:
5200,000
100,000
3 'A % refunding court-house
bonds.
Denomination
S l,0 0 0 .
Date .Jan. 1 1008.
Maturity Jan. 1 1028.
3 'A % bridge-construction
bonds.' Denominations
$r>00 and
51,000.
Date M ay 1 1008. Maturity May 1 1028.
621
awarded on Feb. 25 to the Provident Savings Bank & Trust
Co. was 103.79 and accrued interest. Following are the bids:
Prov. Sav. Bk. & Tr. C o .-8 2 118 6 0 I W . R . Todd & C o., Cln. - -5 2 ,1 1 4 29
Monroe N at. B k ., M onroe. 2.0S9 99[M cn -h . N at. B k ., M lddlet’n 2,066 29
Mineola, Nassau County, N . Y .— Bonds Legalized.— G ov
ernor Hughes on Feb. 27 signed the bill passed by the last
Legislature which legalizes the issue of $40,000 water bonds
awarded last August to O ’Connor & Kahler of New York
City. See V . 85, p. 484.
Minneapolis, Minn.— Bonds Authorized.— W e see it re
ported that the City Council recently passed ordinances pro
viding for the issuance of $2,000,000 bonds for a municipal
gas plant; $200,000 for trunk sewers; $50,000 for park im
provements; $250,000 for the permanent improvement re
volving fund, and $100,000 for permanent improvements.
Mississippi County (P. O. Charleston), Mo — Bond Offer
ing.— Among the advertisements elsewhere in this Depart
ment will be found the notice of the offering of $205,000 6 %
coupon drainage bonds to be issued April 1 1908. Details
of issue will be furnished by C. M. Davis, County Clerk.
Moundsville Independent School District (P. O. Moundsville), Marshall County, W . V a .— Bond Election.— The Board
of Education has decided to submit to a vote of the people
on March 14 the question of issuing $35,000 5 % coupon
bonds for the purpose of building an addition to the school
in the First W ard. Denomination $500. Date March 1
1908.
Interest annually at the Mount City Bank in Mounds
ville. Maturity “ on or before March 1 1928.
Mount Vernon, Westchester County, N . Y . — Bond Offer
ing.— Attention is called to the advertisements elsewhere in
this Department of the offering on March 17 of the $60,000
5 % tax relief bonds and the $35,000 5 % school-tax-relief
bonds to be sold on that day. Description of bonds and
terms of offering were given in last week’s issue.
Nashville, Davidson County, Tenn.— Bonds to Be Offered
in the Spring.— City Recorder H . S. Bauman advises us that
the $200,000 water-main-extension bonds authorized at the
election held Oct. 10 1907 (V . 85, p. 1041) will probably
be offered for sale some time in the spring.
Natchez, Adam s County, M iss.— Bond Offering.— Pro
posals will be received until March 18 by the Mayor and the
Board of Aldermen for $6,000 7 % street-paving (city’s por
tion) bonds. Denomination $500. Interest annual. Ma
turity three years from date of issue. George T . Eisele is
City Clerk.
Newfolden School District (P. O. Newfolden), Marshall
County, Minn.— Bond Sale.— W e are informed that the
State of Minnesota has taken at par the $4,000 4 % school
building bond mentioned in V . 86, p. 242. Date Feb. 10
1908. Interest annually in July. Maturity July 1927,
subject to call at any time.
Interest semi-annual. Certified check for 3 % of the bonds
bid for, made payable to the Board of County Commissioners,
and drawn on some reliable bank of Indianapolis, is required.
New Kensington School District (P. O. New Kensington),
Bid must be made on printed form furnished by the County
Auditor and be accompanied by an affidavit of non-collusion, Westmoreland County, Pa — Purchaser of Bonds.— W e are
advised that the purchaser of the $38,000 5 % 15-30-year
as provided by law. Purchaser to pay accrued interest.
(optional) school-building-improvement bonds mentioned in
Maxton, Robeson County, N . C.— Bond Offering.— Pro V . 86, p. 242, was N . W . Harris & C o., New York. The
posals will be received until 7:30 p. m . April 7 by R . M. W ill district is still in the market with the remaining $25,000
iams, Mayor, or McLean & Black, Attorneys for the Board bonds.
of Commissioners for the $50,000 5 L % water-worksand sewer
Newport, R . I . — Temporary Loan.— This city has borrowed
age bonds voted on Dec. 9 1907. Denomination $1,000.
Interest semi-annual. Maturity thirty years. Certified $30,000 from Bond & Goodwin of Boston at 4 .6 0 % discount.
check for $1,000, payable to It. M. Williams, Mayor, is re Loan matures Sept. 15 1908.
New Scotland, Albany County, N . Y .— Bond Sale.— On
quired. Date April 20 1908. Interest payable at the Bank
Feb. 29 the $18,000 5 % 5-10-year (serial) coupon highwayof Maxton.
Medford, Taylor County, W is .— Bond Sale.— On Feb. 25 improvement bonds described in V . 86, p. 561, were awarded
$30,000 4 y2% coupon water-works-improvement and ex to J. H . Loucks at 101.105— a basis of about 4 .8 4 3 % .
Newton Falls, Trumbull County, Ohio.— Bonds Voted.—
tension bonds described in V . 86, p. 301, were awarded to
Thomas J. Bolger & Co., Chicago, at par, less $870 for attor It is stated that the election held Feb. 24 to determine
neys’ fees and blank bonds. A bid was also received from whether or not this village should issue the $20,000 waterthe Harris Trust & Savings Bank of Chicago for par, less works-system bonds mentioned in V . 86, p. 498, carried by
$875 for attorneys’ fees and blank bonds. Maturity $2,000 a vote of 191 to 3.
yearly on March 1 from 1909 to 1923 inclusive.
New York City.— Bond Sales in February.— In addition to
Memphis, Shelby County, Tenn.— Bond Sale Not Con the $50,000,000 4 j/£% corporate stock and bonds sold on
summated.— In local papers it is reported that the sale of Feb. 17 (V. 86, p. 498) $667,000 3 % corporate stock due in
the $551,000 4 ) ^ % 30-year coupon Flippcn compromise 1957 was purchased in February by the sinking fund.
refunding bonds, which were awarded on May 29 1907 to the
The following revenue bonds (temporary securities) were
Manhattan Savings Bank & Trust Co. of Memphis and also issued:
Interest. Maturity.
Amount.
MacDonald, McCoy & Co. of Chicago (V. 84, p. 1322), was
Revenue bonds, current expenses.......... .......
2
______________
52,500,000
never consummated. It is also stated that those bonds Revenue bonds, special-------------------- ------- -- 4
Jan. 15 1909
28,000
Revenue bonds, special...................... ..............
4
JOnor af t er l
150,000
will shortly be re-offered for sale.
\Jan. 2 1909J
400,000
Mercer Special School District (P. O. Mercer), Mercer Revenue bonds, special_________ __________ 4 5-g ______________
County, Ohio.— Bond Sale.— On March 3 the $7,000 5 %
T o t a l ....................................................................................................................53,078,000
school-building bonds described in V. 86, p. 497, were
North Bend School District No. 13, Coos County, Ore.—
awarded to the New First National Bank of Columbus at Bond Offering.— Proposals will be received until 8 p . m . April
105.457 and accrued interest. Following is a list of the bids
1 by C. E . Maybee, District Clerk, for $40,000 5 % gold
received.
school-building bonds. Authority, election held Jan. 25
The New 1st N at. Ilk ., C ol-57.382 00 (The Scc.Sav.Bk.&Tr.Co.,Tol 57.072 00
1908. Interest April 15 and Oct. 15. Maturity April 15
Jno. M. Schlosser. C elln a-. 7.290 40 Citizens’ B ankln gC o.,C ellna7,005 00
\V. J. Hayes & Sons, Clove. 7,202 00 The 1st N at. Ilk ., C elln a-- 7,0 0 3 00
1928, subject to call after April 15 1918. Certified check
Hayden, Miller & C o., Clove 7,157 00 (Commercial Rank............ ..
7 ,0 0 1 0 0
for $2,000, payable to “ School District No. 13, Coos County,
Maturity $400 yearly on Aug. 20 from 1910 to 1914 inclus O re.,” is required. Purchaser to furnish blank bonds.
ive, $500 yearly on Aug. 20 from 1915 to 1918 inclusive and Bonded debt, including this issue, is $50,000. Assessed
$600 yearly on Aug. 20 from 1919 to 1923 inclusive.
valuation for 1907, $1,282,126. Actual value (estimated),
Middleton, Butler County, Ohio.— Price Paid for Bonds.— $2,500,000.
Norwich, Chenango County, N . Y .— Loan Authorized.—
We are advised that the price paid for the $2,041 29 5 %
1-10-ycar
(serial) sewer-construction assessment bonds Reports state that at an election held March 2 this village
THE CHRONICLE
622
Portland School District No. 1 (P. O. Portland), Ore.—
Bond Election.— The Board of Education has ordered an
election to be held April 7 to vote on a proposition to issue
$250,000 high-school-building bonds.
Pueblo, Pueblo County, Col.— Bonds Not Yet Sold.— The
City Auditor writes us, under date of J an .-25 that he has
not yet awarded the five issues, of bonds, aggregating $19,000,
mentioned in V . 85, p. 962.
Richmond, Henrico County, V a .— Bonds Not Yet Sold.—
Edward J. Warren, City Auditor, is still offering, at par and
accrued interest, the unsold portion of the issue of $500,000
4 % registered bonds mentioned in V . 86, p. 243. Securities
are in denominations of multiples of $100. Maturity Jan. 1
1941.
Rochester, Strafford County, N. H .— Bonds Authorized.—
Reports state that the City Council has voted to issue $65,000
4 % city-hall bonds. Denomination $100.
Date Jan. 1
l908.
Interest semi-annual. Maturity part yearly on
Jan. 1 from 1912 to 1927 inclusive.
Rockport (P. O. W est Park), Cuyahoga County, Ohio.— Bond Sale.— On March 2 the $13,000 4 % 30-year watermain-extension bonds dated Oct. 15 1907 and described in
V. 86, p. 302, were sold, according to Ohio papers, to
Seasongood & Mayer of Cincinnati for $13,025— the price
thus being 100.192— a basis of about 3 .9 9 % .
Rome, Floyd County, G a.— Bonds Awarded in Part.— Of
the three issues of coupon (with privilege of registration)
bonds, aggregating $150,000, the following were disposed of
at private sale at par and accrued interest:
was authorized to borrow $20,000 for repairing the municipal
building, by a vote of 279 to 102.
Okmulgee, Okla.— Bond Sale.— We are advised by George
E . Thayer, Recorder, that the $60,000 water-works and the
$7,000 sewer-system 5 % construction bonds described in
V . 86, p. 437, were sold at par to the First National Bank of
Okmulgee. Maturity Oct. 24 1927.
Osceola County Drainage District No. 6 (P. O. Sibley,)
Iow a.— Bond Sale.— On Feb. 17 the $6,353 6 % coupon bonds
described in V . 86, p. 437, were awarded to U . M. Stoddard
Co. of Minneapolis for $6,375— the price thus being 100.344.
Date April 1 1908. Interest semi-annually at the County
Treasurer’s office. Maturity $635 30 yearly on April 1
from 1909 to 1918 inclusive.
Pasadena, Los Angeles County, Cal.— Bond Election.—
This city, it is stated, will vote March 13 on the question of
issuing $150,000 bonds to improve the city schools.
Vote.— We are informed that the election held Feb. 20
to vote upon the question of putting out the two issues of
improvement bonds mentioned in V . 86, p. 561, resulted
in the following vote:
$50,000 4'A % electric-light bonds authorized by a vote o f 1,318 ,, for”
to 454 ‘ •against.”
50,000 4 % sewer- construction bonds authorized by a vote of 1,358
" f o r " to 390 "a g a in s t."
Pelham, Westchester County, N . Y . — Bond Offering.—
Proposals were asked for until 8 p. m ., yesterday (March 6)
by the Board of Village Trustees, for the $8,000 registered
street-improvement bonds at not exceeding 5 % interest,
offered without success on Dec. 18 1907. See V . 86, p. 243.
Denomination $500. Date March 1 1908. Interest semi
annually at the Village Treasurer’s office or in New York
exchange, at option of purchaser. Maturity $500 yearly on
March 1 from 1913 to 1928 inclusive. Total debt, not in
cluding this issue, $8,000. Assessed valuation for 1907,
$1,277,299. 11. B. Nutting is Village Clerk. The result of
this offering was not known to us at the hour of going to press.
Portland, Jay County, In d .— Bond Sale.— The three issues
of 6 % improvement assessment bonds aggregating $5,731
offered without succession j Feb. 3 (V. 86, p. 501) were re
cently disposed of.
N
P
r o
p
o
s a
E
l s
W
$50,000 5 % l-10-year (serial) bonds anil
$29,000 of the $50,000 4 y , % 10-20-year 'serial) bonds.
B.
I. Hughes, Cashier of the First National Bank, who is
offering the bonds, acting as agent for the city, advises us
that the balance of the 4>£s ($21,000) is now under option at
the same figure. The $50,000 4 % 20-30-year (serial) bonds
are still unsold. The date of the bonds has been changed
from Sept. 1 1907 to May 1 1908. Interest payable in Janu
ary and July. For other details of bonds sec V . 86, p. 184.
Bond, Election Proposed.— It is stated that the General
Council is considering the question of calling an election to
vote on the issuance of $50,000 city-hall bonds.
L O A N S .
fo x *
^
3
, 0
N
0
0
, 0
0
C ITY
STOCK
■
■ ■
Baltimore, M d ., February 24. 1008.
Proposals will be received at the Mayor’s office, City Hall, Baltimore until 12 o ’clock noon, on
M O N D A Y , M A R C H 16, 1908, for the purchase ,in whole or in part, of $ 1 ,000,000 of the registered
stock of the City of Baltimore, redeemable on the 1st day of June in the year 1954, and bearing Interest,
at the rate of four per centum per annum, payable semi-annually on the first days of June and D e
cember In each and every year; the stock to be deliverable on the 1st day of April. 1908, and the Interest
thereon to commence from the 1st day of December, 1907.
This stock Is Issued In pursuance of anAct of the General Assembly of Maryland passed at Its Janu
ary session In the year 1904, Chapter 274, and by virtue of the Ordinance N o . 2 16 of the Mayor and City
Council of Baltimore approved March 6 ,1 9 0 5 , which provided for the Issuance of the stock of the Mayor
and City Council of Baltimore to an amount not cxeeedlngTwo Million Dollars to supply means of de
fraying the expenses and costs of carrying Into execution the plan of Improvement adopted or to be
adopted under the terms of an Act of the General Assem bly of Maryland passed at Its January session
In the year 1904. Chapter 274, creating a commission to be known as the “ Annex Improvement Com
m ission,” and authorized and empowered the Commissioners for Opening Streets to perform the duties
and functions provided for the Annex Improvement Commission In said Chapter 274 of the Acts of
the General Assem bly of Maryland of the year 1904, and prescribed the manner In which the Com
missioners for Opening Streets shall perform the duties and functions so com m itted to them , and re
pealed Ordinance N o. 169, approved December 5 , 1904, and was ratified by the legal voters of the
City of Baltimore at the municipal election held on May 2, 1905.
Also, at the same time and place, proposals will be received for the purchase, in whole or in part,
of $1,000,000 of the registered stock of the City of Baltimore, redeemable on the 1st day of May in
the year 1955, and bearing Interest at the rate of four per centum per annum, payable semi annually
on the ilrst days of May and Novem ber In each and every year; the stock to be deliverable on the 1st
day of April, 1908, and the Interest thereon to commence from the 1st day of Novem ber, 1907.
This stock Is Issued In pursuance of an 'Act of the General Assembly of Maryland passed at Its
January session In the year 1904, Chapter 338, and by virtue of the Ordinance N o. 228 of the Mayor
and City Council of Baltimore, approved March 20, 1905. which provided for the Issuance of the stock
of the Mayor and City Council of Baltimore to an amount not exceeding One Million Dollars for the
extension of the present park system of the City of Baltimore,and for the development and Improvement
for park purposes of the lands over which It shall be so extended, In such manner as the -Mayor and
City Council shall by ordinance prescribe,and was ratified by the legal voters of the City of Baltimore
at the municipal election held on M ay 2. 1905.
The city does not tax A N Y of its Issues of stock and takes the place of the holder of these two
ssues In the payment of the annual State t.ax thereon for which the holder Is legally liable.
All bids m ust.be made at a "price ?md^accrued Interest” andr no bid for "a ll or none will be recelved
*
A deposit with the City Register of a certlfled check for 2 per cent of the amount of stock awarded,
drawn to the order of the Commissioner of Finances, m ust be made within 24 hours from the time of
the award, the same to be held until the certificates of stock are ready for delivery.
Proposals must besealed and addressed to the “ Presldentof the Board of Commissioners or finance.
City Hall, Baltimore, M d .,” and marked "Proposal for Baltimore City Stock.”
The right Is reserved to reject any or all bids.
..
JO H N M. L IT T IG ,
President of the Board of Commissioners of Finance for Baltimore City.
ISA AC L . N E W M A N , Clerk.
Cuban Securities
A lb e r t K l e y b o lt e & C o . ,
A SP E C IA L T Y
409
FRANCKE, THOMPSON & ROBB
Municipal,
County, State,
E x c h a n g e Place
Telephone 6444 Hanover
and
BRANCH OFFICE
B r is to l
B u ild in g ,
5 th
A ve. and
Telephone 1558 Bryant
4«< l
Street,
C IN O IiraA T I, « .
M em bers N. Y . S tock B x oh a n g o
43
W a ln u t
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H ig h -G ra d e
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[V O L . L X X X V I .
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Correspondence Solicited
S ervlet
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L O A N S .
5
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0
Wilmington, Delaware,
4
% BONDS.
.Sealed bids will be received by the Finance
Committee of the Council and the Commissioners
of the Sinking Fund of the City of Wilm ington
until 12:00 O ’CLO CK N O O N ON M ARCH
T W E N T I E T H , 1908, for the purchase of all or
any part of Thirty-live Thousand Dollars Bonds,
Issued as follows:
Twenty Thousand Dollars under the provisions
of Section 14 of Chapter 177, Volum e 24. Laws of
Delaware, and an Ordinance entitled “ An Ordi
nance to borrow Twenty Thousand Dollars
Fifteen Thousand Dollars of which shall be used
for the purpose of purchasing land for park pur
poses, and Five Thousand Dollars of which shall
be used for the erection of a bath-house In or near
Kirkwood P ark,” passed by Council January
30th. 1908;
,
. ,
Ten Thousand Dollars under the provisions ol
Chapter 171, Volume 22, Laws of Delaware, and
an Ordinance entitled "A n Ordinance to authorize
the Mayor and Council of W ilm ington to borrow
Ten Thousand Dollars to he applied and expended
under the charge of the Board of Park Commis
sioners of the said City for the purpose of Improv
ing the public parks,” passed by Council July
25th, 1907;
, ,
Five Thousand Dollars under the provisions of
Chapter 103, Volume 23, Laws of Delaware, and
an Ordinance entitled "A n Ordinance to authorize
the Mayor and Council of Wilmington to borrow
Five Thousand Dollars to he applied and ex
pended under the charge of the Board of Park
Commissioners of the said City for the purpose
of Improving tile public parks,” passed by Council'
July 25th, 1907.
, .
, „
, .
,,
All of the said bonds will hear date of April 1st.
1908; will bear Interest at the rate of four pei
centum per annum, payable semi-annually on
April 1 and October 1 of each year, fall due on the
Ilrst day of October, 1930, and are In denomina
tions of Fifty Dollars or multiples thereof.
All bids must be In sealed envelopes and en
dorsed: ‘ ‘ Bids for the purchase of Wilmington
City B onds.” and delivered to the undersigned
In the City Treasurer’s office at W ilm ington, on
or before 12:00 o ’clock noon « i March twentieth
1908.
, t
The right Is reserved to reject any and all bids.
Each bid must be accompanied by a certified
check, payable to City Treasurer of Wilmington
on a Bank or Trust Company of Wilmington for
3 % of the amount of the par value of the bonds
hid for, which amount will be accepted as a part
of the purchase price If the bidder Is successful,
or will be returned If not.
The successful bidder must pay for the bonds
on April first, 1908, at 12:00 o ’clock noon In the
City Treasurer’s office at W ilm ington, Delaware,
at which tim e'said bonds will he ready for d e
livery.
W M . B . W H IT E ,
Chairman. Finance Committee.
A L F R E D B. M O O R E ,
W M . T. LYNAM ,
• ■
F R A N K D. M A C K E Y .
■
Commissioners of the Sinking Fund.
Mar. 7 1908. i
TH E CHRONICLE
Roselle Park School District (P. O. Elizabeth), Union
County, N . J.— Bond Offering.— Proposals will be received
until 8 p. m . March 16 by J. Wallace Higgins, Clerk of School
District, for $68,000 4 3 ^ % coupon school bonds. Denomi
nation $1,000. Date Jan. 1 1908. Interest semi-annually
at the First National Bank in Roselle. Maturity on Jan. 1
as follows: $18,000 in 1&28, $25,000 in 1933 and $25,000 in
1938. Bids to be made on blank forms furnished by the
city and accompanied by certified check for 2 % of the amount
of bonds bid for, payable to J. W . Higgins, District Clerk.
Bonds will be certified to as to their genuineness by the United
States Mortgage & Trust Co. of New York City. The pro
ceedings relative to the issue have been approved by Hon.
Robert H . McCarter, Attorney-General of the State of New
Jersey. Bonds to be delivered on April 1 1908. Purchaser
to pay accrued interest.
j q
The official notice of this bond offering m il be'found among
the advertisements elsewhere in this Department.
Roseville, Placer County, Cal.— Bonds Defeated.— The
citizens of this place on Feb. 15 defeated a proposition to
issue bonds.
St. Joseph, Buchanan County, M o .— Bond Election.— An
election will be held April 7 to vote on the question of'issu
ing $345,000 4 % sewer bonds, to mature in twenty years
' Salem,1
!?'Essex C o u n ty ,p ia ss.— Bond.fSale.— This city Ton,
Feb. 14 awarded the following-described bonds to the Salem
Five Cents Savings Bank at 100.45:
$10,000 4 % Forest River Park bonds.
Date July 1 1907. Interest sem le aaa a or anhual. M aturity $1,000 yearly from 1908 to 1926 Inclusive.
6 000 4 ?„ water bonds.
Date O ct. 1 1007.
Interest semi-annual.
Maturity $1,000 yearly from 1914 to 1919 Inclusive.
Denomination $1,000.
Salem, Harrison County, W . V a .— Bonds Not Yet Sold.—
W e are advised under date of Jan. 23 that no award has yet
been made of the $31,500 5 % 34-year water-works, paving
and sewer bonds mentioned in V . 85, p. 179. These securi
ties were offered on March 14 and again on April 11 1907.
Schenectady, Schenectady County, N . Y .— Bond Offering.
— Proposals will be received until 1 1 a . m . , April 11, by O. S.
Luffman, City Comptroller, for $180,000 4 > £ % registered
sewer bonds. Authority, Sections 60-61, Chapter 473,
Laws 1906. Denomination $1,000. Date April 1 1908.’
Interest semi-annually at the City Treasurer’s office. Ma
turity $9,000 yearly on April 1 from 1909 to 1928 inclusive.
Certified check for 2 % , payable to the. City Comptroller,Us
required. ( ■'} -.f J % - £ &
J
Roxboro, Person County, N . 0 . — Bonds Not Yet Sold.-— Up
to Jan. 23 the 20,000 5 % 30-year graded-school-building
bonds which this town failed to sell on Aug. 26 1907 (V . 85,
p. 680), had not been disposed of.
Rye, Westchester County, N . Y .— Bond Sale.— The four
issues of registered bonds aggregating $480,000, described
in last week’s issue, were awarded on March 4 to W in . A .
Read & Co. of New York City at 104.31 for 5s.
^Seward,7Seward County/^Neb.— Bond Election Date.— W e
are informed that the election to vote upon the question of
issuing the $10,000 city-hall and fire-engine house construc
tion bonds, mentioned in V . 86, p. 501, will be held April 7.
Shelby, Cleveland County, N . C.— Bonds Not Yet Sold.—
Under date of Jan. 24 Ryburn & H oey, Attorneys and Coun
sellors at Law of Shelby, acting as agents for this town,
advise us that no sale has yet been made of the $100,000 5 % ,
coupon water-works and sewerage bonds, which failed 2to
sell on Sept. 2 1907. See V . 85, p. 1043. They add, how
ever, that proposals for these bonds will be received at any
time. Interest is payable semi-annually, a j j $3y3
The following bids were received for 5% bonds:
$300,000
$40,000
$125,000
$15,000
sewer
fire-house street-irnpr.
dock
.
bonds.
bonds.
bonds.
bonds.
W m . A . Head & C o ., N . Y _(fo r all Issu es).. 1 0 4.31 _________
Kountze Bros., New Y o rk .(fo r all Issues). .1 0 0 .2 5 ________
A . B. Leach & C o., N . Y ._ ( f o r all ls s u e s )-.1 0 0 .0 1 7 .
N . VV. Harris & C o.. N . Y _(for all Issues)..1 0 1 .3 1 4 ___________ 111111.7171
Adam s & C o., B oston--------..
..
_
ioo DIO
Geo. M . Hahn, New Y o r k ..
100.023
- .1 0 0 ,0 2 3 . .1 0 0 .0 2 3 . ^ * 1 0 0 .2 7
N
E W
« 1
L O A N S .
3
5
, 0
0
N
0
E
W
#
0
ii£ Sherbrooke,|Que.— Debenture Offering.— Proposalsyvill be
|
received until 12 m . March 20 by F . J. Griffith, SecretaryL O A N S .
0
, 0
0
N
SCHOOL T A X
Westchester County, N. Y.
RELIEF BONDS.
The Common Council of the City of Mount
Vernon. N . Y . , will at Its Chambers In the Lucas
Building, Depot Place. In said City of Mount
Verno
. N Y ., on the 17TH D A Y OF M ARCH
1908, at 8 o clock p. m ., receive sealed proposals
t o f t h o Purchase of thirty-live (35) School Tax
Relief Bonds of said city,num bered consecutively
as Issued from 430 to 464, both Inclusive, and
that the said thirty-five (35) bonds will be sold
to the highest bidder at a public sale to be held
at said time and place.
These are a series of bonds which are authorized
to be Issued under and pursuant to Section 229
of Chapter 182 of the Laws of 1892 as amended In
1895. Each bond will be for the principal sum
of One Thousand ($1,000) Dollars and will bear
Interest at the rate of 5 per centum per annum,
payable semi-annually at the office of the City
Treasurer of the City of Mount Vernon. They
will be dated March 1, 1908, and will be payable
on the 1st day of March, 1911. The bonds will
lie delivered to the purchaser on or before the
24th day of March, 1908. Each bid for the said
bonds must be accompanied by a certified check
for One Thousand ($1,000) Dollars, as security
for the performance of the bid If accepted.
That said Common Council will at said time
open such proposals as m ay be received and accept
the highest thereof If It deem It for the best In
terests o f the City so to do, but reserves the right
to reject any or all bids or proposals should It
deem It advisable.
Bonds will be engraved under the supervision
of and certified as to their genuineness by the
United States Mortgage & Trust Com pany, and
their legality approved by J. H . Caldwell, E sq .,
of New York City, whose opinion as to legality
will be furnished to the purchaser.
B y statute the bonds cannot be sold for less
than par and accrued Interest.
By order of the Common Council of the City of
Mount Vernon, N . Y .
Dated Mount Vernon, N . Y . , Feb. 20th, 1908.
A. W . R EY N O L D S.
B E N JA M IN H O W E ,
City Clerk.
Mayor.
Blodget, Merritt & Co.
S tste
S treet,
The bonds will be delivered to the purchaser
on or before the 24th day of Match, 1908
Each bid for said bonds must be accompanied
by a certified cheek for One Thousand (Si 000 )
D ollars,payable to the City of Mount Vernon
as security for the performance of bid If accepted ’
The said Common Council will at said time and
place open such proposals as m ay be received and
accept the highest thereof If It deem It for the
best Interests of the city so to do, but It reserves
the right to reject any or all proposals should It
deem It advisable.
Bonds will be engraved under the supervision
of and certified as to their genuineness by the
United states Mortgage & Trust Company, and
their legality approved by J. H . Caldwell. Esq.,
of New York C ity, whose opinion as to legality
will be furnished to the purchaser.
By statute the bonds cannot be sold for less
than par and accrued Interest.
B y order of the Common Council of the Cite of
Mount Vernon, N . Y .
Dated Mount Vernon, N . Y . , Feb. 20th, 190,8
A. W . REYNO LD S,
B E N JA M IN H O W E ,
• • •
City Clerk.
Mayor. •
$205,000 6 %
N ASSAU
STR E E T, NEW
Y O R K
S TA TE . C ITY ft RAILR OAD B ‘ ND
I N V E S T M
E N T
B O
N
D
COUPON “ SE R IA L ”
D R AIN AGE DISTRICT
T
;i«
S
A
X
- B
O
N
D
S
M ISSISSIPPI COUNTY.
MISSOURI
Over 55,000 acres and 3 tow ns In district
V A L I D I T Y U N Q U E S T IO N A B L E
For detailed Information address
0 . M . D A V IS , County Clerk,
CH ARLESTON, M ISSO URI.
Lists u p o n reqncst,
Denison & Farnsworth
CLEVELAND
BOSTON
and P H IL A D E L P H IA
K n i c k e r b o c k e r
A u d i t
C o .
4H ' W i l l i a m S t r e e t .
CHA8 GRISWOLD BOURNE, President
T n lo o h o n o C on nentlon s
6
L O A N S .
8
S c h o o l
o f
, 0
0
0
D is t r ic t
R o s e l l e
P a r k ,
Union County, N. J.,
R ELIEF BONDS.
The Common Council of the City of Mount
Vernon, N . Y . , will at the Common Council
Chambers In the Lucas Building, Depot Place
In said city, on the 17TH D A Y O F M A R C H , 1908,
at 8 o ’clock p. m ., receive sealed proposals for the
purchase of sixty (60) T a x Relief Bonds of said
city, numbered consecutively as Issued from
1 ,1 2 6 to 1,185, both Inclusive, and that the said
sixty (60) bonds will be sold to the highest bidder
at a public sale to be held at said time and place
at not less than the par value thereof with accrued
Interest.
These are a series of bonds which are authorized
to be Issued under and pursuant to Section 142
of Chapter 182 of the Laws of 1892.
Each bond
will be for the principal sum of One Thousand
($1,000) Dollars and will bear Interest at the rate
of 5 per centum per annum , payable semi-annually
at the office of the City Treasurer In the Cltv of
Mount Vernon, N . Y
They will be dated March
1^ 1 9 0 8 , and payable on the first day of March
B oston
W
B o r o u g h
TO BE ISSUED A P R IL 1ST. 1903
BANKERS,
6 0
TAX
E
«
0
City of Mount Vernon, City of Mount Vernon,
Westchester County, N. Y.
623
4 y2 %
SCHOOL BONDS
Sealed proposals will be received b y the Board
of Education of the Borough of Roselle Park,
N . J ., until eight P. M .. Monday, March 16, 1908,
at the Borough Hall, for the purchase of all or any
part of $68,000 00 Coupon School Bonds of the
Borough of Roselle Park. Said bonds to be dated
January 1, 1908, and to mature as follows:
$18,000 00 January 1, 1928, $25,000 00 January 1
1933, and $25,000 00 January 1 1938.
Denomination $1,000.
Bonds to bear Interest at the rate of 4 M % per
annum, payable semi-annually on January 1
and July 1.
Both principal and Interest payable at the First
National Bank, Roselle, N . J.
The bonds will be engraved under the super
vision of and certified as to their genulness by the
United States .Mortgage & Trust Company and
the proceedings relative to the Issue have been
approved by the H on. Robert H . McCarter,
Attorney-General of the State of New Jersey.
A copy of the proceedings and of such approval
will be filed for Inspection with the United States
Mortgage & Trust Company.
The bonds will be delivered to the purchaser
at the office of the United States Mortgage &
Trust Company, No. 55 Cedar Street, New York
City, on April 1. 1008. at 11 o’clock A . M.
Each proposal must be enclosed In a sealed
envelope addressed to J. Wallace Higgins, Dis
trict Clerk, Roselle Park, N . J ., and must be
accompanied by a certified check payable to the
District Clerk for 2 % of the bonds bid for.
All bids shall be considered to carry accrued
Interest from date of Issue of bonds to date of
delivery of same.
The right Is reserved to reject any or all bids.
For additional blank proposal circulars, address
the District Clerk or tho United States Mortgage
& Trust Company, No. 55 Cedar Street, N Y
J. W A L L A C E H IG G IN S . District Clerk,
Roselle Park. N . J.
*
5
5
, 0
0
0
City of Stamford, Connecticut,
PUBLIC PARK B O ND S .
Sealed proposals for the sale of $55,000 City of
Stamford, Connecticut, Public Park Bonds will
be received by the City Treasurer at the Stamford
rm m n al Bank until 1 2 o ’clock, noon, M A R C H 2 0 ,
Said bonds bear Interest at the rate of 4 % per
annum , payable semi-annually, and mature thirty
years from April 1, 1908. Principal and Interest
payable in New York.
No bid will be accepted for less than par and
accrued interest.
All proposals must be accompanied by a certi
fied check for bank draft or 2 % of the par value
of the bonds bid for.
For further particulars address
W M . N . T R A V I S . City Treasurer.
Stam ford, Conn.
TH E CHRONICLE
6M
Treasurer, for $170,000 5 % debentures. Interest payable
April 2 and O ct. 2 . Maturity part each six months.
Sheridan School District No. 7 (P. O. Sheridan), W y o .—
Bonds Proposed.— This district has applied to the State of
Wyoming for a loan of $18,000, carrying 5 % interest, with
which to build a school.
Skaneateles School District (P. O. Skaneateles), Onon
daga County, N . Y . — Bonds Defeated.— At an election held
Feb. 22 a proposition to issue $20,000 school-buildingaddition construction bonds was defeated by a vote of 62
“ for” to 96 “ against.”
Statesville, Iredell County, N. C.— Bond Offering.— Pro
posals were asked for until 12 m . yesterday (March 6) for
$25,000 5 % coupon funding bonds. Interest semi-annually
at the office of the City Treasurer. Maturity thirty years.
Official advertisement states that there is no litigation
threatened or pending affecting this issue of bonds, and that
the city has never defaulted in the payment of principal or
interest on its bonds. The result of this offering was not
known to us at the hour of going to press.
Stevens Point, Portage County, W is .— Bonds Not Yet
Sold.— No award has been made of the $10,000 4 % bonds
mention of which was made in V . 85, p. 1477.
Summerberry School District No. 33 (P. O. Summerberry), Sask.— Debenture Offering.— Proposals will be re
ceived until April 1 by James Alex. M’Cowan, SecretaryTreasurer, for $10,000 6 % school debentures. Interest
annual. Maturity twenty years.
Taylor, Williamson County, Texas.— Bond Election.— At
an election to be held April 14 the voters will decide whether
or not this city shall issue $25,000 5 % 20-40-year (optional)
street-improvement bonds.
Toledo, Ohio.— Bond Offering.— Proposals will be received
until 7:30 p. m . April 1 by Amos M’Donnall, City Auditor,
for the following bonds:
5230,000
140,000
30.000
4 % coupon water-works-improvement bonds dated Feb. 1 1008.
Maturity $50,000 on Feb. 1 In each of the years 1010,1917
1918 and 1919 and $30,000 on Feb. 1 1920.
4 % coupon street-improvement and sewer-construction (city’s
portion) bonds dated Feb. 1 1908. M aturity Feb. 1 1918.
4 % coupon ftre-englnc-house-constructlon bonds dated March t
190s.
M aturity March 1 1928.
N
E
W
[V O L . L X X X V 1.
Authority resolutions passed by City Council Jan. 27.
The above bonds are in denomination of $1,000 each. In
terest semi-annually at the United States Mortgage & Trust
Co. of New York City. Certified check on a national bank
of Toledo for 5 % of the amount of bonds bid for, payable to
the City Auditor, is required. Purchaser to pay accrued
interest.
Troy, Rensselaer County, N . Y . — Certificate Sale.— On
Feb. 29 the $150,000 5% certificatesof indebtedness described
in V . 86, p. 563, were awarded to the Troy Savings Bank
at par. Maturity Oct. 29 1908.
Truckee Sanitary District (P. O. Truckee), Nevada County,
Cal.— Bonds Not Yet Sold.— Tinder date of Jan. 24 we are
advised that this district has not yet succeeded in selling
the $16,000 5 % 1-20-vear (serial) gold coupon sewer-con
struction bonds which were offered without success on Sept. 7
1907, as stated in V . 85, p. 1231.
Trumbull County Road District No. 1 (P. O. Warren)
Ohio.— Bond Offering.— Proposals will be received until
l p . m . March 27 by Jennie B. Griffith, Clerk of the Board
of Road Commissioners, for $10,000 5 % coupon roadimprovement bonds. Authority Sections 4757-1 to 4757-21
inclusive of the Revised Statutes. Denomination $1,000.
Date March 1 1908. Interest semi-annually at the County
Treasurer’s office. Maturity March 1 1923. Certified check
for $500 is required.
Tuckahoe, Westchester County, N . Y . — Bond Sale.— On
March 4 $6,000 sewer-extension and $3,000 Breckenridge
Street improvement registered bonds were awarded, we are
advised, to Rudolph Kleybolte & Co. of New York City as
4.95s. Denomination $500.
Date April 1 1908. Interest
semi-annually at the First National Bank of Mount Vernon.
These bonds were previously offered (V. 85, p. 1166) on
Oct. 30 1907.
Union (P. O. Weehawken), N . J.— Bond Sale.— The
$15,000 5 % coupon bonds for the re-improvement of the
Bulls Ferry Road, offered on March 2 and described in V.
86, p. 501, were purchased by W m . Rannenberg, Mayor,
a t'p a r . Accrued interest, if any, to be paid by purchaser.
Maturity $3 ,000 yearly on May 15from l913tol917in clu sive
N
L O A N S .
8
STATE
O F NEW YORK
E
W
3
0
L O A N S .
0
, 0
0
0
County of Luzerne, Pa.,
4 y2% BONDS
%
4
Highway Improvement Gold Bonds
EXEMPT
Dated
March
I,
1908
FROM
-
TAX ATIO N
*
-
a m o u n t in g
$
5
,0
Due
March
I,
1958
to
0 0 , 0 0 0
I s s u e d in C o u p o n
or R e g i s t e r e d Form
Will Be Sold Wednesday, March llth, 1908
At
S t a t e
2
O ’C l o c k P . M . , a t t h e
C o m p t r o l l e r ’ s
These
L e g a l
O f f i c e ,
Bonds
I n v e s t m e n t s
f o r
A l b a n y ,
N .
Y .
Are
T r u s t
N O T IC E Is hereby given that sealed proposals
will be received at the office of the County Comp
troller, In the court house, Wilkes-Barre, P a .,
until 2 o’ clock In the afternoon of Thursday,
March 19th, 1908, for the purchase of three hun
dred (300) coupon bonds, dated Dec. 1st, 1907,
of the par value of one thousand dollars ($1,000)
each of the County of Luzerne, Penna., bearing
Interest at the rate of four and one-half (4 H ) per
cent per annum, payable semi-annually, free from
taxes In Pennsylvania.
Bids must be directed
to James M. Norris, County Comptroller, W ilkesBarre, P a ., and shall be plainly marked "B id s
for bonds.”
Of the bonds to be sold, Ilf teen (15)
will mature In each year from 1912 to 1916,
Inclusive, 18 each year from 1917 to 1920, In
clusive, 19 In each of the years 1921 and 1 0 2 2 .
23 each year from 1923 to 1927, Inclusive. Two
hundred of said bonds will be delivered April 1st,
1908, and the remaining one hundred bonds at
any time within 30 days at the option of the pur
chaser. The legality of the bonds will be passed
upon by John G. Johnson, E sq ., of Philadelphia,
Pa.
Bids must be accompanied by certified check
In 2 per cent of the amount of the bid. Present
outstanding funded Indebtedness of the county
$400,000 00. Last adjusted valuation $ lo 5 ,The right to reject any or all bids Is reserved.
JA M E S A . D E W E Y , JA M ES M. N O R R IS
Deputy.
County Comptroller.
Wilkes-Barre, P a ., March 3, 1908._____________
MacDonald, M cCoy & Go.,
F u n d s
M U N ICIPA L
No bids will be accepted for less than the par value of the bonds nor unless
accompanied by a deposit of money or by a certified check or bank draft upon a
solvent bank or trust company of the cities of Albany or New York, payable to
the order of the Comptroller of the State of New York, for at least two per cent
of the par value of the bonds bid for.
All proposals, together with the security deposits, must bejsealedjand endorsed
“ Loan for Highway Improvement,” and enclosed in a sealed envelope directed
to the “ Comptroller of the State of New York, Albany.”
All bids will inolude accrued interest.
AND
C O R P O R A T IO N
BONDS*.
c8x
L a
S a lle
S tree t,
C h ic a g o .
M UNICIPAL AND R AILROAD
B O N
D S .
M S T O APPLICATION.
cN
SEASO N GOOD & M A Y E R ,
lle a tftlelibrary Kildb jf,
ro n
u Jn
C IN C IN N A T I.
K n tn bllM bed 1W W 4.
•
FOR FU RTH ER PAR TIC U LA R S ADDRESS
M A R T IN H. G L Y N N , State Comptroller, Albany, N. Y .
Dated Albany February 14, 1908
H . C . S p e e r & ttons C o .
P in t Nat. Bock BulhMug, Chicago
OITY COUNTY
AND TOWNSHIP
M
a r
7 19 0 8 .!
T IIE
6 25
C H R O N IC L E
Utica, N. Y .— Certificates Awatded in Part.— Of the $150, j
White County (P. O. Monticello), In d .— Bonds Not Sold.—
000 certificates of indebtedness mentioned in V . 86, p. 501, ' W e are advised that no bids were received on Feb. 28 for an
$141,500 have been awarded at par as follows:
j issue of gravel road bonds offered on that day.
$ 2 0 ,000 to I. I). B raln erd ol W ater v llle a t p a r fo r 5s.
Wilmington, D el.— Bond Offering.— Proposals will be re
1.0 0 0 to H . J . C offay o f U tica at p ar 1'or 5s.
2.000 to F irem en ’s b en evolent A ssociation o f U tica a t p a r for 5s,
ceived until 12 m . March 20 by W m . P. W hite, Chairman
15 ,0 0 0 to Nelson P . M urphy o f H erkim er a t p a r for 5 j^ s .
100,000 to Hlake B ro s. & Co. of N . Y . C ity a t p ar fo r 5 M s.
Finance Committee, and the Commissioners of the Sinking
3 ,5 0 0 to the F irs t N atio n al B an k o f O rlskan y F a lls a t p a r fo r 5 H s .
Venice, Los Angeles County, Cal.— Bonds Defeated.— W e Fund, at the office of the City Treasurer, for the following
are advised that a proposition to issue $25,000 fire-engine- bonds:
$20,000 4 % bonds, of which $20,000 will be used to purchase land for park
house bonds was defeated at a recent election.
purposes and $5,000 for the erection o f a bath-house In or near
Kirkwood Park. A uthority Chapter 177, Volume 24, Laws
Vigo County (P. O. Terre Haute), In d .— Note Sale.— On
of Delaware.
Feb. 22 the $5,000 6 % note maturing Dec. 1 1908 (V . 86,
10,000 4 % bonds for the Improvement of public paries. Authority
Chapter 171, Volu m e 2 2 , Laws of Delaware.
p. 501) was awarded to Jonas Strouse at 100.65.
5,000 4 % bonds for the Im provem ent of public parks. Authority Chap
Walkerville, Ont.— Price Paid for Debentures.— The price
ter 163, Volum e 2 3 , Laws o f Delaware.
paid by the Dominion Securities Corporation for the $40,
Denominations: $50 or multiples thereof. Date, April 1
003 78 5 % local-improvement debentures awarded to them
on Feb. 24 was 94.241 and interest. Following are the bids: 1908. Interest semi-annual. Maturity Oct. 1 1930. Certi
Dom inion Securities O orp ___ $38,700 IW . A . M ackenzie A C o ______$38,354
fied check for 3 % of the bonds bid for, drawn on a bank or
W ood, G un dy & C o ---------- 3 8 .6 3 3 1 .-Vemlllus J a r v is & C o_______ 38 040
trust company of Wilmington and made payable to the City
Maturity part yearly for ten years.
Walnut Springs Independent School District (P. O. W al Treasurer, is required. Bonds will be delivered on April 1
nut Springs), Bosque County, Texas.— Bond Offering.— Pro 1908.
posals will be received at any time by Tom Massey, Secretary
The official notice of this bond offering will be found among
Board of Education, for the $14,500 5 % school-house bonds
the advertisements elsewhere in this Department.
registered on Jan. 15 (V. 86, p. 245) by the State Comp
Youngstow n, Ohio.— Bond Sale.— This city has sold to
troller. Denomination $250. Date Jan. 1 1908. Interest
annual. Maturity forty years, subject to call after ten years. its sinking fund $15,000 bonds to supply funds to purchase
W altham , M ass.— Temporary Loan.— This city borrowed land options for the Berlin Reservoir, $4,000 for street clean
$50,000 recently through Loring, Tolman & Tupper of Bos ing and $4,000 for park improvements.
ton at 4 .5 9 % discount and a premium of $5. Loan matures
Bond Offering.— Proposals will be received until 2 p . m .
N ov. 5 1908.
March 30 by William I. Davies, City Auditor, for the follow
Warren County (P. O. McMinnville), Tenn.— Bonds Not to ing bonds:
Be Re-offered at Present.— According to information received $15,000 5 % street-improvement (city’s portion) bonds. Maturity $3,000
yearly .on Oct. 1 from 1910 to 1914 Inclusive.
from the County Clerk, no action will be taken looking
3,500 5 % sanitary bonds. M aturity on Oct. 1 as follows: $500 In the
year 1909 and $1,000 In the years 1910, 1911 and 1912.
towards the re-offering of the $150,000 road bonds offered
Certified check for 2 % of the amount of each block of
without success on June 25 1907 (V. 85, p. 367) before next
April.
bonds bid for, upon a national bank, payable to the City
Wheeling School District (P. O. Wheeling), Ohio County, Auditor, is required. Purchasers must be prepared to take
W . V a .— Bonds Awarded in Part.— Of the $200,000 \ x °7o the bonds not later than April 6, the money to be delivered
A
gold coupon high-school bonds offered on March 2 (V. 86, at one of the banks in this city or at the office of the City
Treasurer. Bonds will be dated April 1 1908.
p. 564) $37,000 were sold to local parties.
NEW LOANS
M ISC ELLAN EO U S.
OFFICE OF THE
# 3 0 0 ,0 0 0
City of Wilmington, North Carolina ATLANTIC MUTUAL INSURANCE COMPANY,
New Y o rk, January 21st, 1908.
W A T E R and SE W E R A G E BONDS
F O R
S A L E
Sealed proposals for the salt of $200,000 City
of W ilm ington, N . C ., W ater and Sewerage
Bends will be received at the office of the City
Treasurer of said City until 12 o’ clock m. March
l« t h , 1908.
Said Bends bear Interest at the rate of A H %
per annum , payable semi-annually, and mature
forty yearn after date of their Issue.
A deposit of 2 % required with each bid.
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs'
on the 31s< of December. 1907.
Premiums on Marine Risks from 1st January, 1907, to 31st December, 1907......................$3,440,427 06
G90.719 33
Premiums on Policies not marked off 1st January, 1907-----------------------------------------------------Total Marine Premiums____________ _______ ____________________________________________________$4 ,1 3 1 ,1 4 6 39
Premiums marked off from 1st January, 1907, to 31st December, 1907-------------------------------$3,387,757 38
Interest received during the year______________________________ $348,234 37
Rent less Taxes and Expenses_________________________________ 124,935 79
Less Salvages....................................... ......... $126,595 24
Re-Insurances___________________________ 302,387 66
The City reserves the right to reject any or al
bids.
JN O . J. F O W L E R .
City Clerk and Treasurer.
In v e s tm e n t S e c u r itie s
liO S T A T E
S T R E E T
Returns of Premiums........ ....................................................................... - .......................
Expenses, Including officers’ salaries and clerks’ compensation, stationery,
newspapers, advertisements, etc-------------------- --------- ----------------------------------ASSETS.
United States & State of New York
Stock, C ity, Bank and other Se
curities .............................................. .. $5,483,622 00
Special deposits In Banks &TrustCos.
650,000 00
Real Estate cor. Wall & WllllamSts.,
& Exchange P la c e.$4 ,299,000 00
Other Real Estate &
.
claims due the com
p a n y ...........................
75,000 00 4 ,374,000 00
Premium notes and Bills Receivable
Cash In the hands of European
Bankers to pay losses under poli
cies payable la foreign countries.
Cash In B a n k . . . .....................................
B O S T O N
1,376,916 51
IN V E S T M E N T
6 0
S ta te
BO NDS
S tr e e t,
B O S T O N .
B LACKSTAFF & CO.
IN V E S T M E N T S
1332 Walnut Street
P H ILA D E LP H IA
LIST OF SPECIALTIES ON REQUEST
$42,971 10
$348,851 83
'
L I A B IL IT IE S.
Estimated Losses and Losses Un
$2,058,165 00
settled —
743,389 01
Premiums on Uutermlnated Rlsks.
Certlflcates of Profits and Interest
268,528 75
Unpaid __________________________
122,696 16
Return Premiums Unpaid_________
Certificates of Profits Ordered Re
deemed, W ithheld for Unpaid
22,334 55
P rem iu m s________________________
Certificates of Profits Outstand
7,412,630 00
ing_________ ________ ______________
270,000 00
Real Estate Reserve Fund_________
185,005 17
595,353 43
Aggregating..........................................$1 2,664 ,897 11
Perry Coffin & Burr,
428,082 90
$1,579,084 29
HUNT, S A LTO N S TA LL S CO
Members of New York Stock Exchange
$473,170 16
Losses paid during-the year which were estimated In 1906
and previous years___________________________________________ $607,375 70
Losses occurred, estimated and paid In 1 9 0 7 .............................. 1,400,691 49 $2,008,067 19
Aggregating______________________ $10,8 9 7 ,7 4 3 4 7
A dividend of Six per cent Interest on the outstanding certificates of profits will be paid tothehold; ers thereof, or their legal representatives, on and after Tuesday the fourth o£ February next.
The outstanding certificates of the Issue of 1902 will be redeemed and paid to the holders thereof,
1 or their legal representatives, on and after Tuesday the fourth of February next, from which date all
; Interest thereon will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent Is declared on the net earned premiums of the Company for the year
■ ending 31st December, 1907, for which, upon application, certificates will be Issued on and after
Tuesday the fifth of May next.
G U S T A V A M S IN C K ,
' F R A N C IS M. B AC ON ,
' JO H N N . B E A C H ,
W IL L IA M B. B O U L T O N ,
|V E R N O N H . B R O W N ,
W A L D R O N P. B R O W N ,
JO SE P H H . C H A P M A N ,
I J O H N C L A F L IN ,
| G E O R G E C. C L A R K .
I C LE V E L A N D H . DODGE.
C O R N E L IU S E L D E R T ,
i R IC H A R D II. E W A R T .
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
TR U STEES.
H E R B E R T L . G R IG G S ,
C L E M E N T A . G R ISC O M ,
A N SO N W . H A R D .
M O R R IS K . JE SU P ,
L E W I S 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 .
JjE A N D E R N . L O V E L L ,
GEORGE H. M ACY,
CHARLES H. M ARSH ALL,
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 ,
DALLAS B. PR ATT,
G E O R G E W . Q U IN T A R D .
A. A. RAVEN,
JO H N L R I K E R ,
D O U G L A S R O B IN S O N .
G USTAV H . SC H W AB .
W IL L IA M S L O A N E ,
ISA A C S T E R N ,
W IL L IA M A . S T R E E T .
A . A . R A V E N , President.
C O R N E L IU S E L D E R T , Vice-President.
S A N F O R D E . C O B B , 2d Vice-President.
C H A R L E S E . F A Y , 3d Vice-President.
T H E
6 2 6
[V O L . L X X X V I
C H R O N IC L E
T m st Compantes.
MercantileTrust Co.
Member
S t. L o u is , M o .
S t. Loula Clearing House
Association
Capital and Surplus, $9,500,000
.FESTUS J. W A D E .
President.
W M . M A F F IT T .
Treasurer
Commenced business Nov. 16, 1899
D E P O S IT S
i\ov. 16. 18159
$17,051 19
C IT Y
$ 2 ,S 0 7 ,245 97
B U N K E R H IL L B R A N C H :
C ity S quare. C H A R L E S T O W N . M A S S.
Capital & Surplus, -
P H I L I P S T O C K T O N , President.
19o2,
$11 ,9 8 4 ,6 ?3 33
1903,
5 1 1 ,8 5 1 ,6 7 9 92
N o v .16,1904,416,564,820 43
Nov. 16,1905, 417,194,262 79
1 0V. 16, 180 3, 417,919,949 08
7
Nov. 16, 1907, 421,767,256 57
The Proof
a Good Service is
t
Constant Growth
Charles F. Adams 2d.
Orlando H . Alford.
F . Lothrop Ames.
John S. Bartlett.
Charles E. Cottlng.
Alvah Crocker.
Livingston Cushing.
George A . Draper.
William F. Draper.
W llm ot R . Evans.
Frederick P. Fish.
Robert F. Herrick.
Francis L. Illgglnson,
Henry C. Jackson.
Sidney W .
George E . Keith,
Gardiner M. Lana
Arthur Lyman,
Maxwell Norman,
Robert T . Paine 2d.
Andrew W . Preston,
Richard S. Russell.
Howard Stockton.
Charles A . Stone.
Galen N . Stone,
Quincy A . Shaw Jr.,
Nathaniel Thayer.
Henry O. Underwood.
W . Seward Webb.
Winslow.
Boston Safe Deposit
AND
CEN TRAL
T R U ST
BOSTON, MASS.
Capital and Surplus,
-
$7,000,000
TR A N SA C T S
A GENERAL
B A N K IN G
B U S IN E S S .
ALLOW S I N T E R E S T
ON
D A IL Y
BALANCES
SU BJECT
TO
CHECK.
TRUSTEE
U NDER M ORTGAG
ES.
TRAN SFER
AGENT.
R E G IS T R A R .
D IR E C T O R S .
55 .0 1 9 ,6 8 8 50
16.
O LD C O LO N Y
TRU ST
- $4,000,000
T ran sacts n General T ru st and
B an kin g BusinessInterest Allowed on D eposits Sub ject to C|ieckActs as T rustee under R ailroad and other Mort
g a ge s; also as A gent for the R egisterin g
and T ran sfer of Stock.
N ov. 16 . 1 9 0 1,
N ov
CO.
A legal Depositary for Court Funds, and author
ized to act as Executor, Guardian, Ad
ministrator and Trustee.
iNo v. 1 6 , 1900 .
N ov. 1 6
T R U ST
SO ST A T E ST R E E T . BOSTON. MASS-
CO M PAN Y
B O A R D OF D IR E C T O R S :
T. jEFlfEltSON COOLIDUE J r., . . . . Chairman
H enry S. Howe,
Gordon Abbott,
W alter Huunewell,
Oliver Am es,
Thomas L.Llvermoro,
C. \V. Amory,
Charles F. Ayor,
Charles S. Mellon,
Samuel Carr,
George v. 1,. Meyer,
B. P. Cheney,
Laurence Minot,
T. Jefferson Coolulge,
Richard Olney,
Charles E. Cottlng,
Robort J. Paine, 2d,
Philip Doxter,
Philip L. Saltonstall,
Eben S. Draper,
Nathaniel Thayer,
Frederick P. Fish,
Lucius Tuttle.
Reginald Foster,
Stephen M. Weld,
George P Gardner,
Charles W . Whittier.
Robert F. Herrick,
The N EW
Trust Company
EN GLAN D
TR U ST CO M PANY,
BOSTON. hIA33.
BO STON , M A S S.
C A P I T A L . $ 1 ,0 0 0 ,0 0 0 : S U R P L U S . $2,000,000
Transacts a General Trust and
•
Safe D e p o sit V a u lts
Authorized to act as executor and to receive and
CHICAGO
Banking Business.
hold money or property In trust or on deposit from
Interest A llow ed on D ep osits Sub ject to C h eck . Courts of Law or Equity Executors, Administra
$ 2 ,0 0 0 ,0 0 0
Capital, - - = <
=
tors, Assignees. Guardians, Trustees, Corporations
A cts as T ru stee under R ailroad and oth er and Individuals.
900,000
Surplus and Profits
Also acts as Trustee under Mortgages and as
M ortg a ges and is a u th orized to a ct as E x e cu to r,
Transfer Agent and Registrar of Stocks and Bonds
G uardian, A d m in istra tor and T ru stee,
C H A R L E S G. D A W K S , President.
Interest A llo w e d oil D e p o s its S u b je ct to C heck.
W IR V IN G O SB O R N E , Vice-President.
O F F IC E R S
Capital - - - - $1,000,000
A . U H R L A U B , Vice-President.
D A V ID R . W H I T N E Y , President
W IL L IA M R . D A W E S , Cashier.
C H A R L E S H . D A L T O N , Vice-President
Surplus (Earned)
2,000,000
L . D . S K IN N E R , Asst. Cashier.
L
C H A R L E S F . C H O A T E , Vice-President
W IL L IA M W . GATES', A sst. Cashier.
F R A N K L IN H A V E N , Vice-President
A . G. M A N G . Secretary.
D IR E C T O R S .
JA M ES R . H O O P E R , Actuary
M ALCO LM M C D O W E L L . A sst. Secretary.
H E N R Y N . M A R R . Secretary
C H A R L E S E . R O G E R SO N , President.
F R E D . W . A L L E N , Asst. Sec. & Treas.
James Longley
George R . White
B A N K IN G , SAVINGS AN D TRUST William E. Putnam
T H O M A S E . EA T O N . Asst. Treasurer
Costello C. Converse
F R A N C IS R . J E W E T T , Trust Officer
DEPARTM ENTS.
Benjamin F. Stevens
Abel H . Proctor
BOARD OF D1RFXTORS
Henry S. Shaw
Edward W . Hutchins
W illiam Endlcott, Chairman:
Gerard C. Tobcy
James R . Dunbar
W alter C. Baylles,
Frederick P Fish,
Nathaniel J. Rust
Elwyn G. Preston
James G. Freeman,
Frank G. Webster
Richard M . Saltonstall Alfred Bowdltch
Charles F. Choate,
Morris Gray,
Arthur F. Estabrook
Jerome Jones
Alexander Cochrane,
Franklin Haven,
Nehemlah W . Rico
CAPITAL and SURPLUS, $10,000,000. William B. Rice
Edmund D . Codman,
James B. Hooper,
George B. Wilbur
Nathaniel F. Ayer
C H A R T E R E D 1836.
James M . Prcndergast,
Charles F . Fairbanks
Richard C. Humphreys T . Jefferson Goolidge
Lawrence M . Stockton
Wallace L. Pierce
George W . Wheelwright Charles H . Dalton,
A c ts as E x e cu to r, A d m in istra to r, T ru stee.
George Dexter,
Nathaniel Thayer,
A ssign ee and R eceiver.
Philip Dexter,
George Wleglesworth,
Financial A g en t for In d ividu als or
William Farnsworth,
David R . W hitney.
C orp ora tion s.
Interest A llow ed on Individual and
C orporation A cco u n ts
Fourth & Pine Sits., St, Louis
A c ts as T rustee of C orporation M o rtg a g e s
D ep ositary under Plans o f R e o rg a n iz a tio n
R egistrar and Tran sfer A gent
A ssu m es entire charge o f Real E state.
A G E N E R A L FIN A N CIA L AND F ID U C IA R Y
Safes to Rent in B u rg la r-P ro o f Vaults-
OF
IL L IN O IS ,
G ira rd T r u s t
C om pany,
Mississippi Valley Trust Co.
Rhode
BU SIN ESS TRAN SACTED
E . B. M O R R IS, President.
DIRECTORS
W . N . E L Y , 1st Vice-President.
Wm. D. Orthweln
John I. Beggs
D. R. Francis
A . A . JA C K SO N , 2d Vice-President.
Wilbur F. Boylo August Gehner
Henry W. 1’eters
C. J. R H O A D S . 3d V !ce-Pres. and Treasurer.
II. Clay Fierce
James E . Brock. S. E. Uotiman
E D W A R D S. P A G E , Secretary.
Murray Carleton Chas. H. Huttlg J . Ramsey Jr.
M AN AG ERS:
Breckln’ge Jones Aui:u3t Schlatly
Charles Clark
C Hartman Kuhn,
Effllngham B. Morris,
Horatio N. Davis W. J . McBride
Robt. 11. Stockton
James Speyer,
John A. Brown Jr.,
Nelson W. McLeod Julius S. Walsh
Augustus D. Jullllard, John D. Davis
Benjamin W .Richards
Aug. B. Ewing Saunders Norvell Rolla Wells
Edward J. Berwlnd,
John B. Garrett,
R. J . O’ Reilly.MD
Randal Morgan,
William H . Jenks,
OFFICERS
Edw. T Stotesbury,
W illiam H . Gaw,
JU L IU S S. W ALSH. Chairman of the Board
Charles E . Ingersoll,
Francis I Gowen,
B R E C K IN R ID G E JO N ES. President
John Story Jenks Jr.
Geo. H . McFadden,
JOHN D. DAVIS, Vice-President
Henry B. Coxe,
Henry Tatnall
SAM UEL E. HOFFMAN. Vice-President
E . C. Felton.
Isaac I I . Clothier,
JA M E S E. BRO CK. Secretary
Thos. D eW Itt Cuyler,
HUGH It. L Y L E , Asst. Secretary
N E. Cor B road and C h estn ut Streets.
H E N R Y C. IBBOTSON. Asst. Secretary
P H IL A D E L P H IA .
The Trust Company
of North America
C. HUNT T U R N E R J r .. Asst. Secretary
LOUIS W. F R IC K E , Asst. Secretary
F R E D E R IC K V IER LIN O , Trust Officer
H E N R Y SE M P L E AMES. Asst. Executive Officer
CH A R LES M. PO LK, Asst. Trust Officer
WILLIAM G. L A C K E Y , Bond Officer
WM. Mcc. M ARTIN. Asst. Bond Officer
TOM W. BEN N ETT, Real Estate Officer
GEO. KIN GSLAN D, Asst. Real Estate Officer
C. W. MOItATH, Safe Deposit Officer
5 0 3 -5 0 5 -5 0 7 C h e s tn u t St., P h ilad elp h ia.
C A P I T A L ______________________________ $ 1 ,0 0 0 ,0 0 0
ADAM A. ST U LL, President.
H E N R Y G. B R E N G L E , 1st Vlcc-Pres. & Trra-urer.
JO S. 8. C L A R K . 2d VIce-Frcs., Superv'g Trust Dept.
HAS. F . LIN E A W E A V E R . Sec. & Asst Trust Officer
READY
FEBRUARY
25
Levering Jones.
Malcolm Lloyd I
John Mcllhenny,
Richard Wain Melrs,
Clement B. Newbold.
John W Pepper.
VV llarn F . Read,
Frank Samuel,
Adam A. Stull,
Edward D. Toland,
Joseph R. Wainwrlght,'
WUllan. D. Wlnser.
T ru st
H o s p ita l
C om pan y,
P R O V ID E N C E
R . I,
C A P I T A L .........................................................$ 1 ,000,000
S U R P L U S ........................................................ $2,000,000
D IR E C T O R S :
Royal C T a ft,
Rowland G Hazard.
Robert II. I. Goddard. Nelson W . Aldrich,
Geo. W . R . Matteson, Samuel It. Dorranco,
William D. E ly,
Howard O. Sturges.
Stephen O. Metcalf,
Robert I. Gammcll,
'
W alter It. Callender,
William Blnney,
William B. Weeden, Gilbert A . Phillips,
Edward Holbrook,
Edward D. Pearce,
James E. Sullivan
Robert Knight,
Benjamin M . Jackson,
John W . Danielson,
Jahn R . Freeman,
Herbert J . W ells,
Charles S. Mellon,
John G. Pegram,
Robert W . Taft,
Lvman B. Golf,
----------J’
W ebster Knight.
H E R B E R T J- W E L L S , President.
E D W A R D S. C L A R K , Vice-President.
H O R A T IO A . H U N T , Vice-President.
W IL L IA M A . G A M W E L L , Secretary.
P R E ST O N H G A R D N E R , Trust Officer
C Y R U S E . L A P H A M , Asst. Seo’ y.
JO H N K. W IL L IA M S . Asst. Sec’y.
H E N R Y L. S L A D E R , Asst. Sec’v.
W A L T E R G. B R O W N , Asst. Sec’y.
FIN AN CIAL R E V IE W .
1903 ISSUE.
DIRECTORS.
Henry G, Brengle,
James Crosby Brown,
John Cadwalador.
E. W Clark Jr.,
Eckley B. Coxe Jr.,’
Edwin S. Dixon,
Eugene L . Bill on;
Joseph C. Fraley
Harry C. Francis,
Henry L. Gaw, Jr.,’
Howard S. Graham,
'Samuel I*’ Houston,’
Is la n d
320 Pages.
W illiam D. M arks, Ph. B.CI.E.
C o n su ltin g E ngineer and Statistician .
PRICE, T W O DOLLARS.
G A S W O R K S , E L EC TR IC L IG H T W O R K S .
E L E C TR IC R A I L W A Y S , O IL M O T O R C A R S
Commercial & Financial Chronicle,
7 6 ^ Pine Street, New York.
623
Park
Row
B ld g,
N ew
Y ork
Experienced In Municipal Causes.
C ity.
@FedFRASER