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financial
The
lirontde
INCLUDING
Bank and Quotation Section (Monthly)
Railway and Industrial Section (Quarterly)
State and City Section(Semi-Annually)
Electric Railway Section("%jiirs)
SATURDAY, MAY 2 1908.
VOL. 86.
Xite Thranicle,
Week ending April 25.
Clearings at1908.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
For One Year
$10 00
For Six Months
6 00
European Subscription (including postage)
13 00
European Subscription six months(including postage)
7 50
Annual Subscription in London (including pcstage)
22 148.
Six Months Subscription in London (including postage)
21 118.
Canadian Subscription (including postage)
$11 50
Subscription includes following SupplementsB
AND QUOTATION(monthly)STATE AND
(semi-annually)
RAILWAY AND INDUSTRIAL(quarterly) I ELECTRIC
(3 times yearly)
• NE
CITY
RAILWAY
Terms of Advertising-Per Inch Space
Transient matter per inch space(14 agate lines)
$4 20
22 00
T
Two Months
times)
29 00
Standing Business Cards / Three Months (13 times)
50 00
Six Months
(26 times)
87 00
Twelve Months(52 Hines)
CHICAGO OFFICE-P. Bartlett,513 Monadnock Block; Tel. Harrison 4012.
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
(4
WILLIAM B. DANA COMPANY, PublIshers,
New York.
P.0. Box 958.
Pine St.. Corner ofPearl St.,
Published every Saturday morninsr by WILLIAM B. DANA COMPANY.
William B. Dana,President; Jacob Seibert Jr., Vice-Pres. and Sec.; Arnold
G. Dana,Treas. Addresses of all,Office of tho Company.
Chicago
221,146,261
Cincinnati
20,391,700
Cleveland
11,571,573
Detroit
12,161,846
Milwaukee
8,881,160
Indianapolis _
6,162,582
4,365,100
Columbus
Toledo
3,591,795
Peoria
2,284,455
1,922,593
Grand Rapids_ _
Dayton
1,441,947
Evansville
1,625,420
887,062
Kalamazoo
Springfield, Ill
783,320
Youngstown _
547,632
Fort Wayne _ _ _
768,474
Lexington
515,000
Akron
530,000
Rockford
664,158
Canton
379,633
Bloomington_ _ _ _
432,053
Quincy
417,204
Routh Bend_
387,594
Springfield, Ohio.
357,822
Mansfield
311,041
Decatur
402,097
Jackson
347,465
Jacksonville, Ill 174,767
Ann Arbor
127,526
Adrian
19,773
Tot. Mid.West.
San Francisco_ _ _
Los Angeles
CLEARING HOUSE RETURNS.
Seattle
Portland
made
up
indicates
by
telegraph,
&c.,
table,
The following
Salt Lake City.... _
that the total bank clearings of all clearing houses of the U.S. Spokane
Tacoma
been
have
to-day
$2,end.
$2,500,919,579,
against
for week
Oakland
085,622,458 last week and $3,079,347,692 the week last year. Helena
Fargo
San Jose
Sioux
Falls
ClearIngs-Returns by Telegraph May 2
1908.
1907.
%
Sacramento
Stockton
New York
$1,246,309,375 11,516,395,516 -17.8 Billings
Boston
115,715,293
158,630,952 -727.1 Fresno
PhIl•ileinhi I
93,077,256
133,133,814 -30.1
lisltilmre
17,553,316
24,419,045 -28.1
Total Pacific_
Chic'g )
205,106,313
232,130,909 -11.6
St. 1,,,u1s
50,058,715 -14.3 Kansas City _ _
42,918,563
New Orleans
15,025,052 -25.0 Minneapolis
11,264,743
Omaha
Seven cities, 5 days
$1,731,944,859 $2,129,794,003 -18.7 St. Paul
Other cities, 5 days
423,861,911 -15.0 Denver
360,179,487
St. Joseph
Des Moines
Total all cities, 5 days
$2,092,124,346 $2,553,655,914 -18.1 Sioux City
Al cities, 1 day
22.2
525,691,778 408,795,233
Lincoln
Wichita
Total all cities for week
$2,500,919,579 $3,079,347,692 -18.8 Davenport
Topeka _ _ _....
Cedar Rapids .._
Colorado Springs.
The full details for the week covered by the above will be Pueblo
given next Saturday. We cannot furnish them to-day, Fremont
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, April 25, for four years.
Week ending April 25.
Clearings at
1908.
1907.
$
$
New York
1,156,554,235 1,577,474,763
Philadelphia _ _ 111,639,375 138,310,180
Pittsburgh
61,307,901
40,901,260
Baltimore
26,432,703
20,850,705
Buffalo
7,096,107
7,899,878
Albany
7,290,092
4,841,424
Washington _._
4,964,410
5,558,138
Rochester
2,758,554
2,753,097
Scranton
2,138,192
2,223,472
Syracuse
1,751,420
1,562,400
Reading
1,436,306
1,350,685
Wilmington
1,082,659
1,338,858
1,111,686
Wilkes-Barre__
1,141,102
Wheeling, W. Va
992,478
1,304,832
Harrisburg
1,003,176
1,105,039
Erie
677,607
567,095
Greensburg
1,974,885
415,011
489,800
Binghamton
455,700
Chester
452,947
445,733
Franklin
270,309
255,222
York
933,334 Not Included
Altoona
453,684 Not included
Total Middle_
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford
Lowell
Holyoke
__
Total New Eng
Inc. or
Dec.
1906.
1905.
-26.7 1,965,375,614 2,207,778,269
-19.3 154,911,807 153,450,576
-33.3
55,694,297
52,596,132
-21.1
22,911,685
30,053,641
6,001,289
-10.2
7,964,477
3,815,860
-33.6
5,553,215
4,582,234
-10.7
5,318,022
-0.2
3,713,937
3,509,446
1,996,271
+4.0
1,948,555
1,285,795
-10.8
1,483,111
1,176,083
-6.0
-1,277.489
1,132,117
-19.1
1,170,525
948,792
+2.6
1,060,007 '
+31.4
878,396
1,174,266
+6.6
-16.2
528,727
624,234
482,960
-78.5
507,721
550,900
-7.0
502,400
-1.6
671,169
647,912
5.6
203,177
254,224
n total
n total
1,361,569,563 1,840,764,873 -26.0 2,235,932,798 2,467,801,534
112,340,826 163,792,391 -31.4
5,607,700 - 6,955,100 -.19.4
3,257,752 • 3,499,449 -6.9
2,317,725 -8.2
2,127,762
2,255,994 , -28.1
1,621,465
1,786,995 -20.9
1,414,208
1,751,051 -31.0
1,208,377
915,727 -17.9
751,303
746,537 -13.3
647,041
518,729 -10.2
465,731
521,933 -31.1
359,902
157,807,156
6,995,800
3,076,572
2,399,414
2,096,106
1,557,706
1,981,579
938,054
636,880
505,098
524,599
166,291,874
6,708,000
3,090,548
1,982,530
2;142,800
- 1,503,336
1,516,420
721,649
643,973
425,666
488,491
129,602,0671 185,061,631 -29.91 178,518,964
185,515,317
Tot. otherNVest
St. Louis
New Orleans_
Louisville
Houston
Galveston
Richmond
Atlanta
Memphis
Nashville
Fort Worth
Savannah
Norfolk
Birmingham __ _ _
Mobile
Jacksonville _ _
Knoxville
Oklahoma
Chattanooga ..__ _
Augusta
Charleston
Little Rock
Macon
Beaumont
Wilmington, N.C.
Columbus, Ga_ _ _
Guthrie
Austin
Vicksburg
Total Southern
Total all
Outside N.Y..
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
London
St. John
Edmonton
Victoria
Total Canada_
NO. 2236.
303,599,053
1907.
233,716,726
25,807,300
14,698,261
11,540,777
10,280,341
7,051,972
5,573,300
4,645,822
2,876,590
2,200,953
1,791,159
1,829,372
906,108
802,829
679,729
800,647
575,000
704,000
706,782
493,473
444,950
344,055
466,145
370,942
339,493
326,255
306,790
204,235
111,983
23,000
330,618,989
i Inc. or
Dec.
1906.
---5.4 203,429,881
--21.0
24,379,800
---21.3
13,903,572
5.4
13,193,301
--13.6
8,537,571
--12.6
5,787,125
---21.7
4,817,400
---22.7
3,801,170
--20.6
2,392,907
--12.6
2,044,690
--19.5
2,031,471
--11.2
1,743,001
--2.1
875,514
--2.4
765,513
--19.4
768,510
--4.0
712,396
--10.4
631,617
--24.7
499,800
659,496
---5.9
--22.1
425,830
--2.9
441,507
4-21.2
331,032
--16.9
324,231
--3.5
341,493
--8.3
317,671
+23.3
261,211
+13.3
293,522
-14.71
214,694
+13.9
85,554
-14.0
-8.2
29,460,970
42,876,691 -31.3
9,072,228
12,370,629 -26.7
5,582,422
9,656,456 -21.5
5,376,694
6,833,141, -21.3
4,273,249
5,357,976, -20.2
5,184,745
5,492,212, -6.0
3,928,557
4,396,9861 -10.7
1,231,011
2,894,359; -57.5
620,592
710,7611 -12.7
468,022
566,642 -17.3
343,990
405,324 -15.1
435,000
366,105 +18.8
841,753 Not included in total
396.000 Not included In total
178,466 Not included in total
408,000 Not included in total
1905.
198,405,257
20,834,500
13,343,247
10,128,384
9,117,088
5,250,307
5,194,200
3,479,827
2,530,186
1,867,864
1,675,210
1,553,700
829,722
748,056
596,153
647,568
504,737
461,300
489,924
689,074
391,569
302,825
319,651
300,655
283,282
310,297
218,259
228,794
95,280
294,010,480
280,796,916
10,03-1,3•13
8,324,477
4,202,473
3,849,512
3,587,097
3,643,653
32,287,127
10,038,943
4,225,789
3,309,334
3,260,033
2,451.661
2,816,875
758,306
440,877
366,845
424,852
300,828
271,789
67,957,480
91,888,300 -26.0
35,139,036
59,433,248
34,478,683
18,513,155
10,058,887
8,236,280
7,600,000
4,224,700
2,862,587
1,739,736
955,607
1,216,309
988,793
979,493
781,592
723,404
482,923
166,703
30,365,962
19,496,058
10,419,049
9,788,889
7,076,876
5,899,598
2,673,135
2,128,414
1,317,944
1,324,380
1,115,037
871,083
662,988
730,000
510,145
210,118
+13.5
-5.0
-3.5
-15.9
+7.4
-28.2
+3.3
-18.3
-27.5
-8.9
-11.4
+12.4
+17.9
--0.9
--5.3
-20.9
23,790,762
15,982,710
8,767,448
7,968,611
5,858,332
4,470,827
2,534,769
1,796,245
1,103,593
981,690
917,000
713,050
566,061
743,305
413,241
264,186
20,592,176
18,430,479
8,332,321
7,012,099
5,293,783
4,173,773
2,592,022
1,586,911
94,008,852
94,585,676
-0.6
76,871,830
72,458,924
53,081,020
56,624,518 --6.3
13,818,206
14,819,175 --6.8
10,220,531
11,797,794 --13.4
8,068,756
10,623,495 --24.1
5,700,000
5,921,000 --3.7
4,914,786
5,419,974 --9.3
3,734,062
3,843,255 -28.4
4,148,036
4,078,942 +1.7
2,930,664
3,722,844 -21.3
3,678,926
3,391,532 +8.5
2,511,873
3,026,768 -17.0
1,668,778
2,767,675 -39.7
1,909,564
2,160,679 -11.6
1,189,898
1,577,629 -24.6
1,510,617
1,345,758 +12.3
1,430,004
1,598,554 -10.5
940,600
897,779 4.14.8
1,461,868
1,234,717 +18 4
1,475,026
1,197,168 +23.2
1,244,900 -6.0
1,170,581
1,239,160
1,112,756 +11.4
636,022 -21.5
499,723
519,032 +15.5
600,000
450,000 -44.8
248,324
275,000 +5.0
288,750
250,000 +10.0
275,000
400,000 Not included In total
232,800 Not included In total
52,185,943
16,596,020
11,016,898
9,277.690
6,316,500
4,786,705
3,628.704
4,020,581
5,243,956
2,528,816
3,286.250
2,072,781
1,832,845
1,309,713
1,530,332
1,327,513
700,000
1,244,201
1,533,888
1,216,916
1,131,726
485,584
350,000
500,000
257,158
57,962,142
15,424,476
10,024,067
6,611,262
4,928,000
5,307,184
2,541,864
4,274,457
3,110,462
2,050,1)00
3,210,667
1,696,536
1,714,124
134,380,720
126,404,149
128,685,443
140,516,988
-8.4
1:61Y,i;t1
692,745
1,100,362
450,294
650,000
387,451
152,352
987,319
1,103,851
842,843
1,580,068
1,009,840
940,231
450,224
350,000
--21
,
1,854
2,085,622,45812,683,440,437 -22.3 2,954,853,828 3,192,411,088
929,068,223 1,105,965,694 -16.0
989,478,214
984,632,819
20,990,486
19,952,002
7,815,045
2,842,975
2,333,960
1,746,883
1,505,356
1,366,757
897,119
1,047,751
908,520
592,888
853,831
26,085,353
22,075,978
11,077,948
3,433,833
3,090,309
1,701,656
1,673,734
1,610;134
1,399,672
1,265,119
1,243,202
1,122,389
1,214,596
--19.5
-9.6
-29.4
-17.2
-24.5
+2.7
-10.0
-15.2
-35.9
-17.2
-19.7
-47.2
-29.7
26,616,545
22,468,8.47
9,002,993
2,386,889
2,342,774
1,384,657
1,691,196
1,343,683
17,728,429
17,737,859
4,659,791
1,402,990
1,602,173
1,433,252
1,360,317
1,292,465
992,159
1,094,918
785,319
753,707
757,466
389,115
62,943,573
74.472,862 -15.5
70,082,167
49,145,417
1062
THE CHRONICLE
THE FINANCIAL SITUATION.
Affairs have taken on a more cheerful and conservative aspect. This has been evident in many
and diverse ways. Up to this week it had looked
as if Mr. Bryan, the twice defeated silver-standard
bearer and the apostle of every "ism" afloat, held
the field as Democratic nominee for President. A
chance of his election as head of the nation for the
coming four years and a campaign with such a chance
imminent was a sorry outlook. The elimination
of that possibility relieves materially the situation.
When we say "elimination" some perhaps may think
we give too positive a turn to the change in the prospect. A significant disclosure favoring that conviction was the determination on Tuesday that New
Jersey would cast its vote in the nominating convention as a unit, and not only against Mr. Bryan,
but probably for Judge Gray. That State having
hitherto been counted as certain to be on the other
side of the controversy, and being a State sentimentally of great influence with the party (always
known as a pivotal commonwealth), it has more influence than the simple fact of the number of votes
it casts.
As to the influence of the change in the action of
New Jersey from a friendly position toward Mr. Bryan
to a most positive type of unfriendliness, we have
the action of Connecticut on Wednesday. The State
of Connecticut had been all along quoted as certain
to be outspoken for the head of all "isms" and a fierce
effort was made to put such a resolution through.
That effort had its start before the Committee on
Resolutions. The first formula the Bryan men adopted
to express their views were fulsome in the extreme,
but they were shouted down, no one being allowed
even to speak in their favor. Next the attempt
was made to endorse Bryan's principles, as they
called them, but those in like manner failed of endorsement by a larger majority. Finally it was proposed simply to reaffirm "allegiance to those principles of government enunciated and expounded by
the great Democratic statesmen Thomas Jefferson
and Andrew Jackson," adding as a sort of happy
climax the celebrated "William J. Bryan". As soon
as Bryan's name was read one of the delegates proposed the addition also of Grover Cleveland. This
last name was received with the loudest kind of
applause and the further effort to boost Bryan ceased.
Altogether the old silver party at this center seemed
to think that with New York, New Jersey and Connecticut lost, Bryan's chances at Denver were dimmed,
if not absolutely hopeless.
But aside from politics there are other occurences
that have been in progress during the current week
of even greater immediate importance to the general
business situation than Bryan's hopes. We have referred for several weeks to the increasing transactions
in the bond market. The foremost incident this week
was the Pennsylvania RR. bond issue of 40 million
dollars, which was offered for subscription on Monday,
one-half in London and the remainder in New York,
and was largely over-subscribed. It would appear that
the subscriptions were forwarded almost wholly in
advance of the opening of the lists, the subscription
books having been closed at the office of Kuhn, Loeb
Co. in this city within one minute and in London
[VoL. Lxx 2on.
within one hour of the time of the opening. The 25
millions offering,by J.P. Morgan & Co. on Wednesday,
of three-year 6% Interborough Rapid, Transit notes
was also largely over-subscribed and the books were
closed within one hour of their opening. The eagerness which was manifested by capitalists to secure
allotments of the Pennsylvania and the Interborough
issues was most encouraging; it indicated that capital
was seeking with avidity the highest grades of investments when they were offered through bankers in whom
the public have confidence.
Moreover, the success of.these issues seems to show
that the investment market is broadening and that
securities of equal merit with those offered this week
that are expected to be issued at intervals this year
will be absorbed. The enthusiasm these sales and
views have inspired materially helped to impart a spasm
of activity and buoyancy to the stock market as
well as to the general bond market. The inquiry
for higher classes of bonds has been decidedly active, speculative issues not having found as ready
a sale. Stocks, however, made a decided advance, transactions reaching a total of more than
a million shares on two days(Tuesday and Wednesday
each), Thursday, however, dropping to 579,141 shares
and Friday showing 658,610 shares, liquidation being plainly observable, though not equally evident
throughout the list.
The opening at midnight Thursday of the Brooklyn
extension of the Interborough Rapid Transit system
to the Long Island Railroad depot at Flatbush and
Atlantic avenues marks an event of no little importance
to the people in the metropolitan district. The satisfaction with which the event is viewed by the residents
of Brooklyn is indicated by the big celebration which
occurred in that borough yesterday afternoon and
evening. Last night there was both a civic and a
military parade, with plenty of music and red fire.
It is not surprising that Brooklyn should rejoice over
such an extremely important occurrence as the completion of this subway and tunnel enterprise. Probably the event is the most important in the whole history of Brooklyn. It obliterates the East River as the
dividing line between Manhattan Island (or what was
formerly the old city of New York) and Brooklyn,and
makes the latter in a physical as well as a political sense
a part of New York. Moreover, by means of this
tunnel and subway continuous through service is provided into the heart of Brooklyn. The two bridges
now extending across the river also serve to remove'
the river as a physical barrier to transportation service,
but through trains over these have never been run
beyond the terminus of the bridge itself—the Brooklyn
cars and trains running across to the New York terminal of the bridge but not beyond, and some of the
New York trolley cars (in the case of one of the
bridges) running to the Brooklyn end of the bridge,
but stopping there. The Brooklyn tunnel and subway,on the other hand,forms part of the Interborough
Rapid Transit subway system, and hence there is no
break whatever in the through service of the trains.
This Brooklyn tunnel was opened as far as the
Brooklyn Borough Hall early in January and the part
now opened extends the line to the Long Island Railroad depot. The southern terminus of the Interborough Company's subway system will hereafter be
MAY 2 1908.j
THE CHRONICLE
at this point. The advantages of this new connection
to the residents of the different boroughs cannot be
over-estimated. The benefits extend to both those
living in Manhattan and those living up in the Bronx.
All the residents of both boroughs can make direct
connection with the Long Island Railroad for all
points on Long Island; and during the summer months
when travel to the seaside resorts is very heavy, these
benefits must become increasingly apparent and in
creasingly important.
What is especially noteworthy is that this excellent
subway service is available its entire length for a
single fare of 5 cents. The significance of that fact
will appear when it is recalled that the subway lines,
besides extending into Brooklyn, cover also the whole
of Manhattan Island and a good portion of the Bronx.
The Interborough Company charges only a single 5cent fare for carrying passengers over any portion of
its lines. As was pointed out by us last January, a
resident of Fordham on the East Side can come through
the Borough of the Bronx, through the tunnel under
the Harlem River, through Manhattan Borough the
entire way,then through the new East River tunnel on
to the Long Island station at Flatbush Avenue—all for
5 cents. Similarly, on the West Side, a passenger on
the payment of only 5 cents can travel from 230th
Street in New York all the way to the Long Island
Railroad station in Brooklyn. The distance in this
last instance is no less than 16.6 miles. Nowhere
else in the world, we believe, can these cheap transit
facilities be equaled or even approached.
The splendid achievement here recorded the community owes to August Belmont, and yet there has
probably never been a man rendering such an important service who has received such unlimited abuse
at the hands of the press and the public. The substance of his offending has been that he has succeeded
in making this new system of transit a success, and
accordingly has been able to realize profits as a result
of his enterprise, foresight and skill. It will be argued
that the undertaking was made possible through the
issue of bonds by the city. This is true in a measure,
but only in a measure. The city had endeavored for a
long time to have subways built and had failed, and
even in the case of the present subway system it was
doubtful up to the very last moment whether financially responsible people could be found to undertake
the work of building and operating the road, even with
the aid of the city's credit and bonds. It was not until
Mr. Belmont appeared that the carrying out of the
project was assured. Moreover, the fact that the
issue of city bonds to aid in the construction of subways is not the only element in the problem was
amply demonstrated last year when the city invited
bids for additional subway lines to be built with the
city's aid and received not a single proposal. Furthermore, in the case of the subway extension to Brooklyn,
which has now been completed, the amount of city
aid has been comparatively small. The Brooklyn
extension covers the whole of that portion of the line
from the New York City Hall to the Long Island Railroad Depot. The amount of bonds which the Interborough Company will receive in the aggregate on this
portion of the line is, roughly, only about $4,000,000,
whereas the cost of the extension will aggregate $14,000,000, if not more, as pointed out by us last January.
1063
The fact that the Belmont Subway system has been
the only one it has been found possible to construct
thus far should lead the whole community to reflect.
The present system ought to be duplicated in all the
different boroughs and there would be no difficulty
in providing the necessary capital if only fair treatment
were assured. Without such assurance no more
subways can be built, even with city aid. Instead of inviting capitalists and investors to come
in and furnish these new transit facilities, we
have been doing everything to drive them away.
We have added all sorts of restrictions in arranging
plans for further enterprises of this sort, actuated
by a fear that those engaging in such ventures
might otherwise make profits out of the same. The
result has been that capital declines to come in at all.
What is more, we have done all we could to maim
and destroy the credit of the existing subways. Last
summer, when the new Public Service Commission
entered upon its work, it felt it incumbent upon itself
at once to make an investigation of Interborough Rapid
Transit affairs. It found that in the troublous finanmial times of last spring the Interborough Company
had issued $10,000,000 of collateral trust notes and
had negotiated them at 97. This sale of the bonds at
a discount of 3% was heralded as if it were a heinous
crime. The present year, the Interborough Company
has been obliged to put out some more short-term
notes, in part to take up maturing notes, and the
managers have had to await the bid and command of
the Public Service Commission before so doing. The
Commission has regulated every detail of the arrangement, and been very slow about it—so much so that
the date for the paying off of the old notes had almost
arrived before the company could get final approval
for the issue of the new notes—all the executive officials being kept, meanwhile, in a state of great suspense and anxiety, lest punctual payment of the old
notes could not be made. Yet it is a most striking fact
that the new collateral trust notes now issued bear 6%
interest, while those put out last year bore only 5%
interest, and the oldest issue of notes—that taken up
this week—carried no more than 4% interest. With
the enormous addition to its traffic which the Interborough Company is receiving from its Brooklyn extension, and with money a glut in the financial markets,
there can be no doubt that, except for interference at
the hands of the public authorities, the company could
have sold its present issue of notes on very much better
terms than any of the preceding issues—could, in
fact, have avoided resort to the issue of notes at all,
and placed long-term bonds on satisfactory terms.
There is a lesson in this which is well worth pondering.
On Tuesday the Secretary of the Treasury issued a
call upon depository banks for the surrender of 45
millions of public funds, of which amount 20 million
was required to be surrendered May 9 and the remainder May 23. It will be remembered that when
the call for the return of 35 million of deposits was
made on Feb. 24, the smaller banks, or those having
not more than $100,000 each, were excepted, so that
only those deposits in the active and the larger depositories were affected; these deposits were about 140
millions. When the surrenders under this call were
completed, there remained 105 millions of this amount
1064
THE CHRONICLE
subject to call. Assuming that such deposits are excepted in the current call, there will remain about
60 millions of public funds in the larger banks.
The statement of the New York Associated Banks
last week reported a total of 43 millions of public
deposits; should the requisition now made cause the
surrender of half this sum, which is probable, the
remainder will be supplied by the other of the larger
interior institutions. When the fact is considered
that much of the increase in cash recently shown by
the New York banks has been due to the flow hither
from the interior banks of unemployable funds, it
seems probable that the above-noted method of surrender of public deposits will be pursued by these
institutions. Moreover, inasmuch as, according to
last week's bank statement, there was an actual
surplus reserve on Saturday of $61,736,512, the New
York banks could, if it were necessary, surrender the
whole of the amount of public deposits called by the
Secretary without inconvenience or causing more than
a minimum of monetary derangement. Therefore
if they should surrender .their own quota of 223 millions as estimated, and also the greater part of the
quota of their country correspondents, local monetary
conditions might not be seriously or more than temporarily affected. It may be observed, too, that the
surrenders of deposits will extend over a period of
more than two weeks, in which the banks will receive
from the Sub-Treasury considerable sums, the result
of deficits, or Government disbursements in excess of
revenue, which are now at the rate of $500,000 daily,
besides other large sums in exchange for national
bank circulation that will have been forwarded to the
Treasury for current redemption, so that the offsets to
deposits surrendered will materially reduce the latter
amount.
Though there has been no announcement of the
policy of the Secretary with regard to the disposition
which he will make of the maturing Spanish War loan
of 64 million dollars that will be redeemable on Aug. 1,
it is thought likely that part of these bonds will be
paid at maturity and the remainder be extended for
ten years, according to the terms of the issue, or
possibly be refunded into 2% consols. In view of
the fact that the recall of public deposits will cause the
release of the consols that are pledged for public funds,
and also of other securities, it may be that the offering
upon the market of these released consols will cause
such a depression in the price thereof as to make
efforts to refund them unsuccessful; in that case
holders of such bonds as are pledged for deposits or
for circulation may prefer to have them redeemed.
To the extent that they are paid at maturity will the
money so disbursed be returned to the market.
It is not very long since there were intimations that
the Union ferries to Brooklyn would soon cease operation, and now the Brooklyn Ferry Company has given
notice that it will not renew the leases which expired
yesterday. What shall be done is, therefore, a difficult problem before the city. After a preliminary
investigation, the Corporation Counsel suggests that
the city can undertake to maintain and operate all
these ferry lines; or that it can select the best of
them, which might be worth the while of private
capital to lease; or that, in addition, it can select those
which are deemed indispensable, although not profit
[VOL. Lxxxvi.
able, and keep them going by municipal ownership
and operation or by leasing them (together with the
better ones) to private parties, the leases being so
adjusted as to make the profitable ones carry the
others. It was always understood, before any bridge
was proposed, that some of the Union Company's
ferries had to be carried by the others, and if the
weakest of the Brooklyn's ferries are not to. be abandoned, they must be similarly carried, under any
arrangement that can be devised.
The problem is a most perplexing one, and its most
insoluble feature is that no one can foresee the traffic
changes of even the next six years, and therefore only
a temporary arrangement is possible short of embarking the city upon the hazardous experiment of, municipal ownership. But it is plain that the ferries are
most indispensable to trucking, which cannot satisfy
itself with the bridges, because their terminals are not
convenient, and is debarred from tunnels by the heavy
grades. But if business must have the old routes
it apparently must pay for their support, on perhaps
a more expensive basis than heretofore. The Union
ferries raised their tariff on every person and vehicle
a few weeks ago, and the justification was so clear
that no grumbling has been heard, nor has anybody
been seriously affected. This method of adjusting
servic'e to the diminished traffic and the rate of charges
to the diminished business does not seem to have been
quite seriously considered yet. Careful investigation
of the volume and classes of goods and travel, at the
various hours, with the points from which these vehicles start across and their destinations, would seem
to be the first thing in order, and the results would
surely throw light upon the needs of the case and the
best way to meet them approximately at the least
cost.
Gold production statistics for a number of the important fields of the world for the first quarter Of 1908
are now available. They indicate, as did the data for
January, that no conspicuous development in any direction characterizes the working of the mines this year.
In Africa, of course, not only in the Transvaal territory, but along the West Coast, more gold is being
mined month by month than a year ago, but comparing the two years the percentages of increase recorded
this year are moderate as contrasted with the gains
shown in earlier years. This difference, in comparative growth in product is wholly due to the relative
ease with which labor has been obtained. On the
other hand, in Australasia and India the yield of gold
for the first quarter of 1908 is moderately less than for
the same period of 1907.
Going into details, we find that in the Witwatersrand
district of Africa, more commonly called the Rand,
the mines produced in March 1908 a total of 553,440
fine ounces, an aggregate exceeded by the output of
December 1907, but exceeding the yield of March 1907
by 33,277 fine ounces. The increase in March 1907
over the month of 1906 was, however, nearly 96,000
fine ounces. For the quarter ending March 31 1908
Rand production reached 1,614,611 fine ounces,
against 1,516,037 fine ounces and 1,225,312 fine
ounces, respectively, in the corresponding periods of
1907 and 1906. And the remainder of Africa, which
includes the outside districts of the Transvaal, Rhodesia, West Africa, &c., has contributed approximately
MAY 21908.1
THE CHRONICLE
1065
300,000 fine ounces to the world's new supply, as in 1906. The excess in 1908 over 1907 here indicated
against 250,000 fine ounces in 1907 and 225,000 fine is 4IA%, which contrasts with a gain of 10.2% in
ounces in 1906. The output for the whole of Africa 1907 over 1906.
for the first quarter of the current year has, conseThese three countries furnished in 1907, as stated
quently, been 1,915,000 fine ounces, which contrasts above, 60% of the gold yield of the world. Among
with 1,766,000 fine ounces last year and 1,450,000 fine the other producers to which reference should be made
ounces two years ago, the gain this year over last be- the most important is, of course, the United States,
ing only 7.9%, whereas 1907 showed an increase over which ranks second only to Africa in gold output. But
for this country no data except of a strictly unofficial
1906 of 21.8%.
The labor problem in Africa, which is as stated the nature is obtainable at this time, and that, while it
key to the situation as regards increasing development indicates increasing development in some directions,
of Transvaal fields, and about which much anxiety has does not seem, on the whole, to warrant expectations
been in evidence from time to time, seems to be ad- for any measurable augmentation in output in 1908.
justing itself satisfactorily. Owing to the extreme The yield from Canadian mines, it will be remembered,
importance of the Transvaal as a contributor to the had been steadily decreasing year by year since 1900
world's new supply of gold, it is only natural that any- and in 1907 reached only about 400,000 fine ounces,
thing which appeared to threaten a restriction of the or less than in any year since 1897. For 1908 a better
labor supply should be cause for concern. Thus it was showing is expected, and the same is true of Russia.
that the outcome of the policy of repatriation of the Mexico, which has been gaining prominence of recent
Chinese furnished ground for fear of the crippling of years, having more than doubled its product since
the mine force, especially as people of that race at 1900, is counted upon for a further moderate increase
the beginning of deportation made up about 35% of this year. As to the other sources of supply—South
the labor employed in the Rand mines. But the prob- America, Europe, Asia, &c.—no information from
len1 is reaching a happy solution. As fast as the Chi- which any conclusions may be drawn is available.
nese have been deported, Kaffir, or native, labor has Summing up such data as we have secured for the first
been found to replace them, and recently the accessions quarter, it seems reasonable to expect that the world's
have been appreciably greater than the deportations. aggregate gold production in 1908 will be moderately
This has been made possible through the release from greater than in 1907, and give a larger percentage of
employment by the diamond mines and Central South increase than the practically nominal gain of 1.1%
African Ry. of over 35,000 hands. The working force recorded by 1907 over 1906.
in the Rand mines at the close of March 1908, in consequence, aggregated 163,579, of which only 26,504,
The visible stock of gold in the world, with producor 16.2%, were Chinese. This was an increase in tion on the high plane of recent years, is steadily and
total of 9,328 and a decrease of 1,902 Chinese as com- quite materially increasing, but with the vast transacpared with February, and a gain of 13,535 in the ag- tions of current times an even larger stock would be
gregate and a loss of 5,336 Chinese contrasted with desirable. In this country gold holdings are being
January—a very satisfactory situation of affairs, as augmented appreciably from year to year. On Jan. 1
the Chairman of the Native Labor Association at 1906 the general stock in the United States was reJohannesburg recently intimated. It would seem, ported by the Treasury as $1,284,943,124, of which
under the circumstances, that anxiety as to labor sup- $1,135,107,044 (either in the form of coin or in certifiply may be abandoned.
cates represented by coin in the Treasury) was in cirAustralasian gold fields as a rule continue to show a culation. A year later (Jan. 11907) the aggregates
decreasing rate of yield. In Westralia the output for had advanced to $1,452,018,385 and $1,273,018,763,
the first quarter of the current year was only 410,641 respectively, and at the beginning of the current year
fine ounces, against 426,157 fine ounces in 1907 and (Jan. 11908) stood at $1,604,530,493 and $1,355,186,452,367 fine ounces in 1906. Queensland's produc- 522. A further augmentation to $1,642,565,614 total
tion for the same period was but 88,000 fine ounces, stock and $1,438,073,534 in circulation was disclosed
against 103,000 and 108,000 fine ounces, respectively, by the statement for April 1. An addition to our
in the two preceding years. Victorian results for the general gold stock of 358 millions of dollars in 23i
three years were 158,000, 161,000 and 180,000, and years and an addition of over 300 millions to the gold
the New South Wales yield of 70,000 fine ounces in circulation in the like interval is the result revealed
1908 compares with 72,500 in 1907 and 77,300 in 1906. above. Coincident with the foregoing large addition
These losses are in part offset by a gain in New Zealand, to the United States gold holdings there have been
but for the whole of Australasia (not including Tas- greater or less increases in European and other counmania and South Australia, small fields from which tries !of the world.
no returns are at hand), the three months' output in
By going just a step further in this matter of the
1908 reached but 850,711 fine ounces, which compares world's visible stock of gold we learn how much closer
with 873,567 fine ounces for the quarter in 1907 and than in other years the aggregate increase in the gold
917,427 fine ounces in 1906. The principal East India holdings of the United States (bank, treasury, &c.)
mines return totals of about 123,000 fine ounces, and the principal European banks for the first quarter
123,200 fine ounces and 139,000 fine ounces, respec- of 1908 approximates to the apparent production of
tively, in the first quarter of the last three years. the world for the same period. In compiling a stateCombining the totals for Africa, Australasia and India, ment to show this result it has been necessary of
which countries furnished 60% of the gold produced course to estimate the output for countries other than
in the world in 1907, we have an aggregate for the first those specifically referred to above, but care has been
quarter of 1908 of 2,888,000 fine ounces,'against 2,- taken to keep within conservative lines. The state762,804 fine ounces in 1907 and 2,506,739 fine ounces ment is as follows.
GOLD
PRODUCTION
[VOL. Lxxxvi.
THE CHRONICLE
1066
DISTRIBUTION
AND
ENDING MARCH 31.
1008.
THREE
1007.
MONTHS Ltnes East of
Pittsburgh.
1006.
Product of Africa
Austratasia
India
$39,585,000
17,590,000
2,542,000
$36,505,000
18,066.000
2,546,000
$29,975,000
18,975,000
2,873,000
Total
Product of United States(est)
other coun. (est)-
$50,717,000
22,450,000
22,200,000
$57,117,000
22,400,000
21,166,000
$51,823,000
23,600,000
22,120,000
Total world's product_ _ _ _ '$104,367,000
$100,683,000
$07,543,000
Aggregate gold holdingsU.S.
and European banks Jan.1 $3,567,000,000 53,351,300,000 53,135,500,000
April 1_ _ 3,656,500,000 3,400,000,000 3,158,000,000
do
do
1908.
1907.
1906.
1905.
1004.
1903.
March.
Gross earnings_ 10,997,169 13,166,969 12,531,269 10,484,469 9,624,904 10,138,604
Oper. expenses 8,387,860 10,013,160 8,913,060 7,958,860 7,593,985 7,434,585
Net earnings 2,609,309 3,153,809 3,618,209 2,525,609 2,030.419 2,704,019
Jan.lto Mch.31
Gross earnings_ 31,375,441 37,203,541 35,357,841 28,355,341 26,443,702 27,035,302
Oper. expenses 24,890,824 29,118,224 26,305,624 22,968,824 21,958,187 21,549,787
Net earnings 6,534,617 8,085,317 9,052,217 5,386,517 4,485,515 6,385,515
With the exception of a reduction by the Imperial
of Germany of its official rate of discount from
Bank
$48,700,000
$22,500,000
$80,500,000
Increase
Leaving as used in arts or
to 5%, there was no change in such rates by
5%
gone to increase holdings
$14,867,000
$51,983,000
$75,043,000
elsewhere
any of the European banks this week.
The striking feature of last week's bank statement
The foregoing is self-explanatory and therefore calls was the important gain of $10,334,800 in the average
for no extended comments. The conspicuous fact amount of cash, notwithstanding the withdrawal of
brought to light is that between Jan. 1 and the close 5 millions gold for export to Paris, indicating a conof March this year the stock of gold held in the United tinued influx of money from the interior; the actual
States and the gold holdings of European banks increase in the cash item was $9,047,000. Loans detogether increased $89,500,000, an amount only creased $5,210,700, according to the statement of
$14,867,000 less than the total of the metal pro- averages; the actual loss was $6,791,000. Average
duced by the world's mines during the period. deposits showed an increase of $5,293,900; the actual
On the other hand., in the three months of 1907 gain was $2,266,100. The average increase in rethe gain of the same institutions was only $48,- serve was $9,011,325, to $58,984,750; the actual gain
700,000, or less than half of the quarter's yield, therein was $8,480,475, to $61,736,512.
and in 1906 only $22,500,000, or barely 23% of
Neitherlthe withdrawal this week of 43/ millions gold
the output.
millions for transfer
for shipment to Paris and of
With such an important augmentation in the dis- to Canada, nor the call by the Secretary of the Treastribution of the volume of money at a time when, and ury, as above noted, upon the depositary banks for
in the directions where, most called for, it is not sur- 45 millions of public funds, had more than a sentimenprising, (1) that a period of decided monetary ease tal effect, and that only slight, upon the market for
should have quickly followed the extreme stress of money. Call loans were a shade firmer, with the
last fall; also, that (2) when an immediate increase average at the maximum;it was scarcely expected that
was essential to business interests the wherewithal these would be influenced, if at all, until surrenders
responded to the need and fully met the requirement. of public deposits should begin at the end of next week,
This spontaniety is worthy of the attention of our legis- though meanwhile such surrenders might be anticilators, as it tells plainly that what the money market pated by local banks—as, indeed, was the case this
needs to facilitate business operations is to be let alone week,when 3 millions were turned into the Sub-Treasury
and not plagued by statutes.
on this account. The time-loan branch of the market
was also firm, but chiefly because lending institutions
marked up their rates for the short maturities, possiyesterday
its
Railroad
reduced
The Pennsylvania
33/
in the hope that thereby they might stimulate
to
bly
3%,
from
the
placing
dividend
semi-annual
no business was reported in this class of
borrowing;
basis
of
instead
the
previous
dividend
6%
a
on
stock
and
loans,
any for those which will mature
of
scarcely
return
month
the
for
earnings
company's
7%. The
crop
the
in
and toward the end of the
season,
and
the
-moving
issued
week,
been
present
also
of March has
year.
active by reason of a
was
paper
dividend
Commercial
in
the
the
decrease
that
evident
this makes it
continual
and moderate
demand
more
urgent
or
less
shows
For
the
return
precaution.
distribution is a wise
abunseemingly
offerings;
are
borrowers
on
very
scale,
mercantile
a
large
continue
earnings
that losses in
hence
needs;
present
dantly
for
funds
are
supplied
not
with
accounts
expense
the
in
reductions
while the
many5
buyers,
to
terms
are
in
they
a
to
dictate
notwithposition
revenues,
in
shrinkage
this
offset
sufficient to
in
concessions
upon
insisting
of
the
being
of
makers
paper
is
saving
and
economy
extreme
that
standing
rates.
and
Erie
Pittsburgh
of
east
lines
the
On
practiced.
Money on call, representing bank and trust comthe falling off in gross earnings for the month has been
$2,169,800 and on the Western lines the falling off pany ,balances—the latter being offered with some
has been $1,360,200, making the loss in gross for the freedom because of the firm tone to the market—
combined lines $3,530,000. On the Eastern lines ex- loaned at the Stock Exchange during the week at 2%
penses for the month were reduced $1,625,300 and on and at 1%%, averaging 2%; banks and trust comthe Western lines $1,264,900, but this still left $544,500 panies quoted 1%% as the minimum. Time loans on
decrease in net on the Eastern lines and $95,300 de- good mixed Stock Exchange collateral were DM@
0 for ninety days, 3@33j470
/
crease on the Western lines, or a combined loss in net 23/2% for sixty and 2@30
of $639,800. For the first three months of 1908 there for four, 334@3%% for five to six and 43'@494% for
has been a shrinkage in the gross receipts of the com- over the year; the inquiry was chiefly for the latter
bined lines of no less than $10437,500, and a period. Commercial paper of high grade, such as is
decrease in net of $2,281,400. In the following regarded as most desirable by banks, is growing scarce,
we furnish a six-year comparison of the earnings by reason of smaller offerings, as above noted, and
of the Eastern lines—being the only portion of some makers are reluctant to accept a higher rate than
the system for which we have the data for such 33@39%. The business that is reported is at 4@
43/2% for sixty to ninety day endorsed bills receivable
a comparison.
MAY 2 1908.
THE CHRONICLE
-
1067
and for four to six months choice single names; a lower likely that when the engagements which were made
grade of the latter class is quoted at 4M@5%, but it early in the week were affected, cover therefor had
already been procured, and possibly on Saturday,
is not acceptable to the majority of buyers.
when exchange was strong. It is reported that some
The Bank of England rate of discount remains un- of the later exports of gold were covered with cables.
changed at 3%. The cable reports discounts of This seems quite likely if, as was stated in the "Chron58%. The open mar- icle" last week, the French bankers, who co-operated
sixty to ninety day bank bills 2/
ket rate at Paris is 2% and at Berlin and Frankfort with our own in effecting the export, provided credits
it is 414@,4%%. According to our special cable from in London against which the American shipper could
London, the Bank of England gained £379,441 bullion draw. It may be noted, too, that there
during the week and held £37,350,440 at the close of appeared to be some urgency in the demand for gold;
the week. Our correspondent further advises us that this was indicated by the fall in exchange at Paris on
the gain was due largely to receipts from the interior London on Wednesday to 25 francs 11 centimes, or
of Great Britain. The details of the movement into one and a half centimes lower than the rate on Friday
and out of the Bank were as follows: Imports £94,000 of'last week, thus partially offsetting the lower quo(of which £32,000 from Egypt and £62,000 from Aus- tation for sterling exchange in New York on London.
tralia); exports, £50,000 (wholly to Paris), and re- Moreover, though French bankers secured the bulk of
ceipts of £335,000 net from the interior of Great Britain. the one million sterling Cape gold that was offered in
the British bullion market on Monday, the price of
The foreign exchange market was easier this week, the bar metal declined one farthing to 77 shillings
influenced by increased offerings of bills, by speculative 103 pence per ounce, which decline probably induced
manipulation and by' a moderate demand for remit- the French bankers, who were co-operating with Ameritance. There was no evidence of drawings of exchange can shippers, to offer them the advantage of cable reagainst the Pennsylvania R.R.bond negotiation in Lon- imbursement for the week's exports, which would
don;speculators in exchange seemed,however,to assume result in the entire elimination of the time-cost of the
that the credits created as the result of that opera- operation. Should this apparent urgency in the French
tion would, ere long, or by May 25, when allotments requirements for our gold continue, the movement,
will be-payable, be drawn against, thus enabling specu- while it might be intermittent, would possibly prolative sales to be covered at a profit. It was thought gress until, through a decided reversal of relative
likely, too, that if, because of the recall of public funds monetary and discount conditions, gold exports, even
from depositary banks, rates for money should rise to though conducted under the most favorable circumpoints higher than discounts abroad, the opportunity stances, would be scarcely profitable. One incident
would be offered for the drawing of loan bills and of the of the week which attracted some attention was the
negotiation of sterling and franc loans, which would shipment on Monday of 1A millions gold coin by the
augment the supplies• of exchange and thus enable Bank of Montreal agency to Canada, following a, transspeculative sales thereof to be advantageously closed. fer on the previous Saturday of one million; the moveThe firmer tone for time loans this week, though it vas ment was due to the fact that money rates at Montreal
regarded as a sentimental effect of the Treasury call are about double those ruling in New York for call
for deposits, seemed to give encouragement to specu- loans.
The continued exports of gold to Paris, notwithlators in exchange,for it apparently indicated the probability of a reversal of the relative monetary conditions standing lower rates for sight exchange at New York
which now exist. The tendency abroad appears to be on London, seemed to indicate that the effect of such
in the direction of lower discounts; and it seems likely fall in exchange was counteracted through the offerthat the Bank of England rate will be reduced next ing, as above noted, to the American shipper of greater
week. With this prospect of favorable opportunities advantages than those which were extended last week.
for speculative operations in exchange, it is not sur- Then credits appear to have been provided in London
prisingthat speculation should have been the dominat- by French bankers, against which the New York exinginfluence this week. One noticeable feature was porter drew his reimbursing bill; it seems likely that
buying of securities for European account, which was such credits were this week' made available for cable
probably stimulated by the activity in our market. drafts, thus effectually eliminating the time-cost of
Another important feature was an increase in the de- the operation. It was reported - this week that Germand for travelers' credits, reflecting the beginning of man bankers are co-operating with American in fathe exodus of American tourists to Europe; though the cilitating exports hence of gold, either directly to Bermovement is not expected to be so great or the ex- lin or through Paris; this does not seem to be improbapenditures by these tourists so liberal as in recent ble. German bankers have been making advances of
prosperous'years, the volume of credits drawn will, it two weeks' interest on consignments of gold from
is thought, be large, thus affecting exchange. The near-by Continental points,and of even longer periods
London stock market settlement occurred this week, on gold from Australia; if it were desirable these bankbut it would appear from the course of cables that the ers could doubtless establish credits in London, as
American balance was not large. The reduction by was done by the French bankers, as noted last week,
the Imperial Bank of Germany of its official rate of and thus accomplish their purpose at a minimum cost.
discount had an unimportant influence upon the mar- The statement of the Imperial Bank of Germany last
Monday reported a gain of 3 millions sterling cash;
ket for marks; francs were, however, strong.
Notwithstanding the decline in sight sterling this if this report is correct, it indicates that the Bank has
week, gold exports to Paris were not checked, though been enabled to attract the metal from sources which
the volume of shipments was smaller than in the pre- are not disclosed, and it is fair to assume that one
vious week, amounting to 414 millions. It seems source is Paris. If this shall prove to be the case, and
THE CHRONICLE
1068
if the Bank's requirements are still unsatisfied, we may
not unreasonably expect that Paris will continue to
supply Germany's needs unless, indeed, these can be
met directly through the Reischsbank's co-operation
with American bankers.
On Saturday of last week the market was firm, with
a rise of 5 points for short to 4 8730@4 8735 and for
cables to 4 8760@4 8765; long was 10 points lower at
4 8480@,4 8485. On Monday long fell 10 points to
4 8470@4 8475 and short 5 points to 4 8725@4 8730,
while cables were 5 points higher at 4 8765@4 8770.
On Tuesday short declined 10 points to 4 8715@4 8720
and cables 15 points to 4 8750@4 8755; long was unchanged. On Wednesday long fell 20 points to 4 8450
@4 8455, short 15 points to 4 87@4 8705 and cables
15 points to 4 8735@4 8740. On Thursday the market was irregular, closing, however, steadier at an
advance of 15 points for long to 4 8460®4 8470 and
a decline of 5 points for cables to 48730@4 8740;short,
after selling 5 points lower, closed unchanged at 4 87@,
4 8705. On Friday the tone was heavy with a fall in
long, in short and in cables of 10 points.
The following shows daily posted rates for sterling
exchange by some of the leading drawers
Mon., Tues., Wed., Thurs., Frt.,
Fri.,
Apr. 24 Apr. 27 Apr. 28 Apr. 29 Apr. 30 May 1
Brown
Brothers & Co
Kidder, Peabody
& Co
Bank British
North America
Bank of
Montreal
Canadian Bank
of Commerce
Heidelbach, Ickelheimer & Co
Lazard
Freres
Merchants' Bank
of Canada
60 days 4
Sight- - 4
60 days 4
Sight- - 4
60 days 4
Sight- - 4
60 days 4
Sight__ 4
60 days 4
Sight- _ 4
60 days 4
Sight_.4
60 days 4
Sight- - 4
60 days 4
Sight_ 4
86
88%
86
88%
86
883
8534
88
8534
88
86
8834
86
883
85%
88
85%
88
85%
88
86
883
86
8834
86
883
8534
88
853
88
86
8834
86
8834
86
88%
86
88%
86
88%
86
883
86
885
86
88%
86
883-
86
8834
86
8834
88
8834
86
88%
86
88%
86
883
86
883
86
88%
8534
88
85%
88
86
8834
86
8834
86
88%
85%
88
85%
88
86
8834
85%
88
8534
88
85%
88
85%
88
86
88%
8534
88
85%
88
86
8834
The market closed on Friday at 4 8450@4 8460 for
long, 4 8690@4 8695 for short and 4 8725@4 8730 for
cables. Commercial on banks 4 8415@4 8425 and
documents for payment 4 833/2@4 84%. Cotton for
payment 4 833/2@4 83%,cotton for acceptance 4 8415
@4 8425 and grain for payment 4 843@4 84%.
The following gives the week's movement of money
to and from the interior by the New York banks.
Week ending May 1 1908.
Currency
Gold
Total gold and legal tenders
Received by
Shipped by
N. Y. Banks. N. F. Banks.
Net Interior
Movement.
$14,298,000
2,078,000
$4,346,000 Gain $9,952,000
740,000 Gain 1,332,000
$16,376,000
$5,092,000 Gain $11,284,000
With the Sub-Treasury operations the result is as
follows.
Week ending May 1 1908.
Banks' interior movement, as above_
Sub-Treasury operations
Total gold and legal-tenders- -
Out of
Banks.
Into
Banks.
Net Change in
Bank Holdings.
$16,376,000
32,100,000
$5,092,000 Gain $11,284,000
36,600,000 Loss 4,500,000
$48,476,000
$41,692,000 Gain $6,784,000
The following table indicates the amount of bullion
in the principal European banks.
iMay 2 1907.
Apr. 30 1908.
Banks of
Gold
England_ _ 37,350,440
France _ 113,885,359
Germany - 34,501,000
Russia -_ _ 112,107,000
Aus.-Hun- 46,623,000
Spain _ _ _ 15,542,000
Italy....- - 36,336,000
Neth'Iands 7,697.900
Net.Beig - 4,081,333
Sweden - - 3,896.000
Switeland 3,369,000
1,670,000
Norway _ _
Silver.
Total.
Gold.
37,350,440 35,757.974
36,211,55C 150,096,904 103,637,032
14,300,000 48.801,000 32,074,000
6,956,000 119,063.000 117,391,000
13,434,000 60,057,000 45,595,000
20,394,000 41,936,000 15,469,000
4,400,000 40,736,000 32,337,000
4,356,200 12,054,100 5.184,600
2,040,667 6,122,000 3.203,333
3.896,000 4,148,000
3,369,000 1,280,000
1,670,000 1,700,000
Total.
.£
35,757,974
39,208,003 142,845,035
12,848,000 44,922.000
6,125,000 123,516,000
12,523,000 58,118,000
25,388,000 40,857,000
4,983,100 37,320,100
5,667.000 10,851,600
1,601,667 4,805,000
4,198,000
1,280,000
1,700,000
Tot. week. 17,059,027 108,092,417 525,151,444 397,776,939 108,343,770 506,120,709
Prey. week 14,240,586 107,161,017 521,401,603 401,903,894 108,493,658 510,397,552
SIR HENRY CAMPBELL-BANNERMAN.
The death of the late British Premier, Sir Henry
Campbell-Bannerman, on Wednesday of last week,
ended a career which in many of its aspects was of
peculiar interest. No one is likely to contend that
Campbell-Bannerman was a great Prime Minister,
and it certainly cannot be said that he made history
as other British Parliamentary leaders have done.
The interest in his career lies rather in the singular
vicissitudes through which it passed, and in the very
unusual situation which his disappearance from the
scene has left behind.
Campbell-Bannerman, though he held office for
only two years/ occupied the post of Premier long
enough to disprove the assertions of many critics, made
at the time of the general election of 1906, that he was
a mere political stop-gap. That he was chosen because he alone had been consistent and courageous
in his advocacy of Liberal principles in the days
when the Party seemed to be dismembered during
the Boer War, was admitted by every one; but
it was by no means certain in the minds of his
adherents whether he would turn out to be an
efficient leader on • the floor of the House of Commons. In the result, it was that very part of his task
which Sir Henry Campbell-Bannerman performed with
most signal ability. A talent for debate, developed
contrary to expectations even of his friends, was combined with the resources of tact and good humor which
had been recognized by all during the days when he
alone seemed to bear the burden of holding the Liberal
Party together. Both of these qualifications were
of high importance for the duties which, during the
past two years, he has had to perform.
When Campbell-Bannerman is compared with other
recent British Premiers, it is difficult to find a close
analogy as7regards either his personality or the circumstances of his Ministerial career. Somewhat resembling Mr. Balfour in personal geniality, his hard
and stubborn common sense removed him as far as
possible from the dreamy idealism of the Tory Premier.
With Lord Salisbury, an aristocrat of the old school
and a professed cynic in his public utterances, Campbell-Bannerman suggests no comparison whatever.
His social talents might recall Lord Rosebery, but
with Lord Rosebery adherence to party principles
was subordinated to the exigencies of the hour, whereas
Campbell-Bannerman was the type of public man who
nails his colors to the mast in the worst of the fight,
as was shown when he faced courageously even personal obloquy by denouncing the Boer War at the moment when the British soldiers were in action.
Equally far removed was his temperament from the
restless inventiveness and constant searching after
political expedients which characterized Mr. Gladstone, and with the high-flying imperial imagination
of Mr. Disraeli the practical Scotch mind of the late
Premier had nothing in common. Among other Pariamentary leaders his personality in some respects
suggests Sir William Harcourt; but Harcourt carried
his party loyalty so far, notably in the Home Rule
issue, as to surrender personal convictions to the dictates of party leadership, and there is little reason to
suppose that in any case Campbell-Bannerman would
have imitated him in this. In short, it is difficult to
find a close parallel for his personality and career.
Had he been placed in different times, but with the
MAY 2 1908.]
THE CHRONICLE
1069
similar task of consolidating a scattered and bewil- of last week into a majority for the same Tory opdered party, Sir Robert Walpole might have been taken ponent who canvassed that part of Manchester against
as the nearest analogy. But the times and circum- him in 1906. This is only one in a series of positive
stances were different.
warnings which the English people have been adSir Henry Campbell-Bannerman's task—the task ministering to the Liberal Cabinet as to its experifor which be will be remembered in British political mental policies in legislation during the past two
history—was the holding together of the Liberal years. Mr. Asquith has declared this week that.
Party at a time when its condition seemed as hopeless he will loyally pursue the policies of his predecessor
as did that of our own Democratic Party after 1896. Perhaps, at this time, he could have made no other
More fortunate than the American Democrats, the declaration. But if this declaration embodies finally
minority party in Great Britain found for its leader his Ministerial program, the most enlightened English
under those trying circumstances not only a man judgment, even in the Liberal Party,is that the dayg
of acknowledged personal attraction, but of wide of his Parliamentary majority are numbered.
.;
information and sound common sense. To this combination of qualities his great success in holding the
THE DUTY AND OPPORTUNITY OF
ranks of the Liberal Party in line, and eventually in
THE SOUTH.
returning it to power, must be ascribed. It was a
kind of leadership which was as inspiring to his party
The South has it within its power to render a service
as the leadership of our own minority, after the period of great value to the country at the present juncture
referred to, was discouraging and paralyzing.
in national affairs. Its political leaders, by adopting
We hardly imagine that the tribute which is cor- a course calculated to ensure the nomination of a condially rendered to his management of the party servative type of man as a Presidential candidate on
during its hours of adversity will be conceded to him the Democratic ticket, can aid in lifting industrial afby history for his management after the dramatic fair out of the present slough of despond and effectdvictory of 1906. It was the old story of a party and ate a quick restoration of business prosperity. Not
a constituency which could bear hardship but not for a period of fifty years has the trade and business
prosperity. It is true, Sir Henry Campbell-Banner- of the country suffered such a serious reverse as is now
man's qualities of tact, good humor and steadfast being experienced. The aftermath of the panic
honesty served no inconsiderable part in holding to- of 1873 was much less severe, while as to the
gether the heterogeneous elements which every one shrinkage in business which attended the crisis of 1893,
could see, after the general election of two years this was hardly a circumstance to the almost complete
ago, made up the victorious Liberal constituency. industrial stoppage With which the country is now conWhether any statesman, however forceful and power- fronted.
ful his talent and individuality might have been,
Unfortunately, too, trade prostration is becoming
could have constructed an independent policy and more pronounced with each succeeding week, and the
held his majorities, without compromise or surrender recovery which has been so confidently predicted,
to the various factions which contributed to the vote month by month, ever since the upheaval of last
of 1906, is an open question. The fact regarding October and November,seems as far in the distance as
Campbell-Bannerman is that he did not achieve ever. The best illustration of the truth of this statethat end, and apparently did not try to achieve it. ment is the fact that gross earnings of United States
By attempting concessions in all directions, he met railroads for the latest full week available, namely
the fate of the countryman in the fable who, by the third quarter in April, show the very largest detaking everyone's advice, pleased nobody and in crease yet reported for any week, reaching 18.29%.
the end effectually upset his own interests. At the In the general collapse the South finds itself hit
time of his retirement, it was rapidly growing evi- particularly hard. It has felt the depression in trade
dent that neither the Labor Party nor the Irish Party more seriously than any other section of the country.
nor the Socialist Party nor the old-line Whigs were Taking those two representative roads, the Louisville &
satisfied with the policies of the Ministry, and pre- Nashville on the one hand and the Southern Railway
dictions had been made unhesitatingly that, when on the other, the gross earnings of the former in the
the issue was finally placed before Parliament, one third week of April fell off $220,315, or nearly 23%,
and perhaps several of these various inharmonious and the gross earnings of the latter $208,719, or over
factions would abandon the support of the Campbell- 19%.
Bannerman Cabinet.
The problem presented to the South and to the whole
This is the strange and confused political situation country is how this unfortunate situation can be cured
which was bequeathed to Mr. Asquith. Quite aside most readily and most effectively. There may be
from the pressing financial problems of the day, Mr. differences of opinion as to the cause or causes of the
Asquith will have to meet the questions aroused by tremendous slump in business. It seems to us there
Campbell-Bannerman's attitude, active or, passive, can be no doubt as to the remedy to apply. The countoward such problems as the privileges of labor try needs above everything else freedom from further
unions, the pensioning of the aged and the problem agitation tending to cause fear and distrust. After
of woman suffrage. The new Ministry starts out the strain to which it has been subjected, this is inwith the plainest kind of warning. Mr. Winston dispensable to a recovery of the former strength and
Churchill, promoted to the presidency of the Board tone.
of Trade in the Asquith Cabinet, went back to his
What is now needed above everything else is a reconstituency, according to British custom, to con- turn and revival of confidence;and obviously confidence
test the seat at a new election. The majority which cannot be revived or restored by the undertaking of
he had won two years ago was reversed on Friday more experiments of the kind which have already
1070
THE CHRONICLE
Lxxxvi.
We urge the South to throw its influence in favor
wrought so much mischief. Grant, for the sake of
argument, that the movement of the last few years of such an accomplishment. Let the South for its
had much in its favor—would it be prudent totreat the own best interests and for the interests of the whole
unpatient with more doses of the same kind when he is country turn from -Mr. Bryan to some leader of
the
of
support
the
ng
,
commandi
reputation
blemished
inow sick nigh unto death? Would it not be much
indusof
wheels
the
,
putting
thereby
population
entire
the better plan to proceed slowly and cautiously until
Ithe effects of past action can be clearly and defi- try in motion again. Let the Democrats at the politinitely ascertained, and it can be determined cal conventions still to be held in the South refuse to
go
-whether any good results at all are likely to follow from instruct for Mr. Bryan and then let the delegates
at
n
Conventio
c
National
Democrati
the
to
unpledged
:such action? Yet politicians; always slow to learn,
the
selecting
on
open,
bent
minds
their
with
Denver
lave failed utterly to perceive the lesson which recent
delet,xperience is teaching. They are still proceeding in right candidate. With a goodly portion of the
with
and
ed,
uncommitt
States
Southern
the
of
gates
unand
the same old way, seeking further to disturb'
bulk
nia
and
the
Pennsylva
and
Jersey
New
New
York,
political
settle the established order in the hope that
of New England adopting the same attitude, Mr.
advantage can be gained thereby.
Bryan's nomination can be prevented and a combinaism
conservat
is
The need of the hour, therefore,
be formed strong enough to insure the election of a
tion
of
be
can
South
in politics. It is here where the
who will lead his party to victory and at the same
man
the
in
affairs'
of
such great service. Note the trend
confer lasting benefit upon the whole communtime
an
as
plain
as
two great political bodies. It seems
ity.
coming
the
that
advance
event of the future can be in
There are also other considerations that should inRepublican Convention will present as the nominee for
the Southern States in seeking the nomination
fluence
candidacy
whose
Taft,
the Presidency Secretary
the support of
Mr. Roosevelt has openly espoused andin whose behalf of a Democrat who could command
affiliations, who are
he is using all the means and agencies and power at all those, whatever their political
doctrines. Mr. Roosevelt
his command. Thus, in the case of the success of the opposed to Mr. Roosevelt's
e means to extend
Republican ticket the country would run the risk of is seeking by every conceivabl
about further cenhaving four years more of doubt and trial like the six Federal authority and bring
is a departure from
years through which it has already passed. For it tralization in government. This
with serious
fraught
would be too much to expect a complete recovery of the principles of the fathers and
to undersurely
but
confidence so long as the old disturbing agencies re- p)litical danger, tending slowly
which
danger
The
mine the liberties of the people.
mained. at work.
nt
Governme
Stop'nowto consider the probabilities in the Demo- would attend lodging power in the Central
the
by
cratic Party. Should Mr. Bryan secure the nomina- that belongs to the States is well illustrated
This
South.
the
in
legislation
of
railroad
course
n
recent
a
restoratio
of
chance
less
even
tion, there would be
inimical
distinctly
was
States
the
in
of
legislation
some
its
it
within
has
South
The
Of business properity.
Court has
power to prevent the nomination of Mr. Bryan. Mr: to the roads. The United. States Supreme
point to
the
but
nugatory,
it
of
lately
much
rendered
still
he
is
but
ground,
losing
been
recently
Bryan has
is
before
long
that
attention
direct
we
to
which
wish
be
can
n
the
for
defeat
nominatio
his
and
in the lead,
Southern
most
of
the
decision,
its
Court
that
announced
the
through
certainty
absolute
with
hed
decomplis
co-operation of the Southern States. The South. is States had begun to retrace their steps. They comthe latter to
supposed _ to entertain kindly feelings towards him', promised with. the roads by allowing
first
on. The
insisted
at
but the factjWhich we wish to impress upon its atten- charge higher rates than those
had
trade
that
depression
qion•is that, in the event'of his election', the result could reason for this move was
off
falling
roads
were
the
be neither beneficial to the South nor to the country at come and the earnings of
lixtge. By reason of his.views, to which he would give very heavily.
The Southern legislator, when enacting the new
oktsre,S.sion' in the same unreserved' way as. Mr. Roosenot actuated by a desire
velt, and which he would seek to have incorporated laws, had insisted that he was
their declarations, the
to
True
in the statutes and Constitution' with the same strenu- to cripple the carriers:
laws the moment it
their
oftSness, he would fail absolutely to win the confidence Southern people modified
experiencing.rewere
roads
of the investment and business classes'. More than became evident that the
course pursued
the
of
reverse
that, the country would be kept in a state of perpetual verses. This was the
n. The SouthWashingto
at
s
turmoil. The result would be that very little capital by the Federal authoritie
the roads were
that
told
be
to
rbilld'go into new undbrtakings of any kind., and as a ern people did not have
before
was
their eyes.
evidence
The
COnsequence reproductive enterprise would remain at falling behind.
in
.the
of
change
attitude
the
of
-halt just as it is to-day. This, we are sure, would A striking indication
of
the
Chairman
McLendon
by
given
was
not accord' with the desires' of the Southern peo- the States
in a speech made before
ple. What the South wants, What every one else Georgia Railroad Commission
Trade on March 16th.
of
Board
(Ga.)
wants, is some speedy way of bringing about a restora- the Carrollton
the difficulties under
to
referring
after
,
libn of the prosperity which the whole country enjoyed Mr. McLendon
with
the increase in
laboring
are
the
roads
which
until recent periods.
in
said: "The
income,
decrease
and
cost
We think the'nomination and election of a conserva- operating
of the
call
a
for
display
us
surround
that
conditions
ItiVe, yet progressive, Demd•Crat—a Democrat of the
people
our
e
of
which
intelligenc
and
patriotism
Jeffersonian type—would produce a revival of confi- highest
when foolish men should be
.dence and be followed'by an almost immediate return are capable. It is a time
is a' time when from the
It
silent.
remain
to
asked.
:Of trade prosperity. Judge George Gray of Dela=
there should come wise
counsel
of
sane
multitude
menWard would meet the requirement, although we
assertion."
wild
of
place.
the
in'
sugkestion
tion him only as a type of a clasS.
MAY 21908.1
THE CHRONICLE
With this injunction that it is a time when foolish
men should be asked to remain silent, consider by
contrast the attitude of the Central Government, far
removed from the effects of shrinkage in revenues.
Since the 1st of January gross earnings of United
States railroads have been declining at the rate of 25
million dollars a month, and yet Commissioner Lane
of the Inter-State Board has been arguing lately that
the roads had no reason to complain—that their losses
were, on the whole, comparatively light. The Commissioners, not amenable to any home constituency,
are not easily touched by the pressure of adversity, and
moreover lose all idea of proportion. Similarly, President Roosevelt even the present week has again been
asking for an extension of Federal authority so as to
include all inter-State corporations—his third message
on the subject in 1908—and for further repressive
legislation at a moment when the States have already
begun to modify their policy adverse to the roads.
Incidentally,it may be recalled that it was really the
Federal Government that urged the States on in their
assaults on the roads. They were told that unless
the State exercised its authority, the National Government would step in and undertake the work. In the
light of what has happened, are we going too far when
we assert that there was design in all this? Does it
not look as if the purpose had been to provoke the
States in their zeal to commit excesses in order to
furnish the basis for a claim that the States could not
safely be trusted in such matters, but that the whole
subject must be relegated to the Federal Government—
that only the strong arm of a Central Government
could protect inter-State concerns against oppression
by the States.
We accordingly appeal not only to the self-interest
of the South but to her patriotism, to her love of liberty
and political freedom and to her devotion to the fundamental principles on which popular institutions rest.
In the early days of the Republic she laid the whole
country under great obligations. Up to the time of
the Civil War in 1862, a period of just three-quarters
of a century, she contributed one-half the Presidents
of the United States. Let her now once more resume
political leadership by saving the country from the
dangers of Bryanism and helping in the nomination of
a candidate around whom all those still devoted to
early ideals can rally. The opportunity is now here.
By embracing it, she will enable the United States
to retain its place among the foremost industrial nations of modern times, will put the whole country
under an everlasting debt of gratitude, and will contribute to rehabilitate trade all over the world, for
commercial depression in the United States is fast
dragging down trade in England, Germany and the
other leading countries of the globe.
ENFORCED STOCK SALES BY LIFE
INSURANCE COMPANIES.
Some months ago it was the belief of a considerable portion of the investing public that the prospect
of the enforced sale by the life insurance companies
of this State by the end of 1911 of their stock holdings
had already exercised some unfavorable effect upon
prices. While it is obviously impossible to bring
such an opinion to test by facts, it is also impossible
to say how far impressions about the not distant
future may enter into the public feeling which does
1071
largely determine current prices; and is we are now
well in the second of the five years allowed for clearing
out these holdings by the companies, it is interesting
to note what has been done in that direction up to
this date.
The New York Life closed out its stocks some
years ago, and the holdings of other companies than
the Equitable and Mutual are inconsiderable. The
stocks in those two were reduced in 1906 about 7
millions, as an anticipatory action. At the end of
1906 the Equitable and Mutual held respectively,
12 and 20 items of railway stocks, amounting at par.
to $8,390,810 and $17,859,400; these were carried
through 1907 and still stand unchanged. The 5
items of miscellaneous stocks in the Equitable, amounting to $735,000 at par, also remain unchanged; of
the Mutual's 4 items of miscellaneous amounting to
$3,522,000 at par, the $123,000 of Lawyers' Mortgage Co. has been sold. Of its 14 items of financial
stocks, the Equitable has sold the $250,000 of Fidelity
Trust of Newark and the $271,800 of Lawyers'
gage Co., and has nearly closed out its Fifth Avenue
Trust stock, besides largely reducing its stock in the
Commercial Trust of 'Philadelphia; these reductions
amounting to $742,000 on a total of just under 10
millions at par. From its score of financial stocks,
totaling $8,597,700, the Mutual has sold its $10,000
of Astor National Bank stock and its $253,200 of
Fifth Avenue Trust, these sales, together with the
$123,000 Lawyers' Mortgage just mentioned, footing
up $386,200. It is hardly needful to add that all
these sales were made at large premiums, and will
therefore appear under the head of "profit from
sale of securities," although whether this is really
and permanently profitable is quite debatable. Incidentally, $144,000 of stock came to the Mutual
from changes made in the proportions of stock and
surplus in the Chemical National during 1907; this
is just an incident outside of the law, and one of the
many things which constructers of laws cannot foresee or control.
Of a little over 39 millions of par holdings in the
two companies, a little under one million has thus
been sold since 1906. This is, of course, not large
enough arithmetically to warrant stating in detail,
but the point is that the companies, desiring to comply in good faith with an injurious demand of statute,
yet bound by the obligations of trusteeship to do so
with the least possible harm to the trust, have been
able to do so little in the first 16 months of the
entire 60 prescribed for the complete process. It is
proper to add, furthermore, that these small' sales.
were favored by conditions in those particular cases,
that is to say, they were made with cautious ability,
•
and thus avoided either sacrifice or injury.
and
Armstrong
report
the
in
the
assumptions,
The
law itself, that stock ownership certainly involves
the possibility (1) of disaster and of being compelled
to nurse the property, while bonds are always an
adequate recourse in case of default, and (2) that socalled syndicate participations may be abusively
practiced in case of stocks but not of bonds, are
childish, and simply show how unfortunate it is to.
have men who are not well-informed about business
affairs engaging in legislating on important matters
of business. Yet one of the "charges" against Commissioner Kelsey was actually that he had not corn-
1072
THE CHRONICLE
pelled the companies to sell their stocks. As to this,
the requirement is to make, "in each year," such reduction "as may be approved in writing" by the
Commissioner. He is not required to demand any
reduction in a particular year; it is not to be expected
that he will do more than pass upon transactions
after being made or that he will ignore the market
conditions; and one happy result of the failure to
remove Mr. Kelsey is that a possible successor of the
"brass knuckles" class was kept from an opportunity
to make unfortunate conditions worse.
The harm which could be done, both to the trust
funds and to other interests, by any attempt to force
these holdings upon the market, need only be suggested. It is indisputable that the companies are
now, as they long have been, in able administrative
hands, notwithstanding the assumption of the lawmaker that they need to have discretion limited.
It is equally certain that the paramount duty of
these trustees is to conserve their trust, and that
no court will ever require or permit them (should
the occasion arise) to sacrifice these properties. We
may also remember that these investments were lawfully made. To prohibit making more of them is
doubtless within the scope of law; but whether law
can take a retroactive turn and enforce an injury to
the trust is certainly a debatable question. These
are private interests, of which only a very minor
fraction is owned by persons under the jurisdiction
of New York; and although we must admit that
foreign members of these companies necessarily come
under local law, propriety and sound jurisprudence
suggest that this control should not be pushed too far.
A large amount has already been taken from these
funds, expended with no more actual or reasonably
prospective benefit to the owners of the funds than
if the law had ordered the money spent on a pyrotechnical display. This is so because men who make
laws are like other men in not being in fault for inability to foresee future events; but they should not
dictate conduct to business interests as if they were
able to foresee.
The law has lately been modified to meet one damaging situation which was not and could not have been
foreseen; the unfavorable conditions which at present
prevent sale of these stocks make another unforeseen
situation. In all respects this law is working badly,
just as those who tried in vain to prevent its enactment predicted that it would. Plainly, it cannot
stand as it is, but we have the practical assurance
that the exingency will be taken care of before it
becomes immediate and that the laws of business will
once more prove stronger than mere paper statutes.
PROTECTION OF FOREIGN CREDITORS IN THE
UNITED STATES.
A highly-esteemed subscriber in Zurich calls our
attention to a series of articles which have appeared
in the "Frankfurter Zeitung" dealing with the rights
of foreign creditors in the United States as defined in a
recent decision of the United States Supreme Court.
He tells us that these articles are tending greatly to reduce the confidence of foreign banks and bankers in
the legal protection to be accorded them by our courts.
He argues that it is of the highest importance that contracts made by foreigners with any subject in the United
States should be enforced in the same way as in any
[VOL. Lxxxvi
other civilized country—that upon this depends the
continuance of European investments in the United
States.
We have taken the pains to look up the case which
formed the subject of the discussions in the "Frankfurter Zeitung," and whose comments have so disturbed our correspondent. We find that the facts do
not fully bear out the construction put upon them.
The United States Supreme Court decision to which he
refers did not at all involve "contracts made by foreigners with any subject in the United States." The
case was that of the Disconto Gesellschaft, a foreign
concern, against Augustus C. Umbreit, appearing for
the defendant Terlinden, the latter also a foreign subject. It appears that Terlinden was and still is a resident of Germany;that about July 111001 he absconded
from Germany and came to Wisconsin and assumed
the name of Theodore Grafe; that shortly after (on
Aug. 16 1901) he was apprehended as a fugitive from
justice upon extradition proceedings instituted against
him, and was thereupon extradited to Germany. On
July 27 1901 proceedings in bankruptcy were instituted
in Germany against Terlinden, and Paul Hecking was
appointed trustee in such proceedings. On Aug.211901
the Disconto Gesellschaft was appointed a member of
the committee of creditors of Terlinden's personal
estate. The Disconto Gesellschaft about the same
time began an action against Terlinden for the recovery of damages sustained by the tort of Terlinden
committed in the month of May 1901. Terlinden appeared in said action by A. C. Umbreit, his attorney,
and answered the complaint. Finally, on Feb. 19
1904, judgment for $94,145 was given, with interest.
Having learned that Terlinden had on deposit$6,420
with the First National Bank of Milwaukee in the name
of Theodore Grafe, process in garnishment was
served on the bank on Aug. 17 1901. On March 21
1904, a little over a month after the Disconto Gesellschaft had recovered judgment against Terlinden,
Umbreit, his lawyer, commenced an action against
Terlinden for recovery for services rendered between
Aug. 16 1901 and Feb. 11903. To this action no defence was put in. Accordingly, on June 11 1904,
judgment was given by default in favor of Umbreit
and against Terlinden for $7,500 damages. Umbreit
likewise served process of garnishment on the deposit
of Terlinden in the First National Bank of Milwaukee.
The Circuit Court of Milwaukee County upon the
facts here stated rendered judgment giving priority to
the levy of the Disconto Gesellschaft for the satisfaction of its judgment out of the fund attached in the
hands of the bank. The Supreme Court of Wisconsin, however, reversed the judgment of the Circuit
Court and directed judgment in favor of Umbreit, that
he recover the sum garnisheed in the bank. The
Disconto Gesellschaft then carried the case to the
United States Supreme Court. It alleged that the
effect of the proceedings in the State Court was to deprive it of its property without due process of law, contrary to the Fourteenth Amendment, and to deprive
it of certain rights and privileges guaranteed to it by
treaty between Prussia and the United States.
It will be seen that the case was an entirely exceptional one. The plaintiff, the Disconto Gesellschaft,
was a German corporation and Terlinden was a German subject. Umbreit alone, the lawyer and intervener, was a citizen and resident of Wisconsin. Thp
MAY 2 1908.1
THE CHRONICLE
1073
fact that Terlinden did not attempt to defend the claim law requiring the recognition of the right of the Disof Umbreit makes it appear as if there had been conto Gesellschaft to appropriate property in the State
collusion between client and lawyer. On the other of Wisconsin and subject it to distribution for the benehand, the fact that Terlinden allowed the action fit of foreign creditors as against the demands of local
against him by Umbreit to go by default is entirely creditors, how far the public policy of the State perconsistent with the theory that there was no collusion. mitted such recognition was a matter for the State to
Of course it must be remembered that Terlin- determine for itself. Justice Day could not perceive
den was hardly in position to appear and make how this application of a well-known rule could be
much of a defence, seeing that the court records dis- said to deprive the plaintiff of its property without due
close that he had been extradited to Germany three process of law.
years before. It is quite possible, too, that the claim
Even between States of the American Union, Jusof Umbreit was entirely valid and covered real services tice Day shows, it has been the constant practice not
rendered by lawyer to client.
to recognize assignments for the benefit of creditors
Be that as it may, the attachment suit resulted ad- outside the State, where the same came in conflict with
versely to the Disconto Gesellschaft: The Supreme the rights of domestic creditors seeking to recover their
Court of Wisconsin took the ground that the fund debts against local property. This is the doctrine in
attached could not be subjected to the payment of the force as against natives of the country residing in other'
indebtedness due the foreign corporation as against States, and it is this doctrine which was applied by
the claim asserted to the fund by one of its own citizens, the Supreme Court of Wisconsin to foreign creditors realthough that claim arose after the attachment by siding in Germany. As to there being a violation of
the foreign creditor; and, further, the fact that the treaty obligations, there is nothing in the treaty ih
effect of the judgment in favor of the foreign corpora- force between the United States and the German Emtion would be to remove the fund to a foreign country, pire undertaking to change the well-recognized rule
there to be administered in favor of foreign creditors, between States and nations, which permits a country
was against the public policy of Wisconsin, which for- to first protect the rights of its own citizens in local
bids such discrimination as against a citizen of that property before permitting it to be taken out of the
State.
jurisdiction for administration in favor of those residThe opinion of the United States Supreme Court was ing beyond its borders.
delivered by Justice Day, who points out that alien
It will thus be seen that this decision of our highest
residents, by the policy and practice of the courts of court does not conflict with the practice in other
this country, are ordinarily permitted to resort to the "civilized countries." Furthermore, subjects of a
courts for the redress of wrongs and the protection of foreign country are treated no differently than one
their rights. But what property may be removed from State in the American Union treats citizens of other
a State and subjected to the claims of creditors of States—the local creditor is always preferred to the
other States is a matter of comity between nations and outside creditor.
States and not a matter of absolute right in favor of
creditors of another sovereignty when citizens of the
local State or country are asserting rights against
THE MASSACHUSETTS COMMISSION ON
property in the local jurisdiction. He declares that
COMMERCE AND INDUSTRY.
examination of the authorities shows that "all civilized
The following letter from Secretary Droppers of the Massanations" have recognized and enforced the doctrine chusetts Commission on Commerce and Industry calls atthat international comity does not require the enforce- tention to an error which crept into our article in last Saturment of judgments in such wise as to prejudice the day's issue of our Railway and Industrial s3ction reviewing
rights of local creditors and the superior claims of such the recent report of that Commission.
Williamstown, Mass., April 28 1908.
creditors to assert and enforce demands against prop- The "Commercial & Financial Chronicle," New York City.
Dear Sir:—I note that in the editorial article of the Industrial section
erty within the local jurisdiction. Such recognition, of the "Commercial & Financial Chronicle" for April 25 you state that
he avers, is not inconsistent with that moral duty to Charles F. Adams 2d, a member of the Massachusetts Commission on
Commerce and Industry, was
a member of the Massachusetts
respect the rights of foreign citizens which inheres in Railroad Commission. This isformerly
a mistake. The present Mr. Adams is
Treasurer
of Harvard College and a Bon of Mr. Charles Francis Adams
the law of nations.
who was once a Member of the Massachusetts Railroad Commission and
The doctrine of comity, it is pointed out, has been formerly President of the Union Pacific Railroad.
Yours very truly,
the subject of frequent discussion in the courts of this
GARRETT DROPPERS,
country when it has been sought to assert rights ac- Secretary of the Commission on Commerce and Industry.
cruing under assignments for the benefit of creditors
in other States as against the demands of local creditors
ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
by attachment or otherwise in the State where the
—The public sales of bank stocks this week aggregate 127
property is situated. The general conclusion reached shares, of which 25 shares were sold at the Stock Exchange
has been that voluntary assignments for the benefit and 102 shares at auction. The transactions in trust comof creditors should be given force in other States as to pany stocks reach a total of 218 shares. The table given
property therein situate, except so far as they come below, in our usual form, shows the actual sales of New York
City bank stocks made during the week at auction and at
in conflict with the rights of local creditors or with the
the Stock Exchange. Extensive tables showing the bid and
public policy of the State in which it is sought to be asked quotations, deposits, surplus, &c., of banks and trust
enforced. Justice Day refers to the case of Oakey vs. companies in all important cities of the United States are
Bennett, where it was said that national comity published monthly in the "Bank and Quotation" section,
does not require any government to give effect to such the May issue of which accompanies to-day's "Chronicle."
quotations for all New York City bank and
assignment (for the benefit of creditors) when it shall Bid and asked stocks are also published
weekly in another
trust company
impair the remedies or lessen the security of its own department of the paper, and will be found to-day on pages
citizens. There being then no provision of positive 1082 and 1083.
THE CHRONICLE
1074
Shares. BANKS—New York,
•25 Amer. Exchange Nat. Bank_
20 Chemical National Bank_ _ _
20 Citizens' Centrat Nat. Bank..
17 Commerce, Nat. Bank of......
5 Irving National Exch. Bank
40 Merchants' National Bank__
TRUST COMPANIES--New
190 Carnegie Trust Co
12 Knickerbocker Trust Co
16 New York Trust Co
Low.
2223,5
400 j
142
170
175
140
York.
125
341
450
High. Close. Last previous sale.
2221
‘
, 222 M April 1908— 221
400 h 400 XaAug. 1006-4152
142
142
Mch. 1908— 134%
170
170
April 1908— 175
175
175
Feb. 1908— 173
149
149
Jan. ,1908— 130
160% 160% April 1908— 1603.
341
341
April 1908— 450
450
450
Feb. 1907— 735
• Sold at the Stock Exchange. a In 1907 capital was increased from
$300,000 to $3,000,000 through payment of a dividend of 900%.
—Two New York Stock Exchange memberships were
reported transferred this week for $70,000 and $71,000,
respectively. The last previous sale was at $65,000.
—National banks cannot avail of the provisions of the
Oklahoma law guaranteeing deposits, in the opinion of
Deputy Comptroller of the Currency T. P. Kane. Mr.
Kane's opinion was expressed in a letter written under date
of April 18 to J. W. McNeal, President of the National Bank
of Commerce of Guthrie. According to the Dallas "News"
Mr. Kane in part said:
"This question is of sufficient magnitude and importance to the banks
of Oklahoma to obtain an official opinion from the Department of Justice,
if it can be obta ned, and this office has spared no effort and lost no time
endeavoring to obtain such an opinion. It is probable that the opinion will
be obtained. And until this office advises you in regard to the matter,
you would not be justified in contributing any money under the law of
Oklahoma. In my opinion, national banks have no right to avail themselves of the terms of the Oklahoma law relative to Insuring deposits, and
until the Attorney General or the courts decide otherwise I shall so hold."
More than 80 of the 309 national banks in Oklahoma
had applied to the State Banking Board for permission to
participate in the privileges of the new law, and 42,it is said,
had been approved.
[VOL. Lxxxvi.
State institutions, Clark Williams yesterday appointed
G. S. Leonard as Special Deputy Superintendent in charge
of the liquidation of the Home Bank of Brooklyn Borough.
The appointment is the first to be ,made since the enactment of the law. The Home Bank closed its doors on
February 1. No receiver had been named to take charge
of its affairs, and it was understood that plans for its reorganization were under way.
—A decision recently rendered by the Supreme Court of
Iowa holds that savings banks in availing of the privileges
to deal in commercial paper, likewise assume the obligations.
incident thereto in the matter of the guaranty and endorsement of the same. The case concerned the failed Corning
State Savings Bank of Corning, Iowa, whose suspension, it is
said, was brought about through the forgeries of its late President, F. L. La Rue. When the bank failed, suit was brought
to compel the receiver to make good the forged paper. While
savings banks in Iowa are empowered by law to buy and sell
commercial paper, Section 1855 provides that they cannot
incur any liability other than to the depositors. The receiver contended that, because of this provision, the bank
could not be held liable for the forged paper. A decision
accepting this view of the case was rendered by the Adams
County District Court, which, however, is now reversed by
the Supreme Court. The latter, according to the Des Moines.
"Register," says in part:
We cannot think that after authorizing savings banks to deal in paper as
commercial bankS, the Legislature intended so to limit and cripple such
authority as practically to defeat the object sought to be obtained.
Very little paper, comparatively, passes on endorsement without recourse" and even then this does not obviate the liability involved In the
warranty of genuineness and of title.
If appellees view should prevail, every one taking paper from a savings
bank must not only receive it endorsed "without recourse," but must know
at his peril whether the paper is genuine and the bank has title, as well as
that the object of the officers of the bank In disposing of it was "for the
purpose of obtaining money with which to pay deposits."
One of the basic functions of banking Is the dealing in notes, bills of
exchange and credits.
Having authority to deal In commercial paper they necessarily must
assume the obligations Incident thereto and among these are those of
guaranty and endorsement in transferring the same.
—The Governing Committee of the New York Stock
Exchange has adopted a new rule with regard to the admittance of visitors to its gallery. The resolution stipulates that "no person will be admitted to the Stock Exchange
gallery unless accompanied into the gallery by a member
the member remaining with the visitor." The gallery
—A clearing-house association formed by the six banks.
was closed to visitors some time ago, the New York Produce
in
Danville, Ill., has been in operation for several months..
and Cotton Exchangeslfollowing a similar course.
L. T. Newlon is Manager.
—At the annual meeting on Thursday of the stockholders
—Lawrence 0. Murray, who was recently named as Compof the United States Mortgage dr Trust Co. of this city,
of the Currency to succeed William B. Ridgely, took
troller
Arthur Turnbull, who has been a Vice-President of the
immediately entered upon
company, was elected Acting President, pending the election the oath of office on April 28, and
his
new
duties.
as Assistant Secretary
retires
Mr.
Murray
of a permanent successor to George M. Cumming, resigned.
The Board of Directors of the institution was reduced from of the Department of Commerce and Labor.
—0. H. Cheney has been appointed Third Deputy Superthirty to .twenty-one members, and the following were
elected: class expiring March 1909, William P.Dixon, M. L. intendent of the New York Banking Department by State
Schiff, C. H. Mackay, C. A. Coffin, William B. Boulton, Superintendent of Banks, Clark Williams. The office isJ. W. Platten, and William A. Jamison; class expiring a new one, created at the late session of the Legislature in
March 1910, Charles D. Dickey, G. E. Kissel, Robert A. order that the department might be represented by one in
Grannis Robert Olyphant, James Timpson, Arthur Turn- authority at the branch office in the metropolitan district.
bull and V. P. Snyder; class expiring March 1911, Cornelius Mr. Cheney assumes his new duties immediately. He is.
Vanderbilt, C. C. Cuyler, Dumont Clarke, Charles M. Hays, a member of the law firm of Cheney, Schenck & Stockell.
George A. Cox, E. B. Thomas and L. C. Krauthoff.
—Governor Hughes, who had already approved a number
—Arthur R. Peck, who was named as assignee of the of the banking bills passed at the late session of the New'
failed firm of T. A. McIntyre & Co. of this city on Friday, York Legislature, signed another batch this week. These
the 24th ult., has been appointed co-receiver of the firm embrace the following:
Increasing the reserves of trust companies and banks.
with C. C. Burlingham. The firm's assignment was followed
Providing for the publicity of official acts of the Superintendent ef Banks.
against
it
of
two
Requiring that future branches of State banks must have a capital of
separate petitions in bankby the filing
$100,000 In addition to that of the parent institution, and must secure the
ruptcy. The claim was made by the attorneys represent- consent of the State Superintendent of Banks; in the case •of existing
branches the consent of the Superintendent is not necessary, but for each
ing the second group of petitioning creditors that there are of these a capital
of $50,000 is required In addition to that of the parent
bank.
two firms of T. A. McIntyre & Co., one consisting of five
Providing that no savings bank shall borrow money or pledge or iwpothecate any of its securitieS, except with the approval of the State Superinand the other of seven members. The first petition, it tendent
of Banks, and In pursuance of a resolution of its trustees.
Requiring trustees of savings banks to take an oath of office and to file
was alleged, was filed against the out-of-town firm, and
the same with the Superintendent of Banks.
the receiver named in response thereto had, it was asserted,
Requiring monthly meetings of directors of banking corporations and the
of an officer to prepare and submit to each director at each
no right to take possession of the local offices; accordingly designation
meeting, or to an executive committee of not less than five members of the
board, a statement of all purchases and sales of securities, find of every
the second petition was filed and the two receivers named. discount
and loan (exclusive of those less than $1,000) made at the date
the regular meeting and describing the collateral to the loam?.
An explanation as to the existence of the two firms was of Making
it a misdemeanor for directors to loan to one another above the
allowed by statute, or to deposit the bank's money with another
offered as follows on Thursday by Maurice Leon, counsel amount
corporation with the understanding that the corporation receiving it shall
far Mr. McIntyre.
make any loan to a director or employee of such bank; or for concealing
It was understood at the time the partnership papers were drawn that
there should be two agreements, one that there should be seven members
of the firm up to a certain time and after that only five. James M. Hudson
and James E. Hulshizer, under one agreement, were to leave the firm on
May 1, and the others, under the other agreement, were to remain with the
firm two years longer. As far as the public was concerned, however, there
was only one firm, and on the day of the failure there was but one firm.
Two firm, were not incorporated, but partnership articles were drawn up
In accordance with the agreement. The names of the seven members
were on the door of the firm's office.
• An examination of the members of the firm was begun
on Thursday with a view to locating some $400,000 securities said to belong to its customers.
—Under the provisions of the new law, giving the State
Superintendent of Banks direct authority over suspended
discounts or loans from the directors, or making an agreement that a holder
of a certificate of deposit may receive payment before its maturity.
Reducing the maximum of a secured loan made by a State bank or trust
company in Manhattan from 40 to 25% of the capital and surplus. Institutions in the other boroughs and elsewhere In the State are permitted to
retain the 40% limitation.
Requiring trust companies to obtain the consent of the Superintendent of
Banks for the opening of branches and also requiring a capital of $100,000
for each branch In addition to the capital of the main Institution.
The measures amending the laws affecting the reserves of
trust companies and banks are of particular interest, and we
give herewith in full the text of these. The trust company reserve law is as follows, the new matter being
shown in italics and the old matter to be omitted in
brackets:
MAY 2 1908
THE CHRONICLE
AN ACT
.
To. amena the Banking Law, relative to .the lawful money reserve of trust
companies.
The People of the State of New York. represented in Senate and Assembly, do
enact as follows:
_ Section 1. Section 164 of Chapter 689 of the laws of 1892; entitled, An
act la relation to banking corporations," as added by Chapter 337 of the
laws. of 1906, is hereby amended to read as follows:
Section 164. Lawful money reserve.—Every trust company having its
principal place of business or a branch office for the receipt and payment of
deposits in a borough in any city In the State which borough had according
to the last preceding State or United States amsits [having] a population of
eighteen [over eight] hundred thousand or over shall at ail times have on
hand a reserve fund equal to at least 15 per centum of the aggregate of its
deposits 1.1. exclusive of moneys held by it its trust, which are not made payable
under the conditions of the trust within thirty days and also exclusive of time
deposits not payable within thirty days represented by certificates showing the
amount of the deposit, the date of issue, and the date when due,and also exclusive
of deposits which are secured by outstanding unmatured bonds issued by the
State of New York. The whole of such reserve fund must[may, and at least
one-third thereof must], consist of either lawful money of the United States,
gold certificates, silver certificates or notes or bills issued by any lawfully
organized national banking association. (; one-third thereof may consist
of bonds of the United States, bonds of the State of New York and bonds
issued in compliance with law by any city of the first or second class
within the State of New York computed at their par value which must be
the absolute property of the corporation exclusive of all other investments;
the balance thereof over and above the part consisting of lawful money of
the United States gold certificates, silver certificates, notes and bills issued
by any lawfully organized national banking association, and the part thereof
•consisting of bonds as above provided,, must consist of money on deposit
subject to call in any bank or trust company in this State having a capital of
at, least two hundred thousand dollars or a capital and surplus of three
hundred thousand dollars and approved by the Superintendent of Banks.)
If very trust company having its principal place of business in .a borough in
any city in the State which borough had according to the last preceding State
or United States Census a population of less than 1.800,000 which does not
maintain a branch office in a borough having a population of over 1,800,000
inhabitantsaccordingto the last preceding State cr United States Cmsus, shall
at all times.have on hand a reserve fund equal to at least 15 per centum of the
aggregate of its deposits, exclusive of moneys held by it in trust, which are not
made payable under the conditions of the trust within thirty days and also
exclusive of time deposits not payable within Mille days represented be certificates showing the amount of the denosit, the date of issue, and the date when
due, and also exclusive of deposits waich are secured by outstanding
unmatured.bonds isssued oy tan State of New York. The whole of such reserve
fund may, and at least two-thirds thereof must, consist of either lawful money
of the United States, gold certificates, silver certificates, or notes or bills issued
by any lawfully organized national banking association, and the balance thereof
over and above the part consisting of lawful money of the •United States, gold
certificates, silver certificates, notes or bills issued by any lawfully organized
national banking association must consist of moneys on deposit subject to call
in any bank or trust company in this State having a capital of at least $200,000
or a cannel and surplus of at least $300,000, and approved by the Superintendent of Banks. Every trust conmany having its principal place of business
elsewhere in this State shall at all times have on hand a reserve fund equal
to at least 10 Per centum of Its aggregate deposits 11, exclusive of moneys
held by it in trust which are not made payable under the conditions of the
Trust within thirty days and also exclusive of time deposits not payable within
,thirty days represented by certificates showing the amount of deposit, the dale.
of issue and the date when due,and also exclusive of deposits which are secured
by outstanding unmatu red bonds issued by the State of Nm York. The whole
of such last-mentioned reserve fund may,and at least fifty [thirty)per cen tum
thereof must, consist either of lawful money of the United States, gold
certificates, silver certificates, or notes or bills, issued by any lawfully
organized national banking association; [thirty per centum thereof may
consist of bonds of the United States, bonds of the State of New York and
bonds issued In compliance with law by any city of the first or second class
within the State of New York computed at their par value and which are
the absolute property of such corporation exclusive of all other investments;] and the balance thereof over and above the part consisting of
lawful money of the United States, gold certificates, silver certificates, notes
and bills, issued by any lawfully organized national banking association.[and
the part thereof consisting of bonds as above provided,] must consist of
money on deposit subject to call In any bank or trust company in this State
having a capital of at least $200,000 or a capital and surplus of at least
$300,000, and approved by the Superintendent of Banks. The amounts to
be kept on hand, as above provided, shall be called the lawful money
reserve. If the lawful money reserve of any trust company shall be less
than the amount required by this section, such trust company shall not
Increase its liability by making any new loans or discounts otherwise than
by discounting bills of exchange, payable on sight or making any dividends
of its profits until the full amount of Its lawful money reserve has been
restored. The Superintendent of Banks may [shall] notify any trust
'company whose lawful money reserve shall be below the amount herein.
required to make good such reserve, and lilt shall fall for thirty days thereafter to make good such reserve such trust company shall be deemed insolvent, and may be proceeded against as an insolvent moneyed corporation.
Section 2. This Act shall take effect Immediately, except that prior to
July 1 1908 that part of such lawful money reserve above required to consist
of lawful money of the United States, gold certificates, silver certificates,
or notes or bills issued by any lawfully organized national banking associa, tion, must equal at least 5 ner centum of the aggregate amount of the deposits of a trust company, if its principal place of business is located in any
'city of the State having a population of 800,000 or over, and must eaual
at least 3 per centum of the aggregate amount of its deposits, if its principal
place of business is located elsewhere in the State; that on and after Judy 1,
1908, that part of the lawful money reserve above required to consist of
lawful money of the United States, gold certificates, sliver certificates, or
notes or bills issued by any lawfully organized national banking association
must equal at least 10 per centum of the aggregate amount of the deposits
•of a trust company, exclusive of moneys held by it in trust, which are not
made payable under the conditions of the trust within 30 days,and also
-exclusive of time deposits not payable within 30 days represented by certitiTates showing the amount of deposit, date of issue and date when due, if its
principal place of business or a.branch office for the receipt and payment
of deposits is located in a borough In any city in the State which borough
-had according to the last preceding State or United States Census a population of 1.800,000 or over. and Must equal at least 754 per centuM of the
'aggregate amotint of its deposits, exclusive of moneys held by it In trust,
-which are not made payable under the conditions of the trust Within 30
-days and also exclusive of time deposits not payable within 30 days represented by certificates showing the amount of the deposit, the date of issue
and the date when due. If its principal place of business is in a borough in
any city in the State which borough had according to the last preceding
'State or United States Census a population of less than 1.800,000,and such
trust company does not maintain a branch office in a borough having a
population of 1,800,000 inhabitants according to the last preceding State
Or United States Omstts, and must equal at least 4 ner centum of the
aggregate amount of its deposits, exclusive of moneys held by it in trust,
which are not made payable under the conditions of the trust within •30
days and also exclusive of time deposits not Payable within 30 days represented by certificates showing the amount of the deposit, the date of issue,
and the date when due. If its principal place of business is located elsewhere
in the State; provided, however, that on and after February 1, 1909, the
entire amount of such part of said reserve must be at all times maintained
and kept on hand as above required.
—The new la* relative to the reserves of banks provides
for the maintenance of a 25% reserve by banks in the bor9ughs of Manhattan and Brooklyn, instead of 15%, as heretofore, and a reserve of 15%, instead of 10%, by banks
elsewhere in the State. It provides that two-fifths of the•
reserves of the banks in Manhattan, one-half of the
reserves of other boroughs of the Greater New York,
-and three-fifths of the reserves of institutions elsewhere in
the State may consist of moneys on deposit with an approved
.depositary. The text of the law is as follows. The new
matter is given in italics and the old matter in brackets.
1075
AN ACT
To amend the Banking Law, relative to the lawful money reserve of banks and
individual bankers.
The People of the State of New York, represented in Senate and Assembly, do
enact as follows:
Section 1. Section 44 of Chapter 689 of the laws of 1892, entitled "An
Actin relation to banking corporations," Is hereby amended so as to read as
follows:
• Section 44. Lawful money reserve.—Every bank or individual banker
shall at all times have on hand in lawful money of the United States, gold
ertificates, silver certificates, or notes or bills issued by any lawfully organised
national banking association an amount equal toatleast[15]fwentylive per
[cent.] centum of the aggregate amount of its deposits, if its principal place
of business is located in, any borough in any city of the ntate [flaying a
population of 800,000 and] which borough according to the last preceding
State or United States Census had a population of 1,000,000 or over; and an
amount equal to at least[10]fifteen per[cent] centum of the aggregate amount
of Its deposits if its principal place of business Is located elsewhere lathe
State. The amount thus to be kept on hand shall be called Its lawful
money reserve. Two-fifths [one-half] of such lawful money reserve of any
bank or individual banker located in any borough in any city in the State which
borough according to the last preceding State or United StatesCensus had a
population of 1,800,000 or over, one-half of such lawful money reserve of any
bank or individual banker located in any borough in any city of the State which
borough according to the last preceding State or United States Census had a
population of less than 1,800,000,and which bank or individual banker does
not maintain a branch office in any borough having a population according to
the last preceding State or United States Census of 1,800,000 or over, and
three-fifths of the lawful money reserve of any bank or individual banker located
elsewhere in the State may consist of moneys on deposit subject to call with
any bank or trust company in this State having a capital of at least $200,000
and approved by the Superintendent of Banks as a depositary of lawful
money reserve. If the lawful money reserve of any bank or Individual
banker shall be less than the amount required by this section, such bank
or banker shall not increase Its liabilities by making any new loans or discount otherwise than by discounting bills of exchange payable on sight, or
making any dividends [or] from profits until the full amount of its lawful
money reserve has been restored. The Superintendent of Banks may notify
any bank or individual banker whose lawful money reserve shall be below the
amount herein required to make good such reserve; and it it shall fall for
thirty days thereafter to make good such reserve, such bank or individual
banker shall be deemed insolvent and may be proceeded against as an Insolvent moneyed corporation.
Section 2. This Act shall take effect immediately except that prior to
July 1 1908 that part of such lawful money reserve above required to
consist of lawful money of the United States, gold certificates, silver certificates, or notes or bills issued by any lawfully organized, national banking
association must equal at least 754 per centum of the aggregate amount of
the deposits of a bank, If its principal place of business is located in any city
of the State having a population of 800,000 or over, and Must equal at
least 5 per centum of the aggregate amount of its deposits, If its principal
place of business Is located elsewhere in the State: that on and after July 1
1908 that part of the lawful money reserve above required to consfst of
lawful money of the United States, gold certificates, silver certificates, or
notes or bills issued by any lawfully organized national banking association
must equal at least 11 X per centum of the aggreTate amount of the deposits
of a bank, If Its principal place of business or a branch office for the receipt
and payment of deposits is located In a borough In any city in the State
which borough had according to the last preceding State or United States
Census a population of 1,800,000 or over,and must equal at least 10 per
centum of the aggregate amount of Its deposits It its principal place of b
ness is In a bor.,,ign In any city In the State which borough had according
to the last premding State or United States Census a population of more
t
,000,00 and less than 1,800.000 and such bank or individual banker
does not maintain a branch office In any borough having a population according to the last preceding State or United States Census of 1,800,000 or
over, and must equal at kw.734 per centum of its aggregate deposits if its
principal place of business is located in any borough in any city in the State,
which borough had according to the last preceding State or United States
Census a population of less than 1.000,000 and such bank or individual
banker does not maintain a branch office in any borough having a population
according to the last preceding State or United States Census of 1,000,000
.or over, and must equal at least 554 per cent= of its aggregate deposits if its principal place of business is located elsewhere in the State; provided, however, that on and after February 1 1909 the entire amount of
such part of saId reserve must be at all times maintained and kept on hand
as above required.
—The New York Produce Exchange Bank of this city has
received the approval of the State Superintendent of Banks
to open a branch at the northeast corner of Fourteenth Street
and Second Avenue. This will be the eighth branch opened
by the bank; it will be known as its Stuyvesant Square
Branch.
—The merger agreement of the Equitable Trust Company with the Mercantile Trust Company of this city was
voted down at meetings of the stockholders of the two institutions on Thursday, notwithstanding the fact that the
litigations instituted by a small minority stock interest had
resulted in a decision upholding the proposed merger. It
is announced that the directors of both companies, while
adhering to the view that the merger was desirable at the
time the agreement was made (about a year ago), now
believe it to be to the best interests of both to maintain a
separate existence. Dividends of 9% on the capital of
the Equitable Trust and 30% on that of the Mercantile have
been declared. These dividends were at the regular rates
paid by the companies prior to the commencement of the
merger proceedings, and cover the period during which
dividends were deferred owing to the pending litigation.
—Albert E. Mayer, who since the organization of the
foreign exchange department of the National Park Bank
in 1898 was its manager, died this week, after a long and
painful illness. George H. Kretz the Assistant Manager
of the department since 1900, has been apointed to the chief
position; he was formerly in the employ of G. Amsinck & Co.
—The petition in bankruptcy filed last October against
the New York Stock Exchange house of Mayer & Co., was
dismissed by Judge Holt of the United States District Court
on the 27th ult. Judge Holt also vacated the appointment
of Edward G. Benedict as receiver, and all proceedings in
the bankruptcy action have been discontinued. The firm
ass!gned on October 23. The shrinkage in the value of
stocks, and particularly Delaware & Hudson, was ascribed
1076
TIIE CIIRONICLE
as the principal cause of the concern's difficulties. The
liabilities were placed at approximately $6,000,000.
—The United States Exchange Bank of this city, located
at 23 West 125th Street, has decided to wind up its affairs,
owing, it is stated, to a lack of business. The bank was
organized in 1905 with a capital of $100,000. At the
time of the financial troubles last fall, the institution was
one of those which suspended business, its doors being closed
from October 25 to November 25. On March 25 it reported surplus and profits of $22,100 and deposits of about
$385,000. John J. Gibbons is President.
—At a meeting of the trustees of the Lincoln Safe Deposit Co. of this city, on April 23, John R. Van Wormer,
previously Secretary and General Manager, was appointed
Second Vice-President and General Manager, and William
J. Murphy was appointed Secretary and Treasurer.
—A 5% dividend (in liquidation) was paid on the 1st
inst. to the stockholders of the Gansevoort Bank of this city.
The institution was merged with the Fourteenth Street Bank
in June 1905. With the above payment the stockholders
have received thus far a total of 80%.
—The suspension of the New York Stock Exchange firm
of Coster, Knapp & Co. was announced on the Exchange on
the 29th ult., following the suicide on Tuesday of its senior
member, Charles Coster. Louis Werner has been made
assignee. J. M. Knapp, the surviving member of the firm,
is quoted as saying that the "Cause of the suspension was
undoubtedly overspeculation by Charles Coster. The loss
for the most part" he stated,"will be borne by the members
of the firm. We had only about a dozen customers and
were doing a very limited business." Mr. Knapp also made
the following statement:
"Owing to the death of Mr. Coster and the consequent condition of the
firm's affairs, it has been deemed advisable to make an assignment for the
benefit of all the creditors. This step was taken at the request of the creditors, and Mr. Werner of the law firm of Simpson, Werner & Cardoza of 52
Broadway. the assiznee, has already started in to straighten out accounts,
so as to be in a position to make a correct statement to all parties interested
at the earliest day possible."
[VOL. Lxxxvi.
characterizing the former as a mere "emergency device,"
which he stated would hardly answer even that purpose;
Mr. Parker declared the provisions of the Fowler Bill with
reference to the insurance of bank deposits to be "a catchpenny device put out with the intention of securing public
support of the measure" which he referred to as "Utopian
and visionary." An address of more than usual interest
was that delivered by J. Shirley Eaton, of New York on
"The Relation of Higher Education to Banking." Mr.
Eaton, who will perhaps be remembered as the author
of the work on "Railroad Operations, How to Know Them",
presented his views to the bankers in a forceful manner.
In introducing his subject he declared that the fact that
a body of hard-headed practical men should give over one
of their sessions to such a theme was but another mark of
the times, when the man of theory and the man of practice
are getting closer together. "Perhaps," he added, "from
one view-point it may be that the mutual approach of the
theorist and the practical man characterizes our times.
No entirely successful man to-day can escape an appreciation of the interdependence of the two." The following
is a further extract from Mr. Eaton's address:
"We may properly be distrustful of a class consciousness, but a professional consciousness sounds an entirely different note. Such a consciousness erects its standards of efficiency, its ethics of responsibility and
public service. It takes at their full import the trusteeship committed to
it by the public. Among the agencies that enhance this tendency toward a
professional consciousness are your conventions, your literature,and now,
may we not add, the schools of business where are to be accumulated and
crystalized the traditions and standards of the best practice.
"It may not be untimely to ask, what is the larger service to which the
banker should consistently aspire? Does he command the confidence and
lead the thought In his peculiar field, as the architect, the lawyer, the doctor or the engineer do In theirs? In the social system he peculiarly stands
at the throttle of the economic forces, since, as dealer In credit, he Is a public custodian. It Is incumbent on him not alone to know something of the
personal honesty and general ability of the individuals whose paper he discounts, but to go further,and be informed of the economic positions of the
community which he serves, wherein lies its strength and its weakness,
which are the possibilities to be developed first, which are those of less promise or that lead to social waste. Questions of local and general public
policy he should be the master of, and he should not be backward in claiming that consideration which belongs to him. Where is the bankers' voice
to-day in the questions of taxation and currency reform, In the economic
policies of localities and sections of our country?"
"The banking fraternity occupies a peculiar relation to this higher education for business. It was the American Bankers' Association that, in
the early nineties, commissioned an expert to study the methods of Higher
Education for Business in Europe. . That expert was Professor James of
Wharton School of Finance. Your action was both timely and well considered. The report made by Professor James and his subsequent activities
have been large factors In what has been done In this direction so tar. On
the other hand, there is no class of men of equal position In the community
which are in such sore need of higher education In their calling. A leading banker In New York City ventures the statement that not one out of
fifty of the one hundred thousand bank and trust company officials of this
country has ever read a book on finance and banking, and the ratio is still
more startling if we were to designate those who have any adequate knowledge of the laws of finance on which their business rests. Such knowledge
may not be required in grinding the daily grist that comes to mill, but the
system breaks down when you reach into the field of public policy. Witness to-day the colossal blunders in public finance and the present hopelessness of the currency situation. It Is not enough to say that this is the
fault of the politician, It Is the fault of the bankers, who do not command
the public confidence and devote their associate machinery to the enlightenment of the public on the primary questions of public finance. It is due
vohtih
ch
e ftahcetirthiam
t pto
hretyan
ticie
emdseem
lvaen
sdhs.
axe not given these problems the thought
The firm was organized in October 1893 by W. B. Coster,
J. M. Knapp and Charles Coster. W. B. Coster, who retired
recently, transferred his Stock Exchange seat to Mr. Knapp
about a year ago. The liabilities of the firm are estimated
at about $1,000,000.
—An opinion was handed down by Judge Hough of the
United States Circuit Court on the 29th ult., overruling
the demurrers interposed to the indictments against Charles
W. Morse and Alfred H. Curtis, formerly Vice-President
and President, respectively, of the National Bank of North
America. Judge Hough, it is stated, sustains a number t
The bankers adopted a resolution calling for the appointof the counts in the indictments, including all those charging
the misapplication of funds.
ment of a special committee to take up the question of reforms
—Despite the announcement a month ago that the de- in the laws governing examinations of financial institutions
positors of the Williamsburgh Trust Company of Brooklyn in the State. The new officers of the association are: PresiBorough had abandoned all idea of resumption, plans for dent. William C. Heppenheimer, President of the Trust Co.
the reorganization of the institution have since been under of New Jersey at Hoboken; Vice-President, E. L. Howe,
way, and are expected to result in its reopening within a Vice-President of the Princeton Bank at Princeton, and
month or two. It is understood that arrangements have Treasurer, William F. Arnold, Cashier of the City National
been made whereby the Metropolitan Trust Company of Bank of Plainfield.
this city. is to advance $1,500,000 in cash to aid in the re—Michael F. Dooley,formerly Vice-President of the Union
opening. Argument on the motion for the removal of the Trust Co. of Providence, has been appointed President of
receivers is to be heard by Justice Crane on Monday next. the National Exchange Bank of that city. Mr. Dooley reIn the event that the company resumes, it is said that places A. R. Pierce, who has become Vice-President of the
there will be no deferred-payment plan, the institution bank.
being ready to pay its depositors in full with the help of the
—F. A. Drury has succeded D. D. Muir as President of
Metropolitan. The company suspended on October 25. the Merchants' National Bank of Worcester, Mass. The
Frank L. Bapst and Augustus Van Wyck are the receivers. latter recently
became Vice-President of the First National
—The Jenkins Trust Company, or rather the Lafayette Bank of Boston.
Trust Company, the latter being the name under which the
—Two banks in Venango County, Pa, the Farineie
institution reopened on April 15, has anticipated the first National of Emlenton (capital $50,000) and the First Na10% payment due depositors on May 15, having announced tional of Clintonville (capital $25,000) were placed in charge
its readiness to pay the same on the 29th ult. The plan of receivers on April 24. The institutions are said to be
under which the company was reorganized provided for closely connected.
the payment to depositors of 10% monthly; the first install—The Traders' National Bank of Washington, D. C.,
ment payable thirty days after its reopening.
was placed in voluntary liquidation on April 21, the merger
—,The fifth annual convention of the New Jersey Bankers' of that institution with the Merchants' & Mechanics' SavAssociation was concluded on Saturday last at Atlantic City, ings Bank of Washington, having gone into effect on that
where the bankers were in session for two days. In his date. The last-named institution, which conducts a comaddress as President of the Association, Henry. G. Parker, mercial and savings bank business, has increased its capital
Cashier of the National Bank of New Jersey, at New Bruns- from $100,000 to $200,000. The enlarged bank on April 27
wick, spoke against both the Fowler and Aldrich bills, reported surplus and undivided profits of $41,386, deposits
MAY' 2 1008.]
THE CHRONICLE
1077
of $1,408,976 and total resources of $1,679,356. The tutions are $17,381,323, the savings deposits, $11,075,257;
officers are Eldridge E. Jordan, President; Michael G. the other items, including amount due to banks and bankers,.
McCormick and Julius I. Peyser, Vice-Presidents; J. Fendeli bills payable and other liabilities aggregating $6,139,518.
Cain, Cashier and H. Owen Thompson, Ass'stant Cashier.
Aggregate resources foot up $47,975,807. The last pre:
—Eben H. Bourne, President of the Union National Bank vious statement showed the condition at the close of busiof Cleveland, died on April 24. Mr. Bourne was born at ness on December 16 1907, and included 227 institutions.
Wareham, Mass., in 1840. He became Cashier of the Union The aggregate then was $48,267,486, of which $8,657,951
National with its formation in 1884, and in 1904, with the represented capital, $1,538,306 surplus, $2,902,714 undeath of Marcus A. Hanna, succeeded to the presidency. divided profits, $16,410,885 individual deposits, $11Mr. Bourne was President of the Cleveland Spring Co. and 917,314,savings deposits and $6,840,316 due to banks and
the Columbia Spring Co. He was an ex-President of the bankers, bills payable &c.
Cleveland Clearing-House Association.
—Pending an investigation into the affairs of the Bank
—The Commercial National Bank and the Commercial of Mecklenburg at Boydton, Va., the institution suspended
National Safe Deposit Co. of Chicago, jointly, are distribu- on April 13. There is said to be a shortage of over $100,000,
ing an artistic booklet descriptive of the magnificent new due to overdrafts. President C. J. Faulker, Vice-President
building at the corner of Clark and Adams streets of which Lucius Gregory and J. W. Edmonson were appointed rethey took possession a few months ago. The paper, typo- ceivers on the 15th ult.; Mr. Gregory, however, has declined
graphy and pictorial embellishments of this pamphlet are to serve. The institution has a capital of $16,000. It
all of superior quality. The half-tones, both of the ex- operated a branch at Chase City, Va., which is also closed.
terior and interior, of this beautiful structure of the Italian
—The program for the convention of the Alabama Bankers'
Renaissance school show most graphically the varied Association, which is to be held in Montgomery on May 15
architectural details. When it is considered that this sky- and 16, contains addresses as follows: "Legislation and
scraper represents an investment of four million dollars; Revival of Business" by William B. Ridgely, President of
that the main banking room (one of the largest in the world) the National Bank of Commerce, Kansas City, and exoccupies an area of 28,000 square feet—the main lobby, 60 Comptroller of the Currency; "Co-operation Essential
by 100 feet, being entirely unobstructed by columns or Between Banks" by Alfred J. McGrath, Vice-President of
pillars; lavish adornment of imported marbles, bronzes, the Western National Bank of Philadelphia; "Sidelights on
encaustic tiling and opalescent glass; the rich wainscotings Banking" by Col. T. 0. Smith, Vice-President of the Birin East Indian and Cuban mahogany and Circassian walnut; mingham (Ala.) Trust & Savings Co.; "International Bankthe tons upon tons of Harveyized nickel steel armour ing" by S. D. Scudder, Assistant to President, International
plates used for the security of the bank and safe deposit Banking Corporation, New York; "Lessons of the Panic"
vaults; and .all the other modern appliances and parapher- by Sol. Wexler, Vice-President Whitney Central National
nalia adopted for the convenience and comfort of the bank's Bank of New Orleans, &c., &c. The President of the
patrons—great credit is seen to be due the builders for Association is E. J. Buck, President of the City Bank &
what has been accomplished and congratulations are in Trust Co. of Mobile.
order to the two prosperous financial institutions for their
—Steps to convert the Seaboard Bank of San Francisco
ability to dwell in so luxurious a home.
into the Seaboard National Bank were taken at the annual
The Commercial National was organized in 1864 with a meeting last month, and the
application for its conversion
capital of $200,000. It has grown to an institution with was approved by the Comptroller
of the Currency on April
a capital and surplus of $3,000,000 each, undivided profits 20. The capital is to remain unchanged at
$250,000.
of $1,300,000 and deposits (February. 14) of $41,287,311.
It is pointed out that, notwithstanding panics and times of
depression, the bank has never found it necessary to pass, Rio etarg34Courruexciat ugLisit4ctors
reduce or defer the payment of regular dividends, which
(From our own correspondent.)
have been declared for ninety-seven consecutive periods.
London, Saturday, April 15 1908.
It is further noted that the increasing business has not been
Generally speaking the reorganization of
obtained by the absorption of other banking institutions, of the British Government since last week isthe personnel
approved by
but is wholly the result of the bank's own natural growth.
the Stock Exchange. Mr. Asquith becomes Prime Minster
is succeeded as Chancellor of the Exchequer by Mr.
—W. S. Bishop, formerly Assistant Cashier of the First and
Lloyd George, who has been such a success at the Board of
National Bank of Duluth, Minnesota, has become con- Trade. The new chief at the Board of Trade will be Mr.
nected with the National Bank of the Republic, Chicago, Winston Churchill.
The threatened strike of the employees of the North
in the capacity of chief clerk.
Eastern Railway has had less influence upon stock markets
—At the annual convention of the South Carolina Bankers' than might have been anticipated. Mr. Lloyd George, when
Association, held at Columbia on April 23 and 24, a reso- President of the Board of Trade was generally so successful
his methods of arbitrating between the contending parties
lution was adopted recommending that the State banks in
that it is hoped and believed that his successor will be able
keep on hand 15% of their general funds as a reserve fund to bring about an amicable arrangement. Like most d!sand 5% of their savings deposits. R. G. Rhett, Mayor p_utes of the kind, there is much to be said for both sides.
of Charleston and President of the People's National Bank Undoubtedly the hours of the men on the North Eastern,
of that city, was among the speakers at the meeting; his as well as on all the railways of the country, are very long,
and their remuneration is by no means excessive. At the
remarks dealt with the pending currency bills, and con- same time trade is less active than it has been in the recent
tained an explanation of his own plan for the solution of past, as is evident from the Board of Trade returns, the recurrency reform. Col. F. E. Farnsworth, Secretary of the ceipts of the railways and the figures of the Bankers Clearing
American Bankers' Association, who also addressed the House. Moreover, employment is not as plentiful as it
might be and it is thought, therefore, that the men will be
convention, stated that the National Association had de- brought to see that the present is not an opportune time
cided to urge the appointment of a currency commission for a great strike.
The arrangement proposed by the Underground Electric
consisting of.'forty-three, eleven from the Senate, eleven
from the House and twenty-one from the country at large, Railways has practically had no influence upon stock
markets. The arrangement involved an application to
appointed by the President. T. B. Stackhous2, Vice- the courts which has been made with the result that Sir
President of the National Loan & Exchange Bank of Colum- George Gibb, the Chairman of the District Railway and
bia, is the newly elected President of the Association. Giles Vice-Chairman of the Underground Co. has been appointed
receiver and
This is a purely technical matter,
L. Wilson of Spartanburg has been re-elected Secretary and has been manager.
done in order to protect the interests of those
and Treasurer.
concerned. It has been known so long now that the com—The first report of the condition of the State and private pany will not be in a position to meet its profit-sharing notes
maturing in June, that any reasonable scheme likely to
'banking institutions of South Carolina made by Bank meet the deficiency had a chance
of being welcomed.
Examiner Giles L. Wilson has been issued, and gives staWhile the Bank rate of discount remains at 3%,money so
tistics as of March 9. The statement covers 233 institu- far, although, of course, cheap, has been by no means as
tions and shows the total paid-in capital of these as $9,- plentiful as was generally expected. This week, of course,'
there is a heavy drain to the country in connection with
061,714, the surplus as $1,536,410 and undivided profits the Easter holidays. But
although Lombard Street has
$2,781,585. The individual deposits of the combined insti- nothing to complain of, Throgmorton Street has been some
[VOL. Lxxxvi.
THE CHRONICLE
1078
1908.
April 16.
.£
Circulation
29,136,715
Public deposits__ _ _ 10,661,153
Other deposits
41,922,601
Governm't securities 13.757,493
Other securities
30,033,292
Reserve notes&coln. 26.114,425
Coln&bull.,both dep 36,801,140
Prop. reserve to Habilities
50
p. C.
Bank rate_ _ _ _p. c.
3
C0119013. 23% p. c___
873%
Silver
2535d.
Clear.-house returns.256,466,000
1906.
1907.
April 17.
April 18.
£
£
28,550,900 28,875,365
9,894,659
9,044,391
48,634,110 43,502,080
15,447,423 15,977.281
34,325,702 31,876,365
25,794,496 23.370,031
35.894,896 33,795,396
1905.
April 19.
X
28,958,410
10,853,913
39,001,646
15,495,306
28,369,149
25,822,122
36,330,532
1904.
April 20.
£
28,129,465
8,734,412
44,741,025
17,283,980
28,823,629
24;861,000
34,540,665
513%
46 11-10
443%
433%
3
23%
43%
33%
903%
90 11-16
883-1
86 3-16
263%d. 24 13-16d.
303%d. 29 15-16d.
278,743,000 182,932,000 300,087,000 221,780,000
The rates for money have been as follows:
April 10.
3
April 17.
Bank of England rate
3
Open Market RateBank bills-3 months_ _ _ _ 23%02%
2%
-4 months- _--6 months_ __ _
23%
, Trade bills--3 months_
3(433%
•
-4 months_ - - 3@)351
fnlerest allowed for deposits13%
By Joint-stock banks
' By discount houses:
1%
At call
2
•
7 to 14 days
March 28.
3
April 4.
3
2@)2%
202%
202%
3@3%
3©35.5
23% @323% 2 7-16(423%
255
2%023
4
23%
23%02%
5
3
23%©2'4
23%
3(433%
N. Y. Ontario & Western_ - - 35
Norfolk & Western, corn- _ - - 67
Preferred
80%
Northern Pacific
1333%
aPennsylvania
613%
aReading Co
50
aFirst preferred
423%
42
aSecond preferred
163%
Rock Island Co
Southern Pacific
79
Southern Rv., common
153%
Preferred
42
Union Pacific, common
13734
Preferred
823%
U. S. Steel Corp., common_ - 373%
Preferred
103
Wabash
10%
Preferred
19
Extended 4s
49
%
3
a Price per share.
35
66
82
134
C2%
5651
42%
42
163%
80%
15%
41%
140%
82%
36%
102%
11
20
50%
35
67
82
133
61%
55%
42%
42
16
78%
14%
41
137%
82%
36%
102%
10%
19
48%
3555
67%
82
136
62%
56%
42%
42
-16%
81%
15%
41
140%
82%
37%
103%
11%
19%
50%
35
6755
82
136
613%
,i
56;
,
42%
41%
16
81%
1555
42
140%
8355
38%
103%
10%
1955
49
HOLIDAY (MAY DAY)
English Financial Markets-Per Cable.
what disappointed that while the rates for money are moderate the actual supply is far from being abundant. HowThe daily closing quotations for securities, &c., at London,
ever, the general opinion seems to be that it is merely a as reported by cable, have been as follows the past week:
question of a few weeks,and that in due time the hearts
London.
Wed. Thurs. Fri.
Tues.
Week ending May 1.
Mon.
Sat.
of jobbers and brokers will be gladdened by the appearance Silver,
per oz
d 24 11-16 249-16 24 11-1624 11-1624 5-16
investment.
86 7-16
of large sums awaiting
Consols, new, 23% per cents- _ 863%
86 7-10 80 7-16 863%
869-16 863%
863%
For account
86 11-16803%
Practically the India Council has ceased to be able to sell French
96.45
96.45
96.45
Rentes (in
96.50
96.473%
drafts at the price which it is willing to accept. Owing to Russian Imperial 4sParis)_fr. 83
13
82%
83
823%
____
9555
- - -do
New
5s
__
do
United
in
the
India
Provinces
of
the terrible drought in
62
6155
613%
Amalgamated Copper Co--- 613%
613%
7
particular and over a large part of India generally, that bAnaconda
74
Mining Co
74
74
73%
82/
3
823%
81%
823%
country has comparatively little to export this year. In Atchisen Topeka & Santa Fe 813%
92
Preferred
92
91
91
913%
. order to maintain the gold standard the Council has to Baltimore
88%
& Ohio
883%
873%
873%
873%
85
85
Preferred
85
85
85
endeavor to maintain as far as poosible a fixed par of ex159%
160%
Pacific
1593%
159%
1603%
change. The level of is. 4d. is constantly departed from, Canadian
34%
35
Chesapeake & Ohio
34
34%
34
5
5%
5%
5%
but beyond a certain point the Council does not feel it ex- Chicago Great Western
5%
132
131%
126
131
Milw. & St. Paul_ _125
pedient to go. This week it offered for tender ten lacs of Chicago
21%
213%
213%
213%
Denver & Rio Grande. corn_ 21
58%
rupees and received applications for only half a lac. This
583%
583%
Preferred
583%
583%
18%
19%
19
19
common
193%
Amount was allotted on the bass of is. 3 29-32d. The total Erie,
34%
35%
35%
36
First preferred
36
•sales for the financial year which began on April 1 have
25
25
24
25
Second preferred
25
137
132
138
132
Central
130%
so far realized £52,000, as against £708,000 for the cor- Illinois
1llg
107
105
Louisville & Nashville
1043%
1033%
responding period of last year.
15%
16
16%
Mexican Central
163%
2655
26%
26%
26
The following return shows the position of the Bank of Mo. Kansas & Texas. corn_ _ 26
60
(10
59%
Preferred
59%
59
England, the Bank rate of discount, the price of consols, &c., National
49
41)
4935
RR. of Mexico_ _ _ _ 49
49%
103%
104
N. Y.Cent. & Hudson River 1023%
compared with the last four years:
102%
10355
.£ sterling.
Tontinrcial.and 314iscellancoits Jiius
FOREIGN TRADE OF NEW7YORK-MONTHLY
STATEMENT.-In addition to the'iother tables given in
this department, made up from weekly returns, we give the
13%
1%
15
,1
following figures for the full months, also issued by our New
2
2
2
York Custom House. The first statement covers the total
The Bank rates of discount and open market rates at the imports and exports of merchandise and the Customs rechief Continental cities have been as follows:
ceipts for the nine months of the last two seasons:
April 4.
March
Rates of
Interest atParis
I3erlin
Hamburg
Frankfort
Amsterdam
Brussels
Vienna
St. Petersburg
Madrid
Copenhagen
13%
155
3
28.
April 11.
April 18.
Bank Open Bank Open Bank Open Bank Open
Rate. Market. Rate. Markel. Rate. Market. Rate. Market.
%
3
2%
23
3
2%
3
2%
3
43%
4%
555
4
53%
53-1
4
53%
4%
4%
53%
4
53%
4
53%
53%
4%
53%
4 9-16
53% 3 15-16 53%
43%
53%
3%
3%
33-1
334
3%
33%
3
ni
4
3 3-16
3%
3
33% 3 1-16
3
33%
4%
4
43%
4%
4
43%
4
4%
nom. 6%
nom. 63%
nom.
6% nom. 6%
3%
43%
3%
455
3%
4%
43%
355
6
5%
6%
5%
6
6
6
6%
. GOLD.-Excepting moderate amounts for India and the trade, all this week's
arrivals have been taken for the Continent. Paris being the chief buyer. Next week
we expect £483.000 from the Cape. At the Bank £100,000 has been received from
Australia and £78,000 from Egypt, while £249,000 has been withdrawn for Paris
and £10,000 for South America. Arrivals-Cape, £528,500; India, £164,000;
West Africa, £17,000; New Zealand, £50,000; Srazil, £11,500; total, £771,000.
Shipments-Bombay,£56,500; Madras,£4,500; Calcutta,£5,000; total,£66,000.
• SILVER.-On the 10th inst the quotation fell another 1-16d. to 25 3-16d., but
at this price offerings were moderate, and there was no change until yesterday, when,
on some inquiry for the Indian Bazaars, the market recovered to 25340. This has
been followed by a further rise to-day-of Ad. and the Indian Bazaars have again
been moderate buyers. The tone at the close is barely steady, buyers being satisfied.
The Bombay quotation is Its. 65 5-16 per 100 Tolahs. Arrivals-New York,
£160,000. Shipments-Bombay, £11,500; Singapore (coin), £11,930; Madras
£5,650; Calcutta, £5,000; total, £34,080.
The quotations for bullion are reported as follows:
Apr.16.
.
GOLD.
s. d.
• London Standard.
Bar gold, fine, oz
77 10%
76 5
U. S. gold, oz
German gold coin, oz- -76 5
French gold coin, oz _ _76 5
Japanese yen
76 5
SILVER.
Apr. 9.
London Standard.
s. d.
77 10% Bar silver, fine, oz
" 2 mo. delivery
76 5
76 5 'Cake silver, oz
76 5 'Mexican dollars
76 5 1
I
1
I
Apr.16.Apr.9
d.
d.
25% 253%
253% 2535
273% 273%
nom. nom.
The following shows the imports of cereal produce into
the United Kingdom during the season to date, compared
with previous seasons:
IMPORTS.
1905-06.
1906-07.
1907-08.
1904-05.
cwt57,566,500 51,130.100 49,048,600 64,148,500
16,692,900 15,659,300 15,448,100 15,854,000
7,843,400
6,601,600
6.972,500
8,309,600
1,192,645
1,216,480
1,129,690
1,427,641
599,440
501,650
820,380
1,137,440
26,898,100 31,482,700 29,773,100 27,269,000
8,540,600
9,685,200
9,758,500
7.323,320
Supplies available for consumption (exclusive of stock on
Sept. 1):
Wheat imported
Imports of flour
Sales of home-grown
Total
Average price wheat, week
Average price, season
1905-06.
1906-07.
1904-05,
1907-08.
cwt_57,566,500 51,130,100 49,048.600 64,148,500
9,685,200
8,540,690
9,758.500
7,323,320
23,700.000 18,789,000 23,707,142 11.174,835
91.025,000 78.459,700 82,410,942 82,646,655
28s. 7d.
31s. 2d.
26s. 9d.
30a. 9d.
28s. Id.
26s. 4d.
33s. 6d.
30s. 4d
The following shows the quantities of wheat, flour and
rOaize afloat to the United Kingdom:
Wheat
Flour, equal to
Maize
This week.
qrs. 3,970,000
ars
190,000
qrs
185,000
Last week.
4,051,000
174.000
165,000
1906-07.
3,805.000
205,000
390,000
1905-06.
3,850,000
175.000
460,000
July
August_ _
September
October
November
December
January _
February
March-- - -
1906-07.
75,554,451
70,293,09
58,833,023
62,250,933
63,599,163
53,019,862
47,489.941
44,771,752
52,625,828
Customs Receipts
at New York.
Exports.
Imports.
1907-08.
YS
Messrs. Pixley & Abell write as follows under date of
April 16:
Thirty-two weeks.
Imports of wheat
Barley
Oats
Peas
Beans
Indian corn
Flour
Merchaulise Movement to New York.
Month.
67.679.926
62.182,896
58,644,148
69,513,990
70,307,143
83,875,573
75.330,156
73,356,400
82,462,921
1907-08.
1906-07.
1907-08.
1900-07.
58,503.816
56,833.707
54,712,748
62,739,894
64,981,878
66,420,931
62,531,690
59,999,716
58,116,795
$
44,601,649
56,153,299
49,638,991
55,658,846
52,503,126
50.934,135
54.087,910
51,324,211
55,773,585
19.368,068
19.205,736
17,002,293
18,859,698
14,287.871
14,964,689
14,640,446
15,241,056
14,086,404
17,955,839
19,081,928
17,161,861
18,948,438
17,792,149
19.608,553
19,970.981
18,096,641
18,695,668
Total - 528,438,0491643,353,153 544,841,175 471,275,772 147,656,261 167,312,058
The imports and exports of gold and silver for the nine
months have been as follows:
Gold Movement at New York.
Month.
Imports.
1907-08.
1906-07.
Exports.
1907-08.
1906-07.
38,982
July
970.776 4,147,352 5,085,668
29,929
August
522,870 1,330,277 2,905,033
70,248
207,075
September __.
720.327 25,822,574
203,343
October
751,381 17,320,171 2,322,958
34,631
November
57.550,403
625,028
865,111
31,830
December
36,576,908 1.380,413
66,925 1,367,113
January
7,585.759
388,410
335,588
636,087
February __ _ _ 1,300,840 1,230,143
7,156
135,985
March
1,925.862 1,514,662
Total
Silver-New York.
Imports.
190-7-08.
556.922
603.304
661.408
995,383
306,398
670,964
719,375
24,477
499,947
Exports.
1907-08.
4,694.149
6.474,013
5,777,378
4,322.134
3,947,758
3,076,421
3,297,516
3,509,414
3,205,044
107905 126 53,759,030 11,391,561 2,947,101 5,038,178 38,308,827
Auction Sales.-Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
By Messrs. Adrian H. Muller & Son:
Stocks.
Stocks.
63 Hope Knitting Co. of Co26 Nassau Fire Ins. Co. of
Brooklyn
82
1403%
heN
Tax
. YlMeter Co_ $25 lot
100 Amer.
16 New York Trust Co_ _ _450
225 Internat. Bkg. Corp
9955
15 Royal Baking Po'wder
17 Nat. liank of Commerce.170
Co.,common
141
5 Irving Nat. Exch. 13k_175
30 Royal Baking Powder
133 Lehigh & Wilkes-Barre
953%
Co., preferred
.oaaldC
C
Iio
100
39 Standard 011 Co
595
50 I
hLe . Co., pref _100
31 New Orleans Ry. & Lt.
City
80
Investing Co
Co. preferred
58
2534
190 Carnegie Trust Co.. _125-160%
100 Jas. Rowland & Co., Inc)
20 Chemical National 131c. _400%
$2.650 Note of A. E. C. Minder- )46
20 Citizens' Cent. Nat. 13k_ 142
man, dated Mch. 4 '05- 1
40 Merchants' Nat. I3ank_ 149
1,000 Stormont Mining Co. of
80
Utah
137 Aeolian Co. pref
;1
12 Knickerbocker Tr. Co_ _341
10,000 Boulder County 011 Co_ $5
5 Meyer Jonasson & Co. of
Boston. corn
Bonds.
;11 per sh
10 Meyer Jonasson & Co. of
Boston, pref
;61 per sh ;30,000 N. Y. City 350.1954
88 %-88%
86 Gill Electric Co
;5 lot .
.
$25,000 10-year coiL tr. & cony.
1 Toms River Game Assn.. ;7
5't Internist. Postal Supply
7s, Newfoundland syndicate;l 5 lot
Co. of New York
&Amt.
603%
THE CHRONICLE
MAY 21908.1
1079
Breadstuffs Figures Brought from Page 1111.-The statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since Aug. 1 for each of the last three years have been:
Wheal,
Exports from
bush.
New York
573.000
Boston
114,000
Philadelphia
25,000
Baltimore
223,000
New Orleans
Galveston
119,000
Montreal
126,000
Buffalo
319,000
Toledo..............282,000
Barley.
Corn.
Oats.
Wheat.
Rye.
Detroit
Receipts al- Flour.
145,000
-- Chicago
3,935,000
bbls.1961b5. bush.60 lbs. bush. 56 lbs bush 32 lbs. bush.481bs. bu. 50 lbs. Milwaukee
273,000
121,481 2,012,878 1,742.233
11,00(1 Fort William__ - - _____ 4,527,000
171,076
26b,300
Chicago _
192,000
17,000
189,000
17,100 Port Arthur
42,375
169,200
Milwaukee-4,767.000
94,600
15,789
3,541
44,650
10,829
Duluth
"
afloat
1.419,000
863,740
195,860
20,720
26,210 Duluth
Minneapolis..
53,520
9,525,000
86,800
30.000
51,000
3.000
Toledo
"
afloat
495.000
37,100
7,200
68,700
3,000
Detroit
Minneapolis
6,249.000
37,857
72,554
4,555
912
Cleveland _ _
14.313
St. Louis
664,000
169,232
388,560
374,400
43,395
1,000 Kansas City
St. Louis__ _
10,400
1,025,000
5,000
422.300
Peoria
23,850
166,500
1,000 Peoria
34,000
14,000
101.200
301,350
189.000
Kansas City_
Indianapolis
163,000
On Lakes
883,000
329,258 1,786,158 3,124,415 3,068,036
Tot.wk.'08
62,851
558,562
Same wk.'07
414,053 4,731,342 2,931,594 4,743,232
929,635 144.706
Total April 25 1908.35,865,000
381,819 2,108,951 2,511,805 3,480,212
Same wk.'06
710,058 112,616
Total April 25 1908-35,865,000
Total April 18 1908_ _36,732,000
Since Aug. 1
Total April 27 1907_ _52,776,000
1907-08.- - 13,779.651 182,575,032 144,879,633 150,563,067 55,364,950 5,900,035
Total April 28 1906_ _41,221,000
1906-07_ - 16,007,496 195,956,718 160,891,835 160.471,350 59,852,012 6,620,724
Total April 29 1905-.28,529,000
1905-06..- 15,341,203 197,194,230 142,298,761 180,810,398 69,315,836 6,991,634
Total April 30 1904- -30,357.000
Total May 2 1903_ -33,456,000
Total receipts of flour and grain at the seaboard ports for
the week ended April 25 1908 follow:
Receipts atNew York
Boston
Portland, Me
Philadelphia .....
Baltimore
Richmond
New Orleans *- _Newport News--Norfolk
Galveston
Mobile
Montreal
St. John, N. B....
Wheat,
bush.
130,000
1,489
39,244
6,964
13,459
28,012
12,000
Flour,
bbls.
75,215
23,146
6,063
26,423
24,287
3,340
11,697
41,643
893
Corn,
bush,
16,690
3,505
Oats,
bush.
289,500
60,085
Barley,
bush.
2,400
1,750
30,077
40.706
28,272
69,050
75,106
54,913
12,768
104,700
2,600
6,000
1,000
1,000
2,000
22,895
8,763
16,526
36,000
4,150
5,760
27,798
10,594
286,426
Rye'
bush.
-3,731
1,072
250,415
Total week
564,188
198,300
619,967
31,439
4,803
383,182
838,776 2,798,560 1,158,543 128,343 110,175
Week 1907
Since Jan. 1 1908.-5,800,567 19,742,288 23.877,288 13,372,026 1,792,0541,149,400
1907-6,305,224
Jan.
23.155,362
45,135.689
1
Since
15,883,149 2,019,125 647,556
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending April 25 1908 are shown in the annexed statement:
Wheat.
Exports frombush.
New York
137,641
Portland, Me- - - - 39,244
Boston
65,851
Philadelphia
44,571
Baltimore
76,000
New Orleans
Newport News_
Galveston
Mobile
Norfolk
St. John, N. B.. 286,426
Corn. Flour,
bush.
bbls,
88,289 58.957
3,107
41,331 16,182
57,966
471,582
9,537
20,955
7,390
41,643
1,500
2,478
1,000
4,150
6,000
893
27,798
Total week_ _ _ - 649,733 630,657 230,101
Week 1907
1,124,168 1,859,389 172.714
Oats.
bush.
15,595
Rye,
bush.
1,164
18,080
400
78
13,009
Peas. Barley,
bush.
bush.
4,587
16,667
--500
16,526
17,237 31,089 33,193
42,297 25,995 36,251
4,887
7,888
The destination of these exports for the week and since
July 1 1907 is as below:
Wheat
Flour
CornSince
Since
Since
Week
July 1
July 1
Week
Week
July 1
Exports for week and Apr.25.
1907. Apr. 25.
1907. Apr. 25.
1907.
bush.
since July 1 to
bbls.
bbls.
bush.
bush.
bush.
United Kingdom- - _135,802 5,693,405 418,336 53,761,933
83,142 20,557,887
Continent
42,327 2,191,878 225,415 43,242,240 515.700 22,514,051
5,982
So. & Cent. Amer- - _ 19,358 626,759
383,165
1,172
194,668
32,271 1,150,707
West Indies
30,015 1,223,212
19,607
63,706
175
Brit. No. Am.Cols- 628
78,271
168 250,144
Other countries
83,850
27,608
•230,101 9,976,599 649,733 97.490,795 630,657 44,295,697
Total
172,714 9.425,284 1.124,168 77.166,864 1,859,389 62,704,463
Total 1906-07
The world's shipments of wheat and corn for the week
ending April 25 1908 and since July 1 in 1907-08 and 1906-07
are shown in the following:
Wheal.
Exports
1907-08.
Week
April 25.
Since
July 1.
Since
July 1.
1907-08.
Week
April 25.
1906-07.
Since
July 1.
North Amer. 1,493,000 175,873,000 141,218.000 667,000 43,011,000
Russian _ _ 496,000 56,360,000 77,832,000 544,000 21,996,000
Danubian _1 600,000 23,843,000 67,688,000 1,096,000 42,432.000
Argentine
2,736,000 95,471,000 78,016,000 688,000 41,497,000
AustralI
_ 152.000 15,420,000 19,296,000
Oth.countri's 128,000 23,300,000 24,720,000
-Total - - 5,605,000 390,267,000 398,770.000 2,995,000 149,836,000
Since
July 1.
59,584,000
13,653,000
18,360,000
76,363,000
Wheat.
167,960,000
Corn.
Total.
United
Kingdom. Continent,
Toted.
April 25 1908.. 28.000,000 19,280,000 47,280,900 2,890,000 3,910,000 6,800,000
April 18 1908.. 30,080.000 21,680.000 51.760,000 2.720,000 3,315,000 6.035,000
April 27 1907-, 31,800,000 20,080,000 51,880,000 3,320,000 4.640.000 7.960,000
The visible supply of grain, comprising the stocks in
granary at the principal points of accumulation at lake and
seaboard ports April 25 1908 was as follows:
Rye,
bush,
22.000
101,000
17,000
39,000
287,000
157.000
3.166,000
405,000
189,000
458,000
129.000
32,000
5,519,000
125,000
967.000
33,000
557.000
52,000
133,000
261.000
197,000
34,000
992,000
354,000
37,000
791,000
66.000
48,000
1,000
1.171,000
48,000
60,000
2,000
11,000
171,000
7,000
1Waii
115,000
376,000
- 1:655
33.000
280,000
3,000
247.000
5,714,000 10,562,000
5,714,000 10,562,000
5,822,000 10,880,000
9,074.000
9,866,000
4,399,000 16,674,000
9,971,000 13,857,000
7,830,000
9,100,000
6,459.000
6,226,C00
414,000 2,930.000W
414,000 2,930,000
456,000 3,025,000
1,315,000 2,519,000
1,789,000 2,071,000
1,116,000 1,918,000
1,036,000 2,614,000
1,149,000 1,242.000
DIVIDENDS.
The following shows all the dividends announced for the
future by all large or important corporations:
Dividends announced this week are printed in italics.
Per
When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atch. Top. & Santa Fe, corn.(No. 15)- 1 Holders of rec. May 8
June
Atlantic Coast Line RR.. preferred_ - - - - 2% May 11 April 4
to
May 11
Geor9la Sou. & Florida 1st & 2d pre' -. 284 May 13 May 7
to
May 13
Missouri Kansas & Texas, preferred- - - 9 Aprll 19
May
to
May 8
Nashua & Lowell
1 Holders of rec. Apr.113a
434 May
Norfolk & Western, common
June 18 Holders of rec. May 29
Pennsylvania
May 29 Molders of rec. May 5
:3
Reading Company, 28 preferred
May
2
9 Holders of rec. April 22
Rich. Fred. & Potomac,guaranteed
434 May
1 April 27
to
May 1,
Rich Fred. & Potomac and
Rich.& Petersburg Connection
1 April 26
May
5
to
May 1
Rome Watertown & Ogd., guar. (quar.)_ _
1yi May 15 Holders of rec. April 30
Street and Electric Railways.
Connecticut Railway & LightingCommon, assenting (quer.)
1
May 15 May 1
to
May 15
Common, non-assenting (quer.)
15c. May 15 May 1
to
May 15
Preferred (quer.)
1
May 15 May 1
to
May 15
Tampa Electric Co.(No. 17)
384 May 15 Holders of rec. May 5
Twin City Rap. Tr.. Minn.. corn.(qu.).. 184 May 15 Holders of rec. May 1
Union Street, New Bedford, Mass.(qu.).. 2
1 Holders of roe. April 17
May
Banks.
Fourteenth Street (guar.)(No.15)
1 Holders of roe. April 30
23-4 May
Metropolis, Bank of the (guar.)
1 Holders of rec. April 30
May
4
Trust Companies.
Farmers' Loan & Trust (guar.)
1 April 26
May
10
to
May 1
Miscellaneous.
Amalgamated Copper (quer.)
May 25 Holders of rec. April 23
3-4
American Chicle com (monthly)
May 20 May 15
to
May 20
Common (extra)
May 20 May 15
to
May 20
American District Telegraph of N.Y-May 15 Holders of rec. May 1
1
Am.Graphophone, pref.(quer.)(No.52)
May 15 Holders Of rec. May 1
American Locomotive, corn. (guar.).- - May 27 May 15
to
May 27
Bond & Mortgage Guarantee (quar.)_ _
May 15 Holders of rec. May I)
3
Butte Electric de Pow., pref.(qu.)(No. 27) 184 May
1 Holders of rec. Apr.29ci
Casein Company, pref. (guar.)(No..32)_
May 11 May 1
to
May 10
Consolidated Gas of N. Y. (quar.) 1
June 15 Holders 0! rec. May 20
Electric Properties Co. (qu.) (Nos.5,6cfc7)
May 11 May 5
to
May 11
Federal Sugar, pref. (guar.)
May
4 Holders °f roe. APr.30a
Internat. Smokeless Pow.& Chem.. pref.
May 15 Holders of rec. April 30
Lehigh Coal & Navigation (No. 121).
May 27 Holdres of rec. April 30
Michigan State Teleph.. corn.(No0.1,42)
June
1 May 17
June 1
to
Montreal Lt., Ht. dr Pow.(qu.)(No. 28)
May 15 Holders of rec. April 30
Municipal Gas, Albany, N. Y.(qrsar.)- - 1 April 26
May
to
May 1
National Carbon, preferred (guar.)
May 15 May 5
to
May 15
New England Teleph. & Teleg.(quar.)-May 15 April 21
to
May 4,
People's Gas Light & Coke (quer.)
May 25 Holders of rec. May 2
Pressed Steel Car, pref.(quer.)(No.37)_
May 27 May 7
to
May 15
Procter & Gamble, common (guar.)._May 15 Holders of rec. Apr.30a
Pullman Company (quer.)(No. 165)- - _ _
May 15 Holders of rec. April 30
United Bank Note Corp., corn.(quar.)-to
May 15 May 3
May 15
United Electric Securities, preferred-- _ -1 Holders of rec. April 21
May
U. S. Cast Iron Pipe dr Fdy.. pf.
June
1 May 12
May 31
to
United States Express (No. 149)
May 15 May 1
to
May 15
U.S. Steel Corp. ,com.(qu.)(No. 18)...
June 30 June 11
to
June 30
Preferred (guar.)(No. 28)
June
1 May 7
to
June 1
United States Telephone, pref.(quar.)- May 15 Holders of rec. May in
Warwick Iron & Steel
May 15 May 1
to
May 15
Waterbury Co. of iVest Va.(oar.)
1 April 29
May
to
April 30
Waterbury Co. of New Jersey, arm (qu.).
May
1 April 29
to
April 30
Preferred (quarterly)
May
1 April 29
to
April 30
Imports and Exports for the Week.-The following arethe imports at New York for the week ending April 25; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For week.
Dry goods
General merchandise
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
United
Kingdom. Continent.
Oats,
bush.
542,000
14,000
93,000
124,000
130,000
a Transfer books not closed.
Corn.
1906-07.
Corn,
buhs.
187.000
52,000
2,000
639,000
95,000
7,000
40,000
Total
Since January 1.
Dry goods
General merchandise
Total 17 weeks
1908.
$1.715,482
10,979.348
1907.
$2,950,779
14,719.525
1906.
1905.
$2,707,933
11,604,540
$2,454,820
11,429,115
$12194380 $17,670,304 $14,312,473 $13,883,935
$46,121.175 $66,964,705 $59,206,600 $51,162,838'
150,195,342 236,010,825 197,482,663 202,082,719
$196,316,517 $302.975,530 $256,689,263 $253,245.557'
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending April 25 and from Jan. 1 to date:
EXPORTS FROM NEW YORK FOR THE WEEK.
1908.
For the week
Previously reported
Total 17 weeks
1907.
1906.
I
1905.
$12,629,348 $14,849,398 $12,836,330 $10,926,358
206,405.708 193.054,908 199,750,490 169,866,950
$219,035,056 $207,904,306 $212,586,820 $180,793,:;08
[VOL. Lxxxvi.
THE CHRONICLE
1080
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.
Exports.
Gold.
Week.
Since Jan. 1
Week.
Since Jan. 1
$3,413,212
198,815
15,785
2,035,599
190,999
1,065,615
1,268,630
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
51,000,529
$6,542.535 6.542,535
Total 1008
• Total 1907
Total 1906
$72,103 $9,088,655
$6,567,335 $8,461,764
92,530 5,219,105
32,200 1,776,536
405,000 4,704,522 8,914,921 13,782,081
22,500
2,300
Sliver.
Cireat Britain
France
Germany
West Indies
Mexico
South America
All other countries
340.190
2,300
566,475
9,735
$40,392
2,680
27,986
1,043
$730
$905,635 $12,368,737
740,000
4,300
2.333
164,685
9,670
400
35,000
3.000
350
$907,968 513,276,772
910.407 13,590,135
1,124,405 18,844,060
Total 1908
Total 1907
Total 1906
538,045
47,560
53,552
47,670
391,105
268,355
195,309
$50,100 $1,041,596
658,775
15,404
814,713
81,864
Note.-In the case of the Clearing-House banks, the deposits are "net" both for
the average and actual figures: in all other cases "gross" deposits are shown. The
Clearing-House actual figures included U. S. deposits amounting to $43,488,500, a
decrease of $83,100 from last week ;averages included U.S. deposits of $43,534,900,
a decrease of $36,900 from last week.
"Reserve on deposits" includes, for both trust companies and State banks, not
only cash items but amounts due from reserve agents, and in the case of trust companies Includes likewise municipal bonds. State banks in New York City are required by law to carry a reserve amounting to 15% of deposits, while outside of
New York City only 10% is required, which reserve in both cases need not be more
than one-half in cash. Trust companies in Greater New York are required to keep
may be in municia reserve of 15%,of which only 5% need be in cash and 5% more
pal bonds, while in the case of the trust companies in the rest of the State the required reserve is 10%, of which only 3% need be in cash and 3% more may be in
municipal bonds.
The State Banking Department also furnishes the following report for State banks and trust companies outside of
Greater New York.
STATE BANKS & TRUST CO'S OUTSIDE OF GREATER NEW YORK.
% 01
Week ending April 25 1908.
Reserve. Res.
Deposits.
Loans.
$78,160,000 $80,088,900 $15,115,800 19.5
State banks
+409,800
-51,400
-115,100
20,552,700 16.7
116,886,400 124,287,400
Trust companies
-244,000
+68,600
--287,000
+ Increase over last week. - Decrease from last week.
Reports of Non-Member Banks.-The following is the
Of the above imports for the week in 1908, $49,353 were
for the
American gold coin and $4,300 American silver coin. Of statement of condition of the non-member banks
results:
daily
average
on
based
25,
April
ending
week
American
were
$24,800
during
the
time,
exports
same
the
We omit two ciphers (00) in all cases.
gold coin and ___ were American silver coin.
Deposit with
Statement of New York City Clearing-House Banks.-The
Legal
Loans,
Tender
Disc'ts
detailed statement below shows the condition of the New
Net
Other
ClearSurand
CapiSpecie. and
Banks.
25
April
ending
York City Clearing-House banks for the week
Banks, Deposits
ing
Bank
Investplus.
tal.
dce.
the
of
Agent.
Notes.
averages
menu.
the
The figures for the separate banks are
___----daily results. In the case of the totals, however, a departure N. Y. City.
addition
in
that
so
8,
Feb.
ol
Boroughs
was made with the statement for
.&Brz
to the averages for the week the actual figures at the end of Man
811,0
90„8
50,0
14,0
Wash .Hgt-s. 100,0
922,0
185,0
86,0 2-21,6 1,709,0
Century __
118,0
15,1
138,1 1,445,3
200,0
the week are now given.
4,775,1
We omU two ciphers (00) in all cases.
Banks.
005 omitted.
Capital. Surplus.
Loans.
Average.
Specie. Legals. Deposits. ReAverage. Average. Average. ave.
20,113,0 26.6
Bank of N. Y... 2,000,0 3,168,7 20,742,0 4,312,0 1,043,0
2,050,0 3,288,9 25,100.0 12,100,0 1,460,0 34,300,0 39 5
Manhattan Co_
21,246,7 25.8
1,690,8
3,799,4
2.000,0 1,613,3 20,444,7
Merchants' - - - 3,000,0 3,704,8 24,924,0 5,019,0 1,599,0 25,566,0 25.8
Mechanics' _ _
25,475,5 25.0
2,111,0
4,417,4
24,170,0
4,606,1
1,500,0
America
6,066,0 25.6
70.0
7,290.0 1,488,0
530,0
1,000,0
Phenix
3,870,0 195,158,0 40.4
75,010.8
174,573,2
24,886,0
25,000,0
City
26.0
33,290,8
2,034,8
6,620,7
32,691,5
3,000,0 5,606,3
Chemical
7,157,0 25.6
186,6
6,786,2 1,646,6
528,3
600,0
Merchants' Ex_
7,206,8 25.1
652,0
1,161,0
9,219.6
2,411,4
1,000,0
Nat__
Gallatin
2,003,3 27.7
95,0
459,9
2,074,2
141,8
300,0
Butch. & Drov_
5,432,0 30.5
250,0
4,888,9 1,407,5
740,4
500,0
Greenwich _ _ _ _
1,445,6 25,442,6 25.9
5,147.4
32,441,2
5,136,8
5,000,0
Exch.
American
151,650,7 30.1
25,000,0 14,956,3 159,517,7 33,384,8 12,274,3
Commerce
268,6
5,364,9 28.1
9,596,6 1,244,0
Mercantile --. 3,000,0 2,435,4
3.388,2 37.1
487,7
771,0
3,228,7
829,4
500,0
Pacific
29.2
6,278,4
909,5
926,6
5,971,2
450.0 1,000,4
Chatham
58,0
2,137,4 31.2
609.6
1,766,3
464,1
200,0
People's
23.4
73,332,7
9,192,6
10,178,6
62,516,3
9,286,3
3,000,0
Hanover
322,9 19,477,4 26.9
2,550,0 1,100,0 19,961,9 4,911,8
Citizen's Cent'l_
584,6
4,766,3 26.8
696,3
4,425,3
366,4
500,0
Nassau
8,294,2 35.0
818,7
2,092,0
7,439,2
1,571,7
1,000.0
Market & Fun'n
226,6 10,740,5 27.3
2,000,0 1,090,3 10,509,6 2,708,2
Metropolitan _ _
9,878,0 3,744,0
26.9
Corn Exchange 3,000,0 5,068,9 '42,134,0 4,694,0 1,500,0 50.500,0
24,500,0 25.2
Imp.& Traders' 1.500,0 7,258,7 27.014,0 20,659,0 3.009,0 89,608,0
26.4
3.000,0 9,265,0 78,431,0
Park
326,8
1,411,6 31.7
121.5
1,218,3
118,8
250,0
East River _
3,000,0 3,321,3 22.311,0 4,855,0 2,083,0 23,956,0 28.9
Fourth
480,0 10,819,0 26.2
9,923,0 2,362,0
1,000,0 1,629,2
Second
10,000,0 20,085,4 116,446,4 30,606,1 1,011,1 110,204,1 28.6
First
2,000,0 1,267,6 16,435,1 3,511,7 1,042,3 16,893,1 26.9
Irving Nat
78,0
682,0
3,340,0 22.7
2,368,4
772,7
250,0
Bowery
666,4
1,333,0
7,545,9 26.4
7,047,1
500,0 1,079,8
N. Y. County_
175,0
3,260,3 26.4
686,3
3,578,5
617,6
750,0
German -Amer_
5,000,0 4,991,1 77,920,0 19,777,0 2,597,0 88,098,0 25.3
Chase
11,893,9 3,178,3 1,152,5 13,957,8 31.0
100,0 1,987,4
Fifth Avenue..
800,0
4,150,2 25.9
275,0
3,773,3
870,2
200,0
German Exch..
591,8
6,183,5 24.3
911,3
5,307,0
200,0
933.4
, Germania
766,5 13,844,9 25.5
1,000,0 1,175,9 13,081,3 2,768,5
Lincoln
256,9
7.039,3 29.1
6,751,8 1,796,5
1,000,0 1,227,2
Garfield
378,3
3.508,0 27.5
587,1
3,103,8
442,5
250,0
Fifth
11.814,8 25.4
1,000,0 1,893,9 11,645,3 1,377,8 1,624,1
Metropolis _ _ _ _
264,0
4,861,0 25.0
953,0
4,342,0
713,6
200,0
Side
West
1,000,0 1,572,9 10,295,0 4,917,0 1,227,0 22,991,0 26.7
Seaboard
460,8 14,526,9 27.9
1,000,0 2,394,4 15,136,5 3.603,2
Liberty
7,048,9 26.9
279,0
6.001,2 1,620,2
670,8
N.Y.Prod. Ex. 1.000.0
208,0 12.499.0 24.9
705,6 10,838,0 2,906,0
1,000,0
State
4,453,2 26 1
693.4
472.4
4,347.0
366,1
1,000.0
14th Street
Totals, average 124,350,0 159,984,0 1190,518,2 304,738.1 66,972.6 1250,903,8 29.7
1187,816,4 306,236,4 68,205,7 1250,822 3 29.9
Actual figures April 25
and United States
On the basis of averages,"circulation" amounted to $59,365,500 25,
circulation,
deposits (included In (leposits). $43,534,900; actual figures April
$43,488.500.
deposits,
States
$59,175,400, United
The statements compiled by the State Banking Department, together with the totals for the Clearing-house banks,
both the averages for the week and the actual figures at the
end of the week, are shown in the following table. In the
figures for State banks and trust companies all of these institutions in Greater New York are included.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ending April 25 1908
Reserve on P.C.
Loans and
Deposits.
Deposits. of Re
Legals.
00s omitted. Investments. Specie.
$
serve.
Clearing-House
Banks-Actual_1,187,816,4 306,236,4 68,205,7 1,250,822,3 374,442.1 29.93
+2,266,1 +9.047,0
-6,791,0 +6,072,4 +2,974,6
Clearing-House
Banks-Avge_ _1,190,519.2 304.738,1 66,972,6 1,250,903.8 371,710,7 29.71
+5,293,9 +10,334,8
-5,210,7 +8,061.4 +2,273,4
State Banks299,966.8
86,806,1 29.7
49,398,4 20,906,1
257,222,6
Average,
+3,635,1
+725,3
+981,7
+86,1
-1,189,9
Trust Companies742,829,2 233,450,2 31.9
42,988.3 6,202,1
737,668,2
Average
-89,2 +683,6 +11,106,6 +10,689,2
+9.027,7
State Banks and
Trust Co's--not
832,517,1 257,271,9 31 5
46,924,6 12,184,0
In Clear.-House 814,770,8
+12,806,6 +10,731,6
+58,9 +1,041,7
+8,398,6
+Increase over last week. -Decrease from last week.
"Due from reserve deposia Includes bank notes. b After eliminating the item
tories ann other banks and trust companies In New York Ctv," deposits amount to
$656,515,500: afl increase of $1,949,700 over last week's figures.
Colon!al
100,0
300,0
Columbia .._
Fidelity __
200,0
Jefferson_ _
500,0
Mt Morris _
250,0
Mutual __ _ _
200,0
19th Ward_
300,0
Plaza
100,0
23rd Ward_
100,0
Union Exch 750,0
orkvIlle _ _
1(10,0
Coal&I.N at. 500,0
New Neth_
200,0
Batt.Pk.Nat 200.0
Borough of
Brooklyn.
Broadway
150.0
Mfrs.' Nat_
252,0
Mechanics' 1,000,0
Nassau Nat. 750,0
Nat. City.. 300,0
Jersey City.
First Nat.. 400,0
Ilud.Co.Nat 250,0
Third Nat200,0
Hoboken.
220.0
First Nat
Second Nat. 125,0
802,3
489,2
452,3
169,4
669,6
257,2
307,2
468,5
384,9
176,0
833,8
385,0
668,6
208,5
129,8
3.595,1
4,866,0
944,2
3,254,4
2,299,2
3.035,7
4,143,0
3,549,0
1,624,3
5,410,3
3,362,8
3,852.0
1,368,0
882,8
312,1
366,0
40,2
30,8
212,6
22,1
54,7
216,0
152,0
639,6
50,4
658,0
01.0
06,8
155,4
321,0
33,9
267,9
35,2
331,2
397,0
184,0
58,2
283,3
517,8
220,0
17,0
34.7
405,7
996,0
188,3
278,6
403,0
601,2
141,
616,0
256,4
542,7
293,2
643,
132,
87,
379,6
755,2
767,4
928,1
551,7
2,212,3
4.894,5
8,959,5
6,723,0
3,307.0
24,1
988,8
278,0
300,0
120,0
508,7
149,6
975,3
588,0
783,0
421,1
1,248,4
1,198,
989,0
1.630,0
306,7 3.132,3
83,3 6,337,1
122,0 11,423,5
6.700,0
3-5-6-05 5,762,0
1,199,5 4,235,2
737,0 2,238,5
360,6 1.809,0
197,4
110,0
47,5
365,2
39,3
117.7
1,439,8
180.9
537,6
895,0
223,8
37,7
5,999,0
839,5
3,012,1
2,871,0
3,528,1
4,883,9
4,076,0
1,923,6
250.0 5,573.2
4,110,8
40,0 4,172,0
1,175,0
730.4
119,4
71,6
5,0
592,5
- -
5,478,1
1,968,9
2,128,5
202,7 159,6 2,136,8
30,7
142,1
597,2 2,303.1
69,
98,4 1,963,6
56,5
75,1
197,1 1,824,4
---13,670,0
4,390,3
6,638,6
97,220,5
5,263,4
Tot. Apr. 25 7,747.0 12,396,5 83,060.6
Tot. Apr. 18 7,747,0 12,396,5 83,104,9 4,852.8 6,150,4 14,293,7 3,956,9 96,333,2
Tot. Apr. 11 7,747,0 12,396,5 82,955,4 4,875,1 6,104,6 14,515,3 3.795,5 96,272,1
New York City, Boston and Philadelphia Banks.Below is a summary of the weekly totals of the ClearingHouse banks of New York City, Boston and Philadelphia.
The New York figures do not include results for non-member
banks.
We omit two ciphers in all these figures.
Batiks.
Capital
and
Surplus.
Loans.
Specie.
Legate. Deposits. a Circutenon
Clearings
$
New York
itch. 28.. 284,214,9 1164,539.7 275,210,1 61,912,0 1189,334,3 61,042,3 1,315,617,5
Apr. 4._ 284.334,0 1180,378,7 281,926,2 62,252,7 1213,954,4 60,273.2 1.428,162.7
Apr. 11.. 284,334.0 1187,411,8 287.144,6 62,501,3 1225,520,9 59,598,8 1,177.451,4
Apr. 18.. 284,334,0 1195,728,9 296,676.7 64,699,2 1245,609,0 59,499,3 1,169,701,1
Apr. 25.. 284,334,0 1190.518,2 304,738,1 66,972,6 1250,903,8 59,365,5 1,156,554,2
Boston.
Apr. 4.. 44,036,0 189.022,0 17.643,0 2,936,0 212,480,0 10.804.0 144.268,4
Apr. 11.. 44.036,0 177,868,0 18,835,0 2,418.0 210.883,0 10,168,0 120,188,5
Apr. 18._ 44,036,0 180,056,0 20,656,0 2,456,0 220,958,0 10,229,0 146.671,3
Apr. 25.. 44,036,0 180,289,0 21,802,0 2,516,0 220,432,0 10,560.0 112,340,8
Philo
248,913,0 17,638.0 123.870,4
64.189,0
Apr. 4- _ 54,440,0 219,724,0
252,955,0 17,599,0 106,532,4
65,409,0
Apr. 11 _ _ 54,440.0 222,227,0
258,469,0 17,514,0 105,777,3
68,041,0
Apr. 18.. 54,440.0 223,065,0
257,387,0 17,410,0 111.639,0
68,835,0
Apr. 25-_ 54,440,0 222,286,0
and Philadelph a the item
a Including Government deposits, and for Boston
deposits amounted to 543,534,900
"due to other banks." At New York GovernmentBoston
to $4,732,000 on April 25
at
18;
April
on
25,
$43,571,800
against
April
on
and $4,747,000 on April 18.
Aaniting and financial.
We shall be pleased to mail to institutions and investors7copies
of the 4th edition of our special circular giving statistics covering
27 of the better class of Railroad and Industrial Stocksilisted
upon the New York Stock Exchange.
Spencer Trask & Co.
NEW YORK.
WILLIAM AND PINE STS.,
Branch offices: Chicago, Ill., and Albany, N. V.
MOFFAT & WHITE
Members
5 NASSAU STREET.
New
York
Stock Exchange.
HANOVER BANK BUILDING
DEALERS IN INVESTMENT SECURITIES
Commission Orders Executed for Cash Only
MAY 2 1908.]
THE CHRONICLE
Vaulters' Omartte.
1081
The market for railway and industrial bonds has been less
active than last week, but the volume of business is above
the recent average, has been well distributed and prices
have been relatively steady.
Interboro-Metropolitan 43/2s have been exceptional in a
decline of over 2 points. St. Louis & San Francisco refunding 4s have also been weak, Burlington & Quincy joint 4s
are down % a point and the American Tobacco issues are
fractionally lower. On the other hand, Colorado Industrial
5s have advanced 3 points, Norfolk & • Western convertible
4s 2 points, Union Pacific ,conv. 4s and Brooklyn Rapid
Transits over a point.
United States Bonds.—No sales of Government bonds
have been reported at the Board this week. The following
are the daily closing quotations; for yearly range see third
page following.
••••••
Wall Street, Friday Night, May 1 1908.
The Money Market and Financial Situation.--The success
which attended the Pennsylvaina bond offering, as noted
last week, has continued to influence the security markets
favorably.
The bond market has been less active than last week
but this was offset by a largely increased volume of business
in shares. The transactions in this department on Tuesday.
amounting to 1,104,329 shares, the largest recorded since
the exciting days of the panic in October last.
The' failure of two brokerage houses during the week, and.
the consequent closing out of contracts under the rules of
the Exchange, caused more or less disturbance to the
market and the movement of prices has, therefore, been
somewhat abnormal.
Interest April April Aprfl April April May
25
Periods
27
28
29
30
1
Gold exports have been continued by the shipment of
2s, 1930 _- - - -----registered Q—Jan *10351 *10351 *10351 *10351 *1
$4,500,000 to Paris, making $12,000,000 for the month.
033,1 *10351
2s, 1930
coupon Q—Jan *104 *104 *104 *104 *104 *104
The foreign bank statements reflect this gold movement 3s, 1908-18
registered Q—Feb *1003,1 *1005
% *loog *my, *1003,1 *905,1
and there is a tendency to easier money market rates abroad. 35, 1908-18
coupon Q—Feb *1013.4 4,1013,1 *Dm% *Ioui *linq *xpoi
38.
1908-18_ _ _ _small coupon Q—Feb *loom *1003i *loom *looli 4,1003,1 *z00%
On the other hand rates here are a little firmer as a result 4s, 1925
registered Q—Feb *1193,1 *11951 *11934 *1193,1 *11951 *1193,1
of gold exports and a call by the Secretary of the Treasury 4s, 1925
coupon Q—Feb *1223,1 *1223,1 *12234 *1223,1 *12234
for $45,000,000 of Government funds deposited in banks. 2s, 1936_Panama Canal regis Q—Nov *1023,1 *1023,1 *1023,1 *1023,1 *1023,1 *x2134
*1023,1
The open market rates for call loans at the Stock Exchange
*This is the price bid at the morning boadr• no sale was made.
during the week on stock and bond collaterals have ranged
Railroad and Miscellaneous Stocks.—The stock market has
4% to 2%. To-day's rates on call were 13
from 13
4@2%.
Commercial paper quoted at 4@4%% for choice 60 to 90- been unusually active during a part of the week, the transactions on Tuesday and Wednesday amounting to over 1,000,day endorsements and for 4 months best single names.
The Bank of England weekly statement on Thursday 000 shares. Tuesday's market was strong, but a reaction
showed an increase in bullion of £379,441, and the per cent followed, and although there has been a recovery averaging
nearly 2 points to-day, closing prices are in some cases lower
of reserve to liabilities Was 51.04, against 50.52 last week.
last week.
The rate of discount remains unchanged at 3%, as fixed than
St. Paul was conspicuous for an advance of over 10 points.
March 19. The Bank of France shows an increase of 26,Northern Pacific is nearly 5 points higher than on Monday,
525,000 francs gold and 1,075,000 francs silver.
Southern Pacific 43/2, Union Pacific nearly 4 and Louisville
NEW YORK CITY CLEARING-HOUSE BANKS.
& Nashville 332. These however, are exceptional, the list
•
•
generally having covered
'a much narrower range.
I
1908.
1906.
1907.
Averages for
Differences
For daily volume of business see page 1089.
Averages for Averages for
week ending
from
week ending week ending
The following sales have occurred this week of shares not
April 25.
previous week.
A pril 27.
April 28.
represented in our detailed list on the pages which follow:
$
$
124,350,000
Capital
159,984.000
Surplus
Loans and discounts_ _.1,190,518,200 Dec.
59,365,500 Dec.
Circulation
1,250,903,800 Inc.
Net deposits
43,534,900 Dec.
U. S. dep. (Incl. above)
304.738,100 Inc.
Specie
66,972,600 Inc.
Legal tenders
Reserve held
25% of deposits
128,100,000 113,472,700
169,990,500 148,305,000
5,210,700 1,123,417,600 1,039,210,500
133,800
50,069,300
51,138,400
5,293,900 1,100,183,300 1,028,683,200
36,900
31,648,600
28,953,300
8,661,400 213,126.300 186,734,300
2.273,400
75,766,300
80,803,900
371,710,700 Inc. 10,334,800
312,725,950 Inc. 1,323,475
288,892,600
276,545,825
267,538,200
257,170,800
Surplus reserve
58,984,750 Inc. 9,011,325
Surplus excluding U.S.
deposits
69,868,475
Inc. 9,002,100
•
12,346,775
10,367,400
20,258,925
17,605,725
—Note.—The Clearing House now issues a statement weekly showing the total
of the actual figures on Saturday morning. These figures, together w th the returns
of separate banl:s. also the summary issued by the State Banking Department
showing the condition of State banks and trust companies not reporting to the
Clearing House, appear on the preceding page.
Foreign Exchange.—The market was lower this week, influenced by offerings of bills against purchases of securities
for London account, by speculative manipulation and by a
light demand for remittance. Gold exports to Paris 43/
millions; to Montreal 23 millions. To-day's (Friday's),
nominal rates for sterling exchange were 4 853/2@4 86 for
sixty-day and 4 88@)4 883 for sight. To-day's (Friday's)
actual rates for sterling exchange were 4 8450@4 8460 for
long, 4 8690(4)4 8695 for short and 4 8725@.4 8730 for
cables. Commercial on banks 4 8415@4 8425 and documents for payment 4 83%@4 84%. Cotton for payment
4 83%©4 83%, cotton for acceptance 4 8415@4 8425 and
2@)4 84%.
grain for payment 4 843/
To-day's (Friday's) actual rates for Paris bankers' francs
were 5 183/8@5 173'a for long and 5 159h@,5 15%a for
short. Germany bankers' marks were 94%@)94 13-16 for
long and 95 5-16d@95 5-16 for short. Amsterdam bankers'
guilders were 40 20(4)40 22 for short.
Exchange at Paris on London to-day 25f. 13c.; week's
range 25f. 13c. high and 25f. 11c. low.
The week's range for exchange rates follows:
Long
Sterling. Actual.
4 8480
High
©4 8485
4 8450
Low
©4 8455
Paris Bankers' Francs.
High
5183,
05 173,
5
Low
©5 183,
183,1
Germany Bankers' Marks.
94%
High
094%
945
Low
©9451
' Amsterdam Bankers' Guilders.
58
High
Low
58
Shot
Cables
14 8730
14 8690
©4 8735
434 8695
14 8765
14 8725
15 1554a
15 155,1
©5 15%
©5 155,1
1
1
I 95 5-16d ©955
95x
0055
40 22
40 20
5840 24
©40 22
©4 8770
©4 8730
1
I
1
Less: a 1-16 of 1%. d 1-32 of 1%. h 3-32 of 1%.
Plus: k 1-16 of 1%. x 1-32 of 1%.
3-32 01 1%.
The following were the rates for domestic exchange on
New York at the undermentioned cities to-day: Savannah
buying 50c. per $1,000 discount; selling 75c. per $1,000
premium. Charleston selling $1 per $1,000 premium. New
Orleans bank 25c. per $1,000 discount; commercial 50c. per
$1,000 discount. Chicago 55c. per $1,000 premium. St.
Louis 60c. per $1,000 premium. San Francisco 50c. per
$1,000 premium.
State and Railroad Bonds.—Sales of State bonds at the
Board $87,000 Virginia 6s def..trust receipts at 36 to 38.
STOCKS.
Week ending Apr. 24.
Sales
for
Week
Range for Week.
Lowest.
Alice Mining
200 $234
Am Steel Fdy pf tr recta_
800 313,1
Bethlehem Steel Corp_ - 500 14
Preferred
20, 393,1
Buff Roch & Pittsburgh_
781 80
Canadian Pay subscrip'n
rects, 2d instal paid
500 151
Chicago Union Traction_
100 2
Trust receipts stamped
300 351
Colorado Fuel & I. pref.
25 35
Comstock Tunnel
5,610 35c.
Consolidation Coal
100 90
General Chemical, pref..
10 90
Gt Northern subscription
receipts, full paid__
500,126
Hock Vail pf J P M recta
300 70
Homestake Mining
305 74
Keokuk & Des Moines..
700 8
Preferred
600 20
Laclede Gas, prof
50 7434
Mex Cent tr rcts
1,750 1451
N Y Air Brake rights—. 2,600
14
New York Dock. pref..100 74
233 108
NY &NJ Telephone...
Ontario Silver Mining_
2.571 451
Peoria & Eastern
300 13
StL&SF—C&EIll
corn stock ctfs (10%)_
300 100
Stock ctfs(4%)
$ 45,000 50
Southern—M & 0 stock
trust certificates
140, 70
Standard Mining
100 $1.62
May 1
Apr 29
Apr 30
May 1
May 1
Highest.
Range since Jan.•1.
Lowest.
$151
Highest.
$2%
32%
15%
39%
80
May 1
Apr 29
Apr 27
May 1
May 1
Apr 30 15334
May I 2
May 1 3%
Apr 29 60
Apr 29 41c.
Apr 28 90
Apr 25 90
Apr 25
May 1
May 1
Apr 30
Apr 25
Apr 28
Apr 25
Apr 27 126
Apr 25 70
Apr 27 74
Apr 27 10
Apr 27 25
Apr 27 74%
May 1 16
Apr 25
%
Apr 30 74
Apr 30 108
May 1 5
Apr 30 16
Apr 27 114
Apr 27 70
Apr 29 67
Apr 27 8
Apr 27 20
Apr 27 60
May 1 1434
Apr 25
%
Apr 30 70
Apr 30 90
May 1 2
May 1 13
Feb 126
Jan 70
Jan 74
Apr 10
Apr 25
Apr 743,1
May 165,1
Apr 13,1
Jan 74
Feb 108
Jan 5
Apr 18
Apr 29 100
Apr 29 51
Apr 29 100
Apr 29 50
Apr 100
Apr 51
Feb
27% Feb
12
Jan
27% Feb
75% Jan
140
134
:
,3,4
35
20c.
90
90
$3%
33
16
39%
82
Jan
Apr
Jan
May
April
Mch 153% Apr
April 2 Jan
May 33,1 May
Apr 60
Apr
Mch 44c. Apr
Jan 90
Jan
Apr 90
Apr
Apr
Jan
Apr
Apr
Apr
Apr
April
Apr
Apr
Apr
May
Mch
Apr
Apr
Apr 25 75
Apr 28 60
Ja 7734 Feb
Apr 30$i.62 Apr 30 $13,1 Feb $151 Mch
Outside Market.—Active trading in the new Pennsylvania
RR. 4sand InterboroughRapid Transit 6% notes stimulated
business in the bond department of the 'curb" market this
week. This at first imparted a generally stronger tone to
the balance of the list, though later a reaction left the market
weak andlower. Pennsylvania RR.new 4s sold up from 99
to 1003
4 and closed to-day at 1003-i. Transactions of over
$2,500,000 were reported. Initial sales of Interborough
Rapid Transit 6% notes were reported at 101 and thereafter
down to 99% and up to 1003/8. The close to-day was at 100.
Some $2,000,000 were dealt in. Erie 6% notes advanced
about a point to 98. Consolidated Steamship 4s sank from
11% to 10. Allis-Chalmers 5s advanced from 65 to 673.
American Tobacco was conspicuous for a 9-point advance
to 360 and a later reaction to 345. The final quotation was
349. Standard Oil rose from 606 to 614,but dropped back
to 5853' and closed at 586. Chicago Subway lost a point to
17 but recovered to 173. Illinois Central rights" moved
up from 2% to 45,' and down finally to 43'. Copper shares
were quiet. Boston Consolidated advanced from 11% to
123 and eased off to 123. British Columbia rose from 4%
to 5. Butte Coalition from 215
,-i fell to 21 and moved up to
23, closing to-day at 22%. Cumberland-Ely advanced from
8% to 85
/', but subsequently declined to 7%, ending the
week at 8. Greene Cananea went up from 7% to 8% but
weakened to 83. After an advance of almost a point to
12% Nevada Consolidated Copper ran down to 11 and ends
the week at 113
4. Nevada-Utah advanced from 33/i to 43and weakened finally to 4%. The slump in Montgomery
Shoshone carried the price down from 3% to %
3 with a final
recovery to 13.
Outside quotations will be found on page 1089.
Daily, Weekly and Yearly
New York Stock Exchange-Stock Record,
PAGEs
oCUIIP1(1-NG TWO
STOOKS-HIGHEST AND LOWES7'SALE PRICES
Saturday
April 25
Monday
Aprit 27
Tuesday
April 28
Wednesday I 2'hursday
April 30.
April 29
Friday
May 1.
Sates of
' the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1 1903.
On basis of 100-share lots
Lowest
Highest
Railroads
8034 46,262 A teh Topeka & Santa Fe 66 Feb 14 81 Apr 28
80
81
79183 8014 • 79
7873 8014 7912 81
781.2 7914
8338 Feb 17 8934 Apr 28
Do pref
8934 8914 8934 *8914 8912 8918 8915 1,021
8812 8812 48812 8834 89
591. Meh 2 84 Apr 29
8134 8312 11,600 Atlantic Coast Line RR_ _
81
83
7573 7738 7734 8178 8034 84
76
75
7012 Feb 10 9012 Jan 14
Ohio
do
paltImore
8431 8514 8453 8514 13518 8614 8573 8734 8512 8612 8553 8738 19,180
80 Jan 3 8534 Jan 21
Do pref
85
550
85
82
*82
82 *82
*82
85
85
8434 8434 *82
Feb 10 4812 Apr 27
3714
Transit_
Rapid
•
55,070
Brooklyn
4718
4612
4838
4812
4712
4614
4673
4778
4714
4(373
. 4718 473..
6434 Mch21 6434Mch 21
.13uffalo & Susque, pref_ _
65
65 *__ 65 *__ 65
_ 65
(35
140 Feb 17 15834 Jan 11
34,755 lanadlan Pacific
15534 15634 15514 15678 15538 15818 15512 15714 15518 •156t,,
54 Melt 4 62 Jan 18
900 kianada Southern
31i3 16
i1 .82
2;2
56
*59
*5812 61
6118 6112 62 !'*
*5812 61
*5812 61
450 Central of New Jersey__ _ 160 Feb 11 183 Jan 13
182 182 *180 185 *175 185
18212 18212 *180 185
180 181
2512 Feb 19 361.1 May 1
34
3412 3334 34
3333 3334 3313 3614 17.675 Chesapeake & Ohio__ _ __ _
3278 333, 3334 34
10 Feb 13 18 May 1
4,650 Chicago & Alton RR__
16
1734 16
1512 1533 17
1512 15
1714 1712 18
15
47 Mch24 52 Apr 29
425
Do pref
52
*49
*44
49
49
*44
52 *49
49
55
49
449
818 Jan 3
318 Feb 8
Western...
Great
Chicago
5
*453
3,270
518
5
4
43
434
512
5
512
513
514 5•-'s
3312 Mch19 4913 Jan 4
Do 4% debentures__ _
100
45
*36
41
45
45 *40
45
*36
*36
41
41
*40
1512 Feb 15 31 Jan 6
100
*17
Do 5% pref "A"
23
20
18
18
23 *17
*17
23
*17
23
*18
5 Feb 11
10 Jan 6
1,600
Do 4% pref "B"_
758
7
*613 7
7
7
714 714
718 714
7
7
10312 Jan 2 13134 May 1
12718 13134 244,220 Chicago Milw & St, Paul..
12153 12334 123 12614 12614 12912 12713 12914 127 129
Do pref_. - _ - --- _ _ 138 Jan 3 152 Apr 2b
800
150 150
150 15113 152 152 *149 152
149 149
*14734 149
0812 Jan :3 12314 May 1
- 45% paid
Do cow etfs
12134 12314 9.397
11514 11512 116 11814 120 12112 120 12112 121 121
Do pref etfs 45% paid 125 Jan2 14312 May 1
14253 14313 4,809
14153 14218 14153 14314 143 193
13934 13978 13973 142
14073 15214 150 15134 18.420 Chicago & North Western 13512.18n 2 15212 Jan 18
14938 15034 14918 15034 15014 15218 15013 152
4185 Jan 11 4200 Mch30
Do prof
110
195 195 *192 200
*190 200 §200 200 *192 200 *192 200
1,500 Chic St P Minn & Omaha 114 Feb 25 1321.Jan 20
12113 12912 12712 128
12934 12978 *128 130
129 129 *127 131)
141112 Jan I 155 Apr 21
Do pref
*150 165 *145 155 *150 165 *150 160 *150 165 *150 165
434 Jan 14
134 Feb 18
CChicagoT rmin'i Transfer
5
*3
5
*3
5
5
*3
*3
5
5
*3
*3
878 Mch 14 12 .Inn 23
Do pref
25
*10
25
*10
25
*10
25 *10
*10
25
25
*10
58 Apr 3
3 Feb 13
153 2
6.650 Chic Un 'frac Ws of dep..
158 2
112 158
158 178
112 134
2
2
4 Apr 10 10 Jan 20
Do pref ctfs of dep__ _
2,800
7
7
638 658
512 678
634
512 534
6
6
6
4818 Feb 19 62 Jan 15
2,500 Cleve Cin Chic & St L__ _
58
5814 5734 573.1 *55
57
56
*5512 56
56
5534 57
8518 Feb 19 94 Apr 9
*95 100
*95 100
*9312 100
*95 100
*9414 100
*95 100
21 Feb 19 3218 Apr 25
lorci Southern_ _ _
ra(P
10,100 Coroo
3134 3014 3114 2934 31
3134 3218 313t 3218 3134 3218 31
5038Jan 2 6034 Apr 23
Do 1st preferred
2,115
69
5812 5812
5912 5912 59
6014 6012 5914 60
3934 Feb 19 5112 Apr 25
Do al preferred
48
4'1
5
9 4 2,575
5034 5078 4934 4934 *4812 4910 5
51
5112 5012 51
Feb 10 168 Jan 10
14112
Hudson
&
159
159
5,675
4
158
1593
15953 16173 15834 16034
158 158
158 161
1,000 1-Yelawnre Lack & West_ 420 Jan 6 500 Jan 8
47514 47934 475 490 *479 490 *479 400
*460 485 *470 485
1414 Feb 19 2133 Jan ti
*1912 2012 1,000 Denver & Rio Grande_
20
20
21
2078 21
2073 2078 2034 21 . 21
3914 Mch 2 5073 Jan 14
347
Do pref
55
5
5412 5413
CO
45514 5514 *54
59
*53
*55
59
3212 Apr 15 3814 Jan 8
DuluthDetroit U n ted
_
3212 3213 43314 3312
*32 _ _ _ *32 __ _ _ *32 ____ *32
1614 Apr 22
6 Feb 11
do
re
Shore
Atlan
o
85
15
1
4
143
1414
1.7
4
1414
143
16
16
1614
16
1(8
16
16
16
113,1 Feb 13 26 Apr 29
prof
Do
1,075
23
23
25
2512
*23
2512 *25
2512 25
2512 2512 25
12 Mch 6 1918 Apr 24
5
20
:25
22
1773 1812 13
1814 1812 1773 18
1814 1833 1814 19
1812 19
2438 Mch 4 36 Apr 10
ErteDo 1st pref
3312 33
3412 33
331s 3312 331.
*3312 3434 34
3412 35
16 Alch 6 2614 Jan 10
310 1,680
2312 :0
Do 2d pref
20
3 8
20
2412 2313 2353 *23
2412 24(2 24
2412 25
Evansville & Terre Haute
80.
*60
80
*60
80
*60
80
*60
*61) 80
80 Mch19 85 Mch26
Do
100
100
*80
*80
100
*80
100
*80
*80 100
*80 100
erft-hern pref_ _ _ 11334 Feb 10 12912 Apr 28
No
ot Pr
12512 12612 12512 12612 12633 12912 12612 12834 125.3.1 12734 12514 12758 92,800
4812 Jan 2 5978 Apr 28
Iron Ore properties_._
58
5818 13,060
5913 5734 58
5973 58
58
5838 5712 58
58
71 Mch 19 7712 Apr 6
33 Green Bay
80 *____ 80
80 *
.Jan 14 1314 Jan 23
W
&
i
d
(
e
c
)
elb
e
A
B
r
f
t
1134 *____ 1134_ 1014 1014
1113 1112 111-2
11
20 Meh24 2178 Apr 27
200 Uavana Electric
*19
24
*19
24
2173 2173 2173 *19- *19
*19
Jan 8 470 Jan 8
470
pref
Do
11
100
3
7978
7978
*65
*65
7978
7978 *65 -7-97 *65
7978 *70
*70
62 Feb 10 77 Apr 25
400 Hocking Valley tr rects_
75
*70
*7018 76
76
*70
76
7512 7512 *70
77
75
69 Mch19 80 Jan 9
prof
Do
100
_
_
__
*75
_
*75
80
*75
____
*70
75
75
12212 Feb 17 13634 Apr 29
12,525 Illinois Central
12934 133 - 13212 13634 134 135
12734 12912 1281.1 12834 *72634 Jan 4 1112 Apr 20
18014 13
150314
2 13,600 interboro-Metropolltan _
10
1034
918 1058
1014 11
978 1018 18
1012 11
1718 Feb 19 30 Apr 16
Do pref.
2714 2831 12,800
2873 2733 28
2713 2814 27
29
• 2858 2958 28
10
Feb 19 1618 Apr 2s
Central
Iowa
5,930
1518
15
15
1534 1613 1512 1512 15
1533 1512 16
15
2712 Feb 19 3638 Apr 27
Do pref
3312 5,250
3534 3212 3212 33
35
3512 3514 3638 3534 3573 34
& M.tr cts pref 5978 Feb 19 70 Jan 13
S
Ft
VC
400
34
5
23
6
0
334
6
2
*
65
65
*60
*60
6313
62
62
*60
6114 6114
18 Feb 25 24 Apr 27
1,750 lx.ansas City Southern.. _
2378 2378 2312 2312
2334 24
2358 2358 2334 24
46 Feb 19 5614 Apr 28
Do prof
*5312 55
55
55 *54
5614 55
55
55
54
5458 55
12 Jan 4 1512 Feb 3
Western..._
&
Erie
ake
16
*13
20400
16
2.7
*13
16
*13
1514
1512 *13
1512 15
*14
36 Apr 30 38 Apr 11
100 Li
45
36 *34
36
45
*35
45
45 *36
35 *35
*34
30 Feb 6 40 Apr 24
200 LongIs
DolanPdref
40
*35
44
38 *37
38
40
40
45
42 *35
*37
8714 Feb 19 111534 Apr 29
9,000 Louisville & Nashville__ _
104 10534 10314 10414 10312 105
10112 10134 104 105
10112 102
1211 Jan 4 13534 May 1
Elevated
130 13434 132 13334 133 13412 132 13534 11,878 kranhattan Street__ _
12714 12714 12712 124)
15 Feb 24 35 Apr 13
lvLetropolitan
300
24
24
32
*25
30
*25
29
29
34
__
1412 Jan 2 20(2 Jan 28
1412 1578 7,450 Mexican Central
1514 1434 15
1512 1573 1512 1512 1412 1538 15
20 Mch 2 2614 Jan 15
2514 2514 2534 2534 1,150 Minneapolis & St Louis_ _
2412 2434 25
24
2414 24
24
*23
61 Feb 29 67 Jan 18
pref
Do
68
*62
500
67
67
6612
6612
66
6512
66
65
7914 Jan 2 11434 Apr 6
13
18
1 16
19
134 3.907 Minn St P & S S Marie11134 11214 *11134 11212 *
11134 11234 11234 113
112 112
12312 Feb 11 13634 Mch25
_ *120
_-- *120
*120 _ _ _ _ *120 __ _ *120____ *120
1712 Mob 2 2714 May 1
Texas
&
s
r
a
e
s
nr
aP
o
21,800
DK
Mo
2612
4
3
25
2714
2573
2612
26
2634
2578
2533 2553 2513 26
46 Feb 19 5978 Apr 10
Do pref
2,200
58
58
5818 5812 5834 5834 5812 5834 5814 59
58
58
2812 Feb 19 4712 Apr '28
4738 4512 461g 4514 4714 21,220 Missouri Pacific
4514 4712 46
4533 457g 4514 46
9734 Jan 2 11414 Jan 14
108 108
750 Mash Chatt do St Louis_
10812 10812 *105 110
10612 108
108 110
0104 108
*49
49
------ 11 at of Max, non-corn pf 4334 Jan 6 52 Mch'28
*4634 49 *__ 49
*4634 49
*4634 49
Do 2d pref
*17 _ _
_ _ _ 17 *____ 17 *.._- 17 *-- 17
*._ 17
N Y Central & Hudson.._
901s Jan 2 103 Jan 14
9914 10034 10053 10178 101 10178 9934 10078 10014 10112 28,100
9912 100
2413 Jan 3 3878 Apr 28
3878 3778 383s 3618 3678 3638 3638 1.500 N Y Chic & St Louis_ _
3814 3814 3712 3773 38
90 Jan 14 90 Jan 14
Do 1st pref
*90 100
•
*90 100
*88 100
*88 100
*88 100
*88 100
pref
60
2d
900
Feb 8 71 Apr 27
Do
71
71
72
70
*85
70
71
7012
6978 71
68
68
1,000 N Y N Haven do Hartford 12838Jan 6 13913 Jan 18
137 13714 137 13712 13612 13612
13712 138
137 137
2918 Feb 19 36 Jan 14
712 2,690 N Y Ontario.* Western_ _
84
312 13
35
3334 34 *13
3412 3334 34
34
34
344 3412 34
58 Feb 19 70 Jan 15
6513 6518 6638 3,668 Norfolk & Western
6512 6512 6412 6512 6538 6534 6512 6614 65
74 Mcb24 Si Jan 9
Do adjustment pref.._ _
100
84
*74
84
*74
84
*72
80
80
Pacific
1167
Jan 2 13418 Apr 28
Northern
230,790
8
3251
13313
13114
83
13
2
2314
0
7
13
*
2
112
2
13178
13418
13034
1283
4 13034
12958 13012
rects
103
subscrip
Feb 10 12038 Apr 28
25,890
Do
11858
120
120
19112 1183g
11734 11812 11714 11812 118 12038 11834
7112 Apr 2 (3312 Jan 14
2,000 'Pacific Coast Co
• 7414 7414 7538 7538 7514 704 7634 7634 7614 7614 7514 77
pref
1st
Do
*75
100
*75
100
100
*75
*75 100
*75 100
: *75 100
79 Mch27 97 Jan 13
Do 2(1 pref
85.
84
*79
*79
84
*79
84
*79
*79. 84
85
*79
10834 Jan 2 12134 Apr 28
120 12138 12034 12134 12012 12133 11038 12034 11914 12078 166,620 Pennsylvania
; 11873 120
_
L._
St
&
Jan 7 72 Apr 25
Chic
59
Cin
Pittsb
325
75
75
*70
*71
75
*70
72
72
75
*70
72
72
8118 Meh 3 90 Jan 10
Do pref
90
500
87
*85
87
90
8912 *87
89
90
8712 8913 *87
9218 Feb 17 112 Apr 29
e:Wing
10813 11034 10734 110 923,810
10834 10934 10814 10938 10918 11034 10914 112
78 Jan 2 84 Jan 18
40 IA, 1st pref
8212 482
83
82 *82
8212 *82
*8012 8212 *8012 8212 *80
76 Jan 6 52(3 Jan 9
2d pref
1,100
82
8012 8112 8012 8112 *8012 8112 82
*80
81
81
*79
1012 Feb 3 1633 Apr 2S
1513 1578 1512 1618 1558 1638 1534 1633 1513 1573 1518 1553 19,290 Rock island Company__ _
2034 Feb 3 34 Apr 29
pref
Do
53,841
3233
3212
31
3112
3214 3134 3313 3134 34
2934 3014 30
45 Feb 10 6134 Jan 15
120 St L do San Fr. 1st pref. _
*50
*48
52 *48
_
452
48
48
*45 ____
1914 Feb 19 3014 Jan 13
Do 2d pref
.
5,870
2712 -21
2634 2712 2712 2912 28 1912 2812 2912 2712 28
10 Mch 7 1512 .1 an 15
Louis
_
St
Southwestern...
1312
1,000
1312
14
1334
1412 1912 1412 1434 *1338 1434
*133g 15
2412 Feb 19 3512 Apr 27
Do pref
3453 2,600
*33
33
3512 3238 3434 33
3412 3512 35
35
*33
Feb 17 81 Apr 29
6614
Southern
Co
Pacific
7838
81
190,260
8018
7814
81
79
7934
7734
8
773
7633
7678 7712
10638Jan '2 115 Apr 27
Do pref
513 1,773
5
533 14110
194
131
11473 115 *11412 11514 115 116 *
111418 11412 11412 115
918 Jan 10 1614 Mch26
12,230 Southern v tr cfs stamped
1514 1473 1518
1538 15
1412 1434 1458 1514 15
251* Mch 5 42 Mch26
do
Do pref
3,578
4034 3934 4014
4114 40
40/2 4012 4014 4012 40
1234 Feb 29 21 Jan 15
3,025 Texas & Pacific
1818 1834 1812 19
18
1812 1834 1914 1812 19
18
18
1512 Mch 23 39 Apr 13
33
9,155 -third Avenue (N Y)......
3012 3312 3134 3173 31
3314 3012 3212 3012 32
32
878 Apr 9 1314 Jan 20
Light
&
Railway!
Toledo
11
1014
2,210
10
10
912
912
912
10
9
934 *9
*9
12 Feb 6 1914 Mch28
1712 1734 1.400 Toledo St L & Western.. _
1712 1758 1734 1818 1773 1778 1778 1773 *1612 18
33 Feb 3 43 Mch 3
Do pref
2,050
4034 4073 4034 41
4138 4053 41
4114 4114 41
7814 Feb 7 8914 Jan 4
40
8
525 Twin City Rapid Transit_
°4
4614
*8512 _ _ _ _ *8512 8712 8658 8653 8713 8713 8712 8734 28614
11012 Mch 2 13812 Apr 28
nion Pacific
3, 906,650
3138
8158 18
13312 13458 13312 13534 13553 13812 13573 13814 135 13733 134
791a Apr 2 843!.Tho 13
Do nref
2,100
811* 801* 8034
7912 8014 79$8 7978 8014 801* 81
nelaware
T
•
Range for Pie,taus
Year (1007)
Lowest
Highest
6038 Nov
78 Nov
58 Nov
7538 Nov
75 Nov
2634 Nov
7412 Nov
138 Nov
52 Nov
144 Nov
z2314 Nov
812 Nov
48 Sep
678 Nov
46 Dec
21 Dec
814 Dec
9312 Nov
130 Nov
..135 Nov
III Oct
126 Oct
185 Oct
106 Oct
13713 Dec
312 Oct
Melt
134 Oct
8 Dec
48 Nov
86 Dec
17 Nov
41 Nov
2912 Nov
12358 Oct
36912 Oct
16 Nov
53 Nov
3134 Dec
014 Oct
10 Nov
214 Nov
28 Nov
20 Nov
10814 Jan
10138 Jan
13:318 Jan
122 .lan
9412 .inn
an
8534 Feb
19512 Jan
6512 Jan
2211 Jan
56 Jan
2712 Jan
69 Jan
18 Jan •
79 Feb
711- Feb
2618 Jan
15712 Jan
16512 Jan
141 Jan
149 Jan
205 Jan
234 Jan
170 Jan
165 .1 an
934 Fel,
25 - Jan
334 May
17 .1'ly
9278 nit
10817 .1(511
387s Jan
6912 Jan
5812 Jan
22712 Jan
510 .111 /I,
4278 Jan
837p, Jan
8018 Jan
1912 Jan
39 Jan
9914 Jan
7578 Jan
67 Jan
1(0 Apr
10712 Oct
37 Oct
75 Oct
534 Oct
2412 Oct
72 Apr
63 Nov
64 Nov
11(1 Nov
478 Oct
14 Nov
912 Nov
29 Dec
60 Oct
18 Mch
45 Mch
11 Nov
3934 Nov
26 Dec
8512 Nov
1007s Oct
23 Dec
1234 Nov
2312 Dec
26212 Dec
60 Oct
110 Oct
2034 Nov
53 Nov
4918 Dec
1)7 Dec
3912 Nov
1312 Oct
z8i) Dec
1934 Oct
86 Nov
41 Oct
12733 Nov
28 Oct
56 Oct
70 Oct
10012 Oct
9112 Nov
56 Nov
65 Nov
85 Dec
z10312 Nov
51 Oct
6912 Oct
7012 Oct
73 Oct
67 Nov
1114 Nov
2612 Nov
58 Oct
24 Nov
11 Nov
25 Nov
6314 Oct
100 Oct
10 Nov
2912 Nov
,1712 Nov
16 Nov
9 Dec
1634 Dec
2934 Nov
6834 Nov
100 Oct
7, Aug
-Apr
18934 Jan
85 Jan
75 Oct
1412 Jan
47 Jan.
8612 Jan
114 Melt
04 Jan
172 Jan
:39 Jan
7814 Jan
2873 Jan
51 Jan
80 Jan
3034 Jan
6134 Jan
2312 Jan
671. Apr
6712 Jan
1453 Jan
146 Feb
107 Jan
2733 Jan
59 Jan
90 Jan
14014 Jan
168 Jan
4438 Melt
7234 Jan
0234 Jan
141 Jan
5938 Jan
27 Feb
13434 Jan
631. Jan
110 - Jan
9134 Jan
189 Jan
4838 Jan
9214 Jan
9012 Jan
18912 Jan
134 Feb
12418 Jan
76 Nov
125 Mch
14138 Jan
78 Jan
10512 Jan
13918 Jan
92 Jan
94 Jan
3018 Jan
6412 Jan
70 Jan
4833 Jan
2512 Jan
62/2 Feb
9614 Jan
1181s Jan
34 Jan
941. Jan
:3718 Jan
123 Jan
29 Jan
3331 Jan
5478 Apr
10812 Jan
183 Jan
!;8
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
A3
Bid
Ask
Bid
Ask
Banks
Rid
Banks
Bid
Ask
Banks
Banks
Ask
oi
til
caliill_ - _
,s
olls1
arr
in
1-6-i.- (Artlecitilit
.... Fifth Avon_ 3700 3850 Imp & Trad 525. fig let
r
300 :350 Interboro It_ -,Fifth
Chemical __ 140014
New York
3
5i - 4.1-12C12..:t :
4
1.- i 3
People'sPark
6 2_35_
. J0
1..
640
Irving N Ex 1175
First
170
Citizens' Cti 1142
Aetna
8
1
6
Mutual
Jefferson
175
I
St
298 302 14th
American-- 985 610 City
.;
4
1.
)
(
5
4
17
5
465
v...-_____
lx
a
n
Nassau
z
5
70
3
ae
1
4
P
0
„
22 .
11..„ 210
- i
. Coal & Iron 195 200 Fourth
17712 1-8-5-Amer Exch.. 122212
New N
Aom
th
.ii
st
15
3.
.
.. 325 Lincoln ___ 475 525 N
_ _ Gallatin
1-2-5 - Colonial n_ . 700
Battery Pk_ 118
1-46285
.7
2-66- i2-0 Prod Exch 11 .14U
atta nuni 4
325
50-0- Garfield
Bowery IV -- 325 335 Columbia 11_ 400
0
2(410
.. . . 1
l11
New YorkCo 1200
ltela
s
rsair
eo
vb
et do F
135 Un
rih
an
Germ Am N 125
Commerce _ 1170
BronxIloron 300
350
-5
2
2
New
215
York
281
0
.
_
9
2
Mechanics'..
Ex1I
475
500
Germ'n
5
.0
2
1
5
1
Consat'd_ 115
Butch & Dr 150
30..
350 Second ____ 8350
185 Copper
---- Mech &Tra li 1-.
195 205 Germania 11 500
Century 11- - 170
---- n111%1'111
0
5-01ohlin 250
tolc
. -. Mercantile _
Corn Ex ¶.... 295 305 Greer
230
Chase
5 300
,;---North
ttheja-r-(1-1-1 32
ta
Amer
12
---- 8
--65
Ham
145
135
East
River.
Chatham _ _ 30712 3-1-5-ch_ 1149 - Northern __ __ fe-o - 23(1.Ward ¶ 1-99 '
'
ntcs
l E
ereL
& Ne
____ Fidelity 11_ 160
165 Hanover __ 4-7-0 - 4-14.
Chelse:tEx 11 200
gtee,k.
New
b
rights.
and
dead
Ex-dly
a
banks
State
i1
shares
100
than
Less
* Bid and asked prices• no sales were made on this day. 3 Ex-rights. §
paid. n Sold at private sale at this Price.
I Sale at Stook Exchange or at auction this week c Ex-beneficial interest In ore prop,.:rties. 8 1st insta lim't
Banks
Bid
Ask
Banks
Bid
iNew York Stock Record-Concluded-Paze 2
MAY 2 1908.1
.871)( ICE-IIIGHEET AND LOWEST SALE PRICES
Saturday
'twit 25
onday
pril 27
Tuesday
April 2.8
Wednesday
April 29
Thursday
April 30
Friday
May 1
Sales 01
At -Week
Shares
Range Sine. Jan. 1 1038
STOCKS
NEW YORK'STOCK - On basis 01 100-share loss
EXCHANGE
•
• Lowest
iglzest
1,090 Unit Rys Inv't of San Fr_
15 Jan 24 2412 Apr 28
271,Jan 22 43 Apr 25
Do • pref
40
40
634 !deli 3 1134 Meh28
abash
1014 2,29()
1))
13 Mch
1914 Apr 27
1812 1817 3,83(1
Do prat
412 Mch
9 Jan 3
613 71: 1,126 Wheeling /lie Lake Erie-_.
1218 Apr 16 19 Jan 6
1212 1212 2,620
Do 1st pref •
6 Feb 27
11 Jan 6
3,65(
9
*8
Do 2(1 wet
1312 Feb 28 1714 Jan 15
1614 1614 2,150 Wisconsin Central
33 Feb 19 4312 Jan 20
2,300
40
40
Do pref
I ndustrial& Miscellaneous
164 Jan 1 4185 Jan 18
A dams Exprecs
*168 175 *168 175 *168 175 *168 175 *168 175 *168 175
914 Apr 'IS
5 Mch 6
812 813 2,500 IX ills-Chalmers
812 81, *812 9
824 0)4
813 817
838 83,
14 Mch 6 2212 Apr 28
; 2012 207, 2014 207; 4,917
• -Do pre('
2012 113: 2014 211, 2113 221. 2014 207
209,011 Amalgamated Conner4518 Feb 19 6234 Me1178
6217 5912 61:-,
5978 603/ 5933 6012 6912 613-8 60
13 Jan 4 2114 Apr 24
10
034 1,70C Amer Agrteultural Chem_
1831 1834 5
1914
8
193.1 2037 *1914 193: 19 • 1933 1834 19
100
7812 Jan 4 86 Apr 23
85
83
8.83
85
*80
*80
85
Do pref
*80
8-)
88
1
84
*811
912 Feb 10 2478 Apr 2:3
14,871 American Beet Sugar_ _ _ _
2212 1934 2117 1834 1934 1834 18.34 *1734 19
2112 23
22
160
78
78
65 Jan 2:3 78 Apr 29
78
*75
*75
78
78
•• *75
Do pref
80
47712 7734 *75
.512Jan 11
4 Feb 20
*434 514 *434 514 1,00C American Can
5
5
514 514
518 514
514 514
55
5,450
44 Jan 4 16 Apr 28
541: *53
5512 54
•• 5418 55
Do pref
5514 55 - 56' 55
55
Apr 29
3614
19,640
1'
28
4
5
1
3
3
34
3534
F
me
e
eb
b
h
1
3
94
3414
American Car de Foundry
3438 3418 3412 3438 3478 3414 3614 3413 3534
34
9612 Apr 28
981.
32C
Do pref
__
0512 0638 961* 9612 *93* 10014 *93 10014 *93
19
Jan
393
3
(3,000
28
3
.
1
2834
2712
273
2914
4
28
29
27
2834
American
2917
- 2812
Cotton OIL
29
*93489 Jan 16 §82 Mch14
93
*85
93
*35
93 *85
93
Do pref.
03 *82
93 *82
*82
150 Arnurican Express
3170 Feb 26 200 Jan 9
*180. 190 *180 190 §190 190 *180 190 *180 190 *180 190
912 Apr 14
1,160 American Grass Twine
734 734 *714 8
378 Jan 8
712 738
734 734
8
8
814 814
412 Apr 14
1,120 American Ride & Leather
4
234 Feb 26
4
4
4
*334 4
4
*334 4
4
4
§4
1912 Apr 28
2,210 -Do ore, 1212 Arch '4
1911
1912 18
18
1858 19
19
1812 1911 1914 1914 19
25
8 Apr 14
12,160
321,
2331
Feb
24
2112
22;i,
8
2414
2334
2212
2413
American lee Securities_ _
2414 2434 2331 2458
101, Apr 18
100 Ametleah Linseed
6 Mch
*812 10
10
101E *934 1014 *914 10
914 914 *9
*978
17 Mch 5 23 Apr 74
24
*21
231, *20
2312
*21
25
Do pref
*21
22
25
*21
*21
3138 Feb 25 4124 Apr 29
4614 4714 4614 4717 41378 4712 4678 4837 4612 4734 4(118 471: 14,115 American Locomotive_ _ _
8512 Jan 3 10014 Apr 29
1,100
100 10014 100 100
*99 100 •
99
Do pref
99
98 100
*97. 99
3 Mch 2 634 Meh27
*514
'6
American
53
4
*514
Malt
Corp
*514
5
3
4
*514
6
*514
5
3
1
6
*5
21
Jan 13 3412 Mch 27
320
30
*21)
*30
32
30
30
Do pref
32
*28
2912 291: 29
29
7812 78(4 78)4 1,908 Amer Smelters Sec pref 13 70 Jan 17 8034 Jan 211
*7714 7814 7814 781 7 7712 7712 7712 771. *77
551,
Feb 17 7914 Jan 15
170,750
71
7114
723s
7214
6914
70
AmerSmelting
7234
&
Refining
7053
7137
70
7114 72
87371 Feb 20 08 Mch2.5
9612 4,755
96
9514 9(3
Do Prer
9612 9612 97
9612 96
0612 96
96
200 Apr 30 200 Apr 30
100 American Snuff
200 200 *180 210
*175 240 *175 240 *175 240 *175 200
80 Mch 23 96 Apr:)).
200
Do prat
*89 101
96
98
- *88 -___ *88
*88
*88
Jan 12
412 Feb 1 -1
200 American Steel Foundries
678 67s
*612 _-712
*61, 7-713
- *04 --112 *612 7
*012 7
2618 Feb 14 34 Jan 20
450
33
*31
31
31
Do pref
33
33 *3112 33
33 *32
34
34
179
Apr 2s
Jan
7
4
98
3
0,850
12673
12612
12678
12714
American
126 12634
Sugar Refining
12714 129
12714 12777 127 128
105 Feb 18 123 Apr 9
100
Do pref
122 122 *122 124 *121 124 *122 125 *122 125 *121 124
2,610 American Teleph & Teleg 101 Jan 6 120 Apr 24
11331 119 *11814 119
11712 118
11833 119
11912 11912 119 119
2,615 American Tobac(new), pt 7213 Ian 2 0158 Apr 27
00
90
*9012 92
9012 91
92
91
91
9138 ' 91
91
1512 Feb 17 2112 tich27
1,900 American Woolen
21
2014 2014 2014 2014 *20
2014 201: 2012 21
2012 21
7814 Feb 19 8612 Jar) is
*83
Do pref.
*8314
8414
8414
8414
8412*82
85
*8312
*83
8434 *8234
18,560
5271
:Feb 19 54034
38
3837 3712 3814
dAhacondaCopper Par$25
3937 3814 39
3814 3878 3814 3878 38
dI3alakiala Copper Par$10 $178 Jan 2 $414 Jan 17
5212
Jan 23 S5 Mch
2,800
37
dilatopilasMining
Par $20
334 318
--5i8 -Ifs
333 4
-554
-13-4 -5E8 --3-3475
rooklyn Union Gas_ _ _ 185 Feb 21 110 Apr 3
*110 120 *110 120 *110 120 1108 108 *110 120 *108 120
10
Jan 1
*9
6
934 Apr 2,
*812
10
*9
10
I
irtinsw
Ick
Dock
&C
*812
10
Imp
*812 10
10
*812
*19
23 *19
100 Materiel( Co •
110 Feb 7 425 .Ian 15
23
*19
23
20
20
23 *17
23
*19
1512 Feb 10 k 518 Apr 28
24
11s 024134 2334 2414 2418 244
1 15,553 fientral Leather
2134 9
2338 2438 2334 2418 24
1,355 k} • Do pref
7&m Jan2 91 Apr 21:
9034 9034 *9034 92
8934 8934 8914 8937 8914 8934
2534 Apr 2•:
15-58 Feb 11
2418 2478 2418 2412 2414 2513 2453 2534 2414 2514 2414 2473 17,725 Colorado Fuel de Iron
4,800 Col & Hock Coal & iron_ _
1434 Mch 6 21 Mch2J
1814 *18
1814 1834 1812 1812 1734 1834 12
123 Apr 2s
1
0
8
(2
12
1
83
13
1
1734
Jan
3
12,835
11014
1
1
8
2
0
4
96
119
1207
2
123
Gas
11712
Consolidated
(N
Y)
119 11912 11812 11812
1434 152s 1438 1438 *1434 1478 5,500 Corn Products Refining_
10:4 Feb 10 1533 Apr 2)
1412 1412 1438 1438 1434 •1538
6912 1,230
56 Jan 2 7012 Apr 29
Do pref
6934 7012 6012 6912 *67
6814; 6818 6924 7018 6978 70
Feb 19 35 Jan ls
3178
324
2714
5,100
3214
3312
Distillers'
4
Securities
Corp
323
3212
328
4
333
3314
3378 3234
33
8212 80
300 Federal Mining & Smelt'g 80 Apr 28 80 Apr 30
*55
80
*70
90
80
80
*55
81
81
*55
320
72 *70
73
*69
73
59 Feb 10 74 Meh 2.
Do pref
7234 72
72
71
*70
74
*70
111 Jan 2 136 Apr 10
13334 13412 13312 13412 13412 13434 133 133 *13178 13212 2,018 General Electric
13434 135
92
7834 Jan 2 9812 tich&
30 Granby Cons M S & P__ _
92 *88
§92
92 *88
92
92 *88
92 *88
192
8 Mch2S
100 nt tier Marine stk tr etfs
7 Meh 11
712 712
*078 712 *678 712 *714 712 *738
2,500
16 Feb 25 21 Alch2f:
20
3
4
20
1.
Do
pref
2018
712--197
8
2018
197
3
4
1934
193
20
2012
*19
*1878
1214 ,Jan 18
1,475 International Paper
8 Apr 1
*912 10
912 10
1014
934 934
1012 10
934 1038 *10
53
65
Jan 11
610
52 Jan 2
5412 45313 5312 53
Do pref
54
54
§54
55
56
55
*54
35 Mch25 35 Meh25
International Power _
37 *___ 36 *____ 30
*34
37
*34
37
*34
13 Jan 2 26 Meh2:,
2518 §2312 2312 *2438 2412 6.695 Internat Steam Pump
2434 2434 2538 24
2312 2478 24
710
70
65 .lan 10 7438 Mehl
Do pref
70
7034 7012 7012 7034 7078 7034 7034 7038 7033 *69
52 Feb 25 1234 Apr 27
6134 1,010 Mackay Companies
6338 *61
6234 8214 6214 6112 6214 *61
6118 6118 62
457
6512
5973 Feb 25 0312 Apr 27
66
6538 6512 *63
Do pref
66
68
6612 6612 168
68 Jan :3 81.34 Apr 28
ational Biscuit
8634 8538 8512 8412 8412 8412 8412 3,190
86
8578 86
86
85
Jan 2 116 Apr 22
102
1151*
*11412
I
Do
pref
*11412 116 *11413 116 *11412 116 *11412 116 *11412 116
71, Feb 14 1034 Apr 24
300 Nat Enamel'g & Stamp'g
10
*9
10
11
*10
934 1012 *914 1012 *914 1014 *9
470 - Feb 25 §80 Jan IS
:35
78
Do pref
78 *70
47714 7714 *72
78
*72
78
*71
78
*70
36 Feb 10 6012 Apr 79
24,400 National Lead
6012 5838 5912 5733 60
5834 58
5634 5734 5613 5738 57
8712 Jan 0 97 Apr 2s
9613 9678 9612 9612 9613 9673 1,400
Do prat
97
9512 9512 9512 9538 96
5638 Apr 13 $978 Jan '20
4,840
Newhouse
M
S_Par
$10
&
75
8
714
714 712
634 7
712
7
714
7
678 718
7312 Apr 14
50 Jan 7..
2,775 New York Air Brake
70
68
460
60
*66
6913 6813 6913 68
7013 7078 68
4213 Mch 5 1,912 Apr 27
5712 5618 5634 58' 5812 6,65i) North American Co, new
5938 56
5512 5512 5538 5912 58
3:312
Mall24
Apr
20
1,521)
24
27
Pacille
Mail.
§27
27
2714
*25
2714
2712 2714 2734 27
2714
26
eopie's (1 L & C (Chic) 80 Jan 2 6234 Apr 28
911: 9118 9138 9118 9234 9133 9233 9114 9112 x8933 904 7,790
91
$12 Mehl7 1134 Apr 24
1137
1,500
*1013
Pittsburgh
Coal
Co
1138
3
1118
1118
113
1134
1113
1112
1112
1138 1112
3612 Feb 14 4278 Jan 13
300
42
4212 *41
Do prat
43 *39
4412 42
*42
42
42
42
*41
1714 Feb 10 3034 Apr 19
2933 3034 2812 2914 2734 2934 13,330 Pressed Steel Car.
30
29
2838 29
28
27
8417
69 Jan 3 86 Apr 28
2,790
86
Do
pref
85
84
8412
86
86
8518
8312
8234
•
8134 8214
Jan 2 16112 Apr 29
147
1,750
159
161
*156
Pullman
Company
16112x158
158
158 160
15878 159 *156 160
2334 Feb 8 3712 Apr 29
35
3,810 D allway Steel Spring_ _ _
3512 3712 3612 3612 35
3412 341, 35
34
3437 34
29 80 Jan 27
Jan
90
*81
75
*81
90
AA(
Do
pref,
90
*75
90
*75
99
*75
*75
90
3434 Feb 11 20 Mch28
1734 8,440 Republic Iron & Steel
17
1714
1718 1734 17
1718 18
1734 18
•
1734 18
04 Apr 20 74 Mch 16
68
Do prof
6612 67
6634 6712 8,865
6834 67
68
6778 6838 6758 68
513
42
470 Qloss•Sheffleld Steel dcl rn 16 Jan 2 52 Meh24
46
413 0
,
8
4
*4413
8934 4534 :
4534 4514 4514 44434 4434 *44
45
8712Jan 7 93 Mch30
440
Do pre
88
88
80
95
*90
1)4
92
494
*88
3631 3678 3512 3737 8,725 aTennesseeCopper Par525 $2512 Feb 17 $41:34 Meh 30
3814 3734 3834 3612 38
3834 37
37
45 Feb 11 60 Apr 24
Texas
Pacific
Land
*56
61
61
Trust
*56
*56
61
61
*56
60
61
*56
*50
633 Apr 14
190 1 Tnion
4 Feb21
de Paper
*533 614
614 614
400 u
Do pref
4473 Jan 6 s7 Apr 14
-8456
56
V - -&-356
*55
2712
Mch26
1712
Feb
20
Cast
1
Pipe
683
S
&
U
Found:
72'
6
.
2
.
3
4
-7:
5
25
425
i2
42414
25
4
2538 2538 42534 253
2553 26
550
Do Prat •
5633 Jan 2 7212 May 1
,
*72
- 72
72
7112 7112 47234 7234 *7112 75
Feb
18
90
Jan
6
United
States
Ex
press
70
83
*75
85
*73
85
*73
80
*75
85
*75
85
*75
20(1 ITS Realty & improvem% 3614 Feb 5 4212 Jan 21
40
*38
43
41
40
*36
40
*38
42
*39
41
*38
9 Arch 17
4 Feb 21
100 U S Reduction & Refining
10
*712 10
*7
*7
11
10
*8
10
834 834 *7
100
Do prof.
16 Feb 10 25 Mch 17
24
*20
20
20
24
*20
25
*20
24
*20
25
*21
1734 Feb 10 26 Jan 14
2012 2078 3,585 United States Rubber
21
2114 2114 2114 2034 2131 2034 2034 2013 21
76 Feb 19 882 Jan 14
82
Do 1st pref
730
*81
83
8318 8318 82
*83
84
8212 8312 18318 84
42 Feb 21 6114 Jan '23
52
Do 24) pref
50
*48
*48
50
*48
52
*4712 52 *48
50
*48
253.1Jan '2 37 Apr 28
:3(334 3512 3618 3518 3618 420,109 United States Steel
36
3638 3538 3618 3534 37
36
871,Jan 2 10134 Apr 28
Do pref
10018 10012 10018 10038 1(1038 10134 10034 10153 10018 10114 100 10114 39,722
020
:fan 2 $3412 Mch27
$10
Copper__Par
0,000
dUtah
2912
287
3
2934
3014
2912
297
8
31
31
3014
3012
31
3058
16 Peb 27 2134 Apr 24
2034 21
2112 2012 21
*1912 2134 1,500 VIrginia-Carolina Chem_ _
*2012 2112 2114 2112 21
x81 Jan 2 9414 Mch 28
94
Do pref
700
98
93 *92
9214 9312 9313 9:112 9312 9312 *01
*91
...... Virginia Iron Coal de Coke 43 Jan 7 5312 Jan 28
*47
50
*45
4912 *48
51
51
,.*48
4250 Feb 13 4260 Isiah 30
Virells Fargo & Co.
i66'250 300 *250 300 *250 300 *250 300 *250-g- - 41 Feb 19 60 Jan IS
5112 5038 5034 5012 5012 2,130 T v astern Union Te1C
51
5118 5134 5118 5214 51
51
38 Mch 11 58 Mch 26
assen
&Mfg
El
55
Westingifse
46
4734
14,290
56
5512
5112
5634 5738 56
5558 56
57
58 tich24 80 Mch30
70
64
64
Do 1st mei
770
70 *60
70
68
70
*50
69
70
*60
23
43
1012
1812
*5)2
14
734
1534
38.
24
43
101:
18,,
71:
1414
834
16
33
*2312
*41
1012
1812
8714
1412
812
16
38
25
44
'11
1978
714
16
937
17
41
2312
4212
11
19
814
16
9
1634
4012
2412 *21
4234 41
1012
11
195 10
778
814
15
18
10
16-3, 1638
4012
41
24
22
41
41
1012 1012
1938 19
614
778
15 *15
10
8
1638 *15
4012 40
22
41
10:3:
1914
7
17
81:
17
40
W
N
BANKS AND
TRUST
1083
Range (or prevwys
• Year (1907,- • '
Lowest
1018 Nov
20 Nov
8 Oct
1418 Nov
0 Oct
13 Oct
8 Oct
11 Nov
28 Oct
Birdies'
62 Jan
711R Jan
181^ jan
3812 Jan
163, Jan
3734 Jan
2131 Jan
2578 Jan
6112 Jan
4150 Aug 1330 J'as
4 Aug
1678 Jan
14 Nov
433, Jan
14134 Oct 12178 Jan
10 Oct
2533 Jan
75 Oct
95 Feb
2212 Jan'
734 Nov
75 Mch
SO Jan
3 Oct
73,A nr
34 Nov
CM. Anr
2433 Oct
4514 Jan
78 Oct 103 Jell
361, J'ly
21 Nov
70 Nov
90 - Jan
175 Oct 247 Jan
811 Jan
3 Oct
61,1 Jan
212 Nov
10 Oct
301^ Jan
813 Oct
88 Jan
Ho, Jan
OA Oct
161, Oct
36 Jan
3214 Nov
7531 Feb
83 Oct 1111. Jan
212 J'ne
§712 Ut
17 Nov
40 Feb
631, Jan
60 Oct
584 Nov x155 Jan
8134 Oct 11733 Jan
150 Oct 205 Jan
470 Nov 102
ne
4:3 Nov 10.3,1 Jan
.20 Nov
471, Jan
9234 Dec 13'712 Feb
x10(3 Nov 131 Jan
88 Oct 133 Jan
60 Oct
982, Jan
Jan
11 Oct
6$ Nox 10278 Jan
82518 Oct 3oFf, Feb
$112 Nov $11 J'1Y
5.918 ,lay
$3 Oct
to Nov 125 May
6 Oct
141,Jan
491, Jan
27 Oct
1178 Nov
40 Feb
63 Nov 107 Feb
14 Nov
5773 Jan
2333 Apr
14 Dec
74 Oct 14014 Itch
2434 .Jan
8 Oct
sts Jan
46 Oct
25 Dec
78 Feb
50 Oct 163 Jan
97 Jan
47 Oct
8910 Oct 1(13 Jan
61 Oct 152 Feb
41. Oct
Ip 116
10 Nov
24 Apr
7t2 Nov
1812 Jan
51 Nov
81 Feb
35 Nov
6034 Jan
8 Oct
41 Jan
8) Jan
50 Oct
7514 Jan
40 Oct
50 Oct
71 JIln
581, Oct
8614 Jan
90 - Nov 1173, Men
03 Nov
1538 Jan
§75 Sep
87 Feb
7614 Jan
33 Nov
80 Oct 103 Jan
$5 Dec 52034 Apr
4712 Dee 1411,Jan
867: Jan
37 Nov
19 Nov
4112 J(In
984 Jan
7014 Oct
7 Nov
1673 Jan
37 Nov 604 Jan
1558 Nov
57 Jan
9973 Jan
64 Nov
13514 Nov 18 Us Jan
211. Oct
571, Jan
I31,)). Feb
72 Nov
12 Oct
41 - Jan
50)3 Oct 100 Jan
26 Oct
77,if Ja11
80 Oct 4107 Jan
$17 Oct 55:9.
85 Jan
42 Dee
818 Jan
4 Oct
3934 Nov
61 Jan
17 Oct
4912 Jan
89 Jan
' 49 Nov
70 Nov 4117 Jan
9012 Jan
36 Nov
51, Nov
3014 Jan
181; Dec
68 Jan
1312 Nov
5212 Feb
62 Oct 101)7a J
39 Nov
7818 Jan
2178 Oct
5018 Jan
7913 Nov 10734 Jan
$13 Oct 23917 'Tell
1238 Nov
3932 Jan
75 Nov 108 Jan
97 Jan
31 Oct
250 May 300 .1'ne
)(5 lap
54 Dec
32 Nii-V 159 • Rri
60 Dec 1161, •,,,,
COMPANIES-BANKERS' QUOTATIONS
Ask
Ask
Trust Co's Bid Ask Trust Co's Bid Ask Trust Co's Bid Ask Trust Co's Bid .- sk
Bid
Bid
Banks •
Banks
190
Broolayn
_ 415 Mut All'nee 175
Fifth Av Tr
N Y City
---Brooklyn
Union Exc 11 175
Bowl'g
Gr'n 290 310 Fulton ____ 210 - __-- N Y Life &Tr le00 --- Brooklyn Pr 390 413
__.
U S Exch 11.
130
-__. Citizens' -_ 110
125 Guar'ty Tr_ 390 410 N Y Trust_ 5450
Wash H'ts 11 236- .--: 'Montauk ------130 B'way Tr_ 115
263
Flatbush -- 240
1605 Guardian Tr - - _- 200 Standard Tr 325
_ Nassau --__
270 Carnegie __ 5125
West Side 11 500
3
8:ti
210
350
__
TltleGuderr
Franklin
-_
1_
1
___
110.
Hudson
Central
Tr_
1500
--300
Yorkville 11. 400 4-2-5 Nat City_ _ _ 275
.- Tr Co of Am 280 300 Hamilton_. 250- - 775,
__ Kniekerb'kr 5341
North Side T 320 330 Columbia_. 200
85
95
1-60 Law T 1&T, 175 185 Union Trust 1100 1200 Home
Prosp'ctPk¶ 100
170 Commercial 150
. Brooklyn
455
435
Kings Co
b190
200
US Mtg &Tr ---- 385
Lincoln
Tr_
125
145 Terminal 11_ -.__ 130 Com'wealth 100
p OroUgh 11_ 130 .
0.0
7
0.. 13
Lafayette..
__ 1
2
100
0 iiii..
si 13
11
10
0 L
Naa
lssasiy
atteittu_te_T
ta.tneT
425
00 v
Ua
nn
i tNS,0
3
75
75
0 8
_.
Empire
___
335
_
_
_
0
20
0
4
1
1
ay
a
tdw
0irros
ii.-6-- Mercantile
EquIt'ble Tr 290
____ Trust Co's
Metroportn 445 470 Washington 400
Farm Lo&T 1050 1100
N • Y City
Home Ilk II200
Westchester
P
‘
l
eolipilaem
'ss_b-i 2-7-6- 3
lir \
-_. Morton Tr_ 400 420
275
_ Fidelity -_ 185
Manufae'rs' 3-9-0-- 4-2-5-- Astor
--- _ --_-,
105 Windsor
Mutual ____ 95
Rankers'
Ti
435
4
6
0
Meehanies'¶ 250 260
per
snare
and
rights
.
.-(1
Ex-div.
Now
dollars
quoted
stock.
c
0
New
* 131d and asked prices; no sales on t 115 day. 4 Less than 100 shares. I Ex-rights.
paragraph (1T) are State banks.
1 Sale at Stock Exchange or at auction this week. s Trust Co. certificates. 1 Banks marked with a
New York Stook Exchange-Bond. Reoord, Friday, Weekly and Yearly
ICCUPYING FOCH
BON Ds
N. Y. STOCK EXCHANGE
WEEK ENDING MAY 1
c
11:
Price
Ericiav
Nay 1
Week's
Range or
Last Sale
Range
Since
Jitnuary 1
PAGES
BONDS
N. Y. STOCK EXCHANGE
WEEK ENDING MAY 1
Pries
Friday
May I
Week's
Range or
Last Sale
E;78
Range
[Nines
January 1
Bid
43/c bow
laIt
Low Jiigh,
Ask LOW
Bid
MO No
Cent of Ga RR-(Con)
10334 10418 104 Apr'08
44 48%
48%
48 Sal" 48
2d pref income g 5s stamped
10334 10419
104
u7
40
40
10418Jan '08
'27
.51 prof income g bs....p1945 Oct
0418 1041*
3919
10038100a 1011
40
41)
27
/
4 Mar'08
40 Sale 88
101 14 10,14
3d pref income g is stampco.
100'2 101 14 1(12 Apr'08
89% /39%
101 102
03
Ohatt Div pur mon g 48.1931 44)
8918 Feb'011
107 J'ne.(12
1(1012 10018
10012 Fob'08
Mao & Nor Div let g 58.1946 J-J 102
100'2
......
101% Feb'013
Mid Ga & AU Div 58....1947 J•J
115 Nov'05
101 11 10112
......
Mobile Div lat g 53
11918120's 120% Mar'08
103 Deo'07
11812 12214
1016 J-J 107
12112
123 Apr'08
92 100 I
1,6 12
97 Mar'Uh
1.20% 123% (len RR & B of Ga col g 68 1937 11.14
10218103 10314.51ar'08
117 124
1031
/
4103.2 Cent of N genii gold 68.1987 J -J 123% 124% 122 Apr'in122 I
12018
121%
Apr'08
122
Registered
51987
107 Feb'Uts
107.10814 ;
Am Dock & Imp gu 58..1921 7-j 108%
Le ,01 Had R gen gn g5s 1920 J-J 102%
Foreign Government
Leh & Wilks 13 Coal 58..1912 M-N 94%
108 Apr'08
98
99 1
9812 100 I
Imperial Japanese Governm't
/
4
Con ext guar 4128
100 Apr'08
g1910 (4-31 991
8534 Sale 85
1925
sterling loan 4%a
8534 106 85
1.13 12
N Y& Long Br gen g 48 1941 31-61
01
77
it series 4123
1'125 J-J 4 8534 Saki 8518
Cent
Pacific
See So Paine.° Co
8378 89
85'4
77
44 75
76%
77
58 May'07
78
Storting loan 45
1031 J-J
80
CentVermont 1st gu 945.e11120 Q•F
1021
/
4 1021
/
4
Rapti")ol Cuba 5a exten debt_ 14.5 410214
Chas& Say See ALI Coast Line
1001
/
4 104
98
21*
951
1\1133C1C013
I
g
or
5s
8
of
1891 17-J
10012 100%
10012 103
0814
U e
96
911% Ulies 86 Ohio g 65 ser A //1908 A.0 100%
1954 J-D
Gold 48 of 1904
/
2
102 Apr'08
Gold 68
100½ 94%
102 105%
9354 93 Apr'08
a1911 A-0 1021
112
Bah,
/
4
/
4
107%1141
1111
43
112
1st consol g 5s
1 hue are pm ices On the atils of $3 to Z.
1939 M-N
State and City Securities
Registered
10118 Deo'07
..
1939 M-N
97
Alabama curr fund 48
111 Mar'02
1921
General gold 412s
991
/
4 77 91; 101%
1992 M-8 9914 Sale 98
11712 J'ne'06
Dist of Columbia 3-1358
A
Registered
104 May'lle,
1924
1992 M-8
97
105% Dec'04
Louisiana new consol 48 1014 J -J
Craig Valley let g 5s
112 Feb'06
1940 J-J
1)5 Sale 94%
New York City95
/
2
13 9112 961
It & A Div let con g 48 1989 J -J
/
4 1104 105%107%
90% 91
New 41:8 (reo ipts) -.1957 M-14 106% Sale 10638 1071
91 Apr'08 •-.• 89 92
2d consul g 4s
1989 J -J
/
4 103, .78 101 14 103%
New 4%s (receipts)
Warm Spr Val 1st g 56 1941 M
1131
1917 31-N 103% Sak 1031
/
4 F01000
Greenbrier By 1st gu g Is'40 NI-1`)
011% Feb'06 .••• ......
4/o Corporate Stock -1957 M-N 10778 Sale 107% 108'4 71 105 108.2
103% Sale 10318 10314, 83 102 10414 Chic & Alt Bit ref g 38 1949 A-0 71
4 420,, assessint bon 18
70 Apr'08 ..•. WM 78
11117
Railway 1st lien 3128-1950 J-J
New York State-Highway
6114
63% 113 60 64
62
1091
/
2 10938 109% 1 109 10934
Registered
80 18 May'05 ••.. ......
Improvein't4s (rect8) 1958 M-S
1950 J-J
97
1.0838
Norti, Carolina cousoi 46 191( .1.2
100's Apr'07
i)8° Apr'08 •..• 97 100 12
Chic Burl& Q-Deny D 481922 F-A
126 Alar'07
Illinois Div 31:-..s
88', 89
65
90%
47 86
1911 A-()
1949 J.j 8812
120 Marla.
Registered.
So Carolina 412s 20-40
1933 J -J 103
1949 J-J
881
/
2 90 Sep'06
05 Apr'08.
Gold 48.
Tenn new settlement 38_1913 j-j 1)2
/
4 212 9718 10118
9934 1001
95
94
1949 J.J 100
uut4
90 Mar'08
Iowa Div sink fund 55_1910 A-0 10418
90
106 Jan '08 • ... 106 106
Virginia fund debt 243s-1991 J•J
90
38 bale 36
08
87 22% 38
Sinking fund 4s
98 Apr'08 •.•• 90
65 deferred Brown Bros etre.
111)%
19111 A-0 11738
Nebraska Extension 4E3 1927 NI-11 100
1011
/
4 Apr'08
99 101%
Hallrolii!
Registered
101 14 Deo'06
1927 NI-N 96
Southwestern Div 48
A labama Cent bee So By
110 Oct'07
1921 M-S 11278
Joint bonds See Great North
illaba Midi Bee At Coast Line
971410312
Debenture 5s
103
Albany & du8o bee Del& Hu.
1913 M-14 101 sale 101
104%
Han & StJos cousol 63_1011 VI10478 Apr'08 '7 104%10588
Allegheny Valley See Penn HU
82 92
Chic& E Hirer & imp g 45 1955 j-J
92 Apr'07
Alleg & West BeeBufthi&P
78 Apr'OS
78%
115 Dec'07
7812 81 12
51995 Q-J
Ann Arbor 1st g 45
1st °onset g 68
1934 A-0 117%
1171
/
2 258 9578 101 12
General consol let5s
11138 112% 82 1061211219
Atoll T & S Fe-Geu g 40.1905 1-0 9718 Sale 91134
1937 51-N 108%
013 Apr'08 .•.• 9512 100
Registered
1995 A-0
Registered
112 11812 Feb'uti ..••
1937 M-N •
87
2 83 8814
Chic ea Ind C Ry 1st 55 1936 J-J 106
51995 Nov 86% sTh 87
Adjustment g 45
10934 Jan '1.18 ...•
86 April)?
Chicago & Erie See Erie
51995 Nov
Registered
87,14 18 8218 89
87
86
Stamped
/11995 11.14 85
Ohmic In & Louisv ref 6s 1947 3.4 120121:12% 12014 12014 4 11714 12014
Refunding gold 5s
/
4 893
1956 J -D 89% Sale 891
Cony g 4s
105 Oct'07
.126 8134 804
1947 J•J 111318
100 101%
101 Sale 100
101 195 94.2 101
Louisv N A 860h lat63 1910 J-J 10112
10034 Mar'08
1917
10-year cony g ba
9838 May'O'i
Chic Mil 86 St P term g58 1914 J-J 10414
Debouture8 48 Series G 1909 F-A
10319 Mar'08
3
9312
96's 01a1'08
00
3 11 10
103
General g 48 series A..61989 J.,•
9612 06,2
8 19
1910 F-A
108 103
Series H
98% Nov104
Registered
100
Series 1
......
1911 F-A
104's Oct'06
61089
1*1);;;,
04 Nov'(/6
General g 3128 series 13 61989
Ii
.87...
88 90
95
1913 F•A
Series K
88
88
96
96
1151
/
4 Oct'05
1 96
Ohio & L Su Div g58....1921
108%
96
East Okla Div 1st g 48 1928 VI-6 9318 96
110 111
Ohio & Alo Itiv Div 58...1926 J•J 11044
111 Apr'08
A.t1 Knox & N See L N
86
85%
3 104 104%
87% 38 80
104%
104%
Chic & Pao Div 68
90
104%
Atlantic Coast 1st g 45.51952 M1910) J -J
12 11)8%110
110 sale 10912 II°
Chiic& 2W lat g 58
Charles 80 Say 1st g 78-19311 J -J 120
1921
J
•J
11119 Mar'08
1041
/
4 101.118
Dak & Gt So g 58
111%11112
10138 Apr'08
Say F & W 1st gold 68 1934 A-0 109
1916 .1•J 105
11238 Jan '04
Far & Sou assu g 68
1934 A-0 10318
1st gold 58
137 12•1'11''
90
1924 J -J 120%
114% Nov'05
Haat & D Div lat 7a
105%
62.12102%
102% Jan 'VS
1.
Ala Mid 1st gu gold 5s _1928 .1144 100.119
1910
J
-J
99% Mar'06
1.013E. 10134
lat 5s
Bruns& W 1st gu g 4s 1938 J -J
lot's Apr'08
1910 J -J 10178
/
4
76%
761
182% Apr'01.1
/
2 4 74
o1952 11-17 751
I 86 D Eaten 1st 7s
7612
L & N coil g 48
1908 J-J
80
94 J'ly'07
10/ %Apr'u8
LaCroase 86 D 1st 58
10634 107,2
Sil Sp Oca &(.4 gug 48 _11)18 I- J
1910 J•J 10818
Mineral Point Div 58
100%10034
Atlantic Sm Danv bee South By
10038 :c('118
1910 J•J 1u2 -13
10014 10418
So M hill Div 1st(is
Austin & N W See Sou Pacific
1910 J -J 1(tU18 105 104% Apr'08
91% 924 91%
92
Southwest Div 1st 6s
101 10312
18 90
93%
Dalt& Ohio prior 1 g3128.1925 J-J
1909 J -J 103%10334 103 4, Apr'08
904 00
90
/11925 Q-J
3 89% 99
Wis & Minn Div g5s
108 10812
A-, Registered
1(181
/
4 Apr'06
1921 J-J 1(.83a
9814 35 96 41 102
51948 A-0 9734 Sale 97%
Mil & No lat M L 62. 1910 44) 10478
195's 105's
Gold 48
105 18 Apr'08
9638 9518 Mar't)8
51948 Q-J
Registered
let consol 6,5
1081
/
4 10812
95% 96%
1u8'., Jan'08
1013 J -1)
120 vet '01
Chic Northw cons 78
Pitts Juno 1st gold 68.....1922 J -J
116 118',
1915
11519 Apr'08
/
4
80% Dec'1)7
Extension 48
PJun & M Div Ist g 31281925 51-14 801
9,.34 sup '07
1,11%
1886-1926
90% 2 87
92
00%
Registered
PLESm W Va 8y8 ref 481941 31-14
92%
.jig .1.
./ 98%
Apr'u8
1886-1926 F-A
88
8outhw Div let g 3128. .1925 j-j 87 is Sale 87's
General gold 3%8
37 8334 8934
110
1/234
62% Apr'08
11187 m-tr 90%
89 Oct'06
.
Registered
Registered
741925
05 Feli'07
92.4
44-11'
p1987
10578 Feb 107
Moven Riv let gu g 53-1911) -A 99
Sinking fund 68. .1879-1929 A-0 110
1091, Apr'08
M-S
913
8
g4425..1930
109
Apri05
141st
Registered
o
Cen Ohio
10812 Jan'05
1879-1929 A-0
1093 J'ne'07
Sinking aunt 5s. 1879-1929 A-0 10618
Cl Lor & W con 1st g Os 11/3:; A-0 104%
109 Mal'un
104
116 May'00
Registered
Ohio River RR 1st g 55 1936 J
104 Novi..?
1879-1929 A-0
A-0
Noviii6
11312
Debenture 5s
1937
General gold 5s
10214 Apr'08
1909 M-N .102'4
/
4
11918 Mar'04
Registered
Pitts Clev &Tot 1st g ils 1022 A-0 1061
M-N
10119 Mar'05
1909
90
881
/
4 Oct'07
Debenture 5s
.1017 J -J
Pitts & West 1st g
105 t eu'u3
1921 A-0 104
1UU Nov'04
Registered
Stat lei By 1st gng4128
4s.- 1943 J-D
103. J'ne'it7
1921 A•0
SLuking fund deb Os
Bat Creek ce S See Mich Cent
10818 10818
10812 Feu'08
1933 M•N 10.818
ere
18
North1
teg
Creek
Beech
HeeNYC86 H
107 107
107 Mar'08
11133 411-N
Illinois
d 1st 58....11110 M-8 101%
Bellev & Car See Illinois Cent
......
99 Deo'07
ott 0 b'& ,St Paul let 5s 1909 M-8 Il1u114
Bkiyn & Montauk See Long I
1005 MaY'07
Bruns & West see A tl Coast L
siii L S & West 1st g 68 1921 M-N 11611
118
/
4
11834 Apri08
Buffalo N Y 4ts Erie See Erie
110 111
Ext & Imp stand g 5s 1029 F-A ill
111 Apr'08
Buffalo It & P gen g 6s 1937 M-5 109
Ashland
110% 110% 1 108 1101
120
8
Div
1st
14212 Feb'02
g 6s..1925 M-8
/
4
A-0
96
Mich Div lat g68
All & West 1st g 48 gu 11198
US Dec'07
1'2812 Feb'06
1924 J.j 120%
103 Apr'97
Incomes
CI 36 Mali 1st gu g 58
194S J -J 103
109 Sep'08
M-N 97
/
4
112 1131
Reel'& Pitta 1st g 6s 1921 F-A 116
/
4 Apr'08
1151
114 11514 (;1110 Rk lsi & Pao 6s 19
113%
/
4 Apr'08
1131
91
17
1
Consol 1st g 68
Registered
117 31a.V0e
5 115 115
1922 J-D 118%
117 117
115
J-J 112 115 US
General gold 48
Buffalo & Southwest See Erie
56 1,4 100%
98
97% sale 97%
198
18
7 j•J
Bull al, fiusq 1st ref g 48.41951 J-J
91 Feb'08
Registered
90
91
02 Sep '07
91
1988 J-J
Refunding g 4s
Bur R & N Nee
f P
/
2 258 83', 8718
801
/
4
1934 A-0 8612 Sale 851
.....•
10714 Apr'08
(itui So let SsJ P M&Co rests
Coll trust SoriesH 48 1910 M-N
97 J'iy'04
1021
/
4 10712
J 45
......
991
/
4 Apr'08
•
58
11934
92% Nov'06
1913
08'4 101
11991125 M-N
94
M
Registered
10034 Alay'07
001
/
4 Jan '07
1913 M.8
P6-1•7
.N 4s
03 May'04
Carb & Shawn See 111 Cent
9 M-N
119111
Carolina Cent Bee Saab Air L
04s
0034 Feb'07
M-N
Carthage& Ad See N Y C& II
245
84 Aug'07
1918 M-N
b'ee B C & N
Chic It I & Pao RR 48 200
Ceti R Ia &
68% 517 55% 68,2
002 M-N 64% Sale 64%
6214 6214
0214 Jan '08
Can Branca By See 310 Pao
MN
rtetgiold 58
gitsrtieis
Cent of Ga RR 1st g 5s-p1945 F-A 108
116 Mar'07
C
ilo
ell
731* 258 69's 76
1913 11.5 70 Sale 68
Conaol gold 55
Our Ced It & Northern25 .9718107
1945 41-14 105 Sale 104% 107
1,34
Registered
Con let & col tr g 58.-1934 A•0 108
1107s Mar'08
1945 1144
106 111
105 113 Apr'06
let prof income g 65....p1945 Oct
gi
,a
steNreil
w
mt
Re
a
6912 20
67
66
12018 Mar'03
75
70
A•0
70
Stamped
let gu 55.1921 A-0 101
111 Nov'05
4 65
70 ;.'.ale 70
70
2u wet income g 58....p1945 Oct •
hi & St L 1st gu g 78 1927
18 45
46
48
50
48
U. S. Government
U S 28 consul registered.41930
U B 28 °ousel coupon-41930
U 8 3$ registered
k1913
II 8 3s coupon
U 8 38 reg small bonds-kit/lb
U 8 35 ocia small bouds 51918.
1925
U 8 4s registered
1925
U S 43 coupon
Ti SPan Oan 10-30 yr 28.k193,;
Pltil'opine islands 48.1914-34
Pub wks and imp reg 431935
3.2
es...
611SCELLANE011s BON IP,-Continued on Next Page.
Street Hallway
Brooklyn Rap Tr g 55
96% Apr'08
97
1945 A-0 95
1st refund cony g 48
/
2002 J-J
2Sale 71%
733s 1862
721
City let con 5,1.1916 1941 J-J 102
100 Apr'08
Bk h Co & S conga g 65 1941 N1•17
9578 Oct'07
Bklyn Un El let g 4-58 1950 F-A 9712Sale 9712 100 105
stamped guar 4-35
98 Apr'08
1960 F-A • 97
Kings Co El 1st Fr 48
87 Feb'07
194() F-A
80
Stamped guar 4s
811
/
4 142
1940 F•A 8114 8ale 80%
Nassau lilies gu g 4s
1951 J•J
781
/
2 95
76% 7918 77
Conn Hy& L let‘40 rot g 412s'51 J-3 98
95 Mar'08
Stamped guar 4128
1951 J-3 9738.
04 Mar'08
Den Con Tr Co let g 5s 1933 A.-0 97
95 J'ne'00
Det United 1st con g 44
0 1932 J -J
79% Dec'07
06%
Havana Klee consol g 58 1952 F-A
94 Jan '08
88
Inter-Met colt 4 108
195E1 A-0 64% Sale 6234
67% 2778
Internat Trac coll tr 48-1949 •.1
/
418
61
61% 6114 Mar1
uis By Co 1st con e 58-1930 J-J
109 Mar'98
Elec lat & coil 55.1953 M.S
98 May'06
No price Friday; latetit price this week. gDue Jan
Due Ayr
kaanila
91
98%
66% 76
11978 100
9319101¼
98 98
'77
75
115
1)312
82%
78%
95
95
91
94
49% 67%
60 65
e Duo May
Street Hallway
Met St Ity gen col tr g 58 1997 F-A
7934 Sal*
Ref g 48
2002 A.0 50
Bway& 7thAv lato g 58 1913 3-0 100 102
ooI&UthAvlstgu g 55.1993 31-8
100
LexAv& P Flatgug581993 11.8
Third Ave RR con gu 4s2()00 J-J
Cent Tr Co certfs stmpd...
56 Sale
Third Ave By 1st g 58 1937
105 110
Met W S El(Chic)1st g48 11/38
Mil El By & L 30•yr g 58 1926 F-A 100'.,
Minn St Ity 1st con g 58 1919 J -J
91
N On By & Lt gen 4128 _1935 J.J
St Jos ByL1H & P 1st g 55'37 M•N
St Paul City Cab con g 64_1937 J•J
Underground of Lou 55.-1908 J-11 * 4012
Union El(Chic)1st g 53_11145 A-0
United Ras San Ira t 4E4.1927 A-0 0534 Sale
United Rya St L 1st g 45.1934 J-J
80 83
g Dna J'ne /aloe
Due Aug oDae Oct
7934 82
53
56
100
100
05 Mar'08
90 Jan'08
62 Apr'08
66
56
10419 Apr'08
9312.1'iy'06
109 Jily'06
107% Feh'06
90's 8014'06
11)318 Oct'06
11019 Novs0t1
414.
4119
10078 Mar'08
6634
65
81) Apri08
I) Due liov
2 68 85
16 40
56
10 93 100
05
98
00
90
4912 63
39 50 62,
_ 101 106
v
'
e
5 4118 4118
10078 10078
0812
40 59
70. 85
s0 Audi
New York Bond 11000rd-Continued-Page 2
MAY 2 1908.)
BON
N. Y. STOCK EXCHANGE
WEEK ENDING MAY 1 '
44,
Price
Friday
May 1
Week's
Range or
Last Sale
G
Range
Since
z: January 1
BONDS
N. Y. STOCK EXCHANGE
WEEK ENDING MAY 1
Price
Friday
May 1
4
14Z:
1085
eeic's
Range or
Last Sate
Range
Since
January 1
Iiega No Low Ltigh
High No Low Hull, Erie-(Con)
Bid,
Ask Low
disk !.(no
Rut
Chits Rock t& Pae-(Con)
103 Dec'07
/
4
1041
/
4 Jan './8
1041
/
4 1041
Y Sus & W 1st ref 58 1937 J
Choc Ok 84 C+ gen g Is.o1919 J -J 102%
1001
/
4 Dec'Oe
241 gold 41
1937 F-A
/
4s
1932 M-N 103 110 111 hi ay'116
Consol gold 5s
9412
9912San'08
91
94% 9319 Apr'08
98% 100
0958
General gold Is
1923
Keel: cts Dee M 1st
110 110
110 Jam '08
Terminal 1st gold 5s 1M It4.:f;
t 110
IllCent
5s..Chic
L & N 0 See
Regis $5,000 each 1943 M-N
Clue St L & Pitts bee Penn co
102 102%
102 Jan 'id,
SlId litiof NJ latg6s 1910 A-0 100 L.,
127 Apr'08
121 127
127
Chic t P M & 0 con 6s 1931
1(012 101
Wilk & Ea lat gu g 53 1942 J-D 95 100 10012 Mar'00,
93 Dee'03
/
48 193U .1.1)
Cons Os reduced to 31
124 Jan 4,8
110 110
110 110 Mar'08
1231
/
4
Ind 1st con gu g 6s 1926
.24 124
M-N
1913
lstglis
Minn
&
• Ch St P
Mar'04
129
4
124%
Erie
&
Pitta
See
Penn
J
-J
Co
Nor Wisconsin 1st 6s 1030
112 112
116 11714 Evans &I.' H 1st cons 68 1921
116 Apr'08
107
112 Jan 'OS
11498
St 1 & S City 1st g 6s 1919 A-0
:16
98
112 113
96 Jan'or
1st general gold 5s
116 112 Feb 41z.1942 A-0 9618
Clue & West Ind gong Gag19:42 Q-111
11
94
'05
951
/
4
94
A
pi
114
Mt
91
Vernon
1st
033
4
gold
68
1923
1952 J. J
A-0
Consol 50-year 48
1004 Feb416
Suit Co Branch 1st g 5s 1930 A-0
Clue & W Mica see Pere Marq
Vargo & So See Ch 51 & St P
Choc0& Gulf See CR I& P
113 Oct '00
lint& Pere Al See Pere Mar
Cluki & D 26 gold 410_1937 J J
102 J'ne'07
Fla C& Penin See Sea Air Line
Cin D ,Va 1 1st gu g 50-1941 M-N
80
Fort
105 Mae:18
St U D Co 1st g 4..28.1941 J •J
31-N
gu4sg.'23
Ft
W
1st
C Find &
83 Jan '07
Ft W 8. Den C 1st g 6s
108 Apr'Or .... 104 110
1921 J -D 10819
CinI & IV 181 cit g 48.1953 J -J
9814 Oct '07
80
771
/
4
80
37 74
Ft W& Rio Or 1st g 48_1928 J -J
761
/
4
Ind Dec & W 1st g 5s 1935 J -J
/
4 Dec'02
1071
lal Har & S A S'ee So Pae Co
1930 J -J
1st guar gold 58
lral H & 11 of 1882 1st 58.1913 A-0
90 Dec'07
CIStLdat; eeCCJ&StL
Georgia 85 Ala See Sea A Line
See C St L
Cln S &
lila Car & :Nor See Sea A Line
Clearfield & Malt See 11 R & P
fw3
9514
921
/
4 98
0619 95
Georgia Pacific See So Hy
Cloy Cin C & St L gong 4s 19113 J -D
89
9U3 Jan'07
Gila V 0& Nor See So Pac Co
193S) J -J
Cairo Div 1st gob!48
90
95 Sep '07
(buy & Oswegat See N I Cent
N Div lst g 46 1991 .1•
W&Cli
'2 110
91
03
03
93
Grand Rap & Ind See Penn RR
St L Div 1st col tr g4s 1990 31-N
91 Oct '07
Gray's Pt Term See St L S W
1990 11-N
Registered
9558 Sale 951
/
4
89
96'• 251 9214 981
/
4
92 Feb'08
92
02
Nor-C il& Qcoll tr 4s 1921 J • J
Spr & Col Div 1st g 48 1940 31-s • 85
94% Sale 94%
/
4 9634
94% 3. 921
98 Sep '00
1921 Q-J
Registered.h
W W Val Div 1st g4s 1940 J • J 10016
Jan
'04
105
&
0
Fly
Clues
Greenbrier
See
M-N
1920
consol
68
C I St L & C
93 iso.'07
03
0512 051
/
4 Apr
8195'2 J-J
9514 9514 Gulf & S I 1st ref& t g
1c1936 •F
1st gold 4s
981
/
4 Oct '0 i
an & St Jo See C 13 &
k1936
Registered
1011
J'ne'07
licte
H
See
N
I
N
ousatome
Is
.1925
con
1st
g
1--F
j
Cm S & Cl
/
4 101 12 101 12 2 9812103
114 Apr'08
114 114
Hock Val latconsolg41
/
4s.1999 J-J 102 1041
1914 J -D 113
C (I C & 1 consol 78
91) Oct',.)
......
Registered
1914 J-1)
Cousol sink fund 7s
98% Noy'on
jA.0
j
Apr'08
118
1'21
Col
121
.4,
H
9°
8
1'20
V
1st
ext
04
9
g
43
1
cousol
gold
68
1934
General
J -J
9).
......
95
Dec 07
1955 F-A
Col & 'rot 1st ex 48
1934 J -J
Registered
115 Sale 95
93
Houst E & W Tex See So Pac
95
95
Ind BL & W 1st prof 403 1940 A-0
Houst8e Tex Cen See So Pao Co
0 Ind & W 1st pt 5s...61938 •J
10312 Apr'08
102 10312
12 85
90
90
Ilinois Central 1st g 48 1951 4-1
Pee & East 1st con 48 194i) A-0 90 Sale 89
107% Api'oi
6 4214 60
/
4
44
I. Registered
1951 J -J
Income 45
1990 Apr 44 Sal, 421
91%
Mal
4
'08
9134 9134
913
1st
gold
3
-J
/
1
4s
1951 J
Clev & Marietta See Penn RR
121'13'.0"
Registered
Olev & Pitts See Penn Co
89 Nov'(17
44 5512 62
62 Sale 60
62
Extended 1st g 3/
4:
03
1
48
195
951 A
1947 J•J
Col Midland let g 48
70 oet '04
......
88 sale 88
891
/
4 19 82
1st gold 3s sterling
901
/
4
1951 M-S
Colorado & Son 1st g 4s 1020 F -A
97 101's
98 Apr'08
100
7834 Salk, 781
1952 A-0
81:k, Coll Trust gold 48
/
2 82 288 73
Behind & ext 414s
1935 M-N
May'.
98
Registered
Colum & Ureenv See So Ry
05 101 101 Apr'08
9814101
N
N 0 8a Tex gold 4s -19
2 NA1:O
95
53
(Jot& Hock Val See Hock Vai
97 May'07
Registered
1953 M-N
Col & Tot bee Hock Val
102% Jan '.7
Cairo Bridge gold 4s
1950 J
Cot Coon & Term See N & W
84
85
85
85 Feb'08
LotusvDiv&Term g312s 1953 1.4
Coon ,14 Pas Rive 1st g 48.1943 4.0
123 Muy'90
91'9 95
91 Apr'08
Ill
Middle Div reg 5s
91
1952 J-J
Cuba RR 1st 50-yr 5 g
7812
Apr'06
Omaha Div 1st g 38
ce SIP
oc Gt. So see u
74 12 761
/
4 7834
St Louis Div&term g3s 1951 J • J
T
atlas & Waco See M 1.L
Registered
1951 J -4
Del Lack & Western86
Mar'08
1141
/
4
87% 8768
8758 Apr'08
'
11414 1181
Gold 31/48
/
4
1714
1951 J.- J
Morris & Essex 18178-1914 M-N
101
'
d uct '1)1(
117.2 sop '07
Registered
1915 J-D 11734
lstconsol gnarls
Nov'ut.
11712
100
J'ne'05
127
•
Spring
Div
1915
ist
g
J-1)
312s
1
9
95
5
1
4
J1
Registered
101% 97% Aug'07
2000 J -D • 90
Western Lines lat g 48 1951 F-A
1st ref gu g 3128
1181
/
4
117 Mar'08
122 Dee'05
/
4 117
• 1161
Bellev ,f. Car 1st Os
1023 J -D 106
N Y Lack & W 1st 6s 1921 J -J 1081
1
90
98
109
/
4
109
97 blar'07
108%109
Carb
&
Shaw
1923
1st
g
4s
1f-A
1932
M-S
5s
Construction
/
2
116 102
0718 Apr'08
106 Dec 0,
......
Chic St Le. N 0 g 5s 1951 J-D 1121
, 971
• 911
/
4
Term & improve 48.-1923 t1/1-N
102 Yen'03
11:134 blat'04
Registered
1951
Warren let ref gu g 340.2000 F•A
1211
/
4 Apr'08
* 884 90
881
/
4 Feb'07
Gold 3123
......
12112 123
1951
Del it Ilud 1st Pa Div 78 1917 31-S 12034
Aug'01
149
Registered
1917 M-S
Registered
25 04,2 99
J j
100 Mar'08
100 100
981
/
4
99
Memph Div 1st g 4» 1951
93
1016 J -D
• 10-yr cony deb 4s
93 100
...... .
/
4
St L Sou 1st gu g 4s
97 Mani/
-• 96
07 Mar'08
07
1931
1922 .1-J • 991
• 1st hen equip g 4125
52
Ind 111& West •S'ee CC C& St L
9134 117
961,9534 9512
1946 A-0
A1b&Susconv319s
95
95
95
1 95
95
1281212814 Ind Ill & Ia 1st g 40
12812 Feb'08
1950 J.-J
Rens & Saratoga 1st 78 1021 611-N 12434
103
1 101 1011
Int 8, Great Nor lat g 68 1919 Xt-N 103 Sal, 103
Del Riv lilt Bridge See Pa Kit
80 Sale 80
80
15 70
26 gold 5s
901
/
4
/
4 Apr'08
901
/
4 951
901
94
/
4
Deny & R Or 1st con g 48 11)313 J -J
50
60 Oct 4),
3d gold 48
08 Jan'08
08 .38
9
192
/
48
1036 J -J
Consol gold 41
10414
/
4
10312Anr'08 .. 10014 1081
Iowa Central 1st gold 56 1938 J
100 100
95 100 Jan '08
Improvement gold 58-1928 J•1)
76 Sale 75
78
76,4 73 70
Gold 48
97
1)8
98 Feb'08
1951 M-S
Rio Or Juno 1st gu g 5s.1939 J •I3 • 1)8
'05
Dec
Jetferson
RR
See
76
Erie
1st
So
gold
4s
1940
Rio gr
J -J
I(alA&GR See LS Se MS
83 Mar'08
85
85
Guaranteed
1940 J -J
90
90
1 831
/
4 1/01
/
4 11‘an & Mich b'ee Tol 80 0 C
1939 J -J
Rio Or West 1st g 48
KCFtS&M SeeStL&SF
72
5 70
75
11141)
72
75
Mge and col trust 4sA
A-0
KC&MR&B SeeStL&SF
97 Jan'02
86
Utah Cent lstgu g 48 a1:117 A-0
Kan C & Pacific See M K & T
& Ft I) tied 31 & St
Des
71
70
70
1 69
71
Kan City Sou 1st gold 3s 1950 A-0 • 68
110 Sep '04
Des Moi Un lip 1st g 513 1917 31-N
63 Oct '00
Registered
1950 A-0
1/2 Mar'07
Det & black 1st lien g 45 1995 J-1) 85
Kentucky
Cent
Nee
J
85
80
1/0
L
&
N
80
1995
85
Gent 48
Kook 80 Des Alo See C R I&P
Detroit Southern7734 Jan '08
78
77% 77% Knoxville & Ohio See So Ry
Ohio Sou Div let g 4s 1941 M•S
10612 1101
/
4
I ake Erie & W let g 5s-1937 J -J 109
1091
/
4 Apr'08
10434 Apr'08
102 108
Dul & Iron Range lst 58 1937 A4) 106
101 Mar'08
.00 101
/
4 blar'Ua
1061
/
4 100 12 1.4 2,1 gold Is
1:141 J -J
1061
1937 A-0
Registered
103 Apr'08
105 105
North Ohio 1st gu g 53 1943 A-0 105
1916 J -J
26 05
L Sho & Mich S See N Y Cent
Dul Short Line See Nor Pao
1110212105
/
2
10434 10434
Leh Val N Y lst gu g 4128.1940 J -J 1041
107%109
108 Mar'08
Dal So Shore & Atl g 58-1937 J •J 109
106 Slay',).
Registered
1940 J -J 102
Llaat of Minn b'ee StPM& Al
Apr
'08
91
115
871
/
4 95
Lehigh
Val
(Pa)
cons g 46 2003 M-N
1!)ast Ten Va & Go See So Ry
/
4
108 Jan '08
Lou V Ter Ry let gu g 50 1941 A-0 1131
108 108
1104 J'ne'07
Elgin Jol & East lat g 5s 1941 11.11•N 106
Registered
101.119 Oct '91,
1941 A-0
Elm Cort & No See Leh& N
1)912
106 106
1071
Leh V Coal Co let gu g 58 1933 J
106 Apr
/
4
99 105
105 Jan'OS
1947 NI-N
Erie 1st ext old 48
/
4
951
/
4 9512
/
4 Apr'ut,
/
4 Leh & N Y 1st guar g 4s 1945 M-S 95
10112 1041
96.2 951
1919 11•S 1041
10418 104
26 ext gold Is
99
1001
/
4
M-S
Registered
933
4
Mar'08
1923
09
1945
31-S
41
/
4
5
gold
86 ext
El C'& N 1st pr Os
11378Jan'06
104141099.
1920 A-0 10312
1041
/
4 blar'Or
1914 A-0 102
4th ext gold 58
/
4
Gold guar 55
/
43an'00
•......
93 LA:0'0 I
1928 J •I) 031
1914 A-0 10114 103 1051
5th ext gold 4s
Leh .11, Hud 11 See Cent ot N J
/
4119 118
1920 31-S 1181
1 117 122
118
1st consol gold 78
/
4 Lel,& Willtesb See Cent of NJ
1920
12u Jam '08 •..• 120 1201
1st consol g fund is
861
/
4
8612 Leroy & Caney Val See blo P
8612
8612 '2 82
Erie 1st con g 4s prior-11196 J -J
Long Dock See Erie
79
79
79 Jan 08
1996 J -J
Registered
69 Sale 69
110 Jan'08
105 110
701
/
4 25 55
72% Long IsPd-lst eon g 58.51931 Q-J 110
tat cense' gen lien g 4s 1906 J
931
/
4
1st consol gohl 45
51931 Q-1
1906 J
Registered
8519 Feb'07
90
791
/
4 78
General gold 4s
90
11 831
7812
1938 .1-D
/
4 90
Penn coil tr g 45
1951 F-A
781
/
4 10 68
91.2 90
Ferry gold 412s
102 Nov'03
61
/
2 551
1922 M-S 90
/
4
551
/
4 4 43
1053 A-0 5312 551
50-year cony 48 A
()old 48
9914 Oct '06
51
56
1932 J-D
52
36 40
do
Series B 1953 A-0 5019 52
84
Unified gold 4s
82 Jan'ut
118 Jan '08 •
118 118
Butt N Y le Erie 1st 7s 1916 J-.1)
1949 M-S
82
81
Debenture gold Is
10458 Feb'06 •
Bull & S W gold 6s
1934 J -D
110 J.ne'04
1908 J -J
Ohio & Erie 1st gold 5s 1982 M-N 108.2 Sale 1081
Guar ref gold 4s.
1949 M-S
/
4 1101
93 Apetn90
135'3
95
/
4 8 10814112
Clev& Mahon Val g 5s 1938
Bklyn & blont lat g 6s 1911 M-S 99
116.2 Jan '05
103
Jett lili 1st gu g Is....a1009 A-0
981
/
4 Apr'08 .... (J5* 9812
let 56
1911 NI......
981
/
4
119% Sep '0
Long DOCK consol g 68 1935 A-0 122
N Y B&M131stcong5s1930 A-0 100
124 Feb'08 .
11014 ov'0
121 124
Coal& RR 1st cur gu 6.3 1922 M-N
N Y & 11 B let g Is
118 Sep '06 ....
1427 11-3
105 Apr'0
Dock & Imp 1st cur 6s 1913 J -J
106 Mar'08
Nor Sli 11 1st con g gu5s01932 Q-J
109 Novq).
98
.. 106
N 7& Green L gu g 58 1946 M-N
100 Feb'08.
98 Apr'08
98
100 100 Louisiana & Ark 1st g 5s.1927 M-S •
98
98
H
2
D
J:E
MISCELLANEOUS LIONDs--Continued on Next Page.
bitts and Electric Light
Gas niul Electric Light
Atlanta L Co 1st g 5s...1947 J-D
101 12 1011
Lac Gas LotSt List g5s.e1919 Q-F 991
/
4 3 99 102
/
4
Ilklyn U Gas 1st con g 58 1945 M-N 1001
102 Feb'07
/
4 10 021
Ref and ext 1st g Is
1934 A-0
/
2 Sale 10012 1001
/
4 1021
/
4
Buffalo Gas 1st g 58
1947 A-0 54
55 Apr'08
Milwaukee ()as L 1st 4s 1927 M-N 82
60
9119 Jan '07
1909
Consul Gas cony deb 68
124
/
2Sale 98
:18
43 10
37 88
122 Sale 120
53
5 12
981
/
4
64
91u N YGELII&P g 58 1948 J -D 981
1923 J -J
Detroit City Gas g 5s
2 931
82
9634
Purchase money g 4s 1949 F-A
781
/
2Sate 781
/
4 '19' 2
75
9614
96
,97
bet Gas Co con 1st g 5/3 1918 F -A • 981
Ed El 111 1st cony g 58 1910 M-S
100 Apr'07
/
4
9914 100% 99 Apr'ux
981910012
licfc
P
Co
E
See
K
Ed El III Blui
1995 J-J 103 112 1131
1st consol gold 58
/
4 J'ne'06
Ed14111 ilesNY(I&ELH&P
NY&Q El L&P 1st con g581930 F-A •
05 Aprlii
Ng
Lk( list con g 58 1932 M-S 104 105
96
98
103 Isiov'05
96 Mar'08
N Y & Rich Gas 1st g 11s.1921 M-N
Gam& Else Berg Co e g5s 19411 J-D
Pat & Pa.t; Li& E eon g 58.1940 M- S
104% Nev'05
6112 Oct '01
/
48_1942 FA
Gen Electric deb g 31
80
70
79
Peo Gas & C lot eon g 68 1943 A-0 112
/
4
11214 Mar'08
8)1
10714 1121
1017 J-D 1171
10-yr g deb 5a
Refunding gold Is
1947 M-S 101
1001
/
4 Apr'0.
94 1001
/
4 Sate 11034 11.7 4 57 ...... 11(
/
4
81
Gr Rap 0 L Co let g 5s 1915 F-A
Ch G-L & Cke lat gu g ba 1937 J -J 1021
/
4
10734 Dec'00
101 Apr'08
08 101
Hudson Co Gas 1st g 58 1949 M-N
99
Con G Co of CI) lat gn g5s.'36 J-D 09
95 Apr'08
93
95
10112 Apr'08
10112101¼
Kau City(MO Gas 1st g Is 1922 A-0 • 90
Dee'06
Diu Fuel Gas 1st gu g 58.1947 31-N
92 100
115 12
110 Vet)'08
Kings Co El .L cro P g 5s 1937 A-0 951
/
4
Syracuse Lighting 1st g 5s.'51 J-D
Purchase money 6.3
1997 A-0 107
S
Trenton G & El 1st g 55 1949
ay'05
1031
/
2 10614 2 103 107
110
Ed El 11 Likn lstcon g4s 1939 J -J
83
83
Westchester Light'g g 5s 1950 J-D
/
2 Feb'07
......
881
/
4 83 Mar'08
1011
•No price Friday; latest bid and asked this week.a Dee Jan b Due Feb cl Due Apr e Due Any
Due J'ly k Due Aug o Due Oct q Due use 3 Option sale
•
51
New York Bond Record --Continucl-Page
1086
BON Dm
N. Y.STOCK EXCHANGE
WRACK EN1)O:6 MAY 1
z4.
3
[VOL. Lxxxvi.
BOND?,
Week's
Range
Price
N. Y. STOCK EXCHANGE 4.).
Since
Range or
Friday
Wask Ettrami MAY 1
January 1
Last Sate
4Z, May 1
Rio
Ask Low
High No Low High N Y Cent & H 14..-(0mt1nued
iltd
NO
48A. Low
_High
Low BigA
Lonisv & Nashv gen g 66 1030 J-D 115
1125 Mar'08
112.8 117
Beech Cr Ext let g 3/
1
24461951 A.0
Gold 511
1937 M-N 1071
/
2
110 Oct '07
Cart & Ad let gn g 4a. 1981 3-0
Unified gold 4s
194( J -J
08 Sal* 951
/
2 98
Gouv& °ewe 1st gugas 1942 J -D
48 95 100
Registered
P140 J.J ......
31oh & Mal let gu g 4a..1991 NI•S
. 1.01 18Xly'00
9812
08
08
98 Mar'08
1919 A-0
Sink fund gold Os
107 Dee.'05
NJ Juno It Ku 1st 4s. .198( F-A
105 Oct'02
Coll trust gold 58
104 105
1931 M-N
101 Feb'09.
N Y do Harlem g 319s...2000 M-N
83%
101/
1
2J'Iy'06
5-20-yr col tr deed g 44).1923 A-0 911
91.8
/
2 92
19 88
94
92
N Y & North 1st g 5s...1927 A-0 100
1101
/
2 May'07
E & Nash 1st g 65-.1911. .1 -D 1111
111 Noy'07
/
2
N V & Pn 1st con gu g 48 1993 A-0 95
101 14 Dec'06
1031
/
2 1414
L Cln & Lox gold 41
104 2lar'08
/
2e 1031 M-N 101%
Nor & Mont 1st gu g 68.1916 A •0
1934, J -J 117
N 0&
11514 Jan'0811534 117
1st gold 6s
Pule Creek reg guar 68.11131 .1-D 115%
107 Not'07
N 0 & M 2844018 6s
1939 J..)
......
. 115 12214 Mar'06
R NV&0con latext5s.h.1922. A.4) 102 Sale 109
109
108781111
/
2
1071.4 Aug'06
Pensacola Div goldds 1920 M-8
105 105 Jan 'OS
Oswe J6 It 26 gu g 5s...e1915 F-A •
105 105
117 May'07
......
St L Div 1st gold Os
1921 M-S 108
Riff&0T It let gag 58.191t• M-N
/
2Aug'07
621
28 gold 3s
n44•11
Rutland let con g 41
J
-J
1001
/
2 Oct'05
/
28..1941
......
88
2 86
881
/
2 88
Atl Knox & Cin div 4s.9D5
801
/
2
M-N
.1
Ott*LCham lst gu 4s 141948 J •J
8719 87 Feb'08
(4434 87
101 4
116 J'ly
All Knox & Nor 1st g 5E517:
)4
8: .1
85 Jan 'OS
Rut-Caned let gu g48.1941' J -J
85
85
1081
/
2Jan '06
Render Btige 1st at g 63.1931 11St Law & Adir 1st g 3,4 1:1443 J.J 109/
122 Jan'06
1
2
90
90
92
1
88
92
Kentucky Cent gold 4s 1987 J • J
241 gold Os
A-0
125 Feb'08
125
125
1)5
108 J'ly '06
L&N&M&M letg41
/
281945 31-S
9934 Apr'09
1.8
Utica & 131klk
gu g 45.1
192
92
96 J.J
9934 6934,
87 Jan '08
7
87
L& N.South M Joint 48.1952 J J
9214 93/
Lake Shore gold 3/
1
2 93
9314 6 89% 94
1
2s
1997 J-D
1131
/
2alar'07
......
N
& 8 lst gu g 5s 1937 1f-A 108
J.D
90'2 921
/
2 112 Jan '08
Registered
i'24
1997
00
/
2E11945 J -J
921
N &CBdge gen gu g 41
/
2
1487, 1).-,
Sale
CI
M-6
0219
'31',
Debenture
g
14)28
113 Jan '08
118 113
Pens & Atl 1st gag Oe 1921 F- A 102
901
/
2 8111.2 90
92% 222 88.8 9419
26-year g 413 .......
1931
102
Ill
May'07
8 & N Ala con gu g 65 1936 F-A
4
Ka A &(1 B 1st gu e5s 1938 J.J !10,
9119 Jan'09
1)11
/
2 91½
10i) Oct '4)7
L & Jett Bdge Co gu g 4s 1945 M.s
Mahon 01 RR 1st 53 1934 J-J 105
LNA&Clt SeeCL&L
10719 Nov'06
Pitts & L Erie 2)1 C 5s.a1928 A-0 98
j-3 120
139 Jan'03
PittFi
ItIcK
rt,iahonCoal SeeLS&MS
&
Y
latg
-u
6s.1932
/
2
921
/
2 Apr'08
92
Manhattan Ry consol 45 1990 A-0 931
98
241 guar 6a
1034 J.J 110
104 Apr'05
1990 A-0
Registered
McKees& B V Dag es 1918 J -J 105
10238 102% 2 9934 1023;
1908 -J 102%
Metropol El 1st g 6a
101 Dec'06
Mich Cent let Consul 116 1111): 31-6
MoK'pt & I) V See N Y Ceut
106 Dec'07
55
......
1931 M.8 108
Metropolitan El See Man Ry
J'ne'06
110
Registered
....
1'431
81 sale 79%
81 1095 741
alex Cent consol gold 4s 1911 J • J
/
2 )
15
92
10034 Jan '07
-JM
4s
1940 J.
16 Salt
15
161
/
2 201 141
/
2 201
1st consol income g 3s.a1939 •I'ly
/
2
J •J
/
2Not-'00
Registered
1061
14% Sale
11'8
15/
1
2 103 10
28 consol income g 38..4939 .1•Iy
181
/
2
L & S 1st g 31
9419 Dec'06
/
2s
19
B5
411) 11•8
10).8.Ply '01
ilex Intermit let con g 18.197'4
8534
let g 31
/
2s
88 Apr'08
88
88
1952 M-N
80 Feb'08
Stamped guaranteed....1977 31-S
80
.
"tit')
..
Bat C & Slur let gra g 38 1989 J -D
19144 Rex North 1st 44018 6s
2 908 101
NVOhic&St L let g 48 1937 A•0 99 1001
105 ALRY'04)
100
/
2 100
Mich Cent See N V Cent
Registered
10214 31ar'07
1937 A-0
Mid ot N J See Erie
West Shore let 48 gu 2361 J -J 101 Sale 101
101 /
1
2 30 98 103
bill L 6 & W See Chic & N
Registered
J -J 1U0 dal* 100
1001
/
2 31
/
1
210
2361
& St P
Mil&Nortlt Soo eh
N Y So Green w Lake See Erie
•1254
1244
1.28
1027
gold
78
1
J-1)
12514 128
Minn & St L let
V & Har See N Y C & kind
N
163 Mar'08
1909 J -I) 10'24
103 103
Iowa Ex 1st gold 7s
N Y Lack & W See D L & W
118 Jan')).
Pacific Ex let gold Os 1921 A-0
N
L E & W See Erie
11:14 31ar'05
South West Ex 1st g 7s 1910 J -D
N Y& Long Br Nee Cent of J
99%
100 Apr'08
1934 M-N
100 100/
1st consol gold 5s
1
2 N Y N it & H-Cony Os subs..
1251
/
2 Sale 120
1251
/
2 315 1151
/
2 124%
80
3044'1)8
80
1949
refund
gold
80
43
M-5
82
let and
1 1034
Housatonic It con g 58 1937
112 Mar'418
112 112
147 Apr416
Des M & Ft D lat gu 48-'35 J -J
N II & Derby con cy 56 1918 M-N 10334.
Minn & St L gii SeeBCLt&N
N V & North See N V C &
97
96
97
1 07
97
StP66 8SM cong4intgu'38 -J
N V 0 & W ref let g 48.41992 31-S
97
6 921
97 Sale 9434
/
2 98
Si) 102 J'ne'07
MSSM &A 1st g 4 int gu 1926 J -J
Regis $5,000 only
1011
/
2 J'ne'Oli
g1992 31-S
Minn Un See St P
&31
N Y & Put See N Y & 11
904
97
963
4
Salt
19
94
98
Mo Kan & Tex let g 4s 1990 J
Y & B B See Long Island
80%
24, 771.4 84
82
81
80
gi9i10 F-A
241 gold 4s
NYS&W Sea Erie
, I 95 1001
101 100½ 100,
1044 '-I-N
/
2 N Y Tex & Al See 8o Pao Co
1st ext gold 5s
•
Apr'08
75
75
2004 31.8
74% '78
let & refund 4s
Nor & South lst g 5a
100 Oct '07
1941 M•N
781
/
2 108 71
78'; 774
1936 J -J
79
/
2e
Gen a f 41
Norf & West gen g Eis
1201
/
2Jan '08
4,
120 120',
1931 M-N 117%
821
/
2 83 Jan'08
2001 A.0
83
83
St L Div 1st ref g 4s
Improvem't & ext g 68 1934 F -A 1171
1171
/
2Jan '08 -• 1171
/
2 117½
/
2
100
1
.,
Apr'08
102
1021
/
21021
/
2
Dal & Wa 1st gu g 58 1940 31-N
New River let g Os
127 Oct '00
118
A-0
1932
/
2 97 Apr'08
86% 891
87
87
Kau C & Pao 1st g 4s 1990 F-A
N & W By let con g 4s 1996 A-0 03
/
2 '3319
931
921
/
2 u?-,
106 Mar'08
/
2
105%106
Mo K & A 1st gu g 5s 11142 A-0 1031
Registerea
91 Sep '07
.....
A-0
3 102%104
103
1042 M-N 100 Sim* 103
K & Ok lat gn 5s
Div'l let 1 do gen g4a...1
etos
881
/
2 30 84 14 8,478,
881
/
2
.1J
1
114
9
4
6
IOU Apr'08 ...• 971
/
2103
MX &TofTlatgug5s.lt 42 M-S *102
10-25 year cony 4s....11132 J.1) 821
82% 279 78
/
2Suit 80.8
84,„
99
105 Aug'07
..
/
2 11 '17
Sher Sh & So 1st gag 5s.1943 J •
Pocalt C & C Joint -15..1941 3-0 84 Salo 81
851
86
..103 103 Apr'08
103 103
1091
Tex & Okla 1st gu g 5s 1943 M•S
/
2 Feb'08
CC& T lat rig 5s
.100
J
-J
/
2 110
110
5 1041
/
2110
Mo Pacific let con g de _1920 31-N jilt, 1101
Selo V &
90% Apr'08
1st gu g 4s 10
871
91's
/
2 1)5
31-N
92
8
2
9
Sale
91%
913
91
4
6
99
88
North Illinois See Chi & N W
Trust gold 5s atamped a1917 M-5
/
2Feb'07
1041
......
a1917 31-S
Registered
North Ohio See L Erie & W
194½ Sal* 88
941
/
2
1920 F-A
87% 98
Nor Pao-Prior lien g 48 1997 QJ 10034 Sale 100.8 101
let coil gold 55
37 09 101%
sale'
69
70
69
S 68 761
1945 M-S
/
2
40-year gold loan 4s
Registered
100% 1003e
7 98 100o.
•J
95 Mar'08 ••
05
95
1938 11.N
3d 7s extd at 4%
General lien gold 3s....A047 44.F
7234
7134 Sale '71'-J
138
73
821
85 Feb'08 .• 85
/
2
85
Cent Br By 1st gu g 46 1919 F -A
081
/
2 Apr'08
Registered
1181
/
2 70
a'2047
9,11
/
2
Jan
'09.
831
/
2 84,1
/
2
St Paul•Dul Div g 48....1996 J D
Cen Branch U P 1st g 40 1948 J-1,
4161
/
2Jan '08
89
9(1',
110 Mar'05
Leroy &CVALlstg5s 1926 J -J
Dul Short 14 1st gu 58..1919 M'S
101
091
/
2 Feb'08
1194 190½
Pao It of Mo let ex g 46.1938 F-A
C B & Q coil tr 4s .See lit Nor
112 Dec'07
2d extended gold 5e 1938 -J
83 P & N P gen g Os. 1923 F•A 1171
116 Mar'08
/
2
116 117
1
2 107 1001
/
2 1061
/
2 8 103 110
StL Ir M& Sgen con g 631931 A-0 10)/
132 J'ly
Registered certitic'a..1923
F 1111
/
2
102 Apr'08
100 102
Gen con stamp gill g 5s 1931 A-0
St Paul & Dul 1st 53.-1,
1171
/
2 J'ly '07
102
1:
1
1
751
/
2 7614 76
16
Unified & ref gold 48 1929 J.J
6 68
18
28 58
100 Oct '07
A-0
82
82
Riv&GDivIstg4s 1933 M-31 79
11) 76
861
/
2
981
/
2 Oct'06
let consol gold 4s
1908 3-1)
1071
/
2Apr'09
Verdi VI & W 1st g 5s 1926 M.5
Wash Cent 1st g 4a
93 May'Oe
81
1048
98 Dec'06
Mob J & K C 1st cons g5s 1053 J -J
112 Feb'08
Nor Pao Ter Co 1st g 68 1933
112 114
Mob Si, Ohio new gold 68-1927 J•D 116% Sale 11634 11634
1 113 11634 Nor By Cal See So Pao
1051
/
2 Jan'08
/
2
let extension gold 6s../t11.127 4-J 1071
10519105½ Nor Wls See C St P 31 & 0
8414.8'0008
1938 M-S
General gold 4s
841
/
2 841
/
2 Nor & Mont See N Y Cent
102 19 Oct '07
991
/
2
Montgom Div let g 58 1947 F -A
921
/
2Aug'06
St L & Cairo coil g 48..e1930
ig"
RtYW
RRS644
4 '
.irtC1.7ta
&U
101 Nov'U4
Guaranteed g 4s
1931
Ore & Cal See So Pao Co
hi & 0 coil 4s See Southern
Ore RR & Nay See On Pao
Mohawk & Mal BeeN YC&ki
Ore Short Line See Un Pao
Monongahela RIP See 11 & 0
Oswego & Rome See IN Y C
Mont Cent See St P hi & hi
0 C & St P See C & N
Morgan's La Jo T See S P Co
pm Coast Co 1st g 5s
1031
/
2 Apr'08
/
2
1011
/
2105
1946 -1:1) 1031
Morris & Essex See Del L& W
ac of Missouri See Mo Pao
Mash Chat ..to St List 78.1913 J.J 113 114 11278 Apr'08
1121
/
211278 Penn RR let real eat g 48 1923 M-N 101 ...- • 105 Jan '08
102 105
1.1 1st copilot gold 5s
1028 A-0 107
1071
3 10519108
/
2 168
105 Noy'Oi
Consol gold Os
19114 31•S
Jasper Branch 1st g 68 1923 J -J
116½ May'07
101 Dec'07
gold 4s
/
2
M-N *1011
bloat 31 W & Al 1st 6s 1917 J -J
1171
/
2 Mar'06
961
/
2 80 t41' 96/
U4'8 Salo 0418
Convertible g 3128
M-N
1
1
10114
1
2
1
:
1
2
.
113 J'ly'01
T & P Branch 1st 6s
1917 • J
1
2 'J2 533 88
Convertible g 31
/
2s
92
1915 J -I) 9178 sale 91/
Nash Flor & Shef See L & N
99 J'ne'u7
Alleg Val gen gu g 4s 1942 M-6
......
901
/
2
100 Apr'08
N at ot alex prior lien 41
/
2s 1026 J.J
99 1001
/
2
DRRR& lige 1st gu 4sg.'36 F-A
81
80 Mar'08
let consol 4s
1071
/
2 Oct '0;
1951 A-0
77
Plata Bat Jo NV 1st g 48 1943 M-N
82
...... •...•
N wit & D See N Y N &II
10•4 Jan
Sod Bay & So let g 5s 1924 3-3
NJ Juno RR See N Y Cent
1101
/
2Sep '04
U NJ it It & Can gen 48 1014 M-8 100%
New & Cin Bdge See Lou& N
105
101
4 40234 105
Penn Co-Guar let g 44
/
2
0 1921 J -J 1041
NO&N E prior Ben g tiap1915 A-0
103% J'13"07
Registered
11321 J-J
BkIn & Man Bch See 1, I
N
90/
Guar 3428 coil trust reg 1937 14.S
1
2J'ite'06
831
/
2
....... ...
89
8934 8914
N Y Cent& H Riv g 3/
1
20 1997 .1-4/
,
Mar'os
8934 67 871
/
2 91
Guar 3 Las coil tr ser B 1941 F-A
85'6
8431
86'9 8(4 14
88.8 Sale 881
/
2 88% 20 881
Registered
1997 J.J
1121
/
2 88.8
/
2 Fell'1,8
Tr Co centre gu g 31
III%
/
28 1916 il-N
921
/
2 9219
94/
91
1
2 40 91
Deben g 48
1(419
1934 M-N
FelP(18
8414
0
/
2a tr
95
Gu 31
e51
.,
J -D
841
/
2 84'4
80
79
Lake Shore coil g 3/
tia 75
1
2a 1998 F.A. 781
/
2 80
G 31
/
2s tr ctfa I)
94)/
1
2 3110'09
82
83
19
T -D
1)4
42
4
Registered
/
2 '70
791
/
2 771
42 73
1998 F-A
79
Guar 15-25 year g 4s
/
2 Apr'08
911
/
2 921
1031 A-0 94
.-91;.. Oil
791
78
/
2 58 741
Mich Cent coil g 3/
1
2s
1098 F-A •
• 78
110 Jan '05
/
2 81
CI & Mar let gu g 41
/
28 1035 M-N
76
76
Registered
. 79
10 76
1998 F-A
10814 Aug'03
• & P gen gn g 4 Las ser A.'42 J -J 10378
76
......
102 Feb'07
Beech Creek let gu g 43 1936 j-J 'or
Series
19
u4
48
2 A-0 10214
102 Mar'04 •Registered
1936 J-J
981
B
C 31
/
2s
/
2Dec'05
831
/
2
31-N
28 gu gold 5s
1936 J -J 102
Series D 319s
96 jail'04 ...• ......
841
/
2
1950 F-A
MISCELL 11,NEOUS BOND:a-Continued on Next Page
Price
Frio'ay
May 1
' Week's
hangs or
Las/ Sate
an
Range
Sines
January 1
J
J
J
(i:
TJF
J
Coal and iron
Telegraph and Telephone
Col & I Co gen s f g 5s..1943 F-A
82 Apr'08
83
Am Telep & Tel coil tr 4s 1929 1.3
791
/
2 813
81 Apr'OS
751
/
2 81
65 Mar'08
Convertible deb g 5s....1911 F.A
511
Comm Cable Co 1st g 4s..2397
65
8534 31ar'68
6534 85%
Col Fuel Co gen gold 66.1019
1071
/
2Oct '04
Met T & T 1st f gam
104 Feb'01
1918 -N
Or My'Coal & 0 1st g 6131919 A-0
102% Apr'06
Mich. State Telep. let 53 192-1 F-A
921
/
2 Feb'08
92
9214 921
/
2
Clearf Bit Coal late f 4s...1940 J -J
95 Apr'02
N V & N .1 Tel gen g 5s 1920 M-N
105 18 J'ly'03
......
......
fJoi Indu 1st& coil 58 gu..1934 F-A
5578
581
/
2 221 38% 681
59
58
/
2 West Union col tr cur 53 1938 J -J
83
81
85
84
01
94
Contin'tal C late f gu Os g.1952 F-A
107.8 Deo'04
.....
F41 and real est g 41
/
2
s.
85
M.N
1950
811
/
2
811
/
2
88
83
4
Tett & Clear C & I let,'58.1926 J-D
107 May'07
Cony 443, Series A.
78
1936 MN
'18
78
75
KanSell C& 01st a f g5e.1951 J-J
1051
/
2 Dec'06
..
Slut Un Tel s fund 6s. .1911
14)3 104. Apr'o7
Pleas Vol Coal lstgs t 58.1928 J-J
105 Oct '00
Manufacturing 45:. Industrial
Sunday Creek Co g 58-.1944 J.J
78 Feb'07
Tenn Coal gen 5s
1951 J.J
11 821
931
/
2
94
/
2 94
931
/
2
Am Cot Oil ext 41
8819 01'.,
/
23
913, 28 86
1915
9214
Tenn Div let g 6s
a1917 A-0 101
1410 101
103 Mar'08
Am Hide & 1. 151 a g 6s 19111 2.
85
81
-F
s • 81
81
/
2 $1
1 751
Bina Div let couaol 6s..1917 J -J 106
1: 90 104.1
10578 106
Amer Ice Secur deb gas 19245 A-0 65
70
70
70
66
18',
'2
Cali C 31 Co 1st gu g 65.1922 J-13 105
Apr'))"
102
102 10I
Am Spirits 31fg lst g 68 1915 31-S
99
97 Mar'08
DI 100
De Bar 0.8 I Co gu g 63.1910 F-A 14)1 106 100 Jan '08
1410 100
Am Thread lat col tr 4s 1911) J -J
86 Sule 86
80
80
1 83
Va Iron Coal &Col at g 5s 1949
87
85
29 80
85
8719 Am Tobacco 10-yr g 6s
1944 A-0 105'1 Salo 105
10) 201' 06% 146',
*Victor Fuel lat a f 5s
1053 J -J
/
2 Feb'07
931
48.
1951 F- A
71% Sale 71
/
2 72'4
724 211 601
No price Friday; latest bid and asked. aDtte Jan b Duo Feb o Due Slat clD ie Apr /Ulna J'Iy7c Due Aug 0 Dna Oat p
Due Nov qUtIV3CA3 8 Option Male
MAY 2 1908.J
BONDS
:42
X.T.arrow( EXCHANGE
Ext)1100 MAY 1
New York Bond Record-concluded- Page 4
Pries
Priday
May 1
Week's
Range or
Last Sate
472
Aange
Since
January 1
BONDS
N. Y. STOCE EXCHANGE
WEEK ENDING MAY 1
r).r
z
.Priee
Irtelav
May I
1087
Week",..
Range or
Last Said
Lange
Sines
January I
Bid
AsA Low
41/r Low .High
wit Soethern Pao Co-(Continued)
Righ
St4
Low liigh,
Low
Penn Co-(0orebinuent)
85
127 Sep'06
92 Apr'07
Morgau's La & T 1st 76.1918 Au 113
•.....
......
Erie & Pitte gu g 3/
1
403 B.1940 5-J
/
4
J 10111
8 jA...0
192
930
85
9834 Apr'04
1st gold es
116 Nov'06
58
1940 J.J
Series C
108 Sep'06
112 Feb'07
No of Cal guar g
/
4
....
Gr It& I eirlstgit g41
/
481941 J.J 1011
1021
/
4 21) 102 102%
127% Oct'02
102
Ore & Cal 1st guar g 503.1927 J -I 102¼.
/
4
......
Pitts Ft W & 0 let 78...1912 J -J 1101
1013
4
98,2 1021
68...c1909
J.J
102/
1
4 Apr'08
J'ne'00
1st
g
8oP
of
Ar
gu
/
4
......
1912
'
2d7a
119 Apr'04
c1910 5.3 10034
101 Dec'07
, let guar g 6s
....
711912 A-0 109
3d 711
116 It ay'05
So Pacific of Cal1091
/
4
Pitti Yeu Aeh 1st con 58.1927
108 108
108 Feb'08
/
4
g Osseries E.& P...1912 A.0
10412 Mar"
1041
/
4 104¼
PCC& St Lgt141.2sA...11140 A-0 3001
114% Dee'04
108 Feb91/4
1st gold 6a
108 108
1912. A-0 10614
Bernie B guar
/
4
116 May'07
11212.1.'eeN15
let con guar g 58
193
917
2M
A -°
N 1041
1942 11-N 100%
Series C guar
104
101
1901
/
4 Mar'07
1/5
S Pacof NMex lat g 68 1911 J -J 102
1945 11-N
......
104 104
Series 1) 45 guar
8814 111
00 Apr'08
So Pao Coast 1st gu 4a g 1937 -1
F-.A
90 90
Series E 312;V.=
105 10712Peb'07
112
Tex&NO8abDiv1st g68 1912 N1.13
1053 J-D
Series F 48 guar
9812
981
/
4
109 Jan'08
/
4
1943 j.2
95 14 1181
.Con gold 58
109 109
C St L& P let cOn g 58 1932 A-0 110,2
/
4
90 904, 89% 901
c:o pee Bit 1st ref 45
1955 ./
87% 93
Pensacola & Atl Nee L& Nash
9778 Salo 114
97% 4 841
Southern-let con g 58
/
4 1/776
1094 J.J
Pee & East See Ci C C & St L
114 Nov'06
123¼ Jan '05
;Registered
1994 .1.I
......
Pee .0; Pek Un lat g 68-.1921 Q.F 10112
95 10034 Dee'0.i
751
/
4 751
/
4
77
Mob & Ohio coil tr g 48 1938 M.S 76
51921 11-N
75
......
/
4s
'
2u Fold 41
93
99,
109 Apr'02
06 10 0.2
Mom Div 1st g 412-5e 1996 J.J 10() 105
......
Pere Mare-Ch.& W M 58 1921 J -D
7434 Apr'08,
112¼ Aug'07
71%
St Louis div 1st g 48. 1951 3.
1920 A-0
69
76
Flint PM g 6s...
10034 Apr'07
113 Jan '06
Ala Con R let g 68
19311 ;41-N
1918 J.2
1st cousol gold 58
96 J'uo'06
1001
,100% Apt'03
10034 Atl & Deny let g 4s 1948 J.
Pt Huron Div let g 6a 1939 A.0
92 J'ne'06
244e
1948
Sag TuOJb E 1st gu g 48 1931 F-A
Atl & Tad let g guar 48 1949 A-0
Phil B & W Sc.Penn RR
Feb'117
115.
/
1
4
Mar'06
111
Col
108
&
lireenv
let
J-D
601
;la
78.1911
1916
J-3
&
Reading
C0118
eh
/
4 Apr'08
95/
1
4 06", 1)(41
111158J'IY'
g
GoaldD5i g 5s 199
07
961
/
4 961
11954
30
6, N
J
A 0N
J 100
/
4
Philippine Ay lst 30-yr 81113'37 J -J
1031
/
4
l
let gold be
105% 1053e •6 102 105%
C
Ton
Va
1956
eitte
& bt L See Penh l;
Ten reor lien g 58
97
97
1938 M-S 97% 99
97
97
Pitts Cleve & Tot see B &0
es Sep'07
68
Ga Midland let 3s
Pitts Ft W & Cli See Penn co
(le Pae Ey let g 6s
1022 I-.1 103
1061
/
4 1411
106 107
Pitts McKees & Y sea14 Y Ceti
."
108
1001
/
4
Feb'08
Jan
1925
3.2
10914
'08
Co
Ohio
lstg6e.
Knox
&
1011410914
Pitts Sit L B 1st g 58-1940 A.-0
107 108
3378.1'1y '117
11632 Apr'11t)
OU & Dir prier lien g 5s 1945 3.1 88
1943 J -J
let consol gold 50
Mortgage gold 4s
1945 3.2
96 Oct'05
Pitts & West See 13 &0
1063
6
93
103
Mar'08
Sale
108
961
/
4
2714
02
15
971
Rich & Dan con g 68- 19
7 .1
/
4 71)
971
A-.1
/
4
.0
1997 J•J
eadm g
103 197
gee g 4s
92
991
/
4 Oct'07
94,
4
9;)/
1
4 Apr'08
Deb 58stamped
951
/
4
'JO
1997 J -2
11.%) Registered
118 Feb'06
92
92
Rich & Meek let g 4a 1948 SI-21
/
4
941
e6
oreey Cent cull g 48. 1961 A () 9236 96
Apr'08
97%
1919 M-N
So Car & Ga 1st g 5e
951
/
4 97%
Retouteater Jo bar lies & 11
112 Oct'06
92
16
Virginia Mid tier C 6s-19
1 84
M.
-8
3 1114
)9
Rich & Dan see South Ry
108' Dec'11b
Series D 4-55
Rich & Meek See Southern
Dec'05
113
Series E 5s
1926 M-S 11
(
)
0
10,8
Rio Or West See Den & Rio Gr
103
103
General be
1936 M-N
103 103
kiecit & Pitts Bee B B & P
107 May'07
Guar stamped10012
Rome Wat do Og See N Y Cent
96¼ Jan '07
93
24
0M
F:A
N
W 0 W 1st ey gu 46.19
Rutland See N Y Cent
1061
/
4 Sep '1/7
West N 0 1st con g 66..1914 J -1 102
t6:ag Tug & 11 See Pero Mare
83 Apr'08
& N Ala Seel,& N
85
Jo & 4.1r tel 1.81. g 413-1947 I•I
82
117 J'ly'00
Spok Falls & Nor let g 6.3.1939 J -J
8t L & Cairo See Mob & Ohio
111 Ply'07
/
48..19311 A-0 101
er A of St L lot g 41
St L & Iron Mount See P
110% Feb'08
1091
/
4111
-L let con gold 53-.1894-1944 F-A 109
St L K & N See Wabash
9214 Feb'08
1953 I-.1 • 92
/
4 921
/
4
Gen refund s g 48
901
St L M 13r See '1' RH A et St L
fit Deo'09
St L 111 Bge Ter gu g 58 1930 A-0 •100
St Louis el/ San b'ran ciseo0
'
708
11
)
11
/
4 Ar
General gold 08
. Tex & N 0 See tio Pax, Co
113 1143
/
4 51 99 1121
/
4 1101
14
41
11
1 21 .T.
/
4 1071
1 221 10
General gold 611
/
4
/
4
l'ex& Pao let gold be • 2000 J.D 109% Sale 1091
103 107
cons g
92 Nov'06
911
/
4 11U Jan '08 ••-• 90
q2000 Mar
J -J *
8t L & S F
90
23 gold Inc be
110 Mar'06
1021
/
4 Aug'05
Southw Div let g 56..1947 A-0
1931 J.3
La Div 13 L let g 58
106% Nev'04
69 Sale (111
70 308 671
1951 J -J
Refunding g 48
W MinWeeNWlstgu 58'30 F.A
/
4 75
98 Nov'06 ••.. ......
/
4 1908 J.13
11)2'S Feb•98
/
4
5-year gold notes 41
1936 .1-j 1031
Col & 0 C let g 501
102 10334
East gu 412g1909 2.D
111 May'04
Western Div let g Ob. .11135 A-0 100
StL M &
...
113
97 .11,9'08
113 Mar•te3
euu g 0s 1026
1931; .1) 97%1
ill 1141
/
4
General gold 5s
11 Ft $
'351
/
4
' 93
'08
/
4
69
09¼ 11 66.4 72.4
89 Jan
8e
Man & Iii let gu g 4s....1990 A-0 85
K It & At Ry ref g48 1936 &-0 681
89
84
82%
82.4
7138 53
'Poi P 8, W let gold 48....1917 -.1
80
83
11 U& \11t& ii 1/A058.1029 a-c.)
. ....
Dec
'07
83
90
83
Wpr
lien
91
Tel
St
L
&
g31203.1
1
,
921
6
Oz'rk'&
Ch
1st
gu
5s
5
)
g.1913 A-0
......
'8,1 *86
•
71
79
50-year gold 48
113 .
St Louis So See 1110018 Cent
73
ti7
.
90
891
/
4
95 Dec'06
'29 841
90
/
4 90 'ror Ham& 13utf let g 48.h1946 -D
St L W let g 48 bti ctfa.1981) M.N
195 Apr'08 •... 104 105
60 Feb'08
I lister & Del let con g Os 1928 J-D 193
70
66
70
2d g 4s Inc bond Ws-401989 J.J
9$ Sep '06
/
4
1/5
let refund g 4s
/
4 Sale 631
1952 A-0
67
SO 56
1932 2..D 611
°ousel gold 48
1
1194
247
7
e1
,
8
00;
09 ,4
4 sale 101.0* 101 176 99 102
101% A.pe07
Un Pao RR & 1 gr g 4a ,
Gray's PtTer latgug5s 1947 J -D
0J Apr'08
Registered
St Paul At Dui See Nor Pacifie
98 100%
88% 1434 83 88%
20-yr cony 4s
Salt 67
1021
/
4 Apr 08
3-1
1021
/
4 104%
St Paul M 80 Mau 23 6a 14109 A-0 102%
t)6'
1/6
128./
1
4 Apr'Uo
4 91
. Ore ay & Nay con g 48 1946 J-D 96 42
12616 1283
128%
let consol gold 6,3
96%
119
Is
Apr
'08
Ore Short Line latg 6s. 1922 F-A
134 Dee
Regiotered
1933 J.J 126
116. . 120%
112 Apr'08
/
4 7.
1st eonsol g 50)
1946 J-J *1121
/
41P
11
Reduced to gold 41
/
48-11433 J.J 10714 Sale 1.06% 1071
106 112%
13 1112 107¼
/
4 6978 7s 851
Guar rotund 4s
11618 Apr'01
1929 .JT.
-D
D We Sale 891
Registered
1933 3.2 104
/
4 89%
87% Mar'07
Registered
/
4 Apr'08
Dakota ext gold 6a
1919 3144 10338
1051
10434 10534
100 Oct '07
98
?dont ext let gold 4s
1908 .3.1 103
99
Utah & Nor let 7s
1937 J-D
99
94
1051
106
Registered
/
4 J'1Y'
Gold 5s
1937 J -D
07
981
/
4 10014 Oct'06
....
1,1111inu Nor Div 1st g 481948 A-0 80
11.
-1
Um N J
& C Co .8ee Pa19
108
Mien Union 1st 6s
124 May'05
Utah Central See Rio Gr Wes
1922
100
Mont C let gu g b8
130
Utah & North Bee Up Pacific
1937 3.2 125
26 128 130
Registered.
1361
/
4 May'06
Utica & 131ack B Site 14 Y Cent
1937
/
4 Oct'07
1111
/
4 Apr'ud
941
/
4
let guar gold 5e
1937 j.j 1111
1111
/
4 111 12 V andalia cousol g 48. .1955 F-A
/
4 Dee'06
98 Sep'06
1151
/
481934 5-I
/
4
era Cruz &Plat gu 41
Will & 3 If let gold 5a 1938 I.D 1091
......
Ver Val Ind& W 'bee Mo
at P & Nor Pao See Nor Paz
Virginia Mid See South fly
StP &13'x City See(1StPM &O
99 Jan'08
81%
821
/
4 33 78 83% Va& SOUthWtt let gu 58.2003 1.2 *100
82
SA & A Pena 1st gu g4s 1943 I -.7
99
99
1(15 sale 105
102 Sep'07
1981
/
4 15 f02 10934
1939
W abash 1st gold be
S Fe Pres do Ph let g 58 1942 11.5 100
110 Oct '55
1/2% 1.2 841
1939 F-A
32 Sale 112
V, 2d gold 58
SF&NP 1st sink I g 50 11/19
/
4 94
110 J'ne'07
1939 5-1
Debenture series A
8av & West See At!Coast L
.....
49
410
B
Scioto Val eb N 14 See Nor& W
.37
49
62 J'ne'07
..
22 431
60
. Certificates of deposit
Seaboard Air Lino g 48-1950 A-0 48 501
/
4 55
...
/
4 49
90 net:J07
102 Feb'08
1911 M-N
let hen equip s fdg be 1921 M-8 92%
Coll tr refund g 58
90
100 103
88
Jan
'07
blai'M;
93
let
hen
50
yr
g
term 403.1954 J -J
1.1.1-Birm 30-yrIst g 4s e1933 M-S
yg%141Lr'06
491
/
4 72.
let ref and ext g 4s ....1956 I-1 48 Salt 4712
Car Cent lot cou g 48 1949 J -J
4-6 .
WI;
Det & Ch Ext let g 503-1041 .J IOU
IOU Apr'uts
/
4 A.ug'96
1071
Fla Cen it: Pen 1st g 06 1916 J.J
100 100
Des Moin Div let g 4e .1939 J -J
117 N ovIi4
let land gr ext g 58 1930 J.J
Om Div let g 3128
80 ifeb'07
/
4 Mar'06
Consul gold 68
1943 .14
1091
1941 A-0
95
Tot do Ch Div lat g 4o. .1941M-S
96% J'ne'07
95
'7 92 95
• & Ala Ity lot con 5801945 J.J
96
1St Chas Bridge lot g 61).1908 A-0
too May'07
94 100 11U Jan'05
Ga Car & No lot gug5o 1929 .1- I
NVab Pitts Term let g 48.1954 J-D 4134 sate 45
1)21
/
4
471
/
4 50 41
192(3 J-2
seab & Boa lot 511
106 Mar'07
56
23 gold 48
1954 J.
978
10 sale
SherShr&,110 See 51 K & T
10% 264
9.
14 19
Warren See Del Lac & West
13118p Oca & ti See Atl Coast L
Wash Cent See Nor Poe
So Car di, Ga See Southern
Wash 0 do W See Southern
Southern Pachie
Wash Terml let gu 3128 1945 F-A
86,
, 12 83% 87
• 4,0(Cent Pao coll).1c1949 J-D 86 Sale, 86
871
/
4rlY
k1949 J-D
West Maryland let g411...1952 A..0 66 Sale 66
67 • 50 49
Registered
84 J'ne'l/7
67
Gen & Golly g 4s
1952 A-0
304 Apr'08
Cent Pao let ref gu g 4s1949 F-A
96
96
96
30
47
1949 F-A
W Va Cent& P lstg6s 1911 2.1
Registered
1)51
/
4 9338 J'ne'O'i
108¼ Aug'06
/
4
89 Apr'08
110% Mar'08
West N Y& Pa 1st g 58 193'7 A
J...1
0.112
Mort guar gold 3128..k1929 J-D 851
80
86
1081
/
4 111
lieu gold 3-4s1943
Through St L 18t gu 48'54 A-0 87
88
87% Jan '0
88
83 b'eb'98
90
87% 97%
Gal Har & S A 1st g 68-191 F-A 10168
lueome 50
31943 Nov
34 .Feb'07
1(:31.2 Apr'07
'08
1931 54-11
By
Mex & Pao lot g 6a
Jau
West
No
Car
Nee
South
107 107
10/
Gila V u
1st gug5s 1921 M-14
Wheerg & LIII let g bo...1926 A-0 101 1021, 102 Arr'0
106 106( 2'4'06
100 1.01
Bouts E & W T let g 58 1933 M-N
Wheel Div lot gold 58..1928 5.1
100 101
103 Mai.'0
101
'
08
sITS
Aug'06
let guar 6,/ red
1933 M-N
Exton & Imp gold 50 1930 F-A
104
1,81
/
4 Jan '0
981
/
4 981
/
4
•&
g 56114 gu 1937 J-J 110%
1091
/
4110%
110% lo'on'08
RR let oonsol 4s........1114(1 11-13 64
69% 63
63
60
7212
Consul g 60 hit gust. 1912 A-0 108%
107% Nov'07
20-year equip f be .1922 J.J
104 Oct'07
Gen gold 40 int guar 1921 A-0 87%
87% Apr'08
37 88 Wilkes Si &tot See Erie
Waco& N W div let g(3e'30
Wil & Sioux F See StP &
110 Lies J(16
A & N NV let gu g 5s
1941 .T•J
Wks Cent 50-yr let gen 40, 1940 I-1 82% Sale 801
1091
8212 4211 80
/
4 Yeb'06
/
4
85 '
R
U
.141SCELLAN F:OJ, BUNDS--lioncluded.
liana talent ring dz: Industrial
liBecellaneous
Beth Steel lot ext at 58..1926 1.5
Adams Ex col tr g 4s
95
1948
871
.
8716
96 Aeg'66
871
/
4 31
'83 90/
1
4
(lent Leather 20-year g 456.1925 A-0 931
7 851
Am SS Co of W Va g
/
4Sale 93
10034 J'ne'02
04
/
4 94
M-N
Ferrytio lotcons g 68'48 F-A
ConsolTOWCOO 50-yr g 48.1951 F-A • 71
IP, 72', 11 611
41 Oct'06
72'6
71% Sale 711
Distil Seo Cor conv let g58.'27
Chic J c& St Yard oolg 56.14)15 J-J
/
4 122 64
/
4
721
75
100 Jan '98 .... 100 100
/
4
Int Paper Co 1st oon g 68 1918 F-A 1021
Det M Si M Mgr incomee 1911 A-0
101 106
102 Apr'08
47 Apr 08 ..... 421
/
4 47
Conaol Cony sf g 58
8014 Sate 801
1935 .1•
Int Mercan Marine 4128 1222 A-0
/
4
801
/
4 21 80
86
(18
691
.146 63
72
Int St Pump 10-yr wiry.66'13 -3 1127g
21 90
92% .93
94*6 let Navigation lets 59 1922 F-A
80 Apr'08 .... 76
80
Knieker Ica(Chic) let g 521.'28 A-0
Man Bch H & L gen g 4e 11)40 14-N
971
/
4 Oat '05
50 Feb'tr.:
Lackaw Steel 1st g 58
1923 A - C) 1/0 Salo 99
d1990
28 84
Newp Ne Ship & D
90
J -J
90
N at Starch M fg Co letg Os 1929
N Y Dock 50-yr let g 48 1951 F-A
821
/
4 Aug'07
88
89
88
88
1 8b
Nat starch Co e I doh 58 1925 J.J
Providence Sec deb 48. 1957 M-N
79 Apr'97
Si
85 Oct '07
90
91
Repub I& Slat& eoltr 500 1934 A-0
80 Dee'4
Provident Loan Soo 4%8 1921 11-21 85
09 May'0
U 4 Leath Co s f deb g64 1913 80-N 10316 108 109 Mar'09
0 1830
St Joseph Stk Yda let4,
101 106
10812 Sep'01
U S Realty & I cony deb g 58'24 5.2 * 71,2
73
36 641
81 L Ter Clippies Stat'n41 Prop
70
/
4 73
U Steel Corp-5 cool).d19(39 31.27 9436 Sale 94%
971
/
4 118' 85 % 97 12
Oo letg 4128 5-20 year-1817 .1.1)
94148818 941
81 10-90 yr 5s. rug ..31961z 3f- N
/
4
951
/
4
85% 951
112 .ply'04
/
4 8 Y111,3 Wet Co con g 68 1223 5-I
9412 mar'08
Va-Car Chem col it 58 g 1912 A-0 971
/
4
89
94% Sp Val Wat Works let 66 11106 11-S
1131
/
4 J'iy'00
Westin ghouao E &
5e '31 J -J
79 Sale 771
75 67
/
4
80
80
1.1 8 Red & Ref let f 6e 11)31
84
10 7t1.- .11
85
• 81
•
ri,lo Friday; latest',Maud asked this week. a Due Jan S Due Feb A bue Apr ig Due Awl g Due J'ne h Due J'ly v Due Nov snob°. Sae
CHICAGO STOOK EXCHANGE-Stock Record-Daily. Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES
SalurdAry t Monday
April 25
April 27
Wednesday
Tuesday
April 28 ' April 29
Thursday
April 30
Friday
May 1
Sales
of the
Week
&tares
COCKS
CHICAGO STOCK
EXCHANGE
Range Since
Jan. 1 1908
Lowest
Railroads
Last Salt 175
Jan'08
Chicago City Ry
100
214 *2
*2
i9
Chicago & Oak Park_100
214
Last Salt 7
Apr'08
100
17
171 1 *1712 18
ChDicoagoprSour
Subway
-7
7
55
100
Last Salt 212
Mcie08 _-_ Chic Union Traction_100
Last Salt 18
Do pref
100
,
;1 15" 441, *43 44 43 43 "4512 -4-3-1-2 *42 4312 *42 July'07
4312
50 Kan, City By
75
*74
75
75
74
*74
*74
75
75
*74
*74
75
Do pref
30
108
*15
17
15
_ 17
*____ 17
15 • _ 15 *_-__
15
30 Metropol W S Ele17-100
*47
50
49
47
*47
48
*47
49
*4712 4912 *4712 49
Do pref
205
100
*4312 45
45
*40
*43
*43
45
42
Last Salt 46
July'07
North Chicago Street-100
21
* _ 2112 *___ 2112
21
Last Salt 20
Apr'05
Northwestern Elev- 100
50
*____ 50 • __ 50
50
53
820
Do pref
100
55
56
5314 54
*--__ 58 ;8614 58
5234 53
5014 55
613 South Side Elevated_ _100
2734 2814 28
2878 2858 2914 2858 293s
2812 28
2858 2914 1,450 Streets W Stable C L-100
.8814 8834 *88
89
*88
88
89
*87
90
91
Do pref
95
100
*28
30
*28
30
30
*28
*27
Last Salt 2512 Apr'08
30
West Chicago Street 100
Miscellaneous
51,i 538
518 538
5
518 *478 514 *473
518 1,823 American Can
514 514
100
5434 5518 55
5512 5512 54
56
5478 55
55
*5312 5412 1.577
Do pref
100
*140
*140
*140
*140 ____
Last Salt 145 Apr'08
American Radiator_ _100
*116 126 *116 1-26 *116 126 *116 126 *116 --__ 11612 11612
100
41
4038 403s 41
*41
4212 *41
421: *4112
4212 *41.
Pe
hriprbuilding_ ,,100
peor S
20 Am
*9314 95 *9314
*9314 95
Last Salt 94
- *9312
Apr'08
100
Last Salt 42
Jan'08
- Amer
p Sptrroafw Board
;4;812 28 ;2.812 28 *25 28 *25 28 *2512 28
26
26
20 Booth (A) & Co
100
9522 9512 *95 96 *95 ____ *95 96 *95 96 *95 96
Do prof
25
100
54
*50
50
51
50
51
50
50
50
*4912 5012
50
650 Cal & Chic Canal & D_100
Last Salt 165 Mcif0'1 ___ Central Trust hank,, 100
Last Salt 16
Meh'06 ____ Chicago Auditorium
8 *1
118 -*1- --1-1*1
118 *1
Last Salt 1
118
Oct'07
Chic Brew'g & Malt'g_
*312 4
Last Salt 4
*312 4
*312 4
ChicDopnpereu
*312 4
Apr'08
24
*22
24
22
*23
*2212 24
24
22
*22
*23
24
Matte Tool_100
11814 11812 118 11812 11812 11812 118 11812 118 11812 118
11814
470 Chicago Telephone_,,_ 100
Last Salt 214
Mcle08
108 169'- *ai108 108
*1077.78 169- *10778 109 *108 109 -56 Chic
DoTltrlieghdetsTrust--100
92 93
93
92
02
92
92
91
92
92
02
338 Commonw'th- Ed ison_100
127 12734 127 128
12612 127
12734 12734 127 12712 127
127
476 Diamond Match
100
*3012 31
*3012 31
*3012 31
*3012 31 *3012 31
3034 3034 _.120_ Illinois Brick
Last Salt 3114 Nov'05
Knickerbocker Ice,,. 100
0
Last Sale 80
Feb'06
Do pref
100
Last Sale 41
---Aug'07 ____ Masonic Temple
Last
212
Sale
---June'07
Milw & Chic Brewing
Last Sale 2614 July'07
Do pref
8514 8514 -8512 86
861' -84- 161-4 8512 8512 85 8512 -.98•-.' National
86 idc2
Biscuit
100
11434 11434 115 115 *114 115
11412 11412 11412 11412 11412 11434
Do pref
100
67
5734 58
• _ 58
57
5734 5712 5734 571. 571.
5734 57
100
585 National Carbon
*110 -___ *10934 115
110 110 *109 114
*109
I)o pref
112
100
18
-Las." t Sale 534 Nlay'05 ---_
Page Wov Wire Fence
9113 I1-1-2
9113 9112
50 People'sGasL &Coke__ 100
*2812 3212 *2812 -321-2 ;Yi1-2 32
*2812 32 ;N3" "Si
-511 32 - 10c Sears-Roebuck com--100
*8312 85
86
*85
86
84
85
85
8512 *85
85
100
853s
Do pre
168
9978 101
9934 9934 9938 9978 993s 9934 9958 100
10012 10034 2,015 Swift & Co
100
130 130 *130 132
132 132 *130 132 *130
132 132
132
25 The Quaker Oats CO.,,100
98
9712 98 *97
97
07
*97
97
*97
98
98
100
Do pref
93
100
112
133 112 *114
*114 112
11.
138 138 *114 112 *114
200 Unit Box Bd do P Co_ 100
*814 81
85.
8
858
812 812 *814 812
100
Do pref
83i 834
255
834 834
1512 *15
14
14
1414 1412 1514 1514 *14
14
16
14
100
134 Western Stone
Mining
Last Sale 3212 Jan'07
11111.00..
Bingham Con Mlning- 50
Last Sale 10
Nov'06
Black Mountain
Last Sale 16
20
May'07
Daly-West
Last Sale 4
Novalli
Hubbard-Elliott
*160 190 *160 190 *160 190 *160 100
214
2
*2
2
214 *2
*2
214
*712 10
*712 10
*712 10
*712 10
1712 18
18
1814 1814
18
1818 181s
92
109
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending May 1
Interest
Period
Price
Friday
May 1
Bid
Week's
Range or
Last Sale
Ask Low
Range for Previous Year
(1907)
Highest
160 Jan 24 175 Jan 27
158 Feb 3
234 Feb 13
7 Mch16
912 Mch27
15 Feb 10 21 Jan 16
2 12Mch27
234 Feb 13
3912 Mch 9
6814 Jan 4
15 Apr 29
42 Jan 6
46
79
19
50
Jan
Jan
Jan
Jan
14
20
22
23
20 Jan 31
20 Jan 31
5234 Apr 30
2612 Apr 16
85 Apr 20
25 Apr 13
71 Jan 13
2912 Feb 21
9238 Mch 10
2512 Apr 13
4 Feb 13
512 Jan 11
4112Jan 2 56 Apr 28
125 Jan 10 145 Apr 22
116 Apr 22 127 Apr 13
37 Mch 19 5522 Jan 16
91 Jan 2 9512 Feb 7
42 Jan 9 42 Jan 9
24 Jan 3 30 Jan 11
00 Jan 10 98 Jan 27
40 Feb 20 51 Apr 28
4 Apr 13
4 Apr 13
21 Feb 26 28 Jan 7
106 Jan 3 121 Arch 23
234 Feb 21
34 Feb 25
100 Jan 4 111 Feb 4
80 Jan 3 05 Mch25
113 Jan 2 128 bfeh24
30 Jan 22 39 Jan 14
Lowest
Highest
150 Mch
134 Nov
10 Oct
11 Oct
214 Dec
14 Apr
28 Nov
6834 Nov
17 Dec
43 Nov
3412 Apr
20 Sep
58 Apr
60 Nov
28 Oct
95 Apr
20 ilich
205 Apr
5 Jan
16 Apr
4612 Jan
614 Apr
1914 Jan
65 Jan
87 Jan
28 Jan
72 Jan
47 XIV
251,Jan
66 J'ly
90 Jan
34 Jan
99 May
35 Apr
3 Oct
3412 Nov
120 Dec
112 Nov
0 Nov
86 Nov
30 Jan
25 Dec
00 Dec
45 Oct
165 Feb
714 Apr
60 Apr
14018 Sep
130 Apr
8012 Jan
109 Jan
40 Mch
40 .I'ne
111 Feb
54 Jan
165 Feb
1 ja n
5 Aug
21 Dec
55 Oct
1 Jan
ru2 .1'ne
51 Feb
13412 Apr
95
77
10812
34
Oct
Oct
Nov
Nov
11212 May
8758 Oct
12912 May
57 May
70 Jan 3 8612 Apr 28
10134 Jan 2 116 Apr 24
51 Mch 3 60 Meh31
91 Mch23 110 Apr 2
41 Aug
212 Jan
25 Feb
5818 Oct
91 Nov
50 Nov
9734 Nov
46 Jan
212 Jan
27 Mch
86 Jan
11734 Jan
8414 Jan
120 Jan
8012 Jan 3 0112 Apr 25
24 Jan 24 27 Meh24
72 Jan 16 8512 Apr 28
8812 Jan 2 101 Apr 30
11434 Jan 3 134 Jan 29
87 Jan 3 98 Apr 20
114 Apr 1
134.Jan 4
8 Apr 8 12 Jan 15
19 Apr 25 17 Apr 11
72 Nov
20 Nov
67 Nov
7512 Nov
100 Nov
85 Oct
34 Nov
6 Jan
16 Dec
9258 Apr
57 Jan
95 Jan
11322 ,Jan
17312 May
1023.t Jan
214 Apr
1234 Apr
30 Feb
3212 Jan
3212 Jan
1614 Apr
SO
Jan
Chicago Banks and Trust Comnanies
lids
Sold
OutstandRange
Since
Jan. 1 1968
NAME.
Stock
Surpius
and
P701113
Dividend Record
In
1906
In
1907
Per- Las! l'ald
lad
IIigh No, Low
High Bankers National
$2,000,000 $1,328,958
8
s
Q-J Mch '08, 2
American Biscuit 6s__1910 F - A
100,000
Calumet National •
--_27,770
5
6
An, Dec '07. 6
100- me-11'67
_-__
Amer Strawb'd 1st 68_1911 J .J
500,000
Chicago City
142.495 10
10 'J-J Jan '08. 5
National
Cass Ave & F U (St L)
Commercial
3,000,000
4,326,490 12
12
Q-J Apr 'OS, 3
9912
Jan'08
10112
1912• - J
5s
9912 9912 Continental National -- 4,000,000 3,315,703
8
8 Q-J Apr "OS, 2
100 May'07
Chic Board of Trade 481927 J -D
50,000
Cook Co State Savings
7.226
6
6 0-3 Apr '08. 112
Chicago City By 58- _ _1927 F -A 10034 Sale 10038 10178 166 -41-4381-61-78 Corn Exchange National 3,000,000 4,953,474 12
12
Q-J Apr '08, :3
Apr'04
103
Ohio Consol Br&Mit 6s..___ J - J
200,00(1
Drexel State
44,192
6
6
Q-J Apr '08, 112
55 Aug'07
55
Ohio Consol Trac 4;is-1930• -D
Drovers Dep National...
600,000
379.190
8
8 0-3 Apr 'OS, 212
9634 Jan'06
Chic Auditorium 1st 5s1929 F - A
Englewood State
200,000
33,268
3
6 0-3 Apr '08, 112
98
Chic Dock Co 1st 4s_1929 A 8,000,000 7,744,658 12
First National
12 ,Q-J Mch 'OS 3
87 Feil7(Tai
Chic No Shore Elec 68_1912 A First Nat Englewood_
150,000
160,003 10+10 10
Q-J Mch '08, 212
Co_
Chic & MII Elec By 5s_1919 J - J
B'k'g
Bros
Foreman
500,000
640,833 Priv ,nte Ba nk
Chic Pneum ToolFort Dearborn National_ 1.000.000
397,560
8
6
Q-J
Apr '08, 2
6934 7114 23
a1921 J -J 7078 Sale
1st 58
68
7212 Hamilton National
500,000
176,383 ---5
J-J Jan '08, 212
_1927 F - A /0014 Sale 9914 9978 23
Chic By 58
9514 9918 Hibernian D'k'g Assn
1,500.000
988.666
8
8
Q-3 Apr'08, 2
Nov•04
79
Chic R I & P RR 4s_2002 M - N
Kaspar State Bank
200.000
100.000
1.0
10
.14 Jan '08. 5
80 Apr'04
Collat Trust g 5s.._ _1913 M- S
Live Stock Exchange Nat 1,250.000
324,458 ---Q-J Apr '08 212
Commonw'alth-Ed isonMonroe National
300,000
56,238
Q-1. Feb '08, 1
3
100 Apr'08
100
100 100
Chic Edison deb 6s1913 J
Mutual flank
250,000
82,709 -._.
41, Jan, Jan '08. 412
1-01
2212 9912
97
1st g 5s
9912 Nat Bank of Republic
_July 1926 A
2,000.000 1,274,844
8 - Q-3 Apr '08, 2
6
99
99
Sale
5
;99
Debenture-5s- --_ 1926 M S
National City
97
99
1.500,000
420,500 Began husIne ss
Feb 5 1907
9912 10018 29
Commonw Elect 5s51943 M - S 100 11.11
93 10018 National Produce
250,000
Aug 26 1907
55,976 Began buslne Qs
90 Dec'06
Illinois Tunnel 5s____1928 J -D
North Avenue State
200,000
Dec 8 1006
61,889 Began busIne ss
Apr'08
9318
Kan City Ry &LtCo 5s 1913 M • N
378 North Side State Savings
93
50.000
7,413
6
6 G-J Apr '08, 112
86 Apr'08
Knick'b'ker Ice 1st 5s_1928 A ---- 93
8518 86
Oakland National
6
Q-.1 Apr '08. 113
100,000
37,174
6
Lake Street ElPralrle National
250,000
70,796
85
33
1st 5s
80
1928 J -J 85 Sale 84
Q-J Melt '08, 2
8812 Prairie State
-500,000
(4
57.415 d35
16 May'05
Income 5s
1925 Feb
Railway Exchange
4
J-J Jan 'OS. 2
250,000
16,946-.Metr W Side ElSecurity
300,000
115,346 Orga
- nixed Oct 12 1006
86
84
86
1st 48
33
1938 F - A 85
8114 86 South Chicago Sayings_ _
200,000
534
6
77,603
Q-J Apr '08, 112
Extension g 4s
88
1938 J - J 83 Sale 8034 83
80
83
State Bank of Chicago_
1,000,000 1.156,805
9+1 Q-3 July '(18, 3
8
00 Dec'06
North Chic St 1st 5s 1909 J -J
Stock Yards Savings_
J-1) Dec '07. 3
250,000
153,439
6
0
1st 5s
1916 J -J
Union Bank of Chicago_ _
200,000
6 81-N May '08, 3
41,596
6
79 Au-g-;(55
Refunding g 43-s..1931 A Union Stock Yards State
200,000
60,727
6
6
Q-J Apr '08. 112
75 Feb'07
No Chic CityRy4 01927 M - N
American Trust & Savgs_ 3,000,000 2.478,534
8
8
Q-J Mch 'Os, 2
North Western ElCentral Trust Co of II1
2,000,000
986.178
'1
7
Q-J Apr 'OS, 134
1st 48
8914 0012 33
86
0612 Chicago Say Ilk & Tr_ __
1911 35- S I 9012 Sale
n500,000
92,643 _
Ogden Gas 5s
13
Title
9018 93
&
1945 35 - N ;9214 93
Trust__ _ 5,000,000 21.151,548
Chicago
8014 93
Apr '08. 112
6
Pearsons-Taft 5s
1001281eh'06
1916 J -D 99
Citizens Trust & Savings
50.000
7,104
3
A-0 Apr '08,2
3
4.40s
95
05
9"5"" Colonial Trust & Savings 600,000 53:3,060
• - S;95 Sale 95
10
10
Q-J Apr '08, 212
4.60s Series E
9612
96
Apr'08
06
M-N
Drovers Trust do Savings
96
200,000
84,557
6
6
Q-J Apr '08. 2
4.80s Series F
9712Ja1 '08
M - N 97
9712 9712 Farwell Trust Co
1,500,000
55,(163 Orga nixed Apr) 1 3 1907
Peo Gas L&C 1st 6s__1043 A till
112 Nlar'08
10912 112
Flist Trust & Savings
2,000,000 1,476,576
Refunding g 5s____1947• - S 10034 111-12 10014 10134 71
94 10131 Harris Trust & Savings_ _ 1,250.000
323.513 _.
Apr '08, 2
Chic Gas LdcC 1st 58 1937 J -J :10212 Sale 10214 103
3
Illinois Trust & Savings_ 5,000,000 7,898,312 12+4 15:1:4
9712 103
q Meh'08, 4
Consum Gas 1st 5s_1936 J -D 99_
7
0958 100
9434 100
Kenwood Trust & Saws_
200,000
43,469 ____
6
Q-3 Apr '08. 112
Mut'l Fuel Gas 1st5s1947 M- N 99
5
99
tie 99
98
90
200,000
Lake View Trust & Savgs
34,759 __2
Q-J Apr '08, 1
South Side Eley 430_1924 J - J 0412 Sale
0334 05
9334 961, Merchants' Loan de Tr Co 3,000,000 4,542.710 12
101
12
Q-3 Apr '08, 3
Swift & Co 1st g 5s___1914 J .J 0912 Sale
93
9914 9934
7
750.000
6934 Metropolitan Trust & Say
366,455
6
6
Q-J Apr '08, 112
Union El (Loop) 5s__1945 A -0 --_ (J0
90
90 Feb'08 Northern Trust Co
1,500.000 1.817,172
90
8
8
Q-J
Apr 08, 2
Union Pacific cony 45.1911 M - N Northwest Trust & Savgs
114 Nov•04
200,000
J-J Jan '08. 3
United Box Board col 65.26
"oi 68 Peoples Trust & Savings., 200,000 71,081
66 Apr'08
70
45,081--6..
6
J.J Jan '08, 3
1st
St
Chic
5s-__1928
West
M-N
9() May'07 -Pullman Trust & Savings k500,000
151,667
8
k8
Q-J Apr '08, 2
Tunnel 1st 55
1909 F A
---- 6812 Sep'05
Royal Trust Co
500.000
571.483
8
8
Q-1, May '08, 2
Debenture Os
1914 J - D ------- 73 June'07
Stockmen's Trust & Sam_
200,000
11,125 ____
5
J-J Jan '08. 212
1936
5s
Consul g
M- N
73 June'07
Union Trust Co
1.000.000 1,038 ,801 ---Mch '08 2
,
Q-J
Wes DivCityRy 4 301932 8 - J
87 Dec'06
---United States Trust
200,000
28,450 Forme riyJen
-- - elm It E'L &Tr
Western Stone Co 55-1909 A - 0 ---9012 Jan'06
Western Trust & Savings 1.000,000
317.872 6+1
6
Q-J Apr'08. 112
200.000
West Side Tr & Say Bank
37.446 Began busine sa
Sept 5 1905
Note -Accrued interest must be added to all Chicago bon d prices
Woodlawn Tr& Say Bk
200.000
6 ,Q-J Apr •08. 112
28,177
6
* Bid and asked prices; no sales were made on this dayt Feb. 14 ft r national banks and Feb. 15 for State institutions. ;No price Friday
ktest price thls week. a Dee Dec. 31. 8 Due June. d Includes special dividend of 30% paid Dec. 18 1906. k Capital increased from $300,000,
a
Stock dividend of 33 1-3% being declared in part payment therefor.
is Capital and surplus to be increased.
q Dividends are paid Q-J. with extra
payments Q-.F. z As of Dec. 31 1907.
--(1- -a-Zi
1089
THE CHRONICLE
MAY '2 190S
Telezr & Telephone
eAmer Teleg & Cable_100
eCentral & So Amer__100
Comm'l Un Tel (NY)_25
Pimp & Bay State Tel 100
Franklin
100
eGold & Stock Teleg _100
Hudson River Teleph 100
eN Y & N J Teleph_ _ _100
eNorthwestern Teleg_ _50
Pacific & Atlantic
25
Southern & Atlantic_ _ 25
Industrial and Misee
B14 A it
30
Consol Car Hearing-100 25
Cons By Lgt&Refrig_100
112 212
5
Consol Rubber Tire..100
I
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
15
8
Preferred_100
DAILY. WEEKLY AND YEARLY.
Debenture 4s 1951A&0 20 30
Cons Steamship Lines 100
ite
Coll tr 45 1057___J&.)912 1012
Railroad.
Stocks.
Corn Prod Ref See Stock Exe list
&c..
Slate
U.S.
Week ending
eCrucible Steel
6
Par value.
Bonds.
1110
5
Shares.
Bonds.
Bonds.
May 1 1908.
ePreferred
100 3712 38
Cumberland Ely Copper.5
8
401,735 $35,709,750 $2,248,000
$138,500
8ris
Saturday
eDiamond Match C;o_100 127 129
748.033 65,915,300
4,148,000
364,000
Monday
Ferry Companies
Dominion Copper
1,104,329 98,854,650
10
4,250,000
378,500
138 134
Tuesday
Brooklyn
Douglas
Ferry
100
I
92,459,450
Copper
stock
1,086,427
4,129,000
345,500
5
3
4
Wednesday
B & NY 1st Os 1911J J 485
Econ'y Lt 6c P (Joliet, Ill)
579,141 50,218,350
92
2,482,000
077,500
Thursday
NY&ER Ferry stk_100
1st B s f g Is 1956_J-[)5 - - 100
- 60
658,610 58,267,750
2,198,000
239,500
Friday
1st Is 1922
Electric Boat
M-N 30 - 70
10u fE 25
NY & Hob 5s May 46 J-D 490
Preferred
100
4,578,275 $401,425,250 $19,455,000 $2,143,500
Total
Hob Fy 1st Is 1046M-N 1100 101
Electric Vehicle
100
&NJ
5s
NY
1946 __J-J 190
Preferred
100
5
Week ending May 1.
Sales at
Jan. 1 to May 1.
10th & 23d Sts Ferry_100 25 35 Empire Steel
100
5
10
New York Stock
1st mtge Is 1919 J-D 150
Preferred
100 50
60
55
1908.
Exchange.
1907.
1007.
1908.
eUnion Ferry stock_ _100
8
12 eFederal Sugar of N Y 100
elst Is 1920
11-N 65
100 88 -601ePreferred
2
92,765,083
4,578,275
3,577,042
54,680,589
Stocks-No. shares-- _
eGeneral Chemical__ _100 50
65
$401,425,250 $309,784,850 $4,902,764,625 $7,926,400,760
Par value
100 82 90
Short-Term Notes
ePreferred
5167,500
$2,500
$10,000
$49,400
Bank shares. par.....
G'iIdfl,Id C.ins-_ I Alints_10
63s b716
Bonds.
193
*5 511,.
93 Gold Hill Copper
5306,500 Am Cig ser A 4s '11__M-S 492
Covernment bonds
$305.820
$7,000
Ser B 4s Mch 15 '12M S
95 Greene Cananea
20 •;.8
20,445,900
bonds
$2,143,500
43,100,500
516,500
State
*38
164,165,000 Am Tel & Tel g Is 10 J-J 49918 991: Greene Consol Gold_ 10
249,927,600
7,395,500
R11. and mine'. bonds 19,455,000
*38
Atian Coast L Is '10_M-S 49738 97,
s Greene Gold-Silver_ __.1U
2
Ches & Ohio Os J'e 28 '08 110014 10034 Guggenhorn Explor' 100 150 15:
$184,917.400
$293,423.920
bonds
$21,593,500 $7,919,000
Total
Gs, July 1 1010 ____J-J 4100 10014 eHackensaek Water Co
Ref g 45 Slop'
Chic R I & Pcc Gs '00A-O §0912 10012
'12_-3-J
83
87
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
Chic & W Ind Is '10_Fi5cA 1100 10014 Hall Signal Co
100 28
35
EXCHANGES.
Havana Tobacco Co_ _100
60
Cin Ham &D43is '08 111-S 50
9
6
Preferred
C C C dr St L Is, June '11 19912 100
100 16
19
1st
g
Is June 1
Erie 6s, Apr 8 IOU__ A-0 197e 9812
45
60
Philadelphia.
Boston.
in terb 11 ,1- g 68 1911 M-N flu° 1001z Hecker-Jones-Jewell Mil,
Week ending
1st 6s 1022
5s Mch 1910
M-S 49718 9711
99 103Bond
Unlisted
Listed
Bond
May 1 1908.
Listed Unlisted
Her'g-Hall-Mar, new_l00 '35
Kan C So g 55 Apr '12.4-J 491
92
45
sales.
shares.
shares.
sales.
shares. shares.
Hoboken Land & Imp100
Lack Steel g Is 1909_111-S 493
95
e5s
101.0
111-N
587
Is
g
1910
92
111-S
(98
4,377
$29,400
14,300
7,205 $114,000
Saturday
21,254
Houston ()II
1001
6,704
64,000 Lake Sh & 111 So 5s'lO F A 4100 10014
16,780
174,000
8,236
24,358
Monday
Preferred
100 30
& Nash g Is '10_111-S 591)34 100
40
17,762
124,700 Lou
177,500
31,573
10,147
30.714
Tuesday
100 100 110
Mich Cent Is 1910
F-A 4100 10014 Hudson Realty
8,316
82,000
14,267
89,200 Minn
32,441
42,606
Wednesday
elngersoll-Rand corn _100 60
&
St
L
g
Is
59212
'11_F-A
114
6,416
37,200
12,771
10,942
62,000
21,411
Thursday
ePreferred
100( 85
Missouri Peen:Ic6,423
6,940
78,000
32,000
20,835
28,639
Friday
internat'
. Bank'g Co_10.-•
es Feb10.10 con vop F-A 497
115
99
-We
tier
er Mar See Stk
g'EC list
Natonlex
5s
499
ext
to'01)
100
A-0
59,5661 $687,500 132,871
49,998 $376,000 N Y Cent 5s 1910
168,982
Total
too
F-A 4997s 1001s Internee,/
Preferred
1001 70
80
Pa RR Is Mch 15 '10 M-S 4100 10018
International Salt- -100 14
19
StLMS'east 41-is '09_J-D 190
13
1st g Is, 1951
A-0
45 49
St L&SFg 41is '08-J-1) 190
92
100
' 5
in ternat'l Silver
10
South'n coil tr 5s '09_ A-0 490
95
Preferred
100 46 55
South Ity g Is 1910 F-A 575
79
A weekly review ol Outside Market will Sc found on a preceding page.
1st (Is 1998
J-1.) 103 104
U S Rubber g Is '09_111-S 49712 98
Lackawanna Steel_ _BM 34
37
Wabash Is, May 10 1900 485
93
Lanston Monotype__ 20
712 9
Street Railways
Bid Ask
94
Bid Ask Westingh Eldest 6s 1010 §91
Street Rail wa ys
Lawyers' Mtge Co__ _ _101' 180 190
Pub Serv Corp N J (Con)
Wheell & L H Is '08-F-A 180
87
New York
eLeh & Wilkes-B Coal 50 90 8100
25
J C Bob & PatersonBleeck St & Ful F stk_100 18
Lord 64 Taylor
luu
85
45 g 1049
75
130
62
111-N § 62
Railroad
e 1st mtge 45 1950-J-J
Preferred
1(10
100
So J Gas El& Trac..100 108 110
e B'y & 7th Ave stk__100 120 135
eLorillard (P) pref_100 115 135
Gu g Is 1053
M-S §93
95 Chic Pco & St L pref_100
e 2d mtg-e Is 1914-_J-J 90 100
Madison Sq Garden...1(10 9712 105
No Bud Co RyOs'14 J-J 4104 106
Deposited stock
3
Con Is 1943 See Stock Esc list
Zd Os 1919
M-N
12 3
55 1028
-J 1101
Undeposited stock
70
86
B'way Surf 1st Is gu 1924 496 100
Prior lien g414s'30M&S 80 2 90 ellanhat Beach Co_._100
Eat 5s 1924_ ___M-N 4100
2
6
e Cent') Crosst'n st1( _ _100 150 250
Manhattan
Transit.
___2O
g
5s
Con
m
tg
45
110
Pat
100
City
eon
_J-D
5115
6s
'31
*211.
:
2 234
1930_J&J
60
65
1922
_M-N
e 1st mtge
Mitchell
Mining
10
34
Income 5s, July 1930
2d 6s_1914 opt A-() 4100
5
10
e Cen Ph N & E It stk 100 110 140
Monongahela R Coal_ _3
100 1612 18
475
e Chr't'r & 10th St stir 100 100 130 So Side El (Chic) See Ch Icago if; - Chic Subway
Preferred
so 25
Ft, W & Den Cy std 100
98
Col & 9th Ave 5s See Stocli Exc list Syracuse R T Is'46_M&S 599 102
Mortgage
Bond
Co__
_100
Exo
98 Gt North'n Ore-See Stk
'Frent 13 & H 55 1943..11-D §92
1st
81
Dry D E B & BNat Bank of Cuba_ _100 105
NYNH dc Hartford92
United Rys of St Le 1st gold Is 1932-J- D 88
National Surety
100 150 155
Cin debOs'48-Sce Stek Exc list
24
Corn vot tr ars__ _100 22
53
e Scrip Is 1914_ _F-A 50
Nevada
C01.13'd
Copper_5
Cony deb 35s '56 J &J 386
*1112 1134
100 6434 65
8712
e Preferred
Eighth Avenue stock_100 223 300
Nev-Utah Min & Sin_10 *4
North'n Securities Stubs_ 11212 125
Gen 4s 1934_,See Stock Exc list
414
e Scrip Os 1914____F-A 106 110
50
UnitRys San Fran See Stk Exc list Pa 1111 new '48(w I) M--\ 1100 10014 eNew Central Coal____20 25
e 42d & Gr St loy stk _100 225 300
N
J
Ter
Dock
&
Imp_100
PitptrseB
feersrs L E
50 *28
35
33
Wash Hy & El Co_ _100 32
75
42d St 51 & St N Ave..100 50
NY Air Brake g cs
4901 92
50 * 65
70
100 82 83
97
Preferred
e 1st mtge 65 1910 _M-S 194
N Y Biseult 6s 1911_111-6 100
82 eRaliroad Securities Co45 1951
35
50
J-D 81
2(1 Income Os 1015 _J-J
Ill C stk tr cfs ser A '52
8412 N Y Mtge & Security.10t) 130
30
Inter-Met-See Stk Exch angc list e West Chicago St. 100 27
eNew York Dock._..100
100 26
Seaboard Company33
e Con g Is 1936---M-N ._
Lex Av &PavE Is see Stk Exc list
ePreferred
71
1st preferred
100 25
40
Metropol St fly-See Stk Exc list
N Y Transportation _20 *3
Gas Securities
Corn & 2d post-See Bait Exc list
Ninth Avenue stock__100 121 148
Niles-Bem-Pond com_1()(1 90 100
Seaboard Air LineNew York
Second Avenue stock_100 100 120
Coll Is ext May '11 M-S 82 85 Nipissing Mines
0678
95 Cent Un Gas 5s g '27_J&J 90
95
UO
e 1st mtge 5s 19119_111-N
eOntario Silver
100
uo Con Gas (N Y)-See Stk Exc list
414 434
Consol Is 1941L__ .1:-A 85
Otis Elevator
co__
rn _100 35
ead
40
Industrial and Mi see.'
100 130 150
e Sixth Avenue stock _100 115 130 e Mutual Gas
P
rel
le
r
r
y
100
90
85
Sou Boulev 55 1945-_J-J 190 100 New Amsterdam GasPittsburgh Brewing___50 *2408 2088
Adams Exp g 4s 1947J-D 590
1st consul Is 1948_ -J-J 85
91
88
So Fer 1st 55 1919_ _ _ A-0 590 100
Preferred
50 *40
Ahmeek Mining
25 65 70
NY &ERGas 1st 5s'44 J-J 05 100
Third Avenue-See Stock Exc list
Alliance Realty
100
Consol Is 1945
110 Pittsburgh Coal_See ,Stk Exc lIst
J-J
88
95
Tarry W P & 111 5s 1928 §70 90
Pope Manulacturing_100
18
12
Allis-Chalmers Co 1st mtg
45
83 N Y & Richmond Gas 100 33
YkersStR115s 1046 A-() 475
1st preferred
100 15
J-J 463
5 f Is '36 opt '16
67
00 Nor Un 1st Is 1927-M-N 85
30
92
28th & 29th Sts 1st 55 '96 75
Zd preferred
10
100 130 145
American Book
1
- 75
e Twenty-Third St stk 100 250 325 a Standard Gas com 10()
0 100 110 Pratt & Whitn pref_lu
e Preferred
see
100 -7-0 - 100 eAAmmeerrieleaand
95
95 100
Union fly 1st Is 1942 F-A 185
Realty Assoc (I3klyn) luu 115 118
Can-See Stock Exc list
1st Is 1930
85
06
191
Westchest 1st Is '43 J-J §75
Royal Bak Powc1 cum 100 130 140
Other Cities
American Chicle Co..100 180 190
Brooklyn
Pict
ioc 93
cd
Amer Light & Tract_14
1-07.
0. 97 102
100 91
Preferred
90
94
Atian Ave 5s 1909_ A-0 496 100
Safety Car Heat & Lt_100 115 118
Preferred
100 88
Am Graphophone corn100 21
102
34
90
A-0
Con 5s g 1931
"5
Bay State Gas
50
51
Preferred
100
7,
50
75 Seneca Mining
B 11 & W E Is 1933_ _A-0 95 um
10 310 " 325
95
Bingh'n Gas Is '38.A&O 85
Amer Hardware
100 103 110 Singer Mfg Co
Brooklyn City stock _1(1 178 183
12 1
Brooklyn Union Gas deb
AmMalting Os 1914 J-D
98 102 Standard Cordage_ 10
Con Is-See Stir Each Exc list
1st
B
g
55
'31
red
_
A(Ss 1909 cony 1907_111-S 105 110
Amer Press Assoc'n 100 98 102
23
2512
Bkln Crosst'n Is 11)08_J•J
Adjust 51 Is Apr 1 1931
is
City Gas stock100
Am Soda Fount com_100
3
4
412 6
Bkn Ilgts 1st Is 1041 A 0 95 166 Buffalo
1st preferred
1st 55 1947-See Stock Exc list
100
40
16" Standard Coupler comluu 32
Dian Q Co & Sub See 5th Exc list
10
Preferred
2d preferred
100
100 110
2
85
Bklyn Rap Tran-See Stk Exc list Con Gas of N J Is 36.J-J 575
Am St Found Os '35 A&O -lig- 94 Standard Milling Co 10
L H & Pow9
6
e Coney 1st & Birlyn _ _100 50 100 Consumers'
10
Preferred
95
American Surety
J-I) i 95
50 145 155
55 1938
80
31
34
1st cons g 4s 1998__J-J 70
1st is 1930
M-,
Elizabeth Gas Lt Co 100 275American Thread pref_.5 *312 412
79
76
Brk C & N 5s 1039_J-J 90 100
Essex & Hudson Gas_100 114 i'iv * Am Tobac (new) com_100 340 350 Standard Oil of N J _ _100 195 600
Gept&LorSt 1st 6s_M &N
Swift & Co-See Bost Stk kixe '1St
Am
pe!'fl
'
eryrp
eedfders com _100 33
Fort Wayne Os 1925 J-J 3112 35
37
Kings C El 4s--See Stock Er-e- list
1st Is 11110-1914___J-J
100 92
Preferred
_ Gas & El Bergen Co 100 55
97
89912
60
Nassau flee pref____100
eTexasdc
Pacific Coal_10
Amer
Writing
Paper_100
Gr
Rap
G
e
1st
5s
15,.-A
2
1
85
75
100
.1110
505
55 1944
A-0 "H
Preferred
100 15 _sy Title Ins Co of N Y _ _ _100 100 125
Hudson Co Gas
100 105 107
1st 4s 1951-See Stock Exc list
Tonopah Min (Nevada)_1
*8
1st s f g Is 19 op'IMI_J-J 79
Indiana Nat & Ill Gas8/4
N W'bg& Flat 1st ex 4
Barney & Smith Car_100
111- N
1st 65 1908
7
60 Trenton Potteries couill)
12
17
10
Steinway 1st 6s 11122-J•J f9I- 106Preferred,
1001 50
100 100 120
Preferred
Indianapolis Gas
60
50 40
5,1
Other Cities
10
eBethl m Steel Corp_ 100 12
1st g 5s 1952
30
40
A-0 18212 110
16 Trow Directory
Buffalo Street ItyUnion Typewriter com10
ePreferred
100 39
48
53
60
00
1st consol Is 1931 F-A 4103 106 Jackson Gas Is g 37-A-0 §t35
10
1st preferred
Bliss Company com
50 115 125
100 50
100 105
Deb Os 1917
A-0 10312 10(02 Kansas City Gas
2d preferred
100
50 109 120
'it;
Preferred
100
102
Columbus (0) St Ry_100 91 09 e Laclede Gas
United Bk Note Corp.501 *45
Bond & Mtge Guar__100 290 310
100
52
e Preferred
100 101
Preferred
90
519 *48
Preferred
Borden's Cond Milk_11)0 135 139
52
23
Colum fly eon 5s-SeePte la list 108 Lafay'eGas 1st 6s'24_M-N
30
Preferred
100 102 106 eUnited Clgar Alfg,pf_lu
85
90
Crosst'wn 1st Is '3:i J-D 4100 103 Log&WabV 1st 65'25 J-D
25
20
United
Copper
10
B.
itish
Col
5
Copper
61? 7
*41
. 434
eConn Ry & Ltg com_10c 6512 b912 Madison Gas 6s 1926-A-0 10912 100
Preferred
100
Butte Coalition Mining 15 *211; 2214
10(
ePreferred
70
75 Newark Gas 6s 1944 _Q-J 124 123
U 6 Casualty
101 '200 215
Newark Consol Gas_100 83
100
3
1
85 Casein Co of Am com_100
Grand Rapids Ry
U
S
Envelope
coin_
-100
Preferred
100
65
10(1
_
e Con g 5s 1948
25
16
J-D 5102
Preferred
-.•ePreferred
100 90
---- Casualty Co of Amer-100 1-20
130
115
e Loulsv St 55 1930._J&J 4104- 10312 No Huclsbn L 11 & PowU S Steel CorporationCelluloid Co
100 118 124
Is 1938
A-0 § 93
Lynn & Bos 1st Is '24 J•l) 99 101
Col
In
s
t
5s
'51
opt
'11
Lent
Fireworks
com 100
15
8
109 110
e New On Rys 6c Lgt_100 103: 1078 e 0 & Ind C NatdcI11_100
Col tr s f Is '51 not opt 109 4 11014
Preferred
100 50
100 26
65
28
1st 6s 1926
J- D
15
e Preferred
U S Tit Gu & Indem_100 50
75- Central Foundry
100
112 2
60
Gen fd g 4 ;is '35 See S Ur Ex list Pat & Pas Gas& Eice_10() 65
eUtah
Copper
Co-See
Stk
Preferred
100
9
M S 495
Exc list
7
e Con g Is 1940
98
North Chic Street See Ch icago list
Waterbury Co, com 10
Deb 6s 1919 op '01 M-N 53 60
ts0
Pub Serv Corp of NJ .100 85 100 St Joseph Gas Is 1937-J-J 18U
Preferred
10
Century Realty
100 175 185.
66
Tr ctfs 2% to 6 %perpet 65
Westchester & Bronx lit
Electric Companies
Chesebrough Mfg Co_100 400
96
Coll 5s g notes '09- NI- N 194
& Mtge Guar
100 140 160
4o Crileago Edison Co See Ch lcago list City Investing Co
100 60 "di
North Jersey St fly 100 25
Western Ice
100
M-N 16112 64 e Kings Co El L&PCo 100 11f) 115 eClatlin (H B), corn_ 100 95
1st As 1948
Westingh Air Brake.__50
100 90 95
elst preferred
68 Narragan(Prov) El 00_50 *88
IA")
88
Cons Tract of N J__100 61
West El & Mfg Is-See St Exc Ilst
100 90
NY &Q El L &PowCo_100 30
e2d preferred
J-D §102 103
50
1st Is 1933
14
is
10
White Knob Mln
t g
hock
I k1C
9o
1a16,1
7
0100
.
70 Collsec
Preferred
100 50
New'kPaslly Is '30 J-J 4105
112
Preferred
10
1
93
60
_100 60
J-J 88
Rapid Trait St Ry_100 235 iiE United Elec of N
.',,'I
1110
95
Pump
1st
Worthing
tr
Os
Oct
1956_
_J-J
____
10112
(too
g
4s
Col
1949
J-D
A-0
462
64
1021
1st Is
a Ex-rights, e Sells on Stk. Ex.. but not very active 1 New stock. n Nominal. a Sale price. x
* Per share I Buyer pays accrued lot
Volume of Business at Stock Exchanges
Outside Securities
-66-
Bid Ask
69
55
102 110.
100
50 -6(3
50
40
90 100
40
35
10712 112
95 105
50
70
85
89
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-40T PER CENTU M PRICES
Saturday
April 25.
Monday
April 27.
Tuesday
April 28
Wednesday
April 29.
Thursday
April 30.
Friday
May 1.
Sate;
alma
Week
Shares
Range lor Previous Yeas
(1907)
Range Since
Jan. 1 1908
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Highest
. Lowest
Highest
•
Railroads
671.Nov 107)2 Jan
812 Atch Top & Santa Fe_100 6758,Feb 11 SI Apr 29
7913 80
7938 7958
7918 7914 7912 7938 7814 8078 8034 81
7634 Nov 10138 Jan
Do pref
100 8312 Mch 3 89 ' Apr 28
196
89
89
89
*8912 9012 *8878 8973
8534 8834 8838 8858 89
164 Boston & Albany_ _ 100 18112 Jan 2 20934 Apr 22 180 Dt.‘.0 240 Feb
204 203
204 205
204.
204
• 204 204
203 20512 203 ,203
100 125 Feb 17 140 Jan 20 11734 Nov 152 Jan
452 Boston Elevated
13514 13514
136 136
13812 13812 138 138
139 139
13812 139
100 20014 Feb 11 21018 Apr 16 200 J'ne 231 Jan
210 Boston & Lowell
*____ 210 *...... 210
*210 _ _ _ 210 210 *210 --- *210 _
100 130 Mch19 140 Jan 28 129 Nov 170 May
55 Boston & Maine
13612 13612 *135
137 137
137
_ 136 137
136 136
100 130 Feb 13 156 Jan 22 150 Oct 165 Jan
Do pref
Last Soli 151 . Apr'08
Boston & ProvIdence.100 284 Jan 10 292 Apr 16 285 Oct 301 Feb
.a 292 *286 292 *286
292
292 292 *286 295 *290 293 *,.8
15 Feb
9 Mch 4 13 Mch27
8 J'ly
50 Boston Suburban El Cos_
*11
*11 , 13
13 *11
11
13
13
*11
*11
13
65 Jan
45 Jan 31 51 Mch 25
50 Aug
Do pref
__
Apr'08 __.
La.,/ Sale 51
_*51
_ *51 ---- *51 -__ *51 __
2834 Jan
10 Feb 28 17 Jan 25
16 Nov
_ Boston & Wor Eke Cos
Meh'08
*10 -..._ *10
Last Sale 14
*10
- *10
50 Feb 27 6012 Jan 10
80 Jan
5,5 Nov
Do pre!
Apr'08
_ 55
Last Salc 55
*
- 55 *_ _ __ 55
*
_
-;216 Chic Junc By & USY.100 120 Jan 2 143 Apr 30 128 Dec 160 Jan
*141- _ 143 143 *142
144
*141
*141
_
9934 Oct 120 Jan
100 102 Jan 10 111 Apr 30
Do Mpref..
177
11013
11012 11012 111 111 *111
109 166. 10912 1-1-0.12 110 110
Con & ont, Class 4_100 16314 Mch 5 165 Mch 4 170 Oct 188 Feb
_
Last Sale 165 ' Apr'08
Conn & Pass Riv pref_100 138 Apr 21 138 Apr 21 152 J'ly 156 Mch
Last Sale 138 Apr'08
Connecticut River-- - 100 244 Jan 14 253 Apr 22 244 Dec 280 Jan
Last Sal( 253 Apr'08
"iii Fitchburg pref
100 117 Jan 2 131 Apr 21 116 Nov 135 Jan
130
131 131 *:::: 130 *129 130
___ 129
i55- 131
673912
114 Mch
75 Ga By & Electric
100 67 Apr 27 79 Jan 27
*66
67
67
70
67
07
*67 _
67
70
Oct
88 Mch
Do pref
100
Oet'07
Las( Sale 73
.190 Aug 198 Jan
'Same
Mai
Central
Sep'07
Last Sale 190
7 Dec
2012 Jan
814 Jan 2 121:3Jan 8
1 0
4
10
612 4
10
-io- -16 -WOra 1612
402 -:I:16 Mass Electric Cos......-1110
978 1)
-iii- -11)- -To5r2 10
5012
Jan
8
37
7112 Jan
Oct
100 40 Jan 2
247
Do pref_
47
4612 4612 4614 4612 4634 4634 4612 47
47
14 Nov
2534 Jan
25 Mexican Central._ -100 1538 Apr 25 19 Mch31
1538 1538 *1514 1614 *1514 1614 *1478 1578 *1412 151.
20
13912
Jan
12712
Jan
Nov
19012
Jan
6
128
N
H
&
Y
Hartford_100
:
5_1. 18
3
1(7
4
;
:
1 1,905 N
137 . 13712 13614 13714 13(1 137 - :7:6
13714 13734 137 138
100 143 Apr 7 145 Apr 1 145 Dec 160 Jan
Last Sale 145 Apr'08 ____ Northern N H
Norwich & 1Vor pref-100 200 Apr 6 205 Feb 26 205 Nov .226 Feb
Last Sal( 200 Apr'08
100 175 Jan 11 188 Apr 1 175 Oct 20014 Jan
-iiii Old Colony
184 186
185- 185
184 18412 18412 fal-2 *-„- 18412
25 Nov
45 Jan
.84 Rutland pref
100 25 Jan 15 29 Apr 2
29
29
29
29
25
25
82 Aug
94 Jan
3eattle Electric.
Apr'OS
100 70 Feb 17 75 Feb 11
*70Last Scut 10
*70
*70
*70 _
8334 Nov 103 Jan
8833 Jan 2 95 Feb 8
Do pref
-a
9014
6014 901.1 9)14 9911
9014 -9614
- *;,,,7; /
614 *- --- 9014
13518 13714 13518 13714 12,145 Union Pacific
1
10
00 11012 Mall 2 13812 Apr 28 10012 Oct 18212 Jan
13334 13438 16.4
‘3
13538 136 13812 13614 138
93 Jan
_
Do pref
Apr'08
Last Sal(
100 7834 Apr 4 84 Jan 13 .7834 Nov
*3018 8118 *7912 8012 *8014 8114 *3114 8214
Vermont
E
esnd&
stMass_ _ _ 100 150 Jan 23 155 Feb 11 14518 Nov 170 Jan
Last Sal( 155 Apr'08
95 Jan
/4 Dec
8412 8412 -gii West
4 8434 85
50 76 Jan 2 8734 Mch31
-g-3f8 16'- 85 11158 16- -i6/4 86
94 Nov 110 Meh
104
135
Do _pref
104
_
105 105
50 96 Jan 2 105 Apr, 7
105 105
*104 100
105 105
Last Salt 140 Apr'08 --- Wore Nasb & Roch_100 139 Mch30 140 Mch30 140 Aug 147 Jan
•
Miscellaneous
20 Jan
10 Oct
*1312 19
700 Amer Agricul Chem_ _ 100
19
19
19
13 Jan 3 2058 Apr 24
19
203$ 1978 20
1912 19
20
7212 Nov
95 Feb
292
85
85
Do pref
85
85
8412 85
100 77 Mch17 85 Jan 31
84
84
8412 85
.*8412 86
312 NOV
1434 Jan
014 Apr 29
610 Amer Pneu Service... 50
514
4 Feb 10
5
514
514
5
614
514 514
534 534 *514 6
;33 Jan
468
Do pref
50
912 Feb 25 14 .Mc1127
*13
912 Oct
1334 14
1312 1312 1312 1334 14
14
14
14
14
1/3 Dee 13714 Feb
12634 12634 3,253 Amer Sugar Ran_ _ _ _ 100 991331511 2 12812 Apr 28
128 12812 12612 12712 126 126
12712 12778 127 128
186
Do pref
12312 12312
1231, 124
124 124
100 106 Feb 18 124 Apr 11 105 Dec 13133 Jan
124 124
12212 12212 12312 124
8914 Nov 13412 Jan
8,535 Amer Telep & Teleg 100 99 Jan 2 12038 Apr 24
11714 11812 11714 118
11812 119
119 . 11934 11812 11934 11812 119
;361. Jan
1214 Nov
95 American Woolen_ _ _ _ 100
10 Jan 2 22 Jan 4
20
1912 191. 20
*20
21
*20
21
2012 21
21
*20
09 Oct 1021; Jan
471
Do pref
84.
331, 84
84
83 - 84
8234 84
100 7734 Feb 19 88 Jan 4
84
*83
8414 83
4 - Jan
Mch
3
Boston
Land
3
Jan'08
Last
Sal
314 *3
334 *3
334
*3
334 *3
9312 Nov 115 Jan
---F
r3
enb 7
3
8 Cumber' Telep & Tel_10
_
alint 17
1 1113/78'
312 j
J'
1°
0 96
*10912 11012 109 109 *10812 109 *10812 109 *109 110 *109
25 Feb
1212 Oct
14343(511 6 1814 Apr lb
Dominion Iron & Steel__
Apr'08
*1634, 1712
Last Sale 18
*1712 181. *171:3 1818 *1838 19
014 Jan
:312 Oct
512 Jan 25
414 Mch 13
414 412 *414
43i -'244 East Boston Land..
434 434 *414 434 *414 434
434 43-4
449 Edison Elec Illum_100 201 Mch17 214 Apr 20 185 Nov 230 Jan
21212
210
214 214 *213 214
213 213
212 21234 213 213
162. Jan
Oct
91
General
830
Apr
27
13534
133
Jim
2
132
Electric
111
13412
100
132
134
13412
135
134
135
13412
13434 13534
6653 Jan
43 Oct
1,212 Massachusetts Gas Cos100 49 Mch23 5732 Jan 15
52
*51
52
52
5212 52
52
5214 5212 5212 53
52
86(2 Apr
75 Nov
JAapnr 2
12
8
875
Do pref
87
10
72
7 j
Aapnr 10
2
8714 8714 *86
87
87
87
87
87
8634 8634 87
__
Nov
215
Mcli
185
13
20
8
0
712
194
194
Mergenthaler
*19234
193
193
Lino...7.10000
*192
__
_
_
*19258
_ 193 193
434 Jan
Dec
114
23
Jan
2
%Texican
2
1
Apr'08
Mel'
Last Sale
Telphone__ 10
1
*1 _-112
112 *118 112
*1
112 *1
75 J'ly
40 J'ne
E0C(0
4trteorn. Yarn_ _ _ _ 100 40 Mch 5 5912.Ian 14
-- ill) N D
*40
50
*40
50
*40
50
50
43
*40
50
43 *40
90 Jan
80 Oct
,
08
Last Sale 754,912Ap:'
*75
80
100 75 Mch23 80 Jan 14
80
*75
80
*75
80
*75
90 Nov 126 Jan
113 11334 11334 11334 -85i; N E Telephone
100 105 Jan 4 119 Jan 20
11312 114
11434 11434 114 11412 114 114
.A
Fepbr,21
9 137 Nov 182 Jan
857 Pullman Co
158
0 14
159 16012 16014 16134 r158 15912 158
hole_ _ 1(110
159 160
160 161
9 Nov
11 Jan
2 15111)34
25 Reece ButtonAapnr 10
9
7 j
*912 10
*912 10
912 912 *912 10
*912 10
7612 Nov 113 Jan
388 Swift & Co
100 10014 10012 10012
100 8813 Jan 2 10012 May 1
100 100
100 100
9934 100
9934 100
2212 Jan
20 J'ne
2112
Torrington, Class A
Last Sale 2112 Apr'08
2112 *20
25 20 Jan 3 22 Feb 6
2112 *21
2112 *20
*21
2412 Nov
2712 J'ly
--Wi
Do pref
25
25 .*23
25
25
25
25 24 Jan 27 25 Jan, 14
24
•
24
*23
25
25 *23
678 Jan
1 Oct
212 Jan 28
115 Union Cop L'd & M'g_ 25
114 Mch23
138 138 *114 ,-- *114
*114
112 112 *114 _--_
1,990 United Fruit
13634 137
100 11412 Jan 2 141 Apr 10 10112 Oct 120 Dec
13612 13812 136 1-373-4 13734 13812 13634 13712 13612 1:st
36
Oct
Jan
Mr
s
:
2
1
3
69
5:312
2
4
Jan
52
5312
9,841
Un
Shoe
52
52
Mach
38i2
52
523
8
Corp
25
5134 5238
5212 5312 5214 53
2358 Nov
29 Jan
521
Do pref
2818 2818 2818
2818 28
25 2478 Jan 3 '181
2818 28
23
2712 28
28
28
22 Oct
37 Apr 28
5038 Jan
3618
3512
2
3514
36
25,892
U
S
Jan
Steel
Corp
2,3
3614
3612
37
100
7
3
35
36
3512
3634
.36
7912 Nov 10734 Jan
10014 10114 1,662
10112
Do pref
100 8712 Jan 2 10112 Apr 30
7
10012 10012 10014 10012 10018 10138 10114 10114 10038
0 Jan
,11 11:
,
3i
4 Nov
*612
30 West Telep & Teleg_ _100
*612
7
4 Feb 3 78 ,la
*612 7
*612 7
7
*6
. 7
7
50 Nov 82 Jan
0
9
Jan
*65
70
146
Do
66
*65
pref
65
59
6712
70
100
*65
6612
6612
67
*65
2614
78i.
Apr
11
Nov
Jan
271,
18
'471
8
2
%Vesting
8Feb
Apr'08
Last
Sale
El
Fe
Mig
50
197
--_76 May 80 - Feb
Do pref
Last Sale 3178 Feb'08
50 3478 Feb 19 347
--Mining
153 Nov
3 Jan 18
612 Feb
365 Adventure Con
112 Feb 21
*134 2
134 134 *134
2
178 2
25
134 2
134 134
20 Oct
.5 24 Apr 23 3312 Jan 20
7414 Jan
600 Allouez
2512 2512 2512 2512
2512 2514 2514 2512 2512 2514 26
25
4218 Dec 121 Jan
6234 Mch
• 60
6012 5938 6038 5912 6114 6014 6134 5938 6158 5934 6058 42,661 Amalgamated Copper 100 45 Feb 19 262
19 Nov
53 Jan
1
450 Am Zinc Lead & Sm
24
2438 2438 2438 2312 2312 *23
25 2034 Jan 13
*24
2412 24
5
lb,facilh'17
26 Oct
75 Feb
g 41118 j
Aepbr3
112 Anaconda
3814 3812
39
N 2/14 F
3878 3878 39
23
4
1538 Jan
314 -412
Oct
312 312
, *312 4
597
Arcadian
312 312
314 314 - -412 -11-2
2812 may
734 Oct
1838 1814 19
3,671 Arizona Commercial
18
1878 1734 18
25
19
18
1814 1858 18
I lg
.35 Sep
.24
0
033iti/lr
9
2 Jan
4t Feb'
.50 .50 *40
-. 160 Arnold
.45 .45
*.40
25 .1
*.45
12 May
.....
11, Jan
...... Ash Bed
Last Sale 12
Ause07
.._ 25
612 Oct
22 - Feb
91,
8 Apr 22 14 Jan 23
25
914 1112 3,652 Atlantic
9 --91-2 -512 *933 912
-812 -13-4
418 Deo
37 Jan
.23 .4 .25 .30 *.25
2,805 Bingham Con Mtn & S 50
.30
.40 .50
.50
.
.51 .55
B
.33 Sep .80 Jan
111J .7VIiiPe%
Bonanza (Dev Co)___ 10 .3514. Feb 2
Apr'08
Last Sale .50
*.50 .55 *.50 .55 *.50 .55 *.40 .60
3314 Jan
858 Nov
1014 Apr 13 17 Jan 2,,
1134 12.
1134 12
1134 1213 3:433 BostonConC&G frets) El
1134 12
1134 12
1178 12
Apr
14
1114
985
Boa
&C3rb
Cop
&
1214
Sil
M
5
•*1178
1173
12
12
1178
12
12
1134
12
12
12
2ii12., ;4t113r
3r '. .‘
30'8 Jan
10 Oct
15 151:3 Jan- 2
2178 2134 2314 2218 2234 2178 23 15,170 Butte Coalition
2112 2134 2112 2112 21
Jan
20
89 Oct 198 Feb
398 Calumet & Arizona_ _ _ 10 93 Feb 20 116
10312 104
102
102
101 10112 102 105
101 10112 101 102
700 Jan 15 535 Oct 1000 ' Feb
5
Mch
x505
50
640
Calumet
&
25
635
035
637
640
Hecia
635
635
635
635
635
635. 635
a aj tin
nnn
b
.ii1
491143:
jj
k
jjja e
16 Oct .4
522
7
25 21 Feb 10 2814 Jan 15
240 Centennial
22
2312 22
2312 2212 2212
23 *211. 23
22 *22
22
600 Cons Meteor Gold.40 .40 .39 .39. *.38 .40
1 .25 Mch 6 ,40 Jan 23 .25 Oct
.38 .38 *.37 .40
*.37 .40
6812 Apr 29
4414
Oct
18
Feb
5518
4,643
Co.100
6734
68
Copper
6812
6734
68
6612
6714
Range
Con
673
4
6634
6712
67
66
078 Jan 18
712 Dec 1°
25
6
0,1 24
7 Jan 3
155 Daly-West
20
9
834 834 *838 834 *833
834 834
812 812
834 834
7012 Mch
eh
40 Oct
100 50 Apr 11 50 Apr 15
Last Sale 50
Apr'08 -- Dominion Coal
85 Nov 114 Jan
100 9412 Apr 22 0412 Apr 22
Last Sale 9412 Apr'08
Do pref
2 Jan 18
34 Nov
12 .99 MC)) 6
1
1 '5.70
1
--;i6. Elm River
•.-7-0
1012
Jan
27
6
Oct
612 Apr 22
7i8
25
945 Franklin
734
734
712 734
8
8
714 712 *714 734
Meh27
65 Oct 151 Feb
90
90
91
9012 9012 90
91
*90
253 Granby Consolidated_100 80 Jan 2 95
90
91
90
*90
958 M ch 27
:
514 Oct
,1 Jj
A
aap.r.
175
09 11.3
678 Jan 2
818
818 5,562 Greene-Cananea
818 814
818 838
29
818 818
818 814
818 838
22
2
Dcc
278 Jan
2 Feb 26
Last Sale 214
5
Apr'08
Guanajuato Consol
Jan
27
1112
Oct
2014
17
Feb
173
4
1914
26
"
191
197
8
20
1612
(Copper).
25
1912 1934 -'-v-IL Isle 12‘oyale
-161-2 ;i<io•1912 -1-678
1714 Jan 14
8 Oct
30 Feb
1473 1514 1434 1512 1434 15
15
25 1214 .lan 2
4,144 La Salle Copper
• 1312 1414 1412 1514 15
4(4 Jan 18
238 Nov
214 Meli 6
234 278
25
234 234 *212
300 Mass Congol
234 234 *212 234
234
*234 3
.40
Nov
*.40
.50
*
.40
.50
*
.40
.50
25
10 Mayflower
.50 .50
*.40 .50 *.40 .45
)
)
4 j
Jiallnt til
25
19 .5(
Feb 10
534 Nov
1514 Jan
478 j""
612 7
658 634
10 '
634
678 2,000 Mexico Cons M & S
634 634
67s 714
7
714
Jan
634 Oct
24
1314
2 Jan
1034
180 Michigan
*1012 11
1014 1012 1034 1034 1034 1034 1012 1012
V3
n
37
15P
Oct
2
A
47514
47
48
48
47
47
47
48
584 Mohawk
48
48 • 4'712 4712 48
138 Jan 24
1 Nov
312 Ma,
.60
_
.60
Last Sale .70
Apr'08
.60
.60
--- Montana Consol C & C 15 .55 Mch 6 1334 Mch25
534 Nov :'01. Jan
83g Jan 2
12
1218 12 . 1233 1112 1134 1112 1158 3,529 Nevada.Consolidated_ 5
1211 121
12
12
30 Oct 123
aan
jjya
121,, ..Jan
5934 5718 5834 57
5812 26,620 North Butte
15 4034 Feb 1, 5934 Apr 29
5438 551. 5434 5814 58
5438 55
12 Sep
Last Sale .85
25 50 Jan 15 .4,-Apr'08
*.50 .95 *.50 .99
Old Colony
*.59 .95 *.50 .9
46
18 Oct
6:3 - Feb
35
3(5
35
35
3412 3478 f,iiL Old Dominion
25 '28 Jan 2'
3412 3412 35
35
3478 35
71 Oot 135
li'b
a
en
81 j
85
85 , 85
8312 831,
85
25 77 Feb 19 92 Jan 14
380 Osceola
831
84
85
83
83
83
1976 Apr 28
834 Oct
19
1,680 Parrot (Silver & Copp) 10 1012..10n 11
*1814 1834 19
1934 1938 1978 1938 1934 1912 1912 19
Jan
25
114
I.
Jan
12•Dec
Mehll
(3
Last
Sale
.95
*.51)
12
Meh'08
Consolidated
25
Phoenix
*.50 .99 *.50 .99 *.50 .99
70 Oct 148 Feb
8112 -.263' Q ulncy
8234 8312 81
8212 80
3234 83
83
83
*8234 83
25 77 - Feb
1° 9.
12 'I
lan
':(5J
2 ()et c 2
*3
31,
'2 2.1c11'26
1314
3
3.
.
2 an
3
3
25
31.
3
3
145 Rhode island
*3
312 *3
n
238
JN 11 '20
17
3
3
Apr
V2 Nov
*153
2
4
155
13
*13
8
173
10
•
Fe
(Gold
ec
Cop)
11. 112
305 Santa
*158 178 *158 178
1358Jan 20
2438 Jan
1134 1178 1134 1238 4,472 Shannon
934 Feb. 19
71s Oct
10
1158 1134 1158 1134 1134' 1173 114 12
1812 May 1
15
1614 1612 1634 1712 181. 1,497 Superior_
25 14 AP!
15
15
15
15
15
13
.5 56 Men21
)
3 77 Jan 20
Jan
GO
60
51 Oct
59
(10 60
168 Tamarack
60
60
62
60
60
63
60
1834 Jan 14
4214
4213
14
938 Nov 170
1312. 14
1412 1412 1412 1412 1418 1438 1312 1438 14
1,744 Trinity
812 Jan 8
*612
7
Nc
rs,liall
*613,. 7
*612 7
7 Dee
7
7
7
718
200 United Copper
7
7
8 26 Jan 3
19
l
pr.1
22 Oct
le
Last Sale 2134 Feb'08 _:-.
8
4i
V5
38
13
•
Do pref..
.1(11 2
l an
1;114 ..j
7
712 Nov
9 Mch31 2414 Apr 23
2214 2234
2212 2214 221,
2334 2334 *23
898 United StatesCoal &Oil 25
22
2312 23
23
3918 Apr 23
33
38
2434 Oct
38
38, 1,587 U S Smelt Ref & Mln_ 50 28 Mch I
3712 38
39
38
3712 3712 3734 33
49 Jan
2778 Oct
4112 4112 4112 42
42
42
51) 37 Feb 10 43 Apr 23
4212 42
1,2:30
.
.
....,_
Do pref
4214 4112 4112 42
79 Jan
2512 Oct .
39
3812 3812 2,640 Utah Consolidated ___ 5 '25)13 Jail 3 4112 lich28
3934 39
3912 3912 3914 :3934 3834 3914 39
30
29
30
2034
3014 3014 31
10 2914 Apr 8 3114 Apr 2
3012 3012 2912 30
502 Utah Copper Co__.
31
Ws Feb
Apr
16
534
Oct
Jan
312
*238
278
212
14
234
3
3
'Is
330 Victoria
27g 278
234
234 234 *234 318
312 Mel
26
.......
1 May
Last Sale 1.0614J uly'07
Washington
Tan
*434 514 . 434 433 -•-I54- 131 -ift; 971
412 Jan 2 ..Wit- Feb.
:7
434 43*414
514 -lo' Winona
' "5
ti lg
c‘
N
Oo
125
125
*125 130 • *125 130 *125 130 *125 130
125 125
C Wolverine
25 11512 Jan 2 132 Jan 20
35/3 Jag
.60 .60 '5,60 .75
*.70 .75
.60 .70 *.50 .75 .*60 .75
"5 .00 Jan :1 1.0614 Jan 29 .10 Nov
3711 Wvandr,t
,
1 Ex-stock dis
c Before pay't oP assess'ts called In 1907. 1, 391 tnd asked pr5ce4. Si New st3c/c. • Asst paid, h Ex-riga ts. a Ex-div, and rights.
N
Febc
•Jt„1:19!
VP
Boston Bond Record.
MAY 2 1908.]
130141)sis
BOSTON STOCXC
KE
/PE
O
u
l..i
Ws= ENDING MAY 1
..,4
J
=
P 81,
May
.4
Wees
k'
't..
Range
Range or .t-,.2
sow
Last Sale kr" January 1
1091
BMus
1.4.5.,b.
. e..
BOSTON STOCK EXClieGE
g
WEEK ENDING MAY 1
-.0=
,
Price
14-jo4.4,
May 1
Week's
Range or
Last Sale
•v
Ranre
Since
- January 1
High Na Law Bigh,
Ask Low
Bid
Bid
High So Low Nigh.
Ask Low
Illinois Steel deben 5a
1-910 J.J
100
13 984100
1908 J.J 100
100
Am Bell Telephone 4a
97', 98 Le ApeOs .... 974 4414
Non-convertdeben ba 1913 A-0
814 Sale 82
83
90 784 83
Am Telep & Tel colt tr 46 1929 J.J
9714
984 96/
1
4 Apr'08 .... 95
8635 268 8078 8638 Ia Falls &Sioux Clat 7s 1917 A-0
Convertible 4s
1938 M-S 8574 Sale 8534
117 Apr'08 ..... 117 117
1i7e34 Mar'08
' 98
449
Am Writ Paper 1st a t 5s g 1919 J.J
97834117834 Kan C Min & Spr 1st 5s 1925 A-0
96 Mar'013 .... 90
AtenTop &6 Fe gen g 48-1995 A.0 1197% Sale 1197% ¶9758 6 964 994 Kan C Ft S & Gulf lst7s 1908 J-D 1004
1004 1004 1 100 14404
Kan C Ft Scott & M 65.-1928 M./41 1134Sale 11618 1154 '2 1094116
'2 86 1187
1187
Adjustment g 414......11y 1995 Nov 864 874 1I37
Kan
C
1934
31
&
II
gen
4s
M-S ...... 89
Ply 1995 Ai-N 864 874 8538 Pne'07
Stamped
90 Apr'0
7 09
Assented income 5e
1934 M.8
Boston Elect Light 181,66.11)08 31-S
84)
89 sep '0,.............. ....
Kan C 8.lii Ey& Br let 5111929 A-0
.1924 m.s
110 Feb'04
Conmot Sc
99 May.97
Maine
Cent
cons
1st 7a. 1912 A-0
1916 J.J
Boston & Lowell 48
101 Sep'06
113 me Nov'06
Cone let 4s
1912 A-0
1944 J.J
Bonton it Maine 445
114 Mar'06
10114 Set)
'
05
Mare Hough & Ont let 66 1925 A-0
Boston Terminal 15t3'25 1947 FA
118 blev'04
1124Jan'03
Mexican
1018
Central cons 4e 1911 J-J 904 Sale 17978 1801
J -J 100
Bur di Mo Ely ex 68
104 Oct'07
/
4 100 74
94
let cons inc3s
1918 J.J 102 105 102 Sep'05
Non-exempt 6s
Jan 1939 Ply
16
164 4 1116 1164
1910 ,j4 984
Sinking fund 48
'Jan 1939 Ply
154
1514
97 98, Ild cons MO Se
9812 Apr'08
1 111641115 14
1017 A-0
Mich Teleplst be
Butte & Boston let 6s
1917 J- 7
100 J'ne'01
.
Minna Gen Klee con g 58 1929 J.J
Cedar Rap & Mo R let 78 1916 M-N 117
1024 Ang'04
123',lioy'06
1009 J.D
New Eng Cot Yarn 5s
28 78
1929 F.A 96 Salt 96
11118,Ply'05 .,..-...
9612 13 93
964
Cent Verna let g4s..14.1ay1920 Q.F 794 Sale 79%
1908 A-0
76 804 New Bug Teieph (114
100 Feb'08 .... 100 lou
80
65
1915 A:0
0 B & Q Iowa Div let 58 1919 A-0
11103 Oct '0'1
100740-ran'07
1919 A.c)
As.
Iowa Div let 48
1916
A-0
95 Oct'07
1013 M-N
New England cons g Ife. .1945 J.J
Debentilre 58
100 ilio
100 Apr'08
.
Boston Term let 48.
1022 F-A
Denver Exten 48
1939 A-0
9778 I'ue'07
8
NYNH&
1927 MN
H
con
deb
Nebraska Exten 4e
3
481958
J.J
98
'28 7912 88
¶87
85
9836 Apr'08.. 98
11)21 M-8
Old Colony gold 4s
B&SWef 48
1924 F-A
9772 May'07 .... .-..
.
10172Sep'06 .... ......
1949 J.J
Oreg By & Nay con g 45_1946 J-D
Illinote Div 3',e
86 Jan'08
88 86
110278Jan'05
Oreg Sh Line let g 65
Joint bonds See (it Northern
1922 F.A.
112138 Mar'06
Ohio Jo Ry a, Stic Yds 5s.1915 J -J 10l',.102', 1024 102', 6 99 10214 Repub Valley late f (38 1919 J.J ............ 102 Ang'07 ... Coll trust refunding g 441940 A•0 874 881
/
4 874 88, 8 85
884 Rutland 1st eon gen 41.29 1941 J.J
1071
/
4 Noy'05
1st
Rutland-Canadian
Ch Mil& St P Dub I) 6,3_1020 J -J
481949
J -J
122 Apr'06
102 Mat'02
Savannah Eleo letcons 66 1952 J.J
Oh M db St P Wits V dm 681920 J.J
126 'eb'05 ... .. ..
981
/
4May'06
Seattle Eleo let g 5t)
1930 F-A
Chic as No Monist gu 55.1931 M-N
99 96
96
a 9-6 96
974 Dec'07
Terre Haute Eleo g os
1929 J.J
9974 Apr'08 .... 9'7 100
Chic & W Mich gen 56.-1921 .1-11 99 100
97 Apr'07
Torrington let g Se
1918 lif-S
91 Deo'07
Concord & Mont cone 46_19'20 J -D
9912 Nov'08 .
Union l'ac RR & 1 gr g 43 1947 J.J
1124 Jan'03
Conn & Pass R let g 4e 1943 A-0
119978 Feb'08 .... 999751109%
•20-year cony 4s
1927 J-J
Current River let 5e
1927 A-0
93 104 Nov'06 . .
98638 Apr'08 ... ¶6434186',
-..
8276 Apr'08
Det Or Bap & NV 1st 4s 1946 A-0
116 Jan'08... 116 117
80 8178 Uniten Fruit cone gen 55 1911 111-S
U S Steel Corp 10-60 yr 56 1963 141.N 9478 Sale 9476 99738 -4 I 86 119735
90 Feb'09 .... 90 90
Dominion Coal 1st a f 66-1940 M-N
98 Apr'07
Fitchburg 6.3
1908 M.141
964 Feb'08 .... 9614 964
- West End Street Ry 4s. 1915 F-A
Gold 44e
1914 M-S
45
1915 M-S
1034 Apt'05. . .
95 Nov'07 .
..
....... .. .
Gola deoenture 4s
1916 M-N
48
1927 31-8
96 Apr'03 . 96
10236Jan'06
96
FremtElk& Mo V let6s 1933 A.01284Apr'08 .... 128 128'2
Gold 45
1917 F-A
'JO', ay'07
Unstampeu 1st Os
Western Teleph & Tel 53 1932 J.J
140 Apr'05.
1933 A-0
91 Sale 89
91
3'7 79
91
9414 Sale 9414
Gt Nor 0 11 & Q coll tr 4e 1921 J.J
9478 38 9'241197N Wisconsin Cent let gen 481949 J-J
1194½ Sep'05.
Registered 413
9436 Apr'09 _
934
1021 Q-J
10958 Aug'05.
92 9674 Wisconsin Valley lsb 7s 1909 J -J
crre-Buyer pays accrued interest in addition to the purchase price for all Boston Bonds. .4 No price Friday; latest bid anti asked.
11 Flat price.
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Shure Pricee--Not Per Centunt Prices
Saturday
April 25
534
•1012
.11
Monday
April 2?
•8534 861
/
4
578 578
534
.11
711
11',
Tuesday
April 28
861
/
4 874
6
6
114 114
Wednesday
April 29
87
87
•534
12
Ariday
May 1
Thursday
April 30
76
87
•53,
114
.101
/
4
76
87
6
lit,
111
/
4
072
086
•512
•1114
.1034
75
87
6
114
11
Baltimore
Con.Gas EL L.& Pow
28
Do pret
107 Northern Central
400 Seaboard(new)
165
Do 20 pref
United By & Electric
4434
3035
9%
5
23
8
8834
5935
2
5975
41
pat,
18',
5434
PHILADELPHIA
Bid
Ask
PHILADELPHIA
Inactive Stocks
Bonds
Allegheny Val pref.. 50
Al Val F. ext 7s 1910 A-0
American Cement
50 32
33
Alt&LVEleo 4 4a'33.F-A
100
Amer Pipe Mfg
AniRys cony 5s 1911.J.D
Bell Telephone(Pa) 100 94
96
Atl City 1st 5a g'19.51.N
50 45¼ 46
Cambria Iron.,
Balls Ter let 561926.J-1)
Central Coal & Coke.100
Berg&EBrw let 6s'21.14
Conga Trao of N J...100 68¼
Bethle Steel 68 1998.Q.V
Diamond State Steel 11)
Choc& Mo let58 1949 J-J
11)
Preferred
Ch Ok & G gen 58'14) J-J
Col St Ity let con 5e 1932
Easton Con Electric 8 50
30
Con Tree of N J 1st 58.'33
Klee Storage Bait....100 29
100
E& A let 31158 1920 3I-N
Preferred
100
Elec & Peo Tr elk tr cite
let Wayne &W V
50
German town Pass
Eq II Gas-I,let g 5s 1928
100
Indianapolis St
II & B Top eon 58'25 A-0
Indiana Union Tr.. 100
Indianapolis By 45.1933
Ineurance Co of,N A
20
2014 Interstate 45 1943 ..F-A
Inter Si,, Pow & Chern.5()
9
Lehigh Nav 44s '14-Q-J
Keystone Telephone _50
RIts 4s g
1914.Q-F
Preferred
50
Gen IA 44s g 1924.Q.F
KeyetoneWatchCase.100
Leh V C let be g
10
Lit Brothers
Leh V ext 4s let1948.J-D
50
Little Schuylkill
31-8
2d 7a 1910
J-1)
Binelilli & Schuyl H 50 5834
Consol(35 1923
J-1)
2
'N Haven Iron & Stee1.5
Annuity Os
50 87
Northern Central
Gen cons 4s 2003.M.N
North Pennsylvania 50
Leh V Tran con 4.8'W.1)
50
Pennsylvania Salt
New eon Gas Sc 1948 J
Penneylvania sieel..100
Newark Pass con 38 1030
100 924
NY Ph & No let 4s'39 J-J
Preferred
401
/
4 41,4
Phlia eo(Pule) pref...5(
Income 45 1939. .M-N
'Phil German & Norria 51
No0hioTrac con5s119.J4
90
Penn gen 6s r 1910. Var
Phila 'Fraction
50 89
Railways General
Consol 58 r 1919..Var
11
Susi:luau Iron & Steel .5
Penn & Md Steel con 68.
Pa & NY Can Ss'39.A-0
Tide oat er Steel
10
Con 4e 1939
Pr .1. rred
10
A.0
Tonopah Mining of Nevl
776 -.838 Penn Steel 1st 54'17 31.N
People's Tr tr carts 4a '43
Union 'Jr of Ind
101
United NJ RR &(1_100 240
I'Co lst& col tr 58'49 M-8
45
Unit Trae Pitt); pref_50
Con& col tr 5s 1951M-N
Phil Eleo gold trust ate
Warwick Iron& Stee1.10
774
West Jersey & Sea 8h.50 45
Trust certifa 48
45'2
P & E gee B S g'20.A-0
'Wttstmorelaud Coal 50
Wilkes tine & Eloc 100
Gen M 45 g 1920.. &O
Bid
Ask
Lowest
100 20 Jan 15
100 65 Mar25
50 80 Jan 2
100 4
12
100 10
Feb18
50 10 Jan
4434 4434 4434 4434 4434 4434
104 American Railways
50
4484 4434 4434 4434
30
30
4 2,812 Cambria Steel
2978 3014 21476 30
50
294 29,4 '29, 29.,
U',
912 912
934 We 1,812 Electric Co of America 10
976
934 934
934 9'31e
4', •4
•334 41
4'J
Gen Asphalt tr ate
•4
5
/
4 •4
/
4 *334 41
100
22
22
22
22
275
021
Do pref tr ctfe
23
100
'21 /
22
1
4 2212 '22
'734 734
8
8
*74 81
430 Lake Superior Corp
74 7¼
100
/
4
734 734
8834 88'4 89 89
870 Lenigh C & Nay tr ctfe 50
SEIL4 8834 x834 83', 8234 8234
5
584 .5038 5874 591
581
/
4 59
50
587 15,209 Lehigh Valley
58
/
4 58% 59
1% 11516
134 178
100
134 134 3,800 Marsden Co
155 1°4
1% 113143
69 sen ie 604607316 604 60., 5934 60% 5955 604 7,669 Pennsylvania RR
50
414 41 4 404 4o., 41
112 Philadelp'aCo(Pitiso) 50
404
040
41
404 .40
77. 715j
,
71a,, g
8
84 8118 8516 10,699 Philadelphia Elsotrict 26
7i316 8114
18
18'6 1778 18', 17.4 1744
3,107 Philp Rapid Transitd 50
1734 17% 1734 18
50
54'6 54¼ 54918 55% 5458551516 544 35', 54 5415072,481 Reading
414 414
Do 1st pre!
50
41
16
41
40,
2
404
101318401316 •404 41
3934 39,4 .40 41
Do 2d wet
50
320
.404 41
5514 5434 55
551
/
4 5512 554 554 554 5512 5544 55% 53
60
2,975 Union Traction
7934 80
804 81% 8074 814 804 8078 80 8134 7,664 United Gas Impt
60
79.4 80
•21
25
Welsbach Co
100
4434
2934
958
.412
•22
8
884
58%
1%
59%
•404
9isie
18
544
Range Since
Jan 1 nioe
Sales
ACTIVE STOCKS
ol the
Week (For _Bonds and inactive
Stocks see below)
Sharea
Ask
11512
10934 110
102
98 100
116
9812 09
97
67',
77
72
72
1;19N
00
70
85
4100
90
77
50
82
, 55
4
971
/
4
87
87¼
67
68
731
/
4
1021
/
4
106 108
98
08.4
It)
1111
/
4
108
35 Jan
85
an
97 Jan
23', Jan
48 Jan
15 J'ne
4314 Dec Si Jan
'22 Oct 47 4Jan
778 Get 11%Jan
3 Oct
5 Jan
1334 Nov 36 Jan
4 Dec 16 Jan
69 Oct 103 Jan
484 Oct 7878Jan
58 Noy 21
/
4 Jan'
x52 Nov 70711.Jan.
3334 Nov 484Jan
6316 Nov 9 Apt
512 Nov 12618May
3535 Oct 6935 Jan
:104.Nov 45',Jan
324 Oct 47 Jan
4['5 X0* 6038.14a,
6672 Oct We Jan4
25 May 30 17eV.
BA LT1310ICE
Bid
Chas Ry G & Elbis'99 11-18
Cherie& A ext 58.'09 J-J
1910 A-0
2d 7a
City & Sub let 5e..'22 J-D
City& Sub(Waa)let ba'48
Coal & I By hat 5s'20F.A
Col&Grnv let 68.1916J-I
Consol Gas 6a. .1910 J-114
55
1939 J-D
Ga & Ala 1st con5s'45.14
GaCar&N let 5sg'29J4
Georgia P let 6e...'22 J4
GaSo& Fla latos 1945J4
0-B-S Brew 3-461951M-8
28 income 5s 1951 1,1•11
KnoxvTrac let 58 128A-0
Lakelt El let gu5s'4211-S
blaconIty&Ltlst.58'514-j
Memphis St let 58'45 J-J
et8t( Wash)lat5e'25F A
Mt Ver Cot Duck 1st 5s.
Npt N&O P 1st 5538B-N
General be.. .1941 31-).4
Norfolk St let 60'44 .J.J
North Cent41261925 A.0
Series A 5s 1926. .J..)
Series B 6n 1926. .J4
gist Un Trac Sc 1097.J-J
Polo Val let 5a 1941..J4
Say Fla& West 56'34 A-0
Seaboard AL 4e 1950 A-0
Saab & Roan Sc 1926..14
South Bound let 5e..A.4)
U El L&P let41
.
2,e'•49 m.N
Cu ay& El 1St 48'49 31-s
I nconie 4E41049
J-D
Pending 58 1936...J.D
Va Mid 28 ser 6s '11.3I-S
3d series 68 1916. M-43
4th ser 3.4-55 1921.M-8
5th series be 1926.M.8
Vs(State) 3s new '32.J.J
Fund debt 2-341991.J4
West N C con Os 1914 J.J
WeaVa C&P 1st Og'11
Wit & Weld 58_1933.J-1
• Bid and asked; no sales on t us day. I En-rights. 11 $7.50 paid. ($1214 paid. ($10 paid. j$35 paid. a Reacapta..b $25 paid. &LSO paid.
114g/test
Lowest
20 Jan 15 33',Jan
76 Apr23 go 3114y
874 Apr28
6 Apr28 10 Nov
11,4 Mar25 24 Dec
1178 Mar28
876 Oct
4234 Mar 9 4434 Apr24
26% Feb10 304 Mar24
8¼ Jan 25 978 Apr28
3/
1
4 Jan 9 5 Jan 24,
1975 Jan 6 25 Jan 18
356 Feb29 94 Apt 16
784 Jan 2 89.4 Jan 17
52% Feb29 61 Jan 13
151,Jan 20 278 Apr24
54916 Jan 2 601318 Apr28
34,
2 Mar 3 4142 Apr24
54 Feb27 9516 May 1
1374 Jan 22 18., Marlb
48316 Feb 17 57',Jan 9
39 Jan 3 42 Jan 20
374Jan 2 41516Jan 10
4'178 Mar 5 6614 Apr23
7316Jan 2 8134 May 1
PHILADELPHIA
Ph & Read 2655'33.A-0
105 105'4
Con M Is 1911
J-D
eon M 65 g 1911. j-I)
Ex Imp M 4a g'47 A-0
Terminal Os a 1941 Q-If
101
P W & B col tr 48'21 J4
Portland By let Se 14030.
'loch Ry& L con 58'54J-J
1124
10(14
U Trao Ind gen 58'19.J.J
Un Rys Tr cite 4e'49J&J
10)/
1
4 104
United Rye Inv lat coil tr
s tie 1926
14I-N
104
U Traci Pit gen 5a '97 J4
1061
/
4
Welsbach e f 5s 1930.J.D
92,
, OS
Wlks-B GAB con5e'56J4
10534
97¼
BALTIMORE
Inactive Stocks
3834 3914 Ala eene Coal&
Iton 100
1014
Prof
100
Atlanta & Charlotte 100
Atlan
Line RP 100
108 1084 Allan Coast
Coast L (Conn)100
Canton Co
100
10672 107
Cons Cot Duck Corp...50
118'-, 121
Preferred
50
146 149
Georgia Sou &
95
94
let prof
100
28 pref
100
G-B•S Brewing
100
1054
Bon&
95
Anacoatiii & Pot 5e
90
A.tl& eh ext 41214 '10.J4
1033
.1044 Allan C L RR4s1952M-8
Atl Coast L(Ct)etfa be J-B
etre of indebt 4e. ..1-4
J-J
5-'20 yr 4s 1925
102',
03
Balt CPass let be'11.M.N
Balt,Fundg 56.1916 M.N
Exchange 34s 1930 J-J
Balt& P 1st68m1'11 A-0
1(42', 103
1483.
,
Bait Trao let6s_'29 MN
9111
/
4 9034
No 13alt Div 581942 J•D
69'4 e912 Cent'l Ry con5s1932
Ext& Imp 58.1932 MS
100 10034 Chita City Ry let 5e'23JJ
.tlighest
Range for .Previous
Year(1907)
ASi
8034
...
081
/
4
......
1064
1034
108
9414
97
168
101',
40
14
147s
101
1084 •
.7-;', 73
75
110',
1 thy,
100
49
.07
4934
11$
Us'.
83
854
51
514
761
/
4 7634
102,
91.
143
.
1014 l023
d 242 Is paid
THE CHRONICLE
1092
[VoL.Lxxxvi.
(*Truestntent and `313aiiroati intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the street railways are brought together separately on a subsequent page.
Latest Gross Earnings.
'WADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Latest Gross Earnings.
ROADS.
Previous
Year.
Ala Great Southern -See Sout hern Hall way.
Ala N 0 Tex Pac.
43,000
50,000 2,338,711 2,348,320
N 0 & N East__r 1st wk Apr
25,000
28,000 1,224,824 1,191,645
Ala & Vicks__--r 1st wk Apr
22,000
28,000 1,198,570 1,210,168
Vicks Sh & Pac_r 1st wk Apr
3,978
4,696
31,612
31,893
Ala Tenn & North_r arch
7,401,519 8,433,704 70,210,374 69,392,962
k Atch Top & S Fe March
133,659 142,066 1,357,764 1,158,744
Atlanta Birm & Atl March
2,442,022 2,616,752 19,883,212 19,957,337
Atlantic Coast Line March
5,310,640 6,493,268 58,055,251 60,569,318
Baltimore & Ohio__ March
Bangor & Aroostook February _ 228,214 243,458 1.941,058 2,052,892
4,098
5,197
Bellefonte Central__ March ____
46.867
43,807
Boston & Maine- -_r February__ 2,491,615
27,270,576
2,869
Bridgeton & Saco R February...
3,008
36,935
31,781
Buff Roch ec Pitts_r 3d wk Apr 102,426 166,335 7,128,976 6,660,895
Canadian Northern_ 3d wk Apr 181,100 126,200 7,510,900 5,446,700
Canadian Pacific__ 3d wk Apr 1,306,000 1,367,000 58,865,031 56,386,116
Central of Georgia__ 3d wk Apr 162,000 217,500 r9,645,043 010065 116
Central of N Jersey_ March ____ 1,790,611 2,075,932 20,371,130 19,449,568
Chattanooga South.. lth wk Mch
2,723
4,741
85,199
121,832
Chesapeake & Ohio_ March _--- 1,946,931 2,250,793 20,383,365 18,765 620
Chesterfield & Lane March ---_
7,100
6,503
50,767
39,133
Ry__r
March __-- 1,053,072 1,012,497 9,445,662 9,692,056
Chic ea Alton
Chic Burl & Quin_ _r February__ 5,205,865
54,495,044
Chic Great West__r 3d wir Apr 135,987 154,710 6,646,604 7,289,093
94,920 113,287 4,223,187 4,786,504
Chic Ind & Louis"- 3d wk Apr
Chic Ind & Southern -See New York Cen tral.
Chic Milw & St Paul February__ 3,937,988 4,331,720 39,411,975 40,710,584
Chic & North West_ March ____ 4,935,619 5,708,11)5 40,544,408 51,720,815
Chic St P M & 0__r March ____ 1,042,033 1,147,276 10,097,708 10,604.367
32,348 1,305,028 1,285,325
31,499
Chic Term Tran RR 1st wk Apr
5,694,093
Chi Ham &Daytonr February__ 509.173
Cln N 0 & Texas P -See Soul hemn Rail way.
Cincinnati Northern -See New York Cen tral.
Cley Cin Chic & St L -See New York Con tral.
Colorado Midland_r February.... 128,894 185,565 1,584,328 1,673,250
h Col & South Sys_i 3d wk Apr 257,846 265,853 11,997,956 10,829,308
28,384
205,533
24,929
210,690
Col Newb & Laur-- February__
February
556,150
54,016
60,002
526,566
Copper Range
March ____
102,220
Cornwall
4,460
20,354
163,940
222,491
Cornwall & Lebanon February _
18,832
38,015
320,379
February__
222,086 188,043 1,275,211 1,166,445
Cuba Rallroad
February__ 1,342,417 1,269,793 113643,543 /11851,688
/Delaware & Hud
22,945,534
Del Lack & West-..r February__ 2,288,920
Denver & Rio Gr..-r 3d wk Apr 338,800 390,500 16,884,671 16,623,184
22,276
28,922
963,700 1,037,622
Detroit & Mackinac 3d wk Apr
62,879
77,272 3 280.188 3,447,533
Det Tol & Iront Sys 3d wk Apr
89,215
5,290,062
Dul & Iron Range_r February _
49,665
61.833 2,482,835 2,525,915
Dul So Sh & Atl__r 3d wk Apr
February__ 3,223,264 3,750,645 34,411,225 34,001,350
Erie
Evansville & Ter H -See Rock Island S ystem.
14,198
1,699
1,649
13,728
Fairchild & N F.'n_ _ March __
48,782
56,724
582,561
576,843
Fonda Johns & Glov March ____
264,063 285,256 2,324,236 2,349,239
Georgia Railroad__ March ____
Georgia South & Fla -See Soul hem Rail way.
Grand Trunk Syst__ 3d wk Apr 691,779 868,876 34,283,425 34,784,417
93,495 123,507 4,868,061 4,759,028
Gr Trunk West__ 2d wk Apr
35,248 1,400,015 1,449,151
23,456
Dot Gr Hay tic Mil 2d wk Apr
23,077
29,564 1 581,785 1,552,890
Canada Atlantic.. 2c1 wk Apr
Great Northern Syst March ____ 3,297,562 -1,440,155 44,145,474 40,218,708
57,243 1,747,997 1,953,468
38,195
Gulf & Ship Island.. 2d wk Apr
Hocking Valley---- March ____ 446,480 425,455 4,842,940 4,950,231
Illinois Central ____ March ____ 4,407,550 5,076,630 42,147,750 42,124,348
Inter & Great North 3d wk Apr 104,000 162,000 5,735,092 7,297,958
a Interoceanic(Mex) 3d wk Apr 152,257 145,960 6,272,420 5,743,354
57,717 2,497,322 2,560.417
43,019
3d wk Apr
Iowa Central
141,198 174,219 1,590,504 1,712,614
Kanawha & Mich.._ March ____
708,896 787,411 7,053,835 6,631,213
Kansas City South_ March__ __
Lake Erie & West'n -Sec New York Cen (rah
Lake Shore & M Sou -See New York Cen tral.
24,241,955
Lehigh Valley____r February _ 2,116,331
55,480
393,658
416,586
34,921
Lexington & East__ March ____
Inc. 201, 538
March ____ Dec. 23, 999
Long Island
92,735
763,884
75,705
768,615
Louisiana & Arkan_ February_
Loulsv & Nashv__r 3d wk Apr 743,225 963,540 36,954,880 18,631,246
13,402
15,279
116,168
135,792
Macon & Birming'm March ___
6,575,376
Maine Central......-r March ____ 670,502
3,292
!March
4,151
43,495
58,596
ManIstique
28,047
28,882
286,664
Maryland & Penn..:_ March ____
283,412
a Mexican Central.... February.... 2,970,693 2,548,380 24,378,404 19,628,866
a Mexican Internet_ 3d wk Apr 159,478 198,077 6,853,693 6,653,790
a Mexican Railway_ 1st wk Apr 148,000 147,500 6,160,800 5,805,700
28,564
24,448 1,035,404 1,017,085
a Mexican Southern 2d wk Anr
Michigan Central-- -See New York Cen tral.
82,562
68,085
849,756
Midland Valley____ March ____
559,016
3d wk Apr
14,335
14,311
645,493
Mineral Range
616,275
68,574 3,202,706 3,088,942
57,123
Minneap & St L___r 3d wk Apr
Minn St P & S S M_ 3d wk Apr 194,767 274,542 9,667,102 10,014,271
Mo Kansas & Texas March ____ 1,785,691 2,166,377 18,547,453 19,772,063
Mo Pac & Iron Mt_o 3d wk Apr 700,000 949,000 35,953,188 37,607,254
35,000 1,273,000
25,000
,339,000
Central Branch_o 3d wk Apr
Total system_ __o 3d wk Apr 725,000 984,000 37,226,188 38,946,254
31,717 1,172,190 1.150,353
27,258
b Mobile Jack & K C Wk Apr 4
Nashv Chatt & St L February__ 831,414 992,703 7,486,794 7,731,970
• a Nat RR of Mexico 3d wk Apr 256,471 349,268 12,774,978 12,386,512
18,760 • 804,946
20,941
Hidalgo & N E_,. 3d wk Apr
800,434
5,098
276,149
5,764
• Nevada-Cal-Oregon 3d wk Apr
207,911
52.928
5.388
4.323
Nevada Central_ ___ February__
50.132
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Lear.
Previous
Year.
$
N Y C & Hod River February__ 6,045,538 6,562,113 64,120,194 63,185,148
Lake Shore & M S February__ 2,934,981 3,283,827 20,231,359 28,665,729
Lake Erie & West February._ _ 317,593 373,168 3,301,227 3,474,101
Chic Ind & South February__ 239,575 217,072 1,993,196 1,048,067
Michigan Central. February__ 1,786,391 2,088,988 18,455,655 18,024,257
Cleve C C & St L.. February_ _ 1,773,771 1,821,250 17,603,600 16,882,444
Peoria & Eastern February__ 212,153 225,342 2,031,823 2,064,832
Cincinnati North_ February_ _
71,884
531,548
49,302
698,039
Pitts & Lake Erie February__ 646,847 1,022,316 9,095,256 0,548,801
Rutland
February__ 167,032 177,043 2,1)24,505 1,903,277
N Y Chic & St L_ February.._ 806,771 808,315 6.820,657 6,640,820
_ February _ 14979 954 16631 318 155215 020 152636 410
Total all lines
N Y Ont ec Western March - - 607,402 646,418 0,023,100 6,073,542
NYNH& Hart--r February_ _ 3,359,707
36,538,010
N Y Susq & West_ _ February__
236,382 226,109 2,253,908 2,001,462
Norfolk & Western_ March --- - 2,059,373 2,777,454 22,808,734 22,861,175
Northern Central_ _ March _
893,910 1,011,910 9,564,779 9,178,379
Northern Pacific_ _ _ March _ - 4,772,906 5,455,949 53,736,412 49,598,302
Pacific Coast Co___ February.._ 411,910 539,493 5,186,624 4,746,032
Pennsylvania Co..-r February__ 2,475,478
31,418,128
Penn-East P & E March ____ 10997 169 13166 969 117048 882 115616 582
d West of P & E.. March _ _ _ _ Dec.1,36 ),200
Dec.1,118, 800
Peoria & Eastern__ -See New York Cen tral.
Pere Marquette_ _r February_
852,795
0,448,781
Phila. Bait & Wash_ March
_ _ 1,285,81)7 1,302,707 12,755,001 12,281,201
Pitts Cln Chic & StL March _
2,158,353 2,877,288 22,361,902 22,907,647
Pitts & Lake Erie -See New York Cen tral.
Raleigh &Southport. March -_ - _
11,602
91,650
72,904
10,624
Reading Company.. March
_ 3,068,634 3,701,401 32,155,521 31,543,579
Coal & Iron Co.._ March
_ 1,603,782 2,562,234 28,407,863 27,889,082
Total both cos___ March
4,672,416 6,263,635 60,563,384 59,432,662
Rich Fred & Potom February.... 148,575 149,609 1,276,710 1,195,138
Rio Grande Junc___ February _
41,391
58,485
589,629
561,598
Grande
Rio
South.._ 3d wk Apr
493,172
486,672
9,292
11,535
Rock Island System March _ - 4,904,202 5,270,690 45,050,184 44,644,148
e St L & San Fran March _ 3,874,887 4,394,521 37,264,843 36,926,494
Evansv & Ter 11 March _ - 187,966 175,761 1,728,436 1,726,684
Total of all lines. March ___ - 8.967,146 9,840,972 34,943.405 83,207,326
Rutland
-See New York Cen tral.
St Joseph & Gr Isl. February._ 106,639 144,538 1,102,523 1,160,468
St Louis & San Fran -See Rock Island S ystem.
St Louis Southw__r 3d wk Apr 151,520 192,655 8,030,282 8,344,733
Seaboard Air Line__ February__ 1,289,293 1,393,685 10,564,334 10,590,501
Sierra Sly
24,566
March -_- 29,779
Southern Indiana.._ March
- 183,778 129,504 1,495,842 1,190,727
c Southern Pac Co__ March -_ -- 9,450,949 10259 544 96,350,537 93,306,970
Southern Rallway_r 3d wk Apr 881,052 1,089,771 44,121,131 45,712,900
Mobile & Ohio ..r 3d wk Apr 145,502 184,619 8,004,365 8,442,833
Chi N 0 6cTP--r 3d wk Apr 130,848 158,189 6,472,000 6,547,831
Ala Great South.r 3d wk Apr
71,882 2,918,252 3,143,251
55,540
Georgia Sou & Fla 3d wk Apr
43,712 1,829,583 1,837,566
33,194
Texas Central
905,85
987,066
2d wk Apr
25,203
11,527
Texas & Pacific_ _ 3d wk Apr 194,960 275,042 12,309,735 13,613,404
68,867
Tidewater 6c West_ March _ _
66,144
8,513
6,748
Toledo & Ohio Cent March _ _ 336,304 341,998 3,415,133 3.588,664
Toledo Poor & West 3d wk Apr
22,459 1,003,803 1,021,898
17,936
Toledo St L & West 3d wk Apr
76,207 3,207,601 3,327,620
54,1329
Tombigbee Valley.._ March ____
45,43
48,420
6,508
5,408
656,816
Tor Ham & Buffalo March --616,250
86,260
72,794
Union Pacific Syst- March -_- - 5,345,264 0,200,050 58,094,596 56,272,577
6,503,65'
Vandalla
February__ 648,810
748.12
Virginia & So West_ February.._
674,468
83,710
66,087
Wabash
3d wk Apr 423,869 508,310 21,287,38 21,947,565
Western Marlyand_ February - 350,998 407,049 3,968,26, 3,527,239
W Jer & Seashore_ _ March _ _ - _
364,310 398,810 4,366,37'- 4,009,970
Wheel & Lake Erie_ 3d wk Apr
48,684 113,565 4,518.221 4,718,732
5,676,374
Wisconsin Central_ r March _-- - 591,390
225,114
Wrightsv & Tenn_ _ March
220,650
31,671
26,692
Yazoo & Miss Vail.. March __-- 844,818 866,885 7,670,371 7,293,454
--Current
Previous
• Year.
Year.
Various Fiscal Years.
Period.
Bellefonte Central
Jan 1
Delaware & Hudson
Jan 1
Manistique
Jan 1
Mexican Railway
Jan 1
Mexican Southern
Jan 1
New York Central
Jan 1
-Lake Shore & Mich Southern.. Jan 1
Lake Erie & Western
Jan 1
Chicago Indiana & Southern_ Jan 1
Michigan Central
Jan 1
Cleve Cln Chic & St Louis_ _ Jan 1
Peoria & Eastern
n
!
Jo
an
Cincinnati Northern
Pittsburgh & Lake Erie
Jan 1
Jan 1
Rutland
New York Chicago ea St Louis Jan 1
Total all lines
Jan 1
Northern Central
Jan 1
d Penn-East of Pitts ea Erie__ Jan 1
d West of Pittsburgh & Erie_ _ •Ian 1'
Jan 1
Phila Balto & Washington
Pitts Cln Chic & St Louis
Jan 1
Rio Grande Junction
JDec1
Texas & Pacific
Jan 1
1
West Jersey & Seashore
to
to
to
to
to
to
to
to
to
to
to
to
o
to
to
to
to
to
to
to
to
to
to
to
to
13,571
14,724
Mch 31
Feb 29 2,814,81^ 2,6,15,544
10,689
13,292
Mch 31
April 7 2,160,300 2,191,900
374,757
392,332
April 14
Feb 29 12,682,032 13,974,607
Feb 29 5,867,423 6,728,443
666,826
786,671
Feb 29
488,215
462,500
Feb 29
Feb 29 3,742,530 4,367,814
Feb 29 3,595,570 3,650,051
463,400
467,108
Feb 29
106,157
146,074
Feb 29
Feb 20 1,232,904 2,114,464
352,916
Feb 29
371,938
Feb 29 1,582,009 1,624,612
30,779,982 34,694,289
Feb
Mch 31 2,550,72r 2,907,725
Mch 31 31,375,441 37,203,541
Mch 31 Dec. 4.3C 9.400
Mch 31 3,599,863 3,775,563
Mch 31 6,095,860 7,569,622
173,025
Feb 29
198,068
April 21 4,031,811 5,302,286
Mch 31
924.964
951,064
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Mo
%
WeeklySummaries.nthly
Cuent Year Prev's Year Inc. or Dec.
Summaries,
2d
3d
4th
1st
2d
Bd
4th
1st
2d
3d
week Feb
week Feb
week Feb
week Mch
week Bich
week'
,etch
week Mch
week Apr
week Apr
week Anr
(44 roads)-(45 roads)„...
(45 roads).(44 roads)---(43 roads)____
(40 roads)---(47 roads).(42 roads)____
(42 roads).._....
(40 roads)._
$
$
9,004,015
7.857,030
7.988,773 9,600,421
9,770,696 10,3,68.755
9,470,700
5.274,167
9,754,748
8,501,487
8,554,987 9,840,6.34
12,637,773 14,846,617
9,469,719
8.229,164
8,138,475 9,870,161
8,029,093 9,826,079
$
-1446,085 12.74
-1111A:648 16.78
062 5.77
-1,196.623 12.53
-1,253,261 12.85
-1,094,597 11.34
-2,208,844 14.88
-1.240,555 13.10
-1.731.086 17.54
-1,796,986 18.29
month
Month
Month
Month
Month
Month
Month
Month
Month
Month
June
July
Aug
Sept
Oct
Nov
Dec
Jan
Feb
Mch
_.11
:ILLar Inc.. or Dec.
Cuent Year Prey
$
1907 (121 roads). 181 125,657
1907 (116 roads). 187,069.700
1907 (121 roads). 197,288 033
1907 (118 roads)_ 192 548,022
1907 (120 roads)_ 213,697,727
1907 (120 roads).. 189,988,564
1907 (123 roads).. 174,422,451
1908 (122 roads).. 151,758,400
1908 (123 roads).. 141,258,206
1008( 55 roads) .. 54,549,532
%
$
s
161,235,109 +21,890,548 13.59
163 685,258 +23,384 532 14.28
175.726,323 +21 981,710 12.27
175 505 030
196,843,678 1-1/1,
,(81,2
4,g14T) :111
184,197,391 +5,791 173 3.14
184.893,810 -11,471,359 6.20
172,283,006 -21,524,600
1.7
49
160,150,610 -18,894,404 12'9
63,700,200 -9,150,688 14.36
a Mexican currency. t, Includes earnings of Gulf & Chicago Division. e Includes the Houston 61 Texas Central and Its subsl nary lines in hotk
rears. d Covers lines directly operated. e Includes the Chicago & Eastern Illinois In both years.
Includes Evansville & Indiana RR. n Includes
sarnings of Col. & South.. Ft. Worth & Denver City and all affiliated lines, excepting Trinity ea Brazos Valley RR. k Includes In both years earnings
it Denver Innld & Gulf RR., Pecos Valley System and Santa Fe Prescott & Phoenix RS%
lThese figures do not Include receipts from sale of Coal.
o Figures here are on the old basis of accounting-not the new or Inter State Commerce Commission method. r These figures arc on the new
oasis prescribed by the Inter-State Commerce Commission.
IVAr 2 1908.1
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the third week
of April. The table covers 40 roads and shows 18.29%
decrease in the aggregate over the same week last year.
1093
- -Net Earnings
-Gross Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
Minneap Gen Elec Co_a_Feb
79,448
38,842
84,584
43,003
Jan 1 to Feb 29
178,520
80,641
163,715
92,435
Minneap & St Louisa Mch
306,980
332,562 k103,553 k127,574
1908.
1907.
Increase. Decrease.
July 1 to Mch 31
3,009,270 2,877,902
Third week of April.
k943,852 k1,018,022
-- Minneap St L & S S M_ b_
.
Mch 824,118 1,000,855
312,239
333,833
$
$
$
$
July
1
to
Mch
31
9,210,021
9,039,902
3,970,656
3,554,087
16,342
55,540
71,882
Alabama Great Southern
622,758
422,326
102,426
166,335
63,909 Mo Kansas,& Texas_ b__Mch 1,785,691 2,166,377
Buff Roch & Pittsburgh
July 1 to Mch 31
18,547.453 19,772,063 6,040.326 7,444,447
181,100
126,200
54,900
Canadian Northern
1,306,000 1,367,000
61,000 NY Ontario & West_a__Mch
Canadian Pacific
646,418
607,402
149,139
189,504
55,500
162,000
217,500
Central of Georgia
July 1 to Mch 31
6,023,100 6,073,542 1,777,581 1,947,074
18,723 Norfolk &
135,987
154,710
Chicago Great Western
Western_
b___Mch
2,777,454
2,059,373
805,473
1,003,696
94,920
18,367
113,287
Chic Ind & Louisville
July 1 to Mch 31
22,808,734 22,861,175 7,968,370 8,448,557
130,848
25,341
156,189
Cincin New Orleans & Tex Pac_
135,596
899,910 1,011,910
113,096
8,007 Northern Central_b____Mch
257,846
Colorado & Southern
265,853
Jan 1 to Mch 31
289,308
2,559,725 2,907,725
301,208
338,800
51,700
Denver & Rio Grande
390,500
6,646 xNorthern Pacific_b____Mch 4,732,114
22,276
Detroit & Mackinac
28,922
2,202,331
14,393
62,879
Detroit Toledo & Ironton
77,272
July 1 to Mch 31
53,695,619
23,501,955
12,168
Duluth South Shore & Atlantic
49,665
61,833
Pennsylvania-Lines directly operated1
Grand Trunk of Canada
East
Erie_
b.Mch10,997,169
of
Pitts
&
13,166,969
2,609,309 3,153,809
Grand Trunk Western
I
31,375,441 37,203,541 6,534,617 8,085.317
Jan 1 to Mch 31
177,097
}
Detroit Gr Hay & Milw
691,779
868,876
1,360,200
Pitts
&
Erie__Mch
Dec.
Dec. 95.300
1
West
of
Atlantic
Canada
Dec. 730,700
10,518
Jan 1 to Mch 31
Dec. 4,309,400
43,712
Georgia Southern & Florida__
33,194
58,000 Phila Bait & Wash_b___Mch 1,285,807 1,362,707
International & Great Northern
104,000
162.000
288,418
195,318
6,297
Interoceanic of Mexico
145,960
152,257
Jan 1 to Mch 31
3,599,863 3,775,563
506,414
430,114
14,698
Iowa Central
43,019
57,717
220,315 Pittsburgh Coal CoLouisville & Nashville
743,225
963,540
Jan 1 to Mch 31
515,992 1,025,429
38,599
Mexican International
159,478
198,077
Mineral Range
24
10,375
14,335
Portland (Me) Elect Co_Mch
25,221
16,007
14,311
22,630
11,451
Minneapolis & St. Louis
82,986
57,123
Jan 1 to Mch 31
68,574
74,675
79,775 Reading CompanyMinneapolis St Paul & S S M
194,767
274,542
249,000
Mo Pacific ec Iron Mountain
700,000
949,000
Phila & Reading_b___Mch 3,068,634 3,701,401 1,119,408 1,333,747
10,000
Central Branch
25,000
35,000
32,155,521 31,543,579 11,855,298 11,465,128
July 1 to Mch 31
Mobile & Ohio
'
39,117
145,502
184,619
Coal & Iron Co_b__Mch 1,603,782 2,562,234 def44,691
64,309
92,797
National RR of Mexico
256,471
349,268
28,407,883 27,889,082 2,057,560 1,470,353
July
1
to
Mch 31
Hildago & Northeastern
20,941
18,760
2,181
Nevada-California-Oregon
5,764
5,096
668
Total both cos_b
Mch 4,672,416 6,263,635 1,074,717 1,398,056
Rio Grande Southern
2,243
9,292
11,535
60,563,384 59,432,662 13,912,858 12,935,481
July 1 to Mch 31
St Louis Southwestern
41,135
151,520
192,655
123,839
126,569
Reading Company __Mch
Southern Railway
208,719
881,052 1,089,771
1,147,635 1,171,201
July
1
to
31
Mch
Pacific
Texas &
80,073
275,042
194,969
1,198,556 1,524,625
Total all cos
Mch
Toledo Peoria & Western
22,459
4,523
17,936
15,060,493 14,106,682
July 1 to Mch 31
Toledo St Louis do Western
76,207
21,578
54,629
Wabash
508,310
423,869
84,441 Rio Grande Junction_ _ _ _Feb
n12,417
n17,546
58,485
41,391
Wheeling & Lake Erie
48,684
113,56564,881 '
n51,907
n59,420
198,068
173,025
Dec 1 to Feb 29
---1,192,798
1,484,088
Mch
4,904,292
5,270,690
Rock
Island-a
Total (40 roads)
8,029,093 9,826,079
64,070 1,861,056
45,950,184 44,644,148 11,410,932 14,048,228
July 1 to Mch 31
Net decrease (18.29%)
1,796,986
St Louis & San Fran a_Mch 3,874,887 4,394,521 1,293,192 1,402,483
37,264,843 36,926,494 10,235,543 12,263,708
July 1 to Mch 31
Net Earnings Monthly to Latest Dates.-The table fol56,949
73,486
187,966
175,761
Evansv & Terre H_a_Mch
647,470
570,591
1,728,436 1,728,684
July 1 to Mch 31
lowing shows the gross and net earnings of STEAM railroads
Mch 8,967,146 9,840,972 2,559,478 2,943,520
Total all lines_a
reported this week. A full detailed statement, including all
84,943,465 83,297,326 22,217,068 26,959,405
July 1 to Mch 31
roads from which monthly returns can be obtained, is given • St Louts Southwestern a_Mch 720,983
171,357
110,323
859,182
once a mbnth in these columns, and the latest statement of
7,554,576 7,771.317 1,694,967 2,118,175
July 1 to Mob 31
Mch 9,450,949 10,259,544 2,835,192 2,709,309
this kind will be found in the issue of April 25 1908. The Southern Pacifica
96,350,537 93,306,970 26,761,771 33,833,857
•
July 1 to Mob 31
next will appear in the issue of May 23.
Railway Co_a_Mch 4,321,511 5,013,527 1,050,032
812,692
-Gross Earnings- --Net Earnings
- Southern
Mch 31
41,405,160 42,454,254 8,216,694 9,193,953
1
to
July
Current
Previous
Current
Previous
601,077
108,931
646,512
149,793
Cinc N 0 & Tex Pac_a Mch
Year.
Year.
Year.
Year.
6,068,162 6,085,098 1,200,724 1,126,778
July 1 to Mch 31
Roads.
$
$
$
$
Abington & Rockland Elect
314,978
246,005
46,083
60,677
Ala Gt Southern_a___Mch
2,009
Light Fo Power Co_a__Feb
5,038
4,190
2,098
2,755,898 2,939,347
434,350
555,223
July 1 to Mch 31
Jan 1 to Feb 29
4,381 'Tidewater & Western_ b_ Mch
11,113
9,012
4,881
8,513
194
6,748
6
2:60
3
185
66,144
3,925
68,867
Alabama Tenn & Nor__Feb
3,978
1,958
4,696
2,912
July 1 to Mch 31
July 1 to Feb 29
133,468
31,612
31,893
15,870
18,206 Toledo & Ohio Cent_a__Mch
341,998
58,361
336,394
3,415,133 3,588,664 1,011,932 1,089,971
July 1 to Mch 31
Atch Top & Santa Feb-Mch 7,401,519 c8,433,704 d2,938,914 d3,226,499
2,110
1,698
5,408
6,508
July 1 to Mch 31
70,210,374 c89,392,962d21,631,154d28,260,221 Tombigbee Valley Co___Mch
10,841
14,869
45,438
48,420
Mch
31
to
July
1
133,659
142,066
vAtlanta Birm & Atl_a_Mch
46,572
30,957
Mch 5,345,264 6,200,050 2,195,466 2.400,573
July 1 to Mch 31
1,357,764 1,158,744
410,687
280,470 Union Pacifica
58,094,596 56,272,377 23,364,513 26,165,469
July 1 to Mch 31
Atlantic Coast Linea.._Mch 2,442,022 2,616,752
781,799
707,735
53,621
Mch
168,138
34,053
246,994
July 1 to Mch 31
19.883,212 19,957,337 4,443,904 5,071,870 Victor Fuel Co_ b
445,125
1,995,137 1,907,711
445,860
July 1 to Mch 31
Canadian Pacifica
Mch 5,424,931 6,132,010 1,301,030 2,245,736
102
14
8
1
6,918 dr.17
398,810
1:
,0
8
Seashore_ b_Mch
364,310
2
285
Jersey
&
W
July 1 to Mch 31
54,938,031 52,071,116 16,713,130 18,001,918
951,064 df.148,494
924,964
Jan 1 to Mch 31
Central of Georgia_a____Mch x961,842 1,147,185 z242,122 .305,764 Western Maryland_a___Feb
407,049
75,405
350,998
x9,115,643 9,416,816 x2,112,165 2,244,339
July 1 to Mch 31
3,968,263 3,527,239 1,325,914 1,132,799
July 1 to Feb 29
591,390
Central New England- b137,490
zWisconsin Central_a___Mch
436,266
498,896
Jan 1 to Mch 31
59,901
5,676,374
71,344
1,536,580
July 1 to Mch 31
1,582,857 1,514,830
259,574
July 1 to Mch 31
251,746 WrIghtsv & Tennille_b_Mch
z31,671
8,271
12,943
z26,692
z220,650 • 66,148
z225,114
57,031
540,962
July 1 to Mch 31
Central of New Jersey_ b_Mch 1,790,611 2,075,032
851,247
20,371,130 19,449,568 8,568,993 9,038,875
July 1 to Mch 31
a Net earnings here given are after deducting taxes.
672,776
723,926
Chesapeake do Ohlo_b__Mch 1,946,931 2,250,793
b Net earnings here given are before deducting taxes.
20,383,365 18,765,620 6,876,171 6,648,049
July 1 to Mch 31
c Figures revised for previous year so as to accord with the new classifi1,012,497
s457,193
Mch 1,053,072
s333,301 cation of earnings and expenses now required by the Inter-State Commerce
Chicago & Alton a
9,445,662 9,692,056 s3,118,539 s3,441,540 Commission.
July 1 to Mch 31
d The company now includes the earnings of the Denver Enid & Gulf RR.,
Chic & North Western_ b Mch 4,935,619 5,706,105 1,978,994 2,073,989
49,544,408 51,720,815 16,719,954 18,720,976 Pecos Valley system and Santa Fe Prescott & Phoenix Ry. In both years.
July 1 to Mch 31
For March taxes and rentals amounted to $241,765, against $196,025 in
381,999
Chic St P Minn & 0_ b__Mch 1,042,033 1,147,276
1907; after deducting which, net for March 1908 was $2,697,149, against
10,097,708 10,694,367 3,399,002
July 1 to Mch 31
$3,030,474 last year. For period from July 1 to March 31, taxes and
27.7,565
330,890 rentals were $2,143,781 in 1908, against $1,741,513 in 1907.
Colorado & Southern_b_Mch 1,055,136 1,108,595
11,249,715 10,052,114 3,881,526 3,341,486
July 1 to Mch 31
g These results are in Mexican currency.
h For March 1908 additional income showed a deficit of $816, against a
Mch
4,460
def 790
20,354
Cornwall_a
10,586
102,220
37,765
163,940
76,471 credit of $9,781 in 1907, and for period from July 1 to March 31 was $29,232
July 1 to Mch 31
1908, against $45,564 last year.
in
402,563
c568,041
Denver & Rio Grande_a_Mch 1,310,319 c1,672,631
k For March 1908 additional Income was $33,439, against $12,145 In
15,890,471c15,466,784 5,097,696 CS,204,188
July 1 to Mch 31
1907, and for period from July 1 to March 31 was $155,643 in 1908, against
31,617
100,403
125,360
Detroit & Mackinac_a__Mch
19,590 $176.375 last year.
213,746
898,827
956,779
July 1 to Mch 31
169,969
n These figures represent 30% of gross earnings.
s After allowing for miscellaneous income, which was a debit item for
6,716
Edison Elec Co (Brock) a Feb
18,604
15,307
5,845
the
month of March 1908, total net earnings were $436,546 in March 1908,
Jan 1 to Feb 29
16,097
34,380
40,955
14,272
against $329,503 last year, and for period from July 1 to March 31 were
Fall River Gas Works_a_Feb
6,668
31,325
29,467
7,112 $3,018,541
this year, against $3,353,099.
Jan 1 to Feb 29
20,987
70,597
67,719
23,711
v In accordance with the contract of Nov. 1 1907 between the Atlantic
Fairchild & Northeast b_Mch
499
1,649
1,699
def 355 & Birmingham Construction Co. and the Atl. Birm. & Atl. RR. Co., the
July 1 to Mob 31
del 106
13,728
def2,080 Construction Co., as the part of expenses chargeable to it on account of the
14,196
Georgia RR..a
54,985
Mch
264,063
285,256
60,507 unfinished condition of the work and the interference by its work with the
July 1 to Mch 31
381,601
2,324,236 2,349,239
468,097 operation, pays each month to the Railroad Co. such portion of the operating expenses as equals the excess of the total operating expenses above
Greenw & Johnsonville-,10,982
Jan 1 to Mch 31
26,175
21,078
7,059 70% of the total operating revenue.
x These figures are on the basis of accounting required by the Inter-State
. 74,863
27,826
July 1 to Mch 31
66,278
22,263
Mch "446,480
121,903
Hocking Valley_a
425,455
60,984 Commerce Commission.
z Includes $55 other income for March 1908,a gainst $398 in 1907, and for
4,842,940 4,950,231 1,336,733 1,464,812
July 1 to Mch 31
period from July 1 to March 31 Includes $792 in 1908, avainst $4,069 last
21,910
23,054
11,484
Houghton Co Elec Lt_a_Feb
13,036 year; beginning July 1, the earnings of thz Dublin do Southwestern
RR. are
46,980
25,296
50,906
Jan 1 to Feb 29
29,284 Included
in both years.
105,409
50,323
79,689
Hud Riv Elec Pow Co_a_Mch
25,778
324.554
256,959
184,638
Interest Oharges and Surplus.-The following roads, in
Jan 1 to Mch 31
101,715
Mch
259,060
256,353
h67,294
Iowa Central-a
h90,688 addition to their gross and net earnings given in the foregoing,
2,353,886 2,394,295
h734,881
July 1 to Mch 31
h750,728
141,198
25,338
174,219
KanawhaA Michigan_a_Mch
23,909 also report charges for interest, Sic., with the surplus above
1,590,504 1,712,614
136,550
July 1 to Mch 31
374,728 or deficit below these charges.
b_Mch
34,921
8,785
55,480
Lexington & Eastern_
27,164
-Int., Rentals, &c.- -Rat. of Net E'nos.393,658
416,586
126,334
July Ito Mch 31
171,607
Current
Previous
Current
Previous
Dec. 23,999
Mch
Long Island_b
Inc. 27,960
Year.
Year.
Year.
Year.
Dec. 42,860
Inc. 128,176
Jan 1 to Mch 31
Roads.
28,906
10,083
Lowell Elec Lt Corpn_a_Feb
25,985
11,680 Abington & Rockland Elect
60,240
21,971
54,732
1,994
Jan 1 to Feb 29
23,333
Light & Power CoFeb
150
104
1,949
670,592
413
300
4,468
4,081
182,825
Mch
Jan 1 to Feb 29
xMaine Central- b
6,575,376
2,119,863
July 1 to Mch 31
Central New EnglandgNlexican Central
Mch 3,000,548 2,946,268 1,149,031 1,076,035
Jan 1 to Mch 31
63,850 zdf.35,212
108,533
x27,255
27,378,953 22,575,135 8,014,210 6,663,075
July 1 to Mob 31
July 1 to Mch 31
179,232 xdf.44.735 x118,329
354,279
Lxxxvi.
THE ,CHRONICLE
1094
-Int., Rentals, &c.
Previous
Current
Year.
Year.
-Bat. of Net E'ngs.Current
Previous
Year.
Year.
Roads.
5729,462 def41,332
121,785
Central of New Jersey..__Mch 6582,294
54,565,823 55,637,078 4,003,170 8,401,796
July 1 to Mch 31
240,009
220,133
c87,793
c115,012
Colorado & Southern_ _ _Mch
1,949,259 1,733,098 c1,956,064 c1,597,834
July 1 to Mch 31
297,793
285,489
d242,162
d389,459
Denver & Rio Grande_Mch
2,809,477 2,651,943 d2,772,427 d2,951,868
July 1 to Mch 31
770
688
5,946
Edison El Co(Brockton)_Feb
5,157
1,462
1,396
14,635
12,876
Jan 1 to Feb 29
331
118
6,337
6,994
Fall River Gas Works_ __Feb
532
266
20,455
23,445
Jan 1 to Feb 29
53,626
Mch
51,722
x1,743
x9,378
Georgia. RR
511,749
x9,790
464,997xdef122,780
July 1 to Mch 31
Johnsonville
Greenwich &
4,801
4,699
x6,531
x2,673
Jan 1 to Mch 31
14,403
14,099
x9,001
x14,562
July 1 to Mch 31
Mch
84,984
67,480
x79,017 xdef5,481
Hocking Valley
712,197
574,682 x1,377,874 x1,130,315
July 1 to Mch 31
2,555
8,929
2,188
10,848
Houghton Co Elect Lt.-Feb
5,149
20,147
Jan 1 to Feb 29
4,375
24,909
22,681
Kanawha & Michigan_ _ _Mch
z17,977
x3,831
20,516
199,856
x97,624
x185,198
July 1 to Mch 31
194,253
•
8,558
Lowell Elect Lt Corpn--Feb
1,525
1,050
10,630
18,846
Jan 1 to Feb 29
21,102
3,125
2,231
17,649
Minneap Gen Elect Co._Feb
20,596
25,354
18,246
Jan 1 to Feb 29
42,693
53,508
49,742
27,133
__Mch
Mo Kansas dc
535,671
508,252 zdf.91,465
x129.267
II/eh 31
July 1 to Texas_.
4,874,214 4,416,153 x1,473,803 x3,161,149
54,895
N Y Ontario & Western_Mch
94,244
75,917
113,587
July 1 to Mch 31
753,096
669,402 1,024,485 1,277,672
Norfolk & Western
364,746
Mch
440,727
401,874
601,822
July 1 to Mch 31
3,029,300 3,478,750 4,039,070 4,969,807
Pittsburgh Coal CoJan 1 to Mch 31
698,099 def.125,389
327,330
641,381
Reading Company
311,056
885,478
Mch
887,500
639,147
July 1 to Mch 31
7,987,500 7,969,299 7,072,993 6,137,383
Rio Grande Junction___ _Feb
4,083
8,334
8,334
9,212
26,907
Dec 1 to Feb 29
25,000
25,000
34,420
Toledo & Ohio Central__Mch
39,476
36,920 z113,333
x21,714
x806,679
367,410
332,406
July 1 to Mch 31
x764,514
x22,453
17,041
20,767
Victor Fuel Co
Mch
x42,569
x333,541
172,526
169,188
July 1 to Mch 31
x349,848
b Included In fixed charges are expenditures for renewals, additions and
Improvements amounting to nil for March 1908, against $79,026 in 1907,
and from July 1 to Feb 29 were $862,397 in 1907.
c After allowing for miscellaneous charges and credits to income.
d These figures are after allowing for other Income and for discount and
exchangelfiThe sum of $10.000 is deducted every month from surplus and
placed to tne credit of the Renewal Fund.
z After allowing for other Income received.
STREET RAILWAYS AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current
Year.
Previous
Year.
$
aAmerican Rys Co_ _ _ March __ 207,774 227,150
cAur Elgin & Chic By March ____
95,773 102,416
Binghamton By
21,364
20,229
February
Birm By Lt & Power March ____ 177,003
5,485
6,341
BrOckton & Ply St By February _
Cape Breton ElecCo _ February _
15,927
18,024
56,903
Central Penn Tract _ _ March ____
52,704
56,135
61,497
Charl Con By Gas&El March ____
69,672 73,916
dChicago Fc Oak Park March ____
18,585
Cleve Palnesv dc East March __
19,966
49,558
52,811
Cleve Southw Fc Col_ _ January __
25,621
28,844
Columbus Electric Co February _
84,185 78,072
Dallas Electric
_ February _
/Detroit United By- - 3d wk Apr 126.214 118,652
16,128
16,601
Duluth Street
-- 3d wk Apr
East St Louis de Sub_ March ____ 171,803 166,582
43,863
36,559
El Paso Electric
February _
Ft Wayne & Wabash
83,340
97,455
Valley Traction Co_ February__
74,715 68,715
Galv-Hous Elec Co.. February _
72,255
69,058
Grand Rapids Ry Co_ March ____
32,193
Havana Electric By. wk Apr 26_
35,913
Honolulu Rapid Tran
29,702
29,910
& Land Co
February_
15,205
17,335
Houghton Co St Ry_ _ February _
Illinois Traction
March ____ 318,338 286,158
30,006
Jacksonville Elec Co_ February _
31,378
Karts City Ry& Light February__ 464,118 423,509
48,669
46,521
Knoxville By & Lt Co March ____
86,675
Lake Shore Electric_ _ December
68,476
35,267
Lex & Inter Rys Co_ _ February__
38.931
50,100
'Attie Rock Ry&EICo March ____
56,552
Memphis Street Fty_ March ____ 128,857
Met West Side Elev. March ___ 225,275 239,925
Milw Elec By & Lt Co February... 293,874 277,271
Milw Lt Ht & Trac Co February__
49,662 48,607
Montreal Street By.. Wk Apr 18
62,974
62,280
Nashville By 60 Light February__ 119,838 109,498
NJ & H R Ry8cFy Co March ____
30,598
34,301
North Ohio Trac & Lt March -___ 129,659 133,834
North Texas Elec Co_ February _
67,292
71,311
Nod & Portsm Tr Co March._.. 138,791 161,339
No Westchester Lt Co February__
9,589
Northwestern Elev. March ___ 159,851 138,483
Oklahoma City By- - March ____
19,012
1,9,556
Peekskill Light & RR February__
M,151
10,957
Pensacola Electric Co February _
15,378
17,389
Portland Ry Lt &PCo February _ 332,298 269,797
Puget Sound Elec By February _ 117,501 105,775
Rio de Janeiro Train
Light & Power_
_ February__ 522,315
St Joseph (Mo) By Lt
Heat Fc Power Co_ _ March ____
66,594
66,820
Sao Paulo Tr Lt & P_ March ____ 199,299 183,713
Savannah Electric Co February _
43,718
43,947
Schuylkill By Co____ December
17.093
Seattle Electric Co_ _ _ February _ 346,127 288,165
South Side Elevated_ March ____ 178,081 155,350
Sou Wisconsin By Co March ____
11,366
11,786
Syracuse Rap Tr By. March ____ 103,681 102,087
Tampa Electric Co_ _ February _
48,568
38,693
Toledo Rys & Light_ March ____ 201,129 213,766
N.Vk Apr 25 65,733
Toronto Railway
61,033
Twin City Rap Tran. 3d wk Apr 116,732 108,061
Underground Elect
By of London, Ltd February _ £49,688 k 126,036
United RR of San Fr_ January___ 3499,770 537,994
United Rys of St L._ March ____ 858,908 903,145
Whatcom Co By & Lt February _
27,569
25,707
RY-
Jan. 1 to atest date.
Current
Previous
Year.
Year.
--------609,653
630,833
275,310
278.249
43,799
42,308
522,090
12,928
11,680
38,888
35,661
156,151
160,972
181,297
163,047
200,554
213,069
54,146
52,072
49,558
52.811
59,276
52,274
173,801
165,396
1,861,189 1,873,479
243,068
224,257
502,591
478,152
90,665
73,602
200,475
155,330
174,518
144,356
619,025
561,726
59,915
36,013
950,786
64.238
960,430
128,017
938,161
81,974
163,509
360.263
648,297
602,066
104,016
991,325
243,673
92,612
375,085
145.513
415,452
20,004
458,513
53,485
' 24,407
33,534
673,111
240,470
58,083
31,149
827,599
61,733
902,530
133,862
868,970
74,981
145,916
688,900
582,262
102,074
939,905
232,443
81,860
375.883
142,244
441,916
399,676
47,924
23,506
34,677
536,815
213,291
1,087,420
203,565
577,710
90,039
207.035
710,330
509,474
33,775
305.213
93,861
625,967
198,230
530,525
89,389
580,981
433,118
34,176
289,636
82,687
634,657
1,747,566 1,681.030
£104,181 k153,409
499,770
537,994
2,461,761 2,494,162
60,106
54,770
a Figures for the month in both years Include operations of the Scranton
By.. acquired Jan. 1 1908. c These figures are for consolidated company.
d These are results for main line. f No earnings for Detroit Jackson &
Chicago Ry. for Jan. 1907 included in these figures. 3 Decrease due to
strike and boycott. k Does not include the Charing Cross Euston &
Hampstead By. for last year.
Street Railway Net Earnings.-In the following we show
both the gross and the net earnings to latest dates of all
STREET railways from which we have been able to procure
monthly returns. As in the case of the steam roads, the
returns of the different roads are published by us each week
as soon as received, and once a month we bring together all
the roads reputing, as is done to-day.
-Gross Earnings- --Net Earnings-Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
Roads.
1
$
$
43,701
Aurora Elgin & Chicago_Mch
39,121
102,416
95,773
446,53
.
3
July 1 to Mch 31
474,402
1,058,533
979,055
6,413
Binghamton Rallway___Feb
7,006
21.364
20,229
14,829
Jan 1 to Feb 29
15,238
43,799
42,308
Birm Ry Lt & P Co_a_ _Mch
177,003
64,317
Jan 1 to Mch 31
173,753
522,090
Brockton & Plymouth_a Feb
14
6,341
5,485
def.549
Jan 1 to Feb 29
12,928
375
11,680 def.1,765
Cape Breton Elect Co_a_Feb
18,024
3,549
5,862
15,927
'
Jan 1 to Feb 29
9,440
38,888
35,661
13,669
Central Penna Tract Co_Mch
52,704
10,644
56.903
6,966
Jan 1 to Mch 31
19,620
18,682
156.151
160,972
Charlest ConRy G&E1CoMch
61,497
19,006
56,135
20,833
Clev Painesv & East'n_a Mch
19,966
18,585
8,638.
8,829
Jan 1 to Mch 31
54,146
52,072
22,198
21,932
Cleveland Southw & Col_Jan
52,811
49,558
19,954
16,369
Cohoes Ry_ bJan 1 to Mch 31
18,281
18,002
2,804
2,318
Columbus Elect Co_a___Feb
28,844
12,825
25,620
14,781
Feb
29
to
Jan 1
59,276
52,274
29,945
25,444
Dallas Elect Co_a
Feb
84,185
78,072
13,921
21,191
Jan 1 to Feb 29
30,080
173,801
42,265
165,396
United
By
Detroit
Co_a Mch
529,236
200,916.
548,889
190,942
Jan 1 to Mch 31
1,503,827 1,525,544
494,014
508,537
Mch
Duluth St Ry_b
67,455
64,356
33,064
23,236
Jan 1 to Mch 31
194,300
78,890
176,697
64,024
East St Louis & Suburb_Mch
171,803
166,582
77,129
84,987
502,591
Jan 1 to Mch 31
478,152
215,679
253,873
Feb
43,863
El Paso Elect Co-a
36,559
6,592
12,875
90,665
Jan 1 to Feb 29
14,933
73,602
26,488
Val_
Wab
_Feb
Wayne
&
97,455
83,340
Ft
31,070
40,775
200,475
Jan 1 to Feb 29
174,518
67,453
.86.298
Galv-Houst El
__Feb
74,715
68,715
22,266
22,462
Co_a_.
29
155,330
Jan 1 to Feb
144,356
48,130
47,993
69.058
36,333
Grand Rapids By Co ___Mch
72,255
30 629
HonoluluRT&LandCo_b Feb
29,910
13,268.
29,702
13,160
59,915
Jan 1 to Feb 29
58,083
25,210
25,341
Houghton Co St Ry_a_ __Feb
17,335
15,205
1,962
3,450
Jan 1 to Feb 29
36,013
31,149
8,650'
2,269
Hudson Valley By Co-b112,300
Jan 1 to Mch 31
107,884
5,107
4,282
486,734
July 1 to Mch 31
461,486
136,664
149,250
318,338
Illinois Traction Co_a ___Mch
286,138
133,906
128,176.
950,786
Jan 1 to Mch 31
827,599
389,332
357,680
Jacksonville Elect Co_a_Feb
31,378
9,817
8,096
64,238
Jan 1 to Feb 29
(
1)
20,102
:Ng
17,571
464,118 7 423,509
193,196
Kan City Ry&Lt Co_ b_Feb
212,729
June 1 to Feb 29
4,639.177 4,275,151 2,247,543 2,148,098
Kingston Consioldated-b23,899
8,508
Jan 1 to Mch 31
5,819
26,411
103,331
July 1 to Mch 31
47,355
106,998
32,314
46,521
Knoxville By & Lt Co_a_Mch
22,017
48,669
23,270
128,017
56,258
Jan 1 to Mch 31
133,862
54,671
38,931
Lexington & Interurban_Feb
35,267
11,259
10,587
29
Feb
81,974
Jan 1 to
74,981
25,379
21,543.
RockRy&EICo_a_Mch
56,552
Little
50,100
23,879
28,326
163,509
64,873
Jan 1 to Mch 31
145,916
82,070
Mass Elect Companies_ bJan 1 to Mch 31
1,552,771 1,526,523
318,741
425,051
804,553
Oct 1 to Mch 31
3,332,845 3,241,142
884,482
Memphis St Ry Co _a_ _ _ _Mch 128,857
45,152
360,263
122,709
Jan 1 to Mch 31
127,037
293,874
120,702
Milw El By & Lt Co_ b__ _Feb
277,271
248,249
582,262
268,950
Jan 1 to Feb 29
802,066
49,662
48,607
20,157
23,372
Milw Lt Ht & T Co_b__Feb
43,762
49,015.
102,074
104,016
Jan 1 to Feb 29
_Mch
86,284
271,588
88,127
288.674
Montreal St Ry
Co._31
Oct 1 to Mch
601,271
525,391
1,747,137 1,599,048
55,310
138,791
161,339
50,731
Norfolk & Portsm Tr Co.Mch
31
Mch
147,946
415,452
441,916
140,491
Jan 1 to
Lt
.&
Co_Mch
50,611)
Trac
129,659
133,834
48,386
Nor Ohio
140,377
375,085
375,883
133,454
Jan 1 to Mch 31
Elect
Co_a.Feb
21,734
71,311
67,292
24,583
Northern Tex
50,590
145,513
142,244
52,929
Jan 1 to Feb 29
3,664
Nor Westchester LtgCo a Feb
9,589
7,547
Jan 1 to Feb 29
20,004
5,516
5,784
Oklahoma City Ry Co_ __Mch
19,556
19,012
15,523.
Mch
31
to
13,239
1
53,485
Jan
47,924
,
4,173
3,854
Peekskill Lt & RR Co_a_Feb
10,057
11,151
9,714
8,514
24,407
Jan 1 to Feb 29
23.596
5,490
001
Pensacola Elect Co_a_ _ _Feb
17,369
15,378
6,300
11,222'
33,534
34,677
Jan 1 to Feb 29
Company_aPhiladelphia
Jan 1 to Mch 31
4,662,060 5,102,113 1,823,261 2,154,890
13,790,230 14,053,413 4,949,799 5,332,609
July 1 to Mch 31
31,500
30,652
105,775
Puget Sound Ele Ry-a_Feb
117.501
64,243
55,648
213,291
240,479
Jan 1 to Feb 29
Pow-Feb
157,541
81,167
332,298
269,797
Portland By Lt &
324,765
176,261
536,815
Jan 1 to Feb 29
673,111
189,786
522,315
Rlo de Jan Tr L & P_a-Feb
394,904
1,067,420
Jan 1 to Feb 29
Rochester Railway-6185,326
881,758
203,271
597,216
Jan 1 to Mch 31
564,323
July 1 to Mch 31
632,276,
1,1)68,054 1,787,651
Ry.bRap
Hoch & Eastern
54,191
15,566
55,151
Jan 1 to Mch 31
4,232
68,549
190,542
July 1 to Mch 31
213,386
40,676
32,849.
66,594
66,820
StJos(Mo) RyLtH&PCo Mch
31,066
92,950
Jan 1 to Mch 31
203.565
198,230
94,058
125,134
199,229
Sao Paulo Tr Lt 6c P...Mch
183,713
131,943
31
358,971
577,719
Jan 1 to Mch
530,525
301,762
15,724
Savannah Elect Co-a_ _ _ _Feb
43,718
63,947
4,330
30,553
90,039
Jan 1 to Feb 29
89,389
10,085
110,882
Feb
348,127
Seattle Elect Co-a
288,165
105,741
202,917
__ 710,330
Jan 1 to Feb 29____
580,981
210,815
45,089'
103,681
Syracuse Rap Trans Co_Mch
102,087
41,544
127,383
305,213
Jan I to Mch 31
289,636
114,613
9,318
Feb
48,588
Tampa Elect Co_a
38,693
16,784
22,159
93,861
31,103
Jan 1 to Feb 29
82,687
95,052
201,129
86,250
Toledo Rys & Lt Co_b_Mch
213,766
285,401
625,967
269,698
Jan 1 to Mch 31
634,657
g
--Gross Earnings-- -Net Earnings-Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
484,623
Twin City R T Co_b'___Mch
1,408,458
Jan 1 to Mch 31
Underground Elec flys Co of
£49,688
Feb
London, Ltd
£104,181
Jan 1 to Feb 29
858,008
United Rys of St L_a___Mch
2,461,760
Jan 1 to Mch 31
United Trac Co (Albany) _ b453,777
Jan 1 to Mch 31
1,499,991
July 1 to Mch 31
Utica & Mohawk Val Co_ b236,056
Jan 1 to Mch 31
27,569
'Whatcom Co By & Lt_a_Feb
60,106
Jan 1 to Feb 29
479,301
1,355,940
231,799
643,790
245,570
661,644
c £26,036
c 153,409
903,145
2,494,162
£21,166
£45,838
290,773
828,726
E9,604
c£19,788
306,898
771,566
456,644
1,456,781
129,970
499,572
164,023
563,428
239,294
25,707
54,770
82,195
10,318
24,494
88,335
10,03:1
23,121
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c Does not include for last year the Charing Cross Euston & Hampstead
fly., which was not opened for traffic until June 1907.
Interest Charges and Surplus.
-Int., Rentals. &c.--Bat. of Net E'ngs.Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
I
$
Roads.
•
10,709
10,930
26,992
28,191
Aurora Elgin & Chicago_Mcli
209,224
225,010
237,309
249,392
July 1 to Mch 31
def.1,618
def.1,263
8,031
8,269
Feb
Binghamton Ity
16,004 def.1,327 def.1.175
16,565
Jan 1 to Feb 29
22,495
41,822
Mch
Birm Ry & Lt P Co
46,711
127,042
Jan 1 to Mch 31
1,795 def.2,398 def.1,781
1,849
Brockton & Plymouth_Feb
3,527 def.5,487 def.3,152
3,722
Jan 1 to Feb 29
def.701
1,437
4,250
4,425
Cape Breton Elect Co_Feb
940
4,810
8 ,500
8,859
Jan 1 to Feb 29
5,489
7,016
13,517.
13,817
ChatleStConRYG&EI Co Mch
1,425
1,616
7,213
7,213
Cleve Painesv &.East'n_Mch
294
558
21,688
21,638
Jan 1 to 'Mch 31
Cohoes Byx1,437
x737
1,500
1,859
Jan 1 to Mch 31
1,345
2,839
11,481
11,042
Feb
Columbus Elect Co
3,551)
6,352
21,885
23,593
Jan 1 to Feb 29
20,556 def.2,257 def.6,635
23.448
Feb
Dallas Elect Co
47,103
40,295 def.4,838 def.10,215
Jan 1 to Feb 29
x74,456
131,251
x60,780
134,714
Detroit United By Co__Mch
x102,612 x144,882
377,715
405.883
Jan 1 to Mch 31
4,819
15,447
17,617
13,417
Mat
Duluth St By Co
26,178
8,774
55,250
52,721
Jan 1 to Mch 31
4,564
7,033
2,028
5,842
Feb
El Paso Elect Co
9,032
14,746
15,9O1
11,742
Jan 1 to Feb 29
7,541
16,414
14,725
6,048
Galvest-Houst El Co__ __Feb
18,915
29,224
15.084
32,909
Jan l to 'Feb 29
x7,377
6,394
x7,634
6,134
Honolulu 12 T&Land Co_Feb
x14,261
x13,356
12,788
12,268
Jan 1 to Feb 29
def.466 def.1,914
3,876
3,916
Houghton Co St Ry_ _ _ _Feb
def.5,5613
753
7,835
7,897
29
Jan 1 to Feb
Hudson Valley Ely Co50,030 xdf.60,050 xdf.43,960
66,760
Jan 1 to Melt, 31
x7,495
151,850 xdf.75,233
218,237
July 1 tO Mch 31
6,342
2,498
3,475
5,598
Jacksonville Elect Co. _ _ _Feb
13,152
5,637
6,950
11,934
29
Feb
to
1
Jan
46,320
61,679
146,876
151,050
Kans City Ry&Lt Co__Feb
836,087
868,471
1,370,072 1,312,011
June 1 to Feb 29
Kingston Consolidated
10,025 def.x4,148 xdcf.1,375
10,092
Jan 1 to Mch 31
x9,797
38,000 xdef.5,438
38,142
July 1 to Mch 31
11,748
11,647
10,269
11,623
Knoxville By & Lt Co.: _ _Arch
25.837
20,203
34,468
30,421
31
Jan 1 to
•
. Mch
15,549
20,969
8,330
7,357
Co-Mch.
El
&
By
flock
Little
39,912
57,070
24.061
25,000
Jan 1 to Mch 31
Mass Elect Coinpanies464,316
436,152. dcf.39,265 def.117,411
Jan 1 tq Mch 31
900,752
846,444' def.16,290 def.41,891
Oct 1 to Mch 31
10,316
34,836
Mch
Memphis St By Co
103,786
19,013
'31
Mch
Jan 1 to
x43,227
95,978
x31,283.
90,466
_Feb
_
_
_
Co
Lt
&
Ity•
El
Milw
x95,607
x67,237
194,087
184.516
._
Jan 1 to Feb 29____
xdef3,216
32,355
xdef12,137.
26,656
_Feb
_
Tr Co_
Milw Lt Ht
65,647
54,054 xdef21,764' xdef4,903
Jan 1 to Feb 29
42,915
34027
52,257
43,212
Montreal Street fl' Co__Melf286;513
328,989
272,282
238,878
Oct 1 to Arch 31
9,329
4,433
43,953
41,290
Nor Ohio Trac & Lt Co.Mch
16,348
4,594
128,860
124,029
Jan 1 to Mch 31
11,434
12,648
11,935
10,300
Northern Texas El Co_ __Feb
30,152
23,507'
20,438
29,422
Jan 1 to Feb 29
3,5872,365
3,125 def.2.686
Feb
Pensacola Elect Co
58
6,264
def.905
7,205
Jan' 1 to Feb 294,9
Philadelphia Companyx700,156 x1,171,402
1,187,881 1,072,575
Jan 1 to Mch 31
3,212,454 3,241,784 x1,903,053 x2,285,711
July 1 to Mch 31
1,100
29,552 def.3,436
34,936
Puget Sound El Ry_ __ __Feb
57,392 def.6,848. def.1,744
71,091
Jan 1 to Feb 29
Rochester Railway106,003
x67,452 x105,908
118,908
Jan 1 to Mch;31
315,162
x236,144
x338,164
332,403
July 1 to Mch 31
ROch & Eastern Rapid By25,412 df.22,065 xdf.9,819
Jan 1 to Mph 3126,297
77,852 xdf.38,420 xdf.7,718
79,303
July 1 to Zilch 31
.
11,335 def.8,184
4,389
Feb
12,514
Savannah Elect Co
7,531
23,022 def.14,997
25,082
Jan 1 to Feb 29
42,186
50,420
60,462
63,555
Feb
Seattle Elect Co
84,386
99,833
103,084
126,220
Jan 1 to Pep 29
x12,540
x19,958
25,188
29,276
Syracuse Rap Trans Co_Mchx29,221
x52,642
74,905
86,306
Jan 1 to Mch 31
15,819
8,323
Feb
965
995
Tampa glect Co
29,162
20,204
29
1,9411,955
Jan 1 to Feb
x32,666
x18,410
__Mch
68,808
Co_
63,457
'Ft
Toledo Rys &
x70,349
x66,402
205,952
188,920
Jan 1 to Mch 31
108,413
Mch
130,312
123,386
115,258
Twin City R T Co
315,869
368,130
275,660
345,775
Jan 1 to Mch 31
63
58
:4
76,030
4
233,290
230,868
United Rys of St Louls_ _Mch
77,832
8
26
18
700,162
603,734
Jan 1 to Mch 31
United Trac Co (Albany)x114,183
80,612
x71,343
87,481
Jan 1 to Mch 31
5344,225
280,535
x322,541
262,444
July 1 to Mch 31
Utica & Mohawk Valley Cox8,884
x4,907
81,613
79,870
Jan 1 to Mch 31
3,835
3,945
6,373
Whatcom Co By & Lt_ _ _Feb
10,700
2
619
12418
11,324
13,170
20
Feb
Jan 1 to
.
--z After allowing for'other income received.
1095
THE CHRONICLE
1VIAY 2 1908.)
ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of April 25. The next will appear in that of May 29.
Grand Trunk Railway Company of Canada.
()eport for Half-Year-Earnings for Entire Year 1907.)
President C. Rivers Wilson, in his report dated March 27,
covering the half-year ending Dec. 31 1907, says in part:
General Results.-The gross receipts for the half-year show an increase
of £178,400, or 4.98%; the workiiig. expenses, including taxes, an increase
of £149,438, or 5.83%; and the tialn_mileage an increase of 581,682, or
5.85%.
The continued increase in traffic receipts, which had marked the progress
of the company for a lengthened period, began gradually to diminish in
October as the result of a bad harvest in Canada and of the severe financial
crisis in the United States, until in the middle of December the weekly
returns began to show, for the first time since 1904, a marked decrease as
compared with those of the corresponding'period. In view of these circumstances stringent measures are being taken by the management to restrict,
so far as is consistent with the interests of the company, all expenditure in
toe different departments so long as the present depression of business continues.
Capital Account.-The total charges to the capital account amounted for
the half-year to £293,900. Of this suns £6,200 was discount and commitMon on 4% guaranteed stock.issued during the half-year, less premium on
4% debenture stock sold and Issued In exchange for Midland of Canada
sectional bonds. The actual expenditure on capital account was £287,691,
as follows:
£119,534 New rolling stock
New works
1:75,588
78,038 Land purchased
Double track
14,531
Grand Trunk Pacific Rv.-Satisfactory progress has been made in the
construction work of the Grand Trunk Pacific By., taking Into consideration
the scarcity of labor during the past season and the difficulty of obtaining
supplies of materials. 356 miles of track have been laid between Winnipeg
and Edmonton, and it is expected that this portion of the line (793 miles)
will be completed during the ensuing summer.
Contracts have been let for the line between Edmonton and Wolf's Creek
(123 miles), the end of the Prairie section, and on the Mountain section
from Prince Rupert, the Pacific terminus, eastward for about 100 miles,
and contracts will shortly be let for about 200 miles of the Mountain section
westward from 'Wolf's Creek.
The track has been laid on 120 miles of the Lake Super:or branch.
The whole of the funds estimated as the amount to be provided on the
guaranty of the Grand Trunk Co. for the construction of the Prair'e and
Mountain sections, and of the Lake Superior branch, have been raised, with
the exception of £696,000, which it is not considered will be required for a
considerable period.
11
EARNINGS FOR HALF YEAR ENDING DECENBER 31.
1906.
1907.
1906. 1
1907.
.£
£
1
£
.£
3.763,246 3,584.8471Bal. for half-year _ _ _ 527,175 523,465
Gross receipts
16.077
14,640
Operating expenses _2,710,934 2,561,497 Brought In
1
1,052,312 1.023.3501 Divisible balance_ 541,815 539,542
Net receipts
Charges, less credits_ 470,557 481,1971
'Guaranteed dividend 171,493 162,745
581.755 542,15311st pref. div
85,420
Balance
85,420
5.785
15,61012d pref. dIv
63,210
63.210
D.Or. Hay.& M.sur
34.263130 pref. dIv
214,939 214,939
Canada All. deficit__ 60.365
I
6.753
Bal. for half-year_ 527,175 523,4651 Balance forward__
13.231
The dividend of 3% on the third preferred stock is the annual distribution. C3mpare V. 85, 13. 405.
OPERATIONS AND FISCAL RESULTS FOR 12 MONTHS ENDING
DECEMBER 31.
1906.
1905.
1904:
1907.
Operations10,663,027 10.059,436
Passengers carried
9,256,494
Tons freight carried..._ 17,391,021 15,916,859 14,143,210 12.971,37(1
do one mile
3336576521 3041024466 2048614891 2458311080
E
Earnings£
is
S
1,765,461
Passengers
1,950.198
2,051,874
1,682,724
306,459
Mall and express
289,538
316,806
285,116
4,619,130
4,104,744
3,808,860
Freight and live stock
3,570,336
156,696
Miscellaneous
155,127
154,142
150,954
-7,144,506
6,606,528
6,018,001
5,689,131)
Total earnings
Expenses871,128
801,345
893,724
827,621
Maintenance of way. &c.
1,258,953
902,508
696,060
Maint. of equipment_ __ 1,192,253
2,387,046
2,254,642
2,372,321
Conduct. transportation 2,832,756
196,196
145,081)
149,385
137,498
General expenses
149,588
73,199
105,145
67,160
Taxes
- 4,746,317
4,269,153
5,197,478
4,100,660
Total
1,860,211
1,748,848
1,947.0ra
1,588,470
Net earnings
240,782
202 384
198,766
Other Income273,159
Total
DeductRental of leased lines
Int. on bonds and deb
Advances, ece
Div. on guar. stock
" 1st pref. stock
" 2d pref. stock
" 3d pref stock
Total
Balance
-V. 86, p. 1042, 602.)
2,220,187
2,100,993
1,951,232
1,787,236
155,206
1,069,136
153,350
(4)336,770
(5)170,841
(5)126,420
(3)214,939
155,206
1,070,924
41,536
(4)312,412
(5)170,841
(5)126,420
(3)214,939
155,208
1,071,143
11,070
(4)275.359
(5)170,841
(5)126,420
(2)143,292
155,206
1,070,507
4,809
(4)255,533
(5)170,841
(5)126,420
2,226,664
def.6,477
2,092,278
sur.8,715
1,953,332
def.2,100
1,783,316
sur.3;920
c-a
International Traction Co. System, Buffalo, &c.
(Report for Fiscal Year ending Dec. 31 1907.)
President Henry J. Pierce, under date of Buffalo, N. Y.,
March 17 1908, says:
General Results.-Notwithstanding the financial panic, which so seriously
affected general business during the last quarter of the year, the gross earnings of the system for 1907 were $5,445,070, being an Increase of $420,771
over those of 1906. The surplus for the year was $312,261, or $152,593
less than for the previous year. on account of higher operating expenses,
taxes and interest. The car mileage was Increased 1,779,790 miles, equivalent to 9%.
Depreciation, Improvements, &c.-During the year $525,328 was expended fOr repaving, relaying tracks with heavy rails, &c., and $865.578
for additions to equipment, track and buildings. These expenditures were
charged respectively to the fund for depreciation and to capital account.
The following improvements were completed during the year:.The construction of the Fillmore Ave. line of 11.2 miles was completed, thus increasing the total mileage to 369.58 miles of single track. A new car house
and storage yard. having a capacity of 200 cars, was completed at a cost of
$225,000, on Broadway. Buffalo. Tracks were laid under new franchise
through Franklin St., Buffalo, from Chippewa St. to the Terrace.
The East Avenue line in Lockport was extended to the city limits, to meet
the new interurban road from Rochester, that will be In operation next
spring; and a large number of minor improvements were Installed.
In addition to the above, 50 new pay-as-you-enter cars were purchased
during the 'q, and out in service in January, 1908, on our Niagara St. line
in Buffalo. They have proved a marked success. The work of installing
the pay-as-you-enter feature upon 150 of our standard cars has been begun
at the Cold Springs shops, and will be pushed to completion so that before
the end of this year there will be 200 pay-as-you-enter cars in operation in
Buffalo, out of a total of 600 operated.
It is expected that legal proceedings in connection with the opening up of
Elmwood Ave. from Virginia to Chippewa streets will be completed by
spring, making it possible to build new lines through Chippewa, Franklin
and other streets, under franchise recently granted to the International
Railway Co. These lines, when finished, will relieve the congestion of street
car traffic now existing on Main St. and make the street railway system of
Buffalo most complete.
RESULTS FOR CALENDAR YEAR.
1907.
1906.
Inc. or Dec.
Gross earnings$5,272,112 $4,858,527 Inc. 5413,585
Passenger
103,756
110,157 Dec.
Freight
6,402
4,544
3,942 Inc.
Mall and express
602
35,167
24,064 Inc.
Advertising privilege
11,102
29,492
27,608 Inc.
1,884
Miscellaneous
Total gross earnings
Operating expenses
Depreciation
Taxes
$5,445,070
$3,099,439
269,022
284,141
$5,024,299
$2,656,662
234,792
254,820
Inc. $420,772
Inc. $442,778
Inc.
34,230
Inc.
29,321
Total expenses
Total income
Fixed charges
$3,652,602
$1,792,468
1,480,208
53,146,273
$1,878,026
1,413,172
Inc. 5506,329
Dee. $85,557
Inc.
67,035
$312,261
$464,854 Dec. 5152,593
Net income for year
Total funded debt outstanding Jan. 1 1908 $31,156,500, including $18,315,000 collateral trust 4% bonds of the International Traction Co.-V.86,
p. 421.
United Railways 85 Electric Co. of Baltimore.
(Report for Fiscal Year ending Dec. 31 1907.)
President William A. House,under date of Baltimore,
April 8 1908, says in part:
General Results.-Comparing 1907 results with those of 1006, we have the
following: Increase In gross earnings, $434,979, or 6.61%; Increase in
operating expenses, $249,145, or 7.74%; increase in other Income, $1,780;
increase in fixed charges, $122,356, or 5.17%; increase in amount carried
to surplus for the year, $16,359.
The increase in operating expenses was mainly due to increased car
service and to advance in rates of wages paid employees in the various
departments, this advance being operative during the entire year 1907,
while it was only effective for 5 2-3 months of 1906. This item was also
Increased by the cost of operating Bay Shore Park, and by the advance in
the cost of materials and supplies.
The increase in fixed charges is due to the additional obligations incurred
for interest on Maryland Electric Railways Company's bond proceeds;
increase in interest on the new funding bonds, and increase in taxes.
While naturally it was to be expected that the revenue should be somewhat affected by the recession in general business conditions during the
latter portion of the year,resulting from the closing down, in whole or in
part, of the manufacturing establishments on its lines, it Is gratifying
that the earnings were only so affected during November and December.
The receipts for these months, however,show Increases over the corresponding months of 1906, but not to the same extent as would have obtained
under normal business conditions.
Extraordinary Expenditures Charged ta Income.-The company has continued the policy referred to in the last annual report of charging to income
for an account designated as "extraordinary expenditures" the amounts
required for rehabilitating the property other than ordinary maintenance
and repair. These expenditures for the year aggregate 51,028,899, viz.
$219,385
Track reconstruction, including electric welding.
92,734
Reconstruction of overhead lines, additional feeders, &c
36,012
Construction and reconstruction of viaducts and bridges
318,904
Improvements to power plant and sub-stations
104,718
Payments on account of car trusts (net)
42,622
Construction and reconstrutclon of cars at company's shops
75,765
Interest on sundry construction loans
58,131
Interest on Maryland Electric Rys. Co.'s bond proceeds
80,628
Miscellaneous
Construction.-New track and overhead construction amounted to
$61,834, of which $23,687 was provided from the proceeds of sale of 4%
treasury bonds and $38,197 is yet to be provided from the same source.
There was also charged to capital account $315,492 for power-house
machinery and equipment. The latter sum was derived from the sale
ming the year of old property deposited in a special fund and disbursed:
for new property,including engines, generators, transformers, cables, &c.
Track Operated.-The company now operates 396.192 miles of main line,
of which 173.325 miles are laid with "T" rail on suburban lines and 173.844
miles with 9-Inch girder rail, while 49.023 miles are made up of various
types of smaller sections, the joints upon 39.72 miles of which have been
cast-welded.
Bridges.-The sub-structure of the Bear Creek bridge has been reconstructed its entire length, 3,786 feet, without interruption to the service.
Cars -Eighty new double-truck cars of the semi-convertible type,
equipped with air-brakes and multiple control, were received during the
year and placed in service, thereby giving the company ample equipment
to care for the traffic.
McCall Ferry Power Co.-On June 28 1907 an agreement was entered into
with the McCall Ferry Power Co., under which that company agrees to
deliver 10,000 k. w. electric energy (13,500 h. p.) daily as an adjunct to
the present nower plants; the supply of current to begin Sept. 1 1908.
The McCall Co. was, however, obliged to suspend operations on its plant,
owing to the unfavorable financial conditions which have existed since the
fall of 1907. It Is not thought, therefore, that it will be in shape to furnish
current by the time specified in the contract.
Pmeer Plants.-As a result of the additions and improvements made
during the year the power situation of the company at present is as follows:
Capacity of Generating Stations (k.w.). Capacity of Sub-Stations (k. w.).
25,000 Druid Hill
5,500
Pratt Street
5,400 Nunnery Lane
2,000
Pratt Street
2,000 Eastern Avenue
5,000
Light Street
7501Northern No. 1
4,000
Falls Road
780'Northern No. 2
3,000
Owings Mills
1,3751Central
7,500
Bay Shore
I
1
27,000
35,3051 Total kilowatts
• Total kilowatts
Maryland Electric Railways Co.-The purchase of the 80 semi-convertible
cars and 1 coal car; the acquisition of sites and construction of car-houses
thereon; the acquisition of the necessary sites and construction of the
Central and Northern No. 2 sub-stations and the Bay Shore power plant,
with the necessary machinery and cables, have been made by the Maryland
Electric Railways Co. at an expenditure during the year of $1,770,347,
which company has, in turn, leased the same to your company under the
financial plan adopted in 1906 and explained in the eighth annual report
of the company (V. 84, p. 993; V. 83, p. 156.)
Transfers.-WIth a view to improving the transfer privilege and lessening
the opportunities for abuse, the company on April 1 inaugurated a new
transfer system. There Is now an exchange of transfers between the lines
of the system at 193 junctions with 1,614 direction privileges, thus enabling
passengers to reach any section of the city for a single fare.
Summary of All Improvements and Additions.-The following expenditures
aggregating $3,176,573 over and above the usual operating expenses were
made for improvements, betterments and new construction during the
year 1907 by or for the use of your company. (The report describes the
various improvements and additions at much length.-Ed.):
"Extraordinary expenditures" account (see details above)_ _ _ _51 ,028,890
61,834
Extension of tracks _____ _ ___________
315,492
Power-house machinery and equipment account
Cars, car houses, power plants, sub-stations, &c.(Maryland Elec1,770,348
tric Railways Co.)
Manner in Which Said Extraordinary Expenditures Were Met.
$1,028,899
From income
23,687
Balance from sale of treasury bonds
315,492
Proceeds of sale of real estate
1,770,347
Sale of Maryland Electric Railway Co.'s bonds
Increase in notes payable on account German St. and Dickeyville
38,147
extensions
[VOL. Lxxx-vi:
THE CHRONICLE
1096
•
It will be seen, therefore, that the physical condition of your property
was greatly improved during the year 1907, and that, notwithstanding these
large expenditures, the company's bills payable and accounts payable
increased but $168,664, while this amount was more than offset by the
cash balance on hand at the end of the fiscal year, which was $555,674, as
against $115,977 in 1906, an increase of $439,697.
It will also be recalled that under the company's funding plan all surplus
to Dec. 1 1910 may be used to pay the company's floating debt; to improve
its property, or for any of its corporate purposes.
OPERATIONS AND FISCAL RESULTS.
1904.
1905.
1907.
1906.
Car miles
26,953,727 26,035,327 25,431,376 23,397,515.
Revenue passengers_ _ _ _142,114,995 133,785,601 122,318,438 109,526,908.
Transfers
55,165,581 53,413,492 40,292,821 43,932,219
Gross earnings
$7,018,082 $6,583,102 $6,023,698 $5,440,942
Conduct. transportation 51,492,265 $1,336,335 $1,202,081 $1,090,482
Motive power
523,715
694,088
606,478
419,868
Maintenance of way.. __ _
428,999
205,886
230,752
887,636
Maintenance of cars_ _ _ _
349,735.
409,823
391,805
660,528
General expenses
483,610
668,025
655,572
595,179
Total oper. expenses_ $3,470,087
Net earnings
$3,547,995
Other income
6,505
$3,220,942
$3,362,160
4,725
$3,554,500
DeductionsInterest on bonds, doc
51,840,412
Park and other taxes__ _
564,510
Rentals
9,881
Interest and discount__ _
4,351
Int, on car trust certs_ _ _
68,788
$3,366,885
$2,261,131
$2,574,641
$1,738,209
546,507
10,925
361
69,585
$1,607,294
493,348
95,791
10,371
23,263
$1,608,295
447,998
124,371
60,781
3,134
Total
$2,487,942
Balance
51,066,557
Written off for extraord.
expenditures subj. to
final distribution by
board of directors,. 1,028,899
$2,365,587
$1,001,298
$2,230,067
$31,064
$2,244,579
$330,062
$2,876,530
$2,564,405
10,238
$3,765,291
$2,258,406
2,725
980,000
Bal., surplus for year
I $37,658
$21,298
$31,064
BALANCE SHERT DECEMBER 31.
1907.
1906.
1907.
Assets-a
$1
Liabilities-Cost of road,equipCapital stock
15,055,000
66,817,285 66,802,712 Underlying bonds_13,790,000
ment, &c
lnyestm'ts--bonds
First mortgage 4s_26,450,000
122,302
and stocks
122,302 2d M. Income 4s_13,945,000
Current assets:
Accounts payable_ 409,998
Cash
555,674
115,977 Outstand. tickets_
11,311
Notes and accts.
Notes payable____ 945,241
receivable
x791,746
840,149'Trustee City&Sub.
Mayor
&
by
Due
first mortgage__
11,158
City Council in
Accrued interest_
526,783
connect'n with
Accrued taxes__
122,316
widening o f
Car trust interest_ , 15,950
Pratt Street
22,511
309,737 Surplus
Supplies & coal
Deferred liabilities.24,128,370
on hand
313,012
370,835
Deferred a,ssets_y6,833,620 3.633,7091
Total
75,433,639 72,195,421
Total
$330,082
1906.
15,060,000
13,230,000
26,450,000
13,940,000
376,995
9,030
809,580
50,655
502,083
119,455
17,938
27,458
1,602,227
75,433,639 72,195,421
x Included with "notes and accounts receivable" are $540,950 United Railways &
Electric Co. first mortgage 4s and $30,000 Central Railway first mortgage 5s.
y "Deferred assets" embrace real estate, buildings, machinery, cars, equipment
&c., Maryland Electric Rys. (per contra), $1,216,750 equipment purchased (ad
interim) through car trust issues; Income bond coupons held by Maryland Trust Co..
trustee, against funding bonds under funding agreement dated July 25 1906,
$2,240,000; extraordinary expenditures (ad interim) the final distribution of which is
to be made by the board of directors. $456,693; other miscellaneous Items, $134,440.
z"Deferred liabilities" include: Accident reserve, $115,430; car trust Series A,.
$245,000; car trust series D, $680.000; car trust series C, 5351,000. and miscellaneous items, $9,941; Maryland Electric Rys. bonds, obligations under agreement
to purchase the leased property for an amount equal to principal of bonds at maturity,
52,727.000.-V. 86, D. 920. 549.
United States Steel Corporation.
(Earnings for the Quarter ending March 31 1908)
The following financial statement of the Corporation/and
its subsidiary companies, showing the earnings for the :first
quarter of the current calendar year, was given out on Tuesday, after the regular monthly meeting of the directors.
The earnings of the Tennessee Coal Iron & RR Co. are included in 1908. The "net earnings" in all cases were arrived
at after deducting each month the cost of ordinary repairs,
renewals and maintenance of plants and interest on bonds
and fixed charges of subsidiary companies. Sep also note
below. We append the results for quarters in previous
years.
UNFILLED ORDERS ON HAND.
Tons.
Tons.
Tons.
Mch. 31 '08_ __3,765,3431Dec. 31 '05_ _ _7,605,086 Dec. 31 '03_ _ _3,215,123.
Dec. 31 '07_ _ _4,624,553'Sept. 30'05_ _ _5,865,377 Sept. 30'03_ _ _3,278,742
Sept. 30'07_ _ _6,425,008'June 30'05_ _.4 829,655 June 30'03._ _4,656,578
June 30'07... _7,603,8781Mch. 31 '05_ _5,597.560 Mch. 31 '03_ _ _5,410,719
Mch. 31 '07_ _ _8.043,858 Dec. 31 '04.... _4 696,203 Dec. 31 '02_ _ _5,347,255
Sept. 30'02._ _4,843,007
Dec. 31 '06_ _8,489,718'Sept. 30'04___3.027.436
4
Sept. 30'06_ _ _7,936,8841June 30 '04_ _ _3,192,277 June 30 '02_ _ _4,791,995
_
Nov. 1 '01_ _ _2,831,69a
'06_
_4,136,061
30
_6,809,5891Mch.
31
June
'04_ _
Mch. 31 '06_7,018,7121
INCOME ACCOUNTS FOR QUARTERS ENDING MARCH 31.
1
Net EarningsJanuarY
February
March
1907.
1908.
1906.
$5,052,743 $12,838.703 $11,856,375
5,709,428 12,1,15,815 10,958,275
7,466,834 14,137,974 13,819,840
$18,220,005 $39,122,402 $36,634,490
Total net (see note below)
Deductgnfuanndas
'$1,602,404 $1,539,055 $1,451,021
aitnio
nik
erprselc
F
Do
reserve funds
7
2i
2i
71,5
6
1 :_6
Special improv: & replacement funds_
5,685,615
5 741,671
Interest
14,500,000 10,500,000
Additional property, construction,&c.
UAW 1:g83:Ng
Total deductions (see note below).- $9,374,708 $26,591,484 $24,762,571
$8,854,297 $12,531,008 $11,871,919
Balance
Dividend on preferred (1 %%)
$6,304,919 $6,304,919 $6,304,919
2,541,513
Dividend on common (3%)
2,541,513
$7,865 $3,684,576 $5,567,000
Balance, surplus
Note.-Beginning with Jan. 1907 charges for certain funds are deducted
before stating monthly net earnings. This change reduces by approximately $200,000 per month the earnings reported, as compared with the,
former method, and correspondingly reduces the charges shown as deductions from earnings for fund reservations. The balance of earnings after
deducting fund reserves is not affected by the change in method. See
annual report, V. 84, p. 634.-V. 85, p. 1459, 1465.
MAY 2 1908.]
THE CHRONICLE
Hudson River Electric Power Company.
(History and Description of Enterprise.)
The management has prepared an elaborate statement
describing at great length the hydro-electric plants, transmission systems, &c., now controlled by the Hudson River
Electric Power Co. as the parent company. Condensed
excerpts follow:
Huason Rtver Water Power Co.-At a point ten miles to the northwest of
Glens Falls, N. Y., the Hudson River breaks through the foothills of the
Adirondack Mountains between two high granite cliffs. In 1890 the Hudson River Water Power Co. was organized with an authorized capital stock
of $2,000,000 (subsequently increased to $5,000,000) and an authorized
bond issue of $2,000,00o, and undertook the development of this great
power.
The "Spier Falls Development" embraces an intake canal 400 feet long; a
reservoir 5 miles long and about one-third of a mile wide; a dam 154 ft.
high, 113 ft. thick at the base and 17 ft. thick at the top, and a power
house of brick and steel, 420 ft. long. The equipment in the power-house
at present consists of live 5,f100-horse-power McCormick units, each
directly connected to a 2,500-k.w., 2,000-volt, three-phase General Electric
alternating-current generator; one Swain turbine of 5,000 h.p., connected
to 2,500-k.w. generator, and two 4,000-h.p. McCormick turbines, connected to 2,000-k.w. generators. This Is a total generating capacity at
the present time of 22,000 h.p. capable of a 50% over-load. Besides these
seven units, provision Is made for three additional units of 5,000 h.p
capacity each, and the turbine for the eighth unit Is already on the ground.
Transformers raise the voltage from 2,000 volts up to 30,000 volts.
The station Is designed for an ultimate capacity of 50,000 h. p. The
station was started in August 1003 with only three units.
Hudson River Electric Co.-It was originally intended to develop but
50 feet of the available 80-foot head, but before the plans were completed
the demand for power from Schenectady, Albany and Troy was so great
that it was decided to develop the entire 80-foot head and transmit the
electricity to these larger cities named. Many difficulties were encountered
and the original issue of $2,000,000 Hudson River Water Power Co. first
mortgage bonds not being sufficient for the enlarged development, the
Hudson River Electric Co. was organized April 23 1901 with a capital stock
of $3,000,000 and an authorized issue of *3,000,000 bonds. These bonds
were guaranteed by the Hudson River Water Power Co. by endorsement
and such guaranty secured by a mortgage on all the property of the
Hudson River Water Power Co., &c., including the Spier Falls development. The capital stock of the Hudson River Electric Co. went to the
Hudson River Water Power Co. as a consideration for guaranteeing its
bonds. The bonds were sold and the proceeds used to complete the property of the Hudson RiVer Water Power Co. and to acquire several undeveloped water powers, and also to acquire the capital stock of the Hudson
River Power Transmission Co.
Hudson River Power Transmission Co.-This company, a going concern
organized July 12 1897,with a capital stock of $750,000and an authorized
Issue of $500,000 first mortgage bonds covering all its property, had built
a water-power plant on the Hudson River at Mechanieville, 2 miles south
of the village of MechanievIlle and 11 miles from Troy, 18 from Albany
and 17 from Schenectady. The generator capacity of the station is 7,000
h.p. in seven generators, each of 750 k.w. capacity. There is also an auxiliary steam plant of 1,000 h.p. capacty. The immediate market for the
power generated at this station includes the cities of Cohoes, Troy, Albany
and Schenectady. The surplus power Is fed into the trunk lines of the
Hudson River Electric Co.
Distributing Stations in the Hudson Valley.-From Glens Palls on the
north to Albany on the south the Hudson River Electric Power Co. has a
chain of distributing stations and switch-houses interconnected by 30,000
volt lines over 70 miles in length.
Hudson River Electric Power Co.-The demand for power continued to
increase and the New York Central RR. became Interested In acquiring
trolley roads paralleling its lines through the Mohawk Valley, and applfeo
for power for its system. The bonds authorized by the Hudson River
Water Power Co. and Hudson River Electric Co. having been exhausted,
and the original object for which these companies were organized having
been greatly outgrown, it was found necessary to form another company
with a broader charter to cover this greater field of operation. The Hudson
River Electric Power Co. was therefore organized Dec. 23 1903 with an
authorized capital stock of $10,000,000 ($6,000,000 of which has been
issued) and an authorized issue of $5,000,000 bonds. In March 1905 a
contract was made for 20,000 h.p. running 25 years, with the Utica &
Mohawk Valley Ry. (controlled by the New York Central RR.) for the
operation of its trolley system and any extensions thereof. This system
has since been extended to Syracuse, 'N. Y on the west, and to Little
Falls, N. Y., on the cast.
A modern steam turbine plant of 8,000 h.p. was built at Utica, N. Y.
to supply this system until transmission lines could be extended from
Amsterdam to Utica and additional water power developed. In the meantime a line was built from Ballston Spa, N. Y., to Amsterdam, N. Y.
The current (from the steam plant) Is delivered at Clark's Mills to the
Oneida Railway and operates the third-rail West Shore electric line between
Utica and Syracuse, a distance of 48 miles.
The foundations for the high-tension house at the Utica plant are completed, and with very little expense the building can be arranged for the
Incoming 60,000-volt lines from the water-power plants In the Hudson and
Mohawk valleys.
Empire State Power Co.-This company was organized in May 1900 with
a capital stock of $1,000,000 and an authorized issue of $1,500,000 of bonds,
for the purpose of acquiring five undeveloped water powers on the Schoharie River and developing one of them. Of the bonds Issued all but
$210,000 have been returned to the trustee for cancellation and these outstanding bonds are guaranteed as to principal and interest by the Hudson
River Water Power Co. under the arrangement by which It secured control
of this property.
Saratoga Gas Electric Light &Potver Co.-In December 1899 the capital
stock of the Saratoga Gas, Electric Light & Power Co., $210,800, consisting of $180,400 preferred and $30,400 common, and later the capital stock
of the Ballston Spa Light & Power Co., $35,000, was acquired by the
Hudson River Water Power Co. and put under the mortgage securing its
bonds. Tte capital stock of the Hudson River Power Transmission Co.,
$750,000, was acquired by the Hudson River Electric Co. and put under
the mortgage securing its bonds.
Hudson River Electri6 Power Co., the Parent Company.-In the meantime
arrangements had been made for exchanging the stock of the Hudson River
Water Power Co. for that of the Hudson River Electric Power Co. The
latter company became the parent and controlling company, with operations extending* from.Syracuse on the west to Albany on the east and Lake
George on the north, serving a population of 525,000 people, with 6,000
manufacturing establishments capitalized at $185,474,459, employing
133,776 hands and paying out annually $58,633,572 in wages.
Schoharie Falls Development.-The Schoharie River, on which the generating station of the Hudson River Electric Power Co. Is located, has its
source In the Catskill Mountains and flows northerly a distance of about
80 miles to the Mohawk River at Fort Hunter, near the city of Amsterdam.
The total drainage area is about 947 square miles. The present development at Scholia/lc Falls is only a small part of the general plan for the
development of the stream. This plan contemplates the building of storage reservoirs, dams and generating stations which, under a total head of
217 feet. will give a production of 18,000 h.p.
Tbe present development includes a dam, canal and a power-house 67 ft.
long. The plant, worked on an effective head of approximately 40 ft.,
consists of two pairs of 40-inch Samson turbines, a pair of McCormick
tnrbines, 24-in.; two Stanley three-phase, 12,000-volt, 650-k.w. 40-cycle
generators, connected to the water wheels by means of a rope drive; also
a 250-k.w. General Electric generator, which is connected to the 24-Inch
McCormick wheels by a rope drive. Thls station is connected with Amsterdam, 7 miles distant, by a 30-000-volt transmission line.
Steel Tower Transmission Lines.-All new lines are now being constructed
on galvanized steel towers with concrete bases and arranged for carrying
60,000 volts. At present the company has 27 Miles of such tower lines In
operation, namely from Utica plant to Clark's Mills, 8 Miles, and from
Ballston to Amsterdam, 19 miles.
Summary.-The Hudson River Water Power Co. owns the plant at Spier
Falls. The Hudson River Electric Co. distributes the energy throughout
the Hudson Valley. The Hudson River Electric Power Co. Is the parent
company and owns the stock of all the other companies. It Is the distributing company throughout the Mohawk Valley.
The Hudson River Electric Power Co. also owns and operates the Hudson
River Power Transmission Co. at Mechanieville. a 7,000-h.p. station, all
1097
completed and in operation. It also owns an 8,000-h.p. steam plant in
ue.e.., operating all the cars of the Utica & Mohawk Valley Ry.from Rome
to Little Falls, and the Oneida Railway from Utica to Syracuse. Its purpose is to construct the 60,000-voltline from Amsterdam to Utica, wnen all
the plants will be operated In multiple, giving the company live sources
from which to derive Its power. This will practically eliminate any possibility of Interruption.
The company is furnishing the General Electric Co. of Schenectady
14,000 h.p., or 00% of what it uses. It is operating all the cars on the
Schenectady Railway and all the cars of the United Traction Co. of Albany
and Troy. It furnishes all the electric lighting, both public and private,
for Albany, Troy, Schenectady, Glens Falls, Saratoga Springs. Ballston
Spa, Watervliet, Green Island, Oneida and Canastota, and practically all
the power used in these cities. It has a large sub-station on Church
St., Amsterdam, and a line from Ballston Spa to Amsterdam for the purpose of furnishing light and power in connection with the Schoharie Falls
plant, which the company owns.
EARNINGS OF THE HUDSON RIVER ELECTRIC POWER CO. PROPERTIES FOR QUARTER AND YEAR ENDING MARCH 31.
Gross Earnings
Net Earnings
3 Mos. % of Year end. % of 3 Mos. % of Yr.end. % or
ending Inc. Mcli. 31. Inc. ending Inc. Mch. 31. Inc.
Melt 31.
Mch 31.
1908
324,555 25.30 1,279,179 36.32 164,637 61.86
1907
256,959 19.27 938,355 17.65 101,713 *04.75
1906
215,435 37.85 797,545 36.13 106,792 79.28
1905 -_ _ _156,278 36.72
585,860 58.95 59,566 31.41
114,305 121.24
1904
368,578 __
45,328 136.81
1903
51,665
19,140
• Decrease.
549,125 48.73
369,213'02.71
379,498 45.24
261,290 49.35,
174,944
INCOME APPLICABLE TO BONDS OF SEVERAL CONSTITUENT
COMPANIES-CALENDAR YEARS.
Hudson River
Hudson River
Hudson River
Water Power Co. Power Trans. Co.
Electric Co.
1907.
1906. 1907.
1906.
1906.
1907.
Gross earnings
Operating expenses_
458,299 323,968 201,530 189,530•434,965•286,558
_169.620 136,427 66,553 65,767 100,498 68,997
•Net earnings
288,679 187,541 134,977 123,763 334.467 217,561
Miscellaneous income
1,720
2,904
11
Sar.G.E.L.& P.1Surp
42,742 34,133
Ball.S.L.& P._ jEarn _ 9,373
5,277
--Gross Income
342,514 229,855 134,977 123,774 334,467 217,561
Deduction front IncomeInterest on loans, &c
336
240
2,713
110
130
Interest on bonds
96,900 96,900 59,337 51,848 150,000 150,000
Surplus earnings____245,279 130,242
75,529
71,926 184,227
67,431
• "Gross income."
COMBINED STATEMENT-HUDSON RIVER ELECTRIC POWER CO.
ppm? MONTHS ENDING JAN. 31.
4 Mos.
Gross
Net
Other Balance,
Bond Int.
to Jan. 31.
Income. (alter Taxes) all Cos. Charges. Surplus.
1907-08
$486,113 $250,940 $185,444 $13.567 $51,929
1906-07
351,679
148.380
165,538
11,040
The surplus here shown for the four months Is "applicable to the stock
of the Hudson River Electric Power Co."
BONDED DEBT OF ENTIRE SYSTEM.
(Denomination $1,000 and no right to call except as otherwise indicated.)
1. Hudson River Electric Power Co.
"Consolidated and refunding mtge.," authorized issue $30,000,000. Outstanding, none. Dated Jan. 1 1907; due Jan. 1 1947. Standard
Trust Co., New York. trustee.
2. Bonds to Retire Which Bonds of Above-Mentioned Issue Are Reserved.
a Bonds of Hudson River Water Power Co.First mtge. 5% gold. authorized, $2,000,000; outstanding_ _$1,938,000
Dated 1899; due $50,000 yearly Nov. 1 1914 to 1928 and
51,250.000 in 1929. Interest M. & N. at office of trustee,
Trust Co. of America, New York.
b. Bonds Guaranteed by Hudson River Water Power Co.Hudson River Elec. Co. 1st H. 5% gold, auth. and issued__ 3,000,000
Dated 1901; due Dec. 18 1931. Interest M. & N. at
Morton Trust Co., New York, trustee.
Hudson River Electric Power Co. first mtge. 5% gold.
authorized, $5,000,000; outstanding
4,222,000
Dated 1904; due Jan. 2 1944. Interest F. & A. at
Knickerbocker Trust Co., New York, trustee.
Emplre•State Power Co. first mtge. 5% (closed) gold
210,000
Dated 1900; due May 1 1930. Interest M. & N. In Albany. Trustee, New York Trust Co.
c. Bonds guaranteed by Hudson River Electric Power Co.
Hudson River Power Transmission Co. refunding mortgage.
authorized. $1,250,000 gold; issued
600,000
Dated 1905; due June 15 1935. Interest A. & 0. at
Knickerbocker Trust Co., New York, trustee_ _
(Remaining $650,000 reserved to retire company's first
mortgage and debentures shown below.)
d. Bonds not guaranteedSaratoga Gas, Electric Light & Power first mortgage 5%
gold; authorized, $200,000; outstanding
123,500
Dated 1897; due Feb. 11917. Denomination $500. Interest F. & A. at New York Trust Co., New York, trustee.
Madison County Gas & Electric Co., first mortgage 5% gold.
Authorized and issued
200,000
Dated 1902: due Jan. 1 1932, but subject to call at 110.
Interest J. & J. at Trust Co. of America, N. Y., trustee.
Ballston Spa Light & Power Co. first mortgage 6%. Authorized and issued
35,000
Dated 1897; due June 1 1917. Interest J. & J. at Ballston Spa.
3. Bonds to Retire 1Vhich Hudson River Power Transmission Refunding 5s Are ReservedHudson River Power Transmission Co.First mortgage 5%, dated 1898; due April 11928. Interest
A. & 0. at Mercantile Trust Co., New York, trustee_ _ _
500,000
Debentures dated 1899; due July 1909. Interest J. & J..
Authorized and issued
150,000
Total amount of bonds outstanding
810,978,500
Note.-For further information as to these bond issues, see the "Chronicle" as follows: Hudson River Water Power Co. first mortgage. V. 75, p.
137; Hudson River Electric Power first mortgage, V. 82, p. 932; Hudson
River Power Transmission Co. refunding mortgage, V. 81, p. 1177; V. 82,
p. 932; Hudson River Electric Co. first mortgage, V. 76, p. 161; V. 75.
p. 551,137.-Ed.
Directors.-Eugene L. Ashley, Pres., Glens Falls, N. Y.; Lindsey
Hooper, Vice-Pres., Boston; Eben H. Gay, Treas., Boston; Elmer J.
West, Sec. and Asst. Treas., Glens Falls, N. Y.; Charles E. Parsons, Chief
Engineer, Albany; John S. Scully, Washington, D. C.; C. Elmer Smith.
York, Pa.
[President Eugene L. Ashley, writing In March 1906, said: "A new and
profitable contract was entered into March 20 1905 between the Hudson
River Electric Power Co. and the Utica & Mohawk Ry. Co., owned and
operated by the New York Central 4c Hudson River RR. Under the terms
of this contract, which is Made for 25 years and provides for the taking at
the beginning of 5,000 h.-p., Increasing from time to time un to 20,000 h.-p.
the Hudson River Electric Power Co. receives a "fiat" or guaranteed
revenue of $84,000 per annum, and additional income which will bring this
revenue up to $140,000 per annum. This Income will be gradually increased
as additional power is taken by the New York Central Railroad Co.for the
further equipment of its trolley system until the maximum amount of'
70,000 h.-p. shall have been reached, calling for the payment of at least
$750,000 per annum."-Ed.)---V. 86, p. 54.
[Vox.: Lxxxvi.
THE CHRONICLE
1098
Schwarzschild & Sulzberger Co., Meat Packers, New York.
New Orleans Railway & Light Co.
(Balance Sheet Feb. 11908.)
(Report for Fiscal Year ending Dec. 31 1907.)
Under date of April 14 1908 the cothpany has issued the
The income account for 1907, specially furnished to the folio-Wing balance sheet of Feb. 1 1908 which we Compare
"Chronicle," was given in V. 86, p. 598. President E. C. with that of Dec. 31 1906. The company says:
Foster, under date of New Orleans, April 13, says:
Enclosed please find copy of our balance sheet as of Feb. 1 1908, certified
General Results.-The gross earnings of all properties for the year were
46.041.301, being an increase of $268,111, or 4.6%. Operating expenses
Increased $196,382, or 6.4%,due chiefly to the Increased volume of business
cent per hour
in the railroad and gas departments and to an increase of
in wages to employees from July 1. The net income for the year was
$745,267,after paying $312,500 to the preferred stockholders, was $432,767.
Improvements.-For construction, Improvements and betterments and
the acquisition of new property during the year we have expended $1,009,813. Of this amount $598,497 was paid on account of the power houses,
which are now completed; the balance, $411,355, having been expended
or the various properties as follows:
250
,918
New Orleans City RR. Co_ _$157,144'Orleans RR.
RR.Co.
Co$2
N. 0. & Carrollton IRR.dep. 24,906 IN. 0. & Pontchartrain
RR.,L.& P.Co__1Elec.dep 102,124 New Orleans Gas Light Co_ __ _82,034
I
41,959
Co__
St. Charles Street RR.
(See also "Chronicle," V. 86, p. 168, 338.)
During the year we completed and placed In operation the extension of
the Levee and Barracks line.
• In the electric light and power department for underground and line construction we expended $32,474, largely for extending our services to new
customers In heretofore undeveloped sections of the city.
We purchased property on Bourbon St. near 131enville St. for a substation and have placed therein one 1,000 k. w. motor generator for transforming altetnatIng current as generated at the main power house to
230 volt direct current for distribution to our customers in the underground
district.
The contract for furnishing electrical energy to the city of New Orleans
has about 73 years to run, having been entered into Sept. 30 1905 for a
period of ten years.
In the gas department there were laid during the year 1907 new mains
of various sizes to the extent of 55,170 feet. The territory which we now
furnish will soon be extended, owing to the inrcease of population, and this
will demand a further extension of mains. This, In turn, means a larger
number of consumers and increased revenues.
The city of New Orleans is now engaged in constructing a water supply
system. The installation of sewerage and water mains which has been in
progress the past two years will be completed in an estimated period of one
to three years. Due to the carrying on of this work, about 25 miles of girder
rail track has been undermined and thrown out of position by the building
of parallel trenches close to the tracks,very much to their detriment. It is
the Intention to expend, due partly to the installation of these sewerage and
water pipes, for re-surfacing and rehabilitation of °lir track ,about 5500,000,
as soon as it can be consistently done with due consideration for the company's interest.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1907.
$
I Liabilities-AssetsPref. stock, N.0.Ry. & Lt.Co.10,000,000
Plant, property, franchise and
84,701,679IC0m. stock. N.0. Ry.& Lt.Co.20,000,000
securities
x7,100,000
a2,478,000 Pref. stock affiliated cos
Securities owned
85,686 Common stock affiliated cos_z14,297,800
Stocks and bonds investments_
271,581 4%% gen M. $.50,000,000
Materials and supplies
530.949 Reserved to retire
Cash
underlying bds_12,603,000 17.397,000
404,935
Accounts receivable
Gold deb notes, 6%5,000,000
Suspense items, insurance,
89,540 Res. for gen. purp_ 3,700,000 1,300.000
rents, &e
Funded debt of subsidiary cos _12,902,000
1,777,588
Bills payable
399,531
Accounts payable
31
7:5066
99
Coupon int. payable & accrued 67
124,547
Unpaid dividends
Customers' & employees' dep. 250,158
Res.for litigation, bad debtsoke 73,243
110,672
Deferred & current liabilities
2,152,766
Profit and loss
88,562,370
Total
88,562,370
Total
Note.-All inter-company obligations have been eliminated.
a Of these securities there are $2,390,000 par value of general mortgage bonds and
$5,000 par value of 6% gold debenture notes pledged as collateral to the bills payable
of the New Orleans Railway Ar Light Co.
x New Orleans Railway & Light Co. owns $7,051,300 par value of preferred stock
and owns $14,028,000 par value of common stock of affiliated companies.
See also income account, etc., in V. 86, p. 598, 548.
Crow's Nest Pass Coal Co., Limited, Toronto.
(Report for Fiscal Year ending Dec. 311907.)
President G. G. S. Lindsey, under date of Feb. 19 1908,
says in substance:
The coal mined this year amounts to 981,939 tons, as against 806,901 tons
mined In 1906; production of coke 231,368 tons, as against 213,295 tons.
But for a strike during April and the action of the smelters in raising wages,
and so depriving us of our coke-oven men in mid-summer, and then for the
most part shutting down their mines and smelters for the last two months
of the year because they could not operate under the new wage scale, the
output would have over-reached considerably the million-ton mark for
the year.
The costs of mining and coke-making during 1907 were increased greatly
by reason of the advance in wages to miners, the irregular working of the
men, the, at times, scarcity of labor, the expense of securing new miners.
the higher prices paid for all materials used, the heavy increase in freight
rates, the larger cost of compensation for injuries to workmen and the extremely severe weather during the first three months of the year. Besides,
a fluctuating demand for coal Involved pressing the mines at times for
tonnage, which had the inevitable influence of raising the cost. These
conditions were the most unfavorable In the history of the company.
During the year there has been spent on improvements the sum of
$414.501 by the Coal Company; 321,735 by the Electric Light & Power Co..
and $57.582 by the Morrissey Fernie & Michel Railway Co. (the last two
being subsidiary companies of the Coal Company), or a total on Improvements of $493,819.
Anew agreement between the company and its employees was reached
on May 2 1907 lasting till April 1 1909. Increases In some of the mining
rates, as well as to outside and Inside labor, were accorded the men and a
joint committee agreed upon to settle all disputes.
RESULTS FOR CALENDAR YEARS.
1905.
1904.
1906.
1907.
831,249
806,901
Coal mined, tons
981,939
257,702
213,295
Coke produced, tons_
231,368
$497,899
$406,050
Net profits
$351,791
$382,986
35,400
38,865
Premium on new stock_
324,420
---- --$533,299
Total
$444,915
$351,791
$707,406
$349,418
Dividends paid (10%)
$347,807
$350,000
$355,179
35,400
To reserve fund
324,420
Balance
$27,807
31.791
$148,481
$97,108
'The reserve fund was established In 1904 by the transfer of $1,764,600
from accumulated surnlus.
BALANCE SHEET DEC. 31.
1907.
1907.
1006.
1906.
$
$
Liabilities$
$
• AssetsStock paid up _ _3,716,28() 3,500,000
Mines, real est.,
Bills payable_ ,._ 476,714
536,788
plant, develop215,756
ment, &c _ _ _5,977,012 5,481,323 Accts. payable__ 335.181
91,060
87,500
Securities owned 691,297 578,297 Divs. accrued __
10,520 Reserve fund_ _ _2,124,420 1,800,000
1,328
Cash in banks _ _
353,502
Accts. receivable 455,427 423,496 Profit and loss__ 381,400
7,125,064 6,493,6361 Total
7,125,064 6,493,636
Total
Note.-The North ern Securities Co. on Dec. 31 1907 owned $1,653,100
795.
983,
86„p.
of the capital stock.-V.
by Messrs. Price, Waterhouse & Co., chartered accountants, who, during
the past year, have revised our accounts and whose recommendations
as to methods of accounting, depreciation reserve and adjustments have
been adopted. Upon their recommendation our advances to subsidiary
companies have been carried as investments, and the' packing plants of
the company (all of which are unencumbered) have been taken at the
values fixed by the appraisers appointed by the bankers who purchased
our ten-year debenture notes, plus the additions since,' the depreciation
reserve upon buildings, machinery and equipment recommended by the
accountants having been deducted.
BALANCE SHEET.
AssetsFeb. 1 1908. Dec. 29 '06.
Real estate, buildings, plant and equipment, less
depreciation:
Packing houses New York, Chicago and Kansas
0,082,8071
City, based on appraisals
a1,408,064j a7,142,792
Branch houses and other properties
Investments in and advances to subsidiary cos.
Wholly owned including Cold Blast Transportation Co. and Lackawanna Live Stock
Transportation Co. (refrigerator and livestock car companies)
2,738,3591
Controlling interests owned
288,669 } 6,5)4,147
Insurance, interest and discount prepaid
183,7921
Accounts and bill receivable
3,110,0331
Mortgages and investment securities
135,2881
Merchandise on hand in transit and consigned_ 6,613,703
5,776,311
Cash
2,164,222
3,767,233
Total
LiabiiittesCapital stock
Ten-year debenture notes
Gold notes called but not presented for payment
Bills payahle, domestic
Bills payable, foreign
Accounts payable and other liabilities
Surplus
•
Total
26,327,952
21,677,472
4,373,400
5,476,000
4,373,400
6,Ci00,000
25,000
7,414,6501
604,847}
980,0881
57,478,967
26,327,952
5,564,274
5,714,798
21,677,472
a The Item of real estate, buildings, machinery, &c., on Dec. 29 1006
was made up as follows: valuation Dec,311905,39,276,701;additions during
1906, $766,091; written off in previous years $2,900,000; balance Dec. 31
1906, $7,142,792. The packing plants (all of which are unencumbered)
were appraised in 1906 by independent appraisers as having an aggregate
value about $2,000,000 In excess of the book values, on which the statement of Dec. 29 1906 was based. In the balance sheet of Feb. 1 1908 the
valuation of the packing plants has been marked up on the basis of the
aforesaid appraisal and other changes have been made, as stated in the text
above and foot note "b" below.
S The total surplus Feb. 1 1008 was obtained by adding to surplus
on Dec. 29 1906 the surplus of $1,248,121 arising from the appraisal of
properties less depreciation of plants and other adjustments (net) recommended by accountants, and also $516,048, being the net earnings for
13 months ending Feb. 1 1908, 5912,885; less reserves recommended by
accountants, viz.: provision for depreciation and renewal, $346,837 and
reserve against market fluctuations in inventory, $50,000. In 1906 the
total surplus was increased $922,758.-V. 86, p. 550, 424.
Electrical Development
oronto, Ont.
(Balance Sheets of
Co.,nec. 31:)
BALANCE SHEET DECEMBER 31.
1906.
1907.
1907.
1906. I
$
$
AssetsI Liabilities• $
Plant, &c
12,113,239 11,341,048 Capital stock _____ 6,000,000 6,000,000
46,124
Mfg. town site_ - -..
47,118 Bonds outstanding 8,150,000 7,665,000
Transmission lines. 3,127,029 2,511,851 Loans secured by
257,064
Bonds & stocks of
treasury bonds_ 876,000
145,409
Niagara Falls El.
Interest accrued__
Transmission Co.
Work in progress-- 320,909
425,000
& Clifton Hot.Co. 375,674
353,267 Bills & accts. pay_ 566,016
Materials, &e5,063
90,048
Sale of power
Loss from oper.,'07 162,710
Cash in bank & off.
6,594
34,258
Accounts reeciv_ 136,916
64,585
Total assets. _16.058,334 14,352,127
Compare V.86, p. 797. 605.
Total IlablIttles_16,058,334 14,352,127
Provident Loan Society of New York.
(Report for Fiscal Year ending Dec. 31 1907.)
The report for'the calendar year shows as follows:
1906.
1007.
StatisticsAmt.loaned during year 510,601 ,500 $9,612,000
4,316,000
Cap. employed end of y'r 5,001,586
Outstanding Securities2,000,000
4%% gold bonds
2,000,000
1 ,500,000
Certfs. of contribution_ _ 2,052,500
400,000
Loans
500,000
Income AccountInt. earned on pledges.. _
$443,389
$564,534
104,917
Running expenses
127,057
Net earnings
DeductInt. on bonds, certfs. of
of contribution, &c_....
Surplus for year
-V.86, p. 424.
1005,
$7,203,000
3,362,000
$6,288;260
2,922,096
2;000,000
1 .000,000
1,599,426
1 ,000,000
$368,485
100,506
$339,504
101,361
5267,889
5238,143
$437,478
5338,472
228,006
172,041
142,472
141.035
$166,431
5125,417
$97,108
$209,472
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING STREET ROADS.
Atchison Topeka & Santa Fe Ry.-Bonds Offered.-Moffat
& White Lee, Higginson & Co. and Clark, Dodge & Co.are
by advertisement on another rage, the unsold poroffering,'
tion o a block of $4,000,000 genera mortgage 4% gold
bonds, dated 1895. ,Amount authorized, $165,490,500;
amount outstanding, $152,155,000. These additional bonds
were listed this week on the New York Stock Exchange'.
The bonds are secured by an absolute first mortg ig up,n 5,160 mica of
railroad, by direct lien upon 1.488 addittionttl m les were listed this week
subject to only $17,855.000 divisional mortgage bonds, and they have also
a lien, through collateral, on 1,635 miles of railroad.
Earnings.-For 8 months ending Feb. 29:
Bal. for
Gross
Int., taxes,
Net
Other
Earnings.
Earnings,
Income. Rentals, Sic. Dividends.
8 mos.
1907-08_ _ _562,808,855 $18,692,240 $406,424 $11,105,798 57,992,866
1006-07_ _ _ 60,959.258
23.033,732
From the balance as above in 1907-08 were deducted semi-annual dividend
No. 19 on the preferred stock (2 Si%) paid Feb. 1 1908, 52,854,345; semiannual dividend No. 14 on the common stock (3%), nald Dec. 1 1007,
$3,088,695; and appropriations for fuel reserve fund $79,140, leaving a
surplus for the 8 months of 31,970,687.-V. 86, p. 1041, 980.
MAY 21908.1
THE CHRONICLE
1099
Through the sale of these $4 000,000 goneral mortgage 4% toads to the
banking firms named above only a comparatively small =mint of the Issue
is left available for future use. Of the remaining $12,928,000 authorized,
the bulk is either reserved to retire bonds which do not mature for several
Years, or was originally reserved for purposes for which it Is now improb
able that bonds of this issue will be put out. The general mortgage 4s
are legal investments for savings banks in New York State. They have
priority in all respects over other bonds and stocks of the Atchison having
an aggregate par value of $357,246,230. For the year ended June 30 1907,
the company had a surplus over interest charges of $21,168,723.
The company is now operating 2.874 miles, which includes 710 miles if
leased lines, and in addition has already constructed 350 miles of new
branches, which will shortly be opened, and has some further mileage
partly constructed.
lions ofiNew England capital hasibeen invested.
The question has been In dispute since 1899, Mayor,WIttpeno being quoted
as saying that the amount involved is about $800,000. It was claimed that.
under an agreement made In 1834. the State of New York was granted
powers of supervision over the waters of New York Bay, and that therefore
the State of New Jersey had no right to tax the lands thereunder. The
Court held that this agreement giving police supervision in no way affected
the sovereign power of the State of New Jersey to tax, which is co-extensive
with the State boundary.—V. 86, p. 667.
New Bond Issue for Subsidiary.—See Canadian Northern
Ontario Ry. above.—V. 86, p. 1041.
Canadian Northern Ontario Ry.—New Bond Issue to Be
Guaranteed by Government.—The Legislature of the Province
Expects to Retire, at Least Temporarily.—Chairman Victor of Ontario, shortly before its adjournment, authorized the
Morawetz is quoted as saying:
Government to guarantee the principal and interest of an
I expect to retire for a short time at least in order to obtain rest and issue of $2,500,000 40-year 3% bonds, of which $1,000,look after my other business interests, which I have been form' to neglect
for several years. My relations with the President and directors are more 000 will be issued for the construction of 50 miles of new
than cordial. The company does not need my services at this time as its railway at $20,000 a mile, including a proposed line to the
property and finances are in good shape and no important questions of
Moose Mountain iron deposits and the Garson mines, and
policy are likely to come up this year.—V. 86, p. 1041, 980.
the remaining $1,500,000 on account of terminals in Toronto.
Atlanta Birmingham & Atlantic Ry.—Syndicate Notes —V.84, p. 930.
Extended.—The "Boston News Bureau' of April 23 said:
Central Railroad of New Jersey.—Taxation of Lands under
The syndicate which floated an Issue of about $6,000,000 "terminal and
railway syndicate" notes last year, to provide funds for the construction
Water Upheld.—The United States Supreme Court on April
Atlantic,
&
has
of
taken
Birmingham
advantage
purposes of the Atlanta
Its option and extended the notes for another year frorn the first of May. 27, in an opinion by Justice Holmes, sustained the validity
The notes are secured by nearly $9,000,000 collateral. It is expected that of the tax imposed by the City of Jersey City on lands under
by fall the entire road will be completed, anti It will then be possible to get
in New York Bay.
a definite idea of the earning power of this railroad, In which several mil- water
• First Train into Atlanta.—The company has operated its
first freight train into Atlanta, and the passenger service
was expected to begin on May 1, the trains entering the
Union Station. The new railway reaches Atlanta by means
of a branch about 70 miles long, connecting with the main
line at Manchester, Ga. The completion of the main line
to Birmingham, Ala., is being pushed, and will be concluded
as soon as possible.—V. 85, p. 1204, 1143.
Atlantic City & Shore RR.—Favorable Dectsion.—The
Supreme Court of New Jersey on April 3 in the quo warrant°
suit brought by the State to annul the charters of the two
companies on the ground of alleged violation of the railroad
law sustained the right of the company to own a controlling
interest in the Central Passenger Ry. and also the right of
the two companies to maintain a traffic agreement.
It was claimed the right could not be exercised because not expressly
conferred by the railroad law. The companies flied a plea in which they
claimed that they are still operated separately. The demurrer of the State
to this plea was overruled.—V. 85, p. 158.
Augusta-Aiken Railway & Electric Co.—Change en Management.—The following has been confirmed:
James R. League has, according to a dispatch from Augusta, Ga., been
appointed General Manager of the Augusta Railway & Electric Co. and the
Augusta-Aiken Railway & Electric Co. succeeding E. T. Wetmore, resigned. New directors are elected as follows: Stuart F. Knott. Gordon N.
lit ok, W.S. Johnson and J. H. Hellen, C. C. Tzgetholf, the retiring directors
being William T. Van Brunt, D. S. Herdy, H. B. Parson and W. P. Gardiner. James U. Jackson remains as Vice-President.
These changes are presumably preparatory to the merger
of the companies as proposed under title of Augusta &,
Columbia Ry. See V. 85, p. 220.
Berkshire (Mass.) Street Railway Co.—New Stock.—The
Massachusetts Railroad Commission has been asked to sanction an increase in the capital stock from $1,648,100 to
$1,933,100, to provide for floating debt and for additions
to plant.—V. 84, p. 995.
Boston & Albany RR.—Sale of Bonds.—N. W. Harris &
Co., jointly with Bond & Goodwin, New York and Boston,
have sold $3,500,000 of the 4% 25-year bonds which they
purchased last week (V. 86, p. 1041). These bonds were
offered by the firms named at i98.45%, being dated May 1
1908 and due May 1 1933, guaranteed as to principal and
interest by the New York Central & Hudson River RR. Co.
"No mortgage can be placed upon the property without
jointly including the above bonds in the lien."
British Yukon Railway.—Meetzng to Authorize Bonds.—
This company, controlled by the White Pass & Yukon Ry.,
and forming part of that company's main line (see V. 67,
p. 1162; V. 84, p. 100) has called a meeting of shareholders
at Ottawa May 27 1908 for the purpose of authorizing the
directors to issue:
Charleston & Summerville Electric Railway.—New Stock.
—The company has applied for an amendment of Charter
increasing the capital stock by the further issue of not more
than $249,500 additional common stock, and by the issue
.of not more than $100,000 of preferred stock, making a total
of $300,000 common stock and $100,000 preferred stock.
A public hearing on the question of granting the petition
will be held May 7.—Compare V. 86, p. 667.
Cincinnati, New Orleans & Texas Pacific Ry.—Option to
Subscribe for Preferred Stock.—A circular signed by President
Finley, under date of April 20, says in substance:
Of the $3,000,000 of 5% cumulative preferred stock without voting power
there Is unissued and now available for Issue 10,000 shares of the par value
of $1,000,000. The board of directors has determined that certain improvements and betterments are necessary for the.economIcal operation of
the road and pending the consideration of estimates of cost and the determination of details the opportunity Is now offered to all stockholders of
record April 25 (both preferred and common) ratably to subscribe at par
for all or such part of such 10,000 shares of preferred stock as the Board
of directors shall on or before June 1 determine to Issue at this time. Subscription in the form herewith enclosed must be delivered on or before
May 25 1908 to Charles Patton, Treasurer, Cincinnati, 0. As soon as
may be after the board shall have determined the amount to be issued, each
stockholder who shall have subscribed will be notified of the amount
allotted upon his said subscription, and subscriptions shall be payable
forthwith. Upon receipt of such payment the Treasurer will issue certificates of such stock. Dividends on the preferred stock will begin to accrue
from the first day of the calendar month next succeeding the date of such
new certificates.—V. 85, p. 1393.
...Cleveland Electric Ry.—Settlement of Dispute with City—
New Security Franchise.—The City Council on Monday evening accepted the offer of settlement made by F. H. Goff on
behalf of the company to lease the property to the.
Municipal Traction Co. for a return of 6% on the stock after
scaling the latter down to 55% of its former amount, provided
the company also obtained a new "security" grant for 25
years over, the streets of the city in place of the present
franchises, some of which would shortly have expired. (The
new franchise has been published in five Cleveland papers.)
The company may operate under the new franchise, should
the lease be forfeited, charging 25 cents for six tickets.
All outstanding litigation is to' be dismissed.
Acquisitions and Lease—Change of Name.—The stockholders earlier in the day,bya vote of 156,000 out of 234,000
shares, authorized a reduction of the stock from $23,400,000
to $12,870,000 (55% of the former amount), and of the
directors from 17 to 7, and the acquisition of the Forest City
Ry., the latter having previously purchased the Low Fare
Ry. The stock was thereupon authorized to be increased
to $35,000,000, of which, it is stated, $1,600,000 will be
Bonds, debentures or other securities, to the extent of 16,000 sterling
for every mile not. exceeding 16 miles, of the company's branch line of issued to represent the value of the Forest CityRy. $70,000
railway, extending from a point at or near the 106th mile post on the com- for the Low Fare Ry. and $150,000 for the Neutral
Ry.
'
pany's Ilne of railway as now constructed and operated south of the town
of White Horse In the Yukon Territory, in a northwesterly direction (V. 86, p. 1042), and about $9,565,000 will be reserved to
towards the Tahkeena River, and to secure the said bonds, debentures retire the outstanding bonds of ,the Cleveland Electric Ry.,
or other securities by a mortgage upon the said branch line or other property
and the remainder for future requirements. The stockholders
of the company or otherwise. Charles J. R. Bethune is Secretary.
the name to the
Brooklyn Rapid Transit Co.—Bonds Sold.—It is under- of the latter will on June 2 vote to change
of the new franchise.
stood that the $5,000,000 4% convertible bonds purchased Cleveland Railway Co. under the termsamong
others the folTerms of Lease.—The lease contains
by J. P. Morgan & Co. some weeks ago have all been sold.
lowing provisions:
—"New York Evening Sun."—V. 86, p. 1041, 933.
The length of the lease is to be 50 years, with the right of renewal for
Canadian Northern Ry.—Subscriptions for Debenture Stock. another term of 50 years on six months' notice. The franchises of the
Electric Ry. arc to be renewed every ten years, and are not
—The subscriptions for the £2,000,000 4% consolidated Cleveland
to be permitted at any time to have less than 15 years of life or the lease is
debenture stock which was offered in London last week at 92, to be forfeited to the Cleveland Electric Ry. Dividends of 6% are to be
paid quarterly on the first days of April, July, October and January on all
it is said, amounted to only a small portion of the issue.
at any time outstanding, the first payment to be made July 1; also
The advertisement offering the new 4% debenture stock stock
an amount to cover interest on bonds, all taxes, assessments, license fees,
&c. The lessee has the right to purchase the property for a sum equal to
says under date of 'April 16:
The debenture stock is perpetual and Irredeemable, and ranks pari passu
in all respects with the 4% perpetual consolidated debenture stock now
quoted on the London Stock Exchange. The trust deed provides that
the total amount of debenture stock shall not exceed £2,000 per mile of
line for the time being open and operated, and an amount not exceeding
the cost price of securities of independent corporations from time to time
deposited with the trustees,but the company cannot issue any debenture
stock against such securities without the consent of the trustees. The
debenture stock Is secured by a general charge upon the undertaking,
property and assets (other than land and money subsidies) of the company, subject to the £1,180,600 of bonds primarily charged on the Ontario Division of the railway (287 miles), and to charges created, or to
be created, not exceeding $10,000 per mile of line, other than the abovementioned 287 miles of line in Ontario. or $15,000 per mile if guaranteed
by the Parliament of the Dominion, or any of the Provinces of Canada,
and is a specific first mortgage upon certain securities deposited with the
trustees, particulars whereet can be obtained at the company's office.
(Compare V 81, p. 1609 and foot-note to balance sheet in V. 85, p. 1204.)
the par value plus 10%, payment to be made in one of the methods prescribed in the lease.
Three-Cent Fares.—The three-cent fare was put into effect
all over the city on April 29 (no fares being charged on
April 28 in commemoration of the settlement) with a charge
of one cent additional for transfers. Mayor Johnson says
it is expected to give universal transfers without charge
within 90 days, or as soon as the slips can be printed.—V. 86,
p. 1042, 602.
Consolidated Railway & Light Co. of Delaware, Philadelphia.—Receivership for Controlled Company.—See City
Heat and Light Co. of Fostoria under "Industrials" below
and compare V. 74, p. 1195.
1100
THE CHRONICLE
Duluth Rainy Lake & Winnipeg Ry.—First Train into
Canada Over Company's Line.—The bridge over the Rainy
River, near Fort Frances, has been completed, connecting
this road with the Canadian Northern and opening up a
direct line from Winnipeg to Duluth.
The new line, it Is stated, is 56 miles shorter to Duluth and 70 miles
shorter to Chicago than other routes. The first train of the company
entered Fort Frances, Ont., on April 29. Compare V. 85, p. 1518;
V. 86, p. 546.
Evansville & Eastern Electric Ry.—Proposed Lease.—
See Evansville Ter inal Ry. below.—V. 84, p. 1551.
Evansville (Ind.) Railways.—Guaranteed Bonds.—See
Evansville Terminal Ry. below.—V. 85, P. 1401.
Evansville Terminal Ry.—Guaranteed Bonds Offered.—
Subscriptions are being received for $200,000 of an issue of
$300,000 first mortgage 30-year 5% gold bonds at 90 and
interest, with a bonus of 30% in 6% cumulative preferred
stock of the Evansville Rys. Co., which company owns the
entire outstanding stock and "guarantees the prompt payment of the principal and interest" of the bonds. American Trust & Savings Co., trustee, Evansville, Ind.; interest
coupons also payable at Illinois Trust & Savings Bank,
Chicago, Ill. A circular says:
[VOL. Lxx*vi.
warrant paying out funds in the face of a floating debt of
about $40,000.—V. 84, P. 102.
Interborough Rapid Transit Co., New York.—Notes
Offered.—Description of New Bonds Deposited as Collateral.—
J. P. Morgan & Co., New York, received subscriptions at
par until 10 a. m. April 29 for $25,000,000 3-year convertible
6% gold notes, dated May 1 1908; interest payable Nov. 1
and May 1, convertible on any interest date at option of
the holder, during a period of 23/i years from date, into
mortgage bonds of the company, at par, less 1%. The
advertisement calling for subscriptions is published for
record purposes on other pages of this issue, although the
period for receiving subscriptions has already expired, the
issue having been largely over-subscribed. It is understood
that the subscribers were allowed in the neighborhood of 50%
of the amount for which they applied.
Holders of notes due May 1 1908 were permitted to deposit their notes, ex-coupon due May 1 1908, with the
application and receive preference in allotment to the extent
of notes so deposited, such notes being accepted in full
payment for a like amount of the new notes. The holders
of a little more than $13,000,000 of the $15,000,000 maturing
notes, it is said, availed thems3lves of the privilege to exchange.
Subscriptions and notes maturing May 1 were also received at the offices of Lee, Higginson & Co., Boston.
The $200,000 bonds are offered forlsale for the purpose of providingfunds
with which to construct a line between Evansville and Newburgh, Ind.,
a distance of 9 miles; the line to be operated by both electricity and steam.
It is proposed to lease the present property belonging to the Evansville
& Eastern Electric Railway, now in operation between Newburgh and
Rockport, a distance of 21 miles, and to operate the lines as one system, Abstract of Letter from Pre .iient August Belmont, New York. April 24
together with the line west to Mt. Vernon, Ind.; total mileage 48 miles.
191)d.
The business at present handled by the Evansville Suburban & NewPursuant to the authorization granted by the Public Service Commission
burgh Ry. Co. for the account of the Evansville & Eastern, since that road for the First District, the company proposes to Issue
a series of 825,000,000
was placed in operation, to March 1 1908, shows annual business amounting of its 3-year convertible 6% gold notes, to be
May 1 1908, to be
to 823,152 and cost of operation 86,280. The new line should earn on payable NIay 1 1911, to bear interest at the ratedated
of
6% per annum, paynew business 825,000 per annum,which, together with the business already able semi-annually, and to be convertible at par at the
of the holder
developed, as above stated, will amount to 848,152 gross, with net earn- during a period of 2% years from date into mortgageoption
bonds of the comings of 832,500. After deducting interest on 8200,000 bonds, a balance pany, at par, less 1%. The said notes are to be secured
under
pledge
by
of 822,500 should remain for dividends or other purposes.
trust agreement with Morton Trust Co., trustee of
The Evansville Rys. Co. owns all of the stock of the Evansville & Mt.
Pledged—New
45-year
gold
Therefor
Mortgage
Bonds
Bonds and Security
Vernon Electric Ry. and 98% of the outstanding stock of the Evansville
& Eastern Electric Ry. besides the total capital stock of the Evansville $30,000,000 face value of a new issue of "45-year gold mortgage" 5%
Terminal Ry. The company is capitalized as follows: common stock, bonds of the company, issued under the mortgage executed to Morton
$1,000,000; preferred stock, $500,000. It has no bonded debt and has Trust Co., trustee, to secure an issue of not exceeding $55,000,000 princinot heretofore guaranteed bonds of either of the other roads owned by it: pal of bonds, and also to secure the two present outstanding Issues of gold
therefore the guaranty referred to is the first and only direct obligation notes of the company, viz.:
Three-year 4% gold notes maturing May 1 1908, $15,000,000.
the company.
Three-year 5% gold notes maturing March 1 1910, 810,000,000.
Forest City By., Cleveland.—Sale.—See Cleveland Elec(Bonds being reserved under the mortgage to provide for the payment
or retirement of the said notes.)
tric Ry. above.—V. 86, p. 1042.
The said mortgage will cover the leasehold interests of the company in
Fort Worth & Denver Terminal Ry.—Bonds.--Application the rapid transit railroads above referred to, and in the Manhattan Railand all the real and personal property
way,
and hereafter conCommission
for
auhas been made to the Texas Railway
stituting the equipment of the subway,
to the provisions of the
thority to issue $1,446,000 of the company's $2,500,000 new leases, which equipment to Dec. 31 1907pursuant
had cost the company upwards
$26,000,000.
bonds, of which $1,200,000 on account of the new terminals of There
will also be pledged under the mortgage 18,140 shares out of a
at Fort Worth and the extensive new yards at Hodge. A total of 20,000 shares of the capital
stock of the Subway Realty Co. (the
the Hotel Belmont), 32,048 shares out of a total of 32,350 shares,
of
owner
press report says:
of the New York & Queens County Railway
'Co., and one-half of the total
amount
of
the
Issued
to
The terminal was valued years ago and bonds
outstanding stock and bonds of New York & Long Island Traction Co. and
$200,000. The road wants authority to make a new issue of $2,500,000 Long Island Electric Co.
present
and
conalleging
its
81,446,229,
total
of
register
a
to
of bonds and
The mortgage will also provide that the securities,amounting to upwards
templated value to be 82,729,729.—V. 86, p. 52.
of 84,000,000, known as "Manhattan guaranty fund", when released from
pledge as security for the performance of the lease of the Manhattan RailGalveston (Texas) Terminal Ry.—Proposed Bond Issue.— way
(which will probably occur on July 1 1909), shall be applied toward
The following is an official statement sent to us April 24:
the retirement of the outstanding gold notes of the company; and that if
This company was organized to build terminals at Galveston, which wil and when the company's interest in the New York & Long Island RR. or
when completed be used by The Trinity & Brazos Valley Ry. Co., by which "Steinway 'runnel", shall be sold, the proceeds shaall be applied to the re.company the Terminal Co.' Is controlled. At a meeting of its shareholders duction of the outstanding mortgage indebtedness.
Application of Proceeds of the $25,000,000 Notes.
held March 24 1908, the Terminal Co. authorized an issue of not exceeding
85,000,000 first mortgage 5% bonds. The company has practically com(a) To the discharge or lawful refunding of the following obligations, vlz
pleted about 27 miles of main line and sidings at and near Galveston. Texas,
4% three-year gold notes, due May 1 1908%
$15,000,000
extending from 29th St. to Bridge Junction. A large freight depot and
86,250,172 promissory notes outstanding April 11908, payable on demand
warehouse have been built and about 14 blocks of territory are owned or from time to time on or
before June 30 1908; and
.
within the City of Galveston adjoining the water front.
The balance to pay obligations heretofore incurred by the company
Directors: W. E. Green, Pres.; John Sealy, Vice-Pres.; B. Adoue, I. H. for(b)
acquisition
of
the
property,
the construction, completion, extension or
C.
H.
Fowler,
Moore.—V. 86, p. 981.
Kempner, M. Marx, Charles
improvement of its facilities, or the improvement or maintenance of its
and including, If the company shall deem it expedient, the sum of
Grand Trunk Pacific Ry.—Progress of Construction.—See service
83,770,000 or thereabouts, payable to Rapid Transit Subway Construction
report of Grand Trunk Ry. Co. under "Annual Reports." A Co. on the completion
of the Brooklyn extension of the Rapid Transit
railway to its terminus at Flatbush and Atlantic avenues, Brooklyn,
technical paper on April 14 said:
account
on
of
the
being
excess cost of said railway over and above the
According to a report recently made to the Dominion Parliathent, the amount payable with respect to the construction
thereof by the City of
estimated cost of this line (Grand Trunk Pacific Ry.) Is now 885,000,000. New York.
On the eastern division, Moncton, N. B., to Winnipeg, work amounting to
Statement of the Company's Financial Operations for the Year ending
$44,389,393 is under contract and 819,030,173 is the estimated cost of
December 31 1907.
lines for which contracts are yet to be let on this section. The prairie
section Is to cost $21,872,200. From a point 193 miles west of Quebec, Earnings from Operation $23,513,172 Deductions—
west to Winnipeg, the surveyed distance is 1,147 miles, of which 571 miles Exp. of open (13.87%). 10,316,528
Fixed charges, Interest,
is already let, leaving 576 miles riot yet under contract. West of Winnipeg
tentais and taxes__ _810,510,546
----lines aggregating 1,014 miles are now under contract, of which 415 miles is
$3,754,723
Net earnings
finished.
$13,196,644 Net income
3,150,000
Hon. George P. Graham, Canadian Minister of Railways, recently stated
Other income
1,068,625
Dividends, 9%
that contracts have been let for all sections between Moncton, N. B., the
----$604,723
eastern terminus, and a point known as Waymontachene, 193 miles west
Gross income
814,265,269
Surplus
of Quebec.
It is estimated that with the opening for operation of the extension of
Flatbush
at
In Brooklyn to the Long Island RR. Co. station
Time Extended.—An extension of time of two years has the subway
and Atlantic avenues, about May 1 1908, the earnings of the system will
been granted to the Grand Trunk Pacific Branch Lines Co. be largely Increased and that the company
will for the year 1908 earn a
fixed charges, and
for extension of various branches from the main line.—V. substantial surplus over and above operating expenses,86,
p. 981, 1042.
the regular 9% dividend upon the stock. Compare V.
86, p. 794, 720.
Grand Trunk Railway.—Report.—See "Annual Reports".
Guaranteed Stock.—The total . amount of the authorized
issue of £10,000,000 now outstanding is £9,836,428.
Matured Bonds.—The Midland Railway of Canada first
mortgage bonds which. matured May 1st were paid off as
presented in cash on that date.—V. 86, p. 1042, 602.
Guayaquil & Quito Ry.—Deposits.—The Council of Foreign Bondholders gives notice in London that upwards of
$5,500,000 of the bonds of the company have been deposited
with them. After April 30 bonds deposited will be liable to
the payment of a deposit fee of IA%.—V. 86, p. 168.
Gulf & Ship Island RR.—Offering of Short-Term Mortgage
Bonds.—Fisk & Robinson, having sold a large part of the
bonds,are offering the remainder of the issue of $1,000,000 6%
mortgage gold bonds, due April 1 1909, 1910, 1911, at prices
to net 6M to 6%% per annum. The bonds were fully
described in the "Chronicle" for Feb. 29, p. 547. See also
description with map in our "Railway & Industrial" sntion.
—V. 86, p. 981, 547.
Hartford & Springfield Street Ry.—Dividend Deferred.—
The directors have decided to defer the May semi-annual
dividend, on the ground that business conditions do not
Brooklyn Extension in Operation to Flatbush Ave. Station
of Long Island RR.—The extenslon of the company's subway
system from the Borough Hall in Brooklyn to the Flatbush
Ave. station of the Long Island RR. was placed in regular
operation early Friday morning, making it poss:ble to go
direct from Manhattan and the Bronx to Long Island
points, via the trains of the Long Island RR.—V. 86, p.
1042, 981.
Low Fare Ry., Cleveland.—Sale.—See Cleveland Electric
Ry. above.—V. 86, p. 421.
Mexican Central Ry.—Listing of Certificates of Deposit.—
The New York Stock Exchange has listed:
Central Trust Co. certificates of deposit for 8779,000 first consolidated
mortgage bonds, 81,314,00 first consolidated income bonds and $1,609,000
second consolidated income bonds,and has authorized the rsting from time
to time, but prior to January 1 1909 of additional amounts up to 865,881,000 first consolidated mortgage bonds due Jan'. 1939, $20,570,000
first consolidated income bonds due Jan. 1939 and 811,285,000 second
consolidated Income bonds due Jan. 1939.
Balance
Gross
Interest
Earnings
Net
Other
Earnings.
Earnings,
Six Mos.
Income. Rentals, &c. surplus.
$9,208,226 $2,592,956 868,650 82,394,994 8266,612
1907
7,173,787
1,980,568
1906
Success of Plan Reported Assured.—The deposit of the
various classes of securities of the Mexican Central and
MAY 2 1908.]
THE CHRONICLE
National RR. of Mexico affected, it is said, have already
reached a point insuring the success of the plan. It is the
purpose of the readjustment managers to make public
offerings of the bonds of the new company in New York
and Europe within a short time after the plan is declared
operative. (Compare plan in V.86, p.982.)--V.86, p. 1042.
Mississippi Central RR.—See Scranton Lumber Co. under
"Industrials" below.—V. 85, p. 221.
Missouri Kansas & Texas Ry.—Bonds Offered.—II. W.
Poor & Co., New York and Boston, are offering at 753/i a
block of 'first and refunding mortgage" 4% gold bonds due
Sept. 1 2004, of which $5,182,000 are outstanding and
$4,797,000 additional are held in the company's treasury.
Abstract of Letter from Vice-President and Treasurer Charles G. II edge
April 10 1908.
Referring to the "first and refunding mortgage" 4% bonds which you
have purchased, I would say that $9,979,000 of these bonds have been Issued,as follows:
$5,910,000
New equipment
1,413,000
New shops and terminals at Parsons, Kansas
1,868,000
New terminals at Kansas City
Terminals at Parsons, Kan., Sedalia, Mo., and Phillips. Okla
367,000
To retire $337,000 Mo. Kan. & Oklahoma R. Co. extension 5s_ _
421,000
Of the issued bonds, $5,182,000 have been sold and the remaining $4,797,000 are In the company's treasury.
Property upon which the "First and Refunding Mortgage" is the First and
Paramount Lien.
$2,500,000
Terminals at Kansas City, estimated value
2,000,000
Locomotive shops at Parsons, Kansas, estimated value
Terminals at Parsons and Sedalia, acquired prior to execution
of mortgage, Estimated
350,000
Equipment (embracing, It is stated, 68.6% of the company's
entire a mt.of roiling stock--Ed.),namely,271 locomotives(out
of 505, being 53%.—Ed.); 167 passenger cars (or 66% of the
total number 253, including combination); 49 baggage, mall
and express (out of 104); 13,679 freight and miscellaneous cars
18,530,000
(out of a total of 19,765.—Ed.), estimated value
All lands, terminals, yards, depots, round houses, turntables,
stock yards, side and spur tracks acquired since June 1 1890,
and prior to Sept. 1 1904, and not covered by any of its other
1,000,000
mortgages, of an estimated value of •
$24,380,000
Total
The estimated value of the property on which the "first and refunding
Mrotgage" Is a first lien is $14,401,000 In excess of the amount of bonds
issued, and consists principally of terminals and equipment without which
the toad could not be operated.
Under the refunding provisions of the mortgage, It will become a first
lien, In fact it is now actually a second lien, upon the following properties:
164..5 miles of railroad in Missouri, Kansas and Oklahoma constructed
under first extension mortgage of Nov. 1 1894, securing bonds at $20,000
per mile.
273.4 miles of railroad in Oklahoma, covered by first mortgage of Missouri
Kansas & Oklahoma RR. Co., securing bonds at $20,000 per mile.
117.35 miles of railroad in Oklahoma, covered by first mortgage of Texas
& Oklahoma RR. Co., securing bonds at $20,000 per mile.
$1,000,000 first mortgage bonds of Denison & Washita Valley Ry. Co.,
constituting a first lien on 37 miles of railroad in Oklahoma and Texas,
including valuable terminals at Denison, Tex., which bonds are now
pledged to secure 968 bonds of the Southwestern Coal & Improvement Co.
Order of Railroad Commission Indefinitely Suspended.—The
order of the Texas Railroad Commission requiring the company to purchase 165 new locomotives and 6,000 freight cars
during the three years 1908, 1909 and 1910 has been indefinitely suspended.—V. 86, p. 421.
Municipal Traction Co., Cleveland.—Leases All Roads in
City.—See Cleveland Electric Ry. above and Forest City
Ry. item.—V. 83, p. 94.
Natchez Eastern Ry.—New Bonds.—See Scranton Lumber
Co. under "Industrials" below.—V. 85, p. 160.
National Railroad Co. of Mexico.—Listing of Certificates of
Deposit for Capital Stock.—The New York Stock Exchange
has listed Mercantile Trust Co. certificate' of deposit for
5,484 shares preferred stock and for 6,804 shares second
preferred stock; and has authorized the listing from time to
time of additional amounts prior to Jan. 1 1909 up to
$28,832,900 preferred and $22,030,600 common.
Amounts of Preferred stock and second preferred stock Deposited or Pledyed
under plan.
Total.
New York. London. Amedam. Mexico.
Pref. stock._$548,400 $8,475,000 $418,000 $10,052,000 $19,493,400
16,243,300
3,560,000 2,659,000
0,343,900
2d pref stock. 680,400
Of the above shares, approximately 193,000 are owned by the Mexican
Government, which has agreed to the terms of the plan. The greater part
of the residue of the securities is held In Europe, and have been deposited
or are pledged for deposit with foreign depositaries, as stated above. See
plan, etc., V. 86, p. 918, 1043.
1101
1910, among them $8,320,000 of 2-year debenture notes
which mature this fall.
Listing of Convertible 6% Bonds.—The New York Stock
Exchange has listed $17,446,000 of the 6% convertible
debentures due 1948, offered for subscription at par last
November (V. 85, p. 1339), and has authorized the listing
of $21,583,000 additional of said bonds on notice that they
have been issued and paid for in full, making the total
amount authorized to be listed $39,029,000.
Earnings.—For 9 months ending March 31 (Inter-State
Commerce Commission Classification):
$14,935,008
Total oper. revenue_ _ __$40,410,6281Total net income
Operating expenses:___ 29,290,882 I Deduct—
5,756,100
Accrued taxes
2,442,000 ant. on bonds, &c
8,677,746 Rentals of leased roads.. 4,751,630
Net earnings
870,091
6,257,262 Hire of equipment
Other Income
6,321,127
Total net income
14,935,0081Dividends, 6%
Balance, deficit
$2,763,940
An exchange paper has the following:
Traffic conditions on the system have recently shown some Improvement.
From Jan. 1 up to the first week in April they were about as bad as they
could be. By far the greater portion of the loss in business has been In
the freight department. The trolley and passenger business has held up
well, and while present conditions leave much to be desired, It cannot be
denied that a very tangible betterment has taken place during the month
of April. The road has just passed through that period of the year when
earnings are always at the lowest point; the large revenue is derived in the
period extending from April to December.—V. 86, p. 1043, 982.
Norfolk & Western Ry.—Notes all Sold.—It was announced on March 25 by the Guaranty Trust Co. of New
York that the $7,500,000 2-year 5% secured notes which
the trust company purchased two days previous had all
been sold. See V. 86, p. 1043.
Northern Securities Co.—Stock Dividend by Company
in which a large interest is held.—See Crow's Nest Pass
Coal Co. above and also under "Annual Reports and compare Vol. 86, p. 105.
Old Colony RR.—Stock at Auction.—The 5,000 shares
($500,000) of new stock offered at auction in Boston on
April 27 by R. L. Day & Co. were bid in as follows:
3,200 shares at 180 for George B. Phippen, acting for the N. Y.
N. H. & Hartford, which will hold these shares in its treasury; 100 shares
at 182 X , 200 at 180 X for H. C. Wainwright & Co.; 900 shares at 182 ,
200 at 180',i, and 300 at 180 X for Weld, Grew & Co and 100 at 180% by
Moore & Cabot.—V. 86, p. 1043, 982.
Pennsylvania RR.—Subscribers for Bonds Get Only 5% of
Amount Applied for.—So great was the demand for the
$40,000,000 4% consols offered last week by Kuhn, Loeb &
Co. (p. 1043) that allotments will be made on the basis of
5% of the amount subscribed for, while applications for
less than $15,000 will be rejected s:nce they would result in
the allotment of only a fraction of a bond.
Dividend Reduced from 7% to 6% Basis.—The directors
yesterday declared a semi-annual dividend of 3%, payable
May 29 to holders of record May 5, thus reducing the annual
rate from 7%, established in Nov. 1906, to 6%, the rate
prevailing from May 1900 to May 1906, both inclusive. On
the $314,585,000 stock listed on the New York Stock Exchange, the reduction means an annual saving in dividend
charges of $3,145,850.
Annual Dividend Record (Per Cent) Since 1887.
1888. 1880. 1890. 1891. 1892.'93 to'99.'00-May'06 Nov.'06. 1907. May'08
6
5 yearly.
6 yearly.
3M
7
3
6
5
5
53.
In 1893 paid also 2% in scrip.—V. 86, p. 1043. 982.
Public Service Corporation of New Jersey.—Bonds.—Press
reports yesterday afternoon stated that the shareholders
would meet at an early day to authorize an issue of 5%
bonds to a total of $25,000,000 or $50,000,000,to provide for
the retirement of existing gold notes and for other purposes.
A leading official, while not denying the report, states that
he has no information regarding the matter.—V. 85, p. 1402.
Rio de Janeiro Tramway, Light & Power Co.—Sale of Debentures in Paris.—Touching the sale in Paris of .£1,750,000
5% debenture mortgage bonds dated April 1908 and due
April 1958, referred to last week (p. 1044), the "London
Financial News" says:
The Rio de Janeiro Tramway, Light & Power Co., Ltd., has-concluded
arrangements with some leading banking houses in Paris and Brussels for
placing £1,750,000 (one-half) of the issue of new 5% debentures, £400,000
New York Central & Hudson River RR.—Improvements.— of
these debentures having been paid in full. A public issue of £900,000
In connection with the application to the Public Service will be Made simultaneously in Paris and Brussels on May 12, and the
balance, £850,000, of the above amount reserved for Paris and Brussels,
Commission for authority to issue additional bonds, granted will
be offered In the autumn.—V. 86, p. 1044. 982.
last week (p. 1043), the company made a statement showing
Rochester (N. Y.) Railway & Light Co.—Authorized.—
the amount ($49,000,000)expended for improvements during
the period of about 53/ years, 1902-1907, and the purposes The Public Service Commiss on, Second D'strict, has sancfor which it is proposed to expend $8,547,153 this year. tioned the issuance of $1,474,000 5% consols of 1904 to
provide for indebtedness.—V. 86, p. 982.
The schedule submitted showed that of the $93,000,000 of Improvements
authorized that up to December 1907 there had been expended $49,000,000.
Seaboard Air Line Ry.—Coupons Due May 1 Paid.—Blair
obligations
inthis
time
is
to
at
for
provide
bonds
The authorization of
curred for improvements in the past, amounting to $7,120,000; expendi- & Co. of this city are paying the coupons due May 1 on the
tures this year of $8,547,153, and the balance for future Improvements. $10,000,000 of 5% collateral trust bonds of 1902.—V. 86,
The improvements to be made during the year are:
$283,853 p. 1044, 982.
$747,650 River division
Motive power facilities_
18,769
462,8491Electric division
Signal Improvements
Southern Railway.—New Bonds for Subsidiary.—See
9,176
524,7321Miscellaneous
Eastern division
269,1741Electric zone construction_3,432,500 Virginia & Southwestern Ry. below.—V. 86, p. 982, 669.
Mohawk division
Additional
needed
1,395,215
facilities
Western division
Springfield (Mass.) Street Ry.—New Stock.—Applica54,7351 for motive power and car
R. W. & 0. division
1,298,500 tion has been made to the Massachusetts Railroad Com50,0001 repairs
Pennsylvania division
Sale of Guaranteed Bonds.—See Boston & Albany RR.— m'ssion for authority to issue $500,000 additional capital
stock to provide for floating debt and additions to plant.
V. 86, p. 1043.
p. 1271.
New York New Haven & Hartford Ry.—Stock of Leased The present stock is $2,258,100.—V. 85,
Underground Electric Railways of London.-75% of
Line.—See Old Colony RR. below.
Refunding Arranged until Jan. 1 1910.—An agreement has Profit-Sharing Notes Deposited.—Over 75% of the profitbeen entered into with Kidder Peabody & Co. of Boston sharing notes, it is stated, have already been deposited under
' $9,000,000 first mortgage the plan,which was given at cons*derable length in this colproviding for the sale of about
bonds of underlying merged road now held in the treasury umn last week (p. 1044, 1039). The consens :s of financial
and also for the sale of about $2,000,000 short-term notes, op.nion in London seems to be strongly,in favor of the plan.
the proceeds of which will be used to pay off between $11,- Deposits will be received to May 6 inclusive.—V. 86, p. 1039
000,000 and $12,000,000 securities maturing up to Jan. 1 1044.
1102
THE CHRONICLE
United Bailways,of St. Louis.-Notes0tiered.-The Mississippi Valley Trust Co. and Francis, Brother & Co., both of
St. Louis, are offering at 99.45 and interest (yielding 6%),
by advertisement on another page, $800,000 5 2%
collateral trust gold notes, dated July 1 1907 and due July 1
1909, but subject to call at company's option after Jan. 1
1908 on thirty days' notice; interest payable Jan. 1 and
July 1. The following particulars are furnished:
Total Issue $1,200,000, secured by deposit with the Mississippi Valley
Trust Co., trustee, of $1,500,000 of the company's general first mortgage
4% gold bonds and $500,000 of its preferred stock, which at present market
prices equal more than a 27% equity above the amount of the notes.
Compare annual report in last week's "Chronicle," p. 976.
Virginia & Southwestern Ry.-Merger and New Mortgage.
-The Virginia & Southwestern Ry., whose capital stock
was purchased by the Southern Railway Co. at $200 a
share, has taken over the Virginia & Southeastern, a projected line, the Holston River RR., about 40 miles in length
and the Black Mountain RR., 30 miles. These latter two
roads, with the Virginia & Southwestern make about 210
miles of road, with $3,000,000 worth of equipment. The
first consolidated mortgage bonds of the V.&S.W.Ry.just
authorized for $7,000,000 will be 50-year fives dated April 1
1908. They will be issued and reserved as'
follows:
To be Issued to reimburse the Southern By. Co. for money spent
on construction of Black Mt. and Holston Sliver roads
$2,000,000
To be issued to complete the Holston River RR
1,000,000
do
do
to take care of equipment obligations
1,000,000
To be reserved against the $2,000,000 outstanding 1st M. bonds. 2,000,000
do
in company's treasury
1,000,000
[VOL. Lxxxvi.
have been not less than twice the annual Interest charge upon the bonds
outstanding and those then applied for. Moreover, before bonds can be
Issued under this provision there must have been expended or reserved for
repairs, renewals and maintenance, during the 12 calendar months referred
to, an amount not less than 10/ of the gross earnings. Annual sinking
fund I% on the amount of bond; outstanding, from 1913 to 1921, 13-f%
from 1921 to 1930, and 2% from 1930 to 1937, the bonds to be drawn by
lot at 110%, If not purchasable at or below that price. All, but not less
or than all, of the bonds may be redeemed at 110% on March.1 1913 or
any interest day thereafter.
Status of American Gas & Electric Co., the Guarantor Company.
All the common stock of the company is owned by the American Gas &
Electric Co.. which guarantees the payment of principal and interest on
the bonds which you have purchased. The American Gas & Electric Co.
acquired all of the property of the Electric Co. of America In January 1907
and now owns companies operating electric light and power and, In nearly
every case, steam and hot-water-heating properties in Scranton, Pa.,
Pa., Auburn, N Y., Canton, 0., Wheeling,
Altoona, Pa. Conshohocken, Pa.
Ind., Muncie,
W. Va., Marlon,
and Rockford, Ill., serving a total
population of about 450,000.
Earnings of Guarantor Company.
(Net earnings of constituent companies after
i8310
pa2y3me1n9t0o
3f all fixed charges.)
$552,765 1906
1907
After deduction of interest paid on the collateral trust bonds Issued to
the Electric Co. of America for all of its property, and other deductions,
there was a balance of earnings available to the American Gas & Electric
Co. for dividends in 1907 of $264,840, from which were paid dividends
amounting to $71,851 on Its preferred stock, leaving net balance surplus
earnings of $192,989. Earnings for the first quarter of 1908 show a substantial Increase over the same period of the previous year.
The permanent population of Atlantic City and adjacent towns Is estimated at 42,515. The actual population Is stated as never less than 60,000,
and during the three summer Months is between 100,000 and 150,000.
Batopilas Mining Co.-Report.-For calendar years:
Fiscal
Year1907
1_906
Gross.
Net Inc. Net Inc. Deduc's & Divi- Balance,
(Mex.cur.) (Alex.cur.)(U.S.cur.) Charges. dends.• surplus.
$1,070,242 $286,222 $143,111 $49,208 $55,870 3
53
18:3
4 03
37
3
52,830
367,167
1,565,945
734,334
The Holston River line when built will shorten the route
• 1234 cents per share.-V. 85, p. 1399.
from the Virginia .coal fields to the Carolinas about 60 miles.
(J. G.) Brill Co., Philadelphia,-Acquisition.-The comHenry K. McHarg, 40 Wall Street, is the President of the
pany, it is announced, has purchased for cash a controlling
company.-V."86, p. 858, 796
Wabash RR.-Listed.-Of the $889,000 first mortgage 5% interest in the stock of the Danville (Ohio) Car Co. A
gold bonds of 1889 sold to Tailer & Co. (V. 86, p. 1045), Philadelphia paper says:
The plant of the Danville company was completed in 1906 and has been
$421,000 have been listed on the New York Stock Exchange operating
with fair success since then, but it is understood that recent
and the remainder, $469,000, are authorized to be listed necessities compelled the company to seek new capital and it was in this
that
the
way
Brill Company secured control. The Danville Car Co. has
prior to Jan. 1 1909 as from time to time sold and delivered, a capital of $650,000
outstanding. There is $350,000 common stock and
making the total authorized to be listed, $33,900,000.
$351,000 preferred, of which $300,000 Is issued. There are also $22,000
bonds. The name of the company will remain unchanged. Samuel M.
Earnings.-For eight months ending Feb. 28:
217
First
Other
Gross
Net
Earnings. Earnings. Income. Charges.
$
8 mos.1907-08____ 17,950,221 5,136,600 852,167 5,055,827
1906-07- 18,236,063 5,440,125 775,595 4,371,415
Sundry Add'ns & Bal.,
Accts. Betterments. Sur.
$
348,406
215,068 369,467
16,290 *1,700,000 128,015
Curven was elected President. The plant covers a tract of
has excellent railroad facilities.-V. 86, p. 1045, 983.
acres and
City Heat & Light Co., Fostoria, Ohio.-Recetvership.On Apri122 this company, on application of the Consolidated
Railway & Light Co. of Philadelphia (see V. 74, p. 1195),
*Includes equipment In 1906-07-V. 86, p. 1045, 422.
was placed in the hands of E. W. Allen, Fostoria, and A.
White Pass & Yukon Ry.-Bond Issue for Subsidiary.- R. Law, Philadelphia, as temporary receivers. The applicant holds a judgment for $72,945 and alleges that the
See British Yukon Ry. above.-V. 85, p. 1403.
Fostoria concern has an indebtedness of $365,000, $93,500
being due, with no assets for its payment.-V. 74, p. 1198.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Comstock Tunnel Co.-Dispute Settlement.-The following
American Gas & Electric Co., New York.-Earnings announcement
is made:
in 1907-0/ferinl of Guaranteed Bonds.-See Atlantic
The company announces that its rate of royalty, which has been under
dispute for the past two years, has been settled on a basis giving the comCity Electric Co. below.-V. 86, p. 549.
pany a royalty upon the gross bullion product. Heretofore deductions
American Locomotive 0o.-Calle4 Bonds.-Twenty-five have been made for freight
and treatment charges and a royalty paid
the net product. This change is In accordance witn the company's
first mortgage 5% bonds of the Rogers Locomotive Works on
contracts with the 42 mines upon the Comstock lode and the increase Is
have been called for redemption at par and interest on May estimated at about 28%.-V 69, p. 1149.
14 at the Trust Co. of America, 37 Wall St., New York.
Consolidated Arizona Smelting CO.-Reorganization Plan.
-V. 86, p. 722.
-Benjamin Prince, Secretary, 71 Broadway, New York, in
Pittsburgh.-Dividend
Co.,
Pipe
Pre- an advertisement states that a plan for the rehabilitation
American Sewer
viously Deferred Now Ornitted.-The directors on April 23 of this company, with the aid of certain financial interests
dividend
which
would have ordinarily not heretofore connected with the company, has been prodecided to omit the
been declared last March, but action on which was tempo- posed.-V.85, p. 1341.
p.
722.
postponed.
-V.
86,
rarily
Crawfordsville Water & Gas Co.-Reorganized Property.
Arnold Print Works.-All Receivers' Certificates Authorized -This company was incorporated on or about March 16
since Nov. 13 Retired.-Boston "Transcript' of Apr. 28 says: 1908 with $375,000 capital stock, in shares of $100 each, as
All of the receivers' certificates of the Arnold Print Works authorized successor of the Crawfordsville Water & Light Co., _foreby the United States Circuit Court at different Intervals beginning Nov. 13, closed as
stated below, and reorganized per plan in V. 82,
have been retired. There were 5360,000 certificates of the Arnold Print
Works proper authorized; besides $125,000 of subsidiary companies.-V. P. 931-932. The new company is authorized to issue
86, p. 287, 110.
$175,000 common stock, $200,000 preferred and $75,000
Atlantic City (N. J.) Electric Co.-Offering of Guaranteed first mortgage 5% bonds.
Bonds.-Edward B. Smith & Co., Philadelphia and New
Crow's Nest Pass Coal Co.-New Stock-Stock Dividend
York, are offering at 923/i and interest, by advertisement of 66 2-3%-Bond Issue.-The shareholders at a meeting
on another page,at which price the yield is over 53%, the held in Toronto on April 20 authorized (1) an increase
unsold portion of $750,000 first and refunding mort- in the authorized issue of capital stock from $4,000,000
gage 5% gold bonds of $1,000 each (c*) dated March 2 (of which $3,727,500 is outstanding) to $10,000,000, (2)
1908 and due March 1 1938, but subject to redemption the payment of a stock dividend of 66 2-3%, calling for
after March 1 1913, at 1 10 and interest, guaranteed prin- the issuance of $2,485,000 new stock, to shareholders of
cipal and interest by the American Gas & Electric Co. Gi- record April 20, and (3) the creation of an issue of$2,500,000
rard Trust Co., Trustee. Interest March and September. bonds, which it is explained will he used only as collateral.
Authorized issue, $5,000,000; reserved for future additions, A circular dated April 10 1908 gives the resolutions of the
etc., under carefully guarded restrictions, $3,750,000; re- board of directors on the subject, saying in substance:
served against underlying bonds, $231,000; present issue,
There has been paid into the treasury from time to time by way of premium on the sale of stock $2,141,250, which amount Is standing at the
$1,019,000.
standing
credit of the company in it reserve fund. There was *
380
140,tw
o htih
ch
e
Abstract of Letter from Ii. T Hartman, Vice-President of both Atlantic
City Electric Co. and American Gas & Electric Co., April 16 1908.
The company supplies electric light and power in Atlantic City and
adjoining towns loCated on Absecon Island, N. J. and operates also a
hot-water-heating system In Atlantic City. Incorporated under the laws
of New Jersey In 1907 as a consolidation of four companies. Franchises
unlimited in time except one, which runs for 100 years from 1905. Additions to property account during the three years ending Dec. 31 1907
aggregate over $377,000.
Earnings of, Atlantic City Electric Co. for the Last Three Calendar Years.
1906.
1905.
890
5249,964
$216970,7.
$214,914
Gross earnings_
115,099
99,474
Operating expenses136,043
$131,847
$134,865
Net earnings
$115,440
The Interest on the total amount of bonds now outstanding, Including
the
purchased
and
underlying
the
have
bonds
of
bonds which you
both
constituent companies, amounts to $62.500, so that the net earnings for
1907 left a surplus of $69,346 over fixed charges.
The total authorized Issue of these bonds is $5,000,000, but $3,750,000
thenot are reserved to be certified In the future only to the extent
of 80% of the actual cost of betterments, improvements, developments,
extensions or additions, and then only provided that the net earnings for
the twelve months next preceding the application for certification shall
credit of profit and loss on Dec. 31 1907 the sum of
two sums together amount to $2,522,650. As it may be desirable to
distribute as a bonus dividend so much of said sum of $2,522,650 as amounts
to $2,485,000 among the shareholders of record on April 20 1908, resolved that a special general meeting of the shareholders be called for April
20 1908, and that the above suggestion be submitted to them for consideration and approval, and their opinion asked as to the desirability of the
directors declaring a dividend of 66 2-3% upon the paid-up capital stock
by way of bonus, which bonus dividend would amount to $2,485,000.
The reserve and surplus profits having been used for expenditure on
capital account, it will be necessary to provide this amount of money by
the sale of the company's shares; the declaration of the bonus dividend
must depend on the consent of every shareholder to subscribe for as many
shares of stock at par as will yield by the payment therefor an amount
equal to the said bonus dividend. This would result in each shareholder
acquiring two-thirds of one share of stock in addition to each share of stock
held by him at the said date. For example, every holder of three shares
would become the holder of five shares. Payment for the shares would
be met by the bonus dividend.
The directors deem It expedient that they be authorized to Issue bonds
to the extent of $2,500,000, for the purpose of selling the same or borrowing
money thereon from time to time, as it may be required, to pay off the
company's present bank loans, and for betterment of, and additions to,
the company's plant and property. as well as for the general purposes of
the company.
MAY 2 1908.]
THE CHRONICLE
Report.-See "Annual Reports," on a :preceding page.V. 86, p. 983, 796.
Denver Tramway Power Co.-Called Bonds.-Forty-seven
($47,000)first mortgage 5% improvement bonds dated 1903
have been drawn for redemption (at 105 and interest) on
May 16 at the International Trust Co.of Denver.-V.83,p.36.
East Chicago & Indiana Harbor Water Co.-Earnings for
Year 1907.-The Milwaukee Trust Co. in offering a block
of first mortgage bonds at price to net about 6% report earnings on basis of calendar year 1907 as follows:
$50,191 lint., on $300,000 bonds
Gross earnings
Net (aft. op. exp. & taxes) _ _ 34,228 Balance, surplus
$15,000
19,228
Compare V.85, p. 1404.
Eastern Steamship Co.-Receivers' Certificates Authorized.
-Judge Putnam in the Circuit Court at Portland, Me., on
April 27 authorized the issuance of $115,300 receivers' certificates, chiefly for the following purposes:
The payment of bond interest due May 1, $60,300; $22,950
to meet bills due for labor, coal and provisions at St. John, N. B.; $21,650
for rental of Union Wharf, Boston, and *10,400 for interest due the Portland
Trust Co. on mortgage on the steamer Bay State.
Receivers' Statement of Liabilities Filed March 5 1908 (sec V. 86,p.339.)
Notes payable, not Including notes for $270,000 placed with
banks for sale and claimed by them as collateral security on
$808,208
open accounts due them
2,223
Indorsement liability, &c
533,437
Accounts payable ($521,938) and pay-rolls ($11,499)
10,400
Portland Trust Co., trustee
31,155
Accrued Int. due May 1 on $2,412,000 East. SS. bonds
300,000
Bonded debt Portland S. S. Co
2,700,000
Bonded debt Eastern S. S. Co
$4.385,423
Tetal
Also due City Trust Co. as trustee, for Eastern S. S. Co., $20,000 in
bonds or its equivalent under terms of mortgage.-V. 86, p. 1045, 339.
East Jersey Water Co.-See Hudson County Water Co.
below.-V. 83, p. 1414.
Edison Electric Illuminating Co. of Brockton, Mass.Bonds.-The Massachusetts Gas & Electric Light Commission having authorized the company to issue $100,000
5% first mortgage bonds, the remainder of an authorized
issue of $200,000, the same have been sold to Perry, Coffin
& Burr. The proceeds are to be applied to floating debt.
Present Outstanding Capitalization.
First mortgage 30-year 5% gold bonds due May 1 1930
$100,000
20-year 5% gold coupon notes due March 1 1921
65,000
Stock (par of shares $100)
800,000
The stock is now receiving dividends at the rate of 7% per annum. The
company operates in the City of Brockton, Mass, under the management
of Stone & Webster of Boston.-V. 84, p. 1554.
Electric Properties Co., New York.-Dividends.-This ally
of the Westinghouse interests,which in May 1906 took over
the stock of the engineering and construction concern,
"Westinghouse-Church-Kerr Co.," declared on April 28 a
dividend at the rate of 6% per annum from July 311907, the
date of the last quarterly dividend, to April 30 1908, on the
preferred stock and preferred stock subscription receipts,
payable May 11 1908 to holders of record May 4.
The above dividend is in payment of the 1;i% deferred quarterly dividends Nos. 5 and 6 and dividend No. 7 for the quarter ending April 30 1908,
which completes the full dividend of 6% for the fiscal year ending on that
date. Compare V. 84, p. 1055, 1426.
1103
Bank and Emile K. Boisot both of Chicago, as trustees, to
secure an issue of $3,000,000 6% "first refunding mortgage
gold bonds," of $1,000 each, payable April 1 1928.
Sufficient of the neW bonds no doubt is reserved to retire at or before
maturity the $2,500,000 first mortgage 5% bonds placed in 1906-07 and
fully described, as also the property owned, in the "Chronicle" V. 84,
p. 105• V. 83, p. 1526.-V. 86, p. 339.
Laclede Gas Light Co.-Bonds Purchased.-N. W. Harris
& Co. and Harris Trust & Savings Bank of Chicago have
jointly purchased $300,000 refunding and extension 5%
bonds, which will be offered shortly. There are now
$8,100,000 of the issue outstanding.-V.84, p. 807.
Lehigh Coal & Navigation Co., Philadelphia.-Time
for Deposit of Stock in Voting Trust Extended to and Including
June 30.-The following notice is given:
Referring to the notice of the company dated March 23 1908 the trustees
for the stockholders, under agreement of Dec. 31 1904, will receive additional deposits of stock of said company under said agreement, from
June 8 1908 to June 30 1908, inclusive, at the office of the depository, the
Provident Life & Trust Co., 409 Chestnut St., Philadelphia. The trustees
have taken this action to enable subscribers for new stock, and stockholders who have not previously deposited their certificates, to place their
holdings in the trust. Compare V. 86, p. 797. 979,
Los Angeles Dock & Terminal Co.-Bonds.-.--An issue
of $500,000 6% 20-year bonds of $500 each has been authorized.
The company was incorporated in September 1905 with $1,500,000
authorized capital stock, the incorporators being C. W. Cost, It. W.
Kemp, D. D. Hieghes. C. W. Franklin, E. D. Morrison, L. P. Mayo and
Murry Mitchell of Los Angeles. Application was made in February 1906
to the War Department for permission to construct $1,000,000 worth of
jetty works at the mouth ,of the San Gabriel River (West Long Beach), to
give direct ocean entrancel to the Long Beach inner harbor then under construction by the company. The plans of the ccimpany call for about six
Miles of wharfage and channels of a minimum depth of 21 feet and a maximum depth of 32 feet. The projected harbor will be built north of Sea Side
Park, comprising 500 acres of marsh land lying three miles east of San Pedro
City. About 1,500 feet will separate it from the ocean. The tracks of
the Southern Pacific and Salt Lake RR skirt the harbor north and south
respectively.
Louisville (Ky.) Lighting Co.-New Directors.-Matt L.
Akers and D. X. Murphy have been elected directors to fill
vacancies occasioned by the death of George Gaulbert and
the removal from the city of Udolpho Sneed.-V.84 p. 1310.
Lowell (Mass.) Electric Light Corp.-New Stock.-The
company has recently been authorized by the Massachusetts
Gas & Electric Light Commission to issue $93,000, par value,
additional stock at $150 per share, par $100.
The present outstanding capitalization is as follows;
First mortgage 20-year 5% gold bonds, due Jan. 1 1914
$119,000
Stock (par value of shares $100)
930,000
Dividends at the rate of 8% per annum have been paid from May 1 1903
to Feb. 11908, Inclusive, and a quarterly dividend of $2 per share has been
declared, payable May 1 1908. The company operates In the city of
Lowell, Mass. It is managed by Stone & Webster of Boston.-V.83,p.1527.
Lynn (Mass.) Gas & Electric Co.-New Stock.-Shareholders of record Jan. 28 1907 (not 1908) are entitled to
subscribe at $235 per share (par $100) until 12 o'clock May 6
for 1,950 shares of new stock (full shares only) to the extent
of 39-161ths of a share for each old share held.
Subscriptions are payable 50% May 18 in exchange for certificates dated
May 21, and the remainder Aug. 17 for certificates issuable Aug. 21, or
payment may be made in full on or before May 18, In. which case certificates
w,11 be issued May 21.-V. 86, p. 671.
McCall Ferry Power Co.-Agreement-Status.-See report
Equitable Illuminating Gas Light Co. of Philadelphia.- of United Railways & Electric Co. of Baltimore under "AnOutput.-The statement of income from gas sales in the city nual Reports" on a preceding page.-V. 85, p. 1465.
Manufacturers' Light & Heat Co. of Pittsburgh.-Report.
of Philadelphia for the quarter ending Mch. 31, as filed with
-For quarter ending March 31:
the city authorities, compares as follows:
1908.
1906.
1907.
Cub.ft.gas3mos.en'g Mch.31_2,142,893,000 2,106,863,900 1,928,542,330
3m
$1,928,542
mos.' gross revenue
$2,106,864
$2,142,893
$263,852
Of which city receives
I $210,686
$192,854
Bills are payable quarterly, those for the December quarter not being
required for example, until Jan. 9 or 10, with rive day's additional grace.
Payment of gas moneys, therefore, cover operations during two quarters.
Under clause 12 of the gas lease, 15 cents per 1,000 cubic feet out of collections accrues to the city after Jan. 1 1908, as against ten cents per 1,000
cubic feet previous to that date. (Compare V.84, p. 1304). The consumption of gas for the first quarter of 1908, on which the former rate of 10%
accrued to the city, was 1,151,622,870 cubic feet, and that on which the
newf15°Arate applies was 991,270,030 cubic feet.-V.85, p. 1145.
3 Mos.1908
1907
Gross
Earnings.
$1,424,502
1,404,772
over Taxes.
$910,461
983,109
Balance,
Disc., &c.surplus.
$331,858
$578,603
204,295
778,814
Payment of Bonds.-The Union Trust Co. yesterday, it is
stated, paid off $400,000 of the outstanding bonds, making
$912,000 bonds retired since Jan. 1.-V. 86, p. 478.
Metropolitan Water Co., Kansas City, Kan.-City Council
Votes to Condemn Property.-The Kansas City, Kan., Council
voted April 28 to proceed at once to condemn the plant of the
company.-V.83, p. 1039.
Michigan State Telephone Co.-Bonds Offered.-N. W.
Harris and Harris Trust & Savings Bank of Chicago have
purchased and are offering $300,000 first mortgage 5% bonds,
which were held in the treasury. There are 116,581,000 of
the issue outstanding. Compare V. 86, p. 984, 921.
Minnesota Thresher Manufacturing Co.-Dividend by Receiver-Purchase of Claims by Stockholders' Committee.-The
receiver, Theodore R. Converse of Stillwater, Minn., under
an order of court recently distributed to creditors a dividend
of 88%.
Federal Railway Signal Co. Albany, N. Y.-Reincorporabelow.-V. 84, p. 1430.
tion.-See Federal Signal Co.'
Gottlieb-Bauerschmidt-Straus Brewing Co.-Interest on
Income Bonds Reduced.-The directors have declared a semi3
of 1% on the $3,500,000
annual interest payment of 4
second mortgage income bonds, payable May 1. This reduces the annual rate from 3%, the rate heretofore maintained, to 13-%. Compare V. 84, p. 999, 1184.
Helena Power Transmission Co.-Injury to Hauser Lake
Dam.-The Hauser Lake Darn, completed by the company
last year across the Missouri River, was partially washed
away on April 15, but it is estimated can be rebuilt for
The amount found to be due several years since was about $444,000, on
which interest has accumulated. Suits are still pending against some of
$250,000. The company also supplies electricity from the the
stockholders to enforce collection of the full 100% statutory (double)
Canyon Ferry Dam and its steam station in Butte.-V. 86, liability. The greater part of the stockholders have, however, contributed
$27 per $50 share to a stockholders' committee formed last July, with
p. 112.
Lincoln R. Welch of Fitchburg, Mass., as Chairman and Charles P. Searle
Hudson County (N. J.) Water 00.-Unfavorable Decision of 50 Congress St., Boston, as counsel, who have purchased 99% in amount
claims against the company. The committee paid the assessment in
of
Affirmed.-The United States Supreme Court on April 6 fullthe
to the receiver in behalf of the contributing stockholders and received
(Justice Holmes writing the opinion) affirmed the decision for their benefit the dividends paid by the receiver on the claims purchaseil
by the committee. The litigation will be continued against the nonof the State courts, which sustained the constitutionality contributing
stockholders and meantime the receiver will, of course, not
of the Act of May 11 1905 forbidding the diversion of the be discharged. Compare V. 85, p, 472; V. 84, p. 117.
potable waters of the State to another State. This prevents
Mohawk Mining 0o.-Report.-For calendar years.
the carrying out of the contract to furnish 3,000,000 gallons Fiscal Gross Mining Constr. Surp Previous
Div'd.
Surplus.
earns,
rizid.
Dec. 31.
year
profit, expenses for year. surplus.
daily to Staten Island. Compare V. 83, p. 1414.
Hudson Navigation Co.-Coupon Payment.-Coupons due 1907 1,585,784 501,758 103,353 398,405 1,059,417 (36)900,000 557,822
1,842,341 857,176 93,873 763,302 796,114 (20)500,000 1,059,416
May 1 1908 on tile first mortgage 5% bonds of the New Jer- 1906
Capital stock, $2,500,000; par, $25. Refined copper produced, 10,107,sey Steamboat Co. were paid on presentation at the National 266 lbs. In 1907 against 9,352,252 lbs. In 1906 and 9,387,614 in 1905.
Copper Bank, No. 115 Broadway, New York.-V.86,p.724.
Newhouse Mines & Smelters Co.-On Boston Unlisted.Inland Steel Co., Chicago.-First Refunding Mortgage.- The company's 600,000 shares, par $10, have been admitted
A mortgage has been tiled to the First Trust & Savings to the unlisted sheet of the Boston Stock Exchange.
The stock was placed on the unlisted department of the New York Stock
Exchange in April 1907. The official statement made at that time was
published in the "Chronicle" of April 20 1907, p. 939.-V. 85, p. 1465.
New York Air Brake Co.-Bonds Oversubscribed.-The
$3,000,000 6% convertible bonds offered to shareholders of
record April 15, it is announced, were largely over-subscribed.
Compare V. 86, p. 725, 797, 921.
New Office.-The New York office of the company has
been removed from 66 to 165 Broadway.-V.86, p 921.
Nicholson File Co., Providence.-Option to Subscribe
for Stock Re-Issued.-Shareholders of record are offered the
right to:subscribe on or before June 15, when full payment
must be made, at $150 per share plus interest at 6% per
annum from April 10,in amounts equal to 10% of their respective holdings, for 5,000 shares of the company's stock
which was bought in by the company under authority given
at the annual meeting on Feb. 12 1908 and is now to be reissued.-V. 83, p. 1527.
North Butte Mining Co.-Report.-For years ending Mch.31.
Fiscal
year.
[VOL. Lxxxvi.
THE CHRONICLE
1104
Gross val. Oper. exp. Net
ores.
& impr.
profits.
Div'ds.
paid.
Total
Balance
sur. or def. sur.Mar.31
1907-8_ 2,703,971 1,846,091
857,880 a1,600,000 def.742,120 1,352,886
1906-7_ 6,694,844 3,071,681 3.623,162 x3,200,000 sur.423,162 2,127,970
a In 1907-8, 26 2-3%. x In 1906-7, 53 1-3%. Compare V.85, p.1344.
In 1907-8 there was 16,520,062 lbs. of copper produced, against 32,865,907 in 1906-7 and 30,954,788 in 1905-6. Average price received 16.6
cents per pound against 20.37 in cents 1906-7 and 16.47 cents in 1905-6.
-V. 85, p. 1344.
North Electric Co., Cleveland.--This company, which
manufactures telephone exchange equipment, has increased
its capital stock from $1,750,000 to $2,250,000. No bonds.
The stock now consists of $1,250,000 common and $1,000,000 7%
cumulative preferred, of which there is outstanding the entire amount
of common and $502,000 of preferred; par of shares $100. In 1907 the
National Engineering Corporation of Baltimore, which was formed to Manufacture the "Clement-Auto-Manual Telephone Switch Board," and had
been in existence several years, was consolidated with the North Electric
Co., the latter having during 1907 increased its capital stock from $250,000
to 31,750,000. C. H. North is President and George C. Steele is Secretary
and Treasurer.
Northern Navigation Co. of Ontario, Toronto.-New Stock.
--The following notice was given at Toronto, April 23:
The United States Lumber Co. owns the entire $1,000,000 capital stock
of the Scranton Lumber Co.; also the entire capital stock of the Lackawanna Lumber Co., of Pennsylvania, and the J. J. Newman Lumber Co.,
of Hattiesburg, Miss. Through the ownership of these subsidiary companies the United States Lumber Co. owns something over 4,000,000,000
feet of standing yellow pine timber in Mississippi and operates three large
modern lumber-manufacturing plants located at Hattiesburg and Sumrall,
Miss., which in point of economical operation are not excelled in the South.
The United States Lumber Co. built and now owns the Mississippi Central
RR., running from Hattiesburg, Miss., the centre of Its timber holdings,
west to Brookhaven. Miss., about 84 miles, and it also built and owns the
Natchez <so Eastern Railway Co., which Is an extension of the Mississippi
Central RR. from Brookhaven to Natchez, Miss., 66 miles, thus possessing
unsurpassed facilities for marketing its product and has the most complete
organization to successfully conduct the lumber business in every detail.
This mortgage is a first lien on about 54,450 acres of uncut virgin timber
lands, well grouped, located in Perry and Greene counties, Mississippi,
heavily timbered with long-leaf yellow pine. The trust deed provides that
none of the timber standing on the lands covered by this bond Issue is to
be cut or turpentined during the life of this bond issue.
Abstract of Letter from F. L. Peck. President United States Lumber Co.,
Scranton, Pa., Feb. 26 1908.
The Scranton Lumber Co. Is a Delaware corporation, organized with a
paid-up capital of $1,000,000 (all owned by the United States Lumber Co.)
for the purpose of acquiring timber holdings located in Perry and Greene
counties, Miss., approximately 25 miles from Hattiesburg, consisting
of about 56,000 acres, estimated by J. D. Lacey & Co. to contain standing
yellow pine timber of over 600,000,000 feet. The Gulf & Ship Island RR.
runs within a short distance on the west, the Mobile Jackson & Kansas City
RR. on the east and the Mississipi Central RR., which is now building to
the Gulf, has already been completed to within 10 miles of these lands,
and eventually will pass directly through them.
Balance Sheet of the United States Lumber Co. (of N. J.), the Guarantor
of the Bonds, Dec. 31 1907.
AssetsLiabilitiesCash on hand
$91,269 Capital stock
$6,000,000
1st M. bonds Natchez &
Surplus
2,011,497
Eastern By. Co
1,540,000 Bills payable
1,345,141
Stock Great Southern LumReserve for dividend
120,000
ber Co. (par)
375,450 Bonds of subsidiary comTimber lands and real
panies
76,000
estate, 260,000 acres
"4,159,703 Accounts payable
186,330
4 mills (latest Imp'ts),Rrts.
timber,
&
equip't
Into
1,367,610
Advances to build Natchez
& East. RR. und Pascaextension
of
Misgoula
sissippi Central RR__ _
475,847
Accts. and bills receivable_
952,046
Logs, lumber and supplies
on hand (at cost)
777,043
Total
$9,738,968
Total
$9,738,968
'Being cost when acquired 5 to 10 years ago at $1 per 1,000 ft. stumpage.
Explanation in Regard to Assets in Aforesaid Balance Sheet.
1. First mortgage bonds of the Natchez & Eastern Railway Co., $1,
540,000.-The Natchez & Eastern By. Co.is an extension of the Mississippi
Central RR. from Brookhaven, Miss. to Natchez, Miss., 66 miles. It is a
standard-gauge road with 80-lb. steel rails and steel bridges, traversing a
of Mississippi heretofore without railroad facilities. Three years
Ohio Public Service Co.-Bonds Offered.-A company with section
ago the United States Lumber Co. built the Mississippi Central RR., extendthis name and an office at 107 West Third St.,Cincinnati,re- ing from Hattiesburg, Miss. (the centre of its timber holdings), west to
Brookhaven, Miss., about 84 miles, and bonded it for $1,680,000 and
cently offered for sale at par and interest $25,000 6% gold stocked
itfor $1,500,000. A leading New York house purchased the bonds
bonds "secured by first mortgage on its new plant at Brad- (V. 85, p. 221). This road has not only been earning and paying its bond
but dividends of 6% per annum upon its $1,500,000 of stock, and
ford, Ohio, where it has a 25-year franchise and 10-year Interest,
has accumulated a substantial surplus. These bonds are all closely held by
street-lighting contract."
Investors and are to-day selling around par. The United States Lumber
Co. encouraged the building of this road and largely financed it (as It has
Pacific Coast Co.-Reason for Dividend Reduction.-A cir- also
done with Its extension, the Natchez & Eastern) because of the added
outlet for the product of Its mills, furnishing as it does a connection with the
cular accompanying the dividend checks says:
to 1 Y,% is on account of failing Missouri Pacific at Natchez and water transportation on the Mississippi
The reduction in the dividends from 1
off in receipts and profits, because of the panic and depression in business River at that point. The Natchez & Eastern is now practically comthroughout the country. The property of the company is In excellent pleted (it will be opened for traffic over Its entire length by May 1 1908)
condition. It is hoped and expected that business will imnrove, and that and negotiations are now in progress looking to an early sale of the bonds
our receipts and profits will increase in the near future. See V.86,p.797. owned by this company, which bonds cover advances made from time to
time as the work progressed.
People's Gas Light & Coke Co., Chicago.-Additional
2. Stock of the Great Southern Lumber Co.. $375,450.-This stock is
carried on our books at par (which represents the cost to us), and could be
Bonds Sold.-The company has sold to N. W. Harris & Co. sold
to-day at a nigher figure. The company is controlled and largely
and the Harris Trust & Savings Bank an additional $1,000,- owned by the Goodyears of Buffalo,
the well-known lumbermen. The
consists of between 500,000 and 600,000 acres of virgin yellow
000 of refunding mortgage 5% bonds, making the total property
pine timber situated In Louisiana and Mississippi.
amount outstanding $12,400,000. The proceeds will be used
3. Timber lands and real estate, 54,159,703.-This item comprises about
acres of virgin yellow pine timber lands, besides lands from which
to provide for improvements, extensions and betterments, 260,000
the timber has been removed. Making full allowance for timber already
including the company's new office building. Compare cut off, we still have a conservative estimate of four billion feet of timber.
This property Is carried on our books at Its original cost, and stumpage
V. 86, p. 725, 419.
has been credited to the land for timber already removed at a price more
Pittsburgh (Pa.) Oil & Gas Co.-Earnings.--For the fiecal than sufficient wipe out the Investment when all the timber has been
and show considerable profit. These lands are conservatively
removed,
31:
years ending March
worth to-day from $12,000,000 to $15,000,000, this estimate being based
1907-08.
Fiscal Year1906-07.
1905-06.
$1,236,512 $1,435,240 $1,208,905 on a valuation of $3 to $4 per 1,000 feet for the standing timber. The
Gross earnings
land already cut over is worth $250,000 to $300,000 in addition.
728,330
Expenses and interest
823,783
886,780 timber
4. Plants and railroad equipment, 81,367,610.-This Item comprises
four
saw
mills with latest Improvements, all built within live years, having
$508,182
Net
$611,457
$322,125
include
The increase In Investments for the year was $70,876, against $351,284 a total capacity of 900,000 feet per day of 22 hours. These mills consist
dry-kilns, extensive planing mills, &c. Railroads and equipment
in 1906-07, and the decrease in indebtedness was $437,306, against a of
loco15
60
of
rails,
miles
logging
railroad,
laid
with
40
and
steel
45-lb.
decrease In 1906-17 of $260,173.-V. 85, p. 1579.
motives, 10 log-loaders and several hundred logging cars.
-This
Rotary Ring Spinning Co., Boston.-Reduction of Stock- 5. United States Construction Co., cash advanced, $475,847.
representing cash advanced for the construction of the Natchez
Option to Subscribe for New Shares.-The stockholders on amount,
& Eastern Ry. and the Pascagoula extension of the Mississippt Central RR.,
concluMarch 10 1908 voted to amend the certificate of incorpora- It Is expected, will be paid back to us in the near future, upon the
of arrangements for the permanent financing of the railroad property.
tion by decreasing the authorized capital stock from $5,700,- sion
6. Bills receivable, $510,000.-Represents notes due from the purchasers
000, divided' into 57,000 shares, par $100, to $1,000,000, of our West Virginia lands, secured by first mortgage on the property.
Logs, lumber and supplies on hand, $777,043.-Inventory of stock
divided into 100,000 shares, par value $10. Under date of on7.hand,
figured at cost.
March 17, shareholders of record were offered the right to
8. This company has been a large manufacturer of yellow pine lumber
1896 at Hattiesburg, Miss., which Is about the centre of its timber
subscribe pro rata at par ($10 a share) until April 15 for $52,- since
holdings, and at Sumrall,
20 miles west of Hattiesburg, since 1902.
130 new stock in the proportion of one share for each ten Hattiesburg is situated 110Miss.,
miles from New Orleans, on several railroads.
Miss.,
is
Sumrall,
on
the
Mississippi Central RR. The company has earned
shares held, the issue having been underwritten.
About 80% of the $100,000 stock of the American Worsted Machinery and paid not less than 8% dividends in cash annually to Its stockholders
Co., which owns a manufacturing plant at Abington, Mass., was recently since its organization, and Its lands comprise one of the finest bodies of
acquired, with a view to manufacturing the rings and placing them on the yellow pine timber in the State of Mississippi.
Officers: F. L. Peck. President; C. D. Jones, Vice-President; G. F.
market. Charles S. Smith is now President of the Rotary Company,
Royce, Secretary; John T. Porter, Treasurer; E. S. Peck, Assistant SecreBALANCE SHEET OF JAN. 1 1908.
tary and Assistant Treasurer.
Assets ($5,701,972).
I
Liabilities ($5,701,972).
Security Investment Co., Pittsburgh, Pa.-Plan for RePatents
$5,701,525 Cap. stock ($487,000 unCash
447
sold)
$5,700,000 organization of the Company.-See letter of President George
'Loans ($1,175) and surWestinghouse under Westinghouse Electric & Manufacturing
-V. 84, n. 275.
I plus ($797)
1,972
Co. below.-V. 86, p. 550.
. Scranton Lumber Co.-011ering of Guaranteed Bonds.
• Notice Is given taat at a meeting of the board of directors, held to-day, it
was decided to Issue $160,000 new stock, making, with the $840,000 now
existing, the total capital $1,000,000. Shareholders on record May 30 1908
will be.invited to subscribe at par for one share for every five shares of their
then holding, payable 20% on each of the following dates: July 2. Aug. 1,
Sept. 1, Oct. 1 and Nov. 2. H. H. Gildersleeve is Manager.-V.73, p. 394.
I
Clark L. Poole & Co., First National Bank Building, Chicago,
are offering at par and interest $1,000,000 6% first mortgage
gold bonds dated April 1 1908; denominations, $1,000 and
$500 each (c*); principal due $250,000 Oct. 1 1911, $250,000
April 11912, $250,000 Oct. 1 1912, $250,000 April 11913.
Principal and interest (payable at Central Trust Co. of Illinois, trustee, Chicago) guaranteed unconditionally by the
United States Lumber Co., which has a capital and surplus
of $8,011,496, and among its directors a number of the most
prominent business men of Scranton, Pa A circular says
in substance:
Shelby Iron Co., New York.-Dividend Omitted.-This
company, which from 1905 to 1907, both inclusive, paid
annual dividends of 5%, has decided not to make this year
the usual annual distribution, as trade conditions do not
warrant the same.-V. 82, p. 1215.
Sherwin-Williams Co., Cleveland, 0.-New Stock Authorized.-This important manufacturer of paints, &c., has filed
in Ohio a certificate of increase of authorized capital stock
from the present amount, $3,500,000 (of which $2,500,000 is
common and $1,000,000 7% cumulative preferred), to
$6,000,000, consisting of $4,000,000 coinmon'and $2,000,000
MAY 2 1008.1
preferred, part of the preferred being 6% and the remainder
7%. The new stock, no portion of which has been issued,
is to be sold to provide for extensions and additions either
already made or to be made. Compare V.83, p. 1475, 1360.
Street's Western Stable Oar Line.-Report.-For years:
Divs. on Balance
Int. on Total net Divs. on
Cal.
Net
. (7%). Com.(2%). Surp.
YearEarns. Bonds, ctc Income. Pref.
$76,694 $95,938
$299,828 $72,813 $227,015 $54,383
1907
54,383
76,694
93,210
224,287
81,102
305,390
1906
Total net surplus Dec. 31 1907, $1,349,432.-V. 86, p. 606.
Tamarack Mining 0o.-Report -For calendar year:
New
Gross
Dividends
Bal., sur.
Total
Total
on stock.
or del.
constr'n.
Year. Receipts. Expenses. Profit,
1907__81,835,970 $1,751,835 $84,135 (16%)$240,000 $93,410 def.$249,277
1936__ 1,917,232 1,413,084 504,148 (20%) 300,000 90,518 sur. 113,630
1915_ 2,448,240 2,029,119 419,121 (20%) 300,000 86,414 sur. 32,707
The dividend charged against the 1907 earnings ($4 per share) was paid
July 23 1907 (V. 84, p. 1554) Fine copper produced, 11,078,604 lbs.
In 1907 (of which 6,931,397 lbs. sold during 1907), against 9,832,644 lbs.
In 1906 and 15,824,008 lbs. In 1905: average price received, 18.38 cents
in 1907, against 18.85 cents In 1906 and 15.47 cents in 1905.-V. 84,
p. 1556.
Texas Oilfields, Ltd.-"Speetal Settling Day" in London.The London Stock Exchange has appointed a special settling
day for 215,000 vendors' shares of £1 each,fully paid Nos. 1
•
to 108,333 and 218,334 to 325,000.
Trenton (N. J.) Watch 0o.-Sold.-At the foreclosure
sale held in Trenton, N. J., on April 23, the company's
property was bid in by Russell Lord Tarbox of New York
City. The purchase price was $50,000. The Trenton Trust
& Safe Deposit Co. was mortgage trustee.-V. 78, p. 1449.
United Gas Improvement Co., Philadelphia.-New Director.-Morris L. Clothier has been elected a director to succeed
the late Samuel R. Shipley.
Results in Philadelphia.-See Equitable Gas Light Co. of
Philadelphia above.-V. 86, p. 797, 484.
United States Lumber Co.-Offering of Guaranteed Bonds.
-Balance Sheet, &c.-See Scranton Lumber Co. above.
-V. 86, p. 173.
Utah Consolidated Mining 0o.-Report.-For cal. years:
Cal.
Year-
Total
Profits.
Net
Pro
Profits.
p
Previous
Surplus.
Dividends
Paid.
General
Total
Reserve. Surplus.
1,530,641
1907....2,939,070 1,179,413 2,451,228 (140)2,100,000
19064,606,915 2,835,009 1,466,210 (100)1,500,000 350,000 2,451.228
The diOdends as above include $7 per share (par $5) paid in 1907, against
$5 In 1006. In Jan. and April 1908 quarterly dividends of 50 cents each
(10%) were paid. Compare V. 85, p. 1592. Copper bullion and supplies
on hand Dec. 311907, $1,205,131, against $1,853,210 in 1906. There were
produced, 13,987,551 lbs. line copper, 390,296 or.. fine silver and 34,555 oz.
gold in 1907, against 18,533,974 lbs. of copper, 457.812 oz. of silver and
42,601 oz. of gold in 1906.-V. 86, p. 289, 55.
Westinghouse Electric & Manufacturing Co.-Stockholders
Must Subscribe or Lose Their Equity.-Circulars have been
sent out under date of April 28 by President George Westinghouse and also by the stockholders' committee, Charles
Francis Adams, Chairman, urging on the shareholders the
vital necessity, if their equity is to be preserved intact, of
subscribing for their pro rata amount of new common
(` assenting") stock (one share for each four shares or
fraction held) as required by the plan of the Merchandise
Creditors' Committee (compare V. 86, p. 922).
President Westinghouse says in part:
Your affairs h ,ve been efficiently administered by the receivers, and
sInco their appointment the direct and contingent liabilities of the company
with reference to its Canadian and European interests have been reduced
by $1,750.0,. They have also converted Into cash a large amount of
se rplus materials, raw in process and finished, on hand Oct. 23 1907.
Your Interest in the company as a stocicholder is nevertheless In serious
jeopardy. Your creditors have been very indulgent and have already
gi Jen a total of seven months (until June 1) to permit an adjustment conserving your Interests. •
The Readjustment Committee me willing to accept the plan of the Merchandise Creditors' Committee in place of their own bond-mortgage plan,
provided the company promtly provides subscriptions at par to $10,000,000 of new "assenting stock," of which amount $4,000,000 is to be provided
by creditors tnrough the exchange of their claims therefor at par, and $6,000,000 must be provided by stockholders. In • less than twenty days
creditors representing $3,250,000 of such claims have signed or agreed to
sign the agreement. The committee are confident that the entire $4,000,000
of subscriptions will be in hand soon.
In the spring of 1907 the financial requirements of the company were so
urgent that we Invited you to subscribe for $5,000,000 assenting stock.
There was no material response. In order to meet the situation resulting
form this lack of support, the Security Investment Co., with the aid of
my Personal resources (the Investment Company and myself owning together about 50% of the outstanding assenting and preferred stock), Made
large contributions to the company in an effort to maintain its solvency.
These efforts resulted In the exhaustion of my own resources, as well as
those:of the Security Investment Co. It is, however, my expectation that,
through a plan and agreement recently submitted to the creditors of the
Security Investment Co., which has already been accepted, signed or agreed
to by many of its lagre creditors, the assenting stock required to be taken
by that company will be provided for, as well as the stock required to be
taken by me personally.
There have, however, already been deposited under the Readjustment
Committee's plan of Jan. 20, more than a majority of all the creditors'
claims, and this majority empowers the readjustment committee to determine the advisability of a sale of the company,so that a failure on your part
to subscribe for one new share of assenting stock for each four shares or
fraction thereof of preferred and assenting stock held by you will almost
certainly result In a sale of your property for the benefit of creditors and
the elimination of all present stock interests. Should the usual course of
a sale to a new company be adopted, there undoubtedly would be some
provision for a participation by those stockholders who will submit to an
assessment In order to retain their interest In a greatly depreciated equity:
but this assessment will certainly be larger In amount and upon more onerous terms than the subscription now solicited.
[The stockholders' committee states that over 500 stockholders have
already subscribed for the new stock, at an average rate slightly above one
share for every four shares of existing stock held by them, these subscriptions being exclusive of the very considerable amount already under agreement in the interest of the Security Investment Co.-Ed.)
Meeting Not Held.-Owing to the proposed substitution
of the plan of the Merchandise Creditors' Committee for the
plan of the Readjustment Committee,the meeting called for
April 29 was not held.
Settlement with French Subsidiary.-Judge Young in the
United States Circuit Court at Pittsburgh recently authorized
the , receivers, to return .2,500,000 francs (par value) deAnonyme of Paris to that company,
bentures of the Societe
•
the amount named to be credited_ upon the balance due on
1105
THE CHRONICLE
the Westinghouse subscription to 10,000,000 francs debentures of the Societe Anonyme.
Removal.-The New York offices of the company have
been removed from 111 Broadway and 11 Pine St. to the
City Investing Building at 165 Broadway. (Telephone
8607 Cortlandt.)-V. 86, p. 922.
York Haven (Pa.) Water & Power 0o.-Bonds Offered.Earnings &c.-Julius Christensen & Co., Drexel Building,
Philadelphia, who are offering at 92 JA and interest $100,000
5% sinking fund consolidated mortgage gold bonds, say:
Financial Statement.
Capital stock
$3,000,000
1st mortgage 5% bonds, due 1951 (V. 77, p. 2103)
1,500,000
2nd mortgage 8% bonds, due 1924. redeemable at 105 In 1909
(V. 78, p. 2390)
1,000,000
Consolidated mortgage 5% bonds dated May 1 1907 and due May
11957, but redeemable at 105 on or after May 1 1927. Authorized, $4,000,000: outstanding
300,000
Of the $4,000,000 consolidated 5% bonds, $1,500,000 are held by the
trustee to retire the 1st M. 5% bonds due 1951 and $1,050,000 to retire at
105 the $1,000,000 2d M. 65 In 1909: the balance, $1,450,000, can only be
Issued for extensions, for which purpose $300,000 have now been Issued, of
which we offer $100,000 for sale.
P ant and Contracts for Power.-The company now has installed 10,000
H. P., and contracts for the installation of 10,000 H. P. additional have
been let, and the preparatory work Is now under way. The present 10,000
H. P. has all been contracted for, and will be fully employed before July 1
1908. About 7,000 H. P. Is being delivered, and the remainder has
been contracted for by three large corporations, which have commenced taking power. and will absorb the entire remaining 3,000 H. P.
before July 1 1908. About 5,000 H. P. additional has been contracted for,
for delivery during the present year, and the balance of the new installation of 10,000 H. P. has laeen spoken for and will undoubtedly be contracted
for by the time the machinery is ready.
Earnings for the Six Months ending Dec. 31 1907 (on only about 7,000 II- P.).
Gross earnings
$111,863 Net earnings
$96,041
Operating expenses
15,822 Interest charges
71,000
1
Net earnings
$96,041
Balance, surplus
$25.041
By July 1 1908 the earnings should reach at least $25,000 per month from
the present installation of 10,000 H. P., without increase in operating expenses or Interest charges. The raceway, retaining wall, dam, wheel pits,
foundations, &c. have been built for the installation of 20,000 H. P. and
the company thus has an investment of $1,000,000 In property which
will bring no revenue until th • additional 10,000 H. P. Is installed. The
construction of the plant Is of the most substantial character. The company owns in fee simple abcut 410 acres of land suitable for manufacturing
sites, and also Duffy's Island, o' about 400 acres of land, upon which Its
dam rests. The plant is within easy transmitting distance of cities and
towns containing a populaticn o about 200,000, and using about 65,000
H. P , which prior to the ad% eat of the company was generated by steam
at a cost of about $100 per H. P.'
'- en annum. The York Haven Water &
Power Co. obtains about $50 per H.P.-V.84. p. 1253.
-G. Elliotte Little, C. P. A., and Edward C. Goodman,
C. P. A., on Thursday formed a co-partnership under the
firm name of Little & Goodman, certified public accountants
and auditors, with offices in the United States Express
Building, 2 Rector St., New York. Mr. Little has practiced public accountancy in New York under his own name
for many years and was formerly associated with his father,
Stephen Little, acquiring an expert knowledge of corporation and banking business. Mr. Goodman was also
associated with Stephen Little for six years and was
identified with the Audit Company of New York as chief
accountant and later for two years as manager of the company's Philadelphia office. He was also Comptroller of
the General Asphalt Co. in Philadelphia.
-Mr. George G. Henry, Vice-President of the Guaranty
Trust Co. of New York, has written a useful little book
entitled "How to Invest Money." A chapter is devoted to
each class of securities and the writer discusses the general
principles of investment and the market movement of securities. Rink & Wagnalls Co., publishers New York and
London; price, 75 cents; by mail, 82 cents.
'
-James B. Colgate & Co., members of the New York Stock
Exchange, 36 Wall Street, announced yesterday that Mr.
Craig Colgate had been admitted to the firm as a general partner. • Mr. Craig Colgate was formerly connected with the
bond house of N. W. Halsey & Co., 49 Wall Street, New
York, having been identified with them for the past six
years, almost since the formation of that concern.
-The New York Stock Exchange ,firm of Waterman,
Anthony & Co., was dissolved on April 30, owing to the
retirement of N. W. Anthony. The other partners will
continue the bus:ness under the name of Waterman & Co.,
with offices at 67 Exchange Place and 5 West 58th Street.
The members of the new firm are E. D. Morgan Waterman,
Albert McClave and C. A. Clemons.
-Mr. George H. Miles, formerly manager of the bond
department of Shoemaker, Bates & Co., will on May 1st.,
enter into partnership with Messrs. Henry Murphy & Bros.,
at 33 Wall St. Mr. Miles will continue to make a specialty
of dealing in high-grade railroad bonds and notes.
-J. H. Wrenn & Co., Chicago, have decided to close
their offices in the Railway Exchange Building. J. H
Wrenn & Co. took the Railway Exchange office last year
after the retirement of Charles G. Gates & Co.
-Messrs. Suffern & Son, certified public accountants, announce the removal of their offices to the City Investing
Building, 165 Broadway. Telephone, 5380-2 Cortlandt.
-Toby & Lamarche, 25 Broad St., this city, invite
correspondence on Schwarzschild & Sulzberger Co. 6%
debentures due 1916, which they are ready to deal in.
-Spencer Trask & Co., New York, have issued the fourth
edition of their circular giving stat:stics covering 27 of the
better class of railroad and industrial stock issues.
-Schmidt & Gallatin, members of the New York Stock
Exchange, 111 Broadway, will buy and sell Illinois Central
rights "when issued."
-Lawrence Turnure & Co. announce the removal of their
office on May 1 from 50 Wall Street to 64-66 Wall Street,
[VOL. Lxxxvi.
Tim CHRONICLE
1106
Whe Tomintrtiai
COMMERCIAL EPITOME.
Friday Night, May 1 1908.
A process of slow improvement is going on, but tile note of
caution struck many months back still governs business
everywhere. The outlook for the crops seems to be good,
and the export business in wheat has noticeably increased,
coincident with diminished foreign shipments, while the
ready placing of the Pennsylvania R.R. loan and the rise
the in value of securities have had a good effect.
LARD on the spot has advanced, owing to a rise in the
market for futures at the West, an advance in the live-hog
market, smaller receipts of hogs and light offerings. A better inquiry has been reported at times, but the sales have
been limited to small lots. Western 8.50c. and City 814c.
Refined lard has been firmer for Continent and steady for
other grades. Trade has been quiet. Refined Continent
9.10c., South America 93/2 ®9Yic. and Brazil, in kegs, 11c.
The speculation in lard futures at the West has been active
and prices have advanced under the stimulus of a diminished
live hog movement, buying by commission houses and covering of shorts. Packers have been the principal sellers.
DAILY CLOSING PRICES
Sat.
8.0734
8.27M
8.47M
May delivery
July delivery
September delivery
OF LARD FUTURES IN CHICAGO.
Tues.
Wed. Thurs.
Mon.
Fri.
8.07M 8.373
8.35
8.25
8.00
8.30
8.20
8.573', 8.55
8.423',
8.423', 8.473', 8.773', 8.723', 8.623',
COTTON.
Friday Night, May 1 1908.
THE MOVEMENT OF THE CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
58,162 bales, against 58,955 bales last week and 69.595
bales the _previous week, making the total receipts since
the 1st of September 1907, 7,614,930 bales, against 9,264,865
bales for the same period of 1906-07, showing a decrease
since Sept. 1 1907 of 1,649,935 bales.
Total.
Wed. Thurs. Fri.
Receipts atSat.
Mon. Tues.
2,232 20,132
3,284
Galveston
3,469
3,007
3,123
5,017
824
Port Arthur_ _ _ _
213
- ---213---- --------------------_
CorpusChristi,&c
New Orleans__ _ _
1,570
4,iiii
4;217
7 3-,;1-7ii 5,430 20,327
1'70325 2,335
Mobile
653
560
561
66
815
Pensacola
815
355
-56-6
Jacksonville, &c.
_
iiii1,629 7,873
Savannah
1,481
1,570
1;1313
1,233
Brunswick
313
19
Charleston
85
87
23
34,
Georgetown
972
Wilmington
59
218
226
-iii -'2:11
- -i-)i
2,084
Norfolk
440
'
'
296
Newp'tNews,&e.---------------___---296
___
___
________
New York
____
164
Boston
20
20
'
1,091
148
---------------_
Baltimore
943
368
48
Philadelphia_
60
13
110
41
96
--8,125
9,763 11,909
Totals this week_
9,724 11,245 7,396 58,162
The following shows the week s total receipts, the total
since Sept. 1 1907, and the stocks to-night, compared with
PORK on the spot has been easier, owing to dulness of last year:
trade and larger offerings. Mess $14 50@$15 25, clear $16 50
Stock.
1907-08.
1906-07.
®$17 25 and family $16 50®$17. Beef has been firm with
Receipts to
•
May 1.
This Since Sep This Since Sep
offerings and supplies light. Trade has been quiet. Mess
1907.
week.
1 1907. week.
1 1906.
1908.
$13®$13 50, packet $14@$15, flank $13®$13 50, family
---92,330 128,159
20,132 2,285,869 26,193 3,736,280
$16 ®$16 75 and extra India mess $23 50@$24 50. Cut Galveston
824
Port
Arthur
.
108,500
132,823
meats have been quiet but firm; pickled hams 10@103
/ c., Corpus Christi,&c
37,825
213
4,091
68,019
and pickled bellies, 14®10 lbs., WI ®9%c. Tallow has New Orleans ____ 20,327 1,813,674 15,835 2,178,701 163,957 148,670
12,288
2,335 305,515
11,801
Mobile
1,482 245,353
been firmer and fairly active; City 53' ®5%c. Stearines Pensacola
815 154,835
3,460 135,118
355
have been quiet and firm; oleo 113/2c. and lard 1014®10Me. Jacksonville, &c_
8,176
____
6,962
55,974
61,440
7,873 1,436,170 13,195 1,403,848
Butter has been moderately active and weak; creamery ex- Savannah
7,768
8031
197,656
Brunswick
697 168,168
8,548
13,657
tras 26Mc. Cheese has been quiet and steady; State, f. c., Charleston
313 191,795
364 145,264
1,095
____
387
small, colored, fancy, 141Ac.; white 15c. Eggs have been Georgetown
1,639
5,122
972 472,442
Wilmington
1,522 315,328
®16c. Norfolk
20,398
active but weaker on large supplies; Western firsts
22,017
2,084 500,020
5,524 535,311
1,050
38,066
News,&c
296
6,391
445
OIL.-Cottonseed has been active and firm; prime summer Yewport
04,871 168,196
20,879
3,438
676
New York
.
6,336
11,371
69,997
164
531
12,002
yellow 423/
2 ®43Mc. Linseed has been firm. The demand Boston
8,958
10,458
50,105
Baltimore
1,091
681
701885
has been fairly active but still confined to small lots. City, Philadelphia
1,276
1,249
7,458
368
14
8,750
--- ------------------- -----raw, American seed, 42®43c.• boiled, 43©44c.; Calcutta,
Total
58,162 7,614,030 74,710 9,264,865 479,085 579,251
raw, 70c. Lard has been dull and easier; prime 68©70c.
and No. 1 extra 53@55c. Cocoanut has been dull but firm on
In order that comparison may be made with other years,
small supplies; Cochin 8®83/2c. and Ceylon 6/
3g ®6%c.
Olive has been quiet and steady; yellow 68©75c. Peanut we give below the totals at leading ports for six seasons:
has been quiet and steady; yellow 65®80c. Cod has been Receipts at- 1908.
1003.
1004.
1905.
1907.
1906.
___----fairly active and steady; domestic 42®43c. and Newfound8,502
22,890
Galveston _ _ _
31,905
20,132
20,172
26,103
land 44@45c.
261 '
13,784
7,086
PLArthur,&c.
59
1,037
4,091
COFFEE on the spot has been quiet and steady at 5% ® New Orleans_ 20,327 15,835 21,058 35,516 13,246 20,664
3,961
17
520
Mobile
2,121
2,335
1,482
quiet
been
India
growths
have
6c. for Rio No. 7. West
3,72
38,366
6,595
Savannah _ _ _
10,130
7,873
13,195
5,947
789
4,872
and steady; fair to good Cucuta 9@10c. The speculation Brunswick _ _ _
697
4,913
51'
213
3,742
364
313
in future contracts has been moderately active. Early in Charleston,
4,913
2,662
312
Wilmington_ _
1,522
972
17,564
the week prices advanced, influenced by firmer European Norfolk
6,400
3,267
3,348
5,524
2,084
1,696
284
197
87
N'port N., &c
445
296
and Brazilian advices, light receipts and offerings, cover- All
'5,644
6,045
5,243
5,201
others_ _ _
5,362
2,793
ing of shorts and buying by local dealers and roasters. Of
83,458 164,209
34,774
68,615
74,710
58,162
late, however, the market has shown a reactionary tendency Total this wk_
owing to renewed liquidation and weakness in Europe. Since Sept. 1_ 7,614,933 9,264,865 7,125,706 8,542,017 6,902.11517,373,384
Foreign houses have sold here to some extent.
The closing prices were as follows:
The exports for the week ending this evening reach a total
5.90c.'January
6.00c.
5.80c. ISeptember
May
10,509 were to Great Britain,
5.90c. I February
,6.00c. of 54,530 bales, of which
5.80e. I October
June
5.90e. I March
6.05c. 4,325 to France and 39,696 to the rest of the Continent.
5.85e. INovember
July
5.95c 'April
6.05e.
Am,ust
5.85c. December
Below are the exports for the week and since Sept. 1 1907.
SUGAR.-Raw has been quiet and easy though without
From Sept. 1 1907 to May 1 1908.
Week ending May 1 1908.
marked change. Centrifugal, 96-degree; test, 4.42@4.48c.,
Exported toExported tomuscovado, 89-degrees test, 3.92®3.98c., and molasses,
Exports
ContiGreat
89-degrees,test 3.67@3.73c. Refined has been active and
Great
ContifromTotal.
Britain. Fence nent. Total: Britain. France. nent.
firm. Granulated 5.40c. Spices have been steady with
trade quiet and on a hand-to-mouth basis. Teas have been Galveston _
3,450 3,450 878,382313,682 821,475 2,013,539
60,476 108,500
48,024
824
Port Arthur_ __
824
in moderate demand and generally steady. Hops have Corp.Christi,&c
2,89
2,896
been dull and steady.
New Orleans_ _ 3,707 4,060 6.170 1-3,877 779,615 226,67 609,557 1,614,847
67,409 62,56
110,062 230,039
Mobile
9,745.
3,223
6,525
• PETROLEUM.-Refined has been firm. Export de- Pensacola __
43,729 48,61
67,444 159,787
815
815
mand has been active and domestic moderate. Refined Fernandina
88,26
162,780
851,774
600,731
7,395
Savannah
7,396 barrels 8.75c., bulk 5c. and cases 10.90c. Gasoline has Brunswick
87,707
87,208 174,915
10,468
44,518
34,050
been fairly active and steady; 86-degrees in 100-gallon drums, Charleston
Wilmington _
11,856 1-1,856 122,757 28.521 313,067 464,349
20c., drums $8,50 extra. Naphtha has been in moderate Norfolk
27,285
33,515
6,230
200
200
1,636
1,636
demand and steady; 73®76-degrees in 100 gallon drums, Newport \ews
261,15
520,959
York_ ___ 1.290
32.5 3,149 4,764 228,488 31,31
17c., drums $8 50 extra. Spirits of turpentine has been New
150 132,831
10,220 143,061
150
Boston
quiet and easier at 47c. Rosin has been quiet and steady; Baltimore _ - _39,789 4,04
800
62,742 106,580
300
500
39,924
51,766
600
11,892
Philadelphia
600
common to good strained $3 60.
1
1
Portland, Me_
48,472
Francisco_
48,47
have
leaf
domestic
ruled
steady San
TOBACCO.-Prices for
70,472
50
70,472
50
with trade quiet. Manufacturers do not report any ma- Seattle
30,085
30,08
Tacoma
100
10
terial improvement in trade and are buying only sufficient Portland, Ore_
Pembina
market
The
for
fill
to
needs.
leaf
Sumatra has Detroit
immediate
2,111
2.111
been moderately active with prices firm. Havana has been
10.509 4,325 39,696 54,5302,672,936792,68 3,208,2800,673,906
Total
quiet and firm.
- /
4 ©12%c. Total 1906-07_ 37,863 26,953 33,672 98,4883,514,32: 879,65 3,379,18:7,773,174
COPPER has been dull and steady; Lake 123
and electrolytic 12/
5s ®12Uc. Lead has been dull and
In addition to above exports, our telegrams to-night also
firmer at 4.05®4.10c. Spelter has been quiet and steady
at 4.60@4.65c. Tin has been quiet and easy at 31.70e. give us the following amounts of cotton on shipboard, not
for Straits. Iron has been quiet and steady; No. 1 Northern cleared at the ports named. We add similar figures for
New York.
$17 25(44317 75; No. 2 Southern $16 25@$16 75.
On Shipboard,TNot Cleared forMay.1 at-
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling Upland at New York on
May 1 for each of the past 32 years have been as follows:
1908c
1907
1906
1905
1904
1003
1902
1901
10.2011000_c
11.5511899
11.7511898
74)11897
13.8511896
10.7511895
9.7511894
8.3111803
9.81
6.19
6.38
7.75
8.19
6.81
7.38
7.75
1892_c
1801
1800
1889
1888
1887
1886
1885
7.2511884.c
8.8811883
12.0011882
11.0611881
9.9411880
10.7511879
9.3111878
10.6)11877
11.75
10.50
12.25
10.60
11.88
11.88
10.75
10.88
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
• Spot Market
Closed.
Futures
Market
Closed.
Sales of Spot and Contract.
ConContrt surn'n. Spec% Total.
@@
WW"
W
1.
.o, a,..cm
,
veer,a
10
NN
Co 0000
10
IW
10
8.52@ 8.53 8.28@ 8.46 8.18@ 8.27 8.35@ 8.41 8.46@ 8.70
8.45- 8.46 8.34- 8.35 8.18- 8.20 8.34- 8.35 8.69- 8.70
Wed. Thurs. Fri.
10.10 10.30 10.20
I@
- @ 8.53 - @ 8.45 8.20@ 8.23 8.23@ 8.30 - @
8.42- 8.44 8.31- 8.33 8.12- 8.14 8.28- 8.30 8.60- 8.62
Mon. Tues.
10.00 10.00
WW
I@
°?
950 9000 9090 ??° P . 11
W
0
WW
MO
WW
NW
I®
I@
w° Fd
W
I@
8.48@ 8.59 8.28@ 8.51 8.17@ 8.30 8.24@ 8.40 8.42@ 8.65
8.48- 8.49 8.36- 8.37 8.17- 8.18 8.32- 8.33 8.64- 8.65
April 25 to May 1Middling upland
Sat.
10.10
ww
@
-- @
@ 8.44 8.23@ 8.26- @ 8.578.48- 8.50 8.36- 8.37 8.17- 8.18 8.31- 8.34 8.64- 8.66
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
°"° 0000
,p.
8.49@ 8,60 8.31@ 8.53 8.20@ 8.31 8.27@ 8.43 8.45@ 8.67
8.51- 8.52 8.39- 8.40 8.20- 8.21 8.36- 8.37 8.67- 8.68
Even
Basis Good mid. tinged_
c 1.75 on Middling
Fair
Strict mid. fair__ _1.50 on Strict low mid_ _.c..0.30 off Strict mid Allied c.0.20 oft
_0.30
tinged
off
Middling
oft
1.00
middling
1.25 on Low
Middling fair
Strict good mid_ ___0.75 on Strict good ord.. A.50 oft Strict low mid. ting.1.00 off
_1.50
oft
tinged_
mid.
Low
off
2.00
ordinary
Good
on
_0.60
middling.
Good
Strict middling..___0.25 on Strict g'd mid. tgd..0.35 on Middling stained...1.25 oft
''' 70 70 vq * 70 70oq
- -
The rates on and off middling, as established Sept. 11 1907
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
'g
.,',
' ' ° '1 °
,nveV4T6-c4:1,1„n4'0w1
04
,0erle0oz7'0z7nz'?
§-gag l agl 6g 16g1:
6g 16 1:9-gXWMagicigT
'EP' 6n EPA
61 1 E31 En g'n iTs", ',
n rPq1:77
-
8.25-
Speculation in cotton for-futureTdelivery has been only
moderately active as the trading has still been for the most
part of a professional character. Prices continued to decline
until Wednesday, when an advance took place, which continued on Thursday, reaching at its best nearly 60 points in
two days, owing largely to light frost in Texas, Oklahoma
and Arkansas and predictions of further frosts for Thursday
night in Alabama, Mississippi, Florida, Georgia and the
Carolinas. Coincident with this alarm about the weather
came heavy buying both here and in Liverpool by large
spot interests and much covering by Southern shorts, to say
nothing of the bear liquidation for local and Wall Street account. It was also said that retailers' stocks of dry goods
at the West were at a low stage. Another and by no means
uninfluential factor was the very general belief that in any
case a rally was due after so prolonged and severe a decline.
But to-day, when it was found that no frost had occurred
over night anywhere in the belt,and that it was warmer in
the Southwest, prices broke sharply, the downward movement being accelerated by heavy selling for Liverpool account. Commission houses generally were sellers and local
traders were emboldened to take the short side again. Late
reports are to the effect that the crop has on the whole had a
good start. Spot markets at the South have been generally
quiet, though there has been some New England inquiry for
cotton in the New York stock. The better grades seem to
be pretty well held at the South but the poorer descriptions
are evidently difficult to sell. The question, How much
cotton may the South be holding back? is one of great interest
to the trade and opinions on the subject differ widely. In the
main the idea is that considerable remains to be sold. On
the decline a large Wall Street speculative interest is supposed
to have bought December freely. July, however, was offered
down steadily to the close. Spot cotton has been quiet.
Middling upland closed at 10.20c., an advance for the week
of 10 points.
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
8.51@ 8.62 8.32@ 8.53 8.21@ 8.33 8.28@ 8.44 8.48@ 8.70
8.51- 8.52 8.40- 8.41 8.21- 8.22 8.36- 8.37 8.69- 8.70
Total 1908_ _
Total 1007_ _
Total 1000._
Leaving
Other CoastGerGreat
stock.
Total.
Britain. France many. Foreign wise.
------128,735
35,222
9,233
11,562
4,264
10,163
36,750
3.349 55,580
7,084 12,499 23,793 7.955
60,419
800
1,021
62
150
13,557
100
100
7,626
175 4,175
4.000
8,595
13,422 13,422
90,471
4,400
2,105
1,200
200
-56(5
16,512
2,500
200
800
1,500
-20,547 21,122 37,417 19,488 17,846 116,420 362,665
1,827 30,989 45,590 20,546 128,510 450,732
29,567
8,786 43,412 30,663 22,302 120,479 426,569
15,316
- 8.60@ 8.73
8.66@ 8.68 8.45® 8.59 8.28@ 8.38 - @
8.54- 8.56 8.47- 8.49 8.29- 8.31 8.42- 8.44 8.75- 8.77
New Orleans_ _
Galveston - _ _ _
Savannah - - - _
Charleston _ _ _
Mobile
Norfolk
New York_ _ _ _
Other ports_ _ _
1107
THE CHRONICLE
MAY 2 1908.1
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THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks
as well as the afloat, are this week's returns, and 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 1Stock at Liverpool
Stock at London
Stock at Manchester
1906.
977,000
12.000
71,000
1995.
811,000
12,000
51,000
971,000 1,308,000 1,060,000
13,000
14,000
19,000
192,000
498,000
448,000
1908.
1907.
bales. 888,000 1,211,000
8,000
8,000
89,000
75,000
Toatl Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Antwerp
Stock at'Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
238,000
4,000
49,000
27,000
22,000
264,000
3,000
16,000
78,000
19,000
165,000
4,000
9.000
43,000
8,000
874,000
11,000
348,000
1,000
126,000
3,000
29,000
62,000
4,000
805,000
892,000
434,000
584,000
1,776,000 2,200,000 1,494,000 1,458,000
Total European stocks
78,000
171,000
238,000
India cotton afloat for Europe_ _ _ 115,000
385,000
400,399
412,398
American cotton afloat for Europe 267,887
23,000
38,000
34,000
24,000
Egypt,I3razil4c.,afloat for Europe
195,000
126,000
166,000
214,000
Stock in Alexandria, Egypt
833,000
812,000 1,063,000
610,000
Stock in Bombay,India
547,048
664,475
579,251
479,085
Stock in U.S. ports
442,741
367,562
371,064
394,642
Stock in U. S. interior towns_ _
22,916
10,259
17,343
5,583
U. S. exports to-day
3,886,177 4,831,972 4,229,925 4,096,559
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American-729,000
866,000
bales 757,000 1,087,000
Liverpool stock
41,000
60,000
72,000
64,000
Manchester stock
549.000
379,000
836,000
726,000
Continental stock
385,000
400,399
412,398
267,887
American afloat for Europe
664,475
547,048
579,251
479,085
U. S. port stocks
442,741
367,562
371,064
394,642
U.S. Interior stocks
17,343
22,916
19,259
5,563
U. S. exports to-day
Total American
East Indian, Brazil, &c.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock In Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
2,694,177 3,376,972 2,642,925 2,828,559
131,000
8,000
11,000
79,000
115,000
24,000
214,000
610,000
111,000
124,000
8,000
12,000
17,000
11,000
55,000
56,000
171,000
238,000
38,000
34,000
126,000
166,000
812,000 1,063,000
82,000
12,000
10,000
35,000
78,000
23,000
195,000
833,000
1,152,000 1,455,000 1,587,000 1,268,000
2,694,177 3,376,972 2,642,925 2,828,559
47
47
Steady
Saturday__ IQuiet
Monday.._ JQulet, 10 pts. dec. _ Steady
469
_
460
Barely
steady
Tuesday __ INOminai
600 2,500 3,100
WednesdaylQuiet, 10 pts. adv- Steady
31
50
_ __ 21.70
531
Thuraday _ ISteady, 20 pts. adv. Finn
Easy
-.
2:
Friday .- Quiet, 10 pts. doe..
-_.
!
21,703 1,647 2,500 25,847
Total
3,856.177 4,831,972 4,229,025 4,096,559
Total visible supply
.
1
5
04
7..2
4
0..420
6.08d.
15
8.63d.
01
Middling Upland, Liverpool
11.80c.
11.55c.
York
New
Middling' Upland,
113(d. 7 3-18d.
11 34d.
8 1-16d.
Egypt, Good Brown, Liverpool
6d.
00d.
-3
0.
8.75d. 413
10.75d.
9.50d.
Peruvian. Rough Good, Liverpool
41id.
. 5 15-16d. 5 11-16d.
Broach, Fine, Liverpool
53d.
4 134
5 9-16d.
-111
Tinnevelly, Good, Liverpool
JUTE BUTTS, BAGGING, &c.-The market for jute
bagging has been dull the past week, Prices are nominally
4 cents per yard for 2-lb. domestic bageng
/
unchanged at 71
and 63/2 cents per yard for re-woven and inferior fore.gn.
Jute butts also dull at 2@3 cents per lb. for bagging quality
Continental imports for the past week have been 130,000
bales.
The above figures for 1908 show a decrease from last week
of 145,021 bales, a loss of 945,795 bales from 1907, a decrease of 343,748 bales from 1906, and a loss- of 210,382
bales from 1905.
°o ___
:7._
1108
THE CHRONICLE
[VOL. Lxxxvi.
AT THE INTERIOR TOWNS the movement-that is,
QUOTATIONS FOR MIDDLING COTTON AT OTHER
the receipts for the week and since Sept. 1, the shipments MARKETS.-Below
are the closing quotations of middling
for the week and the stocks to-night, and the same items cotton at
Southern and other principal cotton markets for
for the corresponding period,for the previous year-is set each day of
the week.
out in detail below.
/c2noro.....00toc000,
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4
The above totals show that the interior stocks have decreased during the week 22,907 bales and are to-night 23,578
bales more than at the same time last year. The receipts
at all the towns has been 6,759 bales less than the same
week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
May 1ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, den
Week.
7,191
732
519
987
981
1,658
387
Total gross overland
12,433
Deduct shipmentsOverland to N. Y., Boston. &c.. 1,623
Between interior towns
Inland, <kn., from South
1,697
Total to be dedutced
3,320
----1906-07----
Since
Sept. 1.
376,004
176,634
30,239
45,756
44,283
84,867
205,426
Week8,594
2,047
1,011
1,152
444
1,052
2,196
963,209
16,496 1,551,014
95,075
60,878
53,739
209,692
Leaving total net overland •
9,135 753,517
• ____
• Including movement by rail to Canada.
Since
Sept. 1.
726,635
206,367
75,578
76,335
50,189
113,553
302,357
1,002
2,616
1,581
154,529
91,014
52,895
6,099
298,438
10,397 1,252,576
The foregoing shows the week's net overland movement has been 9,135 bales, against 10,397 bales for the
week last .year, and that for the sa.son to date the aggregate net overland exhibits a decrease from a year ago of
499,059 bales.
-----1907-08-----
-----1906-07-----
In Sight and Spinners'
Since.
Sept. 1.
Takings.
Week.
'
Receipts at ports to May 1
58,162 7,614,930
Net overland to May 1
753,517
9,135
Southern consumption to May 1_ _ 41,000 1,624,000
Total marketed
Interior stocks in excess
108,297
*22,907
9,992,447
314,059
Came into sight during week... 85,390
Total in sight May' 1
10,306,506
North. spinners' takings to May 1_ 25,030
Since
Week.
Sept. 1.
74,710 9,264,865
10,397 1,252,576
48,000 1,658,000
133,107 12,175,441
•26,489
274,788
106,618
1,493,138
12,450,229
58,656
2,412,350
Decrease during Week.
Movement into sight in previous years:
tVeek1006-May
1905-May
. 1904-May
1903-MaY
4
54
6
8'•
Galveston
10
New Orleans
10 1-16
Mobile
93%
Savannah
9%
Charleston__
____
Wilmington_ _
Norfolk
ioji
Boston
10.10
Baltimore
103%
Philadelphia_. 10.35
Augusta
OA
Memphis
0 15-16
St. Louis
103%
Houston
93%
Little Rock
93%
Bales. I Since Sept. 1116,52011905-06-May 4 ,
176,00411004-05-May 5
,57,30011903-04-May 6
. 96,13211902-03-May 8 .
95%
9N
93%
93%
9 15-16 9 13-16 9 13-16 10
93%
93%
93%
93%
93%
93%
03%
93%
____
____
____
____
iiii.
10.10
10" 10.00
10
10.25
10
93%@A 9%
93%
97',
10
103%
OM
93%
OM
93%
103-i
to
10.00
10
10.35
93%
93%
10
93%
93%
i534
10.10
103%
10.55
93%
10
10
93%
93%
95%
9 15-16
93%
91
___
toy,
10.30
103-I
10.45
93%
10
10
93%
93%
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Cq ...4.
17
,
e
Closing Quotations for Middling Cotton on-Sat'day. Monday. Tuesday. Wed'day. Thursd'y. Friday.
N.0
Cl
an
1144
l 'i
l000v.00Mh0OVN=0.000000000WN000.NOONV
00
'IVNNCONWNMV=hhCh==.
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1 .vw. in
0)
/
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.
Clq 00
...Vgl
a
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c/
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SV.NOti.000.V/
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helh0000(00.0.0N00
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,.. ....n
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,
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4
Week ending- I
May 1.
Bales.
0,853,277
11,483,322
9,433,441
9,992,126
----Aprit
Range
Closing
MayRange
Closing
JuneRange
Closing
JulyRange
Closing
AugustRange
Closing
OctoberRange
Closing
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
ToneSpot
Options
Sat'day, Monday, Tuesday, Wed'day, Thur.sd'y, Friday,
April 25. April 27. April 28. April 29. April 30. May 1.
-- - ®-- (3. -8.94 • 8.70 • 8.80 • 8.95
®-
8.97-.08 8.66-.97 8.52-.62 8.65-.85 8.98-.30
8.97-.98 8.70-.71 8.54-.55 8.82-.83 9.25-.26
9.05-.15
8.95-.97
- ® -- ® -- @ - @ -- @ 8.94 • 8.70 • 8.50 • 8.80 • 9.25 * 8.95 •
8.94-.07 8.62-.06 8.46-.59 8.56-.75 8.82-.15 8.77-.98
8.94-.05 8.67-.68 8.48-.40 8.72-.74 9.00-.10 8.78-.79
- @ -- ® -- @ -8.94 • 8.60 - 8.45 •
-@73.6% 62-8.95 • 8.65 •
8.52-.61 8.34-.56 8.22-.30 8.29-.45 8.46-.70 8.39-.57
8.55-.56 8.39-.40 8.22-.23 8.30-.40 8.67-.68 8.38.39
-- ® -- ® .52
-8.54 • 8 39 • 8 23-.25 840 * 8.67-.68 8.38 8.50-.57 8.33-.51 8.22-.30 8.20-.44 8.46-.70 8.39-.57
8.54-.55 8.39-.40 8.24-.25 8.40-.41 8.68-.69 8.30-.40
- @ -- ® -- @ - 8.44-.45
8.38 • 843 • 8.26-.28 8.42-.43 8-.70-.72 8-.41-.42
Quiet.
Steady.
Easy.
Quiet.
Easy. Steady.
Firm.
Quiet.
Steady. Steady. Steady. Steady.
• Nominal.
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening indicate that rain
has fallen in most localities during the week, with the precipitation excessive at some points in the Gulf States. Temperature has been lower quite generally, with frost reported in
localities, necessitating, it is claimed, some replanting.
Damage to cotton is complained of in Alabama from the storm
at the close of last week. On the whole,farm work has been
interfered with.
Galveston, Texas.-Frost has been quite general over the
State. Stands of cotton have been damaged and in many
places replanting is necessary, especially in lowlands and
valleys of Central and South Texas. W have had rain
here on one day of the week, the rainfall reaching fifty-three
hundredths of an inch. The thermometer has averaged 67,
rang'ng from 49 to 84. April rainfall one inch and fortyone hundredths.
Abilene, Texas.-We have had rain on one day during the
week, the rainfall reaching one hundredth of an inch.
Thermometer has ranged from 38 to 84, averaging 61.
Month's rainfall five inches and sixty-five hundredths.
Brenham Texas.-We have had no rain the past week.
Average thermomete
'
r 65, highest 89, lowest 41.
Corpus Christi, Texas.-We have had rain on one day of
the past week, the rainfall reaching four hundredths of an
inch. The thermometer has averaged 68, the highest being
88 and the lowest 48. April rainfall four inches and twentythree hundredths.
Cuero, Texas.-Rain has fallen on one 'day of the week
the rainfall being one hundredth of an inch. The thermometer has averaged 62, ranging from 41 to 82.
.
Dallas, Texas.-There has been rain on one day during the
week, the rainfall reaching twelve hundredths of an inch.
Thermometer has ranged from 36 to 87, averaging 62.
Fort Worth, Texas.-There has been rain on two days the
past week, the rainfall being four hundredth sof an inch.
Average thermometer .62, highest 86 and lowest 38.
Henrietta, Texas.-It has rained on one day. of the week,
the rainfall being fifteen hundredths of an inch. The thermometer has averaged 59, the highest being- 80 and the
lowest 37.
Huntsville, Texas.-There has been no rain during the
week. Thermometer has averaged 62,'ranging from,37 to 87.
Kerrville, Texas.----There has been no rain during the week.
The thermometer has ranged from 30 to 88, averaging 59..
Ldmpasas,r. Texas..--Dry all the week. Average thermometer 61, highest 88,,lowest 34.
Longview, Texas -There has been rain on one day during
the week, The thermometer has averaged 62, the highest
being. 86 and the lowest 37,
MAY 2 1908.]
THE CHRONICLE
1109
WORLD'S SUPPLY ANDITAKINGS/OF COTTON.Luling, Texas.-We have had no rain during the week.
The following brief but comprehensive statement indicates
Thermometer has averaged 64, ranging from 41 to 87.
Neicogdoches Texas.-We have had a trace of rain on one at a glance the world's supply of cotton for the week and since
day during the week. The thermometer has ranged from Sept. 1, for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amount gone
37 to 84, averaging 61.
Palestine, Texas.-We have had no rain during the week. out of sight, for the like period.
Average thermometer 64, highest 84, lowest 44. April
1996-07.
1907-08.
Cotton Takings.
rainfall four inches and seventy-seven hundredths.
Week and Season.
Paris Texas.-We have had rain on two days of the week,
Week.
Season.
Week.
Season.
the rainfall reaching forty-two hundredths of an inch. The Visible supply on
4,927,085
1,031,198
April 24
thermometer has averaged 62, the highest being 84 and the Visible
supply Sept. 1
2,291,844
1,784,156
American in sight to May 1
85,390 10,306,506 108,618 12,450,229
lowest 39.
Bombay receipts to April 30_ _ _ _
84,000 2,377,000
38,000 1,624,000
San Antonio, Texas.-There has been no rain during the Other
India ship'ts to April 30_ _
197,000
11,000
243,000
26,000
week. The thermometer has averaged 66, ranging from 40 Alexandria receipts to April
1,000
924,000
911,000
t 29_
5,000
198,000
230,000
1,000
2,000
to 92. Month's rainfall one inch and ninety-eight hun- Other supply to April 29
- dredths.
Total supply
4,187,588 15,541,350 5,130,703 17,995,385
Weatherford, Texas.-We have had a trace of rain on one
Deductday during the week. The thermometer has ranged from Visible supply May 1
3,886,177 3,886,177 4,831,972 4,831,972
--- -36 to 84, averaging 60.
takings to May 1
301,411 11,655,173 298,731 13,163,413
Taylor, Texas.-We have had a trace of rain on one day Total
Of which American
200,411 8,948,173 213,731 9,971,413
Of which other
• 91,000 2,707,000
85,000 3,192,000
of the week. Average thermometer 61, highest 88, lowest
38. April rainfall one inch and ninety-eight hundredths.
•
Embraces
receipts
in
Europe
from
Brazil, Smyrna, West Indies. &c.
New Orleans, Louisiana.-Rain has fallen on one day of the
week, the pracipitation being two hundredths of an inch.
INDIA COTTON MOVEMENT FROM ALL PORTS.The thermometer has averaged 70.
The receipts of cotton at Bombay and the shipments from all
Shreveport, Louisiana.-There has been rain on three days India ports for the week and for the season from Sept. 1 for
the past week, the rainfall being forty hundredths of an inch. three years have been as follows:
The thermometer has ranged from 42 to 85, averaging 64.
Leland, Mississippi.-We have had rain during the week,
1907-08.
1906-07.
April 30.
1905-06.
the precipitation reaching one inch. The thermometer has
Since
Since
Receipts
at
Since
averaged 63.7, the highest being 80 and the lowest 39.
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
Vicksburg, Mississippi.-We have had rain on five days of
-38,000 1,624,000 84,000 2,377,000 58,000 2.240,000
the week, the rainfall reaching two inches and forty-three Bombay
hundredths. The thermometer has averaged 71, ranging
from 45 to 84.
Since September 1.
For the Week.
Helena Arkansas.-High wind and hail have done some
Exports fromConti- I
Great
Great
Contidamage to crops in this vicinity. We have had rain on two
neat. I Total.
Total. Britain.
Britain. nent.
days of the past week, the rainfall being forty-nine hundredths of an inch. Average thermometer 62, highest 84 Bombay
18,000 451,000 471,000
14,000 14,000
1907-08
and lowest 40. April rainfall two inches and eighty-six
42,000 827,000 fib'd ,000
46,000 46,000
1906-07
47,000 624.000 671,000
33,000 33,000
1905-06
hundredths.
Little Rock, Arkansas.-Week unfavorable for farm opera- Calcutta
20,000
3,000
17,000
1,000
1,000
1907-08
5,000
98,000 103,000
3,000 3,000
1906-07
tions; too much rain and cold weather. We have had rain
79,000
84,000
5,000
3,000 3,000
1905-06
on one day of the past week, the rainfall reaching ninety Madras25,000
30,000
5,000
1907-08
hundredths of an inch. The thermometer has averaged
23,000
20,000
1-,066 1.000
3,000
1906-07
60.5, the highest being 83 and the lowest 38.
35,000
37.000
2,000
1905-06
Nashville, Tennessee.-Continued rains with cold weather All others25,000 25,000
11,000 136,000 147,000
1907-08
are greatly interfering with crop preparations. There has
1906-07
7,000 7.000
8,000 109,000 117,000
been rain during the week, the rainfall reaching two inches
94.000 104,000
4,000 4,000
1905-06
10,000
and thirteen hundredths. The thermometer has ranged Total allfrom 36 to 84, averaging 61.
37,000 637,000 674,000
40,000 40,000
1907-08
58,000 1,1)54,000 1,112,010
57,000 57,000
1906-07
Mobile, Alabama.-Severe wind-storms in the interior with
64,000 832,000 896,0( 0
40,000 40,000
1905-06
25th
excessive rains and heavy hail occurred on the 24th,
and 28th, doing serious damage to cotton in many sections.
Cold wave latter part of week, with frost to-day. ConsiderEUROPEAN COTTON CONSUMPTION TO APRIL 1.able replanting will be necessary. Rain has fallen on five By cable to-day we have Mr. Ellison's cotton figures brought
days of the week, the rainfall being four inches and twelve 'down to April 1. We give also revised totals for last year
hundredths of an inch. Average thermometer 66, highest that comparison may be made. The spinners' takings in
82, lowest 47.
actual bales and pounds have been as follows:
Montgomery, Alabama.-Cold wave yesterday but no damage; warmer to-day. There has been heavy rain on three
Total.
October 1 to April 1.
Great Britain. Continent.
days during the week, the rainfall being seven inches and
For
1907-08.
eighty-two hundredths. The thermometer has averaged 68, Takings by spinners
5,658.000
3,391,000
bales
2,267,000
the highest being 84 and the lowest 48. April rainfall ten Average weight of bales_ _ _lbs
492.6
484
505
1,144,835,000 1,641,244,0z0 2,786.079,000
Takings In pounds
inches and ninety-six hundredths.
Memphis, Tennessee.-Not much farm work done this
For 19013-07.
3,600,000
5,966,000
bales
2,366,000
week; weather too wet and cold. We have had rain on Takings by spinners
484
492.3
505
lbs
weight
of bales
Average
four days during the week, the rainfall being one inch and Takings In pounds
1,194,830,000 1,742,400,000 2,937,230.000
seventy-five hundredths. Thermometer has averaged 61.3,
ranging from 39.2 to 84.8,
According to the above, the average weight of the deliveries
Selma, Alabama.-There has been rain on three days
against
during the week, the precipitation being two inches and fifty in Great Britain is 505 pounds per bale this season,
hundredths. The thermometer has averaged 65, ranging 505 pounds during the same time last season. The Continental deliveries average 484 pounds, against 484 pounds
from 41 to 87.
average
Savannah, Georgia.-It has rained on two days of the week, last year, and for the whole of Europe the deliveries season.
492.3 pounds last
the precipitation being eighty-five hundredths of an inch. 492.6 pounds per bale, against
and
The thermometer has averaged 72, the highest being 85 and Our dispatch also gives the full movement for this year
last year in bales of 500 pounds.
the lowest 59.
Charleston, South Carolina.-Rain has fallen on three days
1906-07.
1907-08.
of the week, the precipitation being one inch and seventeen
October 1 to April 1.
Great ContiGreat Conti
Bales of 500 lbs. each.
hundredths. The thermometer has averaged 72, ranging
000s omitted.
Britain nent. Total. Britain nent. Total
from 46 to 82.
-^
253
556
Greenwood, South Carolina.-There has been rain on two Spinners' stock Oct. 1
809
367 1,089 1,456
2,289 3,282 5,571 2,390 3,486 5,876
days the past week, the rainfall being two inches and thirty Takings to April 1
hundredths. The thermometer has averaged 67.
2,656 4,371 7,027 2,643 4,042 6,685
Supply
2,028 2,756 4,784 1,951 2,730 4,681
Charlotte, North Carolina.-There has been rain on two Consumption, 26 weeks
seventy
the
week,
of
to
hundredths
the
of
of
an
days
extent
692 1,312 2,004
628 1,615 2,243
Spinners'stock April 1
inch. The thermometer has,averaged 65, the highest being
Week Consumption.
the
lowest
37.
and
82
000s omitted.
78 • 106
184
.74
105
179
Augusta, Georgia.-We have had a rainfall of two inches In October
74
78
106
184
105
179
In November
twenty-two
days.
hundredths
the
week,
on
four
during
and
180
75
105
78
106
184
In December
105
180
78
106
7a
184
In January
Average thermometer 68, highest 86, lowest 48.,
181
101,
78
106
184
76
In February
76
181
1i 5
78
106
184
The following statement we have also received by tele- In March
the
height
showing
of
named
the
points
at
rivers
graph,
The foregoing shows that the weekly consumption is now
at 8 a. m. of the 'dates given:
184,000 bales of 500 pounds each, against 131,000 bales of
May 3 1907.
May 1 1908.
.
Feet.
Feet.
like weights at the corresponding time last rar. The total
14.0
' 18 5
Above zero of gauge_
New Orleans
spinners' stocks in Great Britain and on the Continent have
22.1
_ _ _Above zero of gauge,
Memphis ....._ .
29.0
10.2
Above zero of gauge.
21.7
Nashville
increased 117,000 bales during the month 'an1 are now
24.1
11.4
• Above zero of gauge_
'Shreveport
239,000 bales more than at lite same date last season.
47.5
33.4 / •
Above zero of gauge.
Vicksburg
1110
THE CHRONICLE
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-Through arrangements made with Messrs.
Choremi, Benachi & Co., of Liverpool and Alexandria, we
now receive a weekly cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
April 29.
1907-08.
Receipts (cantars)This week
Since Sept. 1
,
35,000
6,928,628
1906-07.
1905-06.
10,000
6,835,397
15,000
5,837,911
This Since
This Since
This Since
week. Sept. 1. week. Sept. 1. week. Sept. 1.
Exports (bales)-
1,500
4,500
4,000
1,000
To Liverpool
To Manchester
To Continent
To America
191,202
172.971
292,356
55,859
2,750,185,442
3,500;180,362
4,000,297,907
000 100,722
11,000 719,388 11,1501764,523
Total exports
Note.-A cantar Is 99 lbs.
1,000 186,816
152,910
Mch d.
20 8%
27 8%
Apr.
3 831
85
10 8%
85
17 7 15-160
24 7 1346(4)
May
1 7 114665
Saturday.
Monday.
Tuesday. Wednesday. Thursday.
Friday.
5.27
5.17
5.16
5.30
5.40
6,000
500
8,000
500
8,000
1,000
8,000
500
1905-06.
834 lbs. Shill- Cott!
ings, common Mid
to finest.
UpCs
d. d.
8. d.
d. s. d.
d. S. d.
s. d.
5.86 934 0 10 15-16 6 8 ©9 9
3 08 6
9%
9% 5 134858 434 5.08 9 13-160 1034 6 8 ©9 9
d.
6.01
5.97
9345 1 08 4
9;15 0 ©8 3
934 5 0 08 1
9 411 @8
5.73 9 13-160
5.66 0%
@
5.57 10
0
5.31 1034
8 ©9 9
8 ©9 9
83409 9
9 @910
6.03
6.16
6.28
6.39
8344 103408 0
5 40 1031
0 1134 6 10 09 11
6.63
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 54,530 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-April 28-Bovic, 225 upland, 124
foreign_ _ _ _April 29-Arabic, 91
440
To Hull-April 25-Idaho, 850
850
325
To Havre-April 25-•-Floride, 325
150
29-Luetzow,
Bremen-April
To
150
To Antwerp-April 24-St. Leonard, 200
200
To Genoa-April 29-Principe di Piemonte, 790
700
To Venice-April 29-Martha Washington, 100
100
To Trieste-April 29-Martha Washington, 100
100
To Fiume-April 29-Martha Washington, 50
50
To Japan-April 25-Indrapura, 1,750
1,750
GALVESTON-To Barcelona-April 30-Marianne, 3,350
3,350
To Trieste-April 30-Marianne, 100
100
PORT ARTHUR-To Liverpool-April 24-Rosebank, 824
824
NEW ORLEANS-To Liverpool-April 25-Texan, 2,082
2,982
To Glasgow-May 1-Sahara, 725
725
To Havre-April 30-Michlgan, 4,000
4,000
To Antwerp-April 30-Michigan, 800
800
5,370
To Genoa-April 27-Clumberhall,
5,370
MOBILE-To Liverpool-April 29-Yola, 3,223
3,223
To Bremen-April 23-Memphian, 6,435
6,435
To Hamburg-April 23-Mem hian, 90
90
PENSACOLA-To Liverpool-April 28-Ida, 815
815
SAVANNAH-To Bremen-April 25-EltonIan, 101; Evelyn, 1,077;
Lord Downshlre, 511_.__ _April 30-Waverly, 3,938
5,627
To Hamburg-April 25-Zanzibar, 869
869
To Reval-April 30-Waverly, 650
650
To St. Petersburg-April 30-Waverly, 50
50
To Stockholm-April 30-Waverly, 200
200
WILMINGTON-To Bremen-April 25-Aeacla, 11,856
11,856
NORFOLK-To Liverpool-April 24-Powhatan, 200
200
BOSTON-To Liverpool-April 28-Bohemian, 150
150
BALTIMORE-To Liverpool-April 23-Ulstermore, 300
300
To Bremen-April 29-Breslau, 200
200
To Rotterdam-April 25-Ohio, 100
100
To Antwerp-April 22-Newlands, 200
200
PHILADELPHIA-To Genoa-April 21-Ancona, 600
600
SEATTLE-To Japan-April 28-Iyo Maru, 50
50
Total- - __________________________________________________ 54,530
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c.,at that port:
Spot.
MarketFair
More
12:15 } Small
Moderate
Quiet.
Steady.
business
demand.
P. M.
Inquiry,
demand,
doing.
7,000
300
1906-07.
1034 6
11 6
11% 6
1.1m, 6
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:
5.31
128,798
100,156
1,547,477 1,053,381
79,786
85,725
1,2(15,791
866,010
307,371
403,510
9,233,896 7,071,672
678,457
515,071
7,745,088 5,621,549
592,873
572,846
2.393,871 2,059,432
1,634,005 1,586,000'
•
110,451
86,492
104,960
500
3,173
10,614
13,643
18.f67
593,157
467,218
556,235
10,202,862 12,410,687 9,776,282
1,140,073 1,543,578
13,550,760 11,310,860
515.52
509.39
510.40
492.98
486.39
487.00
323 Cop
Twist.
1,000
26.000
9,000
69,000
938,000
804,000
57,000
33,000
99,000
80,000
5,000
300
1907.
8% lbs. Skirt- Can
ings. common Mid
Upl's
to finest.
800
28,000
4,000
33,000
959,000
835,000
12,000
0,000
87,000
62,000
May 1
46,000
2,000
2,000
41,000
11,000
57,000
888,000
757,000
17,000
12,000
103,000
81,000
Mid. upi'ds
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market
is steady for yarns and quiet • for shirtings. Merchants are
buying very sparingly. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
•
32s Cop
Twist.
Apra 24.
28,000
Sales _ '
Spec.&exp
72,876
960,336
59,766
751,328
319,452
7,607,534
358,917
6,662,851
488,369
1,485,832
1,617,000
1908.
April 15.
29,000
100 65,584
------9,100 682,632
Egyptian bales weigh about 750 lbs..
1907-08.
April 10.
Sales of the week
bales_ 49,000
Of which speculators took_
Of which exporters took_ _ _ _ 3,100
Sales, American
44,100
Actual export
11,000
,_
Forwarded
63,000
Total stock- Estimated
964,000
Of which American-Est_ _ _858,000
Total import of the week.
31,000
Of which American
12,000
Amount afloat
93,000
Of which American
60,000
8-,565 277,322
This statement shows that the receipts for the week were
35,000 cantars and the foreign shipments 11,000 bales.
COTTON CONSUMPTION AND OVERLAND MOVEMENT TO MAY 1.-Below we present a synopsis of the
crop movement for the month of April and the eight months
ended April 30 for three years.
bales
Gross overland for April
Gross overland for 8 months
Net overland for April
Net overland for 8 months
Port receipts in April
Port receipts in 8 months
Exports In April
Exports in 8 months
Port stocks on April 30
Northern spinners' takings to May 1
Southern consumption to May 1
Overland to Canada for 8 months (included in net overland)
Burnt North and South in 8 months
Stock at Northern interior markets May 1
Came In sight during April
Amount of crop In sight May 1
Came In sight balance of season
Total crop
Average gross weight of bales
Average net weight of bales
[VoL. Lxxxvi.
Quiet at
Futides.
Market *I 203 pts.
opened
J decline.
Steady at
134 points
advance.
Market) Steady at Weak at
13402 pts. 73401034
4
decline.
P. M.
pts. dec.
Barely
steady at
1 pt. dec.
Easy at
304 pts.
decline,
Steady at Steady at
708 pts. 9010 pts.
advance. advance.
Weak at Steady at Steady at Unsett'd at
0 pts. 1 pt. dee.to
708 pts. ,608 pts. 1118
advance. advance. 34 pt. adv.
decline.
The prices of futpres at Liverpool for each day are given
below. Prices are on the basis of uplands, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100t/ls.
Thus: 483 means 4 83-100d.
Sat.
Fri.
Mon.
April 25
Tues.
Wed.
Thurs.
to
May 1. 123i 1234 1231 4 1234 4 1234 4 1234 4 1234 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m
-----d.
ti.
d.
d.
d.
d.
d.
cl.
d.
d
d.
d.
80 88
AprIl ---- ----4 8834 8534 79 7534 72 74
___
90 94 65Apr.-May. _ _- 4 83 80 7234 68
6434 6534 72 80
7934 8934 94
May-June ____ 4 8334 8034 73 6834 65 66
90
72
80
9334 893i
June-July ____ 4 83 80 7234 88
79
71
6434 65
9234 873i.
88
July-Aug_ ---_ 4 82 79 7134 67 64
7034 78
64
Aug.-Sep_ --__ 4 7634 7334 6634 62 59
7234 82 87 82
5834 (35
8034 74
60346634 74
Sep.-Oct _ __-_ 4 7034 68 62 57
54
54
7434 68
Dct.-Nov_
4 6534 6334 58
62 60
5334 50 4934 56
Nov.-Dec.. ____ 4 63 61
59 , 66 72 6534
5534 51
48 4734 54
6434
71
5334 5834 65
Dec.-Jan __ __ 4 6234 6034 55 51
4734 47
70 6334
58 __ 64
Tan.-Feb_ _ ___ 4 62 60
54 M 5034 47 4634 53
__ _
64M
71
Feb.-Mch. ____ ____
____
OUR COTTON ACREAGE REPORT.-Our cotton acreage report will probably be ready about the 1st of June.
Parties desiring the circular in quantities with their business
cards printed thereon, should send in their orders as soon as
possible, to ensure early delivery.
BREADSTUFFS.
Friday, May 11908.
Prices for wheat flour have been firmer in the main, though
the changes, as a rule, have not been important. Trade
has continued quiet and of a hand-to-mouth character;
the strength of the wheat market has been the dominating
influence. A better inquiry for export has been reported
at times at Northwestern centres; actual sales, however,
have been small. The output is smaller than at this time
last year, but is far in excess of the demand. Stocks in the
hands of dealers are light as a rule. Millers, however,
show no disposition to shade prices. Rye flour has been
quiet and firm. Corn meal has been dull and steady.
Wheat has felt the stimulating effect of decreased world's
exports. That gives rise to a very natural query whether
Europe may not be forced to buy more freely in America
in the near future. In fact, what may perhaps prove to be the
herald of these larger purchases was the excellent demand
which prevailed yesterday when some half a million bushels
were taken for Europe here and at other seaboard ports, as
well as at Chicago and the Northwest. Moreover, some 240,000
bushels of durum wheat have been sold for export to St.
Petersburg, Russia, a fact which has naturally excited no
little comment. Odessa's receipts and stocks are steadily
decreasing, and it is stated that reserve supplies in Southwestern Europe are small, while the crop outlook in that
portion of the Continent is also anything but flattering.
Then, too, the receipts at our Northwestern markets have been
relatively small, and in a week the stock at Minneapolis has
decreased 1,250,000 bushels. Meanwhile European markets have been advancing. From portions of our Southwestern States have come complaints of excessive moisture.
Killing frost has occurred in Iowa, though it has probably
done no harm any more than the snowstorms which prevailed
some days ago in Indiana and Ohio. It is certain, however,
that vegetation is not forwarded by such temperatures as
have latterly prevailed over a wide area of 24 to 44 degrees,
the lower figure prevailing in some parts of Kansas. Furthermore, Bradstreet's statement of supplies had a bracing
effect. It showed a decrease in the world's stock last week
of 4,645,000 bushels, aga;nst a decrease in the previous week.
of 2,349,000 bushels and an actual increase for the same week
last year of 610,000 bushels. The world's stock of wheat
now is stated at 138,704,000 bushels, or approximately
30,000,000 bushels less than that of a year ago and 7,000,000
less than at this time in 1906. To-day prices advanced
early, May rising sharply. The deliveries.on May were only
MAY 2 1908.]
THE CHRONICLE
400,000 bushels and they were quickly taken in by Armour
brokers. The receipts continued light and stocks were decreased. The weather was cold and stormy over a wide
area. Unfavorable crop reports were received from Kansas.
Before the close, however, liquidation caused a reaction.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEV YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
107% 10834 1073% 108% 109% 108
No. 2 red winter
106% 105% 106% 106+A 1G7
elevator
1063%
in
May delivery
973% 96% 953% 963% 973% 973%
July delivery in elevator
PRICES
OF
WHEAT
FUTURES IN CHICAGO.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
97% 97% 96% 97% 99% 102
May delivery in elevator
89% 88% 863% 873% 883% 885i
July delivery in elevator
85% 85% 83% 84% 84% 84%
September delivery in elevator
Indian corn futures have been firmer with the trading
more active. Stimulating factors have been heavy rains
over a wide area, which have delayed farm work,small country acceptances, light receipts and support from influential
Chicago interests. Nervous shorts have covered freely at
times. The cash market has been firmer with an increased
demand. Chicago bulls, it is stated, have arranged to ship
a part of the stock out of that market. Smaller receipts are
expected. Reactions have occurred at times on liquidation,
attributed in part at least to leading Chicago bulls. Some
who have bought May of late have sold July and September
rather freely. To-day prices advanced early with wheat.
The weather was unfavorable. A better cash demand was
reported at firm prices. May deliveries amounting to some
4,000,000 bushels were taken in. Later liquidation caused a
reaction.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
76
75% 75% 75% ____ 78
May delivery in elevator
75
75% 753% 76% 77% 78
July delivery in elevator
71% 71% 71'% 723% 73
73
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
663% 663% 66% 673% 673% 675
%
July delivery in elevator
63%
6234 623% 62% 633% 64
September delivery In elevator
61
61% 61 % 61% 62% 62
Oats for future delivery in the Western market have
shown irregularity. There has been considerable selling
pressure at times, especially of September. Commission
houses have been prominent in this selling. Cash interests
have also sold freely at times. The stock at Chicago continues to increase. During the past week the increase was
nearly 300,000 bushels, making the total stock of contract
grade there 5,284,000 bushels, or more than 4,000,000
bushels larger than the stock at this time a year ago. But
the offerings have been readily absorbed. Prominent interests have given support whenever it was needed. The cash
•demand has increased and prices have been firm. Seeding
has been delayed by cold rains. To-day prices were firmer
,on bull support, unfavorable weather and covering. May
,deliveries of 6,000,000 bushels were promptly taken care of
by leading bulls.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Wed. Tues. Thurs. Fri.
No. 2 mixed
55
55
56
5536 55%
55%
White clipped, 32 to 34 1bs565.5-59% 5634-5934 57-60 57-6C
%-61 584M9%
DAILY CLOSING PRICES OF OATS IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
53
53
53% 53% 53% 53%
4551 45% 45% 453% 453% 46%
July delivery in elevator
The following are closing quotations:
FLOUR.
$3 75 084 10 Kansas straights
Low grades
$4 65 0$4 85
3 150 3 25 Blended clears
Second clears
5 10 0 5 Si
4 10 0) 4 30 Blended patents
-Clears
5 50 0 6 20
5 000 5 25 Rye flour
'Straights
4 50 @ 5 10
5 35 @ 6 15 Buckwheat flour
Patent, spring
Nominal
4 75 @4 85 Graham flour
,Patent, winter
Nominal.
Kansas patents------- ---- 0--- - Corn meal
3500j4 05
GRAIN.
C.
Corn (new).per bush.—
Wheat, per bush.—
c.
115
N. Duluth, No. 1
No. 2 mixed
f.o.b. 78
12
N. Duluth, No. 2
No. 2 yellow
N.aninal
f.o.b.103
Red winter, No.2
No. 2 white
Nominal
113% Rye per bush.—
Hard
-Oats, per bush.—
No. 2 Western
89
573-4 05)
Natural white
State and Jersey
Nominal
44
5.13%
mixed
Barley—Melting
Nminal
clipped_
5i
05i%
white,
Feeding
Nominal
For other tables usually given here. see page 1079.
GOVERNMENT WEEKLY WEATHER REPORT.—Mr.
lames Berry, Chief of the Climatological Division of the
United States Weather Bureau, made public on Tuesday
the telegraphic reports on the weather in the various States
for the week ending April 27, summarizing them as follows:
During tile week ending April 27 the temperatures were favorable in the
...MAdle and s)uth Atlantic and east Gulf States. The fore part of the week
was favorable throughout the Lake region and central valleys, and the latter part in New England and Texas, while the latter part was too cool
throughout the central valleys and the Lake region, and freezing temperatures occurred in the more northerly portions of these districts, with frosts
in the interior of the Middle and South Atlantic States.
. Heavy rains caused damage in the central and east Gulf States, where
violent and destructive local storms occurred on the 23d and 24th, mostly
on the latter date. Light but beneficial rains afforded some relief in California.
High winds were prevalent throughout the central valleys and Lake
region from the 24th to the 26th.
There was less than the usual amount of sunshine In the east Gulf districts, central Missouri Valley, and notthern Rocky Mountain region; elsewhere it was generally normal or above.
THE DRY GOODS TRADE.
New York, Friday Night, May 1 1908.
There have been some slight signs in the cotton-goods
market of a broadening trade during theNpast few days,
but the improvement so far has been veryitslight and very
:slow. It is a fact, however, that buyersiare showing a
1111
greater willingness to contract ahead if prices are right
and the number of small orders for goods to cover immediate
requirements are larger than they have been in the recent
past. At the same time values have fallen still further, and
while business is somewhat larger it has been done at the
lowest prices named for a long time. Manufacturers in some
cases have notified prospective buyers that they will not sell
goods at the current level and prefer to close down their
mills rather than manufacture goods to sell at a loss. Curtailment is continuing in all sections of the country and is
even greater than reports would lead one to suppose. In
spite of this, however, goods are accumulating as a result.
of the running out of contracts. A favorable feature of the
situation is the indication that re-selling by second hands
has about run its course; this should naturally result in
greater activity in the primary market, inasmuch as the
falling off in business at first hands has been much more
severe during the past few months than it has been among
jobbers and retailers. While there is a growing optimism,
it is felt that many agents are making a mistake in shipping
goods on memorandum and thereby strengthening the hands
of buyers in their efforts to still further depress values.
There has been some improveemnt in the market for men's
wear woolen and worsted goods during the week, but dress
goods have been seasonably quiet.
DOMESTIC COTTON GOODS.—The exports of cotton
goods from this port for the week ending April 25 were 4,048
packages, valued at $232,395, their destination being to the
points specified in the table below:
----1908---New York to April 25.
Great Britain
Other Europe
China
India
Arabia
,T
Africa
est Indies
Mexico
Central America
South America
Other countries
Total
----1907 ----
Week SJ
in
acne. 1.
10
182
165
402
8,080
350
3,481
8,578
370
1,524
2
7,263
465
31
613
214
4,691
2,076
14,742
365
5,635
Week
65
124
--___
-ii
186
37
238
503
370
8
3:W3
10
84
5
800
5,490
17,074
13,035
4,048
1,534
76,477
56,001
JaS
ni.nc
1.
e
399
6,923
14
6:23
1
2:
0
3
The value of these New York exports s:nce Jan. 1 has been
$3,717,647 in 1908, against $4,837,193 in 1907.
The low price of the raw material, has resulted in further
declines in the price of drills and sheetings and the demand
has been limited, owing to the expectation of still further
reductions in the event of cotton going lower. In the
South, particularly, efforts have been made to dispose of
goods at levels considerably below those prevailing in
Northern markets, and prices have been named that are the
lowest reached in three years. There have been some sales
of both drills and sheetings for export to miscellaneous countries, and in addition to these the export demand has included bleached goods, colored goods, prints and a fair-sized
quantity of duck. The domestic demand for bleached goods
is entirely of a hand-to-mouth character, as it is fully expected that lower prices will be named for the falL trade inside
of the next six weeks. The decline in the price of duck ha,s
resulted in a slightly better inquiry. Linings are in moderate
request at the lower level recently named. Napped goods
contiue to sell fairly well for fall. New showings of prints
are constantly being made, but sales are small, as further
revisions are expected in the near future. Ginghams are
quiet. Print cloths have again been reduced and standard
gray goods at Fall River are now quoted at 4c. Print cloths
regulars remain nominally 3Y0., but narrow goods have
sold at 23/sc. for 28-inch 64x60s• converters are watching the
market closely, believing that
'prices have nearly reached
bottom.
WOOLEN GOODS.—The men's wear woolen and worsted
goods market is in a much more satisfactory condition than
seemed likely a little while ago, for not only has there developed a belated demand for lightweight goods for the
current spring season, but duplicate ordering of heavyweights has set in at least two weeks earlier than had been
anticipated. The spring demand shows no change in character from a week ago, but the fall re-ordering has mostly been
of fine goods and has almost entirely been confined to worsteds. Some of the duplicate orders received have been of
substantial volume, but others have been dfsappointing in
this respect,and indicate that clothiers have already found a
market for every yard they order. Th's in itself is not a bad
thing and may indicate that these same byers will have to
enter the market again later on. Curtailment of manufacture is still drastic and this will doubtless have its effect upon
the market later. Duplicate ordering of dress goods for the
fall has hardly commenced as yet, although some few orders
have already been received. It is admitted that the initial
business has been disappointing, but many in the trade
believe that there will be a decided improvement later on
and for this reason are prepared to go ahead and manufacture goods for stock. Woolen mills are encouraged at the
outlook, believing that the drift will be more towards woolens
as against worsteds.
FOREIGN DRY.6GOODS.—The demand for high grade
imported woolen and worsted goods is regarded as satisfactory. Silks are very quiet and ribbons are dull. Linens are
not active and price revisions are expected 911 new goods.
Burlaps are steady.
1112
STAN. Pin CITY
THE CHRONICLE
DErill3TIVTEVT,
Bond Proposals and Nedotlations this week
have been as follows:
Akron, Ohio.-Bond Sale.-The highest bid received on
April 28 for the $30,000 5% 1-5-year (serial) bonds for the
purchase of real estate for public purposes, described in
V. 86, p. 871, was one of 101.50 submitted by Breed & Harrison of Cincinnati.
Albion, Boone County, Neb.-Bonds Defeated.-An electtion held April 7 resulted in the defeat of a proposition to
issue $5,000 city-hall bonds.
Alliance School District (P. 0. Alliance), Stark County,
Ohio.-Bonds Voted-Bond Offering.-On March 19 this
district by a vote of 513 to 59 authorized the issuance of
$25,000 4% school-building bonds. Proposals for these
securities will be received until 12 m. May 4 by Edward W.
Diehl, Clerk Board of Education. Authority, Sections
3991, 3992 and 3993, Revised Statutes. Denomination.
$2,000, except one bond of $1,000. Date May 4 1908. Interest semi-annual. Maturity $1,000 on May 4 1914 and.
$2,000 yearly on May 4 from 1915 to 1926 inclusive. Certified check or certificate of deposit on an Alliance bank for
$1,000 is required. Purchaser to pay accrued interest.
Alviso School District, Santa Clara County, Cal.-Bond
Offering Postponed.-We are advised that the time for
receiving proposals for the $1,000 6% 1-2-year (serial)
coupon bonds described in V. 86, p. 992, has been extended
from April 20 until 11 a. m. May 4.
Amory, Monroe County, Miss.-Bond Sale.-The $2,000
6% 1-20-year (serial) coupon school-building-completion
bonds described in V. 86, p. 933, were sold on April 14 to
the William R. Compton Bond & Mortgage Co. of St. Louis
at par.
Anne Arundel County (P. 0. Annapolis), Md.-Bond Sale.
-The $22,000 5% school bonds offered on April 28 (V. 86,
R. 1053), were disposed of to Baker, Watts & Co. and
Hambleton .& Co., both of Baltimore, as follows: $5,000
at 101, $12,000 at 104.01 and $5,000 at 106.03. Interest
semi-annually in January and July.
Arlington (P. 0. Station, Boston), Mass.-Temporary
Loan.-The City Treasurer, it is stated, has borrowed
$25,000 at 3.64% discount. Loan is due in six months.
Ashtabula, Ohio.-Bond Sale.-The Sinking Fund Trustees on April 10 purchased $18,199 5% sewer-construction
and street-grading bonds at par. Date April 1 1908. Interest semi-annual. Bonds are subject to call at any time.
Ashtabula Township School District (P. 0. Ashtabula),
Ashtabula County, Ohio.-Bond 0ffering.-Proposals will
be received until 12 m. May 9 by Emory N. Campbell, Clerk
Board of Education, for the $5,000 43/2% coupon heatingplant and school-building-completion bonds voted (V. 86,
p. 992) on March 17. Authority Section 3992. Revised
Statutes. Denomination $500. Date May 15 1908. Interest March 15 and Sept. 15 at the Treasurer's office. Maturity $500 yearly on March 15 from 1911 to 1920 inclusive.
Certified check for $500, payable to the Clerk Board of
Education, is required. Total debt including this issue,
$11,500. Assessed vaulation for 1908 $597,510.
Athens, Ohio.-Bond Sale.-The five issues of 5% Raving
assessment bonds aggregating $15,100 described in V. 86,
p. 1053, were sold on April 27 to W. R. Todd & Co. of Cincinnati at 103 and accrued interest. Following is a list
of the bidders:
$15,5531New First N. B., Columbus_ _$15,417
W.R.Todd & Co., Cln
Hayden, Miller ec Co., Cleve_ 15,4181
One bond of each issue matures yearly on Sept. 1 from
1909 to 1918 inclusive.
Beaumont, Jefferson County, Tex.-Bond Sale.-The
$20,000 Main Street market-house and the $20,000 brickfire-station-building bonds, a description of which was given
in V. 86, p. 299, were awarded on April 14 to the First
National Bank of Beaumont for $41,139 20.
Bedford Township School District, Cuyahoga County,
Ohio.-Bond Offering.-Proposals will be received until
12 m. May 4 by H. B. Walton, Clerk Board of Education
(P. 0. Bedford), for $2,000 5% coupon bonds. Authority
Section 22b, 3992 and 3994, Revised Statutes. Denomination $500. Date April 1 1908. Interest semi-annually
at the Cleiieland Trust Co. in Bedford. Maturity $500
yearly on Oct. 1 from 1909 to 1912 inclusive. Certified
check for 10% of bonds bid for, payable to the District
Treasurer, is required. Purchaser to pay accrued interest.
Belverde School District, Los Angeles County, Cal.Bond Offering.-Proposals will be received until 2 p. m. May 4
by C. G. Keyes, County Clerk (P. 0. Los Angeles), for
$30,000 5% school bonds. Denomination $1,000. Date
May 4 1908. Interest annually at the County Treasurer's
office. Maturity $1,000 yearly on May 4 from 1909 to 1938
inclusive. Certified or cashier's check for 3% of bonds bid
for, payable to the Chairman Board of County Supervisors, is
required.
Bertrand School District (P. 0. Bertrand), Neb.-Bonds
Voted.-According to reports the issuance of $12,500 school-
[VOL. Lxxxvi.
building bonds was favorably voted upon at an election held
April 21.
Bessemer, Gogebic County, Mich -Bond Offering.Proposals will be received until 6 p. m. May 4 by .Wm. L.
Guyer, City Clerk, for $25,000 5% water-Works bonds.
Authority sections 3247, 3248, 3249 and 3250, Compiled
Laws of Michigan. Denomination $500. Interest semiannual. Maturity $2,500 yearly on June 1 from 1911 to
1920 inclusive, but subject to call, however, before that
time. Certified check for 5% of bonds bid for is required.
Bloomfield School District No. 641, Alta.-Debenture
Offering.-Proposals were asked for until yesterday (May 1)
by Win. J. Hackett, Secretary-Treasurer (P. 0. Lamont),
for $5,000 20-year debentures. The result of this offering
was not known to us at the hour of going to press.
Bridgewater Independent School District No. 18 (P. 0.
Bridgewater), McCook County, So. Dak.-Bonds Not Sold.No satisfactory bids were received on April 25 for the $15,000
5% 1-20-year (serial) coupon school-building bonds mentioned in V. 86, p. 993. Denomination $500. Date June 1
1908. Interest is payable at place designated by purchaser.
Bryan, Williams County, Ohio.-Bond Offering.-Proposals will be received until 1 p. In. May 9 by F. W. Radabaugh,
Village Clerk,for $10,000 5% coupon electric-light and water
bonds. Denomination $500. Date March 11908. Interest
semi-annually at the Village Treasury. Maturity $2,500
each six months from March 1 1921 to Sept. 1 1922 inclusive.
A certificate of deposit (or cash) for 1% of bonds bid for,
drawn on one of the banks of Bryan and made payable to
Village Treasurer, is required. Purchaser to pay accrued
interest.
Bucyrus, Crawford County, Ohio.-Bond Election.-On
May 5 the voters of this city will decide upon the issuance of
$90,000 bonds to construct a municipal electric-light plant.
Buffalo, N. Y.-Bonds Authorized.-Chapters 53 and 56
of the Laws of 1908 authorize the issuance of $600,000 bonds
for school buildings and $2,000,000 bonds for additional
lands for parks along the water front.
Byesville School District (P. 0. Byesville), Guernsey
County, Ohio.-Bond Sale.-On April 25 the $25,000 5%
coupon school-building bonds, a description of which was
given in V. 86, p. 1054, were awarded to the Mansfield
Savings Bank of Mansfield at 108.80. Maturity $1,000
yearly on Sept. 1 from 1918 to 1942 inclusive.
Caldwell County (P.0. Lockhart), Texas.-Bonds Voted.The $25,000 jail-construction bonds, mention of which was
made in V. 86, p. 558, were authorized at the election held
March 28 by a vote of 725 to 311. We are informed that the
bonds will probably bear 5% interest and mature in forty
years, being subject to call after five years.
Cambridge, Mass.-Bond Sale.-On May 1 an issue of
$400,000 4% 10-year bonds was awarded, it is stated, to'
E. H. Rollins & Sons of Boston at 103.576.
Canyon County (P. 0. Caldwell), Idaho.-Bond Sale.An issue of $44,000 10-20-year (optional) coupon bridgebuilding bonds, dated April 1 1908, was recently taken
by MacDonald, McCoy & Co. of Chicago as 53's. These
securities were purchas3d by the firm on Oct. 17 1907 for
$45,190 (102.704) and accrued interest for 53's (V. 85,
p. 1101) but there being a question at the time as to the
validity of the issue, the sale was not consummated. The
bonds have now been validated by a decision of the Supreme
Court.
Canton, Haywood County, No. Car.-Bonds Not Sold.Bond Offering.-Up to April 23 no sale had yet been made
of the $65,000 5% 30-year coupon sewerage water-supply
electric-light, school and street-improvement bonds offered
on April 1 and described in V. 86, p. 682. Proposals for
these securities will be received at any time.
Canton, Ohio.-Bond Sale.-On April 27 the following
bonds were awarded to Hayden, Miller & Co. of Cleveland
for $27,292 50 (100.34) and interest:
$1,500 4% South Market Street bonds. Denomination $300. Maturity
$600 on Nfay 1 1910 and $300 yearly on May 1 from 1911 to .
1913 inclusive.
1,000 434% East Ninth Street bonds. Denomination $200. Maturity
$400 on May 1 1908 and $200 yearly on May 1 from 1911 to
1913 Inclusive.
7,600 43% Lincoln Avenue bonds. Denomination $1,000, except one
bond for $600. Maturity $2,000 yearly on May 1 from 1910
to 1912 Inclusive and $1,600 on May 1 1913.
600 5';', Rappe Street bond maturinz May 11911.
4,000 434
Smith Avenue bonds. Denomination $800. Maturity $800
yearly on May 1 from 1909 to 1913 Inclusive.
2,600 4% Woodland Avenue bonds. Denomination $520. Maturity
$520 yearly on May 1 from 1909 to 1913 inclusive.
7,500 4 34% West Tuscarawas Street bonds. Denomination $1,500.
Maturity $1,500 yearly on May 1 from 1909 to 1913 inclusive.
2,400 4% Lincoln Avenue (city's portion) bonds. Denominations
$1,000 and $1,400. Maturity May 11913.
The above bonds are all dated May 1 1908. Interest
semi-annual. A bid of $14,568 (100.468) for $14,500 bonds
was also received from Weil, Roth & Co., of Cincinnati.
Carleton, Monroe County, Mich.-Bonds Voted.-On
March 3 the electors of this district authorized the issuance
of $8,000 high-school-building bonds by a vote of 79 to 40.
Cass County (P.0. Logansport), Ind.-Bonds Not Sold.No bids were received on April 24 for the $11,300 6%
road bonds offered on' that day.
Ceredo School District (P. 0. Ceredo), Wayne County,
W. Va.-Bonds Voted.-The electors of this district recently
authorized the issuance of $7,000 6% school-building-corn-
MAY 2 1908.]
THE CHRONICLE
1113
pletion bonds by a vote of 272 to 61. Interest semi-annual.
Crawford County (P. 0. Bucyrus), Ohio.-Bond Offering.
Maturity $500 yearly on May 15 from 1909 to 1922 inclusive. -Proposals will be received until 12 m. May 4 by J. I. Smith,
Date of sale not yet determined.
County Auditor, for $40,000 5% court-house-improvement
Chardon, Geauga County, Ohio.-Bonds Voted.-At an bonds. Authority Section 871, Revised Statutes. Denomielection held April 21, 151 votes were cast in favor of issuing nation $1,000. Date April 1 1908. Interest semi-annual.
$8,000 public-hall bonds,while 17 were cast against it. Date Maturity part each six months from Oct. 1 1908 to April 1
1910 inclusive. Certified check for 1% of bonds bid for,
of offering not yet determined.
payable to the County Treasurer, is required. Purchaser
0.
(P.
Folkston),
County
Charlton
Ga.-Bonds Proposed.- to pay accrued interest.
$100,000
issuing
bonds
There is talk of
for the improvement
Creston, Lincoln County, Wash.-Bond Sale.-On April
of schools, roads and bridges.
Chatfield, Fillmore County, Minn.-Bonds Voted.-This 10, $6,500 water-works bonds of this place were bought
town, we are informed, voted on March 10 to issue $2,500 by the State of Washington as 5s. Denomination $100.
Date May 1 1908. Interest semi-annually in January and
bonds with the understanding "that the city of Chatfield July.
Maturity twenty years, but subject to call at any
vote a like amount on April 14 to jointly build a city and
interest-paying period.
town hall."
Croswell, Sanilac County, Mich.-Bonds Not Sold.-No
Chester, Chester County, S. 0.-Bond Election.-An elecaward has yet been made of the $18,000 43i% coupon streettion will be held May 5 to vote on the question of issuing improvement
bonds offered (V. 86, p. 619) on March 16.
not exceeding $26,0004% coupon bonds for street improveDalhart, Tex.-Bonds Registered.-The State Comptroller.
ments and to extend the water and light facilities. Interest
on April 18 registered $25,000 5% sewer bonds of this city.
annual.
Chickasha, Grady County, Okla.-Bonds Voted.-Accord- Maturity April 1 1948, subject to call after twenty years.
Davidson, Sask.-Debenture Offering.-Proposals will be
ing to reports, propositions to issue $90,000 high-schoolbuilding and school addition bonds, $35,000 city-hall bonds received by Arthur Jas. Robertson, Town Clerk, for $5,000
and $25,000 storm sewer bonds carried at an election held 6% fire-protection debentures. They are dated Dec. 19
1907 and mature part yearly for twenty years. Total asApril 9.
Chicopee, Hampden County, Mass.-Note Offering.-Pro- sessed valuation for 1907, $462,821 50.
Daysland School District No. 1539 (P. 0. Daysland),
posals will be received until May 5 by James Buckley, City
Treasurer, for $10,000 notes. Denomination $2,000. Ma- Alberta.-Debenture Offering.-Proposals will be received
up to May 25 by J. F. Barker, Secretary and Principal, for
turity "$2,000 yearly."
Chippewa Falls, Chippewa County, Wis.-Bonds Voted.- $15,000 534% debentures maturing in thirty years. DebenWe are advised that an election held April 7 to vote on the ture debt this issue.
Deshler, Thayer County, Neb.-Bond Offering.-Proposals
question of issuing bridge bonds resulted in favor of that
proposition. The vote was 924 "for" to 442 "against". will be received until 8 p. m. May 5 by W.E. Philby, Village
Clerk, for $15,000 6% gold coupon water-works bonds. AuDetails of bonds and date of sale not yet determined.
Claremont, Burry County, Va.-Bond Offering.-Propo- thority Section 69 of an Act of the Legislature of 1879. Desals will be received until 1 p. m. May 9 by Fred. Sharp, nomination $1,000. Date May 1 1908. Interest semiTown Recorder, for $8,000 6% school and improvement annually at the fiscal agency of Nebraska in New York City.
bonds dated June 1 1908. Maturity June 1 1928, subject Maturity May 11928, subject to call after five years. Certified check for 3%, payable to J. H. Beckham, Village
to call after June 11918.
Treasurer, is required. Total debt, this issue. Assessed
Clearfield School District (P. 0. Clearfield), Clearfield valuation $76,130.
Election.
-An election will be held
County, Pa.-Bond
Douglas County (P. 0. Omaha), Neb.-Bond Election.to-clay (May 2) to decide whether or not this district shall
The proposition to issue the $1,000,000 4% coupon courtbonds.
school
issue $45,000
house-construction bonds mentioned in V. 86, p. 619, will
Concord Union Free School District No. 1 (P. 0. Spring- be voted upon at an
to be held May 5. Denominaville), Erie County, N. Y.-Bond Offering.-Proposals will tion $1,000. Date election
Oct. 1 1908. Interest semi-annually
be received until 8 p. m. May 8 by Bernis L. Bensley, District at the fiscal agency of Nebraska
in New York City. MaClerk, for $75,000 43"2% school-building bonds. Authority turity $50,000
on Oct. 1 from 1918 to 1927 inclusive
Section 10, Title 8, Consolidated School Law. Denomina- and $500000 yearly
on Oct. 1 1928.
tion $1,000. Date July 1 1908. Interest annually at the
Douglas, Converse County, Wyo.-Bond Sale.-The
National City Bank of New York City in New York exchange.
Maturity $1,000 yearly on Jan. 1 from 1909 to 1933 inclusive $50,000 5% 10-30-year (optional) coupon water-works
and $2,000 yearly on Jan. 1 from 1934 to 1958 inclusive. bonds proposals for which were asked until April 10 have
Certified check or New York bank draft for 2% of bonds bid been sold to William E. Sweet Sr Co. of Denver at 97. See
for, made payable to Frank 0. Smith, President Board of V. 86, p. 872, for a description of these securities.
Dos Palos Joint Union High-School District, Merced
Education, is required.
Concordia, Cloud County, Kan.-Bonds Voted.-The issu- County, Cal.-Bonds to be again Submitted to a Vote.-The
ance of $42,000 water bonds at not exceeding 5% interest County Clerk advises us that, owing to a defect in the law
was authorized by a vote of 376 to 132 at an election held in regard to the payment of the $30,000 6% school-building
April 7. Details of bonds or date of offering not yet decided. bonds awarded on March 4 to E. H. Rollins & Sons of Chicago
86, p. 683) the same will have to be again submitted
Congress, Wayne County, Ohio.-Bond Election.-Re- to a(V.
vote of the people.
ports state that an election will be held May 9 to vote upon
Dublin, Ga.-Bond Sale.-On April 16 the six issues of
a proposition to issue bonds for building purposes.
5% 29-year gold coupon improvement
Cordele, Crisp County, Ga.-Bond Election.-Reports $65,000, described in V. 86, p. 811, bonds, aggregating
state that an election will be held May 5 to vote on the ques- Robinson-Humphrey Co. of Atlanta. were awarded to the
tion of issuing $15,000 5% 20-year water-works and sewerDunkirk, Ohatauqua County, N. Y.-Bond Sale.-The
improvement bonds.
$80,000 4% coupon school bonds maturing from ten to
Coudersport, Potter County, Pa.-Bond Offering.- twenty-five years,
offered
Proposals will be received until 8 p. m. May 4 by R. R. (V. 86, p. 811), have been but not awarded on March 20
disposed of a par.
Lewis, Borough Solicitor, for $4,000 5% gold coupon highway-improvement bonds. Denomination $500. Date June AtDuval County (P.0. Jacksonville), Fla.-Bond Election.a recent meeting of the Board of County Commissioners
1 1908. Interest semi-annually at the First National Bank
of Coudersport. Maturity $500 yearly on Jan. 1 from it was decided that the amount of road and bridge bonds
1909 to 1916 inclusive. Bonds are exempt from all taxes. to be voted on May 19 (V. 86, p. 994) would be $250,000.
Total debt, including this issue, $17,000. Assessed valua- These will carry semi-annual interest at a rate not to exceed
5% and will mature in thirty years.
tion for 1907 $903,613.
East Grand Forks, Polk County, Minn.-Bond Offering.Cook County (P. 0. Chicago), Ill.-Bond Offering.Proposals will be received until 1:30 May 11 by William Proposals will be received until 7:30 p. m. May 5 by C. P.
McLaren, Superintendent Public Service, for $1,700,000 Zimmerman City Recorder, for $50,000 5% coupon waterSeries "J" bonds in denomination of $1,000 and $200,000 works bonds. Authority election held March 30 1908;
Series "J" bonds in denomination of $500. These secur- also Chapter 8, General Laws of 1895 and all amendments
ities are part of the issue of $2,000,000 4% gold poor-farm thereto. Denomination $500. Date June 11908. Interest
and infirmary bonds voted on April 7, as stated in V. 86, semi-annually in East Grand Forks. Maturity $5,000
p. 934. The remaining $100,000 bonds of this issue will yearly on June 1 from 1918 to 1927 inclusive. An unconbe reserved for public subscription. Date June 1 1908. ditional certified check for $1,500,payable to the City TreasMaturity $95,000 yearly on June 1 from 1909 to 1928 in- urer, is required. Accrued interest, if any, to be paid
clusive. Certified check (or cash) for 1% of bid drawn by purchaser.
Eldon School District (P. 0. Eldon), Mo.-Bonds Voted.upon some banking institution doing business in Cook
County and made payable to William Busse, President At an election held May 7 a proposition to issue $6,000 highschool-building bonds was favorably voted upon, it is stated.
Board of County Commissioners, is required.
Elkton Cecil County, Md.-Bonds Defeated.-Papers reCranberry Township (P. 0. New Washington), Ohio.Bond Sale.-On April 13 the Farmers' Exchange Bank of port that: the question of issuing bonds for a sewer system
New Washington was the successful bidder at 111.75 for was defeated at the election April 13. The vote was 329
an issue of $10,000 5% road-improvement bonds of this "for" to 86 "against."
township. Denomination $500. Date March 1 1908. InEl Paso, Texas.-Bonds Voted.-Dallas papers state that
terest semi-annual. Maturity part yearly on March 1 from an. election held here on April 25 resulted in favor of propo1925 to 1930..
sitions to issue bonds to the amount of $500,000, the pro-
1114
THE CHRONICLE
coeds to be used as follows: $200,000 for street paving,
$100,000 for street gradings, $100,000 for school improvements, $50,000 for a garbage-disposal system and $50,000
for a sewage-disposal system.
Eugene, Lane County, Ore.-Bonds Voted.-By a vote
of 567 to 171 a proposition to issue $300,000 water bonds
carried at an election held April 18. A pr_o_position to purchase the water plant and property of the Willamette Company for $140,000 also carried at this election. The vote
was 635 to 125.
Fennimore, Grant County, Wis.-Bond Offering.-Proposals will be received until 8 p. m. May 7 by Wm. Weaver,
Village Clerk, for $15,000 coupon funding and water-main
extension bonds. Denomination $1,000. Date July 1
1908. Interest (rate to be named in bid) payable semiannually in Fennimore. Maturity twenty years, subject
to call after ten years. Bonds are tax-exempt. Bonded
debt, including this issue, $30,000. Assessed valuation
for 1907, $668,855.
Ferguson School District (P. 0. Ferguson) St. Louis
County, Mo.-Bond Sale.-This district on April 16 awarded
$15,000 5% 1-20-year (serial) bonds to the Little & Hays
Investment Co. of St. Louis. Denominations $500 and
$250. Date May 1 1908. Interest semi-annual.
Findlay, Hancock County, Ohio.-Bonds Authorized.The City Council recently passed an ordinance providing for
the issuance of 5% bonds for the improvement of George
Street.
Fort Mill, York County, S. 0.-Bond Election.-An election, it is stated, is to be held in the near future to vote on
the question of 'issuing $10,000 bonds for school purposes.
The City Council has also been petitioned to call an election
to vote on a proposition to issue $10,000 street-improvemen!
bonds.
Franklin County (P. 0. Brookville), Ind.-Bond Offering.
-Proposals will be received until 12 m. May 4 by Chas. A.
Miller, County Auditor, for $22,000 3% coupon bridgeconstruction bonds. Authority, vote cast at election held
Sept. 4 1907. Denomination $550. Date June 1 1908.
Interest semi-annually at the Franklin County National
Bank in Brookville. Maturity $1,100 each six months from
May 15 1909 to Nov. 15 1918 inclusive. Certified check
on some bank in Brookville, for 3% of the amount bid, payable to the Board of County Commissioners, is required.
Purchaser to pay accrued interest.
Freeborn County (P. 0. Albert Lea), Minn.-Bond Sale.On April 14 an issue of $50,000 ditch-building bonds was
disposed of to the First National Bank of Albert Tea as
5 1-4s. Denomination $1,000. Date July 1 1908. Interest semi-annual. Maturity ten years, but subject to
call before that time.
Fremont, Sandusky County, Ohio.-Bonds Voted.-It is
reported that an election held April 15 resulted in favor of a
proposition to issue $24,500 refunding bonds.
Frontenac School District (P. 0. Frontenac), Crawford
County, Kans.-Bond Sale.-We are advised that. the
$10,000 5% school-building bonds voted Feb. 18 (V. 86,
p. 559), have been awarded to the State School Fund Commissioners.
Galveston, Texas.-Bonds Voted.-The question of issiiing the following bonds, mention of which was made in
V. 86, p. 994, was favorably voted upon April 25:
$300,000 434% bonds for paving and drainage purposes. Vote 488 to 338.
100,000 5% duplicate water-main bonds. Vote 516 to 309.
50,000 5% public-school-house bonds. Vote 591 to 245.
Gloucester, Mass.-Bond Sale.-Papers report that this
city has awarded $40,000 4% 13-year (average) water bonds
to Parkinson & Burr of Boston at 102.61-a basis of about
3.745%.
• Gloversville, Fulton County, N. Y.-Bond Offering.0. L. Everest, City Chamberlain, will offer at public auction
at 2 p. m. May 14 $9,000 4% coupon bonds for walks,
curbs, gutters and sewers. Authority Chapter 275, Laws
of 1:899. Denominations $500 and $100. Date Feb. 1
1908. Interest annually at the Fourth National Bank in
New York City. Maturity part yearly on Feb. 1.
Grand Rapids, Kent County, Mich.-Bonds Voted.A proposition to issue Rogue River bridge bonds carried at
an election held here recently by a vote of 6,438 "for" to
6,128 "against."
Great Barrington, Mass.-Bond Sale.-On April 27 the
$66,500 4% coupon school-house bonds described in V. 86,
p. 994, were awarded to Blodget, Merritt & Co. of Boston
at 101.80 and accrued interest. The following bids were
received:
Bos101.801Blake Bros. & Co., Boston__ _ _100.82
Blodget, Merritt &
Hayes & Co., Bos_ _1(10.2621
Co..
Parkinson & Burr, Boston__101.301Tucker,
Maturity $3,500 yearly on Dec. 1 from 1909 to 1927 inclusive.
tv Greensburg School District (P. 0. Greensburg), Pa.Bonds Voted.-The issuance of $20,000 building bonds was
authorized by a vote of 570 to 147 on April 21. Details of
bonds and date of sale not decided upon.
Hamilton, Ohio.-Bond Sale.-The following bids were
received on April 29 for the $39,157.87 4)4% 10-year North
B Street improvement bonds, a description of which was
given in V. 86, p. 994:
[VOL. Lxxxvi.
Well, Roth & Co., CIncin _ $40,350 871Atlas Nat. Bank,()litchi_ _$40,138 12
Western Gertnan Bk., Cln. 40,237 87 Central Trust & Safe DeSeasongood & Mayer, Cin. 40,168 121 posit•Co., Cincinnati_ _ _ 40,137 00
Hayden,Miller & Co.,Clev. 40,144 871W. R. Todd & Co., Cincln. 39,985,87
Brighton German I3k.,C1n. 40,140 751Hamilton Clearing House_ 39,948 85
Hamler, Henry County, Ohio.-Bond Offering.-Proposals will be received until 12 m. May 6 by W. L. McIntyre, Village Clerk, for $2,400 6% coupon sewer-system
bonds. Denomination $240. Date May 1 1908. Interest
annual. Maturity $240 yearly on May 1 from 1909 to 1918
inclusive.
Hartley, O'Brien County, Iowa.-Bond Offering.-Proposals will be received until 8 p. m. May 4 by C. M. McElwain City Clerk, for the $12,000 5% coupon electriclight and power bonds voted (V. 86, p. 994) on March 9.
Denomination $1,000. Date June 1 1908. Interest semiannually at any bank in New York City that the purchaser
may des:gnate. Maturity twenty years, subject to call
after ten years. Certified check for $500, payable to the
City Clerk, is required. Total debt, including this issue,
$17,500. Assessed valuation for 1907, $598,000.
Herkimer, N. Y.-Bond Election.-A proposition to issue
$50,000 street-paving bonds will be subthitted to a vote on
May 4.
Holland, Mich.-Bond Offering.-Proposals will be received until 7:30 p. m. May 4 by Wm. O. Van Eyck, City
Clerk, for $30,000 coupon electric-light-plant-extension
bonds at not exceeding 6% interest. Denomination $1,000.
Date May 11908. Interest annually on Feb. 1 at the City
Treasurer's office. Maturity $5,000 yearly on Feb. 1 from
1909 to 1914 inclusive. Certified check for $300 payable
to the "City of Holland" is required.
John Sweet Union High School District, Contra Costa
County, Cal.-Purchaser of Bonds.-We are advised that the
purchaser of the $25,000 5% 1-25-year (serial) high-school
building bonds disposed of on March 3 (V. 86, p. 873) was
B. Fernandez of Pinole. The price paid was 102 and accrued
interest-a basis of about 4.792%. Denomination $1,000.
Date March 2 1908. Interest semi-annual.
Joplin School District (P. 0. Joplin), Mo.-Bond Offering.-Proposals will be received until 12 m. May 5 by I. N.
Threlkeld, Secretary School Board, for $65,000 4% building and repair bonds. Authority vote of 830 to 27 at election held .April 11. Denomination $1,000. Date May 1
1908. Interest semi-annual. Maturity twenty years, subject to call after ten years. Certified check for $2,000,
payable to T. W. Cunningham, District Treasurer, is required. Purchaser to pay accrued interest.
Kalamazoo School District(P.0. Kalamazoo), Kalamazoo
County, Mich.-Bond Sale.-On April 23 the $85,000 4%
coupon school-building bonds described in V. 86, p. 995,
were awarded to the American Trust & Savings Bank and
Farson, Son & Co., both of Chicago, at their joint bid of
101.15 and accrued interest. The bids received were as follows:
Amer. Tr. & S. B.1ChIc_ _$85,977 501Devitt, Tremble & Co.,Ch.$85,117 00
:First Nat. Bk.. Cleveland_ 85,107 00
Farson, Son & Co.I
First Tr. &S. B., Chicago _a85,745 001A.J. Hood ec Co., Detrolt.b85,100 00
85,085 00
Chas. H. Coffin, Chicago_ _b85,501 0010tis & Hough, Cleve
E.H.Rollins& Sons,Chle_ 1 85,480 001Bumpus-Stevens Co., De30,051 00
1 trolt (for $30,000)
Matthew Finn, Detroit_ 1
N. W. Halsey & Co., Chic_ 85,346 501
Harris Tr. & S. B., Chic_ 85,286 001
--a "Including printing of bonds." b Bid not accompanied by a certified
check: therefore not considered.
Bonds will mature on April 1 as follows: $5,000 in 1909
and 1910, $7,000 in 1911, $8,000 in 1912, $10,000 in 1913,
1914 and 1915 and $30,000 in 1918.
Kansas City, Wyandotte County, Kans.-Bond Sale Not
Consummated.-The City Clerk writes us that the sale on
March 17 of the $116,000 5% 15-year coupon funding bonds
to John Nuveen & Co. of Chicago "was canceled, due to
the fact that the Act under which they were issued was declared unconstitutional."
King County (Wash.) School District No. 84.-Bond
Offering.-Proposals will be received until 11 a. in. May 8
by Matt H. Gormley, County Treasurer (P. 0. Seattle), for
$1,000 coupon school-house-addition bonds at not exceeding
6% interest. Authority election held April 4 1908. Denomination $200. Interest annually at the County Treasurer's office or at the office of the fiscal agency of the State
of Washington in New York City, at option of purchaser.
Maturity ten years, subject to call after five years. This
district has no debt at present. Warrant debt $322 15.
Assessed vatuation for 1907 $38,694.
Kingsville Township Centralized School District, Ashtabula County, Ohio.-Bond Offer:mg.-Proposals will be received until 12 m. May 8 by the Board of Education, R. C.
Thompson, Clerk, for the following bonds:
bonds. Denomination $250, except one bond of $300. Date
June 10 1007. Maturity $300 on June 10 1016 and $250
yearly on June 10 from 1917, to 1020 inclusive. Purchaser
to pay accrued interest.
8
1,350 43-% bonds. Denominations $250, $200 and $150. Date May
1908. Maturity $150 on May 8 1910, $200 on May 8 1011
Inclusive.
May
8
on
yearly
from
1912
1915
to
and $250
$1,300 4
Authority Section 3994, School Laws. Interest semiannual. Certified check for 10% of bid is required.
Lancaster, Erie County, N. Y.-Bonds Not Sold-Bond
Offering.-No bids were received on April 27 by Peter P.
Adolf, Village Treasurer, for the $150,000 12-41-year (serial)
coupon (with privilege of registration) sewer-system construe-
MAY 2 1908.]
THE CHRONICLE
tion bonds described in V. 86, p. 1055. Proposals are again
asked for these bonds and will be received this time until
May 8. Rate of interest to be named in bid.
La Porte County (P.0. La Porte), Ind.-Bond Offering.Proposals will be received until 10 a. m. May 5 by Charles
H. Miller, County Auditor, for $125,000 5% bonds,to build
a court-house at Michigan City and for other corporate
purposes. Date June 1 1908. Interest semi-annual. Maturity one-twentieth yearly on June 1 from 1909 to 1928
inclusive.
Lawrence School District (P. 0. Lawrence), Douglas
County, Kan.-Bond Sale.-Local investors have purchased
the $40,000 4% gold coupon Manual Training High School
building bonds mentioned in V. 86, p. 995, at par. Securities are exempt from all taxation and will be delivered
July 1 1908.
Lee County (P. 0. Bishopville), So. Car.-Bond Sale.On April 28 the $35,000 5% 15-29-year (optional) coupon
court-house bonds described in V. 86, p, 995, were awarded
to the Spartanburg Trust Co. of Spartanburg for $35,275.35
(100.786) and accrued interest. The purchaser also agreed
to pay all expenses.
Listowell, Ont.-Debenture Sale.-In addition to the
$15,000 5% debentures awarded on April 21 to Wood, Gundy
& Co. of Toronto (V. 86, p. 1055), this town has also sold
$3,500 5% debentures to the same firm. Maturity part
yearly for twenty years.
Long Beach, Miss.-Bonds Authorized.-We learn from
the daily papers that on April 11 the Town Council authorized
the issuance of $10,000 street-improvement bonds at not exceeding6% interest. Maturity "not later than twenty years
from date of issue."
Lyme Township (P. 0. Bellevue), Huron County, Ohio.Bond Sale.-On April 27 the $10,000 5% 5 -year (average)
school-improvement bonds described in V. 86, p. 1055, were
awarded to F. L. Fuller & Co. of Cleveland at 103.35 and
accrued interest. The following bids were submitted:
F. L. Fuller & Co., Cleve_$10,335 00 MacDonald, McCoy & Co.,
$10,207 00
First Nat. Bank, Cleve_ _ _ 10,327 001 Chicago
Hayden,Miller & Co.,Clev. 10,317 0010tis ec Hough, Cleveland_ 10,176 00
Seasongood & Mayer, Cln_ 10,278 00 Breed ec Harrison, Cincln_ 10,152 00
Hoehler & Cummings, Tot. 10,217 501W. J. Hayes & Sons, Clev_ 10,139 00
1Well, Roth & Co., Cincin_ 10,115 00
Denison es Farnsworth,
Cleveland
10,217 001First National Bank, Belle10,000 00
First Nat. Bank,Columbus 10,212 001 vue
All bidders offered accrued interest in addition to their bids.
Lynchburg, Campbell County, Va.-Bond Offering.-Proposals will be received until 12 m. June 1 by John M.Otey,
City Auditor,for $100,0004 %water bonds. Denomination
$1,000. Date Aug. 1 1907. Interest semi-annually at the
City Treasurer's office. Maturity thirty-four years. Bonds
are exempt from all city taxes. Certified check for 2% of
bonds bid for, payable to the "Treasurer of the City of
Lynchburg," is required. Bonds will be delivered Aug. 1.
Blank forms for bids will be furnished by the city.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Mamaroneck, Westchester County, N. Y.-Bond Offering.
-Proposals will be received until 8:30 p. m. May 6 by
Charles W. Buckter, Village Clerk, for the following bonds
at not exceeding 5% interest:
$16,000 paving bonds maturing $1,000 yearly on June 1 from 1913 to 1028
inclusive. Denomination $1,000.
20,000 street-Improvement bonds matnring $1,000 yearly on June 1 from
1913 to 1932. Denomination $1,000.
8,000 road and bridge bonds maturing $500 yearly on June 1 from 1911
to 1926 inclusive. Denomination $500.
14,000 street-improvement bonds maturing $1,000 yearly on June 1 from
1913 to 1926 inclusive. Denomination $1,000.
35,000 paving bonds maturing $1,400 yearly on June 1 from 1913 to
1937 inclusive. Denominations $1,000 and $400.
The above bonds are dated June 1 1908. Interest semiannual. Certied check for 5% of bonds bid for made,payable in New York City, is required.
Marion, Ohio.-Bond Sale.-A bid of par and accrued
interest submitted on April 29 by the Marion National Bank
of Marion for the three issues of 4% bonds aggregating
$28,450 described in V. 86, p. 1055, was accepted by the
City Auditor. The following proposals were received:
Marlon Nat. Bank, Marion__$28,4501Loulsa Romoser, Marlon (for
Well, Roth & Co., Cincinnati •28,4501 $500)
$500
*Less $300 for printing bonds.
All bidders offered accrued interest in addition to their bids
Massillon, Stark County, Ohio.-Bond Sale.-On April 29
the $45,000 4% coupon public-hall bonds described in
V. 86, p. 1055, were awarded to Rogers & Sons of Chagrin
Falls at 102.683 and accrued interest. The following bids
were received:
Rogers&Sons,Chag.Falls _$46,207 751Denlson & Farnsworth,
$45,919 50
Well, Roth & Co., Cinch'. 46,125 001 Cleveland
1Otis & Hough, Cleveland_ 45,795 00
Central Trust & Savings
46,040 001Hayden ,Miller & Co.,Clev. 45,631 00
Co., Cleveland
Breed ec Harrison, Cincht_ 45,949 501W. R. Todd ec Co., Cincin. 45,631 00
Seasongood & Mayer, CM_ 45,927 00 Cleveland Trust Co., Clev_ 45,481 50
Maturity $2,000 each six months beginning April 11911.
Matagorda County Drainage District No. 1 (P. 0. Bay
City), Tex.-Bond Offering.-Proposals will be received
at any time by Jesse Matthews, County Judge, for $250,000
5% coupon drainage and levee bonds. Denomination
$1,000. Date Feb. 141908. Interest anually at the County
Treasurer's office. Maturity Feb. 14 1948, subject to call
1115
after Feb. 14 1928. These securities were registered by
the State Comptroller on April 24.
Middletown, Butler County, Ohio.-Bends Authorized.The City Council has passed an ordinance providing for the
issuance of $14,619 63 OA% Yankee Road and Fourth Street
paving (city's portion) bonds. These securities are dated
.April 1 1908 and mature in ten years.
Milford, Seward County, Neb.-Bonds Defeated.-On
April 7 a proposition to issue $6,000 5% water-works bonds
was defeated. The vote was 103 "for" to 65 "against",
two-thirds majority being required to authorize.
Minnesota.-Sale of Certificates of Indebtednes.-Of an
issue of $450,0004%% certificates of indebtedness authorized
by the last Legislature for the purpose of enlarging the Vniversity campus and for the erection of certain buildings,
$50,000 have been taken by the State Permanent School
Fund and $400,000 by the Minnesota Loan & Trust Co. of
Minneapolis. Although the Act passed by the Legislature
provides for a tax-levy on all the taxable property of the
State for the payment of these certificates, they are not considered obligations of the State, having been issued by the
Board of Regents of the State University. This item was
inadvertently reported under the head of "Minneapolis,
Minn.," in V. 86, p. 996.
Mobile, Ala.-Bonds Offered by Bankers.-Devitt, Tremble
& Co. of Chicago and Philadelphia are offering at a price to
yield over 4.65% (see advertisement on a preceding page)
$1,000;000 432% coupon refunding bonds of this city
recently awarded to them. These bonds are part of $1,897,000 bonds issued to refund an issue of $2,500,000, of which
$603,000 had been paid in cash prior to maturity. Besides
being a direct obligation of the city, the bonds are additionally secured by a first lien on wharf property, waterfront rights and privileges of the city valued at $2,000,000.
Denomination $1,000. Date Oct. 1 1907. Interest semiannually in New York. Maturity Oct. 11937. The legality
of this issue has been approved by Dillon & Hubbard of
New York City and the bonds are accepted by the Secretary
of the Treasury as security for Government deposits.
Monroe School District (P.0. Monroe), Mich.-Bond Election.-This district will vote May 5 on a proposition to issue
$80,000 bonds.
Montreal Protestant School District (P. 0. Montreal),
Que.-Debentures Authorized.-The issuance of $100,000
30-year debentures at not exceeding 5% interest, was
authorized, according to reports, at a meeting of the Private
Bills' Committee held March 24.
Morgan County (P. 0. Martinsville), Ind.-Bond Sale.This county has sold the $16,400 Washington Township and
$6,200 Jackson Township 4%% gravel-road bonds offered
without success on March 16. See V. 86, p. 747.
Moose Jaw, Sask.-Price Paid for Debentures.-We are
advised by W. A. Mackenzie & Co. of Toronto that 93.16
and accrued interest was the price paid for the $43,856 67
5% debentures maturing part yearly for ten years and the
$215,000 5% debentures maturing part yearly for fifty
years, awarded them (V. 86, p. 936) on April 8. Denominatios to suit purchaser.
Nashville, Davidson County, Tenn.-Bids Rejected.All bids received on April 30 for the $200,000 4% 20-year
water-main-extension bonds described in V. 86, p. 1056,
were rejected.
Nelson, B. 0.-Debenture Sale.-Montreal papers report
the sale of the $60,000 5% 20-year coupon school-building
debentures offered but not awarded on March 2.
Newark School District (P. 0. Newark), Licking County,
Ohio.-Bond Sale.-The $17,000 4% 1-17-year (serial) coupon school-building-improvement bonds offered on April 23
(V. 86, p. 1056) have been awarded to the First National
Bank of Newark, Ohio, for $17,023 (100.135) and accrued
interest. Bids at par and accrued interest were also received
from the following: Central Trust & Safe Deposit
Cincinnati; Seasongood & Mayer of Cincinnati, and
Co.,Weil,
Roth & Co., of Cincinnati.
Newburgh, N. Y.-Bond Sale.-Isaac W.Sherrill of Poughkeepsie was the successful bidder for $19,000 Lander Street
and $33,500 Water Street 4%% 1-10-year (serial) bonds
offered for sale on April 27. The price paid was 100.57.
Date May 1 1908. Interest semi-annual.
Newburyport, Essex County, Mass.-Bond Sale.-On
April 17 this city sold $75,000 4% water bonds to F. S.
Moseley & Co. of Boston at 101.034. Denomination $1,000.
Date July 1 1908. Interest semi-annual. Maturity $2,000
yearly on July 1 from 1909 to 1923 inclusive and $3,000
yearly on July 1 from 1924 to 1938 inclusive.
New Lexington, Perry County, Ohio.-Bond Offering.Proposals will be received until 12 m. May 9 by Chas. A.
Beard, Village Clerk, for $7,500 4% street-improvement
(village's portion) bonds. Authority Section 1536-213, Revised Statutes. Denomination $500. Date May 1 1908Interest semi-annually at the Village Treasurer's office. Ma.
turity $500 yearly on Nov. 1 from 1909 to 1923 inclusive.
Certified check for 10% of bonds bid for is required. Purchaser to pay accrued interest and furnish blank bonds at
1116
THE CHRONICLE
his own expense. Bonds will be delivered within ten days
from time of award.
New London, Conn.-Bond Offering.-Proposals will be
received until 1:30 p. m. to-day (May 2) by Fitch L. Comstock, City Treasurer, for the following bonds:
$100,000 4% gold coupon school bonds due Dec. 1 1927. Interest semiannually in June and December. The legality of this
Issue has been approved of by Story, Thorndike. Palmer
& Thayer of Boston.
50,000 334% gold coupon water fund bonds due July 1 1926. Interest
semi-annually in January and July.
Denomination $1,000. Certified check for 1% of bonds
bid for, payable to the City Treasurer, is required. Interest
is payable at the City Treasurer's office.
New Orleans, La.-Bonds Proposed.-The Orleans Levee
Board has decided to apply to the Legislature for authority
to issue $2,000,000 bonds for levee improvements. It was
also decided to borrow $200,000 from the associated banks
of New Orleans, in accordance with an agreement entered
into some months ago.
Newtown, Hamilton County, Ohio.-Bond Election.Propositions to issue $1,800 electric-light bonds, $4,200
drain and ditch construction bonds and $5,000 street-improvement bonds will be voted upon at an election to be
held May 9.
Niagara, Ont.-Debenture Sale.-The sale of $15,000
43% debentures to G. A. Stimson & Co. of Toronto is
reported in local papers. Maturity part yearly for twenty
years.
North Bend School Distrrict No. 13 (P. 0. North Bend),
Coos County, Ore.-Price Paid for Bonds.-We are advised
that the. price paid by Morris Bros. of Portland for the
$40,000, 5% 10-20-year (optional) gold coupon schoolbuilding bonds awarded them on April 1 (V. 86, p. 936) was
100.25.
North Platte, Lincoln County, Neb.-Bonds Defeated.An election held April 7 resulted in the defeat of a proposition to issue $95,000 water-works bonds. The vote was
220 "for" to 571 "against."
Notre Dame De Grace, Que.-Debenture Offering.-Proposals will be received until 12 m:4May 4 by L. Des Carries,
Town Secretary-Treasurer, for $275,000 43% coupon sewerconstruction debentures. Date May 1 1908. Interest semiannually at the Town Hall. Maturity May 1 1948. These
debentures were offered but not awarded on April 16.
Oceana County, (P. 0. Hart) Mich.-Bonds Defeated.The question of issuing the $55,000 5% court-house bonds
mentioned in V. 86, p. 437, was defeated at the election
April 6.
Oklahoma City School District (P. 0. Oklahoma City),
Oklahoma County, Okla.-Bond Offering.-Proposals will
be received until 9 p. m. May 4 by S. M. Armor, Clerk Board
of Education, for the $75,000 5% school-building bonds
•mentioned in V. 86, p. 500. Denomination $1,000. Date
June 1 1908. Interest semi-annually in New York City.
Maturity June 1 1928. Certified check for 3% of issue,
payable to the Board of Education, is required.
Omaha, Douglas County, Neb.-Bond Election.-On May
5 propositions to issue $50,000 intersection-paving and
$50,000 park bonds will be voted upon, according to local
papers.
Owosso, Shiawassee County, Mich.-Bond Sale.-On
March 11 the $50,000 5% park-improvement bonds offered
without success on Nov. 30 1907 (V. 86, p. 1537) were
awarded to W. H. Poose, an agent of Toledo, at par. Denomination $500. Date March 15 1908. Interest semiannually in May and November. Maturity part yearly on
Nov. 1 from 1912 to 1932.
Oxford, Lafayette County, Miss.-Description of Bonds.We are informed that the $15,000 6% light and water bonds
awarded on April 2 to J. E. Neilson of Oxford for $15,500,
or 103.333 (V. 86, p. 1056), are dated April 1 1908 and mature April 1 1937. Denominations $100, $500 and $1,000.
Interest annual.
Passaic, N. .T.-Bond Sale.-A. B. Leach & Co. of New
York City were awarded in February issues of $60,000 school
and $12,250 high-school-site 43% 30-year bonds at par.
Denomination $1,000. Date March 1 1908. Interest semiannual.
Pittsburgh, Pa.-Bond Sale.-Yesterday's offering of
the twelve issues of 4%% coupon bonds, aggregating
$3,124,700, described in V. 86, p. 1057, attracted ten bids
at prices ranging from 100.60 to 104.819. The bonds were
awarded at the latter price to N. W. Harris & Co. and
Kountze Bros. of New York City, who are now offering
the securities to investors. See advertisement on a preceding page. The other bids received, according to dispatches, were as follows:
gating $34,111,200. The award was made at 104.299 (a
basis of 3.76%) to a syndicate composed of H. F. Bachman
& Co. of Philadelphia and Mackay & Co. and A. B. Leach
& Co. of New York City, who subsequently offered the loan
to investors by public advertisement at 105.50. Four bids
were received for "all or none" of the loan. They were as
follows:
H.F.Bachman & Co., Phila., Mackay & Co. and A. B.Leach dc Co., N. Y..-104.299
Massachusetts Loan & Guarantee Co., Boston
Edward B. Smith & Co., Philadelphia, and Redmond & Co. and Yountze103.04
101.382
Bros. of New York
:
Drexel & Co. and Brown Bros. & Co., both of Philadelphia
The following bids were received for portions of the loan:
from
Land Title & Trustj $500,000
Co., Philadelphia_1103.60 to 104.50
G. W. Black, Philo_
3,000- _104
from
Field & Co., New' 25,000
1102.272 to 103.791
York
H.Fernberger, Phila_ 25,000-.103.50
Wolf Bros. & Co.
from
and Geo. A. Huh+,000,000
& Sons., Phila..J 102.125 to 103.25
John J. Brown,Pottsl
vile,
3,000_ -103
2,000-.103
Frank Smyth, Phila.
i300..103
II. G. Mitchell, Bost'n
Robert D.Ghriskey &
Co., Philadelphia__ 20,000--102.679
Caroline S. Fisher,
300--102.679
Langhorne, Pa_ _ _ _
from
Investment Co. of 100,000
Philadelphia
to 102.50
102
from
Kensington
Trust
20,000
Co., Philadelphia.. 101
to 102.50
Starr & Co., Philafrom
50,000
delphia
102
to 102.50
Arthur Lipper & Co.
from
50,000
Philadelphia
101.83 to 102.45
Blodget, Merritt & 1,200,000
from
Co., Boston
101.51 to 102.14
T. H. McMenamin,
1,000__102.02
Philadelphia
Crocker & Fisher,
from
50,000
Boston
101.45 to 101.87
Fidelity Mutual Life 250,000
from
Ins. Co., Philo
101.50 to 101.76
Barnes & Lotion&
from
10,000
Philadelphia
101.255 to 101.755
Western Nat. Bank, 300,000
from
Philadelphia
1101.50 to 101.75
Sinking Fund Cornmission of Phila__$1,000.000- - 101.50
Central Trust & Say- 100,000
from
ings Co., Phila._ 101.18 to 101.50
G. A. Church, Philafrom
44,000
delphia
101
to 101.50
John Strawbridge.
16,000
from
Philadelphia
100.76 to 101.50
Hattie J. Schwehm,
Philadelphia
20,000_ _101.50
H.L. Fell & Bro., Phila 9,000.-101.50
Farmers' Nat. Bank,
Bloomsburgar Co.,
N.vv
30000..
_101.50
.Harris
2,500.000
from
N. Y. & Boston__ 100.449 to 101.329
Mutual Trust Co., 150.000
from
100.50 to 101.25
Philadelphia
Reber, Vogel & Carlin, Philadelphia __ 100.000.-101.02
10,000
Toiand Bros. & Co.,
from
100.375 to 101
Philadelphia
25:000::1
10
Manufacturers' Nat'l 1000
1
00.50
Bank,Phila
Miners' Nat. Doak,
50,000._101
Reading
Albert Peter, Phila._ 200,000-100.78
Sam'! W.Lewis, Phila. 15,000..100.75 1
H.W.Poor&Co., Bost1,000,000.-100.63
to 10o.
00,0100fr
0.16
31
o5m
R. L. Day & Co.,{105
Boston
Estate of Robert Por- •
ter, Bloornsburg,Pa 25,000.-100.50 '
Drayton & Elkins, Phil 100.000-.100 0111
5,000...100
John Bothwell, Phila.
1,300__100
Emma C.Fisher
2,000.-100
William Ingle, Balt°.
Port Clinton School District (P. 0. Port Clinton), Ottawa
County, Ohio.-Bonds Voted.-It is reported that on March
3 the electors of this district cast a vote of 296 "for" to 49
"against" the issuance of $75,000 high-school-building bonds
Portland, Me.-Temporary Loan.-According to dispatches, a loan of $200,000 maturing in five months has
with Blake...Bros. &,.Co. of Boston at 3.56%
discount.
Portsmouth, Ohio.-Bond Sale.-The $35,000 4% bonds
to construct flood defences, mentioned in last week's issue
have been taken by the Sinking Fund Trustees at par and
accrued interest.
The $5,500 4% coupon John Street improvement bonds
described in V. 86, p. 1057, were sold on April 28 to the
Central National Bank of Portsmouth at 100.327 and accrued
interest. The following bids were received:
Central Nat. Bk., Portsm_ _ $5,518 001Security 'Savingsnank &'
First Nat. Bank, Portsm__ 5,517 601 Trust Co., Portsmouth_15,511 00
Maturity $1,500 on Jan. 15 1914 and $1,000 yearly on
Jan. 15 from 1915 to 1918 inclusive
Poughkeepsie, N. ,Y.-Bond Sale.-On:April 28 $63,000
4%% 20-year refunding bonds were bought by Wadsworth &
Wright of New York City at 104.42-a basisfif about 4.172%.
The bids received were as follows:
Woodworth & Wright, N. Y..104.42
O'Connor & Kohler, N. Y___104.05
N. W. Halsey & Co., N. Y......103.819
I. W.Sherrill, Poughkeepsie_103.69
N. W Harris & Co., N. Y___103.589
Ferris & White, New York_ -103.57
E. H. Rollins & Sons, Boston.103.37
National Say. Bk., Albany_ _103.35 4
Kountze Bros., New York_ __ 103.032
Geo. W. Halliwell
103.00
Fallkill Nat. Bk., Poughk'p'e.102.70
Poughkeepsie S. 13., Pough_ 102.66 1
Farson, Son &
Y___:101.01 4
Denomination $1,000. Date May 1 1908. Interest semiannual.1
Preston, Ont.-Debenture 011ering.-Proposals ;will be ,received until 12 m. May 15 by H. C. Edgar, Town Treasurer,
for $56,065 68 04% debentures. Interest annual. Maturity part yearly for twenty-nine years.
Providence, Providence County, R. I.-Bond Issue.The City Council on April 17 approved ordinances providing
for the issuance of the following bonds:
$170 000 4% gold registered lire-department bonds.
125,000 4% gold registered Point Street hridge-improyement bonds.
260,000 4% gold registered general park-Improvement bonds.
Date May 1 1908. Interest semi-annually at the City
Treasurer's office. Maturity May 1 1938. • Under the
terms of the ordinances these securities are to be taken at
par by the Board of Sinking Fund Commissioners.
Rapid City School District (P. 0. Rapid City), Pennington County, S. D.-Bonds Voted.-From St. Paul papers
we learn that the issuance of $20,000 school-building bonds
was authorized by a vote of 366 to 60 at an electionheld recently.
Redkey, Jay County, Ind.-Bond Election Postponed.------ --- - -104.613 Reports state that an election which was to have been held
R.L. Day & Co. New York and Boston - -- *1,548,001i
(for
bonds)
Boston
63 Co., N. Y. and
Blodgett, Merritt'
April 16 was postponed indefinitely.
4.7
-11100°34.
19
2
7
6
Firemen's and Police Pension Fund (for $80,000 bonds)
W. A. Read & Co., New York (for "all or none")
Riverhead Union Free SchoollDistrict No. 5 (P. 0. River&
Co.,
Leach
New103.099
B.
A.
J. H. Bachman & Co. of Philadelphia and
head), Suffolk County, N. Y.-Bond 011ering.-Proposals
York (for "all or none")
103.09
will be received until 2 p. m. May 12 by Ernest W. Tooker,
N. W. Halsey & Co., New York (for $495,000 bonds)
103.03
Seasongood & Mayer, Cincinnati (for $104,000)
President Board of Education, for $12,000 4% coupon
101
S. Kuhn & Sons, Cincinnati (for $80.000 bonds)
100.60
bonds. Denomination $600. Date June 1 1908. Interest
Brighton German Bank, Cincinnati (for $30,000 bonds)
Philadelphia, Pa.-Bond Sale.-This city's offering on annually on Dec. 1 at the Suffolk County 'National Bank
April 27 of the $5,875,000 4% 30-year registered bonds de- in Riverhead. Maturity $600 yearly on Dec. 1 from 1908
laggre to11927 inclusive.
i p.1874,fattractediforty-seven
scribedjinlV
MAY 2 1908.1
THE CHRONICLE
'Rochester, N. Y.-Note Sale.-On April 28 the $100,000
3-months water-works-improvement notes mentioned in
V. 86, p. 1057, were awarded to the Fidelity Trust Co. of
Rochester at 3% interest.
Note Offerings.-Proposals will be received until 2 p. m.
May 4 by Chas. F. Pond, City Comptroller, for $100,000.
notes to renew local improvement note No. 465. Date
May 5 1908. Maturity four months.
Proposals will also be received until 2 p. m. May 8 by
Chas. F. Pond, City Comptroller, for $200,000 notes dated
May 12 1908 and maturing in four months. These are issued to renew local improvement notes Nos. 466 and 467.
The denomination of the notes and the rate of interest
desired are to be named in bid for each issue. Interest is
payable at the Union Trust Co. of Rochester.
Rockford, Mercer County, Ohio.-Bond Sale.-We are
advised that of the four issues of 5% 1-10-year (serial) coupon sewer-construction bonds aggregating $9,900, disposed
of on April 18, only $7,000 were taken by the Farmers' &
Savings' Bank Co. of Rockford and not $9,900 as at first
reported. The remaining $2,900 bonds were bought by
the Rockford Savings Bank Co. of Rockford. Both sales
were made at par and accrued interest. No other bids were
received.
Rolla School District (P. 0. Rolla), Phelps County, Mo.Bonds'Defeated.-A proposition to issue $6,000 school bonds
met with defeat at an election held recently.
11.1Roswell, Chaves County, N. Mex.-Bond Sale.-On
April 15 the $120,000 water-works, $35,000 sewer, $10,000
street-improvement and $5,000 fire department 20-year
gold coupon bonds described in V. 86, p. 937, were awarded
to John Nuveen & Co. of Chicago as Ois.
MRoyston, Franklin County, Ga.-Bond Election.-The
City Council, according to reports, has called an election for
May 16 to vote on the question of issuing $3,500 publicschool-improvement bonds.
)filItye (Town)Union Free School District No. 2, Westchester
County, N. Y.-Bond Sale.-On April 29 $12,500 5% 5-24year (serial) gold bonds offered on that day were awarded to
W. N. Coler & Co. of New York City at 102.65-a basis of
about 4.746%. Following are the bids:
W. N. Cole!' de Co., New York_102.65 I First National Bank, Cleve102.20
Geo. M. Hahn, New York_ __ _102.29 I land
Denomination $625. Date June 1 1908. Interest annually at the Rye National Bank.
St. Bernard (P.0. Cincinnati), Hamilton County, Ohio.Bond Sale.-On April 25 Seasongood & Mayer of Cincinnati
were awarded the $4,000 4IA% 30-year coupon water-works
and electric-light bonds described in V. 86, p. 998, at their
bid of 107.76 and accrued interest-a basis of about 4.052%.
The following bids were received:
Seasongood & Mayer, Cin_ 44,310 40
Provident Savings Bank &
Trust Co., Cincinnati_ _ _ 4,281 00
Central Trust & Safe Deposit Co., Cincinnati_ _ _ _ 4,266 00
Well, Roth do Co., Mein__ 4,265 00
German Nat. Bank, Cincin_ 4,207 50
Breed & Harrison, Cincin_ _$4,206 80
Brighton German Bank,
4,203 75
Cincinnati
C. C. Murray & Co., Cincin_ 4,203 60
4,172 25
Atlas Nat. Bank, Cincin
Columbia Bank ec Savings
Co., Cincinnati
4,120 00
St. Croix Falls, Polk County, Wis.-Bond Offering.-Proposals will be received until 8 p. m. May 2 by john C. Heglund, Village Clerk, for the $5,000 5% water-extension
bonds mentioned in V. 85, p. 1538. Denomination $500.
Maturity $500 yearly. Certified check for 5% of bid, payable to the Village Treasurer, is required.
St. Louis County (P. 0. Duluth), Minn.-Bids Rejected.
-All bids received on April 30 for the $600,000 432% 4-9year (serial) certificates of indebtedness offered on that day
were rejected, according to dispatches. Denomination
$1,000. Date May 1 1908. Interest semi-annually at the
American Exchange National Bank in New York City.
St. Paul, Minn.-Charter Amendment.-At an election to
be held May 7, an amendment to the City Charter relating to
the power of the City Council with reference to street-improvements will be submitted to the qualified voters of the
city.
San Angelo,Tom Green County,Tex.-Bonds Registered.On April 18 an issue of $34,000 5% school-house bonds was
registered by the State Comptroller. Maturity Jan. 1 1948,
subject to call after twenty years.
Sandusky, Ohio.-Bond Offering.-Proposals will be received until 12 m. May 28 by Joseph Loth Jr., City Auditor,
for $10,000 4% green-house bonds. Denomination $1,000.
Date April 1 1908. Interest semi-annually at the City Treasurer's office. Maturity April 1 1916. Certified check for
$1,000 is required.
San Jose High School District, Santa Clara County, Cal.Bond Offering.-Proposals will be received until 11 a. m.
May 5 by Frank E. Mitchell, Chairman Board of County
Supervisors (P. 0. San Jose), for $20,000 5% coupon building bonds. Denomination $1,000. Date May 1 1908. Interest semi-annually at the County Treasurer's office. Maturity $1,000 yearly on May 1 from 1909 to 1928 inclusive.
Bid must be unconditional and accompanied by a certified
check for 5% of bonds bid for, made payable to Henry A.
Pfister, Clerk Board of County Supervisors. Bonds to be
delivered within 10 days from date of award. Purchaser
to pay accrued interest.
San Jose School District, Santa Clara County, Cal.-Bond
Offering.-Proposals will be received until 11 a. m. May 5
1117
by Frank E. Mitchell, Chairman Board of County Supervisors for $35,000 5% coupon bonds. Denomination $1,000.
Date'
May 1 1908. Interest semi-annually at the County
Treasurer's office. Maturity $1,000 yearly on May 1 from
1909 to 1943 inclusive. Bid must be unconditional and accompanied by a certified check for 5% of bonds bid for, made
payable to Henry A. Pfister, Clerk Board of County Supervisors. Purchaser to pay accrued interest. Bonds to be
delivered within 10 days from date of award.
Sebring School District (P. 0. Sebring), Mahoning
County, Ohio.-Bonds Voted.-A vote of 127 "for" to 3
"against" was the result of the election held on March 28 to
determine whether or not the $20,000 school-house bonds
mentioned in V. 86, p. 814, should be issued.
Seward, Seward County, Neb.-Bonds Voted.-At the
election held April 7, 430 of the 530 votes cast were in favor
of the issuance of the $10,000 5% city-hall and fire-engine
house-construction bonds mentioned in V. 86, p. 623.
Maturity ten years, subject to call one bond yearly.
Sharon School District (P. 0. Sharon), Mercer County,
Pa.-Bond Election.-An election will be held May 5 to allow
the voters to determine whether or not $140,000 4% 10-30year (optional) tax-exempt bonds shall be issued.
Silvis School District (P. 0. Silvis), Rock Island County,
Ill.-Bonds Voted.-Papers state that a proposition to issue
$4,000 refunding bonds at not exceeding 6% interest carried
by a vote of 62 to 5 at a recent election..
Skamania County School District No. 8, Wash.-Bond
Sale.-The State of Washington on April 18 purchased 83,000
New Street bonds at par for 5s. Denomination $500. Securities are subject to call after one year.
Stevens County (P. 0. Hugoton), Kan.-Bonds Voted.At an election held March 17 the voters of this county author
ized the issuance of 5% 20-year bonds for the purpose of
aiding in the construction of the proposed Kansas & Texas
RR. The vote was 344 to 42. The bonds will not be issued
until the road is completed, which is to be "not later than
Dec. 25 1909."
Stirling School- District (P. 0. Stirling), Morris County,
N. J.-Bond Offering.-Proposals will be received until
3' p. m. May 15 for $9,000 5% building bonds authorized
by a vote of 175 to 92 at an election held recently. Maturity
$1,000 in one year and $2,000 yearly thereafter.
Stoddard County Drainage District No. 7 (P. 0. Bloom
field); Mo.-Bond Offering.-J. A. Barham, County Treas
urer, will offer at public auction at 2 p. m. May 6 $80,563 20
6% R. L. Snider, et al drainage system construction bonds.
Denomination $500 except one bond of $563 20. Interest
annually at the County Treasurer's office in Bloomfield
Maturity $4,063 20 in 1910; $4,000 yearly from 1911 to
1919 inclusive and $4,500 yearly from 1920 to 1928 inclusive
A deposit of $500 is required. The opinion of Wood &
Oakley of Chicago as to validity of bonds will be furnished
to purchasers.
Streetsville, Ont.-Debenture Sale.-An issue of $14,747 24
5% debentures has been awarded, it is stated, to G. A
Stimson & Co. of Toronto.
Sylvester, Worth County, Ga.-Bonds Voted.-An election
held here on March 18 resulted in favor of a proposition to
issue $30,000 5% 30-year water-works and light bonds.
The vote was 58 "for" to 10 "against."
Territory of New Mexico.-Bond Sale.-The three issues
of 5% coupon bonds aggregating $75,000, described in,
V. 86, p. 814, were sold on April 30 to Edmund Seymour"
& Co. of New York City as follows: $25,000 agricultural
college bonds at 105.077 and accrued interest, $25,000
insane asylum and $25,000 military institute bonds at
101.407 and accrued interest. Bonds are exempt from all
taxes.
Todd County (P.O. Long Prairie), Minn.-Bond Offering.
-Proposals will be received until 3 p. m. May 12 by Walter
Peltier, County Auditor, for $50,700 6% ditch bonds.
Authority Chapter 44, Revised Laws of 1905. Denomination $1,000 "and smaller." Interest semi-annually at the
Northwestern National Bank of Minneapolis. Maturity ten
years.
Union School District (P. 0. Union), Mo.-Bonds Voted.
-Reports state that a proposition to issue $5,000 schoolhouse-addition bonds carried by a vote of 137 to 65 at an
election held recently.
Utica, N. Y.-Bond Sale.-The following bids were received on April 30 for the $80,000 434% tax-relief bonds,
the $25,000 4H% storm-water sewer bonds and the four
issues of 5% paving bonds, aggregating $11,645.59, described in V. 86, p. 1059:
$80,000
Tax-Relief
Bonds.
$25,000
Sewer
Bonds.
First Nat. Bank, Utica, and Mutual
Travelers' Accident Assoclation___a$81,552 80
80,144 00 a$25,417 52
W. N. Color de Co. New York
881,848 00 625.577 50
N. W. Harris & CO., New York
A. B. Leach & Co., New York
81,428 60 625.546 42
Blodget, Merritt & Co., New York.._ 81,272 00 825,519 50
Kountze Brothers, New York
81,216 00
25,280 00
825,529 00
N. W. Halsey dc Co., New York
Seasongood & Mayer, Cincinnati.._25,345 00
First Nat. Bank, Oriskaney Falls..
J. Howard Mark, Herkimer
J. B. Watkins (for $4,000 bonds)
4,200 00
aft Successful bidders
$11,645 591
Paving
Bonds.
81
811,712 76
11.645 50
11,645 59
313
I
01Blds saldlto beErregular; therefore rejected.
[VOL. LXXXVI.
THE CHRONICLE
1118
White Bear Lake. Maturity June 1 1928 subject to call $500
yearly beginning June 2 1912. Robert J. Bloom is Village
Clerk.
Whitesboro, Grayson County,Texas.-Bonds Registered.On Jan. 24 $7,500 5% additional water-works bonds were
registered by the State Comptroller. Securities mature
Jan. 1 1948 but are subject to call after five years.
Whitman County School District No. 50, Wash.-Bid
Rejected.-The only offer received on April 18 for an issue of
$7,000 bonds offered on that day was one for bonds carrying
6% interest, submitted by the First Savings & Trust Bank
of Whitman County in Colfax. This proposal was rejected.
I Wichita Falls, Wichita County, Texas.-Bonds Registered.
-On March 7 an issue of $15,000 4% city-hall bonds,
maturing on Sept. 12 1947 and subject to call after ten years
was registered by the State Comptroller. On Feb. 27 the
State Comptroller also registered $24,000 5% sewer bonds of
this city. Maturity Jan. 1 1948, subject to call after ten
years.
Wilkin County (P.0. Breckenridge), Minn.-Bond Sale.An issue of $15,000 drainage bonds was awarded on April 10
to the Union Investment Co. of Minneapolis at par for
53s. Denomination $00. Date July. 1 1908. Interest
semi-annual. Maturity part yearly on July 1 from 1913 to
1918.
Williamsburg Independent School District(P.O. Williamsburg), Iowa.-Bond Offering.-Proposals were received
until 9 a. m. May 1 by R. W. Pough, Secretary Board of
Education, for $20,000 coupon school-house bonds. Authority Chapter 114, Acts of the Thirtieth General Assembly.
Denomination $500. Date May 1 1908. Interest (rate to
beknamed in bid) payable semi-annually. Maturity ten
years, subject to call after 5 years. Total debt, including
this issue, $25,000. Assessed valuation 1907, $313,541.
Wilmington, Clinton County, Ohio.-Bond Election.-An
election will be held May 18, it is stated, to vote on the
question of issuing $24,000 sewerage-system-construction
bonds.
Woodlawn (P. 0. Station Birmingham), Ala.-Bonds
Voted.-The election held April 6 resulted in an unanimous
vote in favor of the $5,000 fire-engine-house-construction
bonds mentioned in V. 86, p. 687, and an issue of $15,000
city-hall and jail-construction bonds.
Worcester, Mass.-Bond Sale.-The Sinking Fund Commissioners on March 27 purchased $15,000 4% bonds for
the improvement of school houses and $12,000 4% bonds
for a new rifle range. Denomination $500 or multiple.
Date Jan. 1 1908. Interest semi-annual. Maturity Jan. 1
1918.
Wyandot County (P. 0. Upper Sandusky), Ohio.-Bond
Sale.-The Commercial National Bank of Upper Sandusky
purchased the $16,000 5% 1-5-year (serial) coupon roadimprovement bonds described in V. 86, p. 1060, on April 27
at 101.787 and accrued interest-a basis of about 4.359%.
Following is a list of the_bids:
Hayden,Miller &Co.,Cleve.$16,177 50
Commercial Nat. Bank,
116.286 00 Well, Roth & Co., Cincin_ 16,166 66
Upper Sandusky
& Hough, Cleveland_ 16,101 00
'Otis
UpBank,
National
First
16,250 001New First National Bank,
per Sandusky
16,079 00
16,202 001 Columbus
W. R. Todd & Co., Cinc
First Nat. Bank, Cleveland 16,192 001Hoehler & Cummings,Tol. 16,042 50
16,040 00
Seasongood &Mayer, Chic_ 16,188 80 1 Breed & Harrison, Chic
Yonkers, N. Y.-Bond Sale.-On April 27 the $50,000
1-20-year
road-improvement and the $50,000 city-hall 4
(serial) registered bonds described in V. 86,,p. 1000, were
at 103.197
awarded to N. W. Halsey & Co. of New York ity
and accrued interest-a basis of about 4.123%. The following bids were received:
N. W. Halsey & Co., N. Y___103.1971Kountze Bros., New York_ _101.53
J. D. Everitt & Co., N. Y____101.714 !Ferris & White, New York_ __101.432
N. Y_101.6361Biodget, Merritt & Co., Bos_ _100.887
N. W. Harris &
Co.,N. Y____101.6331W. J. Hayes & Sons. Cleve_ _100.52
A. 11. Leach & Co.,
E. If. Rollins & Sons, Chic_ _101.63 1
Interest is payable semi-annually.
Yonkers School District (P. 0. Yonkers), N. Y.-Bonds
registered school bonds
Legalized.-The $9,350 5
awarded to Wadsworth & Wright of New York City on Jan.
6 (V. 86, p. 127) have been legalized by Chapter 74 of the
Laws of 1908.
Yuba City, Sutler County, Cal.-Bonds Toted and Sold.An election held April 13 resulted in a rote of 112 "for" to
6 "against" a proposition to issue water-works bonds. These
securities, we are informed, will be taken by local people.
,
•11112•••••11/..
NEW LOANS.
eso0,00o
NEW LOANS.
NEW LOANS.
$0245,000
*0100,000
COUNTY, N.J.
THE BOROUGH OF BELLEVUE, PA. CITY OF MINNEAPOLIS ESSEX4%
BONDS
06% Free of Tax Improvement Bonds.
BONDS.
Dated June 1st, 1908. Payable 15.000 June 1st
1919, and $5,000 annually thereafter;
interest payable semi-annually.
no
Sealed bids will be received by the Committee on
Ways and Means of the City Council of the City
of Minneapolis, Minnesota, at the office of the
undersigned, THURSDAY. MAY 7TH, 1908, at
2 o'clock p. m., for the whole or any part of
$50,000 00 Park Bonds, $250,000 00 Permanent
Improvement Revolving Fund Bonds, $75,000 00
Permanent Improvement Fund Bonds and
$250,000 00 Sewer Bonds.
Bonds to bear interest at the rate of four (4)
per cent per annum, payable semi-annually, dated
July 1, 1908, and are payable JU1Y 1, 1938.
The right to.reject any or all bids is reserved.
A certified check for two (2) per cent of the
par value of the bonds bid for, made to C. S.
Hulbert, City Treasurer, must accompany each
bid.
Circular containing full particulars will be mailed
on application.
DAN C. BROWN.
City Comptroller.
The Borough of Bellevue Is a high-class residential district at the boundary line of the City of
Pittsburgh. Accessible by two lines of street
oars and the Pittsburgh Fort Wayne eo Chicago Railroad.
It has filtered water, electric light, natural gas
and completes ewer system; about two-thirds of
the streets are paved with brick, and the present
bond Issue will provide sufficient funds to pave
the remainder of the principal streets.
The assessed valuation for 1908 Is 37,756,800.
Total bonded indebtedness (Including present
Issue), $367,000.
Population about 7.000, which Is rapidly Increasing. Assessed valuation Increased from
December, 1904, to present date $3,504,180.
Bids will be received until noon, on Tuesday.
May 6th, 1908,
The right is reserved to reject any or all bids.
Certified check for 2% of amount of bid must
a company same.
Address
JAMES M. SIMERAL, Borough Clerk,
No. 69 Harrison Avenue. Bellevue, Pa.
Perry, Coffin & Burr,
INVESTMENT BONDS.
60 State Street,
R. L. DAY & CO.,
87 Wall St.,
NEW YORK
HIGHGRADE INVESTMENT BONDS
Municipal and Railroad
Members New York and
Beaten Stook Exchanges
Cuban Securities
BOSTON.
35 Congress St.,
nosToN
A SPECIALTY
INVESTMENT BONDS
maa
1Ltsts
upon request. giT,E
MICE VA
Denison & Farnsworth
BOSTON
CLEVELAND and PHILADELPHIA
Established INNS.
THE SOUTH.
Property and Investments of every
Kind in all Southern States.
METROPOLITAN INVESTMENT 00.
GEO.B. EDWARDS, President, Charleston, 8.0.
Now York Office. Beaver Bldg. 8242 Beaver St.
The Board of Chosen Freeholders of the County
Essex, New Jersey, invites proposals for the
purchase of $800,000 ESSEX COUNTY BONDS,
In denomination of $1,000 each, interest coupon
at 4 per cent per annum, payable May 1 and November 1, principal and Interest payable In gold.
Bonds payable May 1, 1948, to wit: 1500,000 for
county hospital purposes and $300,000 for park
purposes.
The bonds will bear Interest from May 1, 1908
and the purchaser must pay interest accrued to
date of delivery.
Sealed proposals will be received by the Finance
Committee of the Board of Chosen Freeholders,
at a meeting to be held by said Committee, at the
Freeholders room In the Court House, at Newark.
N.J., on MONDAY, MAY 4, 1908, at 3 O'CLOCK
P. M., which meeting will remain open for the
reception of proposals until 3:30 p. m. Each
proposal shall state the amount of bid in words
and figures, and must be accompanied by certified
checks for $8,000, to wit, $5,000 on account of
hospital bonds and $3,000 on account of park
bonds, which will be applicable on account of
purchase money of bonds, and forfeited by successful bidder who afterwards fails to take the bonds.
Copies of proceedings will be furnished to successful bidders, but proposals must be unconditional.
The Finance Committee reserves the right to
reject any and all proposals if, In its judgment, the
interest of the County requires such action.
The bonds will be ready for delivery on June;1 ,
1908.
By order of
FINANCE COMMITTER,
NATHANIEL J. WARD,Chairman.
of
FRANCKE, THOMPSON & ROBB
Members N.Y. Stook Exchange
43 Exchange Place
Telephone 6444 Hanover
BRANCH (MICE
Bristol Building, 5th Ave. and 434
'Cepheus 1686 Bryant
BLACKSTAFF & CO.
H. C. Speer 8c Sons Co.
INVESTMENTS
First Nat. Bank Building,Chicago
1332 Walnut Street
PHILADELPHIA
CITY COUNTY
AND TOWNSHIP
t.
BONDS. LIST OF SPECIALTIES ON REQUEST
MAY 2 1902.1
THE CHRONICLE
Versailles, Woodford County, Ky.—Bond Offering.—Proposals will be received until 8 p. m. May 11 at the Council
Chamber for $60,000 5% sewer and water-works bonds. Denomination $3,000. Date May 1 1908. Interest semi-annual. Maturity $3,000 yearly on May 1 from 1909 to 1928
inclusive. Bids must be made on form furnished by the city
and accompanied by a certified check for 2% of bid. Purchaser to pay accrued interest. H. C. Taylor is Mayor.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Wallace, Shoshone County, Idaho.—Bond Election.—An
election will be held on May 5 to allow the voters to determine whether or not $10,000 sewer bonds shall be issued.
Washington C. H., Ohio.—Bond Sale.—On April 27 the
$13,500 4% coupon sewer-construction bonds described
in V. 86, p. 1060, were awarded to the Commercial Bank of
Washington C. H. for $13,510 (100.074) and accrued interest. Maturity $500 each six months from March 1 1909
to March 1 1922 inclusive.
Waupaca, Waupaca County, Wis.--Bonds Defeated.—
Reports state that an election held here April 7 resulted in
the defeat of a proposition to issue $10,000 sewer-system
bonds.
Wellsville, Columbiana County, Ohio.—Bond Sale.—On
April 25 the five issues of 5% bonds aggregating $16,783.20
described in V. 86, p. 999, were awarded to the Mansfield
Savings Bank of Mansfield at 103.971 and interest. The
following bids were received:
Mansfield Savings Bank,
!First Nat. Bank, Cleve_ _..$17,104 20
Mansfield
517,449 70 Otis & Hough, Cleveland_ 16,808 20
Security Savings Bank &
ISeasongood & Mayer, CinTrust Co., Toledo
17,195 201 einnati (for $4,700)____ 4,80730
All bidders offered accrued interest in addition to their bids.
Wellsville, N. Y.—Bonds Legalized.—Chapter 76 of the
Laws of 1908 legalize the $25,953 63 4.85% street bonds
awarded to Rudolph Kleybolte & Co. of New York City
on March 9. See V. 86, p. 687.
Westchester County (P. 0. White Plains), N. Y.—Bond
Offering.—Proposals will be received until 3 p. m. May
LOAN.
61,000,000
1119
5 by the Bronx Valley Sewer Commission, William Archer,
John E. Andrus and John J. Brown, for $1,000,000
432% coupon (with privilege of registration) Sanitary
Sewer District bonds. Authority Chapter 646, Laws of
1905, as amended by Chapter 747, Laws of 1907. Denomination $1,000. Date Jan. 1 1908. Interest semiannually at the County Treasurer's office in White Plains.
Maturity $20,000 yearly on Jan. 1 from 1933 to 1982 inclusive. Bonds are exempt from all taxes. Certified check
on a bank or trust company for 5% of bonds bid for is required. Delivery of bonds May 19 1908.
The official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
West Seattle School District No. 73, King County, Wash.
—Bond Sale.—It is reported in local papers that on April
18 this district sold $55,000 school-building-addition and
site-purchase bonds to E. H. Rollins & Sox of Denver,ifor
$56,140 (102.072) for 43-s.
Wetaskiwin, Alberta.—Debentures Not Sold.—We are
advised under date of March 31 that this city is still on the
market with the four issues of 5% debentures aggregating
$172,500, described in V. 86, p. 502.
Wheeling, W. Va.—Bond Election.—An ordinancel:providing for a $695,000 4% coupon bond election to be held
May 12 was passed by the City Council on March 10. The
money is needed for the following improvements: $350,000
for water-works, $110,000 for gas works, $175,000 for
streets, $25,000 for Market Street Bridge and $35,000 for
new crematory. Denominations $100, $500 and $1,000.
Date July 1 1908. Interest annually at the Dollar Savings
& Trust Co. of Wheeling. Maturity "on or before July 1
1942." Bonds are exempt from taxation.
White Bear (P. 0. White Bear Lake), Ramsey County,
Minn.—Bond Offering.—Proposals will be received until
2 p. m. May 5 for $8,500 5% water-main-extension bonds.
Authority vote cast at election held March 10. Denomination $500. Date June 1 1908. Interest semi-annually at
NEW LOANS.
NEW LOANS
60.1,000
Westchester County, N. Y. City of Lynch bu rgh, Va. CITY OF VERSAILLES, KENTUCKY
BONDS FOR SALE.
0100,000
WATER BONDS.
Sealed bids will be received by the Bronx
The undersigned will receive sealed proposals
Valley Sewer Commission at their office. No. 2
Grand Street, in the Village of White Plains, until 12 o'clock noon, JUNE 1ST, 1908 for $100,000 Thirty-four-year non-taxable Water Bonds
N. Y., until 3 o'clock p. tn. on the
of the City of Lynchburg, Virginia. These bonds
5th DAY OF MAY, 1908
will be issued in denominations of $1,000 each,
for the purchase of One Million ($1,000,000) dated August 1st, 1907, bearing interest at
the
Dollars Westchester County Bonds, known as rate of four and one-half per cent per annum,
The Sanitary Sewer District Bonds of the County payable February and August at the office of
of Westchester, which Bonds are issued pursuant the Treasurer of the City of Lynchburg, Virginia.
to the provisions of Chapter 646 of the Laws of
A check for two per cent of the par value of
1005, as amended by Chapter 747 of the Laws of the bonds bid for must accompany each bid.
1907. The said bonds mature and are payable Said check payable to the order of the Treasurer
at the office of the County Treasurer, White of the City of Lynchburg, Va., and certified to
Plains, N. Y., as follows: Twenty Thousand by a responsible bank and deposIted'as a guaranty
($20,000) Dollars on January 1st, 1933, and of good faith.
Twenty Thousand Dollars ($20,000) Dollars on
The right Is reserved to reject any and all bids.
the first day of January of each succeeding year
R. C. QUINN. Chairman,
to and Including the year 1982.
Finance Committee of Board of Aldermen.
Said bonds arc In form coupon bonds, but
JAMES R. GILLIAM, Chairman,
with privilege of registration, are exempt from
Finance Committee of Common Council.
all taxation, and bear interest at the rate of
Four and One-Half Per Cent (43.5 7) Per Annum,
from the first day of January, 1908, payable
semi-annually on the first days of January and
July of each year at the office of the County
Treasurer of Westchester County, White Plains,
N.Y.
Said bonds are of the denomination of One
Thousand (51,000) Dollars each. Bids will be
received for a part or the whole of said bonds.
All bids must be enclosed in sealed envelopes
Notice Is hereby given that sealed bids will be
and endorsed "Bids for the Purchase of Sanitary Sewer District Bonds of the County of West- received by the undersigned until 11 o'clock
chester," and delivered to the Bronx Valley Sewer a. m., May 4th, 1908, for the sale of $260,000.00
Comtnission at Its office, No. 2 Grand Street, Morgan County Road Bonds, running for 30 years,
White Plains, N. Y., on or before 3 o'clock p. m. rate of Interest not to exceed 5% per annum. For
on tile 5th day of May, 1908.
particulars apply to
The Commission reserves the right to reject
WM. E. SKEGGS,
any and all bids. Each bid must be accompanied
Judge of Probate.
by a certified check on a bank or trust company
DecaturlAla
for five per cent (5%) of the amount of the par
value of the bonds bid for. The successful bidder
must pay for bonds on the 19th day of May, 1908,
at 10 o'clock a. m., at the office of the County
Treasurer, White Plains, N. Y., at which time
WE OFFER
said bonds will be ready for delivery.
April 21, 1901.
William Archer,
John E Andrus,
John J. Brown.
Bronx Valley Sewer Commission.
0200.0430
Morgan County, Alabama
BONDS
Municipal,
County, State,
and High-Grade Public Service
Securities
Correspondent* Solicited
COLORADO SPRINGS AND
CRIPPLE CREEK DIST. RY.
Co. 1st MTG. 5% BONDS
T. W. STEPHENS & CO.,
2 WALL ST., NEW YORK
NEW JERSEY MUNICIPAL
BONDS
Blodget, Merritt & Co.,
R. M. GRANT & CO.,
60 State Street, Boston
Albert Kleyboite 8c Co., 31 Nassau St.,
409 Walnut Street,
CINCINNATI,0.
BONDS.
Sealed bids will be reeelvd at the Council
Chamber, City of Versailles, Kentucky, until
8 o'clock p. m., May 11th, 1908, for all or any
number of twenty Sewer and Waterworks bonds.
denomination $3,000, dated May 1st, 1008, bearing 5 per cent Interest, payable senal-annually.
Bonds serially numbered 1 to 20 will mature
In one to twenty years respectively, accordin[
to serial number.
No bid for less than par value. Bids required
on form furnished by city and certified check for
two per cent of total offer must acoompany each
bid. Purchaser must pay interest accrued from
May 1st, 1908. Right reserved to reject any or
all bids. Further information furnished in detail
on application to
I. O. TAYLOR, Mayor.
-
-
New York
BANKERS,
36 NASSAU STREET,NEW YORK
STATE, CITY & RAILROAD BONDS
MUNICIPAL AND RAILROAD
BONDS.
LIST ON APPLICATION.
SEASONGOOD & MAYER,
Mercantile Library
Building,
CINCINNATI.
MacDonald, McCoy & Co.,
MUNICIPAL AND CORPORATION
BONDS.
az La Salle Street, Chicago
[VOL. Lxxxvi.
THE CHRONICLE
1120
rs,
)1 g-rust(Eonwardes,
MercantileTrust Co. CITY TRUST CO. OLD COLONY
TRUST CO.
50 STATE STREET. BOSTON. MASS.
St. Louis, Mo.
Member Bt. Louis Clearing House Association
- Capital and Surplus,$9,500,000
WM. 3.1AFFITT,
Treasurer
FESTUS J. WADE.
President.
BUNKER HILL BRANCH:
MY Square, CHARLESTOWN. MASS.
Capital & Surplus, - - $4,000,000
Commenced business Nov. 16, 1899
DEPOSIT'S
Nov.16,1899. 1
s17,051 19
Nov. 16, 1900,
$2,807,245 97
Nov. 16. 1501,
I
$5,019,688 60
Nov.16, 1902,
$11,984,523 33
I
it
_
L
• Nov. 16, 1903,
I
I
$11,851,679 92
Nov.16,1904,$16,564,820 43
Nov.16,1905, $17,194,262 79
Nov. 16, 1906, $17,919,949 08
Nov. 16, 1907,-,-'21,767,256 67
The Proof of Good Service is Constant Growth
CENTRAL
TRUST COMPANY
OF ILLINOIS,
CHICAGO
Capital,
Surplus and Profits
-
$2,000,000
900,000
CHARLES G. DAWES, President.
W. IRVING OSBORNE. Vice-President.
A. UHRLAUB, Vice-President.
WILLIAM R. DAWES. Cashier.
L. D. SKINNER, Asst. Cashier.
WILLIAM W. GATES, Asst. Cashier.
A. G. ?dANG, Secretary.
MALCOLM McDOWELL. Mat. Secretary.
Transacts a General Trust and
Banking Business.
Interest Allowed on Deposits Subject to Check.
Acts as Trustee under Railroad and other Mortgages; also as Agent for the Registering
and Transfer of Stock.
A legal Depositary for Court Funds, and authorized to act as Executor, Guardian, Administrator and Trustee.
DIRECTORS.
PHILIP STOCKTON, President.
Charles F. Adams 2(1,
Henry C. Jackson,
Orlando H. Alford.
George E. Keith,
F. Lothrop Ames,
Gardiner M. Lane.
William Amory,
Arthur Lyman,
John S. Bartlett,
Maxwell Norman,
Charles E. Cotting.
Rol;ert 'P. Paine 2d,
Alvah Crocker,
Andrew W. Preston.
George A. Draper,
Richard S. Russell
William F. Draper.
Quincy A. Shaw Jr..
Wilmot R. Evans.
Howard Stockton,
Charles A. Stone.
Frederick P. Fish,
Edwin Farnham, Greene Galen L. Stone,
Nathaniel Thayer.
Robert F. Herrick
Henry 0. Underwood.
Francis L. Higginson,
Sidney W. Winslow.
BOSTON, MASS.
Capital and Surplus, - $7,000,000
TRANSACTS A GENERAL BANKING
BUSINESS. ALLOWS INTEREST ON
DAILY BALANCES SUBJECT TO
CHECK. TRUSTEE UNDER MORTGAGREGISTRAR.
TRANSFER AGENT.
ES.
BOARD OF DIRECTORS t
Chairman
..
T. JErrERsoN COOLIDGE J ,
_Henry S. Howe,
Gordon Abbott,
Walter Hunnewell,
Oliver Ames,
Thomas L.Llvermore,
C. W. Amory,
Charles S. Mellen,
Charles F. Ayer.
George Y. L. Meyer.
Samuel Carr,
Laurence Minot,
B. P. Cheney,
Richard Olney,
T. Jefferson Coolidge,
Robert J. Paine,'2d,
Charles E. Cottiug,
Philip Dexter,
Philip L. Saltonetall,
Eben S. Draper,
Nathaniel Thayer,
Frederick 1'. Fish,
Lucius Tuttle.
Reginald Foster,
Stephen M. Weld,
George P Gardner,
Charles W. Whittier.
Robert F. Herrick,
Boston Safe Deposit The NEW ENGLAND
AND
Trust Company
BOSTON, MASS.
Transacts a General Trust and
Banking Business.
Interest Allowed on Deposits Subject to Check.
Acts as Trustee under Railroad and other
Mortgages and is authorized to act as Executor.
Guardian, Administrator and Trustee.
- - $1,000,000
Capital 2,000,000
Surplus (Earned)
TRUST COMPANY,
BOSTON, MASS.
CAPITAL 41,000,000: SURPLUS, 52,000,000
Safe Deposit Vaults
Authorized to act as executor and to receive
and hold money or property in trust or on deposit
from Courts of Law or Equity, Executors,
Administrators, Assignees, Guardians, Trustees.
Corporations and Individuals.
Also acts as Trustee under Mortgages and as
Transfer Agent and Registrar of Stocks and Bonds,
Interest Allowed on Deposits Subject to Check,
OFFICERS
DAVID R. WHITNEY, President
CHARLES F. CHOATE, Vice-President
FRANKLIN HAVEN, Vice-Presklent
ALEXANDER COCHRANE, Vice-President
JAMES R. HOOPS K, Actuary
HENRY N. MARR, Secretary
FRED. W. ALLEN. Asst. See. es Treas.
THOMAS E. EATON, Mat. Treas.
FRANCIS R. Jimorr,Trust Officer
CHAS. B. N OTT, Mgr, Safe. Dep. Vag.
BOARD OF DIRECTORS.
William Endicott, Chairman
Walter 0. Baynes
James G. Freeman
Alfred 13owditch
Morris Gray
Franklin Haven
Timothy E Byrnes
Charles F. Choato
James It. Hooper
Ernest Lovering
Alexander Cochrane
T. Jefferson Coolidge
James M. PrendergaSS
George Dexter
Herbert M. Sears
Philip Dexter
Lawrence H. Stockto2
Nathaniel Thayer
William Farnsworth
George Wiggiesworth
Frederick P. FLsr,
David R. Whitney
DIRECTORS
CHARLES E, ROGERSON, President.
George R. White
Longley
James
Costello C. Converse
BAN KING, SAVINGS AND TRUST William E. Putnam
Abel H. Proctor
Benjamin F. Stevens
DEPARTMENTS.
Edward W. Hutchins
Henry S. Shaw
James R. Dunbar
Gerard C. Tobey
Elwyn G. Preston
Nathaniel J. Rust
Richard M. Saitonstall
Frank G. Webster
Jerome Jones
Arthur F. Estabrook
Nehemiah W. Rice
B.
William
Rice
CAPITAL and SURPLUS,$10,000,000. George B. Wilbur
Nathaniel F. Ayer
CHARTERED 1836.
Richard C. Humphreys
Charles F. Fairbanks
George W. Wheelwright
Wallace L. Pierce
Acts as Executor. Administrator. Trustee.
Assignee and Receiver.
Financial Agent for Individuals or
Corporations.
Interest Allowed on individual and
Corporation Accounts
Fourth & Pine Sts., St.
Acts as Trustee of Corporation Mortgages
Depositary under Plans of Reorganization
l!R8
nnn.
CAPITAL, SURPLUS
Registrar and Transfer Agent
and PROFITSJ`r
Assumes entire charge of Real Estate.
A GENERAL FINANCIAL AND FIDUCIARY
Safes to Rent in Burglar-Proof Vaults.
BUSINESS TRANSACTED
E. B. MORRIS, President.
DIRECTORS
W. N. ELY, 1st Vice-President.
Wm. D. Orthwein
D. It. Francis
John I. Beggs
A. A, JACKSON. Ed Vice-President.
Henry W. Peters
Wilbur F. Boyle August Gehner
C.J. RHOADS.3d Vice-Pres. and Treasurer.
PROVIDENCE R. I.
II. Clay Pierce
James E. Brock, S. E. Hoffman
EDWARD S. PAGE, Secretary.
$1,000,000
Murray Carleton Chas. II. Iluttig J. Ramsey Jr.
CAPITAL
MANAGERS:
BreckinSte Jones August &Warty
Charles Clark
12,000.000
Efflingham B. Morris, 0 Hartman Kuhn.
Robt. It, Stockton SURPLUS
McBride
J.
W.
N.
Horatio
Davis
Speyer,
James
John A. Brown Jr.,
Nelson W. McLeod Julius S. Walsh
DIRECTORS:
Augustus D. Jullitard, John D. DavLs
Benjamin W.Rieharns
Edward J. Berwind. Aug. B. Ewing Saunders Norvell Rolla Wells
Rowland 0 Hazard,
John B. Garrett,
Royal C Taft,
It. J. O'Reilly,SID
Randal Morgan,
William H. Jenks.
Robert H. I. Goddard. Nelson W. Aldrich,
OFFICERS
Edw. T Stotesbury,
William H. Gaw,
Matteson. Samuel Ft. Dorrance,
R.
W.
Geo,
JULIUS S. WALSH. Chairman of the Board
Charles E. Ingersoll,
Howard 0. Sturges,
Francis I Gowen,
William D. Ely,
Metcalf,
BRECKINRIDGE JONES, President
John Story Jenks Jr.
Geo. H. McFadden,
Robert I. Gainmell. Stephen 0. Callendeg,
JOHN D. DAVIS, Vice-President
Henry B. Colic.
Walter R.
Henry Tatnalt
Binney.
William
A.
SAMUEL E. HOFFMAN, Vice-President
Phillips,
Gilbert
E. C. Felton.
Isaac H. Clothier,
Weeders,
William B.
JAMES E. BROOK, Secretary
Edward Holbrook,
Thos. DeWitt Cuyler,
Edward D. Pearce,
HUGH It. LYLE, Asst. Secretary
James E. Sullivan
Robert Knight,
N• E. Coe Broad and Chestnut Streets.
HENRY 0. IBI3OTSON, Ant. Secretary
Benjamin M. Jackson.
Danielson,
John W.
C. IIUNT TURNER Jr.. Asst. Secretary
PHILADELPHIA,
Jahn R. Freeman,
Herbert J. Wells,
LOUIS W. FRICKE, Asst. Secretary
Charles S. Mellen.
Pegram,
C.
John
FREDERICK V IERLING, Trust Officer
Robert W. Taft,
Lyman 13. Gott,
HENRY SEMPLE AMES, Asst. Executive Officer
Webster Knight.
CHARLES M. POLK, Ant. Trust officer
J. WELLS, President.
HERBERT
WILLIAM. G. LACKEY, Bond Officer
EDWARD S. CLARK, Vice-President.
WM. BleC. MARTIN, Ant. Bond Officer
HORATIO A. HUNT, Vice-President
Tosi W. BENNETT, Real Estate Officer
WILLIAM A. GAMWELL, Secretary.
CEO. KINGSLAND, Asst. Real Estate Officer
PRESTON H GARDNER, TrUst Officer.
C. W. MORATEL Safe Deposit, Officer
CYRUS E. LAPHAM, Asst. See'y.
JOHN E. WILLIAMS, Asst, Seey.
Philadelphia.
603-505-607 Chestnut St.,
HENRY L. SLADER, Mat. Seey.
$1,000,000
WALTER G. BROWN, Asst. bee,.
CAP IT AL
READY FEBRUARY 25
Girard Trust Company.
Mississippi Valley Trust Co.
Louis
Rhode Island Hospital
Trust Company,
The Trust Company
of North America
ADAM A. STULL, President.
IISENRY CI. 13RENGLE, tat Vice-Pres. .1c Trcatwrer.
2d Vice-Pres.. Superv'g Trust Dept.
CLARK.
S.
WS.
tladfil. P.LiNEAWEAV ER. See. & Aast Trust Officer
1RECIORS.
Henry 0, Brengle,
J. Levering Jones./
JAM@ Crosby Brown, Malcolm Lloyd.
Cadw.;leder.
John SicIlhenny,
Jr.,
Clark
W
Richard %Vain Metre;
i Maley B. Core Jr.;
Clement B. Newbold:
John W Pepper,
Edwin ti. Dixon,
ys Darn F. Read.
on;
1.:111
Eugene I..
Frank Samuel,
!'• Joseph C. Fraley
ugtry (.% Francis,
Adam A. Stull,
Edward D.'Poland;
Henry L. Gaw, Jr.;
Howard S. Graham; Joseph R. Wanly/right;
William D. Winsor.
Samuel 1". Houston/
FINANCIAL REVIEW.
1908 ISSUE.
320 Pages.
PRICE, TWO DOLLARS.
PRIMROSE 86 BRAUN
New York City Bank, Trust and Fire
Insurance Stocks
43 EXCHANGE PLACE . NEW YORK
R. T. Wilson & Co.
Commercial & Financial Chronicle,
76
Pine Street, New York.
Bankers & Commission Merchants
33 WALL STREET
-
NEW YORK
@FedFRASER