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GENERAL lilMRY,
IUNJV. OP M1CML
MAY 18 19ff7
*
(jatnmftrial §
INCLUDING
Bank and Quotation Section
(Monthly)
Railway and Industrial
Section (Quarterly)
Congress
State and City Section (semi-AnmwUy)
Street Railway Section (Tb^^m)
Entered according to Act of
In the year 190 T, by William B. Dana Company, in Office of Librarian of Congress, Washington, IX CL
A weekly newspaper entered at Post Office. New York, as second-class matter—William B. Dana Company,
Publishers, 76*4 Pine St.. N. Y.
YOL. 84.
NEW YORK MAY 11 1907.
NO. 2185.
J^iumiciaL
financial.
FISK & ROBINSON
AMERICAN BANK
NOTE COMPANY
78 to 86 Trinity Place, New York
Business Founded 1T96.
Reorganized 1879
Engravers » Printers
BANKERS
Government Bonds
Investment Securities
NEW YORK
BOSTON
BANK NOTES, SHARE CERTIFICATES,
BONDS FOR GOVERNMENTS AND COR¬
PORATIONS* DRAFTS, CHECKS, BILLS
OP EXCHANGE, STAMPS, ETC., WITH
8PBOAL SAFEGUARDS TO PREVENT
COUNTERFEITING
LITHOGRAPHIC
AND TYPE PRINTING
/* RAILWAY
TICKETS OF IMPROVED
STYLES
The National Park Bank
of New York.
ORGANIZED 1856.
Capital
$3,000,000 00
Hurplus and Profits
$,415,342 14
Deposits Marsh 22,1907.... 91,411,002 SI
THE LIBERTY
NATIONAL BANK,
NEW YORK.
Capital, Surplus and Undivided Profits,
$3,250,000.
FRKD’K B. ScHENCK. President.
CHAKLF3 ll STOUT
D. U. REID,
Vice-President.
Vice-President.
CHARLES W. K1KCK3,
JAMES V. LOTT
2d Vioe-Presldent.
Cashier.
HENRY P. DAVISON,
FRED’K P.MOGLYNN
Chairman Bixec.Com.
Asst. Cashier.
DIRECTORS:
Geo. F. Baker,
E. C. Converse,
T. A.
* Gillespie,
Henry C. Tinker
E. F. C. Young,
Daniel G. Reid,
Charles A. Moore,
Charles H. Warren.
Frederick G. Bourne.
Charles II. Stout,
F. L. Ulne,
H. P. Davison,
Arthur F. Luke.
J. Rogers MaxwelL
Ambrose Monell.
Fred’k B. Sohenck.
Harvey Fisk & Sons,
62 CEDAR ST-
NEW YORK
RICHARD DKLAFIELD,
OFFICERS:
Wabrkn L. Green,
...
President
D. E. WoODHULL, •
•
Vice-President
Joseph Fleming,*
•
.
Vice-President
CHAB. L. Lee, ....
Treasurer
Frank JEL.
Johnson,
Andrew V. Stout
A Jaretzki
JOHN
VICE-PRESIDENT.
Bankers and Dealers in
C. MCKEON.
vice-president:
JOHN G VAN
CLEAF,
VICE-PRESIDENT.
Secretary
...
TRUSTEES:
T. H. Fbekulvd, Chairman of the Board
Edmund C. Converse
Francis L. Potts
Warren L. Green
Phineas O. Lonnsbury
PRESIDENT.
GILBERT G. THORNE.
MAURICE H. EWER
Government, Railroad and
Municipal Bonds,
and ether
CASHIER.
WILLIAM
O.
JONES,
WILLIAM A. MAIN
ASST. CASHIER.
ASST.
FRED’K O. FOXCROFT ASST.
INVESTMENT SECURITIES.
CASHIER.
CASHIER.
Philadelphia, represented by
James LL
Chapman, 421 Chestnut SU
Chicago, represented by D. K. Drake,
Continental National Bank
CHARTERED 1810,
Members oi Klcnmond and Baltimore Stock
Kx changes.
MECHANICS’
John L. Williams & Sons,
Capital,
RICHMOND, VA.
AlIULfENDORP, WlIXTAMS k Co
Fank
of
N. W. Cor. ioth
Edward B. Smith & Co.
33 Wall Street,
Corner 9th and Main Streets,
Baltimore Correspondents:
NATIONAL
BANK.
BANKERS,
-
Surplus,
•
$3,000,000
-
3,000,000
-
-
BANKERS
Richmond.
and Main
Capital & Surplus, $1,500,000
OFFICERS:
JOHN SKELTON WILLIAMS,
FREDERICK E. NOLTING,
President.
Vice-President
T. K. SANDS, Vice-President <fc Cashier.
H. A. WILLIAMS, AsstjCashier.
Xj. D. CRENSHAW JR., Trust Offioer
Chase National Bank
INVESTMENT SECURITIES
Members New York and Phila. Stock Exchange#.
7 Wall Street,
Streets,
Richmond, Va,
Francis Ralston
Welsh,
Henry W.Cannon, Chairman. James J. Hill
Oliver H, Payne George F. Baker -John L Waterbury
Grant B. Schley
A Barton Hepburn
Albert H. Wiggin
George F. Baker Jr.
Philadelphia.
INVESTMENTS.
ORIGINAL CHARTER 1829.
MUNICIPAL RAILROAD AND OTHER
THE
BONDS.
328 CHESTNUT STREET, PHILADELPHIA.
Cap,*Surp.,$9,436,000 Deposits, $63,345,000
Directors:
511 Chestnut Street
New York.
GALLATIN
Clearing House Building
A. B. HEPBURN, President
A. H.WIGGIN .Vioe-Pres. E.J.STALKER,Cashier
GARFIELD NATIONAL
BANK,
33d Street and Sixth Ave^
New York.
NATIONAL BANK
OF THE CITY OF NEW YORK
Capital
-
-
-
-
-
Surplus Sc Profits (earned)
THE
EQUIPMENT OF THE
FOURTH
NATIONAL
BANK
Capital
Surplus
-
-
-
1 000 000
Founded in 1784.
-CORNER NASSAU AND PINE
THE
—
IS
ESPECIALLY
ARRANGED FOR HANDLING
MERCANTILE ACCOUNTS.
BANK
OF NEW YORK
National
$1,000,000
2,800,000
$1,000 000
-
OF THE CITY OF NEW YORK
STREETS
Building:
Our list of Investment Securities sent on application.
Banking Association.
ACCOUNTS INVITED.
OFFICERS
Samuel Woolverton, President
Alexander H; Stevens, Vice-President
George E. Lewis, Cashier
Howell T. Manson, Assistant Cashier
DIRECTORS
Adrian Iseltn Jh.
Chab. A. Pica body
FREDERIC W. STEVENS
SAMUEL WOOLVEBTOJT
Alexander ll. stevkns
Charles H. Tweed
w, km.lwn Roosevelt
Thomas Dmrr J*.
/
[VOL.
THE CHRONICLE.
II
LXXXIV
Jjraujcts at Ufotxigti gaecIxaJigjc.
latxhers and
J. P. Morgan & Co., Maitland,Coppell & Co., Kidder, Peabody & Co.,
WILLIAM
5‘A
WALL STREET CORNER BROAD,
NEW" YORK.
Morgai^HftrJes&Co.
Drexel k Co.,
Corjot 5th A Chestnut Bts. SI Boulevard Haussmann,
115 DEVONSHIRE
Orders executed for all Investment Securities.
Act a« agents of Corporations and negotiate and
STREET,
BOSTON.
Iseue Loans.
Bills of
Exchange,
Telegraphic Transfers,
JLetiers
BANKERS,
of Credit,
PARIS.
PHILADELPHIA.
STREET,
NEW YORK.
ON
DOMESTIC END 1 OR MlON BANKERS.
lrltles
Deposit* received *ubject to Drafts Recur
lowed on
Internet allow€
fht and sold ooCgromtMlc
Commercial Credits,
No. 22 OLD BROAD
STREET,
Co.,
BOSTON.
BAT.TIMORH.
CONNECTED BY PRIVATE WIRE.
Baltimore St’k Exoh’s.
Buy and sell first-class InTax
vestment SecurtUes on comI
mission.
Recelte accounts
of Banks, Bankers, Corpora*
tlons, Firms and individuals
on favorable terms.
Collect
drafts drawn abroad on all points in the united
States and Canada; and drafts drown in the United
States on foreign countries, Including South Africa
TIVGStlllGQti
finnurUioa
OCC11I ll/lcS.
INTERNATIONAL CHEQUES.
CERTIFICATES OF DEPOSIT
T .of
Bur and sell Bills of Exchange
TRAVELERS* LETTERS OF CREDIT
Available throughout the United States.
August Belmont & Co.,
transfers
on
No. 23 NASSAU STEET.
Member* of New York Stock Exchange.
Agents and Correspondents of the
Messrs. ROTHSCHILD,
London, Paris and Vienna.
ISSUE LETTERS OF CREDIT
FOR
01 Ureait.
all parts
of the world.
BROWN, SHIPLEY & CO., LONDON.
purchase and sale
of Bonds and Stocks.
Cuyler, Morgan & Co.,
44 Pine Street, New
J. & W. Seligman & Co.,
BANKERS,
Broad Street, New York,
No. 21
Letters of Credit to Travelers
Available in anv Part of the World,
Issue
OF EXCHANGE AND MARK
TRANSFERS OF MONEY TO
BILLS
DRAW
TELEGRAPHIC
EUROPE, CALIFORNIA AND THE HAWAIIAN
Execute orders lor the
all
issue Commercial and
Travelers' Credits, available In
TRAVELERS,
Available In all parts ot the world.
Draw Bills of Exchange and make Telegraphic
Transfers to EUROPE. Cuba, ardthe
otner West Indies, Mexico and California.
points,
J*x
/
cable
and
British
BANKERS,
50 Wall Bt.
JJutlCl O
LETTERS 01 CREDIT.
Agents for the Bank of Australasia, the
Guiana Bank, Demerara, etc., etc.
LONDON.
-
-
NEW YORK,
Hems. N. Y., Phlla„ Boston A
FOREIGN EXCHANGE.
And its Branches.
Brown Brothers &
ALEX. BROWN A SONS,
INVESTMENT SECURITIES.
Paris,
Banos Naclonal de Mexico
of the world.
ATTOKtSyTB AWI) AGENTS OF
Iffeiirs. J. 8. MORGAN Sc CO.,
PHILA.
Messrs. Mallet Freres <fc Cle„
for Travelers
etiers
available in all parts
Union al London <fc Smiths Hank, Limited,
London,
ISLANDS.
Buy and Sell Investment Securities.
AGENTS
AND CORRESPONDENTS OF
Seligman Brothers, London.
Seligman Freres Sc Cie., Paris.
Alsbcrg, Goldber<r Sc Co., Amsterdam.
Anglo-Calllomiau Bk.,Lt.,SunFrancisco
York.
BANKERS
TAILER&CD
SECURITIES.
INVESTMENT
MEMBERS OF NEW YORK
27 Pine Street, New
38 Pine Street, New York
York
KESSLER
&
CO.,
BANKERS,
BANKERS
54 WALL STREET, NEW YORK.
Members ot the N. Y. Stock Exchange.
INVESTMENT
SECURITIES
Buy and Sell Bills of Exchange and
Cable
Winslow, Lanier & Co.,
CEDAR
NEW
Transfers
all
on
the
Principal European Cities.
ISSUE
50
HRedmondMo.
STOCK EXCHANGE.
COMMERCIAL
Do a General Foreign and Domestic
Banking Business and issue Letters of
Credit, Bills of Exchange and Cable
Transfers. Members New York Stock
Exchange; Execute Commission Orders.
Foreign Cable Service a Specialty
TRAVELERS’
AND
CREDITS, BUY AND SELL RAILROAD
STOCKS, BONDS AND INVESTMENT
SECURITIES. ACT AS FINANCIAL
AGENTS FOR CORPORATIONS.
INVESTMENT SECURITIES
Philadelphia: 507 Chestnut Street
STREET,
YORK,
Cables "Mimosa?'
Heidelbach- Ickelheimer & Co.BANKERS,
BANKERS.
3V
William Street,
MEMBER8 N. Y. STOCK EXCHANGE.
Deposits Received Subject to Draft. Interest
Allowed on Deposits. Securities
Exeeute orders for purchase and sale of
Bought and Sold on
Stocks and Bonds.
Graham & Co.
Commission,
BANKERS
Foreign Exchange Bought and Sold.
Foreign Exchange, Letters of Credit. Issue Commercial and Travelers’. Credits
available in all parts of the world.
Kean, VanCortlandt&Co
BANKERS,
Chestnut Street,
607
PHILADELPHIA
and Municipal Bonds,
of Railroads, Street
Government
Schulz &
Ruckgaber,
BANKERS,
11 William Street, -
New York.
Securities
Railways and Gas
of established
York Stock Exchange.
Correspondent! of Messrs.
companies
value
Members New
'
80 PINE STREET,
Transact
a
General
NEW YORK.
Foreign ana Domestic
Banking Business.
Dealers in Investment Securities.
John Munroe &York.
Co.,
No. 30 Pine
Street, New
No. 4 Post Office Square, Boston.
Issue Circular Letters of Credit for Travelers’ Use
Abroad Against Cash or Satisfactory
Guaranty of Repayment.
Exchange
on
London, Paris, Berlin,
Zurich and St. Gall.
Credits Opened
and
Payments Made by Cable
Paris House—MUNROE Sc CO.
Fmhttng & Cioscfaen, London,
Job. Bacon bore, dossier & Co., Hamburg.
Marcu&rd A Co., Faria.
Bremer Bank, Flll&le Dresdner Bank, Bremen,
issue Commercial A Travelers’ Credits.
Buy and S«M Bills of Exchange.
Cable Transfers and Investment Securities
LawrenceTurnure&Co.
Wall Street, New York.
Deposits received subject to
draft. Interest al¬
lowed on deposits. Securities bought and sold on
commission. Travellers credits available through¬
out the United States, Cuba, Puerto Rico, Mexico,
Central America and Spain. Make collections Inand
Issue drafts and cable transfers on above countries
Hankers: — London
Hank, Limited.
Paris Hankers*—Heine & Co.
London
Issue
as
Joint-Stock
Financial Agents
Domestic Letters of
ravelers’ Cheques
Foreign and
Credit and T
MOSLE
16 & 18
Ban kern,
50
Act
BROTHERS
EXCHANGE ELACE,
NEW VOICE.
COMMERCIAL CREDITS,
EOREIGN EXCHANGE.
ATTORNEYS AND
MESSRS. KONIG
AGENTS OF
BROTHERS Bankers
LONDON.
in
THE CHRONICLE
Mat 111907. j
gauhevs.
gaufecvs.
Wm. A.'Read & Co.
Milletb Roe & Hagen,
fSfctrtierar.
BANKERS.
Lee, Higgin3on & Co.,
44 State
BANKERS
Investment Securities.
3 Broad
New York.
Street,
Street, BOSTON.
Dealers in
CHICAGO OFFICE,
25
NASSAU
NEW
The Rookery.
43 State St.
STREET,
HIGH-GRADE BONDS
VOUK.
203 E. German St-
205 La Salle St.
BALTIMORE.
CHICAGO.
BOSTON.
Members New York and Boston
Stock
Members Ifew York Stock
Exchange.
Boston, 10 Post Office Square.
Exchanges.
■V
Plympton,Gardiner & Co.
Members New York and Chicago
J. B. RUSSELL & CO.,
Members N. Y. Stock
Exchange
BANKERS
Stock
40 WALL
Exchanges
ST., NEW YOttK,
DEALERS IN
27 William St.,
New York
00 Congress St.,
232 La Salle Bt„
Chicago.
Boston.
Conservative Investments.
Hio^h-Crade Bonds
AND
Investment Securities.
Members
Financial
Mew York Stock Exchange.
Chicago Stock Exchange.
t
Representatives of the Illinois Tunnel
Company.
'
Financial
WILKES BARRE, PA.
CARBONDALE, PA.
READING, PA.
DAYTON, OHIO.
SCRANTON, PA.
BINGHAMTON, N. Y.
fiscal agents lor munici¬
as
and
letters
of
corporations.
credit
NEW YORK
35 Wall Street
Receive deposits subject to check
and allow interest on balances.
palities
Investment Securities
branch Offices:
CHICAGO, ILL.
NEW YORK
Act
Railroad and other
Repre sentati vee of the Automatic
Electric Company.
N.W. HARRIS & 00.
Pine Street, Corner William
BANKERS
Saiety Deposit Vaults for Use of Customers.
LISTS ON REQUEST
BANKERS
Geo. P. Butler & Bro.
deal
and
Goldman, Sachs & Co.,
BANKERS
Issue
In
43
EXCHANGE
Members of
Kissel, Kinnicutt & Co.
YORK.
NEW
PLACE,
3T Wall
New York Stock Exchange,
BONDS FOR INVESTMENT
Foreign and Domestic
Execute orders lor purchase and
sale of Stocks and Bonds.
LIST ON APPLICATION
BANKERS
Buy and Sell Foreign Exchange.
CABLE ADDRESS
Street, Hew York.
BILLS OF EXCHANGE
‘ 'COLDNKS8. *
CABLE TRANSFERS
Blake Brothers & Co.,
-
60
84 State Street,
Exchange Place,
BOSTON.
NEW YORK.
Dealers in
NEW YORK
CITY
and other
MUNICIPAL BONDS.
Commercial Paper.
Investment Securities.
Members New York & Boston Stock
Exchanges.
Rudolph Kleybolte& Co.
BANKERS.
Issue Commercial andTravelers*
Letters of Credit,
COLLECTIONS MADE ON ALL
POINTS
EUROPEAN
Available In all parts of the world.
DEALERS IN
Investment Securities
and Commercial
INVESTMENT SECURITIES
Paper
H. B. HOLLINS & CO. N. W. HALSEY & CO„
V BANKER8.
Cor, of Wall and Broad Sts,, New York.
l)raw Bills ol Exchange
Cable Transfers to Europe,
and make BONDS FOR INVESTMENT.
Asia, Aus¬
Interest Allowed on Deposit Accounts.
tralia, the West Indies, Central and
South America and Mexico.
Issue Letters of Credit for Travelers,
available in all parts ol the world.
Fiscal
Agents for Cities and Corporations.
NEW Y0B1L
Chicago. San Francisco
49 Wall Street,
Phlladelohia.
Forshay,
Zimmermann &
BANKERS.
NEW YORK
PHILADELPHIA
DEALERS IN
MUNICIPAL, RAILROAD and
8TREET RAILWAY
BOND8.
27-29 PINE STREET, NEW YORK.
Interest Paid
on
DailvandTime Deposits,
9 and 11 Wall Street,
Members New York Stock
FOREIGN EXCHANGE
FOREIGN EXCHANGE,
INVESTMENT SECURITIES27 WILLIAM STREET, NEW YORK.
Members N. Y. Stock, Cotton and
Coflee Exchanges
for invest*
E. D. SHEPARD & 00.
Bought & Sold
LETTERS OF CREDIT ISSUED.
all Farts of the World.
Gable Transfers to
LONDON
BOSTON
LEONARD H. HOLE.
COLER,
Member N. V.Stock
Schmidt,
Exchange.
Orders executed for stocks and bonds
ment or on margin.
BIRD S.
Stern &
New York,
Exchange.
W. N. COLER &
CO.,
BANKERS
59 CEDAR ST., NEW
O. B. VAN
NOSTRAND,
a. WALL ITIUT.
YORK.
INVESTMENTS.
Investment Securities
THE CHRONICLE
[VOL.
Itoreinu.
of London, Limited.
BEBLIN, W.
BEHREN8TRA88E 9
1 3.
TO
CAPITAL
823,810,000
M. 100,000,000.
OlTIDlirDI
}
PAID DURING
•
96—-£l STERLING.
per oent
At
BREMEN, DRESDEN, FRANKFORT-ON-M.,
HAMBURG,
LEIP8IC.
MUNICH,
NUREMBERG, AUGSBURG
WIESBADEN,
on
FRENCH FINANCE CORPORATION
OF AMERICA.
M.
NEW YORK OFFICE:
No. 31
17,600,000
8098,000
M. 2,932.000
ACT
FOR
AS
FINANCIAL
AMERICAN
AGENTS
RAILWAY
IN
throughout the Dominion of Canada.
London
F. W. Taylor,
VOKK,
Broad
25
PARIS,
Street.
AReKNTiNA: Bahla-B lanca,Bell-Vllle, B uenos Alree,
ffureiem.
The London City &
Midland Bank, Limited,
9, rue Fillet-Will
HKAD OFFICE*
5 Threadneedle
Cordoba, Tueuman
Bolivia : La Paz, Orura
OHILI: Antofagasta, Conoepcion, Iqmque,
Osorno,
Puerto Mcntt, Santiago, Valdivia, Valparaiso.
JLr equips,
Callao, Luna.
Induetrla, Mexioo.
ESTABLISHED 1836.
e
SUBSCRIBED
BASLE, ZURICH, ST. GALL,
Drafts, cable-transfers and letters
GENEVA, LONDON.
of credit issued.
Condon Agents,
London, E.O.
Cities and Towns
Telegraphic Address: Cinnabar, London.
SWISS BANKVEREIN
Dkutsche Bank (Berlin) London agency.
4 George Yard, Lombard St..
Street. London, England.
With Branches in all the Prinoipal
of England.
Bills stnl for collection,
negotiated or
advanced upon.
Capital, Paid Up
Fr.
Surplus
Fr.
-
-
-
PAID-UP
CAPITAL, $75,428,400
CAPITAL,
15,714,250
RESERVE
E. H.
FUND,
15,714,250
HOLDEN, m. P.« Managing Director.
62,800,000 BOISSEVAIN &
24 BROAD STREET,
14,280,000
Direction der
NEW
CO.,
YORK.
Members New York Stock Exchange.
Disconto-Gesellschaft,
Adolph Boissevain & Co.,
AMSTERDAM, HOLLAND.
Established 1851.
BERLIN, W„
Manager.
CORPORATIONS
IN THE OBTAINING OF LOANS AND SALE OF
NEW
Branches!
:
Office, No. 46 & 47 Threadneedle St,
FRANCE
s
VmveUAT: Montevideo.
SPAIN: Barcelona,Madrid.
Mtmic* Ag*nt$: Banco Mexloano de Comerclo
Agents.
Buy and sen Sterling and Continental Exohange
and Cable -Transfers; grant Commercial and Trav¬
elers’ Credits available in
any part of the world;
issue drafts on and make collections in
Chicago and
Securities for tlie French
SECURITIES.
BERLIN.
Phru
>
market.
84,190,000
HEAD OFF 1JC E
PINE STREET.
R. Y. HEBDKN,
W. A. BOG,
J. T. MOUNEUX,
94,701,000
M. 20,000,000
Reserve Fend
11,000,000.00
159,881.84
Manager
Purcliasern of First-Class Investment
(Deutsche Ueberseeiache Bank.)
Paid Up Capital
-
Hon. Sir george A. Drummond K.C.M.G.President
E. 8. CLOU8TON..Vice-Prest. and General
K. NUOKNT, (Manager.
AND THX
Subscribed Capital
-
$14,400,000.00
Head Office—Montreal.
approved negotiable securities.
CH BINfOPHER
BANCO ALEMAN TRANSATLANTIC!]
-
Call,
loans
LONDON, E. C.
-
Rt. Hon. Lord strathoona and Mount Royal
G. C. M. G
Honorary President
cantile acceptances, receives money on deposit
at rates advertised from time to time, and
grants
Deutsche Bank (Berlin) London Agencvt
4 George Yard, Lombard St.
-
UNDIVIDED PROFITS
Per Cent.
At 8 to 7 Days’ Notice, 2M Per Cent.
The Company discounts approved bank and mer¬
Branches:
-
REST
3,750,000
•4,-230,000
NOTICE IS HEREBY GIVEN that ths RATES
OF INTEREST allowed lor money on deposit are
as follows:
LAST TEN TEARS:
10, lUfe 11,11,11. ll. ll. 12,12.12
CAPITAL paid in
Telegraphic Address, Udlaoo, London.
Capital Subscribed
87.500,000
Paid Up
Reserve Fund
200,000,000,
KKHKHVE
Montreal
of
[Estabupbkd 1817.]
COUNHILL.
39
847,019,000
M.
©anatliati gaufes.
BANK, The Union Discount Co. Bank
DEUTSCHE
.LXXX1V.
TRANSACT A
GENERAL
ANT) STOCK EXCHANGE
BANKING
BUSINESS.
49-44 BlHRXN STRABSa
BREMEN.
STINTBRUCKK 1
Berliiier
FRAN K FO RT-ON-M,
Robsmarkt 18.
LONDON, E. c.,
Handels-Gesellschaft,
NORTHCOTE,
Telegraphic Address, Disoontoge,
Berlin.
BERLIN, W.,
DUDLEY & COMPANY
“
*
**
“
“
M
Cornhill.
Disoontog*. Frankfurtmain,
schwolde, Bremen.
8oowt>tto London.
CAPITAL, lully paid,
Behrenstrasse 82-83
$40,476,200
•
57,390,011.
With the unlimited personal
the
ESTABLISHED 1856
$18,712,526 Banking Transactions
liability of
foltovnng partners:
A. 8choeu.br,
M. Bohinckkl,
A. Salomonsohn
49 Wail
11
....
M.
Franzoslsohe-Strasse 42
Ttlseraphlc Address;—EandslscHaft. Bsrtim
JU. 170,000,090.
EE8ERYE,
and
I
J. Hoetek,
E. Rubsnll,
F. URBIti.
Capital,
•
Reserve,
-
-
*
Street, New York,
Poultry CheapBide
London, E.
807 Monadnook Bloc
Chicago
FOREIGN FUNDS
For Investment
of Every Description,
M.100,000,000
M. 29,000,000
m
the United States.
Hong Kong & Shanghai
BANKING
CORPORATION.
Paid-up Capital (Hong Kong Currency)..$10,000,00#
Reserve Fund.
J IS
’{o^SSol ••
Silver
Reserve Liability of Proprietor
Brasilianische Bank
fur Deutschland.
CAPITAL...
M 10,000,000 00
Head Office: JlAMBUKd.
Branches: Rio dk Janeirc , Sao Paulo,
Santos,
Porto Alegre.
Bank
fur
Chile
und
Deutschland.
CAPITAL
HAMBURG, with branches
M
Direction der
(Banoo de
banks, founded
and represented
Dlaconto>4*rtaellscbnlt,
Rerun. Bremen, Frankfort o/M and London
Norddentscbe Bank In Hamburg,
•{ 'MTir'Rf
otrer *h<*tr s«-rTir*es for every
description
of regular banking transactions.
,
.1.1
Company, Limited.
35 CORNHILL.
LONDON, £. C.
Cable Address—Natdls, London.
Hnbscribed Capital
Paid-Up Capital
.821,106,625
4,231,325
2,000,060
Reserve Fund
10,000,000 00
in CHILI
Chile A Aleman La); Valparaiso. >antiago.
Conoep¬
cion, Temuco,
AntofagaBta; and In BOLIVIA
(Banoo de Chile A Alemanla, Becclon
Boliviana),
La paz and Orura
'I'he HhoT**-named
In Europe by the
Thf National Discount
($5— £1
STERLING.)
NOTICE IS HEREBY GIVEN that the RATES
OF INTEREST allowed for
money on deponlt are
as follows:
At Call, 2/2 Per
At S to 7 or 14
Cent Per Annum.
Days* Notice, 2M P. C.
Approved bank and mercantile bills discounted.
Money received
time to
deposit at rates advertised from
time, and for nxed periods upon terms to bs
on
especially agreed
upon.
Loans granted on approved negotiable nee unties.
PHILIP HAROLD WADE, Dlanager.
10,000 00#
GRANT DRAFTS,,ISSUE LETTERS OY
CREDIT, NEGOTIATE OR COLLECT BILLS PAYABLE IN
CHINA, JAPAN,
PHILIPPINES. STRAITS SETTLEMENTS,
INDIA, ETC.
WADE GARDNER, Agent, 50 Wall
8t.
INTERNATIONAL BANKING
CORPORATION/"- Newy"^""1'
CAPITAL dr SCIIPLCS,
96,500,00.
Buy and Sell Sterling and L/ontluental Exchange and
Cable Transfers Me*, jiiate, Draw or Receive
for Collection
jn Points In the
Orient Issue Letters or Credit
ISruuchea at London Bom bay, Calcutta, Singa¬
pore, Canton, Hong Kong, Manila. Shanghai,
Kobe, Yokohama, san Francisco, City or
Mexico Washington, D.CL. Panama. Colon.
H. SCHERER &
BANKERS.
CO.,
Collections, Foreign Exchange and invent*
went
Securities.
MEXICO.
MAT 11
THE CHRONICLE.
1907.|
Canadian J§auks.
gawks and Hankers.
THE CANADIAN BANK
OF COMMERCE,
BARING
HEAD OFFICE, TORONTO.
CO
&
Mackay & Co.
BANKERS
S10.0N.M0
PAID-UP CAPITAL
SURPLUS..,
T
15 Wall Street, New York.
9.0M.M0
NEW YORK OFFICE:
18 EXCHANGE PLACE,
Wm. Qbat and H. B. Walub, Agents
No*. 10 AND
LONDON OFFICE.—0# IjOinun Mum B. CL
Banker* in Great Britain >
Th» Bank or Hrfauum,
Th* Bank or SovxLAjra
Lloyd* Bank Usma
Union or London and Harm’s Bank. Lntrra.
Bay and Sail Sterllag a*d Cantlaental Ex¬
change and Cable Traa*A»rs, • emanerclal
and Traveler** Credit*. Celleetlen* made at
all point*.
Banblnt and Exc It a use business of every
Buy End Sell Foreign' Exchange
Issue Commercial and Travelers’
Letters of Credit,
INVESTMENT SECURITIES.
Agent* and Attorney* for
BJJUNH
BROTHERS
The Bank of
British North America
Members of the New York and
Boston Stock Exchanges. Beal
ers in Government Bonds and
other Investment Securities. In¬
terest
allowed
on
deposits.
C0„ LtcL,
Nassau and Pine Streets
LONDON.
description iraiv-acted with Canada.
Drafts, and telegraphic transfers pn
the Bank’s brancn It gOdALT, Ontario,
issued at lowest rates*
&
BANKERS
New York
ESTABROOK & CO.,
15
Congress St.
421 Chestnut St.
Boston
Philadelphia
BANKERS,
Estabushkd r.v 1>8*.
INOOBPORATVI* BY
Paid-up Capital,
Reserve Fund,
,
15 State
ROYAL ('HABTII IN 184#
.
A 1,000,000 Sterling
.
400,000 Sterling
....
24
uiad Omct
5 (iraceoAurrh Street l.ondom, EL C.
BROAD
Street, Boston.
STREET,
NEW YORK.
INVESTMENT SECURITIES.
New York Ofilce: 52 Wall Street
H. M. J. McMICHAEL.l Agents.
)
W. T. OLIVER.
Buy and sell Sterling and Continental Exchange
GOVERNMENT,
MUNICIPAL
CHOICE RAILROAD BONDS.
Merchants’ Bank of Canada.
JACKSON & CURTIS
B. **msay, Agent.
The
Municipal, Railway
Corporation Bonds
BOSTON
bankers
STOCK EXCHANGES
INVESTMENT
Bunk ot Scotland.
SECURITIES
1 Nestan
H. W. POOR & CO.
19 Congress Street
Street,
Hew York
Boston
71
Branches Throughont
th#
Uoisl lien
INVESTMENT
SECURITIES
NEW YORK AGENTY, 45 PINE STREET
If o vet pn
;
The English Association of American
Bond & Share Holders, Ltd.,
5 OREAT WINCHESTER STREET, LONDON.
Aots as Agent In England for American and
Canadian Railway and Industrial Companies.
Trustees and Directors.
9. D. Losing,
C. Sidney Shepard,
Homes Losing
S. D. LORING &
| Special.
SON,
Th* Association’s Agents in America and Can¬
ada are The Morton Trust Co. and tb* Bank of
Montreal.
NEW YORK
BOSTON
33 Wall Street
33 CON0RE88 ST
BANKER?,
64 Devonshire Street,
Boston.
Alfbbd W. »mit**u*,
Lord Welbt, W. Li * dl*t, T. R*ynol»*— London
T. P. rowLU-ffii, For*
Tucker, Anthony & Co.,
BANKEttS *
INVESTMENT BONDS
S3 STATE
THOMAS LINDLEY, Secretary.
THE
Place American Investments in
413 CAMP ST.,
-
Mortgage A
Company
NEW ORLEANS, LA.
Jordaan Cohen & Wennink.
IN, 1600,000
Dealer* in
The South
aa
to-day presents the promise oj
industrial advancement
next aaia
H. AMY & CO„
ANNUAL.
BANKERS,
Year
Book
et
Statistic*.
Basal In Cloth, 64.
Commercial
It Financial Chronicle
76M Pine 8L, New York.
CO.,
Members ef New
York Stock Exchange.
No. 20 Nassau Street,
•
New Fork#
High-Grade
Investment
Securities
the greatest
FINANCIAL REVIEW
A
SIMON BORG &
Southern Municipal
Securities
and Real Estate Loans
PARIS.
firelia (loieleded
Exchanges.
BANKERS,
CAPITAL PAID
BANKERS.
STREET,
member* Beaton n*d New York Stock
New Orleans
Real Estate,
Europe.
Securities
TrL Address, Vooo.
Codes. Ilarttleld’a Wall St0 W. U. A Lleber.
BROKERS,
BOSTON.
OSS & CO..
HAGUE, HOLLAND,
II WALL STRUT
MEMBERS NEW YORE AND BOSTON
Sovereign Bank of Canada
VAN
NEW YORK
67 MULE STRUCT
118 branches In the Provinces of Quebec. Ontario,
Manitoba. Saskatchewan, Alberta and British Co¬
lumbia. Good facilities for o eating eromet vUtc
tiotis in Cttnada
Buy and sell Sterlln* Etchaage
and Canle Transfers.
Isbuo <'* rameroial and Trav
elera’ Credits, available in any part of the world.
Loudon A geutu— Royal
BANKERS
and other
CAPITAL
8tt.OtO.OOB
Rest and Undivided Prsfli*
3,*74,590
NE W YORK OFFICE: 6S and 65 Wa.1 St.
W
members Benton Stock Exchange
AND
and Cable Transfers; Grant Commercial and
Travelers’ Credits available in any part of the
world.
Issue Drafts on and make Collections In
all parts of th* United States and Canada.
HEAD OPMICE: MONTREAL.
Geo. A. Fernalct & Co.
44
and 46 Wall St., New York.
INVESTMENT SECURITIES.
Bills ot
Exchange.
Letters 01 Credit,
BERTROIf, STORRS & GRISCOM.
BANKERS,
Land Title
Building,
PHILAJELPHIA.
40 Wall Street,
NSW YOBS.
INVESTMENT SECURITIES,
VI
THE CHRONICLE
fjfure igti.
National Bank of Cuba
E. W.
CLARK
Members Phil a. and New
Interest AUcmed
on
Umw York Correspondents:
$4,683,234 42
City of Havana Bonds
1,096,255 24
Otber Bonds and Stocks..
88,603 33
3.769.904 39
Loans, Discounts, Time Bills, <fcc
10.496,331 64
Furniture and Fixtures
73.171 03
Bank Building
377 853 03
Sundry Accounts
74.044 63
$5,000,000 00
500.000 00
263.735 22 $5,763,735 22
13.710.893 92
Undivided Profits
Deposits
Total
PHILADELPHIA, PA.
DtptU*.
j
Battles, Heye & Harrison
J.W. SPARKS &CO.p
BARKERS AND BROKERS
Cerner Chestnut and Third Sts.,
62
PHILADELPHIA
BANKERS.
(PHILADELPHIA rfTtXJK EXCHANGE
NIW YORK STOCK EXCHANGE
CHICAGO BOARD OP TRADE
Inyestment Securities
Broadway
Private
HEW YORE
Depositary In Cuba.
Depositary for the Funds of the Republic of Cuba.
Benj. C. Warnick & Co.,
Members
BANKERS <fc BROKERS,
141 Seuth 4th
Street,
Stocks and Bonds
Dealers in
HIGH-GRADE RAILROAD AND OTHER
CORPORATION BONDS AND STOCK.
Havana
dent
of
104 South 4th
Members of
Banks
LYBRAND,
Certified Public Accountants
STATES
w
»|.|^VV«^yyvlvyv^|VrtvvvvtrU'V-u-u-,/-lfuvvvyiru~u—u~u~,J~inj'VX—iJ-XTUy.
Lud Title Building
FfllLABBLflllA,
OF MILWAUKEE.
UNITED
^financial.
(PsuaylTult)
BANK
Hopper & Co.,
Investments receive our special attention. Infor¬
mation cheerfully furnished
regarding present
holdings or proposed investments.
R08S BROS A
MONTGOMERY
NATIONAL
iiOFPXR,
STOCK AND BOND BROKER8,
28 Semth Third Street, Philadelphia.
UNITED STATES DEPOSITARY
FIRST
H. A
Philadelphia Stock Exchange.
Wm. G.
3xco traintils.
v&tmhcxs.
PHILADELPHIA
Street,
Yf. G. HOPPHL
Cuban Correspon¬
American
Philadelphia Stook Exchange
Syracuse Rapid Transit
Philadelphia, Pa
-
Mmd for 9%ur CHrcular.
as
Wires, N.Y., Pittsburgh, Chicago
JOHN H.McQUILLEN & CO.
pay¬
United States
Acts
Wall Street Bxekaige Building.
NEW YORK.
DEPOSITARY.
A. B. Leach & Co.,
Capital and Surplus, $2,600,000
OFFICERS:
Paw) TooXI, Jr., Pres.
W. M. Ladd
Wilkinson, Reckitt, Williams & Co.
Hsney Klobs, Cashier.
Wm. Biuxlow, v.-Pres.
ososuEABTXN.Aat.Cash.
Frbd. T. Goll, Y.-Prea.
K. J. Uughes, Ass’t Cash.
A. W. BOOK. Aat.Caak.
VV. C. Haas, Mgr. foreign A Savings Dept.
C. EL I^dd
53 Broadway,
New York
Special Department for Bank Examinations under
the management of a National Bank Examiner
of
J. W. Ladd
-
-
OREQON
a
Savings
General
148 Isarhern
Bf Bread Street New York.
TeL dttt Breads
Banking Busineea
Bank
years’ experience.
Department
William R. Compton
Bond & Mortgage Co.
MAOON, MISSOURI.
(Established In i860)
’
CERTIFIED
School, City, County and Drainage
list gives a wide selection of
many attractive issues in sizes of
$2,000 to $100,000.
Opinion Chicago counsel, full legal
papers furnished
We buy direct and handle nothing
on brokerage
Close buying, large volume and small
profit make our offerings attractive
431
Ckeotnut
Ill
Be lie Street, Chi cage.
HOW,
ROSE & CO.,
50 Flee Street
NEW YORK
Telephone 4061 John.
7 Wall
! Railroad, Street Ry., Gas & Elec. Light
SECURITIES.
Chicago & North Western Scrip
new
■
MATURINQ NOV
-
-
PRIMROSE A
CO.,
Street, New Terk.
BALTIMORE
OiuOiWiil BOUIac.
City
43 Exchange Place
-
Mem here N. Y. Stock Exchange
CHICAGO
lit Nut. MmmM Bldg.
CO.,
Connecticut Traction Bonds
TRACTION. OAS & ELECTRIC
FINANCE CO.
Mow York..
Trust
ana
We util Parch* »•
Finance Electric
■
NEW YORK
States.
every
Railway*,
Lighting and Ga* Properties
,
•
Property
and Investments of
in all Southern
Kind
or
ST.,
THE SOUTH.
JOS. B. MATER, Preddeml
11 Plae Street
Stocks
NEW YORK
111 BROADWAY
SAUNDERS & JONES
?6 WALL
BRAUN,
Bank,
Firs Insurance
SCHMIDT & GALLATIN
TeL No. M60 Sector
SECURITIES
30 Broad Street
York
1956
T. W. STEPHENS &
2 Wall
W. E. R. SMITH &
Now
issue
4% REQD. GOLD BONDS
UNLISTED "MARKETABLE
ALL
BOUQHT AND SOLD
NEW YORK CITY
BONDS
AND
St., New York.
ffittattcial.
Louis and
Kansas City references
WILLIAM R. COMPTON, President.
4 Wardell Building:
St., PHILADELPHIA
HODENPYL, WALBRID6E & GO.,
Our
Send for latest circular
New York, Chicago, St.
St., BOSTON
PUBLIC ACCOUNTANT8
S3 Bread way, New York.
Certified Public Accountants
MISSOURI MUNICIPAL BONDS—
38 State
St., CHICAGO
JAMES PAM & GO.,
Savings books li*ued
on Savings Deposits
Interest paid < n Time Deposits
Brsadwsy, NEW YORK
CERTIFIED PUBLIC ACCOUNTANTS
Established 1859
Transaot
man j
148
LOOMIS. OONANTT & GO.
BANKERS
-
BANKERS,
OKT1F1BD PUBLIC ACCOUNTANTS
LADD & TILTON
PORTLAND
-
Investment Securities
January 1. 1907.
Bank of
Bldg
-
Members of Phlla. & N. Y. Stock Exchanges.
BAkS!"
131 iemU 5th Street
$19,474,629 14
Deduct $200,000 4% semi-annual dividend,
a
able
118 So. 4th 8t. and 100-102 Girard Trust
Exchanges
PRIfg IN HIGH-GRADE CNXJSTED
AND INACTIVE LISTED BONDS
FOR
INVESTMENT PURPOSES
$19,474,629 14
LIABILITIES.
Morgan & Co.,
BANKERS A BROKERS
York Stock
Cash—
a
CO., Ross,
PHILADELPHIA
311 Chestnut Street.
ASSETS.
Capital
Surplus
&
BANMU8,
guey,
Galiano Street, Havana
Cuba.
GENERAL BALANCE SHEET DECEMBER 31 190C.
Total
LXXXIV
l£MladjeIpfila ‘gunkexa and ^valuers
Havana. Cardenas
Clenfuegos Mstanzas Santiago,
Manzanillo, Sagua la Grande, Caikarlen, Guan¬
tanamo, Santa Clara, Pluar del Rle, Causa-
In Vaults
$4,135,064 83
Banks and Bankers
648,169 59
Bonds and Stocks Owned—
Government Bunds
$2,585,135 82
[VOL.
LARQE PROPOSITIONS PREFERRED.
METROPOLITAN INVESTMENT 00.,
GEO. B. EDWARDS. President. Charleston. 8. G*>
may li
1007)
THE CHRONICLE.
to
^Bankers and ^Brokers outside Hew Uorli.
BUFFALO.
LOUISVILLE.
JOHN
MEADOWS, WILLIAMS & CO.,
L.
PITTSBURGH.
DUNLAP,
ESTABLISH KD 1803
LOLHBVIULk. KY.
Banker and Broker.
MEMBERS NEW YORK STOCK EXCHANGE
INVESTMENT SECURITIES
DE AUERS IN
Stmt
BUFFALO, NIAGARA FALLS AND
laiiway Issues
a
Member Louisville stock
OTHER LOCAL SECURITIES
New York
ROBINSON
BROS.,
Bankers,
Specialty
MEMBERS
Kxehaog-*
OF
NEW
YORK
AND
PITTSBURGH STOCK EXCHANGES
Oomependent, MILLER A CO.
Wood and Diamond Sts., PITTSBURGH
GEORGE R. TELLER,
J. J. B. HILLIARD &
SON.
BktablUhed 1871.
BANKERS AND BROKERS.
Investment Secnrities
Local Stocks. — BONDS.
PITTSBURQH, PA
LOUtfiVILLE, KY.,
BUFFALO, N. Y.
INVESTMENT BONDS.
STREET
SECURITIES
Specialty.
Correspondent*, EX. NORTON A GO.. N. Y.
Whitnoy, Stephenson & Co.,
STOCK
RAILWAY
A
ROCHESTER, N. Y.
BONBRIGHT & HIBBARD
100 Powers
WOOD
&
BOWEN,
LOUISYILLH, KY.
INVESTMENT SECURITIES.
Building.
Municipal and Corporation Bonds
C New York Stock Exchange.
Members! < Rochester Stock Exchange.
BIRMINGHAM, ALA.
Oldest Pittsburgh Members N. Y. Stock Exchange
ROBERT O. HALL,
MEMBER PITTSBURGH STOCK
Daily Lists Mailed on Application.
*
240 Fourth
Avenue,
PITTSBURGH, PA.
Otto Marx & Co.
BANKERS
AND
BROKERS,
Birmingham, Alabama.
DETROIT, MICH.
STOCKS
AND
BONDS.
Steiner Brothers,
BANKERS
BANKERS AND BROKERS,
a
Birmingham.
Municipal and Corporation
New York
MILWAUKEE
*
CORPORATE
CHAS. SCHLEY
&
-
WIBCONB N
-
&
Telephone and Street Railway
Securities.
Sons,
Investment Securities
Members Indianapolis Stock
American Nat
Bank
AND
BONDS
BOSTON.
•
«X. Black
AUGUSTA, GA.
WILLIAM E.
ADAMS
Columbia Bank Bid*,.
INVESTMENT
SECURITIES,
7 CONGRESS ST.
BOSTON.
RONDS FOR INVESTMENT
Cerrespondence Solicited
Municipal and Corporation
Securities Co.
of Pittsburgh* Pa.
Janes S. Knhn,
Sec. & Trees.
PAID-UP CAPITAL, 0900,000
SOUTHERN.
MOTTU
SECURITIES, NEGOTIATIONS.
&
CO.
BANKERS AND BROKERS
Hugh MacRae & Co.,
BANKERS,
Dealers In Southern Investment le>
eurltles of Every Description.
AND
WASHINGTON, D. C.
408 Colorado Building.
MUNICIPAL AND
PUBLIC FRANCHISE CORPORATION
BONDS
and
CLEVELAND, OHIO.
Davenport &
Co.,
BROKERS,
BANKERS
AND
RICHMOND. VIRGINIA.
Sold.
W. J. HAYES &
SONS,
BOSTON, MASS.
PROVIDENCE
Established 1860.
and information fur¬
nished about Southern State, Municipal and Rail¬
road Investment Securities.
Reference—Bank of New York. N. B. A.
Correspondence solicited
BALTIMORE.
William Wilson A Sona.
Established 1802.
Richardson & Clark.
ATLANTA
ATLANTA, CA.
JL. I/. M’Clell&nd,
President
WILMINGTON, N. C.,
CORRESPONDENCE 80LICITBD.
JONES,
BONDS
(NO STOCKS)
New York Oflce, 40 Wall Sc 37 Pine Ste.
AUGUSTA, GA.
DARWIN C.
PITTSBURGH.
COMPANY
&
Boaght
BUSH,
Co.,
Pittsburgh Stack hxchange.
INVESTMENT SECURITIES.
BROKER,
SOUTHERN SECURITIES.
&
Members
NORFOLK, VA.
MEMBERS BOSTON STOCK EXCHANGE
John W. Dickey,
"W
NABHV1LLE, TENN,
STOCKS
NEWTON TODD
AUGUSTA.
TENN
-
THOS. PLATER & CO.,
Exchange
TRACTIONS AND
LOCAL STOCKS AND BONDS.
Fletcher Bank Building, Indianapolis.
Harbison-Walker Oo. 5s, 1916
Harbison-W&lker Refractories Oo. 5s,’22
6% REAL ESTATE BONDS 6%
INDIANAPOLIS
Bldg.
MARR,
LANDIS BANKING CO.,
NASHVILLE,
T. Elliott
Taylor & Company
948 Fenrth Avsns, PITTSBURGH
INVESTMENT
NASHVILLE, TEM.
INDIANAPOLIS
Joseph
H. P-
We Bay and Sell
Dealer in
GOULDfNG
CO.,
ESTABLISHED 1850
MILWAUKEE,
Wall Street.
11
NASHVILLE STREET RY. SECURITIES
CUMBERLAND TELEPHONE STOCK
BONDS MCN--PA"
uuiiuu
Officei
NASHVILLE.
R. M. FRIEND
-
Alabama.
•
LOCAL STOCKS AND BONDS.
Bldg., DETROIT, MICH.
CHA3. SCHLEY
*
investment Securities.
BOND6
UnlonTrnet
BOND HOUSE OF
We will Buy
MOSS S COMPANY
W. E.
EXCHANGE,
We make a specialty of all the Seourltlee of
the great Pittsburgh District.
C Chicago Board of Trade.
SPECIALISTS BOCHESTEB 6ECUB1TIE&
BROKERS,
FRICK BUILDING.
BANKERS,
25
Exchange Street, Providence, R. I.
Transacts general banking business. Bonds,
Stocks and Looal Securities. Private wires to
New York, Boston and Philadelphia.
Wilson, Colston A Oo.
Established 1867.
Wilson, Colston & Co.,
Members of Baltimore Stock Exchange,
BANKERS,
916 E. Baltimore Street, Baltimore.
Investment and Miscellaneous Securities
specialty, and whole issues handled.
a
Exceptional
facilities for dealing in all • lasses of Southern
Bonds. Loans on Collateral Secnrities negotiated.
THE CHRONICLE,
[VOL LXXXIT.
jankers and groluevs outside
CINCINNATI.
CHICAGO.
<^«WVV^^VWWVWWWVWWWVWiAA
8T. LOUIS.
WEIL, ROTH & CO. Bartlett, Frazier
&
CINCINNATI
DEALERS IN
410 and 412 Olive Street,
MEMBERS:
A. O.
Slaughter & Co.,
139
Ketnberst
A. G. Becker &
AND DEALER
-
OHIO.
.
Municipal and Corporation
-
GROUND FLOOR EQUITABLE BUILDING
JOHN
E.
municipal
RONDS
PRICE,
ceo.
aid Corporation
BONDS
BANK
Commercial
STOCKS
*.
H
b:
Paper
MINNEAPOLIS,
PORTLAND, ORE,
ra
lane,
and Investments.
•
MINN.
•
KANSAS CITY, MO.
WHITAKER &
CO.,
Investment Securities
Special Attention to St. Louis Securities
•
h?
i
MORRIS BROTHERS
PORTLAND
h r.
H. P.
PHILADELPHIA
Municipal and Corporation
PACIFIC
COAST
Established 1883
Missouri and Kansas Securities
BETTER RATE OF INTEREST
BONDS OF THE SAME MERIT ISSUED
IN THE EAST
Correspond with
Kansas
Specialty
DEALERS
in
AND
WEBB
&
CO.,
«•
WM. R. STAATS CO..
INVESTMENT
SECURITIES.
74
TO
8
PER CENT
LOS ANCELE8
FIELDING
PASADENA
J. STILSON
INVESTMENT
BONDS
MEMBER lAJtS ANGEL EM 81GCK EXCHANGE
-
Cleveland
Hayden, Miller & Co.
Cltlze** Bvlldlng.
STANDARD AUDIT CO.
41-43 Wall St.
43-49
Exchange PI.
NEW YORK
CO.,
SECURITIES,
Building,
BROADWAY, NEW YORK
BONDS
4
SERVICE CORPORATION
Investment Securities
MCNHIPAL,
SCHOOL AND CORPORATION
NKl
PUBLIC
Garfield
LOS ANUELES, CAL.
'TO
EMERY, ANDERSON & COMPANY
MUNICIPAL
us
Adams-Phillips Co.
CALIFORNIA
ST. LOUIS
-
CLEVELAND.
City. Ms,
K. 0. Ry. & Light Securities
Local Bank Stocks
Kan* <fc Mo Municipal Bondr
Corporation
THEY PAY A
■!
-
Request
COMPANY
CALIFORNIA BONDS
and
on
a
ORTHWEIN, McCRUM INVESTMENT
LOS ANGELES.
THAN
-
BONDS
SECURITIES A SPECIALTY
Municipal, School District
300 N. 4th ST.
Municipal and Corporation
Monthly 01 brings Hem
1?
PRIVAIK WIKi^s TO
PRINCIPAL, MARKETS
Wright Investment Co.
BONDS
•f
Investment Securities.
MUNICIPAL and CORPORATION
Banker dk Broker,
,
DICKEY CO
MINNEAPOLIS, MINN.
SEATTLE. WASH.
\i
&
members New York Stock Exchange,
St. Uouls Stock Exchange,
Chicago Stock Exchange*
MINNEAPOLIS.
WELLS
ST. LOUIS.
'
S, W. Cor. Monroe & La Salle Sts,, Chicago.
BONUS
!
214 N. 4th Street,
PAPER,
-t
William E. Sweet 6l Co.,
IN
FRANCIS, BRO.&CO.
Co.,
(INCORPORATED.)
COMMERCIAL
DENVER, COL.
?
DEALERS
Chicago Stock Exchange,
Chicago Board ot Trade*
St. Loots Merchants Exchange.
102 W
CINCINNATI,
STREET,
Investment Securities.
Due July 1. 103ti.
EDGAR FRIEDLANDER
BROKER
MONROE
<
Barney & Smith Car Co. B% 1st Mtge. Bonds
Dated
Prk*
Exchange.
Kxchasge.
Exchange.
Trade.
Members!
CHICAGO. ILL.
ISSUE
St., NEW YORK.
wires.
OHIO.
-
July 1. ]90fl.
1 Wall
STOCK JR HOKE ItS,
Companies.
NEW
St. Louis.
NEW YORK STOCK EXCHANGE
Bonds and Stocks of Ohio
-
SONS,
25
BROAD STREET
NEW YORK.
WESTERN UNION BLOC. CHICAGO.
private
INVESTMENT BANKERS
&
STOCKS AND BONDS,
BONDS
CO.,
EDWARDS
Carrington,
CHICAGO STOCK EXCHANGE,
CHICAGO BOARD OF TRADE.
W. E. HUTTON &
G.
STOCKS AMD BONOS,
GRAIN AND PB0K/S/0NS.
Municipal and Corporation
CINCINNATI,
A.
PERLEY MORSE. Piss.
HENRYC
I Certified PuM'c
DAVIS.S*y. $
ACCOUIltailtS
LOS ANQELES
CLEVELAND, O.
PROVIDENCE.
ALBERT P
MILLER Jr.
INDUSTRIAL TRUST CO
BUILDING
PROVIDENCE, R. I.
Local Securities
Tele; hone 2200-1270 Broad
Gas, Electric Lighting & Railway
NEW JERSEY.
EDWIN R.
CASE,
K-TABJ.ISHED 18*0
NEW JERSEY
Bonds and Stocks
OTTO JULIUS MERKEL
SECURITIES,
13 EXCHANGE PLACE
Telephone 75L
JERSEY CITY.
BROKER
44
AND
46
WALL
ST.,
NEW
YORK.
INVESTMENT SECURITIES.
Correspondence Invited
MONTGOMERY.
A.
Strassburger,
Southern Investment Securities.
MONTGOMERY, ALA,
MAY 11
IX
THE CHRONICLE
190T.J
■
ac
■
'■
=====
'
.
==
■
=
==sa
=====
Hew Uorh jltock ^xcTxauge f^onses
T. A.
McIntyre & Co.,
JOHN V. HARRIS.
)
h. k. winthrop,
> General
T. n. CUNNINGnAM)
J. A. riplkt,
A. O. BROWN
Partners
Special Partner
Members
Liverpool Cotton Association*
New York Coffee Exchange.
New York Produce Exchange
Chicago Board of Trade
-
-
New York Stock
Exchange
Chioago Board of Traie
Chicago Stock Exchange
Direct wire connection Boston)
Orleans.
Okioago, and Hew
25 Pine Street
NEW YORK
CORRESPONDENCE SOLICITED
Branch Of flees, 516 Fifth Arena*
Delmonlco’s and 805 Broadway
Robert H. Stmpsoa
BHagham Lawrence
EFFINGHAM LAWRENCE & CO.
lumbers New York Stack
Exchange.
CHICAGO
PRIVATE WIRES
Nob. 84-86 WALL BT., NEW
CO.,
JOHN H. DAVIS & CO.,
BANKERS AMO BROKERS,
NO. 10 WALL STREET,
Members N. Y. and Phlla. Stock Exchangee.
Orders for 8t>cks and Bonds executed upon all
Exchanges In this country and Eu'-ope.
Especial attention given te supphrinu high class
1 NYRSTMENT SECURITIES
Interest Allowed on
Deposita Subject to Check
PRIVATE WIRES TO PRINCIPAL CITIES
Stanley D. MoGrsw
William M. Vanoe.
ALLEN, MoGRAW & CO.,
Newburger, Henderson & Loeb,
24 Broad 8troot, New York.
Members of the N.Y. and Phlla. Btock Exchanges
Members
N. Y. Stock Exchange.
100
New York
Broadway,
637 CHESTNUT ST.,
PHILADELPHIA
STOCKS-BOKDS
CO.,
Bankers
57 BROADWAY
NEW YOKEL
-
-
LADD & WOOD,
Exchange,
INVESTMENT SECURITIES.
STOCK BROKERS
Members N.Y. and Boston Stock Exchanges
Tljtotdwigy,
Members N. Y. Stock
Margin.
INTEREST ON BALANCES.
Howard
BY YORK
Bldg.,
Private Wires te Boston. Hartford, New Haven aad
Philadelphia
bearing & (Bo.,
T Wall
Lapslcy & Co.,
NEW YOBK
Street
BANKERS
Investment Securities
AMOUNTS or BANKS 4 BANKERS SOLICITED.
JAMES TALCOTT
Banker susg Oonamlsetoa Hcrshait
Brsusob 0Hc«* iM Ptftfc Aft.
Bollatted and Flnanoed
Wm. Faith xstocx. lieak. N.Y. Steak Hx.
R. B. Dodcom.
Co.,
BROKER# AND DIALERS IN
INVESTMENT
SECURITIES.
SALES CASHED
108-110 Franklin St., NEW YSRK
MAX B. BOKG A CO.
MIimNi—m
Baade
aad
Carb
B—litUn
A APSOIALPY.
CO.,
41 NEW STREET.
N. Y.
Stock Exchange.
Orders Executed for Cash
or on
BANKERS,
18 WALL. STREET, NEW YORK.
Established 1865.
MEMBERS OF NEW YORK STOCK EXCHANGE.
Allow Interest on deposits subject to sight oheok.
Buy and sell on eommiMion stick* and bonds, aad
deal in
RAILROAD RONDS
GUARANTEED STOCKS.
OEARLES FEARON &
Margin
00.,
BANKERS,
Orders Executed on All Leading
Stock Exchanges.
Members
New York Stock Exchange
:
Philadelphia Stock Exchange
888 Chestnut St,
-
PHILADELPHIA
ilXKAT 8. CLAMPBKLL,
fiBWTH P. CAMPOTA,
Campbell & Co.,
Securities Bought tad Bold on Com-
mlsslss.
Chas. Fairchild & Co.,
Members N. Y. Stock Exchange
29 WALL STREET AND 3 BROAD STREET
Barclay Bldg., 299 Broadway
Hotel Bmpirt.SSd Strratand Broadway
Olipbant & Co.,
BANKERS AMD BROKERS,
20 Broad Stroot,
.
Now York.
.
Rictoh.
JAS. H. OLIPHAWT
FLOYD W. MUNDY
AUTHaD L. NOEJLlg
J. NQEKI8 OLlPtUNT
Usdnn New York Otwck Exchange.
J. S. & R. D. FARLEE,
INVESTMENT
EXCHANGE.
SECURITIES
11 WALL ITKBOT. NEW YOEK
W. H.
Bfultable Interest Allowed on Depealte
M IRS AD ST.
NEW YORK.
•eat BMOTOR.
Members
A. M. KIDDER & CO.,
Maanktaraf aad o'her Aooounta
2 WALL STREET.
R. J. JACOBS &
Newport Office: Audrain Building.
BROKERS AND DEALERS IN
INTEREST ALLS WO SH 9ET0HTI.
Private Wires to OtmsAnaaM and Ohls*g*.
Fahnestock &
BRANCH OFFICE. NIGHT dk DAY BANK,
527 FIFTH AVENUE.
MEMBERS NEW YORK 8TOCK
General
T. J. Mumtord,
BANKERS AND BROKERS,
las. H.
NEW YORE.
CO.,
Transact a General Banking and Stook Exohaaff
Business. We make a specialty of
Tunon No.
laakAag aad Stock
Exchange Iralaans.
a
HARRIMAN&
TRINITY BUILDING, NEW YORK
J
IS BROAD HTE8R, N. Y.
Transact
Montreal. Can.
BRANCH OFFICES
Kxokaaga,
'Orders Executed fer Quk er en
Hanover Bank
»
Tei. ISM Rector
Wilson, Watson & Herbert,
Utloa, N. Y.
N. J.
11 Wall Street, New York.
MEMBERS NEW YORK STOOK EXCHANGE.
Thomas L. Manaon & Co.
7 WALL STREET.
St. Louis, Mo.
Syracuse, N. Y.
Schenectady, N. T.
Troy. N. Y.
H. G.
ffittaaeixl.
Bank and Trust Co. Stocks
Washington, D.O.
Williamsport Pa
WUkesbarre, Pa.
Scranton, Pa.
Cleveland, O
Dayton O.
Detroit. Mich.
BOSTON.
had iMWuu wwwsSaa.
326 Walnut Nt., Cincinnati
OFFICES
Buffalo, N. Y.
Cincinnati. O.
§3 STATE STRUT,
Members *f Mew Y«rk aad Sams Stock BsKhaagaf
ninh wire Whs ena the frae eSiees.
Ixionsatton given hs peeard *• dk Boston Seeurltlet
Telephone 3240 Rector
Memben New York Stock
BRANCH
Flatiron Building, N.Y.C.
2 East 44th StTTN. V. (?.
STOCK BROKERS.
7 WALL STRUT,
NEW Y9RK.
aad
IN
Waldorf-Astoria. N. Y. C.
Parkinson & Burr,
P. J. GOODHART &
Cettea
Investment Seourities.
Miscellaneous Securities
in all Markets.
Robert H. Allen.
and
IN ALL MARKETS
Telephone 3070 John.
Telephones 4256-4*60-4*67 Rector.
PRIVATE WIRES TO PRINCIPAL CITIE8.
Stock
Board
Private wires to principal cities.
Tel 5555 Broad.
CHICAQO. ILL.
Railway Exchange Bldg.
Postal Telegraph Bldf
TSKI.
Members of New York and Chieage Stook Exchanges
York
MISCELLANEOUS SECURITIES
Erie. Pa.
Atlantic City,
C. I. HUDSON A
CORNER WALL.
I NAS8AU STREET
240 La Salle Street
New
Chicago
STOCK8, BONDS AND
Stocks, Bonds and Grain
MEMBERS
the
DEAL
Harris,Winthrop& Co
New York Stock Exchasge,
New York Cotton Exchange
New Or'sans Cotton Exchange
CO.,
of Trade
Cleveland Stock Exchange.
71 BROADWAY
MEMBERS:
of
Exchanges,
&
BROAD STREET
#0
urrnarcMnirr
BONOS
bank and thust
anouaiTins
LOANS
company stocks
JT. G.
Zachry & Co.
BANKERS. 46 Wall St.. New Yerk
Goadby & Co.,
BANKBHS MB BKOKERS,
NO.
74
NSW YORK.
BROADWAY,
R. T. Wilson &
BANKERS
A
COMMISSION
St Wall Street
Co.,
MERCHANTS
Now Ysrhu
EX. NORTON A CO.,
EH Buhssge PUm,
New York.
Kx-Navrox, Msso. N Y. Stoek Ex. Qxw. F. Noxtq*
INVESTMENT
SECURITIES
A
X
THE CHRONICLE.
®uvvjemt
[VOL.
LXXXIV.
gttqrttixijes
Belt Line
Railway (Montgomery, Ala.) first 6s, 1910
Lake Shore &
So. Ry.
Michigan Southern Debenture 4s, 1931
Pere Marquette Refunding 4s and Consol. 4s
Twenty-five Year 4% Gold Bonds
Due May 1, 1931
Chicago Peoria & St. Louis 4>£s and 5s, 1930
These
bonds
direct obligation of the
Fonda Johnstown & Gloversville 4J^s, 1952
Lake Shore & Michigan Southern, and the
deed of trust providing for the issue expressly
Maryland Delaware & Virginia first 5s, 1955
stipulates that it shall have EQUAL LIEN
WITH
ANY
Cincinnati Hamilton & Dayton Ref. 4s, 1954
FUTURE
MORTGAQE,
TO YIELD OVER 4H%.
Peoria & Pekin Union second 43^s, 1921
Toledo Ry. & Terminal 4J^s, 1954
Peoria Ry. Terminal first 4s, 1937 6. W. Walker & Co.
Michigan
Lake Shore &
are a
AND
ALL STEAM RAILROAD BONDS
BAXKJBRS
DEALT IN BY
Telephone
95 Bread Ss.»
Now York
3£45 Broad
F.
J. LISMAN & COMPANY,
NEWBORG &
SPECIALISTS IN STEAM RAILROAD SECURITIES
Member* N. Y. Steek Exohui*
30
BROAD
CO.,
44 4 43 BROADWAY, N. Y,
STREET, NEW YORK.
45 NEW STREET.
Maonai Now You stock exchaiwb.
Land Title & Trust Ce. Building PHILADELPHIA
169 East Jackson Beulevard, CHICAGO
404 Connecticut Mutual Building:, HARTFORD
Atchison Conv. 5s
Union Pacific Conv. 4s
Union Pacific
EQUIPMENT NOTES
Colorado & Southern
Chicago & Alton
3D Broad Street
Mobile & Ohio
Missouri Pacific
St. Louis Iron Mountain & Southern
Chicago Rock Island & Pacific
A
A. LISMAN &
CO.,
*5 Bread St.
BORDEN
<3c
New York
Southern
Deal in Bonds, Stocks and Investment
Securities and transact an arbitrage
Eailway Cons. 5s
business with
E4UJTABLE BUILDINO, NEW YdftK.
Central Pacific 3^s
Texas & New Orleans, Dallas Div. 4s
Houston & Texas Cent. 5s
’
Houston East & West Texas 5s
Morgan’s La. & Tex. 6s & 7s
Southern Pacific 6s due 1912
-
Oregon & California 5s
the
stock markets.
Georgia Pacific 6s
Specialists in UBenrrent Ississ.
Tel. 5#50-1-a Broad.
PROCTER
Rights, w. I.
Rights, w. 1.
Atchison Rights, w. 1.
LIB BEY & STRUTHERS
Southern Pacific
principal European
Telephone, 6746 Broad.
Central HR. of N"ew
CaMe Ad dry:
NBWR08BL”
Jersey 5s
Morris & Essex 7s, 1914
New York & Long Branch 4s
Central R.R. & Banking Co. of Ga.
Indianapolis & Yincennes 7s
Collateral 5s, 1937
Walker Company 6s
Buffalo & Susquehanna Pfd Stock
BUY AND
“
Hartshorns, Bogert&Battelle,
SELi
Members New York Stock Hxehage.
New Atchison convertime 5s and
Atchison Rights
25 Broad
Steet, New York.
Telephone No. 648S-1-S Broad
Central of
U. S.
Georgia 1st incomes
Printing Company
OFFER
Buff. Roch. & Pitts. 5s, 1937
Phila. & Reading Imp. 5s, 1947.
Peoria & Eastern Inc. 4s, 1990
Lincoln &
Company
INVESTMENT BANKERS
•
Bonds
•
for Trustees,
Private Inv stors,
18 WALL ST
Executors
and
Wadsworth &
Central Indiana 4s, 1953.
St. Louis Merchants Bridge 5s, 1930
Am. Tel. & Tel. Conv. 4s, 1936
Phila. & Reading Sterling 6s, 1910
Wright,
Membars New York Stock Exchange
a Wall Street.
NEW YORE.
yielding: 4 % to 5^ %
COFFIN
BONDS” with
Comparative
Tables—
useful book for Bond Buyers— sent
a
on
request.
Amer. Light & Traction Co. stocks
Denver Gas & Electric Co. stock
Denver Gas & Electric Co. bonds
Denver City Tramway issues
Lake Shore Deb. 4s
Mexican Government 4s <fc 5s
Chicago & Western Indiana 4s
Cuban Government Internal 5s
BECKER &
T*1
Gable Add. ~ Becks ter.”
STERLING,
Root
t85-0i#—t87
or.
COMPANY,
34 Fine Street* New York.
Tel. 0160-1-2-3-4-5 Jtafen.
New York & Queens Elec. Lt.
& Power 5s, Aug. 1930.
94 & int.
Chicago & Alton 3y$8
New York & Jersey 5s
&
BONDS
Our Copyrighted Book “MATURING
Rhoades
&
Company,
Members N. Y. Stock Exchange
7 Wall St., Corner New
NEW YORK.
-
Tri-City Railway & Light Co. stocks
Tri-City Railway & Light Co. bonds
TOBY & LAM ARCHE,
26 Broad St., New York
Lighting and Traction Securities
A Specialty
8t.,
.
Savannah Electric 5s
Telephone 1135 Recttr.
lt Wall St.. New Yerk
-
BAKER, AYLINC & COMPANY
City of Austin (Texas) 4 s and 5s
Lake County (Colorado) 4s
Naumkeag St. Railway 5s
Lynn Belt Line 5s
Swift 5s
Dealers la Unlisted Inactive Stocks and Bonds
F.
W.
MASON
&
CO.,
53 State 8t., BOSTON* B1AB8.
Investment Bonds
Land Title
Building
PHILADELPHIA
Illinois Tunnel 1st 5s, 1928
International Navigation 5s, 1929
50 Congress Street
BOSTON
Washington Terminal 3^£s, 1945
M.
DESCRIPTIVE CIRCULARS SENT ON APPLICATION
*
^
Cuban Govt. Internal Gold 5s of 1905
New York City 4s & 3}^a
WOLFF,
Gable Add. “MOWOLF" 17 wmiutfSt..
NUnm IBir UIMUl Mrmd
*
N Y
THE CHRONICLE*
May 111907.
(£>uxxent
LLVUVVllV »
XI
$imd %ucpxivies.
5629018—^GCoehmntsa.pke
>AAAAAAAA*AAAAA^AA^AA^^M^AftAAA^AAAA*AA*AAa»inti»i»i
Cinn. Hamilton &
Buffalo Gas 1st
New York &
Dayton
IN
Jersey 1st 5s
Missouri Kan. & Okla. 1st 5s
4&% Notes
DEALT
5s
con.
Santa Fe Pres. & Pheonix 1st 5s
Morgan's Lou. & Texas 1st 7s
BY
First Nat. Bank New York stock
Pfaelzer & Co.
BANKER8
BOSTON
Ashmore, Lutz & Hitchcock
SCOTT & STR1NGFELL0W
Bankers At
WANT.
Florida Southern 4s, 1945
Seaboard ds Roanoke 5s, 1926
Virginia State 3s
Sutton, Strother & Co.,
BALI IMORE, MD
Members of the Baltimore Stock Exchange.
PHILBRICK & HALL
Members New York Stock Exchange
Tel. 48K-8 Broad
BROOKS
rakers
Corporation ytBonds & Stocks
WANTED
Milwaukee Elec. Railway & Light 5s, 1926
Rochester Railway 2nd 5s, 1933
Lackawanna & Wyoming Valley 1st 5s, 1951
Ft. Wayne Gas Co. (Undeposlted) 6s, 1925
Peoria (Ill.) Water Co. Prior Lien 5s, 1948
Kansas City (Mo) Gas 5s, 1922
SCRANTON
Omaha Water Co. Consolidated 5s
Palatka (Fla.) Water Works Co. 1st 6s
Defiance (O.) Water Works Co. 1st 6s
-
PA*
Members N
Co.,
Y
and Phila, Stock Exchanges
1906 Manual
of
Northeastern
Securities, Now Out. Mailed free
Pennsylvania
on
Request
BANKERS
BOND8 ef Public Service Cer
MECARCEL & CO.
pe rati# ns
carefully selected
for
conservative
investment
BANKERS
NET
30 Pine
4m to 554%.
Street,
9 NASSAU ST., NEW
New York
Telephones
Lake Erie & Western 2nd 5s
j
YORK.
Baetor
BONDS FOR
INVESTMENT
Specialists In
Northeastern Pennsylvania Securities
FERRIS & WHITE,
49 lxehasge PI., N. Y.
Tel. 2868-9 Broad.
A. N. CHANDLER. <& CO.
HIGH-GRADE BONDS
BANKERS.
CO.,
Specialists in Inactive Bonds,
Boston.
FINK STREET,
NEW
FIRST
YORK..
AND
TELEPHONE 237 JOKN.
W. A.
NET
PHILADELPHIA
MORTGAGE
3)4
TO
RAILROAD. OAS
AT PRIOES TO
5%
BONDS,
WATER
5M%.
List
upon
Application
Consolidated Gas Co. of New Jersey 5s
Green Bay Gas & Electric Co. 5s
E.I.duPont deNemour P. Co. pfd.ds com .stocks
Am. Vulcanized Fibre Co. pfa. & com. stocks.
Lacombe Electric Co. 5s
WILLIAMSON,
Investment Securities,
NEW YORK
STREET.
GEO. P.
Telephone 6150 John.
Deb. 4s, 1931
THE BOURSE
NEW YORK
Jester & Co.,
2T
55 WILLIAM
Lake Shore & Mich. Southern
BROADWAY
Ill
Appleton (Wis.) Water Co. 1st 6s
Randolph W.Co. (Moberly, Mo.) 1st 6s
Metropolitan Water Co. 1st 4s
-
-
-
DEALERS IN
20 New St., N Y.Clty.
■
CO.,
Metropolitan Elev. 1st 6s
LEONARD F. HEPBURN
H. C. SPILLER &
&
BANKERS,
Our
A. H. Bickmore &
TO
Union Pacific Con ver'ble, when issued
Lackawanna Steel stock and bonds
Lackawanna & Wyoming Valley 5s
New York City bonds
R.R. & Indus, notes
Tel. 3785-3786 Rector.
NEW YORK
of Ga. Income Bonds.
Georgia Southern & Florida 5s. 1945
Georgia Carolina & Northern 5s, 1929
87 State Street
st
Jr.,
HIGH GRADE BONDS
& Ohio
Northeastern Pennsylvania Investment
B. &0., C. &0. and N. & W
Securities
G. & O. and N. & W.
Correspondents: Edward B. Smith ft Co
& Ohio Dividend
Telephones 2672-8-4 Broad
Service
20 BBOAD ST.,
From time to time we make studies ef railroad
and Industrial properties for the benefit of our
clients.
We will upon application send our circulars on
the following properties.
INVESTMENT SECURITIES
25 Broad St.. N. Y.
PHILADELPHIA
RICHMOND, VA.
25 Broad St., New Yoru
“Public
GEORGE C WHITE
25 BROAD STREET. NEW YORK.
BISSELL,
118 Neath Fearth St.
Philadelphia. Pa.
Inactive Railroad Issues
PATERSON &
30 Broad St.
Tel. 19t5 Rector.
HIgb«Cla8s Industrial Issues
00.,
It
Bank Stocks
Irust Company Stocks
Insurance Company Stocks
Guaranteed Stocks
Y.
Detroit & Flint 5s
U. 3. Steel 1st 5s
Ft. Wayne & Wabash
INQUIRIES INVITED
Chicago Indianap. & Louisv. 5s & 6s
Louisville New Albany & Chicago 6s
Westchester Lighting Co. 5s
New York & Jersey 5s
C. L. PARMELEE & CO.,
20 Broad St.
Tel. 910-1 Rector
N. Y
FREDERIC H.
HATCH,
Dealer la Unlisted Securities of RaJkreads and other
Corporations tn the United States and elsewhere
TeL 6320 Broad.
30 Broad 81 New York.
To meet the
looking for
LEONARD
55
Valley 5s
SNIDER,
Broadway, NEW YORK
402 Land Title
Building, PHILADELPHIA
requirements of a number of our clients we have been
long Term 4>ond combining the following essentials:
a
ISSUED
Missouri Pacific 1st 6s, 1920
Texas & New Orleans Sab.Div. 1st 6s
Northern Pacific 3s and 4s
ASSUMED
International Navigation 5a
Rochester & Pittsburgh 6s
YIELDING—A net return of nearly
Detroit^United 4^8
By
or
Mensbera N. Y. Steek Exehaage.
80 Pine Street. New
York City
TeL 4840 John
Railroad Company haying paid Dividends of 8% per
annum
for at least 25 consecutive years.
GUARANTEED
5% per annum.
POSSESSING—Reasonable marketability and listed on New York Stock Exchange
We have secured a block of bonds answering the above requirements, and
will be
Rosen, Stillman & Co.,
a
pleased to furnish particulars
upon
request.
LIBBEY & STRUTHERS,
Tel. 6968-6969 &
5349-jBroad.
30 Broad St., Now York
in
THE CHRONICLE
[VOL.
ffittaiicial.
The
^tuanctal.
Official figures from the Inter
Commission Report afford
State Com¬
convincing
proof that the prevailing want of confidence
in Railroad obligations is without foundation.
Special analysis of standard railroads reveals
the fact that two-thirds of the present market
value of the properties could be erased before
the bonds least well secured would be impaired.
Safety
merce
of Well Selected
Railroad Bonds
In view of the recent unprecedented decline In railroad stocks this
able.
Special circular
upon
LXXXIV
showing Is truly remark¬
this point, combined with attractive offerings upon application
CASURPLU8D $11,000,000
Title guarantee
andTRUST COMPANY
176 Broadway, New Yotlc.
I7S Rem sen Street, Brooklyn.
198
Montague Street, Brooklyn Banking Dept.
Escaenines db guarantees
Loans
Money
Furnishes
WRITE FOR CIRCULAR NO. 50
en
Real Estate Titles,
Bend and Mortgage.
Mortgages to Investors.
RoeoivesDeposits subject to check, allowing
Interest.
Guaranty Trust Company
OF NEW YORK
Surplus
In
Charge of Banking Interests
BEDFORD.
CLARENCE H. KELSEY.
EDGAR L. MARSTON.
WILLIAM H. NICHOLS.
JAMES H. O LI PH ANT.
CHARLES A. PEABODY.
JACOB H. 8CHIFF.
JAMES SPEYER.
EDWARD O. STANLEY
<-
28 Nassau Street. New York
j2.ooo.ooo
5,500,000
Company Business.
FINANCE COMMITTEE.
EDWARD T.
CHARTERED 1864
capital
Bees all Trust
>
CLARENCE H. KELSEY, President.
FRANK BAILEY, Vice President.
EDWARD O. STANLEY, Second Vice President.
Manager Banking Department.
CLINTON D. BURDICK
Third Vice President.
J. WRAY CLEVELAND,
Secretary.
ARTHUR TERRY, Treasurer.
FRANK
L. SNIFFEN
Manager
Department.
Brooklyn Banking
THE INTERNATIONAL BANK,
60
WALL
STREET,
N. Y.
Capital and Surpus,
.
.
Deposits;
.....
$600 000
1,750,000
Individual and Commercial Accounts Invited
Facilities Afforded for Transacting
Foreign and Domestic Business
IlllnoisTrus l & Saving s Bank
INTEREST PAID ON TERM DEPOSITS
CHICAGO
Capital and Surplus,
-
-
-
THOS. H. HUBBARD, President.
JAMES S. FEARON. Vice-President
JOHN HUBBARD.Vice-President.
JAMES H. ROGERS. Cashier.
CHAS. S. LIPPINCOTT, Asst. Cashier.
$11,800,000.
Pays Interest on Time Deposits, Current and Reserve Accounts.
Deals in Investment Securities and Foreign Exchange.
Transacts
a
General
Trust
.
.
18fi0
1907
Business.
The United States Life
CORRESPONDENCE
INVITED
Insurance Co.
IN THE CITY OF NEW YOKE
Issues Oauranteed Contracts
JOnN P. MUNN, M.D., President.
Finance Committee
J1U1B ft. PLUM
Leather
(XLAJLKNOE H. KELSEY. Pres. Title Osar
WM
H.
PORTER.... Pres. Chemical
* Tr.Oo.
National
Bank
Good men, whether experienced In life Insurance
not, may make direct oontracts with this Com
pany.for a limited territory If desired,and secure
for themselves, In addition to first year’s commis¬
sion. a renewal Interest Insuring an income for the
future.
Address the Company at Its Home Office,
No. 277 Broadway, New York City.
or
S. C. HENNING &
Hew Yark.
MEMBERS NEW YORK STOCK
INVESTMENT SECURITIES
CO.,
Louisville.
EXCHANGE.
Naw Orleans Ry. & Light Securities
Springfield Ry. Jt Light Securitiei
International Traction of Buffalo and
other Traetion Securities
E. C. Stanwood & Co.
£o |icasc
BANKERS.
TO
96 MILK STREET
BOSTON
The
large and
LEASE
commodious
offloes
on
the
First Floor of 66 Wall Street
extending through to Pine Street, with vault an/
basement on Pine Street, now occupied by tkfc
Lendon Assurance Corporation, who are soon l
remove to William Street, corner Malden Lane.
Apply to WM. O. PLATT. 66 Wall St., R. 40
Mat 11
xin
THE CHRONICLE
1907.]
IfttrauciaL
UStatrei'1.
—-—
SALESMAN
BONO
Boston
The
of
office
a
New
York
with membership .in
both the New York and Boston Stock
Exchanges, wishes the services of an
experienced bond salesman. Only those
familiar with New England territory
need apply.
Address N. C. B., care of
Chronicle, P. O. Box 958. N. Y.
house,
banking
WANTED—By
a
New
SHOEMAKER, BATES & GO.,
Bond Salesman, highly rec¬
ommended. with established connections and a
sales record, at present and since 5 years with
same
banking house, a position with strong
banking house.
Address “D.C.L
care
of
the Chronicle, P. O. Box 958 N. V.
BANKERS
Announce their removal
“A New York and Philadelphia Stock Exchange
House dealing in investment securities desires
the services of one or two bond-salesmen to
portions of Pennsylvania.
cover
York, May II, 1907.
to the
Second floor of the Trust
Company
of America Building, 37-43 Wall
Address, stat¬
ing experience and giving references.”
L. T.
W., Care of Chronicle, P. O. Box 958 N. Y.
Manager of important Stock Exchange house
last six years, desires new connection—
Street.
for
executive, auditor—with firm or in¬
stitution
Unusually good experience, ability,
and endorsements
P. O. Box 261.
manager,
well-known Wall Street banking firm
desires a bond salesman having highest
references.
Address D. R. S , care Com¬
mercial & Financial Chronicle. P. O. Box
958, N. Y.
A
Uptown Branch
New Telephones
500 Fifth Avenue
5210 to 5213 Broad
Helices
CHARTER NUMBER 8634.
DEPARTMENT,
TREASURY
Office of Comptroller of the Currency.
O’CONNOR & KAHLER
MUNICIPAL
RAILROAD
BANKERS
“BONDS
49 Wall
6%
CORPORATION
Street,
New York.
Washington, D. C., April 6, 1907.
Whereas, by satisfactory evidence presented to
the undersigned, It has been made to appear that
BEAVER NATIONAL BANK OF NEW
YORK,” In the City of New York In the County
of New York and State of New York, has complied
with all the provisions of the Statutes of the
United States required to be compiled with before
an association shall be authorized to commence
Selected
•THE
for
Lawrence
the business of banking;
WM. B. RIDGELY.
Comptroller of the Currency.
lavas tors.
Barnum &
97 AMD 29 PINK ST, NEW
We offer Municipal Bonds of Towns
and Cities located in rich agricultural
sections of the South, to net
Co.,
45696 to 5%
YORK
Philadelphia,
J. Stewart
Campbell &. Co.
25 Broad Street
Transact
a
-
Information Circular on Application
Pittsburg
Washington,
VICKERS
29 Wall
NEW YORK
St.,
St
PHELPS.
New York
Michigan Southern
Deb. 4%, 1931
Lake Shore &
General Commission and
Investment Business in Curb
Beaver National
Municipal Bonds
BANKERS,
Now, therefore. I, William B. Rldgely, Comp¬
troller of the Currency, do hereby certify that
•THE BEAVER NATIONAL BANK OF NEW
YORK,” In the City of New York, In the County
of New York and State of New York, Is authorized
to commence the business of Banking as provided
In Section Fifty-one Hundred and Slxty-nlne of
the Revised Statutes of the United States.
In testimony whereof witness my hand
(SEAL.)
and Seal of office this Sixth day of
April, 1907.
coosorvatiTS
LISTS MAILED UPON APPLIOATIOV.
Securities
Bank,
Beaver and Pearl Streets*
New York €ity
Now
Ready.
GEORGE M. COFFIN, President
S. H. VANDERGRIFT
T.
V ice-Presidents
J. V.
P. WELSH
THE
LOUGHLIN, Asst. Cashier
of Merchants, Individuals
and Bankrt Solicited
FINANCIAL REVIEW.
Accounts
R.
1907 ISSUE.
A
M. GRANT & CO.
31 NASSAU 8T.,
YEAH BOOK OF FINANCIAL
INFORMA JI0N-A282 PAGES.
NEW YORK
Some of the contents are as follows:
Street lty„ <L«h.
Electric Light A Power
NO ^
20
READY.
years.
Stock Exchange in 1906.
Money rates by weeks for past four years on all classes of loans.
Weekly Bank Statements in 1905 and 1906.
Crop Statistics for a series of years.
Securities listed on the New York
H AND-BOOK
OF
Railroad Securities
(Issued Semi-Annually by the Publishers of
Commerci al a Financial Gh»oniclb.)
JANUARY
Retrospect of 1906, giving a comprehensive review of the business of that year,
department, financial and commercial.
Bank Clearings in 190fi, with comparative statistics for 20 years.
Number of shares sold on the New York Stock Exchange in each of the past
with statistics in each
SECURITIES
Iron and Coal—Production for a series
the
Exports and Imports for a series of years.
Comparative prices of Merchandise for a series
EDITION.
Foreign Exchange—Daily Prices in
with thnir cards
cover, at »;
Brokers, 1l quantities,
lettered In gilt on the
eclal rates.
Price of ^Isslf CsplMi
To Subscriber, oi the tJtronlcle,
-
91 DO
75
Commercial & Financial Chronicle,
Pine Street, cer. Pearl
New York
and Monthly Range of Pric#
of years.
New York in 1906.
$2 00
BOUND IN CLOTH
TKHVIH
To Bankers mid
of years.
Gold and Silver—Production for a series of years
of Silver for three years.
COMMERCIAL, & FINANCIAL
Pine Street, Corner
CHRONICLE,
Pearl Street, New York.
Copies may also be had from P. Bartlett,
Edwards & Smith 1 Drapers Gardens, London
513 Monadnock Blk., Chicago
XIV
THE‘CHRONICLE.
[VOL.
LXXXIV.
IFtnanctal
$2,000,000
FAIRMONT COAL COMPANY
r;t
TWO-YEAR FIVE PER CENT NOTES
Dated March
15, 1907
Due March 15 ?
1909
WINDSOR TRUST CO., New York, Trustee
Secured by $3,200,000 par value
collateral, composed of $1,000,009 Car Trusts, $1,109,000 First
Mortgage 5% Bonds of underlying companies, the balance being preferred and common stocks. The
combined net earnings behind the
collateral amount to $1,449,411 64, or about
fourteen times the interest charges on these notes
Having sold a large proportion of the above [Notes, we offer the remaining $850,OOOt subject
to sale or change
in price
97 and Interest, Yielding 6%%
At
k
11!
I*
•
I
Circular [No. 52a
>
;it
on
application
Mercantile Trust & Deposit Co.,
Potter, Choate & Prentice.
BALTIMORE,
Hanover Bank Buildin&r,
New York
Maryland
PREFERRED STOCK
Traveled
THE J. G. BRILL COMPANY
Letters of Credit
PHILADELPHIA
7% Cumulative—Dividends Payable Quarterly
Total Issue
i?
1
Par $100.
The J. G.
Brill Company is the leading street
railway car building company In the world.
It
large modern plants, located In Philadelphia, St. Louis, Mo., Cleveland, Ohio,
Elizabeth,
N. J., and Springfield, Mass., giving tire
Company a capacity for constructing 3,500 ears and 6,000
trucks per annum, having a valuation of
$8,000,000.
The Company s business Is extensive; its ear,
being In use In the principal cities of this and foreign countries.
five
owns
i
$5,000,000.
The Brill business
founded in Philadelphia in I860.
The Company has an enviable history
paid dividends from Its foundation.
The present Company, which
was recently incorporated and* which
absorbed the old Brill Company, has a capital of $10,000,000,
of which $5,000,000 is Preferred and $5,000,000 Common
The net profits were $1,001,897
stock.
In 1906.
This is $651,897 In excess of the amount
required to pay the dividend on the Preferred
of
uniform
success,
was
and
i
Payable throughout the World
has
Foreign
Cheques
Bills of
CABLE
and
Exchange
TRANSFERS
Collections made in all Countries
Rtock.
A quarterly dividend of 1
% % was declared April 22d, 1907, on the Preferred stock, and a divi¬
the Common stock.
The Company has a surplus of
quick assets of more than $3,000,000. There arc at present on
Its books orders amounting to more than
There is no-bonded debt on the property,
$5,000,000.
except a mortgage for $400,000 on one plant.
No bonded debt may be created without the
dend of 1 %
was
declared
is!
ll
Application has been made to list the Preferred and Common stocks
Exchange
Descriptive Circular will be mailed upon application to the
475 Fifth Avenue
Philadelphia Stock
undersigned.
We offer the Preferred Stock at $100 a Share and Accrued
Dividend subject to previous sale
and advance in price without notice, and recommend it as
an excellent Industrial Investment.
on
the
LONDON
18 Bishopsynt© St. Within
PARI*
t»S Rue dc Richelieu
4
611 Chestnut
J.
16 22 William Street
consent
of 75% of the Preferred stock.
11
r<
The Farmers’ Loan & Trust Co.
on
Edward B. Smith & Co.,
St., Philadelphia
7 Wall
Street, New York
Terre Haute Traction &
Light Company
,K-
.StutcUucu'
THE NORTH
30
OFFICE OF
AMERICAN COM PAN V
Broad {Street
New York, May 6, 1907
EIGHTEENTH REGULAR DIVIDEND
A quarterly dividend of ONE AND A
QUAR¬
TER PER CENT upon this Company’s
Capital
Stock will be paid on June 1 1907 to stockholders
of record at the close of business on
May 15 1907.
The
stock
transfer books will not be closed.
will be mailed to stockholders who
filed Permanent Dividend Orders at this
CHECKS
have
olliee.
regular
AND
quarterly
dividend
(No.
48)
of
THREE-QUARTERS PER CENT
%
office.
ADAMS EXPRESS COMPANY.
RAII.WAL EQUIPMENT CORPORATION
Office. Lehigh Ave. & 16th St., Philadelphia.
The
Treasurer’s Office.
New York, May 8th, 1907.
The transfer books of this Company will he
closed from two o’clock p. m.. May 10th,
1907, to
the morning of June 1st. 1907.
BASIL IV. ROWE. Treasurer.
STREET
Cuban
•
•
•
•
-
Trustee.
Securities
A SPECIALTY
FRANCKE. THOMPSON & ROBB
Members N. Y. Stock
:
HUNDRED
AND
EIGHTH !
MONTHLY DIVIDEND of ONE AND
ONE-j
HALF PERU 1: X T, a 1 o a n E XT R A DIVIDEND!
OF TWO PER CENT, have been
declared, both J
payable May 15th 1907.
!
JOHN B. KI LB URN. Treasurer.
-
COMPANY',
:
Secretary.
ONE
TRUST
L.
CARR, Treasurer."
Boston, Mass., May 1. 1907.
Company, 59 Cedar Street, New York City.
The Preferred Stock Transfer Books of the
Company will he closed on May 16, 1907, at 3 p. m.,
and will remain closed until June
3, 1907, at 10
A. M.
JUSTUS E. RALPH,
4
STATE
The Board of Directors of The American
Cotton
Oil Company on May 7, 1907. declared a
semi¬
annual Dividend of THREE PER CENT
upon the
Preferred Stock of the Company,
payable June 1,
1907, at the Banking House of Winslow, Lanier &
the preferred capital stock of the American
Graphophone Company will be paid May 15 1907
to stockholders of record
May 1.
By order of the Directors.
EDWARD D. EASTON. President.
on
N
Under the Sinking Fund
provisions of a mort¬
gage or deed of trust dated May 1, 1904, between
the above Company and the State Street Trust
Company of Boston, the undersigned. Trustee,
hereby gives notice that until May 15, 1907, at
12:00 o clock noon. It will receive sealed
proposals
for sale of the above-named bonds to absorb the
sum of twenty-two thousand nine
hundred ninetynine dollars ($22,999) or any
part thereof.
The
right Is reserved to reject any and all proposals.
THE AMERICAN COTTON OIL COMPANY.
(1RAPHOPHO.NE COMPANY
Consecutive Quarterly Preferred Dividend No. 48.
The
HOLDERS OF FIRST CONSOLI¬
DATED MORTGAGE 5% GOLD BONDS
OF TERRE HAUTE TRACTION & LIGHT
By ASHTON
AMERICAN
ONE
THE
COMPANY:
THE PENNSYLVANIA RAILROAD CO.
Philadelphia, May 1, 1907.
The Board of Directors has this
day declared
a SEMI-ANNUAL DIVIDEND of
THREE AND
ONE-HALF PER CENT ($1.75 per share)
upon
the Capital Stock of the
Company, payable on
and after May 31, 1907, to stockholders as
reg¬
istered upon the books of the
Company at tne
close of business May, 4 1907.
CHECKS will be mailed to stockholders who
have hied Permanent Dividend Orders at
this
HENRY TATNALL, Treasurer.
By order of the Board of Directors.
SILAS W. BURT.
Secretary
,11
TO
43
Exchange
Exchange Place
Telephone 1343 Broad
-
BRANCH OFFICE
Bristol
Bntldlnsr, 5th Ave.
and
Telephone 15£8 Bryant
4£d
St.
May 11
THE CHRONICLE
1907]
n
ffittanciaL
(NEW ISSUE)
83,500,000
The Providence Securities
Company
FIFTY-YEAR FOUR PER CENT GOLD DEBENTURE BONDS
DATED
MAY
DUE MAY 1st, 1957
1st, 1907
INTEREST
PAYABLE
At the office of the Treasurer of the New York
The Trust
MAY 1st AND
NOVEMBER 1st
New Haven & Hartford Railroad
Company in New Haven, Conn., and at
Company of America, Colonial Branch, New York.
PRINCIPAL
AND
INTEREST
UNCONDITIONALLY
ON
EACH
GUARANTEED
ENDORSEMENT
BY
BY
BOND
The New York New Haven & Hartford Railroad
Redeemable after
or
eight weeks’ notice
on
May 1st, 1917,
or on any
Company
interest day thereafter at 105% and accrued interest.
Coupon Bonds in denomination of $1,000 with privilege of registration as to principal. Coupon bonds exchangeable
full registered certificates of $10,000 each.
Authorized and outstanding, $19,911,000. Listed on the New York Stock
Exchange.
,
.
The Providence Securities
Company (the entire capital stock of which is held by the New York New Haven & Hart¬
ford Railroad Company) controls a system of 272 miles of street railways, including all tracks within the cities of Provi¬
dence and Pawtucket.
The system serves a population of 350,000, and operates under perpetual franchises.
The net income applicable to dividends of the New York New Haven & Hartford Railroad Company for the year
ending June 30th, 1906, amounted to $10,185,377.
Having sold a large portion of the above, we offer the balance at a price to
YIELD
Detailed circular
on
application.
ABOUT
Orders
may
4%% ON THE INVESTMENT.
be telegraphed at
our expense.
CLARK, DODGE & CO.,
KISSEL, KINNICUTT & CO.,
51 WALL STREET.
.
37 WALL STREET.
NEW TORE
ittnideuds.
AT PRICES TO NET NEARLY
The Kansas City Southern Railway Co.
25 Broad St.. New York, April 3 1907.
The Board of Directors this day declared a divi¬
dend of 4% on the Preferred Stock of the com-
6%
Jany 30,
from1907,
yearto ending
the payable
net earnings
for1,the1907,
on July
stock¬
#300,000
une
holders of record at 3 o’clock p. m. June 10 1907
The Stock Transfer books of the company win
be closed at 3 o’clock p. m. June 10, 1907, and
will be reopened at 10 o’clock a. m. July 2, 1907.
Checks for the dividend will be mailed to
stockholders.
R. B. SPERRY, Secretary.
AMERICAN
LOCOMOTIVE CO.
5% COUPON NOTES
Due
Denomination $1,000
1909, 1910, 1911.
ALSO
8200,000
AMERICAN 1IEET SUGAR CO.
UNITED COPPER COMPANY
The directors of the United Copper Company
have declared the regular semi-annual dividend
of three per cent (3%) on the preferred stock,
6% REG. NOTES (Cert*, of Indebtedne**)
Denomination as applied for
payable May 15, 1907, to stockholders of record
May 10, 1907, out of the
funds previously set* aside for this purpose at
the meeting held on December 20, 1906.
The
preferred stock transfer books of the Company
close for the payment of this dividend at three
o’clock p m., May 10, 1907, and re-open at 10
o clock a. m., May 15, 1907.
ST AN LEY QIFFOR D, Treasurer.
Due '.910.
at the close of business
Price $100 and Int.
& COODWIN.
BOND
Trinity Building,
Chicago
NEW YORK
Boston
PEOPLES GAS LIGHT AND COKE CO.
Chicago)
Notice Is hereby given that a dividend of ONE
AND ONE-HALF PER CENT has been declared
(ot
the Capital Stock of this Company,
the Stockholders on May 25 1907.
on
payable to
The transfer books will close In New York on
May 10 1907, at 3 o’clock P. M., and will reopen
May 27 1907, at 10 o’clock, A. M.
L. A. WILEY, Secretary.
SOUTHERN
railway company.
THE COLORADO &
NOTICE TO STOCKHOLDERS.
No. 71 Broadway, New York, May 2nd, 1907.
The
Executive
Committee
of
this
Jones, Caesar, Dickinson, Wilmot & Co.
Company
has appointed Charles R. Bosse Transfer Agent
for the capital stock of this Company, In place of
Messrs. Hallgarten & Company, to take effect at
the close of business May 11th, 1907.
From and after that date stock for transfer
should be presented at the office of the Company, 1
Room 1313, No. 71 Broadway, New York. N.Y.
Certified
NEW
BATTERY PARK NATIONAL BANK!
24 STATE ST.
(Opp. New Custom House.)
Shipping and Export Accounts Invited.
IS. A. Do LIMA.
President
CALVIN TOMKINS.V.Pres. EDWIN B.DAT.
OMhle;
(III.)
YORK
54 WILLIAM STREET
JAS. STEUART MACKIE, Secretary.
THE
Public Accountants,
CHICAGO
Tribune Bldg.
SEATTLE
ST. LOUIS
Stock Exchange Bldg.
MEXICO. D. F.
.
SAN
FRANCISCO
Moaadnock
Bldg.
LONDON
EeNQLAND)
307
Epler Block
Apartado, 1403
3 Fredericks
Plaoe, E. C.
PITTSBURGH
People’s Bldg.
MELBOURNE
[AUSTRALIA]
9 Queen Street
IVOL. LXXXIV,
THE CHRONICLE,
XTI
financial
TO THE STOCKHOLDERS OF
United
Railways Investment Company
FIFTH ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31, 1906
On behalf of the Board of Directors I beg to submit the Fifth Annual Report of your Company, together with the Company’s general
balance sheet and statement of income and prolit and loss account for the fiscal year ended December 31, 1906, to which is appended the cer¬
tificate of Messrs. Haskins & Sells, Certified Public Accountants, who, in accordaiice with the usual custom, have examined and audited the
books and accounts of your Company for that year.
I think it is proper to direct your attention specifically to certain transactions of the last fiscal year.
During the
year 1906 your Company acquired §24,200,000 (par value) of the common capital stock of the Philadelphia Company, an
approximately 72.8 of the outstanding common capital stock of that company.
Of the stock so acquired §21,000,000 (par value) was deposited by stockholders of the common stock of the Philadelphia Company under
the Plan and Proposition ratified at a meeting of stockholders of your Company held on the 5th day of April, 1906, and the purchase price there¬
for was duly paid by your Company at the times and in the manner provided for in said Plan and Proposition, and the shares so acquired were
duly pledged and deposited under ihe Collateral Trust Agreement securing the Five Per Cent Prior Lien Collateral Trust Bonds of your Com¬
pany, as required by said Plan and Proposition.
The residue of such common capital stock, amounting to §3,200,000 (par value), was acquired later in the year, and of that amount
§2,690,000 had been delivered to your Company and paid for by it prior to the 31st day of December, 1906, and the balance, amounting to
§510,000, was delivered to your Company and paid for by it in January, 1907.
The purchase price of such §3,200,000 of common stock was derived finally, in part, from the sale of §2,400,000 of the additional Five
Per Cent Collateral Trust Bonds of your Company at 90, and the residue of such purchase price, amounting to over §1,000,000, was paid from
the earnings and other available cash assets of the Company.
amount which is
By
reason
of the issue of the additional Five Per Cent Collateral Trust Bonds mentioned, the funded debt of
your
Company, which amounted
the 31st day of December, 1906, to §15,750,000, has been increased since that date by the amount of such additional bonds, and the total
funded debt is now §18,150,000.
The certificates for the §3,200,000 of stock of the Philadelphia Company, so acquired, were duly deposited and pledged under the agree¬
on
ment
securing the Collateral Trust Five Per Cent Bonds of the Company, in accordance with the terms thereof, concurrently with the issue and
authentication of the additional Bonds.
The floating debt of your Company,
which, according to the balance sheet presented, amounted to §2,090,000 on the 31st day of Decem¬
ber, 1906, has since been repaid from the proceeds of the additional Collateral Trust Bonds above mentioned, and the floating debt of your
Company at the date of this report amounts approximately to §135,000, which will, however, again be increased presently, as your Directors
have arranged to provide funds for the United Railroads of San Francisco towards the accruing requirements of that Company for the recon¬
struction and improvement work in progress.
The total book value of the investments of the Company, as shown on the accompanying balance sheet, amounted on December 31, 1906,
to §53,126,481 70, approximately one-half of this representing the Company’s interest in the United Railroads of San Francisco and the other
half representing its interest in the common stock of the Philadelphia Company at that date.
During the current year the Philadelphia Company has paid the regular dividend on its preferred stock and the.usual dividend of 6% on
its common stock, and all the surplus earnings of that company, above the amount of dividends, has been retained by that company for its
corporate purposes.
Both tilt* gross and net earnings of the United Raijroads of San Francisco had shown excellent results up to the 18th day of April, 1906.
On that date the earthquake occurred, which resulted in a disastrous fire and involved the company in great loss, which included the destruc¬
tion of the cable power houses and severe injury to the cable conduits.
That company reports that it has now installed the overhead trolley system on practically all the important roads formerly operated by
cable, and that over 91*% of the mileage of the company is now in operation and that they expect to place the balance of 9% in operation as
rapidly as the City completes certain necessary street improvements.
The balance sheets of the United Railroads of San Francisco furnished to this Company show that, between the 31st December, 1905,
and 1st March, 1907, there had been expended in the restoration and reconstruction of its lines and plant, including improvements and better¬
ments and the physical loss resulting from the earthquake and tire, a total of over §4,000,000.
The reports received from the officials of the United Railroads of San Francisco state-*that all expenditure for betterments and improve¬
ments made to March 1, 1907, had been financed by the company, and that its current liabilities, as evidenced by its balance sheet dated Feb¬
ruary 28, 1907, did not on that date exceed the amount usually carried by that company.
The conditions existing in San Francisco, created by arid consequent upon the earthquake and the fire, also led to a strike on the lines ol
the Railroad Company, involving practically all its employees, which lasted from the 26th of August to the 5th of September, 1906.
Although
the strike terminated in a resumption of work on the part of the
Company’s
employees,
under
an agreement to refer to arbitration the matters
in
dispute, which were the terms of adjustment originally offered by the Railroad Company, it yet occasioned, both directly and indirectly, con¬
siderable financial loss to that Company.
The decision of the arbitrators established a rate of wages for a period terminating May 1, 1907.
Negotiations are pending between the
employees and the officers of the Railroad Company to extend the adjustment beyond that date, and it is hoped that an arrangement, fair and
just, both to the employees and the Company, will be amicably reached.
In connection with plans intended to provide the United Railroads of San Francisco with moneys to be required by it in the future for
construction and improvements, authority has been given by the Directors of your Company to vote the stock holdings of this Company in the
United Railroads of San Francisco in favor of a proposal to increase the capital stock of that company by the creation of an issue of §5,000,000
of first preferred stock, the same to bear interest at the rate of not less than 6% per annum, and to be cumulative.
Of this issue of first pre¬
ferred stock, §1,500,000 is presently issuable, and your Directors have authorized a subscription thereto by your Company, at par, for cash.
The audit of the accounts of the United Railroads of San Francisco for its fiscal year ended December 31st, 1906, and of the Philadelphia
Company for its fiscal year ended March 3lst, 1907, have not yet been completed, and, when prepared and filed with the Company, will be open
to the inspection of stockholders at all reasonable hours.
Messrs. Haskins & Sells, however, have prepared a tabulated statement of the consolidated gross earnings, operating expenses, taxes, int¬
erest charges, net income, dividends and surplus of the Philadelphia Company and the United Railroads of San Francisco, for the calendar year
1906.
For the reasons stated, with respect to the Annual Reports of the two companies, the figures for the year 1906 are in part based on the
provisional figures of the accountants.
COMBINED INCOME ACCOUNT OF UNITED RAILROADS OF SAN
FRANCISCO
ATED CORPORATIONS, FOR THE YEAR
AND
PHILADELPHIA
COMPANY
AFFILI¬
Philadelphia Co.
and affiliated
corporations.
United Railroads
Total.
Gross Earnings
of San Francisco.
§23,785,596 39
12,381,067 22
§5,955 786 32
3,114,590 09
§17,829,810 07
9,266.477 13
§11,404,529 17
289,429 80
§2,841,196 23
89,360 84
§8,563,332 94
Gross Income
Deductions from Income (not including Fixed Charges)
§11,693,958 97
$2,930,557 07
1,333,944 14
37,231 13
§8,763,401 90
1,296,713 01
Income
Fixed Charges
§10,360,014 83
4.880,456 12
§2,893,325 94
1,580,702 14
§7,466,688 S9
3,299.753 98
§5,479,558 71
1,595,627 78
§1,312,623 80
435,477 82
§4,166,934 91
1,160,149 96
§3,883.930 93
§877,145 98
$3,006,784 95
Operating Expenses and Taxes
s
AND
ENDED DECEMBER 31, 1906:
Net Earnings
Other Income
__
_
Applicable to Fixed Charges, &c
Net Income
Improvements, Betterments, Extensions, Sinking Funds, &c
Net Income after deducting
Dividends on Preferred Stock:
Improvements, Betterments, &c._
.
Philadelphia Company
Equitable Gas Company
Consolidated Gas Company
Total.
...
*
......
Surplus for the year applicable to Dividends on Common Stock, vtc
Proportion Applicable to other Owners of Common Stock of Affiliated Corporations
Balance
1
Proportion Applicable to LTnited Railways Investment Company, based
Holdings
New York, April
on
§299,997 50
3.201 00
28,333 33
200.068 96
.
§299,997 50
3,201 00
28,333 33
§331,531 83
§3,552,399 10
3,783 65
§877,145 98
§331,531 83
§2,675,253 l2
3,783 65
§3,548.615 45
$877,145 98
§2,671,469 47
$2,821,975 75
§877,145 98
§1,944.829 77
100%
72.80%
its present Stock
16, 1907.
The figures given by these tables afford a reasonable basis for the calculation of the future prospects of your
Company. When it is con¬
sidered that in the course of the year 1906 the earnings of the United Railroads of San Francisco have been subjected to the earthquake, the
resulting conflagration, and all its consequences, the strke of its employees, and the consequent general demoralization, they offer a most
encouraging promise for the future and justify the hope that at no distant date payment of cash dividends may be resumed."
From this statement it will also be seen that had the Investment Company been the owner during the entire year 1906 of the common
stock of the Philadelphia Company now held by it, and had the respective surpluses of the two companies been declared as dividends, the
Investment Company would have shown an earning power during that year of §2,821,975 75, which would have been equivalent to paying
its operating expenses, interest on its outstanding obligations, and 5% dividends on the outstanding preferred stock, leaving a surplus of
§1,460,968 20.
o,
AVIl
THE CHRONICLE.
1907.]
May 11
ffiusmcial
RAILWAYS INVESTMENT
UNITED
COMPANY (Concluded)
by the United Railroads of San Francisco, all its receipts over and above fixed
Philadelphia Company, above the amount of dividends paid by it, having been retained
by the respective companies for their respective corporate, purposes.
Notwithstanding the unfavorable circumstances affecting the San Francisco properties, it appears from a comparison of this statement
with a similar statement of Messrs. Haskins & Sells for the year 1905 that the combined gross earnings of the properties for the year 1906
exceeded those for the year 1905 by §786,743 73, and after the deduction of all charges against the net earnings, the statement shows an
amount for the year 1906 applicable to improvements, betterments, extensions, sinking funds, depreciation and dividends of $5,479,558 71,
as compared with
$5,105,109 73 for the year 1905, an increase of $374,448 98.
No cash dividends were paid during the year 1906
charges and taxes, and all the surplus earnings of the
All of which is
respectfully submitted.
Jersey City, N. J., April 16,
ERNST THALMANN,
President.
1907.
INVESTMENT COMPANY
UNITED RAILWAYS
General Balance
Sheet—December 31, 1906
ASSETS.
INVESTMENTS—
United Railroads of San Francisco Stock—
200,000 Shares Preferred, $100 par value each;
Philadelphia Company Stock—
473,800 Shares Common, $50 par value each
199,989 Shares Common, $100 par
value each.
1'
$53,052,818 40
73,663 31
.
.
Other Investments
$53,126,481 71
Total Investments
CASH—
$2,665 74
5,000 00
4,616 90
New York Bankers!
Philadelphia Bankers
„
On Deposit to Pay Bond Interest
12,282 64
276,725 00
r
Total Cash
DEMAND LOANS
UNITED RAILROADS
..
DIVIDEND CERTIFICATES—
OF SAN FRANCISCO
Bearing interest at 6%
Bearing interest at 5%
Total United Railroads of San Francisco Dividend Certificates
INTEREST ACCRUED—'
On Demand Loans
On United Railroads of San Francisco Dividend Certificates
Total Interest Accrued
Two months’
proportion of dividend of 1 lA% 011 Capital
arid fixtures
Contingent asset—amount due from
Total
$1,92156
3,758 33
-
Stock of Philadelphia Company,
United Railroads of San Francisco
550,000 00
.
February 1, 1907.
Furniture
$150,000 00
400,^)00 00
_
5,679 89
declared November 23, 1906, and payable
and Philadelphia Company—subject to
236,900
00
624 25
103,471 97
adjustment
$54,312,165 46
Assets
liability to an amount not exceeding
$500,000, for accounts of the United Railroads of San Francisco, which it has guaranteed.
The dividends on the $20,000,000 preferred stock of the United Railroads of San Francisco are cumulative and are in arrears as from
NOTE.—At December 31, 1906,
March 31st,
the United Railways Investment
Company had a contingent
1906.
LIABILITIES.
Preferred Capital Stock—150,000 Shares, par value
Common Capital Stock—194,000 Shares, par value
Collateral Trust, Sinking Fund, 5% Cold Bonds
Preferred Stock Dividend Certificates—
Bearing interest at 6%
$15,000,000 00
19,400,000 00
15,750,000 00
$100 each
$100 each
$712,600 00
375,000 00
Bearing interest at 5%
Total
1,087,500 00
375,000 00
Preferred Stock Dividend Certificates.
Cash overdraft—New York Bankers
Notes Payable
Drawn under European Credts
United Railroads of San Francisco—Current
Vouchers Payable
Bond Coupons Due—Not Presented
Interest Accrued—
On Bonds
On Dividend Certificates
----—
-
Account
$487,027 38
00
1,000,000
603,875 00
*2,090,902 38
48,103 77
-
-
42 35
-
$131,250 00
16.501 21
8,916 68
-
-
On Notes Payable
On European Credits
4,616 90
2,549 67
—
159,217 56
396,782 50
Total Interest Accrued
Profit and Loss—Surplus
Total
*
$54,312,165 46
Liabilities
This indebtedness had,
prior to April 16th, 1907, been
reduced to, approximately, $135,000.
Investment Company, have examined
the stocks which it holds, and
accompanying Statement of Income and Profit and Loss are correct
the close of business December 31, 1906, and the result of its operations
audited the books and accounts of the United Railways
have verified its loans and its cash (on deposit), and
WE HEREBY CERTIFY That the foregoing Balance Sheet and
and represent respectively the financial condition of the Company at
We have
for'the year
ended on that date.
New York,
(Signed) HASKINS
Certified Public Accountants.
r
April 16, 1907.
UNITED RAILWAYS
STATEMENT OF INCOME AND
INVESTMENT COMPANY.
PROFIT AND LOSS, AS
FOR THE YEAR
CERTIFIED BY MESSRS. HASKINS &
ENDED DECEMBER 31, 1906.
Income—
Dividends
on
Dividend Certificates, &c
Total
General Expenses—
Directors’ and Auditors’
Other Income Charges—
—
Fees, Taxes, Salaries, Printing,
Interest on
Bonds
on
Dividend Certificates.
on
Loans
$1,334,222 63
-
------
Interest
Interest
SELLS,
$1,295,397 83
38,824 80
Stocks Owned
Interest on Loans,
$28,897 24
$525,000 00
37,877 23
19,233 08
$582,110 31
Postage, &c
-
-
Total
-
611,007 55
-
Total
$723,215 08
Net Income for the Year
Profit and Loss. Credits—
Surplus at beginning of year
Adjustment of Book Value of Philadelphia Company
'
Stock, being the amount of underwriting commission
—
40,000 42
received $433,567
00
473,567 42
Total.
Profit and Loss—Gross Surplus
Profit and Loss-Charges—
Donation to San Francisco
SELLS,
$1,196,782 50
Relief Fund
Dividends
—
-
$50,000 00
750,000 00
800,000 00
Total
Profit and
Loss—Surplus December 31, 1906
396,782 50
XVIII
THE CHRONICLE.
[VOL.
LXXXIV.
Fitraucial.
Cable Address:
Codes Used:
“Houtfht” Chicago
Lieber and ABC 5th Edition
PcabodvHouglifeling & Co.
(Established 1865)
181 La Salle Street
CHICAGO
We carry at all times a conservative line of
high-grade Investment Securities including:
CHICAGO REAL ESTATE MORTGAGES
In amounts of from
$1,500 to $100,000 each secured upon valuable improved Chicago Real
judgment in such important requirements as valuation of security, quality of improve*
ments, desirability of location and income value is the result of over
forty years’ active and conEstate.
,
Our
tinuous experience in the
Chicago field.
Such mortgages yield from 4 to 6%.
CHICAGO REAL ESTATE SERIAL GOLD BONDS
In denominations of $500 and
Apartment Buildings,
or
$1,000 each, secured by first mortgage upon high-grade modern
upon large modern down-town Office Buildings—a most convenient and
desirable form of investment
yielding 43^ to 5J4%.
RAILROAD, TRACTION AND PUBLIC CORPORATION BONDS
Having behind them in every case a substantial margin of security, successful history,
ample
earnings and sound management. Such bonds yield from 5 to 53^% net.
STEAMSHIP
First
Mortgage Serial Bonds secured
BONDS
modem Steel Steamships on the Great Lakes enjoy
enviable reputation in the investment market.
After a most searching investigation we have
been unable to discover a single instance of default in interest or
principal in such issues. Such
upon
an
bonds
are a
legal investment for Michigan Savings Banks and yield about 5%.
INDUSTRIAL BONDS
Secured upon such stable natural
steadily increasing in value and which
for the protection of
Timber, Coal and Iron Ore Lands, which are
developed as to have ample income-producing capacity
resources as
are so
principal and interest.
Also the bonds of well known manufacturing cor¬
porations having long established and successful history. The
margin of security in such bonds
is invariably very large, and the bonded debt is
always payable in substantial annual or semi¬
annual amounts, thereby
increasing the value and safety of the investment from year to year.
These bonds net from 4% to 6%.
Descriptive Circulars
and Prices will
be sent
promptly
on
application.
ANNOUNCEMENT
We
are now
established in
our new
offices
the
Banking Floor of the Borland Build¬
ing, at the Southeast Corner of La Salle and Monroe
Streets, Chicago* where
we are more
conveniently located and better equipped than ever to care for our rapidly increasing
business.
on
0
financial
ronirb
INCLUDING
State and City Section (semi-Annual)
Section (Monthly)
Bank and Quotation
Street Railway Section (’nt^L^-)
Railway and Industrial Section (Quarterly)
Week endjng May 4.
Clircmidje.
Clearjngs at—
.$14 00
0 oo
For One Year
For Six Atom Its
Subscription (inelin.ing postalji
r
0)
50
14 8.
11s.
50
Ill
7
£2
A1
$11
European SuliM-ripl i«.n (including postage)
European Subscription Ox nmnt hs (including p 'stage
Annual Su isrript ion in London (including p s.agc)
Six Months Subsrrin* it n in Lom’on ( including postage)
■
Boston
Providence
Hartford
New Haven
Subscription includes following Sucjdem'nts—
Transient multi r per
_
'
Holyoke.
.
..
Eng.
...
Cincinnati
Cleveland
$1 20
Detroit
Milwaukee
22 00
Indianapolis
> Thm-M..ntl« <Kttim,-s>
29 00
50 00
Twelve Months (52 times)
87 00
Columbus
Toledo
Peoria
Grand Rapids
imii spare (14 agite lines)
,
CHICAGO OFFICE—P.
Worcester
Fall River
New Bedford.
Chicago
Advertising—Per Inch Space
Standing ISnsin.-ss rai ds
Portland
Total New
QroTATiov (monthly!
! S’ atk and City (semi annually)
Railway a.nD 1 Mil'siKiAl. (quarterly) | STMiET Railway (3 times yearly)
Terras of
Springfield
Lowell
B 1 NK and
.
(
(s times)
Two Mouths
191.385,906
..
Bartlett, 51:5 Monadnot k Block; Tel. Harrison
Smith, 1 Drapers’ Gardens, E. C.
4012.
Evansville
LONDON OFFICE—Edwards &
AM
WILL
COMPANY, Publishers,
B. DANA
Pine Street, Corner
Post Ofliee IIox
Lexington
Youngstown
Akron
of Pearl Street,
NEW YORK.
958.
Bloomington
South Bend
CLEARING HOUSE RETURNS.
Springfield, Ohio
Rockford
following table, made up by telegraph, &c., indicates
clearings of all the clearing houses of
the United States for the week ending to-day have been
The
that the total bank
and
$2,699,294,620, against $3,077,849,558 last week
$2,941,486,291 the corresponding week last year.
Per
Clearings—Returns by Telegraph.
Week ending May 11.
New York
Boston
i
1907.
1906.
$1,318,005,856
$1,616,304,670
127,144.700
116,964,790
21,720,475
216,240,191
53,219,391
14.490,029
Philadelphia
Baltimore
Chicago
St. Louis.
New Orleans.
•
Seven cities, 5 days.
Ot her cities, 5 days
Total all cities, 5
All cities, 1 day
days.'.
Total all cities for woek
Cent.
—
18.5
129,765,899
—2.0
115,353,454
21,874,563
175,290.898
47,872.368
14,362,207
+ 1.4
—0.7
+ 23.4
+ 11.2
+ 0.9
$1 ,S67,785,432
$2,120,824,059
368,497,984
327,946,218
$2,236,283,416
453,011,204
$2,448,770,277
492,716,014
$2,699,294,620
$2,941,486,291
...
Quincy
Jacksonville, Ill.
Decatur
i
Mansfield
Jackson
Ann
Arbor
,
489.805
215,908,627
204.069,518
+ 5.8
210,520.340.
275,575,735
26,492.800
17,552,141
14,555,932
10,920,009
237.232.602
+ 16.2
+ 1.3
+ 8.0
225.102.188!
Tot. Mid.West.
1,585 .281!
San Francisco...
Los Angelas
r,467
1.716 .1691
1,331 ,1441
M04 .40(51
614.377
..495
.760!
5,752 ,645
1.769 ,195
923 .330
412 .757
388 ,900
[,236 ,050
400 ,000
Spokane
Tacoma
Helena
Fargo
Sioux Falls
Oakland
San Jose
...
8.7
—6.0
438,7711
435,363
428*005!
430.163
328.374'
282,352
—
1907.
S
New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Washington
Albany
Inc. or
Dec.
1905.
1904.
%
$
$
S
7,422,176
5,904,165
5,214,700
2,814,250
2,837,696
2.066,842
1.466,675
1.566.019!
1.335.407
—2.9
938,871!
672.484
957,923,
891,606
869,588'
553.173
855,296
583,693)
632,150
555,700
582,471!
444.379!
451,317j
369.084i
426.886;
435,000'
470.421
284.659
290,862
277,647
162.791
4-3.1
566,000
573,504
439.420
368,630
392,188
413,571
397.051
328,690
203,639
222.768
127.368
2SS.799.549
11.697,734!
+ 8.7
8,617,438
4.955.338
4,228.128
4,295,455
3.621,771
913.640
455,915
352,547
3.200,000
Not included
—3.3
+ 43.4
+ 323)
+ 57.2
9,956.928
5,503,753
4.344,335
3.806.004
3.169,241
3.102.801
491,755
525,623
7.571.161
4.018,401
3.302.761
3.010,716
2.398,439
.
Fremont
Lincoln
'
St. Louis..
New Orleans....
Louisville
Houston
Richmond
Galveston
Nashville
+31.7
42,337,966 +130.o
24.357,778
+ 23.0
—8.1
24,005,668
+ 16.0
9,884,871
7.808.270 + 22.8
6,597,049
+ 20.4
5.008.260 + 13.7
2.989.395
+ 3.9
1.90.5,963
4-20.1
1.451.395
+ 5.1
1,20.3,743
+ 12.5
+ 0.8
831.377
676,406
+ 3.5
606,090
+ 11.1
449,295 + 32.8
—5.3
303,828
1.141.182
+ 21.3
67.647,065
52.993,057
20.733.143
18.840.785
8,138,036
6,290.846
6.224,293
4,050,307
2.734,449
1.672,244
1,267,739
1,059.435
1.030,752
693,995
600,670
357.635
205.727
18,830,938
19,132,852
•8.231,085
6,630,524
4.794,350
4,396.733
2,884,252
1.394,485
1.103,318
1.019.880
89.220.510
+ 11.5
73,899,956
70.478.774
57,487.404
+ 2.2
+ 3.2
+ 10.4
+ 51.0
+ 0.4
+ 13.1
—24.0
—1.2
13.0
+ 16.1
+ 21.5
—0.0
+ 15.8
13.7
+ 25.0
+ 39.8
1.7
+ 66.0
+ 25.9
+ 6.5
+ 14.0
—5.8
+ 20.0
—20.9
+ 40.0
57,206,079
54,347,043
16,091.036
12.896,904
(i,81!),147
4.972,788
4.931.000
3.326,653
14,174.170
12,052,238
5.499.151
4,133,268
3,366,000
2.404.040
3.958,539
2.661,828
3.133,330
1.494,258
1.849.574
1,298,789
1.279.450
tntni
in
4,406.785
4.322.8.50
2.838.420
2,748,712
2.152.441
1,564,869
1,341.794
1,327,001
1,284.574
1.200.00:
Atlanta
Fort Worth
Norfolk
Birmingham
Augusta
Knoxville
1
Mobile
Charleston
Jacksonville
Little Rock... ,_i
Chattanooga
Macon
Columbus. Hi
Waco
.!
....
1.954,508
645.428
352,256
253,779
—9.5
+ 10.3
+ 1-1
4,572,629
Memphis
29,456.208
274.089
+ 1.1
17,707,216
12,367,635
S.015.909
6,098,661
5.586.000
5.278.493
Savannah
1.838 644«691 2.590,218.488 —29.0 2.193.254.135 1.297.582,175 Wilmington.N.C.
111 ,214,847
162.367,237
—8.5
173,443.076
158.783.502
45,000,554 Beaumont
53.661.231
+ 7.9
53.221.820
57.430,370
20.696,611
Total Southern
—7.9
25.661,091
32.377,001
29,830.159
7,380,216
7,287.668
8,346.562
+ 14.1
9,519,991
Total all
4.771.948
5,800.556
+
3.4
6.545.271
6.770,377
Outside N. Y-.
4,103.596
5.218.854
6.283,710
+ 35.9
8.540.639
3.327,403
4.281.311
10.1
5,534.776
Canada—
4.974.684
1,754,744 Montreal
1.954,245
+ 6.8
2,314.210
2.470.876
1,652,490 !
1.706.500
—3.2
2,225.387
2,154.016
Toronto
1,243,458 i
1,259,813
+ 2.5
1,374.607
1,408.336
1,195,826 ! Winnipeg
1,128,148
+ 12.2
1,336,816
1,500.142
Ottawa
995,026 1
1.065.341
+ 5.3
1,261.519
1.328.727
Vancouver
769,015 j
968,917
—7.4
1.228.40S
1.137.031
Quebec
438,052
511,150
+
2.1
6?1.426
685,858
Halifax
516.592 |
471,823
+ 4.1
552.554
575.244
Hamilton
488,911 i
463.916
+ 4.8
545,175
571,227
London
504.500
553,700
1.7
533,500
524.300
St. John.
249.302 !
+ 40.2
223,385
188,174
263,763
i Victoria
900,000 + 20.0
1.080,000
157.613 022
203.977.679
2.3,145.450
15.161.856
10,368,288
1 .lOO.Ofb
1.267.3.51
681.781
371,551
1,100,000
428,10!:
350.000
4,778.193
3,471,957
3,768,850
2.834.037
1.619,624
1.567.519
1,578.681
1.343,441
—
—
—
+ 6.5
145,60(5.265
.849, 558 3,707,946.325
.204 867 1.117,727,837
.098 812
917.813
441.294
517.963
182,687
1,260,849
1.082.507
1.245.722
1 .235.747
1.058.233
1.044.481
531.735
1,210,437
880,189
76 4.374
810,573
276.500
230,478
1,120,000
500,000
118.490,584
3,272,070.440 2.192.201,452
894.078.677
1,079,816,305
325.009
134.005.864
—
Rochester
Scranton
Syracuse
Wilmington
Reading
Wilkes-Barre
Wheeling
1906.
1.472.343
1.327,078
950,738
480.721
593.635
458.880
319.15S.194
36.472,936
Colorado Springs
Cedar Rapids
Pueblo
Week ending May 4.
Clearings at
3,748,570
2,318.230
1,678,084
+ 25.7
—1.1
.
Tot. oth.Wcst
6.686,800
+10.1
Davenport
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week
has to be in all cases estimated, as we go to press Friday night.
We present below our usual detailed figures for the previous
week, covering the returns for the period ending with Satur¬
day noon, May 4, and the results for the corresponding
week in 1906, 1905 and 1904 are also given.
Contrasted with
the week of 1906 the total for the whole country shows a
loss of 17.0%.
Outside of New York the increase over
1900 is 10.9%.
S
137.897,943
337.609,566,
Wichita
covered by the above will be
1904.
1,598,680
2,479.776!
+11.9
+ 10.1
234.757,
155,209
Topeka
The full details for the week
3,411,3291
3.20 >,9351
14.9
+ 34.4
+ 15.7
+ 16.0
+ 21.0
+ 40.2
+ 5.8
+ 45.2
—5.0
+ 12.6
+ 3.8
463,2071
Sioux City..
—8.2
24.593.300
16,493.734
12.156,816;
8.377,866
6.202,883;
5.315.000
—
473.902!
St. Paul.....;.:
Denver
St. Joseph
Des Moines
—
479.539,
+ 15.5
+9.8
—7.3
—14.2
+ 9.4
+9.1
—4.3
+26.7
493.055;
City
Minneapolis
Omaha
2.099,3711
800,450
646,816
564,4821
+ 7.1
560.800
Total Pacific..
11.9
+ 12.4
-
862.624
791.295
643,258
615.799
Kansas
—
—3.5
+ 2.6
26,151,800
16.246,401
13.595,172
9,457,637
7.388,189
5,620.600
4,436,640
3.014.777
2,501,772
1.913.594
1,504,967
,8671
Seattle
Portland
Salt Lake City
i
187,749,989
7.760.300'
3,694,130
2.169.915!
2.607.681,
1,947,667!
+ 6.5
—5.6
+ 4.8
520,125
547,444
827.505
649,000
572.037
573.459
649.460
464,094
632,147
406,741
484.221
340.916
315,897
258.500
169 non
Canton
J,
—8.2
+ 9.5
+ 23.8
+ 24.2
—4.4
+ 6.2
782,595
....
5
8,581.800
3.906,648
2,714,571
2.474.522
2.143,441
1.817,595
861.574
833.146
1.084.9941
Kalamazoo
Fort Wayne
1905.
%
8.103.300
4.093.667
2.619,978
2,537.835
1.967,770
1.990,681
1.066,818
1.034,932
587,615
8.110.736
5.212,400
3,805,941
3,297,439
2,729.231
1.795,656
1,906.593
NS 1.657
Dayton
Inc. or
Dec.
$
179.632.039
S
Subscription—Payable In Advance
Terms of
1S03.
1907.
PUBLISHED WEEKLY.
Canadian
NO. 2185.
SATURDAY, MAY 11 1907.
VOL. 84.
...
Erie
Chester
Greensburg
Binghamton
Franklin
—
...
Harrisburg
Total Middle..
—
2,128,193,933 2,889,102,460
—26.3 2,467.839,021 1,503,885.266
j
Total
Canada
16.0
32.150.309
10.4
27,033.110
8,151.545 +50.6
2,546.067
+ 29.8
2.276.971
+ 44.8
+ 6.4
1.741.077
7.4
1,727.963
+ 3.7
1.670.356
—4.4
1,37.5.151
1,315.184!
+ 0.9
1,180,192
1,190,526,
+ 23.1
767,265
944,475;
700,009 + 71.4
1,200.000
882.195 Not included in total j
27,034,637
22,1 1 1,013
7.405,053
2,310.798
1 ,605,413
1 .843.87!)
1 ,912.285
1.436.641
1 .157.390
1 ,080.123
811.113
—17 !
08.708.377
27.011.126
24.217,387
12,278,692
3.30.5,599
3.296.757
1.852.699
1.609,009
1.731.804
79.944.1.50
—
—
—
81.326.036
20,837.689
15.790,331
6,394.972
2.489,318
1.356,305
1,758.178
2,004,285
1 .178.494
1.033.568
1117.599
500.550
54.461.289
1078
THE CHRONICLE.
[Vol.
LXXXIV.
That is by no means saying that the one-man
power
is desirable.
Such a situation would be in
keeping
with Russian ways, but is by no means as a rule com¬
THE FINANCIAL SITUATION.
The
political outlook, at least so far as the Repub¬
lican Party is concerned, has the current
week, accord¬ patible with our own institutions. The old town
meet¬
ing to present appearances, passed out of its foggy
ing is what political arrangements in the United States
surroundings into a much clearer atmosphere. The grew out
of, and though not perhaps suitable as an
most important announcement
along these lines is exact sample to copy for
present use, it is a kind of
that Senator Foraker and his Ohio followers have an¬
arrangement that does not breed autocracy. Governor
nounced themselves as in favor of Mr.
Taft; that the Hughes consequently must not be
surprised if conserva¬
Republican leaders of Ohio would be called together tive circles are
earnestly
opposed
to having his Utilities
at Columbus May 15, and that
they expected a unani¬ bill so worded as to give him absolute
power to appoint
mous
declaration
as
the
on
that occasion in favor of Mr. Taft
party’s choice in that State for the Presidential
nomination.
and
easier for
it
commissioners.
the Governor to
remove
were
No doubt it would be
execute
the
measure
if
in the form he
wishes; and as Mr. Hughes is
substantially settled the question honest,and will be guided only
by good motives, so
as to who will be the candidate named
at the general far as his
judgment is faultless, no one questions the
national convention of the
party. There was no one intent. On the other
hand, it should be kept in mind
in the country except Senator Foraker who could have
that equally good motives and not
captious opposition
This looks
as
if it
put up a formidable opposition to Mr. Taft; with Mr.
Foraker’s withdrawal the way seems to be clear for
the choice of Mr. Taft as the
candidate, and presum¬
has been
moving those who desire to have the appoint¬
ment
and removal
power
limited to the Sen¬
ate’s approval. We cannot forget that
long usage
ably clear as to his election. He is a man whom every in such cases is the safer
precedent to follow. Much
one respects, and no
opposition can be made to him the same sort of
reasoning leads to the conclusion with
except on the ground that he is the heir to the place reference to the
court-re view provision of the same
appointed by the present ruling President and his bill. Nor are these all the
objectionable provisions
designated representative of the policies he will in his bill.
have been foremost in
advancing during nearly
eight years when his present term expires. This
A favorable
development of the week in textile
action
has
a
hopeful aspect, as it scatters circles has been the
wage adjustment agreement
some hitherto
disturbing doubts. There can be no entered into between the
representatives of the opera¬
question hereafter as to an impending third term; that tives and the
Manufacturers’ Association at Fall
danger is wholly removed. What is also h ghly im¬ River. It marks
quite a distinct departure from the
portant is that Mr. Taft is an extremely able, many- methods
employed in adjusting wage differences be¬
sided man of sound judgment.
He is not controlled tween mill owners and
employees in recent years.
by pride of opinion, petty prejudices nor by a hysterical Strikes, or threats of
strikes, lock-outs, long periods
temperament. If time should prove that any of the of idleness and
ultimate considerable loss to the wagerecently enacted laws are working industrial mis¬ earners have been the usual
accompaniment of most
chief, he will not hesitate to urge remedial legislation,
struggles for more pay. But now we have the adop¬
notwithstanding he wears Mr. Roosevelt’s mantle.
tion of a scale, acceptable alike to stockholder and
Another incident, which ostensibly is
expected to help workman, without any particular antecedent friction.
the same tendency of the
Republican Party towards The new agreement, which goes into effect
May 27th,
consolidation, has been the practical withdrawal of the and is
binding upon both parties for a period of six
Senatorial opposition in the New York State Senate
months, practically assures an advance of 10% in
to Governor Hughes’s Public Utilities bill. The
exact
wages to the cotton mill operatives in Fall River.
shape this issue has now taken cannot be fully under¬ Under it an
adjustment is to be made each half-year,
stood or the effect of the
change be reckoned with the last Monday in May and November
respectively,
until the Utilities measure is
passed and signed; up to the basis of which is to be the
average margin between
that time we can hardly know what we are
discussing. cotton and cloth the preceding .six months.
There has been a large opposition within the
Repub¬
The prosperous condition of affairs in the cotton¬
lican Party in the Senate to
leading features of the manufacturing industry of Fall River,and the
willing¬
proposed measure, and on questions of vital importance, ness of mill owners
to have their employees share in
involving principles of great moment, principles which the
present prosperity, made the reaching of the agree¬
we cannot believe have been or
can
be shaken off ment a
comparatively easy matter. Not only have
in a night.
The public, as we have said, will have to the
operations of the mills shown excellent financial
wait until the measure has been
passed, and until its results for some little time
past,but the outlook for
purport is known before a correct judgment can be the future is
considered bright.
The quarterly distri¬
reached.
If the bill when enacted
desires of
shall
the
Governor
as
accords with the
heretofore expressed, we
be
butions to stockholders in the form of dividends have
been very satisfactory for many recent
periods, and
greatly disappointed in the utter surrender particularly
so in 1907, the average rate for the first
opposition; it evidently was based on quarter having been
2%% and for the second quarter
sound principle and should not have been abandoned.
about 234%, or 4.70% for the
half-year. For the
corresponding half-year of 1906 shareholders received
Absolute efficiency can only be attained when all on the
average only 3.26%, and in 1905 but a little
power is lodged in one man.
The nearer a corporation over 1% (1.15%). In fact,.not since 1900, when the
or a government
gets to that position, the more nearly six months’ dividend payments reached
4.44%, has
t comes to reaching a state of relief from
many sorts there been such a favorable showing.
It is also worthy
of
of the Senatorial
friction
met
with in the
operation of
a
statute.
of mention that all reports
agree
in stating that the
May 11 1907. j
mills
generally have made earnings substantially in
excess
of dividends.
1079
THE CHRONICLE.
indicating less resistance to the efforts of the
Bank of France to the procurement of the metal that will
be offered on Monday instead of greater resistance.
of
a
penny,
surroundings have been of interest the
Other than the foregoing and an increased sensitive¬
current week.
On Monday there were somewhat con¬
fident expectations that gold would soon be shipped ness in money, nothing of a financial nature had any
hence to Paris as an arbitration operation.
Such ex¬ special influence on the movement of Wall Street
pectations were based upon the low rate of 25 rancs affairs until Thursday. Then the early market, which
14^2 centimes for exchange at Paris on London, upon had been almost stagnant became notable for de¬
the advance in short sterling at New York on the clines in the Metropolitan Company and Brooklyn
British capital to 4 8655 and also upon the rise in the Rapid Transit, Ac., said to be due to a belief that the
price of gold bars in the London bullion market to Public Utilities bill in its present shape would affect
77 shillings 9jk£ pence per ounce, the latter indicating harmfully these and other local properties.
It was not
active competition between the Banks of England and till between 2 and 3 o’clock of that day that the details
of France, as was the case in the previous week, for the were made public of the stock and bonds to be issued
metal from South Africa which was offered in the by the Southern Pacific and Union Pacific railroads,
market on that day.
Though computations .showed the particulars with regard to which will be found in
that there would be no profit to American shippers in our ‘“Investment and Railroad Intelligence” depart¬
exporting gold to Paris, even if the factors above ment. The character of these announcements differed
noted should remain unchanged, it was regarded as materially from what had been anticipated by investors
probable that if the requirements of the Bank of and dealers,and were followed by a severe decline in
Up to
France or of French bankers for gold were sufficiently Union Pacific and Southern Pacific securities.
urgent, inducements might be offered to American that time the security market had been very quiet,
bankers—in the form of an allowance of interest on much like the previous week.
Indeed, operators at
the metal while it was in transit—which would so far the Exchange, as a result of the persistent absence of
eliminate the time-cost of the operation as to enable a any outside demand for stocks, had turned their
cable transfer on London to be drawn for-the reim¬ attention to taking chances in the breadstuff’s and
cotton markets.
This was quite natural. With liter¬
bursement of the exporters.
On Tuesday there was an unexpected reversal in ally nothing doing in stocks, and no signs of a better
exchange conditions which deranged all calculations situation in the near future in that direction, at a
of possible exports of gold, at least at present,
lax- moment, too, when no little doubt attends the outcome
change at Paris on London advanced 11 o centimes and of crops in both the United States and Europe, the
sight sterling and cables at New York on the British field for the operator,buying and selling commodities,
capital became weak,and on the following day much was certainly more inviting where activity prevailed
lower rates for these classes of sterling were recorded. than struggling with the prolonged clulness of the
One reason for the decline in our exchange market security market.
was the offering of bills against a matured installment
The report on the condition of the winter-grain crops
of corporation notes which had been negotiated in
Paris some weeks ago.
It was suggested that the rise May 1, issued by the Agricultrual Department yester¬
in exchange at the French capital on London was due day, indicates, as expected, a considerable deteriora¬
tion during the month as a result of the decidedly
to the transfer to the latter centre of the credit result¬
ing from the above-mentioned note negotiation; this adverse weather. In fact, the condition of winter
suggestion seems to be reasonable, for by Wednesday wheat is placed at only 82.9, which compares with
89.9 on April 1 this year, 91 on May 1 1906 and 92
exchange at Paris on London declined
centime.
The'abrupt changes in the factors of exchange at on May 1 1905. In some of the more important wheatNew York and at Paris on London which have occurred producing States the contrast between this year and
this week seem to show a need for caution oh the part last is very marked, the condition in Kansas May 1
of any bankers who may be inclined to undertake this year being given at 82, against 87 last year;
gold exports as an arbitration operation. Unless they California, 79 against 89; Ohio, 77 against 94; Indiana,
74 against 94; and Oklahoma 72 against 93.
can have the assurance of the elimination of the timeIt
is
found
that
the
cost, either through the allowance of interest on the
percentage of abandoned acreage, as
a result of the damage by insects as well as the weather,
gold or otherwise, exports of the metal as an arbitra¬
tion operation will be hazardous.
A movement of is quite large, the area remaining in cultivation on
the metal hence to Paris appears to depend upon the May 1 being reported at about 28,132,000 acres, as
urgency of the Bank o
ranee’s requirements. If compared with 31,665,000 acres sown last fall, or a
these can be satisfied in’ he or inary way—that is to loss of 3,533,000 acres—over 11%.
The above represents, of .course, the condition of
say, through regular exch ng transactions—the Bank
moderate premium on the the crops at the close of April. Since the first of May
may be disposed to pay
gold it seeks to procure at London,without offering however, there has been, according to the United
inducements to American bankers to forward the States Weather Bureau, a continuation of unfavorable
metal from New York.
Should, however, the price conditions over most of the country. The bulletin for
of gold be much further advanced at the British capital the week ending Monday last (May 6) reported ab¬
before the French demand shall have been satisfied, normally cold weather quite general,with temperatures
it may be a question of cost whether to draw the gold much below freezing in many sections and heavy frost
It has over northern districts, and light to heavy frosts as far
from London or to attract it from New York.
south as Northwestern Texas. * What further deteri¬
so happened, however, that instead of a further ad¬
oration has occurred remains for time to determine.
vance in gold, the price dropped yesterday!(Friday) \i
The financial
,
»
1080
THE CHRONICLE.
It is
interesting to note in this connection that
Europe indicate, on the whole, a
rather unsatisfactory cereal crop situation.
But, as
bearing upon the demand for our cereals the coming
season, ad vices from Argentina attract more attention.
Although not as yet a great producer of cereals, Argen¬
tina is steadily gaining prominence,
especially in the
corn markets.
The news from that country, therefore,
to the effect that the injury to the corn
crop is even
greater than hitherto believed, is important. The
general impression is now stated to be that from the
area under corn
(which has been greatly extended
during recent years) the actual yield this season will
not much, if at all exceed, one-third of a
bumper crop.
As last year users of corn in
Europe largely increased
their takings of Argentina corn at the
expense of our
latest advices from
export trade in that cereal, the importance of this news,
if true, becomes apparent.
Self-inspection is often recommended as a good rule
for the individual.
Why would it not be an equally
[VOL.
LXXXIV.
Ways and Means of the Massachusetts Legislature
speaking in favor of the proposition. Mr. Tuttle
some
interesting and significant remarks anent
the state of things existing in that Commonwealth to¬
day. He pointed out that if the people of the State
wish Massachusetts capital to be invested in Massa¬
chusetts industries, the laws must be so framed as to
made
induce such investment.
The present laws and sys¬
are not such as to tempt investors.
tem of
doing business
example, if an existing railroad wishes to build a
branch which will cost $2,000,000, the stock for the
improvement must be issued at the market price,
which may be $165, but a newr
company could be
formed for a subscription for the line and issue its
stock at $100 per share.
In this way the stockholders
of the new corporation could receive
7% while stock¬
holders of an existing railroad for the same investment
could receive only about 4%.
A commission for the
study of the subject, he argued, would be a good thing,
especially if it led to the re-framing of the laws which
are now
driving Massachusetts capital out of the State.
A railroad which is incorporated in another State
may
come
into the Commonwealth and buy stocks of
Massachusetts corporations, but a railroad incorpo¬
For
good rule for our various State legislatures? Instead
of copying one another in their haste to
put crude and
ill-considered legislation on the statute
books, wTould
it not be better to make an
investigation and determine rated in Massachusetts cannot do so. Her restric¬
whether the laws already in force are
proving beneficial? tive laws hold returns on many investments
We mustereditour law-makers with
good motives even down to about the same return which eould be had in a
when they act in response to some whimsical
impulse savings bank, and most people, he observes, prefer the
or the
unreasoning dictates of popular clamor. First savings bank—a statement, of course, that cannot be
and last
we
must assume that it is their desire to
pro¬
mote the
are
public weal. They obviously imagine they
acting to that end when they co-operate in the
effort to create
State
legislation,
every
are
new
laws.
Yet the statute books of
controverted.
means an
are
of it vicious in character and all of
not
one.
of Massachusetts is
by
no
Many other States also have
engaged in attempts to create the same. Why
now' change our tactics
by emulating our legis¬
lative
brethren
when
Many
.they are engaged in beneficial
it mischievous in its tendency
of these objectionable laws no
and operation/
attempt is ever made
to
enforce, because their baneful character is so obvious
or because
public sentiment would not endorse efforts
to make them efficacious.
isolated
case
harmful laws in operation, and where such statutes
do not exist the legislatures, out of a mistaken
zeal,
already overloaded with much harmful
some
The
Still others
moves
rather than in
questionable ones?
Is not the
suggestion worth careful consideration?
we are
certain that much
good
At all events,
w'ould result if the fact
being scru¬
recognized that, for the general prosperity,
pulously executed without any one paying particular what is needed is, not more legislation but less
legis¬
attention to the injury they are
working to the com¬ lation.
munity. Instead, therefore, of joining in the move¬
ment to add to the volume of
There are indications at last that iron
legislation, is it not quite
production
possible that more glory and more advantage could be in the United States is to
expand in some measure
gained by repealing or modifying existing laws? We in the near
future, and this is an encouraging feature
all have a dee]) interest, whether we live in one State
—not that the output has not all
along been extremely
or another, in
seeing that in the general progress and large, but that for some time
production has been
advance our own particular
community shall not practically stationary at a moment when there ap¬
suffer.
Jt is obviously short-sighted and unwise if
peared to be no limit to the consumptive demand.
we
handicap and retard our home development to grat¬ The “Iron Age” of this city has the
present week made
ify a feeling of spite against capital or against moneyed public its usual
monthly-statistics, and they show
interests or large corporations, or yet because we want that in
April, a thirty-day month, the output of the
to be in the fashion and
join in a general crusade coke and anthracite furnaces was 2,216,568 tons,
are
were
r
against these various agencies
fare and progress of the whole
so
essential
to the wel¬
community.
Why
not. therefore, make a study of existing laws
with the view to seeing if they are so framed as to
allow growth and development to
against 2,226,457
tons in the thirty-one days of March.
In other words, with one
day less, the output for April
was
almost
large
as
that for March.
However,
figures do not give an adequate idea of the extent
go on unhindered to which production has
actually begun to increase.
and give the fullest freedom to individual action and
The “Age” points out that while 14 coke furnaces
initiative consistent with the common good. Governor were “blown
in” last month and only 4 were “blown
Guild of Massachusetts made
a
suggestion of this kind
recently, lie recommended the establishment of an
unpaid commission to consider the upbuilding of the
commerce and
industry of that State. About ten
-days ago President Lucius Tuttle of the Boston A
Maine
Railroad
was
before the Joint Committee
on
as
these
out,” making
a
net
gain of 10,
a
number of these
began operations in the latter part of April so that
they did not contribute greatly to the product of that
month.
It appears that on May 1 the 323 furnaces
in blast at that time had a
capacity of 523,912 tons,
while the 313 furnaces in-operation on April 1 had a
May 11 1907. J
1081
THE CHRONICLE
stock.
There are at least two conditions under which capital
stock may be prudently and lawfully increased. First,
when for any length of time the profits from the busi¬
ness have^ been withheld from the stockholders and
appropriated to betterments and additions to the
capital property. In such a case the stockholders
rightfully add to the divisional value of the property
by increasing the stock and distributing the increase
proportionately among themselves. Second, when the
management and directors of the company believe it
to the interest of the stockholders to make extensions,
improvements or additions to the property for the
payment of which the stockholders have not contrib¬
uted, then the stock may and obviously should be
increased and the stockholders be required propor¬
tionately to take and pay for the increased stock.
And yet both of these processes are almost uniformly
among some people and by some newspapers de¬
nounced as wrongful, and worse.
occurred in a number of directions.
No doubt there is excessive capitalization among
But is it so hideous a thing as we are
Under the name of the Morganfield <fc Atlanta Rail¬ some railroads.
road the Louisville & Nashville Railroad has built 28 asked to believe? It is not criminal. It is not some¬
miles of road from Providence to Morganfield, which thing done secretly and in the dark.
It must neces¬
began operation on Saturday last. At the opening sarily be public and known to every one. Inflated
celebration, Mr. J. H. Ellis, Secretary of the Louisville securities are justly measured where values are fixed
Nor has over-capitalization
& Nashville Railroad, delivered an address on “Rail¬ and no one is deceived.
way Stock and Stockholders” in which he dealt at the remotest connection with the adjustment of rail¬
length with the present wave of hostile legislation road rates. They who talk of shippers and the travel¬
against railroad interests. It was a felicitous occasion ling public being burdened with extortionate rates
for dealing with the subject.
Local residents wrere re¬ that the railroads may pay dividends on excessive
joicing over the boon of railroad facilities, so long capitalization are ignorantly associating two entirely
denied to them, and hence wTere in a position to appre¬ separate and independent things.
With any given
ciate the value of railroad connection with the outside schedule of rates, a railroad, however prudently oper¬
world and the importance of throwing no obstacles in ated, can earn but a certain sum from a given volume
the way of other communities obtaining the same of traffic, and what matters it if that sum be 3% on
advantages. Mr. Ellis gave some interesting facts $100,000,000 or 6% on $50,000,000. Even supposing
with reference to the early history of the Louisville A a railroad to be so capitalized as to preclude, under
Nashville which we have not space to repeat here. ordinary conditions, the paying of anything to its
by throwing
But what he said concerning the spirit of antagonism stockholders, will it mend matters
illegal restraints as to
towards railroads will appeal to a wide constituency. around it such legal or
Mr. Ellis
He points out that it is not alone the interests of stock¬ render it forever impossible to do so?
holders that are threatened by intrusive legislation of urges
that there is grave inconsistency in the
.this kind.
For if serious reductions in rates are suc¬ position of some notable
persons and in the
minds
of
many thousands of people on the railroad
cessfully enforced the consequent reduced income of
the railroads must result in diminishing expenditures question; for while uttering all manner of intem¬
and so the whole thing will react on the public.
The perate things about possible or impossible evils,
propose
for enactment laws
which will
average railroad manager desires but two things—first they
to give the patrons of his railroad the very best deprive the railroads of the means of correcting them.
service in
the power of his company, at the This is undoubtedly the correct view to take and it is
lowest possible
rates, and, second, to so operate to be hoped that in time the fact can be clearly im¬
the property intrusted to him
that the stock¬ pressed upon the public mind.
holders, who are his principals, shall receive a fair
There was no change in official rates of discount by
return upon their investment.
The average railroad
man is honest; he willingly wrongs no one arid he is a
any of the European banks this week; compared with
last week unofficial or open market rates were J/g of 1%
good citizen.
Coming to the matter of “watered” stock, Mr. Ellis lower at London, steady at Paris and % of 1% higher
capacity of only 497,756 tons. Hence, on May 1 the
capacity was over 26,000 tons per week larger than
on April
1, an increase at the rate of almost 1
million tons a year.
Furthermore, since the beginning
of May, three more furnaces of large capacity have
become active and these will add 6,000 tons additional
to the weekly capacity. Our contemporary points out
a noteworthy fact, namely that the increase
in output
and in capacity is almost entirely due to the works
of the steel furnaces. These made in April 1,446,7S8
tons as compared with 1,424,827 tons in March.
That the steel works are enlarging their output of pig
iron cannot be deemed strange, for it is these same
steel works that are in most urgent need of pig iron
for conversion into steel, so as to satisfy the steadily
increasing demand for the latter; for it is indisputable
that up to the present time the consumption of steel
is being maintained at the highest totals ever reached ,
notwithstanding the adverse developments which have
that if one were to judge solely by one case of some
notoriety, there is ground for complaint. But the
trouble lies in the easy way in which perfectly legiti¬
mate and lawful increases of capital stock are by non¬
reflecting people lumped with really reprehensible
transactions, such as have lately been so prominently
before the public.
The capital of the Louisville A
Nashville has been increased from $3,000,000 to $60,000,000 without there being one drop of so-called
water in it at any time.
He well says that there is a
says
vast
deal, of nonsense talked about watered
at Berlin and at
The
Frankfort.
striking feature of the statement of the New
York Associated Banks last week was the
in the
This
surplus
was
due to
reserve
a
decrease
by $5,522,150, to $6,824,625.
loss of $1,918,000 in
cash and to an
$3,604,150 in reserve requirements. Loans
expanded by $16,902,700 and deposits were aug¬
mented by $14,416,600; about $7,000,000 of the in¬
crease in loans and in deposits resulted from the in¬
clusion in the statement of the returns of the Four-
increase of
were
1082
THE CHBONICLE
teenth Street Bank, which was admitted to member¬
in
the
Clearing
week. The
bank
statement
of this
week
should
reflect,
among
other items, the transfer hence to San
Francisco of $2,000,000 and also considerable absorp¬
tions of cash from the banks through Sub-Treasury
operations.
ship
The indications of
this week
as
an
House
last
unfavorable bank statement
the result of the above-noted withdrawals
of cash and also of the
Lxxxiy.
The
foreign exchange market was active this wreek
strong tone on Monday, wrhen the highest rates
of the year were recorded.
There was a sharp fall on
the following day, succeeded by a feverish movement,
and the market was generally lowrer to the close.
Monday’s advance in exehange was due to a good
demand for remittance and to a scarcity of bills.
Expectations of shipments of gold hence to Paris, as
an arbitration operation, seemed to be entertained
by
some of the speculators in the market, and there
ap¬
peared to be some basis for such expectations in the
low rate for exchange at Paris on London.
The tone
remained strong during Monday, but on the following
day it grew easier, because of a relaxation in the
with
a
apparently speedy termination
of redemptions of 4% bonds of 1907—such redemp¬
tions having already amounted to $24,462,700, out
of the $25,000,000 called for surrender for this purpose
—contributed to the development of a firmer tone for demand for remittance, and in the afternoon liberal
money on call and likewise for loans for short fixed offerings of bills against an installment of corporation
notes which had been negotiated at Paris resulted in a
induced more liberal offerings after the* middle of
thej sharp decline that encouraged speculative selling, and
week, but there was no recession in rates; it is note¬ the market was weak until just before the close, when
worthy that the bulk of the offerings came from covering of short sales brought about a partial reaction.
Western banks. It was reported that unusually low On Wednesday the tone was again weak and it was
quotations had been made for choice commercial paper, then chiefly influenced by a light inquiry for remittance
but these rates could not be verified; there was, how¬ and by, further speculative selling.
As was the case
on the previous day, the sales were covered late in
ever, an increase in the demand.
Money on call, representing bankers’ balances, the afternoon and the market was steadier at the
loaned at the Stock Exchange during the week at close; there was a quotation of 4 86 for sight when the
3% and at 2%, averaging about 2J4%; banks and tone was weakest, but no transactions were reported
trust companies quoted 234% as the minimum.
On at this rate. On Thursday the market was less active
Monday loans were at 3% and at 2)4% with the bulk and irregular, growing firmer on Friday because of a
of the business at 2%%On Tuesday transactions demand for Saturday’s steamer. The speculative
were at 2%c/ and at 2)4% with the majority at 2%%.
operations in exchange this week were almost wholly
On Wednesday loans were at 3% and at 2% with the conducted by brokers who were inclined to sell, when¬
bulk of the business at 2)4%
On Thursday transac¬ ever the opportunity of higher rates offered, in the
tions were at 3% and at 2% with the majority at 2%%. expectation of covering their sales when the market
On Friday loans were at 3% and at 2)4% with the bulk yielded to pressure.
In some cases such expectations
of the business at 3%. Time contracts on good were realized, but in others the transactions resulted
The fluctuations in the rates for exchange at
mixed Stock Exchange collateral were quoted at 3%% in a loss.
for thirty and 4% for ninety days; 434% for four to Paris on London contributed to activity in francs, and
five, 4^2% for six and 5)4% for nine to twelve months; business was in fairly large volume. Commodity bills
in
the rates for the longer maturities, however, represent were
only moderate supply.
It is regarded
loans for moderate amounts.
Expectations of large as likely that if there shall be serious detention
borrowings by railroads caused a decline in corporation of ocean steamers at this port, because of the
notes.
Commercial paper was in demand chiefly by labor troubles, shipments will be effected at other
local and Eastern houses; rates were 534% f°r points.
Nominal quotations for sterling exchange were
sixty to ninety day endorsed bills receivable, 534% f°r
choice and 5)4 @6% for good four to six months’ 4 84@4 8434 for sixtv-day and 4 87 for sight.
The
market was quiet though firm on Saturday of last week,
single names.
and, compared with the previous day, rates for long
The Bank of England rate of discount remains un¬ were 10 points higher at 4 8360@4 8370, for short 15
changed at 4%. The cable reports discounts of sixty points at 4 8650@4 8660 and for cables 10 points at
to ninety-day bank bills in London 334%•
The 4 8685@4 8695. On Monday long closed 5 points
open market rate at Paris is 334% and at Berlin and lower at 4 8360@4 8365, short 5 points at 4 8650@
Frankfort it is 4)4@434%
According to our special 4 8655, and cables 5 points at 4 86S0@4 8690. On
cable from London, the Bank lost £172,882 bullion Tuesday, though the market was feverish and weak
during the week and held £35,585,092 at the close of during the day, there was a partial recovery by the
the week.
Our correspondent further advises us that close when long was 5 points lower at 4 8355@4 8365,
the loss was due to the heavy movement to the interior short 15 points at 4 8630@4 8635 and cables 10 points
of Great Britain, which, with the exports, exceeded the at 4 8670@4 8675.
On Wednesday long closed 35
large purchases in the open market. The details of points lower at 4 8320@4 8325, short 15 points
the movement into and out of the Bank were as follows: at 4 8615@4 8620, and cables 25 points at 4 8645@
Imports, £813,000 (of which £9,000 from Australia, 4 8650. On Thursday long recovered 25 points to
£5,000 from Germany and £799,000 bought in the 4 8340@4 8350, short declined 5 points to 4 8610@
The market was
open market); exports, £303,000 (of which £32,000 4 8620, and cables were unchanged.
to Paris, £200,000 to Constantinople and £71,000 to steady on Friday with long unchanged and short and
various countries), and shipments of £6S3,000 net to cables 10 points higher.
The following shows daily posted rates for sterling
the interior of Great Britain.
exchange by some of the leading drawers.
(periods. This improvementin the tone fortime loans'
*
[Vol.
•
•
,
May 11
THE CHRONICLE,
1907.]
Fri..
Mon.,
May
3 May
j 60 days
4 84
Brothers & Co...
\Sight.
Baring
J 60 days
& Co
_1 Sight..
Bank British
j 60 days
North America —\Slght-Bank of
J 60 days
4 87
4 84
4 87
4 84
4 87
84
87
84
87
84
87
84
87
84
87
84
87
Brown
—
-
-
4
...1 Sight-. 4
Montreal
Canadian Bank
J 60 days 4
of Commerce
\Sight-. 4
Heidelbach, IckelJ 60 days 4
heimer & Co
-.-1 Sight.. 4
Lazard
J GO days 4
Freres
---1 Sight-. 4
Merchants' Bank
J 60 days 4
of Commerce.
4
—
-.
-
-.-tSight-.
The market closed
84
87
84
87
84
87
84
Tues.,
Wed.,
Thun., Fri
6 May 7 May 8 May 9 May 10
,
84
S7
84
87
84
87
84
87
84
87
Vi
84^
84>j
87
S4
87
84
87
87
84
87
84
87
84H
84
87
84
87
S4
87
87
84
87
84
87
84 ^
87
87
84
87
87
84 ^
87
84
87
84
87
84
87
84
87
84
87
84
87
84
87
84
87
84
84
87
84
87
84
84
87
one
84}S
84 Vi
87
national ill-will had been stimulated and
87
on
following gives the week’s movement of money
by the New York banks.
to and from the interior
Received by '
Shipped by
N. Y. Banks. N. Y. Banks.
Week ending May 10 1907.
Currency
-
Gold
Total gold and legal tenders
With
Net Interior
Movement. *
$4,439,000
1,400,000
S3,060,000 Gain SI,379.000
1,250.000 Gain.
150,000
$5,839,000
S4.310.000 Gain
Sub-Treasury operations the result is
$1,529,000
fol¬
as
io ^ws.
Into
Week ending May 10 1907.
Banks’ interior movement, as above.
Sub-Treasury operations
Total gold and legal tenders
j
Out
Net Change in
Bank Holdings.
of
Banks.
Banks.
$5,839,000
26,000,000
S4,310,000 Gain
28,000,000 Loss
SI,529,000
2,000,000
$31,839,000
$32,310,000 Loss
$471,000
The
in
following table indicates the amount of bullion
the principal European banks.
May 10 1907.
May 11 1906.
Bank oj
!
Gold.
i
£
England..
France
35.585,092
Germanya
Russiad
..
Aus.Hunb
Spain
Italy
j
Silver.
Total.
\
Gold.
Silver.
Total.
!
£
£
i
£
£
£
35,585,092 31,242,165^
31 ,242.165
39,140, 491 143,312.548117,957.750! 42,416 351160 .374.101
33,585,000 11,195, 000 44,780,000 36,591,000 12.197 000 48 .78S.000
117,391,000
6,125, 000 123,516,000 90,063,000
4,914 000 94 .977.000
45,397.000 12,673 000 58.070,000 46.301.000 12,789 ,000 59 ,090,000
15,480,000. 25,261 ,000 40,741,000: 15,117,000 24,015 000 39 .132,000
4,992 ,400 37,395,400: 28,
32,403.000
1,517,000
3,928 100 32 ,445,100
5,217.400
5,540, 000 40,757.400
5,,516,300
5,844 800 11 ,361,100
1,647 ,333
4,942,000:
3,
1,380,000
1,690 ,000
3,294,667
5 ,070,000
4,160,000
3,
--J
1,831,000
3 ,831,000
—i
4,160,000
104,172,057
...
;
Neth’lands'
Nat Belg.a
Sweden ..I
Total week 396.685,216 106,574,224 503,259,440:378,516.215 107,794,251 486,310,466
Prev. week;396.412,687 106.727,319 503,140,006 380,895.789 107,822,154 488,717,943
PROSPERITY AND INTERNATIONAL PEACE.
Readers of the
otherwise, which can be employed with a view of
rendering war less easy, less probable, and, when it
comes, less destructive, is just now instinctively
grasped by the community as a whole. It has been
learned by long experience that applause of the benefits
of peace is of little consequence when restricted to
utterances made during profound peace.
The instant
87
Friday at 4 8340@4 8350 for
long, 4 8620@4 8625 for short and 4 8655@4 8660 for
cables.
Commercial on banks 4 83@4 8310 and
documents for payment 4 82i^@4 83J4Cotton for
payment 4 82J^@4 82^§, cotton for acceptance 4 83@
4 8310 and grain for payment 4 83Ls@4 S3jk£.
The
1083
of the usual
causes
of
war
had arisen and inter¬
encouraged
by the famliar arts, it would be found that people
who a few months before were arguing against war
as a civilized proceeding would be either foremost
among those demanding immediate hostilities, or, at
all events, would have concluded that silence was the
only prudent policy. Realizing this familiar fact, and
with it the fact that consequences of international war
are certain now-a-days to be far more serious than in
any previous stage in the world’s history, the problem
has been practically taken in hand with the hopes of,
binding the hands of possible belligerents, first, through
individual treaties; next, through such general re¬
strictions of old-time warfare as will limit its dangers
to'civilization.
We do not know
a
stronger instance of the economic
absurdities into which
even
the
more
international collisions is bound to
humane view of
lead
the world
than the
disposition lately made of the London pro¬
posal for a Channel tunnel. This proposition, brought
before Parliament with assurances of the requisite
capital, and with engineers’ guaranty of its practica¬
bility, was rejected almost instantaneously by the
Government.
Nobody argued that such a project
would not add greatly to the comfort of passengers,
or that it would not probably lead the way to far more
rapid and economical interchange of commodities be¬
tween England and the Continent.
The whole reason
for the peremptory veto on the scheme was that a
French army might suddenly appear some fine day on
English soil, emerging from the Channel tunnel.
Looked upon from the American point of view, there
was something grotesque about the entire incident;
yet it must be said, not only that the best men in the
British Government shared in the opposition to the
scheme, but that the most intelligent English news¬
papers gave their unqualified approval to the rejection
of the tunnel proposition.
We imagine this unanimity to be the expression of
English apprehensive feeling regarding possible de¬
velopments of modern warfare. For ourselves, how¬
ever, we scarcely imagine that the end of possible
awkward situations will come with rejection of the
scheme o/ a Channel tunnel.
A striking article in the
“Monthly Review” of London takes up, in a spirit of
all seriousness, the discussion of the future possibilities
of wrar as governed by the course of invention for
aerial navigation.
The waiter, an expert in the art so
far as yet developed, and both a believer and an en¬
thusiast regarding its possibilities, deals without hesi¬
tation with what he regards as the probable nature of
warfare conducted through such a medium.
This is
his pleasant picture—drawn, let the reader again be
reminded, with entire seriousness and conviction:
European press will have noticed that
King of England to his Conti¬
nental neighbors are receiving their full share of public
attention.
It would be strange if they did not.
Whatever may theoretically be argued regarding the
restriction on royal prerogative, notably in England,
the fact has become increasingly important that much
could be accomplished in the way of international good
feeling through personal and friendly conferences of
rulers.
In the case of England and France this was
notably true; the Anglo-French convention of 1904
being a rather direct sequel of the royal visit to Paris.
The recent appearance of King Edward in Spain has
similarly led to renewal of friendly assurances on the
side of both countries, and the importance of this
“rapprochement” may perhaps be measured by com¬
parison with the outburst and continuance of Spanish
ill-will against England at the time Lord Salisbury,
after our Spanish War, made his exceedingly untactful
speech about “dying nations.”
“There will be all sorts of novel chemical compounds,
It is not our purpose in this article, however, to
fierce explosives and mixtures for suffocating, burning,
dwell particularly on the opportunities of royalty for
pulverizing and annihilating the victim. The airship
encouraging international good feeling, but to point out will devastate our cities, arsenals and dock-yards.
the extent to which any machinery, diplomatic or She will smash up our forts,
camps and battle-ships,
the recent visits of the
[084
[Vot. LXXXIV.
THE CHRONICLE.
protected forts and our the traction companion have resulted in delaying im¬
As soon as this is fairly provements and for a time at least in defeating the
realized there will be a hurrying to and fro for means
very ends which the people desired most to attain.
of defense, whilst all the time the airship will go
As a result of the general anti-corporation spirit
ahead, being tested, altered and improved, first taking
which spread all over the United States during the
part in one war and then another, and advancing
towards perfection by hard-won steps.
past two years, there developed among many of the
.
“There will be nothing to prevent a determined citizens of Philadelphia an animosity towards the
enemy making a night raid on London.
...
It Rapid Transit Company which gained such headway
will bring home to the most sheltered the grim realities
that the officers and directors of the company realized
of war.
One can imagine our well-fed English citizen,
free from conscription and ignorant of invasion, that the credit of the company was being adversely
pausing a moment in his bellicose agitation and glanc¬ affected. They determined to grapple with the
ing apprehensively upwards at a passing shadow. By dilemma and effect a cure at whatever cost. The pur¬
day and by night he will be in danger. The whole pose, however, apparently was to work a permanent
country-side will experience the agonizing suspense of cure and not
merely afford temporary relief. That the
a beleagured city.”
credit of the company had been hurt was evident from
No doubt it will be answered either that this whole the fact that the syndicate which had bought $10,000,idea is grotesque, or that when the occasion arises, 000 of the company's 4% bonds was unable to market
this formidable peril to modern industry and civil¬ them.
It is stated that only $2,000,000 of the issue
ization will be dealt with jointly by the nations. was disposed of to the public; the remaining $8,000,000
Nothing is more probable; the question, for instance, was apportioned among the members of the syndicate.
of dropping explosives from balloons has already come
Under these circumstances it was impossible for the
before the Hague.
Yet, humane and optimistic company to sell more bonds to bankers in order to
Americans may possibly remember that the two provide funds needed to carry to completion work
•propositions in the International Conference of 1891), which was well under way. The remarkable feature
prohibiting the throwing of explosives from balloons, about the ill-temper on the part of the public is that
and forbidding belligerents to till shells with asphyxia¬ it reached a crisis at the very time that the Rapid
ting gases, were opposed by no less distinguished a Transit Company was making extraordinary efforts to
delegate than Captain Mahan, and on the interesting provide better accommodations for the people of Phila¬
ground that prohibition of these pleasing devices might delphia by providing an elevated road and a subway
logically be extended to the submarine torpedo boat— at a very large outlay, the expenditures for improve¬
which, we were to infer, the naval interests were deter¬ ments during the past year having been ten millions
mined to preserve.
This incident might be passed over of dollars.
without comment, except in so far as it shows the
Aside from the stringency of the money market and
absolute need for pressure on the coming Hague Con¬ the temper of the public above noted, there was just
ference to defend and assert the common interests of one other factor which entered into the financial prob¬
civilization.
We may be sure that the professional lem and helped to deter the bankers from buying any
ideas and interests of the navy, that the feelings in¬ more bonds of the Rapid Transit Company.
This
obstacle
is
a
spired by international suspicion and jealousy, will have
cloud, possibly no larger than a man's
abundant hearing in private and in public.
Financial, hand, but a cloud, nevertheless, upon the perpetuity
industrial and commercial interests should not fail to of the franchises of the company and all of its subsidi¬
keep up discussion, from their own point of view, be¬ ary companies. Fifty years ago there was passed in
tween now and the date when the Conference assem¬
Philadelphia an ordinance providing that in all fran¬
bles.
As preliminary to the further restriction of chises for passenger railways which might thereafter
wan are in the interests of humanity, such incidents
be granted by the City of Philadelphia, the city re¬
as the royal visits, making, as they do, for proper
served the right to terminate the franchise and acquire
attitude on the pan of the public toward the proposed the property of the street railway company by the
reforms, may be of great importance.
payment therefor of an amount equal to the cost of
and will threaten alike our
most sheltered inland towns.
construction.
PHILADELPHIA RAPID TRANSIT SITUATION.
If the
Philadelphia P»,apid Transit Company here¬
same energy in transporting the people
of Philadelphia that it has displayed in urging the
passage of legislation which it deems to be advan¬
tageous to its own interests and those of the public,
the problem of rapid transit in that city lias already
been solved.
Co-operating with the management of
the Kapid Transit Company is a body of representative
No
move
has
ever
been made
on
the
part of the city to avail itself of the right reserved by
the ordinance of 1857, but the fact that such a right
for a disruption of the whole
Rapid Transit combination.
Moreover, this possibility appeared all the more
dangerous because a number of the stocks of the under¬
lying companies are not full paid, and whenever there
is any agitation on the subject of municipal ownership
of the passenger railways, investors in the stocks which
business men and the united efforts of the two interests are not full paid are greatly disturbed, and on account
have resulted in achievements which bid fair to pro¬ of their timidity the market value of such shares at
times suffers a serious decline.
A single illustration
mote the welfare of the community as well as that of
the company which has a monopoly of the passenger will suffice to show how agitations and consequent fear
railway business in the Quaker City. 'The Philadel¬ on the part of investors affect values. Just before the
phia situation is of general interest because it is quite recent crisis was reached shares of the Union Traction
in contrast with the methods which have been adopted Company were selling around $03, the par value being
in some other cities, notably Cleveland and Chicago, $50,
During the recent discussion this stock declined
$9
where opposition and antagonism on the part of citi¬
jxir share, or J8%.
On this issue dividends on a
zens to the plans and wishes of the managements of
sliding scale up to 0%, or $3, per share per annum
after shows the
exists leaves the way open
May ll 191)7.1
guaranteed by the Philadelphia Rapid Transit
Company, which is the present operating company for
the system of 550 miles.
It happens, however, that
while the par value is $50 per share, there has been
paid in on each share only $17 50. As there are
600,000 shares, the par value of the issue upon which
dividends are guaranteed is $30,000,000, but the
amount paid in is only,$10,500,000, leaving $19,500,000
of uncalled capital.
When the dividend reaches 6%,
as it will in a comparatively short period, the yield of
$3 per share will be equal to over 17% upon the
amount paid in.
On account of this peculiar situa¬
tion the reader may readily understand why any
agitation which has for its purpose the disruption of
the combination of street railways causes a depression
in the market value of the partially paid stocks and
it. may be just as clearly seen why it is greatly to the
advantage of the investors to have the cloud removed
and the perpetual feature of the franchises established
beyond all doubt.
To exchange this indefinite situation for one which
is fixed, the management of the Philadelphia Rapid
Transit Company has expressed its willingness to make
some sweeping concessions to the city of Philadelphia.
The concessions are so great that a stranger would not
comprehend why they are made without an explana¬
obstruction in the way of providing more cars.
Pat¬
rons of the railways continually ask fo£ more cars,
are
and yet the law imposes a penalty for every additional
car 'which the company may add to its equipment.
proposed to substitute a fixed sum which the
company shall pay yearly in lieu of the indefinite
amounts, the agreement providing that the company
It is
additional taxes except to
the customary taxes upon real estate.
The city now has the right to compel the company
to put its trolley wires under ground.
The new agree¬
ment waives this right.
It is provided that the city
shall have three representatives upon the board, and
that statements of earnings and expenditures shall be
filed periodically with the City Comptroller, which the
city shall have the right to verify by having full access
to the company’s books.
There appears to be nothing essentially wrong with
the Philadelphia Rapid Transit system as it stands
to-day. For the year ended June 30 1006 the receipts
from all
expiration of fifty years the city exercises
its right to purchase the property at a price equal to
the par value of the stock then outstanding,and the
city offers to let the projierty for ojieratioii to the high¬
est bidder, the company reserves the right to bid for
the same. There are many minor provisions in the
proposed agreement which have been prepared with
much care and appear to be just to all the parties con¬
cerned.
Under the present arrangement the Rapid
Transit Company is obligated to maintain 6,700,332
square yards of paving within the city of Philadelphia.
In addition to this expense, which is really a tax, it
pays annually for licenses and taxes $1,075,216.
One
bad feature of the tax upon cars is that it acts as an
sources were
any
$17,711,598.
The
cost
of opera¬
equal to 2.36% of the amount that had been paid
in on the capital stock at the end of the fiscal year.
There were 448.576,785 passengers carried, an in¬
crease of 45.683.540, or 11%.
While the passenger
receipts increasedS%. the operating expenses increased
12%. This large increase in operating expenses, the
annual report explains, was due to relaying 42 miles
of track with 141-pound rails, to an Lncrea.se in the
number of ears operated, to the additional expenses
of heating cars in winter, and to a large increase in the
payments for accidents.
While the agreement provides that the city shall
assume no financial obligations, counsel for the com¬
pany and for the committee of citizens were of the
opinion that an Act of the Legislature was essential
to enable the city to enter into a profit-sharing agree¬
ment with the company and a bill framed for this pur¬
was
j
Philadelphia j
Rapid Transit Company and those of all of its under- ;
lying companies be made perpetual, and the ordinance I
of 1857 nullified and repealed, the Rapid Transit !
Company, agrees to limit the cumulative dividend :
upon its shares to 6% from January 1 1907 upon the j
capital actually paid in, and to share equally with the j
city in the distribution of all surplus earnings above j
the amount required to meet such cumulative divi-1
dends.
The company agrees further to set aside a sum 1
monthly for a sinking fund, the principal of which in [
fifty years will amount to $10,200,000, and which with S
the interest accumulated shall belong to the city of j
Philadelphia, and which shall be available for the pur¬
pose of purchasing the entire capital stock of the Phila- j
delphia Rapid Transit Company at its par value. The j
par value of Philadelphia Rapid Transit stock is $30.-1
000,000. There has been paid in $30 per share, or |
$18,000,000,upon the 600,000 shares. An installment i
of $5 per share is payable this month, and the company, j
by the terms of the agreement, promises to call the
balance of $15 per share by December 31 1908.
With
the consent of the city additional stock and”bonds may
be issued, but they cannot be sold for less than par.
and the proceeds must be used for extensions or
betterments.
subject to
tion, including licenses, taxes and ail fixed charges,
was $17,407,602, showing a profit of $303,996, which
tion similar to that which has been set forth above.
In consideration that the franchises of the
now
shall not be
•
If at the
1085
THE CHRONICLE.
promptly passed by the Legislature and signed
by the Governor. On Thursday. May 2. an ordinance
was introduced in the City Councils of Philadelphia
setting forth at length all the details of the agreement.
It is expected that the ordinance will be passed and
that the Mayor will sign it.
In this manner investors
aiv to be reassured. the credit of the Rapid Transit
Company is to be restored, and the way provided for
the company to give to the citizens improvements
which are very much needed, and which will include
pose was
an
elevated road
to
the northeastern section of the
city ..now suffering perhaps more than any ocher part
of Philadelphia for lack of adequate transportation
facilities.
Philadelphia Is not assuming any
financial responsibility to provide rapid transit, but,
quite as unlike Chicago, it is manifesting a disposition
not to stand in the way of private capital which is
willing to take the risk of providing the much-desired
improvements.
Unlike New York.
\YHEX
AX IXTEK-STATE SHIFMEST LOSES
ITS l XT EE-STATE C MAE ACT EH.
days, when both the States and the General
are asserting jurisdiction over railroad
carriers, and when each is determined to extend pater¬
nal assistance to the patrons of the road (which
In these
Government
THE CHEONICLE.
1086
[Vol.
lxxxiv.
order or statute for inspection and transfer, and thence over the Kansas
lower rates*or some other action favoring the shipper City Southern Ry. to Texarkana.
The Milwaukee A St.
at the expense of the carrier), it is important to know Paul issued a bill of lading limiting its liability for
At Kansas City the corn was un¬
which jurisdiction is to control, that of the State in loss to its own road.
which the line is located or that of the Inter-State loaded, put in sacks, and transferred to the Kansas
Commerce Commission.
Where the two conflict, City Southern, which issued its own bill of lading and
obviously either one or the other must dominate. In carried the corn to Texarkana. The car was con¬
the case of inter-State shipments it is indisputable that signed to a firm in the latter city.
After being held
the authority of Congress and of the Government there for five days, the same car was delivered, under
officials at Washington is supreme.
The Federal original seals and without breaking package, to the
Constitution has lodged the power over commerce Texas A Pacific Ry., which carried it to Fort Worth
among the States in the Central Government and the and there delivered it to the Gulf Colorado A SantaFe
carrying agencies being instruments of such commerce, Ry., bv which it was transported to Goldth waite.
the United States Supreme Court has by its decisions This was in January 1902.
The last-named road hav¬
uniformly undertaken to give effect to that provision ing failed to observe the rates prescribed by the Texas
of the fundamental law.
Commission, the State of Texas in the District Court of
So long as Congress failed to assume the power Tarrant County on July 28 1902 recovered a judgment
vested in it by the Constitution, which was the situa¬ against.it for 8100 as a penalty for extortion in its
tion prior to the enactment'of the Inter-State Com¬ charges for carrying this carload of corn from Tex¬
arkana to Goldthwaite.
This judgment was sus¬
merce Law in 1887, the States were free to make their
own
Court of Civil Appeals
regulations; but since Congress has chosen to tained by both the
and
the
exercise its prerogative in that respect, its regulations
Supreme Court of the State of Texas.
and enactments alone are controlling, and the States Thereupon the railway company brought the case
are
obliged to remain quiescent—to yield to the to the United States Supreme Court upon a writ of
supreme authority—provided always the transporta¬ error.
The details of the transaction and the relations of
tion is clearly inter-State in its character.
If the
shipment is an intra-State one, that is, in essence, is the different parties to the same were somewhat in¬
local, point of origin and destination being compassed volved, but the sum and substance of the case is stated
The opinion was by
within the same Statej the State laws and regulations in the outline furnished above.
He pointed out that really the only
govern, since the authority of Congress does not ex¬ Justice Brewer.
tend to purely State transportation.
question was whether between Texarkana and
But what are the attributes of an inter-State ship¬ Goldthwaite the transportation was an inter-State
ment—what gives it its inter-State character? At shipment. If so the regulations of the State Railroad
first sight the answer would appear to be simple. Commission did not control and the State Court erred
Anything coming from without the State or passing in enforcing the penalty. If, however, it was a purely
from one State to another, clearly partakes of an local shipment, the judgment below was right and
assistance
usually consists of
an
inter-State
movement—is in fact inter-State trans¬
portation.
But there
lem.
.since
are
be
sustained.
He found
the facts
settled
other elements in the prob¬ by the special findings of the lower Court.
A rather curious case arose in Texas some years
’and reached the United States Supreme Court
appeal at the present term. The Supreme Court’s
ruling was given a few weeks ago, and according to the
doctrine laid down by it, freight- coming from
another State after it gets started on its movement
does not necessarily maintain its characteristic as
inter-State commerce to the end of its journey.
In
the last analysis it is the contract between the con¬
signor and the carrier, as expressed in the bill of
lading, which determines the question.
The shipment, which was the subject of the con¬
troversy in the case referred to, concerned a carload
of corn which originally came from Hudson’, So.
Dakota, and which found its point of final destination
at Goldthwaite, Tex., on the Gulf Colorado A SantaFe
Railway.
Ordinarily the total rate on through
shipments of freight carried long distances is lower
than the sum of the separate charges of the different
roads over which the freight is obliged to pass in
In this instance it hap¬
reaching its destination.
pened that the consignor saw an advantage of 1J4 cts.
a bushel by sending
the carload of grain as far as
Texarkana and then availing of the low rates put in
force by the Texas State Railroad Commission.
A
new bill of lading was issued when the carload of corn
reached Texarkana. The route of the shipment was
over the Chicago Milwaukee A St. Paul Iiy. to Kansas
City with privilege to stop the corn at that point for
•on
should
In
the estimate of the Court the
point of controlling im¬
portance was that the corn was carried from Texar¬
kana, Tex., to Goldthwaite, Tex., upon a bill of lading
which upon its face showed only a local transportation.
The argument upon the part of the Railway Com¬
pany was of course that this local transportation was
a.continuation of a shipment from Hudson„S. I)., to
Texarkana, Tex., that the place from which the corn
.started was Hudson, 8. D., and the place at which
the transportation ended was Goldthwaite, Tex.; that
such transportation was intef-State commerce and
that its inter-State character was not affected by the
various changes of title or issues of bills of lading inter¬
mediate to its departure from Hudson and its arrival
at Goldthwaite.
Justice Brewer says it is undoubt¬
edly true that the character of a shipment, whether
local or inter-State, is not .changed by a transfer of
title during the transportation.
But whether it be
one or the other may depend on the contract of ship¬
The rights and obligations of carriers and
ment.
shippers are reciprocal. The first contract of ship¬
ment in this case, according to his view and that of the
Court, was from Hudson to Texarkana, and during
that transportation a contract was made at Kansas
City for the sale of the corn; but that did not affect the
character of the shipment from Hudson to Texarkana.
It was an inter-State shipment after the contract of
sale as well as before.
In other words, the transpor¬
tation which
was
contracted for and which
was
not
May U
I OS?
THE CHRONICLE
1207 |
material are discouraged, for
probably the leading incentive that spurred on ex¬
of the corn
The control over goods in process of transportation, perimental work in cotton-raising in colonial posses¬
which may be repeatedly changed by sales, is one sions has not ceased to exist.
That leading incentive is to be found in the course
thing, he argues; the transportation.is another thing,
and follows the contract of shipment until that is of events in this country the past four or five years ,
changed 'bv the agreement of owner and carrier. and primarily in the springing into existence of
Neither the Harroun Commission Co. nor the Hardin organizations at the South, formed ostensibly to see
Grain Co. (two of the parties to the controversy) that the planter got a “square deal ,’* but with the real
changed or offered to change the contract of shipment purpose apparently of attempting to substitute for
or the place of delivery.
The Hardin Company ac¬ the laws of supply and demand the dictum of a self-
changed by
act of the parties, was
from Hudson to Texarkana.
any
transportation
this
cepted the contract of shipment theretofore made and
purchased the corn to be delivered at Texarkana—
that is, on the completion of the existing contract. When
the Hardin Company accepted the corn at the latter
point the transportation contracted for ended. The
carrier was under no obligation to carry it further.
It transferred the corn in obedience to the demands
of the owner to the Texas & Pacific Railway Co., to
be delivered by it under its contract with such owner.
Whatever obligations may rest upon the carrier at the
terminus of its transportation to deliver to some
further carrier in obedience to the instruction of the
owner, it is acting, Justice Brewer urges, not as a carrier
but as a forwarder.
No new arrangement having been
made for transportation, the corn was delivered to the
Hardin Grain Co. at Texarkana.
The thought or
important
raw
constituted band of leaders.
Thus forcing
users
to
for their cotton higher prices than conditions
pay
warranted.
Coincident with the birth of these
organ¬
izations, and evidently through fear of them, came
the desire of manufacturers in Lancashire, elsewhere
in Great Britain, and in Continental Europe,to become
less
dependent
the
raw
upon
the United States for supplies of
material.
appreciable augmentation in yield in Egypt
be expected until plans for proper irrigation
were perfected, which would be a matter of some
And even then the area would be compara¬
years.
tively limited. Furthermore, India, being a large
and gradually increasing consumer of cotton, as well
as a producer of it. no great addition to the volume
of supplies from that source could be looked for.
Moreover. Peru, Brazil. Smyrna, West Indies, Ac.,
could be relied upon for but a decidedly limited
amount of cotton annually.
Attention therefore was
directed to colonial possessions in Africa, with the hope
that the immense tracts of virgin soil on that continent
would prove adaptable to cotton. Results,however,as
already indicated, have thus far been meagre; but it
may be that in the years to come Africa, outside of
Egypt, will reach prominence as an important pro¬
No
could
of the Hardin Co. in respect to the further
disposition of the corn was a matter immaterial so far
as the completed transportation was concerned.
Justice Brewer also points to the fact that the car
of corn remained in Texarkana five days and that the
Hardin Co. was under no obligation to ship it further.
■It must further be remembered, he says, that no bill of
lading was issued from Texarkana to Goldthwaite
until after the arrival of the corn at Texarkana and
Yet that will not be until other work of de¬
the completion of the first contract for transportation. ducer.
velopment is more advanced and transportation facil¬
He also lays stress on the fact that in many cases it
would work the grossest injustice to a carrier if it ities provided, affording easy access to the seaboard,
could not rely on the contract of shipment it had so that crops can be expeditiously moved from the
made, know whether it was bound to obey the State or interior.
We are inclined to believe, however, that the United
Federal law, or, obeying the former, find itself mulcted
in penalties lor not obeying the law of the other juris¬ States’s position as the most important contributor to
diction. simply because the shipper intended a trans¬ the world’s supply is measurably safe: we also think
portation beyond that specified in the contract. He that overmuch importance is given in Europe to the
influence exerted by the various organizations that
says there is no presumption that a transportation
when commenced is to be continued beyond the State have sprung up of late years in the South for the
When any
limits,and the carrier ought to be able to depend upon purpose of holding up the price of cotton.
the contract which it has made and in like manner body of men attempts to set aside the laws of supply
and demand, and substitute therefor their diet dm,
must conform to the liability imposed by that con¬
they sooner or later come to grief and lose all stand¬
tract
ing and influence. Flippant and bombastic circulars
do not make prices, as all well know.
It is one thing
COMPETITORS IN COTTON RAISING.
As we all know, cotton cultivation in colonial pos¬ to advise that cotton be held for a certain price, and
sessions has been a subject of dee]) interest in Great quite another to induce its being held back,or to get
Britain. France and Germany the past few years. the price. The cotton world has quite recently had
Cotton-growing associations have been organized in samples of such advice and knows the result. It
all of the countries named, and extensive experi¬ would seem that about all that these organizations
ments made in Nigeria,the Soudan,and other sections have accomplished thus far is to stir up bitter feelings
of Africa thought to be suitable for the production of in some quarters against all who are not planters
who have to do with cotton.
Animosity is especially
the staple.
But the net result thus far has not been
encouraging. In fact realization has fallen very far strong against the various cotton exchanges—the com¬
short of anticipation, for after considerable work and mercial bodies that have benefited the industry in
•omparatively heavy expenditures, the world’s supply every way, and particularly in providing facilities
has been swelled only a few thousand bales.
Still for disposing of the crop. Furthermore, leading
it cannot be truthfully said that the interests back of officials of these Southern cotton associations have
purpose
.
fche attempts to open up new sources
of supply of
not
hesitated to stamp as wrong, or even worse, any
J088
THE CHRONICLE.
[VOL.
LXXXIV
information made
public by the Government or indi¬ management, very naturally furnishes in its yearly
disagreed with their one-sided and mis¬ statements striking evidence of the fact.
leading reports. Their crowning act of folly, how¬
The late year’s increase in business measured
by
ever, was the securing of a fraud order against the the value of sales was by far the
largest in the com¬
New York Cotton Exchange.
pany’s history, noteworthy though the previous addi¬
These thoughts with regard to the causes moving tions have been.
The aggregate of these sales as rep¬
European cotton manufacturers to seek new sources resented by the amount billed to customers was no
of supply have been induced by the recently issued less than
$60,071,883.
In the previous year the
report for 1906 of Lord Cromer, late British Com¬ amount, which then was the very largest ever reached
missioner in Egypt.
No one is better equipped to up to that time, was $43,146,902. Thus in a
single
talk of matters relating to that country than he and
period of twelve months the addition to the yearly
what he has to say, therefore, is sure to engage at¬ total has been almost
$17,000,000, the ratio of increase
tention.
After pointing out that there were 1,752,473
falling but little short of 40%. We need hardly say
acres under cotton
last year, he remarks that the that
40% growth in a manufacturing business in a
total cultivable area of Egypt is 6,387,100 acres, of
single year means much, in more ways than one. The
which 5,339,638 acres is already under cultivation
report tells us that sales of supplies and small appa¬
and 1,047,462 acres virgin soil.
He then goes on to ratus, such as meters, transformers, direct and alter¬
estimate the extent to which the cotton-growing area
nating motors, arc and incandescent lights, wiring
is capable of expansion, assuming as a preliminary
devices, &c., increased 35% over the previous year,
that the whole of the basin lands in the Northern half and that
40,365 stationary motors, aggregating 565,000
of upper Egypt (now cultivated) will be
brought under H.P., were sold during the twelve months.
perennial irrigation, and that all uncultivated territory
As a matter of fact, however, the
growth in the
will be ultimately reclaimed. With this accomplished,
company’s business, while of very exceptional magni¬
he contends that land suitable for bearing cotton will tude in this
latest year, has been noteworthy and con¬
extend over the whole area (6,387,100 acres) referred tinuous
through practically the whole of its history.
to above, with the exception of about 800,000 acres There was
a falling off, it is
true, in the fiscal year
South of Assiout.
In other words, there would be
ending Jan. 31 1905, owing to the industrial reaction
approximately 5,600,000 acres on which cotton could in the country during the fifteen to eighteen months
be raised, or three times the present area.
He does preceding, but more than the whole of the falling off
not assume that all of this territory will ever be de¬ was recovered
the very next year, and with that ex¬
voted to cotton but estimates that 40% of it may,
ception there has been no break in the upward move¬
and from that acreage looks for 10 million cantars ment in recent
periods. In the report of the late
(about 2 million American bales) annually. This First Vice-President, Eugene
Griffin, written under
acreage however is not expected to be reached in date of April 1 (Mr. Griffin died
April 11), it is pointed
less than ten or fifteen years.
But even now an out that in the ten years from 1896-7 to 1906-7 the
addition of 3 million cantars to Egypt’s crop (the
gross sales increased from $12,540,994 to $60,071,883,
present crop approximating about 7 million) would an average increase of 17% per year. He
gives a
be welcome, as most of it is a high grade of cotton for little table to show that since
1900 the supply orders
which, as for our Sea Islands, there is pressing need. received alone have increased from an
average of
Canvassing the entire field of cotton production, we 473 per working day to 783. He also says that the
do not find anything to encourage the thought that
very large increase in the business of the company
in the near future any considerable increase in
sup¬ during the past year, together with the difficulty and
plies can be looked for outside of the United States. delay in obtaining raw materials, made it
very difficult
But there is nothing in this premise to cause dis¬ to meet the
requirements of customers as to deliveries.
quietude to European consumers. The consumption
In the current or new fiscal
year the gain appears
of cotton has increased steadily of late and is liable to to be
proceeding at an even more remarkable rate than
so continue; but so is the
supply. New fields will before. President Coffin in his portion of the remarks
undoubtedly in time become important contributors states that the sales for the first two months of the
to the world’s general stock, but, after all, the
sup- present fiscal year exceed those of the corresponding
premacy of this country in production of the raw two months of the year under review
by more than
material is not now threatened, nor is it likely to se¬
50%. He also makes the significant announcement,
riously be, for years to come. And, finally, in the long writing under date of April 27, that should this
run conditions and
not dictums will govern the price
growth in business continue additional capital would
of the commodity.
be required.
Practically every statement in the re¬
viduals that
r
THE GENERAL ELECTRIC COMPANY REPORT.
The annual report of the General Electric Co. (for
the twelve months
ending Jan. 31 1907) affords testi¬
to the industrial activity prevailing in
mony at once
the United States and to the marvelous
business of this
growth of the
port furnishes evidence of the need of additional
capital. And yet previous additions have been large.
Last December $10,828,100 new stock was offered to
shareholders at par, and though shareholders had until
April to
pay
for this
new
the last installment on their subscription
stock, no less than $9,266,600 had been
important company. In no depart¬ paid in on the same at the end of the fiscal year on
ment of industry has there been greater
progress and Jan. 31 1907, leaving an unpaid balance of
only a
advance—by reason of inventions and the application little over \]/> million dollars—$1,561,500. In the
of electricity to new uses—than in the electrical field.
year immediately preceding $6,013,300 of new stock
And the General Electric Co., as the largest manu¬ was issued.
facturer in the world of electrical supplies and
If we refer to the balance sheet, we
equip¬
readily perceive
ment and having the advantage of a
how
the company’s current supplies of
very capable
capital are being
May 11
1907.]
THE CHRONICLE.
absorbed in various directions.
business
growing
With the volume of
enormously, the amount tied up
very naturally is steadily in¬
creasing. Notes and accounts receivable Jan. 31 1907
were 822,863,789, besides which there were $2,922 ,675
of advances to affiliated companies, making $25,786,464 together. The corresponding total on Jan. 31
1906 was only $16,287,018.
Thus there is an addi¬
tion under this one heading alone of 93^ million dollars.
so
in current accounts
Then also
1089
must be of
will,
now
great value), as also franchises and good¬
stand on the books at the nominal sum of $1.
Factory plants and machinery are also carried on the
books at a very low basis of valuation.
The cost of
additions during the twelve months to plant, build¬
ings and machinery was altogether $3,834,124, and
of this all but $1,000,000, as already stated, was
charged to the expenses. In other words, only $1,000,000 has been added to the book value of factory
business increases the stock of materials
plants during the year. These factory plants (includ¬
supplies on hand also expands, and more and ing all lands, buildings and machinery) are down on
more money is locked up in goods in process of manu¬
the books for no more than $9,000,000.
But during
facture.
Hence we find that the merchandise inven¬ the fourteen years from Jan. 31 1893 to Jan. 31 1907
tories on Jan. 31 1907 represented a total of $22,593,- the aggregate outlays for additions of lands, buildings
907, against only $16,922,291- on Jan. 31 1906. This and additions to and replacement of machinery (over
gives a further addition of over 5]^> million dollars. and above all ordinary expenditures for the mainte¬
Moreover, the cost of work in progress stood on the nance and repair of buildings and machinery) have
books at $3,853,321 this year, against $2,496,205 aggregated no less than $23,246,496. Of the whole
last year.
Altogether, therefore, the three items rep¬ amount, $18,205,024 has been written off, leaving a
resent the absorption of additional capital to the ex¬ net charge on the books of only $5,041,472.
This,
tent of not far from $16,500,000.
As a corollary added to the $3,958,528 reported as the book value
some changes
in other items in the balance sheet of the factory plants on Jan. 31 1893, makes the
necessarily follow. Past annual reports have always present total of $9,000,000.
In the merchandise inventories very conservative
contained the statement that the company's credit
had not been used either by issuing notes, endorsing methods of valuation are also followed, and liberal
customers’ paper for discount or lending its name in allowances are likewise made in notes and accounts
any way.
The present report, however, shows that receivable for possible losses from bad debts. For
there is customers’ paper under discount with the instance, the notes and accounts receivable, which are
company’s endorsement to a. moderate extent— entered for $25,7S6,464 in the accounts, have an actual
$666,607. Also we see that cash on hand, which face value of $27,094,34S—$1,307,SS3 having been
Jan. 31 1906 was $6,356,093, for Jan. 31 1907 is of deducted for possible losses.
In the inventories such
smaller proportions, being only $3,910,708.
apparatus and supplies as are in active demand are
The income statement makes a very satisfactory carried at the estimated factory cost; inactive or slowshowing. The profits for the twelve months are re¬ selling apparatus and supplies at about 50% of the
ported at $8,427,1342, or nearly double the call for the estimated factory cost, and obsolete apparatus and
8% dividends being paid, as calculated on the average supplies at scrap value.
We have referred above to the growth in the com¬
amount of stock outstanding during the year.
In
other words, while the profits were 88,427,842, the pany’s business as evidence of the industrial activity
sum paid out in dividends was
only $4,344,342, leav¬ prevailing in the United States. As a matter of fact,
ing a balance of $4,083,500. The profits include however, the company also does a large foreign busi¬
$329,702 realized from the sale of securities in excess ness, and this foreign business is each year assuming
of the amount at which they had been carried on the larger proportions.
Thus Vice-President Griffin in
his
books.
remarks, after noting that during the past year
They also include surplus net profits of
turbo
$675,000 during the year of the security-holding com¬
generators of an aggregate capacity of more
than
350,000
H. P. had been sold, states that 37
panies and $417,5S6 derived from royalties, dividends,
sundry profits, Ac., and $114,660 for interest and dis¬ Curtis turbines have been installed in Japan, and that
count.
The profits in the ordinary way—that is, the company has also sold Curtis turbines for installation
from manufacturing—for the twelve months were in England, Ireland, France, Germany, South Africa,
$6,965,288. In the previous year the profits in the Cuba, Mexico, Canada, Brazil, New Zealand, Siam,
ordinary way were $6,121,556, so the increase here Peru, Algeria and Spain.
has been after all comparatively small.
As the sales
for the twelve months increased from $43,146,902 to
ITEMS ABOUT BANKS, BANKERS AND TRUST CO S.
$60,071,882, the relatively slight increase in the manu¬
—The public sales of bank stocks this week aggregate S3
facturing profits must be accepted as proof that the shares, of which 43 shares were sold at the Stock Exchange,
company is doing business at a narrower margin of and 40 shares at auction. The transactions in trust com¬
profit with each succeeding year. It is to be observed, pany stocks reach a total of 50 shares.
Shares.
York.
Low.
Hioh. Close.
Last previous sale.
however, that $2,834,124 was charged off for depre¬ x'2'i City BAN’KS—Xew
233
233
Bank. National
233
April 1007— 259
ciation of plant before arriving at the profits in 1907, r20 Commerce. Xat. Bank of
170 q 170 q 170 q April
1907— 172
15 North Amer.. Nat. Bank of. 265
265
265
Feb.
1907
261
as against $1,838,362 so charged off the previous year.
25 Park Bank, National.
440
440
440
Jan
1907
4bd
TRUST COX1PAN I RS—AVer York.
The conservative methods of bookkeeping always
30 Carnegie Trust Co.
222
23,) q
April 1907
20 Lawyers Title Ins. & Tr. Co. 250
250
25o
pursued by the company art' still being maintained
Feb.
1907— 272
Sokl at the Stock exchange.
Out of the $4,083,500 surplus remaining on the opera¬
—’The
Executive Council of the American Bankers’ Asso¬
tions of the late twelve months, $999,999 was applied
in writing off patent accounts on the company's ciation, which met at Hot Springs, Ya., on the 0th and 7th
inst., has decided to hold the present year's annual con¬
This process of reducing the patent account
books.
vention of the organization at Atlantic City, N. J., the week
has been going on for a long time, and with the latest of
September -3. The headquarters of the Association will
reduction the whole of the company’s patents (which be at the Marlborough-Blenheim.
as
and
—
—
•> •> *>
*>•>«>
—
x
1000
THE CHRONICLE
—Senator Alld's bill, regulating the enforcement of the
Stock transfer tax in New York State, was signed by Governor
Hughes this week. The bill, which was passed by the Senate
on April 24, and by the Assembly on
April 29, was referred
to in this department last Saturday.
—Plans to consolidate the Mercantile and
Equitable trust
companies of this city, which have been taken up anew since
the resignation last month of Henry C. Doming as President
of the Mercantile Trust, are likely to be brought to tangible
shape in a veiy short while. It is expected that Alvin W.
Krech, President of the Equitable' Trust Company, will
become; the heael of the* united institution, which will probably
operate* under the name of the Mercantile Trust.
—The board of tire
Phenix
National Bank, Nassau and
Liberty streets, New York, til's week eleeteel Cashier Alfred
N. Bull to the* vice-presidency, Jo succeed George M. Coffin.
Bert L. Haskins, former Assistant Cashier has been chos *n
Cashier.
H. C. Hooley was also appointed Ass’s'ant
Cashier. Mr. Coffin reecently res’gned to become Pres’dent
of the new Beaver National Bank, at the junction of B “aver.
Pearl and Wall streets.
—William O.
Douglas, the defaulting assistant loan clerk
Company of America, this city, pleaded guilty
•last Thursday to the three indictments of the Grand Jury
for grand larceny.
His accomplice, Oliver M. Dennett, was
indicted on the same charge.
Douglas, it is stated, will be
of the Trust
a
witness
against Dennett.
banking institution is being organized in this city
■by Hugh It. Garden, the law attorney at .‘31 Nassau Street.
The bank is to be known
as
the Central Park West National
If will locate
on
the west side of Central
Park, and will have a capital of $200,000. The Comptroller
has approved the application to organize, which is presented
by Shirley E. Johnson, John Franklin Crowell, Edward A.
Hcshinan and Frederick A. Richardson.
p
LXXXIV
Section 1.
Section two hundred and two of chapter nine hundred and
eight of the laws of eighteen hundred and ninety-six, entitled ‘ An Act
In relation to taxation, constituting chapter twenty-four of the general
laws,” as amended by chapter one hundred and thirty-two of the laws of
nineteen hundred and one, and chapter one hundred and seventy-two of
the laws of nineteen hundred and two, Is hereby amended so as to read as
follows:
Section 202.
Exemptions from other State taxation.—The personal
property of every corporation, company, association or partnership, tax¬
able under this article, other than for an organization tax, shall be exempt
from assessment and taxation upon Its personal property for State purposes,
if all taxes due and payable under this article have been paid thereby, [and]
The personal property of every corporation taxable under section one
hundred and elghty-seven-a of this article, other than for an organization
tax, and as provided In chapter thirty-seven of the general laws, shall be
exempt from assessment and taxation for all other purposes XU all taxes
due and payable under this article have been paid thereby}.
The personal
property of a private or lndlvldi
Danker, actually employed In his business
as such banker, shall be exempt from taxation for State purposes, if such
private or Individual bankershall have paid all taxes due and payable under
this article.
Such corporation and private or individual banker shall In
no other respect be relieved from assessment and taxation by reason of
the provisions of this article.
The owner and holder of stock in an incor¬
porated trust company liable to taxation under the provisions of this Act
shall
be taxed
not
as
an
Individual for such
stock.
(Personal property
exempted from taxation by this section shall not include shares of stock of banks
and banking associations taxable under the provisions of section twenty-four
of this chapter.)
This act shall take effect immediately.
—Charles Elliot
Warren, who has been appointed Chair¬
on Arrangements for the com'ng con¬
vention of the New York State Bankers’ Association, an¬
nounces that the
1907 meeting will be held on Thursday
and Friday, June 27 and 28, at the Hotel Frontenac, St.
Lawrence River, Thousand Islands.
Mr. Warren (Cashier
man
of the Committee
of the Lincoln National
Bank of New York) is associated
the committee with Ledvard
Cogswell, President of the
Albany; David H. Pier¬
son, Cashier of the Bank of Manhattan Company, New
York, and E. O. Eldredge, Secretary of tie* association and
on
New York State National Bank of
Cashier of the New Amsterdam National Bank of
—A-new
iBank of New York.
[VOL.
New York
City. Inasmuch as the convention will probably last over
Saturday and Sunday following, the dates mentioned, a
number of interesting s’d'* trips will b* provided.
Arrange¬
ments are now being made by Mr. Warren with the Passenger
Department of the New York Central RR. for a special trip
rate.
If a sufficient number of bankers from til's city sig¬
nify their intention to take space, a special tra’n will be pro¬
vided to carry the delegates and their families.
ElFott C.
McDougal, President of the Bank of Buffalo, at Buffalo,
by Senator Saxe providing for some
slight amendments to the law relating to tin* taxation of is President of the* association.
bank shares was passed by the New York Senate* on Monday.
—In our issue of April 27 reference was made te> the adop¬
The bill makes two changes in the existing law.
First, it tion of a new schedule; of exchange-rate s by the* St. Louis
amends Section 24 of Chapter 90S of tic* Laws of 1896, as ("Faring IIous * Association.
The* now schedule became
amended by Chapter 550 of the Laws of 1901, Chapter 126 effective on the* 1st, and is as follows:
On tin* following States a minimum charge of $0.7."> per thousand dollars:
of the Laws of 1902, and Chapter 207 of the Laws of 1903.
Connecticut
Maryland
N»w York
Rhode Island
Ohio
Massachusetts
Vermont
This amendment relates to the tax ot 1% which is assessed .Delaware
New Hampshire
1 llinols
Pennsylvania
New Jersey
upon the stocks of banks and banking associations.
The Maine
On the following States a minimum charge of $1 prr thousand dollars:
only change here is the addition of the following sentence at Indiana
Missouri
West Virginia
Kentucky
Michigan
Tennessee
Wisconsin
the end of Section 24:
“No shares of stock ot such banks Iowa
Minnesota
VI rgl ni a
Kansas
and banking associations, by whomsoever held, shall be ex¬
On the following Slates a minimum charge of $2 per thousand dollars:
Nevada
South Dakota
Alabama
Georgia
empt from the tax hereby imposed”. It has been the rule for Alaska
New Mexico
Idaho
Texas
lT tali
Indian Territory
North Carolina
A rlzona
trust companies holding bank stock to ask the City of New
North Dakota
Louisiana
Arkansas
Washington
Oklahoma
California
York to refund taxes paid on their holdings of such bank
Mississippi
Wyoming
Montana
Canada
Colorado
Oregon
shares on the ground that the trust companies themselves Florida
South Carolina
Nebraska
Newfoundland
The following are exceptions to the foregoing at a minimum charge of
pay to the State an annual tax of 1% <m their shares. This
SO.HO per thousand dollars:
Cleveland, Ohio
Indianapolis, Ind. Pittsburgh. Penn.
course will no longer be
possible under the change; pro¬ Buffalo. N. V.
The following are exceptions to the foregoing at a minimum charge of
posed
SI per thousand dollars:
Denver, Colo.
Lincoln, Neb.
Omaha, Neb.
A further amendment made by the bill passed in the
On the following cities the charges are discretionary:
Senate this week relates to the law governing the matter of New York
Boston
Washington I). C. Cincinnati
Chicago
Brooklyn
Philadelphia
Louisville
property exempt from other State taxation, as contained in Jersey City
Baltimore
New Orleans
And bank drafts on banks In Kansas City, Mo., and bank drafts on banks
Section 202.
The change* hero is of the same nature as the in
St. Joseph, Mo.
Also discretionary:
other.
Following the clause saying that the owners of shares
Charges on Items diposited by U. S. Government, the State of Missouri,
of trust companies shall not be taxed as individuals, there in the City of St. Louis, steam railroad companies and the Board of Public
Schools of the City of St. Louis.
is added tin* following: ‘'Personal property exempted from
On all Items drawn "with exchange” or "and exchange," the charges Is
one-half the foregoing rates.
taxation by this section shall not include shares of stock of
All Items received from, or for the account of, any bank, trust company,
person or lirm outside" of St. Louis, and bearing a St. Louis endorsement,
bank and banking associations taxable under the provisions shall
be subject to the same charge as if received direct from a St. Louis
customer.
of Section 24 of this Chapter.”
On the preceding schedules, excepting the discretionary points, the mini¬
mum charge is f>c. for Items of $10 and under and 10c. for Items over $10:
This law, dealing with the question of tax exemption, was
but In all cases two or more Items received at any one time from any cus¬
•changed in another respect some weeks ago, when the tomer and payable at one place may be added together and charged for
as one Item.
For collections on points outside of St. Louis, the charge shall be the actual
Legislature enacted an amendment making it unnecessary
cost Incurred, and, In addition thereto, a handling charge of 10 cents om
for trust companies, as was formerly required, to show their each Item whether collected or not.
receipts for State taxes (other than organization tax) to the
—The Brooklyn Trust Company of Brooklyn Borough,
local assessors before being declared exempt from other pay¬
announces that its Manhattan office, at 90 Broadway, will bt
We give herewith this law, as amended, showing
ments.
opened on or about May 20.
in italics the new matter, and in brackets the old matter;
—Cyrus Peck, President and one of the organizer* of tho
we also incorporate therein in both italics and parentheses
City
Trust Company of Newark, N. J., died on the 6th insfc.
the further change proposed in the bill passed by the Senate
He was seventy-eight years of age.
this week;
—The National Commercial Bank of Albany, N. Y.,
AN AOT
announces
the resignation on the 1st insfc. of Charles H.
To amend section two hundred and two of the tax law to relieve local
—A bill introduced
...
.
assessors
from the duty of assessing property of trust
not locally
companies which Is
taxable.
The People of the
4o enact as follows:
State of New York, represented In Senate and Assembly,
Sabin
Vice-President.
as
director
of
the
institution.
He continues, however, as a
Mr. Sabin, as is known, is
May 11
1907.]
M91
THE CHRONICLE.
National Copper Bank of this city,
which commenced business last week.
$250,000 was ratified by the stockholders on
Long has been elected President of the Puritan
Trust Company of Boston, Mass., succeeding William R.
Dresser who died January 8.
half
President of the
new
—John D.
Pennell, Vice-President of the Lcchmere
National Bank of East Cambridge, Mass., has been elected
President of the Charles River National Bank of Cam¬
—James
F.
bridge, to succeed the late Walter S. Swan.
prcs’dency of
Northampton National Bank of Northampton, Mass.,
which became vacant last month through the death of Oscar
Edwards.
Mr. Claik advances from the post of Vice-Prcsdent, in which office he is replaced by Cashier Warren M.
King.
-
—Charles N. Clark has been elected to the
the
Company of Bangor, Maine, is one of
the newer institutions in New England which is steadily
increasing its business, as is evident from its statement of
condition for Apffl 27.
The growth in this instance becomes
the more striking when consideration is given to the fact
that Bangor has a population of but 25,000, and that the
company competes with s'x other commercial banking
organizations in that city. The institution has been opera¬
tic as a trust company a little less than four years, having
succeeded on June 1 1903 to the brs'ness of the banking firm
of Merrill & Co.
Five months later, October 8 1903, it
—The Merrill Trust
reporteel deposits of $284,928, which have since risen as
$422,370 August 22 1901; $625,102 October 28
1905; $734,179 October 23 1906; and $905,817 on April 27
1907.
Within the past two yeavs the company purchased
practically the entire capital stock of the Veazie National
Bank, which has some $450,000 deposits not included in
any way in the trust company’s statement.
The latter in
its latest report shows surplus of $75,000, undivided profits
of $42,203, and aggregate resources of $1,230,903.
One of
the officials of the company expresses the opinion that the
Merrill Trust now controls more strictly commercial deposits
than any bank in the State of Ma ne outside the city of Port¬
follows:
the 2d inst.
change, which will be effected by retiring
the stock at par, $50, will be accomplished within two
It is stated that the
months.
—H. A. Johnston,
Lincoln
National
heretofore an Assistant Cashier of the
Bank
of
Pittsburgh, has been elected
late William R.
Cashier of the institution to succeed the
Christian.
—A. A.
McKinney, formerly Cashier of the Union National
the Braddock
Bank of Braddock, recently taken over by
Trust Company, has been elected Cashier of
tional Bank of Braddock.
the First
the First Na¬
George C. Watt, lately Cashier of
National, has replaced F. W. Edwards as
Vice-
President of the latter institution.
—The consolidation of the Second National and Merchants *
operative on the 1st inst.,
being placed in voluntary liquida¬
tion on April 30.
The plan to consolidate these institutions
was set out in these columns February 2.
The merger has
been consummated under the name of the Second National,
•which increases its capital from $350,000 to $1,000,000.
The enlarged bank has as officers: Edwin Jackson, Presi¬
dent; C. F. Adams, T. W. Childs and T. C. Stevens, VicePresidents; W. C. Carr, Cashier.
—Richard P. Joy has resigned as Comptroller of the City
National Bank of Toledo became
the Merchants’ National
presdency of the new National Bank
City, which is to begin business on June
I.
The other officers chosen for the new institution are
W IPam P. Hamilton, Vice-President; Henry H. Sanger
Cashier, and Charles B. Warren, General Counsel.
—The Hamilton National Bank of Chicago is now settled
in its new quarters on the ground floor of the New York Life
Building, corner of La Salle and Monroe streets. This is the
very heart of the financial district of Chicago, the National
Bank of the Republic occupying the entire first floor of the
same building, the
Northern Trust Company being directly
across and the National City Bank and Bank of Montreal
of Detroit to take the
of Commerce of that
diagonally across La Salle Street, while the Central Trust
Company and Monroe National Bank are across Monroe
land.
Street, and the Borland Building on the corner is filled
—The Farmers’ and Mechanics’ National Bank of Phila¬
with prominent financial institutions.
The move ought to
delphia which celebrated the one hundredth anniversary of be a good one for the Hamilton National, and its growth at
its organization on January 17 with a banquet, marked the
the former location, 80 and 82 La Salle St., suggests the pos¬
centenary of its opening with an exhibition of its curios to
sibility of still more rapid progress at the new site. With less
its stockholders, depositors, out-of-town correspondents and
than a half million deposits on its open'ng day, April 21 1903,
invited guests.
The bank commenced busmess on the first there has been uninterrupted extension, year by year since
Wednesday in May 1807. The exhibition, opened on then, as follows:
April 21 1903, $413,401.29; March
Wednesday the 8th, embraces old books, bank-note plates, 28 1904, $1,565,972.23; March 14 1905, $2,516,808.78;
letters and other documents coming into the bank’s posses¬
April 6 1906, $4,532,858.20; Jan. 26 1907, $6,155,549.42;
sion relating to its early history.
A dividend of 3p£%, clear March 22 1907, $6,321,360.32. The officers of the Hamilton
of taxes, was declared by the directors on the 7th inst., and
National Bank are as follows:
Charles B. Pike, President;
$50,000 was addded to the surplus, making that fund $1,200,J. H. Cameron, Vice-President; Henry Meyer, Cashier; Geo.
Since its organization the bank has paid dividends
000.
II. Wilson and W. T. Perkins, Ass'stant Cashiers.
aggregating $12,567,000. The institution has a capital of
—Harrison B. Riley has been elected President of the
$2,000,000, and besides its surplus of $1,200,000 has un¬
divided profits of $23,364.
The deposits May 1 were Chicago Title & Trust Company of Chicago, 111.—a post
which has remained vacant s nee the death of Elbridge G.
$16,999,965.
Kent, on May 17 1905.
Mr. Riley advances from the office
—The directors of the Real Estate Title Insurance &
of Secretary to which J. A. Richardson has been elected.
Trust Company of Philadelphia have elected Holstein De
—The State Bank of Virginia at Richmond on the 1st
Haven as President to succeeed the late Joseph L. Cavon.
inst. adopted its new title, the National State Bank of Rich¬
—It is reported that the $200,000 new stock to be issued
mond, as authorized by Comptroller Ridgely on April 29.
by the Western National Bank of Philadelphia will be The bank’s
capital continues the same as before conversion,
offered at $120 per share of $100.
Th>* dates of payment
namely, at $500,000. There is likewise no change in the man¬
are. June 5, July 5, August 5 and September 5.
agement, which eons'stsof John S. Ellett, President; William
—A new State financial institution is to be established in
M. Hill, Cashier and Julien H. Hill, Ass'stant Cashier.
Philadelphia under the title of the American Bank. The
—The Austin National Bank of Austin, Texas, has in¬
capital is to be $200,000 in shares of $50; the stock will be creased its capital from $150,000 to $300,000. The addition
disposed of at $60, thus giving a surplus of $40,000. The was the result of a dividend of 100% out of the profits de¬
bank will locate in the South Philadelphia section, in the clared
by the direetois and ratified by the stockholders at a
vicinity of Passayunk Avenue and Broad Street.
meeting on March 16.
The par value of the stock is $100
—Still another financial organization in process of forma¬ per share.
The book value of the stock, after the increase,
is $15).
The bank was organized in June 1890 with a capital
tion in Philadelphia is the West Park Title A Trust Company.
This company is to have a capital of not less than $125,000 of $150,000, since which time it has earned and paid to its
nor more than $250,000.
The stock, par value $50, will be stockholders $346,500 in dividends, and now has a surplus
offered at $55 pm* share.
The institution expects to start and profit account of $182,698. On March 22 total dcbusiness about July 1.
It will locate in the neighborhood of pos’ts were $2,763,069 and the resources, $3,395,766. The
officers are E. P. Wilmot, President; Walter Tips and Henry
52d Street and Lancaster Avenue.
Hirshfeld, Vice-Pres:dents; William H. Folts, Cashier, and
—The proposition to reduce the capital of the ^Merchants’
Morris Hirshfeld, Assistant Cashier.
Savings & Trust Company of Pittsburgh from $500,000 to
1092
THE CHRONICLE
—The
eighth annual meeting of the stockholders of the
Company of San Francisco was held on
the 24th ult.
The reports indicate a prosperous condition
of affairs.
The net earnings for the year, after payment
of all expenses and taxes, amount to
8230,747, against
$165,087 reported the previous year. During the past
twelve months dividends aggregating $60,000, declared in
September 1906 and March 1907, were paid. The institu¬
tion recently increased its capital from $1,000,000 to $2,000,000, and now (April 24, 1907) reports capital, surplus,
and profit and loss account as $3,844,097.
The directors
elected for the ensuing year are William
Babcock, Wake¬
field Baker, 11. C. Breeden, Warren D.
Clark, W. F. Detert,
F. G. Drum, C. E. Green, M. II.
Hecht, William G. Irwin,
John D. McKee, D. Q. Mills, E. S. Pillsbury, N. D.
Rideout, R. D. Robbins, Henry T. Scott, Claus Spreckcls
Mercantile Trust
and Alexander B. Williamson.
The officers
are
as
follows:
N. D.
Rideout, President; Henry T. Scott and William G.
Irwin, Vice-Presidents; John D. McKee, Cashier and
Secretary; W. F. Berry, Assistant Cashier and Secretary;
O. Ellinghouse, Assistant Cashier and
Secretary, and A.
H.
Winn, Trust Officer.
—G. Bruce
Webster, the New. York agent of the Chartered
India, Australia and China (head office London)}
has been notified by cablegram that the shareholders at the
special confirmatory mooting May 8th approved the action
of the previous
special meeting and increased the company's
capital stock to £1,200,000. As stated before in these
columns, the additional stock is to be issued at £40 per
share, payable in installments between June 4 to December
31 1907, such installments to bear interest at
5% per annum.
Bank of
.
The
new
shares will rank
on
the
same
basis with the exist¬
[VOL.
LXXXIV.
discourage speculation, yet their real object is to keep their
funds well in hand lest, in her present temper, Germany might
suddenly attack her western neighbor. The criticisms
passed by Germany on the meeting of King Edward and the
King of Italy have greatly impressed European opinion.
The inference generally drawn is that Germany,
finding her¬
self in general ill-odor because of her rather hectoring
con¬
duct of late, and finding that, in consequence, she is
gradu¬
ally being isolated, is becoming restive, and that at any
moment she may embark upon a policy of
adventure. Nev¬
ertheless the best opinion does not accept this view.
That
there is much disquiet and even irritation in Germany
be¬
cause of her practical isolation is of course not to be
disputed.
But that Germany will engage in war or even engage in a
course of conduct which may
threaten war the best informed
do not believe.
Nobody disputes Germany’s military and
naval strength, and that she would be a most formidable
antagonist even against a coalition is of course also accorded.
Still the belief is that any unprovoked action on her
part
would evoke such general opposition that her Government
will not venture upon it.
The general view, therefore, is that the present stagnation
will not last.
It is to be observed that trade all over Europe
is either already good or is decidedly improving.
It'is only
upon the Stock Exchange that there is extraordinary stag¬
nation, and the argument is that in a little-while the public
will recognize that there is no danger of war, and that then
they will begin to invest upon a large scale. While the Bank
of England rate was at 6% or even at 5%,
many people who
had suffered losses because of the heavy fall in
consols,
British railway stocks, and other securities, preferred to place
their savings on deposit with the banks rather than venture
upon either investment or speculation.. Now, however,
that the Bank rate is down to 4% the other banks are allow¬
ing on deposit only 234% > and therefore it is felt that de¬
positors will soon tire of this and that we shall see before long
very large and active investment.'
In France business is nearly as quiet as it is in London.
The French banks, moreover, have diminished the balances
they are employing in London, partly because of the fall
in rates here, partly because of the great improvement in
trade at home and partly because they find it much more
profitable to increase their balances in Germany. In Ger¬
many business on the Stock Exchange is also quiet, but
trade continues good, and although the Bank rate has been
put down to 534%, still the reserve of the Bank is small,
ing shares from January 1 1908. With the increase of 20,000 new shares at £20 (or £400,000) and a like addition of
£20 per share to reserve fund (or
£400,000) the bank's
financial standing will be as follows: capital
£1,200,000, re¬
serve;
liability of shareholders, £1,200,000; reserve fund
anti it is doubted whether much further reduction will be
£1,475,000; undivided profits £93,000.
made for the present.
The German and Prussian loan was
—The annual report of the Deutsche Bank
(head office brought out on Thursday and has been a
very great success,
Berlin) for the twelve months ending December 31 1906 as was certain to be the case, for the interest it bears is
4%
has been issued.
Including the balance of net profits for and the issue price was only 99. The applications, therefore,
1905, amounting to $247,790, the net profits for 1906, after at home and from Holland, Belgium and Switzerland were
writing off $617,217 from the accounts of buildings and very large. The applications from France and England,
however, were very small. The general explanation is that
furniture, and making due provision for all bad and doubt¬ in France and England the investor does not care for a se¬
ful accounts, were
$6,939,970—representing 14.57% on the curity which will be paid off in five years, and that the rate
paid-up capital of $47,619,047. The turn-over of the bank of interest was not sufficiently attractive for either bankers
or insurance
companies, considering what a number of good
in the past year amounted to $20,3S0,000,000
against $18,- securities giving nearly as high a return are obtainable.
380,000,000 in 1905; the number of current deposit and
In Russia trade is surprisingly good, in spite of the political
other accounts open in the bank's book at its central and
uncertainty and the famine over so largo an area of the Em¬
at the moment there is politically a much more
branch offices has increased during the
past year from pire. Just
hopeful
feeling
in Western Europe respecting Russia. It
139,451 to 164,494; the staff of the institution has increased is
believed,
rightly
or wrongly, that M. Stolypin has tri¬
from 3,693 in 1905 to 4,096 at the end of 1906.
Out of the umphed over the Reactionaries; that he is more than ever in
net profits for the year an addition of
$690,819 has been favor with the Emperor, and that he is gradually preparing
to work
made to the Reserve Fund,
with the Constitutional Democrats and to
increasing it to $23,809,524. establish along
a really Constitutional
system. If this happens,
An additional reserve of $14,285,714,
amounting to 30% there will be a very considerable rise in Russian
bonds,
of the capital, the report states, is
represented by various and the belief in peace will be immensely strengthened.
assets that arc carried in the accounts at less than their
The India Council offered for tender on Wednesday 70 lacs,
and the applications exceeded 572% lacs, at prices
market values.
Current accounts and deposits on December
ranging
from Is. 4 1-1 fid. to Is. 4 5-32d. per
ruppe.
Applicants for
31 1906 are given as $297,796,221.
bills at Is. 4 3-32d. and for telegraphic transfers at Is. 434d.
per rupee were allotted about 27% of the amounts applied for.
eta vvtj (Cota m cvciu Uinglishilcms
The following return shows the
position of the Bank of
(From our own correspondent.)
England, the Bank rate of discount, the price of consols, &c.,
London, Saturday, April 27 1907.
compared with the last four years.
At the beginning of the week the
1907.
1900.
1905.
1904.
1903.
Imperial Bank of Ger¬
April 24.
April 25.
April 20.
April 27.
April 29.
many reduced its rate of discount from 6% to 5^%, and
£
£
£
£
£
the Bank of the Netherlands put down its rate from
28,736,555 28,705,210 28,042,945 28,387,990 29,008,035
5%% Circulation
Public deposits
8.912.971
to 5%.
9,530,515
10.049.520
8.435.340
8.254,853
On Thursday the Bank of England lowered its rate Oiher deposits
48.149,940
48.498,779
40,013.019
39,738,911
41,650,504
from 4to% to 4%.
Notwithstanding all this, however, Governm’t securities 15,321.023 15,977.281 15,495,300 17,283,980 11.524,291
Other
securities
business upon the Stock Exchange continues
37,062,489
27.047,801
25,370,225 28,730.903
utterly stag¬ Reserve,notes* coin 33,732.077
22,847.110
25,904,749
25,029,297
24.454,451
24,547,405
nant.
Indeed, it is alleged both by brokers and jobbers Coin*bull.,both dep 30,191,304
33,102,326 35,822,242 34,485,455 35,347.486
that never in their memory has there been less business
Prop, reserve to liadoing,
bilitles
45 5-10
39 5-16
p. c.
504
494
484
and bankers confirm the statement, asserting that
they have Bank rate
p. c.
*4
3
34
4
2.4
found it extremely difficult to employ
85 13-10
90 1-16
24 p. c
90 5-10
88 11-10
914
money at the settle¬ Consols,
Silver
30 5-lfld.
30 7-1 Od.
26 5-lOd.
pton
ment this week.
As money now promises to be both plentiful and
cheap
for at least some months to come,
people are naturally
.puzzling themselves as to what can be the reason of the pres¬
ent
stagnation, and the general opinion seems to be that it is
the attitude of Germany.
It is observed that the Bank of
France has not put down its rate, and that, in fact,
money
is dearer in Paris at present than it is in London. The infer¬
ence generally drawn from this is that,
although it is quite
true that trade is exceptionally good in France—much better
than it has been for years past—and
although it is also true
that both the Bank of France and the other banks desire to
254 d.
244 d.
139.973,000 104,177,000 163,392,000
.
Clear.-house returns 208.509.000 230,499,000
*
April 25.
The rates for money
Rank of England rate
have been
April 27.
4
Opm Market Rate—
Bank bills—3 months
—4 months
—6 months....
Trade bills—3 months
—4 months
1
Interest alloxeed for deposits—
By Joint-stock banks
By discount houses:
At call
7 to 14 days
34 @34
34 @34
34
34 @34
34 @3 4
as
follows:
April 19.
44
34
34
34
34 @34
34
April 13.
44
,
34
34
34
4 @4 4
4 @44
April 5.
5
44
44
44 @44
5
5
24-
3
3
34
24
24
3
3
34
34
34
34
Mat ii
1907.1
The Bank rates of discount and open
chief Continental cities have been
Rates of
Interest at—
Paris
Berlin
April 20.
April 13.
April 6.
Bank Open
Rate. Market.
Bank Open
Rate. Market.
...
...
Amsterdam
Brussels
Vienna
St. Petersburg
Madrid
The
3X
44
--
7
...
...
...
34
4
4
4 3-16
44
3 4
4 7-16
5
—
Copenhagen
•
Bank
Open
Rate. Market.
34
54
54
5.4
6
54
GOLD.
Apr.
London Standard.
s.
Bar gold, fine, oz
77
U. S. gold coin, oz
76
German gold coin, oz .*76
French gold coin, oz_ .*70
.*76
Japanese yen, oz
25.
d.
9
5
5
-
.
5
5
6
6
4 11-16
6
6
5
4
44
44
44
4 9-16
d.
9
5
5
5
5
54
44
4 5-16
34
54
54
54
54
44
44
44
7
are
,
77
76
*76
*76
*76
44
44
44
Apr. 18.
s.
34
5
6
bullion
34
54
'44
4
34
6
6
6
6
5
7
„
44
quotations for
34
44
44
6
6
6
7
4,4
4
44
4
54
6
54
6
54
reported
as
SILVER.
Apr. 25. Apr. IS.
d.
d.
London Statidard.
i Bar silver, fine, oz_ -.30 5-16
30 5-16
| “ 2 ino. delivery, oz.304
304
-.32 11-16
32 11-16
|Cake silver, oz
|
Pixley & Abell write
nom.
..nom.
GOLD.—The Bank still receives all the gold and has purchased about £300,000
pect over £ 1,000,000 in gold from South Africa.
The Bank rate, which was lowered
to 44% on the llth inst., was to-day further reduced to 4%.
Arrivals—Cape,
£241,000; Australia, £187.000: total, £428,000.
Shipments—Bombay, £108.000;
Colombo, £1,500; Calcutta, £50,000: total, £160,100.
SILVER.—Silver has remained unchanged on the week, after some small fluctua¬
tions.
The French Government invited tenders for 20,000 kilos, but this had no
effect'on the market.
China has been the chief element of strength, and Shanghai
exchange has risen 4d. during the week.
India has done very little and quotes
774 Rs. Cash silver is now more plentiful, and in consequence of this and the
forward demand for China the premium on cash is now only l-16d. Arrivals—New
York, £170,000.
Shipments—Singapore (coin), £61,250; Bombay, £17,S26; Co¬
lombo, £5,000; total, £84,076.
MEXICAN DOLLARS.—There have been some transactions in these coin at
their melting value.
Arrivals—New York, £46,000.
The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IMPORTS.
Thirty-Jour weeks—
Imports of wheat, cwt._
Barley
1906-07.
-.-55,078,200
-.-16,248,300
7.062,200
--.32,824,900
1905-06.
52,874,100
15,829,300
8,504,100
1,213.925
504,030
31,068,400
9,068,300
10,074,000
--.
1,251,880
_
637,630
_
corn
:
1904-05.
67,333,100
1903-04.
57.721,921
16,204.200
23,965,568
10,428,498
1,539.000
1,622,088
8,948.300
1,476.358
1.166.700
28,629.700
7,764,520
33,993.357
14,892,684
Supplies available for consumption (exclusive of stock
September 1):
Wheat
imported, cwt
Imports of flour
-.
Sales of home-grown
Total
Average price of wheat, week
Average price, season
The
maize
1906-07.
1905-06.
55.078.200
9,068,300
19,641,713
52,874,100
10,074,000
24,432,598
1904-05.
67,333.100
7.764.520
11,675,551
83.788.213
26s. Sd.
87,380,698
29s. 4d.
28s. 2d.
86.773,171
30s. 8d.
30s. 4d.
26s. 5d.
on
1903-04.
57,721.921
14,892.684
13.326.11S
85,940,723
27s. 9d.
27s.
3d.
following shows the quantities of wheat, flour and
afloat to the United Kingdom:
This week.
qrs. 3,797,000
Wheat
Flour, equal to
qrs,
are-
Maize
23S.000
290.000
Last week.
3,756,000
199.000
325.000
1905-06.
1904-05.
3.965.000
180,000
3,630,000
165,000
445.000
290.000
English Financial Markets—Per Cable.
daily closing quotations for securities, &c., at London
reported by cable have been as follows the past week:
The
as
Week ending May 10.
Sat.
Mon.
Tries.
Silver, per oz
30 >i
d. 304
304
Consols, new, 24 per cents.. 85 3-16 85 5-16 So 5-16
For account..
85 7-16 854
854
French Rentes (in Paris), fr. 95.30
95.25
95.174
Russian Imperial 4s
754
754
754
do
do
New5S-.-_ 834
85
844
Amalgamated Copper Co
99
994
b Anaconda Mining Co
13
134
134
Atchison Topeka A Santa Fe. 974
984
974
Preferred
99
98
98
Baltimore A Ohio
103
102
1024
Preferred
92
92
92
Canadian Pacific
183
1824
1824
43 4
43
Chesapeake A Ohio
434
12
Chicago Great Western
114
114
Chicago Miiw. A St. Paul
1404
1394
1414
Denver A Rio Grande, com.. 30
304
294
Preferred
77
774
774
Erie, common
25
254
254
First Preferred
58
58
574
Second Preferred
40
41
40.4
Illinois Central
151
151
151
Louisville A Nashville
123 4
123
122
..
■'
_
_
-
Mexican Central
r_
224
Missouri Kans. A Tex., com. <38
Preferred
684
National -RR. of Mexico
544
N. Y. Central A Hudson Riv.122
N. Y. Ontario A Western
394
Norfolk A Western, common 81
Preferred
834
Northern Pacific.
140
a
a
Pennsylvania
Reading Company
664
584
434
First Preferred
a Second Preferred.
43
Rock Island Company
224
Southern Pacific
884
Southern Railway, common. 224
Preferred
084
Union Pacific, common
1534
Preferred
97
U. S. Steel Corp., common.. 384
Preferred..
105
Wabash
14
Preferred
264
Debenture Bs
684
a
.
a
Price per
share,
.
.
b £ sterling.
23
224
374
38
684
54
1204
39.4
81
824
68
54 4
1194
39
so
83
139
Wed.
Thurs.
29 15-16 30
85 5-16 854
85 5-16
854
Fri.
30
85 1-16
85 3-16
95.174
754
844
974
95.174
754
844
964
124
97.4
984
13
984
99
1014
92
182
424
114
139
1394
138
244
57 4
394
394
58
151
151
1214
224
374
1214
121
68
544
118.4
22
38
21
4
374
674
674
55
55
1174-
117
39
39
384
79,4
79
79
83
S3
1384
654
42.4
22
874
214
684
1504
83
1384
654
574
43 4
42 4'
224
87 4
214
1374
65
68
14S7s'
1504
97
96
384
384
105
95
38 4
105
105
105
14
144
14
14
264
27
68
684
264
684
274
684
95.4
38
.
104 4'
14
June
34
Tampa (Fla.) Electric Co
TwinCityRap.Tran.(Minneap.) com.(qu)
Washington (/>. C.) Eg. A Elec., pref
June
June
‘>
May
May
•
June
June
>
3
Wilmington A Northern (quar.)
Street Railways.
Georgia /?//. A Elec. (Atlanta), com. (qu.)
—
6
24
o
Philo. Germantown A Norristown (quar.)
Pittsb. Bessemer A Lake Erie, pref quar.
Southern Pacific, common (quar.)
Union Pacific, common (quar.)
14
July
2*
July
\
8
May
14
May
/
33 l-3f> May
1
May
5
May
14
24
June
2
2
June
June
May
2
20
10
May 11
June
4 Holders
May
May
May
May
May
May
May
July
May
May
May
May
May
May
4
2
15
May
11
May
May
May
May
April
10
10
20
to
or rec.
Holders
of
rec.
1
1 Holders of rec.
20 Holders of rec.
151 Holders of rec.
to
13 May
7
to
13 May
7
to
1 June 11
1 Holders of rec.
19, Holders of rec.
to
25 May 16
31 Holders of rec.
4 Holders of roe.
1 Holders of rec.
1
1
21 Holders of rec.
1
20 Holders of rec
20 Holders of ree.
31 Holders of rec.
15 Holders of
15 Holders of
1 j May 22
rec.
rec.
to
10
10
1
13
13
1
15
31
19
1
30
June
1
May
May
May
May
May
May
31
31
5
5
20
20
2
15
15
1
20
29
15
Miscellaneous.
Adams Express
Extra
:
Amalgamated Copper (quar.)
14 May
4 [May
1
May
1
May
Extra
American Chicle, common (monthly)
Common, extra
American Cotton Oil, preferred
Amer. Dist. Telee. of N. Y
American Express
Amer. Graphophone, pref. (qu.) (No-48)
American Locomotive, common (quar.).
American Radiator, common (quar.)
Preferred (quar.)
American Shipbuilding, common (quar.).
Amer. Smelters Secur., pref. “A” (quar.)
Preferred "B" (quar.) (No. 8)-American Strawboard
American Tel eg. A Cable, guar. (quar.)..
American Tobacco, common (quar.)
Common, extra
British Columbia Packers' Ass’n, pref
Butlerick Company (quar.)
3
1
3
.Mine
14
14
May
July
May
May
1
June
14
May
l
pune
14
14
June
June
June
June
June
June
1
14
24
5
34 d May
1
June
City Investing
3
May
Diamond Match (quar.)
du Pont (E.I.)deNemoursPow.,com.(qu)
Eastman Kodak, comnum (quar.)
24
14
24
14
June
June
Preferred (qtigr.)
Federal Sugar Refining, preftrred
Great Northern Paper (quar.)
Int. Smokeless Powder AChem., pref
Laclede Gas Light, common (quar.)
Lehigh Coal A Navigation (No. 119)
Massachusetts Gas Cos., pref
Montreal Light. Heat & Power (quar.)..
National Biscuit, preferred (quar.)
National Carbon, pref. (quar.)..
New England Telephone A Teleg. (qu.)
Niles-Bement-Pond. preferred (quar.)..
North American Co. (quar.) (No. 18)
People’s Gas Light A Coke (quar.)
Pittsburgh Brewing, common (quar.)
Preferred (quar.). j
Pratt A Whitney, preferred (quar.)
Pressed Steel Car, pref. (quar.) (No. 33)
Pullman Company (quar.) (No. 161)
Railway Equip. Corp.(mlhly.) (No. 108)
--
Extra
Quxikcr Oats, common (guar.)Common
to
11
to
May 11
to
271 Apr. 26
to
271 Apr. 26
to
20 May 15
to
20 j May 15
to
1 May 17
to
15: May
4
l! Holders of rec.
11 May
1
llMay 25
1. Holders
1 1
May
14
June
4
2
May
lune
1
14
June
(extra)
Preferred (quar.)
Quincy Mining (quar.)
Shelby Iron (annual)
United Bank Note Corp., com. (quar.)..
United Cigar Mfrs., pref. (quar.) (No. 4)
United Copper, preferred
U. S. Cast I. Pipe A Fdry.. com. (quar.)
Preferred (quar.) (No. 26)
United States Express (No. 147).
V. S. Red. A Refg.. pref. (quar.) (No. 16)
U. S. Steel Corp., com. (quar.) (No. 14).
Preferred (quar.) (No. 24)
Warwick Iron A Steel
2
June
to
ol
rec.
to
l!May 16
to
liMay 16
to
201 May 10
to
llMay 16
to
15|May 1
15|Holders of rec.
4
3h
May
Juno
1
15
1
1
28
1
15
15
27
July
July
May
June
15 Holders 01 rec. May
to
27 May 11
May
to
Juno
29 June 23
to
15 May
May
9
June
1 May 19
to
3
May 21
June
June
2
2
May 20
2
June
May 16
June
5
June 6
to
to
June 16
June
1
June
to
June 16
1
Holders of rec. May 7 a
to
June
1
May 23
Holders of rec. April 80
Holders of
May
16
14 Ylay 15 Holders of
14 May 31 May 17
15 May
5
14 May
15 Apr. 22
14 May
15
14 May
May 9
1 Holders of
14 June
25 May 11
14 [May
20 May 11
14 May
20 May 11
14 May
15 May
14 May
7
22
14 May
May 2
2
15 Holders of
May
15
14 May
2
15
May
15 Holders of
14 July
15 Holders of
4 July
31
Holders of
14 May
$4.50 June 10 May 17
5
May 20 May 17
1
15 May
May
2
1 May
21
14 June
3
15 May 11
May
June
1
1 May 12
June
1 May J2
14
2
15 May
1
May
1 June 21
14 July
1 June 13
4 July
14 May 31 May 9
3
15 May
May
1
.
rec.
to
s
May
May 31
rec.
to
to
to
April 80
rec.
April 30
rec.
July
July
May
May
May
May
May 31
May 16
6
May
to
May 15
rec. May 15a
to
May 26
to
May 20
to
May 20
to
May 15
to
May 21
rec.
rec.
to
to
to
to
to
to
to
to
to
to
to
to
June
5
5
20
19
20
1«
a
MayJ15
May 15
June 30
1
July
May 31
May 15
Transfer books not closed,
b Payable in common stock at par.
dOn account of back dividends—covers period from May 20 to Nov. 20 1905.
h On account of over-due dividends; also balance (6%) of accrued dividends to be
a
paid on exchange of stock for stock of new company.
Auction Sales.—Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller & Son:
Stocks.
]
Stocks.
B
15 Nat. Bank of North Amer.,265
! 20 Lawyers Title Ins.Air. Co.2;)0 •
68 Peo.A Bureau Val.RR.guar. 1724 j 3 Washington Life Ins. Co.-.200 •
1-16 Interest In Printer Boy)
j
Mine A Daylight A TwI|
Bonds.
-
Mining
Claims, $95 lot $5,000 Montgomery Lt.AWater
Lake County, Col
.
5 Barnston Tea Co. of N.Y.
_
j
;
Pow. Co. 1st cons. 5s, 1943..
$225 000 Standard Iron Mg. A
;
Furnace Co. 1st 5s, 1933
10
$3,500 Public Service Corp. of
N. J. perpetual lnt. bearing
I
Limited
J
4 N. Y. A Harlem RR.Co.,pf.335
30 Carnegie Trust Co
222
25 National Park Bank.
.440
4
trust certificates.
79 4
63
•
*
STOCK OF MONEY IN THE COUNTRY.—The follow¬
ing table shows the general stock of money in the country,
as well as the holdings by the Treasury, and the amount in
circulation, on the date's given. The statement for May 1
1900 will be found in our issue of May 20 1906, page 1190.
—Stock of Money
In United
Slates.
$
564
68
24
24
24
Pennsylvania
43 4
42
224'
864
214
May
4
light
394
1494
43.4
384
114
244
434
424
97
42
25
58
584
1524
1814
76
43 4
864
22 Vs
684
1504
1814
424
114
76
58
s
101
91
91
294
58
877
984
984
1014
294
654
22
68
13
294
774
66
424
22 4
95.174
754
844
974
1
May
May
July
-
London.
Books Closed.
Days Inclusive.
Kansas City Southern, preferred
New York Philadelphia A Norfolk
Norfolk & Western, common.
North Pennsylvania (quar.)
Rochester Eg., common (quar.)
out of the arrivals.
This week's movements include arrivals of £344,000 in bars,
while £354,000 has been withdrawn. of which £254,000 for Paris.
Next week we ex¬
When
2
14
14
italics.
Payable.
June
June
J une
June
3
Delaware <t* Bound Brook, guar. (quar.)__
East Mahanoy
Common
April 25.
Oats
Peas
Beans
Indian
Flour
Railroads (Steam)
Atchison Top. & Santa Fe, com. (No. 13)
Hill
Chestnut
(quar.)
Cleve. * Pittsb., original guar. (quar.)..
,
follows under date of
as
|] Cent.
Per
Name of Company.
Georgia Southern A Florida, first pref
Second preferred
follows:
I Mexican dollars
1
future by all large or important corporations.
Dividends announced this week are printed in
Special guaranteed (quar.)
4
★Nominal.
Messrs.
DIVIDENDS.
The following shows all the dividends announced for the
market rates at the
follows:
April 27.
...
Hamburg
Frankfort
as
Bank Open
Rate. Market.
---
1093
THE CHRONICLE
Gold coin and bullion
Gold certificates a
Standard silver dollars
Silver certificates a
Subsidiary silver
Treasury notes of 1890
United States notes
National bank notes
May l 1907— —Money in Circulation•—
Held in
May 1
May l
Treasury.d.
$
1.617.893,741 254.075,403
41.965.030
3.391.226
562,069,530
6.320,837
129.769.489
6.1S2.000
346,681,016
599,913,840
8,419.788
13.242
4.701.774
11,516.291
1907.
S
691,481,469
630,371.839
82,528.304
469.829,163
121.349,701
6.168.758
341.979.242
5SS.397.549
1906.
S
672,524,404
500.696.3S9
80.424.056
467.574.470
109.494.665
7.640.039
337.130.321
544.765.959
264
-
-
-
-
---3.262.509.616 330,403.591 2.932.106,025 2.720.250.303
Population of the United States May 1 1907 estimated at S5.838.000; circulation
per capita. $34.16.
Total
City Clearing-House Banks.—
The following statement shows the condition of the New
York City Clearing-House banks for the week ending May
4.
It should be distinctly understood that as to all items
except capital and surplus the figures are the average s of the
daily results, not the totals at the end of the week. In
other words, in reporting loans and deposits and holdings of
specie and legal tenders, the practice is to take the aggre¬
gate of the amounts for the several days of the week and
divide this aggregate by the number of days.
Statement of New York
Banks
< 0» omitted.
City
Chemical
Merchants’ Ex
Gallatin
Butch.& Drov.
Mech.A Traders
Greenwich
Amer. Ex. Nat.
Commerce
Mercantile
_
600,0
2,411.3
23.046,0
8,764,0
160,574,4
26.475,5
6,418,1
8,638,2
2.315.3
17.282.0
5,917,8
160,6
910,3
698,6
2,705,0
5,896(0
3,192,7
1,768,0
2,204,0
1,058,8
3.139,0
4,615,7
3,355,0
32.462,1
4,984,6
1,511,7
2,108,0
.
.
..
...
.
Bowery
N. Y. County..
German-Amer
Chase.
.
Fifth Avenue..
German Exch.
Germania
Lincoln
Garfield
Fifth
.
Metropolis
West Side
Seaboard
1st Nat., Bklyn
.
Liberty
N. Y. Prod. Ex.
New Amsterdam
State
14th Street
%
16,820,0 26.5
27,241,0 29.7
16,783,3 25.3
20,814,0 25.2
25.024,8 27.0
9,676,0 25.6
142,477,5 27.0
25,712,3 26.1
2.154.7
97,0
6,011,5
983.9
1,735,3
139,8
591,3
68,8
1.742,0
300,0
Total of United States deposits
2,466,3 23.9
19,933.0 24.0
6.459,9 21.9
20,572,2 23.3
120,164,1 25.0
15.618,7 27.9
3,978,6 25.9
5,693,0 27.0
2.475,5 25.2
16,217,7 25-5
928,4
9,162,6
854,3
474,8
883,2
228,6
1,376.7
6,614.0
2,065,1
452,2
571.4
147.9
4,408,0
377,7
1,255,0
5,011,0
166,3
1,952.0
1,340.0
1,577.9
694,6
73,0
518.7
183,4
1,106,7
747.0
825,0
711,4
2,480.3
312,3
178,7
63.288,0-25.3
20,230,8 25.3
4,028.3 18.0
7,380,6 26.1
10,480,1 22.8
44,378.0 25.3
10,295,3 21.0
week ending
summary
Capital
Circu¬
a
Clearings.
lation.
Surplus.
$
$
New York
$
$
Apr. 6-. 288,090,5 1062,688.8 206,958,0 71.661,5
Apr, 13-. 288,090.5 1099,657,1 212,966,3j73,302.1
Apr. 20. 288.090.5 1125.004.9 215,129,4173.616.3
Apr. 27-- 288,090,5 1123,417,6 213.126.3 75,766,3!
May 4__ 289,514,5 1140,320,3 212.884,5 74,090,1
-
$
$
t
1036.713.1 50,398,8 2.006.935.3
1081,661,9 50.238.6 1.881,534.4
1108,163,5 50.106,8 1,725,859,7
1106,183.3 50,069,3 1,577,474,8
1120,599,9 50,120,3 1,838,644.7
Apr. 13-Apr. 20.
Apr. 27-May 4._
-
1,575,5
24,6
25.4
24.2
25.4
23.4
25.1
23.8
25.2
26.8
23.4
23.1
24.6
22.8
22.4
24.7
540.0
4,497,0123.6
1.704,0
19,388.0 25.8
4,454,0 20.3
292.0
521,4
422,7
532,5
11,661,8 24.8
7,897.4 26.0
5,671,2 23.4
15,831,0 27.0
199.0
646,6
179,053.0
43,680.0
43,680,0
181,796.0
190,124,0
43,680,0
190,849,0
51.165,0
51,165,0
219.482,0
221,094,0
8.495,0
8.520,0
8.503,0
8,525,0
170,257,6
156.333.8
163.792.4
191,385.9
58,548,0
62,034.0
253,079,0 14,001,0
259,564,0 13.998.0
60,547.0
59,241,0
259,284.0 13,989.0
260,589,0 14,015,0
143,376,5
151.297.9
138,310,2
158,783.5
17,574,0
18,858,0
19.055,0
19,208,0
213,222,0
225,187,0
4,482.0
4,492,0
4,851,0
4,871,0
223,683,0
227,257,0
Phila.
Apr. 13-.
Apr. 20..
Apr. 27-May 4.
223,071.0
224,495,0
51.165.0
51,165,0
-
Including for Boston and Philadelphia the item “due to other banks” and
Government deposits.
For Boston these Government deposits amounted
May 4 to 14.571,000; on April 27 to $4,396,000.
a
also
on
Imports and Exports for the Week.—The following are
New York for the week ending May 4, also
beginning of the fiist week in Jam ary:
the imports at
totals since the
FOREIGN IMPORTS AT NEW YORK.
1904.
1905.
1906.
1907.
For week.
Dry Goods
S3,878,837
General Merchandise
15.260,280
$2,267,554
13.505,051
$1,852,669
10.498.007
$1,096,993
11,845.995
$19,13'),117
$15,772,605
$12,350,676
$12,942,988
$70,843,542
251,271,105
$61,474,154
210,987,714
$53,015,507
212,580,726
$45,157,370
175.164,070
Total
Since January 1.
Dry Goods
General Merchandise
$322,114,647 $272,461,868 $265,596,233 $220,321,440
Total IS weeks..
The following is a statement of the exports (exclusive of
specie) from the port of Newr York to foreign ports lor the
week ending May 4 and from Jan. 1 to date.
EXPORTS FROM NEW YORK FOR THE AVEEK.
1120.599,9125.6
$13,326,432
212,586,820
$11,557,606
217,904,306
For the week
Previously reported
1904.
1905.
1906.
1907.
$9,075,508
165,853,208
$S,800.155
180,793,308
....
$229,461,912 $225,913,252 $ 189.593.4631 $ 174,928,716
Total 18 weeks
The following table shows the exports and imports of
specie at the port of New York for the week ending May 4
and since Jan. 1 1907, and for the corresponding periods in
1909 and 1905:
7,209,8124.4
j
43,680.0
25.0
1,601,3
19,450,0
9,761,0
79.516,2
16,417.5
3.500.0
6.193,4
3,613,7
63,845,6
10,974,9
4,342,9
6,453.3
15,180.1
7,471,6
3,065,8
9,690.0
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
E
Imports.
Exports.
Gold.
Since Jan.
Week.
condition of the non-member banks for the
on average
daily results.
in all cases.
Wc omit two ciphers (00)
Deposits,
Legals.
Specie.
Loans.
and
Banks.
included. 131,626,100.
May 4 1907, based
(00) in all these figures.
We omit two ciphers
22,183,0 24.7
89,510,026.5
Reports of Non-Member Banks.—The following is the
statement of
a
6,835,6 24.1
6,174,8!25.5
129,100,0 160,414,5 1140.320.3 212,884.5 74,090,1
Totals
s r. e
$
s
522,6
3.040,0
1,118,9
3,883,9
4,983.7
28,209,7
25,000,0 14,945,0 142,812,4 20,970,4
3.518,6
5,028.2
19,944,7
3.000,0
559,0
784,0
3,172,7
500,(
659,2
5,667,1
450,0
1,048,4
2.146,0
397,3
200,1
469,5
2,761,2
16,893.0
2,000,'
2,295.3
9,445,2
8.389,8
55,607,6
3,000,'
20.911.3
3.066,5
966.0
2,550.0
3,670,4
275,8
346.7
500,0
1,355,4
1.000.0
7,583,8
1,541,4
2,240,5
.890,7
10.636,8
2.000,0
6,856,0
38,434,0
4,834,2
3,000,0
10,065,6
1,784,8
1,204,8
750,0
4.234.0
25,408,7
1,500,0
7.130,7
8,415,3
77,786,0 18.760.0
3,000,0
235,4
2.50.0
124.4
1,354,9
2,836.0
19,747,0
3,166.6
3,000,0
1,148,0
10,271,0
500,0
1.900,2
93.760,4
17,724,4
19,981,1
10.000,0
16,506.1
2,000,0
3,508,2
1,038.2
747,0
779.9
2.50,0
3,296,0
1,037,4
4,951.9
841.6
200,0
677.7
604,0
3,854.3
7.50.0
15.029,7
5.000,0
4.595.2
57.849,1
2,187.4
100,0
1,894,9
10,245,1
200.0
3.548,6
195,0
831,4
783,8
200.0
944,6
5.376,6
1,254,5
1.500,4
14,050.8
500,0
7.478,4
1.397,2
1,369.1
1.000,0!
508,8
2.50.0
3,133,6
458.5i
820,1
1,000.0
1,718.0
9,864,5
4.241,0!
524,0
200.0;
852.7
1.357,2
16,771-0
3.304,0
1,000,0
616,0
699,2
300.0
4.763,0
2,381,7 !
13,295,1
1,000,0
2,291,1
1.637,8
6,661,0
1,000,0!
626,5
789,1!
4,561,7
1,000.0'
284.8
611,4
4.127.0
12.756.0
1,000,0
1,119,3
6.827.8
1.000.0424.0
North America.
Hanover
Citizens' Cent
Nassau
Market & Fult.
Metropolitan
1,557.6
3,679,4
4.080,5
430,1
22,552,8
5.364.7
503,7
1,000,0
300,0
People’s,
Corn Exchange
Oriental
Imp. A Traders
Park
East River..
Fourth
Second..
First
Irving Nat. Ex
r
S
s
18,361,0
22,976,0
14,253,3
21,184,0
$
2,987.4
2,908.8
2.000,0
500.0
5,000,0
Pacific
Chatham
....
Legals. • Deposits, a Re-
Specie.
City, Boston and Philadelphia Banks.—Below
of the weekly returns of the Clearing-House
banks of New York City, Boston and Philadelphia.
The New
York figures do not include results for noft-member banks:
New York
is
Boston.
'
S
2,000,0
2.050,0
2,000,0
3,000,0
1,500,0
1,000.0
25,000,0
3.000,0
Bank of N. Y..
Manhattan Co
Merchants’
Mechanics’
America
Phenix
Loans.
Surplus.
Capital.
all cases.
LXXXIV
•
IVe omit two ciphers (00) in
■
[VOL.
THE CHRONICLE
1094
lj
$3.600
Great Britain
France
IPee!:.
j
'
I
.
(iermany
West Indies
$5,000
Mexico
South America
All other countries
i
$2,540,353
331,087
1.155,297
115,346
383,600]
!
1
{Since Jan. 1
53,611
941.527
7,000i
1.387,336)
$74,055
|
155,939
'
Legal
Banks.
V
Capi¬
Sur¬
tal.
plus.
Loans.
and
Invest¬
ments.
Deposit with
Tender
and
Bank
Notes.
Specie.
)
Clear-
•
ing
Agent.
N. Y.
City.
Boroughs o]
Century
Chelsea Exeli
Colonial
Columbia
Consol. Nat
.
Fidelity
Hamilton
Jefferson
Mt. Morris
Mutual
19t Ji Ward
Plaza
.
Riverside
.
12th
Ward
23rd Ward
Union Exch
Yorkville
Coal <fc I.Nat.
34thSt. Nat
Butt.Pk.Nat.
Borough o/
Brooklyn.
Borough
Broadway
Brooklyn
!
Ac.
.
Jersev City.
First Nat
Hud. Go.Nat.
Third Nat
Hob>ken.
First Nat
Second Nat
Tot. May 4
Tot. Apr. 27
Tot. Apr. 20
$
100.0
200.0
100.0
100.0
300.0
$
962,3
1 ,28S.S
1.230.8
4,100,4
6.379,0'
6,252,2
1,081,0
$
174,7
154.0
103.7
427,s
442.3
1.000,0 1.123,4
200,0
200,0
500,0
250.0
144.4
243.3
642.7
219,5
200,0
200,0
100,0
100,0
200,0
100.0
750,0
286,5
260,7
342,9
101.1
200,0
200,0'
121.5
100,0
500.0
1
12.2
30,4
78.8;
$
i
127,5 1
111,1
124.6
538,7
511.0
217.5
54 .3
81,4
90.2
296,0
665,5
12,7
4,019.2
4.397,3
2.393.3
3.515,0
4.40!).4:
211,3
174,6
839,6
384,7
583.8'
210,9
1
S
50,8:
?
3,800,0'
1.989,8
2,558,0
1,701,5
318.0
274,0i
255.1
59.8:
65,5 j
208.7
10.5
268.51
115.5
16,3
292,01
26,8
202.0
14.1
42.0
331.9208.0
1 13,2
223.0!
119.3|
156.3
471,0
1 11,2
58,3
439,9
198,1
•>
■>
4,725,8
•
4,294.0
100,1
288,0
163,5
193.2
2.210.0
3,031.0
148,7]
156,2
76,7
212,0,
3,544,5
5.103.0
1.250,0
778,8
41,4
908,0
290,1
121 ,4
363.4
77,0
7.8
42,8,
620.3
318,7
739,0
94,0
156,6
83,6
80,0
9,0,
3.221 .8
42.21
12.5
121,0
307.3
192,9
208,2
215.0!
123.0
24.8.
J
ISO. 2
80.2
47,51
87,0
128,3
013,9
430.0
337.0
119,0
113,8,
03,0;
13.7
41.7,
IS. 133!
$2,259
1
158
$1,250'
45.673
276,975
4,632'
5,099|
600
1.786
I
$766,142 $14,356,277,
884.591i 19,728,651!
311,627
-
21.172.774
5,034,644
11.232,1411
339,647
:
5.044
$10,981-
$669,756
46,128
36,400
860,841
1.089.147
I
Of 1 he above
American gold
imports for the week in 1907, S
were
coin and $
American silver coin. Of
thevexports during the same time $5,000 were American
gold coin and $10,000 were American silver coin.
ilanhint) nwl Financial.
1,297,0
65,1
34.5
229,8
158,8
3,514,4
3.004,9
2,283,5
4.937,2
16,180.6
5,764,0
91 .0
312,4
3,7S0.p
1,895.3
2.024,4
326,0:
5,735,9
183.4
533,1
227,2
22,7
2.021,9
2,181 ,6
149,1
72,2
164,7
86,0
1 18.4
be pleased to mail Investors copies of our 10-page
describing 5 7 Miort-Ter m Note*. »nd Collateral-
We hliall
227,3
392,9
344,6
703,5
2.331,8
1.285.0
638,0
55,5
1
2,240.8
1,807.0
9847.0 14307,3 119229,2 >, 454,1| 6,097,6, 15,256,0 3.950,0 129548,5
10847.0 14731,3 124743,5 6,129,8 6,691,4 13,381,4 4,832,8 133356.8
858,1 6,636.3 13,825,5 5,204,0 133558,9
10847,0 14731,3 124254.9
.
Total 1907
Total 1906
Total 1905
7.390,693
728.5
j
i
2,504.8
1 .7 46 ,.5
10,787
circular
TriiKl
HoimIh.
Spencer Trask & Co.
Branch tffice Albany N.Y.
i
209,5
64.3
87,7
540,000
1,000;
64,7751
!
_
$74,0551 $5,293,160
$13,748,116)!
■
.
5,230.0
j
188 ,5
$755,355
t
West Indies
Mexico
South America
All other countries
1,995,6
8,573.9
4,194.5
i
i
125.9,
3.509,1
62,8
2,684.9
1 ,966.0
152 ,Xi
252.0
4,573.6
718,5
896.5
13,091,1
1,000,0
946.9
5.805.0
750.0
300.0
625,0! 3.160,0
1,674,8
100,0
212,5
1
400.0 1,102,7
4,202,9
250,0
713,91 2,490,9
200,0,
349,7,- I,843,5
580,5
6,804,0
4,745,2
1,034,8
5,566.4
4,253,6
3,125,6
437,0
428,4
405.4,
220.0.
4.971.4
8,903.41
i
200,0
150,0
300.0
834,7
1,532,6
1.543,7
46,2
132,8
411,9
4.924.522
26.3IN! 32.652.125
j
Germany
$
s
88,4
569,4
161,(.
28(5.5
468,0
220.000
Silver.
,
i
$5,000] $1,781.5361
t
Great. Britain
France
1
Mfrs’ Nat
Mechanics’
Nassau Nat
National
ity
North Side
Net
j Other
! Banks. Deposits.
!
Man.ABr'x
Wrash. H'g't
Total 1907Total 1906
Total 1905-
^ illUm n«i<l PJne St*. New
Moffat
HroiiherM New
6 Nassau
street.
&
York
White
York Stock
Exchange.
uanovkr bank
building
l>c>«lcrftin Investment Securflilc*.
t OtnilMM
ON OIUIKIt* EXE
UTVI)
FOIt CA81I ONLY
1095
THE CHRONICLE
May 11 1907.
and the tendency of prices has been, in sympathy with
a lower level.
As usual under such condi¬
tions, the decline of convertible issues has been more
erage,
^Bankers' (Sa^jette.
For Dividends see page
shares, towards
1093.
marked
that of other bonds.
than
United States Bonds.—Sales of Government bonds at the
Wall Street,
Friday Night, May 10 1907.
Board include $5,000 2s, coup., 1930, at 104}^; $2,000 3s,
Financial Situation.—Previous to coup., 1908-18, at 102)4; $1,000 4s, reg., 1925, at 130, and
Thursday that a large amount of
$1,000 4s, coup., 1907, at 101)/£. The following are the
new securities will soon be issued by the Union Pacific and
daily closing quotations; for yearly range see third page fol¬
Southern Pacific companies, very little enthusiasm had
lowing.
developed on the floor of the Stock Exchange during the
i
1
week.
The announcement was so unexpected and the
Interest i May
May
May
Mag
May
May
0
9
10
7
8
Periods
j
4
amount involved so large (§111,000,000) as to be somewhat
*104
♦104
*104
*104
startling. It was followed by liberal and more or less urgent 2s, 1930
*104
registered Q—Jan *104
*104
*104
*104
coupon Q—Jan ‘ *104
1044 *104
sales of the outstanding securities of the companies, and a 2s. 1930
*102
3s 1908-1918
registered
*102q
*1024,*1024 *102q'*1024
sharp decline of prices throughout the list.
Naturally, there 3s, 1908-1918
coupon Q—Feb *102 4 *1024
1024 *1024 *1024 *102
3s, 1908-1918-.small coupon Q—Feb *102 4* *102^I* 102 q *102 Vi *102 Vi *1024
was a reaction from this decline, but to-day’s market has
1014 *1014
4s, 1907
registered Q—Jan *101 4 *1014 *1014 *1014
been decidedly unsettled and irregular.
4s, 1907
coupon Q—Jan *1014i 1014;*1014;*1014 *1014 *1014
registered |Q—Feb *1294 *1294'*12941 130 ,♦1294 *1294
Up to the time of the announcement mentioned, sentiment 4s, 1925
129 4' * 129 VC * 129 4 * 1294 *1294 *1294
4s, 1925
coupon Q—Feb
had been influenced chiefly by crop reports.
These con¬ 2s.
*104
1936-Panama Canal regis Q—Nov *104
*104 ;* 104
*104 1*104
tinued to be mostly of an unfavorable character, owing, as is
well known, to the unusually backward spring, and there was
*This Is the price bid at the morning board: no sale was made.
a disposition to delay operations until the Government report
Railroad and Miscellaneous Stocks.—The stock market
due to-day should be given out.
This shows a rating of has been somewhat more active. It was dull during the
82.9 for winter wheat on May 1st as against 89.9 on April 1st,
early part of the week, the transactions on Wednesday ag¬
91 May 1st 1903, 92.5 on May 1 1905 and 76.5 on May 1 1904.
gregating
less than 400,000 shares, and prices generally
The open market rates for call loans on the Stock Exchange
showed a tendency to decline.
This tendency became a
during the week on stock and bond collaterals have ranged
pronounced movement on the announcement of large new
from 2 to 3%.
To-day’s rates on call were 2 Vo@3%. Prime issues noted above and
prices fell off sharply. Under the
commercial paper quoted at 5}4% for endorsements and
lead of Union Pacific, which dropped nearly 8 points. Read¬
hW7o f°r best suigle names.
The Bank of England weekly statement on Thursday ing declined nearly 5, and other prominent issues from 2 to
4 points within an hour.
Later the market rallied and
showed a decrease in bullion of £172,882, and the percentage
to-day
there
further
early
was
recovery, but this strength
of reserve to liabilities was 40.70, against 45.21 last. week.
was not maintained and closing prices are, in many cases, at
The discount rate remains as fixed April 25 at 4%.
The or
very near the lowest of the week.
Bank of France shows an increase of 13,375,000 francs in
Among the exceptional features of the week have been
gold and 1,700,000 francs in silver.
Delaware & Hudson, which declined 11 } £ points 011 uncon¬
The Money Market and
the announcement late on
1
i
♦
*
NEW
YORK
CLEARING-HOUSE BANKS.
CITY
firmed
!
Differences
j
1907.
M ay 4.
j
from
*
p revi0 us week.
1
1906.
1905.
May 5.
May 6.
$
S
S
115.972,700
117,472.700
129.100,000
148.460,300
137.656,500
100.414,500
Loans and discounts..
1,140,320,300 Inc. 10.902.700 1,042.110.900 1,092,121,900
44,537.000
50,844.200
50,120,300 Inc.
51.000
Circulation
al,120.599,901) Inc. 14,410,000 1.027,273,500 1.143.897,900
Net deposits
220,303.700 j
183,146,600
1
241.800
212,884,500 Dec.
Specie
84,400,200 ;
79,571.300
74,090,100 Dec. 1 ,G7G,200
Legal tenders
i
$
Capital
Surplus
r__
._
280,974.600 Dec.
280,149,975 Inc.
.
‘
'
Reserve held
25 7c 'of deposits
6,824.625 Dec.
Surplus reserve
1.918.000
3,004,150
262,717.900
304,703,900
256.818,375
285,974,475
5,522,150
5.899,525
18,729.425
'
a $31,020,100 United States deposits included, against $31,648,000 last week and
$35,971,700 the corresponding week of 1900.
With these United States deposits
eliminated, the surplus reserve would be S14.731.150 on May 4 and $20,258,925
on April 27.
Note.— Returns of separate banks appear on the preceding page.
Foreign Exchange.—After opening strong, with s’ght at
the highest figures-of the year, the market was irregular and
feverishly declined, closing steadier. It was influenced by
speculative selling, a moderate demand and a better supply
bills.
of
To-day’s (Friday’s) nominal quotations for sterling ex¬
were 4 84@4 84)4 for sixty-day and 4 87 for s:ght.
To-dav’s (Friday’s) actual rates for sterling exchange were
4 8340(d 4 8350 ‘for long,
4 8020(6)4 8025 for short and
4 8655(«H 8000 for cables,
Commercial on banks 4 83(5*
4 8310 and documents for payment 4 82)/£(§)4 83)4;.
Cotton
for payment 4 821-2@4 32, cotton for acceptance 4 83(3)
4 8310 and grain for payment 4 83)£(3 4 83)4To-day's (Friday’s) actual rates for Par's bankers’ francs
were 5 '20a (a) o 20 for long and 5 10J4«@5 10J'gd for short.
Germany bankeis’ marks were 94)4(3)94 9-10 for long and
95 1-10^95)43 for short.
Amsterdam bankers’ guilders
were 40 27(3)40 29 for short.
Exchange at Paris on London to-day 25f. 15c.
Week’s
range 25f. 10c. high and 25!’. 14)4c. low.
The week’s range for exchange rates follows:
Short
Long'
Sterling Aetna/—
.4 8300
High
Low
Cm 4 8370
4 8.320
(i_V 4 8325
J'aris Hankers’ Francs High
5 20a
(a) 5 19-4a
Low
(a) 5 20
.5 204
Germany Honkers' Marks-High
94 9-10
(o'- 94 11-10
Low..
')4:■>d
Oti 94O'.
Anisttrdam Honkers' (I Hildas—
_
! 4 8050
4 8010
High
(a.
5 171 i
'o ',
-
a
1-10 of
k 1-10 of
1%.
14.
(<i 4 8600
<& 4 8020
| 5 10's
-
Low
I .ess;
Plus:
of
95 3-10
95 1-10
40 27
(a.
It)1,/:
(iij
40 29
40 3-10
(I 1-32 of 14.
x 1-32 of l',..
! 4 8085
4 8045
-Cobles
(it 4 8095
(i$ 4 8050
5 lO';a
5 10 4 h
(<i
93'
95 1-lOd (n.
s
—
h 3-32 of 1 %.
y 3-32 of 1 %.
The following were the' rates for domestic exchange 011
New York at tlit' undermentioned cities to-day:
Savannah
buying, 50c.
per
$1,000 dseount; sdling, 75c. per
$1,000
lew Orleans
$1 per
$1,000commercial,
Sremium.
Charhston
premium.
bank, 50e.selling,
per $1,000
dseount;
75(*. per $1,000 discount.
St. Louis, 15e. pu* $1,000
Chicago 30e. per $1,000 premuim.
premiam. Sari Francesco, par.
State and Railroad Bonds.—Sales of State bonds at the
Board include $11,000 Virginia 0s deferred trust receipts
at 20 and $5,000 Team ss \e s 'Clement 3s at 9514.
The transactions in railway and industrial bonds have
been on a more limited scale than even the recent small av¬
a
contemplated loan, and New York Cen¬
haps in sympathy
The local transportation issues and Consolidated Gas were
weak
on
discussion of the Public Utilities bill in the State
Legislature.—Interboro-Metropolitan selling at the lowest
price in its history.
Federal Sugar common and preferred were conspicious
for an advance of 0 and 15 points respectively, the latter to
a new lngli record for the year.
Moreover they are the only
issues traded in that close higher than last week.
Smelting
and Ilefiirng closes with a net loss of 5 points.
For daily volume of business see page 1103.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
HVct aiding May
Sales
for
10
Week.
_
.
.
.
.
_
Range since Jan. 1.
Range forteeek.
-
Lowest.
H ighest.
Lowest.
Alice Minimi
100 $4 Hi May
29 75
Amcr Teles «& Cable
May
200
Atch Top A S Fe rights.
4 May
12 143
Cent A So Amer Teles..
May
1.500 30c. May
Comstock Tunnel
$ 1,000 10c. May
1st income 4s
1.400 55
Federal Sugar
May
1.900 87
Preferred
May
200 98 Hi May
General Chemical, pref
»
(it Northern subscription
certifs 404, paid
2,080 120
May
Horn Silver Mining
300SI.60 May
100 70
N Y Dock pref
May
130 114
N Y A N J Telephone.
May
800
4 4 May
Ontario Silver Minins
100 90
Sears Roebuck A Co pref
May
300 $2
Standard Minins.
May
100 92
United Cisar Mfrs.pref
May
100 09
United Ry St Louis pref.
May
.
change
.
rumors
tral, which sold down over 0 points on its report for the first
quarter of the year.
North Wist, dropped 4 points, per¬
$4 Hi May
8 77
May
7
Vi May
9 143
May
9 34c. May
10 10c. May
0 00
May
6x95
May
7 98.Hi May
6
6
9
Mch $74
Melt 88
54
75
7
4
4
Jan
Feb
May
May
Jan
Feb
Feb
May
Feb
I
7 1284 May
7 Sl.OoMay
7 70
May
9 1144 May
.8.
5
May
9» 90
May
9 $2 E May
9- 92
May
9 122
7 51.00
7 70
9 108
9
44
9 90
9 $2.40
9 87
8i
S. 09
May
May
9 134 4 April 143
Mch 50e.
4
23c.
10- 10c.
May 23c.
Feb 60
6 42
Feb 95
8 70
Mch!
102 4
7
974
■
09
Highest.
April; 1304 Apr!
Jan
April 514
Apri
April 70
Mch 115
Jan
m
May 94 4
Mch, $3.70
Mch 94 4
May 69
Jan
Feb
Feb
Jan
Jan
May
Outside Market.—Manhattan Transit and one or two of
the copper issues absorbed the attention on the “curb” this
week, the market otherwise being unusually quiet.
Since
recent favorable decision, various unconfirmed iunors
the
regarding Manhattan Transit have affected the stock, the
price, on heavy transactions, advancing two points to 8. It
reacted somewhat towards the close of the week, moving
down finally to 7 \s:.
Western Ice suffered a break in the
price from 33 Li to 31 ] > and ends the week at 31^'. Stan¬
dard Oil rose two points to 527 but fell back to 519.
N. Y.
& Cuba Mail S.S. declined from 28 to 27, then advanced to
28}-o.
Electric Boat Common sold at 33 last week and this
week got up to 38. but finally sank to 30}^.
The preferred
advanced from 81 to 85. but receded to 82.
Chicago Subway
was dull and ranged between 17 and 17 b>.
Southern Pacific
and Union Pacific “rights” were* actively traded in, the
former from } •> to 1 14 and back to l V£, and the latter from %
to 1 and down to *4.
Atchison “rights” sold up from 3-x to
7-10 and to-day back to }£.
Among the copper shares
Dominion Copper was conspicuous for activity, moving up
from 078 to 7?4, subsequently reacting to 73sBoston Con¬
solidated Copper dropped from 305s to 28)4 recovering to
28)4. Davis-Dalv Estates sold down from 16} 6 to lo1^.
United Copper common,from 01 J-y advanced to 62?<£,easing
off to 02.
The preferred went down from 91 to 88 and up to
89. Cumberland Ely rose from 0% to 10M, easing off finally
to 10. Micmao Mining advanced from 4 Vy to 5 5s, but subsequently receded to 434.
Ooutside quotations will be found on page 1103.
*
New York Stock
Exchange—Stock "Record, Daily, Weekly and Yearly
XXJCJPYl^U
•
T\V<»
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
May 4
Monday.
May 6
9478
9434 95*s
*95%
96
96*2
102*4 103'8
99*8 9978
99
102
Thursday
May 9
Wednesday
May 8
94% 96
♦95*2 97
96
96*4
103*2
103
Tuesday
May 7
94*2 96%
*95% 96
95-% 96%
05% 96
100%101%
98% 98%
88*2 89
59*4 61%
102
997s
101
98
98*4 99
89*s
89*2 89*2
61 *s i
607s 61%
5878 60%
8434 *
S4;,.j *
8434 j*
8434
176*2 177*2 1767s 178% I 17534 17634 176 177
1
*61
63
*02
64
623s 62*o
63% 63-3#
*89
90
89*8
6OI4
_
.
*185
195
42
42
16*2
*185
42
*15
58
*
*14
195
16*2
11*2
11*2
11*2
75
73
*51*4
16*4
52*2
73
52
137
159
119
*158
137*2 138
152l2 153
138
152
*210
135
*150
*210
135
*150
*6*2
10
18
20
*4*4
*15
16
72
109
*70
*101
25*4
*591o
GOD
40*2
47
189
*470
“
lS91->
43i
16
14
*12*o
*22
25
22
*65
*88
13678 137*2
02
9*4
*25
*25
45
77
82
*
*77
*
*77
*83*?
*145
*83*2 85
*145
148
*76
*25
*59
*20
*76
253s
*65
*53
58
119-34 11934
*82
*104
*132
90
85*o
*66
50
85
106
132*2 132*2
36*2 37
3634 307s
66*o
75*2 76 "
*128
135
*52
54
*-...
23
66
66
75*4
76
*128
*52
135
54
23*o
*21*o
11634 118*4
116*8 117*4
*41
43
*41
43
115
*105
85
*74
179
*174
115
86
179
*-
—
-
*174
*38
38*2
38
78
*81
78*2 79
*81
80
134*2 136
11734 II734
572
72
*93*2 98
113
*84
*81
83
2178 217s
♦48*2 50*2
*63
*34*2 36
*20
*50
*29
5334 53%
97*2
14778 149*4
94*0
94*o
*37
*76
39
80
*20
24
70
*05
*52
58
*49
*82
*100
131
50
85
105
131
*82
*100
*130
*128
135
*53*o 54
363s
*128
135
*53*2 54
*21*2 23%
114% 110*2
40% 42
*20
3734 38
76*2 77%
*81
*
85
*
178
77
*81
134
133*4 134%
11G*4 116*2
*97
*90
*98
115
84*2
64*2
S2*o
83
217s
22
51
G9
57
120
*25*2 26
29*2 29*o
53*34 5334
*97
*90
99
102
102
*98
72
Banks.
93*2 93*2
215
515
235
Bowery
320
160
190
300
Butch’s&Dr
Centuryll
Chase
Chatham
Chels’aExc *
120
—
200
83%
83%
*82
1
.
1%
24
70
60
*
82*2
22*8
21%
48*2
118*2
138
99
S012
90
54
43
115
85
175
85
108% 113%
84-%
81% 81%
20
56
85%
84%
11634 117 *116%
21*4 21%
21*8
66*4 66*4 *65*2
*29
29*o
29*2
85*2
118%
21*2
114
115
112
26
57
116
112
26
§26
29*2 29*2
53*2 53*2
2U2
"
2534
95
144% 147%
93*2 93*2
Ask
22 5
530
245
130
330
170
—
350
315
—
83*8
2910
29
"
95
95
29*4
53*4
*94
145*4 146%
93
Banks.
93
AND
375
137* •’
T253
City
Coal 6c Iron. 235
Colonial^
Columbia
11,
700
500
Commerce. T170%
Consolidat’d 155
Ask
Copper
....
Discount 1i_
t.ast River.
225
290
150
150
195
35-% 36%
-
Mn Kansns * Texas
65
65
74
74*2
*128
135
*52
54
*_-__
23%
113
114
*41
43
*..__ 110
*
85
*170
175
26
29*4
53%
95
93
106*2 110%
.
-
-
1st
2d
7
-
T
iGarfteld
Greenwich *
[Hamilton 1i_
285
250
205
i Hanover
490
Jan
4
44*4 Jan
75% Jan
5
7
Jan
7
39
34% Mch25
67
Aug
Apr
Auer
J ’ne
Nov
240
270
198
202
Jan
Mch
Jan
Jan
Dec
Dec
85
J
an
J’ly
18*4 Jan
4234 Jan
1334 Feb
47*2 Mch
1097s Jan
8
30
72
Mch
134
86*2 Jan
114
94
Mch 6
Jan 5
Jan 3
Jan 23
410
500
Mch 14
30*8 Mch25
‘T766
74
18
2.S00
45
Mch 20
Mch 14
Mch25
51
80
2,550
335
500
1.300
500
52
108
129
90
350
15
48
86
97
644
123
947,4.50
300
400
3,000
650
Mch 13
Moh25
.
Meh25
Mch 28
Mch 14
145*8 Jan
Feb 13
Jan 23
27% Jan 5
59
Jan 15
90
Jan 24
23434 Nov
517s Jan
" Feb
2‘_'7s Jari
102
2
Apr
>8*8 -May
45
2D
18 “
;o
Apr
Dec
S
Dec
Moh 25
Mch 26
110
173% Mch27
34*2 Mch 25
189
Mch 20
Mch 14
Mch 26
Mch 18
Mch 14
83%
81%
17%
40%
May 8
May 9
Mch26
Mch26
59
29
Mch 18
Mch 25
Mch 19
18
147
Jan
8
59-% Jan
27
9
Feb 14
13434 Jan 10
63*2 Jan 7
Jan 16
9134 J an
7
Jan
9
48% Jan
92% Jan
5
5!
90*'’ .Jan 10
189*0 Jan
7
134 " Feb 13
124*8 .Jan
7
125
Mch 8
14 b% Jan
8
78
Jan 22
105*o,Jan 5
139*8 Jan
7
Jail
Jan
8
30's Jail
5
92
94
7
64*o. Jan
5
70 ".Ian 11
48% Jail
5
25*o Jan 7
62*o Feb 15
96*4 .Jan 14
45*4 Mch25
60% Mch 14
Mch 26
118*8 Jan
14!
19% Mch25
Apr 15
24% Mch25
34
Jan
1)4*0 Jan
51
37% Jan
7j
112
63
101
24
Mch 14
Mch2S
123
29
23% Mch26
Jan
Jan
5
8
7
8
33% Jan 5
54% Apr 12
87% Mch 14
120*4 Mch 14
85% Apr 5
108*0 Jan 7
183
Jan 5
06
May 2
45
Mch
Oct
J’ne
J’ne
May
May
Jan
Jan
841 o Feb
227s J’ly
49
J’ly
271c J’ly
75
Sep
OII4 Oct
13614 May
140
Sep
103
J’ly
183S May
58*2 Dec
90
Apr
37%" Jan
Jan
71
44% Jan
§92*o Jan
8134 Jan
156*0 Jan
"Jan
162
127
291
o
Jan
Dec
84*4 Jan
100*4 Jan
Mch
16312 Apr
1S334
29
May
433s
76
C.4I4 Apr
851 •> May
10634
133
L49*o
May
30
Apr
5934
30
18*4 J’ne
120
Nov
156*4
109
70
95
114
67
93*o
91 7
99%
184*2
55%
87%
3434
6334
3
Mch23
Mch26
Mch 14
Mch23
Mch 26
Mch 1*5
9734 May
Jan
48-%
20-%
111*2
35*8
110
90
Aug
53
134
44-% Mch 1
72-% Jan 4
92%Jan 5
Aug
Feb
Dec
92*o Jan
3
108
Jan
J an
Jan
23*2 Jan
92*2 Nov
May
335s J ’lie
7038 J’ly
24
J’ly
4S
J’ly
Dec
Jan
507g Jan
83
7 0%
76
94
348
85
J’ly
164
77
May
560
140% Jan
Mch 26
Mch 14
Mch 22
114% Mch25
5
146
107
30*4 Mch 26
Mch 14
Mch 14
5
S
28*oJan 12
67*o Apr 26
67*o Jan 9
59
64
119
71
80
Jan 7
Jan 10
30-% Jan
61% Jan
April
Mch 26
Mch 26
Mch 14
7
4
Dec
59
134 Oct
3*8 Jan
7*4 Jan
4
Oct
73*8 Feb
9% D»*c
(»
.J’ly
0% Dec
14io Jan 17
47 "Jan 3
9
Jan
91*o Jan
434 Dec
5
3!)3,s Jan
Oct
;3
Jan
19933 Dec
118
41
,6*2 Apr
3 “ May
19
May
734 May
-6% May
92
Apr 5
189-% Jan 2
164
Jan
Nov
Nov
Jan
Jan
Dec
Dec
Jan
Mch
73*o Apr
Apr
May
1207s Jan
189*2 Dee
4334 May
2047s Jan
57*4 -fan
59
111
80
84
Feb
89*o Apr
975s Oct
Jan
103
105
Jan
105*o Jan
21. Feb
J’ne
Jan
142
106
122*2 J’ly
75
May
100
May
112
May
89
Sep
90
Apr
22*2 J’ly
60
J’ly
Feb
GO
40*o J’ly
20*o May
4834 May
May
J’ly
313,s Nov
Jan
96
179*4 May
61
lift
Dec
92
15a
May
147*2 Jan
87
Jan
109
Xl64
96
Aug
Jan
Jan
Jan
102
3: \s Nov
6934 Aug
7234 Apr
51*i Feb
27% Jan
G.'.% Sep
97*2 Sep
120*2 J’ne
427s Jan
93*o Dec
Jan
103
28
40*8 Ort
May
121
Nov 4:139*2 Jan
36
Jan
25*.i 1 )ec
2 0*4 J’ly
40*2 Jan
43
J’ly
5978-Jan
102
Dec122*4 Jan
13S*o May
1953s Sep
99 L Jan
911 o Mav
QUOTATIONS.
310
205
245
173
2.50
190
165
New Amster
New York Co 1200
New York.. 290
Night * Day 400
19th Ward ii 350
North Ainer t205
Northern
172
Oriental "f.
265
.
295
Mch 11
Bid
300
255
235
170
240
180
218
3% May
1% J’ly
Jan 7
Jan 8
Jan 2
Jan 24
75*4 Jan
28% Jan
50
100
500
1100
Nov
Dec
Dec
934 Apr
!5
7
83% Jan 10
80*s Jan 16
19*2 Jan 5
390
165
240
Lincoln
Manhattan 1,
Market* Ful
Mechanics’
Mech&Tra 1,
Mercantile..
Merch ijlxoh
25
18
'5
42% Jan
•Banks.
Liberty
Jan
:9io Jan
Metropolis T
Mctropoli’nl
Mt MorrlsTf.
Mutual If
Nassau *J
200
365
525
155
80
9
565
160
200
220
510
190
Dec
38% Jan
550
150
185
200
Jefferson
14
15
10
10
8
19
Aug
Oct
Oct
Jan
Sep
05%
35%
77*4
23r’,8
8OI2
Dec
J’nc
70
16
7
21% Mch 2 7
51% Apr 15
Mch 25
5
10S*o Jan
69% Mch25
65*4 Mch 15
9% Mch 14
50
23978 May
25!s Sop
19
0
Ask
300
160
160
Mch25
Mch25
Mch26
28*o Mch 14
Apr 4
Mch25
204
May
o 11 *> Nov
Jan 11
69*o
58*o
227*o
5L0
44
167
445
126
J’ly
5
2
6*4 Apr 3
19% Jan 9
92% Jan 7
.
Bid
650
420
500
11*2 Mch 14
63
Mch26
106
Feb 21
22*o Mch25
1077,s Jan
125*8 Sep
99*2 Jan
94*s Jan
Oct
91
71
83
934 Feb 21
25
Banks.
225
jGermanla 1:_
170
165
Mch 25
107.367
..
Imp & Trad
Interboro 1J_
Irving N Ex
305
Mch25
Jan 18
Mch28
Mch27
Mch 14
52
18
6,900
_
-
4200
iGermanAmT
jGerman Ex*
205
234
137*2 Mch25
Apr 4
20
Jan
Jan
Jan
Jan
Jan
Jan
141
149
39
3,750
340
030
ICO
122*o Mch25
145
Mch25
112
Mch 26
129
Mch26
200
120
160
5
9
4
I3iis J’ly
10534 May
79*2
70
71% Feb 14
Jan
5
26%
24%
157*2 Jan 14 J146io
lGSi-’Jan 5 tlOO
21% May 9
500
3900
350
500
145
May 6
Apr 25
15*4 Apr 27
14,910
27.600
COMPANIES—BROKERS'
Ask
10% Apr 25
73
50
HOD Sep
106
Jan
Doc
87
Feb
201*o Dec
70% J an
Jan 5
Jan 2
Feb 25
69
IS
79
172
430
21*-> St I^ouls Southwestern
100
57 "
Do pref
1
84% Southern Pacific Co
164,750
Do
113% 114*0
pref
4,450
20*4 20% Southern v tr cfs stamped-_
8,400
Do
65*3 65*4
pref
do
1,871
*28*2 39*2 rPexas & Pacific
2,100
800
109%109% A-hlrd Avenue (N. Y.)
26% 27 Toledo Railways & Light..
915
Tol
St
L
W
v
&
tr
29*2 29*o
ctfs. _;
500
Do
53% 53*4
pref vot tr ctfs
1.630
95
95
Twin City Rapid Transit
910
141%144% I Tnlon Pacific
947,250
9010 9010 AJ
Do pref
1,850
Bid
Mch 19
Mch 26
*20
*54
83
Banks.
Fifth A veil.
219i2Jan
56 “Jan
27*2 Jan
36%,Mch25
14% Mch 7
8533 May
x98
Jan
155% May
6518 J’ne
195*** Jan 4
65* •> Jan 14
Apr 23
Apr 1
75%Mch2S
83% Mch28
...
pref
82%
pref
21% 21% Rook Island Company
48
48
Do pref
*63
67
St L &*San Fr, 1st pref
Do
2d prefl
*31*2 34
‘
TRUST
Feb 16
Mch 23
Mch 14
Mch 2 5
60
165
5
94i2 Jan 10
83% Jan 7
85% Feb 8
45*4 Mch 14
83
155
Jan
122
Mch 25
Highest..
;1D Nov
■Vf ash Chatt & St Louis
JA at of Mex, non-cum pref.
Do 2d pref
■p eadlng
7
101% Jan 12
133*8 Jan 5
90*8 Mch 25
87
Lowest.
ighest.
108*4 Jan
Mch 2 5
Mch 26
19% Mch 18
55
Apr 2
Do
pref
Missouri Pacific,
841«> A\>
92
94
90
24,625
5,760
N Y Central & Hudson
104,496
N Y Chic & St Louis
700
1st pref
Do
Do 2d pref
N Y N Haven & Hartford..
N Y Ontario & Western
37
1,700
77% Norfolk & Western
10,470
85
Do
adjustment pref
134*4 Northern Pacific
57,435
116
Do
subscrip rects
2,300
*-.--*81
400
147*-’ Fifth
First
245
14th Street
Fourth
525
;Gallatin
.
Corn Excli *:
29
141*2 149%
93
Bid
80*4
117
109%110
26
2934
5334
4912
20% 21
*6534 66%
67
29-%
52*2
22
2,650
1,100
Minn St P & S S Marie
Do pref
116
*96*o 99
Coast Co
■pacific
AT
*92 " 102
Do
1st pref
*98
103
Do
2d pref
122
122% Pennsylvania
*70
72
Plttsb Cln Chic & St L
*93
98
Do pref
98
12,060
1\ T anhattan Elevated.....
IVAetropolItan Street
104
133
77
"”ioo
Louisville & Nashville
116
117
*97*o 99
*92
102
*98
103
20
*50
2H2
*50
84
67
35
pref..
City Southern
Mexican Central
20% 21
50*2 Minneapolis & St Louis.
85
Do
pref
36%
235
Long Island
139
100
*82
...
Do
pref
T alre Erie & Western
JLi
Do
pref
116% 117*2
*49
*82
*100
133
500
318
Do
pref
Iowa Central
Do pref
TZ C Ft S & M. tr cts
ansas
H
lots.
ctf A_
Anterboro-Metropolitan
24
70
60
*137
*92
1,550
Tllinols Central
132%
56
*20
49
*63
*32
*20
*53
*20
200
Hocking Valley tr rects
Hocking Valley, pref
AY.
iCttt-share
57*2 Apr 22
1,800
16,565
__
59*2
*65
*52
22
34
67
35
59*8
deb
3,650
Do
deb ctf B_
TT avana Electric
AA
Do pref
45
77
*
59*4
§34
*63
34
*25
*77
69
49
Fidelity 1i__
•
T?rie__*
24
56
39
13212 135%
*93
111*2 112%
Chemical
Citizens’ Ctrl
Aetna
America 1i__
Amer Exch_
Battery Park
45
77
122*8 123%
§72
72
72
900
900
200
800
4*s Chicago Union Traction
Do
1st pref
55*4
2d pref
Do
38%
*65
70
Evansville & Terre Haute._
*88
93
Do
pref
133
135% Great Northern pref
59*4 60
Temp ctfs for ore prop
93
22
*48
*63
49
95
95
*81
135
BANKS
Bid
com
Chicago Terminal Transfer.
Do
pref
'.
10
23*2
37*2 37*2
7634 77
77
116*4 116*4
99*2
102
103
*93*2 98
111*4 113*2
*83% 85
*82
82*2
21*2 21%
98
146*4 14934
*173
[85
122% 123
94*o
140
4
61
23%
11212 114%
*41
650
414
100% 102
132% 132%
36-% 36-%
*65
65*4
74*2 75*4
*128 " 135
37*2 3734
85
60,760
_
Chic St P Minn & Omaha._
Do pref
70
*53*o
*..._
23
*109
*75
*173
400
74
109
25
60
59*4
112%115
*40*2 42
*
115
*-...
85
*173
179
1,300
2,570
11,300
4*4
14%
*82
134*2
36%
65*4 65*4
75% 75*2
36*8 3G34
65*2 65*2
75*4 75*2
100
136% *135*2 137
pref ctfs 10 % paid._
159
150% Chicago & North Western..
*206. 230
Do
pref
4%
14%
*20
*65
*52
85
105
600
1,982
10
117% 118*8 117*2
138% 13834 §138
*92*2 100
*92
21*4 21*4 *21*4
49*2 49*2 *49
94
13.920
ctfs 10% paid..
*77
24
70
56
*70
*95
pref
180
*
5y*2 59%
122*4 123-%
*50
*95
19
*70
57
30
60
2134 2134
72
22
*25*2 2 634
Do
Do
Do
*134
*150
*5
l:)*o
16
60
82
123% 124*0
*110
159
115
10
*25
77
*70
*34*2 36
*20
21%
120
*156
115
134% 136*4
45
540
41,160
2,250
5% pref “A”
4% pref “B”
133*4 134*4 Chicago Milw & St Paul
*83*o S4*o *83*2 84*o *83*2 84
145
145
*144
147
*144
147
24
24%
22
2134 23%
22*4
56
57% 5934
57%
56*8 56%
19
19
*1834 19*i §18% 18*4
37*2 38
38
*37*2 38*0 *37
*76
SO
*76
80
*76
80
24
*2434 25*o
24%
24*8 24%
25*4
57
94
8534 86*4
84% 80*4
*117*2 118*4 *116*2118*2
213s 21*2 *21% 22
66
60
66*4
6G34
29*4 29*4 *29
29-%
*110
4 % debentures
*5
19
*65
*88
00*2
*25
*75
*77
139*4 139*4
102
102
*49
*G3
07
3834
70
93
60*8
11734 118*2
*93*2 98
112% 115-%
11434
84*2
Do
Do
Do
23*2 24%
5534 55%
38% 38%
135*8 136*4
145
*18*2
*20
*65
*52
85
*99
*38
*65
*88
*24*2 25%
5934 5934
38*s
79*8
*92
23% 24%
5534 56
45
77
82
145
24
13438 1363s
11034 11G34
*98*2 99*2
*98*o 9910
*92
102
*99
102
124
124-3g
24%
*83*2 85*2
147%
58
*82
*104
2534
*22
61*2
*77
118*2 11934
106
135
*12*2
136*2
*
24
70
49*2
74
15
70
93
*25
1393. 1393. *139
141
*94
99
*94
97
22
22*2 *2134 22
4934 50
74
70
2.310
19,353
Chicago Great Western
11
eti
82% Mch 14
59
74
52
16
151
220
138
180
*70
*103
25
*59
75U
316
4,600
400
14*o 14*o
Do
pref
*70
72*o Cl eve Cin Chic & St L
Do
*101
109
pref
25
25%
25*4 Colorado & Southern
GO
*59
60
Do
1st preferred
45
45
Do
2d preferred
46*2
45*2 45%
lS2*o
181
184*2 179*4 18U2 TNelaware & Hudson
473 " *465
*465
475
470
AAelaware Lack & Western
28% §28% 28%
28% 28% Denver & Rio Grande
74
*73
Do
7612 *72lo 761o
pref
70
G9*o 69*o Detrolt United
*69*2 71*4
14*2 *1212 14*o *11*2 15" Duluth So Shore <Sc Atlantic
*22
25
25
*22
25
Do
pref
71
K)9
28%
76*o
10%
hrutix
Lowest
94,225
Range lor Previous
Year 11900'.
Range for Year 1907
Ov
pref
*72
*50
16
9*4
45
77
X‘>
80
*20
*65
*52
4%
16
Do
58
Green Bay & W,
243s 25
60*4 60*4
60
24
70
*65
*88
135
61
*18% 19*4
38*2 38*2
80
4%
*14*2
179
*470
470
55%
38*2 38*2
60
60
10
22
*45*2
55%
25*4 25*2
•25*2 26
60
6U4
*1834 19*4
38*2 38*2
180
*5
*18
*59
2834 28%
62*4
*150
24%
60
*74
*70
*12*o
*19
24
70
93
220
138
149*2 150
the
Week
Shares
Canada Southern
64
*
159
117
Sales o]
Central of New Jersey
§185
1S5
40*4 40% Chesapeake & Ohio
15*8 15*s Chicago & Alton RR
16%
131*2 135
*200
*134
*105
*62
74
52
*156
STOCKS
NEW YORK STOCK
EXCHANGE
Railroads
«90% 92% A tch Topeka & Santa Fe__
A
Do
*95-% 96
pref
100% 100% Atlantic Coast Line RR
97*4 9S% l>altlmore & Ohio
J)
*88
89
Do
pref
5S% 59*2 Brooklyn Rapid Transit..-.
*
84-% Buffalo & Susque, pref
174% 176*2 ( Canadian Pacific..*
11*8
11
*72
*50
*16
11*2
75
116
135
150
*200
*134
*150
25*4
16
58
*
159
118
137
71
109
470
13534 13734
62i8
16
*15
50*2
*15-% 17
134-% 135*2
70-%
178*8 184
470
29*«
75
71*-’
14U
22 “
24*4 247s
5534 56
*3812 3912
56
39 *s
70
93
62
“
4*2
46*4 46*2
187*8
74
56
39
*65
*88
*14
70
*105
25
25%
* 59
60
46*4
*12*2
24% 25
4*4
^
72
108
*70
747a
10
25
470
*28
75
*70
747s
210
135
135
*150
180
*G*o 10
*19 " 22
*4*4
*14*2
46
182
475
30
29*o
*200
*20
25%
*59*2
11*2
*72
50D
157
157
*156
117
118*2 *117 118
138*8 1 136*2 137*4 137
1523s ! 149*2 151*2
*70
*101
25*4
*15% 17
134*4 136
220
135
180
*6*2
434
51*4
185
40*2 4034
58
— -
1138 1
75
*180
190
40% 41
*15
10*2
I*-
159*o
*117*2
220
135
180
11*4
52
*180
41%
16*2 !
58
*72
50
1634 1G%
135*4 137*4
16*2
136
159
*118
*15
*____
58
*73
11*2
186
40-34
101
99
88*8 -88*8
58*8 59-%
*
84%
175’s 17734
*63
63*2
.
182
42
Friday
Mav 10
I'AUKS
195
Ask
Banks.
IPacIflc *[
172*- 'Park
[Phenix
jPlaza 11
Prod Fxch *
[Riverside *i_
305
410
182
275
Seaboard
Second
State *'
34th Street
12th Ward '
_
Ask
250
f440
iPeople’s
300
200
210
Bid
230
__
300
155
570
161)
250
350
700
350
220
450
190
165
175
280
370
■
_
505
Merchants’
157*2
,23d Ward*].
T.Z'.Z
Bid and asked prices: no sales were made on this
4 Ex-rlghts.
day.
2 Less than 100 shares,
estate banks,
a Ex-dividend and rights,
b New stock.
bale at btock
Exchange or at auction this week, g Lx bench cl al Interest In ore properties, ft 1st Instal’mt
paid,
n Sold at private sale at this price.
.*
.
May 11
i^ew York Stock
1907.]
Record—Concluded—Page
STOCKS—HIGHEST AND LOWEST SALE PRICES.
Saturday
May 4
*31
*50
*14
26
*11
*25
*14
*171’
*40
*2S0
Monday.
May 6
37
57
*31
14%
12
14
26
*11
29
26
16
*14
*17
*40
181
4112
300
*280
*1112
1212
*11*2
*31
35
9 612
32
95
95%
*19l2
20
90
*80
*1512
*75
*G
■
*_
8
§56%
5512
38
52
14
26
12
26
16
411.
*6
55
32
55
13%
13%
25%
26
12
29
16
*11
*26
*14
*17
40
IS*:
*2S0
*11%
12%
*31
35
96s
93%
*191’
20
90
*
82
*16
*_.
55
38
55
37
*31
31%
35
*
12
28
16
18%
41%
31%
*31
*51
521’
621
13-%
13%
26
*11
*25
*14
26%
STOCKS
NEW YORK STOCK
EXCHANGE.
Friday
May 10
Do
1334
13%
26
26
12
28
16
26
12
*17%
18%
*11
25
*14
*17
*38
41
*37%
.
95%
94%
20
19%
*75
16% *16
82
*....
5%
55
37%
6
§54-%
93%
9538
191’
90
16%
82
6
19
*75
*16
*-_._
*5%
37%
37%
99% 100
the
prof
abash
\\T
§»
Do
pref
,
Wheeling & Lake Erie
Do
1st pref
Do 2d pref.....
25
16
Ranoc lor Year v.»07
On
95%
19%
87 “
161’
82
27
2.700
21% Mch25
Mch25
44
Mch27
121’Mchl4
91’Mch
14
16
500;
4 llls-Chalmers.
dams Express
...
36
§280
4001
10
25
781’
19
901’
141’
75
Do
Do
300
360
3,300
700
1.250
210
115
4
22% Mch 14
_
6%
100-share
Lowest.
”300
pref
6
American Can
*5%
Do pref
*54% 55-%
3634 3634 American Car & Foundry._
at
400
650
1.100
18% Wisconsin Central
Do pref
41%
Industrial & Atisccllancous
82
basis
Week
Shares
100
pref..
93% 943s Amalgamated Copoer
236.795
*19
20
Amer Agricultural Chemical
300
*70
Do pref
85%
American Beet Sugar
15% 16
”300
*5434 5534
37
37%
99% 99%
30% 30%
5434
Sales o1
Unit Rys Inv’t of San Fran
36
58
*280
300 i*276 300
300 ,*280
*1H’ 12I’
11% 11%
11% 11%
*31
35
*31
34
*31% 34
95
5%
37%
9912 99
3034 30^
300
Thursday
May 9
26
*11
*25
*14
*17
*39
40
32
Wednesday
May 8
52% 521.1
13% 1334
18%
300
*1534
g
*
37%
*1912
32
*50
36
50*4
20
Tuesday
May 7
1097
2
Mch 14
Mch 14
Mch 14
II
iyhest.
62
Jan
Jan
Jan
Jan
Jan
3 7" 1 Jan
21.% Jan 10
25% Jan 12
71%
18%
38%
16’4
5li’Jan
Mch 14 §296
Mch 14
16%
Mch 14
43%
Mch 26
121%
Mch 25
25%
7
May
Jan
Jan
Jan
Jan
Mch20
95
Mch 14
Mch 5
23% Jan
8i) “Jan
5% Mch 14
48% Mch 26
Havoc ir>r Previous
Year (1906).
lots.
Lowest.
I! ighest.
50
55
18
98
Apr
Apr
Dec
36% Dec
16
Apr
36
May
21% Oct
23
May44
J’ly
16
40
..
Feb 20
33
64
Jan
Jan
Aug
J’ly
27% J an
Jan
118% Feb
34% Jan
Dec
201’
21
7)’ Apr 11
601’ Apr 10
4Si’ Feb
29% Feb
Sep
92% J’ly
20
J’ly
90
an
53% Feb
21% Feb
J’ne §300
240
J
93% Jan
26% Jan
May
82% Oct
67
Jan
102
35
Jan
89i’Jan
Mch 25
45% Jan 14
32% J’iy
47% Jan
100
Do pref
021’ Mch25
103
Jan 12
Jan
105
98% J’ly
30% 301’ American Cotton Oil
30% 3()34
27
Mch 25
19
28 “ May33%
Feb
44% Jan
*82
92
*82
*90
92
*82
92
*90
92
921’
Do
92
§91
88
Mch 13
pref..
90
Jan 21
90
Dec
95 Jan
*210
220
*210 220
212
*205
212
215
*205 215
§212 212
American f xpress
200
Mch 25 247 Jan 5
216
Apr 272 Aug
*6
*6
*6
*6
6l2
*6l8
6
6%
6%
300
6%
6% American Grass Twine
6%
5% Mch 13
8% Jan 11
7% May
1134 Jan
5
5
*434
*4%
*434
4%
4%
*4%
4->8
4%
400
4% American Hide & Leather..
4's
Jan
10
4% Mch 5
6% Jan 16
5% Nov
*201-> 22
*21
22
21
21
Do pref
21
20% 20% §20% 20% *20
260
20
Mch 13
301’Jan “
Jan
24 “ Nov
43
*68
*68
75
73l2 7312 *72
74
72
74
American lee Securities
73% 73% *68
200
72
88“Jan
Apr 22
35%
Jan
94%
Sep
*121o 14
*121’
14
*1212 15
12% 12% *12% 14
12% 13%
American Linseed
900
12
Apr 25
19% Jan 10
16% Dec
29% Jan
*27
27
35
*27
32
*27
35
*27
27
Do pref
35
600
25% 26%
25
Apr 25
36
J an 7
Jan
35
Dec
53%
63
03l2 631 o
63% 6334 x61% 62% American Locomotive
6334 6334
63% *63% 64%
1,800
55<% Mch25
75% Feb 15
53% May
78% Jan
*108
109
110
*106
*106
110
*106
109
110
*106
110
Do pref
110
100
Mch 25 lliuJan 21
101
1081’ Dec
120% Jan
8
*5
8
*5
*5
8
*5
8
*4
5
5
5
American Malt Corp
100
5
May 8
§7%
Apr 2
*25
*26
32
*25
35
*25
32
30
*26
30
30
*25
Do pref
40
Feb 21
29% Mch27
*90
*S91o 92
*90
92
*90
92
92
Amer Smelters Sec pref B__
*89% 92
§91
91
10
86
Mch 25
93% Jan 7
92% Dec
10134 Jan
131
134
134*4 135l« 133% :
131%132% 130 133% 130%131% Amer Smelting & Refining. 131.550 104% Mch25 xl55 Jan 7
138% May 174 Jan
*109
lOOlo 109
Do pref
109l2 108% 108% *108% 109%! 10834 109 *108 1091’
800
100
Mch 25 117%Jan 7
112
Dec
130 Jan
240 " *195
*195
*195
240
*195
240
240
*195
*195 240
240
American Snuff
1971’ Jan n
205
Jan 18
200
J’ly 220 Jan
*90
*90
100
*90
*85
100
*90
100
10!)
100
Do pref
| *90 100
§95 Apr 1 §100 Apr 6
100
Dec
107 Jan
*71
*8
*8
8
S
8lo
American Steel Foundries._
7%
812
7%
il2
*7%
8
375
7%
7% Mch26
1031 Jan 5
934 Nov
15% Jan
*39
39
39
*38
40
*38
40
*38
40
*38
40
Do pref
40
10!)
34 ' Mch 14
40
47% Jan 7
May
53% Jan
125l2 1251° 125 125
124%125
124% 124% 124%124% *1241’ 126 American Sugar Refining—
2.350 114% Mch 14 1371’ Feb 13
127% May- 157 Jan
*122
*122
*122
022
127
127
127
127
*122
125
127
125
Do pref
100
122
Mch 5 131
Jan 2
1281’ Dec
140
Jan
*123
*123
125
*123
024
126
125
*123
*123
125
125
125
American Teleph & Teleg..
1181’ Mch 25
Jan 4
133
130 “ J’ly 144% Jan
93
93
§93
93
§93% 93% §93% 93% *92% 93%
92% 92% American Tobacco (new), pf ”’749
96
109
Jan
86% Mch25
98-% Jan 5
J’ly
*2934 2978
2978 29%
29% 29%
29% 29% American Woolen
29% 29% §293s 291
1,648
24 “ Mch26
361" Jan 7
28
Nov
48
Jan
95
95
95
94
94
96
Do pref
95% *94
§95% 95%
95% *94
605
^
94
Mayio 102% Jan 5
101
J’ly 1K)38 Jan
62
63
62
6312 64I4
62% 63%
64%
6338
62% 6334
6234 dAnaconda Copper. _Par$25 23.450 S53 Mch 14 302% Feb 16
223% Mayr 300 Feb
834
8%
8%
834 dBatopllas Mining __Par$20
1.125
SS% Mayio
$8% May 9
*118
>118
125
*118
*118
120
*118
125
125
118
120
118
100
108 Mch 19 125 May 1
1051’Nov
178 Jan
*11
*11
*11
*11
13
13
13
13
*11
13
*11
13
runswick Dock & C lmpt
Mch 15
11
14ioJan 4
13% J’ly
2134 Apr
45
44
39
*37
41
§44
40
§39
39
§40
Butter!ck
Co
*40%
4034
265
39
May 6
40
70
49% Jan 3
Apr
May
*29
*271’ 281
29
2934
27% 27%
27% 27% *27
*27% 29% (Central Leather
240
25
40
Feb 15
Mch26
33% Dec
49% Jan
vy
*96
97
*96
*96
97
97
97
97
97
Do
§96% 96% *96
Mch 26
100
pref
T.
89
102
Feb 8
98% Dec
107% Jan
3578 36*4
3534 36
35s8 35%
35% 35%
34% 3538
Mch 14
34% 35% Colorado Fuel & Iron
5.250
29
57% Jan 8
40% May
83% Jan
2714 2714 *2512 27I4
20% 26% *25% 27% *25% 2634 *25% 2634 Col & Hock Coal & Iron
Mch 5
500
20
17
28% Apr 5
May
30% Nov
*133
135
132
131
133
131%132
133% 133% 132 132
131% Consolidated Gas (N. Y.)__
2.122 110 Mch 15 140% Mch 1
130% Apr
18134 Jan
§1934 1934
18% 19% *18% 19
1S% 18% §18% 18% *18% 19 Corn Products Refining
1,541
17%Mch26
28
Apr
04% Jan 22
18% J’ly
*75
77
*7714 78
Do
§77^2 78
77% 77% *76
77%
3S3
77%
7734
pref
77
May 8
Jan 28
88
74I’ May
8534 Apr
7038 7034
6978 70
68% 69% 69%
69%
68% 68% Distillers’ Securities Corp__
69% 68%
62
Feb 13
3,305
’8
Mch26
51“Jan
74% Sep
*136
149
*136
*136
>136
149
149
149
*136
149
*136
149
Federal Mining & Smelting137
Apr 19 163 Jan 16
138 Jan
Jan
199
*85
*85
88
*85
88
88
88*4 *86
Do pref
SSI4 *86
88% *85
Jan 14
Mch 15
80
97
91
J’ly 112% Jan
14812 14812 14734 14812 147% 147% 148 148% 147%147% 147 147% General Electric
Jan
1,905 xl36% Mch 14 163
22 xl56
Dec
184
Oct
*125
>125
140
135
§130 130
*130
140
130% 130% *130 140
Granby Cons M S & P__
180 120 Mch 28 152
Feb 13
*71*
7%
*712
734
73j
*7%
734
*7%
7%
*7%
100
7%
734
71, Apr 29
7% May 2
23 “ 23
23
'
Do pref
23
*2234 2334 *22% 22% *22% 24% *22% 23%
200
24
Apr 25
22% Apr 29
*14
14
International Paper —-—
14l2 *14
14% *13% 14% *13% 14%
13% 13% §14
150
13
Mch26
181’Jan 7
26% Jan
16% Sep
*74
73
*73
74
*72
74
Do
74% 74%
74
7412
73%
1,300
73%
pref
Apr 1
Feb ll
73
81
80
Dec
90
Jan
*43
*43
*43
*43
*43
*43
International Power
40
Mch 14
48
x95 Jan
Sep
50% Jan 15
*27
30 “ *25
30
*27
*27
29
*27
29
29
*25
29" Intemat Steam Pump
25
Mch25
41
Jan 7
28
Jan
60
May
*78
80
*75
*77
80
79
*75
80
Do pref
*7634 79
*76% 79
741, Mch26
Jan 14
81
92
79
Jan
May
*70
71
*7034 71*2
71
70% 70%
70%
70% 70%
70% 701’ Mackay Companies
400 *62% Mch 15
75% Jan 24
69
69
*68*2 6912 *68
Do pref
69% *67
§69% 69% §69
68% 69%
490 *63
Mch 15
71
Jan 24
76
7714 7714
76%
76% 77% *76% 77% *76% 77%
76% 76%
1,250
62
May
75% Mch 14
86% Jan 15
79% Dec
115
*11312 115 *113%115 *113% 115 *113% 115
Do
*113%115
pref
HI
Mch 26 117% Mch 5 113% Jan
118% Oct
12
*1134 12l2 *1134 12% *11% 12% *11% 12% *1134 12%
12
Nat EnameUng & Stamping
500
12
10% Mch26
May
15% Jan 5
18% Jan
*81"
85
*S0
*81
83
80
S5
84
82% 82% *81
Do pref
300
82%
79
Mch28
Feb 15
87
82
Sep
88% Mch
64
63
6434 6538
65%
63% 64%
6434
63% 64%
6234 63% National Lead
9,500
49
Mch25
66
May
76% Jan 7
95% Jan
993s 99%
99
Do pref
99% 99%
99% 99%
Mch 15 103
99% 99%
99% 99%
99%
1.260
—
98
Jan 6
100% J’ne 106% Jan
17
1914 19%
18% 19%
17% 18%
17%
17% 17% NewhouseMInes&S Par$10_
17% = 17
8,455 $17
May 8 $20% Apr 18
§118% II8I0 *115 119 *115 118% 118%118% 115 119 *115 119 New York Air Brake
250
100
Mch25 141l->Jan 7
133
J ly
16334 Jan
*74
75*2 *72% 75
72% 72% *72% 75
North American Co., new..
72% 73% *72% 74%
;600
69% Mch 14
89% Jan 4
87% Nov 107 Jan
26U
*20
261’
28
*26
27
26
28
*26% 27%
900
26%
26%
211’ Mch25
41ioJan 5
28% J’ne
51% Jan
98
93
9234 93
92% 93
92% 93
r90% 91%
92% 93
3,770
eople’s Gas-L & C (Chic).
85 “ Mch 14
88
98% J an 4
J’ly 103 Jan
♦
*1112 13
*11% 13
*11% 13
11% 13
*11% 13
*11% 12% Pittsburgh Coal Co
11% Apr 13
16% Jan 15
18% Nov
13% May*53
54
50
*53
56
54
55
55
56
Do
55% 55% *55
2 85
Mch 15
pref
49
50
J’ly
60% Jan 4
62% Jan
§36
36
35
35
36’% 36%
35% 35%
Pressed Steel Car
35% 36
Mch 26
35% 35%
43
2.290
30
57
Jan 10
May
64% Jan
91
92
93
*9212 93
Do pref
§92%. 93% *92% 931 ’
92% 92% §93
490
86
Mch26
95
99% Jan 24
May- 105 Feb
*163
169
*163
■165
169
169
*165
169
Pullman Company
166% 166% §167 167 "
Mch 14 181% Jan 8
225 150
Dec
Nov
180
270
*44
*44
45
45
44
45
44
*44
45
45
*44% 45 T> ailway Steel Spring
300
39
Mch26
57ioJan 10
44
May
6234 Jan
*90
lV
*90
*93
95
95
94
*93
94
95
95
95% *90
Do
100
90
991’ Feb 15
Jan
pref
Mch23
107
9734 J’ly
2S
261’ 2634
28
28l4
27% 27%
28%
26% 27%
26% 27% Republic Iron & Steel
4,625
221’ Mch26
41 “Jan 7
22% May4134 Dec
85
85
85
8434 8434
85
85
Do
pref
84% 84% *84% 85
8534
975
78 “ Mch25
100
Jan 7
91
May 110% Jan
*55
56
57
56% 56%
55% 56%
56% 56%
56% 56%
42
Mch 14
5934
3,720
77% Jan 7
68% J’ly
97% Jan
*95
100
*95
100
100
*95
100
*95
110
Do pref
99
Apr 30 107 Jan U
113
Apr
104% Oct
147% 147%
14634 147% 147% 147% Tenn Coal, Iron A RR
600
130
Mch 26 162 Jan 4
129
Jan 1166 Nov
’4l" Vi”
40
41
40
40% 40%
40% 40%
39% 40%
40% dTennessee Copper.Par $25
1,000 $34% Mch26 $531’ Mch 1
75
75
*74
79
*74
*74
79
*74
79
79
*74
Texas Pacific Land Trust.
79
100
68
Mch 26
Jan 17
Oct
85
88
60
May
6
6
6
6
6
61’
6%
nlon Bag & Paper.
6%
800
5l„ Apr 13
51 ’ Sep
81* Jan 15!
15% Jan
*55
67
57
*55% 58
58
Do
56%
*55%
100
pref
Jan 7I
61
52 “ Oct
84 Jan
50% Mch 25
37
§37
37% 37%
37% 37%
37% 37% *36
37
U S Cast I Pipe & Foundr..
37% *34
685
49UJan 51
431’ May53
Jan
30% Mch25
*83
85
83
*82
85
S3
*821’ 85
*S21» 85
Do pref
2(H)
*8031 85
Dec
74
Mch2G
89 “Jan lfii
83%
96% Jan
*95
101
*90
*91
*98 101
*96
101
101
101
United States Express
§100 100
20
Mch 5 §117 Jan 9
100
109
May
138%.
Jan
*
*70
73
*70
73
*70
73
68
67
67
661’ U S Realty & Improvement
69%
400
69
May 9
901’ Jan 4
75
Aug
94% Jan
*17
20
18
*16
20
*16
20
*16
17% 17% + 16
20 “US Reduction & Refining.
100
13U Mch25
24
Mch
30% Jan 28
40% J’ne
*52
53
5512 *53
53
54
Do pref
55% *53
55%
5212 541’ *52
400
60
Mch
43% Mch 15 68 Jan 7
84
J’ne
42
43
4()lo 42
39
38% 40
39% 39%
40
United States Rubber
39% 40
4,415
521’ Feb 16
38
36% Mch26
J’ly
59% Oct
1017S 102% 1021’ 102% 1001’. 101%
Do
1st pref
99%100%
99% 1001’ 100% 101
3.377
99% Mch25 109% Jan ” xl04% J’ly xl 15 J an
7112 72
72% 72% *70% 72% +70
72%
Do
2d pref
72% *70
4(M)
72% 72%
68
Mch25
75
78% Jan
871’ Jan
May x87i
37
37% 3734
3738 38%
37%
37% 37%
30% 3734
36% 37% United States Steel
142.866
31U Mch25
50% J an
32% J’ly
50% Oct
102
101% 102
1023* 101%102% zl0O% 100%
Do
99% 100%
9934100%
21.685
pref
9H’ Mch25
107% Jan
9S34 J’ly
11314 Jan
*2912 29%
29% 29% *29% 30
29% 29%
dl7tah Copper
*29% 30
*29% 30
200
Par $10
$24 ” Mch25 $391’ Mch
*27
28
27
27
26
*26% 28
26% 27
26% *25% 28 Vlrglnla-Carollna Chemical.
830
31
58
Jan
39% Jan
25% Mch25
J’ly
104]8 10418 *103 105% 103%103% *103%108
Do pref
‘103% 108 *10334 108
200
101 “ Mch25
10S
Jan
104
J’ly
117% Jan
71
71
71
71
71
71
*65
71
*68
71
*65
71
Virginia Iron Coal A Coke..
Jan 22
550
55
Mch 25
38
93 “ Dec
97
May
*230 300
*230
300
250 250
*230
300
‘230 300
*230
300
1(H) 250
233
Mch 305
May 7 §290 Jan 26
Oct
83
S3
*8234 83
*82% 83% *82% 83% *82% 83%
esternUnion Telegraph.
Jan
82% 82%
300
791 ’ Mch 6
85
10! xS3% Dec
94% Jan
14412 144% 1 14 144
144
*144
144%145%
145%145%
115%
Jan
600 143% Apr 25
145%
W’cstlngh’se
El
A
Mfgassen.
154
148
176
Jan
Aug
2|
*
143*2 105 *143%165 *143% 165 *
■143
165
165
*150
165 i
Do
1st pref
Nov
Apr 26t 162
188
Jan
§145 Apr 26 §145
99%
§30%
9934
30*4
*99%100
30% 30%
100
31
.
Brooklyn Union Gas
.
—
—
Int Mer Marine stk tr ctfs
National Biscuit
__
Pacific Mall
Sloss-Sheffield Steel & Iron
_
_
U
.
_
„
Wells Fargo A Co__
=
.
BANKS
Banks.
Bid
Ask
Union Kxe '
U S 1 .xeh 1i.
IVasli H ’fits*
West Side!
220
1221’
225
240
Yorkvllle
400
_
132%
600
425
Banks.
Borough n..
BroadwaylJ.
Brooklyn
175
'450
140
TRUST
Ask
COMPANIES—BANKERS’
Bid
Ask
A7
Y City.
Aster
Bankers’ Tr
Brooklyn.
First
Home B’nk*
Manufaetrs’
Mechanics’ V
Montauk
Nassau
Nat City
North Side 1
....
Brooklyn.
Bid
AND
Prospect Pk*:
Terminal
390
160
400
318
175
-
-
-
-
155
260
280
1505
350
150
140
375
165
300
Trust Co’s.
Bid
Fifth Av Tr.
Fulton
3(H)
4 SO
490
510*
Guaranty Tr
450
165
Guardian Tr 240
Hudson
95
Knick’b’ker 1250
Law TI&Tr. T250
Lincoln Tr_. 355
Manhattan
Mercantile..
Mctropollt’n 5S0
Morton Tr’st
Mutual
120
Columbia
Commercial
Commonw’h
210
215
Empire
EquitableTr
335
_
_
Ask
Trust Co
550
Bowl’g Gr’n 430
Broad way Tr 155
T222
Carnegie
Central Tr’st 1850
2050
225
225
145
350
435
1300
QUOTATIONS.
-
-
«
370
450
850
_
-
-
510
245
105
_
725
130
Ask
Trust Co’s.
205
Brooklyn.
Brooklyn Tii
700
410
535
710
1300
475
1270
300
-100
200
215
Washington
-
Bid
Mut Alll’nce 195
NYLlfe&Tr 1000
New York ’l': 650
Standard Tr
Title Gu&Tr 520
Tr Co of Am 720
Union Trust 1250
US Mtg&Tr
450
Unit States. 1240
VanN’denTr 275
Windsor
Citizens’
Flatbush
..
Franklin
Hamilton
Home
Jenkins
Kings Co
Llsl L&Tr..
i Nassau
...
..
People's
iWilllamsb’g
Bil
Ask
425
145
260
310
315
155
200
460
310
250
450
155
316%
321)'"
330
165
475'
325
270
215
530"
Bid and asked prices; no sales on tills day. « Less than 100 snares, t Kx-rignts. o.\ew siock cEx dividend and
rights, d Now quoted dollars per share.
tSale at Stock Exchange or at auction this week,
s Trust Co. certificates.
Banks marked with a nara'iianh (A) are State banks.
....
♦
—
Farm Lo&T
New York Stock
Exchange—Bond Record, Friday, Weekly and Yearly
OCCUPYING
FOUK
PA«KS
«•
norms
Jr. Y. 8TOOK EXCHANGE
Wkxk ekdutq Hat 10
Jnl’at Period
Week's
Friday
May 10
Range or
104
104
102
1U2
Q-J
3-j
O-F
4-f
i-F
4-j
tJ 8 4s coupon
ITS Pan Can 10-30 yr 2s.fcl93*i
Philippine islands 4s. 1014-34
Pub wks and imp re'-' 4s 1935
Pub wks and imp reg... 193(5
y-F
O-F
104
QN
.!..
105
1094
8f-F
2d series 6s
1911
£ loan 44s ctls full pd.1925
2d series 4 4s ctfs full paid.
£ loan 4s ctfs full paid.. 1931
Bepub of Cuba 5s exten debt..
U 8 ot Mexico s f g 5s of 1899
Gold 4s or 1904
1954
Virginia fund debt 2-3s...l99i
.
)
10<*°e Mar’<>7
1014
1014
130
130
1304 Apr’07
105 4 Oct ’OH
111
May’OG
1 oo8* 1014
1004 1014
129
1304
1294 1308b
....
1
1
.
.
.
......
....
......
Q-S
A-0
AO
FA
J J
J-J
M-8
O- J
J-D
t 1
■
98 4 Sals
t 98 4 Sale
t 92 4 Sale
1 92 4
t
983b
984
91*4
136
984 102
964 100»*
964 1004
8734 943«
87 4 924
98 4
1
42
914
t 84 4 Sale
834
844 158
102 4
11023s 103
102 4 11
99
974
98-4 21
91
Sale
94
94 4 fj
tieae a re pr ices 0 n the t> a s is
Sitate Securities
Alabama curr fund 4s ....1920 J-J
Dlst of Columbia 3*G5s
1924 F-A
Louisiana new consol 4s..1914
North Carolina consol 4s.
6s
1919
Bo Carolina 44s 20-40
1933
Tsnn new settlement 3s..1913
January 1
107
J’ne’02
104 4 Oct ’05
Foreign Ciovernment
Japanese Govt 6s sterl’g.1911
.
*
1014 102
1014 102
129 4 130 *4
129 4130 4
h.1907 Q-J
Sale
Mar’()2
1174 J’ne’Of
105 4 Dec’04
1U04 Apr’07
126
Mar’07
120
Mar’OC
90 4
954
95 4
93 4 May’07
23 4
20
20
111
......
“i.j
i00 4
j-j
A-0
J-J
J-J
J-J
124 4
95
93
20
6s deferred Brown Bros ctfs.
92 4
914
J
t>
79
85
^
98*4 10334
963s 99
92 4 95
of $5 to £.
-
....
100 4 1004
126
126 r
....
i
1
....
5
93 4
9534
20
23
Railroad
Alabama
iaba Midi
Cent At
SeeCoast
So RyBine
See
Albany A Susa see liel.A Huu
Allegheny Valley N««PenuRB
AUeg & West See Bull R A 1
Ann Arbor 1st g 4s
A1995 ^-J
Atoh T <fc S Fe—Gen g 48.1995 A-O
.Registered
.1995 A-C
Adjustment g 48
A1995 Nov
Registered
A1995 Nov
Stamped
A1995
Conv g 4s
1955
Debentures 4s Series F.1908
Senes G
1901
Senes H
19l<
Series 1
1911
Series K
.....1913
East Okla Div 1st g 4s.. 1928
Atl Knox & N See BAN
Atlantic Coast 1st g 4a.hlP52
Charles A Sav 1st g 7s..l93G
Sav F * W 1st gold 6s.. 1934
1st gold 5s
1934
Ala Mid 1st gu gold 5s ..1928
Bruns A W 1st gu g 4s ..193b
L A N coll g 4s
ol952
811 Sp Oca AG gug4B ..1918
Atlantic A Danv bee South Ry
M-N
J-D
F-A
F-A
F-A
F-A
F-A
M-S
8G
•
958b Sale
A-0
A-0
M-N
J-J
M-N
J-J
tustiu A N W <S’e«Sou Pacific
>alt A Ohio prior 1 g 3 4a. 1925 J-J
J
41925
Registered
Gold 4s
41948 A-O
97^8 Sale
99
......
41925
Monou Riv 1st gu g 5s..1919
Cen Ohio R 1st c g44s.. 1931
Cl Bor A W con 1st g 5» 1933
■Ohio River RR 1st g 5S.193G
General gold 5s
1937
Registered
F-A
M-S
A-O
J-D
Bklyn A Moutauk
90 4
97 >4
99
H10
96
98 4
94
91
Feb’07
Jan ’OG
Feb’07
Nov’04
Nov’06
Apr’07
8G
98
924 Sale
89
lUU^b Sale
100
....
3G
92 4
92 4
1004
92 4
884
894
8M7a
9S4
......
4
84
...
......
......
894
93 4
92 4
21
20
190 4
24
893* 93 4
92 4 92 4
98 4 1024
98
1014
2
Mar’07
93 4
25
41
89:<s
89
90
92 4
96
90*4
884
1057e Feb’07
109
A pi’05
110
Apr’07
110
Alay’OO
113 4 Nov’UG
119 4 Mar’04
94
Mar’07
100
Nov’04
1o578 105 4
...
.
.
1134
no
•
.
94
94
bee Bong i
Bruns A West bee Atl Coast B
Buffalo N
A Erie bee Bne
Buffalo RAP gen g 5s. ..1937
A11A West 1st g 4s gu..l99t>
Di A Mah 1st gu g 5s....1943
Rocli A Pitts 1st g Gs
1921
Consol 1st g Gs
1922
Buffalo A Southwest, bee Erie
Bun A Susq 1st ref g 4s.dl951
Bur C R 4 -N bee C It I A P
Ctanada
'2d 5s South 1st 5s
M-S
A-O
J-J
F-A
J-D
1154
J-J
1913
Apr’97
Apr’UG
103
124
94
94 4
101*8
102
102 4
102 4
103
Nov’OG
Sale
118*4 1234
Apr’07
1014 Sale
1004
1184
103 4
112
102
11834 Mar’07
J-J
1908
1913 M-S
M-S
Registered.....
114 4 1144 May’07
103 4 Feb’07
97
102
89*4
20 100
0 101
964
102
105 4
Stamped
1945
oct
5s....pl945
Oct
2u prei income g 5s
7;
Stamped
8a prei income g
115
luG
Salt
89
86
72
70
...
74
004
Stamped
.....
116
Mar’07
105 4
107
113
Apr’00
85
85
85
Apr’07
74
74
74
May’o7
G3 4 Jan ’07
02
Apr’07
116
111
116
15 105
85
85
73 4
73
03 4
02
5
0
90
90
754
7134
05
Street
g
5s
1945
AO
2002 J-J
BkCity lsl wu 5s.rJlG.194l J-J
Bk (J Cods S con gu g 5s. 1941 M-N
Bkiyu Uu El 1st g 4-6».1950 F-A
Stamped vuar 4 5s
1950 F-A
1st relund conv
v
4s
4s....1949 F-A
tetanipetl guar 4s
1949 F-A
Nassau Elec gu g 4s ....1951 J-J
Conn lij ds 1.1st As ref g 4 4s'51 J-J
Stamped «uar 4 4s
1951 J-J
Den Con Tr Co 1st g 5s... 193:3 A-O
Det United 1st con g 4 4«-1992 J-J
Havana Elec consol g 5s. 1952 F A
Kings Co El 1st
g
Inter-Met coll 4 4s
Internal Trac coll tr 4s..
Louix Kv Co 1st COIJ V 5»..
Manila Elec 1st A coll 5s.
•No price
19.76 AO
1943 J-J
103
1014
103
83 4
84 4 834
85
102
103
Apr’07
100
Apr’07
104
*1 <*4
104
103
UU
Feb "JO
87
Feb’07
84 4
4 S*
85
fr? 4 \
82
83 4 8 6
Apr’07
102 4 May’07
100 4 104
Dec’lltJ
......
......
......
......
......
.
87
80
1936 1 J
1953 M-8
Pale
724
-
Friday; latest price lias week.
.
.
8
2
88 4
1014
108
mo
100
8 /
89
84 4
81
88 4
86
102 4 102 4
93*4 Od ’(j(j
92 4 Jan h*7
91
78
72
74
71
794 122
7S Apr ’**7
loo
.m.u’98
98
May’OG
ulJue Jan
d Dim Apr
A'o
Nipli
y9*4
«
i08
123 4 1264
125 4
123
109 4 1 11
...
4
994 1 00
ij
99
101
85
83
■
'
1939
Registered
1939
General gold 4 4s
1992
Registered
1992
Craig Valley 1st g 5s.... 1940
R & A Div 1st con g 4s.. 1989
2d consol g4s
1989
Warm
Spr Vai 1st g 5s..1941
Greenbrier Ry 1st gu g 4s ’40
Chic & Alt RR ref g 3s...1949
RaiLwny 1st lien 3 4*
1950
...1950
Registered.
Clue Burl & Q—Denv D 4s 1922
J-J
J-J
J-J
M-S
M-N
A-O
J - J
J-J
08
Sinking fund 4s
1919 A-O
Nebraska Extension 4s.1927 M-N
Registered
1927 M-N
Southwestern Div4s.... 1921 M-S
J-J
•
1915 y--F
Chic & Northw cons 7s
Extension 4s
1880-1920 F-A
99
4 Apr’07
92
90
Apr’O.
Sep ’06
102
102*8 103
l L0
lo:>4
99
99
99 4
102
1004
7g
103
4 Jan ’05
A-O
Registered
1879-1929
Sinking fund 5s...1879-1929 A • O
Registered
1879-1929 AO
Debenture 5s
1909 M-N
M-N
Debenture 5s
1921
Registered
Sinking tuml deb 5s
Registered
1921
1933
1933
North Illinois 1st 5s.... 1910
Ott C F di St Paul 1st 5s 1909
Winona
St Pet 2d 7s.. 1907
Mil B S As West 1st g Os 1921
Ext As imp sfund g 5s 1929
Ashland Div 1st g Gs.. 1925
Mich Div 1st g Os
1924
1 ucomes
1911
Chic Rock lsl dfc Pac Os... 1917
Registered
1917
General gold 4s
1988
Registered
1988
Refunding a 4s
1934
Coll trust SeriesH 4s
191.0
J 4s
1912
M *iS
1915
N 4s
1916
O 4s
1917
P 4s
.-1918
CliiC R I As Pac RR 4s..2002
Registered
2002
Coll trust gold 5s
1913
BurCed R As Northern-—
Con 1st A: col Irg 5s... 1934
Registered
1934
0 RIF As N W 1st gu 5s. 1 921
M As St B 1st gu g 7s..1927
May’oT
...
...
8
7G
80
G7*4
7G*b
100 4
....
99
....
89 4
92 4
«■
6
....
102
2
100
103
9o
1(4
101*8 102
A-0
A-O
vi-N
M-N
M- S
.M- S
M-N
M-N
F -A
M- S
J-J
.M-N
J-J
J-J
J-J
A*U
WIN
M-N
iM-N
J’ly’OG
1004 102
1054
1014 May’07
1054
1u5j4
93
92
Apr’07
102*8 Apr’07
115
1134 Feb’07
124 4
1084
104 4
104 7s
126 4
l()7
103
lSlar'07
103
lv4
104
mo
*914 92
109 4
112 ' 1124
115 4 Oct ’05
112
Apr’07
105*8
105*8
bale
104
92
Mtiy’07
l()9*y Muy’07
1004 Feb’07
109 4 112
117 4 120
101 4
110 81
110 4
120 4 Feb’0 7
102
Jan '0.
Feb 07
104
94 4
94
95
Feb’07
111
Oct'OG
114 4 Feb '«»o
1 oO
Nov’oG
107 4 J’ne’oG
90
....
.
8i
107
l Ou 4
101
cc
107
108 *4
1 13 4
117
105 4
104
103
110 4
iu
i 4
1004
10d'*e
120 4
.
.
.
......
11 3 -u
122 4
122 4
100
1 1 5 :,8
i1 7
1
100
...
M-N
VI-N
M-N
3
09 4 Sale
Al-S
fc6‘*>
A-O
A-O
A-O
J-D
lift
F-A
103 4
80*4
108 4
109
I«i7
Sale
7e 102 4
L11
117 4
113 4
113 4
125
1264
107
1114
IU4 4 194*8
J 103
mo 4
v\ 101 lo7
...
.
..
Jan’o,
J an 04
pi
’u7
924
dO4
....
1 112
...
113 4
105 4 105*8
112
110
4!
...J 10G:*-i 10 6*4
---j
......
......
108 4 1*18 4
....1
I
....!
102 4 ms
102 4 1**54
104
104
107 4 1104
...
....
....
1064 1"G %
1104 111 4
....
l
1194121
....
102
102
101
104
0
14 4 98
1
i 5
95
....
....
J
...
...|
.
.
.1
.
mo *8 102*8
.;.l 1004 mi
9
.
107
...j 107
.
.
...
--*! i i3 S i 144
•
Feb’m
..
...
J
1004 1024
iou4 1914
i 122 4 123 4
J 113
113
h eO’O.
Feb’Oo
"
8e.|i ’u3
Mar’
...J
......
11 *)34
ill
7 1 6 4 1 * 0 *v
98 4 100 4
99 4 99
7
100 4
964 Feb‘07
89 4
8*4
97
J’ly’ui
92 4 Nov'Oti
904 Jan ’07
i
IIP
105
1 1 1
Nov’05
104
Sale
1 10
104
May’l'7
GO
80*4
110
Apr’07
112
1 13*s
111)
Fell’07
90 -4
90 4
1*u34
90*4
86
68
90
77
1
82
014
*>
115
79j
115
1 6(i t, Mar’03
914
...
Dec’05
8G
1114
8*
24
Apr’0 7
0*4
70s
79
86
i
....
86
M-N
M N
1 00
....
104 Mar’07
1134
100 4 Sail-
89 4 Sale
....
100 s
Apr’o7
Dec’O.
1004 .Miu’til
1014
1914
12,i4 Apr’O;
113
Apr 07
1 42
1 21 09
l4 1.4
......
1
i05*«
109*4'
I048b
100
....
4 Oct ’06
112
1117e 112
1 OG *4 Feb’o7
105 4
137 4 J ’l v ’99
1193tt
108 4 Feb'0«
108
luO
10 i \
Aug’u4
182 4 Apr’OG
ill
.Not ’dt)
107 7s
102
102-4
Apr’07
105
105 4
Apr’07
104
Jan’07
104
98
92
92
....
1264
Apr’o7
1044 May’o7
94 4
1014 104
1054109
132
Oct ’UG
111
111
118 4 Feb’06
110
F-A
M-N
Registered
pl9S7 9H’
Sinking fund Os...1879-1929 A-O
1909
9Gs100 4
92 4 92 4
....
Gg 8
80 4 Mav’05
92
ill
Wis & Minn Div g 5s.... 1921 J-J
Mil <fc No 1 st M B Os....1910 J -1)
1st consol Gs_.
1913 J-l)
Regis tered
G8
103
J-D
A-O
M-N
M-N
1947
1880-1920
198?
Sale
J-J
See Erie
Chic In & Boulsv ref Os...1947 J-J
Registered
99*4 Feb’06
76 4 Apr 01
100
M-N
M-S
J-J
I ,oii1hv N A Ar. Cli 1 at 6s 1910 J-J
Chic Mil & St P term g 5s 1914 J-J
General g 4s series A
e\9851 J-J
Registered
*1989 O-J
General g 3 4s series B.el989 J-J
J
Chic& LSu Div g 5s
1921
Ohio «fc Mo Riv Div 5s...1920 J-J
J-J
Cliic& Pac Div Os
1910
Chic & P W 1st g 5s
1921 J-J
Dak & Gt So g 5s
1910 J-J
Far tfe Son assn g Os
1 924 J-J
Hast & D Div 1st 7s.
1910 J-J
lst5s
1910 J-J
1 & D Exten 1st 7s
1908 J-J
BaCros8e<feD 1st 5s
1919 J-J
Mineral Point Div 5s....1910 J-J
So Minn Div 1st Os
1910 J - J
Southwest Div 1st Os.... 1909 J-J
78 1054
1014 Dec’OG
Chicago & Erie
Refunding gold 5s
100
704
91
Ry 1st 5s. 1936
99
....
....
113 4 Feb’05
99
Clue & Ind C
102
M ay’Ob
Feb’00
983e Apr’O.
^
F-A
1937
0188
•
ii
HIS-
'8
mo
105
107
107
1 104 UG
J’ne’OO
104
112
1949 J-J
Registered
1949 J-J
Gold 4s
1949 J-J
Iowa Div sink fund 5s. .1919 A-O
Registered
i
lui*8 Sale
Illinois Div 34s
Joint bonds See Great North
Debenture 5s
1913
Han <fc St Jos consol Os.. 1911
ChiCtfe E Ill ref & impg 4s 1955
1st s f cur Os
1907
1934
1st consol g Os
General consol 1st 5s....1937
110*4
110
VI-N
M-S
M-S
i
87 4
101 4 Apr’07
107
Feb’u i
10l:*e
104 '
11114 Sale
VI-N
s
I
87 4
al911 A-0
Gold Os
1st consol g 5s
Higfi
1*024
....
994
loo
Low
5
G
1254
Apr’O.
4 Apr’07
L248e
100
Since
January 1
v;
115 4 Dec ’05
115
Nov’05
115 4 Aug’05
102 4
lo2 8
123
109
Range
-3
5?
Bong Brgen g4s 1941
Cent Pacific
See. So P.tcitic (Jo
Cent,Vermont, 1st, gu 94s f?1920 Q-F
Chas <fc Sav bee Atl Coast Line
dies & Ohio g Os ser A..hi908 A-0
on
"
117
;
>0x1 Fume
Met St
Itmlwny
Ry gen col tr g 5s. 1997
Ret g
4s
Bwayds 7th Av lstcgas
Col A 9th A V 1 si gu g 5s.
Bex Av A P F lstgu g 5s
2002 AO
J -D
1993 M-S
1993 M-S
Third Ave It It con gu is 2000 J-J
Third Ave lly 1st g 5s.. 1937 J - J
M «t W IS El (Clue) 1st g is. 1938 F-A
Mil El Ry A E 30 yr g 5s. 1926 F-A
Minn St ity 1st Coil g 5s.. 1919 J-J
N orl Jiy A Bt gen 4 4s ..193.' J J
St Jos Ry Bt H A P lstg 5a ’3 < M-N
~>i. Paul City Cab con a 5s 1937 J - J
1943
85*m Sale
1114
93
82
73
......
*
Due May
gDueJ’nc 4Due ,i’ly
AO
AO
J - J
M N
k Due Aug
......
*
OtPV
......
Underground of Bou 5s... 1908 J-D
Union El (Chic) 1st g os.. 1945
United Kits Han Frst 4s.1927
United It ys St B lstg Is. 1934
W Cliic St 40-yr con g 5s. 1936
------
98
-
J’ne’OO
95
Low
2
-s
j
street
107
7934
.1 102*4 103*4
I
May 10
Ash
H\a
90
J-D
J-J
Mid Ga & Atl Div 5s.... 1947 J-J
Mobile Div 1st g 5s
1940 J-J 108
103 l4
VI-N
125
120
J - J
Registered
A19S7 o-J '122
109 >4
Am Dock «fe imp gu os.. 1921 J-J
102 4
Be & Hud R gen gu gos 1920 J-J
100
Sale
Reh & Wilks B Coal os..1912 M-N
99 4 luu
Con ext, ;niar 4
1/1910 Q-M
102
105
M-S
N Y &
—Continued
100
......
.........
73
14
31
*“■
(Jhatt Div pur mou g 4s.1951
Mac & Nor Div 1st g os. 1940
1
Ituilvvuy
Friday
60
hlSG'llihAM/Oljb
Brooklyn Rap Tr
WeeJc’s
Range or
Last sale
Price
51
Cent of Ga RR—(Con)
..
Carb A Shawn
bee III Cent
Carolina Cent AeeSeab Air B
Carthage A Ad bee N Y C A 11
Ced R la FA N
bee B C It A X
Cen Branch Ry See Mu Pac
Cent of Ga RR 1st g 6s..pl945 F-A
1945 M-N
Consol gold 5s
Registered
1945 M-N
let prel income g 5s....pl945 oct
Week Ending May 10
General gold 3 4s
Oct ’06
89
92 4
924
Oct ’Ol
89
110
91
......
....
98
98
12U
93 4
iii4
91
9034 Dec’06
884
109*4 112
96
......
....
80
8G
•92 4
iu‘2
96
....
Jan ’00
11288 Jan ’04
114°8 Nov’05
99 4 Mar’06
924
86
86
90
924
93 4 108 4
99
99
....
95 4
95
90
G
59
99 4 772
90 4
132 4
91
91
904
Apr’07
......
122*8
A-O
Pitts Clev ATol 1st g Gs 1922 A-O
Pitts A West 1st g 4s... 1917 J-J
8tat Isl Ry 1st gu g 4 4s 1943 J-D
Bat Greek A b bee Mich Cent
Beech Creek bee N Y C A H
Bellev A Car bee Illinois Cent
mmt
95 4
......
J - J
M-N
M-N
J-J
.
93
41948 ^-J
Registered
Pitts J unc 1st gold Gs.,.1922
P J un & M Div 1st g 3 4sl925
PLE&WVa Sysrer 4sl941
Southw Div 1st g34s...1925
90*4
86
904
..
.
M-S
J-J
4
86
91
86
864
97 4
98 ^ 110 97 4 102 4
101
loi
Jan ’07
10134
....
92 4
O
N. Y. STOCK EXCHANGE
Since
$ ©
.
102 4
v
f\
Last
BONDS
Range
I’S
ask IjOic
High No Ijow HiuU
104 41053s
1044 LU44 Apr’07
6 104 4 1064
104 ’-a 1044
1044
102 4 1023j
102 4 May’07
103
103
1024
102 4
1024 104
bid
l). f*m (aorermneni
U 8 2a consol registered.ci
V S 2s oodsoI coupon....d
U 8 8s registered
k
U 8 4s registered
Price
......
77
.
75
82
oDue uot
M i)
11*3
M)
1 11 *4 Apr’07
93 4 J iV’OG
109
,1’ly’o-i
in7 4 Feb‘OG
90 4 Sep ’06
103*4 Octroi.
1 10 4 *><<>v ’06
77
Apr’O/
1*)'*
Jau'07
75
May’07
82
99
Apr M7
Deo ’9 7
J
...
7
.
.
102 4 168*4
,Su
85
108
113
1 113 4 113 4
IM
l'O
85 4 89
10
111
1144
^
••
*
....
...
....
....
....
....
75
mo
75
8 i
94
mo
83*4
85
^
....
guuo.xov a Option
.-'ala
a Ba
May 11
BOND-
Brice
Week's
Brioav
Range or
May W
Last Bate
—
N. Y. STOCK EX(’HA NO E
Wickk Ending may 10
Chio Bock j. & Pac—< Con)
Clioc Ok & O gen g 6s .ol919
Consol gold 6s
1952
Keok & l»esM 1st 5s....192:Clno MLAHO See Ill Ceni
Cine St L A Pitts Bee Penn Co
Ohio StPMAOron 6s...1930
Cons 6s reduced to 34s.l93n
Oil St P A Minn lstg6s 191V
Nor Wisconsin 1st 6s...l93o
St P A 8 City 1st g 6s... 1919
Chicago Ter Trans g 4s...194'.
ft*
£ v
Hid
J-J
M-N
A-O
107
•
J -L»
M-N
J-J
A-0
1916
s
J-J
F-A
M-N
J-D
▲lb A Sua conv 3 4s
1946 A-O
Reus A Saratoga 1st 7s.1921 M-N
Del Riv RR Bridge Bee Pa Bit
Deny A R Gr 1st con g 4s.1936 J-J
Consol gold 44s
1936 J-J
Improvement gold 6s... 1928 J-D
Rio Gr Juno 1st gu g 6s. 1939 J-D
Rio gr So 1st gold 4s... .1940 J-J
Guaranteed
1940 J-J
Rio Gr West 1st g 4s
1939 J-J
Mge and col trust 4SA.1949 A-0
U tali Cent 1st gug 4s al917 A-O
Des Mol A Ft D
Bee M A St i.
DesMoi Un Ry 1st g 5s..1917 M-N
Det A Mack 1st lien g 48.1995 J-D
Gold 4s
1995 J-D
Detroit Southern—
Ohio Sou Div 1st g 4s...1941 M-S
Dul A Iron Range 1st 5s.. 1937 A-O
Elm Oort A No Bee Leh AN1
Ene 1st ext gold 4s
1947
2d ext gold 5s
1919
8d ext gold 4 4s
1923
4th ext gold 5s
1920
6th ext gold 4s
1928
1st oonsol gold 7s
1920
1st oonsol g fund 7s
1920
Erie 1st con g 4s prior..1996
1996
ist oonsol gen lieu g 4s.. 1996
Registered
1996
Penn coll tr g 4s
1951
1963
60-year cony 4h A
Registered
974 874
H04 113
974 98
113
Oct ’00
103 ** May’07
1034 105 4
Jan ’07
83
M-N
g
M-N
M-S
M-S
A-O
J-D
M-S
M-S
J-J
J-J
J-J
J-J
F-A
J-J
M-N
J-J
A-0
A-O
M-N
J-J
M-N
5s.1945 M-N
1947 A-O
5s..1932
101
102
99
1014
102
994 Jan *o7
1U44105
19
904102
994 994
97
984
974 Apr ’07
97
Apr’07
94
96
•
g
98
105
Jan’04
116V
974
984
1134
1184
Mar’o7
Apr’07
J’ne’Oc
Jan ’07
127
132
Feb’07
96
104 4
974
Sep ’06
LHirgo A So
January 1
since
Ask Low
High No
Mar’07
1004 Dec ’06
108
ilO-4
J-J
F-A
Range
13
_
Low
Hu/K
108
108
i’(K)4 li»3*‘
1104 1194'
974
984
Georgia A Ala
See Sea A Line
Ga Car A Nor
See Sea A Line
62 4
69
09
90 4 Sale
89*8
00*4
3
82
95
744
944
904
07
89 4
95
95
70
J-J
J-D
J-J
A-0
ill*
84
•
See St L 8 W
Gt Nor—rC B A Q coll tr4s 1921 J-J
95
724
62
Feb’07
1014 May’07
98
1204 125
1094
123 4
121
994 Salt
97
1214 Sep *06
May’97
1024 Aug’06
109
1921 Q-J
Greenbrier Ry See Ches A O
Gulf A S11st ref A tg 5s 31952 J-J
Vallstconaolg44a.l999 J-J
1999 J-J
Registered
Col A H V 1st ext g 4s..1948 A-O
Col ATol 1st ex 4s
1955 F-A
Honst E A W Tex See 80 Pac
HoustATexCen SssSoPacCo
1st
gold 84a
1951
Registered
1961
Extended iat g 34s
1st gold 3s sterling
Coll Trust gold 4s
Registered
1114
L N O A Tex gold 4s
94 4
Sale
95
95 4109 4
110
95
45
934
974
102 4102 4
105 4 Feb’07
109
Mar’05
76
Bee’05
89
Jan *0*
92 4 Apr’07
1044 105 4
864
874 Feb’07
93
97
874
Jan’02
110
92
92% 89
1951
1951
1952
i'li
99
......
......
100
107
Spring Div 1st
89
80
g
34s...1951
1114114
1951
99
100
1114 Sale
97
Salt
65
73
1114
97
11
85
eO
89
92 4
Kentucky Cent
86
Oct ’06
111
Apr’07
112 4 Feb’06
111
Lake
Erie 5s
A W 1st g 5s.. 1937
2d gold
1941
J-J
J-J
North Ohio 1st gu g 5s..1945 A-O
L Sho A Mich S See N Y Cent
Leh Val N Y 1st gu g4 4a-194o J-J
194f J-J
Registered
Lehigh Val (Pa) cons g 4s. 2003
Leh V Ter Ry 1st gu g 5s. 1941 A-O
1074 Jan ’06
1074
1104 Oct ’06
1004 Feb’07
10041004
1264 Apr’07
125
1294
95
994
80
88
98
1264
1234
96
Sale
133
96
814
Feb’06
964
994 Oct ’06
90
81
8la
85 4 Feb’0
86 4
87
80
81
73
73
33
86 4 Sale
79 4 80 4
73
Sale
121
122
1204
102
1044
115
1154
1164
100 4
1264 130
109
109
103 4103 4
Apr’07
May’o7
854
*8
84
8
10
76
73
87
120 4 120 4
Apr’0
Feb’OO
115 4
115
694 Sale
694
113
108
llu
lu04 >01
130
126
126
108
Sep’06
1094 Oct ’05
1114
121 4 Dec’06
i()5
66 4 68
132
Suit)
100
105
67 4
132
100
100
105
85
864
102 34
117
1*054
67 4
185
100
Apr’07
Fob’07
105
113
116 4
93 4 Mar’06
Fnduy; latest butand asked this week,
o
105
03
47 116
20
1
100
too
61 4 Oct ’t»l
86 4 Aur’07
1074 1 >eO ’00
104
Apr’O?
98. Dec’06
Due Jan
119
Leh V Coal Co 1st gn g 5s. 1933 J-J
Leh A N Y 1st guar g 4s..1945 M-S
1945 M-S
Registered
EICAN 1st pi 6s .....1914 A-0
Gold guar 5s
1914 A-0
Leli A Hud R See Cent of N J
Leh A Wilkes b See Cent of N J
Leroy A Caney Val See Mo P
Long Dock See Erie
Long Ial’d—1st con g 5s.A1931 Q-J
1st consol gold 4s
A1931 <4-J
General gold 4s
1936 J-l)
Ferry gold 4 4s
1922
Gold 4s
U uilied gold 4s
Debenture gold 5s
Guar ref gold 4s
1949
1934
1949
1932
4
I
l39a4
100
100
105
86 4
80
!
....
9
1st 5s
1911
Nl'Bi&MB 1st con g5s 193o
N Y A R B 1st g 5s
1927
Nor ShR 1st eou ggu5sol932
Louisiana A Ark 1st g 5s. 1927
BONDS—Continued
107 4
73 4
j 103
104
j 116
117
6 Due Feb
98
08
100
102*4
May‘()7
u
97
97
11024
89
1024
784
784
91
1004 102
97
97
U84H84
100 4
.
97
100 4
97
100
100
1114 1154
95
90a*
71
79
Feb’07
112
97 4
Feb’07
98
4103^
*8*84 *89**
Dec’05
Mar’07
109
a5
,
Feb’07
ou
70 4
63
Oct ’00
113
May’07
lu74
110
.
U07
107 *4
106
r4 4
U1
85
674
73
1*1*2 *4
M-8
J-D
M-8
J-l)
M-S
M-8
M-8
A-O
M-S
1124 1U
1064107 V
lo7 4
110
Apr’O
■
112
96
9538
95^
1104
1064 1074
107
106
106
106
95
Oct ’06
116
Oct ’Ot
109 4 Oct ’99
112 4 May’07
1941 A-O
Bklyu A Mont 1st g 6s..1911
H64 Jau ’0.'
1004 Apr’07
126
118
854
914
1034
1004
Bee LAN
Keok A Des Mo tfe*CRIAP
Knoxville A Ohio Bee So Ry
109
103 4
100
Kal A A G R See L S A M S
Apr’U7
107 4
103 4
1074 1074
727e Apr’07
108
99
Apr’07
100 4 Mar’07
97
Mar’07
100 v
97
St L Sou lat gu g 4s....1931
Ind Bl A West See C CCA St L
lud Ill A la 1st g 4a
1950
Int A Great Nor 1st g 6s.. 1919
2d gold 5s
1909
3d gold 48
1921
Iowa Central 1st gold 5s.. 1938
Gold 4s
1951
JedersonRR See Erie
92
1144Nov*06
99*
1184 Apr’07
1194 Mar’04
934 AUy’04
92
1104112
103°8 1054
1004 Apr’07
1951
1024
99
1004 Apr’07
97
May'07
102*4 Jan ’b7
89
89
123
May’99
784 Apr'06
78*4 Feb’07
122
97
Mar’o7
Jan’07
‘98
99 7a
an A Mich
See Tol A O C
K C Ft S A M
See St L A S F
K CA M R A B
See St L A S F
Kan C A Pacific See M K A X
Kan City Sou 1st gold 3s.. 1950 A-O
Registered
I960 A-0
112
Apr’07
89
Mar’07
101 4 Oct ’99
100
Nov’OU
Weetern Lines 1st g 4s..1951
Bellev A Car 1st 6s
1923
Carb A Shaw 1st g 4s...1932
Chio St L A N O g 6s...1951
38*4 83**
954 J’ly'OO
994 J’ne’06
70
Oct ’04
101
Apr’07
1951
1951
Registered
894
1094 Sep’06
107*6 Apr’07
104
1951
Gold 3 4a
96 ^ 238,
94** 10
104
104
Nov’OO
103
984 Nov’OO
y9
Apr’07
1044
93" IIIII
...1953
1953
93
1114
87
10*
99
984101
914
874
Sep ’04
84
100
94*8
943s
100
97
1951
Registered
Mempli Div lat g4s...l951
1024 Jan’07
844
Registered
Gold 34s
974 170
io*8*‘ iiT
10
Mar’07
944 Sale
994
1952
Registered
102
Feb’03
133
Feb’06
149
Aug’01
99 4
102 4 300
97
i.214
1334Dec’06
92
91
90
m*8
109 4
Sals
1284
95
104
10141044
119 4Nov’06
1214 Apr’07
127
J’ne’05
Mar*99
111
844 Apr’07
1024 ICO
Middle Divreg5s
1921
Omaha Div 1st g 3s
1951
St Louis DivAterm g3s.l951
102
117
120 4
105
111
Sal**
86
Registered. A.
Illinois
Central 1st g 4s..1951
Registered
1951
914
924
Gray’s Pt Term
Hook
i
92 4
62 4 135
91
92
62 4 Sale
106 V
See 80 Ry
994
1314.132
104 4
Gila VGA Nor Bee So Pao Co
Gouv A O a we gat See N Y Cent
Grand Rap A Ind NsePennRR
99
11841184
1054105 4
See Ch M A 8t P
r lint A Pere M
See Pere Mar
Fla C A Pemn See Sea Air Line
Fort St U D Co 1st g 4 48.1941
Ft W A Den C 1st g 6a....1921
Ft W A Bio Gr 1st g 4s...1928
/'al Har AS A Sw So Pac Co
VJalH A Hof 18821st 58.1913
Han
A St JoSeeSeeN CBAQ
ousatonio
YN HA H
1044Nov’01
5s...1913 F-A
Hudson Co Gas 1st g 5s.. 1949 M-N
Kan City (Mo) Gas 1st g 5s 1922 A-O
Kings Co LI 1, A 1* g 5s... 1037 A-O
Purchase money 6s
i997 A-O
Ed El 11 Hkn 1st oon g4s 1939 J-J
No prioo
984
07
97
97
Jan *07
97
904 Feb’06
M-S
Ua«A Lleo Berg Coo g 6a. 1949 J -D
Gen Electric deb g 3 48..1942 FA
GrRapG LCo 1st
Last Sale
3^
2d gold 44s
193'
100
Feb’07
General void 6s
194« F-A *101
110
110 -j Apr’07
Terminal 1st gold 5s...1943 M-N
Regis 85,000 each...1943 M-N
103
104 4 Oct ’00
Mid RRor N J 1st g 6s. 1910 A-0
1U5 4 Apr’07
Wilk A Ea lstgu g 5s. 1942 J-I> 1064
116
Hlv A Ind 1st con gu g 6s.. 1926 J-J
Apr’06
Erie A Pitts Bee Penn Co
T. 1
117
Dec’06
Evans A T H 1st cons 6s. 1921
1044 104 4 Apr’07
1st general gold 5s
1942 A-O
114
Apr’05
Mt Vernon 1st gold 6s..1923 A-0 106
99
1064 Feb’06
Soil Co Branch Ist g 08.1930 A-0
Registered
Consol Gas conv deb 6s. ...1909 J-J
Cunsum Gas
See P G A C Co
Detroit City Gas g os
1923 J-J
Dot Gas Co oon 1st g 5s...1918 F-A
EuLlliiiiku See K Co E L A 1‘
Ed E ill See N YGAELHAP
Ei] U LN Y lat con
83
63
1044 Feb’07
1074 Deo’02
(«ns 11111I Ellectric Light
Atlanta G L Co 1st g 5s...1947 J -D
g
1094
97
hlSt’ElilANEOUN
RKlyn U Uus 1st eou
RuHalo Gas 1st g 5s
Si
May H)
M-N
A-o
do
Senes B...1963 A-O
Bull N Y A Erie 1st 7s..1916 J-D
Bull A S W gold 6s
190S
Clue A Erie 1st uold 5s.. 1982
dev A Malum Val g 5s. 193."
Jett RK 1st gu g 5s....01909
Long Dock consol g 6s.. 1935
Coal A RR 1st cur gu 6s. 1922
Dock A Imp 1st cur 6s.. 1913
NT Y A Green L gu g 5s. 1946
11641204
A-O
2d 6s
1916 J-J
Dul Short Line See Nor Pac
Dui So Shore A Atl g 5s.. 1937 J-J
1/aatof Mluu nee St P M A M
Hiast Ten Va A Ga Bee So Ry
Elgin Jol A East 1st g 5s. 1941
Apr’07
974 Apr’<>7
1094M»y’07
1104 Apr’07
97 4 Apr’O'
116°*
131
A-0
1916
1937
Week's
Range or
Hid
Registered
M-8
Registered
Lrvce
Bridai/
Cairo Bridge gold 4s....I960
IsmtavDivATerm g3 4s. 1953
1917
10-yr oonv deb 4s
1314 1314
88
J-J
M-N
M-N
M-S
J-D
J-D
J-D
J-J
F-A
M-N
F-A
M-S
Registered
si
Ene—(Con)
Georgia Pacitio
1st ref gu g 3 4s
200o
N Y Lack AW 1st 6s...1921
Construction 5s
1923
Term A Improve4s....1923
Warren 1st ref gug 3 4s.2000
Del A Hud 1st Pa Div 78.1917
1915
BONB>
N. Y. STOCK EXCHANGE
Wsek Knijinh May' 10
$ Y Bus ifc W 1st ref 5s. 193'
1314 Feb’07
1294 Mar’04
102
J-D
J-J
Del Lack A Western 7s... 1907 M-8
Morris A Essex lst7«...1914 M-N
7s
H\ gn
1254
J-J
Dak
A AGtWaco
So BeeSeeCm.M AK St
P
alias
& '1
Registered
Love
128
iio’4
J-J
u
1st oonsol guar
January i
130 4
130 S
93
Dec’03
il64
M-N
M-N
J-J
J-J
Cin 8 A Cl con 1st g 6s. .1929
0 C C A 1 consol 7s......1914 J-D
Consol sink fund 7s....1914 J-D
General oonsol gold 6s. 1934 J-J
Registered
1934 J-J
Ind Bl A W 1st pref 4s.1940 A-0
O Ind A W 1st pf 5s...til938
Peo A East 1st con 4s...1940
Income 48....
1990 Apr
Cley A Marietta Bee Penn RK
Olev A Pitts Bee Penn Co
Col Midland 1st g 4s
1947
Colorado A Bon 1st g4s... 1929
Refund A ext 44s
1935
Ooium A Greeny Bie So Ry
Col A Hock Val Bee Hook Va.
Ool A Toi See Hock Val
Col Conn A Term Bee N A W
Conn A Pas Riys 1st g 4S.1943
A’an<7«
Bine-
1304
J-J
Registered
1990
Spr A Col Diy 1st g 4s.. 1940
W W Val Piv 1stg4s...1940 J-J
0 I St L A C consol 6s..l92o M-N
1st gold 4s
*1936
kl986
A*k Low
Jiigti Ko
109
Nov’06
112
111
May’06
102 4 105^8 No v’OU
J-D
Chic A W est I nd gen g 6s gl 932 Q-M
Consol 60 year 4s
1952 J. J
Chic A W Mich am Pere Mar<i
Choc O A Gulf Bee C RIA P
CIS H A D 2d gold 4 4s...1937
Oin DAI 1st gu g 5s...1941
C Find A Ft W 1st gu 4s g.’23
Cin 1 A W 1st gu g 4S.1953
Ind Dec A W 1st g 5s...1935
1st guar gold 6s
.1936
ClSt LAC nee C C O A St i
Oin SAC See C C C St L
Clear held A Mah Bee fiRAI
Clev Cm C A St L gen g 4s 1993
Cairo Diy 1st gold 4s....1939
Cin W A M Div 1st g 4s. 199i
St L Dir 1st col tr g 4s..1990
■5 *
......
Coupon oft
Registered
1099
New York Bond Record—Continued—Page 2
1907.]
0
106
1124 1124
954 96**
k...
11*3 4
102 4
99 4
Jan ’00
L054 Jan'Ot
Apr’97
113
04
96
16
May’O'
Nor’05
*94 Oct ’00
)47a Apr’07
L10 J’ue’04
064
97
(03
94
96
94
104 4
100‘-a
105
O-J
M SI
*9*6 41
103
<-
112
1144
1*0 *95 4**99'*
rill
r...
Mar’07 i...
100
.10 4 Nov’OO
L05
Apr’07
109
Nov’OO
L03 6» Feb’O?
94
95 4
96*
9*9*4
100
102 4
105* 1*09*4
103 4 103 4
Next Page.
(ins ami Electric Light
Lac Gas Lof St L 1st g 5s.«1919 Q-F
Ret and ext 1st g 5s
1934 A-O
Milwaukee Gas L 1st 4s.. 1927 M-N
N Y G E L H A P g 6s... 1948 J -D
Purchase money g 4s...1949 F-A
Ed El III 1st conv g 6s..l910;M-8
1st consol gold 5s
199o! J - J
NYAQK1 LAP 1st con g 5sl93o! F-A
N Y A Rich Gas 1st g 5s.l92l'M-N
Pat A PasU A E con g 5s.1949 M S
L’eo Gas A C 1st con g 6s. 1943; A-O
Refunding gold 5s
1947 M-S
ChG-LA CkelstgugSs 1937 j J - J
Con G Co of Ch lstgugoa.’ooi J -D]
Mu Fuel Gas 1st gu g5s. 1947 M-N!
Syracuse Lighting 1st g 5s.’51! J-D;
Troniou G A El 1st g 5s.. l949iM- s>1
Westchester Lixht’g g 5s.
1950! J -D|
d Due Apr sDuealay /iDueJ'ly
1033
§02
1024
271 10134 105 4
102 4
91 4
103 4
Feb’07
102
102 Roa
914
89 4
914 Jan ’07L
99 4
103 4 26
L>3
103 4 103
83
03
>3
Salt
4. 80
100 4
100 4 lof 99
100 4 Sale
105
1134 J‘ne'06
95
93
96
Apr *07
Nov'03
103
100
1044 Nov’OO
119
Feb’U. l..
119
115 4 110
100 4
loo 4
100 4 >ale
1U10O4
104 4
104 4
103
loo 4
100 4 Apr ’07
ioi"
ICO
LOO
101
2(1100
104 4
110
May *06
103 4 105
aum Feb ‘07
JllOi 4
...
k Due Aug y
lfllcO
Dae Oct « Due Deo jOBtioi
847»
100 4
99
IIP ^
103 -a
105 4
108
100
102
1100
New York Bond Record
IJOM)>
thrice
N. Y. STOC K EXCHANGE
Wkrk k.ndi n<. may 10
? >
Range
May 10
Last Sale
Jiia
Louiwv & Nashv
gen c
1937 M-N
1940 J-J
Unified gold 4s
Registered
Sink
Ash
I 15
Os.1930 J-I)
Gold ,0s
Week?*
h'rida.M
lOOV
UegoJered
15*5*0 A-O
Metiopol El 1st g Os
1908
McK’jii A B V See X V Cent
Metiopolilan El Are Man Hy
M
103*4 iu3V
J-J
81
22
c*x cent consol cold 4s..1911 J-J
1st consm income g 3s.al5*39 J’ly
2d consol income g 3s..al93'9 Jlv
Equip <V coll gold 5s
1919
125
109 S.
90
96
97 Si
1944
'
98
Sale
84 S» Sale
102 Si 104
82 Si
86
88
M
"
10i\
120
Jan’07
72V Fed’0
110
J’ly VO
IO8S2 Jan ’00
97 Si May’1 7
108
J’ly’00
87 Si Apr'07 *24
1938
95
92
Si
A
85 *e
Sale’
92 S,
123*0
'89*
1U8 S* 110
Chat 6cgold
1913: A-O
J-J
Nash
St L5s1 st 7e. 192~i
1st consol
116 h Sale
Jasper Branch 1st g Os..1923: J-J
51 c5l 51 W <V Ai 1 St Os.. 1917 j J - J j
T 6c J' Branch 1st 0«
1917; J - J 1
Nash Flor As Sue!
See L 6c X
i
Xatol Mex prior nen 4Vs-1926j J-J j
1 st con so i 4 s
1351 j A-O
New ii 6c i>
see X Y X il 6c il
X J June KB
See X’ Y Gent
New 6c On Bilge See Lou 6c X
X' «) 6c X E prior lien g Os //1915 A-O
N 1 Lain 6c Man Bell See L 1
N V Cent 6c ii Biv g 3 Vs.1997
Registered
] 997 J J j
Di-Lam g 4s
1934 M X'
Lake Shore coll g 3^8... 1998! F-A!
115V
o:ti
‘
,0.1
94
Xov’u4
Xo price
il«
117\
2j;in;,4116
.J1
-.
....
j
1!
Apr'0
91
94 S
!J!1
’5 *», :15 *v
84
>a Je
8
84
85
8 ;
*10*1
8.;
loi
l
ij<m
f*
I*
!-4V
Si Apr '0, j.
1
1'4
^
M
Apr 71
51 ay’07
-'h .1 an ’ 7i
1102
94
il
’03
'94
90
Si
92
99
it'll H3
81V
88
92
i 1
94
-
v
Si
nl
IV
84S
102‘,
102
.
V
87
83
,
.n.’it?
51 at *04 j.
1
87 Si
IMAMJf
103 V. Aug’06
94 V
94V i'4
92 V Mar’07
94
93 V
94*4
i
110*4
14
5>5
5» 5
—7
5*5
95
....
-
......
101V...'—
104
112
U8V J’ly’06
71
91V
92V
94V
94
92
99 V
J’ue’06
100V Jan ’07
......
......
92=0
101*4
101V
102*4 Mar’07
113*4
124
103
104 V
102=8
102=0
100v 100V
....
106 V Nov’OO
94 V Dec’06
92 V May’07
101*4 102
100*0
103 V 104
102 V
K*
....
Dogj’06
119
99
91V
....
Mar’Ot*
v
107 V Nov’06
139
Jan ’03
-----
i8
......
....
....
92
....
21
V
94 V
100-4 103 V
102*4 102*4
6 10IV
i 100 v
105
103*4
98
Sale
94 V
Feb’06
98
U
98
95
10IV
101V J’ne’06
104
126 V Sale
12s V
126 V
Sep’06
8 126
126 V
130V Feb’06
97Vsaie
97=0
100
S»5
89 *0
98
Feb’06
Mar’07
8SV
95 V
99
101*4 Sale
89
109 V Feb’05
98 V Apr’07
101*4
101 v
•99
101*4
101V
71 *0 s.-ut
71 >4
7 lV
•70
70
Muy’07
95 V 95V fan ’07
99
122 V Sale
109 V
106*4
93
90
'
Ill
122 V
122 V
132
J’ly’519
113
Mar’OO
106 u
106v
98 V Oct ’06
93
.May’Ou
L 13=0 May’07
130
....
12 7 V Oct ’06
]>ac of
Coast
Co 1 st gSee
5s Mo 1946
J -I*
Missouri
Pac
108
103V 107
Mar’07
Panama lsts fund g4 Vs-.191 7 A-O
Penn BB 1st real est g4s. 1923 (Vl-N
103
lu3
J’ly’06
103
111 V
Sep ’0-1
Consol gold 5s
J'.ir.'
Consol gold 4s
1943
Convertible g 3 Vs
1912
Convertible g 3 V«
1915
A Hog Val gen gu g 4s... 1942
I> B it B6c Bge Istgu 4«g.’30
PhilaBal dfc W lwt g 4s.. 1943
Sod Bay <& So 1st g 6a... 1924
Suu 6a Lewla 1st g 4a... 1936
U N J Bit 6a Can gen 4s. 1944
Penn Co—Guar 1st g 4 Vs. 1921
Registered
1921
Guar 3 V« coll trust reg. 1937
(i liar 3 Vs coll tr ser It... 194 1
Tr Co cortif’s gu g3Vw.l910
G11 3 Va tr ctfs O
194 2
G
3 Vs t r cM'h r>
11*14
Guar 15-25 y arg4w
1931
li iW Mar 1st gu ti 4 Vs.. 1935
Cl 6c P grii gu g 4 Vs Ser A .’42
Series li
.1912
Senes (J 3, Vs
S.-ries I) 3 Vs
ilo'd)>—Coiiiinueil
91
91
I
87
*J7 VGet *04
Apr’oTj.
03 V
04
.,
i00 V
92 V
'
jm anu ask eo.
96
*-J
104
69
70V
94
102
jou
--
j
Get’ir»
Feb’O 7)
Apr 9)7;
!.d'!'•. Jan‘*;7i
105 *e
J ltd j
San-
-
03 V
\..
-.!l05
j 78
V
1 MOV
nV
IJ *>7 V iJee’o4|.
1107
May’971.
1
* i 11.!'
105 V Dec
:06|
J
93
103
106
2' 91
--li 8/
.-102V Apr’thi
j 95 Apt ’02
106
*
FrlCLay, luteal
{
'
*2
....
11
....
9*7 V '
99 V
%5
96V
85
9 L V
98
99 V
73 100
102*4
98 V 102
18
69 V
74*4
70
71
....
95V
95V
122 V
120
106 V 108 V
....
....
113=0
i 13V
107
109
ltfi
103
UI nd 6c W See C C C <G St L
r
..
v
\
i:io ltiv lilt
See Balt & u
Ore it Cal
See So Pac Co
Ore Kit 6c Nav
see U11 Pac
Ore Short Line
See UirPac
Oswego 6c Home See Xr Y C
O C F 6c St P
See C 6c N W
1
;
_
103
120
118 V
110
•
......
102*4 Jan ’07;.... !!i 02'4 1021
85
-
0
.
,'t.il
v
.....
lion
g
..
106 *0 Oct ’o '95
Feb’07
95
Feb ’07
122
Jan’06
125
.
....
1998 f -A
]99>. F-Aj
4s. 1930 J J
1930 J J I
1930* J J |
*gs 5J 951'A-Uj
vS
.-./J ; J
Jm "i
: i'.^A
1< ■>:
1
1 > 17i J
c«ui <; M Co ibt 1 u g ow.]'.*22,‘J
!>e liar C6c l (.O gu g 6s. l‘ol05 F
af 1 on Coal A1C0’ wl y .>w.JIMOiM
tor F el I I s 1 5«
1953
.id
•
108*4 108*4
11OV
116V
inv
inI
.119-4 Feb ’06*.
1 17*4 Mar’dai
113
J’ly’04
111
.
l>im '/
) ■ i u* I >.
J
108*4 51ar’07
92 Si Aug’06
.
<;•>
iVO v i n***
...
ac
g*ru 0 J v 5s.. 1943 F
Con\ «-rtmli‘ deo g 5s. ...191 1 F
O01 j ui-i.Co gen gold 6s.
1919;.71
Gr P.iv Coai 6c C 1st g 6sl9J9 A
’'at:
i
iMi 1 >l w
4. j
940j J
1. 1 ni’U J >l« ‘’eil vy.-1 i- u.. 1934 F
>1, l ).
t j *
j
s 1 <- f ! m t, j > ^. 19 «y 2
jF
■:1 6. *. .eai <; <6 1 L’ % 5s.
1926) J
an ,v. 11 >. cc C 1 st s l • fX.i :tr, 1 ■ j
.1
y
i «..
iSl L' S ! os '928lJ
•.
....
110 V Apr '07
101 *4 1 i«;e ’ U>
......
98
94
*94
93*4
115
...
101
il Jb 6c i Co
ind i.v < r e
*8*6” *92**
....
1998, F-A
iimi
......
....
H|S(TI,I
t
......
94
....
-
3
......
....
!*!!!* * 9 7 4
193-jM
‘
J
....
Moutgom Div 1st g 5s..l947i F
St L 6c Cairo coll g 4s..e 1930; t,
Guaranteed g 4s
1931
M A O coll 4s
See Southern
MoliawK 6c 51 ai
See X V C«fc H
Motiongahela Biv See B 6c O
Mont Cent
See St P 51 6c 51
Morgan's La 6c T See S P Co
Mot r.sds EssPx See Del L 6c W
>
97V
113:,4 Jan ’02
....
97 Si
90
Os..l927j J
gu gold 5s
hCr Ext st
nig a
97V
137
Nov’517
110 V Apr’oT
.
....
94*v
120'* Sal**
GeD con stamp gtd g 5s 1931 j A
Uniriedtfe ref gohl 4s.. 1929 J
Kiv 6c G Div 1 st g 4s.. 1933IM
Verdi V i 6c W 1st g
5s.l920jM
Mod J 6c K C 1st cons g 5s. 1953 J
Mod 6c Ohio new gold
1st extension gold Os..A 1927 U
2U
.
F
M
2d gold 6s
1996 A
Utica 6c B!k Biv gu g 4s. 1922 J
113Si Mur’07
113V113V
Lake Shore gold 3Si»
1997 J
Itegistered
1997 J
112
Jan ’07
112" 112
Debenture g 4s........1928 M
111
111
L09V 111
Ka A 6c G B 1st gu c 5s. 1938 J
97
Mahon C’l BB 1st 5s..1934 J
Piru «c L Erie 2d g 5s.al92K A
Pitts Me K & Y 1st gu 68.1932 J
•J
100
100
97 V 100°s
2d guar 6s
1934 J
1 u4
Apr’05
McKees<fc B Vlstgds 1918 J
10 LOO V103 V
103
103
Mich Cent 1st consol 6s. 1909 51
os
1931 N1
Begistered
1931 Q
27
81
81 Si
81
86
4s
1940 J
lOU
21 Si
22
20 V 27V
Begistered
1940 J
17 V Apt ’07
14 V 21
J L 6b ft 1st g 3 Vs
1951 M
1st g 3 Vs
1952 M
! 9Us8J ly’0]
Bat C 6c Stur 1st gug 3s. 1989 J
105
51ay’00
N Y ChiCifc St L 1st g4s 1937 A
Begistered
1937 A
West Shore 1st 4s gu...2361 J
2361 J
Registered
X Y 6c Green w Lake See Erie
130
5Iar’07
130
130
X Y <fe Har See X Y C & Hud
105
105
105
Apr'07
X Y Lack & W See D L & Wr
118
Jan’07
118
118V X Y L E & W See Erie
113 *4 Mar’05
X Y 6c Long Br See Cent of N J
107 8i Apr’07
105V110V New York Xew Hav & Hart—
92
94
!»3:i0 Feb’u7
Housatomc B con g os.. 15137 M-N
97
Apr’06
N H 6c Derby con cy 58.1918 M-N
X Y & North See N Y C & H
96
97
99
Apr’07
N Y O & W ref lstg 4s..01992 M-S
103
Nov’01
Regis §5,000 only
01992 M-S
N Y & Put See N Y C & H
98
98 V 41
95
98V N Y & B B See Long Island
8-1 S, 33
84
80V 88
N Y S & W
See Erie
105
102
105
Apr’O'
X' Y Tex 6c 51
See So Pac Co
81
Alar’O?
81
86
Nor 6s South 1st g 5s
1941 M-N
80 Si
16
i-7
83
8.8*0
Norf 6c West gen g 6s
1931 M-N
8334 lo 82
e334
87
Improvem’t&
ext g 6s..1934 F-A
104 Si Jao ’07
104 V 104 V
New River lstg 6s
1932 A-O
95 Si Apr’07
95 V 95 V
N 6c W By lwt con g 4s. 1996 A-O
1 108
108
108
111V
Registered
1996 A-O
5 105
105
105
107*4
Div’l 1st 1 ife gen g4s...1944 J-J
104
6 102
104
106 V
Pocah O 6c C joint 4s.. 1941 J-D
104
Mai ’07
104
104
C C 6c T 1st gu g 5s
1922 J-J
104
104
107
Api’07
Scio V 6c N E 1st gu g 4s 1989 M-N
7 115=8 120
115V -115V
North rilinois See Chi & N W
101V
192*4 30 100*0 105
North Ohio See L Erie 6c W
107 S? Feb ’06
Nor Pac—Prior lien g 4s..1997
J
6 101
102V
102*
105
Itegistered
-J
1997
89*2 Apr’07
86
90
General lien gold3s....a2047 Q-F
97 V 51 ay’07
97 V 5*8
Registered
a2047 Q-F
93
51a, ’07
93
St Paul-Dul I)iv v 4s
96V
15*96 J -D
92
92
Apr’07
9gV
Dul Short L Istgu ds.. 1916 M-S
110
Mar’05
C B 6lc <jeoiltr4s See Gt Nor
2 101
lOOV 100V
St P <fc N P gen g 6s....1923 F-A
10IV
116 V 51 at '07 .--XliO
117V
Be«rftreretl cerfitic’s.. 1923
(<-F
109
lO'JV
Hot
V 114
St Paul 6c Dul 1st 5s....1931 F-A
5|
109 V Mar’U7
1109 V HoV
2d os
15*17 AO
2 0
84 Si
85*
! 90
88 *0
1st consol gold 4-s
1968 J-D
9u
May’o!
85
92 V
Wash Cent 1st g4s
15*48 0-M
L07 Si Apr’U*
Nor Pac Ter Co 1st g 6s..1933 J-J
98
Dec ’ut
Nor By Cal see So Pac
2 121*4* *12*4**
123 V
123*,
Nor Wia See C St P M 6c ()
122
Dec’O.
Nor ifc Mont See N Y Cent
89
89
94
Apr’07
*
97 V Mar’07
105
Oct '02
101 v J’ly *06
in
A
....
101
Midi Cent coil g 3 Vs
BegisP red
Bee< h < h'oek 1 st gu g
Kegislered
•
OgJfeLCham lstgu4s gl948 J
But-Canad 1st gu g4s. 1949 J
St Law tfe Adir 1st g 5s. 1996 J
’*9*7=0
97 V
97
A
A
J
Low
....
i idv *.*.””
A
....
...,
95
Leroy <fe C V A Llstg5s 1920
Bee
95 V
.
1945
Registered
120
120
72 V 72 V
....
•
Cent Br By 1st gu g 48.1919
Cen Branch U P 1stg4s. 194*
gold 4s
*12 r* i*2*5*70
.9.
2000|1V1
X Y 6c North 1st g os...1927
X' Y Je 1’u 1st con gu g4s 1993
XTor & Mont 1st gu g 58.1916
Pine Creek rog gnar Os. 1932
It WA o con 1st ext5s.h 1922
Oswo 6c B 2d gu g os...el915
B W 6c O T it 1st gu g 68.1918
Itutland 1st con g 4*«s..l941
,Y’o
High
....
102*8
40-vear gold loan 4s
General
Begistered
98
113 V
4
....
96
100 Si 108
104
105
104
Saie
1U4
104
116
il 7 Hr
3d 7s extd at
Pac B of Mo 1st ex g 48.1938
2d extended gold 5s...1938
St L Ir M 6c Sgeu con g 5sl931 ■
2
.
ii)9**
109
95
112
90
Ash Low
Range
Since
January 1
0 0
*5^
Sate
103=0
....
87 Si
4%
-
Rid
....
103
al9l7
1920
Registered
let coll gold 5s
-
.
115V
117V
101v
Last
....
07990
let 6c refund 4s
2004
Gen s L 4 Vs
.1930
St L Div 1st ref g 4s
2001
Dal & Wa 1st gu g 5s... 1940
Kan C 6c Pac 1st g 4s...1990
Mo K <fe E 1st gu g 08...1942
M K 6c Ok 1st gu 5s
1942
M K dfcTofT 1st gu g 58.1942
Slier SliJc So 1st gu g 5s.1943
Tex 6c Ok la 1st gu g 5s... 1943
Mo Pacific 1st con g 6s ...1920
Trust gold 5s stamped.ol917
*
N Y Cent 6c H It—(Continued *
Cart 6c Ad 1st gu g 4s... 1981 J
Gouvjfc oswe 1st gu gos 1942 J
Moll & Mai 1st gu g 4s..1991 M
X ,J June it gu 1st 4s...19861 F
NT Y 6c Harlem g 3 Vs...20001iV
Utah.
Week's
Range or
lxxxtv.
....
4s...1990
gold 4s
lsText gold 5s
5
Price
PriOay
May 10
1
let consol
5s
1934
1st and refund gold 4s..1949
Des M A Ft D 1st gu 4s...’35
M inu & St L gu See B C R <fe X
M StP<fc SSM cong41ntgu’38
M S s? M 6c A 1st g 4 int gu 1920
Minn Un
See St P M <feM
2d
X. Y. STOCK EXCHANGE
WEKK ENUINO NfAY 10
[Vol.
....
AO
Mex lnternat 1st con g4s.1977 M-S
Met North 1st gold Os....1910 J -D
Mich Cent See X Y Cent
Mid of X J
see Erie
Mil L s 6c \V See Chic & X W
Mi! 6c Nortn See Ch M 6c St 1’
Minn 6c St L 1st cold 7s..1927
Iowa Ex 1st gold 7s
1909
Pacific Ex 1st gold 6s...1921
South West Ex 1st g 7b.1910
Mo Kan 6c Tex 1st g
S2
Sale
:s
2.
*0,
T07
109
9f,
113 V
109
:
iiOM»
Si fice
Low
115
108
97
....
KU
lttl
gold 0s
19loj A-Ol
Coll trust -old 5s
1931 M-N
1O.’V
5-20.vr col tr deed g 4s.l923;AO
967b 90
E H 6c Nash 1st g Os....1919' J-D
113
ECuict Lex Mold4
102
Si
1931 M-N
N O cfe M 1st gold lis
120
1920 J-J
X O 6c M 2d gold Os
3 930 J-J
Pensacola I)iv gold Os...15*20 M-S
St L Div 1st trolii Os
115 Si
1921 M-S
2d trold 3s
1980 M-S
Afi Knox «fc Nor 1st g 5sl 94'' .1 D
Homier Edge 1st s f trfis.1931 M-S
95 :
KentuckyCent gold 4h_.15*.>V J-J
Ld: X 6c M it- M 1st -4 4s 1945 .M-S
L6c X-south M joint 4s.195 ! J j
87 Si 88 Si
X’ J la <G .h 1st mtu g 5s... 1937j F-A
X dt 0 Edge ken mo g 4 V*
1945j J - J
Pens 6c All 1st gu g (is.. 192 l F-A
S & X Aia con sru tr 5s.. 1930 F-A
110
L 6c Jell Bdge Co gu «4s..1945 M-S
L X A 9c < 'll See C lit L
A 1 alton Coal See L S 6c M S
-i-’J anhattan Ilvconsol4s. 1990 A-O 100 Sale
! unu
A'0
....
198
Lui's
Range
January/ 1
Lew
1 15*4
V 117
...194o[ J-J
or
Continued—Page 3
,
94
uDueoaii
!‘2V
Dec'03
Fell’d,
9 i V
IMS Fell ill
(iDuereb
7e V
5*6
il 7o
93
*106 v :oov
! i 04 *v 106 V
1 on
I
JOO
90
li 93 V
cDuoj,ar
5’8
93 V
on
nnd
108
sale
M s
M-N
51 N
ih4
J -D
‘A
92 -7 Sale
*.U]4
'97
97 V
102
F-A
51-N
J-J
J -J
vi- s
J - J
J-J
.
..
......
F-A
93
J
O
86
93 V 204
loi*4 Oct ’05
110 V
1 u5 V
8op ’I»4
May’07
106V Feb’07
90 V J’no’OO
■10
Oct'06
‘16
95
b9
v Apr '07
92
90 V Mar’OO
A-O
M-N
J-J
A-O
1948 M-N
i960 F-A
95V
90V 10" ‘4
88 V 5iy
107 V Oct ’Ot.
M-S
51-N
J-D
9 -l V
92 V
....J
.
105 V 107
......
103
....
....
....
1<15V
96
105V 105V
....
05
96
97 V
97 V
86 *H
90
Oct ’06
97 V Jau ’07
1 J 0
,1 HU *05
108*4 Aug’03
107
107
105
08 V Deo’05
96
Jan ’04
Next 1’iutn
Trdephone
A in Telep 61c Tel coll tr 4« 1929
C<*ujiu Cable Co Lwl r 4w..23'J7
Met 6 As 'J’ lsl w r g os
1918
.U 1 ch. Slate, Telep. 1st 5w 1 924
N• Y As N J Tel (gen g on.. 1920
Went Union col tr cur 6a. 1938
1m1 aod real eat g 4 V«... 1 i*60
M ut U11 Tel « fund 6a... 1911
Northw Tel gu r 4V« g.,1934
J-J
*
8GV
O- J
M-N
FA
101**4
id N
J-J
M-N
M-N
J-J
ihiv102v
9i5v Sale
J
WO
86*0 May’07
96 VJ’uo’OO
If e IPO 7
104
97
Feb’07
lo.i *m J ’ly *03
102*4
102 V
96h
90V
104
103
Apr’07
J'iy’U4
104
104
98
98
.
1
15
IdO'n 103
Of)
104
....
lOOV
loi
...
tluiiiiiucitiring A Indnarrlni
Aui < Jot Gil ext 4 Vfl
1916
Am 11 ide 6tc L 1 wt. a t g Ow.. 1919
A1 tier fee Secur deli g6s.. 1926
Am Spirits Mfg 1 at g(5a.. 191.5
Am T’)irea«l lbt col U' 4a... 1919
Am Tobacco 40-yi gtib ...15*44
4w
...1961
BDixeApr /t Due J ’ Jy /c Due Aug
n
G-F
90 V
.11- s
A<>
88
MS
J-J
AO
Li’ A
99
Sale
83
91V
106 V Sale
73
sale
Due uct
p
8
9
89
88
8 1
88*4
V
84 V
99
May’O?
92
106 V
73
Duo Xov
....
89
86
93
83
98
89
102
93
1 l«*4
90
Apr'07
-
y
1
10
1
107 V 369 104*4
,73V 93} 71V
Duo ho«
a
91V
79 V
Option teaks
Mat
New York Bond Record—Concluded- Page 4
111907.]
»ONL»>
Price
N. Y. STOCK. KJCOHaNGE
Wekx ending May 10
Friday
May 10
Bid
Penn Co—(Continued)
Erie A Pittsgu g 3 4a B.1940
Series C.
1940
Gr R* I ex Lst gu g44a 1941
Pitta Ft W & C 1st 7a...1912
PCC*StLgU44aA...1940
Senes B guar
1942
Senes C guar
1942
Series D 4s guar
1945
Senes E 3 4 guar g...,1949
Senes E 4s guar
1953
C St L A P lst con g 5s.1932
Pensacola A Atl See L A Nash
Peo A East See O U C <fc St L
Peo A* Pea U n 1st g 6s
1921
2u gold 4 4s
51921
Pere Aiurq—Oh A W M 5s 1921
Flint* PM g 6s
1920
lst oonsol gold 5s
1939
Pt Huron Div 1st g 5s. 1939
SagTus<fc H lstgu g 48.1931
Phil B * W See Penn RR
Pliila & Reading cons 7s.1911
Pitta Cm & St L See Penn Co
Pitta Cleve A Tol see B & O
Pitts Ft VV A Cli See Penn Co
Pitta McKees & Y SeeN Y Ceu
Pitta Sh & L E 1st g os...1940
lst eonsol gold 5s
1943
Pitta & Weat See B & O
1> ending Co gen g 4s
1997
rl Registered
1997
Jersey Cent ooli g 4s. ..1951
Rensselaer *
Rtoh & Dan
Rich £ Meet
Rio Or West
Roeh & Pitta
Rome Wat &
Rutland See
Bar See D & H
See South Ry
See Southern
See Den & Rio Qr
See B R & P
Low
92
119
119
116
High
No of Cal guar gos
Ore & Cal lst guar g
J’ne’06
Apr’04
1094 Feb’07
1094 109 4
1004 Mar’07
104 4
u
98
91
Feb’07
Mar’07
115
Tex* NOSabDi v 1 st g6s. 1912
Con gold 5s
1943
o Pac RR lst ref 4s
1955
Southern—lst con g 5s
1994
116 4
123 4 Jan '05
115
’
r
StLMdb So Eaatgu44gl909
K O Ft S db M con g 6a..1928
K C Ft S db M Ry ref g 4s 1936
KOA M R* B lstgu58.1929
Oz’rk & Ch C lat gu 5a g.1913
St Louis So See lliinola Cent
St L S W lat g 4a bd otfs.1989
2d g 4a mo bond otfs...pl989
Consol gold 4a
1932
Qr*y’s Pt Ter lst gu g 5b 1947
St Paul <fc Dul SeenNor Paoifio
St Paul M A Man 2d 6a...1909
lat oonsol gold 6a
1933
Registered
1983.
Jan *07
115
1937
1037
lat gold 6s.. 1938
8t J? A Nor Pao See Nor Pao
StP AS’xCity See Cat P M *0
S A db A Pass 1st gug 4a... 1943
S Fe Pres A Ph latg 6s...1042
8 F A N P lst sink I g 6s. 1919
Sav F A West
See Atl Coast L
doioto V&l A N E See Nor A W
Seaboard Air Line g 4s ...I960
Coll tr refund g 6a
1911
Atl-Birm 30-yrlat g 4s.«1983
Car Cent lat con g 4s... 1049
Fla Cen A Pen latg 5s. 1918
lat land gr ext g os ...1930
115
Atl <fc Danv lst g 4s
2d 4s
Atl db Yad lst g guar
J-J
J-J
A 0
120
98
964 Sale
964
034
06
90
J-J
J-J
J-J
J-J
A-O
J-J
J-D
J-D
M-N
A-O
A-O
A-O
M-N
J-J
J-D
A-O
J-J
J-J
J-J
J-J
J-D
90
123 4
1094,
864
814 dale
Ga Pac
97*8 143
*12
94*4
984
024
96 4
Apr’07
109*4
91
Feb’07
1024 Aug’06
814
«l°a
Nov’06
1164...... 119
8u 4 Sale
80
Jan'07
80 4
07
90
May'07
109*4
12341234
1 107
01
lib
119
28
914
794
95
83
79
76
Sals
76 **
73
1014 Apr’07
1054 10S
100
1174,
129
103
181
May'07
131
Apr’07
194
Deo '00
107 \ May’07
124
130
,
1054
1S1
10741084
89
110 4
10641074
9741004
116
112
J-J
85
May’05
Apr'07
130
1314
Apr’07
112
112
Vandalia consol g 4a
1154Deo’06
105
M-8
J-J
A-0
M-N
M-S
J-J
74 4 Sale
97
974
85
89
1064 Feb’07
110
Got’05
IS
81
87
10641084
74 4
75
97
97
88
Jan’07
964 Mar’06
88
F-A
M-N
M-N
M-N
M-N
J -J
A-O
A-0
M-N
88 4
894
894
89
83
96
99
88
954
84
....
....
....
J-J
1074
106
1
3
18
Jan’07
Apr’07
984 Feb’07
103 4 Apr’07
107
112
See Del Lac A West
Warren
Wash Cent See Nor Pao
Wash O A W See Southern
West Maryland 1st g 4a... 1952
Gen A c-onv g 4s
1952
W Va Cent A P lst g 6s 1911
West N Y A Pa lat g os.. 1937
Gen gold 3-4s
1943
Income os
U1943
West No Car See South Ry
Wheel’g ALE lat g 5s... 1926
Wheel Div lst gold os.. 1928
Exteu A Imp gold 5s... 1930
RR lat oonsol 4s
1949
20-year equip a f os ...1922
Wilkes A East See Erie
Wil A Sioux F See St P XL A M
Wls Cent 50-yr lst gen 43.194
105 4
J’ly ’06
Aug’06
109 4 1114
111
112
02
944
1114 Apr’07
1114 Jan’07
93
Apr’07
116
Dso'06
109 4 Feb’06
F-A
J-J
J J
96
P6 4 Sale
734
834»al*
105
80
106
1054 106
Sai*
89
100
A-O
AO
M-N
J J
Kcpnb I A S lst A coltr os. 1934 AO
J m Leath Co s t dob gds.. 1913 M N
U S Realty A 1 oonv deb g 5s ’24 J-J
IJ S Sled Corn— ( coup .dl993 M-N
Sf 10-60 yr os.
reg ..41003 UN
Va-Oar Chem col tr 6s g.,1912 AO
\N eslinghou.se EA .\1 at 5a ’31 J J
too'
80
Ang’06
964
90», »i
73 4 Apr’07 _i
834
85
75
89 4
103 4
Sale
84
97
Sale
97
Sale
344
42
i
93
99
724
79
00
324
1
106 4108 4
12
834 92
106
90
May’07
....
97 4106
074 Oe* *06
994
90\
85
70
96
Apr’07
103**
84
90-4
Pd3*
07 4
97
98 4 sale
937*
1
prloe Friday; latest bid and naked this week,
947» 102
82
Jan’07
Apr’07
....
32 4
70
70
97
....
108 4
1094
84 4
84
93 4
94 4
97
10
14
07 556
97 4 36
W7
3
94
a
114
89
1134
91
113
96
92
Nov’06
111
F6b’07
1144
115
1104 llo
47
934
Duo Jan
108 4
95
09
994
99
07 4
904
6i 1084
|
.
.
.
•
.
110
109
101
J-J
M-N
J-J
....
96
98
B'eb’05
106
Mar’07
112
Get ’06
108 4 Dec ’06
113
Dec’05
1064
107 4
lo7
5Iay’07
117
J’ly *00
Jail’07
1124 Apr’07
93 4 Jan ’07
108
111
92
Nov’06
110
Mar’06
106 4 Not’04
111
Apr’07
111
M.ay’04
100 4
100 4
914 May’07
86
Apr’07
86 4
86 4
80
Apr’Oi
95
Dec ’Uo
Llo
Mar’07
S 114
....
103 4 Feb’07
110
J’ne’06
i
974
75
664
.Vuv’lN
J'eb’oT
Lec’oO
l
....
89
87 4
82
iio
994 1024
98
1014
97*8 99 4
1173* 126
16
4
3
43
.
.
,
114
111
88
94-4
»74
874
....
103 4
103
.
'***
!
106
1114
37 1084 114
0
99
1014
i
^
r
2
76 4
75
57
; 7 4
i
n
lt)-J
1 u 1
i>7 4
I3!i 5 4
109
...l 107
....
SO 4
,80
..
.
1
.
102
10O
76\
4
,'6
lo{
20
32 4
26
74
83 4
68
54
lo6 4Aug’0
114 4 May’O
i
Nov
34
il»y'07
Feb 07
A-O
J - J
F-A
M-5
J J
112 4 108
Apr’07
li)5
J-J
87
90
....
.
>3
97
80
85
80
no
i 5 S.
24 4
54
Sai»*
1**2 4
903*
'
.54
76 4 Sale
56
104 4
114 4 115
89 4
100 4
Apr’07
2 4 '-u
^aie
iii
....
1024 Feb’06
98
Sep ’06
69 4 May’O .
65
Apr’07
1184
iii
....
1114
llla*
92 4
92
bT3* ilar’07
102
1084
1124 117
93 4 94
....
99
Apr’07
984
99
119 4
119 4
80
9 1
loo
9^3
'l68
....
10J
1014
.
964
944
138;
J-J
J-J
io6 4
06
108 4 109 4
....
H54
1154
A-O
M-8
A-O
A-O
1
Dec’06
Apr’Oi
J-J
iii
3 1064 ill
107
no
....
10-34
4
1114
....
May’07
Mar'00
A-O
A-O
1
108 4
66 4 Bale
24
U94
118-4
!
....
66
l<»t*
V>7
J
.
964 Jan ’07
93
-
.
ll2:i* Jan ’OH
J-j
J
117 4
....
' oil ’05
Apr’l/7
Mur'd?
J-J
1174
115
1104 114
6S
63*4
....
112 4
.
......
111
1124 U3 4
...!
.
.
70
•
Ill
....
i
Mar'07
lie*
M-S
J
....j
Mai’07
114
106
Bale
iu83* ' 1094
lul4 1014
Lbt\
80
95
Nov’06
•
94
8
.! 116
117J4 May’07
115'4 Apr’06 ...J
......
.
3
..i
.
.
63
Jau ‘07
117 4 Apr’07
1 164
117
05f
1134
‘Jj 113 4 116
lit 91
944
115
--2
107 4 107 4
5
154
Apr *07
113 4
91
Jan’06
J’uc’06
J’ue’O1'
--i
(
i
’
*-113 4
93 4
34
.00
108
J
iii
83
1034 Dec’03
111
90
3-4
83
87 4
86
89
•-! !
1
S74
87
88
99 4
99 8.
12
BOX US-—Concluded.
t
i
Vluimtiicmriiig *V liutuMirinl
'
1134 Mar'07
......
AO
J-J
J-D
JD
107 4 Feb'06
104
1104
JI
...
......
A-O
F-A
1939 J-J
106
85
OO
88
88
05
1004
99
99
92 4 86
98 4 984
103
105 4
105 4 105 4
84
94
103 4
106
107 4 105 4
110
106 4
1024
1014
1114112
108 4 110
914 93
064
106
1939
1939
Debenture aeries A
Certificates of deposit
Series B
1939
Certificates of deposit....
lst lien equip a fdg 5a.. 1921
1st hen 50 yr g term 4s. 1954
lst ref and ext g 4s
1956
Det A Cfi Ext lst g 5s..1941
Des Moln Div lst g 4a.. 1939
Oiu Div lst g 3 4s
1941
Tol A Ch Div lat g 4s... 1941
73 4 824
97
1004
88
89
109 4 Mar’05
106
Mar’07
110
Jan’05
luO
Mar’07
5s.2003
Wabash
1st 5agold oa
2d gold
1074 Aug’06
108
jioi4 l"4-4
Apr’(*7
1104
1955
See South Ry
Va A Soutliw’t lat gu
Sale
!i»>54 10*4
....
107
107
1
1144 Dec’01
116
May’*»7 ....! ltd
UttJ
104
Mar’07
;i03-^704 U
......
1364 May’06
114
112
91
90
•
Virginia Mid
Beth Steel 1st ext af 5s..1926 J-J
Cent Learner 20-year g 58.1925 AO
Consol 1’olmcoo50-yr g 4s. 1951 F-A
Distil Sen Cor oonv 1st g 5s.’27 A-O
1922
Ry 1st g 6s
89 4
a later A Del lat con g 5a 1928
10141014
1164 Apr’01
1074 Mar’07
094
99*4
1004 Oct ’Os
100 4 Dec'06
104 4
09
784 824
92 4
80
76
109
119
Apr'07
914
108
824
974
91*4
1294....
774
974
82
103
110 4
93
ftllSiCEl JuANKOUS
No
89
J
-
112.1
101
! 98
....
Il2\
924
9T 4 Feb’07
30
ill 2
Apr’07
.....
92
110 4 Sale
j-j
5s..
.....
Knox db Ohio lst g 6s... 1925 J-J
105
Mob A Bit prior lieu g6s 1945 J-J
Mortgage gold 4s
1945 J-J
Rich & Dan con g 6s....1915 J-J
Deb 5s stamped
1927 A-0 101
Rich * Meek lat g 4a...1948 M-N
So Car & Ga lst g 5s
1919 M-N 1034
Virginia Mid aer C 6a... 1916 M-S 108
Series D 4-5s
1921 M-S 103
105
Series E 5a
1926 M-S
General 5s
1936 M-N loT 4 Bale
Guar stamped
1936 M-N 1054
W O db \V 1st cy gu 4a..1924 F-A
108^ 110 4
VVeatNC lat con g 6a..1914 J-J
5 db N Ala
See LAN
Spok FaUs A Nor lat g 68.1939 J-J
f| w A of St L lst g 44a.. 1939 A-O 1*05
JL lat con gold 5a.... 1894-1944 F-A 1124H34
91
94
Gen refund a I g *s
1953 J-J
1084
St L M Bge Ter gu g oa. 1930 A-O
Tex * N O
See So Pac Co
Texdb Pao lat gold 5a
2000 J-D 1154 Sale
90
2d gold inc 5a
?2000 Mar
La Div B L lat g 5a
1931 J-J
F-A
W Min W db N W lat gu 6a ’30
Tol A O C lat g 5a
1935 J-J 1104
Western Div lat g 5a...1935 A-O 108
General gold 5a
1935 J-D •101
90
92
Kan A M 1st gu g 4a....1900 A-O
80
Tol P A W lat gold 4a....1917 J-J
864
J-J
Tol St L A W pr lien g 3 4a. 1925
79
50-year gold 48
1950 A-0
90 4 97 4
Tor Ram A Butf latg 4a.A1946 J-D
J-D
1084112
lst refund g 4a
1952 A" W
1014 Sale
Un Pao RR A 1 gr g 4s ...1947 J-J
99
Registered
1947 J-J
99
Sale
Ore Ry A Nav con g 4a. 1946 J-D
119
120
Ore Short Line latg6a.. 1022 F-A
lat oonsol g 5a
1946 J-J 1113* isale
924 Sale
Guar refund 4s
.1929 J-D
Registered
1929 J-D
J
03
J-J
Utah A Nor lat 7a
1908
luO3*
1926 J-J
Gold 5a
Uni N J RR A C Co See Pa RR
Utah Central See Rio Gr Wes
Utah A North See Un Pacific
Utica A Black R See N Y Cent
F-A
era Cruz APlstgu4 4al934 J-J
Ver Vai Ind A W See Mo P
J’iy’97
98
J-D
£1949 J -D
Paper Co lstcoug 6s.1918
Consol oonv s r g os
1935
Int St Pump 10-yr oonv. da ’13
Kitiukot Ice (Cine) 1st g5a.’28
Lacksw Steel lst g ns
1923
Nut Starch A! fgCo 1st g Os 1920
Not Starch Co s t deb 5s.. 192A
48.1949:
'
904
\L>tic HtgS
Nov’Ot!
Feb’** >
Mar’* *7
105 4 107 4 Feb’07
lot
sep’o6
92 s
924
C
; j-j
Mar’06
100 4 J’ne’06
04
04
A-o
Haiti
Sep’06
1 * >7
......
......
kl049 J-D
Cent Pac 1st ref gu g 4a 1940 F-A
Registered
1949 F-A
Mort guar gold 34a..fcl92P J -D
Through St h lst gu 4a ’54 A-0
int
.1
......
M-N
Registered
Gat iiar A S A lat g 6s..1910
Mex A Pao 1st g oa....1931
Gila VGA N 1st gug 58.1924
lions E * W T lst g 6s.1038
1st guar os rod
1933
11 A T O 1 sf g os lilt gu.. 1987
Consol g6s int guar...1012
"Gen void 4a mt guar..1021
Waco A N W dlv lat g 6a '3U
A A N W lat irn e 5s....1941
1948
10u34 100:,4
E T Va * Ga Div g
Consol gold 5a
1943
Qa A Ala Ry lat con 5s c>1945
Ga Oar A N o lst gu g 5a 1929
seab A Roa lat 5a
1026
Slier Shr A So See M K A T
811 dp Goa A G See Atl Coast L
do Car A Ga
See Southern
South ein Paciiic Co—
Cold 4a (Cent Pac coll).
1948'
Mob* OhiocoU.tr g4s..1938
Mem Div lst g 44-os...1996
St Louis div 1st g 4s
1951
115 4 Mar’06
A-O
J-J
.illlCr
.January 1
1044 Feb’07
ll>2 ‘-j
;M-S
Reduced to gold 4 4a..1933 J-J
Registered
1933 J-J
Dakota ext gold 6a
1910 M-N
Mont ext 1st gold 4a....1937 J-D
Registered
...1937 J-D
B Minn lat dlv 1st g 5a..1908 A-0
Nor Dlv lat gold 4s....1948 A-0
Minn Union 1st g 6s....1922 J-J
Mont C lat gu g 6a
1937 J-J
Registered.
lst guar gold 5s
107 4
M-S
J - J
J-J
J-J
.T- J
M-S
J-J
J-J
J-J
J-J
1994
Registered
1104113
984 10034 Apr’07
106 4 Sep ’06
100
J-D
AO
lst con guar g 5a
1937 M-N
S Pac of N Mex 1st g 6a.. 1911 J-J
So Pac Coast lstgu 4s g.1937 J-J
100 a*
91
1004 Dec’05
109
Apr’02
J-D
J-J
J-J
j A -0
112 4 J’ne’05
116
......
1UO
102
102 4
Range
c
So Paciiic of Cal—
May*05
hi Y Cent
5-year gold notes 4 4.. 1908
A-O
5a. 1927 J-J
Low
127
116
112
1013, L(U
104
3
or
sale
Las'
AS
117
ill
J-J
1073a 1081* 1084 Oct ’06
01
Bm
A-O
a ^
WeekJs
Rang*
.
May JO
.
92
Og See N Y Cent
Oag Tus A H See Pere Mara
Dt Jo db Qr lei lst g 4s...1947
St L A Cairo See Mob & Ohio
8t L db Iron Mount See M P
St L K C A N
See Wabaah
StLMBr See TEKAofStL
St Loots & S an Franoisoo—
General gold 6s
1931
General gold 5s
1931
8t L db S F RR oona g 4a..'96
Southw Div lat g 5a..1947
Refunding g 4a
1951
Will A S F
-5
Price
Fririau
^ w
£ V
-V. Y. STOCK EXCHANGE
Were Ending May 10
Since
January 1
Apr'07
984 Apr'04
108
Sep '06
1274 Oct ’02
1064
A-O
A-0
M-N
M-N
F-A
J-D
A-O
AO
M-N
A-0
F-A
©
HUM)-
Range
ts-e
High No
At k Loro
92
92
J-J
J-J
J-J
J-J
2d7a
1912 J-J
A1912 A-0
3d 7s
Pitta Y & Aah lat god 6a. 1927 M-N
fFas A5*
Range or
Lott Sale
1101
iUisecUiuieoua
Adams Ex col tr g4s
194SiM
Am SB Co of W Va g 5s.... 1920) M
B’kl’n Ferry Co lst cons g 5s ’48: F
Ohio Jo A 8t Yard col g 6s. 1915, J
DetM. A M Idgr incomes.. 1911'A
Int Meroau Marine 4 4*-. 1922; A
int Navigation lat s f 5s. 1922 F
Man Boh UAL gen x 4a.. 1040 M
Nawp Ne Ship A D D 5a 41990 J
N Y Dook 50-yr lat g 4a.,19M F
Providence Sec deb 4s.. .1967 M
Provident Loan Sue 4 4a. 1921 M
St J oseph Stk Yds lat 4 4s. 1930
St L Ter Cupples Stat’n A Prop
4 Due Apr
a Due May
100
!
^al*.
41
101
70
69
86 4 3aie
86
69
93
88 S Sal a
86^
J
Co lst g 4 4a 5-29 year.. 1917 J
S Yuba Wat Co con g 6s.. 1923 J
Sy Val Wat Works lst6s.l9O0 VI
U S Red A Ref 1st s t g 6s. 1931
6 Dae Feb
99
Oct’06
10l
Sep ’06
.0
95
J ’ly
ioi
i»r
8i*
4
8a*5*
,..t
i»i
' Hb**
20i
88 4
Apr’07
1134
9834 103
"2 2; "cV.” ’ l'
93
90
May* 00
100 4 Sep ’06
pDue J’ne <\D«e J’ly
V/
50
884
Sals
’
231
67
Feb'07
1 12
95
i j
.
..!
884
’
’
’04
J'&’OO
96
3
90
96
Now tOvtxon. Sate
CHICAGO STOCK EX.0HAtfGrE—Stock Record—Daily. Weekly and Yearly
MTOCEB—HIGHEST AMD LOWEST SALE PRIOMS
Tuesday
May 7
Monday
May 6
Saturday
May 4
Wednesday
Thursday
May 8
May 9
Year
19f>7
of the
CHICAGO STOCK
EXCHANGE
Friday
May tO
Mange tor Ire
Mange ror Fear
Sales
HTOCK.S
Week
Share*
TjOwest
lowest
Highest
to us
(19idi)
Highest.
Knilroadn
•180
200
•180
*4
•14
5
16
4
*14
17
*4
•14
53
17
174
5
*4 4
•15%
•
86
•
•64
*30
•21
•56
•80
29
•28
164
54
86
26
6ft
40
22
58
83
130
•
i
*24
,
*64
31
*
76
04
65
130
128
0
130
128
76
0
.
0
55
64
654
65
A
*
75=4
14
143
41
130
106
126
66 4
26
05
22
68
83
29
98
30
'
*1
14
•fc4
143
•140
•40 4 41
127
127
100
106
4
1264 1264
60 4 664
Apr’07 Metropoi W S Kiev.. 100
Do
pref
100
Apr’07 North Chic Street....100
Apr'07 Northwestern Kiev.. 100
Do pref
Apr’07
....100
......
....
.
36
22
5S
83
83
*284
97 4
May’O?
314
Apr’07
0
55
6
554
6
65
130
•
130
♦
128
764 •764 80
624
26
6
0
65
?5
130
130
Last Sale 128
*75
80
774
Last Sals 105
Last Sals 38
•37
40
37 4 Last Sale 34
•36
*107
109
107
109
*107
Last salt 52 4
*60
63
Last Sale 165
Last Sait 16
1
*1
14 Last Sals
Last Sale 6
*64
Last Sale 143
*140
143
•404 414 Last Sale 40 4
•125
*125
130
1294130
110
110
109
110
109
127
127
127
1264 127
67
•564
•604 57
*664
Last Sale 514
Last Sale 80
0
55 4
4
40
37 4
109
40
•37
•37
40
37 4
*364 37 4 *36
109
•107
r1074109
•50
62
52
*60
"1
*1
14
6©
•64
*6
KUO
143
•140
41
•404
*404
1*125
130
•126
•1054
•106 4 106
'
125
127
126
664
664 564
284
98
30
•
.
44
Last Salt
*164 174
•4 4
54
Last Sale
60
504
854 804
Last Sale
66
05
Last Sale
Last Sale
Last Sale
•80
83
284 284
Last Salt
Last Salt
564
864
*21
*50
S3
*28
*90
*28
22
58
83
284
.
*34
354
•31
•21
*66
•rtl
99
80
64
6V
66
130
128
m
284
66
•80
•24
•64
56
86
20
65
55
86
♦
40
22
58
82
•30
"21
*55
*81
28 4
*97
•28
•74 4
•37
•86
*106
*60
5
16
64 4
>5 >4
26
65
854
294
64
*65
"
17*,
1874 Apr’07 Chic City Ry
100
4 4 Chic A Oak Park
IOC
•3H
Da
15
Apr’07
pref
IOC
17
17
Chicago Subway
IOC
44
4% Chic Union Tract.... 100
15 4
Do
May’07
pref
IOC
65
664 K&ns City Ry A Lt ..100
86
80
Do
pref
100
Last Salt
*180
190
200
4
4
*34
•13
14
14
174 17 4
•44
44
44
44
200
•180
4
4
16 4 0
Apr ’07
77 *4
Apr’07
Apr ’07
Apr ’07
107
Apr’07
South Side Eler
100
StreetsW Stable C L100
Do
pret
100
West Chic street
100
Miscelinneoua
American Can
100
Do pref
—
100
Amer Radiator
100
Do pref
100
Amer Ship Hi dg
100
Do pref.
100
Amer Straw Board
Booth (A) & Co
100
Do pref
100
Cal A Clue Canal A D100
Central Trust Bank.. 100
Mar’07
Mar’06 Chicago Auditorium
Mar’07 Ohio Brew’gJfc M<’g
May’07
Do pref
Apr’07 Chic Edison
100
May’07 Chic Pneum&tio Tool. 100
130
110
127
67
Nov»06
Feb’06
43L
Chic Telephone
100
Chic Title A Trust... 100
Diamond Match
100
Illinois Brick
100
Knickerbocker Ice... 100
Do pref
100
7b
......
512
400
962
266
ioo
......
......
iso
786
......
774
764
764
774
115
77
116
115
71
|* 114
71
pllO
Mar 2 6
Max 25
Mar 1
Apr 4
344 Aprlo
22
Apr 26
68
Apr24
Mar 14
75
Mai 2 5
28
964 Feb 2*
Mar 19
20
100
100
100
100
Api
Jan
6
2
Apr 3
194Jau 9
Jan 10
65
87
Jan 17
28
72
46
Jan 24
Jan 16
Sep 200
Dec
74
Dec
28%
394 J ’ly 5 »
4
J’ly 134
124 Ma\ 464
140
Apr 4
254 Jan 25
044 Jan 15
SO ”Jan 4
34
Jan 15
98 4 Apr 29
35
Apr 3
5
15
Jan
Jan
•) an
May
r eb
Mar
54 4 Jan
85
Oct
Oct
25
65 4 Oct
25
Mar
23 4 J’ly
00
May
894 Apr
6*< 4 Feb
93 4 Feb
30
J’ne
72 4 Not
85
Mar
28 4 Feb
27
97
23
364 Not
May
684 Max
99
J’ne
Dec 102
60
J’ne
Feb
Apr
......
......
Tan
Vi
2 4 Jan 23
26
Feb 5
Jan ’07 MBA Chic Brew’g
Mar’07
Do pref
774 77 4
764
704 National Biscuit
Do pref
1144114% 114% 114%
*71
734 National Carbon
734 •71
Last Sale 111
Do pref
Apr *07
704 764
704
115
1144 1144
73 4
*714 734
•110
115
110
•76
*114
*71
*110
Apr 23
Apr r
Jan 21
J’ne r ll%Jan
800
6
74 April
44 Jan 25
605 484 MarlS 60
Apr 10 51 J’ly 72 Jan
Jan 7 133
60 129
Not
Feb21 115
Feu 130
Jan
1224 Mar28 130 Apr24 128 4 Dec 136
8i
Not
225
Mar2U 804 Jan 14
54
Jau
03
Jan 7 101
Not
1014 Apr lo 109
Jan 112
Jan
17
31
2
Mar
Feb
30
40
28
4 Deo
40
Feb
36
Jan
34
Feb
1
Apt 20 384
i 100 Apr20 111 Feb 8 106 Oct 113 4 J’ue
Keb
Marl3 54
Jan 8
60
55
May 04
Feb 27 165
Feb27 168% May 176
165
May
10
Feb 16 4 Feb
1
Jan 9
l
Jan 9
1
Mar
Mar
1
0
Jan 9
6
Not L 7
Jan 9
0
Jan
Mar21 149
Feb
129
Apr 3 136 J’ly 165
40
Mar 15
Feb 8
51
4$ 4 Dee 63 Feb
66 1154 Jan 2 134 4 Apr 4 101
Jan
Apr 139
206 1024 Marie 110
May 9 103 May 118 Jan
J’ne
147
389 1194 Jan 24 129
118
Feb
May 2
261 444 Feb 1 57
May 2 414 Sep 714 Jan
Last Sale 54
Last Sale 27
•114
•71
•110
Marl9 205
Mar 12
5
Feb 26 16
Marl 4 464
64
Apr 23
150
4
14
15
4
14
49
83
24
64
658 764
117 112
10 70
107
46
2 4 Jan 23
27
Mar 4
86
Jan 14
May
1% May
48
2
Sep
4 Feb
23
Mar
May 79 4 Deo
May 6
Mar 26 1174 Jan 7 1134 Jan 119
Oct
95
78
Jan
Mar
Apr 18 84 4 Jan 11
Dec 1224 Mar
Apr 9 120 Jan 17 112
21
62
J’ne
M »y»Qfr
Last Sale 99 4
43
43
90
894 904
10741074
106 4 1074
170
170
170
170
101 to 11)2
102
•101
103
*101
2
2
2
2
*2
24
11
114
114 114
114 114
26
•25
26
26
*25
•25
43
43
90
90
107 4 107 4
170
170
•404
*894
41
41
90
•894
10641074
168
24
114
*23
90
*160
102
168
114
11 °8
•11%
251
11%
26
*25
26
2
2
2
Sears Roebuck com. 100
Do
pref
100
100
Swift & Co
The Quaker Oats Co. 100
Do pref
100
Unit’d Box BdJfc P ColOO
Do pref
114
100
100
254 Western Stone
43
90
107
170
102
2
1004
1004107
*lul*alU3
•a
J’ly ’00 People’s Gas L A C'kelOO
*40
43
904
*404
904
88% J’ly 93 4 May
60
Jan 10
Apr 17 57
Aug 63 4 Deo
884 Apr 17 95 Jan 26 92% Nov 99 Sep
2,283 101 4 Marl 5 1134 Jan 16 1014 Jan 1194 Sep
82 133
May 152 4 Jan
Apr 9 l734May 3 115
99 4 Dec 1064 Feb
155 98 4 Aur 9 102% Jan 10
Jan 2
2 4 Apr 8
1
818
4 Dee
24 Jan
5 4 Dec
Jan 2
6
174 Jan
124 Apr 8
3,450
42
Feb 14
28
Dec
Mar 20 30
Mar
60 25
93
166
4()
Mining
Last Sale
Jan ’07 Bingham Con Mining 50
324
Last Sale
Last Sale 16*4
Last Sale 4
1U
ISO*
CHICAGO STOCK EXCH'GE
Wkik Ending may 10
Week’s
Friday
May 10
Mange or
Bid
Cass Are &FG (St Li¬
bs
1912
Clue Board ot Trade 4s ...1927
Chic Consol Br <fc Mlt 6s
Chic Consol Trac44o
1969
Chic EdisoL—
Debent 6s
1913
1st gold 5s
A1926
Auditorium
5s...1929
Chic
1st
Clue Hock Co 1st 4s
1929
Chic No shore Elec 6s....1912
Chic A Mil Elec Ry 6s ....1919
Clue Pueum Tool—
al921
1st 6s
Chic Rock 1 A Pac HR 48.2002
Collat Trust g 5s
1913
Commonwealth Elect—
6s
61943
Illinois Tunnel 6s
1926
K&ns City Ry A Lt Co 6s. 1913
Kmckerb cker Ice 1st 5s.1928
Lake Street El—
1928
1st 5s
1925
Income 5s
Metr \V Side Ei¬
lat 4s
1938
Extension g as
1938
North Chic St 1st 5s
1909
1916
1st 5s
Refunding g 4 4s
1931
No Chic City Ry 44s ...1927
North West’n El—
1st 4s
Note.—Accrued interest
100
h Dee July,
h increased.
Jan 22
• 4 v ly
14 U Mar
20®g Not
34 J’ly
101
1004 Nov’06
101
Apr’07
100
964 Jan ’06
60% Sale
High
100
55
ibo‘4 ioi"
Feb’06
80%
77
81%
Not'04
Apr *94
100
1024
98
98 4
914 Feb’07
16
May'Ufj
90
934
90
84
90
894
844
90
80
90
844
90
Dec’06
79
75
Aug’06
Chicago City
Commercial National..
Continental National..
Cook Co State Savings
90 4
85
Excliauge Nat...
Drexei State
Drovers Dep
97
98
99
100
103
984
100
904
93 4
100 4
97
99
99 4
75
76
904
93 4
Mai’06
894
904
92
95
97** **97**
MaiJ07
Oct '06
Sep '06
118
Nov’06
100
Apr’07
103
103
101
Apr’07
103 4 Feb’06
99
99 4 99
101
100
10 103
101
98
100
1004 1004 May’07
99
114
714 70
95
90
66
72
Salt
70
87
96
100
73
Feb’07
be added to all
4
102 4
1044
102
1004
102 4
09
Nov’04
984100
714
75
90
65
85
90
4 Sep ’05
70
78
4 Jan’06
be
nd
Profitst
100,000
500,000
o3.000,000
4,000,000
50,000
3,000,000
200,000
600,000
200,000
600,000
8,000.000
100,000
600,000
1,000,000
500,000
1,000,000
200,001)
*200,000
250,000
2,000,000
1,500.00*)
1,000,000
200,000
60,000
100,000
250,000
05 00,000
34.93L
137,440
4.100,000
2,772,579
7,773
4,528,030
30,017
339,535
1,202,868
1**4 ju ar
4% Oct
63,480
55,961
Chicago.
1,000,000
1,022,496
250,000
...
Illinois Trust A Sav..
Kenwood Tr dfe Savings
Lake View Tr & Sav..
Merchants’ L'sATrCo
M etropoiitan Tr A Sar
Northern Trust Co....
Northwest Tr & Sav...
Peoples Trust A Sar
Pullman Trust
..
A Sav.
stockmen’s Tr& Sav
Union Trust Co
Western Trust A Sar.
W Side Tr A Sav Bk..
Woodlawu Tr&Sav Bk
200,000
3,000,000
750,000
1,500,000
200,000
200.000
*300,000
500,000
200,000
1,000,000
1,000.000
200,000
200,000
Last Paid
Per
iou
Apr ’07.
DeO ’06,
’07,
Apr ’07,
Apr ’07,
Apr ’07,
Apr ’07,
Apr ’07.
Apr ’07,
Apr ’07.
J-J LJan
Q-J
(J-J
(J-J
(J-J
(J-J
<J-J
Q-J
2
14
3
14
2
14
16.1905
Apr ’07, 5
Apr ’07. 24
Apr ’07, 14
’07,
24
iJ-J Apr ’07, 2
J-F
...
6
2
6
5
3
Dot
A
F-A
Feb
10
8*
9.L08 Began
Stock Yanis Savings..
Union Bank of Chicago
Union Stook Yds State
Amer Trust A Savgs..
Central Trust Co of Ill
Citizens Trust A Sav..
Colonial Trust A Bar..
Drovers Trust A Sav..
First Trust A Savings
Harris Trust & Sav
8
5
10
12
8
6
12
6
8
3
Record
6
IJ-J
bus in )33
Feb
Ian
Apr
1
eb
'07. 1
’07, 4 4
’07, 2
5, 1907
J-J llpr ’07, 3
ieo 8,1906
51,681 Began bus in ■*33
5.728
6
6
J-J Ipr ’07. J 4
6
6
33,751
3-J ipr ’07, 14
60,246
81,136
Chicago Sav Bk & Tr..
12
6
8
Jn
19(>6
357.746 Began
1,319,01b 12+3 12+3
800,000
200,000
8
6
181,778
1,103,760
91,359
23,259
65,071
Security
200,000
3,000,000
2,000,000
n 600.000
50,000
600,000
200,000
2,000,000
1,260,000
4,500 000
200,000
8
5
10
12
31,488
250,000
200.000
Jn
1905
74,829 Began busiufcas
12
W-J
12
7,036,667
10
144,834
10+10|o-J
Priv ate Bafik
646,375
6
6
376,120
Q-J
Railway Exchange....
South Chicago Savuigs
..
73
Dec’06
Clue ago
National
Englewood Stale
Federal National
First National
Fust Nat Englewood..
Foreman Bros B’k’g Co
Fort Dearborn Nat....
Hamilton National....
Hibernian B’k’g Asa’n
K as par state Bank....
-Monroe National...
Mutual Bank
Nai Bank of Republic.
National City
National Live Stock..
North Ave State
North Side state Sav..
Oakland National
Prairie National
Prairie State
Royal Trust O©
4 Dec '06
Surplus d
$2,000,000 $1,240,475
Bankers National
Calumet National
State Bank of
90 4 Sale
93
ing
Stock t
Corn
55
102
1014 Apr’07
Dec ’06
80 8, 90
98
Jan ’07
99 4 Not’06
914
170
mus t
SO7*
79
80
J-J
J-J
J-J
A-0
M-N
M-N
F-A
J-D
M-N
J-J
A-0
Low
1014102
14
Outstand¬
NAME
1907
100
Mar’07
Apr’64
Apr’07
”8*7"'
F A
M-S
Me.
Mange
1or year
98
4
Grga
8
1138
Apr ’07, 2*
July 3, 1906
Apr ’07. 14
12, 1906
/4pr ’07, 2
.
bus in ft
5
nlzed
8
145,204 None
38,346 Began May 1, 190 5.
6
49,168 None
Apr ’07, 14
8
8
2,454,868
Apr ’07, 2
7
5 4
966,162
Apr ’07, 1*4
7183,329
7,443
539,676
70,03.-
5+5
6
10
6
(J-J Apr ’07, 2 4
Q-J Apr ’07, 14
863,892
258,122 Began bus in
7,616,208 12 + 4 12+4
36,901
24,965
4,116,636
328.746
1,719,515
35,906
ft 1,060
256,602
645,693
6,239
898.992
288,760
*o*r*g»
12
6
8
Orga
*8
uized
12
6
8
nized
8*
038
0
Nov
Feb* 4*1907*
Feb
’07, 1
’07, 14
18, 1905.
loan
Apr ’07, 3
1)7, 14
’07. 8
J’ly 28, 1906
Apr
ti
Q-J LApr
u Aprw;r
Feb ’07, 3
6
8
Incur porate d M arch, 190$
6*
18,722 Began
24,832
6+1
Q-J Apr ’07, 14
btmii)
6
ess
!•«* 5. 1905
(J-J Apr ’07, 14
price a.
t Ma'Ol!!-, ’07 for National Banks
paid Q-J. with extra payments Q-F.
Luc laden special dividend of 30% paid Dec. 18. 1906.
* Bid and asked prices; nesales were made on this day.
t No price Triday; latest pries this week, a Dne Dee. SI
Capital increased Jan. 1.1907 from $f50,000, a cash dividend of HO per cent being declared and to bo taken as part payment for new stook.
k Capital to be increased to $500,000, a stock dividend of 334 p c. being declared in part payment therefor.
n Capital and surplus ton*
© Capital increased from $2,000,000. and $2,000,000 added surplus.
* Uap.lal to be increased te $300,000.
are
and March 23, ’07 for State institutions.
l)ae J uue.
444 Feb
20
Not’00 Hubbard-Elliott
Mar’06
10 i
103
65
65
J-J
Feb
M-N
M-N
A-O
M-S
J-J
J-D
M-N
J-J
J-J
A-O
M-N
High
5 .®
1014 1004 Apr’07
101
M-S
J -D t
M-N
A-0
M-N
1916 J-D
Gas LA C 1st 6s.1943
ioo”
F-A f
A-0
A-0
j.j
J-J
M-N
M-S
Last Bale
Ask Low
J.J
A-O
..1945
Relumling g 6s
1947
Chic Gas Lt«fc C 1st 5s..1937
Consumers’ Gas 1st 5s.. 1936
Mutual Fuel Gas 1st 5s.1947
South Side Eler 4 4s
1924
Swift A Co 1st g 5s
1914
Union El (lioop) 5s
1946
Union Pacific oouv 4s
1911
United Box Board 6s
West Chic St 1st 5s
1928
Tunnel ] st 5s
1909
ilebent 6s
1914
Consol g 5s
1936
West DivCity Ry 4 8*8.. 1932
West’rn stone Co 5s
1909
It Dividends
J-J
J-D
J-J
J-D
1911 M-8
Pearsons-Taft 5s
440s
4’G0b Series E
4-80s Senes F
a
204 J’ne
164 ADr 15
Chicago Banks and Trust Comnanies
Price
Amer Biscuit 6s
1010 F-A
Amer Strawboard 1st 6h..1911 j.j
s
32 4 Jan 24
7>t n i dend
BONUS
People
20
Apr’07 Daly-West
Chicago Bond Record
Ogden Gas 5s
324 Jan 24
Ut)
c
Mat 11
1’elegr *fc Telephone
Volume ot Business at Stock Excaanges
YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY
Westt
Par value
Share*
$29,388,400
47.452.800
357,784
683,583
639,347
391,412
760,598
Tuesday
Wednesday......
Thoraday
Friday
Total
54,329,350
34.152,450
87.669.800
$762,000
$116,000
1.217.000
1,520,000
1,182.500
242.500
123,000
74,000
1,369,000
155.500
68,481,500
1,038,000
156.000
3.460,339 $291,464,300
$7,088,500
$867,000
727,615
Stocks—N o. share s
Par vaiue
Bank shares. par..
6,00u
Government bonds
State bonds
BK. ami mis. bonds
Total bonds....
13,287,000
*14.942.400
$192,881,900
$306,467,050
7.088.500
$7.964.500)
THAN8ACTION8 AT THE BOSTON AND
PHILADELPHIA
EXCHANGES
iweeK enatng
May 10
,
Bond
sales
Unlisted
Listed
shares
Bond
sales
Unlisted
shares
RListed
r$ harts
2907
shares
l$14,238
Saturday
24.769
Monday
Tuesday
J 22,713
9,193
Wednesday..
23,320
Thursday
17,459
Friday
7,615
13,518
12,463
6,663
9,653
10,306
*7,100
IS,888
3,910
11.500
46,060
25,550
10.5U0
26.500
23.084
5,320
6.357
3,894
4,382
$20,000
62,100
58,600
73,000
42,200
6,070
66,100
till,692
60,218
$127,151/
121,555
29,933
$322,000
Total
20,896
14,320
15,033
34,834
Outside Securities
A Weekly
street
Review or
Outride Market will be tound on a preceding page.
Railways
Ask
Bid
NEW YORK CITY
28
31
85
90
list mart 4s 1950 ..J-J
220
236
| B’y A 7 th Ave stk .. 100
|2dmort 6s 1914 ...J-J 100 104
Con 5s 1943 See Stock Excli hat
106
B’way Surf 1st 6s gu 1924 102
300
IlCentT Crosst’n stk..100 250
10S
115
list M 6s 1922 ...M-N
193
CenPkN & E It stk. 100 180
170
150
Ohr't’r A 10th St stk 100
oiA 9th Ave 5s See Stock huh list
Dry D EB A 3—
108
TflBt gold 5a 1932...J-D 106
95
96
flSorip 6s 1914 ....F-A
315
36o
Eighth Avenue stk..lot
98
96
TlScrip 6s 1914
F-A
400
360
70
60
2d St M A St N AV..100
Bleeck St A Pul V stk 10b
S42dAGrStF’y
at k.. 10b
6a 1910 .31-8 $ 102
103
lstmort
68
73
2d income 6s 1915 J-J
Inter-Met— See Stock Ex cha’ge list
Lex At A Pav F 5a bee St k Exc list
Metropol Street Ky. 100
Ninth Avenue stock. 100
Second Avenue atocklou
lstmort 5s 1909
Jl1
bnsol5sl948
Cc
160
180
31 -N $100
F-A $107
150
$100
So Fer 1st 5s 1919.. .A-O $ lOO
Third Avenue See Stock Ex cl
Tarry W PAM 5a 1928 $ ys
YkersStK R 5a 1946A-0 i 98
28th A 29th Sts 1st 5a ’96 $ 10 L
ou
TI Twenty-Th’d st atk loo
Union Ky lat5a 1942 F-A
UniTKysSanFran eeeStk
Wash Ky A El Co
lot
I0<>
J-D
Preferred
4a 1951
86
$ 69 w
116
Ask
......
70i*
116
98
$ 97
$109
$107
102
$100
$110
$loo
hieago list
105
$ lo4
102
$ lou
7o
Exch
Excli
3J
79
7»\
28
M-N
34
To1*
list
list
3c
80
80 hj
32
i 5
loo
iUi
103
400
LuO
360
105
101
Exe li list
g’27.JAJ $ 98
Y)
^Mutual Gas
see 8t
a
170
lot.
186
99
lat consol 5s 1948..J-J $ 96
N YA EKUas 1st 5s’44J-J $ 101 D Leo
103
Consol 5s 1945
J-J $ 98
37
35
N Y A Richmond Gas. 100
102
Nor Un lat 5s 1927.M-N $ 98
80
^Standard Gaa com ..100
| Preferred
101)
ist
lou
M-N $100
5s 1930
TI Coney Is. A Bklyu ..100
1st cons g 4a 1948..J-J
..
BrkC A N 6a 1939.J-J
Gr’pt ALorimer St 1st 6s
Kings C. El—4s See Stock
Nassau Elec pref
100
.
68
104
102
Excli
65
6s 1944
A-O 104
1st 4a 1951
See St k Ext
99
N Wb’g A Flat lslex 44s
Stein way 1st 6a 1922. J-J $108
list
list
Lynn3P Boa 1st5a’24.J-D
fNew Orl Kya A Lgt. 100
100
See
North Chic Street see C
Pub Serv Cory of N J 100
Tr ctfa 2% to 6% uerpet
Coll 6a g notes ’09 JV1-X
North J ersey St Ky 10U
M-N
1st 4a 1948
Cons True of N J... 100
1st 5a 1933.
J-D
New’k Pas Ky 5s’30J-J
Rapid Tran St Ry..l00
66
84
108
109
105
70
87
hieago hat
$105 4 loT
107
$105
22:,j
72
Stk E
•».i
x
85
95
64
40
100
100
ILmhedc Gaa
1!Preferred
90
40
Laiay’eGaals^6s’24.M-N
94
50
20
58
99
99
94
94
50
J-D
|Cong5s 1948
tflA IrnlO Vablii
HI
1 Oil
1949
M-S
St JosepliGaa5a 1937. J-J
I Con g 5a
$
24
65
30
98
102
85
$
71)
Chicago Edison Co see C hieago
Preferred
lOo
UnltedEteotrioof X J100
4s 1949
J-D $
scor’d tnt. tPrioeperan. fSals price.
Empire Steel
lot
Preferred
101
30
80
_
70
103
107
105
Greene Gold-Silver
82
93 4
92 4
97«fi
98®*
05
98
2
15 4
*
24
164
26
IS
14
10 *
14
14
200
225
90
92
60
10
20
55
724
Hackensack Water Co —
Ref g 4s 52 op 12...J-J $
Hall Signal Co
lOo
Havana Tobacco Co..lOU
Preferred
LOt)
12
22
65
104
38
200
108
Hoboken Land A ImplOO
99 4
Ti5a 1910
M-N $100
5
100
99 4 Houston Oil
40
Preferred
75
100
944 Hudson Realty
loo 120
98 4 lingersoll-Itauil com. 101/ ;
,
'60
96
70
100
24
l8tg5aJune 1 '22. J-D
9814 Hecker-Jones-Jew’l Mill
1st 6a 1922
M-S
99*,
984 Her’g-Hali.Mar.new.lOu
-
6^4
90
GuggeuheiiuExplo’n.lOO
Am Cig ser A 4a ’ll.M-S
Ser B 4a MclU5’12.M-S
Am Tel A Tel g os TO J-J
Atlan Coa>t L 6s ’ !0.M->
10
12
1 1
_
50
55
Greene Con Copper...lt) t
Greene Consol t>old...ll) t
28
88 4.
33
85
5
9
TiFederal Sugar,com.. 1 Ot
T) Preferred
100
TjGen^rjtl niiAmiftftI
11)0
Ti Preferred
loo
Gold Hill Copper
1 t
Greene Cauanea
20 t
Short Term Notes
,
103
7
48
135
TI Preferred
10o 1 90
135
Interuat’lBankingColoo 126
06a, TIInt’n’l AlerMar See Stk Exch list
973a
95
4
lnternat’1 Nickel
t
1
jn,,
112
119
87
Preferred
lOo
83
$ 99»* 09 4
14
16
$ »9Ue 90-®* International Salt....lOb
68
65
1st g 5a, 1951
$ 99*4 99aB
A-O
6
8
international
98
Silver.loo
$ 97
70
Preterred
loo
65
$ 99^, 90®,.
108
lat 68 1948
J-D 105
$ 9934 1004
65
60
$ 9’ja* 994 Tjackawanna Steel...lot'
$100
1004 Lanston Monotype
20 t 124 124
197
202
4
$ 987* 99
Lawyers Mort 06
100
52
70
$ 98 •, 964 TjLeliA Wnkeab Coal.5b
125
130
$ 957e 964 Lord A Taylor
10b
98
103
Preferred
loo
$ 974) 99
125
140
$ 944i 95
(P)
pref
...10b
JLonilard
x
list
Mack ty Companies See Stk E
$
15
25
$ 99
99=* Madison S<i Garden..lou
75
80
2d
1919
6s
M-N
974
$ 97
3
6
TiMauhatt Beach Co. 100
WestinghElA M 5B.1907 $
74
74
Wheel’g A L E 5s ’08-F-A $ 967* 97 4 Manhattan Transit....20 r 13
17
Mex Nat Conatruo.pflOO
Railroad
Mitchell Mining
44
10 t
46
8
Chio Peo A St L pref.100
Monongahela R Coal..50 f
t
24
4
3
1
Preferred
50
Deposited stocx...u
90
100
1
3
Mortgage Bond Co...lOu
Undeposited stock
loo
105
90
98
Prior lien g 4 4s’30MAi>
Nat Bank ot Cuba....100
165
175
66
National Surety
60
Con mtg g 5s 1930.JAJ
100
t
154
10
Nevada Conn’d Copper.5
154
income 5s 1930....
54
16 4. 174 Nev-Uiah Min A huu.li r
Clue Subway
54
100
30
40
95
Ft W A Den Cy wtd.,100
Ti New Central Coal ...,2b
Great Northen Ore
See Stk E x hat N J Ter Dock A Imp.100
Lake Sh A M So 5a’ 10 F-A
Lou A Nash g oa ’iO.M-S
3Iich Ceut58 1910
F-A
Mmn A StLg6a’ll.. F-A
3lo Pac 5a Feb 10 ’08. F-A
Nat of Alex 5s ’O7.opt A-O
N Y Cent5a 19iO.... F-A
Penn Cogu4 4s 1907M-IM
Pa KR 5s Mar 15 ’10.M-h
St L M So’eaat 4 4s’09 J -D
StLASF g44’08...J-D
South’n coutr 5a ’09. A-O
South Ky g 5s 1910.. F-A
Tidewater Con Co tisl9oo
U 8 Rubberg6s’08..M-S
Wabash 5s, May 10 190i*
,
...
.
.•....
......
......
X Y N H A Hartford—
Con deb 3 4a 1956. JAJ $105
Nortu’u securitiea Stubs 100
Pitts Bess A L E
50 t 35
Preferred
50 t 70
N \r Biscuit
106
125
36
74
TiRailroad Securities Co.83 4j
lii.C.stk.tr.cfs.ser.A’S’he*board Air Line—
Coll 5s ext May 'll.M-S
Co....5«« Balt
Ahmeek
91
08
100
Exch hat
Mining
Realty
list
127
98
68
76
80
60
70
70
69
i85
25
100
126
Albs Chalmers Co 1st m
a f 5a ’56 opt ’16..J-J } 70
Aim ricau Book
lou lOo
147
American Brass
lo>
74
170
155
TI American Can See Stoc
American
chicle Co..100
lou
Preferred
Am Graphopho
k
Ex
uat
180
187
99
101
com..100
414)
loo
80
Ainer Hardware
10b
Am Maltingtfs 1914.J-D
Amer Press Assoc’n.lOo
Am Soda Foun com..100
114
100
95
43
hi
116
103
100
l
£3«
Col A Hock CoalA 1 pt 100
1st g os 1917
J-J $
Col tr 6s Oct 1956..J-J
ConsolniCar Heating 100
Cons
Ky LtgA Kefrig.lOO
Consol Rubber Tire.. 100
Preferred
100
Debenture 4« 1951 A AO
1911 .M-S
N Y Mtge A Security. 10U
TINew York Dock ....100
Ti Preferred
lou
N Y TiauaiH>rtatiou...3u 1
102 4
180
190
25
35
69
4 O
24
3 4
no
Nlles-Beui-Pond com. 100 100
Nipisalng M inea
5 t 12 4 13 4
5 4
44
TiOntario Silver
lou
ol)
39
Otis Elevator com.... 100
Prelerred
85
lou
*
90
4 *
Pittsburg Brewing....50 1X304
Preferred
50 1 x50 4
Pittsburg Coal See Stock Exch
l
Pope Manufacturing.loo
45
1st preferred
lou
2d prelerred
lou
Pratt A Whitu pref.MOU
Public Serv Corp of Ya—
......
Oh
latmgosJiuy 1936 opt
Realty Assoc (Bkiyn)luu
Royal Bak Powd prof, loo
Safety Car Heat a Ltloo
Seneca Mining
25
SlUger Mtg Co
loo
lou
103
Zb5
7u
490
3 4
40
Standard
Cordage.... 100
M.g.5a.’3i red.. A.O
Adjust.M.5s.Aprl,1931
Stanuard CouplercoiulOu
Preferred
lou
Standard .Milling Co.luu
Preferred
lou
lat 5a 1930
...M-N
Standard Oil ol N J..lou
Swift A Co See Boston St
lat 5s 1910-1014...J-J
TiTexas A Pacitic Coal 100
lat 6s 1908
A-O
Title Ina Co of N Y..100
34
50 4
list
2
4
50
12
102
......
1st
30
1st preferred
loo
5
2d preferred
loo
95
Am St Found 6s *35 A& O $ 94
Aiuerioan Surety
5o 187 4 195
5
4 4,
American Thread pref..6 1
360
AmTobac(new) com loo 340
37
42
Am 'iypelo’rs com...100
97
100
Preferred
loo
2
24
Amer Writing Paper. 100
22 4 £23 4
lou
Preterred
8J
84
1 st af g 6s ’ 19 op ’09. J - J
70
|Barney A Sin Car ... 100
1384
Ti Prelerred
loo
12
11
TjBethi’m Steel Corp .loo
50
| Preferred
loo
UO
Bliss Company oom....5o 130
134
Preferred
5o 130
350
370
Bond A Mtg Guar....loo
105
160
Borden’s CondMilk..loo
113
110
Preferred
loo
8
British Col Copper
.6 t
27
28
Butte Coalition Min.. 15
3
4
Casein Co of Am com., lot
70
So
Preferred
I0i
140
Casualty Co of Amer. 10 0 130
135
Celluloid Co
lou 128
10
15
Cent Fireworks com. loo
65
75
Preferred
lou
2
2 4
Central Foundry
loo
14
15
Preferred
loo
72
74
Deb 6s 1919 op ’01M-N
195
Century Realty
lou 185
430
Cheaebrougli Mtg Co loo 400
95
98
City luveatmg Co
Loo
107
TJChtfiin (li B)com....100 100
90
95
list preierred
lOo
loo
us
Phoenix Securities
120
Alliance
1l2d preterred
Electric Companies
$106
A-O $105
56
102
112
No Hudson L H A Pow—
A-O $102
5a 1938
IKingaCo El LAP Co 100 122
Narragan (Prov) El Co 50 t 95
62
NY AQ El LAPowColOU
235
125
30
32
Madison Gas 6a 1926. A-O $106 4. no
132
Newark Gaa 6s 1944.G-J $130
91
bu
Newark Consol Gas.. 100
lu5
106
72
70
75
73
$10 2 Hi 103 *2
$
99
LogA WabV lst6s’25.J-D
1st Os 1926
J-D
list Pat A Pus Gaa A EleolOu
hat
93
50
A-O $ 95
97
$
Jackaon Gaa 5a g ’37.A-O
60
50
727a
hieago
$
103 4a
93 4
130
6a 1909 conv *07...M-S 120
9
7
Buffalo City Gas atockl 00
list
Exch
1st 6s 1947 See Stock
92
Con Gas of N J 5a '36 J -J $ 89
Indianapolis Gaa
1st g 58 1962
ila list
$10o
92
Consumers’ L H A Pow—
5a 1938
J-D $102
Elizabeth Gas Lt Co..10b 275
121
Essex A Hudson Gaa 100
42
list
Fort Wayne 6a 1925..J-J
53
75
Gaa A El Bergen Co.. 100
|Gr Rap G lat 5s’15 F-A $100
h list Hudson Co Gaa
100 110
Indiana Nat A ill Gaa—
15
112
M-N
1st 6a 1908
Chicago City Ky
See C hieago
103
Columbus (O) St Ry..lO(J 101
107
X
......
list
Preferred
100
Colum Ky oou 5s See Pli
Croaat’wn 1st 5a’33. J-D
Grand Rapuls Ky....lOU
PreleiTed
100
Lake St (Chic) El
See ('
VLouimv St 5a 1930.. JAJ
.100
150
92
OXHKIt CITIES
Buffalo Street Ky—
1st consol 5s 1931.. F-A $106
Deb 6a 1917
A.o $lu4
A Tract. 100 X102
**
Bay State Gas
5o
kinphiunton Gm» r»« 1938 $ 93
Brooklyn Union Gaa deb
105
1
lOt
lot
1()(
lot
74
104
74
9>,
Copper(ne w) 1«
5 t
Hiectric Boat
Preferred
Electric Vehicle
Preferred
72
$ 127
7o
Douglas Copper
8u
$ 92
$ 91
$ 974?
$ 98\
$ 97 4>
$ 97*\
Chic A Alt 5s 1912...J-J $ 97
Cli K 1 A Pac 4 818*07. J - J /
4 4s iOO,-'
A-C $ 98 s
Mac A W Ind Ga’IOFAA $ 98
65
Cin Hum AD4v*’08.M*S
$
Erie 6a, Apr 8 1908 .
interb K T g 4a 1908 M-N $ 98 4i
$ 97
KanCSo g5a Apr*12 J-J $ 95
$ 96 Hi
t
9
84
lot
1(X
^Diamond
Match Co. lot
Dorai mou
101
hi
11 Union Ferry stock
list 5s 1920
M-N
Preferred
106
OTHKU CITIES
Amer Light
Preferred
55
litdiinii'iiil and Miscel
KEW YOKE
os
Kerry Companies
Irooklyn Ferry stockl
Seaboard
Lias Securities
Con Gas (,.n
65
115
116
^Crucible Steel
TIPrefer red
......
321*
100
| West Chicago St
Tl'Cou g 5a 1936
New Amsterdam Gas—
103
Con 5s See Stock Exch list
99
Bkln Crosatn 5s 1908.J-J
Bku Hgtslstos 1941 A-O 100
Bkln Q Codb Sub bee Stk Exok
Bkiyn Kay Tran See Stk Excli
Gen 4a 1934....See Stk
104
Atlan Ave ua 1909..A-0 $ 99
Con 6a g 1931
A-O $103
99
BBA WE 6s 1933..A-O
Brooklyn City stock... 10 195
t Buyer pays
100
| Preferred
Cent Un Gas
bkuokl.Y>
lat 5a 1921
Pub Serv Corp N J (Con)
J C Hob A Pateraonlou
4s g 1949
M-N
So J Gas El A Trac 100
Gu g 5a 1953
M-S
No Hud Co Ky 6s’14J-J
5a 1928
J-J
Ext 58 1924
M-N
Pat City oon 6a ’31. J-I)
2d 6s
1914 opt A-O
So Sitle El (Clue)
see C
Syracuse Rap Tr 5s 194b
Trent P A 11 5a 1943J-D
United Kya of StL—
Com vot tr ctfa
10b
180
195
102
LU9
165
hat
$ loo
Weatehe-U 1 si 5s'45 J -J $100
^Preferred
T]Gen 31 g -1 4s ’35
Bid
100
96
Boulev
5a 1945..J-J
Avenue
SSixth
stuck iOb
Street Railways
60
114
105
72
95
Bxa
Ask
11
8
Exch list
Cramps’ ShAKn Bldgiot
$ 70
*315,500
21.312.900
171.253.500
*4,000
1,650,500
SO
144
E.
5706.400
38,009.450
266,761.200
$9,000
867.000
TN YAN J Teleph..
$ Northwestern Telej
industrial and itii«oei
Cons Storage BatteryiOi
Corn Prod Ref See Stock
Ask
75
140
113
75
45
110
BA NY 1st 6s 1911. JJ $ 98
60
l Y A K K Fei
74
1st 5s 1922.
$lui
f Y A Hobcoi
$105
2d 5a 1946.J-J $101
N YA
30
117,644,776
96,225,422
6,771,971
3.460,339
*291,464,300 $583,371,100 $8,217,865,060 $10,559,275,400
*243,400
$171,800
$4,300
BOVDS
....
1906
1907
1906
1907
Exchange
$1,000
2,000
January 1 to May 10
ending May 10
Week
bale* at
JT*w York Stock
DAILY
O s
Bond*
State
Bond*
Railroad Ac
Bond*
L
Saturday
Monday
Franklin
TiGold A Stock
Stocks
lyo?
Bid
AT THK NEW
TRANSACTIONS
ending
May 10
1103
THE CHRONICLE.
1907.|
7
60
115
u
155
iu6
80
5D*
7
48
-
10
55
125
8
35
80
625
3o
77
1 520
c Exc i’g#
fiOo
101
85
({104
Ton a pah Mm (Nevada). 1 t
Trenton Potteries com loo
170
17
14
92
ri74
17
100
Preferred new
....loo
35
45
Trow Directory
loo
1
Union Copper
\
10 r
84
Union Typewr com..100
^7
.20
1st preferred
lou 115
L20
2d preferred
lou 112
r62
United Bk Note Corp..5U t 58
60
52 4
Preferred
5u
91
94
TiU nitedu igarM f g. ,pf. 1 uO
61 4
62
United Copper
100
87 4
80
100
Preferred
U. S. Casually
lou 225
^
U s Envelope com...loo
TiPreferreif
loo
30
97 4 loo
U S Steel Corporation—
Col tr a 15s ’ol opt ’ll.. $108 4 no
Coltrs f 5s ’51 uot opt.. 1108 4 no
100
U S Tit GuA Iiidem.100
Ti Utah Copper Co. bee S ik Ex list
41
42
Wuterbury Co, com..100
102
Prelerred
100
A
Westcnester
Bronx
167 4 172 4
93
Title A Mort Guar. 100
32
33
74
Western Ice
lou
175
1143
92 4) 85
Westingh Air Brake..60
x
Stk
E
list
97
1014 TJWeat El A Mfg—5* see
4
44
46
While Kuob Min
10
24
3 4
10
24
Preferred
44
119
4
li
Worthing Pump prei. 100 115
Oil
33
88
aEx-righu.xEx-div. (New stock. TJSeds ou St’k Exca., oat not a very aotive security.
BOSTON STOCK EXCH4N0E—Stack Record. Daily. Weekly and Yearly
Hhare Prices—Not Per Centum Prices
Monday
May 6
Saturday
Hay 4
Wednesday
May 8
Tuesday
May 7
Thursday
May 9
Sales
thi
Week
Sham
STOCKS
BOSTON STOCK
Friday
EXCHANGE
May 10
Ranqe tor Year
Range tor Frevious
1907
Year(1906)
or
Loioest
Lowest
Hiyhest
*95 4 964
*904
*230
►230
235
*
139 4
139
►222
225
102
103
162
159 4
Ififi
158
298
12
15
‘12
*52
*52
55
20
20 4 20\
•
*
73
•
•954
954
97 4
*0478
954
•P4"fi
954
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230
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222
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100
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168
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pnJ
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73
May’07
Chic June Ry & U S Y100
148
117
148
|
147
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112
112
24(
pref
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May i 152
Aprl2 231
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Jail
7 I 8G4
8 r977e
7 239
2 |14/
7 1230
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Mav 4 16.'»
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15
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05
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w
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78 Mar21 10l3gJan
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429
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Old Colony
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52
56
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May’07
86
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Seattle Electric
Do
t‘S
pref
14 4 4 Union Pacilic
143 4
8} ‘«j
170
100
100
100
100
100
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100
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874
105
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®
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...
.
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'.
132
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pref
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13
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63
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75
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ill
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57
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664
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X
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II
173
174
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1714
i 72 v
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loo
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I
1
7
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95
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23
17
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75
59 4 Jail
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21=8 Aim 284 Dec
190
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155
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,228
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j 193 Dec 210 J .a n
53
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65
50
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47 4 Nov
64
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99
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65
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95
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91
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170
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92
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116
4
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150
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25
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25
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.
10
25
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Nevada Consolidated
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25
lo
5
15
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25
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25
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9
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is Wyandot
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...
..
6
25
25
25
26
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21
90
v
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58
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10
Aug
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Nov
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Jan
Oct
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Sep
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3
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534 Sep
27
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90 4 Nov
80
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180
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11
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sep
23
22 4 Dec
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27 4 Nov
25 ' J’ly
2
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2478]NIay 8 264 Feb 19
2 V Apr Id
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57
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25
28 4 Dec
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29
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8
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70
79
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82
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75
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3 4 Mar25
64
45
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79
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59
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d
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12
2
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22
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92 4
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8
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30
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270
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10
4
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115
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a
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29 4 30
30
30 4
27 4 ‘38
27
28
175
177
177
179
•866
b7u
870
870
324
125
124 4
9
Amer Agricui Cliem.iOO
Do
pref
100
80
Amer
Pueu Serv
50
94
Do
19
pref
50
Amer Sugar Kefln....l00
124
880
29 4
30
187
297g 294 *29
95
95 4
94 4 95
93
94 4
897
95
*3 4
*3 4
3=8 Last Sale •34
3°b
10
Apr’07 Boston Land
•107
1084 •107 41084 *107 4 108 4 •1074
24
1094 Oumberl Telep & Tel 100
Last Sale 19 *a
St
May’O; Dominion Iron
East Boston Rand
*8
50
84
84
84
*74
84
202
204
200
203
2044 2054 205
2064 EdiBon Elec Ilium...100 1,695
148 4148 4 147 7g 149
General Electric
100
123
62
62
838
62
624 624
624 624
624 Mass’chusettsGasCoslOO
Do
85 4 85 34
85 4
742
854 854
354 86
86
pref
l()o
*200
210
•205
210
Last \ialt 212
May’07 Mergenthaler Lino.. 100
Last Sa le 2 4
•24
3
*24
3
Apr’07 Mexioan Telephone.. lo
•
65
60
*48
50
51
61
N E Cotton Yarn
100
30
62
•
88
88
86
•86
•86
88
Do
4
88
pref
100
120
120
120
•118
120
•119
120
N E Telephone
17
120
100
167
106
169
167
166
167
167
Pullman Co
167
100
148
*9 4
Reece Button-Hole.. 10
•9*4 10
10
25
9*4
»34
*94 10
107 41074 107*8 1073b 1074 1074 •107
107 4 Swift dfc Co
201
;...10()
»20 St
214 2 14 * 20 4 214 •20 4
20
21 4 Torringl'.on 01*«s ^
25
*25
25 4
Do
37
25
247i 2478 2478 24 4 •244
pref
25
2 Sj
*2 4
24
3
♦24
2-,
2 4 Union Cop L’d & Mg. 25
100
24
J 09 4 109
109 4 1094
1094 1104 109
100 1,314
1104 United Fruit
66 4
02
63
62
63
65 4 67 4
4
054 Un Shoe Mach Corp. 25 14,558
28
28
28
274 28
28
Do ' pref
94
274 28
25
37
374 s7=b
374 374
364
37 4 U S Stee'l Corp
374
100 3,731
Do
xl004 1004 1004100 4 100 4 1004 1004
■60b
1004
100
pref
*6
7
*0
7
*64
215
74 West Telep dfc Teieg.100
64
G7e
*70
75
*70
76
Last Sale 75
Do
pref
100
Apr’u7
72
Last Sale
4
Apr’07 Westing El «& Mfg... 50
Do
fio
prer
6234
63 34
74
*=.
3
1114
02
28
28
37 4 38
102 4 102 4
7
7
4
57
964
6334
7=«
" 25 4
•24
b6V 87 4
9
29
......
202 4
87 4
.20
lEx-righta.
a
14
Mar
’70
Jan
86 4 J an
1
*\
O V
Nov 122
Mar
3 4 Dec
J’ly
M ay
26 4 Sep
DOC 140
inc
4 *v J a n
la4 J’iy
7 4 Jau
29 4 J au
_
6-j J’ly
•
lo
1
J’ue
Not
10*4 J’ne
a 1 ‘‘.j M ar
12 4
1 4
1 1 34
22 4
Jan
Jau
I ICC
I >eo
S«>
Dec
7 4 Feb
234 Oct
1
i
7 4 Oct
14:,4 Mar
7i)
J'ly
i '8 Dec
1 1
Jan
66=4
33
J’ly
93
.Slaj 1 ft 1
Oct
Dec
•IS
Jan
-2-'4 J’ly
•60
2=8 Dec
May
80
114
J an
J’ly
3 4 J’ly
9 4 Dec
5 \ Nov
1 4 J ’ly
5 *4 Juu
18 7g N ov
90
40
j’ne 122
52
May
74 J ’ne
57 4 At
88
J
an
9 4 Sop
a 1
Max
43
524 j’ne
57s N®v
■GO
4
131
•70
Jau
J'ly
Jan
J’ly
Jan
Jail
20
4 Dec
18
111
Feb
Feb
14=8 Mar
66
Jan
47 4 Sep
69=4 Jau
9 4 Max
2 4 Dec
1340ct
190
Dec
2»4 Deo
Ex-div. A rights
math
Boston Bond Record.
1907.]
2
hh>W.*>
BOSTON STOCK F.XCH’GE
Ci
£
WttttK ENDING may 10
•S3
Price
Weekfs
Friday
Man 10
Range or
ao^
Last Sale
UO> 08
Range
since
o
1105
January 1
lnt'st Period
BOSTON STOCK EXCH'GE
Week Ending May 10
1
Btu
Am Bell Telephone 4a....
Am Telep A 'Tel coLl tr -is.
1908 J J
1929 J J
Ask Low
98
-
83
-
Am Writ Taper 1st s 1 5sg 1919
Atch A Nebraska 1st 7s..l9os
Aten Top A s i- e gen g 4s.. 1995
Adjustment g 4»
.) ’ly ] 99;»i
-
A-O
n«>v
1182
Apr’oT
104
Mar'OU
97 4 Sale
*] H 7
Sale
9634
119814
V87a
1f87=*
MO
Boston Elect Light 1st Os.
Consul 5s
Boston A Lowell 4s
Boston ce Maine 4 4*
Boston Terminal 1st 34s.
Bur A Mo Riv ex Os
Non-exempt Os
.MS
1924 M-S
1910 .1 - J
1911 J -J
1947 F-A
110
1918 J-J
1918 J J
1910 j.J
1917 A-0
linking luud 4s
Butte a Boston 1st Os
Cedar Rap A Mo U 1st 7s.1910
1909
2d 7s
Cent Vermt 1st g 4s..Mayl9’20
0 B it 12 Iowa Div 1st 5s. 1919
Iowa Div 1st 4s
1919
Deoeiiture os
1915
Denver Ex ten 4s
1922
1927
Nebraska Exten 4s
B A S W s t 4s
1921
Illinois Div 3 4s
1949
Joint bonds See Gt Northern
Chic .) c Ky A .81 k Yds 5s 191 5
98i4
90 4
1182
-
J
964 1101=*
1T87\ 92
106
100
109
102 4
98 **,
901*
101
Unstamped 1st Us
90
ibo4
9gajj
98
993«
122
Apr’00
120
Feb’On
97 4 Apr’07
101
May’07
99
Mar’07
100
lul
914
904
o
101
95
.
.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
102 4
94 4 95
100
97 4100
100 4 102
99
99
Puc R R A 1 gr g
1st lien conv 4s
1911
United Fruit conv gen 5s. 1911
S
Steel
U
Corp 10-60 yr 5s. 1963
West End Street Ry 4s....1915
100
98
104
89
100
98
Nov’OU
Mar’07
Jan ’07
90
100
98
89
100
98
Apr’07
93
~ 94 4
92 4 Apr’07
Sale
923*
0
884
974
96
92 4
Wisconsin
High
1004 Oct ’Of.
lot*
look
122 l4 Nov’c-')
Ask Lmc
100
it*
99
*
No
price
"ig
Range
Since
January 1
**•
Ao
Low
High
98
1004
\)
98
May’07
9814
102 4 Nov’OU
U7
116
M- S
M-S
o.l
A-O
99
1154
92
A-O
A-O
A-O
J-J
Ilf 4
i‘20
114
-
<*•>
Mar’o7
99
99
113 4 Nov’OU
92
92
101
99
1014 Sep ’t»5
‘
79
81
J’iy
^
.
T
+
118
Mh\’04
79 4 Apr’u7
26 4 1 >•*t ’ttti
79 4
85 4
____
j’ly
102 4 Aug’04
07
97 4
loo
Mar’07
100 4 Jau ’07
98
._t_.
m
106
964100 4
5
'39 4 10t)
1004100 4
Apr’07
106
1064
103
103
101 4
Sep ’(Hi
11024 Jan ’05
11214) Mar’OU
1014
103
Mav’o?
102
98
Mai’02
97
Apr’07
4 M ay’OU
1014
1014
Salt.
1
101 4105
i
97
97
99 4 Nov’OU
M-N
M-S
M-N
F-A
loo Vi
1*101*4 1J1014
1150 4 Apr’Of
1124 Apr ’o7
T97 4 1,97 4,
1094 Ill
107
1014 A pr’07
1023* Jan 06
1 ou 4 -Tan ’07
92 4
93
1UJ4 4 Sep ’u5
102
1124
9-1
1
199 4
100 4 100 4
10i\ 102
1 00 4 -Tan ’07
100
1014 102
98 ' 100
98
1U0
93
92
98
Valley 1st 7s..1909 | J-J
in addition to the purchase prioe lor all Boston Bonds.
Nora— Buyer pays accrued interest
Bid
J-J
A-O
A-O
A-O
J-D
M-N
Gold 44s....
1914 M-S
Gold debenture 4s
191u!M-N
Gold 4s
1917 F-A
Western Teleuh A Tel 5s. 1932 J-J
Wisconsin Cent 1stiren4sl949 J-J
1034 Apr’05
1004 Oct ’UU
13434 Nov’OU
140
Apr’05
93
niou
sale
Last
1918 M-S
4s. 1947 J-J
Xorrington 1st g 5s
U
1933
C BitlJ coti Lr 4s 1921
Registered 4s
1921 ti-J
Grt Nor
98=#
J’ly *00
Apr’07
984 Dec '00
90*4 Apr ’07
101
A-O
J - J
1908
i
83
1o276 J’ue’OU
j.j
1915
1927
Froiut Elk A Mu Vlst Us..1933
May’05
9S5a
9S4 lot)
i
S 1 4
Week's
Range or
1
J- J
J-J
F-A
A-O
A-O
A-O
J-J
A-O
J-J
F-A
Orey Ry A S’av con'g4s..1946 J-D
1922 F-A
Oreg Sh Line 1st g Us
Repub Valley 1st s f Us...1919 J-J
Rutland 1st con yen 4 4s.1941 J-J
Kutland-Cauadian 1st 4sl949 J-J
Savannull Elec 1st cons 5s. 1 952 J-J
Seattle Elec 1st g 5s
1930 F-A
1 erre Haute Elec y os
1929 J-J
J’ne’OI
84 S
8 4 >4
j-j
...
....
lll^J’iy’On
M-N
F-A
M-N
m-s
4s
1074
1234 Nov’OU
A-O
A-O
Chic A W.Mich yen ns
1921
Concord A Mont cons 4s..1920
Conn A Tass K 1st g 4s... 1945
1927
Current River 1st 5s
Det Gr Rup A W lsi4s...L940
Dominion Coal 1st s 1 5s..1940
100 4
993jj()er ’00
9»
O-F
Coil trust rein riding g4«104O
Cll Mil A St T Dub D Os.. 1920
Ch M A St T SVis V div 0.-1920
Chic <fc No Mien 1st gu 5s.l93i
....
Illinois Steel deben 5s....1910
Non-convert deben os... 1913
la Falls A Sioux Cist 7s.. 1917
Kan C Clin A Spr 1st 5s.. .1925
Kan C Ft S A cull 1st 7s.. 1908
Kan C Ft Scott A M Us
1928
1934
Assented income 5s
Kan C A M Ry Jt Br 1st 5sl929
Maine Cent cons 1st 7s... 1912
Cons 1st 4s
1912
Mai n Hough A Ont 1st Us. 1925
Mexican Central cons 4s.. 1911
1st cons me3s
Jan 1939
2d cons me 3s
Jan 1939
Mich Teleplst 5s
1917
Minne Ceil Elec con g 5s 1929
New Eng Cot Yarn os
1929
New Eng Telepli Us
1908
5s
1915
os
....................19 Iti
New England eons g 5s... 1945
Boston Term 1st 4s
1939
NYN Hit H con deb 3 481956
Old Colony gold 4s
1924
Feb ’04
101
Sep’00
114
Mar’OU
112 4 Jan ’03
1<»6 4 Apr’07
102
Sep ’05
M-N
J -1)
.
4s
-i
High
1*04
S2’V
1JS2
....
^
Low
1908
-
Fitchburg 5s
■>
7
u.
98
84
83
Sam
J J
M-S
A
High
Price
Friday
May JO
1004 100 4
914 99
7
1094 Aug’05
Friday; latest bid and asked.
U Flat price.
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share l*ricen—Not Per Centum Prices
Saturday
Monday
1 lies,lav.
Man 4:
May 6
May 7
82
92 4
*15
*30
13
Wednesday
May 8
May 10
93
19
924
*15
134
*
’
93
924
924
924
*15
*32
•124
*124 134
35
83
134
19
42
*15
*30
*13
*124
"
Range tor Year
Range for Previous
1007
Year (1006)
of
(For Bonds and Inactive
Stocks sec below)
PYiday
Thursday
May 9
*30
•82
82
93
19
Sales
the
Week
Shares
ACTIVE STOCKS
Lowest
Baltimore
Con. Gas EL L. «& Pow.100
Do
pret.
100
50
924 Northern Central
19 ' seaboard (new).........100
37
Do
2d pref
100
134 United Ry <& Electric.. 50
8
391
33 4 Jan 15
35
Jan
80
85
Jan 10
4 Apr
86 "
194
35
104
45
1
9
Mar 14
97
Feb25
23
4 Jan
7
Mar 15
48
14
Jan
7
Marl2
Highest
Lowest
Highest
354 Dec
80
97
22
48
13
Jan 26
Apr 10
~
Oct
41
90
J’ne
J’ne
J’ly 1114 Deo
Dec
Dec
Dec
32
J an
62 4 J an
19
Jan
*
*494
394
10
•5
*24
10 4
*884
654
14
62 4
*44
84
2o4
564
42 4
*4 l
594
50
*494
394
39
*10
104
26
10 4
89
50
39 4
10 4
494 494
38 4
10
25
10
654
25
10
88 4
64 4
IV
62 4
45
14
614
62 4
614
014
44
44
44
44
84
89
8«h
26
914 924
884
10
64 4
634
42 4
*4(*4
594
60
92 4
91 4
PHILADELPHIA
Inactive stocks
Alleyhunv Val met
American Cement
..
43 4
*
Bid
42 4
114
594
92 ‘4
30
{
A sk
41
5o
60
5 1 4
2
|
62
53
loo
.
50
Lit Brothers
10
Little Schuylkill
50
Miueiall A Sclmyl 11..50
N Haven Iron A Steel.5
Norlltorn Central
60
North Pennsylvania.. 50
Pcu nsyivanhi Sult..... 50
Pennsylvania Steel.. 100
Preferred
100
Plnla Co (Pitts) pref...50
Phil Gorman A Norris 50
Plata Traction
50
Railways General
lo
......
......
......
......
0
934
2 4
93 4
100
•
-
100
45
93
6
464
94 4
6
4
10
10
Tonopah Mining of N'evl
Union Tr of 1ml
loo
United NJ RR A C.. 100
Unit True Pitts pref..60
Warwnck iron A steel. 10
West Jersey A SoaSh.60
Westmoreland OoaL...50
Wilkes Gas A Elec..100
15 4
A Steel..5
Bid and asked
924
643
Lenigh 0 <& Nav tr ctls. 50
634 Lehigh Valley
50 3,327
100
30b
14 Marsden Co
*14
60 4 614 Pennsylvania RR
50 5,520
•43 4 44
220
Pluladelp’aCo(Pittsb). 60
84 84e Philadelphia Electric!. 25 3,689
244 25 y Pliila Rapid Transitc.. 50 12,040
534 554 Reading
50 75,055
1st pref
Do
43
•414 42 4
50
•
2d
40
Do
414
.' 50
pief
Union
Tracton
50
875
594 594
50 10,761
914 92 4 United Gas linpt
30
*28
94
014 61ui«
44
44
434
554 66710
544 567i«
*404
42
41 *4
594
594
914
924
30
*42
*40
694
92
•
43
414
51)4
17
7°b
17 4
7 4
54
84
63
Gen Asphalt tr etts ....100
Do ‘preftretfs
100
Lake Superior Corp.... 100
Weis bach Co
30
Betlile Steel *i»* 199X
('hoc A Me 1st 5s 1949 J -J
Ch Ok A G gen 5s ’19 J -J
Col St Ry 1st con 5s 1932
Con True of N J 1st 5s. ’33
E A A 1st M 5s 1920 M-N
Elec A Peo Tr stk tr ctfs
Ex Imp Af 4s g ’47.A-O
Terminal 5s gl94l.(j-F
P W’ A B col tr 4s ”21.J-J
Eq 11 Gas-Lists 5s 1928
H A B Top con 5s ’25 A-O
Indianapolis Ry 4s. 1933
4
87 4
lilts 4s g
1914.y-F
Gen M 4 4s g. 1924 .lj-F
Leh V C 1st 5s g '33..J-J
Leh V ext 4s 1st 1948. J -D
2d 7s 1910
Consol 6s 1923
M-S
J-D
Annuity 6s
J-D
Gen cons 4s 2003. M-N
Leh V Tran oon 4s ’35J-I)
New Con Gas 5s 1948 J -D
Newark Pass con 5s 1930
N Y Ph A No 1st4s *39 J-J
Income 4s 1939...M-N
NoOluoTrao conos’ 19.J -J
Penn gen 6s r 1910.. Var
Consol 5s r 1919... Var
Penn A Md Steel con 6s.
Pa ANY' Can 6s ’39. AO
Con 4s 1939
A-O
Penu steel lst5s’17 M-N
.
^
Ry 1st 5s E'30.
Ry.fr. 1. con 5s ’54-f-J
Roch
U Trac iud gen Os’19.J-J
Un liys Tr ctfs 4s’49J AJ
United liys Inv 1st coll tr
sf 5s 1026
M-N
U Trac Pit gen os ’97 J -J
.
W’olphach
96
a
f 5s 1930.J-D
Wlks-B GAE conos’ooJ-J
Apr
1,234
84
63 4
102
84 Mar25
78
67
1
58
42
7
15
.Mar 14
Mar 14
Anr 6
4
4534
42
4134
53
li i
112
106 4 108
1014
1184
......
101
.....
100 4
974
v7-4
83 4
81
81
82
112
73
10U
i
;>
102
63
92
/1UUU1
1104 110 4
......
Iu6
1214
I6I4
96 4
......
......
.....
97
70
L l)4ol
GanTon
1 UU
101
U 1UU
C!n
#!Oil
250
270
82 \
92
21
uO
7 }
5
24
Cons Cot Duck Corp
50
Preferred
*....50
Georgia 8011 A Fla.
st~pref
,i
100
100
lt)o
95
6
Bonds
Anaoostia A Pot 5s
Atl A Ch 1st7...1907 J-J
A Man C L R R4 s 1952 M 8
Atl Coast L(Ct)otfs 6s J -D
Ctfs of indebt 4s
J-J
-
6-20 yr
4s 1925
J -J
Balt C Pass 1st 5s’ll M-N
Balt Fuadg 5s.1916 M-N
102
Exchange 3 4s 1930 J - J
100=4
99 7b 100
70
IV
.
Atlan Coast L (Couu)lOU
1
105
9S4
iiillt'
G-J3-S lire wing
i'o'7=«
106
100 4
L-Uiii 1UIIU.
75
70 4
U $7.50 paid,
Balt A P 1st 6s m 1 *11 A-O
Balt Traolst5s..’29 M-N
No Balt Div 5s 1942 J-D
Cenl’l
Ry con5sl932 M-N
Ext A imp 5s. 1932 M S
ChaaCityRy 1st 5s ”23 J-J
t $15 paid,
t $lo paid,
101
101 4
95 4
95 4
1U5
106
82
82 4
84 4
834
lo04 101
109
110
1004 1014
108
109
108
108
102
t $ J5 paid,
L10
'
110
110
108
30
Feb Is
Sep
Jan
May
Nov
14
48
234 Jan
Jan
Dec 118
Jun
May 86 J’ne
nl8 Oct 313i* Jan
61*4 J’ly 73Gie Jan
47
Apr a54^Mar
6 4 Dec
93ia Oct
cl 9 4 Dec 5344 Jan
Jan
564 May 83
4J=i, Apr 47i=ia Jan
*
51
67
58 4 Dec
l 4 May 101
32
25
Dec
J
Chas Ry G A El 5s ’99 M -S
Churl C A A ext 6s.’09 J-J
2d 7s
1910 A-O
City A sub 1st 5s..’’22 J-D
City A Sub( Was) 1st 6»’48
Coal <fe 1 Ry 1st 6s’20F-A
Col AGruv’lst 6s. 1916 J-J
1939 J-I>
Ga A Ala 1st con 5s 45 J -J
GuCar A N 1st 5s g ”2y J -J
Georgia P 1st Us. ..”22 J-J
GaSo A Fla 1st 5s 1945J-J
G-B-S Brew 3-4s 1951 M-S
2d income 5s 1951 M-N
KnoxvTrac 1st oa’2SA-U
l^ikeli El 1st gu5s’42M-S
Memphis St 1st 5s’ 15 J-J
iIetMt( W aslnlst5s’25F A
Ml Ver Cot tiuck 1st 5s.
Npt NAO P 1st 5s’38 51-N
Geuerai 5s
19 11 M-S
Nortolk St 1st os'44..J-J
Cent
North
4 4s 1925 A-O
Senes A .»s 1926
J-J
Series l> os 1926
J-J
Pitt Uu True 5s 1997.J-J
Poto Val 1st 5s 1941..J-J
Sav Fla A West 5s ’34 A-O
Seaboard A L 4s 1950 A-O
Seab A Kuan 5s 1926.J-J
South Bound 1st 5s..A-O
U El LAP 1st 4 4s”29 M-N
Un Ry A El 1st 4s’49 M-S
Income 4s 1949
J-D
Fumliag 6s 1936...J-D
Virginia Midland—
2a series 6* 1911...M-S
3d senes 6s 1916..M-K
4th ser 3-4-os 1921.M-B
otli senes 5s 1926.M-B
Va (State) 3s new’32.J-J
Fund debt 2-3s 199 L. J J
West N C eon 6s 1914 J-J
WesVaCA P 1st Ug'll J-J
Wll A Weld 5s.. 1935.J-J
b $36 paid,
c
an
Aug
Feb
Mar
-
90
u Receipts,
Jan
Dec
Nov
Bin
5s
Jan
54
394 Nor
124 Nor
BAl.l’idlOKE
As*:
......
*i liitll Ui OC
7
8
4
1
Mar27 526 4 May 6
Mar25 69\Jan 7
May 8 453b Jan 14
Jan 14
May .* 47
Mur 14
60ttg Jan 22
.Marl4 96 4 Jan 5
804
25 4 Feb 11
100
51
Jan 2 504
47 4 Jan 24 304
11 % Jan U
11
6
8
Jan 25
36
31
Jan 25
16
Jan 8 144
103
Jan 7 100
7»4Jan 5 65
2 4 J an
4 Mar2 5 70»i1aJan
4 Apr 2 48*«Jau
9
4 Marl 4
Apr
!
i
!t
Marl5
HA 1 I'l Aim?!*'
p Co 1 st A col tr 5s’49 M-8
Con A col tr 5s 1951 M-N
Phil Elec gold trust ctfa.
Trust cortifs 4s
P A E gen M 5 g '20. A-O
Gen M 4sgl920..AAO
1 Uprights.
4
....
People’s Tr tr certs 4s ’43
prices; no sales on this day.
Ab
105
95 H;
5
20
Portland
103
; 171.,
105
34 Mar Jl
122
Bid
Ph A Read 2d 5s ’33. A-O
Con M 7s 1911
J-D
Con M 6s g 1911....J-D
08
1014 102
484 Apr 1
32 4 Mar 14
lot)
PHILADELPHIA
Ask
Bid
PHILADELPHIA
Lehigh Nav 44s '14.1J--I
KeystoneWatchCuae.100
*
864
634
10
87
64
Interstate 4s 1943 ..F-A
22
Keystone Telephone ..50
Preferred
864
634
6
26
16
86
BergAEBrw lst6s’21 J-J
100
Insurance Co ot N A..l(>
Inter Stn I’ow A < 'heih.50
Susqueli Iron
104 Electno Co of America 10
*4
*24
City
48
Diamond Mato steel.. 10
Preferred
it1
Easton Con Electric o.SO
Elec Storage Balt
loo
Proterreil
loo
Ft Wayne &W V
100
Germain low n lJass
.'>o
Tidewater Steel
10
25
10
Am Kyscouv 5s 191 l.J-D
Atl
1st 5s g ’19.M-N
Bails Ter 1st os 1926.J-D
0
74
.
10
Bonds
A1 Vral E ext 7s 1910 A-O
Alt ALVElec )‘«'8’33-F-A
51-
5()i
ltd)
Central Coal A Coke, loo
Preferred
10
25
10
84
84
25Js 25 4
*
540
206
25
254
42
4
5.404
104
8=8 61Li0
254
254
555g5611ie
*
Indianapolis st
Indmna'Umon Tr
494 494
384 384
‘->ll16 61», n
«»16
43
41 4
914
Amer Pipe Mlg
Beti Teicidiuiio
Cambria lion
10
25
10
*85
25 4
>
574
*42
*41
60
60
10
88
6J 4
50
384 384
14
♦’s
§254
564
21 \
57 4
42S
414
4
65 V
*494
39 4
10 4
Philadelphia
494 494 American Railways.... 50
50
374 38 4 Cambria Steel
Ask
93
it)7 1084
1014 1«)2
10 2 4 1024
112
114
i 04 4
104
109
106
106
115
108
52
6 1 !*5*34
4 107
4 108
118
4 109 4
5 5
>,
2 l 4
22 4
104 4 105
109
108
804
8ti
W'2
96
105
108
112
1 12
108
LOT
108
4
......
110
...
......
110
109
74=,
75
106
110
108
91 4 93 •
87=4 88
54 s
5434
824
82 4
106
165
105
107 s 109
9*3 H» 93 4
»3\
109
104
934,
UU
4
$30 paid.
[VOL.
THE CHRONICLE.
1106
XiXXXIV.
iuuestment and iRailtoad iutelliqeuce.
GROSS
RAILROAD
EARNINGS.
following table shows the gross earnings of every STEAM railroad from which regular weekly or'monthly returns
The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from 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 does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
The
be obtained.
can
Current
Year.
Week or
Month.
ROADS.
Ala Great Southern
Al* NO* Tex I’m
—See
Vicksburg Sh * I
Bangor * Aroostook
Bellefonte Central.
April
February
March
February
February
March
March
March
March
N Y C & Hud River
Lake Shore & M S
Lake Erie & West
Chic Ind & South
277,816 2,705,385 2,474.708
271,719
124,058 1,321,873 1,149,997
139,480
1,378,187 1,067,683
121,387
143,667
28,270
4,435
31,801
4,697
8,379,627 6,939,538 G9,0U3,636 60.284,833
356,266 2,830,646 2.731.469
346,723
708 934
1,016,676
116,306
00.971
2,616,754 2,415,469 10,957,337 18,305,170
6,493,268 6.711,095 60,569,317 57,607,477
251,932 2,378,012 1,824,764
325,122
46 194
43,807
4,892
5,107
.
_
.
.
Week or
Month.
ROADS.
Previous
Year.
$
5
Sout hern Rail way.
NO & N East,.
April
Ala & Vicksburg. April
Ala Tenn * North..
k Atch Top & S Fe_
Atlanta & Chari
Atlan Hirm & Atl’c.
Atlantic Coast Llne.
Baltlmore & Ohio..
Current
Year.
Previous
Year.
Michigan Central.
Cleve C C & St L_
Peoria & Eastern
Cincinnati North.
Pitts & Lake Erie
Rutland
N Y Chic & St L.
N Y Susq & West..
Norfolk & Western.
Northern Central._
Northern Pacific
Pacific Coast Co
d Penn—East P * E
d West of P & E_
Peoria & Eastern.I
Phila Balt & Wash.
32,284
31,781
2,937
3,008
Bridgeton * Saco R February
87,512 7,071,086 7,038,218
177,533
Bull Roch & Pitts.. 1st wk May
March
151,200 1,346,264 1,208,325
Buffalo & Susq
154,747
173,400 5,659,400 4,340,900
Canadian Northern 4th wk Apr
212,700
4th wk Apr 1,993,000 1,578,000 58,379,116 50,584,404
Canadian Pacllic
276,232
235,720 10,344,646 9,671,774
Central of Georgia.. 4th wk Api
Central of N Jersey. March
2,075,931 2,101,100 10 449,565 18,814,376
112,931
136,678
4th
wk
4,447
2,991
Chattan Southern..
Apr
2,250,793 2,146,559 18,765,617 18,204,218
Chesapeake & Ohio. March
3,723
24,794
32,630
Chesterfield & Lane February
5,196
0,776,201: 9,081,018
990,081
1.024,099
Chicago & Alton R> March
7,372,376
208,038 7,004,271
253,083
Chic Great Western 4th wk Apr
145,451 4,043,634 4.894.469
Chic Ind & Loulsv. 4th wk Api
157,130
-
April
April
April
April
April
April
April
April
April
April
April
...
March
March
March
March
March
March
March
Lake
York (
e»
4,331 ,720 4,045,356 40,711,382 37,427,598
5,706,104 5,067,306 51,713,006 47,437,854
1,151,115 1,012,176 10,698,500 9,948,046
1,394,266
31,814 1,373.608
Chlc Term Tran Rh 3d wk Apr
35,325
Ha ilway
Cln NO & Texas Pat —See Soul hern
.
_
-
—See New York Cen tral.
—See New York Cei tral
March
1,873,007 1,622,616
Colorado Midland.
187.776
161,561
9,728,794
h Col * South Sys_. 4th wk Apr
236,G85 11,122,371
252,638
224,362
244,537
Col Newb & Laur__ March
33,848
28,594
448,720
40,179
526;564
60,002
February
Copper Range
155,141
March
163,036
Cornwall
20,354
18,077
304 539
320,377
Cornwall & Lebanon February
35,378
38,015
1st wk May
374,200 17,886,001 16,5321799
411,600
Denv & Rio Grand
940.764
30,568 1,074,890
Detroit & Mackinac 4tli wk Ap:
37,269
3,529,915 3,460,179
03,001
Det Tol & Iront Sys 4th wk Ap1
108,111
4th wk Api
74,761! 2,685.145 2,514,285
103,548
37,880,904
March
Erie
4,560,961 4,184,061'
Island S ystem.
Evansville & Ter 11 —See Rod
1
1
17,950
.456
13,731
March
,648
Fairchild &N E
484,496
46,324
520,119
47,939
Fonda Johnst&Glov February
! ,349,236
2,183,166
March
273.734
283,256
Georgia RR
Georgia South* Fla —See Soui hern Rail way.
Grand Trunk Syst.. 4th wk Api 1,166,G17
914,070 35,951,071 32,696,634
Gr Trunk West.. 3d wk Apr
96,021 4,875,438 4,430,251
116,411
Dct Gr H & MIIw 3d wit Api30,036 1,470,073; 1,301,614
30,425
20,000
Canada Atlantic. 3d wk Apr
30,041
1,582,930! 1,552,305
Great Northern
4,688,548 3,945,887 42,851,866 40,923,739
April
227,070 2,290,532: 2,281,093
Montana Central. April
235,050
Total system
4,923,598 4,172,957 45,142,398 43,204,832
April
50,807 2,067,6151 1,752,541
Gulf & Ship Island- 4th wk Ap:
60,058
5,054,320
March
425,455
561,237 4,950,227
Hocking Valley
Illinois Central
4,674,892 4,233,912 46,799,240 43,077,045
April
171,000 7,421,958! 5,727,198
Inter * Great North 4th \vk Apr
203,000!
186,485 5,922,840! 5,102,703
186,710 j
alnteroceanlc (Mex)'4th \vk Ap>
61,677 2,643,165! 2,687,060
Iowa Central
4th v,k Apr
81,667
177,474
1,712,613 1,630,236
Kanawha & Mich.. March
174.210
Kansas City South. March
701,057 6,685 3521 5 646,520
785,136
Lake Erie * West’n —See New York Cen tral.
Lake Shore & M Sou —See New York Cen trai.
Clnclnnat1 Northern
Clev Cin Chic & St 1.
_
.
-
j|
.
....
2.977,131 2,820,631 2G,430,864'25.381.514
361,106!
340.321
36,961
42,250
Inc. 713, !7G3
Inc.61, 868
863,6451
754,737
March
107,406
95,031
4th wk A.pi 1,200,595 1,041,793 40,136,217 35,519,604
12,193 j
139,254
10,8471
141,535
April
j
46,569
39,767!
February .1
66*182
4,151
5,403
58,596
March
I
270,008
28,082
28,541
263,410
March
I
March _...i 2,946,268 2,629,651122,575,134:20,815,073
4th wk Apr;
232,881
252,108 6,829,3011 5.026,203
135,0001
123,300 6,075,000 5,291,900 j
3d wk Apr!
975,977
3d wk Aprt
25,479j * 24,401, 1,023,507
Lehigh Valley
March
Lexington & East.. February
March
Long Island
Louisiana & Arkan.
Louisville & Nashv.
Macon & Binning.
Manistee & No Last
.
Manistlque.
Maryland & Penn..
a
a
a
a
Mexican
Mexican
Mexican
Mexican
Central..
Intermit.
Railway.
Southern
Mineral Range
York Cen tral.
,4th wit Apr)
Mlnneap * St Louis 4th wk Apr
4th wk Apr
Minn St P & S S M
Mo Kansas & Texas 4tli wk Apr
Mo Pae * Iron Mt_. 1st wk May
Central Branch.. 1st wk May
1st wk May
Total
b Mobile Jack & K <
Mobile * Ohio
Nash Cbatt & St L.
Nat RR of Mexico
a
Hidalgo & N E..
Nev-Cal-Oregon
Nevada Central
N Y Chic & St Louis
N Y Out & Western
28,349
101,567
333,120
681,903
772,000
24,000
796,000
13,729
83,000
266,625
517,510
690.000
21,000
711,000
92,984
617,753
646,942
3,179,351, 3,095,331
10,347,389' 9,608,314
‘
21,798,951!
17,851,919 1
39,754,105 36,223,077
1,404,322 1,625 313
41,158,427 37,848,390
743,921
December
139,700
466,475
—See Soutl hern Rail wav.
March
8,032,643
981,985 8,871,885
1.139,918
481 ,83G
36 1,484 12,834,032 11,386,673
4th wk Apr]
4th wk Apr;
25,134!
824,6961
2d wk Apr
3,933
3,702
203,644j
177.794
March
5,692
6,540;
56,672;
36,018
York
Cen
tral.
—See New
j
March
6,073,5421
5,665,157
j
646,418| 617,877
AGGREGATES OF GROSS
Monthly Summaries.
Feb
Feb
Meh
Mch
Mch
Meh
April
April
April
April
(42 road 8)
(43
(43
(43
(44
(41
roads)
roads)
roads)
roads).
roads).
roads)
(42
(44 roads).
(43 roads)
(30 roadd
6,687,084
3,374.435
399,423
187,206
2,042,469
1,816,526
226,401
81,352
1,123,120
207,696
803,95237,06
79,038,572
35,065,055
4,281,624
2,186,310
22,742,839
21,055,85c
2,510,933
862,953
11,789,68.,
2,376,367
8,524,661
2,276,392
74,885,374
33,831,555
4,470,395
1,886,476
20,903,323
19,619,801
2,620,194
762,782
11,157,292
2,202,744
8,015,952
2,116,386
2,548,01
22,861,172 21,044,071
067,71
4.807,2.
453,58
9,178,379 8,400,779
49,707,612 46,352 976
5,383,887 4,882,554
1253126
200
115616582 107304982
Inc. 5,40 0,200
1,362,707 1,264,50
543,72.
595,663
2,677,288 2,430,78.
_
.
March
March
February
.
February
4th wk Apr
.
March
March
....
March
March
—See New
York Cen tral.
4,73
7,496
3,701,401 3,670,95.
2,562,234 3,059,71.
6,263,635 6,739,66<
132,50.
149,609
62 ,280
31,543 ,576
27,880 ,079
59,432 ,655
1,195 ,138
561 .598
44,83
58,485
506 ,617
13,888
12,47.
5,276,795 4,167,87. 44,729 .391
4,416,718 3,716,18. 37,163 ,091
188,03:
1,719 .123
175,496
9,860,010 8,072,00 / 83,611 ,606
York Cen tral
146,326
March
—See KocL Island Sy
246,474
4th wk Apr
1,393,686
February
28,104
February _
125,092
April
10090 533
March
4th wk Api 1,478,046
386,724
4th wk Apr
3d wk Ap:
156,180
3d wk Apr
71.882
182,176
April
1th wk Apr
38,150
472,773
4th wk Apr
8,513
March
March
341,998
4th wk Apr!
32,529
4th wk Aprj
103,633
5,328
Tomblgbee Valley.. February
Tor Ham & Buffalo April
83,858
'
Union Pacific Syst. March
6,200.783
95,315
Virginia & So West. Apr il
Wabash
1st wk May
516,768
Western Maryland- 1st wk May
117,175
West Jersey & Sea. March
398,810
Wheel & Lake Erie. 3d wk Apr
113,565
12,902
W’msport * N Mr. i December
Wisconsin Central
540,531
January
18,355
Wrlghtsv* Tennllle !February
Yazoo & Miss Valley I April
735,775
.
....
.
12,281,201 11,233,001
5,923,797 5,807,016
22,907,647 21,242,841
..
.
Cur'nt Year Fret’s Year.
*
9 ,780
or
Dec.
,899!
8,954 ,573!
10.201 .031 i
9 ,025 ,944:
9,292 ,598 j
8,978 .802
13,485 ,514
8,688 .049
9,045 .571
9,069 ,733
11 ,582 ,301
•
1
1
1
1
1
1
1
1
1
1
l
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
to
1
1
%
Monthly Summaries.
Cur'nt
1,306,794
219,531
1,318,60.
25,79.
90,586
8,974,747
1,330,683
316,04.
155,156
70,293
157,786
29,37;
378,825
6,154
377,772
28,427
84.784
4,667
61,14
5,106,912
89,726
439,340
101,744
340,310
76,480
467,907
,335,532
.296,898
,656,756
,289,187
1,159,960
.
8,813 ,4601 7 ,495,746
10,590 ,5o:‘
,870,533
293 ,334
237,329
1.354 ,450
,105,250
92,414 .516
,760,003
47,121 ,681
.816,101
8,856 ,738
,762,363
6,760 ,380
,703,320
3,253 ,623
,038,792
1,888 ,604
,613,810
810,796
1,052 .055
14,021 ,00
,080,023
66 .144
64,368
3,588 ,603
,280,032
1,052 ,783
,098,141
,453,765
3,421 ,669
41 ,918
32,041
710 ,459
618,391
56,230 ,046
,767,525
865 ,429
825,458
23,174 .371
,114,513
,975,874
4,636 010
,713,470
4,009 ,970
4,781 ,381
,415,772
94,300
87 .17.
13,78:
532,099
17,871
751,654
4,347 ,834
153 ,203
8,029 ,228
Feb
Mch
Feb
Mch
28
31
28
31
April
April
April
April
April
April
April
April
April
April
April
April
April
21
21
30
30
30
30
30
Meh
Mch
Mch
Mch
Feb
Mch
Feb
April
Mch
30
30
30
30
30
30
,184.621
142,637
.226,124
Previous
Year.
Current
Year.
4,169,410 3,075 ,608
15 ,041
14,723
80 346
01,828
15, 101
13,291
2,484,700 2,120 ,000
396
,640
413,246
20,828,030 27,070 338
14,027,773 13,307 ,688
1.594,103 1,722 473
808 305
900,843
9,086,395 8,346, 613
7,823,456 7,333 064
066 375
922,210
295, 200
310,987
4,355,347 4.372, 848
782 047
845,028
3,508,452 3,250, 133
31
2,007,625 2,751 ,025
31 37,203,541 35.357 841
31
Inc.1.33 4,700
31
3,775,463 3,540, 063
28
1,225,459 1.175, 358
31
7,569,622 7,033, 629
28
148, 525
198,068
30 5,734,480 4,505, 615
31
870, 164
951,164
Year Prev’s Year
$
4-825,968 0.22
4-627.636! 6.15
+ 721 430
+ 868.721!
456,870
EARNINGS—Weekly and Monthly.
S
,541!
10,828 ,667!
9,747 ,374
10,161 ,319
10,149 .406
14,765 ,658;
0,726 .621.
10,329 .969!
10,414 ,829
14,140
Inc.
Mch
Man
Jan
Jan
Manistlque
Jan
Mexican Railway
Jan
Mexican Southern
Jan
New York Central..
Lake Shore & Michigan South Jan
J an
Lake Erie & Western
Chicago Indiana & Southern. Jan
Jan
Michigan Central
Man
Cleve Cln Chic & St Louis
Peoria * Eastern
Jan
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
Jan
Rutland
Jan
N Y Chic & St Louis
Jan
Northern Central
d Penn—East of Pitts & Erie.., Jan
d West of Pittsburgh & Erie.. Jan
Phila Baltimore & Washington. Jan
Jan
Philadelphia * Erie
Jan
Pitts Cln Chic * St Louis
Dec
Rio Grande Junction
Jan
Texas & Pacific
Jan
West Jersey & Seashore
Atlanta & Charlotte Air Line
Bellefonte Central
Manistee & Northeastern
,920,952
,120,173
,065,195
stem.
Period.
Various Fiscal Years.
39,579
,208,221
'
110,864
.
j—See New
Michigan Central
Rock Island System
e St L & San Fran
f Evans & Ter H.
Total of all lines.
Rutland
■_
St Jos & Grand Isl.
St Louis * San Frai
St Louis SouthwestSeaboard Air Line..
Sierra Railway
...
Southern Indiana..
cSouthern Pacific Co
Southern Railway..
Mobile & Ohio
Cln NO* Tex P.
Ala Great South.
Ga South & Fla..
Texas Central
J
Texas & Pacific
Tidewater & West.
Toledo & Ohio Cent
Toledo Pco & West.
Toledo St L & West
8,039,260
3,508,636
402,123
265,887
2,3G7.877
2,158,884
223,232
88,327
1,163,836
251,189
925,154
274,933
2,777,454
1,011,910
5,153,720
637,856
March
Erie —See New
Coal & Iron Co
Total both cos
Rich Fred & Pot
Rio Grande June
Rio Grande South..
Previous
Year.
incAll,
Raleigh* Southport February
Reading Railway._ March
tral.
Current
Year.
13166960
Pitts Cln Chic* St L March
&
Previous
Year.
York Cen tral.
Philadelphia & Erie February
Pitts
Current
Year.
—See New
.
—See New
Chic lnd & Souther.
Chic MIIw & St Paul February
Chic & North West. March
Chic St Paul M & ()_ March.
July 1 to I.atsl Date.
Latest Gross Earnings.
July 1 to Latest Date
Latest Gross Earnings.
7.99
0.35
+ 1,170,604 13.15
4-l.280.144i 0.49
+ 1,038 572,11 .95
+ 1 ,284.398 14.19
+ 1,345,096 14.82
+ 2,558,598 22.11
Month
Month
Month
Month
Month
Month
.Month
Month
Month
Month
(113 roads)
(117 roads)
(118 roads)
Aug
(122 roads)
Sept
Oct
(119 roads)
Nov
(123 roads)
Dee
(127 roads)
(123 roads)
Jan
Feb
1907 (122 roads).
Mch 1907 ( 66 roads)
June
J uly
1906
1906
1906
1006
1906
1906
1006
1907
146,010,301
168,336,461
179,101,945
184,551 ,471
198,733,229
186 696,274
184,235,595
173.212.305
162,283,002
77,540,501
t
Inc. or Dec.
%
S
130,233.203 + 15,777,008 12.11
148,013,565 + 20,322,806 13.73
159,835,022 + 19.356,023 12.11
7.58
171 553,520 + 12,907,951
170,405,267 + 10,327,962 10.77
175,727,085 + 10,071,289 6.24
170,746,769 + 13,488 826 7.90
162,623,883 + 10,588,422 6.51
6.05
+ 9,728,801
152,555,191
7.85
+ 5,644,198
71,806,303
b Includes earnings of Gulf * Chicago Division,
c Includes the Houston * Texas Central and Its subsidiary lines In both
d Covers lines directly operated,
e Includes the Chicago & Eastern Illinois in both years,
f Includes Evansville & Indiana HR. /» Include*
earnings of Col. * South., Ft. Worth & Denver City and all affiliated lines, excepting Trinity * Brazos Valley RR.
k Includes In both years earning*
of Denver Enid & Gulf RR., Pecos System and Santa Fe Prescott * Phoenix Ry.
a
years,
Mexican currency,
■intr.VMW!
May 11
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the
week of April. The table covers 39 roads
increase in the aggregate over the same week last year.
and shows 22.11%
1906.
1907.
April.
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
Chattanooga Southern
1,993,000
276,232
1,578,000
Chicago Great Western.
Chicago Indlanap A Louisville.
Colorado & Southern
Denver A Rto Grande
Detroit & Mackinac
Detroit Toledo & Ironton
Duluth South Shore A Atlantic.
Grand Trunk of Canada
)
Grand Trunk Western
}
A
Detroit Grand Haven
Mil. |
Canada Atlantic
J
Gulf & Ship Island
Interoceanic of Mexico
International A Great Northern
103,548
Iowa Central
Louisville A Nashville
Mexican International
Mineral Range
1,200,595
232.881
28,349
101,567
333,120
681,903
Minneapolis A St Louis
Minneapolis St Paul & S S M
Missouri Kansas & Texas
1
Missouri Pacific A Iron Mt
Central Branch
Mobile A Ohio.....
National RR of Mexico
Rio Grande Southern
St Louis Southwestern
Southern Railway
Texas Central.
Texas A Pacific
Toledo Peoria & Western
Toledo St Louis A Western
Wabash
Western
Total (39 roads)
Net Increase (22.11%)
...
l._
Month of
Boston A Albany—
Jan
1 to Mch 31
9.251
225!
32.000;
_.
19,990
158,802;
1
14,6201
18,567!
66,495i
164,393
293,0001
1,000
...
19,227
Chic Great Western
July 1 to Mch 31.
,330,683
117,352:
l,410i
26,942'
147,363
29,373
378,825
28,427
93.948
4,102!
New Jersey A
Jan 1 to
42.553!
j
19,227
1906.
1907.
roads).
..
.
It will bt* s‘(Hi that
,517,292 61,973,130
71
there is
a
Percent.
! Increase.
s
9,544,162
15.40
St
Latest Dates.—The table fol¬
earnings of STEAM railroads
full detailed statement, including all
reported this week. A
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 April 19 1907.
The
next will appear in the issue of May 25. „
Current
Year.
$
Roads.
Boston A
Jan 1
Albany.b—
to
2,685.301
Mch 31
8,970,602
July 1 to Mch 31
b—
Central New England,
Jan 1 to Mch 31
-
.Mch
Colorado Midland.a
July 1 to Mch 31.
S
$
2,635,010
8,419,972
498.896
461,674
1.251.102
780,595
761,205
7,206,872
6.718,872
148,267
137,610
1,275,006
Mch
Chic Term Transfer. b..
July 1 to Mch 31
.Mch
1
1 87,776
,873,007
Year.
5
Year.
283,641
1,381 .028
71 .344
251,746
175,223
1,996,636
2,002,954
34,719
47,940
486,171
9.170
189,635
13,795
190,131
31 ,245
24.891
774 .747
711 .969
6,718,202
319.159
6,178,021
93.437
672,170
26,765
340,473
7,786
113,098
36,499
322,183
7,050
22,264
5.633
19,444
3,535,242
9.345,030
3.147,333
1 .076,035
6,663,076
901.404
6,230,194
49,179
448,720
99,276
660,433
_
Greenwich A Johnsonvllle
Jan l to Mch 31
July 1 to Mch 31
b-
21 .078
17.089
66.279
55,057
Interborough Rap Trans, b 5,318,729
6.031 .809
Jar 1 to Mch 31
July 1 to Mch 31
16.339.151 14.405,428
Mexican Central
Mch 2.946,268 2,629,651
July 1 to Mch 31
.
112,575.134 20,815,073
903.677
Mluneap.St PASS M b. Mch 1 .000.855
8.661 .704
9,210,019
July 1 to Mch 31
New Jersey A New
York b
1 to Mch 31
July 1 to Mch 31
New York Chic A St Louis
•Jau 1 to Mch 31
July 1 to Mch 31
New York A Ottawa b
Jan l to Mch 31
—
Jan
Pacllie Coast
July 1 to
.
.
b
Indiana, b
July 1 to Mch 31
Tacoma Gas Light Co
June 1 to Meh 31
333,833
3,970.655
04,801
327,60 1
def 15,282
2.538,297
7.599,505
2,446,177
7.211 .006
481 .747
31 ,368
28,631
637 .856
5.383,887
Mch 31
.
.
50,366
Southern b Mch
462.752
July 1 to Mch 31 .
146,326
St Jos A Grand Island b Mch
July 1 to Mch 31 ... . 1 ,306,794
Southern
*592,134
17,033
159,777
20,974
184,737
23.247
AND TRACTION
Year.
.
'
February
•(.January
Co. February
.
..
_
March
March
March
!
April
! March
'
January
4th wk Apr
4th wk Apr
4th wk Apr
March
.
.
A Wabasti
March J...
Valley Traction
February
Ft Wavne
_
February
Wk May 5
.
Electric Ry.
Honolulu Rapid Tr A
February
February
.
14,731
1
,900,496
389,230
4 .563,805
dcfl 0,638
13.899
l
414,550
.706,357
4
.
.
February.
January
April
()klahoma City Ry.. March
Peeksklll Light A RR February
January
Portland Rys Co
Puget Sound Flee Ry February
Rio de Janeiro Tram
Light A Power.. . March
interurb February
Joseph (Mo' Ry l.t
\prll
Heat A Power Co
Rockford &
St
453,580
4,882,554
.
def 1 .071
9
108,898
1.102,590
16,147
l
95.937
.086,808
181.828
15,958
188,461
1,159,960
53,860
525,705
21,585
380,642
95,745
294.597
81,349
249.630
45,767
128,147
47,226
115,868
Mch
134,865
1 229,364
133,270
1.104,664
54,419
519.990
52.372
432.666
Meh
12,732
124,458
10,012
96,469
5,716
5S.488
3,382
37.115
b
.
41.009
428,145
1
10,864
March
Syracuse Rap
.
February
April
South Side Elevated
March
February
Tr Ry
February
Toledo Rys A Light
Toronto Railway
Twin City Rapid Trar
United RR of S F
United Rys of St L .
.
6.217
6.200
15,927
55,903
56.135
17.622
50,528
51.841
40.453
71.022
15,430
42,321
78,327
64,114
72,721
.
__
.
March
.
.
.
.
.
„
.
U k May 4
it h wk Apr
February
March
February
.
_
latest date.
to
Previous
Current
Year.
Year.
S
853.828
i
778.414
277.186;
65,646
237,958
11,680
61.402
436,164
11,137
ft, 1 7
35.661
160.972
37.522
145.890
537,129
6.200
-
156.147
120.489
282.831
45,238
163.947
179,522
285.790
52.073
128,606
143,639
87.324*
78.327
1.671.943
224,253
27.797
1.915.567
243,055
474,559
73,602
92.500
23.437
9,106
33.475
79.992
267.018
232 088
18.300
48,985
19,737
595,052
18.434
525,673
30 .909
28.318
13,676
131.615
234.412
305.419
54,205
64.023
126.844
30,598
518,721
133.834
1 7 S .558
74.953
135.201
19,012
10,957
127.584
105,775
479.797
_
1
685,77 5
145.994
19,259
165,411
36.559
78.000
March
March
Wk Mav
March
March
March
March
8.129.230
21,567
149,440
5,401
478,464
41.738
1 1.786
April
Montreal Street Ry
23,338
185.082
5,485
30,006
.
March
March
March
Madison & Int Trac.
$
101.354
11.113
February
March
Year.
203.882
82.089
15.205
45,278
286,158
.
March
March
Illinois Traction Co.
;
Pn'vieus
7 ,77 4
..
.
February
Havana
,
18,585
51,374
87.324
....
Col.. March
Ry.
,
223 124
.
Duluth Street
21,979
275,572
COMPANIES.
'.Jan.
Earnings.
Curnmt
,
March
Cleve Southw A
*57.314
other Income received.
March
March..
Chicago A Mllw Klee.
*27,815
*27,1S2
*69,617
27,274
313,939
19,725
59,463
2,583
23,247
19,170
59.636
2.583
....
Cape Breton Flee
*112,628
*520.758
14.280 *defl3,849 *defl4.999
*def .886 * lef.1.776
17.734
* 30,464
*34,851
161,614
153
32,886
21,432
191 ,868
340,968
188,774
14,280
.
100,040
353,018
Rio Grande
St Lawrence A Adirondack
Jan 1 to Meh 31
July 1 to Mch 31 r .
*172,595
.
.Mch
.
33,579
308,175
1 .209,448
April
American Rys Co
461,593
32.536
429.135
311 .608
Month.
197,121
30,634
453.331
1,622,616
.
2,750,532
63,588
257,716
1,301,068
1 61 .561
60,002
Copper Range, a
Feb
526,564
July.ll to Feb 28 . .
56,339
63,431
Cuyahoga Telephone Co. Mch
Grand Trunk Syst of CanadaGrand Trunk Ry.
.Mch 2,720,860 2,479,481
July 1 to Mch 31
I‘4,758,317 22,679,348
481,297
544,561
Grand Trunk Western Mch
4,124,796
4,520,11 1
July 1 to Mch 31.
149,401
160,108
Dot Gr llav A Mllw. Mch
1 .223.068
1 .385,944
July 1 to Mch 31.. ..
157,188
145,508
Canada Atlantic
Mch
1 .451,088
1 ,491 .352
July 1 to Mch 31
...
741,689
15,548 *def29,128- *def24,396
46,640 *def26,236 *def27,486
$
a
*6.858
2,244,980 *1.254.275 *1 ,109,139
6,539,411 *2,703.677 *2,182.239
1,336,556
1 reek or
i
Previous
Current
Year.
1,514,830
_
July 1 to Mch 31
Chic Great Western_b
July 1 to Mch 31
Previous
Fame of
Road.
*1 .384
*2,672
*9,000
4,600
13,800
15,496
46,488
.
8,707
12,815
16,184
4,699
14,099
w
—
.
After allowing for
Net Earnings——
Earn'gs
5,357
122,632
Latest Gross
lowing shows the gross'and net
Gross
732
122,136
Southern
^Net Earnings MonthlyTto
20,393
*147,130
8,438
67,499
STREET RAILWAYS
15.40%.
*27,255
*118,329
8,438
67,499
18,430
Mch
July 1 to Mch 31...—
Jos A Grand Island..Mch
*
56.052
159,941
Feb
July 1 to Mch 31
St Lawrence A AdlrondackJan
1 to Mch 31
July 1 to Mch 31
Texas Central
Mch
July 1 to Mch 31
reporting
gain on the roads
of $9,5 44,162, or
in the amount
s'
!
$
Gross earnings (59
roads show as
*135,228
24,740
462,885
New York—
Meh 31
July 1 to Mch 31
New Yoik A Ottawa—
Jan 1 to Mch 31
941,545 jdef505,445*def 97,735
def.7.627
400,493
New York Chic A St Louis—
Jan 1 to Meh 31
,452'
S
172,381
1.540,069
July 1 to Meh 31
18,849!
Year.
182,850
1,596,143
Interborough Rap Trans Co—
2,514,678
Jan 1 to Meh 31
July 1 to Mch 31 ....... 7,218,793
8.777:
Net E'nas.—
Previous
Year.
$
Mch.
Greenwich & Johnsonvllle—
Jan 1 to Meh 31
July 1 to Meh 31
«_
Current
2,922,452xdfl ,033,468
63,850
179,232
Cuyahoga Telephone Co. Mch
364,484
12,478
219,532
of-April tIk* returns of 59
2,695,003
July 1 to Feb. 28
481,836
14,140,899 11,582,301 2,577,825
2,558,598
885,330
.
July 1 to Mch 31
Central New England—
Jan
1 to Mch 31
July 1 to Mch 31 _
Copper Range
70.679
141
$
.
the foregoing,
surplus above
—Bal. of
Year.
5
Year.
Roads.
316,045
April.
charges:
—Int., Rentals, Ac.—
Current
Previous
252,547;
84.784
Surplus.—The following roads, in
Charges and
deficit below those
or
Rio Grande
For tho month
follows:
8,513
66,144
$
24,562
298,819
7
14,215
436,539
5,191,584
29,857
337,186
2,385
6,159
567,120
6,007,247
73,428
744,357
6,154
64,368
936,288
Year.
2,100,503
20,441,312 18,775,763
earnings here given are after deducting taxes,
earnings here given are before deducting taxes.
Interest
6,70lj
568,588
122,218
$
addition to their gross and net earnings given in
also report charges for interest, Ac., with the
386,724
1
Net
b Net
1,206.000
13,888
Maryland
a
,499,000
50,000
246,474
.478,046
38,150
472,773
32.529
103,633
710,040
164,771
1
$
113,525
15,110
28,787
49,000
$
July 1 to Mch 31.
1,456
45,045
11,679;
15,953
94,000
50,807
186,485
171,000
61.077
1,041 ,793
252,108
13,729
83,000
266,625
517,510
60,058
186,710
203,000
81,667
Year.
Mch 2,204.353
Wabash.b
40,512!
914,070
1,166,617
Year.
Central.a
Mcli
July 1 to Mch 31
Tidewater A Western.b.Mch
July 1 to Mch 31.
S
159,965;
39,300
415,000
235,720
2,991
208,038
145,451
236,685
445,500
30,568
93,001
74,761
4,447
253,083
157.130
252,638
539,500
37,269
108.111
|
$
88,945
173,400
Previous
Year.
Texas
Previous
Current
Current
Roads.
Increase, i Decrease.
5
$
248,910
212,700
XJet Earnings
Gross Eam'gs
fourth
Fourth week of
1107
THE CHRONICLE
1907.]
37,365
63.057
183.713
43.947
154.728
102.087
38.692
69.081
171.988
62.435
131.862
/f.309.504
903,145
23,707
17,918
148.715
9,140
31,555
218.982
10.191
22.371
88,992
31.149
95,371
827,599
30.542
61,733
407.630
1,380,994
31.542
9,378
72.500
206,215
274,026
116,719
34.176
229,000
923,312
887,681
44.785
57,043
1 10,768
24,497
486.245
156,279
39.269
113,167
1 1 6 .9 4 1
53,535
126.366
1 1 .280
9.133
123.617
87.766
420,871
32.685
„
..
-
83.188
28,508
82.346
668.302
28.991
47,284
1,221.711
97,559
26,687
' .880
811,241
804,559
130,433
22
^
,
313.932
70.471
1,491.331
334.607
243.600
33.533
30 t ,222
29,353
19,343
123.617
—
76.814
67.981
252.395
302,798
95.439
567.943
232,130
73.711
114.733
60.197
261,287
529.147
45.821
1 13.634
89 389
58 7.846
87.762
289,636
82,686
143,552
496,416
54,902
158.283
52,932
37.650
359.287
81.860
1
1 *3
375,883
2s 0.57 7
74,953
534.872
47.92 l
23.596
127,584
164.754
35 872
425,725
55,143
1 .813.892
122.694
563.906 h 1,047.498
790.838 2.494.162
34.770
20,40 5
460.149
’
1
_
1,619.144
1.104.116
2,286,290
44.376
operations of the Scranton
Feb. 1. c These ilgures are
for main Hue. 1 Now In-
a Figures for the month In both years Include
Ry.. acquired Jan. 1 1906.
£> Figures are from
for consolidated company,
d These are results
1108
THE CHRONICLE
eludes
Rapid Ry. Syst.. Sandwich Windsor «& Amherstburg Ry. and Detroit
Monroe & Toledo Short Line Ry.
h These are early preliminary returns;
decrease due to earthquake, fire and strike among
employees, Aug. 26 to
Sept. 5 1906.
Street Railway Net Earnings.—The following table
gives
returns of STREET railway gross and net
earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be
obtained, is given
the
month in these columns, and the latest statement of
this kind will be found in the issue of
April 26 1907. The
next will appear in the issue of June 1 1907.
once
a
Gross Earn’gs
Current
Previous
Year.
Year.
$
$
Roads.
Net Earnings
Current
Previous
Year.
Year.
$
$
Chattanooga Rys Co—
Jan
1
to
Mch 61
Ft Wayne & Wabash Val Mch
Jan
1
to
Mch
31
...
St Jos Ry I.t lit & PowCo
Jan 1 to April 30
Net
Apr
79,992
232,088
101,109
88,350
63,057
261,287
60,197
252,395
26,859
119,809
24,828
32.792
1 19,801
earnings here given
ANNUAL REPORTS.
West Jersey & Seashore Railroad.
(.Report for Fiscal Year ending Dec. 31 1906.)
President James MeCrea, under date of
Philadelphia,
Feb. 26 1907, says in substance:
Statistics.—The tons carried Increased 16.87 %; tonnage mileage Increased
21.28%; freight train mileage, 19.53%.
The passengers carried increased
12.94%; passenger mileage Increased 10.48 %, and passenger train mileage
Increased 19.82 %.
The rate per ton per mile decreased 6.09 % to 2.16 cents
and the rate per passenger per mile Increased 1.06% to 1.337 cents.
General Reworks.—The workings of the system for the
year show large
Increases in both the freight and
passenger earnings, the total Increase In
fcross earnings being $553,878.
There was, however, a decided Increase In
the expense of maintenance of equipment and a still
greater Increase in
the conducting transportation
expenses, the total Increase In expenses
being $568,186.
The resulting decrease in net earnings was $14,307.
In
addition, there was a heavy Increase In taxes, so that after providing for
all liabilities, the net Income was $797,648, against which were
charged the
regular sinking fund payment under the consolidated mortgage, and two
dividends of 3% each on the capital stock, leaving a balance of
$274,729
to be carried to the credit of
The second semi¬
profit and loss account.
annual dividend was paid upon the Increased amount of stock
resulting
from the allotment of 55% made March 30 1906.
New Stock.—This allotment was for the
purpose of providing a portion
of the funds needed for the electrlllcation of
your road from Camden via
Ncwlleld to Atlantic City and from Newfield to Millville, and other
necessary
Improvements and facilities. To the same end a sale was made of $1,061,00 0
of 4 % consolidated mortgage bonds maturing
July 1 1936.
Construction, Ac.—The aggregate amount of construction, equipment
and real estate expenditures during the year was
$6,312,812, viz.;
Charges to Capital Account Aggregating $6,112,812.
Electrification, Camden (Haddon Ave.) to Atlantic City via NewHeld and Newfield to Millville
$4,460,296
Connection between Atlantic City Division and Atlantic
City RR.
at Winslow Junction
183,174
New’ lines, &c., in Camden, N. J
522,780
Double-track freight line Westville to Haddonfleld Junction
244,910
Miscellaneous
122,739
Electric railway and other equipment
559,719
Real estate
19,193
The charges against the extraordinary
expenditure fund set aside In
1905 aggregated $200,000, of which
$123,406 was spent at Camden for
Inspection shed and shop, changes of track and other facilities,
Interlocking
and removal of milk facilities to Cooper’s Point.
In addition w'c paid $14,648 ns our
proportion of the cost of Camden
joint terminal Improvements, making our total proportion to Dec. 31 1906
$1,894,500.
You will note from the foregoing statement that the construction
expen¬
diture for the year was mainly In the electrification of
your railroad from
Camden to Atlantic City via Newfield
Junction, and from the latter point
to Millville.
This required an Independent terminal and various other
changes and Improvements In Camden.
As the result of these expenditures
the company has one of the most
completely equipped long distance elect!ic
lines In the country, but as the line could not be
put In operation until
Sept. 18 1906, the close of the season for heavy summer passenger traffic,
and the complete service wras not
Inaugurated until a month later, your
company did not derive any material benefit from Its earnings
during the
remaining portion of the year.
In order to divert from the electrified
portion of your railroad the steam
trains for seaside points, reached by the
Cape May Division south and east
of Sea Isle Junction, a connection was constructed
between your Atlantic
City Division and the Philadelphia & Reading’s Atlantic City RR. at
Winslow Junction, and between that railroad and
your Cape May Division
at Mount Pleasant.
Other Important Improvements, still under
way, are the new' freight line
from Westville to Haddonfield Junction and the new overhead
connecting
line from Spruce St. on the Atlantic
City Division, to Van Hook St., on
the Cape May Division, In Camden.
In connection with the electrification
of the Somers’ Point Branch and Its use under the contract
City & Shore RR. Co., It
wras
necessary to double track that branch from
we shall receive a satisfactory
increase in the rental.
OPERATIONS AND FISCAL RESULTS.
1906.
358
$
Allies operated
Earnings—
Passengers
..3,326,524
..1,446,902
432,858
2,990,488
1,270,153
391,764
..5,206,284
4,652,405
Freight
Miscellaneous
..
Total.
.
.
.
Expenses—
Maintenance of way and structures..
M aintenance of equipment
Conducting transportation
General
767,517
717,935
_
Total
79.977
..3,956,914
1 ,249,370
Net earnings
Add miscellaneous
_
735,345
586,999
1,992,023
74,361
*
2,736.622
1,189,320
358,286
4,284,228
638,091
609,172
1 ,938.158
73,086
3,258,507
40.086
..1,289,456
l-,312,344
1,054,739
Interest
267.4 80
263,583
Rental
13,379
5,692
Taxes
205.349
75,267
Dividend on common
.(6)475,704 (5 H) 341,883
Dividend on special guar, stock (6%)
6,240
6.240
Sinking fund first consols
40,975
24,995
.
..
.
.
1904.
331
$
3,388,728
1,263,677
48,667
..
Total
Deduct—
1905.
331
$
_
..
1,025,721
29,018
13,942
77,501
(5)247,603
6,240
Extraordinary expenditures
332,990
200,000
131,254
200,000
600
600
Total
.
Surplus
.
..1,014,727
274.729
1,251,250
951,974
102,765
..
61 094
Total
“
t~
•
83.682
110,448
24.995
5,791
200,000
684,859
19,463,819 13,916,929
& Pennsylvania Railway.
(Report for Fiscal Year ending Dec. 31 1906.)
President W. H. Barnes says:
Cost of road, franchises and property shows an Increase of
$457,972 ex¬
pended for right of way and real estate, canal and dock improvements at
South Buffalo, Ebenczer Branch, and grade
crossing improvements In the
city of Buffalo.
In addition there was expended and
charged to Income
$214,949, being cost of rebuilding pool freight cars, equipping freight cars
with air brakes, shop tools and machinery, additional
storage yards at New
Castle and Lyons, and the Scottsville Branch of the
Genesee Valley Canal
Railroad.
The Increase In amount due for advances, as stated In the
balance sheet
($543,637), Is for construction charges'.
The percentage of operating expenses to gross
earnings wras 80.18 %, being
a decrease of 3.80%.
The number of tons carried Increased 1,639,521, or
19.48%
The number of passengers Increased 176,831, or 10.22%.
OPERATIONS AND FISCAL RESULTS
'
1906.
658
Miles of road operated
Operations—
_■
Passengers carried
1,907,409
Passengers carried 1 mile
57,031,772
Rate per passenger per mile
2.127 cts
Freight (tons) carried
10.057,960
Freight (tons; carried 1 mile
1 ,224,564,391
Rate per ton per mile
0.504 cts.
Average train-load (tons)
414
Earnings per passenger train mile 99.0 cts.
Earnings revenue freight train mile
$2,087
Earnings—
$
Passenger
1,212,940
Freight
6,175,763
Mall, express, &e
285,409
..
1905.
1904.
661
646
1.730,578
53,053,371
,772.028
49,509,839
2.130 cts
2.16 2 cts
1
8,418,439
6,903,172
1,023,494,038 777,546,432
0.515 cts.
389
95.7 cts.
0.520 cts.
$2,005
$1 ,912
$
368
92 cts.
$
1,129,911
5,274,158
243,762
1 ,070,646
4,043,258
203.365
6,647,831
5,317,269
,215,898
1,653,042
3,176,066
108,200
1,165 455
1,514,360
2,806,715
96,053
1
Total
Per cent expenses to earnings
Net earnings.
Other Income
6,153,206
5,582,583
1,520,906
1,065,248
26,572
252,892
24,705
Total net Income
Interest on bonds.
Interest on real estate mortgages
1
,520,906
899,500
19,685
41,795
154,074
102,511
214,949
267,462
1,091 ,820
899,500
19,685
31,723
140,921
116,268
109,319
277,598
899,500
19,685
24,217
144,859
118,468
17,345
32,541
,699,976
1,334,762
242,942
1,466,382
1,188,784
Total earnings
7,674,112
Expenses—
Maintenance of way, &c
Maintenance of equipment.
Conducting transportation
General
_
.
'
1
.
(80.18)
_
.
_
._
.
.
Equipment Interest
Car trust payments
.
.
.
Taxes
Extraordinary
Interest gen. acc’t
Total
Deficit
.
_
1
...
179,070
..
..
.
(83.98)
,103,106
1,271,982
2,596,813
92,476
5,064,377
(94.80)
227
1 1 2
GENERAL BALANCE SHEET DECEMBER 31
1906.
1905.
1906.
1906.
Assets
S
S
Liabilities—
S
$
Road and equip’t .54.100,519 53.652.947 Stock
20,000,000 20 ,000,000
Stocks and bonds.
527,260
527.260 Bonds (see Ry. &
Due from individ¬
Ind. section)
30.552.42S 30 ,552,428
uals, com ps,&c.
136,596
173,046 Interest on bonds
369,940
366.435
Cash for interest..
269,940
266.435 1 Car trust prin in adv
61.756
Miscellaneous
3,756
3,756 Taxes await, sett.
20,707
Profit and loss
3,540,893
3,367.978 Due Penn. Co.,etc.
for advances
7,131,437 6, 627.868
Miscellaneous
442.696
444,691
,
.
„
....
Total
-V. 82, p. 984.
...
58,578,964 57,991,422
Total
5S.57S.964 57.991.422
Philadelphia Company of Pittsburgh.
(Report for Fiscal Year ending March 31 1907.)
The report of President Reed, the
company’s income ac¬
count, balance sheet and stockholdings, the combined in¬
come account of all the
operating companies, and the report
of the Pittsburgh Railways
Co., will be found in full on pages
1121
and
1122.
INCOME ACCOUNT.
1906 07.
1905-06.
Receipts—
Net earnings
Deduct—
Paid leased companies
Int. on funded debt
Improvements, extens., &c
Notes retired during year
5,183,348
75,886
1,468,997
1903 04.
$
4,674,852
4,300,042
98,950
4,377,399
103,747
103,202
237,631
196,331
1,484,281
36,448
221,768
1,407,440
3,162
210,444
6,633,324
6,238,870
2,053,789
1,938,180
6,156,938
2,067,006
5,166,238
4,579,535
4,300,690
4,089,932
10,267
T ,045,690
1,184,432
70,217
1,032,311
993,144
70,517
992,858
872,475
77,942
921.481
612,313
250,000
year
Add previous surplus
117,678
135,727
20,884
53,910
2,608,067
2,231,399
2,558,171
2,086,162
1,913
1,956,734
2,348,136
1,850,200
14.135
2,343,956
1,665,646
2,424,286
1,991,665
4,646,246
4,212,471
4,308,873
65,500
63,060
sale of
Stock of
158,493
.1,936,769
Total
on
1,518,689
..7,103,007
Miscellaneous Interest, &e
Deduct commissions
stock, &c
1904 05.
$
271,029
Total receipts
Operations, taxes, &c
.Surplus for
$
$
From gas
From oil
Dlv. on stocks owned
Rents
Int. and discounts, &c
Street Ry., &c., cos.
charged oil
2,787
Dividend on pref. stock (5 %)._
300,000
Dividend on com. stock (6 %) .1,926,136
_
5,600
*
5,961,800
395,832
129,472
Western New York
Total
.
Added to extraordinary expense fund
Miscellaneous
13,916,929
Add premium on bonds &c
274,834
6.216,050
_
by the Atlantic
Pleasantville to Somers’ Point, for which
1905.
$
104,000
_
28,519
are after deducting taxes,
b Net earnings here given are before
deducting taxes.
a
LXXXIV
GENERAL BALANCE SHEET DECEMBER 31.
1906.
1905.
1906.
Assets—
%
$
Liabilities—
$
Road & equipmentlS, 144,329 12,016,868
Special guar, stock
104,000
Stocks
of
other
Common stock
9,641.600
companies
172,245
172.245 Bonds (see RR. &
Due
from
other
Indus. Section). 6,981 ,S00
companies, &c..
Pay-rolls & vouch.
849,600
other than traffic
Due other roads.
168,102
balances
188,780
76,825 Due controlled cos.
85,289
Due from agents.
211,670
172,484 Int. accrued on bds
109,730
Miscell. assets
3.008
9.754 S. F. 1st con.M
65,970
Materials on hand.
409.226
196,530 Car trust principal
Cash
334,561
1,272,223
charged off.
S.050
Taxes.await.sett’t.
173,000
Accounts payable.
400.000
Miscellaneous
9.204
Extra’y exp. fund.
to
Bal.
proflt&loss.
867,474
Total
19,463,819
—-V. 84, p. 572, 160.
109,441
92.300
267,018
33.656
[ Yoij.
1,963,502
1,415
294,680
287,237
1,768,569 02,171,435
4,415,951
67,500
360,569
287.238
1,737,139
Total
2,294,423 2,126,309 2,458,672 2,452,446
Total surplus at close of year 2,351,823
1 ,850,201
2,086,162
1,963,505
a 7 h %■
The dividend paid was only 6 %, the 1 M % additional
charged
belonging to the next year, due to a change In method of
charging the
dividends.—V. 84, p. 272. 106.
.
.
May 11
United Railways Investment
$2,821,976, which would have been equivalent to
Co.
(Report for Fiscal Year ending Dec. 31 1906.)
of President Ernst Thalmann for the fiscal year
ending Dec. 31, 1906 accompanied by the income accounts of
the United Railroads of San Francisco and the Philadelphia
Company, singly and combined, and also the income account
and balance sheet of the United Railways Investment Co.,
will be found in extenso in the advertising department of
to-day’s “Chronicle.” The report of the Philadelphia Com¬
pany is also given on subsequent pages of this issue.
President Thalmann, April 16 1907, says in brief:
Acquisitions.—During the year 1906 your company acquired $24,200,000
capital stock of the Philadelphia Co., being approximately 72.8%
of the outstanding common capital stock of that company.
Of the stock
so acquired $21,000,000 was deposited
by stockholders of the common
stock of the Philadelphia Co. under the plan ratified April 5 1906 (V. 82
p. 393, 510), and the shares so acquired were duly deposited under the
collateral trust agreement securing our 5% “prior lien collateral trust
bonds,” as required by said plan (see application to list In V. 83, p. 1235).
The residue of such common capital stock, amounting to $3,200,000, was
acquired later In the year, and of that amount $2,690,000 had been delivered
to your company and paid for by It prior to Dee. 31 1906, and the balance.
The purchase price of
$510,000, was delivered and paid for In Jan. 1907.
such $3,200,000 of common stock was derived finally, in part, from the sale
of $2,400,000 of the additional 5% “collateral trust bonds” at 90, and the
residue, amounting to over $1,000,000, was paid from the earnings and
other available cash assets of the qompany.
By reason of the Issue of the
additional 5% collateral trust bonds mentioned, our funded debt, which
amounted Dec. 31 1906 to $15,750,000, Is now $18,150,000.
The certificates for the $3,200,000 of stock of the Philadelphia Co.
so
acquired were duly deposited and pledged under the agreement securing
the collateral trust 5% bonds, In accordance with the terms thereof, con¬
currently with the Issue and authentication of the additional bonds.
Payment of Floating Debt—Further Requirements.—The floating debt,
which amounted to $2,090,000 on Dec. 31 1906, has since been repaid from
the proceeds of the additional collateral trust bonds above mentioned, and
at the date of this report amounts approximately to $135,000, which will,
however, again be increased presently as your directors have arranged to
provide funds for the United Railroads of San Francisco towards the accru¬
ing requirements of that company for the reconstruction and Improvement
common
-
work In progress.
Investments.—The total book value of the Investments, as
shown on the
balance sheet, amounted Dec. 31 1906 to $53,126,482, approximately onehalf of this representing our Interest In the United Railroads of San Francisco
and the other half representing our Interest In the common stock of the
Philadelphia Co. at that date.
Controlled Companies—-During the current year the Philadelphia Co. has
paid the regular dividend on Its preferred stock and the usual 6% on Its
common stock, and all the surplus earnings
above the same has been
retained by that company for its corporate purposes.
Both the gross and net earnings of the United Railroads of San Francisco
had shown excellent results up to April 18 1906.
On that date the earth¬
quake occurred, which resulted In a disastrous lire and Involved the com¬
pany In great loss, Including the destruction of the cable power-houses and
severe Injury to the cable conduits.
The company reports that it has now
Installed the over-head trolley system on practically all the Important roads
formerly operated by cable, and that over 91 % of the mileage of the com-
is now Inas operation,
expectcertain
the balance
f>any
to placenecessary
of
rapidly as and
completes
street
operation
the that
city they
n
9%
im¬
provements.
Between Dec. 31 1905 and March 1 1907 there had been
expended In the restoration and reconstruction of its lines and plant,
Including Improvements and betterments and the physical loss resulting
from the earthquake and tire, a total of over $4,000,000.
All expenditures
for betterments and Improvements made to March 1 1907 had been linanced
by said company, and Its current liabilities Feb. 28 1907 did not exceed the
amount usually carried by that company.
Strike.—The conditions existing In San Francisco consequent upon the
earthquake also led to a strike on the lines of the railroad company. Involving
practically all Its employees, which lasted from Aug. 26 to Sept. 5 1906.
Although the strike terminated In a resumption of work on the part of the
company’s employees pending arbitration. It yet occasioned considerable
llnanclal loss to the company.
The decision of the arbitrators established
a rate of wages for a period terminating May 1
1907. Negotiations are
pending to extend the adjustment [see Item on a subsequent page.—Ed.)
Proposed Issue of First Preferred Stock by United Railroads of San Fran¬
cisco.— In connection with plans Intended to provide the United Railroads
of San Francisco with moneys to be required by it In the future for construc¬
tion and improvements, authority has been given by the directors of your
company to vote the stock holdings of this company in the United Railroads
of San Francisco in favor of a proposal to Increase the capital stock of that
company by the creation of an Issue of $5,000,000 of lirst preferred stock, the
same to bear interest at the rate of not less than 6 % per annum, and to be
cumulative.
Of this Issue of first preferred sto^k, $1,500,000 Is presently
Issuable, and your directors have authorized a subscription thereto by your
for cash.
Earnings.—Messrs. Haskins & Sells have prepared a tabulated statement
earnings, charges, dividends and surplus of the Phila¬
delphia Co. and the United Railroads of San Francisco for the calendar
year 1906, In part based on provisional llgures. *
of the consolidated
Combined Income Account of United Railroads of San Francisco and Phila¬
delphia Co. and affiliated corporations for the year ended Dec. 31 1906.
Phi la. Co.
United RRs
&
of San
Total.
Francisco.
$5,955,786
3,114,590
$17,829,810
9,266,477
289,430
$2,841,196
89,361
$8,563,333
200,069
$11,693,959
$2,930,557
$8,763,402
1,333,944
37,231
1,296,713
charges,&c .$10,360,015
4,880,456
$2,893,326
1 ,580,702
$7,466,689
3,299,754
$5,479,559
$1,312,624
$4,166,935
1,595.628
435,478
1,160.150
$877,146
$3,006,785
$23,785,596
12,381,067
.
Net earnings
Other Income
$11,404,529
.
Gross Income
Deductions from Income (not
Includ¬
ing fixed charges)
Income applicable
Fixed charges
.
to fixed
—
Net Income
.
Improvements, betterments,
slons, sinking funds, <Scc
exten-
-
Net
income
after
—
deducting
provements, betterments,
Dividends on preferred
Philadelphia Co
stock—
Equitable Gas Co
Consolidated Gas Co._
Im¬
&e —
.
..
Surplus applicable to
common
stock,
&c
$3,883,931
$299,998
$299,998
3,201
28,333
28,333
$331,532
$331 ,532
3.201
preferred stock, leaving a surplus of $1,460,968.
No cash dividends were paid during the year 1906 by the United
dividends onl
Proportion applicable to other owners
of com. stock of affiliated eorp’ns.
-
.
$3,552,399
• *
comparison of this statement with a similar statement of Messrs.
Haskins & Sells for the year 1905 shows that the combined gross earnings
for the year 1906 exceeded those for the year 1905, and after the deduction
of all charges against the net earnings, the statement shows an amount for
the year 1906, applicable to Improvements, betterments, extensions, sinking
A
funds,
1905.
depreciation and dividends approximately the same as for
United Railways Investment
3,784
3,784
$3,548,615
Proportion applicable to United Rys.
lnv. Co., based on present stk hold $2.821,976
$2,671,469
$877,146
Dividends
Total Income
Deductions—
Directors’ and auditors’ fees, taxes,
Interest on bonds
Interest on dividend certificates
Interest on loans
consequent
general demoralization, they oiler a most encouraging promise for the future
and justify the hope that at no distant date payment of cash dividends may
Had the Investment Co. been the owner during the entire
be resumed.
year 1906 of the common stock of the Philadelphia Co. now held by It, and
had the respective surpluses of the two companies been declared as dividends,
the investment Co. would have shown an earning power during that year of
$1 ,334,223
$28,897
525,000
37,877
19,233
salaries, &c
611,007
Total
$723,215
Net income for the year..
surplus at beginning of year was $433,567; adjustment of book valuc
of Philadelphia Co. stock, being the amount of underwriting commission
Add net income as above for 1906,
received, $40,000; total, $473,567.
$ 723,215; profit and loss, surplus, $1,196,782.
Deduct donation to San
Francisco relief fund, $50,000, and dividends 5% on preferred (sec V. 82,
p. 753, 988, 1381; V. 83, p. 1038, 1472), $750,000; profit and loss surplus
The
Dec. 31
1906, $396,782.
UNITED
RAILWAYS
INVESTMENT CO.
(1ENERA L
SLEET DEC. 31 1906 (Compare V. 83. p. 1235).
A ssets—
Investments
rr53,
Cash
Demand loans
United RRs. of San Fran,
dividend certificates,6 %
Do
5 %
Interest accrued
Two months’ proportion of
div. of 1 y> % on capital
stock of Phlla. Co., pay¬
able Feb. 1 1907
Furniture and fixtures
-
-
Notes payable. 1,000,000
Drawn under Eu¬
ropean credits
603,875a2, 090,903
_
236 900
624 1
[United RRs. of San Fran.
current account
|
of San
United
RRs.
Francisco and Phlla.Co.)
subject to adjustment.
48,104
42
j Vouchers payable
.
103,4721 Bond coupons due—not
!
presented
11nt.ace.on bonds,notes, &c.
| Profit and loss—surplus..
_
54,312,1651
Total assets.
BALANCE
$
Liabilities—
15, 000,000
.481 Preferred stock
! ,284 Common stock
19 400,000
i,725 Coll. tr. sink. fd. 5% gold
15 750,000
bonds
712,500
150 ,000 Pref. stock dlv. certs, 6 %_
375,000
Do
5 %
400 ,000
,680 Pref. stock dlv., payable
375,000
Jan. 2 1907 In 5 % scrip.
Cash overdraft-. $487,027
Contingent assets (due from
4,617
159,218
396.783
54,312,166
Total liabilities
Note.—At Dec. 31 1906 the United Rys. Investment Co. had a contingent
liability to an amount not exceeding $500,000, for accounts of the United
The dividends on the
RRs. of San Francisco, which It has guaranteed.
$20,000,000 preferred stock of the United RRs. of San Francisco are
cumulative and are In arrears as from March 3f 1906.
a This Indebtedness had. prior to April 16 1907, been reduced to approxi¬
mately $135,000.
x The Investments Include: United RRs. of San Francisco, 200,000 shares
preferred stock, $100 par value each; 199,989 shares common, $100 par
value each; Philadelphia Co., 473,800 shares common stock, $50 par value
each, $53,052,818; other investments, $73,663.—V. 84. p. 932,750.
Railroad
(Report for Fiscal Year ending Dec. 31 1906.)
President A. C. Frost, Chicago, April 4 1907, writes:
Chicago & Milwaukee Electric
In
presenting the report for the year 1906, we arc glad to show a sub¬
earnings and extensive Improvements made during the
stantial gain In
past year.
The
construction work has been of the most substantial char¬
Is justified by the extraordinary
large expenditure, which
territory through which we operate.
acter, involving
right-of-way not
The route Is practically an air-line, entirely on private
less than 100 feet wide, through the cities, as well as through
having a maximum of 0.4 grade and
abutments and culverts are heavy
the country,
a maximum of one degree curves.
concrete; all bridges, steel, built
All
for
carrying 100,000 lb. capacity cars; steel rails, 80 lb. laid on lirst quality
white oak ties, 2 foot centers, continuous rail joints—all planned for a fourtrack road—two for local service and two for fast express service. The
company holds most satisfactory franchises, all but four being In per¬
petuity.
All the franchises of the Wisconsin Division are perpetual, ex¬
cept for the entrance into Milwaukee, which Is for 30 years. The Chicago &
and 23 other
Milwaukee Electric RR. connects Chicago with Milwaukee
cities and towns along the line—serving a population of 3,000,000,
Is rapidly increasing.
Last year the company buljt a cut-off betw'een
which
Highland Park and Lake
bad curves and
A number of new' sta¬
greatly reducing the time between the two cities.
tions and shelters were built; the capacity of the power plant Increased, and
10 large Interurban cars added to our equipment.
The company also made
Forest, a distance of about
2 miles, thereby eliminating two
entire line; $200,000 was expended for per¬
our surplus.
far as Racine, was placed In operation on
Sept. 2 1906 and the earnings from this extension have been very gratifying.
Nearly all the right-of-way from Racine to Milwaukee has been acquired
and tile road constructed to within 15 miles of Milwaukee.
It is expected
to have the road In operation to Milwaukee about Oct. 1.
The Milwaukee
franchise gives the company a straight entrance on Its own tracks Into the
business center of Milwaukee, crossing all railroad tracks In that city b
means of steel viaducts and steel bridges, thereby avoiding all grade cross¬
ings.
The entire property is built for fast through express service between
other Improvements along its
manent improvements out of
The Wisconsin Division, as
Chicago and Milwaukee.
Active construction work has begun on
Station and 1,000 men will be employed
the United States Naval Training
there this year. $2,000,000 has
total of $5,000,000 will
On Dec.
1906 tne company entered Into
United
States Express Co. for operating Its express business over our lines, from
which we are assured a profit of at least $25,000 for this year.
We also
made a contract with the Racine Stone Co., whose quarries arc located
three miles north of Racine, for hauling its entire product of about 1,000
already been appropriated and It is expected that a
be expended on the property.
(V. 82, p. 1099.)
a
1
of crushed stone per day.
contract with the
This contract assures us a
$75,000 this year.
profit of
FISCAL RESULTS.
Earnings—
Passenger
Freight
Express
1906.
Operating Exp. ,&c 1906.
a1905.
$344,961 Trainmen
..
..
..
305,451
13,751
14,654
232,539 Power
6,877
.10.498
and
_.
..$884,207
$594,875
*
Other Income
Total net Income
Interest on bonds
Taxes and Insurance
Net
surplus for year
.
Total
1905.
$68,333
$54,655
33,368
23,932
43,275
36,911
35,353
50.426
sub-
station men
Maintenance
Fuel
Gen.op.exp
General expenses.
reasonable basis for the calcula¬
considered that In
Railroads of San
conflagration
$1 295,398
38,825
stocks owned...
dividend certificates, &c_
on
$1,944,830
72.80 %
The figures given by these tables alford a
tion of the future prospects of your company.
When It Is
the course of the year 1906 the earnings of the United
Francisco have been subjected to the earthquake, the resulting
and all Its consequences, the strike of Its employees, and the
for Calendar
Co.—Statement of Income, &c
Interest on loans,
Miscellaneous
$877,146
100 %
the year
Year 1906.
$2,675,253
$877,146
Railroads
of San Francisco.
cubic yards
Total
j
Affili¬
ated Cos.
Its operating expenses.
obligations, and 5 % dividends on the outstanding
Interest on Its outstanding
The report
company, at par,
1109
THE CHRONICLE.
1907.]
56,885
64.550
132,047
11,214
$366,397
$517,810
$244,552
$350,323
14,462
31,792
$549,602 $364,785
$330,000 $250,000
13,878
17,996
$201,605 $100,906
03 91
1110
THE CHRONICLE
Statement Jot the
Years 1901
to 1906.
Year— Gross earnings
Net earnings Year— Gross earnings.
...40
9$97,157
1
$171,172
$464,655
1905a..
110,746
190,110
594,875
...60
9193,620
1
292,247
884,207
.
a
Kenosha extension
Net earnings.
$285,618
350,323
517,810
opened Dec. 2 1905.
[VOL.
pairs and depreciation to match factories amounted to $202,788 and to
$111,066 for similar Items in respect to the California plants.
Since the
difference in totals was found to be so slight, the Audit Company considered
the company's charges sufficient and accepted its figures.
Your committee,
however, calls attention to the fact that the company’s statements as usually
published convey the Idea that no charges whatever are made against
profits for depreciation or replacements.
[E. A. POTTER.
[Signed by <GRANGER EAR WELL.
BALANCE SHEET DEC. 31.
iC. H. PALMER.]
*
1906.
Assrtl—
$
Railroad property10,200,000
Cash
311,428
Material <fc.sup
16,685
Acc'ts collect., &c
9.421
Total
—
10,537,534
1905.
$
1905.
$
5,000,000
!
liabilities—
|
10,000,000 [Capital stock
1906.
$
5,000,000
299,0481 Bonded debt
5,000,000
15,682 i Pay rolls (accrued)
7,935
4,384 i Acc’ts payable
26,661
[Surplus
502,938
Total
10,319,1141
5,000,000
5,545
12,235
301,334
10,537,534 10,319,114
V. 84. p. 507.
General Electric
Company.
(Report for the Year Ending Jan. 31 1907.).
The report for the year 1906-07 is published at length on
pages 1118 to 1121.
Following are comparative statements
for four years past compiled for the “Chronicle”:
IXCC)ME ACCOUNT.
1906 07.
Receipts—
Sales
.
Royalties &
$
60,071,883
1905-06.
$
1904-05.
5
43,146,902
39,231,328
41,699,618
417,586
114,660
329,703
798,539
300,782
173,390
465,717
344,381
281,928
750,797
194,745
138,644
61,608,832
44,419,613
40,323,354
42,783,804
Total receipts
Expenses—
Cost of sales. &c
Interest
debentures
on
53,106,594
74,395
37,025.347
75,106
33,528,136
75,672
34,918,427
76,007
53,180,989
8,427,843
4,344,342
37,100,453
7,319,160
3,861 ,062
33,603,808
6,719,546
3,684,384
34,994,434
7,789,370
3,508,284
4,083,501
95)9,999
3,458,098
1.000,000
3,035,162
759,654
4,281 ,086
1,470,099
Total..
Balance
Dlv. on stock (8 %)..
...
.
Surplus
Patents writ, off, &c._
Surp. from
3,083,502
12,027,295
2,458,098
9,569,196
2,275,508
7,293,689
2,810,987
4,482,702
1903-04.
$
prof.,
sun.
dividends and int
Interest and discount
Prof, st’ks <Sc bds. sold
Net prof, security hold
ing co’s for year
prev. yr
675,000
Total surplus Jan.31 15,110,797
12,027,295
9,569.197
CONSOLIDATED BALANCE SHE ET JAN. 31.
1907.
Assets—
1906.
$
$
Pat’ts, franchises, &e.
Factory plants
1
7.293,689
1905.
1904.
$
$
1
,000,000
8,000,000
2,000,000
7,500,000
2,000,000
6,500,000
359,014
19,104,539
6,356,094
16,287,018
2,496,206
359,980
14,488,269
6,529,116
16,747,44!)
2,009,805
424,083
14,665,346
3,289,445
15,207,481
2.046,488
241,512
14,5)83,710
1 ,782,678
155,902
10,336,737
1.519,182
143,806
10,488,46 5
1 ,247,754
69,899
86,245,289
70,525,162
61 ,634,345
55,938,962
a64,353,550
55,000
)4 % gold coup. deb.
2,047,000
54,286,750
55,000
2,047,000
48,247.943
43,866,700
82,000
2,049,400
9,000,000
Real estate (other than
factory plant)
Stocks and bonds
347,489
20,086,790
Cash
3,910,709
Notes & ae’ts rec'v’blc 22,863,789
Work in progress
3,853,321
Adv. to affiliated Cos.
2,922,675
Discounted paper
666,608
Inventories—Faet’sles 19,680,243
Gen. & local offices
2,672,152
....
-
Consignments
Total assets
Liabilities—
Common stock
5 % gold coupon deb
.
3
_
_
Accrued lilt, on debs
Accounts payable
Deferred liabilities
Unclaimed dividends
Endorsements
Surplus
Total liabilities
458
458
4,010,41 1
2.106.864
_
78,000
2.049,400
12.027,295
9,569,196
7,293,689
86,245,289
70,^25,162
61,634,345
55.938,962
1
Includes $63,572,800 capital stock Issued and $780,750 of subscriptions
on account of capital stock, an equal amount being payable
April 1907.
—V. 83. p. 1593.
a
Diamond Match Co., Chicago.
(Statement Made at Annual Meeting—Committee's Report.)
At the annual meeting held in Chicago on May 1 President
Barber submitted substantially the following statement
(compare annual report figures in V. 84. p. 747):
Shortly after the special meeting of the stockholders, held in May 1906.
an examining committee was appointed by
tl^* board, and 1 now submit
its report:
The undersigned, appointed to employ experts to audit your books and
appraise your property, respectfully report that the Audit Company of
New York has submitted a report showing:
“Condition of Company as of Dec. 31 1906.
Assets —
Land, buildings, machinery, equipment, Interest In California
plants, lands, &c.. foreign and other investments..
$7,858,869
Patents, rights, trade-marks, &c
5,917,371
Finished product, logs, lumber, raw material, &e.. one-half in¬
terest In logs, rough and dressed lumber, materials, supplies,
&c.. In California
2,023,662
Accounts and notes receivable, less reserve for bad and doubt¬
ful items
1
1,422.152
Cash In banks and offices
753.287
Total..
Liabilities—
..$17,975,341
..
Capital stock
Insurance and general reserves
Accounts payable, accrued wages and taxes
...
..
Surplus Dee. 31 1906
r
Total
$16,000,000
110,792
532,633
1,331,916
517.975,341
...
“Combined Income Account for the Fiscal Year ending Dec. 31 1906.
Net profits from the sa'e of matches.,lumber, from rentals, roy¬
alties. foreign Investments and California operations
1.
Less the following:
Repairs, replacements and depreciation
on
plants.
Repairs,
replacements and
fornia properties.
Reserve for bad. doubtful accounts, &c
on
$2,357,623
match
$202,788
....
depreciation
Cali¬
...
•_
expended year by year for repairs, replacements and betterments whlth
have been charged off direct to expense.
Again, the action of the company
in making heavy charges from time to time against surplus for depreciation
or reduction of plant, &c., account, has tended to wipe out the loss that
has been sustained In the sale of wreckage of plants that have at different
times been acquired.
I believe that If an appraisal had been made with less
conservatism, the report would have suggested a much lower figure for pat¬
ents, trade-marks, <5cc.
Dividends.—At the meeting of the shareholders held In May 1906 there
was some discussion as to the propriety of reducing the dividend from 10
to 8%.
The satisfactory results of our operations for the year 1906, how¬
ever, emphatically indicated that no such action was necessary, and in
view of the tlattering prospects of the company, its excellent condition and
increasing trade, there seems to be no occasion whatever of even so much
as discussing a reduction at this time.
Acquisition.—In my report of March 1907 (V. 84, p. 747) I stated that
we had taken an option on 93,000 acres of timber land In California adjacent
to our present holdings, and that experts had been employed to make esti¬
mates of the value of the quantity of timber thereon.
James D. Lacey &
Co., who made the examination, have submitted their report, and It Is so
favorable that I cannot but believe that a rare opportunity has been given
us.
At a meeting of our board of directors held yesterday. it was resolved
that the option be exercised and that the property be purchased for $1,000,000 for the timber, real estate, logging railways, equipment, fixtures, &c.,
and In addition thereto the lumber, merchandise and supplies at Inventoried
value.
This acquisition is believed to be of great importance, not only
because of the present as well as prospective value of the timber, but also
because of our present heavy Investment In permanent equipment, logging
roads, sawmills, &e., In California, the life of which will obviously be ex¬
tended In consequence of the largdy Increased amount of timber we will ac¬
quire under this option.
In my report I intimated that you might possibly be called upon to invest
additional money In order to peimit the company to acquire this property,
and I also stated that it had been suggested that the lumber business should
be segregated from the Diamond Match Co.
Both of these matters have
been carefully considered, and In view of the favorable outlook for business
and earnings for the current year, It will not be necessary to make any un¬
usual arrangements for financing the property, as the company is abundant¬
ly able to undertake the purchase without calling upon its shareholders,
as the terms of payment are liberal.
While for many reasons it would be
desirable If a company were organized to take over the lumber department
of the company, no move will be made In that direction at the present time,
notwithstanding the expressed wish of our English associates, Bryant &
May. that such a plan be pursued.
As you are aware, Bryant & May are
interested with us jointly In our lumber operations In California, and they
have for some time been insistent that a co npany be organized to take over
the property and that the stock of such company be divided equally be¬
tween them and ourselves.
As Interested with us jointly In California,
they will of course be Invited to co-operate with us In the purchase of the
property which we are now about to make: should they fail or decline to
join us, we will, nevertheless, buy the property ourselves.
Outlook.—Our sales for February were the largest In the history of the
company; our various plants are being taxed to the utmost and everything
Indicates that the year 1907 will be our banner year.
The capacity of our
plants Is being Increased and a new factory is about to be built 1 i order that
we may keep pace with the demands of the trade.—V. 84. p. 1055, 747.
(cd)—CWehrtalin
363.854
Net income for year..
Total surplus Dec. 31 1905
$1 .993,769
888.147
Deduct dividends for the year
$2.881.916
1 ,550,000
Corporation.
C. M.
operations for the year show the following results:
Total Income of the constituent companies of the corporation
Total surplus Dec. 31 1906
$1,331,916
"The Audit Company shows that It would have charged off $207,550 for
depreciation of match factories. &c.. and $115,375 for depreciation of the
California plants.
The company's aggregate charges for replacements, re¬
5 1,320 053
557,304
Deduct bond interest of constituent companies
Net income for the year
$762,749
against which have been declared divide nds at the rate of 5 %, or $745,400,
of which three quarterly dividends were paid (lurin ’- 1906, and the fourth
Feb. 1 1S)07 (May 1906, 1 H %; Aug. 1906, 1 H %; Nov. 1906, *4
Feb
1907, ’t %* total, 5
—Ed.)
The following amounts were charged to accumulated surplus, not being
considered properly chargeable against the earnings of the past fiscal year
for reasons explained below:
Loss by earthquake and fire at Union Iron Works, S n Francisco,
_......
Cal
•
Loss by lire at Bethlehem Steel Co
Share
c
(proportionate to work remaining to
$118,401
60,000
-
..
be performed Jan. 1
1905) of the loss in excess of $250,000 provided in 1905, on
Government cruisers contracted for by the United States Ship¬
building Co
^'Balance of estimated loss
_
.
439,093
.
uncompleted ship contracts taken
since the formation of the Bethlehem Steel Coiporation. Jan. 1
1905. after charging against net income proportion applicable
to 1906
.
...
.
on
500.974
.
Total
$1,118,467
large contracts for ships, taken but n t completed by the
United States Shipbuilding Co. (whose properties were purchased by the
Bethlehem Steel Corporation), have proved to have been taken at a price
which could only result In a loss of about $1,725,"00
While it has been
considered proper to charge to the operations of trie Bethlehem Steel Cor¬
poration a part of this loss, proportionate to the relative amount of work
done by this corporation in completing the contracts, i* has been considered
that, as these contracts were nor take n by this corporath n, no part of such
loss_should be deducted in arriving at the profits for th normal operations
of the year, but that It should rather be p.ovkb d for bv appropriating for
thls purpose-from the general surplus.
The p (vision m ule at the end of
1906 covers (with that provided in 1905 and th '•barge to property account)
...
the total estimated loss
on
these cruisers,
h
..c-e
contracts
are now
about
completed, and the last of these ships should be delivered about May 1907.
no profits are included in the income given for 1<K)6 on profit¬
able contracts not completed and not delivered, a part (proportionate to
the work done)
has been taken tip in this income of the estimated loss
on
Incomplete contracts on which losses are anticipated.
One contract for
.\ parr of this loss, propor¬
ships begun in 1905 now shows a probable loss.
tionate to work done in 15)05. is therefore charged to surplus
as
not
applicable to 15)06.
There Is also charged to sutplus the part of the loss
proportionate to work to be done after 15)06 to complete all ship contracts
on which a loss is now anticipated.
Provision lias therefore been made
cover
the entire estimated loss
on
such contracts.
Erplanation of Decrease in Income.—The decrease in Income In 1906 as
compared with that in 15)05 has been due to a number of causes.
The largest portion of the Bethlehem Steel Co. plant was primarily adap¬
ted to the production of Government work, although also suitable for the
production of certain lines of eommeiclal work.
During the past year, there
a large decrease In til - volume of orders received from the Govern¬
and steps were taken ta develop th'* Uu-iness in commercial lints.
Additional shops and mills were erected to increase the production of com¬
mercial material.
The largest development was the erection of an entirely
new plant, reference to which was made In our last report, for the manufac¬
ture of rails and of structural shapes by a new process to which the rompny
has secured the exclusiv- American rights.
The new plant, it is now ex¬
pected, will become productive In July of tuis year.
The fiscal year 1906
nas
Bethlehem Steel
in these statements to
111 ,066
50,000
the values
greatly be¬
low not only the cost of replacing such plants at the present time, but In
some Instances even less than the first cost of construction, notwithstanding
that they were built when labor and material were greatly lower than at
present time.
The constant effort of your management has been to main¬
tain the property in the best possible condition, and liberal sums have betn
General Results.—From the consolidated balance sheet as of Dec. 31 1906,
and profit and loss account for 1906, suomitted herewith, the financial
,794
666,607
15,110,75)7
1 .466
no
(Report for Fiscal Year ending Dec. 31 1906.).
Schwab, President and Chairman of the Board,
April 2 1907 writes in substance:
683
1
comment to make except to say that I consider
placed by the Audit Company upon our plants, property, &c.,
I have
.810.665
834,000
1 ,825
650
1
,345,145
342,000
2,011
.
LXXXIV
been
ment.
has, as far as the income of the Bethlehem Steel Co. is concerned, been a
part of the transition period, and this has been reflected in the
income shown.
While the new mills will not reach their full normal earning
capacity during the current year, it
to
the income of 1907.
dimlnlshtd
is believed that they will add materially
Steel Co. for Year ended Dec. 31 1900.
Deduct Int-rest Accrued—
8,018,855 [ Beth. Iron. Co. 1st M. 5s
$67,550
! Beth. Steel Co. Pur. M. 6s.
444,480
Do first extension 5s
.r45,274
$1,521,155!
Profit and Loss Account of Bethlehem
$9,540,010 !
Earnings
Operatingexp.,
taxes, Ac.
.
Net
earnings.
Total income
3,063
130,076 | Interest on notes.
Other income
$560,367
Total
$1,651,2311
...
$i ,090,864
1,012,500
Surplus for the year available for dividends.
Less dividends to Bethlehem Steel Corporation..
$78,364
.r The interest above ($45,274) on the company’s first extension
5s includes the proportion of discount and the amount of Interest
mo rtgage
chargeable
against operations of the year.
It will be noted that even under the adverse conditions existing In 1906
and with the new plant not yet in operation, the total income of the Bethle¬
hem Steel Co., $1,651,231, would be at a rate sufficient to pay the interest
on its purchase-money mortgage 6% bonds outstanding, $444,480;
and
the interest on the entire $12,000,000Issue of its first mortgage extension
5% gold bonds, $600,000, leaving a surplus of $606,751, which would give
a substantial margin for sinking fund on first extension mortgage bonds
(which commences In 1908), Interest on loans, depreciation, and towards
dividends to the Bethlehem Steel Corporation, leaving further applicable to
dividends the Increase which is confidently anticipated In the earnings of
the present plant from development of the commercial business and the
entire earnings of the new plant.
Ship Yards.—The results of the operations of the ship yards have been
very unsatisfactory. While repair work in these yards has been profitable,
a serious loss has developed in several large ship contracts.
At the time of
the purchase of the shipbuilding properties by the Corporation, there were
on hand a number of unprofitable ship contracts, principally Government
cruisers, which have since shown a much larger loss than was anticipated.
Losses have also developed on ship contracts, not yet completed, taken since
the purchase of the shipbuilding properties, due largely to the unfavorable
labor conditions existing at the Union Iron Works at San Francisco following
the earthquake.
The statement of Income of the Bethlehem Steel Corpora¬
tion for the year ended Dec. 31 1906, and the adjustment of its surplus and
property accounts, reflect what is believed to be the entire loss to be sus¬
tained on such contracts.
Future ship contracts will only be taken on an
assured margin of profit, and if these cannot be obtained, the Union Iron
Works Co. will devote Its attention entirely to ship repair work and mining
machinery.
Dividends.—As a result of the decreased earnings, your directors deemed
it advisable to reduce the dividends payable Nov. 1 1906 and Feb 1 1907
to % of 1 %, making the total dividends declared out of the income of 1906
at the rate of 5 % per annum on the preferred stock.
Orders, <fcc.—The total estimated value of the orders booked by the cor¬
poration during the year aggregated $16,216,570, with an
of unfilled orders on hand Dec. 31 1906 of $13,300,885.
Union Iron Works Co.— This plant is situated outside the zone of the
greatest destruction by the earthquake of April 18 1906, and
estimated value
escaped
consequently
with damages which, while serious. W'ere slight compared to those
by property in the heart of the city.
Apart, however, from the
suffered
actual destruction of property,
the labor-situation wrhleh has followed the
earthquake has seriously affected this plant.
The yard is particularly well located for securing a large volume of ship
repair work and this branch of the business has been profitable, but under
the unfavorable conditions obtaining during the year, only one ship has
been delivered—the U. S. Cruiser ‘Milwaukee”.
The plant has under
construction two cruisers for the Government, which will probably be de
llvered In April and May, and four other ships, one of which should be
delivered during March.
Progress has been made in the development of
the mining machinery business, and good results are expected.
Harlan & Hoilingsu-orth Corporation.—'This plant has been placed In good
During the year 1906 this yard has delivered 11 vessels and 158
condition.
cars, besides boilers, engines, &e., anil miscellaneous repair work.
There
are now on the books orders for 14 vessels and 131 cars, which will employ
the capacity of the plant until the fall of 1907, mostly at a good margin of
prolit.
Samuel L. Moore S- Sons Corporation
.--This plant has been
now
not been operated since the formation of the
and it is Intended to consolidate it with the
Bethlehem Steel Corporation,
Samuel L. Moore A Sons Cor¬
poration (the properties being adjoining).
Bethlehem Steel Compand.—During the year this company has delivered
$7,400,000 of its $12,000,000 first extension mortgage 5 % gold bonds, to
provide a fund for the construction and extensions under way.
The $1,351,000 5% bonds of the Bethlehem Iron Co. matured Feb. 1
1907 and have been paid.
The mines of the .furagua Iron Co., a subsidiary to the Bethlehem Steel
Co., have been In continuous operation throughout the year.
The principal
work done has been in the line of development and equipment for a larger
and more economical output, the attendant cost of which has been defeired
as a charge against future mining operations.
'File ore bodies on this
property, it Is demonstrated, are even more extensive than anticipated at
the time of the acquisition of the property.
Other Subsidiaries.— No operations are being carried on at the plants of
the Eastern Shipbuilding Corporation and the Cartaret Improvement Co.
BETHLEHEM
STEEL CORPOR \TION A XI) SUBSIDIARY COS.
Consolidated Profit and Loss Account for Years ending Dec. 31.
1905.
1906.
Gross sales
Less cost of sales, including
and general expenses. ......
Not
f
1 $14,554,117
administrative, selling (reported]
Manufacturing profits on contracts
completed or
pated, proportionate to work
3,468,802
,859,353
1
delivered during year
>
Less share of estimated losses on uncompleted ship
t
contracts taken since formation of Bethlehem
Steel Corporation, and on which loss is now antic!
11.085,31 5
$3,468,802
5109,631
44,042
$93,808
58,147
...
$3,622,475
$1,364,175
and advances.
.
First extension
$44,122
$12,875
(see notex)
400,000
67,550
67,550
444,480
444,480
bonds
Bethlehem Iron Co. first mtge.
Bethlehem Steel Co.—
mtge. 5 % bonds
(including pro¬
36,500
JU w* io
portion of discount)
Total interest, Ac., charges
Net income for year
Total surplus beginning of year
$961.405
$2,661 .070
$601 .426
$762,749
—
1.843,619
Deduct Extraordinary I.osses and Resrri'cs—
(Not considered as properly chargeable against
operations of current year, as explained in text.
earthquake and tire at Union Iron Works,
$118 401
60,000
to be per¬
of
$250,000 provided in 1905 on Government cruis¬
ers contracted for by
S. Shipbuilding Co. . —
Balance of estimate d loss on uncompleted ship con¬
tracts taken since the formation of Bethlehem
439,0931
In view of the above, and the present
depreciation has been deducted
here include; In 1905, Aug., 1 H %. and Nov., 1 H %;
In 1906, Feb., 1H %; May. 14%; Aug.. 1*4%: Nov.,
6%.
Compare paragraph h.aded •'General Results”
product and consequent protits.
physical condition of the various plants, no
for the year 1906.
U The dividends
total, 3 4%.
4%.
Total.
above.—Ed.
BETHLEHEM STEEL
CORPORATION AND SUBSIDIARY
1906.
Consolidated Balance Sheet, Dec. 31
1906.
1905.
$
$
Assest—
Property account Jan. 1 1906
Share of loss on liquidation of assets
-
of predecessor
COS.
$32,001,264
542,169
company
$32,543,433
Additions during year, less property
earthquake, fires, Ac
destroyed by
5,313,828
_
Deposit since used to retire bonds due Feb. 1
Raw materials and supplies
Worked material and contracts
$37,857,261
$32,001,264
1,347,572
2,605,430
2,794,133
4,190,112
2,513,186
518,847
4.088,137
2,670,678
2,882,846
571,237
943,343
150,295
150,856
$52,858,578
$43,858,182
..$14,908,000
$14,908,000
14.862.000
1907
in progress, less
partial payment bills rendered, and reserves for
losses
Accounts and notes
receivable
Miscellaneous Investments
Cash (including in 1906 $2,449,676 on deposit for
construction purposes out of which will be pay¬
able accounts to a substantially similar amount)
Deferred charges to operations (including in 1906
discount on realization of Bethlehem Steel Co.
bonds and expense issue)
Due from receiver U. S. Shipbuilding Co
Total
Liabilities—
Non-oumulatlve preferred stock
14,862,000
Common stock
Bethlehem Steel Co. first extension mortgage 5%
bonds due Jan. 1 1926...
...
Bethlehem Steel Co. purchase money mortgage
6 % gold bonds, due Aug. 1 1998..
Bethlehem Iron Co. first moitgage 5 % bonds, ma¬
557,196
x7,400,000
turing Feb. 1 1907.
Notes payable
Accounts payable ...
Bond interest accrued
Deposits on contracts
Depreciation reserve
Reserves for re lining furnaces.
Contingent reserve, Ac
Surplus as per account above
874,386
7,408,000
7,408,000
1,351.000
1,350,000
3,826,916
1,351,000
1.059.000
1 ,724,751
123,646
558,238
400,000
400,000
103,146
74,340
23,517
80,671
97.495
593,421
1,843,619
$52,858,578
$43,858,182
x Total bond Issue, $12,000,000, less In treasury $4,600,000;
$7,400,0C0.—V. 84, p. 933, 805.
outstanding,
Ac.
Total
of
Pennsylvania Steel Company (of New Jersey).
(Report for Fiscal Year ending Dec. 31 1906.)
The report, signed by President E. C. Felton and Chairman
the Executive Committee E. B. Morris, gives, under date
May 3, the following particulars regarding the operations
of
of the mining,
manufacturing and railroad
companies owned
controlled for the fiscal year 1906:
Mining Companies.—Reference was made In the last annual report to the
formation, in your interest, of the Penn-Mnry Coal Co. (V. 82, p. 1104)
or
of coking coal. This property,
over on May 1 1906 and Is
now producing about 30,000 tons of coal monthly.
It Is being further de¬
veloped by opening new mines and by the construction of an additional
coal tipple.
The scarcity of efficient labor has retarded Its development
and the purchase by It of a large acreage
situated in Indiana County, Penn., was taken
considerably.
In line with the policy of increasing ore reserves, your
subsidiary com¬
The Pennsylvania Steel Co., of Pennsylvania, purchased during 1906
additional shares In the Cornwall Ore Banks (compare V. 72, p. 1241,
1283; V. 73. p. 1364; V. 74, p. 1312; V. 76, p. 917; V. 80, p. 655) and now
own a majority Interest In that property.
A notable addition to your sup¬
plies of iron ore has also been made by your subsidiary company,
ish-American Iron Co., in the discovery of an extensive deposit of iron or©
which has been acquired and which will be developed as fast as circum¬
stances permit.
The development will Involve the building of a rail¬
road, with the necessary ore docks, towns, shops and mining equipment,
and, if it is to be made rapidly and economically, will require to be financed
Independently of the current surplus earnings available for plant additions
pany,
6
the Span¬
and
Improvements.
The producing mines of the
Spanish-American Iron
their maximum output in
Co., near .Santiago In the Island of Cuba, made
1906.
These mines are In excellent condition.
value
809,000
in 1905.
in
Co. the 120 by-product
1905.
At the Steelton plant of the Pennsylvania Steel
coke ovens were completed with the year 1906, were
The
1907, and are now Ui full operation.
started In January
construction of a new openwas begun in June, 1906,
present year. Important
additions were made during the year to billet mill and slabbing mill at
Steelton and t-o the ore and copper concentrating plants at Lebanon.
At the Sparrow’s Point plant of the Maryland Steel Co. the replacing of
all blowing engines at blast furnaces was finished and the remodeling and
compounding of other Important engines in the steel plants were well ad¬
vanced during 1906.
The Improvements to blast furnaces have resulted
in a very gratifying Increase In the output of that department.
The marine department of the Maryland Steel Co. built ten vessels during
1906, and also did an amount of repair work to ships about equal to that
of previous years.
Railroad Companies. — The railroad companies, owned or controlled,
hearth plant, consisting of five 75 ton furnaces,
and will be completed about the middle of the
successfully operated.
All Companies.—Out of the balance of profits
interest charges, charges to general and special
remaining, after deducting
depreciation and dividends
their
paid, your subsidiary companies have transferred $1,851,794 to
re¬
for plant Improvements.
The subsidiary companies expended during 1906 $2,328,591 for capital
The principal items from which this expenditure was made were
account.
the completion of the coke oven plant and the construction of the new open
hearth plant at the Steelton works of the Pennsylvania Steel Co.
Dividends to the amount of 7% have been paid during the year on your
No dividend lias been paid on your common stock.
preferred stock.
Outlook for 1907.—The program for 1907 comprises no Important cx- v
penditure at the Steelton works other than that Involved in the
of the new open hearth plant now under construction.
At the Sparrow’s
Point plant, improvements in the handling of raw materials for blast fur¬
completion
i
$295,671
Steel Corporation Jan. 1 1905, after charging
against net Income proportion applicable to 1906.
able
serves
Loss by
excess
At the Bethlehem Steel Co. a number of new' departments have been put
operation during 1906, the original equipment of small tools, Ac., being
charged to operations, although it might properly have been considered a
capital charge.
Further, a large part of the work on the new’ plant is being
built by the Bethlehem Steel Co. and charged to capital account at cost,
making the book value of these Improvements stand at a low'er ligure than If
purchased from a contractor who would add profit. The use of the facilities
of the company for this purpose has, of course, reduced the amount of sal¬
x
In
were
$2,661,070
$2,606,368
San Francisco
Loss by lire at Bethlehem Steel Co
Share (proportionate to work remaining
formed Jan. 1 1905) of the loss In
$1,843,619
Manufacturing Companies.—The amount of steel produced and the
products Invoiced were in excess of those for any previous year;
of pig Iron were made in 1906, as compared with 748,000 tons
and 980,000 tons of steel Ingots in 1906 as compared with 847,000 tons
047,193
and deposit, Ae.
Depreelatlon
$593,421
balance sheet
tons
$1,212,160
Deduct—
Interest on notes
Net surplus as per
$2,365,399
(6%)894,480 (34)521,780
Preferred dividends paid during year
U
$1,487,901
of
performed during
Dividends and Int. on investments
Miscelianeous, including rents, Ac
1905
1906
Balance.
developing Its
feneral
foundry
machine
new linesCorporation
of specialties.
is
well tilled
and with
work.
shopThebusiness
Crescent
andShipyard
has
t
mi
THE CHRONICLE
May 11 l'J07. j
$1
,118,467
from ships to the blast furnace plant, arc
The most Important matter now before us Is
Iron ore property in Cuba belonging to
naces,
500,974 j
$295,671
contemplated.
the development of the new
the Spanish-American Iron
Co re-
1112
THE CHRONICLE
ferred to above.
This is a subject of supreme Importance to your company
and the plans for developing the property and for financing the enterprise
are now having our earnest consideration.
The business outlook for the year 1907 Is good.
The amount of orders
booked by your subsidiary companies is in excess of any previous year.
The Increase in costs of labor, supplies and raw materials will, however,
considerably reduce their net proiits.
COM BIXED STATEMEXT OF OPERATIXG
Years ending Dec. 31
Pig Iron prod, (tons)
Steel produced (tons)
Net earnings
Rents, Inc. from la¬
ments ,etc
$5,462,984
Net profit
DIv. paid Penn.
Co. of N. J
Bai. to
x
665,000
837,000
$2,572,470
$3,380,434
1903.
505,469
277,717
187,805
329,607
$2,760,281
$3,710,041
$821,844
$5,263,965
$811,562
$792,761
$864,997
143,633
$5,146,609
1,513,371
$4,452,403
1,755,192
$1,967,520
732,007
$2,701,410
512,313
$3,633,237
$2,697,211
$1,235,513
$2,189,097
1,164,000
1,122,500
1,419,360
Steel
,653,000
prof.& loss $1 .980,237
Adjustment of interest
on
PENNSYLVANIA
$1,533,211
$113,013
$769,737
temporary balances between operating and
STEEL CO.
Years ending Dec. .11—
1900.
Dividends from oper.
cos. and misc. int. $1,760,227
Adjust, val of
over
sec
dividends
1904.
1903,
33,248
$1,471,203
31,003
$1,218,874
28,665
$1,530,461
30,458
$1,732,979
$1,440,202
$1,190,209
$1,500,003
$1,155,000
215,576
$1,155,000
200,000
$1,155,000
$1,155,000
$362,403
sur$85,202
sur$35,209
$345,003
Expenses
Net earnings
Deduct—
DIv. (7%) pf. stock.
(OF NEW JERSEY)
1903.
BALANCE SHEET.
May 1 '07
May 1 ’06 |
May 1 ’07
Assets—
S
Cash
55,600
Loans
2,321,039
Stocks & bonds ..25,377,148
Accr’d int
&<*
33.807
S
I
Liabilities—
S
507,802! Preferred stock... 16.500,000
1,000,0221 Common stock ..10,750,000
26,129,680| Loans from op cos^
9,4911 Profit and loss
537,594
Total assets
27.787.594
—V 84, p. 1056. 453.
27.646.995)
.
Total liabilities 27,787,594
Bush Terminal
{Report
President
May 1 ’06
S
16,500,000
10,750,000
221.804
175 191
27.046.995
Company.
the Fiscal Year ending Dec. 31 1906.)
Irving T. Bush March 12 1907 writes in substance:
for
Construction work
was
so
delayed that
many
Improvements did
not
produce income until the closing months of the year, and some not until
early in 1907.
Additions which are now producing a monthly revenue of
$20,000 produced practically nothing during 1906.
With this exception
the business has continued upon a satisfactory basis, and a substantial
Increase of income for 1907 seems assured.
Other construction work is
under way, but will probably not become productive until 1908.
Pier No. 2. the sixth pier to be constructed by the
company, was com¬
pleted early in Jan. 1907, and has been leased for a term of years.
The
sprinkler plant. Installed at an expense of nearly $500,000, was completed
early in 1906, and the present rates of insurance vary from one-half to onetenth of those formerly in force.
The ferry from the Battery to the foot of 39th ,St., Brooklyn, was ac¬
quired by the City Oct. 1 1906, which will be of great benefit to all
commercial interests in South Brooklyn.
In addition, the city has decided
to undertake the development of all the vacant property on both sides of
the company's plant, on the South Brooklyn water-front, and has both
taken steps to acquire tlds property and has approved a plan for the con¬
struction of nine piers, similar In a general way to our own.
This will
result in making South Brooklyn the greatest steamship centre at this
port.
The city has also acquired a site for a wholesale market
upon the water¬
front directly opposite the factory buildings Nos. 1 and 2, and construction
work has already been begun.
Our ordinary business operations have been carried on during the
past
year under many disadvantages, because of the large amount of construc¬
tion material It has been necessary to handle.
This has Interrupted our
regular service, and has Increased the cost of operation.
These difficulties
will correct themselves as soon as the plant Is
completed. The company is
still carrying a large amount of undeveloped property, which Is
Increasing In
value, and which, when developed, will yield a large return.
Tn view of
this burden, and of the delay in construction work. It has been difficult to
make a large net surplus for the year, but the condition of the
plant has been
well maintained: all repairs and some Improvements have been
charged to
operating accounts: taxes and Interest upon unimproved property have been
paid: Interest on construction bonds, amounting to $30,451, has been
charged against the year’s Income, and a surplusof $112,055 has been earned.
Our piers and loft and factory buildings are leased at fixed
rentals, and
contingent income is derived from the storage of merchandise, which branch
of the business Is never more prosperous than In so-called hard times.
Factory Building.—The loft and factory building development of this
company also deserves a special word.
The venture was started upon the
theory that the over-crowded conditions in Manhattan, the cost of trucking
from railway terminal to the manufacturer or wholesaler, and
again to
railway terminal, was sure to attract manufacturers and wholesalers to our
fire proof buildings, where the railroad freight car is brought
directly to the
shipping-room.
The first building was in the nature of an experiment,
and the space was offered at a moderate rental.
The result", however, was
that the building, although containing 300.000 square feet of lloor
space,
was entirely rented before completion, and the second
building of the same
area was rented at a substantial Increase In rent
per square foot before It
was completed.
In fact, the last rentals for the second building were 50 %
higher than the llrst rentals for the first building.
We feel that this de¬
velopment is an assured success, and that even higher rentals will be secured
upon buildings constructed hereafter.
[The “Iron Age” of March 14 1907
had an Illustrated article regarding these factory
buildings.—Ed.]
INCOME ACCO UXT FOR FISCAL YEARS ENDING DEC. 31.
Gross earnings from’doeks, storage,
from railroad department
Operating expenses
1906.
1903.
$885,025
377,247
$740,954
.$507,778
$429,408
.$300,390
64.882
$223,748
53,547
Ac., and net Income
.
Deduct—
.
Less
proportion
interest
on
$152,113
5
s
30,451
32,039
.$112,055
122,984
$120,073
4,206
.$235,039
$124,279
.
.
Deduct—Preferred dividend paid in Feb. 1906
Depreciation 1905
Advertising In 1904
,)
_
.
Balance, surplus, carried forward
The dividend shown
was
paid In Feb. 1906;
311,546
none
$75,000
20.000
1,295
.$140,039
$140,039
$122,984
has been declared since.
LXX.XIV
CURRENT ASSETS AND LIABILITIES DEC.
1906.
1905.
|
31.
1906.
1905
$
$
1 Liabilities—
$
$
£276,482 190,5901 Current vouchers..1/206,000 172,440
cos 86,867
48,2141 Pay-rolls
9,412
4,449
Advance payments. 34,179
26.500) Accrued int. on debt 37,660 37,660
Accrued stor.&labor251,871 272,760 Sundries
64,027
2,011
Sundries
148,771
23,037)
Assets—
Cash & accts rec
Advances to sub.
Tot.
curr. assets.
.798,170 561,101|
The accounts receivable
Tot. curr. llabll’s.317,100 216,560
being in great part collected.
V Including construction accounts payable from proceeds of bonds sold
but not delivered.—V. 84, p. 803.
£
now
United Gas
Improvement Co., Philadelphia.
{Report for Fiscal Year ending Dec. 31 1906.)
President Thomas Dolan says:
Volume of
Sales.—During the liseal year ending Dec. 31 1906 the gas
companies in which we are interested outside of Philadelphia, increased the
volume of their sales 13 2-10%.
The sales of the Philadelphia Gas Works
increased 6 3-10% and the sales of the electric-light companies in which we
are
1
holding companies.
Bai
748,000
847,000
$4,986,248
1904.
615,000
618,000
$5,968,453
Interest on bonds.._
Other interest.£
_
COMPANIES.
1905.
809,000
980,000
Gross income
Net inc. for year.
Gen. depreciation
1906.
—
[Vo-L.
interested Increased 15 3-10%.
Stock.—The
capital stock was increased during May and June from
$36,720,200 to $45,884,850.
The earnings of 1906 amount to 13.49 %
upon the average capitalization of the year.
Lease of Kansas City Gas Co to Syndicate, Etc.—On Sept. 27 1906 there
was approved by the Mayor of Kansas City, Mo., an ordinance
granting to
a syndicate, of which this company is a member, the right
to sell natural
gas for 30 years, and for that purpose to lease the holders, street mains
services and meters of the Kansas City (Mo.) Gas Co.
This lease has been
made on a gradually increasing rental, which finally reaches an amount
sufficient to pay 5 % annual dividends on the capital stock of that company.
In which, as you know, the United Gas Improvement Co. has a large inter¬
est.
Contracts have been entered into with thfe Kansas Natural Gas Co.
(Vol. 83, p. 821, 382: V. 84, p. 568) and tiie Kansas City Pipe Line Co.
which insures to Kansas City, Mo., and Kansas City, Kan., an ample sup¬
ply of gas.
This settles the only franchise problem likely to confront us
for 10 years.
Lease and Sale of
Company’s Connecticut Interests.—The property of the
Connecticut Railway & Lighting Co. has been leased for 999 years from
Aug. 1 1906, and the capital stocks of the Housatonic and New Milford
Water Power companies and of the Meriden Southington & Compounce
Tramway Co. have been sold to the Consolidated Railway Co., a corporation
controlling all the important trolley properties of Connecticut.
The New
York New Haven & Hartford RR. Co. owns most of the stock of the Con¬
solidated Co. and has guaranteed the fulfillment of the conditions of the
lease and payment of the principal and Interest of the debentures Issued to
buy the stocks of the water power companies and the Meriden Southington
<3e Compounce Tramway Co.
The rentals under the lease supplemented
by the sum of $10 per share
fft their stock paid by the owners of the common stock to the Colonial
•TUst Co. of New York, as trustee, will be sufficient to pay interest and
sinking fund charges, the cost of maintaining the corporate organization,
and dividends at the rate of 4 % per annum on the preferred and common
stock of the Connecticut Railway & Lighting Co. (V. 84, p. 507, 390.)
Sale of Rhode Island Interests.—Simultaneously with the above transac¬
tion there were sold to the Providence Securities Co., which made payment
In its 4 % 50-year debenture bonds, guaranteed as to
principal ana interest
by the New York New Haven & Hartford RR. Co., all of the bonds and
floating debt and practically all of the capital stock of the Rhode Island
Securities Co., and paid to the Providence Securities Co. cash to the amount
of $10 per share of stock so sold.
(See a subsequent page of this Issue;
also V. 84, p. 997; V. 83, p. 1525.)
Assured Income of $1,000,000 Yearly from Connecticut and Rhode Island
Investments.—By these transactions we have transferred the responsibility
of managing and financing these properties to the New York New Haven
& Hartford RR. Co., and insured an income to the United Gas
Improve¬
ment Co.from its Investments in Connecticut and Rhode Island of $1,000.000
per annum, being 4 % on securities of the par value of $25,000,000.
Acquisitions.—Since the last annual meeting we have added to the com¬
panies in which this company is interested:
The Chester'Gas Co. and the Dauphin County Gas Co (V. 83, p. 495),
both doing business In Pennsylvania; the South Bend & Mishawaka Gas
Co. (V. 84, p. 395,) of Indiana, and the Syracuse Lighting Co of New York.
(V. 84. p. 936, 629.)
Equitable Illuminating Gas Light Co. of Philadelphia.—The only other
detail deserving notice is the-lease of the Philadelphia Gas Works.
This
contract has been fulfilled In letter and spirit by your
company, and will
be until the end, whether that be upon the expiration of its full
term, Dec.
1
1927, or by the city’s exercise of her option to terminate on Dec. 31 1907.
This contract was entered into with the expectation that if its
operation
for the first ten years resulted In better service and
Improved financial
results to the city, the lease would be continued for Its full term of 30 years.
There can be no question of the accomplishment of both these results.
If,
however, those responsible for the administration of the city’s affairs decide
to terminate the lease, the substantial condition of your
company will not be
Impaired.
The prosperity of this company Is not dependent
upon the Philadelphia
gas lease, but
upon the many interests which it possesses situate outside of
Philadelphia, where the moneys payable to us upon such termination can be
at least as profitably employed as here.
Even though these sums should
temporarily be tied up by litigation, In my opinion the dividends upon
your
stock will not be diminished.
Earnings for Calendar Years.
NetT earnings
Dividends (8%)
Balance, surplus.,
—V. 84. p. 1057, 936.
GENERAL
1906.
1905.
1904.
$5,853,527
3,471,208
$5,070,165
2,938,000
$4,470,844
2,938,000
$4,027,529
2,569,349
$2,382,319
$2,132,165
$1,532,844
$1,458,180
1903.
INVESTMENT NEWS,
RAILROADS, INCLUDING STREET ROADS.
Alaska Central Ry.—Construction.— President Frost
firms the following:
con¬
This company, which Is building a line from Seward north via Susitua
valley to the Tanana River, 450 miles has let a contract for building 25
miles and grading thereon has just been started. A contract will
probably
be let in June for building 30 miles additional.
The company has also fin¬
ished surveys for a branch from Knlk. about 150 miles north of its south¬
ern terminus, east to Matanuska, 40 miles.
See map on page 11 of “Rail¬
way & Industrial Section.”—V. 82, p. 1495.
Atchison Topeka & Santa Fe Ry. Co.—Yew Rond Issue—
Further Facts.—The block of about $26,000,000
5% con¬
vertible bonds offered at par to shareholders of. record
May
10, as stated last week (p. 1051), while coining under the
$98,000,000 authorization of stock or bonds approved by the
shareholders last January (V. 84, p. 269), is now officially
described as “part of an authorized issue not
exceeding
$35,000,000 of 10-year 5% convertible gold bonds to be
issued pursuant to an indenture dated May 9 1907, to be
executed by the company and by the Standard Trust Co.
of New York, as trustee.”
A circular dated May 1 says:
The bonds now offered will be convertible prior to June 1 1913, at the
option of the holders, into paid-up shares of the common stock of the same
par value.
The bonds will be payable on June 1 1917, and will bear in¬
terest at 5 % per annum, payable June 1 and Dec. 1; and both
principal and
Interest will be payable In gold coin of the United States of the
present
standard of weight and fineness, without deduction from either
principal
or Interest for any tax or taxes which the
railway company or the trustee
Mat 11
therefrom under any present or future
may be required to pay or to retain
law of the United States or of any State,
Territory, county or municipality
therein*. They will be issued as coupon bonds, each for the priuclpai sum
of $1,000, and as registered bonds without coupons, each for the principal
sum of $1,000, or $.>,000, orany multiple of $5,000 that may be authorized
by the board of directors.
The coupon bonds will be exchangeable for
registered bonds and the registered bonds for coupon bonds.
The bonds
may be called for redemption by the company on any Interest day, at 110 \'b
of their par value and accrued Interest; but when so called for redemption
they may, at the option of the holders, provided the time for conversion
has not expired, be converted into stock, as•aforesaid, at any time before
the day named for redemption.
I
•The bond and Indenture provide that the!railway company will not exe¬
cute any new mortgage upon any of the lines of railway owned by It on Jan.
1 1907, except by way of further security for bonds issued under mortgages
executed by the railway company prior to that date, unless such new mort¬
gage shall provide that all such convertible bonds Issued and to be Issued
1905-76.
by such new mortgage.
Subscription warrants will be Issued only for amounts of $1,000 or mul¬
tiples thereof.
For each fraction of a $1,000 bond In respect of which a
stockholder is entitled to a subscription privilege, a fractional warrant will
be Issued which will not entitle the holder to subscribe but which, if pre¬
sented prior to July 5 1907. with other fractional warrants In an amount
aggregating $1,000, will be exchangeable for a subscription warrant for a
$1,000 bond: and, if the surrendered fractional warrants include a fraction
In excess of $1,000, a new fractional warrant will be issued for such fraction.
The company will not buy or sell fractions, but they can be sold in the
shall be included in the debt secured
market.
The third and final Installment must be paid and the warrant be returned
to the company between June 5 and June 10 190$, whereupon the bonds
will be delivered.
At the time of paying the first or second Installment subscribers may pay
the subsequent installment or installments and thereupon receive the bonds.
The bonds will bear Interest from June 1 or December 1 next preceding the
date of delivery.
Failure to pay the second or third Installment when and
as payable will operate as a forfeiture of all rights In respect of the sub¬
scription and any installment or installments previously paid.
Subscrip¬
tions must be made at the office of the company, 5 Nassau Street.—V. 84
p.
1051, 101.
Atlantic City & Suburban Traction Co.—Receivership.—
On Thursday J. L. Clawson, of Philadelphia, was appointed
receiver of the company by Vice-Chancellor Learning of New
•
Jersey.—V. 84,
p.
803, 692.
Baltimore & Ohio RR.—Called
Bonds.—Thirty-eight ($38,-
000) Monongahela River RR. first mortgage
5% coal bonds
redemption are payable at the office of the Ameri¬
can Bonding Co. of Baltimore on June 1.
Acquisition.—Temporary Loan.—The company, it is un¬
derstood, obtained several millions short-time money for
use with cash in the treasury in the payment of the $15,140,000 4% bonds of the Chicago Terminal Transfer RR. which
were redeemable on May 3 at par and interest.
See Chicago
Terminal Transfer RR., V. 84, p. 930, 867; V. 84, p. 569, 50.
Buffalo Rochester & Pittsburgh Ry.—Quarterly.—Results
for the 3 and the 9 months ending March 31 were:
called for
3 mos. to
Gross
Mch. 31— earnings.
1906 07.. $1,911,955
2,031,397
Net
All
charges.
Other
Income
Balance
earnings
$667,550
866,693
$12,734
7,616
$492,513
469,461
for dlvs.
$187,771
404,848
$2,309,375
3,011,943
$39,467
24,333
$1,462,871
1,393,430
1,642,846
9 mos.—
$6,138,319
1905-06.,- 6,629,888
—V. 84, p. 995, 930.
1113
THE CHRONICLE
1907.]
$885,971
Officers—President, F. T. Pomeroy; First Vice-Pres., A. E.
Akins; Second
Vice-Pres., F. E. Myers; Secretary and Purchasing Agent, E. F. Schneider;
Treas. & Gen. Pass. Agent, J.O. Wilson; General Manager, C. N. Wllcoxon.
Directors—A. E. Akins, G. N. Chandler, F. L. Fuller, F. H. Ginn, J. F.
Harper, W. H. Lamprecht, M. J. Mandelbaum, F. T. Pomeroy, H. Pomeroy,
Smith and H. Q. Sargent, all of-Cleveland: L. M. Coe and M. A.
Sprague, Berea. O.; M. L. Benham, Le Roy, O.: W. B. Thompson, Lorain;
F. E. Myers, Ashland, O.; Albert B. Taylor. Lodi.
General office: 614 Garfield Building, Cleveland, Ohio.—V. 84, p. 995.
S. C.
Chicago St. Paul Minneapolis & Omaha Ry.—New
Office.—See Chicago & North Western Ry. above.—V. 84,
p. 507. r
Columbus Sandusky & Hocking RR.—Status of Litiga¬
tion.—The Supreme Court of Ohio recently handed down a
decision affirming the judgment of the Franklin County Cir¬
cuit Court in favor of the defendants in the case of Marriott
against Charles Q. Davis and 19 others, brought to enforce
the double statutory liability of the stockholders. It was
currently reported that the judgment of Judge Evans levying
an
assessment of 25% on the stockholders generally was
thereby rendered ineffective.
We have the following from
authoritative
an
source:
The decision of the Ohio Supreme
Evans levying an assessment of 25 %
Court does not affect that of Judge
against stockholders, except as to the
particular persons named in the decree. According to the writer’s recollec¬
tion no judgment was entered by Judge Evans against these persons, their
eases being pending on demurrer at the time the decision was rendered.
Those involved In the decision of the Supreme Court a week ago escape
liability on the ground that the statute of limitations had run before they
were served with summons In the aetlon.
There has been an appeal from
the judgment of Judge Evans levying an assessment of 25 % upon the other
stockholders, on the ground that the assessment was not large enough to
pay the debts.
Tills appeal will not be disposed of until the September
term of the reviewing court.
It Is expected that enough will be collected
to pay the claims of creditors In full.
Compare V. 82, p. 803; V 81, p.
264.
Coney Island & Brooklyn RR.—New Stock, Etc.—Stock¬
on April 25 have the right to subscribe at
par until and including May 25 for $1,000,000 new stock to
the extent of 50% of their respective holdings.
Subscrip¬
tions are to be paid in four installments of 25% each on July
1 and Oct. 1 1907 and Feb. 1 and May 1 1908.
holders of record
Certificates of stock will not be Issued until subscriptions are paid In full.
The proceeds will be used for construction of the new power house, recon¬
struction on Coney Island Avenue and other requirements.
Concurrently with the suspension of dividends there have been rumors
interests had bee n negotiating for control.—
that Brooklyn Rapid Transit
V. 84, p. 1052, 867.
Railway & Lighting Co.—Leased.—See
Improvement Co. under “Annual Reports”
on a preceding page.—V. 84, p. 507, 390.
Consolidated Railway, Connecticut.—Issue of $15,000,000
Convertible 10-year Debenture
5s dated Mar. 1, 1907—
$5,000,000 Outstanding.—This issue, not previously reported,
appears in the table furnished the New York Stock Exc hangc,
showing the outstanding debentures of the Consolidated
Railway Co., under “New York New Haven & Hartford
Connecticut
United Gas &
Chesapeake & Ohio Ry.—Guaranteed Bond Issue.—See RR.” below.
Earnings—Exchange of Debentures for Slock.—See afore¬
Raleigh
Southwestern Ry. below.—V. 84, p. 995, 626.
said item.—V. 84, p. 1052, 995.
Chicago Junction Railways & Union Stock Yards Co.—
Darby Media & Chester Street Railway.—Guaranteed
Mortyaye.—The company has made a mortgage’: to the Bonds
Offered.—George B. Atlee & Co., 119 So. 4th Street,
Standard Trust Co. of New York as trustee to secure an issue
Philadelphia,
who first offered to customers this company's
of $2,000,000 of first mortgage realty and improvement 20first mortgage4)4% bonds, guaranteed, principal, and interest
year 5% bonds of $1,000 each, due May 1 1927, interest pay¬
by the Philadelphia Rapid Transit Ry. Co., have purchased
able May 1 and Nov. 1.—V. 84, p. 446.
a further block and offer them at 98)4
and interest—at
Chicago & North Western Ry.—Change of Office.—-On May which
price
they
to
the
investor
A circular says:
yield
4.6%.
9 1907 the executive and financial offices in the City of New
These bonds are dated July 1 1906 and are due July 1 1936 but are
York of the Chicago & North Western Railway Co. and
callable on or after July 1 1916 at 102 Vj and Interest.
Interest payable
1 and July 1.
Land Title & Trust Co. of Philadelphia, trustee. Tax
Chicago St. Paul Minneapolis & Omaha Ry. Co were re¬ Jan.
free in Penna.
Total authorized Issue $1,500,000; outstanding $865,000.
moved to 111 Broadway.—V. 84, p. 569.
The bonds arc an absolute first lien on the lines of the Phlla. Morton &
Swarthmore Ry. and the Media Middletown Ashton & Chester Elec. Ry.
Cleveland Electric Ry.—Franchises to Rival Company.— (V. 83,
p. 38) which In July 1906 were merged into the Darby Media &
Chester Street Railway.
See Low Fare Ry. below.—V. 84, p. 995, 930.
The Philadelphia Rapid Transit Co. has leased the Darby Media &
(The) Cleveland Southwestern & Columbus Ry.—Status.— Chester Street Railway for 999 years for the following rental: $8,750 for
the
first year; $17,000 for second and third years; $25,500 for fourth year;
This company, chartered March 4 1907, per plan in V. 83,
$34,000 for fifth year, and $42,500 for six years and thereafter.
The
p. 1590, as a consolidation of the Cleveland & Southwestern
Philadelphia Rapid Transit Co. guarantees the principal and Interest on the
Traction Co., the Cleveland Ashland & Mansfield Traction above bonds. The road operates 25 miles of track, making the debt less
than $35,000 per mile.
Co. and the Ohio Central Traction Co.
Delaware & Hudson Co.—New Issue of Convertible Bonds
Description of Property Owned.
Probable.—To finance the company's acquisitions of the last
Owns and operates electric railway lines In and from Cleveland to
two or three years and to defray the cost of additions and
Elyria, Oberlln, Wellington, Norwalk, North Amherst, Lorain,
Grafton. Berea, Medina, Chippewa, Lake, Seville, Creston,
Wooster, Llnndale and Purltas Springs
134 miles improvements, the board of managers, it is believed, are
considering the advisability of making a new issue of securi¬
(Has a traffic agreement with the Cleveland Electric Ry. Co.
to run over Its tracks In Cleveland.)
ties, which will probably be convertible bonds, for an aggre¬
Also operates between Mansfield, Crestline, Gallon and Bucyrus
30 miles
The com¬
gate amount of from $10,000,000 to $20,000,000.
Total miles of track In operation
164 miles pany’s requirements, it is stated, are not pressing, and some
Also has under constructlo^and partly completed a line connecting
time may elapse be’fore a definite plan is decided upon
Mansfield with Seville by the way of Ashland, West Salem and
44 miles and made public.
Lodi
The acquisitions of the company during
Also owns and operates the electric lighting plant In Norwalk. Ohio, and
the last two or three years, it is said, are in almost every
owns Purltas Springs and Seccalum Park, and reaches Chippewa Lake.
instance paying their own way, in addition to acting as
Of the company’s railway 90 miles In operation and 42 miles under con¬
struction are on private right-of-way.
Gauge, 4 ft. 8H In. Rail, 60 lb. and
valuable feeders for the company’s lines.—V. 84, p. 1052, 931.
70 lb.
Power station In operation, Elyria, O; under construc¬
Cars, 70.
tion, Ashland, O.
Repair shops: Elyria and Rockport, Ohio
Erie RR.—Quarterly.—The earnings for the quarter and
Funded Debt.
Authorized.
nine months ending March 31 were:
Consolidated mortgage bonds: Denomination $1,000. Coupon,
,
but may
be registered.
3 mos.
Dated April 1 1907 and due April 1
1927, but subject to call for payment after ten years at 105
and accrued Interest.
Interest payable April and October,
at Cleveland Trust Co., Cleveland, Ohio, trustee of mortgage.$10,000,000
Held In escrow to retire all underlying bonds
$3,510,000
Issued and outstanding
200,000
In treasury for building of the line between Mansfield
and Seville, and other extensions and Improvements 6,290,000
Capitalization—Stock and Bonds.
Common stock: Authorized
$7,500,000; Issued
Pref. stock (5 % cum.): Author.$2,500,000; Issued
Operations for calendar years.
$3,700,000
$2,400,000
_
Gross earnings
Operating expenses
.
1906.
$645,849
363,856
1905.
1904.
$543,226
314,253
$475,361
293,615
Net
$281,993
179,252
$228,973
152,693
$181,746
128,746
Net Income
$102,741
$76,280
$53,000
earnings
Interest, taxes, etc
Gross.
Net.
$11,296,175
10.874,063
$2,877,716
1906-07. $36,121,44 6
1905-06. 34.581,632
—V. 84, p. 931.803.
$11,105,715
11,016.316
1907
1906
3,001,810
Other Inc.
$44,205
1 51.335
9 mos.
$336 ,572
29
4,036
Balance.
Charges.
$3,039,162
3,025,201
clef.
$9,283,575
8,809.179
sur$2.158,713
sur2.501.173
sur.
$117,240
127,944
Hudson Companies, New York.—Real Estate Mortgage.—
This company, the construction concern for the
Manhattan (tunnel) RR. (V. 82, p. 804), has filed a $250,000
Hudson <fe
3-year 4% real estate mortgage dated Apr. 17 1907 to
Edward A. Morrison, as trustee, covering No. 1279, 1281,
1283 and 1283)4 Broadway, between 32d and 33d streets.—
V. 81, p. 1550.
Hudson & Manhattan
above.—V. 84, p. 220, 51.
RR.—See
Hudson
Companies
THE CHRONICLE.
II M
Michigan Ry.—Equipment Bonds.—Tlu* M *rChicago s offering a small b'oek
5% equipment bonds dated Aug. 15 1903, not heretofore
Kanawha &
chants’ Loan & Trust Co. of
of
A circular says:
described.
These bonds are part of an Issue of 5460.000 due serially each six months
from Feb. 15 1007 to Aug. 15 1916, the 525,000 due Feb. 15 1007 having;
been paid.
Interest payable Feb. 15 and Am?. 15.
Denomination 51,000.
A direct obligation of the company, secured by a enr trust covering 500
drop bottom steel coal ears, 100,000 lbs. capacity each. 20% of the cost of
equipment having been paid In cash.
The cars have all been delivered and
(Bonds maturing Feb. 15 1908, Aug. 15 1908 and Feb. 15 1909
and 99% and Interest,
accepted.
are
offered at 99% and Interest, 99% and Interest
p. 508, 51.
respectively.—Ed.)—V. 84,
Low Fare
Ry., Cleveland.—Franchises.—Mayor Johnson
April 27 s'gned the ordinance granting the company a
f ranch’sc over the Central Avenue route recently abandoned
by the Cleveland Electric Ry. and on May 6 one g ving it
the r'ght over a number of streets now occupied by the
on
Cleveland Electric Ry., but regarding which
it is claimed, expire in Feb. or March next.
the franchises,
Temporary in¬
junctions have been granted in various sails preventing the
company from proceeding with construction work on the
Central Avenue loute.
Compare V. 84, p. 995, 930.—V. 84,
p. 102.
Maryland Electric Railways, Baltimore.—Underlying
Bonds Resold.—Baltimore banking houses, including, it is
stated, Owen Daly k Co. J. S. Wilson & Co. and the Fidelity
Trust Co. have purchased from Brown Bros. k Co. their
block of $750,000 of the $1,000,000 first mortgage 5% gold
bonds of the Baltimore k Annapolis Short Line, an underly¬
ing issue of the Maryland Electric Rys. Co. The proceeds
will be used to electrify the Short Line division.
Compare
V. 83, p. 155, and V. 84, p. 1052.
Metropolitan West Side Elevated Ry., Chicago.—Offering
of Collateral Gold Bonds of 1904.—The Merchan s’ Loan k
Trust Co. of Chicago is offering at prices to n 't the investor
5J4% $400,000 5% serial gold bonds, being part of the
$500,000 issue made in 190 j to refund the unpaid portion
of a loan dating back to 1904; $50,000 has been redeemed.
[VOL.
LXXXIV.
Portland (Ore.) Railway & Light Co.—Xew
Clarence M. Clark, of the banking firm of E. W.
President.—
Clark & Co.
of Philadelphia, has been elected President to succeed the
late H. W. Goode.—V. 84, p. 997, 749.
Providence Securities Co.—Purchase.—See United Gas &
Improvement Co. under “Annual Reports.”
Bonds Offered.—Cla^k, Dodgi k Co. and K'ssol, Ivinnicutt
k C >., both of New York, are offering by advertisement on
another page, at a price to yield abo it 4h/s% on the invest¬
ment, a block of th s company’s 4% gold debentures, unconditionally guaranteed as to principal and interest by the
New York New Haven k Hartford RR. in the form below
shown.
Thcs3 debentures are part of an authorized issue
of $19,910,000, dated May 1 1907, due May 1 1957, callable
at 105 and interest on or after May 1 1917;
$1,000 c*.
Interest payable May 1 and Nov. 1 in New York City.
Listed.—The
New York Stock Exchange has listed!
$5,880,000 4% 50-ycar debenture bonds, dated May 1 1907
and elue 1957, with authority to 1st from time to time prior
to Nov. 1 1907
$14,031,000 additional on official notice of
distribution, making the total authorized to be listed
$19,911,000.
Guaranty Endorsed upon Aforesaid Debentures.
of any default in the punctual payment of the principal or of tb©
Interest of the within debentures, according to Its tenor and effect, The
Xew York New Haven & Hartford RR. Co., for value received, agrees to
pay the same on demand.
(Dated New' Haven, Conn., May 1 1907. Signed bv Vice-President and
In
ease
countersigned by Treasurer of The N. Y. New Haven <fc Hart. RR. Co.)
This series of debentures, limited to $19,911,000, was authorized for the
purpose of acquiring (almost entirely. It is understood, from the United
Gas Improvement Co. of Philadelphia), the following stock, bonds and
floating debt of the Rhode Island Securities Co.
Stock, Bonds, Ac., of Rhode Island Securities Co. Acquired.
First mortgage 30-year 4 % sinking fund coll. tr. bonds, Series A.£$3,352,000
First mortgage 30-year 5 % collateral trust bonds.. Series B
:r3,381,000
Stock (total Issue $12,000,000—a further $9,700 thereof has been
deposited for delivery)
A
11,956,600
Bills payable as of Aug. 1 1906, owned by United Gas Imp. Co. .xl ,153,313
.
A circular says:
These bonds are part of an Issue of 5530,000, maturing 550.000 each six
months from Oct. 1 1907 to Oct. 1 1912, both Inclusive, but redeemable at
101 and Interest on any Interest day upon thirty days’ notice.
Interest
They aremortgage
secured
Eayable
April
and Merchants’
Oct. 1. Denomination
$1,000
e*. extension
y deposit
of tlrst
with1 The
Loan & Trust Co.
4% bonds, at the rate of 575,000 bonds to each 550.000,of this Issue,
leaving a margin of over 20 % on the value of the collateral deposited.
The
Metropolitan Is the largest elevated system In Chicago, operating 49 miles
of road (single track mileage).
Its traffic Is Increasing very rapidly, the
dally average of passengers for the month of February 1907 being 154,418,
Increase of 14% over that of Feb. 1906.
The company Is paying dlvl
dends at the rate of 3% per annum on $9,000,000 preferred stock.
Tn
the trust agreement securing these bonds the company covenants that It
will not declare or pay any dividends without first specifically setting aside
and appropriating sufficient funds to pay all the bonds and coupons of this
Issue which may mature during the period for which said dividend Is de¬
clared.—V. 81, p. 929, 804.
an
New York New Haven & Hartford RR.—Listing.—The
New York Stock Exchange lias authorized the listing of
$3,254,500 add’tional capital stock from time to time prior
to July 1 1907, on official notice of exchange for Consolidated
Ry. debenture certificates, making the total authorized to
be listed $99,069,000
53,254,500 of stock Is additional to the blocks of 53,745,500 and
$6,750,000. authorised In 1906 to be listed for the same purpose (V. 82
p. 869; V. 83, p. 1471), and It makes the total amount of stock Issued and
Issuable for the acquirement of the debentures of the Consolidated Ry.
$13,759.000.
The total authorized Issue of The C jp.solldated Ry. debenture
certificates Is $38,500,000, of which there has been Issued $28,500,000.
Of
said debentures $27,500,000 are exchangeable for this $13,750,000 capital
stock of the railroad and to date $6,173,500 stock has been Isused for such
exchange, and $7,576,500 remains to be exchanged for $15,153,000 deben¬
exchangeable, but still outstanding, viz.:
Debentures of The Consolidated Railway Company.
Total exchangeable. .$37,500,000
Feb. 1 ’05, 25-yr., 3, 3
and 4 %
1,000.000
$38,500,000
Exchanged
Still Out,
for Stock. Exchangeable
$646,000
54,351,000
1,650,000
2.350,000
2,159,000
1,341,000
7,892,000
2.108,000
5,000,000
Issued.
July 1 1904.50-yr., 4 %_ $5,000,000
Jan. 2 1905. 50-yr., 4 %.
4,000,000
Apr. 1 1905, 50-yr., 4 %_
3,500,000
Jan. 1 1906, 50-yr., 4 %. 10,000,000
Mch. 1 ’07,10-yr.,5 %,con. 15,000,000
Total of all
$5,000,000
4.000,001'
3,500.000
10.000.000
5,000.000
$27,500,000 $12,347,000 $15,153,000
Xot exchange’Ic for stock
1,000,000
Railway Co. and the Attleborough Branch RR. Co. of a total—computed
single track—of about 293 miles.
(See page 67 of “Street Railway Sec¬
tion.”)—V. 84, p. 997?
as
Rahway Valley RR., New Jersey.—Bond Issue.—This
filed a mortgage, to the Chemung Canal Trust
N. Y., as trustee, to secure an issue of $400,000
5% 25-vear bonds, sabject to call after July 1 1909. — V.j83,
company has
Co. of Elmira,
Raleigh & Southwestern Ry.—Guaranteed Bonds.—This
company, whose entire $100,000 cap tal stock is owned by
the Chesapeake k Oh o Railway Co., has filed a mortgage
to the Central Trust Co. of New York, as trustee, to secure
an issue of $1,500,000 first mortgage 4% gold bonds of $1,000
without option
redemption. Of these bonds $250,000 are now
outstand.ng and they have been giaantced, both principal
and interest, by the Chesapeake k Oho Railway Co.
The
road s under construction from the P.ney Branch of the
Chesapeake k Ohio at or near Raleigh Station into Raleigh
County; five miles standard gauge and nine miles of narrow
gauge (3-foot) road is completed, and five miles of standardgauge line is under construction. — V. 84, p. 997.
of earlier
1906 to Feb. 28 1907.
$
Opel*, expenses.24,396,948
Net earnings.11,987,492
Other Income.
1,514,732
_
X.Y.X.H. Cons. Ry.
Deductions. ,&H.RR.Co. System.
$
!
(con.)
$
271,316
4,027,135 i Other Interest.
76,588
^...
236,263
2,516,371 | Taxes
1,920,000
1 Rentals of lcas1,510,764!
cd lines..... 2,477,930
588,650
682,828 | DDc. on deben.
9.037
iGuar. X. E. I.
2,193,592!
& S. Co
115,701
Imp. & bett’s.
2,000,000
j Dlvs.lor 8 mos. 1-4,468,722
j260,067
312,431)
Total dedue 13.751,099 2,233,201
|
627,864 Bal., deficit
248,875
39,609
System,
$
j
.
—
Tot. net Inc. 13,502,224
Deductions—
lnt. on funded
debt.....
576.409
lnt. on con.deb.
433.6811
lnt. on deben.. 1,603,040'
—V. 84, p. 1052 990.
.
Leaie
Co.
.
..
...
At q
i inter
Securities Co. below.
Improvement Work at Providence.—See illustrated article
in “Railroad Gazette” of May A.
The dividends here shown are the proportion for the eight months of
the total dividend charge for the year, the annual rate being 8%, lor th<
X’. V. N. H. & H. RR. and 4 *’5 lor the Consolidated Ry. Co.
I'he stock
of the last-named company is all owned by the railroad anti the two com¬
panies are shortly to be merged. — V. 84, p. 1052, 996.
Philadelphia Rapid Transit Co.—Guaranteed Bonds
Offered.—See Darby Media & Chester Street Rv. above.—
V. 84, [>. 868, SOL
(Cal.) Interurban Ry.—Bond Issue.—This
incorporated in California on Nov. 20 1900 with
$1,000,000 authorized capital stock, has made a 1st mort.
to the Los Angeles Trust Co., as trustee, to secure an issue
of $1,000,000 bonds, to be used in* building interurban
lines from San Bernardiiio, where connection will be made
with the tracks of the San Bernardino Valley Traction Co.
(see “Street Railway” Section) to Rialto, Ontario, River¬
side, Redlands, kc. All rights of the Traction Company for
a line to Riverside were acquired, it is stated, last December.
_
iisition.— Sec United
Gas «fc Improve¬
“Annual Reports" on a preceding page.
Offering of Guaranteed Debentures, Etc.—See Providence
—
ment
Rhode Island Securities Co.—Sale.—Sec Providence Se¬
curities Co. above.—V. 83, p. 1525
Rock Island Co.—Xew Off icc.—On or before June 1 the
company will move its offices from No. 71 Broadway to No.
115 Broadway, the new b lild.ng owned by the United States
Realty Co., where it will occupy the entire eleventh floor
and a portion of the twelfth floor.—V. 84. p. 340.
company,
N.Y.N.H. Cons.Ry.\
Gross carningS-36,384,440
380."
p.
San Bernardino
$27,500,000
Statement of Operations .July 1
<£ H.Iill. Co.
the accrued
The Providence Securities Co. was chartered by the General Assembly
of Connecticut March 14 1883 under the name of The New England Loan &
Trust Co.); on Jan. 11 1907 Its name was changed to The Providence
Authorized capital stock, $250,000; amount issued, $50,000,
Securities Co.
all owned by the New York New Haven & Hartford RR. Co.
The Rhode
Island Securities Co. owns all the capital stock of The Rhode Island Co.,
which operates under leases the Rhode Island Suburban Railway Co., the
Union Railroad Co. and the Pawtucket Street Railway Co., and through
such leases Is entitled to the earnings of the Inter-State Consolidated Street
'
Authorized.
•Issue—
Issued;
each, dated July 1 1903, and due July 1 1930,
This
tures
x These are, It Is understood, the entire amounts
Interest thereon not Included aggregated $25,262.
The $1,000,000 bonds (none yet Issued) are dated March 1 1907 and due
March 1 1947.
Interest 5 % per annum, payable Sept. 1 and March 1 at
office of trustee.
Denomination $1,000. gold. Annual .sinking fund be¬
gins Jan. 1 1912 at $500, and Increases $500 at the end of each succeeding
live years. Of the stock, $550,000, Is outstanding; par $100.
President,
A. C. Denman Jr. (President of the San Bernardino Traction Co.); Sec.Treas., A. G. Kendall.
San Bernardino (Cal.) Valley Traction Co.—See
nardino Interurban Railway Go.—V. 81, p. 778.
San Ber¬
Southern Pacific Co.—Dividend Period Changed from SemiAnnual to Quarterly.—See Union Pacific RR. below.
Xew Stock Offered to Shareholders.—The board of directors
Thursday, after cons’dering the following statement,
preferred stock to stockholders of record
May 31 1907 to the extent of 15% of their holdings, common
and preferred (both having the right to sibscribe), which
will amount to about $30,000,000.
Subscriptions to be
made on or before June 15, and to be payable 25% June 15,
on
decided to offer
May lL
15.
25% July 15 and 50% Avg.
Union Pacific RR. boiow.)
(Compare statement for
of Earnings for Fiscal Year
Surplus over fixed and other charges
Deduct dividends of 7 % on preferred
Dividend of 5 % on common stock
Surplus after payment
•
Mr. Hardman
2,769,000
9,892,000
$13,106,000
of dividends.
stated that In his opinion the
greater results rather
Rolling stock
L
miscellaneous real estate
Lands and
$25,768,000
stock
than less.
actual figures would show
Total....
submitted
a
18,050,000
5,126,000
9,302,000
2,033,000
$63,683,000
statement showing
that the company ovrns:
Charged on
Books at
Cost.
Face Value.
$80,097,000
...
$71,654,000
127,759,000 $131,182,000
and rights
98,273,000
:
70,623,000
_•
39,311,000
The entire free assets, excluding the $29,172,000 advanced for new con¬
struction and the unmortgaged railroads are, therefore, In round figures,
Expenditures Uncapltallzed.
At the present time the floating debt of the Southern Pacific Co. is $32,300,000. of which $14,250,000 is due Union Pacific RR Co.
This floating debt was incurred In the following manner:
Two years ago the short-term 2-5-year 4 q % bonds, amounting
to $30,000,000, were paid oir, and we have sold against them
$22,747,000
only $7,253,000 leaving of unsold bonds..
The Southern Pacific RR. Co. has retired outstanding old
bonds, amounting to $12,638,000, against which they have
sold refunding bonds amounting to $6,167,000, leaving un¬
•
6,471,000
Installments of
refunding
.
_
The Chairman
E
sold bonds In treasury
.:
The Central Pacific Ry. Co. has»paid three
notes due the United States Government, releasing
bonds of that company which are In the treasury to amount
There Is also In the treasury against
sold G. H. & S. A. 2d mortgage bonds
.
$29,172,000
Construction and acquisition of new lines
Payments on account of the San Pedro Road
Steamships Manchuria and Mongolia...
ending June 30 1907
Probable earnings of company for the year ending June 30 1907.
approximately
$44,697,000
Fixed charges, Including: reserve for depredation of rolling: stock 18,929,000
Estimated Statement
1115
THE CHRONICLE.
1907.)
Bonds
Investment stocks
Other stock
$243,000,000.
The company also has 1.628 miles of completed road unmortgaged,
against which it Is expecting to Issue and hold in Its treasury $70,000,000
to $80,000,000 of first mortgage bonds.—V. 84, p. 1053, 932.
United Railroads
of
Preferred Stock.—Sop report of United Ralways Invest¬
ment Co. 011 a preceding pug ;
a1 so official statement in
a Ivert s'ng columns.
Preliminary Statement of Fa min /.s for Year 1904.—See
afoRsaul report.
Strike.—On Aug. 20 190
under
of 8,822,000
374,000
of San Francisco.—Proposed Issue
First
o
which nothing has been
nothing has been lss’d$38,414,000
of $32,300,000.
there has not
it
on
> the company’s ca” nun, although
contract hav ng some months to run, went
strike, cla ming more wages on account of the ab¬
a
wage
normal conditions produced by the earthquake.
was arbitrated and the nr n
were awarded an
The matter
increase of
tlr* company began, dsaccount. For the future
for one year the irgh rate
California — $10,947,183
but tin* men, demanding
Expended for the construction ami acquisition of new lines. In¬
cluding about 994 miles of completed railway (which are un¬
practically
$3
a day and an eight-hour day, on May 5 went
mortgaged) and on about 1,635 miles of railway on which con
structlon is In part progressing
39.860,254 out 011 strike. The smtiment of tin* public is with the
For electric railways, principally around Los Angeles and
Some blood has been sited and on May 9 no
company.
Salt Lake City
16,234,336 effort was being made* to run ears in the* bisncss section.—Rolling stock and steamships ($7,255,000, It Is said, for latter). . 21,854.965
Terminal real estate
13,357,464 V. 84, p. 572, 392.
United Railways & Electric Co. of Baltimore.—Ponds
Grand total
.$110,668,202
—V. 84, p. 1053, 869.
Resold.—See Maryland Electric Rail wavs above.—V. 84,
p. 993, 869.
Union Pacific RR.—Dividends Hereafter to be Paid Quar¬
Virginia Passenger & Power Co.—Separate Receiver Not
terly.—On Thursday the directors of both the Union Pacific
and the Southern Pacific voted that “on account of the very
Allowed.Judge Waddill in the United States Circuit Court
heavy distributions of cash required to make semi-annual at R'chmond on May 5 denied the application of the Metro¬
payments, the payments on the stock should hereafter be politan Trus. Co. of New York, as trustee of the Richmond
made quarterly.”
Tire IT. P. directors thereupon declared Passenger <Sz Power debenture mortgage bonds of 1900. to
file a now petition in the pending litigation.
a quarterly dividend of 2 1 •_>%, and the So. Pac. directors a
Tin- proposed petition requested thi* appointment of an additional
quarterly distribution of 1 }i% / both payable July 1.
Total capital expenditure against which
This more than accounts for the floating debt
Also the following free assets against which
been any Issue of capital obligations:
Bonds and stocks, principally of oil companies In
2293% back pay and on April 20
trib it.ng some $417,000 on til’s
the company offered to continue
of pay awarded by the arbiters,
.. — .
.....
.
directors on Thursday also 'decided
meeting of the shareholders next June to authorize
theissueof $100,000,000 of new common stock (increasing
New Securities.—The
to call a
the authorized amount
178,700), and against
thereof from $190,178,700 to
$290,-
$42,857,143 thereof to issue $75,000.-
proceeds will be
000 convertible 4% 20-year bonds.
The
used to pay for the company’s allotment
in the new stock of the Southern Pacific Co.
<>f about $15,000,000
(see that com¬
for other capital requirements
as below stated.
All stockholders of record at 3 p. m. May 29 19/07 will b:*
given tin* option to s tbscribe for the new convert ble bonds
at 90 and accrued interest to the extent of 25% of their
holdings until Jrlv 10 1907; 20% of the face value of tlm
bonds ,s to lit* paid July 10; 20% Aug. 9th, and the balance
with adjust 11 it nt of in ten s', is to be paid St pi. 20 1907.
The* aforesaid bunds will b* dated July 1 1907; will
mature in 20 yea.s; will be convertible at any time before
July 1 1917, into common stock at $175 per sha”e; will be
redeemable at ihe option of the company on July 1 1912, or
on any semi-annual intenst day thereafter at a pumiurn of
2/d>%, upon 90 days notice, in which ease the privilege of
conversion will terminate 30 days before* redemption date.
pany
above) and to provide
aside $42,857,143 of the new common stock
only in converting the $75,000,000 of con¬
vertible bonds, the balance of the* new stock, $57,142,857
(as well as any amount not. required in converting the bonds)
must, under the law, in the first instance Ik* offered to the
stockholders, and no such offer it is stated officially is now
in contemplation.
After setting
to be issued
OFFICIAL
At the meeting
STATEMENT OF MAY 9.
of the hoard of
directors of the Union
Pacific HR. Co.,
Chairman submitted a statement showing:
Estimated Earnings for Year ending June 30 1907.
keld to-dajr, the
Estimated earnings over operating expenses
June 30 1907
Deducting interest on funded debt
Sinking fund requirements
Interest on loans
Other expenses
for year ending
$32,465,000
$8,645,00.)
12,000
877,000
.
— -
27,000
.$22,900,000
$854,280
12.323,000
of
Rental
steamships,
244,000
Total Income of company, say
$36,324,000
Dividend on the preferred stock
_.
$4,000,000
Dividend on the common stock
20,000.000
Over and above all requirements of every kind, there will
remain something over
$12,000,000
Mr. Harrlman stated that It was his belief that the actual returns would
be greater-rather than less than the estimated figures, us they had been made
*p on very conservative lines.
The Union Paclllc RR. Co. as the holder of about 45 % of the Southern
Pacific Co.'s stock will have to take about $15,000,000 of the new preferred
•tock, which the directors of the Southern Pacific Co. to-day decided to
•ffer to Its stockholders, and that amount will be added to Its present re¬
quirements. bringing them up to, say. $65,000,000.
In order to provide
lor that, they have decided to have a meeting of the stockholders In June
and ask authority for the Issue of $100,000,000 of common stock, and
against a portion of that stock to Issue $75,000,000 of convertible bonds.
The floating debt of the Union Pacific RR. Co. was Incurred for the fol*
lowing expenditures, which have not been capitalized:
Will leave a surplus of approximately
Add Interest and dividends other than from
Income from Investment securities..
investment securlt’s
receiver to William Northrup and Henry T. Wickham,
tht* three receivers to continue to act as'such until
the present receivers,
the court shall have
determined what property is subject to the Hen of the debenture mortgage;
the discharge thereupon of the present receivers, as such, of the property,
subject to the debenture mortgage and the delivery
prop
to
the additional receiver after accounting for all earnings derived therefrom.
of'such
V.
city
83, p. 97.
Wabash RR.—Listed.—The Now
has Psfcd $23,950,000 hist refunding
.4% bonds, with power to
York Stock Exchange
and cxtens’oj s 50-year
the committee to add f-om time to
additional on official not ce of dis ribut on,
making the total authorized to be listed $24,090,00).
Of the aforesaid bonds, $19,090,000 were Issued In exchange for debenture
A and B bonds as below shown (per plan In V. 83, p. 437, 626) and the re¬
maining $4,860,000. as a part of the $5.000,000 reserved under Sec. 1,
have been Issued as follows: $60,000 to defray In part the expense of carrying
out said plan of exchange of debenture mortgage bonds; and $4,800,000
the company has agreed to pledge as part collateral for an Issue of $6,160,000
par value oT 2-year 5 % gold notes to be dated May 10 1907 and to be Issued
In extension of a like amount of notes maturing upon that date.
(V. 84.
p. 869, 804.)
The balance. $140,000, of said $5,000,000 of bonds are held
time $140,000
available for any lawful corporate purpose.
and B Issued and Exchanged—New Bonds Issued
Issued.
Still Out.
Exchanged
In the treasury
Debentures
A
Series A.... $3,500,000
Series B... .26,500,000
$543,000
3,251,000
Therefor.
$2,957,000 for $2,351,000 new bonds
23,249,000 for 16,739.000 new bonds
Premature.—Chairman of the Board E. T. Jeffery,
the statements
railroads are
double-tracked from
to
be
Pittsburgh to Chicago
within a year, and that it has also been dee ded to doubletrack tin* Wabash from Chicago to the Missouri River,
replied: “This is all premature. Nothing contemplated
this calendar year.”—V. 84, p. 1053, 997.
Washington (D. C.) Railway & Electric Co.—Termination
of Voting Trust.—The voting trustees give notice that the
voting trust will expire June 1. Holders of stock trust
certificates may obtain the stock represented thereby on
and after June 1 at the office of Commercial Trust Co. of
New Jersey upon surrender of trust certificates.—V. 84. p.
Report
when asked by the “Chronicle” concerning
that the Wabash and the Wheeling Sc Lake Erie
1054, 745.
Washington Traction Co., Springfield, Ohio.—Receiver¬
ship.—On May 6 Stacey B. Rankin was appointed receiver
Guaranty Title Sc Trust
that “tin* company
purchase money” due for
1905 (V. 82, p. 1103).—
of this company on application of the
Co. of Pittsburgh.
A press dispatch says
has not paid a cent of the $66,000
the acquisition of Ihe property in
V. 84, p. 572.
MISCELLANEOUS.
American Silk Co., New York.—Increase of Stock.—This
company, recently organized to bring under one management
a number of silk properties, has called a meeting of its share¬
holders, to be held at Room 707, No. 34 Nassau St., New
Yrork City, on May 23, for the purpose of voting upon an in¬
crease of the capital stock from $6,250,000, divided into
$2,750,000 preferred stock and $3,500,000 common stock, to
$11,000,000, divided into $5,000,000 preferred stock and
$6,000,000 common stock.
Par of shares, $100 each.
We understand that no bond issue is proposed.
Samuel B.
INDUSTRIAL, GAS AND
[VOL.
THE CHRONICLE.
1J16
Lawrence is President, and
Henry C. Everdell, Secretary.—
V. 84, p. 998.
Baltimore Electric Co.—Consolidation.—The shareholders
of the Baltimore Electric Power Co. and its subsidiary, the
Maryland Telephone & Telegraph Co., on May 4 voted to
companies under the name of the Balti¬
(Compare V. 84, p. 1054.)
consolidate the two
more Electric Co.
The bonds of the merging companies have been deposited with the
Baltimore Trust & Guarantee Co. of Baltimore and the Northern Trust Co.
of Philadelphia, and It Is understood will be exchanged, par for par, for
new bonds of an Issue of 87,500,000.
The authorized capital stock of the new company, It Is understood, Is
84,400,000, of which 51,000,000 Is to be 5 % cumulative preferred and $3.-
400,000 Is to be common stock.
Of the latter stock. Issued dollar for dollar
for the shares of the old companies, 5000,000 goes Into the treasury of the
new corporation to represent a like amount of the stock of the Maryland
Telephone & Telegraph Co., which for some time past has been owned by
the Power Company; the outstanding common stock of the new company
Is, therefore, to be 52,500,000.
The preferred stock 51,000,000, It Is
understood, will be sold at once to provide for payment of floating debt, &c.
Officers of the new company:
President, David E. Evans; First Vice-
Wright; Second Vlce-Pres., B. S. Josselyn; Secretary, W.
Spring; Treasurer, It. F. Bonsai.
Telephone Co. has been Incorporated with an authorized
capital stock of 51,000,000 in 5100 shares, as an auxiliary of the consolidated
Pres., Sydney L.
T.
The Maryland
company.
Compare Maryland Telephone & Telegraph Co. in V. 77, p. 2096; V. 79,
V. 80, p. 1061; V. 81, p. 268; V. 82. p. 283.—V. 84. p. 1054
p. 091;
Baltimore Electric Power Co.—Consolidation.—See Balti¬
Electric Co. above.—V. 84. p. 1054.
more
Batopilas Mining Co.—On “Unlisted Sheet.”—The New
York Stock Exchange has admitted to dealings in the un¬
listed department $8,925,360 capital stock ($20 par) ad¬
mitted to quotation, with authority to the Committee to add
from time to time, prior to Nov. 1 1907, $13,900 additional
on notice that it has been exchanged for stock of antecedent
companies. Stock is to be traded in at dollars per share.—
Office 45 Broadway, New York.
Beatrice (Neb.) Gas & Power Go.—Bond Issue.—A first
mortgage has been fill'd to the Superior Savings & Trust Co.,
as trustee, to secure an issue of $100,000 6% gold bonds.
The bonds
dated Jan. 15 1907 and will mature Jan. 15 1927,
LXXXIV
Abstractof Letter from President Frank K.Bull, Dated Racine. May 41907
The business was started by the late Jerome I. Case in 1842; in 1880 the
present company was Incorporated, with a full-paid capital of $1,000,000.
Since that time $3,100,000 has been paid In cash Into capital and surplus
account, all other additions to capital and surplus having come from the
profits of the business.
The company has never had an unprofitable year,
and has paid In dividends since 1880 an aggregate amount of $7,750,000,
besides adding over $4,000,000 to Its capital and surplus.
The sales during
the past nine years have more than quadrupled and the net earnings have
grown from $238,000 in 1897 to over $1,100,000 In 1906.
In addition to
the large annual expenditure which is made out of earnings to maintain
the high standard of the plant and Its equipment, ample provision has been
made annually for depreciation before arriving at these profits.
The business of the company Is by far the largest of its kind In this coun¬
try.
The company has 35 branch houses In this and other countries. In¬
cluding houses at .Minneapolis, Fargo, Spokane, Des Moines, Lincoln. Kansas
City, Denver, Dallas. Syracuse, and many other cities, In addition to which
It has over 6,000 local agencies, covering practically the entire grain-growing
territory of this and other countries.
Our line of manufacture Includes
farm engines, both portable and traction, and threshing machines.
i'hls bond issue of $3,500,000 Is made for the purpose of funding
the
floating debt, and, when Issued, will constitute the entire debt of the cor¬
poration, excepting, of course, the usual operating accounts.
Pledged as
additional security for the bonds there are $5,250,000 notes received from
the sale of threshing machinery, In every case secured by chattel mortgage
on the machinery sold and In many cases by chattel mortgage on other
property or by mortgage on farm lands or other real estate.
Approximate Condition (as of Jan. 1 1907) After Completion of Funding.
Resources ($12,149,519)—
|
Liabilities ($12,149,519) —
Real estate, buildings, ma| Capital stock
$5,000,000
ehlnery&personal prop.$2,356,364 | Surplus
3,000,090
Material (raw and manuf.) 3,279,565 j Undivided profits
175,488
Cash.accts. & bills recelv. 6,415,6951 Bonds
3,500,000
Sundry other assets
97,8951 Accounts payable
474,031
Accountants’ Certificate. Chicago, May 4 1907.
We have examined the books of the company for the five years ending
Dec. 31
1906 and
we
find:
Net Profits of the Business before Charging Interest on Borrowed Money.
1902.
1903.
1904.
1905.
1906.
Ann. Avg.
$1,078,559
$599,428
$844,306
$1,108,075
$887,900
principal officers being the principal stockholders receive no salaries.
Incorporating In the balance sheet of Dec. 31 1906 (1) the $1,100,000
additional capital stock since issued and paid for at par and (2) the $3,500,000 first mortgage bonds, we find that the net assets over and above all
current liabilities on that date would amount to $11,675,488, including
patents at the book value of $250,000, but excluding any value for good¬
will, and after making ample reserves for depreciation and bad and doubtful
$809,132
The
accounts, and for the cost of collection of notes and bills receivable.
The notes and bills receivable, taken by the company for the sale
of Its
liquidated during the eight years ending Dec. 31 1906 to an
value of $20,572,831, arid realized in cash on account of the
principal alone $19,841,806, the realizations thus amounting to 96.45%
of the face value, without taking into account the Interest of not less than
6% per annum accruing thereon, which has been more than sufficient to
pay the costs of collection.—V. 83, p. 892; V. 78, p. 1169; V. 77, p. 2099.
product,
were
aggregate par
,but are
subject to call Jan. 15 1917 at 105.
Denomination $500 and $1,000.
Interest payable Jan. 15 and July 15 at office of trustee.
The mortgage
covers plant
at Beatrice; $60,000 bonds are outstanding and $40,000
reserved for new construction.
Company was Incorporated In Nebraska in
1906 to operate gas and electric light and power plant.
Stock, $150,000,
all Issued, par $100.
An Independent company having a new franchise;
“not connected in any way with the old company,” the City Gas Co. of
Beatrice, now In receiver’s hands (V. 81, p. 1725, 1317).
Charles F. Lang
Is President and Ernest S. Hough, Secretary and Treasurer.
ceding
Boston Consolidated Copper & Gold Mining
Bonds.—The following comes from London:
Columbus (O.) Public Service Co.—No New Stock.—-The
newspaper report that the shareholders at the annual meet¬
are
Co.—Called
The company will on Nov. 1 1907 redeem the whole of the outstanding
first mortgage debentures at £105 per £100 ($487) debenture on presenta¬
tion either at Capel House, New Broad Street, London, E. C., or at 79 Milk
Street, Boston, U. S. A., and either In English or American currency, as
the case may be.
(Of the original Issue, $250,000, about half, It Is under¬
stood, has been converted Into stock.)
(V. 81, p. 1794).—V. 82, p. 394,
630
(J. G.) Brill Co., Philadelphia.—Preferred Stock Offered.—
Co., New York and Philadelphia, are
offering at par and accrued dividends, by advertisement on
another page, the preferred shares of this leading builder
of street railway cars.
A circular says:
Edward B. Smith &
The company has a capacity for constructlng'3,500 cars and 6,000 trucks
per annum, having a valuation of $8,000,000.
The company has a surplus
of quick assets of more than $2,000,000.
There are at present on Its books
orders amounting to more than $4,000,000.
There Is no bonded debt,
except a mortgage for $400,000 on one plant.
No bonded debt may be
created without the consent of 75 % of the preferred stock.
See full particulars In V. 84, p. 998, 869, 751.
The Brill business In Philadelphia was founded In 1869.
The company
has had an enviable history of uniform success, and h&s paid dividends
from Its foundation.
The company’s business Is extensive, Its cars being
in use In the principal cities of this country and In Europe, South America.
Philippine Islands, Africa, Japan, Australia and India. To broaden the
scope of Its work a plant has been acquired for construction of cars for steam
a growing demand arising from the electrification of steam
Chester County Gas Co.—Change in Control.—See United
Gas & Improvement Co. under “Annual Reports” on a pre¬
ing on April 8 were to consider a proposition to increase the
capital stock by the issue of $250,000 additional preferred
stock, it appears was unauthorized. The stockholders, we
are informed, were not asked to vote on issuing
any addi¬
tional securities at their annual meeting.—V. 82, p. 1271.
Consumers’ Gas Co., Toronto.—Stock Offering.—The
“Toronto Globe” of May 4 says that the company will sell
at public auction 6,000 shares ($300,000) of the capital stock
on June 6.—Compare V. 84, p. 628.
Cornwall (Pa.) Ore Banks Co.—Control Now Owned by
Pennsylvania Steel Co.—See that company under “Annual
Reports” on a preceding page.
Edison Electric Illuminating Co. of Boston.—Stock Sold.
—The $1,090,200 capital stock offered by the company at
auction on May 8 was bid in, chiefly by leading bankers and
brokers, at prices ranging from 202 to 204only 100 shares
being sold at the maximum figure. The upset price was
$195
roads to meet
railways.
Butte
a
share.
Number of Shares Purchased and Prices Paid by Principal Purchasers.
Kidder, Peabody & Co_
& Cabot
2,250 Lee, Hlgginson & Co
550 Tower, Underwood & Co
1,000 J. R. Wllllston & Co
3,350
Central
&
Boston
Copper Corp.—Reduction of
Capital Stock.—The shareholders will meet in Portland, Me.,
May 22, to vote on reducing the capital stock from $15,000,000, consisting of $5,000,000 preferred and $10,000,000
common stock, to $6,000,000, of which $2,000,000 will be
7% cumulative participating preferred and $4,000,000 com¬
mon stock. About $1,000,000 each in preferred and
com¬
mon will remain in the treasury.
The official notice says
When the capitalization was fixed at $15,000,000, It was
several large tracts of copper lands should be acquired and
Intended that
developed; In¬
vestigation, however, proved the undesirability of acquiring those proper¬
ties, as some of the property already acquired Is proving so rich these are
now unnecessary.
The Ophlr Mine alone gives Indication of proving one
of the richest mines In Butte.
The reduced capitalization, we think, Is
amply sufficient for all purposes of the corporation, and assure, In our
opinion, certain and permanent returns to the stockholders, while relieving
the corporation from the burden of unissued capitalization and fees and
taxes thereon.—V. 83. p. 1413.
(J. I.) Case Threshing Machine Co., Racine, Wis.—New
Stock and Bonds.—The company on May 2 filed a certificate
of increase of stock from $2,000,000 to $5,000,000 and has
made a mortgage to the First Trust & Savings Bank of
Chicago as trustee to secure an issue of $3,500,000 first mort¬
gage bonds.
Bonds Offered.—Peabody, Houghteling A Co., Chicago,
are offering at prices to net the investor 514% the entire
issue of $3,500,000 first mortgage 5% serial gold bonds,
dated May 1 1907, and due $300,000 yearly on Nov. 1 1908
to 1918, and $200,000 in 1919, but redeemable in the reverse
of numerical order on May 1 1908, or on interest dates there¬
after, at 102fk and interest. Denominations $1,000 and
$500 c*; interest payable at the office of the trustee in Chicago
and at the First National Bank of New York.
“The average
annual net earnings for the five fiscal years ending Dec. 31
1906 have been $887,900, being more than five times the
maximum annual interest charge of $175,000 on this issue,
and leaves available $712,900 for the annual payment on
account of principal, $300,000.
page.
900
204H@202,'8
Moors
i
203 i-i @202%
203*4 @202
203^@202Fs
202
683 Parkinson & Burr
350 Francis Henshawr & Co
300 H. V. Long
—V. 84, p. 1055, 93%
202% @20214,
@202
K @202 H
203
202
Edison Electric Illuminating Co. of Brockton.—New Stock.
—The Massachusetts Gas & Electric Commission has author¬
ized the company to issue at par $550,000 additional
stock to retire floating debt.—V. 80, p. 1060.
capital
Edison Electric Light Co., York, Pa.—Description of
Plant.—The “Electrical World” of May 4 has an illustrated
article describing this company’s remodeled and enlarged
power
plant.
Electric Vehicle Co.—Litigation Discontinued.—Contrary
to
the recent newspaper
report stating that the Court of
a decision holding the former
Appeals has handed down
directors liable for the amount of dividends distributed in
1899 and 1900, we learn that the several actions brought
for tlie purpose have all been discontinued by consent.
A
decision favorable to The directors was rendered by the Court
of Errors and Appeals in March 1903.
Compare V. 76, p
657.—V. 79, p. 1464.
Equitable Illuminating Gas Light Co., Philadelphia.—
Improvement Co. under “Annual
Reports” on a preceding page.—V. 84, p. 1055, 274,
Status.—See United Gas A
Fairmont Coal Co.—Notes
Offered.—Mercantile Trust &
Deposit Co., Baltimore, and Potter, Choate A Prentice, New
York, are offering at 97 and interest “yielding 6%%” the
unsold portion ($850,000) of the issue of $2,000,000 5%
collateral notes fully described in our issue of March 16, p.628.
The par value of these notes is $5,000 and $1,000 (see V. 84, p. 696).
The Windsor Trust Co. of New York Is trustee.
Among the collateral Is
stock In the Northwestern Fuel Co. and first mortgage bonds of the Pitts¬
burgh & Fairmont Fuel Co. and the Southern Coal & Iron Co. as shown
n V. 84, p. 628.—V. 84, p. 696.
May 11 1907. J
THE CHRONICLE
Federal Sugar Refining
Co. (of New York).—New Parent
Company—Payment of All Arrears of Preferred Dividends.—
This company was incorporated at Albany on May 0 with
§10,000,000 of authorized capital stock, of which §3,322,800
is to be 6% cumulative preferred stock
arid $0,077,200
common stock, to take over, dollar for dollar, the same
amount of outstanding stock, common and preferred, respec¬
tively, of the Federal Sugar Refining Co. of New Jersey (see
full statement to New York Stock Exchange in V. 84, p.
091, 870), which, in turn, owns the entire $100,000 stock of
the Federal Sugar Refining Co. of Yonkers, tlie operating
President C. A. Sprockets,*in a circular addressed
concern.
to the stockholders of the New Jersey company, says:
The authorized capital stock of the newly organized New York company
Is $10,000,000, and of this amount $3,322,800 is preferred stock (the same
amount as the outstanding preferredjstock of your company) and the rights
and privileges pertaining to the preferred stock are the same as those
pertaining to the preferred stock which
you now
hold.
The remainder of
the capital stock of the New York company, namely, $6,077,200, is common
stock (the same amount as the outstanding common stock of your com¬
pany) and with the same rights and privileges.
The new company has offered to Issue its common stock In exchange for
the outstanding common stock of this company, share for share, and has
also offered to issue its preferred stock in exchange for the outstanding
preferred stock of this company, share for share, and at the same time to
the preferred shareholders of this company at the time of their
making such exchange, the sum of $6 per share in cash, that being the
amount of arrears of dividends on the preferred stock of this company; this
offer to remain open for twenty days..
Over two-thirds of the oustanding
capital stock has already been turned in In exchange on the plan mentioned
above.
Steps will be taken to list the new shares on the New York Stock
Exchange as soon as the transaction Is completed.
In addition to the
above, you will receive a 3 % dividend on your preferred shares on May 28
1907, being the dividend declared May 0 1907 to stockholders of record
pay to
May 7 1907.
Upon your sending
dent;
care
your certificates of stock to Abner H. Platt, Presi¬
of First National Bank, Jersey City, endorsed in blank, the stock
of the Federal Sugar Refining Co. (of New York) will be Issued in exchange
therefor and a check given at the rate of $6 per share for the preferred.
'Mr. Platt will be in attendance for that purpose from 12 to 1 o’clock each
business day.—V. 84, p. 870, 691.
Gilbert (Wm. L.) Clock Co., Winsted, Conn.—New Stock.
—President and Treasurer James G. Woodruff on May 4
wrote:
The new capital stock authorized ($1,500,000, viz., $500,000 to $2,000,000.—Ed.) may not be taken up for some time.
The great Increase in our
business may call for more capital later on, but for the present there will be
no change.
(Bond issue, if any, not disclosed.—Ed.)
Compare V. 84, p.
696.
Grand
Rapids (Mich.) Hydraulic Co.—Decision.—Judge
Willis B. Perkins in the Circuit Court at Grand Rapids on,
May 7 handed down a decision in the quo warranto proceed¬
ings brought by Attorney-General Bird sustaining the con¬
tention of the latter that the company has no longer any
right to transact business, and also the Act of the Legislature
forfeiting its charter passed last year. Compare V. 84, p. 934.
Hackensack Water Co., Weehawken, N. J.—New Stock.—
The directors have decided to issue $1,000,000 new common
stock and to give to each stockholder of record on May 1
1907 the right to subscribe at par on or before May 21 for
such stock, at the rate of one share of new stock for every
two shares of his present holdings, common or preferred.
Subscriptions must be paid at the office of Hudson Trust Co., Hoboken,
60 % June 1, 20 % June 30, and the remaining 20 % Dec. 1 1907. when stock
certificates will be delivered and Interest paid at the rate of 6 % on previous
payments. Payment in full of all installments may be made on June 1
1907, in which case the new stock will be delivered and will carry dividends
from that date.
An extra cash dividend of 25% has been declared on
all stock of record May 1 1907, payable June 1 1907, the same date at which
the usual dividend of 3 % will be paid.—V. 79, p. 2799.
Houston (Tex.) Oil Co.—Court Order Requires Kirby Lum¬
ber Co. to Pay $120,000 a Month.—Referring to the para¬
graph in our issue of April 13, page 870, it appears from the
copy of the order of the Circuit Court of the United States
for the Southern District of Texas given below that it was
not
merely in
consequence
of
an
agreement between the
receivers of the Houston Oil Co. and the Kirby Lumber Co.,
but a direct order of the Court that compels the Kirby Lum¬
ber Co. to pay for 24,000,000 feet of timber at $5 per 1,000,
aggregating $120,000
month, whether they cut it or not,
until Feb. 1908.
The proceeds of the above 24,000,000
feet of timber per month are paid into Court to meet current
operations of the Houston Oil Co. (under strict supervision
of the court) and “timber certificate” payments; and the
Court, it would seem, was influenced in making the order
by the fact that about $120,000 per month is necessary in
order to meet the principal and interest of timber certifi¬
cates, before the expiration of the six months’ limit which,
under the mortgage, would constitute a default.
Abstract
per
of Order of Circuit Court of the
United States Filed Apr. 1 1907.
to be considered an agreement reached
On this April 1st 1907 came on
between the receiver of the Houston Oil Co. of Texas and the receivers of
the Kirby Lumber Co. In relation to the cutting of timber and payments
therefor from this date up to Feb. 1 1908; and It appearing to the Court that
said agreement contemplates the payment by tne receivers of the Kirby
Lumber Co. to the receiver of the Houston Oil Co. for 24,000,000 feet of
timber monthly, beginning with April 15 1907, whether that amount of
stumpage is cut from the lands of the Houston Oil Co. or not, up to Feb. 1
1908; and it further appearing that said payments are nccessaty to enable
the receiver of the Houston Oil Co. of Texas to meet current operations
and timber certificate payments, and that, under existing conditions it
may not be to the best Interest of the Kirby Lumber Co. to actually cut said
24,000,000 feet of timber monthly, it is therefore ordered that the re¬
Houston Oil Co. of
April 15 1907 and
ending Feb. 1 1908, and that the stumpage payment for January 1908.
which would ordinarily be payable on Feb. 15, be made on Jan. 20 1908, if
the receiver of the Houston Oil Co
should
require said payment; said
payments when made to be credited to the receivers of the Kirby Lum—
ber Co. upon the books of the Houston Oil Co. as for stumpage paid for at
the rate of $5.00 per 1,000 feet.
This order Is supplementary to the orders of this Court made and entered
on April 16 1904 and on Jan. 5 1905. respectively, and is governed by said
order of April 16 1904.—V. 84, p. 870, 696.
ceivers of the Kirby Lumber Co. pay the receiver of the
Texas for 24,000,000 feet of timber monthly, beginning
Hudson River Electric Power Co.—New Bond Issue.—
This company has applied to the New York State Gas Com¬
mission for permission to issue “consolidated and refunding
mortgage” bonds to the amount of $3,232,000, under
a
1117
mortgage executed April 24 1907, securing a proposed issue
of not to exceed
$30,000,000.
“Albany Argus”
says:
The purpose of
flowage rights of a
the proposed issue is to provide for the purchase of the
large reservoir on the Sacandaga River in the counties of
Saratoga and Fulton, the construction of a dam and power-house at Conkllngvllle, N. Y., with the necessary transmission lines and sub-stations, and
other purposes. The company’s capital stock 1< $10,000,000, of which there
is now issued
$5,777,300.- The amount of bonds at present outstanding
is $4,140,000, issued under a first mortgage dated Jan. 2 1904.—V. 83,p.972.
Jamaica Water Supply Co.—Maturing Bonds—Option of
Exchange.—President Charles A. Lockwood gives notice:
The first mortgage 6 % bonds due June 1 1907 will be paid at maturity,
on presentation at the People’s Trust Co., 181-183
Montague Street, Brooklyn.
Holders are offered the option of exchanging
their present holdings for Jamaica Water Supply Co. unified first mortgage
5% gold bonds due July 1 1954 at 98 and accrued Interest.
principal and interest,
At
Journeay & Burnham, Brooklyn, N. Y.—Receivership.—
Brooklyn on April 9, by the request of the directors,
Supreme Court Justice Thomas appointed President William
E. Phillips as receiver of the property.
Y’ostcrday Supreme
Court Justice Kelly in Brooklyn authorized the receiver to
sell the merchandise, fixtures and delivery system to the
highest bidder.
The company, It is stated, has a surplus of assets over liabilities, its float¬
ing debt, according to one account, consisting of about $23,000 in notes
and some $75,000 in unpaid bills; but the directors believe that it is better
to sell the business as a whole than to run the risk of continuing It on a losing
basis.
In 1901 the capital stock, originally $1,000,000 (of which $500,000
was cumulative 8% preferred) was reduced to $500,000, all of one class, of
which $100,000 was held in the treasury at last advices.
Compare V. 84,
p. 573; V. 72, p. 1139, 778; V. 70. p. 1293.
Kansas City (Mo.) Gas Co.—Lease.—See United Gas &
Improvement Co. under “Annual Reports” on a preceding
page.—V. 83, p. 821.
Kansas City Pipe Line Co.—Lease.—See United Gas &
Improvement Co. under “Annual Reports” on a preceding
page.
Kansas Natural Gas Co.—Lease.—See United Gas <fc Im¬
provement Co. under “Annual Reports” on
a preceding page.
—V.84, p. 568.
Lehigh Portland Cement Co., Allentown, Pa.—New Stock.
—The company on Jan. 30 1907 filed a certificate of increase
of authorized capital stock from $4,000,000 to $7,500,000,
The amount outstanding was recently increased from
$3,794,850 to $7,731,750; par $50.
Incorporated in Pennsylvania Nov. 26 1897 with capital stock of $250,-
000, which in May 1899 was increased to $350,000; In April 1900 to $800,000;
in January 1902 to $1,350,000; in February 1902 to $1,857,000; in July 1903
to $1,870,000; in February 1906 to $3,740,000; In June 1906 to $3,765,350,
and in November 1906 to $3,794,850, these Increased amounts being out¬
standing at the dates named.
By election return filed Jan. 30 1907 the
limit of issue was increased from $4,000,000 to $7,500,000.
(Compare
North American Portland Cement Co. in V. 83, p. 1416; V. 84, p. 163.)
An exchange says:
"The company has acquired the entire property of
the Mitchell Lime Co. at Mitchell, Ind., and will build a $1,500,000 Portland
cement mill in the neighborhood of Mason City, Iowa, having recently
purchased 500
acres
of land for that
General Manager, resigned Feb.
Charles A.
purpose.
1.’’—V. 84.
MatchAZD,
163.
p.
Maryland Telephone & Telegraph Co.—Consolidation.—
Sec Baltimore Electric Co above.—V. 84, p. 999.
Merchants’ & >Miners’ Transportation Co., Baltimore.—
New
Officers.—Charles S. Mellen, President of the New York
Co., and J. S. Hemingway, a
director in the same company, have been elected to the
board to succeed W. Kennedy Cromwell and E. P. Whitney,
who has resigned.
J. H. Robinette was made Secretary and
Treasurer. Compare V. 84, p. 1056, 999.
Mexican Telegraph Co.—Text of Annual Report.—The
earnings and balance sheet for the calendar year 1906 were
given in our issue of Apr. 6, p. 801. In the printed report
dated Mar. 26 1907 President Scrymser says:
New Haven & Hartford RR
The contract for making and laying the direct cable between New York
and Colon, Isthmus of Panama, referred to In my last circular, has been
awarded to the Telegraph Construction & Maintenance Co., Llm., of
London, and there appears to be no doubt that it will be completed and in
operation by about Aug. 1 next, as anticipated. It has been agreed that
the cost of this cable shall be shared between the Mexican Telegraph Co.
and the Central & South American Telegraph Co. In proportion to the
mileage of the present cables in the Gulf of Mexico, i.e., 738 miles from New
Telegraph Co. and the remainder,
stations at Guantanamo, Cuba and
Colon, will be owned by the Central & South American Telegraph Co.
The
York will be owned by the Mexican
estimated at 1,563 miles, including the
traffic accruing from the use of this cable will continue as
now
upon
the
mileage basis.
The three cables in the Gulf of Mexico owned by your
company, also Its land lines from Vera Cruz to Mexico, are In perfect working
order.
The rapid growth of your Mexican traffic would soon have required
another Gulf cable to Insure its prompt transmission during business hours;
this, however, will be avoided by the establishment of the New York-Colon
Cable to which the South American traffic will be largely diverted.—V. 84
p. 807 801.
same
Minnesota Thresher (Manufacturing) Co.—Assessment—
Litigation.—Chief Justice Baldwin of the Connecticut Sureme Court of Errors has granted Theodore R. Converse of
till water, Minn., as receiver, a writ of error for the removal
to the United States Supreme Court of suits brought against
the Aetna National Bank of Hartford and First National
Bank of Suffield, Conn, to collect an assessment of $18 a
share (36%) levied on the stockholders under the double-
liability provision of the Minnesota law, to
pay
the claims of
creditors.
The Supreme Court of Connecticut decided the cases adversely to the
receiver.
The assessment was levied under a ruling of the Supreme Couit
of Minnesota.
An editorial article in our issue of March 3 1906, page 484,
reviewed a decision of the United States Supreme Court holding the assess¬
ment invalid as against another bank.
The Merchants’ National Bank of
St. Paul, a large creditor, has applied to the District Court at Stillwater
for an order levying an additional Assessment of 64 %, bringing the amount
up to the full statutory (double) liability.
set for June 11.
Compare V. 74, p. 481; V.
The hearing
82, p. 484.
on
this petition is
Municipal Gas Co., Albany, N. Y.—Reduction in Price of
Gas.—Governor Hughes on April 26 signed the bill of Senator
Grattan, reducing the price of gas in Albany from $1 30 to
cubic feet, with a prescribed minimum for illumi¬
nating power and gas pressure.—V. 82, p. 104.
$1 per 1,000
For other Investment News
see
page
1125.
B
•
[VOL. I.XXXIV
THE CHRONICLE,
1118
spurts and documents
GENERAL ELECTRIC COMPANY.
FIFTEENTH ANNUAL REPORT—FOR THE FISCAL YEAR ENDING
December 11 1900.
To-day (April 1 1907) there are 110
multiple unit electric trains and 30 electric locomotives in
daily service. The total daily multiple unit train mileage is
1.250 miles.
Sixty trains are handled each day by electric
locomotives, the daily train mileage being 692 miles.
The electric service is satisfactory in all respect*.
The
delays in service are loss than with steam, and the number of
“dead” movements is greatly reduced as compared with
Schenectady, X. YApril 27 1907.
on
of the General Electric Company:
To the Stockholders
prolits of your Company for the year endiner Jan. 31st
1 9o7 (lneludinir $329,702 55 from securities sold, $675,000
increased value of Security Holding Companies, and $417,586 19 from royalties, dividends, sundry profits, etc.),
after deducting all patent, general and miscellaneous ex¬
penses. and allowances for depreciation and losses, and
writing off $2,831,128 80 from Factory Plants—this being
substantially 74% of all expenditures thereon during the
The
year—were..
Paid In dividends during the year
-
$4,083,500
—
.
All of the suburban service of the New York Central, and
the majority of the long-distance trains are to-day operated
68 I
in and out of the Grand Central Station by electric power.
4,344,342 00 :
Written off Patents, Franchises and Good-Will Account,
which on January 31 1897 stood on the books of the Com¬
pany at $8,000,000, to reduce it to the nominal sum of $1..
Carried to Surplus Account
Amount of surplus at the end
steam.
$8,427,842 68 |
,
JANUARY 31 1907
999.999 00 j ELECTRICAL EQUIPMENT OF THE WEST JERSEY & SEASHORE
(PENNSYLVANIA SYSTEM).
HR.
8,083,501 68 j
12,027,295 09 j
This steam road from Camden to Atlantic City—a branch
line
of the Pennsylvania Rlt.—was equipped electrically with
Total surplus January 31 1907
—$15,110,796 77 !
General Electric Company apparatus in the autumn of 1906.
This apparatus has operated with complete success.
The siller billed by your Company to its customers for t he j
On
March 31st of this year the 58 motor cars (every car in each
past year wore nearly §17,000,009 more than for the previous j
train being a motor car) carried 17,000 people, without delay
year, showing an increase in shipments of about 40%.
or accident.
The sales billed for the first two months of tin' present
supplies.
fiscal year are more than 50% greater than last year. Should
Sales of supplies and small apparatus, such as meters,
this growth in business continue, additional capital will bo
of last fl ;eal year was
—
!
required.
Details of the business in the Selling and
Departments
transformers, direct and alternating motors, arc and incan¬
Manufacturing
descent, lights, wiring devices, etc., etc., have
over the previous year.
40,305 stationary
be found in tin* reports of the First and
may
Third Vice-Presidents.
The Financial
Report
Auditor is also submitted.
of
tin*
Treasurer and
increased 35%
motors, aggre¬
gating 505,000 II. P., were sold during the year.
General
APPAR YTUS.
Attention is called to the infor¬
have also increased, and show the
heretofore towards larger sized units. The
Sales of large apparatus
mation given therein as to the recent increase in the share
capital of the Company.
same
tendency
as
maximum sizes in various lines are:
The certificate of Public Accountants is attached hereto..
There is also appended a Consolidated Balance Sheet of
the Affiliated Companies.
Bv order of the Board.
C. A. COFFIN. President.
Units—
Turbo Alternators
Water Wheel Generators
Direct Current Generators
Induction Motors
Transformers
...
....
.
.Yominal Ratlm.
..9.1)00 K.W.
Overload Capacity.
13,500 K.W.
.7,500 K.W.
.2,700 K.W.
.6,000 K.W.
.7,500 K.W.
11.250 K.W.
4,000 K.W.
9.000 K.W.
11.250 K.W.
_
_
.
.
.
.
_
..
.
_
INCANDESCENT I, WPS.
FIRST VICE-PRESIDENT’S REPORT.
consumption of incandescent, lamps has been very
Schenectady, X. )
April l si 1907.
; large, and great difficulty has been experienced in supplying
the demand.
The situation is bring met by large increases
C. A. Coffin, Esq.. President General Electric Company.
in factory facilities which will provide for a greatly increased
Sir:—I submit the following report for The fiscal year end- 1
output of incandescent lumps during the next winter season
ing January 31st 1907:
when the maximum demand occurs.
The
.,
SALES AND ORDERS.
Total sales (amount billed to customers)
Total orders received
—
...
.$60,071,883
60,483,659;
—
The production of medal and metalized carbon filaments is
rapidly increasing.
Comparison with previous years:
Orders received.
$34,350,840
.$32,388,036
86,685,598
39,944,454
41,699.617
39,060.038
39,231,328
35,094,807
43,146,902
50,044,272
60,071,883
60,483 659
“Orders received” include only apparatus manufactured by the General
Electric Company, and do not include such. Items as services of experts,
labor of Installati ;n, freight and transportation, supply material, boilers,
engines, etc., of outside manufacture, and bare- copper wire.
All these
it ems are Included in “Amount billed."
Year cndlna -fan. 31 st~1902
1903
1904
1905
1906
1907.
-
.
.
.
.
.
gratifying increase
...
Department, has shown a
tin* previous year. This business is
the world.
....
...
1
DAILY
S'
ORD.F.RS.
PPLY
.
,
In tin* last ten years the amounts billed have increased
from §12,540.994 in 1890 to §00.071 ,883 in 1900. an average
increase of 17 per cent per year.
The very large increase in the business of the Company
During the year we have received about 235.028 supply
orders (not including contracts), an average of 783 per work¬
ing clay. The record of the past year, compared with some
previous
requirements of our customers as to deliveries.
CURTIS STEAM TURBINES.
During 1 In* past year turbo-generators of an aggregate
capacity of more than 350,000 H. P. have been sold.
Thirty-seven Curtis turbines have been installed in Japan.
We have also sold Curtis turbines for installation in England,
Ireland, France, Germany, South Africa, Cuba, Mexico,
Canada, Brazil, New Zealand, Siam. Peru, Algeria and Spain.
On January 29th 1907 an official test was made by the;
engineers of the Boston Edison Company of one of the 5,000
K. W. turbines in its station.
Under the normal operating
conditions the test showed a steam economy of 13.580 lbs. of
steam per K. W. hour.
On Feb. 25 1907 one of four 8,000 K. W. turbines in opera¬
tion at the Fisk<* Street Station of tin* Chicago Edison Co.
was unofficially tested, under the regular operating conditions
and showed a steam economy of less than 13 lbs. of steam per
K. W. hour.
This test proves beyond question the pre¬
eminence of the Curtis turbine in respect, of steam economy.
This test, moreover, showed the remarkable result that from
6,000 K. W. output to 14,000 K. VV. output the steam con¬
sumption varied less than 1.00 lb. per K. W. output.
years,
is
as
follows:
Average supply orders received per working day:
Year cmllrur .January 31 1900
.
478
.
5.33
570
694
.783
"
1902
“1904
1906
1907
-
.
.
.
_
_.
.
.
.....
A
"
...
.
“
during the past year, together with the difficulty and delay ni
obtaining raw materials, have made it very difficult to meet
the
over
Foreign
well distributed throughout
...
.
BUSINESS.
FOREIGN
The business of the
Amount bllhd.
.
ORGANIZATION.
The growth of the
business of the Company has made it
It. Lovejov
.1. G. Barry
Manager of the Railway Department, Mr. C. 1). Haskins
Manager of the Lighting Department and Mr. I). R. Bullon
necessary to expand our organization.
Mr. J.
lias been appointed General Sales Manager, Mr.
Manager of the Supply Department
.
I desire to express my appreciation of the loyal, efficient
and hearty co-operation of all Department and Local Office
Managers and Salesmen in the conduct of the selling business
during the past year.
Respectfully submitted.
EUGENE GRIFFIN First Vice-President.
,
THIRD VICE-PRESIDENT’S REPORT.
Schenectady, N. Y., April 15/./t 1907.
C. A.
Coffin, Esq., President, General Electric Company.
Sir:—I submit the following report on manufacturing
engineering for the fiscal year ending January 31st 1907:
and
Kt AN U FACT URING.
Expenditures aggregating §3,834,123 80 have been mads
ELECTRICAL EQUIPMENT OF THE NEW
YORK CENTRAL &
HUDSON RIYER RAILROAD.
j during the year for real estate, erection of new factories, ex¬
The New York Central Sc Hudson Hirer RU. commenced ! tensions to existing buildings, additional machinery, pat¬
the regular operation of many of its trains by electric power ; terns, special tools, fixtures, etc.
_..3J
.
35091
May 11
The following table shows approximately the floor space
and the number of factory employees during the last five
years:
1906...
1907
1119
THE CHRONICLE
1907.]
Floor Space.
Fmplcyces.
3,000,000
3,700,000
4,100,000
4,350,000
4,770,000
18,000
17,000
18,000
22,500
28 000
...1
The land area of all three plants is now about 445 acres.
The total book value of all the land and buildings (exclud¬
ing machinery, etc.) of the Schenectady, Lynn and Harrison
factory plants is $5,363,812 88, or about $1 12 per square foot
of manufacturing floor space of the buildings.
Schenectady Works.—A building of 237,000 sq. ft. of floor
area which will be used for the manufacture of large appa¬
ratus, and release space in other parts of the plant for switch¬
board anti kindred work, is now nearing completion.
There are also under construction a Blacksmith and Boiler
Shop aggregating 39,000 sq. ft. of floor space, an extension
to the Power House of 18,000 sq. ft., buildings for a wood¬
working plant aggregating 80,000 sq. ft. and an addition of
26,000 sq. ft. for the manufacture of wire and cable.
Additional important extensions aggregating 370,000 sq. ft.
have been authorized.
The Brass Foundry and other additions mentioned in my
last report as under construction were completed during the
year.
Lynn Works.—The completion of the buildings for the
railway and stationary motors, etc., of 170,000 sq. ft. of floor area, mentioned in my last report, has been
delayed by the recent difficulties attending building opera¬
tions, but these buildings will be finished and occupied at
an early date.
The extension to the Turbine Building of 45,000 sq. ft.
has been completed.
Buildings of 168,000 sq.ft., to provide increased facilities
for the production of meters, instruments and other work,
machines of a total capacity of 74,000 K. W.
These ma¬
chines are the largest direct current generators in existence,
were especially designed by us for the purpose, and those
already completed have proved to be entirely successful.
The vertical shaft design which has proved so successful in
our large turbines has been applied to the design of motor
generators and rotary converters. This vertical arrangement
effects a considerable saving of space and money, and is par¬
ticularly desirable for use in sub-stations in large cities. We
have sold a number of such vertical sets for operation in Chi¬
cago and other places.
Electric motors in industrial establishments continue to
increase both in numbers and in variety of applications.
An
interesting case involving the use of very large motors of
special design is that of driving rolling mills in the. manufac¬
ture of steel.
We have several contracts in which the motors
driving the mills average about ten thousand (10,000) H.
P. capacity each.
Our Research Laboratory has developed a new process for
making a metal filament lamp of great efficiency. The com¬
mercial introduction of such lamps will mark a great step in
the advance of the electric-lighting industry.
A large number of Letters Patent covering new and im¬
portant designs and devices lias been applied for during the
for
past year.
It is a pleasure to testify to the successful
character of the work of our engineers, and to
and economical work of our factory managers.
manufacture of
will be erected this year.
Harrison Works.—A building of 60.000 sq.
ft. has just been
completed for the manufacture of high efficiency metal fila¬
ment lamps.
A four-story building of 120,000 sq. ft., to be located on
land recently purchased at Ft. Wayne, Ind., and to be de¬
voted to the production of incandescent lamps, has just been
started.
Pittsfield Works.—The plant of the Stanley-G. I. Elec.
Mfg. Co., at Pittsfield, Mass., has been used to a large extent
for the manufacture of General Electric Company apparatus
It is now used wholly for this purpose,
operated hereafter as one of the General Electric
Company’s plants. The floor space at present available is
370.000 sq. ft., with about 1,700 employees.
There are now under construction extensions to this plant
aggregating 178,000 sq. ft. which will be used for the manu¬
facture of transformers, lightning arresters, switches and
other apparatus.
during the past year.
and will be
and original
the effective
Respectfully submitted,
E. W. RICE JR., Third
Vice-President.
FINANCIAL REPORT.
,
Schenectady, N. Y., April 20th 1907.
C. A. Coffin, Esq., President General Electric Company.
Sir:—The Balance Sheet and Statement of Profit and Loss
herewith transmitted—with an explanation of each item on
the Balance Sheet—include the assets and liabilities and profit
and loss accounts of the Edison General Electric and Thomson-Houston Electric Companies (which, for convenience of
bookkeeping, are consolidated with those of the" General
Electric Company) at January 31 1907; and when “the Com¬
pany” is spoken of both the above-mentioned corporations
are
included.
ASSETS.
PATENTS, FRANCHISES AND GOOD-WILL.
During the
year
there
was
expended in acquiring sundry
patents, for licenses under patents, and in patent litigation,
$785,594 17, which has been treated as ordinary expenses of
the year.
In addition the amount of $999,999 00 has been charged
to Profit and Loss, leaving the Company’s patents, franchises
and good-will standing at a nominal valuation of $1.
FACTORY PLANTS
ENGINEERING.
Engineering effort has continued to be largely devoted to
the extension and improvement of our existing lines of appa¬
ratus, although a large amount of special apparatus has been
designed to meet novel conditions.
Long-distance transmission of electricity is now thoroughly
established in practice, and orders have been received for the
equipment of a number of new and important installations of
this kind during the year.
The increase in the distance
covered by such systems has involved the successful solution
of many difficult problems connected with the generating,
distributing and controlling apparatus.
The size and voltage of transformers for use in long-distance
transmission work continues to increase.
We
are now
build¬
ing on order a number of transformers of 7,500 K. W.
capacity, for operation at 104,000 volts.
Our high tension switching apparatus has been still further
developed during the year; one notable instance has been the
design and successful testing of a switching device for 100,000
volt operation.
Our line of steam turbine generators has been enlarged and
improved. The first of our 8,000 K. W. turbine machines
was started at the station of the Chicago Edison Company
in September 1906, and has been in daily operation with
loads at times reaching 14,000 K. W.
Five of these great
machines have since been placed in operation in Chicago and
New York.
The steam economies which have been realized
in these and other of our large turbines are unprecedented.
Such high economy, added to the simplicity, reliability and
compactness already realized in our turbine units, places us
in a position to furnish our customers a prime mover whose
value is unequaled.
The operation of the single-phase alternating current rail¬
way equipments which we have installed has been entirely
satisfactory, and we have received orders for a number of
such equipments during the year.
Our engineers have completed the design of a line of direct
current railway motors containing important novel features.
Practical tests have shown these* new motors to be superior
to existing standards in economy, commutation and ability
to operate at higher and more economical voltages.
An interesting and important application of electricity is
found in the reduction of metals.
During the present year
we have sold to one customer for use therein twenty-eight
This account represents the Real Estate (lands and build¬
ings); Machinery (steam and electric plants, tools, appli¬
ances, etc.); Patterns (including drawings, etc.); and Sun¬
dries (fittings and other small property accounts) of the
manufacturing plants at Schenectady, N. Y.; Lynn, Mass.,
and Harrison, N. J.
All are free from mortgage or other lien.
On January 31 1893
the book value of all three factory plants
$3,958 528 21
During1 the fourteen years from that date to January 31 1907
(over and above all ordinary expenditures for the mainte¬
nance and repair of buildings and machinery), additions
of lands, buildings and additions to and replacement of
machinery, etc
23,246.490 66
have been made at a total cost of
was
,
Total book cost of the plants
S27.205.024 87
There has been written off during those fourteen years a total
allowance for depreciation and replacement of
18,205,024 87
Leaving their book value at January 31 1907
Divided
as
59.000.000 00
follows:
$6,036 724 29
2.638,275 41
325,000 30
Schenectady plant
Lynn plant..
Harrison plant (Lamp Factory).
.
$9,000,000 00
This valuation is but $1 S9 per square foot of floor space,
including land, buildings, power houses, machinery, tools and
all other equipment.
A summary of the changes in “Factory Plants” account
since tin* last Annual Report is as follows:
Real
Estate
Book Value
Jan. 31
and
1906.
buildings
Machinery
Written off
Book Value
at the end of
Jan. 31
the year.
the year.
1907.
$4,843,812 88 $1,564,727 26 $1,044 727 26 $5,363,812 88
3,156,185 12
1.927.364 36
1.447.364 36
3.636,185 12
1 00
154,048 47
154 048 47
1 00
1 00
187.983 71
187.9S3 71
100
Patterns
Furniture
Cost of addltlons during
and
Fixtures
Total.. .---...$8,000,000 00 $3,834,123 SO $2,834,123 80 $9,000,000 00
REAL
ESTATE.
(iOther than Factory Plants.)
This account represents the investment in the Edison
Building, 44 Broad Street, New York City, and sundry par¬
cels of land in various places, mostly improved and rented,
which have been acquired at various times, chiefly in pay¬
ment of debts.
All
are
free from mortgages.
00
(There has been added to the book value
of these Stocks and Bonds the amount of
the surplus net profit of these Companies In
the past year, namely >675,000.)
Stocks and Bonds of Local Lighting and
Railway Companies.
Miscellaneous Stocks and Bonds.
Stocks of Sundry Foreign Companies of a par
value of >4.123,204 00..;
machinery, tools, instruments, etc., in the general and local
offices, and in local repair shops, etc., and also of all goods
on
consignment.
A considerable
3,786,471 46
2.767,182 62
lots to local office store-rooms.
730,815 72
shipments to customers by having them shipped in car-load
Balance
$20,086,75)0 08
Considerable profits have been made by the affiliated
Companies and by the Local Lighting and Railway Com¬
panies, most of which profits have been added to the surplus
of such Companies.
The General Electric Company has not
increased the book value of the shares owned by it in the
ab< >ve-mentioned Companies.
Pursuant to the established policy of selling securities
which there is no special reason for holding permanently,
various stocks and bonds have been sold for cash since the
last Annual Report.
Their total par value was SI ,010,379 60.
>843,155 03
513,452 48
They were sold for.
They had been carried on the books at
$329,702 55
Profit.
NOTES AND ACCOUNTS RECEIVABLE.
Active selling finished and partly finished apparatus and
supplies have been valued’at estimated factory cost; inactive
or slow selling apparatus and supplies at about 50% of esti¬
mated factory cost, and obsolete apparatus and supplies at
scrap value.
The total of inventories of apparatus and supplies, in all
local offices showed a decrease from book value of $103,745 03
which amount has been charged off to Profit and Loss
tures-,
local offices and in local repair shops is $132,880 22.
All
these items are carried at a total book value of one dollar.
CONSIGNMENTS.
customers during the
customers on the accounts-rcceivable ledgers, an increase for the year of 2,700, there were
debit balances against 8,900 at the close of the fiscal year.
COLLECTIONS DURING THE YEAR.
the cash collections from notes and ac¬
counts receivable were approximately $53,000,000.
On January 31 1906 the face amount of notes and accounts
receivable was $17,197,207 75, all of which have been settled
during the year except $2,374,948 30.
various concerns subject to purchase if its operation is suc¬
cessful.
The greater part of consignment account represents
such contingent sales, and the remainder represents appa¬
on
exhibition
porary use
Balances, January 31
Accounts
Receivable.-
Total
Face Values
1906 .$1,019,380 86 $16,177,820 89 >17,197,207 75
Of which there have been set¬
tled during the past year..
Leaving unsettled or unrnalured—originating prior to
the current year—48 note
accounts and 735 open ac¬
763,966 94
shipments are charged on this account at
factory cost.
Their total is..
Less 50 % allowance for depreciation
All such
Net book yalue of
Balance Sheet :
14,058,292 51
14,822,259 45
are
$255,413 92
$2,119,534 38
$2,374,948 30
2,710,458 28
22,008.941 27
24,719,399 55
<face values) Janu¬
31 1907 (seebelow)
$2,965,872 20 $24,128,475
As of January
under discount,
$666,607 65.
DEBENTURES.
At
January 31 1906 there were outstanding 5
ture Bonds of 1892
3H °o 40-Year Gold Bonds of 1902
Notes
Receivable.
J-',
On debts existing at January
31 1906 there was then al¬
lowed
Amount of such allowance ab¬
sorbed during the eurrent
effecting
Accounts
Receivable.
There have been
>793,443 79
>910,189 74
11,695 18
487,250 42
4§8,045 60
ing at January 31 1907
Increased
>105,050 77
>306,193 87
>411,244 14
On January 31st 1906 the par value of
the Company outstanding amounted
37,658 74
previous years
present allowance for
possible losses—to be de¬
858,980 64
896,639 38
>1,165,174 01
24,128,475 65
>1,307,883 52
27,094,347 85
Total
ducted from total face values >142,709
Total face value (see bove)._ 2,965,872
51
20
Total book value as per Bal¬
ance Sheet
>2,823.162 69
has subsequently been Issued further
Capital Stock as follows:
Under Circular of December 6th 1905 to stock¬
There
appraised value.
Net gain above appraised value
/ Of this amount >2,922,675 57 Is
>22,968,301 64 >25,786,464 33
>358,201 26.
due from the Affiliated Companies on
of advances.
WORK
IN
PROGRESS.
Tliis account does not include outlays for anything
in
of manufacture at the factories, but represents ex¬
penditures for labor, material, etc., at cost, on 1,123 uncom¬
pleted installations of finished apparatus in progress at
various places.
process
n i
as
per
Balance Sheet
$19,500 00
1906, to
9,266,600 00
9,286,100 <Kt
Less
50 OO
Capital Stock retired (V> share)
- -
--
There has also been subscribed under
10th 1906, and Installments of 50%
Circular of December
paid thereon, the bal¬
$63,572,800 00
1,56! .500 OO
being due in April 1907
$65,134,300 OO
Debentures,
45,833 33
14,819,866 67
>80,000,000 OO
This account, as its name implies, is
interest accrued to January 31 1907 on
the full amount of
both classes of the
Company's debentures then outstanding.
.........
This account represents the full amount unpaid on all
dividends declared and payable to January 31 1907 inclusive
—the addresses of a few stockholders being unknown.
ACCOUNTS PAYABLE.
This account includes all
unpaid audited indebtedn3ss.
the close of business on January 31 1907 the unpaid
vouchers on hand—none of which were then due under the
terms of purchase—-amounted to
..->1,485,75®
Between January 31 and February 27 1907 the date of closing
the general books, additional liabilities belonging to the
past year were audited, amounting to
At
* In effecting these settlements there were realized >374,891 40 over last
year's book valuation, less >16,690 14 loss In settling some debts below their
Balance
the Capital Stock of
to
. .$54,286,750 OO
UNCLAIMED DIVIDENDS.
unmatured
balances of the current and
account
changes during the year.
CAPITAL STOCK.
possible losses on all
and
$55,000 OO
2,047,000 OO
ACCRUED INTEREST ON DEBENTURES.
settle¬
Balance of allowance remain¬
This allowance Is now
no
Total Capital Stock Issued and subscribed
Authorized against the above stated $55,000
which are convertible into stock at 120
Authorized, but not yet Issued or subscribed
Total.
$116,745 95
(see foot note*)
unsettled
% Gold Deben¬
$2,102,000 OO
ance
to cover
$241,511 64
31st the company had its customers’ paper
with its endorsement, to the amount of
Capital Stock Issued
65 $27,094,347 85
LOSSES.
ALLOWANCES FOR POSSIBLE
In
per
$63,572,850 00
Balances
year,
ments
as
>183,023 25
241,511 G4
ENDORSEMENTS OF CUSTOMERS’ PAPER:
holders at par
The unsettled and unmatured
balances of the current year
1;
estimated
apparatus loaned and consigned
Under Circular of December 10th
stockholders at par
counts...
ary
loaned to regular customers for tem¬
or
by them.
year
Notes
Receivable.
i I
for novel uses has been delivered to
Finished apparatus
LIABILITIES.
year was $60',071,882 99.
Of some 19,700 regular
During the
appraised value of all office furniture and fix¬
machinery, tools, instruments, etc., in the general and
SALES DURING THE YEAR.
amount of sales billed to
OFFICE FURNITURE AND FIXTURES.
„
The total
ratus
represents the total debts now due the
Company.
They appear in the annexed Balance Sheet at an estimated
realizable value—i. e., from their face, $27,094,347 85, there
has been deducted an allowance (which is believed to be
ample) of $1,307,8S3 52 for possible losses (see below).
The net
quantity of apparatus and supplies is carried
at local offices for the convenience of customers, to save time
in delivery from factories and to save freight on individual
Total book value of all stocks and bonds as per
Sheet
account
actual inventories—counted a*d
manufactured goods in store-rooms of local offices; of ma¬
terials in local repair shops; of office furniture and fixtures,
6,417,168 28
>20,086,701 08
This
MERCHANDISE INVENTORIES.
These accounts represent
valued item by item—of raw materials and goods manu¬
factured and in process of manufacture at the factories;,
of shipments in transit to store-rooms of local offices; of
pended—see end of this Report.)
United Electric Securities Company, Boston.
Electrical Securities Corporation.NewYork.
Electric Bond & Share Company,New York.
lations is included in the
08
Stocks and Bonds of Security Holding Com¬
panies. viz
which may be derived from these instal¬
profits of the year.
None of the profit
STOCKS AND BONDS.
Miscellaneous securities of manufacturing, patent-owning,
etc., companies, carried at one dollar for each lot
>89
All other stocks and bonds (total par value >20,682,154),
described below, are carried at a book value of
20,986,701
Stocks of Affiliated Companies of a total par
value of >6,360.000
>6,385,071 00
(As these Stocks are chiefly owned by the
General Electric Company, a Consolidated
Balance Sheet of these Companies Is ap¬
w
[VOL. LXXXIV.
THE CHRONICLE.
1120
.....
>3,851,121 23
Total
as
per
2,524,660 04
>4,010.410 58
Balance Sheet
During the year the average amount of unpaid
carried over monthly—by keeping the books, other
cash book, open a sufficient time to include each
obligations in that particular month—was
vouchers
than the
month’s
about $2,600,000.
Respectfully submitted,
HENRY W. DARLING, Treasurer.
EDWARD CLARK,
54
General Auditor.
Miftrli
May 11
PRIOB. WATERHOUSB 4s COMPANY, CHARTERED ACCOUNTANTS
New York, Chiosg-o, St. Louis, Pittsburgh, San Francisco,
London, Melbourne, Mexico.
54 William
Street, New York, May 2d 1907.
To the Board of Directors of the General Electric Company,
44 Broad Street, New York City.
We have examined the books of the General Electric Com¬
pany, in which are incorporated also the accounts of the
Edison General Electric Company and the Thomson-Houston
Electric Company; and we find that the Balance Sheet and
the Profit and Loss Account below are correctly prepared
therefrom.
We have also examined the books of the Affiliated Com¬
panies owned by the General Electric Company (except in the
eases of Foreign Selling Companies, the accounts of which, as
certified by Local Auditors, we have accepted), and find that
the Consolidated Balance Sheet of these Companies below
is correctly prepared therefrom.
We have satisfied ourselves that during the year only
actual Additions, Extensions and Replacements have been
charged to Capital, wThile ample provision has been made for
Renewals and Depreciation; and that all expenditures in
connection with Patents and Patent litigation have been
charged against the Earnings of the year.
We are satisfied that the valuations of Materials and Sup¬
plies and Manufactured Products on Hand, and of Uncom¬
pleted Contracts as certified by the responsible Officials, have
been carefully and accurately made at or below cost, proper
provision having been made for those which are either obso¬
lete
or
readily salable.
not
1121
THE CHRONICLE
1907.1
Full provision has been made for Bad and Doubtful Notes
Accounts Receivable and for all ascertainable Lia¬
bilities.
We have verified the Cash, and Stocks and Bonds by actual
LIABILITIES.
3 H % Gold Coupon Debentures
5%
*'
“
**
Accrued Interest on Debentures
Accounts Payable
Unclaimed Dividends.
.$2,047,000 00
55,000 00
458 34
4,010,410 58
1,465 86
.
6.114,334 78
Capital Stock Issued
Subscriptions on account of Capital Stock,
being payable April 1907
63.572,800 00
equal amount
an
780.750 00
666.607 65
15,110,796 77
Endorsements
Surplus
$86,245,289 20
CONSOLIDATBD PROFIT AND LOSS ACCOUNT OF JANUARY 31 1907
EXPENSES.
Cost of Sales (Including depreciation
Interest on Debentures
Profit for the current
of Plants, $2,834,125 80)$53,106,594 04
74.395 01
year
8.427.842 68
..
$61.608.831 73
$999.999 00
Patents written off
Dividends paid In Cash
Surplus at January 31 1907 carried forward to next
4.344.342 00
15.110.796 77
year
$20,455,137 77
BARN I NOS.
$60,071.882 99
Sales
Royalties, Dividends and Interest on Stocks and
$417,586 19
Bonds, and Sundry Profits
114,660 00
Interest and Discount
and
by proper certificates and are of the opinion that
the aggregate value placed on the Stocks and Bonds, the de¬
tails and character of which are stated on page 20 (of pamph¬
let report,) is fair and conservative.
And we certify that the Accounts and Statements herein
submitted, in our opinion, set forth the true financial con¬
dition of the Company on January 31st 1907, and that the
statement of Profits for the year ending on that date are
inspection
Surplus brought
Profit for the
over
year
from last
$12,027,295 09
year
8.427,842 68
ending January 31 1907
$20,455,137 77
HENRY W. DARLING. Treasurer.
EDWARD CLARK, General Auditor
CONSOLIDATED BALANCE SHEET OF AFFILIATED COMPANIES.
JANUARY
correct.
PRICE, WATERHOUSE & COMPANY.
CONSOLIDATED
BALANCE
SHEET
OF JANUARY 31
1907.
ASSETS.
'.
Patents, Franchises and Good-will
SI 00
Cash.
Stocks and Bonds
$20,086,790 0.8
Real Estateff(other than factory plants)
347,488 93
Notes and Accounts Receivable$22,863,788 76
Advances to Affiliated Com¬
2,922,G7o 57
panies
3.910.708 85
ASSETS.
$4,708.743 95
.
5 00
.
Current Assets—
Merchandise. Material and Supplies
Work in Progress.
Notes and Accounts Receivable
Stocks and Bonds..
Cash
$3,749,609 62
338,521 82
2,032.467 77
17,085 54
242.065 69
.
6.379.750 44
$11,088,499 39
LIABILITIES.
3,853,321 23
$6,315.000 00
Capita! Stocks
135.000 00
Bonds
Current Liabilities
General Electric Company.
$50,074,064 57
Mercha util sc Invert tor ics—
At Factories
$19,680,242 89
At General and Local Offices..
2,672,152 60
Consignments
31ST 1907.
Property Accounts
Patents, Franchises and Goodwill
25,786,464 33
Work In Progress..
675.000 00
$61,608.831 73
or
Chartered Accoutitants.
532 246 19
55
329[702
Profit on Sales of Stocks andBonds
Increase In surplus of Serurlty-Holdlng Companies, repre¬
senting their net profits for the year (page 20 of pamphlet)
557,331141
2,922,675157
Surplus—
As at
241,511 64
22,593,907 13
—
Discounted
Paper
Factory Plants (Including all lands, buildings and machinery)
72,667.971 70
$749,791 10
January 31st 1906
Add profits for year.
Less Dividends.
$528,201 31
120.000 00
408.201 31
666.607 65
9.000.000 00
1.157,992 41
—
$11,038,499 39
$86,245,239 20
PHILADELPHIA COMPANY.
TWENTY-THIRD ANNUAL
Lb
REPORT—FOR THE YEAR ENDED MARCH 31ST 1907.
Office of the Philadelphia Company.
Pittsburgh, Pa., March 31s£, 1907.
The Board of Directors herewith submit their report for
the fiscal year ended March 31st 1907
During the year 8 wells were purchased, and 97 wells were
drilled, of which 70 were productive of gas, 4 of oil and 17
unproductive; 3 wells were sold and 38 abandoned, having
ceased to be productive; making the total number of wells
owned or controlled through stock ownership (including the
24 productive gas wells of The Fairmont & Grafton Gas
Company) and in use by the Company at this date, 785.
During the year 21.44 miles of pipe were reclaimed and
172.00 miles were laid.
The total amount of pipe lines
operated by this Company either through ownership or stock
ownership in other corporations (including The Fairmont
& Grafton Gas Company) is now 2,029.73 miles.
.
This does not include the 101.11
miles of mains of the
Allegheny Heating Company nor the 371.78 miles of mains
several artificial gas companies.
Company now holds under lease 428,584 9-40 acres of
gas and oil territory situated in Western Pennsylvania and
West Virginia.
In controls through its ownership of The
Fairmont & Grafton Gas Company 18,017
acres, and
through its majority ownership of the Equitable Gas Com¬
pany 930 acres of leaseholds.
The Company sold during the year 30,197,047,021 cubic
feet of natural gas, being an increase of 3,234,099 051 cubic
feet, with increased receipts from that source of $508,495 95.
There has been an increase during the year of 8,030
domestic consumers of the natural gas supplied by the
Company and the companies it operates, including the
Allegheny Heating Company and The Fairmont <fc Grafton
of
our
The
Company, making a total number of domestic natural
these Companies 87,089.
has sold during the fiscal year 230 second
mortgage bonds and 04.800 shares of the Common Capital
Stock, and has applied the proceeds in retiring the one-year
Collateral Gold Notes, issued October 1st 1900, in payment
for The Beaver Valley Traction Company Capital Stock,
the purchase of the Washington & Canonsburg Railway
Company Capital Stock, and in advances to the underlying
Companies to be used for improvements and extensions.
The operations of the Pittsburgh Railways Company will
be found in the report herewith printed.
Accompanying this report are statements showing the
financial condition of the Company.
Gas
gas consumers of
The Company
For the Board,
J. H.
REED.
President.
PHILADELPHIA COMPANY.
LOSS .ACCOUNT—YEAR
PROFIT AND
MARCH 31ST 1907.
Gross Earnings—
$5,183,347 31
Gas
Oil
75.836 32
INCOME
AND
ENDED
-
Total Gross Earnings.,.
Operating Expenses—
$690,366 13
Rlgnts of Way. Rentals and Leases
Gas Purchased
Production Expenses
.
69,143 65
-
Transportation and Distribution Expenses
Selling and Collecting Expenses
Maintenance Expenses
General Expenses.
-
Total Operating Expenses
Taxes
Total
132.437 96
247.421 72
38.914 63
422.191 72
208.898 93
$1,839,876 76
..
,
Operating Expenses and Taxes.
Net Earnings
$3,239,233 83
-
.....
76.391 88
1.936,768 64
$3,322,465 19
[VOL.
THE CHRONICLE.
1122
We have examined the Books and Accounts of the Phila¬
$3,322,465 19
Brought forward
delphia Company for the year ended March 31st 1907, and
we hereby certify that the foregoing
Balance Sheet and
Other Income—
$1,468,906
103,747
261,732
" 9,297
Dividends on Stocks Owned
Rents of Real Estate and Buildings
Interest and Discount
J
Miscellaneous
90
01
22
30
Statement of Income and Profit and Loss Account are
cor¬
rect.
1,843,773 43
Total Other Income
LXXXIV.
HASKINS & SELLS.
(Signed)
Certified Public Accountants.
$5,166,238 62
Total Income
Deductions from Income—
Rentals of Leased Gas Lln$s
Miscellaneous Interest and Discount
New
Net Income before Deducting Fixed Charges,
Betterments, Extensions, &c_._
Fixed Charges —
Interest on Funded Debt of Philadelphia
Union Gas Company of McKeesport
Improvements,
.
1,045.690 27
.$3,992,603 79
$1.184,432 47
April 1st 1905 for Extension of
Transportation Lines and Retired During
Notes Issued
250,000 00
Year
1,434,432 47
$2,558,171 32
Year
1,912 50
2,086,162 22
Surplus April 1st 1906
Dividends
on
$300,000 00
—
Common Stock of 1 4 % declared
1,427,539 50
and paid during year—
.
Dividend on Common Stock of 1 '•_> % declared
before close of fiscal year (March 31st 1907),
payable May 1st 1907
Cash Commission paid for
ital Stock
Value of Capital Stock of
498,597 00
sale of Common Cap¬
65,500 00
Street Railway Com¬
2,787 00
panies charged oil-.
GENERAL
$2,351.822 54
COMBINED
Gas Wells
Gas Rights..
Gas Leases
Gross
*-
Telephone Lines
Iff
7,885
477
183
$1
,3-14
,125
,543
,288
00
67
120
,945 34
35
,804 57
Service Connections
Meters
693
951
Regulators
365
Total Property and Plant
Materials and Supplies
Stocks and Bonds of Other Companies
—
Current A.ssets—
Cash at Bank and on Hand.
Accounts Receivable
__
Temporary Loans to Aflillated
Companies
-
$13,456,022 45
233,477 09
11,943 99
3,260,000 00
734,245 10
Capital Stock—
Common 664,800 shares of $50 00 each ...$33,240,000 00
“
6,000.000 00
Preferred 120,000
Improve¬
$8,140,522 18
3,306,790 09
$39,240,000 00
15,138.000 00
20,655,000 00
1,050,000 00
1st 1005,
40,000 00
Net Income—Surplus for the Year____l
Dividends on Preferred Stocks
303,201 00
Balance—Surplus for the Year
$2,706,345 46
between Companies
RAILWAYS COMPANY.
REPORT—FOR
ANNUAL
1,824,185 63
$3,009,546 46
Note.—Certain Items Representing Transactions
have been Eliminated in the above Report.
THE
YEAR
ENDED
31ST 1907.
INCOME ACCOUNT.
Gross Earnings from
.$10,232,619 88
Operations
Operating Expenses—
$851,908 59
3,243,327 51
General
Expenses
Conducting Transportation
Maintenance of Way and Structures
Maintenance of Equipment
Park Expenses
Total
511,057 46
632,981 99
132,237 96
$5,371,513 51
Operating Expenses
Bridge Tolls
108,732 98
Taxes
291,71111
Total
$5,517,000 00
250,000 00
Pipe Lines, Retired During Year..
Net Earnings
Other Income—
Rent of Buildings and
Interest and Discount
Miscellaneous
Total
5,771,957 60
Operating Expenses and Taxes.
Other
$4,460,662 28
Real Estate
-
$47,875 88
5,013 68
31,013 36
$83,902 92
Income.
$4,544,565 20
Total Income
Deductions from Income—
Rentals of Leased Properties*—
,
$15,000 00
Pgh.& Castle ShannonRlt.Co.
552,485 66
United Traction Co. of Pitts.
Consolidated Traction Co
1,550,598 00
60,169 20 $2,178,252 86
Brunot Island Power Stalion.
278,514 60
2,693 37
Miscellaneous Interest and Discount.
Tenement Expenses
Total
2,459,460 83
Deductions from Income
1,275,891 97
Total Current Liabilities
Profit <>ud Loss —
Balance Credit March 31st 1907.
Fixed Charges and Extraor¬
Expenses..
$2,085,104 37
Net Income Before Deducting
2.351 .822 54
$64,572,714 51
Total l iabilities
Philadelphia Company has a Contingent Liability for the
fallowing Bonds, guaranteed both as to principal and interest:
M*
Washington Street J tall way Co.. First Mortgage, 30 year,
5% Gold Bonds dated April 1st 1903.. .... ’
$1,500,000 00
Seventeenth Street Incline Plane Co.. First Mortgage. 30 year,
5 % Bonds, dated March 1st 1905
.
.
125,000 00
Allegheny Bellevue & Perrysvllle Railway Co., First Mort¬
gage, 80 year, 5% Gold Bonds, dated April 1st 1905
500,000 00
The Moralngslde Electric Street Railway Co.. First Mortgage,
30 year, 5 ;v Gold Bonds, dated October 2d 1905.. — — .
200,000 00
Ben Avon <Sc Kmsworth Street Railway Co . first Mortgage, 30
•year, 5 % Gold Bonds, dated April 1st 1906
.
300,000 00
Yvie. —The
224,241 76
$9,422,523 15
1,282,000 97
MARCH
$64,572,714 51
Total Funded Debt
....
Five Year Serial Gold Notes, 5%, dated April 1st 1905
Current Liabilities —
$338,362 50
Interest on Bonds, Accrued not Due
25,000 00
Reserved for Dividend on Preferred Stock..
Dividend on Common Stock of 1
% De¬
clared before close of Fiscal Year (March
498,597 00
31st 1907), Payable May 1st 1907
139,207 26
Accounts Payable.
58,845 31
Taxes, Accrued not due...
_
184,164 62
Consumers' Advances
1,890 28
Unclaimed Wages
Sinking Fund to retire Union Gas Co of Mc¬
Keesport
First Mortgage Gold Bonds,
5,125 00
30 year, 5%.
- - 24 ,700 00
Real Estate Mortgages.
.
ENDED
$9,198,281 39
...
PITTSBURGH
2,846,655 63
Total Capital Stock
Funded Debt—
First Mortgage and Collateral Trust Gold
Bonds, being 5.517 Bonds of $1,000 00
each, 50 year, 5 %
Consolidated Mortgage and Collateral Trust
being
15,138
Gold
Bonds,
Bonds of
$1,000 00 each, 50 year, 5%
YEAR
Earnings
FIFTH
LIABILITIES.
h:
1,000
..$18,538,606 67
9,340,325 28
Income..
1,710,000 00
Total Assets
2,000
THE
Earnings
Car Trust Notes Issued December
Retired During the Year..
$258,218 58
878,437 05
Total Current Assets
10
5,000
5,000
3,000
2,000
Net Income—After Deducting Fixed Charges
$4,833,732 09
Improvements, Betterments, Extensions and
Extraordinary Maintenance Expenses
$1,534,185 63
Notes Issued April 1st 1905 for Extension of
44,030,370 25
Unexpired Insurance
Bills Receivable Deposited with Trustees Covering Advances
to Affiliated Companies
—
Bills Receivable in Treasury, Covering Advances to Affiliated
Companies
10
6,000
5,000
5,000
1007.
Net Income Before Deducting Fixed Charges,
ments, Betterments, Extensions. &e
Fixed Charges: Interest on Funded Debt
326 69
,821 46
,675 20
,000 00
,850 00
Owned
500
480
200
100
24
Pref.
Com.
16,000
15,000
Total Income
Deductions from Income
45
14
5 ,632 05
135 ,047 97
1,651 898 10
Tools
Office Furniture and Fixtures
Horses and Stable Equipment
Maude Mine Coal Property
Brunot Island Power Station
iu.
Net
Other
65
69
U
523 ,851 77
26 ,866 18
Real Estate
Buildings
FOR
31ST
Operating Expenses and Taxes
339
Rights of Way
ACCOUNT
MARCH
ASSETS.
hi
INCOME
BALANCE SHEET MARCH 31ST 1907
Property and Plant—
Charters, Patents and Franchises
Pipe Lines, Transportation and Distribution._
500
480
200
100
24
Pref.
Com,
PHILADELPHIA
COMPANY
AND
AFFILIATED
OPERATING COMPANIES.
2,294,423 50
Surplus March 31st 1907—Per Balance Sheet—
1?000
80,000
50,000
50,000
50,000
30,000
21,500
20,000
Fairmont & Grafton Gas Company
Suburban Gas Company
Ben Avon & Emsworth Street Railway Company
Low Pressure Gas Company
Consumers Heating Company __r_.
Mansfield & Chartiers Gas Company
The Morningside Electric Street Railway Company..
Mifflin Natural Gas Company.
Tarentum Light & Heat Company
Tustln Street Railway Company
The Philadelphia Company of West Virginia
$4,646,246 04
Total Gross Surplus
Deductions from Surplus—
Dividends on Preferred Stock
Total
issue.
Pref. 240,000
Com, 300,000
340.000
30,000
20,000
20,000
14,000
6,000
5,000
80,000
50,000
50,000
50,000
30,000
21,500
20,000
16,000
15,000
6,000
5,000
5,000
5,000
5,000
3,000
2,000
2,000
1,000
1,000
29,850
19,822
15,046
13,774
4,908
2,664
Equitable Gas Company of Pittsburgh
Equitable Gas Company of Pittsburgh
Allegheny Heating Company..
Consolidated Gas Company of the City of Pittsburgh.
Pittsburgh Railways Company
Pittsburgh Railways Company
Pittsburgh & Charleroi Street Railway Company
Mt. Washington Street Railway Company
The Beaver Valley Traction Company
Washington & Canonsburg Railway Company
Union Gas Company of McKeesport
The Allegheny County Light Company
Southern Heat, Light & Power Company
East McKeesport Street Railway Company
Braddoek Gas & Light Company
Seventeenth Street Incline Plane Company
Allegheny Bellevue & Perrysvllle Railway Company.
..
31ST
232,760
284,299
339,999 %
Consolidated Traction Company
Consolidated Traction Company
United Traction Company of Pittsburgh
Chartiers Valley Gas Company
Pennsylvania Natural Gas Company
South Side Gas Company
Company and
Charges
Improvements, Betterments, Extensions, &c.—
New Producing Gas Wells
$487,961 76
New Producing Oil Wells
29.381 35
New Pipe Lines—Outside City
597,509 06
New Pumping Station
59,606 17
New Buildings
5,223 01
New Telephone Lines
4,751 12
Net Income—Surplus for the
Premium on Bonds Sold..
Shares
owned.
$5,038,294 06
Net Income after Deducting Fixed
CORPORA¬
SCHEDULE OF CAPITAL STOCK SHARES OF OTHER
TIONS OWNED AND POSSESSED AT MARCH
1907 BY THE PHILADELPHIA COMPANY.
127,944 56
Total Deductions from Income.
•
York, May 4th 1907.
$10,267 00
117,677 56
_
...
dinary Maintenance
Fixed Charges—
Interest on Funded Debt of
leased Companies
Pittsburgh Railways Co. and
1,734,199 71
$350,904 66
Net Income After Deducting Fixed Charges..
Extraordinary Maintenance Expenditures
Car Trust Notes Issued December 1st 1905,
Retired During Year
Net Income,
$300,131 26
40,000 00
Surplus for the Year
Passengers Carried
Car Mileage
Earnings per Car
Expenses per Cur
Net Earnings per
—
_
Mile 1
.
Mile (Including Taxes)
Car Mile
-
340,131 26
$10,773 40
203,411,809
36,125,014 Miles.
$.2791
.1552
.1239
May 11
1123
THE CHRONICLE
1907.J
CHICAGO 1STREET
RAILWAY ORDINANCE.
Chicago Railways Company.
COMMITTEE’S REPORT AND
Committee on Local Transportation to
Chicago, under date of Jan. 15 1907,
regarding the ordinances which were adopted by vote of the
people at the election last week, being the ordinances passed
by the City Council Feb. 11 1907, respecting the Chicago City
Railway Co. and the Chicago Railways Co., which is the
proposed successor of the Chicago Union Traction Co. and
subsidiaries, says, under date of Jan. 15 1907:
The report of the
the City Council of
-
herewith an ordinance to the Chicago City
Your committee reports
Rail¬
Company Must Acquire Clear Title Within 120 Days or a Reorganization
Must Be Adopted Within 210 Days.
(a) Such authority shall wholly cease unless within 120 days after the
of this ordinance the company shall acquire all the property con¬
stituting the system of the Chicago
Union Traction Co., provided a
clear title be tendered, free from liens, at a price not exceeding the price for
which the city may buy the same under terms of Sec. 20.
(b) If such title be not tendered, the authority hereby granted shall cease,
unless, within a period of 210 days after the passage of this ordinance, a plan
of reorganization consistent with the terms of subdivision (c) of this Sec¬
tion shall have been approved, provided under said plan an
opportunity
shall be conferred upon each Individual holder of a lien or claim to receive
such stocks, securities or other benefits as said plan of reorganization may
provide, and which opportunity shall remain open as to be specified In
said plan, but not beyond Jan. 20 1908.
(e) The company shall not have the right to accept this ordinance unless
there shall have been deposited with the Chicago Title & Trust Co., trustee,
under an argeement substantially In the form of "exhibit I),” certificates
of stock representing not less than the following amounts of capital stock,
viz.: 3,126 shares of the Chicago West Division Ry. Co. and 1,251 shares
of the capital stock of the North Chicago City' Ry. Co. (being, respectively,
more than a majority of the entire capital stock of said companies, other
than that held byr trustees under outstanding mortgages of deeds of trust):
also 29,601 shares of the North Chicago Street RR. Co. and 49,946 shares
of the West Chicago Street RR. Co. (being, respectively, more than a ma¬
jority of the entire capital stock of said two companies last named, other
than that held byr the Illinois Trust & Savings Bank, as trustee, under a
deed of trust): and also 80,001 shares of the preferred stock and 133,334
shares of the common stock of the Chicago Union Traction Co. (being more
than two-thirds of each class of said capital stock); provided, that the city’
shall reserve tue right to reduce the proportion of stock of any or all of said
companies to be so deposited to such amount as to the city may seem proper.
Co., covering the lines now operated by that company, and certain
extensions thereof, and an ordinance to the Chicago Railways Co., covering
the lines now operated by the receivers of the Chicago Union Traction Co.,
and certain extensions thereof.
These ordinances provide for the Immediate rehabilitation of the said
street railway systems and for the right of the city of Chicago or its licensee
to purchase the same on Feb. 1 and on Aug. 1 of each and any year upon
giving six months’ previous notice, In writing, and upon definite terms fixed
In the respective ordinances.
The following Is a brief summary of the provisions of the ordinances:
The city and the companies respectively agree that the value of the
present tangible and Intangible property of the Union Traction system Is
529,000,000 and of the City Railway system $21,000,000.
The companies agree that they will proceed at once to rehabilitate
and re-equip their entire street railway systems and put the same In first-,
class condition. In full compliance with specifications for such work and un¬
der the supervision of a Board of Supervising engineers created under the
ordinances.
The Board of Supervising engineers Is to consist of three persons, one
selected by the companies and one selected by the city,
to
be Won J. Arnold, who has been the expert engineer representing the
of Chicago In traction negotiations during the past five years.
Mr.
Is also selected as Chief engineer In charge of the preparation of
and specifications for the entire work of rehabilitation
super¬
vision of such work.
The city or any company
authorized by it Is given
and the third
City
the payment
respectively,
Reconstruction, Extensions and Subways.
Arnold
the plans
and of the
the right to
entire property of the two systems, or either of them, upon
of the agreed price of the present property of each company,
and the cost of rehabilitation and extensions, Including fair
allowances for construction, profit and brokerage.
If the street railways are to be so acquired for
The company shall proceed at once to put said entire street rail¬
way system and equipment in first-class condition. In compliance with the
Sec. 2.
specifications In ” exhibit B.”
Sec. 3. The company shall promptly construct and equip the extensions
provided for in “ )• xhlblt A.” and also In Sec. 38 hereof, and at any time after
three years from the acceptance of this ordinance such additional extensions
as may be required by the city, provided, that the company shall not be
obligated hereby to construct more than 6 miles of double-track railway or
12 miles of single track railway In any one calendar year.
See. 6. The company hereby gives to said city and said
operation by a private
city reserves the
byr ordinance to require the company to join with the Chicago City
Railway Co. and with the said city In defraying the cost of the construction
of a system of subway's for downtown terminals, the legal title to said sub¬
way's to be In said city: provided, that the companies shall not be required
to contribute In excess of the pro rata cost of that part which is to be de¬
voted to the use of said companies or either of them, and the total amount
which the said companies shall be required to contribute therefor shall not
exceed 55,000,000, exclusive of the cost of (1) reconstructing the present
tunnels under the Chicago River, or (2) of converting said tunnels Into a
part of said system of subways.
Three-fifths of that part of the cost of
the said subways (exclusive of the tunnels under the Chicago River) paya¬
ble by said companies shall be borne by the company and two-fifths of the
said cost shall be borne by' said Chicago City Railway.
After the expiration of five years from the acceptance of this ordinance*
the company (subject to Sec. 26 hereof) may be required by ordinance to
join with the said Chicago City Railway Co. and with the said city in de¬
fraying the cost of the construction of extensions to such subway system.
corporation, for its own profit, the purchase price Is to be Increased 20%.
The companies are limited, during their operation, to an Interest re¬
turn of r> % upon the agreed value of their property, plus the cost of re¬
habilitation and extensions. The net profits from the operation of the street railways are to be divided
between the city and the companies In the. ratio of 55 % to the city and 45 %
to the companies.
The ordinances require the setting aside of G % of the gross receipts for
maintenance and repairs of the systems.
The ordinances further require the setting aside of an additional and sepa¬
rate fund of 8 % of the gross receipts, to cover renewals and depreciation.
Whatever portion of the two funds above mentioned Is not actually
devoted to the purposes specified remains in the funds and passes to the
city or its licensee upon purchase.
in case either of the above funds should In any event be Insufficient
for the proper maintenance, repair ami renewal of the entire street rail¬
way system and its equipment, the companies are obligated to supply additlonal funds for these purposes.
The ordinances provide for a comprehensive system of transfers and
through routes, by means of which passengers can ride over all connecting
lines, within the city limits, covered by the Chicago Union Traction sys¬
tem, the Chicago City Railway system, the Chicago Consolidated system
and the Chicago General Railway system, for a single fare, In any one gen¬
power
City
reconstructing the Van
conditions named In the ordl- :
be required by
pended with their approval, together with the
25
the funds for the construc¬
the ordinances.
the tunnels
under the Chicago River at Washington. La Salle and Van Buren streets.
The city is also authorized to require the Installation of the underground
Bond Issue for
of the overhead wires.
will be largely
existing termi¬
nals.
Within three years the Chicago City Railway Co. must have In operation
on Its lines at least 8(H) double truck cars of modern type and design, to be
approved by the Board of Supervising engineers, anil the Chicago Railways
Co. must have In operation on Its system at least 1,200 such cars.
The city has full power to require whatever additional cars or other
'equipment may be necessary.
Within at least one year cars In trains can no longer be operated, and all
cars must be operated singly.
The ordinances contain ample requirements for grooved rails and for
the cleaning and sprinkling of streets and for the paving of the right of way.
The ordinances contain a complete reservation by the city of all of Its
police powers. Including the right to make all-regulations which may be
necessary to secure adequate and sufficient street railway accommodations
for the people and to Insure their comfort and convenience.
The books and accounts of the companies are to be kept according to
forms subject to the approval of the City Comptroller, and are subject to
the Inspection of the city’s accountants at all times.
The companies arc required to make sworn annual reports to the city,
and there Is provision for an annual audit of their books by public account¬
ants.
The ordinances are the result of negotiations with the representatives
of the companies Involved, who have Indicated their willingness to accept
capacity of the surface lines within the loop district
Increased by the through routes and re arrangement of the
maturing not earlier than 20 years after
Renewals and Maintenance
j
Service
Regulations—Cars.
Ac.
reasonable regu¬
time by the City
Board of Super¬
the reasonableness thereof.
Sec. 10. The company hereby agrees to comply' with all
lations of the service which may be prescribed from time to
Council, and the approval of any’ such regulation by' the
binding as to
passenger ears hereafter built or purchased shall be of the most ap¬
proved style, have centre aisles, be without running footboards along the
sides and equipped with motor eapaelty.
Cross seats facing forward
shall be used, but longitudinal seats each seating not more than four pas¬
sengers may' be used at the ends of the ears.
All closed cars shall be vestlbuled. and at least 225 ears of such description shall be acquired within one
year from the passage of this ordinance.
All ears operated shall be supplied
with eleetrle bells and push buttons.
vising Engineers shall be
All
maintained and
■
In consideration of
out
period
rehabilitation” 70% of the gross receipts shall be used so
far as required in defraying operating expenses. Including maintenance and
repairs, and the residue of said 70% shall be applied to the cost of renewals
and no part of the cost of any renewal paid lor out of such 70% shall be
charged to additional capital, and all expenditures for renewals during said
three years In excess of such residue of said 70 % shall be charged to capital.
to determine the definite
right to purchase.
,jk|
Author Itu.
the acceptance by the company of this ordi¬
nance, authority Is hereby granted to the company
(until Feb. t 1927;
Sec. 28 below.—Fd.) to operate street railways along the streets and public
ways In tin* City of Chicago, set out In the schedule marked “Exhibit A.”
To provide for the unified operation, an ordinance similar to this ordinance
In general provisions and character, running to the Chicago City Railway
Co. as grantee, has been presented (auil adopted.—ThL>, covering Its lines
In the south division of the city.
.
See. 1.
Rehabilitation."
determine
and what
of “Immediate
reconstruction, re-equipment
operation
anti
During Three Yearsof "Immediate
The Board of Supervising Engineers shall have the power to
what work shall be paid for by the company out of capital funds
shall be treated as maintenance, repairs and renewals, to be paid for
of the gross receipts from operation.
But during the three-year
Whereas, the city desires to provide for the
and extension of the street railway system and for the unified
of said system, together with the street railway system now'
Railway Co.,
accrued In¬
not
The company shall Pro¬
obligations.
obligations
Board of Supervising
Engineers, nor shall the city be bound to recognize any of said bonds or
obligations as -having been authorized by this ordinance unless and until
there shall be endorsed thereon by the City Comptroller or other officer
or agent of the city designated by ordinance, a certificate to the effect that
such bond or obligation Is one of those by’ this section authorized.
Council.
which the said city shall have the
Interest day.
published notice,
Prcu mbit-.
terms upon
the passage
added
held,
exceeding
In each
of this ordinance, in
denominations not less than $500 each, redeemable at par and
terest after
on anyT
create any lien superior to that securing said bonds and
vided. however, that the company shall not Issue said bonds or
t » an aggregate exceeding the amount certified by the
CONDI?NSED EXTRACTS FROM CHICAGO RAILWAYS COMPANY
ORDINANCE. PASSED IIY CITY COUNCIL FEU. 11 1007.
operated by the Chicago City
Extensions, Additions, Ac.
The cost of such construction, reconstruction, equipment, re-equipment,
extensions and additions, including said percentages, together with all
amounts contributed by the company’ to the city for the construction of
subways or extensions thereof, with 5 % of said last named amounts
thereto, may be represented by mortgage bonds or obligations to be
negotiated or sold by the company, bearing Interest at a rate not
5% per annum, payable semi annually on Feb. 1 and Aug. I
year,
The
passed by the City
aforesaid percentages, and
all amounts contributed to the cost of the subway system, together with
5% of the amounts so contributed: and the Interest provided In Sec.
hereof as a deduction from gross receipts shall begin to run upon the total
amount of each such certificate from and after the date thereof.
city and
the city’s option,
construction of a cen¬
the plans for which are to
them If
Rehabilitation.
equipment
The companies also agree, under certain
to construct whatever additional extensions may
the City Council.
The companies agree, upon demand of the
at
to furnish funds to the amount of $5,000,000 for the
tral subway, to be built and owned by the city,
be approved by the Hoard of Supervising engineers.
The companies also agree to furnish to the city
tion of extensions to this subway oti the terms stated In
The Chicago Railways Co. agrees to lower and reconstruct
trolley system In place
of
the company’ for conducting the said work and furnishing said
and 5% for Its services in procuring funds therefor. Including brokerage;
except that no such percentages shall be allowed on
Buren Street tunnel, as provided In Sec. 34, or of lowering and removing
obstructions to navigation In the Chicago River under ordinance passed
June 18 1906.
The Board of Supervising Engineers shall each month report
In writing to the City' Comptroller the amount of money actually so ex¬
additional extensions,
the
track
nances,
Supervision
Have
ground trolleys, tunnel reconstruction, new lines, extensions and other
additions (but not subways or extensions thereof)
shall be done and
acquired by the company under the supervision of the Board of Supervising
engineers, and the cost thereof shall be borne by the company’.
To the
actual amount as expended shall be added 10% as a proper allowance to
speci¬
,
to
Sec. 7. All of the construction, reconstruction, equipment, re-equipment,
extensions and additions provided for by this ordl/ianee. Including under¬
direction.
Twenty-one through routes over the lines of those systems are
fied In the ordinances, and provision Is made for such additions thereto as
the traffic may warrant or require at any time hereafter.
Numerous extensions of the existing lines are specifically provided for,,
and the companies agree to construct and equip
amounting to 0 miles of double track or 12 miles of single track for
Union Traction system and 4 miles of double track or 8 miles of single
for the City Railway system, In each year after tin* third year.
eral
Plan
passage
way
purchase the
ORDINANCE.
j
]
j
f
Rates
of Fare.
See, 11. The company shall be entitled to charge passengers: For a con¬
tinuous trip lu one general direction, within the present or future limits of
the city, over Its street railways covered by this ordinance and all eaten-
((12))OThne
glons thereof (whether owned, leased or operated by It) the sum of 5 cents
for each passenger 12 years of age or over and 3 cents for each passenger
under 12 years of age; provided, that children under 7 years of age accom-
Iianled
by a person
paying fare
shall be
free.In one
(Then
folprovisions
for universal
transfers
travel
general
to permitted
enable one to
to ride
ow
direction for a single fare.—Ed.)
Street
Sprinkling
and
Cleaning—Paving.
See. 14. The company shall sprinkle, sweep, keep clean and free from
snow that portion of each of the streets occupied by its right of way, as pro¬
vided In “Exhibit 13,” and If it shall be found practicable to have the streets
occupied by Its tracks swept and sprinkled their entire width by the com¬
pany, or to have street sweepings, garbage or other refuse removed by means
of street cars at night, the company shall perform said service when so
ordered by the Mayor and Commissioner of Public Works, and It shall re
celve for such service reasonable compensation.
See. 15. The company shall at Its own expense fill, grade, pave and keep
n repair that portion of the streets occupied by It, as more specifically pro¬
vided for in said “Exhibit 13."
All new tracks shall be of the grooved
(3)The
pattern described In
“Exhibit 13.”
Reconstruction Period.
See. 10. After the expiration of the 3-year period of reconstruction—
company shall expend for maintenance and repairs each year
at least 0% of the gross receipts for the particular year, and If the said
amount Is not so expended, then at the end of such year the unexpended
portion thereof shall be deposited in a fund with one or more banks or trust
companies for use whenever necessary for such maintenance and repairs.
The said depositaries shall make payment out of said fund upon the order of
the company, countersigned by the said Hoard of Supervising Engineers.
or before the 5th day of each month the company shall deposit
with said depositaries a sum equal to 8% of the gross receipts for the pre¬
ceding month, which shall constitute a reserve fund for taking care of re¬
newals and depreciation.
No payments shall be made out of said fund ex¬
cept on the written certificate of the Hoard of Supervising Engineers, for
renewals of the principal part of said street railways or of their equipment;
and the Hoard of Supervising Engineers shall determine from time to time
what particular Items shall be considered as renewals and what as mainte¬
Maintenance,
Renewals and Depreciation after
and repairs.
The company, however,
nance
must expend whatever sums may be necessary
keep the said system In first class condition In every respect.
The amounts expended or deposited respectively as reserve funds, under
the foregoing provisions of this section, shall be considered a part of the
to
operating expenses of the system.
Payment of Damage Claims.
claims.
In
purchase the system, it shall pay the aggregate
of the following Items:
(1) The value of the property described In the appraisal Inventory as of
June 30 1906, filed Feb. 4 1907, and the value of all the franchises and rights
to operate In the city now belonging to the Chicago West Division Railway
i
i
the said city shall
Co., the West Chicago Street RR. Co., the West Chicago Street RR. Tun¬
nel Co., the Chicago Passenger Railway Co., the North Chicago City Rail¬
way Co., the North Chicago Street RR. Co., the Chicago Union Traction
Co. (excepting the rights of the Chicago Consolidated Traction Co., here¬
inafter referred to), which said value Is hereby fixed (for the purpose of
such purchase) at $29,000,000.
(2) Tnevalueof all additions acquired as a partof said street railway sys¬
tem, Including tunnel reconstruction between June 30 1906 and Feb. 1 1907,
such value to be determined by the Board of Supervising Engineers.
If, at the time of such purchase, the title of the company shall not be free
from any lien or encumbrance (other than such as are herein expressly au¬
thorized to be created), that portion of the purchase price specified In sub¬
divisions 1 and 2 of this section, or so much thereof as the city shall deem
necessary, shall be deposited with one or more of said depositaries to perfect
such title and to remove liens and encumbrances therefrom, and to Indemnify
the city against the expenses of such proceedings
cost of reconstruction and re-equipment and of the construction
of new lines, extensions, underground trolleys, tunnel reconstruction and
other additions
paid by the company and certified by the Heard of Super¬
vising Engineers, and all amounts contributed to the city for the construc¬
tion of subways or extensions thereof, together with 5% of said last named
amounts a hereinbefore provided.
“Provided, that the city may at Its
option, to be declared by ordinance, either pay or deposit In cash to the or¬
der of the company the portion of the purchase price specified In this sub¬
division (3) as In this section provided, or In lieu thereof take over the prop¬
erty purchased by It subject to whatever lien may then exist under and In
accordance with the provisions of Sec. 7 of this ordinance, for the security
of the bonds or obligations thereby authorized, and for the security of the
company In respect of such part of said portion of the purchase price so
certified as may not be represented by such bonds or obligations. ’’
The city shall also have the right to purchase the property' at any time
prior to Feb. 1 1927 free from any restriction as to the operation thereof,
upon payment o a sum 20% greater than the amount provided above to
be paid in case of municipal operation.
(Provision Is also made for the
purchase of the property by any person or corporation designated by the
city at the aforesaid price, but In case such person or corporation shall
contract to turn over to the city all the net profits In excess of 5 % on the
Investment, the extra 20% above mentioned need not be paid.—Ed.)
Rights of ('ompany in Case City Does Not Purchase for Twenty
Years.
Sec. 23. In case the said railways arc not purchased by the city or Its
licensee as above prior to Feb. I 1927 (and nothing In this ordinance'con¬
tained shall be construed as being In any event a grant to the company ex¬
tending beyond Feb. 1 1927) . the said city shall have the right to designate
a licensee, to purchase the said property at or after Feb. 1 15)27, upon the
same terms that the city' coukl then purchase, and In case such reserved
right of purchase be not exercised by' the said city or Its licensee, and the
city shall grant a right to another company to operate a street railway in
the streets and parts of streets constituting the said street railway system
of the company, such new company shall be required to and shall purchase
and take over the said street railways, property and rights of the company
at or after Feb. 1 1927 upon the same terms upon which the said city might
then purchase and take them over.
Relations with Chicago Consolidated Traction Company.
“The company shall forthwith, upon the acceptance of this ordi¬
at Its own cost and not out of the receipts of said street rail¬
and shall during the life of this grant In like manner maintain the right
and privilege to the company and to the city,.and for the benefit of the pub¬
lic, of using all andJany of the street railway lines and tracks forming part of
the through routnr, or any of them, mentioned and described in “Exhibit
C,” so far as such/outes Involve the use of the lines and tracks of the Chicago
Consolidated Traction Co., and. In ease of the establishment of new through
routes, as in thlrordlnanee provided, which shall lx- laid out In part over the
lines and tracks of said Chicago Consolidated Traction Co., the company
shall secure the light and privilege of using such lines and tracks covered by■
renewals: (2) all amounts contributed during said y'ear and then held In re¬
serve under the provisions of Sections 16 and 18 hereof; (3)
all amounts
levied or imposed upon the real and per¬
stock or franchise taxes levied or as¬
Including sums paid to the city for
city license fees, if any, exacted from the company or its employees; (4) all
salaries and expenses of the Board of Supervising Engineers by this ordi¬
nance authorized, after the period of “Immediate Rehabilitation”: and
Second: A sum equivalent to 5 % per annum for said preceding year
upon the amount of the cash purchase price which the said city would then
be obligated to pay on account of the Items specified In subdivisions 1, 2 and
3 of Sec. 20 hereof, If It were purchasing the property for municipal opera¬
tion on Jan. 31.
In case In any y'ear the gross receipts shall not be sufficient
to pay In full the Items In the “first” and “second” paragraphs of this sec¬
tion mentioned, then the deficit shall be paid out of the gross receipts of
paid out for taxes and assessments
sonal property, including all capital
sessed after the year 1906. but not
subsequent years.
Division
Sec. 24.
ways,
said new through routes.
“The company may In Its discretion permit the Chicago Consolidated Trac¬
tion Co., Its successors and assigns, to make such use of the lines of railway
hereby authorized as tlx- so-called operating agreement, dated Dec. 1 1895),
between the Chicago Fnion Traction Co. of the first part, and the Chicago
Consolidated Traction Co. of the second part as modified by the agree¬
ment between the same parties dated June 9 1900 (certified copies of both
of which agreements have been filed with the Comptroller of said city'), pur¬
and authorize: Provided, that as one of the considerations for
of this ordinance the company agrees that it will at any time
the passage
I
•
Items hereinbefore In
considered as the net
employees.
Commutation of
The city reserves the right at any time
the city’s share of the net receipts for the
the rates of fare.
Fares.
to commute a sum not exceeding
previous year Into a reduction of
City to Establish Sinking Fund for
Municipal Purchase.
Subject to the action of the City Council, the city shall deposit the amount
so paid to the said city to the credit of a separate fund to be kept for the
purchase and construction of street
railways by said city.
Investment Limitation.
Sec. 26. The company shall not be required on account of any extensions
of subways or on account of underground trolleys, or on account of any
extensions of Its street railways (other than the extensions provided for in
“Exhibit A,” and In Section 38 of this ordinance, and 6 miles of double or
12 miles of single track per annum, as In Sec. 3 hereof provided), to Increase
its total capital investment to such an extent that the return thereon over
and above the Interest charge of 5 % thereon by this ordinance authorized
Capital
would be reduced to an
unreasonably small amount.
Annual
Reports.
Sec. 30. The company, so long as It continues to operate any of the said
street railways under this ordinance, and on or before the 10th day of April
in each year shall prepare and file with the City Comptroller of said city
annual reports for the preceding year ending on Jan. 31.
Forfeiture for Non Compliance.
failure by the company for a period of three months
comply with the covenants of the lease, after written notice by the city,
the contract may be declared forfeited; “provided, however, that should
the company, for Its corporate purposes, pledge or mortgage Its street rail¬
way property or any of the rights secured to It by this ordinance, or any
security representing the said property or rights, for the security of the
payment of its notes, bonds or other evidences of Indebtedness maturing
not later than Feb. 1 1927. the amount thereof not being In excess of the
va'ue of all the property and rights of the company, as defined In Sec. 20
hereof, such right of forfeiture of this grant by reason of any vlclatlon by
With some exceptions,
to
asserted
the company of the provisions of this ordinance shall not be
or
exist against such pledgee or pledgees, mortgagee or mortgagees,
them, and shall not Impair or affect the right of .such pledgee or pledgees,
mortgagee or mortgagees, to recover by foreclosure or other legal process
oranyof
against all the property of the company, Including the rights and privileges
hereby granted, the face value of said notes, bonds or other evidences of
Indebtedness,” to an amount, however, not In excess of the sum for which
the city would then have the right, under the terms of this ordinance, to
purchase the said street railway property for municipal operation.
The city shall have the right to bid and become the purchaser at any such
foreclosure or other sale.
Waiver
of
Rights.
The company, In consideration of the grant made
agrees to waive all rights and claims In respect to
Sec. 33.
nance.
by this ordi¬
the location,
maintenance, operation or exclusion of street railways In the streets of tho
said city now' or hereafter vested or claimed to be vested In the Chicago
West Division Ry. Co., the Chicago Passenger Ry. Co., the West Chicago
Street RR., the West Chicago Street RR. Tunnel Co., the North Chicago
City Ry. Co., the North Chicago Street RR. Co. and the
Traction Co., or In the receivers of any of said compa. Us.
Chicago Union
Tunnel Reconstruction.
See. 34.
complete the work of
the south branch of the Chicago
The company shall diligently proceed to
lowering and reconstructing the tunnel under
River at or near Van Buren St.
Comprehensive Reconstruction and Unified Operation Assured.
In case the said Chicago City Railway Co. falls to accept Its ordinance,
the company hereby obligates Itself to extend Its street railway system o\er
the streets covered by said ordinance to the extent that the rights of the
limitation
company or companies now operating upon such streets expire
or otherwise and as rapidly as the city Is able to confer the lawful authorlty,
and also to make the contribution for the construction of subways.
by
nance. secure
ports to permit
Net Receipts.
of Remaining
receipts for such year arising from the operation of the street railway sys¬
tem hereby authorized, and shall be divided between the company and tho
said city In the following proportions: 45 % to be retained by the company
and 55% to be paid forthwith to the city, crediting thereon all amounts
paid out during the preceding year by the company for license fees, If any,
to Purchase at Any Time.
Sec. 20. The company by the acceptance of this ordinance shall and does
grant to the said city, and the said city hereby reserves to Itself the right,
upon Feb. 1 or Aug. 1 of any year, upon giving at least six months' previous
notice In writing of Its Intention so to do, to purchase and take over (but
only for municipal operation In case of purchase prior to Feb. 1 1927) the
entire street railway system of the company within the said city, and also
all extensions of and additions to said street railways made under the pro¬
visions of this ordinance.
Price to Be Paid by City.
case
Interest Return on Capital Investment.
Sec. 23. On and before April 10 In each year the company' shall settle
with the city as of Jan. 31 last preceding upon the following basis; From the gross receipts of the property from all sources for the year end¬
ing on said Jan. 31 there shall be deducted for such year—
First: (1) All expenses of operation, Including maintenance, repairs and
exacted from the company or Its
Right of City
LXXXIV
during the life of this grant, within six months after being required to do so
by ordinance of the city, procure cancellation and termination of any or all
of the agreements which affect or by their terms purport to affect In any
manner the right of operation or maintenance of any' of the lines of street
railway' the right to maintain or operate which Is granted by' this ordinance
to the company, and to which said agreements the Chicago Consolidated
Traction Co. or any of the corporations from or through which the said
Chicago Consolidated Traction Co. has derived any of Its property or rights
within the corporate limits of the City of Chicago, is a party.”
The company agrees that It will pay annually to the city and save the
city harmless against the loss or damage. If any, which may arise to the city
(as determined by' the Hoard of Supervising Engineers) by reason of any
diminution of the net receipts payable to the city under the provisions
of Sec. 25 of this ordinance occasioned by the said agreements or any of
them remaining In effect or by reason of the operation of the street railways
under the terms of such agreements or any other operating agreements to
which the city has not consented.
In determining the amount of loss,
damage or diminution the said board shall take Into consideration the value
of such use of any lines of railway of the Chicago Consolidated Traction Co.
as has been enjoyed by the company for the period of such accounting.
After the deduction from the gross receipts of the
this section provided, the amount remaining shall be
Sec. 18. The company shall pay as part of the operating expenses all
damages to persons or properties accruing subsequent to Jan. 31 1007, and
may set aside such percentage of the gross receipts as the Board of Super¬
vising Engineers shall from time to time determine as a reserve against such
1
[VOL.
THE CHRONICLE
1124
Lease.or Assignment.
No lease or op -rating agreement and no assignment, except by
way of mortgage or trust deed, under the provisions and limitations of this
ordinance, shall be made by the company without the consent of the City
Council of the city.
No mortgage or other Instrument given by the company shall Impose
any lien upon the said property and rights without the same being made
See. 40.
specifically subject to all the provisions of this ordinance, including the right
of the city or its licensee to acquire the property, and In the event of such
purchase the mortgage and all other liens shall be discharged from said prop¬
erty and rights and shall attach to the proceeds of sale thereof, except In a
case In which It Is expressly provided by this ordinance that the purchase
may be made subject to such lien or encumbrance and in which the city or
its licensee has elected to purchase subject thereto.
Bond.
Sec. 4 2.
penal turn
And the company shall file with the
City Clerk a bond In the
of $100,000, conditioned that It will forever Indemnify the city
resulting from suits for damages, &c.
May 11
I907.|
THE CHRONICLE
Rights and Obligations Date from Feb. 1 1007.
Sec. 43. The rights and obligations of the city and the company under
&fels ordinance shall be the same as If this ordinance had been passed and
accepted
on
Feb. 1 1907.
EXHIBIT
B.—CONDENSED EXTRACTS
REHA BI LI TA TION.
REGARDING
D.— EXTRACTS REGARDING PROPOSED REORGANZIATION PLAN.
No plan or any modification thereof shall be operative unless and until
the allotment of securities of the Railways Company, or other benefits, to
the depositors, as well as any other provisions of said plan (or modification
thereof) affecting said depositors shall be approved by Peter S. Grosscup
and by John C. Gray, as being based on the legal rights of said depositors
aa of the date of the passage of said ordinance under the respective
leases
to and from said companies and as being fair and just to each class of
deposi¬
tors relatively to the treatment accorded to every other class of stocks,
securities and evidences of Indebtedness.
In case of a disagreement be¬
tween said Peter S. Grosscup and said John C. Gray as to said plan, or any
Revenue.
$9,312,999
Expenses.
$7,489,349
shareholder
independently seeking additional information in order
satisfy themselves as to the ability of the company to make
to
larger return
a
United States
on
its stock.—V. 84, p. 1057.
Smelting, Refining & Mining Co.—Report.—
The results of operations of the company and its subsidiaries
for the calendar year 1906 are shown below.
The
be
report will
given at greater length another week.
Metals In
Selling
bull..produced,$14,747,7461 Mlsc.rcv.dnt.,earns..&c.).
comm.
& ship. exp.
Excess metal Dec.31
beginning of
Mlsc.
year
rentals, &e
Total earnings
Cost of production, incl.
ore, etc., purchased
York
Ill ,667
j
$356,4 84
Total net Income
$3,927,507
$14,636,079!
over
for royalties,
earn,
Silk Co.
Deduct—
| Depreciation fund
497,469 j Admin. & legal expenses.
j Interest
16.026;
I
$15,149,574|
|
$244,744
.
U. S. Mining
Co. 6% debentures,-.
Dlvs. min. stk. subsld.cos
DIv. on U. S. S. R. & M.
pref. stock at 7 ?3per an
148,241
on
30,000
5,368
1,508,581
11,578,5501
I
Bnl., undistributed sur. $1,990,573
$3,571,023!—V. 84, p. 1058, 107
Silk Manufacturing Co.—Merger.—Sec
above.—V. 81 o. 1608 1615.
American
—Shoemaker, Bates <fc Co., bankers, moved this week to
the new Trust Company of America Building,
Nos. 37-43
Wall Street. The firm has magnificent banking rooms,
which
have been especially fitted up for them, and m which white
veined marble and solid mahogany figure extensively.
The
new offices are much more commodious than the old
quarteis
at 24 Broad Street.
The firm has two New York Stock
Exchange memberships, and makes a specialty of handling
high-grade investment securities. The uptown branch is
located at No. 500 Fifth Avenue.
—John H. Wrenn
Co., one of the most prominent firms
of bond and stock brokers in Chicago, has leased the
spacious
quarters on the ground floor corner of the Railway Exchange
Building, formerly occupied by Chas. G. Gates & Co., and
New England (Bell) Telephone & Telegraph Co.—Report.—
For the calendar years 1906, 1905 and 1904 were:
will establish
a branch office with J. B. Morrow as
Manager.
Mr. Morrow was in charge of.this office of Gates & Co. from
the time it was opened, and expects to retain a la~ge share
of the old accounts.
Dividends 6%). BaL.Sur.
$1,672,857
$150,793
*£»05__
8,071,244
0,447,122
1,458,648
165,474
1904
7.323.561
5,880,319
1,320,447
122,795
William J. Denver, F. H. Dewey and Matt B. JoneB have been elected
-directors to succeed Alexander Cochrane and David B. Parker, and to
iHla vacancy.—V. 82, p. 1376, 1326.
no
Some of the leading shareholders, among them W. A.
Read Si Co. and the Metropolitan Life Insurance
interests,
Balance-..
•part thereof, then the said Peter S. Grosscup and John C. Gray shall submit
the question in disagreement to a third person to be selected by them.
In case they fall to agree on such third person, then such third person shall
be selected by George W. Wlckersham and Edward B. Burling.
The de¬
cision of such three persons, or a majority of them, as to such plan or any
part thereof shall be final and binding upon all the parties.
Said plan shall extend to the holders the opportunity of making deposit
•under said plan of all the stock, bonds and evidences of Indebtedness of
the North Chicago City Railway Co., the Chicago West Division Ry. Co.,
the Chicago Passegner Ry. Co., the West Chicago Street RR. Tunnel Co.,
the West Chicago St. RR. Co., the North Chicago St. RR. Co. and the Chi¬
cago Union Traction Co., respectively, and shall determine the stocks,
securities or other benellts to be allotted to the depositors of such bonds,
stocks or evidences of Indebtedness, respectively.—V. 83, p. 491.
Near—
ia05
few hundred thousand dollars tx> at least $15,000,000. and
has ever had to pay $1 on account of his personal liability.
a
arc
Immediately upon the acceptance of this ordinance by the company, It
shall proceed to reconstruct its street railway system and equipment and
to secure the necessary supply of electric power to comply with the pro¬
visions of this ordinance and under the following' sbeeilicatlons:
The company shall proceed immediately, (1) to remove from the streets
all of Its present cable tracks, slots and conduits and substitute therefor
electric tracks; (2) to rebuild at least 90 miles (single track) of the present
electric track with track of the character and type hereinafter described; (3)
to construct and equip the necessary system of distribution and sub-sta¬
tions; (4) to rebuild and re-equlp the car houses: (5) to Increase as rapidly
as possible the number of double-truck cars until there shall be In
operation
at least 1,200 such cars, and (6) to reconstruct the Van BurenSt. and Wash¬
ington St. tunnels and to reconstruct the tunnel at La Salle St.. &c\, &c.
All new track hereafter laid In streets or public ways shall be laid with
modem Improved rails of the grooved type, weighing not less than 129 lbs.
per yard.
All rail used In the tunnels and on their approaches, and In the
subways and on their approaches, may be “T” rail weighing not less than
80 lbs. per yard.
EXHIBIT
II25
_
Northwestern Fuel Co.—Stock Pledged—Dividends..—See
Fairmont Coal Co. above, and also in V. 84, p. 028.
Parke, Davis & Co., Detroit.—Dividends.—We have been
following authoritative statement:
favored with the
The company
capital
:
has for'son
e years
paid quarterly 1 Y % dividend on Its
to time, when the
tock—anfannual 6 %ic.lvlueud, and from time
earnings warranted, d< dared an extra dividend as well towards the close
of the year,
la December 1905 the company declared an extra 5% divi¬
dend. which was paid early In 1906 out of a part of the 1905 earnings.
In
December 1906 there was an extra dividend of 9%, and the company Is
paying the customary 1 Y To quai terly for 1007.
The capital stock Is
44,000,000; par $25; with no bonds or mortgages.
President, Frank G.
Ryan; Vice President. D. C. Whitney; Secretary & General Manager,
Ernest G. Swift; Trcasuier, G o. Hargreaves.
The statement published In
this colimn la a week sllpp"d|lnto print prematurely.—V. 84, p. 1056.
Pittsburgh & Allegheny Telephone Co.—Increase in Rates.
“Pitt.*burgh Dispatch” of May 4 said:
—The
Subscribers to the company who have had live-year contracts for service
complaining of a 50 % raise In tolls with the renewal of their contracts.
Business men who have been paying $48 a year for service since the com¬
pany was organized are now asked to pay $72.
The franchise granted by
the Pittsburgh Councils sets $18 as the limit for business service and $36
■for house service.
The rate for house service now charged by the company
Is $58 a year.—V. 76, p. 1252, 1196.
arc
Pittsburgh & Fairmont Fuel Co.—Bonds Pledged.—See
628. — V. 82,
p. 1155.
Sheffield (Ala.) Rolling Mill Co.—Mortgage.—This com¬
pany lias filed a first mortgage to the Union & Plante!s’ Bank
& Trust Co. of Memphis, Tenn., to secure an issue of $100,000
6% gold bonds.
Fairmont Coal Co. above and also in V. 84, p.
The bonds arc dated
t;o call any April 1 and
tion $1,000.
interest
April 1 1907, will mature 1912-1927, but are subject
Oct. 1 upon 30 days’ notice, at 102 W.
Denomina¬
payable Oct. 1 and April 1 at office of trustee.
Sinking fund $5,000 yearly 1912-1926 Inclusive and $25,000 In 1927.
None sold as'yet.
Capital stock. $200,000. Annual capacity of plant,
30.000 tons.
President, Robert C. Johnston: Secretary and Treasurer.
Thomas
F.
Johnston.
Southern Coal & Iron Co.—Bonds Pledged.—See Fairmont
•Coal Co. above and a’so
Springfield
(Mass.)
m
V. 84, p. 028.
Gas Light Co.—Sew Stock.—This
company has asked the Massachusetts Gas & Electric Light
Comm ss'on for authority to issue $-150,000 additional capital
stock, for retiring floating debt and defraying cost of additions
!fco
plant.—V, 82,
p.
1105.
Terre Haute (Ind.) Water Works
“Torre Haute” in “State and City”
p.
Co.—See item under
Department.—V. 81.
752.
United States Express Co.—Circular in Reply to President
Plait.—Tlx* committee, headed by A. L. Ban's tor and Samuel
>S. Ilatt, wii^'li lias been endeavoring to force an increas* in
the dividend rate, has suit a circular r< plying to the letter
of President Platt (V. 84., p. 105s), in part as follows:
No statement has been issued to shareholders, so far as we know, except
•the one contained In the letter dated April 26 1907.
"The report of the
management shows that net earnings have been f.om 11 % to 18% annually
tor the past live years.
We believe they have been much larger.
Dividends
in that time have not exceeded 4%. The real estate, securities arid other
assets have an actual cash value conservatively estimated at $13.500.000.
The total assets are believed to be worth from $16,000,000 to $20,000,000.
Shareholders of other large express companies are receiving annually 10 %
and upwards, and an Increase by this company to 7% cannot possibly
cause nostile legislation.
The net earnings for the ensuing year are estimated at 15 %.
The capital
«tock has been increased from $500,000 to $10,000,000 and the assets from
’
—Attention is called to the offering by Potter, Choate &
Prentice, New York, and the Mercantile Trust & Deposit Co.,
Baltimore, of Fairmont Coal Co. 2-year 5% notes. The
combined net earnings behind the collateial securing the
notes is stated to be $1,449,411, or about fourteen times the
interr st charge on these notes.
A descriptive circular will be
sent on application.
The notes are offered at 97 and interest.
—The main offices of the C. H. Geist Co. are now located
in Chicago, Suite 600, Commercial National Bank Building,
115 Adams St.
All companies controlled by the company
will be operated from the Chicago office.
The Philadelphia
office will be maintained at No. 928 Land Title Building,
as
headquarters for the Eastern bond department, and will
charge of Lucien H. Tyng.
be in
—Attention is invited to E. B. Smith & Co.'s advertise¬
ment in
to-day's issue of the J. G. Brill Co., Philadelphia,
7% cumulative stock offered for sale at $100 per share and
accrued dividend.
The firm will receive subscriptions at
either its New York office at 7 Wall Street or its
office at 511 Chestnut St.
Full description of
Philadelphia
the offering
the advertisement.
Sc Goodwin, of Boston, Chicago and Trinity
Building at 111 Broadway, tli s city, have two well-known
security s for sale wh.oh will net the inve s or nearly 6% profit.
Their offer.ng eonss's of $ 3)0,000 American Locomouve Co.
5% coupon notes and $200,000 American Beet Sugar Co.
6% rug stored notes. See to-day's advert sement on another
page for full particulars.
—The New York Stock Exchange house of Hooley,
Learnard & Co. will shortly admit into the firm Charles G.
Smith, one of the junior members of Charles G. Gates & Co.,
now dissolving.
Hooley, Learnard & Co. will conduct the
Waldorf-Astoria branch office of Charles G. Gates & Co.,
which they have taken over.
Walter J. Trav s will b* the manag t of Waterman,
Anthony A Co.'s n?w branch office at 5 vVosfc 5Sth Street,
next door to the Plaza Hotel, now build ng.
The same
Stock Exehang ‘ appouifments and facilities found at the
firm’s main off.e s at Exehang • Place will be provided at the
appears in
—:Bond
—
5Sth Street branch.
—“At the Market,” the monthly publication issued by
Bartlett, Frazier Sz Carrington, New York and Chicago, in
the May issue just ready, contains much interesting matter
on the crop situation and its bearing on stock
market con¬
ditions.
—Mason.
that
some
Lewis & Co., bankers. Boston, having found
of their customers wen* not familiar with timber
bonds as a security, have prepared a pamphlet, upon the
subject of timber and timber bonds, which contains much
important and interesting information.
—Leeds Mitchell, for the last three yeais in cha”g * of the
stock and bond depaMm uit of Pringle, Fitch & Rankin,
Chicago, has been admitted to partn *isVp in the firm.
—Vickers Si Phelps, 29 Wall St., have issued a four-page
circular describing and quoting the* note issues made since
Ja i. 1.
Copies may be had on application.
1126
THE CHRONICLE-
[Vol.
LXXXIV.
COTTON.
3JXxje ©mmiueraal Jimcs.
Friday Night, May 10 1907.
as indicated by our
telegrams from the South to-night is given below. For
the week ending this evening the total receipts have reached
60,776 bales, against 74,710 bales last week and 76,608
bales the previous week, making the total receipts since
the 1st of September 1906, 9,325,641 bales, against 7,195,152
bales for the same period of 1905-06, showing an increase
since Sept. 1 1906 of 2,130.489 bales.
THE MOVEMENT OF THE CROP
COMMERCIAL EPITOME.
N1
.
Friday Night, May 10 1907.
Although trade has suffered more or less by reason of a
backward season, the aggregate business has continued large
and the feeling throughout the country is still very generally
confident.
Money has been comparatively easy and manu¬
Warmer weather is needed for the crops.
factures active.
Speculation is still for the most
part quiet, though in gram
and cotton it has increased somewhat.
LARI) on the spot has advanced, owing to the rise in the
futures market at the West and the strength of the grain
markets.
Track4 has been somewhat more4 active at the*
advance4.
City HJ4@,S^c. and Western 9(H)9.12J/£c. Re¬
fined lard has advanced.
Trade has been more active,
.
partly for export, and offerings have been light.
Refined
Continent 9.50c., South America 10.25c. and B azil in kegs
11 .25c.
The4 market for lard futures has advanced, with the4
trading more active. The principal stimulating factor has
been the strength and activity of the grain markets, though
some4 increase in the spot trade has also had a bracing effect.
Packeis have givem support at times.
DAILY
CLOSING PRICES OF
LARD
FUTURES
1
•
Receipts at—
Galveston
Port Arthur
Tues.
4,073
3,262
j
7,571
2,921
3,519
1,274
i
1,487(
4,849
1,112
12
256
259
465
117!
1,119
75
26
ill!
Georgetown
Wilmington
199
367
3131.
Norfolk
463
1,127
1,624
1,530
May delivery
July delivery
8.72 '■'>
September delivery
Mon.
Tins.
Wed.
8.85
8.870.
8.87 U
8.8')
9.028.5)5
8.5)74
5).15
9.10
i>.<>7 4
8.5)7 4
Thurs.
Fri.
9.02 >■$
9.15
5).274
5).22 JT
9.2.5
PORK on the* spot has been firm for mess and easy for
other giaeks.
Trading has b'*en moderately active. Mess
SIT 750 Sis 25, clear S17(e7;SlS50 and tamely S19.
Cut
meals have been fairly active* and steady.
P.ekied shoulekus
10c., pickle el hams \‘l(d VlVoV. and pickled bellie s, 14(a) 10
lbs., 110 12c.
'fallow has been strong, with the eleunanel
good and supplies 1 ght; Ciry, (>c.
Oie o has been fairly
active4 and film.
Ok o S^o- an<i 1 it*< 1 l()e-.
B itte r has been
moderately active anel fbm. (Yearn-, ry extras 2 7J 2 (*
('bees* has b<4e 11 in fa r demand and steady.
State4 factory,
•
Septe nib
r, fancy, 15e.
Western fusts lSe.
OI L.—( otton s *eel lias
Kggs have been
active
and firm;
advanced, with the d, manel activ<4,
owing to the- rising j)rie4< s tor s 4ed.
Prime* s imm/4r yellow
52@5.‘>e. and winter 55fa 5Nc. Linsvel has advanee’d,
owing te» higher quotations for s -e-d. The* d< tunnel iias fallen
off of late‘, owing t<»
unfavorable- weather. C.ly, raw,
American see-el, 1 \(<i 15c.; boih-d -15(a) Hk-.; (’ale* ,tta, raw, 70c.
Larel has been mode-iate-ly active and firm; prim 4 75@.:fi<*.
and Xe>. 1 extra 57(q. 5Sc.
Olive has been quiet and s.cady;
yellow S5(q;95e. and gree n 70(q'75e. f'oeoanut has b >< u
fairly active4 anel s.cady; Cochin ItUGe. and Ceylon O'^fe/
[)]/$<■.
Ik anut has been epiiet and steady; ye llow 50(q/.0e.
Cod has b'4e n fau ly active and stcadjq dome sire .‘>Sfe7. !()<*. anel
!r
Newfeemlland l()(e/ 12".
COFFEE on th spot has bce-n dull anel easVr.
Rie> Xo. 7,
(i:J *(a fiUje. anel Santos Xo. 4, Tl^c.
Must India growths
have- be*e4n ej’ilet anel s’eadv; fa;r t<> gemd Cueuta St^(eF9j^ic.
rfhe spec datum for future e*ontracts has bee4n extremely
dull and devoid of interesting ek4vclopm,4nfs.
Prices have
move-d within narrow confines.
The receipts have4 eontinue4d
on
a
larg
4
scale and a*, times the European mat k,4ts have4
shown une'xj)
eteel lie av'ness, while4 tired longs here4 have
liejuielateel. T'he4r<4 has been enough support from covering
anel other buying, however,do hold the market about steady.
The closing prices were* as follows:
May
June
July
August
5.50c. |
5.40c. |
5.40.C I
5.35c. |
September
5.35c. | January
5.40c.
October
November
5.35c. [February
5.35c. |.March
5.35c. | April
5.40c.
December
SUGAR.— Raw has bce-n
5.45c.
5.45c.
ejiiiet but firmer, with offerings
small.
Centrifugal, 96-degrees test, 5.83c.; muse*ovado, 89degrees test, 3.33c., and molasses, 89-degrees test, 3.08e.
l'!i
Refined has been firmer with a moderate demanel.
Granulate-el 4.75(8) 4.80c.
Teas and spices have4 been steady with
a fair jobbing demand.
Hops have- been elull anel steady.
PETROLEUM.— Refined has bee*n firm, with trade brisk,
Refined, barrels, 8.20c., bulk
Naphtha has beeil active and firm:
partly for export account.
4.75c. and
cases
10.05c.
73(8 70 d(4gn-es 18c. in 100-gallon drums.
Gasoline4 has been
active4 anel firm; 80 d(4gre(4s 21c. in 100-gallon elrums.
Sj)irits
of
? i
turpentine4 has bee-n casie4r at 07* -jc. on increase^l supplies.
Rosin has been ineiderately active4 and steady; common to
goeiel strained $-1 90.
TOBAGCO.—Tin-re4 has been
geixTal situation.
r
no
essential change4 in
the demand for dome4stie loaf has
the
con¬
tinued ejuiot with price's generally firm.
Sumatra has be-en
in moderate* domanel and firm.
(Top reports from Kentucky
have* continued conflicting.
Crop advice's from Havana
have4 been unfavorable*.
In fact, the4 situation in the4 Island
is said to be the4 most serious for many years past, t lie4 season
being three4 months late anel the* inelioations pointing to a
yield considerably smaller than the4 average*. It is said that
there* will be4 a famine of light-bodied Havana filk-rs.
COPPER has beam le*ss active and
25%c. and electrolytic 24 l{(a)24:i;s'c.
and steady at 6e.
Spelter has been
()]/2®G.55c•
1 in has been more active
Ire)n has been active anel stronger; No.
$25 20; No. 2 Southern $23 75<g>24 75.
<4asicr; Lake* 25,.{(e/
Le'ad has bee-n elull
epiiet and steady at
and firm; Straits 43e.
1 Northern $24 20Ofi
533
9,178
!
211
7
211
233
i
13
i
|
3011
1,099
640
1,200
1,307
-
13
451
—
14(1
_r_
9,264
12,481 j
2,071
6,616
102
716
165
332
716
2D)
i
50
12
24
46
140
1
m
—
7,175
251
1,420
..
1
33
Philadelphia-
2,987
11,032
2,015
656
906
*533
,
102
9
New York
Boston
Baltimore
2,987
2,015
I
N’port News, &c.
24,468
1,098!
Jacksonville, &c.
1 ,792
Total.
3,122
j-
—
—
Savannah
Brunswick
Charleston
Fri.
-1
-
11,380
7,55 Oj
i
Silt.
j
Thurs.
j
1
New Orleans.._.
Mobile
Pensacola
Wed.
j
1,654
CorpusChristl ,&e
Totals this week.
IN CHICAGO.
Mon.
Sat.
—
12,926! 60,776
l
The following shows the week’s total receipts, the
since Sept. 1 1906, and the stocks to-night, compared
last year:
1905-0G.
1906-07.
Receipts to
Mill/ 10.
This
week.
Galveston
Port Arthur
C np. Christ!,
Ne w Orleans
Mobile*
Pensacola
I
i
Jacksonville4, &e.
Savannah
Brunswick
C ha ih-st on
Georgetown
Wiiminirton
Norfolk
.
362
32 .973
17 ,105
1 .466
1 .51 1 ,498
9,178
211
233
.413 ,026
168 .379
145 497
1 ,095
,
317 ,399
54 1 ,.927
2,071
6,616
;
1
‘
38 ,066
21 .044
70 ,329
56 .!) 1 1
7 .677
-
-
,
Philadelphia
j
Total
i
1,325 ,641;
In order that
1905.
1
•)
19 ,490
I
New York
Host on
Baltimore
Since Sep
132 .823
71 006
2 987
11,032 : !,189 .733
247
.368
2,015
135 ,118
7 .495
"533
■
.
'This
icrek.
Stock.
24.468 31,760 .748
1
N’port News, &c
we-
Since Sep
1 1906.
comparison
total
with
1907,
422 ,151
1906.
90
132,773
ill ,696
1 2 1 ,069
1 2.21!)
,862
1 IS .566
220 .789
1 38 .735
17 ,135
531
15 .99 1 1 .357 321
1 ,261
175 .146
165 ,71 1
5321
1 .195
18
•)
298 ,320
,414
1 .712
586 202
178
2U .275
1 90
;» ,724
58 ,i!2u
1 ,98 5
6 1 ,429
6231
63
7 ,8 32
22,037
1 ,249
171 ,753
TO,898
!) ,807
1 ,48 3
1 54 ,431
6 ,237
69 .446 7
546.364
539 .689
47.454
8,08 1
--
r>
22
31 ,831
7.171
4 .388
*>
be made with other
may
.
62 ,094
6 ,591
1 ,41343
3 7il
1 95 .152
.
12 .399
-•
.625
years,
give below the totals at leading ports for six seasons:
)
190 7.
Receipts at
1906.
1905.
1904.
,
15)03.
\
1902.
'
(Inlvoston.&c.
New Orleans.
Mobile..
Savannah
Chariest on, &e
27,455
Wilining’n ,&c
2,015
9,178
19,852
17,105
1,466
15,994
233
550
2,071
6,6 16
2,414
7,712
2,176
60,776
11.032
...
Norfolk
4,038,
373
29,1601
1 ,026
5,976
4,381
20,28 9 i
21,211
1 ,486'
4.594
14.031
18,697
33
372
4.691
175
54
6,052
3,650
4.175
14,877
1 .729
10,140
898
287
4 .609
29
4.461
69,446
148,575
25.512
58.615
46,289
178
Total tills wk.
5,722
13,034
74
41
989
N’port N., &c.
All others
48.427,
33,202
•
183
Since Sept. 1. 9,325,641 7,195,152 8,690,592 6 927,627 7,431,999 7 237,099
The exports for the week ending this evening reach a total
of 82,288 bales, of which 57,679 were to Great Britain,
110 to
France and 24,499 to the rest of the* Continent.
Below are the exports for the week and since Sept. 1 1906:
Week
Exports
jroin —
to
ending May
Exported to
1907. From
Sept. 1 1906 to May 10 1907.
Exported to—
r—
(Rent
Contimnl.
Hr Haiti Er’nei
Galveston
Port Arthur
1.118
14,852
Corp.e 'hris.,tfcc.
New Orleans..
Mobile
Pensacola
Fernandlna
Savannah
Brunswick
..
...
13,481
.
-
_
^
-
5.4 48
6,900
5.538
—
—
Charleston
__
„
....
_
.
_
Newport, News
'
_
New York
Boston
Baltimore
1 10
5,426
.
3.54 1
144
503
2,950
Philadelphia
_.
Portland, Me
San Francisco
Seattle
Tacoma
.
.
,
..
674
_
.
-
-
...
Total
Total
.
.
...
1905-06.
in
nt.
I
_
-
900
4.176
-
-
Total.
_
Portland, Ore.
Pembina
Detroit
.
.
.
■
ContiFra net
15.970 1 ,703,270 448,829 1 ,010,750 3,162,849
56,962
75,861
132,823
1
1 .547
1.547
35.081
85)0,094 274.400
773.623 1 .938.117
08/524 28,059
60,314
156,897
j
«
55.809
58,985 29.342
144.136
100
100
10,986
151,644 49,766
674,849
876,259
52,519
6,900
89,721
142.240
21.393
21,393
f
6,000
115,02 i
186,265
307.286
2.367
7.414
5.047
4.420
944
5,364
179.400 37.463
9.080
192-.703
409,566
647
124,745
17.589
142,334
0.133
75,357
2.950
62,285
143.775
3.709
33.150
37,159
7,501
7.501
674
77777777
75,57/
85.065
85,065
4 1,168
44.168
.
21,600
1
..
Wilmington
.Norfolk
Great
Total. ' Britain.
-
9.679
-
-
900
4.176
9,679
57.679
1 10
24.499
82,288 3 .571,140 879,9923 .405,193 7 ,856,325
9,601
1,334
41.227
55.162 2 ,650,085 650.215 2 ,442,406 5 .742,706
In addition to above
exports, our telegrams to-night also
the following amounts of cotton on shipboard, not
cleared,- at the ports named.
We add similar figures for
give
New
us
York.
1
1907.1
THE CHRONICLE
On
Shipboard, Not Cleared for—
Great
Britain. France
New Orleans.
Galveston
958
_
6,106
Savannah
Charleston
Mobile
Norfolk
New York
Other ports
Ormany.
2,454
11,400
Other
Foreign
7,010
19,881
8 ,300
2.000
FUTURES.—The highest, lowest and closing prices at
Coastwise.
Total.
110.228
23,186
2,561 '63.134
10,300
69.639
37,154
900
1,500
1.100
400
37,591
50,519
37,875
25,105
26,460
19,524
200
3 900
7,881
8,619
5,168
168,053
27,078
21.230 112,544
22,854 128,410
28.975 188,659
433,820
411,279
437,337
1
200
stock.
10,841
200
1 ,500
2 000
,600
3.600
16,869
16,869
3,700
—
<r
Total 1907..
Total 1906..
Total 1905..
14,564
18,099
77,257
14,054
10,478
25,028
New York the past week have been
^
ji- -■ ►jj
£
o
$7 C
Cc
Leaving
419
2,000
o
•J3
3
The
™
«
2.00 on
1.75 on
Middling fair
1.50 on
Barely mid. fair.. 1.25 on
Strict good mid
1.00 on
Fnlly good mid
0.88 on!
Good middling
0.76 on
_.c.
!
Barely good mid.. 0.57 on
Strict middling
0.38 on
Middling
Basis
The official
Strict low nald-.c. 0.14 off
Fully low mid
0.32 off
Low middling
0.50 off
Barely low mid... 0.70 off
Strict good ord-.. 0.90 off
Fully good otd
1.07 off
Good ordinary
1.25 off
Strict g'd mid. tgd. 0.30 on
Good mid. tinged.
Even \
Strict mid. tinged. 0.06 off i
Middling tin#«d.c. 0.12 off
Strict low mid.ting 0.46 off
Low mid. tinged
0.90 off
Strict g'd ord. Wng 1.25 off
Fully mid. stained 0.42 off
Middling stained.. 0.56 off
Barely mid.stained 0.78 off
Strict low m. stain. 1.50 off
Fully 1. m. stained 1.75 off
Low mid. stained. 2'00 off
..
quotation for middling upland cotton in the
New York market each day of the past week has been:
May 4 to May 10—
Sat.
Middling upland...
.1 1.50
Mon.
Tues.
Wed.
Thurs
11.70
11.75
11.90
11.90
Fri.
11.90
NEW YORK QUOTATIONS FOR 32 YEARS.
1907.c-.
1906
1905
.11.90
...11.95
...
1904
1903...
1902
1901
....
1900
1899_c
6.25
6.38
7.69
1898.
1897
1896
1895
1894.
1893
1892
8.15
...13.75
...11.15
9.62
8.19
9.88
...
...
__
8.25
6.75
7.25
7.81
7.38
1891. e
1890.
1889.
1888.
1887.
1886.
12.00
11.00
10.00
10.88
9.251
1885.
10.881
1884.
11.69
8 .1)4
1883.1*
1882..
1881.
10.94
12.31
10.44
.12.38
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Spot Market
Closed.
Sales
Con-
Saturday.. Steady, 5
Monday
Tuesday
Steady.
Steady,
Wednesday Steady,
Thursday
Quiet
Friday
Quiet
..
pts. dec.. Steady
20 pts. adv Very steady.
5 pts. adv.. Steady
15 pts. adv. Very steady.
_
Total
..
Steady
Steady
Con¬
tract.
Total.
—
’l
13
3,500
3,613
400
800
5.425
'200
5.000
—
5,000
-
25
100
438
‘200
900
4.700 10,138
«
00
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1
THE VISIBLE SUPPLY OF COTTON
to-night, as made
by cable and telegraph, is as follows. Foreign stocks,
as well as the
afloat, are this week’s returns, and conse¬
quently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of
Friday only.
up
May 10—
Stock at Liverpool
Stock at London
Stock at Manchester
1907.
bales. 1.248,000
...
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock
Stock
Stock
Stock
Stock
Stock
at
1906.
1905.
1904.
9.000
90,000
986,000
12,000
69,000
824,000
12,000
52.000
589.000
10.000
52,000
1,345,000
1,345.000
3,000
437,000
1,067,000
13,000
228,000
259,000
3,000
15,000
86,000
21 ,000
147,000
651,000
22,000
270,000
4,000
179,000
8,000
888,000
11,000
315,000
1.000
122,000
3,000
29,000
62,000
4,000
824,000
442,000
547,000
548,000
1,509,000 1,435,000
143,000
67.000
321,055
421,000
50,000
40,000
28,000
144.000
118,000
186,000
804,000 1.070,000
864,000
546,364
539,689
825,996
346,425
334,644
402,862
4.660
5,634
18,198
1,199,000
209,000
151.000
Antwerp
at Havre
at Marseilles.
at Barcelona
at Genoa
at Trieste
_
.
4.000
9,000
33,000
Total European stocks.
2
2,169,000
India cotton atloat for Europe
194,000
American cotton afloat for Europe 330,902
Egypt.Brazil,Ac.,afloat for Europe
In Alexandria. Egypt
In Bombay, India
‘
Stock
Stock
Stock
Stock
I’. S.
In IT. S. ports
In U. S. Interior towns
exports to-day
3,000
22,000
37,000
11,000
35,000
167,000
432,000
342,256
186,557
780
Total visible supply.
4.589.351 4.081.022 4,048.056 2.722,593
Of the above, totals of American and other
descriptions are as follows:
American—.bales.
1.118,000
871,000
Liverpool stock
741.000
468,000
Manchester stock
75,000
60,000
42,000
42,000
Continental stock
755,000
5 11 .000
399,000
474,000
American afloat for Europe
330,902
321,055
421,000
151,000
U. S. port stocks
546.364
539,689
625,996
342.256
U. S. interior stocks
346.425
334,644
402.862
186,557
U. S. exports to-day
4,660
5,634
18,198
780
Total American
East Indian. Brazil, Ac.—
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt. Brazil. Ac., afloat
Stock In Alexandria, Egypt..
Stock In Bombay, India
Total East India. Ac
Total American
of Spot and Contract.
Export sum’n.
00
OO
tween Mr. Theodore H. Price and the New York Cotton Ex¬
fair
£
-5 «
00 36
X X
injunction proceedings, leaving the matters in dispute be¬
Fair
Strict mid.
«
(B
follows:
as
'co37a3-3lc«3~a:3
£ O 1 2 9 rn'Sn
X X
the withdrawal of the
larger transactions. To¬
day an early decline was due to disappointing Liverpool
advices, rather better weather and liquidation, with selling to
some extent by New Orleans and
Liverpool. Lateron how¬
ever, came a rally which left July slightly higher for the
day
and other months about where
they started. This was due
to heavy rains in Texas and Louisiana, bad
crop reports,
covering, and a lessened pressure from pmfiLtaking. Spot
cotton has been more active and firmer.
Middling closed at
11.90c., an advance for the week of 3o points.
The rates on and off middling, as established Nov. 21 1906
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
«
*
o »
o »
‘733 ‘ x Z3
•Ulu
public speculation which has shown a disposition to purchase
the new-crop months on the strength of the unfavorable
weather and crop reports.
New Orleans, Southern and
Liverpool interests as well as spot houses have also been buy¬
ing on a sufficiently large scale to attract attention. A
and not a few local operators who were
recently inclined to
the bear side have been buyers, and also, it would
appear,
the West to some extent.
Though the speculation is much
smaller than in the active times of the
past, it has broadened
somewhat, and unless the weather improves very materially
the tendency will be towards still
*3
OO
months in fact have been the
strongest
only here but also in New Orleans and Liverpool.
At the same time there has been a somewhat
larger outside
change to the decision of a referee. Moreover the Liver¬
pool market has been strong, with a good spot business,and
the spot quotations at the South have been
universally firm,
with every appearance of a persistent
demand, especially
for the better grades.
Reports about the dry goods trade
have also been of an encouraging kind.
Wall Street houses
*
o?
©
near
was
5
|
00
of any, not
factor which also favored the bulls
£ a- c ?=
3 I a 3
|
rather
month.
b
i
Speculation in cotton for future delivery has continued on
larger scale than recently, and prices have advanced,
mainly because of excessive rains and cold weather, prin¬
cipally in the Mississippi Valley. Some Texas and Alabama
reports however have also been unfavorable. Cloudbursts
have occurred in Mississippi, Louisiana and
Arkansas, flood
warnings have been issued in regard to tributaries of the
Mississippi, and what the whole cotton-belt seems to need
is hot, dry weather.
This it has certainly note been getting.
The reports which have been received of late from
many
different parts of the belt give rise to fears
among some that
the next crop may not be adequate to
meet the demands of
a
large world’s consumption. It has been largely a weather
market, however, and it is a very general conviction that
should warm, dry conditions set in and last for a sufficient
length of time, the crop outlook would be very greatly im¬
proved. Meantime a more or less aggressive bull specula¬
tion is going on, especially in the
July option, which has
latterly risen to a premium of 2 points over October, after
selling at times during the week at considerably under that
a
1127
!
Mat 11
3,176.351
..
128,000
9,000
15,000
69,000
194,000
50,000
144,000
804,000
804.000
2.531,022 2,762,056
115.000
12,000
9,000
43.000
143,000
40,000
118,000
1,070,000
83.000
12,000
10.000
36,000
67,000
28.000
186.000
864,000
1.664.593
121,000
10,000
10,000
a
'
74.000
209,000
35.000
167,000
432,000
1.413.000 1,550,000 1,286,000 1.058,000
3,176.351 2.531.022 2,762,056 1.664.593
Total visible supply-4.589.351 4,081.022 4,048,056 2,722,593
Middling Upland, Liverpool
6.75d.
6.18d.
4.36d.
7.38d.
Middling Upland. New York
11.90c.
11.95c.
8.15c.
13.65c.
Egypt. Good Brown. Liverpool-. 11 15-16d.
11 V»d.
74*d.
8 H d.
Peruvian Hough Good. Liverpool
ll.OOd.
lO.OOd.
8.75d.
10.50d.
Broach, Fine. Liverpool..
6d.
5hd.
4‘*d. 6 ll-16d.
Tlnnevelly, Good Liverpool
5hid.
5 9 16d.
4 3-16d.
6 7-16d.
Continental imports past week have been 104,000 bales.
The above figures for 1907 show an increase over last week
of 242,021 bales, a gain of 508,329 bales over 1900, an ex¬
cess
of 541,295 bales over 1905 and a gain of 1,860,758
bales over 1904.
*
TOWNS the movement—that is,
AT THE INTERIOR
receipts for the week and since Sept. 1, the shipments
to-night, and the same items for
the
[VOL. LXXXIV
THE CHRONICLE
1128
for the week and the stocks
QUOTATIONS FOR MIDDLING COTTON AT OTHER
of middling
markets for
each day of the week:
MARKETS.—Below are the closing quotations
cotton at Southern and other principal cotton
corresponding period for the previous year—is set out
the
in detail below.
at
o
~
•
_
toco
. © co ©
'•fOt'
oor'-©®coe>J©®'>rrtt'-Os©'«tcCcC©'<}'»-icc©MH*©MtHMoC©
'rT-cic^mcse^f^^rcoowt^cS'rHi.coe'itocoosiC'i’oc^HOOsojcc
CincCniHr-KcOtCcCiOt»
aoccooirticcc^-icci'-ccaof'l'-r^'-i
rtc«NHrt
oc-*?
co*--
<-i
K5 m
T-!
CO
Galveston
New Orleans
Mobile
Savannah
Charleston
ficeo'roocsict^ct'Picccr-rtino’rKMi^o^ncrt^ONO'-'O
evjTrlnccc50«oo>f:t'-i»^ooecTH«ot>-evjc')fjc<3^}"»rif5M'-<'-it^«eMr^oo»raio
rtrf«\|ire«oc«ootDC6'rr»r-i«D'>r
Meccs'TNnHCuio
mm
©
'
c;
Closing Quotations for Middling Cotton oil—
Week ending
May 10.
Wilmington
Norfolk
Boston
Baltimore
...
_
r^coMoos'TMOMr-oaDtoost'-ocsotcci^MMt'-s'ji^r-oce'aasto
ctTrrotcrft^octrecDOOseccj-TtoTOoco^roct^-^t^rt'OOeco'fasr'Mrr
aO C- © aO oO h* OH lT30®»-,©00’-'S500MTL'Oir5rHOSr-i M_c© « rH Ift tD OC « M
fiHOMrtOinooHNHCHiCHNaiaaMTMOtooNOMoxoo
M © © K5 >—< M 30 T -r f' lO *T
OW’l’Cffi^'CiflOHCCHr.M
HJOHCO
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c i t—i co
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i
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coanac5tMf.p5fto>t'<toHoc:o<Or-<Tc:ooHooooxc30
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>*r
>m©
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.
1^
—
’
00©'«tK,:©'J"^‘©00©©O©O©©t-i©
©coco>—ioo<—i'»i,©ioc'4Mr~©r“to*T<—••-'0»Ti}'i>.icic©©^r©r»oo©©©
Kt'NM'tnioioecH-tr-iTMcjiortrtOCiortMMMr-iieci
C^,
M
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N
rH
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M
M
H
H*.
m i-i r»
£
s
i
('•Mo
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.■OM®HK;6iyfK:c4M'>Ti(:o’fb®4cc«t-iioaN'-Nr-<
© ® cc M ©
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rH rH
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Noett«HN(OrtoN©MHeir*Hin«H
ifjcorro
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«
r-T
May—
Range
11
11
12
11
11
11
UK
12 K
K
12
11 11-16
UK
UK
11
11 5-16
5-16
K
12K
11K
12 K
UK
11 K
12 K
1 1.75
12
11 .90
12
12.15
12.15
12 K
11 K
11 K
12
11 1-16
11.55
11.50
UK
UK
11.75
11 15-16
11.95
12
11.70
12
12.00
12
UK
UK
liK
liK
n K
11K
11K
UK
UK
12
10 13-16
12
10 15-16
12
10 15-16
12
Friday.
12
11 11-16
UK
11 K
12 K
11 .90
12 K
12.15
12 K
UK
UK
12
11 1-16
.
..
July--
tt©©m«m»h
1cor~<-<ocoo
■
..12K
UK
.
Monday,
May 6.
Tuesday, Wed’day, Thursd'y,
May 9.
May 8.
May 7.
Friday,
May 10.
.ru .36
(?> —
11.15-.18 11.23-.26 11.28-.38 11.25.37
11.15-.17 11.26.30 11.25 — 11.36 — 11.30 — 11.31-.36
—
«D
11.32.54 11.51-.63 11.53.69 11.51-.69 11.58.69
11:43.44 11.60.61 11.54 .55 11.65-.66 11.62.63 11.62.63
—
Range
Closing
August —
O
H
important
—
_
_
Closing
nOiOaO'f hOM
M
H
liK
10K
11 K
Sat'day,
May 4.
-
©icoi^ai'iOCOiSHnnOHt-icjatcNo
I©
r-i
TH
00
© © i(0 ©
C"5
11K
10K
11 K
10 13-16
rtM'ff-NOMi/jPJOt'HI'*TOO»-I(3©IO©00001300CM©00©KOM©©©00
lOMKJOfSO'I'otOMrttO'tOCaO'I'a'TCI'O'I'OaOI'-'TCKOOKJt'OOO
HlO<OiON©MM,fK5Hr»PJ©'1lO!K3C5»fi(5af»M©Hr»<0®9rtelJaO
Co
UK
11K
10K
12
11 11-16
18
11 K
11
NEW ORLEANS OPTION MARKET.—The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
®I'.i0a0h-M'^,©M©©^ir-M00
a_.
■H> *»
Tuesday. Wed'day. Thursd'y.
12
The closing quotations to-day (Friday) at other
Southern markets were as follows:
11
Atlanta
11 9-161 Montgomery
| Raleigh
Columbus, Ga.
11 K [Nashville
.11
(Shreveport
1(5 © .h ©
lO 1(0
©
Monday.
12
i
Mt'.MP3Mirs©oOM®OM©3&P3ci©^.-.o©'-.sc><c>co.^©w
a
Oo
to
St. Louis
Houston
Little Rock
lOCHMCOrtOHaOdOl^
tMCO-'TM^HCOi.'OCC-'feOi-iM
nOOOHCOLOOaOr-itOl'»0CM'«t
r- 1(0 -T 00
MHMMiOHM'rN
hCMhoO
©
r»
>-l
Philadelphia
Augusta
Memphis
Sat'day.
(a)
Range
11.13
Closing
October—
—
—
11.29.32 11.34.35 11.31
11.28.30 11.31 — 11.35
—
11.31
—
—
11.32
—
—
@
—
11.33
—
—
<© ~
10.64.73 10.78- .89 10.82.96 10.85-.03 10.97.06
10.69-.70 10.87- .88 10.83-.84 U.OO-.Ol ll.OO-.Ol 10.95.96
—
Range
Closing
December—
@ ~
10.63.73 10.78-.88 10.80.94 10.86-.00 10.86-.03
10.67.68 10.86-.87 10.8 1- .82 10.98 -- 10.96.97 10.91.92
~
•
^ ce
x a
c.
bo-
-
-
"
"
"
c
' O
'
'
rr
'
^
o
ctf
i
3
”
03
—•
O;
Range
Closing
January—■
Range
ci oj
lO
iQ 03
a:
03
I
'JO »
°
s
r — 5 G
o-c
?
^ 3
?
0i
o
o
■JO
"Q
2 «a-
CC *
I
u
Closing
—
Spot
Options
CO
CO
ci
•M
o
have de¬
The above totals show that the interior stocks
creased during the week ‘24,639 bales, and are
to-night
11,781 bales more than at the same time last year.
receipts at all the towns have been 5,251 bales more
the
same
—
Tone—
0x3 o O
^ QCO £h
lO:
(u) —
10.72-.73 10.82-.90 10.86.95 10.95-.02 10.97-.05
10.72-.73 10.90-.91 10.87.87 U.OO-.Ol U.OO-.Ol 10.95.96
week last year.
The
than
Steady.
Firm.
Strong.
Strong.
Steady.
tSeady.
Firm.
Very
Firm.
Firm.
s*y Steady.
Steady.
TELEGRAPH.—Our reports
WEATHER REPORTS BY
by telegraph from the South this evening are, on the
whole, of an unfavorable tenor. Rain has fallen in most
localities during the week, being rather excessive at points
in the Southwest.
Planting operations have been delayed
as a result, and there are also complaints of too low tempera¬
ture.
It is likewise claimed that much replanting is neces¬
received
sary
.
precipitation and cold waves
delayed planting in Texas and injured stands in
many localities.
Cons derable replanting will be required
and altogether it looks as if crops wiil have an unusual start
for th's State.
There has been ra n on three days of the week,
Galveston, Texas.—Excessive
have further
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.—We give below a statement showing
the overland movement for the week and since Sept. 1,
as made up from telegraphic reports
Friday night. /Hie
results for the week and since Sept. 1 in the last two years
are as follows:
1906-07
Since
Week.
Sept. 1.
734,009
7,374
207,551
1,184
1 .838
77,416
1 .317
77,652
362
50,551
417,779
1,869
May 10—
Shipped—
Via
Via
Via
Via
Via
Via
St. Louis
Cairo
Rock Island
Louisville
.
.
_
_
.
.
.
.
.
...
.
Cincinnati.
......
other routes, &e
__
Total gross overland
Deduct shI pinen ts—
Overland to N. V., Boston, ftc
Between interior towns
_
1903-06
Since
Week.
9,347
2,890
Sept. 1.
350
1 ,558
1 ,198
471,571
193,713
41 ,778
89,155
52,282
2,886
235,988
..13.944
1.564,958
18,229
1,084,487
1,432
155,961
91,482
2 861
53,539
2.420
133,005
18,767
41,870
.
468
644
.
Inland. &o... from South.
Sj\-u i~
Total to he deducted
289
300,982
5,570
193,642
(£163,976
12,659
890.845
>
.11,400
Leaving total net, overland.a
a
1
Including movement by rail to Canada.
foregoing shows the week’s net overland movement
the wreek
The
has been 11,400 bales, against 12,659 bales for
last year, and that for the season to date the
net overland exhibits an increase over a year ago
bales.
Sight and Spinners’
Takings.
Receipts at ports to May 10
Net overland to May 10
Southern consumption to May 10
Total marketed
Interior stocks in excess.
Week.
60,776
11,400
48,000
.
_
.
120,176
<124.639
.
......
.
_
Came Into sight during week.
Total in sight May 10
North,
a
.
.
.
Since
Since
Sept. 1.
9.325,64 1
Week.
Sept. t.
69,446 7,195,172
890,845
12,659
46,000 1 ,663,(»00
1 .263,976
1 ,706.000
12,295,617
250,149
128,105 9,748,997
032,918
2,430,415
38,256
2,123,286
Decrease during week.
Movement into sight
in previous years:
Bales.
HYcA-—
1905—May
1904—May
1903—May
1902—May
12
13
15
16
|
Since Sept. 1—
171,628! 1904-05—May 12
57,556 | 1903-04—May 13
80.522 1902-03—May 15...
64,979 | 1901-02—May 16
inch and ninety-one hun¬
60, highest 78 and lowest 49.
Abilenz, Texas.—We have had rain on three days during
the week, the rainfall being one inch and sixty hundredths.
The thermometer has averaged 59, the highest being 84 and
the lowest 34.
Brenham, Texas.—The week’s rainfall has been two inches
days. The thermometer has
averaged 65, ranging from 49 to 80.
Corpus Christi, Texas.—Rain has fallen on three days of
the week to the extent of one inch and twenty-one hun¬
dredths.
The thermometer has ranged from 60 .to 82,
averag ng 71.
Cue.ro, Texas.—Ra:n has fallen on two days during the
week, the rainfall being one inch and twelve hundredths.
Average thermometer 69, highest 87 and lowest 50.
Dallas, Texas.—We have had rain on four days during the
week, tho rauifall being one inch and eighty hundredths.
The thermometer lias averaged 63, the highest being 85 and
and four hundredths, on two
the lowest 41.
Fort
inch
The thermometer
Worth, Texas.—The week’s rainfall has been one
and fifty-eight hundredths on three days.
has averaged 72, ranging from 54 to 90.
Henrietta, rTexas.—We have had rain on
three days during
The
the week to the extent of forty hundredths of an in< h.
thermoimtor has rang 'd from 38 to 77, averag ng 58.
Huntsville, Texas.—There has been heavy ra il on t vo
days of the week, the precipitation reaching throe inches and
eight, hundredths. Average thermometer 66, highest 82
and lowest 49.
Kcrrville, Texas.—We have had rain on three days
9,948,464
12,545,766
18,065
199,467
95,187
95,537
—
spinners’ takings to May 10
of 373,131
190506-
1906-07
In
aggregate
the .precipitation reaching one
dredths.
Average thermometer
Bairs.
..11,654.950
9,490,997
10,072.648
9,748,687
the week, the rainfall being
inch.
The thermometer has
93 and the lowest 45.
during
twenty-five hundredths of an
averaged 69, the highest being
Lampasas, Texas.—We have had rain on three days of
being two inches and fifty hundredths.
averaged 68, ranging from 40 to 95.
Longi iew, Texas.—Rain has fallen on five days of the week,
to the.* xtent of two inches and fifty-four hundredths.
The
thermr meter has ranged from 44 to 80, averaging 62.
the week, the rainfall
The thermometer has
May 11 1907. J
THE CHRONICLE-
1129
Luling, Texas.—It has rained on two days of the week, the
1907.
1906.
precipitation being eighty-three hundredths of an inch.
8 X lbs- Shirt- Corn
8X lbs. Shirt- Cot'n
Average thermometer b6, highest 86, lowest 46.
32a Cop.
Mid
ings. common
32a Cop.
Mid
ings. common
Twist.
to Jinesl.
Nacogdoches, Texas.—We have had excessive rain on four
Twist.
Upl’s
to finest.
Upl’s
days during the week, the rainfall being s'x inches and eighty- Mch d.
d. s. d
s.
d.
d.
d.
d. 8. d.
s. d.
d.
three hundredths.
The thermometer has
29 9 13-16®
10 H 6
8
@9
9
5.97 8 13-16®
averaged 64, the Apr.
9JS 6 54 @9 6
6.03
highest being 83 and the lowest 45.
5 9 13-16@
10H 6 8
@9
9
6.03 S 15-16®
10
6
6
7
@9
6.10
Palestine, Texas.—The week’s rainfall has been two inches
12 9H
0
@ 11
8
@9
9
6.16 9
@
10X 6 64 @9 74 6.16
19
10
and nineteen hundredths, on four
@
HH 6
@9
9
6.28 9
@
6
10X
6.04
64
@9
74
days. The thermometer 26 10H ® 11X 6 9 @9 10
6.39 SJx
10 x 6
@
has averaged 63, ranging from 44 to 82.
64 @9 74 607
May
3 10 H
@
11^ 6 10 @9 11 6.63 8'*
Paris, Texas.—We have had rain on four days during the
@
104 6 64 @9 74 6.08
10
10 H
®
11X 6 10X @
10 0 6.75 9
week to the extent of one inch and
@
6.18
104j6 7 @9 8
fifty-six hundredths. The
thermometer has ranged from 41 to
84, averaging 61.
San Antonio, Texas.—Rain on two days
EUROPEAN COTTON CONSUMPTION TO MAY 1.—
of the week to the
extent of one inch and
By
cable to-day we have Mr. Ellison’s cotton figuns brought
twenty-one hundredths. Average
down to May 1.
thermometer 64, highest 84, lowest 47.
We give also rev’sed totals for last year
Weatherford, Texas.—There has been rain on three days that comparison may be made. The spinneis’ takings in
of the week, the precipitation
reaching two inches and actual bah s and pounds have been as follows:
ninety hundredths. Average thermometer 65, highest 90
and lowest 39.
Oct. 1 to May 1.
Ardmore, Indian Territory.—Heavy rains the past week
have retarded all farm work.
Cotton has been damaged by
cold weather and much
replanting is necessary.
New Orleans, Louisiana.—We have had rain on four
days
of the week, the rainfall being
five inches and twelve hun¬
dredths.
The thermometer has
averaged 72.
Shreveport, Louisiana.—Rain has fallen on four days of
the
Great
For 1906-07.
Takings by spinners
Average weight of bales
Taklngs In pounds
Britain},
j
Continent.
Total.
i
bales.
lbs.
2,701,000,
5031
4,190,000
6,891 ,000
481
489.6
1,358,603,000 2,015,390,000 3,373.993,000
!
For 1905-06.
a*
Takings by spinners
bales.
2,485,000!
3,453,000
5,938,000
Average weight of bales...lbs.
488.1
498;
481
Taklngs in pounds
1,237,530,000 1,660,893,000 2,898.423,000
'
week, to the extent of three inches and seventy-nine
hundredths.
The thermometer has
ranged from 44 to 84,
According to the above, the average weight of the deliveries
in Great Britain is 503
averaging 64.
pounds per bale this season
Leland, Mississippi.—Rain has fallen on five days during 498 pounds during the same time last season. The against
Conti¬
the week, the rainfall being two inches and
forty hundredths. nental deliveries average 481 pounds, against 481 pounds last
Average thermometer 59.4, highest 78 and lowest 46.
year, and for the whole of Europe the deliveries
average
Vicksburg, Mississippi.—The week’s rainfall has been two 489.6 pounds per bale, agauist 488.1
pounds
last season.
inches and forty-seven hundredths, on four
days. The ther¬ Our d spateh also gives the full movement for this year and
mometer has averaged 68,
last year in bales of 500 pounds.
ranging from 51 to 83.
Helena, Arkansas.—There has been too much rain for
farming interests. The river is rising and is now over the
1906-07.
1905-06
outside levee.
The weather is warmer to-day,
Oct. 1 to May 1.
with indicaBales
ions of more rain.
of
500
lbs.
each.
Great Conti
Much replanting has to be done.
Great 1 Conti¬
It
000s omitted.
Britain nent.
Total. Britain nent.
Total.
has rained heavily on four days
during the week, the ra nfall
253
556
809
25 6'
reaching four inches and eighty-six.hundredths. The ther¬ Spinners’ stock Oct. 1.
621
877
Takings to May 1
2.717
4,031
6,748
mometer has ranged from 45 to
77, averaging 63.
2,475| 3,322 5,797
Little Rock, Arkansas.—There was too much rain
2,970
4,587
7,557
2,7311 3,943 6,674
early in Supply
2,259 3,150 5,409 2.220; 3,030 5,250
the week, but latterly the weather has been clear and more Consumption, 30 weeks
„
.
_
favorable.
Considerable cotton has been planted twro or
three times.
There has been rain on four days of the
wreek,
the precipitation
six inches.
reaching
Average thermometer
61, highest 77 and lowest 45.
Memphis, Tennessee.—On account of excessive rain no
farm work is being done.
We have had rain on five days of
the-week, the precipitation reaching four inches and fifty-
Spinners’ stock May 1
_
711
1,437
2,148
105
179
179
180
180
Weekly Consumption,
000s omitted.
In
In
In
In
In
In
In
October
November
December
.
.
January
.
.
February
March
_
..
.
_
_
.
74
74
75
75
76
76
105
105
105
105
105
105
181
181
182
511
j
i
1
913
1,424
74'j
101
101
101
101
101
101
101
175
175
175
175
175
175
175
74
74
741
74
74:
April
77
eight hundredths.. The thermometer has averaged 61.8,
74l
1
ranging from 43.2 to 78.9.
The foregoing shows that the
Nashville, Tennessee.—Rain during the week, with a rain¬
weekly consumption is now
fall of three inches and
thirty-four hundredths. The ther¬ 182,000 bales of 500 pounds each, against 175,000 bales of
like weights at the
mometer has ranged from 37 to 76.
corresponding time last year. The total
Mobile, Alabama.—Crop reports are bad; excessive and spinners’ stocks in Great Britain and on the Continent have
continuous rains have been general.
Replanting is making increas'd 144,000 bales during the month and are now
slow progress and good seed is scarce.
The Tombigbee 724,000 bales more than at the same date last season.
river is five feet above the flood
FALL RIVER WAGE AGREEMENT ACCEPTED
stage and ris’ng. It has
rained on five days of the week, the rainfall
The
textile unions of Fall, River,
being two inches
representing about 30,000
and one hundredth.
Average thermometer 72, highest 81 operatives, at a meeting on Weelnesday night voted to
accept
and lowest 63.
the new wage proposition.
The new agreement will go into
Montgomery, Alabama.—No indications yet of clearing effect May 27 and means an advance of 10%. The
agree¬
weather; hence the outlook is still gloomy, it has rained on ment is as follows:
five days of the week, the
Clause I. That 21.78 cents per cut shall he the recognized standard
precipitation reaching one inch
price
and nine hundredths and it is still
a margin of 95
points, based on the cost of eight pounds of middling:
raining. The thermometer for
upland cotton and the selling value of 45 yards of 28-Inch 61x64
has averaged 69, ranging from 55 to 84.
cloth
print
and 38.11 yards of 38 ^-Inch 64x64.
Quotations from the “New York Jour¬
Selma, Alabama.—Continuous rain is preventing all farm- nal of Commerce” shall l>e considered authority.
Clause II. Wage agreement shall be binding: for six months,
work and much replanting is
beginning:
necessary.
There has been the last Monday In May and November of
each year, based on the average
rain on four days during the week,
to the extent of four inches margin for the previous six months.
Prices for weaving should be as follows:
and fifty hundredths.
“With a margin of 115, 23.96c.;
Average temperature 67.
105, 22.87c.: 95, 21.78c.; 85,
80, 19.66c.: 75, 18.68c.; 72 X. 18c.”
Madison, Florida.—There has been no rain during the Wages In all departments other20.69c.;
than weaving shall be adjusted on the same
basis: 23.96c., with a margin of 115, shall be the
week.
maximum, and 18c. per
Average thermometer 78, highest 90, lowest 66.cut. with a margin of 72 t*. shall be the minimum rate
paid for weaving.
Greenwood, South Carolina.—We have had rain on four
Clause III.
If at any time either party to the agreement shall desire to
days during the week, to the extent of one inch and eighty- make a change, at least three months’ notice shall be given by the party
desiring the change prior to the expiration of the existing six months’
one hundredths.
The thermometer has ranged from 5S to contract.
78, averaging 68.
The new agreement is based
upon the average margin
Savannah, Georgia.—There has been rain on four days of
during a period a little short of six months ending with
the week, the precipitation
reaching thirty-five hundredths April 30, and the average having been found to be
of an inch. Average thermometer
slightly
75, highest 85 and lowest 64. over 115, the rate of
pay for weaving will be 23.96 cents per
Augusta, Georgia—Heavy rains in this vicinity; much cut of
print cloth—about 46 yards of 28-inch 64x64s. To
replanting is necessary and labor scarce We have had rain arrive at the
it is assumed, and we are assured by
during the week to the extent of two inches and forty-seven Mr. Clinton V.margin
S. Remington of Fall River that the
assump¬
hundredths, on four days; the thermometer has ranged from tion is
practically correct, that 8 lbs. of cotton will make
57 to 86, averag'ng 73.
Statiburg, South Carolina.—There have been thunder
8^-inch 64x64 print cloths. The joint average
or
price of the
storms on four davsof the week,
accompanied by high winds, cloths divided by 2 gives one side, the average cost
of 8 lbs.
the precipitation reaching three inches and
twenty-seven hun¬ of cotton; the other, the difference, being the
Thus,
margin.
dredths.
Average thermometer 70 highest 86 and lowest 55. B5 yards of 28-inch at \l/2 cents
per yard and 33.11 yards of
Charlotte, North Carolina.—The week’s rainfall has been
581^-inch at 7 cents gives a total of $4,343, or an average
sixty-two hundredths of an inch. The thermometer has of
$2,176, and 8 lbs. of cotton at 12% cents is $1.02, the
averaged 68 the highest being 83 and the lowest 50.
margin being $1,156. The agreement of Nov. 26 last,
MANCHESTER MARKET.—Our report received by which this supersedes, was based upon a margin of 95
points,
cable to-night from Manchester states that the market making the wage per cut 21.78 cents.
continues firm for yarns and steady for shirtings.
JUTE BUTTS, BAGGING, &c.—The demand for
Manu¬
jute
facturers are generally well under contract.
We give the bagging has been dull during the week under review, and
prices for to-day below and leave those for previous weeks prices are as last quoted at 9J/gc. for 2
lbs., standard grades
of this and last year for
Jute butts dull at 3@4c. for bagging
comparison.
quality.
.
—
85 yards of 28-inch 64x64 print cloths,
,
33.11 yards of
,
WORLD’S SUPPLY AND TAKINGS OF COTTON.—
The following brief but comprehensive statement indicates
at
and
glance the world’s supply of cotton for the week
a
since Sept. 1, for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amount
gone
like period.
out of sight, for the
1905-06.
1906-07.
Colton Takings.
Week and Season.
14.229.925
4,831.972
Visible supply May 3
Visible supply Sept. 1
American in sight to Mav 10
2.54 5,470
,784.156
95,537 12,545,766
71 .000
2,448,000
1
.
Bombay receipts to May 9
Other India Shlp’ts to May 8
Alexandria receipts to May 8
Other supply to May 8.a
Season.
Week.
Season.
Week.
9.948,464
2,287,000
231,000
95,187
47,000
6,000
2,000
10,000
253.000
10,000
1 .000
9,000
..
912,000
239,000
780,000
393,000
5,018,509 18,181 ,922 4,390,112 16,184,934
Total supply
'
Deduct—
Visible supply to
Embraces
309,090 12,103,912
9,055,912
207,090
1(12,000 3,048,000
429,158 13,592,571
296,158 10,267.571
133,000 3,325,000
Total takings to May 10
Of which American
O f which other
4,081,022
4,589,351 4,081.022
4.589,351
May 10
receipts In Europe from rHazll, Smyrna, West
The exports to Japan since Sept. 1 have been 204,150
from Pacific ports, 10,000 bales from Galveston and
bales from New York.
LIVERPOOL.—By cable from Liverpool we have the fol¬
lowing statement of the week’s sales, stocks, &c., at that port:
Sales of the week
bales.
Of which speculators took.,
Of which exporters took
Sales, American
Actual -export.
Receipts at—
,
|
Week.
Week.
Exports from—
Since
| Sept. 1.
76,000 2,128,000
Saturday.
Since September 1.
Conti¬
nent.
Great
Britain.
Total.
Bombay—
2,000
3,000
-
1,000
190607
1905-06
1904-05
3,000
4,000
44,000
50,000
16,000
871,000
640,000
256,000
915,000
690,000
272,000
2,666
2,000
1,000
2.000
2,000
6,000
5,000
2,000
98,000
81,000
20,000
104,000
86,000
22,000
1,000
1,000
1,000
1,000
3,000
2,000
2,000
21,000
36,000
12,000
24,000
38,000
14,000
.000
2,000
13,000
8,000
3,000
13,000
8,000
11,000
7,000
117,000
96,000
117,000
125,000
107.000
124,000
53,000
56,000
25,000
21,000
19,000
.
61,000 1,107,000 1,168,000
921,000
853,000
68,000
27,000
405,000' 432,000
19,000
SHIPMENTS.
AND
RECEIPTS
ALEXANDRIA
Total.
46,000
19,000
4,000
8
1,01)0
Conti¬
nent.
44,000
16,000
4,000
Total all—
1906-07.
1905-06.
1904-05.
11,000
5,849,115
40,000
6,019,143
5,000
6,840,980
This week
Since Sept. 1
1
Liverpool
.
Manchester
Continent
America
8,750 194,334
5,000 185,247:
8,000 306,070,
2,250
24,000
Total exports
*
102,961!
1
Sept. 1.
15,250 657,159
697,235
1
I
|
Sept. 1.
2.250 193,175
4.250 134,866
7,000 265,327
1,750
63,791
1.750 188,633
4,500 157,410
7,000 284,358
1,250 66,834|
788.612| j 14.500
i
Since
This
week.
Since
This
week.
This \ Since
week. Sept. 1.
Exports (bales) —
A cantar is 98 lbs.
SHIPPING NEWS.—As shown
previous
a
on
exports of cotton from the United States the past
page,
the
week have
reached
The shipments in detail, as made up
bales.
from mail and telegraphic returns, are as follows:
'
NEW YORK—To Liverpool—May
Baltic, 1 ,715.__
7—Gcorglc, 3,511
Total bales.
May 8 —
To London—May 3—Minnetonka, 200
’
To Havre—May 4—La Bretagne, It) forelirn....May 7—Califor¬
nia, 1 no foreign.
To Bremen—May 8— Kurfuerst, 50
To Hamburg—May 3-—Patricia, 330
__
To Rotterdam—May 4—Lord Downshlre, 68
To Antwerp -May 4
Kroonland. 412.
To Barcelona--May 6- Montevideo, 500
To Genoa—May 3— Re D’Italia, 367.
May 4—Barbarossa,
1517
.
To Naples—May 4—Barbarossa, 200
.
...
_
To Piraeus—May 4—Barbarossa, 100..
GALVESTON— To Liverpool—-May 3 —Barbadian. 8,717; Domi¬
nie. 6.135.
To Hamblin? -May 3—Ilford, 1.118
NEW ORLE \.YS--To Liverpool—May 8— Louisianian, 5,500 ...
5,226
200
110
50
330
68
412
500
1.884
200
100
14,852
-1,118
May 0—Floridian, 4 ,500; Mechanician, 11,000
May 10 —
Dictator, 600
21,600
To Hamburir—May 7-- Rapallo, 5,867._ .May 9 — Logician, 500.
6,367
To Rotterdam—May 3—Belfast, 196.
196
To Antwerp -May 3--Commodore, 2.164
2,164
To Barcelona -May 7—Plo IX., 2,561
2,561
To Trieste—May 9— Augusta, 2,193
2,193
SAVANNAH—To Manchester—May 8—Castlcveniry, 5.020 up¬
land, 428 Sea Island
5,448
To Rotterdam -May 9—Barnesrnore, 710
710
To Ghent—May 9—Barnesrnore, 400
400
«.
To Barcelona—May 8
Hermlne. 3,877
3,877
To Genoa
May 8 — Hermlne, 401
401
To Trieste- May 8 —Hermlne, 85
85
To VeniceMay 8 -Hermlne, 65
65
BUT NSW 1 OK
To Liverpool -May 4 -Oriel, 6.900
6,900
BOSTON
To Liverpool -May 7—Sylvania, 19
.May 8 —Arable,
484.
503
To Yarmouth—May 3 — Boston, 100
May 7—Boston, 44
144
BALTIMORE—To Liverpool—May 3—Indore. 2,950
2,950
SAN FRANCISCO—To Japan—May 3—America Maru, 674
!
674
80,000
1,256,000
1,132,000
115,000
97,000
218,000
175,000
J
Quiet,
Sales
Spee.&exp.
Futures.
]
Fair busi-
Quiet,
doing.
0.75
0.71
0.75
10,000
6,000
500
300
Steady at
Quiet at
3 @3 K pts. 7(a)H pts.
J
dec.
Market
]
Quiet at
2K
K
pts. dec.
)
J
50,000
2 ,000
2,000
42,000
10,000
82,000
1,246,000
1.118,000
127,000
110,000
180,000
133,000
for spots and futures
daily closing prices of
Wednesday.
Fair busidoing.
ness
Friday.
Thursday.
Moderate
demand.
Fair busidoinc.
ness
0.75
0.78
0.72
8,000
0,000
500
Steady at
0 (d}7 pts.
Steady at
4@4Va pts.
10,000
500
Steady at
7 (9;K pts.
adv.
dec.
adv.
adv.
Weak at
Quiet at
2 pts dec.&
K pt. ad v.
adv.
opened
4
P. M.
Tuesday.
0.63
Mid.Upl’ds.
May 10.
52,000
1,000
1,000
43,000
7,000
85,000
1,211,000
1,087,000
47,000
30,000
224 ,000
185,000
follows:
Monday.
ness
May 3.
'
10,000
500
Easy at
Steady at Steady at
9(9)11 pts. 4 K '9)7 pts. 4K (md pts.
dec.
adv.
adv.
IK (9)4K
pts. adv.
500
Steady
at 1 pt.
prices of futures at Liverpool for each day are given
Prices are on the basis of Uplands, Good Ordinary
clause, unless otherwise stated.
The
below.
The
prices arc given In pence and lOOffts.
Mon.
Sat
May 4
to
12K
1
May 10.
p.m.
p.m.
6
6
Sep.-Oct
d.
d.
12K 21 K 22
21
21 K
13 K 13
5 98
08
07 K
06 K
5 85 K 96
87
88
77
5
K
81
81 K
5 72
79 K
5 70
79
5 69
78
78
77 K
5 68
77
78 K
5 09
78
79
79 K
5 70
6
.
Oct.-Nov.
Nov.-Dec.
Dec.-Jan
Jan.-Feb
Feb.-Mch.
Wed.
Thurs.
Fri
4
4
4
12 q
4
4
12K
12H
12K
\2K
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d.
d.
May
May-June
June-July
July-Aug.
Aug.-Sep.
T
Tues.
Thus: 6 12 means 6 12-100d.
12
03
d.
25 K
25
17
11
01
92 K
87
85
84
83
84
85
d.
d.
d.
d.
28 K
22
26 K 22
21 K 21 K 28
26
18 K 13 K 13 K 20 K
15 K
08
12H 08
97
96
04
02
94
89
88 K 96
90
88
82 K 83
88
86
SDK 81
79 K 79 K 87
85
78 K 78 K 86
84
85
79 K 79 K 87
81
68 K
81
86
d.
23 K
23
15 K
10 X
99
93
86
84
62 K
81 K
82 K
84
d.
d.
25 K 24
25
23K
16K 14 K
11 K 09 K
98
00
D2K 91
84 K
86
84
82
82 K 81
81
79 K
80 K
82
88K 82
1
Receipts (cantars a)—
.
.
_
.
_
.
.
.
.
..
..
.
.
.
.
...
.
...
.
.
_
.
..
....
.
.
..
Total
P. M.
\
Mch.-Apr.
Alexandria. Egypt,
May 8.
a
)
•
Great
Britain.
To
To
To
To
Market,
12:15
Market
Week.
5,000
•
spot cotton have been as
1
1
For the
1906-07
1905-06
1904 05
Calcutta—
1906 07
1905 06
1904 05
Madras—
1906 07
1905-06
1904-05.All others—
1906-07
1905-06
1904-05
Week.
Sept. 1.
,
47,000 2,287,000
71,000 2,448,000
Bombay
i
Since
Since
Sept. 1.
3,000
3,000
71,000
The tone of the Liverpool market
each day of the past week and the
1904-05.
1905-06.
1006-07.
April 26.
65,000
2,000
2,000
59,000
11,000
April 19.
78,000
Forwarded
78,000
1,232,000
Total stock—Estimated
Of which American—Est__ 1,115,000
Total Import of the week
86,000
Of which American
75,000
Amount alloat
250,000
205,000
Of which American.
Spot.
9
COTTON-RAISING.—In our edi¬
the above cap¬
IN
COMPETITORS
bales
3,971
torial columns will be found an article-under
Indies, &c.
ALL PORTS.
INDIA COTTON MOVEMENT FROM
A lay
LXXXIV
tion.
„
a
[VOL.
THE CHRONICLE
I 130
...I 82,288
BREADSTUFFS.
Friday, May 10 1907.
grades*
Prices for wheat hour have been advanced on most
owing mainly to the rise in wheat quotations
and the
per¬
sistent report of serious damage to the crop in the Southwest
and of the probability of a material reduction in the springwheat area.
The trading, however, has conn* almost to a
the
Export
standstill, buyers refusing to follow the* advance, and
quotations
higher
have been
mainly nominal.
business has continued stagnant,
llyc* hour has been dull
and steady.
Corn meal has been quiet and firm.
Wheat has advanced, owing to continued unfavorable
weather and crop reports from the Northwist, tin1 West
and the Southwest, higher foreign markets and some in¬
crease in the export demand.
A very sharp rise at Buda
Posth—that is, a rise of over 10 cents per bushel in our
few divys—was flue, it appears, to an unfavorable
in Hungary. Supplies in France and
Germany are stated to be small. It is officially reported
that some 10 to 25% of the Hungarian and Roumanian
winter-wheat acreage has been re-plowed, and in Bulgaria
20 to 40% winter killed. In other words, crop reports, both
in this country and abroad, have been of a rather adverse
kind, and on both sides of the Atlantic prices have risen.
Realizing of profits, however, has latterly ca’s *<i some re¬
action in most of the world’s markets, New Yoik and Chi¬
cago by no means exe pted.
Still, what with winter killing
in the winter-wheat belt and delay in seeding in both tin*
American and the Canadian Northwest, quite a large bull
speculation has recently sprung up in th s country, and at
time’s price’s have* ris ui sharply.
Some reports an* to the*
efleet that the damage4 by bugs in the Southwest, has been
exaggerated, and that the* yie*lel of wheat in that s *ction will
be larger than is generally exp‘cte-d.
Moreover, there is
still time* to
plant a large* acreage in spring wheat at the*
Northwe st.
It would be iellc* to el sg lis * the* fact , however,
that the markets are very sensitive to weather and crop news,
and oveui to all sorts of rumors concerning the* probable*
yie*ld, and also that the* weathe*r for senne* time past e>ver much
of the Western grain section of t his country has been far from
favorable*.
Latterly there lias been senne* disposition to
money
in
a
outlook for tin* crop
cautiously, awaiting the* Government repeirt
the*y existed on May 1. This appeared today, anel stated the condition of winter wheat at 82.9%
proceed
more
of conditions
as
May 11
1907.]
THE CHRONICLE
on May 1, against 89.9 on April 1, 91% on May 1 last year,
92.5 in 1905 and 85.5% the average on May 1 for 10 years.
This is taken as indicating a crop of winter wheat of 405,-
101,000 bushels, against
1131
AGRICULTURAL DEPARTMENT REPORT ON CE¬
REALS, tfcc.—The report of the Department of Agriculture,
showing the condition of the cereal crops on May 1, was
a crop of 492,888,005 last. year.
reported abandoned is 11.2%, leaving the total
area 28,1.42,000 acres.
The effect was to cause a sharp ad¬
vance in pr.ces, with the trading active and exc ted.
The
buying was general and came from all quarters. Bulls con¬
tend that since May 1, the date on which the Government
figures were compiled, there has been a further material de¬
cline in the condition.
New high-record prices for the season
of
Bureau finds the area under winter wheat remaining In cultivation on May 1
to have been about 28,132,000 acres.
This Is 11.2%, or about 3,533 000
acres less than the area sown last fall, and 5%, or about
1,468,000 acres
less than the area of winter wheat reported as harvested last year.
The average condition of the growing winter-wheat crop on May 1 was
were
e
issued
The acreage
established.
Sat.
-89 %
.91 %
No. 2 red winter
May delivery In elevator
July delivery In elevator
September delivery In elevator
.
Mon.
91 %
93
93 %
93 %
.91*6
92 H
Tues.
Wed.
90*4
90%
92%
92 %
92 \l
92 *4
93
YORK.
93 %
94
82.9,
92.5
May delivery In elevator
July delivery In elevator
September delivery In elevator
Mon.
83
85%
-
86%
Wed.
82 %
84 %
Tues.
82 *s
85 %
86 %
May 1 and April 1907 and on May 1 1906 and 1905, and tlie
of the last 10 years:
96
Percent.
83%
86
88
90
87%
%
n
Indian corn futures have been firmer, though the trading
has been on a comparatively restricted sale. Strengthening fac¬
tors, however, have boon the rise in wheal
cold weather at
the \V < st and a d s nclination to sell for short account, owing
to t he fear of bull manipulation.
A large area has boon pre¬
pared for planting, but the weather has continued too cold
for seeding.
The cash market has been firm with a mod-'
demand.
erato
,
The
receipts have been light and are ex¬
pected to continue small. The upward tendency of futun s,
however, has boon checked by scattered liquidation. Cash
interests have sold at times.
To-day prices advanced owing
to the rise in wheat,
covering of shorts, light offerings, cnmm'ssioiiTlions' buying and reports-of an increased export
demand at the West.
Sat.
60
60
58
corn
May delivery In elevator.
July delivery In elevator
DAILY
CLOSING
PRICES OF
.
-
.
CORN
Sat.
49 %
May delivery In elevator
July delivery In elevator
September delivery In elevator
_
Mon.
60
60 %
58 >4
FUTURES
Mon.
49%
49%
49%
49
50
*4
•
Wed.
60
60
58
Tues.
60
60
58
IN
49%
49%
and
Frl.
Thurs.
49 %
49%
50
49%
49%
50
50%
50%
50%
high records have been established. The
principal bull sh factois have been the cold weather, reports
of damage to the crop and the strength of wheat.
There has
been a good shipping demand at tin* West at firm prices.
The receipts have been light and contract stocks continue
relatively small. Prominent Chicago bulls have given sup¬
port.
At times, however, reactions have’occurred, owing
mainly to liquidation in the May option and selling by cash
interests.
To-day prices advanced,owing to sympathy with
the sharp rise in wheat, covering of shorts and commissionhouse buying, but considerable liquidation occurred, check¬
ing the advance.
iww
DAILY
CLOSING
PRICES OF OATS IN
Sat.
Mon.
47
47
Tues.
Wed.
46
46%
NEW
Frl.
32
to
lbs.
...
%
46%
47
clipped,
36 to 38
50-52
50-52
49%-51 % 49 %-51 %
49 %-51 %
The
following
Mon.
Tues.
Wed.
Thurs.
Frl.
44%
44%
43
36 4
44%
43
364
44 %
43
364
43 4
43 4
36 4
45 %
434
36
1
..
.
6u)
Blended patents
3 65 Co, 3 75 | Rye Hour
3-95® 4 25 I Buckwheat Hour
4 00 Qi 4 26 | Graham flour
4 00 @ 4 lSjCornmeal
Straights
Patent, spring..
Patent, winter
Kansas patents
3
$3 75 @$4 00
3 15 @ 3 50
4 80 (<t 5 40
3 65 ^ 4 25
Nominal.
Nominal.
2 85 @ 3 10
GRAIN.
Hard
“
"
--
-
f.o.b.97
Oats—per bushel—
No. 2 white
No. 2 mixed
No. 2 white,
46 4 ^48
47
clipped..
per bush.—
2 mixed
2 yellow, new
2.white, new
1 five, per bush.—
!
No. 2 Western
|
State and Jersey
[Barley—Western
47 (<$504 I
Feeding
..
Mag
10 Yr.
A..
87
94
89
94
92
88
96
89
93
91
78
92
95
93
94
97
89
95
95
87
77
85
80
93
80
88
84
88
82
78
80.9
92.5
85.5
.
1 2,213,000
I
1.882,000
2,213,000
2 228,000
1
1.618000
1,368,000
803,000
380,000
j
878,000
|28,132,000
11.2
82
99
74
84
77
91
88
92
79
72
43
75
81
96
83
99
95
95
81
82.9
89.9
J
80
76
51
i
90
89
94
’
The average condition o winter rye on May 1 was 88, as compared with
92 on April 1 1907, 92.9^on May 1 1906, 93.5 at the corresponding date of
1905 and 89.5 the mean ol the May averages of the last ten years.
The average condition of meadow mowing lands on May 1 was 83.6
against 92 on May 1 1906, 93.3 on May 1 1905 and 90.4 the mean of the
May averages of the last ten years.
The average condition of spring pasture on May 1 was 79.6, against 91.4
on May 1 1906, 92.3'ion
May 1 1905 and 89.2 the mean of the May averages
up
spring plowing contemplated, 71.5 % is reported as
to.May 1, as compared with 63.9";, at the corresponding
dutefiast year and a 10-year average on May l of 65.0%.
.)f spring planting 47 % Is reported as having been completed on
compared with 53%
as
May 1,
1906.
as
prepared by us from figures collected by
the New York Produce Exchange.
The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years, have been:
Receipts at—
Flour.
Wheat.
Com.
Oats.
Harley.
Rye.
bbls.lQGlbs. bush. 00 lbs. bush. 56 lbs. bush. 32 lbs. bushAslbs. bu. 56 lbs.
Chicago
196,914
255.800
1,310,224
2.116.979
303,933
41,382
Milwaukee..
74,200
190,400
175,000,
29,000
173.600
30.000
Duluth
53,750
1,575,091;
2,067
119.043
206.506
10.862
Minneapolis.
1.744.080
51,140
328.400
97.680
27,500
Toledo
31,000
81.000
135.300
400
Detroit
2,000
37.400
7,400
37,644
Cleveland...
1,020
11,547
164.100
71,415
3.200
St. Louis...
49.655
795.909
542.400
234,179
58,500
4,000
Peoria
14.400
16,400
266.200
246.200
63.000
9.000
Kansas City.
350.000
184.000
123.600
.
Tot.wk.07..
391.939
377,737
269,346
Same wk. 06
Same wk. 05
New York
Boston
Portland
4,400,497
2.085,607
1.444,461
4.004,066
3.765.583
1,706.738
2,828.355
3.266.S09
962.642
906.419
531,405
738.035
123,744
115.434
56.610
of flour and grain at the seaboard ports for
May 4, 1907 follow:
bbls.
143.S87
46.087
2,679
S4.838
New Orleans.a
Galveston
Norfolk
44.439
3,150
15.253
16.636
4.500
Mobile.
St. John
4.099
Total week
Week 1906
Com,
Oats.
Barley,
Rye,
bush.
bush.
863.225
540,773
bush.
bush.
50.400
bush.
1,000.500
93,148
850
118,552
83.899
132.616
27.400
156.000
249.022
458,019
76.072
102.856
188.000
1.000
186,270
114.163
43,945
32,339
1.587.660
1.456,227
97.517
416.997
52,773
53.15S
2.925
14,778
8,717
115.000
12,749
229.700
381.517
394,498
1.129.778
2.593,130
2,281.686
1,654,828
12.492
885
Receipts do not Include grain passing through New Orleans for foreign ports
through bills of lading.
Total receipts at ports
follows for four years:
Wheat...
-
Wheat,
248.000
1.100
60.925
114,442
3.200
Montreal
Flour
Nominal.
the various States
them as follows:
May 1
are
Rectnpts of—
72
Nominal.
on
The statement of the movement of breadstuff's to market
as
Nominal.
In tHe South Atlantic and east Gulf States and In most of the Pacific
Coast region the temperature during the week ending May 6 was normal,
or above, and generally favorable.
In the Rocky Mountain region, west
Gulf States, central valleys and Lake region the weather was abnormally
cold and decidedly unfavorable.
Temperatures much below freezing oc¬
curred throughout the central and northern Rocky Mountain region. In the
Missouri and upper Mississippi valleys and In the Lake region and northern
New England, a minimum of 6 degrees occurring at Devils Lake. N- D.,
on the 2d.
Heavy frosts were general In the northern districts and light to
heavy frosts occurred as far south as northwestern Texas, Oklahoma,
northern Arkansas, Tennessee and the Middle Atlantic States.
Ample
moisture exists In all districts, except In southern Florida and portions of
northern Iowa and South Dakota, excessive and damaging rains having
fallen In the lower Mississippi Valley and central Gulf Districts. Heavy snow
occurred In portions of the central valleys and Lake region on the 3d and 4th,
There was much cloudiness, especially In the Atlantic Coast and Gulf States,
United States
5.645,000
2.362,000
,
70.0
8.8
Michigan
on
c.
f.o.b.59 %
f.o.b.»6%
f.o.b.69%
GOVERNMENT WEEKLY WEATHER REPORT.—
Mr. James Berry, Chief of the Climate and Crop Division of
the United States Weather Bureau, made public on Tuesday
the telegraphic reports on the weather in
for the week ending May 6, summarizing
Texas
a
Wheat, per bush.—
e.
jCorn,
N. Duluth. .No. 1...
1 03*4 i
No.
N. Duluth, No. 2
r.o.b 1 02*4 j
No.
Red winter. No. 2.... f.o.b.94
\
No.
....
.
Newport News....
$2 95 f§!ta 30 | Kansas straights
: 9>i
3 00; Kansas clears
3 25 @
..
Baltimore
Richmond
FLOUR.
Low grades
Second clears
Clears
Pennsylvania
California
Oklahoma
Philadelphia
364
closing quotations:
are
...
Receipts at—
Sat.
-.42%
4.8
15.0
4.5
15.0
1.5
5.5
2.5
18.0
35.0
Flour,
47-50%
DAILY CLOSING PRICES OF NO. 2 MIXED OATS IN CHICAGO.
May delivery In elevator
July delivery In elevator
September delivery In elevator
Kansas
Indiana
Missouri..
Ohio
Nebraska
Illinois
Total receipts
the week ended
e
lbs.
Mag
Apr. | Mag
1. ’07. 1, ’07.! 1.
Since Aug. 1
1906-07... 16.399.435 200,357.215 163.720.190 164.475,416 60,758.431 6,744,468
1905-06.-. 15.718.940 199.279.S37 145.565.570 184.575.981 69.847.241 7.107.068
1904-05--. 13.442.781 183.363,196 150.944.879 132.065.607 59.407.122 6,154.251
YORK
Thurs.
Mixed,26
Whit
under Cult.
’06.j 1, ’05.
indicated below
CHICAGO.
Oats for future delivery in the Western market have been
firmer
Condition.
! Rcmalnl'g
Abandoned
actually done
YORK.
Thurs. Frl.
59 %
60
60
61
58 %
58%
Wed.
Tues.
48 %
of the May
of the last ten years.
•Of the total acreage of
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW
Cash
Acreage
I
Acreage
States—
Frl.
86 %
mean
averages
96%
Th urs.
86%
compared with 89.9 on April 1, 1907 90.9 on May 1 1909 and
May 1 1905, and 95.5 the mean of the May averages for the last ten
years.
DAILY CLOSING PRICES OF WHEAT PE TURES 1 IN CHICAGO.
Sat.
.81 %
83 >8
.85 H
as
on
The following table shows for the 11 principal winter wheat States the
percentage of the acreage sown last fall that Is now reported as abandoned;
the acrcaire remaining under cultivation; also the averages of condition on
Thurs. Frl.
91 %
94
93 %
95 %
93
Crop Reporting Hoard of the Bureau of Statistics of the Department
Agriculture from the reports of the correspondents and agents of the
j
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW
the 10th mst., and is as follows:
on
The
from Jan. 1 to May 4, compare
bbls.
1907.
6.686.741
1906.
5.537.60S
19053.490.685
1904.
6.831.360
bush.
513,092
6.074.509
53,279.803
13,322.193
2,684.750
178.963
15,045,945
26.241.125
14.997,450
1,620.994
483.792
121.286.569
75.440.218
5S.3S9.306
24.285.140
24.383,183
Corn
47.728.819
Oats
17.470.809
2.116,642
660.048
59.387,457
30.712.423
Barley
Rye
Total grain
92.261.458
The exports from
ending May 4, 1907
Exports from—
New York
Portland
Boston
Wheat,
bush.
114,006
60.925
71.578
84.252
32.000
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
16.000
Galveston
Mobile
St. John. N. B...
.
229.700
6,290.414
the several seaboard ports for the week
are shown in the annexed statement:
Com.
bush.
559.416
319.054
138.241
387.863
102.856
135.532
88.125
1,000
Flour,
bbls.
77,126
2.679
16.193
45.197
40,341
3.200
15.253
7.501
10.213
4.099
Oats,
bush.
34,765
Rye,
Earley,
1'eas,
bush.
bush.
bush.
4.514
1,200
260
-
-
1,767
937
12,749
Total week
60S.461 1.732.087 234.551
38,929
Same time 1906.. 1,148.137 1,256.846 217,990 1,300,188
13.940
...
4,731 382,826
18,454
3,
THE CHRONICLE
Week
Exports lor icuk and May 4.
190G.
Since
Week
May 4
bush.
bush.
457,325 40,380.800
137,833 36,631,507
363,268
13,303
11,815
8,000
since J uly 1 to —
Ob/s.
bb/s.
United Kingdom... 125.197 5,230,235
Continent_
54,531 2.214.93S
Bo. <fc Cent. Amer._ 28,779
088,549
West Indies
24,912 1,289.219
Brit. No. Am. Cols.
100
71,315
Other countries
1.032
105,579
_
Total
Total 1905-06
The
379,935
visible
Corn.
bush.
1,141,000
bush.
New York
807,000
Oats.
Rye,
Barley.
bush.
bush.
243,000
19,000
688,000
73,000
363,000
283,000
40,000
373,000
92,000
22,000
..
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Toronto
Buffalo
afloat...
Toledo
..
"
**
762,000
187.000
12,000
201,000
268,000
130,000
1,653,000
265,000
79,000
208.000
The general
quick
delivery premiums are, in some instances, being paid. Domets and other napped colored fabrics are without
change.
Printed calicoes in both staple and fancy lines are in steady
request at firm prices, with business for export still an en¬
couraging feature in this division. Kid-finished cambrics and
other converted lining goods generally tend against buyers
but the current demand for these is moderate only.
All
grades of ginghams are moving out freely on existing orders
with a quiet current business at previous prices.
In print
cloths, scarcity of supplies restricts current business and the
market is very firm on the basis of 4 9-16c. for regulars.
Wide goods are in steady request at full prices.
WOOLEN GOODS.—The effect of the prolonged un¬
bush.
34,000
1,244,000
386,000
246.000
7,000
712,000
705,000
188,000
502,000
13,000
253,000
228,000
36,000
14,000
6,000
9,488,000
1,134,000
1,090,000
580,000
226,000
398,000
287.000
301,000
1,000
61,000
126,000
135,000
.
**
more noticeable in this division than
upon cotton goods.
The week's business has been of quite
moderate dimensions in all departments and the re-orders
for woolen and worsted trouserings and suitings in fall lines
have again fallen short of what sellers had hoped for.
In the
afloat
most
Chicago
“
afloat
Milwaukee
86,000
•*
afloat
Fort William
Port Arthur
afloat
Duluth
afloat
.
4,356,000
4,663,000
.
.
_
_
_
_
upon the market Lor this spring, but such goods as have been
opened, mainly low-grade fabrics, tend to encourage buyers
to look for somewhat lower prices than at first
appeared
probable, and this in spite of the fact of continued firmness
in the market for raw material
Indications point to con¬
siderable manipulation of products in order to overcome
the inconsistency between high-priced wool and low-priced
goods. Overcoatings continue slow and practically devoid
of any feature of moment.
In woolen and worsted dress
goods the demand is mainly for plain colors, the business
doing outiside of these being of restricted dimensions. Up
to the present time there has been very little done for next
spring, and such contracts as have been put through are
booked on private terms.
A large business is reported to
have been done in carpets for the new season with prices, as
already noted, against buyers.
FOREIGN DRY GOODS.—In imported woolen and wor¬
sted dress goods and men’s wear fabrics, the week’s trans¬
actions have been limited and without feature, so far as set
prices are concerned. Business in silks and ribbons also shows
no change of importance.
The demand for linens has fallen
off and is apparently affected by the continued bad weather.
Burlaps, as they arrive, are regularly sold at full prices.
"
Minneapolis
I.ouis
Bt.
"
..
8,591,000
2,000
856,000
107,000
87S.O00
11,082,000
2,073,000
140,000
221,000
2,513,000
258,000
41.000
5,000
309,000
14,000
3,319,000
220,000
86,000
632,000
114,000
100,000
960,000
178,000
20,000
3,412,000
375,000
593.000
561.000
85,000
10,197,000
9,866,000
14,987,000
12,804,000
7,893,000
6,302,000
1,269,000
1,315.000
1,577,000
1,153,000
995.000
afloat
Kansas
City
Peoria
Indianapolis
On Mississippi River...
On Lakes
On Canal and River
........
Total
Total
Total
Total
Total
Total
85,000
136,000
4 1907.-51,989,000
May
April 27 1907.-52,776,000
5 1906.-38,431,000
Mav
May
6 1905.-26,335,000
May
7 1904.-29,693.000
May 9 1903.-32,466,000
8,102,000
9,074,000
3,901,000
8,901,000
6,897,000
6,210,000
592,000
20,000
1,105,000
2,346.000
2,519,000
1,805.000
1,578,000
2,399,000
1,261,000
THE DRY GOODS TRADE.
Xew
York, Friday Night, May 10, 1907.
during the past week has again been of a
decidedly unseasonable character and complaints from re¬
tailers in this and other distributing centres of unsatisfactory
trade are increasing.
So far as first-hand sellers and jobbers
are concerned, weather influences have
not, up to the present
time, played any great part. It is nevertheless to be ex¬
pected that conditions with retailers will later on assert
themselves in the primary market, and a period of slow
business is by many being looked forward to.
As matters
stand, this is not regarded by manufacturers and their agents
as altogether a
disadvantage. Stocks in first hands are in¬
significant in any direction; mills, as a rule, are heavily under
orders for forward production and an opportunity to over¬
take in some degree present commitments will be wel¬
come rather than otherwise in the cotton
goods division.
The weather
The course of the market for raw material this week has
tended to perplex manufacturers, who in the present state of
uncertainty regarding early conditions of the 1907-8 crop,
unable to decide how for the rising tendency in cotton is
justifiable nr due to strong speculative support. Meanwhile,
the tone of the goods market continues generally strong,
with most prices well maintained, and an advancing tendency
still noticeable in some.
There has been no improvement
during the* week in the woolen goods division, business con¬
tinuing disappointing in the aggregate, and indications on
new
spring lines rather against manufacturers. The new
season for carpets opened this week with moderate
average
advance in prices.
are
DOMESTIC COTTON GOODS.—The exports of cotton
goods from this port for the week ending May 4 were 5,892
packages, valued at $351,070, their destination being to the
points specified in the table below:
New York to May 4.
Great Britain
Other European
China.
India
Arabia
Africa
West 1 miles
Mexico
Central America
South A merit a
Other count*h*s
.
.
.
.
..
.
.
_
.
—
.
..
.
.
..
.
.
962
131
......
..
.
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K
d
to
The valm* of t hese N«*w York exports since Jan. 1 has been
$5.1 KS,S09 in 1907. against $0,3,SO,470 in 1900.
'1 In* gem-ral demand from the home trade has been
this week of ouite moderate dimensions.
Eilling-in orders
»
£
p
o
3
e
o
*—*
..
3
i
^i
‘"xx
d
Total
i
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d
in
*-*
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to
781
i
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-s
<n
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to
3,758
5,064
20,530
5,640
3
O
a
k—1
3
Os
00
d u
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>-*
£
3 (A O
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d
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Fla Sil Cot
£
»-3
<3
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1
1
13,827
8,164
T
i
1
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H
c
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3,565
459
48
244
042
450
3
c
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28
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Since
Jan. 1
80
1 1
s
►3
m
P
d
3
►j
1906
5,588
....
Importations and Warehouse Withdrawals of Dry Goods.
to
-1907—
Since
Week
Jan. 1
13
912
75
445
8 ,949
2.026
56
4 ,229
1 .725
17,948
221
3,527
527
8.001
55
855
staple varieties of the medium and lower grades of all-
wool goods and of most descriptions of fancy woolens, prices
have ruled steady, but there is some irregularity in the
worsted lines.
Little has been added to the new lines put
..
..
delivery.
near
seasonable weather is
afloat..
Detroit
or
of coarse, colored cottons also rules firm and for
run
afloat
Brxston
description from China at
difficulty in placing orders for
supply of grain, comprising the stocks in
principal points of accumulation at lake and
May 4, 1907 was as follows:
Wheat,
are with¬
are cur¬
reship goods of
somewhat below quotations
current here.
Bleached muslins are extremely well held,
and the tendency of prices is against buyers, who find some
this
.234,551 9,659.835
608.461 77.775.325 1,732,087 64.436.550
217,990 9,256,838 1,148,137 47,517,236 1.256,846104,599.203
granary at the
seaboard ports
*•
July 1
1906.
—Com—— —
Since
Week
Ju!y 1
May 4
1906.
bush.
bush.
877.584 27,648,237
827,726 33,781,672
3,953
775,848
22,070
1,984,586
82,050
754
164,159
reports
1
Wheat
Since.
July 1
LXXXIV.
Heavy brown sheetings and drills in export grades
out improvement, continuing irregular, and
rent that there are offers in the market to
■
Flour
for the week and since
.
The destination of these exports
July 1 1900 is as below:
[VOL.
1 0
c.
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CD
rs
9
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May 11
091
1907.]
State Aflp City department.
MUNICIPAL BOND SALES IN APRIL.
The
April aggregate of municipal bond disposals proves to
one exception, of larger proportions, than that of
any April since 1892.
According to our records, $19,284,125
of such bonds were placed.
These figures, of course, do not
include temporary loans amounting to $21,591,000
nor
$1,000,000 bonds of Porto Rico.
Among the larger sales
which took place during April may be mentioned $5,000,000
by New York State, $3,283,000 by the State of Massachu¬
setts and $1,165,500 by the City of Newark, N. J.
The number of municipalities emitting bonds and the
number of separate issues made during April 1907 were 198
and 333 respectively.
This contrasts with 199 and 245 for
March 1907 and with 190 and 234 for April 1903.
For comparative purposes we add the following table
showing the aggregates for April and the four months for a
be, with
series of years:
;•
*•
For the
Four Mos.
Month of
April.
$19,284,125
0,725,437
•
•
1907
1905
1904
1903
1902
1900
[
Month of
April.
j
$77,708,823jl890
05,755,686| 1898
40,409,428
1 1,814,584
17,026.820
0.735,283
9,298,208
14,157,809
For the
Four Mos.
$7,477,406
3,570,963
13,060,323
4,521,850
8,469,404
11,599,392
9,175,788
6,723,000
76,137,23411897
58,333,230 11890
47,803,58811895
38,254,819 f-1694
33,192,6221 1893
48,050,27511892
$20,098,992
27,336,690
48,631,385
19,672,118
29,496,400
35,718,205
26,680,21 1
28.987,431
In the following table we give a list of
April loans to the
amount of $19,284,125 issued by 198 municipalities. In the
case of each loan reference is made to the
page in the “Chron¬
icle” where an account of the sale is given.
APRIL
Page.
BOND
Xame.
883
883.
1066.
950.
950.
950.
1010
950.
883.
826.
1066.
1134.
1060.
1011.
1011.
Hate.
.Ablngton Township, Pa
.Adams County, onio
.Alba Township, Ill
4
3X
SALES.
Maturity.
1922
5
5
4
.Alexandria, La. <4 is.)
.Allegheny, Pa
.Allendale, So. Caro
6
Amsterdam S. D. No. 12,N.Y. 4 X
5
.Anderson, So. Caro
.Antwerp, Ohio
4
.Ashland Sell. Dist., Ohio
5
.Atlanta, Ga
4
Aurora Sell. Dist., .Mo
5
.Austin Sch. Dist., Minn
Batavia, Ohio (2 is.)
4
.Batavia
Union
Sch.
Free
Dist. No. 2, N. Y
4 X
.
1937
1908-1917
1937 & 1957
1915-1922
1908-1927
1937
(11917-1927
._
.
950.
826.
1011.
6
5
5
1937
1908-1925
1908-1927
(11926-1946
(11917-1922
1011 ..Bethel Twp. Sch. Dist., Ohio 4
1911
884
4 X
1910-1914
950 .Blaine County, Idaho
o
1011 .Bonner S. D. No. 14, Mont. 4H
(11912-1917
1066 .Boston, Mass. (4 Is.)
4
1927, ’37&’47
884
.Bound Brook Sch. D., N. J. 4 V
1908-1943
884
Bowling Green, Ky. (2 Is.). 4
1937
951
4
.Brighton Sch. Dist., Ill
1910-1915
1066
5
Bristol, Tenn__
1937
101 1
Bristol County. Mass
4
1911
884
Brown City Sch. Dist., Mich. 4 X
884
4 H
1913-1918
884 .Cambridge. Ohio <9 is.)
4 U
1907-1917
951
.Cambridge. Ohio
4
1927
1066 .Camp Hill Sch. Dist., Pa
4
(11917-1927
1066 .Carbon County, Mont
4 H
1927
951
.Cass County. Ind..
951
4
826
4 X
1908-1913
826
1908-1917
4X
884 .Champaign Co.. Ohio (2 is.)
4
1907-1912
1011
4
.Chemung County, N. Y
951
5
1908-1917
951
5
1908-1917
884
5
1908-1917
1011 .Chickasaw County, Miss
6
1066 .Chicopee, Mass
4
1135 .Chisago County, Minn
f)
1911-1917
827 .Cincinnati, Ohio
3.65
1937
827
3.65
1937
951 .Cleburne
5
1947
1067
5
1911
1067
5
1907-1910
1011
4
1912-1925
827 ..Coitesville Twp.
4
1921-1926
1012
4 A 4 14
1011
5
1937
884 .Coming, N. Y.
5
1908-1910
951
4
.Corning, N. Y
1912-1921
1135 .Creston, Wash..
5 X
1012 .Cuyahoga County, Ohio
5
1907-1916
884 .Dallas, Texas (4 Is.)
4
(11916-1946
952
5
952
4
1916&1917
952
4
Dayton,
1911
952
4
1917-1920
952
Decatur County.
4
827
Delaware, Ohio <4
5
1908 1917
1067
Des Moines, lowi
4 X
(11921
1067
East Cleveland. (
5
1907-1910
827
5
1067
4
1919 1923
1067
4 M
19101914
1067
4 >
1909 1913
1068
Eureka S. D. No. 45, Mont. 6
1917
1068
Evansville Sch. City, Iml
3 X
1908-1917
885
Falrlleld Sch. Dist.. Cal
r>
1908-1925
885
4
(11922-1927
952
5
Flemlngshurg. Ky.
1908-1917
952
Floresvllle, Tex
5
1135
Frederiektown Sell. 1).. Mo. 5
1068 .Gainesville. Fin
5
952
.Garrettsvllle. Ohio
4
(11912-1917
1068 .Glendale, Cal.
6
1908-1947
885
5
«1923
952
Gloucester. Mass
'.
4
1908-1937
885
GloveivSV'ille. \. V
4 >;
1908-1912
11 36 .Granite Seh. DM., leih
5
(11912 1927
1068 .Gravette Seh. Dist., Ark
1922
_
.
.
..
.
.
.
.
.
827
1068
1136
885
.Guilford County. No. Caro..
.Hamilton, Ohio
.Hammond TTn.Fr.S. D., X Y.
.Hardeman County, Tex
1136._HartsvIlle, So. Caro
136.Juneau,
THE CHRONICLE.
1 933
1922
1908-1927
(1191 1-1946
.
6
dl927-1947
Amount.
$75,000
68,000
3,250
55,000
150,000
10,000
5,000
75,000
8,000
20,000
350,000
26,000
30,000
5,900
101.555
18,000
12,500
130,000
7,000
l
1,000
2,990
11,000
7,000
8,000
536,000
62,000
45,000
2,000
280,000
100,000
5,000
30,000
55,955
27,000
2,500
12,000
4,650
102
103.50
100
XlOO
100.334
700
XlOO
100
100
100.44
101
102.333
101.608
102.265
100
100
100.118
100
100.89
100
104.285
101.874
104.258
100
101
1/100.348
100.381
101.27
105
XlOO
XlOO
100
100
XlOO
100.261
100.026
100
103.832
100
105.68
101.76
100.286
102.12
100
104.91
104.178
101.37
105.374
25,000
20,000
1.969
132,000
18,000
100,000
5,000
4,000
25,000
lo.ooo
3,500
5,000
1 1 ,000
40,000
6,750
Page.
Name.
Rate.
4
953..Hastings, Mich..
885. .Hattiesburg, Miss
5
953. .Henry County, Ohio (5 is.)
4H
106.653
100.50
106.88
102.75
102.22
XlOO
101.552
100
100.221
28.000
22,000
41,000
_■
Wls
1069.. KUlbuck, Oh
1136. Klppen S. D. No. 114, Idaho
1069.
885. .Kossuth
County
Drainage
Dist. No. 4, low
1013.
1013.
1013. Latonla, Ky
886. Lawrence County, Ind
886. Lee County. So. Caro
1013. Leesburg, Ohio
1137. Lewis Co. S.D.No.37,Wash.
1069. Lima Sch. Dist., Ohio
828.
886. .Lincoln, Neb. (13 is.).
1069. .Lincoln Sch. I)lst., Neb
1069. .Livingston S.D. No.4, Mont.
886. .Los Gatos Sch. Dist., Cal
1069. -Louisville, Ky
954. Macungle. Pa
1069. .Madison Twp. Sch. D., Ohio
1013. MahonlngCo.Rd.Dis.No.l .O.
954. .Mainaroneck, N. Y
828. .Mamaroneck Union Free Sch.
Dist. No. 1. N. Y...
1069. .Manning Sch. Dist., Iowa
1070. .Marlin, Tex
954.
828.
886. .Midlothian Sell. Dist., Tex..
886. MlltonU nitedSeh. Dlsts., Del.
1013. .Montgomery County, Ohio.
1070. Morrowr County, Ohio (2 Is.)
955.
886. .Mount Washington, Ohio
955. .Narberth, Pa
955.
955.
1070.
955.
829 ..New Ulm Sell. Dist., Minn..
1137
886
1138
1014 ..North Olean, N. Y.
.
5
6
5
5
1917-1926
1908-1910
1908-1915
40,000
6
4
5
6
4
1912-1921
(11916-1926
1908-1917
(11912-1917
500,000
20,000
17.651
1937
4
1908-1917
4
4
4
.
(11917-1927
1913-1927
1946
5
5
4.35
.
103.02
100
104.312
100
103.778
104.523
100.862
2,100
51,000
40,000 1/101.25
103.40
4,000
100
1,000
108.775
20,000
100
135,000
100.857
64,370
100
25.000
(11922-1937
1920-1923
(11912-1917
1909-1928
5
4
5
4
4
4
4
900
700
X
4,4
54
Price.
.
96
22,000
170,000
101.61
40,000
30,000
100.03
20,000
90,000 XlOO
100
279,000
102.150
100,000
103.50
19,000
104.453
3,000
102
25,000
60,000
100.321
103
10,000
.
1910-1919
1912-1936
18,000
30,000
98,000
7,500
6,300
100,000
60,000
100
105.16
41,000
100.13
105.25
100
101.904
105.562
100.025
'
4.90
6
4
5
3
5
4
4
5
5
5
4
5
4
6
.
.
1014
1138
1911-1930
(11912-1917
(11912-1947
(11917-1947
1138...Salem Sch. Dist., Mo
956..
956...Sanborn County. So. Dak..
1015..
956..
956..
956...Sawyer’s Bar Sch. Dist., Cal.
887.. Shelby, Ohio
1015._.Sherburne County, Minn
1072...Smlthvllle, Tex..
956.. Spokane County. Wash
887..
1139...Sugar Sch. Dls. No. 4, Idaho
1072..-Tarentum, Pa
1016...Tllden, Neb
1073...Tisbury, Mass
887...Travis Co. Com. S. D., Tex.
957...Trenton. N. J
1016..
957...Tuckahoe, N. Y.
1016...Tuscaloosa County, Ala
1016..
830...Urlchsvllle Sch. Dist., Ohio.
1016...Utica, N. Y. (4 is.)
888...Vallejo High Sch. Dist., Cal.
958.. Wadsworth, Ohio,.
1074.. Walla
Walla County
Sch.
Dist. No. 5, Wash
1140...Washington Township, Ohioi
958.. Water Valley. Miss
1074.. Waukesha, Wls.
1016...Wauseon Sch. Dist., Ohlo.
1074.. West. Allis, Wls.
.
1017..
1017..
889...Willoughby, Oh
1142...Winfield, Kan..
^Win Held,
1142
Kan..
1017.. Woodbury, N. J.
1017..
958.. Yonkers, N.
1017.. Yonkers. N. Y" (2 is.)
889.
889..
889.
.
.
3,283,000
15,500
5,400
1937
1909-1918
1908-1910
1908-1917
1908-1917
4
3 <3c 4
1956
3
1957
4 4
4 4
1909 1933
1932
1912
1908-1917
1909-1916
5
44
4
400
8,000
69,000
1908-1927
1927
6
5
6
(11922-1947
1927
1913-1917
1908-1913
1937
(11917-1927
1914
5
3 4
4 4
4
4 4
5
678
8,000
5
44
1914-1927
1913-1920
5
4
1910-1927
1909-1912
5
5
4
5
(11926-1946
(11912-1927
1917
4
5
5
4
4
4
6
4 4
5
4
5
4
4 4
4 4
4 4
5
4 4
5 4
4 4
5
5
5
r>
r>
5
60,000
7,500
1907-1926
1912-1933
1932
1917
1927
18,000
95,000
2,280
130,000
21,150
11,000
75,000
12,000
5,500
1918-1927
12,000
800
30.000
70,000
35,000
20.000
3,000
225,000
2,000
1926
1913 1938
1910-1911
(11917-1937
1908-1917
1908-1947
1907-1911
1910
1910
1908 1917
1908-1910
1908-1912
100
104.077
103.90
28.000
34,667
60,000
44,000
(11908-1927
1908-1910
(j 1927
1908-1926
1909 1926
1908-1927
100
104.30
101.521
100.266
18,000
20,000
100
2,000 XlOO
10,000
10.000
100.375
40.000
101.315
22,000
26,000
104.45
104.869
1,800
106.20
3,000
3,500
100.035
7,000
101
101.50
17,000
100.537
8,000
40,000
103.057
100
25,000
J
[
6
6
1908-1917
4
1908-1912
5
5
(11917-1947
5 4
(11912-1917
4
1925-1926
5
(11917-1927
4 4 1927 ,'32 &’37
5
(11917-1927
4
1907-1936
5
(11921-1926
100
100
10,000
10,000 1/102
101
2,000
16,272
100.64
4,500
30,000
100.437
80,000
6,000
100.733
XlOO
300,000
136,000
100.625
100.25
40,000
69,244
5
4 4
4 4
101.85
4 % basis
101.256
50,000
101.968
12,000
2,500 XI00
1,176
101.112
51,000
5,000 1/101
100.875
1,165,500
50,000
100.833
24,000
100
15,000
80,265 xioo
100
5,000,000
95,400
60.000
100.15
29,000
110.375
1908-1917
(11947-1957
1927
1907-1919
44
;>
II111
24,000
16,000
45,000
4
.Okanogan County Sch. DisL
No. 9, Wash
44
886. .Oleander Sch. Dist., Cal
1070.
887. .Oneonta Un. Fr. Sch. Dist.
No. 5, N. Y
887.. Osyka, Miss
1071...Packwaukee, Wis
829..
1014..
887..
955..
..Polk County
955.
1014..
1071..
1014..
1071.. Randolph Co., Ind (8 is.)...
1071.. Red River County, Tex
1138.. Richmond, Minn
955..
887.. Rocky River Sch. Dls., Ohio
829...Rotterdam and Nlskayuna
Sch. Dist. No. 12, N. Y._
887...Saginaw, Mich
40.000
4,000
84.000
100
100
100
100
100.163
102
101.566
100
121.65
100
100
100.50
100
104.514
102.333
106.27
101.05
100.50
100
100.68
20,000
8,345
51,750
40,000
2.100
3,945
100.52
100.595
105.125
101.88
102.579
Tot a
cot
.
Av<
year
at
porary
sinking
40 000
5,000
60.000
16,000
16.000
Amount.
1908-1927
1908-1915
1927
1927
1927
(11917-1927
1910
1927
1908-1912
1068.
953.
4
828.
4
1013.
4
1136.
4
953.
4
1013. .Island Sch. Dist., Cal
6
885. _Islip Un. Fr. S.D.No.l,N.Y. 4H
953.
4 X
a
100.26
100
Maturity.
.
_
j/102.242
l/l 00
125,000
6.0001
22,000
4,700
26,480
1.350
12,000
29,000
56,000
28,674
204,000
40,000
75,000
50,000
182,000
14,000
30,000
248,200
45.000
4,454
100,000
5,500
16,150
287,500
6,000
45,000
7,000
100,000
20,000
6,260
78,000
2 1,000
6,500
25.000
Price.
100.67
106.15
100
100
XlOO
102.75
100
105.333
100.101
110.05
XlOO
103.096
1133
date of maturity,
d Subject to call in and after the earlier
tature In the later year. K Not Including $21,591,000 of temts reported, and which do not
belong in the list, x Taken bv
id as an Investment.
?/ And other considerations.
e
BONDS OF AMERICAN POSSESSIONS.
107.05
102.103
100
100
101
Page.
Name.
826._Porto Rico
BONDS SOLD
Page.
Name.
1013.-Lloydminster. Sask
Rate.
4
Maturltu.
BY CANADIAN
Hate.
5U
Amount.
1908 1927
$1,000,0*H)
Price.
104.89
MUNICIPALITIES.
Maturity.
,
Amount.
$6,500
Price.
100.353
8154742..RBWoeouandidwga,r
1134
THE CHRONICLE,
revised totals for previous months.
The
following items, included in our totals for previous
months, should he eliminated from the same, as the sales
have not been carried to completion.
We give the page
number of the issue of our paper in which the reason for the
failure to consummate the sale may be found.
Page.
Name of Municipality.
Amount.
$10,000
26,480
Brook School District, N. J. (February list)
1011.-Chemung County, N. Y. (March list)
1067.. Dawson,
Minn.
(March list)
28,000
Ohio (January list)
We have also learned of the
7,800
following additional sales for
previous months:
Page.
Name.
Rate.
Mass
4
Sch. Dist., Iowa. 5
1068.. Falrhaven,
Maturity.
1907-1049
dl912-1917
Amount.
$42,000
11,000
Price.
100
101.045
All the above* sales (except as indicated) are for March.
These additional March issues will make the total sales
’(not including temporary loans) for that month $10,544,440.
News Items.
[VOL.
LXXXIV.
Bond Proposals and Negotiations this week
have been
as
follows:
Albany County (P. O. Albany), N. Y.—Bond Sale.—On
May G the $99,000 4% 18-year average)) registered highwayimprovement bonds described in V. 84, p. 1010, were
awarded, it is stated, to the Albany County Savings Bank
of Albany.
Allegheny, Allegheny County, Pa.—Bonds Not Sold.—
that no sale was made on April 29 of the
$1,000,000 reservoir and water-main and $250,000 streetimprovement funding 4% bonds described in V. 84, p. 950.
Ashland, Clay County, Ala.—Bond Offering.—Further
details arc* at hand relative to the offering of the $10,000
5% gold coupon school-building bonds mentioned in V. 84,
Proposals for the securities will be received at
p. 1066.
Authority Acts of
any time by R. G. Rowland, Mayor.
1903, page 59, and vote of 85 to 3 at election held April 23.
Denomination 500.
Dated July 1 1907.
Interest semi¬
annual.
Maturity July 1 1927. Bonds are exempt from
taxation.
This town has no bonded debt at present.
Local papers state
Assessed valuation 1907 $210,000.
Litigation.—A
case concerning old Blue ltidge bond scrip
of this State
came up for argument before the United States Supreme
Court on April 25.
The facts in tilt* suit are very interesting
and we therefore publish the following resume taken from
South Carolina.—Blue Ridge Bond'Scrip
the Charleston “News and Courier”:
The case came to the United States Supreme Court on a writ of error from
the Supreme Court of South Carolina, the essential facts In the case being
as follows:
A petition was originally filed In the Supreme Court of South Carolina
asking the Court to enjoin the defendant In error, the Treasurer of the State,
from writing $37,000 of certain State bonds oir the books in his office and no
longer carrying said bonds on the books as a debt of the State.
The State Bank was originally chartered by the General Assembly of
South Carolina In 1802.
Its charter was renewed from time to time and
llnally expired In 1874.
In 1854 the General Assembly authorized the issuance, In aid of the Blue
Ridge Railroad. and for the purpose of purchasing shares of Its capital stock,
of State bonds to the amount of $1,000,000, payable In live Installments
of $200,000 each, the first Installment payable after the expiration of twenty
years and the remaining $800,000 In four equal annual installments there¬
after.
The State Bank became the owner of 100 of these bonds (numbered from
801 to 900, each of the denomination of $1,000) and all of them, with other
assets of the bank, were taken from its agents by soldiers in Gen. Sherman’s
when It passed through South Carolina In 1865.
Nineteen of these
bonds were recovered by the bank before a receiver for It was appointed,
Under an Act <>r the General Assembly of I860, providing for the placing
In liquidation of the banks which had Issued bills of credit and had failed to
army
Auburn, Cayuga County, N. Y.—Bond Sale.—On May
city awarded an issue of $10,000 4% school-addition
bonds to the City Water Board at par.
Denomination
$1,000, Dated May 1 1907. Interest semi-annual. Ma¬
turity Oct. 1 1922. subject to call at any time*.
1 this
Aurora School District (P. O. Aurora), Lawrence County,
Mo.—Bond Sale.—On April 23 the $26,000 5% 10-20-year
(optional) high-school-building bonds recently voted (V.
p. 950) were awarded to the Little & Hays Investment
Co. of St. Louis for $26,805, the price thus being 103.096—a
basis of about 4.611% to the optional date and about
4.759% to the full maturity. Denomination $500. Date
July 1 1907. Interest semi-annual.
84,
Baltimore, Md.—Bonds Voted.—The election held May 7
propositions to issue the $1,000,000
50-year fire-engine-hous,‘-construction and $1,000,000 50resulted in favor of the
year
pubhc-sehool-buildmg bonds described in V. 84, p. 950.
was 49,032 to 6,843 on the former proposition and
The vote
48,149 to 6,519
on
the latter.
Basil, Fairfield County, Ohio.—Bond Sale.—On May 1
pay them, a receiver was appointed early In 1870 for the State Bank, to take
charge of Its property and assets and finally settle its affairs.
April 20 1870 tlie Court passed an order in the cause enjoining the State
the $1,000 4% 1-10-year (serial) municipal-building bonds
described in V’. 84, p. 883, were disposed of at private sale.
receiver. The
order, while It enjoined the payment of the bonds, did not enjoin the fund¬
ing of them under the Conversion Act of 1869 or the consolidation of them
under the Consolidation Act of 1873, and In 1876 It was discovered that
several of the bonds had been funded and were thus lost to the receiver.
The Court passed a second order February 4, 1876, enjoining the Treasurer
from funding or consolidating any of the bonds remaining outstanding.
A number of the bonds were recovered from time to time and funded by
the receiver under orders from the Court.
An order was passed June 29
1894, referring the case to one of the Masters of the Court to report which
of the bonds In question were still outstanding unpaid and unfunded.
The
Master reported that thirty-eight of the bonds were still outstanding and
unpaid and that the said bonds are the property of the late corporation
known as the president, directors and company of the State Bank, and
that the receiver of said corporation Is the only person entitled to fund and
Bemidji, School District (P. O. Bemidji), Beltrami
County, Minn.—Bonds Voted.—This district recently voted
to issue $35,000 high-school-building bonds.
The vote was
171 “for” to 151 “against.”
Treasurer from paying either the principal or interest on any
bonds remaining outstanding to any person except to the
of the elghty-
one
collect the same from the Treasurer of the State.
This report was confirmed by the Court.
The thirty-eight bonds out
standing matured on the first day of July 1879.
By an Act of the General Assembly of South Carolina, approved Feb. 25
1896, It was provided that, “after the approval of this Act, no coupon bond
of this State payable to bearer, nor any coupon thereof shall be consolidated,
converted, funded or paid by the State Treasurer after the expiration of
twenty years from the date of maturity of such bonds.”
After the first day of July. 1899, the outstanding bonds were carried on
the books of the State Treasurer as "old bonds not fundable, Blue Ridge
Railroad bonds, $37,000."
The General Assembly passed a joint resolution providing as follows:
“That the State Treasurer be authorized to write the bonds ofT his books.”
The General Assembly adjourned on the same day this resolution was passed.
A new General Assembly convened, and the next day the resolution was
sent to the Senate by the Governor unsigned and unapproved.
The Senate then passed the resolution over the Governor’s veto.
Various grounds are set up declaring the resolution to be null and void.
The petitioner prayed that an "Injunction be Issued perpetually enjoining
and restraining the State Treasurer, the respondent herein, from writing
the said $37,000 of State bonds off of the books In his office and no longer
carrying said bonds on the books as a debt of the State, and for general
relief.”
A temporary restraining order was passed In accordance with the prayer
of the petition, and a rule to show cause Issued against the State Treasurer,
who made return to It April 21 1903, by demurring to the petition.
The case was heard by the Supreme Court of South Carolina May 4 1903,
and on September 10 1903 the Court handed down Its decision, refusing
the Injunction prayed for, dissolving the temporary restraining order, and
Black Jack Township, Richmond Counyt, N.C.—Bonds
Voted.—A proposition to issue good-road bonds carried at
an election held April 20.
Bloomdale
School District (P. 0. Bloomdale), Wood
County, Ohio.—Bonds Voted.—This district recently author¬
ized the issuance of $10,500 school-building-remodeling
bonds by a vote of 178 to 78.
Blum Independent School District (P. O. Blum), Hill
County, Tex.—Bonds Registered and Sold.—On May 1 the
State Comptroller registered $9,000 5% 10-30-year (optional)
school-house bonds dated May 1 1907.
The State Board
of Education has purchased these bonds on a 4:%% basis.
Boeme School District (P. O. Boeme), Kendall County,
Tex.—Bonds Defeated.—This city on April 23 defeated a
proposition to issue $8,000 school-building bonds.
Bonesteel, Gregory County, S. Dak.—Bonds Voted.—The
election held April 23 resulted in favor of the proposition to
issue the $13,000 5% 20-year water-works bonds mentioned
in V. 84, p. 950.
The vote was 117, all of which was in
favor of the bonds.
Brodhead School District (P. O. Brodhead), Green County,
Wis.—Bond Sale.—This d'strict recently awarded an issue
of
$30,000 4% high-school building bonds to the Bank of
Brodhead.
dismissing the petition.
in
A writ of error from this Court wTas allow'ed by the Chief Justice of the
Supreme Court of South Carolina Aug. 14 1905.
inclusive.
Terre Haute, Ind.—Water Works Company Holds
tract with City.—The following letter comes to us from
Con¬
Dow
R.Gwinn,President and Manager of the Terre Haute Water
Works Company.
The statement in tin* “Chronicle” to
which Mr. Gwinn refers was based on a recommendation of
committee* of the City Council, and printed in our issue
of Feb. 23, page 4(31, that this city build its own water plant.
a
THE
TERRE
HAUTE
WATER
WORKS
determine whether a municipal water plant shall be Installed, I wish
advise that up to the present time no move has been made to call an elec¬
tion. Furthermore, that we have a contract with the city which does not
Yours very truly,
expire until 1921.
to
to
DOW R.
GWINN, President.
Thermopolis, Fremont County, Wyo.—Bonds Illegal.—On
April 22 Judge Carpenter of the District Court declared
illegal an issue of $15,000 water bonds of this city owing to
various irregularities.
,
February.
Interest payable annually
Maturity $2,500 yearly from 1909 to 1920
Bucyrus School District (P. 0. Bucyrus), Crawford Coun¬
ty, Ohio.—Bond Election.—Local reports state that an elec¬
tion will be held May 15 to vote on a proposition to issue
$17,500 school-building bonds.
Denomination $1,250.
Caldwell, Noble County, Ohio.—Bond Offering.—Pro¬
posals will be received until 12 m. May 25 by Hugh F.
Neuhart, Village Clerk, for the $11,000 5% coupon streetpaving bonds voted on April 20. Authority Sections 2835-2837
Revised
Statutes.
Denomination $1,100.
Date
Interest annually on Sept. 15 at the Citizens’
National Bank in Caldwell.
Maturity $1,100 yearly on
Sept. 15 from 1908 to 1917 inclusive. Bonds are exempt
from State tax.
Certified check for 3%, payable to the
Village Treasurer, is required.
Bonded debt, including
this issue $43,000.
Assessed valuation for 1906, $468,462.
Camden, Camden County, N. J.—Bonds Not Sold.—No
bids were received on May 6 for the $50,000 4% 30-year
registered or coupon municipal hospital and the $150,000
4% 20-year registered or coupon paving bonds described in
V. 84, p. 1066.
of
CO.,
Terre Haute, Ind., May 1 1907.
Editor Commercial and Financial Chronicle, New York City, New York.
Dear Sir.—Refctrlng to a statement recently published In your paper
to the effect that the City of Terre Haute would shortly have an election
Denomination $500.
the
May 25 1907.
Mat 11
THE CHRONICLE
1907.J
Calgary, Alta.—Debenture Offering.—Proposals will be
by H. E. Gillis, City Clerk
received until 12 m. May 31
for the following debentures.
$150,000 4 H % 30-year coupon city-hall debentures". Date April 1 1907.
120,000 4H % 20-year coupon water-extension debentures. Date April 1
1907.
75,000 4 V$ % 30-year coupon trunk sewer debentures.
Date April 1 1907
35,000 4>$ % 30-year coupon bridge debentures.
Date May 1 1907.
25,000 4 M % 30-year coupon St. George’s Island electric-light debentures
Date May 1 1907.
20,000 4H % 30-year coupon electric-light debentures. Date Dec. 1
1906.
6,500 4H % 20-year coupon store-house debentures.
Date May 1 1907
Interest
semi-annually at The Molsons Bank in Calgary.
Centralia, Boone County, Mo.—Bond Sale.—This city on
May 7 awarded the $40,000 water-works and $15,000 elec¬
tric-light-plant 414% 5-20-year (optional) coupon bonds,
described in V. 84, p. 951, to the Mercantile Trust Co. of
St. Louis.
Carthage, Jasper County, Mo.—No Action Yet Taken.—
are advised under date of April 26 that no further action
yet been taken looking towards the issuance of the
$220,000 5% water-plant bonds voted by this city on March
13.
See V. 84, p. 706.
Chicago, Ill.— Water Certificate Sale.—An issue of $1,000,000 5% water-improvement certificates dated May 1 1907 was
awarded on May 7 to the Merchants’ Loan & Trust Co. of
Chicago. Maturity $500,000 on July 1 1910 and $500,000
on July 1 1911.
Chisago County (P. O. Centre City), Minn.—Bond Sale.—
On April 18 the 828,674 97 5% coupon county-ditch bonds
described in V. 84, p. 827, were awarded to W. M. Stod¬
dard & Co. of Minneapolis for $28,774 97 (100.348) and the
cost of printing blank bonds.
Clark County ( P. O. Jeffersonville), Ind.—Bond Sale.—
On May 1 the $25,000 3}^% 2-6-year (serial) coupon poorasylum-construction bonds described in V. 84, p. 764. were
awarded, it is stated, to J. F. Wild & Co. of Indianapolis at
We
has
100.43.
I
Columbia Township (P. O. Elyria), ^Lorain County,
Ohio.—Bond Sale.—On May 1 the $7,000 5% coupon road
improvement bonds described in V. 84, p. 951, were awarded
to W. J. Hayes & Sons of Cleveland at 103.371.
Following
are
the bids:
W.J.HayesA Sons, Cleve._$7,236 001 Hoehler&Cummlng8,Tolcdo$7,202 50
New 1st Nat. Bk., Colum._ 7,227 50 Denlson&Famsworth.Cleve 7,152 00
Emery,Anderson«& Co.,Clev. 7,225 00 [Capital S.B.&T.Co.,Montpel 7,000 00
Columbus, Franklin County, Ohio.—Bond Offering.—
Proposals will be received until 2p.m. May 20, by the Sink¬
ing Fund Trustees, fort $262,000 4% coupon sewage-disposal works bonds.
Denomination $1,000.
Date
1903.
Interest payable March 1 and Sept. 1 at
Fiscal Agency in New York City.
Maturity
December 29
the Columbus
Sept. 1.1933,
subject to call after Sept. 1 1913. Certified check for 2%
of bonds bid for, drawn on some local bank and made payable
to the Trustees of the Sinking Fund, is required.
Bonds to
be delivered May 29 1907 in Columbus.
Official circular
states that the city has never defaulted in the payment of the
principal or interest of any of its bonds.
Columbus Grove, Putnam County, Ohio.—Bond Election.
—The Village Council has called an election to be held May
13 to vote on a proposition to issue $12,500 public-hall bonds.
Comanche, Ind. Ter.—Bonds Voted.—On April 16 this city
authorized the issuance of $25,000 water-works bonds.
Conyers, Rockdale County, Ga.—Bonds Defeated.—This
on April 22 defeated a proposition to issue $40,000
town
water-works bonds.
Coventry, R. I.—Bond Bill Passes Legislature.—The State
Legislature has passed a bill authorizing this town to issue
bonds.
Creston, Lincoln County, Wash.—Bond Sale.—This place
April 18 awarded an issue of $5,500 water-works bonds
to the State as 5j$>s.
Denomination $100. Date Jan. 1
Interest semi-annual.
1907.
Maturity Jan. 1 1927, subject
to call at any interest-paying date.
Custer County Free High School District. Mont.—Bond
Sale.—On May 6 the $35,000 43^% 10-20-ycar (optional)
coupon high-sehool bonds described in V. 84, p. 827, were
on
awarded to
the
State
Board of
Land Commissioners for
$35,100 (100.2S5) and accrued interest.
Purchaser to fur¬
nish blank bonds.
1135
to the Citizens’ National Bank of Wooster at 101.532 and
other expenses.
Following
are
the bids:
Citizens’ Nat.Bk.,Wooster.$20,306 50 Brlghton-GermanBk.,Cln.$20,235
Cleveland Tr. Co., Cleve._ 20,284 00 Secur.S.B.& Tr.Co.,Tol._ 20,223
Seasongood & Mayer, Cln_ 20,277 60 Well, Roth & Co., Cln
20,201
LamprechtBro8.&Co.,Clev. 20,244 00 W.J.HayesA Son, Cleve.. 20,153
00
00
00
00
Delaware, Delaware County, Ohio.—Bond Sale.—On
May 6 the two issues of 5% 1-10-year (serial) coupon sanitarysewer bonds aggregating $4,000 and described in V. 84,
p.
952, were awarded to the Somerset Bank of Somerset at
104.28 and accured interest.
Following are the bids:
Somerset Bank, Somerset..$4,171 20 Secur. S. B. & Tr. Co., Tol.$4,131 00
Citizens’ Nat. Bk..Wooster. 4,152 50 New 1st Nat. Bk., Colum.. 4,110 00
Brighton-German Bk., Cln. 4,150 75 S. A. Kean, Chicago
4,100 00
Seasongood & Mayer, Cln.. 4,142 40 Deposit Bkg. Co.. Delaware 4,091 00
Delaware Nat. Bk., Dela__ 4,135 00| First Nat. Bank, Delaware. 4,008 00
Hayden, Mlller& Co., Clev. 4,132 501
All bidders offered accrued interest in addition to
bids.
their
Dominion of Canada.—Renewal
of Bonds.—We are in¬
£1,831,398 4% stock and bonds due
May 1 1907 have been extended to May 1 1911 in accordance
with the offer of renewal, the terms of which were given in
V. 84, p. 952.
Echo, Yellow Medicine County, Minn.—Bonds Voted.—
This place recently authorized the issuance of $8,000 school
bonds.
The vote was 111 “for” to 30 “against” the issue.
Ecorse, Wayne County, Mich.—Bids Rejected.—All bids
received on April 23 for the $155,000 30-year paving and
sewer bonds described in V. 84, p. 952, were rejected.
Elizabethtown, Bladen County, N. C.—Bonds Voted.—
At the election held May 7 this town voted in favor of issuing
the $25,000 4% railroad-aid bonds mentioned in V.84, p.1067.
El Paso, El Paso County, Tex.—Bonds Voted.—The elec¬
tion held March 30 resulted in favor of the proposition to
issue the $170,000 5% 20-40-year (optional) street-opening
school and storm-sewer bonds mentioned in V. 84, p. 706.
Date of sale not yet determined.
formed that all of the
Erie
County (P. O. Buffalo), N. Y.—Bond Offering.—
Proposals will be received until 11 a. m. May 22 by Charles
J. Fix, County Treasurer, for $210,000 4% registered goodroad bonds.
Authority, Chapter 115 of the Laws of 1898,
and Chapters 685 and 686 of the Laws of 1892 and amend¬
Date June 1 1907.
Interest semi-annually
Maturity $14,000 yearly
on June 1 from 1920 to 1934 inclusive.
Bonds are exempt
from taxation.
Certified check for 2% of bonds bid for,
payable to the County Treasurer, is required.
Essex County (P. O. Salem), Mass.—Note Sale.—On
May 6 the $50,000 4)^% 1-10-year (serial) draw-bridge
notes described in V. 84, p. 1012, were awarded to the
ments thereto.
at the County
Treasurer’s office.
Merchants’ National Bank of Salem at 101.81—a basis of
about 4.129%.
The following bids were received:
$50,905 001 Adams & Co., Boston
$50,575 50
Blodgct, Merrlt&Co., Bost. 50,633 50|R. L. Day & Co., Boston. 50,409 50
Merch.Nat.Bk., Salem_„
Bond Sale.—On May 1 this county awarded $15,000
Hackensack building bonds and $85,000 Clay Street bridge
bonds to the
Sinking Fund.
Findlay, Hancock County, Ohio.—Bonds Authorized.—
The City Council on April 8 passed an ordinance providing
for the issuance of the following bonds
$3,787 52 4 Vi % Jefferson Street paving assessment bonds.
Denomina¬
tions $287 52, $250 and $500.
Maturity $287 52 on May 1
1908, $250 yearly on May 1 from 1909 to 1912 Inclusive
and $500 yearly on May 1 from 1913 to 1917 Inclusive.
3,266 42 4>i % Clinton Court paving No. 2 assessment bonds.
Denomi¬
nations $266 42, $250 and $500.
Maturity $266 42 oil!
May 1 1908; $250 yearly on May 1 from 1909 to 1916 In
elusive and $500 on May 1 In each of the years 191
and
1918.
Date of bonds May 1 1907.
Interest semi-annually at the
City Treasury.
Flint, Genesee County, Mich.—Bond Sale.—On May 9 the
$50,000 4% 7-16-year (serial) and $50,000 43^% 17-26-year
(serial) city-hall and fire-s’ation bonds, described in V. 84,
p. 1068, were awarded to MacDonald, McCoy & Co. of Chi¬
cago at 101.411.
Fort Edward, Washington County, N. Y.—Bond Sale
Postponed.—We are advised that the sale of $80,000 4%
sewer
bonds which was to have taken place on April 18
has been postponed to a later date.
Securities are dated
April 1 1907. Interest semi-annually at the Fort Edward
National Bank.
Cuyahoga County (P. O. Cleveland), Ohio.—Bids Re¬
jected.—The following bids received on May 4 for the $1,045
Ashwood Road and $2,470 Taylor Road 5% improvement
notes described in V. 84, p. 1067, were rejected:
Fort Frances, Ont.—Debentures Not Yet Sold.—No award
has yet been made of the $43,500 414% water-works de¬
bentures offered but not disposed of on Feb. 26.
See V.
Secur. S. B. & Tr. Co., Toledo.$3,3531 Hayden, Miller & Co., Cleve__$3,318
Fredericktown School District (P. O. Fredericktown),
Madison County, Mo.—Bond Sale.—We are advised that
the $25,000 5% 5-20-year school-house bonds offered on
Both bidders offered accrued interest in addition to the
price.
All bids received on May 8 for $2,774 5% Brecksville
Road District No. 2 improvement notes offered on that day
were
rejected.
Denomination $146.
Date May 1
Interest April 1 and Oct. 1.
Maturity $146
from Oct. 1 1907 to Oct. 1 1916 inclusive.
1907.
each six months
Darby School District (P. O. Darby), Delaware County,
Pa.—Bond Sale.-—On May 6 the $35,000 4% 30-year gold
school-building bonds described in V. 84, p. 952, were awarded
to Wurts, Dulles & Co. of Philadelphia.
Defiance County (P. O. Defiance), Ohio.—Bond Sale.—
On May 6 the $20,000
43^% 3 5-6-year (average) coupon
infirmary bonds described in V. 84, p. 1012, were awarded
84,
p.
707.
April 2 (V. 84, p. 707), have been awarded to the William
R. Compton Bond & Mortgage Co. of Macon at 101.552.
Gaffney School District No. 10 (P. O. Gaffney), Cherokee
County, S. C.—Bond Offering.—Further details are at hand
relative to the offering on May 25 of the $25,000 5% gold
coupon school-building bonds mentioned in V. 84, p. 1068.
Proposals will be received until 12 m. on that day by B. B.
Steedly, Chairman Board of Trustees. Authority, special
Act of Legislature of 1907.
Denomination $1,000 or $500.
Date July 1 1907.
Interest semi-annually in New York.
Maturity July 1 1927. Bonds are exempt from taxation.
Certified check for $1,000, payable to the Chairman of Board
1136
of
Trustees, is required.
THE CHKONICLE.
Bonded debt, this issue.
Assessed
valuation 1907, $1,569,000.
[VOL.
LXXXIV.
the
question of issuing the $20,000 electric-light-plant
street-improvement bonds mentioned in V. 84, p. 953.
Highland County (P. O. Hillsboro), Ohio.—Bond Offer¬
ing.—Proposals will be received until 12 m. June 1 by the
Board of County Commissioners for the following bonds: fB|
on
and
Geddes, Charles Mix County, So. Dak.—Bonds Defeated.
—An election held April 16 resulted in defeat of a proposition
to issue $5,000 sewerage bonds.
The vote was 49 “for” to
101 “against.”
Geneseo, Livingston County, N. Y.—Bond Offering.—
Proposals
will be received until 2 P. M. May 20 by William
D.
Shepard, Village Clerk, for $20,000 fire-department bonds
exceeding 5% interest. Denomination $1,000. Date
July 1 1907. Maturity $10,000 on Jidy 1 1917 and $10,000
on July 1
1927.
not
Georgetown, Brown County, Ohio.—Bonds Voted.—An
election held April 30 resulted in favor of a proposition to
issue $12,500 electric-light-plant extension bonds.
The vote
was 216 “for” to 53 “against” the issue.
Grand Rapids, Kent County, Mich.—No Bonds Voted.—
are informed that the election held April 1 (V. 84, p. 953)
was not for the purpose of voting on the issuance of $1,000,000 flood-protection bonds but to obtain an opinion of the
We
people
on the proposed issuance of bonds for flood improve¬
As already stated, a majority of the citizens are in
favor of this proposition, but the probabilities are that many
months will elapse before the bonds become a matter of fact.
ments.
$21,000 4% coupon bridge bonds.
Statutes of Ohio.
Authority Section 871 of the Revised
Maturity $4,000
on
March 1 1909, $3,000
Sept. 1 1909, $4,000on March 1 1910, $3,000 on Sept. 1
1910, $4,000 on March 1 1911, and $3,000 on Sept. 1 1911.
4,000 4% coupon refunding bonds. Authority Section 2834a of the Re¬
on
vised Statutes of Ohio. Maturity $1,000 on March 1 1908
and $3,000 on Sept. 1 1908.
Denomination $1,000.
Date June 1 1907. Interest semi¬
annually at the County Treasurer’s office. Certified check
for 5% of the amount bid, payable to the Board of County
Commissioners, is required. Accrued interest to be paid
by purchaser. John Q. Roads is County Auditor and exOfficio Clerk of the Board of County Commissioners.
Hobart, Kiowa County, Okla.—Bond Election.—The City
Council has called an election May 14 to vote on a proposition
to issue $25,000 water-works-extension, $25,000 sewer and
$15,000 road-improvement bonds.
Hopewell, Mercer County, N. J.—Bonds Voted.—The
election held April 30 resulted in a vote of 107 to 75 in favor
of issuing the $20,000 coupon water-works-purchase bonds
described in V. 84, p. 1013.
Date of sale not yet determined.
Hudson County (P. O. Jersey City), N. J.—Bonds Author¬
Granite School District
ized.—The Board of Freeholders has authorized the issuance
Rollins & Sons of Boston.
Hudson Water District, Mass.—Bonds Proposed.—The
Water Commissioners of this district seek legislative authority
to issue $50,000 water bonds.
(P. O. Salt Lake City), Salt Lake
County, Utah.—Bond Sale.—Reports state that this district
on
April 29 awarded the $40,000 5% 5-20-year optional
school-building bonds, described in V. 84, p. 1012, to E. H.
Greenville, Darke County, Ohio.—Bond Sale.—On May
4% bonds aggregating $36,757 71 des¬
953 were awarded to the Farmers’
National Bank, the Greenville National Bank and the
Second National Bank of Greenville for $36,771 77, the
price thus being 100.038.
Greenville, Hunt County, Tex.—Bonds Voted.—This city
on April 30 authorized the issuance of $40,000 sewer-system
4 the five issues of
cribed in V. 84, p.
bonds.
of $21,000 Newark Plank road
vard wall-repair bonds.
bridge and $30,000 Boule¬
Hugo, Josephine County, Okla.—Bond Election.—The
City Council has ordered an election to be held May 28 to
vote on the question of issuing $50,000 6% water-works
bonds.
Houghton, Houghton County, Mich.—Bond Election.—
Village Council has called a
special election to vote on the question of issuing $50,000
bonds for a sewer system in West Houghton.
Indiana.—Bond Award.—We are advised that the $100,000 4%
33^-year coupon live-stock-show-pavilion bonds,
bids for which were received on April 29 (V. 84, p. 1068),
were awarded to J. F. Wild & Co. of
Indianapolis at 102.150
—a basis of about 3.345%.
In the list of bids received for
these bonds as published in this column last week, there
were two higher bids than that of this award, but we are
informed that these contained special provisions and there¬
Local reports state that the
Hamilton, Butler County, Ohio.—Bonds Authorized.—On
April 19 the City Council passed an ordinance providing for
the issuance of $3,500 4% 10-year coupon North B Street
improvement bonds. Denomination $500. Date May 1
1907.
Interest semi-annually at the City Treasuresr’ office.
Hamilton County (P. O. Chattanooga), Tenn.—Bond
Offering.—Further details are at hand relative to the offering
4 of the $75,000 high-school and the $150,000
on June
fore were not considered.
tunnel 5% coupon bonds mentioned in V. 84, p. 1068.
Ionia County (P. O. Ionia), Mich.—Bond Offering.—
Proposals will be received until 12 m. on that day by Seth
M. Walker, County Judge.
Denomination $1,000. Date Proposals will be received until 2 p. m. June 5 by Harry J.
County Clerk, for $35,000 43^% poor-house bonds.
April 1 1907. Interest annually in New York. Maturity Hollbrook,.
Denomination $1,000.
Date Sept. 5 1907. Maturity $7,000
April 1 1927, subject to call after April 1 1917.
yearly
on March 5 from 1908 to 1912 inclusive.
Certified
Hammond Union Free School District (P. O. Hammond),
check for $500, payable to the County Treasurer, is required.
St. Lawrence County, N. Y.—Bond Sale.—On April 25
Jackson, Madison County, Tenn.—Bond Sale.—On May 6
$16,000 4% 1-20-year (serial) school bonds were awarded to
the $90,000 funding, $25,000 school-building and the $10,000
the National Bank of Ogdensburg, Ogdensburg, at par.
4^% 20-year coupon bonds
Denomination $400.
Date May 1 1907.
Interest annual. fire-department-improvement
described in V. 84, p. 953, were awarded, it is stated, to the
Hampden County (P. O. Springfield), Mass—Note Sale.— Harris Trust & Savings Bank of
Chicago at par.
On May 8 $40,000
4^% 2-5-year (serial) bridge-funding
Jefferson, Ashtabula County, Ohio.—Bond Offering.—
notes were awarded, it is stated, to the Springfield Five Cent
Savings Banks of Springfield. Denomination $10,000. Proposals will be received until 12 m. May 27 by D. L.
Crosby, Village Clerk, for the $40,000 4% coupon water¬
Date May 10 1907.
Interest semi-annual.
works bonds voted on Feb. 16
1907.
Authority, Section
Harrington, Lincoln County, Wash.—Bond Election Pro¬ 2837 of the Revised Statutes of Ohio. Denomination
$1,000.
posed.—The Council has been requested to call an election to Date May 1 1907. Interest
semi-annually at the Village
vote on a proposition to issue bonds to pay the cost of pur¬
Treasurer’s office.
Maturity $1,000 yearly on May 1 from
chasing the existing water plant.
1912 to 1931 inclusive and $2,000 yearly on May 1 from
Harrisville, Alcona County, Mich.—Bond Offering.—Pro- 1932 to 1941 inclusive. Accrued interest to be paid by pur¬
chaser.
Certified check for 1% of bonds bid for, payable
p. m. for the following bonds: to the Village Treasurer, is required.
lay 6) by B. E. Storms, City Clerk,
$1,900 5 % 20-year coupon sidewalk bonds.
Denomination $500, except
Jonesboro School District (P. O. Jonesboro), Craighead
one bond for $400.
2,900 5% 25-ycar coupon sewer bonds.
Denomination $500, except one
County, Ark.—Bond Sale.—On May 1 $55,000 (not $50,000,
bond for $400.
as first reported) 5%
school-building bonds were awarded
Date July 1 1907.
Interest annually at the Union Trust to the Bank of Jonesboro at 95. Denomination $1,000.
Co. in Detroit.
Bonded debt at present, $4,500.
Date May 1 1907.
Interest annually in July.
Hartsville, Darlington County, So. Caro.—Bond Sale.—
Juneau, Dodge County, Wis.—Bond Sale.—On April 30
We are informed that the $41,000 6% water-works, light the $10,000
5% 10-19-year (serial) coupon gas and waterand sewer bonds offered by this town on Feb. 1 (V. 84, p.
plant-improvement bonds described in V. 84, p. 885, were
173) have been purchased by the Robinson-Humphrey Co. awarded to the Citizens’ Bank of Juneau, at 103. and ac¬
of Atlanta.
Denomination $1,000.
Date Jan. 1 1907. crued interest—a basis of about 4.713%.
Interest semi-annually at the National Bank of Commerce
Kansas City School District, Jackson County, Mo.—
in New York City.
Maturity Jan. 1 1947, subject to call Bonds Voted.—The election
held*May 4 resulted in favor of
after Jan. 1 1927.
The legality of these bonds has been the
proposition to issue the $600,000 4% 20-year gold coupon
approved by Chas. B. Wood of Chicago. Bonded debt,
school-building bonds mentioned in V. 84, p. 1069. The
this issue.
Assessed valuation for 1906, $517,719.
Real vote was 1815 “for” to 343 “against.”
value (estimated) $850,000.
Kinston, Lenoir County, N. C.—Bond Election.—An elec¬
Hasse Independent School District (P. O. Hasse), Co¬
tion will be held June 3 to vote on a proposition to issue
manche County, Tex.—Bonds Registered and Sold.—On
$35,000 bonds to secure the location of the Eastern Carolina
April 30 an issue of $5,000 5% 10-40-year (optional) school- Teachers’ Training
School at this place.
house bonds dated March 10 1907 was registered by the
Kippen
School
District
No. 114 (P. O. Kippen),Nez
State Comptroller.
These securities have been purchased Perce
County, Idaho.—Bond Sale.—This district on April
by the State Permanent School Fund on a 4% basis.
17 awarded an issue of $700 5% coupon school-building
Havre de Grace, Harford County, Md.—Bonds Defeated.
bonds to the State of Idaho at par.
Denomination $100
—An election held May 6 resulted in defeat of a
proposition Interest January and June. Maturity $100 yearly on
to issue $4,000 school-house bonds.
January 30 from 1908 to 1914 inclusive, unpaid bonds being
Henderson, Chester County, Tenn.—Bonds Voted.—A subject to call after five years. Bonds are exempt from
vote of 73 to 46 was the result of the election held April 27
taxation.*
Sosals will be received until 8
May 23 (postponed from
Mat 11
1907.]
THE CHRONICLE.
Knightstown, Henry County, Ind.—Bond Election Pro¬
posed.—This city is considering the advisability of calling
an election to vote on a proposition to issue city-hall and
water-works and electric-light-extension bonds.
Lakewood Township School District (P. O.
Ocean
Lakewood),
County, N. J.—Bond Sale.—On May 3 the $15,000
5% 1-15-year (serial) coupon school-building-addition bonds
described in V. 84, p. 1013, were awarded to the Lakewood
Trust Co. of Lakewood at 104.50—a basis of about 4.329%.
Lakewood Tr. Co.. Lakewood-104.50 W. J. Hayes & Sons. Cieve..102.36
H. L. Crawford & Co.. N. Y..103.71 S. A. Kean, Chicago
al02.03
101.122
People's Na-"l for $15,000.102.46 W. E .Jackson, Newark
tlonal Bk.,}for $10,000...102.60 R. M. Grant, New York
100.78
Lakewood _Jfor
$5,000—103.00 James R. Magoffin. N. Y
100.671
a
And furnish blank bonds.
Lancaster, Kittson County, Minn.—Bonds Voted.—On
April 10, according to local reports, this village authorized
the issuance of $1,000 road and bridge and $2,000 village-hall
bonds.
Lathrop School District (P. O. Lathrop), Clinton County,
Offering.—Proposals will be received until 7 p.
m. May 20, by John T. Summers, Secretary Board of Educa¬
tion, for $12,500 5% school-building bonds. Authority
Sections 9752 and 9753, Laws of 1899.
Denomination $500.
Date June 1 1907.
Interest semi-annually in St. Louis,
Mo., or Kansas City, Mo. Maturity June 1 1927, subject to
call $2,500 after June 1 1912, $5,000 after June 1 1917 and
$5,000 after June 1 1922. Certified check for $500, pay¬
able to John T. Summers, Secretary, Board of Education,
is required.
Successful bidder to furnish lithographed
Mo.—Bond
bonds at his
own
expense
Lawrence County (P.
O. Deadwood), S. D.—Bonds Not
Offered at Present.—We are informed that the $235,550
5% coupon refunding bonds mentioned in V. 84, p. 708,
will not be offered until some time in July.
Denomination
$1,000. Date Nov. 1 1907. Interest semi-annually at the
County Treasurer’s office or at the Fourth National Bank
in New York City.
Maturity Nov. 1 1927, subject to call
after Nov. 1 1917.
Bonds are exempt from taxation.
to be
Lebanon High School District (P. O. Lebanon), Grafton
County, N. H.—Bonds to be Purchased at Home.—We are
advised that the $30,000 funding bonds recently authorized
(V. 84, p. 954) will be disposed of to local citizens.
Lewisburg, Marshall County, Tenn.—Bonds Voted.—On
April 30 this city authorized the issuance of the $40,000
5% 20-40-year (optional) water-works-system bonds men¬
tioned in V. 84, p. 1013, by a vote of 375 to 3.
1137
Village Treasurer, is required.
Purchaser to
pay
accrued
interest.
McMechen, Marshall County, W. Va.—Bond Offering.—
Proposals will be received until 12 m., May 18, by. J. L.
McMechen and Chas. R. Lowe, Commissioners, for the $25,000 5% coupon sewer bonds voted on April 25 1907.
De¬
nomination $500.
Date July 1 1907. Interest semi-annual.
Maturity July 1 1942, subject to call part yearly. Certified
check for 234% is required.
Malone, Franklin County, N. Y.—Bond Sale.—On May 8
the $225,000 3-year registered water-works funding bonds
described in V. 84, 1070, were awarded to O’Connor &
Kahler, of New York City as 4.75s.
Malone, N. Y.—Bonds Authorized.—Chapter 190, Laws of
1907, gives authority to the Board of Trustees of this,,village
to issue bonds for W'ater purposes.
Memphis School District (P. O. Memphis), Scotland
County, Mo.—Bond Election.—An election will be held May
14 to vote on a proposition of issuing $40,000 high-school
building bonds^
Milford, New Haven County, Conn.—Bond Offering.—
Proposals will be received until 3 p. m. June 12 by Sanford
Hawkins, Town Treasurer, for $50,000 4% coupon bonds.
Denomination $1,000.
Date July 1 1907. Interest semi¬
annual.
Maturity July 1 1932.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Minneapolis, Minn.—Bond Sale.—On May 9 the $100,000
general fund and $300,000 permanent-improvement fund
4% 30-year coupon or registered bonds described in V. 84,
p. 954, were awarded to R. L. Day & Co. of Boston at
100.659 and accrued interest—a basis of about
3.963%.
Missoula County (P. O. Missoula), Mont.—Bond Elec¬
tion.—An election will be held June 1 to vote on a question
of
issuing
$175,000 court-house
and
$75,000 free-high-
school bonds.
Moberly, Randolph County, Mo.—Bondi Offering.—Pro¬
posals will be received until 12 m. May 15, by John F. Curry,
City Clerk, for the $15,000 5% city-park bonds mentioned
in V. 84, p. 1070.
Denomination $500. Date June 1 1907.
Interest semi-annual. Maturity June 1 1927, subject to call
after June 1 1912.
Certified check, or cash, for 5% of
bonds, pajmble to John F. Curry, City Clerk, is required.
Monessen School District (P. O. Monessen), Westmoreland
EfLewis County School District No. 37, Wash.—Bond
Sale.—On April 20 an issue of $1,000 5-10-year (optional) County, Pa.—Bonds Voted.—An election held May 7 re¬
sulted in favor of propositions to issue $25,000 school¬
school-building bonds was awarded to B. H. Rhodes at par
for 534s.
Denomination $100. Date May 1 1907. In¬ building bonds, and $15,000 funding bonds.
Morrison County (P. O. Little Falls), Minn.—Bonds Not
terest annually.
Sold.—No
bids were feceived on May 1 for the $45,000
Lewiston School District No.fl3,'CacheTCounty, Utah.—
334% 20-year funding bonds described in V. 84, p. 886.
Bond Sale.—On May 1 the $19,750 5% 5-20-year (optional)
Needham, Norfolk County, Mass.—Temporary Loan.—
gold coupon school bonds described in V. 84, p. 1013, were
awarded to E. Ii. Rollins & Sons, Denver, at 100.12G and This town recently negotiated a loan of $10,000 with Blake
accrued interest, purchaser to furnish blank1 bonds.
Follow¬ Bros. & Co., Boston, at 4.54% discount. Maturity $10,000
in November 1907 and $30,000 in April 1908.
ing are the bids:
E.H.Rolllns&Sons,Denver.$19,775 00)S. A. Kean, Chicago
New Bedford, Bristol County, Mass.—Bond Sale.—Re¬
$19,355 00
Utah State Land Bd..Utah 19,750 00(
ports state that this city recently awarded an issue of $20,000
Lincoln County (Wash.) School District No. 105.—Bond
4% 20-year registered engine-house bonds to Adams & Co.,
Sale.—On May 4 $12,000 5% 10-20-year (optional) building
Boston, at 100.911.
bonds of this district were awarded to the State of Washing¬
New Haven Township (P. O. New Haven), Huron County,
ton at par for 5s.
Denomination $1,000. Date May 4, Ohio.—Bond Sale.—On May 7 the $15,000 6% coupon roadInterest annual.
1907.
improvement bonds described in V. 84, p. 1014, were awarded
Linden, Iowa County, Wis.—Bond Election.—A special to Denison & Farnsworth, Cleveland, at 107.811 and accrued
election will be held in June to vote on the question of interest.
The following bids were received:
issuing water-works bonds. These securities, if authorized, Denlson&Famsworth,Clev$16,171 75 Well, Roth & Co., Cln
$15,900 00
will take the place of the bonds voted last month, the first Hayden, Miller & Co.. Clev. 16,141 50 Hoehler & Cummings, Tol. 15,675 00
Security S. B. & T. Co.,Tol 16,132 00 Citizens’ Nat. Bk..Wooster 15,627 50
election having been declared illegal.
W. J. Hayes & Sons, Clev. 16,001 00 Seasongood & Mayer, Cln. 15,105 99
15,015 00
LamprechtBros&Co.,Clev. 15,997 50 S. A. Kean. Chicago
Lockport, N. Y.—Bond Bill Passes House.—The State Otis
& Hough, Cleveland- 15,940 00
Assembly has passed a bill authorizing the issuance of
Newnan, Coweta County, Ga.—Bonds Voted.—The elec¬
market-house bonds.
tion held May 4 resulted in favor of the propositions to issue
Long Branch, Monmouth County, N. J.—Bond Election.— $13,000 electric-light, $10,000 water and $2,000 sewer 4H%
The Legislature has passed a bill providing for an election to bonds mentioned in V.
84, p. 1070. The vote was 304 to 4.
vote on the question of issuing $100,000 ocean-front-improve¬
New York City.—Bond Issues.—During the month of April
ment bonds.
the following issues of corporate stock were purchased by the
Lorain, Lorain County, Ohio.—Bonds Authorized.—The sinking fund as an investment:
City Council on April 1 passed an ordinance providing for
Amount.
Purpose—
Int. Rate. Maturity.
the issuance of $48,000 434% coupon street-improvement For various municipal purposes
$50,265 07
1956
3
30,000 00
4
1956
assessment bonds.
Denomination $1,000.
Date May 15 Rapid Transit RR
‘revenue
In addition to the above stock, the following
1907.
Interest semi-annual.
Maturity $2,000 on March 15
and $3,000 on Sept. 15 each year from 1908 to 1915 inclusive bonds” (temporary securities) were also issued:
Int. Rate. Amount.
Amount.
and $2,000 each six months from March 15 1916 to Sept. 15
.
1917 inclusive.
Lorain School District (P. O. Lorain), Lorain County,
Ohio.—Bonds Defeated.—This district on May 6 defeated a
proposition to issue high-school bonds. The vote was 358
“for” to 519 “against.”
BMcComb, Hancock County, Ohio.—Bond Offering.—Pro¬
posals will be received until 12 m., June 3, by L. E. Bierer,
Village Clerk, for $2,790 5% electric-light-improvement
bonds.
Authority, Sections 2835, 2836 and 2837 of the
Revised
Statutes
April 1 1907.
Ohio.
Denomination
$465.
Date
Interest semi-annual. Maturity $465 each
Oct. 1 1907 to April 1 1910 inclusive.
for 2% of bonds bid for, payable to the
six motiths from
Certified check
of
Revenue bonds—current
Revenue bonds—current
Revenue bonds—current
Revenue bonds—current
Revenue bonds—current
Revenue bonds—current
Revenue bonds—current
Revenue bonds—current
Revenue
Total
expenses
expenses
expenses
expenses
expenses
expenses
expenses
expenses
bonds—special (1008)
revenue
bonds
....—-——
$2.000,000
4
4M
300.000
4%
51,000
4>6
5,655,000
1,250,000
4%
4H
3,481,000
4J4
4,979,000
5
1,350,000
-$19,066,000
1,000,000
4H
-—
—
$20,066,000
Ninga School District No. 486, Man.—Debenture Offering.
—Proposals will be received up to May 25 by L. A. Knight,
Secretary-Treasurer, for $11,000 5% debentures dated June
1 1907 and maturing part yearly for twenty years.
Interest
annually at the Union Bank^of Canada in Ninga.
THE CHRONICLE.
1138
Norfolk School District (P. O. Norfolk), Madison County,
Neb.—Bond Bale.—On May 6 the $24,000 20-30-year (op¬
tional) coupon or registered high-school building bonds de¬
scribed in V. 84, p. 955, were awarded to the Trowbridge &
Niver Co. of Chicago at 101.42 and accrued interest for 4F£s.
—a basis of about 4.393% to the optional date and 4.492%
to the full maturity.
North
Dakota.—Purchases
by
State.—The
following
bonds, aggregating $95,400, were purchased during April
by the State Land Department:
Bathgate (Village), Pembina County.—$1,000 4% 5-year refunding bonds,
dated March 1 1907, at par.
Lltchvllle (Village), Barnes County—$3.000 5
dated April 1 1907. at 113.68.
% 20-year water works bonds,
McHenry County—$50,000 4 >2 % 20-year court-house bonds, dated March 1
1907
on a
4 % basis.
School District, Cavalier County—$8,000 4% 20-year
April 1 1907, at par.
Cogswell School District, Sargent County—$8,000 4 % 20-year school bonds,
dated May 15 1906, at par.
Finley School District, Steele County—$8,000 4% 10-year school
dated April 1 1907, at par.
Plum Creek School District, Stark County—$500 4% 10-year school
dated April 1 1907, at par.
Berlin School District, Wells County—$1,000 4% 10-year school
dated Feb. 1 1907, at par.
Antler School District, Bottineau County—$7,000 4 % 20:year school
dated April 1 1907, at par.
Portsmouth, Norfolk County, Va.—Bonds Not Yet Sold.—
been made of the $150,000 4% coupon
school, street-improvement and sewer bonds offered without
success on March 28.
See V. 84, p. 767.
No sale has yet
Prince
Albert,
will be received up
bonds,
bonds,
Grahm’s Island School District at Ramsey—$1,400 4 % 20-year school bonds
dated Feb. 1 1907, at par.
Bee School District, Burleigh County—$500 4 %’20-year school bonds, dated
April 1 1907. at par.
Northfield School District at Ramsey—$7,000 4% 10-year school bonds,
dated Sept. 1 1906, at par.
Loup School District No. 1 (P. O. North Loup),
Valley County, Neb.—Bonds Voted.—An election held April
24 resulted in a vote of 94 to 43 in favor of a proposition to
issue $3,000 5% school-building-addition bonds.
Okanogan County (Wash.) School District No. 9.—Bond
Sale.—On April 27 the $400 5-year gold coupon building
bonds described in V. 84, p. 1014, were awarded to the State
of Washington at par for 4}4s.
A bid of par for Gs was also
North
received from the Seattle Trust & Title Co. of Seattle.
Palmer, Hampden County, Mass.—Bond Sale.—On May
the $30,000 4 hi % 1 -10-year (serial) coupon grammarschool-loan bonds, a description of which was given in V.
84, p. 1011, were awarded to the Capital Savings Bank &
G
Trust Co. of Montpelier for
$100,GGG.
Paris Township
$30,200—the price thus being
(P. O. Grand Rapids), Kent County,
Mich.—No Bonds Voted.—We are advised that the report
that this township on April 2 voted to issue $3,000 road
bonds (V. 84, p. 955) is erroneous.
Paulsboro, Gloucester County, N. J.—Bond Election.—
May 18 to vote on the question of
An election will be held
issuing $78,000 water-and-light-plant bonds.
Pelham, Mitchell Co., Ga.—Bonds Not Sold.—No award
was made on May 1 of the $15,000 electric-light, $12,000
water-works, $9,000 ice-plant, $4,000 sewer 5% coupon
bonds mentioned in V. 84, p. 829.
Authority Sections 3
and 5, p.976, State Laws and a vote of 190 to 0 at election
Denomination $1,000.
held March 26 1907.
Date July
1?1907. Interest semi-annually in New York. Maturity
$2,000 yearly on January 1 from 1926 to 1930 inclusive
and $5,000 yearly on January 1 from 1931 to 1936 inclusive.
Official circular states there is no litigation pending or
threatened, and that the town has never defaulted on its
bonds or other obligations.
Bonded debt, including this
issue, $60,000. ^Assessed valuation
1906,
$1,007,933.
Actual value (estimated) $1,500,000.
Pittsburgh, Allegheny County, Pa.—Bond Offering.—Pro¬
posals will be received until 3 p. m. May 21 by J. B. Larkin,
City Comptroller, for $150,000 4% fire-department, bridge
and public-improvement bonds.
Denominations $1,000
$100.
Date May 1 1907.
Interest semi-annually at
and
the
Maturity $22,500 yearly on May 1
1908 to 1927 inclusive.
Bonds are exempt from taxation.
Bids must be made on blank forms furnished by the city
and accompanied by a certified chock on a national bank for
3% of bonds bid for, payable to the City Treasurer.
Pomona, Los Angeles County, Cal.—Bond Election.—The
City Trustees have pass *d an ordinance providing for an
election to be held June 5 to vote on a propos tion to issue
$'i0,000 city-hall-building and $20,000 city-hall-sitc-purCity Treasurer’s office.
chase bonds.
Pontiac, Oakland County, Mich.—Bond Sale.—This city
May 6 awarded an issue of $10,000 5% fire-hall-re¬
modeling bonds to Denison & Farnsworth, Cleveland, at
]J)3.11 and accrued interest—a bus's of about 4.358%.
Following are the bids:
on
Harris Tr. & Sav.Bl:.,ChI.$10,158
Pontiac Sav. Bk., Pontiac 10,157
A. B. Leach & Co., Cldc_. 10,154
W. J. Hayes & Sons, Clcv. 10,144
10,256 00 American Savings Bank,
Pontiac
10,105
10,255 00
10,201 00 Otis & Hough, Cleveland. 10,103
Thos. J. Bolger Co., Chi¬
Denison
&
Farnsworth,
Cleveland
$10,311 00
Hoehler ACummlngs. Tol. 10,267 50
Trowbridge & Niver Co.,
Chicago
H. E. Speer & Sons. Cldc.
\V. E. Moss <fc Co., Detroit
MacDonald, McCoy & Co.,
Chicago
N. W Halsey & Co.,
Denomination
10,181 00
cago
00
50
00
00
00
75
10,000 00
Chic. 10,175 00
Date April 25r 1907. Interest
semi-annually May and October. Maturity $1,000 yearly
on May 15 from 1908 to 1917 inclusive.
Portage La Prairie School District, Man.—Debenture
Offering.—Proposals will be received until 6 p. m. May 22
$1,000.
(postponed from May 2) by A. E. Ireland, Secretary and
Treasurer, for $16,000 5% registered school-building-exten¬
sion debentures.
Authority, Section 144, Chapter 127, of
Sask.—Debenture
Offering.—Proposals
to May 31 by C. O. Davidson, Secretary-
Treasurer, for the following debentures:
$63,934 4 H % water-works debentures.
Date March 30 1905.
34,426 4 lA% sewerage debentures.
Date March 30 1905.
82,000 4Fa % electric-light debentures.
Date July 14 1906.
Maturity part of each issue yearly for thirty
on
years.
Bids
first two issues to include accrued interest from March
30
1906,
bonds,
bonds,
LXXXIV.
the Revised Statutes.
Date May 1 1907.
Interest annually
at the Bank of Montreal.
Maturity part yearly on May 1
from 1908do 1927 inclusive.
Bonds are tax-exempt.
De¬
benture debt, including this issue, $49,250.
Langdon Special
school bonds, dated
[VOL.
third issue from date of debentures,
on
Quebec Protestant School District, Que.—Bond Offer¬
ing.—Proposals will be received up to May 15 by F. C.
Wurtele, Secretary-Treasurer (P. O. Box 280, Quebec City),
for $45,000 4% coupon school bonds.
Denomination $1,000.
Interest-semi-annually. Maturity Nov. 1 1946.
Quincy, Norfolk County, Mass.—Bond Sale.—The follow¬
ing bonds were awarded on May 9 to Merrill, Oldham & Co.
of Boston at 100.079:
$41,000 4% Fore River bridge bonds dated Feb. 1 1907.
Maturity $5 ,000
Feb. 1 1908 and $4,000 yearly on Feb. 1 from 1909 to 1917
Inclusive.
40,000 4 % sewer bonds, dated
April
1
1907.
Authority Chapter 151,
April 1 from 1908
Laws of 1906.
Maturity $1,000 yearly on
1947 Inclusive.
Maturity
6,000 4 % sewer bonds, dated April 1 1907.
April 1 from 1908 to 1910 Inclusive.
to
Interest
Boston.
$2,000 yearly
on
semi-annually at the Eliot National Bank in
Radford, Montgomery County, Va.—Bond Offering.—
Proposals will be received until 12 m. May 18 postponed
from April 27) by W. E. Roberts, Chairman Finance Com¬
mittee, for $25,000] 4% coupon stwer and street-improve¬
ment bonds’ Denomination
Date July
$500.
1
1907.
Interest semi-annually at the Mercantile Trust & Deposit
Co., Baltimore. Maturity July 1 1930. Certified check for
$100, payable to W. R. Roberts, Chairman of Finance Com¬
mittee, is required.
(P. O. International Falls), Koochching County,
Postponed.—We are advised that the sale of
$10,000 6% coupon road and bridge bonds which was to have
taken place April 15 (V. 84, p. 767) has been postponed to
Ray
Minn.—Bond Sale
June 3.
Red Deer,
Alberta.—Bond Offering.—Further details
at hand relative to the offeringon June 15of thesixissues
are
bonds aggregating $67,300 mentioned in V. 84, p.
Proposals will be received until 12 m. on that day
by L. C. Fulmer, Secretary-Treasurer. The securities
answer to the following description:
of 5%
1071.
$3.0,000 5% 35-year sewer debentures.
20,000 5% 30-ycar water-works extension debentures.
6,000 5% 20-year “hospital” grant debentures.
*5.000 5% .-‘0-year fire-hall debentures.
4,000 5% 5-year local Improvement debentures.
J, 2,300 5% 20-year “land for water-works” debentures.
Regina School District No. 4 (P. O. Regina), Sask.—
Offering.—Proposals will be received up to and
including May 17 by John A. McLachlan, Secretary-Treas¬
urer for the following debentures:
Debenture
$20,000 4 '/$ % debentures.
70,000 A'A % debentures.
Maturity part yearly for twenty years.
Maturity part yearly for twenty years.
Richmond (P. O. Torah), Minn.—Bond
on
April 27 awarded
an
Sale.—This village
issue’ of $8,000 sewer and water¬
works bonds to the German American State Bank of Torah.
Interest payable at the Village Recorder’s ofTice.
Bonds
are
tax
exempt.
Bonded debt, this issue.
Rochester, N. Y.—Temporary Loans.—The following bids
were received on May 6 for $200,000 eight-months’ water-
works-improvem<‘nt-account
public-market notes:
a
County Savings
premium for both loans.
Monroe
Bank,
and
$10,000
Rochester,
three-months’
$240,000—4.75 % and
$3
& Goodwin. New York: $200,000 water account—5.20% and $21
premium; $40,000 public market—4.50%.
Spencer Trask & Co., New York: $40,000 public market—4.625 %.
Rochester Savings
Bank, Rochester:
$50,000 water account—4.80%;
h Bond
$50,000 water-account—5.00%.
Goldman, Sachs & Co. New York: $200,000 water-account—4.95%>.
Security Trust Co., Rochester:
$200,000 water-account—5% and $70
premium; $40,000 public market—5% and $5 premium.
Adams & Co.. New York: $40,000 public market—5% and $7 50 premium.
Broadway Savings Institution, New York; $25,000 water-account—5%.
The Bank for Savings, New York: $100,000 water-account—5.25 % and $12
premium:
$100,000 water account—5.50 Vo and $12 premium.
a Awarded $200,000 water notes at 4.75%.
market notes at 4.50%.
h Awarded $40,000 public
A
Rome, Floyd County, Ga.—Bonds Voted.—‘On May 7 this
city authorized the issuance of $150,000 paving, sewer and
water bonds by a vote of 820 to 67.
Date of sale not yet
determined.
Rowland, Robeson County, No. Caro.—Bonds Voted.—
30 resulted in favor of a proposition
bonds. The vote was 60 to 5.
Salem School District (P. O. Salem), Dent County, Mo.—
Bond Sale.—This district has disposed of the $10,000 high
school-building bonds voted on April 2 (V. 84, p. 956) to
An election held April
to issue school-building
local citizens.
May 11 1907. J
THE CHRONICLE
San Diego, San Diego County, Cal.—Bond Offering.—
Proposals will be received until 2 p. m. May 20, by J. T.
Butler, City Clerk, for the following bonds.
$59,108 55 4
% gold water-extension bonds.
Denomination $500, except
one bond ot $108 55.
Maturity "three bonds” yearly.
265,891 45 4H % gold water-enlargement and extension bonds.
Denomi¬
nation $500, except one bond for $391 45.
Maturity
"fourteen bonds” yearly.
51,933 71 4H % gold reservoir bonds.
Denomination $500, except one
bond for $433 71.
Maturity "eight bonds” yearly.
70,000 00 4^ % gold boulevard and road bonds.
Denomination $500.
Maturity "four bonds” yearly.
5,000 00
% gold cemetery-road bonds.
Denomination $500.
Matur¬
ity "one bond” yearly.
50,000 00 4H % gold concrete-culvert bonds. Denomination $500. Matur¬
ity "three bonds” yearly.
65,000 00 4H % gold flre-department bonds. Denomination$500. Matur¬
ity "four bonds” yearly.
52,894 54 4H % gold sewer-improvement bonds.
Denomination $500, ex¬
cept one bond for $394 54.
Maturity "three bonds”
yearly.
4,648 54 4H % gold University Heights sewer bonds.
Denomination
$500, except one bond for $148 54.
Maturity "one
bond” yearly.
12,834 58 4H % gold Florence Heights sewer bonds.
Denomination $500,
except one bond for $334 58.
Maturity "one bond”
yearly.
4,389 34 4H % gold East Side sewer bonds.
Denomination $500, except
one bond for $389 34.
Maturity "one bond” yearly.
34,112 00
% gold La Jolla sewer bonds.
Denomination $500, except
one bond for $112.
Maturity "two bonds” yearly.
5,500 00 4% gold Ninth Ward Outfall sewer bonds.
Denomination
$500.
Maturity "one bond” yearly.
9,400 00 4H % gold South and Lincoln Parks sewer bonds.
Denomina
tlon $500, except one bond for $400.
Maturity "one
bond” yearly.
These securities are dated June 1 1907.
Interest semi¬
annual.
Bids must be unconditional and accompanied by
a certified check for $5,000 or if bid is for less than $5,000,
then a certified check (equal to the amount of the bid)
drawn on some bank in San Diego and made payable to the
City Treasurer is required.
San Dimas School District, Los Angeles County, Cal.—
Bonds Voted.—This district recently authorized the issuance
of the $20,000 school-building bonds mentioned in V. 84, p.
1072, by a vote of 113 to 15.
Sandusky School District (P. O. Sandusky), Erie County,
Ohio.—Bond Offering.—Proposals were asked for up to 12
m. yesterday- (May 10)
by Wm. E. Carter, Clerk of the
Board of Education, for the $35,000 4% 1-7-year (serial)
school-building-addition bonds voted on April'9 Denomina¬
tion $1,000.
The result of this offering was not known to
us at the hour of going to press.
Santa Ana, Orange County, Cal.—Bond Election Pro¬
posed.—Arrangements are being made by the City Council
to call an election to vote on the question of issuing $50,000
school-building bonds.
Santa Barbara School District, Santa Barbara County,
Cal.—Bond Election.—An election will be held May 18 to
vote on a proposition to issue $20,000 5% 1-20-year (serial)
gold school-building bonds’. Denomination $1,000.
Santa Clara, Santa Clara County, Cal.—Bond Offering.—
Proposals will Ido received until 8 p. m., May 23, by the Board
of Trustees for the following bonds:
$30,000 4
sower-system-oxtenslon bonds.
Authority,
coupon
vote of 372 to 61 cast at election held April 8 1907.
De¬
nomination $750.
gold coupon water, light and power works repair bonds.
Authority, vote of 359 to 50 cast at election held April 8
1907.
Denomination $525.
% gold
21,000 4 !<j %
9,000 4 3a To gold coupon school-house-repair bonds.
Autliorltv, vote of
354 to 62 cast at election held April 8 1907.
Denomination
$225.
Bonds
dated
May 1 1907. Interest semi-annually at
the Town Treasurer’s office.
Maturity one bond of each
issue yearly on May 1 from 1908 to 1947 inclusive.
Bonds
are exempt from taxation.
Certified check for 5% of bonds
bid for, payable to J. C. McPherson, President of the Board
of Trustees, is required.
The official circular states that
there is no controversy or litigation pending or threatened
affecting the corporate existence or the boundaries of said
town, or the title of its present officials to their respective
offices, and that there has never been any default in the pay¬
are
ment of town bonds
or
coupons.
t
Scranton, Lackawanna County, Pa.—Bond Sale.—On
May 4 the $200,000 4% 15-year (average) coupon bridge
bonds described in V. 84, p. 1072, were awarded to Emery,
Anderson <fc Co. of Cleveland at 100.75 and accrued interest
basis of about 3.934%.
Following are the bids.:
Emery,Anderson&Co„Cl.$201,500 001N.VV.Harris & Co., N. Y_$200,168 00
—a
Graham & Co.,
Phlla
200,997 73 J
Seminary, Covington County, Miss.—Bonds Voted.—On
April 27 this place authorized the issuance of $10,000 publicimprovement bonds by a vote of 23 to 19.
P' Spokane County School District No. 81 (P. O. Spokane),
Wash.—Bond Sale.—On May 9 the $200,000 10-20-year
(optional) coupon school-building bonds described in V. 84,
p. 957,- were awarded to E. H. Rollins & Son of Chicago
r
at 101.67.
Alta.—Debenture Offering.—Proposals will be
June 15 by W. B. Gray, SecretaryTreasurer, for $3,200 funding and $9,200 fire-protection 5%
debentures.
Maturity part of each issue yearly on May 1
V
Stettler,
received until 8 p. m.
from 1908 to 1917 inclusive.
Strathcona, Alberta.—Debentures Not Sold.—No sale was
made on May 1 of the $16,000 4l2% sewer, the $35,000 5%
electric-light and the $37,000 5% “C. P. R. Bonus” deben¬
tures mentioned in V. 84, p. 5S9.
Sugar School District No. 4 (P. O. Sugar) Fremont County,
IdahoBond Sale.—This district has disposed of $25,000
1139
10-20-year (optional) school-house bonds to the State Land
Board at par for bonds bearing 5% interest. Date June 1
1907.
Interest Jan 1 and July 1.
Sumter, Sumter County, So. Car.—Bonds Voted.—An
election held April 30 resulted in favor of a proposition to
issue $30,000 20-40-year (optional) school-building bonds.
The vote was 128 to 8.
Date of sale not yet determined.
Tennessee.—Bond Bills.—The State Legislature which ad¬
journed April 16 passed the following measures authorizing
bond issues by various counties and municipalities in the
State.
Athens—Authorizing bonds.
Binghamton—Authorizing bonds.
Blount County—Authorizing court-house bonds.
Bradley County—Authorizing road bonds.
Bristol—Authorizing $300,000 Water works bonds.
Campbell County—Authorizing road bonds.
Chattanooga—Authorizing the Issuance of bonds for municipal purposes.
Clarksville—Authorizing $25,000 street bonds.
Clarksville—Authorizing hlgh-school bonds.
Clarksville—Authorizing refunding bonds.
Cleveland—Authorizing bonds.
Covington—Authorizing street bonds.
County—Authorizing $160,000 court-house and Jail bonds.
Davidson
Davidson
Davidson
County—Authorizing $800,000 bridge bonds.
County—Authorizing road bonds.
Dayton School District—Authorizing $12,500 school bonds.
Dyer County—Authorizing $150,000 road bonds.
Ellzabethton—Authorizing street and sidewalk bonds.
Ellzabethton—Authorizing $15,000 school bonds.
Etheridge—Authorizing bonds.
Fentrlss County—Authorizing school bonds.
Franklin County—Authorizing $200,000 road bonds.
Gibson County—Authorizing bonds.
Greene County—Authorizing road bonds.
Grundy County—Authorizing bonds.
Hamblen County—Authorizing bonds.
Hamilton County—Authorizing $100,000 bridge bonds.
Hamilton County—Authorizing $75,000 school bonds
Henderson—Authorizing bonds.
Humboldt—Authorizing bonds.
Huntington—Authorizing bonds.
Jackson—Authorizing funding bonds.
James County—Authorizing road bonds.
Jelllco, Campbell County—Authorizing electric-light bonds.
Johnson City—Authorizing water bonds.
Jonesboro—Authorizing bonds.
Knoxville—Authorizing bonds.
Lawrenceburg—Authorizing bonds.
Lawrenceburg—Authorizing school bonds.
Lenox—Authorizing bonds.
Loudon County—Authorizing road bonds.
McMlnn County—Authorizing bonds.
McNalry County—Authorizing bonds.
Madison County—Authorizing road bonds.
Memphis School District—Authorizing $300,000 school bonds.
Monterey—Authorizing bonds.
Morristown—Authorizing bonds.
Nashville—Authorizing $50,000 sidewalk bonds.
Nashville—Authorizing $200,000 water-main extension bonds.
Nashville—Authorizing $500,000 park bonds.
Nashville—Authorizing $275,000 light-plant bonds.
Newport—Authorizing bonds.
Pulaski—Authorizing bonds.
Rutherford—Authorizing $15,000 school bonds.
St. Elmo School District—Authorizing
Scott County—Authorizing Jail bonds.
Sevier County—Authorizing bonds.
$20,000 school bonds.
Shelby County—Authorizing $500,000 additional court-house bonds.
Smith County—Authorizing
road bonds.
Sparta—Authorizing water and light bonds.
Trenton—Authorizing bonds.
Washington County—Authorizing road bonds.
The Dalles, Wasco Oounty, Ore.—Bond Election.—An
election will be held June 17 to vote on the question of
issuing $30,000 6% city-hall obnds.
Toledo, Lucas County, Ohio.—Bonds Authorized.—The
City Council has passed ordinances providing for the issuance
of the following improvement bonds:
$1,059 27 5 % coupon Martha Place paving bonds.
Denomination $110,
except one bond for $69 27.
Date April 10 1907. Maturity
$69 27 March 10 1908 and $110 each six months from Sept. 10
1908 to Sept. 10 1912 Inclusive.
3,067 91 5 % coupon Mettler Street and Rosalind Place paving bonds.
Denomination $310 except one bond for $277 91.
Date
Maturity $277 91 March 12 1908 and $310
April 12 1907.
each six months from Sept. 12 1908 to Sept. 12 1912, Inclu¬
sive.
717 07 5 % coupon
Madison Ave. paving bonds.
Denomination $75,
except one bond for $42 07.
Date March 28 1907. Ma¬
turity $42 07 March 28 1908 and
$75 each six months
from Sept. 18 1908 to Sept. 28 1912 Inclusive.
338 30 5
%
coupon
$90.
sewer-construction No. 982 bonds.
Denomination
except one bond for $68 30.
Date March 17 1907,
Maturity $68 30 March 17 1908 and $90 each six months
from Sept. 17 1908 to Sept. 17 1909 Inclusive.
3,716 83 5% coupon VVakeman Street No. 2 bonds.
Denomination $375,
except one bond for $341 83.
Date April 13 1907. Ma¬
turity $341 83 March 13 1908 and $375 each six months
from Sept. 13 1908 to Sept. 13 1912 Inclusive.
1,269 56 5% coupon cottage Ave. No. I bonds.
Denomination $320 ex¬
cept one bond for $309 56.
Date April 1 1907. Maturity
$309 56 March 1 1908 and $320 each six months from Sept. 1
1908 to Sept. 1 1909 inclusive.
406 26 5 % coupon North Twelfth Street bonds.
Denomination $100,
except one bond for $106 26.
Date April 27 1907. Ma¬
turity $106 26 March 27 1908 and $100 each six months from
Sept. 27 1908 to Sept. 27 1909 inclusive.
17
5%
coupon
49,560
sewer-construction No. 918 assessment bonds. De¬
nomination $5,000, except one bond for $4,566 17.
Date
Nov. 14 1906.
Maturity $4,566 17 on March 14 1908 and
$5,000 each six months from Sept. 14 1908 to Sept. 14 1912
Inclusive.
1,318 04 5% coupon Tenth Street No. 2 assessment bonds.
Denomina¬
tion $135. except one bond for $103 04.
Date March 21
1907.
Maturity $103 04 on March 21 1908 and $135 each
six months from Sept. 21 1908 to Sept. 21 1912 Inclusive.
5,594 26 5% coupon East Broadway No. 2 assessment bonds.
Denomi¬
nation $1,400, except one bond for $1,394 26.
Date March
7 1907.
Maturity $1,394 26 on March 7 1908 and $1,400
each six months from Sept. 7 1908 to Sept. 7 1909 Inclusive.
11,200 84 5% coupon sewer No. 952 construction assessment bonds.
De¬
nomination $1,900. except one bond for $1.700 84
Date
March 13 1907.
Maturity $1,700 84 on March 13 1908 and
$1,900 each six months from Sept. 13 1908 to Sept. 13 1910
Inclusive.
6,785 60 5 % coupon Water street Improvement assessment
bonds.
De¬
nomination $680. except
one
bond for $665 60.
Date
March 8 1907.
Maturity $665 60 on March 8 1908 and $680
each six months from Sept. 8 1908 to Sept. 8 19t2 Inclusive
5,295 61 5% coupon Utah Street No. 2 Improvement assessment bonds.
Denomination $530. except one bond for $525 61.
Date
April 11 1907.
Maturity $525 61 on March 8 1908 and $530
Sept. 8 1908 to Sept. 8 1912 Inclusive.
each six mouths from
Interest
semi-annually at City Treasurer’s office.
i 140
THE CHRONICLE
Thomas, Custer County, Okla.—Bonds Voted.—This city
May 1 authorized the issuance $35,000 water-works and
electric-light bonds.
Tomahawk, Lincoln County, Wis.—Bond Offering.—
Further details are at hand relative to the
offering on May
7 of the $40,000 5%
coupon school-building bonds men¬
tioned in V. 84, p. 1073.
Proposals for these bonds will be
received by James
Kelly, City Clerk. Authority Section
925-133 of the
on
Wisconsin Statutes of 1898.
Denomination
$1,000. Interest March 1 and Sept, at place designated
by
purchaser. Maturity yearly on March 1 as follows: $2,000
from 1908 to 1912 inclusive and
$3,000 from 1913 to 1922
inclusive.
Bonded debt at present $0,400.
Assessed valua¬
tion for 1900 $1,177,010.
Trenton, Mercer County, N. J.—Bonds Authorized.—On
May 7 the Common Council passed ordinances providing for
the issuance of $3,500
public-bath, $3,700 Hamilton Avenue
cngine-hc^se-completion,
$ 15,000 repaving and $20,000
school bonds.
to the
bidder.
[VOL.
LXXXIV
City Treasurer, must bq? deposited by the successful
Utopia School District No. 6 (P. O. Utopia), Uvalde
County, Tex.—Bond Offering.—W. D. Love, County Judge,
is offering at private sale
$2,000 5% coupon school-building
bonds.
Authority Chapter 124 of the General Laws of the
twenty-ninth Texas Legislature. Denomination $500. Date
April 10, 1907. Maturity April 10 1927, subject to call
after
April 10 1922. Bonds are tax exempt. Certified
$25, payable to the County Judge, is required.
Bonded
check for
debt, this issue.
Van Buren School District (P. O. Van
Buren), Crawford
County, Ark.—Bond Offering.—Proposals will be received
until 0 p. m., May 20, by R. W.
Quarles, Secretary of Board
of Education, for $20,000
6% coupon school-building bonds.
Denomination $500 or $1,000.
Date July 1 1907.
Interest
annualLy in Van Buren. Maturity July 1 1927, subject to
Call after July 1 1912.
Certified check for $250, payable to
the Secretary of the Board of
Education, is required. This
Tuscaloosa, Tuscaloosa County, Ala.—Bond Offering.— item was inadvertently reported in last week’s issue under
Proposals will be received until June 6 for not less than the head of Van Buren School District, Ohio.
Wapakoneta School District (P. O. Wapakoneta), Au¬
$40,000 nor more than $125,000 5% coupon water-works
glaize
County, Ohio.—Bond Offering.—Proposals will be
bonds.
Denomination $1,000. Interest semi-annual. Ma¬
received until 12 m. June 4, by A. C.
Pepple, Clerk Board of
turity thirty years. Bonds are secured by mortgage on Education, for the
$35,000 4% high-school-building bonds
mentioned in- V. 84, p. 1074.
water-plant and properties.
Authority Sections 3991,
3992 and 3993 of the Revised Statutes.
The official notice of this bond
Denomination
offering will be found among
$1,000. Date June 4 1907. Interest semi-annual. Ma¬
the advertisements elsewhere in this
Department.
turity $1,000 yearly on Sept. 1 from 1908 to 1942 inclusive.
Utica, N. Y.—Bond Offering.—The following bonds will Accrued interest
to be paid by purchaser.
Cash deposit of
be offered at public auction at 12
m., May 17 at the City $500 is required.
Clerk’s office:
Washington Township (P. O. St. Clairsville), Belmont
$25,000 4% public-Improvement bonds.
Authority Chapter 188, Laws of
1006.
Denomination $2,500.
County, Ohio .—Bond Sale.—On April 27 this township
Maturity $2,500 yearly on
May 1 from 1917 to 1926 Inclusive.
awarded $800 4% road-repair bonds to T. A. Welsh at
50.000 4 % public Improvement bonds.
par.
Authority Chapter 93, Laws of
Denominations $200 and $300.
1891, as amended by Chapter 131, Laws of 1907.
Date April 27 1907.
In¬
Denomi¬
nation $5,000.
terest annual.
Maturity $5,000 yearly on May 1 from 1927
Maturity $200 on Oct. 27 1903, $300 on Oct.
to 1936 inclusive.
27 1909 and $300 on Oct. 27 1910
Date May 1 1907.
Interest semi-annual. Certified check
Waterbury, New Haven County, Conn.—Bond Sale.—On
for 2% of the bonds bid for, drawn
on a national bank or a
May 0 the $200,000 4% 20-year coupon paving bonds des¬
New York State bank or trust
company and made payable cribed in V. 84,
p. 888, were awarded to Blake Bros. & Co,
NEW LOANS.
NEW
#150,000
Robertson
County, Tenn,
Pike Bonds
payable
#38,000
Township of WeehawkeD,
Township of Weehawken,
4tg per
County,
Held, Tenn.
Sec’y. Spring-
B. C. BATTS.
1
J. )•:. WASH INGTON,)Committee
J. A
CROCK KR,
CHAS. E. BELL,
T
Hudson
,
Sealed proposals will be received by the Town¬
Semi-Annually.
reserved.
Address all bids to Ckas. E. Beil
County, N J
Cent"Pudding Bond
ship Committee of the Township of Weehawken,
in the County of Hudson, at the
Township Hall,
105 Bullsferry Branch
Road, in takl Township,
on MONDAY, MAY
20, 1907, at eight o’clock
p. m., for the purchase of an issue of
forty three
The assessed
value of property In Robertson
Tennessee, is $5,556,570 00.
Robertson County has no other Indebtedness
of any kind.
The right to accept or reject
any or all bids Is
NEW LOANS.
#43,000
Hudson
Sealed bids will be received until JUNE
1ST.
10ti7, 12 O CLOCK NOON, for the sale of
($150,000 00) One hundred and fifty thousand
Dollars of Robertson County,
Tennessee. 4%
Coupon Pike Bonds, to be Issued July 1st, 1907.
to run for 30 years, with
20-year option, Interest
LOANS
thousand ($43,000) dollars in bonds of said town¬
ship, to be Issued under authority of the Act of the
Legislature of New Jersey, entitled “An
Act
authorizing the incorporated cities, towns, town¬
ships and boroughs of tIlls State to fund their
lloatlng indebtedness and their matured and ma¬
turing bonds,” approved March 23, 1899, as
amended by Chapter 3 of the Laws of
1901, and
by
virtue
of
an
ordinance
adopted by the Township
township on April 1, 1907.
for
that
Committee
purpose
of said
County, N. J.,
4hi Per Cent Funding Bonds
Sealed proposals will be received by the Town¬
ship Committee of tiie Township of Weehawken,
in the County of Hudson, at tiie
Township Hall,
105 Bullsferry Branch Road, in said
Township,
on MONDAY, MAY 20,
1907, at eight o’clock
p. m., for the purchase of an Issue of
thirty-two
thousand
($32,000) dollars in bonds of said town¬
ship, to lie issued under authority of the Act of the
Legislature of New Jersey, entitled "An Act au¬
thorizing the incorporated cities, towns, town¬
ships and boroughs of this State to fund their
tloating indebtedness and their matured and
maturing bonds,” approved March 23,
1899, as
amended by Chapter 3 of tiie Laws of
1901, and
by virtue of an ordinance for that purpose adopted
by the Township Committee of said township on
April 1. 1907.
Said bonds are to be issued for the
Said bonds arc to be issued for the
purpose of
purpose of
money to pay and redeem Improvement
raising money to pay and redeem improvement
certificates Issued by said township which
have certiiieates Issued by said township which have
matured and have remained due and
unpaid, and -matured and remain due and unpaid; will be in
also to take up and pay tiie
outstanding promis¬ denomination of one thousand dollars each; shall
sory notes heretofore Issued and discounted
by bear date as of tiie 4th day of April. 1907; shall be
the township; will be In
denomination of one payable at the expiration of ten years from said
thousand dollars each; shall hear date as of
date hereof; sha l draw Interest at tiie rate of
the
AVX
4th day of April, 1907; shall be
payable at the per centum per annum, payable semi
annually,
expiration of thirty years from said date
coupons
attached.
hereof;
shall draw interest at the rate of 4 1
The bonds will be delivered
j per centum
upon payment of
per
annum,
payable semi annually, coupons tiie puichase price.
Each proposal must be ac¬
attached.
raising
R.
L.
DAY
&
CO.,
BANKERS,
35
Congress Street,
37 Wall Street,
BOSTON.
NEW YORK.
New York
City Bonds
EXEMPT FBOM
AND
STATE, COUNTY
CITY TAXES
The bonds will be delivered
upon payment of the
purchase price.
Each proposal must be accom¬
panied by a deposit of one thousand dollars,
either
money or a certified check on some re¬
or trust
company, drawn to the
order of the Treasurer of the
Township of Wee¬
hawken.
Tiie deposit of the successful bidder
will lie
treated as a payment on
account, or, In case he
shall fall or neglect to take
up the bonds, will be
sponsible bank
retained
ERVIN
&
COMPANY,
BANK ER8,
H em
(New York Stock Exchange,
Stock Exchange.
n) Philadelphia
BONDS
43
FOR
DfYESTHENT,
Exchange Place,
B0ND8
Building,
Philadelphia.
COUPONS
with steel-plate borders, or
lithogra#bed. or part¬
ly printed from type. If the lauer, then can be
DELIVERED IN FEW DAYS
Certificates engraved tn beat
re-sale of the bonds.
All bids that do not
comply with the terms
stated herein will be considered informal
and will
be rejected, and the
Township Committee re¬
serves the right to reject
any and all bids if
deemed for the interest of ther
township so to do.
By order of the Township Committee.
a
THOMAS CARROLL.
Township Clerk.
Drexel
Hew York
number, or
lit hour aobed and
partly printed
ALBERT B. KING A
by tiie Township Committee and lie
applied to the cost and expense of re
advertising
and to any deficiency of
price that may arise on
nurtly
CJ., 206Broadway, N. Y.
8p«cialist> In New Jersey Securities.
eisele &
companied by a deposit of one thousand
either money or a certilied check on some dollars,
respon¬
sible bank or trust company, drawn to the
order
of the Treasurer of the
Township
of Weehawken.
The deposit of the successful
bidder will be
treated as a payment on
account, or, in ease he
shall fail or neglect to take
up tiie bonds, will be
retained by the Township Committee and
be
applied to tiie cost and expense of re advertising
and to any deficiency of
price that may arise on
a re sale of the bonds.
All bids that do not comply with the
terms
stated herein will be considered Informal and
will
be rejected, and the
Township Committee reserves
the right to reject any and all bids if
deemed for
the Interest of the township so to
do.
By order of the Township Committee.
THOMAS CARROLL,
Township Clerk.
A
Financial
Or
a
Pica for Conservative
king,
BANKERS,
lAaaabera of New fork and Philadelphia
Stock Exchanges.
Private Wires to
T37-749 Broad St.
N.Y. and Philadelphia.
NEWARK..
Courtship
Investments
(By Praak W. RalUna)
The above book will be furnished
without cost on application to
E. H. ROLLLNS &
SONS, 21 Milk
St., Boston.
May 11
of Boston at
1907.|
THE CHRONICLE
101.77 and accrued interest—a basis of about
are the bids:
1141
Authority Act of Legislature approved March 23 1899
amended by Chapter 3 of the Laws of 1901.
Denomina¬
Blake Bros. & Co., Bost.$203,540 001 Blodgett,Merritt &Co.,Bos$200,546 00
tion $1,000.
Estabrook & Co., Boston 201,098 00 Kountze Bros., N. Y
200,168 80
Date April 4 1907. Interest semi-annual.
R. L. Day & Co., Boston 200,620 00(
Certified check, or cash, for $1,000, payable to the Town¬
Watertown, Middlesex County, Mass.—Bond Sale.—On
May 8 the five issues of 4% bonds, aggregating $88,000, ship Treasurer, is required with bids for each issue. Thomas
described in V. 84, p. 1074, were awarded to Blodget, Merritt Carroll is Township Clerk.
& Co. of Boston for $89,000.03, the price thus being 101.136.
The official notice of this bond offering will be found among
There were no other bidders.
the advertisements elsewhere in this Department.
Note Not Sold.—No bids were received on May 8 for the
Wellesley, Norfolk County, Mass.—Temporary Loan.—
$3,500 temporary-loan note mentioned in V. 84, p. 1074.
This town recently negotiated a loan of $10,000 with the
Waverly, Humphreys County, Tenn.—Bond Offering.—
Proposals wall be received until 12 m. June 15, by Jno. E. Wellesley National Bank of Wellesley at 4.60% discount.
Pullen, Chairman of Finance Committee, for the $9,000 6% Loan matures in six months.
Wellston School District (P. O. Wells ton), Jackson
coupon school-improvement bonds voted on April 3.
De¬
nomination $1,000.
Date July 1 1907. Interest semi¬ County, Ohio.—Bond Offering.—Proposals will be received
annually at the First National Bank or Citizens' Bank until 12 m. May 25 by the Clerk of Board of Education for
in Waverly or at the City Recorder’s office.
Maturity $2,500 4lA% funding bonds. Authority Section 2834 A.
July 1 1917, subject to call after July 1 1912. Certified of the Revised Statutes. Denomination $500. Dated June
check for 10% of bonds bid for, payable to Jno. E. Pullen, 1 1907. ^Interest semi-annual.
Maturity $500 yearly on
Chairman Finance Committee, is required.
Bonded debt, June 1 from 1908 to 1912 inclusive. L. B. Denning is
this issue.
Secretary of the Board of Education.
Westchester County (P. O. White Plains), N. Y.—Bonds
Waycross, Ware County, Ga.—Bond Election.—The city
Council has called an election for May 25 to,vote on a propo¬ Not Sold.—No sale was made on May 6 of the $27,677.04 4%
sition to issue $60,000 bonds for the purchase or construc¬ temporary-loan bonds, the $275,000 4% court-house bonds
tion of an electric-light-plant.
and the $64,579.75 4% funding bonds described in V. 84,
Webb City School District, Jasper County, Mo.—Bonds p. 1017.
Defeated.—An election held April 2 resulted in the defeat
Wichita, Sedgwick County, Kans.—Bonds Authorized.—
of a proposition to issue $25,000 school-building bonds. On April 27 the City Council passed
an ordinance providing
The vote was 324 “for” to 552 “against.”
for the issuance of $15,224 93 5% internal-improvement
Webster County (P. O. Red Cloud), Neb.—Bonds De¬ bonds.
feated.—The election held April 30 resulted in defeat of the
Willmar, Kandiyohi County, Minn.—Bonds Defeated.—An
proposition to issue the $75,000 4% court-house bonds election held April 3 resulted in the defeat of a proposition
mentioned in V. 84, p. 889.
The vote vras 590 “for” to to issue $30,000 5% 20-year city-hall bonds. The vote was
378 “for” to 507 “against.”
1,710 “against.”
Weehawken Township, Hudson County, N. J.—Bond
Willoughby, Lake County, -Ohio.—Bond Sale Not Con¬
Offering.—Proposals will be received until 8 p. m. May 20 summated.—We are advised that the $6,500 432% Erie
Street (Series C) improvement bonds, proposals for which
by the Township Committee for the following bonds:
are asked up to June 3 (V. S4, p. 1075), take the place of the
$32,000 4H % coupon funding bonds.
Maturity April 4 1917.
$6,500
43^2% Erie Street improvement bonds awarded on
43,000 AVi % coupon funding bonds.
Maturity April 4 1937.
3.873%.
Following
NEW LOANS.
NEW LOANS.
#125,000
81,000,000
City of Tuscaloosa, Ala,
Bonds to be sold not less than par.
In addition
pledge of faith and credit of the City, bonds
will be secured by mortgage on Water Plants
and properties.
For further particulars, address,
W. M. FAULK, Mayor,
to
Tuscaloosa, Alabama.
Perry, Coffin & Burr,
INVESTMENT BONDS
60 State
CHARLESTON, S. C.,
4% 30-Year Bonds
by the City
proposals are Invited
Tuscaloosa, Alabama, for not less than $46,000 00
nor more than $125,000 00 coupon Water-Works
Bonds as above.
Bonds to be $1.000 00 each,
maturing In thirty’ years, Interest payable semi¬
annually.
Bids to be opened June 6 1907.
-
CITY OF
BONDS
5% WATER-WORK
Sealed
as
Street,
City of Charleston proposes to offer One
Mil.
a
Dollars ($1,000,000) of 30-year bonds,
with interest at 4 per cent, payable semi-annually,
on the 1st of July and January, under the author¬
0
ity of
an
Act of the General Assembly, entitled,
An Act to authorize the City Council of Charles¬
ton, S. C.. to Issue Coupon Bonds at a rate of
Interest not exceeding 4 per cent per annum, for
the purpose of taking up or exchanging the 4 per
cent coupon bonds of said city, maturing on
January 1 and July 1. 1909,” approved on the
13th day of February, 1907.
And of an Ordinance of the City of Charleston
entitled. "An Ordinance to provide for Issuing
Coupon Bonds with Interest at the rate of 4 per
cent per annum for the purpose of taking up or
exchanging the 4 per cent Coupon Bonds maturing
January 1 and July 1, 1909,” ratified on the
on
12th day of March, 1907: ‘‘In exchange for One
Million Dollars ($1,000,000) of the aforesaid 4 per
City of Charleston 4 Per Cent Coupon
Bonds, maturing January 1 or July 1, 1909, with
cent
all coupons on the said bonds falling due subse¬
quent to July 1, 1907, and for this purpose Invites
tne
following:
Sealed bids will be received by the City Treas¬
on or before 12 o’clock on WEDNESDAY,
MAY 15, 1907.
FIRST.—For the purchase of all or any portion
of an Issue of $1,000,000 of the aforesaid 30-year
4 Percent Bonds; the principal payable In 4 Per
Cent Coupon Bonds of the City of Charleston,
urer
BOSTON.
MUNICIPAL AND RAILROAD
BONDS.
LIST ON APPLICATION.
maturing January or July, 1909, with all Coupons
thereon falling due subsequent to July 1, 1907;
and any premium bid payable In cash; settle¬
ments to be made on July 1, 1907.
SECOND.—For the purchase of all or any por¬
tion of an Issue of $1,000,000 of the aforesaid
bonds, however, to be Issued upon cancellation
of similar amounts of the 4 Per Cent Coupon
Bonds of the City of Charleston, falling due Janu¬
ary 1 or July 1, 1909, which may be held by the
City of Charleston, or purchased under the terms
of the bld.next hereafter called for.
THIRD.—For the sale of portion of the present
Issue of 4 Per Cent Coupon
Bonds of the City of
Charleston maturing July’ 1 or January 1. 1909,
not
exceeding
$1,000,000,
with
all
Coupons
thereto attached falling due after July 1. 1907,
payable In cash on the llrst dayr of July, 1907.
In the event of over-subscription at acceptable
figures In any of the above
cases a
allotment will be
proportionate
made.
Each successful bidder will be
required to de¬
posit with City Treasurer within 24 hours a satis¬
factory Surety Bond or a certliied check for 5 per
cent of the amount of bid awarded to him as se¬
curity for his compliance with the terms of the
bid; and In the event of non compliance, sealed
bids to be called for at a period not less than 15
days for the amount defaulted on. and any loss
to the city by reason of the re-sale to be deducted
out of the deposit or to be paid by the makers or
sureties on the bonds of bidders.
In the event of any bidder not depositing a
certified check or a bond within 24 hours, the city
to have the right either of canceling the said bid
and of accepting that of another bidder, or of
holding the uldder liable thereon.
The city further reserves the right to reject
any or all bids made.
These Bonds are exempt from State, County
and City Taxes, and in the hands of banks In
Charleston exempt their shareholders from alt
taxes to the extent of the holding as Is now the
case with 4
per cent Brown State Bonds.
30-year 4 Per Cent Bonds, payable In cash; said
SEASON GOOD &
MATER,
mercantile Library Building,
CINCINNATI.
Blodget, Merritt & Co
)
AND
CORPORATION
)
60 8t$te Street,
BONDS
Albert
Llita spoil request.
Denison &
Farnsworth,
STATE, Gif f * EA1LEOAD MOBS.
Hick-Grade
Public
Service
Securities
Mao
Donald,McCoy & Go,,
MUNICIPAL
AMD
CORPORATION
BONDS.
BOSTON
CLEVELANDand PHILADELPHIA.
Street,
Municipal,
County,
State,
SSMASSAC BTEIBT, NEW TfftA.
and
INVESTMENT BONDS
Walnut
CINCINNATI, O.
Boston
205 La Salle Street. CHICAGO
Kleybolte& Co.,
4S9
BANKERS,
F. B. SHERMAN & CO.
MUNICIPAL
,
(8i La Salle
Street, Chicago.
Correspondence Solicited
THE
NORTHERN AUDIT CO.
Broadway, New York
CHAS. GRISWOLD BOURNE, President
Telephone 4398 Broad
1143
THE CHRONICLE
April 1 (V. 84, p. 889) to the Cleveland Trust Co. of Cleve¬
land, the first sale having never been consummated.
Wilmington, New Hanover County, N. C.—Bonds Voted.—
on May 7 th.'s city voted in favor of the
propositions to issue the $400,000 street and $500,000 water
and sewerage bonds mentioned in V. 84, p. 1075.
The vote
was 1,332 to 28 on the street bonds and 1,311 to 39 on the
water-and-sewerage bonds. Details of bonds and date of
sale not yet determined.
At the election
Wilson Township (P. O. Wilson), Wilson
County, N. C.—
Bonds Voted.—On April 22 this township authorized the
issuance of $100,000 5% 39-year road bonds by a vote of
454 to 14.
Date of sale not yet determined.
Winfield, Cowley County, Kan.—Bond Sale.—On April
22 this city awarded the following bonds to John Nuveen
& Co. of Chicago:
$40,000 5% 10-30-year (optional) main sewer bonds at 100.50 and accrued
Interest.
4,000 5H % 1-10-year (serial) lateral sewer bonds at par.
Denomination
and July.
Woodmere
County,
N.
Date Feb. 1 1907.
$1,000.
Interest Jan.
School District
(P. O. Woodmere), Nassau
Voted.—On May 3 this district
of $10,000 school-addition bonds.
Y.—Bonds
authorized the issuance
bonds described in V.
1
1907
O’Connor
to
a
Revised Statutes of Ohio
Date May 15 1907.
as
amended.
Denomination $1,-
Interest semi-annual. Maturity
May 15 1917, subject to call $1,000 yearly after May 15 1909.
Certified check for 5% of bonds bid for, payable to the City
Treasurer, is required. Purchaser to pay accrued interest.
These bids
were
OF
paving bds.
$14,250 00
$14,607 00
al4,635 00
52,202 00
52,160 00
52.101 00
52,045 00
52,019 68
51,988 15
51,895 00
51,767 00
14,621 93
bonds.
$1,295 00
$1,312 00
al,329 00
1,328 80
14,587 00
14,580 00
14,570 62
14,561 79
14,540 00
14,499 00
14,606 25
1,317 50
r
1,320 50
successful-
bonds:
$55,000 4 % market-house
and
site
bonds.
Maturity $2,500 yearly on
and $7,500 on Oct. 1 1927.
Maturity $2,300 yearly on Oct. 1
Oct. 1 from 1908 to 1926 Inclusive
11.500 5% Hazel Street sewer bonds.
from 1908 to 1912 Inclusive.
8 290 5% West Lincoln Avenue paving bonds.
Maturity $1,658
on Oct. 1 from 1908 to 1912 Inclusive.
1,045 5% Foster Street sewer bonds.
Maturity $209 yearly on
from 1908 to 1912 Inclusive.
365 5% Foster Street sewer bonds.
Maturity $73 yearly on
from 1908 to 1912 Inclusive.
6,740 5 To Center Street paving bonds.
Maturity $674 yearly on
from 1908 to 1917 Inclusive.
The above bonds will be dated June 10 1907.
yearly
Oct. 1
Oct. 1
Oct. 1
Interest
semi-annually at the City Treasurer’s office.
Bids must be
made for each block of bonds separately and must be accom¬
panied by a certified check for 2% of bonds bid for,drawn
on a national bank and made
payable to Win. I. Davits,
City Auditor Purchaser must be prepared to take the bonds
not later than June 10, the money to be delivered at one of
the banks in Youngstown or at the City Treasurer’s office.
MISCELLANEOUS.
OFFICE
Front & Canal Sidewalk
paving bds.
$50,875 00
a$52,242 00
52,110 25
All bidders offered accrued interest in addition to their bids.
Bond Offering.—Proposals will be received until 2 p. m.,
June 3, by Win. I. Davies, City Auditor, for the following
& Kahler of New York
000.
1017:
p.
Hayden, Miller & Co.. Cleveland
Denison & Farnsworth, Cleveland
Firemens Pension Fund, Youngstown.
Citizens’ National Hank, Wooster
Lamprecht Hros. & Co., Cleveland
Security Sav. Bk. & Tr. Co.. Toledo...
Otis & Hough .Cleveland.
Breed & Harrison, Cincinnati
Seasongood & Mayer, Cincinnati
Well, Roth & Co., Cincinnati
W. .T. Hayes & Sons, Cleveland
Brighton-German Bank, Cincinnati
Dime Savings Bank, Akron
School District (P. O. Woodward), Dallas
district
March
Iowa.—Bond Sale.—This
in
awarded $11,000 5-10-3rear (optional) school-building bonds
March
84,
Oak Hill
Woodward
City for $11,115 (101.045) for 5s. Denomination $500.
Interest January and July.
Wooster, Wayne County, Ohio.—Bond Offering.—Pro¬
posals will be received until 12 in., May 31, by J. B. Minier,
City Auditor, for $9,000 4% water-works-repair bonds.
Authority, Sections 2835, 2835b, 283G and 2837 of the
LXXXIV
Yonkers, N. Y.—Bond Bill Passes Legislature.—The State
Legislature has passed the bill authorizing the issuance of
$300,000 park bonds.
Youngstown, Mahoning County, Ohio.—Bond Sale.—On
May 6 the following bids were received for the $50,875 Oak
Hill Avenue paving, $14,250 Front and Canal Street paving
and $1,295 sidewalk-construction 5% 3 1-3-year (average)
County,
dated
[VOL.
NEW LOANS.
THE
#550,000
Town of
ATLANTIC MUTUAL INSURANCE COMPANY*
Milford, Conn.,
4% Coupon Bonds
New York, January
T
ie
22d, 1907.
Trustees, In conformity with the Charter of the Company, submit the following statement of Us affairs
on
Premiums
Premiums
on
on
the 31 st of
December, 1906.
Marine Risks from 1st January, 1906, to 31st December, 1906
Policies not marked off 1st January, 1906
Total Marine Premiums
$3,190,241 67
582,191 98
$3,772,433 65
_
Premiums marked ofT from 1st January,
Interest received during the ytar
Rent, less Taxes and Expenses.
1906, to 31st December, 1906
$356,457 98
125,501 85
$481,959 S3
Losses paid during the year which were estimated In 1905
and previous years
$309,817 14
Losses occurred, estimated and paid In 1906
1,009,224 32 $1,319,041
Less Salvages
Re-insurances
$107,176 57
150,190 74
$3,081,714 32
Scaled'proposals will be received by the under¬
signed until JUNE 12TH at 3 P. M. for the sale
of Fifty Thousand Dollars of Town of Milford
4%_Coupon Bonds In denominations of $1,000
each.
Dated July 1 1907
payable July 1 1932. In¬
payable January 1 and July 1.
The right to
accept or reject any or all bids Is reserved.
SANFORD HAWKINS.
terest
Town Treasurer.
46
Adrian H. Muller & Son
257,367 31
AUCTIONEERS.
$1 ,061,674 15
Returns of Premiums
Regular Weekly Sales
$62,411 11
Expenses, Including officers’ salaries and clerks’ compensation, sta¬
OF
tionery. newspapers, advertisements, etc.
$344,098 27
The Company has the following Assets, viz.:
and
State
United States
of New York Stock, City, Bank and other Securities
Special deposits In Banks and Trust Companies:
Real Estate corner Wall and William Sts., and Exchange Place
$4,299,000 00
Other Real Estate and claims due the Company
,75,000 00
Premium notes and Bills Receivable
hands of European Bankers to pay
countries
Cash in bank
Cash In
_-
losses under pollcks payable In foreign
Aggregating
$5,697,108 00
700,966 67
1,191,974 88
Offloe
NO.
the Board,
FLOYD-JONES, Secretary.
66
«TR£LT
WILLIAM
Pl*o
Com or
271,142 54
562.631 63
A dividend of Six per cent Interest on the outstanding certificates of profits will be paid to thr
holders thereof, or their legal representatives, on and after Tuesday the Fifth of February next.
The outstanding certificates of the Issue of 1901 will be redeemed and paid to the holders thereof,
cr their legal representatives, on and after Tuesday the fifth 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 earn**! premiums of the Company for the
year ending 31st December, 1900. for which, upon application, certificates will be Issued on and
after Tuesday the seventn of May next.
Q.
EYEBY WEDNESDAY. ’
4,374,000 00
$12,797,823 72
By order of
STOCKS and BONDS
Established 1&S3.
H. C.
Speer & Sons Co.
First Nat Bank
CITY
Building, Chicago
COUNTY
BONDS.
AND TOWNSHIP
BAKER & VAUGHAN,
STANTON
BANKERS
AND
BROKERS
Tit U STFES.
GUSTAV AMSINCK,
FRANCIS M. BACON,
JOHN N. BEACH.
WILLIAM B. BOULTON,
VERNON H. BROWN,
WALDRON P. BROWN.
JOSEPH H. CHAPMAN,
GEORGE C. CLARK.
CLEVELAND H. DODGE,
CORNELIUS ELDERT,
RICHARD H. EWART,
HERBERT L. GRIGGS.
CLEMENT A. GRISCOM,
ANSON W. HARD,
MORRIS K. JESUP.
LEWIS CASS LEDYARD,
FRANCIS II. LEGGETT,
CHARLES I). LEVERICH,
LEANDER N. LOVELL,
GEORGE H. MACY.
CHARLES II. MARSHALL,
A.
A.
RAVEN.
W. H. H. MOORE,
NICHOLAS F. PALMER,
HENRY PARISH.
DALLAS B. PRATT,
GEORGE W. QUINTARD,
A. A. RAVEN.
JOHN L. RIKER.
DOUGLAS ROBINSON,
GUSTAV II. SCHWAB.
WILLIAM A. STREET.
President.
CORNELIUS ELDERT. Vice-President.
JAMES L. LTVTNGSTON, ?d Vice-President.
SANFORD E. COBB, 3d Vice-President.
CHARLES E. FAY. 4th Vice-President.
FIRST MORTGAGE
GOLD
Gas Bonds
37
WALL STREET.
-
AUutM Mutual lunruiM
of Au Tsars Bought
NEW
YORK
Company Strip
and Solo.
JOHN
M. GILLESPIE,
Boom No. 518 Atlantic Rnlldlng,
49-51 Wall Street.
NEW
YOBS.
Mat 11
xix
THE CHRONICLE.
1907.]
Trust (Companies.
Mercantile Trust Co.
50
St. Lours. Mo
Member St. Louis Clearing’
Capital and Surplus, $9,500,000
WM. MAFFITT,
FESTUS J. WADE.
Treasurer
President.
Commenced business Nov.
STREET.
STATE
COLONY
TRUST CO.
MASS
BOSTON.
BRANCH:
BUNKER HILL
House Association
CO. OLD
TRUST
CITY
City Square. CHARLESTOWN. MASS.
Capital & Surplus,
-
Transacts a General Trust and
Banking Business
16, 1899
Interest
RESOURCES
Acts
Nov. 16.1899
as
Allowed
Capital and Surplus,
Deposits Subject to Check-
on
Trustee under Railroad and other Mort¬
also as Agent for the Registering
gages;
$1,667,061 19
Transfer of
and
A
Nov. 16. 1900
$4,429,448 02
Stock.
legal Depositary for Court Funds, and author¬
ized to act as Executor, Guardian, Ad¬
and
ministrator
BOSTON, MASS.
$4,000,000
-
Trustee.
-
$7,000,000
BANKING
TRANSACTS A GENERAL
BUSINESS.
ALLOWS INTEREST ON
DAILY
BALANCES SUBJECT TO
CHECK.
TRUSTEE UNDER MORTGAG¬
ES.
TRANSFER AGENT.
REGISTRAR.
DIRECTORS.
PHILIP STOCKTON, President.
Charles F. Adams 2d.
George E. Keith,
Gardiner M. Lana
Orlando H. Alford.
Arthur
Lyman,
F. Lothrop Ames.
Maxwell Norman,
John S. Bartlett.
Robert T. Paine 2d,
Charles E. Cottlng.
Andrew W. Preston,
Alvah Crocker,
Richard S. Russell.
Livingston Cushing.
Howard Stockton.
George A. Draper.
Charles A. Stone.
William F. Draper.
Galen N. Stone,
Wllmot R. Evans.
Quincy A. Shaw Jr.,
Nathaniel Thayer.
obert F. Herrick
Francis L. Hlgglnson,
Henry O. Underwood,
W. Seward Webb.
Henry C. Jackson.
Sidney W. Winslow.
grederlck P. Fish.
The Proof of Good
Service is Constant Growth
AMERICAN
TRUST COMPANY,
Trust
Registrar.
Elmer P. Howe,
ILLINOIS,
•
•
-
•
CHARLES G. DAWES. President.
W. IRVINQ OSBORNE. Vice-President.
•
A. UHRLAUB, Vtoe-Prieident.
WILLIAM R. DAWES, Cashier.
...
L. D. SKINNER
Asst- Oa?h'f*r
WILLIAM W. GATES, Asst. Cashier.
A. Q. MANG, Secretary.
MALCOLM McDOWElL, Asst Secretary*
ThcTrust Company of
North America
608-605-607 Chestnut St., Philadelphia.
CAPITAL
$1,000,000
ADAM A. STULL. President.
HENRY G. BRJENGLE, 1st V-ce-Pres. A Treasurer.
JOS. S. CLARK. 2d Vloe-Prea., SuperVg Trust Dept.
CHAR. P. LINEAWEAVER, See. A Asst. Trust Officer
DIRECTORS.
Eeklsy B. Coxa Jr„
Edwin 8. Dixon,
Eugene L. Ellison.
Joseph C. Fraley,
Harry C. Francis.
Henry L. Gaw, Jr.,
Howard 8. Graham,
Samuel F. Houston.
Acts
as
Bxacutor,
J. Levering Jones.
Maloolm Lloyd,
John Mcllhenny.
Richard Wain Melrs,
Clement B. Newbold.
John W. Pepper.
Wi 11am F. Read,
Frank Samuel,
Adam A. Stull,
Edward D. To land,
Become# Surety.
Complete
Vanils iatUMt ea Deposits'
Registrar.
Charles W. Whittled
Stephen M. Weld,
Robert F. Herrick,
The NEW ENGLAND
TRUST COMPANY,
SURPLUS, $2,000,000
Vaults
Authorised to act as executor and to receive and
property in trust or on deposit rrom
Equity. Executors. Administrators.
Assignees.
Guardians. Trustees, Corporations and
hold money or
Courts of Law or
$1,000,000
2,0004)00
Also acts
as
Trustee under Mortgage?
Agent and Registrar
and aa Transfer
of Stocks and Bonds.
interest Allowed on Deposits Subject
OFFICERS.
DAVID R. WHITNEY, President
to Check.
-
•
CHARLES H. DALTON, Vice-President
CHARLES F CHOATE. Vice-President.
FRANKLIN HAVEN, VIce-President.
JAMES R. HOOPER, Actuary.
HENRY N. MARH. Secretar- .
FRED K W. ALLEN. Asst^Sec ATreas,
THOMAS E. EATON, Amt. Treasurer.
FRANCIS R. JEWETT. Trust Offioer
BOARD OF DtRECrORo
William Endlcott, Chairman.
Frederick P. Fish.
Walter 0- Baylies,
Morris Gray. '
Alfred Bowdltch,
Franklin Haven,
Charles F. Choate,
James
It. Hooper.
Alexander Cochrane,
James NL Prendergast,
Edmund D Codman,
George 8. Slisbee.
T. Jefferson Cooildge.
Lawrence M. Stockton.
Charles H. Dalton.
Nathaniel 'Thayer.
George Dexter,
George W igglesworth.
Philip Dexter.
David R. Wnitnev
William Farnsworth,
•
•
•
•
•
Sta., St. Louis
•M*
A
GENERAL
PROFITS}*0
FINANCIAL
AND
600 000
Maryland Trust Co*
FIDUCIARY
BUSINESS TRANSACTED
BALTIMORE.
Joha I. Bara
Wilbur F. Boyle
James E. Brook
D. R. Francis
August Gehner
8. EL Hoffman
R. J. O'Reilly.MD
Henry W. Peters
H. Clay Pieros
Murray Carleton
Chas. H. Huttlg
J. Ramsey Jr.
Aug. B. Ewing
Saunders Norvell liolla Wells
Charles Clark
Rreckin'ge Jones James E. Smith
Horatio N. Davis W. J. McBride
Robt. H. Stockton
Nelson W. McLeod Julius S. Walsh
John D. Davis
Wm. D. Orthweln
OFFICERS
WALSH, Chairman of the Board
BRECKINRIDGE JONES. President
JOHN D. DAVIS. Vlce-Preeldent
SAMUEL E. HOFFMAN, Vice-President
JAMES E. BROCK, Secretary
HUGH R. LYLE, Asst. Secretary
HENRY O. IBBOTSON, Asst. Secretary
C. HUNT TURNER Jr.. Asst. Secretary
LOUIS W. FRICKE, Asst. Secretary
FREDERICK VIERLING, Trust Offioer
HENRY SEMPLE AMES. Asst. Executive Officer
CHARLES M. POLK, Asst. Trust Officer
WILLIAM G. LACKEY, Bond Officer
WM. MsC. MARTIN. Asst. Bond Offioer
TOM W. BENNETT, Real Estate Officer
GEO. KINGS LAND. Asst. Real Estate Officer
C. W. MORATH, Sale Deposit Officer
JULIU8 8.
~
Wisconsin Trust
Set el Sale Deposit
-
$2,000,000
-
DIRECTORS
Joslah L. Blackwell.
Grier Hersh.
G. Clymer Brooke,
Ernest Hoen Jr.,
H. Carroll Brown,
J
George C. Jenkins,
John W. Castles.
Joshua Levering,
Joseph R. Foard,
B. Howell Griswold Jr.,
A. Barton Hepburn,
John T. Hill,
Oscar G. Murray,
Henry F. Shoemaker,
James Speyer.
Douglas M. Wylie. '
OFFICERS
HERSH
S. ZIMMERMAN
President
GRIER
L.
2d Vlce-Prest.
Treasurer
JE^RVIS SPENCER Jr.._ Asst. Treasure
Asst. Secretary
IVAN SKINNER
CARROLL VAN'NESS
Co.,
FINANCIAL REVIEW.
/
MILWAUKEE.
1907 ISSUE.
Capital,
Surplus,
a
-----
-
-
-
-
$600,000
100,000
General Trust Co. Business.
Buys and Sells
High Grade Investment Bonds.
Etc-
CAPITAL,
NOW READY.
Transacts
Joseph R. WalnwrlghC
William D. Wlnaor.
Trustee.
under
CAPITAL, SURPLUS
SAVINGS AND TRUST
DEPARTMENTS.
Jamas Crosby Brown.
John Cadwaladsr. '
E. W. Clark Jr.,
Reginald Foster,
George P Gardner,
Eben 8. Draper,
Mississippi
Valley Trust Co.
Fourth & Pine
BANKING,
Henry Q. Brsngle.
Frederick P. Fish,
Nathaniel Thayer,
Lucius Tuttle.
DIRECTORS
Capital, ----- $2,000,000
Surplus and Profits •
900,000
•
Trustee
26,
Philip L. Saltonstall,
Plillip Dexter,
Individuals.
CHARLES E. ROGERSON, President.
JAMES LONGLEY, Vice-President.
WILLIAM C. WILLIAMS, Vlce-Pres’t.
G. E. GOODSPEED, Treasurer.
W. L. WHITNEY, Asst. Treasurer.
HENRY A. FENN, Seo. & Mgr. Safe D.D’t.
H. D. HEATHFIELD, Assistant Sec.
F. J. BURRAGE, Assistant Secretary.
Henry A. Reuter;
P. L. Saltonstall.
R. Paul Snelllng,
Frank W. Stearns,
Eugene V. R. Thayer.
Charles W. Whittier,
CfilQAGO.
'
and
Deposits Subject to Check
Capital - - - Surplus (Earned)
John Lawrence,
John S. Lawrence.
Lester Lei and.
S. E. Peabody,
Francis Peabody Jr„
Royal Robbins,
'
Eugene N. Foss,
RUSSELL G. FESSENDEN, President.
CHARLES L. BURRILL. Vlce-Prest. A Treat.
J. H. PERKINS. Vice-President.
0. H, BOWEN. Secretary.
E. A. COFFIN. Asst. Treasurer.
Asst. Seo.
G. W
AURYANSEN
OF
Trust
Banking Business.
as
Richard Olney,
Robert J. Paine,
Charles E. Cottuig,
Safe Deposit
Railroad and other
Mortgages and is authorized to act as Executor',
Guardian, Administrator and Trustee.
CENTRAL
TRUST COMPANY
B. P. Cheney,
T. Jefferson Coolidge,
CAPITAL, $1,000,000
MASS
General
a
Interest Allowed on
Acts
BOARD OF DIRECTORS;
N. W. Jordan, Chairman.
William A. Gaston.
C. F. Adams 2d,
Rodolphe L. Agassis,
Transacts
Henry S. Howe,
Walter Hunnewell,
Thomas L-Lavermore^
Charles 8. Mellen,
George v. h. Meyer,
Laurence Minot,
BOSTON, MASS.
Company
BOSTON
Chairman
Jb.
Samuel Carr,
AND
BOSTON, MASS.
CAPITAL $1,000,000
$1,500,000
SURPLUS (Earned) Transacts a General Banking and Trust
Company Business.
Interest allowed on Deposits Subject to Check.
Trustee under Mortgagee, Transfer Agent and
F. Lothrop Ames,
Hobart Ames,
Edwin F, Atkina,
Frederick Ayer.
Charles S. Bird.
A. G. Bullock,
Samuel Carr,
Gilmer Clapp,
Rusted Gk Fessendea,
Gordon Dexter,
William R. Driver.
F. C. Dumalne,
Safe Deposit
Boston
BOARD OF DIRECTORS:
T. Jefferson Coolidqk
Gordon Abbott,
Oliver Ames,
C. W. Amory,
Charles F. Ayer,
OFFICERS.
OLIVER C. FULLER.
President.
FREDERICK KA3TEN, Vice-President
GARDNER P. STICKNEY. Treasurer.
FRED. O. BEST Secrctarv
ML, L. SMITH. Ass t Secretary
....
320
Page*.
yearly book of statistics covering a
of years' crop figures, money
rates, range of prices for securities, «fco,
A
series
PRICE, TWO DOLLARS.
Commercial & Financial Chronicle,
76>i Pine ^Street, New
York,
j
[VOL. LXXXLY.
THE CHRONICLE
XX
grtist ©ompuuijes.
MANHATTAN
BANKERS TRUST
TRUST CO.,
WALL ST.
COMPANY
$3,000,000.
Surplus $500,000
Capital $ 1,000,000
$828,069
Undivided Profits,
DIRECTORS.
A. BARTON
N. Y,
THOMAS W. LAMONT,
SAMUEL G. BAYNE,
Pres. Seaboard Nat. Bank, N
EDWARD F. SWINNEY,
Pres. 1st Nat. B’k, Kansas City
JOHN F. THOMPSON,
HEPBURN,
Pres. Chase Nat. Bank,
Bank of the Manhattan
Co., New York.
Pres.
Pres. Mechanios’ Nat.
Vlce-Pres.Nat. Park Bank.
B’k, N. Y
N.Y.
EDWARD TOWNSEND.
Pres.ImoorteiB’ A Traders’ Nat.
t
New York.
EDGAR L. MARSTON,
JAMES G. CANNON,
Blair & Co.,
Vice-Pres. Fourth Nat. Bk. N Y
Bankers, New York.
J. P. Morgan &
President.
a
Vice-Pres. Chase
New York.
Co„ B’kers, N.Y.
Nat.
WILLIAM H. PORTER,
N. Y.
Pres. Chemical Nat. Bank,
Vice-Pres. First Nat. Bank.N.Y
Bank
DANIEL G. REID,
WALTER E. FREW,
Vlce-Pres. Liberty Nat. B’k,
Vice-Pres. Corn Bxcb. Ba„ N. Y.
George F. Baker.
August Belmont.
EDWARD F. C. YOUNG,
Walter P. Bliss.
Bank, N.Y.
N.Y.
Pres. 1st Nat. Bank.
Jersey City
Executor, Administrator and Guardian t Assignee and Receiver t Registrar#
Transfer and Fiscal Agent i and as Trustee for Individuals and corporations*
ALLOWS INTEREST UPON DEPOSITS.
Acte
as
J. F. THOMPSON
^ rrlwLnOi
2d V iOO-PRESIDSKT
E. C. CONVERSE
D. E. POMEROY
B. STRONG JR.
PRESIDENT
TREASURER
SECRET ABY
ASSISTANT TRUST OITIOIB
ASSISTANT TREASURER
EL J.
Amos Tnok French
Girard Trust Company.
CHABTXRHD 1886.
Acts
55
B’way
Trustee ot Corporation Mortgages.
Depositary under Plans of Reorganisation.
Registrar and Transfer Agent.
Assumes entire charge of Real Estate.
(Safes to Rent In Bnrglar-Proef Vaults
Acts
8th Ave. & 125th St.
Cedar St.
ns
EL B. Morris, President.
W. N. Ely, 1st Vice-President.
A. A. Jackson. 2d Vioe-President.
C. J. Rhoads, Sd Vice-Pres, and Treasurer.
Edward 8. Paou, Secretary.
and domestic letters of credit.
Pays interest on deposits, subject to check.
Special rates on time deposits.
Issues foreign
MANAGERS!
ffffllngnam B. Morris,
John A. Brown Jr„
C. Hartman Knhn
James Speyer,
Benjamin W. Richards,
John B. Garrett,
William H. Jenks,
William H. Gaw,
Francis L Go wen.
Geo. H. McFadden,
$6,000,000.
CAPITAL and SURPLUS.
Executor, Administrator# Trustee,
Assignee and Receiver.
Financial Agent for Individuals or
Corporations.
Interest Allowed on Individual and
as
Corporation Accounts.
UNITED STATES
MORTGAGE & TRUST COMPANY
73rd.St.&
Grant B. Schley.
8. L. Schoonm&ktr.
John I. Waterbary
R. T. Wilson.
Cannon.
Cross.
Rudulph Bills,
H. W.
CAPITAL and SURPLUS, $10,000,000.
F. N. B. CLOSE
H. W. DONOVAN
Oliver H. Payne.
E. D. Randolph
T. W. LAMONT
OFFICFRQ
VICB-PREBIDINT
James J. HilL
John Kean.
John J. Mitchell.
Francis R. Appleton.
Robert Bacon.
SAMUEL WOOLVERTON,
Pres. Gallatin Nat.
receives deposits
cheque, payable
through the New York Clearing Hease.
oearing Interest and snbjeot to
DIRECTORS.
ALBERT H. WIGGIN,
c
HENRY P. DAVISON
rre8iaenl8’
Bank, N. Y.
GEO. W. PERKINS,
EDMUND C. CONVERSE,
JOHN L WATEBBUBY, President
JOHN KEAN,
) Ylra.
AMOS TUCK EBENCH, jW. N. DUANE,
)
The Manhattan Trust Company
GILBERT G. THORNE,
GATES W. McGARRAH,
EDWIN M. BULKLEY,
Spencer Trask & Co., Bankers,
OFFICERS*
Vice-President.
2d Vice-President.
Y.
NASSAU, NEW YORK,
Capital, Surplus and Undivided Profits,
Street, New York.
7 Wall
STEPHEN BAKER,
cor.
Henry Tatnall,
T*aao H. Clothier.
Thos. DeWltt Cnyler,
Augustas D. JnilUard.
Edward J. Berwind,
Randal Morgan,
Bdw. T. Stotesbnry.
Charles E. lngersoll,
John Story Jenks Jr.
Herurv B. Ooxe Jr.
B. C. Felton
N, E. Cor.iBroad and Chestnut Streets,
PHILADELPHIA.
Hug iuetvs
HttflituecYS.
H.
Brinckerhoff, H. M.
M.
Formerly General Manager and Electrical
Engineer the Metropolitan West aide Ele¬
vated R.H., Chicago,
ASSOCIATED
Wm.
WITH
Barclay Parsons,
DESIGN,
*9
INCORPORATED
The American Mfq. Co.
ENGINEERS,
MANILA SISAL AND JUTE
CONSTRUCT AND
RAILWAY
Consulting Engineers
Examinations, Design, Construction and
Operation
ELECTRICAL CK0PERT1ES
Unsatisfactory Opetatlon
LIGHT, POWER,
65
Examinations and
American
New
York.
Reports.
Trust Building.,
g. white
OHIOAGO
ENGINEERS
NEW YORK
Examinations and Reports
82 Beaver St.,
&
co.
Exchange Place,
-
NEW YORK
Investigations and Reports on Electrle
Railway, Gas, Electric Light, and
Power Transmission Properties
for Financial institutions
and Investors.
Electric
Railways, Electric Light and Electri#
Financed, Designed and Bnilt.
Power Plants
ERNEST ABS-HAGEN, C.E., M.E.
CONSULTING ENGINEER
Sewerage 8jHtems.
Power Plants
Fxamlnutions an** Reports on l.atlDAmerlcan Industrial Pri jects a Specialty
NEW YORK
Whiting Papers
Engineers, Contractors,
43-49
Gas and Electric
8treet,
Investigated.
BEADLE & MAXWELL
I BROADWAY
Wall
GAS PLANTS.
j.
Water Supply,
CORDACE.
OPERATE
HYDRAULIC AND
NEW YORK
60 WALL ST..
'
Byllesby & Co
London
Correspondent:
WHITE Sc CO., Limited,
J. G.
9 Cloak Lane, Cannon St., E. C.
Canadian
Correspondents:
CANADIAN WHITE
CO., Limited,
Montreal.
Principal
Philippine Oflee, Manila#
P. I.
For Fine
Correspondence
and for General Business Uses are
standard, made In Ledger, Bond,
Linen and Fine Writing In variety.
WHITING PAPER CO.,
New York.
Philadelphia.
Mills i Holyoke, Mi
Chicago.
Mat
THE
111907.)
xsi
CHRONICLE
groat ©ompauies.
Bowling Green Trust Co*
26
incorporated 1853.
BROADWAY1 NEW IYORK.
United states M Goipany of Hew Tort
Capital, $1,000,000 Surplus, $8,000,000
45 and 47
officers *
EDWIN GOULD,
.
.
,
Preaideat
WILLIAM H. TAYLOR,
1st Vice-Presideat CAPITAL,
SEAS. P. ARMSTRONG,
2d Vice-President SURPLUS AND
JOHN A. HILTON, 8d Vice-Pres. and Treaa.
.
WILLIAM M. LAWS,
Secretary
DIRECTORS:
John A- Hilton,
Myron T. Herrick,
Charles P. Armstrong,
Frank Brainard,
Franklin <S- Brown,
Robert O. dowry,
Edmund O. Converse,
Wm. Kelson
Cromwell,
Grenville M. Dodge,
A. Ooepel,
Edwin Gould,
Frank J. Gould,
George
J. Gonld,
$2,000-000
UNDIVIDED PROFITS,
TRUST CO.
No. IOO
THIRD AVENUE &
BROADWAY, NEW YORK
WALL STREET
AVE.
WEST DISTH STREET.
34TH ST. dc FIFTH
222 Broadway
BRANCH: 36 Wall Street
GRESHAM STREET,
95
Trustees.
of Ammra
BRANCH: St. Paul Bldg.,
COLONIAL.
BROADWAY,
Ha.
CM AS
©Jy* ©mat ©nmjiang
*
JAMBS, Vice-President
Secretary
A. EDWARDS, 2d Aest. Secretary
HENRY E. AHERN,
Chairman of the Board of
JOHN A. STEWART,
135
$12,801,046
•
•
D. WILLIS
President
WILLIAM M. KINGSLEY, Second Tice-Pres.
WILFRED J. WORCESTER, lilt. Secretary
EDWARD W. SHELDON,
Edward T. Jeffery,
Winslow S. Pierce,
Morton F. Plant,
Diek 8. Ramsay,
Frederick B. Sehenok,
Androw Squire,
william H. Taylor,
Edward R. Thomas,
John P. Truesdell,
E. F. O. Young.
Harry Bronner,
Wall Street.
LONDON, E. O.
14STH STREET.
President
Chairman Executive Committee
OAKLEIGH THORNE,
CHARLES T. BARNKY, President.
FRBD’K L. ELDR1DGB, 1st Ytoe-Presldent.
JOSEPH T. BROWN. 8d Yloe-Presldent.
B. L. ALLEN, 8d Ytoe-Presideut.
WILLIAM TURNBULL, 4th Y.-Pre
VRBD’K GORE KING, See. and Trees.
J. McLEAN WALTON, Asst. Secretary.
HARRIS A. DUNN, Asst. Treatmrei
JOHN E. BORNE,
Issues Letters
Allows Interest on
TRUST DEPARTMENT:
WILLIAM B. RANDALL. Trust Officer
THE WHOLE
HARLEM BRANCH:
LEWIS, Manager.
of the success
BRONX BRANCH:
JOHN BAMBEY Manager.
Trust
SECRET
of the AUTOMATIC TELEPHONE SYSTEM
girl operators. It cannot be denied that most of the troubles
manual system (where operators are used) can be charged to
W. F.
Rhode Island
Travelers Cheques
Deposits Subject to Check
of Credit and
Hospital
Company,
lies In the elimination of
and much of the expense In the
the operators themselves.
TRUE ENOUGH
operators are not faulty aU_the time, but some
But *‘a chain Is no stronger than Its
subscriber judges the entire service by the poorest
all
sometimes.
of them are at all times and all of them are
weakest link,” and the average telephone
he has received.
SYSTEM
PROVIDENCE R. I.
IN THE AUTOMATIC TELEPHONE
CAPITAL
01,000,000
the fallible human operator has been displaced by an Infallible machine, a machine
SURPLUS EARNINGS
91,500,000
With the human operator disappear her faults and
perfect telephone service.
470,000
UNDIVIDED PROFITS
The former are many,
DIRECTORS:
Royal C. Taft,
Robert H. L Goddard,
Geo. W. R.
Matteson,
William D. Ely,
Robert L GammelL,
William Binney,
William B. Weeden,
Edward D. Pearce,
Robert Knight.
John W. Danielson,
Herbert J. Wells,
John C. Pegram,
Lyman B. Gofl,
telephone
manual
Robert W. Taft.
The Audit Company
New York,
1807.
ORGANIZED
NEW YORK:
48 Cedar Street
▲otlng President.
WILLIAM A. NASH,
JOHN
J. MITCH ELI
GEORGE W. YOUNG.
Vloo- Presidents.
EDWARD T. PURINE, Gen’l Mgr.
and Treaa.
RICHARDSON, Assistant Treasurer.
This Company Audits and Investigates Aooonnts
and makes Physleal Examinations of Properties.
Its Certificates and Reports are Prepared in behalf
of Merchants, Bankers, Corporations, Committees
F. C.
strict confidence.
Consulting Engineer and
Statistician.
Bldg.
New York City.
Experienced in Munlolpal Causes
Bellingham. Wash.
Butte, Mont.
Cadillac, Mich.
Champaign, Ill.
Chicago. IU.
Cleburne, Texas.
Columbus. Ga.
Columbus, Ohio.
Dayton, Ohio.
Denver Colo.
Hopkinsville, Ky.
Jonesboro, Ark.
Lake Benton, Minn.
Lewiston, Me.
Lincoln. Nebr.
Angelee, Cal.
Manchester. Iowa.
Marlanao. Cuba
Marlon, Ind.
Los
South Bend. Ind.
Spokane. Wash.
New Bedford. Maas.
Oakland, Cal.
Springfield. Mo.
St. Mary’s, Ohio.
Oeean Park Cal.
Omaha, Nebr.
Pentwater. Mich.
Portland. Me.
Portland, Ore.
Princeton. N. J.
Tacoma, Wash.
Toronto, Junction, Can.
Traverse City, Mleb.
Urbana, Illinois.
Van Wert. Ohio.
Richmond, Ind.
Riverside, Cal.
Rochester, Pa.
Rushvllle, Ind.
San Diego. Cal.
San Francisco, Cal.
Walla Walla. Wash.
Wausau. Wia.
Westerly. R. I.
Wilmington, Del.
Woodstock, N. B.
AUTOMATIC ELECTRIC
and Morgan Streets
CO.,
CHICAGO
Can.
U. 8.A
BARROW; WADE, GUTHRIE & CO
CERTIFIED PUBLIC ACCOURTARTS.
(Neut York and Illinois.)
NEW YORK,
Broad
Exchange Building,
26 Broad 8treet.
CHIC A 60,
Royal Insurance Building.
ELECTRIC LIGHT WORKS,
RAILWAYS, OIL MOTOR CARS.
6*13 Park Row
Hastings, Nebr.
Havana, Cuba.
Hazleton, Pa.
Holland, Mich.
Systems of
William D. Marks, Ph. B.C.E.
WORKS
Fall River, Mass.
Grand Rapids Mich.
The Company also
Installs Money-Saving
Keeping Aooonnts.
ELECTRIC
Allentown, Pa.
Auburn, Me.
Auburn, N. Y.
Battle Creek Mich.
Beaver Falls, Pa.
Van Buren
PHILADELPHIA.
CHICAGO
NEW ENGLAND OFFICE:
Kastsi BI4|h 15 Bute St,. BOHTON.
AUGUST BELMONT,
GAS
Inconsiderable.
THAT IS WHY
Neison W. Aldrich,
Samuel R. Dorrance,
the AUTOMATIC TELEPHONE SYSTEM, having no operators, can produce a perfect
Howard O. St urges,
Stephen O. Metcalf,
service, prompt, accurate, absolutely secret, at a much lower cost than for Inferior
Walter R. Callender,
service.
That is why It Is a profitable Investment to put your money Into an operating company
Gilbert A. Phillips,
Our Automatic Telephone System has been adopted
that uses the Automatic Telephone System.
Edward Holbrook,
James E. Sullivan,
In the following cities:
Santa Monica, Cal.
Benjamin M. Jackson,
Medford. WIs.
El Paso, Texas.
Aberdeen 8. D.
Saskatoon, Saak,. Can.
John R. Freeman.
Miamlsburg Ohio.
Emaus. Pa.
Akron, Ohio.
Sioux City Iowa.
Charles 8. Meilen.
Mt. Olive, Ill.
JOHN E. WILLIAMS, Asst. Seo'y.
HENRT L.SLADER, Asst. Sec’y.
WALTER Q. BROWN. Asst. 8 ec»T
and others, in
Devises and
the latter not
that produces
her expense.
Rowland Q. Hazard,
HERBERT J. WELLS, President.
EDWARD S. CLARK, Vloe-Presldent.
HORATIO A. HUNT, Vioe-President.
WILLIAM A. GAM WELL, Secretary
PRESTON IL GARDNER, Trust Officer.
CYRUS E. LAPHAM, Asst. Sec’y.
of
th
18 8t
SAM FRARC/SCO,
737 Market Street
REW ORLEARS,
Hibernia Bank Bldg.
LORDOR, ERGLARD,
8u/ithin’a Lane, E. C.f Cable, “Adorjest.”
un
THE CHEONICLE.
(ttottou.
IfitmticiaL
16 to
FARWELL
STILLMAN,
COTTON
TRUST
MERCHANTS
22 WILLIAM
BANKERS
STREET.
220 LA SALLE ST.
RAILROAD BONDS
EGYPTIAN AND AMERICAN COTTON OP ALL
GRADES SUITABLE TO WANTS OF SPINNERS.
Established
IN
1850.
William
Street. New York.
Execute Orders for Future Delivery
COTTON
At the New York,
Eiverpooi nnd New Orleans
Cotton Exchanges. Also orders for
« OFFKE
At the New York Conee Exchange
GRAIN AND PROVIHIONH
at the Chicago Hoaru ot Trade and
GRAIN AND COTTON-SEED OIL
At tne New York Produce Exchange
Hubbard Bros. & Co.,
COFFEE EXCHANGE
HANOVER
Street,
CHICAGO.
^CAPITAL
-
$1,500,000
-
GRANGER FARWELL, President
Henry
Hentz & Co.,
COMMISSION MERCHANTS.
16 to 22
COMPANY,
226 La Salle
37 PINE ST.
NEW YORK
CHICAGO
NEW YORK.
lxxxiv.
fptnmcial.
WOODWARD
&
[Vol.
.
CHICAGO CITY MORTGAGES.
HIGH-GRADE INDUSTRIAL BONDS.
CHICAGO REAL ESTATE BONDS.
CORPORATION l RAILROAD BONDS.
SEND FOR CIRCULARS.
ALBERT G.
LESTER, Vice-President
JOHN BARRY SEARS. Treasurer
JOHN J. BRYANT JR.,
LOANS
ON
Secretary
COLLATERAL.
BONDS.
INVESTMENT
SECURITIES.
PEABODY, HOUGHTELING & CO.
181 La Salle Street,
BUILDING,
SOU A RE,
DOUGLAS SMITH, Vice-President
CHICAGO.
I ESTABLISHED 1N*>6.
NEW YORK.
COTTON
MERCHANTS.
Liberal Advance* [Hade
on
Edwin L. Lobdell & Co.,
Cotton
BANKERS AND
BROKERS,
Consignments.
Hopkins, Dwight & Co.,.
Rotunda, Rookery Bldg., Chicago.
80 Broadway, New York.
(New York Stock
COTTON.
Members
and
Exchange,
Chicago Stock Exchange,
(Chicago Board of Trade.
<
F. H. PRINCE &
CO.,
BANKERS.
BOSTON, MASS.
COTTON-SEED OIL.
COMMISSION MERCHANTS.
Room rVi, Cotton Exchange Building,
NEIV YORK.
Lehman. Stern & Co.
Limited, New Orleans, La.
LEHMAN
Bishop, Laimbeer & Co.
Mills
York.
Members of New York and Boston Stock Exchanges
Building.
BROS.,
Coffee
15 Broad St.
-
©otto II.
INMAN
Orders executed on the above Exchanges, as well In
New Orleans. Chicago and foreign markets.
Colton
&
CO.,
merchants,
I Established 1808. |
AUGUSTA, GA..
Siegfr. Gruner & Co.,
COTTON
MERCHANTS
NEW
Mason Smith &
Co.,
COTTON COMMISSION MERCHANTS,
NEW ORLEANS, LA.
Buyer* of Spot Cottop.
Orders for Contract* Exe¬
tn the New Orleans, New
York.
Liverpool and Havre Markets.
WILLIAM RAY & CO.,
SUCCESSORS TO
COPELAND
COTTON
<fc
CO..
BROKERS,
43 Cotton Exchange,
INMAN A CO
New York.
Orders for future delivery contracts executed on
the New York and Liverpool Cotton Exchanges.
R. H. ROUNTREE &
CO.,
CO.,
Lord’s Court Building,
27 William Street.
NEW YORK
Tel. No. 1018 Broad.
Cotton
LIVERPOOL COTTON ASSOCIATION
Future Delivery Orders Executed on above Exchanges
I
Liberal Advances Made
on
Cotton
Consignments
LEHMAN BROS., New York.
Lehman, Stern & Co.?Ltd-
Member* or N. Y. and New Orlean Cotton Exchange*
and Liverpool Cotton Association.
56 Heaver Street, New York.
CHANGES.
COTTON PURCHASED FOR SPINNERS
SMITH
USE
&
HAYNE,
Frank B. Hayne (In Commendam )
Cotton
COTTON
Brokern,
EXCHANGE BUILDING.
NEW ORLEANS, LA.
ORDERS FOR FUTURE DELIVERY EXECUTED
IN NEW ORLEANS, NEW YORK AND
LIVERPOOL MARKETS.
SMITH,
1 Nassau
Street,
corner
CLEMENT,
Wall Street
Members of the New York Stock Exchange.
Bonds, Stocks, Cotton, Grain.
DICK
BROTHERS &
CO..
©oltou.
Cotton Exchange Bldg., New York.
ORDERS FOR FUTURE DELIVERY EXECU¬
TED IN NEW YORK AND LIVERPOOL EX¬
&
New Orleans.
COTTON BROKERS.
CO.f
CLEMENT
Orders for future delivery executed in New Orleans
New York and Liverpool.
Liberal advances made on Cotton consignments.
COTTON FACTORS and
C0MM1SS0N MERCHANTS,
Chapman, Selter & Allen,
ROBERT MOORE A
New York.
-
MEMBERS OF
NEW YORK STOCK EXCHANGE.
BANKERS AND BROKERS,
30 Broad St.,
New York.
Members ol N.Y. and Philadelphia 8toek hintan—.
New York, New Orleans ana Liverpool Gottoo
Exchanges. New York Oofiee Exchange
and Chicago Board of Trade.
COTTON EXCHANGE BUILDING,
YORK.
96 Broadwav,
BB0KEK8,
NEW YORK COFFEE EXCHANGE
Commission Merchants.
Cotton, Grain, Provisions and Coffee.
NEW
BANKERS AND
Successors to HAVEN A
Merchants.
(NEW YORK COTTON EXCHANGE
(NEW ORLEANS COTTON EXCHANGE
,
W. T. HATCH & SONS,
141 Milk Street, BOSTON, MASS.
Members
DALLAS, TEX.
cuted
GEO.
Exchange Building, NEW YORK.
W. R. CRAIG &
YORK.
MEMPHIS, TEN N.
AND
Cotton
Bremen Correspondents.
17 South William Street,
Investments.
Member* New York Stock Exchange.
Non. 16-22 William Street, New York.
Members ot the Stock, Cotton,
and, Produce Exchanges, New
Hiprh- Grade
Stephen M. Weld & Co.,
COTTON MERCHANTS,
82-92 Beaver
Street,
-
Boston Correspondents, S.
X State St., Boston, Mass.
New York City,
M. Weld A Oo., 89
_
GWATHMEY A CO.,
COTTON
Liverpool Correspondents, Weld A Oo.
Bremen Correspondents, Albrecht, Weld A Oo.
MERCHANTS,
49 Cotton Exchange,
*
-
New York.
Geo. H. McFadden &
COTTON
Wm. P.Qucnteli.
R
R. Coats.
Theodore H
Price,
Quentell, Coats & Co.,
COTTON BROKERS,
Beaver Street,
New York
Member* N.Y. Cotton Exchange
Associate Members Liverpool Cotton Association.
Bro.,
MERCHANTS,
PHILADELPHIA.
NEW YORK.
Liverpool Correspondents:
FREDERIC ZEREGA A CO.
Bremen Correspondents:
MCFADDEN BROTHERS A CO.
HAVRE CORRESPONDENTS*.
8OCTETE D’lMPORTATION XT DE COMMISSION
@FedFRASER