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financial
The.
onintrrc ttI
tiretude
INCLUDING
Bank and Quotation Section (Monthly)
Railway and Industrial Section (Quarterly)
State and City Section(semi-Annually)
r
Electric Railway Section(T117:01,jr)
SATURDAY, MAY 16 1908.
VOL. 86.
Wixt Throuide.
NO. 2238.
Week ending May 9.
Clearings at1908.
1907.
Inc. or
Dec.
1906.
1905.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
For One Year
$10 00
For Six Months
•
0 00
European Subscription (including postage)
13 00
European Subscription six months (including postage)
7 50
Annual Subscription in London (including postage)
22 148.
Six Months Subscription in London (including postage)
21 118.
Canadian Subscription (including postage)
$11 50
Subscription includes following SupplementsN1( AND QUOTATION (monthly)
STAR AND CITY (semi-annually)
RAILWAY AND INDUSTRIAL(quarterly) I ELECTRIO RAILWAY(3 times yearly)
Terms of Advertising-Per Inch Space
Transient matter per inch space (14 agate lines)
$4 20
22 00
(8 times)
Two Months
29 00
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mes
Three
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Standing Business Cards
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Six Months
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Twelve Months(52 times)
CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel. Harrison 4012.
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
WILLIAM B. DANA COMPANY,Publishers,
P.O.Box 958. Front, Fine and Depeyster SM, New York.
Published every Saturday morninir by WILLIAM B.DANA COMPANY.
William B. Dana,President; Jacob Seibert Jr.,Vice-Pens, and Sec.; Arnold
G. Dana,Treas. Addresses of all,Office of the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates
that the total bank clearings of all clearing houses of the U. S.
for week end. May 16 have been $2,520,357,117, against $2,534,059,565 last week and $2,808,967,421 the week last year.
Clearings-Returns by Telegraph May16.
1908.
1907.
%
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,254,283,096
113,956,299
101,814,579
20,484,180
192,416,316
50,769,546
10,855,269
$1,357,798,505
152,658.400
119,430,265
24,228,099
227,219,106
60,600.907
13,851.686
-7.6
-25.4
14.7
-15.4
-15.3
-16.2
-21.6
Seven cities. 5 days
Other cities, 5 days
$1,744,579,285
365,128,364
$1,955,786,968
426,019,481
-10.8
-14.3
Total all cities, 5 days
All cities, 1 day
$2,109,707,649
410,649,468
$2,381,806,449
427,160,972
-11.4
-3.9
$2,520,357,117
$2,808,967,421
-10.3
Total all cities for week
The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
•We present below detailed figures for the week ending with
Saturday noon, May 9, for four years.
Week ending May 9.
Clearings at
1908.
1907.
Inc. or
Dec.
1906.
1905.
%3
$
$
New York
1,531,496,598 1,644,241,578 -6,9 1,943,195,859 1,628,894,256
Philadelphia _ _
117,037,019 142,592,911 --17.9 141,379,078 124,997,277
49,333,254
53,3:37,344 -31.2
48,445,850
Pittsburgh
36,672,448
20,551,415
Baltimore
26,345,513
26,725,630 -11.5
23,664,243
6,449,052
7,414,472
Buffalo
9,044,164 -4.4
8,648,032
5,060,967
Albany
6,580,903 -24.5
5,229,721
4,965,806
5,263,551
5,779,551
Washington ___.
6,427,964 -3.8
6,182,643
3.512,411
3,530,575
Rochester
3,489,940 -4.9
3,318,999
1,735,841
Scranton
1,810,369
2,224,887 -1.1
2,200,104
1,435,900
1,639,091
Syracuse
1,854,887
1,860,837 -0.3
1,201,018
1,264,659
Reading
1,320,509
1,371,077 -3.8
1,329,159 -15.0
1,318,403
1,197,967
Wilmington
1,130,567
1,047,322
1,002,284
+3.7
1,220,691
Wilkes-13arre - 1,265,726
914,899
755,723
Wheeling
1,145,793 +30.7
1,497,981
1,059,307 -9.6
801,778
Harrisburg
957,049
583,043
Erie
680,836 -3.9
603,797
654,583
719,657
412,224
634,194 -1.6
Greensburg
624,318
591,900
571,000 -7.0
582,500
530,900
Binghamton _ -478,796
+5.4
Chester
486,556
767,087
512,909
278,287
Franklin
347,729 -20.3
199,068
277,240
York
799,871 Not included in total
Altoona
340,005 Not included In total
Total Middle__ 1,744,812,561 1,905,372,500
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford__
Lowell
Holyoke
Total New Eng.
-8.4 2,193,568,823 1,853,955,592
137,300,636
5,196,500
3,412,788
2,230,459
2,153,910
1,841,226
1,386,873
755,934
647,210
508,122
420,000
156,747.083
6,339,900
3,818,127
2,683, 42
2,300. 00
2,019,706
1,673,461
1,168,900
719,195
502,686
441,790
155,853,656
178,954,490 -12.7
-12.4
-18.0
-10.6
-15.3
-6.3
-8,8
-17.1
-35.3
-10.0
-14.3
-4.9
154,317,712
6,732,500
3,329,920
2,559,086
2,023,5$0
1,967,829
1,538,562
1,028,653
603,672
526,533
553,086
148,907,830
6,557,500
3,256468
2,016,468
1,786,204
1,706,537
1,658,753
708,273
563,531
605,611
'561,422
175,181,103 V68,328,581
Chicago
Cincinnati
Cleveland
Detroit
Milwaukee
Indianapolis
_
Columbus
Toledo
Peoria
Grand Raplds__ _
Evansville
Dayton
Kalamazoo
Fort Wayne _ _ _ _
Springfield, Ill
Rockford
Akron
South Bend
Canton
Youngstown
Lexington
Quincy
Bloomington_
Springfield, O._ _
Mansfield
Decatur
Jackson
Jacksonville, Ill_
Ann Arbor
Adrian
Danville
Tot. M1d.West.
San Francisco_ _
Los Angeles
Seattle
Portland
Salt Lake,Citypokane
Tacoma
Oakland
Helena
Fargo
Sioux Falls
San Jose
Sacramento
Stockton
Fresno
North Yakima _ _
Billings
238,t44,603 256,781,932 -7.1
21,534,300
25,500,150 -15.6
15,796,801 -15.0
13,430,285
13,883,494 +1.4
14,080,725
10.491,481 -5.2
9,946,298
8,988,746 -24.4
6,794,308
5,369,800 -13.3
4,656,700
4,083,525 -7.7
3,769,542
2,896,720 -18.9
2,347,772
2,524,444 -19.5
2,033,229
2,536,603 -20.1
2,026,403
1,968,087 -17.1
1,632,594
1,131,006 -3.6
1,090,876
898,561 +30.7
1,174,510
851,254 -1.5
838,753
688,228 -20.0
550,994
625,000 -24.0
475,000
620,145 -24.2
469,857
613,551 -29.4
433,441
607,913 +4.6
635,840
599,734 -0.7
595,708
494,233 +1.9
503,869
466,714 -7.4
432,306
440,539 -13.7
379,602
434,995 -14.9
370,410
358,361 -2.6
349,165
360,866 +7.5
387,834
256,395 +10.7
283,797
158,577 +6.7
169,154
18,000 -14.5
15,384
408,348 Not Included In total
208,753,754
25,051,700
14,749,488
13,910,396
9,342,972
6,872,885
5,842,700
4,017,729
2,731,967
2,411,132
1,705,348
1,988,974
982,020
869,556
765,889
539,066
587,80
405,600
508,179
507,235
601,480
405,539
364,958
340,890
310,408
273,812
260,343
255,802
132,745
178,395,475
21,821,950
13,553,637
11,346,827
8,487,371
6,148,034
5,226,100
3,668,417
2,824,866
1,995,488
1,537,697
1,618,074
811,580
741,594
763,176
552,159
474,800
496,524
468,926
513,760
516,349
304,636
346,402
393,900
337,280
277,415
248,127
247,286
171,874
-8.4
305,515,902
264,289,724
330,053,349
360,445,855
41,647,500 -33.9
27,538,633
11,033,359 -0.4
10,993,447
9,133,824 -15.3
7,735,666
7,717,007 -20.2
6,160,000
6,046,512 -32.8
4,062,735
5,884,754 +12.6
6,626,983
4,783,552 -12.5
4,186,944
3,030,873 -46.5
1,620,348
692,810 -26.7
507,938
618,323 -20.6
491,206
507,500 +28.1
650,000
450,000 -23.5
344,309
818,821 Not Included in total
Not included in total
450,000 Not Included In total
Not included in total
200,108 Not included in total
11,683,388
8,637,530
5,512,721
4,660,421
7,087,518
3,787,874
2,950,000
719,282
452,074
442,210
30,808,933
10,943,426
5,644,341
4,486,905
3,493,458
3,513,180
3,361,391
429,543
516,128
357,857
Total Pacific_ _
70,918,209
91,546,014 -22.5
45,933,018
63,505,162
Kansas City
_
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Wichita
Lincoln
Topeka
Davenport
Colorado Springs
Cedar Rapids
_
Pueblo
Fremont
37.545.487
18,306,754
11,664,789
8,467,902
7,500,000
4,894,503
2,994,527
2,254,540
1,236,828
1,217,178
1,100,833
1,045,992
1,003,711
998,777
483,563
319,182
29,964.512
21,024,557
10,584,519
8,881,512
6,836,910
5,939,588
2,976,800
2,319,703
1.328,312
1,237,197
1,071,243
1,025,768
584,721
752,319
567,140
301,293
+25.3
-12.9
+10.2
-4.7
--4.7
+9.7
+0.6
-2.8
-6.9
1.6
+2.7
+2.0
+71.7
+32.8
-14.7
+5.9
23,990,561
66,836,301
9,846,648
7,121,492
6,282,452
4,882,414
2,873,647
1,883,656
1,265,547
1,144,523
821,973
856,471
734,830
768,462
426,856
276,353
21,565,128
14,493,333
7,622,474
6,037,333
4,481,843
5,741,053
2,777,759
1,624,302
1,078,061
Tot. oth.West _
101,034,564
95,396,094
+5.9
80,011,786
69,408,871
St. Louis
New Orleans_ _
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis
Nashville
Savannah
Fort Worth
Norfolk
Birmingham
Knoxville
Jacksonville
Mobile
Chattanooga
Augusta
Little Rock
Charleston
Oklahoma
Macon
Beaumont
WilmIngton,N.C.
Columbus, Ga__
Austin
Vicksburg
Total Southern
Total all
62,517,735 --13.0
54,387,377
16,769,566 --23.8
12,773,306
11,075,409
12,358,356 --10.4
11,694,480 --36.6
7,417,785
6,593,000 --21.1
5,200,000
5,865,890
5,960,701 --1.6
4,177,039
4,810,869 --13.2
4,223,591
4,524,285 --6.6
3,114,659
4,184,330 --25.6
2,883,820
3,689,215 --21.8
4,101,020
3,442,273 +19.1
2,051,626
2,943,529 --30.3
1,720,730
2,473,299 --30.5
1,809,540 --26.9
1,323.087
1,627,705 --4.2
1,558,688
1,545,010 --24.4
1,167,213
1,548,759 -1.9
1,519,845
1,484,260 --14.4
1,270,802
1,482,124 -9.5
1,341,015
1,371,600 -8.0
1,262,702
1,083,936 +2.5
1,111,188
635,000 +1.0
641,302
555,103 -3.5
535,132
300,000 -33.6
300,000
400,000 -90
364,000
663,268 Not included In total
included
Not
in total
305,365
131,387,226
155,956,378 -16.4
2,534,059,565 2,786,721,331
Total:Canada
55,784,461
55,908,631
17,166,876 . 16,367,808
11,963,913
11,966,029
8,144,388
6,064 016
5,146,000
4,683,000
5,581,646
4,921,788
4,578,188
3,230,625
4,939,082
4,998,970
5,208,583
3,178,658
4,513,399
3,022,644
2,798,061
2,376,082
2,355,363
1,781,290
1,920,899
1,420,650
1,302,173
1,091,544
1,568,322
1,241,936
1,489,225
1,083,208
906,584
1,179,075
1,494,384
1,923,508
1,244,204
984,078
1,029,207
1,119,794
800,000
433,933
512,909
350,000
450,000
346,599
398,615
244,623
142,435,283
128,779,688
-9.1 2,942,643,915 2,548,267,622
Outside N. Y__ 1,002,562,967 1,142,479,753 -12.2
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Hamilton
- Quebec
Halifax
St. John
Calgary
London
Edmonton
Viatorla
1,193,748
804,444
754,994
624,698
409,447
170,258
30,534,696
22,214,171
12,136,563
3,617,892
3;562,533
1,363,715
2,460,521
1,872,305
1,288,897
1,216,036
1,346,062
788,017
1,109,092
30,036,048
26,253,896
12,101,556
3,510,974
• 3,463,257
2,445,159
• 1,919,600
1,802,150
• 1,460,960
1,425,300
1,345,095
1,004,079
986,314
+1.7
-15.4
+0.3
+3.0
+2.9
-44.3
+24.2
+3.9
-11.8
-14.7
+0.1
-21.5
+12.5
83,510,500
86,750.309
-3.7
998,650,056
919,372,368
30,486,688
25,087,841
8,486,179
2,318,485
2,830,232
1,293,572
1,976,716
1,737,132
1,134,794
973,257
1,189,805
25,685,990
19,931,283
6,084,925
1,784,256
2,172,273
1,112,334
1,670,554
1,682,903
1,121,466
851,658
807.917
78,366,359
62,959,213
922,312
1186
THE CHRONICLE
REMOVAL 1V OTIC_E.
As announced last week, "The Chronicle"
is now issued from its new home, corner
Front, Pine and Depeyster Streets.
THE FINANCIAL SITUATION.
Our worthy President, in calling together at Washington a conference the current week of about 150
conferees—Governors of States and Territories and
others—said in his letter of invitation that it "is the
plain duty of us who for the moment are responsible
to take inventory of the natural resources which have
been handed'down to us, to forecast the needs of the
future, and so handle the great sources of our prosperity as not to destroy in advance all hope of the prosperity of our descendants." When we first read the
invitation, we understood it to be a clear and plain
acknowledgement of harmful doing in the past by the
conferees which had proved so disastrous to progress
as "to destroy all hope of the prosperity of our descendants." In other words, we at once took the expressions Mr. Roosevelt had used as a confession of
the well-worn truth which is being emphasized so conspicuously in the events of the day—"non progredi est
regredi"—not to go forward is to go backward; and
as the nation had been stopped in its forward progress
by, as we believed, Mr. Roosevelt's policies, we were,
through his fault, already going backward. Moreover, he having unwittingly encouraged the principle
that old saw covers, it acted as an eye-opener—enabling him to realize its full meaning and express
regret for his course.
But since Mr. Roosevelt's assemblage of Governors
opened Tuesday, the scope of its proposals has
been further disclosed .so as to be a little clearerin its purpose. What is now assumed as the ocl
casion of the meeting lies in the claim th at the natura
resources of our country are in danger of exhaustion
if the old wasteful methods of exploiting them are
much longer to continue. That is a somewhat different idea from that we at first had in mind. But,
according to the speeches made, the pathos of an infinite destiny would seem to adhere to the present
suggestion, if we must believe all that is claimed for it.
At least, we are reminded by the situation of an old
story, which seems to be so pat with the subject that
it may help to enforce an inherent weakness it bares.
The story was of a man long years ago sitting on thetop of a dead whale he had landed, with tears running
down his sunken cheeks, crying over the fact that
whales were getting scarce and that soon there would
be no more of them and no light for any one after sunset.
The most of us have lived long enough to know that
this anticipation failed to be realized, and that the
world's experience did not accord with it. Of course,
every device, speaking in general terms, for husbanding resources should be used. But does not the history of our new country teach that the further we remove the responsibility from the individual, the less
efficacy there is in work done, the less inventive force
is exercised, and the greater are the extravagances practiced? We admit that there are some matters—but
they are exceptions—which might call for the united
action of Federal and State governments. Besides,
[VoL. Lxxxvi.
does not experience compel us,somewhere in the makeup of the heavens and of the earth, to allow for a
Grand First Cause, operating in the arrangement of
the Scheme of Things? How marvelous it is that,
when whales give out, rivers of oil flow in as a substitute! Even when building materials began to grow
scarce—which the old, lugubrious prophets told us
would drive us to the mountains for shelter—iron and
steel became, not only a device for the exhausting
lumber supply—that is a very small expression of the
marvel—but enabled us, with cheapened Portland
cement, to erect a profitable fire-proof building on a
portion of a city block of land that would accommodate
in luxury people who would need several blocks of
the old style of houses, if they had been put up on
the same land.
In accordance with a pre-arranged program, the
House of Representatives at Washington on Thursday
passed the Vreeland Currency Bill after a special rule
had been agreed on limiting debate to only a few
hours and permitting the offering of only a single
amendment. The bill seems to suit no one. Perhaps
the clause in it which would permit the banks to issue
emergency notes against mercantile assets is to be
regarded as a step in advance, and yet these notes
cannot be termed as assets or credit currency in the
correct sense. The general characteristics of a credit
currency are that the whole volume of notes outstanding
are secured by the general body of assets. These notes,
however, are to stand by themselves and are to be secured by a segregated portion of the assets. Moreover,
they are to be based upon "any securities, including
commercial paper,"which the banks may hold. Thusthe
idea of specific collateral back of the notes, which has
been the basis of the note issues since the national
system was organized, is still retained. The only step
forward is in the fact that commercial paper as well as
bonds will be accepted as collateral.
Much the same qualifying statement must be made
with reference to the utilization of the expedient of
clearing-house associations. The term, "clearinghouse associations" is distinctly a misnomer and is
also misleading in that it conveys the idea that the
new currency is to -be issued through the instrumentality of the existing clearing-house organizations. In
reality nothing of the kind is contemplated. The bill
provides that banks not less than ten in number,
with an aggregate capital and suprlus of at least
$5,000,000, may form voluntary associations to be
known as "clearing-house associations." The banks
constituting themselves into such associations are to
be in contiguous territory and are to be jointly and
severally liable for any deficiency in the amount necessary to pay the notes after the sale of the deposited
securities in case of a failure to redeem the notes.
Obviously,notes backed by clearing-house associations
of this type stand on a wholly different footing from
notes for which the existing clearing-house associations
and which do "clearing" in the real sense, might be
sponsors.
The author of the measure displayed a very accommodating disposition and made numerous concessions
and seemed ready to make more up to the very hour
that the vote was taken—one change was actually incorporated at the very last minute—in order to secure
the passage of the measure. This calls attention to
MAY 16 1908.1
THE CHRONICLE
1187
what will remain a distinct feature of the currency legis- many difficulties. In the "Cleveland Leader" of
lation of the present session, whatever form such legis- day before yesterday we find some startling headlation may finally take, namely that all those whose lines, to this effect "Jeer Mayor, Ask Reform—
names have been identified with the currency bills that Citiiens, Amid Cat-calls, Condemn Car Service—
have received consideration at the hands of Congress Demand a Change." It appears that now that the
have evinced the same spirit, never hesitating to people have three-cent fares, they are not satisfied
consent to important modifications in their bills with the service. The "Leader" says that in one of
in order to obtain approval for them. The the most hostile meetings ever held in the City Hall,
Aldrich Bill, after it emerged
from
the citizens of Cleveland demanded from the Municipal
Senate was in many essential respects a wholly Traction Co. the restoration of lines and the reform
different proposition from the bill as first prepared by of the transfer system. To the accompaniment of
Senator Aldrich. The changes were the outgrowth jeers, we are told, the Mayor and Mr. Du Pont (the
of necessity, some of them being forced upon Mr. President of the company) promised to remedy all
Aldrich in open Senate, but not a few being voluntar- the evils. But we are also told that the Mayor held
ily made in committee with the object of putting the to his purpose of abolishing all service except that
bill in form where it would command the necessary which paid. It is stated that every class of Cleveland
votes to secure its passage. Even Congressman society was represented at the meeting, from the blueFowler, who is of a combative temperament and not shifted working Man to the white-vested banker, and
ordinarily inclined to yield on any point,seems finally that at times the clamors for redress became so loud
to have caught the infection, for the daily papers on and insistent that it was almost impossible to mainSunday morning reported that Mr. Fowler the day tain order. Constant reminders of campaign promises
before had introduced a new currency measure, differ- were thrown from the back of the hall. The Mayor
ing from the old in that the provisions guaranteeing said that six or seven of the lines ought to be torn up—
deposits and those authorizing national banks to they did not pay. Three-cent fares would not pay
administer trusts were to be omitted. It is known if too many burdens were put on the system. It
to our readers that we have from the first declared was now the people's railroad, and "plugger" lines
ourselves opposed to the section of the Fowler Bill should not be continued. But the patrons of the lines
which purposed endowing national banks with trust could not see it in that way.
functions. However, that provision was not essential
While this has been going on in Cleveland proper
to Mr. Fowler's plan and could be eliminated without East Cleveland has been having some excitement of
affecting in the least the other portions of the meas- its own. It is a smaller place, but its inhabitants also
ure. Not so the Guaranty Fund. This is the funda- want favors. Furthermore, if three-cent fares premental part of Mr. Fowler's whole scheme, and to vail in opulent Cleveland, why shouldn't one-cent
eliminate it meant radically altering the plan. That fares suffice for the less well-to-do people of East
the author of the measure was willing to go so far as Cleveland. At all events, the "Cleveland Leader" on
this, indicates the extent of the concessions he was Wednesday contained an interesting account of what
ready to make. These concessions came too late. is termed a "red-hot" meeting of the Village Council
Had they been made earlier the result might have been the night before, at which the idea was broached of
different.
organizing a company to operate cars through the
The unfortunate part of the whole affair is village to the city limits at one-cent fares. The rethat with Mr. Aldrich ready to compromise, with porter states that 100 citizens offered to take stock in
Mr. Fowler in the same frame of mind, and with Mr. the proposed company on the spot. One excited
Vreeland most complaisant of all, and with public man shouted "We'll show Tom Johnson we can
sentiment in favor of currency reform becoming run cheaper cars than he can." It appears that when
steadily more insistent and steadily more enlightened, the Municipal Traction Co. took over the lines in East
the outcome seems, nevertheless, likely to be far from Cleveland it kept the fare up to five cents on the East
what could be wished. When the Vreeland Bill as Cleveland cars and consequently the people of that
passed by the House on Thursday reached the Senate village are "enraged" at the treatment they are reFinance Committee yesterday, that Committee struck ceiving. Accordingly, they are now determined, or at
out all matter in the bill after the enacting clause least some of them are, to have a line of their own for
and substituted the Aldrich Bill, but after eliminating one-cent fares—"run at cost of operation." The plan
the provision for increased cash reserves by the banks is a very simple one—at least in their estimation. It
and the section forbidding loans to corporations in is expressed in these words: "We have a sewagewhich the officers or directors are interested. In that disposal power plant. Install a dynamo. The cost
form the Senate passed the bill. The situation there- will be little." It is thus apparent that Mayor Johnfore now is that whatever currency legislation is son is having his hands full. The lesson ought to be
enacted at the present session of Congress will be a valuable one.
framed by conferrees on the part of the two Houses.
This will give a small body of men a tremendous
Mention of the chief reason for the special session
amount of power, which, however, does not neces- of the Legislature which began this week is deferred
sarily forebode
It is quite possible that the results until the prescribed formalities in connection with
will be better than now generally expected.
filling the vacancy in one Senatorial district are completed, but eight other subjects are named for action.
Now that Mayor Tom Johnson of Cleveland has had Two of these are the appointment of unpaid commishis way—has triumphed over the street railways of sioners to inquire into "the facts relating to speculahis city and has succeeded in having three-cent fares tion in securities and commodities, with the view to
inaugurated—he is already finding himself beset with ascertaining the manner in which illegitimate transac-
1188
THE CHRONICLE
.[Von. rocxxvi.
If both the plan itself and its results thus far were
tions may be prevented and legitimate transactions
safeguarded"; also, "the number and condition of the admittedly good, a sufficient objection to extending
unemployed within the State and the means best it now would be that the Commissioners have already
adapted to secure a resumption of productive activ- all they can attend to. But the point as now urged
ity." Neither of these propositions requires much is this
comment. The latter is obviously of no practical bene"The plan which was adopted last year of estabfit, the simplest means of furthering the stated object lishing public service commissions has worked adregubeing to keep hands off and leave productive activity mirably, and indeed as an adequate scheme of aclegislative
to
alternative
only
lation
the
presents
to revive of itself in time and after rest. The other tion, which is manifestly not as well adapted to the
proposition mentions "commodities" for the sake just settlement of the great variety of grievances which
of appearances, but its meaning is plain. The Stock must be dealt with separately and after investigation
Exchange, with an intelligence and ability beyond and are susceptible of a fair disposition only through
that of outsiders, already does its utmost to prevent a continuous administrative board."
If it were conceded that all these public utilities must
illegitimate and safeguard legitimate transactions.
There is a popular notion, born of misrepresentation somehow or other be brought under a State reguand prejudice, against which explanation and argu- ation, then it would follow that the choice lies bement seem void of effect; but in point of fact, "specu- tween successive regulative statutes and a turning of
lation" is the making of some forecast about the the subject over to a commission once for all. But
future, and therefore is a factor in every transaction such a necessity for choice is not admitted and does
and every business or merely personal plan; it is an not exist, the other course (not an "alternative"
inseparable part of human life from beginning to between two) being to "let us alone"; therefore the
conclusion of the above quoted sentence is a non seend.
quitur. The assertion that "the plan which was
without
Several propositions suggested are not
adopted last year has worked admirably" begs the
one
the
merit, but since the entire eight (including
question; this is not merely not admitted, but is
the
upon
yet to be especially urged) were pressed
widely denied, and to the observation of nearly all
conlately
legislators at the regular session only so
thinking
persons who are open-minded the great plan
The
session?
cluded, the question arises, why an extra
a demonstrated failure. Only last Monday
already
all
is
and
speak,
to
so
Executive is always in session,
some
on this point came from Mr. F. W.
testimony
legisthe
call
to
him
empower
constitutions, therefore,
Whitridge,
of the Third Avenue road, who is
receiver
emergency
unforeseen
some
in
case
lators together
occurs during the intervals between regular assem- certainly competent to testify how this intervention
blings; but it was never intended that an Executive has affected his own work and has no reason for not
should exercise this power merely because of inability speaking dispassionately. The Commissioners deto procure some measure which he greatly desired. If manded of him 360 new cars in less than ninety days,
his recommendations fail of enactment in one session, to which he had to reply that material could not be
it is his right and duty to repeat them next time, obtained, and if it could be the construction within
unless his views have changed; but to call back the the required time was physically impossible. This
law-makers immediately is to command them to do is his testimonial, none the less practical for being a
the unfinished work he has laid out for them, with little caustic
an intimation that they must comply before they can
"The Commission which now exists will also doubthave release. The impropriety of this ought not to less prove useful; it has not spared expense nor shunned
need any urging; but the fact that it has been done publicity in its desire to serve the public. It has
directed to me orders of one sort or another on an
repeatedly, without arousing protest and with little average of one every five days, and I annex copies of
remark, may remind us how far the obliteration of the some of my replies thereto so that those who underoriginal balance of powers between the several depart- take the reorganization of this property may judge of
ments of popular government has gradually and insidi- the degree of assistance or hindrance they are likely
to meet from the Public Service Commission. Howously proceeded.
ever useful it may become, it is the fact that so far as
One of the eight propositions deserves especial menthe Third Avenue Railroad is concerned the Public
tion; it is that to extend the powers of the Public Service Commission has as yet, with the exception of a
Service Commission over telegraph and telephone trifling suggestion about insulating certain wires under
companies. This measure was pressed and discussed the cars, proposed nothing novel, has hastened nothing
accomplished
only last month,and failed in the Assembly. Governor which we were trying to do, and has
all."
at
nothing
and
no
arguHughes offers no new argument for it,
Nothing at all; but Mr. Whitridge adds, "except to
ment at all except that the public ought to be protected
a little more trouble," of which he already had
to
give
supervision
and the policy of the State in respect
sufficiency.
Last summer, the reader will rememand
consistency a
"should be uniform." Uniformity
great
was found in persuading men of
difficulty
any
argument,
and
ber,
do not of themselves constitute
reasonable
to undertake this Commission
the
calibre
suggestion
rejects
any
every man's intelligence at once
this
was clearly in part because
business;
in
one
reluctance
is
case
he
course
because
he takes a certain
that
therefore bound in reason to the same course in other they perceived it to be (as we declared it at the time
cases. Some public restlessness and complaint (most to be) something beyond the powers of any handful of
notably on account of the congestion of local travel in men and therefore a preposterous impossibility. But
this city) did exist, and did greatly assist in pushing after the reluctance is overcome and the members
through this pet scheme; but there is no dissatisfaction take the thing up, the human desire comes in to keep
with the telegraph, and particularly with the tele- their jobs and salaries and to make as decent an apphone; yet consistency and uniformity are said to pearance as they can. A fussy activity is therefore
necessary to placate the demand of grumblers to "do
require meddling with these also.
MAY 16 1908.1
THE CHRONICLE
something." The Berwick fish-dealer who did not
care what happened to the railways but wanted lower
rates on fish is legion and always abroad. People
want new cars, plenty of space, frequent and swift
service, and low fares; and they are always ready to
grumble and demand. A Public Service Commission
must pay heed to this; only in that way can it seem to
"serve" and make good its right to exist.
Therefore to criticize or make ffierry over the foolishness of the Commissionersin their getting busy would
be both unjust and misleading,for it would obscure the
essential fact in the case, which is that such places as
these inevitably become political jobs. Their holders
cannot render any real service, if they would; what
they can do and must do is to fuss and to add to the
"sufficiency" of trouble.
1189
thought that, whatever might be the cause for such
accumulations, the Bank of France would rapidly
grow stronger, and that. when its purposes had been
accomplished, the large amounts of gold arriving in
London from the Cape would be available for other
quarters, presumably Berlin. As regards this question
of greater ease in the London money market, it was
regarded by one journal as likely to be influenced
almost entirely by the desire of the Bank of France to
accumulate gold and by the obvious necessity of
strengthening the cash resources of the Bank of Germany. "When these two demands for gold shall
have been satisfied, the accumulation in London may
be very large, and kill lower unofficial discount rates
may be anticipated."
It may. be observed that this week the anticipated
lower discount rates were recorded; open market discounts, not only in London, but in Paris and Berlin,
fell to the lowest points yet reached. The fall in London was probably in great part due to the change in
the policy of the Bank of England in purchasing securities--including consols for the reduction of the
national debt---instead of withholding money from
the market, as has recently been done. The decline
in Paris was most likely caused by the large increase
last week in the Bank of France's gold stock and by the
engagement in New York this week of the metal for
Paris. The lower open market rate at Berlin may have
been due to the recent steady gain in cash and to the
prospect of further gains, possibly through Paris or
London, from New York.
The strained condition of the finances of the German Empire, which has recently caused much unfavorable comment in European journals, seems to be clearly
shown by the official admission in the budget committee of the Reichstag, on the 28th ult., that Germany
must borrow 50 millions sterling within the next five
years, even without fresh appropriations—thus increasing the national debt to 250 millions sterling—in
order to cover deficits in the ordinary budgets; the
Finance Minister expressed himself as horrified at
the prospect of loans of such magnitude. Reduction
of expenditures as a remedy for this situation were
regarded by Herr von Sydow, the Imperial Secretary
of Finance, as the only means of relief; but, owing to
the rapid growth of the Empire in population and in
wealth, the people seem to be resolved to have a great
In consequence of the surrenders of public deposits
navy, as well as the most perfect army in Europe, under the April call of the Treasury Department, the
and they feel that they can afford the luxury; there- securities pledged therefor have been released and it
fore they must submit to increased taxation.
is reported that they largely consist of,railroad, State
and municipal bonds. When the deposits were placed
It appears that the United States is not the only in the banks in large amounts during the crisis, many
country in the world which has a circulation based depositories were not able to obtain Government bonds
upon 2% bonds. During our war with Spain, the in sufficient sums as pledges, and they were permitted
Government of that country was in such financial to provide other securities in a comparatively liberal
extremity that it issued large amounts of bonds called proportion. The Secretary of the Treasury is now
"war pegares," bearinginterest at the rate of 2%. said to be desirous of restricting pledges so far as posThese bonds were taken up by the Bank of Spain, sible to United States bonds, and he therefore requires
which institution was permitted to issue notes against that the other securities shall be released on surrender
them up to a certain proportion. It was only by means of deposits, leaving Government issues as the principal
of this inflated currency that the Spanish Treasury pledge.' This requirement may have the effect of
was enabled to tide over its difficulties. As the finan- involving in loss those depositories which have bought
cial situation improved, after the war, large amounts or borrowed the other securities, provided there has
of the "pegares" were redeemed, and in 1902 the Bank been a depreciation in the market value thereof while
of Spain was allowed gradually to substitute bills and they have been pledged for public deposits.
other commercial securities for the Government issues. This process of substitution is, however, proThe export movement of commodities from the
gressing but slowly, and it seems probable that the United States for the month of April 1908, as indicated
whole of the "pegares" will not be withdrawn by 1911, by the official trade statement made public this week,
the time fixed for their withdrawal; consequently, continued upon the restricted scale noticed in March.
some portion of the Bank's currency must continue The falling off from last year's total was approximately
to be based upon 2% bonds.
24 millions of dollars, this year's aggregate having been
$133,470,333, against 8157,451,781 in 1907 and
The resumption this week of exports of gold to Paris 8144,380,040 in 1906. All leading items of breadstuffs
seems to make interesting the comments upon the exhibited a smaller outflow than in the previous
movement by London financial journals of May. 2, month, or April of 1907, the falling off being most
before the previous export operations had been in- marked in corn, the shipments of which in the period
terrupted. The impression then prevailed that gold this year being only 2,406,280 bushels, as contrasted
was being accumulated in Paris, through purchases with 9,479,106 bushels a year ago. This decline exin London and imports from New York, in preparation plains in great measure the decrease in total value of
for some important . financial operation. It was breadstuffs from $14,549,107 in April 1907 to $10,
1190
THE CHRONICLE
[VOL. Lxxxvi.
307,072 the current year—an aggregate smaller than which the present wage scale was based. On a capifor any month since July 1 1906. Cotton exports for talization of $24,775,000 the quarter's distribution to
the month, moreover, were very materially less in both shareholders totals up $410,750, or an average of
quantity and value than in the corresponding period 1.66%, owners in all but one of the thirty-three esparticipating.
of 1907, the comparison being between 375,164 bales, tablishments our compilation includes
It is of interest to note, moreover, that the current
valued at $19,962,695, and 639,227 bales, valued at
$35,946,384. Provisions shipments also were less for quarter's average dividend is, with the exception of
the month than for April 1907, and the same was true those for the like periods of 1907, 1906 and 1900,
.of cattle and hogs. In fact mineral oil was the only greater than for the second quarter of any year in our
item in the official statement showing an increase in record. Last year's exhibit was,,of course, exceptional
;shipments this year. The items to which we have from the fact that one mill—the Troy Cotton &
referred give an aggregate value of only $55,056,972, Woolen Manufacturing Co.—that ordinarily pays out
a total over 203. millions of dollars less than for April from 3 to 6% in each quarterly period, distributed
1907. That loss, consequently, in greatest measure 45% then, against 6% in 1908. But extra or large
accounts for the decrease in our foreign trade from the dividends, either in the form of cash or stock, were a
movement of the preceding year, for although declines feature last year and were merely tangible evidence of
in shipments of other articles have been quite general, the unexampled prosperous times through which the
they have been relatively so small that in the aggregate mills had been passing. All things considered, the
they furnished a further loss in value of shipments of second quarter's exhibit for this year is decidedly
only 29 millions of dollars compared with 1907. For more favorable than one would be led to expect,
the four months of the calendar year 1908 the total especially if the basis for dividends had been the profits
merchandise exports reached $648,930,232, or a loss of accruing during immediately preceding months. In
19 millions from 1907, and for the ten months of the fact, it is a question whether, had that been the basis,
fiscal year 1907-08 the total, at $1,631,906,065, ex- that distribution in many or most cases would have
been passed. With the highest wage scale on record,
ceeds the period of 1906-07 by 23M millions.
ruling above 11 cents for middling uplands
cotton
was
age
year
a
In imports the falling off from April
the time, and standard printing cloths slow
of
most
York,
New
At
noticeably greater than in exports.
cents since
through which port the inflow of commodities consti- of sale on a low basis of value (below 3M
the manuby
figured
be
can
late
March)
of
profit
the
little
country,
whole
the
for
tutes 60% of the aggregate
the
that
second
inward movement was 22 millions less than for the facturer. It is therefore quite evident
paid
will
be,
largely
or
month a year ago. But imports have likewise fallen quarter's dividends have been,
off quite materially elsewhere than in New York, so out of accumulated surpluses.
For the quarter the majority of the mills have mainthat, according to the official statement, the actual loss
four (including the
in imports for the whole country reached 44 millions, tained the previous year's rate,
paid out less than
have
Troy. Co., referred to above)
as compared with the month of 1907.
its
and the
dividend,
The inward movement of all descriptions of com- a year ago, one has passed
the
increased
amount dismodities aggregated a value of only $87,481,258, remainder (twelve) have
against $129,554,075 in April 1907 and 107 1-3 mil- tributed. Actually the amount distributed in the
lions and 95 millions, respectively, in 1906 and 1905. second quarter last year was $117,775 greater than
average rate having been
For the four months of the calendar year 1908 the the aggregate this year, the
prior to that time
years
thirteen
merchandise imports aggregated $346,345,030, or a 2.21%. In the
was 2.14% in 1902
distribution
loss of 166 millions from the record movement of 1907, the highest rate of
1898
in
and for the ten months of the • fiscal year reached and the lowest 0.50%
Combining the results for the second quarter of 1908
$1,018,345,740, contrasting with $1,195,399,104 for
with those for the earlier period of the year, we find
the period in 1906-07.
The favorable merchandise trade balance the fore- that the thirty-three corporations have distributed to
half of 1908 almost a
going result gave for April this year was $45,989,075, their stockholders in the first
a capitalization of
on
($972,300)
or 18 millions greater than in April 1907, swelling the million dollars
of 3.92%, which
rate
average
export balance for the ten months of 1907-08 to ap- $24,775,000, or an
of 1907 and
months
six
the
in
proximately 613M millions of dollars, a figure greater contrasts with 4.70%
of distrirate
-yearly
half
lowest
The
in
1906.
than in the ten months of any preceding year, and in 3.26%
.
1898-0.76%
for
that
is
in
our
record
excess of any full twelve-months' period except bution
upon
what
will ce
centres
now
River
at
Fall
Interest
1897-98 (when it was 615 millions) and 1900-01 (when
semi-annual
of
adjustment
next
the
of
the
outcome
it was 664 millions). For the four months of the
went
into
that
last
force
scale
present
wages.
balance
The
reached
calendar year 1908 the net export
302M millions of dollars, a result largely in excess of November expires on May 23, and the new should go
into effect Monday, May 28. The regular meeting of
that for the similar period in any former year.
the Textile Council at which the report on the average
River
Fall
of
margin for the past six months will be made is schedindustry
The cotton-manufacturing
exhibit
for
the
for Wednesday, May 20. In view of the fact
uled
makes a more satisfactory dividend
to
be
warthe period there has been a marked shrinkduring
seem
that
second quarter of 1908 than would
age
margin between cotton and cloth, it is
in
the
recently
ruling
and
ranted by the business conditions
that the adjustment under the agreea
been
roughly,
characfigured,
inactivity
has
only
still obtaining. Not
price of weaving somewhere about
the
but
will
cut
ment
of
months,
prices
few
past
the
of
trade
teristic
however, is expected to follow the
No
trouble,
15%.
tended
downhave
cloths,
notably
printing
goods,
new scale, its signing being now
the
of
t
of
excellent
announcemen
margins
the
materially
reducing
ward,
a matter of form. The
merely
as
to
looked
forward
upon
and
enjoyed,
theretofore
had
mills
the
profit
MAY 16 1908.1
THE CHRONICLE
market for goods at Fall River is at the moment much
better as to general demand, but bids being made by
buyers are stated to be below actual cost of production,
even with reduced wages.
1191
seven cities the outlay called for by the four months'
contracts of this year has been only $124,034,078,
against $196,197,171 in the similar period of 1907, or
a decline of nearly 37%. During the same interval
Greater New York's operations fell off over 52%, the
Building operations during the month of April expenditure arranged for having been $32,288,792
1908, while showing an increase over the preceding and $67,642,108 respectively.
month—the normal development of activity with the
advance of spring—do not exhibit any features indicaThere was no change in official rates of discount by
tive of general revival in the industry. In some sec- any of the European banks this week; had it not been
tions of the country, of course, as in earlier months of for the fact that the exchanges at Continental
centres
the year, it is noticeable that a larger outlay is being were against London,the English Bank rate
might have
put into construction work arranged for in April 1908 been reduced.
than in the month of 1907, but for most localities the
The differences between the average and the actual
expenditure covered by this year's contracts is very conditions of the New York Associated
Banks, as
much less than for the like period last year. In fact, disclosed by last week's statement, was quite
importthe "American Contractor's" compilation for the month ant. The average gain in cash was $4,672,000;
the
of April, which covers forty-seven of the leading cities actual gain was $9,262,400. The increase in reserves
of the United States, indicates that in the aggregate, shown by the average statement was $971,125,
to
the permits issued at those points called for an outlay $63,883,475; the actual increase was $6,301,850,
to
of only $47,816,565 this year, compared with $72,- $67,112,725. Loans increased, according
to the av183,172 for 1907, or a decrease of 33.8%. The com- erage exhibit, $5,887,000; the actual gain in
this item
parison April 1908 makes with 1907 is, as has' been was $3,765,800. Deposits showed an average
inthe case month by month since the opening of the year, crease of $12,565,700 and an actual increase of $11,unfavorable, but the operations reported are large 842,200. Deposits of public funds in New York City
when contrasted with those for only a few years further depositories decreased $2,715,300 during the week,
back. In referring to that fact, the "Contractor" says making a reduction of $6,248,800, compared with
in effect that while the unsettled conditions incident May 2; the extent of such reduction as the result
of
to the panic and extreme currency stringency have the maturity on May 9 of the first installment of the
served to restrict building operations since last fall, it Treasury call will not be shown until to-day (Saturshould not be forgotten that the enormous amount of day).
construction work done within recent years has no
Though an effort has been made during the week to
doubt left an over-supply which is sufficient to meet ascertain through the daily reported balances
of the
current demand for new buildings at the moment.
Sub-Treasury at the Clearing House the actual effect
As already stated, there has been considerable ac- upon the market supplies of money of last Saturday's
tivity in building operations in some localities this surrenders of public funds, such effort has not been
year. In this respect New Orleans has recently been successful because of the fact that offsetting operaconspicuous, the large gain in expenditure of 402% tions by the Sub-Treasury, due to Government disinvolved by March 1908 contracts over those of a year bursements in excess of revenues, have deranged calago being followed by an increase of 163% in April. culations. The daily Treasury statement shows that
At Denver, moreover, operations in each month of on May 14 the public funds in all depositories through1908 have been greater than in the corresponding out the country had been reduced, compared with
month of 1907, the percentage of increase rising month those on May2, by 16 2-3 millions; presumably by Monby month and culminating with an excess of 171% in day of this week the first installment of 20 millions
April. Salt Lake City and Chattanooga also report of public deposits that were required to be surrendered
operations greater by over 100% than for April 1907, on May 9 were covered into the Treasury. The reason
and at Birmingham, Chicago, Indianapolis, Kansas why the full amount of such surrenders was not disCity, Manchester, St. Joseph, Spokane and Topeka closed by the daily Treasury statement probably is
this year's outlay exceeds that for 1907.
that new deposits resulting from current internal
On the other hand, conspicuous inactivity is to be revenue collections offset withdrawals to some exnoted at many points. Particularly is this true at tent.
San Francisco, where the permits issued in April this
year called for the expenditure of but $2,084,015, or
Notwithstanding the surrender of 20 millions pub74% less than last year, this decline following decreases lic deposits, as above noted, which was largely effected
of 45% and 66% respectively in the two preceding through the New York banks, and the withdrawal
months. The falling off in estimated outlay at Reading during the week from local institutions of 63
4 millions
is placed at 91%, Mobile 82%, South Bend 81% and gold for export to Europe, the market for money did
Philadelphia 53%. Greater New York's exhibit is not appear to be even sentimentally affected.
The
better than for earlier periods of the year, the percent- fact that this was the case this week and that previous
age of decrease being less. For the combined boroughs withdrawals of gold for export have failed to influence
the falling off in April this year reaches 40%, but in the market seems to indicate a state of congestion
Manhattan alone the situation was much more favor- which is unrelievable, at least at present, through
able, the decline being only 12%, whereas in the Bronx withdrawals of supplies of money, and possibly no
it is reported at 47% and in Brooklyn 75%.
relief may be experienced even though such withCombining the results for the four months, we obtain drawals shall continue. On Saturday of next week
a clearer idea of how great has been the falling off in the Treasury call for 25 millions of public funds will
activity in building operations in 1908. For the forty- mature, this being the second and final installment of
1192
THE CHRONICLE
[VoL. Lxxxvi.
had
the call of Apri128. Should there be a continued outflow dency of the London Stock Exchange settlement
be
to
it
though
seemed
market,
the
on
influence
some
of gold to Europe there may be some impression made
reto
of
cables
failure
the
by
indicated
was
as
slight,
thereby upon the market; if a hardening tendency
recession in
shall not develop it will indicate that the congestion spond to the strong tone for short. The
nt of
the
announceme
with
coincidently
rates,
cable
is largely due to the counteracting influence of the
make
to
appeared
export,
for
gold
*of
s
engagement
Treasury fiscal conditions—disbursements in excess
drawing
were
metal
the
of
shippers
that
probable
it
of revenues,together with the influx from the interior,
the reimbeing sufficient to meet the meagre current require- against their credits and selling cables for
was
sterling
Long
gold.
of
exports
the
of
bursement
to
and
contribute
ments of business and speculation
in
discounts
market
open
lower
to
in
response
higher
to increasing bank surpluses.
scarce,
quite
however,
were,
bills
commercial
London;
combank
and
trust
Money on call, representing
pany balances, loaned at the Stock Exchange during owing to the small exports of commodities, and quo4%;as was tations were firm. Continental exchange rates, and
the week at 2% and at 13/2%, averaging 13
in compe- especially francs, were strong, and the maintenance of
were
companies
trust
the case last week,
and
market,
loan
the
therefore, the latter at the gold-export point seemed to indicate
in
banks
tition with
by
both
recorded
classes of that shipments of some of the metal were effected
was
the minimum rate
Ex- through the medium of francs instead of by the promixed
good
on
Stock
money
Time
institutions.
cess of arbitration of exchange. After provision had
in
supply;
while
abundant
continues
change collateral
been made for gold exports by Thursday's French
long
is
maturities
there
for
inquiry
good
a
there is
practically none for loans for short periods. Rates steamer, the market became easier, but there was a
%@3% for ninety partial recovery in the tone; the temporary ease reare 23/2% for sixty days, 28
33/2% for
five, flected a lighter demand for remittance, next Tuesfour,
for
i%
days, 3@33
43'@4
for day's steamer offering better inducements to remitters
and
9%
months
six
for
3%@391%
over the year. Commercial paper of first class is than to-day's—Saturday's
The week's gold exports by Thursday's steamer were
in active request, not only by local institutions but
to Paris; it was expected, however, that
$5,755,000
for
332%
are
Quotations
banks.
by out-of-town
very choice sixty to ninety day endorsed bills receiv- some portion of this sum would be sent to Berlin
an
able and 4% for a slightly lower grade and for four through the French capital. On Friday there was
Berlin,
to
months' single names and 4@432% for six months' urgent demand for gold for direct shipment
supunendorsed paper; while there is a better supply of which inquiry was stimulated by the fact that the
availOffice
in
bars
gold
Assay
the
New York
good to ordinary names than for those that are choice, ply of
able for export had been reduced to such an amount
the demand therefor is small.
that further large requirements for export would temThe Bank of England rate of discount remains un- porarily exhaust the stock of this form of the metal
changed at 3%. The cable reports discounts of sixty in the New York office, and make necessary a resort to
As the
to ninety-day bank bills in London 214%. The coin until new bars could be manufactured.
gold
bars,
of
this
of
supply
in
the
result
deficiency
open market rate at Paris is 23'% and at Berlin
through
engagethereof
stock
absorbed
was
nearly
and Frankfort it is 43'g%. According to our the
our special cable from London, the Bank of England ments of 33/i millions for shipment by Saturday's
lost £440,118 bullion during the week and held (to-day's) and by Tuesday's steamers to Berlin. With
£37,029,269 at the close of the week. Our corre- the amount of gold forwarded this week—$5,775,000
spondent further advises us that the loss was due on Thursday and 33/ millions engaged for to-day (Satmainly to shipments to the interior of Great Britain. urday) and Tuesday of next week—the shipments
The details of the movement into and out of the Bank and engagements thus far on the present movement
12
were as follows: Imports,£161,000 (of which £80,000 will be $9,275,000; exports in April to Paris were
arranged
and
so
millions,
effected
that,
these
including
from Egypt and £59,000 from Australia and £22,000
from miscellaneous sources); exports, £252,000 (of for this week, the movement thus far will embrace.
Germany;
which £227,000 to Paris and £25,000 to South Amer- 17% millions to Paris and 33/b millions to
of gold
movement
213
of
total
direct
The
millions.
a
the
of
to
interior
ica), and shipments of £349,000 net
hence to Berlin, as above noted, seems to have been
Great Britain.
due to inducements in the form of interest on the metal
marks, or
The foreign exchange market was active and, though while it was in transit, which enabled cable
for
employed
irregular, generally strong this week, influenced by a possibly sight, to be advantageously
good demand for remittance and by a small supply of the reimbursement of the exporter.
French exchange and European and New York
bills. The inquiry was stimulated early in the week
by the development of a short interest of some magni- monetary conditions appear to have been and still are
tude, the result of recent speculative operations, as the dominant factors contributing to our exports of
was noted last week. The effort to procure cover for gold. While open market discounts at Paris were
oversold exchange disclosed a bare market for bankers' relatively higher than were those at London, French
drafts, which made the inquiry therefor more keen. bankers drew gold from the British capital, through
Later in the week there was an urgent demand for bills purchases of the metal in the bullion market, and the
to remit for American stocks that had been sold for repayment by the Bank of England of the advances
European account, which sales apparently reflected which the Bank of France made to it last November
some desire by London speculators to realize the profits caused the latter directly to accumulate gold in its
on their holdings, these profits having been enhanced own vaults. The relatively higher rates for money
by the boom in our stock market,that seemed to have in the London open market than for those in New
an unsubstantial basis for its promotion. The pen- York, which prevailed last month, induced our bank
MAY 16 1908.)
THE CHRONICLE
1193
- -ers to remit their balances to London for employment
Into
Out of
Net Change in
Week ending May 15 1908.
BanIcs.
Banks.
Bank Holdings:
—
and the continued prevalence of such relative rates Banks
interior movement, as above_ $14,100.000
$3,440,000 Gain $10,660,000
tended to increase the volume of New York credits so Sub-Treasury oper.and gold exports 36,100,000 44,600,000 Loss 8,500,000
Total gold and legal tenders
$50,200,000 $48,040.000 Gain $2,160,000
employed. The reluctance of our bankers to disturb
,
such credits, and the contraction of supplies of exThe following table indicates the amount of bullion
change through limited exports of commodities, con- in the principal European banks.
tributed to the maintenance of firm rates for exchange
May 14 1908.
May 16 1907.
at New York on London. Thus, a situation gradually Banks
Gold.
Silver:
Gold.
Total.
Silver.
Total.
developed, through low rates for exchange at Paris on
g
England_ _ 37.029,269
37,029,269 34,948,891
34.948,891
the British capital and high rates for sterling at New France
_ _ - 117.644,849 36,402,148 154,046,997 104,514,857 39,346,199 143,861,056
Germany a 34,212,000 14.178,000 48,390,000 33.394,000 13,377,000 46,771.000
York on London, which made it advantageous for Russia
ti. _ 112.540,000 7.184;000 119,724,000 115,983,000 5,760,00 121.743,000
Aus.-IItmb 46,593,000 13,489,000 60,082,000 45,397,000 12,673,000 58,070,000
French bankers to draw gold from this city, which Spain
_ - _ - 15,560,000 26.294,000 41,854.000 15,527,000 25,203,000 40,730,000
36,354,000 4,410,000 40.764.000 32,403,000 4,992,400 37,395,400
movement began last month. As gold was concur- Italy
Neth'Iands 7697.800 4.295.700 11,993,500 5,266,900 5,504,800 10,771,70p
Nat.Beig.a 4:186,667 2,093.333 6,280.011 3,262,667 1,631,333 4.894)0W
rently moving toward Paris from London, the French Sweden _ _ 3.871,000
3.871,000 4,160.000
4,160,000
SwItzerl'd. 3,383,000
3,383,000 1,250,000
1,250,000
1,551,000 1.700,000
market with comparative rapidity accumulated the Norway __ 1,551,000
1,700,000
Tot.
week.420,622,585
108,346,181
528,968.766 397,807,31t 108,487,732 506,295,047
metal; there was, however, profitable employment for Prey. week 417,262,533 107.186.285 524,448,818
398,042,19C 108,321,493 506,363.692
excess supplies of gold, for Berlin most urgently needed
The division (between gold and silver) given in our table of coin and bullion
it and Paris liberally financed the Reischsbank and in athe
Bank of Germany and the Bank of Belgium is made from the best estimate
we are able to obtain; in neither case is it claimed to be accurate, as those banks
the Berlin market, thus contributing, as shown make no distinction in their weekly returns. merely reporting the total gold and
silver: but we believe the division we make Is a close
this week, to a reaction in the German unoffi- b The Austro-Hungarian Bank Statement Is nowapproximation.
issued In Kronen and Heller
instead of Gulden and Kreutzer. The reduction of the former currency to sterling
was by considering the Gulden to have the value of 80 cents. As the Kronen
cial rate to the lowest since before the crisis Pounds
has'really no greater value than 20'cents, our cable correspondent in London, In
order to reduce Kronen to Pounds. has altered the basis of conversion by dividing
of 1907.
the amount of Kronen by 24 instead of 20.
d The total of gold in the Bank of Russia Includes the balance held abroad—
Compared with Friday of last week, exchange rates that
is, the amount held for Russian account In other Continental banks. The
proportion so held, and consequently duplicated In the above statement, is about
were strong on Saturday at an advance of 10 points for one-tuarter of the tbtal.
long to 4 8490@4 85, 10 points for short at 4 8720@
4 8725 and 20 points for cables at 4 8770@4 8775.
BRITISH BUDGET AND OLD-AGE PENSIONS.
On Monday long rose 15 points to 4 8505@4 8510,
Mr. Asquith's announcement to Parliament last
short 5 points to 4 8725@4 87.30, while cables fell 5 week of the Budget estimates for the British Governpoints to 4 8765@4 8770. On Tuesday long advanced ment's expenditure during the coming year was, for
15 points to 4 8510@4 8520, short 5 points to 4 8730 numerous reasons, awaited with deep interest. It was
@4 8735, cables declined 10 points to 4 8755@4 8765. known that the financial results of the preceding year
On Wednesday long rose 5 points to 4 8515(4)4 8525, had been considered satisfactory. What had been
short fell 10 points to 4 8715@4 8725 and cables 10 still more striking was the evidence more lately pre7points to 4 8750@4 8755. On Thursday the market sented that the British Government's revenue did not,
was easier at a decline of 5 points for long to 4 8510@ like our own, suffer from the period of world-wide
4 8520, of 5 points for short to 4 8710@4 8720 and of depression which followed the October panic in New
10 points for cables to 4 8735@4 8745. On Friday York. On the contrary, the receipts of the past few
the market was irregular, with long 5 points higher months were so great as to bring the revenue for the
and short and cables 5 points lower.
fiscal year ending last March £1,501,200 above Mr.
The following shows daily posted rates for sterling Asquith's estimate of a year before.
exchange by some of the leading drawers.
This, with a decrease in expenditures below his estimate, brought about a surplus of something like
Fri.,
Mon., Tues., Wed., Thurs., Fri
May 8 May 11 May 12 May 13 May 14 May 15
£4,700,000, where practically no surplus had been ex86
86
60 days 4 85pi
86
Brown
86
86
pected. Under ordinary circumstances, interest in
Sight.. 4 88
88%
Bros. & Co
88%
88%
88%
88%
60 days 4 85%
86
86
86
86
86
Kidder, PeaSight-. 4 88
88%
a Budget estimate dealing with such figures would have
88%
88%
body &C0
88%
88%
60 days 4 85%
86
86
86
Bank British
86
86
88%
North America-- - Stint- _ 4 88
88%
88%
88%
88%
centred on plans for remission of taxation or for large
j60 days 4 85%
86
86
89
Bank of
86
86
Stgat. _ 4' 88
88%
88%
Montreal
88%
88%
88%
redemption
of debt—either of which would affect not
86
60 days 4 85%
Canadian Bank
86
86
86
86
Sight- - 4 88
88%
of Commerce
88%
88%
88%
88%
only the financial markets but the prosperity of the
160 days 4 86%
86
fleidelbach, Ickel86
86
86
86
Sight_. 4 88
88%
88%
helmer & Co
88%
88%
88%
people. On the present occasion, calculations of this
86
60 days 4 85%
Lazard
86
86
86
86
88%
Sigat_ _ 4 88
88%
Freres
88%
88%
88%
nature were entirely overshadowed by expectation
Merchants' Bank
86
86
60 days 4 85%
86
86
86
of Canada
88%
Sight._ 4 88
88%
88%
88%
88%
that Mr. Asquith would use the occasion to bring forth
The market closed on Friday at 4 8515@4 8525 for his calculations on the plan for pensioning the aged out
long, 4 8705(4)4 8715 for short and at 4 8730(0,4 8740 of the nation's funds.
As a matter of fact, Mr. Asquith announced merely a
for cables. Commercial on banks 4 8480@4 8490 and
documents for payment 4 841
/
8@4 843
%. Cotton for trivial reduction in the sugar duty, and otherwise left
payment 4 84N@4 84k, cotton for acceptance 4 8480 the existing basis of taxation unchanged. The income
tax, therefore, which still, at a shilling in the pound,
@4 8490 and grain for payment 4 845
%@4 84%.
stands at a figure never before reached except during
The following gives the week's movement of money or immediately after a period of war, remains as a
burden on the people. Mr. Asquith announced that,
to and from the interior by the New York banks.
allowing for redemption of consols during the coming
Shipp!1
Received by
Net Interior
Week etuling May 15 1008.
N. Y. Banks. N. Y. Da
year, the British debt this past year has been reduced
Movement.
$12,500,000
Jurrency
$2,750,900 Gain $9,750,000 to the extent of $90,000,000, and that a year from
lold
1,600,000
690,000 Gain
910,000
now it will stand exactly where it stood twenty years
Total gold and legal tenders
$3,440,000 Gain $10,660,000
$14,100,000
ago. This does not mean, as may have been hastily,
With the Sub-Treasury operations the result is as inferred, that the whole or the greater part of the debt
follows.
contracted during the Transvaal War has been paid
1194
THE CHRONICLE
[VOL. Lxxxvi.
off. Twenty years ago was 1888, and between that not the slightest possible analogy between the two uses
date and the outbreak of the Boer War, in 1899, the of the public funds.
We have emphasized this matter of Mr. Asquith's
enormous revenue yield under Sir William Harcourt's
because, to our mind, it portrays more than anylogic
to
outExchequer
redeem
death duties enabled the
else could do the peculiar and unfortunate situathing
that
was
the
pace
debt
total
standing consols at such a
which the question has been brought through
into
tion
no
ear
period
less
than$390,cut down in the eleven-y
of both parties with the socialistic vote.
trafficking
the
the
Transvaal
the
of
debtsince
000,000. The decrease
manoeuvres bring their own penalty.
political
Such
which
to
the
only
at
it
figure
brought
contest, has
a more exemplary punishment if the
merely
is
it
and
in
1888
the
reduction
from
period
this
it stood before
is a man who, like Mr. Asquith,
sufferer
individual
Mr.
make
not
e,
does
Asquith
Furthermor
to 1899.
as sympathizing heart and
be
imagined
easily
cannot
the
Imperial
for
of
allowance
redemption
as large an
itself.
undertaking
the
with
past,
soul
in
just
year
the
fiscal
as
year
coming
debt this
We hardly need repeat our opinions previously
and when the Budget is examined further, the reason
that the announcement of this plan of Mr.
stated,
be
will
manifest.
allowance
reduced
such
for
Stated in American values, the Government's sur- Asquith's is only the beginning of his troubles. One
plus revenue for the past fiscal year was $23,600,000; difficulty he himself discovered immediately, in the
for the coming fiscal year it is estimated at $24,500,000. entire lack of enthusiam by the Labor Party over his
Taking these figures into consideration, Mr. Asquith plan. Their outspoken comment was that the age
proceeded to unfold his plan for old-age pensions. limit of seventy years was too. high, and that sixtyHis proposition was for pensions of $1 25 per week for five was the only reasonable term. But, clearly, the
all of the British population more than seventy years further the age limit is reduced, the more rapidly Mr.
of age and not in receipt of a weekly income greater Asquith's margin of safety in his Government surplus
than $2 50. He figured out that the maximum num- will be invaded. Nor can any one familiar in the least
ber of such pensioners would not exceed 500,000, from with the course of political and social agitation supwhich he deduced the conclusion that the annual cost pose that demands for such extension will not become
under his estimate would not run beyond $30,000,000 increasingly aggressive. As we have seen, Mr. Asannually. The plan he wishes to put in effect in Janu- quith himself, in introducing his Budget, warned
Parliament, though with more or less vagueness, of
ary 1909.
probable extensions of the plan. What the end
of
such
Now, the first point which will impress the reader
be, with the Government once started on this
to
is
these statements is that even Mr. Asquith's tentative
road, it is impossible to foresee; the only
dangerous
y
considerabl
estimate of $30,000,000 per annum is
ble fact is that in a matter of this sort,
unquestiona
fiscal
the
of
greater than the actual surplus revenue
are
not likely to be feasible. Retrenchment,
backsteps
the
for
revenue
year 1908, or the estimated surplus
of
the
revision
schedule in the direction of economy,
or
fiscal
coming
the
in
fiscal year 1909. The shortage
in
which
no experienced legislator will indream
a
is
old-age
pensions
for
year's surplus below the estimate
dulge.
the
that
the
fact
for
but
would be very much greater
Our own war pensions are a typical case in point.
Ministry reduces its allowance for debt-redemption as
far back as 1872, when something like $25,000,000
As
much
This
months.
twelve
compared with the past
paid out annually for that account, General Garwas
the
surplus
revenue
all
that
start,
is plain, then, at the
declared in the House of Representatives, while
field
even
scheme,
pension
old-age
this
to
in sight is devoted
the session's appropriation bill,"We may reareporting
of
and
tax
income
high
exorbitantly
in the face of the
sonably
expect
that the expenditure for pensions will
increase
rapid
further
toward
tendency
the admitted
hereafter
steadily
of
question
decrease, unless our legislation should
The
navy.
and
war
for
in expenditure
ly
be
unwarrantab
extravagant." Yet, as everybody
extremely
becomes
therefore,
future,
providing for the
our
knows,
annual
pension bill, despite the fact that
practical.
y
Introducing, as he did, a plan of expenditure which death of survivors of the war should have progressivel
been
is experimental and in some ways revolutionary, Mr. reduced it, rose in 1893 to $159,000,000, and had
fiscal
Asquith was necessarily on the defensive. Lawyer- brought down only to $139,000,000 by the
General
of
like, he warned Parliament in his speech that his plan year 1907. The reason for this upsetting
which is
was merely a beginning and more or less of an experi- Garfield's prediction was precisely the reason
penold-age
ment, and that his calculations were largely conjec- likely to prevail in the case of the British
voters.
for
bid
tural. This was not wholly a cheerful view of things. sions. The increase was a partisan
were conProceeding, the Prime Minister remarked that his Yet, even in our pension legislation there
of the
case
the
in
scheme would be attacked as socialistic. To this he siderations which do not at all prevail
in
increases
extravagant
replied that if this was socialistic, then both parties British Government. The
times
at
adopted
were
of the country were responsible for it. For our own such allowance by our Congress
part, we should say that use of such an argument by when sudden and enormous expansion of population
a man of Mr. Asquith's severely logical temperament and prosperity had so greatly increased the annual exWas the strongest testimony possible to the weakness penditure as not only to provide facilities for larger
of his position. When such a mind professes itself appropriations, but to embarress the money markets
satisfied with the tu quoque retort, it comes pretty close and general trade through the accumulation of actual
to giving up its claim on the consideration of thought- cash in the vaults of the Treasury.
England has no such recourse in the way of autoful reasoners. According to the dispatches, Mr.
we
Asquith went on to say that the old-age pension plan matically-expanded revenue to rely upon. As
experiment
this
on
starts
its
Government
"is exactly on the same footing as free education." have seen,
with
This we can hardly believe to have been the Prime with the income tax already at the war figure, and
preliminary
the
of
estimates
cautious
Premier's
Minister's actual assertion; there is, in our judgment, the
MAY 16 1908.1
THE CHRONICLE
1195
must industrial progress come to an end, but very
likely political disintegration and degeneracy may ensue
and the stability and perpetuity of our political institutions be endangered. We do not share in these
extreme views. Waste is never to be excused and it is
the duty of the nation as of the individual to guard
against the same in every possible way. And yet we
cannot get ourselves to believe that if our lumber
supply is frittered away or our mineral wealth is exhausted, this will mean the end of the country's ma- •
terial advance or jeopardize civilization. On the contrary, we are inclined to think that if the contingency
mentioned should arise, nature will be found equal to
the occasion and provide proper substitutes.
There is no waste as far as nature is concerned.
Waste concerns the individual. There is waste
through improper tilling of the soil and through unskilful and unscientific methods of mining. But the
loss is that of the individual. He pays the penalty in
the poor reward that he gets for his toil. We do not
THE CONFERENCE OF GOVERNORS AT
mean to argue that the wholesale or reckless destrucWASHINGTON.
tion of our forests is to be excused,or might not produce
The conference of the Governors of the different serious disadvantages in the present state of the counStates, together with the leaders in the industrial try's development. We merely wish to emphasize the
world and United States Senators, Congressmen, fact that there is no absolute destruction of anything in
Justices of the Supreme Court, and Cabinet Ministers, nature. The statement, indeed, is a self-evident one.
called by President Roosevelt, and which has been in
One of the first things that is impressed upon the
session in Washington throughout the week, beginning the mind of the student by an instructor in physics is
with Wednesday, has attracted a great deal of atten- that what appears to be waste or destruction in the
tion. It is possible to conceive, too, that it may take application of any of the processes of nature is simply
an important place in history. The purpose of this a change'of form. The energy stored up in coal may be
conference seems to be to secure co-operation on the frittered away in a reckless use ofthe coal, but after allthe
part of Federal and State officials, and all those in energy itself has not been destroyed. We maybesure it
authority, in husbanding the country's natural resour- still exists in some other form, available for the uses of
ces. The idea is to prevent the dissipation and de- man if he can discoverthe secret of how to release it.
struction of the country's vast resources, whether in
The President in his address urged that the occasion
the mine, or the forest, or through exhaustion of the for the conference lay in the fact that the natural resoil by improvident or improper farming methods or sources of the country are in danger of exhaustion if
through erosion by floods and overflows.
we permit the old, wasteful method of exploiting them
The object is most laudable and in the highest degree longer to continue. We began, he says, with an
commendable. Some very notable speeches have dis- unapproached heritage of forests; more than half of
tinguished the sessions of the convocation, and these the timber is gone. We began with coal fields more
alone would furnish full justification for calling it— extensive than those of any other nation and with iron
we have reference to such addresses as those delivered ores regarded as inexhaustible, but many experts now
by James J. Hill, Andrew Carnegie, &c. Whether the declare that the end of both iron and coal is in sight.
outcome of the gatherings will be what President The enormous stores of mineral oil and gas are largely
Roosevelt, doubtless, is hoping for, namely indorse- gone. Our natural water-ways are not gone, he
ment of his irrigation, land and forest policies, may declares, but they have been injured by neglect and
be doubted. That the movement will, however, bear by the division of responsibility and utter lack of
good fruit in various directions is not open to question. system in dealing with them.
While sympathizing with the general purpose which
Even James J. Hill, far-sighted man that he has
has brought so many representative people together, it proved himself to be through an eventful business
seems to us that the views taken of the future have career, is inclined to give expression to pessimistic
been rather unnecessarily doleful. This is particularly views when dealing with the matter. He says "When
true of the address of Mr. Roosevelt, which was obvi- iron and coal are taken from the mine they cannot be
ously not an impulsive delivery but prepared with restored; and upon iron and coal our industrial civiligreat care and deliberation. It might also be added zation is built. When fuel and iron become scarce
that there was an element of the theatric and spectacu- and high-priced, civilization, as far as we can now
lar in the way in which the convocation was held, im- foresee, will suffer as man would suffer by the gradual
pairing the possible influence of the movement, but withdrawal of the air he breathes. The exhaustion of
that seems inseparable from the acts of the Presi- our coal supply is not in the indefinite future." We
dent, and therefore may be passed by .
prefer to believe—while not at all countenancing waste
The burden of Mr.Roosevelt's remarks is that like and extravagance—that when our iron supplies become
a spendthrift we are fast using up our natural heritage, exhausted, some adequate substitute will be found in
and that if we do not have a care—if we do not con- nature. Andrew Carnegie in his address gives some
serve what we still possess—there will be nothing left hint of the way in which this may come about, although
for posterity. In this last event, we are told, not only even Mr. Carnegie permits himself to indulge in
outlay for old-age pensions hardly covered even by
the existing surplus. It is possible, and we sincerely
hope it is probable, that this fiscal consideration will
check the tendency to recklessness in the direction of
enlarging these new and socialistic outlays by the
Government. We have hitherto pointed out the great
conservative force exerted by the English middle
classes in such matters, and it is on these thrifty middle classes that the pressure of taxation will bear most
heavily. To what extent such extravagant projects
for the future will affect the plans of the English advocates of a protective tariff, it is too early to say.
Mr. Asquith himself declared that he would not purchase all the possible advantages of old-age pensions
at the cost of sacrificing Great Britain's free trade
policy. All people interested in sound Anglo-Saxon
legislation will hope that Mr. Asquith's own confidence
will be justified by the future. But the experiment
is yet to be tried.
1196
THE CHRONICLE
[VOL. Lxxxvi.
yet awake, but to which it
some curious suggestions. After noting what an to which this nation is not
which it must hereafter
with
and
time,
in
awake
will
enormous quantity of iron and steel is consumed by grapple if it is to live—the problem of national effithe railroads, Mr. Carnegie makes this statement: "No ciency, the patriotic duty of insuring the safety and
single step, open to us-Ito-day, would do more to check continuance of the nation. When the people of the
the drain on iron and coal than the substitution of United States consciously undertake to raise themselves
nation and the States in their
water carriage for rail carriage wherever practicable as citizens, and the highest pitch of excellence in
the
to
spheres,
several
and the careful adjustment of the one to the other private, State and national life, and to do this because
throughout the country." Thesituation,certainly,has it is the first of all the duties of true patriotism, then
not yet becomeso desperatethatit is necessary to dispense and not till then the future of this nation, in quality
with the railroad in order to diminish the consumption and in time, will be assured."
In the paragraph just quoted we have the theory
of iron and steel. Just now, indeed, a few orders for
iron and steelfrom the railroads would be very welcome. upon which Mr. Roosevelt has been acting through the
In the very next paragraph, however, Mr.Carnegie whole of his administration as President. He enterpoints out a probable way out of the dilemma. He tains the notion that there is an exceptional amount
says, fortunately the use of concrete, simple and rein- of wickedness in the world and that he has been selected
forced, is already reducing the consumption of struc- to cast it out. Therefore he has been proceeding,
tural steel. The materials for cement and concrete Samson-like, to pull down the whole industrial strticare found in every part of the country; and while the ture. The results are now visible on every side. For
arts of making and using them are still in their infancy, ourselves we are fully convinced that our citizens are
the products promise to become superior to steel and just as honest and straightforward as they have ever
stone in strength, durability, convenience and economy been—also, as patriotic and devoted to the country as
of use. Again, further on in his address, he makes the they have ever been. Nor can we accept the conclusion that there is a "problem to which this nation is
following pregnant observation;
is
not yet awake but to which it will awake in time and
consumption
"The most promising check on coal
the substitution of other power. Naturalists tell us with which it must hereafter grapple if it is to live"—
that coal is a reservoir of solar energy stored up in this, evidently, being further allusion to the President's
ages past, and that the same is partly true also of other belief in excessive wickedness, from which it is his duty
chemically complex substances, including ores. The
said to show
sun-motor still runs; its rays render the globe habit- to rescue the country. Much could be
communthe
in
tone
through
power
moral
that
no
produce
is
of
absence
there
to
made
able, and may yet be
solar engines, or may be concentrated in furnaces— ity. This being so, we can see no occasion for despair.
as in the Portuguese priest's heliophore at the St. Louis With all respect for the President and his work, we
Exposition, with its temperature of 6,000 degrees deem it our duty to point out that the country lived
Fahrenheit, in which a cube of iron evaporated like a
prosperously, all the time
snowball in a Bessemer converter. The sun helps to very comfortably and very
over a hundred years
be
for
will
law,
day
harnessed.
the
observing
moral
some
which
tides,
raise the
. . . It is only within the past decade that electrical before the forceful personality of the President aptransmission has made water-power generally available peared on the scene,and we are encouraged to hope that
for driving machinery, for smelting, and for moving it will continue on in its course,making steady progress
trains, and has at the same time created a new market
least several thousand
for copper; yet it is a Safe forecast that this method towards a higher plane, for at
of using solar energy (for such water is as the product years more after he has given up the duties of his office.
of sun-heat) will soon affect the constantly increasing
drain on our coal. And just as the woods and the ores
RAILROAD GROSS EARNINGS FOR APRIL.
and the mineral fuels have become sources of wealth
Our compilation of the gross earnings of United
and power within our memory, so will become the
States
railroads for the month of April—covering, of
years."
running waters within a few
course, only the roads which furnish early preliminary
This last, it appears to us, is the correct view to
returns,
comprising altogether 79,203 miles of road—
take. At the present rate of industrial progress we
makes a very poor showing. In fact the exhibit is
are undoubtedly making heavy draughts upon the
the worst for any month since the panic of last Octocountry's resources, and it is incumbent upon us to
ber and November plunged the country on its downguard against waste and extravagance by every possiward course. The amount of the falling off for the
ble means. And yet we need not be unduly solicitous
roads reporting reaches no less than $11,486,050.
regarding coming generations of men. Nature, which,
The ratio of decrease is not far from 20%—in exact
as we have already shown, is never wasteful, will come
figures 19.85%. In other words, during the month
to our aid with new supplies or by revealing to us new
of April, gross earnings of the country's rail transpormethods for availing of eXisting supplies.
tation
lines, judged by these early returns, were reThere is also another part of Mr. Roosevelt's address
duced
one-fifth
as compared with the corresponding
which deserves a moment's notice. The President
of
month
last year. This, as already said, is far in
cannot get ridlof theideathatthe business community is
excess
of
the shrinkage in preceding months, the deuncommonly depraved and that he is a moral regeneratin
crease
March by the roads making early, returns
ingforce for bringing it back to thepaths of rectitude. He
having
only 14.36%, that for February 10.71%
been
says: "So great and so rapid has been our material growth
but 8.74%. Moreover, as showJanuary
and
that
for
that there has been a tendency to lag behindinspiritual
and wide extent of the falling
the
nature
ing
general
and moral growth; but that is not the subject upon
or companies contributing
systems
all
off,
53
the.
which Ispeak to you to-day." Notwithstanding thestatedecrease,
with only three excepreturns
the
in
share
ment madein the last clause of this quotation,he neverthree
latter
roads is the Canadian
tions.
these
One
of
theless returns to the subject atthe close,inthesewords:
mileage in a
a
greatly
increased
Northern,
operating
"Finally, let us remember that the conservation of
lines in
minor
are
other
two
the
new
and
country,
our natural resources, thdugh the gravest problem of
of
the
country.
sections
the
problem
remoter
and
another
greater
of
to-day, is yet but part
MAY 16 1908.1
THE CHRONICLE
1197
In searching for the reasons to account for this very inevitably that the individual roads or systems have
heavy contraction in railroad revenues, it is almost been distinguished in the same way. It is important
needless to say that the country's industries have been to bear in mind, however, that the showing in net is
in a state of extreme depression, this depression having likely to be much better, as most of the roads managed
become steadily more pronounced through April to reduce their expenses in a very satisfactory manner.
and indeed having grown in intensity up to the date We have already stated that out of the whole 53 roads
of this writing. In addition, however, there has reporting gross earnings, all but 3 have fallen behind in
been another contributing cause-we mean con- their totals. 'In the case of many Systems or compantributing in a double sense, first in intensifying trade ies, the losses are very large, both in amount and ratio.
depression and secondly in producing itself a large Thus, those three prominent trans-continental lines on
falling off in railroad revenues. We refer to the sus- the north, namely the Great Northern, the Northern
pension of mining in the bituminous coal regions in Pacific and the Canadian Pacific, have all been prominvarious parts of the country. This has not attracted ent in this way,the Great Northern reporting a decrease
as much attention as it would if the country's in- of $1,486,423, the Northern Pacific a decrease of
dustries had been in a state of great activity where a $1,169,660 and the Canadian Pacific a decrease of
full supply of fuel was necessary to keep the wheels $918,000.
The roads in other sections are
of industry in motion; but it was nevertheless an im- distinguished in much the same way, though their
portant circumstance with the roads in nearly all loss is not quite so heavy in amount. In the
portions of the United States. Most of the soft-coal Southwest the Missouri Pacific has a loss of $917,000,
mines produced little or nothing and - consequently in the Middle West the Illinois Central has a loss of
the shipments of coal over the roads were necessarily $856,699, and in the South the Southern By. a decrease
greatly reduced or discontinued altogether, with the of $834,591 and the Louisville & Nashville a decrease
result that one very important item of traffic with of $713,882. In the following we show all changes of
large numbers of lines was heavily curtailed. In the separate roads for amounts in excess of $30,000
one _section of the Middle Western States, namely
PRINCIPAL CHANGES IN GROSS EARNINGS IN MARCH.
Increases.
Decrcasea
Indiana, Ohio and Western Pennsylvania, an ad- Canadian Northern
$116,203 International 5: Gt Nor_ _ _
185,000
St Louis Southwestern_ _ _
146,810
justment of the wage schedule, differences concerning Representing 1 road In our
Ala Al 0 & Tex Pae (31_ _
117,225
coMpilation
$116,200 Chicago Great Western__
101,079
which had been the ,cause of the suspension, was
Decrelses. Detroit Toledo & Ironton_
113,672
Great Northern (2 rds) _ _ _$1,48a,4,23 (In New Orl & Tex Pac __
96,027
Northern Pacific
1,163,660 Chicago Ind & Louisville_
reached by the 17th, but even here the miners did Canadian
9
7
7
78
1
Pacific
918,000 Toledo St L &•Western_ _ _.
04,026
Missouri Pacific (2 rds) _ _ _
917,000 Gull dc Ship Island
86;066
not return to work in any great numbers until after Illinois
Central
856,699 Texas Central
:;.,uthern Railway
834.591, Alabama Great Southern_
76.065
the close of the month.
Grand Trunk (4 rds)
'171,206 Duluth So Sh & Atlantic.
58,147
Louisville & Nashville_ _ _ _
713;882 'Iowa Central
50,668
It should also be noted,that there was a falling off in Texas
& Pacific
396,242 Minn & St Louis
48,769
Wabash
386,542 Yazoo & Miss Valley
47,920
the cotton traffic in the South and a very heavy shrink- Minn St Paul & ss
_
293,062 Colorado & Southern
46,697
Wheeling &.Lake Erie_ _ _ _
276,368 Georgia Southern & Fla
40,236
Denver & Rio Grande_ - _ 276,100
age in the grain movement and likewise in the live-stock Buff
Rochester & Pittsb_ _
262,686
Relresenting 40 roads in
Mobile & Ohio
250,921
shipments in the West. Thus, everything seemed Central
our compilation_ __ _$11,474.958
of Georgia.
$195300
Note.-Figures in parenthesis after name of road indicate the number of
to combine to accentuate the falling off in railroad lines
or companies for which separate returns are given in our compilations.
revenues. Furthermore, comparison is with totals
We have referred above to the falling off in the grain
last year which had shown (for reasons which need movement. The shrinkage
extended to all the differnot be enumerated here) much larger gains in earn- ent cereals and in nearly all cases reached large proings than had been the case in the months preceding. portions. Taking the grain movement at the Western
In brief, in April 1907 our early compilation had shown primary markets for the five weeks ending May 2, we
$11,044,527 gain, or 16.12 per cent. Under all these find that the receipts of wheat in this period the
present year were only 9,850,961 bushels, against
circumstances, any better result than that now dis- 22,481,423 bushels in
the corresponding five weeks
closed was of course out of the question. We might of 1907. The receipts of Corn were only 13?633,312
add that in the years preceding 1907,gains in April had bushels, against 17,038,717 bushels; of oats,16,158,442
also been marked in nearly all the years for the period bushels, against 21,142,877 bushels, and of barley
of about a decade. This fact is brought out in the 3,211,827 bushels, against 5,467,868 bushels. Adding
rye, the receipts
following table furnishing a summary of the April aggregated only of the five cereals the present year
43,120,972 bushels, against 66,822,200
totals back to 1897.
bushels. In the table we now give we furnish a
summary of the grain movement in our usual form.
Mileage.
Gross Earnings
Year Yr.pre- InGiven. ceding. cr'se.
April. Roads Mlles.
1897 --- 127 94,489
1898
125 96,616
1890.-- 119 93,643
1900 ---- 111 97,191
1901 ---- 97 96,874
1902 ---- 88 95,147
1903 ____
80 101,121
- 68 85,509
1904
1905---- 58 80,740
1906-.-- 56 77,543
1907 -- 65 93,472
1908 - --- 63 79,203
Jan. 1 to April 301897 -___ 127 94,489
1898 ____ 125 06,616
1899 - 119 93,643
1900 --__ 110 96,918
1901 --- 97 96,874
1902 --_
88 95,147
1903 ---- 80 101,421
1904 -.08 85,599
1906 --- 58 80,740
1906 ____
56 77,543
1907 ____ 65 93,472
1908 ____
53 79,203
N ote.
Year.
Given,
Year.
Preceding.
Increase(+)
or Decrease(-).
Miles.
93,813
95,472
92.462
95,180
93,923
93,696
99,450
83,301
79,469
75,820
91,929
78,027
%
0.72
1.19
1.28
2.10
3.14
1.55
1.98
2.76
1.60
2.26
1,69
1.51
93,813
95,472
92,452
94,916
93,923
93.696
99,450
83,301
79,96)
75,829
01,929
78,027
0.72 143.231,183 146,410,077 -3,178,894 2.17
1.19 169,183.383 145,709,416 +23,473,967 16.11
1.28 168,596,988 161,727,613 +6,869,375 4,21
2.11 204,218,414 176,355,301 +27,863,113 15.79
3.14 296,862.063 188,890,916 +16,971,147 8.98
1.55 225.617.790 209,367,916 +16,249,874 7.76
1.98 269,474,440 237,871,314 +31,603,126 13.28
2.78 203,338:689 207.'169,892 -3,781,203 1.82
1 6)199,516 795 187 633,261 +11,817,634 6.30
2.26 213,037,494 183,266,795 +29,770,699 16.21
1.69 298,069,920 271,505,101 +21,561,825 7.89
1.51 184,447,156 212,117,121-27,669,965 13.01
35,879,305
42,467,647
42,164,311
50,085,127
50,046,333
57,842,565
69,812,310
.51,399,901
51.243,441
52,409,705
79,566,158
46,398,330
I
%
35,887,851
-8,5461 0.02
36,570,132 +5,897,515 16.13
40,802,578 +1,661,733 4.07
44,562,898 +5,522,229 12.39
45,643,860 +4,402,473 9.65
52,093,0130 +5,749505 11.03
61,413,330 +8,308,930 13.67
53,825,303 -2.425,402 4.51
47,140,179 +4,103,262 8.70
46,946,012 +5,463,693 11.61
68,521,631 +11,044,527 16.12
57,884,380 -11,486,050 19.85
o not include the Mexican roads In any of the years.
With the roads as a whole showing such decided
shrinkage in,gross.re velige.s the.present year,.it,follows
WESTERN GRAIN RECEIPTS.
Five weeks end- Flour.
Wheat.
Corn.
Oats.
•Ing May 2.
(bbis.)
(bush.)
(bush.)
(bush.)
Chicago1908
850,733
634,430 7.617,113 8,993,597
1907
1,083.724 1,052,696 8,866,226 10,485,556
Mittraukee1008
194,780
610,000
146.000
936,000
1907
290,700
785,000
390,000 1,254.600
Barley.
(bush.)
Rye.
(bush.)
1,587,058
1,888,848
59,000
239,555
870,000
1,163,800
61,200
117,000
104,394
247,000
18,000
43,018
Louis
-
1908
1907
Toledo
-1908
1907
Detroit1908
1907
Cleveland1908
1907
Peoria1908
1907
Duluth1908
1907
AfInneapolls1908
1007
Kansas Cfly1908
1907
200,020
276.550
938,459 1,578,579 2,182,400
972,976 3,490,734 3,436,800
133,000
161,000
482,800
492,000
249,000
552,200
15,600
13,600
40,900
141,496
203,038
484,128
197.300
192.277
5,366
5.177
43.728
84.714
1,059,192
520,506
551,921
598,301
38,449
14,000
06,900
92,400
90,000
46.100
1,747,300
1.050,200
960,000
1,116,700
163,000
300.000
27,000
39.000
965,081
220,150
165,750 6,809,371
12,113
255,014
367,143
68,716
1,111,750
6,210
32,352
5,121,613
10,257,070
184,090
481,810
1,229,860
2,302,200
380,210
742,470
86.020
217,690
1,273.750
2,171,000
585,200
1,251,000
603.350
837.100
Total of &ZOOS
1.583 454 9,850.961 13,633,312 16,158,442 3.211,827
1907
1,927,901 22.481.423 17.038.717 21.142.877 5,467.868
266,430
691,315
9.000
2,700
EVo. Lxxxvi.
THE CHRONICLE
1198
Jan. 1 to May 2- Flour.
(bbls.)
Chicago-3,443,213
1908
3,638,292
1907
Milwaukee809,830
1908
728,250
1907
St. Louis822.945
1908
1,020,335
1907
TOledo1908
1907
Detroit62,700
1908
43,900
1907
Cleveland17,676
1908
18,042
1907
Peoria-.
381,650
1908
357,000
1907
Duluth257,150
1908
230,250
1907
Mtnneapolts1908
1907
Kansas City1908
1907
Barley.
Oats.
Corn
Wheat.
(bush.)
(bush.)
(bush.)
(bush.)
3,271.977 35,014,613 34,135,368 6,938,393
4,080,543 45,241,808 31,258,423 8.037,596
Rye.
(bush.)
588,371
891,650
3,536,400 4,582,800
4,737,700 5,700,400
416,400
509,400
2,483,000 1,350,000
2,250,000 3,165,000
4,380,996 9,139,929 9,472.800
3,596,855 16,599,414 11,084,800
891,689
1,292,600
160,605
201,099
567,300 2,608,600
737,000 3,388,000
871,500
1,462,500
1,000
23,000
14,900
1,346,403
1,812.751
649,400
791,076
452,291
331,227
291,854 3,633,158 1,681.687
454,309 2,368,408 1,750,815
69,741
50,926
2,200
503,900 7.548,400 4,027,500
161,100 5,397.760 3,572,050
637,000
1,230,000
141,000
136,700
1,043 1,640,023
400,303
765,702 1,656,974
12,113
44,359
122,194
5,745,916
13,139,129
25,860,684 1,925,920 6,147,410 3,628,750
34.251,814 2,698,230 6,724,020 4,109,271
EARNINGS OF NoRTHWESTERN AND NORTH PACIFIC GROUP.
Aprtl.,
1908.
' 1905.
1906.
1907..
6,712,370 3,521,900 1,860,800
9,085,000 4,629,000 2,254,300
Total of all5,795,164 50.270,288 66.089,966 64,022,888 17,149,676 1,910,210
1908
6,036,069 68,086,979 85,312,484 64,401,386 22,077,767 2,554,408
1907
1903.
4,229,144 4,061,505 3,795,394
639,622
629,770
613,559
215,191
186,253
211,403
3,247,892 2,873,572 3,091,010
183,996
170,363
205,320
234,099
196,287
' 241,869
576,910
474,765
. 654,863
4,152,321 3.619,923 3,574,437
Canadian Pac_ 5,390,000 6,308,000 5,491,000
687,689
596,320 7697,399
Chic Gt West.*
237,551
219,410 7277,557
Dul So Sh&Atl
Gt Nor System 3,437.175 4,923.598 4,172.957
229,786
247,306
196,638
Iowa Central_
281,447
Minn & St L__
268,769 r317,538
959.702
844,308 1,137,370
MStP&SSM
North Pacific_ 5,098,666 6,268,326 5.001,557
536.475
676,265
1904.
12,310,659
Total
16,051,286 20,177,094 17,061,689 13,556,371 12,212,438
* Results are based on 111 miles less road beginning with 1905.
a Proprietary lines not included after June 1906.
accounting prescribed
r Figures have been revised to accord with the new basis of
by the Inter-State Commerce Commission.
EARNINGS OF MIDDLE AND MIDDLt WESTERN GROUP.
April.
1908.
1905.
1906.
1907.
1903.
1004.
$
656,670
487,477
624,992
551,761
296,486
450.181 r712,867
Buff Roch & P
449,178
434,273
492,054
501,570
405,662
Chic Ind & Lou
(2,223,990
Gr Tr of Can
475,457
Or Tr West} b2,976,664 3,747,960 3,180,305 '2,990,209 2,838,931
86,624
Det Gil &MJ
3,795,934
3,530,378
3,751,192
4,233,912
Illinois Central 3,884,587 4,741,286
95,630
91,412
85,462
90,183
96,445
81.451
Tot Peor & W_
246,761
286,169
287,677
335,773
335,390
240,464
Tol StL & West
1,829,749 2,218,291 1,899,408 1,795,286 1,794,760 1,760,961
Wabash
350,132
368,041
390.335
347,949
509,700
233,332
Wheel & L Er.
With reference to the falling off in the Western livestock movement this also reached large proportions.
Of cattle the deliveries at the five Western markets in
April 1908 were only 494,161 head, against 745,314
head in April 1907; of hogs only 1,175,897 head,
against 1,337,246, and of sheep 656,825, against
810,930 head.
The cotton movement in the South shows-shipments
overland for the month in 1908 of only 72,876 bales,
against 128,798 bales in April last year, and receipts
at the Southern ports of only 313,078 bales, against
382,385 bales. The port receipts in detail compare
as follows for the three years
Total
10,102,0911 12,861,509 10,876,070 10,444,308 9,895.725 10,109,659
b Includes Canada & Atlantic beginning with October 1904.
r Figures have been revised to accord with the new basis of accounting prescribed
by the Inter-State Commerce Commission.
GROSS EARNINGS AND MILEAGE IN APRIL.
Mileage.
Gross Earnings.
Name of Road.
1908.
1907.
Inc. (+) or
Dec. (-). 19118.
1907.
309
309
--76,065
253,492
329,557
Alabama Gt Southern
Ala N 0 & Tex Pac196 - 196
--54,840
208,301
263,141
New On & No East_
143
143
--24,594
112,954
137,548
.Alabama & Vicksb_
189
180
--37,791
99,043
136,834
Vicks Shrev & Pac_
27
27
--149
4,530
4,679
Bellefonte Central_ _
568
568
--262,686
450,181
712,867
Buff Roch & Pittsb_ _ _
+116,200 2,874 2,554
560,900
686,100
Canadian Northern_ __
-018,000 9,320 9,04
Canadian Pacific
5,390,000 6,308,000
--195,000 1,913 1,896
729,300
924,300
Central of Georgia.. _ _ _
818
818
--101,079
596,320
697,399
Chicago Gt Western_ _
591
599
--95,908
405,662
501,570
Chic Ind & Louisville_
336
336
&
_
--96,027
0
Tex
Pac_
610,745
706,772
Cinc N
--46,697 1,841 1,841
Colorado ec Southern_
1,034,852
988,155
--276,100 2,552 2,532
Deriver ec Rio Grande
1,410,800
1,695,900
RECEIPTS OF COTTON AT SOUTHERN PORTS IN APRIL AND FROM
344
344
--22,669
95,443
118,112
Detroit & Mackinac
JANUARY 1 TO APRIL 30 IN 1908, 1907 AND 1906.
684
684
--99,672
351,917
252,245
Detroit Tol 6: Ironton
592
592
--58,147
219,410
277,557
Duluth So Sh 6: Atl. _
395
395
--40,236
189,419
Georgia South'n & Fla
149,183
1.
January
Since
April.
Grand Trunk of Can
Ports.
--771,296 4,528 4,528
3,747,960
Grand Trunk West } 2,976,664
1906.
1907.
1908.
1908. 1907. 1906.
Dot Cr Hay & MIL
J
Canada
Atlantic__
bales 116,068 151,356 117,085 934,282 1,484.076 682,277 Great Northern, Inch}
Galveston
44,474
99,774
82,453
874 42,783 1,455
Port Artnur, &c
Eastern of Minn } 3,437,175 4,923,598 -1,486,423 6,498 6,289
109,574 86,979 117,685 748,801 857.791 617,982
New Orleans
Montana Central_ _
87,316
70,794
50,101
12,300 6,218 13,686
307
307
-86,066
Mobile
Ship Island_ _ _
231,792
145,726
67,974
65,347
74,268 Gulf & Central
8,010 11,969 10,941
-856,699 4,377 4,370
Pensacola, &c
Illinois
4,741,286
3,884,587
44,452 40,111 82.170 307,048 331,534 259,290 Internat'l & Gt Nor_ _
1,159
1,159
-185,000
Savannah
678,000
493,000
50,072
65,821
62,147
1,214 13.321 8,549
558
558
-50,668
. Brunswick
247,306
196,638
19,959 Iowa Central
26,988
28,941
1,734 2,196 4,984
Charleston
-713,882 4,348 4,308
3,908,602
3,284,720
594 Louisville ec Nashville
227
125
302
Georgetown
--787
105
105
&
11,260
Birmingham
10,473
27,669 Macon
64,382
5,137 3,790 7,192 104,111
78
+1,327
78
Wilmington
5,132
6,459
13,490 20,690 30,162 148,749 178,283 105,970 Manistique
Norfolk
324
-26,318
324
87,691
Valley
Midland
61,373
9,240
1,020
27,504
225 2,972 1,392
149
Newport News, &c
140
-1,707
67,760
Range
Mineral
66,053
799
799
-48,769
317,538
& St Louis_ _
268,769
313,078 382,385 395,426 9,574,790 3,270,875 1,941,896 Minneap St
Total
-293,062 2,262 2,290
1,137,379
P &SSM
Minneap
844,308
-878,000 6,091 5,951
Mo Pacific & Iron Mt_
3,145,000 4,023,009
388
388
-39,000
145,000
Central Branch_ _ _ _
106,000
926
926
-250,921
976,360
Mobile ec Ohio
725,439
164
144
+6,110
19,701
Nevada-Cal-Oregon _ _
25,811
6,268,326 -1,169,660 5,617 5,606
Northern Pacific
5,098,666
180
-2,077
180
43,865
41,788
Rio Grande Southern_
-146,810 1,454 1,454
813,502
666,782
St Louis Southwestern
197
237
-25,970
125,092
Southern Indiana_ __
99,122
-834,591 7,501 7,552
4,768,457
Southern Railway _ _
3,933,866
269
-79,271
311
116,668
Central
Texas
37,397
EARNINGS OF SOUTHERN GROUP.
-396 242 1,885 1,848
1,324,003
Texas & Pacific
928,721
248
248
-14,994
96,445
roledo Peo dc Western
81,451
451
451
-94,926
335,39(1
Tol St Louis & West_ _
240,464
1904.
1905.
1903.
1906.
88
88
-12,733
1907.
1908.
April.
80,578
Toronto Ham & Buff_
67,845
137
137
-27,325
96,947
Virginia de Southwest_
69,622
-386,542 2,517 2,517
2,216,201
Wabash
1,820,749
248.162
239,954
280,463
305,223
498
498
-276,368
253,492 r329,557
Ala at South'n
509,700
Wheeling & Lake Erie
233,332
-47,920 1,347 1,239
Ala N 0 & T P
768,386
720,466
180,148
198,520 Yazoo dc Miss Valley_
239,196
277,816
-.208.301 r263,14I
NO &NoE_
94,377
102,504
105,119
124,058
Ala & Vicks_
112,954 r137,548
Total (53 roads) __ _ 46.398.330 57 S84.380 -11,486,050 70,203 78.027
106,313
110,962
109,996
121,387
99,043 r136,834
Vick Sh & P
651,400
673,239 Net decrease (19.85%)
746,478
861,120
924,300
729,300
Cent of Ga_ - 554.083
567,803
610,799
707,458
610,745 7706,772
One NO &TP
Mexican Roads (not included in totals)736
+61,842
736
Lou & Nash _ b. 3,284,720 3,998,602 3,542,044 3,148,074 2,936,803 2,954,620 Interoceanic of Mexico
599,874
661,716
564,748
664,615
725,086
797.951
725,439 r976,360
918
-229,852
918.
Mobile & Ohio_
846,021
Mexican International
616,169
3,521,793
3,548.365
3,849,827
4,356.062
r4,768,457
321
+11,800
321
Southern fly- - 3.933,866
y441,500
_
Mexican Railway_
9453,300
682,994
550,377
563,302
751,654
768,386
+7,026
720.466
Yazoo & Mis V
263
263
973,676
Mexican Southern_ __ _
y80,702
-267,931
1,732
1,732
1,484,498
Nat RR of Mexico_ _
1,216,567
Total
10.678,326 13,009,957 11,844,773 10,437,561 9,408,204 9,684,355
-1,494
152
152
79,575
Hidalgo dc Northeast
78,081
To complete our analysis we annex the following
six-year comparison of the earnings of the more important roads, arranged in groups
b Includes earnings of Atlanta Knoxville & Northern in 1904, 1905, 1906, 1907
and 1908.
r These figures have been revised to accord with the new basis of accounting prescribed by the Inter-State Commerce Commission.
y These figures cover three weeks only in both years.
GROSS EARNINGS FROM JANUARY 1 TO APRIL 30.
Name of Road
EARNINGS OF SOUTHWESTERN GROUP.
1908,
1007.
Increase.
Decrease.
$
1908.
1907.
1906.
1905.
1904.
1003.
533,893
689,613
654,141
Colo & South.*
898,577
988,155 r1,034,852
Den & Rio Gr_ 1,419,800 r1,695,900 1,556.181 1,311,883 1,249,515 1,339.895
352,106
471,918
416,884
Int & Gt Nor._
496.824
678,000
493,000
MoP & Cent Br 3,251,000 4,168,000 3,541,241 3,249,405 3,135,590 3,605,471
519,111
730,567
613,836
St Louis S W__
715,693
666,782 r813,592
802,582
894,077
927,916
Texas & Pac__
928,721 1,324,963 1,038,152
Tot Al
7,747,458 9,715.307 8,246,668 7,347,463 6,592,797 7,558,143
* For 1908, 1907 .1906 and 1905 includes all affiliated lines except Trinity &
Brazo4 Valley RR. For previous years we have combined Colorado dc Southern
and Fort Worth & Denver City.
r Figures have been revised to accord with the new basis of accounting prescribed
by the Inter-State Commerce Commission.
Alabama Great Southern_ _
Ala New 011 ec Tex PacNew On & Northeastern_
Alabama & Vicksburg_ _ _
Vicks Shrev & PacIfic_
Bellefonte Central
Buffalo Rochester & Pitts_
Canadian Northern
Canadian Pacific
Central of Georgia
Chicago Great Western.._ _ _
Chicago Ind & Louisville__
Chic New Orl & 'rex Pao_
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Detroit Toledo & Ironton_
D,,r,,th Smith Shore & Atl_
1,311,206
319,578
1 ,958,518
886,903
547,638
491,001
547,249
457,554
10,403
18,101
2,637,555
2,258,775
1,743,300
2,375,20(1
19,442,535 20,014,643
3,333,592 4,213,870
2,822,518
2,427,899
1,846,125
1,459,386
2,599,031
2,277,630
4,395,277 4,344,743
6,448,114
5,386,250
453,330
358,949
1,381,841
1,048,131
Ft95.449
987 177
171,615
56,637
89,686
1,302
378,780
991,628
631,000
6
1,472,108
880,278
394,619
386,739
321,392
50,534
1,061,864
94,381
333.710
141 ,n5
MAY 16 1908.1
THE CHRONICLE
Name of Road.
1908.
Georgia Southern & Fla..__
Grand Trunk of Canada..-1
Grand Trunk Western_ }
Det Gr Haven do Mllw_ _ !
Canada Atlantic
Great Northern, including)
Eastern of Minnesota
Montana Central
Gulf & Ship Island
Illinois Central
Internat'l & Gt Northern.._
Iowa Central
Louisville & Nashville____
Macon & Birmingham
Manistique
Midland Valley
Mineral Range
Minneapolis & St Louls____
Minneapolis St P & S S M..
Mo Pacific & Iron Mtn____
Central Branch
Mobile & Ohio
Nevada-California-Oregon _
Northern Pacific
Rio Grande Southern
St Louis Southwestern____
Southern Indiana
Southern Railway
Texas Central
Texas & Pacific
Toledo Peoria & Western__
Toledo St Louis & Western
Toronto Hamilton & Buff_
Virginia & Southwestern__
Wabash
Wheeling & Lake Erle___
Yazoo & Mississippi Valley
Total (53 roads)
Net decrease (13.04%)
$
664,687
1907.
Increase.
$
802,379
Decrease.
137,69
11,244,157 13,301,922
2,057,765
12,888,805 14,564,153
1,675,348
885,447
18,905,636
2,879,304
1,024,937
16,089,855
58,501
18,424
291,356
253,390
1,216,367
3,546,854
15,211,629
540,000
3,796,519
62,721
19,426,444
185,977
3,365,950
507,307
18,906,405
443,724
5,787,123
406,824
1,297,613
299,174
371,577
8,516,871
1,866,684
3,429,712
259,982
2,296,236
761,623
93,499
2,702,629
11,712
1,276
1,399
2,969
107,139
436,523
2,424,762
84,000
933,814
625,465
16,609,400
2,117,771
931,438
13,387,226
46,789
17,148
289,957
250,421
1,109,228
3,110,331
12,786,867
456,000
2,862,705
90,469
18,207,312
168,461
2,794,236
596,447
15,989,224
266,686
4,342,999
401,722
1,076,581
253,034
282,119
7,612,909
1,208,975
3,322,425
184,447,156 212,117,121
Mexican Roads (not inelu ded in total)
InteroceanIc of Mexico_ _
2,656,755
2,488,643
Mexican International___
2,576,705
2,096,242
Mexican Railway
y2,512,700 y2,485,900
Mexican Southern
y397,441
1/417,811
National RR of Mexico.. ___
5,169,153 5,488,890
Hidalgo & Northeastern..
314,161
318,448
27,748
1,219,132
17,516
571,714
89,140
2,917,181
177,038
1,444,124
5,102
221,032
45,240
89,458
903,962
657,709
107,287
799,322 28,469,287
27,669,965
168,112
410,537
26,800
20,370
319,737
4,287
y These figures are down to the end of the third week of April: fourth
week no re.,orted.
ITEMS ABOUT BANKS, BANKERS AND TRUST .00'S.
-The public sales of bank stocks this week aggregate 31
shares and were all made at auction. The transactions in
trust company stock reach a total of 200 shares. A 25-share
lot of Metropolitan Bank stock was sold at 164, this being
the first public sale since July 1906, the price then paid
being 160.
Low. High. Close.
Shares. BANKS-New York.
164
25 Metropolitan Bank
164
164
Park Bank, National
411( 411 %
3 4119j
TRUST COMPANY-New York.
200 Carnegie Trust Co
145% 160w 160
Last previous sale.
July 1906- 160
April 1908- 410
May 1908- 161
-The House of Representatives at Washington, by a
vote of 184 to 145, passed on Thursday the modified Vreeland
Currency Bill, drafted by the committee of five appointed
last week to report a perfected bill; the bill had been adopted
at the Republican conference on Monday night, by a vote of
128 to 16. In the final action on the measure,the Democratic
members of the House voted solidly against it, fourteen
Republicans joining in the opposition. The action of the
committee in using the Vreeland bill as a basis for the new
meas•tre was in accordance with the instructions of the
conference last week. The perfected Vreeland bill provides
that banks, not less than ten in number, with an aggregate
capital and surplus of at least $5,000,000, may form
voluntary associations, to be known as clearing-house associations. These associations must be composed of banks in
contiguous territory. Through these associations emergency
currency to an aggregate amount of $500,000,000 may be
issued. The currency is to be based upon "any securities,
including commercial paper," which the banks may hold.
Ally bank may join the association of its district, but no
bank may belong to more than one association. The bill
stipu!ates that each association shall be a body corporate,
may sic and be sued, and shall be governed by a board
composed of one officer of each constituent bank. Any
association member having bond-secured circulation outstanding to an amount equal to 40% of its capital, which
has an unimpaired capital and a 20% surplus, may take
out the new notes to the extent of 75% of the cash value
of tH securities deposited. The assets of all the banks in
each association are to be jointly and severally liable for the
circulation of any bank, and the Government is to have a
first lien on them for that purpose. In general, each association is made, it is said, fully responsible for each of its
members. The total circulation of any bank, including
national bond-secured and emergency, is limited to the
amount of its unimpaired capital and surplus. The issue
by any association must bear tile same ratio to the $500,-
1199
000,000 limit that the aggregate capital and surplus of its
membership bears to the aggregate capital and surplus of all
the banks in the country. The same reserve is to be held
against the notes as against deposits, banks in central reservecities being required to maintain a cash reserve of 25%
against the new currency; those in reserve cities a similar
reserve, one-half of which may be deposited in banks in
central reserve cities, and banks outside central reserve and
reserve cities a 15% reserve, of which nine-fifteenths may
be on deposit in reserve cities. The redemption of the
special currency is unlimited. The proposed currency is to
be taxed at 4% per annum for the first two months, with
an increase in the rate of 1% per month for each additional
month until 10% is reached. The bill provides for the creation of a currency commission, to be composed of six Senators,six Representatives,and six other persons,to be appointed by the President. Pursuant to an amendment adopted
on Thursday, the wording on the face of the notes will state
that they are secured by bonds or other securities "in
accordance with law."
The Senate Finance Committee yesterday unanimously
authorized Senator Aldrich to report the Aldrich Bill with
certain sections omitted as a substitute for the Vreeland
Bill. The bill was subsequently passed by the Senate by
a vote of 47 to 20, and was then sent to a conference committee of both Houses. One of the sections stricken out is
that providing for a larger cash reserve by national banks
than is at present required; another is that prohibiting
a bank from investing in stocks or other securities of corporations whose officers or directors are identified with the
bank. The amendment making Philippine and Porto Rican
bonds a basis for the security of the notes is also said to have
been. eliminated.
-In its issue of April 27, the San Francisco "Daily Commercial News" took occasion to refer to the present condition
of the banks of the city as compared with 1907, 1906 and
1905, such a comparison being considered of especial interest
in view of the changing conditions of the past two years,
which have been -felt by the banks in many ways. It is
pointed out that, when insurance money was flowing into
San Francisco after the fire of 1906, both bank clearings and
deposits were abnormally large. Later came a period of
contraction all over the country, and then the panic of last
fall. While deposits for 1908 are found to be below those
for 1907 and 1906, and in most instances below those for
1905, the shrinkage is considered only natural, inasmuch as
a large portion of the inhabitants has had to rebuild and
furnish new homes, and naturally had to draw on their savings accounts.
In the same issue the "Commercial News" publishes some
facts of interest concerning the certificates issued last fall
by the San Francisco Clearing-House Association. Two
classes of certificates were issued-one for use between the
banks in Clearing-House operations and the other for general circulation, the latter being in denominations of $1, $2,
$5, $10 and $20. The first certificates for use between
banks were issued on Oct. 29 1907; these bore interest at
8% per annum. The maximum amount issued of this class
was $12,339,000, the high-water mark being reached about
Dec. 24, and practically all being retired before the end of
January. The certificates for general circulation were first
issued on Nov. 4 1908, a total of $7,179,000 being used,with
the largest amount in circulation on Dec. 16. Owing to
their general circulation, the retirement of all of these, it is
stated, has not yet been effected, about $45,000 still remaining outstanding. The loan committee examined in all
about $50,000,000 of collateral, of which some $25,000,000
was deposited as security. Of this, 80% was in the form of
commercial paper and 20% in bonds.
-During the past few weeks we have printed the text of
several of the newly-enacted banking laws of New York
State. To-day we publish another of the bills passed by
the Legislature and signed by the Governor. This provides
for the publicity of certain official acts of the Superintendent
and reads as follows:
AN ACT
To amend the Banking Law relative to publicity of certain official acts of the
Superintendent and details of the business of the department.
The People of the State of New York, represented in Senate and Assembly,
do enact as follows:
Section 1. Chapter 689 of the laws of 1892, entitled "An Act in relation
to banking corporations," is hereby amended by adding thereto a new
section to be Section 39-b, to read as follows:
1200
Section 39-b. Official acts of Superintendent and details of department
The Superintendent of Banks snail keep
business to be made
n his office, in a place accessible to the general public, a bulletin board
posted at noon on Friday of each week
be
to
cause
dpon which he shall
a detailed statement,signed by him or,in case of his absence from Albany
or inability to act, by the Deputy Superintendent in charge, giving the
lowing items of general information with regard to the work of the
department since the preceding statement:
(a) The name of every corporation that has flied in the banking department a certificate of incorporation or organization, its location and the date
of filing of such certificate.
(b) The name and location of every corporation or Individual banker
authorized by the Superintendent of Banks to commence business, Its
' capital, surplus and the date of authorization.
(c) The name of every proposed corporation to which a certificate of
•
authorization has been refused by the Superintendent of Banks, and the
date of notice of refusal.
(d) The name of every corporation that has applied to the Superintendent. of Banks for permission to open a branch office, the date of such
application and the location of the proposed branch.
(e) The name of every corporation that has been authorized by the Superintendent of Banks to open a branch office, the date of approval and the
location of such branch office.
(f) The name and location of every corporation designated by the Superintendent of Banks as a depositary for the lawful money reserve of banks
or trust companies, Its capital, surplus and the date of designation.
(g) The name and residence of every person appointed by the Superintendent of Banks at a deputy,examiner or employee In the Banking Department, the title of the office to which appointed, the compensation paid and
the date of appointment.
(h) The date on which a call for a quarterly report by banks or trust
companies was issued by the Superintendent of Banks and the day designated as the day with reference to which such report should be made.
(I) The name and location of every corporation or individual banker
of whose property and business the Superintendent of Banks shall have
taken possession and the date of taking possession, and the name and residence of every person appointed by the Superintendent as a special Deputy
Superintendent of Banks.
(3) The name and location of every corporation or individual banker
-which shall have been authorized by the Superintendent of Banks to resume
business, and the date of resumption.
(k) The name and location of every corporation whose creditors or depositors have been paid In full by the Superintendent of Banks and a meeting of whose stockholders shall have been called, together with date of
notice of meeting and date of meeting.
(1) The name and location of every corporation subject to the banking
law whose affairs and business shall have been finally liquidated and the
corporation dissolved. '
(m) The name and location of every corporation which has applied for
approval of a change of name, and the name proposed.
2. Every such statement, after having heen posted as aforesaid for one
week, shall be placed on a file for such statements to be kept in the office
of the Superintendent of Banks. All such statements shall be public
documents and at all reasonable times shall be open to public inspection.
Section 2. This Act shall take effect immediately.
—At,the annual election of the New York Stock Exchange
on Monday the regular ticket was unanimously elected, no
opposition ticket having been presented.
[VOL. Lxxxvi.
THE CHRONICLE
R. H. Thomas,
who became President of . the , Exchange a year ago, was
unanimously re-elected to that office, and F. W. Gilley was
re-elected Treasurer.
—The Knickerbocker Trust Co. of this city announced
this week that the two installments of 5% each due deposi-
to the Mercanitle National Bank. The latter, unaware that
the indorsement in Mr. O'Brien's name was unauthorized,
paid it to the National Bank of North America.
—The Lincoln Trust Co., 208 Fifth Avenue, this city,
is making steady and substantial progress in the rehabilitation of its husiness under the direction of its new President, Alexander S. Webb Jr., who lately assumed office.
On Thursday evening of this week we learned on inquiry
that the company s deposits were $7,770,000, which , is a
growth in business of $2,000,000 since March 27th last.
—A. E. Stilger, Cashier of the Chelsea Exchange Bank
of this city, has been elected First Vice-President of the
institution, continuing also as Cashier.
—The Jenkins Trust Company of Brooklyn Borough will
formally adopt its new title, the Lafayette Trust Company,
on June 15, having this week received permission from the
court to make the change.
—Argument on the motion for the removal of the receivers of the Williamsburgh Trust Co. of Brooklyn Borough,
which was to have been heard on the 12th inst., has again
been adjourned, this time until Monday next, the 18th inst.
—The National Newark Banking Co. of Newark, N. J.,
opened on Monday in new quarters in the Mutual Benefit
Life Insurance Company's Building, at 752 Broad Street,
corner of Clinton Street.
The bank has spacious offices on
the ground floor of the Clinton Street side of the building,
with four separate entrances to its banking rooms from the
main corridor. The desks and all the appurtenances are
of metal. A mezzanine floor overlooks the general offices,
and on that floor are located the directors' meeting room
and the corresponding department. The main vault, which
is of the most approved type, is in the basement. The bank
s the oldest in the State. It was organized in.1804 under the
name of the Newark Banking & Insurance Co. Upon the
renewal of its charter in 1855 the name was changed to the
Newark Banking Co. . and with its reorganization as a national:institution in 1865 it became the National Newark
Banking Co. It has a capital of $1,000,000, surplus ,and
undivided
profits of $1,600,000 and average deposits of
The present officers of the institution are:
tors June 26 1908 and Sept. -26 1908, respectively, would be
anticipated, payment to be made June 1 1908. The com-
$6,000,000.
pany resumed business on March 26, after a suspension of
five months, having closed its doors on Oct. 22. Under the
H. W. Tunis, Cashier, and W. M. Van Deusen, Assistant
,Tplan of resumption, the depositors received certificates representing 70% of their deposits, 10% of which was paid with
D. H.
Merritt, President; A.
H.
Baldwin, Vice-President;
Cashier.
—A new national bank is being formed in Jersey City,
resumption and the balance in installments extending over a
period of two years and four months. •The remainder of
N.,J., under the title of the Merchants National. The proposed institution will locate in the Hudson City section, and
the deposits, namely, 30%, are represented by "surplus
certificates" bearing 4% interest, the principal of which is
payable only out of net earnings and surplus; it is stipulated
however, that the surplus shall in no event be reduced be-
is to start business in the,late summer. The capital will be
$200,000. The organizers are 0. H. Albanesius, Edward
low $8;000,000 by reason of any such payment.
—The New York Stock Exchange firm of Mayer & Co., at
11 Wall Street, which assigned Oct. 22 last, resumed business
on Monday the 11th inst. The difficulties of the firm were
Hoos, John Doecher, J. Connell and Fred. J. Stuber.
—Full payment has been made on the new-$100,000 capital
of the -Ironbound Trust Co. of Newark, N. J., making the
capital now $200,000 and the surplus $100,000. Action
toward increasing the capital was taken by the stockholders
in March.
—The Providence Clearing-House Association, at a meeting on the 7th inst., unanimously voted to reinstate the
noted
liabilities were placed at approximately $6,000,000. The Union Trust Co. of that city to full membership. As
appointment of the receiver was vacated a few weeks ago, last week, the company resumed business on the 4th inst.
at which time, also, all bankruptcy proceedings against the after a suspension of six months.
said to have been due principally to the shrinkage in the value
of stocks, and More. particularly Delaware & Hudson. The
firm were discontinued. Last week the Exchange members,
George R. Leslie and Abraham B. Baylis, were reinstated
to membership on the Exchange. William F. Goldbeck,
—Arthur B. Silsbee, Treasurer of the Cocheco Manufacturing Co., has . been chosen President of the Merchants'
National Bank of Boston, to fill the vacancy due to the death
who had served as the assignee; issued a statement on Sunday night in which he said that the firm had paid its Stock
of Franklin Haven. Mr. Silsbee will assume the duties of
his new office on June 1. A. P. Weeks, who is Cashier of
Exchange creditors in full, with interest, and had
its indebtedness.
settled all
—Receiver Charles A. Hanna of the National Bank of
North America of this city began the payment of a 25% dividend to the depositors of the institution Oh Thursday. This
is the first distribution to be made to the depositors.
A decision was rendered against the bank on Wednesday
in a suit brought against Receiver Hanna by Albert B.- Boardman to recover $100,000 on a check made by the Mercantile
National and indorsed by Charles W.'Morse.
The check,
was made payable to Morgan J. O'Brien and was delivered
the bank, has in addition become Vice-President.
—Nathaniel Thayer, a director of the New England Trust
Co. of Boston, has been elected Vice-President of the institution to succeed the late Franklin Haven. James M. Prendergast has been chosen to replace Mr. Haven as a member
of the executive and finance committees.
—The Central National Bank of Philadelphia, after profor its usual semi-annual dividend of 8%, has added
viding
$100,000 -to its surplus, making it $2,600,000, and leaving
undivided profits of $295,000.
—A settlement is reported to have been reached between
to Mr. Morse, who, without authority, it is claimed, indorsed
it in the name of Mr. O'Brien and delivered it to the National
Bank of North America, which in turn indorsed it and pre-
Receiver J. H. Strawn of the failed Farmers' & Drovers'National Bank of Waynesburg, Pa., and the directors of the
sented it for payment through the New York Clearing House
institution in the matter
ofichargesXolnegligeneelagainst
MAY 16 1908,
THE CHRONICLE
1201
the board. By its terms, it is stated, the directors are to
—Group V. of the Ohio Bankers' Association will meet or?
pay the receiver an aggregate of from $125,000 to $150,000 Thursday next, the 21st inst., at Springfield,
Ohio. S. C..
in addition to the double liability assessments on their stock. Arbuckle is Secretary.
It is stated that they have further agreed, in some instances,
—The Defiance City Bank, of Defiance, Ohio, assigned on
to surrender their claims against the bank or the receiver in the 6th inst, J.
W. Winn being named as assignee. The inthe matter of deposits or other interests. The agreement, stitution had
a capital of $200000. The trouble is said to
it is reported, precludes the bringing of any suits for damages have grown
out of the failure in 1906 of the Creelman Lumber
against the directors. The announcement of a 15% dividend & Manufacturing
Co., the bank, it is reported, having held
in favor of the depositors of the bank was recently made. A a large quantity
of the paper of the concern. The institution
25% dividend is said to have been previously distributed, has a city deposit
amounting to about $14,000.
making in all thus far 40%. The bank closed its doors on
—Henry Reis, lately Vice-President of the Old State NaDec. 12 1906.
tional Bank of Evansville, Ind., has been elected President
—According to advices received yesterday by the New York
of the institution to succeed R. K. Dunkerson.
papers,measures to reassure the depositorsof the Allegheny Na—The National Safe Deposit Co. of Chicago, in its annual
tional Bank of Pittsburgh, which recently suffered a defalreport
for the year ending May 1 1908, shows net profits for
etaion, were taken at a meeting on Thursday • night, when
arrangements were completed for the raising of a guaranty the twelve months of $294,929, against $241,927 for the
fund of $500,000 cash by "certain strong financial interests" previous year and $209,958 for the year ending May 1 1906.
jointly with the directors of the bank. The agreement The floating debt has been reduced from $480,000 to $180,000.
also provides for an entirely new management. As stated The company has an authorized capital of $2,500,000 and an
last week, William Montgomery, Cashier of the bank; has authorized bond issue of a similar amount. It is announced
been charged with the embezzlement of funds of the insti- that it will begin the payment of semi-annual dividends,
tution to the amount of $469,000. He was arrested on at the rate of 6% per annum,on Nov. 1 1908. The company
the 7th inst. but was released under $50,000 bail. The owns the First National Bank Building, in which are located
amount was later increased to $100,000, owing, it is said, the First National Bank, the First Trust & Savings Bank
to the discovery of additional shortages. The bank is both and the National Safe Deposit Co.
a State and city depository, the State , deposit amounting
—A permit to organize the Ashland State Bank of Chicago
to $532,222 and the city deposit to $1,500,000. Mr. has been issued to Lewis G. Elliott, Charles R. Wakely and
Montgomery is said to have turned over to the directors G. Frank Flick. The capital is to be $200,000.
his holdings of Tonopah Extension stock, besides 1;200
—An agreement to consolidate has been entered into beshares of stock of the bank, valued. at $144,000, and his tween the State Bank of Michigan
at Grand Rapids and the
residence, the valuation of which is placed at $28,000. Kent County Savings Bank of that city. While the
final
The heaviest selling in months of Rapid Transit stock, details of the consolidation
have not yet been completed,
which occurred at Philadelphia on Wednesday, was be- it has been definitely decided that
the new bank will have a
lieved to have been an indirect outcome of the defalcation, capital of $500,000 and surplus
of $150,000. The entire
rumor having it that politicians were seeking to cover up capital will be taken by the shareholders
in the two banks.
loans, not only in the Allegheny National but other instit- It is understood that the consolidated
institution will be
tutions having State deposits.
known as the Kent State Bank, and that its President will
—Two other Cleveland institutions suspended this week be Henry Idema, Vice-President of. the Kent County SavThe Reserve Trust Company, capital $300,000; made an ings Bank. The active Vice-President will be Daniel Mcassignment on Thursday to the Superior Savings & Trust Coy, President of the State Bank of Michigan, and there
will be two other Vice-Presidents in John A. Covode and
Company. Its liabilities are said to be $2,700,000.
On the same day the American Savings Bank Company, John A. S. Verdier, respectively President and Cashier of
capital $50,000, closed its doors. It is stated that efforts the Kent County Savings Bank. The last-named instituare being made to secure assistance from another financial tion has a capital of $50,000, surplus and, profits (Feb. 14
institution and that it is hoped to reopen the bank shortly. 1908) of $292,217 and deposits of $3,020,887. The State
Its deposits amount to about $300,000. Both institutions Bank of Michigan has a capital of $150,000, surplus and
profits (Feb. 14) of $150,997 and deposits of $2,239,306
began operations in 1903.
—A 30% dividend has been paid. by Receiver William W.
—A new financial institution, namely, the Bank of Cleveland Co., opened for business in Cleveland, Ohio, on Monday. Wedemeyer of the failed Chelsea Savings Bank of Chelsea,,
The bank has an authorized capital of $50,000; of which Mich. The State, which had a deposit with the institution
$25,000 has been issued. It will remain open beyond the at the time of its closing, is said to have received $180,000.
regular banking hours, or from 9 a. m. until 11 p. m. It is The bank suspended on Dec' 3 1907. Frank P. Glazier, exalso announced that its operations will be restricted to Cleve- State Treasurer, was its President.
land and Cuyahoga County. The quarters of the institu—The dates assigned for the coming meetings of the varition are in the Hippodrome Building. The management is ous groups of the Nebraska Bankers' Association are: Group
made up of 0. P. Fisher, President and Treasurer; E. W. 5, May 20, at Kearney; Group 6, May 29; at Chadron; and
Fisher, D. F. Sherbondy and H. 0. Secrest, Vice-Presidents, Group 1, June 17, at Lincoln. Group 4 held its annual sesand Julius Pomerene, Secretary.
sion at Hastings on the 6th inst.
—An assignment was made on the 8th inst by the Euclid
—A bid for all the assets of the failed Bankers' Trust Co.
Avenue Trust Co. of Cleveland. The Cleveland Trust Co. is of Kansas City, Mo., which, it is expected, will enable the
the assignee. The immediate cause of the assignment is payment of a dividend of between 40 and 43% to all creditors,
said to have been the refusal of the company's Clearing House other than stockholders, has been made by Ira M. Cobe of
representative to clear for it. The institution, it is reported, Chicago. The offer has been submitted to the Court for a0is the only one in the city which required aid during the proval by Receiver Thomas R. Marks, and a hearing on the
financial troubles last fall. The company began business in mattei will be held on Saturday, the 23d inst. In his offer
Dec. 1903, having succeeded to the business of the failed of purchase Mr. Cobe agrees, with its acceptance, to pay to
Euclid Avenue Trust & Savings Bank. Of its authorized the receiver sufficient cash which, with the amount now in
capital of $500,000,$200,000 is reported to have been paid in. hand, will equal a dividend of 43% upon all the proved
The deposits on the day of the assignment are said to have claims; and,further, to assume and pay all the unpaid costs
been in the neighborhood of $1,350,000, which included a and expenses of administering the trust, as well as all unpaid
deposit of city funds aggregating $171,835 and another of fees and compensation of the receiver and his counsel. If
State funds to the amount of $55,000. The Cleveland the bid is accepted, the stockholders will receive nothing on
"Leader" states that it is expected that all depositors will their stock. The institution suspended on Oct. 26 1908. It
be paid in full, but that it is believed the capital is impaired had a capital of $500,000 and deposits, it is understood, of
and that the stockholders will suffer a loss of a large part about $900,000.
of their investment. J. P. Madigan succeeded W. H.
—The new American National Bank of Wilmington, N. C.,
Crafts as President early the present year. Mr. Madigan organized within the past month with a capital of $100,000,
is Treasurer of the county.
began business on the 7th inst. The bank conducts a corn
1202
THE CHRONICLE
mercial and savings business. It is under the management
of W. B. Cooper, President, George 0. Gaylord, Vice-President, and Thomas E. Cooper, Cashier.
—An application to charter the Commercial National
,Bank of Macon, Ga., was approved by the Comptroller of the
. Currency on the 2d inst. The institution is being organized
by interests in the Commercial & Savings Bank of Macon,
for the purpose of taking over the commercial business of the
latter. The savings bank has a capital of $50,000; the
national bank will have a capital of $125,000
—The annual convention of the Alabama Bankers' Association opened yesterday at Montgomery, and will be brought
to a close to-day. Alfred J. McGrath, Vice-President of the
Western National Bank of Philadelphia, was one of the
'speakers at yesterday's session, his theme being "Cooperation—Essential between Banks." The world's best
- advances, Mr. McGrath declared, have been made or checked
-by co-operation or withholding of it. No better example,
he stated,is afforded than when Europe's progress was threatened by personal ambition. The necessity of co-operation
'among banks of all States of the Union, he noted, grows
more essential year after year, as.shown by the endeavors
.of the various State bankers' associations to secure for their
part the adoption of a uniform negotiable-instruments law,
which, working hardship to none, benefits all affected in
,more than thirty States of the Union in which it has been
adopted. Continuing, Mr. McGrath said:
Had there been co-operation In the matter of currency reform within the
last few years, the upheaval in the fall of 1907, from which the country is
now only slowly recovering, would not have occurred. Every one had his
*own remedy. There was no coherent method of relief submitted—no coof ideas
operation. The multiplicity of plans submitted, and the confusionaffecting
advanced, emphasized the need of education In a matter vitally
demands
the
to
ratio
proper
a
In
supply
currency
the ebb and flow of our
of our commerce.
•
"By co-operation the present sub-treasury system of drawing money from
Its legitimate channels might be abolished,.and by co-operation an emergencY circulation could be provided for, secured by, let us say, as a hypothesis, the bonds of States and municipalities, preferably those of central
reserve and reserve cities, which had not exceeded the legallimit of their
-indebtedness; by co-operation a tax could be agreed upon which would
necessitate this currency being retired when it became redundant, and instead of granting interest on treasury notes, which was punitive on the
people who did not have even the use of them, a tax so regulated as to
compel the retirement of this currency when circumstances made it redundant would ensue to their benefit by lightening their burden."
[VOL. Lxxxvi.
plishment of this end, is that insurance to loans. which will
be given by the directors in exercising such degree of care
and caution in placing loans as will reduce the bad debts
to a minimum number. At its closing session the association
adopted a resolution providing for the 'appointment of "a
committee, to be composed of one from each Congressional
district, to assist and support the Standing Legislative Committee in presenting to the Legislature at the coming session
the urgent need for laws by which capital can be induced
to seek investment in Louisiana; that said committee be
empowered and instructed to use every means at its command
to have objectionable laws rejected and suitable ones enacted, and that the expenses of this committee be borne by
the Louisiana Bankers' Association." Peter Youree, President of the Commercial National Bank of Shreveport, is the
newly-elected President of the association.
—The Union National Bank of Pasadena, Cal., whose
application to organize was lately approved by the Comptroller, will be under the management of H. I. Stuart, President; C. W: Smith and B. F. Ball, Vice-Presidents; E. H.
Groenendyke, Cashier, and H.L. Monat, Ass'stant'Cashier.
—At a meeting on the 6th inst. the stockholders of the
First .Federal Trust Co. of San Francisco authorized the
creation of a bonded indebtedness of $1,000,000, to be secured, it is understood, on the property of the institution
at Post and Montgomery streets. Further particula s concerning the bonds were given in our issue of April 4. The
company, which commenced business on Jan. 6 last, has a
capital of $1,500,000.
—The Ladd & Tilton Bank of Portland, Ore., which was
founded as a private bank in 1859, was incorporated on the
2d inst. As an incorporated institution, the bank starts
with $1,000,000 capital, in $100 shares, and surplus and undivided profits of $400,000. The capital had previously been
$250,000. The management of the bank will be the same
as heretofore. The necessity for the incorporation, it is
stated, arises from the increasing business of the institution,
which can be handled better by a corporation than by a
private bank. Frederick B. Pratt of the firm of Pratt & Co.
of New York has become associated with the institution as a
member of its board of directors. The officers of the bank
are: William M. Ladd, President; Edward Cookingham,
Vice-President; W. H. Dunckley, Cashier, and R. S. Howard
J. W. Ladd and Walter M. Cook, Ass'stant Cashiers.
The deposits of the institution were $12,206,670 on the 2d
inst., its total assets on that date being $13,606,670.
. William B. Ridgely, ex-Comptroller of the Currency,
and President of the National Bank of Commerce of Kansas
City, also addressed the bankers at the opening session,
having for his subject, "Legislation and the Revival of
Busine ss."
—Authority to organize the National City Bank of Birmingham, Ala., was received from the Comptroller of the
Currency on the 4th inst. The bank will have a capital of
$500,000. Ben T. Head, W. H. Porter, Charles M.Spence,
—Arrangements for the convention of the Washington
H. S. Chase and Nathan L. Miller are identified with the Bankers' Association, which is to be held at North Yakima
movement.
on June 18, 19 and 20, are nearing completion. The speakers
—The annual meeting of the Louisiana Bankers' Associa- thus far announced are Judge Edward Whitson, who will
tion, held at New Orleans on the 5th and 6th inst., brought discuss "Pioneer Days and Pioneer Banking"; Charles. W.
forth addresses on various topics of moment. One of these Swigart, Engineer U. S. Reclamation Service, and W. N.
was that of Col. Robert J. Lowry, President of the Lowry Granger, Irrigation Manager Sunnyside Project U. S. R. S.,
National Bank of Atlanta, which bore the title of "Timely both of whom speak on "Reclamation and Its Results."
Suggestions." In the course of his remarks, the New Orleans W. R. Andrus of Tacoma will lead a discussion on the "Curthe
"Picayune" states, Col. Lowry warned the business men of rency Question" and a number of bankers will debate
the country that they were face to face with a form of oppo- subjects "Shall Bank Deposits Be Guaranteed," and "The
sition that was anti-corporation, socialistic, even anarchistic, Late Currency Stringency and How We Met It." The
in its tendency. To-day it was attacking the public car- subjects of "Bank Depositary Bonds," "Fidelity and Burriers; to-morrow it might attack the banks. The corpora- glary Insurance" and the Gunn Bill will also be on the
tions of the country, and the banks included, did not object program for consideration. P. C. Kauffman, Second Viceto proper regulation, but the form of regulation, paternal- President of the Fidelity Trust Co. of Tacoma, is Secretary
istic in character, was ill-advised and dangerous. Col. Lowry of the Association.
further contended that it would be far better if the leg:slative
—The Union Trust Co. of Spokane, Wash., announces
halls were filled with business men, instead of the average the appointment of J. E. Ferris, formerly of Chicago, as
kind of men who got into the legislatures. Then we would Manager of its bond department.
have the great issues confronting us properly solved, and the
South and the whole nation would be truly great. It be'etu
hooved the bankers to lend their moral support and aid to filon ettirg3(gamintrctat twits1
the cause which meant the betterment of the whole people,
(From our own correspondent.)
for the banks could only prosper when the whole people
London, Saturday, May 2 1908.
were prosperous.
is an exceedingly strong demand in Paris at present
There
on
the duState Bank Examiner W. L. Young discoursed
for gold. We hear of one case, for example, in which an
ties and responsibilities of bank directors, incidentally re- order was given some time back for a million sterling of the
ferring to the subject of the guaranty of deposits. Mr. metal by a great French bank and the order up to the
has been found impossible of execution. Various
Young stated that he believed the most effectual plan to in- I present institutions,
in fact, are so keenly competing with
French
to
insure
is
banks
sure depositors in banks against loss
one another that the demand cannot be satisfied. The
against loss on account of the failure of borrowers. The London market was greatly disappointed. It is true that
nearest thing we may hope for, he said, looking to the accom- the reserve of the Bank of Englandfillarge and that it is
g
•••••••••••••••WM........
.7r1A.Y 16 1908.1
THE CHRONICLE
1203
likely to increase. But the reserve has been reinforced
Messrs. Pixley & Abell write as follows under date of
mainly by the. return of coin and notes from the interior. April
16:
The Bank of England has not obtained anything like the
GOLD.-Paris was again the important buyer this week,
proportion that was expected of the gold offering weekly New
the shipments there from
York of nearly £2,500,000 proving insufficient to satisfy
their demands, and of
in the open market. For a considerable time past, in fact, the £1,000,000
that arrived here they secured about £800,000, the balance
being
taken for the Russian order and the usual India
it has been able to obtain none, the French competition is
and trade demands. The checque
now down to 25.11, and the French demand
is apparently not satisfied yet. Next
was so strong.
week we expect £393,000 from the Cape.
Australia and £32,000 from Egypt, and has The Bank has received £62,000 from
Trade in this country undoubtedly is slackening and as £1,034,000
lost £50.000 to Paris. Arrivals-Cape,
; Straits, 4100,000; Australia, £75,000; West
Africa, £74,000; Brazil.
it slackens money is being set free and will gradually flow £17,000;
total. £1,300,000. Shipments-Bombay, £90,350;
Colombo, £15,000:
back to London. But there is an extraordinary number Calcutta,£6,000; total. £111,350.
SILVER.-The market has been weak. On the one hand
of new issues of all kinds coming out. This week four active,
of this week's large shipments the greater portion India has been less
had been bought premillions sterling of Pennsylvania Railroad bonds offered viously,for
while on the other hand America
been a large seller and China has
tried to sell. The price has fallen %d.has
by the Messrs. Baring and the Messrs. Rothschild have also
to 24 5-16d., and, with no immediate
prospect of India being in the market, the tendency
is dull. Forward has fluctuated
been an extraordinary success. Such a success, indeed, between 1-16(1. and 34d. over cash.
The Indian rate is Rs. 6334 per 100 Tolahs.
has not been known for a long time past. The success un- Arrivals-New York,£193,000.
Shipments-Bombay,£214,000; Colombo,£7,500:
Calcutta,
£5,500;
Hong
Kong,£5,000; total. £232,000.
doubtedly has made an exceedingly good impression, and
there has been an improvement in the American department,
The quotations for bullion are reported as follows:
though, as the week draws to a close, the improvement has
GOLD.
Apr.30. Apr.23.3
SILVER.
Apr. 30. Apr.23.
not been maintained. That is due, however, to the reLondon Standard.
s. d.
s. d. I London Standard.
d.
d.
Bar
gold,
oz
77 1054 77 1034 I Bar silver, fine, oz_ - _ _ 24 5-16
action in New York, not to any change of opinion in London. U. S. gold,fine,
25 7-1•1
oz
76 5
76 5 I " 2 mo.delivery__ _24 7-16
25 3-16
Still the reaction in New York, the utter stagnation in Paris German gold coin, oz 76
5
76 5 'Cake sliver, oz
2634
27 1-16
and the general quietness of the bourses all over the Conti- French gold coin, oz_ _ _ 76 5 76 5 I Mexican dollars
nom.
nom.
76 5
76 5 I
nent have tended to check the improvement here in London. Japanese yen
The following shows the imports of cereal produce
The main reason, however, of the quietude of this marinto
ket is the number of new issues that are expected. It is the United Kingdom during the season to date,
compared
beyond question that a very large number will come out, with previous seasons:
and as some of them are for considerable amounts, it is
IMPORTS.
not reasonable to expect that they can all be sabscribed
Thirty-four weeks1907-08.
1906-07.
1905-06.
1904-05.
Imports
of
wheat
for and taken up without injuriously affecting existing Barley
cwt 62,564,400 55,078,200 52,874,100 67.333,100
17,038,800 16,248,300 15,829,300 16,204,200
securities. Hitherto it had been hoped that caution Oats
7,855,700
7,062,200
8,504,100
8,948.300
would be exercised in bringing out new issues, that they Peas
1,164,980
1,251,880
1,213,925
1,476,358
Beans
829,170 637.630
would not be hurried out in an overwhelming stream. Now Indian
504.030
1,166,700
corn
27,518,700 32,824,900 31,068,400 28,629,700
Flour
the fear is that each issuing house is so eager not to be left
10,241,900
9,068,300 10,074,000
7,764,520
behind that they are all desirous of bringing out what
Supplies available for consumption (exclusive of stock on
they haye to offer as quickly as possible. Consequently, it is Sept.
1):
feared that all the money set free by the .decline in trade
1907-08.
1906-07.
will be mopped up in subscriptions to the new issues and Wheat imported
1905-08.
1904-05
cwt_62,564,400 55,078,200 52,874.100 67,333,100
that therefore the market for the old securities will lan- Imports of flour
10,241,900
9,068,300 10,074,000
7,764,520
Sales
of
home-grown
26,489,105
guish.
19,641,713 24,432.598 11,675,551
Another circumstance that is disappointing markets, and
Total
99,295,405 83,788.213 87.380,698 86,773,171
Average
price
of
wheat,
week
30s. 10d.
therefore checking improvement; is the scarcity of money.
26s. 8d.
29s. 4d.
30s. 8d.
33s. 4d.
26s. 5d.
28s. 2d.
30s. 9d.
The rates both of interest and discount are low, the Bank Average price, season
The
followin
of England, as already said, is strong, and trade is ung shows the quantities of wheat, flour and
questionably declining. Yet the supply of money in the maize afloat to the United Kingdom:
open market is not large-is indeed scanty. Even this Wheat
This week. Last week. 1906-07.
1905-0 6
qrs_ 3,310,000
3,600,000
3,797.000
week, though the Stock Exchange settlement showed that Flour, equal to
3,965,000
qrs_
185,000
160,000
238,000
180,000
Maize
there is an exceedingly small account open for the rise, yet
qrs. 335,000
320,000
290,000
290,000
the mere calling in of money by the banks at the end of the
month and the payment of installments for new issues
English Financial Markets-Per Cable.
falling due compelled borrowers to renew loans obtained
The daily closing quotations for securities, (Szc.,
from the Bank of England and to add even to their borrowat London,
ing. It is feared, consequently, that as the French com- as reported by cable, have been as follows
the past week:
petition for gold IS so keen and as the joint-stock banks
London.
are not very well supplied with cash, money will remain
Week ending May 15.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
Silver, per oz
d 24 1-16 24 3-16 24 1-16 2434
comparatively scarce for a considerable time yet. As a Consols,:
2434
24 3-16
new, 234 per cents_ 857-16 8534
86 7-16 8634
8574
86
7-16
result careful operators are hesitating about committing
For account
85 9-16 8534
86
86 9-16 86 7-16 86%
French Rentes (in Paris), fr_ 96.60
themselves to large engagements.
96.50
96.60
96.65
96.6234 96.75
Russian Imperial 45
8.3%
84
84%
8434
84%
84
The India Council offered for tender on Wednesday 10
do
do
new 5a--- -'
94%
9434
lacs of its bills and the applications amounted to less than Amalgamated Copper Co---- 64
6165%
iiIii
67%
70b Anaconda Mining Co
8
774
8
834
two lacs at is. 3 29-32d. per rupee. Applicants for bills Atchison Topeka & Santa Fe 8534
8%
934 1
86%
86%
8434
8634
85%
Preferred
at is. 3 29-32d. per rupee were allotted in full. Later in
9234
94%
94%
9234
93%
94%
Baltimore & Ohio
9034
9134
92
the day the Council sold a little over 1M lacs at is. 3 29-32d.
91%
93%
94
Preferred
8654
8634
86%
8634
8654
86%
per rupee.
Canadian Pacific
16234
162%
162%
164%
16334
163%
Chesapeake & Ohio
39
44
46%
The following return shows the position of the Bank of Chicago
45
44%
44%
Great
5
5
5
5
5%
England, the Bank rate of discount, the price of consols, &c., Chic. MilwaukeeWestern
53-4
& St. Pau1.136
138
137
137
13634
138
Denver & Rio Grande, corn- - 2534
compared with the last four years:
25
2634
25%
2534
27
Preferred
1908.
April 29
£
Circulation
28,646,005
Public deposits - -- - 9,992,770
Other deposits
43,132,533
Governm't securities 14,314,906
Other securities_
29,478,998
Reserve,notes&coin 27,154,435
Coln&bWi.,both dep 37,350.440
Prop. reserve to liabilities
p. e.
51
Bank rate _ _
p. c.
3
Consols, 234 p. c__ 86 9-16
Silver
24 11-183.
Clear.-house returns 246,990,000
1907.
May 1.
1:
29,165,705
9,327,889
46,005,103
15.321,023
32,844,079
25,042,269
35,757,974
1906.
May 2.
1905.
May 3.
29,062,450
8,328,908
48,081,460
15,977,281
36.394.370
21,892,270
32,504,720
29,121,510
11,878,558
40,392,171
15,629,702
29.547,577
24,908,171
35,579,631
1904.
• May 4.
28,596,815
7,544,273
41,992,418
17.279,040
26,421,383
23,673,105
33,821,920
4534
3834
47 9-16
47 11-16
4
3%
2%
3
857.16
89 11-16
89 11-16
9034
303.4d.
30 9-16d.
2634d.
25 3-16d.
282,292,000 281.140,000 263,265,000 246,483,000
The rates for money have been as follows:
April 24.
May 1.
April 17.
Bank of England rate
3
3
3
Open Market rateBank bills-3 months
234@2 11-16 2%02 11-16 2%02%
-4 months--_ 2%02%
11-16
234@'2
2%
-6 months_ _ 23403
2 11-160234
234
Trade bills-3 months_
3
30334
3033(
-4 months_ _ _ _
334
334
30334
Interest allowed for depositsBy joint-stock banks
13
134
134
By discount houses:
At call'
13
%
1.4
13
%
7 to 14 days
2
2
2
April 10.
3
23402%
2% 132%
2%02%
3
303%
1%
1%
2
61
Erie, common
%
193
First preferred
35
Second preferred
2454
Illinois Central
139
Louisville & Nashville
11034
Mexican Central
16
Mo. Kansas &Texas,com
2834
Preferred
62
National RR. of Mexico_ _- - 48
N.Y.Central az Bud. River_105
N. Y. Ontario & Western_- - 39
Norfolk & Western, corn- - - 6934
Preferred
82
Northern Pacific
13734
a Pennsylvania
627-4
a Reading Co
58%
a First preferred
43
a Second preferred
4234
Rock Island Co
17
Southern Pacific ______ 8734
Southern Ry., common --- - 1534
Preferred
4134
Union Pacific, common
14374
preferred
83
3
U. S. Steel Corp., common
37%
Preferred
10534
Wabash
1134
Preferred
2134
Extended 4s
54
a Price per share. b
61
2134
3734
2634
13934
11134
1534
29
6134
4934
10834
4034
72
82
13834
62%
5934
43
4234
1734
8834
16
42
14434
84
3774
10634
12
2234
5454
62
20%
37%
27
140
111
15%
30
62%
48%
109
44%
73
82
13734
62%
59
43
42%
18%
87%
17
4334
144%
84
3774
1063-4
12
2334
543,4
63
213,4
3734
27
140
11034
1554
29
6234
4834
10854
4334
73
82
13754
62%
58
43
42
18
8734
18
4634
144
84
3834
105%
12
24
55
64%
21%
37%
27%
140
111
16%
29
62%
49
108%
43;4
73
82
139%
61%
58%
43
42
19%
88%
18%
46
146%
85
38%
104%
12
24
55
66
21%
38
27
140
111%
17%
30
63
49
108
42%
73
82
141%
62
so
43
42
19%
88%
18%
47
146%
85%
39%
104%
12%
24%
55%
sterling.
The Bank rates of discount and open market rates at the
chief Continental cities have been as follows:
Tommercial and Miscellaneous Aenis
May 2.
April 25.
April 18.
April 11.
Bank Open
Bank Open
Bank Open
Bank Open
Rate. Market. Rate. Markel. Raze. Market. Rate. Market.
3
234
3
294
3
3
234
234
5
534
434
434
534
4
534
4
5
434
534
434
534
4
534
4
5
454
454
534
534
554 3 15-16
454
33%
334 3 5-16
334
334
354
334
334
334
33,4
334
354
3
3
33,4
334
4
434
43,4
434
4
354
434
4
634 nom.
654 nom.
nom.
654
nom.
634
434
334 • 434 . 334
434
334
434
334
8
5
6
'534
6
534
6
534
Auction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller it Son:
Rates of
Interest alParts
Berlin
Hamburg
Frankfort
Amsterdam
Brussels
Vienna
St. Petersburg
Madrid
Copenhagen
Stocks.
Stocks.
1,000 Ann Arb. RR.Co., pref _30
200 Carnegie Trust Co_ 145%-160%
6 Nat. Park Bank
411%
10 U. S. Guarantee Co
110
20 Bond & Mtge. Guar. Co20534
Bonds.
5 Westchester Trust Co_ _ _137% $8,000 Park & Tilford 30-year
25 Metropolitan Bank
164
s. f. deb. 6% J.&D.___89 & lot...
10 Empire City Fire Ins. Co.125
$4,000 Santa Fe Raton & East.
15,500 Consol. Paper /SG 11111.Co.
RR. 1st 5s, 1935, M. & S_
6334
$5 each
.$1,575 lot $12,000 Hud. Navig. 6s, 1938_ 45
Breadstuff:3 Figures Brought from Page 1236.-The state- ments belOW are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Oats.
Corn.
Wheat.
Flour.
Receipts atChicago - --MilwaukeeDuluth
Minneapolis_
Toledo
Detroit
Cleveland__ _
St. Louis.- Peoria
Kansas City.
[VOL. Lxxxvi.
THE CHRONICLE
1204
Barley.
Rye.
bba.1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. trush.481bs. bu. 56 lbs.
18,000
271,916 1,071,946 1,832,500
277,216
145,995
19,000
12.600
128,000
197,000
61,600
303,600
203
7,700
3,924
175,891
76,750
144300.
11,280
89,310
57,880
940,500
60,000
63,400
5,500
51,000
24,220
51,960
18,068
2,200
13,060
43,600
30.850
22,686
1,287
3,027
456,000
447,340
14.300
203,295
47,560
2,000
225,500
25.000
132,000
10,000
19,260
42,000
99.000
338,100
Tot.wk.'08
Same wk.'07
Same wk.'06
354,592
442,897
409,130
2,111,056
3,435,046
2,415,224
2,228-,456
4.157,920
1,443,246
2,839,780
4,136,302
3,643.514
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Fort William
Port Arthur
Duluth
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
On Lakes
52,610
88,807
72,272
712,770
840.213
494.520
Since Aug. 1
1907-08...- 14,476.358 186,637,064 149,434,382 156,281,549 56,754,666 6,009,215
1906-07_- 16,842,332 204,515,135 167.155,236 163,611,718 61,604,644 6,833,275
1905-06- - 10,128,070 200,723,083 147,980,794 188.219,495 70.341,761 7,179,340
Total
Total
Total
Total
Total
Total
Total
May
May
May
May
May
May
May
Wheat,
bush.
490.000
196,000
74,000
174,000
125,000
311,000
535,000
190,000
145,000
3,787,000
267,000
2,400,000
3,173,000
6.946,000
5,138,000
521,000
923,000
13,000
154,000
2,079,000
Oats,
bush.
370,000
18,000
60,1)00
134,000
110,000
Corn,
bush.
47,000
38,000
5,000
327,000
58.000
12,000
9,000
13,000
217,000
158,000
2,998,000
60,000
145,000
316,000
211,000
35,000
5,422,000
82,000
Rye,
bush.
10,000
Barley
bush
20.000
4,000
4,000
1,000
54,000
5,000
11,000
142,000
7,000
33,000
424,000
30,000
359,000
43.000
272,000
94,000
75,000
38,009
3,000
723,000
60,000.
53,000
19,000
464.000
135,000
309,000
9,245,000
4.368,000
9 1908-.28,046,000
338,000
9,986,000
5,016,000
2 1908- -30,318,000
7.813.000 10,211,000 1,201,000
111907._50,136,000
2.800,000 12,501,000 1,510,000
12 1906- -35,936,000
6,103.000 10,653,000 1.088,000
13 1905..24,170,000
979,000
7.076,000
14:1904.-28,038,000
6,195,000
5,574.000 1,074,000
5,212.000
16 1903- -30.655,000
125,000
396,000
2,000
22,000
230,000
253,000
765,000
42,000
186,000
2,042.000
2,240,000
1.947,000
1,435,000
1,490.000
2,297,000
1,120,000
DIVIDENDS.
The following shows all the dividends announced for the
Total receipts of flour and grain at the seaboard ports for
future by all large or important corporations:
the week ended May 9 1908 follow:
Dividends announced this week are printed in italics.
Corn,
Oats, Barley,
Wheat,
Flour,
bbls.
Receipts at136,372
New York
39,196
Boston
Portland, Me
71,875
Philadelphia
21,639
Baltimore
3,325
Richmond
12,100
New Orleans *___ _
4,482
Newport News- -- 9,641
Norfolk,
Galveston
4,900
Mobile
9,741
Montreal
St. John
bush.
438,000
429,049
139,500.
267,650
11,602
35,790
18,000
229,994
88,118
bush.
33,325
23,250
bush.
301,500
59,672
bush.
12,000
838
18,000
19,336
32,140
20,500
97,419
76.681
22,406
33,000
1,000
4,000
4,006
6,996
21,184
9,774
bush.'
2,925
970
3,895
23,612,
674,862
161.553
313,270 1,657,703
Total week
421,326 2,108,217 1,750,611 1,471,998 123,443. 13,796
Week 1907
Since Jan. 1 1908.6,304,377 21.813,516 24,231,325 14,535,190 1,896,1411,160,213
Since Jan. 1 1907- -7,108,067 26,393,357 49,479,430 18,942,807 2,240,085 673,844
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending May 9 1908 are shown in the annexed statement:
Wheat,
bush.
Exports from294,170
New York
Portland, Me...- 139,500
130,157
Boston
184,800
Philadelphia 52,000
Baltimore
•
New Orleans
Newport News.
Galveston
Mobile
162,000
Montreal
Norfolk
88,118
St. John
Corn,
bush.
95,335
Flour,
NNs.
44,516
9,482
2,200
103,876
5,712
6,105
30,186
23,071
25,931
4,481
2,142
4,900
3,927
9.641
5,000
4,006
17,000
Oats,
bush.
3.875
Rye,
bush.
Peas, Barley,
bush.
bush.
1,590
24,409
60
261
6,300
4,190
24,409
Total week....1,050,745 242,611 154,900
1,151,492 1.735,617 219,942 101,220 51,187 111,000
Week 1907
7,890
3,159
The destination of these exports for the week and since
July 1 1907 is as below:
-Flour
Since
July 1
Week
1907.
Exports for week and May 9.
Obis.
bbls.
since July 1 to-United Kingdom- - 81,732 5,811,071
29,102 2,258,968
Continent
So. & Cent. Amer.. 8,788 662,166
28.313 1.198,012
West Indies
73,053
6,519
Brit. No. Am.Cols_
446 252,588
Other countries....
Total
Total 1906-07
-Wheat
Since
July 1
Week
1907.
May 9.
bush.
bush.
384,442 54,280,647
660,303 44,007,218
390,665
6,000
19,607
83,850
Corn
Since
Week
July 1
May It.
1907.
bush.
bush.
20,482 20,652,940
194,611 22,875,029
197,914
402
20,626 1,259.348
78,271
29,000
430
154,900 10255,858 1,050.745 98,781,987 242,611 45,092,502
219,942 9,879,777 1,151,492 78,926,817 1,735,617 66.172.167
The world's shipments of wheat and corn for the Nyeek
ending May 9 1908 and since July 1 in 1907-08 and 1906-07
are shown in the following:
Corn.
Wheat.
Exports.
1906-07.
1907-03.
Week
May 9.
Since
July 1.
Since
July 1.
Bushels. Bushels.
North Amer. 1,470.000 178,849,000
Russian _ _ _ _ 896,000 57,912,000
Danubian _ _ 464,000 24.587,000
Argentine
2,224,000 101,439,000
Australian _ 250,000 15,732,000
Oth.countr's. 208,000 23,692,000
1907-08.
Week
May 9.
Bushels. Bushels.
145,186,000 336.000
81,560,000 620,000
61,376,000 1,921,000
84,296,000 1,300,000
19,792,000
25,704.000
Railroads (Steam).
Atch. Top. & Santa Fe, corn.(No. 15)-Chestnut Hill (guar.)
Cinc. N. 0. & Tex. Pac., pref. (guar.)- Delaware & Bound Brook. guar. (gv.ar.)Mexleao, 1st preference
Second preference
New York Philadelphia & Norfolk
Norfolk dr Western, common
North Pennsylvania (guar.)
Pennsylvania
Phila. Germantown & Norristown (guar.)
Pitts. Bessemer & Lake Erie, pref
Southern Pacific, corn. (guar.)(No. 7)-..
Preferred (No. 8)
Union Pacific, common (guar.)
Street and Electric Railways
Citizens' Traction (Pittsburgh)
Columbia (0.) Ry., corn. (guar.)(No. 20)
Kansas City Railway & Light, pre/.(guar)
Miscellaneous.
Adams Express
Amalgamated Copper (guar.)
American Chicle, corn. (monthly)
Common (extra)
American Cotton 011, preferred
American Express
American Locomotive, corn. (quar.)_ _ _
American Radiator, common (guar.). _
American Shipbuilding, cum. (guar.)-Amer.Smelters Securities, pref. A (guar.)
Preferred B (guar.)(No. 12)
American Sugar Re/g., corn. & pf. (guar.)
American Tobacco, common (guar.)._
Common (extra)
Barney & Smith Car, pref. (guar.)
Borden's Condensed Milk, pref. (guar.)
Butterick Company .
Consolidated Gas of N. Y.(guar.)
Diamond Match (guar.)
Fay (J. A.)& Egan, corn. & pref. (guar.)
General Chemical, common (guar.)
Independent Brewing, Pittsb., pref. (guar)
Kings County Elec. Light & Pow.(guar.)
Lehigh Coal & Navigation (No. 121)- - Massachusetts Gas Companies, pref
Michigan State Teleph., corn.(Nos.1&2)
National Biscuit, common (guar.)
Preferred (guar.)(No. 41)
National Enamel. & &pg. pref. (guar.).
National Lead, preferred (guar.)(No. 66)
People's Gas Light & Coke (guar.)
Philadelphia Electric
Pittsburgh Brewing, cont. (guar.)
Preferred (guar.)
Pressed Steel Car, pref.(guar.)(No.37)..
Quaker Oats. common (guar.)
Common (extra)
Preferred (guar.)
Quincy Mining
Railway Steel Spring. pref. (guar.)
Standard Oil (guar.)
Silversmiths Company (gum.)
United Cigar Manufacturers, pref.(guar.)
U. S. Cast Iron Pipe dr Fdy., pt.(qu.)._
U. S. Steel Corp., corn.(qu.)(No. 18)..
Preferred (guar.)(No. 28)
Since
July 1.
Bushels.
44,531,000
23,015,000
44,897,000
45,467,000
Bushels.
62,936,000
14,711,000
20,528,000
77,091,000
United
Kingdom. Continent.
7'otal.
Bushels. Bushels. Bushels.
Bushels. Bushels. Bushels.
May 9 1908_ 24,320,000 16,240,000 40,560,000 .3.740,000 0,205,000 9,945,000
May 2 1908.. 25,520,000 18,240,000 43,760,000 3,060,000 5,355,000 8,415,000
May 11 1907_ 26,760,000 22,080,000 48,840,000 .400,000 4,840,000 0,240,000
The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports May 9 1908 was as follows:
1 Holders of rec. May 8
4 Holders of rec. May 20
May.
to
1 May. 17
20 Holders of rec. May 15
May 23
to
29 May 4
May ,23
to
29 May 4
1 Holders of rec. May 15
18 Holders of rec. May 29
May 19
to
25 May 14
29 Holders of rec. May 5
4 Holders of rec. May 20
Molders of rec. May 15
1
to -July 14
15 July 1
June 10
1 May 28. to
May 16 Holders of rec. May 11
3
1 Holders of rec. May 15
1% June
May 31
to
1 May 20
1% June
$4
%
1
1
3
3
1%
1
1
1%
1%
1%
2%
5
2
1%
%
1
2%
1%
1
1%
2
4
2
2
1%
1%
1%
1%
1%
2%
1%
1%
154
1%
%
1%
$1
1%
$9
1
1%
1%
)4
1%
June
May
May
May
June
July
May
June
June
June
June
July
June
June
June
June
June
June
June
May
June
May
June
May
lime
June
July
May
July
June
May
June
May
May
May
July
July
May
June
June
June
May
Juno
June
June
June
May 31
to
1 May 10
25 holders of rec. April 23
May 20
to
20 May 15
May 20
to
20 May 15
to
June 1
1 May 17
1 FIolders of rec. May 29
to
May 27
27 May 15
to
June 30
30 June 21
June 1
to
1 May 19
June 1
to
1 May 23
June 1
to
1 May 23
July 2
to
2 June 3
1 Holders of rec. May. 15
1 Holders of rec. May 15
June 2
to
1 May 14
June 15
to
15 June 6
1 Holders of rec. May 20
15 Holders of rec. May, 20
to
June 15
15 June 1
to
May. 20
2() May 13
1 Holders of rec. May 22
May, 25
to
25 May 19
1 May 22. to. May 31
27 Holders of rec. April 30
to. May 31
1 May 17
June 1
to
1 May 17
15 Holders of rec. June 29
29 Holders of rec. Mityl8a
July 1
to
1 June 11
May 26
to
15 May. 23
25 Holders of rec. May 2
June 1
to
15 May 23
May, 19
20 May 12. to
May 19
to
20 May 12
May 30
to
27 May 7
15 Holders of rec. July 3
15 Holders of rec. July 3
30 Holders of rec. May 20
June 3
to
15 May 26
June 21
to
20 June 11
15 Holders of rec. May 20
May 15
to
15 May 10
1 Holders of rec. May 29
May 31
to
1 May 12
June 30
to
30 June 11
June I
to
1 May 7
Imports and Exports for the Week.-The following are
the imports at New York for the week ending May 9; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
Dry Goods
General Merchandise..._ _
Total
Since January 1.
Dry Goods
General Merchandise
Total 19 weeks
Corn.
Total.
2% June
1% June
1% June
2
May
4b
May
2hb May
June
6
2
June
May
2
May
3
June
3
June
3
1% July
3% July
2% July
Books Closed.
Days Inclusive.
a Transfer books not closed. b Less income tax.
For week.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
United
Kingdom. Continent.
When
Payable.
1900-07.
Since
July 1.
Total - - • 5,513,000 402,211,000 417,914,000 4,177,000 157,910,000 175,266.000
Wheat.
Per
Cent.
Name of Company.
1908.
$1.164,627
8,857,772
1907.
$3,189,786
13,833,464
1906.
$2,395,281
10,320,776
1905.
$2,078.426
9,503,030
$10,022,399 $17,023.250 $12,716,057 $11,581,456
$49,015,136 $74.033,328 $63,869,435 $55,093,933
168.789,442 265,104,569 221,308,490 222,083,756
$217,804,578 $339,137,897 $285,177,925 $277,177,689
The following is a statement of the exports (exclusive ot
specie) from the port of New York to foreign ports for the
week ending May 9 and from Jan. 1 to date:
EXPORTS FROM NEW YORKF1 THE WEEK.
For the week
Previously reported
1905.
• 1906..
1907.
. 1908.
$12,338,666 $13,400,963 $11,261,902 $12,551,511
231,455,429 .219,461,912 225,913,252 189,593,483
Total 19 weeks
$243,794,095 $232,862,875 $237,175,154 $202,144,974
MAY 16 1908.1
THE CHRONICLE
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Imports.
Geld.
Week.
Great Britain
France
Germany
West Indies
Mexico
Smith America
All other countries
Total 1908
Total 1007
Total 1906
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1008
Total 1007
Total 1000
Since Jan. 1
Week.
*2,520,412
9,070,755
*11,000
356,190
2,300
566,475
9,735
$44,552
3,070
20,999
79,029
Since Jan. 1
$3.422,863
198,815
15,785
2,986,850
200,872
1,118,761
1,398,550
11,000 *12,525,867 *147,650 *0,348,406
80,910 1,802,446
44,947 5338;107
10,000 4,934,522 5,133,793 26,300,567
$787,600 *13,985,025
740,000
$350
2,210
168,843
980
10,201
370
25,150
3,000
350
$787,600 *14,897,218
494,930 14,851,207
957,560 20,080,211
*38,401
49,770
57,443
53,717
401,670
287,485
220,459
$39,327 $1,108,945
704,425
34.009
44.566
005,407
1205
Note.-In the case of the Clearing-House banks, the
the average and actual figures: in all other cases "gross"deposits are "net" both for
deposits are shown. The
Clearing-House actual figures included United States deposits
amounting to $37.239,700, a decrease of $2,715,300 from last.week: averages
United States
deposits of $39,160,000. a. •decrease of *2,241,800 from lastincluded
week.
"Reserve on deposits" includes, fur both trust companies
and State banks, not
only cash items but amounts due from reserve agents,
and in the ease of trust companies includes likewise municipal bonds. State banks
quired by law to carry a reserve amounting ,to 15% of in New York City are redeposits, while outside of
New York City only 10% is required, which reserve in both
cases need not be more
than one-half in cash. Trust companies in Greater New York
are required to keep
a reserve 01 15%. of which only 5% need be in cash and 5%
more
be In municipal bonds, while in the case of the trust companies in the rest ofmay
quired reserve is 10%. of which only 3% need be in cash and 3% the State the remore may be in
municipal bonds.
The State Banking Department also furnishes the following report for State banks and trust companies outside
of
Greater New York.
STATE BANKS & TRUST CO'S OUTSIDE OF GREATER
NEW YORK.
Week ending May 9 1908.
% col
Loamy.
Deposits.
Reserve. Res.
State banks
$78,521,000 *79,680,300 *14,923.000 19.5
4-257,000
--201.700
--40.000
Trust companies
117.502,800 124,780,200
20,911,900 17.0
+182,500
+292,700
4-334,800
+ Increase over last week. - Decrease from last week.
Of the above imports for the week in 1908, $63 450 were , Reports of Non-Member
Banks.-The following is the
American gold coin and $551 American silver coin. Of statement ,of condition
of the non-member banks for the
the exports during the same time, $11,000 were American week ending May 9, based
on
average daily results:
gold coin and ___ were American silver coin.
We omit two ciphers (00) in all cases.
Statement of New York City Clearing-House Banks.-The
Loans.
Legal
detailed statement below shows the condition of the New
Deposit with
Disc'is
Tender
York City Clearing-House banks for the week ending May 9
Banks.
CapiSurand
Specie. and
ClearOther
Ng§
tal.
plus.
InvestBank
The figures for the separate banks are the averages of the a)
'tag
Banks, Deposits.
• ments.
Notes. Agent.
&c.
daily results. In the case of the totals, however,a departure
was made with the statement for Feb. 8, so that in addition N. Y. City.
oi
to the averages for the week the actual figures at the end of Boroughs
Man.deBrx
Wash. Hgta 2100,
the week are now given.
185.0
909,0
11,0
51,0
97,0
799,0
Century _ _
200,0
We Offal two ciphers (00) tn all cases.
138,1 1,470,9
19,1
111,7
83,3 2-54:6 1.748,8
Banks.
00s omitted.
Capital. Surplus.
Loans.
Average.
Specie
Legals. Deposits. ReAverage. Average. Average. I've.
Bank of N. Y_
2,000,0 3,168,7 20,950,0 4,012,0 1,102,0 20,708,0
27.6
Manhattan Co_
2,050,0 3,288,9 24,500,0 16,950,0 1.500,0 '37,800,0 40.1
Merchants' ____
2,000,0 1,613,3 21,314,0 4,529,0 1,758,0 22,933,0 27.4
Mechanics'
3,000,0 3,704.8 24,078,0 5,004,0 1,863,0 25,212,0 27.2
America
1,500,0 4,606,1 26,162,4 5,926,9 2,142,0 28;965,8 27.1
Phenix
1,000,0
530,0
7,353,0 2,105,0 .369,0 • 7,109,0 34.8
City
25,000,0 24,880,0 180,286,3 81,831,8 4,176,0 210,170,2 40.9
Chemical
3,000,0 5,606,3 32,316,6 7,039,5 2,005,7 33,337,5 27.1
Merchants' Ex _
600,0
528,3
0,982,6 1,737,8
211,7
7,482,3 26.0
Gallatin
1,000,0 2,411,4
9,277,3 1,401,2
640,0
7,491,1 27.3
Butch,dc Drov_
300,0
141,8
2,053,4
362,8
87,1
2,013,0 21.8
Greenwich
500,0
740,4
5,468,9 1,378,8
250,0
6,001,8 27.1
American Exch
5,000,0 5,136,8 32,679,2 6,020,4 1,336,8 26,937,3 27.3
Commerce
25,000,0 14,956,3 157.900,7 31,871,2 12,729,9 148,894,1 29.9
Mercantile
3,000,0 2,435,4 10,023,6 1,309,1
271,1
5,845,5 27.0
Pacific
500,0
829,4
3,414,0
630,4
3,434,2 32.5
487,7
Chatham
450,0 1,000,4
6,408,
984,1
848,4
6,700,0 27.3
200,0
Peoples'
464,1
1;736,7
626,0
2,150,2 31.7
56,2
Hanover
3,000,0 9,286,3 61,415,7 10,534,9 9,445,2 72,901,5 27.0
Citizen's Cent_ _
2,550,0 1,190,0 20,374,5 5,140,4
326,9 20,231,3 27.0
500,0
Nassau
366,4
4,581,3
719,0
498,9
4,855,7 26.7
Market & Ful'n 1,000,0 1,571,7
7,449,0 2,132,4
8,269,2 34.9
753,5
Metropolitan _
2,000,0 1,090,3 11,730,0 2,965,7
133,6 12,119,6 25.5
Corn Exchange 3,000,0 5,068,9 42,958,0 10,367,0 3,239,0 51,273,0 26.5
Inip.& Traders' 1,500,0 7,258,7 20,400,9 5,190,0 1,660,0 24,535,6
27.9
Park
3,000,0 9,265,0 78,740,0 19,913,0 2,861,0 89,244,0 25.4
East River_ _
250,0
118,8
1,173,4
364,1
129,2
1,421,0 34.6
Fourth
3,000,0 3,321,3 21,507,0 4,233,0 1,950,0 22,397,0 27.6
Second
1,000,0 1,629,2 10,239,0 2,410,0
482,0 11,024,0 26.2
First
10,000,0 20,085,4 112,560,5 24,066,4 1,183,9 100,807,9 25.0
Irving Nat. Ex _
2,000,0 1,207,6 16,970.4 3,759,2
930,7 17,687,4 20.5
Bowery
250,0
2,356,4
772,7
681,0
71,0
3,300,0 22.3
N.Y. County_ _
500,0 1;079,8
0,998,8 1,265,7
032,8
7,435,0 25.5
German-Amer _
750,0
017,6
694,5
164,1
3 6,6
3,530,1 24.2
Chase
5,000,0 4,991,1 78,4 3,0 21,382,0 3,202,0 00,408,0 27.1
Fifth Avenue
100,0 1,987,4 12,306,0 3,187,0 1,168,9 14,361,4 30.3
German Exch.200.0
870,2
3,813,7
275,0
785,0
4,099,7 25.8
Germania
200,0
933,4
4,901,9
797,5
684,3
5,640,2 24.4
Lincoln
1,000,0 1,175,9 13,322,0 2,616,0
904,5 14,071,0 25.0
Garfield
1,000,0 1,227,2
6,734,7 1,804,7
223,0
7.009,4 28.8
442,5
Fifth
250,0
3,171,7
490,3
375,0
3,328,1 26.0
Metropolis
1,000,0 1,893,9 11,602,3 1,523,8 1,497,2 11,941,8 25.3
West Side
200,0
713,6
4,261,0
903,0
4,722,0 24.0
257,0
Seaboard
1,000,0 1,572,0 19,359,0 4,794,0 1,222,0 22,829,0 26.3
Liberty
1,000,0 2,394,4
14,555,7 2,748,1
462,2 13,088,9 24.5
N.Y.Prod.Exch 1,000,0
670,8
6,274,3 1,694,5
7,303,5 25.8
191,6
1,000,0
State
705,0 10,742,0 2,043,0
210,0 12,574,0 25.0
14th Street_ _ _ _
1,000,0
366,1
4,403,0
618,8
4,508,0 25.3
548,1
Totals Average_ 124,350,0 159,984,0 1106,342,2 313,304,5 08,160,2 1270,324,9 30.0
1
Actual Figures May 9_
1197,914, 317,207,5 69,061,3 1276,624,3 30.2
On the basis of averages "circulation" amounted to $57,337,600 and United States
depOsits (Included in deposits). $39,168,000: actual figures May 9, circulation,
$57,315,700, United States deposits. $37,239.700
Colonial _ _
100,0
489,2 3,786,6 .306,9 165,8
484,9 807,0
Columbia _
300,0
452,3 5,072,0 427,0 371,0
894;0
Fidelity - 200,0
169,4
905,6
30,9
42,9
202,7
Jefferson_ __
500,
669,6 3,284,3 • 29,8 230,2
249,5 111,6
Mt. Morris_
250,0
257,2 2,274,7 229,3
31,2
480,7
66,1
Mutual _ _ _
200,0
307,2 3,137,4
24,7 324,7
532,1
5,0
19th Ward_
300,0
468,5 4,301,5
47,3 379,3
103,8 525,0
Plaza
100,0
384,9 3,527,0 256,0 185,0
664,0
23d Ward _ _
100,0
176,0 1,613,3 161,4
224,6
53,7
Union Each 750,0
833,8 5,541,2 634,9 275,0
531,8 3-31,5
Yorkville
100,0
385,0 3,495,7
52,2 639,2
194,5
Coal&I.Nat. 500,0
668,6 4,006,0 680,0 188,0
681,0
40,0
New Nethl'd
200,0
208,5 1,364,0
87,0
10,0
264,0
15,0
Batt.Pk.Nat 200,0
129,8
927,7 114,1
44,6
15,4
Borough ol
Brooklyn.
Broadway _
150,0
379,6 2,309,1
18,5 496,0
367,8 214,8
MUrs Nat_ _
252,0
755,2 5,337,7 727,7 144,3 1,191,4
81,0
Mechanics'. 1,000,0
707,4 9,592,4 313,9 949,5 2,165,1
122,2
Nassau Nat. 750,0
928,1 6,358,0 310,0 618,0 1,208,0
Nat. City_ _
300,0
551,7 3,590,0
123,0 629,0
889,0 405,0
Jersey City.
First Nat
400,0 1,199,5 4,283,2 208,8 260,5 3,325,8 795,0
Hud.Co.Nat 250,0 '737,0 2,304,9 119,5
33,5
292,0 210,2
Third Nat_ _
200,0
360,6 1,843,5
38,8 120,1
451,4
17,9
Hoboken.
First Nat_ _
220,0
597,2 2,258,1
128,6
22,7
168,0 201,3
Second Nat. 125,0
197,1 1,828,8
74,6
63,0
59,0 105,2
•
Tot. May 9 71747,0 12,396,5 8,5382,6 5,187,0 6,423,9 .15,820,8 4,365,9
Tot, May 2 7,747,0 12,396,5 8,4057,4 5,343,9 6,111,1 13,592,1 4,390,5
Tot Apr 25 7,747,0 12,396,5 8,3060,6 5,263,4 6,638,6 13,679.0 4,390,3
5,049,6
6,203,0
886,7
3,000,7
2,926,2
3,565,3
4,877,8
4,156,0
1,883,0
5,760,5
4,266,2
3,907,0
1,278,0
735,1
3,090,8
6,422,3
12,977,4
6,654,0
5,267,0
6,936,1
2,141,2
2,085,2
2,128,8
1,991,4
10,073,7
97,922,9
97,220,5
New York City, Boston and Philadelphia Banks.Below is a summary of the weekly totals of the ClearingHouse banks of New York City, Boston and Philadelphia.
The New York figures do not include results for non-member
banks.
We omit boo ciphers in all these figures.
Banks.
Capital
and
Surplus.
Loans.
Specie.
Legals
Deposits. a Circulotion
New York
Apr. 11.. 284,134.0 1187,411,8 287114,6 62,501,3 1225,520,9 59,598,8
Apr. 18. 284,334,0 1195,728,9 296.676.7 64,699,2 1245,609,9 59.499,3
Apr, 25-. 284,334,0 1190,518,2 304,738,1 60,972,6 1250,903,8 59,365,5
May 2. 284,334,0 1190,455,2 308,045.0 68,747.7 1257.759,2 58,248.0
May 9__ 284,334,0 1196,342,2 313,304,5 68,160,2 1270,324,9
57,337,6
Boston.
Apr. 18. 44,036,0 180,058,0 20,656,0 2,456,0 220,958,0 10,229,0
Apr. 25.. 44,036,0 180,289,0 21.802,0 2,516,0 220,432,0 10,660,0
May 2.. 44,036,0 184,464,0 21,549,0 2,614,0 223.852,0 10,582,0
May9._ 44,036,0 187.361,0 21,392,0 2,568,0 221,961,0 10,551,0
Phil&
Apr. 18_ 54,440,0 223,065,0
68,041,0
!258,469,0 17,514,0
Apr. 25.. 54,440,0 222,286.0
68,1535,0
257,387,0 17,410,0
May 2._ 54,440,0 223,555.0
68,942,0
258302.0 17,379.0
May 9- - 54,440,0 225,073,0
68,033.0
259,423.0 17,295,0
Clearings
1,177.451,4
1,169,701,1
1,156,564,2
1,600,641.4
1,531,496,6
146,671.3
112,340.8
150.30,7
137.300.6
105,777,3
111,639,0
The statements compiled by the State Banking Depart117,359,2
117,037.0
ment, together with the totals for the Clearing-house banks,
both the averages for the week and the actual figures at the
a Including Government deposits, and for Boston and Philadelph a the item
end of the week, are shown in the following table. In the "due to other banks." At New York Government
deposits amounted to *39,166,000
on May 0, against *41,407,800 on May 2; at Boston to *4,281,000 on May 9 and
figures for State banks and trust companies all of these insti- $4,709,000
on May 2.
tutions in Greater New York are included.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending May 0 1908
Loans and
on P.C.
098 omitted. InUestments. Specie. Legal. Deposits. Reserve
Deposits. of Re'
S
$
serve.
$
Ciearing-Ilouse
Banks-Actual.1,197,914,6 317,207,5 09,051.3 1.276,624,3 386.268,8
30.24
+3,705.8 +8,074,1 +1.188.3
+11,842,2 +9,262,4
Clearing-House
Banks-Avge _1,196.342,2 313,304,5 88,160,2 1.270.324.9 381.464,7 30.03
+5.88-.0 +5.259,5 -587,5 +12.565.7 +4,672.0
State BanksAverage
264,307,5
52.788,7 20,137,1
313,121,6
91,350.3 20.8
+4.136.9 -1,073,7 -463,5
+6,158.7
-668.4
Trust Companies773,695,1
Average
44,152,6
6,008,8
794.226.2 257,625,8 33.0
+22.615,0
+993,1
+138,5 +27.660,9 +13,623,9
State Banks and
Trust po's-not
In Clear.-House. 852.750,9
48,009,7 12.077,1
880.858,6 283,035.4 32.5
+23,623.3
+914,4 +387,6 +29.032,1 '+14,642.9
1-Increase over last week -Decrease from last week.
a Includes bank notes. S After ellminatIng the Item "Due from reserve dePosltorlea ana other banka and trust Compsinleo In New York City." deposits amount
to
$698,510,100, an increase of $28.327,500 over last week's figures.
Aavating and Einancial.
We shall be pleased to mail to institutions and investors copies
of the 4th edition of our special circular giving statistics
covering
27 of the better class of It4ilroad and Industrial Stocks
listed
upon the New York Stock Exchange.
Spencer
Trask & Co.
WILLIAM AND PINE .STS..
- NEW YORK
Branch offices: Chicago. Ill., and Albany. N. Y.
MOFFAT & WHITE
Members
5 NASSAU STREET.
New
York
Stock Excharit'e.
HANOVER BANK BUILDING
DEALERS IN INVESTMENT SECURITIES
ComnsIsslon Orders Executed for Cash Only
[VOL. LXXXVI
THE CHRONICLE
1206
=titers' Oaz,ette.
•••••
Wall Street, Friday Night, May 15 1908.
The Money Market and Financial Situation.-It is not
easy to find in the news of the week, or elsewhere, sufficient
cause for the rather sharp advance which the stock market
has experienced. In several cases new high records for
the year have been established and a considerable number
of usually inactive and obscure issues have been included
in the upward movement.
There is logical reason, however, for the somewhat better
feeling which is well known to exist in financial circles,and
if the country is favored with good crops it seems quite
possible that during the later autumn months the wheels
of industry and transportation will again move in a more
normal way.
Little attention has been paid to the announcement made
this week that the number of idle cars continues to increase,
or to the resumption of gold exports. The latter movement
was commenced by the engagement of $5,750,000 for shipment to Paris and $3,500,000 to Germany. The Bank of
England reports an increased percentage of reserve held
and the local money market remains easy, notwithstanding
gold shipments and the withdrawal of Government deposits.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1%% to 2%. To-day's rates on call were 1 3/2 ®2%.
Commercial paper quoted at 332 ®4% for choice 60 to 90day endorsements and for 4 months best single names; 4®
43% for a slightly lower grade of 4 to6 months'single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £440,118, and the per cent
of reserve to liabilities was 51.12, against 50.92 last week.
The rate of discount remains unchanged at 3%,as fixed
March 19. The Bank of France shows an increase of 33,200,000 francs gold and 2,075,000 francs silver.
The market for railway and industrial bonds has been
active and generally strong. Monday's business amounted to
nearly.63' millions, par value, and the average for the week
has been about 432 millions.
Western Maryland 4s made a sensational advance of 13,
points over 9 of which occurred to-day. Southern Railway
5s close 432 points higher than last week, Mexican Central
con. 4s 23/2 points and Rock Island, Atchison, Lake Shore,
Pennsylvania and Interboro-Metropolitan issues from 1
to 1% points. The last-named being active.
United States Bonds,-No sales of Government bonds
have been reported at the Board this week. The following
are the daily closing quotations; for yearly range see third
page following.
Interest
Periods
registered Q-Jan
2s, 1930
coupon Q-'-Jan
2s, 1930
registered Q-Feb
3s, 1908-18
coupon Q-Feb
38, 1008-18
3s, 1908-18--small coupon Q-Feb
registered Q-Feb
48, 1925
coupon Q-Feb
48, 1925
2s. 1936.Panama Canal regis Q-Nov
NEW YORK CITY CLEARING-HOUSE BANKS.
1908.
Averages for
week ending
May 9.
Differences
from
nrevious week.
1907.
Averages for
week ending
May 11.
1906.
Averages for
week ending
May 12.
$
$
$
$
129,100,000 117,472,700
124,350,000
Capital
160,414,500 148,460,300
159,984,000
.,
Surplus
1,025,650,500
Loans and discounts- -.. 1.196,342,200 Inc. 5,887.000 1.126,223,600
50,37,700
181,500
911.000
57,337.600 Dec.
Circulation
1,270,324,900 Inc. 12,565.700 1,104,419,100 1,014,556,400
Net deposits
37,010,500
31.659,500
2,241,800
Dec.
39.166,000
above)
((ncl.
dep.
1J. S.
313.304.500 Inc. 5,259,500 212,484,800 186,443,400
Specie
80.090,300
72,106.200
587,500
68,160,200 Dec.
Legal tenders
Reserve held
25% of deposits
Surplus resene
Surplus excluding D.S
deposits
381,464,700 Inc. 4,672,000
317,581,225 inc. 3,141,425
284,591,000
276,104,775
266,533,700
253,639.100
1,530.575
8,486.225
12,894,600
970,125
16,401.100
22,147,225
63,883.475 Inc
73,674,975 Inc.
weekly showing the total
Note.-The Clearing House now issues a statement
figures, together w th the returns
of the actual figures on Saturday morning. These
State
Banking Department
the
by
issued
summary
of separate banks, also the
not reporting to the
showing the condition of State banks and trust companies
page.
preceding
the
on
appear
House,
Clearing
Foreign Exchange.-Though irregular, the market was
generally strong this week, closing easier in consequence of
a lighter demand for remittance and a better supply of bills.
Gold exports $5,755,000 to Paris; 33/ millions were engaged for shipment to Berlin. To-day's (Friday's) nominal
rates for sterling exchange were 4 86 for sixty day and 4 88
for sight. To-day's (Friday's) actual rates for sterling
exchange were 4 8515@4 8525 for long, 4 8705@4 8715
for short and 4 8730@4 8740 for cables. Commercial on
banks 4 8480@4 8490 and documents for payment 4 843/i
4. Cotton for payment 4 843/ ®4 843., cotton for
®4 843
/®
acceptance 4 8480@4 8490 and grain for payment 4 845
%.
4843
To-day's (Friday's) actual rates for Paris bankers' francs
sd®5 155A for short.
/
2for long and 5 155
2 ®5 173/
were 5 173/
Germany bankers' marks were 94%@95for long and 95 7-16d
()95 7-16 for short. Amsterdam bankers' guilders were
40 23@40 25 for shore.
Exchange at Paris on London to-day 25f. 113c.; week's
range, 25f. 13c. high and 25f. 113c. low.
The week's range for exchange rates follows:
--Cables
Shor
Long
Sterling, Actual®4 8775
14 8770
®4 8735
14 8730
®4 8525
4 8515
High
®4 8740
14 8730
®4 8715
14 8705
®4 85
Low
4 8490
Paris Bankers' Francs®5 15%
15 15%a
®5 173%
5 173%
High
05 153%
15 153%h
I.ow
05 173%
5 18
Germany Bankers' Marks-1 95 7-16 (3 953%
943%
0 95
High
© 95 7-16
94 13-161 953%
94 11-16
Low
Amsterdam Bankers' Guilders® 40 27
25
40
1
High
® 40 25
1 40 23
Low
Less: a 1-16 of 1%. el 1-32 of 1%. h 3-32 of 1%.
Plus: k 1-16 of 1%. x 1-32 of 1%. y 3-32 of 1%.
The following were the rates for domestic exchange on
New York at the undermentioned cities to-day; Savannah
buying 50c. per $1,000 discount; selling 75c. per $1,000
premium; Charleston selling $1 per $1,000 premium; New
Orleans bank 25c. per $1,000 discount; commercial 50c.
per $1,000 discount. Chicago 40c. per $1,000 premium,
St. Louis 65c. per $1,000 premium. San Francisco 50c.
per $1,000 premium.
State and Railroad Bonds.-Salps of State bonds at the
Board $30,000 Virginia 6s deferred trust receipts at 43.
May
9
*1033%
*1033%
*1003%
*1003%
*1003%
*11934
*12154
*102
May
11
May
12
*1033% *1033%
*103.4 *1033%
*1008
% *10054
*1005
% *10094
*1003% *1003%
*11954 *11934
*12154 *12194
*102 *102
May
13
*1033%
*1033%
*1003%
*1003%
*1003%
*11934
*12134
*102
May
14
May
15
*1033% *103%
*1033
% *103%
*1003% *100H
*10094 *100H
*10034 *100H
*11934 *119H
*12134 *121%
*102 *102
*This Is the price bid at the morning board no sale was made.
Railroad and Miscellaneous Stocks.-The stock market
has been more active, the transactions averaging over
1,000,000 shares per day. Although somewhat reactionary
on Tuesday, the market has generally been strong, closing
prices are in most cases from 2 to 6 points higher than last
week, and several issues made a new high record. On
Thursday the volume of business was the largest of the year
and quotations advanced steadily. To-day's market was
strong during the early hours,reactionary for a time, and
again strong at the close.
Chesapeake & Ohio has been unusually active and advanced nearly 8 points. Reading and Union Pacific both
covered a range of about 5 points and close at or near the
highest. Northern Pacific declined a point on Tuesday,
but closed with a net gain of over 3. Baltimore & Ohio
is up 5 points, New York Central 4 and Pennsylvania 2•
The Copper stocks have been notably strong, presumably
on an advance in the metal. Anaconda has sold at 4532,
as against 373. last week, and Amalgamated is 53/ points
higher. Other industrial issues have advanced from 2 to
4 points.
For daily volume of business see page 1216.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending May 15. for t
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
400. 634 May 14 6% May 15 4%
Am Steel Fdry tr rcts___
1,500 32 May 11 3474 May 14 27%
Preferred tr rcts
1,900 153% May 13 16% May 15 12
Bethlehem Steel
1,800 41 May 13 44 May 15 27%
Preferred
Canadian Pac subscrip'n
180 15634 May 14 15634 May 14 140
rcts, 25 instal paid
50 105 May 13 105 May 13 100
Cent & So Am Telegr__ _
H
500 23% May 11 3% May 13
Chic Un Trac ctts dep_
200 45 May 9 50 May 11 35
Colorado Fuel & I. pref_
5,900 37c. May 9 40c. May 14 29c.
Comstock Tunnel
$3.000 19 May 9 19% May 9 19
1st income 48
500 11 May 14 11% May 14 5
Des Moines & Ft Dodge_
270 75 May 12 75 May 14 67
Homestake Mining
200 25 May 14 25 May 14 20
Keokuk & Des M. pret- _
% May 12 17 May 14 14%
10,310 143
Mex Central tr rcts
Mining_
Silver
43% May 11 5% May 13 2
4,325
Ontario
2,300 18 May 9 21 May 11 13
Peoria & Eastern
600 28 May 12 293% May 13 24
Rutland. pref
50 20 May 14 20 May 14 20
StJos & Gr Isl 2d pref
St L & S F-C & E Ill
20 51 May 14 52 May 14 50
new stock trust Ws- _
4,900 734 May 9 12% May 15 5
Western Maryland
Highest.
Apr
Feb
Feb 34% May
Jan 16% May
May
Feb 44
Mch 156%
Apr 105
Apr 3%
Apr 60
Mch 44c.
Slay 20
Mch 11%
Jan 75
Apr 25
May 17
Jan 5%
Apr 21
Jan 30
May 20
May
May
May
Apr
Apr
Apr
May
May
Apr
May
May
May
Mch
Slay
Apr 52
Mch 13
May
Jan
Outside Market.-Alternate periods of activity and dulness marked the trading in "curb securities this week.
Prices moved with irregularity,though the result in general
has been an improvement. Copper shares in particular
were prominent and values show considerable increase,
benefiting, no doubt, by the improved market for the metal.
23ending the week at 25.
Butte Coalition from 22 reached 253/
Cumberland-Ely advanced from 8 to 83.. Boston Consolidated Copper declined from 12 to 11%, moved up to 123/
and closed to-day at 12. Active dealings in Greene Cananea
advanced the price from 83 to 93, the close to-day being
at 93j. Nevada Consolidated Copper rose from 119 to
8. Nevada-Utah
123, the final quotation to-day being 123/
9 to 4%,but dropped back finally to 43/s.
moved up from 43/
Heavy transactions were recorded in Ohio Copper, the price
advancing from 23. to 43,with the close to-day at 33A•
United Copper common shared in the upward movement,
4. Goldfield
going from 634 to 83,but to-day reacted to 73
s to 6 1-16, but dropped finally
Consolidated sold up from 53/
In
to 5 9-16. Nipissing fluctuated between 6% and 7.
16-point
the specialties Standard Oil was conspicuous for a dividend
rise to 616 and a final reaction to 610. A quarterly
last
of $9 was declared, the same as the corresponding time
year. American Tobacco sold up from 340 to 355. Chicago
2.
Subway ran up from 173/ to 19% and closed to-day at 193/
Illinois Central "rights' advanced from 49's to 43'.'
bonds International Salt 5s advanced a point to 53 and AllisChalmers 5s sold up from 66 to 669, and closed to-day at
66%.
Outside quotations will be found on page 1216.
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPY(at.
TWO
SICXICS-HIGHEST AND LOWEST SALE PRICES
Saturday
May 9.
Monday
May 11.
Tuesday
May 12.
Wednesday
May 13.
Thursday
May 14.
Friday
May 15
Sales of
Me
Week
Shares
STOCKS
NEW YORK STOCK
E.21414:1.AN GE
Range Since Jan. 11901.
On basis of 100-share loss
Lowest
Highest
Range for Previous
Year (1907)
Lowest
Highest
Railroads
8178 8112 82
8218 8334 8214 8334 70,165 A tch Topeka
8178 8212 81
& Santa Fe 66 Feb 19 8334 May14
6638 Nov 10814 Jan
9214 9214 9138 9212 91
91
92
9214 9214 9234 1,340
Do pref
8338 Feb 17 9234 May15
78 Nov 10158 Jan
90 • 9014 89
87
85
85
90
8814 8918 8912 90
9012 4,800 Atlantic Coast Line RR-- 5912 Mob 2 9012 May15
58 Nov 1334 Jan
8952 9112 91
904 8914 90
8852 8834 89
92
9158 9334 40,375 Daltimore & Ohio
7612 Feb 10 9334 May15
7538 Nov 122 Jan
86
*83
*83
86
*83
86
*83
86
86
85
*83
185
75 11, Do pref
8534
Jan
80
3
Jan
21
75 Nov 9412 Jan
48
4813 4758 5072 4934 5114 4952 5032 5018 5153 4952 5118 134,860 Brooklyn Rapid Transit_
3714 Feb 10 5158 May14
2634 Nov
8358 Jan
65
65
65
65
65 *____ 65
Buffalo & Susque, pref. _
6434 Mch21 6434Mch 21
7912 Nov
8534 Feb
15734 15812 158 16014 158 15918 15918 16012 15914 16078 *_43,795 (lanadian Pacific
15812 160
140
Feb
May14
8
1607
17
138
Nov 19512 Jan
6318 *6212 63 *62
63
*6212 6314 *6212 6314
*6.) 6012 61
500 xianada Southern
54 Mch 4 6318 Mayll
52 Nov
6512 Jan
185 135
185 185 *182 185 *182 185
*180 185
188 188
500 Central of New Jersey
65
1 188 May15 144 Nov 220 Jan
053 Feb 19
4614 43
43
43
4553 4314 4412 4314 4418 4234 9534 160,905 Chesapeake & Ohio___-. 12
38
4614 Mayll 52314 Nov
56 Jan,
2238 2218 2234 5,200 Chicago & Alton RR__
2218 22
2112 2234 2214 2278 2134 2238 22
2318May 6
10 Feb 13
818 Nov
2712 Jan
60
*57
*57
60
5012 5912 *57
60
60
*57
*55
60
100
Do. pref
2
F
14
60
A
May 6
4
1
l
1
'7
.
5
e
c
13
b
h
48 Sep
69 Jan
512
5
518
512
513 614 11,200 Chicago Great Western.._
434 434
5
5
5
5
Jan
Feb
8
818
312
3
67
8
Nov
18 Jan
*44
*44
50
*45/2 50
50
*4512 50
50
*44
*451. 50
Do 4% debentures
3312 Mehl!) 4913 Jan 4
46 Dec
79 Feb
20
23 *17
*17
*17
20
*17
22 *17
20
2013 2012
150
Do 5% pref "A"......_
31 Jan 6
21 Dec
713, Feb
*6118 714 *653 714 *634 712
7
7
71_2 85s 1,900
712 712
Do 4% pref "B"..
Feb
5
Jan
l'
6
10
814 Dec
2618 Jan
13278 13412 13312 13478 13214 1$358 13278 13414 13312 13534 13272 13514 153,210 Chicago Milw & St
Paul- _ 10312 Jan . 1:5534 May14
9312 Nov 15712 Jail
152 152
152 153
*150 153
151 15112 *151 154
810
Do pref
13
98
812 Jan 3 153 May 8 130 Nov 16512 Jan '
12434 12514 r12412 12478 124 12432 12373 12378 124 12434 124 12434 4,896
Do corn ctfs 45% paid
12514 May 9 fr85 Nov 141 Jan
149 145 514312 14414 14338 194
14312 144
14334 14434 14418 145
8,145
Do pref ctfs 45% paid j255 Jan 2 145 May 9
111 Oct 149 Jan
153 15434 15312 15434 15212 15412 153 15414 15438 15518 15312 15434 18,012 Chicago & North Western
13512 Jan 2 15518 May14 126 Oct 205 Jan
200 200 *199 205
*195 200
204 204 *200 210 *200 210
500
Do pref
5185
Jan
11
204
May13 185 Oct 234 Jan
130 13034 131 131
130 130
131 133 *131 135
13412 13412
935 Chic St P Minn & Omaha 114 Feb 25 13412 May15
106 Oct 170 Jan
150 160 *150 160 *150 160 *150 160 *150 160
160 165
545
Do pref
14012 Jan 3 165 May15 13712 Dec 165 Jan
*3
10
*3
*3
10
10
*3
*3
10
10
*3
10
Chicago Term in'l Transfer
134 Feb 18
434 Jan 14
312 Oct
*10
25 *10
25
25
*10
*10
934 Feb
25
25 *10
*10
25
Do pref
878 Mch 14 12 Jan 23
Mch
25 J5.11
312
332 332
332 312 *3
338 33s
312 334
334 334 2,800 Chic Un Trac etts of dep..
458 Apr1
r 0
3
33i May14
134 Oat
1218 13
1112 12
13
14
14
334 May
1434 1414 1412 1414 1414 6,270
Do pref ctfs of dep__ _
1434
May13
8 Dec
17 J'ly
58
5978 60 (3158 5934 6012 5812 5818 5912 5952 60
2,100 Cleve Cln Chic & St
60
4813 Feb 19 62 Jan 15 98 Nov
9278 Jan
*95 100
*96 100
*96 100
*96 100
*96 100
*96 100
1)o pref
8518 Feb 19 94 Apr 9
86 Dec 1081,Jan
3012 3078 3034 3112 3052 31
3012 3234 3178 33
3158 3214 28,345 Colorado de Southern-_21
Feb
19
33
May14
17 Nov
3878 Jan
5812 59
5914 5938 5834 5878 69
60
60
5914 5914 4,230
60
Do 1st preferred
5038 Jan 2 6034 Apr 23
41 Nov 6913 Jan
6118 51
• 50 I: 5034 5034 5078 5014 6014 50
51
*50
51
3,300
Do 2d preferred
3934 Feb 19 5112 Apr 25
2912 Nov
5812 Jan
163 16412 16352 16412 163 164
16212 16378 16312 16412 16314 165
7,750
elaware
&
Hudson14112
10
Feb
10
168
Jan
12358 Oct 2271. Jan
540 540 *535 550 *530 545
540 540
_ *530 545
300
elaware Lack & West_ 420 Jan 6 540 May
36912
Oct
510
Jan
2514 26
2434 25
25
*24
2514
2614 -His 261-2 2614 27
5,075 Denver & Rio Grande
1914 Feb 19 27 May15
16 Nov
4278 Jan
5978 60 "6034 61
6112 62
6112 63
6412 6412 64
2,582
65
Do pre
3914 Mch 2 65 May15
53 Nov
8378 Jan
*35
42 *35
38
*35
41
138
*36
38
42 *36
42
Detroit United
3212 Apr 15 3814 Jan 8
3134 Dec
8018 Jan
15
15 *1414 1512 1312 1334 1312 1312 1312 1312 1312 1312
920 Duluth So Shore & Atlan
6 Feb 11 1614 Apr 28
614 Oct
1912 Jan
*23
2412 2412 2434 *___ 24
12232 2278 24
24
*2312 2412
800
Do pref
1134 Feb 13 26 Apr 24
10 Nov 39 Jan
1918 2014 2014 2078 20
2053 2014 2012 2012 2078 2012 2078 37,110
12 Mch 6 2078 Mayll
Nov
14
:2
4414
Jan
3412 36
36
3612 36
37
36
3612 36
rieDo 1st pref
3612 3658 38
14,423
2938 Mch 4 38 May15
7572 Jan
28 Nov
2438 26
26
2678 2614 2634 2652 2678 2614 2878 27
2714 6,100
Do 2d pref
16 Mch 6 2714 May15
20 Nov
67 Jan
*60
8() *60
80
*60
*60
80
80
*60
80
60
62
1,800 Evansville & Terre Haute 60 May15 62 May15
*80 100
*80 100
*80 100
*80 100
*80 100
*80 100
Do pref
80 Mch19 85 Mch26
90 Apr
92 :ii47
12914 13114 12978 131
12878 130
12912 13138 131 13258 13014 13214 151,520 Great Northern pref_- _ 11334 Feb 10 13258 May14 10712
Oct 18934 Jan
5814 5918 59
6084 59
59
60
5934 5912 6038 5912 5034 37,600
Iron Ore
4812 Jan 2 6034 Mayll
_
37
85 Jan
Oct
---- 80
*____ 80
Green Bay &properties..W,deb ctfA 71 Mch 19 7712 Apr 6
75 Oct
75 Oct
1112 1112
*11
12
1138 1138
Do
deb ctf B - 8 Jan 14
1314 Jan 25
Oct
1413 Jan
4
3
5
*22
Toir
*22 ___ *22
.._
avana Electric
20 Mch24 23 May 6
47 Jan
2412 Oct
*70
7978 *6312 7973 *7312 7978 7134 -71
7978 *71 7078
100
43- *70
Do pref
Jan
71
34May13
Apr
8612 Jan
72
87
87 *80
84
90
8712 90
89
*85
90
00
90
500 Hocking Valley tr rects_
40
6
72 Feb 10
8 90 May14
63 Nov 114 Mch
*80
85
85
*80
*80
85 *80
85
85
85
*82
90
200
Do pref
69 Mch 19 85 May14
64 Nov
94 Jan
136 13634 13514 13612 13514 13712 13612 13712 13612 13718 136 138
12,160 jinn()Is Central
12212 Feb 17 138 May15 116 Nov 172 Jan
1014T1034 1014 1112 1078 1178 1112 1134 1112 12
1114 1158 29,355 41-nterboro-Metropolitan _
634 Jan 4 12 May14
Oct
47
Jan
3
39
2812 2834 2834 3173 3012 3134 305s 3112 3034 3214 2912 3134 39,495
Do pref
1718 Feb 19 3214 May14
7554 Jan
14 Nov
1512 1514 1534 1534 1638 1534 1632 1572 1638 11,500 Iowa Central
15141 1512 *15
2
10
712 Feb 19
9 1638 May13
912 Nov
2872 Jan
3412 3512 3512 3512 35
3418 3412 3458 3434 35
34
3532 8,485
Do pref
Feb
3638 Apr 27
29 Dec
51 Jan
*54
6814 65
*6312 68
66
65 *64
68
66
*6312 67
200
C Ft S & M.tr eta 9,5978 Feb 19 70 Jan 13
60 Oct
80 Jan
2514 28
2414 2478 2478 2478 2453 2478 247g 20
2514 2578 7,645
City Southern._elans _
18 Feb 25 26 May13
18 Mch
3034 Jan
5678 5633 5652 5652 5732 5712 5734 5634 5712 5,905
5513 5552 56
Do pref
96 Feb 19 5734 May14
am Jan
45 Mch
17
16 *15
17
*15
16
17
*15
19
17
19
1912 1,810
ake Erie & Western.- _
12 Jan 4 1912 May15
11 Nov
2812 Jan
143
43
45
50
*40
143
45 *42
43 *42
50
50
270 1-4 Do pref
34 May 2 45 May12
3934 Nov
0712 Apr
*38
44
*38
94
*38
44
*37
44
*38
43 *38
42
ong Island
Feb
30
6 90 Apr 24
0712 Jan
26 Dec
10734 10814 10834 110
108 10834 108 10812 10812 10978 10814 10912 9,000 Louisville & Nashville
8714 Feb 19 110 Mayll
8512 Nov 14518 Jan
135 13534 13412 13512 13434 13614 136 137
135 13712 13714 13834 13,456 Manhattan Elevated..
120 Jan 4 13834 May15 10078 Oct 146 Feb
*23
25
29
29
*25
35
42934 2934 *25
35
30
30
250 .
0-1-etropolltan Street._ - _
15 Feb 24 35 Apr 13
23 Dec 107 Jan
1514 1514 15
1512 1434 15
1614 1714 1612 1673 7,950 Mexican Central
15
16
141,Jan 2 2012 Jan 28
1234 Nov • 2753 Jan
3112 3112 3013 3012 3012 3012 3012 3034 31
32 *30
33
1,200 Minneapolis & St Louis-- 20 Mch 2 32 May14
2312 Dec
59 Jan
*66
69
57
6712 *67
75
6712 6712 6712 6712 69
600
69
Do pref
61 Feb 29 69 May15 56212 Dec
90 Jan
411118 11118 11114 11112 11133 11138 11112 11112 11112 113
113 11414 5,830 MI= St P & S S Marie_ - Jan
11434 Apr 6
60 Oct 14014 Jan
*120 ___ *120 ____ *120
1341, 13413 135 135
*120
200
Do pref
127391144
Feb
11
2
1:363
hich25
4
110 Oct 168 Jan
2814 2834 2814 2978 2812 2932 2852 -2918 28,8 2934 2834 2914 38,650 Mo Kansas & Texas
416712
bh 19
2 2978 Mayll
2034 Nov
4458 Mch
59341 60
5952 61
61
6114 6112 6118 6112 3,750
6114 6035 61
Do pref
Feb
6112 May14
53 Nov
7234 Jan
4912 4934 4932 5014 4914 5114 5014 5118 5034 5134 4934 5152 29,770 Missouri Pacific
'2812
Feb
19 5134 May14
444 Dec
9234 Jan
113 113 *113 120
113 113 *110 115 *110 115 *110 120
210 Mash Chatt & St Louis.
9734 Jan '2 11414 Jan 14
97 Dec 147 Jan
*_ 49 *._ 49 *_ _ 49 *__ 49
49 *___. 49
IA at of Alex. non-cum pf 4334 Jan (1 52 Mch 28
3912 Nov
5938 Jan
17
17
*--_ 17 *__ 17
17
17
*1512 17
150
Do 2d pref
17 May12 17 May12
1312 Oct
27 Feb
10253 104
10514 106
10552 10612 10518 10612 46,295 N Y Central de Hudson... 9
10533 10634 10512 106
920
041 J
JJa
aal:
ni 12
34 10634 Mayl
58a
Dec
Jan
13434
3834
40
40
39
3914 40
4078 40
3634 3778 38
4034 8,150 N Y Chic & St Louis- _
40:8 May14
6312 Jan
1934 Oct
102 102 *101 105
*98 105 *95 105
*95 105
*95 105
100
Do 1st pref
102 May12
85 Nov 110 Jan
74
*73
74
74
77
7312 7312 7412 75
74
71
71
800
Do 2d pref
60 Feb 8 75 May14
41 Oct
904 Jan
13612 137
13512 136
136 13614 137 13712 *13512 137
13512 13512 1,900 N Y N Haven & Hartford 12
29
838
18
13912 Jan 1S 12738 Nov 189 Jan
3912 4014 4334 4152 43
38
4113 4214 4012 42
40
4178 54,875 N Y Ontario & Western
j
Feenb 11; 4534 Mayll
28 Oct
483s Jan
7052 72
7058 71
6734 70
7034 7118 7012 7112 7012 7112 9,750 Norfolk & Western
58 Feb 19 72 Mayll
ba Oct
9214 Jan
*70
80
*70 80__
78
*70
Do adjustment pref._
74 Mch24 81 Jon 9
9012 Jan
70 Oct
13414 1354 134 13558 Hi" 1.-34 - 13358 13612 13614 138
i5W8
13778
Northern Pacific
11678 Jan 2 138 May14 10012 Oct 18912 Jan
12138 122
12112 12238 12112 123
122 12313 12318 12432 12234 12334 21,680
Do subscrip recta
103 Feb 10 1243$ May14
9112 Nov 134 Feb '
7834 7878 7812 7812 7812 7812 7834 7834 79
7912 7914 7912 1,400
Coast Co
7112 Apr 2 931.Jan 14
56 Nov 12418 Jan
*80 WO
*80 100
*80 100
*80 100
*80 100
*80 100
1
. Do 1st pref
65
Nov
76 Nov
90
*80
*80
90
90
*80
90
8014 8014 *80
*80
90
100
Do 2d pref
Mch27
79
97
Jon
13
85 Dec 125 Mch
11932
12032 120 12034 12012 12112 12012 122 119,655 Pennsylvania
11918 120
11978 12014
10834 Jan 2 122 May15 510312 Nov 14138 Jan
70
*67
70
72 *67
*67
70
70
*70
70
*69
71
100 Pittsb Cin Chic & St L__
59 Jan 7 72 Apr 25
51 Oct
78 Jan
*85
90
*87
90
*88
90
190
90
8934 93 *90
92
650
Do pref
8118 Mch 3 93 May14
6912 Oct 10512 Jan
11278 114/2 11353 11434 11434 11678 11512 11712 1041850
11414 11552 11412 116
eading
9218 Feb 17 11712 May15
7012 Oct 1391s Jan
8312 *8212 8312 18212 8212 *8212 8312 8312 85
83
84
84
720 -AA, 1st pre'
78 Jan 2 N6 May15
73 Oct
92 Jan
8312 817s 8173 8134 8134 82
• 83
8314 *81
82
83
1,300
83
2d pref
Jan 6 ::314 May 9
67 Nov 94 Jan
1932 1858 1912 1814 1834 33,250 Rock Island Company- 76
1634 1714 1712 1812 1714 1814 18
1012 Feb 3 1912 May14
1114 Nov
3018 Jan
3634 37
3578 35
4052 39
3372 3434 35
4018 3812 3932 70,890
Do pref
2034 Feb 3 9058 May13
2612 Nov 6413 Jan
57
57
55
55
55
*50
55
52
*55
5712 *55
58
300 St L & San Fr. 1st pref.._
45 Feb 10 6134 Jan 15
58 Oct
70 Jan '
2934 3012 2912 32
2834 30
3034 3278 3214 34
3214 3353 16,930
Do 2d pref
Feb
1914
19
34
May14
24
Nov
4838 Jan
1512 15
1614 1614 1612 16
15
15
15
1678 *1614 1612 3,000 St Louts Southwestern... 10 Mch 7 1678 May14
11
Nov
2512
Jan
40
38
3614 3658 3652 3738 3738 3778 38
3812 *381, 3912 2,850
Do pref
2412 Feb 19 40 May13
25 Nov 6212 Feb
8512 8612 8534 8658 851g 86
8514 8612 8618 8718 857i 8718 145,485 Southern Pacific Co
Feb
6614
17
8718
May14
6314 Oct
9614 Jan
11514 11512 115 11512 116 11712 11734 12512 12012 122
11812 12112 27,665
Do pref
10638Jan 2 12512 May13 100 Oct 11818 Jan
1514 1534 16
1814 1712 1838 18
1631 16
1852 1712 1814 41,700 Southern v tr cfs stamped
918 Jan 10 1858 May14
10 Nov 34 Jan
40
41
4134 4234 4273 4612 45
4612 4512 46
4478 4512 14,190
Do pref
do
2512 Mch 5 4612 May12
2912 Nov
9412. Jan
2114 2232 2212 2234 22
2234 22
2234 2212 2234 2258 2338 12,000 'T'exas & Pacific
1234 Feb 29 2338 May15
1712 Nov
8715 Jan
*3112 3212 3134 3414 3134 33
32
3312 3234 34
3212 3334 13,370 ±hird Avenue (N Y)......
1512 Aich23 39 Apr 13
16 Nov 123 Jan
*1314 1412 14
1472 13
14
*1212 1412 1178 12
11
11
1,000 Toledo Railways & Light
878
Apr
9
May
Dec
1514
2
9
29 Jan
*1712 1812 18
18
1814 1914 1914 1934 1934 20
20
2034 2,000 Toledo St L de Western... 12 Feb 6 2034 May15
1634 Dec
3334 Jan
4118 4118 9118 4138 4112 4312 4333 4412 4412 4514 45$2 46
5,500
Do pref
33 Feb 3 46 May15
2934 Nov
5478 Apr
*86
8712 8712 8712 *87
88
8712 88
8812 8914 8918 8912
917 Twin City Rapid Transit. 7814 Feb 7 8912 May15
6834 Nov 1081. Jan
14052 14178 13952 14072 14012 14212 14212 14312 14134 14473 728,640 'Union Pacific
14014 141
11012 Mch 2 14478 May15 100 Oct 183 Jan
811g 82
8053 82
82
83
83
82
8312 85
84
84
2,000 ‘-)Do pref
791, Apr 2 85 May14
94) 84'.v
7: Au:r
8078 8178
D
E
H
I
K
2-271;au
P
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Bid
Ask
Ask
Banks
Bid
Banks
Bid
Banks
Ask
Banks
Bid
Ask
Banks
Bid
Ask
Bid
Banks
Ask
,
Hanover __ 465 4,
Metropolis T. 375
0
---- Oriental 11-- --,- _,,..
Chemical ..400 410 Flfth Avail_ 3700 3850 Imp & Trad 520 530
New York
MetropornT 1164
- - Pacific ¶.... 230
250
170
.. Citizens' Ctl 140
Aetna
Fifth
300 350 Irving N Ex 173
180 Mt Morris11_ 220
235
-.
Park
141134
America 1_ _ 495 510 City
294 298 First
650
--. Jefferson 11 _ 170
180 Mutual 1.._ _ 260
__ . People's 1_ _ 300
225 Coal & Iron '200
Amer Exch. 220
--- - 14th St1 - - 175
185 Liberty-- - - 435
465 Nassau 11_ _ _ 200
207- Phenix ____ 140
1-4-5
125 Colonial 11... 700 -- Fourth - -- - 17712 185 Lincoln __, 475 525
Battery Pk_ 118
New Amst_
-_.
-- Plaza 11- , 575
--Bowery 9. _, 320 335 Columbia II_ 900
5011 Gallatin
315 325
Manhattan% 275
285 New Neth'd 2-00 210 Prod Exc-h-T 140
1-45
Bronxlioro10 300
- . Commerce - 167
171
Mark't&Ful 240
Garfield ___ 325
___ NewYorkCc 1200
_ RiversIdell. 200
Butch & Dr 150
1-53- Consort'd- 115
120 Germ Am % 125
13212 Niechanics', 215 2-25 New York _ 280
290
Seaboard
340
__
350
185 Copper...... 195 200 Germ'n Ex% 475
Century II__ 170
500 Mech &Tra T
__ ____ N'ht &Day! --. 325 Second .. _ _ 5350
230
.. Corn Ex 11-- 300 31212 Germania 11 500 -- Mercantile _ 13212
Chase
__- 19th Ward 1 500
---- State 11___ _ 325
Chatham _ _ 30712 31212
-East River_ 135
145 Greenwich % 250
___ March Each 165
fio North Amer -_-- 12th Ward 1 --- 300
____ Fidelity 11_ _ 160
ChelseaEx 1 200
165 Han)liton 11_ ..-__ - - - - Merchants'_ 15212 15712, Northern __ --- 1-60 23d Ward 1
190
prices;
* Bid and asked
no sales were made on th s day.
Ex-rights. 4 LesS than 100 shares IT State banks a Es-dividend and rights. 0 -News- ooI Sala at Stock Exchange or at auction this week c Es-beneficial interest
in ore properties. h let Installm't paid. n Sold at pr vate sale at this prim.
New
1208
York Stock
STOCKS-IIIGHEST AND LOWEST SALE PRICES
Saturday
May 9.
Monday
May 11.
Tuesday
May 12.
Wednesday
May 13.
*Thursday
May 14.
[VOL. Lxxxvi.
Record-Concluded-Page 2
Friday
May 15.
Sates o1
'he
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Ranoe Siru-s Jan. 1 1908
On basis o1 100-share lots
Lowest
Highest
Range for Previous
Year (1007)
Lowest
Highest
62 Jan
101g Nov
800 Unit Rys inv't of San Fr_
15 Jan 24 241,Apr 28
2278 2214 2214
N
Nov
v
o3
7
41
*40
41
2712 Jan 22 43 Apr 25
300
Do pref
J fa:
s nil
2 .1a
18
8
1118
8 Oct
1218 1213 12% 9,080
abash
634 Mch 3 1258 May15
214018
2334 2334 2438 13,870
Do pref
13 Mch 3 2438 May15
1634 Jan
412 Meh 7 , 9 Jan 3 • 6 Oct
812
814 812 1,562 Wheeling & Lake Erie
3734 Jan
13 Oct
17
*16
17
800
1218 Apr 16 .19 Jan 6
Do 1st pret
2134 Jan
8 Oct
11
6 Feb 27 .11 Jan 6
*10
11
2,000
Do ,2d pref
2578 Jan
1734 1778 1812 3;210 Wisconsin Central
1312Feb 28 1812 May15 1.1 Nov
Oct
5112 Jan
28
,4312
Jan
20
4078 41
.pref
1,750
33
Feb
19
Do
4134
Industrial&Miscellaneous
. 168 *163 175
20 A dams Express
164 Jan 2 5185 Jan IS 5150 Aug ;330 Jan
*168 180 *163 180 *168 180 *168 180 ;168
1078 Jan
4 Aug
814 814
912 May14
5 Mch 6
834 834
9
834 87s
912
91s 938 3,010
834 9
4334 Jan
14 Nov
14 Mch 6 24 May14
*2112 2134 22
24
6,100
2334 24
21
2178 2112 2238 2112 22
Do pref
6534 66 '6814 6658 6834 377,585 Amalgamated Copper
4518 Feb 19 68 34May15 x4134 Oct 12178 Jan
6238 6234 6233 6414 623g 6514 65
2633 Jan
10 Oct
2012 20
20
2014 2078 2078 22
21
1934 2012 20
2134 9,300 Amer Agricultural Chem_
13 Jan 4 22 May14
95 Feb
75 Oct
85
*80
86
585
85
85
*80
85
86
*80
*80
86
246
7812Jan 4 86 Apr 23
Do pref
734 Nov '2812 Jan
912 Feb 10 2478 Apr 23
2134 2112 2218 2114 22
2112 21
21
21
2134 2112 2238 9,620 American Beet Sugar__ _
78
*75
78
75 Mob
*75
78
s() Jan
78 *75
78
*75
*75
78
*75
65 Jan 23 78 Apr 29
Do pret
712 Apr
47
512 Jan 11
3 Oct
518 *434 514 *478 514
4 Feb 20
518 513
518 513
513 514 1,600 American Can
6012 Apr
5534 5614 56
5634 5614 5614 *56
*55
5512 5478 56
3,600
57
44 Jan 4 6634 May13
34 Nov
Do pref
Jan
4514
Oct
3612 37
3634 38
3612 3758 3718 3778 3734 3818 371. 3814 14,800 American Car & Foundry '2512 Feb 13 3814 May15
2438
78 Oct 103 Jan
97
97
*96
97 *96
98
98
8414 Mch 4 97 Mayll
9612 96
*96
*95
98
200
Do prat
21 Nov
3612 J"IY
2834 2834 2834 30 2958 '3013 3014 3112 3034 31122 3634 • 3112 18,850 American Cotton Oil
2434 Feb 19 3458Jan 14
93 *85
93
*85
93
93 *85
90
10
480 Jan 16 582 Mch 14
*8312 93 *80
*85
70 Nov .90 Jan
Do pref
10 American Express
*186 200 5224 224 *135 '200 *185 200 *185 200 5200 200
4170 Feb 26 1224 Mayll 175 Oct 247 Jan
8
814 Jan
912 Apr 14
8
*7
8
*7
3 Oct
814
814 814
8
8
*734 812
37g.Jan 8
405 American Grass Twine _
614 Jan
412 Apr,14
4
334 4
'378 4
212 Nov
4
*378 4
1,100 American Ride & Leather
234 Feb 26
4
4
4
4
305, Jan
19
2012 19
20
20
1,725
1212 Mch 4 2012 Mayll
1934 1934 20
*19
201, *19
20
10 Oct
Do pref
88 - Jan
22,545 American Ice Securities- _
2412 243g 264 2634 28
1212 Feb 8 28 May15
818 Oct
2358 2334 2334 2412 2378 2412 24
633 Oct
*9
912 ---6 Mch 5 12 May14
1118 1118 4,150 American Linseed
9
9
912 10% 1014 12
1914 Jan
36 Jan
*2112 2312 2212 2314 25
17 Mch 5 2612 May14
1013 Oct
*2112 2312
27
1,800
2612 *24
Do pref
b
3138 Feb 25 5238 May 7
6114 5178 z5038 -5114 4958 '5034 4958 51
OD0,te , 7534 Fe
5012 51
)
5018 5114 21,280 American Locomotive
3
8, 8221'Nov
10312 10312 103 103 *1021210312 *102 103
8513 Jan 3 1031. May12
*102 107 *102 104
300
83 Oct 141112 Jaa
Do prat
*552 6
712 Apr
*5
6
*5
3 bleb 2 634 Mch27
21, -rile
6
534 534
700 American Malt Corp_ _
5
6
*578 6
*295 32
32
32
32
21 Jan 13 3412 Mch27
40 Feb
1,900
3212 3218 33
30
33
17 - Nov
33
33
Do pref
*79
934 Jail
80
80
785 7934 580
50
650814 'NovOct
81
8078 " 8078 8112 8112 1,230 Amer Smeiters'See pre 13 70 Jan 17 8112 May15
x155 Jan
73
7353 7312 7514 7418 7578 7538 7638 76 " 7734 7638 78 200,940 AmerSmelting & Refining 5512 Feb 17 7914•Jan 15
8734,Feb 20 100 May12
8134 Oct lam Jan
99
9778 9778 98
9918 100
9918 100
Do pref
9912 100
9914 9958 5,525
200 Apr 30 200 Apr 30 154038
103, Jan
*180 220
---*180 220 *180 '220 *180 220 *180 220
American Snuff
.1 nne
80 Mch 23 96 Apr 30 570 Nov 2
8 '11'
*90 100
•*90 100
10
02
*90 100
Do pref
*90 100
*90 • 100
412 Feb 19
7 Jan 13
Nov
American,Steel Foundries
*634 712 '-*634 -.712 . *634 712 *634 712 *634 712 *612 7
*3212 ___ *3282 35
2618 Feb 14 35 May12
35
*33
35
35
200
20 Nov 3(4127314s Janb
Do pref
3414 3414
13712 Feb
12712 12814
128 12912 12812 12914 12818 128341 129 13078 13038 13178 25,850 American Sugar Refining 9834 Jan 2 13178 May15
105 Feb 18 12514 May15 3106 Nov in Jan
668
*120 124 *120 124
123 123 *121 12334 12478 12478 125 12514
Do pref
*11712 120
117 11714 1,350 American Teleph & Teleg 101 Jan 6 120 Apr 24
11712 118 *11712 11734 11714 118 *117 119
Ja11
1,800 American Tobac (new), pf 7212 Jan 2 9212 Mayll
92
60 Oct 10%5 j
92
9118 9118 92
91
9212 90
9114 92
9212 92
1512 Feb 17 2234 May14
11 Oct
*20 ,21
4,200 American Woolen
22
22
2234 2134 22
21
2212 2112 2218 22
68 Nov .10
7814 Feb 19 87 May15
900
Do pref
32
°7192 Jan
8434 85 8558 8558 8512 8534 8558 8558 '8612 8612 8612 87
Oct
15318 0
3812 4078 4012 4178 4218 4518 4334 4558 99,815 lAnacondaCopper Par$25 $2712 Feb 19 $4558 May15 $2
3858 39
3834 40
lilayy
JI3alakiala Copper Par$10 $178 Jan 2 $414 Jan 17
$1t2 Nov 3,413 J
312 312 - 2,750 ,tBatopilasMInIng Par $20 7212Jan 23 85 Mch2ti
32 -17-8 - 54 -"A -512 -334 - 312 -15-8 -5312 312
285 Feb 21 110 , Apr 3
Tarooklyn Union Gas
otv 125 May
Nc
. . .1
1 o
*108 120 *108 120 *108 120 *108 120 *108 120 *108 120
6 Jan 3 1134.May14
1134 1158 11% 1,300 isrunswlek Dock ecC Imp
1412 Jan
*812 10
*812 10
938 038
912 912 10
Jan
27 Oct
1,975 Butterick Co
310 Feb 7 ;25 Jan 15
23
23
20
20
2112 2178 23
*1812 20
18
19 *18
2714
13,055
Leather
1512
rtentral
Feb
10
2714
2658
27
1712
2612
27
2673
Mayll
2712
2678
2718
2678 2714
1,351 ki Do pref
9,0, 95
7535Jan 2 9512, Mayll
9412 95
95
95
9512 9512 9514 9514 95
495
14 Nov
.
8 2978 45,600 Colorado Fuel & Iron_
1558 Feb 11 2978 May14
5778 Jan
2714 28
2778 2958 2914 2978 277.
28
2758 28
27
:
.2
1407
5
8
1% Dec
D
N
OO ccc
o6t 10
9,030 Col ec Hocic*Coal ec iron_
6
2
7
4::
42
3
8
093:
..
kk
r:
1434 Mch 6 22 May15 :
:
ae
eePn
1914 1912 2034 2058 2178 2118 22
bb
1912 1934 1912 1958 19
74 Oct 14014 N,len
9,250 Consolidated Gas(N y)_ _
96 Jan 3 123 ' Apr 28
12114 12134 12138 12212 121 122
12012 121
121 12114 121 123
8
Oct
2434 Jan
1034 Feb 10 1814 May13
16
1734 1712 1814 1714 1778 -1634 17% 17,520 Corn Products Refining_ _
1558 16
1478 15
46 Octt
88 J.,,an,_
Do pref
56 Jan 2 7212 May13
7112 7134 7212 *7112 73
6978 6978 70
7214 7214 2,700
69
69
355g 3638 3514 3614 24,923 Distillers' Securities Corp 2714 Feb 19 3638 May14
36
3312 3378 34
3338 341g 3312 34
Federal Mining & Smelt'g 80 Apr 28 80 Apr 30
80
80
*70
80
*70
*70
*70
80
80
*70
80
*70
97 Jan
1,100
Do pre,
78
59 Feb 10 7612 May14
7512 7612 *71
7212 7412 7312 75
74
*71
74
*71
3,640 General Electric
891, Oct 163 Jan
111 Jan 2 138 Mayl 1
137 138
138 138
13514 13712 137 138
137 138
136 137
200 Granby Cons M 8 4 p__ _
95
60 - Oct 12624
95 *92
92
*92
7834 Jan2 9812 Meh30
92
92
92 *88
92 *85
*88
)
1155 J'ate
,0: 88
:1,
,
100 1 at Met'Marine stk tr otfs
7 Meh 11
9
*8
9
*838 918 *8
814 814
9 .Mayll
*812 9
9
9
Apr
400 J- Do pref
N0
2234
16 Feb 25 2334' May 7
1305 'Nov
2212 2278 22
2214 23
2234 23
23
23
2234 23
Nov
1812 Jan
8 Apr 1 '1214 Jan lb
1012 1014 1012 1014 1012 1058 1034 3,450 International Paper
10
1014 1014 1034 *10
Feb
51 -Nov
3,230
Do prof
58
5778 '58
52 Jan 2 65 Jan 16
5778 57
57
55
55
5512 5512 5618 57
Nov '5084 Jan
International Power _ _ _ _
*22
30
37
*22
37
35 Mch25 35 Me1125
*22
37
*22
*20
37
*22
37
41 Jan
2312 2412 4,126 Internal Stearn Pump__ _
2234 24
23
2312 23
13 Jan 2 '26 Meh23
2438 2438 2418 2458 23
8711
Do pref
60 Oct
65 Jan 10 74% Mayll
7334 7334 7334 7334 2,700
7134 7458 7114 7212 7234 74
72
72
7514 Jan
40 Oct
930 Mackay Companies
56412 6412
64
52 Feb 25 (34 May 0
6312 6312 6312 6334 6312 6312 64
6334 64
Jan
800
64
Do pref
6334 6414 64
6414 6414
50 Oct
5978 Feb 26 6612 Apr 27
6438 6434 *6312 65
65
*63
581, Oct .8854 Jan
8634 4;300
ational Biscuit
8534 8678 8614 8614 86
68 Jan 3 87 May12
8634 8612 87
8512 85
*84
lt11
i,
aa
1573; j
v 11
512
- Nov
9(t)
800
11512 11512 *11512 116
116 116
Do pref
102 Jan 2 116 Apr 22
*11412 116 *11412 116 *11412 116
*912 10
11
1078 1078 4,110 Nat Enamerg & Stamp'g
934 934 10
712 Feb 14 11 May14
934 10
*934 10
575
*72
80
*70
80
*70
80
*72
80
Do
pref
570 Feb 25 480 Jan 18
77
•77
77
*71
n
Nov
8
76
714 J
l'ae°
73
5 Scp
36 Feb 10 6434 May14 63
6314 6434 6312 .6438 21,365 National Lead
62
6214 6258 6311 6212 6433 6312 64
80 Oct 108 Jan •
99
99
9934 9978 100 100
*99 100
700
Do pref
9934 100
8712 Jan 6 101) May 9
100 100
35
Dec
$2034
Apr
712
733
73
4
7
51718
7
712
3,075 Newhouse M & S_Par $10 6638 Apr 13 3978 Jan 20
712
712 712
7% 712
4712 Dec 14112 Jan
7112 71
56718 6718 6978 7112 71
71" 2,770 New York Air Brake
60 Jan 2 7312 Apr 14
*69
71
*69 * 71
8924 Jan
37 Nov
6212 64
6113 63
9,130'North American Co, new
6134 6138 63
6118 62
4218 Mch 5 64 May14
61
5178 61
19 Nov . 4112 Jan
2612 2612 27
2734 28
3078 30
3078 8,1011 pacific Mail
24 Apr 20 331. alcii24
, 2612 27
2612 27
7014 Oct
9853 Jan
9112 9178 9178 9212 0112 9212 11,290
eopie's
L & C (Chic) 80 Jan 2 9234 Apr 28
9034 9138 9078 92
9014 91
1678 Jan
7 Nov
12
12
1218 1218 1212 1312 3,980 Pittsburgh Coal Co
812 Mch17 1812 May15
1114 1133 1138 1112 1112 13
"Noy
603
8 Jan
37
43
43 *41
*4012 43
'4112 4112 41
Do prof
900
4312 4312
3612 Feb 14 4312 May15
*40
42
57 Jan
1534 Nov
29
2834 2934 2912 30
29'78 30
5,845 Pressed Steel Car_
1714 Feb 10 31 MaY 6
29
2914 2834 2934 29
,
264112
N
96977181
28
86
Apr
87
*85
90
*85
87
pref
*85
Do
*85
88
69
89
Jan 3
*85
87 *85
Jan
157 16818 153 158 *158
640 Pullman Company
147 Jan 3 16112.Apr 29 13514 Nov 18118 Jan
*159 160
15918 15918 *157 160
Oct
3514 3514 3512 3534 36
ailway Steel Spring--- 2334 Feb 8 .3834 May15
35
3412 3458 3458 35
3578 -3g
--34 5,400
72
Nov
9912
Feb
92
pref
*84
*84
92
Do
'Ma5
7
92
*81
*84
92
*81
_ *81
75 Jan 29 85
40
1 ,Jan
ct 10
Oc
12
5012 0
1812 18% 20
19,655 Republic Iron & Steel
. 1818 1814 11814 -1158
1912 20
1814 1812 18
1434 Feb 11 20 Mch28
Do pref
I68
64 Apr 20 74 Mch 16
6734 68
6834 6814 6834 6812 6834 6834 7112 7012 7112 15,355
7734 Jan
47
4712 48
4814 5214 5012 52
3,700 Qloss-Sheffield Steel&Irn 36 Jan 2 5214 May14' 26 Oct
*4612 471'2 ,
3 471g 4718 47
80 Oct 3107 Jan
*93
4.3 Do pref
*92
94
_
*92
94
192
94
87i Jan 7 93 ale1130
- *92
$5812 Mch
Oct,,,
38 *933712 37
3718 3758 (37
378 37-7-8 3778 3812 3734 -3814- 17,050 dTennesseeCopper Par$25 72512 Feb 17 $4234 Mch30 $17 .1-1
85 Jan
eC
42
*56
64
64
*56
Texas Pacific Land Trust 45 Feb 11 60 Apr 24
64
*56
64
#58
64" *56
*56
64
i 1801: JanJanJ3.o
o
,734 OctONo
314
*512614
653 Apr 14
6
6
250
nion Bag &Paper_
4 Feb21
534 834
Do pref
450
• 57
57
4478Jan 6 58 MaY 4
-84118 -561-8 "5712 58 261
Jan
Oct
2714 'Yr" Ii3-8 1,945 US Cast I ,Pipe & Found' 1712 Feb 26 271. Mch26
26
26
526
26
2814 52534 2534 26
89 Jan
49 Nov
76
7312 7312 57212 7212 75
75
75
•1,865
Do pref
56% Jan 2 76 - May15
7434 7478*75
01V ;19
10
712 Jan
7,
()
3 1N,̀10
3
*75
85
*70
85
United States Express_ _ _ 70 Feb 18 90 Jan 6
85
85
4ii) 85
*70
85 *70
*70
4612 .4612 '4612 2.100 U S Realty sic Improvem't 3614 Feb 5 4612 May14
40
441. 45
4534 46
41
*39
*39
41
3014 Jan
61. Nov
920 U S Reduction & Relining
814 81-4. 814 918 10 1012 11 11
11 May15
4 Feb 21
'*7
10
*7
10
1814 Dec
68 Jan
2938 2934 323.5 2,310
16 Feb 10 3234 May15
*20
24
24
Do pref
2214 2512 29
*18
23 *18
Nov
5212 Feb
1312
14
14,325 United States Rubber
2534 2478 26
2514 25
1734 Feb 10 26 Jan
2218 2312 2278 2312 2212 2318 23
Jan
8 Ja
17
089178
62,
87
9034 4,200
87
Do 1st pref
76 Feb 19 9034 May15 3,
85
84
85 -8634 87
8414 8412 8412 84
OctNov
57
57
55
55
42 Feb 21 614 Jan 23
600
*5112 5212 *5112 5212 5212 53
Do 24 pref
*5112 53
5038 Jan
217 Oct
2534,Jan 2 3878 May15
3638' 3634 • 3934 3712 3612, 3714 3678 3712 3712 3812 3734 .3878 449,885 Wilted States Steel
7918 Nov 10734 Jan
8713 Jan 2 102% May14
10078 10138 101 10212 10138 102
Do pref
10114 10178 10178 10258 10158 102% 36,940
2834 2914 1834 2912 2878 3012 30
3058 3014 3078 3014 3138 13,800 d'Utah Copper_ -Par $10 20 Jan 2 $3412 Mch 27 $13 Oct 73912 Mcb
123 Nov
30118 Jan
22
2434 2534 .2414 2538 7,600 Virginia-Carolina Chem_ _
16 Feb-27 2534 May14
23
24
2234 25
2214 :2212 24
7,5 Nov log Jan
98
*93
z8/ Jan 2 93 May15
9512 59434 9434 9518 9512 9638 9638 9638 9712 98
1,130
Do pref
31
Oct
'55
May15
97 Jan
55
Coal
&
56
48
Iron
Coke
4912
5212
53
43
2,186
53
53
48
49
Virginia
50'
,49
Jan 7
*250 305 *250 305 *250 305 *250 305 *250 305 - *250 305
5250 Feb 13 5.260 lilch30
ells Fargo & Co
.56
64 Dec 3°
8°
5 j'
Jan
51
6712 6,415 VV'estern Union Teleg- 41 Feb 19 60 Jan 18 25°
lie
51
59
5134 52
52
5338 54
.5114 52
50
65
32 Nov 164 Jan
4312 47
47
4712 50
17,164 Westingh'seEl&WIC assen 38 Mch 11 58 Mch26
4778 4738 48
4714 48
65
6634
60 Dec 1160 )4,,s,
*63
70
67
*55
67
*641
70
*55
700
67
67
Do 1st ni-ef
Mch24 80 ,Mc1130
2234
*40
1114
2112
712
1612
10
17
4012
2234 *21
41
42
1158 1134
2178 2218
734
8
17
17
1012
11
17
17
4012 41
24
41
12
2314
812
'17
1034
1778
41
*22
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2238
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10
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2234 *22
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1134 113.5
2334 2314
8
812
1712 17
1038
912
1734 *1612
41
*39
23
41
1178
2334
814
17
1034
1712
41
2278
41
1178
231
*8
17
11
1714
40
W
NN
R
U
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS
Bid
175
Ask
Ask
Trust Co's . Bid
Trust Co's Bid
Trust Co's Bid
415 Slut All'nee 160
180.
.10F,„IfitthonAv....'ff
BBror(oBacfcyllilyr
395 405
2
4
6-,
..
NY
310
Life &Tr 1000
230
4-1-0 - N Y Trust_ 490
130
iiii - Citizens' _ 115 130
Montatik -500
__ Flatbush _ 240
39-0.... 225 Standard Tr 325
Nassau --- - 240 '270
260
t
I6
10
4. 51- G
...
enu
3 nuaaritlY
naiaT_Tr_ri ..
400 425 Nat City_
275 300
I10
210
.75 - Franklin __ 180
TIticGuec Tr 350 3
iig. Tr Co of,Arn 270 '285 flamilton __ 250 275
North Side 11 310 330
2 - Knialterb'kr
-11;5
Prosp'etPld 155
Brooklyn
1110 Law T I &Tr 1-9-0
95
ff
Rome
U
us
nio
untg
.Tal
85
ruis
‘tr 1100 1200 La
150
130
2:66Terminal 11455
Borough 11. 120
385
1_25
Lincoln Tr_ 0190
Kings Co .... 435
409 Unit States_ 1080 - 1110
Broadway '11 400
_ Manhattan_ 350 510ette.
_ 100
125
Trust Co's
260
41-5 - Sfercantilel_ 775 '825 VanN'd`nTr 295 305 L Isi L & Tr 240
Eirst
N 1' City
200
oe
m Bk
1100 Metroportn 995 •
17
90
5
2
Washington 4_00_ _ _ - _ 'Nassau
E)eoplets_ __ .._
275
Astor.
285
anufac'rs' 390 425
____ Morton Ti'..'400 420
170 .
Westcheater
F3lnkf,
r1"1'r 435
105 Windsor
250 260
95
____
Mutual __ _ _
I C.5
Wlitlarrisb a
alltd and naked prices no Salea On .t 139 day. ;Less than 100,sures. t
b -New stock. s. Exstliv. and rights,. $1 Now quoted dollars per share
3 Sale at'Stbck Exchange or at auction this week. s Trust Co.certificates 11 Banks marked with a paragraph (¶) are State banks.
Banks
Union Exe "Si
US Each ¶1.
WashN'ts
West 810_1
Yorkville 11-
Ask
aerhnnles'll
Banks
Brooklyn
Bid
Ask
Trust Co's Bid
N Y City
Bowl'a• Gr'n 295
B'way Tr__ 120
Carnegie __ t
145t4
1500
Central Tr..
Columbia..,. 200
Commercial 150
Coin'wealth . 33
1005
Entpire _ _
EquIrble Ti' 375
Farm LoecT 1050
Fidelity
186
Ask
1209
New York Stook Exohange-Bond Record, Friday, Weekly and Yearly
OM()P
BONDS
N. Y. STOCK EXCHANGE
Witi0; EN0003•134AY 15
G
101]1
l'AC:Es
BONDS
Prit
,
Week's
Range
../ridas
N. Y. STOCK EXCHANGE
Range or
Since
Last Sale
May /5
WEEK ENDIN0 MAY 1$
Jannarg I
Lots
/361
Htgli Aro
4.4 haw
Btu
Cent of Ga R13-(Con)
IA.s. Government
lily n
how -Uwe
U S2scousolregistered.cL1930 (4-3 10319104 1031
/
4 May'08
/
4
103% 1041
.45 • Salt 45
48
2d•pref income g Sc stamped
5(1
44
10334 104; 104.4.1an '08
U 8 2s consol coupon....41930
3:1 111"ay'08
31 t wo otioonie g 50....//101:- (34
1044 104 4
364 31
40
.
27
100%101 4 101 '4 Mar'08
U S 3s registered
k19.18
6
36
1014101 14
3d.pref income g 58 stampo .
364 37
'27
404
1 May'08
k19115
10918 101 14 101.
U S 3s coupon
101 102
8938 Feb'os
clistt Div pur mon g 48.i951
8938 .89%
107 J'ne'02
U S 3s rug small bonds k1918( •3
1001
/
4 Feb'08
Mao & Nor Div 1st g 55.1046 J -J 102
1004100 L.,
1011
/
4 Feb'043
U 8 31 con small bonds k1918 Q-b 10014
/
4
Mid Ga & AU Div 55-.1047 3-3
101/
115 Nov)06
1
4 1011
/
41201
1926 ti• F 1191
/
4 12039 Mar'08
U 44s registered
Mobile Div let g.58......1018 J -J 10739
11839122'.,
105 Dec'07
......
1
4
11125 (4..F Is2i /
123 Apr'08
12034 1231
U S'43 coupon
97 Mar'08
/
4 :el: RR & hot Oa col g 6s1937 vi• N
:17
92 1u0
'TY S Pan Can 10.30 yr 2s.k11130 (04 102 103 1034 Mar'08
124
1034 503¼ ,:cut of 11,1 gen'l gold 55.1987
117 1241
/
4
J 123% 12498 114
Phillopino islands 43.1914-34 tr• F
122 Apr'08
121
Registered
12018 129
48
re
g
and.imp
1935
QS
Pub wks
Ant Dock & Imp gu 56.1'
lb? Feb'08
107 .1084
19
98
21 -J 108%
Le & Hod R gen gu g 58 1920 3.3 1021
/
4
Government
For
Leh & Wilks 13 Coal 58..1912 31-N
9712
98 Apr'08
98
98
99l
Imperial Japanese Governuri
Con ext guar 41
100 May'98
/
4:L...01910 Q-M
'41-Aluo
11125 F -A ; 87 Sale •854i
Sterling.loan•41243
/47 135 85
91
NY db Long Br gen.g 4s 1941 M-S
-37
8634 Sale 55%
867, 411 8378 89
241 aeries 41
11125 j•
Cent Pacitio See So Pacific Co
/
4s
781
/
4 20 75
Sterling loan 48
1031 J4 I 18 Sale 7714
80
CentVormont 1st gu 94s.e1920 Q-F
88 May'07
1021
/
4 1
,
23
Repub of Cuba 55 exten debt.. 11- 1102 1/4
. 20 1004 104
Chas& Say bee Atl Coast Line
9s 18 Apr'08
U S of Mexico al g 58 of 1899 Q-J * 118
96
Ov
elms di Ohio g 68 ser A..41908 A -0 10039
10034 May'08 •..• 14)01910:1
93
May'08
Gold 4s of 1004
93
1954 J -D
93%
901
/
4 114
Gold 68
50339,..,, 103
104
2 102 1051
/
4
0113
19i:10
1
let consol g 58
t hese are pr lees Oil tne asis of $3 50 £.
1071
1
4 1.1.9
/
4 11414
M-N 112 Salt, 111 /
State and City Securities
. Registered
/
4 Dee'07
N
1011
A114081118 curr tund. 48
97
Ill Mar'02
J -J
101 sale 1001
General gold 41
/
4s
199
42
9
/
4 101% 61. :Hi 10139
Dist of Columbia 3•650
11712 J'lle'06
19:11 b'-A
• Registered
101 blay'lib .••- .......
M'S
97
Louisiana new cousol 45 1914 J -J
/
4 Dee'04
1051
Craig Valley 1st g158. 19
9411 3,4
112 Feb'08
•New York City961
& A Div letcon g 48 1989 J•J
/
4 Sale 0578
9714 10 911
/
4 971
/
4
New 41
/
4s (roc •ipts) -.1957 11-N 109 Salt 1084 109 2247 0539109
5)018,
2d consol g 4s
1989 J
921
/
4 2 89
/
4
921
/
4 921
1044 104% 111 101¼ 1044
Now 4L15 (receipts)
19t7 M-N
Warm Spr Val 1st g55.1941 M1134 Feb'05
41
/
4% Corporate Stock _1957 M-N 14111 , Sale 1084 199 316 105 109
Greenbrier Ry let gu g 48'40 af-ri
9934 Fe1.008
......
104% 71 102 104% Chic & Alt ItIt ref g 38 1949 A-0 7218
assessmt bo11.18
1917 -Y1-N 10414 Sale 104
70 Apr'08
6734, 7‘4
New York .State-Highway
65 12
Railway•lst lien 3/
63
1
48 11150 .1-.1
66
32 60 66
• Improvein't 4s (rects) 1058 M-S
1001
/
4 1091109 109 1,
Registered
SO' May'115
J-J
991
Nona Carolina consol 48 1911' 3.3 • 97
1004 Apr'07
/
4131m, 111/1
;I:to Burl& Q-Denv 1)4a 1922
64) F-A
/
4
9(¼
97 10014
19111 A.0 • 114
126 Mar'07. •
8914 Sale 881
/
4
Illinois Div 3/
1940 J-J
8014 1lb 86
1
45
140¼
1-20
So Carolina 41
1933 J -J 103
•
/
4s 20-40
..•
1040 1-4
Registered....
881
/
4 90 Sep'06
911
/
4
Tenn new settlement 38-1913 J.3
95. Apr'00
94 . .
Gold 4s.
1949 J-J 1014 Salt 11,0% 1.014
.-14.
4-3101 38
91
2•38-1991
92
debt
J
-J
00
• Virginia fund
106 Jan'08
Mar'08
90
90
9
) A-0 1054
Iowa Div sink fund 5s 1911
106 106
Us deferred Brown Bros ct18.
44 '43
39 221
41
43
Apr'08
tfieli
/
4 43
Sinking fund 48
96
A-0 38
101 18 21 99 101%
101
Nebraska Extension 48 1
19
112
19
7 M-N 101
italirent!
5)9
1014 Dec'03
Registered
1927 5/1-N
labarua•Cent bee So Ry
1/0 Oct'07
Southwestern Dlv 48- 1921 M-23 1)338
utba 11 Mt See At Coast Line
Joint,bonds See Great North
Alkiiy& Sumo bed Del& Hue
/
4
101 May'08 ..•• 973910339
Debenture 58
1913 M-N 1011
Allogiteny.Valley See Penn RP
10478 Apr'08
10476 10538
Han & St Jos tiontiol 63 1911 M-S 104%
Alleg & West see huh 14 &
92 Apr'07
......
92
Chic& E Ill ref & imp g 4811155 3-3 82
Ann Arbor 1st g 48
31995 4-.1
784
/
4
78 Apr'08
/
4 811
781
115 Dee'07
Ist consol g 68
A-0 11768
Malt Tett S Fe-Geu g 48.1995 A•0 119 Sale 97%
994 176 0578 101;
Ueneralconsol let 5s
1104 110% 10 1u6¼ 11219
93
34
7 M-N 11034
19
Registered
1905 .1-0
911 Apr'06
/
4 100
951
Registered
11812 FelP06
1937 11-N
Adjustment g 4s
87
31905 Nov
884
88
83
871
/
4
871
/
4
Chit,& Intl C By 1st 53 1936 J-J 106
109.4 Jan MI
1
4
10934 109./
Registered
419115 Nev
86 Apr'07
icogo & Erie See Erie
Stamped
16
87
.
31995 11-N -861
/
4 871
.
8218
/
4 8613
124
chic In & Louis's' ref 68 1947 -.4 124 Sale 123
a 1174 124
Cony g 4s
1055 J-D 93 Salt 921
/
4
93 128 8.54,1)3
Refunding gold 5s
105 Oct'07
1947 J-J 1034
/
4 Salt 102
/
4 232 941
1021
1917 J.1/ 1021
10-year cony g 58
/
41091
/
4
LOtusv 11 A &Ch let 63 1910 -J 102
10034 Mar'08
100 101 /
1
4
908 Mity'tri •
Debentures 48 Series0 1901- F-A
Chic Mil & St P term g 58 1914 3.4 10478
106
1013
1031
/
4 106
901
/
4 mat'08
19111 F-A
116¼ 1)618
Series H
ueneral g 4s series A..e1985) -3 103
103 Apt '413
100 103
981
/
4 No4
,
04
1911 F -A
......
series 1
Registered
1041
/
4 Oct'06
......
04 Nov'06
1913 F-A
Series K
/
4
80
881
/
4 904 901
General g 339s series 13.0
e1
198
89
9 .J
16 834 90%
115/
1
4 96
1/54
954
954 96
East Okla Div 1st g.4s 1928 5-5
Chia & L Su Div g 55....1921 J-J 109
1164 Oct'05
Chic & Mo Ray Div Os...1J26 J•.1 111%
Atl Knox &I N S'ee L
111 Apr'08
110 111
904 75 80
90¼
Atlantic Coast 1st g 48.31952 11-S 904 Sale 90
Chic ob Pao Div 68
1041
/
4 May'08
1910 J -J 104 18
101 104%
•
Charles & Sav 1st g 78 1930 .1-J 120
110
Chu/& P W 1st Kos
110
1921 J -J 110
1 108%110
1111911P-.,
/
4 Mar'08
1111
W 1st gold 68 1934 A-0 100
Dak & Gt So g 5s
Say
191(1 J -J 105%
104 14 106%
10439 Apr'08
104
1934
A•0
8Jan'04
gold
Os
1204
•
1123
1st
s'ar & Souaasu g 68
1924 J -J
13739 J'AY'91,
/
4
Ala Diidlot gu gold 58 1928 1148 1001
11438 Not'05 -• ......
Haat & D Div 1st 78
1021
/
4Jan '08
1021
1910 J -J 106
/
41091
/
4
991
/
4 Mar'06
Bruns& W 1st gu 48 1938 J -J
1st 58
10134 Apr'08
101%101%
1910 J -J 1024
81
0196211-S
83
83
61 74
83
I&I)Exten litt 73
L & N coil g 45
pi '06
82
1908 J -J
IS'2'
al)
J -J
/
4
8118p Oca &G gu g 48
94 :Ply'07
1 aCros8e & 1) 1st 58. 1919 J -J 1061
10634 11)839
108/
1
4 May'uti
Atlantic & Daily See South Hy
/
1
4.
.1neral
Point Div 513
10038 :feu'08
1911 J-J 102%
100%100%
Austin & N W See Sou Yacthe
zo Minn•Div let Us
101114 10439
1044,Apr'08
1910 J -J 1044
1
48.1925 J -J
93 is Sale 921
Dalt& Ohio priori g 3/
/
4
/
4
southwest Div 11468
101 1034
031
/
4 17 90 -931
1909 J -J 103%
103¼ Apr'08
Itevateren
311125 ti4J
90 Apr'08
Wis & 311un Div g 55. 1921 J-J 1091
/
4
/
4
891
/
4 90
1084 Apr'08
108 1081
uold 48
1181
/
4 Salt 9778
981
/
4 73 9619502
/
4
Mil & No let M L Us...1910 J-1) 1054
/
41051
10518 Apr'08
1051
Registered
/4141144
/
4 Mar'On •• • 1/519 961
9712 951
8 ‘4 4? k
lst,consol 6s
/
4 1081
/
4
/
4
J -D 10878
10839 Jan'08 .--• 1081
Pitts Julie 1st gold 63....1922 .1 • r
124) vet '01 •
(:Iiie & Northw cons 7s....1
118
116%117% 117
/
4
116 1181
19
91
15
3
11J un & 31 1)iv 1st g 31
801
/
4 Lee'97
/
481925 M•N 804
981
/
4
95.34 Sep '07
Extension 45
1886-1926
P L E tti'W Va Sy:Bret 481941 11•51
110
90
92
1 87
Registered
1886-192d F-A
•
97 low '3819 Apr'08
.9839 9834
tiouthw 1/iv let g•3198...1025 J -J
834 Salt- 88
911
/
4
9U
,
8:834
General gold 339e
8334 89,
1987 11-N
50
92% Apr'08
9234
Registered
4:1925 Q-J
89 00t 'On ...• ......
95 Feb.07
140
Registered
Motion My let gu g 53..1919 Fit 101
10578 Feb'07 •
Sinking fund 68. .1879.
10939 Apr'08
198
29
7 A-0 111
P1
1091
/
4
96
Ohio
141st c g41
Con
/
43-1930 11•S
109 Aleut
,
10812Jan'08
A-0
Registered
/
4
1
4 1081
108/
01 Lor & W con 1st g 58 193:; A-0 10439
10934 J'ne'07
Sinking fund 58. 187
109 31aVUS
879
91929 A-0 107
103 , 109
410
Ohio River RR 1st g 58 1938 J-D 110 sale 110
4 110 110
, Registered
Nov'07
104
A-0
1879-1
1.0
90
20
9
General gold 5s
1004 100.4
1937 A-0 102 105 10034 MsVOS
/
4 Ci 1003910-239
/
4 101 1004 1001
'Debenture 58
11-N 1001
1101
/
4 Mair'04
Pitts Clev & Tol 183g Us 1922 A-0 107
Registered
/
4 Ilar'08
1011
11-N
1013910139
ISU
• Pitts & West lat g 48 1917 J -J
Debenture 58
8818 Oct'07
105 1051
11992091 A-0 104 .... 105 .300'08
/
4
Stat 1st Ry 1st gu g 41
/
4s 1943 J
100 Nov'04
Regnitered
103 J'ne'07
1921 A-0
Bat Creek doS bee 81101i Cent
Sinking fund deb 08
1
4 110 109 May'08
1933 M-N 108/
10839100
Beech Creek bee
Y 0& H
Registered
11133
107 51ar'0.8
107 107
Sellev & Car See Illinois Cent
North Illinois 1st 5s
1910 M-S 101 1-2
99 Deo'07
Bklyn & Idoutatik See Long 1
Ott OF & StPaul let 58 1009
s 101
100%
hrtunt Is West see All Coast L
MU L 8do West 1st g Os 1921
11714
118% Apr'08
118 118%
Kxt& Imp sfund g 53 1929 F-A 11134
• Banal° N Y& Erie See Erie
111 Apr'08
110 111
/
4
Ashland Div let g 63 1025 M-13 12139
Buffalo lt & P gen g 08 1937 11-13 1091
108 1101
/
4
1101
/
4 Apr'08
/
4 Feb402
1421
Mich
Dec'07
Div
Ai.t& West 1st g 48 gu 1998 A-0 96
1st
J.
J
121%
98
g Us
1924
12812 Feb'06
& Mah ist gu g 58- 1943 J -J 103
Incomes
97
103 Apr'97
1911 M-N
109 Sep'03
/
4
itoolt & Pitts let g 68 1921 F-A 1161
114 1154 Chic Rock 1st & Pao 68 1917 3.3 114 1151
1154 Apr'08
112 1134
/
4 1)339 Apr'08
11)
Consol 1st g 65
;2e J - D 120
Registered
117 117
117 Mar'03
1917 3•r 113
115 Apr"))
115 116
Buffalo &Southwest bee Erie
General gold 4s
99 23,1ft 117%
1988 J•J
99
94 10039
Bull de Susie let ref g 48.81951 J
Itegistered
91
92
91
91 Feb'08
1988
971
/
4 92 Sep'07
Bur C It &II , See 0 It & P
Refunding g 40
1934 A-0 8734 Sale 874 88 17o 831
/
4 88
ism So lst ext 68 ......-1911 J -J 108 8silft 1071
2 10714108
Coll trust Somali 48 _1910 1111-N
/
4 108
97 J'ly'04
......
8 101
1913
‘...
,241 Os
7 984 101'4
J 4s
1014 101¼
991
/
4 Nov'00
1912 M-N
94
ktegistered
1913 M- S
DI 48
10034 May'07
904 Jan'07
1915 M-N
Carl)& Shawn bee 111 Cent
N 48
19141 141-N
93 May'04
......
Carolina Cent Seel:lea() Air L
0 48
90% Feb'07
191
1471 M-N
......
Carthage& Ad See N Y,Udb 11
P 48
1918 ht-N
84 Aug'07
Ced R Ift & N &dB()it& N
Chic R 1 di Pao RR 48.,2002 M-N
681
/
4Sale 67
69 405 5534'69
. Oen Dram& lty See Mo Pao
Registered
'2002 MN
624 624
694 Jazi'08
112 112
Cent of(ia RR 1st g 58..p1945 F-A 110
Coll trust gold 68
112 Mar03
1913 11-S
75 313 6939 76
/
4 Sale 73
711
1945 11-14 1044 Sale 104
Con5ol gold 5s
Bur (led B & Northern104¼ 11 974 107
Registered
1045 31-11
Con
Apr'06
let A col tr g 5s 1034 A•0 1114
113
106 111
110,Mar'08
71 Sale 70
1st-prof income g 58....p1945 Oct
7 55
73
Registered
, 71
1934 A-0
/
4 Mar'03
1201
70%
Stamped
65
70
.ORIF& NW latgu 58 1921 A-0 14)1
70 May'03
111 Noy'05
241Pret income g 68....0045 Oct • 464
45
**en
11
50
46
& St List gu g 78 1927 3-1)
40
ci
s-:
7-•
Pr,ee
.P'rtitav
May 15
Week's
Range or
Last Sate
Range
.S'inee
January I
Y
11111C141.LAN El/ IJ7
110.N
Street Railway
Brooklyn Rap Tr g 58
1945 A-0 98
1 91 100
100
100
1st refund conv g 4s
734 Sale 72%
2002 J-J
7334 2312 66% 78
RIK City 1st con 58.1916 1941 3-4 102
100 Apr'08
pl)78100
.13k1.1Co & Scongu g 58 1941 M-N
88
93
9/11
.Oct 'O'r
100% Salo 9978 1014 115 931810139
13klyit huhl lst g 4-58 195i
Stamped guar 44s
11100 F -A
08
98 Apr'08
08
Kings Co El let g 48
/
4
1941 F-A * 801
/
4 811
/
4
811
/
4
81.1
/
4 10 811
Stamped guar 4s
81 8.1e '
1941.. F-A
41
81% 02 77 .824
Neiman Elea gu g 48
78
79
75
1951 4-4
79 May'08
7,139
' Cunn'lty & L lat& ref g 410,51 J -J
95
95 Mar'08
98
95 •
• 8tamped guar 4/
98
1951 J -J
04 Mar'08
931
/
4 95
1
45
Den Con Tr Co let g 5s 1933 A-0 97
95 J'ne'01)
Set Unitedi at °mtg. 41
791
......
/
/
4 Dec'07
43 1932 3-3
Havana Elea consol g 58 1952 F-A
88
94 • Jan'08
94
94
later-Met cell 41
/
4s..... __:1958 A-0 6714 Sate 001
68 :308 4978 63
/
4
:3.yr cony notes 135
10/1 M-N 100% Sale 141039 •100% 335 100 100%
Internet Trao coil tr 444 194( J
63
65
62 May'08
00
Manila Woo 1st & cell 56 1953 5.8
98 May'06
*No isr.oe lezidityl lidos% price tbia week. • aDtie Jigs 51 Due Apr • it Due May
......tit, on mixt Page.
Street ,Hallway
Met St Ey gen col tr g 55 1997 F- A
/
4
781
/
4 8018 781
7839 1 68
85
'Ref g 4ii
• 2001 A-0 . 50
52
52
69
11 40
56
13wayea 7thAvlste g 58 1943 4D •10u 102
99
01
1 93 102
COLO:19th AY lat gu g 58.1993 el-S
99 May'0:,
5.4 109
95
1/8
Lex AY &P Fist Ku g 58 1993 M-S
06 May'08
96
.90
9,3
Third Ave.11,1t con gu 4:421100 4-3 , 67
56 May'08,...: 491
/
4 63
Cent Tr.Co eertfs atmpd.
57
• • 5614
09,
62
. "113 50
Third Ave Ry 1st g 58 1937 J -J *105 110 14
3/
1
,2
4J
A.p
tyr:Obl
oe ....'f. 101 106
Met W.8 El(Chic)1st g0 1938 f-A
......
Mil El Ry & L 30-yr g 55:1926 F-A 101%
Minn St By 1st con g 68 1010 ..1•J
1
10
99
7'1
/
4j
1/9
lerb:9
66
0
N Orl lty & Lt gen 41
/
4s 1933 J-J
9039 8ep '06
St Jos lty LtII & P lst g 58'37 1141
1034 Gat'05
99
8L Paul City Cab con g 54_1037 J -J
11039 Nov106
Underground of Lou be 1908 3-0
1,4)41,74
/
1
4 Apr'08
411
/
4 4139
Onion El(Chic) let g 5s 11)46 A-0
100781004
Mar'08
United .1tRs San.Fret 414 1927 A•0 72 Salt 673
•59
72
72
United ltys St L 1st g 48:1934 J -J
76
85
80 •Apr'08
83
y Duo 'no 4Due ,i'ly •
uuti,eug *Doe Out -p Duo Ade sOptloa 8•316
New York Bond Record-Continued-Page 2
1210
,
BOND!
N. Y.STOCK EXCHANGE
MAY 15
ENDING
WEEK
t
2-rice
Priam)
May 15
.4
Wee,c's
Range
Range or
Since
c Januaru 1
Last Sate '1,
BONDS
N. Y. STOCK EXOFIANGE
W KICK ENDING MAY 15
[VOL. Lxxxvi.
Price
Fr-Ides
May 15
:Leek's
Range or
Last sale-
4:2
•
Range
Sines
Janitors 1
11 toit No Low .1.1
814 Low
Rid
WO No 1,n in kiwi. Erie--(Con)
Bid
Ask Lou,
Chio Rock L & Pac-(Con)
103 Dec'07 /It Sus & W let ref 55 1937 J-J
.
1027
l049104,2
10419 Jan'1.8
Choo Ok & t+ gee g 58.o1919
..
Dec'Ou
100%
F
-A
ay'06
Al
gold
111
26
103
4198
109
M-N
1952
Consol gold 5s
1(419
2 90
91)
90
92
F-A
General gold 5s
9834 100
99%
9919 Jan'08
1923
Kook & Des M 1st 5s
110 110110 Jan '08
M-N
107%
Terminal
1st
)
3
37
4
94
9
19
1
1
gold
5s
Cent
111
See
NO
L&
Ohio St
5-N
1
,
Regis
1943
$5,000
each
Ohio St L & Pitts See Penn Co
101 10239
101 MaY'08
Mid RR ofN j lstg 68 1910 A-0 11)019
127 Apr'08
121 127
Chic St P M & 0 con 6s 1930 J -D 128
10012 101
Wilk & Na lat gu g 58 1942 J -D 100 102 10019 Alar'118
93 Dec'03
Cons 6s reduced to 3%0 193(; J-D
110 110
110
Mar'08
110
J
-J
Ind
'08
con
1st
gu
i24
Jan
g63
1920
124
124
Ch. St P & Minn 1st g Us 1918 M-N 124%
Erie & Pitts See Penn Co
12939 Mar'04
Nor Wisconsin 1st Os 1939 J -J 124%
112 112
112 Jan 'OS
J 107
4 116 11719 Evans & '1' H 1st cons 68 1921
116
116
St P & S City 1st g 6s 1919 A•0 115%
100
11 96 100
let general gold (5s
112 113
1942 A-0 100 Sale 100
113 112 May'09
Chic& West Ind gen g 68 ql932 Q-M
05
pr
A
114
Mt Vernon let gold 68 1923 A-0
94 Apr'08
91
4
95,
1952 J. J
Consol 50.year 4s
10019 Feb'06
Sall Co Branch let g 58 1930 A-0
Chic & W Mich See Pere Marq
14`argo & So See OhM & St
Choo0& Gulf See CR l&P
I lint & Pere M See Pere Mar
113 Oct 'On
,an H & 1) 26 gold 4,28 1931 J -J
Lela C& Penni See Sea Air Line
102 J'ne'07
(JinD&1 lat gu g 5s 1941 NI-N *101%
,
105 Marl))
Fort St U D Co 1st g 41
80
48.1941
/
C Find & Ft Wilt gu 4s ir.'23 M-N
110
3 104 110
Ft W & Den C 1st g 6s
83 Jan '07
1921 J-D 110 Salt 110
80
75
Cin 1 & W 1st lru g 4s.1953 J.J
83
83
6 74
83
2
831
80
-J
J
'07
&
NV
Ft
Oct
Rio
1st
1928
Or
4s
g
9814
Ind Dec & W let g 58-1935 J -J
al Bar & S A SeeSo Pace°
10719 Dec'02
1935 J -J
1st guar gold 58
...... ...-•
90 Dee'07
al H & H 011882 let 55.1913 A-0
)00 & St!.
0 I 8t & c See(
G coma 8,, Ala See sea A Line
01n 8 So C See U (1 (1 St L
Ga Car & Nor See Sea A Line
CiearlIeld & Mali See 13 14 & P
4
95%
Georgia
95%
92%
Pacific See So By
93
95
St
L
Clev Cm 084
gen g 4s 1993 J
993. Jan'o7
(411a VU & Nor See So Pao Co
89%
Cairo Div 1st gold 48-.1939 J -J
95 Sep'07
Gouv & Oswegat See N Y Cent
91
Ulu W & In Div 1st g 48.1991 J •.1
93 Apr'1:8
Grand Rap & Ind See Penn 1114
93
OU
St L Div 1st col tr g 4s 1990 .11-N
Gray's Pt Term See St L S W
91 Oct '07
Registered
19110 Ii-N
06% Sale 9614
97 130 9214 08%
92 Feb'08
92 92
(it Nor-C II& Q coll tr 4s 1921 J-J
Spr & Col Div 1st g 4s 1940 M-s
9314 Sale 95%
2 11634
0514
1 92,
'06
Sep
98
1921 Q-J
Registered.4
1
.
1
85
W W Val Div 1st g 48 1940 J
Jan
'04
103
Greenbrier By See Ches & 0
C I St L & C consol 66 1920 1/1-N 101 14
93 • oy'07
95% 95% (ult&-MI lstref & t g 5s 01952 J-J
9519 Apr'1/8
93
1st gold 4s
kli)36 kt-F
Li an & St Jo See C &
9819 Oct '01
Registered
k1936 9-I?
ousatonie See N YNH&1l
109 J'ne'07
104
Cm S & CI con 1st g 55..1928
10319 1038 7 98,2 1031%
4
flock Val lstconsol g 4123.1999 J-J 103,
114 Apr'08
114 114
C & 1 consol 78
1914 -D 113
99 Oet 0,
Consol sink fund 75
1914 .1-D
9834 Nov'ial
toelg&
1;
(
istlelreVIlst ext g 48-1
0
-j
A84
4°
121 Apr'08
199
120 121
General consol gold 68 1934 J.J 12134
93 Dee'l)7
94
Tel
let
F-A
&
ex
1953
4s
Col
Registered
1934 J -J
Boast N & W Tex See So Pac
95
95
95 May'08
Ina BI & W 1st prof 4E1 1940 A-0
Roust& Tex Con See So Pac Co
0 lad do W 1st pf 58...a1938 Q-J
102
102 10312
102
4
/
Illinois Central 1st g 48 1951 J -J 1011
MayUS
90
81)
90
85
89
Peo & East 1st con 4s 1940 A-0
1073e A111"07
45
4 60
42,
40
45
1990 Apr 45
Income 4s
91 4 91'
,
913
9134 JLai'08
sitt gls
i te3ri
J -J
oll
e(
%s
51 j-j
95
19
Cloy & Marietta See Pena lilt
'tie
95 Ls J
Registered
Clev & Pitts See Penn Co
Nov'07
10
2
31
5
g
95
°
1
Extended
let
1
8
jA-0
1
4
613
Salt 61
;
613
5512 62
1947 J
Col Midland let g 48
70 Oct '04
90
1951 M-S
45 82
90%
1st gold 3s sterling
89% Sale 89%
Colorado & Sort let g4s 1929 F•A
97 1011
4
/
94 Apr'08
) 98 100
A-0
Coll Trust gold 4s
52 A4
95
19
4
/
. 8019 347 73 821
1935 M-N 80 Sale 7115
Reiland & ext 4112s
Dlay'07
98
Registered
C0111111 a% GrtiellV See So By
984101
95
99 101 Apr'08
Tex
M•N
&
NO
gold.4s
1953
L
Val
Hock
See
Val
Col & HOCK
97 Mity'07
Registered
Col & Tot See Hock Val
1024 Jan'
N
AI:D
Cairo Bridge gold 4s...1°
3J
950
47
Col Conn & Term See N & W
85
85
84
86 Feb'08
LotusvDiv&Term
J
-J
g319s.1953
43.194:3
A.0
g
1st
Rive
!loon & Pas
123 Alay'99
Middle Div reg 5s
91
91
92
91 Apr'08
95
1952 J.J
Cuba RR 1st 50-yr 5 g
4
/
781
Apr'06
Y- A
Omaha Div let g 38
1969 F
°
lax Gt 8o b'ed C & St P
4 781
/
761
4
/
79% 80
7014 MuY'03
St Louis Div&term 143s 1951 J •J
IL/alias & Waco See 14 K & T
Registered
1951 J• J
Del Lack & Western.
5 875
87.
8755 Apr'08
86
Gold
4118L1
114,
.
1143
11719 Mar'08
Morris& Essex 1st7s 1914
101 15 Oct '119
iegistered
sprilu
11712 Sep'07
1915 J-1) 119
1st cosset guar Is
100 Nov'00
3I.2s
Le1.)
iv 1st g 3,2a 19
55111 j4J --1
11 995
127 J'ne'05
-‘1
1915 3-i) 118
Registered
101% 9714 Aug'07
Western
Lines
F-A
lat
g
1951
4a
.
863
20011
-D
J
1st ref gu g 319s
122 Dee'05
Bellev & Car 1st 68
1923 J -D 96
11619117
117 Mar'08
N Y Lack & W 1st 6s 1921 J -J 119
97 Mar'07
98
Carl)do SluLw 1st g 48 1932 m-S 90
10839 109
4
/
109 Apr'08
1923 F-A 1081
Construction 5s
106 Dee'07
112%
St
&
L
.1-1)
N
Ohio
0
1951
g
5s
May'08
91)
99
97%
2
/
1.141
100
1923
M-N
'Perm & improve 48
4 Mar'04
1193
Registered
'03
Feb
102
Warren 1st ref gu g312s 2000 F- A
8814 Feb'07
• l38'- 90
Gold 31-aa
1121
12112 123
121%Apr'08
Del So Bud 1st ra Div 78 1917 M-S 121
Aug'01
4
1193
149
1917
M-S
Registered
100 100
100 Mar'Ob
eriv
itD
e(ilat g 4s. 1$915
Mletiengpils
- D)
j4
1 J
51
68 9412 99
99
4 99 9 99
/
1916 J -D 981
10-yr cony deb 48
17 Mar'07
...... •--- •
St L Sou 1st gu g 4s
1931 M-S 93 100
97
96
98
97 Mar'08
1922 J J
1st lien equip g 4 1943
913. 9719 f nd III& West SeeCCC&StL
11
95%
96%
4
/
961
MU A.0
Alb & Sus cony 3128
95
93
9619 95 Apr'08
12812 128% lad Ill & Ia let g 4s
1950 J-J •
12819 Feb'08
4
/
miens & Saratoga lst 78 1921 M-N 1251
103% 14 101 109
[nt& Great Nor lat g 6s 1919 51-N 10314 Slle 103
Del Ely RR Bridge See Pa RR
4
/
901
80% 32 70
Sale 90
gold
80
1
2t1
91
90'4
91
94
05
Deny & R Gr lat con g 48 1936 J -J
60 Oct '04
50
dgOld
98
9S
98 Tan'08
1191)20°1 M-S
1936 J -J
Consol gold 4125
10819
10014
%Apr'08
103
105%106%
Iowa Central 1st gold 55 1938 J
100 100
100 Jan'08
D • 9434
Improvement gold 6s 1928
26 70 '78
76
Gold 4s
70 Sale 7534,
98
97
98 Feb'08
1951 NI4
/
Rio Gr Juno 1st gu g 6E1 1939 J -D • 981
Jetterson RR See Erie
76 Dec'05
1940 J -J
gr So 1st gold 48
rj" al A & G R See L & S
85
145
85
Mar'08
•
1940
3-2
Guaranteed
1 8319 9019 Man & Mich See Tol & 0 C
89
89
8354
1939 J -J
Rio Or West 1st g 4s
KOFtS/4031 SeeStL&SF
76
70
725 72 Apr'08
Mge and col trust 4sA 1949 A.0 72 86
KC&MR&B S'eeStL&SF
all'02
J
97
A-0
a1917
Utah Cent lstgu g 4s
Kan 0& Pacific Sea It K & T
Des Moi 81, 1ft D Hee & St L
70% 2 69
71
4 Salo 70
/
Nan City Sou 1st gold 38 1950 A-0 701
110 Sep '04
Des Mol tin By let g 5s 1917 M-N
63 Oct '00
Registered
8518
92 Mar'07
A-0
Del & Mack 1st lien g 48 1995 J-D 86
Cent
°d
t
s
Kentucky
llegi
83
See
L
85
&
Apr'08
N
80
1950
1995 3-1)
Gold 4s
Kook & Des Mo See C B I&P
Detroit Southern. Knoxville & Ohio See So By
7734 773
77 Jan'08
78
Ohio Sou Div lot g 4s 1941 M-S 1081
.
106%1101
10919 Apr'OS
&
Erie
W
4
/
alto
1
1st
4
/
Sale 106% 108% "ii 102 1081
4
/
g5s 1937 J -J 1091
Dul & Iron Range 1st50 1937 A-0
100 101
191 Mar'08
4
/
N26 gold1941 J.J 1021
4 106 12 I)
/
1061
10612 Alar'08
1937 A-0
Registered
Apr'tn,
lob 105
105
106
slst
o
5
hi
d
l
hoO
g
gu
g
58
1945
A-0
1916 J -J
2it Os
L Sho & Mich S See N Y Cent
Dul Short Line See Nor Pao
4 106 104% 10134 18 l02'105
/
109
Leh Val NY 1st gu g 4128.1940 J-J 1041
107%109
108 Mar'08
Dui So Shore & At! g 58 1937 J -J
106 6lay'0'.
dpa)cons g 48 1
i(
.rae
giisti.e
Letteigi
) J -J 102
413
90
20
1,1ast of Minn See StP & L1
1)6 Apr'Or•
8712 95
95
M-N
L'iast Ten Va & Ga See So Ry
105 108 '
108 Jan '08
%
113
By
Ter
1st
V
Len
gu
107
1941
g513
A-0
10612
106%106%
2
4
/
1061
M-N
1941
Elgin Jot /to East let g 58
Got '9;
2
109,
l
c
re
uli
e
tu
c
a
0
1st
g
gu
3„1.1)
94
1 A-0
33
Elm Cort & No See Leh& N Y
100 10734
10734 May'08
y 1st
9912
..el iLe&Vg
IL
3-3 107:
99 105
4 May'08
/
991
1947 M-N
Erie 1st ext old 4s
95,2 35%
11319 Apr'08
guar g 48 1945 31-S 9412 1)7
.
101'2 104%
104% Apr'08
1919 111-S 1041
2d eat gol 58
lut
Registered
Eleax
1)9
9334 100%
16-S
99 Mar'08
1923 M.S
3d ext gold 4198
11378Jan'06
pf tis
107
19
4 A-0 102
15
94
104 106%
104 May'08
1920
1th ext gold 5s
Gohl guar Os
4
/
1014 A-0 10114 103 10514Jan'00
93 Dee '07
1928 -D 931
5th ext gold 4s
Leh Jo' Bud 11 See Cent of N J
119 Sale 119
119% 3 117 1,22
1920
1st consol gold Is
&
Wilkesb
Leh
See
NJ
of
Cent
120
4
,
120
'08
Jan
120
S
1920
fund
g
7a
consol
lst
88
8712 Leroy & Caney Val See Mo P
87
87% 11 82
Erie 1st con g 48 prior..1996 J -J
Long Dock Sea Erie
79
79
79 Jan'08
1996 J -J
Registered
105 110
110 Jan'08
71
70
70 55
72% Long IsPd-lst con g 5s 51931 (1-1 110
71
70
Let consol gen lien g 46 1996 J -J
95,4
1st consol gold 4s
51931
4Feb'07
/
851
1996 J -J
Registered
4 91%
83,
May'08
11
119
l(3
go
General
4s
1935 -D 91
59 6714 82
82
80
82
1951 F-A
Penn colt tr g 45
......
102 Nov'05
Ferry gold 4128
61
91 43
1922 M-S 90
59
1953 A-0 118 Rah, 56%
50•year cony 44 A
(Jet
'06
4
991
48
Gold
J
56
1932
40
272
54%
Series it..J'353 A-0 63 Sale 52%
do
81
82
82 Jan')))'
-Unified gold 4s
1949 M-S * 84
118 118
118 Jan '08
Bull 1 Y & Erie 1st 78 1916 3.1)
110 J'ne'04
Debenture goid Os
11134 J-1'
.Feb'06
1043
1908 J -J
Bun & 8 W gold 6s
95
3
90
95 12
96
gold
95
ref
4s
Guar
92
1949
M-S
10819112
10812 May'08
Chic & Erie 1st gold 5s 1982 M-N 10819
Bkiyn & Mont 1st g 6s 1
10
911 M-S 101
4
/
11612Jan'03
Ciev & Mahon Vat g 58 1938 3.2 1031
99N Sep'07
99
M-S
Apr'08
98%
98%
98%
4
/
981
g 58....a1909 A-0
Jed RR 1st
4 IN ov'06
110,
M lateen g 5s 193b AM 101
121 124
124 Feb'08
Long Dock consol g 68 1935 A-0 122
105 Apr'07
NN1Y1rB&CIR B 1st g 5s
1927 M-S
118 Sep'08
Cosi & RE,1st cur gu 68 1922 M-N
Nov'06
109
con
1st
g
81LB
gu5s
Nor
01932
08
106
Mar'08
106
106
Q-J
Dock & Imp 1st cur 66 1913 J.J
98 Apr'08
98
98
99
Louisiana & Ark let g 56.1927 M-S
100 100
100 Feb'08
N 7& Green L gu g 56 1946 M-N
.....
......
1
...•
•-•
...
...•
.
-•
J-J
MISCELLANEOUS BONDS-'Continued on Next Page.
Gas and Electric Light
Gan and Electric Light
101 May'08
99 102
Lao Gas LotSt Llst g5s.s1919 Q-F 101%
Atlanta 0 L Co 1st g 58...1947 J-D
102 Feb'07
Ref and ext 1st g 53
1934 A-0
11 9219103
Bklyn U Gas 1st con g 58 1945 M-N 1021
4%ado 10212 103
/
9119
Tan
'07
......
Gas
I.
Milwaukee
J.st
48
84
1927
M-N
May'08
54
Banal° Gas 1st g 5s
59
1947 A-0 57
97's 100
88 100
NYGEL11.&Pg 53 1948 J -D 100
124 102 103
546019
Consol(1118 cony deb Os
124
1909 J -J 1231
4 Sale 123
/
82
4 76 75
/
81.1
noeiyivgg45
cl Isuelnsitoc
4 Sale 79%
/
s.
1)
8 19
93% 97
F-A 811
drR
Eu
P49
97 May'08
Detroit City Gas g 58
9719 09
1923 J -J
9:0 Apr'08
4
/
4 1001
/
981
12101%
99
M-8
Apr'07
100
Dot Gas Co con 1st g Os 1918 F -A
95
4 J'ne'06
/
1st consol gold 58
1995 J -J 10319112 1131
Ed El Ill Ilku See K Co E L&
ilO Apr'07
Ny&QE1 L&P 1st con g 581930 F-A
11(1E111 SeeN Y G &ELI!cf., P
103 Nov105
NY & Rich Gas 1st g 68.1921 M-N
96 Mar'09
-Kg LN Ylstcon g 58 1932 M-S 190 103
10434 Nev'06
1949
7 MPat & Pas(/& E con g 58.1
6119 Oct '01
(las& Elec Berg Coo g 58 11149 J-1)
16'14112%
4 Mar'08
/
1121
79 Apr'08
Peo Gas & C 1st con g 68 1943 A-0 112
79
Gen Electric deb g 3125 1942 F A
1001
4 Apr'09
/
94 100,a
sa g Os 37
fig
gkgeolldst
&ine
uld
efo
10134
0014 60
Rl,
c
10-yr g deb 58
1917 J -D 120 Sale 118
08 101
4 101 101 Apr'08
/
J -J 1021
19
10734 Dee'00
Or Rap G L Co 1st g 5s 1915 F-A
96
96
95 Apr'08
Con G Coot Ch lst gu 58.136 J-D 99
10119 Apr'08
Beason Co Gas 1st g 58 1949 M-N 99
92 100
99 Feb'08
4
/
061
99 Dou'06
Mu Fuel Gas lat gu g os.1947 M-N
Kan City(Mo)Gas 1st g 5s1922 A-0 90
Syracuse Lighting 1st g 68.'51 J-D 90
ings Co El L & P g 5s 1937 A-0 96
110 May'05
Trenton G & El 1st g 54 1949 M-8
...... •-••
107
1 103 107
Purchase money 6s
1997 A-0 1075 112 107
4 Feb'07
/
1011
Westchester Light'g g 53 1950 J-D 97
83
Ea 8111111th Bacon g 48 1939 J-J
8834 83 Mar'08 . 88
Sabo,j
ODSIon
'No price Friday; latest bid and asked this week.a Due Jan b Lou. reb d Due Apr eDne Slaty Due J'ly lc Dae Aug eDits 004 q Due Doe s
...
••••
MAY 1.6 1908.)
i
New York Bond Record-Continued-Page
3
1211
z
.
BONDS
B()N DS
`•...,.2
Priest
Week's
Nano
- Ls
-a, ,
11c
Prise
Week's
1--4,
Range
; N. Y.STOCK EXCHANGE 16
,..
Friday
.
1
hangs or g-T,
Since
N. Y. STOCK EXCHANGE ‘,. t
Friday
Bangs or t-r,
Sines
May15
Last Sale oci 4 January 1
'
Wain ENDING 3fAT 15
WEgg ENDING MAY 15
:40:.
2.10.,
Nay 15
Last Sale 3:1 co Januar 1
But
Aelo Low
High No Low High N Y Cent & H B--(Continued 1
Bid
Ask Low
_High No Low lit mit
11252 Mar'08 ... 11252 117
Lonisv & Naahv gen g 64 1930 J -D 116
Cart & Ad let gag 4e...1981 J-0
110 Oct'07.
1937 M-N 1094
Gold 5s
Gouv& °awe letgu g 5s 1942 J-D
9734 983. 97% 98 44 95 100
Unified gold 48
1940 J-J
Moll & Mal let gu g 48..1991 M-S 99
98 Mar'08 .... 98
9
1011
/
2.1'1y'06
1940 J-J
NJ Juno It gu let 4s. .1986 F-A
Registered
105 Oct'02 .... ...... ...
107 Dez'05
1910 A-0
Sink Hind gold 6/4
N Y & Harlem g 312a...20110 M-24 8512
101/
1
2J'ly'06 .... ...... ...
105 101 Feb'08 . .. 1114 105
1931 M.N
Coll trust gold Se
N Y& North let g 5....1927 A-0 100
1101
/
2May'07 .... ...... ...
/
2 9312 93
931
'15-20-yr col tr deed g 48 1923 A.0 *921
N Y & Pu lateen gu g48 1993 A-0 96 100 10114 Dec'06 .... ......
/
2 16 83 94
..
111 Nov'07 ...
1919 J -D 11172
• E II & Nash lat g 6s
Nor & Mont lat gu g 56.1916 A.0
104 Mar'08 .... 10314 104
/
2a 1931 M-N 1024
L CID & Lox gold 41
Pine Creek reg guar 68.1932 J -D 11552
107
Nov'07
....
.--.
--11334 Jan '08 .... 11534 117
N 0& M 1st gold 62.-1930 J •J 117
R Vir&0con lat ext56./0.922 A.0 /1U/
1
2114 110
110
1 10s7e1t
1930 J -.I
12214 Mar'08 .. ......
N 0 ee M 2d gold i3a
Oswe & it 26 gu g 5a...e1915 F-A
105 Jan 'Oh .... 105 10
1071
/
2 Aug'06 ..
Pensacola Div gold6a 1920 M-8
II W&0T R lat gag 58.1918 M-N
1921 M-8 108
117 May'07 .... ......
et I,Div let gold 68
Rutland list con g 4128_1941 J -J
106,2 Oct'05 .... ..--...,
1980 M.8
6212.a.ug'07
241 void 38
Og&LCham let gu4s g1948 J -J
87 Feb'08 .... 8434 8
8734 72 86 . 891
Atl Knox & Cin div 43 1955 M-N 8734 Sale 86
/
2
Rut-Canad 1st gu g4s.1949 J -J
85 Jan 'llz• .... 85
8
116 T'ly'06
au Knox da .N or lot g 5s1941; .1 -0 103
St Law & Adir let g 53.1996 J-J 10912
122 Jan'06 .... .. ......
10812Jan '06
Bender Bdge 1st a t g 68.1931 NI-S
26 gold 68
125 Feb'08 .... 12
1996 A-0
.
5 12,
92
90 Apr'08..,, 88 92
Kentucky Oent gold 48-1987 J -J
Utica & 131k Rivgng4s.1922 J-J 100
11934 Apr.08 . 9934 91
108 J'ly '06
L&N&M&M lstg41
/
281945 M-S 95
Lake Shore gold 31
/
24.-1997 J-D 93 Sale 93
93 ..-5 8934 9.
/
2 821
771
/
2 87 Tan'08 „.. 87
8'7
L& N-South M joint 48.1032 J -J
Registered
874 931
/
2 921
/
2 921
/
2 2 90
J-D
1997
i4!
108
.1937
F-A
Mar'07
11312
5s.
let
g
gu
N Fla & 3
Debenture g 4s
Sale
24.8
95'2
.
941
95
/
1928
2
/
1
2 16 8872 9,
N&CBdgegengu g 41201945
J.J
.
25.year g 4s
1931 M-N 93 Saie 911
/
2 93 309 88% 9,
113 Jan '08
Pens & AU lat gu g 6a 1921 F- A 102
113 113
Ka A& G Rlstgue5s 1938 J-J 1104
111 May'07
8 & N Ala con gu g 58 1936 F-A 102%
Mahon Cul RR let 56 1934 J.J 105
109 Oct'07 ... ...... ...
9112Jan'08
L & Jett lidge Co su g 46 1045 M-S
911
/
2 91'2
Pitt8 & L Erie 26g 5s.a1928 A.0 98
/
2Nov'06 ... ...... ...
1071
L N A.& Ch See 0 1 db L
Pitts Sfoli& Y latgu 66 1932 .7-J 120
139
Jan'03 ... ..... ...
MS
&
alum Coal See LS
2d guar6a
110
.7-J
1934
anhattan Ityconsol4s 1990 A-0 9.3 Bale 96
96
10 92
98
MeEees& B V latf6a 1918 j-J 105
104 Apr'05
1990 A-0
Registered
Mtch Cent let conso 6s.1909 2J-8
104 Dee406 ... .........
1908 J-J 1023282.a 1021
Metropol El let g 6s
/
2 102% 15 99% 102%
58
1931 M-S 1084
101, Dec'07 .. .........
MoK'pt& 1.1 V See N I Cent
Registered
1931 Q-541
119 J'ne'06 ... .........
Metropolitan El See Man Ry
4e
92
194 J.J
100% Jan'07
84 Salo 81
Mex Cent consol gold 45 1911 J.J
8414630 74% 85
Registered
1940 J -J
10612 Nov'00 .... ..... ...
151
18
17
/
2 17
lat consol inoome g 3a.a1931) Ply
38 141
/
2 201
/
2 jL & S 1st g 312s
1951 M-S
94,21)(50'06 .... .-....16% Sale 14
2d consol income g 3s-a1939 J'ly
1634 105 10
181
1st g 31
/
2
/
2s
1952 M-N 85%
b8 Apr'08 ..... 88
81
9052Ply'01
Mex Internat lat con g 4s.1977 M.8
Bat0& Star lstgug3s-1989 J-D
80 Feb'08
1977 ALS
Stamped guaranteed
80 80
N IC elite& St L 1st g 4s 1937 A-41) 100
1001
/
2 101
9 96%10
105 May'00 .... ......
Mex North lst gold 68.-1910 J -D
Registered
1937 A.0 ...... _... 1024 Mar'07 . . ....Mich Cent See N Y Cent
West Shore lat 4a gu 2361 J -J 102 Sale 10112 102 .-.
18 .98 10
Mid ot NJ See Erie
Registered
1/Vs__ 100
2361 J -J
101
7 961
/
210
W
Chle
N
di
See
W
Mil L 13 &
N Y &(ireenw Lake bee Erie
MU & North See eh M & St P
N I& liar See N I C & kind
Minn & St L let gold 76 1927 JD 12714129 128 Apr'08.... 12514 128
N Y Lack & W See D L cfs W
1909 J-D 1021
Iowa Ex let gold 7s
103 Mar'08 .... 103 103
/
2
N I L E & W See Erle
Pacific Ex lat gold 6s 1921 A-0118 Jan '07
N Y& Long Br hoe(lent of NJ
South West Ex Dag 76 1910 J-D '
11314 Mar'05
N Y N H & IL-Cony Os cube. ....12
6 Sale 1244 127
126
81 1151
/
212
lat consol gold 5s
1934 11-N
101 May'08
9934
100 101
Cony deben 31
1.,56 j.J
/
2s
861
/
2 871
/
2 871
/
2 871
/
2 8 874 81
1st and refund gold 43_1941 M.8 77
80 Mar'08 .... 80
89
82
Housatonic R con g 58..1937 32-N 110%
112 Mar'08 ..- 112 111
Des M & Ft D let gu 4a. .'35 J -J
97 Apr'06 ....
N E.& Derby con cy 5s.1918 M-N 10234 .... ......
..... ...
Minn & St L gu See 110 ids N
N 17 & North SeeN Y Cd5 li
M StP& SSM con g 4intgu'38 J.J
97 Sale 97
97
1 97
9'7
N Y 0& W ref 1st g 4s..g1992 M-S 97 Sale 9652 97
18
921
/
2 81
MSSM&Alatg 4intgu 1926 J -J
1,9 102 J'ne'07 .... ......
Regis $5,000 only
g1992 M-S •
1
2J'ne'06 .... ...... ...
96 101/
Minn Un See St P 51 &Di
N Yob Put See N IC& H
Ito Kan & Tex lat g 4s 1990 J-D 08
98
99
99
16 94
99
N Y & a 13 See Long Island
/
2 Sale 811
g1990 F-A 831
2d gold 4a
/
2 831
/
2 39 771
/
2 84
N Y 11 & W See Erie
100% 10032 100% 5 95 1001
1944 11-N *
let ext gold 58
/
2 N Y Tex & Di See So Paz Co
2004 M-8 76 Sale 75
1st & refund. 4a
76
15 7472 78
Nor & South 1st g fes
1941 M-N
100 100 Oct'07 ... . .
.....
8132 Sale 79
1936 J-J
Gen at 41
82 401 71
/
2s
82
Nor/ & West gen g lis
1931 M-N 11734
12012Jan'08 .... 120
.. 121VI;
/
2 8,)14 1 83
S134 801
St 1, Div lat ref g 48.-2001 A-0 • 59
83
Improvetn't & ext g 66 1934 F-A 120
1171
/
2.1an'Ub .... 1171211'
1 100 101 10212 Apr'08 .... 1021
Dal & Wa 1st gu g 58-1940 31-1,
/
21021
/
2
New River let g 6a
1932 A-0 118
127 Oct'06 . _.. ..... _
/
2 87 Apr'08 .... 87
Kan 0& Pac let g 4s, 1990 F-A 86% 891
87
N & W Ity let con g 45 191)6 A-0 94 Sale 94
95
95 .9214 - 9'
106
Mo K & 11. let gu g ba 1942 A.0 106 Bale 106
1 105%106
Registered
1998 A-0
91 Sep '07 ... .
.
/
2
1021
/
1949 M-N 1021
2May'08
M K 8s Ok let gu 55
102 1(14
Div'l 1st lee gen g 4a. 1944 J -J
89
894
91)
. iii.
.,; ill
100
K&TotTlstgug5
.
42
1021
NI-S
/
2
Apr108 .... 971
s 11
M
/
2103
10-25 year cony 4e
1932 J-D 864 San. 843
861
/
2 15- 78
81 '4
105 Aug'07
Sher Sit & So lat poi g 511 19-..• J.D 102
Pocali 0 & C joint 48_1941 J-D 85 Sale 85
8514 68 7'7
8,
103 SI av'08
Tex& Okla lstgu g6s 1343 11-S 102'4
103 103
CC & T let gu g Se
/
2
1922 J -J luo1
1091
/
2 Feu'u6 .... .
... ..
1920 31.N 105 insit 110 Apr'08 .... 10412110
No Pacific let cou g 6,4
Scio V& NE 1st gu g 4a 1989 11-N 92
9I9
974
May'08
....
874
.
9.1
96
97
96
Trust gold 58 stamped.a1917 M.-8 95
2 83 99
North Illuiois See Chi & NW
Registered
a1917 NI-8
/
2 Fob'07
1041
North Ohio See L Erie & W
95
113
1920 F-A
114
let coil gold 58
94
2 87% 98
Nor Pao-Prior lien g 48_1997 Q j 1014 Sale 101
1011
/
2 61 99 101
1945 M-S 7114 Sale 6934
40-year kold loan 4s
714 380 138
76'1
Registered
1997 Q.J
99/
1
2 May'08 .... 97% 101 as
3d7o extd at 4%
1938 31-N
9032 95 Mar'08 .... 95
95
General hen gold 3a....a2047 Q.F 71% Sale 71%
.
3 21 68
71
7;
Cent Br By let gag 43 1919 11 -A 824 90
85 Feb'08 .... 85
85
Registered
a2047 Q-F
/
2Apr'08 .... t.8'. 71
681
70
Con Branch U Plat g4s 11.148 2-0
8114 Jan'08
831
/
2 8414
St Paul-Dal Div g 48. 1996 j-D
'08
/
2Jan
961
....
89
9(
Leroy&C VA Lloty5o 1926 .1.J
ar'05
110 11I
Dul Short 1, 1st gu 58..1918 21-S
101
Pao R of Mo let ex g 4e.1938 F-A
9114 Feb'08 .... 994 91)4
0 13.31, Q coil tr 48 See Ot Nor
2d extended gold 5s 1938. J-J
112 Dec'07
St P & X P gen g 6s. 1923 F-A 1171
/
2
116 Mar 08 ... 116 111
Ir.51&
St L
Sgencong5s11/31 A-0 1061
/
2108 • 107
108
52 103 110
Registered certillo's..1923 Q.F 1161
116 May'08 .... 116 111
/
2
Gen con stamp gill g 5s 1931 A-0 .
.. .. . 102 Apr'08._. 100 1031
„
/
2
St Paul & Dul let 6a....1931 F-A 105
11714 Ply V/ .... ...... ...
Unified & ref gold 48 1929 J -J • '7-13
7-912 78
'191
/
2 21 68
791
/
2
266a
1917 A-0
100 Oct '07 .... ...... ...
lily & G Div 1st g 46-1933 M.N 8212Sale 82%
821
/
2 10 76
1st consol gold 4s
8614
1968 J-D
981
/
2Oct'06 .... ...... ...
Verdi V I & W 1st g 53.1926 WS
10712 Apr'06
Wash Cent let g 4a
1948 Q-M 81
93 May'08 ...
..
Mob J & IC C 1st cons g5s.195:1 J -T
98 Dec'06
Nor Pao Ter Co let g 6a 1933 J-J 113%
115
115
i'i il
Nob 80 Ohio new gold 6E1_1927 J-D 119 Sale 1171
/
2 119
20 113 119
Nor Ey Cal See So Pao
let extension gold 6a../t1927 Q-J 1071
/
2
105 12 Jan'08 .... 10512 1051
/
2 Nor Wus bee 0St P M & 0
General gold 48
1938 11-5 *
80
84410011'08 .... 8414 8414 Nor & Mont See N Y Cent
Moutgom Div let g53 1947 F-A 9952
102.2 Oct'07
i t Ind& W SeeCCC&StL
77
921
/
2Aug'06
St L al, Cairo colt g 4s-e1930 Q.F
Ville Illy RR See Balt & 0
Guaranteed g4,3
1931 J-J
101 Nov'04
Ore & Cal See SoPao Co
Al & 0 coil 45 See Southern
Oro Short Line See Un Pao
Mohawk & Mal SeeN Y Ode 11
Oswego & Rome SeeNIC
Monongahela Riv See 11 &0
00 le et, St P AS'ee C & N W
Mont Cent bee SIP M & M
Da° Coast Co let g 5a....1946 J-D 105
105
101)
5 10112 101
Morgan's La & T See 8 P Co
I.. co of blisaouri See Mo Pee
Morris & Essex See Del L& W
Penn RR 1st real eel g 46 11123 M-N 101 .... 105 Jan '08 ....
102 101
1V ash Chat & St L lat 73 1913 J.J 114'
11312May'013
11214 114
Consoi gold 58
1919 M.S 107
105 Nov'0, .... ...... ...
1928 A•0 107
LI lat consol gold 58
108 May'08.... 10512108
Conam gotd 4s
1943 m-N 100
101 .Dec'07 .. .. -.. ._
.7ruiper 13ranch lat g Us 1923 J •J
1161
/
2 May'Oi
Consol gold 45 (w 1)
1948
M
N
1013
8
Sale 101
101% 1
160 191
. Mcbt Al W & Al lat 68 1917 J -J
11714 Mar'05Convertible g 312s
1912 SLN
95 Sale 941
/
2 95 10, 9114 91
1917 J -J
T & P Branch let
113 ;Ply'1/4
Convertible g 31
/
2a
1915 J-D 931
/
2Sale 9212
931485
88
9;
L& N
Nr.sli h'Ior & She/ See
6s...
Alleg Val gen gu g 4s 1942 M-S 94
99 J'ne'u7 ... ...... ...
Natof Mex prior lieu 412a-1926 J -J
991
/
2
100 Apr'08.. 99 1001
/
2
D R It R& lige 1st gu 4a g '36 F-A
1951 .1..0 791
1st consol 48
/
2 811
/
2 8012 801
/
2 17 77
82
Phila Bat& W 1st g 48. 11143 SLN
1071
/
2
Oct
'01
....
......New li & 1) See N IN Ii et, 11
Sod Bay do So 1st g 511 11124 J • J
10•1 Jan '03 .... ...... ...
NJ Juno It It See N Y Cent
U NJ R It & Can gen 48 1944 M.S 101%
1101
/
2Sey '04 ..
NOW & On Bdge See Lou &N
Penn
Co
-Guar
1st
g
4128
1921
J-J
105
104%
105;
1
.
1 iii% ilit
N Y Bklu & Man Bch See Li
Registered
1921 J - J
104 10312 Ply'07 .... ...... ....
/
28 1097 J•J
N Y Cent& 11 ElY g 31
90 Salo 89%
98 8712 91
90
Guar 312s coll trust reg 1937 51-S 83'.
9044 J'ne'06
Registered
1997 J-J.
891
/
2 8852 May'08
S81
/
2 88%
Guar
s
coil
31
/
2
tr
ser
B.
1941
VA
85½
Mar'08
....
86
4
Deben g 45
1934 M-N
8814 8(
921
/
2Sale 921
/
2 93
6 91
95
Tr Co eertif's gu g 3,26 1916 51-N
921
/
2
921
/
2 Feb'08 .... 921
Lake Shore coll g 31
/
28 1998 F-A
/
2 9:
8111
/
2 Sale 797e
801
/
2 44 75
82
/
2s tr ctts C
Gu 31
1942 J.0 85%
‘-‘4
14
Feb'08
Registered
....
8414
1998 F-A 77 80
84 12
781
/
2May'08 .. . 73
79
G- 312s tr alai)
1944.1-0 831
/
2
Mich Cent coil g 31
90½ Mar'06 .... ....... .
/
28- 1998 F.A
78
78
2
7412
81
Guar
15-25
year
g 4s. 1931 A-0
Registered
9212 Apr'08 .... 9-0 9
1998 F-A
.
1
70 Apr'UP .... '76
76
CI & Mar 1st gu g 4126 1035 M-N
110 Jan 03 .... ...... ...
Beech Creek lat gu 843 1936 J.J
913
102 lfel)'07 .
1.3 & P gen gu g 412a ser A.'42 J -J 105'.
Registered
10314 Aug'03 .... .........
1936 J-J
102 Mar'04 .... ......
Series
13
1942 A-0 10438
2d gu gold 5s
19313 J.4 102
Series C 312s
1948 M-N
1341
/
2
981
/
2 Dec'05 .... ...... ...
Beech Cr Ext 1st g 31
/
28 81951 A.0
Series 13 31
/
2s
1950 F-A 841
/
2
96 Jan '04 .... ...... ...
111SCELI
EOUS BON Our-Continued on Next Page
Coal and Iron
Telegraph n.:111 Telephone
001 F & I Co gen s f g 58 1943 F-A * 82
8234 May'08
791
Am Teley & Tel coil tr 4s 1929 J-J
/
2 83
83% Sale 83%
83% 5 751
/
2 83%
Convertible deb g 5s
1911 111.A
65 Mar'08
56
Comm Cable Co 1st g 4s..2397
65
85% Mar'o8
85% 86%
Col Fuel Co gen gold 68 1919 M-N
/
2Oct'04
1071
Met T & T lat t
1918
104 leb'0
Gr Ely Coal & C let g 6819111 A-0
1021
/
2Apr'00
Mich.
State
Telep.
let
58.1924
F-A
1/2 12 Feb'08
(heart Bit Coal 1st t 48.-1940 J -J
9214 921
/
2
95 Ayr'02
.......
N V & N 3 Tel gen g 5s..1920
105'sJ'ly
ColIndu 1st& colt Is gu 11)34 F-A
581
/
2 Sale 691
/
2 6034 188 38% 0034 West Union col tr cur 58.1938 J -J
85
83
85
84
Contin'tal C lsts f gu 5s g 1952 F-A
1)4
1071
/
2 Dec'04
Fa
and
real
eat
g
4
/
1
2
s...1950
83
83', 82
83
28 81
Jett & Clear C & I lat g 53 1926 -1/
88
107 May'97
Cony 4s, Series A
1936 MN 76 Sale 751
/
2 76
21 75
Kan& }1C& 0lets fg5s 1951 J-J
78
1051
/
2 Dee'06
Slut Un Tel s fund 6a 1911 M-N
103 104 Apr'07
Pleas Val Coal 1st g s f 58 1928 J•J
105 Oct '00
Manufacturing 45:, Industrial
Sunday Creeg Cog 3s
1944 J - J
83
78 Feb107
......
Tenn Coal gen 5s
1951 J.J
97
94 Apr'08
Am Cot 011 ext 41
8212 94
/
2s
1915 Q-F 91% 92
91%
21 86
92
renn Div lat g13a
92,
4
al917 A.0 1054107 105% 10534
100 10534 Ani Hide & L 1st f g6a 19141 2.181
/
2
8012
801
Birm Div 1st consul 68..1017 J -J 107
75,1 81
107 May'08
99 107
Amer Ice Secur deb g 613_1925 A-0 691
/
2Sale 67'.
691
/
2 11 l8'- 70
Oah C M Co list gu g 6E1.1922 J -D 101
102 Apr'0.
102 103
Am
Spirits
Mfg
let
g6a
1915
M'S
991
/
2 97 Mar'08 ..•. 91 100
De Bar C & I Co gu g 63.1910 F.A *101
100 Jan'08
100 100
Am Thread let col tr 4s 1919 J -J
86's,
86 SI ay'0. .•• 83 86
,_Vss Iron Coal &Colst g 53 1949 M.S 85
89
881
/
2 881
/
2 z, 80 881
/
2 Am Tobacco 40-yr g 6s
1944 A-0 106 Sale 1031
/
2 10(1 3(15 96% low,
Victor Fuel 1st a t 5s
1053 2.1
931
/
2 Feb'/7
48..
1951 F.A
71% Sale 71%
7214 145 601
/
2 724
uNo prace Friday; lateat lncl and asked. oDno Jan Duo iinb .sane 1r et Duo .I,Pt n. Due
'ly Dne ..ig o One oet , p Das Nov q Dt104,66 sOptioa Sado
M
1212
BONDS
N. Y. 8TOCK KX011ANGE
Wasx Esunco MAY 15
New York Bond Record-Concluded-Page 4
Pries
Nay 15
Week's
Range or
Last dale
Range
Since
Janv,ary 1
BONDS
N. Y. STOCK EXCHANGE
Wafts 143n3Bro 1%LkY 15
, Price
'Friday
May 15
[Vol,. Lxxxvi.
Week's
Range;or
Last Sale
Range
. Since
January 1
_Utah No Low Birgit
.4sk Low
lila
NW
ASA Low
Southern Pao Co-(Contfnued)
Sid
Penn Co-(continued)
......
127 Sep '06
115
• 92 Apr.'07
Morgan's La Si T let 7s,1918
85
• Erie do Pitts gu g3128 B.1940 J.J
Nov'06
116
10912
1
9
20
93
,
9834 Apr'04
coal lusar g 58
1sotfg
'0
N
. .
85
1940 J.J
Series i•
112 Feb,07
'06
Sep
108
4
/
1011
J-J
1941
4a
/
Gr it & [exist gu g 41
102 102',
102 '103 102 Apr'08
127% Oct'02
4
/
Ore & Cal let guar g 56.1927
Pitts Ft W & C let 7a...1912 J.J 1101
1, 1021
IL)
Apr'08
4
/
4
/
1021
103
4
/
1021
119 J'ne'00
So Pot Ar gulst 0s...c1909
1912 J-J 109
2517s
101 Dec'07
'10034
119 Apr'04
let guar g 6s
01910
4
/
41912 A-0 1091
351 78
May'05
116
Calof
So Pacific
Pitts Yoo Ash 1st con 68.1927 M-N 104
4
/
4 1041
/
1041
431ar'08
/
1041
4 May'08
/
168
lat g 6s aeries E F...1912 A.0 103
4 1061
/
41081
/
PC OdoStLgu4dusA...1940 A-0 1071
......
1144,Dec'04
108 Feb903
1912 A.n
lit gold 6s
108 108
4.
1
1942 A.0 107/
Berme B guar
Mav917
119
1051
4
/
g 6s
11242.1'ne'05
1937 m-N
let con guar
4
/
......
1942 M-N 1011
Series C guar
.. 104
104 Apr'08
4
/
1001
4 Mar'07
/
S Pao of N ides 1st g6s 1911 j.j 1031
......
98
1945 31-N
Series D 4s guar
91 May'08
93
So Pao Coast lat gu 48 K 1937 j.j
91
91
90
4 guar g....1949 F-A
/
Series E 31
'07
Feb
105
1)1712
•
Tex&NOSabDivlet g6s 1912 m.s
1953 J-I3 93
§eriea F 4s guar
4 984,
/
931
4'Apr'08
1
98/
112
112
Con gold 5s
109 112
C St L Si P 1st con g 5s.1.932 A-0 112
4 93
/
971
4
/
921
4
1
4 salc 91 /
/
ref 4s
194
3 j.j 921
955
Paultit
Pensacola Si All See L Si Nash
4 103
/
159
8.1
1-3
115',
102,
sale
Southern-list eon g 5s
1994 j,.j
Poo & East Sea C C C & St L
114 Nov'06
'05
.Jan
4
1
/
123
j
j.
103
1994
5.131
6a....1921
g
Un
1st
Peo & Pek
7934
79a., 4 75
80
71P.
Dec
4
1
/
100
97
MItegobitrteOlriod
coll
m.s
tr
K4s.
1938
81921 M
4.4
/
20 %obi 41
96 10212
Apr'08
109 Apr'02
4.5a 1996 J -J 101 .
/
Mom Div lat g 41
Pere Mara-eh& W M 5s 1921 J -D
69 • 76
A ,r'OS
4
/
8)
741
76
Aug'07
4
/
div
1121
g
Louis
105
1st
1051
j.j
St
43A-0
1920
.....
Flint do I'M g 68...
113 .114.11'06
10034 4pr'07
1918 j.j
Ala Con It let g Os
1939 M-N
1st.oonsol gold 58
96 J'ue'06
431.arli8
1
100/
1048 j.j
Ail & Danv 1st g 43
100/
41UON
1
Pt Huron Div let g 5a.1939 A-0 100'2
02 J tie'06
-A
.
b
48.1931
g
Ku
Sag Tufo & H 1st
g
let
Yad
19
guar
4a
19
94
48
2180
9 .1
At
A :j0
Plul B & W See Penn RR
4.Mar'06
1
115/
1916 j.j 106 15)., 111 Fab'07
Col do. Greenv 1st Os
Phila & Reading Cons 78.1(l11 J.D
11034 J'Iy-!07
100
'J6
to1 12 06', Apr'08
E T Va & Ga Div g 58 1930
4 961
/
4
/
961
Philippine By let 30-yr sf 48'37 J•J
1124, 1041
4 1 102 105%
/
wi
1938
104',
lraetorgoliledutigs
Con
PiUs ciu Si tat L See Penn Co
May'08
99
97
6100
Sc
Pitts Cleve Si Tol See B Si 0
'07
135
Sep
68
9
1
3s
4
5
let
Midland
6
Ga
Cu
Penn
See
eh
Pitts Ft W Si
106 107
lob.. Feb'08
1922 j.j 103
5.4a Pao Hy let g 63
Pitti4 McKee", Si Y See N Y Cen
4
/
1061
108 Jan '08
107 108
,lreitiegnt3:5
lroto
4 Feb'08
/
,
irh
..
1091
94
,
;1
nO
25 J
J
.j
&&
x•
bx
4 109.4
oe
/
An
1091
4
/
Pitts Sit Si L 8. 1st g 58-1941) A-0 1091
'•
J5
115% Apr'053
9378 J'ly'97
1943 j.)
let condo' gold 53
ii:t '06
89
Mortgage gold 4s
.1945 J-J
Pitts Si West see B & U
Ills Mar'08
103 11.7
4 132 93
/
981
4
/
Rich.& Dan con g 6s.. .1915 j:j
4 Sale 971
/
981
4
/
981
1997 J -J
D eading Co gen g 4s
99 4, tiet '07
1927 A-0
4 Apr'08
/
Deb 5a stamped
951
9.434
4
/
90
951
1997 J •J
tiegistered
158 Feb'05
Rich Si Meek 1st g 4e 1948 M-N
92 Apr'08
86
114
4
/
941
1951 A l) 93
jersey Cent coil g
90
14734 Apr'US
4 97%
/
951
NI•N
So Car do Ga lat
D& EL
4a..
Rensselaer Si Sat* See
112 Oct'06
92
6 ivi
11
.1g 104
MVirginia Mid ser C Os-19
Rich & Dan See South Ry
99
2 1>tfe OtS
108,
Series 1).4-58
Rich Si Meek See Southern
113 Dec'05
1926 M-8 99
Series E.58
Rio Gr West See Den Si Rio Gr
4 . 1011
4 May'08
/
.102 :
4 103
/
1011
General 5e
/loch & Pitts See 13 kt & P
107 May'07
936 M
1939
%; 102'2
M:1 N
bluer stamped
Rome Wet Si Og See N Y Cent
961
4Jan'07
/
85
45
gu
F-A
oy
1924
1st
W
&
0
W
BnUand See N 1 Cent
4Sep'07
/
1061
West N C 1st con g da 1914 J-J 104
8.1ag 'ruts do Si See Pere Marq
do N Ala See L N
2 82
83
85
85 Sale 85
1.3t Jo 8o Or lid lat g 4a 1947 J -J
117 J'iy'00
g
1st
Nor
-J
J
6s.1939
do
Falls
ok
St L& Cairo See Mob Si Ohio
105 May'08
102 105
' er A of St L let g 440 1039 A-0 103
St L & Iron Mount /lee MP
110/
4 Feb'08
1
109
4111
/
1091
let con gold 5s....1894-1944
St 1. K do N See Wabash
9212 May'08
901
4 921
/
4
/
J-J
1953
48
g
t
refund
Gen
St L M Br S6eTRRAO(StL
Ill Deo'053
St L 31•Bge Ter gu g 5s 1930 A-0 100
St Louis & San Francisco4Apr'08
/
1141
118 11434 Tex&NO See So Pao Co
1931 J.J 115
General gold 6s
, 38 99 1121
1113
4
/
2000 J-D 111 Stilt 111
107
Tex & Pao let gold 58
7 103 107
4 .. 106
/
1931 J -J 1041
General gold 5s
Nov'IM
115
q2000 Mar
'JO Jan '08
26 gold inc.5s
90
90
00118 g 48-'99 J -J
8t L do 8 IP
Mar'06
1931 J • J
4 Aug'05
/
1021
La'Div B List g 50
Sonthw Div 1st g 5e..1947 A-0 93
4 Nov'04
/
1061
4 143 6714 73
/
741
VV-MinW&N W lstgutis'30 F-A
73% Salt 73
1951 J -J
Refunding g 4s
4 Feb'u8
1
14.: /
102 10334
1935 J•••J luj
Tor& 0 C 1st g 5s
118 Nov'Uti
4 1908 J-D
/
5•year gold notes 41
111 Al aru4
102
A.0
1933
g
1st
58.
Div
Western
J-1)
1909
4124;
gu
East
•StL M do So
971
4 May'08
/
98
1)51
4 98
/
1935
J-D
5s
gold
113
General
113 Mar'08.ill. 11412
K (7 Ft & It con g 68..1928 M-N
89 Jan'08
89
84
1990 A-0 96
Kau Si M let gu g 48
4 74% SO 6634 7438
/
KCIFtE...% 31 Rv ref K48 19353 A-0 74 sale 731
82 May'Ob
82
763
4 133
-J
J
1917
4s.
gold
1st
W
PSi
Tot
A.-0
......
53.1929
KCJahl It& 13 let
97
h
87
4
1
/
85
87
80
-J
J
1925
lien
3120
g
pr
W
Tol St L&
90 Dec'07
99
......
Oa'rk do Ch 1st gu 58 p.1013 A-0
72
721
4 26 67
/
73
1950 A-0 72',
50-year gOla 48
8t Louis So See Illinolit Cent
'95 Dec't155
Tor Ham& Bull let g 43./0.946 J.1)
81) .4ap. 881
4
/
89
14 84', 90
St L 8 \V 1st g 45 bit ctia.1989 31-N
105
103
Apr'08
-D
J
.. lua
1928
58
g
con
later &Del 1st
70
3 65
70
in Sule 70
2d g 4a Inc bond ct13.....2,1981/ J-J
113
Sep
'06
1952 A-0
let refund g 4s
4 6.i 56
/
681
631
1932 J-D 67 sale 67
4
/
•Consul gold 4s
4 101% 100
/
102
89 99 102
Un Pao RR & 1 gr g 4a _1947 J• J 1011
4 Apr'07
/
1011
Gray's PtTer 1st gu g 5a 1947 J •D
99 Apr'08
101
J•
27
98 1001
194
4
/
Registered
glt Paul & Dui. See Nor Pacific
4
/
90'8
891
4 tioit; 83
/
901
Sale
4
/
901
454
cony
20-yr
8
1027
1021
Apr'08
4
/
A-0
4
4
/
6a...1909
1021
1043
2d
Man
Si
5.1
Paul
lilt
117
Id; May'tht
2-1)
91
97
1949
4s
g
con
Nay
Si
Ry
Ore
4
1
1933 J -J 128:/
4 1283.,
/
1284 Apr'0o
12131
lat coneol gold lis
4 May'08
/
4122 1211
/
j 1191
-A
F.
6J
42
,2
113 1112
119
Ore Short Line lstg6e.' 1
134 • Lec'od;
4
/
1033 J-J 1271
Registered
4 May'08
/
1141
106 1141
4
/
'1st(Ammo' K 3s
107 May'08
102 107%,
4s..1933 .f•J 107
1
Reduced to gold 4/
911
4 IV! 854
/
1929 J-1) 91',Sale 9012
, 9112
Guar rotund 48
1161
4•40e01
1933 J•J 105%
/
Registered
4 Mar'07
1
87/
1929 5-13
'Registered
4
/
10434 1051
4 Apr'06
/
1051
1910 11-N 10338
Dakota ext gold Se
103
100 Oct '07.
1908 J
Utah & Nor lst 7s
94
99
99 Apr'08
Mont ext 1st gold 43.-1937 J-1) 96
10512 J'iy'07
4
/
1926 J• J 1051
Gold Oa
4 Oct '05.;
/
1001
Registered.1937 J-D
UnINJ RR do Co See Paint
It Minn Nor Div let g 31948 A•o 80
Wes
Rio
Or
See
Central
Utah
hIav'05
124
Minn Union 1st g 6a....1922 J • J 110
Utah & North See tin Pacific
128 130
130 Apr'05
1937 J•J 125
Monte let gu g 6a
Utica Si Black R See N Y Cent
4 May'06
/
1361
Registered
1937 J-J
4 Oct '07
/
941
48. .1935 F-A
Apr'08
4
/
1111
111 4,111 4,
4
/
1937 .1.-J • 1121
let guar gold Ss
98 Sep'06
g
481934 J-J
1
/
&Platgu4
r9891
V :IV
,Deo'06
1154
Will & S F 1st gold 60-1938
See 310 P
W
&
Ind
Val
Ver
Pao
Nor
Pao
See
Nor
di,
P
St
Virginia Mid See South Sty
St Pit S'x City See C StP M 840
99 Jan'08
99
99
Southw't 1st ex 53.2003 J-J 105
85
Va
48 78
85
85 Sale 89
S A & A Pass 1st gug 4s...1943 J •J
4 11 102 101134
/
1938 M-N 105 sale 104', 1051
abash .ist gold us
'07
Sep
,
102
....
.
100
M•fit
1st
g
Ph
S.
5e...1942
Fe Pres
4
1
/
4
/
521
931
Sate
4
/
F-A
1939
26
841
4
/
94
5s
gold
2d
110 Oct '05
fil & N P let 8111k t g 53.1919 J-J
90 J'ne'07
1030 J • J ....•..
Debenture series A
Say F & West See Atl Coast L
4
/
5,4
J•J • 551
• 56
1931)
23
37
56
E
N
&
See
&
Nor
Scioto Val
'62 J'ne'0.
of deposit.. .
Certificates
rs B
te
re
SeC
50
7 431
4938
4 55
/
Seaboard Air Line g 4s...1950 A-0 50
9212
102 Feb 108
.1
luU 102
1st hen equips tUg 53-192
90 Dec'07
90
1911 M-N
Coll tr refund g 58
90 hitu'Ut.
let lien 50 yr K term 4s 1954 J •J
.88 Jan'07
Atl•BIrm 30-yrIst g 4s.e1933 M521
4
/
1956 5-J
55 867 (37', t434
let ref and ext g 48
4 Dlar'06
/
v01
Car Cent 1st con g 43...1949 J •J
LOU 100
10u Apr'Uo
58-1941 J -J
g
1st
Est
Ch
&
Det
Aug'06
4
/
1071
&
Pen
Cen
g
-J
J
1st
53.1918
Fla
J -J
07
Nov'04
1939
46
g
Div
let
Mein
Des
lat land gr ext g 53....1930 J
8,) leet,'07
1941 A-0
4s
/
on,Div 1St g 31
109', Mar915
Consul gold Se
1943 J•J
9638 J'ne'07
Tot & Ch Div 1st g 48. 1941 M- S
112
95
4 95 Apr'08
/
941
Ga & Ala IV 1st con 5s ol945 J-J
15)0 Mav'07
St Chas Bridge let g 68 1908 A.0
Ga Car do No 1st gu g 5s 1929 J-J
4100 110 Jan '0.5
/
941
4743
50
50 166 41
Wab Pate Term 1st g 4s 1954 .1.1) 47 sale
99',
LUG Mar'07
ieab & Roe let 5a
1926 J-J
4 19
1
4 sal. 1038
/
101
11 430 8/
Warren•tti gold s 8
Sher 81ir & So See M K & T
West4
Lao
Si
Del
831 Sp Oca Si U See Atl Coast L
Waeli Cent See Nor Pao
So Car Si Ott See Southern
Wash 0 Si W See Southern
Southern Pawl('Co4 J'ly'07
/
871
48-1943 F•A
1
4 871
1
4 15 83/
/
871
4 Wash Terml 1st gu 3/
/
Gold 4s(Cent Pao coll).k1949 .T.1) 97 Sale 87
70
4
/
691
76 49
%Vest Maryland lst g 48 1952 A-0 it Sale 67
84 rtie'07
k1.1149 J-1)
Registered
47
,
40
suit
•
40
35
7 30
A-0
1952
48
g
cony
Si
Gen
99
65 94
117
L's;
4 Sale
/
96,1
.Cent Pee 1st ref gu g 4s 1949 F-A
4 Aug'/6
1
106/
WVa Cent & .1! 1st g 6a 1911 J -J
1949 F-A •
4 9338 J'ne'07
/
941
.Registered
110/
4 .Mar'08
1
4 111
/
1081
West N Y & Pa let g 58.-1937 J•J 112
86
4 3 80
/
851
4
1
Mort guar gold 31
4 Sale 83/
/
4s..k1929 J-1) 851
/
4 8734
/
871
8734 Jan '0a
90
1943 A-0
Gen gold 3-4a
90
88
9014 May'08
• Through St L 1st Ku 48'34 A-0 90
34 Feb'07
d1943 Nov
Income 5e
4
/
4 Apr'07
1
1.C3/
Gal Har & 8 A 1st g 6a..1910 F-A 101.1
West No Car See 8outli Sty
107 Jan 'US
• Mex & Pao 1st g 53-.1931 M•li 102',
100 107
102 May'OS
WheePg Si L E 1st g 5e...1920 A-0 •102
Gila V U &N let gu g 50.1924 M•N 10012 105 106', J'ly'06
103 3lat'Or
103 103
Vyheel Div let gold 58-11.128 J.J
101 Jan'08
Roue It Si W T let'ft 56.1933 M-N
981
4
/
4
/
Jan
'08
9814 981
F‘A
god
50.930
Imp
Si
Exton
. 1st guar 514 red
104 Aug'09
1933 M-N
4
/
721
4
/
4
/
631
631
60
31-8
.
4
/
651
4s
.......1949
consul
RR let
4 ieesi'08
/
& 'r C let g 58 Int gu..1937 J -J 110%
1101
104 Oct'07
20-year equip s f 58 ...1922 J -J
Consul g 6s jut guar...1912 4.0 1081
1.0734 Nov'07 .
4
/
Wilkes &'East See Erie
88
4 Apr'08
/
871
Gen gold 48 int guar..1921 A-0 97%
37
Wil & Sioux F.See 8t P 31 & 31
. Waco& N Wdiv lat g 68'30 II/1-N
116 tam, WS •
83
I 83
83
8 80
Wis Cent 50-yr let von 48 1949 J -J • 83
4 Feh'Oti .
/
1091
A.& N W let guw 554....1941 J.J
al ISCEI.I.ANKO US RON DS--Concluded.
K
y`
UU
......
•••••
w
..
Miecellaneous
Manufacturing 41.:. Industrial
89
4
/
88
871
90'4
194$ m-s
881
4 14 83
/
Adams Ex col tr g 4s
95
96 Aug'06
Beth Steel let ext et 5a..1926 J -J
100/
4 J'ne'02
1
of W Va g 58.-1920 31-N
Co
SS
05 Sale 931
4 Att
/
R54, 951
4
/
951
4
/
Cent Leather 20.year g 58.1925
41 Oct 916
70
4 fl'kl'n FerryCo 1st cons g 55'48 F-A
/
721
4 1 62
/
71% •'711
CO112401.Tobacco 50-yr se 48.1051 F-A
100 Jan'09
100. 100
ChicJo Si St Yard col g 5s.1915 J -J
75
'12', 64 64
Distil Sec Cot conk let g 58.'27 A.0 72 sale 7134
45 '47 Apr'08
4 47
/
• 421
[Yet 31 Si St 1st gr incomes 1911 A..0
3 101 105
102
_ .102 102
let Paper Co let con g 63 1918 F-A
71
52 .63 • 72
Int Mercan Marino 4'28 1922 A-0 70 S:ile 70
80 .• saic 851 •
86
1935 J-.1
81 14 112 79
Consol cony s f g Sc
.82
1922 F-A '82
82
58
1
,
s
1
82
let
Navigation
:99
int
'13
4
/
J-J
68
90
.
cony.
1.37
8
931
947
Jet St Pump 10-yr
50 Feb9)2
Man Bch It L gen g 4s 1940 31•N
4 Oct'05
/
971
Knicker lee(Clue) let• g 58.'28
97
Doe 81990 J-J
001
1923 A•0 901
4 NeWp No Ship Si
/
4 16 84
/
*901
4 Saki 90
/
Lackaw Steel let 5s
89
85
88 Ape,*
N Y Dock 50-yr let g 4s 1951 F-A • 88
8312 Aug'07 •••.
NatStarch Mfg Co 1st g 681920 N1.14
1957 M-N • 82
85 Oct '07
70 Apr'U7 •...
..... Providence Sec deb 4s
Nat :-tarch Co s ('lob 53 192a J •J
99 May'06
Soc 440 1921 31-13 • 8;
Loan
ProValent
4.0
4
/
921
Sale
4
/
9212
921
5
4
/
4
/
921
931
1934
33
S
Si
I
1st&
coltr
Repub
43 1930 J -J
1
4Sep'03
/
1001
t Joseph Stit Yds lat4/
I 101 107
107
107
(is Leath Co a f deb g63-1913 M•14 Dos
St L Ter CuppleaStat'n& Prop
3g
75
''14
4 6
/
23 5341
US Realty& I cony deb g 50'24
2-i)
1917
year
5-20
.4
4
/
41
g
lat
CO
4
/
901
Sale
96
1)7'.
31-N
4
/
851
4
/
.81963
1537
961
steel
Corp-5
coup
Us
•.•••. ......
(12 J'Iy.'04
8 Yuba %Vat Co con g 138 1923 •
9638 Sale 11534
965i. e aro.
• 81 10-60 yr Sc.1 rag _81993 31-N
1131
4 J'Ir'
/
00
04 18 Mar'08
114'. sp Vol %Vat Works 1st 60 1906 31.9
ed
Vs.C8r Chem col It Sc g 1912 A-0 98
83
78
1931
84
ci
6e
ii
Apr'08
1st
Ref
85
Si
Red
8
ti
4
/
771
77
80
13
4
/
67
801
-J
&
Ms t 5s '31 J
Westinghouse It
Due J•ly p Due Nov 'Osamu We
• No price Priday; lateat bld and asked this week. a Due Jan b Due ifeb 4&nsaApr *Due May gDuo,rne
)1 3
CHICAGO STOOK _EXCHANGE-Stook Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES
Saturday
May 9
Monday
May 11
7'ucsday
May 12
Wednesday
May 13
Thursday
May 14
Friday
May 15
p160 190 *160 190 *160 190 *160 190
*2
212 , *2 • 212 • 212 234 *212 3
10
*8 • 10 . *8
10
*8
*8
10
1812
177/1 1812 '4,1734 1812 1712 - 18 . 18
- "_ 7234 *-_-_-_-_
"4234 WC, 4.:.:
*75
80
*75
79
78
1712 *._ _ _ 19, *..;..
17
4912
50
49
4978 *49
_ _ *45 , _ _ *45
- *_.:,
r___•_
*45-2112
- .*19 -2112
5412 . 5412 5412 55 . *50 .
5912 *59,
58
58
58
2834 2848 . 28$4 28 ,
28
9014
*90113.'91.
91
*90
29. *28'
29
30
*29
_ _ *45
-2112 *____
5512
55,
60 , 5914
2834 2734
9014 90 '
30' *28
518
5
5578 56
___ *140
126
*118,•
47
4558
--_ *97'
518
5.
5612 5612
___ *140
126
*118
4538 47
_ __ *97
5
5
5478 55
,
1 140--_
,
1 118 126
46 , 47
*96 --_
-2-8*2612
08
98
51
*50
---- ----- ---*1
118
*312 4 .
*23
24
11812 11812
5
55
*140
*118
*46
*96
423-1 -42f3
*75
77
18!1,_ iii!_
491.2
4
;ii-,• -3-6. ;,.ii... _i6._ ,i,...,
*96 100
*50
51
---- ------- - -*1.
-118
*312, 4,
*2212. 24
11812 11834
*98
*50
----- --.
*1 •
*312
24. .
11812
100
51
---_
__ _
118
4.
24.
11834
Last Sale 175
Jan'08
*212 3
*212
3
Last Sale 9
May'08
19
1934
19
1938
Meh'OS
Last Sale 212
. Last Sale 1$
July07
liN 43. 43 *42 44
80,
77
77
7512 76
1't.' *15
17 *_ . 17
4978 50
5012
.
815
50
_ _
Last Sale 44
May'08
-2112
Last Sale 20
Apr08
5512 5534 56
*55
58
61 "6112 62
*62 '
_......
2812 2734 28
2734 . 7,87:
90 . *891. 9012 *90' 60.2
30
*28" 30
*28
30 '
514
514
514
518 518
5612 5612 5612 51312 5612
___
Leal Sale 145' AprO8
126
- .
Last Salt 1161. May'08
47 *46
4714 *45"_..
Apr'08
.. ___
bast Sale 94
_3_6... *21est Sate 4230 Jar.28
100
100
100 100
100 ' 100
5078
Last Sale 5014 May'08
*50
Last Sale 147 May'08
____ ____
Meh'06
Last Sale 16
__ _
Oct'07
*1.
-lig
Last Sale 1
AprOS
*31
Last Salt 4'
2613 28
24" 25
26 . 26
12212 124
1197s 124
119 . 120
2
'1077816-i- ia- foi- *5)35 169- *108'. 166- 1.0.)
4stig`r. 21409
"c11098
*91
9,2
12734 128
*3034 31 .
9113. 92; . 93
91
92
9118 913.1 *9114 92
9312
12912 130
13112
131
128 12912 12913 130
130 131
31
3114 3034 3034 *3034 3114 *3012 31 . *3012 31
Last Sale 3114 Nov'05
Feb'06
Last.Sale 80
Last Sale 41
Aug'07
Last'Sale 212 June'07
---- -_ ___ - -- --- --__ ---- --__
Last Sale 2614 July'07
ii.ga" 16- -iiii4. -g61-2 ;An- -81- -iOf4 Vt.; 8614 8614 8612 ' 11614
8612
115 11512 11512 1151, 116
115 11512 11512 11512 - 115. 115
82
62 4,_ _ _ _ 6214 *61
62171 62
6114 62
60 . 60
60
*110,
110
110
110
115
*110
112
*107
10712
10712
107 108
Last Salt 534
May'05
__ --- __-9012 901,
*30
_ ,i5O
_ _ ;55, _____ _ iiiiii
___ ,-1,305 _ ___ ' 3i . '-a-i
8758 -8-734 *8712 '-8812 87)2 . 8712
87-.
87i2 17-12 8612 -a6-12 87
10212 103
10212 103
10078 10138 101 10138 10114 10112 10112 102
130
130.130 *125
130 130 *_
130 130
130.
130 130
0812
9712 9712 9712 98' *98
98 . 9712 93
98 *97
*97
his
118
118
114
11.1
118
114 *1
114 114 *11g • 138
712 8
812
738
*8
718 738
712 712
634 738
7
Last Sale 1538 May'08
*1412 16
*1412 1511 *1412 -___ *1412 16
..... ..-- ---- ---- ---- ..-- ----. ---- -_ ____ ____ ____ ____ ____ •
Last Sale 3212 Jan'07
Nov'06
Last Sale 10
May'07
Last Sale 16
Sales
0/ the,
Week
Shares
Interest
Period
Price
Friday
May 15
Week's
Range or
Last Sale
Highest
Lowest
Railroads
- Chicago City Fly
100
85 Chicago & Oak Park_100
Do pref
100
1,875 Chicago Subway
110
_-_ Chic
DoUpnrle
orn Traction_100
100
60 Kans City Ry & Lt 100
160
Do pref
100
125 Metropol W S Elev
100
1,171
Do pref
100
____ North Chicago Street-100
Northwestern Elev _ 100
-29-5
Do pref
100
595 South Srde Elevated..100
920 Streets W Stable C L..100
27
Do _pref
100
20 West Chicago Street_ -100
Miscellaneous
2,200 American Can
100
972
Do pre
100
--- American Radiator,..100
Do pref
,._ _100
-ioo Amer Shipbuilding-100
Do pref_ ,
100
---- Amer Straw Board
- 1645 Booth (A) & Co
100
70
Do pref
100
Cal & Chic Capal do D_100
-_-_---_ Central Trust Bank_ _100
Chicago Auditorium
Chic 13rewlg & Mait'g
Do pref
--i-18 Chic Pneumatic Tool..100
1,571 Chicago Telephone__ -100
DO rights
--ii Chic Title & Trust,...100
786 Commonvv'th-Edison_100
1.199 Diamond Match
100
72 Minas )3rick
100
Knickerbocker Ice.... 100
Do pref
100
:7: M• asonic Temple
____ Milw & Chic Brewing
Do pref
--425 National Biscuit
100
983
Do pref
100
323 National Carbon
100
140
Do ,pre
pref
100
Page
Wire Fence
- i i People'sGasL&Coke__100
6 Sears-Roebuck com--100
Do pref
100
91
1,522 Swift & Co
100
65 The Quaker Oats Co_ _100
Do pref
100
239
550 Unit Box Bd & P Co..100
Do pref
100
1,083
100
mto
innieng
-_ Western S
160 Jan 24 175 Jan 27
158 Feb 3
234 Feb 13
913 Mch27
7 Mehl6
15 Feb 10 21 Jan 16
234 Feb 13
212Mch27
46 Jan 14
79 Jan 20
19 Jan 22
501. May15
44 May b
20 Jan 31
56 May14
71 Jan 13
2912 Feb 21
94 May 4
31 May 4
3912 Mch 9
6814Jan 4
15 Apr 29
42 Jan 6
44' May 5
20 Jan 31
53 May 5
5234 Apr 30
2612 Apr 16
85 Apr 20
25 Apr 13
4 Feb 13
512.Tan 11
4112Jan 2 6612 May12
1,25 Jan 10 145 Apr 22
116 Apr 22 127 Apr 13
37 Mch19 5512 Jan 16
91 Jan 2 ' 0512 Feb 7
42 Jan 9 42 Jan 88
24 Jan 3 30 Jan 11
90 Jan 10 100 May13
40 Feb 20 51 Apr 28
147 May 6 147 May 6
4 Apr 13
4 Apr 13
7
21. Feb 26 28
106 Jan 3 124 May14
234 Feb 21
34 Feb 25
100 Jan 4 111 Feb 4
80 Jan 3 95' Mch25
113 Jan '2 '13112 May15
30 Jan 22 39 Jan 14
Lowest
Highest
150 Mch 205 Apr
5 Jan
134 Nov
16 Apr
10 Oct
4612,Jan
11 Oct
214 Dec
614 Alm
19'4 Jan
14 Apr
65 Jan
28 Nov
87 Ja1$
6834 Nov
28 Jan
17 Dee
72 Jan
43 Nov
47 J'1Y
3412 Apr
2583 Jan
20 Sep
66 J'ly
58 Apr
90 Jan
60 Nov
26 Oct
34 Jan
95 Apr
99 May
35 Apr
20 Mch
3 Oct
3412 Nov
120 Dec
112 Nov
;0 Nol
85 Not
30, Jan
2a Dee
90 Dec
45 Oct
165 Feb
714 Apr
60 Apr
14018 Sep
130 Apr
3013 Jan
109 Jar
40 Itic
40 J'ne
111 Feb
54 Jan
185 Feb
Jan
Aug
Dec
Oct
1 Jan
(04 J'ne
51-- Feb
1341. Apr
95 Oct
77 Oct
108)2 Nov
34 Nov
11212 May
1733 Oct
12912 May
57 May
1
5
21
(5
70 Jan 3 8612 Apr 28
10134 Jan 2 11614 May15
51 Mai 3 62 May12
91 Mch23 110 Apr 2
41 Aug. 46 Jan
212 Jan
2)2 Jan
25 Feb
27 Melt
86 Jan
5818 Oct
91 Nov 11734 Jan
50 Nov 8414 Jan
9734 Nov 120 Jan
8012Jan 3 9112 Apr 25
24 Jan 24 35 May15
72 Jan 16 8734 May13
8812 Jan 2 103 May14
11434 Jan 3 134 Jan 29
87 Jan 3 98 Apr 20
134 Jan 4
114 Apr 1
€34 May14 12 Jan 15
14 Apr 25 17 Apr 11
72 Nov 9258 Apr
20 Nov
57. Jan
67 Nov
95 Jan
7513 Nov 11313 Jan
100 Nov 17313.gay
85 Oct 10234 Jan
214 Apr
34 Nov
6 Jan
1234 Apr
16 Deo
30 Feb
---- Bingham Con Mining.. 50
____ Black Mountain
20
__ Daiy-Wesr
Hub bard-Elllott
3213 Jan
3212Jan
1614 Apr
20 Jan
Chicago Banks and. Trust Comnanies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending May 15
Ranoe ;or Precious Year
(1907)
flange Stna,
Jan. 1 1008
SIOCKS
CHICAGO STOCK
EXCHANGE
Sold
Range
Sines
Jan. 1 1995
NAME.
'
OutsiandIni
Stock
t
Surplus
and
Pro/its
3
Dividend Record
/n
1906
/n
1907
Per- Las, Paid
.god
.ro
8
Q-J Meh '08, 2
19.000,000 $1,328.958
8
High No. Low
Bid
Ask Low
High ffilakers National
6
An. Dec' '07, 6
100.000
27,770
5
Calumet National
American Biscuit 6s_1010 F - A
J-J Jan '08. 5
10
142.495
10
500,000
100
Mch'07
-Chicago
City
-J
J
68_1911
1st
Amer Strawb'd
0-J Apr '08. 3*
12
3,000,000 4,326,490 12
Commercial National
Cass Ave & F G (St L)8 Q-J Apr 08. 2
8
4.000.000 3,315,703
10112 10118 10118 10
9913 1011s Continental National'
J - J
58
6 Q4 Apr '08: 112
7.226
6
50,000
100 May'07
Cook Co State Savings
Ohio Board of Trade 4s1027 .1 - D
947 1017k Corn Exchange National 3,000.000 4,953,474 12
12
Q4 Apr '08. 3
Chicago City fly 5a__ _1027 F - A 1013 &;a; 10118 10114 41
6
Q-J Apr '08, 112
200,000
44,192
6
Drexel State
103 Apr'04
Ohio Consol Br&Mit 6s___ _ 4 - J
8
379,190
8
Q-J Apr '08, 212
600,000
55 Aug'07
Drovers Dtp National
Chic Consol Trao 4 Jis_1030 J - D
33,268
3
6
Q-J Apr '08, it2
200,000
Englewood State
9634 Jan'06
Ohio Auditorium 1st 581029 F - A
8.000,000 7.744.658 12
12
Q-J Mch '08. 3
First National
Chic Dock Co 1st 4s_1929 A - 0
160,003 10+10 10
Q4 Mch'OK 212
First Nat Englewood_
150.000
.
87 FeWoo
Chic No Shore Elee 6s_1912 A - 0
640.833 Priv ate Ba nk
Foreman Bros /3'k'g Co..
500,000
Chic dc Mil Elea Ry 58-1910 J - J
397.560
6
8 Q-J Apr, '08, 2
Fort Dearborn National_ 1.000,000
Chic Pneum Tool5
J-J Jan '08. 212
7212 Hamilton National
176,389 ____
6
500,000
711. 7012 71
68
a1021 J - J
1st 50
988.666
8
8' Q4 Apr'08, 2
_1927 F - A 9012 Sale 9912 9912 30
Chic fly 58
9514 9912 Hibernian B'k'g Assn.__ 1.500,000
100.000
10
J-J Jan '08, 5
10
200.000
Kaspar State Bank
79 Nov'04
Chic RI & P IkR 4s..2002 M- N
324,458 ---- ..... Q-J Apr '08 '212
Live Stock Exchange Nat 1.250.000
80 Apr'09
Collat Trust g
-1913 M - S
4
56,238
300,000
3
0-F May'08, 1,
Monroe National
Common w'al th- Ed Ism)412 Jan. Jan '08, 41t
82.709 --_100
250,000
10 100 10014 Mutual liank
10014
Chic Edison deb 6s1913 J - J _ _ loo
8
Q-J Apr '08;2e
0912 Apr'08
6
9912 Nat Bank of Republic.... 2,000,000 L274,844
97
1st g 53 _ _ _ _July 1026 A - 0
420,500 Began buslne si
Feb 5 1907
9834 9S34
1,500,000
National City
Debenture 53____1926 M - S 69818 99
9834 99
10034 10114 25
250,000
55,976 Began busine ss
Ape 26 1907
93 10114 National Produce
Commonw Elect 501943 58 - S 101
00 Dee'06
200,000
61,889 Began buslne to
Dec 8 1906
North Avenue State
Illinois Tunnel 5s____1028 J 9318 A pr'08
50,000
7,413
6
6 Q-J Apr'08. 112
-4 North Side State Savings
-65" 13
Kan City Ry deLtCo 581913 111 - N
8518 86
6
86 Apr'08
37,174
100,000
6 Q-J Apr '08. 92
Oakland National
Knick'b'ker Ice 1st 55_1928 A - 0 -- 93
70,799
250.000
Prairie National '
Lake Street Els
Q.4 Afeh '03, 2
85 May'08
.500,000
57,415 d3s
80
8812 Prairie State
1028J - J
1st 58
250.000
4
.14 Jan '(38; 2
16 May'05
_
16.946---Railway Exchange
1025 'Feb
Income 5s
300,001)
115,346 orga cued Oct 12 1906
Security
Metr W Side El200,000
77,603
534
8114 8738 South Chicago Savings
8712 8012 8738 56
6
Q-J Apr '(I8, 112
1938 F - A 87
1st 4s
80
8412 State Bank of Chicago... 1.000.00); 1,156.805 . 8
8412 29
84
9+1- Q-J July'08. 3
1038 J - J 8438 Sale
Extension g 48
153.939
90 Dee'06
2511,000
6
6
.1-1) Dec '07, 3
Stock Yards Savings_
North Chic St 1st 5s....1909 J
J
200.000
41,596
6
6 M-N May '08, 3,
Union Bank of Chicago
1st 5s
1916J - J
200,000
60,727
Union Stock Yards State
6
79 Aug 06
6 Q-J AO 'c8.. 31,
Refunding g 430_1931 A - 0 „-5
American Trust & Savgs_ 3.000,000 2,478.539
75 Feb'07
8 Q-J Nfeh ''s, 2
No Chic CItyRy4 J•651027 M - N
2,000,000
Central Trust Co of III_
086.178
7
Q-J Apr 'os, 134
North Western El7
n500.000
92,643
86
9012 Chicago Say Bk & Tr_
9012 29
1st 43
1911 58- S 9014 Sale 90
6
6
Q-J Apr ',rs, 112
2
92
92
Chicago Title & Trust__ _ 5,000,000 xl,154,548
8014 93
Ogden Gas 5s
1045 M - N 192
7,104
3
Citizens Trust & Savings
50.000
3 A-0 Apr '029, 2
100123.1ch'06
Pearsons-Taft 58
1016 J - D 99
600,000
=1.060 10
10
Q-J Apr '08. '12
4.40s
-- 95 Apr'08
-EIS" V5-- Colonial Trust & Savings
- S
84,557
0
4.608 Series E
6
Q-J Apr '03, 2
_ 96 96 Drovers Trust dc Savings 200,000
M - N 9612 -- 96 Apr'08
55,663 Cora nixed Apri 13.1907
1.500,000
.
9710.1a1 '08
4.80s Series F
9712 9712 Farwell Trust Co
M - N 97
First Trust & Savings
2,000,000 1,476.676
112 Nlar08
Peo Gas L&C 1st 65_1043 A - 0
10912 112
3.23.513
1015 10112may'08
94 10134 Harris Trust dc Savings_ 1,250.000
Refunding it 5s_1047 M - S
.kpr.'08, 2.
9713 103
Illinois Trust & Savings_ 5,000,000 7,898,312 12-+4 1%1+4
Chic Gas L &C 1st 581937 J - J :102 Sale 102
a Mch'08, 4
1
192
200.000
43.469____
6 04 Apr'
• Consum Gas 1st 5s-1036 J - D 10014 Sale 100
9434 10014 Kehwood Trust dc Savgs_
10014 10
113- 112
200.000
Lake View Trust & Savgs
34.759 „....
Mut'l Fuel Gas 1st5s1947 58- N 598(2 99
98 100
100 May'08 ____
2
Q4 Apr '08. 1
9412 9434
95
12
9334 9612 Merchants' Loan & Tr Co 3,000,000 4.542,710 12
South Side Elev 430_1024 J - J :94
Q-J Apr '08. 3
7
750.000
Metropolitan Trust & Say
101)
366,455
6
6 (4-.1 Apr '08. 112
100
Swift 'SG Co 1st g 58_ _ _1014 4 - J 1)034 100
93 100
8
Northern Trust Co
1,500,000 1.817.172
8
90
Union El (Loop) 53_1045 A - 0 285
90
90
8
Q4 Apr 03, 2
90 Feb'08 ____
200,000
Northwest Trust & Savgs
6
Union Pacific cony 4s_1911 M - N
45,081
J4 Jan '08, 3
114 Nov'04
200,000
Peoples Trust & Savings_
66
68
J-J Jan '08, 3
66
United Box Board col 6s'26
71,081
6
60 Apr'OS
Full-man Trust & Savings 7c500.000
151,667
West Chic St 1st 5s___1928 M - N
8
90 May'07
k8
Q-J Apr '08, 2
Royal
Tunnel 1st 5s
1909 F - A
Trust Co
500,000
571,483
8
8
Q-F May '08, 2"
6813 Sep'05
Stockmen's Trust & Say_
200.000
Debenture Si
11.125 __
5
J4 Jan '08. 24
1014 J - D
73 June'07
Union Trust Co
Consul g 5s
1036 M- N
1,000.000 1,038,801
___ 04 Mch '08 2
73 June'07
J
United States Trust ...:
WesDivCityRy 4 Jis1932 .1 28,460 Forme rly Jen rung s RE'L &Tr
200,000
87 Dee'06
Western Trust & Savings 1.000,000
70' 70
317,872 6,+1
6 Q-J Apr '08. 1'*
Western Stone Co 58-.1009 A - 0
70 May'08
West Side Tr & Say Bank
200.000
37.446 Began busIne es
Sept 5 1006
IA/rt.-lel lams" Ty•A• Cow Trilr
Of til tUlfl
.10 i li
A
A
n_11 Ay.... .110 IE.
. •
•
Note.-Accrued Interest must be added to all Chicago bon d prices
•
* Bid ttnd asked prices) ne, sales wore made on this day.
t Feb. 14 for nationa1 banks and Feb. 15 for State institutions.„;2 Wq,price Friday
latest price this week. a Due Dec. 31. b Due June. d Includes special dividend of 30% paid Dec. 18 1906. k Capital increased from $390,000, a
n Capital and surplus to be increased
q Dividends are paid Q-J, with extra
Stock dividend of 33 1-3% being declared In part payment therefor.
payments Q.F. x As of Dec. 311007.
•
•
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
,Satardaa
May 9
Monday
May 11
Tuesday
May 12
Wednesday
May 13
Thursday
May 14
Friday
May 15
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range Since
Jan. 1 1908
Lowest
Highest
Range for Previous Yeas
(1907)
Lowest
Highest
Railroads
82
8314 8314 8334
8112 8112 8218 8214 8118 8138 8112 82
8712Nov 1071. Jan
927 Atch Top & Santa Fe_100 6758 Feb 11 5334 May15
Last Salt 8912 May'08 ____
*8912 9012 *8912 9012 *9218 9318 *9012 9112
Do pre(
7934 Nov 101'..; Jan
100 8312 Mch 3 8912 May 5
*20312 204
20434 20434
204 204 420312 205 *20312 205 .520312 205
126 Boston & Albany
100 18112 Jan 2 20634 Apr 22 180 Dec 240 Feb
13514 13514 135 135 *---- 135 *--- 13514 *--- 13514 13213 13213
20 Boston Elevated
100 125 Feb 17 140 Jan 20 11734 Nov 152 Jan
210 210 *____ 210
9._- 210 *___ 210 *__ 210 8____ 210
10 Boston & Lowell
100 20014 Feb 11 21018 Apr 16 200 J'ne 231' Jan
131 132
130
132 132
131
*____ 135
131 135 *132 136
220 Boston & Maine
100 130 Mch19 140 Jan 28 129 Nov 170 May
Last Sale 150 May'08 ____
Do pref
100 130 Feb 13 156 Jan 22 150 Oct 165 Jan
_-.
m7.-,
-------- - -- -_9- Last Sale 292
1114 Apr'08
2 2 - *286- 292 l
Boston & Providence 100 284 Jan 10 292 Apr 16 285 Oct 301 Feb
11
11
11•
11
11. 11
*1034 12 - *1034 12
15 Feb
"7786 Boston Suburban El Cos_
8 Jely
9 Mob 4 13 Mch 27
*52
55
*5212 55
54
52
65 Jan
*5212 55
*51
52
52
52
320
60 Aug
Do pref_
45 Jan 31 54 May12
11
11
*10
12
*11
12
2834 Jan
*10 ____ *10
11
12
11
55 Boston & Wor Elec Cos
18 Nov
10 Feb 28 17 Jan 5
54
*53
54
*53
*53
54
*53
' 54
54
54
*53
54
80 Jan
10
Do pref
50 Feb 27 6012 Jan 10
55 Nov
142 142 *142 144
144 144 *144
*142 144 8142 144
27 Chic Juno Ry & USY.100 _126 Jan 2 144 May14 128 Dec 160 Jan
*112 ____ *112 __ *112 ____ *112 __ *112 ____ 113
9934 Oct 120 Jan
Ili"
17
Do pref
100 102 Jan 10 113 May15
Last Sale 165 Apr'08 ---- Con & Mont,Class 4 100 16314 Mch 5 165 Mob 4 170 Oct 188 le1.3
Last Sale 138 Apr'08 --_- Conn & Pass Riv pref_100 138 Apr 21 138 Apr 21 152 J'iy 156 Moil,
Last Sale 253 Apr'08
Connecticut River_ _100 244 Jan 14 253 Apr 22 244 Dec 280 Jan ;
123
123
Hi- fiff2 155- fii" ii5" fii" 155" iii" _-5e5 Fitchburg pref
100 117 Jan 2 131 Apr 21 116 Nov 135 Jan
70
70
70
*68
*68
70
*68- -7-0-- *---70
*68
70
6912 Dec 114 Mch
50 Ga Ry & Electric
100 67 Apr 27 79 Jan 27
*78
85
85
*78
85
Last Sale 73
578
85
*78
Oct'07 ____
Do pref
10
88 Mch
73 Oct
ast Sale 190
Sep'07 -_ Maine Central
190 Aug 198 Jan
100
913
"iii"
"15"
--------4
5
f(i
10
410 Mass Electric Cos-___100
91.2 10
201. Jan
814 Jan 2 1212 Jan 8
-;;Ora 19.- -;5
7 Dec
44
*____ 44
4213 4212
44
43
44
44
43
43
44
676
Do pre!
100 40 Jan 2 601;Jan 8
37 Oct
7112
- Jan
Lost Salt 1538 Apr'08 _ia.i Mexican Central
100 1533 Apr 25 19 Mch31
2534 Jan
19 Nov
iiiiii
136
158"
15;12
fieli
136
136
155 156
153- iii136
N Y N H & Hartford_ 100 128 Jan 6 13912 Jan 20 12712 Nov 1901. Jan
Last Sale 143 May'08 -_ Northern N H
-___ -100 193 Apr 7 145 Apr 1 145 Dec 160 - Jan
Last Sale 200 Apr'08 -___ Norwich & Wor pre!_ 100 200 Apr 6 205 Feb 26 205 Nov 226 Feb
Last Sale 185 May'08 __ Old Colony
100 175 Jan 11 188 Apr 1 175 Oct 20014 Jan
*18:-3- 1-i4.- *Ill 1-8 - -5:2: la- 4§-2- ffi"
8____ 29 *
_ 29
Last Salt 29
May'08 --_ Rutland pref
100 '25 Jan 15 29 Apr 2
26 Nov
45 Jan
.. ;iii" :::: W75- :: Last Sale 70 Apr'08 __.45 Seattle Electric
*70 ___ _ iio
100 70 Feb 17 75 Feb 11
82 Aug
94 Jan
8334 Nov 103 Jan
9014 9014 11/14 90
100 883 Jan 2 95 Feb 8
9014 9014 9014 9014 9014 9014 9014
Do pref
14014 14051 14034 14134 140 14034 141 14214 14234 14338 14178 14434 7.467 Union Pacific
100 11012 Mch 2 14934 May15 10012 Oct 18212 Jan
*8112 8212 8013 8012 *8112 8212 *8213 8312 *8412 8512 *8312 8412
100 7834 Apr 4 84 Jan 13
Do pref
4
7834 Nov
93 Jan
Last Salt 155 Apr'08 ..i
.6
., Vermont & Mass__ --100 • 150 Jan 13 155 Feb 11 14513 Nov 170 Jan
-13,-1.
12 -ii1-2 , -8-3i- -8-4-1:: -g.-1- -50 76 Jan 2 8734 Meh31
84
2 -ii- -8i1-2 *83
95 Jan
West End St
14 Dec
8312 84
__ 105 l.5100 1021i *100 103
100 100 8---- 100
100 100
50 96 Jan 2 105 Apr 7
15
94 Nov 110 Mch
Do pref
Last Sale 140 Apr'08 ____ Wore Nash & Roch--100 139 Mch30 140 Mch30 140 Aug 147 Jan
Miscellaneous .
2134 21
1934 2012 1978 201:- *1914 201? 2038 2012 21
2158 3,630 Amer Agricul Chem-100 13 Jan 3 2134 May14
10 Oct
26 Jan
8514 86
86
86
85
87
85
242
7212 Nov
851,8_.,.. 8512 85
Do pref
100 77 Mch17 87 May 9
85
95 Feb
814 Mayll
4 Feb 10
1434 Jan
7
713 712
712
714
758 8.429 Amer Pneu Service
7346
778
7
712 81,-i
50
312 Nov
912 Feb 25 1734 May11
1712 1718 1712 1,808 Do pref
1714 1712 17
33 Jan
50
1714
15
913 Oct
1638 16
1734 17
93 - Dec 13714 Feb
12712 12814 12814 12914 12834 12914 12813 12813 12834 13012 13034 13113 5,027 Amer Sugar Refill_ _ _ _100 9914 Jan 2 13112 May35
125
12334 125
126
124 12434 124 12412 12373 124
12334 124
1,308
Do pref
100 106 Feb 18 128 May15 105 Dec 13134 Jan
11738 5,105 Amer Telco & Teleg 100 99 Jan 2 12038 Apr 24
11714 11778 117 11712 11612 11714 117
11713 118
11712 118
8014 Nov 13413 Jan
22
2234 *2112 2212 1,720 American Woolen_ _ _ _100 16 Jan 2 2234 Elayll
22 *2114 22
1214 Nov
1934 1934 2013 2234 22
36t.,Jan
8414 8412 8434 86
85
8534 8512 8534 8513 8612 86
69 Oct 1021; Jan
Do prof
87
1.652
100 7734 Feb 19 88 Jan 4
334 *3
334
3 Jan 7
334 *3
*3
3 Jan 7
Last Sale 3
3.34 *3
3 Mch
10
Boston Land
Jan'08
4 Jan
110 110 *109 110 *10914 111
9313 Nov 115 Jan
10912 10934 *109 110
-7
110 110
78 Cumber] Telep & Tel_100 9612 Jan 11 11078 Feb 3
1434 Jan 6 1814 Apr 15
Last Sale 17
19
18
818
*17
18
*17
1212 Oct
Dominion Iron & Steel_
18
*17
25 Feb
512 Jan 25
414 Mch13
914 Jan
312 Oct
558 East Boston Land
*414 434
*434 514 *434 514
434 434 *45s 5
514May'08"
512
*__ 213
214 214
214
214
213 214 .5_- 214
82 Edison Elec Ilium_ _ 100 201 Mch17 214 Apr 29 185 Nov 230 Jan
214 214
13513 13712 136 13713 13758 138
136
91 Oct 182 Jan
MS
1,000 General Electric
13512 13618 137 138
100 111 Jan 2 138 Mayll
55
947 Massachusetts Gas Cos100 49 Mch23 5738 aan 15
43 Oct
6658 Jan
5213 5213 5213 5213 5213 5314 5312 5413 5414 5414 54
56
8610 8513 86
8513 8558 8534 8534 8518 8514 28312 8312
75 Nov
793
Do pref
100 77 Jan 2 8712 Apr 22
8612 A Pr
*196 200 *196 ... _ _ 196 196 *196 200
19712 19713 *199
200
21 Mergenthaler Lino __ _100 192 Apr 16 200 Jan 18 185 Nov 215 Mch
2
2
Mch
Jan
1
23
*112 2
114 Dec
2
178 17
656 Mexican Telephone._ 10
.2
434 Jan
134 218 *112 2
*112 2
46 J'ne
50
*40
*40
50
Last Salt 43
*40
50
50
Apr'08 _ __ N E Cotton Yarn
*40
100 40 Mch 5 5912Jan 14
75 J'IY
80
*75
90 Jan
*75
80 Oct
SO
Last Sale 75
Apr'08
Do pref
*75
100 75 Mch 23 80 Jan 14
80
80
*75
4
119
Jan
105
Jan
20
11334 11334 11334 11334 11312 11334 *113 11334 113 113
96 Nov 126 Jan
113
113
100
-iK1 N E Telephone
609 Pullman Co_
15814 159
159
15834 15914 15914 15913 158 159
158 159
15914
100 147 Jan 2 16134 Apr 29 137 Nov 182 Jan
9 Apr 10 10 Feb 21
*912 10
*913 10
912 93
11 Jan
9 Nov
*912 10
100 Reece Button-Hole- 10
*912 10
*912 10
2
Jan
103
8812
May14
101 101
360 Swift & Co
10213 103
7612 Nov 113 Jan
10114 1013, 10114 10134 10158 1013.1 10212 103
20 J'ne
2213 Jan
*20
10 Torrington, Class A 22
2112 2012 2,1': *2012 2112 *2012 2112 *2012 2112 *21
0(
5
) 20 Jan 3 22 Feb 6
22
*23
2413 Nov
May'08_Do pref
Last Sale 25
25 *23
*23
25 24 Jan 27 25 Jan 14
25
25
*23
25
2712 J.IY
21; Jan 28
114 Mch 23
_
134 *____
578 Jan
134 *____
134 *____
112
113 -il Union Cop L'd & Wg_ 25
134
1 Oct
*,
134 *
, 14234 14313 3,392 United Fruit
138
14014 141
139 142
13s 139
14114 1431.
14082 141
100 11412 Jan 2 14313 May15 10112 Oct 120 Dec '
53374 5312 5312 3,135 Un Shoe Mach Corp
69 Jan
5312 5334 5378 54
36 Oct
5334 54
5334 53
25 3812 Jan 4 5512 May 2
53
Jan
3
247
8
2812
Feb
26
436
2778 2778 2734 2734 2713 2734 28
2353 Nov
Do pref
28
2734 28
28
29 Jan
25
28
22 Oct
3612 3634 3634 3738 3628 3718 37
3712 3712 3838 3778 3834 21,366 17 S Steel Corp
100 25 Jan 2 3834 May15
6038 Jan
Do pref
10213 1.689
'101 101
7912 Nov 10734 Jan
10214 10212 102
112 102
102 102
100 8712 Jan 2 10212 May14
102 102
*618
Feb
612
3
8
*618
4
612
Jan
100
31
West Teter) & Teleg_ _100
9 Jan
612 *618 612
4 Nov
614 614 *6
*6
614
Do pref
50 Nov 82 Jan
Last Salt 6512 May'08 -67
*6513 6612 *6512 6613 *6512 6612
*65
100 59 Jan 9 70 Jan 16
198 Feb 18 2712 Apr 11
2614 Nov
Last Sale 2713 Apr'08 ---- Westing El & Mfg
50
7882 Jan
---- --- ---- --__ ---- .- ---- ---19
3478
Feb
8
347
Feb
-_-_
Do pref
1.;
Last Sale 3478 Feb'08
50
78 May 80 Feb
---- ---_ ---- ---- --- ----- -Mining
3 Jan lb
113 Feb 21
213 1,090 Adventure Con
214
214
612 Feb
25
218 *2
1.9334 1.9334
58 Nov
2
2
2
2
2
Apr
23
3312
24
3013
1,749
Jan
29
20
Ailouez
25
20 Oct
2714 2712 30
27
27
27
2734 21
27
27
7414 Jan
6818 6634 6834 71,231 Amalgamated Copper 100 45 Feb 19 6834 May15
6558 66
6238 6234 6238 6418 6333 6513 65
4218 Dec 121 Jan
2413 1,085 Am Zinc Lead & Sm
2414 2412 24
25 2034 Jan 13 2612 Jan 20
24
53 Jan
*2314 .. _ *2314 25
24
*23
25
19 Nov
4412 4313 4538 1,253 Anaconda
25 28 Feb 19 4538 May15
3914 3978 39
____
4034 4118 4178 42
26 Oct
76 Feb
4
418 1,815 Arcadian 4
314 31.4 *314 324
4
334 414
314 Apr 29
312 312
25
6 Jan 15
1538 Jan
234 Oct
25 14 Jan 2 2034 Jan 29
18
1814 18
18
1773 1858 1814 1913 1914 1912 1834 1918 6,089 Arizona Commercial
2812 May
734 Oct
.40
Last Sale .50
Feb 14 .96 Apr 15
Apr'08 -- Arnold
25
*.40 ____ *.40 ____ 1..40 .60 *.40 ---2 Jan
.36 Sep
Last Salt .50
Aug'07 14.i
25
113 Jan
Asht n
Bteio
d
-.
k, A
12 May
1614
W, Atlantic
8 Apr 22 1614 May15
25
22 Feb
-la- -113-8 -i3i2 -1-S12
812 Oct
- "1412 18- "iiis "f4"3:1 1414 1412 14
Last Sale .25 May'08 -- Bingham Con Min & S 50
37 Jan
14 APr 29
*.25 .50 8.25 .50 *.25 .50 *.25 .54)
418 Dec
634 Jan 20
Last Sale .50 May'08
*.90 _8.40 .60 8.40 .60 *.40 .60
Bonanza (Dev Co)_- - 10 .35 Feb 19 .7412 Feb 27 .35 Sep .80 Jan
3314 Jan
1214 12
1218 3,452 BostonConC&G (rots) Cl
1014 Apr 13 17 Jan 2'J
1178 12
• 11% 11-78
1218 1218 1214 12
858 Nov
1178
1453 1558 18,381 Bos &Corb Cop &SI1M 5 1114 Apr 14 1558 May15
15
14
1412 14
1434 14
1512 1478 1518 15
39ls Jan ;
2214 2258 2234 2314 2234 2334 2312 2412 2413 2514 2438 2518 31.735 Butte Coalition
15 1512Jan 2 2514 May14
10 Oct
110
11212 1,866 Calumet & Arizona- 2
91
3 F
Feb
Feb 20
0 2
10912 112
15
10434 105
10 116 Jan 20
10512 106
89 Oct 198 Feb .
10712 110
10534 107
*055 660
665
675
655 660
660 660
127 Caluniet & Hecia
655 655
25 x565 Mch 5 700 Jan 15 535 Oct 1000 Feb
660 660
2512 2,222 Centennial
2413 2612 25
*22
23
*22
47 Feb
23
2814 Jan 15
- 2314 2313 2312 24
18 Oct
.40 1,550 Cons Mercur Gold_ _ _ _ 1 .25 Mch 8 .41 May14 .25 Oct .52 Jan
*.39 .41 8.39.. _ *.39 ..__ _ * 39
.39 .41 .40
70
701., 7012 -719,380 Copper Range Con Co.100 5518 Feb 18 7412 May14
4414 Oct 105 Jan
7014 72
7114 -7-2-- 7178 7412 7213 74
912 912
914 912
912 912
10
2012 Jan ,
912 912
388 Daly-West
712 Dec
7 Jan 3 10 May15
93s 912 10
20
Last Sate 5112 May'08 .... Dominion Coal
7013 Mch
40 Oct
100 475s May 4 5112 May 7
96
96
95
95
5 Do pref
100 9412 Apr 22 96 May15
85 Nov 114 Jan ,
1
413 Jan
4,-.io- -1" 8:85" "1" 8W i."1
1
1
510 Elm River
2 Jan 18
i"
12 .99 Mch 8
34 Nov
8
8
734
834 3,611 Frankiln
2914 Mch
734 734
712 734
6 Oct
612 Apr 22 1012 Jan 27
734 734
734 734
25
94
91
94
*90
90
91
90
95
80 Granby Consolidated..100 80 Jan 2 95 Mch27
9014 9014 90
90
65 Oct 151 Feb ,
934
9
818 818
9
012 23,094 Greene-Cananca
8
20
938
934 May14
673 Jan 2
812
9
83s 9
1758 Apr
514 Oct
514 Jan .1
2 Feb 26
2 Dec
278 Jan 22
23s
100 Guanajuato Consol_ _ 5
233
3612 Jan
1614 -i61-4 "iii" icii; "2014 163-4 "2012 163-4 --2012-1234 2012 2214 6,356 Isle Royale (Copper)_ 25 1734 Feb 17 2614 Jan 27
1112 Oct
*14
1578 4,952.5..,a Salle Copper
1413 1413 1473 1412 1434 1413 1518 1514 1534 15
30 Feb
8 Oct
25 1214 Jan 2 1714 Jan 14
914 Jan
8234 3
3
314 1,456...Vass Consol
3
3
234 234 *234 3
414 Jan 18
233 Nov
234 234
214 Mch 6
25
s.40 .50 *.40 .50 *.40 .50 *.40 .50
Lost Sale .40 May'08
25 .25 Jan 10 .50 Jan 22 .40 Nov
134 Jan .
*614 6.34
1514
Jan
612
8 Jan 18
628 -ii'le
eo
rns M & S.._ 10
613 612 *614 634 *612' 634
478 Feb 19
owC
i a
Max
yinco
Nov
634 678
534
1014 1014 10114 1014 1014 1033 10
714 Feb 25 1234 Jan 20
1014 4,250 Michigan
2412 Jan
1012 1018 1034 10
25
634 Oct
4913 4912 50
9612 Jan
5613 4,877 Mohawk
50
25 45 Feb 19 58 Jan 18
4978 5012 5013 5213 5311 5512 55
37 Oct
138.Jan 24
312 May
*--- .50 8_ _ _ _ .50 *
12 May 6
50 *.25 . 50
.50
1 Nov
.50
.50 .50
200 Montana Consol C & C 10
1214 1218 1314 4,293 Nevada Consolidated_ 5
12
1134 1134
12
838 Jan 2 1334 Mch25
1138 1134 1158 1134 12
534 Nov
2012 Jan
5813 5878 59
60
6538 6314 6614 28,141 North Butte
64
5914 62
15 4034 Feb 19 6814 May15
30 Oct 120 Jan,
6112 64
*.50 .95 9..50 .95 *.50 .95 8,54) .95
25 .50 Jan 15 .85 Apr 21
Last Sale .85
212 Jan '
Apr'08
12 Sep
--- Old Colony
35
3512 36
25 28 Jan 2 40 Jan 28
35
3534 38
18 Oct
3714 3812 3634 38
6:936 Old Dominion
3714 38
63 Feb
85
85
86
25 77 Feb 19 95 May14
88
85
88
90
95
95
92
88
90
710 Osceola
71 Oct 181 Feb
211. 2114 22
21 • 21
21
2158 2134 2134 23
4,367 Parrot (Silver & Copp) 10 1012 Jan 11 23 May14
834 Oct
35 Jan
23
22
13 Mchll
*,54) .95 8,51) .95 - *.50 .99 8,54) .95
114 Jan 25
12 Dec
Phoenix Consolidated 25
Last Sale 13
e3 Jan
Mch'08 83
8213 83
83
9312Jan 15
83
82
89
8413 85
8312 89
83
70 Oct 148 Feb
412 Jan 20
g 71 rag
54
83
5Q
2 Oct e1234 Jan
IIn
hiondceY Island
*234 314 *234 314
*234 3
3
314
314 312
314
312 1,0
253 Jan 20
153 AP1' 3
*134 2
*134 2
218
218 1,060 Santa Fe (Gold & Cop) 10
*134 2
712 Jan
178
13.4 218
178
113 Nov
10
934 Feb 19 1412 May15
1214 1214 1278 1234 1314 1314 14
12
1173 12
1313 1413 19,223 Shannon
2433 Jan
718 Oct
25 14 Apr 3 1912 May 2
*1814 1812 1814 1814 1813 1834 18
1813 1813 1814 1814
18
610 Superior
58
69
57
58
58
25 56 Mch20 77 Jan 20
57
59
6012 6112
61
60
425 Tamarack
60
51 Oct 170 Jan
1313 1358 1378 1414 1378 1378 1313 14
25 1213 Feb 19 1834 Jan 14
1334 1514 15
1558 5,341 Trinity
4214 .11111
938 NON
*814 658 *6
458 Mch 24
612 *614 634 *612 7
100
738 71812 Jan 8
773
400 United Copper
8
7714 Mch
7Dee
Last Sale 213i Feb'08
100 2334 API' 16 26 Jan 3
Do pref
..__
22 Oct
91 May
2212 2213 -ia- -231-4 -i5- -E.' -iii- ii- 221. 2212 22
9 Mch31 2414 Apr 23
2251, t,553 United StatesCoal&011 25
712 Nov
1314 Jan
3938 3914 3912 3912 391. 2,096 U S Smelt Ref & Min_ 50 28 Mch 6 39\ May14
38
38
38
38
38
38
38
70 Jan
2434 Oct
41
42
41
42114 4214 42
41
41
41
41
41
Do pref
50 37 Feb 10 43 Apr 23
4238 2,646
49 Jan
2778 Oct
39
3914 3914. 391. 3913 4214 4113 4214 42 • 43
5 2912Jan 3 4312 May15
2512 Oct
79 Jan
4212 4312 18.365 Utah Consolidated
3014 3018 3013 3058 31
738 Utah Copper Co---... ,
29
31
2918 *2914 294 30
3114
10 2f
18
2 IT'1,
8
3 3114 Apr 2
3
3
3
3
318 318
318 318
3
3
312
312
690 Victoria
1158 Feb
313 Oct
534 Jan 14
1 may
3i. Melt
Last Sale 1.0614 J'Iy'07
25
Washington
---- ---- -- .5
41 Jan 2 5634 Feb 7
571 -'7i ‘Vinona
534
14 - Jan
(213 Nov
534 534
8C3 118 -52 -Ili --8,14 -5.3-4
5
5
132 13313 132 134
136 136
13313 134
' 132 133
447 Wolverine
137
138
25 11512 Jan 2 138 May15
93 Oct 198 Feb
.55 .60 *.55 .65
t.55 .75
8.50 .71 8.50
.55 .55
.71
300 Wyandot _
35 .55 May 8 1.0614 Jan '29 .10 Nov 35F1 Jan
a Before pay'S Wass.= Gs called In 1907. * Bid and asked prices. 4 New stock. e Ass't paid. Cl Ex-rights. a Ex-div. and rights.
b Ex-stock div
Boston Bond Record.
MAY 16 1908
08.
BOSTON STOCK EXCH'GE
WICEK ElIDINCi MAY 15
t
Am Bell Telephone 4s....1908 J -J
Am Teter di Tel cell tr 48.1929
Convertible 4s......
M-5
Am Writ Paper lat s t 5s g 1919 J • J
Ater,Top & hi Fe gen g 4s..1995 A-0
1995 Nov
Adjustment g
Ply 1995 M-N
Stamped
Boston Elect Light let 68.11/08 M•S
11124 51.5
Consol 15s
1916 J .J
Boston & Lowell 48
1944 J -J
Boston as Maine 44s
Boston Terminal 1st 3..28.1947 F-A
1918 J
Bur & Mo Itiv ex Os
1918 J -J
Non-exempt Os
1910 2.1
Sinking fund 48
Butte & Boston 1st 68-.1917 A-0
Cedar Rap & Mo 51st 78.1916 511-N
1909 J•D
20 Is
Cent Vernit 1st g 4s..5lay1920 Q-F
n B & .4 Iowa Div 1st 50.1919 A-0
1919 A-0
Iowa Div 1st 4,8
1013 M-N
Debenture 6s
1922 F-A
Denver Even 4s
Nebraska Exton 4s
1927
B&SWfit 4s
1021 M-S
1,140 J • J
Illinois Div 3's
Joint bonds See Ot Northern
StIC Y08 58.1915 J -J
Ohio J Ry
Coll mita refunding g 4s1940 A-0
Oh Mil & St P Dub I) 66..1920 J -J
Oh M & St P Wig V .11v 68192o
J
Chic 48 No Mien 1st gu 53.1931 M-N
()hie & W Mich gen 6e....1921 J -13
Concord & Mont cons 45..1920 .1-1)
Conn & Pass R 1st g 4s...1943 A-0
Current River 1st 5s
1927 A-0
Del Or Rap & W 1st 4s...1940 A-0
Dominion Coal 1st s f 65..1940
Fitchburg Os
100?- M-N
481915
45
1927 31-S
Fremt Elk & Mo V st 6s..193:; A-0
Unatampeo 1st 6s
1933 A-0
et N or U B & Q coil tr 4s 1921 J • J
Registereu4s
1921
re-Bilyer 00-3 accrued
Price
Friday
May 15
Week's
Range or
Last Sale
Range
.Sinee
January .1
-
Ask Low
Bid
High is")
100
100
100
8358 224
8338 Sale 8124
86k., 180
85,
4
1i78B4 Mar'08
99
96% May'08
08
88 1187 Apr'08
86
86
85% J'ne'07
88
Low High
1)818 100
784 8318
807
. 86%
1,17834 117834
0618 9114
85 ¶87
......
10018
102 103
117
79
80
110 Feb'04
101 Sep'06
114 Mar'06 .•
1124 Jan'03 .•
101 Oct '07 .•
102 Sep '03
98" Apr'08
100 2'ne'01 •
12314 Nov'00
111 18,1'1y'05
79'., 3
701.2
11103 Oct'07
98 Oct '07
100 Apr'08
9778Joe')'?
9838 Apr'08
974 Atay'07
86 Jan'08
......
97
98.,
76
804
100 100
9838 9538
86
89
102 102'. 102 May'08
1)9 1024
S712 88',. 8812 May'08
85
884
122 Apr'06
......
1211 Feu'05
00 Apr'08
05
06
9978 Apr'08
99
97 100
91 De-c'07
11214 Jan '03
......
104 Nov'06
82 if Apr'08
80
82%
90 Feb'08
90
90
98 Apr'07
10318 Apt'05
96 Apr'W•
96
96
1.1'8 4 Apr '08
128 1284
140
9I38 Sale 9478
95 4 49 94'411973i.
94%
94 May'08
9678
92
1215
'z
B0N DS
Price
priaa,,
May 15
r4 °
BOSTON STOCK EXCIPGE •441
.
Witax ENDING MAY 15
4a.
Illinois Steel deben 5s....1910 J-3
Non-convert deben 5s...1913 A-0
la Falls &Sioux 01st'18..1917 A-0
Kan C Olin & Spr let 5s...1925 A-0
Kan C Ft S & Gulf 1st 7s..1908 J -D
Kan C Ft Scott & M tis....1928 M-N
Kan0 M & B gen 4s
1934 M•S
Assented income Os
1934 M-S
Kan C & M Ry & Br 1st 5e1929 A-0
Maine Cent cons let 7s. .1912 A-0
Cons let 48
1912 A-0
Maro Hough & Ont 1at 68.1925 A-0
51exican Central cons 48 1911 .1-J
lst cons inc 3s
Jan 1930 J'ly
2d cons ino ..is
Jan 1939 Ply
Mich Teleplst 55
1917 J.3
Minne Gen Elec con g
29 J -J
New Eng Cot Yarn 5s.......129 F-A
New Eng Teleph Os
1908 A-0
58
1915 A-0
5s.
1916 A-0
New England e,ons g 5s...1945 J -J
Boston Term 1st 48
1039 A-0
NYN H& II con deb 3,261956 J -J
Old Colony gold 4s
1924 F-A
Oreg By & Nay con g 43..1946 J -D
Dreg Sh Line 1st g Os
1922 F-A
Repub Valley 1st s f 6s...1919 J-J
Rutland 1st con gen 4413.1941 3-J
Rutland-Canadian 1st 481949 J -J
Savannah Elec 1st eons 53.1952 J 3
Seattle Sloe 1st g 5s
1930 F-A
Terre Haute Elec g Is. .1929 J -J
Torrington 1st g 5s
1918 M-S
Union Pa,c RR & I gr g 43.1947 3-J
20-year cony 4a
1027 J-J
United Fruit cony gen 58.1911 M-51
U S Steel Corp 10-60 yr 53.1963 M-N
West End Street Ry 4s. .1915 F-A
()old 41.2s
1914 M-S
Gola denenture 4s
1916 M-N
Gold 48
1917 F-A
Western Teleph & Tel 5s.1932 2.1
Wisconsin Cent 1st gen 4s1949 J -J
Wisconion Valley 1st 76..1909 J -J
week's
;
- 1 v.
Range
Since
Range or 'azsc'
Last Sale c c'c January 1
Bid
Ask Low
_High .to
07
1
98%
98%
97% 1
984
97%
117 Apr'0. ....
96 Max'OS ...
100%
10014 Apr'08 ....
116 1,64 1164 .16¼
2
80 ........ 80 Apr"b ....
87
88¼ May'08 ....
89
90 31ay'o7
113% Nov'06
1014 Sep '05
118 5,1i, '04
96
?lti A;r84/38
4 _2
.6
115 ki Apr'u8 ....
.
1024 Ame04 ....
96 'Slay'o8 ...
100 Felf08 ....
1004Jan '07
Low High
974 99
9738
05
117 117
90
96
lott 1o()1,
109 12 11614
874 J.)
884 s8¼
74
¶161;7.1%
1115.4 1115 4
......
93
l00
116¼
100
....
1181334
87
21 794 88
101¼ Sep '06 .... ......
11O27 Jan'05
112138 Mar'00 ...
...,........ 102 Ang'o7 ..
_. ......
10712 Nov'05
102 Mai'112 .... ......
984 May'06
1001,May'oti .... iorp,1004
97 Apr'07
1494 No006
119978 Fe1)418 .... ,997.119911!
118838 May'08 .... ¶8438 1,811,8
116 Jan 'Ufi .... 116 117
111164 Sale 1106.4 110t3 ilt 4 86 119738
994 Feb'08 .... 11614 96'
05 Nov'07 .
.
10238Jan '06
99's 5Iay'07.
,
.
9434 Sale 944
95
• •19
..• .b5
...
¶94¼ Sep'05 .... ......
10938 Aug'05
merest in audition to the pure lase price for all 1-1miton Bonds. .No price Friday; latest bid ant asked.
11 Flat price.
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
slifire Price,e-Not Per 1;entiiiit Price.
tiaturudy
May 9
Polio nit
May 11
flieeml ail
_May 13
22,14 223
.
1l 58 11%
•103,1
4458
3o3,,
10
•4
22
5%
87
60
445*
301
/
4
10¼
4¼
22
534
87
624
'
51s
5971053
394 394
834 878
181,
57303 5734
.414 414
55% 56
87
874
884 88%
64 64
12
12¼
11)12 101s
274 274
44%
30%
10.8
.4
22
44
86
0112
44%
30%
10.13
4¼
22
54
86
624
59% 90
39¼ 31)4
S's
1818 1814
57%17'510
59:4
36%
858
18
504
604
39¼
ga,
1814
57'
41
41
55% 56
854 87
41
41
5512 5534
85
86
I'll I LA DELPH IA
Bid
Asic
Inactive Stocks
Allegheny Val pref. 56
51
33
American Cement
100
Amer Pipe Mfg
1,6
Bell Telephone (Pa).100
SO
45
Cambria Iron
Central Coal & Coke.100
OonsolTrac of N J...100 '71
Diamond State Steel 10
IL
Preferred
Easton Con Electric 8.50
.4
Eleo Storage Salt....100 311
/
4 32
100
Preferred
Ft Wayne &W V
101
Germantown Pass
51
Indianapolia St
100
Indiana Union Tr.„.10(
Insurance co of N A..1(
'22
21
Inter Sin Pow & Chem.5(
Keystone Telephone _50
61
/
4 7
Preferred
26
51
KeyatoneWatchease.100
Lit Brothers
1U
Little Schuylkill
50 66
Minehill & Schuyl H 50
N Haven Iron & Stee1.5
Northern Central
so
North Pen nsylvania..5(
Pennsylvania Salt
50
Pennsylvania sieel..100
Preferred
100
Phtla Co(Pitts) vref...5(1 401
/
4 41
Phil Dorman & N orr13.50
Phila Traction
50 111 14
Railways General
1))
Busquen Iron & Steel...5
Tidewater Steel
10
Preterred
10
, 81
Tonopah Mining of Nevl
77
/
4
100
Union Tr of Ind
United N I RR & O..10o 242
Unit Trao Pitts pre(' 50
Warwick Iron & Stee1.10
6¼
Neat Jersey & Sea Sh.50 48
Westmoreland Coal....50)
Wilkes Gas & Elec..100
Thursttay
May 14
May Pi
•92
7512 75's "74
•81)
4614
6¼ 0¼
•12
12
12
.10
Sales
ACTIVE STOCKS
ol the
Week (111? Bonds and Inactive
Stooks see below)
Shares
23
75
00
034
124
104
Baltimore
125 Con.Gas EL L.& Pow
25
Do pref
38 Northern Central
500 Seaboard(new)
Do 2(1 pref
600
267 United Ry & Electric
Range Since
Jan 1 .1905
Lowest
-Highest
100
100
50
100
100
60
20 Jan 15
65 Mar25
80 Jan 2
4 Feu 12
10 Feb183
10 Jan
274 May13
76 Apr23
884 Mayll
612 mayl
124 Mayl 1
1178 Mar2b
Philadelphia
44% 44%
148 American Railways
50
304 30%
30% 31% 30% 3l 4 8,671 Cambria Steel
50
91518 10
1,917 Electric Co of America 10
10
10
104 10
5
.4
10 Gen Asphalt tr ct/s
112
4% 4% •4
100
23
242
224 .21
22
.22
22
Do pref tr ate
100
534 6
3,757 Lake Superior Corp
538 64
4/8 6
100
1,004 Lenigh C & Na,'tr Ufa 50
86 86
80¼
85's 851
/
4 85
6178 62¼ 37,925 Lehigh Valley
61,
8 62., 6178 62¼
50
1/
1
4 1910
•13s 14 2,975 Marsden Co
100
5978 605io 60,4 030% 6038 6148 8,578 Pennsylvania RR
50
39% 3114
381 Pluladelp'aCo(Pitta91 50
.39
39%
394 39¼
8% 811,8 8918 Pile 6,772 Philadelphia Elee,tnci 25
84 8%
164 1778
17% 18,345 Phila Rapid Transitd 50
17 , 17
17
56130 57%
50
6'
04 60,71 t, Reading
57% 58% 38
43
•42
Do 1st pref
50
•41
42
.41
Do 2d pier
41
42
406
41
50
514 55) 55
55's 3,831 Union Traction
50
654 55
85
8334
51
86
8,338 United Gas Impt
864 851, 86
"20
100
25
Welabach Co
42% Mar
2078 Feb 10
84Jan25
312Jan 11
11178Jan
358 Feb29
781., Jan 2
5258 Feb29
16"JILL 29
54i 1 Jan 2
344 Mar 3
54 Feb2',
13% Jan 22
4630,Feb 17
39 Jan 3
31 Jan 2
41% Mar 5
73's Jan
4434 Apr24
31% 5layl.,
104 May It
o Jan 26
25 Jan 18
94 Apt 16
89% Jan 17
634 Mayll
278 Apr24
61103May15
414 Apr24
1'878 May 8
18% Marlb
58 % May15
44 Jan 20
41¼ May 3
504 Apr23
874 Muy
88¼ 884
•6
"64 7
12
*1178
12
104 104 10¼ 10'
44%
31
104
5
224
5%
86
03'
4438
3()%
10
•4
22
54
8534
04,
8
We,nesuap
.May 13
PHILADELPHIA
Bonds
Al Val It ext 7s 1910 A-0
Alt &LVElec 4413'33.F-A
Ain Rya cony 53 1911.J.1)
All City 1st 58 g'19.111-N
Balls Per 1st 5s /920.J.1)
Berg&-EBrw 1st 66'2134
Betide Steel Os 1.098.Q.F
Choc& Me 1st 5s 19493.2
Ch Ok & G gen 53'11) J-J
Col St By 1st con be 1932
Con Traci of NJ let 5s.'33
E& A let 515s 1020 31-N
Elec & Pao Tr atk tr atilt
Eq Il Gas-1,1st g 5s 1928
l{& B Top con 53'25 A-0
Indianapolis By 4s.1933
Interstate 48 1943 .. F.A
Lehigh Nay 41.2s '14.144
Rita 48 g
1914.(4-F
Gen 31 4.28 g.1924.Q.F
Leh V C 1st 5s g '33 J -J
Leli V ext 4s lst1948.J-D
2(1 7s 1910
31-5
Consol (is 1923
J-1)
Annuity 6s
3-1)
Gen cons 48 2(103.5I-N
Leh V Tran con 4s'353-1)
New Con Gas 6s 1948J.1)
Newark Pass con Os 1930
NY Ph& No11448'3934
Income 4s 1939._ ALN
NoOliioTrac cou5s'1414.4
Penn gen 6s r 1910..Var
Consul Sc r 1919. .Var
Penn & 3111 Steel con 6s.
Pa & NY Can 58'39.A-0
Con 48 1939
A-0
Penn Steel 1st 51,1'17 31-N
People's'Jr tr certs 48'43
P Co lat& col tr 53'49 ALS
Con& col tr Os 19515I•N
Phil Elec gold trust etfa.
Trust cerfift4 4s
P & E gee MO g'20.A-0
Gen 51 4ii g 1920. A&O
Bid
.Ask
105%
98
86
1031,
110
108
1041
/
4
105
92,4 112¼
39
40
108
10834
10612
120
9368 9334
104
961
/
4
1031
/
4 104
/
4
96,
4 961
1001, 100¼
71
711
/
4
1001
/
4
PHILADELPHIA
Bid
Ask
Range !or Previou‘
Year(1907)
Lowest
Highest
334 Jan
80 May
78¼ Nov
10 Nov
24 Dee
8%Oct
35 Jan
85 jan
97 Jan
23¼ Jan
48 Jan
15 J'ue
434 Dec 61 Jan
22 Oct 474 Jan
7% uct 11's Jan
3 Oct
Jan
13% Nov 36 Jan
4 Dee 16 Jan
69 Oct 103 Jan
484 Oct 7878 Jan
212Jan
38 Nov
52 Nov 70110,Jan
3334 Nov 484 Jan
6318 Nov 9 Apr
d12 Nov 426.2 May
35% Oct 69% Jan
364 Nov 4538Jan
3212 Oct 47 -tan
4178 Nos 60% Jan
664 Oct gtpt,Jan
25 May 30 Web
BALTIMORE
Bid and asked; no sales on this dab. 1, Ex-rights. 0 07.50 paid. t $1214 paid. t SIO paid. 4 835 paid. a Resapts. 6 825 paid. e $30 paid.
Bid
Ask
Ph & Read 2d 56'33.A-0
Chas By(1 & El 5s'9931.8 58
90
Charl C& A ext 6s.'09.14
Con 51 7s 1911
3.1) 1091, 110
Con M Os g 1911
20 78
3-1)
1910 A-)) 104 107
Ex Imp M 48 g'47.A-0
City& Sub let 5s..'22 J-D
Terminal Sag 1941.Q-3'
City& Sub(Wits)18t58'46 981
/
4
P W& B col tr 4s'21.J3 99
Coal & I Ry let 53'205'-A
Portland By 1st Os 1930.
Col&Grnv let 6s.1916.14 107 1084
Koch lty& Leon Os'5434 061
Cousol Gas 6s...1910 ..1-1) 104
/
4 117
U True Ind gen 58'19.J4
98
1939 J-D 109
53
Un ltys Tr ctfs 4s'41).T&J
Gads Ala let con 5s'45J4
1,5
95
United Rys Inv 1st colltr
GaCar&N 1st g'29J-J
971
/
4 1.8
s f 58 1926
M
74
Georgia P.1st 6s...'22 J
73
108 110
U Tram Pit gen Os'97 J4
106
GaSo & Fla 1st 53 1945.14 102 1034
Welsbach a 1 5s 1930.3-1) 72
73 11-B-8 Brew 3-4s 195151-18 4414 441
/
4
Wlks-B G&Econ58'5534
2d. income 58 1951 5I-14
1514 151
/
4
Knoxv Trac 1st 58'28A-0 103
BALTIMORE
Lakelt El let gu5s'4251-8 1081
/
4
Inactive Stocks
Macon Ry&Ltlst5s'5SJ-J
91
95
Ala Cons Coal& Iron.100
Memphis St let 56'46 34
95
Prof
100
64
MetSt(Wardi)lstfis'255'A
Atlanta & Charlotte..100
Mt Vet Cot Duck let Os. 74
Atlan Coast Line RR.100 89
90
NptN&O P lst 58'38 51-14
Atlan Coast L (Conn)100 202
General 5s....1941 M.8
Canton Co
110
100 85
Norfolk St 1st 5s'44..3.1
106
Cons Cot Duck Corp ,51)
612 74 North
Cent41
/
461925 A-0 105
Preferred
50
Series A 5s 1926....J-J 110
Georgia Sou & Fla...100 17
20
Series
B
Os
110
1st pref
85
100 81
Pitt Un Trac Si 1997.J-J 104
2(1 pref
100 61
67¼ Moto
Val lit Si 1941..J-J
971
/
4 104
G.13 S Brewing
100
4,
4
Say Fla &West55'34 A.0 1051
/
4
Bonds
Seaboard A L 4s 1950A-0 593
, 51 •
Anacostia & Pot 5s
Stab & Roan 5s 1926.J-J 102 103%
99
South Bound 1st 5s..A.0 98
Atl & Ch ext 412s '10.34 99
99 ,
Atlan C L RR4s1952M-S 90
1
4
.'29 M-N
904 13E1 L&P 1st4/
Un Ry& El lat 43'49 51-5 86
A.t1 Coast L(Ct)ctfa 55J-D
864
etfa of iudebt 4s. 33
Income 4s 1049
J-D
5'24
5.20 yr 4s 1925
Funding Os 1936 J.D
33 77¼
78
781
/
4
Salt CPass lit54'11 M-N 100% 1011
6.'11 31-is 1011
/
4
/
4 Vs3114 28
Bait Fundg 5s.1916 M-N
Sid aeries tie 1916 M-8
Exchange 3/
1
48 1930 J-J
4th Per 3.4-6s 1921.11-8
1361 & 01,4681111'11 A-0
5th series Is 1926.31.8
107
Ball Tr.ic 1st 38 '29 31-N
Va (state)
new'32.34
1
No Bait DiY5e 1942.T.1)
hind MAO 24a 1991..J4
11,
Cent'l Ry oon5s1932 M-N
681914 J-J 105.,
West C
Eli& Imp 59.1932 31-5
WeaVaC&P let 6g'11
10234
Chas CityRy lit52'2334
W11 & Weld 6s .1935 J-J
104
it 8.411 11 paid
THE CHRONICLE
1216
[VOL. LXXXVI.
Industrial and /disco
ma Ade
Teiegr & Telephone
ilfd Ask
30
75 Consol Car HeatIniC-100 25
*Amer Toleg & Cabls.,100 x59
II.. 212
eCentral & So Amer_100 100 110 Cons By Lgt&Refrig..100
5
TIre...10(1
Rubber
Consol
___
12
Un
100
Comm'l
(NY).25
Tel
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
15.8
Preferred ________100
60
Emp do Bay State Tel 100 50
DAILY, WEEKLY AND YEARLY.'
Debenture 43 1951A&O 22
50
Franklin
100 40
15
11e
eGold & Stock fel= _100 95 100 Cons Steamship Lines 100
91 1014.
Coll tr 45 1957-Jda
40
Hudson River Teieph 100 35
Railroad,
Stocks.
100 106 112 Corn Prod Ref See Stock Exe list.
eN Y et N J Teleph
Week ending
Slate
U.S.
512
100
Shares.
Par value.
.lionde.
Bonds.
Bonds. eNorthwestern Te1eg__50 95 105 eCrucible Steel
May 15 1908
'
411222 13561111
0
:404
100 13
ePreferred
Pacific & Atlantic
65
25 55
Southern & Atlantic _25 85
89 Cumberland Ely Copper.5 *838 8s3
Saturday
500,665 $43,784.000 $3,274,000
$484,000
0
150
eDlamond. Match Co_10
Monday
5,987,500
Ferry Companies
1,032,688 94,552,675
424,500
3 Dominion Copper
1
Brooklyn Ferry stock 100
3.770,500
Tuesday
859,311 70,815,400
224,000
90 Douglas Copper
3,611,500 1,062,500
810,148 74,963,050
B & NY 1st 65 1911J J 585
Wednesday
Thursday
Econ'y Lt & P (Joliet, Ill)
4,215,500
1,210,370 104,478.000
NY &ER Ferry stk-100 ___ 60
186,000
1st M s f g Is 1936_J-D I --- 100
1st Is 1022
Friday
3.840.000
1,213,644 102,485,900
676,500
N 50 70'
25
100 16
3 Electric Boat
92
90 10
N Y & HO 55 May 46 J-8, 510
100
Bob Fy lit 58 194681Total
Preferred
5.626.826 $491,079,025 $24.699,000 $3,056,500
100
_
3
Electric Vehicle
NY &NJ 55 1946 __-_J-J 590
5
_,.. _1061
10th & 23d Sts Ferry.100 25 -3-5 Preferred
Sales at
Jan. 1 to May 15.
Week ending may 15.
10,
100
Empire Steel
lit Intge 5s 1010__J-1) 150
60
New York Stock
55
100 45eUnion Ferry stock_100
12
8
Preferred
Exchange.
1907.
1008.
1908.
1907.
elst 58 1020
MN 67 ____ eFederal Sugar of N Y 100
100 SS -661-2.
ePreferred
Short-lerm Notes
Stocks-No. shares_ _
2,720,778
64,130,584
98,946,200
5.625.826
65
ser A 4s '11_ _M-S 59412 9514 eGeneral Chemical-100 50
Par value
$491,079,025 $225,688,875 $5,728.250,175 $8,443,553.935 Am Cie
100 542 100
4s
15
94
Nick
59212
B
ePreferred
Ser
'1281
S
Bank shares, par
$51,000
$171,800
Am Tel & Tel g 55 10 J-J 49950 0932 Goldfield Canso] MInes_10, *408 634
Bonds.
1
Coast L 5s
4977s 9812 Gold Hill Copper
53
*12
Government bonds
$41,000
$342,820
$356,500 Atlan& Ohio 53 '10_M-S
914
-S 510014 10012 Greene Cananea
633,000
State bonds
50,892:500
21,945900 Bait & Ohio 6s 1909_M
$3,056,500
58
938
J'e 28 '08 4100 woe, Greene Consol Gold__ 10
5,709,000
297,164.100
176,962,500 Ches
24,699,000
RR.and misc. bonds._
10 ols
6s, July 1 1910 ____J-J 510014 1001; Greene Gold-Sliver
R I & Pde es '09A-0 49834 9914 Guggenheim Explor'e 100 150 165
Total bonds
$348.390,420
$199,264,900 Chic
$27,755.500 $6,383.000
Chic & W Ind 5s '10_F&A 410018 1003s eHackensack Water Co
Ref g 4s '52 op '12--J-J 83
60 •
50
87
Cin Ham &D4)0 '08
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
100 30
35
C C C & St L 55, June '11 59078 10012 Hall Signal Co
EXCHANGES.
Consol Gas es 1009_ _ F-A 510034 10138 Havana 'tobacco Co_ _100
9
7
100 16
Preferred
9814
1:rie es, Apr 8 1911._ A-0 498
18
1st g Is June 1 '22_J-D 45
!Wert) It '1' g 65 1911 M-N 510014 10612
50
Boston.
Philadelphia.
49712
973
4
Hecker-Jones-Jewell Mill
M-S
Si Mch 1910
Week ending
1st 63 1022
Kan C So g Is Apr '12.J-J 49312 95
Listed
Bond
Unlisted
May 15 1908.
Bond
Listed Unlisted
9 1,(It
95
O 13
-S
Lack Steel g 55 1909_M-S 0312 941. Her'g-Halt-Mar. new_TO
shares.
sales,
shares.
sales.
shares. shares.
Hoboken Land & Imp100
M-S 490 95
Si g 1910
& M So 5s'lO F A 310011 10012
1910
Sh
e5s
51-N
Lake
--26,364
7,951
$88,000
8,711
Saturday
$87,000 Lou & Nash g 5s '10.M.S 49978 10011 Houston Oil
12,102
32,701
93,000
18,033
86.900 Mex Cent 5s July 1 1910
18.147
Monday
40,186
9 i 1-2
90
10
7(C-2 -89115
Preferred
-5 49112 9712
10,621
20,673
90,000
24,278
89,300
Tuesday
37,666
100 100 110
Hudson Realty
Mich Cent 55 1910-F-A 410014
23,443
99,000
12,877
14.668
132,500 Minn & St L g 5s '11-F-A 492 10012
52,531
Wednesday
95 eingersoll-Rand corn.100 50
37,144
18.68.1
161,000
79,600 Missouri Pacific28.672
71,942
Thursday
100 85
ePseferred
21,532
10,836
182.000
148.500
65,920
Friday
28.400
Internat'l Bank'g Co_1011
97
_ 11-Ii es Febl 0'10 con vop F-A 595
Natordex 543 ext to'09 A-0 499 100 Int,011 Met Mar see Stir
174c list
79.005 $623,800 N Y Cent iSs 1910
280,347 122,876 $713,000 164.857
Total
5_
.
Preferredaat'loI N IckeI.. _ _ _ 100 85 _9
2 1n tetenirn
8
012010
:
10
0%11.4i 41
050
4:00
F-A ;
100 75
N.Y C Lines Eqp.5s'08-* 2
NYNH & H 58'08-'12
lel Salt__ _1(1.
1st g Is, 1951
A-0 4
50
'2
7
1S
Norf de West d8 1910M-N 4991e 9912
5
100
5
10
Pa RR Si Mch 15 '1081.8 5 902 9912 Internat'l Silver
100 40
StLMS'east 4 44s '09..J-D 49114 0214
Preferred
54
A weekly review ol Outside Market wilt be found on a preceding page.
J-1) 10 312 105
1st es 1948
St L dcSFg 440 '08.J-D 59314 9434
37
South'n coil tr Is '00_ A-0 496
98 Lackawanna Steel-10U 35
Lanston Sionotype_20 *012 10
Do
Street Railways
told Ask South By g is 1910 F-A 588
Street Railways
Bid Ask
9712 Lawyers' Id tgo Co......100 isu 185
U S Rubber ir Os '09_4,1-S 597
Pub Serv Corp N J (Con)
New York City
Wabash 58, May 10 1909 5 85 91 eLeh & Wilkes-B Coal 50 80 100
J C Hob & Petersen25
Bieeck St & Ful F stic.100 18
100
0r
130
(ypi1
a
dln
rr
oo
WestIngh El &51 65 1010 18
9 eLL
90
7 8
88
45 g 1949
M-N 67
70
82
e 1st mtge 45 1950_J-J 75
100 -9-5-- 100
'I
rd
Preferred
Wheal & L E 55 '08-F-A
So J Gas El& Trac_100 115 118
c B'y & 7th Ave stk__100 120 135'
101)
Pref
115
135,
,
M-s
1953
58
g
Gu
95
494
e 2d mtge 5s 1914_ _J-J 93 100
Madison Sq Garden_
Railroad
No Bud Co Ryes'14 J-J 4105 .___
Con 581943 See Stock Exc list
14-N
70Y013 12..
2d 6s 1910
Chic Pea& St L pref..100
J-J 5104
Si 1028
B'way Surf 1st.5s gu 1924 497 100
2
6
3
12
Beach Co--100
eidanhat
stock
Deposited
53
Est
1934____M-N 5100
e Cent'l Crosst'n stk__100 100 200
12 3 Manhattan Transit-- - -2100 4,2,,1 . 23
U- ndeposIted stock_
Pat City con es '31 _J-D 4116 12
- -6e lat mtge es 1922.51-N 100 110
: 5'81
8
-fes 80
3051
.
Mining
Mitchell
g44-55
lien
90
5100Prior
2d
68_1014
opt
A-0
130
100
100
stk
R
e Cen Pk N
0 ** 26
,0
4114
2 .24
8
.
7.7.
C- on mtg g 55 11/30.J&J 45 60 Monongahela It Coal-t.5
•Chr't'r & 10th St stk 100 100 130 So Side El (Chic). See Ch cago ii;E"
Preferred
Income 5s. July 1930_
10
5
Col dc 0th Ave 5s See Stock Exc list Syracuse R T 5s'46.1d&S 59914 10114
Bond Co_ -140 82
y
Moctgage
n
a
e
l
IOU
Stri
w
le
t_:1:_c!..4
t
h
Trent
.
H
&
P
r
c
Is
1943.J-D
luo
495
DryDEB&B03 104,0) 110.
g8
Nat Bank of Cuba-10
Cy std._100
United Rye of St Le lit gold 55 1032__J-1) 90 94
tycopper_b *
red
ns
ou
alcS
14712
odna
tia
av
Ne
Cent vol tr ctfs__100 24
25 (It North'n Ore-See Stk
list
56
Scrip Si 1014____F-A 50
1314
13
N.YNH&
Hartford
e
Preferred
300
100
225
66
6512
stock_100
Eighth Avenue
Nev-Utali hilu & Sin-10 *4
.8
'
eee.
-Ss
418
48Exe list
Con debent
Gen 4s 1934_ _See Stock Eke list
Scrip 65 1914____F-A 100 105
36
30
___20
Coal_
Central
North'n Securities Stubs_ 11212 125 eNew
UnitRys SauFran See Stk Sic list
e 42d & Gr St ry stic..100 225 300
.63...
0 0.3.1.2
1-11N
651
,,p
1m
e gh65
k
c
l
,
o
ra
D
rril
e
Ti
A
.1
y
N
4s
new
k
ic
1
1c
8
8
RR
Exe
By
Wash
Pa
&
El
.
50
Co.......100
75
33
list
Ave_100
32
42d St 151 & St N
50 *30
Preferred
100 8112 821. Pitta Bess & L E
97
33
e lit mtge es 1910_M-S 494
Os 1911_M-S 100
Preferred
50 * 60
4s 1951
50
03
68 N Y Biscuit Secuilty.1
J-D 82
2d Ineonae es 1915 _J-J 35
1:1)0 130 13-71;
N Y Mtge &
Securities
eRaliroad
Co
West
list'
Chicago
St
30
ange
100
Each
28
Inter-Met-See Stk
-_1()(1 26 ..r.
Dock_
York
eNew
cfs
tr
ser
stk
A
'52
e Con g 531036ices M-N -.078
Ill C
8412
Lax Av &Pay F 58 See Stk Sac list
ePreferred
7212
Seaboard CompanyMetropol St By-See Stk Esc list
N Y Transportation__ _20 *3
4
d
ref2edrrpere
Gas Securities
100
lsotinp&
C
Ninth Avenue stock__100 110 130
coinles-BmPod _100 00 too'
f-See Bait E2x5c list .e
New York
Second Avenue stock_100 95 105
Nipissing . Mines
Air LineSeaboard
Un
Cent
g
58
Gas
'27_J&J
95
90
93
95
1909.141-N
5.5
mtge
e 1st
Coil 5s ext May '11 11-5 I 57
00 ethitario Silvercom_-_1
:13
Consol As 1948_.._ _F-A 85 90 Con Gas (N Y)-See Stk Exe Ilst
2
_451
(5;3' :
36
'
il : '
tIo
10
Otis Elevator
100 110 150
_
•Sixth Avenue stock_100 115 130 e Mutual Gas
Preferred
95.
90
Miscet
and
Industrial
New
Amsterdam
Gas
100
490
Sou Boulev 58 1945__J-J
u
0
5
Brewing
Pittsburgh
12
7
8
4s
8
g
7
Sip
1047J-D
1st
Adams
consol
55 1948.._J-J
9212 95
487
So Fer 1st 58 1919_ _ A-0 SOO 100
g *70
t5
Preferred
41
go 1s m2
NY&ERGas 1st 5s'44 J-J
Ah
m meek hnllienrisnc
5
40
10
113011:08,
Third Avenue-See Stock Esc list
117-,1112530 list
e_ Sii 'inut I5t0 Sic
reef.
l_S
Consol 55 1945
Alliance Realty
100 -_ 110 Pittsburgh Coaip
81 05
(
90
Tarry W P dc M 58 1928 570
1,
00
is
Manufacturing-10
Pope
33
100
85 N.Y dc Richmond Gas
YkersStRRtis 1946 A-0 575
preferred
1st
15;3: 67
8
Nor (in lit 55 1927--M-N 85
85
lis-Cha92 f 55 '36 opt '16___JZ8th 63 29th Sts 1st 58 '96
100
i
d
ti
ii;e
r
ei
v
f
‘
re
p
&
t
t
1
d
a
Book
r2
American
I)
100
Standard
e
com
325
Gas
100
2
0
1
4
1
0
0
32
1
250
10(1
7s
e Twenty-Third St stk
nn Brasssee st0ck
aa
meerIrcle
93
100 -7-6- 1130
100
e Preferred
2 eAArn
Union By 1st 53 1942 F-A 587
Realty Assoc (11klyn) 100
lit Si 1930
M-N 595
list
85
Westchest 1st 5s '43 J-J 475
100 130 140
Royal Bak Powd coin .
American
Chicle Co-_100 185 190
Cities
Other
Brooklyn
levee('ed
Tract_100
Preferred
100 92
Amer Light &
95
100 103
Atlan Ave 55 1909___ A-0 496 100
6204
.2302
-100
Lt
&
Heat
100 93
Preferred
Am Graphophone com1d0 __ . __ _ Safety Car
95
102
A-0
Con Sag 1031
50
Preferred
100
70 Seneca Minteg
BB&WE 55 1033-A-0 95 100 Bay State Gas
8
34
100
Co
Mfg
Singer
5.
0
0
19
0
12
5
(
1
100 Rid'
Bingh'n Gas Si '38.A&O 85
95 AmerHardware
Brooklyn City stock ___10 185 192
Standard Cordage- _100
AmMalting 6s 1914-J-D
. Brooklyn Union Gas deb
.list
Ex.c
Con 5s-See Stk Each .
NI g Os '31 red _ A-0
1st
Amer
1907_M-S
cony
Press
Assoc'n_100
1909
77
65
.
111091320
106
110
Bkin Crosst'n 55 1908_J-J
Adjust M 58 Apr 1 1931
Buffalo City Gas stock100
41, 6 Am Soda Fount com_100
%
Blip, Hes 1st 55 1941 A-0 95 160
0
2 - Standard Coupler com 1103
16
100
1st preferred
t
1st 58 1047-See Stock Exc list
Bkin (2 Co & Sub See Stk Esc list
Preferred
30
10
'36_J-J
531' :
preferred
100
55
10
14
4
J
2d
N
of
Gas
585
Bklyn Rap Tran-See Stk Exc list Con
0
0
Co-10
MIlling
Standard
Am St Found 65 '35 A&O 4 -66- 94
e Coney Is! & Bklyn__100 50 100 Consumers' L H & PowPreferred
3:i
J-D 598 _ __ American Surety
50 145 155
39
5
55 1938
80
1st cons g 4s 1948__J-J 70
MN
1st Os 1930
American Thread pref_5 *312 412
Elizabeth Gas Lt Co_ _ 100 '275
Brk C & N 55 1939_J-J 90 100
19
7
212 Standard •011 of N J-100 60
(41141 6
5
9
710
10
018 350
Essex & Hudson Gas-100 115 1.2-6. Am Tobac(new) com_100 342
&N
GeptdcLorSt 1st
ilit:55t
05c
1
7
,
..
,
11
Amer Ty pefders cons-1 00 33
9312 9712
30 Swift & Co-See Bost Stk
Kings C El 45-See Stock Exc list - Fort Wayne 6s 1925-J-J 27 35
1st 5s 1910-1914-J-J
100
Preferred
Gas & El Bergen Co_100 55
60
Nassau Elec pref-___100
eTexas do Pad Ile Coal-100
Amer Writing Paper_100
5s 1044
A-0 03 100 - e Gr Rap G 1st 5s '15.F-A 495 100
100 107
100 8
4) Title Ins Co of N Y___100
7
12
Hudson Co Gas
1st 4s 1951-See Stock Exc list
Tonopah Min (Nevada)_1 *734 8
109ed
refsefrrgIs 19 op'09-J-J
1st
P
Indiana Nat & Ill GasN W'bgecFlat 1St ex 4445
Potteries com100
M- N
Barney da Smith Car_100
60 Trenton
10
lst es 1908
17
Steinway 1st es 1922-J-J 495 fdI
Preferred, new-- __l00
100
50
Preferred
Gas
Indianapolis
foli"
120
40
50
Other Cities
ector
r
1?l
00
v
v
i
o
n
r
u
T
Steel
100
CorpA-0
eBethl'in
3'7.1
5
58212 110
2
5
40
1st g 53 1052
3 16
,
15
Buffalo Street RyY
9
90
10
com1
Typewriter
100
ePreferred
1st consol 551931 _ _ F-A 5103 106 Jackson Gas 5s g '37-A-0 585
00
preferrea
1st
100
Company
50
comGas
City
Bliss
1
12
10
Kansas
1
5
1
14
_
50
3
5
4
12
Deb es 1917
10612
A-0 510312
preferred
2(1
50
100
12 100 115
Preferred
5
8
19
110 125
7412 -76
Columbus (0) St Ry_100 94 99 e Laclede Gas
5533
4,:,,A1
54) ,,,
United 1.3k Note Corp_ .,
100 75
Bond & Mtge Guar __100 295
e Preferred
_
Preferred
100 10112 107
Preferred
Lafay'eGas 1st es'24_M-N
23 -3-0 - Borden's Cond Milk-100 131
Colum'Ry con 5s-SeePhl la list
90
Si
Cigar
.
elfg,pf_100
ethilted
100
J-D
'25
Preferred
102 3110317(51
25
Crosst'wn 18t 58'33 J-D 4100 103 LogdcWabV 1st 63
:it)
100
Uulted Copper
5 2%4711 5
712 8
rConn fly & Ltgcom_ 100 69
7012 Madison Gas es 1926-A-0 0912 106 British Col Copper
100 22
30'
ePreferred
100 70
75 Newark Gas 6s 1944 _Q-.4 4124 123 . Butte Coalition Mining 15 *2414 25
allot
100 2(10 215.
zansvtlc
Am
sC
uS
com_100 ii6
3 U
1. 60
100 ---Grand Rapids Ry
_ Newark Cousol Gas 100 go
87 Casein Co of
y corn_ _100 25' _....
pe
r
100
yred
e Con g 58 1948_ -_ _A
J0 :49
.1)
100 -- -- 80
Preferred _
312 105
08
ePreferred _-_-___100 89
Casualty Co of Amer-100
01
130
e Loulsv St 58 1030 J&J 4104 10512 No Hudson L H dc PowU SSteel CorporationCelluloid Co
100 120 125
5
Lynn & Bos 1st 5s '24 J-I) 199 101
Col tr 5 1 53 '51 opt '11 5100 110
15
8
Cent Fireworks com 100
1114 e 0 ec Ind C Nat&I11_100
e New Orl Rys & Lgt_100 11
Col tr s f 55 '51 not opt 410914 11014
55
Preferred
J-D
100 50
1st es 1926
100 2634 30
10
e Preferred
U S 'tit Gu & Indem_1(M 60
Central Foundry
80
100
112 2
_
Gen Mg 43-5s '35 See S tk Ex list Pat & Pas Gasec Elee_100 70
Copper Co-See Stk Eke list.
s
1949_81
elitah
0
7
Preferred
55
g•
100
Con
Ch
e
See
101
Street
leago
list
499
Chic
North
Waterbury Co, corn,.11)0
go
53
Deb 63 1919 op '01 M-N
aO
Pub Set's/ Corp of N J.100 75, s5, St Joseph GAS Is 1937-J-J 580
Psrtecfrire
Iv,,
y fe
hltid
ea
ug
r0R
ry
ub
te
es
100
hn
Ce
c
-Tr ctfs 2% to 6 %peaet 69, 70
e r & Bronx 11010
rted
s
Electric Companies
t
Co-100 14077013 18112
Coll 5s g notes '09_ -N 59512 96
4_I00 140 160
& Mtge Guar
Chicago Edison Co See CO I ea go list City Investing Co_. 100 4.5 -66
- North Jersey St By 100 2r,
0 95 ..6,57 _ 1,‘Vveessle03111,1cAei r
M-N 169 71 e Kings Co El L&PCo 100 115 120 eCiaflIn (H B), cotn- 00
1st 4s 1948
•
Brake _50 *915 -6§1-2
elst preferred
90
Narragan(Prov) El Co_50 *8612 90
• Cons Tract of N J-_100 ' 70
)0 Esc list
West El & Mfg Os-Bee St
100 00
e2(1 preferred
NY&C)El L &PowCo_109
50
J-D 4102 103
1st 5s 1933
14
*is
10
- - White Knob 511n
"75
log 50 70 Col & Hock Coaled p1100
Prefarred
- New'kPasRy 53 '30 J-J 410512 107
7,
*14
10
Is
Preferred
1917
g
J-J
1st
J-100
N
93
of
Elec
United
245
86
'235
50
Rapid Tran St Ry_100
C- ol tr 65 Oct 1956 _ _J-J
-tieJ-D 484
10112 Worthing. Pump pref.10(1 200 105
1st g 48 1049
1st 58 1921
A-0 4102
"a Per share
Buyer pays accrued Int a Ex-rights. e Sells on Stk. Lx.. but not very active. I New stock. n Nominal. s Sale price. x Ex-elly.
Volume ot Business at Stook Exctianges
Outside Securities
MAY 16 1908.1
12n
THE CHRONICLE
Putestment and
ailtoati Antelligentz.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly
or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and
the last two
columns the earnings for the period from 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.
Latest Gross Earninas.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Previous
Year.
year.
$
8
S
4
Ala Great Southern -See Sout hem n Rail way.
Ala N 0 & Tex Pac.
'
N 0 & N East.-r April
208,301 263,141 2,504,012 2,561,401
Ala & Vicksb_ --r April
112,954 137,548 1.312,778 1,303,193
Vicks Sh & Pac_r April
90,043 136,834 1,275,613 1,319,002
Ala Tenn & North_ _ March....
3,810
3,877
35,422
35,770
7,401,519 3,433,704 70,210,374 69,302,962
It Atch Top & S Fe March
Atlanta Blrm & Atl March
133,659 142,066 1,357,764 1,158,744
Atlantic Coast Line March
2,442,022 2,618,752 19,883,212 19,957,337
Baltimore & Ohio_ _ March
3,310,640 6,493,288 58,055,251 60,569,318
Bangor & Aroostook March ___
288,380 325,122 2,229,438 2,378,015
Bellefonte Central _ April
4,530
48,486
4,679
51,397
Boston & Maine- _ - r March
2,883,615
30,154,101
Bridgeton & Saco R March ____
3,323
3,733
35,514
40,258
PItts_r
1st wk May
Buff Roch &
02,345 188,645 7,365,785 7,079,296
_ March ____ 189,262 154,746 1,347,802 1,346,265
Buffalo & Susq_
Canadian Northern, 1st wit May 156,700 171400 7,839,800 5,830,800
_
Canadian Pacific_ _ 1st wk May 1,156,000 1,472,000 61,984,031 59,851,116
_ 1st wk May 181,900 214,1110 10,006,843 10,555,216
central,of
GeorgiaJersey _ March.-.. 1,700,611 2,075,932 20,371,130 10,490,568
Central'of N
Chattanooga South_ 2d wk Apr
1,333
129,079
4,053
88,107
Chesapeake lc Ohio_ March ____ 1,045,031 2,259,793 20,383,365 18,755 620
Chesterfield & Lane March ____
7,100
6,503
39,133
50,767
Chic & Alton BY- -r March ____ 1,053,072 1,012,407 0,445,662 9,602,056
Chic Burl & Oulncyr March ____ 6,255,194
60,750,238
Chic Great West-r 1st wit MaN
144,535 150,706 6,956,535 7,663,471
Chic Ind & ,Loulsv 1St wit May
88,637 123,054 4,438,551 5,077,146
Chic Ind & Southern -See New York Cen tral.
Chic Milw & St Paul March ____ 4,777,616 5,035,811 44,189,591 45,746,305
Chic '& North West_ March ....„ 4,035,619 5,706,105 49,544,408 51,720,815
Chic St P M & 0--r March.... 1,042,033 1,147,278 10,007,708 10,894,367
Chic Term Tran RR 1st witApr
31,499
32,348 1,305,028 1,285,325
March....- 552.606
Cin Ham & Dayt_ _r March___
6,246,699
hem Rail way.
Gin N 0 & Texas P _see
Cincinnati Northern -See New York Cen tral.
Clay Cin Chic & St L -Sec New York Cen tral.
COlorado Midland-C March..... 142,708 186,088 1,727,038 1,859,339
h Col & South sys. 1st wit May 240,020 265,747 12,477,890 11,352,713
24,029
28,384
Col Newb & Laur-_ February__
205,533
210,600
February-54,016
60,002
Copper .Range
556,150
528,566
March
-4.46(1
Cornwall
20,354
102,220
163,940
-- _
18,832
Cornwall & Lebanon February
38.015
222,491
320,379
March -__ 235,415 203,444 1,510,627 1,360,889
Cuba Railroad
!Delaware & Mud._ March -___ 1,512,865 1,571,844 15,156,408 13,423,532
Del Lack & West_ _r March.... 2,414,135
25,359,669
Denver & Rio Cr.-r 1st wk May 318,300 411,600 17,628,571 17,574,284
Detroit de Mackinac 1st wit May
22,000
25,473 1,018,070 1,100,354
01Iet Tol & Iront Sys lit wk May
57,533
85,748 3,414,007 3,646,743
Dul & Iron Rangc-r"February _
89,215
'
5,290,062
Dui So Sh de Atl-_ _r 1st wk May
48,218
67,719 2,604,708 2,690,669
March ____ 3,788,160 4,560,961 38,179,385 39,462,811
Erie
Evansville & Ter H r--See Rock Island S ystem.
Fairchild & N E'n
March ____
1,609
1,649
14,196
13,728
Fonda Johns & Glov March ____
48,782
58,724
582,561
578,843
Georgia Railroad
March _ __
264.053 285,256 2,324,236 2,349,239
Georgia South & Fla -See SZut horn Rail way.
.
Grand Trunk Syst_ _ 1st witMay 717,525 868,920 35,917,723 36,817,034
Cir TrUnk Vast_ 4th wk A;pr 131,420 164,940 5,100,328 5,040,379
Det Gr Hav &MB 4th wk Apr
37,126
40,688 1,465,605 1,520,264
Canada Atlantic_ 4th wk Apr
32,211
40,883 1,635,943 1,823,814
Great Northern Syst April
3,437,175 4,023,598 47,582,650 45,142,397
Gulf &.Ship Island.. 4th wk Apr
38,287
60,317 1,818,128 2,066,720
Hocking Valley_- March ____ 446,480 425,455 4,842,940 4,050,231
Illinois Central
April
3,884,587 4,741,286 46,050,242 46,865,634
Inter & Great North 1st wk May 112,000 138,000 6,000,9.82 7.661,380
a interoceanIc(Mex) 1st wk May 146,731 145,392 6,648,564 6,078,271
42,814
1st wk May
Iowa Central
56,760 2,593,138 2,698,361
Kanawha & Mich_ _ March... 141,198 174,219 1,590,504 1,712,614
Kansas City South_ March __ __ 708,896 787,411 7,053,835 6,631,213
Lake Erie & West'n -See New York Cen tral.
Lake Shore do M Sou -Sec New York Ceti tral.
,
March ____ 2,315,804 2,976,315 28,557,849 26,031,009
Lehigh
March ____
Lexington & East
34,921
55,480
393,658
416,586
March ____ Dec. 23, 909
Long Island
Inc. 201, 538
93,203
Louisiana & Arkan_ March.....
05,031
857,176
863,646
Louisv & Nashv-r 1st Wit May 736,120 004,717 38,684,571 40,739,020
10,473
Macon de 131rMing'M April
11,260
126,841
147,052
870,592
Maine Central...-r March ____
6 575„376
April
6,459
Manistique
5,132
40,954
83,728
March ____
Maryland dc Penn
28,047
28,682
286,664
.263,412
March ____ 3,000,548 2,048,268 27,378,053 22,575,135
a Mexican Central
Mexican Internat. 1st wit May 140,074 182,088 7,138,519 7,094,876
a Mexican Railway_ 3d wk Apr 161,000 135,500 6,513,200 6,099,700
Mexlean Southern 3d wk Apr
22,684
25,479 1,058,088 1,042,564
Michigan Central
-See New York Cen tral.
Ediand
_ April
61,373
87,691
916,277
048,573
ineral Range14,784
iSt wit May
15,638
685,945
6'61,595
i nneap dc St L___r lst wk May
57,236
70,902 3,325,275 3,266,342
Minn St P & S S M. 1st wk May 186,300 274,084 10.070,510 10,621,475
Mo ,Kansas & Texas March __-_ 1,785,691 2,166,377 18,647,453 19,772,083
Mo Pac & Iron Mt-o 1st wk May 631,000 786,000 37,732,188 39,850,254
Central Branch_o lat wk May
22,000
24,000 1,331,000 1,411,000
Total system
1St wk May 653,000 810,000 30,083,188 11;270,254
b Mobile Jack & K C Wic'May 2_
21,615
31,433 1,266,495 1,288,379
Nashv Chatt & St
March___ 924,825 1,139,018 8,411,610 8,871,888
a Nat UR of Mexico 1st wit May 279,841 328,845 13,561.854 13,214,396
Hidalgo .dc N E._ 1st wk May
16,404
19,843
841,330
845,621
Ne,da-Cal-Orevon lit wk Mae
6,233
6.442
289.970
222,564
-.
Latest Gress Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Dale.
Current
Prevtous
!ear.
Year
S
$
5
$
NYC & Mud River March ____ 7,116,622 1,814,163 71,236,816 70,990,311
Lake Shore & ME March ____ 3,289,941 3,700,694 32,521,300 32,306,418
Lake Erie & West March ____ 355,186 405,399 3,653,907 3,879,500
Chic Ind & South March ____
206,847 271,455 2,260,043 1,920,423
Michigan Central. March ____ 2,061,381 2,350,704 20,537,036 20,374,961
Cleve C C & St L_ March..._ 1,911,070 2,014,521 19,514,679 18,806,965
Peoria dc Eastern March ____
210,035 231,870 2,242,758 2,296,700
Cinicn North-. March ____
71,546
76,586' 703,094
774,625
Pitts & Lake Erie March ____
779,812 1,077,047 0,874,868 10,625,848
Rutland
March ____
208,995 .221,901 2,233,500 2,123,178
N Y Chic & St L. March ____ 889,840 038,585 7,716,497 7,599,505
Total all fines__ March.... 17181078 19123026 172396998 171759436
Nevada Central____ March ____
4,833
56,672
6,540
57,761
N Y Ont & Western March ____ 807,402 646,418 6,023,100 6,073,542
NY N H & Hart_ _r March ____ 3,874,618
40,410,628
NY Susq & West__ March ____
249,890 274,933 2,503,709 2,276,395
Norfolk & Western.. March ____ 2,059,373 2,777,454 22,808,735 22,861,176
Northern Central__ March ____ 893.910 1,011,010 9,584,779 9,178,379
Northern Pacific__ April
5,098,666 6,268,326 58,794,287 55,861,628
Pacific Coast Co____ March
453,811 837,856 5,640,430 5,383,889
Pennsylvania Co_ _r March
2,930,174
34,348,302
(I Penn-East P & E March ____ 10097 169 13166 969 117046 882 115616 582
0 West of P & E. March ____ Dec.1,36 0,200
Dec.1,118, 300
Pere Marquette_r March ____ 1,142,174
'
10,590,957
PhIla halt & Wash_ March ____ 1,285,807 1,362,707 12,755,001 12,281,201
Pitts Cin Chic & StL March ____ 2,158,353 2,677,288 22,361,902 22,007,647
Pitts & Lake Erie -See New York Cen tral.
Haleigh&Southport. March ____
11,602
10,624
91,650
72,904
'Reading Company_ March ____ 3,068,834 3,701,401 32,155,521 31,543,579
Coal & Iron Co__ March ____ 1,603,782 2,562,234 28,407,863 27,889,082
Total both cos... March..... 4,672,416 6263,635 60,563,384 50,432,862
,RIch Fred de Potom February__ 148,575 149,609 1,276,710 1,195,138
,Illo Grande June... February _
561,598
41,391
58,485
569,629
:Rio Grande South__ 1st wit May
9,777
515,077
9,642
516,522
'Rock island System March ____ 4,004,292 5,270,690 45,950,184 44,644,148
. e St L & San Fran March ____ 3,874,887 4,394,521 37,264,843 36,926,494
f E'vansv & Ter H March ____
187,966 175,761 1,728,436 1,726,684
Total of all lines_ March...... 8,967,146 9,840,972 84,943.465 83.297,326
,Rutland
-See New York Cen tral.
St Joseph & Gr 1st
March ____
139,512 142,409 1,242,037 1,302,857
St Louis & San Fran -See Rock Island S ystem.
!tit Louis Southw_-r 1st wk May 154,629 187,683 8,375,987 8,772.502
Seaboard Air Liue
February__ 1,289,293 1,393,685 10,564,334 10,500,501
Sierra By
March
29,779
24,566
Southern Indiana_ April
99,122 125,092 1,594,984 1,315,819
c Southern Pac Co__ March
9,450,949 10259 544 96,350,537 93,306,970
Southern Rallway_r 1st wk May 865,311 1,0:9,209 46,204,337 48,311,980
Mobile & Ohio__ r 1st wk May 132,627 173,162 8,387,274 0,039,471
Cm n N 0 & T P__r 1st wk May 134,154 168,853 6,813,061 8,960,523
Ala Great South r 1st wk May
50,167
67,515 3,050,557 3,336,419
Georgia Sou & Fla 1st wk May
33,007
43,294 1,922,165 1,939,147
Texas Central
33,033
38,150
4th wk Apr
917,977 1,052,957
Texas & Pacific
lit wk May 212,147 289,174 12,833,071 14,387,417
Tidewater & West.. March ____
6,748
68,867
8,513
66,144
Toledo & Ohlo Cent %larch _ __ 338,394 341.998 -3,415.133 5.g588,
664
Toledo Peor & West 1st wk May
21,0051,050,644 1,076,354
13.110
Toled6 St L & West lit wk May
54,346
87053 3,331,150 3,522,785
TombIghee Valley
48,420
March ___
•5,408
45,438
6,508
Tor Ham dc Buffalo April
606,828
67,845
724,661
80,578
Union Pacific Syst_ March
5,345,264 6,200,050 58,094,596 56,272,577
Vandalia
March
748,278
7,251;933
Virginia &So West_ April
69,822
96,947
867,081
890,789
Wabash
1st wk May 406,306 516,788 22,182,403 23,174,371
Western Marlyand_ February . 350,908 407,049 3,988,263 3,527,239
x‘.' Jar & Seashore.. March...
March___ 364,310 398,810 4,366,370 4,009,970
Wheel & Lake Erie_ tat wk
82,078 128,399 4,663,773 5,051,217
Wisconsin Central.r March
591,300
5,676,374
Wrightsv & Tenn__ March....
28,892
220,650
31,671
225,114
Yazoo & Miss Val__ April
720,460 768,386 8,432,819 8,061,839
Various Fiscal Years.
Previous
Year.
April 30
18,101
19,403
Mch 31 4,327,677 4,217,383
18,424
17,148
Apr 30
April 21 2,512.'700 2,485,000
417,811
397,441
A
21
Mch 31 19,708,654 21,788,770
Mch 31 9,157.364 10,429,137
Mch 31 1,022,006 1,102,070
Mch 31
755,062
733,958
.Itch 31 5,823,911 6,718,518
Mch '31 5,506,849 5.664,572
608,978
Mch 31
674,335
222,660
Mch 31
177,703
Mch 31 2,012,516 3,11(1,511
Mch 31
581,911
593,839
Mch 31 2,471,849 2,583,297
Mch 31 47,981,980 53,817,315
Mch 31 2,559,725 2,907,725
Mch 31 31,375,441 37,203,541
Mch 31 Dec. 4,30 9.400
Mch 31 3,599,863 3,775,563
Mch 31 8,005,860 7,589,622
198,088
.173,025
Feb 29
May 7 4,555,146 6,076,297
924.964
Meh 31
951.064
Period.
Bellefonte Central
Jan
Delaware & Hudson
Jan
Manistique
Jan
Mexican Railway
Jan
Mexican Southern
Jan
New York Central
Jan
Lake Shore & Mich Southern_ Jan
Lake Erie & Western
Jan
Chicago Indiana & Southern_ Jan
Michigan Central
Jan
Cleve Chi Chic & St Louis
Jan
Peoria & Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Eric
Jan
Rutland
Jan
NeW York Chicago & St Louts Jan
Total all lines
Jan
Northern Central
Jan
d Penn-East of Pitts & Erie... Jan
a West of Pittsburgh & Erie .fan
Phila Balto & Washington
Jan
Pitts Cln Chic & St Louls..___.: Jan
Rio Grande Junction
Dec
Texas & Pacific
Jan
West Jersey & Seashore
Tan
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
I
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
Current
Year.
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
(45
(44
(43
(40
(47
(42
(42
(44
(45
(40
Cuent Year Prev's Year Inc. or Dec.
Monthly Summaries.
Client Year Prev's Year Inc. or Doe.
roads)--9,770,696 10,368,758
--598,062 5.77 Month July 1907 (116 roads). 187,089.790 163,685,258 +23,384,132 14.28
roads)....
8,274,167 .I),410,790 -1,196.823 12.03
Month Aug 1907 (121 roads). 197,288033 175,726,323 +21,561,710 12.27
roads)---8,501,487 9,754,748 -1.253,261 12.85
Month Sept 1007 1118 roads). 192 548,022 175 505 039 +17.042.983 9.71
roads)--- 8,554,087 9,649,584 -1,094,597 11.34
Month Oat 1907 (120 roads). 213,697,727 196,843,678 +18,854,049 8.56
roads).... 12,637,773 14,846,617 --2,208,844 14.88
Month Nov 1907 (120 roads). 189,988,564 184,197,391 +5,791 173 3.14
roads)- - _
9,469,719 --1.240,555 13,10
8,229,164
Month Dec 1907 (123 roads). 174,422,451 184,893,819 -11,471,350 6.20
roads)---8,138,475 9,870,161 -1,731,686 17.54
Month Jan 1908 (122 roads). 151.758,408 172,283,006 -21,524,600 12.49
roads)---8,247,282 10,067,732 -1.820,470 18.08
Month Feb 1908 (123 roads).. 141,256,208 180,150,810 -18,894,404 11.79
roads)-- 10,827,078 14,207,506 -3,380,428 23.70
Month Mch 1908( 55 roads). 54,549,532 63,700,200 -0,150,688 14.38
roads) _
7,743.890 9,777,330
20.80
Month Apr tons ( 53 roads). 46.398.330 57,884,380 -11.486,050 19.85
a Mexican currency. b Includes earnings of Gulf & Chicago Division. c Includes the Houston & Texas
Central and Its subsidiary Baas In bath
years. d Covers lines directly operated. o Includes the Chicago dc Eastern Illinois in both years.
I Includes Evansville A Indiana RR. 3 Inolndes
earnings of Col. Is South.. Ft. Worth Is Denver City and all affiliated lines, excepting Trinity & Brazes
Valley RR. k Inoludes In both reersosralnis
at Denver gold & Gulf RR.. Pecos Valley System and Santa Fe Prescott Is Phoenix Ry. 1 These 11Tures
o Figures here are on tho old basis of accounting-not the new or Inter State Commerce Commission do not Include recelpts from sale of coal_
basis prescribed by the Inter-State Commerce Commission. s Decrease due to stisnensine of nosiness sincemethod. r These figures are on the new
Aorll 16 on account of washout_
44th
1st
2d
3d
4th
1st
2d
3d
4th
1st,
week
week
week
week
week
week
week
week
week
week
Feb
Mch
Mch
Mch
Bich
Apr
Apr
Apr
Apr
May
-2,033,031
Latest Gross Earnings by Weeks.-In the table which
'follows we sum up separately the earnings for the first week
'of May. The table covers 40 roads and shows 20.80%
decrease in the aggregate over the same week last year
First week of May.
1908.
1907.
50,167
Alabama Great Southern
92,345
Buffalo Rochester & Pittsburgh
156,700
•Canadian Northern
,1,156,000
Canadian Pacific
161,900
,Central of Georgia
144,535
Chicago Great Western
88,637
&
Louisville
Ind
Chicago
134,154
Clnc New On & Texa Pacific
240,020
'Colorado & Southern
318,300
Denver & Rio Grande
22,000
Detroit & Mackinac
57,533
Detroit Toledo & Ironton
48,218
Duluth South Shore de Atlantic_
33,007
Georgia Southern dc Florida__ _
1
'Grand Trunk of Canada
866,920
717,525
Grand Trunk Western
Det Grand Haven & Milw
Canada Atlantic
138,000
112,000
Internat'l & Great Northern___
145,392
146,731
Interoceanic of Mexico
56,760
42,614
Iowa Central
904,717
736,120
Louisville & Nashville
182,088
140,074
Mexican International
15,638
14,784
Mineral Range
70,902
57,236
Minneapolis & St Louis
274,084
186,300
Minneapolis St Paul & S S M_ _
786,000
631,000
Missouri Pacific & Iron Mtn
24,000
22,000
Central Branch
173,162
132,627
Mobile & Ohio
328,845
279,841
National RR of Mexico
19,643
16,494
Hidalgo & Northeastern
8,442
6,233
Nevada-California-Oregon _ _
9,642
9,777
Rio Grande Southern
187,683
154,629
St Louis Southwestern
865,311 1,089,269
Southern Railway
289,174
212,147
Texas & Pacific
21,095
13,110
Toledo Peoria & Western
87,053
54,346
Toledo St Louis & Western_ __ _
406,306
516,768
Wabash
82,978
128,399
Wheeling & Lake Erie
7,743,699 9,777,330
-Gross Earnings- -Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
Roads.
715,761
p59,733
321,542
284,465
'rol St Louis & West_aMch
p489,685 1)341,275
3,036,349 3,100,342
July 1 to Mch 31
Increase. Decrease.
$
67,515
188,645
171,400
1,472,000
214,100
150,706
123,054
168,653
265,747
411,600
25,473
85,748
67,719
43,294
Total (40 roads)
Net decrease (20.80%)
Ulster & Delaware_ bJan 1 to Mch 31
July 1 to Mch 31
135,248
654,520
def11,522
124,771
3,202
165,921
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
new classifi
c Figures revised for previous year so as to accord with the e Commerce
cation of earnings and expenses now required by the Inter-Stat
Commission.
was $883,
p For March miscellaneous charges and credits to Income
$57,032
against $614 in 1907, and for period from July 1 to March 31 Was
in 1908, against $25,641 in 1907.
149,395
-Int., Rentals, &c.- -Bal. of Net E'ngs.Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
417
1,039
303
257
Apr
2,801
20
1,212
1,028
Interest Charges and Surplus.-The following roads, in
addition to their gross and net earnings given in the foregoing,
also report charges for interest, Sm., with the surplus above
or deficit below these charges.
26,000
1,339
14,146
168,597
42,014
854
13,666
87,784
155,000
2,000
40,535
49,004
3,149
209
135
33,054
223,958
77,027
7,985
32,707
110,462
45,421
1,474 2,035,105
9,033,631
1907. ' Increase. Decrease.
$
$
$
$
30,338 3,293,213
Previously reported (39 roads).. 10,584,358 13,847,233
Ala New On & Texas Pacific20,840
98,141
77,301
New Or! & Northeastern_ __ _
15,504
54,548
38,954
Alabama de Vicksburg
50,834
16,791
34,043
Vicks Shrev de Pacific
58,283
11,061
47,222
Georgia Southern & Florida
60,317
22,050
38,267
Gulf & Ship Island
38,150
31,217
6,933
Texas Central
-------------- --30,338 3,410,766
10,827,078 14,207,506
Total (45 roads)
3,380,428
Net decrease (23.79%)
1908.
Net Earnings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of April 25 1908. The
next will appear in the issue of May 23.
-Gross Earnings- --Net Earnings-Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
$
b
$
Reads.
2,311
1,843
3,877
3,810
Mch
Ala Tenn & Nor
33,770
20,517
17,713
34,422
July 1 to Mch 31
720
1,296
4,679
4,530
_b__Apr
Central
Bellefonte
19,403
4,013
1,048
18,101
Jan 1 to Apr 30
Boston SG Albany-b
283,641
2.369,692 2,685,301 def201,639
Jan 1 to Mch 31
530,588 1,381,027
8,911,695 8,970,602
July 1 to Mch 31
206,846
190,085
486,149
511,378
Cum!) Tel & Tel Co_ b_ Apr
748,459
852,047
2,049,257 1,926,700
Jan 1 to Apr 30
Del Lack SS Western -Leased Lines in New York State-b
2,757,979 3,032,101 1,258,245 1,608,133
Jan 1 to Mch 31
9,965,132 9,595,332 4,923,113 5,205,118
July 1 to Mch 31
Syracuse Binghamton & N Y-b
67,108
142,336
322,666
201,285
Jan 1 to Mch 31
334,744
412,082
733,527 1,093,267
July 1 to Mch 31
&
Pltts-b
Dunkirk Alleg Val
def10,082
10,868
62,346
51,048
Jan 1 to Mch 31
22,164
223,787 def13,185
202,148
July 1 to Mch 31
33,496
673,422
524,990
Internat & Gt North_b_Mch
394,222
5,395.982 6,845.380
July 1 to Mch 31
Lake Shore & Michigan Southern-b
9,157,364 10,429,138 2,501,948 2,709,773
Jan 1 to Mch 31
32,521,301 32,366,420 7,640,696 8,382,368
July 1 to Mch 31
Little Falls & Dolgeville-b
4,873
3,327
13,226
12,100
Jan 1 to Mch 31
17,623
17,545
45,314
49,186
July 1 to Mch 31
2,718
deft
,055
5,132
6,459
Apr
Manistlque-b
2,618
def2,195
18,424
17,148
Jan 1 to Apr 30
New Jersey & New York-b
12,073 def15,282
100,949
124,607
Jan 1 to Mch 31
73,521
14,732
353,918
453,081
July 1 to Mch 31
New London Northern-b
215,039 def18,413 def42,078
194,205
Jan 1 to Mch 31
4,882
782,907
29,957
745,738
July 1 to Mch 31
53,894
108,898
637,856
453,811
Mch
Pacific Coast
873,806 1,102,588
5,640,436 5,383,889
July 1 to Mch 31
Raquette Lake-b
7,814
2,218
8,439
16,574
Jan 1 to Mch 31
3,859
8,928
37,098
34,830
July 1 to Mch 31
Rutland RR-b
102,571
155,516
593,839
561,911
Jan 1 to Mch 31
560,442
577,685
2,233,500 2,125,180
' July 1 to Mch 31
65,236
58,172
142,409
139,512
St Joseph & Gr Isl_b___Mch
499,923
530,017
1,242,037 1,302,857
July 1 to Mch 31
25,376
16,046
97,964
104,424
--Mch
b_
&
West_
Peoria
Tol
434
10,198
96,445
81,451
April
181,874
225,581
1.937,536 1,055,262
. July 1 to Apr 30
134,731
880,946
17,340
96,308
14,700
316,000
52,200
6,171
34,417
34,490
25,727
93,300
3,473
28,215
19,501
10,287
fooFor the fourth week of April our final statement covers
45 roads and shows 23.79% decrease in the aggregate over
the same week last year.
Fourth week of April.
woom.
THE CHRONICLE •
1218
Roads.
Bellefonte Central
Jan 1 to Apr 30
Boston & Albany885,330xdef936,896zdef505,445
839,491
Jan 1 to Mch 31
2.436,340 2,695,002zdf1581,375zdf1033,488
July 1 to Mch 31
151,772
169,264
38,313
37,582
Apr
Cumb Tel & Tel Co
584,162
700,520
164,297
151,527
Jan 1 to Apr 30
New
In
State
York
ed
Lines
Western-Leas
&
Lack
Del
093,367
614,766 z651,627
601,063
Jan 1 to Mch 31
1,709,110 1,848,220 x3,128,624 3,356,898
July 1 to Mch 31
Syracuse Binghamton & New York113,061
24,125
29,275 z101,093
Jan 1 to Mch 31
307,238
x481,100
104,844
72,068
July 1 to Mch 31
Pitts
Val
&
Allegheny
Dunkirk
z7,442
3,546 zdef13,485
3,546
Jan 1 to Mch 31
9,990
10,013 zdef12,138 z12,513
July 1 to Mch 31
Lake Shore & Michigan Southern2,310,001 2,066,666 z1,166,947 z1,618,107
Jan 1 to Mch 31
6,847,051 6,172,136 z5,535,065 x5,688,737
July 1 to Mch 31
Little Falls dc DolgevIlle1,002
1 ,875
z3,545
2,325
Jan 1 to Mch 31
10,120
z10,657
7,533
7,425
July 1 to Mch 31
New Jersey do New York15,496 zdef35,699 zdef29,128
48,254
Jan 1 to Mch 31
46,488 zdef75,177 xdcf26,236
151,660
July 1 to Mch 31
New London & Northern50,088 zdef62,922 xdef86,628
50,988
Jan 1 to Mch 31
176,644zde1151,328xdef128,777
177,621
July 1 to Mch 31
Rutland RR183,259 xdef68,468 xdcf15,709
182,424
Jan 1 to Mch 31
z06,540
z36,497
548,344
560,475
July 1 to Mch 31
Raquette Lakedef1,359
z4,728
3,824
3,312
Jan 1 to Mch 31
11,493 zdef6,786 zdef1,812
11,352
July 1 to Mch 31
36,506
44,369
21,666
Mch
20,867
St Joseph & Gr Is!
344,588
311,344
185,429
188,579
July 1 to Mch 31
def8,430
zdef2,619
24,476
28,529
Toledo Peoria & Western Mch
24,166 zdef22,525 def13,968
23,959
April
241,762 zdef18,774 def16,181
238,739
July 1 to Apr 30
Ulster & Delaware41,500 zdef60 ,325 zdef37,283
49,753
Jan 1 to Mch 31
z44,029
124,500 xdef27,706
160,286
July 1 to Mch 31
x After allowing for other income received.
STREET RAILWAYS AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Jan. 1 to West date.
Previous
Current Previous Current
Year.
Year.
Year.
Year.
-----$
$
823,892
853,915
214,239 223,082
275,310
278,249
95,773 102,416
33,668 36,143
43,799
42,308
20,229
21,364
522,000
177,003
12,928
11,680
5,485
6,341
38,888
35,661
15,927
18,024
156,151
160,972
56,903
52,704
181,297
163,997
61.497 56,135
270,056
285,790
69,502 72,721
54,146
52,072
18,585
19,966
52,811
49,558
49,558
52,811
59,276
52,274
25,621
28,844
165,396
173,801
84,185 78,072
,410
2,150
2,129,939
121,428
116,851
258,821
278,462,
15,305
15,775
651,385
640,386
148,794 162,234
73,602
90,665
43,863 36,559
298,235
267,018
07,760 92,500
155,330
144,356
74,715 68,715
68,825 71,853
690,859
627,691
37,407 32,49(.
American Rys Co.._ _ _ April
cAur Elgin & Chic By March _ Bangor By & El Co_ April
Binghamton By
February_
Birm By Lt de Power March _
- _
Brockton & Ply St By February
_
Cape Breton ElecCo February _
Central Penn Tract _ _ March
Charl Con By Gas&EI March __ - ((Chicago & Oak Park April
Cleve Painesv dc East March
Cleve Southw & Col January
Columbus Electric Co February _
Dallas Electric Co_ _ _ February (Detroit United Ry_ _ 1st wk May
Its wk May
Duluth Street Ry
East St Louis & Sub_ April
February
El Paso Electric
Ft Wayne de Wabash
Valley Traction Co March _
- _
Galv-Hous Elec Co_ _ February
Grand Rapids Ry Co_ April
Havana Electric Ry_ Wk May 10
Honolulu Rapid Tran
March _
& Land Co
- _
Houghton Co St Ry_ _ February
March _ _
Illinois Traction Co
Jacksonville Elec Co_ February Kans City Ry& Light March ___ _
Knoxville Fly & Lt Co March _
December
Lake Shore Electric
Lex & Inter Rys Co_ _ March _
Little Rock Ry&EICo March -_ - Memnhis Street By.._ March _
Met West Side Elev_ _ April
Milw Elec Ry & Lt Co March _ _ _ _
Milw Lt Ht & Trac Co March _ _ _ _
Montreal Street Ay_ _ Wk May 9
Nashville BY & LIght February...
NJ &HRRy&FiCo April
North Ohio Trac & Lt March _ _ _ North Texas Elec Co.. February Nor! & Portsm Tr Co March __ _
No Westchester Lt Co March _ _
Northwestern Elev_ _ April
March __- Oklahoma City By
Peekskill Light & RR March
_Pensacola Electric Co February
__
Portland By Lt&P Co March
_- _
Puget Sound Elec By February
Rio de Janeiro Tram
Light & Power_ __ _ March
St Joseph (Mo) By Lt
Heat & Power Co_ _ April
Sao Paulo Tr Lt.& P_ March ____
30,663
17.335
318,338
31,378
488,741
46,521
88,478
46,735
56,552
128,857
219,956
304,899
54,469
66,867
119,838
39,349
129,659
71,311
138,791
9,413
155,354
19,556
11,688
15,378
336,152
117,501
90,579
88,992
30,909
36,013
15.205
31,149
950,786
286,158
827.599
64.238
30,006
61.733
478,464 1,449,180 1,380,994
128,017
48,669
133,862
938,161
66,675
866,970
128,709
41,738
116,719
163,509
50,100
195,916
360,263
868,253
234,412
923,312
305,410
906,965
887,681
54,205
158,485
156,279
65,03(
243,673
109,498
232,443
34,141
131,961
110,002
133,834
375,883
375,085
67,292
142,244
145,513
161,339
941,916
415,452
29,417
534,877
135,201
613,867
47,924
19,012
53,485
35,487
11,891
36,095
34,677
17,369
33,534
836,445
299,630 1,009,263
213,291
105,775
240,479
570,665
64,609 63,057
199,299 183,713
1,638,085
268,264
.577,719
261,287
530,525
MAY 16 1908
THE CHRONICLE
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
8.
43,718
Savannah Electric Co February _
Seattle Electric Co_ _ _ February _ 346,127
176,828
South Side Elevated_ April
11,366
Sou Wisconsin Ry Co March _ _ _ _
67,666
Spr'gfield Ry&Lt Co_ April
103,710
Syracues Rap Tr By. April
48,568
Tampa Electric Co__ February _
Toledo Rys & Light.. March _ _ _ _ 201,129
63,008
Toronto Railway_ _ Wk May 9
Twin City Ray Tram. 1st wk May 114,990
Underground Elec Ry
of London, three
March _ _ _ _ 152,477
tubes only
United RR of San Fr_ February . 8495,246
United Rys of St L.._ March _ _ _ _ 858,908
27,569
Whatcom Co By & Lt February _
Jan. 1 to latest date.
Current
Year.
Previous
Year.
43,947
89 389
90,030
288,165
580,981
710,330
154,728
587,846
686,302
11,786
34,176
33,775
64,044
98,054
387,691
408,923
38,693
82,687
93,861
213,766
634,657
625,967
59,837
108,897 2,007,820 1,924,789
k 227 946 1156,658 k 1113,856
509,504
995,016 1,047,498
903,145 2,461,761 2,494,162
25,707
54,770
60,106
c These figures are for consolidated company. d These are results for
main line. f No earnings for Detroit Jackson & Chicago Ry. for Jan. 1907
Included in these figures. h Decrease due to strike and boycott. k Docs
not include the Charing Cross Euston & Hampstead Ry. for last year.
Street Railway Net Earnings.-The following table gives
the 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 g.ven
once a month in these columns, and the latest statement of
this kind will be found in the issue of May 2 1908. • The
next will appear in the issue of May 30 1908.
--Gross Earnings- -Net Earnings-Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
Roads
$
$
33,668
36,143
18,865
Bangor Railway & El Co Apr
17,274
Binghamton By Co-b
64,876
64,902
24,320
Jan 1 to Mch 31
22,952
Apr
148,794
162,234
East St I, & Sub
67,835
63,589
651,385
Jan 1 to Apr 30
640,386
383,514
317,462
International Ry Co (Buffalo) b987,631
Jan 1 to Mch 31
996,998
327,368
330,485
July 1 to Mch 31
3,567,036 3,407,918 1,370,848 1,451,220
Crosstown St RyJan 1 to Mch 31
149,057
158,054
60,663
52,264
July 1 to Mch 31
503,980
200,026
494,782
223,315
Portland By Lt & P Co_Mch
336,152
299,630
162,786
109,785
Jan 1 to Mch 31
1,009,263
487,551
836,445
286,046
Rochester Syracuse & Eastern-b
Jan 1 to Mch 31
46,803
63,440
16,957
11,813
July 1 to Mch 31
204,190
80,291)
Springfield By dc Lt Co_ _Apr
67,666
64,044
32,324
29,549
Syracuse Lake Shore & No b
Jan 1 to Mch 31
17,844
18,372
def398
def884
July 1 to Mch 31
102,734
106,771
34,703
31,318
Syracuse Rap Trans Co_Apr
98,054
103,710
44,764
43,050
Jan 1 to Apr 31
159,377
387,691
170,434
408,923
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
--.•
-Int., Rentals,
Current
Previous
Year.
Year.
$
$
-Bal. of Net E'ngs.
Current
Previous
Year.
Year.
Roads.
Binghamton By CoJan 1 to Mch 31
x983
24,852
24,181
xdef538
International By Co (Buffalo)Jan 1 to Mch 31
282,430
248,858
z60,796
x96,797
July 1 to Mch 31
854,541
743,637
x575,797
x874,657
Crosstown St Ry CoJan 1 to Mch 31
49,013
46,074
z4,556
x15,905
July 1 to Mch 31
148,840
142,779
z55,051
x84,454
Rochester Syracuse & Eastern-43,137
Jan 1 to Mch 13
26,967 zdef 10,008 zdef14,760
122,644
July 1 to Mch 31
zdef709
Syracuse Lake Shore & No12,275
Jan 1 to Mch 31
1,078 zdef9,536 zdef1,950
36.857
July 1 to Mch 31
3,727
z13,862
x27,793
28,466
Syracuse Rap Tran Co..Apr
25,471
x16,601
z17,634
114,772
Jan 1 to Apr 30
100,376
x45,822
x70,277
x After allowing for other income received.
ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of April 25. The next will appear in that of May 30.
Philadelphia Baltimore & Washington Railroad.
(Report for Fiscal Year ending Dec. 31 1907.)
President James McCrea ,March 9 1908, says in substance:
1219
from real estate of $1,548,165, representing property used for railroad
purposes heretofore carried in the latter account.
New Stock and Bonds.-An allotment of stock was made at par to the
stockholders to the extent of 7% of their holdings, resulting in an increase
in the outstanding stock of $1,644,400. The proceeds were applied toward
the necessary improvements in progress on the system. For the same
purpose authority was given, at a special meeting held July 31 1907, for
an increase of $5,000,000 In the bonded debt, to be issued in such form
and at such times as the directors may prescribe. None of these bonds
have been issued.
Washington Terminal Co.-New Stock and Bonds.-The stockholders of
the Washington Terminal Co. on July 2 1907 approved an Increase in its
authorized capital stock from $2,500,000 to $5,000,000. Of this additional
stock three had been Issued to the end of 1907 $500,000, which was subscribed for in equal proportions by your company and the Baltimore & Ohio
RR. Co. as joint owners of the Washington Terminal property.
For the purpose of further providing for Its needs the Washington Terminal Co. sold $1,575,000 of its 5% 2-year gold notes, dated Aug. 1 1907.
These notes were secured by the deposit with a trustee of $2,000,000 of the
Washington Terminal Co.'s first mortgage 4% gold bonds, which have
been guaranteed jointly by your company and the Baltimore & Ohio RR.
Co. (See V. 85, p. 42; V. 84, p. 1368.)
Washington Terminal Opened.-The Washington Terminal station was
opened for traffic on Nov. 17, in pursuance of the provisions of an agreement dated Oct.24 1907 between your company, the Baltimore & Ohio
RR. Co., the Washington Terminal Co., the Southern Railway Co., the
Chesapeake & Ohio By. Co. and the Washington Southern By. Co., providing for the use of the Washington Terminal station and the facilities connected therewith.
The old station property at Sixth and B sts., Washington, having been
abandoned, your board authorized the execution of a deed conveying this
property to the United States of America, in conformity with the requirements of the Act of Congress approved Feb. 28 1903, and possession of the
property has been taken by the Government.
Subsidiary Companies.-The Delaware RR. shows a substantial increase
both In gross and net earnings, and after paying all fiexd charges and dividends aggregatifig 8%,It transferred $250,000 to Its extraordinary expenditure fund, to cover future betterments and improvements, and credited the
balance of Its Income, amounting to $56,300, to profit and loss account.
The Philadelphia & Baltimore Central RR. shows increased gross earnings, but a greater increase in expenses, so that there was a deficit of
$72,081 In meeting all charges.
The Philadelphia do Delaware County RR. shows a surplus of $3,446
after meeting all charges.
The Delaware Maryland & Virginia RR. shows a deficit of $41,851 in
meeting its liabilities.
The operation of the Columbia & Port Deposit By. was considerably
interfered with until about the middle of Sept. 1907 by the construction
of the McCall Ferry Power Co.'s dam on the Susquehanna River; but the
Railway Co. was properly compensated for the loss of traffic and revenue
resulting therefrom.
OPERATIONS AND FISCAL RESULTS.
Operations1905.
1904.
1906.
1907.
708
706
Miles operated
706
714
9,910,768
Passengers carried
12,412,399 11,595,975 10,498,721
Pass. carried 1 mlle
376,766,716 347,868,021 320,296,945 292,928,604
Rate per pass. per mile_ 1.929 cts.
2.018 cts.
2.017 cts.
2.015 eta.
Tons carried
15,855,905 13,756,835 12,734,681 11,285,178
Tons carried 1 mile
898,449,521 795,122,655 725,411,993 676,579,371
Rate per ton per mile
0.937 cts.
0.954 cts.
0.957 cts.
0.957 eta.
Earnings8,420,391
Freight traffic
7,589,061
6,474,532
6,944,007
7,294,499
Passenger traffic
5,903,947
8,465,005
7,015,959
882,763
Express traffic
695,501
613,459
653,352
Transportation of malls_
424,191
444,495
408,481
366,241
233,728
196,225
205,269
167,578
1 Miscellaneous
Total earnings
17,255,572
ExpensesMaInt. of way dc struc
2,234,184
Maint of equipment_ _ _ 3,100,547
Condue. transp., traffic_
291,236
Conduct. transp., oper
7,508,696
General expanses
321,567
15,941,241
14,676,204
13,525,757
1,897,423
2,585,102
290,320
6,550,905
276,237
1,710,094
2,378,798
262,490
6,193,651
257,899
1,525,054
2,036,378
249,397
5,921,093
258,049
Total expenses
13,456,231
Per cent of exp, to earn_
(77.98)
Taxes
498,564
Net earnings
3,300,777
Deduct net earns rentals
747,296
11,599,987
(72.77)
460,162
3,881,092
750,687
10,802,932
(73.61)
a285,659
3,587,613
a751,526
9,989,971
(73.86)
a262,411
3,273,375
a874,068
2,553,481
3,130,405
2,836,087
2,399,307
717,659
882,220
25,391
35,881
58,455
656,009
30,577
40,906
77,447
553,933
8,027
43,866
78,106
3,906,961
3,641,026
3,083,239
45,625
900,000
157,308
a49,948
900,000
a49,912
876,909
12,747
12,747
12,769
8,728
939,742
1,842,810
24,567
939,742
1,714,023
23,569
939,566
1,180,513
3,906,961
3,641,026
3,083,239
Balance
AddInterest on Investments_
Interest-general acct_
Interest on equipment_
Rents
Total net income_ _ _ _ 3,296,531
Application of Net Income41,781
Fixed rentals
Interest on bonds
900,000
Interest general sect
303,703
Interest on mortgages
and ground rents_ _ _ _
14,496
Payment of principal of
car trusts
17,526
Hire of equipment
33,845
Miscellaneous
13,829
Dividends, 4%
972,630
Extroardlnary expend
998,720
Total
3,296,531
a Items corresponding to these have been changed in 1906 and 1907; the
aggregate of the three items In each of the years 1914 and 1905 is, however,
correct.
GENERAL BALANCE SHEET DECEMBER 31.
1007.
1906.
1907.
1908.
$
Assets$
$
Liabilities$
40,650,135 36,806,422 Stock
Cost ot road
25.137.950 23.403.550
253,266 1,801,431 Funded debt
Real estate
20,000,000 20,000,000
4,928,157 4,566,563 Mtges. and ground
Equipment
Rev'd line through
284,623
rents
200,973
Washington__ _ _ 1,500,000 1,500,000 Pay-rolls & vouch_ 1,777,475 1,689,620
Stocks owned ____ 7,658,651 7,404,451 Int. accrued, not
567,319
' 209,900
Bonds owned_ _ _ _ _
606,319
matured
209,900
55,969
controlled
28,817 Due
Net traffic balance
comnanies
1,314,483 1,190,747
Due from other cos.
&c., other than
Accounts payable_ 6,081,505 5,263,826
traffic balances_ 1,054,241
586,543 Sint:frig fund
500,000
500,000
Due from agents__
556,723
609,891 Car trust principal
Materials on hand_ 914,087 1,252,490 charged off__ _ 82,989
55,326
Cash
678,821 Taxes await'g sea_
539,072
246,554
93,379
Sinking fund
500,000
500,000 Miscellaneous ___
64,463
16,069
Miscellaneous
39,072 Profit and bas..- - 3,658.882 3,514,255
28,029
General Results.-There was a continued increase In gross earnings, but
this was more than offset by the increase in operating expenses, due, mainly,
to a greater cost of labor and materials. After deducting rentals due roads
operated under lease, and providing for all fixed ch urges, taxes and other
11 bilities, there was a net Income of 81,988,876 out of which were paid two
dividends of 2% each; and after deducting $17,526 on account of the
principal of car trusts, there remained a balance of $998,720,whIch was
applied toward the extraordinary expenditures of the year.
Extraordinary Expenditure for the Year.-These aggregated $3,655,862,
chiefly as follows:
Total
59,205,649 56,380,820 Total
59,205,649 56,380,820
Right of way
$160,364
Wilmington, elevated railroad and Justison St. yard
378,846 Stocks and Bonds Owned Dec. 31-Total Par Value, 811,781,825-Value in
Wilmington, passenger station
BalanceSheet, $8,225,970.
108,852
Washington, Montana Ave. to Florida Ave., including coach yard
Par Value.
Par Value.
and interest on advances therefor •
877,647 B. & 0. RR.Co. pref. stk_ $1,000,000 Washington Ter. Co.stk_ _31,500,000
Washington, South approach to First St. tunnel
472,556
_
stock.Do
1,048,700
common
RR.
Chester
1st
M
Creek
Washington, 45i to 14th Sts., Virginia Ave. elevated and MaryBalt.Ch.& Ati.Ry.pref.stk_
328,650
6s, due 1933
185,000
land Ave. subway
336,520
Do common stock_ -__
250,000 Del. & Ches. By. 1st M. 4s
Washington, delivery yard at various points
276,294 Colum.& Pt.Dep.Ry.stock. 1,000,000
due
19127,000
Washington, 43i St. freight yard, including tracks and station_ _ _ _ 105,737 Del. Md. & Va. RR. stock
326,200 Junction & BreakwaterRR
Other improvements at Washington, D. C
131,344 Delaware RR. stock
mat.
Feb.
1
,
99
4s.
1,664,475
2d
M
250,000
Equipment-rebuilding 24 locomotives ($137,606); 27 additional
76,800 Phila. & Balt. Cent. RR.
Elk. & Middle. RR. stock
locomotives ($301,503), ece
520,735 Junction RR.stock
173,350
1st M. 434s, due loll__
100,000
After applying surplus income of $098,719 toward this expenditure, Phila. & B. C.RR. stoCk.._ 2,497,150 Worcester RR. Co. 1st M.
there remained a balance of $2,657,142, which was charged to capital Rosslyn Con. RR. stock _
4s, matured April 1 1896
100,000
399,500
account its follows: Cost of road, 32,295,548; cost of equipment. $361,594. Union RR. of Halt. stock_
8'75,000 1
In addition, cost of road was further Increased by the transfer thereto -V.85, p. 284.
• • •
West Jersey & Seashore RR.
(Report for Fiscal Year ending Dec. 311907.)
President James McCrea, under date of Mch. 23 1908, says:
General Results.-The operations of the system for the year show an increase In gross earnings of $448,620 and an increase In operating expenses
of $469,126. The number of passengers carried increased over 16% and
the tonnage mileage increased nearly 15%. The higher prices for materials and increased wages, however, added largely to operating expenses.
Improvements, &c,-Construction, equipment and real estate expenditures during the year aggregated $2,177,877 (net) which was charged
against capital account chiefly on account of the following Items:
$317,198
Electrification, power house, sub-station and apparatus
374,030
Camden improvements, &c
406,188
Freight line, Westville to Haddonfield. Jct
AtlanticCity, paving,relaying and grading of tracks on Atlantic Av.516,927
397,761
Equipment
In addition your company Paid $68,231 as Its proportion of the cost of
Camden joint terminal improvement, making Its total investment In this
terminal to Dec. 31 1907 $1,962,731.
It also became necessary during the past year, under the agreement
made by your company September 1004, to pay over to the municipal
authorities of Atlantic City the sum of $150,000 toward the cost of paving
Atlantic Ave.and to expend $360,927 In re-gradingand re-laying the trolley
tracks of your company on that avenue.
It will be recalled that in order to provide for a portion of the capital
expenditureel begun In 1905.and also to defray the cost of your proportion
of the Camden joint terminal Improvement, all aggregating about $9,300,000, Issues of your capital stock were made to the amount of $4,689,550 and of your consolidated mortgage bonds to the amount of $2,061,000. The further amount required for the outlay already made
has been temporarily advanced by the Pennsylvania RR. Co. The additional sum of about $1,000,000 will be required during 1908 to utilize
these improvements and provide additional station, track and yard
facilities Imperatively needed. In the meantime the increase of your
stock and bonds has largely added to your current charges, while the
expenses consequent upon the opening of the electric service to Atlantic
City,and the higher taxesjwages and cost of materials, have absorbed the
increase in the gross earnings.
Dividend Reduced. It will also be noted In this connection that the
disbursements for interest, sinking fund and dividends exceed those for
1906 by about $261,000, and that the taxes, which were abnormally increased in 1906, show a further increase of over $41,000 for the past year.
As against these Increased charges and expenses, your revenues had the
advantage during the past year of a more favorable allowance on traffic
Passing by the Delaware River Bridge route to and from your system.
But as that allowance embraced a full settlement of the questions connected with that traffic, no further benefit will accure therefrom.
With these facts before them the Board deemed it wise to make a reduction in the recent dividend; but, judging by past experience and the
business that is being developed through the electric service and Improved
facilities, It Is confidently hoped that these expenditures, which were
deemed necessary to adequately provide for protect, and further develop the Increasing traffic of your line, will produce in the near future
commensurate increases in your net revenues.
Agreement with Atlantic City & Shore Rte.-This company was by agreement granted trackage rights over your electric trolley line along Atlantic
Ave. Atlantic City, and thence to Longport; also the use of the steamboat
from that point to Ocean City, so as to aid in the development of the
lines'
Atlantic City, Longport and Ocean City territory. For these privileges
your company receives a axed rental and also shares in the increased revenues resulting from the growth of the territory. See V. 85, p. 158.
OPERATIONS AND FISCAL RESULTS.
1905.
1906.
1907.
331
358
363
Miles operated
1
$
$
Earnings2,900,488
3,326,524
3,514,291
Passengers
1,270,153
1,446,902
1,088,861
Freight
391,764
432,858
451,752
Miscellaneous
1904.
331
$
2,736,622
1,189,320
358,286
Total
Expenses:Maintenance of way and
structures
Maintenance of equipt
Conducting transport'n_
General
5,654,904
5,206,284
4,652,405
4,284,228
838,326
712,543
2,776,551
98,621
767,517
717,935
2,391,485
79,977
735,345
586,999
1,992,023
74,361
638,091
609,172
1,938,158
73,086
Total
Net earnings
Add miscellaneous
4,426,040
1,228,864
79,193
3,956,914
1,249,370
40,086
3,388,728
1,263,677
48,667
3,258,507
1,025,721
29,018
1,308,057
Total
Deduct394,291
Interest & hire of equipt
10,471
Rental
247,501
Taxes
(6)578,496
Dividend on common
Dividend on special guar.
6,240
stock (6%)
52,973
Sinking fund first consols
Payments account prin2,650
cipal of car trust__ _ _
Extraordinary expendit.
Added to extraordinary
expense fund
600
Miscellaneous
1,293,221
Total
14,836
Surplus
1,289,456
1,312,344
1,054,739
267,480
263,583
12,772
5.692
205,956
75,267
(6)475,704(534)341,883
274,834
13,942
77,501
(5)247,603
6,240
24,995
6,240
332,990
131,254
200,000
600
,
200,000
600
1,251,250
61,094
951,974
102,785
6,240
40,975
5,600
1,014,727
274,729
GENERAL BALANCE SHEET DEC. 31.
1907.
1906.
1906.
1907.
$
$
Assets104,000
stock
Special
104,000
18,144,329
guar.
Road & equipm't_20,390,438
Common stock__ 9,641,600 9,641,600
Stocks of other
172,245 Bonds (see RR. &
137,245
companies
Indus.'Section)_ 6,927,800 6.981.800
Due from other
Pay-rolls & vouch. 536,957
840,800
companies, &c.,
190,840
Due other roads__
168,102
Other than traffic
83390
85,289
188.780 Dile controlled cos.
285,047
balances__
109,730
211,670 Int. accrued on bds 130,005
212,359
Due from agents
• 65,970
118,943
3,008 S. F. 1st con. M___
2,370
Miscell. assets_ _ _ _
trust
principal
409,226 Car
Materials on hand_ 325,255
12,075
charged off
8,050
334,561
116,205
Cash
Taxes await setti't 398,266
173,000
Accounts Dyeable_ 2,528,931
400,000
Miscellaneous
20,324
9,204
13al. to profit&loss a775,787
867,474
Total
[V oL ,xxxvi
THE CHRONICLE
1220
"21,468,918 19,463,819
Total
21,468,918 19,463,819
a After deducting sundry net charges, mainly settlement of accident claims account prior years' amounting to $106,523.--V. 86, D. 549.
Philadelphia Company of Pittsburgh.
(Report for Fiscal Year ending March 311908.)
The report of President Reed, the company's income
account, balance sheet and stockholdings, the combined
income account of all the operating companies and the report of the Pittsburgh Railways Co.,will befound at length on
subsequent pages.
INCOME ACCOUNT.
1904-05.
1905-06.
1906-07.
1907-08.
Receipts$5,183,348 $4,674,852 $4,300,042
$5,814,755
From gas
196,331
98,950
75,886
62,457
From oil
1,518,681)
1,484,281
1,468,997
Dividend on stocks owned 1,56(1,762
36,448
103,202
103,747
107,787
Rents
221,768
237,031
271,029
Interest and discounts,&c 332,513
$7,878,274
2,270,072
$7,103,007
1,936,769
$6,633,324
2,053,789
$6,238,870
1,938,180
$5,608,202
Net earnings
Deduct$10,517
Paid leased companies__ _
1,046,344
Interest on funded debt
I mprovts., extens., &c_ _ 1 ,331 ,366
375,000
Notes retired during year
84,365
Miscellaneous interest,&c.
$5,166,238
$4,579,535
$4,300,690
$10,267
1,045,690
1,184,432
250,000
117,678
$70,217
1,032,311
903,144
$70,517
992,858
872,475
135,727
20,884
$2,847,592
Total
$2,760,610
Surplus for year
2,351,823
Add previous
on bds.,&c
Add premium surplus_-
$2,608,067
$2,558,171
2,086,162
1,913
$2,231,399
$2,348,136
1,850,200
14,135
$1,956,734
$2,343,956
1,963,502
1,415
$5,112,433
Total
Deduct commissions on
$93,333
sale of stock, &c_
Stock of Street Ry., &c.,
16,694
cos., charged off
Div. on pref. stock (5%).. 300,000
Div. on corn. stock (6%)_ 1,994,394
$4,646,246
$4,212,471
$4,308,873
$65,500
$63,060
2,787
30(1,000
1,926,136
294,680
1,768,569
$2,404,421
Total
Total Surp. at Close of
$9,708,012
year
$2,294,423
82,126,309
$2,458,672
$2,351,823
$2,086,162
$1,850,201
Total receipts
Operations, taxes, &c
287,237
a2,171,435
• a 7 ci c,%. The dividend paid was only 6%, the 13,6% additional charged
belonging to the next year,' due to a change in method of charging the
dividends.--V. 86, p. 1160, 286.
Third Avenue Railroad System, New York.
(Report of the Receiver to the Bondholders' Committee.)
Receiver Frederick W. Whitridgc, who took possess:on
of the Third Avenue RR. on Jan. 12, of the 42d St. Manhattanville & St. Nicholas Avenue Ry. and the Dry Dock
East Broadway & Battery RR. on Feb. .1, and of the Union
Railway on March 31, reports under date of May 9 1908
to the bondholders' committee, James N. Wallace, Chairman, substantially as follows (Compare V. 85, p. 1642):
Physical Condition.-The general conditions of the Third Avenue RR.
were very bad; there were no offices, no supplies or material on hand, the
shops had been neglected, the track was and is in very bad shape, the cars
in need of extensive repairs. Thepower house alone was In good condition.
The supplies and material immediately necessary, most of which has been
received, amounted to $50,000. Sprinkling apparatus In all of the barns
and the cost of the various other fire apparatus essential to secure new insurance, the old policies, after the repeated fires In the New York City By.
barns, having been nearly all canceled, amounted to $135 000, I hope
presently that the property upon the system will meet the requirements
of the most exigent underwriters.
Car Repairs.--Of the 567 cars delivered to me by the New York City
Ry. Co. receivers, there was not one on which some Weide was not immecondiately necessary. I ordered a sufficient number of new motots and total
the
trollers (50) to fully equip every car in the system. I estimateand
other
motors,
new
the
including
cost of putting all the cars In order,
electrical equipment, to be approximately $300,000.
Repair to Track.--In many places on the main line of the Third Avenue
track the contact rail is completely worn away, the slot rail very thin,
and the car rail worn to the breaking point. Paving of the tracks. In accordor $6,000
ance with the city ordinance, with Belgian blocks, will save $5,000
with the New
a year In maintenance. Under a temporary arrangement
on joint account.
York City Railway receivers, We are to repair the crossings
about $436,001).
Altogether there will be needed for the track this year
and thereafter, with a liberal allowance for maintenance, I think no further
expenditure will be necessary for some years to come. needs
Buildings.-The building at 65th St. and 3d Ave. their extensive redo
work certain
pairs to the roof, and in order to enable the shops tothe
total cost to about
up
other structural alterations are required, bringingcontracts.
$151,000, for $14,821 of which amount I have let
a building used
At 129th St. and 3d Ave. there is, In front of the car barn,
I propose to clean
as a hotel and several tumble-down stores or saloons.
proper offices for the 3d Ave.
out the main building and construct thereinclub
and other lines; also accommodations for a willfor the employees, which
cost nearly $1.06,000.
are much needed. Tile whole improvement
The sub-station at 13ayard St. was intended to be the basis of a nine-story
building, and the one story now completed waS Constructed with this in
view. The new Manhattan . Bridge. will have Its New York terminus Immediately across the Bowery, and I hope to find somebody to take a lease
of the property for a long period of time and construct tlie building. The
$485,000.
cost of this building is estimated ataabout
Power.-I have agreed to make contract with the receivers of the New
of power from the power house
supply
the
to
respect
York City By. Co. in
controlled by them at 96th St. and First Ave. and the power house at 216th
which
will for the present avoid the
Co.,
RR.
Ave.
3d
the
owned
by
St.,
large expenditure necessary to make the latter electrically independent.
With the growth of the Bronx and the probable increase in the amount of
power which will be used by the Union By. and Its connecting lines, and the
probable Increase In the amount of power used by the Metropolitan lines,
in
In consequence of their heavy cars, It'seems probable that some increase
the plant at 216th St., or the expenditure necessary to make the Third Avenue completely independent, will be necessary within the next few years.
I think It desirable to immediately build.a new sub-station for the Union
subBy. at 161st St., which will cost about $225.000, and likewise a new
Certain
station near the KingsbrIdge.plant, which will cost a similar sum. are
also
repairs at the Bayard St., 65th St. and 129th St. sub-stations
necessary, at a cost of about $100,000. The engineers report, on which'
I make these recommendations, are at your (iisposal.
Cars.--To meet the demands of the public and of the Public Service Commission, I believe it to be desirable to purchase for the system within the
next twelve mOnths, in addition to the 75 cars already purchased, 250 to
over a
300 new cars. I can do this on a car-trust basis at 6%, runningto
raise
period of ten years. It is, however, undoubtedly more economical
for this purthe money and pay for the same at once. The money neededbe
purchased
pose may amount to '31,500,900. Whether the kind of car to
should be of the present "pay-as-you-enter" type Is by no means certain.
Those cars are expensive, heavy, require much more power and entail
much greater expense for the maintenance of way.
42(1 St. Manhattanville & St. *Nicholas Ave. Ry. Co.-The track is in fair
condition, but 430,000 is needed at once for the maintenance expenditures
which should have been made during the last few years. Almost $4,000
must be expended on the building at 177 Manhattan St.
Dry Dock East Broadway & Battery It11.-This property lain the same
to
mehditsatleelaysed
iio
expendedthe
condition, but needs not more than $10,000 iwnh
MetroThis company owns considerable real estate,
rent of, Its tracks. parts of
the
politan receivers. and from which, and from
which are used by the other railroads under control of he New'York City
By.. a revenue amounting to over $50,001) is received. The re-building of
the barn In 14th St., burned a year ago, will cost about $80,000, but this
can be done from the insurance money.
Neither of these railways owns any cars or has any means of supplying
power, and their cars are furnished by the Third Ave: RR. on the rental
basis and the power Is included within the contract above referred to, made
with the New York City Ry. receivers.
Union Railway.-This road and.the connecting lines cover 105 miles of
streets-most of It double-track--and is In excellent condition as respects
the track. It furnishes cars and power to the Westchester Electric
and to the Yonkers Tarrytown & Southern Boulevard Ry. companies.
Manv of these cars are out of date, and within a few years a considerable
number of modern Cars Will be needed. In case the purchase of the neW
cars above referred to, fOr the Third Avenue, is atithorlied,' many of the
MAY 16 1908..1
THE CHRONICLE
present double-truck cars in use upon that road should be equipped for
trolley service and transferred to the Union By.
Some time ago this railway Company bought a piece of land in Pelham
for the erection of a car barn. This plan can be carried out at a cost of
about $225,000, giving this part Of the system adequate storage for all of its
Cars and proper shops for their maintenance, which are much needed.
The Union Ry. also has a franchsie for building a line of road on the Bronx
and Pelham Parkway. The 5% miles of this road can be completed for
something like $250,000, which would, if built, be an exceedingly good-paying. line. The best part of this franchise. I am advised, is still good, and I
purpose to endeaVor to obtain the necessary permits from the city departments to construct as flinch of this piece of road as possible-at least from
Fordham Station to a point beyond the zoological Gardens.
Summary.-The several amounts which ought to be expended are:
$50,000 New cars ordered
Supplies
$300,000
135,000142d Street track
Sprinkling apparatus
30,000
300,000142d Street buildings
Repairs to cars
140:0000(0i
436,000
Dry Dock track
Repairs to trivet(
151,000 Union Ry. and car barn
Repairs to buildings
106,0001 and shops
Office building
225,000
109,000 New construction--Bronx
Repairs to sub-stations
225,0001 and Pelham Parkway_ _ _ 250,000
Union sub-station
225,0001NeW rolling stock
Kirigsbridge sub-station
1,500,000
Total
$4,056,000
Underlying Charges.-In addition to the money to be expended as herein
stated, there are certain obligations of these roads not in default upon which
the interest, aggregating $572,000 annually, must be paid. namely:
Rate of Semi-an.
CompaniesBonds.
Int. Interest.
When Due.
Third Avenue RR. Co
*5,000,000 5% $125,000 Jan. & July
42d St. M. & St. N. Ave. Ry
1,200,000 6%
36,000 Mch. & Sept.
Dry Dock E. B. & B. RR.Co_ _ _
950,000 5%
23,750 June & Dec.
Union Railway Co
2,000,000 5%
50,000 Feb. & Aug.
•ISOuthern Boulevard Ry
250,000 5%
6,250 Jan. & July
'Westchester Electric RR_ _ _ _
500,000 6%
12,500 Jan. & July
1,000,000 5%
.;;Yonkers RR
25,090 April & Oct.
'Tarrytown W.P. & M. Ry
300,000 5%
7,500 Mch. & Sept.
• Guaranteed by the Union Railway Co.
Receiver's Certificates.-I intend to ask the Court for authority to Issue
$2,500,000 of receiver's c,ertificales, payable within one year and bearing
interest at the rate of 6%. With those and the earnings from the property,
I think I can do all of the work and make all the payments which I have
herein enumerated. It may be desirable to issue a certain number of certificates of the Union Railway, to an amount necessary to pay for the
car
barns, the Bronx and Pelham Parkway construction and for the power station, not exceeding in all, however, $750,000, which could later be taken up
by the Third Avenue certificates; or it may be desirable, while having authority., to issue certificates for the Union Railway as above mentioned,
as I already have authority ta issue certificates for the 42d. Street and the
Dry Dock railways, of which I have not availed myself, to Issue Third Avenue certificates for the whole amount of $2,500,000 directly, as the bankers
may prefer those to certificates of the other roads. If the certificates of
those subordinate lines could be used permanently, the Third AVenue certificates should be diminished pro tanto, but in any case only certificates for
$2,500,000 for one year will be outstanding.
Taxes.-The special franchise tax has not been paid upon the Third Avenue RR. except for the first year since the law went into force, and the unpaid, taxes for eight years aggregate on their face about $1,200,000. The
taxes upon the other lines, also unpaid, amount to approximately $100,000
for the 42d Street. Manhattanville & St. Nicholas Ave. By. Co., $120,000
for the Dry Dock East Broadway & Battery RR. Co. and $180,000 for the
Union By. Under the Metropolitan management all these franchise taxes
have been in litigation. Whatever else may not be covered by the lease
to the New York City By. Co. the taxes were so covered, and ought to
have been paid by the Metropolitan and the New York City Ry. companies.
Whether the Court will hold the amount of those taxes to be a lien on the
Metropolitan property I do not know, brit I venture to thine that, in any
case, the cash proceeds of the operation of the Third Avenue road, which
were collected by the receivers of the New York City By. and by that company from the date of the last payment under the lease down to the 12th of
January, should be paid to me in cash less the amount of the operation of
the Third Avenue RR.
Proceeds of Bonds.-On taking charge of the property I ascertained from
the bankers that the proceeds of ThirdjAvenue 4% bonds had been paid
over by them to the company hi three checks, as follows: One drawn on the
National City Bank for $17,000,000; one on the National Bank Of Commerce
for $17,564,444, and one for $1,943,000. There is, in my judgment, no
evidence on earth or under the earth of the expenditure of any such sum of
money upon the Third Avenue system. Over $20,000,000, it appears, was
expended prior to the lease to the Metropolitan upon work, part of which
appears to have been done by contract, for which the contractor was paid
15% on cost. Generally speaking, everything which has been done can be
traced, but to trace the whole of the money expended since the lease would
cost possibly $200,000, but if traced there would be no certainty that I
could be able to recover any part of it for the bondholders or the company.
AcCidents.-The amount paid for accidents on the Third Avenue RR.
from Jan. 12 1908 to May 1 is $6,202.* In approximately the same period
last year the Third Avenue division of the Metropolitan paid in settlement
of claims and snits and judgments recovered $84,492.
Trqnsfers.-In accordance with the opinion of the Court, I abolished
trahsfers between the Third Avenue and the Metropolitan lines on April 11.
The result, to some extent, has been disappointing, as the number of passengers carried has fallen oh during•the first few days sonlething like 60,000
a day. The receipts, however, remain about what they were, and I am
hopeful that a part, at least. of the passengers who have abandoned us
will return to the Third • Avenue sySton. I am also presenting a petition
to the. Court for permission to abolish transfers in the Bronx and with the
Manhattan Elevated Company. If this petition Is granted it will cause
great inconvenience. but the abolitiOn of these transfers Is,I think, necessary,
and I believe It will be profitable.
Advertising.-I have made a contract with the Railway Advertising
Co. for a period of years; on the Third Avenue system, for $85,000 a year
for the first six years, and thereafter 50% of the gross receipts, with a guaranteed minimum of $100,000 a year.
Accounts.-As the repairs to cars, trucks, buildings, and tracks are all
now being charged to operating expenses. It is practically impossible to form
any just judgment of the earnings of the properties. I expect to complete
these repairs by Oct. 1, and after these extraordinary expenditures
tioned have been made, It will be possible to make a record whichmenwill
enable the owners of the company to know what it will earn as a
reorganization, although there must, of course, some arrangement basis for
be made
In respect to the taxes and the amount of liability therefor which has
to
be assumed by the Third Avenue RR. Co. and the other lines.
The repOrt closes with the receiver's letters to the Public
Service Commission regarding the orders of the Commission.
-V. 86, P. 858, 722.
Washington (D. C.) Railway ez Electric Company.
(Report for Fiscal Year ending Dec. 31 1907.)
President Allan L. McDermott under date Washington,
D: C.., April 20 1908, says in Substance:
General Results.--The amount of increase over the year 1906 was as follows: Gress earnings, $252,508, or 8.06%; net earnings, $116.852, or 7.69%
total incOme, $114,609, or 7.33%; fixed charges, $66,110, or 6.35%; and
balance, surplus, $48,500, or 9.26%.
Tire op'erating expenses still show an increase in a slightly greater ratio
than earnings. ThIS is due to a continued increased expenditure for maintenance. While the total operating expenses increased $135,656, or 8.41%,
the cost of maintenance increased $98,822, or 26.12% partly due to the
endeavor to maintain the properties each r
yea in better condition than
heretofore, and ,as in the previous year, to the increasing cost of materials
and supplies.
Each of your railways showed an increase in revenue from passenger
traffic over the year preceding, the amounts of such increase and the
percentage of the Same for each qf the last two years over those immediately
preceding were as follows: Washington Railway & Electric Co.; $29,448,
or 2.45%; City & Suburban By., $26,847, or 6.81%; Ana,
ostla & Potomac
River RR. Co., $33,380, or 9.05%; Brightwood By. Co.. $1,289, or 1.80%;
1221
W. W. & Forest Glen By. & Power Co., $593, or 4.36%; Georgetown &
Tennallytown RR. Co., $3,075, or 6.92%; Washington & Rockville Ry,
Co., $3,384, or 9.13%; total, $98,008, or 4.60%.
Caintat Outlay.-The capital charges for the year amounted to $1,146,005,
of which $914,175 were for account of the Potomac Electric
Power Co.'
representing the partial cost of buildings and apparatus at the
Henning&
power station and various sub-stations, and of the extension of service
conduits, cables, poles, lines and equipment; $35,174 on account
of the
Anacostia & Potomac River RR., chiefly in connection with the
new
Navy Yard bridge; $86,927 on account of additional equipment and construction on the Washington Railway & Electric Co.'s lines; $2,029
account of the City & Suburban; $102,293 represented the discount for
on
securities Issued by the Washington Railway & Electric Co. and the Potomac
Electric Power Co., and sold for construction purposes; $5.408 on
account
of old claims of the reorganization committee finally adjusted.
The capital
credits aggregated $91,526.
Capitalization.-During the year underlying liens aggregating 1)12,881
were retired as follows: Metropolitan RR. Co. certificates of indebtedness,
series "A," maturing Oct. 1 1906, $13,240, and series "13,"
June 1 1097, $249,741, and U. S. Electric Lighting Co. debenture maturing
improvement bonds and Certificates of Indebtedness Maturing May 1 1907, $649,9CO.
Securities to a total of $2,073,250 were certified. These include $423,000
Washington Railway & Electric 4s, issued, $250,000 to retire a
amount
of Metropolitan Railroad certificates "13." and $173,000 for like
extensior.r.
betterments and Improvements; also Potomac Power Co. 5s issueu
as follows; $650,000 to retire a like amount of U. S. Electric Lighting
tificates of indebtedness and debenture improvements, and Co.'s cer$1,000,000
for extensions, betterments and improvements.
During the year $650,000 Washington Railway & Electric Co. 9s
were
sold, Of which $250,000 to retire Metropolitan RR.
"B" certificates-the
discount on these, amounting to $52,700, was charged
to profit and loss;
*400,000 to refund disbursement on account of extensions
and improvements-the discount on these,amounting to $84,29$, was charged
to cost
of property.
The Potomac Electric Power Co. sold during•the year $300,000 of
their
consolidated 5s on account of new construction-the discount on the same,
amounting to $18,000, was charged to cost of property. The
of
the capital requirements of the Potomac Electric Power Co. wasbalance
for by two loans, one of $650,000 with e U. S. Mortgage & Trust provided
Co. and
one of *500,000 with the Washington Railway & Electric Co.
Expiration of Voting Trust-Neff' Directors.-DurIng the past year the
voting trust expired and at the annual meeting in Jan. 1008 John
C. Dawson, It. T. W. Duke Jr., James It. Lackey and George W. Young
retired
from your board. Woodbury Blair, Clarence F. Norment, Wm. Loeb
Jr.,
and Ward Thoron. were elected to the board in their places. At a meeting
of the board April 18 1908 the Membership of the board was increased to
nine directors, and Charles J. Bell and W. B. Hibbs were elected to fill the
two vacancies thus created..
INCOME ACCOUNT OF ENTIRE SYSTEM FOR CALENDAR YEARS.
1907.
1006.
1905.
1904.
Gross earnings
13,385,749 $3,133,241 $2,905,907 $2.644;360
Operating expenses
1,748,753
1,613,097
1,478,466
1.355,823
Net earnings
$1.636,096
Miscellaneous Income_ _ _ _
42,353
$1,520,144
44,595
$1,427,441
50,553
$1,288,538
40,024
Total
DeductTaxes
Interest
$1,679,349
$1,564,739
$1,477,994
$1.337,562
$170,029
037,199
$157,682
883,436
$149,157
850,298
$148,377
832,662
Total
*1.107,228
Surplus
x$572,121
P. c. of op. exp. to earns_
(17.66)
Dividend on pref. stock
a425,000
Depreciation reserve
Discount on bonds
52,700
$1.041,118
$523,621
(51.40)
a425,000
50,000
35,102
$999,455
$478,539
(50.86)
a425,000
50,000
$981,039
$356,523
(51.29)
b212,500
(?)
Surplus
$94,421
$13,519
$3,539
$144,023
--a 5%. 5 2 I4 %. x This includes $116,033 from the operation of 53.66
miles of railway directly owned, after paying all fixed charges, and
from dividends and interest paid by subsidiary companies on $456,088
securitie
owned by the Washington Railway & Electric Co.
BALANCE SHEET OF WASHINGTON R Y. de ELECTRIC CO. DECEMBER
31
1907.
1906.
1907.
1006.
Assets$
Liabilities$
$
$
Cost of property 27,871,483 27,743,475 Preferred stock__ _ 8,500,000 8,500,000
Company's stock
Common stock__ _ 6,500,000 6,500,000
and consol. 4s_ _ 855,421 1,082,421 Funded debt
13,073,709 12,913,440
Potomac Electric
Deprec'n reserve
516,290
516,290
Power Co. loan_ 500,000
Accounts payable_
89,732
63,508
Invests. In real est.
Accrued interest
83,5.31
82,613
& sundry secur_
24,659
25,422 Accrued taxes-- _
27,206
27,299
Mat. & supplies_ _ _
88,517
72,974 Reserve for damAcc'ts rec. sub. cos 131,619
107,558
ages & renewals
76,797
80,530
Accts. rec.,'MN_ _
24,871
22,745 Profit & loss-sur_ 832,382
737,961
Prepaid insurance_
5,792
5,192
Cash
197,234
361,854
Total
29,699,596 29,421,641
Total
29,699,596 29,421,641
Note.-The funded debt, $13,073,709, as above, includes $851,600
Washington Railway do Electric consolidated 4s in the treasury, contrasting
with $1,078,600 on Dec. 31 1906, there being $9,371,750 of these bonds
in
the hands of the public, as against $8,721,750 at the end of 1906.
The debt
of the company also Includes the bonds of the former Columbia Ry.
Co. and
the Metropolitan RR. Co.
The total funded debt of the system including the debt of the controlled
companies, ($8,875,100) is $21,948,800.
The mileage and capital stock of the controlled companies and the amounts
of the latter owned by the parent company are shown on page 106
of the "Electric
Railway" Section.-V.
p. 1161.
United Railways Investment Company.
(Report far Fiscal Year ending Dec. 31 1907.)
President Ernst Thalmann says in substance:
The audit of the accounts of the United Railroads of San Francisco for its
last fiscal year, which ended Dec. 31 1907, and of the Philadelphia Company for its last fiscal year, which ended March 31 1908, have not yet been
completed, and when prepared and filed with the company will be open to
the Inspection of the stockholders.
No dividends in cash or scrip were paid during 1907 by the United Railroads of San Francisco, all its receipts over and above fixed charges and expenses, and all the surplus earnings of the Philadelphia Company above
the amount of dividends paid by it, having been retained for their respective corporate purposes.
A combined income account of the Philadelphia Company and affiliated
companies for the year ended Dec. 31 1907 is attached to this report.
The
statements of earnings shown thereon justify the anticipations of
your board
as to the earning power of that company (compare below).
During the last fiscal year the most salient feature in the financial history
of your company was the strike on the lines of the United Railroads of San
Francisco, which began March 5 1907,and lasted approximately six months.
As an incident of the strike, the lines of the United Railroads of San Francisco were Subjected to a persistent boycott, and the employees were exposed to repeated attacks. While the strike resulted in a large immediate
loss, it is the belief of your board that the ultimate outcome will be beneficial to the city and to your company. Naturally, the earnings during this
period fell to an extremely low figure, brit they have recently regained their
former level. The officers of the United Railroads of San Francisco
report that the earnings for March 1908 were $558,932, while those shown for
March 1907 were $537,700. This comparison furnishes reasonable ground
for encouragement as to the future of the United Railroads of San Francisco.
The concensus of reports received from those familiar with existing conditions in San Francisco justifies a firm belief that the future prosperity of
that city is assured, and in that future prosperity there is every reason to
believe the United Railroads of San Francisco will fully participate.
The losses sustained by the United Railroads of San Francisco through
the strike, as well as the financial requirements of that company, among
other things rendered it impracticable to issue the series of $3,000,000 3year notes of this company and to carry out the plan with respect thereto
contemplated in the resolutions which were ratified by thP stockholders in
July 1907
1222
A substitute arrangement has, however, been carried into effect. Your
company subscribed to the remaining $3,500,000 cumulative first preferred
the report for
stock of the United Railroads of San Francisco mentioned in
the year 1906, and made the shares of such first preferred stock owned by
this company, including the shares to be issued to it under such subscripof
tion, the basis for a series of notes of this company, termed the "6% notes
of this
1908," which are to aggregate $3,500,000. Under the provisionsthe
proarrangement, the United Railroads of San Francisco is to apply
ceeds of the subscription to the stock towards the payment of its floating
debt, in consequence extinguishing practically all the items of contingent
liability mentioned in'the note to the balance sheet. (V. 86, p. 669, 920.)
The operations of the United Railroads of San Francisco during the past
conseyear, in addition to the difficulties incident to the strike and the proper
by the lack of a
quences of the fire, have been greatly hampered
to remove this difficulty, a 5,000
supply of power under its own control, andSan
Francisco, and arrangements
k. w. turbine engine has been shipped to
made to Install the same, and It is expected It will be in operation before
the last of this year.
STATEMENT OF INCOME, &c., FOR CALENDAR YEAR.
1907.
1906.
*$1,457,772 $1,205,398
Dividends on stocks owned
&c
103,092
38,825
certificates,
dividend
Interest on loans,
$1,560,864
$1,334,223
income
Total
Deductions_
$67,639
$28,897
Directors' and auditors' fees, taxes, salaries, &c_
876,167
525,000
Interest on bonds
80,257
37,877
Interest on dividend certificates
126,508
19,233
Interest on loans and bills payable
7,659
account
current
Fran.
San
of
Interest U. RR.
Total
Net income for the year 1907
$1,158,230
$402,634
$611,007
$723,215
The surplus at beginning of year 1907 was $396,782; adjustment of book
of underwriting comvalue of Philadelphia Co. stock, being the amount
mission,received, $25,500; total, $422,282. Add net Income as above for
$824,916.
surplus,
loss,
and
profit
$402,634;
1907,
Includes proportion accrued at Dec. 31 1907 of a dividend on the common capital stock owned of the Philadelphia Company, declared subsequent tothat date.
GENERAL BALANCE SHEET DEC. 31.
1907.
1906.
1906.
1907.
AssetsInvestments ....- _x55.491,652 53,126,481 Preferred stock_ -15,000,000 15,000,000
12,284 Common stock ....19,400,000 19.400.000
9,661
Cash
Coll. trust sinking
125,000'
Notes receivable
fd.5% gold bds_18,150,000 15,750,000
46,560
otes
Phila.Co.coll.n
Pref. stock div.
Loans-U.ItRs. of
712,500
712,500
1.315,955k 276,725 certs., 6%
San Francisco
750,000
375,000
Do 5%
U. RRs. of S. F.
Pref. stock div..
41,684
car trust acct.-,
payable Jan. 2
U. RIls. of S. F.
375,000
1907 in 5% scrip
150.000
div. certs., 6%.
80,554
487,027
400,000 Cash overdraft __Do 5%
5,680 Loans & bills pay_ 2,061,487 1,000,000
1,463
Interest accrued
Euunder
Drawn
Two mos. propor'n
603,875
ropean credits-%
of div. of
U. RRs. of San F.
on capital stock
53,399
48,104
current account_
of Phila. Co.,
30,072
42
236,900 Vouchers payable_
payable Feb. 1_ 242,000
due
coupons
Bond
624
1,528
Furniture & fixt's_
6,995
4,617
-not presented
Contingent assets
Int.acct.on bonds.
• t(due from United
211,296
159,218
notes, &c
of San Fr.)
Profit and loss
to ad824,916
396,783
5,717 y103.472 surplus
justment
FiRrt.s.
asubject
Total assets- -57,281,220 54,312,165 Total liabilities_57,281,220 54,312,166
San Francisco, 14,375 shares of first
x The investments include: United Ras. of preferred
stock,$100 par value each;
preferred, $100 par value each; 200,000 sharesPhiladelphia
Co. 484,000 shares comeach;
value
par
$100
190,989 shares common,
other securities, $1:48,834.
mon stock, $50 par value each; $55,342,818
Co.
y Also in 1906 includes amount due by Philadelphia
Co. had a contingent liability
Note.-At Dec. 31 1907 the United Rys. Investment
of the United RRs. of San Francisco,
to an amount of $1,469,427 for accounts
669.
which it has guaranteed.-V. 86, p. 920.
American Beet Sugar Co., New York
(Report for Fiscal Year ending March 31 1908.)
President H. Rieman Duval says in substance:
•
General Results.-All of your factories were operated during the campaign,
their daily capacity being:
400 tons
2,000 tons I Lamar, Colo
Oxnard, Cal
800 tons
700 tons I Las Animas, Colo •
Chino, Cal
300 tons
Neb
Island,
'Grand
tons
1,000
Colo
Ford,
Rocky
capacity.
full
its
to
worked
however,
Only the Rocky Ford factory,
accoun'of
The California factories made a short campaign because, on
6,000 acres and the
excessive rains, the beet plantings were reduced nearly
of 214,463
yield 95,196 tons, which resulted in a diminished production
The Colorado plantings
bags of sugar compared with the previous year. of
toe
(luring
than
beets
tons
more
42,854
producing
acres,
5,368
Increased
including the
previous year, thus providing a fair run for all the factories,
production of 114,112
new Las Animas factory, and resulting in an increasedThe
Grand Island facbags of sugar as compared with the previous year.
campaign, with plantings
tory had, due to had planting weather, a short
were reduced
2,254 acres less than the preceding season, and Its plicinfrs
with year 1006-'07.
25,658 tons and its product 50,878 bags, as compared
but little higher than last
The average selling price of sugar has been last
summer and autumn,
year, owing partly to the decreased demand
occasioned by the light fruit crop and also to competition.
last one, 694,763 bags
There were brought into this fiscal year, from the
production 446,493 bags,
of sugar at cost, and there remains of this year's Into
the new year.
which have been credited at cost, and so carried
which, in accordance
The net surplus of the year amounts to $638,311,
working
to
capital. The
addition
an
as
with custom, has been applied
working capital now amounts to $1,307,000:
cost of depreciathe
$354,055,
of
Rein
an
is
expenses
general
in
Included
plants have been thoroughly
tion and repairs, which indicates that the
s will be currently
maintained; but some additions and improvementincome.
current
from
provided
be
must
they
necessary, and
are
estimated to cost
contemplated
Additions and improvements now
$123,700.
-For
&c.
valuable considIssue,
Bond
Ca.-Cantrol,
Las Animas Sugar
the campaign of
erations your company entered Into a contract during
1906-1907 with certain land owners of Las Animas to build at that point
1907-1008. Finding it
an 800-ton factory, complete, for the campaign offinance
the cost of this
Impracticable, with due regard to economy, to
factory during the depressed financial conditions of last autumn, both at
the
with
Las Animas
contract
home and abroad, your officers made a
Sugar Co., which company, having a capital of $1,000,000 stock and
$1,000,000 6% 25-year gold bonds, undertook to build and lease, for a
complete 800-ton
poerlod of 25 years, to the American Beet Sugar Co. athe
American Beet
factory. The lease, dated Oct. 1 1907, provides that
a period of 25
during
Co.,
Sugar
Animas
Las
pay
to
the
shall
Sugar Co.
on the bonds, $60,000,
years, a yearly rental of $80,000, being 6% Interest
and an annual sinking fund of $20,000, the said sinking fund to be applied
to the redemption and cancellation of the bonds.
capital stock of the
The American Beet Sugar Co. purchased the entire 5,000
acres of land,
owns about
Las Animas Sugar Co., which companyValley
in
Colorado.
Those lands
Arkansas
valued at $700,000, in the
Sugar Co., and their
have been Included in the mortgage of the Las Animas
The
fund.
prosinking
mortgage
its
to
will
be
applied
sold,
as
proceeds,
vides for the calling of the bonds at 105 and interest at specified times, and
the proceeds of the land sales should effect the cancellation of many bonds
during the 25-year period, thus reducing the annual rental. The American
Beet Sugar Co. has been given by the purchasers of two-thirds of the bonds
a call at the price of sale and interest to October 1908.
[VOL. Lxxxvi.
THE CHRONICLE
1907 and is a firstThe Las Animas factory was completed by October at
800 tons per day.
class factory of the latest pattern. Its capacity is rated
campaign.
first
a
for
satisfactory
was
unusually
Its operation
the lands
(including
altogether
Real Estate Holdings.-The company owns
land, nearly all of which
of the Las Animas Sugar Co.) about 22,000 acres of
Oxnard,
near
Springville,
at
has
it
California
can be made productive. In
of about $300 per
2,000 acres of good beet land, which has a market value
with proper
acre. At Chino there are about 5,000 acres of land,aswhich
a beet farm. In.
drainage is becoming indispensable to your company
of Irrigated land,
Colorado there are at Rocky Ford about 5,000 acreswith suitable buildfarms,
acre
80
and
40
into
divided
is
which
nearly all of
there are (including
Ings, and leased to tenants. At Lamar and east thereof
acres, the most
the Las Animas Sugar Company's property) about 10,000
company owns.
your
which
Canal,
Lamar
the
of which is irrigated by
greater part
the
but
Some of this land is improved and leased to tenants,
though possessing'
of it is farmed by the company; the more easterly part, incapacity of the
the
of
because
water
water rights, is unprovided with
Lamar Canal to carry water there until reconstructed.
camps.
The company has at Chino, Springville and at Lamar sufficient
operations.
Implements, mules and horses to properly conduct its farming
sell the lands
Your directors are considering whether or not it is wise to and
on which
in Colorado, which it is estimated have a value of $1,500,000, provide, in a
amount they do not now earn interest, but their ability to Las Animas
crisis, beets enough to supply the factory at Lamar, or even the limited in
factory, encourages their retention. Land sales at present are6% to 10%
that region, where the practice is to sell on 10-year payments, at
interest.
the
Outlook.-The promise of the California beet harvest is very early, and
acreage contracted being greater than 1007-1908 by 11,000 acres,
it is expected that the factories there will open six weeks earlier than last
year. In Colorado the plantings have been late, owing to a protracted
an
drought, which has now been partially broken, and the prospects for
equal crop and better beets than last year are good. At Grand Island
contracted
a
weather conditions have been favorable, and with full acreage
the outlook is more promising than it has been for several years.
Offices Combined.-The office of Chairman and President were consolidated because, contrary to the earnest wishes of the board, Robert Oxnard
declined re-election to the presidency, wishing to be relieved from the travel
incident to that office. He consented, however, to accept the office of
Vice-President, to care particularly for the California Interests.
,
Campaign profit
Operating expenses
Maint., Improv'ts, &c
INCOME ACCOUNT.
12 months. 12 months. 12 months.
1905-06.
1907-08.
1006-07.
$5,749,506 $5,973,402 $4,369,814
$3,836,915 $4,547,427 $2,947,804
513,848
604,161
571,586
9 months.
1904-05.
$3,798,580
$2,680,785.
491,915.
$625,880
$1,341,095
Factory profits
31,680
Div: from other cos_ _ _ _
$821,814
22.375
$908,162
$1,372,775
$280,412
General expenses, &c-.. _
180,000
Interest on certificates__
Preferred dividend _ _(6%)244,050
$844,180
$272,707
180,000
(6)240,000
$908,162
$193,004
162.000
(6)240,000
-$625,880
$134,527
120,000,
(•)180,000
$668,311
$151,482
40,692
$313,158
88,418
$191.353.
(?)
$110,790
$224,740
$191,35
Balance
Improvements
Las Animas rentals_ _ _ _
Balance, surplus
*4
30,000
$638,311
%, being for the 0 months only.-V. 85, p. 532.
Corn Products Refining Company.
(Report for Fiscal Year ending Feb. 29 1908.)
The printed statement shows:
INCOME ACCOUNT YEAR ENDING FEB. 29.
1007.
1908.
$2,357,270 $1,822,82-2
Profits from operation
1,020.000
510,000
_
companies___
Dividends on stock of subsidiary
41,651
18,445.
Interest on deposits and loans.
137,315
Interest on bonds owned.
$3,556,236 $2,351,269
Total income ___
Deduct Charges, Dividends
$126,050
$18,000.
n bon
Intere
17,557
25,01X
Taxes.......................................
73,286
46,812
_______
____________
____________
Insurance___
40,641
7,522
Miscellaneous expenses_
375,000
100,000
Prollt-shat ing reserve
8
(5%)1,443,46
(7%)1978296
Dividends on preferred stock
.455,976
*134,085
Additions and betterments
10,000
Reserve for uncollectible accounts
$2,550,978 $2,309,728
Total deductions
$1,005,258
$41,541'
Surplus
*Charged off In lieu of depreciation.
GENERAL PROFIT AND LOSS ACCOUNT, ALL COMPANIES, FOR
YEAR ENDING FEB. 29.
1907.
1008.
Profits of Corn Products Refining Co. and other
corporations in which it is interested througha$6,023,397 $6,157,742'
stock
ownership
Its
Deduct Charges, Dividends, &c.
$538,082'
$501,284
Interest on bonds
375,000'
900,000
Reserve for profit-sharing
x1,428,646
x1,306,430
Additions and betterments
,468 (7)1 ,078,206,
Preferred dividend Corn Products Refining Co_ _(5%)I,443
15,000
Reserve for bad debts
320,724
Advertising
-112=
$4,620,122 $4,107,808
Total deductions
Balance, undivided profits for the year, reserved
by the various corporations for new construc- $1,403,275 $1,059,934
tion, betterments and working capital
Corn Products Refining Co.'s proportion of above
profits based on its stock ownership and own
$1,383,737 11 ,802,968
earnings
29 1908 for all comFeb.
ending
a This amount is for the 12 months
panies, while the same item in the earlier year included 14 months for one
company.
x Charged off in lieu of depreciation.
CORN PRODUCTS REFINING CO.-GENERAL BALANCE SHEET FEB. 29.
1908.
1907.
1908.
1907.
Liabilities$
$
Assets00 28,293,200
stock
outst_29,570,6
Pref.
Plants dr secur's.*81,112,602 77,190,342
Corn. stock outst_49,379,700 49,167,600
Office fixtures and
13,493 1st M. 6% bonds
16,214
equipment ---575,005 (Granite City
319,483
Cash
300,000,
Plant)
300,000
Notes and accounts
receivable
2,214.092 2,169,434 25-year 5% deben2,085,000
990,177 1,181,182 ture bonds
Merchandise
Accounts payable_ 1,202,018 2,016,519
Insurance premi5,500
42,150
Acced Int. on bds_
ums (unexpired
23,069 Dividend payable
proportion) ____
31,230
April 10 1908- 592,752 1,131,652
16,121
0,000
Res. for taxes..100,000
" profit-sharing 352,702
80,372
108,268
" adjustments_
41,540
1,035,608
Surplus
Total assets----84,683,798 81,152,505
Total liabilitles_84,683,798 81,152,505-
as underlying se*Includes $2,199,000 Nat. Starch Mfg. 1st mtge.6% bonds held
796.
curity for Corn Products Refining Co.'s debenture bonds.-v.86, P. 1162.
MAY 16 1908.1
TIIE CHRONICLE
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING STREET ROADS.
Atlanta Birmingham & Atlantic RR.—Company Operates
Its First Passenger Train into Atlanta.—The first passenger
train over the Atlanta division entered the city of Atlanta on
May 8, bringing, President H. M. Atkinson and a party of
capitalists of New Yoik and Boston. President Atkinson
is quoted as saying that plans will be completed as speedily
as poSsible for a. passenger service into Atlanta, and that
trains will be running into Birmingham on or before Sept. 1
of the present year. Compare map on page 13 of "Railway
and Industrial' Section.—V. 86, p. 1099.
Baltimore & Ohio RR.—Called Bonds.—Forty-nine ($49,000) Monongahela River RR. first mortgage 5% coal bonds
called for redemption are payable at the office of the American Bonding Co. of Baltimore on June 1.—V. 86, p. 601, 479.
Boston & Maine RR.—Decision of Massachusetts Court.—
See New York New Haven & Hartford RR. below.—V. 86,
p. 1041.
Boston & Northern Street Ry.—Called Bonds.—Ten first
mortgage bonds of the Lowell Lawrence & Haverhill Street
Ry., dated June 11893, viz., Nos. 37, 205, 231, 323, 475,
728, 774, 834, 1009, 1035, have been called for payment at
105 and interest at the office of the American Trust Co.,
trustee, Boston on June 1.—V. 86, p. 720.
Brooklyn Rapid Transit Co.—Listed.—The New York
Stock Exchange has listed an additional $1,375,000 first refunding mortgage convertible 4% bonds, due 2002, making
the total amount listed to date $33,557,000.
Schedule of Expenditure of $1,909,216, Representing Total Cost Price of
Properties Deposited with Trustee of First Refunding Mortgage
Beween April 20 1908 and April 30 1908.
Transit Development Co_ _..$174,512 Bklyn. Union Elev. RR.CO4172,180
Canarsie Railroad Co
921,373 Nassau Electric RR. Co...4,296
Brooklyn Heights RR, Co
66,065 South Bkyin. Railway Co__ 570,790
86, p. 1099, 1041.
Calumet & South Chicago Ry.—Properties Taken Over.
—This company, having taken over the properties of the
Calumet Electric Street Ry. Co. and the South Chicago City
Ry., under the terms of the ordinance passed by the City
Council on March 30, has filed a certificate of increase of
capital stock from $1,000 to $5,000,000. Further particulars as to the company's financial plans are not ready
for publication. The following is pronounced correct:
Terms on which the capital stock of the companies will be exchanged
have not been announced. According to its last report, the South Chicago
City By. Co. had $1,844,800 of capital stock outstanding
The Calumet
Electric Street By. Co.'s stock amounts to only $500,000. The former
company has $1,804,000 first Mortgage 5% 20-year bondg, due in 1913.
The Calumet's bonded debt Is $2,949,000 and it Is also has a substantial
amount of receiver's certificates outstanding.
The new stock of the Calumet & Chicago Railway Co. Is to be of one class
and will be exchanged in part for the stocks of the old companies, which
are to be materially scaled down, and in part for taking up floating debt.
New first mortgage bonds will also be issued for the purpose of refunding
some of the mortgages and for future requirements of the company.
The ordinance extending the franchises of the constituent companies
from 1912 and 1915 to 1928, and providing for the consolidation under the
name of the Calumet & South Chicago By., is very similar in its provisions
to the franchise extension ordinances of the Chicago City Ry. and the Chicago Railways Co. (compare V. 84, p. 1123). The city is to receive 55%
of the net receipts after operating expenses, taxes and depreciation have
been deducted from the gross receipts, and may purchase the property for
municipal operation upon six months' notice, for the present value, which
Is fixed at $6,000,000, plus the amount expended for improvements and a
12% bonus. The Chicago City Ry. may also purchase the property on the
same terms.
The company Is required to rehabilitate its property completely within
331 years, and to begin the reconstruction of 40 miles of new track at the
expiration of one year from the date of acceptance of the ordinance. Seven
specified extensions are to be completed before Jan. 1 1910, 15 new cars
are to be purchased within a year,and as many more thereafter as may be
determined by the board of supervising engineers, composed of three members, of whom one is to be appointed by the city and one by the company,
with Bion J. Arnold as the third member and Chairman.
Provision is made for an interchange of transfers with the Chicago City
Railway by establishing four transfer zones. In the first,transfers are to
be exchanged after four months. In the second ,the Council may require an
exchange of transfers after one year and four months, provided the net earnings for the year amount to 5% on the investment and the company's share
of the net earnings amounts to 1% on the investment. The exchange of
transfers may be extended to the third and fourth zones under the same
provisions. The company is authorized to operate express as well as passenger cars.—V. 86, p. 917.
Chicago Indiana & Southern RR.—Official Statement.—
Touching the 50-year mortgage 4% gold bonds, guaranteed,
principal and interest, by the Lake Shore & Michigan
Southern Railway Co., which were offered recently at 91
and accrued interest by J. P. Morgan & Co. and Drexel &
Co., President W. H. Newman, under date of March 23, says:
More than 20 miles of the road (aggregating with branches
miles.—Ed.) are in the centre of the South Chicago and Calumet329.04
manufacturing district. This part of the line was very expensive to River
but is of great value to the property. The company owns extensive build,
shops
at Gibson, Ind. and yards at that point and at Indiana Harbor which con70 miles of track. From Indiana Harbor it enters Chicago
tain more than'
over the tracks of the Lake Shore & Michigan Southern Ry.Co. It has also
trackage rights over the Indiana Harbor Belt RR. which give it access to
all the industries on that line In Chicago and direct connection with Western
roads./ At Danville, Ill., It makes connection with the Cleveland Cincinnati
Chicago & St. Louis By. and with it forms a continuous line to the coal
fields of Indiana and Southern Illinois and furnishes a through route between Chicago and the Southern States via the Ohio River gateway.
The development of the coal mines in the Harrisburg district since the
construction of this road has been very rapid and the coal tonnage received
at Danville, although the line has been opened but a short time, has now
reached more than 2,000,000 tons per annum. This places the company
in position not only to supply fuel to 150 or more important growing industries In the manufacturing district of the Calumet River and South
Chicago, but to furnish its affiliated lines—the Lake Shore & Michigan
Southern By. Co. and the Michigan Central RR. Co.—with coal In their
western territory, and enables it to compete with other roads in the handling
of coal for all consumers in Chicago. The Kankakee division Is largely
used for interchanging freight between Eastern and Western roads entering
Chicago. The company owns equipment as follows: 121 locomotives, 10
cars in passenger service and 5,362 cars in freight and work service. Compare V. 86. p. 980 852 856.
1223
confirmation of the report that there have been definitely
sold in London $1,000,000 6% receivers' certificates covering
the Wisconsin Division, due in three years, but subject to
prior redemption at the option of the receivers.—V. 86, p.
1159, 917.
New Receiver.—George G. Moore, an experienced railroad
man, has been appointed one of the receivers of the company
to succeed Helge A. Haugan, Pres'dent of the State Bank of
Chicago, who resigned.—V. 86, p. 1159, 917.
Chicago Railways Co.—Sale of Notes.—This company has
sold to the Merchants' Loan & Trust Co. and the Union Trust
Co., both of Chicago, jointly, $1,200,000 6% collateral
notes. The securities are in addition to the $5,000,000 of
similar notes sold earlier in the year (V. 86, p. 546).
The new notes are dated Feb. 1 1908 and mature Feb.
1913, but are redeemable on Feb. 1 1911 or any interest, date
thereafter at 101 and interest. The notes are secured by de-posit with the Union Trust Co., as trustee, of $1,666,000
Chicago Railways Co. consolidated mortgage 4-5% bonds,
series A, which is at the rate of $1,388.33 of the consolidated
mortgage bonds for each $1,000 note.
In order to distinguish the new securities from the former
issue of 6% collateral notes, which are of the same date and
maturity, the new issue will be known as "funding notes."
With the new issue outstanding, the company will have
a total of $6,200,000 collateral notes, payable In five years, in
to (a) $500,000
notes Issued on security of $834,000 series "A"addition
bonds,
In
North Chicago City By. bonds, and (b) a short-term note for exchange for
$485,000, secured by pledge of series "C" bonds, which was issued in
the settlement
with the Guaranty Trust Co. (V. 85, p. 1576).
The following explanation is from "Chicago Economist":
With the closing up of the affairs of the old Union Traction
additional
funds were required to meet certain obligations incurred Co.,
in past years
There was a debt of $517,027, due on behalf of improvement and
tation expenses prior to Feb. 1 1908, and a charge of $829,582 of rehabiliaccrued
interest on the various series of underlying bonds, which are being
for the bonds of the new issue. This makes a total Indebtedness exchanged
of $1,346,.610 to be extinguished. To provide for this indebtedness, there has
been
an addition of $1,666,000 to the issue of series "A"(consolidated mortgage)
bonds, bearing interest at 4% to February 1912, and 5% thereafter. There
had already been added to this issue $334,000 of bonds to provide additional
collateral for the $500,000 of notes issued to settle the claims of the $500,000 first mortgage bonds of the old North Chicago City Ry., so
that thetotal additional amount is $2,000,000.- -V. 85, p. 1576.
The $1,200,000 of notes is issued with the $1,666,000 of
"A" bonds
as collateral. The notes are dated Feb. 1 1908 and are of series
the same character as the $5,000,000 6% collateral notes already Issued
the Union
Trust. This $1,200,000 will lack a little of meeting the debt,by
but under the
mortgage $2,000,000 was as much additional bonds as could be
hence $1,200,000 of notes was as much as could be brought out Issued, and
with ample security.
(The total issue of consolidated mortgage "A" bonds Is
now $17,900,000,
of which $8,632,800, it Is understood, is In the hands
of the public, $8,433,200 is pledged to secure the $6,200,000 5-year collateral
notes, being the
present funding notes and the earlier issue of $5,000,000,
and $834,000 is
pledged to secure $500,000 notes issued to holders of North
Chicago City
By. first mortgage bonds.—Ed. "Chronicle.")
Listed in Chicago.—The Chicago Stock Exchange has listed'
the new securities in the following amounts:
Consolidated mortgage 20-year bonds series "A," $11,832,800;
series
"B," $16,900,000; series "C," $4,000,000; participation certificates
no parts of capital, 30,800 equal parts; series 2. 24,300; series series 1,
3, 60,000;
series 4, 50,000 equal parts.—V. 86, p. 1159. 1039.
Chicago & Western Indiana RR.—Listed.—The New York
Stock Exchange has listed an additional $2,772,000 consolidated mortgage 50-year 4% bonds, due 1952, making the
total amount listed to date $19,915,000. • The additional
bonds ($2,772,000) represent:
Track elevation, 18th to 72d streets, Chicago, including additional right of way
Additional right of way at Burnham ($111,055) and South Deer-$1,556,967
ing ($14,059)
125,114
Steam derrick (100 tons—$14,713) and block system ($18,531)
33,244
Track elevation and additions to the Belt Railway Division,
lease July 1 1902
368,675
Repayment to the proprietary lessee companies and the Belt
Railway Co. of Chicago of the par value amount of general mortgage bonds canceled by payments into the sinking fund,
or
otherwise
688,000
Called Bonds.—Eighty-four ($84,000) general mortgage
bonds of 1882 drawn for redemption are payable on June 1at 105 and interest at office of J. P. Morgan & Co.—V. 88,.
p. 420.
Cleveland Electric Ry.—Mayor Johnson Treasurer.—Newspaper accounts state that Mayor Tom L. Johnson has been
elected Treasurer and Manager of the company and will de- vote a large part of his time to its affairs.
Editorial Article.—See last week's "Chronicle," page 1134
—V. 86, p. 1099, 1042.
Delaware & Eastern Ry.—Favorable Decision.—The Appellate Division, Third Department, on May 8 handed down •
a decision sustaining the action of the former Board of Railroad Commissioners granting certificates of_public necessity to the Schenectady & Margaretville and Hancock & East
Branch roads, forming part of this company's proposed line
from Hancock, N. Y.,to Schenectady, per plan V.84, p. 931.
The Ulster & Delaware and Delaware & Hudson appealed against
the
Schenectady & Margaretville and the New York Ontario & Western
against
the Hancock & East Branch.—V. 85. p. 921.
Delaware & Hudson Co.—Bond Issue Authorized.—The
shareholders on May 12 ratified the proposition to authorize
an issue of $50,000,000 4% "first and refunding mortgage
bonds," of which $20,000,000 are to be issued as soon as the
consent of the Public Service Commission is obtained..
Compare V. 86, p. 981.
Merger Approved.—The Public Service Commission for
the Second District has approved the proposed merger of
the New York & Canada RR. with the Delaware & HudsonCo., enabling the latter to make a substantial saving in the
cost of management.
Chicago & Milwaukee Electric RR.—Report of Sale of
New Bond Issue, for Subsidiary.—See Greenwich & John—
Receivers Certificates Confirmed.—We have obtained official sonville Ry. below.—V.
86, p. 981.
1224
TIIE CHRONICLE
Denver & Rio Grande RR.—Consolidation and New Mortgage.—lt is proposed to merge the Rio Grande Western
Ry. Co., now controlled by stock ownership, into the Denver
& Rio Grande, and to ask the stockholders of the latter
to 'vote in July next on a proposition to make a refunding
mortgage covering the consolidated properties to secure an
issue of about $150,000,000 bonds, of whieh about $90,000,000 will be reserved to retire underlying bonds and the remaining $60,000,000 will be available for other purposes.
Sale of NoteS.—in order to enable the Western Pacific
Ry. Co. to complete and equip its line to San Francisco, the
Denver & Rio Grande and Rio Grande Western Ry have
agreed to buy at 75 about $20,000;000 Western Pacific second
mortgage bonds. To finance this joint purchase the Denver
& Rio Grande has arranged to sell to Blair & .Co., William
A.. Read & Co. and William Salomon & Co. (comprising the
syndicate which, in 1905, took $50,000,000 Western Pacific
first mortgage bonds),$10,000,000 of an issue of $15,000,000
R. G. 35-year 6% convertible notes, with an option
D.
to the bankers on the remaining $5,000,000. These notes
will be secured by pledge of a block of the new refunding
bonds, into which the notes will be convertible at the option
of the holders. The notes will also be subject to call at par
at the option of the company.
Status of Western Pacific Ry. Enterprise.—President E. T.
Jeffery in a circular dated May 12 says in substance:
The Western Pacific Ry., now muter construction from Salt Lake City,
'Utah, to San Francisco, Cal., Is Virtually an extension of the Denver &
Rio Grande RR. system, and, when completed. Will furnish a Pacific Coast
outlet for It and other lines, having an aggregate mileage of nearly 18,000
miles, about four-fifths of which will contribute traffic to, and receive it
from, the Western Pacific via its Salt Lake terminus. Satisfactory traffic
contracts have already been made between the Western Pacific, the Rio
Grande Western, the Denver dc Rio Grande and the Missouri Pacific,
whieh contracts are pledged under the ftrst mortgage of the Western
Pacific Company, insuring a large passenger and freight traffic to the
1,Vestern Pacific when it 15 put In operatiOn.
The Western Pacific skirts the sonthern store of Great Salt Lake and will
refining works
participate in the large traffic of extensia e smelting and with
moderate
now under construction in that vicinity. It crosses,
main line is comthe
after
time,
in
and,
Nevada,
of
StAte
grades, the
of the State will
pleted, the rich and rapidly developing mineral resources
the State of
be reached by necessary laterals and feeders. It traverses
California, contiguous in places to important mineral and timber resources,
and a part of it runs through an exceedingly rich and almost undeveloped
California have int.mritory. The population, wealth and bursineis ofthere
seems to be no
creased since 1898 in a degree hardly credible, and
room for doubt that the Western Pacific Ry. will be self-supporting from
•
the day It Is fully opened to business.
to shorten the disThe main line, without cut-oils to be bolt littl r later
of it has a maximum
tance for through traffic, is 929 Miles-long: al out 81%
/t crosses the Sierra Nevada
gradient of 4-10 of 1%,or 21.12 feet per mile. tidewater,
with a maximum
Mountains at an elevation of 5,018 fret ohm e
42,24 feet to the mile,
grade on the eastern slope of 8-10 of 1%, or the
It crosses the
mile.
to
teet
52.5
or
1%,
of
slope
western
and on the
San Francisco flay
Coast Range with a maximum grade of 1%,and reaches
ot steam ferry and other
at Oakland, and thence San Francisco by means
free from deep snows,
marine transfer facilities. The line will be entirely
under construction will
and therefore from snow-sheds. The line now
and Niles In Calipass through 0.rovIlle, Marysville, Sacramento, Stockton'
of main line as hereinfornia. It Is expected, however, after completion
before described, that a cut-oil ot more direct line between Sacramento and
Oakland will be constructed.
at San Francisco and OakIt is the purpose of the company to establish
to accommiyiate a large ocean comland dock and warehouse facilities ample
tarminal
facilities in San Franobtained
already
has
company
merce. The
to those of any railway entering
else and Oakland which will be quite corral
these cities, and It has secured•hIghly satisfactory fAtilities rat both Sacramento and Stockton.
expended more than $30,000,The Western Pacific Rv. Co. has already the
right of way and necessary
: fines nnd terminals, and
000 in cash on It,
terminal lands have, with unimportant exceptions, been secured. Grading
has been compreteit on practically 600 miles and upon approximately 300
miles thereof rails have been laid. The original plans Called for 66 tunnels.
with a total length of 62,614 feet, against the Present requirement of 44
tunnels, with a total length of 45,332 feet. About 60% of this tunnel
work has now been completed. it is expected that during the coming
summer it will be possible to open approximately 360 miles of line for
traffic. The work of completing the entire line is being diligently prosecuted and it is hoped to open the road for business, from beginning to en(l,
in the
some time early in the year 1909. The great growth of population
trade with the
Central and Western States, and the rapidly increasing
enternrise will be
Orient,confirm and increase my originalkontidence that the
profitab'e Itself and contribute to the prosperity of the Denver ec Rio
Graide.—V. 80, 9. 1139.
WOL. LxNxvi.
Its Salem branch, extending from Greenwich to the connection with the
branch into
D ;laware & Hudson Co., and for the work of putting the Salem
the bonds for
full operation. The comp.ny Is directed to hold $500,000 of
The redebt.
funded
present
its
IschargIng
the purpose of retiring and
maining $100,000 of bonds Is to be held by the company and not issued
except by order of the Comrnission.—V. 85, p. 40.
Havana Central RR.—New Bonds and Notes.—The shareholders will vote June 15 on authorizing (1) an issue of
bonds to an amount not exceeding $3,500,000 to be secured'
by mortgage covering terminal and other properties; also
(2) an issue of three-year 6% sterling notes to an amount
not to exceed £515,000, with the new bonds and other collateral as security. Compa~e V.84, p. 1052, 1307, 1366, 1.551
Hocking Valley Ry.--Status of Consolidation, Plan.—See
Kanawha & Michigan Ry. below.—V. 86, p. 47.
Kanawha & Michigan Ry.—Statement by Minority Stockholders' Commiitee.—The committee cons'sting of G. D.
Mackay, Chairman, W. H. Goadby and 1. L. Ellwood, under
date of New York, May 6, makes substantially the following
statement to the minority stockholders:
• The past year, which promised to be a period of important developments
for the minority holders, was, owing to unavoidable circumstances, a year
of some hardship. While the results have been disappointing, the actual
condition of the company is far better than It was a year ago. Had there
been no panic it Is more than probable that dividends could have been begun, but the falling off of earnings brought the available revenue down to a
point where there could not possibly be a surplus applicable to dividends.
The merger Is at .the present time held In suspension by delay of the
courts. It Is not definitely known when the judge will hand in his decision,
although it Is due at any time. While a quick decision would give us the
satisfaction of knowing that there would be no oppositiOn to the merger,
the state of the bond market Is not yet so that the financing necessary to
make the merger effective could be immediately done. (The suit referred
to is that brought by the Attorney-General of Ohio to have the merger plan
described in V. 83.9. 271 .adjudged in contravention of the State law.—Ed.
Since a year ago two members of your committee have been on the executive committee of the road watching over the interests of the minority
holders. Important improvements are constantly going on and at the
meeting of the board April 30 $325,000 was unanimously voted to renew
which
the approaches (in all about 3.3 miles) to the Ohio River bridge,
at present are unable to bear ordinary coal trains. Out of the earnings
$140,000 has already been spent in erecting two stone piers and a channe
8
span of steel. This work on the approaches will complete practically
new bridge. While the total cost of this new bridge and its approache
about
will be nearly $500,000, bringing a fixed charge on the company of In
$25,000 a year, it Is estimated that It will save $50,000 or $75,000at net
the
earnings, besides permanently reducing the operating expenses cost
of
bridge, which has been one of the greatest handicaps to a low
operation.
Connors has
At the request of your committee, General Superintendent which
is enmade an estimate on the future cost of operation, a copy of
closed. (See below—Ed.)
Your committee also asked the directors to authorize the examination
stockof the books during the past five years, In order that the minority
hOlders might be satisfied that full Justice has been done. There was a
unanimous consent of all the directors that this should be done in any
method which. the minority holders desired. If the minority holders
prefer that their own accountants make a separate report, theofread
Sc..
would no doubt bear half the cost ($2,000), while a contribution
will be more than
per share on the stock represented by your committee desires.
your
sufficient for the remainder. Please communicate
The remaining second mortgage bonds in the treasury, which were issued
$400,to provide for the floating obligations of the company, of which aboutbridge.
000 remain In the treasury, will be used for the new work on the
1993
23
April
C311173
&et of 1 Stltemolt by ("anent Sa pt. M. C.
Gross Earnings and Ratio of Oper. Exp. and Taxes to Gross Earnings.
Ratio.
Gross.
Ratio. i
Gross.
86.20%
$1,764,173
80.84%11905
$1,096,359
1902
2,152,762
75.10%
89.73,y 1906
1,285,170
1903
2,377,661
78.31%
$5.01.2 1907
1,657,666
1904
Assuming the same ratio of increase during the ensuing six years, and
considering the improved physical condition of the property, increased
facilities, the completion of contemplated line changes at Pt. Pleasant, permitting the discontinuance of helping engines at that point, and the renewal of approaches to and bridge over Ohio River, permitting the use of
consolidated type of freight engines, which will result In an increase in
trainl9ad of at least 25%, I believe that the property will be operated
(Including taxes) for between 70 and 75% of its gross earnings.
The Coal & Coke Ry. and the Kanawha & West Virginia RR.—two
feeders to the K. & M. Ry.—are but in their infancy, and I fully believe
that the business originating on our own rails, with what we receive from
these companies, will produce, within a year or two at least, a gross earning
of $3,000,000 per annum, and on this basis we should be able to keep the
ratio of expenses to gross earnings, including taxes, between 70 and 75%.
Some additions to freight-car equipment will be necessary to bring about
such results, but I question whether additional freight locomotives will be
required for several years to come.
Aside from the contemplated line and grade changes, with which you are
familiar, there will be—outside of the usual rail and tie renewals—but little
extraordinary expense to provide for.—V. 85, p. 1402.
Dry Dock East Broadway & Battery RR.—Status.---See
Kansas City Southern Ry.--AnnualMeeting—New Director
"Third Avenue Railroad System" under "Annual. Reports"
Statenzent.—At the annual meeting at Kansas
on a preceding page.—V.86, p. 546.
on
May
12 a large majority of the stock being repreCity
Erie RR.—Quarterly.—The earnings for the quarter and sented, the present board was unanimously re-elected with
nine months ending Mch. 31 as reported to the New York the exception that W. G. Street of New York City was subState authorities, on a portion of the system were:
stituted for Y. van den Berg of New York City. In answer
Surp. or 1)e
0th. Inc. Charges.
Net.
Cross.
3 Mos.—
to a question from a stockholder President Edson said:
$3,433,775
def.$1,629,745
$377,320
$1,426,710
$9,584,280
1908
3,039,161 def. 117,240
44,205
11,296,175 2,877,716
1907
9
$10,209,156
def.$2,052,140
$949,054
$34,964,414 $7,207,962
1907-08
9,263,575 sur.$2,158,711
36,121,446 11.085,714 336.572
1906-07
856.
917,
p.
86,
p.480.—V.
Compare V. 86,
Evansville & Terre Haute RR.—Bonds Sold.—The company has sold to Flower & Co. $373,000 first general 5%
bonds of 1942 held in the treasury, at a price, it is said, approximating par. There are now $3,855,000 of these
bonds outstanding.
The remainder of the $7,000,000 authorized issue Is reserved to provide
for underlying liens. The proceeds will be used to reimburse the company
for money expended on new construction, equipment and betterments.
V. 85, p. 1001).
Forty-second Street Manhattanville & St. Nicholas Avenue
Ry. Co.—Status.—See "Third Avenue Railroad System"
under "Annual Reports" on a preceding page.—V.86, p. 547.
George's Creek & Cumberland RR.—Order for Sale of Stock'
at Auction.—See Western Maryland RR. below.
GreenwichNit Johnsonville Ry.—Consolidated Mortgage.—
The Public Service Commission, Second District, has authorized the company to make a consolidated mortgage to
the Standard Trust Co. of New York, as trustee, to secure
an issue of $1,000,000 30-year 5% gold bonds. The "Albany
Journal" of May 12 says:
The company is authorized to issue $400.000 of ae bond •he proceeds
to be used to discharge the indebtedness incurred in the eonstructionfof
Net earnings of the property for the nine months to March 31, less taxes,
remaining three months
are $2,186,074. I estimate that the net for the
$622,488, or, for the
on the present basis of earnings will not be less than
fiscal year, $2,808,562. The total charges for the year, Including interest
leaving
net applicable for
$1,225,053,
be
will
notes
and
trusts,
bonds.
car
on
dividends of $1,583,509.
There have been expended In the rehabilitation and improvement of the
property to June 30 last $4,533,859, and there have been further expended
this year to March 31 $1,217,926. There have also been acquired during
the year 30 locomotives, at a cost of $525,600.
The property from Kansas City to Shreveport is well ballasted, the embankments are widened and the ditches cleaned out to standard width,
and, with the putting down of the rails now being delivered the track will
be laid throughout with heavy rails. Permanent bridges are being built
as the present temporary structures fall in for renewals. The Chairman of
the executive committee, upon his return from an inspection trip recently
made over the system, said that in his opinion the physical condition of the
property, and In particular that portion from Kansas City to Shreveport. Is
as wood as that of any road smith of the Missouri River.
The benefits derived from the improvements made are manifest in the low
cost at which traffic is now being carried. With a revival of business, the
gross earnings should be measurably increased and the property be operated
at a less ratio of expense than in the past.—V. 85, p. 1213, 1203.
Lima (Peru) Urban Ry.—Bonds Called.—Fourteen 6%
gold bonds have been called for redemption July 1 1908.
Coupons due that day will be paid after that date at the
offices of William Salomon & Co. and W. R. Grace & Co.,
New York City. Compare V. 85, p. 1270.
Los Angeles Ry.—Offering of Guaranteed Bonds.—See
Pacific Light & Power Co. under "Industrials" below.—
V. 86, p. 52.
MAY 16 1608.1
• THE CHRONICLE
Menominee & Marinette Light & Traction Co.-New Stock.
-This company, formed by consolidation in June 1903, and
having outstanding $560,000 capital stock in shares of $100
each, proposes to increase its capital stock to $1,000,000, and
will issue the $440,000 new stock in order to provide for the
construction of a 4,500 horse-power hydro-electric plant two
miles east of Ingalls. The company has outstanding $195,000 first mortgage 5% bonds, dated July 15.1904 and due
1924. Augustus Spies is President.
Mexican Central Securities Co.-Merger Plan Approved.See National Railways of Mexico below.-V.68, p. 524.
National Railways of Mexico.-Success of Merger Plan.A large majority of all classes of securities of the Mexican
Central Ry. and National RR. of Mexico, it is stated, has
been deposited in favor of the merger plan. The following
announcement was made Wednesday as to the approval of
the plan by the Mexican Central Securities Co., Ltd., of
London, which holds $37,937,000 Mexican Central Ry.
consol 4s, thus ensuring the success of the plan.
At an extraordinary general meeting of the Mexican Central Railway
Securities Co., Ltd., in London on May 4, the debenture holders of that
company approved the resolutions necessary to permit of the deposit by
the trustees of the company of its holdings of $37,937,000 Mexican Central
consolidated 4% bonds under the plan of readjustment and union of the
Mexican Central Railway Co., Ltd., and National Railroad of Mexico,
dated April 6 1908.
The question of the authority of the trustees under the direction of a.
committee of the debenture holders to make such deposit having been submitted to the court In London, a decision favorable to the making of such
deposit has been rendered by the court.
The committee of the Mexican Central Railway Securities Co., Ltd..
which has been appointed by the debenture holders to effect the deposit
of the securities above stated, consists of live members, including Robert
Fleming, who has recently been In New York. Mr. Fleming sailed for Europe on May 9, and It is expected that the holdings of the Securities Company
will be deposited in the course of the coming week, which will be practically
the last step to be taken in connection with the plan.
New Orleans Fort Jackson & Grand Isle RR.-New Officers,
&c.-The following officers and directors are announced:
Officers: Charles D. Haines, President; William J. Kelly, Secretary,
and F. P. Breckenridge, Treasurer.
Directors.-Charles D. Haines, H. C. %Yarmouth, Frank T. Howard,
F. P. Breckenridge, Elmer T. Haines, A. B. Wheeler and Henry Leverich.---V. 85, p. 1577.
Haven & Northampton and $2,000,000 on Boston & New
York Air Line. In this connection the following facts are
of interest:
The New Haven & Northampton in 1906 made a blanket mortgage
to secure an Issue of $10,000,000 "refunding mortgage"
4% gold
bonds, due June 1 1956 (compare V. 82, p. 1323), of which on June 30 1907
$2,008,000 had been Issued and were in the treasury of the New York New
Haven & Hartford RR. Of the remaining bonds authothk d, between
$1,800,000 and $1,900,000 were reserved to take up underlyi nt bonds maturing in 1909 and 1911 and the remainder were issuable to cover the cost of
repairs and future double tracking
tracking, eliminating grade crossings, widening
and deepening the east cut at New
and otherwise improving the road.
These bonds are guaranteed, principal and Interest, by the New York
New
Haven & Hartford RR.
The parent company on June 30 1907 also held $3,102,000 Boston & New
York Air Line 4s, total authorized issue $5,000,000, of which $1,675,000
are in the hands of the public. This Issue has been assumed.
Final Distribution.-See New England RR. above.
Control of Trolley Roads Held Illegal.-The full bench of
the Supreme Judicial Court on May 8 affirmed the information filed some time ago by Attorney-General Malone against
the company for transgressing the law in securing control
of certain street railways in Massachusetts.
These roads are the Worcester & Webster Street Ry., the Webster &
Dudley Street Ry. the Berkshire Street By.,
the Worcester & Southbridge Street By. '
the Blackstone Valley Street Ry, and the Springfield
Street By.
The decision is based on the theory that, while the company is a consolidated corporation under the laws of Connecticut and
neither
State can grant franchises to be enjoyed in the otherMassachusetts,
which are contrary to
its laws, the corporation being a domestic corporation
in each State and
governed by the laws of the State of its creation in all it
does within that
State. The Court says: "We think it plain that, in the different
provisions
of the statutes of Massachusetts to which we have referred,
Legislature.
Intended to retain control of the consolidated corporation,the
as a domestic
corporation, in everything it might do within this Commonwealth,
that,
recognizing its right to receive franchises and acquire property inand
Connec
tient, it did not give it an implied right to receive any franchise in Connecticut to be enjoyed or exercised in Massachusetts in violation of the
laws
and public policy of this Commonwealth."
Charter Filed.-The charter of the new company, called
the Ferrocarril Nacional de Mexico, was filed on May 5 in
the office of the Public Register in the City of Mexico.V. 86, p. 918, 982.
New England RR.-Payment of Minority Stockholders.Treasurer George B. Phippen has sent the following notice
to the minority stockholders, who, it is said, hold one share
of the preferred stock and 110 shares of the common stock:
The franchise and property of the New England RR. Co. has been sold
to the New York New Haven & Hartford RR. Co. (subject to the mortgage thereon) for the sum of $27,500,000, which has been paid to it. The
directors of the New England RR. Co. have directed the distribution of
foregoing purchase price among its stockholders by the payment to each
of the preferred stockholders of $150 on each, of the shares of the preferred
capital stock held by him, and to each of the common stockholders of $100
on each of the shares of the common capital stock held by him, the same
being the proportion of each share of such stock respectively in the final
distribution in full of all the net assets of this company.-V. 86, p. 1043.
1225
Effect on Boston & Maine Stock Holdings.-Charles F.
Chbate Jr.,counsel for the company,on Monday at a hearing
before the Committee of Railroads of the Legislature, which
is considering proposed legislation bearing on the relations
of the company to the Boston & Maine, read a statement
from Vice-President Timothy E. Byrnes, stating as follows:
In view of the decision of the Supreme Court on Frlday last, it seems
proper for us to state briefly our position with reference to certain of the
matters pending before your committee. We had believed that the New
Haven company possessed the right under the taw to hold stocksof other
companies engaged in transportation in Massachusetts. The company
has not sought any controversy with the Commonwealth. Before the re'rent suit was brought, Mr. Mellen wrote to the Attorney-General: "Will
kindly advise me in what respect we are derelict in connection with you
the
street railways mentioned, and I beg to assure you of
our disposition to
correct whatever you, as chief official of the Commonwealth
in charge o
such matters, consider necessary"; to which the Attorney-General
replied
that be is of the opinion that there is an important legal question
involved,
and he has therefore filed proceedings In the Supreme Judicial
Court to test
the question. The question has been presented to the Court, and
has decided that the company has not the right to hold stocks the Court
companies In Massachusetts. The company will promptly obey of trolley
decree
of the Court. We believe the principle enunciated by the Court the
applies as
well to the holding of Boston & Maine stock by the New Haven company,
and that It will be necessary for the company also to dispose
of this stock
unless the Legislature decides that it is consistent with the interests
of the
Commonwealth that It should be retained."-V.86, p. 1101, 1043.
Norfolk & Portsmouth Traction Co.-Report.-For calNew York Central & Hudson River RR.-Termtnal Im- endar year:
provement at New York City.-The "Record and Guide" of Fiscal
Gross
Operating
Net
Fixed Cleges Balance
Ear-mm's.
Erpenscs.
Earns. and Taxes. Su rp.
New York, in its issue of May 2, contains an article by H. A. Year$2,616,000 $1,658,000 $958,000 $705,000 $253,000
Bennett, C. E., regarding the "Grand Central Yard Improve1,719,000
1,114,000
605,000
501,000
104,0GO
1100076.
84, p. 932.
ment," in which he says that some idea of the magnitude of Northern
Texas
Traction
Co.
of
the work may be gathered from the following facts:
Dallas and Fort Worth,
The suburban station will cover 22 acres and the express level 39 acres; Texas.-Notes Offered.-Estabrook & Co., Boston, and Lee,
total, 61 acres. There will be constructed 1 % miles of new steel viaduct, Higginson & Co., Boston and New York, are
offering at
requiring 100,000 tons of steel. There will be 25 miles of tracks within the
9734 and interest, yielding the investor 7% per annum,
yard, accommodating 1,200 cars; 18 interlocking plants, 18 signal towers.
Eight power stations of 7,000 H. P. each will supply the power. Thirty- $500,000 three-year 6% notes, dated May 1 1908
and due
five 2,200 H. P. electric locomotives will be used,each weighing 100 tons, May 1
1911. Interest payable May 1 and Nov. 1 at Boston.
and having a maximum speed of 80 miles per hour; also 100 2,400 H: P.
motor cars each weighing 53 tons and capable of a maximum speed of 52 Coupon notes of $500 and $1,000 denominations. City
miles per hour. Only the suburban trains use electricity at present,and 55 Trust Co., Boston,
Trustee.
all-steel multiple-unit cars, each weighing 41 tons, have been put in operaAbstract of Letter from Stone & Webster, General Managers, Boston.
tion.
operating
the
The amount of the saving to
department will more than pay
May 12
the interest on the $40,000,000 which the undertaking Is estimated to cost.
"An average daily force of 1,000 men will be etneloyed to carry on this
work, which, It Is estimated, will be completed bu Jan. 1 1912."-V. 86,
p. 1101, 1043.
New York New Haven & Hartford RR.-Divisional Bond
Offered.-Kidder, Peabody & Co., Estabrook & Co. and
R. L. Day & Co., all of Boston,
offered this week
Mass.,
at 98 and interest, and quickly sold,
$4,000,000, being the
final block of an issue of $15,000,000, Harlem 'River & Port
Chester RR. div;sion first mortgage 4% 50-year gold bonds,
dated May 2 1904 and due May 1 1951. A circular says:
This bond is secured by a first mortgage upon the approaches of the main
line and terminals of this system of roads in New York City, consisting of
tracks (four tracks for freight service and two tracks for passenger service) from New Rochelle to Harlem River, 1134 miles. (Against the $221,000 Harlem River 86 Port Chester 4s, due 1911, outstanding, cash to the
full amount of principal and accrued interest to maturity has been deposited with the Farmers' Loan & Trust Co., trustee.) It is also secured
by a mortgage on 225 acres of land located within the borough of the
Bronx, City of New York, on which are freight and station facilities for
the proper handling of the company's large and increasing business. This
property has approximately two milts of water frontage, chiefly on the
Ea.? Fryer.
Harlem Flyer
Cannon bonds, d^nomination 31,010, may be registered as to principal.
Re rkte...d eertificlt s, nomination $10,000, may be converted into coupon bonds of $1,000 each.
six
The company is organized under the1908.
laws of Texas and does an electric
allway business In Fort Worth, Texas, and operates
an interurban electric
railway between Fort Worth and Dallas, with a terminal
on Its own tracks
to the centre of Dallas. The franchises possessed are satisfactory.
From
Fort Worth to Oak Cliff, a suburb of Dallas, approximately 29
miles, the
company owns in fee its entire private right of way, excepting on
of the towns through which it passes; and in these towns Its rights streets
extend
for approximately fifty years. From Oak Cliff to the business
centre of
Dallas the franchises extend for different periods until 1922.
The system includes approximately 80.5 miles of single track, composed
of 33 miles of interurban lines. 8 miles of line In Oak Cliff and 39.5 miles of
city lines in Fort Worth. The city lines have been practically
all relaid
during the last five years with 60 and 72-lb. rail. The nterurban line
is of
steam railroad construction laid with 70-1b. "T" rail. The rolling
stock
includes 106 passenger and express cars and 7 miscellaneous cars.
A modern power station (.1 about 3,750 horse-power capacity is also located
at
Handley, from which current is distributed to four sub-stations.
The proceeds of the $500,000 notes will pay off all existing floating debt,
representing the cost of permanent extensions, additions and Improvements,
and will leave a substantial cash balance In the treasury. All the authorized
mortgage bonds are now outstanding, and no further mortgage can
placed
upon the property of the company without equally securing thesebe
notes.
Capitalization.
Capital stock (including $500,000 to be authorized May 16 1908)33,000,000
First mortgage 5% bonds, due Jan. 1 1933
Total auth. and outstanding issue 6% 3-year notes (present issue) 2,500,000
500,000
arossEarnings for Calendar Years.
YearOperating,
Net.
Interest. Bal., ,Sur
1907
$1,060,953
$623,572
$437,381' $128,503
$308,878
1906
547,151
854,135
306,984
119,581
187,403
1905
391,863
661,037
269,174
1904
564,711
328,813
235,898
The net earnings were therefore almost three times the Interest
charges.
Including the Interest on these new notes.
The company is paying dividends upon its capital stock at the rate of
8% per annum.
Refunding until Jan. 1 1910.-It was recently announced
that an agreement had been entered into with
Peabody & Co. of Boston providing for the sale of about
Kidder,
$9,000,000 mortgage bonds of underlying merged roads now held in
the treasury and also for the sale of.about $2,000,000 shortStock.-The Attorney-General of Texas has approved
term notes, the proceeds of which will be used to pay off the charter amendment increasing the capital
stock from
between $11,000,000 and $12,000,000 snurities maturing $2,500,000 to $3,000,000. A special dispatch to the
"Dallas
up to Jan. 1 1910.
News"says:
It is stated unofficially that the bonds here referred to
The Attorney-General held that the new law as to capital stock
do:s
include, besides the $4,000,000 bonds of the Harlem River not apply to increases made by interurban companies. As the company furnishes the necessary affidavits that 50% of the increase has
& Portchester offered above, $3,000,000 bonds on the New subscribed
and 10% of it paid in, the amendment will be flied. The been
new
1226
THE CHRONICLE
stock to be subscribed
corporation law requires the entire amount of capital
s are expr,:ssly exempt.
and 503'o paid in, but Interurban companieto
Issue stock dividends instead
It is understood that the company Is
thus retained Is
of paying the money In dividends and that the money
86, p. 1043.
to be used in betterments and possible extenslons.-V.
Northwestern Ohio (Electric) RR.-Bond Issue for Projected Road.-A mortgage has been filed to the Security
Savings Bank & Trust Co. of Toledo, as trustee, to secure
an issue of $1,000,000 5% bonds dated Nov. 1 1907.
These bonds are to be Issued on account of the construction and equipto
ment of this interurban road, intended to run from Defiance, 0., northerly
Montpelier, passing through Evansport and Bryan.
The project is being promoted by Col. H. C. Bell of Toledo.
The President and Secretary are G. G. Bloom of Stryker
and John Crowe of Defiance.
Odessa & Middletown (Electric) By., Delaware.-Sold.At the sale of this 4-mile road which took place at Wilmington, Del., on May 6 under foreclosure of the $50,000 mortgage (Integrity Title, Insurance, Trust & Safe Deposit Co.,
trustees), the property was bid in by H. R. Bringhurst "for
$8,100 clear of all incumbrances."
Oregon Electric By., Portland, Ore.-New Stock, Extensions, &c.-This company filed on April 22 supplementary
articles of incorporation to permit the building of extensions
to the cities of Hillsboro, Eugene, Mill City, &c., and also
increased its authorized issue of capital stock from $2,500,000 to $10,000,000 (par of shares $100) and classifying the same into $5,000,000 common and $5,000,000 preferred, the latter to have preference over the common as
to both dividends and assets and its dividends to be cumulative after Jan. 1 1911. Work on the Hillsboro line, it
is stated, is already under way. The company within the
past 18 months has constructed 50 miles of railway between
Portland and Salem, Ore. Under the supplementary
to build 301 miles
articles of incorporation it has the right
•
of extens:ons as follows:
•
[VOL. Lxxxvi.
anticipate payment on such notes as have been secured by
the refunding bonds as collateral.
Payment of Notes.-The $130,000 collateral trust 6% notes
dated June 26 1907, the retirement of which •was arranged
some time ago (V. 86, p. 982) were payable on or before
May 10 at the Mercantile Trust Co., this city. An additional
block of $720,000 of the original $1,750,000 issue has been
called for payment on June 7.-V. 86, p. 982, 920'.
Sedalia (Mo.) Light & Traction Co.-Earnin7s.-E. e
who are offering a block of the first mortgag
Gay &
Co.,lated Dec. 1 1903, present issue $500,000 (com5% bonds
pare V. 86, p. 481, 170), report as follows:
1908.
Earnings and Expenses for Seven Months Ending Jan. 31
$17,500
$74,122 I Interest on bonds
Gross earnings
14,054
Balance
31,554
Net earnings
of
operation
From the above it will be seen that the first seven months' consolidathe merged companies, after completion of improvements and
charge
interest
the
than
more
$1,590
In
tion of generating stations, resulted
the first
on $600,000 bonds for the entire twelve months. On this basis
481.
full year's operation will show a substantial surplus.-V. 86', p.
Southern Ry.-Sale of Notes Convertible at Option of
Holders into "Development and General Mortgage' Bonds,
headed by
-The company has sold to a
0 convertible
7
e,
,000 64
syndicat
an issue of $15.000
J. P. Morgan &
Co.,ay 1 1908, and payable on or before
gold notes, dated
May 1 1911; interest payable Nov. 1 and May 1. A letter,
dated May 14 1908, from President W. W. Finley, Esq..,
states that these notes are to be secured by pledge under
trust agreement with New York Trust Co., trustee, of the
following collateral:
Southern Ry. "development and general mortgage" 4% bonds,$20,000,000
series A
2,500,000
Tennessee Central RR. prior lien mortgage'4% bonds
Virginia & Southwestern By. first consolidated mortgage 5% 2,000,000
bonds (see V. 86, p. 1102)
time, upon
The holders of these notes have the right at their option at anythe
pledged
five days' previous notice, to convert their notes at par Into
"development and general mortgage" 4% bonds, Series A, at the following
Inand.
until
thereafter
80%;
at
1
1990
May
and
including
rates; Until
82% %; and thereafter until and including May 1
12 miles; Hills- cluding May 2 1910 at In
bonds, being
notesand
both
upon
and
each
Salem to Albany, 18 miles; Garden Home to Hillsboro,
case,
interest
85%,
at
1911
miles; Salem to
boro to Tliamook, 57 miles; Tigardville to Eugene, 125
allowed and adjusted.
Co.
M. City, 54 miles, and Albany to Cascadia, 35 miles.
Subject to the prior exercise of the foregoing option, the Railway
by Payhave been has the right at any time to withdraw any or all of said collateral
stated
not
and
The company's bonds to an amount
general
ment
"Develop
therefor In cash at the following prices:
bankers ment
the same periods
mortgage" 4% bonds, Series A,at.the same prices and.for Central
underwritten by a syndicate in which New York
prior lien
officers are: as
provided above for conversion of the notes; TennesseeSouthwestern first
are interested. Compare V. 83, p. 819. The
&
4% bonds at not less than 85%; Virginia
York; Vice-President, Guy W. mortgage ted
with accrued Interest
90%,
than
less
at
not
bonds
5%
President, George Barclay Moffatt, New
mortgage
'consolida
Portland; Treasurer, H. W.
the purchase or
Talbot, Portland; Secretary. George F. Nevins,
n each case. Such cash is to be applied by the trustee to.
Brower, New York.- V. 83, p. 819.
redemption of the notes as printed in the trust Indenture
Quebec Central Ry.-Report.-For calendar years:
Other Int. on This. Impts.de Balance
Net
Gross
Cal.
Surplus
Earns. Income (SC Deb. SM. EquIp. $180,246
Earninos.
Year$100,865 $40,000
$6,790
$314,321
$1,012,741
1907
165,641
62,500
99,983
6,175
321,949
904,865
1906
from the year 1906, makes an available
Adding $12,700 brought forward
on the
interest
yearly
the
paid
was
latter
balance of $192,946. From the 549,348, and the full 7% on the income
3% debenture stock, calling for In 1906), leaving $28,453, from which a
%
5%
bonds, $115,145 (against
of
was made on account of estimated loss to
special appropriation of $13,000
ies of an official, leaving $15,4$3
about $85,000 through the irregularit
be carried forward.
in working expenses for renewals, which
In 1907 $51,000 was Included
previous years would have been appropriated
under the method adopted Inof the year.
form net revenue at the end
An English financial paper says:
the 4% debenture stock had been issued.
On Dec. 31 1907 1400,337 ofbeen
used for retiring 5°-,, prior lien bonds,
had
Of this amount £270,500
ng on Dec. 31 1907. Since the close of
of which £95,000 were outstandi
have been paid off; therefore the 4%
bonds
ng
outstandi
the
year
the fiscal
charge on the entire undertaking.- debenture stock now ranks as a first
V. 86, p.
e
Option to Subscribe.-J. P. Morgan & Co., as syndicat
2-year
managers, will permit the holders of the company's1908,
to
2
5% sterling notes maturing June 1 1908 and July
ce in
deposit their notes, ex last coupon, and receive preferen
and at
allotment to the extent of the notes so deposited,
maturing
the time allotment is made depositors of notes' per note,
June 1 1908 will receive a cash payment of $10 receive a
and depositors of notes maturing .July 2 1908 will
ce in
cash payment of $5 per note in adjustment of differen
also be
price and interest. Preference in allotment will
State trust
given to registered holders of the company's and
July 1
certificates. Sterling notes maturing June 1
&
may be deposited at the offices of Messrs. J. S. Morgan
Co'._, 22 Old Broad Street, London, E. C. that theeompany
Option on Tennessee Central.-The'report
with the Illinois
had decided not to exercise its joint option of the Tennessee
s
Central on the greater part of the securitiecotild
not be conCentral Ry. which expires July 1 next,
.-V. 86, p.
firmed yesterday from the company's officials
1101.
-Sale of
Southern Electric Securities Co., New Orleans.
&
Light Co.
Ry.
Street
rg
Vicksbu
Controlled Property.-See
in V. 86, p. 1161.-V. 86, p. 230.
& Co. offer,
Sharon Ry.-Stock Offered.-A. M. Kidderper
$50 share)
by advertisement on another page,at 120 ($60 , 2,000 shares
and accrued dividend, to net 5% to the investor
under lease to
of stock of the Sharon Ry., glaranteed 6% Total. amount
the Erie RR.for 900 years from Dec. 11900.
outstanding, $882,150.
Pennsylvania RR.-Called Bonds.-Sunbury Hazleton &
Wilkesbarre Ry. first mortgage Series A bonds of 1878 to
d
the amount of $20,300 have been called and will be redeeme
Co. of
at par and interest on June 1 by the Fidelity Trust
Philadelphia.-V. 86, p. 1101, 1043.
Raleigh & Southport Ry.-Listed in Baltimore.-The Baltiding
more Stock Exchagne has listed the $359,000 of outstan1965.
consolidated mortgage 5% gold bonds due in June
Compare V. 82, p. 929.
AuRochester-Corning-Elmira Traction Co.-,Securities nt
and equipme of
thorized.-On account of the constructionfrom
Rochester to
its proposed double-track electric road
nia and New York.
The stock is tax-exempt In Connecticut, Pennsylva
system, serving territory very
Elmira, a distance of 120 miles, this company has been au-, The
road. Is an Important link In the Erie furnishing
to the various
access
Division
Second
ion,
Commiss
Service
tracks
productive of freight traffic; the side
thorized by the Public
the United Status
00, making furnaces,
line Including those ofSteel
mills, &c., along the line,
Co. and allied
Sharon
to issue capital stock to the amount of $3,880,0
Co.,
Iron
on,
Renublic
Corporati
000 30- Steel
aburv Ordnance Co., &c. Compare V. 86, P. 795, 722.
,
a total of $4,000,000 stock outstanding and $4,210,
the companies Driggs-Se
year 5% gold bonds, to be secured by a mortgage whichcomCentral
ee
Ry.-Ileport as to Option:-See Southern
Tenness
the
Commission would limit to $6,000,000, but whichion
p. 869.
84,
-V.
above.
Ry.
made
pany wished to make $8,000,000. The Commiss
Avenue RR., New York.-Proposed Issue of ReThird
ions:
stipulat
the following
that Must Be Paid, &c.
or par value. The ceivers' Certificates-Existing Charges
No bonds shall be sold at less than 85% of the facets of not more than
receivers' statement. under "Annual Reports" on a
-See
bonds shall be issued from time to time In installmen
order additional to the
p 858, 722.
$1,000,000 each, and only upon the entry of an
upon the first application, preceding page.-V. 86,
general order authorizing such issue, upon proof
d by responsible parties,and upon
Light 0o.-An Effort to Be Made
s
&
(0.)
Railway
Toledo
that the capital stock has been subscribepurpose
the proceeds of the bonds
each other application showing for what
Company without a Receivership.
of
the
the
Affairs
Readjust
disthe
the
of
work
and
n
to
completio
and
on
are to be used in the constructi
Issues of stocks and bonds.
what was regarded as a certain
y
the
from
compan
save
-To
position made of the proceeds of previous 1906
with $4,000,000 authorized
t the ,bondholders and
represen
[The company was Incorporated July 25
a
to
ee
ship,
committ
receiver
int
Mo
from
miles,
long
120
road
capital stock to Operate a surface electric
State and East Water streets, creditors of the company is in process of formation. The
Hope and Elmwood avenues, Rochester, ton,
and Churning counElmira, passing through Monroe, Livingsto Steuben
ee will include:
office. 42 Broadway, New York City. Directors are: Max committ
ties. Principal
Eckstein, Samuel M. Levy, Henry
H. Schultze, C. 0. Geer, ,Frederick
H. Kaufman and Tracy
Brunssen, Harry Velthusen Horace G.Abel, Henry
S. Breckingham, of New York City.]
St. Louis & San Francisco RR.-Sale of Bonds.-The comRedmond &
pany has sold to J. & W. Seligman & Co. and
in its treasury
Co. the remainder of its refunding 4% bonds
security for
and those that have hitherto been deposited asThe
sale inthe $1,620,000 6% notes due June 26 1908.
have;availcludes all refunding bonds that the company will
July 1
able under the terms of the mortgage between now and and
1909: The company announces that it will now redeem
Blair, Mr. Blair
New York men-Norman B. Ream and C. Ledyard
& Co. Cleveland menbeing a member of the banking house of Blair of
John Sherwin,
Savings;
Society
the
Hon. Myron T. Herrick, President of
McIntosh, President of the
President of the First National Bank; H. P. Nutt,
Secretary of the
the
R.
J.
4
1
/
1
and
Trust
Co.?
Savings
Guardian
William II.
Citizens' Savings & Trust Co. Chicago will be represented by
Hale, of that city.
railways,
The company is a consolidation of all the street
and
Toledo;
of
es
compani
and
heating
lighting
gas, electric
Fayette &
Toledo
the
,
Western
&
Toledo
the
also controls
and the
Western, the Maumee Valley Railways & Light Co.
all interCo.
s
Railway
n
Norther
&
Beach
Ottawa
Toledo
MAY Hi 1908.1
THE CHRONICLE
urban lines radiating from Toledo. The Toledo Railways &
Light Co. has a bonded debt of $13,258,000 and a floating
debt of approximately $2,500,000. The expiring•franchises
of some of the street railways owned by the company, and
the general financial depression, has not only made it impossible for the company to finance its floating debt, but has
prevented the company from arranging a general financial
plan for taking care of some $10,000,000 of the bonded debt
which becomes due next year.
•'The propertieshave always been good earners, and last
year earned a net surplus of $314,700 over all of its fixed
charges, which would seem to indicate the possibility of a
successful readjustment."
The committee will shortly issue a call for the deposit of
the junior securities, including the secured floating indebtedness, and will co-operate with the officials of the company in
an effort to re-adjust and reorganize the affairs of the company without the complications and expense of a receivership.-V. 86,.p. 227, 170.
Union Pacific RR.-No Haste About Financing.-Reports
have been current this week of pending !negotiations here
and abroad for the sale of $25,000,000 or $50,000,000 of the
company's new bonds (see V. 86, p. 1161), in order to put
the treasury in funds to meet existing capital requirements,
including the payment of floating debt (incurred for construction and additions), and to finance the company's subscription for its pro rata share of new stock etc., shortly to be
placed by the Illinois Central (V. 86, p. 720, 981, 1042).
President Harriman, after the directors' meeting on Wednesday, when the regular dividend was declared, had,it is stated,
the following conversation with a representative of the
"New York Evening Sun":
"Everybody is trying to do the Union Pacific financing, and I want It
understood that the Union Pacific doesn't need any financing."
"lint you said yourself last week that the company would need $25,000,000," was remarked.
"Oh, what is $25,000,000 to the Union Pacific?" was the reply. "The
Dillon Pacific doesn't need any money."
"Does thannean that there will bones'Immediate offering of any of the
bonds authorized?" was asked.
"It will all depend upon the market," said Mr. Harriman.-V.86, p. 1161
1227
made from Sept. 1 1902 to Sept. 1 1907, both inclusive,
but none in December and March last. (V. 85, p. 1340.)V. 86, p. 339
Canada Paper Co., Ltd., Windsor Mills, Que.-Second
Mortgage-Lease.--This company, having outstanding at
last accounts $588,600 common stock, $344,100 7% cumulative preferred stock and $200,000 first mortgage 5%
bonds (interest M. & N.), has called a meeting of its shareholders to be held at the company's office, No. 70 McGill
St., Montreal, on May 19 1908, for the purpose of considering a by-law providing for an issue of $150,000 second mortgage bonds and for the purpose of considering an agreement
which provides contingently for a lease of the company's
property generally. Kilgour Bros. of Toronto were recently
reported as seeking control.
Chicago (Bell) Telephone Co.-New Officers.-President
Arthur D. Wheeler has been elected Chairman of the Board
to succeed John M. Clark, who resigned in anticipation of a
prolonged absence from the city, but remains a director.
B. E. Sunny, a Vice-President of the American Telephone &
Telegraph Co., has been elected President.
Gain in Telephones.-Jan. 1 to April 30, 4 months:
4 Albs.•- Gain (No. Telephones.) I Telephones PI Service April 30.
1908, 11,352 (city, 10,312; oth.1,040) 1214,240 (city,i166,476;other.
47,764)
1907, 11,658 (city, 8,371; otu.3,287)1182,617
"Chicago Inter-Ocean" says: "From Dec. 1 to April 1 the company
expended $1,185,000 for changes In service and improvements required
under the new ordinance, and will spend $2,009,0o0 more before the present
year Is at an end from proceeds of the re7ent sale of additional stock. It is
stated that the company has in the ne gaborhood of 7,000 enders ior new
telephones ahead.-V. 86, p. 482, 4:3.
Ohio & Indiana Consolidated Natural & Illuminating Gas
Co.-Foreclosure Decree.-See Fort Wayne Gas Co. above.
Circular to Bondholders of Controlled Companies from Independent Prolective Committee.-A circular dated New York
April 28, has been sent out by the "Indiana Gas Companies'
Bondbolders' Protective Committee," consisting of:
James Talcott, Herbert L. Satterlee, John Henry Hammond, Eugene G.
Foster and Alexander Madden, with L. A. Ramage, Secretary, 115 Broadway, and Richard Welling and J. Langdon Ward, Counsel.
Union Railway, New York.-Status-Receiver's CertifiThis circular says in part:
cates, &c.-See 'Third Avenue Railroad System" under
undersigned are members of a committee coMposed,of bondholders
"Annual Reports" on a preceding page.-V.86, p. 920, 858. in The
the Indiana Natural & Illuminating Gas Co., Logansport & Wabash
Valley
Gas
Fort Wayne Gas Co., Lafayette Gas Co. and Ohio a indiana
Washington' Traction Co., Springfield, 0.-Sold.-At Gas Co.,Co.,
called the "Indiana Gas Companies' Bondholders' Protective Comreceiver's sale at Springfield, 0., on May 11 this property mittee," which was chosen about a year ago at a meeting of bondholders
of the companies above named who were dissatisfied with the plan
was bid in by Geoige W. Baker of Washington C. H. for organization
of reput out by the Wallace committee, and had declined
assent
$36,667.-V. 86, p. 1161.
thereto. At the time that the committee was formed, an orderto
was obtained
restraining
the
Wallace
Committee
from putting their plan into
Western Maryland RR-:-Sale of Stock Ordered.-Judge execution for the time being, but
this order was afterwards reversed,
Morris in the United States Circuit Court at Baltimore on although the action in which it was
granted is still pending and Is expected
to
be
eventually
tried.
May 8 authorized the Mercantile Trust Co. of New York to
The committee then proceeded to gather information. It appeared that
sell at auction within 30 days 19,993 shares of capital stock the mortgage securing
the bonds had been made to two trustees, that
Ferdinand
Winter of Indianapolis had resigned as trustee, thus permitting
of the par value of $50 each of the George's Creek & Cumthe Central Trust Co., as the remaining trustee, to begin foreclosure suits.
berland RR. Co., deposited with the trust company by the
As a result of the legal proceedings instituted in Indianapolis by our comWestern Maryland RR. Co. as collateral security for a 6- mittee, Judge Anderson of the United States Court has appointed
H. W.
Bennett,
gentleman of high standing in that community, as substitute
months' 7% note for $1,101,875, which matured April 17 trustee, Ina place
of Mr. Winter: and has required the receivers to furnish
1908 but remains unpaid. The sale, it is stated, "is a pro- full particulars of the financial condition for each year of their receiverships
several years theretofore.
ceeding entirely friendly to the Western Maryland." The andInfor
the case of the Fort Wayne Co. the foreclosure suit was begun be$1,000,000 stock of the 33-mile road was purchased in Janu- fore the time specified In the mortgage
had elapsed: there is also a further
question as to whether the company should ever have defaulted en Its bonds
ary 1907 for a sum said to have been $1,816,307. Com- If
It had been operated independently and Its finances not merged with those
pare V. 84, p. 160.-V. 86, p. 920, 858.
of the other companies. The foreclosures in all the companies,other than
the Fort Wayne, have proceeded to a decree; In the Fort Wayne suit no
Western Pacific, Ry.-Funds Obtained for Completing and decree
has yet been entered.
Equipping the Road.-See Denver & Rio Grande RR.The circular closes with: various criticisms.of the modified
.001
V. 86, p. 1161.
plan of the Wallace committee. Cons:derable additional
information of importance,it is stated, has been secured since
INDUSTRIAL, GAS AND MISCELLANEOUS.'
the circular was issued;see the aforesaid plan in V. 86, p. 984.
American Felt Co.-The duties of President are being perOhio Oil Co.-Acquisition.-This subsidiary of the Stanformed by Vice-Pi•esident W. H. Sweatt, who has been the
active head of the company for some time. The election of dard Oil Co., it is stated, has acquired for $325,000 cash,
The holdings of the Superior Oil Co., one of the subsidiary companies of
a new President to succeed the late Charles L. Lovering, it is
Benedum-Trees 011 Co., consisting of leases on 2,200 acres
Crawford
said, will be deferred until the annual meeting next January. the
County, Ill., on which are 39 producing wells, with an aggregateInproduction
of 1,000 barrels a day.-V.86, p. 984, 288.
-V:85, p. 158.
American Telephone & Telegraph Co.-Earnings of "AssoPacific Light & Power Co., Los Angeles; Oal.-Offering
ciated Operating Companies."-For first quarter of calendar of Guaranteed Bonds.-N. W:Halsey & Co: are offering by
years 1908 and 1907:
advert:sement on another page the unsold part of $1,750,Telephone
Three
' Net
Other
Interest
Balance fcr 000 first mortgage 5% gold bonds of $1,000 each (c*),
dated
Months- Revenue. (Over Taxes). Income.
Charges.
Dividends.
$29,042,200 $7,414,200 $1,236,200 81,973,600 $6,676,800
September 1 1902 and due July 1 1942, without option
1908
26,076,300
6,633,600
1907
1,090,600
1,688,300
6,035,900 of prior redemption. Interest payable Jan. 1 and July 1 at
Operating expenses include maintenance charges amounting to $8,347,500
Union Trust Co., San Francisco, trustee, or'N: W. Halsey &
In 1908, against $7,598,200 in 1907.-V. 86, p. 1045, 983, 858.
Anaheim (Cal.) Union Water Co.-New Bonds.-An Co., New York. These bonds are guaranteed as.'to principal
informal meeting of the stockholders (has recently, by a and interest by the Los Angeles Ry. Co., which owns a maunaminous vote, recommended that the board of directors jority of the capital stock.
Total bonds authorized, $10,000,000 (of which only the
take steps towards issuing $300,000 bonds to pay off the
floating debt, and also to take care of the present bonded aforesaid' $1,750,000 are guaranteed),including $8,594,000
debt, said bonds to be sold for cash and at not less than their outstanding, $366,000 reserved for underlying liens', $354,000
retired by sinking fund and $686,000 ava.ilabIe fcir betterface value and at a rate of interest not to exceed 6%.
The amount of outstanding stock Is 8004 shares. The company Is a ments.
co-operative organization supplying water to Anaheim, Fullerton, Placentia and Vorba. The officers are: Win. Crowther, President. Fullerton.
Cal; S. Kraemer, Vice-Pres., P. H. Krick. Sec..and John Hartung, Treas.,
all of Anaheim.
Bituminous Coal Companies.-Indiana Union Miners'
Strike.-Union coal mineis in and around Evansville, Ind.,
went on strike May 14, stopping all coal mining in Indiana
except in the block-coal district.
Agreement in Illinois.-On May 9 the coal miners and
operators of Illinois reached an agreement, the miners
voting to continue the agreement of 1906 and paying the
shot-firers.-V. 86, p. 1041.
Butterick Co., New York.-Dividends Resumed.-A quarterly dividend of 3 of 1% has been declared on the $12,000,000 stock, payable June 1 to holders of record May 20.
Quarterly distributions at the rate of 4% per annum were
Abstract of Letter from President Wm.(1. Icerchoff. Sept. 14 1907.
(Revised ti 1908 as to Earnings.)
The company was organized under the laws at California In March 1902.
Capital stock, $10,000,000,ireshares of $100 each,all outstanding. Is engaged
In the sale of electricity in Los Angeles and vicinity, with special attention
topulling the load of the Los Angeles Ry. Co. the Pacific Electric Ry. Co.,
and the Los Angeles Interurban Ry. Co., and a general lighting and power
business. Owns an extensive system of generating plants with a present
generating capacity of 43,000 h. p., including:
Kern River plant, including dam, concrete canal 12 mils In
length, power-house at Bore!, Kern County,'and a double
transrniss!on line of 126 miles to Los Angeles; present• capacity
13.500 h. p
San Gabriel plant, including conduit of 7 miles on the San
Gabriel River, power-house at Azusa, Los Angeles County,
and.transmission line to Los Angeles, 23 miles; capacity__ __ 1,500 "
Menton() plant, with tunnels and flumes apnroxlmately 5 miles'
In length, a power-house on Santa Ana River and a transmission line to San Bernardino and Azusa
2,000 "
Redondo steam plant, nearing completion
20,000 "
Los Angeles steam station
3,800 "
Other hydraulic plants (1,760 h. v.) and other steamblants12,160 "
1228
THE CHRONICLE
taking power as
Also has an interchange arrangement for giving and
Ry. and Los Angeles
needed with the Ontario Power Co., Pacific Electric
systems.
water-power
undeveloped
of
By. Co., and controls a number
of power to the electric railways
In addition to supplying a large amount
the city
three
supplying
companies
of
one
is
company
the
named above,
the business it can
of Los Angeles, and is getting at profitable rates all
corhandle there. It also sells current, either directly or through other
Pasadena, South
porations In Hollywood, University, Dolgeville, Duarte,
Glendale and Azusa, Los Angeles
Pasadena, Alhambra, Covina, Monrovia,
County;
County; San Bernardino, Ontario and High Grove, San Bernardino
Riverside, Riverside County, &c. A considerable amount of power is sold
for pumping water for irrigation.
Earns. for 12 Months' Periods.
31 '05 Mch. 31 '04
Year ending- Dec. 31 '07. Dec. 31 '06. Mch. 31 '06 Mch.
$807,652 $652,994
Gross earnings_ -31,281,055 $1.332,534 $1,139,216
$308,598
$391,239
$699,093 $546,667
Net earnings_ __ _ $749,239
177,931
209,106
314,748
339,431
336,097
Interest
$413,142 $359,662 $231,919 $182,133 $130,667
Surplus
Surplus earnings amounting to $862,468 were put back into the properties
four years.
for extensions and betterments during the lastHenry
E. Huntington, ViceDirectors: William G. Kerchoff, President;
President; A. C. Balch, General Manager; Howard E. Huntington, Kaspare Cohn, Abram Haas, George S. Patton.
There is an authorized issue of $10,000,000 first mortgage 5% gold
bonds, dated Sept. 1 1902, due July 1 1942, without privilege of earlier
redemption. Of this amount, $8,796,000 have been issued, of which
$366,000 are reserved with the trustee for the retirement of underlying
bonds and $307,000 have been retired by the sinking fund, leaving $6,623,thne.in addition to the
000 unguaranteed bonds outstanding at the present
guaranteed bonds referred to below. These bonds are secured upon all of
belonging to the
the property, rights and franchises of every description
company. Annual sinking fund, 2% of the face value of bonds outstanding
from Jan. 1 1910 to Jan. 1
Jan. 1 1905 to Jan. 1 1909 inclusive, and ZA %issue
1942 inclusive. For purchase of bonds of this otherat a premium of 10%
securities approved by
or less, or If this be impossible to be invested in
the board. This sinking fund is expected to retire the entire issue at
mat irity.
Of the above bonds, your portion has been guaranteed, principal and interest, by the Los Angeles By. Co. as follows: "For a valuable consideration
hereby guarantees the
It thereunto moving, the Los Angeles By. Co.
payment of the principal of the within bond and interest accruing after
specified therein, and
Jan. 1 1907, at the time and place and in the manner
in the coupon thereunto annexed. (Signed) Los Angeles Railway Co."
a demurrer to a cross bill filed by the City of Sioux Falls.
seeking to eject the old company from its streets, that the .
latter has no rights in the streets under the franchise of
April 9 1884, which expired in 20 years.
The United States Supreme Court in 1005 held valid the bonds issued
by the city for a municipal water plant (V. 81, p. 1391), which is now completed and in use. The city in the first instance could not agree with the
company as to price of its plant, and so constructed Its own system, and now
refuses to buy the old plant. Compare V. 79, p. 790, 746, 518.--V. 81,
p. 1854.
Springfield Coal Mining Co., Illinois.-Status.-A. H.
Bickmore & Co., New York, some time since, when offering
a block of first mortgage 5s, said:
First mortgage sinking fund 5% 20-year gold bonds, due 1923, callabl
authorized and Issued, $650,000; retired by
at any interest date at 107
sinking fund, $65,000; outstanding, $585,000. Since the consolidation
recent estimate places
In 1902 the earnings have been largely increased. AThe
company operates
the value of properties in excess of $1,500,000.
connections.
about 6.000 acres of coal land with excellent railroad
$102,518;
For the calendar year 1907 net earnings from all sources,
for
interest charges, $42,050; surplus earnings, $60,468. Net earnings
V. 81, p.
the five preceeding years have averaged $130,000.-Compare
1318; V. 76, p. 870.
Mt Standard Screw 0o.-Report.-For calendar year ending
March 31.
Balance,
Common
Bond Pfd.Div.
ExOther
Net
Cal.
Dividend. Surplus.
Profits. Inc. penses. Int.,&c. (6%).
Yr.$183,113
'07-'08 _$512,137 $2,046 $38,002 $23,434 $120,000 (8%)3149,63
723,080 1,933 29,660 30,194 120,000 (5%1 124,695 420,473
97.
p.
'06-'07-V. 85,
Portland Gold Mining Co., Cripple Creek,-.New President.-Secretary Frank G. Peck has been elected President
to succeed Irving Howbert. The "Engineering and Mining
Journal" says:
production of the camp
This mine has produced over 10% of the gross
on the capitalization of $3,and has paid nearly $8,000,000 In dividends 30%
of the gross production
about
stockholders
the
0)0,000, returning to
new bodies of rich ore have been disof the mine. It is reported that large
is quoted as saying that this
Howbert
Mr.
level.
ot
1,500-fo
the
at
covered
that on the level 100 feet
new vein at 1,500 feet is wider and richer than
will drain the mine at
above it. The drainage tunnel, when completed,
456.
p.
82,
-V.
depth.
2,200 feet
Quincy Copper Mining Co.-Dividend Again Reduced.-A
quarterly dividend of $1 (4%) per $25 share has been declared, payable June 15, comparing with $1 50 (6%) March
23 1908, $2 (8%) Dec. 26 1907 and $2 50 (10%) Sept. 25
and $4 50 paid at each of the first two quarterly distributions in 1907. A Boston paper says:
trifle over $1 a
For the quarter ended March 31 the company earned a directors
to pay
of the
share on its 110,000 shares of stock. It is the policy
the first three
for
output
The
earnings.
the
with
dividends in accordance
11
about
cost
which
pounds,
months of the year was a little over 5,000,000
company has no
cents a pound to produce, Including construction.atThe
per
cents
13
around
June
through
ahead
copper on hand, and is sold
pound.-V. 86, p. 550.
San Diego (Cal.) Consolidated Gas & Electric Co.-Collateral Trust Notes.-This company, early in 1907, it is learned,
made an issue of $250,000 7% collateral trust gold notes.
due April 11912, but subject to
These notes are dated Aprilll 1907 and
1 or April 1 thereafter; denominations
call on April 1 1909 or any Oct. quarterly
July 1, &c., at office of New
$500 and $1,000; interest payable fund, beginning Oct. 1 1909, 1 2-3%
York Trust Co., trustee. Sinking
an Issue of $1,500,000 1st realso
is
There
of the par value of the notes.
p. 103.
funding 5% bonds dated AprIl 20 1905.-V. 85,
San Joaquin (Cal.) Light & Power Co.-Collateral Trust
Notes.-A*Los Angeles paper states that this company, which
is affiliated with the Pacific Light & Power Co. of Los Angeles, is marketing, through the Columbia Trust Co.,. as
trustee, a $50,000 issue of collateral trust 3-year 7% notes,
dated March 1 1908, secured by a deposit of first mortgage
bonds. Denominations of $100 and $50. The aforesaid
paper adds:
all of Its earnings to betterments,
The company is devoting practically year the sum from earnings thus
and up to the beginning of the present
p. 288.
Invested had exceeded $400,000.-V. 85,
Scranton Lumber Co.-6% Guaranteed - Bonds Offered by
of this
Clark L. Poole & Co., Chicago.-The unsold portion
bonds,
company's issue of $1,000,000 6% first mortgage gold
the
United
which are guaranteed, principal and interest, by
States Lumber Co., are offered at par and interest by Clark
L. Poole & Co., First National Bank Building, Chicago, by
advertisement on another page of this issue.-V.86, p. 1104.
Sheridan (Wyo.) Coal Co.-Called Bonds.-Twenty-four
($24,000) mortgage bonds of 1903 have beep called and will
Co., Chicago,
be paid at par and interest at the Union Trust1372.
trustee, on .June 30 1908. Compare V. 84, p.
Silversmiths' Co. New York.-Dividend Rate Reduced
from 6% to 4%.-The directors have declared a quarterly
rs of record
dividend of 1%, payable May 15 to stockholde
May 9, thus reducing the annual rate to 4%,,contrasting
with 6% from May 1907, when distributions were begun,
to Feb. 1908, both inclusive.-V.84, p. 1185, 1252.
(C. A.) Smith Timber Co. Marshfield, Ore.-6% GuaranL. Poole d; Co., Chicago -The
teed Bonds Offered by Clark'
unsold portion of this company's issue of $3,000,000 6%
first mortgage gold bonds, which are guaranteed principal
and interest by C. A. Smith of Minneapolis, are offered at
par and interest by Clark L. Poole & Co., First NatiOnal
Bank Building, Chicago. See last week's "Chronicle."-p.
1163.
•
South Dakota Water Co.-Franchises Held to Have Lapsed.
April
on
Court
Circuit
-Judge Carland in the United States
14, in the suit brought by the company (now in receiver's
hands) for an accounting against the city held,in over-ruling
Lxxxvi.
Texas Land & Cattle Co.--Sale.-A press dispatch from
Wharton, Texas, on May 7 said
13,203
A. H. Jones of Hexer County has purchased from the company
paid in cash,
acres of land for the consideration of $171,644; $33,000 wasTuesday
afterfiled
were
deeds
The
notes.
four
be
hr
paid
lo
the balance
noon.--V. 82, p. 457.
Topeka (Kan.)Independent Telephone Co.-Notes Offered.
-The Theodore Gary Investment Co., Macon, Mo. is
offering for sale the unsold portion of a block of $30:000
6% collateral notes, running for three to five years, each
$800 note secured by $1,000 of the 5% consolidated mortgage
gold bonds. dated May 11906. "On moving into the new
building the past summer, the company had in operation
5,200 telephones and its service is rapidly increasing."
Compare V. 84, p. 808.
Utah Copper Co.-Additional Stock on "Unlisted."-The
New York Stock Exchange has authorized the admission of
$750,000 additional capital stock to quotation in the unlisted
department from time to time on official notice of issuance in
exchange for the first mortgage convertible bonds due April
1 1918, making total amount authorized to be admitted
$7,347,500.-V. 86, p. 985, 233.
Utica (N. Y.) Gas & Electric Co.-Listed.-The New York
Stock Exchange has listed the outstanding $1,000,000 "refunding and extension mortgage" 5% 50-year bonds due
1957, and has authorized the listing from time to time, but
prior to Jan. 11909, of $1,000,000 additional of said bonds,
on official notice of sale and distribution, making the total
amount authorized to be listed $2,000,000. Compare V. 86,
p. 726,606.
Warwick Iron & Steel Co.-Called Bonds.-Fifteen bonds
called for payment will be redeemed on June 1 at the Real
Estate Title Insurance & Trust Co., 523 Chestnut Street,
Philadelphia.-V..84, p. 1253.
Westinghouse Electric & Manufacturing Co.-Circular by
Merchandise Creditors' Committee.-The committee representing the merchandise creditors has issued a circular to the
stockholders under date of May 15 urging them to subscribe
to the $6,000,000 additional assenting stock called for by
the readjustment plan.
The committee calls attention to the confidence of the merchandise
creditors "in abandoning their position as creditors and becoming partners." The circular further says in part:
"The merchandise creditors have responded promptly, aslhose having
claims amounting to $3,600,000 out of a total of $4,250,000 have already
signed our agreement. A large proportion of the remainder is already
promised. and Nse believe that. practically the entire amount will join the
plan. The merchandise creditors are willing to support this plan because
they believe that, under such a readjustment of the company's affairs as it
contemplates, the stock of your company will reach par, or better, within
the next two years,and thus enable them to realize the full amount of their
claims. If this supposition on their part be correct, it must certainly
follow that your interests will be fully protected and conserved.
"We believe that the combined support of the creditors and thestockholders, together with the assured careful and conservative management of
the business and all its varied interests (in which all classes of creditors
will be strongly represented), will result in eventually making the stock
of the company more valuable than it has ever been. On the other hand.
to
If the 56,000,000 of new capital which the stockholders are called upon
raise is not subscribed, we see no alternative other than a sale of the comGeorge
of
letter
President
circular
pany's assets on foreclosure." Compare
x%esi'nghouse, V. 86, p. 1105, 922.
Western Sugar & Land Co., Colorado Springs, 001.Preferred Stock Issue.-This company owns 4,500 acres of
land in Mesa County, Colorado, with good irrigation rights
and a complete beet-sugar factory at Grand Junction, Colorado. The company has a first mortgage bond issue of
$400,000; also a second mortgage bond issue of $300,000,
dated 1905 and due in 1923, but now subject to call at any
time at 105. The company's capital stock was $1,000,000,
all common stock until February of this year, when the
capital stock was increased to $2,000,000, the increase of
$1,000,000 shares being preferred 7% cumulative stock;
$300,000 of this preferred stock, we are informed,willbe used
will
for retiring the second mortgage bonds. The balance
particuFurther
&c.
capital,
providing
for
working
sold
be
larSfollow
made to the
: shares, $100 each. The first mortgage was
Par value of
secures $400,000 of 6%
Colorado Title & Trust Co. of Colorado Springs, and
payable Dee. I
gold bonds dated June 1 1903 and due June 1 1923; Interest
free; denomination
and June 1 at office of Morton Trust Co., New York; tax
Hand, Vice-President
Alfred
R.
P.
President;
Davie,
$1,000.
and
$500
Asst. Secretary,
J. R. McKinnie, Secretary and Treasurer; E. C. Sharer,
net Asst. Trealsurer. Office, Colorado Springs
MAY 16 1908,1
THE CHRONICLE
1229
41,cl:tor1s and ,Pricumentw,
PHILADELPHIA COMPANY.
TWENTY-FOURTH ANNUAL REPORT-FOR THEYEAR ENDED MARCH 31ST 1908.
Office of the Philadelphia Company.
Pittsburgh, Pa., March 31st 1908.
The Board of Directors herewith submit their report for the
fiscal year ended March 31st 1908.
During the year 9 wells were purchased, 1 well reinstated
and 144 welth were drilled, of which 119 were productive of
gas, 4 of oil and 21 unproductive; 8 wells were sold and 62
abandoned, having ceased to be productive; making the
total number of wells owned or controlled through stock
ownership and in use by the Company at this date 869.
During the year 39.62 miles of pipe were reclaimed and
144.56 miles were laid. The total amount of pipe lines
operated by this Company either through ownership or stock
ownership in other corporations is now 2,134.67 miles.
This does not include the 161.99 miles of mains of the
Allegheny Heating Company nor the 372.13 miles of mains
of our several artificial gas companies.
The Company now holds under lease 422,7013 acres of
gas and oil territory situated in Western Pennsylvania and
West Virginia. It controls through its ownership of the
Fairmont and Grafton Gas Company 20,857% acres and
Comthrough its majority ownership of the Equitable Gas'
pany 905 acres of leaseholds.
sold
during
Company
the
The
year 35,857,820,745 cubic
feet of natural gas, being a decrease of 339,826,276 cubic
increased
with
receipts
from
feet,
that source of $631,407 43.
There has been an increase during the year of 3,693
domestic consumers of the natural gas supplied by the
Company and the Companies it operates, including the
Allegheny Heating Company and the Fairmont dr Grafton
Gas Company, making the total number of domestic natural gas comsumers of these companies 91,382.
Accompanying this report are statements showing the
financial condition of the Company.
For the Board,
J. H. REED, President.
PHILADELPHIA COMPANY.
INCOME AND PROFIT AND LOSS ACCOUNT-YEAR ENDED
MARCH 31ST 1008.
Gross Earnings.Gas
Oil
Total Gross Earnings _
Operating Expenses.Rights of Way, Rentals and Leases
Gas Purchased
Production Expenses
Transportation and Distribution Expenses
Selling and Collecting Expenses
Maintenance Expenses
General Expenses
Total Operating Expenses
Taxes
$5,814,754 94
62,457 48
----$5,877,212 42
8737,127 11
147,835 87
207,245,82
266,162 09
103,623 33
446,782 08
278,886 80
Net Earnings
_83,607,140 82
Other Income.Dividends and Interest on Stocks and Bonds
$1,560,761 09
Owned
107,787 44
Rents of Real Estate and Buildings
Interest and Discount
325,262 52
Miscellaneous
7,249 58
Total Other Income
2,001,061 53
Total Income
Deductions from Income.Rentals of Leased Gas LinesInterest and Discount_
Miscellaneous
85,608,202 35
810,517 00
84,240 02
124 62
Total Deductions from Income
94,881 64
Net Income Before Deducting Fixed Charges,
Improvements, Betterments, Extensions, &c.
Fixed Charges.interest on Funded Debt of Philadelphia Company and Union Gas Company of McKeesport
Net Income After Deducting Fixed Charges
Improvements, Betterments, Extensions,
New Producing Gas Wells
New Producing Oil Wells
New Pipe Lines-Outside City
New Pumping Station
New Telephone Lines
$5,513,320 71
1,046,343 75
----84,466,976 06
s $626,354 20
16,990 76
581,709 02
103,059 37
3,252 85
$1,331,366 20
Notes Issued April 1st 1905, for Extension of
Transportation Lines and Retired During Year 375,000 00
-------1,706,366 20
Net'income-Surplus for the Year
Surplus April 1st 1907
$2,760,610 76
2,351,822 54
Total Gross Surplus
$5,112,433 30
Deductions from Surplus.8300,000 00
Dividends on Preferred Stock
Dividends on Commoh Stock of 4% declared
1,495,795 50
and paid during year
Dividend on Common Stock of 13i% declared
before'close of fiscal year (March 31st 1908)
payable May 1st 1008
498,508 50
Consolidated Gas CO. Graranty (14 months'
93,333 33
accrual)
Discount on Securities Sold
16,603 75
2,404,421 08
'Surplus March 31st 1008-Per Balance Sheet
Total Current Assets
Total Assets
82,708,012 22
3.308,353 56
------805,296,639 88
LIABILITIES.
Capital Stock- Common,664,800 shares of 850 each
$33,240,000 00
Preferred, 120,000 shares of $50 each
6,000,000 00
Total Capital Stock
$39,240,000 00
Funded DebtFirst Mortgage and Collateral Trust Gold Bonds,
be ng 5,517 Bonds of 81,000 each,50-year, 5%.85,517,000 00
Consolidated Mortgage and Collateral Trust Gold
Bonds being 15,138 Bonds of 81,000 each,
50-year, 5%
15,138,000 00
Total Funded Debt
Five Year Serial Gold Notes, 5%, dated April
1st 1005
Current LiabilitiesC nisolidated Gas Co. Guaranty. Accrued not due
Interest on Bonds, Accrued not due
Interest Accrued on Current Liabilities
R3served for Dividend on Preferred Stock
avIdend on Common Stock of 13.6% Declared
before close of Fiscal Year (March 31st 1908)
Payable May 1st 1908
Accounts Payable
Taxes, Accrued not due
Consumers' Advances
Unclaimed Wages
Bills Payable
Sinking Fund to retire Union Gas Co. of Mc
Keesport First Mortgage Gold Bonds, 30year, 5%
Real Estate Mortgages
Total L abilities
2,270,071 60
•
Total Property and Plant
813,446,721 43
Material and Supplies
37),271 48
Stocks and Bonds of Other Companies Owned
44,164,530 25
Unexpired Insurance
12,518 06
Bills Receivable Deposited with Trustees Covering Advances to
Affiliated Companies
3,260,000 00
Bills Receivable in Treasury, Covering Advances to Affiliated
Companies
734,245 10
Current AssetsCash at Bank and on Hand
$550,498 38
Accounts Receivable
812,855 18
Temporary Loans to Affiliated Companies
1,945,000 00
Total Current Liabilities
Profit and Loss-Balance Credit March 31st 1908
2,187,663 10
82,408 50
-------
Total Operating Expenses and Taxes
GENERAL BALANCE SHEET MARCH 31ST 1908.
ASSETS.
Property and Plant.Charters, Patents and Franchises
$1 00
Pipe Lines, Transportation and Distribution__ 7,599,884 69
Gas Wells
477,125 65
Gas Rights
183,543 69
Gas Leases
339,288 11
Rights of Way
120,945 31
Real Estate
523,851 77
Buildings
26,866 18
Telephone Lines
35,804 57
Service Connections
779,171 31
Meters
976,504 04
Regulators--371,27764
Tools
45,000 00
Off cc Furniture and Fixtures
14,850 00
Horses and Stable Equipment
5,632 05
Maude Mine Coal Property
135,047 97
I3runot Island Power Station
1,811,927 42
20,655,000 00
750.00000
$18,185 33
338,362 50
12,916 66
25,000 00
498,598 50
80,898 82
71,909 55
193,735 95
2,076 56
686,818 79
5,125 00
10,000 00
1,943,627 66
2,708,012 22
--865,996,639 88
--Note.-The Philadelphia Company has a contingent liability for the
following Bonds, guaranteed both as to principal and interest:
Mt. Washington Street Railway Co., First Mortgage, 30-year,
5% Gold Bonds, dated April 1st 1903
81,500,000 00
Seventeenth Street Incline Plane Co., First Mortgage, 30-year
5% Bonds,'dated March 1st 1905
125,000 00
Allegheny Bellevue & Perrysville Railway Co. First Mortgage
30-year, 5% Gold Bonds. dated April 1st 1905
500,000 00
The Mo-ningside Electric Street Railway Co.. First Mortgage, 30-year, 5% Gold Bonds, dated October 2d 1905_ _
200,000 00
Ben Avon & Emsworth Street Railway Co., First Mortgage, 30-year, 5% Gold Bonds, dated April 1st 1906_ _
$00,000 00
The Philadelphia Company has .a contingent liability, as endorser, on
short-term notes, issued from time to time by Pittsburgh Railways Company and the Allegheny County Light Company.
SCHEDULE OF CAPITAL STOCK SHARES OF OTHER CORPORATIONS OWNED AND POSSESSED AT MARCH 31ST 1908
BY THE PHILADELPHIA COMPANY.
Shares
Total
owned.
isxuc.
Consolidated Traction Company
232,760 Pref. 240,000
Consolidated Traction Company
284,299 Corn. 300.000
United Traction Company of Pittsburgh
339,99931" 340,000
Chanters Valley Gas Company
30,000
29,850 "
Pennsylvania Natural Gas Company
20,000
19,822 "
South Side Gas Company
20,000
15,046 "
Equitable Gas Company of Pittsburgh
14,000
13,774 "
Equitable Gas Company of Pittsburgh
4,908 Pref.
11,000
Allegheny Heating Company
2,864 Corn.
5,000
Consolidated Gas Company of the City of Pittsburgh_ 80,000 "
80,000
Pittsburgh Railways Company
50,000 "
50,000
Pittsburgh Railways Company
50,000 Pref. 50,000
Pittsburgh & Charleroi Street Railway Company_ __ _ 50,000 Corn. 50,000
Mt. Washington Street Railway Company
30,000 "
30,000
The Beaver Valley Traction Company
21,500
21,500 "
Washington & Canonsburg Railway Company
20,000
20,000 "
Union Gas Company of McKeesport
15,000
16,000 "
The Allegheny County Light Company
15,000 "
15,000
Southern Heat, Light & Power Company
6,000
6,000 "
East McKeesport Street Railway Company
5,000 "
5,000
Braddock Gas & Light Company
5,000 "
5,000
Street
Seventeenth
Incline Plane Company
5,000 "
5,000
Allegheny Bellevue & Perrysville Railway Company_ 5,000 "
5,000
Fairmont & Grafton Gas Company
3,000 "
3,000
Suburban Gas Company
2,000 "
2,0a0
Ben Avon & Emsworth Street Railway Company_ __ _ 2,000 "
2,000
Pittsburgh Canonsburg & Washington Railway Co
1,590
1,590 "
Pittsburgh & Beaver Street Railway Company
1,200
1,200 "
Low Pressure Gas Company
1,000
1,000 "
Company
Heating
Consumers'
1,00
1,000 "
Mansfield & Chattier Gas Company
500 "
500
The Morningside Electric Street Railway Company
480 "
480
Mifflin Natural Gas Company
200 "
200
Tarentum Light & Heat Company
100 "
100
Tustin Street Railway Company
24 "
24
The Philadelphia Company of West Virginia
10 "
10
1230
PHI LADELPHIA COMPANY AND AFFILIATED
OPERATING COMPANIES.
(Not Including Allegheny Heating Company.)
COMBINED INCOME ACCOUNT FOR THE YEAR ENDED
MARCH 31ST 1908.
$18,767,441 46
Gross Earnings
9,698,315 48
Operating Expenses and Taxes
Net Earnings
Other IncomeTotal Income
Deductions from Income
$9,069,125 98
226,554 15
----$9,295,680 13
1,325,271 64
Net Income Before Deducting Fixed Charges, Improve$7,970,408 49
medts, Betterments, ;Extensions, ecc_
3,311,625 72
Fixed Charges: Interest on Funded Debt
$4,658,782 77
Net Income-After Deducting Fixed Charges
Improvements, Betterments, Extensions and
$1,697,328 16
Extraordinary Maintenance Expenses
Notes Issued April 1st 1905 for Extensions of
375,000 00
Pipe Lines, Retired During the Year
Car Trust Notes Issued December 1st 1005
40,000 00
Retired During the Year
2,112,328 16
N'et Income-Surplus for the Year
Dividends on Preferred Stocks
Balance-Surplus for the Year
[VOL. Lxxxvi.
THE CHRONICLE
$2,546,454 61
383,201 00
$2.163,253 61
Note.-All Items Representing Transactions between Companies have
been eliminated in the above Report.
Toinmertial
Trnm.
COMMERCIAL EPITOME.
Friday Night, May 15th, 1908.
There has been no essential change in the general commercial situation. Trade has kept within conservative limits,
caution still being the watchword. The outlook for the crop
in the main continues good and prices of commodities have
on the whole been pretty well maintained.
LARD on the spot has been easier, owing to liberal receipts of hogs at weaker prices and larger offerings of product.
Trade has been dull and confined mainly to local jobbers.
Western 8.30@)8.35c. and city 8(4)834c. Refined lard has
been steady for Continent and weaker for other grades.
Export trade has been at a standstill and the domestic
demand has been quiet. Offerings have been larger. Refined Continent 8.90c., South America 9.606. and Brazil in
kegs 10.85c. The speculation in lard futures at the West
has been active. Prices have been irregular but in the main
the tendency has been downward, owing to an increased
movement of live hogs, weakness at the stock yards, dulness
of spot, selling by packers and liquidation by commission
houses.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
We have examined the Books and Accounts of the PhilaFri.
Wed. Thurs.
Tues.
Mon.
Sat.
delphia Company and Affiliated Operating Companies, for May delivery
8.3Zm
8.45
8.37;6 8.37% 8.30
8.45
8.37% 8.40
8.42
8.55
8.5234 8.45
the year ended March 31st 1908 and we hereby certify that July delivery
8.57
8.55
8.69
8.62
8.72
8.70
the foregoing Balance Sheet and Statement of Income and September delivery
PORK on the spot has been firm, with family higher.
Profit and Loss of the Philadelphia Company and the Combined Income Account of the Philadelphia Company and Offerings have been light, stocks are moderate ,and there has
been a fair demand for domestic and export, account. Mess
Affiliated Operating Companies are correct.
114 50@$15 25, clear $16 50@$17 25, and family $17@$18.
(Signed) HASKINS dc SELLS,
Certified Public Accountants.
Beef has ruled firm. Supplies are moderate and there has
been a good demand,partly for export. Mess $13@$13 50
New York, May 2d 1908.
packet $14(415, flank $13@$13 50, family 816@$16 75
and extra India mess $23 50@,$24 50. Cut meats have been
-John R. Loomis, of the accounting firm of Loomis, dull and easy but without quotable change. Pickled hams,
,.c., and city 9c.; pickled bellies, 14@10
onant & Co., 30 Broad]St., was unanimously elected Presi- Western, 10@s1.03
4c. Tallow has been quiet and steady; city
dent of the New York State Society of Certified Public lbs. 9@93
/sc. ,Stearines have been quiet and steady; oleo
%@55
Accountants, at its annual meeting held this week at the 51
Butter has been quiet
11@113'0., and lard •10@,10Mc.
Waldorf-Astoria. Mr. Loomis is well known to the pro- and weak with supplies increasing; creamery extras 22c.
in
the
interest
services
his
through
fession and public at large
Cheese has been quiet and steady; State,f. c. small, colored
of certified public accountancy in this State and throughout fancy, 143'c. Eggs have been quiet and ,firm; Western
the country. He was prominently connected with the or- firsts, 1634,©173'c.
ganization of the International Paper Co., acting as its chief
OIL.-Cottonseed has been fairly active and firm; prime
,4c. Linseed has
accountant and auditor until he accepted the comptroller- summer yellow 433-c.; winter 45@463
ship of the Union Box Board ,S1 Paper Co. In the earlier advanced with trade more active and indications of higher
44.45c., boiled
period of his practice, which extends over 20 years, Mr. prices shortly. City, raw, American seed,
Lard has been moderately
Loomis was for many years consulting accountant for the 45@46c. and Calcutta, raw,70e. and No. 1 extra 53©55c.
active and steady; prime 67©70c.
law firm of Shipman, Larocque & Choate.
Cocoanut has been dull and steady; Cochin 73.i(4)7Ac. and
steady; yellow
-Bond & Goodwin and Mann, Bill & Ware are offering Ceylon 64@6%c. Olive has been quiet andyellow
65@,80c.
Peanut has been dull and steady;
by advertisement on another page, at 971A and interest, 68@75c.
Cod has been moderately active and steady; domestic
yielding 7%, $1,000,000 5% collateral funding coupon gold 42@43c.
and Newfoundland 44@45c.
hotes of United States Rubber Co., due Sept. 15 1909. This
COFFEE
on the spot has been moderately active and
by
maintenprovision for
issue of secured notes is protected
Rio
firmer.
No. 7, 63'c. West India growths have been
ance of large surplus of cash assets over all debts of the firm and more active; fair to good Cucuta 9©10c. The
company, also provision that no mortgage can be placed on speculation in future contracts has been rather quiet and
tliesiloperty of the company while any of this issue remains the market has lacked features of striking interest. Early
outstanding. The company shows a good record of earnings in the week, however, buying by prominent roasters imana has a large accumulated surplus. This issue of notes parted a firmer tone to the market, especially as the spot
advices were favorable.
provides for the current financial requirements of constituent demand improved and the foreign
been more disposition to sell
late,
Of
has
there
however,
companies.
and prices have been somewhat easier.
The closing prices were as follows:
-The banking and bond house of 'Wm. A. Read & Co.
6.15c.
6.15c.1Jannary
May
6.15c.(September
has taken possession of its new Chicago offices directly June
6.15c.
6.1oc. February__ _ _
6.15c.[October
6.15c.
opposite the Board of Trade Building, on the corner of La July
6.I5e. March
5.15e.(November
6.15c.
April
6.15c.
yust
6.15c.(December
Salle Street and Jackson Boulevard. These offices, on the
bank floor (formerly occupied by Harris, Winthrop & Co.)
SUGAR-Raw has been quiet and steady. Centrifugal,
They
have every 96-degrees test, 4.36c., muscovado,89-degrees test, 3.86c.,
are among the most eligible in Chicago.
advantage in location. W. M. L. Fiske is Chicago manager and molasses, 89-degrees test, 3.61c. Refined has been
for the firm.
moderately active and steady. Granulated 5.40e. Teas
have
been generally firm and in fair demand, especially
-Ernst & Ernst, a prominent accounting firm in Cleve- the cheaper grades. Spices have been fairly active and
land, has just opened a Chicago branch office in the First generally steady. Hops have been dull and steady.
National Bank Building, fourth floor, under the managePETROLEUM-Refined has been firm with a good dement of Horace Manning, resident partner. Mr. Manning
account. Refined barrels
is an expert accountant of many years' experience. The mand for export and domestic10.90c. Gasoline has been
bulk 5.00c. and cases
specialties of the firm will be auditing, accounting and sys- 8.75c.,and
firm' 86-degrees in 100-gallon drums 20c., drums
active
tematizing.
$8.50 extra. Naphtha has been moderately active and
-Trippe & Co. bankers and brokers, have moved to firm; 73©76 degrees in 100-gallon drums, 17c., drums $8.50
larger offices at 25'
Broad St., in the Broad Exchange Build- extra. Spirits of turpentine has been quiet and firmer at
ing. George M. Woolsey represents the firm on the New 47(4)47%c. Rosin has been dull and weak; common to
York Stock Exchange. The firm includes: Charles W. good strained $3.25.
•
Trippe, J. Edward Thompson William J. Palmer, John J.
TOBACCO-There has been no essential change in the
Gillies, W. B. Thompson and G. M. Woolsey.
general situation. Cigar manufacturers continue to buy
a hand to mouth basis. There has been a somewhat
on
-George B. Leighton, of Monadnock, N. H., has written better inquiry for Sumatra but actual sales have been small.
an interesting pamphlet of 24 pages on some of the factors in Havana has been quiet. Prices generally have; been firm
the New England railway problems which have not received but are to a large extent merely nominal.
attention in the general discussion of the subject. While the
COPPER has been dull and steady; Lake 1254©12%c.,
remarks apply chiefly to New England some questions of
and electrolytic 12%@12Y4c. Lead has been . quiet and
general interest are also treated.
firm at 4.25(0)4.30c. Spelter has been quiet and easy at
-The attention of investors is invited to the attractive 4.50(0)4.60c. Tin has been dull and easier Straits 29Yo.
list of bonds advertised in another column by Leo Speyer Iron has been quiet; No. 1 Northern $16'95'@$17. 25 and
No. 2 Southern $16 25@$16 75.
at Arthur Lipper dr Co.
MAY 16 1908.]
THE CHRONICLE
COTTON.
On Shipboard, Not Cleared for-
Friday Night, May 15 1908.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
50,379 bales, against 59,126 bales last week and 58,162
bales the previous week, making the total receipts since
the 1st of September 1907, 7,724,435 bales, against 9,382,260
bales for the same period of 1906-07, showing a decrease
since Sept. 1 1907 of 1,657,825 bales.
Receipts at-
Mon.
Sat.
Tues.
Wed.
1231
Thurs.
Fri.
Great
May 15 at-- Britain. France
-New Orleans_ _ 14,961
3,197
Galveston __ _ _
8,653
5,800
Savannah _ _ _ _
530
Charleston_
Mobile
50
6,500
Norfolk
New York _
_
300
100
Other ports_ _ _
900
--Total 1008_ _ 25,394 15,597
Total 1907_ _ 27,226 14,787
Total 1906_ _ 22,122 12,340
Othert CoastGermany. Foreign wise.
12,472
20,279
1,741
950
500
35,042
11,269
28,896
Leaving
stock.
-4,802
1,163 38,501 103,262
3,949
3,320 42,001
29,870
500
2,771
57,343
100
100
13,198
1,000
7,550
6,385
12,759 12,759
6,929
1,300
2,659
84,968
400
1.806
20,444
10,451 18,842 106,226 322,399
31,815 22,020 107,117 401,336
23,992 23,400 110,750 407,749
Total.
Total.
Speculation in cotton for future delivery has been active
and excited the past week,and values have advanced sharply.
3,562
2,295 3,167 3,764
1,456
2,351 16,595 Fluctuations in prices have been frequent and violent. The
181
381
913
323
264
2,062 great feature has been the strength of the July option, which,
under the influence of aggressive buying and bidding up by
1
1
-1166 2,553 1;666 1,194
789
971
7,473 prominent Wall Street interests, rose to a premium over
October at one time of 80 points. Large spot interests, too,
25
48
15
328
1
232
7
55 have been active in the buying of that month, and the cov55
625
233
269
738
664 3,302 ering of shorts has been on
773
an enormous scale, even some of
542
397
425
556
688 3,147
539
_
178
178 the large shorts, it appears, after having stood their ground
-775
73 for some time, finally being forced to
cover. The action of
5
223
88
54
87
47
504
1,138
1,138 the Liverpool market, too, has been a factor of no small im62
23
35
120 portance in the rise. Prices there have shown surprising
Tots. this wit_
8,606
6,297
6,864 13,028
7,489
7,195 50,379 strength, and the spot demand in the English market has
continued on a large scale, the sales on most days ranging
The following shows the week's total receipts, the total from 15,000 to 20,000 bales, despite the rapid advance in
since Sept. 1 1907, and the stocks to-night, compared with prices. Moreover, the weather news from the Southwest
has on the whole favored the bulls. Torrential rains have
last year:
occurred in Texas, Arkansas and the Mississippi Valley,
the precipitation on one day alone ranging from 2M to 7
1907-08.
1906-07.
Stock.
Receipts to
inches at a number of places. Cold nights, too, have been
May 15.
This Since Sep This Since Sep
complained of. The spot markets at the South have been
week.
11907. week.
1 1906.
1908.
1907.
-- ------------ advancing. The reports in regard to the cotton goods marGalveston
15,403 2,327,085 16,872 3,777,620
71,871 102,616 ket have been more favorable. This is true also of the EngPort Arthur
108,500
132,823
lish trade. Private reports from Manchester regarding the
Corp. Christi, &c_
37,825
349
71,355
New Orleans._ _ 16,595 1,847,040 13,182 2,202,015 139,857 113,881 state of trade have been of an encouraging kind,
and the big
Mobile
2,062 311,290
1,282 248,650
13,935
10,399 spot demand
in the English market has given color to such
Pensacola
154,835 4,280 139,398
Jacksonville, &c_
8,246
1
25
7,520
reports. Liverpool, the South and local commission houses
, 7,473 1,449,961
Savannah
9,891 1,422,017
60.114
40,510 have been
heavy buyers here. But reactions have occurred
Brunswick
107,656
745 169,124
700
689
306 145,803
328 1 92,768
Charleston
13,298
8,387 at times, notably on Thursday, when, after advancing sharp
55
478
Georgetown
50
1,145
ly
early in the day, prices fell violently, especially on July,
3,302 476,825
Wilmington
2,115 310,514
6,022
9,286
5,962 547,889
3,147 506,527
Norfolk
19,688
21,938 which, after rising $1 50 a bale, lost the improvement and
6,569
275
178
38,341
N'port News, &c.
689 made a net decline of about as much. The premium
on
73
3,559
573
New York
21,617
87,618 176,783
12,585
132
70,461
504
Boston
6,577
10,542 that month over October fell from 80 points to about 50.
72,644
387
Baltimore
57,298
1,138
6,902
10,612 Leading Wall Street interests were reported to have sold
9,142
Philadelphia
198
120
7,870
1,953
1,913 heavily.
Some reports had it that they had disposed of their
-Total
50,379 7,724,435 56,619 9,382,260 426,625 508,453 holdings at a large profit, but some were inclined to the view
that the pool had merely sold a portion of its line, partly
In order that comparison may be made with other years, with the idea of forcing smaller longs to sell out. In any
we give below the totals at leading ports for six seasons:
case room traders seized the opportunity to sell aggressively
for the decline, and the whole list reacted sharply. The
Receipts at1007.
1908.
1906.
1905.
short interest, moreover, had been largely elimmated on
1904.
1003.
-the sharp rise. The crop news has been in the main of a
Galveston __ _
16,872
15,403
14,034
27,600
4,966
10,847
Pt.Arthur,&c
349
249
11,040
310 favorable character, and according to some advices the damNew Orleans_
16,595
13,182
28,502
18,180
0,147
10,301 age from the recent cold spell in the Southwest
Mobile
was more
1.282
2,062
4,384
3,021
482
612
Savannah __ _
9,801
7,473
32,959
20,452
4,117
4,411 than offset by beneficial rainfall. To-day, prices advanced
Brunswick_ _
745
1,523
1,243
530 rather sharply at first, owing to unexpectedly strong LiverCharleston,&c
383
356
953
549
14
116
Wilmington_
2,115
6,527
3,3'2
4,467
46 pool advices, larr spot sales in the English market, Wall
31
Norfolk
3,147
5,962
14,394
8,745
1,564
6,711 Street and commission house buying, covering of shorts and
N'port N., ecc
173
108
1,246
275
113
226
All others_ _ _ _
1,836
3,328
8,288
5,500
4,646 buying of July by spot interests. Later on came a reaction,
4,144
July falling sharply on local and Wall Street selling, hammerTotal this wk
75,256 138.316
56,619
47,955 ing by room
24,601
50,379
traders and favorable weather. Still later prices
Since Sept. 1_ 7,724,435 9,382,260 7,270,408 8,828,908 6,052,318 7,479,054 rallied, especially on the new-crop months, owing to buying
by commission houses and spot interests and covering of
The exports for the week ending this even'ng reach a total shorts. Spot cotton has been quiet and firm. Middling
of 35,304 hales, of which 7,241 were to Great Britain, uplands closed at 11c., showing an advance for the week of
3,305 to France and 24,758 to the rest of the Continent. 45 points.
Below are the exports for the week and since Sept. 1 1907.
The rates on and off middling, as established Sept. 11 1907
by the Revision Committee, at which grades other than
Week ending May 15 1908. From Sept. 1 1907 to May 15 1908.
middling may be delivered on contract are as follows:
Exported t0
Exported toGalveston
Port Arthur_
Corp .Christl ,&c.
New Orleans_ _ _ _
Mobile
Pensacola
Jacksonville ,&c
Savannah
Brunswick
Charleston
Georgetown _
_
Wilmington _
_
Norfolk
N'port News,&c.
New York
Boston
Baltimore
Philadelphia_ __
Exports
Irma-
Galveston ____
Port1Arthur
New Orleans__
Corp.Christi.&c
Mobile
Pensacola
Fernandina
Savannah
Brunswick_
Charleston_
Wimington.
Norfolk
Newport News
New York
__
Boston
Baltimore
Philadelphia _
Portland, MeSan Francisco_
Seattle
Tacoma
Portland, Ore..
Pembina
Detroit
T011:0
2,877
2,460
5,811
514
2,619
1,122 15,403
Great:
ContiGreat
ContiWain. Fence nent. Total. Britain. France. nent.
5,824
5,824
2,000 2,076 10,183 15,159
4,184
1
1,056
329
5,718
200
2,000
150
683
Total.
884,672 323,341 853,037 2,061,050
48,024
60,476 108,500
796,632 227,999 642,977 1,867,608
2,895
€,895
67,409 55,291 110,062 232,762
43.729 48,614
67,444 159,787
162,780 89,821 603,487 856,088
87,707
87,208 174,915
10,408
34,050
44,458
122,757 28,520 313,067 464,394
27,385
6,598
33,983
1,836
1,636
10,231 233,221 31,642 272.365 537,228
1 133,147
10,320 143.467
1,256
41,770 4,049
63,192 109,011
2,000
40,130
14,072
54,202
1
1
150
48,622
48,622
70,472
70,472
683
30,768
30.768
1,050
1,050
2,111
65,082 91.571 3.593,408879,992 3,470,7057,944,105
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared at the ports named. We add similar figures for
New York.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 9 to May 15Middling upland
Sat.
10.65
Mon. Tues. Wed, Thurs. Fri.
10.90
11.05
11.30
11.00
11.30
NEW YORK QUOTATIONS FOR 32 YEARS.
11)08.c
1907
1906
1005
1004
1003
1902
1001
11.0011000_c
12.0511800
11.0511898
8.2511897
13.5511896
11.5011895
0.5011894
8.0611893
9.8111892_c
6.1911891
6.3811890
7.8811889
8.2511888
6.8111887
7.5011886
7.8111885
7.2511884_c
8.8811883
11.9411882
11.0611881
10.0011880
10.8811879'
9.1911878
10.8811877
11.56
11.06
12.31
10.50
11.81
12.62
10.75
10.81
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
2,111
7,241 3,305 24,758 35,304 2,703.519809,277 3,292,162 6,804,958
WA 1906,07. 26,489
Fair
c 1.75 on Middling
Basis Good mid. tinged__ Eves
Strict mid. fair_ _ _1.50 on Strict low mid_ _.c.0.30 oil Strict mid-tinged c_0.20 oft
Middling fair
1.25 on Low middling
1.00 off Middling tinged_ _ _ _0.30 off
Strict good mid__ _ _0.75 on Strict good ord____1.50 offStrict low mid. ting.1.00 off
Good middling... _0.50 on Good ordinary
2 00 0511.0w mid. tinged_ _ _1.50 off
Strict middling_ ___0.25 on Strict g'd mid. tgd.0.35 on Middling stained.... 1.25 off
Saturday.. _
Monday_ _
Tuesday
Wednesday
Thursday _
Friday_ _
Tota
Futures
Market
Closed.
Steady 10 pts adv.. Steady
Steady 25 pts adv._ Steady
Quiet 15 pts adv._ _ Steady
Quiet
25 pts adv._ _ Easy
I
Quiet
Weak
uiet 30 pts dee.- Steady
Sales of Spot mad Contract.
Con- Can
Spec. sum'n.'tract.
242
209
1,500
1,166
Total.
242
2,900
1,500
110 1.000 1,110
105 1.600 1.705
1,500
666 5,300 7.466
[VOL. Lxxxvi.
THE CHRONICLE
1332
-- AT THE INTERIOR TOWNS the movement-that is,
FUTURES.-Thelhighest,iilowest and closingiprices at
the receipts for the week and since Sept. 1, the shipments
New York the past week have been as follows:
for the week and the stocks to-night, and the same items
II
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THE VISIBLE SUPPLY OF COTTON to-night, as made
182.4
^42
cA
44
follows.
Foreign stocks,
up by cable and telegraph, is as
3
50.giitL;
) g1.
41°°,2g
5
a°i O 4)°0PVii
'
conweek's
and
returns,
°1 0,TZ g
1
.1E§Ig'
12.4a08 5'g vv EtliA.,
as well as the afloat, are this
to
down
clie4xx4
brought
Thursday
:=1 ,133i13,
sequently all foreign figures are
101gAZY.,..nloox
evening. But to make the total the complete figures
The
the interior stocks have deabove
that
totals
show
of
froth
item
the
add
exports
for to-night (Friday), we
and are to-night 23,388
bales
during
creased
the
week
24,336
the
it
in
exports
of
Friday
the United States, including
bales more than at the same period last year. The receipts
only.
..,
at all the towns have been 5,907 bales less than the same
1907.
1908.
1905.
1906.
May 15bales. 823,000 1,213,000 961,000 815,000 week last year.
Stock at Liverpool
0122E
Stock at London
Stock at Manchester
Total Great Britain stock
Stock at Hamburg
Stock at Bremen '
Stock at Antwerp
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
8,000 , 9,000
02,000
71,000
16,000
69,000
12,000
54,000
002,000 1,314,000 1,046,000
20,000
9,000
13,000
433,000 412,000
231,000
881,000
11,000
287,000
1,000
121,000
3,000
32,000
51,000
' 5,000
209,000
4,000
46,000
38,000
21,000
260,000, 149,000
3,000
4,000
16,000
0,000
86,000
49,000
21,000
8,000
777,000 807,000 463,000
511,000
_
1,670,000 2,121,000 1,509,000 1,392,000
Total European stocks
200,000
97,000
79,000
143,000
India cotton afloat for Europe.. _ _
253,683 437 ,000
American cotton afloat for Europe 189,852 316,045
43,000
29,000
32,000
31,000
Egypt,Brazli,&c.,afloat for Europe
186,000
133,000
179,000
112,000
Stock In Alexandria, Egypt
904,900
591,000 807,000 1,072,000
Stock lot Bombay. India
508,453
580,077
518;400
428,625
Stock In U.S. ports
324,094 316,420 364,907
Stock in U. S. Interior towns_ __ _ 347,483
14,124
16,182
3,592
2,667
U.S.exports to-day
Total Cont nental stocks
3,506,826 4,456,184 3,971,784 3,080,008
.Total visible supply
5Of the above, total of American and other descriptions are.as follows:
Americanbales. 608,000 1,083,000 850,000 734,000
Liverpool stock
43,000
60,000
77,000
62,000
Manchester stock
478,000
732,000 412,000
687,000
Continental stock
189,852 316,045 253,683 437,000
American afloat for Europe
508,453
518,409
580,977
42,1,825
(J. S. port stocks
324,094
316,420 364,007
347,482
U. S. Interior stocks_
14,124
16,182
3,592
2,667
U. S. exports to-day
2,413,626 3,045,184 2,426,784 2,652,008
Total American
East Indian, Brazil, &c.
111,000
81,000
127,000 .t 130,000
Liverpool stock
0,000
16,000
12,000
8,000 London stock
15,000
111,000
0,000
9,000
Manchester stock
74,000
33,000
51,000
.9)000
Continental stock
200,000
143,000
70,000
07,000
India afloat for Europe
43,000
29,000
31,000
32,000
Egypt, Brazil, &c., afloat
133,000
112,000
179,000
186,000
Stock In Alexandria, Egypt
904,000
594,000 807,000 1,072,000
Stock in Bombay. India
Total East India, &c
Total American
1,143,000 1,411,000 1,545,000 1,328,000
2,413,628 3,045,184 2,426,784 2,652,008
3,556.02834,456,184. 3,971,784 3,980,008
Total visible supply
6.96d
6.25d.
4.39d.
6.03d.
Middling Upland, Liverpool
8,20c,
12.00c.
11.00c. i 12.15c.
Middling Upland, New York
7 tid.
1131d.
4d.
Egypt, Good Brown, Liverpool
8 3-16(1. " 11,
11.15d.
8.65d.•
9.50d.
10.00d.
Peruvian, Rough Good, Liverpool
6d.
51<(d.
41!,d.
5 5-16d.'n •
Broach, Fine, Liverpool
Tinnevellv, Good, Liverpool _ ¶53-18d.'51111 7,54d.7 5 9-16d. P-4-3-1601.
123,000
Continental imports for the "past week.,haveTheen
,
•
bales.
The above figures for 1908 show a decrease from last week
of 190,483 bales, a loss of 899,558 bales from 1907; a de'crease of 415,188 bales from 1906,andl-a loss"; of"423
. ,382
r:::
- ••
bales from 1905.
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. The
results for the week and since Sept. 1 in the last two years
are as follows:
--1007-08Since
Week. Sept. 1.
386,680
6,658
183,668
3,636
31,383
595
47,308
1,198
.-,
629
86,577
1,012
2117,263
976
May 15ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia ports
Via other routes, &c
Total gross overland
11,754
Deduct shipmentsOverland to N. Y., Boston, &c_ _ _ 1,835
248
Between interior towns
•
Inland, &c., from South
1,154
Total to be deducted
3,237
_._
11.517
Leaving total net overland
988,650
07,930
61,553
56,182
215,665
772,985
----1006-07-Since
Week. Sept. 1.
741,500
7,491
208,583
1,032
78,533
1,217
N:142
51 115,095
1.21
675
603
303,962
12,7631.577,741
1,285
306
971
157,216
91,878
54,510
2,652
303,634
10,1311,274,107
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement has been 11,517 bales, against 10,131 bales for the
week last year, and that for the season to date the aggregate net overland exhibits a decrease from a year ago of
501,122 bales.
-----1006-07-----1007-08
Since
In Sight and Spinners'
Since
Sept. 1.
TVeek.
Takings.
Sept. 1.
Week.
56,610 0,382,260
Receipts at ports to May 15
50,370 7,724,435
10,131 1,274,107
Net overland to May 15
11,5172.0
48,000 1,754,000
Souther nconsumption to May 15_ 41,000 1,706,000
-Total marketed
102,896 10,203,420 114,700 12,410,367
227,818
268,809 *22,331
Interior stocks in excess
*24,336
Camelinto sight (hiring week.... 78,560
.
Total in sight May 15
10,470,310
North'n spinn's takings to May 15 37,420 1,545,027
92,410
15
29
ifi
4- 2
4-3;8
6
2.
12:
23,814
• Decrease during week.
Movement into sight in previous years: ,
Week1906-May
1005-May
1904-May
1003-May
18
/9
20
22
•
Bales.
Bales. I Since Sept. 18........10,063,352
_ ta y 19
6-ki
05
5:0
4:0
12
16
8 1904
86
88
11,817,036
0,548,239
57,242 1903-04-May 20
10,158,664
86,01611902-03 May 22
MAY 16 1.608.1
THE CHRONICLE
1233
QUOTATIONS FOR MIDDLING COTTON AT OTHER dredths of an inch on three days. The thermometer has
MARKETS.—Below are the closing quotations of middling averaged 65, ranging from 48 to 91.
cotton at Southern and other principal cotton markets,for
Longview, Texas.—It has rained heavily on two days of
each day of the week.
the week, the precipitation reaching four inches and sixtyeight hundredths. The thermometer has ranged from 50
Closing Quotations for Middling Cotton on—
to 88, averaging 69.
Week ending—
Luling, Texas.—Rainfall for the week ninety-seven hunSat'day. Monday. Tuesday. Wed'day. Thursd'y. Friday.
May 15.
dredths,of an inch on one day. Average thermometer 73,
10%
10%
10%
10%
10%
Galveston
highest 90, lowest 55.
11
10 11-16 10 11-16 10%
New Orleans_
103
93/i
10%
10
103
Mobile
93'
Nacogdoches, Texas.—There has been heavy rain on two
10%
10
103.
Savannah
103j
103
days during the week, to the extent of four inches and
10%
10%
10%
10%
Charleston
10%
10
10%
Wilmington
103
103'
seventy-three hundredths. The thermometer has averaged
10%
10%
11
10%
Norfolk
103.
68, the highest being 84 and the lowest 52.
10.90
11.05
10.65
11.30
10.55
Boston
10%
10%
11
Baltimore
10%
113i
Palestine, Texas.—There has been heavy rain on three
11.30
11.15
11.55
11.55
Philadelphia
10.90
days the past week, the rainfall reaching seven inches and
10%
11y,
Augusta
10%
10/,@4 11
um
io3.6
10%
11
Memphis
seventy-six hundredths. The thermometer has averaged
io%
1
.
10%
lox,
10%
10%
St. Louis
10%
11
70, ranging from 54 to 86.
io%
10%
Houston
10%
105,6
io%
10%
Paris, Texas.—We have had rain on two days during
103-18 103-10 10%
10
10%
Little Rock
9%
the week, the rainfall reaching one inch and sixty-two hunNEW ORLEANS OPTION MARKET.—The highest, dredths. The thermometer has ranged from 47 to 89,
lowest and closing quotations for leading options in the New averaging 68.
Orleans cotton market for the past week have been as follows:
San Antonio, Texas.—Rain has fallen on three days of
the week, the precipitation reaching fifty-eight hundredths
Wed'clay,
Friday,
Thursd'y,
Tuesday,
Sat'day. Monday,
of an inch. Average thermometer 74, highest 90, lowest 58.
May 9. May 11. May 12. May 13. May 14. May 15.
Weatherford, Texas.—The week's rainfall has been ninetyMay—
nine hundredths of an inch,on three days. The thermometer
— 10.47-.63
—
—
Range
9.90 — 10.14-.50 —
has averaged 71, highest being 89 and lowest 52.
Closing
9.92 — 10.35 -- 10.36 — 10.50-.55 10- .47 — 10.44 —
Taylor, Texas.—There has been rain on three days during
June—
(rn
Range
— @-- — @
- @-.
the week, the rainfall reaching, forty-seven hundredths Of
Closing.
9.86 • 10.27 • 10.36 — 10.50 — 10.47 • 10.44 —
an inch. The thermometer has averaged 73, ranging from
July—
9.62-.87 9.70-.33 10.08-.38 10.30-.54 10.32-.70 10.26-.35 58 to 88.
Range
9.79-.80 10.27 — 10.28-.30 10.40 — 10.43-.44 10.36-.30
Closing
Ardmore, Oklahoma.—We have had rain on four days
August-_ ®
—
— — ® — during the week, the rainfall being two inches and sixty@
Range
— ®Closing
9.51 — 10.00 • 10.03 • 10.2J • 10.20 " 10.10 •
seven hundredths. The thermometer has ranged from
September—
— —
Range
— — @ —
— @ — -— @ — —
44 to 84, averaging 64.
Closing
9.2J •
Holdenville, Oklahoma.—There has been rain on three
October-8.82-.1(
8.88-.0:
9.00-.23
Range
8.78-.94
0.09-.38 9.13-.29 days of the week, the precipitation being two inches and
8.92-.93 9.08-.1( 8.98-.90 9.15-.16 9.13-.14 9.27-.28
Closing
thirty-two hundredths. Average thermometer 62, highest
November—
— --- 82, lowest 42.
Range
—
— —
— — it -- —
— —
8.91-.93 9.08-.10 8.98 — 9.15-.1e 9.13-.1C 9.27 —
Closing
Marlow, Oklahoma.—It has rained during the week on
December—
8 80-.90 8.81-.09 8.86-.00 9.01-.22 9.06-.36 0.09-.26 four days, the rainfall having reached one inch and forty-two
Range
8.91-.92 9.07-.08 8.97-.98 9.15-.16 9.10-.11 9.24 — hundredths. The thermometer has averaged 66, the highest
Closing
January—
— ® —
— — ® — 9.07-.15 — ® — 9.16-.28 being 85 and the lowest 46.
Range
Closing__..__ 8.93-.95 9.09-.11 8.99-.01 9.17-.18 9.13-.15 9.25 —
Oklahoma Oklahoma.—Rainfall for the week one inch and
Tone—
sixteen hundredths, on five days. The thermometer has
Firm. 'Steady.
Firm.
Firm.
Firm.
Steady.
Spot
Steady. Steady. Steady. Steady. Steady. Steady.
Options _
averaged 66, ranging from 51 to 81.
New Orleans, Louisiana.—We have had rain on one day
WEATHER REPORTS BY TELEGRAPH.—Telegraphic during the week, the rainfall being forty-two hundredths of
advices to us this evening from the South indicate that rain an inch. The thermometer has averaged 74.
has been quite general the past week west of the Mississippi
Shreveport, Louisiana.—We have had rain on four days
River, and that in some sections of Texas and at a few points during the week, to the extent of ten inches and forty-three
elsewhere the precipitation has been in excess. East of the hundredths. Average thermometer 69, highest 84,lowest 54.
river the *eather has been dry in the main. Early in the
Columbus, Mississippi.—There has been rain on two days
week low temperature was complained of in some districts, during the week, to the extent of two inches and twenty
but latterly it has turned warmer. No measureable damage hundredths. The thermometer has averaged 65, the highest
is reported as a result of the rains; in fact our Galveston being 87 and the lowest 44.
correspondent reports that benefit therefrom ,has more than
Leland, Mississippi.—We have had rain the past week, the
offset any injury done. Planting, where not already corn- rainfall being one inch and ninety-nine hundredths. The
pie ted, is as a rule making good progress, and the crop is thermometer has averaged 62.9, ranging from 45 to 77.
said to be doing well on the whole.
Vicksburg, Mississippi.—We have had rain on five days
Galveston, Texas.—While the week's precipitation has during the week, the precipitation reaching one inch and
been general and excessive in a few localities, the damage thirty-four hundredths. The thermometer has ranged from
done has been more than offset by the otherwise beneficial 52 to 85, averaging 67.
Meridian, Mississippi.—We have had rain on two days
results. We have had rain on two days of the week, the
rainfall being one inch and fifty-four hundredths. Average of the past week, the rainfall reaching twenty-five hundredths
of an inch. Average thermometer 66, highest 85, lowest 46.
thermometer 71, highest 80 lowest 62.
Helena, Arkansas.—Crops are reported fine and much
Abilene, Texas.—We have had rain two days of the week,
the rainfall reaching thirty-two hundredths of an inch. The ahead of last year. Some land outside of the levee is still
thermometer has averaged 72, the highest being 90 and the overflowed. The week's rain fall has been one inch and
nine hundredths on one day. The thermometer has avlowest 54.
Brenham, Texas.—There has been heavy rain on three eraged 65, highest being 78 and lowest 47.
Little Rock, Arkansas.—There has been rain on three days
days during the week, the precipitation being three inches
and thirty-two hundredths. The thermometer has aver- during the week, the rainfall reaching two inch and thiriynine hundredths. The thermometer has averaged 64, rangaged 72, ranging from 56 to 88.
Corpus Christi, Texas.—We have had rain on two days ing from 49 to 79.
Montgomery, Alabama.—Crops are recuperating and good
the past week, the rainfall being two inches and twenty
hundredths. The thermometer has ranged from 70 to 84, progress is being made, warm days and nights lately helping. The outlook is promising. Dry all the week. The
averaging 77.
Cuero, Texas.—We have had rain on two days the past thermometer has averaged 68, ranging from 49 to 86.
Selma, Alabama.—We have had no rain during the week.
week, the rainfall being one inch and forty-four hundredths.
The thermometer has ranged from 48 to 86, averaging 69.5.
Average thermometer 72, highest 90, lowest 53.
Mobile, Alabama.—Weather was too cool for cotton in
Dallas, Texas.—It has rained during the week on three
days, the rainfall having reached two inches and ten hun- the interior early part of week, but favorable later. Plantdredths. The thermometer has averaged 68, the highest ing and replanting have made fair progress. The Tombigbee River is five feet above the flood stage but falling.
being 90 and the lowest 45.
Fort Worth, Texas.—There has been rain on three days We have had no rain the past week. The thermometer
during the week, to the extent of two inches and fifty-four has averaged 70, the highest being 82 and the lowest 53.
Memphis, Tennessee.—We need dry warm weather. There
hundredths. The thermometer has averaged 74, ranging
has been rain on three days of the week, the rainfall reaching
from 60 to 88.
Henrietta, Texas.—There has been rain on three days thirty-four hundredths of an inch. The thermometer has
during the week, the rainfall reaching one inch and ninety- ranged from 48 to 77:1, averaging 65.5.
Nashville, Tennessee.—Farming has been delayed by infour hundredths. Thermometer has ranged from 53 to
clement weather. Replanting is necessary. It has rained
87, averaging 70.
Huntsville, Texas.—It has rained excessively on one day during the week, the rainfall being eighty hundredths of an
of the week, the rainfall reaching seven inches and sixty-five inch. Average thermometer 66, highest 84 and lowest 48.
Madison Florida.—We have had no rain during the week.
hundredths. Average thermometer, 74, highest 87, lowest
,4 highest 90, lowest 56.
60.
Average thermometer
,
--We have had no rain the past week.
Savannah, Georgia.
Kerrville, Texas.—Dry all the week. The thermometer
has averaged 71, the highest being 91 and the lowest 50.
The thermometer has averaged 71, ranging from,.52 to 85.
Lampasas, Texas.—Rainfall for the week twenty-six hunCharleston, South Carolina.—We have had no rain the past
THE CHRONICLE
1234
week. The thermometer has ranged from 55 to 83, averaging 71.
•
Greenwood, South Carolina.-Dry all the week. Average
thermometer 66, highest 79, lowest 54.
Charlotte, North Carolina.-We have had no rain during
the week. The thermometer has averaged 65, ranging from
44 to 86.
The following statement we have also received by telegraph, showing the height of rivers at the points named
at 8 a. m. of the dates given:
May 15 1908. May 17 1907.
Feet.
Feet.
Above zero of gauge..
18.8
15.3
New Orleans
Above zero of gauge_
32.z
31.2
Memphis
Above zero of gauge..
14.2
21.5
Nashville
Above
zero of gauge_
17.8
Shreveport
22.8
Above zero of gauge_
45.6
40.7
Vicksburg
[VOL.xxv .
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since
Sept. 1, for the last two seasons, from all sources from whicd
statistics are obtainable; also the takfngs, or amount gone
out of sight, for the like period.
Cotton Takings.
Week and Season.
1906-07.
1907-08.
Season.
-•4,580,351
Visible supply May 8
3,747,109
1,784,156
Visible supply Sept. 1
2,291,844
92,1491l2.638,185
American Insight to May 15_ _ _ _
78,560 10,470,319
_
Bombay receipts to May 14 _
36,000 1,699,000
71,0001 2,519,000
266,000
13,0
30
Other India ship'ts to May 14_ _
12,000
229,000
912,300
Alexandria receipts to May 13.._
4,000
932,000
252,000
Other supply to May 13a
13,00
198,000
Week.
Week.
Season.
3,877,669 15,820,163 1,779,07 18,371,641
Total supply
Deduct-EUROPEAN COTTON CONSUMPTION TO MAY 1.
3,556 626 3,558,626 4,456,184 4,456,184
Visible supply to May 15
By cable to-day we have Mr. Ellison's cotton figures brought
-We give also revised totals for last year Total takings to May 15
down to May 1.
321,043 12,263,537 322,88 13,915,457
American
which
224,043
Of
9,302,537
223,58 10,491,157
that comparison may be made. The spinners' takings in
97,000 2,871,000
Of which other
99,300 3,424,300
actual bales and pounds have been as follows:
a Embraces receipts in Europe from Bra zit, Smyrna , West Indies, ece.
Oct. 1 to May 1.
Great Britain. Continent.
Total.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-Through arrangements made
with
Messrs.
For 1907-08.
Takings by spinners _
bales..
2,509,000
3,845,000
6,354,000 Choremi, Benachi & Co., of Liverpool and Alexandria, we
Average weight of bales.. _lbs
506
492.1
483
a weekly cable of the movements of cotton at
Takings In pounds
1,269,554,000 1,857,335,000 3,126,880,000 now receive
Alexandria, Egypt. The following are the receipts and
For 1906-07.
shipments for the past week and for the corresponding week
Takings by spinners
bales_
2,701,000
4,190,000
6,891,000
Average weight by bales_ __lbs_
489.6 of the previous two years:
481
503
Takings in pounds
1,358,603,000 2,015,390,000 3,373,993,000
According to the above, the average weight of the deliveries in •Great Britain is 506 pounds per bale this season,
against 503 pounds during the same time last season. The
Continental deliveries average 483 pounds, against 481
pounds last year, and for the whole of Europe the deliveries
average 492.1 pounds per bale, against 489.6 pounds last
season. Our dispatch also gives the full movement for this
year and last year in bales of 500 pounds.
1906-07.
1907-08.
r.r!
Oct. 1 to May 1.
Balss of 500 lbs. each.
000s omitted.
Spinners' stock Oct. 1
Takings to May 1_
Supply
Consumption, 30 weeks
Spinners' stock May 1
In
In
In
In
In
In
In
Week s Consumption,
000s omitted.
October
November
December
January
February
March
April
Great ContiGreat ContiBritain nent. Total. Britain nent.
Total.
367
2,530
--2,908
2,340
1,089
3,715
1,456
6,254
253
2,717
556
4,031
809
6,748
4,804
3,180
7,710
5,520
2,970
2,259
4,587
3,150
7,557
5,409
566
1,624
2,190
711
1,437
2,148
78
78
78
78
78
78
78
106
106
106
106
106
106
106
184
184
184
184
184
184
184
74
74
75
75
76
76
77
105
105
105
105
105
105
105
179
179
180
180
181
181
182
The foregoing shows that the weekly consumption is now
184,000 bales of 500 pounds each, against 182,000 bales of
like weights at the corresponding time last year. The total
spinners' stocks in Great Elritain and on the Continent have
decreased 53,000 bales during the month and are now
42;000 bales more than at the same date last season.
Alexandria. Egypt,
May 13.
Receipts (cantars)This week
Since Sept. 1
1907-08.
1906-07.
1905-06.
26,000
6,988,918
1,400
6,842,473
6,000
5,857,117
This Since
This Since
Thisl Since
week. iSept. 1. week. Sept. 1. week. Sept. 1.
-700 189,574
1,2501201,912 1,750 196,158
185,247
157,548
5,2501178,221
766 308,930 6,250 290,600
7,000309,726 1,7
100 67,000
1,2501 57,736 1,000 103,976
Export (bales)To Liverpool
To Manchester
To Continent
To America
13,750,747,595 5,500 794,311 7,050 704,766
1
Note.-A cantar is 99 lbs. Egyptian blles we gh about 750 lbs.
This statement shows that the receipts for the week were
26,000 cantars and the foreign •shipments 13,750 bales.
Total exports
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market
is steady for yarns and firm for shirtings. The demand for
home trade is improving. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1907.
1908.
32s Cop
Twist.
8% lbs. Shirt- Corn
togs, common Mid
Upl's
to finest.
32s Cop
Twist.
831 lbs. Shirt- Corn
tags, common Mid
to finest.
()pi's
d. s. d.
s. d. d. d.
s. d. d.
d.
d. s. d.
Apr.
9
13-166
5.73
4
10%
6 8 4#9 9
68
1
6.03
3
5
@ 9%
5.66 9%
@ 11 6 8 *9 9
6.16
10
9% 5 0 @8 3
@
@ 11% 6 8@9 9
5.57 10
6.28
17 7 15-16@ 94 5 0 68 1
5.31 10% @ ii 6 9 @910
6.39
24 7 13-16(4
4 11 @8 0
May
5.40 1014 6 11% 6 10 @911
6.63
1 7 11-16a 8% 4 10%68 0
10%
®
5.69
6
117,1
op io
6.75
8% 4 10%07 103
a 73
6.08 10% oa 10
41 11 @100)) 6.96
9% 500 68 0
INDIA COTTON MOVEMENT FROM ALL PORTS.
- 15 sq
The receipts of cotton at Bombay and the shipments from all
ENGLISH COTTON MILLS TO CURTAIL YARN
India ports for the week and for the season from Sept. 1 for
PRODUCTION.-By cable we are informed that at a conthree years have been as follows:
ference held to-day at Manchester, English spinners of
American cotton decided to close their mills the week of
1007-08.
May 14.
I
1906-07.
1905-06.
June 8 and two days weekly for a month thereafter.
----Since
Receipts atSince
Since
-The Alexandria General
EGYPTIAN COTTON CROP.
Week. Sept. 1.1 Week.. Sept. 1. Week. Sept. 1.
Produce Exchange Association has issued its first report
$6,000 1,699,000i 71,000 2,510,000 44,000 2,331,000
Bombay
for the season on the Egyptian cotton crop, as follows:
Owing to heavy rains during January and February having delayed
plowing, sowing is generally fifteen to twenty days late, but is nevertheless
v.4 o ; o.
Since September 1.
For the Week.
now finished, except In a few places in North Behara and Garbleh. The
Exports from------- plants have come up well, and although considerably less forward than last
Great
ContiGreat Contiyear, appear to be in good condition and healthy. Taking this Into conTotal. Britain.
neat.
Britain. neat.
Total.
sideration, It is
that with the aid of favorable temperature the actual
,
--- ------ --------- belatedness can hoped
be made up in the future.
BombayThe
planted seems to be about equal to last year. As
amount
of
land
20,000 499,000 519,000
2,000 16,000 18,000
1907-08
predominate, with less Nubari and Abassi but a
48,000 895,000 943,000 usual, Mit-Atill sowings
4,000 24,000 28,000
1906-07
Joanovich: especially in the Garbleh and .Dakahlish
marked
increase
in
50,000 651,000 701,000
11,000 11,000
1905-06
provinces. Water is far from abundant, but It seems likely that with roCalcuttatations as fixed there will be sufficient for agricultural needs up to the ar3,000
17,000
1007-08
20,000
1.666
6,000 100,000 106,000 rival of the floods.
2,005
__„
1906-07
Reports from Upper Egypt regarding the present state of water, cotton
5,000
4,000
85,000
4,000
90,000 plants and acreage planted are similar to those from the Delta. No ap1905-06
Madraspearance
of worms has been noticed so far.
-085,000 25,000
30,000
1907
3,000
22,000
1,000
1- 16
25,000
1906-07
Messrs. L. H. A. Schwartz & Co., the Boston agents of
---------------2,000
_
36,000
38,000
1905-06
Messrs. R. & 0. Lindemann_, Alexandria, Egypt, have
All others12,000 167,000 179,000 received advices under date of Friday April 24tli, as follows:
12,000 12,000
1907-08
8,000 127,000 135,000
1996-07-----10,000 10,000
NEW CROP.-Sowings are about completed and an uven heat favors
12,000 102,000 114,000
, 1,000
6,000 7,000
1905-06
that for Upper Egypt one must count on a
------------------- ----- the young plants. We learn cotton In the
neighborhood of 10%, while
reduction
In the cultivation of
Total allyear will be planted with cotton.
40,000 708,000 748,000 In the Delta the same acreage as last
2,000 ,28,000 30,000
1907-08
It Is estimated that the cultivation of Joanosown,
varieties
the
Regarding
37,000
41,000
85,000
4,000
1,144,000 1,200,000
1906-07
increased at the
Mitallp. Of
69,000 874,000 943,000 vich has again been noticeably has been sown, expense of
1,000 21,000 22,000
1995-06
arid Of Ibassi about the
Nubari it would seem a little less
same quantity as last year.
API
According to the foregoing Bombay appears to show a
compared with last year in the week's receipts of
35,000 bales. Exports from all India ports record a loss of
11,000 bales during the week and since Sept. 1 show an der, e of 461,000 bales.
decrease
oUR COTTON ACREAGE REPORT.-Our; cotton acreage report will probably he ready abont the ; 1st of June.
Parties desiring the circular in quantities, with their business
cards printed thereon, should send in their orders as soon
possible, to ensure early delivery.
as
MAY 16 1908.]
THE CHRONICLE
SHIPPING NEWS.-As sdown on a previous page, the
exports of cotton rom the United States the past week have
reached 35,304 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-May 12-Georgic, 2,218 upland, 100
3,464
Sea Island, 318 foreign-May 14-Boyle, 828
100
To London-May 8-Minneapolis, 100
620
To Hull-May 8-Buffalo, 620
To Havre-May 9-St. Laurent, g79 upland, 11 Sea Island, 39
foreign
329
44
To Bremen-May 13-Main, 44
100
To Antwerp-May 8-Finland, 100
To Genoa-May 8-Cretic, 700; Prinzess Irene, 1,931_ _ _ _May
13-Hamburg, 800
3,431
780
To Naples-May 8-Cretic, 159; Prinzess Irene, 621
300
To Leghorn-May 8-Italla, 300
To Venice-May 13-Eugenia, 200
200
To Japan-May 11-Indramayo, 697
697
166
To China-May 11-Indramayo, 166
1,897
GALVESTON-To Hamburg-May 13-Diana, 1,897
To Barcelona-May 13-Ida, 1,850
1,850
To Trieste-May 13-Ida, 2,077
2,077
NEW ORLEANS-To Liverpool-May 14-Florida, 2,000
2,000
To Havre-May 8-Orator, 2,976
2,976
To Antwerp-May 8-Virgil, 1,076
1.076
i?..4 To Barcelona-May 12-Plo IX, 1,045
1,045
To Genoa-May 12-DelphIne, 7,862
7,802
To Passajes-May 12-Plo IX, 200
200
BOSTON-To Manchester-May 8-Iberian, 1
1
BALTIMORE-To Liverpool-May 11--Indore, 1,056
1,056
To Bremen-May 13-Cassel, 100
100
To Hamburg-May 7-Arcadia, 100
100
PHILADELPHIA-To Rotterdam-May 6-Astoria, 2,000
2,000
SAN FRANCISCO-To Japan-May 9-Korea, 150
150
TACOMA-To Japan-May 13-Tencer,685
683
Total
35,304
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- -Oth.Europe- Mex.,
Britain. ports. many. North. South. cit.c. Japan. Total.
New York
4,184
44
329
100 4,711
166
69'7 10,231
Galveston
1,897
____ 3,927
5,824
New Orleans..., 2,001)
____ 1,076 9,107 ------ 15,159
'
Boston
1 -------_
------------- 1
Baltimore
__ __
1,256
Philadelphia --- --------___
____
---- 2,000
San Francisco)
:.-......
'150
___1'85
---___
---.:__:.
Tacoma
683
Total
7,241
3.305
2,141
3,176 17,745
166 1,530
35,304
The exports to Japanfsince Sept.1 have been 148,686 bales
from Pacific ports and k37,093 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations'being in cents per 100 lbs.:
Liverpool asked__ - Manchester
Havre-April
__
Bremen-April
Hamburg
Antwerp
Ghent, via Antwerp
Royal
Gothenburg
Barcelona
Genoa-April
Trieste
Japan-April
Sat.
12
10
21
18
22
20
26
28
28
20
18
28
40
Mon.
15
9
21
18
22
20
26
28
28
20
18
28
40
Tues.
12
10
21
18
22
20
28
28
28
20
18
28
40
Wed.
2
10
21
18
22
20
26
28
28
20
18
28
40
Thurs.
12
10
21
18
22
20
26
28
28
20
18
28
40
Fri.
12
10
21
18
22
20
26
28
28
20
18
28
40
LIVERPOOL.-By cableNfrom Liverpool we have the
lowing statement of the week's sales, stocks, &c., at that port:
April 24.May 1.
Sales of the week
- 46,000
bales_ 28,000
Of which speculators took__
2,000
Of which exporters took....__ 1,000
2,000
Sales, American
41,000
20,000
Actual export
11,000
9,000
Forwarded
57,000
69,000
Total stock-Estimated
938,000
888,000
Of which American--Est...._804,000
757,000
Total import of the week
17,000
57,000
Of which American
12,000
33,000
103,00e
Amount afloat
99,000
81,000
Of which American
80,000
May 8.
97,000
2,000
3,000
90,000
15,000
08,000
842,000
712,000
26,000
18,000
118,000
95,000
May 15.
106,000
5,000
8,000
93,000
12,000
76,000
823,000
696,000
57,000
12,000
66,010
37,000
1235
BREADSTUFFS.
Friday, May 15 1908.
Prices for wheat flour have as a rule been firm and some
grades have latterly advanced despite the sharp decline in
wheat quotations, the generally favorable crop prospects
and the stagnation in trade. Some mills have latterly closed
down. This action has been attributed by some to inability
to secure wheat for grinding, but the more general explanation is the extreme dulness of trade. Despite the curtailment of production, however, the output of the mills during
the past week was about double the sales. Export business
has been lifeless. Rye flour and corn meal have been in
light demand and firm.
Wheat has declined, owing to heavy selling attributed to
large Chicago interests recently active on the long side.
Crop accounts, too, have in the main been favorable, a fact
which has encouraged pit traders to sell aggressively for the
decline. The cash trade has, on the whole, been quiet,
especially the domestic demand, and the reports in regard
to the flour trade have been distinctly unfavorable, the
reported closing down of mills in various parts of the country
having had no small influence on sentiment. The springwheat crop in this country, as well as in Manitoba, has been
planted in most sections,andithe,indications are for some increase in the area. The crop outlook in most partsiof
Europe, according to the latest reports, is on the whole more
favorable than recently, though the Russian winter wheat, it
appears, has been damaged by excessive wet due to melting
snow, and spring plowing has been retarded by cold and
excessive moisture. But rallies have occurred in prices at
times. There has been a tendency to overdo the short side.
Then, too, there have been numerous reports of serious
damage to winter wheat in Kansas by Hessian fly. It is
said that fields in some parts of that State have been plowed
up, owing to the fly damage. The foreign market advices,
too, have on the whole been encouraging and the statistics
have been distinctly bullsih. The receipts have continued
small, the arrivals at the primary markets on some days
being less than half as large as on the corresponding days
last year. Supplies have continued to diminish. The
world's available stock decreased nearly 7,000,000 bushels
during the past week, as compared with a decrease of less
than one million in the same week last year. The world's
supply is now stated at only 117,253,000 bushels, or about
50,000,000 bushels less than at this time last year, while the
supply in the United States is some 25,000,000 bushels
smaller than then. The stock of contract wheat at Chicago
is in round numbers 6,000,000 bushels smaller than a year
ago and is steadily diminishing. The shipments from Argentina have decreased. To-day prices declined on generally favorable weather and crop reports, weak cables from
Liverpool, predictions of larger receipts at the Northwest,
larger Argentine shipments than expected, selling by cash
interests, selling by pit traders, and liquidation.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW VOR.K.
Sat. Mon. Tues. Wed. Thurs. Frt.
No. 2 red winter
107
111% 108% 107
107
107
May delivery in elevator
107% 106
106
110
1()6
106
July delivery in elevator
101 % 09% 99 14 98% 99% 9834
September delivery in elevator
96% 9431 94% 9434 95
9414
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri..
May delivery In elevator
101 ioo 100% 102% 100%
July delivery in elevator
92% 90% 9034 895
% 9)% 89%
September delivery in elevator_ _ _ _ 87% 86% 87
86% 87
86%
Oats for future delivery in the Western market have been
The tone of the Liverpool market for spots and futures easier in the main, owing to
the
in wheat, favorable crop
each day of the past week and the daily closing prices of reports from most sections andfall
liquidation. The trading
spot cotton have'been as follows:
has been dull,few caring to engage in it, owing to the manipu•
Li
lation by strong Chicago interests. The receipts have been
Spot.
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
moderate and there has been a fair cash demand. The bull
Market,
Good
Largo
Active
Large
leader has made large shipments out of Chicago, but stocks
Inquiry,
Quieter.
12:15} Steady.
business
and
business
there are relatively large, and it is contended that there will
doing.
P. M.
rising.
doing.
be ample supplies for delivery on all May contracts. Seed5.84
Mid•Upl'ds.
5.83
5.69
5.77
6.09
6.08
ing has been practically completed, and early-planted oats
10,000
20,000
15,000
14,000
20,000
Sales
18,000
look well as a rule To-day prices declined on the depres500
1,000
1,000
700
2,500
Specatexp.
5,000
sion in wheat, an easier cash market at the West, favorable
Steady Irregular'at Steady
Quiet
Futures. Steady at
Irregular at weather and crop accounts, liquidation arid the dulness of
unch. to
unch. to 8010 pts.
Market 1 708 pts. unch. to 10012%
the trading.
opened j decline. 1 pt. dec. pts. adv. 1% pts.dec. 2% pts.adv decline.
Market 1 Steady at Steady at Feverish at Very sty. at Unsettled Strong at
4
1 %©4% 04(4)4 pta.5@5i Ms. 4%(411% 10%0145 3885 pts.
P. M. J pts. adv. advance, advance. pts. adv. pts. adv. advance.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of uplands, good or ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Thus: 5 24 means 5 24-100d.
May 9
Thurs.
Wed.
Tues.
Ftl.
Mon.
Sat.
to
May 15. 12% 12% 12% 4 tz % 4 12% 4 12% 4 12% 4
p.m p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m• p.m. p.m. p.m.
----- - ---------.-- -d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
d.
KAY ---------. _ _ 5 24 29 28 34% 33 3? 44% 57 60 56 85
Kay-June _ _ _ ..5 24
28% 27% 34 33 32'-i 43% 56 59% 55 64
Tune-July _ 5 23 27 20% 33 31% 31
53% 57 53 01%
41
July-Aug.. _ 5 21
55 50% 59
25 24% 31
29% 28% 38% 51
Aug.-Sep.. _ 5 11
14
13
19 16% 14
23% 35 39 35 42
Sept.-Oct. ____
18
24
97 00 99 05 00% 00 08% 18% 21
jct.-Nov.. _ 4 80% 92% 91 % 07 92% 91 97 06 08 06 11
Nov.-Dec. _ 4 86 88% 87% 93 88% 87 93 02 04 02 07
Deo.-Jan, _ 4 84% 87 86 01% 87 - 85% 01% 01
02 00 05
ran.-Fcb __ 4 83 85% 84% )0 85% 84 90 98% 00% 98% 03%
Feb.-Mch. _ 4 83% 86 85
99 04
10% 86 84% 90% 90 01
1Ich.-Apr.,_ 4 84
46% 8531 41 86% 85 91 99% 01% 993.1 0431
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sal. Mon. Tues, Wed. Thurs. Fri.
Cash corn
83
78
78 ' 77% 75
74
May delivery in elevator
82% 78
78
77% 76% 76%
July delivery in elevator
733-4 7334 733'4. 7334 74% '74%
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
71% 7134 7334 7474 74 %
July delivery in elevator
84% 63% 64
0431 0534 6534
September delivery in elevator
62% 62% 62% 63% 63 34 834
7234
Indian corn futures declined for a time early in the week,
under liquidation attributed to leading bulls at Chicago.
The market also felt the effects for a time of the depression
in wheat. But there was little dispositioni to sell for short
account, and of late prices have rallied. The weather has
been unfavorable for farm work and plowing is backward
everywhere. Heavy rains, too, have interfered with the
movement to market, despite the high prices current. There
has been a good shipping demand at the West at strong prices.
Bull leaders have given support at times. On the whole,
however, speculation has been quiet, owing to the open manipulation of prices. To-day prices declined early on the
break in wheat, more favorable weather and liquidation,
but rallied later on covering.
[VOL. Lxxxvi.
THE CHRONICLE
FLOUR.
$4 75 034 85
$3 80 034 10 Kansas straights
Low grades
5 30 0 5 40
3 10 0 3 25 Blended clears
Second clears
5 80 0 6 40
4 15 0 4 30 Blended patents
Clears
450 0 5 15
5 25 0 550 Rye flour
Straights
flour
Nominal
35
Buckwheat
6
0
50
5
Patent, spring
Nominal.
4 85 0 5 25 Graham flour
Patent, winter
3 500 4 05
Kansas patents _______ - --- 0--- - Corn meal
GRAIN.
Corn (new), per bush.
c.
c.
Wheat, per bush.
No. 2 mixed
114
f.o.b. 74 y;
N. Duluth, No. 1
No. 2 yellow
112%
Nominal
N. Duluth, No. 2
No. 2 white
f.o.b.107
Nominal
Red winter, No.2
1123 Rye per bush.Hard "
No. 2 Western
91
Oats, per bush.
573i 050
State and Jersey
Nom nal
Natural white
Barley-Malting
56
Nominal
mixed
66
Feeding
Nominal
white,clipped_583,6 060
For other tables usually given here, see page 1204.
GOVERNMENT WEEKLY WEATHER REPORT.Mr. James Berry, Chief of the 'Climatological Division of
the United States Weather Bureau, made public on Tuesday
the telegraphic reports on the weather in the various States
for the week ending May 11, summarizing them as follows:
The weather during the week ending May 11 1908 was unseasonably cold
and unfavorable over most of the country, the deficiency in temperature
being most marked over the districts from the Middle Rocky Mountain region to the Middle Atlantic and New England coasts. Light to heavy frosts
were general in the plateau regions and from the upper Missouri Valley
southward to Oklahoma and northwestern Texas, and light frosts occurred
as far south as the northern portions of the Gulf States and western North
Carolina. In the Rocky Mountain regions and New England the southern
limit of freezing temperature was about the same as in the preceding week,
but in the region between these districts it was generally from 150 to 300
miles farther north.
The precipitation was excessive over the greater part of the central valleys and Lake region and in New England and the Middle Atlantic and
central and east Gulf States. There is complaint of too much moisture
in pertions of the central Mississippi and Ohio valleys, while most of Texas
andtportions of the upper Missouri Valley need rain.
There was sufficient sunshine in the Southern States and upper Missouri
and Red River of the North valleys, but excessive cloudiness prevailed
throughout the central valleys, Lake region, Middle Atlantic States and
New England, and warmth and sunshine are much needed in these districts.
THE DRY GOODS TRADE.
New York, Friday Night, May 15 1908.
There have again been signs of improvement in the cotton
goods market during the past week and not only has the
demand perceptibly broadened but the tone of prices is
appreciably firmer. This does not mean that there has been
anything like activity in the market, but conditions have
not been by any means as dull as in the recent past. One
of the reasons for the re-awakening of interest has been the
sharp advance in the price of cotton, which forcibly brought
home to many buyers the extent of the decline that has
taken place in cotton goods, and particularly in those that
are the most affected by fluctuations in the price of the raw
material. Buyers generally are showing more confidence
in the stability of prices and it is recognized that many lines
have gone as low as they are likely to during the remainder
of the year. On the other hand, there are some others that
will be revised when a favorable opportunity presents itself,
and these are now being shipped on memorandum, the price
to be agreed upon later. Another favorable feature has
been an improvement in the export demand, substantial
sales having been made during the week to India, China and
miscellaneous countries. An important announcement has
been made by the receivers of the Arnold Print Works to
the effect that they will sell at auction on Tuesday next
7,000 cases of Arnold wash goods. It is a long time since
there was a large auction sale of cotton goods in;New York
and it is not only expected that a large number of buyers
will be attracted to the city by it, but also that it will go
far to clear the situation and improve the prospects of
jobbers re-entering the market. There has been a moderate
demand for men's wear woolen and worsted goods, but orders
for dress goods have been small.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending May 9 were 2,131
paekages, valued at $140,244, their destination being to the
points specified in the table below:
New York to May 9.
Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
----1908--Since
Jan. 1
Week
217
8
433
31
11,069
3,481
11,349
250
2,23/
207
8,044
484
782
150
5,252
282
15,825
350
6,682
369
2,131
65,364
Week.
23
16
175
- --381
54
434
508
406
Since
Jan. 1
935
461
8,949
4,404
17,948
3,527
9,242
909
6,022
18,544
13,625
2,197
84,566
111The value of these New York exports since Jan. 1 has been
$4,234,726 in 1908, against $5,382,409 in 1907.
There has been a decided improvement in the demand for
heavy brown drills and sheetings during the week and as a
result prices have in several instances been advanced from
c. to %c.from the low point reached. The sharp advance.
in the price of the raw material has apparently had its effeet
g
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74,033,328
The following are closing quotations:
upon converters, who have been purchasing with 4, greater
amount of freedom than for some time past. ' In addition to
a continued demand for 3.50 yard sheetings for the Red Sea,
business has been done with China during the week in 4-yard
sheetings; India also appeared as a buyer of some 500 bales
Of standard drills. The improvement in the export demand
has caused some sellers to revise some of the very low prices
at which they were offering goods. Low-count bleached
goods are slightly firmer with a better demand. Business in
coarse, colored cotton goods has not been active but the tone
of the market is better. Linings have been quiet. Napped
goods have continued in good demand for fall. There has
been a further reduction in the price of dress ginghams and
this has gone far to relieve the congestion which was hampering operations. Staple prints have not yet been reduced,
but goods are being shipped on memorandum; there are indications that stocks in second hands are getting low. Print
cloths have been active and wide goods are fully 3'3c. higher;
converters have been free purchasers. So far narrow goods
have not participated in the improvement.
WOOLEN GOODS.-Buying of men's wear woolen and
worsted goods for the current spring season has continued
during the week and duplicate orders for fall have been the
heaviest so far recorded. The only cause for complaint in
the case of the latter is that the orders have not been widely
distributed, and while some mills are already in the enviable
position of being practically sold up, others find themselves
with not enough orders to keep their machinery running.
Altogether, however, while there has been a decided improvement in the season's prospects, probably not more
than one-half of last year's yardage has been placed and from
the lateness of the season it is apparent that the total will
fall very far short of that placed during the previous season.
The sharp declines recorded at the London Colonial Wool
sales, which commenced on Tuesday last, would indicate
that prices of woolen and worsted goods for next spring will
be lower. So far few light-weight lines have been shown and
there is a disposition to delay openings as long as possible.
While a few duplicate orders have been received for fine
worsted dress goods, the volume of business passing in the
primary market has been insignificant. Little in the way
of activity is expected until garment makers, who are now
on the road, get a clearer idea of the size of the orders they
will receive.
•
FOREIGN DRY GOODS.-Fine imported woolen and
worsted dress goods have met with a fair demand during the
week. Silks have been irregular. Ribbons have sold fairly
well. Greater interest is being shown in advance ordering
of linens. Burlaps are firm, owing to the limited supplies
of heavy-weight cloths.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending May 9 1908 and since
Jan. 1 1908, and for the corresponding periods of last year,
are as follows:
No or.
on
no:
49,015,136
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Wed.
Tues.
Thurs.
Fri.
Mon.
Sat.
56
56
56
56
57
57
No. 2 mixed_
32
White clipped:_to 34 lbs
59M-603 59 -603,i 58Y-60 583-60 58%-60 583-60
DAILY CLOSING PRICES OF OATS IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs.
•
55
553
543
54'/è 54% 5,1Y,
May delivery in eevator
47 m 47 N
47
47 M 47
473
July delivery in elevator
35,268,015
1236
MAT 16 1908
THE CHRONICLE
1237
Alcorn County (P. O. Corinth), Miss.-Bond Offering.Proposals will be received until 2 p. m. June 2 by the Board
of Supervisors, 0. M. Hinton, Clerk, for $10,000 5% bonds
issued to gravel the public roads of this county. DenominNews Items.
ations: $100, $500 and $1,000. Interest annually at the
German Empire.-Bonds Offered by Bankers.-Eversz & County Treasurer's office. Maturity twenty years, subCo. of Chicago are offering at par and accrued interest a ject to call after five years.
portion of the 250,000,000 marks German Empire 4% gold
Allegheny County (P. 0. Pittsburgh), Pa.-Bonds Not
bonds and 400,000,000 marks Kingdom of Prussia 4% gold Sold.-No bids were received on May 14 for the $1,000,000
bonds. These securities were recently emitted by the 4% 30-year coupon road-and-highway-improvement bonds,
German Government and, it is reported, were over-sub- a description of which was given in V. 86, p. 1176.
scribed several times. The bonds will be listed on the
Alliance, Ohio.-Bond Offering.-Proposals will be reBerlin and Frankfort Stock Exchanges and will be issued
in denominations of 1,000 marks ($240), 2,000 marks ($480) ceived until 12 m. May 25 by Chas. 0. Silver, City Auditor,
and 5,000 marks ($1,200). They are irredeemable prior for the following bonds:
to April 1 1918 and, it is stated, are not subject to any $4,000 5% sanitary-sewer (city's portion) bonds. Denomination $500.
Maturity June 15 1928.
Government tax. Interest April 1 and Oct. 1. Interim 5,100 5% sanitary-sewer
assessment bonds. Denominations: $500 and
certificates, exchangeable for bonds, will be on hand about
$200. Maturity $1,700 on June 15 in each of the years 1909,
1910 and 1911.
May 20.
22,000 5% street-Improvement assessment bonds. Denomination $500.
Maturity $4,400 yearly on June 15 from 1909 to 1913 inclusive.
Jersey City, N. J.-Decision in Water Works Case.-On
14,000 5% street-improvement (city's portion) bonds. Denomination
dea
rendered
Newark
at
Stevens
Chancellor
Vice2
May
$500.
Maturity June 15 1023.
cision fixing the amount to be paid by the city for the city's
The above bonds will be dated June 15 1908. Interest
new system of water-works, the contract for which was semi-annual. Certified check for 5% of the bonds bid for
signed in 1899. See item under head of "Jersey City Water payable to the City Treasurer, is required. Bids to be
Supply Co." in our "Investment News" department elsem
'by city. Successful bidder
ade on blank forms furnished
where.
to furnish blank bonds at his own expense.
Bonds Authorized.-At an adjourned meeting of the
Alviso School District, Santa Clara County, Cal.-Bond
Board of Finance, held May 12, an ordinance was adopted
providing for the issuance of $1,000,000 434% coupon Sale.-On May 4 the $1,000 6% 1-2-year (serial) coupon
(with privilege of registration) funding. bonds. Denomina- school bonds offered on that day (V. 86, p. 1112) were sold
tion $1,000. Date July 1 1908. Interest semi-annual. to Jas. McKiernan at 100.25. Bids at par were also received
from Sarah E. Fox and A. W. Mott.
Maturity June 30 1928.
Anniston, Calhoun County, Ala.-Bond Offering.-ProposMassachusetts.-Exemption from Taxation of Future
Issues of Municipal and County Bonds, Notes and Certificates als will be received until 12 m. May 28 by the City Clerk for
of Indebtedness.-The Governor on April 28 approved an Act $50,000 8% street-paving assessment bonds. Authority
(Chapter 464) exempting from taxation for State, county, Article 26, 1907 Code of Alabama. Interest annual. Decity or town purposes bonds, notes and certificates of in- posit of $1,000 required with bid. Thos. E. Kilby is Mayor.
debtedness of any county, city or town in Massachusetts
Ashburn, Turner County, Ga.-Bond Offering.-Prowhich may be issued on or after May 1 1908. The Act also posals will be received until 12 m. May 28 by John J. Storey,
provides that so much of the deposits of savings banks as is Clerk City Council, for the $55,000 5% gold water, light
invested in these securities shall be exempt from taxation. and school bonds mentioned in V. 85, p. 1535.
We give below the law in full:
Ashtabula Township School District (P. Q. Ashtabula),
(CHAP. 464.)
the $5,000
of Municipal and County Ashtabula County, Ohio.-Bond Sale.-On May 9
An Act to exempt from taxation future issues
434% coupon heating-plant and school-building completion
Bonds, Notes and Certificates of Indebtedness.
Be it enacted, (U. as follows:
of any county, bonds described in V. 86, p. 1112, were awarded to the First
' notes and certificates of indebtedness on
Section 1. Bonds,
or after the National Bank of Cleveland at 101.40 and interest.
may be issued
city or town In the commonwealth which
be exempt
shall
eight
and
first day of May In the year nineteen hundred
Nat. Bank, Cleve___$5,070 00 I Denison & Farnsworth, Cle.$5,063 75
town purposes. Such bonds, First
from taxation for State, county, city or state
Hayden, Miller & Co., Clev. 5,067 00 Otis & Hough, Cleveland__ 5,051 00
face
that they Seasongood
their
upon
shall
Indebtedness
notes and certificates of
& Mayer, cin__ 5,065 00 Rodgers & Sons,Chag.Falls. 5,037 00
state,
so
they
are exempt from taxation in Massachusetts, and, unless
$500 yearly on March T5 from 1911 to 1920 inMaturity
shall not be exempt.
Section 2. So much of the deposits of savings banks and Institutions clusive.
certificates of Indebtedness
for savings as Is invested in the bonds, notes or
taxation.
described In section one of this Act shall be exempt from
Ballinger, Runnells County, Tex.-Bonds Regis4ered.Section 3. All Acts and parts of Acts inconsistent herewith are hereby
The State Comptroller on May 9 registered the $20,000 5%
repealed.
Section 4. This Act shall take effect upon Its passage. [Approved 20-40-year (optional) street-improvement bonds voted on
April 28 1908.]
March 17. See V. 86, p. 992.
New York State.-Governor's Message to Special Session
Summit County, Ohio.-Bids.-The followof Le7islature.-The Legislature convened in special session ingBarberton,
bids were received on April 20 for the $518 04 Storm
at 8:30 p. m. on May 11 in accordance with the pro1 and Sub-District No. 2 (village's porclamation issued by Gov. Hughes on April 23, the day of Sewer District No.
41 Storm Sewer District No. 1 and Subfinal adojurnment of the regular session. See V. 86, p. 1053. tion) and $5,696
2 -assessment 5% coupon bonds awarded on
In his message to the Legislature the following recom- District No. the
Provident Savings Bank & Trust Co. of
that day to
mendations are mdea by the Governor:
at par, 103.529 and accrued interest, respectiveAmend the election law to provide for the complete identification o Cincinnati
ly. (V. 86, p. 1177):
voters In connection with registration.
Extend the Jurisdiction of the Public Service Commission so as to control Provident Savings Bank &
I New First National Bank,$6,317 45
telephone and telegraph companies.
Trust Co., Cincinnati_ _ _$6,424 531 Columbus
Pass a law to prevent political parties from undoing the will of the voters Seasongood
'Otis & Hough, Cleveland 6,219 45
04
8,385
Cinc_
&
Mayer,
In their local or State conventions.
inspection of mercantile Hayden, Miller & Co., Clev. 6,326 951
Amend the labor law to provide a bureau forlaw
relating to mercantile
Bardstown Graded Common School District (P. 0.
houses, and transferring the enforcement of the
of Labor.
establishments from the Health Board to the Commissioner
Ky.-Bond Sale.-The $30,000 5% coupon
Bardstown),
investigate
to
commissions
the
for
of
special
appointment
resolutions
Pass
ysorrd other commodities, and the condition school-building bonds advertised for sale on April 27 (V. 86,
yck
iiAoryaelArcLadNsetlo
ovetIolielautinoenml:
s
p. 992), have been bought by the People's Bank of Bardstown at 102.75 and accrued interest-a basis of about
Bond Proposals and Negotiations this week 4.742%, Six other bids were also received. Maturity
$1,000 yearly on Dec. 1 from 1908 to 1937 inclusive.
have been as follows:
Beattie Independent School District (P. 0. Beattie),
Acquackanonck Township School District (P. 0. Clifton),
Passaic County, N. J.-Bond Offering.-Proposals will be Comanche County, Tex.-Bond Offering.-R. C. Huggins,
received until 8 p. in. May 26 by A. D. Cheston, District Secretary Board of Trustees (P. 0. Duster, R. F. D. No. 1),
Clerk, for $63,500 4% coupon school-building and ad- is offering at par and accrued interest the $1,000 6% schooldition bonds. Denomination $1,000, except one bond of house bonds registered on Feb. 8 (V. 86, p. 682), by the
$500. Date July 1 1908. Interest is payable at the Citi- State Comptroller. Denomination $250. Date Jan. 1
zens'Trust Co. of Paterson. Maturity on July 1 as follows: 1908. Interest annual. Maturity Jan. 1 1928, subject
$2,000 yearly from 1913 to 1928 inclusive, $1,000 in each to call after Jan. 1 1913.
of the years 1929 and 1944; $1,500 ii 1929 and $2,090 yearly.
Bellevue (P. 0. Station Allegheny), Pa.-Bond Sale.from 1930 to 1943 inclusive. Bonds are exempt from taxa- On May 5 the $100,000 4 2% 11-30-year (serial) coupon
tion. Certified check for $500, payable to the District Clerk, improvement bonds described in V. 86, p. 1053, were
is required.
awarded to N. W. Harris & Co. of New York City at 101 318
Akron, Summit County, Ohio.-Bond Ofiering.-Pro- 'and interest-a basis of about 4.402%.
poials will be received until 7:30 p. in. May 28 by Wm. A.
Belverde School District, Los Angeles County, Cal.Durand, Secretary Sinking Fund Trustees, for $47,746 5% Bond Sale.-On May 4 the $30,000 5% 1-30-year (serial)
bonds. Denominations $1,000 $916,$900, $750, $700, $500, school bonds described in V. 86, p. 1112, were awarded, it
$400, $300, $200, $150, $140 and $100. Date April 11908. is stated, to the Los Angeles Trust Co. of Los Angeles at
Interest is payable at the National Park Bank in New York 101.75-a basis of about 4.839%.
City. Maturity on April 1 as follows: $11,106 in 1909;
Benson School District (P. 0. Benson), Neb.-Bond Sale.
$11,706 in 1910; $10,556 in 1911; $7,956 in 1912; $4,506 in -The Bank of Benson was awarde.d $8,000 5% 20-3ear
furon
made
form
blank
be
1914.
Bid
to
in
$2,916
1913;
building bonds on May 5 at 100.125. Denomination $500.
nished by Secretary of the Sinking Fund Trustees and Date May 1 1908. Interest seini-,annual.
0
56
of
bid
for
for,
bonds
check
certified
a
by
actompanied
Berea, Cayuhoga County, Ohio.-Bond Offering.-Promade payable to the Sinking Fund Trustees. Bonds to
m. May 25 by 0. R.. Stone,
be delivered within five days after date of sale. Purchaser posals will be received until 12bonds:
Clerk, for the following
2J,L1 Village
toPpay accrued interest.
:0in DErAMMEtni.
1238
THE CHRONICLE
[VOL. laxxxvi.
$2,881 85 5% Front Street improvement bonds. Denomination $500, except one bond of $381 85. Maturity as follows: $500 on
Nov. 1 In the years 1910, 1912, 1914 and 1916; $500 on
May 1 1918 and $381 85 on Nov. 1 1918.
2,438 15 5% Front Street improvement assessment bonds. Denomination $500; except one bond of $438 15. Maturity on Nov. 1
as follows: $500 In the years 1909, 1911, 1913 and 1915 and
$438 15 in 1917.
Caldwell, Canyon County, Idaho.-Bonds Voted and
Defeated.-An election held recently resulted in favor of
propositions to issues $2,500 bonds to build a bridge across
Indian Creek at Kimball Avenue and $2,500 bonds to build
a bridge across Indian. Creek. at Seventh Avenue; while a.
proposition
Date May 1 1908. Interest semi-annual. Certified check across the to issue $1,500 bonds to construct a bridge
same creek at Ninth Avenue met with defeat:
for 5% of the amount of bonds bid for, payable to the City
Calgary, Alberta.-Debenture Offering.-Proposals will be
Treasurer, is required. Accrued interest to be paid by
received until 12 m. May 18 by H. E. Gillis, City Clerk, for
purchaser.
the following debentures:
Berkeley School District (P. 0. Berkeley), Alameda $20,000 4M % electric-lIght debentures.
County, Cal.-Bonds Defeated-Bond Election.-The ques- 340,0,00 4% water-gravity debentures.
tion of issuing $250,000 school-building bonds was de- 75,000 4M% general hoso'tal debentures.
Denomination $1,000. Interest June 1 and Dec. 1 at the
feated at an election held April 11. Another election has
been ordered for May 19 when the proposition to issue these Molsons Bank in Calgary. Maturity thirty years. Debentwres are exempt from city taxes. These securities were
bonds will again be voted upon.
offered but not awarded on May 2.
Birmingham, Ala.-City Not to Be Responsible for Proposed
Cambridge, Guernsey County, Ohio.-Bond Offering.Issue of North Birmingham Bonds.-The City Council has
adopted the following resolution in reference to the $5,000,000 Proposals will be received until 12 m. May 18 by S. R. Heade,
City
for the following paving assessment bonds:
bonds recently voted by the town of North Birmingham, a $3.016Auditor,
4% North Eleventh Street bonds maturing $301 60 yearly on
suburb of this city, which will be annexed in October 1909,
March 1 from 1909 to 1918 inclusive.
4,820 43.% Clark Street bonds maturing $482 yearly on March 1 from
in accordance with a bill passed by the last Legislature:
1909 to 1918 Inclusive.
Be it resolved by the City Council of Birmingdam as follows:
That it Is hereby declared to be the sense of this body that the City of
Birmingham will in no way be responsible for any issue of bonds by the town
of North Birmingham for water-works or lighting plans as now proposed,
and that this body will resist in every way the assumption of said bonds
by the City of Birmingham when the town of North Birmingham Is annexed
to the City of Birmingham in 1909. Adopted May 6th 1908.
H. E. SHROPSHIRE JR., City Clerk.
Approved May 7th 1908.
GEO. B. WARD, Mayor.
11,044-43% Oomber Avenue bonds maturing $1,104 40 yearly on March 1
from 1909 to 1918 inclusive.
7,413 10 43% Beatty Avenue bonds maturing $741 31 yearly on March 1
from 1909 to 11)18 inclusive.
3,455 4% South Twelfth Street bonds maturing $345 50 yearly on
March 1 from 1909 to 1918 inclusive.
9,630 43.% North Sixth Street bonds maturing $963 yearly on March 1
from 1909 to 1918 inclusive.
8,545 43% Foster Avenue bonds maturing $854 50 yearly on Match. 1
from 1909 to 1918 inclusive.
The city of Birmingham is offering for sale, bids to close
May 25, $100,000 5% sanitary sewer bonds. For details
of these securities and terms of offering, see last week's
"Chronicle."
Boone County (P. 0. Lebanon), Ind.-Bond Sale.-Local
papers report the sale of the following bonds.
The amount of bonds to be issued may be reduced by the
amount of assessments paid in cash prior to the date of sale.
Authority sections 50 to 95 of the Municipal Code. Interest
annually at the City Treasurer's office. Certified check for
$500, payable to the City Auditor, is required. Purchaser
to pay accrued interest.
Cambridge School District (P. 0. Cambridge), Ohio.Bond Offering.-Further details are at hand relative to the
offering on May 21 of the $65,000 432% coupon high-school
bonds mentioned in V. 86, p. 1177. Proposals for these
bonds will be received until 12 m. on that day by F. C.
Hanna, Clerk Board of Education. Interest payable March
5 and Sept. 5 at the Treasurer's office. Authority vote of
535 to 415 at election held March 25. Denomination $1,000.
Maturity $1,000 each six months from March 5 1909 to
March 5 1922 inclusive, $2,000 on Sept. 5 1922 and $1,000
on March 5 and $2,000 on Sept. 5 each year from 1923 to
. 1934 inclusive.
Camden, N. J.-Bond Sale.-On May 11 the four issues of
432% bonds, aggregating $510,000, described in V. 86,
p. 1177, were awarded to O'Connor & '<Miler of New York
City at 104.99. The bids were as follows:
$4,880 Thomas H. Shelburne gravel-road bonds (Eagle Twp.) awarded to
J. F. Wild & Co. of Indianapolis.
16,640 George N. Shelburne gravel-road bonds (Eagle Twp.) awarded to
Miller. Adams & Co./of Indianapolis.
6,500 M. N. Hardin gravel-road bonds (Clinton Twp.) awarded to Breed
& Harrison of Cincinnati.
Brainerd, Crow Wing County, Minn.-Bond Election
Postponed.-The election which was to have been held
April 24 to vote on the question of issuing the $159,000
water-works and electric-light bonds mentioned in V. 86,
p. 992, has been postponed indefinitely.
Brandon, Man.-Debenture Sale.-This city, we are informed, has awarded $60,000 5% debentures to Wood,
Gundy & Co. of Toronto. Maturity $25,000 in fifteen
years and $35,000 in thirty years.
Breckenridge School District No. 1 (P. 0. Breckenridge),
Summit County, Col.-Bonds Voted.-Reports state that an
election held May 4 resulted in favor of a proposition to issue
$350,000 $85,000 $50,000 $25,000
20-year 30-year 20-year 20-year
$20,000 school-building bonds.
bonds.
bonds,
bonds.
bonds.
&
O'Connor
Kahler,
N.
Y.
(for all 4 issues) ----- 104.99' ------Bronxville, N. Y.-Bond Sale.-On May 7 the Gramatan Kountze Bros.. New York (for
all 4 issues)
103.911 -------National Bank of Bronxville was awaredd $2,000 5-6-year N. W. Coler & Co., New York
104.67
106.07
104.43
104.67
& Co.. New York
104.283 105.723 104.283 104.283
(serial) registered sewer-construction bonds at par for 43/2s. Rhoades
de6
oirttrh
.wH
d
Ss
104.277
105.717
10,1.277 104.377
The only other bid received was one of $2,003 for 5s sub- Wadsworth Wright, New York_ __ _104.25 105.95 104.37
104.50
and A. B. Leach & 1104.139 105.279 104.139 104.130
mitted by Edmund Seymour & Co. of New York City. De- •Mackay & Co.
Co., New York
nomination $1,000. Date June 1 1908. Interest semi- Adams
tt: Co. New York
103.11
105.214 104.143 104.155
N. W. Harris 'do Co., New York
annually in New York Exchange.
In4:11
103.11
103.09
104.09
Camden Safe Deposit &Trust
105.10
103.37
Brunswick, Md.-Bond Election.-The question of issuing R. M. G:ant Sc Co. New YorkCo_._ _ _
104'.58
$15,000 water-works bonds will be submitted to a vote of the
Cass County (P. 0. Logansport), Ind.-Bonds Not Yet
people on May 18.
Sold.-No sale has yet been made of three issues of bonds
aggregating $32,966 29, offered, but not sold (V. 86, p. 872)
Bryan, Williams County, Ohio.-Bond
lowing bids were received on May 9 for the $10,000 5% on March 30.
coupon electric-light and water bonds described in V. 86,
Castro.County (P. 0. Dimmitt), Tex-Bonds Registered.p. 1112:
On May 8 the State Comptroller registered the $28,000 5%
Seasongood&Mayer, Cin_$10,728 00! W. R. Todd & Co., Cin__ 10,631 00 court-house bonds voted on Dec. 19 1907. Securities maWell, Roth & Co., Cinein_ 10,680 00 ;Otis Sc Hough, Cleveland_ 10,626 00
First Nat. Bk., Cleveland_ 10,670 00 Hoheier & Cummings,Tol. 10,537 50 ture April 10 1948, but are subject to call after ten years.,
See. Saves. Bank & Tr.
!Denison & Farnsw'h, Ciev 10,511 75
Ceredo School District (P. 0. Ceredo), Wayne County.,.
Co., Toledo
10,661 00!A. & J. Frank,Cincinnati_ 10.100 00
W.Va.-Bond Offering.-Proposals will be received until
Maturity $2,500 each six months from March 1 1921 to
2 p. m. June 2 by the Board of Education, J. W. Collier,
Sept. 1 1922 inclusive.
Secretary, for the $7,000 6% coupon building bonds voted
Brunswick County (P. 0. Southport), N. 0.-Bond Offer- recently. See V. 86, p. 1112. Denomination $500, Date
ing.-Proposals will be received until 12 m. June 1 by May 15 1908. Interest semi-annually at the First National
Richard Dosher, Chairman County Commissioners, for Bank of Ceredo. Maturity May 15 1922, subject to eall
$12,000 5% Stnithville Township good road bonds. Author- $500 yearly beginning May 15 1909. Certified check for
ity Chapter 115, Laws of 1908. Denomination $100. Ma- 5% of bonds bid for, payable to W. F. Burns, President of
turity twenty years.
Board of Education, is required.
Bucyrus, Crawford County, Ohio.-Bonds Voted.-By
Champaign Township (P. 0. Champaign), Champaign
casting a vote of 690 "for" to 243 "against" the electors County, 111.-Bond Sale.-On May 12 $33,000 refunding
of this city on May 5 authorized the issuance Of the $90,000 bonds voted on April 7 were awarded to N. W. Halsey &
municipal-electric-light-plant-construction bonds mentioned Co. and the Hibernian Banking Association, both of Chicago,
in V. 86, p. 1112.
at their joint bid of 101.21 for 414s. Purchaser to furnish
Buffalo Independent School District (P. 0. Buffalo), blank bonds. Following are the bids:
de Company,
.(for 4 Ms)101.21
Wright County, Minn.-Bonds Voted.-At an election held N. W Halsey
Chicago
Hibernian Banking Association 1
(for 5s) 103.26
April 13 a proposition to issue $12,000 building bonds Champaign
National Bank, Champaign (for 454s)
100.20
McCoy
Sc
MacDonald,
Co.,
carried by a vote of 105 to 13. We are informed that it is
Cnicago (for 4!is
.101.05
Rollins Sc Sens. Chicago (for 4 Ms)
E.
H.
100.61)
expected that these securities will be taken by the State of A. B. Leach Sc Co., Chicago (for 4 Ms) _
100.37
Mercantile Trust Co., St. Loulsf;for 5
Minnesota.
100.10
4p-102.39
Burbank Union High School District, Los Angeles County, Thos. J. Bolger Co., Chicago (for 4 Ms
98.93
101.06
Cal.-Bonds Voted.-The electors of this district on April 10 Harris Trust Sc Savings Ban,(for 5s
t. rhic,, o (for 5s)
101.879
authorized the issuance of $34,000 5% bonds by a vote of Devitt, Tremble Sc Co.. Chicago
102.30
(for 5s)
119 to 6. Denominations four bonds of $1,000 each and
Denomination $500. Date
1 1908. Interest semififteen bonds of $2,000 each. Maturity $1,000 yearly from annually at the office of theJuly
State Treasurer. Maturity
five to eight years from date and $2,000 yearly from nine to $3,000 on July 1 1910 and $5,000 yearly on July 1 from
twenty-three years from date.
1911 to 1916 inclusive.
MAY 16 1908.1
THE CHRONICLE
1239
Chickasha, Grady County, Okla.-Bond Sale.-The $35,Cook County (P. 0. Chicago), Ill.-Bond Sale.-The fol
000 city-hall and the $25,000 storm-sewer 5% 20-year coupon lowing bids were submitted on May 11 for the $1,900,000 4%
bonds voted on April 9 (V. 86, p. 1113) were purchased on 1-20-year gold poor-farm and infirmary bonds described in
May 7 by the • Citizens' National Bank of Chickasha for V. 86, p. 1113:
$61,726-the price thus being 102.876-a basis of about Harris Trust & Savings Bank, the Illinois Trust &
a$1,907,410 00
Bank, and N. W. Halsey & Co., Chicago
bl 915 390 00.
4.776%. Denomination $1,000. Interest payable in New H.Savings
H. Rollins & Sons; Lee, Higginson & Co.: Iforthern
' '
York City.
Trust Co.; National City Bank; A. B. Leach & Co.; a1,909,785 00
State Bank of Chicago, and American Trust & Savings
Bank of Chicago
Cincinnati, Appanoose County, Iowa.-Bonds Voted.Russell, Brewster & Co
b1,902,470 15
It is reported that $18,000 school-house bonds have been First
Trust & Savings Bank, Chicago, andl
a1,909,633 00
voted.
Merchants' Loan & Trust Co. of Chicagoi
01,903,700 00
a Delivery of bonds to be made on June 15. b Delivery of bonds on
Cincinnati, Ohio.-Bonds Authorized.-The City Council
recently passed ordinances providing for the issuance of the various dates.
The award. was made to the syndicate headed by the
following bonds:
$283,000 4% 30-year coupon "Gilbert Avenue Viaduct" construction bonds. Harris Trust & Savings Bank at 100.39.
payable
at
Interest
the
Date, day of sale.
American ExCornelius School District No. 2 (P: 0. Cornelius), Washchange National Bank of New York City. Denomination $500.
2,500 4% 30-year coupon Gest Street sewer-construction bonds dated ington County, Ore.-Bonds Voted.-At a recent election this
Feb. 1 1905. Denomination $500.
4,100 4% 1-year coupon Eighth Street viaduct repair bonds dated district authorized the issuance of $9,000 school bonds.
Feb. 1 1908. Denomination $500, except one bond of $100.
Crawford County (P. 0. Bucyrus),Ohio.-Bond Offering.
20,000 4% 30-year coupon fire-department bonds dated Feb. 25 1908.
Denomination $500. This ordinance repeals the one passed
Sept. 16 1907, which provided for the issuance of the $20,000 -Proposals will be received until. 12 m. May 19 by J. I.
Smith, County. Auditor, for $25,000 5% coupon Road Disfire-department bonds described in V. 85, p. 958.
30,000 4% 40-year coupon Harrison Avenue widening bonds. Denomi- trict No. 1 bonds. Authority Section 4757-1, Revised Statnation $500. Date Feb. 28 1908.
26,000 4% 20-year coupon lire-department bonds. Denomination $500* utes. Denomination $1,000. Date July 1 1908. Interest
Date March 1 1908.
March 1 and Sept. 1 at the County Treasurer's office in
Interest semi-annual.
Bucyrus. Maturity $5,000 on Sept. 1 in each of the years
1910, 1911, 1912, 1915 and 1916. Bid must be uncondiCinnibar School District, Sonoma County, Cal.-Bond tional
and accompanied by a cash deposit of $200. Delivery
Sale.-An issue of $5,000 5% school-house bonds was dis- of
bonds July 1 1908. Purchaser to furnish. blank bonds.
posed of on May 4 to the Petaluma National Bank of Petaluma at 102.03. A bid at 100.02 was also received from the
Orestline, Ohio.-Bonds Defeated.-A proposition to issue
Los Angeles Trust Co. ofiLos Angeles. Interest annually in $35,000 high-school bonds was recently defeated.
June.
Cuyahoga. County (P. 0. Cleveland), Ohio.-Bond Offerin .-Proposals will be received until 11 a. m. May 27 by
Cleveland, Ohio.-Bond Offering.-Proposals will be re- William
ceived until 12 in. May 18 by Thomas Coughlin, City Aud- t300,000 F. Black, Clerk Board County Commissioners, for
4% coupon bonds. Authority election held Nov.
itor, for $500,000 intercepting-sewer bonds. Authority. 5
1901; also Sections 871 and 872, Revised Statutes. DeSection 2837 Revised Statutes. Date May 11908. Certified check on a national bank for 5% of bonds bid for, pay- nomination $1,000. Date June 1 1908. Interest April 1
able to the City Treasurer, is required. Purchaser to pay and Oct. 1 at the County Treasurer's office. Maturity $15,accrued interest. Bonds will be ready for delivery at the 000 yearly on Oct. 1 from 1909 to 1912 and $16,000 yearly
buyer's option at any time between May 18 1908 and May 25 on Oct. 1 from 1913 to 1927 inclusive. Bid must be unconditional, made on a blank form furnished by the County
1908. These bonds were offered but not sold on May 4.
Commissioners, and accompanied by a certified check or a
Cleveland School District (P. 0. Cleveland), Ohio.-Bond bond signed by two disinterested persons, residents of
Offering.-Proposals will be received until 7 p. m. June 1 and owning real estate in Cuyahoga County, for 1%.of bid,
by George E. Meyers, Clerk Board of Education, for $100,000 made payable to the County Treasurer. These bonds were
43V0 coupon Technical High School bonds, $150,000 432% offered as 4s on May 2.
Note Sale.-On May. 9 $19,613 30 5% Cleveland and
coupon elementary school-building bonds and $200,000
4%% coupon school-building-improvement bonds. Denom- Wooster Turnpike Road improvement notes were awarded
ination $1,000. Date June 1 1908. Interest semi-annual. to the First National Bank of Cleveland for $20,310 30 and
Maturity twenty years. Certified check on a national bank accrued interest. Denomination $1,000, except one note of
for 5% of the bonds bid for, payable to the "Treasurer of the $613 30. Date May 1 1908.. Interest April land Oct. 1.
Board of Education," is required. Bids must be made on Maturity one note each six months from April 1 1909 to
blank forms furnished by. the Board of Education. These Oct. 1 1918 inclusive..
bonds were offered without success as 4s on April 20.
Dauphin School District No. 905 (P. 0. Dauphin), Man.
IV Clifton, Washington County, Kan.-Bond Sale.-The -Debenture Sale.-This district has disposed of, at 98.50,
$4,000 5% 3-10-year (serial) water-works-extension bonds the $14,000 5% gold coupon debentures offered on March 25.
voted on Feb. 11 (V. 86, p. 872) have all been subscribed for, See V. 86, p. 746. Interest annually at the Bank of Ottawa
we are advised, by. local investors at par. Denomination in Dauphin. Maturity part yearly from 1908 to 1927 in$500. Date July 1 1908. Interest semi-annual.
clusive. Debentures are exempt from taxation.
Collinwood School District (P. 0. Collinwood), Cuyahoga
David City, Butler. County, Neb.-Bonds Voted.-The
County, Ohio.-Bond Offering.-Proposals will be received
until 12 m. May 21 by J. S. Bauder, Clerk Board of Educa- issuance of the $17,000 5% sewer-system-construction bonds
tion for $90,000.40
0 coupon school-building bonds. Au- mentioned in V. 86, p. 993, was authorized by a vote of
thority Sections 3991 and 3992, Revised Statutes. De- 178 to 156 at the election held April 28. Maturity June 1
nomination $1,000. Interest semi-annually on April 1 1928, subject to call after June 11913.
Dayton, Ohio.-Bond Sales.-On May lithe $40,000 4%
and Oct. 1 at the Collinwood Branch of the Cleveland Trust
Company at Collinwood. Maturity. $3,000 yearly. on Oct. 7-46-year (serial) coupon general street-repair and improve1 from 1910 to 1939 inclusive. Certified check or bond for ment bonds described in V. 86, p. 1178, were awarded to
1% of bonds bid for, payable to D. R. King, Treasurer, is the Central Trust & Safe Deposit Company of Cincinnati at
required. Purchaser to pay the expense of printing the 100.1275. This company was also awarded the $14,500
bonds. Bonds are exempt from taxation and will be dated Williams Street and $14,500 River Street 5% 7-10-year
(serial) coupon paving bonds offered on the same day at
day of sale.
Bond Sale Not Consummated.-The sale on March 6 104.77 for each issue. The following premiums were offered
of the $35,000 4% coupon school-building bonds lo Borton on each issue of the paving bonds:
& Borton of Cleveland (V. 86, p. 683) has been canceled. cent.Tr.& Safe Dep.Co., Cin.$685 001 Denison & Farnsworth, Clev_ $300 00
& Mayer, Cin__ _ 681 001Teutonia Nat. Bk., Dayton_ 502.00
These bonds were issued for the purpose of building an Seasongood
Well, Roth & Co., Cincinnati. 663 00'West. German Bank, Cin__ _ 587 25
addition to the Lake View School House, which was Breed & Harrison, Cinein._ _ e4 751Hoehler & Cummings,Toledo 525 00
DaytoniSav.& Tr.Co-Dayton 630 05!New First National Bank,
destroyed by fire on March 4.
German Nat. Bank, Cincin__ 610 601 Columbus
$15.
475 00
Columbia Falls School' District No. 6 (P. 0. Columbia
Deshler, Thayer County, Neb.-Bond Sale.-The
000
Falls), Flathead County, Mont.-Bond Offering.-Proposals 6% 5.20-year (optional) gold coupon water-works bonds
received
until
8
F.
Lord,
p.
in.
by
May.26
District described in V. 86, p. 1113; were sold on May 5 to Spitzer
will be
Clerk, for $25,000 coupon school-house and site-purchase & Co. of Toledo at 100.316. The following bids were reexceeding
Denomination
6%
$1,000. ceived.
not
bonds at
interest.
Date, day of issuance. Interest annually at the County Spitzer & Co., Toledo_ -_ _$15,047 501M.A.Earl & Co., Muskogee$15,000 00
Treasurer's office in Kalispell. Maturity twenty years, sub- S. A. Kean, Chicago
15,037 501
ject to call after ten years. Certified check for 5% of bonds
Detroit, Mich.-Bond Offering.-Proposals will be received
is required. This district has no debt at. present. Assessed until II a. in. May 20 by Frank E. DoremUs, City Compvaluation for 1907 $1,400,000.
troller, for $249,000 public-school and $100,000 contagiousConcord, N. H.-Bond Sale.-On May 12 James A. disease-hospital 332% coupon (with privilege of registration
Hutchinson of Boston purchased $25,000 332% 20-year bonds. Denomination $1,000. Date June 1 1908. Intersewer-precinct bonds of this city. at 100.19. Denomination est semi-annually at the current official bank of Detroit in
$1,000. Date May 1 1908. Interest semi-annual.
New York City or at the City Treasurer's office,at option of
Concord Union Free School District No, 1. (P. 0. Spring- purchaser. Maturity June 1 1938. Bonds are exempt from
ville), Erie County, N. Y.-Bond Sale.-According to dis- all taxes. Bid to be made on each issue separately and acpatches tile $75,000 43/2% school-building bonds offered on companied by a certified check (or cash) for 2% of bond
May 8 and described in V. 86, p. 1113, have been awarded bid for, drawn on any national bank in the United State
to W. J. Hayes & Sons of Cleveland. Maturity $1,000 or on a State bank in Detroit.
Dickson, Dickson County, Tenn.-Bond Sale.-It is
yearly on Jan. 1 from 1909 to 1933 inclusive and $2,000
stated that the $25,000 30-year water-works bonds offered
yearlY on Jan. 1 from 1934 to 1958 inclusive.
1240
at not exceeding 6% interest (V. 86, P. 993) have been
disposed of ;to a New York firm.
Dieter, Roseau County, Minn.-Bond Offering.-Proposals
will be received until 2 p. m. May 23 by A. J. Gilseth, Town
Clerk (P. 0. Pine Creek), for $4,000 funding and refunding
bonds at not exceeding 6% interest. Authority election
held April 16 1908; also Section 784, Chapter 10, General
Laws of 1905. Date June 1 1908. Interest annual. Maturity June 1 1923.
Dorranceton School District (P. 0. Dorranceton), Luzerne County, Pa.-Bond Sale.-The $15,000 4%% gold.
coupon bonds advertised for sale May 1 (V. 86, P. 1055)
have been bought by local investors. Maturity two bonds
yearly on May 1 commencing 1910..
Dougherty County (P. 0. Albany), Ga.-Bond Election.On June 4 the electors of this county will vote on the question
of issuing $30,000 bonds for road-improvements.
Douglas County (P.0. Omaha), Neb.-Bonds Voted.-The
election held May 5 resulted in a vote of 4,249 to 2,329 in
favor of the issuance of the $1,000,000 4% coupon courthouse-construction bonds described in V. 86, p. 1113. . Date
of sale not yet determined.
Dresden, Muskingum County, Ohio.-Bond Sale.-On
May 11 the $25,000 water-works bonds voted on April 4
(V. 86, P. 993) were awarded, it is stated, to Otis & Hough
of Cleveland. '
East Cleveland School District (P. 0. Station J, Cleve. land), Ohio.-Bond Offering.-Proposals will be received
until 12 m. May 21 by H. F. Jordan Clerk Board of Educa0 school bonds. Authority Section
tion, for $9,000 437
3994, Revised Statutes. Denomination $1,000. Date, day
of sale. Interest semi-annually at the Superior Savings &
Trust Co. in East Cleveland. Maturity twenty years. Certified check for 10% of bid, drawn on a Cuyahoga County
bank, and made payable to the Treasurer of the Board of
Education, is required.
Eddyville School District No. 76 (P. 0. Eddyville),
Dawson County, Neb.-Bond Offering.-The School Board,
Eugene Moore, Secretary, is offering for sale $2,000 5%
school bonds dated May 1 1908 and maturing May 1 1928.
Eden, Me.-Bond Sale.-On April 29 this town disposed
of $21,000 4% 18-year registered high-school building bonds
to Denison & Farnsworth of Boston at 100.71 and accrued
interest. The bids received were as follows:
Denison & Farnsworth, Bos_100.71 IJose Parker & Co., Boston_ _ _100.127
Perry, Coffin & Burr, Bos___100.5551Merrill, Oldham & Co., Bos__ 99.139
N. W. Harris & Co., Boston_100.2871
Authority election held March 4 1908. Date April 11908.
Interest semi-annually at the City Trust Co. of Boston.
Bonds will be certified as to their genuineness by the City
Trust Co. of Boston, who will further certify that the legality
of this issue has been approved by Ropes, Gray & Gorham
of Boston, a copy fo whose opinion will be delivered to purchaser. Official circular states that no bonds of this town
have ever been contested and that the interest has always
been promptly paid at maturity.
Elmwood Place School District (P. 0. Station P, Cincinnati), Hamilton County, Ohio.-Bond Offering -Proposals
will be received until 12 m. May 20 by Dr. E. T. Busching,
Clerk Board of Education, for the following bonds:
llation bonds. Authority Sec13,000 4;i% coupon heating-system-Insta
tions 3991 and 3992, Revised Statutes. Maturity $200 yearly
Inclusive.
on May 20 from 1913 to 1927bonds.
Authority Section 3994,
12,000 4% coupon school-improvement
$200 yearly on May 20 from
Maturity
Statutes.
Revised
NMI
1913 to 1922 Inclusive.
Denomination $200. Date May 20 1908. Interest semiannually at the First National Bank of Elmwood Place.
Purchaser to pay accrued interest. Bonded debt, including
these issues, $21,600. Assessed valuation for 1908, $1,127,000.
Essex County (P. 0. Salem), Mass.-Bond Offering.Proposals will be received until 10 a. m. May 18 by the
County Commissioners for the following bonds:
loan bonds. Maturity $5,000
1100,000 4% coupon county highway
inclusive.
yearly on March 1 from 1909 to 1928
loan bonds. Maturity 18,000 ontlarch 1
1178,000 4% coupon county bridge
$20,000
yearly on March 1
1916,
1
March
on
1915, $15,000
from 1917 to 1923 Inclusive and $15,000 on March 1 1924.
Denomination $1,000. Date March 1 1908. Interest
semi-annually at the First National Bank in Boston. Both
issues will be certified to as to genuineness by the City Trust
Co. of Boston. The legality of the issues has been approved
by Messrs. Storey, Thorndike, Palmer & Thayer of Boston,
a copy of whose opinion will accompany bonds. The bonds
will be ready for delivery $100,000 on May 25 and the balance on June 1.
Fall River, Mass.-Bond Sale.-On May 12 the $75,000
432% registered contagious-hospital bonds described in
V. 86, p. 1178, were awarded to H. W. Poor & Co. of Boston
at 107.483 and accrued interest. The bids received were
as follows:
H. W. Poor & Co., Boston__107.4131R. L. Day & Co., Boston_....106.567
Mert111,Oldham& Co., Bost_107.3291Parkinson & Burr, Boston106.46
Estabrook & Co., Boston_ _106.91 N. W. Harris & Co., Boston 106.387
Blake Bros., & Co. Boston_ _106.79 'Crocker & Fisher, Boston -106.27
Blodget, Merritt & Co., Bost.106.71 'Adams & Co., Boston -105.78
Perry, Coffin & Burr, Boston.106.6611Kountze Bros., New York_ _104.144
Maturity $4,000 yearly on May 1 from 1909 to 1918 inclusive and $3,500 yearly on May 1 from 1919 to 1928 inclusive.
laxxvi.
THE CHRONICLE
Fayetteville, Cumberland County, No. Car.-Bonds Voted.
-According to local papers the voters of this lilac° on May 4
authorized the issuance of $100,000 bonds for street and
sewer improvements.
Fennimore, Grant County, Wis.-Bond Sale.-On May 7
the $15,000 10-20-year (optional) coupon funding and watermain-extension bonds described in V. 86, p. 1114, were
awarded to the Harris Trust & Savings Bank of Chicago for
$15,377 50 (102.516) and accrued interest for 5s.
Fort Garland School District No. 13 (P. 0.Fort Garland),
Costilla County, Col.-Bond Offering.-The Secretary of the
School Board is offering for sale $8,000 8% school bonds.
Maturity fifteen years, subject to call after five years.
Fort Morgan School District (P.0.Fort Morgan), Morgan
County, Colo.-Bond Election.-On May 5 a proposition to
issue $55.000 water and electric-light-system bonds will be
submitted to the voters of the district.
Fort Smith, Sebastian County, Ark.-Bond Offering.Proposals will be received until 3 p. m. June 10 by the
Board of Improvement, Harry E. Kelley, Chairman, for the
following bonds, mentioned in V. 86, p. 300:
$550,000 5% Sewer District No. 2 bonds maturing part yearly on April 1
from 1923 to 1926 inclusive.
750,000 5% Paving District No. 5 bonds maturing part yearly on AprIl 1
from 1914 to 1917 inclusive.
Certified check for 1% of bid, payable to the Chairman
Board of Improvement, is required.
Fort William, Ont.-Debenture Sale.-Local papers state
that the Dominion Securities Corporation of Toronto, representing a syndicate of Toronto brokers, recently purchased
$327,000 5% debentures at 98.14.
Fountain Inn, Greenville County, So. Caro.-Bond Offering.-Proposals will be received until 3 p. m. May 25 by
J. W. Givens, Chairman Board of Trustees for $15,000 6%
graded school bonds. Denomination $500. Certified check
for $100 required.
•
Francis, Sask.-Debenture Offering.-Proposals will be
received until May 20 by C. R. Gough, Secretary-Treasurer,
for $25,000 53% coupon debentures for the purpose of installing a complete water-works system. Date, day of issuance. Interest annually on Dec. 1 at the Bank of Hamilton
in Francis. Maturity $1,000 yearly beginning six years from
date of issue. Debentures are exempt from taxation. This
sown has no debt at present. Assessed valuation for 1908,
$239,775.
Franklin, Venango County, Pa.-Bond - Offering.-Proposals will be received until 7:30 p. m. May 22 by Phil
Engelskirger, City Clerk, for the $260,000 4% water-plantpurchase bonds voted (V. 86, p. 994) on April 14. Interest
semi-annual. Maturity $5,000 yearly from 1913 to 1918
inclusive; $10,000 yearly from 1919 to 1935 inclusive and
$20,000 in each of the years 1936, 1937 and 1938. Certified
check for 5% of bonds bid for is required. Bonds are taxexempt.
Fremont School District (P. 0. Fremont), Sandusky
County, Ohio.-Bond Sale.-On May 12 the $25,000 4%%
coupon bonds described in V. 86, p. 1178, were awarded, it
is stated, to the Groghan Bank & Savings Co. of Fremont
at 101.52.
Fruitvale School District (P. 0. Fruitvale), Alameda
County, Cal.-Bonds Defeated.-A vote of 129 "for" to 191
"against" a proposition to issue $80,000 school-building
bonds was the result,it is stated, of an election held March 14
Genoa, Nance County, Neb.-Bond Offering.-Proposals
will be received until 8 p. m. May 18 by P. R. Johnson,
Village Clerk, for the $8,000 5% electric-light-plant bonds
voted (V. 86, p. 559) on Feb. 11. Denomination $500.
Date Feb. 1 1908. Interest annual. Maturity Feb. 1
1928, subject to call after Feb. 1 1913. Certified check
for 5% of bid, payable to 0. E. Green, Village Treasurer,
is required.
Glendale School District (P. 0. Glendale), Los Angeles
County, Cal.-Bonds Voted.-This district, it is stated,
has voted to issue $60,000 union high-school bonds.
Sale.-On
Gloversville, Fulton County, N. Y
May 14 Geo. W. Davis of Gloversville, representing the
Water Board Sinking Fund, was awarded the $9,000 432yo
coupon bonds, for walks, curbs, gutters and sewers, described in V. 86, p. 1114, at par and interest. Maturity part
yearly on Feb. 1.
Goldsboro Township (P. 0. Goldsboro), Wayne County,
No. Mr.-Bond Sale.-On May 7 the $20,000 6% 20-year
coupon high-school building bonds offered on that day
(V. 86, p. 994) were awarded to Seasongood & Mayer of
Cincinnati at 110.15 and accrued interest-a basis of about
5.179%. Denomination $1,000. Date May 1 1908, Interest annual.
Goodland School District (P. 0. Goodland), Sherman
County, Kan.-Bond Sale.-In April $20,000 5% 20-year
high-school'bonds were taken at par by the State of Kansas.
Denomination $1,000. Interest semi-annually in January
and July. Maturity twenty years, but subject to call at
any time.
Guernsey, Guernsey County, Ohio.-Bond Election.-Reports state that an election will be held May 20 to vote on the
question of issuing the following bonds:
•
MAY 16 1908.j
THE 'CHRONICLE
$30,000 bonds for the purchase of a site and the erection of a new city
building.
10,000 bonds for storm and sanitary sewers.
5,000 bonds for street paving.
Hampden County (P. 0. Springfield), Mass.-Temporary
Loan.-This county ,it is stated, has borrowed $40,000 from
Jackson & Curtis.
Hamilton, Ohio.-Bond offering.-Proposals will be reeeived until 12 m. May 20 by H. A. Grimmer, City Auditor,
for the following bonds:
on bonds mentioned
42,500 00 4% South D Street storm-sewer-constructi
Date July 11907.
In V.85. p. 239. Denomination $500
tion bonds. Date
santiary-sewer-construc
Avenue
Ross
%
2,222 07 4
April 19 1907.
2,046 25 4 % North B Street sanitary-sewer-construction bonds. Date
March 19 1907.
Interest semi-annual. Maturity ten years. Certified
check for 5% of bid, payable to the City Treasurer, is required. Purchaser to pay accrued interest.
Havre de Grace, Md.-Bonds Voted.-The issuance of
$30,000 street-improvement and fire-service bonds was
authorized at an election held May 4.
Hawkins County (P. 0. Rogersville), Tenn.-Bond Offering.-J. R. Sanders, Secretary, is offering for sale $40,000
4% bonds.
Hazlehurst, Copiah County, Miss.-Bond Sale.-On May
1 $25,000 6% 20-year school bonds were disposed of to R.
W. Millsaps, President, and I. N. Ellis, Vice President and
.Cashier of the Merchants' & Planters' Bank of Hazlehurst
at 103. Denomination $500. Date May 1 1908. Interest
annual.
• Helena, Mont.-Bonds Voted.-A favorable vote was cast
April 25 on the question of issuing the $600,000 water bonds
and the $70,000 sewer bonds mentioned in V. 86, p. 747.
Hempstead Union Free School District No. 4 (P. 0.
.Hempstead), N. Y.-Bond Sale.-George M. Hahn of New
York City has purchased $18,000 5% 1-30-year (serial)
school bonds of this district. Interest semi-annual.
Herkimer, N. Y.-Bonds Voted.-A vote of 202 "for" to
130 "against" was the result of the election held May 4 on the
question of issuing the $50,000 paving bonds mentioned in
V. 86, p. 1114. '
Holland, Mich.-Bond Sale.-On May 4 the $30,000
•coupon electric-light-plant-extension bonds described in
V. 86, p. 1114, were awarded to the Harris Trust & Savings
Bank of Chicago at 100.363 and accrued interest for 5s. The
following bids were received:
Harris Trust & Savings Bank, Chicago (for 5s)
Burnpus-Stevens Co., Detroit (for 5s)
Merchants' Loan & Trust Co., Chicago (for 5s)
-MacDonald, McCoy & Co., Chicago (for 55)
A. B. Leach & Co., Chicago (for 5s)
W. J. Hayes & Sons, Cleveland (for 53s)
A. J. Hood & Co., Detroit (for Os)
Bank of Crown Point at par. Securities are dated Sept. 15
1907 and mature part each six months.
Lakewood, Cuyahoga County, Ohio.-Bond Offerings.Proposals will be received until 12 m. May 18 by B. M.
Cook, Village Clerk, for $7,500 5% water-works-plant-improvement bonds. Denomination $750. Date March 1
1908. Interest semi-annually at the Cleveland Trust Co.
in Cleveland. Maturity $750 yearly on Oct. 1 from 1909
to 1918 inclusive. Certified check for 5% of the bid is
required.
In addition to the above, proposals will also be received
until 12 m. June 1 by B. M. Cook, Village Clerk, for the
following assessment bonds:
$18,093 5% Lakeland Avenue paving bonds. Denomination $1,809 30.
19,600 5% Orchard Grove Avenue paving bonds. Denomination $1,960
a$30,109 00
a30,015 50
a30,010 00
a30,006 00
30,000 00
30,007 00
(130,635 00
a And accrued interest.
Maturity $5,000 yearly on Feb. 1 from 1909 to 1914 inclusitve.
Indian Head, Sask.-Debenture Sale.-We are informed
that the amount of debentures recently awarded to W. A.
MacKenzie & Co. of Toronto was $84,998, and not $85,000,
.as reported in V. 86, p. 1178. The debentures carry 6%
interest and are issued for the following purposes: $62,999
for water-works, $12,000 for a fire hall and $9,999 for
electric lights. The price paid was 100.50. Date April 13
1908. Interest annually in January. Maturity April 13
1943.
• James County (P. 0. Ooltewah), Tenn.-Bond Offering.At the regular April session of the County Court the Chairman
was ordered to advertise for bids for the sale of $50,000 5%
30-year pike-road-construction bonds. Total assessed valuation, $985,000.
Jennings, Calcasieu Parish, La.-Bond Sale.-Duke M.
Farson of Chicago has purchased the $40,000 5% 30-40-year
(optional) school-building bonds mention of which was made
in V. 86, p. 620.
Kamloopa, British Columbia.-Debenture Offering.-This
city is offering for sale the following debentures:
.$6,500 5% 25-year electric-light debentures.
8,000 5% 25-year water-works debentures.
10,000 5% 50-year sewer debentures.
Denomination $500. Interest semi-annual. J. J. Carmen is City Clerk.
Kane School District(P.O. Kane), McKean County,Pa.Bond Offering.-Proposals will be received until 6 p. m.
May 20 by R. E. Shaner, District Treasurer, for $90,000 5%
bonds. Denomination $1,000. Date, Oct. 11907. Interest semi-annual. Maturity part yearly on Oct. 1 from 1909
to 1936 inclusive. Certified check or cash for 1% of. bid is
required. Bonds are tax-exempt.
Kingsville Township Centralized School District, Ashtabula County, Ohio.-Bond Sale.-On May 8 the two issues
of 43% coupon bonds, aggregating $2,650,described in
V. 86, p. 1114, were awarded to the Farmers' National Bank
.of. Ashtabula at 100.59 and accrued interest.
Kitsap County School District No.6, Wash.-Bond Sale.'On May 5 $5,000 5% bonds of this district were sold to the
State of Washington at par. This was the only bid received.
Denomination $250. Bonds are subject to call after one year
,from date.
Lake County (P. 0. Crown Point), Ind.-Bond Sale.-"This county recently awarded thtee issues of 43% gravelroad bonds, aggregating $32,800, to the First National
1241
The above bonds are dated June 1 1908. Interest April i
and Oct. 1 at the Cleveland Trust Co. of Cleveland. Matur
ity one bond of each issue yearly on Oct. 1 from 1909 to
1918 inclusive. Certified check for 5% of bid is required.
Official circular states that there has never been any default
in the payment of principal or interest.
Lancaster, Lancaster County, So. Caro.-Bonds Voted.An election held April 29 resulted almost unanimously in
favor of the issuance of water-works bonds to the amount
of $30,000.
Laurel, Md.-Bond Election.-An election will be held
May 21 to vote on the question of issuing $15,000 bonds for
the improvement of the electric-light-system.
Lawrence, Mass.-Bond 011ering.-Proposals will be received until 12 m. May 18 by Barry T. O'Connell, City Treasurer, for $80,000 4% coupon sewer-extension bonds. Denomination $1,000. Date June 1 1908. Interest semiannually at the Eliot National Bank of Boston. Maturity
$8,000 yearly on June 1 from 1909 to 1918 inclusive. Bonds
will be certified as to genuineness by the City Trust Co. of
Boston. The legality of the issue has been approved by
Storey, Thorndike, Palmer & Thayer of Boston, a copy of
whose:opinion will be delivered to the purchaser.
Liberty School District, Tulare County, Cal.-Bond Sale.
-An issue of $7,000 7% bonds has been awarded, it is
stated, to W. F. Johnston of Los Angeles at 110.842.
Licking County (P. 0. Newark), Ohio.-Bond Sale.On May 12 the $12,340 43% coupon ditch-improvement
and $26,800 4%% coupon pike-improvement, bonds described in V. 86, p. 1179, were awarded to Seasongood &
Mayer of Cincinnati.
Lima School District (P. 0. Lima), Allen County, Ohio.Bond Sale.-On May 11 the $21,700 5% coupon building
bonds described in V. 86, p. 1179, were awarded to Seasongood & Mayer of Cincinnati at 107.588. The following bids
were received:
Seasongood & Mayer, C1n_$23,346 60 W.R. Todd & Co., Cin__423,057 00
Well, Roth e, Co., Cin____ 23,274 00 Denison&Farnsworth,Clev 23,026 00
First Nat. Bank, Cleve_ __ 23,267 00 Citizens' Nat. Bk., Wooster22,841 75
Western-German Bk., Cin.a23,176 00 Hoehler & Cummings, Tol. 22,792 50
Breed & Harrison, Cin_ _ _ 23,164 75 New First Nat. Bk., Colum 22,678 50
Union Sav.Bk.& T.Co.,Cin. 23,110 10
a Bid not accompanied by a certified check as required; therefore not
considered.
Bonds are dated May 11 1908 and one matures eat"). year.
Lincoln County (P. 0. Ivanhoe), Minn.-Bond Sale.On May 12 $30,150 5%% ditch bonds were awarded to the
Union Investment Co. of Minneapolis at par. Denomination $1,000. Date June 11908. Maturity one-fifth yearly
from 1914 to 1918 inclusive.
Logan School District (P. 0. Logan), Cache County,
Utah.-Description of Bonds.-We are advised that the
$25,000 ,5% refunding bonds awarded on April 25 to the
State Board of Land Commissioners at par (V. 86, p. 1179)
are dated May 1 1908. Denomination $1,000. Interest
semi-annual. Maturity May 1 1918.
Lorain School District(P.0.Lorain), Lorain County,0.Bond Sale.-The $18,000 4% coupon school bonds described
in V. 86, p. 935_, were purchased on May 11 by the Brighton
German Bank Co. of Cincinnati for $18,020 (100.111) and
accrued interest. Bids at par were also received from Weil,
Roth & Co. and Seasongood & Mayer, both of Cincinnati.
Maturity $2,000 each six months from Feb. 1 1920 to Feb. 1
1924 inclusive.
Lushton School District No. 94 (P. 0. Lushton), York
County, Neb.-Bond Sale.-On May 10 this district disposed
of $2,000 6% 10-year school-house bonds to the First:National Bank of York at 105.25-a basis of about 5.317%.
Denomination $120. Interest annually on May 1.
Lyons, Rice County, Kan.-Bond Sale.-This city'ron
May 1 awarded the $15,000 6% water-works-extension bonds
mentioned in V. 86, p. 873, to the Lyons Exchange Bank'of
Lyons at par. Denomination $500. Date May 1 1908.Interest semi-annual. Maturity May 1 1918, subjectito
call at any interest-paying period.
Lyons, Toombs County, Ga.-Bonds Voted.-The question of issuing $20,000 water and light plant bonds ;was
favorably voted upon at an election held April 23, according
to reports.
Madison County (P. 0. Jackson), Tenn.-Bonds NotWet
Sold.-Up to May 8 a purchaser had not yet been found for
the $200,000 4% 30-40-year (optional) road bonds offered
without success (V. 86, p. 873) on March 26.
1242
THE CHRONICLE
Madisonville (P. 0. Independent Station M, Cincinnati),
Ohio.-Bond Sale.-On May 13 the $20,000 4% coupon
water-works plant-improvement bonds maturing Dec. 31.
1932 and the $2,500 4% 25-year coupon town-hall-improvement bonds described in V. 86, p. 996, were awarded, it is
stated, to the Western German Bank of Cincinnati at
100.625 and 100.60 respectively. Interest payable at the
Cincinnati Trust Co. in Cincinnati.
PliMalden (P.0.Station Boston), Mass.-Temporary Loan.This citn on May 12 negotiated a loan of $100,000 with the
First National Bank of Boston at 3.50% discount. Maturity
Nov. 13 1908.
Maple Creek, Sask.-Debenture Offering.-Proposals will
be received up to and including June 1 by A. Burnett,
Secretary-Treasurer, for the following debentures:
$14,000 5% 30-year water-works debentures of $2,000 each.
15,000 5% 15-year water-works debentures of $1,000 each.
2,000 5% 10-year fire-protection debentures of $200 each.
Marion, Marion County, Ohio.-Bonds Defeated.-The
election held April 6 (V. 86, p. 560) resulted in the defeat
of the proposition to issue $150,000 bonds for a city building,
$15,000 bonds for a central fire department and $10,000
bonds for a market house.
Marion, Plymouth County, Mass.-Bond Sale.-Following
lip, list of the bids received on May 12 for the $100,000 06%
coupon water-loan bonds, a description of which was given in
V. 86, p. 1179:
Merrill, Oldham do Co., Bos_ _110.839IN. W. Harris & Co., Boston_109.417
Perry, Coffn & Burr, Bos__ 110.752 Adams'& Co., Boston
109.27
Estabrook & Co., Boston_ _ _110.529 Crocker & Fisher, Boston__ _109.063
Blake Bros. & Co., Boston_ _ _110.44 H. W.Poor & Co., Boston_ _ _107.133
Blodget, Merritt & Co., Bos_110.278 Tucker, Hayes & Co., Bos105.87
R. L. Day & Co., Boston_ __ _109.79 E.H.Rollins & Sons, Bost.. _105.277
Parkinson & Burr, Boston_ _ _109.57
All bidders offered accrued interest in addition to their
bids. Maturity $4,000 yearly on Jan. 1 from 1913 to 1934
inclusive and $3,000 yearly on Jan. 1 from 1935 to 1938
inclusive.
R1Marshal1 County (P. 0. Warren), Minn.-Bond Sale.On May 8 an issue of $44,000 5-9-year (serial) ditchconstruction bonds was disposed of to the Minnesota Loan
& Trust Co. of Minneapolis at 100.965 for 532s. The foliowing bids were received:
x 44,405
Minnesota Loan & Trustlx$44,4251Unlon
1.1,45,300
Co.. Nlinnettpolls
ly 45,5101
S. A. Kean, Chicago_ __ ._a 44,264'Trowbridge do Myer Co., Bos x44,250
J. Bolger & Co.,Ths
-Chic.a 44,0051A. B. Leach & Co., Boston_ Ix 44,175
U. M. Stoddard do Co.,
It, 45,450
I
Minneapolis
z 44,410 Kane So Co., Minneapolts-y 45,500
A. J. Hood & Co., Detrolt_y 44,050
a for 5s. x for 5%s- y for Os.
MDenominations: $1,400, $2,200, $2,400 and! $2,800. • Date
day of issuance. Interest annually on July 1 in Warren.
Medina, N. Y.-Bond Sale.-On May 11 the $12,000 registered sewer-system-construction bonds described in V. 86
p. 1179, were awarded to the Union Bank of Medina at
100.10 for 5s. Maturity one-fourth yearly on Aug. 1 from
1909 to 1912 inclusive. A bid for $2,000 bonds due Aug. 1
1912 at par for 4.88s was also received from E. J. Grierson
of Franklinville.
Memphis, Tenn.-Bond Sale.-We are advised that the
$551,000 IM% 3I-year coupon Flippen compromise refunding bonds offered on May 11 (V. 86, p. 1056) were awarded
to the Bank of Commerce & Trust Co. of Memphis at 102.57
and accrued interest.
The bonds are now being offered to investors by the Harris
Trust & Savings Bank of Chicago at a price to yield 431%.
The bids received at the sale were as follows:
'MacDonald. McCoy& CO.,
Bank of Commerce & Trust
102.57 I Chicago
101.81
Co., Memphis
'First Tr. de Say. Bk., Chicago101.81
Union Say. Bank ec Trust Co..
102.335 Mason. Lewis & Co..Chicago.101.81
CO.,Cincinnati
A. B. Leach & Co., Chicago_102.3351N. W. Halsey & Co., Chicago.101.81
E. H. Rollins & Sons, Chic 102.3351John L. Norton, Chicago__101.81
Seasongood & Mayer, Cincin.102.3351Breed& Harrison, Cincin_ _100.029
ro Minneapolis, Minn.-Price Paid for Bonds.-We are advised that the price paid for the four issues of 4% 30-year
bonds aggregating $625,000, awarded on May 7 to E. H.
Rollins & Sons of Chicago (V. 86, p. 1179) was 100.77 and
accrued interest. The following bids were received:
E.H.RollIns do Sons,Chic.$629,812 50 Harris Tr. & S. B., Chic _$626,375 00
Blodget,Merritt & co.,I3os 629,125 00 H. W.Poor & Co., Bos__ 613,250 00
N. W.Halsey & Co., Chic 627,007 00
P:Minster, Auglaize County, Ohio.-Bonds Defeated.-A.
proposition to issue $3,000 fire-department bonds was defeated at an election held April 30.
KIMonrovia School District (P. 0. Monrovia), Los Angeles
County, Cal.-Bond Election.-Los Angeles papers state that
an election will be held June 1 to vote on the question of issuing 0$10,000 bonds. The money is needed to cover expenses which were to have been met with the proceeds'of the
$8,000 bonds voted on Feb. 8 (V. 86, p. 498), and recently
declared illegal by the District Attorney.
Montgomery County (P. 0. Dayton), Ohio.-Bond Offerings.-Proposals will be received until 12 m. May 21 by T. J.
Kauffman, County Auditor for $50,000 4 2% restorationbridge bonds. Authority '
Section 871, Revised Statutes.
Denomination $1,000. Date June 1 1908. Interest semiannually at the County Treasury. Maturity $5,000 yearly
on Dec. 1 from 1910 to 1919 inclusive. Bid must be unconditional and accompanied by a certified check on a national
bank or trust company for 5% of bonds bid for, made payable
to the County Commissioners. Bonds will be delivered
June 1 1908.
[VOL. Lxxxvi.
In addition, proposals will be received until 12 m. May 28
by T. J. Kauffman, County Auditor, for $90,000 43%
infirmary-building bonds. Authority Section 871, Revised
Statutes; also House Bill 1115 passed at the second regular
session of the Seventy-Seventh General Assembly. Denomination $1,000. Date June 15 1908. Interest semi-annually
at the County Treasury. Maturity $5,000 yearly on June 15
from 1910 to 1927 inclusive. Bid must be unconditional and
accompanied by a certified check for 5% of bonds bid for,
drawn on a national bank or trust company, and made
payable to the County Commissioners. Delivery of bonds
June 15 1908.
Monroe School District (P. 0. Monroe), Mich.-Bonds
Defeated.-The proposition to issue the $80,000 bonds
mentioned Sin V. 86, p. 1115, was defeated at the election
held May 5.
Mortlach, Sask.-Debenture Offering.-Proposals will be
received until 12 m. June 1 by G. F. Cliff, Overseer, for
$1,000 7% local-improvement debentures maturing part
yearly for six years.
• Mountain Iron, St. Louis County, Minn.-Bond Offering.
-Proposals will be received until 8 p. m. June 15 by the
Village Council for $5,000 6% village-hall and jail-construction bonds. Denomination $1,000. Date day of sale.
Maturity $1,000 yearly beginning one year from date of
issue. E. G. Johnson is Village Recorder.
Montvale
ontvale School District (P. 0. Montvale), Bergen
County, N. J.-Bonds Not Sold.-No award was made on
May 7 of $12,500 5% school-building bonds offered on that
day.
Mt. Blanchard School District (P. 0. Mt. Blanchard),
Hancock County, Ohio.-Bond Offering..-Proposals will be
received until 12 m. May 20 by C. B. Fahl, Clerk Board of
Education, for $9,000 OM school-building bonds. Authority Section 3992 of the Revised Statutes. Denomination
$1,000. Date May 20 1908. Interest semi-annual. Maturity $1,000 yearly on Sept. 20 from 1909 to 1917 inclusive.
Certified check for I% of bid, payable to the Clerk of the
Board of Education, is required.
Moultrie, Colquitt County, Ga.-Bond Election.-An election will be held June 16 to vote on the question of issuing
$45,000 sewerage-system bonds. As stated in V. 86, p. 936,
these securities were voted on March 23. The first election
was subsequently declared invalid.
Napanee, Ont.-Debenture Of/
will be
received up to and including May 18 by W. A. Grange, Town
Clerk, for the following coupon debentures:
$2,250 4% sewer-extension debentures maturing part yearly for twenty
years.
5,000 4% sewer-construction debentures maturing part yearly for twenty
years.
10,000 5% felectric9
-lighto
-pli9
an
2t
8 din
eb
ee
hn
istiuvree.s maturing part yearly on March 1
Nelson, B. C.-Purchaser of Debentures.-We are advised
that Aemilius Jarvis & Co. of Toronto were the purchasers
of the $60,000 5% school-building debentures, the sale of
which was mentioned in V. 86, p. 1115. The award was
made on April 16 at 95 and accrued interest. Denomination
$1,000. Date July 1 1907. Interest semi-annual. Maturity July 1 1927.
New Britain, Hartford County, Conn.-Temporary Loan.
-This city has borrowed $40,000 in anticipation of collection
of taxes from F. S. Moseley & Co. of New York City at 3.37%
discount. The following bids were received:
F. S. Moseley & Co., N.Y.3.37% dis.1Goldman,Sachs & Co.,N.Y3.75% dls.
Estabrook & Co., N. Y_ _3.41% dls. I Bond& Goodwin, N. Y....4% dig.
Loan matures in July 15 1908.
New Lexington, Perry County, Ohio.-Bond Sale.-On
May 9 the $7,500 4% 1 -15M-year (serial)street-improvement (village's portion) bonds described in V. 86, p. 1115,
were awarded, it is stated, to Weil, Roth & Co. of Cincinnati at par.
New Lexington School District (P. 0. New Lexington),
Perry County, Ohio.-Bond Offering.-Proposals will be received until 12 m. May 21 by Philip Allen, Clerk Board of
Education, for $30,000 5% bonds. .Authority Sections 3991
and 3992, Revised Statutes. Denomination $500. Date
May 1 1908. Interest semi-annually at the office of the
Treasurer of the Board of Education. Maturity $500 each
six months from March 1 1909 to Sept. 1 1938 inclusive.
Certified check. for 5% of bonds bid for is required. Bonds
to be delivered within ten days from time of award.
Norfolk, Va.-Bonds Not Sold.-Despatches report that
no satisfactory bids were received on May 12 for the three
issues of 4% 30-year coupon (with privilege of registration)
bonds, aggregating $482,000, described in V. 86, p. 1056.
North Bay, Ont.-Price Paid for Debentures.-We are
advised that the price paid by G. A. Stimson & Co. of
Toronto for the $18,000 5% debentures awarded them on
April 25 (V. 86, p. 1180) was 95.75. Date Jan. 20 1908.
Interest annual. Maturity part yearly for thirty years.
North Chicago, Ill.-IPoss Park District.-Bond Sale.The $14,500 5% coupon bonds, proposals for which were
asked until A`pril 25, have been awarded to Farson, Son &
Co. of Chicago for $15,153-the price thus being 104.503.
Maturity $1,500 yearly on May 1 from 1918 to 1926 inclusive
and $1,000 on May 1 192741See V. 86, p. 997, for aldescrip#
tioniofithese securities.
MAY 16 1908.]
THE CHRONICLE
North Yakima, Yakima County, Wash.-Bond 0Ifering.Proposals will be received until 7:30 p. m. May 18 by J. C.
Brooker, City Clerk, for the $150,000 4% bondsi voted
(V. 86, p. 997) on April 6. Authority Chapter 128, Session
Laws of 1891. Denomination $1,000. Date, day of issuance. Interest semi-annual. Maturity twenty years. Certified check on a national bank for 5% of bid, made payable
to the City Treasurer, is required.
Norwood, Bergen County, N. J.-Bond Offering.-Proposals will be received until 8 p. m. May 27 by the Board of
Education for $10,000 5% bonds. Denominations $500,
$700 and $750. Date July 1 1908. Interest April 1 and
Oct. 1 at the Closter National Bank of Closter. Maturity on
Oct. 1.as follows: $500 yearly from 1918 to 1921 inclusive;
$700 in 1922; $750 yearly from 1923 to 1928 inclusive, and
$700 yearly from 1929 to 1932 inclusive. Certified check for
10% of bonds bid for, payable to J. Earnest Crane, District
Clerk, is required. Bonded debt at present, $2,500.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Oak Park School District (P.0. Oak Park), Cook County,
111.-Bond Sale.-On May 12 the $22,000 43'% coupon
school-building and site-purchase bonds described in V. 86,
p. 1180, were awarded to A. B. Leach & Co. of Chicago at
102.55. Following are the bids:
A. B. Leach & Co., Chic_ _$22,561 00 I Thom. J. Bolger Co., Chic.$22,251 00
N.W. Halsey & Co., Chic_ 22,497 25 IMer. Tr. Co., St. Louis__ 22,188 50
E. H. Rollins & Sons,Chic. 22,451 00'Chas. H. Coffin, Chicago_ 22,151 00
First Tr.& Sav.I3k., Chic. 22,440 00'MacDonald, McCoy & Co.,
22,081 50
H. S. Warren & Co., Detr. 22,301 40 I Chicago
22,057 50
Mason, Lewis & Co., Chic. 22,280140 I Farson, Son & Co., Chic
Harris Tr.& Sav.ilk., Chic. 22,261 80 I Milw. Tr. Co., Milwaukee_ 22,000 00
Maturity on June 1 as follows: $3,000 in 1916, $10,000 in
1917 and $9,000 in 1918.
Oklahoma City School District (P. 0. Oklahoma City),
Oklahoma County, Okla.-Bond Sale.-On May 4 the
Harris Trust & Savings Bank of Chicago was awarded the
$75,000 5% 20-year school-building bonds described in V. 86,
p. 1116, for $77,537 51 (103.383) and accrued interest-a
basis of about 4.737%.
Omaha, Douglas County, Neb.-Bonds Voted-Bond
Offering.-The propositions to issue the $50,000 intersectionpaving and the $50,000 park 434% bonds mentioned in
V. 86, p. 1116, were favorably voted upon at the election
held May 5. The vote was 3,248 to 837 on the forrner issue
and 2,813 to 1,331 on the latter. Maturity June 1 1928.
Proposals for these bonds will be received until May 28.
Frank A. Furay is City Treasurer.
Oneida County (P. 0. Rienelander), Wis.-Btds.-The
following bids were received on May 6 for the $100,000 5%
coupon court-house-construction bonds awarded on that
day, as stated in V. 86, p. 1180, to Farson, Son & Co. and
E. H. Rollins & Sons, both of Chicago, at their joint bid of
105.120 and accrued interest:
Parson, Son & Co___ iC1,ic_$105,120 Chas. H. Coffin, Chicago_ _ _$103,501
Thos. J. Bolger Co., Chic_ __ 103,500
E. H. Rollins & Sons)
A. B. Leach & Co., Chicago_ 104,585 John P. O'Brien & Co., ilos_ 103,500
Mason, Lewis & Co., Chic__ 104,550 Otis & Hough, Cleveland__ 103,005
N. W. Halsey & Co., Chic__ 104,138 Merch. Loan & Tr. Co., Chic 102,990
Devitt, Tremble & Co., Chic 104,126 Seasongood & Mayer, Cin__ 102,788
102.500
Minn.L.& Tr. Co., Minneap. 104,075 IS. A. Kean, Chicago
Emery, Anderson & Co., Clev104,033 John Nuveen & Co., Chicago 102.100
First Natioal Bank, Chic__ 103.000 IS. Kuhn & Co. Cincinnati__ 102.020
Cutter, May & Co., Chicago_ 103.837 Geo. M. Seward & Co., Chic. 100.21)
First Nat. Bank, Cleveland_ 103.670
Orange, Orange County, Tex.-Bonds Registered.-On
May 5 the State Comptroller registered the $15,000 4%
40-year street and drainage-improvement bonds which this
city has been offering for sale. See V. 86, p. 874, for description of these bonds.
Ortonville School District No. 50 (P. 0. Ortonville), Big
Stone County, Minn.-Bonds Proposed.-Application has
been made to the State School Fund of Minnesota for a loan
of $10,000 at 4% interest.
Orrville School District (P. 0. Orrville), Wayne County,
Ohio.-Bonds Voted.-This district has voted to issue $20,000
school bonds.
Oswego, N. Y.-Bond Offering.-Proposals will be received
until 12 m. May 26 by J. Carroll Smith, City Chamberlain,
for $270,000 43/2% registered bonds for the purpose of installing a water supply from Lake Ontario. Denominations:
260 bonds of $1,000 each and 20 bonds of $500 each. Interest June 1 and Dec. 1 at the United States Mortgage & Trust
Co. in New York City. Maturity $13,500 yearly on June 1
from 1909 to 1928 inclusive. Certified check on an incorporated bank or trust company for 2% of bonds bid for, payable to the City Chamberlain, is required. Bonds are taxexempt and will be delivered June 2 1908. The genuineness
of these securities will be certified to by the United States
Mortgage & Trust Co. of New York City, while their legality
will be approved by J. H. Caldwell of New York City, a
Purcopy of whose opinion will be delivered to purchaser
chaser to pay accrued interest. Bids to be made on blank
forms furnished by the city.
The officzal notice of this bond offering will be found among
the advertisements elsewhere in this Department.
1243
Park Ridge, Bergen County, N. J.-Bond Sale.-An issue
of $30,000 6% 20-year electric-light-plant-extension bonds
was recently awarded to R. M. Grant & Co. of New York
City at par. •
Patchogue, Suffolk County, N. Y.-Bonds Voted.-At an
election held May 11 a proposition to issue $5,000 bonds for
the erection of a public dock was favorably voted upon.
Peabody, Mass.-Temporary Loan.-This town recently
negotiated a loan of $70,000 with the First National Bank
of Boston at 3.50% discount. Loan is dated May 15 1908
and matures in six months.
Pen Argyl, Northampton County, Pa.-Bond Sale.-The
$15,000 43% 10-30-year (optional) gold coupon town-hall
bonds offered on April 30 (V. 86, p. 997) have been purchased by the First National Bank of Pen Argyl at par. A
bid at par for $5,000 bonds was also received from J. A.
Harps, while one at par for $3,000 bonds was received from
John Swanson of Pen Argyl.
Pierre, Hughes County, So. Dak.-Bonds Voted.-Reports
state that bonds for sewer extensions received a large
majority at an election held April 21.
Pineville, Rapides Parish, La.-Bonds Defeated.-At the
election held April 9 the proposition to issue the $7,500 waterworks bonds mentioned in V. 86, p. 874, was defeated.
Pittsfield, Berkshire County, Mass.-Bond Sale.-On May
12 an issue of $442,000 4% bonds was awarded to Blake
Bros. & Co. of Boston at 103.79 and interest. The proceeds
of this issue, according to local papers, will be used for the
following purposes: $132,000 to refund school loans, $72,000
to refund loans for various public improvements, $48,000
to pay floating indebtedness and $190,000 for waterworks.
Denomination $1,000. Interest semi-annual.
• Richmond, Va.-Bond Election.-The question of issuing
$400,000 4% 34-year electric-light-plant-construction bonds
will be submitted to a vote on June 13.
Riverside School District (P. 0. Riverside), Riverside
County, Cal.-Bond Election.-An election will be held on
May 26 for the purpose of voting on the question of issuing
$40,000 5% school-building and property-improvement
bonds. Denomination $1,000. Maturity $4,000 yearly
from five years from date of issue up to and including fourteen years from date of issue.
Riverhead Union Free School District No. 5 (P. 0. Riverhead), Suffolk County, N. Y.-Bond Sale.-On May 12 the
$12,000 4% coupon school-building addition bonds described in V. 86, p. 1116, were sold to the Riverhead Savings
Bank of Riverhead at 101.98 and interest-a bas's of. about
4.255%. The only other bid received was one at par less
$150 for expenses, submitted by W. J. Hayes & Son of Boston. Maturity $600 yearly on Dec. 1 from 1908 to 1927 inclusive.
Rochester, N. Y.-Note Sale.-The following bids were
received on May 8 for the $200,000 4-months notes issued to
renew local improvement notes Nos. 466 and $67 (V. 86,
p.' 1117):
Alliance Bank, Rochester
bond & Goodwin, Sew York
Goldman, Sachs & Co., New k'ork
3
% Interest
,nter,st. and 5.:1 premium
!merest and 85 premium
Roseville, Placer County, Cal.-Bonds Voted.-A proposition to issue bonds for school purposPs was favorably voted
upon at an election held April 2 I.
Russell County (P. 0. Lebanon), Va.-13°nd Offerin7.R. G. Fletcher, Clerk of the I3oard of S ipervisors, will
receive bids for $50,000 i'oad-mprovemIl bonds.
Russellville School District (P. 0. Russellville), Logan
County, Ky.-Bonds to Be Offered Shortly.- We are informed
under date of May 11 that the $12,500 5% graded-school
bonds voted on March 10 (V. 86, p. 875) will probably be
placed on the market "in ten days or two weeks." Denominations: 24 bonds of $500 and 5 bonds of $100. Date May
15 1908. Maturity twenty years, sibject to call, however,
before that time.
Sabina School District (P. 0. Sabina), Clinton County,
Ohio.-Bond Offering.-Proposals will be received until 12
m. June 6 by W. H. Dakin, Clerk Board of Education, for
$35,000 432% school-building bonds. Th( se securities
are the unsold portion of the issle of $40,000 school-building
bonds bids for which were rejected (V. 85, p. 429) on Aug.
12 1907. Authority Section 3992, Revised Statutes, also
election held June 22 1907. Denomination $550, except
two bonds of $450 each. Date June 1 1908. Interest
semi-annually. Certified check for 2% of bonds bid for,
payable to the Treasurer of the Board of Education is
required. Purchaser to pay accrued interest. Bonds tolbe
delivered within twenty days from date of award.
St. Louis, Mo.-Bond Offering.-Further details are at
hand relative to the offering on June 10 of the $5,500,000
4% gold coupon bonds mentioned in last week's issue.
Proposals will be received until 12 m. on that day at the
office of Rolla Wells, Mayor. Denomination $1,000. Date
July 1 1908. Interest semi-annually in United States goid
con at the National Bank of Commerce in New York City
or in pounds sterling at the National Bank of Scotland,
Ltd., London, England, at the rate of $4.8665 per pound
sterling. The bonds may be exchanged for registered
1244
THE CHRONICLE
bonds at any time. Maturity twenty years. Each bid
must be accompanied by a deposit of cash or certified
check for 5% of the bonds bid for, payq,ble to the City
Comptroller. Opinion of Dillon & Hubbard of New York
City as to the validity of the bonds will be furnished to
the successful bidder. Blank forms for bids will be furnished by the city.
fr?, The official notice of this bond offering will be given next
week among the advertisements in this Department.
Salem, Essex County, Mass.-Bond Sale.-On May 11
thel $270,000 4% 1-18-year (serial) high-school bonds described in V. 86, p. 1180, were awarded to the Naumkeag
National Bank of Salem at 103.31-a basis of about 3.586%.
Following are the bids:
Naumkeag Nat. Bank,Salem.103.31 IF. S. Moseley & Co., Boston_102.417
H. W.Poor & Co., Boston_ _ _103.077 IPerry, Coffin & Burr, Boston.102.415
Blodget, Merritt & Co., Bos_102.816 N. W. Harris & Co., N. Y_ _ _102.413
& Burr,
102 31
R. L. Day (lc Co., Boston_ __ _102.7891Parkinson
'
Boston-.101.53
Merrill, Oldham & Co., Bos_ _102.639!Adams & Co., Boston
&
_102.61
'Crocker
_
_
Fisher, Boston__ _101.47
Boston_
Co.,
&
Estabrook
Blake Bros. & Co., Boston._ _102.57 I W.S. Felton & Co
5
031
_ 11)
1 ..4
01
E. H. Rollins & Sons, Bos_ _ _102.57 'Moffat & White, New York_
Tucker, Hayes & Co., Bos_ _ _102.461 I
San Francisco, Cal.-Bonds Voted.-Returns indicate that
the election held May 11 resulted in favor of the proposition
to issue the $18,200,000 5% bonds mentioned in V. 86, p.
1181. As already stated, the proceeds of this issue are to
be used for the following improvements: $5,200,000 for tin
auxiliary water system for fire protection, $4,000 000 for a
sewer system, $5,000,000 for schools, $2,000,000 for hospitals, $1,000,000 for a garbage-disposal system and $1,000,000
for a Hall of Justice.
San Jose High School District, Santa Clara County, Cal.Bond,Sale.-On May 5 the $20,000 5% 1-20-year (serial) coupon building bonds described in V. 86, p. 1117, were awarded
to the First National Bank of San Jose at 101-a basis of
about'4.877%.
San Jose School District, Santa Clara County, Cal.-Bond
Sale.-The $35,000 5% 1-35-year (serial) coupon bonds of
this district, described in V. 86, p. 1117, were purchased on
May 5 by the First National Bank of San Jose at 101.571a basis of about 4.869%. The following bids were received:
City Bank 1+4 Trust
First Nat. lik., San Jose_ _$35,550 00 I1 GardenSan
Co.,
Jose
$35,545 00
E. H. Rollins & Sons,
Nat.
Bk., Oakland_ 35475
First
2
0
00
35,906
San Francisco
Sarnia, Ont.-Debenture Sale.-Wood, Gundy & Co. of
Toronto advise us that they have purchased $20,000 5%
debentures of this town. Maturity part yearly for twenty
years.
Scottdale, Pa.-Bond Sale.-This borough recently disposed of $30,000 5% 30-year funding and improvement
bonds to Lawrence Barnum & Co. of New York City at
par and accrued interest. Denomination $500. Date
May 1 1908. Delivery of bonds May 3 1908.
Seattle, Wash.-Bond Offering.-Proposals will be received
until 10 a. m. May 29 by H. W. Carroll, City Comptroller,
for $65,000 5% coupon funding bonds. Denomination
$1,000. Date, day of delivery. Interest semi-annual.
Maturity twenty years from date of issue. Certified check
on some bank in Seattle for $2 000, payable to the City
Comptroller, is required.
Sebring School District(P.O. Sebring), Mahoning County,
Ohio.-Bond Sale.-The $20,000 5% school-house bonds
voted on March 28 (V. 86, p. 1117) have been sold to the
First National Bank of Cleveland at 105.70 and accrued
interest-a basis of about 4.462%. Denomination $1,000.
Date May 1 1008. Maturity $5,000 on May 1 in each of
the years 1915, 1920, 1925 and 1930, bonds unpaid after
May 1 1920 being subject to call.
Silvis School District No. 34 (P. 0. Silvis), Rock Island
County, Ill.-Bond Offering.-Proposals will be received
until May 19 by Dr. A. C. Hansen, Secretary Board of Education, for the $4,000 school-building bonds at not exceeding
6% interest, voted at a recent election. Date July 1 1908.
Maturity V00 yearly on July 1 from 1909 to 1916 inclusive.
South Boston, Halifax County, Va.-Bonds Voted.-Virginia papers state that on April 27 this place voted to issue
$80,000 6% 34-year bonds for the improvement of the water works, the construction of a sewerage system and for the
improvement of streets.
South Orange, Essex County, N. J.-Bond Offering.-Proposals will be received until 8 p. m. May 18 by the Board
9% coupon (with privilege of regisof Trustees for $48,000 43/
tration) sewer bonds. Denomination $1,000. Date May 1
1908. Interest semi-annually at the United States Mortgage
& Trust Co. in New York City. Maturity $12,000 yearly
on May 1 from 1945 to 1948 inclusive. Bid to be made on
form futnished by village and accompanied by a certified
check on a national bank or trust company for 2% of bonds
bid for, payable to Frank Fenner, Village Treasurer. Bonds
will be certified as to their genuineness by the United States
Mortgage & Trust Co. in New York City,and will be delivered
to successful bidder on June 1 1908. Purchaser to pay
accrued interest.
Springfield, Clark County, Ohio.-Bond Offering.-Proposals will be received until 8 p.m. June 9 by William H.
Mahoney, Clerk of City Council, for $20,000 43% coupon
water-works-extension bonds. Denomination $1,000. Date
May 1 1908. Interest March 1 and Sept. 1 at the City
[Yoe.. Lxxxvi.
Treasurer's'office.SNMaturity March 1 1929. Certified check
for 5% of bonds bid for is i-equired. Bonds to be delivered
within ten days from date of sale.
Bond Sales.-Of the nine issues of 5% 1-5-year (serial)
coupon sewer-construction assessment bonds described in
V. 86, p. 1181, $1,968 55 were sold on May 12 for $1,996 55,
while $20,957 67 were awarded to the Citizens' National
Bank of Springfield for $21,145 17.
On the same day $50,000 43. % coupon street-improvement (city's portion) bonds were also disposed of to Seasongood & Mayer of Cincinnati at 106.81. Bids were also received from Hoehler & Cummings of Toledo, Cleveland Trust
Co. of Cleveland, R. L. Day & Co. of Boston and the First
National Bank of Cleveland. Denomination $1,000. Date
April 1 1908. Interest March 1 and Sept. 1 at the City
Treasurer's office. Maturity $20,000 on March 1 in each of
the years 1929 and 1930 and $10,000 on March 1 1931.
Sterling School District (P. 0. Sterling), Logan County,
Col.-Bonds Voted.-According to local papers this district
onlMay 4 voted to issue $15,500 school-building bonds.
Stillwater, Payne County, Okla -Bond Offering.-Proposals will be received until 5 p. m. May 19 by C. 0. Edgerton, City Clerk, for three issues of 5% bonds, the proceeds of
which will be used for the following purposes: $33,000 for
water-works extensions, $7,000 for electric lights and $27,000
for public sewers. Denomination $1,000. Date May 1
1908. Interest semi-annual. Maturity twenty-five years.
Bid to be made on each issue separately and accompanied by
Certified check for 23/2% of bid. Purchaser to pay accrued
interest.
Suffolk County (P. 0. Riverhead), N. Y.-Bond Sale.The $30,000 4% 1-6-year (serial) registered bridge-construction bonds mentioned in V. 86, p. 998, were sold on
April 28 to N. W. Harris & Co. of New York City at 100.137.
Denomination $5,000. Date May 1 1908. Interest is payable at;the County Treasurer's office. Total debt, including
this issue, $35,000. Assessed valuation for 1907, $67,540,476.
Sulphur Springs, Hopkins County, Tex.-Bonds Voted.Bonds to the amount of $10,000 for the extension of water
mains were authorized at an election held April 22.
Switzerland County (P.0. Vevay),Ind.-Bond Offering.Proposals will be received until 1:30 p. m. May 28 by the
County Treasurer for $5,840 432% Cotton Township free
gravel road bonds. Interest May 15. and Nov. 15. Maturity $292 each six months from May 15 1909 to Nov. 15
1918 inclusive. Certified check for 3% of issue is required.
L. J. Woolen is County Auditor.
Talladega, Talladega -County, Ala.-Bond Offering.-This
city is offering for sale $10,000 5% coupon refunding improvement bonds dated July 1 1908. Interest semi-annual.
Taunton, Mass.-Bond Sale.-On May 11 t$16,000 30year water and $12,000 20-year school-house 4% bonds were
awarded, it is stated, to Parkinson & Burr of Boston at
109.27 and 106.83 respectively. The water bonds are dated
Jan. 1 1908 while the school-house bonds are dated Dec. 1
1907.
Tecumseh School District No. 92 (P. 0. Tecumseh),
Pottawatoraie County, Okla.-Bond 0Hering.-Proposals
will be received until 8 p. m. May 19 for $10,000 6% schoolbuilding bonds. Authority vote of 254 to 23 at election.
held April 7 1908. Date July_ 1 1908 Interest semi-annually in Oklahoma City or New York City. Bonds are
subject to call after July 1 1918. Total bonded debt, including this issue, $74,000. Assessed valuation for 1907
$281,500. Official circular states that there is no controversy of litigation pending or threatening the corporate
existence or the boundaries of this municipality or the title
of its present officials to their respective offices or the
validity of these bonds or any other outstanding bonds;
also that there has never been any default in the payment
of principal or interest.
Terry County (Tex.) Common School District.-Bonds
Registered.-An issue of $1,900 5% school-house bonds was
registered by the State Comptroller on May 6. Maturity
Aug. 20 1947, subject to call after fifteen years.
Toledo School District (P. 0. Toledo), Lucas County,
Ohio.-Bond Offering.-Proposals will be received until 12 m.
May 23 by Lillian I. Donat, Clerk Board of Education, for
$150,000 43t% school bonds. Authority Sections 3992 and
3994, Revised Statutes. Denomination $500. Interest
semi-annually at the Importers' and Traders' Bank in New
York City. Maturity twenty years. These bonds were
offered without success (V. 86, p. 938) as 4s on April 4.
Tomah, Monroe County, Wis.-Bond Sale.-The $15,000
bonds, proposals for which were
5% water-works-extension bonds
been taken by a
asked until April 18 (V. 86, p.
Chicago bank for $15,805-the price thus being 105.366.
Maturity $3,000 yearly from 1922 to 1926 inclusive.
Toppenish, Yakima County, Wash.-Bonds Voted.-At an
election held here May 4 the voters authorized the issuance of
$7,000 city-hall and street-improvement bonds.
Troy, N. Y.-Bond Offering.-Proposals will be received
until 11 a. m. May 19 by Hiram W. Gordinier, City Comptroller, for the following coupon or registered bonds: yearly
kr:
ro water-works bonds, series of 1908.01Maturity $5,000
on May 15 from 1909 to 1948 inclusive.
Maturity $1,500
30,000 0.5% Prospect Park bonds, series of 1908.
yearly on May 15 from 1009 to 1928 inclusive.
$200,000
MAY 16 1908.!
THE CHRONICLE
The above bonds are dated May 1511908.VInterest semiannual. Certified check for 1% of bonds bid for, payable
to the "City of Troy," is required. Bonds to be delivered
within ten days from date of award. Purchaser to pay
accrued interest.
Vermillion, Alberta.-Debenture Sale.-This city has
awarded $13,775 7% town-hall And fire-equipment bonds to
Aemilius Jarvis & Co. of Toronto at 95. Securities are
dated Feb. 14 1907 and mature part yearly for twenty years.
Interest annual.
Versailles, Woodford County, Ky.-Bond Award Postponed.-As all the bids, except one, received on May 11 for
the $60,000 5% 1-20-year (serial) sewer and water-works
bonds described in V. 86, p. 1119, were for bonds in the
denomination of $500 and $1,000, the award was postponed
pending an opinion as to the legality of changing the denomination of the issue. The bonds were advertised as
being in the denomination of $3,000 each.
Wallace, Shoshone County, Idaho.-Bonds Voted.-The
election held May 5 resulted in a vote of 98 "for" to 25
"against" the question of issuing the $10,000 sewer bonds
mentioned in V. 86, p. 1119. We are informed that these
bonds will probably be offered for sale in thirty days.
Ware, Mass.-Temporary Loan.-A temporary loan of
$10,000 has been negotiated, it is stated, with the First
National Bank of Boston at 4% discount.
Washington County (P. 0. Washington), Pa.-Bond Sale.
-On May 11 an issue of $100,000 41 2% coupon (with privillege of registration) bridge bonds dated July 1 1908 was
awarded to N. W. Harris & Co. of New York City at 101.401
and accrued interest. Other bidders were:
0 Hough,Cleveland _
_ _101.261J. I. Buchanan,Pisurgh_ _1011195= stit
Denomination 41,000. Interest semi-annually at the
office of the County Treasurer. Maturity on July 1 as follows: $3,000 yearly from 1912 to 1915 inclusive; $4,000 in
each of the years 1916, 1917 and 1918; $5,000 yearly from
1919 to 1922 inclusive; $8,000 in each of the years 1923 and
1924, and $10,000 yearly from 1925 to 1928 inclusive.
Bonds Not Sold.-No award was made of $100,000 4%
coupon (with privilege of registration) road-improvement
bonds also offered on May 11. Denomination $1,000.
1245
Date Aug. 1 1908. Interest semi-annually at the County
Treasurer's office. Maturity $2,000 yearly on Aug. 1 from
1913 to 1917 inclusive; $8,000 on Aug..1 in each of the years
1918 and 1919; $5,000 yearly on Aug. 1 from 1920 to 1926;
$19,000 on Aug. 1 1927, and $20,000 on Aug.. 1 1928.
NO4Waterbury, New Haven County, Conn.-Bond Sale.The only bid received on May 11 for the $10,000 4% coupon
water bonds described in V. 86, p. 999, was one at par and
accrued interest submitted by Robt. F. Griggs. This offer
was accepted. Maturity $5,000 on Jan. 1 in each of the
years 1911 and 1912.
Westhope, Bottineau County, N. D.-Bond Sale.-The
Wells & Dickey Co. of Minneapolis, offering 101.375 and
accrued interest, was the successful bidder on May 4 for the
$4,000 20-year coupon refunding bonds described in V. 86,
p. 815. The only other proposal received was one at
101.275 submitted by H. T. Holtz & Co. of Chicago.
Wheeling, W. Va.-Bonds Voted.-The voters of this city
on May 12, according to newspaper reports, authorized the
issuance of the five issues of 4% coupon bonds, aggregating
$695,000, mentioned in V. 86, p. 1119.
White County (P. 0. Monticello), Ind.-Bond Offering.-Proposals will be received until 12 m. May 22 by J. L.
Ackerman, County Auditor, for $12,000 4%% coupon C. A.
Ballard et al macadam-road-construction bonds. Denomination $300. Interest May 15 and Nov. 15 at the White County
Loan,- Trust & Savings Co. in Monticello. Maturity $300
each six months from May 15 1909 to Nov. 15 1928 inclusive.
A cash deposit of $500 is required. Bonds 'will be delivered
within thirty days after date of award.
Worcester, Mass.-Temporary Loan.-This city, it i
stated, has borrowed $100,000 from the First National Bans
of .Boston at 3.45% discount. Loan matures October 12
1908.
Yutan, Neb.-Bond Offering.-Proposals will be received
until 6 p. in. May 19 by Frank Brabec, Village Clerk, for,the
$12,000 5% water-works bonds voted (V. 86, p. 1000)jon
April 7. Denomination $300. Interest annual. Maturity
twenty years, subject to call after five years. Bonded debt,
this issue. Assessed valuation for 1907, $84,758.
NEW LOANS.
NEW LOANS.
NEW LOANS.
6370,000
015,000
Territory of New Mexico
010,000
Borough of Norwood
4% BONDS
BERGEN COUNTY, N. J.
Sealed proposals will be received by the undersigned Treasurer of the Territory of New Mexico,
at Santa Fe, New Mexico, until MAY 30TH.
1908, AT 10 O'CLOCK A M., for the followingdescribed bonds of the Territory of New Mexico.
Delivery to be made at New York, Chicago, St.
Louis or Denver.
$15,000 00 Armory Building Bonds of the Territory of New Mexico, to be dated April 1st,
1904, due In 30 years from that date, and optiona
on and after 20 years from date of issue, payable
In New York, bearing interest at the rate of four
per cent per annum, payable semi-annually In
New York.
No bids for less than par and accrued interest
from date of last matured coupon will be.entertained; the right being reserved to reject any or
all bids.
The Acts of the Territorial Legislative Assembly authorizing the above-described issue of bonds
were approved by Act of Congress entitled "An
Act to validate certain Acts of the Legislative
Assembly of the Territory of New Mexico with
reference to the issuance of certain bonds,"
approved March 2d, 1907.
J. H. VAUGHN,
Treasurer of New Mexico.
Sealed bids will be received until WEDNESDAY, MAY 27TH, 1908, at 8 p. m., by the Board
of Education, for the whole or any part of the
following bonds, dated July 1st, 1908, and,bearfrig interest at 5% per annum, payablei semiannually October 1st and April lst_at,the.Closter
National Bank of Closter, N. J., INS alAsaar..L.1
One at $500 due Oct. 1 1918
WS,
500 " " " 1919
Pt
1920
" 500 "
Pt
1921 .,..„th
" 500 PP
1922
" 700 PO
" 750 ff
192311
It
_ saini
19241
" 750 f
1925 j
" 750
1926
" 750 fit
Pt
1927
750 Of
tf
f
1928
750 ff
ft
Of
1929
700 It
Pt
1930
700 PI
ki
t
Pt
It
1931
700
Ivo
f
1932
700
432% TAX-EXEMPT WATER BONDS
of the
•CITY OF 0SWEG-0, N. Y.
ISSUED FOR THE PURPOSE OF PROVIDING
FOR A SUPPLY OF WATER FROM
LAKE ONTARIO.
Sealed proposals will be received at the office of
the undersigned in the City of Oswego, N. Y.
until MAY 26TH, 1908, AT 12 O'CLOCK NOON,
for the purchase of $270,000 43-% registered
(Tax-Exempt) Water Bonds of said City. 260
of the bonds will be of $1,000 denomination and
20 of $500 denomination, maturing as follows:
(13) $1,000 bonds and (1) $500 bond annually,
commencing Juno 1st, 1909. Interest payable
June 1st and December 1st. Both principal and
Interest payable at the office of the United States
Mortgage ds Trust Co., New York City. The
bonds will be engraved under the supervision of,
and certified as to genuineness by the United
States Mortgage Sc Trust Co., and their legality
approved by J. H. Caldwell, Esq., of New York
City, whose opinion as to legality or duplicate
thereof will be delivered to the purchaser.
Each proposal must be accompanied by a certified check on an Incorporated Bank or Trust Co.,
payable to the order of the City Chamberlain of
Oswego, N. Y., for 2% of the par value of the
bonds bid for.
Delivery of the bonds will be made on June 2nd,
1908, at 11 o'clock a. m.,at the office of the abovenamed Trust Company, 55 Cedar St., New York
PUBLIC SCHOOL BONDSIM
Total, $10,000
Certified check to the order of-JEar
---"ii-Fig-Crin
-F,
District Clerk, for 10% of bonds bid, Is required.
The purchaser to pay accrued interest, -.e •Al
The assessed valuation of property iin isaid
Borough Is $500,000 more or less.. *A% meal -4
The only other bonded indebtedness carried
at present is $2,500.:
• Ati tatet011,4VIIM g
'rile bids will be opened on Wednesday, 1.1ay27.
at 8:30 p. m., In the school building.,41141146.4 A
The right to reject any or all bids Isreserved. 4
City.
Ab HENRY ELLING,
b.4e,a
The right is reserved to reject any or all bids.
WM. F. HABRA,
Sealed bids will be received by the Mayor of the
ro-" WM. DEMAREST,'
J. CARROLL SMITH, City Chamberlain.
City of Birmingham, Alabama, till MAY 25TH,
, geassigumFinanclal Committee.
1908, at 12 M., and then publicly opened. For
the purchase of $100,000 5 per cent 30-year
Sanitary Sewer Bonds. A certified check on
some Birmingham bank for $2,000 shall accomWE OFFER
pany each bid. Said amount to be retained by
the city as liquidated damages if the purchaser
fails within thirty days to pay for the bonds
awarded him according to his bid. The right Is
reserved to reject any or all bids.
(Signed)
GEO. B. WARD, Mayor.
The undersigned will receive sealed proposals
until 12 o'clock noon, JUNE 1ST, 1908 for $100,000 Thirty-four-year non-taxable Water Bonds
CO.,
of the City of Lynchburg, Virginia. These bonds
will be issued In denominations of $1,000 each,
Now York
31 Nassau St.,
dated August 1st, 1907, bearing interest at the
rate of four and one-half per cent per annum,
payable February and August at the office of
409 Walnut Street,
the Treasurer of the City of Lynchburg, Virginia.
CINCINNATI,0.
A check for two per cent of the par value of
the bonds bid for must accompany each bid.
Said check payable to the order of the Treasurer
of the City of Lynchburg, Va. and certified to
by a responsible bank and deposited as a guaranty
LIST ON APPLICATION.
of good faith.
The right Is reserved to reject any and all bids.
R. C. QUINN,Chairman,
and High-Grade Public Service
Finance Committee of Board of Aldermen.
Securities
Mercantile Library Building,
JAMES Ft. GILLIAM, Chairman,
Eitl Finance Committeeiof Common Council.
CINCINNATI.,
Correspondenee Solicited
RUMEN
$100,000
City of Birmingham, Ala,
SEWER BONDS
0100,000
City of Lynch burgh, Va.
11
. NEW JERSEY MUNICIPAL
BONDS
WATER BONDS.
i
O.„
R. M. GRANT &
Albert Kleybolte & Co.,
MUNICIPAL AND RAILROAD
Municipal,
County, State,
BONDS.
SEABONGOOD & MAYER
1246
THE CHRONICLE
[VOL. Lxxxvi.
trust 0matties.
rust Co. CITY TRUST CO. OLD COLONY
MercantileTrust
St. Louis, Mo.
TRUST CO.
Surplus,$9,500,000
SO STATE STREET, BOSTON. MASS.
Member St. Louis Clearing Howie Association
Capital and
FESTUS J. WADE
President.
WM. MAFFITT
Treasurer
Commenced business Nov. 16, 1899
DEPOSITS
Nov.16.1.899 I
517.051 19
I Nov. 16, 1900
$2,807,246 97 I
I Nov. 16, 101,
I
$5,019,688 60
I
Nov. 16 19u2,
$11,984,523 33
Nov. 16. 1903,
$11,851,679 92
Nov.16,1904,$16,564,820 43
r
Nov.16,1905, $17,194,262 79
Nov. 16, 1906, 817,919,949 08
Nov.
16, 1907, $21,767,256 57
BUNKER HILL BRANCH:
City Square, CHARLESTOWN MASS.
Capital & Surplus, - - $4,000,000
Transacts a General Trust and
Banking Business
Interest Allowed on Deposits Subject to Check.
Acts as Trustee under Railroad and other Mortgages; also as Agent for the Registering
and Transfer of Stock. •
A legal Depositary for Court Funds, and authorized to act as Executor, Guardian. Administrator and Trustee.
DIRECTORS.
PHILIP STOCKTON, President.
Charles F. Adams 2d.
Henry C. Jackson,
Orlando H. Alford,
George E. Keith,
F. Lothrop Ames.
Gardiner M. Lane
William Amory,
Arthur Lyman,
John S. Bartlett,
Maxwell Norman,
Charles E. Cotting.
Robert T. Paine 2d.
Alvah Crocker,
Andrew W. Preston.
George A. Draper,
Richard S. Russell
William F. Draper.
Quincy A. Shaw Jr.,
Wilmot R. Evans.
Howard Stockton.
Frederick P. Fish
Charles A. Stone.
Edwin Farnham, Greene Galen L. Stone,
Robert F. Herrick
Nathaniel Thayer,
Francis L. Higginson.
Henry 0. Underwood.
Sidney W. Winslow.
BOSTON, MASS.
Capital and Surplus, - $7,000,000
TRANSACTS A GENERAL BANKING
BUSINESS. ALLOWS INTEREST ON
DAILY BALANCES SUBJECT TO
CHECK. TRUSTEE UNDER MORTGAGREGISTRAR.
TRANSFER AGENT.
ES.
BOARD OF DIRECTORS:
. . Chairman
T. JEFFERSON COOLIDGE
Henry S. Howe.
Gordon Abbott,
Walter Hunnewell,
Oliver Ames,
Thomas L.Livermore,
C. W.Amory,
Charles S. Mellen,
Charles F. Ayer,
Samuel Carr,
George v. L. Meyer,
B.P. Cheney,
Laurence Minot,
T. Jefferson Coolidge,
Richard Olney,
Charles E. Cottimr.
Robert J. Paine,2d,
Philip Y. De Normandie
Philip L. Saltonstall,
Philip Dexter,
Herbert M. Sears
Eben S. Draper,
Nathaniel Thayer,
Frederick P. Fish,
Lucius Tuttle.
Reginald Foster,
Stephen M. Weld,
George P Gardner,
Charles W. Whittier.
Robert F. Herrick,
Boston Safe Deposit The NEW ENGLAND
AND
CENTRAL
COMPANY,
Trust Company TRUST
TRUST COMPANY
BOSTON, MASS.
The Proof of ftood Service is Constant Growth
BOSTON. MASS.
OF ILLINOIS,
CHICAGO
$2,000,000
Capital,900,000
Surplus and .Profits CHARLES G. DAWES, President.
W. IRVING OSBORNE, Vice-President.
A. UHRLAUB, Vice-President.
WILLIAM II. DAWES, Cashier.
•L. D. SKINNER, Asst. Cashier.
WILLIAM W. GATES, Asst. Cashier.
A. G. MANG, Secretary.
MALCOLM McDOWELL, Asst. Secretary.
BANKING, SAVINGS AND TRUST
DEPARTMENTS.
Girard Trust Company.
CAPITAL and SURPLUS,$10,000,000.
CHARTERED 1836.
Acts as Executor, Administrator, Trustee,
Assigaee and Receiver.
Financial Agent for indiv,duals or
Cureorations.
Interest Allowed on Individual and
Corporation Accounts
Acts as Trustee of Corporation Mortgages
Depositary tinder Plans of Reorganization
Registrar and Transfer Agent
Assumes entire charne of Real Estate.
Safes to Rent in Burglar-Proof Vaults.
E. B. MORRIS. President.
W. N. ELY. 1st Vice-President.
A. A. JACKSON, 2d Vice-President.
C..1. RHOADS.:id Vice-Pres. and Treasurer.
EDWARD S. PAGE, Secretary.
MANAGERS:
James Speyer,
Effengham B. Morris,
Augustus D. Juilllard,
John A. Brown Jr.,
Benjamin W.Richaras
Edward J. Berwlnd,
John 13. Garrett,
Randal Moran,
William U. Jenks.
Edw. T Stotesbury,
William H. Gaw,
Charles E. Ingersoll,
Francis I Gowen,
John Story Jenks Jr.
Geo. H. McFadden,
• Henry B. Coxe,
E. C. Felton.
Henry Tatnall
Isaac H. Clothier,
Israel W. Morris
Thos. DeWitt Cuyier,
William J. Elliott i.....
C. Hartman Kuhn. 1
N. E. Coe Broad and Chestnut Streets,
Transacts a General Trust and
Banking Business.
Interest Allowed on Deposits Subject to Check.
Acts as Trustee under Railroad and other
Mortgages and is authorized to act as Executor,
Guardian, Administrator and Trustee
Capital - - Surplus (Earned)
$1,000,000
2,000,000
DIRECTORS
CHARLES E. ROGERSON, President.
James LongleY
George R. White
William E. Putnam
Costello C. Converse
Henry S. Shaw
Edward W. Hutchins
Gerard C. Tobey
James R. Dunbar
Elwyn G. Preston
Nathaniel J. Rust
Frank G. Webster
Richard M. Saitonstall
Arthur F. Estabrook
Jerome Jones
William B. Rice
Nehemiah W. Rice
George B. Wilbur
Nathaniel F. Ayer
Charles F. Fairbanks
Richard C. Humphreys
Wallace L. Pierce
George W. Wheelwright
Mississippi Valley Trust Co.
CAPITAL, $1,000,000: SURPLUS, $2,000,000
Safe Deposit Vaults
Authorized to act as executor and to receive
and hold money or property In trust or on deposit
from Courts of Law or Equity, Executors,
Administrators, Assignees, Guardians, Trustees,
Corporations and Individuals.
Also acts as Trustee under Mortgages and as
Transfer Agent and Registrar of Stocks and Bonds,
Interest Allowed on Deposits Subject to Check.
OFFICERS
DAVID R. WHITNEY, President
CHARLES F. CHOATE, Vice-President
FRANKLIN HAVEN, Vice-President
ALEXANDER COCHRANE, Vice-President
JAMES R. HOOPER, Actuary
HENRY N. MARR, Secretary
FRED. W. ALLEN, Asst. Sec. do Treas.
THOMAS E. EATON, Asst. Treas.
FRANCIS R. JEWETT,Trust Officer
CHAS.E. NOTT,Mgr. Safe. Dep. Vita.,
BOARD OF DIRECTORS.
William Endicott, Chairman
James G.Freeman
Walter C. Baynes
Morris Gray
Alfred Bowdltch
Franklin Haven
Timothy E Byrnes
Charles F. Choate
James R. Hooper
Ernest Lovering
Alexander Cochrane
T. Jefferson Coolidge
James M. Prendergast
George Dexter
Herbert M. Sears
Philip Dexter
Lawrence M. Stockto11
Nathaniel Thayer
William Farnsworth
George Wigglesworth
Frederick P. Fish
David R. Whitney
Fourth & Pine Sts., St Louis
A
CAPITAL, SURPLUS
1$8 400 000.
and PROFITSJ
GENERAL FINANCIAL AND FIDUCIARY
BUSINESS TRANSACTED
Rhode Island Hospital
Trust Company,
DIRECTORS
John I. Beggs
D. R. Francis
Wm, D. Orthweln
Wilbur F. Boyle August Gehner
Henry W. Peters
James E. Brock, S. E. Hoffman
H. Clay Pierce
PROVIDENCE R. I.
Murray Carleton Chas. H. Fluttig J. Ramsey Jr.
Breckin'ge Jones August Schleif,'
Charles Clark
$1,000,000
CAPITAL
Horatio N. Davis W. J. McBride
Robt. H. Stockton
$2,000,000
SURPLUS
John D. Davis
Nelson W. McLeod Julius S. Walsh
Aug. B. Ewing Saunders Norvell Ilona Wells
DIRECTORS:
•
R. J. O'Reilly-AD
OFFICERS
Rowland G Hazard.
Royal C Taft,
JULIUS S. WALSH. Chairman of the Board
Robert H. I. Goddard, Nelson W. Aldrich,
Geo. W.R. Matteson. Samuel R. Dorrance.
BRECKINRIDC1E JONES. President
Howard 0. Sturges,
JOHN D. DAVIS, Vice-President
William D. Ely,
SAMUEL E. HOFFNIAN, Vice-President
Robert I. Garnmell, Stephen 0. Metcalf,
Walter R. Callender,
JAMES E. BROCK, Secretary
William Blnney.
HUGH It. LYLE, Asst. Secretary
1VIlliam B. Weeden, Gilbert A. Phillips.
Edward Holbrook,
HENRY C. IBBOTSON. Asst. Secretary
Edward D. Pearce,
James E. Sullivan
C. HUNT TURNER Jr.. Asst. Secretary
Robert Knight,
PHILADELPIckIA.
LOUIS W. FRICKE, Asst. secretary
John W.'Danielson, Benjamin M. Jackson,
Jahn R. Freeman,
FREDERICK vIERLING. Trust Officer
Herbert J. Wells,
Charles S. Mellen,
HENRY SEMPLE AMES. Asst. Executive Officer
John C. Pegram,
Robert W. 'raft,
CHARLES H. POLK. Asst. Trust Officer
Goff,
13.
Lyman
Webster Knight.
WILLIAM G. LACKEY, Bond Officer
WM. McC. MARTIN, Asst. Bond Officer
HERBERT J. WELT S, President.
TOM W. BENNE'rr, Real Estate Officer
EDWARD S. CLA'RK, Vice-President.
GEO. KINGSLAND, Asst. Real Estate Officer
HORATIO A. HUNT, Vice-President
O. W. MORATH, Safe Deposit Officer
WILLIAM A. GAMWELL, Secretary.
PRESTON H GARDNER, Trust Officer,
503-6(15.507 Chestnut St.. Philadelphia.
CYRUS E. LAPHAM, Asst. Sre.y.
JOHN E. WILLIAMS, Asst. Sec.Y.
CAPITAL
$1,000,000
HENRY L. SLADER, Asst. Seciy.
• ADAM A. STULL. President,.
HENRY G. BRENGLE, 1st Vlee-Pm‘f. Tr2a.urer.
A SPECIALTY
Jos. S. CLARK. 2d Vice-Pres., Superv'g Trust Dept.
CHAB.P.LINEAWEAVER,Sec. & Asst Trust Officer
DIRECTORS.
Henry G. Brengle,
J. Levering Jones,
Members N. Y. Stock Exchange
James Crosby Brown, Malcolm Lloyd,
John Cadwalader.
John MeIlhenny,
Richard Wain Melrs,
E. W Clark Jr..
Clement B. Newbold,
Eckley B. Coxe Jr.,'
Telephone 8444 Hanover
John W. Pepper,
Edwin S. Dixon.
W liam F. Rend,
Eugene L. Elli,on;
Frank Samuel,
Joseph C. Fraley
Adam A. Stull,
Harry C. Francis,
BRANCH OFFICE
Edward D. Toland,
Henry L. Gaw, Jr.,
Bristel Building, 5th Ave. and 4111 St.
Howard S. Graham, Joseph R. Wainwright:
11 'Wan D. 1Vins-r.
6anmel F iIouto ,
Telephone 1556 Bryant
The Trust Company
of North America
Cuban Securities
FRANCKE, THOMPSON & ROBB Perry, Coffin & Burr,
43 Exchange Place
INVESTMENT, BONDS.
60 State Street,
BOSTON.
@FedFRASER