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INCLUDING and City Section (semi-AnnuaUy) Street Railway Section {^rJST^) State Bank and Quotation Section (Monthly) Railway and Industrial Section (Quarterly) Entered acooraing to Act of Con^eaa, In the year 1906, by Wixjoaj* B. Ttxsx CoMPAirr, in the ottloe of Ldbrarlan of Congresa, Washington, D. O A weeftly newspaper entered at Post Otfice, New York, as seoond-class matter— WnxiAM B. DAKA Compamt PnblUhers. 78^ Pine St.. N. Y. VOL. SATURDAY, MAY 82. 19, NO. 1906. Wcc'c cruling — May 2134. 12. Clearings at PUBLISHED WEEKLY. Terms ot Subscription —Payable Bostnn Providence in Adrance For One 5i:ear For Six Months Enropean s.ubscrlption (including postage) Eoropean Subscription Six Months (including postage) $10 00 6 00 i... 13 00 7 50 Annual Subscription in London (including postage) Six Months Subscription in London (including postage) &2 *1 -' 148. lis. Subscription includes following Sections— New Haven Worcester Portland Fall River Lowell >.'ew Bedford Holyoke State and City (semi-annually) (monthly) Railway and Indcstrla.l (quarterly) Steeet Railway (3 times yearly) Bank and QnoTATiON Hartford Springfield I Total New F.ng. | Terms ot Advertising — Per Chicaffo Inch Space Cincinri.iti $4 20 Transient matter per inch space (14 agate lines) „ „.,.„. Cards Standing Business ( 1 , -l ( Two Months Three Months ^^ Months (13 tunes) (26 times) (52 tunes) Twelve Months Cleveland Detroit 00 00 00 00 Columbus 22 29 60 87 (8 times) CHICAGO OFFIC&—P. Bartlett, 513 Monadnock Block; Tel. Harrison 4012 LONDON OFFICE— Edwards & Smith, 1 Drapers' Gardens, E. C. WlLLIAiU Post Office DANA COMirANY, B. Pine Street, Corner Box 95S. NEW Indianaprlls] Toledo Iporia Orand Rapids Oayton Evansville Lexington Publishers, SnriugpPld, ("unton Pearl Street, ot Milwaukee VORK.. III -- Kalamazoo Youngstown .-VUron Fort WajTie Rockford Springfield, CLEARING HOUSE RETURNS. The following table, made up by telegraph, &c., indicates O Bloomington Quincy Decatur Mansfield that the total bank clearings of all the clearing houses of the .Jacksonville, IllSouth Bend United States for the week ending to-day have been $2,937,- .Tackson Ann *.rbor against $2,936,312,249 last week and $2,729,259,785 154,175, Tot. Mid .West. the corresponding week last year. — Per 1^ Clearings Keturns tni Telegravh. IV cek ending May 19 %l New York Roston Philadelphia nallimore Chicago St Louis 82,125,016,041 .51,943,120.112 .308.490,248 all cities for _ Portland Lake City.SpoVane week Tacoraa Helena Fargo S oux Falls Total Pacific. Kan.^as City Minneapolis —3.6 Omaha S2.203, 299.036 465.960.749 82,937.154,175 - + 9.4 + 9.3 + 9.1 + 13.1 + 13.4 —3.1 + 5.3 + 9.4 320.178.924 52,4.33,512,889 503,641.286 all cities cities, 1 day The _ 5 days Total Total 128,342,113 118.050,721 22,215,093 178,242.674 49,710,806 13,882,615 -- - Seven cities 5 days other cities 5 days All 1905. §1,476,058,020 117,453,700 108.232,171 19,641,579 157.227.502 51,318,861 13,188,273 Salt ___- _ Cent. 1906. S1.614,56C),5o9 ^San Vs-ancl.'co--, r.os -Angeles Seattle $2,729,259,785 + 7.5 + 8.1 + 7.6 St. Paul Denver St. .Joseph lies Moires Sioux City Wichita Toppka the week covered by the above will be Davenport Color.ado Snrings given next Saturday. We cannot furnish them to-day, Cedar Rapids Pueblo clearings being made up by the clearing houses at noon on Fremont and hence in the above the last day of the week Saturday, Tot. oth.West. has to be in all cases estimated as we go to press Friday night. St. Louis .We present below our usual detailed figures for the previous New Orleans Louisville Houston week, covering the returns for the period ending with Satur- Calvcston liichmond day noon, May 12, and the results for the corresponding Mciiii)his week in 1905, 1904 and 1903 are also given. Contrasted Savannah with the week of 1905 the total for the whole countiy shows Atlanta Nashville a gain of 15.2%. Outside of New York the increase over /Norfolk Fort Worth Birmingham 1905 is 8.0%. Augusta -- full details for . . , . Week ending Mmj Knoxville Charleston 12. Little Clcartm/s atI 1900. 1905. Dec. Rock •Jack.sonville Inc. or 1904. 1903. Chattanooga ... Mobile Macon New York ,943,995.S.i9 1,628,894,256 Philadolphl.a PltLsbiirah 141.379,078 4s,.|4.-)..S.50 Baltimoro 26,345,513 7,414,472 5,779,551 BilHiil" V/.isliln«t.in Alnany "5,229,721 Rochester 4,000,000 2.000,000 Srratiton SvracM.io . l,(i3"),0ill Wllmlneton 1,318.403 Ro.ndiiU Wllkcs-n-vrre l,26!,(l.y.l WhoellnK Eric Chestor T'.lnahariton Green-jbiirK Franklin 1,047,322 914.899! 583,013 478,796 .591,900 719.657 190.000 124,907.277 49,333,254 20,551.415 ,166,734 029 13.1 1.8 97,026 810 4 28.2 19,230 143 0,336 770 4,-563 473 ,281.142,954 119,879,632 50,458,778 22,226.335 6,775,809 4,401.414 4,607, 870 4.820, 6i'9 3,429 ,3'13 1,C.03 057 3,360.420 1,224 781 .055 244 1,178 470 826 :052 1.4.S5.073 Montreal Toronto 1,347.860 Wlnn-peg + — 6.449,0.52 + 5,263,551 5 060.967 3;512,4ll J- 13. 15.0 9.8 3.3 + + 1.735. sn + 15.2 1.435.000 + 14.1 197,907 1.201,018 1,002,284 1 7,55,723 603.797 767 .087 582,500 412.224 199.068 Total Middle.. 2.103..3.37,S14 1,.S53,955,592 Columbus + 19.3 + 10.1 + 5.3 + .5 + 21.1 1 —3.4 —37.6 + 1.6 + 7.5 —4.6 30,S.59 609 1 734 7,50 535 732 191 .'^71 ;700 53i» 339 851 248 ,572 + 18.311,347,648,447 1.5.32,3.50 Total Southern Total all Outside N.Y.. Cnnada ?0 033„53l 14.061,190 4,533,583 - fittawa Halifax 1,990.379 1,738.148 484,301 456,361 Quebec Vancouver Hamilton. 1,142.100 43 1 .800 St. .John 964.628 7 69. 182 1,.572,745 969.123 1.011,962 -- 530,270 London 820,1.39 220, .522 Victoria 425.313 Calgary 1,501.294.394 Total Canada . 77,3,' 48,298.212 — THE CHRONICLE. 1122 [Vol. lxxxil by leading London newspapers to be because it was believed on that side of the Atlantic that the deInterpretations by laymen of laws may be highly mand for gold by the United States was solely in the ingenious, but they not infrequently lead to strange interest of security and commodity speculation and After the earthquake situations, as far from the intent of the law-maker as speculators in this country. the interpreter could well get. Here is a case in point. and fire and on the occurrence of the extreme demand We have reference to the Sub-Treasury Act. The real for money to send to San Francisco, Europe disconthing that statute created (the law of 1846) was an tinued every hindrance and opened its vaults wide to independent treasury. As we have often shown. a free outflow. In other words, had the earthquake Congress at the time of its enactment was induced to and fire and extreme demand for money antedated adopt the legislation it did by the failure of banks in Mr. Shaw's contrivance, the gold would have come which public funds had been deposited. Later a pro- all the same. That conclusion cannot be controverted. vision inserted in the National Bank Act as to depos- For the situation had concurrently developed a large itaries of public funds made a material change in the natural imperative demand for money that could not This change has have been avoided or deferred, but must have been satdistinctive feature of the 1846 law. been objectionable (1) because it gave opportunity to isfied instantly. That is to say, the action the SecreTreasurj^ managers to read into the bank provision tary took was not the cause of the gold imports, almost any meaning each successive Secretary saw fit to the gold must have come had Mr. Shaw's device adopt; and (2) because each device adopted served as a never been heard of. We see consequently that, judged by the intent and precedent encouraging a wider stretching of the statute, whenever another monetary strain called for treatment. purpose of the Secretar}^, Mr. Shaw's money-making The invariable excuse for thfese enlarged private inter- device could not be called anything but a loan. In no pretations has been business pressure, threatened sense did it have the essence or form of "a deposit of the only subject panic, monetary stringency each induced by the public funds" in depositary banks taking from the covered by the 1846 law and the only modification is to natural action of the Sub-Treasury banks their reserves and locking them up in Govern- be found in the provision of the National Bank Act. ment vaults. No kind of construction can bring Mr. Shaw's act How to get these reserves out of those vaults has within the compass of a mere lodgment. Furtherbeen the burning question. It was easy enough to more, we repeat that the results of the Secretary's get into an entanglement. All the Secretary had to device by no means can be measured by the imports do to court that situation was, whenever there was in of gold that followed. They were a necessity of the progress a surplus of Treasury receipts, to use his monetary situation which grew out of the California The only connection discretion by holding on to his deposits and so con- disaster land were forced by it. tinuing to deplete banks of their cash until an embar- Mr. Shaw's movement can be considered as having had To arrest this with the gold imports was that it opened the avenue to rassing monetary strain was the result. bleeding process just before the exhaustion of bank an increase of profits by the importing banks. reserves was reached has been the field in which SecAn incident of some interest in connection with the retary Shaw has shown marked ingenuity. His latest contrivance has, however, been an unwise and current movement of gold hither from Europe niay be conspicuously unwarranted venture, and although the noted, not only because of its peculiar character, but public at the moment may not accept this opinion, no as a matter of record. When the gold which arrived one will take pride in the operation when its character from London on Saturday and Sunday last was enAccording to the general gaged at that centre, the price of gold bars in London is more clearly understood. interpretation, it was a clever contrivance for inducing was 77 shillings 10^ pence per ounce and of American an import of gold. Mr. Shaw himself stated the case gold coin 76 shillings 83^ pence these higher prefairly as he looked at it when he said in substance that miums having been imposed upon the gold for the purexchange rates showed that the gold wanted to come, pose of obstructing its withdrawal for export. On but the cost in transit prevented; so he instituted his Saturday, however, when the consignment was on the way of paying that item of cost, and the gold in-fiow eve of arrival the price of bars in London was reduced followed. The Treasury of course received no part of to 77 shillings 9 pence and of coin to 76 shillings 4 the proceeds of the venture, and might as well, so far pence per ounce; hence there was a decline in the Lonas it was concerned, have deposited the money in the don market value of 1^ pence per ounce in bars and of depositary banks by a single act; but to the banks, 434 pence in coin while the metal was in transit, which the intermediaries, the Secretary's act proved a good decline was equal to 53^ per mille on the importation. Assuming that this decline resulted in a loss to some stroke of business. and the method pursued one of the parties engaging in the importation, the It is presumed by many question arises, who sustained such loss? The gold was by the Secretary has been condoned on the assumption that we should not have had the 52 million dollars of practically imported for the account of the United gold from Europe had it not been drawn out through States Treasury, the expected profits of the operation the payment by our Government of the interest cost being enjoyed solely by the importing banks or bankof the metal while in transit. That is the common ers; the Treasury was entitled to receive only a sufsum of gold to offset advances which it belief, but it is by no means proven. If our readers ficient stated THE FINANCIAL SITUATION. — — — , — imports made to the importers for the purpose of facilitating into America before the earthquake and fire, it will the operation. Hence the Treasury was not concerned be remembered that before that occurrence Europe as to the price paid for the gold. It received in exinterposed various legitimate obstacles in the way of change for its advances the gold which was brought will recall the conditions prevailing as to gold such a movement. The reason for this was freely out and that yielded, when assayed or counted, the I May THE CHRONICLE. 19 1906. J statutory bullion value of $20 67 1123 As stated, the offer is to issue policies in the British company for the other ones, at the same rates and through for the same amounts. Mutual policies issued in Great per ounce for the bars and par for the coin. Assuming consequently that there was a loss the importation, the importers must have sustained Britain since 1898 have "surrender values" attached, such loss, for they bought the gold at a premium said to be on a liberal scale, and the British office and turned it over to the Treasury practically at par. But through the operation of importing the gold, the importers bought it with the proceeds of sight exchange, which bills, largely because of the premium on the gold, ruled at figures sufficiently below the normal would be entitled stand to it amounts, which would to collect these as the present consideration of the transfer. The offer applies only to these later pohcies (and to them with some qualifications); and the condition is made that a number large enough to guard against gold-importing point to enable the importers to realize "adverse selection" (i. e., getting the poorer risks a profit notwithstanding the premium on the metal. and missing the more desirable ones) shall come forTherefore it would seem that whatever loss resulted ward at once. The offer is said to be without medical premium and its re-examination, but there is considerable reason to turning over to the Treasury at par, was offset by the doubt whether that usual and really necessary test considerable profit, as shown last week in this article, will not be required. At least whatever reservations which accrued from the purchase of the reimbursing we make from these cable stories, which are not Hence, though the operation showed a deficit officially authenticated it is plain that this scheme draft. equal to the difference between the price paid and the is only an instance, on a very striking and phenomenamount realized for the gold through its exchange at ally large scale, of what is known as "twisting," the Treasury for the securities pledged for the Govern- which is inducing policy-holders to leave one comment advances, such loss was fully made good in the pany for another. This has always been deemed manner above noted the most reprehensible of insurance practices, and from the purchase of the gold at a — — , there The story week told this scheme to transfer the Mutual Life to a is no reason for approving it in the present case. of the The new loan negotiations of the Pennsylvania one of peculiar interest. The law Railroad Company have been one of the prominent in this State long ago gave permission to companies features of the week in the financial markets. On meaning of this being Tuesday it was announced that an issue of Pennsylto "reinsure any risk," the that a company might reduce its hazard on any policy vania Company 4j^ per cent gold notes due in Novemby getting another company to insure a portion of it. ber 1907 to the amount of $50,000,000 had been disThe PennsylIt was not contemplated that a company should posed of through Kuhn, Loeb & Co. transfer all its policies and go out of business in that vania Company is the concern through which the the British policy-holders of company British manner, yet — notably down, is this in the has been done in a time when after the crisis number of cases many companies went Western lines of the Pennsylvania Railroad are con- and the new 43^ per cent notes of 1873, and the latest important bears the Railroad's endorsement. The bonds were trolled, issue of which we recall was the transfer of the disposed of within the short space of two hours, the Brooklyn to the Equitable, in 1901. All these, how- issue price being slightly below par. Messrs. Kuhn,. ever, were cases of failure or of unsatisfactory business, Loeb & Co., it is understood, acted simply as brokers and they were arranged by the retiring company; in the negotiation and it is figured out that the combut now we have the probably unprecedented phe- pany obtained the money at a net cost of about 5 nomenon of a movement of transfer by policyholders per cent. Considering the company's credit, thisthemselves, and from a strongly solvent and going rate might be looked upon as high. Having regard,, concern. It is quite superfluous to say that the however, to the condition of the money market,, Mutual is such a company and that not only is there the terms must be viewed as satisfactory. no room for question about its strength but there is No doubt the company is borrowing on short-term instance not the least real occasion for its British policyholders The explanation plain — it is an notes because conditions at the movement, however, one, showing the marks the of artificial that there is British representative of tion took effect formally issues at good figures. The former cumstances the Mutual, whose resigna- ful flotation a stampede. on the 10th, has been promin- among bond are not favor- Aside from the fact that the supply of loanof able funds in the market at this time is by no means is that character in the attempt of the cable stories to over-abundant, make out moment able to the floating of long-term to disturb themselves. it must be remembered that other are also of operating against new bond cir- the success- issues at low-interest rates. Previously the large fife insurance corporations, with tlicir enormous assets and plethoric bank balances, "do something for" could always be relied upon to take part in new them, and his disappointment at being unable to bond negotiations. It has often happened in the past make any satisfactory arrangement with the com- that entire bond issues for large amounts have been pany's office here. The tentative suggestion was put taken by the leading insurance companies without aid out that the British members be permitted to secede, or assistance of any kind from the outside. But all their portion of the assets being turned over to them, this has now been changed through the new insurance but this was declined as impracticable; now the ex- laws restricting rigidly the investment field of life manager has arranged for transfer to the British insurance corporations. Still another circumstanceoffice, to which he is to go himself as a joint manager, is operating at the moment to keep the bond market and of course he has used his own acquaintance and dull and lifeless, and reducing the demand for bond standing with his clients to impress upon them the issues of all kind. We refer to the fact that the fire ent in the disturbance policy-holders in Great Britain, professing his desire to desirability, if not the necessity, of the shift. insurance companies, because of the great losses in- THE CHRONICLE. 1124 [Vol. Lxxxii. San Francisco fire, have been sion that the demand of the Russian Douma f(jr obliged to dispose of large amounts of their invest- general amnesty, in its reply to the speech from the ments, where under the ordinary state of things they throne, would elicit a positive refusal of the conce.swould have been in the market as l)uyers. As regards sion; it was later reported, however, that the Emperor the Pennsylvania Railroad itself, it is well to bear in would agree to a modification of such amnesty so cuned throuf^h the should not api)ly to political assassins. The underwrite the SI 00 .000 ,000 8)^% convertible bonds more confident feeling on Thursday manifested in which had been offered to the shareholders at par has the St. Petersburg and the continental bourses only recently been dissolved it having expired by seemed to indicate that the Douma would accept the mind too that the syndicate organized last year to that it — Report at the time was that the syndicate had sold about CO^^; of its holdings and that the other 40% would be distributed among the parClearly, then, the Pennsylvania manageticipants. ment were wise in borrowing on short time, and the rate paid for the money does not appear to be excessive limitation April 1. modified concession. The most important feature of last week's statement of the New York Associated Banks was the increase of $3,815,800 cash and the gain of $6,995,075 item to $12,894,600. in surplus reserve, carrying this Loans were decreased $16,460,400 and deposits were reduced $12,717,100, the latter causing a decrease of $3,179,275 in reserve requirements. There was an under the circumstances. The Pennsylvania Railroad, as is well known, is carrying on a very extensive amount of new work for import during the bank week from Europe of $16,the purpose of providing ,for its enormous and con- 027,478 gold, part of which may be reflected in the stantly expanding traffic and to handle the same bank statement, as also will a transfer to San FranIt is exNaturally, it takes a cisco of $2,700,000 through the Treasury. efficiently and economically. great deal of money to finance these undertakings. pected that the banks at that city will on May 23 This being known, the company's borrowings attract actively resume business, and preparatory thereto attention more by reason of the possible effect upon these institutions are drawing upon their Eastern the money and loan markets than on their own ac- correspondents for funds; hence the comparatively count. tal are Though the company's demands for new on an extensive scale by reason of the capi- that week to that city. facts can furnish no occasion for solicitude so long as its revenues keep expanding in the present noteworthy way. As shown in these columns two weeks ago, for the first three months of the current calendar year there has been an improvement in the gross earnings of the lines directly operated East and West of Pittsburgh of no less than $9,608,- cited, large transfers this situation 800, and at the same time there was an improvement Influenced by the improved condition of the local last week's statement, and by the moderate demand for funds for stock speculation, the market for money has been easy this week. Loans on call, representing bankers' balances, were effected on the Stock Exchange during the week at 4% and at 23^^%, averaging about S}i%', banks and trust companies loaned at 3% as the minimum. On Monday and on Tuesday loans were at 33^% and On at 3% with the bulk of the business at 33^%. Wednesday transactions were at 4% and at 3% with the majority at 2>}4.%- On Thursday loans were at 33^% and at 23^% with the bulk of the business at 3%. On Friday transactions were at 33^% and at 3% with the majority at 33^%. Time contracts on good mixed Stock Exchange collateral are quoted at banks, as indicated by also months in the sum of $4,580,200. Yesterday there was a report that the company was also placing $10,000,000 to $15,000,000 of water bonds and $10,000,000 of equipment bonds. This would appear to refer, however, to an old matter, as the facts are substantially the same as those contained in an item in our issue of March 10, page 569. In the company's last annual 434@43^% for sixty days, at 43^ @4^% for three to six report it was stated, that owing to the increased demonths and at 5% for periods extending over the year. mand for water arising from the growth in traffic, the There was a better inquiry for commercial paper this former sources of supply of water had become inadeweek, not only from local but from out-of-town buyers, quate and on the lines traversing the coal districts and rates were 5@53<C% for sixty to ninety day the quality of the water was rapidly becoming unfit endorsed bills receivable, 5@53^% for prime and 53^ for locomotive use. It was also stated that arrange^ for good four to six months single names. ments had been made through contracts with companies organized and owned by the Pennsylvania RailThe Bank of England rate of discount remains in the net earnings for the three road to secure an adequate supply of good water at all unchanged at 4%. The cable reports discounts of points on the main line between Pittsburgh and New sixty to ninety-day bank bills in London 3^%. York and also on the more important branches, and The open market and the piping of the water to the company's lines. The cost of this work will naturally be considerable and if the money for that purpose has not already been obtained, it soon will have to be. It is also known that the company must make further additions to its equipment. for the construction of the reservoirs and Frankfort is is 2^% and at Berlin 3^@3%%. £31,601,725 at the close of the week. Our correspondent further advises us that the gain was largely due to the imports of gold from India, the details of the There was no change in official rates of discount by any of the European banks this week; compared with last week unofficial or open market rates at London were easier while at Paris and in Germany they were fractionally higher. The continental markets were unsettled on Wednesday by some apprehen- rate at Paris According to our special cable from London, the Bank of England gained £359,560 bullion during the week and held it movement into and out of the Bank being as which £500,000 from India, £14,000 from Australia and £389,000 bought in open market); exports, £180,000 (of which £40,000 to Malta and £140,000 to South America) and shipments of £363,000 net to the interior of Great Britain. follows: Imports, £903,000 (of , May The THE CHRONICLE. 19 1900.1 foreign exchange market was irregular and gen- A erally lower this week. bars in decline in the price of gold London on Saturday of last week 1125 The following shows daily posted rates for sterling exchange by some of the leading drawers. to 77 shillings May Brown together with the firm Mon., Fri.. 9 pence per ounce and in the price of American coin to May 11 /60 days 4 83 Co... .\Sisht.. ! §5^ fif) days 4 83 14 83 8GVi 83 86 J4 83 S6'A 83 Tues.. 15 Wed.. May May S3 83 16 Thurs., 17 May Fri., May 18 S3 86"^ 83 86 83 7G shillings 4 pence, rates for Brothers & SUH 86H H Banng 83 83 iSiSlit.. 4 S()i4 &Co .__ exchange at New York, at figures above the gold-im86J^ 86^ KiO days 4 83 Bank British 83 83 North 86}^ port point, and the easier tone for money in this city, Bank of America .. .. |Sie)it_. 4 8614 86H 86H (hiys 4 83 83 83 83 iSisht.. 4 86 Montrpal SGH 863^ 86}^ 86H eliminate the international gold move- Canadian Bank contributed to (GO days 4 83"^ 83 83 83 83 of Commerce .ISifllit.. 4 86J^ 86 H 86"^ 86J^ 86M Ickel60 days 4 83 83 ment as a factor in the market situation. Though Heidelbach. Co 83 83 83 -l.Siulit.. 4 8GH heimer & 86!^ 8614 863^ 86>^ H Lazard 00 days 4 83 83 83 83 83 large consignments of gold were in transit and due to (Sight.. 4 86H 86}^ 861^ 86^ CM days 4 83 Merchants' 83 83 S3 83 arrive during the week, cover therefor had been proBank of Canada- -ISight.. 4 86 86 H 86 H 86^ 86 J^ H cured concurrently with their engagement and there market closed on Friday at 4 8210@4 8225 for The were no expectations of new imports in the future. long, 4 8520@4 8530 for short and 4 8570@4 8580 The market seemed to be influenced early in the week for cables. Commercial on banks 4 8170 @4 8180 and ' . 110 J 83 86 83 86 83 86}^ 83 86}^ 83 86;^ 83 86 83 86Vz S3 86 . 1 1 - J - - by speculative manipulation based upon the proba- documents for payment 4 81^ @4 823^. Cotton for bilit}^ that a considerable portion of the S50,()()0,0()0 payment 4 813^ @4 81^, cotton for acceptance 4 8170 new issue of Pennsylvania collateral notes would be @4 8180 and grain for payment 4 82@4 82i^. placed abroad and therefore that there would be free offerings of exchange against these securities. There was liberal speculative selling of bills following the announcement of the negotiation of the above mentioned notes, and as the result of such sales the market grew heavy after Tuesday, though at the decline there appeared to be an absorption of offerings due to a demand for sight exchange for the settlement of maturing There was on Wednesday some evidence finance bills. of drawings of exchange by agents of foreign insurance companies, indicating preparations for the payment of the San Francisco fire losses; but the supply of bills from this source was not large and the tone soon became Though there were some security bills steadier. against American stocks bought for European account commodity drafts were in only moderate supply, a rise in wheat tending to check exports; at the close of the week there was a firm undertone to the market. The arrivals of gold from Europe this week have amounted to $16,027,478, the largest for any week in It is estimated that the gold the present movement. engaged, which is nearly due, exclusive of $3,800,000 from Austraha, amounts to $9,400,000; inasmuch as the receipts thus far have been $37,703,000, when the balance above noted shall arrive there will to The following gives the week's movement of money and from the interior by the New York banks: Week ending Currency Gold May Received Y N. 18 1906. . Net Interior Movement. Sliipped by BatiKs. bii Banks. A'. 1 . 87,094,000 1.598,000 Total gold and legal tenders. 88,407,000 1,934,000 Loss Loss 81,313,000 336,000 88,692,000 . 810,341,000 Loss Sl.649,000 With the Sub-Treasury operations the result is as follows: Net Change Out of Banks. Into Week ending May IS 1906. Banks in Bank Holdings. int. movem't as above.. Sub .-Treas oper. & gold imports 88,692,000 41,200.000 $10,341,000 38,200.000 Gain Total gold and legal tenders.. 849,892,000 848,541,000 Gain $1,351,000 Banks' . The following indicates the amount European banks: Loss 81,649,000 3,000,000 of bullion in the principal May Bank May 17 1906. 18 1905 of Silver. Total. £ Gold. Gold. £ Total. Silver. 31,601,725 3fi,579,792( England.. 31 601,725 30.579.792 France 117 771,769! 42. 460. I54II6O. '231, 923 114.711,55X1 44.273,482 158.985,040 ' Germany .' Russia Aus.-Hun. Spain Italy Neth'lands Nat.Belg I 37 ,997.000 87 ,909,000 ,301.000 5,447.000 12.7S9.000J 59.090.000 .123,000! 24.095.000| :59,21S,O00 3,9-28,100 32,445,100. ,517,000 5,735,200 1 1.252.4001 ,517,200; 1.613.000 ,226.000 13.429.000 53,717,000 0,227,000 110.032.000 47.923.000 13.103.000 61.020.000 14,781,000 21.55^000 36.338,000 22,577,000 3,595,300 26,172,300 6.727.700 6,283,3001 12,966,000 l,582.000j 4.746.000 3.104,000 40.2SS.OI)0 93. .356. 000 103.805.01)0 12.666,000j 50, 66:!, 00(1 4,839,0001 Total week 373,903,094 108,733,454,482,097. 1481.390,557,050 110.005.082 500.,562, 132 Tot. prev. .374,017,621107.771,355 482.388.976:389.377,991 109.790.531499,168,522 be a total of $47,100,000, and, with the Australian consignment, S50,900,000. CARL SCHURZ. This does not include, however, $3,- Monday removes a The 000,000 imported from Berlin at the beginning of the movement, which was due not to Mr. Shaw's interven- remarkable and, in some respects, a unique figure For, although Mr. Schurz tion but to the independent action of the importing from American public life. many years retired from active service, neverhad for bank. death of Carl Schurz last exchange are 4 83 for theless his voice was in so frequent demand from the 863^ for sight. The market was platform when a political struggle was at its height firm on Saturday of last week with long 10 points higher, that he was constantly, and in recent years often at compared with rates at the close of the previous day, at great personal sacrifice, brought f(^rward as an es- Nominal quotations sixty day and 4 for sterling 86@4 4 8225 @4 8250, short 5 points higher at 4 8550© 4 8560 and cables 5 points at 4 8605@4 8610. On Monday the tone was easier at a decline of 15 points for long to 4 8230@4 8235 and of 5 points for cables to 4 8595@4 8605; short was 5 points higher at 4 8550@ 4 8565. On Tuesday long fell 5 points to 4 8225 4 82.30, short 30 points to 4 8530@4 8535 and cables 15 points to 4 8580@4 8590. On sential guide to public opinion. This attitude was the natural and not unfitting sequel to a long and Mr. Schurz himself says of striking public career. Henry Clay, in his the history of Clay biography of that statesman, that is the history of the Ignited States during the period of Clay's political activity. To a very considerable extent the same thing might be said Wednesday there of Carl Schurz. He 'was not. like Clay, a potent was a decline in long of 5 points to 4 82@4 8225, of leader of political forces from the halls of legislature; 5 points in short to 4 8525@4 8530 and of 5 points in on the contrary, the most interesting fact in Mr. cables to 4 8580 @4 8585. On Thursday long recov- Schurz's career was that his greatest victories were ered 10 point to 4 8210@4 8225, short 5 points to- won and his impress made most deeply upon public 4 8530@4 8535 and cables 5 points to 4 8580@4 8590. opinion when he stood in the opposition, and when at The market was steady on Friday with short and times the contest at the moment seemed to be quite There is no doubt that he was by bent of hopeless. cables 10 points lower. . THE CHRONICLE. 1126 mind more effective in ojjposition Ihan in advocacy [Vol. Lxxxn. ency which led the jjolitical party which had virtually Mugwump proscribed him for his or defence of established policies. proclivities to turn The same may be said of many other eminent states- to him in the Br^'an contest, knowing perfectly well men of this and foreign countries of Fox, for example, that his eloquence and his influence would he at their — from in distinction Men his brilliant adversary, Pitt. service in that remarkable campaign. This eloquence community, and this influence were of a striking order. It was renown that they characteristic of Mr. Schurz that he should have re- of this sort are of the highest value to a and it is no derogation from their happened not to be numbered in the ranks of distinctly constructive statesmen. Much depends upon circumstances as to which field of activity will fall to their lot; still more perhaps on their own intellectual temperament. A community which, like ours, is apt to award the highest credit to the man of administrative capacity and achievement, frequently underrates the value of the more philosophical public leader, whose main office is to hold back people and government from a false course of action. His is at times described as a policj' merel}^ of obstruction and negation. Yet the statesman whose main work is to attack unsparingly both men and measures, when principle is sacrificed by them, is a fundamental necesEvil will be the day sit}^ of our Anglo-Saxon system. when men of this sort no longer get a hearing; it is the}^ who, at times when the nation or community has reached the parting of the ways, do the most indis- tained to the very last his influence on the opinions of countrymen German even when, owing to complexity of political issues, he could not carry their votes with him on election day. That his in- his fellow fluence with them of birth, at certain junctures was of the very highest importance hardly admits of doubt. In the matter of slavery, of greenbackism and of silver, he undoubtedly did very much to consolidate the Ger- man vote. To what extent his vigorous opposition against the imperialistic tendencies of our Government had tangible influence on the the politics of German voter cannot easily be said until the question comes to a test of public vote, as it has not yet done. orator whose words changed opinions As an and produced convictions on the greater issues of the day. Mr. Schurz stood easily among the American first in political his- His speech was aggressive, pleasing and easy, but always direct and incisive, and always sustained tory. it in its course. so fully by the strong convictions of the speaker and say that Mr. Schurz's public history was by the profoundness of his knowledge of literature largely that of the country during his period of active and history, though at the same time simple enough pensible service in halting When we we mean that he was conspicuously engaged for the plainest mind to comprehend, that his power series of great contests which mark the over audiences was surpassed by that of few men in record of our government during the past half century. our time. That this power should have been enjoyed service, in the whole Starting, on his first arrival as a revolutionary exile over English-speaking as well as German-speaking from Germany, with an attack on the slave system, in audiences, by a man who did not learn the English which he never wavered, he followed this up in his language until he had reached the years of manhood, later career by leading the movement against fiat money, by championing the then almost hopeless cause of civil-service reform, and later on by taking a distinguished and honorable part, despite physical infirmity, against the free-silver-coinage 1896. During political allies movement was a remarkable and, so far as we can recall, an un- paralleled achievement THE DELAWARE LACKAWANNA & WESTERN REPORT. of The rejuvenation of the Delaware Lackawanna & this period he had broken with his old because of his refusal to support Mr. Western Railroad Co. has been attended with most re- Blaine in 1884, and had played a leading part in the markable results. It may seem like stretching things campaigns of Mr. Cleveland. Still earlier he had left to speak of the "rejuvenation" of a property which his mark term in legislative and administrative life by a has always held such a high United States Senate during the Grant regime, and by his occupancy of the Interior Department under President Hayes. In both, his career was distinguished and even brilliant; yet it was curiously in conformity with his intellectual habit that his main achievements, both in Congress and in the Cabinet, came from his power of aggressive opposition. In the Senate he will be longest remembered by his attack on proposed inflation measures; in the Cabinet, for the in the wanna. And yet that is with the road in recent years. tive position as the Lacka- precisely what has been done Before the new execu- succeeded to control, the company, though a staunch dividend-paying concern, was yet in many respects behind the times. It had become evident if the property was to retain its high rank, old methods would in large measure have to be abandoned and new and progressive ideas adopted. Mr. Trues-dale recognized and understood what the need was sternness with which he dispersed and punished the and proceeded at once to supply it. The intense comthieving contractors who surrounded the Indian and petition that had developed made it absolutely necesland bureaus of the Government. In short, he dis- sary to reduce the cost of handling and moving traffic played, in all the various functions of public life per- that to the lowest possible minimum per unit of service, formed by him, practically the same spirit which and the Lackawanna must inevitably have fallen bemarked his younger manhood, when, through partici- hind if it had not been put in position to compete upon pating in the Prussian revolutionary movement for even terms with its rivals. To raise it to the required political freedom in 1848, he was driven from Germany. standard involved making very extensive improveOf few public men could it be said as it can be said ments and enlarging and extending the facilities in of Mr. Schurz, that his attitude on public questions every direction. All this called for the expenditure was consistent from first to last. This fact is cordially of an enormous amount of money, and the funds had admitted, even by those who took sharp exception to to come mainly out of earnings. That, however, did Mr. Schurz's attitude toward the Grant administration not deter the management. They went straight and toward Mr. Blaine. It was belief in such consist- ahead with their work, and the results have justified . May THE CHRONICLE. 19 190G.J way 1127 which important savings have been During 1905 a further addition much reason to feel gratified (because of the better of about 16 tons was made to the average train-load, accommodations and improved service afforded) as the bringing this average up to 461 tons. This is an increase of no less than 100 tons in the short space of proprietors The fruits of the new policy are seen on every hand, and the patrons of the road have as their efforts. Of course the company's strong point always has been its small amount of capital stock, the total of the same being only $26,200,000. On account of this fact any saving in management and any addition to profits from that cause or from the development of the road's business through the enlarged facihties provided necessarily means a proportionately large expansion in the return for the shares. An erroneous impression has prevailed that the company's prosperity is favorable to be attributed entirely or situation The company of coal, and the of certainly is mainly to the anthracite coal trade. a large producer and carrier of the effected in must suffice. three years, for as recently as 1902 the average trainIf we go back to the last six load was but 361 tons. months of 1899 (no statistics being available on this point prior to that time) we find that then the average Hence, in less than six years load was only 302 tons. an improvement of over 50% has been established in Of course wages are higher now than a this respect. few years ago, and fuel, materials and supplies also cost very much more; but the improvement in the particular mentioned, together with the growth established in traffic has made it possible to overcome these drawbacks and at the same time increase the com, , during 1905 was heavier pany's prosperity. What has been said enables one to understand the was managed more advanhowever, that the anthracite striking inoome statement which the company pre- this coal business than ever before, and also The truth is, has been only one element in the company's sents in the annual report for 1905, given out for pubThe company paid recent advance and development. The effort has been lication at the close of last week. its regular dividends of 10% on the stock, together to extend traffic of all kinds and in all directions tageously. traffic and the various with 10% extra, making 20%, and even then shows a surplus on the operations of the twelve months over And these efforts have been crowned with an unusual and above these dividends and all charges of $2,698,428. This surplus is equal to 10% more on the measure of success. We know of no other way of indicating so graphically $26,200,000 of stock. In other words, while 20% was what has been accomplished in these respects than by distributed on the stock, over 30% was actually But even that does not tell the whole story. the presentation of the following brief summary show- earned. ing the growth in the various departments from year The 30% earned is the result after setting aside We omit the 1900 figures because our column specifically the sum of $3,587,486 for renewals and to year. trunk-line freight as well as passengers, smaller sources of traffic, too, like milk, for example. improvements. Moreover, $2,281,881 of extraordinary expenditures were charged directly to expenses, 1904. 1903. 1902. 1901. 1899 1905 Calendar Year— $ S $ S $ $ and a further $923,650 of extraordinary expenditures Gen'l freight. 9.230.787 8,337,823 8,354,908 7,013,424 6,6(58.689 6,300,149 Passengers... 5,529.002 5,215,919 5,083,142 4.592,036 4.522,383 3,951,051 was included in the expenses of the coal department. Mail 181,579 181,006 180.302 149,031 122,807 194,770 Express 516,600 464,267 658,908 608,693 419.306 364.181 Altogether, therefore, there was taken from earnings Mllk.._ 567,520 707,077 652,526 514,356 505,903 482,139 Ferries 1,093,026 Miscellaneous. 543,302 474,581 650.944 488.458 492,918 696.699 during the twelve months for improvements and ex" 17,957,478 15,471,121 15.354.120 13.252,843 12,758.290 11,917.326 pg traordinary expenditures no less than $6,793,017. Coal ... .13,993,585 13,230,870 13,826,844 8.145,921 10,749.344 9,407,796 B I 31,951,063 28,701,991 29,180,964 21,398,764 23.507,634 2U325.122 Truly, these are remarkable results. It will be seen from the foregoing that aggregate Moreover, this pohcy of applying large amounts of earnings in the six years have risen from $21,- earnings to the improvement of the property has gross 325,122 to $31,951,063. Of this increase of $10,625,- been pursued ever since the new management 000 (an expansion, it will be observed, of almost a have been in control. At first the effect was to full 50%) only $4,585,000 was contributed by the coal cut down profits so seriously that some persons department. The remaining $6,040,000 increase came were doubtful of the outcome. But the money spent from the other departments. One item in this last in this way is now returning many fold, and hence we increase, namely the $1,093,626 contributed by ferries, have the extraordinary showing of profits just referred follows from the fact that the company now operates to. As indicating the extent to which earnings have directly those of its North River ferries which are run been appropriated in the way mentioned, we need to and from its Hoboken passenger terminal, whereas refer only to the specific appropriations made out of previously the ferries were operated by the Hoboken earnings each year. In 1901 the sum thus specifically Ferry Co., the control of which the company purchased taken out of income, for renewals'and betterments, was in 1903. The remaining $5,000,000 of the increase $2,523,127. In 1902 the amount so applied out of represents absolute growth. For instance, the earn- earnings was $3,058,149; in 1903 the appropriation ings from general freight in the six years have risen was $4,319,166; in 1904 it was ;$3,446,719, while from $6,300,149 to $9,230,787; the earnings from now for 1905, as we have seen, it is $3,587,486. This passengers from $3,951,051 to $5,525,002, and the makes a total for the five years falling but little short earnings from milk from $482,139 to $707,077. of 17 million dollars. And these amounts went enWhile thus, on the one hand, new business was being tirely for positively new additions to property and most carefully nurtured and developed, on the other plant for new bridges, new piers, new tracks, new hand, through the large outlays for improvements and shops, new equipment, &c., &c. through the employment of every device for the President Truesdale again refers to the pending economical movement of traffic, the cost of the service legislation in Congress for regulating and controlling per unit of traffic was steadily and largely reduced. the railways of the country through the Inter-State On this point it is not necessary to repeat what has Commerce Commission. He says it is most significant, been said on previous occasions, and one illustration if not alarming, that under the guise of regulating not sufficiently wide to include all the years. GROSS EARNINGS FROM THE DIFFERENT CLASSES OF FREIGHT. is — THE CHRONICLE. 1128 [Vol. lxxxil commerce, as empowered by the Consti- nece.ssarily confined to organizing society with a view House of Congress should have passed to giving men equal opportunity. And this is all a measure as radical and subversive of property rights that can be done. Of late years, however, we have Accordingly those in charge of attempted to do more; we liave endeavored to create as tlie Hepburn bill. the management of the company feel it their duty to equality of life and of condition. We have endeavored again call the attention of the stockholders and others by municipal law to contravene natural law. We are interested to the dangers of the situation at Washing- striving to abase some and elevate others to one dead ton, and to urge that all proper influence be brought level of humanity. to bear on members of Congress to so temper any proIn the chapter devoted to Natural and Artificial posed legislation conferring the rate-making power Laws, it is pointed out that an analysis of the trend upon a Commission that the property of the railroads of public opinion and its influence upon legislation of the country may not be taken from them "without during the past quarter of a century, shows that we due process of law," namely without the right of appeal have been virtually exalting false and immoral princiThis is a wise admonition. Possibly ples and condemning those which are true and moral. to the courts. it may be thought that the Lackawanna with its large We have exalted competition that is, fighting and showing of profits has less reason for concern on that condemned union that is, harmony. We have point than other large systems. In one sense that is denounced and legislated against union of interests true, for a small capitalization is obviously a decided and of capital, and advocated disintegration and disadvantage. But, on the other hand, it must be re- sension. We have deprecated peace in industrial membered that in the aggregate the company does an and economic affairs, and advocated war and strife. enormous business, counting its coal department sales J\o wonder that all such efforts to legislate against as well as the railroad business, and a small curtail- the true principles of ethics and moralitj' and to ment of the profits would really mean proportionately impose a state of waste and warfare have proved una very heavy loss to it by reason of this very small availing. capital. Most objectionalsle have been the laws which have been enacted in favor of competition as a panacea for all economic ills. They are peculiarly dangerous SOCIAL THEORIES AND SOCIAL FACTS. because their effect is more subtle and there are This book * has been on the editor's desk for some specious and surface arguments in their favor. They It furnishes an interesting discussion of everytime. nevertheless not only violate natural and economic day problems problems which confront us on every laws, but those of ethics and morality as well. Reside and which every one is interested in seeing duced to their simplest expression, the effect was as solved and solved wisely. The current of thought follows: Men were ordered to fight and injure and, if running through the book, which is not a bulky one possible, destroy one another's business; and harmony is either in size or in the matter contained in it and agreement between competitors was forbidden, different from that to which we have become accusthe theory being that the third party, the public, tomed in the newspapers and magazines, while the would profit during the warfare. So it does in the same principles which the author advocates are on the sense that certain people profit by actual war. whole such as will commend themselves to persons But as tangible waste and destruction are not profitprinciples, too, of sound morals and sound sense able, neither is economic waste. upon which the country's industrial and social adOf lat.e some perception has been growing of the vancement has been established. On every side the unsuccess at least, if not of the evils, of competition, cry is for more legislation; Mr. Grinnell shows that and hence there is a tendency to abandon this muchthere has been legislation enough. The disposition, loved and long-cherished economic doctrine in favor at least in the political and too, nearly everywhere of Government supervision, control or ownership the newspaper world is to advocate a larger measure The author urges that in favor of this there could be of control, if not absolute regulation, of all the business something said, provided our natures were radically affairs of the country by some central authority to different, provided that love and charity w^ere universupplant private enterprise and private initiative by sale as also energy and desire to w^ork) and selfishness governmental authority and bureaucratic control. and greed w'ere banished from the world. Being as Mr. Grinnell demonstrates how fallacious all such we are, it would become more and more disastrous notions are and how harmful would be their working inter-State tution, either — — — — — — — — — — exactly in proportion as the principle w^as extended. in practice. As the author There would, indeed, be a forced equalitj'-, but it would be at the standard of the lowest among us, in the assumption and inevitably tend downward. well says, one of the fundamental errors in current discussions lies that the social and economic conditions ing are new. As a matter now develop- of fact they are not As regards new, but are proceeding in orderly evolution, substantially the same as have always existed, differing in degree, indeed, but not in kind. The fundamental inequality of man through birth, heredity and environment has always led to inequality of condition, unequal distribution of wealth and of opportunity. But the progress achieved through the centuries, and of which the two great milestones were the introduction of Christianity and the Declaration of Independence, has been * "Social Theories and Social Facts." By William Morton Grinnell G. P. Putnam's Sons: New York and London. Price $1. is socialism, the only practical socialism industrial socialism, evolved in the and that economic life is what is of the nation. years ago corporations hardly existed. now being A hundred Business was almost entirely individual or conducted by partnerThere was no opportunity for the investment of ship. savings except in land, nor were there many openings, contrary to the prevalent belief, for the enterprising and ambitious young man. The commercial, financial and manufacturing business was conducted by small firms who made for the times a greal deal of money, but who usually only admitted to a share of the profits May THE CHRONICLE. 19 1906. 1129 The evolution of business political, which they could not obtain at home. And form has changed all this. Through it would be the height of folly to abandon these princithe corporation or trust the ownership of property ples and to resort to.'governmental and socialistic exhas been enormously diffused, and individual oppor- periments which must inevitably result disastrously. tunity has been correspondingly increased. The cor- relatives of the partners. into a corporate poration gives the average man, with average earnings, the only hope he has ever had or can have of a share in the general profit-making activities of society. and enterprising man is thereby The enabled to profit by the ability of the more intelligent and energetic men in the community. The United States has made the most wonderful progress of any nation at any period in the world's history, and the country has attained its dominant less intelligent position through the free play of individual initiative nor hampered (at least until recently) by the Government, which has been mainly confined to its proper sphere, that of an impartial and RAILROAD GROSS AND NET EARNINGS FOR MARCH. The showing of gross and net earnings revealed in the compilations we for March, as is a present to-day, very satisfactor}^ one. While the amount of the gain does not reach the exceptional figures attained in January and February, it is yet of good size. In the case of the gross, the improvement amounts to $12,977,479, or 11.10%, and in the case of the net, to $5,036,842, or 14.26%. effort, neither assisted March January (96 roads.) 1906. 1905. 1 to March 31. (110 roads.) I Inc. or Dec. 1906. 1905. \ Inc. or Dec. from foreign aggression or Gr.earns 129,838,708 116,861,229!+ 12. 977.479 391. 485 .877331. 0i5.27l!4-60.4'70,606 domestic injustice. But the very magnitude of our Op.exp.i 89,488.960 81,548,323, +7,940,637j276,060,153 245.897,969i + 30,lG2,184 Netearni 40,349,748 35,312,906 +5,036,842115,425.7241 85.117.302+30.308.422 wealth has aroused and intensified the envy and jealousy of the unsuccessful against those who have There were some drawbacks and adverse conditions succeeded these old vices of human nature which all in March which did not exist in the earlier months. religions condemn and which all honest men fight As was indicated in our review of the preliminary Mr. Grinnell thinks that since the French figures for the month, there was more than the usual against. Revolution there has been no such effort to foster amount of bad weather in March this year, both in the the envy and to arouse the hate of the unsuccessful East and in the West and South. On the other hand, against those who are successful as is now being in March last year the weather notably improved after made by politicians high in office, by newspapers the severe experiences of the months immediately prewith wide circulation, by university professors, and ceding. Hence the contrast between the two years in even by the pulpit. And yet, never was there so that respect has been very striking this year in March much general well-being and comfort as in the United considerable interruption to, and delay in, traffic States to-day never such a widespread distribution of movements; the previous year very little interruption, protector of all its citizens — — — men with vast fortunes, they or have earned them by their superior ability, thrift and industry, and they have earned them honestly. This we must acknowledge or otherwise we stultify ourselves and admit that we have not executed and do not execute the elementary criminal laws. And if we have not executed these, how more than useless to attempt the enactment of new and complicated laws directed against natural and economic principles? If there are a few men with incomes of a million dollars a year and a considerable number with incomes of a hundred thousand dollars a year, it is because the total wealth of the nation is far greater than ever wealth. their If there are fathers with considerable traffic carried over into that month from January and February. Then also the Western grain movement underwent considerable contraction the present year as compared with March 1905, and at the same time there was a shrinkage in the cotton movement at the South. It deserves also to be noted with improved earnings in gross and net alike last year quite in contrast with the showing for the month preceding, February, when comparison was with totals in 1905 showing considerthat comparison is — able losses in gross March and net. The following indicates and also months ending March 31. The figures in this last instance are somewhat more combefore in the history of the world, and the propor- prehensive than those for the month, since we include tionate amount which they possess is not as large as in the same the roads which furnish quarterly exhibits in the case of individuals similarly situated in other of their earnings, but never give out monthly returns. nations or at other times. The number of these men Gross Earnings. Net Earnings as compared with those whose incomes are $10,000 Year. Year Year Inc. Year Year + or line. + or Given. Preceding. Dec. — Given. Preceding. Dec. — ). a year, and equally or more so with those whose the totals for a series of years past those for the three ) ( ( incomes are $1,000 a year, is proportionately less than has ever existed at any time or in any place. The progress of the United States under the existing order of things has been nothing less than marvelous. Within a century, not to go further back, we have made ourselves from a very poor, very small and littleconsidered nation, by far the most wealthy in the world's history. And this wonderful record has not been an accident but is a natural evolution, a logical result growing from the foundations of our country. We what we are because we inherited certain exceptional equalities from our ancestors and they are were exceptional men countries for principles because they and Mch. $ S 1896 52.393.093 51.220.449 1897 56.662.338 55.792.864 1898 65.920.850 57.313.697 1899 71.322,1.33 66.7.89.833 1900 81.946 09S 72.318.540 1901 96.738.826 88.084.673 1902 97.290.104 92.943.633 1903 106.208.702 91. 541. .576 1904 110.945.055 110,657.629 1905 120.507.724 110.277.421 1906 129.838.768| 116.861.229 Ja 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 re . 1 to Marc native for freedom, religious and + 1.172.644 + 869,474 + 8.607,1.53 + 4,532.300 4-9.627, .558 + 8.654,1.53 + 4.346.471 + 14.667.126 + 2S7.426 + 10,230.303 + 12.977.479 ) ( $ $ 16.004,390 16.051.229 17.992,125 16. ,567. 339 21,833,910 18.04,5.866 23.576.7971 21.872.713 26.782.183 23.S95.780 32.780,4.391 28.903.196 31,299,387 30.736.551 33,406,751 28. .846.908 30 628 797 34.291.160 .3ti,878 227 31.654.402 40,349,748 35,312.906 $ —46,839 + 1.424.786 + 3.788.044 + 1.704.084 + 2.8.86.403 + 3.877.243 + .562.836 + 4. ,559.843 -3.662.363 + 5.223.825 + 5.036.842 ftSl. 187.860.091 176,103 191,633.794 196.101 219.03S.430 193.521 2.30.635,578 226 .392 266. .398, lis 228.312 322,0<m.72.''> 295,345, 313.512.310 296.876, 355.484.590 .313.419, .304.827.074 .367.987, 361.025.9701 345.876, 391.485.877 331,015 — + 11.756.910 —4.467.0,54 + 25.516.827 + 10.242,857 + 38.08.1.786 + 26.745.230 + 16.635,689 + 42,064.781 - 3,11.0.258 + 15,149 466 + 60,470,006 55 394.255 56.934.7871 67.170.905,' 71.270.078 82.973.388 105.065.166 95.975.444I 103.IS4..8(ir.i 90 083 07 92 964.997 115.425.724 682.440 579.727 270.329 33(i.966 .809.533 752.955 924 0961 398.412 345.748 SI 0.698 117.302 + 4.711.815 + 1.355.060 + 9.900.576 + 933.112 + 15.163.855 + 12.312.211 + 3.051.348 + 6.786.454 — 16.262.677 + 4.154.299 + 30.308.422 Note. Incliulcs tor M.iroh 141 road.s In 1896: 127 In 1,897: 137 In 1,898: 123 In 1899 In 1902: 107 In 1903: 101 In 1904: 101 In 1905 and 96 In 1906. ."^nd from ,Jan 1 to March 31. 178 road.s In 1896: 171 In 1897: 168 In 1898; 157 In 1899: 154 In 1900: 149 In 1901: 145 In 1902: 143 In 1903: 127 In 1904: 118 In 1906 and 110 In 1906. Neltlior the Mexican pmd.s nor the coal-mlnlDg oporattons ot the anthracite coal roads are Included In anj' ot these totals. 126 In 1900: 123 In 1901: 126 left their ( ). — 4 ) . . . THE CHRONICLE. 1130 Among [You Dxxxn. Besides the roads which make returns of both gross but the fact and net earnings, there are a number (including a few that the losses are more numerous tends to confirm quite prominent systems) which furnish only figures what was said above, namely that weather conditions of gross. Starting with the total of the gross in the were adverse in certain sections, and also that some foregoing, we add on these other roads in the table we other drawbacks were encountered. The effects of now present, and which covers every road in the counthe separate roads, those showing gains of amounts large still the bad weather and heavy list, —snow storms in the West and North and impassable roads in other parts most evident in the case of the since the circumstances mentioned try from which has been possible to procure returns. ROADS REPORTING GROSS BUT NOT NET. rains of the country —are earnings, net form an extensive tended to swell operating expenses. In the following we show all changes for amounts in excess of $30,000 whether increases or decreases. PRINCIPAL CHANGES IN GROSS EARNINGS IN MARCH. Increase Increases Pennsylvania (2 roads )-j/82,789, 200 Canadian Pacific 960,325 Baltimore & Ohio 800,474 Atcli Topeka & Santa Fe 736,035 Grand Trunk Ry (3 rds). 682,770 581,322 Erie 461,746 St Louis & San Francisco 372,842 Rock Island system 371,405 Norfolk & Western 327.112 Union Pacific 326,892 Southern Railway 303,215 Chesapeake & Ohio 284,970 IlUnois Central Philadelphia & Reading. a;277,700 254,463 Atlantic Coast Line 246,054 Chicago Milw & St Paul. 228,042 Wabash Wheeling & Lake Erie.. Clev Chic Cine & St L. . . Nash Chatt & St Louis. . Mobile & Ohio Vazoo & Mississippi Val, Detroit Toledo & Ironton Chicago Great Western. Western Maryland Buffalo Buffalo Roch & f; $101,160 90,582 78,280 76,458 71,040 69,816 68,532 65,251 63,632 57,076 54,369 52,000 48,018 42,075 40,800 35,202 33,670 Pittsb.. & Susquehanna. Wisconsin Central Phila Balto & Wash Long Island Kansas City Southern West Jersey & Seashore. Kanawha & Michigan Lehigh VaUey & Nashville.. Colorado & Southern Denver & Rio Grande Central of New Jersey 189,167 Iowa Central 32,271 177,328 N Y Ontario & Western. 31,812 174,561 Georgia South & Fla 30,021 171,097 159,107 Hocking Valley Total (51 roads) $12,775,897 Cine New Orl & Tex Pac. 148,802 MinnStP 132,131 Decreases. Northern Central 130,800 St Louis Southwestern. 36,930 Toledo & Ohio Central. . 124,527 Chic Ind & Louisville. . 32,438 Chicago & Alton 111,531 Central of Georgia 110,214 Total (2 roads) $69,368 X These figures are for the Railroad Company; the Coal & Iron Company reports an increase of $1 ,130,895. y These figures cover the lines directly operated east and west "of Pittsburgh and Erie. The gross on Eastern lines increased $2,046,800 and the gross on Western lines increased $742,400. March. Chic St Paul Minn & Omaha Great Northern .system Montana Central Increases Increases. When arranged in groups every group, without any exception, records considerably improved results in gross, while the anthracite coal group is the only one having a loss in the net, as appears more clearly from the appended table. SUMMARY BY GROUPS. Gross Earnings. B hi Net Earnings. Section or Group. 1906. March. Trunk line-s.lO) Anth. (;oal (.5) E. &Mid. (15) Mid. West. (13) 1905. 1906. 1905. Inc.(+)or Dec.( »-J 41.790,459 9.457,5.30 5,526,872 8,514,580 36.007,683 8.968,315 5,018,894 7,588,832 11.645,2.39 3.8.39,894 1.098,174 2.634.574 8.943,218 3,953,850 780,240 2,235,186 + 2,702.021 —113,956 + 311,934 — % 30.21 2. .88 39.07 +399,388 17.87 Pacific (13). &N Southwest & S. 18,469,766 16,624.734 7,068.837 6.325.481 +743.356 11.75 Pacific (15). Southern (25). 24,286,298 21,793,203 22.379,049 19,673.722 7.225,550 6,837,480 6,546.522 6,522,409 +679,028 10.37 +315.071 4.83 Nortliwest Total (96).- 129,838,708 116,861,229 Mexican (3).. Jan. 1 to 2,600.014 2.316.668 40,349,748 35,312,906 1.037.208 791.024 + 5,036,842 + 246,184 14.26 31.12 Mch 31— Trunk llnes.l2) 116,252,1.37 Anth. Coal (7) 29,514.7.37 E. Mid. (27) 36,280,605 Mid. West. (12) 23.652,881 & 97.932.009 26,175,452 31.593.851 20,126,432 30,860, 10,983, 8.074, 7.361, 579.825 553.992 034.088 950.842 Northwest & Nor.PaK(13) Southwest & 52,009,886 43,624,601 17.815.230 13.754.639 Sou. Pac. (15) -Southern (24).. 71.407.660 62,367.971 59,768.922 51,794,004 21,385, 18.945, +9,280, + 429, + 3,040, +2,410, 43.00 4.07 60.39 48.69 . 281,967 121,427 121,687 5,067,306 1,012,176 3,846,686 219,785 31,003 519,098 13,107 3,763,000 100,676 7,524,362 4,803,749 1,162,108 301,745 69,063 461,237 . . International Macon & Birmingham Mo Pac sy.stem (2 roads) Mobile Jack & Kan City N Y Central & Hudson River. Northern Pacific Texas & Pacific Toledo St Louis & Western _ . Toronto Hamilton & Buffalo. & Lake Wheeling Erie Total (U4roads) Net increase (10.61%) Increase. Decrease. 247,481 127,855 128,437 4,861,789 986,769 3,205,003 214,702 21,173 525,236 12,314 3,769,000 66,458 7,003,296 4,204,651 34,486 6,428 6.750 205.517 25,407 641,683 5,083 9,830 6,138 793 6.000 34,218 521,066 599,098 1,0.59,977 102,131 279,785 59,856 343,429 21,960 9,207 117,808 159258890 143978440 15305766 15280450 25,316 the increase in the gross for the way In this 1905. 129838708 116861229 12977.479 Southern & Gt Northern. Illinois month In other words, our final total of the gross for March 1906 is $159,258,890, is raised to $15,280,450. same month in 1905, the add that last year our totals, according to the same method of computation, recorded $12,743,311 gain, or 9.73%. against $143,978,440 for the increase being The 10.61%. We may NEW SYSTEM OF BANK-NOTES. A PRINCIPAL CHANGES IN NET EARNINGS IN MARCH. Pennsylvania (2 roads). ?/$l ,257,600 Union Pacific $43,224 Canadian Pacific 661,837 Yazoo & Mississippi Val. 40,177 Baltimore & Ohio 517,777 Central of Georgia 38,546 Erie 452,234 Cine New Orl & Tex Pac. 37,938 Atch Topeka & Santa Fe 388,245 Iowa Central 35.527 St Louis & San Francisco 236,809 Wisconsin Central 34,028 Wabash 217,816 Chicago & Alton 32,920 Grand Trunk (3 roads). . 214,127 Chesapeake & Ohio 194,128 Total (33 roads) $5,711,125 Rock Island svstem 189,280 Decreases. Norfolk & Western 181 .142 Philadelphia & Reading. .t185,053 Illinois Central 138,548 St Louis Southwestern.100.111 Buffalo Roch & Pittsb.. 98,736 Atlantic Coast Line 99,116 Hocking Vallev 94,935 Southern Railway 96, 490 Northern Central 84,000 Louisville & Nashville. _ 73,315 Colorado Southern 72,221 Missouri Kansas & Texas 67 .978 Toledo & Ohio Central.. 71,886 Detroit & Mackinac 48,249 Central of New Jersey 69,799 Denver & Rio Grande 48,010 Wheeling & Lake Erie.. 68,986 N Y Susq & Western 42,702 Peoria & Eastern 66,754 Georgia RR 35.956 Nash Chatt & St Louis.. 65,715 Chic Ind & Louisville ... 35 ,9 1 Detroit Toledo & Ironton 53,490 Phila Balto & Wash 52.700 Total (11 roads) $832,894 X These figiu-es are for the Railroad Company; the Coal & Iron Company reports an increase of $32,516. y These figures cover lines directly operated east and west of Pittsburgh and Erie. The net on Eastern Unes increased $1,092,600 and the net on Western Unes increased $165,000. 1906. Reported above (96 roads) . Ala New Orl & Tex Pac— New Orleans & Nor East . Alabama & Vicksburg Vicks Shreve & Pacific Chicago & Northwestern Louisville &SSM it following, from a correspondent at some contains interesting the plan outlined London, upon suggestions bearing by Mr. Victor Morawetz issue of April 14 for the creation of a in our new system of bank-notes. The Editor" Commercial and Financial Chronicle," Dear Sir. New York: —In common with many others in this country who are either directly or inciirectly engaged in handling or placing American securities, I have read with great interest the plan for the creation of an issue of National Bank- Notes outlined by Mr. Victor Morawetz in your issue of 14th inst. The subject is specially interesting to me as I had the honor to read a paper on a somewhat similar subject, i. e., "Recent Currency Legislation in the United States of America," before the London Institute of Bankers on March 6th 1901. Herewith I beg to enclose a copy of that paper, from which you will note that my principal conclusion was that the only remedy for these currency crises to which America is subject was to provide for the gradual retirement of Government paper, and to substitute for it a bank-note currency which would naturally expand and contract with the needs of the country. Mr. Morawetz appears to agree with this conclusion in the main, but, if I may say so, his later conditions and principles which he has outlined are inconsistent with his earlier ones, and if carried out would tend to make his plan impracticable and aggravate rather than alleviate the evil he seeks to cure. In paragraph (d) he states as follows: "All bank-notes issued should be uniform in character. It is therefore not practicable to give the right of issuing notes to individual banks on their own credit." To my mind this is quite 'wrong. It is not at all necessary that all bank-notes issued should be uniform in character, and it is quite practicable to give the right of issuing notes . Total (UO). 391,485,877 331,015,271 115.425. Mexlcan (3) 7.208,214 6.242 482 2.810, 982.138 261.778 85, 117.302 949.931 + 4,060,591 + 7,403, + 3.683, + 30,308, 29.52 +860, 44.16 i 52.94 24.13 35.60 banks on their own credit. The essence of sound banking is to make the notes payable in gold on demand. This would compel the banks to maintain their own gold reserves against the notes outstanding for the time If the bank is well managed and in good credit being. to individual May THE CHRONICLE. 19 1906.1 If the these notes would circulate freely, as they ought to. contrary, they would naturally return to the issuers, and it is this very principal of expansion and contraction which is governed by the sound trading of the people, and good management and credit of the banks, that would supply that elasticity of the currency which it at present lacks, and which all reformers desire. Of course I know that this criticism will be met by statements that if general powers were given to the national banks to issue notes, it would lead to what is called "wildcat" banking, and to an excessive speculation and inflation. It will be said that we should see again a similar state of affairs to that which existed in the earlier days of American banking, when all sorts of bogus schemes and speculations were foisted upon the public. This I believe to be impossible. Conditions are changed, people are better educated than in those days, and the science of banking has now 1131 — The Knickerbocker Trust Company of this city has purchased at a price said to be $1,700,000, the property at the northeast corner of Broadway and Exchange Place, now occupied by the Consolidated Stock Exchange. It is the purpose to erect a new building of about 20 stories, which when completed is intended to be one of the finest office - downtown buildings in the district. —The downtown branch of the Lincoln Trust Company, Broadway and Lispenard Street, opened the latter part be served by the following advisory committee: John Degener Jr., of C. A. Auffmordt & Co.; Stuart Dun- at of April, will can, of John Duncan's Sons; U. T. Hungerford, President of the U. T. Hungerford Brass & Copper Co.; Arthur Iselin, William Iselin of & Co.; Decatur M. Sawyer, of Sawyer & Blake; Charles H. Simmons, President of the John Simmons Co.; Horace C. Stebbins, of Grinnell, Willis & Co.; Morton Whitman, of Clarence Whitman & Co.; and John Currie become a fine art. Wilmerding, of Wilmerding, Morris & Mitchell. What we do know is that it is perfectly absurd that the The Greenwich Bank of this city, whose main offices are legitimate progress and sound development of the trade of a at 402 Hudson Street, started business on Monday in its new great people should be crippled and hampered by a currency branch at 874 Broadway, corner 18th Street. During the system which is antiquated and behind the times. administration of William C. Duncan, President, — necessary to reassure the people, then such restrictions as limiting the issue of notes to the paid-up capital of the bank, or compelling banks to maintain a certain amount of gold reserve in proportion to the notes outstanding, or some other similar guaranty, might be tried. The freer and simpler the system of banking, commensurate with safety, the greater the profit to the bankers themselves, and the greater blessing to the commimity as a whole. I am, sir. Your obedient servant, If certain restrictions are D. M. MASON. ITEMS ABOUT BANKS, BANKERS AND TRUST CO.'S. — The public sales of bank stocks this week aggregate shares, of which 52 shares were sold at the Stock and 108 shares at auction. 160 Exchange Only one transaction in trust company stock has been reported, namely, a sale at auction of 2 shares of stock of the Central Trust Co. at 2105. BANKS.— A'cw York. Low. Exch. Nat. Bank.. 252 H a!52 Coiiiinerce, Nat. Bk. of 184 13 Fourth National Bank 216)^ 5 Hanover National Bank_. 500 27 Market & Fulton Nat. Bk. 270 50 Union Exchange Bank 217)^ Share.-i. 13 .A.iner. TRUST COMPANY— Acu 2 Central Trust Co High. Close. Last previous 256ya 2561^ April 1906— 186M iS'i'A May 216}^ 216H April 500 500 May 270 270 Feb. 217K 217>^ April sah-. 2.53 1906— 186M 1906— 216 1906— 491 1906— 271'^ 1906— 220 York. 2105 105 2105 2105 March 1906—2215 xSold at the Stock Exchange. — The Chicago Clearing House Association ratified on the 11th inst the appointment of James B. McDougal as special bank examiner. The appointment is in accordance with the resolution adopted in January through the eflforts of W. T. Fenton, Vice-President of the National Bank of the Republic of Chicago, providing for regular examinations of banks using the Clearing House. The new officer enters upon his duties immediately. His reports, the Chicago "Interbe made to the Clearing House Committee, and in the event that they show bad or excessive loans or other violations of the rules of safe banking, tlie offending bank will be called upon at once for a correction of the irregularity. The failure to make such correction would result in the withdrawal of the privilege of clearing checks through the association. The experience derived by Mr. McDougal in special bank examination work under th'' Comptroller especially adapts him for the duties of the new Ocean" states, will office. —The Real Estate Trust Company, 30 Nassau Street, assume its new corporate title of Fulton Trust Company of New York on Monday, the 21st inst. The similarity existing between the name originally adopted by the institution when organized in 1890 with the many real estate companies formed in late years to do a strictly realty business has often caused the trust company to be erroneously associated with real estate trading and operations. As the Real Estate will Trust Company in its does a conservative trust conniany liusiucss various branches and not a real estate businc^ss, the trustees considered it wise to change the title to the Fulton Trust Company. all four years' the institution has established four branch banks in New York City and built up deposits from only .$700,000 to over The bank, organized in 1830, has a capital and $6,000,000. surplus of $1 ,000,000 and is one of the oldest members of the New York Clearing House. The annual dividends are now The 102nd dividend was recently 8%. paid. — Martin W. Littleton, ex-President of the Borough of Brooklyn, will be President of the Beaver National Bank of this city, to whose organization we referred in these columns Nov. 25 1905. The institution has received its charter from the banking authorities and will open for business June 15 in The capital is the vicinity of Beaver, Pearl and Wall streets. $200,000 and surplus $100,000, the stock selling at $150 per share ($100 par). The directors are: William Grant Brown, Donald C. Catlin, John B. Daniels, William A. Griffith, Thomas A. H. Hay, Martin W. Littleton, I. P. Welsh, George Mercer Jr., Thomas F. Murphy, Augustus K. Sloan, Samuel H. Vandergrift and Earl Vogel. — James N. Hill was this week York Trust Company, 26 Broad elected a trustee of the Street, to succeed New James J. Hill, resigned. —The proposition to increase the capital of the New Amsterdam National Bank of this city from $500,000 to $1,000,000 was ratified unanimously by the stockholders on Monday. — At a meeting on Company May 9 the stockholders of the Home Brooklyn Borough ratified a proposition to increase the board of directors from twenty-four to thirty. The election of the new members will be deferred, it is said, Trust of until the fall. — The Union Bank of Brooklyn Borough plans the removal of its Pioneer Branch, now at 41 Flatbush Avenue (in the Pioneer Storage Building) to 476 Fulton Street. in location, the branch will be known as With the change the Fulton Branch. — Seven new directors were elected to the board of the Second National Bank of Jersey City at a special stockholders meeting held this week. Those chosen were as follows: Gustave W. Lembeck, Joseph A. Dear Jr., Dr. Gordon K. Dickinson, Herbert R. Stratford, John J. Gorman, James P. Hall and Eugene Hartnett. During the past month the institution has increased its deposits ten per cent. Jr. is the newly elected President. Samuel Ludlow — The stockholders of the First National Bank of Albany, N. Y., will meet on June 9 to act with regard to the new capital to be issued, increasing it from $200,000 to $300,000. The decision department — to enlarge the capital May was referred to in this 5. The Massachusetts Bankers' Association will hold its convention this year on June 20 and 21, at the Hotel Somerset, Boston. A program somewhat similar to that of last year's has been outlined, with the exception that the reception and addresses will be given on the evening of the first day. The second day will be devoted to the business meeting, reports of committees and election, and social features. Speakers from various parts of the country will be present. THE CHRONICLE. 1132 and Boston bankers. will be represented by both merchants and is Secretary of the Association. C. A. Ruggles — [Vol, lxxxii. Andrews, and L. S. Cooke, on charges alleged against them in connection with the failure of the Enterprise National Within the next few years the First National Bank of Bank of Allegheny. The Real Estate Savings & Trust Company of AlleBoston intends to erect for its use exclusively a bank building of its own, having lately purchased for the purpose the gheny, Pa., will sell the new $200,000 capital authorized corner property at Federal, Franklin and Congress streets. by its stockholders on the 1st inst at $140 per share (par The plot measures about 100 feet on Federal Street, 150 feet $100), one-half ($70) payable June 1 and the remainder on Franklin and 90 feet on Congress Street. As the bank's October 1. The additional stock increases the bank's lease as well as some of the leases on its new property still capital from $200,000 to $400,000. have some years to run, its plans concerning the new The largest total of assets ever recorded by the thirtybuilding are not likely to be prepared at a very early date. six combined banking institutions of Lancaster County, Albert H. Shaw has resigned as President of the Bath Pa., was reported last month, when the amount footed up Trust Company, of Bath, Me., and has been succeeded in $36,626,248. Of this total the national banks furnished the office by James B. Drake. Charles W. Morse, of the $20,513,727, the trust companies $15,141,525 and the Since November 9 last the aggregate National Bank of North America of New York, who lately State banks $970,996. secured a controlling interest in the trust company, has been has increased over 2}^ million dollars, the amount then, as figured by the Lancaster "Inquirer" having been $34,093,159. elected a trustee of the institution. — — — — Edward P. Metcalf has resigned as President of the Old — At a meeting on Tuesday the stockholders of the Bank of Scranton, Pa., approved the plan, previously mentioned in these columns, to change the institution from a State to a national bank, under the title of the People's National Bank, with a capital of $200,000 and a After the charter under the Federal surplus of $50,000. laws is obtained, it is proposed to increase the capital as soon as possible to $500,000, the surplus then becoming The following continue as officers: Cyrus D. $125,000. National." the directors of the Fourth Jones, President; Thomas Sprague, Vice-President; and At a meeting on Tuesday of The board of directors also Street National Bank of Philadelphia E. F. Shanbacker, George T. Dunham, Cashier. Cashier, was appointed First Vice-President; B. M. Faires remains without change, and includes, besides Messrs. Jones •was made Second Vice-President, and W. Z. McLear was and Sprague, G. F. Reynolds, Richard O'Brien, C. S. advanced from the office of Assistant Cashier to that of Woolworth, W. G. Fulton, T. C. Von Storch, M. P. Carter, It is but five years ago since Mr. Shanbacker Samuel Samter, A. B. Warman, C. C. Rose, C. B. Sturges Cashier. Providence, R. I. A report that the bank was to be absorbed by the Industrial Trust Company of Providence is said by Frederick W. Arnold, Chairman of the board of directors of the Old National, to be "absolutely untrue and'without the slightest foundation." He further states that "no trust company or other institution or individual has a controlling interest in the stock of the Old National Bank of People's — and with his promotion to and E. S. Dolph. that post Mr. McLear succeeded him as Assistant Cashier. The executive council of the Ohio Bankers' Association The promotions this week were occasioned through the re- has decided to hold the present year's convention at the tirement of Vice-Presidents Francis L. Potts and S. F. Hotel Victory, Put-in-Bay, on August 22 and 23. Walter Tyler. J. Winters, Assistant Cashier of the Commercial National The Kensington Trust Company of Philadelphia the Bank of Coshocton, has] been chosen Treasurer of the assosecond trust company to begin business this month in that ciation, to fill out the unexpired term of the late Henry C. opened its doors on Tuesday. The company has been Herbig. city organized with a capital of $150,000. George S. Cox is A total of $157 per share is reported to have been paid President and Charles S. Martin is Secretary and Treasurer. in liquidation to the stockholders of the Wade Park Banking The Columbia Savings & Trust Company of Pittsburgh Company of Cleveland with the recent final payment of $10 The institution, which held a claim of about closed its doors on the 9th inst. by order of State Commis- per share. The company com- $16,000 against Mrs. Chadwick, was taken over by the sioner of Banking John A. Berkey. menced business in December 1904. It was organized with Cleveland Trust Company in December 1904. a. capital of $200,000, of which $143,817 was>eported paid The Circuit Court at Cleveland on the 7th inst authorThe President is William J. ized the trustees of the Indemnity Savings & Loan Company in on November 28 last. The institution's de- of Cleveland to accept the offer for the company's assets Diehl, former Mayor of Pittsburgh. State Bank made by the Assets Realization Company of Chicago. posits (November 28) amounted to $184,216. The Examiner Peter G. Cameron is the temporary receiver. latter agrees to pay 363^ per cent to the stockholders, and At a meeting of the Board of Directors of the Columbia all of the company's debts. The institution assigned last Trust Company of this city on Tuesday last, J. R. McGinley October. of Pittsburgh, Pa., was appointed a Vice-President and The proposition to increase the capital stock of the First Jacob Wertheim was elected a director. Mr. McGinley is well National Bank of Norwood, Ohio, from $100,000 to $200,000 known in New York, being identified with the Westinghouse will be submitted to the stockholders June 6. The stock is to was elected to the cashiership, — — — — — — — — — interests in Pittsburgh. Columbia Trust Co. Besides being a director of the is also a director in the Fidelity of N. Y., he be sold at not less than $140 per share. It is also proposed coming meeting to authorize an increase in the board Title & Trust Company, the Iron City Trust Company and from nine to twelve members. the Union Fidelity Title & Trust Company, all of Pittsburgh. The Walnut Hills Savings & Banking Company, organMr. Wertheim is President of the United Cigar Manufacized in February, opened for business in Cincinnati on the turers' Company. The capital is $50,000 and the officers are S. M. 12th inst. The directors of the Iron & Glass Dollar Savings Bank McKenzie, President; Bernard Kahn and J. S. Blacker, Viceof Pittsburgh have elected John Gray Vice-President to Presidents, and Robert Hummel Secretary and Treasurer. Henry succeed Robert McDonald Jr., who died April 8. F. E. Hosterman, formerly Assistant Cashier of the Klinzing has been elected Mr. McDonald's successor on at the — — — the board. — On the 8th inst. the stockholders of the Central Trust Company of Pittsburgh ratified the proposition to increase the capital from $125,000 to $200,000. It is stated that 500 shares will be issued at once at $65 per share of $50. — W. Linderman, heretofore Assistant Cashier of the Duquesne National Bank of Pittsburgh, has been elected Cashier to .succeed A. H. Patterson, who has been chosen The office of Second Vice-President First Vice-President. has been created, to which Robert Jenkins has been elected. The President of the bank is John Bindley. Indictments were returned on the 11th inst by the grand jury against F. R. Nichols, Secretary to William H. — S. Citizens' National J. Bank of Springfield, Ohio, has succeeded G. Benallack as Cashier. — The Moline National Bank of Moline, 111., was placed in voluntary liquidation on the 2nd inst. The institution had a capital of $100,000. — Henry G. Goll, the former Assistant Cashier of the First National Bank of Milwaukee, who had been convicted on nineteen counts of misapplication of the bank's funds, was denied a new trial on the 5th inst. and sentenced to ten years' imprisonment at Fort Leavenworth. — A charter has been secured for the North Avenue State of Chicago, which will locate at North Avenue and Larrabee Street. The bank is to have a capital of $200,000 Bank May and a surplus W. THE CHRONICLE. 19 1906. The incorporators are Frederick Rose and Arthur W. Underwood of $50,000. Alwart, Landon C. named are Vice-Presidents and Savings Bank of Chicago. The two last — William of the Colonial Trust Kelley, President of the American Steel Foundries Company, has been elected to the board of the Commercial National Bank of Chicago, to succeed Paul Mor- ton resigned. Mr. Morton is the President of the Equitable Life Assurance Society, and in resigning from the Chicago institution he observed, it is said, the policy of the trustees of the Society to have its officers sever their connection with financial institutions in which it is not a stockholder, and at whose directors' meetings they would be unable to be present. — J. F. Lilly has replaced W. R. Barnes as Second VicePresident of the Exchange National Bank of Colorado Springs, Colorado. — The Company directors of the Mercantile Trust of St. Louis have elected Paul Brown First Vice-President of the company, to succeed the late Corwin H. Spencer. Mr. Brown had previously been a member of the executive committee, where he is replaced by W. J. Kinsella; the latter in turn is succeeded on the board of directors by J. B. Moberly, the Assistant Secretary. — The Cass Avenue Bank, incorporated in March with $100,000 capital, opened for busine.ss on Tuesday the 15th inst. at the southeast corner of 15th and Cass avenues, St. His associates in Louis. George Bothe Sr. is President. the bank's management are J. F. Hellrung and Otto Aude, Vice-Presidents; Louis E. Dehlendorf, Cashier, and Ross P. Cuddy, Assistant Cashier. & (President of the Farmers' The enactment Bank Merchants' of Marion). direction of was the result of the efforts in that the executive and legislative committees of the George M. Coffin, Vice-President of the Phenix association. V. 1133 of this bill National Bank of New York, delivered an address at the convention on "The South: Its Duty and Destiny," in which the progress of the South since the Civil War was reviewed. Giles L. Wilson of Spartanburg has been re-elected Secretary and Treasurer of the association. — The Continental Bank & Trust Company has been organized in Shreveport, La., with a capital of $400,000 and It is planned to open the institution in surplus of $100,000. August. L. E. Thomas, who has been State Bank Examiner of Louisiana, has been chosen President of the new com pany, and J. C. Trichel Jr. (Cashier of the Exchange Bank of Natchitoches, La.) has been elected Cashier. — An agreement, subject to the ratification of the stockholders, has been entered into between the directors of the Bank & Trust Company and the German-American Bank of New Orleans, whereby the first named will Security National liquidate, transferring its business to the The National. German- American from $1 ,200,000 shares to the stockholders latter will increase its capital new to $1,325,000, allotting the one share of German American stock for every four shares of Security stock. Both institutions were organized last year, the Security Bank & Trust, with $500,000 capital and $250,000 surplus, beginning business on July 5, and the German- American National, with a capital of $1,200,000 and surplus of $600,000, starting on Aug. 31. Emilien Perrin is President of the Security, and W. R. Irby is the presiding official of the German- American. of the Security in the proportion of — On Monday the 7th inst. the Vandeventer Trust Company, with $100,000 paid up capital, opened for business in St. Louis at the corner of Olive and Vandeventer streets a rapidly growing commercial centre very much in need of a bank. The officers are Wm. A. McCandless, President; Wm. W. Henderson, First Vice-President; Ernest A. Peters, Second Vice-President; C. C. Andrews, Secretary and Treasurer, and A. B. Schulze, Assistant Secretary and Treasurer, all of whom are directors. The institution was incorporated in March. — The first trust company Topeka, has been or- to be established in IMPORTS AND EXPORTS FOR APRIL. of Statistics at Washington has issued the statement of the country's foreign trade for April, and from it and from previous statements we have prepared the following interesting summaries: The Bureau FOREIGN TRADE MOVEMENT OF THE UNITED STATES. (In the following tables three ciphers (000) are in all cases omitted.) Exports. Merchandise. $ 361,58.3 July-Sept. 624,439 Oct .-Dec. January . 170,603 -1905-06Imports. $ Excess. S 282,332 -(-79,251 -1904-05Imports. Excess $ $ -1-68,686 311,743 243,057 306,871 -1-217,568 106,522 -f- 64 ,081 104,233 -t- 37 ,533 113,597 + 31,914 107,327 -t- 37, 165 466,850 284,515 -(-181,335 -1-25,254 123,597 98,343 -(-3,787 106,871 103,084 +26,547 136,978 110,431 +33,465 128,575 96,110 Kan., received its charter on the 2nd inst. It 141,766 February ganized under the name of the Prudential Trust Company of March - _ 145,511 744,492 Kansas, and will have a paid-up capital of $100,000 and in April Total. .-1,488,394 1,020,882 + 467,512 addition a surplus of $25,000. W. W. Mills, one of the proGold and Gold in Ore. jectors of the company, has been elected President. The July-Sept. 13,730 —10,884 2,846 4,117 19,954 —15,837 Oct .-Dec. other officers chosen are Thomas Page and F. D. Coburn, January.. 6,742 2,606 + 3,136 Vice-Presidents; W. W. Bowman, Treasurer; George P. February . 8,486 2,080 + 6,406 March ... 6,918 6,630 + 288 Stitt, Secretary; Scott Hopkins, Trust Officer, and J. B. Lari- April 2,486 14,973 —12,487 mer, Counsel. The institution is to commence business next -29,378 Total... 29,595 58,973 month occupying offices in the Columbian Building. Silver and Silver in Ore. Exports. $ 1,273,614 934,540 +339,074 14,591 38,172 16,828 14,794 2,393 1,304 —6,340 20,931 16,108 1,896 2,193 6,134 2,581 + 22,064 + 14,932 + 12,601 —2,741 —1,277 88,082 48,843 +39,239 14,361 18,070 7,517 6,435 5,214 4,214 9,334 11,431 4,687 4,480 3,510 2,797 + 5,027 + 6,639 + 2,830 + 1,955 + 1,704 + 1,417 12,762 11,005 4,365 4,036 4,192 2,318 6,902 6,410 1,922 2,061 2,532 2,560 + 6,860 + 4,595 + 2,443 + 1,975 + 1,660 —242 66,811 36,239 +19,572 38.678 21,387 +17,291 , — The stockholders of the First Savings Bank & Trust Company of Nashville voted on the 15th inst in favor of increasing the capital from $100,000 to $300,000. The was organized some months ago but began business only within the past few weeks. Of its new stock $50,000 will be issued to the old stockholders at par and institution banking business to the First Savings Bank & Trust Company. The board of the lastnamed has been increased from thirteen to twenty-one, and its members are identical with those of the First National Bank of Nashville. The Merchants' National Bank, now consolidated with the First National, was formally placed in liquidation by its stockholders on Tuesday. E. A. Lindsey is the liquidating agent. These changes mark the consummation of plans heretofore referred to. — charter, transferring January . February March . April , $150,000 to the stockholders of the Realty Savings Bank & Trust Company, also at par. The latter, which will hereafter engage solely in the real estate business, surrenders its bank July-Sept Oct .-Dec. Total... + — Excess of imports. Exce.ss of exports. We subjoin the totals for merchandise, gold and silver for months since July 1 for six years: the ten Silver. Gold. Merchandise. its A movement to secure the establishment of a Sub-Treasury at Charleston, was one of the matters considered and endorsed by the bankers of South Carolina at their annual session at Greenville on the 10th, 11th and 12th inst. In resolutions adopted, the Congressional representatives of the State are urged to further the movement. The passage of the bill at the recent session of the South Carolina Legislature, providing for the appointment of a State Bank Examiner, was referred to in the remarks of President W.J. Montgomery, Ten Ex- Im- ports. Months. ports. 0/ 1 Ex- Im- Exports ports. 1905-06.. l,488.394il020S82 467.5I2 1904-05.. If. 273, 014 934.540 J39,074 1903-04.. 1, 277, 715 829,2.32 448. 4K:i' 1902-03.. 223 9S9 864 XS4 359,.S05 1901-02.. 1,190 157 754.510435.641 1900-01.. 11.260 423,676.125 584.298! 1 Excess Excess Excess ports Ex- 0/ Exports ports, . Im- of ports. Exports $ S 55.811 36.239 19.572 88 0,S2 48,843 39.239 38.078 2 1,,387 17.291 36 SOS 83 090'o46,S2S ,?9,904! 23.033 16.931 20 095 40 752kl20.057 40,545' 20.500 20,045 46'209, 46,438 «229 42,697 24.483 18.214 37,739i 6l.017la23.2181 55.3.30i 31.707 23.623 29,595' 58.973 a29.,378 a Excess of Imports. Similar totals for the four years make months OoU. Merchandise. Four Months 1901 Ex- - for six 1 Silver. Imports. 01 Im- Ex- Exports ports. S S n2.657 23,380 23.515 14.911 n8,547 16,8,59 1 1 Ex- ol Exports ports. ports. % % $ $ $ 602,372 43I.07S 170.094 22,032 25,289 496.021 (06 90(1 89 053 3,S 319 II. sot 490.01 1 ,?t(>:4s2 144,132 23,s.57 i2, 10 9,740 4,349 .501,499 351,709 149,790 7,004 446,034 .107, .538 1.19,090 17.917 494.511 286,394 208.117 14.045 10.893 a Excess of Impo rts. Excess Excess Excess ports. 1906 1905 1904 1903 1902 since January the following exhibit: (15.400 10.313 3.152 1 1 . 13.801 15.493 19,479 Imports Ol . Exports $ 15,474 9,075 9,040 6.318 8.472 10.456 7.906 5.S36 7.819 7.483 7.021 9.023 —— — . — — 1 1 3 6 ) THE CHRONICLE. 1134 Vol. lxxkii. I In these tables of totals, gold and silver in ore for all the years arc given under the lieads respectively of gold and silver. Tlio following back to shows the merchandise balance! for each year [From our own correspondent.] 1S75: KXCESS or ME RCHANDISE IMPORTS OR EXPORTS. London, Saturday, 10 months indinq April 30 4 months ending April 30 Imports. 83,454,139 1875 Imports. S5,688 ,626 1S75 187ti Kxpoits. (>2,<)03,,').')t) 1870 Exports. 33,383 ,858 Exports . 43 ,2.58 ,487 ExiK)rtS-15t),,514,lt)8 1 S77 1877 Exports. 125,082 ,388 Kxi)ons.227,042,0,S7 1S78 1878 Kx|iorts. 91,8.52 ,767 Exports 41,477,822(1879. 1879 ..Exports 155,276,374 1880 Exports. 18,755 ,956 1880 Exports. 84,834 ,039 1881 Exi)orts 240,546,791 1881 Exports 56,685,42711882 Imports. 8,654 ,286 1882 Exports 109,307,46211883-. Exports. 54,731 ,992 1883 Exports 78,9.52 ,915 1884 Exports. 16,892 ,834 1884.. Exports 162,165,1301 1885. Exports. 52,816 ,397 1885 1886 Exports 41,164,57611886.. Imports. 3,902 ,856 Exports. 1 ,61 ,S24 1887 Exports 52 ,567 ,394 1 887 Imports. 29,886 ,256 1888 Exports 3,686,437 1888 .Imports. 1 ,144 ,743 1889 Exports 26,782,236 1889. 1S90 Exports. 1 6,283 ,641 Exports 103 ,523 ,279 1890 Exports. 16,537 ,636 1891 Exports t)9, 363,621 11891 . .Exports. 53 ,546 ,335 .Exports 208 ,996 ,609 1 892 1892 57,5.52 ,160 - . .Imports Imports. 7,487,8()7 1 893 1893 Exports. 55,565 ,443 Exports .233 ,071 ,183 1894 1894. Exports. 3,720 ,8.54 1895 Exports. 84,024,089 1895 Exports. 55,106 ,905 1896 Exports. 83 ,032 ,729 1896 Exports. 50,438 ,737 Exports. 299 ,740,002 1897 1897 ExportS-193 ,868 ,483 Exports. 514,020, 400 1 898 1898 Exports. 146,255 ,962 Exports. 471 ,.557,021 1899 1899 ExportS-lS3,190 ,177 1900 Exports. 455,1 1 6,984 1900 Exports-208,11 ,704 1901 Exports. 584,298,012 1901 Exports. 139 ,096 ,148 1902 Exports. 435, t)40,5S0 1902 Exports. 149 ,789 ,877 Exports. 359,304,919 1903 1903 Exports. 144,1 32 ,149 Exports. 448, 483, 505 1904 1904 Exports. 89,053 ,203 Exports. 339 ,074,209 1905 1905 ...Exports. 170, 693 ,.508 1906...... ..Exports. 467,512, 164 1906 . 1 1 1 May 5 190G. The drain of gold for New York and the sharp fall in prices on the New York Stock Exchange made the London stock markets very feverish and anxious at the beginning of the week. Especially the tone was extremely nervous on Tuesday and Wednesday. On Thursday a much better feeling Indeed, as the week draws arose and has continued .since. to a close, there has been a growing revival of confidence. The best informed here are convinced that, although there w^as a good deal of speculation in New York, yet there was no serious unsoundness. Everj'body is aware that trade is exceedingly active and that the crop prospects at present 1 are all favorable. New York Therefore it is recognized that the flurry due largely to the scarcity and dearness of money, which of course has been much accentuated by the deplorable disaster in San Francisco. BHad the drain of gold continued on the same'scale in London, there were great fears that the London Stock Exchange might also be seriously convulsed. The Bank of England is not in a position to lose a very large amount of gold. And when it became evident that the demands of New York were falling almost entirely upon London, the directors of the DEBT STATEMENT APRIL 30 1906. Bank of England felt compelled to raise their rate of discount The following statements of the public debt and Treasury once more to 4%. It is now understood that the Bank of cash holdings of the United States are made up from official For statement of March 31 1906 France is prepared to part with a considerable amount of figures is.sued April 30 1906. Indeed, the best opinion in Paris is see issue of April 21 1906, page 906; that of April 30 1905, gold for New York. see May 27 1905, page 2198. that the Bank of France would not be at all unwilling to let INTEREST-BEARING DEBT APRIL 30 1906. go of at least five millions sterling. It is calculated both in Amount Amouni Outstanding hiterest issued. Registered. Coupon. Total. London and Paris that five millions sterling, in addition to Title of Loan — payable. s s $ s Q.— 2s, Coasols of 1930. 595,942.350 5S,S.064,650 7,877.700 595,942,350 the seven millions which have already been shipped from Q.—P\ 198.792,060 33.209,160 30,7.36,300 63,945,460 33, Loan of 190S-18 Europe to Now York, would amply suffice for the needs of 4s, Funded loan. 1907... Q.—J. 740,9.32,900 83.000,100 .33,694,950 116,7.55,0,50 4s, Relund's certificates. Q. — J. 26.400 40,012,750 Q.— F. 102,315,400 93,273,500 25,216,400 118,489.900 the United States, that ease after a while would return, and 4s. Loan of 1925 At all events, the feeling that all markets would improve. .\Kgres.ate Int.-BearinK Debt- 1,737.996, 060 797,007,410 97,525,350 895,159,100 Note. — Denominations of bonds are: Of .ilO, only refunding certificates; of -$20, loan of 1908, coupon and repistered. in London is that if the Bank of France freelj'^ parts with the Of S50. all issues except 3s of 1908; of SlOO, all Lssues. Of $500. all except 5s of 1904 coupon; of $1,000, all issues. gold required by New York, the drain from London will stop, or S5,000, all registered 2s. 3s and 4s; of SIO.OOO. all registered bonds. Of S20,000, registered 4s, loan of 1907; of S50,000, rc?:istered 2s of 1930. confidence will_revive and business will become active once DEBT ON WHICH INTEREST HAS CE.'VSED SINCE MATURITY. more. March 31. April 30. Paris was unwilling to part with much gold until May Day Funded loan of 1891, continued at 2%, called May 18 1900. interest ceased August 18 1900 $40,200 00 S40,200 00 was over. Great fear was felt all over France that tho SeFunded loan of 1891. matured September 2 1891 26.700 00 26,700 00 Loan of 1904. matured February 2 1904 135,100 00 135,150 00 ConseOld debt matured prior to Jan. 1 1861 and later 937,375 26 937.145 26 cialists might make serious attempts on May Day. quently the Government made vast preparations both in Debt on which interest has ceased $1,139,425 26 SI .139,145 26 May Day DEBT BEARING NO INTEREST. Paris and in the districts w-here the strikes prevail. United States notes.. 3346,681,016 00 having passed over without serious disturbance, everybody Old demand notes. 53,282 50 National bank notes — redemption account 41,640.909 00 now is reassured and the Bank of France is ready to reduce Fractional currency, less 38,375,934 estimated as lost or de.stroyed.. 6,865,959 08 Until the result of the elections to-morrow is its hoards. Aggregate debt bearing no interest $395,241,166 58 known ,'it is not probable that .there will be very much inRECAPITUL.\TION. in is .J. , Classilication oj Debt — Increase (+) or Uecreaxe ( — March April SO 1906. $895,159,160 00 1.139.145 26 395.241,166 58 Interest-bearing debt.. Debt, interest ceased Debt bearing no interest Zl 1906. $895,1.59,170 00 1,139,425 26 crease of activity in Paris. But if the elections give the —$10 00 —280 00 Republican Party once more a decisive majority, it is con395,184,165 .58 4-57,001 00 fidently expected that business will become very much more Total gross debt $1,291,539,471 84 $1,291,482,760.84 -1-56,71100 In Germany May Day passed over without any disactive. Cash balance in Treasury.a.. 307,126.224 62 309,859.322 46 -2.733.097 84 turbance at all, the leaders of the Socialist Party taking Total net debt $984,413,247 22 $981,623,438 38 -(-$2,789.808 84 extraordinary measures to prevent any breach of the peace. a Including $150,000,000 reserve fund. The foregoing figures show a gross debt on April 30 1906 But the German bourses are not likely to become verj-- much of $1,291,539,471 84 and a net debt (gross debt less net cash more active until there is a recovery in London, Paris and in the Treasury) of $984,413,247 22. New York. TREASURY CASH AND DEMAND LIABILITIES.— There is much difference of opinion as to whether the The cash holdings of the Government as the items stood April 30 are set out in the following: ASSETS. Tru.it Fund Holdings — LIAHILITIF.S. J — Trust Fund Liabilities $ 550,691.869 00 Gold certificates 472,644.000 00 Silver certificates 7,661.000 00 Treasury notes of 1890.I Gold coin $ 550.691.869 00 472.644.000 00 7,661,000 00 1 Silver dollars Silver dollars of 1890- -. Total trust fund Total trust liabilities. 1.030, 996,889 1,030.996.869 00 General Fund Holdings den Fund Liabilities 21, 174.009 60 .234 .297 45 National bank 5% fund. 49,993.480 00 Outstanding checks and drafts 5,069,530 00 13. 357,817 7,499,809 00 Di.sburslng odlccrs' balSilverbullion ances 1.500.648 73 59 429,834 United States notes 9,550.695 00 Post Office Department Treasury notes ot 1890. account 20.9()1 00 349,434 National bunk notes 11.880.323 00 Miscellaneous items 181.731 Fractional silver coin 7,425,109 32 Fractional ciurency 151 51|Total gen'l liabilities... 103.492.827 Minor coin 760.142 39) Bonds and interest paid. 43,613 40 — — . iold coin and bullion ... Gold certificates Silver certificates Sliver dollars ( Tot. in S\ib-Treas'ies. 00 60 18 85 79 10 52 153,986.760 8ol In Nat. Bank Depositaries CreditTreasurerortl.S. 93,063,281 51 Credit U. S. dis. officers.. 9.855,490 38 j Total in bivnks 102.918,771 89 Tn Treas. of Philippine Islands Credit Treasurer of U. S. Ca«/i balance and Reserve 1,728,412 91 Credit U.S. dis. olTicers. 1,985.106 54] Total cash .and reserve . . .307,126,224 62 — | 1 1 of 3,713,519 45| Available. Total In Philippines.. Reserve Fund Holdings Gold coin and bullion... Made up — 1 I 157,126.224 62 and R eser ve Fund 150,000,000 OOlGoldAbull. 150,000,000 00 . 1 Grand total.. 1.441.615,921 14| Grand total Bank England acted wisely or the reverse on Thursday. One party insists that it was well known that the Bank of France would freely part with gold once May Day was over, and that conAnother party sequently a rise in the rate was unnecessary. contends that it was necessary for the directors of the Bank of England to make it clear not only to the London money market, but to the Paris money market as well, that it would take whatever measures were necessary to protect its reserve, and that, in fact, its action on Thursday has materially directors of the of in raising their rate of discount 1,441,615.921 14 influenced the decision of the that may be, the directors felt Bank bound of France. However and to raise the rate, As a natural the market generally has bowed to the decision. consequence of tho rise in rates here, the great French banks during the week have been largely increasing the balances they are employing in London, and by so doing they have materially contributed to keep rates within moderate limits. The best opinion both in Paris and in London is that the French banks will continue to increase their balances, and that therefore rates will be kept moderately lowin London May THE CHRONICLE. 19 1906. unless of course the gold demands of the United States become very much heavier than anybody anticipates and that there is a large drain both from London and from Paris. The India Council offered for tender on Wednesday 40 lacs and the applications exceeded 414 of drafts, Is. 3 £ £ 29 121510 Publio (IppositS Othor deposits Govornm't securities 15,977.281 Other securities 36.394,370 28. ,598. 815 11,878.5.58 29.062 450 8,328,908 48,081,460 Cirmilation May £ Maui. i Mays. 2. 1903. 1904. 1905. 1906. May 7,544,273 41,992,418 17,279.040 26,421,383 23,673,105 40.392,171 15.629,702 29 547,577 24.908,171 35,579.631 1902. May h. 7. £ 29,064,670 7.689.310 29,568,245 7,965.418 41,081,113 14.824.003 28.231.702 23,957,145 35,768,390 39,075.9'10 14. .524. 291 25,609,615 24.468.492 35,358,162 Reserve, notes&coin 21,892,270 33. .821,920 Coin&bull.,bothdep 32,504,720 Prop, reserve to Uabilities 47 9-16 47 11-16 52 3-16 p.c. 385i 48J^ Bauk r.ate 2K 3 4 p.c. 3 3J^ Consols, 2>i p.c -.. 89 11-16 89 11-16 92 7-16 94 1.5-16 90>i Silver 25 3-16d. 25d. 30 9-16d. 23 1.3-16d. 26Md. CIear.-hou.se returns 281,140,000 263.265,000 246.483,000 238,805,000 189,391,000 The rates for money have been May Bank of EnRl.and as follows: 3H 3H 3H Trade bills bills Interest al'Mwed Jor 314 3% 4@4H deposits — April 12. 3H 3H( 3H( 3 3 7-16®3K 3H 3H 7-16g>3H 3y. 3 4 rate — 3 months —4 months — — 6 months — 4 months — 3 months Open Market rates Bank April 20. April 27. 4 7-16@3K i3'A &3?| 3Ji@3H 3i4( 3M®3^ 3'A< >3?| By Joint-stock banks By discount-houses; Atcall 2H 2% 3 314 2}^ 25* 1^ The Bank rates of discount and open market rates chief Continental cities have been as follows: 7 to 14 days. May Bank Kates oj Interest at — April 28. 5. Bank Open Market Rale 5 2H s>4 3M Amsterdam 5 4)^ 3^s AY^ Brussels 4 Paris Berlin 3 5 Hamburg Frankfort St. Petersburg Madrid Copenhagen May 2% 4 3% Bank Open Rate. Market. 3 3 5 3% 5 3y<i .5 3 9-16 3 2^ 3¥, 4 5-16 4H nom. 4 4H 4 April 14. Bank. Open Rale 5 3« 3 7-16 2H 3% iH iVi fGOLD,— There was a slight slackening in dtiring the w.as which was 000: West April, the demand for gold .at the close of last stronger th.an ever and the whole of this week's arrivals have York, which has further purchased ,£858,000 from the B^iDkot The liank total withdr.aw.als to date tor New York .are .£3,247,000. week has lost £916,000 and £24,000 have been received. The Bank rate, 4% at the beginning of the year and w.as lowered to 3)4% on the 5th of raised .again to-day to 4% .\rrivals Cape. £850.000: Australia. £234.Indies. £26.000: West Africa. £66.000: Brazil. £10.000; India, £4 000: total, it is New — . £1,190,000. — London Week May Sal. Mon. d ,30 15-16 30 13-16 cents.. 89 9-16 89M For account 89 15-16 89M lYench Rentes (in Paris) Ir.. 99.2734 99.2734 Silver, endin// new 2M per Consols, India quotes Rs. 78 per 100 Talahs Forward has fluctuated between y»A. and 7-16d. under cash. Arrivals— New York. £146.000: West Indies. £11 000: total, £157,000. Shipments— Bombay, £241,425: Singapore, £1,750: total, £243,175. MEXICAN DOLLARS. There have been a few transactions in dollars at about Id under the price of silver. Preferred 963-i Preferred 9034 445^ 81 71 Illinois Central 178 Louisville & Nashville 1503^ Mexican Central 2254 Mi.ssouriKan.&Texas. com. 35 PrefeiTed 7034 National RR. of Mexico 3954 146 N Y Central & Hudson 515-^ N \' Ontario & Western Norfolk & Western, com 91% Preferred 95 Northern Pacific 215 oPcnnsylv.ania 70'/g aReading Co 6754 a First preferred 4734 aSecond preferred 4834 Rock Lsland Co 27 Southern Pacific 683< 39^4 •Southern Railway, com Preferred 103 UnionPacific.com 1553i 97 Preferred 43>8 U.S. Steel Corp.. com Preferred 1093^ Wabash 21 Preferred 47 DebentureB's 7834 a Price per share . for bullion are reported as follows: May London Standard. Bar gold. fine, oz 3. d. s. SILVER. May 3 April 26 s. London Standard. d. d. 30 11-16 30 7-16 77 l\\4 Bar silver, fine, oz " 2 mo. delivery, oz_30;-i 76 7 .30 1-16 32 '4 76 6 Cake silver, oz ,30J^ 76 6 Mexican dollars nom. nom. 76 6 April 2&. I I 77 10'4 U. S. gold coin, oz 76 7 German gold coin, oz.. 76 6 French gold coin, oz 76 6 Japanese yen, oz 76 6 1 I I IMPORTS 1905-06. 54.134.600 16.044.900 8.810,200 1,225.845 509.200 31.581.500 10.207.500 Thirty-live weeMs. Imports of wheat, cwt Barley - Floitf 1904-05 1903-04. 69.207.300 58,951 121 16.618.700 24.27^.568 9,243,000 10,706,398 1.505,358 1,583,980 1.179 340 1,628,358 29.4.391400 Total 89,142.494 29s. 6d. 28s. 2d. Average price wheat, week.. Average price, season The 1.2.8S.034 146 52% 52% 933i 95 95 9354 95 214 212 69% 69% 673f 4734 4834 273l 683i 3934 103 673i -39 103 154 98 4254 1083^ 2134 473i V934 155'4: 154'/S 98 4234 67?^ 6734 4754 4834 2634 6854 39 103 154% 47 109^ 9854 423^ 109 2134 48 82 98 42 1085^ 21 49 8134 4734 82 9754 42'^ 69% 69% 66% 4734 4834 2634 673^ 38?^ 103 46 1.55?-!; 3554 71 4034 145 5234 92j| 95 21334 6834 67?| 4734 483^ 108% 21% 2134 48 8134 26% 673i .'ig 103 sterling department, made up from weekly returns, we give the following figures for the full months, also issued by our New York Custom House. The first statement covers the total imports and exports of merchandise and the Customs receipts for the ten months of the last two seasons: Merehandise Movement New to York. CtasWrns Reeeipts. at Month. Imports. 1904-05. $ .? July S August 64.208,572 52.798.439 4S. .845. 396 September 58.143.285 49.280.970 45.900.930 October . 68.407.750 57.934.340 56.70S.906 November 58,782,883 57.901.844 50,393.921 December 62,084,608 57.993.880 59.171.104 January. February. March April 65,414,702 63,034,102 67,654,570 65.427,317 1905-06. 1904-05. 1905-06. 1 42.676,6.39, 40.185.484 51. 186. .889 New York. Exports. 1 1905-06. Total 60.787.016, 57.601.992 66.183.4.36' 48.721.595 70.546.661i 53.287,747 58.243.120 51.746,580 1904-05. S $ 35.656.730 14.538. .886 39.594,990 17,507.282 44,585,536 17,0.30,037 48,803,417 17,869,567 45,354,507 15,8,83,364 45,280,457 16,255.886 42,508,066 18.703.721 38,180,015 16.322.548 47,289,626 18.0.38,705 49,178,417 15,191.258 $ 12,991.148 15.015.971 15.042.410 15.904,940 14,701,706 13,938,399 15, ,848,906 14,597,442 15,781,796 12,530,157 624,344,678 574,356,345 512,563,655 436,431, 76ljl67,341, 254 146.352,885 . 1 The imports and exports of gold and months have been as follows: Gold Movement at Month. 1903-04 ,58,951.121 15,266..3S4 13,701.471 87,918,976 30s. 9d. 27s. 8d. 27s. 3d. .30s. New Imports. 5d. silver for the ten York. Silver —New Imports. Exports. I York. Exports. 1.215.176 26.,565. 403 I 1904-05. 1905-06. I 1904-05. 1905-06. 1905-06. S 1905-06. $ 12.983.215 (exclusive of stock 89, 1 20,663 July... 1902-03 53.603,191 12,983.215 17.615.933 84.202,399 26s. lOd. 25s. 6d. Septemberl October ..1 November December January _February March April Total 469.424 413,224 1,881.936 7,455,721 261,740 376,927 290.015 155,.369 243,.5.S8! 455.4281 1.041.294 127.900 285.100! 535,552 8,283,022 ,231.,s;«! 266,134! 610,9,59: 1.699,643 3.333.1761 11,806,,S68 1.151.4.S9 1.158.601 24,921,632 9,896,056 6.931,036 75,022.317 9,35.369 1,312.437 314.196! 2.781.016 3,676.154 4.774.166 3.224,823 2,766.754 4 090.875 4,84,575 173,8,83 1,2.56,3451 463,523' 3,323,996 95.320i 175.000 20,438,886 280.370 8,1:58,962 1.043.875 15,068,907 2. 589.,500 14,647,636 134.046 2,292,099 1.3.84.0451 ! 281.0.571 3 43,,5,59 577.062 360.429 1.1.36,912 7.120.0,32 280.3341 224. ,36,5 3.832.-597 5.054.276 3.754.298 4.420.6201 41,074.991 United Kingdom: Flour, equal to This week. ...qrs. 4,070,000 qrs. 175.000 Maize ...qrs- 400.000 Last week. 2.965,000 180.000 290.000 1905. 4,045,000 235,000 490,000 — Sloclci. Slock fi. 1-16 interest in tlie Printer Bovl Mine and tlic Da.vliKlit <fc Twiliijlit MiiiinK claiin.s, Col |$90 5 Harii.ston TeaCo Ltd., $10 each 2 Centra] Trust Co of . N. Y., ..J 210,5 . Union ExclianRe Hank.. 217^ Fourth Nat. Bank 216^^ We.stchcster Trust Co. . .195 80 Phenix Ins. Co. of Brooklyn 30,5 to 310 .5 Safety Car Heat. <fe Lt Co290 170 Star Hy^eia Ice Co 42 5 Warlmrton Hall Ass'n of .5 13 Aiiier. Exchange National Mank 2.52)4 -250 >^ 25 Iiiternat. Grain Elev. Co. 70 5 Automatic Heat. Co., pfd. 50 27 Market <fc Fiilt'n Nat. Bk.270 4 Home Insiivanee Co 502 120 Amer. Butter Kef. Co., com 4 100 Royal Bakinj; Powder Co.. common . 5 10 96J4 Co. Elcc. Lt. & Power Co . Yonkers 151 Hanover National Bank. 500 Kiiifjs 151 Bonds. SI .000 J. Welsbach Co. 5s 1930 & D DIVIDENDS. 1904. 3.440.000 165,000 470,000 Auction Sales. Among other securities the following, not regularly dealt in at the Board, were recently sold at auction: By Messrs. Adrian H. MuUer & Son: 1.3 95 213 23K 71 4034 145 52V^ 923^ 453i 81 7134 17734 24 3434 40 144% 91% 90 following shows the quantities of wheat, flour and afloat to the Wheat .50 70 4034 7054 4034 14534 5134 S 1904-05. 69.207.300 8.027.420 11,885,943 .54.134.600 .10.207,500 .24 800,394 (lour home-growp maize 803i 70 17734 14834 2334 35 7034 164% FOREIGN TRADE OF NEW YORK— MONTHLY STATEMENT.— In addition to the other tables given in this Atigust. 190.5-06. Sales of 44^ 149 24 3434 34% 149 90 90 45 8054 7034 178 71 149% 173 44 44% 17734 150 24 60}| 2054 173>l 44>4 20 2034 174 ©omincxxiaX mx& ^xsci^lhxntoxts^txos 1902-03 53,603.191 20.118,188 9.749.101 1): Wheat imported, cwt Imports of 34,599,2.57 15,266,.384 8.027,420 Supplies available for consumption on September £ 60% 143^ 923^ 105 1113^ 97 16534 61 2034 17434 44 90 4534 81 71 178 | The following shows the imports of cereal produce into the United Kingdom during the season to date compared with previous seasons: Oats Peas Beans Indian corn ft . 1115^ 9634 80% Fri. 31 1-16 89J^ 89 11-16 99 12 >4 13J^ 91V| 10534 uo>>i 97 13 J^ 165% 60% Thurs. 30J^ 89 9-16 89 11-16 99.10 9154 105 1113^ 963^ 16534 61 9134 105% 203^ 175 4534 9034 45 Erie, common First preferred Second preferred Wed. Tues. 3011-16 305i 89 11-16 899-16 89 13-16 89 11-16 99.2234 99.10 14 92 105 1123i 96>4 1663^ Canadian Pacific 166 Chesapeake & Ohio 61 Chicago Great Western 21 Chicago Milw. & St Paul 175% Denver & Rio Grande.com. _ 44 — GOLD. HH Anaconda Mining Co 135's Atchison Topeka & Santa Fe 92 Preferred. 105 Baltimore & Ohio 112 & Shipments— Bombay, £104.500. SILVER. The market is still a very firm one. After a slight reaction to 30 7-16d. we have risen to 30 ll-16d. with a good business done for the E.ast, and close lirni. The quotations 18. peroz 35^ 5 5 3 4 3: week, but now been taken for England. The closing quotations for securities, &c., at London as reported by cable have been as follows the past week: 3 8 nom. 7H nom. 4 4 AVz 4H 5 5 5 4H 4H Abell write as follows under date of & —Per Gable. The daily Market 3 3% iVi at the 7.H 4 4V^ 4>s 5 Messrs. Pixley W- 3 iH 4 1-16 7H nom. Vienna April 21. Open Rate. Market. 2?-4 3 5 3M 5 3)4 5 3 7-16 English Financial Markets lacs, at prices Applicants 31-32d. to Is. 4d. per rupee. for bills at Is. 4d. and for telegraphic transfers at Is. 4 l-32d. per rupee were allotted about 10% of the amounts applied for The following return shows the position of the Bank of England, the Bank rate of discount, the price of consols, &c. compared with the last four years: ranging from 1135 685^ The following dividends have been announced Per Name of Company Railroads ^Steam). Buffalo <t .Susquehanna, pref. (quar.).. Catawis,s,a pref. stocks Chestnut IllU (quar.) Cln. N. O. <t Texas Pacific, pref. (quar.) Read Ing. common First preferred ._ Street Railways. Kansas City Ry. When Cent. Payahle. 1 2 Sept. June Diamond Match (q\iar.)._ General Chemical, pref. (quar.) 234 Jtme IH July Kings Co. I'.leo. 1.. * Power (quar.) Laclede G.a-s Light, com. (quar.) 2 l^i Preferred . National Lead, com. (quar.) Preferred (quar.). Itublier Goods Mfg. pref. (quar.) Standard Oil (quar.) Warwick Iron & .Steel 234 pref. (quar.) Miscellaneous. . June June June July $9 2 June June June June Inclusive. rec. Mav i.s June 1 May 20 to May 1 Holders of rec. May 10 to May .11 Mav 20 Holders of rec. July 14 Holders of rec. Aug. 24 June June Aug. 13i <t I.t.. Days Holders of May 1^ week: Books Closed. June 234 this I May 20 to Holders of rec. May 31 to July 2 June 23 to May 31 Maj- 23 June 10 June 10 June 16 May 26 to to to to Iloldera of rec. Holdcr.s of rec. June 15 June 1,|» July 2 June 15 June 9 May 21 . . . . 1 THE CHRONICLE 1136 New York City Clearing House Banks. shows the eondition of the New York City Clearing House banks for the week ending It should be distinctly understood that as May 12. to all items except capital and surplus the figures are the averages of the daily results, not the totals at the end of In other words, in reporting loans and dethe week. posits and holdings of specie and legal tenders, the practice is to take the aggregate of the amounts for the several days of the week and divide this aggregate by the number Statement of Tlie following statement of days. We omit Hanks. 00s omitted. Capital. Manhattan Co . Merchants' Mechanics' America Phenix City Chemical Merchants' Ex. Gallatin & Orov. Mech.& Traders Greenwich . . American Exch. Commerce Mercantile Pacific Chatham People's North America. Hanover - Irving Citizens' Cent.. Nassau Market & Fult. Metropolitan .. Corn ExchangeOriental.. Imp. Park & Traders East River Fourth Second First N.y. Loans. Surplus. Nat. Ex. Bowery N.Y. County.. German-Amer Fltth Avenue.. German Exch.. Germanla Lincoln Garfield Fifth S $ 2.000.0 2,050.0 2,000,0 3,000,0 1.500.0 1.000,0 25.000,0 300,0 600,C 1,000.0 300,0 700,0 500,0 5,000,0 25.000.0 3,000,0 422,7 450,0 200.0 2,000,0 3,000,0 1.000,0 2.550,0 500,0 1,000,0 2,000,0 2.000,0 750,0 1,500,0 3.000,0 250,0 3,000,0 300,0 10.000,0 1,000,0 250,0 200,0 750,0 . Chase 1.000.0 100.0 200,0 200,0 300.0 1,000,0 2.850,0 2.590,4 1,417,7 3.544.1 3.867,7 303,3 19.726,3 7,870,8 436,3 2,274,4 150,3 376,7 605,5 4.7-24.2 12.923,7 4,552,8 665,7 1,006.9 442.7 1.979,4 7,397,8 1,118,8 746.4 331,3 1.416.1 642,8 3..390,9 1,112,3 6,858,9 7.468.4 122.3 3,002,9 1,638.9 17.487.1 901,4 775.1 835,1 550,8 5,490,1 1,753.4 762,2 904,4 1,539,8 1,310,5 250 1, 000:0 Seaboard 1.000.0 $ 16,451.0 23,057,0 10,320,4 18,170,0 21,590,5 6,349,0 159,445,0 20,683.8 5,403.0 7,928,3 2,001,2 6.134.0 4.741.4 28.613,2 127.813,9 21,210.7 3,218,5 5,894,7 2,179.1 14.507,6 49,092,0 7.817.0 18,499,6 3.600.0 7.168,3 8.564.5 32.752,0 9,472,0 22,914,0 67,353,0 440 Metropolis West Side 1,618;7 769,8 1,128,3 1st Nat.. 200.0 Bklyn Liberty N.Y. Prod. Ex. New Amster Astor Totals all cases. Deposits, a Lcgals. Specie. 300.0 1.000,0 1.000,0 500.0 350.0 667.1 2.143,5 544.4 618.2 663,7 1,184,4 17,082.0 10,526.0 86,802,8 8.700,6 3,569,0 4,868,6 3,920,0 47,131,0 10.150,4 3.395,9 3.223,0 13,237,0 7,776,8 3 132 3 10:826;6 4.214,0 14,823,0 4,502,0 10,640,1 5,744.0 5.915.3 4.835.2 [ToL. Lxxin. New York City, Boston and Philadelphia Banks. lie- % $ 2,293,0 1,510,0 5,630.0 2,177.0 2,100,9 1,057,8 3.045.0 1,706,0 4,484,8 2,127,4 1.683,0 139,0 33,558,0 7,798.9 5,178,3 1,832,1 328,0 1,190,5 826,2 633,5 488,9 76,1 980,0 648,0 718,6 585,5 4,873,7 1,757,7 13,925,1 13,104,2 2,823,3 1,343,3 308,4 386,4 734,4 974,5 167,9 566.3 2,172,6 1,136,8 8,547,6 7,294.6 859,0 322,6 2,973.3 1,709,9 265,8 397,3 966.2 729,1 246,2 1,944.0 6,945,0 3,770.0 1,636,6 384,2 3,631,0 1,440,0 16.990,0 3,373,0 227,3 137.8 1,993,6 2.837,6 814,0 2.016.0 18.584,7 2.188.7 1.847,4 371,0 487,0 200.0 974,6 487.3 749,8 187,9 12.230,7 1,611,9 2.100,8 861,8 180,0 885,0 472,6 776,1 1,409,9 2,060,2 1,740,8 297,0 672 8 159 6 1,389;3 868,2 770.0 412,0 2.399.0 1,952,0 685,0 515,0 1,759,2 580,0 1,221,6 427,9 763,2 533,9 1.029,0 168,0 $ 14,139,0 27.272,0 12.508.9 17,474,0 23,568,4 5,824.0 149.104,3 26,202.3 5,718,4 5,633,8 2,772,5 6,634,0 5,350,3 22,497,5 103,567.6 17,238,4 3,630,7 6,087,4 2,777,6 13,732,9 58,057,0 6,816,0 18,368,9 3,767,2 6,775,5 9.516,1 40,524.0 9,478,1 19,692,0 77,020,0 % 26.8 28.6 26.2 27.1 •28.0 Capital and Banks. Loans. New York S S S % Apr. 21.. 204,,777.7 1017,429,0 189.6.53,6 78.579.2 Apr. 28.. 264,,777.7 1039.210 5 186,734.3 80,803.9 May 5-. 265, 933.0 1042.110,9,1^3,140,6 79,571,3 May 12.. 265,,933,0 1025,650,5 186,443,4 80,090,3 Boston. Apr. 28.. 42,,936.0 177.742.0 15,484,0 5,403,0 May 5.. 42,,936,0 176,591,0 14,793,0' 5,390,0 May 12.- 42,,936,0 174.466,0 15,366,0 5,556,0 Apr. 28.. May 5.. May 49,,860,0 49,,860,0 49,,860,0 12.. 213,948.0 212.170.0' May 245.352.0113.964,0 245.178.0!l4,012,0 243,249,0,13.958.0 27.2 17.3 For week 1906. Goods 1905. 17.6 25.0 26.4 21.3 '25.7 26.4 1,388,1 •26.2 $1,948,9»7 8.978,101 $15,772,605 ll2.350,676 Total $12,942,988 110.927.088 Sitice ./anuary 1. Dry Goods $64,257,181 221.139.293 General merchandise.. $56,285,584 222.624.702 Total 19 veeks $28.5^.474 $278,910,286 $229,184,556 $231,399,594 The imports of drj^ goods for one week later will be found in our report of the dry goods trade. The following is a statement of the exports (exclusive of specie) from the port of New York lo foreign ports for the week ending May 14 and from Jan. 1 to date: R.Kr-onrs from new yop.k for the week. 1905. 1906. For the week Previously reported. Total 19 weeks... $237,175,154 $202,144,974 $183..523.028 $196,593,160 — As the figures of exports as reported by the New York from week to week frequently show divergence from the monthly The following table shows the exports and imports of specie at the port of New Y'ork for the week ending May 12 and since Jan. 1 1906, and for the corresponding periods in 1905 and 1904: Week. Clearing Banks Agent. Colonial Columbia _ _ Consol. Nat. $Yo",o66 $10,000 22 500 13,974,702 S4 934.522 $5,133,793 $26,306,567 29,222 32.674,625 5,063,866 •45,231,372 4,6-20,299 43,990 . . ... Total 1906 Total 1905 Total 19u4-. &c. Fidelity . .. 14th Street.. Hamilton Jefferson Mt. Morris. _ Mutual 19th Ward.. Plaza Riverside State 12th Ward-. 23d Ward-.Union Exch United Nat.. Yorkville Coal & I.Nat. 84th St. Nat. Batt.Pk.Nat. Borough $ 305,0 640,8 17,6 197.7 231,4 8,8 167,8 25,6 17,3 248,0 16,7 878.0 40.0 63.6 349,9 261,1 41,2 619.0 264,2 104,2 Other Deposits. 44,2 55,7 33.8 348,7 269.0 63,8 56,5 322,4 189,3 189,6 82.8 330,8 305,2 231,0 130,3 393,0 240,0 170,3 162.6 73,2 352.3 186,0 10,9 4,9 S 48.2 43,9 39,0 479,3 207,0 383.7 80.2 338.6 $ S 705,0 . $938,860 $19,867,436 653,000 13,760 Y5"466 48,715 100,000 . 29.6 109,0 228.2 3,7 26,0 74.1 10,0 235,0 172,1 57,2 107,9 399,4 385,0 98.0 1.010,0 189.0 955,0 47,0 166,8 181,3 279,1 147,3 111.1 113,7 238,6 101,5 156,3 378.3 122,3 86,9 400,0 121,6 127,7 59,5 1.1 1.140.1 1,054,1 5,141,3 6,912,0 3,618,5 1,019,0 6,203,8 5,253.4 4,223,6 3,325,8 3,821,0 3,429,9 4,192.0 1,992,4 14,465,0 3,142,0 2,210,4 7,494,6 1,.396,3 4,047.0 3,778.2 1.167,1 445,6 Germany ^^ est Indies Mexico South America .\11 . other countries ""3; 300 's'.sbo Total 1906 Total 1905 fotal 1904 S957.560 $20,686,211 .304,237 11,596.378 401,160 16,433,227 $1,583 10 53,519 302,528 515 74S 32^022 $V,427 20.422 22,717 $14,566 13.34 J 9.342 $905 1 AO"' 102'491 '.33i;004 Of the above imports for the week in 1906, $2,472,214 were American gold coin and $27 American silver coin. Of the e.xports during "the same time $10,000 were American gold coin and $15,400 were American silver coin. Auction Sales. — See preceding page. 0/ Brooklyn Borough Broadway Brooklyn Mtrs' Nat 200,0 150,0 300,0 252.0 . Mechanics' . 1,000,0 Nat. City.-. 7.50,0 ,300,0 Na.s.sau Since Jan. $3,258,529 $17 604 293 501,800 1.976,755 1,285,200 5.621,262 $495', 126 141,948 6,497 122 611 584,046 3,207 680 802 3.821. 00 77.252 1,308 34.360 98;896 _... Deposit with Week. Since Jan. Great Britain France South America Net Imports. Exports. Gold. Sliver. Chelsea Exch Custom House comby adding totals, also piled by the Custom House, we shall from time to time adjust the totals to or deducting from the amount "previously reported." .Mexico Bank 13.6 32.7 65,3 72.3 $10,248,387 186,346,773 Note. France % 100.0 154.4 867,2 200.0 136.1 1.178,0 100,0 75.2 876,1 100,0 332,4 4,346,5 300,0 379,3 6,852,0 1,000,0 1.079,8 5,028,4 200,0 130,2 1,034,2 500.0 114,3 5.230,2 200,0 142,5 4,750,5 400,0 435,2 4,301,2 250,0 161,4 2,797.7 200.0 285,4 3,835.2 200,0 224,9 3,149,4 100,0 280,4 3,6.34,0 100,0 103,1 1.776,2 100,0 1,186.3 12,143,0 200,0 159.3 2,636,0 100,0 137.2 1,856,6 750,0 668,2 7.770.7 1,000.0 184,8 2,291.1 100,0 327,3 3,558,9 .300,0 266,5 3,567,0 200,0 200,6 1,200,3 200,0 108,8 629,9 1903 1904. $12,551,511 189.593,463 Gre.1t Britain Man.&Br'x. $55,715,153 175,684,441 EXPORTS AND IMPORTS OF SPECIE AT NEW YORK. Boroughs 0} Wa,sh. H'g'ts 1903. $1,096,993 11.845,995 '23.0 City. Century 1904. $1,852,669 10,498,007 $2,267,554 13,505,051 •25.4 18.652.0 25.9 10,956,0 •25 .8 75,.371,0 27.5 8,423,4 •26.3 3,906.0 17.5 5.807.6 •25.1 3,806,8 24.6 53,430,5 25.9 11.342.4 •26.1 4,429,7 •24.0 5,819,7 21.4 14,254.9 24.3 8,063,4 25.2 3,312,1 25 1 10.561.2 21.3 4,566,0 '25.8 17,017,0 '25.5 4,732,0 25 .3 8,831,5 •26.4 6,694,1 •24.6 6,636,2 19.5 4.806.0 24.8 Notes N.Y. 154.911,8 173,443.1 141.379.1 beginning first week in January. FOREIGN IMPORTS AT N'EV.' YORK. All other countries. and 157.807.2 179.632,0 154,317.7 11; also totals since West Indies Specie. 7,433,0 7.475,0 198.498.0i 7.467.0 — Germany ments. 202,781.0 202,475,0 Imports and Exports for the Week. The following are the imports at New York for the week ending for dry goods May 10 and for the week ending for general merchandise •24.0 two ciphers (00) in all cases. Invest- $ $ s 1007,464.3'51.481.3 2.126,247,3 1028,683.2 31,138,4 1,965.375 6 1027.273,5 50,844, 2'2.590.218, 1014.556, 450,378,7 1.943.995.9 a Including for Boston and Philadelphia the Item "due to other banks" and Government deposits. For Boston the.se Government deposits amounted on on May 12 to $3,587,000; on May 5 to $2,754,000. General merchandise.. results. plus. Cltaringt. also — Legal Tender I 00.249.0 59.074.0 57.809,0 211. .326,0 19.1 28.0 26.4 Reports of Non-Member Banks. The following is the statement of condition of the non-member banks for the week ending May 12 1906, based on average of daily Loans and Circulation. r»ry a Sur- Deporilt.m Legali. Specie. Surplus. a Total United States deposits Included, $37,010,500. Banks. 00s omitted. Capital. Nat North Side.. 100,0 Union 1.000,0 Jersey City. First Nat__- Hud.Co.Nat. Third Nat. . 119,0 2,458,9 370.2 2,751,5 164,4 1,924,9 654,8 4,516,0 822,3 11,988,8 829, 6,242,0 608,1 3,354,0 202,9 1,752,6 1.010,0 11.032.0 38.1 15,8 133.8 303,0 331.9 232.0 129,0 178,6 211,1 76,3 209,1 5S0,6 505,0 288,0 22,8 110,5 249.0 500,0 257,6 200,3 281.1 657,1 2,444,5 S92,0 697,0 42,4 1,191,0 ' Second Nat. TEAKSCONTINEKTAL MAP 170,3 2,874,9 62,9 2,895,6 59,0 2,198,4 256,0 4,943.9 166,9 14,901,1 6,043,0 ib"7';6 3,904,0 144,6 1,780,3 752.0 12,129,0 Mailed upon request. Spencer Trask 4,819,4 2,706,6 1,739,2 159,8 92,4 46,4 322,4 110,0 125,0 2,751,4 1,586,3 170,2 45,9 76.1 1.814.7 175,5 69,2 346,3 34,9 54,9 104,9 54,8 2.699,8 1.498,6 6,651,8 7.462,0 14.816,8 6,604,7 7.142,6 15,095,7 7,050,4 7,356,1 14,9.Si).8 156398,3 150376,9 159452,8 528,0 69,2 30,4 6.094.6 2,301,9 1,895,1 557.7 183.8 Tot. May 12. 12037,0 14960,7 Tot. May 5.!l2037,0 14960,7 Tot. Apr. 28.1 13037,0 15394.7 & Q>», Investment Bankers. Sranch 400,0 1,148,0 250.0 681,5 200.0 322,7 Hoboken. First Nat--. is do not include results for non-member banks. We omit two ciphers (00) in all then Jiffura. figures 31.2 27.7 26.7 26.5 25.9 20.3 24.5 24.3 29.4 26.0 24.1 117.472.7 148,460.3 1025,650.5 186.443.4 80,090.3 1014,556,4 26.3 We omit — Below summary of the weekly returns of the Clearing House banks of New York City, Boston and Philadelphia. The New York a I Phlla. se've Bankof N. Y.. Butch. two ciphers (00) in 5 I J I . . Ofl&ce, Albany, N.Y. WiUiam and Pine Sts., New York. Moffat & White, members New York i^tock £xchanae, 6 NA8SAD STRBBT, HANOVBB BANK BUILDINe, IDealers in InTOstinent Securities. COM.niS^ilOIW OKDBK8 EXECUTED FOR CAi^H ONLY. May THE CHRONICLE. 19 1906.] — State and Railroad Bonds. Sales of State bonds at the Board are limited to $30,000 Virginia 6s deferred trust re- ^ankjers' (§Kzzttt. For Dividends see page 1135. May 18 1906. Situation. There has been a mild reactionary tendency in the security markets since our last report, which is doubtless logical enough after the vigorous advance in prices noted last week. An advance in the anthracite coal stocks in the face of a declining tendency otherwise throughout the railway list is presumed to reflect the satisfaction that is felt over a settlement of the labor controversy, which has been a disturbing element for some time past. General conditions remain practically unchanged, unless we except a renewal of the transfer of funds to San Francisco and some interest as to the probable results of this movement upon the money market here. The latter up to this writing continues easy, however, owing, as is well known, to the gold-import movement, which now amounts to about Wall Street, Friday Night, — The Money Market and Financial $52,000,000. The event of the week in financial circles has been the placing of a short-time loan by the Pennsylvania Railroad Company for $50,000,000, and it is reported to-day that an additional $25,000,000 has been arranged for abroad. To such an extent has this matter absorbed the attention of investors that the transactions in bonds have been considerably reduced. Rain has fallen in the Southwest, where it was much needed, and weather conditions throughout the country The Government are generally favorable for agriculture. report on our international trade for the month of April, and for the ten months ending May 1, given out this week, is exceptionally favorable when compared with previous records The open market rates for call loans on the Stock Exchange during the week on stock and bond collaterals have ranged from 23^ to 4%. To-day's rates on call were 3@, 5@5^% for 3/^%- Prime commercial paper quoted at endorsements and 5@53^% for best single names. The Bank of England weekly statement on Thursday showed an increase in bullion of £359,560 and the percentage of reserve to liabilities was 41.46, against 39.35 last week. The discount rate remains unchanged at 4%. The Bank of France shows a decrease of 4,650,000 francs in gold and an increase of 1,100,000 francs in silver. NEW YORK CITY CLEARING-HOUSE BANKS. Diijerences JTom 1906. May $ Capital _. Specie Legal tenders 13. $ Dec. 16,460,400 Dee. 465,500 Dec. 12,717,100 1904. May 14. $ 115 972 700 115,972.700 133'809'000 137.650.500 1,099,716.900 1,078;928,'600 36 003 700 44,698.700 1,150.219.700 1.129;615;400 218 134 500 219.888,300 84,379.200 77,096,600 of deposits 3,296,800 519,000 3.815.800 3,179,275 304,267.500 287.554,925 295,231,100 282,403,850 12,894,600 Inc. _ Inc. Inc. 266,533,700 Inc. 253,639,100 Dec. .- Reserve held 25% $ 117,472,700 148,460,300 1,025,650,500 50,378,700 01,014,556,400 186.443,400 80,090,300 Loans and discounts, _ Circulation Net deposits 1905. May previous week. 12. 1157 6,995,075 16,712,575 ceipts at 22 to 24. The market for railway and industrial bonds has been generally dull and narrow, and with few exceptions prices have shaded off fractionally. feature has been Wabash debenTransactions in them during the early part of the week were on a very large scale, and the price advanced to 80, Later, interest in them has diminished a gain of 4 points. and they are down a point. Interborough Metropolitan 43^3 have been prominent in the unlisted market of late, and although more or less irregular in movement are nearly 2 points lower than last week. Other than the above, interest has centered largely in industrial i.ssues, including American Tobacco, United States Steel, Distilling Securities Corporation and Colorado Industrial issues. United States Bonds. Sales of Government bonds at the Board include $5,000 2s reg, 1930 at 1033^ ,$9 ,000 3s coup., 1908-18, at 102J4 to 103 J^ and $1 ,000 4s coup., 1907, at 1033^. The following are the daily closing quotations; for yearly range see third page following. The most conspicuous ture Bs. — Interest 2s, 2a. 38. 38, 33, 48, 43. 4s, 4s, May May May May May 12 14 15 16 17 18 —Jan —Jan Q— Feb Q— Feb —Jan Feb — Jan — Feb — — Feb registered Q 1930 coupon Q 1930 registered 1908-1918 coupon 1908-1918 1908-1918.. small coupon Q rcglsteredQ 1907 coupon Q 1907 registered Q 1925 coupon Q 1925 * This 19 103H *103H *103H *103H *103H 103H *103h *103>i *103>| *103M *103H *103H *103 *129H 129!^ *12eH *129H *129« *129H *129H *129H 1291^ *129H *129H 129H — , and more or less irregular process. Almost the only exceptional features of the railway list are the anthracite coal shares, which have been strong, and Flucclosed higher on the settlement of the labor question. tuations have been Avide in Great Northern and Northern Pacific, the former having covered a range of nearly 10 points, close with a net loss of 3 to 3 j^ points. All the copper stocks have also recorded substantial gains on the exceptionally favorable report of Anaconda mining, which closes 2}/2 points higher than last week. American and both Sugar Refining has been strong, and Consolidated Gas is up over 2 points. Steel preferred has fractionally declined and the common is down over a point. For daily volume of business see page 1145. The following sales have occurred this week of shares not represented in our detailed list on the pages which follow: 8aUt STOCKS Bange sinee Jan 1 for Range for week May 18 Week Lowest on May Note. 5. — Returns of separate banks appear on the preceding page. *103 103 M the price bid at the morning board; no sale was made. Week Ending a $37,010,500 United States deposits Included, a^ainsi $do.y<l.iUO mst weeK aua $15,734,200 the corresponding week of 1905. With the.se United States deposits eliminated, the surplus reserve would be $22,147,225 on May 12 and $14,892,450 *10234 *1023^ 102M 1021^ 1025/4 102n *102?2 102 14 *102!^ *102H 103J4 *103H *103Ji 103 H *103>-i *103V| *103 103 *103 *103 *102H *103>4 *103M *103}i *103!.| *103i4 *103j| Railroad and Miscellaneous Stocks. On a volume of business somewhat smaller than for some time past the stock market has generally been inclined to hesitancy and reaction. These characteristics have been emphasized to-day, and as a consequence a large part of the active list is from 1 to 4 There has been little change points lower than last week. in the tone of the market from day to day, and the lower quotations noted have, in most cases, been reached by a gradual 12.827.250 Surplus reserve May Periods A880 Kerchante, 1st pref BaU & Ohio rights Canadian Pacific rights Chic Burl <fe Quincy Comstook Tunnel Detroit South Tr Co otfB. 115 110 29,796 13,160 lligMaylS 2 207 Highest Lowest Highest Mayl6 112 Mayl2 106S8Jan 112HiMar 34 May 14 7gMayl2 "sApr 1 Mar ll'8M»yl4 ll'4May 12»4Apr Moyl2 207 Mayl2 207 Ma\ 207 »2 Apr 10c Mar 40c. Mar 600 15o.Mayl6 15c.MaylG Foreign Exchange. - -The market was irregular and gener9 >a .\pr 11 Jan 9H>Mayl6 100 BHaMayie May 1 May 1 ally lower this week, closing steady. Gold arrivals from Diamond Match riffhts.. 110 1 Mayl7 1 Mayl7 5 .May 15'4Jan Manhattan Beach 5 Mayl7 5 Mayl7 1,100 Europe, $16,027,000. 34 Jan 50 la Jan 100 42'uMayl2 42><)Mayl2 N Y Dock To-day's (Friday's) nominal rates for sterling exchange Preferred 135 80 MaylS 80 MaylS 78S2Jan 83 Jan Feb NY 92 were 4 83 for sixty-day and 4 86 4 86^ for sight. To- OntarioN J Telephone... 150 140 Mayl4 143 Mayl8 140 May 155 >4 Jan 2i4Mayl5 May 4 Silver Mininic. 2'4Mayl5 day's (Friday's) actual rates for sterling exchange were St Jos Gr Island.lst pf 100 63 May 17 63 May 17 Muy 69^4 Jan Jan 15>«Jan 420 1034Mayl7 ll»4.Mayl7 4 8210@4 8225 for long, 4 8520@4 8530 for short and Vnloan Detinnlng 60 Jan 67 Apr Preferred 1,200 63 Mayl4 GlifMaylG 4 8570 4 8580 for cables. Commercial on banks 48170@ 4 8180 and documents for payment 4 81}4@A 823^, CotOutside Market. While a firm tone to prices has attended ton for payment 4 813^@4 81%, cotton for acceptance business on the "curb," the market has nevertheless been 4 8170@4 8180 and grain for payment 4 82 4 82 J^. To-day's (Friday's) actual rates for Paris bankers' francs more or less irregular. Towards the close there was a decided were 5 2Qy»@5 20a for long and 5 lS%a@5 18^id for short. contraction in the dealings, especially in the industrial secGermany bankers' marks were 94i^@94 5-16 for long, and tion, accompanied by considerable weakness. Mackay Com94^@94 13-16rf for short. Amsterdam bankers' guilders panies stocks have been the most prominent issues, the common stock on sales of about 44,000 shares moving up irreguwere 40/i@40a for short. Exchange at Paris on London to-day, 25f. 18c,; week' larly from 68^/^, last Friday's close, to 733^. It closes at 72->^. The preferred also experienced a rise from 733^ to range 25f. IS^^c. high and 25f. 17c. low. 755^, reacting then to 73^-4 and ending the week at 74. The week's range for exchange rates follows: Standard Oil lost several points after the announcement of -Long-Short-Cables Sterling, Actual — the dividend, the stock dropping from 610, the close last week, High 4 8225 @ 4 8250 4 S550 ((64 8610 ®A 8565 14 8605 Low 4 82 Bethlehem Steel @4 8225 4 8520 to 605, but later there was a rise to 618. @.4 8580 @4 8530 14 8570 Paris Bankers' Francs — common was strong, gaining a point to 28, but eased off to High 5 20S 5 20a (315 18^8 15 IH'Aa Low (215 20a 5 20Vs The preferred sold at 90, a rise of 2 points. Inter15 18Ha @5 IHHd 275^. Gcnnany Jiankcrs' Marks — national Salt advanced from 37)^ to 39J<i in the beginning High dii 94k 94 5-16 94 13-I6d&9i 1.3-16 Low Unite(l CigaJ (S 94K of the week but dropped to 35 at tlie close. (5*94 13-l()d| 94's 9i% Amsterdam Bankers' Guilders — Manufacturers' pi-cferred sold for the first time, fetching 97% High... 40ft (a 40a Low and 98. Chicago Subway made a steady gain from 55'4 the 39 15-16 @ 40 week's opening, to 59? 4 the final transaction to-day being at Lew: a 1-16 of % 1-32 of % h 3-32 of % Plus: l-l6of l'7o- jrl-32ofl%. y Z-Z2 of 1% Unite(i Copper common exiiiliited strength and rose 585'^. The following were the rates for domestic exchange on from 62 to 671.^, but reacted to 64 -'4 .-Vfter a rise of two New York at the undermontioncd cities to-day: Savannah l^oints to 45, Tennessee Copper fell hack to 44. Greene Conbuying S50c. per $1,000 di.scount; ,'iflling, 7.5c. per $1,000 solidated Copper weakened from 29}^ to 28%, ending the Brcmium. Charhvston I2}y^c. per .?1 ,000 i)r(Mnium. New week at 2S-'s. Boston (Consolidated Copper dropped from 26 14: to 241^2. rlcaiis banks 50c. per $1,000 discount; commercial 75c. p Delawar(> & Hudson 4% bonds, 50% paid, $1,000 discount. Chicago, par. St, Louis, 35c. per $1,000 advanced on large transactions from 107}^ to 108j^ premium. Qutside (luotations will be found on page 1145. @ <fe . <fe @ — @ (Si I 1 I I , 1 fc . rf I . 1 , . . • — — S New York May Monday May li 1* 2 . Weekly and Yearly Stock Exchange-Stock Record. Daily, i*A<;i;s <K;t;iJi'ViN<i TWO arOOKS-HlOJlhST AKD lowest balk Halurdav . Tuesdau May IS J-ridav IS Thursdav May 16 May 1 Sale* EXCJllANUK May 1? Kaniie lor jTeviout Hanye tor year J»'J') <>' Year (I'M i^t [rtnoasts o' JUtJ-KhareloU' the Weeic Hig/ient Htuium iMtoent Sharri' STOCKS NEW YORK STOCK J'SICJCB I KailroniU. 9C'6Janl3 77'>8Mn) 933HMar nr>-H,Ua7 89i8 88 A tcU. TopekiirfcSiinla Fe 37,900 '.I'.t-H May 100 Jan 3 99 Jan 105"r'~*''P J, 241 Do i)r<>r Apr 1()2S2 A. 102"b2 10/'eJan20: 120 Jan 170 -.I'd 1/,/' '4 -May .02 '4 5, 102 102 10'^ mice's 102 144 AtlanticCoasl Miie UK.. 11,970|M5'4 .Muy 141 117 Jiin27| LOOS; Jau 117 Aug I'i3'iil4f.»-i UliSi IIV^ liii-i 14 7 100 '4 107 'si L>altiinor(!& Oliio Mar too Aug 91 10,':'6Hi7'« [•'8 '4 .'09 92'-^ May 2 99SiJan 5 luS'ilO-i"^^ 107 93 -. Sj 1)0 prpf lOS^B lU'.t 93 94 May 2 91't.Jan2'i' 50'gMav J. 1 % Not »4 •;3ia i'5'-. •93 Hi 93 Brooklj-n UapidTranBil.. 219,9'JO 72 Jan 1- 87 *y:i>ii '.•5 \ 82»8 84 Keb v; 81 Dee 91-% -MHy feS^, 8t^ K3 84 82 '4 84'h «*^s 81 \ 83 Kutlalo <fc Sas(|ii(<, xirtl.. *«3 80 fl't ai-'t •83 80 17734 Jan 19, l:iO>4 Jau I77'8^ep •«3 80 IC'o.^.O 155'BMay 80 •x-.i h(! •«;< •S3 so Canadian I'licilic 15958 II'O 70% Jan 8 07 So" 74% Aug lO't'islOii^ 1 00 14 100'.) 100 r>0'4 Miiy ]0ii3glGli* 100 Itil ltiO'4 lOl^'j /'anaila Southern 08 •u7 01' 2,0.'>' 201 May 231''2J.'iu-22ll90 M»> 235 OCl 07 Sj 'J^Si •07 09 •OG •liSSj (19 S t;y'4 •ti8 228 228 Central ot New Jersey.. 0.- '4 Jan 2; 45SiMitV 150% Mar 224 228 215 223 218 222 15,3 lO 53'8 Api28 218'22Jl •219 •iT:. 58='8 583, Chesapeake ife Oluo 59', 58^4 May ' 38'.iJanl5 30 Dec 44 '<2 Mar 58^8 59 '4 lOU 20 58 Vj 59 J4 »8 [,H^ 69-V 5 9 '4 Alton 08 30 CUicaf;o»V5 •25 Oct 83*4 Apr 30 80=8 Jan 12j 75 -25 30 M ny 801' 74 29 'b 29 .^ • 27 30 3U •20 ;u Mar 1)0 prel 76S» 70S; 70 S) 70S! 17'-iMay 21 23% Jan -'O' 17SiMB> 25% f^ev 70', 76S2 77 17,10' 70-'« 77 7C^< 70= 19'-j Cliicaso Great Western.. 77 19 80 -J Jan 17 8334 Ma> 89 19='4 lySj 20 20ij 83 '4 .May 17 20% 19 V 20 l8 19 Si 85 193« V!0'4 iy-'4 83 '8 83', Uo 4 p. c. debenturcf 80 Jau 31; 00 J'ne 78% Sep 83-4 83 14 2110 *83'.i •HS'* 8i. •83»4 80 *><i\i (•il -75 7» Do 5 p. c. pref. "A".. 5,300| 743o.May 3 39% .Ian 22 29 Maj 37% Apr 7S •70 78'. 3l%Miiy "75 '8 78^4 • 70 „, 77-\ 32-', •i5 Do 4 j). c. prof. "B".. 77'e 781 317, 35 34 May 2 193 Jan2i 108% Ma» 1h7 % Apr a4S2 35' 30 '4 34 3i'8 3ii-' 'iA^-i Sl^j Chicago JIilw. <fc St. Paul 102,4501155 '4 107 '4 IOS-^'b 108 170 lOO'sl'^'J'-l5o|l77''.jMay - 190 Jau2.;l 182 S) Jan i»2%Ai)r lOaialCl 107 170 249 Jan Do pref n8o iHO 183181 181 3,970,19 J Api27 240 Jau 15 al'JOV^J'ue 205% Feb '180 1«3'^ -l.-O •ISO 18312 180 •201 Sj 205 CliicapTO & North Western 204 Sj 205 200'\203i4 203 »4 204 Apr27 270 Mar30 234 Jan 225 Jail l^Ou 235 205 200 205 207 Do pref Jau 15 150 Jau 239 23934 1 198 May 15'»ll71 175 180 {iso'-i 180 '4 Chic. St. P. Minu. <fe Oni. 188 '^ .Mar30 202 Jan 15 195 Jan 230 Jan 'Vfi" 180 >177 ISO 179 >5 179'-. '178" 180 •180 190 20 J'n* Do pref 734 Jan 18% J an 19 180 190 >>* API 1 300 ISO 190 •180 190 «180 190 180 190 Chicago Term'l Transfer. 11^ n't 12Si '11 12S! •11 27 Apr27 42 '4 Jan22i 17% Jau 42 % J'ly 12 ni 12 "5 •11 12H -11 13 "'6 Keb •27 30 Do pref J'u( •27 30 30 >luyli 1334 Feb 20 •2/ 4 8,0OL' •27 30 >27 30 •27 30 Union Traction. Ai Feb 414 4 3034 J'ly 4=8 4U 4»8 I3I4 434 13 Sj 13 Si Chicago pref i 20,401' ri-'igMayll 46% Feb 21 4'8 4 4'b Do S. 13Si 90 '4 Muy 2 10976 Jan 15; 90 Jau 1 1 1 iMSUC lis '2 12^4 V^Og 13% 1,084 17 13 1213« Mar 12-H, 14 98 Cleve. Cin. Clue. & St. D. 98 9S3b *S)7 98 112 Mayli 118 Jan 23: 115% J'ly 98a8 98 97'8 y^'t •07 981. 97 Do pref 112 118 112 118 '112 118 29% Jau 4 37 Jan 24 22 '4 Jau 30% Apr 5',.50U •112 118 112 lis •100 118 09 7^ Deo 33 S2 333^ Colorado* Soatliern 33 '4 34 b2'4 34 590 06% Apr 30 73 Feb 9 52 May 55 Dec 32^4 32'j 3334 337g 33»4 34 *70 71 Do l8t preferred 56 '4 Jan 12 32 % May 70 70 70 Si • 09 Si 1,500 43 May 2 70S •09 S2 70 70 70 70 24034 OcS •47 Si 49 Do 2d preferred 49 48 47 Sj 47 7, May 2 229% Jan 18 178% ,Ma> - .-.il^'* *47S! 48 4734 47 4734 47 210 211 Delaware & Huason ... 12,100 43734 May 2 530 Muyl7| ;J35 Jau 198 % Oct 20934 214 208 210 ;V,700 208 209 "i 207 12 208 209 \ 210 393, Dee ela-w. Lack. <fc West'n 500 525 500 530 485 600 7,300 30 -8 May 2 5176 Jan 20 27% May 91% Deo 480 485 478 '180 *472 480 43% 43 S. 42 Si 43'. Denver <fe Kio Grande 42 Sj 43 300 8478May 2 91 % Jan 2- 83 % May 96% Dec i-i'>6 433< 4 2''8 44 42^8 44 Do pref 87 "s 88 •H7 '80'8 88 200 90 '4 Apr 30 102 Feb 9 70% Jan 2234 Not •87 88 87 '80 88', 87 Detroit Dnited •94^4 90^4 •9434 90 '4 '93SJ 90 •^0 95 426 10% May 2 22 78 Jan 11 1134 May 4034 Nov 90 90 90 »4 yoij lO"., Daluth So. Snore <Si Atl. •18 19 S 18 •18 32 Apr28 45 Jan 11; 21 May 18Sj 181.: •37I4 1934 " 50 19 I912 •17 Si 19'-.; •37 39 S, Do prel 37% May 52^4 Aug 7g Jan 10 40 •37 3y 39 14 94",245 38% May •37 39 •37 "-i 39I4 •37 43 Si 44 7478.Ma> 85%. Aug 43=8 41». 43 S2 43 42 12 436, 5.0jO 75 May 21 83 Jau 15 43 43 42 7e 43S 78'4 7834 til Do Istpret 78 -v 79'< 77a< 78'4 78'. 02%Apr27 7038 Jan 10; 55% Jan 783b Aug 2,S0u 77^8 78=8 78 "u 78'-j 08^8 09 '4 Do 2d pref 093. •08 75 Jan 8 70 Jau 2 03 J'ly 75 Aug 09S2 70 08^ 09 »t b7:'4 08 09 09 •72 VB Evansv. & Terre Haute 85 Nov 96 Aug *72 70 •72 70 88 l<-eb Ol »8 i.\..u •72 ve •72 70 •72 70 •85 95 Do pref 348 Feb 9 236 Jan J35 Apr 95 95 85 85 95 17,85 275 May *S5 *85 •86 yj 95 302 303 '2 Great Northern, pret... 30278 305 80 Mayl.; 92%Jan2Z] 83 Feb 90 Jan 300 Si 304 2JOSJ304 30314 300 4i| 303 300 J'ne Green Bay<fcW.,d6b. ctf.A 17 ilay 2 23.-^ Jan 19; 17 Ma> 24% 1 80 80 38%l>eo deb. ctf. B Do 500 33% Jau 19 51 Mayli| 15 Apr 82 Deo 19^4 19'^4 Electric. •41 49 J'ne Havana 4976 497, 51 77% Jan 15 0734 May 8 60 51 SO"* 51 •60 51 51 53 •90 95 Do prof. ' Vio Apr24; 86 =8 Jau 121% Dec »90 95 •91 95 '406 113%Feb *90 95 "80 •85 95 95 97-4 Not Hocking Valley ... 90 120 129 •120 130 *120 129 500 93 May 2 93%AprlO! 15-.: Jan 183 Sep 125 128 13l» •11214 11.8 120 9i>% Do prel 95 Jan •95% 90 Si •95 '4 9'J 104 .M,iv 2 182 Jam 2' 2,';t;> 90 90Si 95"8 '-i^h «y5 90 5 38 May 10 171% LUinois Central... 171% \pr27 i> I72S2I73I4 I7IS2 172^4 • 172 173% 172% 173 I72I4I74 51% 62 '4 nter-Metro;}oatan (w i) 4:'.,3:>'; 8034 .uav 3 8738MaylO 5138 531. 5338 5334 5334 Sl^s 53S2 541* 53'e 54^.1 80 to Do pref {-svlieu is.sued) 8,1 00 2434 May 2 34 '4 J an 12 24 May 32 Feb 85 0% 85 80 803. 1,101 80 80^4 80^4 87 iiii\ 61 Deo 27% 27% Iowa central 27% 273. 20^4 27% 300 4t) May 4 6334 Jan 13 50 May 5534 Deo 2034 2034 27^4 •-7^4 27 Sj 27=8 Do pret 52% 52 '4 75 JNlaylJj 29 % May 7 •51% 52'-. 62 52 52 63 53 •51Si 5 2 Si •oISj 52S. 07 07 Kana-wha& Jlichigan.. 2,15 8O34 Apr 24 84 % Feb 7 81-''e J'ne 87 Oct 08 00% 00 S2 •80 0!i 75 10 07 *03 00 05 00 C.Ft.S.ifcM.,tr. cts. pit' 81% 22 % -May 36% Deo 81 S, 81% *80 81% *sO 1,300 23SiJiuy 2 3736 Jan 5 •80 ai^ •80 81 81 2478 25=8 Kansas City Southern ... 7i Jan 5 52 Jan 70 Feb •25=8 20% 20 .iiiiy 2 20 2tjl2 2534 20 1,100 50 •24 25S2 20 47 % Dec •52-% 53 S Do pief 6238 54 32 ilav 2 447gjaul2' 28% .I'll 52J4 52 52 52 5234 53S2 54 54 -34 38 J'uc lOo ^War »34 38 Lake Erie cfc Western... •34 39 50 J--4 Mayi5 i9- % -Jau -U| 91 May 7378 Nov '30 •35 39 39 38Sj •30 95 Do pref *S4 95 67 's Jau 4 8l3,janlb 50% *84 •84 95 84 •84 1,28 •85 97 S, '^84 88 •72 74 Long Island 72 72 72 13J'4May 2li'0%Janl9; clS4% Jan 15738 ^ep 72 72ia 72S. •71 7 2 '4 7 2 Si 73 Nashville... 21,010 May 175 Feb 144 145% 144% 14038 144 144% Louisville & Elevated... 400 i47'4May 2 102 Jan20 101 Nov 91 Mar 145'4l46i4 141'6l40 143 145 153 154% '153 154 Manhattan 65 Feb2t 75% Jan 151 08=8 154 154 154 154 •152 154 154 154 etrop. Secur., sub. rec 4,306 70%May 2 V5%Mayll] 114'" May 133 "" Aug *74Si 76% Certificates of deposit.. •74% 75 105% May 3 127 Jau 16: 74=8 75 74=8 75', 7476 75 75^4 75'4 Metropolitan Street '834 Apr 4' i.75o 104%.Muy 31 115% 116% 113 118 Certificates ot deposit.. 18%Ma> 20 Mar 113% 114 114 115 115% 114 30,250 18 'e May 2 20-8 J an 19 116 115'4 115% 115% 115 110 2234 23% Mexican Central 2 3 '4 140 Mario 149 Feb 20 130 J'ne 155 Aug. 2278 23% 23 2238 233» "4 23=, 2134 23 S. 23 145 Michigan Central 145 09 May 8 84 '4 Jan 11: 56 % Jau 8434 Oct 14.T 143 i^3o6 •141 145 •Ill 145 100 Oct 71% 71^4 Minneapolis <fe St. Louis. 72 72% 72% 72 200 90 Apr 27 100 '4 Jan 3 86 Jan 145 De« 7234 73 72 73 73 72S! Do pref 89 % Jan •90 95 *90 08 96 1,500 141%Jan 4 104 Mar24| *90 100 04% 94% *90 94 94 Minn. S. P. <fc S. S. Mane Jau 173 Deo 156 158 2,7oU 104 May 2 L8334janll 148 Mtt\ 39% Not 150 150 Si 150% 15?% 15734 158 157 157 157 157 Do pref 12 24 173% 17434 23,200 29 May 2 40% Jan •170 173 172% 172% 171 171% 17234 17434 174% 175 Aug '4 'b Jau 18! 56% May 73 34 % ilo. Kansas & Texas 34 3379 35 3338 337^ 2,900 04% .4pr27 33% 33 33-^ 34 33 34% Do prel 94% May 11076 Mar 8.1 % May 2 10034 Jan 20| 68% 08% 0834 69% 08 Si 08=8 08 '4 23,700 08 08 68% 08 Sj OS'i Pacific 158 Apr Jan 93I4 943. 200 133 .May 3 149% Jau 12, 137 May 45 Jan 94% 9334 94=b 9439 95% 93=8 94% Missouri 9314 943i 93 Vfash. Chatt. & St. Loui.-41 Marl4| 33% 138 142 140 139 139 «136 '135 140 1,100 30 Apr27 •135 140 •135 140 at.ol Mex, non-cum.pl 1734 J'ne 24% Jaji 39 39% -38% 39% '*38 39 100 19=8 xMar 2 2134Feb24 13034 May 10734 Mar 39 39 39*4 39% 39'4 Adh: Do 2d prel 2l''b'4jan 8] •20% 21 •20 21 2934 203, *19% 21 *20 21 •19 Si 2I Hudson. 31,015 130 -i May 5 73% Apr 17 42 Jan 70% Deo 13934 140=8 N. Y. Central & 5,300 ijii Mai 142 140% 142% 139% 141% 14934 141'- 141 142 141 07% OS N. Y. Ohio. <fe St. Louis. . 111 April 120.8Jau27 114 J'ly 122% Jan 69 Si 0834 09% 68 t)9 08 Ob 70% 07 703t, May 95 Deo Do 1st pref 0134 9 '115 118 tll4 118 •114 118 •113 118 800 80 May 3 -20476 Jau 19 74 Dec {216 Sep •114 110 •114 119 Do 2d pref jau H9134 87 80% •85 85 85 b6 •83 87 183 194'4 Alay 2 *84 87 88 87 Mar 04 N. Haven & Hartt. 4038 Jan N Y. "7 '4 J an 2 •190 197 S< •190 197% U9e% 197% 196 197% ny534 195^'i 19738 1973g n! Y. Ontario & Western 2G,'I20 4334 May 2 9JSiFeb 1 70 Ma\ 88% Mar Feb2^ 50% 51% 5078 51% 60% 507, Norfolk & Western 51"^ 49% 51. 33,2 iO 81 4938 4934 50 96 Aug 91% Feb 8936 897 90^4 90% 90 100 89% Apr 12 y<' Jiiii,^ 89% 90 Si 90 8878 aO'f, 883* 8918 Do adjustment pret. 44,001 179% May 2'232S2Febl4 105 Apr 216% Aug •90 93 91 92 •90 92 •91 92 91 91 109% Northern Pacific Jau 10 1*0 Mayll 78% Jan 108 Oct 203 208 Si 206 208% 207 208% 20538 207 2,6 JO L03 207 209 S. 207%210 Feb Coast Co 135%137 Pacific Istpref 105 Jan 5 100 Jan29 100 Jan '137 138 135 137% 13778 139 138 138 137 13S Do •100 108 '100 108 105%JanlO l'*2 May 8 85 Jan 109 Oct 100 108 100 108 •100 108 •100 108 Do 2d pret •128 1:H4 4 147 % Jan 2 1 131% May 148 Aug '130 134 130 135 130 138 196,650 J!l32 Muv •130 135 •130 1^4 Pennsylvania Jan 4834 Apr 13434 135=8 133%1353t, 132 133% loo 33 Apr28 40^1 Jan 15 27 Muy I8734 Mar 13534 130 Si 131=8 135 't 134% 135', Peoria & Eastern 39 •34 37 May 2 »7 Jan 24 70 Feb 112 Mar •31 40 37 •200 75 40 •37 -ao 40 35 40 Cin. Chic. & St. L. Pittsb. 80 80 loO May 4l'J°%Jan2-i 105 •70 81 80% 80% 80% 80% Da prel 23 j;79 Jau 14334 Not 102 108% • 102 768,550 112 May 2.C104 Jan H,8Sj Oeadlng 90 May, 97 Sep "13934' 128% 13038 130% 132% 131% 132-., IXlstpret 300 89% Mar 1 ^^^ Jau ^0 84 Jau 101 Not iW-l 130'4l3i'6 129 132 02^2 102 Jau 90 90 Apr3U 92% 92 92% •91 •91 9i U2% 92% 91 92 pref 2d 2 2134 Dec 3778 Jan •92% 94 •93 94 •92 94 •92 *j2 94 •93 8,300 2338 Jau 3 '-Ja'sApr 95 94 60 % Not 85 Jan 20% 2534 20 Bock Island Company... 26 %| 20 20 2538 20 2,500 01% Jan 4 08=8Mar3i 26 14 203^ 2578 203fc Mar pref Do 00 Keb20 723^ Apr 3 o7 Dec 81% Mar 6i% 04%' 64% 0l7e •63% 64=K St. L.<feS.Pr., 1st pref..., 0334 05 •03 S; 00 04 04 61% Fob Ol 45 Dec 73% •66 7L 71 •60 •66 71 •00 71 1,800 41 May 2 27 •04 •00 09 71 27% Jan 2d pref 45i< Do 20 May -s Jan 19, 45% 40=4 45 40 1,.700 20% May 2 45% 45% •45 45 Si 47 45% 45'. ol JanlOj 55 Nov 66=8 Apr 22% 22% St. Louis Southwestern. 22% 22% •21 34 23 23 'i 22 1,000 4S34May 2 22 22 23 23 72% Feb Do pref........ 56'« •65 50 01 May 2 7278 Jan 2^1 5734 ,"^ay 122% Deo 55% 55% 56 55 30,100 53% 54% 55 65 Sj 50', 04% 05% Southern Paciuc Co Feb 28 110 Maylol 11534 Jau 38 Sep l,49r UY 05 06% 65% 00% 6534 06 05 'e 00 053. 003, pref Do 28 May 119 119 119 119 23,400 35 May 2 4.!76Jau2b 95 Apr 102% Sep *118'4ll>*'-118% 118% 118% 118% 118% 119 37% 377, Southernv.tr. cts. stmpeu 3778 38% 3734 38 935 9734 May 2 103 Jan lb 29 Apr 41 Mar 3738 38 38 S 38 37% 383; do Do pref. '4 •9934100', 100 100 •9934 100 28 May 2 393(,Jan24 yyv, 9978 100 99^8 9934 99-'4 32% I'Vexas & Pacific Y.)... 13,100 125 Apr27 rl39H Jau iv I2O Dec 141 Deo 82 327, 32 3238 32'% 33 '< 3138 32'. 32 32Sj 33 22 '4 Jan 37% Apr .1 hud Avenue (N. "130 135 •127 135 29%Apr23l 30 Jau »130 135 1,100 130 135 •130 135 128 136 Toledo Kail ways & Light 34% May 43% Apr 32% 33% 33% 33% •32% 33% Tol. St. L. & W. V. tr. ctfs 1,500 30 Muy 3 40% Jau 19 513, Jan 05 3138 32'. -3034 dl\ 31 31 Apr 31% 31% May 2| 5978 Jau 19 31% 313, 31 31 30% 31'. 33 '4 33 '< 33 33 Do pref. vot. tr. ctts.l 1,0110 48 50% 50% 60%] 50% 50% 51% 5934 50 521, 5934 62'. 52 89 88^6 8'.>»s 89»j SSifl 89 88S) S93t 102 1, 102> 145 S; 145 '-i 88 \ 90 >. I 102»8 102 '4 I4OI4 145 107 '4 107 "4 •93 95 , I ' I 1 I — ' • • "li t- 1 1 >- Mm • >• I ' • — ";iIT7l7;rAND Mid iianUs ASi^ NEW rOEK Aetna American .. Bid UaiiUa Chemical 4100 4250 Citizens' Ctrl 133 205 515 215 y.w Amer Exch. t25-i% t25« Astor Battery Parli Boweryll Batch's & Di Century 11 050 Chase 700 Chatliaiu .100 320 175 175 750 135 335 185 185 .ho 'p ASIC 202% City Coal <fc Iron. 200 Colonial I1 ... 000 Columbia .. 420 Commerce... tl84 160 iis'i'4 i;o 160 Bid Uanks ASIC I 340 5V6" 540 200 Joflersonll.. 1216 380 Garheld iOO !55"' 165 110 German Ami German l^x' Gormaniall (ireeuwich Hamilton*!, — .. 100 295 .. 100 305 295 1270 i85 275 Mocliauics' Mech & Tra" L05 175 ;55 215 .Mercantile .. .M.trket<fcFui . 300 .Mercli lixoli .MeroliauiH'. ilO Hanover 170 105 180 175 Ask 100 180 i40 Melropoli'nii Mt Morrisll.. Mutualll Nassauli 240 250 205 500 520 1500 1700 — Bid Metropolis H. 3 Mauliattauli ."jOO \. Liberty Lincoln 't Banks 600 155 Interboroll. Irving 760 ASH 575 mo & Trad 1st N't&Day 14tliStreet:i. Gallatin 267% C'ruExchge^ 355 Uiscountll ... 150 ICasi Kiver.. 150 200 fidelity^ L<'ifth Aveli.. ,i800 Bid iiaiiks Fifth First Fourth 137 I1 Consolidated TRUST CXwInIES-BROKERS' QUOTATIONS 170 225 300 212 202 Amstet 400 125 YorKCc 1200 New Now N Y Nat Ex New York.. 205 315 19th Ward'i North Anier Northern... i50 2i5 Orientals.. JOO 1 50 ;l6 i20 100 '.\)o lOO ;70 , 240 Park 1 People' sli 1 — I Asit 250 %90 300 175 185 Plazali 1 570 Prod Exchli 1 170 600 180 280 Pheuix i 250 365 700 1700 206 Stat ell Street. 205 34tb ... 12th Ward",, 350 23d WardV. IHO Kiversideli Seaboard Second t500 1200 ISO Chelsea Km' + Fv i-isrlitH a Ex-dividoud and rights. ..„ "i Stito banks, 4 Less than 100 shares, ^t^^/.^'^tnt paill n Sold at private sale at tUi» »nce. prices; no sales were madeou thi.-* ''«:> '^^^^'^ certiUcates. Urn A no asked Trust Co. this week. 4 ,a Slock Exchange or at auction , Bid Banks PacittcH I . ... b New stock. MAY PRICES iTOOSa-HIGHEST AND LOWEST SALE May May i3 14: iia xb'6" y 08 17 "ii" 46 17% 37 '8 IT '4 40^8 47 38 '2138 Sj 40 «24>a 17 46U 47 17 *40 41 24 14 40 'b 24 •2519 •25 264) \ •25 51 51 245 245 "'20%' •17 •391^ •23Hj 261s •SOHj 25>i2 51 171, ii" 40 >4 40 4, 18 40 24 40 25 253t 51 H/ •17 •39 •23 2538 •60 Ha May 2 122 '4 Highest Lowest Jan 22 105 Jan 122 Apr Hz pret - 46 40 '4 Kanye for Freviovs ¥ear(iy05) Highest Lowest 3,140 109 i lotb\ ?l'>334May 160 J'ne 15134 Deo sioisno ISSHJMnjr' ioO'^ Jan '24 113 Jan Paoilic Union 99i4Jau 2 9 5 Hi Nov 101% Feb 700 91''2May 92 % Deo Do pref. 2,81b 50 Apr2U 98 Jaa 18 211-2 Jan 94HjDeo UnitRyslnv'tolSanFran 64%Jan 1,950 55 Apr 20 93 Hi Jau 17 Do pref 84%Aprl9 87 H; Jan 13 80 J'ly 85 Nov United Rys of St Lou. prel 17% May 24% Sep 3,55ii 19 Apr 28 26% Jan 24 48 Feb abash. 6,00C 40% J an 3 53% Feb 27 37 .M Do pref. 27 Nov 30 Deo 32 Jan 3 42 Jan 29 '2,901 Maryland Western 15 >Ia> 1934 Mar 301) 16 Apr 28 2134 Feb WTieellngA Lake Kilo.. 48% Feb 6 36 May 48 Feb iMay l.O'JOl 30 Do Istpref 20 Maj 28 Hi Mar 10(1 22 Apr 27 29 Hi Feb Do 2dj>ref 33 Jan 17 20 Apr 33% Aug 23 May 2, 2011 Central Oct Wiscon sin 400 44% Apr 28 64 Jan 15 46 Jan 64% -- Do >20Hj •20'i 47 46 39 Tg 40 39 "4 18 41 25 39 14 >17 •39 •23 25 Vj •50 Hi 40 18 •ASH •25 '.ib 'iT^, '2CH.' 'ii 46 20 "n 56BV1 '21'" "ii 46^4 46^4 Shares Twm City Rapid Transit. 148'^ 14934 95 95 63 03 6914 69 95 63 H, 00 >* 95 63 68 Year lyon lor Week BXOHANGK llOH- 116 96 61 95 61 6 68»a 6915 OlHi 69 61 68 6L 95 NEW YORK STOCK 18 11738 117»i in^giis 117Hi 95 *59 isIh iis'^ 151 S. (!'.)434 May 149^4 isT'i 117 iltfHi Kanye Sales ol Oi\ basis ollOU-shart the STCICKS Friday Thursday May 17 Monday Baturdav 1139 Stock Record—Concluded— Page 2 19 1906.1 253f 51 H- W •! Do pref ladusti-ial Ac iHiscell Feb 28 250 Mar 6 5236 Jan }250 Feb May 2 27% Jan 24 13 May 2414 Deo 2II4 2134 r\. Uis-Chalmers 2114 21", May 3 67 JaWi4 46% May 68 Feb a'4 21^4 20=58 ^"'b B«c 5534 56 Hi Do pref 56~-< 56 H> 825,7U 96 May 4 118^4 Febl3 70 Jan 11134 5534 653, i56Hi 65Si ... AmalgamatedCopper. 11138 10913110 34 's Jan 27 20 Jan] 29%.\pr 21% May 1,101 107 "4 109^4 10834 UO'e no 2638 26't Amer Agricult Chemical 26^4 20', Jan 25 89% Feb 95 Aug 93 Apr 23 102 26M *26'q 26 26 Do pref 23 Nov 35 Deo •94H2 •94 Hj -Jan •94 Hj 10,'iOO 20%Mav 2 35 •94 26'4 27 Amer Beet Sugar 77 Jan 89 Deo 28 27 28 s, 26 300 85 Jail 22 89% J an 23 Hj 23 24'2 24=» •26 Hi i25'-. 43% Do pref 87Hi 80 H 86 34% May 2 47 Jan 24 31 May 104% Apr 24,151 86 8(> Apr **jl 4034 4 1 "4 .^.merican Car <fe B"oandry < 42 24 j;91%Jan 4134 41 41*2 99% Jan 4 105 Jan 1,1 OG 40^4 41°x "4034 42 40%DeO 10134 1013^ 40Hj 41^4 Do pref 1 02 10234 102 "4 102 H. 102 3,800 28 May 2 44%.Tan 11 2734 J'ly 97 102^4 ^^'^\ 10234 F»b • lo^z^s loa 321* American Cotton OU 32 32 14 32 H2 95 Jan 10 89% J'ly 32 32 92 Mai ] 101 31 la 32^4 32 a2 3'234 aa 90 93 Do oraf •90 93 Apr20 249 Hi Jan 26 ^209% Jau 246 Feb 131 2i5 93 H) 93 Hi •93Hj 94'4 • y^ Jaa. 92 H, •220 230 American Express 434 Aug 14 234 1134 Jan 15 220 220 235 7% May 3,700 220 235 5225 230 *2'20 236 -9 9^. 95^ American Grass Twine .. 6 J'ne llSjDeO, 93 9 834 83, 6 Hi Apr27 10 Jan 20 2,500 9 8H, "8Hj « *84j 6J4 7 Amer Hide & Leather.... 7 29% Oct ,, 0', 25 634 7 7 5,075 28 May 2 43 Jan 6\ 7 7 36 Dec 7 •2434 J'ly Do pref 33Hj 34 34\ 34 33 Hi 3334 10,270 35% Jan 2 65%MaylO 33^4 34 331a 34 as--, sa 6278 03 14 American Ice Securities. 64 14 15% Jan 23 Deo 03 Hj 04'-. 29% Jan 61 630 17% May 6318 643(, 64'8 64^6 64*6 61 21 American Lmseed 2014 20'-, •19 20 53% Jan 20 36 Jan 48% Apr 20 20 100 38 '8 May 20^4 •18 •19 19»4 19 •40 42 Do pref 41 42 41 53>4May 2 78 Hi Jan 4 33 Jan 76% Deo 40 'b •38 42 *38 40 •67 Hj 67^4 70 H: 08% 69 'e American ijocomotive... 85,085 110 May 2 120%Janl6l l0334Jan 1223, Apr 68 67 U 68 H. 68 '4 800 68^4 6<6\. 67 5 % No-r b6'8 67 V Do pref Dec 5 114HJ 11434 115 115 -114 115 4% .vlay 2 6 "8 Apr 6 20b 114 114'-. lL4i-ill4'ii 114 115 434 5 .4.mer. Malt. ctfs. of dep... .434 5 25 Jan 8 29% Apr 5 2434 Dec 26 Not 53t 1,201 4^4 6 434 4-'4 434 28I4 28128 Do pref. ctfs. of dep.. 28 2»»8 28 2838 1,500 34% May 3 5434 Apr lb 28 28'a 'i>i'% •28 '4 '-JaH, *38 40 Amer Pneumatic Service 40Hj 41 79 Apr30 88% Apr 12 40Hj 40H! 50'. 43 44 44 42 44 H) 44 •77 80 Do prof 81 97% Sep 102 Nov 81 •77 80 81 401 e99%Fe0 2l 101-4 J an 18 80ifJ SI 81 80^2 80 >i •99 100 14 100»8 l-U^'^e 100% 100% Amer Smelters Sec pref B 339,251 138 Hi May 174 Jan 18 7934 Jan 170% Deo •99 101 •a9 lol •99 101 15518 156% Amer. Smelt' g<fe Uefln'g. Jan 137 Deo 155'8l57 8,300 115 Apr2S 130 Jan 12 111% 154 157 's 156 167 H 120 1'20 153''8l55K, 164>^4l67 119% 119 Hi Oo pret May« 3 220 Jan 25 163 May 250 Nov 120^4 11934 122 .iu5 11858 118 118-4 119'-, 118 Deo '200 300 American Snuff 200 300 t200 214 102% May 3 107 Jan-.; 6 99 Jan 110 Mar 200 215 200 240 *200 240 '103 105 Do pref 17 6% J'ly 18% 103 105 15% ,103 105 10 103 105 103 105 •100 105 10% III4 American Steel Foundr's 1,801. 40 Apr 30 53% Jan 17 35% J'ne 67 % Apr 11^1 1034 11 Jan May 2 200 11^4 lli« im> -11 11 11^8 11^ "44 45 • 44 Do pref 45 • 44Hj 45 157 Jan 8 L30 May 154% De« 45 55,900 127% May 45 44'3 45 44H2 44 H< 141 Aug 13618 138\ 135 136 H; American Sugar Jlolining 135 3b 13^34l34H< 134^4 138 300 132 '4 Apr 30 140 Jan 19 133 May 148% Jaa 133 Ha 134^4 135 •133 138 Do pref 133 138 137 137 135 Apr28 144% Jan 19 131 Dec 109%Deo 134 Hj 1^5 •133 137 U5 138 »133 140 Amer. Teleph. & Teleg... Jan 22 91%Jan 133 140 133 140 137 i",i'oX 100% May 2 109 '135 135 137 *l36 137 20% Jan 47% Nov 103 Hi 103Hjl03Hi IO314IO3I4 Amer. Tobao. (new), prel. 3334 May 2 48 Jan 3,951 102^4 102^4 103SlU3h. 10318 103-4 103 Hj 38 14 108% 38i8 3/% 37% American Woolen 38 383t Jan 3 110% Jan 21 93 Jan 295 Mar 37I4 ^8 38^4 20(^ 103 ^4 38 39 39 Deo •100 107=1 Do pref '106 107 107 Feb l;j 100% May i 300 459,700 223% May 106 106 auo 1»J7 lOu 275 100 106 2:215 Feb 268 271% .Anaconda Copper •ii7134 2753 260 119 Apr 27 178 Jan zH 175 Dec 22 Deo 267 270 Si 209 Hi 270^4 •261 274 •123 133 Ha Brooklyn Union G-as.. 10% Jan "'700 14%Mar20 2134 Apr Ii 130 122 ISO '121 130 •121 "121 135 60 Jan runsw. Dock <fc C. Imp' 17Hj 17Hi 1734 1734 •irHi 19 40 Apr 10 70 JSlay 9 50 Dec 47 % Oct 601 19 1818 i^^J 19 19^ 19 •00 % Butterick Co. 67 60 00 03 49% Jan 24 40 Sep 63 5,700 38% .May •63 67 Hj 07 Hi a;67Ha t>?'-69^ 105% Nov Leather .... 42 4'2% Nov 42% 42', 42 Hi 42 Hi Ccentral pref 300 100 4 Apr 28 107%. an 24 102% May 59 Mar 4134 42 42^4 ^^"i 42^4 43 If / Do lOlHj 104 H. 103% 100 105 83% Jan 20 38 10434 40% .May 2 5(>,80l.. luO •104 lUa '103 •104'al05 Mar 105 50% 513, 4934 50^^ Colorado Ifuel •& iron 5018 51 95 Jan 15 112%Jau--'9 80 Aug 20 Deo 49''8 52Hi 4918 51 51^8 52 '8 Do pref •90 110 100 110 26 Hi Jan 31 1134 May •90 110 •90 110 2,400 17 May •95 110 •95 liO 214 Mar Coal & Iron. 19% 20 OoL <& Hock. Not '20% 21 I8I34 J an 23 175 2OI4 20^1 20 10,38-. 130% Apr' 1959 20H, 20 20^4 20->. 13734 139% 138 1394. Consolidated Gas (N. Y.). 11,!07 21%.vlay ~ 28 Apr 4 13534 13538 139 135^4 136'^ 135 136'b 135 23% 24 Corn Products Refg 23 14 23% 85*4 Apr 2 231, 233b 74 Hi May 2339 23 Si 2,367 23 23 23'* 23-'i:l Do pref £34. Jan 54% Deo 79% 791* 79% 81% 79 79 51 Jan 30 05% May •78 "4 79 78Hj 78 78Hj 78'-, 64% 0134 63 Distillers Securlt's Corp. 32,14s 8I34 Jan 3 87% Jan 19 76 May 89% Feb 63 6IH1 04 62J4 V)A\ •J2' 60 03^3 64 80 Klectrlo Storage Battery. '— ..» 80 199 J an 22 60 Jan 145 Nov 86 "400 138 Jan 4 «t5 86 » 86 10934 10934 Federal Mining* Smelt'g 75 Jan 110% Nov '105 169 112% Jan IbJ^ »160 170 4,500 92% May 169^4 169^4 169^2 109^1 165 98 Hi Do pref 99I4 993b 181 '4 J an 9 109 May 192 Mar 99% 'O'^^J- 98 99 'i 3,050 161% May 98 99 100\ 99^4 100 16834 10334 General Electric 26 '4 Jau 15 18%J'ne 25% Deo 16834 108 10734108^4 IO634I68H; 168 109 3,500 18 May I6734 168 19 19 Hi Lnternational Paper.. '20 19% 20 Mario 90 Jan 13 76% Feb 88% Leo 20 300 82%. 20 14 19 20 19 Hj ly^'^ -19 •85 Do pref 87 Oct 100 Feb 87 8O34 8034 •85 86 40U 50 Apr 30 j;95 Jan 29] 48 Dec 40% Feb S6 •85 86 »a 86-4 •85 International Power.. 58 62 26 •50 68 61 61 60 •52 60 70 12,600 28 J an 15 00 May •53 59 6'2 52% Interuat Steam Pump. 54 92 Mayl4! 78'i2May 88-% .\pr 52 5334 65 5434 60 6,300 79 Jan 11 57 58-«t 55Hl 53 Do prel 68 Jan 15 10 Jan 60 De« 90% 91 91 90 59 Mar 91*4 92 90 OIH. 91 »0 04% 641s Knickerbocker lce( Chicj 5,000 62 May 2 71% Feb 52 Aug 69 % Deo 64H. 61 63^8 0418 641*. O4I8 64 H. 63 '8 2,500 044 65 Aug 12034 Mar 03 63'4 National Biscuit 64 63% 63 H! IX'S'^JSin 5 118% Feb 10 UO 64 H> 04^ 03Hj 63 Hi 31% Apr Do pref •114 115'4 -11314 115^4 •113'4ll5 12 -May - 18 Hi Jan 16 11 Aug 94 Apr "400 «117 118 •115-4 117 H 115 117 Nat Enamelmg&Stamp'g »l 13% 13 Hi 80 Aug IS-a l"*'^ 5i3hj 14 85 Marl7 88 Hi Mar 13^8 13 •1334 14"4 •13^4 14-4 Do prel •83 87 *33Hi 87 95 "8 Jan 19 24% Jan 89 Hi Deo 87 May •S3 87 87 -83 •83 67,050 60 87 83 7534 77% National Lead 100% Jau 2. 97% Jau 115 Hi Deo 80% Sl-'^ 70% 81% •103 7914 S2 2,350 101%.May 3 81 80 a034 82 Hj Do pref i03Hi Jan 5 140 May I6834 Nov 103 103 102 Hj lO'i 103 103 1,700 135 May 2 IO334 103 103 103 103 Apr York Air Brake 14634 146% 146% 146% New 107 Jan 12 95% Nov 107 4,200 93 May 2 147 14736 147 Hi 14734 145 14034 146^4l4^''4 96% 90 14 North American Co., new 97 61% Janl9 33 May 5334 Deo 97 97 9634 96-4 98 9734 98 X'dii 6,400 34 May 97 115% Apr Mail 38I4 401, 40 2 97% May 40 Hi Paciilc 39 33 3734 38'b 3814 39 900 89Hj Apr2» 103 Jan JNlay 381a 39 eop. Gas-L-cfe C. (Chic, 923, 92 92 92 13% May 2 17%Mar31 12% J'ly 2 1 May •91Hj 92'<i 92 301 93 92 •91H» 93 933b 80% 11 14 PittsDurgh Coal Co 54 Mario 02% Jan 19 45% J'ly 5834 Deo 14Hi •13Hj 14 Hi •13% 14% 14 14 14 H. 14 16 *13H» 14 Hi Do pref •54 • 54 57 67 64% J an 24 33 Hi Jan 101 Oct 67 •54 57 •54 -64 67 •54 7,950 43 May 57 Hs 105 Feb 1 87 Feb 51% 51 503t 51% Pressed Steel Oar 51 50^4 51'( 50'4 513, 410 95 iMay 51Hj 613, Aug Do prel 24734 Jan 15 230 May 258 97% 97 Hi 97 Hj 97% •97 Hj 98 35( 2 19 >4 May 2 62J4 9 7 '8 97', *97Hj 98 •97Hj 98 03% Deo PoUman Company 224 Jan 151 30 May 129 • 225 225 225 • 220 227 'i >225 225 1,500 44 May 2 107 J:,n24 93 Jan 106 230 227 227 Nov Railway Steel Spring... 52% 50 52 52 '9 52 52 100 99% May 4 6318 53 Hi 52 53 33 Do pref 39 Jan 12 15 Jan 36% Deo •101 102 Hi 101 102 Hi 7,300 22% .May 2 •loo 102 100 102 Hi 102Hjlt>'-i'2 100 102 28" Republic Iron <& Steel •2884 29 110 'q Jan 9 67 Jau 108 Deo 28% 28 Hi 29 29 -29 Hi 28 29 28 "4 29 14 5,400 91 May 2 97 Jan 12 60 Jan 118% Fel> Do prel 10134 102 Hi 101% 10134 8,450 69% May 2 113 Ha 102 H» 103 101 Hj 10234 IOOI4IOOH, 101 101% loss-Sheffield St. <fc Iron 79•78 Apr 3 lOO Jan 130 Feb 79 "4 7914 79 78 110 Apr 26 7814 7977='8 79Hi 77 79 Do pref •110 1'20 xlOj Jan 12 68 Jian 148 Deo •110 120 Jan 110 110 110 120 •112 110 112 116 Deo 3i500 129 Tenn. Coal, Iron <& RR... 83 '4 Jau 24 37 Hi J an 60 May 2 147 147 Hi 147% 148 H, 146 147% 147 la 148 148 148 145 14 6 1,300 60 8% J'ue 15% Oct 75 75 77 Hi 77 Hi Texas Pacific Land Trust 7514 7*5 8 May 2 ISi^ Jan 19 75 •70 75 71 400 74 75 rmoa Bag & Paper. 68 Ian 823^ Deo •8% 9% I 84 18 8% 91* 9 100 70 April 53 Jan 17 19% Jan 48% Deo 9 Do prel. *70 Jan 72 71, 71 70 7,400 43% May i70 48 0. S. Cast 1. Pipe <fc Foun. 96% Jan 24 79% Jan 9734 Apr 48 49% 48% 49% 48 Hj 4«* t 48-8 49 030 91 May 49 49 493t Do prel l38%Jan26[ a 10 Dec 134 Feb 93% 93% -9234 94 59234 92•9214 92 9234 92= 60 109 May 92 "4 9 3 United States Express... 94 Hi Jan 20 77 Jan 9 8 Ha Mar 109 109 115 '105 115 } 109 '108 120 '108 120 2,500 84 Mar U S Realty <ft Improve'ni 12,500 24 Mar 39 Mayl6l 18 Feb 40% Apr 89 89 89 «tf8 •87 89 90 911* •89 90 90 90 Reduction <fc Rehn'g 80 MayiO 35 Jau 7.114 Aug 38'. 35% 36 U 3 30 33'>4 39 34 33 Hi 33 33 19,700 60 Mar 33 33 oS^s Do prel 773, 58% Jan 22 3334 Jan 118 Sep 79% 76 77 80 76 73 73 74 H, 10,500 43% May 2 73 74Hi 7J Apr States Rubber... 4934 50 Hi United j;115 Jan 15] OS's Jau 60 Hi 49% 60% 50 60 Hz 50 50% 61 1,100 105 Hi May 2 60Hj 6114 Do Istpref 109% 10934 109% 109 '6 109 x87 '1 Jau 15 75 Nov 83'4 Deo May 11014 110'4 110 IIOI4 * 109 llO"., 10934 1,000 75 43 "4 Deo 2d pref Do 46% J.in 20 24% May 80% 80H> 81 80% •80 80 80 Hi 81 '4 8II4 •80 82 80 213,850 36)4 May 2 11314 Jan 20 903.1 May lo7 Deo 413. 40 Hi 41 United States Steel 41Hj 41 41*8 41 61,570 102 May 40% 41% 40% 41 Hi 41 106 Do prel 58 Jau 2] 2334 Sep 58% Deo 105% 106'. 105% 10534 36 May 10014 105 106 '4 105 3,670 I06 1003b 105 Hi 42 w. 4134 4134 Virginia-Carolina Chem.. 117 Hi Jan 2 l03%Mi»y 11334 Deo 42% 42% 42 43 43 400 105 May 43»8 43 43 42 J'ne 62% Feb Do pref 6\i •109 Hj 110 Hi 110%110i4 109%110Hi 300 38 May 2 50Hj Jau24 {22G%Deo 260 Feb 11034 110 '4 *109HllU 111 111 Virginia Iron Coal <& C. 43 42 43 43 233 Miir23 200 Apr 10] 41 43 H. '41 41 •40 43 43 44 Co 92 Jan 95% J'n« WfeUs Fargo & 26; 260 200 \-2'M 260 •250 260 •250 265 250 200 4 75 .c91 Mai-20 91% Jau 152 May 134 Apr 92% 92% Vt est'n Union Tele'gpli 92% 92% •92% 93 •9214 93 93 400 153 May 2 176 Jan 6 187 Hi Deo 197 Api 923g 92*6 • 92 West'gh'seEl&Mtgasaen 154 154 •157 162 156 162 185 Apr 8 188 Jan2'2' 51-4 61 51 52 240 255 •240 255 20 Hi 21^. •21 >« -211.^ 56 H> 56Hi 66^4 57 10738 108=8 Xl0838llU'4 26 "25 94 •a4'-2 95 >, 5245 245 243 5 250 250 240 4 381 ^246 e,80L 19 1,150 52 dams Express I '-' ' '-2 S, t 2-,; I •'4 1-2 _ -^t •- "-J •J I I '^4 •/ ) ' , 2-,; •. '^4 fe' •. , '2 S '1 U Hi. '.2 1.J 1 •150 158 164 • 185 168 1M5 • 156 * 156 185 1 185 185 • Do 185 !• Istpref QUOTATIONS BANKS AND TRUST COMPiVNIES-BROKERS' Bid Uanlu Union Exch]| Ask ni7% 107 United U S Exclia'el 125 Wash.H'bt3', 225 WestSidell.. 600 YorkvUlel .. 400 113 130 Iloni^s Jiid Dealers'H BBOOKLTN ProspectPk* Terminal BoroughH.... 150 100 140 t . 250 300 376 160 145 140 Unionll 215 md, I N. T. CITT Bankers' Tr 150 395 Home Banki 150 Mauutactrs'. 395 '280 Trust Cos. ASk Trust Co's £id Ask 565 Ave Tr Guaranty Tr 525 Guardian Tr 222 228 Fifth First Nassau NatCity North Sidell Brooklynll Ask BEOOKXTN Mechanicsll Broad way 11- I 530 Bowl'gGreeu 220 Broad wayTr, 155 '290 Coniral Tr'st 260 385 415 165 150 235 Common w' til 162 Hi t-2105 Colonial Columbia Kuipiro Ti Farm Lo ATI 100 315 515 1440 1 400 90 310 .. K(| ui table 1 400 275 Kniok'rb'k'r 1200 Law T I &'Vi 290 Lincoln T»... 590 600 Manhattan Mercantile .. Metropolitan 590 MoriouTrust 840 130 Mutual Mut.Alllauce 216 490 860 600 360 140 220 Trust Co's Bid _ I rruat Co's Ask Bid BROOKLYN 1000 1076 Brooklyn Tr 410 720 |730 175 Cili7.en.i'.... Est Tr't 325 Real Flatbush ... 260 StaudardTr't 4 '20 440 Franklin ... 345 TitleGu&Tr 630 050 Uaiuilton... 350 Tr Coot Am. 750 705 105 Home Union Trust 1390 1410 jonklos 190 USMtg&Tr 450 450 1325 1376 Kings Co... Unit States LlslLJbTr. 290 335 Van N'deiiTr 2b0 Nassau Wasliington. 400 1346 People's 200 270 Windsor Wllfiamsb'g.|225 ] Asll N Y Llf eATr Tr New York 310 270 236 , '^^S^^^Stas-HSU '.^Si^: ^^sar'i H^S?s;A:i;r;ri;^..n.t, ».su.>..... Bid and asked prices; no sales on this clay. « l,' week. •Sale at Stock ifixoliAnge or at auotiou thia . New York Exchange— Bond Stock «u;ci!PViN<j UOHDS Week's STOCK IflXOHANQK Wkrx K!»i>ino May l-* Range or haxt Saie K. T. U U U U U U U U U U I03I2 li'^"-, 03 7g Apr "(Hi 108 Apr'(i(> lU2'e iO:i'< 107 J'ne'Ol 104 "2 Oct '0"i IV^\ lOII'eApr'OC 6 klOlh S 3a re>? small bonds. .fcll'l!S 38 cou small bonas-.fciyiK 8 4s roRlaiered 8 4.S coupon /il«07 /Il90^ 1 1033< 1 192r> 8 48 registered 192& 8 4s oonpoo PliLbppluo islands 48.1914-34 .131 il31 MBy'06 * 9939! t X t 98', J y3>2< t 92\S ^ Alabama Class Class 98S4 95^4 A 4 to 5 tiese B58 1901: a re Apr'06 109i4Oct '01 102>aMar'02 11 1 Mar'02 11934 Oct '04 new consol 48. .1914 10234 Oct '05 13612 J'ly '01 6s Mar'Of 96i«Apr'06 96i2Deo'04 9434 Mar'OO 22 24 120 22 Sale Kailroai! Hee So Br At Coast Lilne Albany <& Susq See Del <& Uud Allegheny Valley SeePennKK Alleg <fc West See Butt R «fe P 92 A1995, -J Ann Arbor 1st g 48 S Fe—Gen g 48.1995 A-O 101 Jg Sale Atoll 1995 A-O Begisiered 991a 1955 J-D 1103 •« Sale Oonv K 48 Warrants for 50-yr conr 43 Adjusliueut g4s 95 Sale /il995 Not Kegiatered /il996 Not Stamped /il995 M-N 93 Sale 99 Debentures 48 Series E. 1907 F-A Series F 99 1908 F-A Series G 1909 F-A 96i«. Series 1910 F-A Series 1 1911 F-A 30 Alabama Cent laba Midi Hee 90 T& IOII4 lOlia 103 1* 101 14 9434 95 91*4 K 1913 East Okla Dlv let e 48.. 1928 M-S Atl Knox <& N See L Atlantic Coast Ist g 48.Aie52 M-S Charles & Sav Ist g 78.. 1936 J.J Sav F <& Ist gold 68.. 1934 A-O Utgold 68 1934 A-O AN W W Ala Mid Ist ga gold Ss ..1928 Bruns A Ist gu g 48 ..1938 01962 L & N coU g 4s eU Sp Oca <fe G gTig48 ..1918 Atlantic <fe Danv See South By Austin & N See Sou Pacific W T)alt <fc 01ilopriorlg3ia8.1925 Jj Registered ;il926 Gold 4e hl9i8 Registered fel948 P Jim & Div Ist g 3ia8l925 P li E & Va Sys ref 481941 SouUiW Dlv Ist gS^as... 1925 Registered /a925 Monon Riv Ist gu g 58. .1919 M W & Car '06 93 56 9OI2 95 Is 93 iv 88 108 101 991-j Jan '05 9812 Nov'04 '04 9913 Feb '06 97 96I9 99S8 99 <^ Sale Oct »9ia 39 UO»a 128 , 132^6 Jan '06 112»8Jan'04 114»8Nov'05 yyi^Mar'oe 93 14 93^Sa)<i ^3h 13 97 99 la Apr '06 J.J M-N J.J J.J Q-J 95 n\ Sale 96 A-O 102 >4 Sale i 102 H) M-N M-N 98«8 J-J n 91»g 9l<>t 33 94«8 93 M»y'06 102 1« 1023e 102>4 102 1q 02 Apr'06 91\i 9912 0912 92 14 95h 9912 9912 981a 9638 93 93 101 10512 IOOI2IO319 91^8 92 9634 95*4 9II4 90 996b 9214 92 1« J'ne'05 1081a J'ly'06 109 Apr'06 II912 Mar'04 97 May'06 97 100 See Illinois Cent Bklyn <& Montauk See Long 1 Bruns A West See Atl Coast L NY Buttalo «& Erie See Erie Bultalo B P gen g 68.. .1937 M-S Ail & West 1st g 48 gu..l998 -O CI & Mah Ist gu g 58.. ..1943 Rooh & Pitts Ist g 6s... 1921 F-A & 117 98 112 <fc 1922 J-D Southwest See Erie Bun & Susq 1st ref g 4s.dl961 J.J Bur C R & N See OH I P Apr'97 Apr'06 116>2ll7l2 . . 124 127 12>iiaFeb'0e Consol 1st g 6s Buttalo May'06 103 124 1161a. 98 13 9812 May'Oti 98 981a 124 1281a 99% <fe C^anada South 1st 68 1908 J-J '2d 5s 1913 M-S Registered 1913 M-S Car b & Shawn See 111 Cent Carolina Cent See Seab Air L Cartilage <fe Ad 10218 Sale 106 106 10134 105'4 10534 10218 IO512 101 105 10214 10834 10534 10534 Jan '06 SeeNYQ&H CedRIaF&N SeeBORAH Cen Branch U Pl8tg48...1948 J-D 96 Ceil Branch Ry See Mo Pao Cent of Ga RR 1st g 6s..pl945 F-A U9ia Cousol cold 68 1945 M-N 111 Sale Registered 1945 M-N l8i pref income g 58 97 "n 98'-? j>1945 Oct 8912 901^ 2d pref Income g 5s pl945 Oct 3d pref income g Ss pl945 Oct 89 Sale (Jhutt Div purmon g 48.1951 J-D 95 Mac <S> Nor Div Ist g 6s. 1946 J-J 110 Mid Ga <& AU Dlv 58. ...1947 J.J 110 Mobile Div Ist g 5s 1946 J-J 95 Mar'06 94 95 119 May'Oe 119 109 113 121 llOia 111 113 Apr'06 97 18 97 Is 90 90 89 14 89 9334 114% 113 99 93 80% 75% 91 94% 94% 94'a.'!LpT'06 Ist cousol g 5s 1931* 193H Registered 199'^ General gold 4'a8 199'^ Registered Craig Valley Ist g 58 19411 R<& A Div lstcong4s..l98"J 198'.' 2d consol g48 Warm Spr Val lHtg58..iy41 Greenbrier Ry istgugls '40 ChlCcfe Alt RR ref g 38. ..19411 MaUway ist lien 3%s...iy5u 195(' Registered Chic Burlcfc Q— Denv D 48 1922 194'.) Registered...... .1879-1929 Slnk5ig fund 58.. .1879-1929 Registered 1879-1929 Debenture 63 1909 Registered 1909 Debenture 58 1921 Registered 1921 Sinking fund deb 68 1933 Registered 1933 Des Mo <fe Minn 1st 78. .1907 Nwth lUinois 1st 58 1910 F <fc St Paul Ist 5s 1909 Ott Winona <fe St Pet 2d 7s. .1907 MU L S & West Ist g 6s 1921 Ext & Imp 8 fund g 58 1929 Ashland Div 1st g 6s. .1925 Mich Div l8tg6s 1924 Convertible deb 6s 1907 incomes .'..1911 Couu Ry<feLl8t<fcref k4%s'51 Stamped guar 4%8 1951 Den Con Tr Co let g 58... 1933 Den Tram Co con g 68. .1910 Det United let con g 4%8.1932 Havana Elcc consol g 6s. 1952 Inter-Met coll 4%e wh Issued. Louis Ry Colstcon g 68. .1930 Manila Eleo Ist & coll 68. 1953 'NoprlMjlnday; J-J J-J M& St L <fe Ist G <fc iJrs i,& iru jreu Consol gold M-N F-A F-A F-A FA 100 104 10834 Sale 108% 110 90%. 91 . S8 J-J J-J 103% J-J 101 FA A-O i03' 96 96 94 Sale 883 Sale 94% 93% 88% 109 96 lateat price thl8 week. 97 Apr'06 10534 109 102 91 98 aStteJan 95 Mar'Ob May'06 no 95 96% 8 51i J-J JJ J-J M-S M-N A-O J-J J-J FA J-J J-J J-J loV A'o . 112^, 1 .Lov Hiyli 13Z 127% 131% . 1 11238 113 . 102 101 Mar'ut; Mtty'06 102 IO3I4 103%May'00 107 107 107 11534 116»( 11658 llO't 112 115'-, 114%May0l 106 Sale 105 "i 1 OU 104 105 Apr'Ot 103 107 loo 112 101 . 96%. 102 -a 100% 102% y0''4 94 5.S M lst58 NO See 80 "79" 791^ 100^4 101 '2 92% 93% Bway<fii 7th lOOiaMay'Oi. t'3% 93% 9934 102 92% 95% 104'4 105''8 10(1 10234 105 107 104% May'06 97 104% 104% Api'05 May'OG 108% Apr '06 105 11614 130 n J-J J-J J-J J-J J-J J-J 94'« 9634 103 -e 10438 132 139 118% 118% 11734 118'b 133% 133% May'06 114% 114% Apr'06 132% 137 113%li4% 108% 108% 108% 105% 110% May'06 106% 108% Mar'06 107 "a Sale 106 la 107% 107 107 109% J'ne'04 93 y4 95 94 116% Oct 93 116 Apr'06 108% 108 Apr'Od 113*8 114% 114'aMuy'!b 107% 118% 107% 108% 116 113^4 115 107% 1C7 137%J'lv i 11134 Mar'Oo 106 Aug'04 .. 124 110% 102% 107 108 106%... 111%... 108%Apr'Ub 115 125 103 102 . . 97% 97 103 ' il4" A-O A-O 109 A-O M-N M-N 103% A-O 105% A-O 105%... M-K M-N F-A M-S M-S 10034 M-N 101 ... M-N 122 ... F-A I17»8ll8% M-S 12434... , 12434... F-A M-N 102 , 106% 108% 10634 10534 11234 115% IO834 IOS34 Feb '06 97% 102% 105% 101% 102 13 Nov'98 114%NoT'Oo 114% Feb '06 109 97% 100% 114%114% 108% 109 109 108% Nov'05 104% Mar'OO 104 115 126 115 124 Apr'06 Apr'06 Mar'06 104% 104% Mar'04 112% JfaL'06 108»4 Jan'04 II634 Mar'06 il"2 Feb'06 117 117 % 112% 11534 117 105%Dec'05 104 Dec '05 110%Mar'O5 122% 12214 117% Apr'06 142% Feb '02 128% Feb'06 117 122% 126% 117% 118 128% 128% 105 »$ Sep '05 109 Sep '03 120=8 Feb'06 1193^ 119% 103 182% 182% 11112113% 10534 Feb '06 11234 Apr'06 10834 Mar'OO . 101^8 109 112^ 106=8 Apr'05 .. .. 121 % 11138 182% Apr '06 111% 111% 111'., 10212 97 '05 II4I4 Ill J-J 11734 120 118^4 Mar'06 111% 107 105 108% 112% 9634 .Vlar'Oe 1043eMa>'06 J-D 10438 133 Apr'06 A-O 131 M-N 116 117% 119% Apr'06 118%Feb'06 M-N J-J J-J J-J J-J J-J 82 % 82 lOO^sMay'Ot. 105 105 105 J-J 9934 80 78 110% Jan '05 108% HO ll:t 120S8 Mar'OO 119 101 119% 103% 119 102 102 Sale 101% 103 99% 102 May'06 9334 bale 9934 93% 97 J'ly'04 90% 88% 88% 9734 Deo '05 96 93 Nov'05 May'04 88 88 79 , 90 Sale 77^8 91 90% 79 90 102 116 n4 92^4 89% May'06 119 89% 89% May'04 79 69 81% 76 Dec '05 91 102% 102 119% Feb'06 120%Mar'03 97 146 6 88% 93 100%102% 119% 119% 111 105% 1952 M-N •Ill .... 1923 A-O 106% 109 Cent Nov'05 105 111 108 105 111 106»8 111 Apr'06 108 11138 May'OC 111 I'n col tr g F-A 2002 A-O 6s. 1907 111 Sale 111 87% 85 111 May'06 Av l8tcg5s 1943 J-D 112=4115% 112% May'06 Col&9ih Avlstgu g 5s. 1993 M-S IjBX Avife P Fl8tgug5s 1993 M-S Third Third 17 79% 79% 80%Ma>'05 100 J.J 9634 y934 :i6%Feb'05 10434 Mar'06 M-S M-K M-S 102% 96% iluy'UO 80 \ 109 105 112 111034 Feb'06 May'Ob Kailwny Met St Ry gen Ref g 48 111 114% 114% 105 112 10.5 9934 Feb'06 100 106% 110% 116i4ll9'-j 113% KeO'05 105% A-O 106% A-O 100% 101 M-N 103% 104 M-N g 78. .1927 J-D g 5s .01919 J-J Ave RR cou gii 4s 2000 J-J Ave Ry 1st g 5s.. 1937 J-J MetWS El(Chic)lstg4s. 193h 89% Mil El Ry & L 30-yr g 5s. 1926 Minn St Ky Ist con g 58.. 1919 iOU3g 102% St Jo Ry Lt H&PlstgSs. 1937 J'ne'OO 90% 11314 110 90 89 88 102 Mny'OU Mar'OO 94 104 107% 109 Feb'06 Feb'06 102% Apr '06 96 J-J M-S 90 89 88 102 A-O J-J J-J 1 11234 CRIF<&NWlstgu5s.l921 A-O 109 Choo Ok hic -r 100 .VI- M-S M-S M Keok 106 AO MN H llSiaDeo'US 115 Nov'05 9734 Sale 97% 98 297 91% 100 106% 106 "a 106 May'OG 106 106% 127%Apr'06 . 100 '. January M-S Chic Rook l8l & Pac 6s.. .1917 J-J Registered 1917 J-J General gold 48 iy88 J-J Registered 1988 J-J Refunding g 48 1934 A-O Coll trust Series 4s ..1910 M-N J 4s 1912 M-N 48 1915 M-N N 48 1916 M-N 48 1917 M-N P4s 1918 M-N Chic R I & Pac RR 4s. .2002 M-N Registered 2002 M N OoU trust gold 58 1913 M-8 Bur Ced R <fc No 1st 58.1906 J-D Con l8t<fecol trg58...1934 A-O Registered 1934 A-O sjtreet A-O 106 . 2^4 101%. M .11l!SCei-J.ANKOIJS BUM>?^-t;ontiniie<l on Mext Street Hallway Brooklyn Rap Tr g 58 1945 l.st refund conv g 4s 2002 BkCity 1st con 6s.1916.1941 Bk Q Co <& S con gu g ea.l941 Bfclyu Un Eljst g 4-58.1950 Stamped sruar 4-58 1960 Kings Co El 1st g 48 1949 Stamped guar 4s 194'.' Nassau Eiec gu g 4s 1951 J-J M-N 1 Jiigl ieange Sine* 5;^ 10^34 Aiig'or.i 128 Apr'Oi.:.... 128 . . 24 1 SouthwestDivl8t6s....l909 J-J WlSife MinnDivg58....1921 J-J MU & No Ist L 6s.. ..1910 J-D 1st consol 6s 1913 J-D Chic <fe Northw cons 7s 1915 y-F Extension 48 1886-1926 F-A Registered 1886-1926 F-A General gold 3%8 1987 M-N Registered »1987 Q-F Slnkuigfund 68.. .1879-1929 A-O 115MAuk'05 110 127 J See Ho Pacitlc C<. 6'e« Atl Coast LimOhio g 68 ser A.. A190>- A-O Gold6e al911 <fc N 114>a 10614 J-J Chas&Sav Registered 194^* Gold 48 1949 Iowa Div sink fund 58. .1919 Sinking fund 48 1919 Nebraska Extension 48.1927 Registered 1927 9512 96I4 Southwestern Div 48 1921 Joint bonds See Great North 9434 JO Debenture 5s 1913 20 23 "a Han<& St Jos consol 6s.. 1911 Chic<fc E 111 ref & imp g 4s 1955 Ist 8 f cur 68 1907 Ist consol g 68 1934 General consol 1st 58 1937 Registered 1937 Chic & Ind C Ry Ist 58.1931. Chicago <fc Erie See Erie 90 99 Chic In<fe Louisvref 63. ..1947 100 1041,2 Refunding gold 5s 1947 99 1.J 10538 Loulsv A <& Ch 1st 68. 1910 101 la 10534 Chic MU & St P term g 08 1914 101i«102i5 General g 4s series A.. 61989 "1 9738 Registered el989 General g 3 %s series B.el989 91 97 Chic<& LSuDlvg5s....l921 Chic & Mo Riv Div 58. ..1926 9834 9834 Chic <fc Pac Div 68 1910 100 la 100% Chic cfc P l8t g 08 1921 Dak & Gt So g 58 1916 Far <fc Souassu g 6s 1924 1910 Hast <fcD Div Ist 78 98iftl01i2 1910 Ist 68 1908 I & D Exten Ist 7s 9834 1021a LaCro88e<feD let 68.. ..1919 Mineral Point Div 58. ...1910 13278 iai'e 1910 So Minn Div IstSs M-M 110 1 Cent Pacitic Clies W 100 1^ Jan '06 CenOhloRlstog4'28..1930 M-S Pitts Cley t&Tol Ist g 68 1922 A-O ii'f" Pitta & West Ist g 4b... 1917 J-J 99 Bat Creek <S> S See Mich Cent Beech Creek SeeNYG<So B. Bellev 102 144 3 lOlia 103 Of 313 101 14 12 9 96 9968 May '05 98=4 Apr'06 H Series May'06 Sep RR & B of Ga col g 58 1937 of N J /ren'l gold 5h. 1987 Registered /il9K7 Am Dock & Imp gu 58. .1921 Le& Hud R geugUKSs 192(i Leh & Wilks » Coal 5»..1912 Coil ext guar4%n glVHt N Y & LougBrgeng4H 1941 Cent =5 or Lout Half A$k Low Bid XUmois Div3%s 106»iiDec'04 North Carolina consol 4s.l91U 1919 1933 Eo Carolina 4'a8 20-40 Tenn new settlement 38. .1913 Small Virginia fund debt 2-38.. .1991 68 deferred Brown Bros ctfs. 9 034 101«6 97 14 101 14 lOOTg 101 101 192i Currency funding 48 Dlst of Columbia 3-668.... 1924 Louisiana 92 o„ 510 42 "-^ '101 C 48 931-; 89 ••8 84 't 176 83 14 84 1051. 69 103 14 104'4 99 14 99 >4 May'Oti 94^4 9534 iV9 9238 9534 pr ices o n the 0/ $6 toX. 101 1901 1901 class 86 99^. 2u5 9218 9II4 tlt'S i J State Securities 100 99 98 104''< 18 i 103% 1037s Gen 103 14 104 ^ 129^8 129 V 129 "21:1214 10834 111 MayOU WMk't Mange f'ri'lav May Hip/i 104 3 J i(»434 1033^ 103 03 131 2d series 6b 1911 loan 4'2» cUs full pd.l92i') 2d series 4 ctfs full paid £ loan 48 ctfs full paid ..1931 RepuU of Cuba 6s eiten debt U « or Mexico 8 f g 58 of 1891 Gold 4s of 1904 1954 1 110»4 111 I Foreism CJoveminent Japanese Govt 6s 8terl'g.l911 S, STOCK EXCHANGE wkkk K.vi'tv't May 18 44 N. Y. 1 103'f 102»a 104-'j K 129'8F(?b'()i; 1 !»::! /yow Weekly and Yearly i*a(;k«* UONDS Since 103 103 1 /cl91> flecord, Friday, i'(m;k Kange January Ao (^. 8 38 refrtstereil 8 3» coupon 2-C I? Hi(jii Lov tioveniiiieiil B 2s con»olreKi8tereU.(il!l3(l dlU3(i S28COD8ol coupon LI. N : 102 St Paul City Cab con g Cs. 1937 Underground Eleo Ryo of Lon don Protit sharing 5s... 1908 94% 96 "o 9.S% 95 '4 Udion El (Chic) Ist g 6s.. 1945 90 '4 United RRsSan Frsf 4s. 1927 86 United Rys St L 1st g 4s. 1934 Chic St 40-yr con g 6s. 1936 9S 100% W dDueApr <DaeMay ^DueJ'ne ADue J'ljr 114 118 io4% !!!!!; J-J 114%119% ll4'.iMQy'06 1131a 93 113% 115% 92% y6% 118%119 118 _ 94 Oct '06 106 Oct '99 107% Feb'06 J-J 98 % Sale 101 79 J.J 88%8aie 107 "a 107% !!II!Iioi% 114 114%N0T'06 j-n A-O A-O 117 92 112% 11534 114% 113% 92 % 118%Saio 118% 9234 Sale F-A FA 21 110 83 .M-N M-N JcDueAog 9834 98% 10534 J'ly '05 78% 88% 99 Dae Oct 79% 88% Dee '97 pJDoe jSot »6% 9834 71 97 08*4 86% 80 fOpttoB Sato' May BONDS WetlCs STOCK KXCHANQE Wesk Knbtkq May 18 Ohio St L A Pitts Bet Penn Cc Chio St P M & O con 68...193 Cong 68 reduced to 3»a8.1V{3 J-D Ch St P & Minn IstgCs 191? M-N Nor Wisconsin lBt68...19.; J.J St P & S City Ist g 68.. .191';' A-O .194' J-J Fridav May 18 a. T. Chicago Ter Trans g 48.. 132 134 133 <fc Oct 113 112 J-J M•^" M-N 1 103 '4 ... 100 .- J. I, Bt L Div lat col tr Registered ; - - Js V, 8pr & Col DiT l8t g 48. .1940 Div Ist g 48. . - 1940 Val C I St Ij <fc C consol t)8..192o WW J-J CCCdi J-J M-N ••• loo^ .192b J-J 1914 J-D 121>4 103 Feb '00 1 12 \ Apr '00 122 Jan '00 129 134 J-D J-J J-J W Q-J A-0 Apr A-O 72 109 J-J & 114 1161a Jan . 7GI4 93^8 '0- 191; J-D Ist refgugSiiS...-. .2001 J-D 1st 63.. .1921 J-J N y Lack & W Construction 58 192o FA I24I4 lOy I4 . M-K A-O 10138. Warren 1st ret gu g 3138.2000 F-A 127 1«. Hud 1st Pa Div 7s. 191^ M-S Del <fc 191' M-S Regiatered 1940 A-0 10834 AXh& Su8Conv3'iiS A-0 Guar goki Os -„---},,oi' 133 Saratoga l8t7a.lU^J M-N Renscfe Del Riv RR Bridge See Pa RU 1001. Gr let con g 48.1930 J-J 106 IU7I4 Denv <& R & improve 48 19<i3 SyrBing&N Y lat 7s.. 1901- 96 V; 90 4i<28 Utah Cent Istgug4sal91'; A-0 Rio Gr 80 gu See Rio Gr So Des Mol & Ft D See M & St 1 Des M & Minn See CU <fe N W Des Moi XJn Ry 1st g 58..191 M-N Det M & Tol See L S & M So Det & Mack Ist lien g 48.1995 J-D 199r. J-D Gold 48 1951 J-D Det Sou lat ^ 4s Oliio Sou Div 1st g 4s... 1941 M-S Dal<& Iron Range IstSs.. 193^ A-O 193 A-0 Registered 107 97 87 1047810' 126i«Mar'00 112 Mai '06 105 Oct '05 lOlVj lOlHl 102 Feb'03 133 Feh'0(! 149 Aug'Ol 10734 1011210414 2d ext gold 6a 3deitgold4i2S 4th ext gold 5s 6th ext gold 4s 1947 1919 1923 1920 133 133 195;i M-N Registered 1950 J-D Cairo Bridge gold 4s LomsvDiv&Term g3ias.l953 J-J 1921 MidiUe Divreg6a 1951 Omaha Div Ist g 3a St Louia Div<feterm g 38. 1951 J-J 1951 J-J Registered 1951 J-J Gold 3I2S 1951 J-J Registered Spring Div 1st g 3128... 1951 J-J Linea Ist g 48.. 1951 F-A Western 1923 J-D BeUev & Car lat 68 Carb & Shaw 1st g 4s... 1932 M-S ChicStL&N O g 5s.. .1951 J-D 1951 J-D Registered 1951 J-D Gold3ia8 1951 J-D Registered J-D MemphDiv Ist g48-. -1951 M-S 1931 St L Sou 1st gu g4s Ind Bl <fc West See C C C & St L 1935 J-J lat g 5a IndDecfe 1935 J-J latguargoldoa 1950 J-J lat g 4s Ind 111 & la M-N Int<fe Great Nor 1st g 68. .1919 1909 M-S 2d gold 58 1921 M-S 3d gold 4s J-D Iowa Central Ist gold 5s. .1938 M-S 1951 Gold 4s Erie Jetteraon RR See 142'2Mar'05 IOOI4 27 Mar'06 IO714 ;i8 l'634 86i2May'06 99 101 IO6I2IO8 107 109 96I4 100 8612 91»8 105 104 102 10734 10634 105i2J'Iy'04 100 Miiy'oC 100=8 1011* 100 100 100 110 Dec'05 llSiaMar'OO 100 Feb'OO 94 Mar'03 100 lOlUMay'OO 100410114 70 Oct '04 104i2Apr'00 102 Oct '01 104410714 103 14 IO3I4 IO6I2 Mar'03 92 14 Apr'OO . 80 101 100 914 9434 May'9'.i 123 921a 9312 106^ 103 100 May'OO 100 , . 99 122 16 10634 110 Apr'Ot 100 78 4 781a 7812 Apr'OO 82 Si Feb'OO 8212 82 4 821a 92 Dec'05 101 Is Oct '99 100 Nov'OO 10734 Jan 10734 107*4 'Ob Dec'05 Nov'9b May'OO 11934 Mar'04 9358May'04 122 90 12312 121 121 1234 ilO^Jan'OS lOia Nov'04 103 ICS's 108^8 lOS'e Jan'Oti 107i2Dec'02 100 Apr'OO 9914-... 111 115 117 116 99 14 99»4 99 May'OO 80" 78 Dec'06 99 116 98 100 120 1127^ Mar'Oli 112 86 115 88 112'8Sal(j KalA<feGR SeeLS&Mb an & Mich See Tol & O K C Ft S & M See St L S F K C M R c& B See St L & S F Kan C & Paciflo See M K T 92 Jan '02 <fc Sep ,10712 110 112^8 bo 99 93 12 96 , 87 12 * 99 14 99 14 99X4 Feb'06 96=4 Mar'06 81^4 Mar'Oo 95 86 88 113 102>4 M-N 112 lla'sApr'OO M-N M-S M-b A-O 104 192b J-D 1920 M-S 1920 M-S 11638 Apr'OO . 114i2Feb'00 107 14 May'06 II6I4 Jan'06 103 Feb '05 131 131 133 Feb'OO ;0i.«8. 107 . 1091a. 100 131 101 . . Sale "2 92 Sale FA lOo's 101 12 100 14 Apr'OO 90 12 93 88 Nov'04 93 12 9234 105 14 10314 127 Nov'0,=. W Lake Erie & W 1st g 5s. EIC&N 12858 13412 133 133 61 99I4IO2 IOOI4IOOI4 90 J See Cent of Leh <fc Leh <fc Wilkes b See Cent of J & Caney Val See Mo 1 Leroy Long Dock See ii,rie Long Isl'd— l8tcong58.7il931 Q-J 1st consol gold 48 931-. General gold 48 Ferry gold4ia8 Gold 48 "93" \>i" 10034 109 'e Unified gold 48 Debenture gold 5s Guar ref gold 48 io4»8io4\ 118 12234 Bklyn i36i^i35'<l N 09 Bklyn U Gas Ist con g 58.1946 M-N 109 Sa)« 72 72 1947 A-O Buffalo Gas Ist g 68 Consol Gas conv deb 68.... 1909 J-J 1434 Sale 142 Co Consuni Gas See P Q <S> C 103 1923 J-J 103 Detroit City Gas g 68 106 Det Gas Co con lat g 68. ..1918 F-A 1024. , YG&ELHcfcr MN KlngBCo ElL<fcPg5s...l937 A-O 1997 A-O porotiaae money 08 £d El 11 Bkn 1st cod g 4b 1939 J-J . .120 IO8I2IO9I4 lll-<4 113 118 ,116 J-D MS Loulsv & Nashv gen g 68.1930 J-D 19oi M-N Gold 5s 1940 J-J Unified gold 4s 1940 J-J Registered 1931 M-N CoU trust gold 5b 5-20-yr col tr deed g 48.1923 A-0 1919 J-D KH<fc Nash Ist g 68 BONDS—Contuiuea 102 103^ Feb '06 93 4 Mar'06 ChG-LACkel8tgug6B Apr 'Oi 11258 112 90I4 98 14 May'OO Bale 113'e-f'in'Oi 106i4Jan'0i I r;r:;zrr.:i::;:rj.i>.;.;;,.;....: 1.^.0^ .ou..,.» .i,...,, 96I4 11414 117 May'OO May'OO OII4IO214 102 Nov'Or. 99i4 0ct 'Of> 98 May'OO 10141014 110 994 105 112 Ill 98 101*4 99 102 1« J'ne'04 100 ^ 29 Dec'O.Mar'O'. Jan '00 HI 111 106 U8i«.120i4 120 1211a 106 10216 IO4I4 100 115 97 101 104 106'^ 93 107 104 104 1054May'05 944 94 4 Apr '06 107*4 87*4 bale lOHV, 107 941a 109*4 H5ia 1004 874 92 86 10l'elO«>« 87*4 102 4Apr'0i) 118 Apr'06 1014 101 14 101 103 Nov'06 101 1164118 100 4 104 >t 1". ,108 1937 J-J Syracuse Lighting l»t g 68.'51 J-D A El let g 58.. 1949 M-S Weetthester Llghfg g 6e.l950 J-D Trenton G 1154 II378II379 105i4l05i4 .... ConGCoofChl8tgug68.'36 J-D MuFuelGasl8tgug58.194' M-N 98 934 934 '9',' NY&QElL<fePlBtCong5sl930 F-A 101 N Y & Rich Gas Ist g 68.1921 M-N 1014 104*4 Nov'(»5 Pat<fc Pas Gift E con g 58.1949 MS 120 VH) Peo Gas <fc C Ist con g 68.1943 A-O 120 Sale 103 4 Apr 'Oil 1947 M-S Refunding gold 68 108 4108 4 \i'i" MS Ist conv g 68.. 1910 1995 J-J l8t consol gold 5s Ed El ni 90 vii" 109 4 Oct 9814 9814 11834 1201a Apr '01 105 103 98 11834 112i8J'ly 0.-) 105 Jan '00 11741184 119 Apr'Oi lis 12118 Feb'OO 11638 102 103 102 4 1023< 101 Apr'Oi ' il3'"il6 116 Mar.OO 974 97 9739 Sale 114>4 J'ne'05 110"b 109 1434 86 14 VA 1091211014 110 110 112i8Nov'05 98 14 Apr'OO on Next I'age. 6.S...1948 NYGELH&Pg 48. ..1949 J-D F-A Purchase money g '06 113 4-Mar'00| 117 Jan '00 101i< 101 V, 974100 M-S J-D 110 .... 99 IOOI4 M-S M-S M-S A-O 110 .... M-S 109 168*4 Sep 7514 11558119 113i8ll3»a 117 117 11534 Apr'0( 115 , M-S 137 Dec '00 108 4 Apr 'or 98 Feb'OC 121 Ist g 100 109 72 14 107*4 106 4. 96 191) B&M Bl8tcong5sl935 1927 5s n 11434 Gas nnd Electric liiglit LacQa«Lof8tLl8tg68.«1919 Q-F 104 1934 A-O Rel andext Ist g68 IO8I4II3I2 W-N 92 80*4 MUwaukee Gas L 1st 4s. .1927 72 112 Nov'03 61 4 Oct '01 89 4 88 4 Apr'OO 884 1st g 6s. .1911 Ist 53 V 1938 1922 1932 1949 1934 1949 1st con g gu5s ol932 Q-J Louisiana* Ark 1st g 5s. 1927 KdEllUBkn SeeKCoEL<feP Kq G LN Ylsteon g 58.. 1932 M-S Gaa<& Elec Berg Co eg 68.1949 J-D Gen Electric deb g 348. .1942 FA Gr BapG L.CO let g 68.. .1915 FA Hudson C» Ga« Ist g 58.. 1949 Kail City (Mol Gas 1 St g5H 1922 A-O Mont M931 Nor Sh B »llSt!ELl..ANEOUsi Una and Electric I.iiglit Atlanta G L Co Istg 58...1947 J-D <fe NY&RB 116 116 103 103 lOC 110 1151411514 701a N N Hud R , W . MS IO712 Jan'06 . 9334 32 721.. Oct '00 N Keok <fe Des Mo See C R I<feP KnoxviUe & Ohio See So Ry 112 114 11212 11212 1031a 11312- 9634 721* 63 193' J-J lieiellS 1127( 1941 J-J 2d gold 58 North Ohio 1st gug 5s..194j A-O 108 Cent L Sho & Mich S See N Y Leh ValN Y 1st gug4ia3. 1940 J-J 1101*. 1940 J-J Registered 113 II312 Lehigh Val (Pa) cons g 48.2003 M-N Leh V Ter Ry lat gu g 68.1941 A-O 1941 A-O Registered 11638ll93t, 114 Leh V Coal Co Ist gu g 58.1933 J-J 96 Lehife N Y 1st guar g 4s.. 1945 107 12 107^2 194o M-S Registered 114 ll4i.> Ist pf 68 .....1914 A-0 I0714IO8I4 1914 A-0 102*4 ." Gold guar 5s II514II6I4 88 Apr'06 May'06 IIIH 1 12 12 Feb'06 9934 72I4 Sale City Sou Ist gold Ss. .1960 1950 Registered Kentucky Cent See L <fe Kan '04 93 12 Sale 1953 A-O 104 105 60-year conv 4s A ButtJS Y<fe Erie l8t 78.. 1910 J-D 123 104''8 Feb'06 190b J-J gold 68 Butt&S 118 Miiv'06 Chic & Erie 1st gold 58. . 1982 M-N llSSi. 10234 Dec '05 1011*. ol900 A-0 Jett RR 1st gu g 5s 135 h, 135 12 Fob '06 Dock consol g 6s..l93o A-0 Long 118 J'ly'04 Coal&RR Istcurgu 68.1922 M-N 110 11538 Deo'05 Dock <fe Imp Ist cur 08. .1913 J-J 110 121 12 Oct '06 N Y <fe Green L gu g 5s. 1940 M-N 116 ,116 116 Ist ref 5s.l937 J-J Sue & NY 103 Feb'06 1937 F-A 2d gold i^a 107 I2 107i5Apr'06 1940 F-A General gold ba Terminal Ist gold 58. ..1943 M-N II514I2OV1 115i4May'00 Regis §6,000 each. ..1943 M-N 109 14 Jan'06 MidRRofiM J Ist g 68. 1910 A-0 WUk <fc Ea l8t gu g 58.194'.^ J-Ii 116 113 113 May'OO 1191* 116 Apr'OO Ev& Ind Isl con gug6s..l926 J-J tfeeN Apr'Ou 104 <fe Ist consol gold 78 1st consol g fund 7s Erie 1st con g 48 prior. .1990 J-J 1990 J-J Registered l8t consol gen lieu g 48. . 1990 J-J 1990 J-J Registered 1961 Penn coll tr g 48 KdKIU 102 12 W 20 105 lOb'g 102 4 102 « 102 1« Jan '00 100 ] OS 98i4l01»» 97181011a 432 100 99 99 •»8 99 <fe "i Kne lstextgold4s 114^ 112 108»6 IO714 88 12638127 L'^astol & East Ist g 58.1941 & No See Leh & N 126^ 12r)i«126i4 i)7 19101 J-J 2d 6s Dul Short Line Isl gu 5s lt>16 M-S Dul So Shore <fe Atl g 5s. .193' J-J Minu SeeStPM&W Juast Ten Va & Ga See So Ry Apr '06 I2319. , 1930 J-J Improvement gold 5s... 19^^ J-1) Rio Gr West 1st g 48. ...193)1 J-J Mge and col trust 48A.1949 A-0 Elgin Jol Elm Cort 791s 123 12 Apr '06 27 Jan '06 127 J'ue'06 Term 91 Dec '05 LN O &Tex 74 14 76»i A-0 Registered 101 89 Mar'06 FA FA 104^8 11134 115 1141. 89 ,103 FA M-S 1051a. II912. Morris& Essex 1st 7s.. .1914 M-N 1916 J-D consol guar 7s 1st Consol gold 73 Hock Val Col Conn & Term See N <& W Conn & Pas Bivs Ist g 48.1943 Dak&GtSo SeeCM&btl1 alias & Waco See M K & Del Lack & Western 7s.. .190i -^e* Ma>06 72''8 Mar'9b II4I4 86 . 115'uMar'06 75 9313 9376 J-J Colorado* Son Ist g48...19-i.' F-A Colum iSi Greenv See So Ry Col & Hock Val See Hock Va. Col&Tol Feb'06 97 98 74 106i4l06»| Ga Car W 1041iiNot'01 A-0 W Apr '00 102^4 103 101 114 lU9i-2l09>9 Han 94»2.Aug'03 105 Jan '04 100 111 consol 78. Cocsol sink fund 78. -..1914 General consol gold oa. 19d4 Registered .-v-Jx^f, l8t pret 4s 1940 Ind Bl & l8t pi 5a ...(193^ O Ind & Peo & East Ist con 48. ..194 Income48..............1>;90 W\\ con Ist g 58.193^ CI Lor Clev & Marietta See Venn RV Clev & Mahon Val g 58. ..193b Olev & Pitts See Penn Co 194. Col Midland 1st g 4s I 99-*4 104'8 Q-F QF May'OO Oct '04 Feb '05 100 100 100 96 97 M-S 1003^ "i lOO-'ig 99 V..- .M-N fcl93; 58. 100i4Feb'0( '10038 100 g 48. .1990 M-N lOS'i 103»8 i^i J-J ( '91" "•ii" High No Low High 105 liaiilU^ ' Tal H & H of 1882 Ist Georgia & Ala See Sea A Line & Nor See Sea A Line Georgia Pacific See So Ry GUa V G & Nor See So Pnc C<i Gouv <fe Oswegat See N Y Ceni Grand Rapcfe Ind See Penn RR 10214 105 1001410014 Gray's Pt Term See St L S W 99=8 Sale 100i«101't Gt Nor— G B <fe Q coU tr 4s 1921 J-J 1921 Q-J Registered. Ti 100 103 Greenbrier Ry See Ches <fe O Gull&SIlstref&tg5s bl952 J-J 10212 105 & St Jo See C B <fe Q ousatonic See N Y N H & H IO6I4 108 1021^1031^ Hock Val l8tconsolg4i28. 1999 J-J 1999 J-J Registered 103 103 A-O 100 C0I& H V Istext g48..1948 U2»i,115 1955 Col & Tol 1st ex 4s 122 122 Tex See So Pac Honst E <fc Houst&TexCen SeeSoPacCo 134 135 1951 J-J 108 I Uinoia Central 1st g 48.. 1951 J-J 1 Registered 1951 J-J 10114 1st gold 3ias 19ol J-J Registered '.161^101 g3i28 1951 A-0 Extended 1st 17 69 80 1951 M-S gold 3s sterling 115l2ll5h2 Ist 1952 A-0 104 CoU Trust gold 4s 1952 A-0 Registered.., 103 Sale gold 48 ...1953 M-N Mar'OO January 1 1211^ 122 Oct '05 10912 109 h Apr'OO IIII4... 114 Apr '05 10614 Feb'06 58.1913 A-0 112 112 Mar'Ot: 91 J-J •0( Since or 119 106 W Chic Range Ask Low Bid Penn Co 1st cons 68.1921 J-J 1' Ch Fargo & So See See M & St Pere Mar lint & Pere M FlaC&Penin SeeSea Air Line Fort St U D Co 1st g 4128.194I J-J & Den C 1st g 68.. ..1921 J-D Ft Ft Wcfc RioGr Ist g 48.. -1928 J-J ialHar<feSA SeeSoPacCo lOOSzlOli-j 98 100^4 11312 1143^ 9ii'ii '•2 135^4 iijo'iii^i^e liaHjMar'Oli See fVeek't Last Sale May 1942 A-0 Istgeneral gold 58 Mt Vernon Ist gold 68.. 1923 A-0 Suil Co Branch Ist g 5s. 1930 A-0 Dec '03 99 99»3.... Coupon off --•v.VoV, Chic& We8tlndgeng68ijl9ii^ Q-M 2 Range JPHee Fridav J 8 STOCK EXCHANGE Week KirDtNQ May 18 Y. Low Bigh Erie <fe Pitts Evans & T H 136 mgti Apr'0( 129^4 Mar'04 120>eApr'0t lOl'sMay'Oi 120i«121 . «J* January SaU Last 132'2135's 134 93 133 ' & W M ich See Pere M arci Choc 0& Gulf -SeeCBI&P Oln H & D 2d gold 4>j8...19.<. cm D I 1st gu g 58.. .1941 CFind<feFtWl8tgu48g. 2., Cin I & W let gu g 48 195;^ C I St L & O fiee C C C & St ClnS&O SeeCCCStL ClearUeld & Mah See B R &,P Clev Cin C & St L gen g 48 1993 Cairo Dlv Ist gold 48....1 J|J.i Cln W & M Div 1st g 48.199] Since A 3k Low Bid BONDS Ramge Range or JYlee l8tgold4s. Eegist«red Cm S & CI con Ist g 114L Bond Kecord—Continued— Page 2 19 1906] 107 108 117 123 1034 107 T, 107 107 108 Jan'06 Feb'OH 106 103 4 Deo '06 , 109 100 10» iio"' MiiV'dfc 106 4" Apr "06 .u..m„ ..^.^ >..o.^ ....... ,o^^ i06 108^ Option Sal* '.'.'. t H ) Bond Record—Continued— Page 3 1142 /'riee l,Cln<fe LexKoW4'^«...r.l31 IslifoUl f)S....lltao &M O '2<1 Kold PensacolaDIv l'.»o(l t>» Alk Low Kentucky 99 106 .Mar'OO 74% Uct 79 119 . h&S A M M L& N-Soutli M )olnt48.1952 N iria<fc 8 lHtgug68...1937 Pens AM l8t ffu g 68..1921 8 & N Ala con ffu g 58.. 1930 Slnklund gold 6s 1910 L& Jett UdgoCogug48..1945 L N A & CU See C I & L Mahon Coal &e« L S & M S RycoD8ol4s.l99U 9513 96 114 119 103 AO FA 101 38 101 104 Sale 100 lUoShSale 105% 120 '-J Hi 112 97 100 H/ 98% Apr '06 18^ 226 19»4 Id Hi 98 Hj 90%J'iy'01 105 May'OO 1. cfe <fe Mo Kan & Tex lat J-J J-J g 48. ..1990 J-D F-A 2d gold 4s SJ.990 1944 Istextgold 5s 2004 l8t & refund 4s Gen B t 4>2S sub rects St L Div l8t ret g 4s.... 2001 M-N M-S 137 etl.IrM&Sgencong5sl931 A-O Gen con stamp gtd g 5s 1931 A-0 Hi & ret gold 4s.. 1929 101 101 103 101 92 <fe ti M 120»8 9OH1 97 114 H2 97 97 Hi 14 102H! 87Hi 11 100 95% Apr'06 113% 10 113% 113% 116 108 Hi 109% 106 109% 108H;Apr'0b 106^4 May'06 108^4 Apr'06 10534 Apr'06 IO8I4 108^4 10534 109 101 101 120 120 104H! I0412 107 Hj Feb '06 103% 103% 103 119 112 12038 Jan '06 113Hj 113Hj .118 II318. 116 91 Sale La&T M 9334 51334 92% 933, 107 Hi Apr'06 1153g Apr'06 94J« 96 94 96 96 I25I8 12734 126 122 9834 114'2 Oct NJJuncKR /See NY Cent New & Cin Bdge See Penn Co N O & N E prior Hen g 68 33I9I6 N Y Bkln & Man Bch See h 1 N YCent& H Rivg 3>28.1997 J-J A-0 Registered NY& II8I4I2O \Vi 113 118Hj 94H2 126 Dec '05 Jan '06 12038 11734 97 127 9834 99 llS-^llSHi 95 119 98 115 Ha 119% 112 115% 113 May'06 119i4Feb'06 II9I4 11914 II714 Mar'05 113 84% 83 J'ly '04 105 Apr'06 84\i 84H! J-J 29 102Hj105 83 87Hi R con g 58. .1937 .M-N <fe <fe <fc 9934 14 101% 101%101H, i22>»125H> . 109% Apr '04 . US'*. 101 104 120 120 J'ne'Oj Mar'06 lOOHiNov'OO Hi. 104 Apr'06 97 Hj 97 . '06 Jan 120 119 Hi 104% 98% 105% Mar'05 1U4 119 Hj MHr'o5 112 113 Hj. . ll3HiMayoe 113H>118 1133, Jau'02 101 . 10418. 107 Hi Feb '05 105 105 103 Oct '05 118Hj. 124 101 ,Sale 100 IOOHj 102Hi. 111 129% 132% Apr'06 1303^ Feb '06 10334 106 98 96 9SU ^dh 97 Hj 981s aS^ 98% 97hj 97 H 97 Hj 98 H) 98 4 102 88 93 987t 88»4 Sale 98^4 May'06 8834 89 H; 88 89 88 88 89 89 86 14 Apr'06 Sale 89 101»8l04 A-0 J-D . 9934 91Hj 88% 92 Hi 86I4 90 "4 105 Hj 105 Hi .M-S M-S 95 J-D .104 Improvem't 1941 M-N 1931 M-N & extg6s..l934 New River 1st g 6s 1932 N & Ry Ist con g 48.1996 Registered 1996 Div'l Istlcfe geng4s...l944 Pocah C& C joint 4s.. 1941 CC& T 1st gu g 5s 1922 Scio V <fe N E 1st gu g 48 1989 North Illinois See Chi & N North Ohio See L Erie & Nor Pao— Prior Hen g 4s. .1997 Registered 1997 General lien gold 38 a2047 Registered a2047 St Paul-Dul Div g 4s 1996 Registered 1996 C B <fe Q coU tr 4s See Gt Nor St P & N P gen g 6S....1923 W W FA 131 A-O A-O 100 A-O J-J J-D J-J M-N W Q J Q-J Q-F Q-F J-D J-D F-A Registered certific's..l923 Q-F St PaiU & Dul let 5a 1931 F-A 2d 53 1917 A-O Ist consol gold 4s 1968 J-D hio River RR 1st g 5s. 1936 J-D General gold 5s 1937 A-0 Ore & Cal See So Pao Co Ore RR & Nav See Un Pac Ore Short Line See Un Pac Sale it7Hj 93 107 Hj 98H; Sale 99% 9934 103 Hj Sale 102 Hj Sale 75% salt 125 100% 104% 12434 Feb'OG 1073, 111 132 Hi 13234 13034 13034 12934 Nov'Oo 9934 100 100 Feb '06 9934 9234 93=1 103 97 91 Apr'Ob 97 100 99%May'0b 103% 102 Hi 75% 102% 106% 102% 106 103 H) 102 H, 76 75 78% 75% Jan '06 100% 101 May'06 124 125 J'ly '99 113 115 7434 Mar'06 10934 Mar'06 100 Hi Nov'Oo 93 May'OO 116 116 98^4 103 92 115 Oswego & Rome See N Y G O C F <fe St P See C <fc N Oz'rkife Cher C 1st gu 5s g.l913 A-O pac Coast Co 1st g 5s 1946 J-D 112 May'06 132 113 . 113 113 109%110 91 115 116 116 116 1163* 116 93 11434 Jan '06 110% 11434 100 112 Mai:'06 Apr'Ob 100 111 Jan '06 Apr '02 106%107 107 io634 ibs" W See Mo Pac 1st s fund g4Hjs.. 1917 95% 99% 103 12434 98''4 100% 114 ac ot Missouri 1921 Guar 3Hjs coll trust reg.1937 Guar3HjscoUtr ser B...1941 Tr Co certif'a gu g 3Hjs.l9i6 C St L <fe P 1st con g 5s. 1932 Registered 1932 CI & Pgengug4Hj8 8er A.'42 Series B 1942 Series C 3Hjs 194» Series D 3 Hjs 1950 Erie & Pitts gugSHjs B.1940 Series C 1940 Bdge gen gug 4 Hjs 1945 P C C cfc St L gu 4 Hjs A. 1940 Series B guar 1942 Series C guar 1942 Series D 4s guar 1945 Series E 3H2guarg 1949 Series F 4s guar 1953 Pitts Ft W<fc C lat 7s.. .1912 2d78 1912 102 10834 107 10734 Dec '05 93% Nov'05 J-J M-S F-A M-N Gr J-J 98 108%Aug'03 A-O M-N J-J J-J J-J 96 Feb '06 119% 122 Jan '04 96%Jan'Ot 9834 Apr '04 96 96 102 Hj A-O 109% 111 A-0 10834 111 M-N 107 M-N 98%... F-A J-D 109% . 92 96% 96% 109% 112% 109% 112% 109H, 109 Hi Apr '06 112HiJ'ne'05 103HiDec'05 92 Hi Mar'06 92% 94% 127%Oct' 02 J-J J-J 1st gug 4H2S.. 1935 M-N F-A ex lat gug 4 Hjs 1941 J.J Hi 9S%Dec'0o F-A M-N 1919 M-S 1943 M-N 118 119 107 105 Apr'Ob Apr'04 Dec '00 118 118 95 101 lll%Sep'04 SIS Hi Aug'03 99 95% 96H; lUli 95% Sale 98% sale 95% 105% 104 "4 Oct '05 110 Jan '05 Mar lUISCELLANEOUS BONDS—Continued on Next 9234 97 97% Apr '06 119 RR lat real est g48.1923 R<fe I 91% 91Hj Mar'06 96 A-O 113%, A-O /a912 A-0 3d 7a Penn 106^4 D R R R & Bge 1st gu 4s g.'36 104Hj104Hi 17 '05 75 101 76 lie 110 Cl<fe .... lOli^ 105% Oct. 109 Hj Feb '05 114 108 MN Apr '02 105 Nov'05 105 Oct '02 104 Hi Feb '06 A-O 124 cfc Nor<fe South 1st g 58 Norr& West gen g 6s Consol gold 5s Consol gold 4s Convertible g 'AHa 1915 J-D Convertible gSHis 1912 AUeg Val gen gu g 4s. ..1942 M-S 103»g J-J M-S F-A iil\t 105 H> Fob '06 102 Mar'04 J-J J-J Feb'Ob M-N <fe . . FA lOOH. »« <fe N&G A-0 1998 F-A 1936 1936 Beech Or Ext Ist g 3 "is bVJUl Cart & Ad lat gu g 4s... 1981 Cleart Bit Coal lat a 1:4s. 1940 Gouv&OswelstgugSa 1942 Moh & Mai 1st gu g 4s. .1991 N J JunoR gul8t48...1936 Pa 1st con gug 48 1993 112 103 118>4. lor.'j N H Derby con cy 5s.l918 N Y & North See N Y C H N Y O W ret 1st g 4s. .ffl992 Regis §5,000 only ol992 N Y Put See N y C H N Y & R B 6'ce Long Island N Y S W 6'ee Erie N Y Tex & M See So Pac Co X J.J J-J J-J A-O 97% 125H.MarOri 139 Jau'U3 MS Bat C<feSturl8tgug38.19«9 Harlem g 3Hja...2OO0 Registered 2000 North l8t P58...1927 98 98 96 9HH, H» 97 125 N Y& Registered Beech Creek lat gTig4s. 1936 J-J Registered 2d gu gold 5s l;i51 99 99 1 Htgit, 101% Feb 'OO A-O 1033, Sink fund subsidy g 6s.. 1910 M-N Penn Co— Guar lslg4Hjs.l921 J-J 107 J-J Registered 1997 J-J 1934 M-K Debeu g 4s iiake Shore coUg 3>2S...1998 F-A 1998 F-A Kegisiered Mich Cent coU g3"<28....1998 4s Hegi.slered J L<fe S l.stg 3Hi8 1st g 3Hj8 Panama W NewH&D fieeNYNH&H -M 1940 J.J 1940 J-J 1931 W '05 Apr'06 May'06 113HjApr'06 95 Mar'06 101 Nov'04 "98'^lio6' 105 M McM M W & MS 1931 M-6 Wash Cent Ist g43 1948 Q-M Nor Pao Ter Co 1st g 6s.. 1933 J-J 91 Hi 93% Nor Ry Cal See So Pac <dS\ 9B Nor Wis See C St P M & O 107H2107H2 Nor & Mont See N Y Cent 113 115% OInd & See C C C & St L Nov'Oo '-2 Hj 101 101 120 125 103HJ 107% 104^2 107 Hj 103 108 Hj 91 94Hj 94 99 92 Hj 92 Hi 94 95 110 Mar'05 103 Apr'06 103 96I4 Mohawk & Mai >S'eeNYC<fi;H Monongahela Riv See B <fe O & Mont Cent fiee St P See S P Co Morgan's Morris <fe Essex Bee Del L & Chat & St Nash consol goldList 78.1913 1928 58 1st Jasper Branch 1st g 6s. .1923 & Ai Ist 6s. .1917 T & P Branch 1st 6s 1917 Nash Flor Shet Seelj&N Nat o£ Mex prior Hen 4^8.1926 1951 1st consol 4s Ist 58.. 1934 l8t gu 68. 1 932 Y 99 lA>w 105% 109 lo«% 10734 105% <i'H January <fc Apr'06 Nov'Ol 96'4 113 & G Div 1st g48.. 1933 M-N V I W 1st g 5s. 1926 M-S 10034 102 120 103 86 Hi 923, 10 103 ig 107% 105 88 Hi Apr'06 88 91 Hi 262 8Y 88^4 89 89 Hi 90 May' 06 90 94 108 Feb'oe 107 108 92 H; 94 H. 94 J-J 1945 J-J Mortgage gold 4s MobJ<feK C 1st cons g 5s. 1953 J-J Mob & Ohio new gold 68.. 1927 J-D Ist extension gold 6s..ftl927 193s General gold 4s Montgom Div 1st g 58. .1947 F-A gt L €& Cairo coU g 4s..el930 Q-F 1931 J-J Guaranteed g4s See Southern <fe O coll 4s Riv Verdi 113 lOl-izlOaH. 102 86 "a 871^; S7Hj 105 Sale 104 H2 J-J Mob & Birm prior lien g 5s 1945 & Housatonlc '05 120 FeU'06 113'4Mar'05 114 Apr'06 90 Hj 9 oh, 97 Apr'06 114 92 92 Unified 97% bale JD FA N Y & Har See N Y C Hud X Y Lack & W See D L & W N L E W See Erie N Y & Long Br ^e« Cent of N J New York New Hav & Hart— J'ne'05 nils Oct MK& 1945 IW-S Cent Br Ry 1st gu g 4s.l919 l=-A Leroy<feGVALlstg58l926 J-J Pac R ot Mo Ist ex g 4s. 1938 F-A 2d extended gold 5s. ..1938 J-J M-S No lO?"-, 105% , Since Jiigh 1(1634 i'oa Hi Hang* *<0 <fe 90 91 A-O Dal& Wa 1st gug 5s. ..1940 M-N 10434 95 Kan C & Pac Ist g 4s. ..1990 F-A 1135g MoKcfc li 1st gug 5s... 1942 A-O 107 Hi 1942 M-N Ok lstgu5s MK&TotTlstg-ug5s.l942 M-S Sher Sh & So 1st gu g 5s. 1943 J-D 103 106 Tex&Oklalstgug5a...l943 M-S 1906 .M-N lOi's Missouri PacUic 3d7s 1920 M-N 119 121 1st consol gold 6s Trust gold 58 stamped. al917 M-S 104 lOiHi al917 M-S Registered .1920 F-A 104 106 IstcoUgoldds 40-year gold loan 48 98 J-J J-J J-J 1934 J-J McKeesA B V IstgGs 1918 J-J Mich Cent Ist consol 68.1909 Y'' Ex M Minn St gu SeeBCR&N MStP&SSM con g 4 int gu '38 gu M 8 S M A 1st g 4 int<feM1926 Minn Uu See St P M 105 M-N J-D M-N M-N A-O 85 R W&Ocon I8teit58./il922 A-O 26% 08we& R 2d gu g58...el915 FA 21 RW&OTRlsl gug 58.1918 M-N UticacS; Blk Riv gug48. 1922 J-J 9938 N Y Chic <fe St L Ist g 4a. 1937 A-O Registered 1937 A-O N Y & Greenw Lake See Erie NW 1st gold 6s. ..1921 A-0 South West Ex Ist g 7s. 1910 J-D 1934 .M-N 1st consol gold5s latandrel^nd gold 48. .1949 M-S Des & Ft D 1st gu 48.. .'35 J.J Lait, AtK Low Uid J-D NY& 771-j IS J-J J-J RU O'l Registered <fe Pacilio KaAAO Rl»tguc58.193H Mahon Pitts .M c K 2d guar 6a Hj WeelCi Bani/e or Sale ITice tVidav May ] 58 12 79', 22', 3><5 S.'8=8. North See Ch M & St P Minn & St L lat gold 78.. 1927 J-D 137 Wj. 1909 J-D Iowa Ex 1st gold 7s Mil "-i IOH9 19 100 Hi 103% Apr '05 106% 103% io6% 20'e 16'* 79 Hi Mex Internal 1st con g 48.1977 M-S 191U J-D Mex North 1st gold 6s Mich Cent See N Y Cent <fc 20 11 2 Mai '05 Dec '05 Muy'OO 79^8 Sale 1 ig Sale 16 '•J Sale 2 Sliore lat 48 gu... 2361 KogiHten'd 2361 ^shore gold 3His.... 19971 Uegi.stered 1997 Debeiilure g 48 i9j:8 DetMon&Tol 1st 78. 1906 Lake Muv'Ot; 107 97 96 WcHl 108H2lO8H< 99 101 108 Hj 110 95 '4 961, 117 114 MuVU6 96 114 11514 A-0 anlmttan 1990 A-0 ROMTiHtered Metropol Kl Ist g 6a. ...1908 J.J McK'pt cfc B V Hee N Y Cent Metropolitan El See Man Ky Mex Cent consol gold 4s. .1911 J-J 1st consol income g 38.01939 J'ly 2d consollncouie g 38..al939 J'ly 1919 Kquip & coll gold 5s <fc 1 '05 '05 '06 114i» Sep 108Hj Jan iboH, 100^ Apr'Oi! 108^4 IO81.J Mar'O.'. <fe Mid of N J See Erie MU L. S W See Chic '4 '4 Mar'06 (ient jroUl 48. 1987 A l8t g4».i8 1945 Coll tr g 410S 1st Ser....l907 1 Apr '05 V20^ IUJOm STOCK EXCHANGE •:;« Wekk KNDiNn May 18 N y Cent & H l{.—( Conlinuf.d Nor* Mont iHtgii g 58.1916 A O N. Y. HifiH 12^ 129 122 '4 122 122', Mur'Od 114 71 Low Hif/h 109 Mar'O.-) 129 '« Apr'Oi; Kol(168...1«'2t) l'J21 Bt LUlv l8t golil68 198(1 2<lKold 38 Atl Kuox <\^ Nor l8tg&8li)4i> KendPr B(1if«l8t8f g68.1931 Since Januarti [Vol. Lxxxn. BUNDM Jiani/e Lait Sale :S Bxo 105 129 122 14 NO<fcM N Range or May Naaliv—f C'ontt7tu<!dJ <fe Week^t fridav STOCK EXCHANGE Wkkk K.NuiNfi May 18 N. Y. Loumv . 107 Hi May'06 107 H». .... 107H2l08% I'age TeleKrapli and Telephone Coal and iron Col F & I Co gen a f g 5S..1943 Convertible deb g 5s.. ..1911 Col C & I Dev gu 5s g..l909 Col Fuel Co gen gold §8.1919 Gr Riv Coal & C lat g 681919 Col Indnslst conv 5s gu A. 1934 1st g <fe coll 5s gu Ser B. 1934 Contin'talC Istsf gu5sg.l952 Jett & Clear C & 1 1st g 5s. 1926 2d gold 5s 1926 Kan* <fe C 1st s f g5s.l95I Pleas Val Coal lat gaf 58.1928 Tenn Coal gen 68 1951 HC F A Mar'06 91% Mar'06 103 F A J J M N 100 A 102% F A 78 F A 77% F A J 107% Oct '04 102% Apr'06 Sale 78H) D J 77% 77% 101 107% Deo '04 107 I) J J J J 100 91% 102^4 95% Jan '06 J.J Comm Cable Co Ist g 48. .2397 Q-J 1918 M-N Met T<fc T lat 8 t k5s N Y <& N J Tel gen g 53.. 1920 M-N 94% 96% 102%102% West Union col tr cur 5s. 1938 J-J 109 Hj Fd and real est g 4%s... 1950 M-N 103 104 71% 88% MutUnTel s fund 6s... 1911 M-N 73 83% NorthwTelguf 4%sg..l934 J-J 97 Mar'(i6 109%May'05 105% J'ly '03 109% 109% 104 104 106% Mar'06 103 94% 96% 97 98 107%109% 16 102 105 106% 107 J'ly'04 May'07 102% Oct 105% Oct 103 J 78Hi 144 77 Am Telep <& Tel coU tr 48 1929 102% 105 '03 '05 .TIanuiacturing Sc Industrial AmCotOU ext4%s 94% 98 91 100% 87 93% 89 H) 109 89% 89% BimiDlv l8tconaol6s..l91'' J -J 10934 Apr '06 99 103% 104 102% 102% 109 110% Am Spirits Mtg 1st g63..19I6 MS Cah C M Co 1st gu g 6s. 192 J -0 102 Deo '03 Apr'06 90% 91% Am Thread lat col tr 4s.. .1919 J-J 91% De Bar C I Co gu g 6s.l910 F A 101 1944 A-O 1133, sale 113% 114 278 112 117% 103% Feb '06 103% 10334 Am Tobacco 40-yr g 68 V Iron Coal<fe Co 1st g 58.1949 M S 94% Bale 94% 96 78 9134 96Hi 48 84 1951 F-A 78 79'4 64 79% Sale 79% 'NopriceFrlday; latestbidandaskod. dDueJan SDueFeb cDueMar dDueApr ftDueJ'Jy /cDueAug oDueOct fi Due Nov 2 Due Deo iOptlonSala renn Div <fe 1st g 6a cH917 J A .0 Sale 108 Oct '00 100 110% Mar'06 105 100 9734 101 Hi AmHidecfc L 110% Amer 1915 Q-F Ist at g68.. 1919 M-S Ice Secur deb g6s..l925 A-0 95 91 97 Sale 96 91 89 May'06 933^ L May —Concluded—Page Bond Record 19 1906.] /*rice fVitiaii WeeVs Range or Mat) 18 STOCK EXCHANGE Wkbk Kndino May iS Penn KK (Continued) N. Y. Last Low IHii Fensacola & All Hee h <fe Nasli Pet) & East <SVe C C C cfe St L. Peo-fe Pek Uulst g68....192) ^'1921 2d roUl 4'28 58 192 PereMarq— Ch<fe 1920 ilint<fc bOs 1939 Ist consol eolil5s Pt Huron Div Ist g 58.1939 SagTus<fc H lst«UK 48.1931 ehii B Jfc See Penn BK Phila <fc Heading cons 7s. 1911 Pine Creek reg guar 68... 1932 puts Cui <fc St L See Penn Co WM PM W 1 109 110 >v A O 113 AO 1121-illS 110%11()'5 110 llli-j 115'2Mar'06 137 Nov'9 115%115% F-A J.D J-0 127'^. 120 Oct 112>2Dec'02 '01 & & & &H & 120 117 116 , 111 .... May'05 10038 lOOTj 139 100 £ ay'Ob 10034 Sale 94 J 'ly '97 98 Sale 98 99% 102*6 100% IOOI4 97% 101% Guaranteed Pitts <fe See B R Og See Dec '05 Jan '05 P Kut-Canadl8tgug48...1949 J-J See Pere Marq 1st g 4s.. .1947 1064 lOeigOct' 05 100 Feb '06 101»4Nov'01 96 92>iMay'06 122 Jan '06 92 1q 94 Liaw<& AiUron Istg 5s. 199b 1990 A-O 2d gold Os St L <& Cairo See Mob »fc Ohu' fit L Iron Mount See M P N See Wabash St L K C St L M Br See T BR A of St L St L S Fran 2d g 68 CI B 1906 fit Mar'05 76 89 82 1940 J-J <fe N Y Ceni Borne Wat & 1941 J-J Butland Isl con g 4'os Og&L Cham Istgu 43 g.l94t J.J Sag Tus & H t Jo&Gr Isl 109 <fc cfe 100 100 127 113 cfe 1900 2d gold 6s Class C General gold 68 1931 1931 General gold 58 St L& S F' RRoon8g4s..'90 Southw Div I8tg5s..l947 Relunding g 4s 1951 100i4May'06 129 125 Feb'ue 113 113 Q^\ 98 13 Sep '05 10214 Aug'05 85 -^i 86 Sale 86 96 96 reb'Oe 1204 126 Aug'05 84 Sale 84'8 84 5-year gold notes 4'<j..l90): cong 68..1928 C Ft S C Ft S <fc Ky ret g 48 1936 &M K K M KG&MR&B W 100% M 83% 87 't Tol cfe O G 8038 110 107>t»108 103 12 103% 103% 103 103 Hj Sep '03 10034 103 lOlUApr'Ob 132 138 May'05 134 124 134 13434 Dec'04 lU ,119 GalHarA S Utah 109 Oct '05 110 J-J Va J-J J-J J-J A-O 1931 M-N GUa VG<S;Nl8tgug58.1924 M-N Hous K & W T l8t g 58.1933 M-a l8t guar 03 red 1933 M-N H<fcTOl8tg68intgu..l937 J-J Consol g 68 int guar. ..1912 A-O Gen gold 48 int guar. .1921 A-O WacOifeN Wdivl8tg6s'30 M-N 106 .... 105 .... 109 "u.... 112 87% 86% 88 101% 101 96% Mar'06 >a 103% 94 101% 95% Apr '06 109 92 973^ 96% 97 May'06 L07»8 10934 109% Mar'05 111% Mar'06 ai%lll'v Jan '05 lll%May'03 110 109 102 95 96% 93% 96% Sale 93 »a 94 92 Jan '03 94 1093, 9934 100 14 100 88 Hi Sale 96 107 "a SO 107 116 Registered 48 106 Consol conv s f g 53 1935 Int St Pump 10-yr conv. 68 '13 Knicker Ice (Chic) Ist g 58. '28 JLackaw Steel Ist g 58 1923 Nat Starch Mfg Co Istg 68 1920 Nat Starch Co s f deb 68. .1923 Stan Bopo cfe T Istg 63... 194b Income gold 68 1940 Ua LeathCo8fdebg68..1913 V S Bculty I conv deb g 58 '24 V a steel CorplO-60 yrSs.rf'o:cfe Registered Va-Car Chem ' April 196:^ col tr 58 g..l91'.^ No price 115 = .117 M-N M-S cfe North See Un AO 120=8 J-J J-J m' lUSs 115 A-O 110% J-J 118 111%111% May'06 107% Feb'06 103% May'06 106 1^. 106 103%105% 11134 Sale 11138 11134 110 11134 109 14 111% Apr'06 111 97 111% Mar'06 99 98'f 99 14 127% Feb '02 109 10534 98 110 110 119% 117%117% 94% 98% II5I4 118% Apr '06 118'iill8% 9934 98 113 113 9b Jan '06 98 3p Apr'06 113 983^ 9838 90% Dec '04 116 4,May05 116 May'Ob 116 ll63.i I14'4ll6 11934 116 Wih 113%116% 11234 114 I13'^116 Jan '06 Feb '03 May'06 Feb'02 Dec'04 11234 11234 108% 105 114 114% 109% 114% May'05 Mar'06 112%113% 112 14 117 100 106 118 123 122% 122% Dec '06 114%Jan'06 109% May'06 . hi 113 121 121 121 12238 Apr'Oti 114% 116 9734 119 9838 Sale 107% J'ly'OO 109 120 109 Apr'06 9838 112% 122% Sale 93 .116 122% 102 110 Nov'04 109 112 120% 97% 100% 119 983^ J'ly '04 2b 124 14 Jan '06 Mar'06 121%124 102 102 10334 110 106% Nov'04 11234115% 11434 Apr'Ob 111 Mid Sonthw't 1st gu 58.2003 J.J l3tgold63 1939 M-M 2d gold 5s 1939 FA Debenture series A 1939 J-J Series B 1939 J-J Ist lien equip s fdg 58. .1921 M-S 1st lien 50 yr g term 43.1954 J-J Det cfe Ch Ext 1st g 68. .1941 J-J Des Moiu Div Istg 48. .1939 J-J OmDiv l3tg3%8 1941 A-O Tol cfe ChDiv 1st g 48... 1941 M-S St Chas Bridge 1st g 68.1908 A-O Wab Pitts Term 1st g 48.1954 J-D 2d gold 48 1954 J-D Warren See Del Lac cfe West Wash Cent See Nor Pao Wash O cfe See Southern West Maryland Ist g 43.. .1952 1952 A-O Gen cfe oonv g 43 cfe W XO NY P Istg 63. .1911 May'04 107%Mar'00 107% 107 Apr'06 95^, 93% Apr'06 91% 96 90 Mar'06 89 80% 99% 9334 90 80% »4% 80% y9%Nov'03 110% 113 % U0% Apr'06 03 Jan '06 93 93 104% 104 266 103% 10634 102 106% 103% Apr '00 148 Apr'Ob 146% 160% 146 -i 149% 149i2Apr'0b 10038 102 101% iOl"-. , 1-2 123 123-4 118^4 126 118% 118'i; 114 95 ^ 96 '8 9434 96% Dec '05 118% 97% 105%105% 105% Jan '06 114% Apr '02 102% 105 .103% 102% Feb'06 10138 Kov'05 112% Apr'O'. ... 113% 1133, 10434105% 104% 105 90 93% 94 115 113»8... 79 101 Sale 76% 80 108 112% 116% 1 104 Dec '05 Mar '01 109% Apr'06 97 85 95% 98% 84% 93 108 84 86 37 86 73 Sale Sale 84% 36% 86 82% 90% 34% 41% 85 36 87 73 7mj 20-year equip s f 5s ...1922 J-J WilkQe <fe East See Erie cfe Sioux F See St P cfe Wis Ceut 60-yr Ist gen 48.1949 J-J 111% 110 9434 8S% 84 69 76% 116% 118 94% 97=8 Apr'06 30 95 J-J LE Istg 58... 1926 A-O Wheel Div 1st gold 5s.. 192b J-J Exten cfe Imp gold 58. ..1930 F-A ER Ist consol 48 1949 M-S 85% May'05 109% Mar'OH 30 93 30 93 110 Nov'OJ 85% MnyOb 97 109 87% 95 72% 85 lb 2396 102 93 109=8. 114 16 116% May'Ob Wlieel'gcfc May 'Ob 110 114 Aiig'Oi 30 3i 114 Jan 'Ob 112%Fob'0i 114 1 22% 112% lll%Aug'05 88 % Sale 93 88% 89 13 87% 93% 37 90% 95 102% Deo '05 M M WU 119 111% 111% 117%Jau'ot; 95 96 98 105 123 110 113 111%. W See South Bv cfe 119 105 10534 Pacitit B See 1 73 N Y Ceni Black cfe 1 111 '4 Jan '06 110 Apr '06 117 '4 ill^, 114% 113% 1st g 58. ...... ...1935 J-J 58. ..1935 .^-O WVa Cent 106 lll%Jan*06 93 Sale 91 92 102»4 103 BONUS—Conclu«lc«l. Aliscelloneous 99% Sale 79 87 109 95 103% , 88 9641 Sale 100 103=4 ...... 85 7» DO 1948 102% Adiuns Ex coi tr g43 80 79% 5 78% 8334 Am Dk cfe Imp 6a ib'eeCentNJ 78% Mar'06 78% 78% Am S8 Co of WVa g 58.. ..1920 87 89 120 81 89% B'kl'n FerryCol8lcon8g53'48 ChicJccfeSt Yardcolg68.1915 108 108 1 107% 110% Det Mcfc Mid grin comes.. 1911 963» 96% 6 90 100 103 -4 103 H, 6 10136103% Hoboken L cfe 1 gold 63. ..1910 Mad Sq Garden Ist g 58. .1919 97% Oct '06 103% 104 12 102 % 10834 .Man B6h H cib Lgen g 48.. 1940 9312 Nown Ne Ship <fc D D 58 dl'MO 93% Apr'06 85 N YDock 60-yr l8tg 48.. 1951 75 May'Ob 77 73 99% 155 99 1951 DlstUSecCorconv let g 58. '27 Xnt Paper Co Ist con g 68.1918 ... J-J J-J Wabash RlniiulncturinK <& liiduHtrinl Con8olTobacco50-yrg 48.1951 963^ 92 A-O J-J West cfe Pa Istg 58.. 1937 Gen gold 3-43 1943 A-O Income os dl943 Nov 87% 89 99 99% West No Car See South By 100", 106 103 9738 963b 92 109% 110 99 10234 98% 98 S. Mar'06 Feb'06 99 106 94% 91% 92 98% May'06 88% S8% 993 98':a 141 Apr'06 109% Feb '06 92 lUISCKliI.,ANEOU.S Cent Leather 20-year g 58.1925 J-J J-J J-J J-J J-J 1955 FA Vandalia consol g 4s era Cruz c&Plst gu 4 %sl934 J-J See Mo P Ver Val Ind cfe Virginia A-O 87^1 873M-N 10034 loiia M-S 95 "97" 100 J-J A Istg 6a. .1910 FA Mei<fe PaclstgSs 95 96 117%.... 98 ys 116 118 M-S N "li Utica M-S A&N '34 106 Hi 117 'u Sale ".J 116i8Ax)r'01 111 Mar'06 102 % 1 02 % 87 3k 90 0434 05 % 10638 107 102 102 113 11334 J-J "ij May'02 LIH4 Apr'06 118 l08-'e J'ly '05 '. 112%112% 80 140 M gu 43 10534 1 Jlig/i 118 -Vpr'OO 106 112%J-an'06 May'06 107 102 1 13 117%. 119 Mar'06 121 Ja Oct '06 97 84 10614 10834 IO6I4 Apr'06 13334 13334 J-J Ga Car <fc No IstgugSs 1929 J-J Seab<fc Boa Ist 58 1926 J.J eher Shr <fe So See K&T Sil Sp Ocu & G See Atl Coast L Sod Bay & So Ist g 58 1924 J-J So Car <& Ga See Southern So Pac Co— RB 1st ref 48.1955 J-J Gold 48 (Cent Pac coll)./cl94y J-D Registered A:194b J-D Wl8tgttg68....1941 J-J Cent Pac let ref gu g 48 1949 F-A Registered 1949 F-A Mort guar gold3'a3..fcl929 J-D 1st ... ... Si 1935 J-D 108 109 96 .... Kan cfe Al Istgu g 4s 1990 A-O 95% 9934 92% Tol P cfe Wist gold 48.. ..1917 J-J 84 86 89 TolStLcfeWprlieng3%3.1925 J-J 7838 82 81% .... 1950 A-O 50-year gold 4s 99 Tor Ham cfe Buff Ist g 4s./!.194l' J-D 106% 109 Ulster cfe Del 1st cong 53 192b J-D 111% 113 lstreftmdg4s 1952 A-O 13334 l'J7% Un Pao BB cfe 1 gr g 43 ...1947 J-J 104% Sale Eegistered 1947 J-J 103 "y 110% 112 Si 1st lien g 48 1911 M->J Beglstered 1911 M-N 109% 111 Ore By cfe Nav con g 43.1946 J-D rlOl 102 104^4 Ore Short Line Istg 63.. 1922 FA 123% Sale Ist consol g 53 1946 J-J 118 101% 101 14 9538 953 1929 J-D Guar refund 4s Registered 1929 J-D 1908 J-J 106 Utah cfe Nor Ist 78 134 136 Gold 63 1926 J-J 109 Uni J RB cfe C Co See Pa BR 118% 119 Utah Central See Rio Gr We.s 9534 Ao Low 129 4! 118 106 Sep '04 113 Jan '01 J-J M-N M-K M-S M-S 1926 M-S 1936 M-a 1936 M-N W Hiiik N(>v'04 Feb '06 A-O M-N M-N WMinWcfcNWlstgu5s'30 F-A W L, W Low Sinc'' Jan '06 '4 Feb'06 114% Dec'04 119 Jan '06 M M Through St 105 J-J A-O 100% A-O 1994 J-J E 5s Janvar\i I General 63 Guar stamped 122 122 Ist cy gu 43. .1924 F-A O cfe WestNC 1st cong 63. .1914 J-J S cfe N Ala See L cfe N Spok Falls cfe Nor 1st g 63.1939 J-J Stat Isl By 1st gu g 4%s..l943 J-D Syra Bing cfc N Y See D L cfe \V 102 102% 'Per A of St L Ist g 4%s..l939 A-O 1894-1944 FA 100% 10234 X 1st con gold 5s 125 127 Gen refund s i g 43 1953 J-J Bge Ter gu g 5s. 1930 A-O 111%114 St L 98% 98% Tex cfe N O See So Pac Co Texcfe Pao 1st gold 5s 2000 J-D 2d gold ino 53 92OOO Mar 67 84% 88 1931 J.J 96'4 96 La Div B L 1st g 5s 133 194fc 192i; N JJ Ohio coll tr g 4s.. 193ft Div Ist g 4%-58...1996 1951 St Louis div 1st g 48 1918 AlaCen R 1st g 6s 1948 Atl& Danvlst g43 1948 2d 48 Atl & Yad 1st g guar 4s. 1949 1916 Col <fe Greenv 1st 63 E T Va cfe Ga Div g 63. .1930 1956 Con 1st gold 5s 193s E Ten reor lien g 5s 1946 Ga Midland 1st 3s 1922 GaPac Ry Istg 68 Knox cfe Ohio Ist g 6s... 1925 1915 Rich cfe Dan con g 6s 1927 Deb 5s stamped Rich cfe Meek 1st g 4s... 1948 So Car cfe Ga 1st g 5s.. ..1919 Virginia Mid ser C 68.. .1916 Series D 4-5s 1921 Series lianqe Range or Last .sale 101% 10i% Mav'Oi) 8»%Sale 8734 88% 105% IOjS. Mar' 6 J-J J-J Western Div Ist g 9534 Sale 85 . .... 80 Sale 193Gray'aPtTerlstgTigSs 1947 St Paul <& Dul See Nor PaciHt ife Man 2d 68...190y St Paul 1933 Ist consol gold 68 Registered 1933 Reduced to gold 4'28..1933 Registered. 1933 Dakota ext gold 68 1910 1937 Mont ext 1st gold 48 Registered 1937 EMmnlsldiv lstg58..190b A 102^4 .... General gold 63 Consol sold 4s 1937 Registered. 1937 Ist guar gold 5s 1937 WiU <£ S F Ist gold 53..193t See Nor Pac fit P <& Nor Pao St P <fc S'l City See C St P <feO 8 i'e Pres & Ph Ist g58...194i 8 & A P See So Pac Co 8 F <& N P 1st sink t g 5s.l919 fiav F <fe West See Atl Coast L Scioto Val <fe E See Nor <fe Seaboard Air Line g 4s... 1950 CoU tr refund g 58 1911 AU-Birm 30-yrl8t g 4s.«1933 Car Cent let con g 48. ..1949 iriaCen<fc Pen Isl g 68.191b Ist laud gr ext g 5s ...1930 Consol gold 58 1943 Ga& Ala By Ist con 58 01943 h, 92% 94% •95 Istgu 58.1929 St Ijouis So See Illinois Cent 1st g 4s bd cti;8.198t' St L S 2d g 4s ino bond ctts...pl98;' Nor Div 1st gold 43 Minn Union 1st g 68 MontC IstgugGs 102 la Jan '06 101 99 ..... lli'^s A-O Mob & 120 8 Asi 124 J-J J-J Mem 118 & Boch T 1st 73. 191 A-O gu g6s Registered Mar'06 98 II5111. . Jiid, Tex<&NOSabDivlstg6s.l912 M-S 1943 J-J Con gold 5s 1994 J-J Southern— 1st con g 53 & W& (Continued) . iiosj llO^aJau'oe iius; 110 Apr'06 M-H i'ridaii Mai, 1920 1907 1938 Guaranteed gold 5s Ore & Cal 1st guar g 6s. 1927 S A <fe A Pass 1st gu g48. 1943 So P of Ar gu Ist g 68. .cl909 cl910 Ist guar g 6s S Pof Cal Istg 6SC&D 1906 Ist g 63 series E cfe F...1912 1912 1st gold 6s 1937 Ist con guar g 58 1905-1937 Stamped S Pac of NMex Istg 63.. 1911 So Pac Coast 1st gu 4s g. 1937 l8t gold 6a Cal Ist 10034 Dec'O.T 109 Apr'02 II2I2 Apr'OH --- southern Pac Co Morgan's La <fc Noof '04 128'«Jan'05 Q-F M-N J-D PitlsCleve&Tol 6ee B O Oil Hee Penn Co Pilte Ft 1922 J-J Pitts Juno 1st cold (is Pitts ct L Erie2(lg 5s...al92>- A-0 Y AeeM Y Ceu Pitts McKees Pitts Sh <& Ii K 1st g 5s.. .1940 A-O 1943 J-J l8t consol gold 5s O Pitts <fc VVeot See B Pitts Y Ash Ist con 5s. 1927 M-N 1997 J-J Reading Co gang 48 1997 J-J Kegistered. Jersey Cent coU g 4s.. .1951 A Benaselaer Sar See U Dan See South Ry Bicli Bicli <fc Meek See Southern Rio Gi Bio Gr West See Den Kio Gr Juno 1st gu g58...193ti J-D 1940 J-J aiogrSo 1st gold 4s & Hiah No Low HigH 10 1^ Sep Weelc's STOCK EXCHANGE Wkkk Endinu May 18 N. Y. Since. llO'iiFeb'Oe PhilalJal&W lBtg4s..l943 Bun <& Lewis 1st k 48. ..1936 J-J U N J KR & Can gen 4s. 1944 M-S BUNlirs Jiange Janvartj .^aie U43 4 '(. Dec '06 45 134 109% Sale 109 97^Sale 96% tta's Sale 97% 98\Sale 973, 109% 1% Mar'06 100 Friday; latest bid aaj asked 9634 100 thlfl 97 week. ;3 9534 100 10 96<^ 100 10 98% 109>v 05% 99% "v 98 100 63 107 2H) 100 oDueJaa •,, M-S 102'4 103 M.N F-A 47 "Yo" M-N M-N M-N MS 95 Sale Due .May i/Duoj'ne /i Feb'Oi 95 99 May'Ob May'Ob Due 95% 100% Sop St LTerCupplesStat'n.* Prop Col8tg4%8 5-20 year.. 1917 J-D S Yuba Wat Co con g 6s.. 1923 J-J .Sp Val Wat Work.s Ist 68.1906 M-S U S Bed cfe Kef Iv s t !r 68.1931 »• J'ly '06 J-J FA 104«» 46% SS 76" *78' Feb'06 48 103 70 50 44 J-J AO Provident Ixian Soo4%8.l921 St Joseph Slk Yds Ist 4 %8. 1930 J-J 101% & Due Fob 102 1003. J'no'02 112 21 j> 98 05 103 99 J'ly '04 113% J'ly'OO 101% 101% J'l/ 95 99 '06 Due Not »OptlonSal« k ^ . CHICAaO STOCK EXCaAN&E-Stock . . . Record-Daily, Weekly and Yearly 8TOCKly—BiaH&ST AND LOWEST BALK PRICES Mondav Man I^utdav 14 15 Man 12 May 16' Hay fYidav ThUTtilay May 17 WedTiestlay J{ang4 lor Ytar SaUt CHICAGO STOCK May for PretiotU Year (1905) Wetk KXCUANUE 18 Hanae 1^*06 0/ tht HigKeMt lyowest Shnre- Hig'iet} /A>weMt Ua.ll roads "7' "•e'li •23 25 24 bb\ 5Sa, 6tf 66 V, 6», 6^ •6 Giv 90\ •27 •100 20 5638 •3'a 24 67 6 eS'V 32 Bl 94 30 101 28 '12K 'li'-i a;89Hi 8934 >27Si 8»><j vi7'2 27\ 61 "a 61 8«34 f9 "a 28 •24 2534 69 •96" "94" •28 27 89 27 •^8 67 »v >-. Do pref Kans City Ry Do pref Ll 100 100 100 100 100 " 6"Mtty "ii)0 0,388 i.On 4 10<i 1,01. 100 W S Elev..lO0 pref 401 <fc . . 676 Metropol 301 30 S5 25 "a Marl 6 200 165 100 68>i Do 100 North Chic Street.... 100 25 4 Northwestern Elev..l00 Last Sale 60 14 Apr'Oo Do pref 100 !i4>a 95 95 94 Si South Side Elev 100 29 30 27 27 Streets WStable C L lOU Last Saie 100 May'OU Do pret 100 28 31 >2 314 3m, West Chic Street 100 68 68 35 32 •24 H> 27 68 32 27 63 95 "a 93 7g •28 30 •99 101 -25 28 Hi 30 101 28 • 8934 27^1 i-934 28 •68 •30 •24 Ky Apr'Oii Chic City Chic Pa«n Ky Y/ai't Sail 6"'^""May''o'6 Chic & Oak Park •22 25 •22^1 26 Do pref 5734 69 68 >a 58*4 Cliicafto Sabway Chic Union Tract "31>i"62" 90V IIOS4 •27 28 •U8 69 32 32 -24 Sj 27 •68 64 •90 92 •28 30 •99 >< 101 27 -a 28 LaitSalr 155 "•6 O"'-^ 23 '8 23 'k 5634 58 •23 25 61 >a 61k 62 91 28 62 67 'e 32 •25 •69 •91 14 •28 150 •150 •160 •150 950 100 "69V 1 Yfi'ii Jan 6 180 " 2 'i'>^T'«i\)\i 22 April 441a Mar May 28"MJan 2 59 Mayl'i 13 14 Feb 20 538 121a 54^1 ! 2 Jan 206 Oct "4"j"ly " 7»iJaa 16 J'ly 28 Deo 40 Oct 87=4 Aug Ma) 18 46»4Marl2 Jan 2 6S>,Feb ; 88 "a April 931a Feb 8 2'> Apr V 2938 Feb 20 66 Apr 30 72 Is Jan 13 Mar 14 85 .Mar 12 May 5 281a Feb 23 OOUAprll 68 4 Mar 1 25 24 89 27 98 23 la Apr oil 97 Jan Mayl8 30i4Mar Jan 26 101 3 2 Mar2'/ Feb 19 Apr 10 60 13 'g Feb 61 Feb eisJ'ne 26 J'ly 30 Jan 82 la Jan 20 Jan 59 la Jan 55 J'ly Sep 60 93 14 Sep 28 4 Oct 73I4 Sep Feb Deo 99 Maj 26 Mar 68 21 60 90^MBJ 27 Aug Oct Aug 100 30 Sep Dec 10314 Mar Feb J'nf 72 96 40 Miscelln.neoUB S^ 8v 6414 64 14 125 136 • • 66^^ 38 •108 '68 125 135 • 67 106 5tj3, 633, 7=4 83^ 63^4 123 136 123 63 "a xV.Vi •24 •38 *108 •66 38 112 60 38 •108 '66 28 40 112 60 63 -7^ 734 62 H) 62 "a 125 135 57 107 7^8 "a 121 64 121 •120 130 •56 •105 Last Sale ^8 40 40 40 112 61 LastSale 60 56^4 'b>i 40 Last Sale lOS Jan -i" "i" '"iK "'Lh> -6 •>6i4 63, 7 •vf— *6i4 "'i *%^ 7 7 150 150 149 150 54 52 121 121 119 119 •117 119 •116 119 • 108 108 108 *109 1093, •109 110 1 10 125I4I26I2 128Jai29iv 126 Hz 129 127 127 •62 53 6238 52 62 "a 53 62'2 52'i 180 •145 Last Sale 16 Last Sale I Last Sale 6I4 i'H, 145 150 65 122 •120 •108 124V 123 53 52 "a 62 H, Last Sail 52 14 Nov'05 Last Sale 80 Feb'Ot LastSale I? J'ne'06 LastSale 6434 c6 117 90 120 6434 116 117 90 •88 "6T"64i4 115 90 115 90 • "'5i''^"iii" 115 91 121 ioo^,' *110 120 103 125 106^8107" 120 102 •110 102'.. Ho 120 102 Co 100 100 pret "63''^ 88 90 '^120 534 100 Pneumatic Tool. 100 Telephone 100 Title & Trust... 100 Diamond Match 100 lUinois Brick 100 Knickerbocker Ice. ..100 Do pret loo London & Chic Contr Manufacturers' ITuel Masonic Temple MU&ChicBrew'g Do Apr 19 2 May 11 64 Jan 13 Jan 11 Feb 28 Jan 23 Jan 25 ''22i 36 108 58 May 7 "ibo 1683eMayl8 16 Feuli Mar 1 1^8 6 Mar 1 6i4Mar23 7 "215 145 Apr 26 165 ti 6 Jan 16 j'nt 34 6 J'ne 63 Apr27 139 May 3 118 Mayl7 147 Apr 26 71=4 2 "47" Jan 17 59=4 Sep 105 la Mar 40 Jan Aug 112 70 150 10 Oct Mar Jan Jra 7 Jan 172 Feb 58 14 Deo 143 "a Feb 118 Dee 1 Aug Not Not 145 67 42 75 Oct "4*7 May 10 '4 Jan 31 '44 "a Mai" "48"4Aug 2i2Feb 3 Jan 214OCI 2 Mar 7 19 Sep 23 Oct 100 100 100 100 385 62 May '^ 71 Feb 170 113 "a Jan 4 1181a Feb 52 78 Jan 5 95 Mar 84 115 Feb 21 122 13 Mar 6 52=4 5 110=4 3 41 9 110 Woven Wire Fence Swm.&Co 8=4 Feb 15 153 Jan Feb 9 32 Ja'n Jan 15 125 May Jan 9 95 Apr Feb ; 134 la Feb Jan 23 55 J'ne 11 Feb "79'8Feb2b "so" Feb 28 63 Feb May 49 215 lol 103 l,1\b 123 63 50 9 1^8 pret Do pref People's GasLtfe io7"" ' 14i«Apr 73 "a Apr 110 Deo 134 Deo Jan 20 Jan 25 May 49 101 50' Dec 60 Jac 76 Jan 136 Jan 17 125 Feb 5734 Jan 3 38 Jan 109=4 Apr 4 98i«Jan 28 Apr 24 40 Feb 6 35 Oct 108 Jan 25 105 Mar 64 Feb 60 J'ly 168=8 Mayl8 1481a Feb 16 "a Feb 23 10 Jan 72 Feb 9 128 6834 65 115 5 130 "'Hi 2l34Mayl6 23 National Carbon 12034 May'05 Page 903 1 Edison pret "63 i^ National Biscuit II4I4 Do pret '93'i"y3'C 106 "a 107 iof" 115 120 •120 103 103 lOlHl io6"'^io7"' 102^2 ioe" 105^8 io 614 oc Do 11414 Last Salt •110 •101 May' 05 2^8 113^)11414 90 90 64^4 -a .....'. 120^4 120^4 118''-4l20 Dec '04 May'Ot 2l"4*'22" •63 •114 Do Clue 54>v Chio 124 Chic 109 Chic Last Sale y Last Salt 47 65 110 •88 120 '06 150 110 125 123 -52 'fc "2*2" "22" Booth (A) 7i4May 8 1,54^ 17 <fe Chic Canal & DlOO 168\ Central Trust Bank.. 100 Mar'06 Chicago Auditorium •51 107 100 100 100 100 100 100 pref... Apr'Ot. Chic Brew'g<fc Malt'g Apr'06 Do pret 145 •51 122 >•. Do May'Ot Cal leS'-'e i".; American Can Amer Badiator Do pref Amer Shipbldp Do pref Mayoe Amer Straw Board "66i4"56K 106 28 40 106 •24 •38 •108 100 2ri 63 »i 123 1H2 !r5G^4 571.1 24 28 39 112 60 * 734 64 14 £4 5 CkelOO "150 100 The Quaker Oats Co. 100 10112 Do pref 100 Union Bas & P Co . 100 Do pre! 100 Unit'd Box Bd <fe P ColOO 10=4 Do pret 100 3834 Western Stone 100 130 Aug 67=4 Deo Aug 120 la Mar Jan 80i4Deo Jan 120 J'ne 5=4 Mar Apr "9*3 '4 May i"'/ "9'3i^M"ayl7 "99»8M:ay 740 101 14 Jan 17 109iaMarl2 101 Dec 2I1. 115 Maylt; 152iaJaji 5 46 Jan 302 101 May 8 106=4 Feb 15 861a Jan Apr Jan 110=4 114 165 Deo 109 la Not . . "is; 11 ll^i ll"* UH. 40 »3 •38 '"iii 38 39 •i^""i% *i=^""i^8 11 •37 11 U 11 10 'a 1034 10»8 38 •37 38 3734 39 37 "a "53tj 660 791 "li^M'ay 2 "234 Jan 12 "'i^J'iy "'iJiiApr 10 May 1 1714 Jan 20 8 Aug 16 Deo 37 la Jan 20 42 Mar27 23 Feb 41 Aug Mining LastSale 5^8 LastSale 36 -a LastSale 35\ ...... "I... "li'^'iik Mar'Oe Adventure Con 26 Mar'06 Mar'06 Bmgham Con Mining. 50 H[f\c.k MfiTmt'ftin LastSale 14^"' Mar'06 Daiy-West LastSale 85h Feb '06 No Butte LastSale sag Mar'06 Shannon Chicago Bond Record iiUNUS ^S, Bid Amer Biscuit 68 1910 Amer Strawboard ist6s..l9ll Cass Ave <feFG(StL,) 5s. 1912 of Trade 4s ...1927 It 6s Consol Br €& Consol Trac 4 las 1939 Edison debent os 1913 1st gold 5s /i.1926 Chic Auditorium 1st 5s... 1929 Chic Dock Co lst4s 1929 Chic No Shore Eleo 68 1912 Chic & Mil Elec Ky 5s ....1919 Chic Pueum Tool 1st 5s .al921 Chic Kock I & Pac KK 48.2002 Collat Trust g 5s 1913 Commonwealth Elect 58.bl943 IlUnois Tunnel 58 1928 Kans City Ky & L,t Co 68.1913 Knickerb'cker Ice Ist 58.1928 Lake Street El Ist 58 1928 Income 58 1925 Metr Side El 1st 4s 1938 Extension g 4s 1938 Norxh Chic St 1st 58 1906 1st 5s 1909 Kefunding g 4ias 1931 No Chic C'lty StBy 4ias.l927 North West'n El let 48.. .1911 Ogdeu Gas 58 1945 Pearsons-Tatt 68 1916 Chic Chic Chic Chic Board 4-40S 4-608 Series 4-803 Series People's Gas E F L&C Range West Chic St Ist 58 1928 'inuinellstSs 1909 Debent 68 1914 Consol g 5s 1936 West Div City By 4 1*8. . 1932 West'm Stone Co 6-20 08. 1909 Note.— Aecnied interest mas Low • 634 361a Feb 2 6 Mar ', Feb 2b 14i4Mar29 14i4Mar 15=4 Feb 26 85 14 Feb 23 85 14 Feb 23 6 -a Feb 26 Feb 24 6 934 44=4 1 •; January OxUatandSurplus <k ing In Pronts] 1904 Stock 1 Migh No. Low High Bankers National 96=4 Jan 99 '8 100=4 1021a 103 14 101 lOi Dividend Record m 1905 |2,000 ,000 $1,087 245 8 34 ,163 None 100 000 Chicago City 102 ,327 8+5 10 500 ,000 fc70 942 Chicago Savings fc500 ,000 '12' '12 Commercial National. 2,000 ,000 1.873 ,388 Continental National. 8 4,000 ,000 2,022 ,986 8 50 ,000 2 .93'/ 6 Cook Co State Savings 6 12 12 Corn Excliange Kat.. 3,000 ,000 3,873 ,740 17 ,482 200 ,000 6 Drexel State 6 288 ,844 Drovers Dep National 600 ,000 8 8 63 ,905 Began busin Federal National 500 ,000 First National 12 8,000 ,000 6,220 ,865 1112 125 ,663 6+4 10 First Nat EuKlewood.. 100 ,000 609 ,47o Priv ate Ba Foreman Bros B'k'g Co 500 ,000 279 ,443 6 Fort Dearborn Nat 1,000 ,000 6 164 ,982 Hamilton National 500 ,000 Hibernian B'k'g Ass'n 1,000 ,000 1,076 ,449 Kaspar State Bank 200 ,000 52, 665 . 104 103 '06 104 10334 96=4 96=4 !!i;;;iooi« 87 103 la t 99 Feb F A Feb'06 87 87 S4 79 84=4 Sale 85 NoT'04 80 "90' 80 Apr '01 104 la 103 la 103 941a 94 May'06 99=4 99=4 99 99 la May'06 99 Apr'06 100 16 May'O" 93M 93=4 Sale 871a 88 87=4 92=4 95 93 871* 89 88 90 90 , 991a 99 '8 100 .104 107 . M-N 102 102 J-J ±102 Sale A-O 101 la 102 J-J 1-. M-N j67'aSale 90 95 66 Sole J-J A-O be added to S3'-2 22 May'O 6 lOOiaMai'Ob 99=4 May'06 100 May'06 100 Apr'06 120 Apr'06 105 Apr'06 ... 107 May'06 104 14 Mar'OO 1031a Feb'06 102=4 May'OU 97 J-D t 93= 92 14 Feb'06 92 la Sale 96 97 100 "a J-J J-D M-N 99 100 98 la 100 Mar'06 Feb'06 90 90 M-N F-A 1031a 1 05 'e 9OI4 95 99=410014 1-^ all 102 101 la Not'04 114 67 io2 102 la 67 ^j 90 May'06 68 la Sep '05 85 Jan "06 66 65 89 "a M»y'06 96ia*»^u'06 90 90 9214 9214 94=4 89 100 la 99 >a 100 100 120 92 14 100 14 100 la 99 7e 100 100 120 10434 105=4 107 108 IO4I4 10576 1031a 1031a 102 105=8 lOlWj 1033, Manufacturers Bank.. Milwaukee Ave State. Monroe National Mutual Bank Nat Bank of Republic. National Live Stock. North Side State Sav.. Oakland National Prairie National Prairie State Pullman Loan <fc Sav.. South Chicago Savings State Bank of Chicago. Stock Yards Savings . Union Bank of Chicago Union Stock Yds State Amer Trust & Savgs.. Central Trust Co of 111 Colonial Trust <fe Sav.. Drovers Trust & Sav.. . & Savings Trust & Sav.. Jackson Trust & Sav.. 101 la 1051a Kenwood Tr & Savings Live Stk Tr <fc Sav Bk. 68 Merchants' L'n&TrCo 65 80 101 14 Metropolitan Tr & Sav Northern Trust Co Bk 85 Peoples Trust Jfc Sav .. 76 84=4 Royal Trust Co 66 891a 961a Union Trust Co 964 961;: Western Trust <& Sav. WSideTr <& Sav Bk.. First Trust Illinois 200 ,000 279 ,980 prices. ^ Last Paid Per iod Q.J Apr Jan Jan J-J Jan , , Apr y-J Apr <4-J 61, ,836 80, ,79u 187, ,634 43, ,965 762, ,103 118, ,764 27, ,710 28, 130 2,210 ,506 y-J .-Vpr y-J Apr Oct 16 1905 Q.J .\pr Q-J Apr 6 12+3 6 12+3 6 6 "8* 14 J-J Jan '06, 4 '06. 1 '06, 3 5, 1906 Q-J Apr Q-J Apr Apr Jan 8 Q-J Apr Q-J Apr 5 4 S Apr Q-J Apr 6 7" 5 12+4 "is* '06, 3 '06. I'm '06, 3 •06, 2 '06, 2 '06, 1>4 '06, a 191' 5. None Q-J Apr 8 Q-J Apr Apr Q-J Mar Q-J Apr 51a Q-J 6+6 6 12+*4 52 ,442 None 20 ,252 Began Jan 3. 5 ,732 Incor porate 12 3,842 801 12 6 291, 428 6 8 1,606 126 8 36 610 "6 QJ 2. 1905 '06, lia None Began Mayl, 6 3 ,994 17 940 ai. •oe, 8 1138 67 ,424 485 70h 710 172 241 ,98t; 3 Q-J Apr 6 6 4 6,724 561 '06,. •06,, Ilk 6 916 6S8 530, 035 1,191, 005 '06 , !» '06 , 3 •06 lia '06 •J ess J-J Jan 6 Sncce d.Mfrs 'Bk. Mar. 56, ,918 Began busin ess Oct fc25, ,03-. 2 Q-J Apr '06 3 y-J -i-pr '06 2 18: ,690 1,012, ,457 1.276, ,294 5. ,416 '06, '06, 5 '06, 5 Q-F Feb 15, ,952 250,,000 20(1 ,000 250,,000 2,000,,000 1,000,,000 50,,000 7^:50,,000 250,,000 250,,000 300,,000 200,,000 1,000,.000 250,,000 200,,000 200,,000 3,000,,000 2,000,,000 600,,000 200,,000 1,000,,000 fc4,000 000 250,,000 200,,000 200,,000 3,000,,000 750,,000 1,500,,000 200,,000 600,,000 1.000,,000 1.000.,000 200 ,000 200 000 Woodlawn Tr&Sav Bk Includes special dividend of 30% deolared Aug. 10, IViii. Chicago bond Dividends are paid Q-J, with extra payments Q-F. H Apr. 6, '06 for National Banks and Apr. 7, '06 lor State institutions. Bid and asked prices; no sales were made on this day. t No prioo Friday; Ut«at prlo« ttiu ir««k. aDae Dec. 31. 6 Dae June. ADaeJtCy. k Captt*! and •ani>lui to ^^i^'"*^ U t 7 7 7 Calumet National. .. M-N .MS M-N J-D M-b M-N M-K Ist 68. 1943 A-0 1947 M-S Kefunding g 58 Chic Gas Ltifc C 1st 58.. 1937 Consumers' Gas 1st 58.. 1936 Mutual Fuel Gas Ist 58.1947 South Side Elev 4 "as 1924 Swilt<jfc Co Istg 5s 1914 Union El (Loop) 58 1946 Union Pacilic conv 48 1911 United Box Board 6s Ask. 10 NAME Since or Last Sale 99 's May'06 99'8.-102 102 >i 103 14 Apr '06 101 Mar'Ob 103 Apr '04 59"a 59 Dec '05 101 Jan '06 tio2"io3 103 Apr '06 M W Mange iYiday May 18 15 "200 Mar Mar Mar May Chicago Banks and Trust Companies Week^s CHICAGO STOCK EXCK'Gt Week Ending may 18 20 534 3612 3534 IH '06, '06, 2 '06, '06, aia '06. li« 1^ Apr"'66Vi'* 190 d M arch, 1905 Q-J Apr •06, 3 J-J Dec •oe, 3 Q-J Apr '06. 2 "e F-A Feb '06, "e Q-J Apr '06. Sep Q-J Apr '06, Began boaln ess 6. 3 l"* 1905 1>« May THE CHRONICLE. 19 1906. Volume Business at Stock Exchanges of TBA2f8ACTIONS AT THE NEW YORK STOCK KXCHAiTGE DAILY, WEEKLY AND YEARLY WMk ending Stocks Sailroad May 18 iyu6 Saturday 440,255 1,059,432 1,119,108 860,557 1,001,606 621,204 Monday Tuesday Wednesday Thursday Friday Bonds $1,670,000 3,067,000 2,062,500 2,184.600 2,380,000 1,752,000 $38,485,500 89,533,200 94,877,900 73,903,200 81,938,100 48,587,900 V S Bonds StaU Jce Bonds far value Shares $153,500 292.000 231.000 3 2 4, 501 "$7ioo6 2,000 1,000 > 243..';O0 429,500 $15,000 No Hudson L H & Pow A.O 08 1938 HO&IndCNat&IU.lOO {108 J-D EleclOO 29 70 Week ending May 18 Bales at York; Stock January 1 to May Ist 6a 1926 —N 1906 1905 1906 $15,000 1,674.000 13,116,100 Total bonds.... $14,805,100 $8,000 1,326,000 11,625,000 1905 $721,400 39,683,450 279,867,300 $320,272,150 Pas Gaa <fc $228,900 52,011.400 415.557.100 11N Pacific EXCHANGES Saturday 21,069 67,319 42,008 28,229 26,038 26,348 Monday Taesday Wednesday . Thursda.y Friday sales 13,278 ie,684 17,098 19,119 13,921 8,422 88,522 211,011 Total Philadelphia Bond $37,000 42,000 28,000 46,000 21,600 17,000 $191,600 VnlisUd Bond shares Listed shares sales 4,874 17,666 18,008 16,236 28,830 16,910 5,288 5,412 13,724 7,843 11,165 5.104 102,554 $15,400 40,100 60,900 52,000 95,000 105,500 48,636 $368,800 Outside Securities A Weekly Review Bid NEW YORK CITY 31 Bleeck 8t& Ful F stk 100 92 Tll8tmorl4s 1950 ..J B'y & 7tii Ave stk ..100 240 H 112dmort 5s 1914 ...J J 103 Hi Con 6s 1943 See Stock Exch B'way burt 1st 5s gu 1924 no5 flCenl'l Crossl'n stk. .100 340 lllStM 68 1922 ...M-N ni3 llCeu Pk N <fc E K stk. 100 198 l)Chr't'r& 10th St fatk 100 170 Col(fc 9th Ave OS See Stock Exch Dry D K B & B— 108 100 380 100 390 50 102 60 1932. ..J-D IjScrip 58 1914 ....F-A Kiglith Avenue stk.iou 11 liScrip 68 1914 ....F-A 1142a&GrStF'y 8tk..l00 lllst gold 58 i2dStM & StNAv..lOO Tjlstiuort 6a 1910 .M-S lt2d income 6s 1915 J.J ^li Consol58 1948.... F-A JSixth Avenue stock 100 Sou Boulev 58 1945. .J-J So Fer 1st 58 1919. ..A-O Third Avenue See Stock Tarry P & Ss 1928 XkersStRP. 58 1946A-0 28tli & 29th Sts l8t 58 '96 TJTwenty-Th'd St stk 100 Union By Ist 58 1942 F-A Westchest Ist 58 '43 J-J W M nio 170 HOO «107 Exch { 104 \ ao6 4106 395 5107 BROOKLYN Ave Allan 58 1909. .A-O Con 5s g 1931 BB W E 5s <fc A-O 1933. .A-O Brooklyn City stock. ..10 Con 58 See Stock Excli BklnCrosstn 68 1908. J-J BkuHgtslstSs 1941 A-O noi iim2 100 228 list 101 105 BklnyCocfcSub .See Stk Exch Bkiyu Kap Xrau See Stk Exch H Coney Is. .fcBklyu ..100 200 Ist cons g 48 1948. .J-J 68 1939.J-J BrkC&N Gr St«&New Ist 6s '06 F-A 94 111 100 104 <fe 25 Atlantic 25 6 34 76 105 98 92 145 63 125 92 146 105 Companies Chicago Edison Co See C hicago list HKingsCo El L&P Co 100 nsi 98 103 Narragan (Prov) El Co 50 NY & Q El L &PowColOO Preferred lOO U nitedElectric of N J 1 00 48 1949 J.D i 50 65 60 76 30 50 40 74 Ferry Companies Brooklyn Perry stocklOO B& NY Ist 68 1911. J J N Y & E R Ferry stk. 100 lat 58 1922 M-N N if* Hob con 58'46.J-D Hob Fy 1st 5s 1946 M-N N Y <fe N J 2d 5s 1946. J-J 10th & 23d Sts Ferry 100 1st mort 5s 1919... J-D HUniou Ferry stock .100 Hist 58 1920 M-N noo 3 104 65 70 2 90 109 110 45 90 27 93 60 30 94 Railroad Al<feSus40yr3»2SCt3 See StkE Chio Peo & St L pref. 100 Deposited stock 2 Street UaiUrays Ask Bid Ask Undeposited stock... 2 Lake St (Chic) El See C hicago Ust Prior lien g 4 >28'30M&S 100 IlLouisv St5sl930..J<fcJ miii 112Wi Con mtg g 5s 1930. J&J 79 34 Lynn<fe Bos 1st 58 '24. J-D il08 Income 5s 1930 7 95 New Orl Rys& Liglit.100 3l>., 32 Chic Subway. See Cliicag o list 244 Preferred 80 100 Hlh Delaw & Hudson cou deb 105 New 4'us 90 i 88 4s 1906-16 (w 1) .. J&D 101 h list North Chic Street See C hicago list II Fort Worth <fc Denver 108 Hi Pub Serv Corp of N JlOO 100 110 City stamped 73 luO 360 Tr ctts 2% to 60(, perpet 69 H, 70 Id N Y N & Hartford117 Coll trust 5s gold notes Con deb 3^28 1956. J&J II312 202 1909 optional 95^4 North'u Securities Stubs 250 M-N i 95 »179 North J ersey St Ry 100 28 Pitts Bess & L E 50 t 34 ast 1st 4s 1948 M-N 5 78 80 Preferred 70 50 Cons Trac of 80 J. ..100 81 Railroad Stcuritiea Co. no 1st 58 1933 J-D n06'i 1071, 93 111. C. stk.tr. cf8.ser.A'52 105 New'k PasKy 58'30J-J 113 Seaboard Air Line 405 Rapid Tran St Ry..lOO 240 250 98 CoUtr5al907 op... M-S 107 Ist 58 1921 A-O no8 SeaboardCo 6ee Bait Exch 410 25 J C Hob & PatersonlOO Vaifc Southwestern. .100 70 48 g 1949 M-N i 12h 74 Industrial aad Miscei 105 So J Gas El <fc Trac 100 123 127 70 GugSs 1953 M-S nook 102 Ahmeek Mining 25 t 78 No Hud Co Ry 6s'14J-J nil 115 Alliance Realty loo X li.st 58 1928 113 J-J nio American Can com... 100 T-2 X list Ext 5s 1924 M-N S102 105 Preferred loo X list Pat City con 6s '31. J-D n2o American Chicle Co.. 100 175 232 2d 68. ...1914 opt A.O noo Preferred loo 103 list So Side El (Cltic) See C licago list Am Graphopho com..lOO 47 X list Syracuse Kap Tr 58 1946 noe^i 107;'4 H7S. Preferred loo X bst Trent P & 5s 1943J-D «103 105 Amer Hardware 100 104 180 United Rys of StL— Am ice Securities See Stk E 200 Com vot ir clls 5834 59'-, Am MaltingOa 1914. J-D 106 100 103 84 11 Preferred 100 85 Amer Press Assoc'n.lOO 95 112 Gen 4s 1934.... S'ee Stk Exch list 1 Am Soda Foun com.. 100 173 UnitRysSanFran <S'eeStk Exch list 45 1st preferred loo 104 Wash Ky <fc El Co.. ..100 40 40^4 2d preferred loo 107'-., Preferred 90 >s 91^4 Amer Steel Foundries100 list 4s 1951 88 "2 89 J-D .U 6s 1935 A&O 89 107 100 i 28 *31i. American Surety H West Chicago St 5u 190 108 HCong 58 1936.. ..M-N 61 t6o j\.merican Tliread pref.. 108 Am Tobacco (new) com.. 430 410 Prefd 6'ee Stock Exch Gas Securities UO 4s and 68 .See Stk Exch NEW YOEK 110 Am Typefo'rs com... 100 37 Cent Un Gas 6a g'27. J<feJ noo 104 98 Preferred lOO Con Gas (N Y) stk. See St k Exc h Ust Amer Writing Paper. 100 3*5 Conv deb 68 ctfs <SecStk Exch list 26 Preferreu loo 1031.., HMutual Gas «334 loo 225 250 58 1919 J.J 113 New Amsterdam Gas 65 HBarney & Sm Car ...100 102 1st consol 58 1948.. J-J noo 102 140 li Preferred i oo 233 N Y <fe East River Gas— Bctlil'm Steel Corp... 100 27 Hj 1st 5s 1944 107 J.J no4 87 Preferred loo Consol 08 1945 JJ no3 107 CoU. tr. g. a.tos 191 4.J-J 103 108 N Y & Richmond Gas. 100 38 42 Bliss Company com 50 140 list Nor Un Ist 68 1927. M-N noo 104 Preferred 5u 130 list llStandard Gas com ..10(1 130 150 Bondcfe Mtg Guar loo 400 250 llPrelerred 100 155 170 Borden's ComlMUk..lOO 170 97 ist 58 1930 M-N 109 112 Preferred loo 114 X list N H 113 OTUER CITIES Buflalo street Ry— l8t consol 58 1931. .F-A nil 113 Deb 68 1917 A.O SI 06 CUicago City Ky See C hicagu list Columbus (O) St Ry..lOO 102 103 -. Pr6lerre<l loo 111 Colon) Ry con 58 Set Ph ila list British Col Copper OTHEB Camden Land Amer Light <fe Tract.lOO Preferred lOO Bay State Gas 50 116 100 118 101 ^4 Binghamton Gaa 5s 1938 } 95 loo" Brooklyn Union Gas deb 6s 1909 conv '07. ..MS 130 136 Buflalo City Gas stocklOO 6 8 1st 5s 1947 See Stock Exch Ust Consol Gas of N J— lat 58 1936 Consumers' Li ii.& 68 1938 5 Butte Coalition Min..l5 CITIES JJ Pow— i 92 95 J.D «108 Gaa 50 tllO Elizabeth Gas Lt Co.. 100 275 Essex <fe Hudson Gas 100 125 Fort Wayne Os 1925.. J J 44 Uas<& El Bergen Co. .100 65 IIDetroit City 129 49 60 Bid Ask 6 65 40 70 6 I 2 60 20 60 3 Casein Coof Am com.. 100 Preferred lOo Casualty Co of America. Celluloid Co 100 Cent Fireworks com. 100 Preferred. loo Central Foundry 100 Preferred loo Dob 6s 1919 op 'OIM.N Central Leatlier See Century Realty 100 CMoeebrougli ivffg Co 100 Chic Piieum "..''ool. See Ch City Investing Co UClatUndl B)com....lOO 1 ..5 . f Preferred Electric Vehicle Preferred Empire Steel Preferred IIGeneral Chemical ..100 II Preferred 100 Gold Hill Copper 1 --^, Greene Con Copper.. .10 Greene Consol Gold... 10 Greene Gold-Silver.... 10 5 5 103^2 83 13 6 10734 Her'g-HaU-Mar,new.lOU Hoboken Land& ImplOO 1I5s 1910 M.N Houston Oil 100 Preferred f t f 37 73 06 100 list International Salt i 8 62 Hi 179 105 4'Ji-j 00 109 X list 106 105 3 55 10 2*8 1'3 97 25 32 74 106 30 200 8 39 125 90 150 36 75 Ul 40 9 42 H2 100 160 12 32 33 79Hj 3434 36 5 49 noo 70 t 14^8 100 130 Preferred 100 ULorUlard (P) pref ...lOU 69 12 53 109 74 153, 191 60 130 103 155 7214 ..lOu Preferred 94 102 25H» 78 w Lawyers Mort lusur.lOO 187 50 11Leh& Wilkesb Coal. 50 Lord & Taylor 100 121 loo 7:1'-. Madison Sq Garden. .100 2d 68 1919 M-N UManhatt Beach Co. 100 Manhattan Transit 20 15 75 Construe. ptlOO 13 R 3^8 2 '8 295 1134 65 International Silver. 100 Preferred loo 1st 6s 1948 J-D Lackawanna Steel... lou Lanston Monotype 20 Mine Securities Mitchell Mining Hj 3S 28Hj no2 100 5 33. 74 20 7 4 17 5 7'.. 10 Coal.. 50 8 50 Mont & Boston Ck)usol .6 Mortgage Bond Co. ..100 100 Mosler Safe Co 100 Nat Bank of Cuba 100 National Surety 100 Nevada Con.s'd Copper. IINew Central Coal 20 N J Ter Dock & Imp. 100 N Y Biscuit 68 1911. M.S N Y Mtge & Security. 100 IJNew York Dock 100 UPreferred loo N Y Transportation .20 Niles.Bem-Pond com. 100 IJOutario Silver 100 Otis Elevator com 100 Preferred 100 . . 80 125 334 275 Ingersoll-Rand pret.lou Internat'lBankingColOO Int'n'l Merc Marine. 100 Preferred loo Col tr deb 4'2l922op'07 Preferred 26211, 2^8 2S loO Hudson Realty Monougahela 114 40 82 I0JH2 104 Co- Ret g 48 52 op 12. ..J-J Hall Signal Co 100 Havana Tobacco Co. .100 Preferred 100 1st g 5s June 1 '22. J-D Hecker-Jones-Jew'l Mill 1st 6a 1922 M-s Mex Nat 5H? 22 70 16 19 8 35 77 GugarenheimExplo'n.lOO Hackensack Water '18 5 18 60 13 16 100 100 100 100 100 100 23_ 110 130 19 35 lO"* 45 43 Hj 102'-2 190 40 80 t 7 200 45 82 9 120 2K 64 100 3 58 104 Phoenix Securities Pittsburg Brewing 50 t 2*68 29 49 14 Preferred 50 t 49 Pittsburg Coal See Stock Exch List 5 'a 4 Hi Pope Manufacturing. 100 70 lat preferred 75 loo 15 2d preferred 18 loo Pratt & Whitn pref. .100 102 107 Realty Assoc (Bklyn)lOO 165 170 Royal BakPowd pref. 100 110 114 Safety Car Heat& LtlOO 2aO 296 Seneca Mining t 35 Singer Mtg Co loO 525 j45 89 »2 200 Southern Steel i\ Istsf gos 1930optM-N } 92 450 40 Standard CouplercomlOO list Preferred loo 120 list 10 Standard Milling Co. 100 40 35 Preferred 100 1004 79 Ist 5s 1930 4I2 Standard Oil of N J. .100 617 27^2 Swift & Co See Boston St k Exc 84 Hi 1st 5s 1910-1914.. ..J-J «102 Tennessee Copper 25 t 43 Hi HTexas& Pacihc Coal 100 65 Ist 68 1908 A.O no5 Title Ina Co of N Y..100 185 Tonapah Min (Nevada). 1 f 19 145 18 TrentonPotterieacomlOO 134 Preferred new 100 100 415 Trow Directory new. .100 45 189 Union Copper. 10 118 95 Union Typewr com.. 100 8 1st preferred loo 123 33^4 34 2d preferred loo 121 United Bk NoteCorp..50 t 40 3 5(i f 50 Preferred 66'4 70 United Copper 100 120 136 90 Preferred 100 138 lOo 200 V. S. Casualty 12 17 U S Envelope com... 100 20 65 89 70 100 U Preferred 534 6 US Rub 2d pt ii'ec Stock Exch 22 24 U 8 Steel Corporation79"^ 80 Col trsf 58 '51 opt '11 .. ni3 Stk E xlist Col tr s f 5b '51 not opt.. ni2 190 200 U STit GuA Indem.lOO 124 440 480 Westchester & Bronx icago list Title & Mort Guar Co. 175 116 120 Westingh Air Br.nke..50 (147 108 118 West Elec& Mfg— 96 99 Con 8 168 '31 Op "12 J-J } U7»4 96 White Knob Mln. Hj 1*4 k Ex list Preferred Worthing Pump pref. 100 116 66 60 H3 ! "iz Dominion Copper Douglas Copper Electric Boat Mackiy Companies H Qr'pt <&Lorlmer St Ist 6b Kinga Co. Elevated Ist 48 1949 iSee Stock Exch list Nassau Eleo pref 100 60 75 58 1944 A-O 108 113 l8t48 1951 See St k Exc h lis! N Wb'g&FlatlstexdHjs 101 104 StelBway let 68 1922.J-J $116 I18>-.i and Miscel Consolid Car Heating 100 11 Cons Firew'ks com .100 UPreferred 100 Cona Ry LtgcfeRefrig.lOO Consol Rubber Tire.. 100 Preferred 100 Debenture 48 1951 A&O Cons Storage Batteryiou Corn Prod Ref See Stock I8tg5sl951 no8 n09 noo an Interboro-Metropolitan— New com. (wh. iss) See Stk E New pref. (wh, iss) See Stk E 4 "2% bonds (wlu iss) /S';e Stk E Interborough Kap Tr. 100 227 Lex Av & Pav^ F 5s See St k Exc Metropol Securities See Stk E. Metropol Street Ry See Stk E Ninth Avenue stock. 100 170 Second Avenue stocklOO 198 TJlst mort 53 1909 JM-K noi 95 90 138 116 78 47 120 89 140 123 80 100 Market will be found on a preceding page. o' Outside Street Kailways no2 i & Atlantic Electric Unlisted shares 3I2 Northwestern Teleg. 50 Daily transactions at the boston and rmLAOELPHXA Listed shares 101 Y&N JTeleph...lO0 HSouthern Boston 98 1[AmerTeleg<fe Cable 100 Central & So Amer. 100 Commer Un Tel (N Y).26 Emp & Bay State Tel 100 Franklin 100 DGold & Stock 100 Hud.son River Teleph 100 $467,827,400 Week ending May 18 1V06 i 11 II $12,959,000 5 75 103 TelesT i& Telephone o. shares BONDS OoverniueDt bonds State bonds RR. and mis. bonds IniluHlrial 26 70 94 18 122,746.938 5,102,162 4,183,045 118,423.962 $427,325,800 $399,432,650 $10,986,601,200 $ll,053,497,!i75 Par vaiue $1,000 $248,600 $5,200 Bank shares, par.. •1.429,700 Stocks & H Cong 5s 1949. ...M-S St Joseph Gas 5a 1937.J-J New Exchange Bid 40 42 7 12 97 Hi 102 30 82 96 110 8 11 38 43 Exch list 34 38 Log&WabVlst6s'25.J-D Cramps' Sh&EnBldglOO 18 24 Madia- n Gas 6s 1926. A-O n03y! 107 "tj HCrucible Steel 100 13^ 187, Newark Gaa 6a 1944. Q-J n34 137 UPreterrou 100 79>s 80 91 Newark Conaol Gas.. 100 90 Cuban 6s of 1896 101 103 109 110 .I-D HDiamond Match Co. 100 125 126 llCon g58 1948 "'s'obo $13,116,100 $1,674,000 (lias Securities Indiana Nat <& lU Gaa— M-N l8t 68 1908 50 Indianapolis Gaa A.O 1st g 58 1952 Jackson Gaa os g '37. A-O Kansas City Gas 100 1|L3dede Gas iO( 100 II Preferred Laiay'eGaslst 68*24. M-N Pat 5,102.162 $427,325,800 Total 1145 MN Ijlst prelerred 100 11 2il prelerre<l 1 00 Crosal'wn l8t6s'33.J-D }107 no Grand Rapids Gaa Colo industrial. Se« Stoc Grand Rapids Ry 100 76 1|l8t 68 1915 F-A noi 103 Col <& Hock CoaliSt I pi 100 Preferred 100 85 90 Hudson Co Gas 100 109 110 letgOs 1917 J.J « Buyer pays accr'd int. fpricepersh. tsal<* price, ttEx-rights. aeEx-div. tNew stock. USeUs oa Sl'k Jiich.,l>ut not ayory acUve»«ourltiy. 94 130 13 40 82 62I h'ge 106 45 80 no 195 l!)>a 2U 105 65 2 98 126 123 43 54 6C34 100 92 lUt 114 114 128 180 n48 98 >4 l** lao 1 BOSTON STOCK EXOaiN&E-Stock f*h«ro l'rlce» Mondav Satur<tay ifay !/ May 'lOlVilO^H, 254 164 243 263 263^4 164 17tf 178 *176 •313 •35 i7u' 165 243 179 175 313 •35 3G 88 16U 123 I'M •141 106 •35 88 166 • 1234! * 141 107 •91 "iVi^'iaH 141 93 I'cr 15 8/38 22 "2 22 Vj 1»7 la7S 208 208 208 207 6ti Sti • •55 •70 99 >4 68 68 75 66 68 75 100 110 105 •70 •99 !>y'« 160>-,l5l 14834 IBO'e •yiSj 95 H 98 113 Hi 981a 9«ia 98 113 •113 113 113 18>-,. •64 241. 207 56 •55 •70 99 58 75 99 55 14939 I5OI4 9434 9434 113 9812 113 06 26'i 21^4 •25Hj 95 22 95 20\i 40^ 40 >« •4 43< *117 118 S'^B 8^8 •SHj 246 246 60 87 196 49^4 49 87 195 87 195 138 137 I'* 138 10 229 •a28 •9Ja ysg 10 106 23 106 • 106 •26 3 107-=, 80 "a 80 li 30 30 41^4 1-06 "i •46 14 90 81 96 7\ ''t 103* 1034 S-* 3^, 1< 16 Hj 17 »! 36 "a 36 ^i •3I4 50 30 80 30 109'8luyvj 41 4134 106J«106'* 11* 10 228 228 •91a 10 106 loeia 23 *26 403« 4138 106 4 IO6I4 •13 90 •77 •85 7I4 •7 381a 39 108'«110'4 "10 11 3»a 3'i li« 14 90 83 95 7 7 39 38 107 14 109 Sg 10 10 6634 66 '8 34 •1 14 153^ *1 14 '4 35 36 3434 3», l\ li\ 3514 ••60 -60 ••55 ••55 "60 25^8 26>i 2534 26 1^ 25 113 113 II3I8 113 113 •60 695 700 700 •24 •60 77»a •16»4 >117 700 24»a 6 '65 771a 17 118 29^4 18^ 13H 29"^ •6 •21 3*3 191* 93 ••75 421.4 107 'a 36 '« ••60 100 •d5 7634 1714 113 78^ 115 2 *l'i\ 28*4 >6>4 29 ^ 518 13 13 6'iia 621., 18'8 19^ 901a 9414 ••76 106 'tilK ••60 101 6 a\ I't 106 9=4 10 •43 48 934 10 6238 64 •90 loo 105 I2I4 13iv 69^4 593^ 46\ 61 "-J <al\ 8 8 137 '137 lie 108 6't 2 9 93, lOia •44 12la eVa 46 601a *7ia 8 136 ii« ' ' 138 7934 28 14 •6I4 121^ 45 100 54 21 •8I4 83, ••60 •60 1234 123, 624 34 34 62 19 9II4 193b 93 1« 80 4114 1064107 264 283, 101 6 2 834 11 •44 ^874 101 106 12 47 94 834 6538 664 •85 1384 80 •30 80 64 304 104 104 334 1 •9 4 334 334 1 •1 144 144 854 354 ••55 25^ 1238 139 24 24 "•62" •65 7734 78 17 * 4 134 17 284 2838 •6 4 54 204 204 8'e •50 "13" 144 62 <^ 63 19 924 934 •75 •75 42 107 42 26 "9'y" 11034 2738 •87 100 50 Do pref 50 Amer Sugar Befin 100 Do pref 100 Amer Telep & Teleg.lOO Amer Woolen. 100 Do pref 100 Jan '06 PlantCom t'at stk oomlOO Sep 'Oo Do pref 100 230 Pullman Co 100 10 Beece Button-Hole.. 10 Swift & Co 100 j.1'2 4 United Fruit 25 25 25 100 Corp. 25 26 l^s I'e 94 ii 110 2634 100 64 •1''8 834 105 9 '8 66 106 12 11 700 2434 •80 4234 112 274 101 63^ 24 » 105 114 9 '8 65 10 663, LastSale 12^8 684 46 13 59 46 604 613, 6I4 61 »8 74 74 I'* 74 13 13 684 584 464 464 614 62 71, 74 137 1 137 14 10 Adventure Con 25 25 Allouez Am 25 14 Arnold 12 123, Atlantic 21 64 77 113 700 Calumet Calumet <to Ariz <fe Hecla.... Fob 'Ob Catalpa (SUver) 24 Centennial Apr '06 Central •64 773, •136 •14 138 14 •80 1 42 109 27 43 110 Oil ""2 b 50 Jan 15 46 50 Marl4 30 65 Jan 10 95 Jan 10 6 4,175 139 4 May 2 14 91 May 3 30 175 Jan 11 210 97 4 Apr 31 Jan 3 44 112 254 May 77T,.M»> 93-4 9 170 171 JOS 22 91 May May 2 102 Jan 3 29 Jan 4 46 Mar2 Apr 2 34 3 15678 Jan 2CJ 8 Jan 2b 1444 Jan 17 4734 Jan zi 141 11034 175 13 55 1934 al92]4 Feb May 2 194 Jan 86 Jan 44 Apr Jan 1304 Maj 132 Ma\ 1304 Dec 21 Jan 924 Jan 3 4 Mai 20 Mar 141 4 Apr Feb 24 385 l^ie •50 Janl5 2 3 9 Jan 15 84 Apr Jan 10 33 4 May 2 47 May 4 118 Apr 24 I634 30 67 4 May 2 74 6 3 Mar 6 755 96^8 9 67s 100 1,740 1,320 4,821 25 1,46U 626 2,965 1,501 1,310 2,266 20,025 64 4 Mar 6 34 May 8 11 Jan 26 7434 Mar b Newstooic f Jan ^"0T Mar 434 J'ne Jan Deo Jan 514 Aug s84May Apr 4 Jan b Feb lb Jan S Feb 14 Jan 8 Jan 3 90 Aiig 344 Aug 344 Jan 57 Dec 98 4 J an 117 4 Apr 244 Mai 43 4 Deo 91 Ma) 107 Deo 40 Mai 67 4 Jan U Dec 22 4 Feb 90 Oct 104 82 4 Oct 92 yi Maj 100 t234 18 70 Feb Mar Oct Ma^ 1 104 Oct 49 Oct Jan 1114 Deo Apr 8 J'm 1534 Deo 254 May 73 4 Deo 7 JS'OT 3 Not 2s4 0ct 37 4 Deo •95 Oct 35 Deo 720 Deo •20 Oct 344 Oct 8 4 Jan •75 May 864 Deo 22 Not 86*4 Mar 30 Mai Jan2-<: 4 Jan 20 64 Jan Jan 6 11 4 Mai 84 Feb 13 60 Jan 122 Mario 113 Jau 120 Deo 4 Oct 234 Jan 12 2 May 21 Feb 1 8 Api 204 Oct lOSgDeO 6 Jan 13^Marlu 3134.4.prl6 2034 J'ne 32 4 Deo 74 Apr 74Janl8 3 Jan 2938jan 6 174 Maj 2334 Jan 6 May 13 4 Mar 124ganl3 14 Jan 4 •70 J'ne 1^8 Oct 17'>8Jan 3 104 Jan l83»Ded 64 MaylS 48 May 6434 De« 64Dett 7 4 Feb 13 a J'ly 20 Apr 18 104 Dec 13 Deo 954 MaylO 34 Ang 93 Deo 2»B0Ct 14 Jan 11 •75 Maj 47 4 Feb 20 234 Maj 364 Deo 112 Mayl7 88 Feb 115 Oct 48 Jan 2 22 J'ne 47 Deo 14 Jan 4 •50 J'ne 34 Jau 114 Jan 11 96 Mb} 118 Jan 8 4 Jan 19 14 May 8^8 001 3 J&a 2^8 Jan 16 14 Maj 9 Jan 10 MaylO 6!% Feb 122 Jan 3 101 May 140 Mar 16 4 Jan 8 2 Feb 16 4 Oct 52 Jan 6 24''8 J'ne 5334 Deo 1308 Feb 738 Jan l24Apr 5 78 Feb 7 9 Mar 75 Deo 111 Feb21 744 Not 88 Deo 14^8 Mar30 94 ^pr 13»4Deo' 2 •70 2 S6 Marlb 7434Mayll US Apr 30 2 Feb 23 14 4 May 2 938 Jan 17 254 Jau 2b 44 Jan 5 17 Apr27 634 Apr 28 60 Mar23 11=8 May 2 109 124 Jan 28 1 Ma> 25 •45 2 J'ne 1 MarSb 100 25 25 11,282 12 Maylb 284Jan 6 124 Max 304 May 4 494 Feb 14 28 Maj 50 3,655 50 May " •75 Marl5 •50 Maj 10 534 Jan £1 8,530 2058 Marl 33 4 Jan 2 335 108 May 3 120 Apr 17 10 675 May 2 715 Jan 15 dOl J'ne 43 25 10 Feo b •12 Jan 12 •10 Mai 10 910 21 Apr 2b 32 Jan 12 lOSgMai 25 5 4 Sep 54 Apr 2'; 54Apr2, 26 14 148 47 Feb 1134 Deo Dec 140 4 Apr 234 Jan 1 Feb 10 Jan 17 Jan 268 Oct 230 Ma> 84 Jan 104 Feb 100 Dec 114 Jan 18 J'ly 23 Jau 25 Ma\ 27 Aug 2 4 Maj 44 Aug 103 Api 115 Feb Jan 2 17 4 Jan lb Apr 26 98 4 Jan 19 Mar 1 86 Feb Apr 2 98 Jan 11 6 964 Sep 15 Deo 364 Deo 1544 Deo 1404 Aug 1 6 131 544 Feb 109 4Feb24 113 4 Jan 13 3634 May 2 464 Jan2li 102 4 May 2 1134 Feb 1 78 86 29 4 Apr US5 ^ J'ne 206 48'6Febli Jan 2b -Mar 254 Deo Aug 384 Jan 804 Jan 5434Maylb 87'*8FeUl5 198 May 2 •246 4 Jan 94Janll 104Apr zl02 Jan 16 108 4 Mar 12 Aug ;i'2 734 93aAprll 5 4J'ly 250 Jan 13 239 Dec 257 Apr 191 Jan 180 4 Jan 9 169 4MaT Jau 16 '40 Mar 4 Apr Oct 96 -Vov Jan 192 Ueo ,_ Oct 23 Nov 7o 4 >iar 22 4 Jan 11 23 Feb lii 26 4Mar29 26 4 Apr26 24 Feb 20 2->4 Jan 2'z 9,171 103 4 May 2 11334 May 17 57 J'ne 73 Jan 10 864 Feb 1 l,52i 161 30 Apr 5 32 Jan 27 j;304Dec 8,796 607 35 82 Jan .{00 Dec 148 59 4 Jan 86 Jan 4 4Feb21 11834 Marl'^ 116 34 Apr 3 17 70 226"* 197 Apr Mar Dec 185 4 Mar Jan 175 Apr Jan 311 Deo 134Jan Jan 27 Jan 26 11 1 158 4 Mttj 249 Dec 215 4 Sep 164 Oct 167 34 May 232 Jau ,;33 May 206 4 Jan 212 Apr Feb 102 "57" Feb 26 79 4 Jan 87 Feb 52 Dec 64 Jan 4 50 Apr 72 Jan 80 Mar 2 50 Jan 67 4 A.ug 106 Feb 20 934Jau 102 Sep 1604 Jan 24 113 Jan 1514Deo 9934 Jan 2 95 Sep lOl'gFeb 178 Apr 4 172 Jan 150 Oct 101 Jan 2 93 Jan 102 Sep 1164 Apr 9 110 Dec 117 4 Apr 254 May 9 21 4 Jau 31 4 Sep 554 Au* 60 4 Sep 1504Febl6 146 Mai 151 Not 15 30p 30 7,267 128 213 131 Kov 63 4 Jan Jan 2 3,99: 812 Mar 150 Jan 182 Mar Feb 123 Nov 132 186 Jan 189*4 Mac 160 4 Jan 107 Aug 2 285 141 Feb '^ || 15'.' x241 31 150 34 .May 16 300 25 25 2,055 35 Jan 25 3,947 93 Mar 7 274 Parrott(SUv<S! Copp) 10 21,696 26 May 16 •60 MaylO 75 May'Ob Phoenix Conaol 26 100 100 Quincy 25 631 86 Mar 5 6 4 4 Apr 28 25 1,675 63b Rhode Island l'« 14Mar2y I'o Santa Fe(Gold<fc Cop) 10 1,015 534 Jan 10 8»8 10 10,085 8'e Shannon »]03 97 May 2 105 Tamarack ....« 25 236 11 9 Apr28 113, Tecumseh 25 5,177 15 40 May 2 May'Ob Tennessee 25 9^, 9 Jan 30 26 5,700 9'e Trinity 6334 654 United Copper 100 16,880 574 May 2 93 88 Jan 9 May'06 Do pref 100 1234 123 Unit States Coal <)iOU 26 7,520 1034 May 3 U S Smelt Re{.<feMin. 60 2,17U 51 Mar 6 "40"' "464 Do pref 60 2,900 43 Mar 5 61 614 Utah Con (Gold) 5 10,173 66 May 4 74 63gjan 2 745 74 Victoria 25 6 Feb 9 Winona 26 236 i'si" ise" Wolverine 131 Jan 30 25 46 MaylO 1 925 Wyandot 1 25| 1 ilicUiuUasiceiL Jan 2-,i4Mayl2 25 4 Jau 9 196 May 3 2071, Jan 27 160 Marl7 163 Feb 7 •230 Jan 16 233 4.Mario 30 207 Feb 6 210 Jan 15 Old Colony Old Dominion Osceola " Apr 100 26t) 795 •60 May Cons Merour Gk)ld... 5 Copper Range Con ColOO 5,076 6934 May liUeCorepay'totassesa'tsoaUoaUiiyoi. Highest 99 4 Jau loss, Sep 253 lu-c 261 Apr Apr 27 Aprl3 204Marl4 70 4Marl4 5 2 17 8 1,655 Amalgamated CopperlOO 61,24 200 Zino Lead <& Sm. 25 674 Anaconda 17 LastSale 10 66 ^6 63, 38 110 3 '6 Arcadian 14 16 4 LastSale 101 5 13 jBeforepay'totassess'tsoaileain 190J 394 Do pref Amer Pneu Serv 164 17 Daly- West 20 LastSale 7434 May'06 Dominion Coal 100 LastSale 118 Apr'06 Do pref 100 2 2 Elm River 2 12 17 4 IK 174 1734 Franklin 26 13 134 1234 134 Granby Consolidated. 10 284 '28^, 284 28 4 Greene Consolidated. 10 -6 4 54 6'h 54 Guanajuato Consol.. 6 20 20^ 204 2034 Isle Boyale (Copper). 25 84 84 84 25 84 Mass Consol LastSale 50 May'Ob Mayflower 25 1334 1434 13 134 Michigan 25 63 63 63 64 Mohawk 25 a3» 3H 34 34 Montana Coal <& Coke 25 •184 18'„ Nevada Consolidated 6 92 4 93 '^ "913^ "93 North Butte 16 •80 84 ll'^g •94 674 3»„ ••63 •66 7734 78 2 19 10 LastSale 54 6 684 14 Amer Agrlcul Chem.lOO Jan 5y4Jau 279 iUinlng 634 38 Lastsale 10 46 4 14 Miscellaneous 26 95 20 80 *30 700 24 8'8 31 700 705 17 4 1234 &<J 113 116 700 297 4 Apr 3 1298 139 M»yl7 145 95 Jau 8 107 924 Feb f 95 -iy7 Mar27 198 Apr '06 WoicNasn* R0CI1..IOO 138 26 '6 26«8 25 'r •113 114 115 95 135 100 100 100 100 100 pref Maine Central Mass ElectncCos 354 36 4 3434 3434 Bingham Con Mlii<&S Last Sale 50 May'Ob Bonanza (Dev Co)... 244 244 BostonConC&G(rots) •eo 123^ m 394 135 4 110431138 1094 108^8 11034 68 46 74 74 18 1364 136 64 64 384 384 634 1 8 95 20 11134 11'.;34 6yi2 461* 6212 8 186 AlJi-'Ot Do Last Sale 3liK"' Apr' 06 Last Salt ^64 Apr'Ob Torrington Class A.. Do pref Last Sale S*4 Apr '06 Union Cop L'd cfc Mg. liJ 1133, •384 394 6 2 9 40 26 227 •227 "94 10 •94 106 41064 118 13 28 7j, May'06 211 HOS -May 1 90 'g Jan 1» 03 100 May 2 105 4 Jan 3 141) •2->\ih May 10 257 4 Fell 19 121; 15:> Miiy 2 160 Jau lb 25 240 Jan 3 2464 Apr 2 560 172 Jau 2 1804Apr 2 173 Mar23 1754M»y 4 Jan 13 314 4 Apr 24 15 311 15.'. Jan 17 39 4 Apr " •J5 44 72 4 Ian 16 90 Apr May 17 182 Jau 12 15 165 50 122 4Mar'J(i 127 Jan 16 189 Mar 1 190 Mar24 163 Apr »i 163 Apr b tta Ry<fc Klectrlc....lOO 804 Un Shoe Mach 31 Last Sale iS^a Feb '06 U SDo pref Rubber 100 10938 1093^ Do pref 100 41 414 404 41 40 '8 U S Steel Corp 413s 100 106 4106 10541054 Do pref 100 ••45 Last Sale 5o"" May'06 West End Land 25 13 124 124 13 14 14 West Telep A Teleg.lOO •89 90 90 90 90 90 Do pref 100 •78 Lastsali 78 83 May'06 Westing El <fe Mfg. .. 60 •85 Last Sale 90 95 Apr'Ob Do pref 60 •30 •115 12'8 204 227 3 81 118 "174 174 95 Sale I Last Sale I3h 10 227 227 "94 10 107 107 23 •26 •24 1084 Boston cfe Albany Boston Klevated Boston* Lowell Boston & .Maine s 14 ' 894 Alch Top A. Santa FelOO Do ])rer 100 136 May 2 May 2 136 138 3,10 132 May 2 384 3/4 38 355 34 May 2 106 106 106 475 10234 May 3 Sale 44 Feb'06 Boston Land 334 Jan 11 10 11734 118 118 118 Oumberl Telep & Tel 100 43 11634 Jan 8 '303* 31 "30 4 314 Dominion Iron <& St 5t 26 Jan 4 8»8 •84 S'l 538 Jan 31 9 1,100 East Boston Land •246 248 •246 248 Jan 4 1; 240 Edison Elec IUiun...l00 1684 169 General Electric 197 16 14 May 2 100 60 4 501. 504 643^ Mass'chuflettsGasCoslOO 10,09b 44 May 3 3434 8434 844 8434 Mayl7 874 Do pref 100 2,63 19641964 196 196 Mergenthaier Lino.. 100 41 190 Mar2b 3 3 3 3 Jan 2 3 Mexican Telephone.. 10 28 138 138 138 138 N E Telephone 186 132 Jan 2 100 Last 17 107 9 la 10i< 64'8 673b •90 85 17 H. 1021s 514 1'8 105 eo-* 19614 334 17 404 281a 363^ 101 834 17 •80 1 401a 43 -87 2334 6 *"62'* •65 763* 78>4 •20 21 8'( 81a *-50 •60 42 ii 107 h; 36 14 263, 138 2 18 1, 13 ly^ 94'4 1 •34 32 246 4 '116 17', 31.. I'e 914 He -66 3>a 5 4»ii4 2334 6 20 8 8 ••60 60 13 121a 62 >a 63 700 234 24 2ib 18 700 •30 138 '•45 14 90 81 96 11734 11734 334 •213 3 10834 109 7913 80 30 301a 3 -2Hj 108»4 109 •13 •89 •78 •86 38 loTinlOSin -1 9»8 106 iv 23 •46 38»4 434 9 8^8 •S^g 2461a 246 '-2 246 1681, 168 6OI4 50 504 85 85 85 a95i4 196 196 138 •26 -2»a 107^4 *4 1^ ^ 10 • •7 334 226 • •13 •89 • 78 •85 eos *3«4 37, 138 41^ y b^e 247 87 •194 10638 4-', •254 264 •94 95 95 20 20 21 40 40 40 1341313734 13614 •135 135 135 138 138 4139 •38 384 38 4 106 106 106 •4 Last 434 21 •II7I4II8 II7I4II7I4 3114 31 31 31 32 •SO^* •246 2l7e 41 1353s 1934 3934 Lnwejit Hl'/hetl I 66 Do pref •234 244 23 4 Mexican Central 197 197 4 1974 N Y N H & Hart.. ..100 Last .Sale 163 Apr'Ob Xorthern N H Last Sale 130^ Aijr'Ob Norwich & Wor pref 100 100 206 2U6 Old Colony 100 Last Sale Wl Oct '05 Pere Marquette 100 Do pref 100 •oa 58 65 58 Rutland pref 100 •70 75 70 70 Seattle Eleotrio 100 99 99 99 99 Do pref 100 150 151 1484 1494 Union Paclfio 100 94 96 05 4 y54 Do pref 100 175 175 Vermont & Mass 100 98 98 'ya" "98" West End St 50 • 1134 113 113 Do pref 60 Last Salt 25^4. May'06 Wisconsin Central. ..100 Last Salt 6U Oct '06 Do pref 100 •2515 •251a 2615 •94 95 40 40 134 133 134 135 135 134 135 136>al3a 138 139 39 39 38 38 lOSHilOO^i 105 la 106 135 135 1^ 185 136 "s la6'2l37 39>, 3a 106 106 •4 95 Lowest Share). 103", .... lor iYeviOttl Year (1905) Itailrondn •64 •22 4 197 4 Last Sale ISO *25 •94 KXCHANOK 263 155 243 179 1054 66 Hj . 139 Uange 1906 IK* Week 100 155 100 100 iVy" 100 /75 4 MiiyOC Do pref 100 ' 313 Boston & ProvidoncelOO • :i'ii\ Boslon&Wor Elec Co 88 Do pref * 166 Chic June By 4 U S YlOO •122 l-i'44 Do pref 100 lyu May'06 Con<fc Mont Class 4.. 100 16 i Apr '06 Conn & Pass Riv pref 100 297^ Apr'Ob Connecticut River. ..100 13'J 139 Fitchburg pref 100 Last Hale 93 Last Sale lyS 17 4 18 18 •205 99 113 139 1054 93 I97I4I971.J *94ia 95»a >a 88 165" 165 140 *6o •2314 149^ 148 98 18 •55 58 •70 75 9914 9914 •94 >a 96 "i 313 36 313 36 Hj •91 l-"!! 207 Last SaLe .... 1'24 4 Last Halt Last Sale Last Halt 65 65 •22 Vi 23'., 197 l«7'a Wh 1544 12312 >l,i2 140 140 105 >2 •91 93 253 253 243 179 41'' 9', 313 S) 313^1 "35 3d''j 88 88 I06 123 "u 18'3 253 154 165 243 179 175 sola 8738 19 19 65^1 66 "23 !« 24 H 197 laT's t)7i-j •Srt'g •li 102 253 179 17 89 4 •^yg 24 1034 •1024 88 >4 88 '4 102 25234 '154 24 1 Ua/na* lor year Sales Of BOSTON .STOCK fYiUav May 18 T/iuradai/ May Weekly and Yearly Record, Daily, Cnntuin Hrlc«« Wedneiiday May Id 88 >4 8834 101'gl0l7g 253 253 164\)154S2 • 243 179 179 •176 314 B'iH, 88 100 U3 »1 May !4 88 '4 ys", 89 V •lot 264 1(4 — ^o^ Tuesday : 18 66 Jan 20 47 4 Jau 20 0934 393t, Mai c2 May 74De« Marl9 Mario 105 Jan 14J'ne Jan 2 b Jau 12 y4Marl4 10 161 Ass'tpaiO. 134 ^ tlx-rlgtiss. esogNoT^ t7 4 0ct ' 15 4 Feb 134 Deo 27gFcb aUx-div.dtrigUM [[Mat 19 1906. Week's BOSTON STOCK EXCH'OE WsBK Endino May 18 Nay 1 fi 82 MS lUinois Div SHiS 1949 Joint bonds See (it Nortliern Chic JcRy cfe Stk Yds 58 .1915 Coll trust relunding g 481940 ChMUcfe StP DubD 68..1920 Ch <fe St P Wis V div 681920 Chic & No Mich Ist gu 58.1931 Chic & Mich gen 58.. ..1921 Concord & Mont cons 48. .1920 Conn & Pass R 1st g 4s. ..1943 1927 CaiTont River 1st 58 Ist 48. ..1946 DetGrRap<fe Dominion Coal Ist si 68.. 1940 Eastern 1st gold 68 1906 1908 Fitchburg 5s 1915 48 1927 48 J-J W 102 . A-0 88 1* 89 WI-N J-D Q-F 108 100 A-O A-O M-K . 104iu. 99'a. F-A 97 KanCStJo&C B 1 lOO'g 101 99" A-O Nl-N J-D J-D A-O 10L'<jl03 New EngTeleph 99 1921 Q-J 97 "a 93 Apr'OG Eeb'05 Nov'Oo 122 102 101 105 97I9 97% Wd\ Mar'02 101 97 Jan'OU 100 Hi lOOH) >2 ig 103 Sep '05 Apr '05 Mai '06 102 Hi 137 '8 Apr'OG 140 Apr '05 98>2 98 14 98 H( 97 May'06 96''e 10134 Note— Buyer pays accrued interest in addition to the purchase price for all sjlinre Sn.tvrcLay 2Iay 12 — Not Frices Fer Centum Prices Wednesday May 16 Tuesday JMoncLav May May 14 1J *57 59H! 'la's... 51 Hi '3434 1138 510(. 35 ii-^ •37 99 29 100 99Hj 16 52 35 III4 9 Hi 19Hi 1»Hj 53 34 Hi 3434 •51Hj 111* ll^s 9 38 19I4 19 Hi 104 63 106 72I4 73I8 671,0 67«ie 68-^4 5038 fiiio S'le 71618 63 63 118278 B3 5(1 Sg 50 H» 8 60 Hi H 27 26 Hj >26H» 27 6468 68 18 63i5ie 6538 *46 46 *45'i! 4GHi 46Hj 47 *46Hj 47 '6318 63 Hi *63i8 63 Hi 83 83% 8I34 8234 30 30 1 III4 Inactive Stacks Allegheny Val pret 50 American Cement 6 '6 10 7 Amer Gas of N J 100 lOOHi 103 Bell Telephone 50 Cambria Iron 60 49 Hi Easton Con Electric 6.50 Elec Storage Batt 100 Prelerred loo Ft Wayne <feW V 100 Gerniauiowu Pass 50 Indianapolis St 100 Indiana Union Tr 100 Insurance Co of N A.. 10 Inter Sm Pow <fc Preferred ..50 '1914 ....„ i8 23 72 Hi "ii" 2634 6438 '45 Hi *46H2 63 Hi 811a < 2634 653i8 26^4 6514 46 453, '^4 47 63 Hi 82 *30 '46H1 63 H, 81Hi ^ Bid Mo 1st 5s 1949 J-J & G gen 5s '19 J-J Col St Ry 1st con 5s 1932 ConTracof N J 1st 68. '33 E & A Ist M 6s 1920 M-N Elec & Peo Tr stk tr ctfs Ch Ok 23 Hi 13>4 II Gas-L 1st g 58 1928 "65 iiri"' P 7 111 ibo" Hi 10614 867g 69 105 Hi 19»8 28 262 6H 62 H, 92 'b 20 263" 7 9y 105 9» 981a 109 105 lOo 100 Feb '06 10458 1!104'8 1II50'«165 111^4 112Hi IIOH2 11214 107 119734 Sal6 1:9734 1I9G 100 Hj May'dG 103 Hi Apr '06 100 101 H2 Sale 1197 Daily, Hi 11214 moo ^B H2 10238 10238 102 H: 102'8 lu 99H2l03Hi Sep '05 Aug'05 and asked. Flat price. 1| Weekly, Yearly Mange lor Year 1906 Lowest tiange lor Frevioui yearfiyOo) May May 9834 27 Hi Highest 3 ft 5 89HiJau22 Mar 89 lowest 107 Hi Jan 29 21 9134 j\lar30 62 Hi Jan 5 83 1 47^8 Jau 12 Hi Apr 64 18 Marl5 51 Jan 27 Jan 5 3734 Jan 24 May 9 12 Hi Jan 10 May 9 14 Jau 4 48 Mayl4 48 Jaul9 1838 Jan 2 2334 J an 1 36 Hi Jan 15 19 •J 530 2,100 3934 11 8 Hi 301 65 30 38 98 103 tr 48 '21. J-J Ist 88 1930. Ry& L con 58 '54J-J 1 1-^ Not Dec Max 544 Apr May 32 Deo Jan 2434 lOHiJan 8 Hi Dec 12«8 17 14 Nov 49 50 92 190 145 345 85 10 Atl<fc L RK4al952M.S Bait Trac 1st 5s.. '29 M-N No Bait Div 6s 1942 J-D 109 "103" 103ae M-N Cent'l Uy con58l932 M-N Kxt& Imp 5a. 1032 MS Convertible 6a. 'OG 99 69 GaCar<feNl8t53g'29J-J Knox V Trac Ist 5s'28A-U LakeR El 1 st gu5s'42M-S Mel.st(WaNh)l8t5s'25FA Mt Ver Cot Duck Ist 5s. 70 95 Incomes Npt N&O P l8t 58'38 M-N General 58 1941 M-S 365 92 114 92 91 107 114 106 110 116 122 U Kl L<fcP Ist 4 '-2a'29 M.N Uu Rvd;Kllst4s'49M.S Income 4s 1949 J-D Va Mid 1st Gs 1906. .M-t; 2d series Gs 191 1... M-S 3d series 68 1916..M.S 4Ih ser 3-4-58 1921. M-S 5th series 5s l!t26.AM-S Va (Slate) 3s now '32. J-J Fund debt 2-38 1991. J J West N C cou 6s 1914 J-J WesVaCitP latGg'll J-J ll4Hi llu'e Wil it Weld 58.. 1935. J J 112 lialt Hi 1939 J-D Georgia P 1st 6s... '22 J-J 73 GaSo & Fla l8t 5s 1945 J-J 103 Hi G-B-SBrew 3-4s 1951M-S 2d income 5s l'J51 M-N SKI Is 112 91 90 106 112 105 Hi 109 114 120 BaltCPa8slst5s'llM-N Fundg 5s. 1916 M-N Exchange 3HiS 1930 J-J Bait & P Ist 6s m I'll A-O 116H; 118 102 102 H. 5s 123 Hi Mar Not 534 Jan 2514 90 Hi Nov 73 's Aug 12 Apr Apr 65I4N0T Hi 436 7113i8N0T 47'e 50 Hi Not 31 102 94 117 Hi 95 $7.50 paid, t *15 paid. * $ 10 paid. Hi no 114 106 105 114 106 Hi 112 Hi 110 Hi 111 121 115 106 106 116 107 113 UlV* nil* 11234 113Hi 6034 61 \« 32I4 323* 115 112 116 84 Hi 85 'W\ ibo" "109" 112 UO 109 1171.^ 117'-i 110 116 116 115 117 88 8/1-. 112 111 95 92 il2 96 9218 72 7134 iio" 112 lOS 110 110 943^ 94-4 ;i3 108 116 < f 20 paid, a Roceipts. b $25 paid 96 90 116 109 118 ' || Aug Not 631400* 1263pApr •-. Atl Coast L(Ct)ctfs 5s J-D Ctfsotlndebt 43 J-J 6-20 yr 4s 1925 JJ Hi Ry 1st 5s'20F.A Col&Grnv lst6s.l916J-J Coalife I Norfolk St l8t 53'44..J.J 11 North Cent 4 i-.i8 1925 A-O 33 Series A 58 1926 J-J 41 42 Series B 6s 1926.... J J 97 100 Pitt Uu Trac 5s 1997.J.J 82 84 8I4 8 Hi Poto Val 1st 5s 1941. .J-J Sav Fla & West 6s '34 A-O Seaboard A L43 1950 A-O 104 ^^^^ablfc Koaii 5a 1926.JJ 105 103 Scmtli Boun<( Ist 5a.. AC) Chl8t7...1907 JJ Atlan C 108 7s 1910 A-O City<fcSubl8t 5s. .'22 J-D City & Sub(Was)l8t5s'48 '2d 3 1) Ana«ostla<& Pot 5s 98 Hi 68 Hi <4 MS A ext 5s. '09 J-J Ga& Alal8tcon5s '45J-J 100 a73, 114 72 Chas CityRy 1st 58 '23 J-J Chas Ry Q & El 5s '99 Chart C <fe Feb Jan Jan Bid Ask BALTIiUOliE Consol ©as 68. .. 1910 J-l) 105 99 Bonds ioi'i^ .M-N Couit col tr f'S 1951 M-N Phil Klec gold trust ctfs. TniMt cert if H 48 W & B Ry col Pref 100 Atlanta <fc Charlotte.. 100 Atlan Coast Line RR 100 Atlan Coast L (Conn) 100 Canton Co 100 Cons Cot Duck Corp. ..50 Preferred 50 Georgia SoU(& Fla...lOO 1st pret 100 2d pref 100 Q-B-S Brewing 100 os 1930 102 Ask Bid BALTIMORE 97 Ex-nghta. Sep Deo 34 51 Jan Apr 90 11034 Jail Jlai May 8 8 JJ ighest Maj Maj 83 99 Jaul7 32 66 15 1,100 Inactive .Stocks Ala (Jons Coalcfc Iron. 100 4s 2003. M.N Feun <fc Pa cS; N Con 5s 1939 A-O Con 4s 1939 A-O Penn Steel Ist 58 '17 M-N People's Trtr certs 48 '43 PCol»t<fccoltr5s'49 M-S I1 102«» 102'»103Hj 1023g Jan '06 10134 Mar'06 10 1 Is 101 Hi 1194 latest bid ; 103 103 Apr'OG 83 Hi Jan ....100 ....100 70 Hi 68 r 1910.. Var r 1919.. .Var Md Steel cou 6s. Y Can 78 '06. J-D Bid and asked prices; no sales on this day. 50 50 '87" Consol 5s Hi 1045^ Til 300 Welsbach s 1 6s 1930. J-D Wlks-B G&E con58'55J-J 10014 125 Ist 4s '36. Penn gen IS lOlHzlOlHl 1!l21'6lI12I38 Week U Trac Ind gen 68'19. J.J Un Rys Tr ctfs 4s'49J<feJ U Trac Pit gen 5s '97 J J ibs'i-^ iVin; i'13" Leh V Tracl8t4s'29.J-I) New Con Gas 5s 1948 J-D No Peuu 99 614 Apr '06 J-J E gen M Portland NoOhioTraccon58'19.J-J 9834 100 lui'^ ioi>i 10134 101»4 104 107 Jan '05 Mar'06 Jan '0, Nov'05 M-S M-N M-S M-N 115 5 g '20. A-O M 48 g 1920..A&O 102 Hi Rea<iad5s '33.A.O Con M 78 1911 J.D 11534 116 Hi ConM 68gl911....J-D 110 Ex Imp M 48 g '47. A.O 104 Termlual Ss g 1941 .y-F 122 I4 122 H* <fe Roch J-D J-D NYPh<feNolst4s'39J.J Income 4s 1939... M.N 49 98 103 FA Gen ii'ts'ii M-S Newark Pass con 106 4834 ' J-J J-J Ph& 112^4 Gen eons 113 P M 4Hi8 g.l924.Q-F 2d 7s 1910 Consol 6s 1923 97 lOl^c Feb '06 1013, 1013, 103 107 H2 102 Mai '02 iiS'-j 98Ha 105 May'OG 102 Dec'O:, 100 Jan'OG Shares PHILADELPHIA Ask iotii,' Leh V C l8t 5s g '33. .J-J Leh V ext 4s Ist 1948. J-D Annuity 6s 84 251* Hi 2338 75 J'ne'O;: 102 H; Aug'04 97 H 9« 100 Hi Oct '05 101 103 America 10 l.lOf Gen Asphalt tr ctts Do pret trctfa 1201^ 14 <fe Gen Hi 103 120 105 24 77 1.1 B Top con 6s '26 A-O Indianapolis Ry 4s. 1933 Interstate 4s 1943 ..F-A Lehigh Nav 4Hi8 '14. QJ RRs 48 K 1914. Q-F 3 Westmoreland Coal 50 Wllki-» Gas <fe Klec. 10(1 8 Che & D Can Ist 68 '16 J-J Eq 2 Warwick Iron <fc Steel. 10 West Jersey <fe SeaSh.50 50 '4 Hj 115 Aug'05 I9I4 Lake Superior Corp 100 14HiMaj 106 LeiiighCefcNavtrctte. 50 906 10114 May 2 118 Jan 19 100 Hi J'ly 74 Hi Lehigh Valley 60 9,827 65 May 2 8534 Jan 18 52 Hi Jau '2l8 23;, MarsdenCo 100 100 aifMaylG 31^10 Jau 10 2^8 Dec 6618 G6Uie Pennsylvania RR 67*B 50 5,465 66i8Mayl8 ?311i6 Jan 22 65i3ie .Maj 5014 6OH1 50=s Pluladelp'aCo (Pitt8b)a 50 243 47 ApriiO a54Ha Mar26 4034 Jan 8i8 8l8 Philadelphia Electric^. 25 3,lb3 8 738Janll J'ue 8H1 Jan 15 8 26I4 26Hi Phlla Rapid Transits.. 60 1,065 26 '4 25Hi Apr J8 31I4 Jan 27 f 1734 Jan 66->i. 65»i6 6638 Reading 50 6ii,512 661, .viHy 3 83 Jan 23 39»8Jan 46 46 46Hk Do Ist pre! 50 20 43»8Aprl6 4715i6 Jan 23 45 May 47 Do 2dpie£ '46Hj 47 60 44'8 ^ay 2' 61 Jau 23 42 Jau 63 63 14 63 1« Union Tracton 150 6 134 Mar28 63 '4 Jan 30 58I4 Mar 50 8I34 81 Hi 82 United Gas Impt 60 8,160 118lHiMayl6 101 Feb 15 90 J'ue 28 30 Welsbach C» 30 100 30 Jan 6 32 Mar 1 20 Feb FHIL,A«ELPHIA H Iron <& Steel. Northern Central 60 North Pennsylvania. .60 Pennsylvania Salt 60 Pennsylvania Steel.. 100 Prelerred loo Phlla Co (Pitts) i)ref...60 Plul German* NorriB. 50 Plula Traction 50 Railways General 10 Susqueh Iron & Steel. .5 Tidewater Steel 10 Preferred i(i loo 67 »b 66IB19 77 't Apr 'Oil H2 1110-2'8 J-J J-J J-J 105 74 7434 2 Is 2 Is 673s 60 H2 503, 8 Sifl. I9I4 l9Hi 105 105 73 9 40 Choc<fe I4 16 Hi Ncvl *19'4 19H2 Berg&EBrw Ist 68'21 J-J 15Hi of 9 40 ... American Railways Cambria Steel 1138 Electric CtW)t 1114 Atl City 1st 6s g '19. M-N BaUs Ter Ist 68 1926. J-D 50 United N J RUdfcC..10( Unit Trac Pitts pret. .50 ills Bethle Steel 68 1998. Q-F 82 52 35 *3434 343, 1118 *9 Bonds Lit Brothers 10 Little Schuylkill 50 Mlnehill <fe Schuyl H..60 Touopah Miuing Union Tr of Ind 62 34'4 105 105 72 'a 733e 115 Pliilntlelphia E ext 78 1910 A-O llOi-i lllis AjnRysconv68 1911.J-D 101 1013, KeysloneWalchCase.lOO N Haven 16 Al Val Cbera.60 Keystone Telephone Hi *51ia 52 11^4 *9 Ask Bid Central Coal & Coke. 100 Oousol Trac of NJ...100 Diamon<l State Steel. .10 Preferred 10 16 *51Hj 52 3434 3473 ' 1'H11^0EL,1'H1A 9J Hi Stocks see belowj Ha Muv'04 H: 111:1 38 t/u 0/ Bnltiinore *81 83 Consolidated Gas 100 *99 lUO Northern Central 50 >2HHj 29 H. seaboard (new) 100 *88 90 Do Istpret 100 'oGHi 6J Do 2d pret .100 I6I4 1678 United Ry & Electric 60 38 '•J 67 Hi 6778 5934 26 Hj 26 h, 9I4 9 Hi >60Hi 65ie65i3ie •4534 46 -s *46Hj 47 iiig 38 19 Ha 19 H; 105H!l0634 72 H2 73'e 6:i5ie 99 i)d\, 567g. IS'a- •15'. leif *51H2 •3434 99\» FA FA Sales Jitiday 29 '56 »57 38 *105 105Hj 73 Hi 73''8 9aH3 "STOCKS CFor Bonds and Inactive 118 77 24 99 94 104H2 10034 102 1.0034 Apr '06 J-D No price Friday - Man 18 Thursday May 1? 29 2911, ACnVE 83 80H2... •2313 29Hi Boston Bonds. 99 93 100 Mav'OH Apr'OG Apr'OG A-O Exchanges— Stock Record, Philadelphia and Baltimore Stock i 01 34 Sale Gold4H2S Gold debenture 48 Gold 48 1917 FA Western Teleph & Tel 58.1932 J-J Wisconsin Cent 1st gen 481949 J-J Wisconsin Valley Ist 7s.. 1909 J-J 9G\101i6 00 1 99 93 100 J-J F-A 1914 M-S 1916 M-N i02H2l02H2 137 1371* 30 97 >a 9S A-O A-O A-O A-O Union Pac RR&lgr g48.1947 1st lien conv 48 1911 United Fruit conv gen 5s. 1911 U S Steel Corp 10-60 yr 5s. 1963 West End Street Ry 4s. ... 19 1 106 97 97 10 100 101 100>8l01 100^8 May'OG 103 J-J J J Gs !>S 105 H2 106 120=6 1231, 1734 F-A lOi"* 101 Hj 99 101)3. 115 120 77 H2 79 21H. 22 J-J Jixgh, 101 100 115 Apr'OG 10114 Sep 'Ofi J'ly •riy 1; 106 114 10U34 A-O A-O A-O 1906 1907 1908 1915 New England cons g 5s... 1945 Boston Term 1st 4s 1939 Old Colony gold 4s 1924 Oreg Ry <fe Nav con g 4s. .1946 Oreg Sh Lino Ist g Gs 1922 Repub Valley 1st s 6s. ..1919 Rutland 1st con gen 4i2S.1941 Rutland-Canadian 1st 481949 Savannali Klec 1st cons 5s. 1952 Seattle Elec 1st g 5s 1930 Terre Haute Klec g 5s 1929 Torrington 1st g 6s 1918 100 105 Hj 99 5g 94 Hi 100 100 I8t7s..l9(t7 J-J 6s 6s 58 1.^ 1051-1 II2I4 Jan '03 106 Feb '06 98 97 »3 <feQ coll tr 4s 1921 J-J 14 i.<0 105 100 A-O 98 A-O M-N 100 M-S 100 M-N M-S M-S FremtElk&MoVl8t6s..l933 A-O 133 Unstamped Ist 6s 1933 A-O 1 107 99 Hi 124 14 97'<i 122 126 109 102 J-J J-J 1 '{){)% 87 105 105 120'8 96 92 Low 101 128 "8 J'ue'04 lOSHi Mar'OG 120^8 V^O-'s cfe Maine Cent cons 1st 7s... 1912 Cons Ist 4s 1912 Maro Hough & Ont Ist 6s. 1925 Mexican Central cons 4 s.. 1911 Jan 1939 1st cons inc3s 2d cons inc 3s Jan 1939 Mich Telep cons 5s tr rec.l92'.i Minne Gen Klec con g 5s 192!i New Eng Cot Yarn 5s 1929 Jianpe Since January 1 1003, 99 V Kan C Ft S Gull l8t7«..19(W J-D Kan C Ft Scott M Gs 192S M-N 1934 M-S KanCM& Bgen4s 114 111 .... A-O A-O Assented income 5s 1934 M-S <fc Br Ist 5sl929 A-O 99 By Jan '06 93 Mar'OG J-J 101 ifc 114 J-J A-O Kan C & M Ky 101 . W Registered 48 11103 93 14 Eeb'OG 105 3a Nov'05 99 Maj'06 105 la Jan '06 llOHz. J-J & 104 14 99^4 week's Range or Last Sale 18 Bid Ask Low High looHjloi lOl Feb '06 1910 J-J 58... 1913 la Falls cfe Sioux C 1st 7s.. 191 Kan C Clin Spr Ist 6s. . .192 883* 114 Mar'06 112 "2 Jan '03 111 Apr'OG 102 Sep '05 99 Apr'Ot; 100 J'ue'Ol 129 J'iie'05 111 ^8 J'ly '05 88I4 88 I4 109 May '05 J-J F-A J-J J-J M 10 "^ Price Ji'ridav May Non-conveitdeben 110 Feb '04 104 VaApr'OO 103 14 May' 05 J-l) M-N 1921 M-S B& SWsl4s 11101 niinois Steel deben 5s 95 88 104 Apr'OG 95 M-S Cent Vermt Ist g4s..Mayl920 B & Q Iowa Div 1st 5s. 1919 1919 Iowa Div 1st 4s 1913 Debenture 58 1922 Denver Exten 4s Nebraska Exten 48 1927 QtNor C B 101 94 90 Mar'dC 104 lOlH 92^2 J Loio JJif/fi 9812 100 9373 <1S7, 921^ 93 SS^j Jaii'OC, 83 Si 101 . 1908 1924 1907 191G 4s. 1944 Boston & Maine 4M2S Boston Terminal 1st S'as. 1947 1918 Bur& MoRiv ex Gs 1918 Non.exeinpt Gs 1910 Sinking lund 4s 1917 Butte & Boston 1st Gs Cedar Rap & Mo K 1st 7s.l91G 1909 2d 7s Miqh Ask Low 9J 92^4 Salo Atch <fc Nebraska 1st 78.. 1908 M-S Atch Top & a Fe sen k 4s. 1 995 A-O J'ly 199" Nov Adjustment g 4s 68. Jamiary BON !>> BOSTON STOCK KXCH'GE WBKK Ending May 18 Jianqe Since Last Sale 18 10. J-J J-J J-J or Range Friday Am BeU Telephone 48. ...1908 Am Telep & Tel coll tr 48.192P Am Writ Paper 1st s 5s 1919 Boston Elect Light Ist Consol 5s Boston <fe LoweU 4s 1147 Boston Bond Becord. . . THE CHRONICLE. 1148 [Vol. Lxixii. Investment and Slailroad Intelligence* RAILROAD GROSS EARNINOS. The following table shows the gross eamins^s 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 Jmy 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 The returns of the street railways are brought together separately on a subsequent page. period. Julv 1 Latest Gross Earnings. Week Roads, Previous Year. Current Year. or Month. to Latest Current Year. 2,474,708 1,149,997 1,067,683 Inc. 65 58,322,289 2,731,469 813,075 18,305,170 127,180 64,002,209 1,824,756 49,326 35,726 7,097,885 1,208,325 1,265,469 4,625,700 53,124,404 2,089.920 1,152,545 1,210,215 4,607 50,653,056 2,444,259 757,543 16,170,176 108 ,.500 56.081.719 1,588.658 47.422 35.025 7,003,087 823 ,955 1.151.489 3.286,100 43.618.579 8,798,544 16,592,078 103,280 15 401.557 24.434 9.242,311 6,627,432 4,725,157 37.880,576 41,726.806 9,177.502 1.263,371 $ Ala Gt Southern Ala N O & Texas N O & N East. Ala & Vicksb'g Vicksb Sh & P. Alleehenv Valley. Atch Top & S Fe. Atlanta & Char.. See Southe rn Ry Sy stem Dei 'loi & Ir December March Inc. 9 . RR wk May wk May 1st 1st Erie Fairchild & Fon Johnst Georgia March N E. March & Gl. March Ga South & Fla.. See Southe March Gr Trunk System 1st wk May Gr Trunk West 4th wk Apr Det Gr H & M. 4th wk Apr Canada Atlan. 4th wk Apr Great Northern.. April Montana Cent'l April Total system.. April £ulf & Shiplsland 1st wk Hocking Valley.. March IlUnois Central.. April Illinois Southern. April Int & Gt North 'n 2d wk a Interoc (Mex). 2d wk Iowa Central 2d wk Kanawha & Mich March Kan City South'n March Lehigh Valley March Lexing & East'n. March Long Island March Louisiana & Ark. March Louisv & Nashv. 1st wk Macon & Birm Manis 239,196 105,119 109,996 5,984 5,960,923 262,159 88,795 2,161,006 10,669 5,723,534 224,463 3,860 3,595 173,746 94,133 95,513 80,400 921,000 178,000 9,857,6.53 .930,003 18,814,376 115,580 2,513 1,843,344 18,204,218 29,376 4,109 1 884,550 9,081,016 128,963 7,668,362 112,146 5,019,941 4,291,625 41,965,276 4,861,789 47,437,854 986,769 9,948,047 39,876 1,436,465 vstera bel ow. 1,818,272 17,803.315 17,070,152 238,929 150,724 1,622,617 1,492.211 189,246 10,113.232 8,118,482 177,822 27,028 224,362 399.263 448,720 42,379 47.643 155,142 13,551 192,652 27,951 346,051 318,600 16,908,699 14,639,790 728,938 95,620 841 .099 May May May May 59,595 58,665 4,184,061 1,466 54,256 273,734 Ry. S 729,383 101,666 35,549 37,443 3,945,887 227,070 4,172,957 50,632 561.237 4,069,290 14,006 112,600 140,681 48,966 177,474 701 ,057 2,820,631 46,463 m 7nc.48, 107,406 803,565 10,990 February _ 39,767 April 7,875 March 28,541 February . 2,229,926 2d wk May 158,155 4th wk Apr 149,500 4th wk Apr 31,860 February . 8,133 1st wk May 13,318 2d wk May 61,061 1st wk May 212,427 2d wk May 768,000 2d wk May 30,000 2d wk May 798,000 May April & No East. Manistique Maryland & Penn aKexican Cent'l. a Mexican Intern a Mexican Ry a Mexican South. Millen & Southw. 31ineral Range Minneap & St L. MSt P &SStM. Mo Pac & Iron Mt Central Branch Total Roads. Month. Mo Kan & Texas 2d wk May Mob Jack & K C March Mobile & Ohio... .''ee Southe NashCh &St L.. March Nat RRof Mex.. 2d wk May 54,439 3,490,112 54,909 2,572,950 3,602,739 37,880,904 17,950 2,926 584,764 56,116 250,184 2,183,166 ystem bel ow. 653,328 32,867,052 131,410 4,531,721 24,731 1,337,073 46,728 3,036,638 40,923,739 211,254 2,281 ,093 3,247,892 43,204,832 42,369 1,798,495 402,130 5,054,320 3,751,192 42,912,424 19,132 294,172 108,300 5,922.496 118,802 5.444,982 42,012 2,574.344 142,272 1,630,236 658,982 5,646,520 2,786,961 25,381,514 41,883 386,783 018 7»c.571. 82,129 754,737 730,815 36,266,700 10,546 124,304 35,689: 267,056 5,284 74,057 24,784 270,009 2,048,138 18,185,421 135,398 6,146,861 144,200 5.434.300 28,655 1.001.336 6,015 59,379 13,066 631,072 50,766 3,213,957 137,484 9,820,741 708,000 36,922.884 27,000 1 ,661 .726 735,000 38.584,610 2,919,892 2,271,074 33,445,166 47,973 529,914 1,890,884 30,688,683 4,346,064 1,233.338 34.587,112 1,987,161 36,574,273 1,590,139 4,511,487 41,576,878 229,639 5.543,267 5.277,675 2,240,977 1.319.323 5.293.814 22,867.645 337.235 410 609.791 33,312,242 114,657 2?5.027 66,382 237,264 16,764,691 5,727.735 5,023,540 967,287 52,521 577,460 2,617.497 7,362,285 36,292,675 1,394,862 37.687,537 Nevada Central.. April Nev-Cal-Oregon. April N Y C & Hud Riv NY Ont & West. N Y Susq & West Norfolk & West'n April March March March Northern Central March Northern Pacific April Ohio Riv & West February Pacific Coast Co.. March Monthly Summaries. week 2nd week ?rd week 4th week 1st week •2nd week 3rd week -4th week 1st week "2nd week 3rd week 4th week 1st week 2nd week Feb Feb Feb Feb Mch Mch Mch Mch Apr Apr Apr Abr May May (40 roads). (41 roads). (42 roadsj. (44 roads). (42 roads). (42 roads). (42 roads). (43 roads). (42 roads) (42 roads). (42 roads). (41 roads). (39 roads). (20 roads). Cur'nt Year Prev's Year Inc. or Dec. 8,346,622 8,666,444 8,985,018 10,321,944 8,946,686 9,212.578 8,890,918 13,534,041 8,642,723 8,939,387 8,973.706' 11,547,633 8.457.494 4,988,563 6,750,991 6,586,963 6.892,688 8,599,053 8,022.413 8,218,451 8,377,487 12,556,952 7.762,585 8,000,423 7,974,186 10,295,745 7,329,000 4,375.856 + 1.595,631 + 2,079,481 + 2,092,930 + 1,722.891 + 924,273 + 994,127 + 513,431 + 977,089 + 880.138 + 938,964 + 999.520 + 1.251.888 + 1.128,494 + 612,707 % . rfPenn-EastP&E March dWest P & E.. March PhUaBalt &W'sh March Phila & Erie March Pittsb C C & St L March & S'port. March Reading Railway March Coal & Iron Co March Total both cos. March Rich Fr'ksb & P_ March Rio Grande Jet.. February . Rio Grande So 1st wk May Rock Island Sys. March St Jos &GrIsl._. March e St L & San Fran March St L Southwest.. 2d wk May Seaboard Air Line February . Sierra Railway.. April Southern Indiana April So Pacific Co c... February . Southern Ry Sys Southern Ry fc. 1st wk May Mobile & Ohio 1st wk May Raleigh Previous Year. 327,512 noo,67l 6 66,45 Kv. S! ystem t)el 903.705 981 .985 259.117 252,904 347,1971 rn 9,600 3.311 17,194 18.125 6,687,084 6.555.112 617,877 586.065 263.033 237,969 2,548,019 2,176.614 967,710 836,910 4,943.515! 4,152,321 12.342 16,231 453 ..580: 452,019 12589 104 10542 304 /nc. 74; 2,400 1,264,507 1.212,507 568,1381 590,914 2,439.786 2.180,633 5,414 6,648, 3,679,953' 3,402,253 3,059,713 1,928,818 6,739,666 5,331,071 130,558 145,9961 29.002 44,830 9,514! 8,605 4.167.877, 3,795.035 124,147 110,864 3,716,187i 3,254.441 151.670 163,920! 1,318,608 1.043,850 29.997 30,748 90,586 101.266 8,001,844 6,581,998 July 1 to Lait'sl Date. Prevwu» Current Year. Year. 18,518,003 17.595.057 8 773,105 502,271 ow. 8,032.643 7,597,957 11.865.538 10,189,341 46.518 28,828 188,323 179,380 74,885,374 67,098,604 5,665,157 5,156,537 2,116,386 1.993,390 21,044,071 17,598,892 8,400,779 7.656,979 51,290,937 42,825,793 155,824 135.159 4.882,757 4.577,099 108035 020 89,991,420 /nc.7.34 6,300 11,233,001 6,375,154 21,242,841 46,224 31,208,221 26.920 952 58.129,173 1,211,191 10,279,801 5,735,570 18.614,624 36,264 27.133,221 25.111.133 52,244.354 1.067,372 456.870 380.749 477,421 407,131 39,335,532 33,501,069 1.159,960 947,995 32.296.898 29,341.001 7.825,609 7.799.463 9.870,531 8,676.982 1,195.250 1,165,281 69,786,157 63.240.992 864, 774 45,767 736 41,329.835 973.625 158,536 139, 041 7,900, 072 6.991,405 Cin NO & TexP 4th wk Apr 241,876 212, 988 6,945 196 6,093,562 Ala Great Sou. 4th wk Apr 102,802 90, 955 3,141 594 2,758,386 Ga South & Fla April 144,290 133, 076 1.600, 314 1.432.714 835 742 Texas Central 12, 832 731.197 15,950 1st wk May Texas & Pacific. 2d wk May 188, .010 11,480 300 11.317,622 209,198 TexS V 13,000 W.. February . 8, 700 Tidewater & W'n January .. 55.575 9.798 53 ,070 6, 633 Tol & Ohio Cent. March 377.772 253, 245 3,289, ,032 2,941,282 T0IP& West 16, ,727 1,113 ,086 1.087,340 1st wk May 15,017 TolStL&W 59 ,233 3,591 ,312 3,228,400 67.559 2d wk May Tombigbee Valley March 3, 362 4.596 623' ,982 Tor Ham & Buff. April 57 503 549,780 63,244 Un Pacific System March .606.636 5.106.913 4.779 ,801 50,767 ,524 Virginia & So W'n April 823 ,217 544,204 68, ,885 87.484 Wabash .714,157 407 ,162 21,552 ,165 2d wk May 437,665 WesternMaryland 2d wk May 104,217 80 ,214 3,079 ,829 ,355,711 ,232,370 Jersey & Sea'e March 340.310 299, 510 3,713 ,470 Wheeling & L E. 2d wk May 96 ,164 4.662 ,398] ,857,724 76.919 134 ,445 W'msport & N Br March 125,759 14,871 12, 329 Wisconsin Central March .940.839 612,512 558, 143 5,319 ,658 150,863 Wrights & Tenn. March 21, 866 164, ,333 21,698 Yazoo & Miss Val April 747,603 682, 994 7.222 ,073 ,506,438 &N W Various Fiscal Years. Period. Allegheny Valley Atlanta & Charl Air Line Bellefonte Central & St Louis Peoria & Eastern a Interoceanic of Mexico Manistee & North Eastern Manistique Maryland & Pennsylvania a Mexican International a Mexican Railway a Mexican Southern National RR of Mexico New York Central Northern Central d Penn East of Pitts & E... d West of Pitts & E Phila Baltimore & Wash Philadelphia & Erie Pitts Cin Chic & St Louis Rio Grande Jet aCC — Texas & Pacific West Jersey & Seashore AGGREGATES OF GROSS EARNINGS—Weekly 1st Current Year. or . and -- Week I) 277,816 124,058 121,387 April April April Ann Arbor Syst Dul So Sh & Atl. RR belo Pacific. 6,696,958 February . 356,266 104,140 Atlantic & Birm. March 2,415,469 March Atl Coast Line 15,368 Bait & Ann SL.. February . 6,304,733 April Bait & Ohio 251,932 Bangor & Aroost. March 3,132 Bellefonte Central April 3,441 Bridgt & Saco R. March 73 ,552 Roch & Pitts 2d \vk May Buff 151,209 Buffalo & Susq.- March 93,080 Cal Northwestern March 130,500 Canadian North. 2d wk May Canadian Pacific. 2d wk May 1,271,000 191,000 Cent'l of Georgia. 1st wk May 2,101,100 Cent'l of N Jersey March 2,649 Chattan Southern 1st wk May 2,146,559 Cheaap & Oliio.. March 4,582 Chesterf'd & Lane March 996,081 Chic & Alton Ry. March 152,356 Chic Gt Western. 2d wk May Chiclnd & Louisv 1st wk May 115,530 4,537,679 March Chic Milw & St P. 5,067,306 Chic & North W. March 1,012,176 & O March Chic St P 42,611 4th wk Apr Term Tr Chic Cin N () & TPac. See souine rn Ry. S 1,908,854 CI Cin Ch & St L. March 249,315 Peoria & East'n March 161,561 Colorado Midland March wk May 225,067 h Col & South Sys 1st 28,594 Col Newb & Lau. March 49,179 February . Copper Range March 18,977 Cornwall 41,512 Cornwall & Leb.. March Denver & Rio Gr. 2d wk May 375,900 108,694 Det & Mackinac. March M Latest Gross Earnings. Date. Previous Year. Jan 1 Dec Feb Apr 1 1 1 Mch Mch May 1 Marl Jan Jan Jan Jan Jan Jan 1 1 Mchl Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan 1 1 1 1 1 1 1 1 1 1 1 Decl Jan Jan 1 1 Feb Apr Mch May Apr Apr May Apr Mch Mch Mch Mch Mch Mch Feb Mav Mch Previous Year. Current Year. Inc. 81. 3.975,698 18,173 88,527 3,593, 773 19 601 4,928 863 702 456 739,974 2,483,144 2,423 ,287 7S 836 89,346 22.976 18 933 24 784 28,541 2.870.184 2.398 ,145 2,272.400 2,069 ,600 424,050 407 601 5,220,163 4.519 564 27,979.338 24.998 200 2,751,025 2,247 125 35,544,402 28,541, 902 Inc. 2,60 6,300 ,3,549,063 3,249 063 1,743,496 1,527 925 7,033,629 6,124 179 117 030 148.525 4,995,896 4,321 ,268 870,164 700 164 5,516,5.38 and Monthly. Monthly Summaries. Cur'nt Year Prev's Year Inc. or Dec. S 23.63 31.57 30.36 20.03 11.52 12.10 6.13 7.78 11.34 11.74 12. ,54 12.16 15.40 13.99 Month Month Month Month Month Month Month Month Month Month Month Month Month 1905 1905 1905 1905 1905 1905 1905 1905 1905 1906 1906 Mch (115 (lis (104 (115 (115 (115 (115 (115 (113 (117 (lis 1901) (110 Apr 1906 April May June July Aug Sept Oct Nov Dec Jan Fel) rds) rds) rds) rds) rds) rds) rds) rds) rds) rds) nisi rds) (56 rds) 136,595,868 144,103,256 125,942,575 143,658,287 154,972.550 161.431.629 170.515,148 165,977,137 159.312,944 ir)2,9S0.485 I42,(i56,542 159,258,890 52,409,705 127,237,317 129,712,739 114,845,032 130,328,530 141,867,461 147,709,816 157,100,827 150,405,695 142,053,423 126,555,852 112,895,257 143.978,440 46,946,012 + 9,358 .551 + 14,390 ,517 + 11,097 ,543 + 13,329 ,757 + 13,105 .089 + 13,721 ,813 + 13,414 .321 + 15,571 .442 + 17,259 .521 + 26,424 .633 + 29,761 ,285 + 15,280 ,450 + 5,463 ,693 7.35 11.09 9.66 10.02 9.23 9.28 8.54 10.35 12.15 20.88 26.36 10.61 11.64 a Mexican currency. 6 IncVudes earnings of Gulf & Chicago Division, c Includes the Houston & Texas Central and its subsidiary lines in both /^Covers lines directly operated, e Includes the Chicago & Eastern Illinois in both years, h Includes earnings of Col. & South., Ft. Worth & Denver City and all affiliated lines, k Atlanta Knoxville & Northern included in both years since April 1; it had previously been 'Included 1905 since Jan. 1: earnin^T' of Transylvania Railroad included from Jan. 1 1906 and of East Division of Tennessee Centraa from I>ec. 1 I90o only. I Figures previously p'Ublishcd for March were erroneous. ?^*'"®u m m i May THE CHRONICLE. 19 1906.] For the first week of May our final statement covers 39 roads and shows 15.40% increase in the aggregate over the same week last year. May. Previously reported (23 roads) Canadian Northern Canadian Pacific Central of Georgia Chic Ind & Louisville & $ 4,579,011 72,200 908,000 178,000 112,146 550,173 82,100 361 ,000 13,000 3,384 225,067 189,246 59,595 58,665 50,632 803 ,.565 13,318 212,427 158,536 9,514 15,950 15,017 102,171 54,439 54,909 42,369 730,815 13,066 137,484 139,041 8,605 12,832 16,727 80,110 Decrease S 35,821 5,156 3,756 8,263 72,750 252 74,943 19,495 909 3,118 Nashville Mineral Range _ _ Minn St P & S S M Mobile & Ohio Rio Grande Southern Texas CentralToledo Peoria & Western Western Maryland Total (39 roads) S 5,003,207 154,300 1,269,000 191,000 115,530 Colorado & Southern (incl. Ft Worth & Denver City). & Ironton Detroit Toledo (Ann Arbor system) Duluth South Shore & Atl.-_ Gulf & Ship Island. Louisville Increase $ First week of 1905. 8,457,494 Net increase (15.40%) 125,977 1,710 22",06i 7,329,000 1,256,181 1,128,494 127 687 — Latest Gross Earnings by Weeks. In the table which follows we sum up separately the earnings for the second week of May. The table covers 20 roads and shows 13.99% increase in the aggregate over the same week last year. Second week of May. Buflfalo Rochester & 1906. Iowa Central Mexican International & 73,552 130,500 Pittsb'gh Canadian Northern Canadian Pacific Chicago Great We.stern Denver & Rio Grande International & Gt. Northern Interoceanic of Mexico Minneapolis ,271 ,000 1 152,356 375,900 112,600 4,988,563 4,375,856 . & 318,600 108,300 118,802 42,012 50,766 327,512 708,000 27,000 252,904 151,670 188,010 59,233 407,162 80,214 96,164 St. Louis National RR. of Mexico St Louis Southwestern Wabash Increase. Decrease. $ 173,746 80,400 921,000 128,963 140,681 48,966 158,155 61,061 347,197 768,000 30,000 259,117 163,920 209,198 67,559 437,665 104,217 76,919 _ Missouri Kansas & Texas Missouri Pacific & Iron Mt Central Branch Texas & Pacific Toledo St Louis 1905. $ Western.. Western Maryland Wheeling & take Erie Total (20 roads) Net increase (13.99%). 135, .398 100,194 50,100 350,000 23,393 57,300 4,300 21,879 6,954 22,757 10,295 19,685 60,000 3,000 6,213 12,250 21,188 8,326 30,.503 24,003 19,245 732,146 612,707 119,439 — Gross Earn'gs Current Previous Year. Year. $ $ Roads. Central of 1906. 1149 , — returns to Mch 31 1 to Mch 31 , Boston & Maine. b Jan 1 to Mch 31. Mch 31Bos Rev Bch & Lvnn.t Jan 1 to Mch 31 Julyl to Mch 31 July Bridge 1 & to .Saco July 1 to 9,100,725 7,941,108 .29.480,606 26,884,844 . Riv.b.Mch 131,511 520,603 3,441 35,726 716,495 108,927 467,076 3. .595 1,802,023 7,728,755 1,482,309 7,146,805 255 61,692 685 def .5, 202 47,961 1,491 def. Mch 31 1 1 ,072 35,025 11,8.53 Buff Roch & Pitts, b. .Mch 652,863 205,069 303,805 July 1 to Mch 31 6,6.54,220 5,998,925 3,036,278 2,302,782 Buffalo & Susq .a Mch 151,209 94,133 33,061 59,322 Julyl to Mch 31 1 ,208 ,325 823 ,955 448 ,939 263,523 California Northw.a. .Mch 93,080 9.5,513 5.021 6,578 July to Mch 31 1,265,469 1,151,489 478.328 292,913 Canadian Northern Mch 441,600 273,100 117,400 70,600 July 1 to Mch 31 3,796,100 2,850.600 1.290,100 942.200 Canadian Pacific. Mch 5,093,286 4,132,061 1,844,064 1,182,827 Julyl to Mch 31 . .45,122,404 37.593,579 16, .505,041 11,052,417 Central of Georgia. a.. Mch 1,047,780 937,.566 326,397 287,851 8,810,653 7,874,065 2,569,019 2,189 370 k^ July 1 to Mch 31 1 S c461 ,674 cl,251,102 c220,382 c63,588 cdef6.978 July c778.460 C257.716 c49,273 Central of New Jer.b. Mch 2,101,100 1,930,003 976,215 906,416 July 1 to Mch 31 18,814,376 16,592,078 9,162,479 7,917,766 Chattanooga South. a.Mch 12,917 11.0.38 2,403 1,505 to Mch 31 July 1 102,213 91,6,59 8,244 7,527 Chesapeake & Ohio. b. Mch 2,146,5,59 1.843.344 658,962 853,090 Julyl to Mch 31 18,204.218 15,401,557 7.242,609 5.546,315 &Lancas. Mch Chesterfield 4,582 4,109 2,462 2,067 July 1 to Mch 31 29,376 24,434 12,449 7,208 Chicago & Alton. a. -.Mch 996,081 884,550 312,145 279,225 Julyl to Mch 31 9,081,016 9.242,311 2,791,033 3.137.422 Chicago Gt We.stern. b. Mch 761.205 692,673 197,121 188,805 Julyl to Mch 31 6,718,873 5,783,165 2,002,954 1.673,688 Chicind &Louisv.a..Mch 454,307 486,745 130,477 166.391 4.420.150 4.135.746 1,524,160 1,469,777 July 1 to Mch 31 Chic Milw & St Paul. a. Mch 4,537,679 4,291,625 1,808,468 1,816,175 Julyl to Mch 31 41,965,276 37,880,576 14,781,628 14,146.194 Chicago Term Trans, b Mch 148,267 119,362 34,719 33,933 July 1 to Mch 31 1,301,069 1,135,260 461,594 411,313 See under Southern Ry System below. Cin New Orl & Tex Pac CI Cin Chic & St L.b-. Mch 1,908,854 1.818,272 405,311 429,598 Jan 1 to Mch 31 5,516,538 4,928.863 1,197,056 1,002,567 Peoria & Eastern b Mch 249,315 238,929 107,246 40.492 739,974 Jan 1 to Mch 31 702,456 261,335 190,740 161,561 Colorado Midland. a. .Mch 150,724 32.536 17,419 1,622,617 1,492,211 July 1 to Mch 31 429.135 256,415 955,648 Colorado Southern, a .Mch 778,320 237.337 165,116 July 1 to Mch 31 9,027,638 7,239,624 2,761.618 1.802.805 28.594 Colum Newb & Lau.a Mch 27,028 7,630 9,660 224,362 July 1 to Mch 31 177,822 46,321 38,122 Copper Range. a Feb 49,179 42,379 13,795 10.687 July 1 to Feb 28 448,720 399,263 190,131 153.405 Cornwall-a Mch 18,977 13,551 7.937 7.228 Julyl to Mch 31 155,142 47,643 79.353 12.401 Cornwall & Lebanon. bMch 41 ,512 27.951 22.999 14,852 July 1 to Mch 31 346,051 192,652 195,818 79.593 Del Lack & Western . b Jan 1 to Mch 31 2,683,863 2,470,605 1,380,322 1,318,245 July 1 to Mch 31 8,595,342 8,569,766 4,321.460 4,550,780 Syracuse Bing & N Y _ b Jan 1 to Mch 31 314,316 275,121 146,589 122,594 July 1 to Mch 31 1,040,286 934,757 424,149 363,811 Denv & Rio Grande. b. Mch 1,482,707 1,308,146 449,463 497,473 Julyl to Mch 31 14,644,999 12.729,890 5,699.442 5,194,092 Mackinac. a-Mch Detroit & 108,694 95,620 gdefl 1,139 37,110 July 1 to Mch 31 841,099 728.938 172,294 231 ,826 DetTol & Ironton _b.. Mch 347,597 277,781 121,400 67,910 July 1 to Mch 31 3,158,834 2,628,109 1,070,819 598,400 1 — Dunkirk AUeg V & Pitts. b— Jan ltoMch31 62,800 .58,311 2,162 def 2 ,257 July 1 to Mch 31 236,099 238,329 17,588 67,849 Dul So Shore & Atl- b-Mch 252,309 238,392 77,523 91,406 Julyl to Mch 31 2,274,240 1,988,216 757,466 666,209 Erie.a Mch 4,184,061 3,602,739 1,036,782 584,548 Julyl to Mch 31 37,880,904 33,445,166 10,709,964 8,637.633 Fairchild & North. b. Mch 1,456 2,926 294 1.421 July 1 to Mch 31 17,950 47,973 4,900 8.249 Fonda Johns &G10V. a. Mch 54.256 22,154 56,116 23,895 July 1 to Mch 31 584,764 529,914 280.495 248,550 Gene.ssee & Wyoming. b Jan 1 to Mch 31 27,815 28,625 def 2 ,284 3,138 Julyl to Mch31 110,881 109,655 34,592 33,848 Georgia RR.a Mch 273,734 250,184 57,033 92,989 July 1 to Mch 31 2.183,166 1,890,884 659,875 575,719 Georgia Southern & Florida See under Southern Ry system below. — Grand Trunk Ry-.. Mch 2,479,481 Gross Earn'gs -Net Earnings Current Previous Current Previous Year. Year. Year. Year. Roads. $ $ $ S AtChTop&SFe.b..-Mch 6,696,958 5,960,923 rf2,404,160 d2,015,915 July 1 to Mch 31 58,322,289 50,653,056d22,172,127dl7,271 ,876 Atl & Charl Air Line. a .Feb 356,266 262,159 67,200 Mch 1 to Feb 28 3,975,698 3,593,773 1,083,853 Atlantic & Birming . a . Mch 1 04 1 40 88 ,795 25,887 July 1 to Mch 31 813,075 757,543 234,585 Atlantic Coast Line. a. Mch 2,415,469 2,161,006 847,564 July 1 to Mch 31 18,305,170 16.170,176 5.876,939 Bait & Annap Sh L.a.Feb 15,368 10,669 2,954 July 1 to Feb 28 127,180 108,500 34,844 Baltimore & Ohio. b.. Apr 6,304,7.33 5, 723, .534 1,789,940 19,317,383 Bangor&Aroostook.b.Mch 251,932 224,463 111,244 97,092 July 1 to Mch 31 1,824,756 1,588,658 694,528 576,881 Bellefonte Central, b -Apr 3,132 721 3,860 183 Jan 1 to Apr 30 18,173 19,601 3,195 6.827 Boston & Albanv b Jan 1 to Mch 31. 2,635,010 2,314,079 741,689 436,316 July 1 to Mch 31. 8,419,972 7,721,012 2,750,532 2,328,283 $ New England, b Jan Net Earnings Monthly to Latest Dates. The following shows the gross and net earnings to latest dates of all STEAM railroads furnishing monthly statements. The compilation includes every road from which we can get a return of this character, and in that form is given once a month. Early returns are published from week to week as soon as issued but for the convenience fo our readers all the roads making returns are brought together here in the week in which we publish our monthly article on net earnings say, about the 20th of the month. Besides the Companies furnishing monthly returns, we have added this time the roads which make quarterly Grand Trunk of Canada r Net Earnings Previous Year. Current Year. 2,259.515 711,969 678.876 22,679,348 21,201,878 6,178,021 5,869,483 Grand Trunk West. Mch 481,297 515,849 93,437 102,196 July 1 to Mch 31 4,124,796 3,846,869 672,170 552,380 Det Gr Hav & Milw. Mch 149,401 134.802 26.765 22,873 July 1 to Mch 31 340,475 320,464 1,223,068 1,135,913 Canada Atlantic... Mch 157.188 136,262 36,479 36,986 Greenwich & Johns' ville b Jan 1 to Mch 31 17,090 16,281 5,633 5,791 July 1 to Mch 31 55,058 56,883 19,444 22,087 Gulf & Ship Island. a. Mch 198,908 176,321 60,289 53,202 July 1 to Mch 31 1,565,975 1,397,203 509,660 347,794 Hocking Valley. a Mch 561,237 402,130 177,174 82.239 July 1 to Mch 31 5,054,320 4.511,487 1,866,746 1,479,824 Illinois Central. a. Mch 4,640,563 4,355,593 1,536,971 1,398,423 July 1 to Mch 31 38,843,134 37,825,686 12,064,648 11,953.938 Interborough Rap Tran Co Manhattan Elevated Jan 1 to Mch 31 3,266.088 3,105,605 1,867,453 1,736.056 Julyl to Mch 31 9,363,849 9,999,318 5,257,991 5.831.842 Subway Division Jan 1 to Mch 31 787,349 1,279,879 2,052,641 1,477,116 Julyl to Mch 31 2,871,238 fl. 140, 186 6.041.578 /2, 289, 207 Totallboth divisions Jan 1 to Mch 31. 3,147,332 2,523,405 6,318,729 4,582,721 Julyl to Mch 31 ...14,405,427/12,288,525 8,129,229 f6,972,028 196,180 158,619 « Interoceanic of Mex.Mch 623,845 607,326 Jan 1 to Mch 31 529,640 370,368 1,675,094 1,579,263 ft.59, 7,50 Iowa Central. a /i95,277 .Mch 275,159 242,888 July 1 to Mch 31 /i31 1.820 2,257.274 ft597,137 1,948,675 Kanawha & Mich. a .Mch 23,175 30,956 177,474 142,272 174.576 July 1 to Mch 31 434,614 1.630,236 1,319,323 189,183 Kan City Southern. a. Mch 701,057 190,289 658.982 July 1 to Mch 31 5.646,520 5,293,814 1,3.55.714 1,353,429 b Lake Shore it Midi South. .Ian 8,836,50" 2.100,683 2,325,051 to Mrli HI 10,023,2,52 July 1 to Mch 31 30,457,118 26,859,312 5,047,883 6,000.862 Lehigh Valley. b Mch 2,820,631 2,786,961 01,207,595 01,191,663 July 1 to Mch 31 25,381,514 22,867,645 o9, 852, 204 09,000,086 16,99.'? 25,051 Lexington & East. b.. Mch 41,883 46,463 164.796 106,002 Julyl to Mch 31 337,235 386,783 DiT 15.303 Long l.sland .b ; Inc 48.018 Mch Jan 1 fo Mch 31 1.216,726 defl63,636 (lefl2S,074 1,404,623 I,0ii2,ll2 834,817 July 1 to Mch 31... » 5,877,883 5,335,542 July 1 to 1 - Mch 31 —— — — — — — — — — —— — THE CHRONICLE. 1150 ——Gross Eam'gs Net EarningsPrevious Year Current Year. Roads. Louisiana & Ark. a July 1 to Mch 31 — Mch Previous Ytar. $ $ % 107.406 754,737 % 36,051 — ' July to 1 Mch 31 5,347 21.731 2.900 10,196 2,746 8.119 25 1,931 Reading Company Phila & Reading, b. Mch 3,679,953 July 1 to Mch 31 3,402.253 1,413,703 1,598,756 31,208,221 27,133,221 12,438,466 12,563,755 Reading Co. (Concluded) Coal & Iron Co. b... Mch 3,059,713 1.928,818 225,973 193,457 July 1 to Mch 31 26,920,952 25,111,133 1,839,870 1,790,743 Total both co's.b... Mch 6.739.666 5,331,071 1,639,676 1,792,213 July 1 to Mch 31 58,129,173 52,244,354 14,278,336 14,354,498 Reading Co.b Mch i 135,703 111,082 July 1 to Mch 31 1,128,253 1,052,601 Total all co's.b Mch 1,775,380 1,903,296 July 1 to Mch 31 15,406,590 15,407,100 Rich Fred & Potomac. Mch 145,996 130,558 49,453 39,377 July 1 to Mch 31 1,211,191 1,067.372 411,951 324,939 Rio Grande Jet Feb 44,830 29,002 nl3,449 ?i8.701 Dec 1 to Feb 28 148,525 117,030 n44,557 n35,109 Rio Grande South. b.Mch 41,009 39,553 15,958 19,461 July 1 to Mch 31 428,145 363,554 188,461 179,855 Rock Isl System. .Mch 4,167,877 3,795,035 1,049,195 859,915 Julyl to Mch 31 .39,335,532 33,501,069 11,738,154 9,301,499 RR.b Rutland Jan 1 July St Jo <fe 1 Gr July 1 to Mch 31 575,251 to Mch 31 1,995,047 Island. b.. Mch 110,864 to Mch 31 1,159,900 & San Fran a Mch 3,716,187 Julyl to Mch 31 32,290,898 St Louis Southwest. b.Mch 700,927 St Louis July 1 to Mch 3i 6,780,053 Seaboard Air Line. a_. Feb 1,318,608 July to Feb 28 495,043 179,245 1,847,116 666,158 124,147 21,585 947,995 380,642 3,254,441 1,217,074 29,341,001 10,849,035 797,857 147,020 0,757,242 1,768,307 1,043,850 370,538 8,670,982 2,870,325 108,565 52,372 1,064,015 432,666 6,-581,998 2,012,441 123,294 653,061 42,740 217,890 980,265 9,811,739 247,131 2,072,859 285,005 2,515,693 9,870,531 133,270 41,541 July 1 to Mch 31 1,104,664 4.59,476 Southern Pacific. a.. .Feb 8,001,844 1,390,209 July 1 to Feb 28 69,786,157 63,'240,'992 23,'424;362 20;53ri846 1 Southern Indiana. b_ .Mch ross Current Year. 82,129 40, .361 230,055 600.791 283,096 Louisville .t Nashv.b. Mch 3,712,381 3,523,214 1,189.209 1,115.894 Julyl to Mch 31 31,977,560 29,433.353 9,392,530 9,601.010 Manls & Northeast -b. Feb 18,025 13.8.50 39.767 35,689 Jan 1 to Feb 28 89,346 78,836 44,478 36,134 Manistiq ue - b Apr <lef2.051 2,901) 7,875 5,284 Jail 1 to Apr 30 def3.813 22,976 18,933 3 .667 Maryland <fc Penna Mch 28,541 24,784 8,726 0,319 r Mexican Central Feb 2,229,926 2,048,138 644,455 635,795 July 1 to Feb 28 18.185.421 16,764,091 5,328,789 5,107,042 rMexican Internal Mch 714,650 276,466 619,094 341 ,086 Jan 1 to Mch 31 1,042,465 875,490 629,052 1,976,671 Millen & Southw.b Feb 0,015 2,108 8,133 1 ,643 July 1 to Feb 28 15,948 12.410 59,379 52,521 Mineral Ranere. b Mch 14,688 18.115 62,513 60,504 Julyl to Mch 31 120,699 143.928 563,240 519,963 Minneap & St Louis .a. Mch /i:l 16,351 /c-1 20,359 298,613 277,109 July 1 to Mch 31 /1:863,405 2,813,884 2,270,120 /cl, 138, 277 Minn St P M & S S.b.Mch 389,230 771,546 390,810 903,677 Julyl to Mch 31 8,661,794 6,597,943 4,563,805 3,341,638 Mo Kan k Tex. a. _. Mch 1,665,475 1 ,690,308 324, .569 392,547 July 1 to Mch 31 16,311,284 15,403,732 4,492,819 4,191,713 Mo Pacific system -b.. Mch 3,750,220 3,766,447 1,119,883 1,130,478 July 1 to Mch 31 33,593,610 33,080,537 10,735,730 10,444,748 Mobile & Ohio See under Southern Ry system below. NashvChat &StL.b.Mch 981.985 903.705 270,118 210,403 July 1 to Mch 31 8,032,043 7,597,957 2,015,376 2,051,891 ^National RR of Mex.Mch 1,261,519 1,090,248 499,942 355,939 Jan 1 to Mch 31 3,556,449 3,020,754 1,405.763 950,511 b New London Northern. Jan 1 to Mch 31 257,526 239,870 def47,061 def4,684 Julyl to Mch 31 820,235 782,462 73,015 53 ,060 N Y Chicaso & St Louis -b Jan 1 to Mch 31 2,446,177 2,195,391 414,550 419,886 July 1 to Mch 31 7,211,996 6,503,527 1.700,357 1,382,480 Mch Nev Cal & Oregon 14,473 14,968 3,897 6,242 July 1 to Mch 31 171,129 161 ,255 72,071 71,730 Nevada Central.. b Mch 5,692 4,242 3,029 2,231 July 1 to Mch 31 36,918 25.517 18,648 9,114 New York New Haven & Hartford, b Jan 1 to Mch 31 12,153,550 11,099,211 3,053,721 1,703,164 Julyl to Mch 31 39,549,134 36,471.567 11,869,104 8,846.614 N YOnt & Western .a. Mch 617,877 ~ 580,065 183,204 155,196 ^ July 1 to Mch 31 5,665,157 5,156,537 1,624,761 1.410,848 New York & Penna, b Jan 1 to Mch 31 25,811 22,742 4,714 7,507 July 1 to Mch 31 80,504 80,800 22,028 26,903 New York & Rockaway Beach .b Jan 1 to Mch 31 30,941 24,301 def38,78S def21,423 N Y Susq & West _a-. Mch 237,969 203,033 59,117 101,819 July 1 to Mch 31 2,116,386 1,993,390 627,679 680,582 Norfolk & Western. b.Mch 2,548,019 2,176,014 1,044,012 863,470 Julyl to Mch 31 21,044,071 17,598,892 8,532,896 0,913,374 Northern Central _b.. Mch 907,710 830,910 191,596 107,596 Jan 1 to Mch 31 2,751,025 2,247,125 459,108 120,208 Ohio Riv & West -a -.-Feb 10,231 12,342 5,020 2,486 July 1 to Feb 28 155,824 135,159 23,974 24,249 Penn— Lines directly operated Eastof Pitts & Erie. Mchl2.589, 104 10,542,304 3,675,919 2,583.319 Jan 1 to Mch 31 35,544,402 28,541.902 9.238.715 5,573.015 West of Pitts & Erie.Mch Inc. 742,400 Inc. 165,000 Jan 1 to Mch 31 Inc. 2,606,300 Inc. 914,500 Phila Bait & Wash. b.Mch 1.204,507 1,212,507 279,918 227,218 ' ~ ' Jan 1 to Mch 31 _. 3,549,063 3,249,063 659,614 474,414 Philadelphia & Erie.b Mch 568,138 590,914 68,901 136,030 Jan 1 to Mch 31 1,743,490 1,527,925 194,904 146,239 PittsCinChic&St L.a.Mch 2,439,786 2,180,633 508,222 478,064 Jan 1 to Mch 31 7,033,629 6,124,179 1,440,821 1,114,189 Raleigh &Southp't. a. Mch 6.648 5,414 3,684 2,022 July 1 to Mch 31 40,224 36,264 18,323 11,222 Raquette Lake.b Jan 1 to Mch 31 [Vol. Lxxxn. Southern Ry System Southern Ry.a Mch 4,869,328 4,542,436 1,311,030 1,407,520 July 1 to Mch "31... .40,460,129 36,615,234 11.527,797 10,578,338 Eam'gs Current Year. % Roads. Mobile <t Ohio. a. .Mch July 1 to Mch 31 CinN O &Tex P. a. Mch July 1 to Mch 31 Alabama Gt So. a. .Mch July 1 to Mch 31 Georgia So & Fla.a.Mch July 1 to Mch 31 Texas Central. a Mch July 1 to Mch 31 July & 1 % 836,792 6,964,411 786,447 6,2371738 . Tidewater Previous 331.069 2.836,371 174.509 1.456,024 73.427 744.355 West. b-_ Jan 9,798 to Jan 31 .53,070 Year. 760,334 0,187,749 037,645 5,482,763 310,505 2,477,923 144,488 1,299,038 63 ,590 656,8.58 6.633 55,575 & Ohio Cent .a. Mch July 1 to Mch 31 Toledo Net Earnings Previout Current Year. % 275,926 2,349,027 193,324 1.473.646 64.844 555.707 28.085 361.299 24.502 298.819 3,526 12.283 93,492 923,205 Year. % 272,366 2,064.006 1.55,386 1.279.856 63,463 463.846 19.696 307 ..561 18.125 242.660 <lef36 .',,536 377,772 2.53,245 21,606 3.289.032 2,941,282 716.455 Tol Peoria & West . b . . Apr 90,1 OS 85,462 7, .552 5.174 July 1 to Apr 30 1.098,069 1,070,613 231,079 201 .661 Tol St Louis & West.. Feb 312,998 229,196 86,277 10,110 July 1 to Feb 28 2,822,006 2,536,669 750,301 .597,867 Tombigbee Valley Co. Mch 4,596 3.362 1,691 1,379 Novl to Mch 31 22,195 15,002 8,490 6,384 Union Pacific. a Mch 5,106,913 4,779,801 2,196,986 2,153,762 July 1 to Mch 31 50,767,524 44.006.636 23.595,903 20.995.673 Va & Southwestern. b.Mch 95,980 70.015 47,694 34,029 July 1 to Mch 31 475,319 735,733 299,814 202,299 Wabash. b ..Mch 2,100,502 1,872,460 436,537 218,721 July 1 to Mch 31 18,775,754 19.106,256 5,191,575 3,558,003 Jersey &Seash.b.. Mch 340,310 299,510 00,218 53,118 Jan 1 to Mch 31 870.164 870,164 700,104 104,606 306 Western Maryland. a.Mch 405.201 339.950 2/157,327 ?j 130.027 July 1 to Mch 31 3,443,141 2,854,246 2/1.131,784 2/1,054,396 W N Y & Penna to Mch 31 1 to Mch 31 Wheeling & L Erie. b.Mch July 1 to Mch 31 W'msp't & Nor Bch.a Mch July 1 to Mch 31 Western Jan 1,752,492 5,443,926 461,698 4,219,840 14,871 134.445 Wisconsin Central. b_ .Mch 612,512 July 1 to Mch 31 5,319,058 Wrightsv & Tennille.bMch s21,698 sl64,333 Julyl to Mch 31 Yazoo & Miss Val.a..Mch 891,203 July 1 to Mch 31 6,474,470 1 July 1,380,072 4,249,282 360,538 3,300,483 12,329 125.759 558.143 4,940,839 s21,866 sl50,863 820,163 6,823,444 244,844 1,125,084 139,752 1,252,595 6,358 47,362 210,713 1,911,240 8,629 63,254 200,297 893,457 62,776 481 ,.507 70,766 622.322 3,336 37,263 176,685 1,655,897 11,243 57,047 220,120 1,858,506 a Net earnings here given are after deducting taxes. b Net earnings here given are before deducting taxes. Figures include the operations of the Newburgh Dutchess & Connecand the Dutchess County RR. in 1906, but not in 1905. d For March 1906 taxes and rentals amounted to $182,269. against 8182,288 in 1905, after deducting which net for March 1906 was S2.221 ,891 against .SI .833 ,627. From Jnlv 1 to March 31 1900 net after deductingtaxes and rentals is 820.400,350, against $15,015,011 last year. f In 1904-05 Subway was in operation only from Oct. 27 on. h For March additional income is 83,992 this year, against a deficit of From July 1 to March 31 tliis year additional income $3,346 in 1905. is $42,492, against 834,939 last year. k For March additional income is $16,772 this year, against 38,753 last year, and from July 1 to March 31 this year additional income is $138,395, against 895,658 last year. n These figures represent 30% of gross earnings. o Including other income, total income (exclusive of results of coal companies) lor March is $1,247,109 in 1906. against $1,259,019 in 1905, and for period from July 1 to March 31 is $10,233,289 in 1906, against Deductions from total income for additions and im$9,410,699 in 1905. provements were $129,762 in March 1906. against $86,390 in 1905, and from July 1 to March 31 were $1,033,948 in 1906, against $905,777 last c ticut year. q Expenses for March 1 906 include $45,424 fornew equipment. s Includes $604 other income for March 1906. against $426 last year, and from July 1 to March 31 $4,258 in 1906 against $3,505 last year. V These figures are in Mexican currency convertible into gold at the current rate of exchange. , and net profits from coal. &c.. were 2/ For March additional income $98,497 this year, against $70,150 last year; and from July 1 to Feb. 28, $652,307 this year, against $518,605 last year. — Interest Charges and Surplus. The following roads, in addition to their gross and net earnings given in the foregoing, also report charges for interest, &c., with the surplus above or deficit below these charges: —Int., Rentals, <frc. Ciirrent Previous Year. Year. Bangor & Roads. Aroostook. .Mch July 1 to Mch 31 Bellefonte Central Jan 1 to Apr 30 Boston & Albanv Jan 1 to Mch 31 July 1 to Mch 31 Apr 59,134 482,677 46,636 418.847 300 330 1,200 1.320 941,545 2,922,452 Boston & Maine Jan 1 to Mch 31 2.074.144 Julyl to Mch 31 6.180,827 Bost Rev Beach & Lvnn— Jan 1 to Mch 31 15,904 -Bat. of Net E'ngs.— Previous Current Year. $ 52,110 211.851 defll7 1,995 Year. * .50,456 158,034 391 4.507 859,322 xdef97,735xdpf323,932 2,694.836 zl35.228 a:def95.819 2.050,981xdefl43,728z 6,112.227 zl .969 .906 53 62- 14.808 .Tdef.l2.578xde/.l 6,771 a;29,549 45,269 a:1 6.666 543 142 948 4,887 6,966 6.185 a:42,655 19.118 128,942 170,574 x269,829 x233,032 def9,618 defl8.24S 22,931 212,262 252,890 75.630 Julyl to Mch 31 46,584 Bridget. & Saco Riv _ .Mch 543 July 1 to Mch 31 4,887 Buffalo <t Susq Mch 25,998 J idyl to Mch 31 269,064 California Northw Feb 22,765 July 1 to Feb 28 218,860 b Central of New England. Jan 1 to Melt 31 56,052 46,994cx20,393 cxdef23,383 July 1 to Mch 31 159,941 146.511 cxl47.130cxdef3S,967 Central of New Jersey. Mch ?)603,354 6717.527 372,861 188.889 July 1 to Mch 31 ...65,547,249 65,458,261 3,615,230 2.459.505 Chicago Gt Western -.Mch cl72,381 el70.273 24,740 18,532 July 1 to Mch 31 el ,540,071 cl, 546,355 462,883 127,333 I k May THE CHRONICLE. 19 1906.] — Del to 1 Syracuse Bing Jan 1 July 1 & — a-45,046 45,487 134,636 01,249 xl32,525 def. 4,995 8,438 67,500 5,357 122,631 2,249 85,905 4,081 18,819 10,771 36,249 1.58,332 43,344 617,979 1,855,885 765,090 2,487,921 700,266 2,694.895 .t57,504 1,833,5.39 46,300 142,166 46,285 142,551 31 31 100,304 281 ,.598 76,294 221,645 dl88,118 dl,59,882 338,842 3,102,703 d2,822,968 d2, 267.252 340,610 3,116,325 Detroit Tol & Ironton July 1 to Mch 31 877.179 581.527 116,642 820,446 x6,803 85,841 a;def37, 648 824,657 ardef52,340xdefl47,224 Mch & Dul So Shore Julyl to At Ian. Mch Mch 31 Dunkirk Alleg Val & PittsJan 1 to Mch 31 x25,851 xdef 1 ,249 .rdef5,363 a:8,862 def4,281 13.473 Jan 1 to Mch 31 Julyl to Mch 31 xl ,384 al,869 xl0,257 x42,933 xl20,206 x27,000 xl26,237 xlO,317 4,300 12,900 a51,094 a467,193 26,7.59 226,859 73,240 a;6,858 x-6,700 x208,476 x37,022 x299,145 112,540 686,246x1,475,581x1,144,426 1,741,401 5,276,095 Jan 1 to Mch 31 503,580 Julyl to Mch 31 1,263,317 Total both divisions Jan 1 to Mch 31 2,244,981 6,539,412 Julyl to Mch 31 Mch 19,603 Kanawha & Mich Mch 179.799 31 Lake Shore & Mich South Jan 1 to Mch 31 . July 1 to Long Island Mch . 31 1,650,000 5,060,000 . 506,440 1 to Mch 31.. Julyl to Mch 31 1,670,064 15,580 Louisiana & Arkansas. Mch 118,757 July 1 to Mch 31 Manistee & Northeast. Feb 6,766 13,.532 Jan 1 to Feb 28 Manistique Apr 3,916 3,834 Maryland & Penna... Mch Jan Millen x224,743 x266,604 x93,972 x752,658 x884,395 236,198 /411,353 xl,915,633 x635,126 /x827,321 1,717,584 5,315,184 Division Julyl to & Southw Feb Mineral Range Julyl to Mch 31 Mch MoKan&Tex Mch 1,298 16,946 93,517 411,457 3,352,407 148,500 1,344,506 Mch 31 NashvChatt & St L.-Mch Julyl to Mch 31 New London Northern 63,095 .Ian 1 to Mch 31 188,836 .luly 1 to Mch 31.... N Y Chicago & St Louis 308,175 Jan 1 tb Mch 31 July 1 to Mch 31 1,209,448 Nevada Cal& Oregon. Mch 2,112 July 1 to Mch 31 19,129 New York New Haven & Hartford .Ian 1 to Mch 31 2,420,982 July 1 to Mch 31---,- 7,095,623 July to 1 — NY Ontario* West -.Mch July 1 to Mch 31 72.604 636,796 1,953,783 xl ,109,138 '^ x729, 097 f5, 726,538 fx2,182, 237 /xl,579 ,978 xll,874 x4,lll 19,690 x260,lS2 x619 179,422 1,440,000x1,275,683x1,365,051 ,.547 x3, 471, 832 4,620,000 x3, 371 464,089 xdef57,227xdpf424,034 ,549,278xdef344,304 xdi>f56,S43 x27,105 x25,216 11,350 xl78,3.33 xl46,172 102,150 11,2.59 7,178 6,672 30,946 22,790 13,344 defl ,010 def 5,435 3,384 2,485 3,834 4,892 1,483 160 810 x8,844 9,446 xdef 2,043 x29,007 x60,215 85,017 38,808 353,739 dL-f86,888 1,007,931 1.140,412 3.183,782 127,618 61,461 148,942 700,493 670,870 1,351 ,.398 1 63,64.3xdefl04,166 xdef61,660 188,735 xdef98,027xdefl 17,338 311,134 983,109 2,142 19,399 xll2,628 x520,758 1,785 52,942 xll3,063 x416,173 4,100 52,331 x798,679 xdf417,224 2,181,356 6.396.027 x5.493.350 x2,795.174 89,412 110,660 65,784 853,729 987,965 557,119 New York & Penna Mch 31 5,061 Mch 31 16,738 New York & Rockaway Beach to Mch 31 .Ian 14,721 Jan 1 July 1 to to 1 Norfolk & Western -..Mch Julyl to Mch 31 Raquette Lake Jan ltoMch31 353,873 3,061,168 3,633 10,919 Reading, all co's Mch 868, .500 Julyl to Mch 31 7,816,500 8,334 Rio Grande Junction.. Feb Dec 25,000 to Feb 28 Rio Grande Southern. Mch 17,734 July 1 to Mch 31 161,614 July 1 Mch to .. 31 1 Rutland Jan 5,116 16,844 def347 5,290 14,683 xdef52,109 324,863 690,7.39 2,767,979 5,471,728 3,162 11,262 2,391 10.0.59 x35,096 ,538,607 4,145,395 xdef685 xdef2,l44 xdef2,937 . 1 31 31 1 to to 319,812 903,142 2,728 25,933 151,726 1,349,363 248,304 812,320 2,764 25,421 145,184 1,313,547 def74,968xdefl80,892 x236,592xdef326,177 572 3,630 21,429 11,842 x61,082 x34,184 X586.436 x369,549 tions. 6 Included in the fixed charges are expenditures for renewals, additions and improvements amounting to $85,945 for March 1906, against $207,199 for March 1905, and to $1,321,681 for period from July 1 to March 31, against $1,280,244 the previous year. d These figures are after allowing for other income and for discount and exchange. The sum of .S10,000 is deducted every month from surplus and placed to the credit of the Renewal Fund. c Charges here include interest on debenture stock. operation only from Oct. 27 on. f In 1904 Sulnvay was in c Figures include the operations of the Newburgh Dutchess & Connecticut and the Dutchess County RR. in 1906 but not in 1905. X After allowing for other income received. Miscellaneous Companies. Gross Earn'ys Previous Current Year. Year. Companies Mch Co Oct 1 to Mch 31 444,192 Cumberl'dTel&TelCja Apr 1,745,926 .Ian 1 to Apr 30 Cuyahoga Telep Co Jan 1 Mch to — Mch Ed ElecIllCoBrockton Feb Jan 1 to Feb 28 Fall River Gas Works. Feb Jan 1 to Feb 28 Houghton Co Elec Lt.Feb Jan 1 to Feb 28 Hudson Riv Elec P Co. Feb Jan 1 to Feb 28 Mch Keystone Telep Co July 1 to Mch 31 Lowell Elec Lt Corp ..Feb Jan 1 to Feb 28 Milwaukee Gas Lt Co..\pr Jan 1 to Apr 30 Feb Minn Gen Elec Co Jan 1 to Feb 28 Mch Pacific Coast July 1 to Mch 31 — Pocahontas July 1 Collieries. to Mch 865,.500 906,880 7,937,625 7,.590,090 8, .334 5,115 19,888 45,248 67,783 143,822 69,730 604,772 24,099 50,0.58 20,790 43,278 71,250 145,091 453,580 ,882,757 56,106 119,063 452,019 4,577,099 34,834 26,152 88,084 29,370 19,861 72,647 Mch 31 -Int., 25,000 19, .5.57 17,.533 defl ,776 .r34,486 Companies x39,576 x247,821 xdfl4,715 x233,700 1.53 21,511 466,2.50 26,0.53 191,868 x.35,414 xl06,347 x.5.38,274 x819,470 15,542 21,979 219,413 275,572 def397 3,244 3,013 10,279 x56,017 xdefl5,012 x409,785 x579,693 dcfl6,096 (1(118,272 481 $ 14,112 63,308 17,367 51,825 729 11,314 .50,469 13,903 41,711 670 1 ,4.58 1,340 876 1 ,387 316 759 2,188 4,375 a23,694 a211,248 090 1.472 9,0.50 18,100 (/1 6, 895 d248,151 11,232 1.33,742 566,478 19,119 56,189 2,996 9,041 7,647 17,697 10,744 22,068 17,984 48,655 10,490 20,717 60,921 256,126 27,711 62,282 82,626 896,031 18,397 17,091 7,888 36,877 2,188 4,375 930 2,051 10,451 19,986 <il6,049 9,918 -Bal. of Net E'ngs.— Current Previous Year Year. $ $ 122,428 138,066 551,675 516,009 xl3,651 X7.213 X20.451 x40,298 3,573 2,326 7,701 9,149 7,331 8,217 16,938 21,394 8,556 7.8.50 21,019 17,693 5,452 60,601 9,560 10,222 18,666 19,710 17,260 30,404 42,296 62,211 12,793 2,348 89.751 .173 12,486 a Charges here include renewal reserve. d Includes sinking fund and preferred stock dividend. X .Vfter allowing for other income received. STREET RAILWAYS AND TRACTION COMPANIES. x22,795 2,-583 Previous Year. « Ciunberl'dTel&Tel Co Apr Jan 1 to Apr 30 Mch Cuyahoga Telep Co Jan 1 to Mch 31 Ed ElecIllCoBrockton Feb Jan 1 to Feb 28 Fall Hiver Gas Works. F'eb Jan 1 to Feb 28 Houghton Co El Lt Co. Feb Jan 1 to Feb 28 Mch Keystone Telep Co July 1 to Mch 31 Lowell Elec Light Feb Jan 1 to Feb 28 Feb Minneap Gen Elec Jan 1 to Feb 28 Pocahontas Collieries. Mch July 1 to Mch 31 Mch U S Telephone Co 10,109 1,928 23,247 361 2,523 36,937 337,991 23.446 240,264 .59,375* Ren tal.'i. etc.— Current Year. 367 149,617 454,038 21,229 191,837 250,629 2,002,448 11,8.53 26,396 25,612 56,531 18.322 37,986 48.323 108,107 30,196 202,799 Interest Charges and Surplus. 1,037,796 7,469,475 162,987 381,909 1,496,426 40,473 117,451 59,5.59 Mch U S Telephone Co Wilkes-B Gas & Elec. Mch Jan 1 to Mch 31 30,995 220,686 152,178 614,983 29,445 86,778 4,302 10,607 9,093 22,781 10,038 25,394 31,471 71,689 29,146 271,849 10,912 21,182 69,944 332,487 39,454 80,311 95,937 1,087,009 29,688 337,902 23,718 11,335 43.824 ' 1 54,225 157,832 14,285 30,705 26,007 31 Net Earinngs Current Previous Year. Year. $ Buffalo Gas Latest Gross Earnings. Name d(>f3S.<;()3 x26,08S xdef48,S94 xl41,761 x277,392 Week or Month. Current Year. 9 & Hudson. March riAmerican RysC'o. April Atl Shore Line Rv- February Aur Elgin & Chi Ry February Hinghamton Ry .\l)ril Birm Rv Lt & Pow February Boston & Worcest'r March Burlingt'n (Vt)Tr- February Crul I'ctiii Triic Charleston Cons . - . .\pril 138,788 29,845 6,515 51,501 Previous Year. 1 to S 20.381 186,704 6.932 23,099 19,641 111,023 27,164 5.352 43,273 Current Year. S 63.902 776,962 20,422 78,093 83,413 286,724 87,490 12,715 197,391 Ry April April Chi <\c Mil Elec April (/ Chi & Oak Park- April Cluv Painsv & E-. March (•lev Tr Co. Al)ril 1st wk May wk May Rv. 2d wk May Detroit Mom A- Tol. DtMioit United Kv- 1st Duluth Street 21,181 203,928 10,101 38,549 22,01 . Gas .V Elect ChattanoogaRvsCo *H W .ran. latest date. of Road. Albany Mch Mch 151,930 .luly 1 455,727 .St Jos & Grand I.sland. Mch 21,432 188,774 July 1 to Mch 31 Seaboard Air Line Feb 264,411 July 1 to Feb 28 2,071,940 Mch Texas Central 2, .583 23,247 July 1 to Mch 31 282 Tidewater & Western. Jan 2,004 July 1 to Jan 31 Toledo <Sr Ohio Cent .. Mch 38,361 348,101 Julyl to Mch 31 23,648 Apr 'I'ol IVoria & West 230,.508 July 1 to Apr 30 60,740 Tol St Louis <fe West. Feb to Feb 28 488,166 July to to S — Previous Year. $ xdef.S,t)71 RR— 1 Mch 31 Mch 31 W'msp't & Nor Bch--Mch July 1 to Mch 31 Mch Wisconsin Central July 1 to Mch 31 1 July def9,420 12.293 Manhattan Elevated Subway $ Net E'ngs. N Y & Penna x56,014 7,136 21,555 to 1 .r216.388 3,546 13,534 3,546 9,301 Mch 31 Genesee & Wyoming. b 7,419 Jan 1 to Mch 31 21.119 July 1 to Mch 31 Greenwich & Johnson ville 4,600 Jan 1 to Mch 31 13,800 Julyl to Mch 31 Mch a51,516 Georgia RR a466,360 julyl to Mch 31 25,379 & Ship Island. -.Mch Gulf 229,335 July 1 to Mch 31 Mch 64,634 Hocking Valley 592,061 July 1 to Mch 31 Interborough Rap Tran Co July Western Jan of Current Year. $ a Charges here include road rental (paid by lessee) and other deduc615,232 Rio Grande. Mch Julyl to Previous Year. Roads. xll2,597 zl81,455 — —Bal. Current Year. Year. a;77,813 31 Denver -Int., Rentals, &c. Net E'nqs. Previous &NY Mch Mch to to of Current Year. 4,180 37,486 Mch 31 Lack & WesternJan 1 to Mch 31 July 1 to Mch 31 July Int., Rentals, 8,438 67,500 Feb 28 Cornwall & Lebanon.. Mch to 1 &c. Previous Year. 329,987 972,537 45,997 136,147 ClCiriChic&StL.b..Mch Jan 1 to Mch 31 Peoria & Ea.stern . . Mch Jan 1 to Mch 31 Feb Copper Range July — —Bat. Current Year. 344,109 1,049,979 1151 50,155 38.872 57.014 71,022 15,450 47.394 14.134 39,404 206,302 139.897 177.504 282,831 45,238 176.000 '90,099 1,727,457 11,746 2.52,330 46,651 34.286 .35,827 69.1.35 Year. 60,035 688,178 15.606 49.358 74,001 230,643 71 ,520 10 ,,591 160,170 IS4.13S 114.927 114,542 270,726 38,688 141,789 /)47,69l 4,811 98 ,.397 13,552 Pre^'ious 1..507 .946 217.993 . — —— — —— — — —— — _. _ THE CHRONICLE. 1152 Latest Gross Earnings. Name Jan. 1 to [Vol. Lxixn. Gross Earn'gs Current Previous Year. Year. S t date. latest of Week or Month. Road. Current Year. Previous Year. S $ 104,869 31,390 Current Year. Previous Year. Roads. Net Earnings Current Previout Year. Year. % N Y & Queens Co.b EastStL A Sub.. March Elgin Aurora & So. February El Paso Electric. February Wayne & Wab Ft Valley Traction. March Galveston Elect Co February . . . Georgia Ry&Elec. March Havana Elec Ky Wk May 13 Honolulu Rapid Ti & Land Co March Houghton Co St Ry February Houston Elec Co February [llinois Trac Co. March Indianap Col & So. Jackson Consol Tr Jacksonv Elec Co. Kan City Ry & Lt Lake Sh Elec Rj. Lehigh V Transit.. Madison & Int Trac Manila El Ry & Ltg Corp Ry Dept. Lighting Dept.. Met West Side Elev — Rv&Lt Co Mil Elec MilLt H &TrCo-- February March February . . March March March March April April April April April Ry 1st wk Ry &Lt. March Montreal Street Nashville . Maj' NJ&HRRy&F CoRailway DeptFerry Dept March March NORy &LtCo.. February . Niagara StC& Tor April Norfolk Ry & Light February . Nor Ohio Tr&Lt Co April Northwestern Elev April Oakland Tr Cons.. February Oklahoma City Ry March Clean Street Ry... March Orange Co Traction March Peeks Ltg & RR Co February Pitts M'K & Green March Pottsv Union Trac February Rochester & East. February Rochester Railway February 8t Joseph (Mo) Ry & Pow Co. San Fran Oakl'd & San Jose Ry Lt Ht . . . . February . . Schuylkill Ry Co.. February Seattle Electric Co. February South Side Elev.. April Syracuse Ry__ April Tampa Electric Co. February . . RT T & L Co February TolUrb&InterRy, April Toledo Rys & Lig'ht April . . Toledo & Western. March Toronto Railway. Wk May 12 Twin City Rap 'Tr_ 1st 67,501 15,778 193,626 y38,554 232,088 37,649 676,797 683,571 198,087 34,358 550.008 674.483 28,318 26.284 13,676 12.144 39.269 30,919 215,750 178,265 14.999 11,455 10.191 7,793 22,371 23,916 407,267 377,783 56,974 53,460 61,621 53,232 9,379 7,704 83,187 28,608 82,346 658,566 30,855 28,991 47,284 1,219,141 168,730 178,313 26,586 77.524 27.818 65,491 540,005 24.083 23,608 49,476 1,035,666 142,337 137,306 22,720 46,750 28,000 206.215 270,479 46,614 57.043 110.768 174,750 116.750 811,241 1,075,038 177,049 79,992 18,300 228,629 j/26,700 187,494 254,788 42,573 48,485 90,888 14.759 9.738 506,508 16.609 54.852 72,368 126,366 118,996 11,842 7,384 14,576 42,808 68,838 119,669 100,354 ,369 wk May 8,782 7,788 9,133 13,689 14,698 14.902 147,409 7,624 7,308 7,766 11,692 12,956 11,712 124,452 60.19/ . Savannah Elec Co. February United Rys of St L April Wash Alex & Mt V April 306,121 65.296 46,709 120.162 37,062 27,797 1 1 April Terre Hte 21 ,864 i 342,032 77,775 55,143 53,122 49,083 45.821 12,816 216,943 143,634 86,864 35.872 54.902 26.659 156.396 17,526 53,205 96,902 760,197 22,938 41.170 39.491 9.751 179.925 137,851 75,743 30,690 40,746 23,542 147,159 17,708 48,482 82,868 699,483 23,012 Con Ry G & El. Apr 1 to Apr 30 Cleveland & Southw-.Apr Jan 1 to Apr 30 Dry dock E B'way & Batt.h Charl'n Mch Jan to 1 Mch 31 July 1 to Mch 31 Bois Elec & Trac Co- 236,949 51,501 197,391 50,155 101,996 47,394 176,000 211.630 43.273 160,170 46,651 92,965 39,404 141,789 129,313 269,358 84,509 328,449 1 to July 1 to Hudson Valley Jan 1 to Julyl to Mch 31 Mch 31 Rv Co_ b— Mch 31 Mch 31 Kingsbridge RR.b Jan 1 to Mch 31 Julyl to Mch 31 Long Island Elec.b Jan 1 to Mch 31 Julyl to Mch 31 Mil w El Ry & LtCo.b.Apr Jan 1 Milw Lt Ht Jan 1 N Y City Railway, b— Jan 1 10 Mch 31 Julyl to Mch 31 def. 2,364 def. 5,882 7,657 3,766 123,396 411,353 616,543 26,659 104,721 111,828 384,548 147,169 578,074 23,542 89,126 67.952 250,133 72,773 289,904 58,318 231.336 68,006 277,926 10.130 37.190 34,386 119,249 26,393 112,328 4.360 22,008 def 6,215 329,746 1,092,501 760,197 2,803,682 280,424 1,008,196 699,483 2,542,505 70,921 286,834 292,442 1,053,620 29,161 301,967 225,700 770,020 55,388 247,317 58,265 232.481 def 14,076 def 6,093 34,560 66,100 69,859 246,234 46'.874 54.342 222,648 3,978 65,781 2,152 49,231 469,004 206.027 Jan of StLouis 1 to Apr 16".882 305.170 259",463 252,394 217,457 97,391 95,439 27,365 452,339 567,943 340,496 73,711 114,733 104,721 616,545 54,012 1,011,030 1,716,347 2,803,682 81,551 80,831 21,700 381.685 534,159 295,678 61,729 86,993 89,126 578,073 45,778 879,702 1,469,899 2,542,505 Net EarningsPrevious Year. $ def 23, 797 15,727 5,196 def 24 ,503 96,698 420,934 80,993 377,952 23,245 183,245 8,172 126,539 13,321 49,593 24,148 Apr 30 31 31 Mch Mch to 1 31 31 a Net earnings here given are after deducting taxes. b Net earnings here given are before deducting taxes. — Interest Charges and Surplus. The following roads, in addition to their gross and net earnings given in the foregoing, also report charges for interest, &c., with the surplus above or below these charges: deficit — Roads. Binghamton Ry Apr July 1 to Apr 30 Charl'n Con Ry G & E.Apr Mch 1 to Apr 30 Drydock E B'way & Batt— Jan 1 to Mch 31 Julyl to Mch 31 42nd St Manhattanville Nicholas St 1 1 S S xl.021 2.188 39,702 6,670 12,711 7,181 70,096 12,917 25,833 Previous Year. S 1.046 27,529 6,064 9,643 40,034 x81 xdef 50. 108 120,649 rdef53,996 xdef76.154 . 97,033 296,181 96,162 xdef50.554 xdef98.608 293,627xdefl06,532xdefl32,374 64,178 196,159 187,008 63,172xdef 38,269 xdef 51,031 xdef 2,748 xdef 64,404 RR— Jan 1 to Mch 31 Julyl to Mch 31 Long Island Electric 1 46,965 131,959 Net E'ngs.— Ave to to Kingsbridge Jan 2,555 7,362 72,936 12,967 25,934 of Current Year. & Mch 31 Mch 31 Hudson Valley Ry CoJan 1 to Mch 31 Julyl to Mch 31 Jan — —Bal. &c. Previous Year. Int., Rentals, Current Year. $ Bennington & Hoos Val Jan 1 to Mch 31 to Julyl to Milw Elec Ry Mch Mch 21,732 65,325 8,821 27,238 88,364 31 31 21.765 def 20.132 def 22,478 75.824 def 49.374 def 67,132 8.945 xdef 11 .951 xdef 10,592 xl.715 xll.120 27,263 X54.971 74,974 x50,735* X198.293 X192.049 294,617 3,21* X3.168 19,539 def 31 x8,306 76,906 & Lt Co .Apr Jan 1 to Apr 30 347,690 Milw Lt Heat & Trac. .Apr 24.306 Apr 30 Jan 1 to 92.499 New York City Railway Jan 1 to Mch 31 2.789,724 Jan 21,092 71,229 14,191 1,609 15,951 def. 713 Mch 8,404,774 2,777.070 xdf926,367xdfl322.406 8 .366 .847xdfl 688.280xdf 2042.825 50,763 153,060 22,667 90,667 50.161 xdef 17.643 xdef 20.096 x64,418 149.968 x43,711 6,356 22,917 7,781 19.776 91,668 30,271 27,000 31 def. 1,877 28,092 128,846 480,982 22,753 75,587 1,172,093 5,390,779 to Mch Mch 31 31 Nor Ohio Trac & Lt _ . . Apr Jan 1 to Apr 30 Richmond Lt & RR Jan 1 to Mch 31 Julyl to Mch 31 Syracuse Rapid Trans. Apr Apr 30 Apr 30 Tarrytown White PI & Jan 1 July 1 27,000 xdef 8,578 xdef 9.181 81 ,000 xdef 1 1 ,077 xdef 23,090 14,672 11,418 20,450 to Julyl to 1 Toledo Rys Jan & 1 & to Mch Mch 31 31 Lt Co. .Apr . Apr 30 29th St Crosst'n— 1 to Mch 31 Mch 31 Jan Julyl to Union Ry of New York Jan 1 to Mch 31 Julyl to Mch 81,567 203,292 57.763 162,693 39.826 110,207 7,875 23,853 7,930 23,995 xdfl0,139 xdfl5,996 xdfl3.746 xdf20,102 17,316 52,688 42,213 169,208 16,758 51,738 41,765 170,149 x51,511 X200.070 30.560 120,696 M 1 to Mch 31 Julyl to Mch 31 Thirty-fourth St Crosst'n— Jan 81 ,000 22,907 89,144 211,649 to to Jan 93,168 18,692 1 Julyl to 28th 1,562,313 5.762,078 156, .396 New York & Queens Co 8.227 29.869 97,625 6,067 7.907 17,981 35,476 14,029 46,079 23.952 25,470 24,289 def. 3,239 111,287 37,638 254,788 136,044 996,815 534,655 42,573 27,406 154,261 100,533 def 2.705 def 12.990 12,265 def 25,309 RRCo-b-— Julyl to 31.120 27,240 6,100 9,550 34,845 112,637 3.299 10,008 18,637 38,646 18.055 64.820 Mch Mch to 1 Julyl to Yonkers Jan 23",627 19,343 39.344 31.869 Current Year. % 29.273 111.444 Westchester Elec Co b. 92,845 261 ,728 26,772 125,704 3,960,771 3,639.467 12,924 256 12. 285,921 17,436 76,375 30,448 120,938 Y_b— UnitRys Jan 152,408 573,150 29,372 129,807 270,479 to Apr 30 1,075,038 & Tract. b. Apr 46,614 to Apr 30 177,049 31,868 121,393 313,499 27,991 206.054 b— of N to Mch 31 Julyl to Mch 31 18.911 202,971 667,616 59,255 37,579 146,907 374,242 & Toledo Rys Nicholas Ave.b Jan 75,743 295,678 736,241 23,958 93,522 30.443 7,335 Jan 1 to Mch 31 42nd St Manhattanville & 86,864 340.496 8.50,523 31 31 Thirty-fourth St Cros'n Jan 1 to Mch 31 Julyl to Mch 31 Julyl to 19,641 74,001 Mch Mch to 1 Julyl to 42,408 28,062 1,005,086 51,352 115,345 283,603 501,202 240,618 29,830 25,894 — St Jan 25"l",566 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 given once a month in these columns, and the latest statement of this kind will be found in the issue of April 28 1906. The next will appear in the issue of May 26 1906. 9,676 22,011 83,413 40,631 157,706 30,068 188,263 TarrytownWhite Pl&M b 313,932 1906. % 48,333 178,199 Syracuse Rap Tran.b.Apr Jan 1 to Apr 30 Julyl to Apr 30 July Bennington & Hoos Val.b— Jan 1 to Mch 31 Binghamton Ry Co.. .Apr Jan 1 to Apr 30 July 1 to Apr 30 Cent Pa Trac Co Apr Jan 1 to Apr 30 135,274 514,694 68,838 261 .728 31 Union Ry Jan 1 ft Roads. Mch Julylto % 165,897 595.617 72,368 283,603 31 31 730,483 996,815 154,261 I Gross Earn'gs Current Previous Year. Year. Mch Mch to 1 Julyl to Nor Ohio Trac & Lt.a. Apr Jan 1 to Apr 30 Richmond I>t & RRCo b Jan 1 to Mch 31 Lt Co _ a. Apr Jan 1 to Apr 30 Tol Urban & Interur.a.Apr Jan 1 to Apr 30 28th & 29th St Cross'n b Jan 1 to Mch 31 Julyl to Mch 31 a Figures for the month in both years include operations of the Scranton Ry., acquired Jan. 1 1906. Total is from March 1. d These are results for main line, y Spanish silver in 1905, American currency in Du Jan 9 31 United Rvs of St Louis Apr Jan 1 to Apr 30 Westchester Electric Co Jan 1 to Mch 31. _ >' 21,492 66,462 107.006 243.387 198,026 793,270 x42,435 rl82.222 26.241 107,777 20,911 xdefl6.817 xdef26.801 64,958 xdef42.479 xdef39.835 100,621 230,713 199,069 797,541 xl,973xdef 32,683 xl 16,781 26,631 94,416 ' 260,350 def 27.621 .t90,508 31 25,980 76,693 25 ,388Ixdef 39 ,653 Jxdef 3 1 .164 76.516 .Tdef40.435:xdefl9.874 Mch Mch 31 31 26,820 83,205 27.240 xdef22 .SOSJxdef 24 ,871 83.338 xdefl7,313Ixdef33.666 X After allowing for other income received. Julyl to Yonkers Jan Mch RR Co1 to Julyl to May THE CHRONICLE. 19 1906. J ANNUAL REPORTS. an index to Annual Reports. — The following is EARNINGS, EXPENSES AND CHARGES. all annual This index does not include reports in to-day's "Chronicle". — . General Electric ...1038, 1047 Lanston Monotype 1039 Michigan State Telephone 1104 New England Telep & Telegraph.. .1104 Pennsylvania Steel 1100 Pocahontas Collieries 1045 Streets Western Stable Car Line 991 1101 United Gas Improvement ...IIOO United States Rubber... U. S. Steel Corp. (3 mos. end. Mch. 985 31) Street Railways — Capital Traction, Washington. 926 — Street Railways (Concluded) Chicago City Ry Chicago & Milwaukee Dallas Electric Corporation Eastern Consolidated Electric Georgia Ry & Electric _ 507 .1097 80i 691 627 Havana Electric Ry 802 Indiana Union Traction 449 Indianapolis Traction & Terminal.. 627 International Trac. Co^BufTalo 624 Inter-State Railways, Philadelphia. 627 KnoxvUle Railway & Light 628 Little Rock Railway & Electric 628 Louisville Traction 692 Manila Elec. RR. & Lighting Corp. .1041 Metropolitan West Side Elev., Chic. 865 Hudson Riv. Ry.&Fer.510 New Jersey & New Orleans Railway & Light 925 Phila. Co. of Pittsburgh 1099. 1106 Sao Paulo Tramway Light & Power. 988 Toronto Ry 494 Twin City Rapid Transit 556 United Rys. & Electric Baltimore.. 1038 United Railways of St. Louis 984 United Rys. In v. Co. of San Fran 753 Washington Ry. & Electric Co 800 1902. $ 27,485,171 5,868,722 746,020 880,670 1,279,752 130,246 27,696,777 6,117,930 756,554 786,943 183,503 24,966,656 5,660,764 658,123 734,464 830,959 174,682 40,596.440 36,390,582 36,602,935 33,025,648 Expenses Maint. of way, &c 5,354,734 Maint. of equipment. 6,416,431 Conduc'g transport'n. 15,287,978 General 730,881 Taxes 1,248,763 3,842,144 5,829,573 14,439,818 722,241 1,209,586 4,341,853 6,066,670 14,836,711 728,425 1,143,025 4,371,003 5,198,863 12,123,044 566,317 1,049,201 29,038,788 11,557,652 6,756,003 26,043,362 10,347,220 7,120,349 27,116,684 9,486,251 5,960,577 23,308,429 9,717,219 5,413,983 18,313,655 17,467,569 15,446,828 15,131,202 8,340,055 2,478,992 425,761 1 ,003,547 10,868 7,851,119 2,213,417 438,495 1,697,024 79,584 7,074,990 2,236,883 451,202 414,913 149,198 6,758,004 2,103,748 231,552 135,864 118,049 Total deductions _, 12,259,223 for year.. 6,054,431 12,279,639 5,187,930 10,327,186 5,119,642 9,347,218 5,783,985 Express Mails Rents Miscellaneous Pennsylvania Company. — in gross earnings, reflecting the prosperous conditions prevaiUng in the territory tributary to the system; and while there was a large increase in the operating expenses, the net earnings, after deducting the rental of the roads operated on the basis of net earnings, were $9,587,456, a gain of $1,294,588 over the previous year. The income from investments, of which a detailed statement is attached to the report, was $6,756,203, being 5.6% on the cost thereof, making the gross income of the company $16,343,459, an increase over 1904 of $930,242, and after deducting all fixed charges, interest and other liabilities, including advances to lines in its system, there was a net income of $6,054,431. There were paid out of this amount, in addition to contributions to sinking funds aggregating $322,164, the sum of $1,334,000, the amount of certificates of gold loan of 1901 drawn Nov. 1 1905, and a dividend of upon the capital stock, leaving a balance of $2,398,268. From this amount there was transferred to the fund for extraordinary expenditures the sum of $2,000,000 to provide for future betterments not properly chargeable to capital account, and the balance of $398,268 was transferred to the credit of profit and loss account. The tonnage of the lines directly operated was 77,880,690 tons, an increase of 15,282,980 tons, or 24.41%; of the lines operated directlv by the Pittsburgh Cincinnati Chicago & St. Louis Ry. Co., 35,023,606 tons, an increase of 4,083,334 tons; and of the lines operated through their own organizations 19,315,722 tons, an increase of 1,237,350 tons. The aggregate tonnage moved upon your entire system during the vear was 132,220,018 tons, an increase over 1904 of 18.46%. The aggregate tonnage mileage was 10,115,689,192, as compared with 8,560,688,066 in 1904, an increase of 18.17%. The number of passengers carried on all lines was 28,341,119, an increase of 469,867 passengers, or 1.69%. The aggregate passenger mileage was 823,361,883, a decrease of 5.32%, due to the abnormal travel to St. Louis in 1904, growing out of the Louisiana Purchase Exposition at St. Louis. The average rate received per ton mile on all lines of the system was 6 4-10 mills, a decrease of 1-10 of a mill as compared with 1904. Improvements, &c. There were increases in expenses in all departments, notably in maintenance of way and structures and in maintenance of equipment, due to outlays necessary to maintain the track, motive power and equipment in a condition to meet the requirements of the traffic. Heavy expenditures were necessary upon the Pittsburgh Fort Wayne & Chicago Ry., in the elevation of tracks in Chicago and the depression of the tracks in Allegheny for the purpose of eliminating grade crossings; the construction of third, fourth and fifth tracks and sidings at various points, and the further extension of yards, tracks and other terminal improvements. The work of elevating the tracks of the Cleveland & Pittsburgh RR. in Cleveland was commenced, and a Hberal expenditure made for double tracks, yards, docks and other faciUties on this and other lines in the Northwest System. On the Southwest System the work of elevating the tracks on the Pittsburgh Cincinnati Chicago & St. Louis Ry., between Ada and Fulton streets in Chicago, and the construction of second track between Columbus and Indianapolis, was vigorously prosecuted; also the construction of other additional main tracks and sidings and the improvement of yards at terminal points. A second track was constructed on the Duff branch of the Ohio Connecting Ry., thus greatly facilitating the movement of traffic between the Pittsburgh Cincinnati Chicago & St. Louis Ry. and the Pittsburgh Fort Wayne & Chicago Ry. There was also a considerable increase in the locomotive and car equipment on both 5% — — New Route. A new route between Cleveland and Pittsburgh was opened in the latter part of the year by connecting the Mahoning Valley Western Ry., over which permanent trackage rights have been secured, with the Cleveland & Pittsburgh RR. near Ravenna and the Pittsburgh Youngstown & ,\shtabula RR. near Niles, and using that road and the Pittsburgh Fort Wayne & Chicago Ry. to Pittsburgh. This line furnishes a low-grade route and will greatly facilitate the handling of business between Cleveland and Mahoning Vallev points and Pittsburgh. Payment of Collateral Obligations New Slock. The $50,000,000 issue of temporary collateral obligations made by this company to meet the heavy capital expenditures on its operated and controlled lines was paid oflf at maturity, Oct. 1 1905. As will be seen by reference to tlie general balance sheet, the capital stock was increased' by the issue and sale of $20,000,000 stock, making the total capital stock oiitstanding $60,000,000, — — — Erie A- Piltslmryh Debentures (or Sink-irui Fund AUi^inrcs. In pursuance to an agreement with the Erie& Pittsburgh RR. Co. under date of Nov. 1 1905, the Penn.sylvania RR. Co. has arranged, through vour company, to provide for the .sinking fund installments required hv the general mortgage of that company of .luly 1 1890, the Eiie & Pittsburgh RR. Co. agreeing to deliver to your coiiiiiany from time to time its 3 4'*; debentures, at par, to the amount of such advances, and upon final paviiicnt of the general mortgage bonds to issue new mortgage bonds in lieu thereof, and exchange them, par for t)ar, for tlie debentures so delivered. Payment of Trust Certificates. Of tlie 3 4<'f Series A guaranteed trust certificates, $28,000 svere retii-ed under the terms of the sinking fund; Series H, $106,000 were redeemed; of .Series C, $52,000. Under the provisions of the $20,000,000 3J^';j gold loan of 1901. $1 ,.334.000 (one-fifteenth of the original issue) were drawn for payment Nov. 1 1905. Of the $4,500,000 general mortgage bonds issued l)y the Erie &. Pitts- — burgh RR., $42,000 have been redeemed. The results following are on the Pennsylvania Company: — .$ 1 ,061 ,228 . (Report for Fiscal Year ending Dec. 31 1905.) President Cassatt says in part: The income account for the year shows a large gain General Results. systems. 1903. $ 31,242,539 6,174,760 812,029 874,539 1,385,588 1 06 ,984 Freight Passengers sections. . 1904. Total . — 1905. $ Earnings reports of steam railroads, street railways and miscellaneous companies which have been published since the last edition of the "Railway and Industrial" and "Street Railway" Page Railroads Delaware Lackawanna & Western. -1097 Grand Rapids & Indiana 1098 987 Grand Trunk Ry of Canada 1037 N. Y.Chicago & St. Louis Phila. Baltimore & Washington 984 West Jersey & Seashore 985 Western N Y & Pennsylvania 984 Industrial Companies American Beet Sugar 1099 Bethlehem Steel Corporation. 1039, 1050 _ Boston Towboat 1042 Consolidated Rubber Tire 1043 1153 all lines directly operated by Total Net earnings and divid. rec'd. Int. Total Deduct — All rentals Interest on bonds Car trust payments -Interest, general acct. Advances to RRs Net income Distribution — Added "extraor." to expend, fund Sinking fund, &c Dividends 2,000,000 2,000,000 1.656,164 1,583,138 1,627,960 1,627,910 (5)2,000,000 (5)2,000,000 (4)1 ,600,000 (3)1 ,200,000 3,183,130 1,936,512 3,627,910 1,560,020 5,656,164 398,268 Surplus 4,827,960 956,025 X From the "profit and loss account" $3,000,000 was appropriated in 1903 to the "extraordinary expenditure fund" and $2,000,000 in 1904. PROFIT AND LOSS ACCOUNT 1905. Balance at credit Dec. 31 Deduct amount charged 1904 off in reduction of value $6,716,137 Balance for 1905 of securities and ad398 ,267 justment of old accts.- $234,610 Amount at credit Dec. 311905 6,879,794 $7,114,404 $7,114,404 BALANCE SHEET PENNSYLVANIA COMPANY DEC. 31. 1905. 1904. 1903. $ $ $ 16,476,676 119,392,884 118,520,328 8,011,040 8,356.144 8,231,619 1,009,295 988,882 1,006,168 Assets — Securities . Equipment Real estate Real estate in trust Steub. Extension RR. lease I.,eased roads, betterments Dues in current account Advances Station agents, &c Bills receivable Material on hand Miscellaneous assets Cash with Treasurer Cash on special deposit Cash for interest on bonds Sinking funds (inch leased roads) Total assets Liabilities 60 000,000 63 496,000 6,000 803,411 2 179,786 3 178,290 3 783,303 793 ,086 2 772,118 3 149,579 Lessor companies for suppUes Dues in current account Current expenses, leased roads Miscellaneous liabilities Interest on debt Extraordinary expendit. fund Reserve fund leased roads Pennsylvania RR. advances Sinking funds , loss Total liabilities -V. 82. p. 335,281. 40,000,000 65,070,000 50,000,000 803.411 1,607,553 3,186,238 4,203,362 1,366,434 3,109,835 3,060,300 8 510,5.38 6 879,794 Funded debt Collateral loans and 236,582 1,238,573 6,468,153 1,311,361 2,125,137 1,352,977 628,678 2,338,546 3,139,629 1,972,302 32,565,519 469,675 3,526,160 236,832 1,238,573 10.051,571 1,425(770 1,717,401 1,349,590 744,956 3,372,163 5,004,428 1,565,435 562,775 3,414,982 155 ,550,904 185,886,677 158,212,011 — Capital stock Profit __ 156,474 1,238,573 5,119,037 2,018,775 2,692,181 1,343,053 546,193 2,561,846 3,596,482 2,978,523 3,360,325 468,050 3,629,279 6,763,407 6,716,137 ..155,550,904 185.S 40,000,000 56,635,000 831,831 1,228,753 3,608,269 5,278,384 868.399 3,489,031 2,983,262 31,827,076 5,063,066 6,.398 ,949 5.677 158.212,011 Anaconda Copper Mining. (Report for Fiscal Year ending Dec. 31 1905.) President John D. Ryan at the annual meeting on May 16, it is reported, said in part: Development Work. The mines were developed during the vearTtO greater depths than have been reached heretofore in the Butte district, and with the increased depths the life of the mines and grade of ore are a.ssured for many years to come. The Anaconda mine is now opened on the 2,400-foot level and the Never Sweat and St. Lawrence on the 2,200, and at these depths the veins show fully as good in size and in value of ores as in any of the levels below the 1 000-foot The mining properties owned outside of the working mines have been developed to a considerable ex- — , . tent during the year, with satisfactory results. Lease of Smelter. The new reduction works of the Washoe Companywere leased for a long term of years on a reasonable rental basis, which rental covers only interest on the amount the plant cost with usual allowance for depreciation. During the year 1905, 1 ,626,306 tons of ore from your mines and slags, slimes atul flue dust taken from the old works were treated at the new reduction works at a difference, after naying rental, of $1.5886 per ton in increased savings of metal values and decrea.sed costs as compared with the old works in 1901 the last year of their o|)eration. This saving amounts to $2,683,549 on tlie ore treated for your company during 190.5. In addition there has been recovered in salvage and from metal values in the dumps of the old works since they were abandoned $3,645,625 net profit to March 1 1906, and the cupreous material yet in sight at the old works is estimated at about $1 .750,000, or, with net profits already realizerl, about 85' of the book value of th(> old works when i they were in operation. Included in the book value of the old works is the refinery plant, wliicli still stands intact n>ady for operation, but the company (Iocs not continue its oixMation as contracts liave been made with refineries at the seaboard thai make it more profitable to ship the product and have it refined at the seaboard than to refine it at .\iiaconda. Operations. The mines in operation during the year were tlie Ana- — , , — conda, Never Sweat, St. Lawrence, .Mountain Con.soliilaled, Hell, Diamond and High Ore. The Gallatin and .1. I. ('. were opened and operated and a limiteil tonnage taken from them in the latter half of the year. The mines of the company pi'oduced 1 ,543,316 wet tons of ore. of which 61 ,149 - . . , . dry tons of sincltinis' ore rcinaineil on hiinil at tlie reiluclion works at the 'I'he close of the year, leaviiit; l,470,t)94 <lry tons treateil at the works. use of electrical jiower lias largely increased ami will coniiniie to increase mines, effectinjc a very considerable saving over |)ower generated al the with coal. Tlie rednction works treated for all conii)aiiies dnring the year 2,650,StiS tons of ore and other cupreous material. Of this 1,47(),(')94 tons of ore from the mines, 44,.'>()ti tons of slime and 2.S,S)00 tons of Hue dust, 82,789 tons of slaf,' and 4,.S.">7 tons of miscellaneous cleanings from the old works were treated for your comi)an.v, from which there was produced 95,44:1,730 ixjuuds of fine copper, 3, 110,880. 045 ounces of silver and 19,165.429 ounces of gold in the form of anodes, which were shipped to Eastern refiners. Sub-(.'o7n}>anies. During the past year all the subsidiary departments made a profit excepting the townsite and hotel departments, and in the.se two departments the losses are practically offset l).^ tlie amount of depreciation charged oM against investment. The coal mines al Hell (iroduced during the year 265,744 tons of coal; 135,924 tons were shipped to other departments of the compatiy, and 1 12,978 tons were sold. The saw mills of the lumber department at Hamilton cut during the year 30,887,501 feet of lumber, of which 6,124,138 feet were used by the <:oinpany and 24,783,363 feet sold connnercially. Tlie Hutte Anaconda Pacific Ry., in which your company owns a controlling interest, transported during the year 3,994,507 tons of ore and freight and 175,423 i)a.ssengers, and .showed gross earnings of $1 ,055,- — & 927. Operating expen.ses were S673,784, taxes, interest on bonds and A dividend rental on lea.sed lines were .?89,528, net income was $292,614. of 6*:;, on the capital stock was declared, amounting to $60,000, leaving suri)lus profit carried forward $232, (>14. Profit and Loas Account for llie Year Ending Dec. 31 1905. Receipts Dishursements $ $ Sales of copper, silver & Copper, silver and gold ?old ^ on hand .Jan. 1 1905 . 6,336,427 17,429,098 Royalties 65,441 Mining expenses, includDivs. on investments developm't & deprec'n 5,403,585 32,100 Rental of water rights 50,000 Ore, matte and copper purcha.ses (incl. trans.) 349,258 Miscellaneous receipts 96,285 Net profits of subsidiary Transp. of ore to reduction works 226,515 depts. after deilucting depreciation 300,174 Reduction exp. at Anaconda, incl. deprec'n-- 4,046,822 Copper, silver and gold Transp. of metals to East on hand (copper at co.st refining & .selling exp . . 1,729,175 silver & gold at selling 54,699 price) 5,761,105 Administration expenses — — I 1 _ Total disbursements. .18,146,481 $5,587,722 131 ,106 23,734,203 Totallreeeipts Balance interest Total net Income Quarterly dividends Nos. 19, 20 and 21 (total 113^%). .$5,718,828 3,450,000 . Balance, surplus for year $2,268,828 Balance Sheet Dec. 31 1905 (Compare V. 67, p. 953). Assets Mines, — Liabilities claims, itiining 30 ,000,000 Capital stock land, &c 20,4.30,757 Accounts and wages pay. Buildings, saw mills, &c- 4,267,516 and taxes accrued 1 ,626,286 Invest, in sundry cos 531,560 Div. warrants not preInsurance unexpired sented 17,016 66,079 Materials and supplies . . 1,508,761 Div. No. 21, payable Merchandise for sale Jan. 18 1906 1 ,050,000 628,491 Copper, silver and gold.. 5,761,105 Surplus 7 ,240,572 Loans and accounts ceivable and cash re- Total assets. —V. . THE CHRONICLE. 1154 Add. .. . . - . BALANCE SHKET DEC. 1905. $ Mines, real est.,<tc. S,,010.179 Cum. <t I'cnn. UK. a ,4'J7,42:i Uoicrvc fund Inv z2 ..•JlO.aa.O A .nel.1 — Stoanicni, twM barges, Ac and Canal boats 70,320 Shares of otlicr jtco'K (book val.).j/B ,039.010 own Coiniiany'B bonds In treasury Consol. Coal Co.'s sink, fund I'enn. liH. 1st M. sink, fund Bonds to retire outst's bonds... IiLsurance fund 1 ,135,000 Hills C'ash 1 ; I 350,851 :i09.703' IJiUs&acc'Ls pay'ln lUueB.ArO.RR.Co. 1, 7.50,000 259,205 07.085 259,205 112.000 101.703 1.750,000 ;Ml.scellaneous 243,8901 Div. r)a.vable I'eb.l 189.3041 1'roflt & loss, sur.. .783.780 .502.049 Coal on hand Loans to sub. co.'s. Miscellaneous | Total habilities. ..39,933,874 05,324 243. S97 231,090 1.878.590 19,849 410.000 2.554.950 .30,010 015.000 (;i5,'-09' 351.279 813.912 207.808 800.791 47.059 . & accts. rec'le 425.972; 708,2781 188.2931 27.:«1 Total... .27.634,010 28,861.1711 ...27.6,34.010 28.861.171 T These include 24,702 acres Pennsylvania coal lands. S094,744; 11. .500 acres W. \a. coal lands. IK'j acres surface land. $1,212,993; Cassville & Mononeahela RR. Co. stock (820.000,000), .?4,4:i8; cash. S3, 800; Southern Coal & Transportation Co. (stock, $250,100, bonds, S400,0n0) -5-100.000. ($259.705 89 advanced by the company ) ?/ Stocks owned, total par value, -?10,235,700. viz' Cumberland & Pennsylvania Co.. .51.500.000: Fairmont Coal Co.. S(i,001,200; Somerset Coal Co.. .52.001,100 Clarksburj; Fuel Co.. $300' Coastwise Transportation Co., common, S74.50O. and preferred, 874,500; Canal Towasje Co., S5.000; -Md. Con-struction & Contracting Co., 820,000; Metropolitan Coal Co., 8501,100: Rapid Coaling & Transfer Co., 81.000, RR. Pittsburgh & Fairmont Fuel Co. bonds. 857.000. See also the reports of the subsidiaries, the Fairmount Coal Co. and the Somerset Coal Co., below. —V. 82, p. 807, 1043. Fairmont Coal Company. {Report for Fiscal Year ending Dec. 31 1905.) This subsidiary of the Consolidation Coal Co. of Maryland (see above) reports as follows: EARNINGS. EXPENSES AND CHARGES YEAR ENDING DEC. 31. 1905. 1903. $3,518,674 2,871,257 $3,754,152 2,899,948 $5,197,686 3,428,631 $647,417 67,500 253 ,496 & taxes 1904. $854,204 67,500 264,833 $1,769,055 $968,413 $297 ,691 169,037 76,083 Gross earnings Op. expen.,deprec. of plant $1,186,537 $272,319 168,137 76,524 (3)360,000 25,622 $2,126,068 $261,272 $902,602 $283,935 $783,105 $1,342,963 Netearnings Dividends on stocks owned Miscellaneous income Total Interest on bonds Royalties Sin'kingfund Dividends (2)240,000 27,300 25 ,986 Miscellaneous Depreciation on car equipment Total Surplus for the year $836,097 $132,316 GENERAL 82. p. 754. . I 173,099 I'ay-rolls Marine las. fund H5,035 Total I 197.010 Cum. & Materials JJuo for coal sold I S ! M. 1st ,- 31. 1905. 1904. LUiblllttes— S s S,.5.''>J,072iSlo.kC.C.Co 10 ,250,000 10.250.000 do Cura.&P.HR. 1,,500.000 1.500,000 :i..507,927 Bonds— 1 .909,209 Con. Coal Co 8,,2.50.000 8.250.000 537,0471 Cura.&Henn.RH 1. 000,000 1.000.000 (;5.498|Sinkinz fund-f ;on ('oal Co 197,019 173.099 5.9S5,810j Cum. & H. RH. . .350.851 309.703 Reserve fund 2 ,050.329 1,934.292 3, 012. 000 I. Vcc'd Int. on bonds 43.523 25.148 Tr.idlf balances 10.245 15.222 1904. I 5IO,.37fi 6,749,605 ..39,933,874 [Vol. lxxxii. SHEET DEC. BAI..\NCE 1905. S Assets— 1904. S 148,-523 76,228 (2)240,000 57,082 31. 1905 — I 67, .500 289,513 1904. LiabUilies 8 S Plants, mines, real ICapital stock 12,000,000 12,000,000 estate, &c 16,927,155 16,867,394! Funded debt 6,686,000 6,784.000 Car equipment . . 275,822 365,701 Sink'K fvmd reserve 358,808 280,383 Unpaid coupons.. Sink's fund (bonds 138.250 6,845 of 1901) -. 0358,868 280,383 Loan Guaranty Tr. Advanced paym'ts Co.. Clarksb'gFuelCo. on coal purchases 280,765 165,2321 496.000 Bonds held to retire Loan Consolidation outstand's bonds 683,000 CoalCo 784.0001 700,791 102,418 Cash lor coupons6,845 138,250 Car trust notes... 162,810 211,080 Pay-rolls Cash on hand and 87,504 77,310 332,338 \ccounts pay.able. in banks 530,929 61 ,841 123.969 1 ' 1 Consolidation Coal Company (of Maryland) 1 1 {Report for Fiscal Year ending Dec. 31 1905.) J President C. W. Watson says in part: Tonnage. The total output for the year of coal mined by the company was 2,096,213 tons, an increase of 262,842 tons over that of the preceding year and the largest in the history of the company. This tonnage was — obtained as follows: M ine — 1904. 1905. Mine — 1904. 1905. 40,696 tons. Railroad Department. The coal tonnage handled by the Cumberland & Pennsylvania RR. during the year amounted to 3,527,151 tons, an increase of 390,184 tons from that of the preceding vear, distributed as follows: To Baltimore & Ohio RR., 2,935,394 tons; to Pennsvhania RR., 305 ,863 tons;!to Chesapeake & Ohio Canal 1 75 ,947 tons local ,1 09 ,947 tons Acquisition. In November vour board authorized the purchase, for the sum of $400,000, of a majority of the stock and .$400,000 of the bonds of the Southern Coal & Transportation Co., whose propert.y is located at Berryburg, W. Va., consisting of some 4,500 acres of the Pittsburgh vein of coal, equipped with a modern, up-to-(late plant and i>roducing about 250,000 tons per annum. (On Dec. 31 1905 the Consolidation Coal Co. reported among its "Reserve fund investments" $250,100, par value, stock, and $400,000 bonds of the Southern C'oal <fe Transportation Co., together valued at $400,000. Ed.) Tables show the coal production of Consolidation Coal Co. and its subsidiaries as follows, in tons; (see V. 78, p. 1272): — — ; , — Pitts. — & Year Consol.Coat. Fairmont. Clarshurq. Somerset. Fair. 1905 2,096,213 3,748,230 564,918 371,064 1,352,539 1904 1,8:«,371 3,750,176 489,790 883,493 352,522 1903 1,753,783 3,691,783 .505,922 223,930 1,177,982 Coke produced in 1905: Fairmont, 106,085, against 68,473 tons in 1904 and 206,468 in 1903; Somerset, 50,183, against 271 tons in 1904 and 45,498 in 1903. Income Account for Three Calendar Years. 1905. .$4,165,437 Earnings— Mines, RR., &c Otherincome 1904. 1903. 312,048 $4,419,249 281,588 $4,477,485 Total receipts 130,589 331,703 $4,462,292 $4,700,837 .?4, Treasury bonds. ~ 2,902,491 2,995,589 $1,574,994 $1,466,703 $1,870,249 on debt (incl. C. & P. RR.)... $247,204 Reserve fund 121,703 Sinking fund . 49 ,340 Interest on special bills payable 39,66! Interest on reserve fund investment . . Dividends (6)61 5, ()()() $88,144 $77,4,50 106, .526 314,285 45,952 156,575 Net receipts 2,830,588 Deduct^ Int. Depreciation I >. mpro vements and miscellaneous . 46,305 174,115 owned, book value 61,636.334 (4)410,000 103.683 4 ,723 17, .594 Total $1 ,172,704 $946,367 Surplus $402,290 $520,3:56 (4)410,000 115,503 19,226 $1,192,737 $677,512 14.000 Dividend B. & O. settlement 1,104,808 Accrued bond int. 1.110,112ilndividuals 205,3841 companies 496,0001 Miscellaneous 240,000 5.729 200,395 23,298 2,978,897 345.984 23,200 2,921,528 and 309,323 Profit and loss 1 360.000 119.965 138.120 Securities 7,592 Miscellaneous Total 1 628,708 8,156! Total 23,765,340 23,869.852) 23,765.340 23.869.862 a Includes $324,000 canceled bonds, $6,641 lands acquired and $28,228 cash. 6 Includes stocks having total par value of 84.795.900, viz.: Northwestern Fuel Co.. $1,350,000; Clark.sburg Fuel Co.. 82.360.800 (out of total lasue of $3,000,000); Pittsburgh & Fairmont Fuel Co., 81,125.100; other. 8110.000.— V. 82. p. 807. 221. Somerset Coal Company. {Report for Fiscal Year ending Dec. 31 1905.) This subsidiary of the Consolidation Coal Co. (which see above) reports as follows: W. Watson Pr8.sident C. " says: This company owned 18.485 acres of coal in what is known as the Jenner For the purpo.se of economical mining it was necessary to buy 1,998 additional acres adjacent to and connected therewith. It was also decided, on account of the superior quality of this coal, that six mines should be opened up at once. These six mines will develop practically 6,000 acres of coal and produce approximately 5,000 tons per day. Field. EARNINGS, EXPENSES AND CHARGES. 1905. 1904. 1905. $ Gross earnings .. 1,606,271 975,299 Interest on bonds Interest on loans. Oper. exp., dep'n of plant&taxes 1 ,376,842 791 ,403 Royalties Sinking fund Net earnings 229,429 183,896 Insurance Miscell. income. 21,445 29,361 Total Total 250,874 213,257 (Surplus for" year." GENERAL BALANCE SHEET DEC. 1905. A sseUi — S & re.al estate .7,035,587 Plants & equipment. 912,293 Mines Sinking fund.. .53,746 95 ,07:1 's 1,052,347 Coal&coke on hand 605,375 Bills&acc'tsreceiv. 181,053 Cl'ksb. Fuel Co. loan 803,524 Material on hand. 319,132 Operating expenses, deprt elation on milling plant and taxes 27,000 . Individ's and co for coal sold • Hoffman. -. 360,175 389,444 Ocean No. 8 126,664 94,089 Ocean No. 1. -. 527,084 16,002 475,792 Ocean No. 9 26,893 Ocean No. 2. 5,566 10,460 8,496 Pumping Sta'n 13,168 Ocean No. 7. -1,036,663 11,316 827,772 Other The coal mined by lessees of the compan.v on royalt.v amounted to 337,843 tons, as compared with 297,147 tons for 1904," an increase of account I I ... 99.697 coupons .. (^ash on hand and In banks Treasury bonds 1,525 Cash . for Bonds collat. to lo.an Individ's and co.'s for & .... 190,584 33,049 63. ,505 - - Miscellaneous Total — V. 11,832 -. 82. p. 809. S I Liabilitic.'!— I 1 150,040 150,000 4,645 25,122 10,193 40,576 26,505 2,160 1,820 222 .543 28,331 188,518 24,739 31. 1905. S 1904. S 4,000,000 4,000,000 707,643 1st M. bonds (V. 74, 56,225 p. -382, 430) 4.000,000 4,000,000 56,225 2,325 Sinking fund reserve 99,697 Pay-rolls 43,440 35.385 252.833 Accounts nayable. . 93,346 48.915 1,000,000 Bills pav.able 300,000 IConsol. Coal (^o. loan 100.000 .A.ccr'd int. on bonds. 02,667 62,500 144,0081 Accrued taxes 10,288 94,802 Miscellaneous 13.243 9.180 62.069 Profit and loss 806.262 828,900 1 1 I accts. rec'ble coal sold Coal on hand Bills 200,620 492,000 500,000 1904. 6,701, 481 Capital stock 1904. $ 1 7.:50fl .9,541,298 9,028,7541 Total 9,541,298 9.028,754 May THE CHEONICLE. 19 190G,J Clarksburg Fuel Company. The new bonds {Report for Fiscal Year ending Dec. 31 1905.) This controlled company of the Consolidation Coal Co Maryland (see above) reports as follows: EARNINGS, EXPENSES & CHARGES. 1904. 1905. 1905. I Gross earnings _.S499, 411 $476,964 Interest on bonds .117,749 <lo loan. .35,854 358,362 (Royalties 20,931 Sinking fund 17,402 2,318 Net earnings. -$112,506 $118,602 Insurance 27,488 23,585 Miscell. income.. Total $94,254 Total $136,091 $146,090 ISurplus for year. $41,837 | Op. exp., dep'n of plant&taxes- 386,905 I I j — ( 1 BALANCE SHEET DEC. GENER.4J1905. $ A ssels— 1904. S estate Bonds 6% to retire 1 ILoan from Fairmont for 2, and accounts p. 786) I 18,705 loan Bills 168.669 2,039,0001 Coal Co 36,497 Miscellaneous bills accounts payable.. [Accrued interest on bonds 21,597 8,287 Coal companies Miscellaneous 24,192 13.112 plies and 3.5.361 Merchandise and sup- Profit —V. 80. p. 803.524 Pay-rolls, re- recelvable Total 3,000,000 73, 2,893,000 Sinking fund reserve. 38 ,664 393,000 Fairmont Coal Co. Current account.. 17.4791 393,000 pledged .S Funded debt (V. 4 ,323,008 4,315,035 38,664 21,7281 bonds Cash Bonds 1905. LiabUities C".pital stock Plant, mines and real Sinking fund 31. — I ) and loss Total .7.015,848 6,819,663 16.728 3.767 530 13.544 246.090 due July & is 208,453 Fairmont Fuel Company. a subsidiary of the Consolidation Coal Co whose report precedes this report. EARNINGS, EXPENSES AND CHARGES. 1904. $70,000 2,346 I lint, on bills payNet earnings.. $91,860 $120,450 Royalties Miscell. income.. 13,959 16,845 1 ..501 12,972 531 12,289 Totall $81,490 Total income-$105.819 $137,295 ISurplus for year. $24,329 .150.628 $86,667 — — Brooklyn ICoupoas purchases 10,518 32,500 1,148 16,986 Due for coal sales 18,522 12,801 Accounts receivable. Insurance premiums. 881 1.283 Unclaimed waws.. 14.610 Individuals & co's. 200,000|Proflt and loss 33,208 12,071 573 ( . 32,500 8,049 7,475 178 .32,500 1,484 . 11,489 Pay-rolls 32,500 Ascounts payable.. 7,623 84,411 ~ ^ 8.170 6,536 98,445 I Total —V. 3,698,132 3,889.246| Total 3,698,132 3,889,246 81, p. 1178. — — stockholders' committee — consisting of RR. W. 4% , or depositing his stock the sum of 25 cents for each share deposited, and in the event that the committee succeed.s in obtaining an adjustment inuring to the advantage of the depositors, it may charge an additional amount not exceeding 25 cents a .share, to be paid on the return of the certificates of stock. V. 73, p. 553. — & RR.— Chicago ^aZe of Bonds.— SuhjoA-t to ratification of the proposed bond i.ssuc by tlie shareholders (on June 16) the company has sold to llaydoii, Miller & Co. of Cleveland $1,000,000 of the new bonds, the proceeds of which are to be used in paying off $50,000 bonds of the Cook County & Southern RR. Co. (one of the constituent companies), di,scharging the floating debt and the purchase of new rolling stock and equipment. of — — — — Cartagena (Colombia) Railway, Limited. Listed in Lon-' The London Stock Exchange has listed £600,000 5% first mortgage debentures of £100 each (Nos. 1 to 6,000). don. — Emlen Roosevelt (Chairman), Charles S. Fairchild, Geo. M. Compare V. 82, p. 867. Camming, Geo. F. Canfield and Robert L. Harrison, requests Cartagena Terminal deposits of the stock, for mutual protection, with the United States Mortgage & Trust Co., 55 Cedar St., New York, under the terms of an agreement which gives these facts: The company's road is operated by the Southern Railway, successor to the Richmond & Danville RR., under an agreement dated March 26 18S1. All the bonds of the Atlanta & Charlotte, aggregating $5,500,000, will mature on Jan. 1 1907, and the Southern Railway Co. has submitted a proposition requesting the company to consent to the issuing of a new first mortgage to be dated Jan. 1 1907, to secure 50-year first mortgage bonds to the amount of $15,000,000, bearing not exceeding interest, of which $5,500,000 are to be used to refund the bonds maturing Jan. 1 1907 and $9,500,000 are to be used to provide funds to double-track the road. The new mortgage cannot be authorized without a modification of the agreement of March 26 1881 and the committee will have power to consent on behalf of the depositors to a modification of said agreement "but in no event shall said committee consent to a modification of said agreement, providing for an increase of the existing mortgage indebtedness, which shall not also provide for an increase in the dividend upon the stock of the company." The agreement of deposit will terminate May 1 1907, subject to tlie right of the committee at any time by a unanimo\i.s vote to terminate tlio same. The action of the committee must be unanimous to be binding upon the depositors. To provide for the expen.ses incident to this agreement, eacli depositor sliall pay to the trust company at the time all Edward The Canarsie RR. will be owned by the Brooklyn Rapid Transit interests.— V. 82, p. 1040. Buffalo Southern Ry.—5oW.— President G. T. Rogers of Bingham ton, and Directors Franklin D. Locke, Louis L. Babcock, Edward M. Mills and Myron S. Hall, of Buffalo, have sold their controlling interest in this company to outof-town capitalists and have resigned from the management. Compare p. 17 of "Street Railway" Section. V. 79, p. 2641. Butler Passenger Ry. Mortgage. See Pittsburgh & Butler Street Ry. below. Canarsie RR. Successor Company See Brooklyn & Rock- away Beach R R Atlanta & Charlotte Air Line Ry. Proposition to Make Mortgage Stockholders' Committee Call for $15,000,000 Aurora Elgin Capital stock, $650,000. Co. of Brooklyn. Stock, $250,000. Directors: Johnson, James Jourdan, W. C. Courtney, all of Brooklyn. Canarsie — RAILROADS, INCLUDING STREET ROADS, —A Realty Co. of Brooklyn. Edward Johnson, A, D. Kiernan, James Jomdan, — GENERAL INVESTMENT NEWS. Deposits. & Canarsie Brooklyn coal Cash to pay coupons. Cash in bank Material on hand Treasury bonds — — — — I I 1 on — Bay Shore Terminal Co. Appeal. Justice Harlan of the United States Supreme Court has granted to Frank D. Zell and associates a writ of error to review the decision of the lower court denying the application for leave to intervene in the foreclosure suit so that they may appeal from the This will operate as a stay in the meantime decree of sale. and prevent the confirmation of the recent sale for several months at least.— V. 82, p. 1039, 750. Boston & Northern Street Ry. Maturing Bonds. The $215,000 bonds of the Naumkeag Street Ry. Co. due June 1 1906 will be paid at maturity at the Salem National Bank, Salem, Mass.— V. 81, p. 1846. Brooklyn & Rockaway Beach RR. Successor Companies. The following corporations filed articles at Albany on May 13, pursuant to the plan in V. 81, p. 1609, 1664: Directors: 1904. 1905. 1904. Assists Liabilities S s s Mines and real estate 3 390.766 3,392,766 Capital stock .2,250,000 2,250,000 Plants & equipment. 213,950 190,145! l«t mort 5% bonds. .1,300.000 1,500.000 Advances — , BALANCE SHEET DEC. 31. 1905. $ — The — — Income— 1905. 1904. Deductions 1905. Gross earnings ..$328,965 $326,211 (interest on bonds $65,000 Deduct: Op exp 227 ,828 197 ,696 Taxes 2,281 Depreciation 9,277 8,065 (Insurance' 1,237 . 1906, — — of Maryland, . 1 1. — — .7.015,848 6,819,663 I are to be 5 per cents, dated July 1946; interest payable Jan. 1 and July title of — {Report for Fiscal Year ending Dec. 31 1905.) This company 1 the mortgage will be "first and refunding mortgage" and the limit of issue will probably be $25,000,000, with stringent restrictions as to the use of the bonds. When the bonds just sold are delivered to the purchasers, the company 1904. have outstanding: Preferred stock, $3,100,000; com$26,130 will Underlying bonds, $5,000,000; 47,069 mon stock, $3,100,000. 19,906 bonds just sold, $1,000,000; total bonds, $6,000,000. 15,083 The consolidated statement for twelve months' Earnings. 1,943 earnings ending Feb. 28 1906, is as follows: Gross earnings, $110,131 $1,125,786; net earnings, $509,192; interest on outstanding $35,959 bonds, $250,000; remainder, $259,192.— V. 82, p. 1039, 803. Baltimore & Ohio RR. New Rolling Stock Delivered Im1904. An official statement says: provements. S 3,000.000 The dehvery of the 250 locomotives and 10,000 freight cars ordered durThis greatly augments the 2,893,000 ing May of last year has just been completed. 21,728 company's facilities for promptly handling the largely increased and enormous volumes of freight traffic, and, combined with the improvement to 172,305 track and transportation conditions and better maintenance of all roll496,000 ing stock, insures an efficiency in handhng business second to no railroad in the country .—V. 82 p. 1101. 1039. 16 056 Bangor (Me.) Railway & Electric Co. Listed in Columbus. 6,530 The Columbus O., Stock Exchange has listed this com.530 5.058 pany's stock.— V. 82, p. 333. of 1478. Pittsburgh 1155 — & — Improvement Co., Ltd. Sale. Practically the whole of this company's outstanding securities were recently sold for cash to an English syndicate, which already controlled other railroad and steamboat lines in Colombia. See Cartagena Ry. above. V. 82, p. 867. — — — Chicago Burlington & Quincy RR. Called. On June 2 there will be payable at par and interest by the trustees, No. 50 State Street, Boston, $11,000 Tarkio Valley RR. and $10,000 Nodaway Valley RR. 1st 7s.— V. 82, p. 217. Chicago Terminal Transfer RR. Receiver's Certificates. Judge Kohlsaat in Chicago on May 14 authorized Receiver John N. Fai thorn to issue not||excecding $3,500,000 re- — — Compare V. 82, p. 1101, 1040. The "Chicago Record-Herald" of May 15 says: ceiver's certificates. The B November next. The They are a hen on the mortgage dated June H issue is not to exceed .1750.000 prior to certificates are pa5-able in gold and bear 5%. cori)us of the company prior to the lien of the 1897, upon which the proceedings were started. Judge Kohlsaat further ordered: "It shall not be a hen prior to or superior to any covenants or conditions contained in any deed under which the Chicago Terminal Transfer acquired title to any of its property, or to the covenants and conditions contained in any agreement referred to in any such deeds. V. 82, p. 1101, 1040. — — — Chicago Union Traction Co. Re-hearing Denied. The United States Supreme Court on Monday denied the application for a re-hearing in the suit involving rights under the Ninety-nine Year Act. 867,803. p. Compare V. — 82, p. 627, 691.— V. 82, — Chicago & Western Indiana RR. Called Bonds. Seventythree ($73,000) general mortgage bonds of 1882 drawn for redemption are payable on June 1 at 105 and interest at the office of J. P. Morgan «fe Co.— V. 82, p. 452, 750. — — Columbus Buckeye Lake & Newark Traction Co. Sale. At a meeting held in Columbus on May 16, the stockholders voted to sell the property to the Columbus Newark & Zanesville Electric Ry., which operates 30 miles of track from Newark to Zanesville, forming part of the extensive trolley system which is being organized by the Schoepf-MorganUnited Gas Improvement interests. W. B. Jackson, of the THE CHRONICLE. 1150 [ Vol. Lxxxn. — — Exeter Hampton & Amesbury Street Ry. Receiver. "Ohio State Journal," Columbus, informs us that the road was sold practically ajjon the terms outlined in the fcjllowing This com|)any hay, been pi'accd in the hands of Allan Hollis of (abstractor tlic)official proxy, except that the holders of the Conc(M-d, N'. H., on application of holders of .$225,000 in preferred stock of the road will get a 6% cumulative preferred bonds. The line i.s a part of the .system of the New HampThe stock, shire Electric Railwaj's Co. (see p. 38 of "Street Railway" for their present holdings instead of a 5% stock. he further states, will be guaranteed by the Indiana Colum- Section).— V. 73, p. 843. bus & Eastern (V 82, p 928), "which will take over the Fort Worth & Denver City B.y.—Earniruj.'i.—The stateroads between Zanesville and Newark, between Newark and Columbus, between Columbus and Springfield, between ment of earning.s which we cited last week in connection with the car-trust offering, were those for the eight months, Sjjringfield and Dayton, between Dayton and Richmond, not for the- seven months, ending Feb. 28, 1906. V. 82, Ind between Dayton and Muncie, Ind between Dayton 1101. and Bellefontaine, and a new line yet to be built between p. Great Northern Ry. Xew Line in Canada. The "New Bellefontaine and Lima." York Sun" of .May 14 contains a long interview with PresiThe shareholders were asked to sign proxies appointing C. C. Williams, F. A. Durban and W. Kelse5' Sclioepf to sell the entire dent Hill concerning the proposed line between Duluth, proijeity and franchises of the company, subject to its bondeii debt, con- Winnipeg and British Columbia, in which he is quoted as , — , — — ' out of a total authorized issue of SI ..iOO.OOO, secured Knickerbocker Trust Co., trustee, dated Nov. 1 1901 and sul)iect further to all other lial)ilities, to the Columlnis Newark & Zanesville Electric Hy. Co., tlie consideration to be S2,.")00,000 of the coinnion stock of said last-named company, of a total authorized issue of $6,250,000, and also either $500,000 of general mortgage bonds of said the Columbus Newark & Zanesville Electric Ry. Co., to be dated May 1 1900, bearing interest at the rate of 5% per annum, having tweny-five years to run, being part of a total authorized issue of $6,250,000, or $500,000 5% (changed to 6%, see above.— Ed.) preferred stock of the said the Columbus Newark & Zanesville Electric Ry. Co., that being all of the preferred stock of said company. The distribution to l>e as follows: To the holders of the $500,000 preferred stock of this company, the bonds or preferred stock, upon the surrender of the certificates representing the said shares, and to the holders of $1,000,000 of the common capital .stock of the company the .§2,500,000 of the common capital stock of the Columbus Newark & Zanesville Electric Ry. Co. so to be received. sistini; of SI, 243, 000 by deed of trust to tlie , — New Directors, &c. The following directors have been chosen, the old officers being re-elected: McGowan of Indianapohs, F. A. Deverell of Cincinnati, F. A. Durban of Zanesville, J. B. Foraker .Ir. of Cincinnati, Randal Morgan of Philadelphia, W. Kesley Schoepf of Cincinnati and George H. Warring- Hugh J. ton of Cinciimati. principal offices will be moved to Cincinnati. financial report for the year ending Dec. 31 ^The ^ Report. — The • 1905 shows: Year 1905 1904 Surplus for — Gross. Net. $148,053 106,026 Pref. Div. $.30,000 Charges. $266,079 223,051 $69,586 68,260 Common. $48,467 7,766 30,000 —V. 8"2, p. 1101, 928. Columbus Newark & Zanesville Electric Ry. Merger. See Columbus Buckeye Lake & Newark Traction Co. above. — — V. — 81, p. 1375. Change in Control Option Cripple Creek Central Ry. Asked on Minoritij Shares. Kessler & Co., No. 54 Wall St., under date of May 15, announce: "The option on a control of the stock given to us by various stockholders in June 1905 has this day been exercised. We are prepared to take an option on the stock of such minority stockholders as wish to take advantage of the opportunity at 70 for the common and 70 for the preferred, to expire Sept. 30 1906." Holders who wish to have their stock included in this option should deposit their certificates, duly endorsed in blank, with the Central Trust Co., 54 Wall St., New York, under an agreement deThis offer expires May 25. posited with said trust company. Kessler & Co. are acting for a syndicate which includes Spencer Penrose and Chas. F. Ayer of Boston and several The option exercised was at 70 for the preferred others: and 50 for the common. — Earnings July Gross earnings Operating expenses Net earnings Other income Total net income —V. 82. — — 1905 to April 1 1906, nine monOn. Charges $698,439 --- $19,164 382,556 Taxes .. Midland Terminal interest 16,776 sinking funddo 12,214 do $315,883 2.288 Total $48,154 Balance for stock $270,017 ..$318,171 — 1 p. 804. 99. — Montgomery Rollins, A. H. Day and Directors. Goldman recently resigned and C. M. MacNeilland C. C. E. A C. Ham- both of Colorado Springs, respectively Vice-President and Counsel of the United States Reduction & Refining Co., were elected directors, leaving one vacancy. V. 82, p. 804, lin, — RR. —Brooklyn 99. May 18) have brought our terminals right into the heart of the city of Winnipeg, and our connecting link from the boundary into the city should be tinished'ne.xt fall. We are now pushing forward the grading on the branch lines from Gretna to Portage la Prairie and from Bottineau via IJoissevain and the Souris to Brandon, having got terminals in both Brandon and Portage la Prairie. We are not as nmch concerned as to passenger traffic as in tapping a territory prolific in agricultural resources. The forests of British Columbia will furnish all the lumber necessary for homes, and the Crow's Nest possesses all the fuel necessary to keep warm the teeming millions of the centuries to come. We figure that we can run in an almost direct line from the boundary to Duluth over a coimtr.v where we can obtain a grade not exceeding foiu-tenths per mile, on a total mileage of 280. Then add the 60 odd miles from the boundary to Winnipeg and j^ou will see what we have got. With a good roadbed and such grades we can reduce the cost of hauUng enormously, if not cut it in two. It is my conviction that such a road as we intend to construct will cost between $18,000 and $20,000 a mile. In Canada we do not propose saying (compare "Railroad Gazette" of bond our roads for a dollar. We shall just issue stock representing the actual cash outlay. See V. 82, p. 928, 1040. to At a public dinner in Winnipeg on May 17 President Hill stated that he expects to have a through line completed from Winnipeg, to the Pacific Coast by the time the Grand Trunk Pacific reaches the city, which is taken to mean within the next two years; also that he has no intention of invading Eastern Canada.— V. 82, p. 1040, 928. Indiana Columbus^ Columbus above.— V. 82, See & — — the Michigan Central The engineers estimate RR. A — technical paper says: that the double-barrel tunnel can be built for not to exceed $8,000,000; that is, a tunnel with a capacity for handling 4,000,000 cars a year. The Michigan Central now handles on its ferryThe tunnel will boats about 400,000 and the other roads about 300,000. be 2 42 miles long and work is already under way. A large part of the Windsor shaft has been completed.— V. 82, p. 868, 691. — Elmira (N. Y.) Water ,*Light & RR.Co. Suit for Interest on Henry Clews", James B. Clews and E. Clarence Incomes. Jones, as holders of $183,000 of the $1,200,000 4% income bonds dated 1900, have brought suit in the Supreme Court to compel payment of interest on the issue, which, it is charged, has been earned, but diverted to other purposes, no interest having ever been paid on the incomes. V. 72, — — p. 988. Eastern Traction Co. Buckeye Lake p. 1102. & Newark —Guaranty. — Traction Co. — Interborough-Metropolitan Co., New York. New SecuriNotice is given by advertisement on another Ready. page that, on Monday, May 21, the Morton Trust Co. will begin the delivery of engraved securities of the InterboroughMetropolitan Co. upon surrender of the deposit receipts — ties The depositors will receive: For each share (1) of Interborough Rapid Transit Co., $200 collateral trust bonds and $99 common stock; (2) Metropolitan Street Ry., $100 preferred stock and $55 common stock; (3) MetropoUtan Securities Co. See further particulars in ($75 per share paid), common stock $93 50. V. 82, p. 217, 280. The collateral trust 4.}^% gold bonds will be issued in either coupon or registered form, the coupon bonds being in the denomination of $1,000 and the registered bonds in denominations of $1,000, $5,000 and $10,000. — The following statement was comof System. friend of the management, but is not official. It has been carefully revised since first published: The newspapers which report a deficit in the joint account have been deaUng with the figures of the New York City Railway only, when they should deal with the whole Metropolitan Street Railway system, including the Union Railway and some of the short lines of the city which have not been consohdated with the Metropohtan. The essential fact is that the nine months ending March 31 1906 show for the entire MetropoUtan system a decrease in the deficit as compared with the nine months ending Earnings piled by a March 31 1905 This decrease in the deficit of the Metroof $370,881. poUtan system has been continued during April and May, and wiU make the net reduction of the deficit by June 30 about $500,000 for the fiscal year. This statement of the deficit includes the full payment of the guaranteed 7% interest on MetropoUtan Street Railway stock. If no such dividend had been paid, the figures of 1905 would have shown Adding the a balance of receipts at the close of the year of $840,000. saving during the year now drawing to a close would afford a. balance on June 30 next of $1,340,000. If against this were charged the dividend on $55,000,000 of the preferred stock of the Interborough-Metropolitan Co., wluch would absorb $2,750,000 there would be a deficit under the reorganization plan on MetropoUtan eariungs alone of $1,410,000. It is this gap which, pending further increase in traffic, will have to be bridged from receipts of the Interborough Unes. These receipts showed a surplus for nine months ending March 31 last of $2,182,240 (see V. At the same rate for the remaining quarter, with some 82, p. 1096). allowances for declining traffic in the Subway during the warm weather, From the surplus for the year ending June 30 would be about $2,800,000. this will have to be deducted an increase in charges of $350,000 arising from the substitution of $70,000,000 in 4}^% bonds for $35,000,000 in There will still be available, therefore, about $2,450,000 to stock. meet a deficit in MetropoUtan resources of $1,410,000. This affords a comfortable leeway of $1,040,000 to carry to surplus for the general syson the tem. It would afford the means for paying a dividend of 1 common stock of the merged company if it were thought advisable to make such a distribution. The executive committee, therefore, was abundantly jtistified in the decision which has been made to pay the dividend at the rate of 5% on the preferred stock on July 1. With the population of the city growing at the rate of about 100,000 per year and number of fares per capita growing independently of population, there is obviously an assured future for the common stock of the 5% PurDelaware Lackawanna & Western company on April 3 arranged to purchase a on the South Brooklyn water front, containing about 260x2,000 feet, from the Brooklyn Warehouse & Dry Dock Co. and the Brooklyn Dock & Terminal Co. The property is on the pier line extending from 25th to 26th streets, and it will be used as a freight terminal. The shareholders of the Brooklyn Warehouse & Dry Dock Co. have since voted to dissolve the corporation upon the completion of the trans- 8% fer.— V. 82, p. 509. The shareholders Detroit River Tunnel Co. Bond Issue. on May 3 authorized an issue of not exceeding $15,000,000 bonds, bearing not over 5% interest, and to be guaranteed by This chase. tract of land : We % merged company. No allowance is made in the foregoing for the fact that about $10,000,000 of the 7% preferred stock of the Metropolitan Street Ry. has not been exchanged under the plan; should dividends be continued thereon at the old rate, it would call for $200,000 per annum more than is here deducted for dividends on the equivalent amount of new 5% preferred. The preferred stock of the Interborough-Metropolitan Co. It rests upon the entire is an obligation of that company. earnings of the merged companies, and is not in any sense a May THE CHRONICLE. 19 1906.] special charge upon New York City earnings to the exclusion of Interborough earnings. — Sinking Fund The Interborough Rapid Transit, by its contract for the construction and operation of the portion of the Subway road lying north of the City Hall, is bound to make sinking fund payments as follows to provide for the $37 ,000 ,000 bonds of the city issued for the cost of construction: further annual sum which shall he equal to 1% upon the whole of the said bonds (with the exceptions above mentioned), except tht' annual payment in excess of such interest shall, for each year during the period offlve years from the date at which the payment of rental shall begin, be such suni, not exceeding such 1%, as shall be equal to the excess of the profits of the contractor for such year in the operation of the railroad over 5% upon the capital of the contractor invested in the enterprise, and except, further, that for each year during a second and immediately succeeding period of five years, there shall, in lieu of such and in addition an amount not exceeding be paid one-half of such 1 1 one-half of such 1%, which shall be equal to the excess of the profits of the contractor for such year in the operation of the railroad over per annum upon its capital invested as aforesaid. A amount that % % , , 5% The fund charge, it will be observed from this not deferred for live years, as has been commonly believed.— V. 82, p. 627, 568. .sinking clause, is La Dicha & RR. —Bonds — Wm. G.' Gallagher, 35 and 37 Broad Street, New York, recently offered for sale this company's first mortgage 6s of 1936, ^guaranteed principal and interest by the La Dicha Mining & Smelting Co., which company is owned by the Mitchell Mining jCo. V. 82, p. 218 628. Pacific Offered. — — — Lehigh Valley RR. Maturing Bonds Refunding. The $1,500,000 first mortgage 7% bonds of the Pennsylvania & New York Canal & RR. Co. maturing June 1 1906 will be redeemed upon presentation at the office of Drexel & Co., The coupons will be paid at office of Lehigh Philadelphia. Valley RR. Co., Philadelphia. Brown Brothers & Co. and Drexel & Co., both of Phila- delphia, are prepared at their respective banking houses up to and including May 28 1906, to offer in exchange for the above-mentioned bonds a limited amount of the general gold bonds of the Lehigh Valley consolidated mortgage RR. Co. upon terms which can be had upon application. —V. 82, p. 452, 161. 4% — Ry. New Securities. the stockholders has been called for the London (Ont.) Street — A meeting of of latter part to consider increasing the capital stock from $500,000 to a maximum of $750,000. There will probably be issued this year only $50,000 additional stock and $50,000 additional bonds, making a total issue of $550,000 stock and $550,000 bonds.— V. 78, p. 2384. this month Metropolitan — West Side — Elevated fRy., Chicago. New have been and Benja- George H. High and Joseph E. Otis Directors. elected directors to succeed F. L. Higginson Jr. min Allen.— V. 82, p. 868, 865. 1157 Arthur D. Osborne, resigned. rector to succeed p. 1041, 929. New York & Port — The Chester (Electric) — V. 82, Ry.—Franchise Board of Estimate and Apportionment yesterday granted the company's application for a franchise for an electric road from Westchester Ave. and Southern Granted. Boulevard to the Connecticut State line. This action, it is asserted, completes the legal status of the line, "the company having secured franchises from the eight municipalities in Westchester County."— V. 82, p. 219. — — Oneonta & Mohawk Valley RR. Successor Company. This company was incorporated at Albany on May 9 last with $1,800,000 stock, as successor to the Oneonta Cooperstown & Richfield Springs Ry., which was sold at foreclosure on March 13 and bid in by the bondholders' committee (V. The plan of reorganization has not as yet been 82, p. 629). determined upon. The incorporators and directors are: Stephen Tilton, P. S. Babcock (Vice-Pres. of the Colonial Trust Co., New York), W. and C. L. Shurz U. Moore, L. W. Trowbridge, H. W. Acton, H. R. Poor of New York, and W. V. Varin of Brooklyn. — Oneonta Cooperstown & Richfield Springs Ry. SucCompany. See Oneonta & Mohawk Valley RR. — cessor below.— V. 82, p. 629. — — Pennsylvania Co. Sale of Guaranteed Gold Notes. Kuhn, Loeb & Co. have placed for the company at for blocks of $2,500,000 to 995/g for prices ranging from 99 blocks of $100,000 or less, an issue of $50,000,000 gold notes, dated May 1 1906 and due Nov. 1 1907, principal and interest guaranteed by endorsement by the Pennsylvania RR. Co. Denominations of $5,000, $10,000, .$25,000 and $50,000, secured by collateral to be deposited with the Fidelity Trust Co., Philadelphia, trustee, viz.: H 4^% . Capital stock of the Chesapeake & Ohio Ry., Vandalia RR., Philadelphia Baltimore & Washington RR., Baltimore & Ohio RR., Northern Central RR., and Norfolk & Western Ry. (preferred), the exact amounts of each not being obtainable. V. 82, p. 335. 281. — & Late on Tuesday Kuhn, Loeb Co. madethe following announcement: The entire issue of Pennsylvania Co. 4K% notes has been sold, the amount having been largely over-applied for. The notes were not offered to the general public, but placed in large blocks, chiefly with financial institutions here and in Europe. The money will be left on deposit with banks and trust companies and withdrawn in instalments distributed over five months. The proceeds of the issue will be applied as follows: Construction of the tunnel throug:h and under the City of New York and the building of the terminal station in that city. Completion of the low-grade freight line between York Haven and Glen Loch. Construction of other relief lines on the western division of the Pennsylvania RR. and of important branch lines. Extension of the four-track system on the main line. Qonstruction of large terminal yards. V. 82, p. 335. — — — Pennsylvania RR. Guaranteed Notes. See Pennsylvania Company above. United Railways. Consolidation. This comMichigan Water Supply Securities, &c. We have not been able to pany was organized March 31 1906 under the laws of Michigan, confirm the rumor which was current yesterday of prewith $5,000,000 of authorized capital stock, in shares of $100 liminary negotiations in Paris looking to the sale of the new each, all outstanding, of which $1,000,000 is 6% cumulative that preferred. On May 1 the company took over the properties securities viz.: were mentioned in our issue of March 10 $15,000,000 bonds or notes for water supply Traction Co. Michigan Trac- (p. 569), formerly owned by the Michigan (see annual report, V. 82, p. 514) and $10,000,000 equiption Extension Co., Jackson & Battle Creek Traction Co. and Lansing & Suburban Traction Co. and all of the capital stock ment trusts.— V. 82, p. 1041, 987. of the Lansing & Jackson Railway Co., which road is under Pere Marquette RR. Places for Payment of Coupons.— construction connecting the properties between Lansing and The interest due May 1 was paid as follows: Jackson. Total length of line in operation, 153 miles; under Upon Flint & Pere Marquette first consolidated 5% bonds at the City lines, Kalamazoo, Battle Central Trust Co., New York; Pere Marquette of Indiana first mortgage construction, 37 J^ miles. 4% bonds at the Knickerbocker Trust Co., New York; Chicago & North Creek and Lansing, Mich.: interurban, Lansing to St. Johns; Michigan first Mortgage 5% bonds at the Second National Bank, Lansing to Jackson; Jackson and Battle Creek; Battle Creek Boston. to Kalamazoo. Receivers^ Certificates Receiver Harmon writes: A mortgage has been filed ^to the Knickerbocker Trust Co. The receiver has issued certificates for $1,200,000 for the purpose of of New York, as trustee, to secure an Lssue of $7,500,000 5% paying taxes and penalties against the company in the State of Michigan gold bonds of $1,000 each, dated May 1 1906 and due May 1 for the years 1902, 1903, 1904 and 1905. These certificates are a first all the 1936, but subject to call after May 1 1916 at 110; amount out- lien upon interest property of the company within the State of Michigan and bear at the rate of 5)4%, payable quarterly; the principal standing, $1,600,000. Interest payable Nov. 1 and May 1 is payable in equal amounts every six months during the" period of three — — — , — , — at office of trustee. Of the authorized bond issue ($7 ,.500,000), 81,600,000 has been issued; S2, 400, 000 is reserved to retire the underlying bonds, viz.: Jackson & Battle Creek Traction, $1,200,000; Michigan Traction Co., 8700,000; Michigan Traction Extension, $500,000; $1,000,000 is reserved to be issued in exchange for the bonds of the Lansing & ,Jackson Railway Co. when the net earnings of the latter company equal one and one-half times the interest charge; .$,500 ,000 reserved for power purposes and $2 ,000.000 reserved under very conservative restrictions, for extensions and betterments. No bonds to be issued unle.ss the net earnings for one year immediately preceding the time of issue shall be one and one-half times the interest on the bonds outstanding and proposed to be issued. Bonds shall not be issued for extensions to exceed $20,000 per mile nor for more than 75% , of the actual cost The bonds are first expected that a large changed for mortgage on a large part of the property and it is amount of the bonds now outstanding will be ex- new bonds Report for Year Ending April 30 1906. Gro.s.'? Operating Net Balance, Interest &• Rentals. Year Earnings. Expenses. Earnings. Surplus. 1905-06 ...8649,872 $.375,882 827.3,990 $200,000 873.990 These earnings were approximately upon 135 miles of road, 18 miles in addition being of)erated this year. President, Myron W. Mills; Vice-President, James R. Elliott; Secretary. Robt. C. Morrison; Treasurer, James R. Elliott; Manager, James R. l5lliott; Superintendent, J. M. Bramlette. V.82, p. 987. 805. • — — New Hampshire Traction Co. — —Foreclosure Suit Against Company. See Exeter Hampton & Amesbury Ry.abovc— V.81,p. 155. New York New Haven & Hartford RR. New Director. James F. Hemingway of New Haven has been elected a di- Constituent — — years beginning Feb. 1 1907 .^V. 82, p. 1102. — — Pittsburgh & Butler Street Ry. Purchase. The following, printed two months since in a technical paper, has been submitted for revision, but without response: The last details of the purchase of the Butler Passenger Railway Co. by the Pittsburgh <& Butler Street Railway Co. have been completed; 8400,000, half in stock in the Pittsburgh & Butler.Co., and half in cash,, is said to have been paid for the Butler Company and its property. A mortgage of the Butler Pas.senger Railway Co. to the Pittsburgh Trust Co. for 8500,000 has also been placed on record. See V. 81 p. 1849. — , — Rapid Transit in New York City. Elsberg Bill Signed. Governor Higgins on May 16 signed the Elsberg bill. Compare V. 82, p. 870. New Commissioner. — Lewis Cass Ledyard, of the law firm & of Carter, Ledyard Milburn, l)cen appointed a member of the of No. 54 Wall St., has Rapid Transit Commission succeed John Claflin, resigned be- by Mayor McClellan to cause of the new law requiring commissioners of New York City.— V. 82, p. 988, 870. Schuylkill Ry., Girardville, Pa. Ajjril 17, 1906: to be residents —Earnings. — For the year ending dross receii)ts $196,633 Interest charges Operating exj)enses (incl. taxes and insurance).. 102,7571 Balance, surplus 1 $64,426 I Net receipts J $29,450 Or 7 1-3% on the capital stock. $93,8761 G. H. Gerberis President.— V. 80, p. 1729. . . , [Vol. lxxxii. THE CHRONICLE. INDUSTRIAL, GAS AND MISCELLANEOUS. Scioto Valley Traction Co. —Lided in Cincinnati. — The on the Cincinnati company's shares have been Alton Reorganized Company. Water Co, — Stock 101. Stock Exchange.— V. 82, — company has a of authorized from $5,000 to $400,000. Exten.sive improveSeattle Renton & Southern Ry. — Control. — W. R. Craw- capital ments are propo.sed. See V. 82, 1042, 871. ford and James E. McMurruy, the Chicago Amalgamated Copper Co. — Subsidiary's Dividends. — See contest in gaining control cently succeeded after a long Copper Co. below. of the stock, F. H. Osgood, President and General Manager, Parrot Silver Annual Report Subsidiary — See Anaconda Copper Co. having sold out his interests to Mr. McMurray, and the matThe present under "Annual Reports" on a preceding page. — V. 82, p. ters in dispute having been_amicably 930, 754. ofBcers W. H. Crawford, American School Furniture Co. —'Reorganization. — The Manager, and D. Dow Egan, holders more than $1,000,000 of the $1,212,000 Seattle.— understood, have deposited their bonds — Consolidation— New mortgage plan of reorganization, which therefore assured Southern Michigan Railway Co. under the Mortgage. — This company was organized Feb. 8 1906 by the of success. The bondholders, said, receive for their Michigan Ry. 1J;j8 listed (Illinois) p. of certificate filed Tlii.s incrca.se]of .stock p. capitalists, re- legal <fc of settled. are: President; Morris B. Sachs, Vice-President; Julius all General Treasurer; F. Hale. Hecretarv of V. 82, p. 281. of first 6s, it is is consolidation of the South Bend & Southern Co. (V. 77, p. 402) and the Niles & Buchanan Ry. Co. It operates an interurban line between South Bend, Ind., and St. Joseph, Mich., and has a line in process of construction from Niles to Buchanan, Mich. The capitalization, including the new $2,000,000 mortgage recently filed, appears from the following: Capital &7ocA: .—Authorized and issued. $2,000,000. gold bonds of South Bend & SouthDebt. First mortgage ern Michigan Ry. Co. authorized and outstanding, $750,000; dated Oct. due Oct. 1 1927; denomination $1,000; sinking fund $5,000, be1 1902, ginning July 1 1906. Interest payable at office of North American Savings Co., Pittsburgh, Pa. gold bonds of the Southern Michigan First consolidated mortgage Ry. Co. authorized, $2,000,000; dated March 1 1906, due March 1 1931. denomination $1,000. Interest payable at United States Mortgage & — Funded 5% 5% Trust Co., New York. Sinking fund annually on March 1, (1) from March 1 1909 to Feb. 28 1915, a .sum equivalent to 1% of the aggregate principal amount of bonds issued and outstanding at the time of such payment; (2) from March 1 1915 to Feb. 28 1925, 13^%; (3) from March Of this issue, .$500,000 is outstanding; 1 1925 to Feb. 28 1931, 2%. $750,000 reserved to redeem the first mortgage bonds of the South Bend & Southern Michigan and $750,000 reserved for betterments, improvements and extensions under restrictions; these bonds subject to call. Plant and Equipment. Miles of track: Electric, 35; gauge, 4 ft. 8!/2 in.; 70-lb. "T" rail, 10 motor cars, 1 power house and 1 sub-station, Corliss engines, General Electric equipment. "Franchise in St. Joseph expires 1935; Berrien Springs, Mich., 1935; Niles, Mich., 1932, 1935 and 1936; perpetual in South Bend, Ind." President, Mortimer P. Reed; Vice-President, William W. Directors. Babcock; Secretary, James B. McCance; Treasurer, F. W. Bueltzingslowen, and E. F". Gaffney, all of South Bend, Ind. General offices. South Bend, Ind. — — in some of the statistical publications that controlled by the Northern Indiana Ry. Co. is incorrect, "as this company is not controlled in any way whatever by the Northern Indiana Ry. Co., and its line is operated entirely independent of the lines of that company." E^The statement the company is Southern Railway. Ry. above.— V. — Springfield & — See & Atlanta Charlotte Air Line 82, p. 930, 629. Western Ry, —Default—Receivership— Suit. The New York Trust Co., as mortgage trustee, has brought proceedings in the United States Court at Cincinnati to foreclose the first mortgage securing $155,000 5% gold bonds, with interest due Dec. 1 1905 in default. The bonds were guaranteed, principal and interest, by the Dayton Spring• field & Urbana Electric Ry. (V. 82, p. 804), which was recently sold at receiver's sale and bid in for the Schoepf syndicate.— V. 78, p. 1550. Taxation in Michigan. Decision Upholding Tax Law. The full text of the unanimous opinion of the United States Supreme Court, delivered April 2 last, in the action entitled Michigan Central RR. Co., appellant, vs. Perry F. Powers, Auditor-General of the State of Michigan, which sustained the so-called ad valorem (Pingree) tax law of 1901, was given The matter was referred in the "Railway Age" of April 13, to in the "Chronicle" in V. 82, p. 805, under the caption of the Michigan Central RR.; also in the report of the Grand Rapids & Indiana Ry V. 82, p. 1098. — — it is holdings par in preferred stock and 15% in common; also cash for the April interest. The new company is the American Seating Co., recently incorporated in New Jersey. Thomas Boyd of Chicago is President and L. A. Pell of Racine is Vice-President. (V. 82, p. 989). See V. 82, p. 1042, 931. American Seating Co, See American School Furniture Co. above.— V. 82, p. 989, 931. American Telephone & Telegraph Co, Output. The output of instruments (each telephone being two "instruments," viz., one receiver and one transmitter) for the month and four months ending April 30 was: Month Four Months 1906. 1906. To April 30— 1905. 1905. — — — —— Gross output (number) Net output (number) 206,557 141,200 Total outstanding V. 82, p. 989. 807. — 174,207 129.226 733.041 489.022 6,187,280 — 608.301 430.398 4.910,962 — American Waltham Watch Co. Plan Approved. The shareholders on May 15 duly approved the plan to sell the property to the new Waltham Watch Co.V. 82, p. 1042. The sale includes all the company's property except the sum of $160,000. Exchange of Stock. A circular dated May 15 announces that the stock of the new Waltham Watch Co., received in payment for the property, will be exchanged for the stock of the old company in the proportion of $100 of the preferred and $175 of the common stock of the Waltham Watch Co. for every share ($100) of the stock of the American Waltham Watch Co., upon the delivery to the American Loan & Trust Co., 53 State St., Boston, before Sept. 1 1906, of the old certificates endorsed to the American Waltham Watch Co, Stockholders are requested to send in their stock as soon as possible. See V. 82, p. 1042, — — — — Barney & Smith Car Co, Bonds Offered Refunding. Goodhart & Co., New York and Cincinnati, Irwin, BaUmann & Co., and various other Cincinnati houses, are offering at 1023^, deliverable about July 1, $1,000,000 of the newfirst mortgage 5% 30-year gold bonds of $1,000 each, interest payable Jan. 1 and July 1, redeemable at any interest period Total issue $2,000,000, of which $1,000,000 will at 110%. be reserved until June 1 1906 to retire the issue of $1 ,000,000 of 6% bonds which have been called for redemption July 1 1906 at 110%. Owners of the 6% bonds are offered an opportunitj' to exchange for a like number of the above-described 5% bonds at par on or before June 1 1906. The First National Bank of Cincinnati will issue receipts on deposit of the 6% bonds, will deliver a like number of 5% bonds July 1 1906, or as soon after as possible, and will collect the premium of 10% and Compare V. 82, p, the July 1st coupons for the owners. P. J. 1042 989. — Brooklyn & Canarsie Realty Co, See Brooklyn & Rockaway Beach RR. under "Railroads" above. Railway, Option on Stock. W, J. Toledo & Western Brooklyn Warehouse & Dry Dock Co. Sale Dissolution. Hayes & Sons of Cleveland announce by circular that a synSee Delaware Lackawanna & Western RR, under "Raildicate has obtained an option on the controlling interest in roads" above. the company and is offering $15 a share for all the outstandButterick Co, Report. The results for the year ending ing stock. The offer must be accepted by May 31 and the Dec. 31 were: V. 82, p. 335. will be paid for Aug. 1. stock Balamc, N^et DiviGross Strike Cal. Earnings, loss, d-c. Reserve. Profits, dends (4%). Surphis. Wabash RR, Negotiations Respecting Debenture "B" Year $480,000 875,419 $702,112 $65,813 $80,880 S555.419 President Henry Evans of the Continental Insur- 1905 Bonds. 480,000 165,057 719,289 645.057 1904 ance Co., who is chairman of the committee representing V. 82. p. 989. the debenture "B" bonds says: Chicago Ice Co, New Enterprise. This company was in. Some time in March a responsible banker appeared before the committee, corporated last week with $1 ,500,000 authorized capital stock, and, speaking for himself and another important banking house, stated of the law firm of West, that a settlement of the dispute could be effected, the road being, he the incorporators being members thought, willing to give in exchange for the "B" bonds 65% in a new 4% Eckhart & Taylor of Chicago, acting, it is said, for Eastern , — . — — — — — — . — H% — — — Worcester & Blackstone Valley Street Ry. New Stock. This company has been authorized to issue $140,000 additional capital stock at par to take up floating debt incurred V. 79, p. 1333. for construction and improvements. Merger. Zanesville (O.) Railway Light & Power Co. See Columbus Buckeye Lake & Newark Traction Co, above. — 81, p. 1725. — — general mortgage bond, 50% in preferred stock and 50% in common stock, in cash or in Ueu thereof 87 The committee advised thie man that it could not consider favorably the suggestion, but would consider favorably an exchange on a basis of 80% in new general mortgage 4% bonds 50% in preferred stock and 50% in common stock. Later there was further negotiation and a compromise between the two figures was suggested, the committee finally taking the position that it did not care to recommend any settlement on a basis less favorable to the "B" bondholders than 75% in bonds (which we understood were to be underwritten at 85), 50% in preferred stock and 50% in common Advices to this effect were sent to the interested parties, and stock. there the matter stands.— V. 82, p. 988, 871. —V, — — — — — capitalists. Cincinnati Realty Offered. Co. (Sinton Hotel). — Claude Ashbrook, Cincinnati, is — Preferred Stock offering at par the unsold portion ($525,000) of this company's $850,000 5% cumulative preferred stock; dividends payable quarterly A circular says in Jan. 1, April 1, July 1 and Oct. 1. substance: — Common stock, 8850,000; 5% preferred "* stock Capitalization. The preferred stock is a first lien on the $850,000; total. $1,700,000. Sinton Hotel. 9J^-.story building now in process of erection, which, when completed (about Nov. 1 1906) will represent an expendture of more than $1 ,500,000. The site, formerly occupied by the Pike Building, is situated in the heart of the city, and is leased in perpetuity, with option Estimated income: of purcha.se at considerably under its real value. Rents, including stores, barber shop, cigar and news-stand privileges. $82,500; net earnings of hotel, including bar, laundry, etc.. $100,000; Expenses: Ground rent. $34,500; taxes, $30,000; total, $182,500. Balance, surplus, preferred stock dividend, $42,500; total. $107,000. Officers: M. E. Ingalls, President: Geo. R. Balch, Vice$75,500. President; E. P, Harrison, Secretary; L, A. Ault. Treasurer. i May 19, 1906. THE CHRONICLE. J — — Chicago Lumber Co. New Stock. This company in February last amended its articles of incorporation, increasing S H P\;llerton is President the capital stock to $4 ,000 ,000 . . . and Robert Fullcrton is Vice-President. Columbus & Hocking Coal & Iron Co. Report. sults for the year ending March 31 were: — Fiscal Total Income. E.vpcnscs. $.527,065 .1;423,237 3411997 308,675 1005-06 1904-05 —V. re- Intdrnt, Bal.,Sur. Net Earnings. Tu.ces,&c. or Def S103,828 $73,597 S..|30,231 72,822 D. 39,500 33,322 Opcratiny y^cnr — The 82, p. 1103, 931. — Consolidated Gas Co. of New York. Operation of 80-Cent Te^nporarily Restrained.— Jud^e Lacombe in the United States Circuit Court in this city on Thursday granted a restraining order enjoining the enforcement of the 80-cent gas law until June -i, to which date was adjourned the argument on the company's application for an injunction to continue until the constitutionality of the law in the action begun May Under direction of the Court, 1 shall have been determined. bills will be made out at the old $1 00 rate and the excess of 20 cents collected over the 80-cent rate fixed by the new law paid into court pending the decision on the application for the injunction. Attorney-General Mayer has retained Charles E. Hughes as counsel on behalf of the State. Shearman & Sterling with Joseph H. Choate as counsel, represent Compare V. 82, p. 104.3, 989, 931. the company. Consolidated Manufacturing Co., Toledo. Receiver. Judge Morris in the Common Pleas Court. Toledo, on May 2 placed this company in the hands of David Robison Jr. as receiver on the ground of insolvency, and authorized the The atreceiver to issue $35,000 receiver's certificates. tempt made two years ago to float a bond issue, it is said, was unsuccessful. Compare V. 79, p. 2459; V. 81, p. 157. Law Total Pref.Dlv. Balance, Net Other Total Surplus. Profits. Income. Charges. Income. (2%). Year 1905-06 $13,323,348 .51,116,669 $212,061 .$795,739 $262,793 8270,198 849,087 1,501,606 219,427 871,945 1904-05- 11,980,023 V. 82, p. 104. Fiscal — — Diamond Match — Circular — — Shareholders. Presi12, says: At a meeting of the director.s a dividend of 23-^% was declared, payable In June 15 to stockholders of record at the close of business on May 31 this connection I am pleased to report that the volume of business transacted during the first quarter of the current calendar year shows a satisfactorv increase over that of the first quarter of 1905 and I confidently believe that, without taking into consideration any of the profits that win accrue from the operations of the company in California, the Co. to May dent O. C. Barber, under date of . earnings for the vear 1903 will be fullv equal to the very satisfactory The relations between the company and its profits for the vear 1905. customers are .satisfactory, and generally the company is in a healthy and sound condition. the distriI desire to sav, however, that the policy of the company bution of earnings to its shareholders has been liberal, and that later a course in the payment of dividends may be adopted in more conservative order to permit of an accumulation, year by year, of substantial amounts that may be employed in the company's business, adding to its facilities, plants, '&c. (which will be rendered necessary), and which in this way can be accomphshed without additions to our capital account. Inasmuch as it has been charged that the shareholders have not been afforded adeciuate representation on the board, it has been deemed advisable to elect as directors Mr. E. A. Potter. President of the American Trust & Savings Bank. Chicago, and Mr. Granger Farwell of Grangt-iFarwell & Co. of Chicago, succeeding Mr. Hopkins, Third Vice-President, and Mr. Hawkins, Assistant to the President. The policy of the company in employing chartered accountants to verify its statements will be maintained, 'and in due season the board will no doubt appoint audiV. 82. p. 1043, 989. tors to rejiort on the operations for the year 1906. m . , — Act. Attorney-General Moody in making the announcements says that the defendant'companies "maiiufacture substantially the sole supply of news print and fiber paper for the district west of Chicago and east of the Rocky Mountains." The step taken is the result of the recent decision of the United States Supreme Court holding that witnesses are not excused from testifying or producing papers in proceedings brought by the Government for violation of the Anti-Trust Act on the ground that the evidence would tend to incriminate them. Compare V. 82, p. 631. General Manager John A. Davis on May 12 sent a letter to the trade stating that the General Paper Co. has withdrawn as a selling agency, and that the several mills would thereafter supply the trade direct. A consolidation of the several companies, it is thought, may take place in the near future.— V. 82. p. 631. Havana Dry Dock Co. Doe Run Lead Co., Bonne Terre, Mo. — Stock certificate has been filed increasing the capital stock from $4,000,000 to $10,000,000, all paid.' "Assets, $10,902,301; See V. 82, p. 631, 337. liabilities, $135,181." — — Bonds Called. This Co., Greensburg, Pa. companj' has called for redemption at the Girard Trust Co., Philadelphia, on Aug. 1 1906, at par and interest, all of the outstanding bonds of its issue of $50,000 secured bv mortgage dated Feb. 1 1900. Donohoe Coke — & Coke Co. Reduction of Capital Stock. reported to have reduced its capital stock from $1,000,000 to $325,000. The company was organized about a year ago to take over, it was said, Eastern Ohio Coal — This coinpany is 2,000 acres of "coal land in .lefferson County, O.. from the Ohio Coal Aof East Uverpool, O., and 7,000 acres owned by Cleveland John W. Hach. M. E. Miskall and Kol)ert capitalists in Monroe County. Bursner, respectivi^y President, Treasurer and .Secretary of the Ohio Coal & Coke Co., promoted the company. Coke Co. — & Light Co. Receivers' Certificates Bergen at Newark on May 11 authorized the receivers to issue $65,000 6% receivers' certificates for V. 82, p. 989. the purpose of completing the plant. Elberon (N. J.) — Vice-Chanccllor Water — (John R.) FeTTier.— Called i^onr/s.— Forty-nine ($49,000) first mortgage 20-year 4J^% bonds, secured by a mortgage or $1,297,000, dated July 1 1901, are called for payment on July 2 1906 at the Standard Trust Co., New York, trustee. V. 82, p. 871. Fidelity Development Co., New York. New Company. This company, incorporated in New York on April 2 1906 with .$4,150,000 capital stock, of which $1,900,000 is 5% cumulative preferred (par of shares $100), has taken over all the property formerly used by the Morris Park race track, 295 acres, together with the adjoining parcel of Bonds or 31 acres, known as Westchester Heights East. mortgage, if any, not reported. Th(> following is pronounced — — correct: The price paid for the |)ro|)erty some months ago was about $4,500,000. About S2, 000, 000 will be spent in improvements and it will then be cut up bito about 4,000 city lots. The proiierty will not come on the market Directors: prol)ably for two years. Henry I. Cobb, President; Joseph G. Kol)iii, Vice-President (President of the Hank of IMscoiint and of the Washington .Savings Hank; Fredk. W White, Treasurer; Robert L. Bradhy (President of the Cohinibia Trust Co.) and .lames M. Gifford. General Asphalt Co. -Report. Results for the year ending Jan. 31 were: . — called for York, or redemption at its office in — Called Bonds. — The company has No. 32 Broadway, New 1, $15,000 bonds se1901, to N. Gelats & Co., its office. Havana on June cured by mortgage of June 1 trustees, viz.: Nos. 40 to 54, inclusive. — — V. 80, p. 1974. New Stock. The Transit Co. of Mentor, O. company has filed a certificate of increase of capital stock from $260,000 to $325,000. Eliza M. Hawgood is President. See V. 76, p. 1411. New Stock. The entire International Steam Pump Co. amount of new stock, consisting of 25,000 shares of preferred stock and 55,000 shares of common stock, we learn, will be turned over to the Power & Mining Machinery Co. See V. 82, p. 1104, 1044. in payment for its capital stock. Jasper Coal &TCoke Co., Montgomery, Ala. Mortgage. The shareholders'will meet at the Merchants & Planters '-Farley National Bank, Montgomery, Ala., on May 29, to vote on making a mortgage to meet the company's liabilities. C. L. Mathews is President. Manor Gas Coal Co., Philadelphia. Payment of Bonds. This company paid on May 1, through the Bank of North America, in "Philadelphia, the entire issue of $200,000 first mortgage 5% bonds, dated May 1 1899. WritingonMay 14, President E. H.McCuUough said: "We do not propose to The company owns in issue any other bonds in their place. fee simple about 1 ,500 acres of coal, and the mine has an output capacity of over 2 ,000 tons of coal daily. Capital; stock No bonds outstanding."' $500,000; par of shares, $100. Oflfice, 222 South 3rd St., Philadelphia, Pa. National Lead Co. Dividends Resumed on Common Stock. The directors on Thursday declared a cjuarterly dividend of 1% on the common stock, payable July 2 to holders of record June 15, being the first dividend on the common shares since 1900, viz.: Hawgood — — — — — — — — — Increase. — A — General Paper Co. Judgment in Government Suit. The General Paper Co. and 23 independent paper manufacturing companies owning plants in Wisconsin, Minnesota and Michigan, of which it was the sole selling agent, on May 11, before Judge Sanborn in the United States Circuit Court for the District of Minnesota, withdrew their answer in the action brought by the Federal Government to dissolve the alleged combination as being in restraint of inter-State commerce and therefore in violation of the Sherman Anti-Trust , — 1159 DIVIDENDS.— Common, — of per cent V. 82, p. 933, 865. f \ '92. '93. '94. '95. '96. '97. 2 3 10 1898 to 1% '00. Since, None yearly. New Jersey Terminal Dock & Improvement Co. —Progress September Project. — This company was organized last (V. 81, p. 1378) with $3,000,000 capital stock, and has accjuired over 90% of the stock of the Hackensack Meadows Co. The meadow lands are being filled in with the earth dredged from the Bay Ridge and Red Hook channels in New York harbor, which are being deepened under the Hughes Bros. & Bangs Government contracts in which the New Jersey Terminal Dock & Improvement Co. is interested. Work on section 7, 600 acres, will be finished next fall. This section is south of the Pennsylvania RU. tracks and extends to the plank road. The company has deeded to the county authorities a stri]) of land bordering the plank road, which is to l)e raised to the level of the road and macadamized The Pennsylvania and Erie railroads have each purchased from the companv a strij) of land on each side of their tracks about 200 feet wide. A sale has been made of 22 acres for a manufacturing plant. The entire holding of meadow lands is about 3.500 acres. The directors are Phnv Fisk. William M. Harnum. William C. Lane, Charles T. Barney, George K. Sheldon, W. G. Oakman. Andrew Freedman, Anson M. Bangs and William C. Kinney. Ofliceis: W. G. Oakman, President; Anson M. Bangs, Vice-President; Frederick W. Walz, Treasurer, and Charles C. Van .Vnglen, Secretary. See (John R.) Ferrier above Underhjing Bonds Drawn. (compare V. 81, p. 1378).— V. 81, p. 166S, 1614. Nipe Bay Co., Cuba. Issue of Convertible Notes. This c(nnj)aiiy, which is controlled by interests identified with the United Fruit Co., has called a meeting of its shareholders to be held in Jersey City June 12 to amend the articles of incorporation so as to permit of an increase of $2,100,000 in the common stock and to ratify the issue of $3,500,000 5-year The proceeds of the notes notes, payable May 1 1911. will be used in connection with the completion of the large sugar plant at Nipe Bay. The "Boston News Bureau" says: The $3,500,000 notes will 1)e issued with a collateral agreement providing that the holder of one $1 ,000 note is entitled to 10 shares of the conunon stock upon the surrender of liis uote. .\s there is ai)proximalely $3,500,000 of common stock outstanding, and as the total aulhoiizcd amount of common stock under the charter is $5,000,000, the object of . — — — 6% the proposed increase in the rommon stock is simiily to provide for an unissued balance of at least .$3,500,000 stock to take care of the $3,500,000 Tlie $2,000,000 notes in case they are converted into common slock. In other wonls. the only new I)referrcd stock will remain michnnged. capital represented in the present financing will be the $3,500,000 notes. II THE CHRONICLE. GO The HianiiKeinfiii has been imshing the construction vigorously, with the' ino inanas-ement iias ueeii piiMiiiig iiu- cuiiHirucuuii \ikoiuu»i,v, wiiii iiir ..It «K.>» 4Vti. nf.iii rt.i nir iirill \\ii .il.l.i *.« .«tart active oi)eiatioiis ll-itll nrif W^ Tl with that the company will he able to c^* ft i.^.tif.. two-thirds of the plant completed. This means that the comi)iiiiy will be able to Krind 3.000 to .3,r)00 tons of cane (lail.w with a <laily output of 2,000 to '-'..^OO baj.'-^ of sui;ar. The conii)an\ owns l.^O.OOO acn-s of rich cane helds situated at Ni|)e Hay, Cuba, of which about 22.000 to 30.000 will ultimately be ]>lanted in cane. The conipaiiv will buiiil about .50 The bifj suiiar "central" is being built of steel and miles of railroad. pquipiied with ilie mo.st modern .sugar machinery. Compare V. 81, company p. 1.S7S, 21,j. [Vol Lxxxii. 1904-0.5 mos.) — V. S2, MO991. p. • i\ re.'^ull f-. .i t tj Co. —Reincorporation. — This comNorth American Lead pany lia.s bepii re-incorporated under the laws of Ohio -with SI. 500,000 authoriiicd capital stock, of which r250.000.it is stated, will be retained in the treasury pending the comThe stockholders of the Mi.ssouri pletion of certain plans. corporation are requested to deposit their stock in exchange for the new certificates at the Ohio Trust Co., Columbus, on or before May 31. The Missouri corporation, it is said, paid its last dividend May 15; pected to make a distribution the Ohio corporation is exiii June. Directors: Frank J']. Stoneman, President and General Manager; .Toseoh F. Davidson, Vice-President: Nathan Gumble, Treasurer: Fred. Lazarus, George W. Bright, Henry Gumble, E. A. Cole and Carl Heidler of St. Louis — — will not be impaired, and by reason of such 1101. termiiiiitiou, IIO.J. in In- my opinion diiuiMished. its dividends will not, Compare V. 82, p. Improvement Co. — Report. — For United States Realty & year ending April 30,1906: fiscal Period Xet Dibenturf- liuoinc. (12 mos.)-. 82, 318,023 Income.. 81,44.5,930 2.440,222 1,704,828 At. S«80,790 560,512 <ii<l. .\ l/ril'.U) 190.-.-0ti Gross — Int., — Dividends. — A United Verde Copper Co. Balance, Surplus. S7«.5,14() 1,144,316 Boston paper says: The United Verde Copjjer Co. is now j)aying regular monthly dividends of 75 cents per share, having maintained this rate since the first of the year, the fifth dividend this year being paid to-day. In 1905 the comDany declared nine dividends of 75 cents each, or a total of S6 75 per share \'. so. |). 22i;. foi- tbc yi-ar. — — Vehicle Equipment Co., Long Island City. Sale of lionds. At auction in this citj- cm May 11 $120,000 first mortgage 5s, due Julv 1933, with coupons of January 1906 attached, were .sold at 10'^;. Compare V. 82. p. 1040. — Warwick Iron & Steel Co. 2% — Dividends Resumed. — A quar- terly dividend of wasdeclared on May 16 payable on June 11 to holders of record May 26. This is the first dividend since 1901. There is now $1,487,090 stock outstandng and hstcd in Philadelphia.— V. 82, p. 1046. 339. Ohio Fuel Supply Co. Franchise Denied. The City Counof Cincinnati on Maj' 7 voted to^'postpone indefinitely all action on the ordinance to grant this company a franchise to furnish natural gas in the city.— V. 82, p. 395, 104. Some suggestions for protection against over-i.ssue or Parrot Silver & Copper Co. Dividend. This company, forgery of municipal bonds are offered by the United States a majority of -whose $2,298,500 capital stock is owned by the Mortgage & Trust Company of this city, in a four-page Amalgamated Copper Co.. has declared a dividend of 2)^% circular, the cover page of which is a specimen of the form Since 1896 the com(25c. per chare), contrasting Avith 5% paid quarterly since of bonds prepared by the company. The companv paid nothing in 1903, in 1902 pany has had in (jperation its plan by which it attends to the late in 1904. engraving and other details of the issue, and in addition certi5% and in 1901 35%.— V. 81, p. 671. Pure Oil Co. Purchase. This company has purchased fies to their genuineness. The bond paper is prepared for from the Fisher Oil Co. all of its producing properties, lo- the company for its exclusive use and bears a distinctive watercated in Green County, Pa., Marion. Wetzel, Monongahela mark. The bonds when prepared are laid before the offiand Tyler counties, W. Va., and in Monroe, Washington and cials for execution by the company's representative, each Belmont counties in Southeastern Ohio. No new securities, making affidavit to the signing and sealing of the same, stock or bonds, we are informed, will be issued in connection and thereafter the certificate engraved on each bond, atwith the purchase. TheTfoUowing is pronounced practically testing its genuineness, is signed by an officer of the company, and the bonds delivered to, or upon the order of, correct: cil — — — — — The leaseholds consist of about 10,000 acres in the counties named' on which are 300 producing wells with an aggregate net production o' the proper — George officials. D. Cook & Co., bankers, at 25 Broad Street, have issued a pamphlet giving concise information regarding Mexican Government and State bonds. Messrs. Cook & Co. have been identified with nearly all the issues Sheridan (Wyo.) Coal Co. Called Bonds. Twenty-four described, which include United States of Mexico 5% ($24,000) mortgage bonds of 1903 have been called and will external gold loan of 1899; United States of Mexico 4% gold be paid at par and interest at the Union Trust Co., Chicago, bonds; United States of Mexico redeemable internal 5% Compare V. 80, p. 2463. loan of 1894; United States of Mexico consolidated internal trustee, on June 30 1906. New Stock Large Interest 3% loan of 1886; Vera Cruz & Pacific RR. Co. first mortgage Springfield (Mo.) Water Co. Purchased by St. Louis Men. This company, it is an- 4}^% gold bonds; State of Jalisco bonds, etc., etc. The nounced, has increased its capital stock from $500,000 to book has been prepared for distribution to any one interested A considerable interest in the property has been in having the matter. $700,000. The eighth annual edition of the "Directory of Directors acquired by St. Louis men, the management having been 1,000 barrels a day. The consideration was $1,000,000. The sale is the second the Fisher Co. has made to the Pure Oil Co. Three and a half years ago it sold a daily production of 1 ,000 barrels in Monroe County, O., for $1,000,000.— V. 82, p. 456, 104. — this city, — — — — — reorganized with the following George F. West. Portland, Me., President; L. F. Parker, VicePresident; H. B. McDaniels, Springfield, Treasurer; W. L. Lefavor, Springfield, Secretary and Manager. The "St. Louis Globe-Democrat" A deal by which St. Louisans acquire a says: half-interest in the stock of the Springfield Water Co. of Springfield. Mo., has been completed. The company was formerly owned by a Portland (Me.) syndicate, some of whose members sold out. The local capitalists interested include John H. McManus, L. F. Parker, general solicitor for the Frisco system, and John D. Filley, Vice-Pre.sident of the St. Louis Union Tnist Co. Mr. McManus controls the largest block of stock. The company has a bond issue of $.500,000. It has plans to enlarge its plant and a second issue'of bonds may be made later. Pv Standard Oil Co. Formal Reply. The company, in a statement addressed to its shareholders over the signature of Secretary Chas. M. Pratt, made on Wednesday a long and detailed reply to the charges of profiting by rebates and secret rates made by Commissioner Garfield. See the "New York Times'" of May 17 for the statement in full, and compare V. 82, p. 1105. Submarine Signal Co. N^ew Directors. At a meeting of the stockholders of the Submarine Signal Co. held this week, the election as directors of Sir William H. White, K. C. B. of London, Eng., and Charles Moore was confirmed; and there were elected as additional directors Philip Stockton and John F. Perkins of Boston, the number of directors having been V. 82, p. 937. increased to twelve. — — — — , — — — — New York. Sale June 5. The advertised for June 5 at the New York Real Estate Salesroom, No. 14 Vesey Street. V. 82, p. 1046, 396. United Cigar Manufacturers, New York. Over-SubGoldmauv, Sachs & Co. and Lehman Bros, announce scribed. that the 7% cumulative preferred stock has been overCompare V. 82, p. 1105, 991. subscribed. United Gas Improvement Co., Philadelphia. Right to Subscribe Terminates June 15. The right to subscribe to the new stock will remain open until the close of business on June 15 1906 (see V. 82. p. 1105). Trolley Syndicate Purchase. See Columbus Buckeye Lake & Newark Traction Co. under "Railroads" above. Philadelphia Lease and Dividends. Touching the contingency of the city of Philadelphia terminating on Dec. 31 1907 the lease of its gas works to this company, President Tubular Dispatch Co., foreclosure sale is — — — — — — <•' last week said: •*'(f-'ii| If, however, those responsible for the administration of the city's affairs decide to terminate the lease, the substantial condition of your Dolan New York" has just come fro in the press. It contains the names of over 24 ,000 directors and selected lists of corporations in banking, insurance, transportation, manufacturing and other lines of business, alphabetically arranged, accompanied in each case by the names of the company's officers and directors. The price of the directory is $5 a cop3^ Audit Co., 43 Cedar Street, New York, publishers. The annual meeting of the Incorporated Public Accountants of Massachusetts was held at Boston on May 10. The officers for the ensuing year were elected as follows: President, Harvey S. Chase; Vice-President, Thomas S. Spurr; Secretary, William Dillon; Treasurer, Wm. C. Newell; and Auditor, Joseph S. Parsons. Merabers-at-large of Executive Committee, Wm. Franklin Hall, Herbert F. French and Frederick C. Tufts. in the City of officers: — — Marwick, Mitchell & Co., chartered accountants, whose general offices are at 79 Wall Street, New York, have opened new branches in the Drexel Building, Philadelphia, and in the Despatch Building, St. Paul. The Philadelphia oflSce will be in charge of Jaiues Hall, C. A., and the St. Paul office under the direction of John M. Stuart, C. A. Tlie firm has well-established branch offices in Chicago, Pittsburgh and Minneapolis. — Lamprecht Bros. & Company of Cleveland opened their in the Broad Exchange Building, 25 Broad Street, with P'rederick J. Curnick in charge. The firm holds memberships in the New York Stock New York branch office this week Exchange, Cleveland Stock Exchange, Chicago Stock change and the Chicago Board of Trade. Ex — Myron W. Greene, Rochester, N. Y., has recently been interest a block of the $1,000,000 second mortgage 43^% gold bonds of the Rochester Gas & Electric Co. an underlying lien of the Rochester Railway & Light Co. At the recent meeting of the New York State Society of Certified Public Accountants, Col. Franklin Allen was elected Col. Allen succeeds Farquhar J. MacRae, who President. has been President of the society since 1903. In an advertisement elsewhere in this i.s,sue, Messrs. A. M. Kidder & Co., bankers at 18 Wall Street, this city, offer investors a list of guaranteed tax-exempt stocks yielding from offering at par and , — — , 3.75 to 4.65%. Francis, Bro. & Co., St. Louis, recently issued a circular regarding the United Railways Company of St. Louis and its 5% cumulative preferredjstcok. __ _ _\, _ , _^ _ _j . .. fcj — May THE CHRONICLE. 19 1906. xc ^otmtuxcml COTTON. "Simts. Friday Night, THE MOVEMENT OF THE CROP COMMERCIAL EPITOME. Friday Night, The condition main favorable. 1161 May 18 1906. of general business continues to May 18 1906. by our telegrams from the South to-night is given below. For the week ending this evening the total receipts have reached 75,256 bales, against 69,446 bales last week and 83,458 bales the previous week, making the total receipts since the 1st of September 1905 7,270,408 bales, against 8,828,908 bales for the same period of 1904-05, showing a decrease .since Sept. 1 1905 of 1,558,500 bales. as indicated be in the Manufacttu'ing industries are generally active, the labor situation is better than recently, the financial outlook seems more cheerful, money is somewhat easier, collections have improved and the prospects for the crops apReceipts at Sat. Mon. Tues. Wed. Theirs. Speculation is on the whole quiet, the pear to be promising. Fri. Total. country being occupied, as for some time past, with strictly Galveston 1,874 2,026 3,120 2,690 2,404 1,920 14,034 legitimate business. Pt. Arthur, &c. 249 249 Lard on the spot has been more active and higher. An New Orleans _- "3469 2,923 '3',2i5 "3,iii 59 2 2,150 18,160 Mobile 933 570 567 1 889 961 3,921 increased demand for export account is reported and the doPensacola, &C300 300 mestic demand has also been of fair proportions. Sales have Savannah "4",497 "3',545 '2',553 "l",83.3 4',564 20,452 3,520 been made of late at 8.75@8.80c. for Western and 8.623^c. Brunswick 1,243 1,243 ""'38 ""si " "40 ""137 "'ifs 120 544 for City. Refined lard has been firmer, owing to an advance Charleston Geor^ret'n, &c. 5 5 "'168 ift the future market at Chicago, a better demand and light "485 "543 Wilmington _. "l',4.34 l',26i 576 4,467 offerings. Refined Continent is quoted at 9.15c., South Washingt'n,&c ""419 "2'^642 "2',327 "737 8"; 745 "l",76i "l';459 American 9.75c. and Brazil in kegs 10.75c. The speculation Norfolk N'port N., &c_ 108 108 in lard futures at the West has been active with prices ad- New- York "571 ""479 "I'.OSO ""98 vancing, owing to light receipts of live hogs, strong hog prices, Boston 2",237 9 "588 588 a better cash demand, buying by packers and commission Baltimore """50 ""142 Philadelphia.. 3 8 203 houses and covering of shorts. The advance in the grain markets has also helped to impart a stronger tone to the pro- Total this week 13,041 11,307 13,966 11,293 12,526 13,123 75,256 Stocks have been reduced to about the lowest vision list. point thus far this season. The receipts of live hogs at ChiThe following shows the week's total receipts, the total cago for the week have been about 50,000 less than for the since Sept 1 1905, and the stock to-night, compared with — '3', same week last year. DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO. 8.47H Mon. 8.52^ 8.57}^ September deli very. 8. 72 8.60 8.72}^ Sat. May dehvery Julv dehvery M Tues. 8.52}^ 8.62 J^ 8.75 Wed. Thitrs. Fri 8.72^ 8.873^ 1905-06. 8.57^ 8.67U 8.80 8.65 8.65 8.80 last year: 1904-05. Stock. Receipts to May This week 18. Since Sep 1 1905. This week Since Sep 1 1904. 1906. 1905. Pork on the spot has been in light demand but prices have Galveston 14,034 2,436,185 27,600 2,491,382 85,469 134,983 ruled firm owing to the strength of the future market at the Pt. Arthur, &C249 144,918 11,940 257,501 West, light receipts of live hogs, light offerings and the New Orleans 18,160 1,532,658 28,520 2,437,240 l'2'8'!636 l'6'5',242 3,921 224,710 4,384 233,196 14,934 39,992 Light sales have been made Mobile strength of the grain markets. Pensacola, &C300 156,170 5,517 179,713 of late at $16 50@$17 25 for mess, $16 25@$18 for clear and Savannah 20,452 1,377,773 32,959 1,617,679 '5'8',43i 'e^jos $18 50 for family. Cut meats have been in larger demand Brunswick 1,243 176,389 178,317 1 ,523 7,734 5,941 544 166,255 953 206,577 14,212 9,501 and higher as a rule. Offerings have been light and only Charleston Georget'n, &C5 1,200 897 jobbing orders have been filled. Pickled shoulders are Wilmington ' " '8',665 4.467 302,787 6,527 334,285 9,789 quoted at 834c., pickled hams 11M@11J^<3-, pickled bellies WasUngt'n, &c 122 8',745 3"5",699 594,947 14,394 650,744 31,993 14@10 lbs., 10i4@'llc. Beef has been in fair demand and Norfolk N'port N., 108 20,383 1,246 18,232 659 steadv; mess $8@,.$9, flank $8 623/^, packet $10@,$10 50, New York &c. 15'5",472 5,724 1,024 27,707 105,642 family $12@$12 50, extra India mess $16 50@$17. Tallow Boston 2,237 60,257 849 72,908 6,493 3,950 588 62,017 629 50,225 2,402 1,385 has ruled steady and quiet at 5c. for City. Stearines have Baltimore 203 269 8,035 12,183 2,940 5,275 been more active with oleo easier at 9@9J^c. and lard steady Philadelphia ._ at 10c. Cotton-seed oil has been dull and steady; prime sumTotal 75,256 7,270,408 138,316 8,828,908 518,499 580,977 mer yellow 39c., prime winter yellow 41c. Butter has been Cheese has been quiet and ea.sier; Western extras 203^c. In order that comparison may be made with other years, Eggs have been steady; Western lower; State factory 133^c. we give below the totals at leading ports for six seasons: firsts 18c. Brazil grades of coffee have been extremely dull with prices 1906. 1905. 1904. 1903. 1902. 1901. steady as a rule; Rio No. 7, 7J^@.8c.; Santos No. 4, 8?4c. Receipts at West India growths have been in light demand and steady; Galv'n, &c_ 14,283 39,540 11,370 4,966 4,472 18,584 18,160 28,502 The market for contracts N Orleans. 9,147 19,391 fair to good Cucuta 8^@93^c. 8,047 17,953 Mobile 482 3,921 4,384 612 606 109 early in the week declined, owing to liquidation by tired holdSavannah 20,452 32,959 4,117 4,411 1,943 5,280 ers, large receipts at the Brazilian ports, unfavorable Euro- Cli'ston,&c. 549 953 14 29 116 277 4,467 6.527 31 pean advices and the dulness of the spot trade, but later in Wilm'n,&c. 46 377 232 Norfolk .__ 8,745 14,394 6,711 1,564 2,912 3,608 the week an increased demand from outside investors, buyN'p'tN.,&c 108 1,246 226 113 207 168 ing by roasters, a rally in the European markets and reports All others-9,811 4,571 4,144 5,185 1,676 7,621 of a railroad strike in Brazil imparted a firmer tone to the Tot. this wk 75,256 138,316 24,691 47,955 20,269 53,832 market. I • , _ . . *• The May June closing prices were as follows: 6.35c. (September 6.65c. January 6.3.5c. October .- 6.70c. February 6.45c. November . .- 6.80c. (March 6. .55c. December . _ .- 6.90c. (April j " I July Au!i;ust Since Sep. 1 7,270,408 8,828,908 6,952,318 7,479,954 7,257,368 7,041,529 7.00c. 7.0.5c. 7.1.5c. 7.20c. Raw The exports for the week ending this cA'ening reach a total of 80,601 bales, of which 9.710 were to Great Britain, 4,969 to France, and 65,942 to the rest of the Continent. Belcnv are the exports for the week and since Sept. 1 1905. sugar has ruled steady with some increase in the derefiners; centrifugal 96-degrees test 3 13-32@ 3 15-32C.; muscovado, 89-degrees test, 2 29-32@2 15-16c.; moias.ses 89-degrees test, 2 21-32@2 ll-16c. Refined sugar Week ending May 18 has been dull and granulated has declined 10 points to 4.40c. Exported to. Spices have been fairly active with prices generally firm. Exports Irom— Great ContiTeas have ruled generally steady with the demand fair; Hritaln. Fr'nce nent. lower prices for Formosa, however, are expected in the near (ialveston 8.407 1.914 future, as large supplies are coming forward. Pt. Arthur. &c. Kentucky tobacco has been quiet and steady. Labor Now Orleans. 5.141 4.091 27.102 Mobile troubles continue to be reported. The large strike at Boston Pensacola .300 16,401 has had an unfavorable influence on the market in general. Savannah Hrnn.svvick The latest reports regarding the new crop of domestic cigar Charle.ston leaf point to a .somewhat larger acreage, but details are lack- Wilmington... Norfolk Some improvement is noted in the demand for old Newport News 1.275 ing. New York 200 858 4,565 Wiscon.sin fillers. Buyers continue to show considerable Hoaton 1.075 3.399 interest in the new arrivals of Sumatra and some good-size H.altimore Phil.i(ielj)hla.. ios sales have been reported. Havana has been quiet and firm. Portland. Me.. San Kranclsco. 4.658 Refined jx'troleum has been fairly active and firm; barrels Seattle -_ -. 668 are quoted at 7.80c., cases 10.30c., bulk 4.70c. Naphtha Taeoina 382 Portland, Ore. has been steady at 12c. for 71 degrees in 100-gallon drums. Pembina Spirits of turpentine has been dull and easier at 65@65J^c. Total 9.710 4.949 65.942 Rosin has been stronger at $4 20 for common to good mand from 1900. From Sept. 1 1905 to May 18 1900. Exported to — Conti- Great Total. 10.381 30,334 .ion 16.401 Britain. France S.SOOi 1.275 5.623 1.075 3,399 105 nent. 973. 182275, 494 46,875 700.622 195,073 50,593 34,771 06,813 37,043 183,842: 63,859| 97.594 .—-.1 125.721 5.2251 9.000 9.025 6.353 154.407 21.400! 131.993 71.554 12,099 34.256 1 919 919 4.658 668 382 Total. 090,085 1.9.39,361 05.829 112.704 400,098 1,356,393 36.131 121.495 1 51.838 47. .382 612,547 800,248 37..399 134,993 4.400 9,900 157.773 288,719 20,602 2.577 225 6.578 227.800 403.667 141.290 9.297 128.230 44.577 2.765 37.021 37.697 50.SO0 11,993 4.721 4.958 37.697 50.800 11.993 4.721 4.958 80.601 2.659,249 655,164 2,509.714 5.824.127 strained. Total 1904-05. Copper has been more active and firmer; lake 18j^(ai]9c., 185^@18%c. Lead has been firmer at 5.95Ca]6c. Spelter has been easier at 5.90@6c. Tin has been firmer at Iron has been fairly active and steady; 441/^c. for Straits. No. 1 Northern $18 50@$19 25, No. 2 Southern $17 50@$18. In addition to above exports, our telegrams to-night also give us the following amounts of cotton on shipboard, not We add similar figures for cleared, at the ports named. electrolytic New York. 81.284 17.399 51.153 149.836 3.448.077 729.920 3.233.063 7.411.660 . . . . c . < . . . ' On Shipbourd, Not Cleared for Ger- Great Brilain. France. IS at- Other 10,790 SOO 1,466 1,000 4,000 ioO 3.566 2,000 504 1,500 7.260 14,636 18,056 4,936 2,881 1,000 stock 40,718 34,667 1 . i)orts. 87,912 50,802 57.431 13,912 10,634 13,878 149,822 ,000 300 300 600 18,115 4,300 18,115 5,650 6,000 . Norfolk 1.000 51 1 1 «' 22 122 77,800 20,880 12,340 l.S,St)5 9,038 23,400 110,750 23,991 188,330 5,206 52,216 28,896 23,992 47,282 ,20,892 12,422 4,1)70 407,749 397,647 268,247 both Lancashire and the Continent have been buying the That British spinners are actual cotton freelj'^ in Liverpool. becoming rather nervous over the question of future supplies, is apparent from the fact that a large and important deputation interested in the cotton industry of Lancashire has just interviewed the Prime Minister of England relative to the The deputanecessitj' of opening up new sources of supply. tion emphasized the fact, as it views the matter, that "the cotton trade is in a dangerous position," pointing out that Great Britain is dependent upon America for 75% of her supply of raw material, and arguing that it is absolutely necessary to broaden the sources of supply, adding that the only possible salvation lies in North Nigeria; but railways there are inBulls have laid some stress on this incident dispensable. and also on the fact that a commission house issued a statement putting the estimated increase in the acreage at only Reports have been in circulation, moreover, of week by frost and rains, necessitating more or To-day prices, after an early advance, deless re-planting. clined, especially on the next-crop months, owing to long It is supposed that some of liciuidation and bear selling. the leading bulls were liquidating part of their holdings of Moreover, the weather of late has beJuly and October. come more favorable and the South has been steadily selling The general public holds aloof from the new-crop months. the speculation, which, according to common report, has become largely a mere contest for control of the market between leading bulls here and certain spot interests. Spot cotton has been rather quiet during the week but on Wednesday advanced 5 points, reaching 12 cents for middling uplands, the closing price. On the basis of the rates on and off middling as established by the Revision Committee, the prices for a few of the grades would be as follows: UPLANDS Sat. Mon. Tues. Wed. Thurs. Good Ordinary 10.90 11.52 11.90 12.34 12.86 10.95 11.57 11 (95 12.39 12.91 10.95 11.57 11.95 12.39 12.91 11.00 11.62 12.00 12.44 12.96 11.00 11.62 12.00 12.44 12.96 11.00 11.62 12(00 12.44 12.96 11.15 11.77 12.15 12.59 13.11 11.20 11.82 12.20 12.64 13.16 11.20 11.82 12i20 12.64 13.16 11.25 11.87 12.25 12.69 13.21 11.25 11.87 12.25 12.69 13.21 11.25 11.87 12.25 12.69 13.21 10.40 11.40 11.56 11.90 10.45 11.45 11.61 11.95 10.45 11.45 11.61 11.95 10.50 11.50 11.66 12.00 10.50 11.50 11.66 12.00 10.50 11.50 11.66 12.00 Low Middling Middling Good Middling Middling Fair Fri. Low Middling Middling Good Middling Middling Fair STAINED. Low Middling Middling Low Mid. Tinged Good Middling Tinged middling upland at New York on 18 for each of the past 32 years have been as follows: The quotations May 1906. c. 1905-. 1904... 1 903 . . 1902... 1901... 1900... 1899- -. 12.00 8.30 13.40 11.85 QVs 8 1-16 9M 6M for 1898. 1897. 18961895.. 1894.. 1893.. 18921891.. 6 7-16 1890. .12 11882. c-12ii -16 11889.. .11 1|l881___109-16 11888.. .10 |1880--_11 13-16 7 11887.. .10 15-16 11879-. -12J^ |l878...11i^ 11886.. 9 3-16 TVs 7 13-16 1885- -lOJ^ 11877. .-10 15-16 7 5-16 11884.. -ll'A 11876. -.12 3-16 1 7H 8Ji 1 |1875-.-16i^ 1883.. .11 MARKET AND Market tSpol Closed. SALES. Futures Market .Sales ( Monday . Wednesday Thursday Friday Total =•35 OS'', = =-J? «'^ ' . . . (iuiet (Juiet Quiet Quiet Quiet Quiet f c.r. *-. ^— .— 1© 'S'' c:s> a-.--} tSX c-.io ^o» OiCO -4C-. lb CS 1© 1^ ~J~1 -JW 1© rvM IOC a 1© o M 5". 1© 1 o — 1© .-. ffl 3! 1 1 ^1 1© 1© 1© 1® oo o oo CO MM y^ ^4 ^ *. 51 55 CO 00^ ^I -J ^-J 1 i C-.'-C oo 1 1 1 IO-.0 o 1© 1© OiO) ^' ,— 1 1 --I X *. :;i •^i •i* '^ w 1 1 1© 1 ~I 1© 1 1© 1© 1© 1© 1 — ^ zz WW wto O'.0 15 CI 1— 1 1 1 1 1 1 1© O 00 o 1 1 loS 1© 1© H-N* 1® -— N* ^" to WJi. W 10 w 4* W —z — —z to — 10 — i^M 1 10 © © 1 1© 1© 1© 15 a 1© o ^ H-* 1 to 15 o to 1© 1 1 o 00 o 15 o o 1© O 1 ?£ '5 — 5" 1 ^- -4- T© Tl —— — to to .— 10 10 10 1© — ^_ ^^ z ;_ 1© — .— — to XC-i — 1© ^-^— .^ w.». ffiCT o — n zz 1 1© l^.'S — WW XM MO X 1© so "^s *^*. U— 1© h- ^ StS 10 to 5*^ e 5; — Oi"= 1 1 to to '*.'*. xto 04- 1© 1® — O^in to 1© 1 1 4-M = =;? •« ^ £ rs"IS " ] 1 zz OiCn wo 1© 1© c— 1© — 1® —— tow MtO tow . » iS'a' a s -1 Cncn ,b&T -- — xo — 55 — to to iU XM wo to 1 too ^f— tf> 1 !^C *^ w"^ 1© 1 £^1 ~n i;» oo CO oo CO CO Oir-.M oo OM MM oo XCi o o M O WO tcx i ' — a: '«'» 1© MM ^ — *i;~i 15 15 15 ^ o o OT to 1© 1© 1© 1© o o o 00 00 <» w 00 to 00 00 C3 /^ C.TOT 1© 1© o oo 1 1© oo oo oo oo CO oo oo aoco ooo MX MX MM MX MX MOO «oto XiC O-O ic to 4^0 X:»— ~x 55 oo oo CO 55 00 OO ^^ MM MCFl en*. oo MM c-.c oo o*- to to oo w*. too 1 1 1© G » * c ^ — — CO oo — MM XX CO to to CO XX X X oo oo '^'Z ^ — — MM MM CO 10 to M to wto MM 0\0t ocn 1 ' 1© oo oo 1© \ 'j:-j> 1 to 1© 1 1 5r *r !/. oo oo OM MX oo too OM 55 55 'Z^ MO MM M — to to CO MO .UO cow . il -o b" f*^ c - = c ^ = S « ='T5 «>S'K V. oo oo O — OM -4 0i «o ^ — OM 55 55 ^5 MO MM oo i*-0 too r© 1© 1© CO oo — •MM MM CO V*— — XX — —— ox MO --to oc 1© 1© o — M 5 © 1© oo oo oo oo o 00 00 cose MM ^' CT 4oo M oo 55 55 55 51 00 00 ^<I -JM MM M to to OCX MM iCii »(^*. . S = =15 ~i-^l z: 1 1 r^.— .-, C'l 1 00 1 •Z-K tOlv ="• Tl b 1 —V H' to c» 5 H'O K^ 55 55 55 • oo oo oo o o oo ^^ -J~) ^~J MM -I 00 ti4. c-.a — 51 51 oo CO ~ <1 ^ ^^ MO =5 Oi to 1 1 l</ 15 o w 1© (-1 »— 1 0° 1 1 rf- 1 w 4^0 •— M © 1 zz oo — to Oi 1 1 — «'»< 1© — •=§ 1 up by cable and telegraph, to o © H- 1 1 "« 00? ecu 1 I a CnOi ^. 1 •q;e> .bi;^ 1 Q CD 1© — w THE VISIBLE SUPPLY OF COTTON 00 o — w to 1© — 1 ^ 1^ 1 -^ Pr iy< to-night, as made Foreign stocks, as is as follows. well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday evening. But to make the total the complete figures for to-night (Friday) we add the item of exports from the United States, including in it the exports of Friday only. , May 18— 1906. 1905. 1904. 1903. 961.000 16,000 69,000 815,000 12,000 54,000 582,000 10,000 52,000 650,000 13,000 59,000 Total Great Britain stock. -.1,046,000 Stock at Hamburg 13 ,000 Stock at Bremen 231 ,000 Stock at Ant werp Stock at Havre 149,000 Stock at Marseilles 4 ,000 Stock at Barcelona 9 ,000 Stock at Genoa 49,000 Stock at Trieste 8,000 881 ,000 11,000 287,000 1,000 121,000 3,000 32,000 51.000 5,000 644,000 22,000 256,000 4,000 180,000 3,000 23 ,000 49,000 11,000 722,000 17,000 280,000 4,000 183,000 3,000 30,000 20,000 11,000 511,000 548,000 548,000 Stock at Liverpool Stock at London Stock at Manchester bales. 463,000 Total European stocks 1 ,509 ,000 India cotton afloat for Europe. 143.000 Amer. cotton afloat for Europe. 253,683 Egvpt, Brazil, &c.,aflt.for E'pe 31,000 Stock in Alexandria, Egypt ... 112,000 Stock in Bombav, India 1,072,000 Stock in U. S. ports 518,499 Stock in U. S. interior towns U. S. exports to-day .. 316,420 16,182 1 ,392 ,000 1,192,000 1,270,000 200,000 188,000 79 ,000 437,000 29 ,000 179,000 904,000 580,977 364,907 14,124 120,000 186,000 35,000 16,000 162,000 69,000 458,000 724,000 320,463 325,634 175,912 105,970 9,228 a5i3.5,685 Total vi.sible .supply 3,971,784 3.980,008 2.672 ,603 2 890,289 Of the above, totals of American and other descriptions are as follows: American — Liverpool stock Manchester bales. .stock Continental stock American afloat for Europe... U. S. port stocks U. S. interior stocks U. S. exports to-day 850,000 60,000 412,000 253,683 518,499 316,420 16,182 734,000 43,000 478,000 437,000 580,977 364,907 14,124 459 ,000 42 ,000 454 ,000 120 ,000 320 ,463 175 ,912 9 545,000 49,000 485,000 186,000 325,634 105,970 5,685 Steady. 5 pts. adv. Very steady. Steady Steady C07ltract. Total. 74 - . - 955 2,000 2.955 Total American 2 ,426,784 2,652.008 1,580,603 1,702,289 East Indian, Brazil, <tc. Liverpool stock 111,000 123,000 81 ,000 105,000 Lottdon stock 16,000 12,000 10,000 13,000 Manchester stock 9,000 11,000 10,000 10,000 Continental stock 51,000 33,000 94,000 63,000 India afloat for Europe 143,000 200,000 79.000 188,000 Egvpt Brazil &c. afloat 31 ,000 29,000 35,000 16,000 Stock in .Mexandria, Egypt... 112,000 179,000 162,000 69,000 Bombay, India Stock in 1,072,000 904,000 458,000 724,000 , , , Total East India, Total American Total Con- Closed. 5 pts. dec. Steady 5 pts. adv. Steady - i fi' Tz'^ -51 55 *— en CI ^'X."" V. V. &c 1,545,000 1,328,000 1,092,000 1,188,000 2,426,784 2,652,008 1,580,603 1,702,289 Spot and Contract. Export sum' n. Saturday.. —« — . The total sales of cotton on the spot each day during the week are indicated in the following statement. For the convenience of the reader we also add columns which show at a glance how the market for spots and futures closed on same days. Tuesday Gf^~ 'l Total Continental -stocks GULF. Good Ordinary Strict C S So CO 55 55 55 1 1 last 1 ' 5" V. 51 ^ ^ r^ Vi 1© -j^ ijM 1® Tlie speculation in cotton for future delivery has been on a moderate scale at irregular prices, in the main, however, takThe princiing an upward drift until the close of the week. pal sustaining factor, aside from some bullish manipulation at times, has been the continued activity in the spot markets, especially at Liverpool, where the transactions day after day have been 14,000 to 15,000 bales. The reports from Manchester, moreover, have been of a favorable character, and C ©o oo oo oo 23,3.'-,8 1 Total 1900 Total 1905 Total 1904 damage — ' [Vol. Lxxxii. Ck'xz"2lS2 C K 5;C - ~ c K tn 3 '/ 5 S»'' = 1'" k"^ 1^1 1 3.54%. — ^jr"^5r>0^^^-2-~ ^x~ — Leaving Total. wise. Savannah Cliarleston .Mobile Other —— 9^ FUTURES.— High, low and closing prices at New York: — Coast- many. Foreign 4,108 12,214 Orleans Galveston .. New York ' THE CHRONICLE. U62 May New • 11 11 11 1 1 4,800 50 175 305 60 ----. 2,300 664 8.000 11,619 900 4,874 50 1,130 3,205 2,360 vi.'^ible sui)ply Middhng Upland, Liverpool... Middling Upland, New York .. Egvpt, Good Brown, Liverpool Pei-uv. Rough Good, Liverpool Broach, Fine, Liverpool Tianevelly, Good, Liverpool... 3,971,784 3,980.008 2,672,603 2,890,289 6.25d. 4.39d. 7.36d. 6.30d. 12.00c. 11 '^d. S.65d. 5Hd. 8.20c. 7H<i. lO.OOd. 4}4d. 13.15c. 12.0,5c. 8?^d. 9 11-16d. 10.50(1. 8.60(1. 6«^d. 6H<i. SVsd- 5Hd. Continental imports past week have been 117,000 bales. The above figures for 1906 show a decrease from last week of 109,238 bales, a loss of 8,224 bales from 1905 and an excess of 1,299,181 bales over 1904. 5 9-16d. 4 3-16d. May THE CHRONICLE. 19 1906.] AT THE INTERIOR TOWNS the movement— that is, the since Sept. 1, the shipments for the week and the stocks to-night, and the same items for the corresponding period for the previous year is set out in detail below. week and receipts for the — 1163 QUOTATIONS FOR MIDDLING COTTON AT OTHER MARKETS. — Below are the closing quotations of middling cotton at Southern and other principal cotton markets for each day of the week: Closing Quotations for Middling Cotton on goo «i r- ?0 May Monday. Tuesday. Wed'day. Thursd'y. Friday. Sat'day. 18. otr 2: Galveston IIH New Orleans. 11 7-16 11 5-16 Mobile 11^ 113^ 11 7-16 11 5-16 11 7-16 Savannah 11 5-16 Charleston 113-^ 113^ 11 7-16 llJi 11 3-16 11!^ 113i 11 9-16 11 7-16 11 9-16 11 7-16 113i 11 5-16 11 3-16 113i 11 3-16 11.95 11.95 1134 11 3-16 113^ jS Wilmington.. 113€ 5J Co Norfolk 11^ Boston 11.95 11 'M llM 11 IIM 12.15 11 7-16 12.20 113^ Memphis 11^ 11^ St. Louis o 3 c 11-3-16 113^ 1114 IIJ^ 11.90 Augusta re lli5^ llJ^ 113^ 12.20 113^ 115^ 11?^ 113^ 12.25 113^ 11 7-16 11?^ 113^ 12.00 ll>i 12.25 113i 11 7-16 11 7-16 11 9-16 11 11 11 11 O > ^o " — '^ n tc ?5 .cr .fJ -p 3 li 8= 03. Baltimore Philadelphia . Houston Little Rock.. 11 *. to - CK en !*». tc to I CJwtOOrf^lOMW-JOltOi bi 05 CC M --I 00 to^-J04^i OCC" — Week ending 2.0 = hl^ i-" tote ^'tobo 00 Cn 00 8- S3 ^02<I(*>-tO 11^ 113i 11^ 12.00 11^ 12.25 11^ 11 7-16 11 7-16 11 9-16 11 The closing quotations to-day (Friday) at other important Southern markets were as follows: 1-1 CO t000W0lC:00rf>.t0O IIM 11^ nn 11 5-16 -16 11 .Atlanta [Louisville ... Louisville I Montgomery -113i Nashville .11 [Natchez Raleigh Shreveport I— CO l-'F<I o X ^ »-'<I^»*^i-'C:CTr:t^MC:h^Wo t»Cn<J>tkt^QctO^-*C''OC^tO 31 O atoooo tototO'c;c;tocoH-tooa;oto^-CitoM^-*oo>--totootocnOi^toto Columbus, Ga.ll Columbus, Miss. lOM cobsoom CilK-'COCrf^tOOi0 33 0:if»^00«DCOH-OOi^tOOCO-JH-^COOiOT50 [(xaJCJitDCTi^Orf'i-'CstOtOCOtOtOOOCOOOiWC^lOOOOCntOOOOtO 3:^ too 0^jH-o;o;OOOOCOOCOCnCOO>Cni<^0>t^tOMMao~J»-tCOOCn'-' ORLEANS OPTION The highest, lowest and closing ciuotations for leading options in the New Orleans cotton market for the past week have been as follows: I-- 1-- it^ >-• 05 to lOtO OCnO' O, •-' •^i^-cnciWc-j I Orf>-Cn lotocorfi. 01^ coij^ocoi-'-atoMFJOitDtoo'-'MOo oocoeot— _ I NEW (^ t^ tj to !_. I MARKET.— ^^it'^h^tootol ooccwi^tocntoi^ooo^-o O to O to O ^-QTCOtOJ'.i^OO^-tOtt'-OaOi'OOit^j: OlOXOCO<IOtD Monday. Tuesday. Wed'day. Thursd'y. Friday, Sat' day. 12. May May a;^COi >t>. CO C»3 to 01 I C^Oi May — Range Closing July — Range Closing October — -'C»-J<ICnOOOtOtOi-*C04^C02tCCO>-^COOOCT<I-JOO^tOiO—':04i OOCti o^ooooivt-cni— cctocoo>&-'r-. ooooc^>^-oo-^-jMo>f^-*05 OOOO' o ^ 00 corfa-rorf^^-ooit^toto ocoocioctocg ;o cn to oo m to oo co OCnCOi l—h-i 00 to CO to h- >f» I-" I s.^ 1-' ^-00*035 "oT>-'-^bio to loVi tob 1*^ to to to tobV to *-"vt^ tocn^CnMOi^^^OOOO-^iCntoOt^COi^-CnMH-cocn^tO—'0:*».to CnOOOiOO to S-fC 00 tOtOCOXCiJO~JCOOOOC4^MCO CnOi-'rf^tOOOi<I -0 December rorf^ooc CO — to^ '-' OJtOOitO to to O CO M O <I to O 00 it>. to It' Oa. >-'H-OOC3toC5toCnh->t>-c;ii I CO 0>-'>&.CnOitOtOt0^^i(^0:CncO OiH^OOOiOOCntOOO^-O^' ooi^ to'toco ocoo:it>.OTCOco t^QOtOCOOOJ'OOht*. May 17. 11.30-.35 11.31-.38 11.3111. 30-. 31 11. 39-. 40 11.32- May 18. 11.29-.33 11.31-.33 — —@— — — 10. 62-. 65 10. 66-. 69 10. 67-. 77 10. 68-. 75 10. 60-. 61 10. 69-. 70 10. 64-. 65 10.71-. 72 10. 67-. 69 10.63 Closing — ^ cn to 'X CO GO 16. — — Tone Spot Options... ! May 10. 52-. 62 10. 55-. 63 10. 55-. 64 10. 57-. 66 10.62-.70 10.55- 66 10. 53-. 54 10.63 10.56-. 57 10. 65-. 66 10. 62-. 63 10.57- ,58 — January Range I-'*' 005COCOCOrf-4^>— OOTtOi — Closing if^tOOT 0^ CD tOCOOCOit^OOOCDOCO^OOO-itOOOtO^CntOtO^^OiCnO—'j:OC-. to coo 15. 10. 52-. 64 10.55-.64 10. 55-. 65 10.59-. 66 10. 62-. 70 10.55-. 66 10.54-.55 11. 63-. 64 10.57-.58 10. 66-. 67 10.62-.63 10.57-.58 Range — MMCO H-toototototooocctOH-^ji—vicni^kcrjCoooMOto-icnWOto^ OtOOMGCit.CncOCOOOi--ffltOtOCn*.tOXOTi*>.tOO May 11. 38-. 49 11.41-.49 11. 42-. 52 11. 45-. 53 11. 48-. 55 11.41-.51 11.48-.49 11. 43-. 44 11. 52-. 53 11. 48-. 49 11. 44-. 45 11.41 Closing ototoc 14. 11.22-.34 11.2511.23-.25 11.33- Range bbco llj^ llj^ &, Quiet Steady. Quiet. Steady. Steady. Firm Stead}'. Steady. Firm. Steady. Quite. Steady. OtOtO»^CiOtOO>^3DCOCna;OT-JOJtOOOOCOCOOOtOO-. tOcDcT. S^^if^OH-to CO ^ O M O O W^EATHER REPORTS BY TELEGRAPH.— Telegraphic show that the interior stocks have de' advices to us this evening from the South indicate that the creased during the week 18,224 bales, and are to-night 48,487 bales less than at the same period last year. The receipts weather has been more favorable the past week. Over much at all the towns have been 27,131 bales less than the same of the area the rainfall has been light or there has been no week last year. moisture, but in portions of Northern Texas heavy preOVERLAND MOVEMENT FOR THE WEEK AND cipitation is claimed to have done damage. On the whole SINCE SEPT. 1. We give below a statement showing the crop is doing well but in some districts rain is now the overland movement for the week and since Sept. 1, i-eported to be needed. as made up from telegraphic reports Friday night. The Galveston, Texas. In general the crop is doing well, but results for the week and since Sept. 1 in the last two years there are some complaints from North Texas of washouts are as follows: and overflow caused by recent heavy rains. It has rained 1905-06 1904-05 on one day of the week to an inappreciable extent. The Mmj 18. TT'eefc. Since Since i The above totals — — — 1 Shipped Via St. Louis Via Cairo Via Rock Island Via Louisville Via Cincinnati Via other routes, &c Sept. 1. 6,673 1,286 583 2 ,884 1,148 3,781 Total gross overland Deduct sli ipine.nts Overland to N. Y., Boston, — Between interior 10,328 <fec. towns Total to be deducted 3.028 217 1,354 400 1,401 1,686 4,978 1,715 163,023 28,565 51,387 4,973 242,975 2,771 487 198,241 11,756 total net overland. a 1. 560,739 305,544 48,671 89,148 52,551 291,203 22,698 1,347,856 136,033 18,984 43,224 4,599 Sept. 3 ,905 16,355 1,061,103 Inland, &c., from South Leaving Week. 438,565 194,999 42,361 92 ,039 53,430 239,769 862,922 17,725 1,104,881 thermometer has ranged from 62 to 78, averaging 70. Abilene, Texas. There have been showers on three daj^^s during the week, the precipitation reaching thirt3''-eight hundredths of an inch. Average thermometer 75, highest — 88, lowest 62. lowest 55. Corpus Christi, Texas. da}\s the j)ast week. ranging from 64 to 78. two movement by rail to Canada. The foregoing shows the week's net overland movement has been 11,756 bales, against 11,725 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 241,959 bales. 1905-06 1904-05 Sight and Spinners' Since Takings. Week. Sept. I. Week. Receipts at ports to Ma.v 18 75,256 7,270,408 138,316 Net overland to May 18 11,756 862,922 17,725 Southern consumption to May 18- 45,000 1,672,000 44,000 In Total marketed Interior stocks in excess Came into sight during Total in sight May Since Sept. I. 8,828,908 1,104,881 1,580,000 -132,012 9,805,330 200,041 11,513,789 ..alS,224 181,243 a37,955 303,247 week... 113, 788 18 Norfhernspins.' takings to 162,086 11,817,036 9,986,573 May 18 26,271 2,109,878 47,729 2,017,993 Week — — May 20 1903— Mav 22 1902— May 23 1901— May 24 1904 71, — thermometer has ranged from 60 to 93, averaging 77. Dallas, Texas. We have had heavj' rain on one da}' during the past week, the rainfall being two inches and twenty hundredths. Average thermometer 68, highest 84, — lowest 52. Fort Worth, Texas. It has rained heavilj'- on two days of the week, the rainfall being three inches and seventj'-eight hundredths. The thermometer has averaged 71, the highest being 82 and the lowest 60. Henrietta, Texas. There has been heavy rain on one day the past week, the rainfall reaching two inches and twenty hundredths. The thermometer has averaged 68, ranging from 51 to 85. Huntsville, Texas. Rain has fallen lightly on one day during the week, the precipitation reaching twenty-.seven — — — hundredths of an incii. Kerrville, Te.vas. into sight in previous years: _ The thermometer has averaged lias ranged from have had rain on two daj's during The thermometer 67 to 85, averaging 76. a Decrease during week. Movement — There has been a trace of rain on It has rained lightly on one day of the The rainfall reaching one hundredth of an inch. Cuero, Te.ras. week, the a Including — Brenham, Texas. Rain has fallen on two days of the week, to the extent of one inch and forty hundredths. The thermometer has averaged 70, the highest being 84 and the the — Bales. Since Sept. 1 ..57,242 1903-04— Mav 20... .86,01 1902-03— Mav 22... 46,493 1901-02— Mav 23... ..74,614 1900-01— Mav 24... Bale.'). . 9,548,239 .10,1.58,664 . . 9,795,180 9,613,284 — We the rainfall being two inches and sixty Average thermometer 75, highest 89 and past week, hundredths. lowest 60. — Lampasas, Texas. Rain has fallen lightly on one day the past week, the rainfall being two hundredths of an inch. — — . . THE CHRONICLE. 1164 The tluTiiionictcr litis averaged 72, tlio highest being 90 and the lowest .54. Longriew, Texas. We have had rain on one day during the week, to the extent of eiglitj'-five hundredths of an inch. The thennomcter has averaged 7G, ranging from 63 to 89. hiding, Texas. It has rained lightly <>n three days of the week, the rainfall reaching sixteen iiundredths of an inch. The thermometer has ranged from .5.5 to 89, averaging 72. Nacogdoches, Te.ras. Rain has fallen on one day of the wc(k to an inappreciable extent. Average thermometer 67, highest 84, lowest 49. Palestine, Texas. Rain has fallen liglitly on one day the past week, to the extent of one hundredth'of an inch. The thermometer has averaged 74, the highest being 82 and the lowest 06. Paris, Texas. We have had rain on two days of the past week, the rainfall being sixty-one hundredths of an inch. The thermometer has averaged 70, ranging from .54 to 86. San Antonio, Texas. It has rained on one day of the week, the rainfall reaching eighteen hundredths of an inch. The thermometer has ranged from 60 to 88, averaging 74. Weatherford, Texas. We have had rain on three days during the past week, the rainfall being one inch and fifty hundredths of an inch. Average thermometer 7.3, highest 86 and lowest 59. Shreveport Louisiana It has rained on one day during the week, the rainfall being twenty-three hundredths of an inch. The thermometer has averaged 72, ranging from 55 — — — — — to 88. — Neiv Orleans, Louisiana. Rain has fallen on one day the past week, the rainfall being four hundredths of an inch. The thermometer has averaged 73. Columbus, Mississippi. Good stands of cotton have been secured and fields are clean. Weather fine this week. Leland, Mississippi. There has been no rain during the w^eek. Average thermometer 66.9, highest 86, lowest 43. Vicl'sburg Mississippi. This has been a favorable week for cotton but light rain would be beneficial. It has been dry all the week. The thermometer has averaged 73, the highest being 89 and the lowest 55. Meridian, Mississippi. The weather has been clear and pleasant all the week ideal for farming operations. Helena, Arkansas. There has been no rain since the 6th and it is now needed. Crops are doing well in bottoms but are backward on uplands. The thermometer has ranged from 53 to 87, averaging 71. — — — , — — — — Nashville, Tennessee. Warm rains are now needed for cotton. Dry all the week. The thermometer has ranged from 66 to 89, averaging 76. Memphis, Tennessee. The weather has been more seasonable the past week, but dry. Cropr now need moisture. The thermometer has averaged 73.1, the highest being 86.8 and the lowest 57.8. Mobile, Alabama. Rain is generally needed to assist germination and growth. Some planting is j^et to be done. It has been dry all the week. The thermometer has ranged — — from 50 to 84, averaging 70. Montgomery, Alabama. Crops are doing well. We have had a light shower on one day during the past week, the rainfall being three hundredths of an inch. Average ther- — mometer but comprehensive statement indicates brief 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 which statistics are obtainable; also the takings, or amount gone out of sight, for the like periods. 1904-05. 1905-06. Cotton Takings Week and Season. Week. supply .May 11 Visihle supply Sept. 1 re(eii)ts to 1 ti 1,123,887 162,086 11,817,036 07,000 2.195,000 9,000 169,000 8,000 810,000 4,000i 137,000 368,000 25,000 Total supply Season. 4,048.056 113,78Si 9,986,573[ 44,000; 2,331,000! 11,000 242,000 781,000 1 ,000 . Other India ship'ts Alexandria receipts to .May Other supply to May 16. a Deduct Week. Season. 2,545,470 May 18.. May 17 to May 17. Aiiu-ricauin sight to Hoiubay I 4,081.022 V'isil)le 4,275,810 16,254.043 4,298,142116,251,923 — Visible supply to May 18 Total takings to May 18... 3,971,784 3,971,784 3,980,008 3,980,008 318,134 12,271,915 272,1341 9,641,915 46,000 2,630,000 .304,026 12,282,259 218,026 9,198,2.59 S6,000| 3,084,000 Of which American Ol which other a Embraces receipts in Europe from Brazil, Smyrna, West Indies, — , [Vol. LxxxiL WORLD'S SUPPLY AND TAKINGS OF COTTON.— The following — — — . <S:c. NEW YORK COTTON EXCHANGE.— .YoTwmohon.s.— of the New York Cotton Exchange has selected the following ticket to be voted for at the annual election, which will be held on ^londaj^ June 4: For President, Walter C. Hubbard; Vice-President, Henry H. Wheeler; Treasurer, James F. Maury; Board of Managers Richard A. Springs, Geo. W. Baily, J. E. G. Higgins, Chas. W. Lee, L. L. Fleming, John Tannor, James W. Wenman, G. Howard Wilson, L. EUinger. A. R. Marsh, William P. Jenks, Frank H. Wiggin, Fergus Reed, Charles A. Shearson and W. R. Craig. Trustee of the Gratuity Fund Edward E. Moore. For Inspectors of Election William A. Boger, James C. Royce and William G. Carr. The nominating committee — — COTTON GROWING IN CHINA.— The Commerce and Labor Department of recently received the following: According to a report from Manchester, England, the Chinese Government is encouraging tlie development of cotton growing in China. It is to some extent an old industry in that country, but the'Government, according to this report, realizes the shortcomings of the Chinese and has encouraged Japanese to supervise the matter. The latter, it is said, will engage expert cotton growers from the United States and get them to look over the land, selecting that which might profitablj- be used for the growing of this important crop. There are reasons to believe that cotton growing might be carried on successfully in China as compared with almost any otherforeign territory. The cotton belt in the United States is largely included between 30 and 37 north latitude. Between Jhe same parallels in China it is asserted that cotton could be jiroduced almost equally well. From Shanghai north there are vast alluvial plains, which experts have maintained are well fitted for cotton growing. There would be an abundant supply of the cheapest farm labor, and with Japanese supervision it is thought that much can be accomphshed. Shanghai is a little south of Savannah. Chinese competition in cotton growing is much more to be feared than competition in the Nigerian territory in .\frica. The (Tiinese would make the best kind of laborers for work in a cotton field and the cotton manufacttuers of Europe will probably aid them in the development of this It is an experiment, however. industry. Japan would manufacture the cotton into cloth and therefore would have an interest in seeking to estabhsh cotton growing in China. The American producers express no fear of the development of the Chinese field, and even should it prove successful the demand for cotton increases so rapidly that it would make no particular difference to growers in the United States. 70, highest 85, lowest 48. Selma, Alabama. No rain during the week. Farm work has made good progress. Replanting continues. The JUTE BAGS, BAGGING, &c.— The demand for jute thermometer has averaged 73, the highest being 87 and the bagging has been only moderate during the week under lowest 60. Madison, Florida. There has been no rain the past week. review, but prices are firm at 8^c for l-?<4 lbs. and 8J^c. The thermometer has averaged 68, ranging from 47 to 82. for 2 lbs., standard grades. Jute butts dull at 3@4c. for Augusta, Georgia. Dry weather has prevailed all the bagging quality. week. The thermometer has ranged from 47 to 89, averagINDIA COTTON MOVEMENT FROM .\LL PORTS.— — — — ing 70. — Savannah, Georgia. We have had rain on two days during the past week, the rainfall being eight hundredths of an inch. Average thermometer 69. highest 81, lowest 50. Charleston, South Carolina. There has been rain on one day the past week the rainfall reaching twenty-six hundredths of an inch. The thermometer has averaged 69, ranging from 55 to 79. Greenwood South Carolina. Dry all the week. The thermometer has ranged from 54 to 79, averaging 66. Statehurg South Carolina. There has been no rain during the week, but warm nights are now as greatly needed as moisture for the heavy growth of cotton. Average ther* mometer 69, highest 88, lowest 45. Charlotte, North Carolina. Weather fine for the growing cotton crop. No rain during the week. The thermometer has averaged 71, the highest being 88 and the lowest 57. 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 New Mmi 19 1905. Fid. Orleans Memphis . IS 190i3. Nashville Shreveport Vick.sburg Above .zero Above zero Above zero Above zero Above zero of Kause. of frauije. of gauKC- of gauge. of gauge. Fret. 1,5.7 13.4 20.1 13.4 24.2 33.0 17.3 9.0 22.2 37.5 OUR COTTON ACREAGE REPORT.— Our cotton acreage report will probably be ready about the 1st of June. P.irties desiring the circular in ciuantities, with their business card printed thereon, should send in their orders as soon as possible, to ensure early delivery. receipts of cotton at Bombay and the shipments from all India ports for the week and for the season from Sept. 1 for three years have been as follows: The May 1905-06. 17. Week Receipts at- Bombav E.rporls from For Week Sept. 1. Great the Since Since 44.000 2,331.000 — 1903-04. 1904-05. Since Sept. Week 1 67,000 2,195,000; 61 .000 Week. Sept. i Since September Confinent. Total. 11,000 7,000 14,000 11,000 7,000 16,000 4,000 1,000 4,000 1,000 1,000 1,000 Great Britain. 1 . .8.38,000 1 Continent. Total. 50, 000 16,000] 89,000; 651,000 263,000 757,000 701 ,000 279,000 846,000 5,000 2,000 3,000 85,000 21,000 25,000 90,000 1,000 2,000 2,000 8,000 36,000 13,000 27,000 38,000 15,000 35,000 6,000 7,000 10,000 7,000 7,000 10,000 12,000 7,000 6,000 114,000 131,000 165,000 1.000 21 ,000 2,000 16,000 24,000 22,000 16,000 26,000 69,000 27,000 106,000 874,000 943,000 421,000 448,000 968,000 1,074,000 Britain. Bombay 1905-06.. 1904-05. 1903-04. Calcutta 1905-08.. 1904-05. 1903-04. 2,000 i 23 ,000 28,000 Madras 1905-06. 1904-051903-04. All others— 1900-00. 1904-051903-04. Total all— 1905-06. 1904-05. 1903-04. 1 May THE CHRONICLE, 1906. 11) According to the foregoing, Bombay appears to show an increase compared with last year in the week's receipts of 23,000 bales. Exports from all India ports record a gain of 6,000 bales during the week and since Sept. 1 show a decrease of 495,000 bales. ALEXANDRIA RECEIPTS AND SHIPMENTS OF COTTON. — Through arrangements made with Messrs. Choremi, Benachi & Co., of Liverpool and Alexandria, we receive a weekly cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments for the; past week and for the corresponding week of the previous two years: now Alexandria, Egypt, May 1905-06. 1904-05. 1903-04. 6,000 5,857,117 16. 60,000 6,079,143 8,000 6,433,516 (cantars a) — Receipts 1165 Great French Britain, ports, New York... New Orleans- 200 America Tacoma 4,949 40,624 9,710 Total 6,173 13,437 80,601 300 16,401 1,275 1,075 3,399 105 4,658 The exports to Japan since Sept. 1 have been 108,713 bales from Pacific ports and 15,498 bales from New York. Cotton freights at New York the past week have been as c. c. Tues. Wed. Thurs. Fri. 15(oU6 15(5)16 15(uU6 15@16 16 l'6 16 20 18@,20 20 20 18(5 20 18(c&20 22 16 16 20 18(a;20 18@20 18{i7),20 c. 23 17 23 22 17 23 23 22 17 23 23 22 17 23 30 30 30 30 30 30 22 18 34 55 25 25 25 18 18 18 25 18 34 34 34 55 25 18 34 55 55 55 a .\nd 5 per cent. a25 c. _c. Ant- V. 20 c. Hamburg Antwerp 2,000 208,306 4,000 127,388 8,000 307,225 200 47,120 16 15(?i Mon. 15@16 16 Sat. c. Reval, indirect -f. RevaL V. Canal .c. e. Barcelona Genoa c. c. Trieste Japan, prompt -C. 22 17 (iuotations are cents per 100 lbs. 1 98 668 382 ._ ... .__ 4 ... Manchester 7,050 704,766 13,200 670,359 14,200 690,039 Total exports is 664 382 4 5,704 5,550 Seattle Ghent, 1,750 194,925 3,750 138,616 7,000 272,327 700 64,491 700 189,574 157,548 6,250 290,600 100 67,044 _ Manchester Continent cantar 5,623 36,334 10,381 ... ... ... ... 3,-399 Bremen A Total, ... ... ... ... ... ... ... ... ... 4,658 __. -.. 300 350 Japan. &c. 105 Philadelphia. San Francisco Liverpool This Since week. Sept. 1 This Since week. Sept. 1. Since This week. Sept. 1. Exports (bales) o North. South. 818 1,717 1,000 5,870 4,005 10,501 Baltimore... Havre Liverpool 8.58 2,030 4,091 20,232 4,462 5,141 Galveston ... 1,914 Pensacola ... Savannah ... Newport News 1,275 Boston 1,075 follows: This week Since Sept.l To To To To — Otk. Europe — Mex., Ger- many. 17 34 55 — Ib.s. This statement shows that the receipts for the week were 6,000 cantars and the foreign shipments 7,050 bales. COTTON ACREAGE— MESSRS. LATHAM, ALEXANDER & CO.'S ESTIMATE.— Under date of May 19 Messrs. LIVERPOOL. By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port: Sales of the May April 27. bales. 56,000 week Latham, Alexander & Co. issue their annual estimate of cotActual export 8,000 ton acreage. The estimate is based upon 3,482 replies of Forwarded 73,000 makes the average increase in Total stock— Estimated --1,0.58, 000 average date of May 14, and Of which American— Est. 929 ,000 acreage 3.54%, the area this year being placed at 27,956,010 acres, against 26,999,552 acres in 1905, acres. an increase of 956,458 MANCHESTER MARKET.— Our report received by cable to-night from Manchester states that the market The demand for is firm for both yarns and shirtings. both home trade and foreign market is good. give the prices for to-day below and leave those for previous May 4. 62,000 4,000 3,000 54,000 10,000 101,000 977,000 866,000 29,000 22,000 197,000 158,000 Of which exporters took-- 3,400 300 Of which speculators took Sales American 52,000 Total import of the week. -. 75,000 48,000 Of which American .Amount afloat 171,000 131,000 Of which American May 11. 18. 71,000 7,000 3,000 63,000 7,000 67,000 60,000 4,()(J0 2,000 53,000 6,000 68,000 986,000 871,000 83,000 65,000 148,000 104,000 961,000 850,000 48,000 39,000 115,000 74,000 The tone of the Liverpool market for spots and futures each day of the past week and the daily closing prices of spot cotton have been as follows: We weeks of this and year for comparison: last Saturday. Monday. Tuesday. We&'day. Thursday. Fair business doing. Large Large Large Large Quiet, Spot. business doing. business doing. business doing. business doing. Market 12:15 P.M. 1905. 1906. 8 '4 liis.Shirh 32s Cop. itiQs, Uncut. Upfs 13 & @ 9 9 8"^ 20 27 4 11 9c. IS 10 >4 6 10« lOH Cft May 9,^ s. 6H®9 7H 6H@9 714 6H@9 114 6 6 101^ ® @ lOK r. 7 10?^ fi 7J4@9 (if'9 8 9 8« 32s Cop Twist. d. io d. Mid d. s. d. 6>-^C&9 7K- Twist. Apr. d. common Cot'ii d. C.04 7 7-16 6.16 7H 6.07 IVa @ &> ® 6.08 1)4 @, 6.18 7 9-16 (5> 6.25 7?^ (Si, Mid .Uprds Com Ihs. Shirt- ings, Mid common d. s. 8 5-16 5 8 "4 5 SH 5 8^ 83-^ SH 9 9 9 s. d. ®8 7H (®8 7H @8 7H 5 9Vi@S 5 10^(818 5 10J^(a>8 m 7}4 7H 6.19 0.21 6.21 6.26 6.25 14.000 2,000 14,000 3,000 15.000 3,000 15.000 4,000 15,000 1,500 .Steady at 3 (fit 4 pts. decline. Steady at Steady at Steady at Steady at 2 points decline. advance St'y, unch. 2 pts. decline. Quiet at V'y 1@3 1 1 Spec.&exp d. 4.24 4.17 4.16 0.15 8,000 Sales Upls to finest. d. Futures. 500 Market opened J Market VSt'y, unch 4 4.24 4.36 4.39 P.M. Friday. Steady, 1 \\ J unchanged ® Pt. I advance. @ 1(3)'2 pts. advance pts. advance points 2 1 point decline. @ Easy at 1 pt. B'r'ly .st'dy st'y pt.dec.Cgi dec.@3pts. iit l(ffi2 pts. decline. pt. adv. advance. prices of futures at Liverpool for each day are given Prices are on the basis of Uplands, Good Oi'dinary clause, unless otherwise stated. The prices are given in pence and 100th. Thus: 5 99 means 5 99-lOOrf. The SHIPPING NEWS.— As shown onfa previous page, the exports of cotton from the United States the past week have reached 80,601 bales. The shipments in detail, as made up from mail and telegraphic returns, are as follows: below. Sat. 12. May Mon. Tues. sMay 14. May 15. Wed. May 16. Thurs. May 17. Fri. May 18. Total bales. NEW YORK— To I-iverpool, per Celtic, 100: Cevic, 100 200 51 Sea Island; La Gas702 foreign 858 To Bremen per Cassel 1 ,930 1 ,930 To Hamburg, per Pretoria, 100 100 To Antwerp, per Kroonhmd, 268 268 To Reva! per Cassel 550 550 To Genoa, per Citta di Milano,«341; Prinzess Irene, 1,051 1,392 To Naples, per Prinzess Irene, 325 325 To Liverpool— Mav 14— Barrister, 5,141 5,141 11 To Havre Mav Louisiane, 4.091 4,091 To Bremen Mav 1 2— Missouri 1 8 ,279 18 ,279 To Hamburg— May 11— St. Thomas, 1,953 1,953 To Copenhagen Mav 14 Guernsej-, 1,000 1,000 To Barcelona— Mav 16— Porto Rico, 3,450 -.. 3,450 To Genoa— May 17— Birmingham. 2.420 2,420 GALVESTON— To Liven)ool— Mav 11— Polvcarp, 1,914 1,914 To Hamburg— Mav 16— F.urrs'field, 4,462 4,462 To .\nl\verp— Mav 12— Corbv Castle, 4,005 4,005 To Havre, per Daleby, 105 upland, cogne 12 1214 4 I2,ki d. d. d. , , , , , NEW ORLEANS— — — — , — PENSACOLA— To — Trieste— Mav 12— IMrmingham, 300 SAVANNAH— To Hamburg— May 17— Linchsfarne, — May 12 — Serbury, 7,137 1.427 To Reval— May 6— Europa ,350 To Barcelona — Mav 15 — Marianne, 5,050 To Genoa— May — Marianne, To Bremen May d. May 99 99 00 00 5 97 5 85 May-June June- July July- Aug. Aug. -Sep .Sep. -Oct Oct .-Nov. Nov. -Dec. Dec. -Jan. Jan. -Feb 5 5 5 5 5 Feb.-Mch. Mch.-Apr. 300 350 d. d. d. d. d. d. 06 6 05 6 05 6 03 06 <i 05 6 05 6 03 06 t> 05 6 06 6 03 06 6 05 6 05 6 03 99 5 97 5 97 5 95 87 5 84 5 85 5 83 81 5 77 5 78 5 75 79 5 76 5 76 5 74 79 5 76 5 76 5 74 80 5 77 5 77 6 74 81 5 77 5 78 5 75 82 5 78 5 79 5 76 May 18 1906. wheat flour have been strong and in some cases Advances, however, have been little more than Prices for 5,050 300 d. 6 01 6 01 6 01 6 02 6 6 01 6 01 6 01 6 02 6 6 02 6 02 6 02 6 02 6 6 02 6 02 6 02 6 02 6 5 98 5 97 5 96 5 96 5 5 85 5 85 5 84 5 85 5 5 79 5 78 5 77 5 78 5 5 77 5 77 5 76 5 77 5 5 77 5 77 5 76 5 77 5 76 5 77 5 77 5 76 5 77 5 77 5 78 5 78 5 77 5 78 5 7S 5 SO 5 79 5 78 5 79 5 98 98 99 99 95 84 77 76 76 Friday, 8,.564 1.5 78 76 76 76 77 5 95 5 5 95 5 5 96 5 5 97 5 5 93 5 5 82 5 5 75 5 5 73 5 5 73 5 5 74 5 5 75 5 5 77 5 BREADSTUFFS. — — Mav 1.5— Marianne,300 200 NEWS— To Liverpool— May d. 5 5 6 6 1,937 1,937 16 Europa, 1 To H 4 12M 4 12,14 4 12M 4 '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. 12 higlicr. 200 nominal, as business continues very quiet, not only here 15— Rappahannock, In ._ .1.275 but also at thc^ principal milling centres of the country. Liverpool— May 14— Ivernia, 477 May 15— spite of the dulness, millers have advanced selling prices for Canadian 389 866 some grades, and in some cases have shut down the mills To Manchester— May 11 — Caledonian, 209 209 rather than accept bids. The stronger tone, however, is BALTIMOI5E— To Bremen— Mav 16— Breslau, 3,399 --- 3,399 PHILADKLPIHA-To Liverpo :))- Mav 4— Westen land, 105_. 105 traceable in part to the recent advancir in wheat prices. At SAN FR.\NCLSCO— Io .Jai)an— .Mav 1— Mongolia, 1,208 May Minn(apolis the output is rrlativcly heavjs far in excess, in Mav 17— Doric, 2,300 .5— China, 1,L50 4,658 Forftict, ot the demand, iind stocks continue to incroa.se. SEATTLE— To Ja|)an— .Mav 15— Shinano Maru, 239 Mav Trieste NEWPORT 1,275 BOSTON— To . 1 _ 16— r>yni, To Canada TACOMA~To Total The 425 .. — Mav 15— Shinano Maru, 4 .Japan— May 16— Keemun ,382 664 4 :iS2 ... SO.COI particulars of the foregoing shipments for the week, arranged in our usual form, arc as follows: shows no improvemt nt, and the exports to Europe have been small. The trading in corn meal has been light, with prices st' ady. Rye flour has been somewhat firmer with the trading (luiet. Wheat fluctutited witiiin narrowflimits till late in the week^ when reports of damage to the crop in the Southwest by hot ( ign trade of late —— — — . , . . . THE CHRONICLE. 1106 winds, drought and rust, the firmness of cash markets both at the Southwest and at the Northwest, and rai)idly decreasing receipts and suppUes, caused an advance. Cash wlic^at has not been plentiful anywhere, and tliis fact has had no small influence. Yet at one time prices were inclined to sag a little owing to large world's shipments, especially from Russia, reports of beneficial rains over a portion of thf- Southwest, the absence of export business and rumors that the May deal had been settled. On declines, however, the loading bulls have come to the support of the market, and it is worthy of note that the stock at Minneapolis has during the Moreover, the present week fallen off 1,450,000 bushels. arrivals at the big distributing markets of the West have been diminishing at a rate which has caused the .shorts no little alarm. To-day prices eased off a little for a time, owing to reports of rains in Kansas and Illinois, but rallied later when it appeared that the rains were within a comparatively circumscribed area, whereupon bulls gave support and shorts covered. The absence of export business is regretted by many, but it remains a fact b( yond question that suj^plies are disappearing rapidly, and it would appear that this is principally the result of a very large domestic consumption. The new^ export business is small, but the deliveries on old export contracts are pretty liberal. DAILY CLOSING PRICES OFiWHEAT FUTURES IN NEW YORK. Sat. No. 2 red winter Mon. Tues. 93 9.3 93 S9]4 90^ 90 May delivery in elevator 87^ Julv delivery in elevator Septemberdelivery in elevator.- 84 J^ 87iJ^ Sat. Mon. Tues. 83^ 823^ 80}^ 78 M 80% 84M Wed. 93 90 8714 Thtirs. Fri. 93 91 89 94 90J^ 88^ 855^^ 84^ 84M DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. -• May 83 delivery in elevator July delivery in elevator 80 Ji September delivery in elevator.. 79}^ 81 79 M 86i/g Wed. Thurs. 83 J^ 8134 79 84^ 83 M 80K Indian corn futures have advanced, owing to the strength of the cash situation, rapidly decreasing stocks, covering by nervous shorts, more or less support from leading bull interests, light offerings and the strength of the wheat market. The receipts continue small in spite of the repeated predicCountry shippers have been tions of a large movement. buying more freely from the farmers, but they haA^e not forwarded the corn to market. There have been complaints of late of insufficient moisture over wide areas of the corn The cash demand has been quiet as a rule, the export belt. [Vol. lxxxii. tlie eastward, and generally throughout the central valleys and Soulliern .States, the greater part of the week was abnormally cool. Killing frosts were general from the 8th to the lull tlnougliout the central vallevs and Atlantic coast <iistricts, and light frosts occurred as far south as the interior portions of the Central and East Gulf States. The week was much drier than usual, Ijeing practically rainliss in the Central and West Gulf States, Tennessee, and in portions of the .Middle .\tlantic States, lower Ohio and Central Mississippi valley.s, in all of which districts rain is now needed. but in the noitliern districts to EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND PETROLEU.M.— The exports of these articles during the month of April, and the ten months, for the past three years have been as follows: Exports Irom United Slates.] 1903-04. 1904-05. 1905-06. I April. Quantities. Wheat.. bush. Flour. ..bbls. 49,431 738,969 2.332.315 32.115,346 1,031,047 11,744.293 April. 10 Months.^ April. Months. 10 10 Months. 724.646 42.650,864 945,943 15.399.298 4.258.866 7,283,530 AVheatabush. 6 972 026 84.964,664 3.374.791 37.034.751 4.981,389 111.947,705 Corn. ..bush. 8.911,901109.740.87112.240.201 77,657.776 3.128.316 52.494,683 Total bush. 15i8i3.927il94/705,535 15,614.992 114,692,5271 8,109,705 164,442,388 c c Values. S 'Si S S ^Vheat& flour 6 125 749 76,490,414 3,377, 20o' 37,063.248' 4,713,091 96.594,693 Corn & meal. 4 809 626 58.915,742: 6,671,857, 42,008,943 1,741.300 29,711.106 440,957 1,124 .: Rye 694.871 113,409 2..320.421; 119,223; 785,281 472.882 Oats & meal. 1,661339 15,415,175 401,111 5,927,787 Barley 299.625 5,116,730 438 006 7 901,546 Breadstuffs .. 13 14s7789 159,417,74S 10,821,564 86,510,466 6,974.725 133,459.824 Provisions 6 20 194 S23 194 40," 066 17,619,161 160,463,914 15,816,464 169,239.465 Cotton 31,'7Sl'455 365. 723, 611 23, 928,794 329, 359, 686 22,706, 51 1351, 753, 997 Petroleum,&c 6,791,705 67,369,645 6,765,649 64,763,285 7,432,319, 04,308 ,555 Total value71 910 772 786,918,07059,135,168 641,097,35152,930,019718,761,841 Fri. 82 H . I I \ \ 6 Including cattle, sheep a Includina flour reduced to bushels. and hogs In all montlis and years. The aggregate exports from the United States of wheat and wheat flour, expressed in bushels, for the nine months from July 1 to April 30 inclusive, have been as follows for four years: WHEAT EXPORTS FROM JULY 1 TO APRIL 30. 1905-00. 32,115,346 52,849,318 Total bushels 1903-04. 42,650,864 69,296,841 100,333,905 74,116,561 ..84,964,664 Wheat, bushels Flour, reduced to bushels 1904-05. 4,258,866 32,775,885 37,034,751 111,947,705 174,450,466 1902-03. market as indicated in the trade is sluggish, the clearances for Europe have been light, statements below are prepared by us from figures collected by and larger receipts are expected, but in view of the light offer- the New York Produce Exchange. The receipts at Western ings and stocks of contract grade, the shorts have covered lake and river ports for the week ending last Saturday and freely. To-day the market declined on large Argentina since Aug. 1, for each of the last three years, have been: shipments and liquidation. The movement — Receipts at DAILY CLOSINGPRICES OF NO. 2 Sat. Cash corn delivery in elevator Mon. 53^ May September delivery Tues. 56 56 561^ July delivery in elevator MIXED CORN 56 56 5&H M 53 DAILY CLOSING PRICES OF OATS IN Sat. Mon. NEW YORK. Wed. Thurs. 54M 54^ Wed. Thurs. Fri. 54% M 54 "^ NEW YORK. Tues. Fri 57^ 57 57Vi 543^ 54 J^ 56}^ 56J4 53% 53J^ 53 in elevator.. 53}^ IN 56V8 of breadstuffs to Wheal. Flour. ms.l96Ws. bush. GO Chicaao Milwaukee.. Duluth Minneapolis. Toledo 146,401 03,000 118,000 Detroit. ... Cleveland... 7,i65 1,264 42.915 30,450 at. Loiiis Peoria lbs. Corn. bush. 66 Kansas City. bush. 32 lbs. bush.4Slbs. bu. 56 lbs. 674,400 61,750 76,000 125,840 263,160 563,970 23,000 875 22,280 179,021 8,100 181,000 Rye. Barley. Oats. lbs. 1,506,210 95,200 91.187 182,930 88,000 36,700 157,087 569,700 460,500 456,000 48.290 81.000 52.000 39,774 908,810 233,200 316,000 167,411 147,400 16,359 59,350 27,000 16.000 5.623 6.840 2.000 62,000 15,000 27,000 4.009 10.800 _ 37 37 37 37H S7H 494,520 72.272 3.643,514 Tot.wk.'OO 1,443,246 2,415,224 409,130 38 38 37M 37M 38 1.685.189 734.720 41,047 915,621 Same wk. '05 248.784 834,277 467.710 1,7.35,117 70,685 1,921.762 231,690 1,001,519 Oats for future delivery in the Western market have ad- Same wk. '04 1905-06... 16,128.070 200,723,083 147.9S0.794 188,219,495 70,341,761 7,179,340 vanced, owing to rapidly decreasing stocks, a good cash de1904-05... 13.691.565 184,197,473 151.860.500 133,750,796 60,141,812 6,195,298 mand, light receipts, less favorable crop reports, small oflfer1903-04... 16.128,624 198,316.503 137.104,747 134,733,692 60,864,759 7,072,067 ings, buying by commission houses, the advance in wheat and corn, covering of shorts and support from leading bull Total receipts of flour and grain at the seaboard ports for Rain is said to be badly needed in important interests. the week ended May 12 1906 follow: States. The bull leader at Chicago is said to have disposed No. 2 mixed No. 2 wliite clipped 37 37M Flour, of his holdings of cash oats. Cash prices have advanced. Receipts at — To-day prices declined on reports of beneficial rains, liqui- New York Boston dation and reactions in wheat and corn. Portland bbls. 136,846 40,360 _ 80',925 52,2.50 Philadelphia DAILY CLOSING PRICES OF NO. MIXEDIOATS IN CHICAGO. 2 Sat. May Tues. 32J^ delivery in elevator Mon. 33^ 33^ 32 32 29 J^ 29M 31^ July delivery in elevator September delivery in elevator. . 29 >^ The following Wed. Thurs. 33H 34 32^ 30H Fri. 3-^H 33^ Z2H 31 Ji 30Ji Low grades clears Clears Straights Patent, spring Patent, winter Kansas patents f3 00(r»)$3 35 Kansas straights 2 60 1« 2 70 Kansas clears 3 fiOfe 375 Blended patents 3 80® 3 85 Rye Hour 4 10® 4 30 Buckwheat flour 4 60® 4 75 Graham flour 4 00® 4 15 Cornmeal c. §3 3 4 3 3 2 75@S4 00 25® 3 50 75® 45® 5 10 4 20 Nominal. 10((< 3 50 70® 2 SO f f .b. .b. New Orleans. o Galveston Montreal Mobile 34;446 368,894 176,661 91 — . — f.o.b. f.o.b. f.o.b. H H 57 57 573^ 58 Receipts o] — 61 43 GOVERNMENT WEEKLY WEATHER REPORT.— Mr. James Berry, Chief of the Climate and Crop Division of the United States Weather Bureau, made public on Tuesday the telegraphic reports on the weather in the A'arious States for the week ending May 14, summarizing them as follows: In the Rocky Mountain and Pacific coast regions and in the States of the upper Missouri Valley the week was generally warm and favorable bush 102.000 42,000 73,601 100,103 33,000 92',660 139^000 9,000 98.043 2,714 35,288 86,973 1,123,390 564,113 79,600 28,000 921,862 2,362,053 454,961 1,397,460 1,025,802 230,973 170,805 bush. Barley Rye gram Rye, bush. 9,750 900 150^93 45.764 . from Jan. New 1 to 4,680 15,.33 5,269 Orleans for foreign port May 12 compare 1906. 5,906,502 1905. 3,667,346 1904. 6,973,440 26,745,236 60,510,847 32.109.883 6,521,387 528,422 6,529,470 53,843,916 14.247,995 2,855,555 184,232 15,504,959 26,599,677 15,604,031 1,639,822 491.185 126.415,775 bbls. Flour Total Barley, Oats, bush. 794,400 144,786 28S,.S66 14,090 Total receipts at ports as follows for four years: 77,661,168 59,840.274 110.498,169 several seaboard ports for the week 12 1906 are shown in the annexed statement: The exports from the ending Nominal. 52®57 hush. a Receipts do not Include grain p.ossing through on through bills of lading. VSTieat 92 V^ Corn. 426,315 87,587 1.725 Corn Oats Corn, per bush. Western mixed. No. 2 mixed h. 94 No. 2 yellow .. f Hard " f o .b. 923^ No. 2 white Oats Mixed, bush. Rye, per bush. No 3 Western . No. 2 wliite .373^ No. 2 mixed State and Jersey .373^ No. 2 white, clipped -- -- -- -38 Barley Western . Feeding N. Dul., No. 2.. Red winter. No. 2 3.125 4.831 14,380 Week GRAIN. Wheat, per bush. N. Dul., No. 1.. Richmond Newport News Total week 1905 are closing quotations: FLOUR. Second Baltimore Wheal, bush 075,500 271,801 88,871 03,822 218,199 May Exports 1rom — New York Portland Boston Philadelphia B.altimore Wheat, bush 222,421 88,871 126,163 39,928 60,000 Newport News New Orleans Galveston Montreal Mobile Total week Same time 1905 47,620 495,450 .- . Corn, bush. Flour, bbls. Oals, bush. 376,353 99,124 76,321 42,857 645,323 8.541 26,491 28,586 4,831 5,194 2,850 18.018 30,000 30,000 65,104 Rye. bush 276.763 59"426 63,472 177,583 2,714 Barley, bush 85,543 Peas, bush. 3.610 8,433 76',777 8,571 259J76 30,857 SO^OSO 742,593 16,385 8,571245,235 45 52^0'4'S 1.725 1,080.453 1,444,043 195,300 . 52,000 1,988,654 81,098 12,086 2,387 May THE CHRONICLE. lU 190G.J of these exports for the as below: The destination July 1905 1 is W heat- -Flour12 July 1 1905 obis. bbls. May week and since July I 10^ Exports jer Ignited Kingdom... 63,366 5,228,721 Continent So.andCent. Amer. West Indies Brit. No. Am. Cols.. Other countries . 71,408 2.024,652 650,096 14,710 .37,368 1,157.511 50 May July 1 1905. bush 12 Week May 12 803,253 33,493,599 263,580 14,406,186 219,184 13,620 68,893 bush 458.483 892,321 45,111 47,748 409.827 380 bttsh 127,9.58 8,458 Week 263,260 since -CornSince Since Week week and Since July 1 1905. bush 45,056,825 58,127,384 486,912 1,510,096 113.196 148,830 .195 360 9.452,198 1,080,453 48,597.689 1.444.043 106043,246 52,000 11098,357 1,988.654 76.146.448 81.098 5,650,551 Total Total 1904-05 The visible supply of grain, comprising the stocks in granary at the principal points of accumulation at lake and seaboard ports May 12 1906 was as follows: Wheat, Corn bush. bush. 391,000 NewYork 172.000 Boston Toronto Buflalo afloat Toledo 219.000 afloat 134.000 Detroit afloat Chicago 2.810.000 afloat Milwaukee 285.000 afloat Fort William Port Arthur... disappointing, and it is realized that business in these is likely to be considerably restricted, lowing to the mildness of the past winter and the consequent accumulation of goods. Cancellations continue to be received and these of late have been particularly heavy in the herring-bone fabrics. There has been a continued good demand for dress goods, but Broadagents are turning their attention to the new season. cloths still hold the premier position, and duplicate orders for these have been of fair volume. There is a disposition among buyers now to look for a medium shade of blue, not so dark as the usual run of navy blues and not so light as the Alice blue. Plain colored goods of a sheer character generally continue in favor. 2.303.000 1.482,000 5,656,000 Duluth afloat Minneapolis.. St. Louis " 15,953.000 1.350.000 On , ..afloat Kansas City Peoria.. Indianapolis. 655.000 3.000 85,000 Mississippi River OnLakes 1,807.000 72.000 On Canal and River... Total May 12 1906.. 35.936.000 Total Mav 5 1906. .38,431,000 Total M.ay 13 1905.. 24. 170.000 Total May 14 1904-.2S.038.000 Total May 16 1903. .30.655.000 THE DRY GOODS TRADE. New York, Friday Night, May 18 1906. Seasonable dulness has prevailed in the cotton goods market during the past week, the number of forward orders having been small, but a fair day-to-day trade has been transSpring business is practically over, but as the stocks acted. of both mills and jobbers are exceptionally small the situation is healthy and the market is firmer than it was a week ago. Some fairly large buyers have been in the market picking up goods that are needed for immediate requirements, and for The continued these they have had to pay full prices. advance in the price of the raw material is causing some uneasiness among manufacturers, but the good demand for cotton from spinners at current prices i^ taken as an evidence of their faith in the future activity of the goods market. In certain lines fall buying is about to commence, and a larger movement is e-xpected in the market in the near future. Export business is practically at a standstill, and this is enabling Southern mills to manufacture for the home Business trade, thereby increasing the available supply. generally during the past few months has been in excess of that of last year, which, in view of the large falling off in the export demand this year compared with last, shows clearly the great increase in domestic consumption. The woolen and worsted goods market has been more active, fair duplicate orders for men's wear having been received and a continued good trade in fall dress goods being noted. 13 Tj DOMESTIC COTTON GOODS.— The exports of cotton goods from this port for the week ending May 14 were 1,878 packages, valued at $131,757, their destination being to the points specified in the table below: 1906 Since New York to May Great Britain Other European 14. Week. 18 11 China 6 296 45 Indies Mexico Central Atnerica South America Other countries 231 1,016 . 2.55 FOREIGN DRY GOODS.— Importers of woolen and worsted dress goods are showing plaid broadcloths and striped and checked suitings with a broadcloth finish. The demand for these has been unusually good. Silks are more active in the better ciualities. Ribbons are steady and in fair demand. Linens are unsettled, owing to conditions abroad, and many complaints are heard of slow deliveries. Burlaps maintain their strength. Importations and Warehouse >Withdrawals of Dry Goods. The importations and warehouse withdrawals of dry goods at this port for the week ending May 17 1906 and since Jan. 1 1906, and for the corresponding periods of last years are as follows: 2 M>T]000<1 H 1 2,210 826 39 520 o "-to- 1.878 N3 ^ 00 'P 12,744 ,' , , I I rr , Id p 1 1 I 2. . I I o I f^ pi Ci a> CA 1 I o I CO H S! ' : 2' 1 to 00 I ! ooo to ' O W xto H*. — to Ci to X O Oi '-''** — 1 O *. X — to 4i ~J to OO tOM OXM't"-' ON) lowrf^— 4^05WtOM '-' ^to to to o — to ® OO 4^00 tOOi is t^ !D ?> — to to to too WO(Z) ^tO "to'cD W J^tO O — O OM tnO Gi Ci to 00 Q,^ CiO —'-'tow to 00 C3 5D 3301 Otto "lo'.t' octo wo wo MO tOM tooioo (C — oo w X— OOi I I too "" ^ 2 " " 00 964 If-X to— tOOT tox 1 I I OtOi^h-» ' O <i OT — en ' W a O n toVj "to— "— <10T to 4^ <; o w c. o o WC01»40 to o P — K o 00 to ;,T — Oi »j X — to X to o s; o M CO ox M to to w to M w o to o to en — X J^ to Cn to to I *.to ~JCO ^00 to " o Viw eooo X OO b. to O 00 0> 4^ 00 — *. to w ooo QOOO oo 1 "to I — _ > § -IW >^ -^ — CO en O OT — to CO CO Ol W 'x"w 'w'to"co"-a"o — *> 0» O -J 01 Cn -J — to Ol O o ID it>. —o*— to W 00 o O to o w o 00 00 "to OtOMM — W.D O X to >b- I •t' I H 2 — — tOtO — tote w OtO "— "w-j'OTlT o 00 00 Olio — J» to — to O 4» O o o 4> o -ito 00— 'looo'o 00 OS 00 to to o WM — W Oi M — 00 I I OOM 00 to V"to I — — to too -^ ( 1 10 bito s o o o w IX O d to i» "w — — to o pi n o — WOiX — to X w w — to Va ^ ^1 OiWCOti^cO ^'-*S^ w to "o'x"-j"o"m €»£.§§" W ^- X o OT s oS o » to OO H o i Si bi'o"o"OM to CO X to CO ife-COOOlO "T) ??.->,_, lOkSS llljvj h*^ > ^\ t7 J- o' to ."^"O — Ol— OXMO — WMMMX to ^CC rf^ tOH- — o W O't-OOi xo "co'oo"- "to XOi W Q O X to — cOOi — Ol CO — bi"x fi-'tOtO to to '— "c*x XW —— Vi'o O .U wo 1 — "wco"x"oi to Ol O O -J — X O to O O Ol C — Ol — to Ol 01 to "cc"io"to"co"-j *^ o pi H X Ol X ^ Ol Ol CO O Ol X i-COO O X XCOM — ^'tox c _ ^ "o"to"x">*>-oo Z o COOiX-^O 'etc H « o CO — OOOi Ol H -" w d O P ~] to W M 4k '^ ~,t O — X — Ol MW4^0M H "^^^ w ^ tOXit' — — o XtO Wi*»- On «»^o|' « *. to M to CO coi* "x"o"w"o"x > O Ol "^ 2; » - W03O1 w w H X CO o O X to to M O to O M O W XtOtO > c 2: Ol Ot o WO CO "too'o'if'to r^"' "o X X — — wo„£." o to to CO X • g to — <=".«."« S r o to to wtoM W tOM4kCO 1 WtC 4^MlO o>x O— 0<M o 126,559 but business has not been heavy; the only shading that is reFourported is in goods of coarse count or inferior quality. yard sheetings have been in moderate demand and prices have ruled very steady. The buying of bleached goods has been unexpectedly heavy, and has been at full asking prices, many having found it necessary to purcha.se goods to fill immediate needs. Forward buying is expected to commence again shortly, and some orders for June delivery have been placed during the week. Low-grad(! tickings are very scarce, and denims and other coarse ,colored cotton goods CA ' *>.to to*. 22,166 7,636 115.356 O c c' " a. es IS 00 30M H- 4^ C3 CO tow 10,909 of these New York exports since Jan. 1 has been $6,512,227 in 1906, against $6,695,0.39 in 1905. Heavy brown drills and sheetings are decidedly firmer, SI 00 3 ,84 The value p 3 3 3 H l—'t' Total o re 6,<tS2 956 797 5,895 21,552 5,895 -"S ?r ' S — 32?^ O ^ j,-X o S ^ rD^p 2 3 g o 3 8,928 314 595 —so *^ <D 7,2:i9 13,827 3,571 8,460 ^ §^^ 1905Since Jan. 1 Week. 470 18 241 3 57,183 7,301 3 ,758 Arabia West Jan. I. 529 614 .50,429 India Africa demands for fall, particularly for dark-colored goods, cannot be filled. This is due to the fact that manufacturers were so busy filling spring orders that they have had to negThere has been no change lect the fall end of the market. in print cloths, regulars being still quoted at 35^c. The market has been dull but firm. the — 48.000 38.000 343.000 155.000 133.000 619.000 39.000 1,356,000 Philadelphia Baltimore-. New Orleans Galveston Montreal moving with a fair amount of freedom. Most buyers have covered their denim requirements to the end of September, and standard grades are now expected to rule higher. Linings are firm, and the duplicate bu.siness in napped goods has been satisfactory. There has been some little accumulation of prints, but the buying season is about due and a good business is anticipated. Dress prints have been quietly offered for spring at considerably higher prices than last year, and some good orders have already been reported. Spring ginghams have also been opened above last year, and are WOOLEN GOODS. Duplicate orders for men's wear heavy-weight woolen and worsted goods are being received in fair volume, but while some manufacturers have had, in consequence, to withdraw their lines from sale, others have not received their fair share of the business. A notable feature of the re-ordering is the improved demand for woolThis has so far applied more particularly to the lower ens. grades of goods, but many see in it a decided indication that woolens are going to regain their old-time popularity. Grays still predominate in the duplicate business, as they did The re-ordering of overcoatings is in the initial buying. afloat ' 1167 t?J --a I b>l -^J -.-I fj^ <>• ..J '-) "to "to 4.. I .** — : THE CHRONICLE. 1168 State City Jitf/i^wtnr. News — Items. — any county to fi4 avithorizing repair brldires. ^ Issue 3250,000 bonds to construct and an ultimate raaxtmiim tax rate in all taxing districts in the State of S17 50 tor each SI. 000 of assessed valuations tor county, school district and local purposes. TheAct provides that the tax rate tor 1900 must not ex,ceed tliat levied in 1905 and must l)e reduced at least SI 00 per SI. 000 each year after 1900 it the rate is over S20 00 per $1000 and 50 cents yearly If underSJO 00. until a r.ate of $17 50 lie readied, which is to he the maximum rate thereafter. In the cases of counti<'S the 1900 rate must not exceed the 1905 rate and a 50-cent reduction yearly is provided for until the rate reaches the limit of S5 00 per $1,000 of assessed valuation. This limitation does not apply to the tax rate required to raise any State tax or .Slate school tax or to pay judgments, all of which may be in addition to the limited rate fixed in the Chapter 110 provides for Act. Cliapter ISl, relating to the issuance of parli bonds. Chapter 195, an Act concerning ^savings banks and saving bank investments. The investment feature of this law was published in full on page 1114 of last week's "Chronicle." s For additional measures passed by the Legislature see V — Belpre School District, Washington County, Ohio. Bond Proposals will be received until 12 m., June 16, by J. V. Athey, Clerk of Board, for $11,000 4% building and improvement bonds. Authoritj-, Sections 3991 and 3992 of the Revised Statutes. Denomination $.500. Date June 16 1906. Interest March 15 and Sept. 15 at the office of the clerk or at a bank to be agreed upon by the purchaser and the Board. Maturit}' $500 each .six months from March 15 1916 to Sept. 15 1926 inclu.sive. Certified check for $300 is r(!quired. Advertisement states that there is no controversy threatened or pending, and that the district ha.s never Accrued interest to be defaulted on principal or interest. paid by purchaser, who will also be required to furnish bonds. — Benton County School District No. 16,^Wash. — An $12,000 Morris Bros ., Portland United States Calls of Mexico. —Bonds Drawn. — On are at May 15 4% Series "A" gold bonds of $1,000 each and 4% Series "B" goldjbonds of $500 each were drawn for 12,250lWm. D. .- 12.1201 Perkin.s & Co., Seattle.. 12,050 x^j — Description — Further details of Bonds. 1-1,5-year (serial) to the $75,000 school-building bonds awarded, as stated in V. 82, p. 1114, The award was to Estabrook & Co. of Boston at 101'78. Beverly, Mass. and Redemptions. was De- $12,087 1 Roberts Bros., Spokane .John E. Price, Seattle.. Bond — Bond Sale. 4% 1-20-year (optional) bonds issue of $12,000 awarded on May 5 to the State of Washington at par. nomination $1,000. Following are the bids: state of Washington 82, p. 882. $98,000 $37,000 Attica, Ohio.— Bonri Sale.— On May 14 the $2,000 IS-ycar couixin electric-light bond described in V. 82, p. 1114, was (lisj)ose(l of at pur and accrued interest. Offering. Jersey. Lmvs of 1906. Among the Acts of the 1906 Legishiture which rcccntlj'^ became laws ))y the signature of the Governor maj' be mentioned the following: Chapter [TOL>. L.YXYTI. 4% mn New f] • hand made on May Interest 4% relative Denomination $1,000. 8. Date Ma}' May and November. 1 1906. — Co. of New York Birdwood Irrigation District, Lincoln County, Neb. The official notice Bond Offering. Proposals will be received until May 28 by of this bond call giving numbers of bonds drawn will be S. F. Dikeman, Chairman (P. O. Hershey), for $20,000 6% improvement bonds. Authority Article 3, Chapter 93-a, found among the advertisements elsewhere. Compiled Statutes of 1905. Denomination $200. Date payment June 1 at the office of Speyer & — Securities are dated Oct. 31 1904. City. May Bond Proposals and Negotiations this week bare been as follows Acquackanonk Township School District, Passaic County, N. J. Bond Offering. Proposals wiU be received until 8 p.m. May 29 by E. J. Nelson, District Clerk (P. O. Clifton), — — for the following bonds: 4% coupon school-building bonds. Denominations: 20 bonds of $1,000 each and one bond for $500. Maturity SI, 000 yearly from 1918 to 1944 inclusive and $500 in 1945. 12,500 4% coupon school-building bonds. Denominations: 12 bonds of $1,000 each and one bond for $500. Maturity $1,000 yearly from 1918 to 1929 inclusive and $500 in 1930. 3,500 4% coupon school-building bonds. Denominations: 3 bonds of $1,000 each and one bond for $500. Maturity yearly from 1917 to 1919 inclusive and 8500 in 1920. $27,500 Authority Act of Legislature approved Oct. 19 1903 and March 20 (see V. 82, p. 710). Bonds are dated June 1 1906. Certified check on a national bank for 1% of the amount bid, payable to the District Clerk, is required. Purchaser to pay acDelivery on or before July 1 1906. crued interest. Bonded debt, including this issue, $72,500. Valuation for 1905, $2,172,775. The official notice of this bond offering will be found among the advertisements elsewhere in this Department. election held — — Adams County (P. O. Decatur), Ind. Bond Offering. This county is offering for sale May 21 $8,200, $3,060 and $3, .500 43^'% coupon macadam road bonds. Alma, Gratiot County, Mich. Bond Offering. Proposals will be received until 7 p. 111., May 29, by D. W. Adams, City Clerk, for $15,000 5% coupon water-works-extension bonds. Denomination $1,000. Date June 1 1906. Interest Jan. 1 and July 1 at the Alma State Savings Bank in Alma. Maurity $2,000 yearly from July 1 1911 to July 1 1917 inclusive and $1,000 July 1 1918. Certified check for $500, payable to the City Treasurer, is required. Bonded debt, not including this issue, $14,000. Assessed valuation for 1905, $1,680,330. Alma School District No. 16, Wabaunsee'County, Kan. Bond Sale. We are advised that the $11,000 high-schoolbuilding bonds mentioned in V. 82, p. 945, have been sold to the State School Fund Commission of Kansas. Amarillo, Potter County, Texas. Bond Sale. The $10,000 5% engine-house bonds mentioned in V. 82, p. 824, have been awarded to Farson, Son & Co. of Chicago at 101.75. Denomination $1,000. Date Dec. 1 1905. InterMaturity forty years, subject to est June and December. — — — — — — call after ten years. Armour Independent School District, Douglas County, Proposals will be received until Offering. bonds. 7:30 p. m.. May 21, for $17,000 Bids are requested based on bonds maturing in twenty years and on bonds maturing $3,000 in ten years, $7,000 in fifteen years and $7,000 in twenty years. Denomination $1,000. Date July 1 1906. Interest semi-annual. C.J. Klahn is Clerk]of Board of Education. S. D. —Bond — 5% — Aspinwall School District, Allegheny County, Pa. Bond Sale.—\We are informed that the $15,000 4>^% coupon bonds "Series F" described in V. 82, p. 945, were sold on April 27. The name of the successful bidder is withheld in accordance with a resolution of the School Board. 1 1906. Interest semi-annual. f^iii — — Blakely (Borough), P. O. Olyphant, Pa. Bond Sale. On May 7 the $8,000 5% coupon electric-light-plant bonds described in V. 82, p. 883, were awarded to S. A. Kean of Chicago at 105.25. We are advised by the purchaser, Bonds however, that the sale has not yet been concluded. mature Feb. 1 1915. — — Boston, Mass. Temporary Loan. Local papers state that a loan of $1 ,000,000 in anticipation of taxes w^as recently negotiated with the National Shawmut Bank of Boston at 4%. — — Boyd, Chippewa County, Wis. Bond Sale. On May 7 $3,000 5% Avater- works improvement bonds were awarded There w'ere no other to Albert Butscher of Boyd at par. Denomination $300. Date May 1 1906. Interest bidders. Maturity May 1 1916. annual. Brockton, Mass. Bond Sale. We are informed that the $25,000 3J^% 30-year water bonds were awarded to the Wildey Savings Bank on April 15 at par. Securities are dated April 1 1906. — — — — Bond Offering. Bronxville, Westchester County, N, Y. Proposals will be received until 8 p. m. May 24 bj- the Village Clerk for the following bonds at not exceeding 5% interest: Maturity S2,000 yearly on June 15 trom S8 000 registered sewer-extension bonds 1911 to 1914, inclusive. 6,000 registered street-improvement bonds. Maturity $2,000 yearly on June 15 from 1911 to 1913, inclusive. 10,000 registered villaac-hall bonds. Maturity $1,000 yearly on June 15 from 1911 to 1920, inclusive. Denomination '$1,000. Date June 15 1906. Interest semi-annually at the Farmers' Loan & Trust Co. in New York City. Certified check on a State or national bank for $500, payable to Jacob Egbert, Village Treasurer, is required. Bonded debt, not inPurchaser to pay accrued interest. Assessed valuation for 1905, cluding this issue, $50,000. $1,400,000. Proposals will be reBurlington, Vt. Bond Offering. ceived until 10 a. m. June 15 by L. C. Grant, City Treasurer, for the following bonds: — 4% 4% coupon or registered refunding water bonds, dated July 1 1906. Denomin.ation $1,000. Maturity twenty years. coupon or register >d electric-light bonds, dated July 1 1906. Denominaton $1,000. Maturity thirty years. 32,000 S14% registered school bonds, dated May 1 1901. Maturity May 1 1921. $100,000 39,000 Interest semi-annually at the office of the City Treasurer. Cabell County (P. O. Huntington), W. Ya..— Bond OfferProposals will be received until 12 m. May 22 by ing. F. F. McCullough, Clerk of the County Court, for $120,000 4J^% coupon bridge and court-house bonds. Authority Denominavote 1,514 to 874 at election held Oct. 3 1905. Interest annually at the LTnion Savings Bank tion $1,000. & Trust Co. of Cincinnati. Maturity 30 years, subject to call after 20 years, provision being made, however, for the redemption of not exceeding $6,000 of said bonds yearly by premium. Certified check for $1,000, the payment of payable to the County Court, is required. We presume that these are the same bonds awarded on Jan. 15 to the Union Savings Bank & Trust Co. of Cincinnati, as stated in V. 82, p. 174, but we are not informed as to the reason this sale — 2% was never consummated. — — On May 12 the Caldwell, jNoble County, Ohio. Bond Sale. $4,000 4% coupon water- works-extension bonds, described in V. 82, p. 999, were awarded to the Brighton-German Bank Co. of Cincinnati at 100.937 and accrued interest. The bids were as follows: • May THE CHRONICLE. 19 1906.1 ISecurlty Savings Brighton-Gprman Bank Co., Todd & a And Co a$4,037 50 Cincinnati \V. R. Bank & Trust Toledo ' a$4.020 00 a 4,002 00 Co., Cincinnati. ai:022 00 IS. A. Kean, Chicago Interest. Canton, Ohio. — Bids. — Following are the bids received on May 7 for the $32,425 1-5-year (serial) street-improvement (6 issues) and the $11,900 5-year refunding bonds (.3 issues) awarded, as stated in V. 82, p. 1115, to the Dime Savings Bank Co. of Canton at 100.477 and accrued interest for 4 per cents: bonds Dime Savs. Rk. 1,000 4i^.s. f I Co.. Canton.. $44, 32.5 4.S-.-$44.536 871 A. LlchotJ 32,425 5s-.. par. \ 11,900 43^5. par. 1,,son 4s-.1.820 001 J. P. Fawcett,! |Denison& aaent \ 15,000 3.S0S par. Farnsworth, New First Nat. Cleveland . Bank.Colum.. 44,325 4}^s. 45,337 90 I Loui.s \ | . Haydcn, Miller &Co., Cleve.. 44,325 5s... 45,237 501 I I I 50 00 00 00 1.006 50 3,400 4'2S. 3,200 4Ws. 3 100 4s... 1,800 4s-.1,800 4'^s. 7.000 4s--. 7,000 4' 3.100 4'2S. 3.424 50 3,223 50 3,102 10 1,801 25 1.843 50 7.007 10 168 70 3,175 00 .$4,000 4V5s. S4,031 825 4^3. 1,000 20,000 4s... 20,021 20,000 4 V.'.s. 20,271 — 4% 1169 coupon school-building bonds. Denominations Date June 1 1906. Interest June and gold $100 and $250. at the office of the Treasurer in Du Boistown. 1 1936, subject to call after June 1 1911. are exempt from all taxes. Bonded debt, this issue. December Maturity June Bonds — — Duluth, Minn. Bond Offering. Proposals will be received until 7:30 p. m.. May 28, by H. W. Cheadle, City Clerk, for $375,000 4% water and light plant extension bonds. Authority, Section 286 of the City Charter. Bonds Maturity April 1 1936. Cerwill be dated April 1 1906. tified check on a national bank for 1% of the bonds bid for Official advertisement states that there is no is required. controvers}^ or litigation pending or threatened affecting the corporate existence or boundaries of the city, and that there has never been a default in payment of bonds or interest. Edinburg, Shenandoah County, Va. —Bond Offering. — Proposals will be received until 8 p. m. June 7 by Geo. E. Irvin, Chairman Finance Committee, for the $20,000 4%, 20-30-year (optional) registered water-works bonds voted on Denomination $500. Date July 1 1906. InterApril 26. est semi-annually at the Farmers' Bank of Edinburg. Certified check for $50, payable to the Chairman Finance No bonded debt at present. Committee, is required. Carthage High School District, Jefferson County, N. Y. Offering. -Proposals were asked for until 8 p. m. 3'esterday (May 18) by A. B. Carter, Clerk Board of EducaAuthority, Section 10, tion, for $28,000 high-school bonds. Title 8, Consolidated School Law of New York, and vote of 77 to 45 at election held June 9 1905. Denomination $500. Emporia, Va. Bonds Not Sold. No sale was made on Date July 1 1906. Interest payable at the Carthage National Bank in Carthage. Maturity on Jan. 1 as follows: $1,500 May 3 of the $5,000 5% 30-year gold^water, sewer and street yearly from 1912 to 1918 inclusive. $2,000 yearly from 1919 improvement bonds described in V. 82, p. 1000. to 1923 inclusive and $2,500 yearly from 1924 to 1926 inEnterprise Irrigation District, Fremont County, Idaho. The district has no bonded debt at present. Bonds Not Sold. No bids were received on May 7 for clusive. At the hour of $55,000 6% coupon bonds of this district offered on that day. Assessed valuation for 1904, $1,268,272, going to press the result of this offering was not known. These bonds, we are informed, are now being offered at Centralia School District No. 9, Lewis County, Wash. private sale. Bond Sale.— On May 5 the $15,000 12-16-year (serial) gold The folFindlay, Hancock][County, Ohio. Bond Sale. coupon school-building bonds described in V. 82, p. 1061, lowing bonds were awarded to Lamprecht Bros. & Co. of were awarded to MacDonald, McCoy & Co. of Chicago for Cleveland on April 28: $15,610 and accrued interest for 5s. Other bidders were $19,000 4% Tiffln Avenue paving bonds. Price $19,082 and accrued interest. Denomination $500. Date March 1 1906. Maturity $1,000 every six Morris Bros, of Portland, $15,157 and accrued interest for months from .A.ug. 1907 to Aug. 1 1916 inclusive. and John E. Price of Seattle, $15,150 and accrued 16,600 5%TLlma Avenue paving bonds. Price $17,558 and accrued interest. 5J^s, — Bond — — — — — — — 1 interest for 6s. — — The Charlevoix, Charlevoix County, Mich. Bond Sale. bids received on May 9 for the $16,000 43^% 20-year coupon electric-light-improvement bonds described in V. 82, p. 946, were as follows: W. E. Moss & Co., Detroit H. W. Noble & Co.. Detroit $16 275IE.H. Rollins Denominations $500, except one bond for $600. Date April 1 1906 Maturity $600 Oct, 1 1906. $500 April 1 and $1,000 Oct. 1 each year from 1907 to 1914 inclusive, and $1,000 every six months from April 1 1915 to Oct, 1 1916 inclusive. 9,1 2014 %3Center Street paving bonds. Price $9,175 and accrued interest. Denominations $500. except one bond for $120. Date Jan. 1 1906. Maturity $120 July 1 1907 and $500 each six months from Jan. 1 190S 7 680 & 6,000 4% to July 1 1916, Shinkle Street paving bonds. Price $8,151 and accrued interest. Denominations $500, except one bond for $680. Date .\pril 1 1906. Maturity $6S0 April 1 1907, $500 yearly on April 1 from 1908 to 19H inclusive and $500 each six months from April 1 1912 to Oct. 1 1916 5% Sons, ChicagO---$16.100 16.205 Emery, Anderson & Co., Cleve-.. 16.000 CharlevoixSavs.Bk.. Charlevoix. 16 1871 1 Cheswick (Borough), Pa. Burgess, is —BondOffering. — H. C. McGraw, offering for sale $5,000 4% first inclusive. mortgage im- provement bonds. Date April 10 1906. Interest semiannually at office of Borough Treasurer. Maturity $1,000 on April 10 of each of the years 1912, 1917, 1921, 1924 and 1926. — — Cincinnati School District, Ohio. Bonds Not Sold. No bids were received on May 14 for the $200,000 3J^% 40-ycar coupon bonds described in V. 82, p. 946. — Claiborne County (P. O. Tazewell), Tenn. Bond Offering. will be received until May 28 for $75,000 43^% coupon road bonds. Authority, Chapter 394, Acts of 1901. Denomination $500. Interest semi-annually. Maturity thirty years. Assessed valuation for 1905, $1,730,380. P. G. Fulkerson is Chairman Board of Road Commissioners. Cook County School District No. 99, lll.—Bond Sale.— On May 10 $12,000 43^% school-building bonds were awarded to Rudolph Kleybolte & Co. of Cincinnati. Securities are dated May 1 1906. Interest semi-annual. Maturity $1 .000 yearly from May 1 1909 to May 1 1918 inclusive and $2,000 May 1 1919. Crookston, Minn.— fiond Sale. May 8 the $15,000 5% 20-ycar coupon fire-engine-house bonds, described in V. 82, p. 1000, were awarded to U. M. Stoddard & Co. of Minneapolis at 107.333, accrued interest and blank bonds. Following are the bids: — Proposals —On U. M.Stoddard &Co.. Minne. 516,100 :00 IS. A. Kean, Chicago $15,525 00 16,080 00 Trowbridse & Ni ver Co Chic. 15.500 00 15,761 75| Browne-Ellinwood Co., Chica. 15,467 00 . MacDonald, McCoy <tCo ..Chic. Otis & Hough, Cleveland Deni.son & Farnsworth, Cleve. John Nuvpcn & Co.. Chicaeo-. Mason, Lewis & Co., Chicago.. Jno. P. OBrien & Co., Boston a Bids received May 9, after ., ; 15,761 15.750 15.712 15,575 00 R. II Rollins & Sons, Chicago. h15, 393 OOjC. H. ("otfln Chicago 15 326 50 ,Th(>.s. J. Bolger & Co., Chicago 151300 00|.\. W. Harris & Co., Chicago. -al5,041 . i 73 00 00 00 award. De Kalb County (P. O. Auburn), Ind.— Bond Sale.— On May 14 the $27,000 5% a.sylum lionds described in V. 82, p. 946, were awarded to the Savings, Loan & Trust Co. of Auburn at 102.133. Following are the bids: Savings Loan & Trust C;o., Aub'n. $27, 576 iCity .Vational Bank, Auburn $27,305 Auburn state Bank, Aub\irn 27,4501 Breed* Harrison, Cincinnati 27,270 W. R. Todd & Co., Cincinnati... 27.3251 Street paving bonds. Price $6,047 and accrued interest. Denomination $500. Date Feb. 1 1906. Maturity .$500 yearly on Aug. 1 from 1907 to 1915iinclusive and $500 yearly on April 1 from Clinton 1916 to 1918 inclusive. Interest semi-annual. Fitchburg, Mass. — Temporary Loan. —The City Treasurer recently borrowed $50 ,000 from various parties at an average .slightly under 43^% discount. Maturity Oct. 10 1906. — — Bonds Voted. An elecFlorala, Covington County, Ala. tion held Maj' 7 resulted in favor of a proposition to issue bonds for water-works, school-building, jail and councilchamber. — — Bond Sale. This city has sold at private $30,000 43/^% 5-1.5-year (optional) funding bonds to Denomination $500. E. H. Rollins & Sons of Denver. Date Feb. 1 1906. Interest semi-annual. Franklin County (P. O. Columbus), Ohio. BondOffering. Proposals will be received until 12 m., June 14, by the County Commissioners for $3,000 6% Dellinger Free Turnpike road-improvcniient bonds. Authority, Section 4808 Denominations: $100, $150, $200 of the Revised Statutes. and $300. Date June 1 1906. Interest semi-annually at the count}'- treasury. Maturity on June 1 as follows: $200 in 1907, $300 yearly from 1908 to 1910 inclusive, $400 yearly from 1911 to 1914 inclusive and $300 in 1915. Fruita, Mesa County, Col. Bond Sale. We are advised that the $85,000 O'/p 10-20-year (optional) water-works bonds offered but not sold on Feb. 26 (V. 82, p. 825) have Florence, Colo. sale — — — — been awarded to L. H. Hanley of Seattle, Wash., at par. Gainesborough, Tenn. Bond Sale. An issue of $6,000 5% 10-20-year (optional) school-house bonds was recently sold to local citizens. These are the same securities awarded on Nov. 1 to Albert Kleybolte & Co. of Cincinnati. We are advised, however, that they were refused by that firm because the interest was payable annually instead of semi- — — annually. — Glasgow School District, Barren County, Ky. Bonds Voted. By a vote of 37 to 4, this district on ApriH28 authorDetails ized the issuance of $30,000 school-building bonds. of issue and date of sal(> not yet decided. — Diana Union Free School District No. 6, Lewis County, N. Y. Bond Offering. Proposals will be received until Glen EUyn School District No. 41, Du Page County, III. 1 p. m., June 1, by Frank W. Werner, President Board of Bond Offering. Proposals will be received until May 22 (to Education (P. O. Harrisville), for $12,000 school-house be opened at 8 p. m.. May 23) by J. L. Lane, Secretaiy bonds at not exceeding 4% interest. Denomination $500. School Board, for $9,000 43^% gold school-building l)onds. Interest payable at the Carthage National Bank in Carthage. Denomination $1,000. Date June 1 1906. Interest semiMaturity $500 yearly from 1907 to 1930 inclusive. annual. Maturity $1,000 yearly beginning in 1909. CerDouglas County School District No. 105, Wash. Bond tified check for 2% of the amount bid, payable to E. H. McSale. On May 5 $1,150 1-10-year (optional) school-building Chesney, Township Treasurer, is required. Bonded debt, bonds were awarded to the State of Washington at par for this i.ssue. A,sscssed valuati(m, $190,135. 4^s. Denomination $.500 and $650. Date May 5 1906. Gloucester, Msiss.— Bond Sale.— An i.ssue of $30,000 4% Interest annual. 1-30-year (serial) water bonds was recently awarded, it is stated, to N. W. Harris it Co. of Boston at 102.615. Du Boistown School District, Lycoming County, Pa. Bond Offering. Proposals will be received until 7:30 p. m. Bond Sale. On May 2 Gloversville School District, N. Y. May 24 by W. S. Car.son, Secretary School Board, for $6,750 $25,000 3J^% 5-10-year high-school-building bonds were — — — — — — — — — — . 1 THE CHRONICLE. 1170 awarded to the Manufacturers' & Merchants' Bank and the Fulton County National Bank of Gloversvillc at par. Denomination SI, 000. Date April 2 1906. Interest semiannual. — Grangeville, Idaho County, Idaho. Bond Offering Postponed. We are informed that the .sale of $30,000 10-20-year (optional) gold coupon water-works bonds, originally advertised to take place on May 7, has been postponed until June Authority, Ordinance No. 51, passed Feb. 5 1906. 4. Denomination $1,000. Interest not to exceed 5%, payable semi-annually at the office of the City Treasurer or in New — York City. Greece Union Free School District No. 4, Monroe County. N. Y. Bonds Not Sold. No bids were received on May 15 for the $21,000 3i^% bonds described in V. 82, p. 1062. — — — — Greene County (P. O. Xenia), Ohk). Bond Offering. Proposals will be received until 12 m. June 5 by the County Commissioners for $26,470 coupon bridge-building bonds. Authority Section 871 of the Revised Statutes. Denomination $500, except one bond for $470. Date July 1 1906. Interest semi-annually at the office of the County Treasurer. Maturity $470 Jan. 1 1909 and $1,000 each six months from Jan. 1 1910 to July 1 1922 inclusive. Certified check for $1,000 is required. Purchaser to pay accrued interest. Greenwich and Easton School District No. 3, Washington County, N. Y. — Bonds to be Offered Shortly. — We are informed that an issue of $50,000 4% 1-50-year (serial) school bonds Authority, election held will soon be put on the market. The district has no bonded debt at present. Sept. 30 1905. Valuation, $1,092,594. Hamtramck Township, Wayne County, Mich. —Bond Sale .—The $40,000 25-year gold highway-construction bonds described in V. 82, p. 1116, were recently awarded to the State Savings Bank of Detroit at 101.89 for 4J^ per cents. Bonds are dated May 15 1906. — — Bond Offering. Prom. May 21 for $8,375 43^% Hanover, Jackson County, Mich. . [Vol. lxxxll 5% 1906. Certified check for of bonds bid for payable to the Village Treasurer, required. — — Lakewood, N. Y. Bond Offering. Proposals will be received until 3 ]). m., .May 25, by Ralph H. .Maxson, Village Clerk, for the $30,000 water-works bonds offered but not sold on March 14. Bonds will be Lssued in coupon form or registered, to suit purchaser. Denomination $1,200. Date March 1 1906. Interest not to exceed 4%, payable semiannually at the Bank of Jamestown. Maturity one bond yearly from March 1 1911 to March 1 1935 inclasive. Certified check for 3% of the bonds bid for, payable to the Village Clerk, is required. No debt at present. Assessed valuation, $457,773. — — Leesburg, Loudoun County, Va. Bonds Voted. By a vote of 103 to 23 this town on May 1 authorized the issuance of $30,000 4% 20-year water-works bonds. — — Leetonia, Columbiana County, Ohio. Bond Sale. On 15 the $5,500 4% 7-17-year (serial) coupon additionalwater-supply bonds described in V. 82, p. 1116, were awarded to Lamprecht Bros. & Co. of Cleveland at 100.51 and accrued interest. A bid of 100.454 was also received from W. R. Todd & Co. of Cincinnati and a bid of 101.50 from a local bidder for $1,000 bonds. May — — Lewiston, Pa. Bonds to Be Issued. We are advised that borough will issue $40,000 street-paving bonds. this — — Lockhart, Caldwell County, Tex. Bonds Voted. The elecMay 5 resulted in a vote of 98 to 17 in favor of the $15,000 5% public-school-building bonds mentioned in V. 82, p. 948, Maturity 40 years, subject to call $1,500 in 5 years, $2,500 in 10 years, $3,000 in 15 years, $3,500 in 20 years and $4,500 in 25 years. These bonds, we are informed, will not be placed on the market until next year. tion — — Macon, Ga. Bond Eflection. Local papers state that an election will be held, probably in August, to vote on the question of issuing $100,000 paving bonds. Madison, Wis.— Bond Sale.— On May 11 the $30,000 4% bonds and $8,625 4J^% water-works bonds. 20-year coupon school-building bonds, described in V. 82, Denomination $1,000. Date April 1 1906. Interest semi- p. 1063, were awarded to F. L. Fuller & Co. of Cleveland at annual. Irving E. Tenney is City Clerk. 101.516. Following are the bids: Honesdale, Wayne County, Pa. Bonds Defeated. The F. L. Fuller & Co.,&Cleveland. 530,455 OOlDenison & Farnsworth. Cleve. $30. 117 GO Eraerv, .Anderson Co.. Cleve 30,451 00 [First National Bank, Chicago. 30.055 00 proposition to issue the $30,000 4% 1-30-year (serial) street- Seasongood & .Mayer, Cinoin.. 30,326 40|N. W. Harris & Co., Chicago.. 30,000 00 paving bonds, mention of which was made in V. 82, p. 947, All bidders agreed to pay accrued interest. was defeated on May 8. The vote was 170 for to 214 against. Mansfield, Richland County, Ohio. Bond Offering. ProHuntington, W. Y&.—Bond Sale.— On May 16 the $55,000 posals will be received until 12 m. May 26 by D. S. Koontz, 20-30-year (optional) gold coupon paving bonds and the City Auditor, for the following bonds: $45,000 5% 20-30-year (optional) gold coupon sewerage $17,300 4% I-5-year (serial) Wood Street improvement bonds. improvement bonds. 11,000 bonds described in V. 82, p. 1001, were awarded, it is stated, 17,000 4% 1-5-year (serial) Penn .AvenueStreet improvement bonds. 4% 1-5-year (serial) West Fourth to Weil, Roth & Co. of Cincinnati for $108,585 35. 4,500 4% 1-5-year (serial) Stewart .\venue improvement bonds 1,000 4jri 1-5-year (serial) North Diamond Street improvement bonds. Independence School District, Montgomery County, Kan. 1,100 4% l-.5-year (serial) Wise .\vcnue improvement bonds. 1-5-year (serial) Plum Alley improvement bonds. 4,700 Bond Offering. Proposals will be received until 8 p. m., 11, 100 4% 1-5-year (serial) Harker Street improvement bonds. 2,000 5% 1-5-year (serial) Bouahton .4 venue improvement bonds. May 21, by A. G. Harper, Clerk Board of Education, for 700 4% 1-3-year (serial) East Third Street sidewalk-improvement bonds the $55,000 4J^% 16-year (average) school-building bonds 1,200 4% 1-3-year (serial) Orange Street sidewalk-improvement bonds 1-3-year (serial) Blanche Sfreetsidewalk-improvem.ent bonds. 1,500 4^ voted on April 3. Authority, Section 1, Chapter 434, 1-3-year (serial) Cedar Street sidewalk-improvement bonds. 2,200 4' Statutes of 1903. Denomination $1 ,000. Date July 1 1906. 900 4^^ l-3-yo«r (serial) Prospect Street sewer assessment bonds Sewer District sewer assessment bonds. 500 4^^ 1-3-year (serial) Interest semi-annual. Certified check for 2% of the bonds 2,500 4% 1-3-year (serial) Chester and Stocking-Avenue sewer assessment bonds. 5,300 5% 1-5-year (serial) Ritters Run Arch construction bonds. is recjuired. 000 5% 1-year Park .\ venue West street-repair bonds. Indianapolis, Ind. Bond Offering. 500 5 /i 1-year Glenwood Boulevard, Parkwood Boulevard and Brinkerhoft Proposals will be reAvenue street-repair bonds. ceived until 12 m.. May 24, by Geo. T. Breunig, City CompDenomination $100 to $1,000. Interest semi-annually troller, for the $100,000 33^% hospital bonds mentioned in v. 82, p. 885. Denomination $1,000. Date June 1 1906. (except street-repair bonds, which will be paj^able annually) Bonds mature on Sept. 1 Interest semi-annually at Winslow, Lanier & Co., New York at the office of the City Treasurer. City. Maturity Jan. 1 1936. Certified check on an Indian- as above. Each bid must be made on a blank form furnished by the City Auditor and must be accompanied by a certified apolis bank for 23^^% of the bonds bid for is recjuired. check for 10% of the bonds bid for, payable to the city. Innisfail, Ala. Debenture Offering. Proposals will be Marshall County (P. O. Britton), S. B.—Bond Offering. received until June 1 by James Jenson, Secretary-Treasurer, for $8,000 5% improvement debentures. Securities are Proposals will be received until 12 m., May 28, by M. S. dated June 1 1906. Interest annual. Maturity part yearly Woodward, County Auditor, for the $40,000 5% court-house Denominafor twenty years. Certified check for 5% of the bonds bid bonds voted on April 2 (see V. 82, p. 948.) for is reciuired. Accrued interest, if any, to be paid by pur- tion $1,000. Date July 2 1906. Interest semi-annually in Britton. According to the official statement, there is no conchaser. Assessed valuation, $268,502. troversy threatened or pending affecting the corporate Janesville, Waseca County, Minn. Bonds Defeated. We existence or the validity of these bonds. are advised that this village on April 3 defeated the propoMemphis, Tenn. Bonds Not Sold. No bids were received sition to issue the $10,000 water-worksj^bonds mentioned in on May 10 for the $200,000 4% 30-year water bonds described V. 82, p. 712. We are informed that these bonds will in V. 82, p. 1063. Kincardine, Ont. Debenture O/Zering-.— Proposals will be be readvertised later on. received until 12 m.. May 23, by John H. Scougall, Town Midville, Burke County, Ga. Bonds Proposed. This town Clerk, for $8,500 4% high-school debentures. Securities are dated Dec. 31 1905. Interest annual. Maturity part is seeking authority to issue $25,000 5% municipal-improveposals will be received until 1 p. electric-light — — — — — — 4'-rc l.st — — — — — — — — — — — yearly for thirty years. Kitsop County School District No. 47, Wash. Bond Sale. The County Treasurer recently awarded $500 43^% bonds to the State of Washington at par. Denomination $100. Bonds are subject to call after one year. La Crosse, La Crosse County, Wis. Bond Sale. On May 8 the $30,000 4% 10-20-year (optional) coupon high-schoolbuilding bonds, described in V. 82, p. 1001, were awarded to Geo. H. Ray, agent. La Crosse, at 101.033, accrued interest and blank bonds. Following are the bids: G. H. Ray, agent. La Crosse ..$30,3101 W. .J. Hayes & Sons, Cleveland.. £30, 020 — — — F. Ii. & Co.. Cleveland.. Anderson & Co., Cleve. Fuller Emery, — .. 30 305 S. A. Kean, Chicago .- 30,301 30.015 — — Lakewood, Cuyahoga County, Ohio. Bond Offering. Proposals will be received until 12 m. May 26 by B. M. Cook, Village Clerk, for $4,600 5% Hillard Avenue watermain-assessment bonds. Date June 1 1906. Interest payable semi-annually. Maturity one-tenth yearly from Oct. 1 ment bonds. — — — Milwaukee, Wis. Bond Offering. Proposals will be received until 10 a. m., June 4, by the Commissioners of Public Debt at the City Comptroller's office for the following bonds: 50,000 4% 4% 100,000 4'7o 125,000 4% $50,000 • • 1-20-year (serial) coupon West Sewerage bonds, dated Jan. 1 1906. Denominations 40 bonds of $1,000 each and 20 bonds o£ S500 each. 1-20-year (serial) South Sewerage bonds, dated Jan. 1 1906. Denominations 40 bonds oC SI. 000 each and 20 bonds ot $500 each. 1-20-year (serial) coupon docking and dredging bonds, dated Jan. 1 1900. Denomination SI 000. 1-20-year (serial) coupon bridge bonds, dated July 1 1906. Denominations 120 bonds ot $1,000 each and 20 bonds ot S500 each. and 41, Laws of 1898, and Interest semi-annually at the office of,ithe City Treasurer or at the Morton Trust Co., New York Purchaser to pay accrued interest. City. Authority, Chapters 40b amendments Minnesota. thereto. —Loans. — The "St. Paul'tPioncer Press" of following May is taken from the 8: Applications for loans from the State aggregating $208,370 were granted by the State Board of Investment at a meeting held yesterday. Mostjofitheimoney is to be used in the construction of county ditches. .Js May THE CHRONICLE 19 1906.1 ri7i — — Olympia, Wash. Bonds Refunded. This city has refunded its outstanding bonded debt of $200,000 6s by a new County, borrows $10,000: district 18, in Red Lake Scliool district 11, in Stevens issue of $200,000 3% per cents. The new bonds have County $18 000: district 48, in Rock County. $7,000, and district 50, in Bis Stone been taken by the State of Washington. $3 000. The village of Litchfield gets $19,000 for refundment of old bonds, and the town of Ardenhurst in Itasca County, $3,500. Omaha, Neb. Bonds Voted. On May 1 the $50,000 4% Montesano, Chehalis County, Wash. Bonds Atdhorized. paving-intersection bonds, mention of which was made in All ordinance authorizing the issuance of $13,330 20-ycar V. 82, p. 766, were authorized by a vote of 5,405 to 1,232. gold warrant-funding bonds was passed by the City Council Maturity July 1 1926. We are inInterest semi-annual. on May 10. formed that these bonds will be put on the market about Mount Penn, Berks County, Pa. Bonds Voted. The the middle of June. issuance of $10,000 4}^% improvement bonds was auOrangeburg, Orangeburg County, S. C. Bonds Voted. Date of sale not The issuance of $50,000 sewer-system bonds was authorized thorized on May 15 by a vote of 57 to 44. yet determined. on May 8 by a vote of 125 to 52. Details of issue and date of sale not yet determined. Mount Vernon, Westchester County, N. Y. Bond Sale. On May 15 the $50,000 4% 21-30-year (.serial) coupon fire Otsego Union Free School District No. 1, Otsego County, and police-station-building bonds and the $20,000 4% 20- N. Y.—Bond Sale.— On May 15 the $76,000 4% li^-lOJ^year bridge bonds described in V. 82, p. 1002, were awarded year (serial) coupon school-building bonds described in to the Yonkers Savings Bank of Yonkers at 101.448 and V. 82, p. 949, were awarded to the First National Bank 101.10 respectively. Adams & Co. of Boston also bid 101.38 of Cooperstown at par. There were no other bidders. for the fire and police-station-building bonds and 101.09 Owaneco School District, Christian County, 111. Bonds for the bridge bonds. Authorized. We are informed that this district will issue Mount Vernon, Ohio. Bond Offering. Proposals will be $3,500 5% school-building bonds. Securities are dated Interest annual. Maturity $1,000 vearly recei\:ed until 12 m., May 21, by Stephen J. Dorgan, City Aug. 1 1906. Audftor, for $13,000 5% coupon East Hamtramck Street from Aug. 1 1908 to Aug. 1 1910 inclusive and $500 on paving bonds. Authority, Sections 1536-211, 1536-281, Aug. 1 1911. 1536-284, 1536-285, 1536-286 and 1536-288 of the Revised Oxford, Furnas County, Neb. Bond Election. It is stated Denomination $650. Date Oct. 1 1905. In- that the City Council has been petitioned to call an election to Statutes. Maturity $650 each vote on the issuance of $20,000 water-works and electricterest semi-annually in Mount Vernon. six months from April 1 1906 to Oct. 1 1915 inclusive. light-plant bonds. Bonds are tax exempt. Certiiied check for $100, payable to Bo7id Offering. Painesville, Lake County, Ohio. ProPurchaser to pay accrued posals will be received until 12 m., June 11, by E. J. Lynch, the City Auditor, is required. Kandiyohi County gets $66,501 tor seven ditches; Freeborn. 828,457 for one Benton County. $24,168 for use on six ditches: Clay County, $14,441 for one and Kittson County. $14,30:3 tor two ditches. ditch; ditch, — — — — — — — — — — — — — — — — — interest. Bonded including debt, this issue, Assessed valuation, .$2,800,000. Murray School District (P. 0. Holley), N. The issuance of $18,000 school-building authorized on May 12 by a vote of 169 to 140. issue and date of sale not yet determined. Bonds Voted. The election Nashville, Tenn. Voted. — — sulted in a vote of 1 $37,665. — Y. Bo?ids bonds was Details of — May 3 re,142 to 667 in favor of issuing the $150,000 4J4% coupon Commerce Street extension bonds mentioned in V. 82, p. 651. These bonds, we are advised, will not be offered for some time. Ohio. — Bonds Proposed.— Ordi- Newark, Licking County, nances providing for the issuance of $50,000 water-works bonds and $8,000 police-station bonds are before the City Council. Newark School District, Licking County, Ohio. The bids received on May 7 for the $15,000 4% —Bids. — 1-15-year bonds awarded, as stated last week, to Rudolph Co. of Cincinnati, were as follows: (serial) school Kleybolte & Rudolph Kleybolte & Co., Cin. $15, 302 00 Emery, Anderson & Co., Cleve $15,112 Weil, Roth & Co., Cincinnati.. 15,230 001 New First Nat. Bk.,^ Columbus 15,112 Denison & Farnsworth. Cleve. 15,210 00 Security Sav. Bk.&Tr.Co.,Tol. 15,110 Otis & Hough, Cleveland 15,193 75|Hayden, Miller & Co., Cleve.. 15,108 Seasongood & Mayer, Cincin_. 15,155 70[F. L. Fuller & Co., Cleveland. 15,105 Union Sav. Bk. & Tr. Co., Cin. 15,151 50| W. J. Hayes & Sons. Cleve. _. 15,098 W.R.Todd &Co., Cincinnati. 15.115 001 L.ami)recht Bros. & Co.,lCleve. 15,076 1 1 — — 60 50 00 75 00 00 00 Newburg Heights, Ohio. Bonds Voted. Reports state that the is.suancc of .$2,000 bridge bonds "and $1,200 ditch bonds was authorized on May 1. New Madrid School District, New Madrid County, Mo. Bond Offering. Proposals will be received until 12 m., May 25, for $6,000 5% 10-20-year (optional) bonds. InDeposit of 5% of the amount bid is terest semi-annual. — City Auditor, for $20,000 4% street-improvement bonds. Denomination $500. Date April 1 1906. Interest semiannually at the Painesville National Bank. Maturity $500 each .six months from April 1 1907 to Oct. 1 1926 inclusive. Certified check for 5% of the bonds bid for, payable to the "Treasurer of the City of Painesville," is required. Bids must be made on blank forms furnished by the city. Peabody, Essex County, Mass. — Temporary Loan. — loan of $60,000 fur six months was recently negotiated with Loring, Tolnian ct Tuppcr of Boston at 4.62% discount. — — Perry, Nobles County, Okla. Bonds Voted. The election held May 8 resulted in a vote of 287 to 50 in favor of issuing the $30,000 51^% 20-year water-works bonds mentioned in V. 82, p. 887. — — Pittsburgh, Pa. Bond Offering. Proposals will be received until 3 p. m. May 31 by the City Comptroller for $1,000,000 3J4% coupon (exchangeable for registered) filtration bonds. Denominations $100 and $1,000. Date Interest April and October at the Pittsb.urgh Oct. 1 1904. Trust Co., Pittsburgh. Maturity on Oct. 1 as follows: $166,300 in 1923, $166,700 yearly from 1924 to 1928 inclusive and $200 in 1929. Certified check for 5% of amount bid for, payable to J. F. Steel, City Treasurer, is required. Securities are part of an issue of $5,000,000 bonds, of which $2 ,000 ,000 was sold last year and $1 ,000 ,000 are to be offered May 31, as above. In addition $1,000,000 of the bonds are to be taken by the sinking funds as an investment. — — — Pleasantville, Westchester County, N. Y. Bond Sale. 15 the $15,000 water bonds. Series "A," the $6,000 water bonds. Series "B," $6,250 water bonds. Series "C," and the $38,500 water bonds. Series "D," described in V. 82, p. 1064, were awarded to the Mount Pleasant Bank of Pleasantville at par for 4 per cents. Following are the bids: Proposals will be Offering. received until 12 m. June 14 by Otto Kelsey, State Comptroller, at Albany, for $1,000,000 3% gold canal-improvement bonds, to be registered or coupon at option of purchaser, bearing date of Jan. 1 1906. Coupon bonds will be Mt. Ple.asant Bank, Pleasantville (4s) pari Rud. Kleybolte & Co.. Cin. (for 4 Us) p.ar Edmund Seymour & Co., N. Y. (4 Us) pari Geo. M. Hahn, New York (for 4;2S)--par -N. W. Harris & Co. N. Y. (4 Us). ..par — required. M. New York J. Conran State. is Secretary. —Bond — issued in denomination of $1,000 and registered bonds in de- nominations of $1,000 and $10,000. Interest semi-annually Manhattan Company in the city of New York. Maturity Jan. 1 1956. Bonds are exempt from Authority, Chapter 147, Laws of 1903, and taxation. Chapter 302, Laws of 1906. Proposals must be accompanied by a deposit of money or by a certified check or bank draft upon a bank or trust company of the city of Albany or New York, payable to the order of the Comptroller of the State of New York, for at least 2% of the par value of the bonds bid for. Accrued interest to be paid at the Bank of the by purchaser. bond offering will be found among Department. Nutley School District, Essex County, N. J. Bond Sale. We are informed that the $52,000 4% 40-year coupon school bonds offennl but not sold on April 3 (see V. 82, p. 827) have now been disposed of. Oberlin, Decatur County, Kan. Price Paid for Bonds. Wc aw informed that the price paid bv the State School Fund for the $10,000 4"^% electric-light bonds mentioned in V. 82, J). 1117, was par. Dcnomintitiou $500. Date Interest April and October. April 1 1906. Maturity April 1 1921, subject to call $500 yearly beginning in 191 1 The the official notice of this advertisements elsewhere in this — — — — On May — — Plymouth, Mass. Bond Sale. This town recently awarded $30,000 4% armory bonds to Estabrook & Co. of Boston at 102.39. Plymouth School District, Luzerne County, Pa. Bond Sale.— On May 16 the $15,000 5% school bonds described in V. 82, p. 1003, were awarded to Robt. E. Glendinning & Co. — of Philadelphia at 113.765. Portageville School District, New Madrid County, Mo.— The State Auditor rcctnitiy registered $1,500 school-building bonds of this district. Denomination $500. Bonds Registered. 6% — — — Poteau, Ind. Ter. Bonds Voted. This place, it is stated, recently autliorized the issuance of school bonds. Preble County (P. O. Eaton), Ohio.— Bond Sale.— On 5 $320 4% ditch bonds were award(>d to the Preble County National Bank of Eaton for $321 95. Denomination $80. Date Mav 5 1906. InteiTst Mav and November. Maturity $80 every six months from Nov.\5 1906 to Mav 5 1908 inclusive. May — — Price, Carbon County, Utah. Price Paid for Bonds. are informed that the pric(> paid bv the First National Bank of Price for the $10,000 5-10-year (optional) Wv 6% water-extonsion bonds awarded to them on .April 30 (see V. 82. p. 1117), was par. Interest April and October. Providence, R. l.—Bond Sale.— On Mav 15 the $300,000 31^% 30-year gold .school bonds described in V. 82. p. 1003, were awarded to Commissioners of Sinking Funds of Providence at par. Pueblo, Col.—Bond Election.— This city will vote to-day (May 19) on the three following questions: — — . THE CHRONICLE. 1172 the propowKl Public Water Works District No. 2 of the City of Pueblo* that part of the said City of Pueblo lying Houth of the .(Vrkansjis lUver. be creator.' 2. Shall the City of Pueblo purchawo for the use and l)enetlt of said proposed Public Water Works District No. 2 the water works plant ami property of the Pueblo Water Company at the price and upon the terras stated in the written proposition of.sald eonii)any on (lie wIlli the City Clerk? 3. Shall a bonded Imlclitcdniss of said district be created by said city In the amount of SI. 000, 000 for the i)urposc of i)urchaslnt; sjild water-works plants and system of the said the Pueblo Water Company upon the terms contained In said proposition of said company? 1. Shall Colorado, ooiislstliiK of all proposed to authorize $1,000,000 in 41^% bonds, of which $502,000 bonds arc to be dehvered to the water company, tlie city to assume $468,000 water company's bonds, togetlier with the sinking fund of $30,000 now on hand, leaving net debt assumed of This debt is to be retired whenever the old bonds $438,000. can be purchased with the $438,000 bonds remaining of the $1,000,000 bonds to be voted at this election. River Rouge, Wayne County, Mich. Bond Offering. Proposals will be received untili2 p. m. to-day (May 19) for $150,000 4J^% ^ewer-systcm bonds. Interest semi-annual. Maturity June 1 1936. Securities were authorized by a vote of 186 to 24 at electicm held on April 30 1906. Roanoke, Va. Bond Sale. On May 8 the following bonds were awarded to Rudolph Kleybolte & Co. of Cincinnati at If the iibovc propositions carry, it is — — par: $414,000 414% 30-year funding bonds, dated July 1 1906. 3270,000 4% 30-year Improvement bonds, dated Jan. 1 190G. *• Denomination $1,000. Interest Januarv and July. The $270,000 bonds mentioned above are part of the $400,000 30-year improvement bonds offered without success on Jan. 10, and of which $72,000 were sold some weeks ago, as The remaining $58,000 were restated in V. 82, p. 651. cently taken, $30,000 by the Aetna Fire Insurance Co. and $28,000 by C. Markley of Roanoke at par. 4% 4% Rockford, III.— Bond Sale.— On May 14 the $36,200 10-year refunding bonds and the $60,000 4% 10-year permanent-improvement bonds described in V. 82, p. 1117 were awarded to Rudolph Kleybolte & Co. of Cincinnati at Following are the bids: 100.875. Rud. Kleybolte &i$36,200_ .$36,510 75 Rockford National Bank $96,406 83 i Co., Cincinnati..!. 60,000-- 60,525 00 First National Bk., J $36,200.- 36,225,00 I S. 96.92150) Chicago Sons, Cleveland 96,279 OOlN. W. Harris A. Kean, Chicago W. J. Hayes & — —— — — 60.000.- 60,045100 Co., Chicago.. a. par 1 & a Accrued interest. NEW [Vol. Lxxxn. A bid of 100.4461 was also received from Jose, Parker Co. of Boston. — election. Charles Township School District No. 1, Saginaw - /^ortc^ Sale— On May 15 85,000 5% coupon school-buldiiig bonds were awarded to W. E. Mo.ss & Co. of Detroit at 102.15 and accrued interest. Following are the St. County, Mich. bids: W. E. Moss & Co., Detroit $5,107 50 S. A. Kean, Chicago $5,030 00 H.W. Noble* Co.. Detroit 5,105 OOiParsons & Holt, St. Charles 5,025 50 Denomination $1,000. Date May 15 1906. Interest Feb. 1 and Aug. 1. Maturity $1,000 yearly on Feb. 1 from 1909 to 1913 inclusive. Bonded debt, this issue. A.ssessed valution, $449,000. St. FrancisJLevee District, Ark. Bonds Proposed. The Levee Board has decided to petition the Legislature for authority to issue $500,000 improvement bonds. Sault Ste. Marie, Mich. Bond Offering. This city is offering at jjiivatc sale .$40,000 4% 1-4-year (serial) refunding bonds. Denomination $1,000. Date June 1 1906. Interest semi-annual. Chas. G. Clarke is City Comptroller. — — Salamanca, Cattaraugus County, N. Y. NEW PASSAIC COUNTY, EXEMPT FROM TAXATION. Dollars in Bonds to be issued by the people of the State of New York, in either registered or coupon form at the option of the purchaser, bearing interest at the rate of three per cent annum from January 1. 1906, payable -semi-annually days of January and July of each year, and the principal payable on the first day of January in the year 1956. Principal and interest payable in gold coin of the United States of America, of the present standard of weight and fineness, at the Hank of the Manhattan Company in the city of New York. Coupon bonds will be issued in the denomination of One Thousand Dollars and registered bonds in denomi- per on the first nations of One Thousand and Ten Thousand Dollars. A sinking fund is established by law for the extinguishment of the indebtedness created by the sale of the aforesaid bonds and for the payment of the interest thereon as the same become due. The Bonds are exempt from taxation. No proposal will be accepted for less than the par value of the bonds nor unless accompanied by a deposit of money or by a certified check or bank draft upon a bank or trust company of the city of Albany or New Blodget, Merritt & Co , BANKERS, Boston. 3« NASSAU STREET. NEW YUKK. York, payable to the order of the Comptroller of the State of New Y'ork, tor at least two per cent of the par value of the bonds bid tor. .^11 proposals, together with the security deposits, must be sealed and endorsed "Loan for Canal Improvement" and inclosed in a sealed envelope directed to tlie "Comptroller of the State of New York, Albany." The successful bidder or bidders will be required to pay for the bonds, on the acceptance of the proposal, by deposit in the bank of the Manhattan Company in the City of New York to the credit of "lYeasurer of the State of New Y'ork on account of the Canal Fund," of the amount of the award, together with premium and accrued interest from January 1, 1906, less the amount of the deposit of such successful bidder or bidders, which will be applied toward the payment for the bonds. All other deposits will be returned by mail to the respective bidders within three days after the bonds have been awarded, unless different instructions to the Comptroller as to the return of tlie deposit are duly given. The Comptroller reserves the right to reject any or all bids which are not in his opinion advantageous to the interests of the State. RAILROAD BONDS. Tax rate. 2.1G. Population, census of 1905, 7.1S7. i)roposal must be accompanied by a certified check for one per cent of the amount of bid, duly certified by a national or incorporated bank, m,ade payable to E. J. Nelson, District Clerk, as a guaranty that bonds will be taken if bid is accepted. No bid below.. par will be considered. Bonds to be dated June 1 1906. and must be taken and fully paid for, including accrued interest, on or before July 1 1906. Bids should be addressed to E. J. Nelson, District Clerk. Clifton. N. J., and properly endorsed, and will be received by him either by mail or in person up to the time of opening same. The right is reserved to reject any or all bids. Each Dated May 14, 1906. J. E NELSON, District Clerk. Whiting Papers Coftiptrolkr State Comptroller's OfBce, Albany, N. Y. May 17, 1900. MUNICIPAL AND PUBLIC FRANCHISE CORPORATION BONDS Boueht and Sold. W. J. HAYES CLEVELAND, OHIO. ft SCHOOL BONDS Sealed proposals will be received by the Board of Education of the Township of Acquackanonk, on 29th 1900, at 8 p. m. at the Board TUESDAY. rooms. School No. 3, Clifton Avenue near Main Avenue, C;iifton. N. J., and then and tliere be publicly opened for the purcliase of School bonds in the amount of S43.500, to be in the denomination of SI. 000, save tlu'ee to be in the denomination of S500, to bear nterest at the rate of four per cent per annum and to run from twelve to thirty-nine ye.ws. Said bonds are to be coupon bonds and are to be is.sued under and by virtue of the provisions of an Act of the Legislature of the State of New Jersey, entitled "An Act to establish a thorough and efficient system of free public schools, and to provide for the maintenance, support and management thereof," approved October 19 1903. The proceedings for the issue of these bonds have been approved by the .\ttorney-General of the State. Bonded debt, including this issue. 872,500. Heal estate valuation, 1905, 82.172,775. OTTO KEI.SEY. 16 Cono^ress Street, STATE, ClXr N. J., MAY CANAL IMPROVE VENT. IVlillion LOANS. Acquackanonk Township, FOR One — — STATE OF NEW YORK hereby given that pursuant to the provisions and chapter 302 of the laws of 1900, sealed proposals will be received at the office of the State Comptroller, in the city of Albany, until Thursday, June 14, 1906, at twelve o'clock, noon, of that day, for the purchase in whole or in part of Offering. — OF THE is Bond Proposals will be received until 8 p. m. Ma\- 25 by C. F. Buckmaster, Village Clerk, for $5,000 water-extension bonds at not exceeding 5% interest. Denomination $1,000. Date Aug. 1 1906. Interest semi-annually at the Salamanca Trust Co. in Salamanca. Maturity $1,000 yearly on Aug. 1 from 1907 to 1911 inclusive. Certified check for $300, payable to the Village Trea-surer, is recjuired. Salem, Dent County, Mo. Description of Bonds. The $20,000 water-works bonds voted on April 3 will carry interest at a rate not exceeding 4%, payable semi-annually. Maturity tewnty years, subject to call after five years. Bonds will be dated about July 2 1906. San Antonio, Texas. Bonds Not Yet Sold. No disposal has yet been made of the $120,000 5% 20-40-year (optional) district-improvement bonds offered on Jan. 15, as described BONDS Notice & Roscoe Independent School District, Nolan County, Tex. Bonds \'oted. it is stated that a proposition to issue $6,000 school-building bonds was voted unanimously at a recent LOANS. of chapter 147 of the laws of 1903 — For Fine Correspondence and for Oeneral Business Uses are made in Ledger, Bond, Linen and Fine Writing In rariety. standard, SONS, WHITING PAPER &, BOSTON, MASS. New CO., Philadelphia. Chicago. milUi Holroke, Maaa. York. May THE CHRONICLE. 19 1906.] nation $100. Date May 1 1906. Interest semi-annually at Maturity $5,000 the First National Bank in South Fork. on May 1 in each of the following years: 1911, 1916, 1921, Bonds are free from tax. Certified 1926, 1931 and 1936. check for 5%, payable to the Secretary of Board of DirecBonded debt, this issue. Assessed valuators, is required. tion for 1906, $624,960. Springfield School District, Greene County, Mo. Bond Proposals will be received until 12 m.. May 24, Offering. by M. Bowerman, Secretary, for the $60,000 4% schoolbuilding bonds voted on April 30. Securities are dated June 1 1906. Interest semi-annual. Successful bidder will be required to deposit a certified check for $3,000. Bond Offering. Further details are at hand Steelton, Pa. relative to the offering on June 6 of the $40,000 4% 10-20year (optional) coupon paving bonds mentioned in V. 82, Proposals will be received until 7:30 p. m. on p. 1118. that day by John D. Young, Borough Secretary. Denominations $100 and multiple. Interest Jan. 1 and July 1 Bonds are taxat the Steelton National Bank in Steelton. exempt. Certified check for $1,000, payable to Le Roy H. Bonded debt, including Sutton, Treasurer, is required. Assessed valuation $5,319,000. this issue, $230,000. Tecumseh, Johnson County, Neb. Bonds Proposed. The question of issuing $10,600 electric-light-plant bonds is being agitated. Toccoa, Habershaw County, Ga. Bonds Voted. A vote of 302 for to 2 against was the result of the election held May 3 on the question to issue the $35,000 5% water- works bonds These securities under the law described in V. 82, p. 1003. must be validated by the Superior Court before they can be issued, and as the bonds will be dated Jan. 1 1907 they will not be put on the market until October or November. |iy Bond Offering. Proposals Tofte, Cook County ,|Minn. will be received until 2 p. m.. May 28, by the Town Supervisors for $10,000 road bonds at not exceeding 6% interest. Authority, Chapter 64, Laws of 1905. Securities are dated May 8 1906. Interest annual. Maturity twenty years. Toledo, Ohio. Bonds Authorized. The City Council on April 23 passed ordinances authorizing the issuance of^the following bonds: 4% 20-40-year (optional) in V. 81, p. 1868, and the $300,000 refunding bonds offered on March 24 and described in V. 82, It is probable, we are informed, that the bonds p. 529. will be re-offered in the near future. — — San Bernardino, Cal. Bond Election. An election will be held in this city to-day (May 19) for the purpose of voting on propositions to issue $38,000 street-improvement and $22,000 bridge 43^% 1-40-year (serial) gold coupon bonds. Interest semi-annually at the office of the City Treasurer. — — Sanders County (P. O. Thompson), Mont. Bond Sale. 10 the $40,962 06 4% 10-20-year (optional) warrantfunding bonds described in V. 82, p. 767, were awarded to We have not yet been advised the State of Montana at par. as to what disposition was made of the $10,000 4% 10-20year (optional) warrant-funding bonds offered at the same time San Juan County (P. O. Friday Harbor), Wash. Bond On May 9 the $14,000 4% court-house bonds, menSale. tion of which was made in V. 82, p. 768, were awarded to — — Denomination $1,000. the State of Washington at par. Date June 1 1906. Interest annual. Maturity twenty years, subject to call after one year. Santa Monica School District, Los Angeles County, Cal. Bonds Voted. This district on May 2 authorized tlie issuance of $60,000 bonds. Shelby ville School District, Shelby County, Mo. Bond Sale.— On May 5 the $12,000 5% school-building bonds described in V. 82, p. 1064, were awarded to MacDonald, McCoy & Co. of Chicago for $12,131, blank bonds and Bonds are dated May 15 1906. accrued interest. — Sheldon, Ransom County, No. Dak. Bonds Not Sold. This village rejected all bids received on May 15 for the $3,500 6% water-works bonds described in V. 82, p. 1064. We are informed that the bonds are now being offered at private sale. South Fork School District, Cambria County, Pa. Bond Proposals will be received until June 1 by John C. Offering. Penrod, Secretary Board of Directors, for the $30,000 4i^% coupon school-building bonds voted on Feb. 20. Denomi- NEW NEW LOANS. — INVESTMENTS. LOANS. New Brunswick, NEW BRITAIN CONN., SEWER BONDS. DEBENTURES Tenders, addressed Treasury Department. City of Saint John, Province of New Brunswick, and marlsed "Tenders for Debentures," will be received by the undersigned up to 12 o'clock, noon, on the Twenty-eighth day of .June, 190G. tor the purchase of Seven hundred and twenty-one Thousand (S721,000) Dollars, •Saint John City Debentures," to be issued by the City of Saint John, payable at the expiration of forty years, with interest at four (4) per cent per annum, payable Principal half yearly from the First d.ay of May, 1906. and Interest mav be payable at Chamberlain's Office, in Saint John, New Brunswick, or in Great Britain, or Sealed proposals will be received at the office of tlio Sewer Commissioners, New Britain, Conn., up to noon. May 29, 1906, for one hundred and fifty (150) sewer bonds, 7th series. Each bond being for one thousand dollars, bonds to bear interest at 4%, payable semiannually, January 1st and July 1st, principal becoming due in 193C. Proposals shall be accompanied by a certified check to the amount of one thousand dollars, payable to the Treasurer of the City of New Britain. right is reserved to reject any and all bids as the interest of the City may appear. The Signed S. elsewhere. The Debentures may be expressed in sterling money of Great Britain, in currency of Dominion of Canada, or in the currency of any foreign Country, and in sums not less than Five Hundred Dollars each as purchaser may JOHN PINCHES, HERBERT Albert Kleybolte & MUNICIPAL BONOS R. L. COUNTY STOCKS BONDS EVERY WEDNESDAY. No. 66 WILIilAlTl SXREET Corner Pine Htreet. Co., BONDS. OTUWICIPAL: BOXDS. CLEVELAND. Perry, Coffin So Burr, INVESTMENT BONDS. BOSTON. Mobile City Bonds Alabama State Bonds Dealt in by us. Oflerius. MACARTNEY & SOHLEY BANKERS & BROKERS niOBlIiE, AliA. Specialists in New Jersey Securities! EISELE & KiNC, BANKERS, Members of New York and Philadelphia Stuck E.YchanKes. Private Wires to N. Y. A Philadelphia. 737-r3» Broad NEWARK. St.. Trowbridge &Nlver Co. MUNICIPAL AND RAILROAD Kpcclall»tM In Carfield Buildir^g, and MUNICIPAL AND PUBLIC SERVICE 8l BONDS. Wire u* your AUCTIONEERS. Regular Weekly Sales & Sons Co Emery. Anderson YORK. OF BONDS. ^ "^-Z^ AND PUBLIC SERVICE CORPORATION & Son Adrian H. Muller Bnlldingr, Chicago. AND TOWNSHIP NEW STOCK EXCHjtNGES. Ofllce CITY 3 Nassau Street, MKMBKBS NEW YOEK AKD BOSTON on application. Nat Bank Philadelphia. MUNICIPAL CO., Sc BOSTON. Full desorlptions, showing price and Income First DAY 35 Congress Street, Securities. H. C. Speer Detroit. BANKERS, And other Hiofh-Grade KatablUtavd IHHft. COMPANY, Land-Title Bl3Q. Clerk. STATE, niUNICiPAli ANU U16H UKA0K KAIL,KOAl» f^CUKlTlES. Carefully Selected Investment Board of Sewer Commissioners, communications to W. NOBLE & Penobscot Budq., 60 State Street, Co., 409 'Walnut Street, CINCINIVATI, O. all W. H CAD WELL. desire. Resolutions passed by the Common Council of the City of Saint John provide for the formation of a Sinking Fund for the redemption of these Debentures at maturity. Parties tendering must state in their tender in what currency, in what sums and where they desire the Debentures and Interest to be made payable. The highest or any tender not necessarily accepted. By order of the Treasury Department of the Common E.WARDROPER. Council Common Clerk, City of Saint John. N. B. Prospectus in connection with above loan may be obtained upon application. H. STEARNS, H. BEACH, EDGAR Address — — H. City of Saint John, — — — — — — — — — — — — — — On May — 1173 let CHICAGO, Nat. Bank Bldg. BOSTON, 60 State Street BONDS. LIST ON APPLICATION. SEASONGOOD & MAYER Mercantile Library BallAInc, CINOINNATI. — — i $80,000 3.65% Jfoupon .stript-lmproveiiient (cltys portion) Ijonds. $1,000. Date May 1.^ 1900. the rnltcd .state.') Mort^aKC & Trust Co. In New York 5,405 60 5% 4,952 08 5% 2. 822 5% 5': U _ 447 47 5% » i' 5% — Vancouver, B. C. Debenture Offering. Proposals will be received until 4 p. m., Julj' 6, by A. McEvoy, City Clerk, for $679,406 55 4% local-improvement debentures. Maturity as follows: $35,000 in 10 years, $74,825 12 in 12 years, $43,551 63 in 20 years, $42,400 80 in 30 years and $483,629 in 40 years. Certified check for 1% of the amount bid, payable to the City Treasurer, is required. Warren County (P.O. Vicksburg), Miss. Bonds Not Sold. The following bids, all of which were rejected, were received on May 9 for the $50,000 5% 5-20-year jail-building bonds, described in V. 82. p. 888: Brunim & Hirsch $51.501 Mississippi Bank & Trust Co $50 500 MacDonald, McCoy & Co., Chic.. 50.911 W. J. Hayes & Co.. Cleveland 50.057 — 90. six coupon Alley No. 20 a.ssessment bonds dated Jan. 15 1906. Denomination SlOO except one bond for $81 54. Interest March 15 and Sept. 15. Maturity one bond each six months beginning March 15 1907. coupon Camden Street No. 1 a.ssessraent bonds dated Feb. 5 1906. Denomination $45 except one bond for $42 47. Interest March 5 and Sept. 5. Maturity one bond each six months beginning March 5 1 ' S. A. Kean, Chicago Bonds will 50.550! be re-advertised. — Wellsville, N. Y. Bonds Not Sold. All bids received on May 16 for the $29,963 55 street-improvement bonds described in V. 82, p. 1120, were rejected. 1907. Interest payable at the office of the City Treasurer. Union City School District, Darke County, Ohio. Bond Sale.— On May 10 the $22,000 4% 15-year (average) coupon school-building bonds described in V. 82, p. 888, were awarded to Otis & Hough of Cleveland. Western Branch School District No. 1, Norfolk Coimty, Bonds Not Sold. No sale has yet been made of $40,000 4% bonds offered but not sold on April 28. Yonkers, N. Y. Bond Offering. Proposals will be received until May 26 by John H. Coyne, Mayor, for the — Va. — Union Free School District No. 5, Broome County, N. Y. Bond Sale.— On May 16 $19,000 high-school-exten.sion bonds 'were awarded to W. J. Jones as President of the First National following bonds: 8200,000 5% Authority Section 13 of Title V. of the City Char semi-annual. Maturity Feb. 1 1908. Bids received redemption bonds. ter. 57,650 4% Intere.st until Bank of Lestershire at par for 4}^ per cents. Other bidders were Isaac W. Sherrill of Poughkeepsie, par for 4i^s. and S. A. Kean of Chicago, 104 for 6s. Denomination $1,000. Date June 1 1906. Interest annually on Dec. 11a.m. May R. FULTON & CO., Municipal Bonds. AND Corporation (71 LA SALLE STREET. CHICAGO BONDS. E. H. BOSTOX. San Francisco. Chicago. RANGE OF PRICES 24 YEARS. 1882—1 9 ERVIN & COMPANY, BANKERS, 5 New York \ , INVESTMENT. Drexel Building, Philadelphia. MacDonald, McOoy Interest. Does h Co., Salle Street, Chicago. Denison & Farnsworth, 1887 issue>hich gives 1882-1886 " " 1892 " 1887-1891 " " " 1896 1891-1895 " " 1901 " 1896-1900 " " 1906 " 1901-1905 JAMES H. OLIPHANT. CHARLES A. PEABODY. JACOB H. SCHIFF. JAMES SPEYER, EDWARD O. STANLEY. CLARENCE gteel or IlthoKrapbed, or gartlr printed and partly lltbographed. iook of 100 oertlfleates, Bteel-plat« border, and seal press, $16: cheaper styles as low as $2 60 (or a book ol 60. EIN& & CO., 206 Broadway, N.Y. H. KELSEY FRANK BAILEY, EDWARD O. STANLEY President. Vice>Pi«fldent. Second VIce-Preildant. Manager Banking Department. CLINTON D. BURDICK, Third VIce-PreddMit, J.iWRAY CLEVELAND, Secretary. ARTHUR TERRY, Treaiurct. L. SNIFFEN. Manager Brooklyn Banking Department. PRICE $2 PER COPY. ENGINEERS. Some earlier issues may be had at $5^a J. G. WHITE & CO., Engineers, Contraciors, Commercial & Financial jgChroniclc 43-49 ExchanorelPlace. ii76M PINE STREET, NEW YORK. NEWIYORK Inveatlgaiions and Report* on Electric Hallway. Gas, Electric Liirht, and Power TransinlssioQ Properties for Financliil Ins'itnilona and Investor*. Eailways, Electric Light and £lectri« Power Plants Financed, Designed and Built. £lefitric PUBLICATIONS. B. T. BEDFORD. CLARENCE H. KELSEY. EDQAR L. MARSTON. WILLIAM H. NICHOLS. PRANK BOSTON and CLEVELAND. BONDS s^SBk certificates Eoeraved on Business. EDWARD Gives a monthly range ot Stock and Bond Prices lor five years. We can supply .^ HICH CRADE BONDS litsts.apon request. Company In Charge of Banking Interettf. OUR ANNUAL THE FINANCIAL REVIEW copy. ALBEBT all Trust FINANCE COMMITTEE. BONDS. La Furnishes Mortgages to Investors. SeeeivesDfposits subject to cheek, allowing OS. KUmCIPAL AKD CORPORMTIOM X7I Examines & guarantees Real Estate Titles. Loans Money on Hond and Mortgage. ' York. $10,000,000 Title guarantee andTRUST company Stock Exchange, 48 Exchange Place, New ^^^s'jR^^r Philadelphia Stock Exchanga. BONDS FOR 1906. 198 Montazue Street. Brooklyn Banking Dept. FOR „ 1 146 Broadway. New York. 175 Remsen Street, Brooklyn. ROLLINS & SONS. Denrer. June Securities will be dated MISCELLANEOUS. MUNICIPAL Service 20. assessment bonds. Authority Section 36 of Title VII. of the City Charter. Maturity $42,500 Feb. 1 1907 and $15,150 Feb. 1 1909. Bids received until 12 ra. May 26. INv/ESTMENTS. Public from 1906 to 1924 — 8 1907. 6% 1 Vacaville, Solano County, Cal. Bond Ojjerimj. Proposals will be received until jj. lu. June 20 by E. \V. Manuel, Town Clerk, for the $2.5,000 gold coupon sewer bonds voted on Feb. 20. Authority Section 27, Chapter 32, Laws of 1901. Denomination $1,000, Date July 2 1906. Interest .semi-annually at the Town Treasury. Maturity $1,000 yearly on July 2 from 1907 to 1931 inclu.sive. Certified check on .some bank in San Fraiitisco for 10% of the bonds, payable to the Town Treasurer, is required. Bonded debt this Lssue. Assessed valuation for 1905, $494,000. March .s 1907. ooupon Ontario .street No. 10 assessment bonds dated .Ian. 12 1900. Denomination .$540 except one bond for S545 00. Interest .March 12 and Sept. 12. Maturity one bond each six months bCKlnning March 12 1907. coupon Heech Street No. 1 assessment bonds dated .Ian 25 1900. Denoinlnatlon $500 except one bond for S452 08. InK^rcst March 25 and Sepr. 25. Maturity one bond each six montlis beginning March 25 1907. coupon Nineteenth Street .\o. 4 assessment bonds dated .\prll 8 1900. Denomination S280 except one bond lor S:<02 23 Interest March 8 and Sept 8. Maturity one bond each six months beginning March 8 1907. coupon Maplewood Aventie assessment bonds dated April 8 1900. Denomination S410 except one bond for S401 19. Interest March 8 and Sept 8. Maturity one bond each six months beginning March April 10 1900. Denomination S7,500 except one bond for $7,144 Interest .March 16 and Sept. 16. Maturity one bond each months beginning March Ki 1907. [Vol. lxxxji. inclusive. Interest on the assessment bonds will be payable at the office of the City Treasurer. The $4,091 19 Maplewood Avenue bonds mentioned above take the place of the .$3,091 19 Maplewood Avenue bonds authorized March 26. On May 7 the following bonds were authorized: $74,644 96 5% coupon Summit and Galena streets No. 2 assessment bonds dated 981 54 — — Maturity $1,000 yearly on Dec. 1. Ma- City. ^coupon I'arkwood Avenue No. 3 a.sse.s.sment bon<ls dated .^prll 8 I90li. Uenoinlnatlon S440 expept one bond tor $440 90. Interest March ,H and Sept. 8. Maturity one bond each six months beglnnlni? 4.400 90 5' 4.091 19 ncnomlimtion Intorcsl sfrnl-annimlly ut the office of turity twenty years. 23 —— — THE CHRONICLE. 1174 • — London Correspondent: WHITE & CO., Limited, College Hill, Cannon St. Canadian Correspondents: CANADIAN \¥IIITE: CO., Limited, J. G. The Wall Street Journal has the largest circulation of any American Financial Daily tfia. Montreal. Principal Pliilipplne Office. Manila. P, I