Full text of Commercial and Financial Chronicle : May 23, 1908, Vol. 86, No. 2239

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(?

TV
ymnim'ract
IN C L U D IN G
B an k

an d

Q u o ta tio n

R a ilw a y a n d

S e c tio n

(M o n th ly )

S t a t e a n d C i t y S e c t i o n (s e m i-A n n u a iiy )

I n d u s t r i a l S e c t i o n (Q u arterly)

VOL. 86.

E l e c t r i c R a i l w a y S e c t i o n ( T11YeaJi'™efl)

SATURDAY, MAY 23 1908.
Clearings
( t i k

t o

n

i r t e

Week ending Mag 16.

at

.

PUBLISHED WEEKLY.
For One Y ear....................
.................................$10 00
For Six M onths.......
6 00
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Annual Subscription in London (including postage)
... .
£ ‘2 14s.
Six .Mouths Subscription in London (including postage)........................ £ 1 11s.
Canadian Subscription (including p o sta g e )................................................. $ 1 1 50
Subscription includes follow ing Supplements—
1 s t a Yu a n d C it y (semi-annually)
| E lectric R a il w a y (:5 times yearly)

and Q uo tation (monthly)
R a il w a y and in d u s t r ia l (quarterly)

T e rm s o f A d v e rtisin g — P e r In c h S p a c e
Transient matter per inch space (14 agate lines)............................
$ 4 20
( Two Months
(s times’) .*...*.*.’.".*"**............ 22 00
Standing Business Cards <
Months (13 tim es)............................. ! 29 00
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(20 tunes)............................
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W IL L IA M
P . O. B o x 9 5 8 .

I f. D A N A C O M P A N Y , P u b lis h e r s ,
F r o n t . P in e a n d D e p e y s t e r S ts .,

N ew Y o r k .

Published every Saturday morning by W I L L I A M B. D A N A C O M P A N Y .
W illiam B. Dana, President; Jacob Seibert J r., Vice-Pres. and Sec.; Arnold
G. Dana, Treas. Addresses ol aU.Oflico of the Company.

Chicago ...............
Cincinnati______
Cleveland ...........
Detroit............. ..
Milwaukee..........
Indianapolis____
Columbus...........
Toledo_________
Peoria.................
Grand R apids...
Dayton ................
Evansville ______
Kalamazoo.........
Fort Wayne____
A k ron _________
Springfield, III..
Lexington______
Rockford . ______
Canton_________
South liend.........
Youngstown____
Bloomington___
Quincy...... ..........
Decatur________
Mansfield........... ..
Jackson ________
Springfield, O ___
Jacksonville, 111
Ann Arbor_____
Adrian ...............
Danville_______
Tot. Mid.West.

C L E A R IN G -H O U S E R E T U R N S .
The following table, made up by telegraph, & c., indicates
that the total bank clearings of all clearing houses of the U . S.
0X T o eftkn,Iid; May 23 haVR been $2,630,678,527, against 82,o77,.)8J,.)10 last week and4$ 2 ,707,947,619 the week last year.
C learings— Returns bg Telegraph M a g 2:5

1908.

1907.

%

51,340,414,969
123,310,464
98,800.958
18.328,533
192,022,795
49.420,872
^12,401,517

$1,401,740,783
118,969,314
114,284,436
22.440,319
213,021,429
52,934,750
15.008,245

— 4.4
+ 3.7
— 13.5
— 18.3
— 9.9
— 6.6
— 17.4

Seven cities, 5 days.................................
Other cities, 5 days............................ ........

51,834,790,108
370,869,211

$1,938,399,282
403,410.297

- 5 .3
— 8.1

Total all cities, 5 days. - .............
All cities; I d a y .____ ___________

52,205,659,319
425,019,208

52,341,815,579
420,132,040

— 5.8
— 0.3

Total all cities for week_______

52,030,678,527

$2,767,947,010

New Y o r k ......... .....................
Boston............................ ) ]
P h i l a d e l p h i a ...................

Baltimore..................
Chicago ........................... ”
St. Louis..................... . . I l l
New Orleans________ )

.............

-

-

The full details for the week covered by the above will be
given next Saturday. We cannot furnish them to-day,
clearings being made up by the clearing houses at noon on
Saturday, and hence in the above the last day of the week has
to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with
Saturday noon, May 16, for four years.
IVeck ending Mag 16.

Clearings at
190,8.
Now York_____
Philadelphia__
Pittsburgh_____
Baltimore.........
Buffalo...............
Albany________
Washington__
Hochestcr.........
Scranton...........
Syracuse...........
Reading............
Wilmington____
Wilkes-Barre . .
Wheeling, W . Va.
Harrisburg.........
E rie......... ............
Binghamton____
Chester................
Grccnsburg_____
Franklin........... ..
Y o r k ....................
Altoona________

1007.

S
1,613,334,927
144,546,811
49.805,561
28,511,467
9,513,183
8,730,409
6,227,556
3,655,294
2,073,142
2,342,185
1,445,107
1,349,974
1.292.543
1,150,461
1.227,613
1,441,143
1,372,282
1,044,897
801,022
598,900
520.752
404,473
300,785
Not Included
Not Included

Total Middle.. 1,771,881,935 1,878,155,986

Inc. or
Dec.

1906.

%
S
S
— t.O 1,028,702,798 1,782,317,703
— 14.5
139,460,639
141,740,019
— 20.7
45,033,477
48,392,710
— 13.1
26,465,576
22,830,482
— 10.3
9,069,564
7,449,482
— 35.2
6,932,567
4,925,523
— 13.0
6,566,634
4.901,803
+ 15.0
3,616,782
3,299,538
1,713,862
— 0.4
1.634.805
— 25.5
2,073,975
1,555,605
— 7.2
1,295,703
1,080,590
— 3.1
1,170,587
947,039
949,546
— 11.0
1,001,046
+ 17.4
925,435
700,589
— 17.6
900,412
— 18.0
634,823
566,738
— 12.2
579,600
533,000
— 11.4
534,004
484,420
538,421
+ 15.4
559,630
302,952
— 21.5
232,882
In total
In total
— 5.7 2,178,073,157 2,025,213,802

Boston _________
Providence_____
Hartford.............
New Haven_____
Springfield...........
Worcester...........
Portland_______
Fall River...........
New Bedford____
Lowell..................
Holyoke................

141,650,440
7,241,700
3,300.318
2,234,482
1,896,883
1,576,627
1,728,131
863,933
790,056
500,025
421,294

157.947.398
9,212.400
3.673,780
2,564,383
2.175,677
1.909.380
1,799.883
954,939
763,394
609,662
522,505

— 10.3
— 21.4
— 9.9
— 12.9
— 12.8
— 17.4
— 4.0
— 9.5
+ 3.5
— 17.9
— 19.4

152.658,409
7.910,700
2,993,950
2,257.124
1,889,469
1,470,422
1,848,688
1,082,462
720,677
470,019
493,550

138,047,217
9,100,900
2,893,648
2,010,289
1,691,316
1,580,379
1,585,138
797,741
501,212
446,430
474,637

Total New Eng

162,212,898

182,133,401

— 10.9

173,795,470

160,064,907




Inc. or
Dec.

1918.

T e r m s o f S u b s c r ip t io n — P a y a b le in A d v a n c e

11 *nk

NO. 2239.

San Francisco___
Los Angeles.........
Seattle_________
Portland.............
Salt Lake City.
Spokane..............
Tacoma_______
Oakland________
Helena _________
Fargo_______
San Jose________
Sioux F a lls ...
Sacramento . .
Stockton _______
Fresno_______
North Yakima
Billings...........
Total Pacific.

%
227,823,655 266,230,509 — 14.4
23,341,350
28,844,700 — 19.1
16,131,211
18,402,180 — 12.3
17,010,177
15,888,936
+ 7 .1
0,965,786
11,135.611 — 10.5
7.416.072
8,176,273
— 9.3
4,573,400
5,745,700 — 20.4
4,280,312
3.866.073
— 9.7
2,517,166
— 8.2
2,740,993
2,401,951
— 6.9
2,580,662
1,569,198
2,142,734 — 26.7
1,796,533
2,031,295 — 11.6
956,066
— 4.1
996,866
876,978
883,407
— 0.7
600,000
778.000 — 22.9
769,125
749,872
+ 2.6
540,919
648,306 — 16.6
587,444
655,054 — 10.3
382,739
643,721 — 40.6
484,098
630,567 — 23.2
580,124
613,492
— 5.4
401,394
395,908
+ 1.4
401,664
363,276 + 10.6
283,575
360,313 — 21.3
297,925
358.311 — 16.8
323,969
442,283 — 24.7
412,909
367,175 + 12.5
135,104
211.312 — 36.1
166,607
144,317 + 15.4
27,994
33.000 — 15.2
271,148 Not Included In total
326,650,206

377,475.085

— 13.5

44,344,617
13,653,881
11,371,582
7,910,667
6.259,271
6,173,807
5,058,769
2,981,832
1,053,476
462,521
437,801
385,400
Not Included
Not Included
Not Included
Not Included
122,756 Not Included

— 19.0
— 20.5
— 22.9
— 25.4
— 29.1
— 4.1
— 20.6
— 46.5
— 42.7
+ 11.!
— 0.9
+ 25.6
In total
In total
In total
In total
In total

35,930
10,852
6,900
7,910,
4,438
5,917
4,014
1,595,
603,
513,
445,
480,
749,
385,
407,

79,463,239

Kansas City__

Joseph...
5
Topeka . .............
Davenport______
Colorado Springs.
Pueblo___
Cedar R apids...
Fremont .............

34,928,507
19,334,915
11,775,897
8,142,364
8,100,000
5,696,123
2,876,973
2,166,354
1,263,259
1,487,459
1,073,778
803,200
689,278
421,172
798,349
268,111

Tot. oth. West.

99.825,739

St. Louis_______
New Orleans__ _
Louisville______
Houston......... ..
Galveston...........
Richmond ______
Atlanta________
Memphis.........
Nashville _______
Fort Worth___
Norfolk . . ____
Savannah_____.
Birmingham____
A u g u sta ............
Jacksonville____
Mobile ..................
Knoxville...........
Chattanooga___
Little R ock..
Charleston...........
Oklahoma__
M acon______
Beaumont . .
Wilmington, N. C
Columbus, G a ...
Austton.........
Vicksburg__

59,585,141
13,421,145
10,630,771
0,470,648
4.900.000
5,916,565
4,128,340
4,282,255
4,288,807
2.800.000
1.727,524
2,959,915
1,715,034
1,259,185
1,547,509
1,039,372
1,372.636,
1,425,0001
1,176,109
1.157,544
1,024,443
575,725
554,245
300.000
350.000

Total Southern

100,093,624
34,465,562
24,560,3371
11,507,908'
9,663,536
8,014,620
5,591,375
3,295,885!
2,231,486
1,376,060
1,368,649
1,041,5181
963,7241
616,897
672,206j
589,465
274,762!
106,623,990

138,355,923

165,089.062

* 329,690

34,966,354
9,516,445
5,555,422
4,428,131
3,214,907
3,035,179
3,331,370
805,473
485,737
246,600

44,027,007

65,585,018

22,465,562
16,036.813
0,715,457
7,287.424
6,517,776
4,934,978
2.947,347
1,6.81,175
1,081,733
1,113,489
875,997
782,533
632,564
508,642
540,709
175,314

22,861,356
16.474,592
7,765,535
6,213,340
6,347,786
4,523,438
2,457,410
1,517,578

— 6.0

77,297,513

72,994,552

57,388,523
16,161,597
12,319,127
8,597,021
5,350,000
5,351,086
4,679,031
4,563,309
4,666,047
2,638.473
2,747,470
4,526.083
2,078,512
1,762,004
1,335,278
1,446 ,8661
1,310,240
1,324,476
1,170,477(
1,522,521;
800,000;
574,443
460,000
644,440
364,682

59,438,620
15,927,512
11,860,582
7,006,674
4,670,000
4,527,658
2,977, S5S
4,186,481
2,912,228
2,201,587
1,872,021
3,127.487
1,422,390
1,681,296
1,345,177
1,049,807
1,079,640
851,072
831,551
1,255,057

-16.2

143,788,406

1,079,417
1,178,638
745,393
810,858
362,204
504,556
151,451

" 368,709
370,000
246,185

131,210,192

— 8.2 2,925,294,573 2,729,629,785

Outside N. Y__ 1,029,279,9S0 1,195,847,021; — 13.9

74.741.037

11,424,921
9,052,755
5,138,627
5,402,455
4,439,511
4,123,786
2,900,000
786,266
429,596

274,560,714

+ 1.3
— 21.3
+ 2.3
— 15.7
+ 1.1
+ 1.0
— 12.7
— 2.9
— 8.2
+ 8.7
+ 3 .1
— 16.71
+ 11.
— 37.3
+ 35.4
— 2.4

Canada—•
Montreal .............
Toronto.............
Winnipeg___
Vancouver______
Ottawa..................
Quebec__ .
H alifax................
Hamilton.............
Calgary........... ....
London ................
St. John................
Victoria...............
Fdmonton______
Total Canada.

307,479,820

184,236,653
24,852,150
14,425,475
12,565,915
7,511,621
6,996,830
4,804,900
3,844,061
2,639,480
2,026,699
1,685,435
1,361,701
853,264
096,457
567,000
692,194
652,982
500,987
509,146
395,256
474,547
363,822
134,644
261,902
352,948
331,601
320,466
226,956
85,692

— 20.6

60,424,127 — 14.2
16,965,479 — 20.9
14,125,499 — 24.7
12,449,857 — 23.9
6,924,500 — 29.0
6,107,854
— 3.1
4,869,771 — 15.2
+ 3.5
4,136,987
4,288,807:
34.7
3.834,825 +31.3
3,233,557, — 46.6
3,357,597! — 11.8
2,182,032i — 21.4
1 , 549 , 423 ! — 18.7
1,559,1481 — 0.7
1,375,958 — 2 L 4 1
1,490,414
— 7.9
1,594.225 — 10.6
1.370,855! — 14.2
1,316,500 — 12.7
+ 9.1
938,921
650.000 — 11.4
499,935 + 10.9
473,591 — 36.7
370.000
— 5.4
Not Included In total
299,423 Not Included In total

2,577,589,940 2.S09,181,048

1906.
$
209,014,779
25,833,050
17,041,953
13,567,222
9,438,881
6,577,719
5,608,200
3,987,441
2,342,302
2,488,851
1,843,726
1,687,097
997,106
712,731
699,000
759,053
509,298
605,920
518,385
406,264
629,373
312,503
344,160
2.80,672
358,108
24.8,074
326,886
239,629
100,836

85,330.289' — 12.4

995,758,775

947,312,082

28,289,474
25,406,690
9,343,100
2,295,487
2,521,148
1,647,523
1,850,317
1,509,911
869,273
1,143,531
1,100,214
723,605

25,805,055
19,928,476
6,080,226
1.483,706
2,277,712
1,519,542
1,666.298
1,228,164

77,569-552

62.578,543

912,504
946,965
729,900

THE CHRONICLE

1248

[V O L . L X X X V I .

th eir gold stocks. T h a t tendency to enlarge the m etallic
T h e near ap p roach of the adjo urn m ent of C ongress

h o ld in g s seem s to be a no table feature a m o n g E u ro p e a n
b a n ks. I t w o uld be quite n a tu ra l th a t the B a n k of

has been u n u su a lly fru itfu l in ru m o rs of differences
a n d apparent m isu n d e rsta n d in g s between o u r legis­

F ra n c e sh o u ld replenish its su p p ly . W e well rem em ­
ber the im p o rta n t p art it p la ye d w hen we drew a b out

lators an d le a d in g officials. It w o u ld not be w o n d e r­

100 m illio n dollars of the m etal from E u ro p e . O f
course the B a n k of E n g la n d in su c h an em ergency
ho ld s the o n ly rea lly free stock, and it sto o d up b ra v e ly
m eeting a n d filling in one w a y and another its charactei

[

THE

F IN A N C IA L

S IT U A T IO N .

ful if th is situ a tio n sh o u ld ha ve checked som ew hat the
b u o y a n c y w h ich h a s so lo n g p erva d ed W a ll Street.
I t w as not, how ever, u n til T u e sd a y th at the sto ck
m a rk e t exh ib ite d a n y m aterial rea ctio na ry m o ve ­
m ent. E v e n no w it is not easy to p ick out and give
e x p re ssio n to the special d istu rb in g cause or causes.
W e m a y say, nevertheless, w ith tru th ,th a t W a ll Street
values h ave recently been getting som ew hat toph e a v y — a w a y from and above the ideas of the m ost
of those w ho have a tincture of co n se rva tism left in
th eir veins. T h u s none b u t the coterie w h ich had
se rve d as the special sp u r to the extrem e advance
w as left to continue the m ovem ent. E v e n th e y for
the m om ent seem ed to have w ith d ra w n their sup p o rt.
P e rh a p s th e y have gained th eir ends a n d aim s a n d for
a tim e at least will leave to n a tu ra l forces m ore ne a rly
the direction of affairs.
T h e un fin ish e d a n d dem oralized state of legislation
in C o ngre ss an d the un restful ru m o rs th is state of af­
fairs h a d
p u t afloat not u n lik e ly
helped in a
m easure to produce the te m p o ra rily h a rd lines o n lu e s -

of entrepot. I n w h a t we have sa id above we had,
how ever, in m in d m a in ly the present p o sitio n of the
B a n k of G e rm a n y a n d large b a n k s of B e rlin .
We
noted last week (pages 1192-1193) in a d d itio n to an
am o u n t ta ke n in N e w Y o r k th ro u g h P a ris to B e rlin ,
a direct m ovem ent to B e rlin , due to indu cem en ts in
the form of interest o n the m etal w hile it w as in tra n ­
sit, w hich interest enabled cable m a rk s, or p o ssib ly
sight, to be a d v a n ta ge o u sly em ployed for the reim ­
bursem ent of the exporter.
T h is change in the B e rlin sentim ent a n d a ctio n
w ith reference to its gold requirem ents is p ro b a b ly
due to the official ann oun cem en t th a t “ a special
co m m issio n has been a ppointed b y the G o ve rn m e n t
to in q u ire into the p o ssib ility of a m e n d in g the b a n k in g
sy ste m in G e rm a n y w ith a view to m itig a tin g the

serious stra in un der w hich the G e rm a n m o n e y m a rket
has labored in recent years. T h e term s of reference
of the com m ission are elastic, bu t th e y h a ve been
d a y an d W e d n e sd a y in stocks. W e need not go into
fram ed w ith special regard for the w o rk in g co n d itio n s
details of these differences w h ich change from d a y to
of the Im p e ria l B a n k . A b o u t 200 b a n ke rs an d
d a y , bu t seem to be a ccum ula tin g. P e rh a p s the ru ­
financial experts w ill be in v ite d to give evidence before
m o r th at no agreem ent b y the Conference C om m ittee
the com m ission. T h e proceedings were opened at
as to cu rre n cy le gisla tio n w as likely, m a y ha ve d is­
the offices of the Im p e ria l B a n k M a y 1 b y the U n d e r­
couraged speculators. W e do n o t m ean b y th is that
se c re ta ry in the H o m e Office, H e r r W e rm u th , w ho
a n y considerable im p orta n ce w ill be attached b y those
exp lain ed the objects of the in q u ir y a nd la id d o w n the
m o st fam ilia r w ith cu rren cy affairs to a disagreem ent
g u id in g principle that the e x istin g c u rre n cy and the
of the tw o H o u se s a n d the a b a n d o nm en t of the effort
Im p e ria l B a n k m u st be preserved as the fo u n d a tio n s
to patch up a com prom ise o n th a t subject; b u t we
of the G e rm a n b a n k a nd credit sy ste m s. H e further
t h in k it true th at a good m a n y of the stric tly specu­
insisted th a t there could be no q u e stio n of d iv id in g
la tiv e class hoped th a t the end reached m ight produce an
p riva te b a n k in g in stitu tio n s into sto c k b a n k s and
inflation m easure, a n d the ru m o r th a t there w o u ld be
deposit b a n ks. O n the co n clu sio n of H e rr W e r m u t h ’s
no agreem ent m ig h t d isa p p o in t all such, p ro d u c in g
speech, the P resident of the Im p e ria l B a n k , H e rr
gloom ier view s,and co n se quen tly lead to a consideiable
H a ve n ste in , to o k the ch air as P re sid e n t of the com ­
se llin g of specu lative ho ld in gs.
m issio n ."
A n o th e r adverse circum stance has been the large
a n d co n tin u in g exp o rts of gold. W e are aware th a t
th is m ovem en t has no im p orta n ce in the m in d s of
m ost operators, a n d so lo n g - as call m o ney drops to
1 % ’th e y will p ro b a b ly po o h -p o o h a n y m ention of gold
e xp o rts as

a

possible

u n fa vo ra b le

featuie

in

the

situatio n . C all
m oney
at
1%
is
not a lw a y s
an
in d ica tio n
of the current
m oney
m arket.
T h e borrow er m u st have go o d S to c k E x c h a n g e
collateral to get m o n e y at th a t rate a nd even
th e n he will be a r is k y dealer if he w aits to find it.
A ll th is week b a n k officials ha ve to ld us th a t th e y
c o u ld pu t out on call all th e y h a d to lo a n at 3 % to 5 % .
M oreo ver, if the borrow er w as in need a n d h a d n o th in g
b u t securities off color, he w o u ld find th a t even 6 %
m o n e y w as h ard to get. T h e n , too, it is well k n o w n
th a t to keep up b u o y a n t co n d itio n s after secu rity
valu e s h ave had a lo n g ru n of th a t k in d of lu c k needs
a good b ig b u n ch of the so rts of m o n e y o u r law s
p ro vid e fo r e n rich in g b a n k reserves.
T he se gold exports, it sh o u ld be rem em bered, have
also an added significance gro w in g o u t of a general
m ood E u ro p e has recently fallen into of he a p ing up



T h e N a tio n a l P ro sp e rity a n d S u n s h in e A sso cia tio n ,
yhich started u n der rather favorable a uspices at St.
jouis three w eeks ago, seem s alre a d y to h a ve lost
nuch of its potency a n d influence. T h e e arly reports
o n ve ye d the idea th a t the pu rpose of its prom oters
vas to oppose a ctively and v ig o ro u sly fu rth er legislaion adverse to business interests. T h is idea w a s also
incouraged b y the re m a rks of som e of those identified
vith the m ovem ent to the effect th a t the slo g a n of
he association w as to be “ L e t U s A lo n e .” I t ap>ears n o w th a t all this w as a m ista ke , or, rather, th at
t has now been decided not to proceed a lon g the
>riginal lines.

T h e change seem s to h a v e been the

•esult of a visit of several of the m em bers a n d p ro m o t­
es of the association to P re siden t R o o se ve lt at W ashngton.
T h e v isitin g delegates
a p p a re n tly were
lom ewhat afraid of the B ig F a th e r at the W h ite H o u se ,
io instead of te lling the P re sid e n t b lu n t ly th a t his
jolicy h a d been v e ry d a m a g in g to in d u stria l interests,
m d th a t to a vo id further h a rm it w as a b so lu te ly neceslary th a t th is p o licy sh o u ld be changed, th e y proceeded
,o un fo ld the object of th eir m issio n w ith m u c h circu m -

M a y 23 1908. j

T H E CHRONICLE

1249

locution. “ Reforms were imperative,” they said. mental bodies. It was supposed that the National
“ You, Mr. President, effected them; and to-day the Prosperity Association would direct its energies to
country, realizes the value and potency of the remedy. that end. It now seems that we are to be disap­
The Association recognizes the debt the business in­ pointed in that regard.
terests— the whole country— owes you for what you
have done.” Then, apparently with much diffidence,
I he expression coined a few months ago by a witty
they came to the subject which had started them on Irishman, descriptive of the present lack of employ­
their mission, by adding: “ It (the Association) feels now ment for the freight equipment of the railroads, seems
that the time has come to take stock, to call a halt likely to stick. It is well known that for many months
upon radical, hasty and experimental legislation de­ the railroads have had such large numbers of idle
signed to regulate industry.”
locomotives and cars that the problem has been how
This left the implication that the President’s course to store them all. Last February, when all the switches
had been right and that the blame for the existing and side tracks in the vicinity of Pittsburgh were
situation must be put upon some one else. The Presi­ blocked with idle equipment, a passer-by asked an
dent replied in a characteristic way, and took pains Irish carpenter what those huge, barn-like structures
to point out that he had not the remotest intention on the tracks were. “ Thim’s our Tiddy Bears,” said
of changing his policy, saying: “ Our recent legislation the Irishman. Hence, locomotives for which there is
has been good, and it is to the interest of the entire no work and which have been boxed up to protect
country, and especially the business interests, that it them from the weather, are now called “ Teddy Bears.”
should be enforced. Such further regulatory legislation The description is an apt one. “ Teddy Bears” in the
as is required is merely the building upon the broad railroad world are costly luxuries, just as are the Teddy
foundations that have been laid. It conceals no men­ Bears that serve as play toys for women and children.
ace to business any more than that legislation which There is also a peculiar appropriateness in the designa­
has already been enacted.” We can imagine the grin tion, as indicative of the era through which the coun­
that must have been upon the President’s face when try is passing, for the admirers of our Chief Executive
he uttered this latter statement, in total indifference at Washington refer to him fondly as “ Our Teddy.”
to the industrial distress visible upon every side. He We need hardly say that the number of Teddy Bears,
proceeded in this strain throughout his address, and or idle freight locomotives, on the railroads is now
then concluded in these words: “ I welcome your work larger than ever before, and that is the reason for re­
and shall be glad to co-operate with you in any effort ferring to the matter here. The aggregate of idle
to establish prosperity on right and honest lines.”
freight cars, which also are being referred to very fre­
Since the members got back to St. Louis from their quently as Teddy Bears, is reaching such dimensions
visit to Washington, they have been falling over one as almost to stagger belief. The number of these cars
another, figuratively speaking, in attempts to dis­ was looked upon as extraordinarily large last Febru­
avow that their movement had any political pur­ ary, and was certainly unprecedented (up to that time),
pose. The St. Louis “ Globe Democrat” of last when .it was reported at 342,828.
By March 18 it
Saturday stated that E. C. Simmons, the Chairman had been reduced to 296,035, but since then the aggre­
of the Prosperity Association, was desirous of correct­ gate has increased with each succeeding semi-monthly
ing the impression which he found in the East, namely statement, until at the end of April the number stood
that the Association was sailing under the “ Let Us at 413,338. For a time early in the week it looked as
Alone” motto. It quotes him as saying: “ We do if an improvement in that respect were now about to
not want to be known as the “ Let Us Alone” organ­ occur, it being reported that the Pittsburgh & Lake
ization. Our policy is not to fight any interest, Erie, one of the Vanderbilt lines, had revived an order
political or commercial. Some of our Eastern friends for 2,000 cars given last summer and subsequently
mistook the mission in which we are engaged.” It canceled.
Later, however, came statements that the
seems that the purpose now is “ to make a quiet can­ idle equipment on the Pennsylvania Railroad had
vass to see how many employers feel friendly towards been further increased, and accordingly it would seem
the suggestion of setting a day on which manufact­ that we shall have to wait yet awhile for the longedurers, railroads and other commercial interests are for improvement.
.
to put unemployed men back to work.” In other
words, the intention is to set a day for the resumption
Speaking at a dinner in this city about seventeen
of work— the lstof June appears to be the date agreed months ago, Secretary Root made the remark that the
upon—then start mills, factories and furnaces, no people will have from some source “ the control they
matter whether any orders are at hand, or are likely need,” and if the States fail to duly furnish it, “ con­
to come in, and to act as if nothing had ever been structions of the Constitution” will sooner or later be
wrong with the business situation. By mere re­ found to vest the power in the Federal Government.
solve all doubts and misgivings are to be removed Mr. Root also said that every State “ is bound to
and business prosperity brought back. This shows frame its legislation and its administration with
such childlike faith that one could wish it were war­ reference, not only to its own special affairs, but with
ranted. But when the noonday sun is hidden by reference to the effect upon all its sister States, as
clouds, its light will remain obscured just as long as every individual is bound to regulate his conduct with
the clouds themselves remain. In the present in­ some reference to its effect upon his neighbor.” As a
stance, the bright sunlight of prosperity cannot be proposition, this is obviously true and wholesome, the
looked for until the obstacles obstructing its path sole difficulty being to ascertain what legislation and
have been removed. Among these obstacles, the administration are proper, with a view to the common
most serious has been the destructive policy pursued good, and then to find some arguments or some power
by the politicians and by legislative and govern­ equal to make the States come into line. Mr. Root’s



1250

TH E CHRONICLE

[V O L . L X X X V I.

address was soon followed by a pamphlet by Mr. shortage of laborers has become a decided over-supply.
The official statement of immigration for April
William G. Jordan, proposing what he calls a new
shows
that the aggregate arrivals of aliens from all
element in American politics, the House of Goveicountries
for that month of 1908 were only 41,274,
nors.” He would have all the State executives meet
or
over
100,000
less than the influx for the month in
annually for a session of several weeks to talk ovei
1907,
when
the
total was 145,256. Contrasted with
“ vital questions affecting the welfare of the States, the
April
of
1906,
an
even greater falling off is observable,
unifying of State laws and the closer unity of the
the
movement
then
having been 150,397. Of late
States as a nation.” This house would neither possess
years
the
bulk
of
our
new
foreign labor supply has been
nor seek any law-making power. “ Its force would
drawn
from
Austria-Hungary,
Italy and Russia, and
be in initiative, in inspiration and in influence.” The
it
is
of
course
in
the
arrivals
from those countries
executives would strive to unite on a general basis of
that
the
decreases
are
now
most
marked. Less than
action on great questions, to be commended to the
a
year
ago,
frequently
in
one
day
more
aliens from, say,
legislatures in the usual order.
Italy,
passed
at
New
York
than
now
arrive
in a month,
So Mr. Jordan thinks, and it might prove so. At
and
it
was
not
an
uncommon
thing
for
one
vessel to
least, there is no prohibition anywhere for such an
experiment, and if anything serviceable comes or gives bring more than now come in eight or ten. Austriareasonable promise of coming from the conference Hungarian immigrants in April 1908 made up a total
lately in Washington, the suggestion may acquire of only 4,280; last year they numbered 39,007. Italian
force.
It is indisputable
that
divergencies arrivals were less than one-fifth of what they were a
of laws among the States have been a very considerable year ago, and compare even less favorably with the
disturbance all along. Failure to agree on the subject month of either 1906 or 1905. From Russia and Fin­
of bankruptcy, for example, is the strongest argument land the inward movement was but 5,921, against
or having a law of Congress to deal with that. Real 19,241 and 30,806 respectively in April of the two pre­
estate holding and conveyance, trusts, banking, mar­ vious years, and for the remainder of Europe the com­
riage and divorce, and insurance, aie some of the im­ parison for the three years is between 17,548 in 1908,
portant subjects upon which the States do not agree. 43,788 in 1907 and 39,617 in 1906. Arrivals from
The desire to escape duplicated and varying oppres- British North America (Canada) and Mexico continued,
gjojig t>y more than forty States is the sole leason foi as for some months past, well in excess of the pre­
the attempt— which has no good prospect of success— vious year, but it is only in times like those to which
to extend the overworked commerce clause to insur­ we are referring that the totals are large enough to
ance. The continual plea on behalf of Federal control attract any attention. For the four months of 1908
over commerce across boundary lines is that the States the total arrivals of aliens reached an aggregate of
will not undertake (and could not achieve it if they only 124,392, which exhibits a very decided falling
off from the 404,332 of the period in 1907 or the 403,­
would) any scheme of general application.
An annual confab of executives would tend to be­ 465 for the period in 1906.
While immigration has, as already stated, continued
come a scheme of party wire-pulling, especially in
upon
a restricted scale, emigration has likewise been
every fourth year, and it might not do moie than
unprecedented.
We learn from statistics obtained
release a vast amount of rambling and undigested
through
official
sources
that departures of steerage
talk on the entire field of possible human endeavor.
passengers
during
April
aggregated 77,023, or 62%
One almost shrinks in advance from the wild proposi­
more
than
the
inward
flow,
and that for the four months
tions along the line of attempting to construct virtue
of
1908
the
alien
emigration
aggregated 243,023, as
and happiness per statutes which might be expected.
against
only
80,427
for
the
like
period in 1907. It is a
Yet it is a part of our fundamental idea that unre­
simple
calculation,
therefore,
to
ascertain that, whereas
stricted liberty of talk acts as a safety-valve and tends
in
the
four
months
of
1907
we
gained
323,905 through
on the whole towards evolving the soundest possible
the
movement
of
aliens,
this
year
there
has been a net
public opinion. So it seems to us that the suggestion
loss
of
118,631.
Furthermore,
the
outward
movement
should not be dismissed as quite chimerical.
is still actively in progress, the departures thus far in
The immigration statistics for April, made pub­ May having continued on a very full scale, and im­
lic this week, show a decidedly restricted movement migration promises to be smaller than in April, the
compared with earlier years; as our readers are aware, arrivals at New York to date being only about 16,754.
this has been a very noticeable feature of previous In the light of the results for the four months, it
months of the current calendar year. I he cause for would seem that the estimate we made last February
the extremely light inflow recently is well understood; that the country would not be more than a nominal
at the same time many do not realize the full force of gainer in foreign population in the calendar year 1908,
the change that has taken place. Instead of the United was conservative. If we were inclined to modify that
States continuing to be the haven toward which foreign statement in any way, it would be by saying that
abor has bent its course every spring in constantly indications are for a loss rather than a gain.
increasing numbers, until in the last three or four years
the March, April, May and June arrivals largely ex­
ceeded 100,000 in each month, there is now such eager­
ness to get away that frequently the steamship com­
panies find it difficult to provide adequate accommo­
dations for those who wish to go. And there seems
to be no let-up to the outward trend. It expresses
'more clearly than words could how completely, through
the shutting down of our various industries, the



The American Cotton Manufacturers’ Association,
which particularly represents the branch of the indus­
try located at the South, held its twelfth annual con­
vention at Richmond, Va., on Wednesday and
Thursday of the current week, and proved a fitting
supplement to the National Association meeting at
Boston in April. Special effort. had been made to.
bring together a large and representative gathering,,

M a y 23 1908. |

T H E CHRONICLE

the Secretary in his preliminary announcement of the
convention laying particular stress on the urgent need
for action to meet the unprecedented conditions now
prevailing in the industry. Subjects of a more or less
technical nature, but of absorbing interest withal, were
presented and discussed, the address by Mr. Arnold
B. Sanford of Boston on “ Fine Cotton Spinning in the
United States” and remarks by Mr. W. H. Harriss of
Atlanta, Ga., on cost of production, &c., of the raw
material being highly instructive. Greatest general
interest, however, attaches to what was referred to in
the addresses by President Tanner and others prelimin­
ary to the actual work of the convention.
In an extended address of welcome, Mr. S. D. Cren­
shaw, representing the Chamber of Commerce and
commercial interests of Richmond, referring to the
supremacy of America in cotton-growing, expressed
belief that eventually it would also be supreme in
spinning.
Ex-President Lowe, in responding to the address of
welcome, took occasion to reply to some of the criti­
cisms that have been directed against the cotton manu­
facturers of the South. Premising his remarks with
the statement that he operates a mill in Alabama, he
forcibly repelled accusations of cruelty, unkindness,
child-driving and white slavery. He said: “ The
Southern cotton manufacturers have done more to
alleviate the condition of the class they are accused of
oppressing than all the philanthropic organizations in
the world. .They have brought people from the moun­
tains, where they lived almost like animals, in homes
that were unfit to live in, out into the sunshine. I
doubt if there is in the world among that class of
people a body who are more happy or healthful.”
Coming from a man of the standing of Mr. Lowe, this
forceful statement carries great weight and is certain
to bring conviction to reasonable men.
President Tanner in his annual address touched
upon many important points. He referred to lack of
appreciation shown by labor in the mills for the con­
siderable increase in wages accorded during the pros­
perous period, refusing to perform the same amount
of labor for the greater pay, and in other ways ham­
pering the operation of machinery at a time when the
demand for goods was greatest. Cancellation or at­
tempts at cancellation of contracts for goods came in
for some attention, and the urgent necessity of formu­
lating a uniform and binding contract was impressed
upon the assemblage. Adverting to the apparently
unfavorable situation that confronts cotton manufac­
turers, Mr. Tanner stated that numerous requests had
been received suggesting that a meeting of the associa­
tion should be called to consider ways and means of
relief. It was the opinion of the board of governors
that nothing could be thus accomplished. The in­
adequacy of our currency system was referred to by
Mr. Tanner and he also spoke of the need for tariff
revision.
The most important action taken on Thursday was
the adoption of a report submitted by the committee
on cotton exchanges, which covered the demand of
spinners for a better contract on the New York and
New Orleans exchanges. The report in effect pointed
out that the New York contract in particular in its
present form is valueless as a hedge, the differences
between the value of the contract and the price of spot
cotton often entailing heavy losses. Recommenda­




1251

tions were made that if adopted by the exchanges r
would prevent the delivery on a single contract of as
many grades as are now tenderable, and would give
the buyer of cotton the option of requiring the delivery
of staple of specific grade. At present, as is well
known, the advantage is entirely with the seller, the
contract permitting him to deliver any quantity of
any of a number of grades. The improvements sug­
gested, it was contended, would serve to bring the
price of contracts up to a parity with spot cotton.
That is, of course, not the case under existing condi­
tions, the spot price of middling yesterday, for instance,
having been 11.10 cents, whereas the May option sold at
9.84 cents. The report concluded with an expressed
disapproval of the New York contract and a hope that
the Exchange will realize its defects and sincerely
attempt to remedy them.
There was no change in official rates of discount by
any of the European banks this week; open market
or unofficial rates were easier at all the chief centres,
and those at Berlin were low enough to justify a re­
duction in the German Bank rate.
The most notable differences between the statements
of the average and of the actual conditions of the New
York Associated Banks last week were in the items
of loans, cash and deposits. Average loans increased
$4,777,800; actually there was a gain of $10,965,200.
Cash was augmented, according to the averages, $2,­
197,700; there was an actual decrease, however, of
$648,200— the differences in this item were doubtless
due to the fact that withdrawals of gold for export
to Europe were chiefly effected after the middle of the
week. Deposits showed an average gain of $5,895,700;
the actual increase was $9,853,200. There was an
augmentation in the average reserve of $723,775, to
$64,607,250 surplus; there was, though, an actual de­
crease in this item of $3,111,500, to $64,001,225. Pub­
lic deposits decreased $5,587,500, reflecting surrenders
of such funds by the New York depositories on the
previous Saturday; to-day (May 23) the final install­
ment of the call by the Secretary of the Treasury of
April 28, requiring the surrender of 25 millions, will
mature, thus completing the amount of 45 millions
public funds recalled from the depositories through­
out the country.
The Comptroller of the Currency issued a call on
Wednesday for a statement of conditions of national
banks as of May 14. Responses to the call promptly
began to be received on the announcement thereof,
and those thus far made public show, among other
facts, a large increase in deposits, especially by banks
in Western centres.
Though nearly 13^ millions were withdrawn from
the New York banks during the week for export to
Europe, and though surrenders of public funds were
in progress, in anticipation of the maturity to-day
(Saturday) of the Treasury call for the surrender of
25 millions— of which probably one-half will be taken
from the local depositories— the market for money
showed no improvement as the result of this actual
and immediately prospective reduction of about 38
millions in the cash reserves of the banks, indicating a
condition of congestion almost without precedent.
Instead of improvement in the market, there was a
new record of low rates for money on call, loans being

1252

TH E CHRONICLE

effected at 1% for the first time since 1904, when they
were quoted at
of 1%; later this week there
was a recovery to
but the market was by
no means active. The abnormally low rate of 1% on
Monday and on Tuesday was attributed to offerings
by trust companies, which were in competition with
banks in the effort to secure some advantage, though
it might be small, by directly pressing their balances
upon the market instead of leaving them undisturbed
with their depositary banks. Time loans were easy,
influenced by free offerings; with money on call rul­
ing at current figures, borrowers were, however, in­
disposed to accept contracts for short maturities or
even those which would carry them into the beginning
of the crop-moviug season, and the inquiry for fixeddate loans was chiefly confined to those for the overThe-year period.
Money on call, representing bank and trust company
balances, loaned at the Stock Exchange during the
week at \% % and at 1% , averaging l A
l % ; all insti­
tutions quoted 1% as the minimum. The above­
noted rates of 1M % and 1% were recorded early in
the week; thereafter they were 1
Time
loans on good mixed Stock Exchange collateral were
for sixty and 3% for ninety days, 3 ^ %
for four, 3 H % for five and 3 j^ @ 3 % % for six months
and 4 @ 4 i^ % for over the year. Commercial paper
was in good request for the choicest names, but the
supply thereof was only moderate; though good to
ordinary paper appeared to be plentiful, it was not
attractive to buyers. Rates for first-class six ty to
ninety-day endorsed bills receivable and for this grade
of four to six months single names are 3% @ 4 % ,
preference being given to the latter maturity; good
paper running for these periods is 4 @ 4 j^ % .
The Bank of England rate of discount remains un­
changed at 3% . The cable reports discounts of sixty
to ninety day bank bills in London 2°/0.
fhe
open market rate at Baris is 2% and at Berlin
and Frankfort it is 3 % % .
According to our
special cable from London, the Bank of England
gained £542,010 bullion during the week and held
£37,571,279 at the close of the week. Our corre­
spondent further advises us that the gain was due
wholly to receipts from the interior of Great Britain.
The details of the movement into and out of the Bank
were as follows: Imports, £40,000 (of which £33,000
from Egypt and £7,000 from Portugal); exports,
£152,000 (French coin), and receipts of £654,000 net
from the interior of Great Britain.
The notable feature of the foreign exchange market
this week was its strength. Ordinarily, when gold
exports are in progress, the market is affected, in a
' greater or lesser degree, by offerings of bills which are
drawn and sold for the reimbursement of the shippers
of the metal. It would appear that this week few
bills have been drawn for reimbursement; the exports
of gold have been largely effected directly through
francs or marks and practically none through sterling.
Moreover, as elsewhere noted, much of the gold sent
to Berlin has been transferred by cable order by the
shippers for substitution for credits which have been
established and employed by them, through their cor­
respondents. This process of transfer, it may be ob­
served, is similar to that to which resort was had




[V O L . L3CXXVJ..

early last year, when gold was being shipped hence to
Paris, though then the consignors were represented
in New York by an agent who accepted, for his princi­
pals, the gold on its delivery on shipboard, and, upon
advising these principals of this fact, the consignees
were authorized to draw cables for their reimburse­
ment. In this way the time-cost of the export was
eliminated; by the process here described such timecost is offset by the ability of the consignee to draw
interest on his consignment not only while it is in transit
but for the further period of three weeks, which the
Reischsbank offers as an inducement to Berlin import­
ers of gold.
The foreign exchange market was strong last week,
not alone because of the absence of offerings of bills
for the reimbursement of shippers of gold, but for the
reason that there was an insufficiency of bankers’
drafts to meet the requirements of remitters. Such
requirements resulted from sales of securities for Euro­
pean account, as was the case in the previous week, to
realize profits; commodity exports were small, and
hence the supply of exchange was limited. Easy dis­
counts at London contributed to firm rates for long;
cables were in request for prompt remittance and
short to reinforce balances that were drawn upon
through cables,while continental bills were in demand
for operations incident to the gold movement.
Exports of gold during the week were $7,100,000
on Tuesday and $6,355,000 on Thursday, chiefly to
Paris; this makes a total of $13,455,000 for the week
and $31,710,000 to Europeon the present movement,
which began in April. The supply of gold bars in the
New York Assay Office, available for export was ex­
hausted on Wednesday, and, as had been the case early
in the week, gold coin had to be accepted by some of
those shippers who could make such forms of the metal
available in Berlin. The deficiency in supplies of gold
bars will probably be met with new metal of this char­
acter next week, so that exports of bars will then be
resumed. The Assay Office plant has been dismantled,
preparatory to the reconstruction of the building; con­
sequently the former facilities for the manufacture of
commercial bars have not been enjoyed; hence the de­
ficiency in the supply. The office, since its dismantl­
ing, has operated on small, or jewelers’ , bars, but
though these are comparatively abundant, they are
not acceptable for export.
There are considerable
amounts of smelters’ bars which are of a more or less
low grade of fineness, and moreover they are heavier
than are standard bars, and therefore are not desired
by shippers. Through treatment of these smelters’
bars they can be made to conform to exporters’ re­
quirements, as regards fineness and weight, and though
there may be some delay in the preparation of these
forms of the metal, it is expected that the shipments of
gold will not be greatly retarded; where coin is accept­
able, it can be procured in any reasonable amount.
From present indications the movement of gold hence
to Europe will continue until relatively higher rates
for money here than for discounts abroad, especially in
Germany, shall make exports unprofitable. If, as is
reported, the Secretary of the Treasuryshall call for the
surrender of 50 millions public deposits in the near
future, such recall of funds from the depositary banks
may contribute to a reversal of relative monetary
conditions so that the movement of gold to Europe
will be arrested.
: •••

TH E CHRONICLE

M a y L'3 1908. j

The foreign exchange market was easy on Saturday
of last week, partly in sympathy with the announce­
ment of new engagements of gold for export, and,
compared with the previous day, long fell 10 points to
4 8510@4 8515, while short and cables were 5 points
lower at 4 8705@4 8710 for the former and 4 8730@
4 8735 for the latter. On Monday gold engagements
ceased to be an influential factor, and the market was
firmer in response to a demand for remittance; long
was unchanged, but short rose 10 points to 4 8710@
4 8720 and cables 15 points to 4 8745@,4 8750. On
Tuesday long was 5 points higher at 4 8515@4 8520,
short 10 points at 4 8720@4 8725, and cables 5 points
at 4 8750@4 8755. On Wednesday the market was
dull and steady, with short and cables unchanged, and
long 15 points higher at 4 8530@4 8535. On Thurs­
day the tone was heavy at a decline of 5 points for long
to 4 8525@4 8535, of 5 points for short to 4 8715@
4 8725 and of 10 points for cables to 4 8740@4 8750.
On Friday long was unaltered, while short and cables
were 5 points lower.
The following shows daily posted rates for sterling
exchange by some of the leading drawers.
Mon., Tues.,
Frl.,
Wed., Thnrs., Frl.,
May 15 May 18 May 19 May 20 May 21 May 22
Brown
f 60 days 4
4
Brothers ..................[Sight
Kidder, Pea/ 60 days 4
body & Co............... [Sight- - 4
Bank British
/ 60 days 4
North America____[Sight-- 4
Bank ot
/ 60 days 4
Montreal — ............. [Sight - 4
Canadian Hank
/6 0 days 4
4
ot Commerce--------- [Sight
Ileldolbach, Ickel/6 0 days 4
hclmcr & Co----------- [Sight. - 1
Lazard
/60 days 1
Frcres........................ [Sight- - 4
Merchants’ Bank
/6 0 days 4
of Canada— ............iSight-- 4

86
88}*
86
88}*
86
88}*
86
88}*
86
88}*
86
88}*
86
88}*
86
88}*

86
88}*
86
88}*
86
88}*
86
88}*
86
88}*
86
88}*
86
88}*
86
88}*

86
88}*
86
88}*
86
88}*
86
88}*
86
88}*
86
88}*
86
88}*
86
88}*

86
88 V*
86
88}*
86
88}*
86
88}*
86
88}*
80
88}*
86
88}*
86
88}*

86
88}*
86
88}*
86
88}*
80
88}*
86
88}*
86
88}*
86
88}*
86
88}*

80
88}*
86
88}*
86
88}*
86
88}*
86
88}*
86
88}*
86
88}*
86
88}*

The market closed on Friday at 4 8525@4 8535 for
long, 4 8710@4 8720 for short and 4 8735@4 8740 for
cables. Commercial on banks 4 8490@4 85 and docu­
ments for payment 4 84 % @ 4 84% . Cotton for paymont 4 8 4 % @ 4 84%, cotton for acceptance
4 8490@4 85 and grain for payment 4 8 4 % @ 4 84%.
The following gives the week’s movement of money
to and from the interior by the New York banks.
R eceived by
S h ip p ed by
N . Y . R an k s. N . Y . R a n k s.

22 1908.

W eek ending M a y

Total gold and legal tenders-.........

N e t Interior
M o vem en t.

$8,592,000
2,080,000

$2,010,000 Gain $6,582,000
400,000 Gain
1,680,000

$10,672,000

$2,410,000 Gain $8,262,000

With the Sub-Treasury operations the result is as
follows.
W eek ending M a y

In to
B a n k s.

22 1908.

Banks’ Interior movement, as above.

Out o 1
B a n k s.

$10,672,000
33,400.000
$44,072,000

N e t Change In
B a n k Ilo ld b u js.

$2,410,000 Gain $8,262,000
43,800,000 LOSS 10,400,000
$46,210,000 Loss

$2,138,000

The following table indicates the amount of bullion
in the principal European banks.
M ay

21 1908.

M ay

23 1907.

B a n k s o/

Fngland..
France. . .
Germany a
Russia d.
Aus.-IIunb
Spain-----Ita ly .-----Neth’lands
Nat.Belg.c
Sweden - Swltz’laml
Norway.

G old .

S tiver.

£
37.571,279
119 046,710
35.598.000
112,510,000
48.873.000
15.568.000
36.373.000
7,690,700
4,098,667
3.893.000
3.412.000
1.465.000

£
30,552,732
14.752.000
7.184.000
13.305.000
26.410.000
4.415.000
4,259,700
2,049,333
................

Tota l.

Gold.

£
£
37,571,279 35,141,727
155,599,4 12 105,329,857
50.350.000 33.305.000
119,724.000 115,931,000
59.978.000 45.536.000
41.978.000 15.492.000
40.788.000 32.355.000
11,950,400 5,305,700
0,148,000 3,235,333
3.893.000 4.146.000
3.412.000
1.375.000
1.465.000
1.800.000

S ilver.

Total.

£

£
35,141,727
114,736,056
40.771.000
122,028,000
58.184.000
40.889.000
37.341.000
10.815.000
4.853.000
4.146.000
1.375.000
1.800.000

39,406,199
13.376.000
0,097.000
12.648.000
25.397.000
4.9S6.000
5.509,300
1.617,667

Tot. week. 123,929,356 108,927,765 532,857,121 399,042,617 109,037.166 508,079,783
Prcv. week 420,622,585 108,346,181 528,968,760 397,807,315 10.8,487.732 506.295,047
n The division (between gold and silver) given In our table of coin and bullion
In the llank of Germany and the Hank of Hclglum Is made from the best estimate
we are able to obtain; In neither case Is It claimed to be accurate, as those banks
make no distinction In their weekly returns, merely reporting the total gold and
silver; but we believe the division we make Is a close approximation.




1253

b The Austro-Hungarian Bank Statement Is now issued In Kronen and Heller
Instead of Gulden and ICreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the Kronen
has really no greater value than 20 cents, our cable correspondent In London. In
order to reduce Kronen to Pounds, has altered the basis of conversion by dividing
the amount of Kronen by 24 Instead of 20.
total of 80llJ ln l,le Bank of Russia Includes the balance held abroad—
that Is, the amount held for Russian account ln other Continental banks. The
proportion so held, and consequently duplicated ln the above statement. Is about
one-quarter of the total.

ar b itr a tio n a n d j a p a n .
Among the measures of real importance which have
remained for action by Congress in the closing days
of the session, there is one on the calendar which has
attracted comparatively slight attention, but which,
for reasons which every one will recognize after a lit­
tle reflection, has practical bearing of great import­
ance on the existing international situation.
We
refer to the general arbitration treaty with Japan,
which was signed by the State Department and the
Japanese Ambassador a week and a half ago, and
which carried the harmonious understanding between
these nations to a point where it is difficult to see what
legitimate cause of friction could arise.
It is not without significance that the signing of
this document should have occurred with so little sign
of public interest or excitement, whereas the hurlyburly of last summer over the anti-Japanese riots
on the Pacific Coast, and over the alleged prospect of
retaliation by Japan, were favored with alarming
headlines in the newspapers and discussed at clubs
and offices with the greatest animation. The con­
trast between the reception of the two incidents merely
goes to prove, we should say, that it is your jingo
orator who makes the loudest noise and gets the widest
hearing from the curious, but that it is the steadfast
advocate of international comity and good order
who is apt, in the long run, to have his way, through
methods of quiet argument and deliberation. The
simple fact that the signing of this treaty was in con­
templation at the moment when our battleships started
for the Pacific Ocean, on a mission which some of our
newspapers described as “ terrorizing Japan,” and that
the document should have been signed and sealed be­
fore the ships had reached the Japanese coast, is sig­
nificant as to the real nature of the situation. There
has, in fact, been a bit of humor in the assumption,
by the bellicose portion of our press and people, that
the cruise of our fleet to the Pacific Ocean would “ open
the eyes of Japan.” Since when, one is tempted to
inquire, has the Japanese Government been asleep
in matters of naval information? The simple truth
of the matter is that Japan signed the arbitration
treaty with full knowledge of our naval position, and
that we signed it in full knowledge of hers, and that
the one party was no more coerced or frightened into
such action than the other.
The signing of such a treaty, coming after similar
action between such important European nations as
England and Germany and England and Russia and
between our own and the European governments,
shows a movement of events in the direction of inter­
national peace, supplementary to and largely indepen­
dent of the Hague conference. To a certain extent
it supersedes the Hague arrangements. There has
been a very general disposition, during and since that
recent international conference, to point to its results
as a rather absurd breakdown of expectations. We are
by no means sure that this description of the Hague
conference itself would be correct, and we are strongly
inclined to think that the incidents of international
harmony and diplomatic good-will which have

1254

TH E CHRONICLE

[Vol. l x x c t i .

occurred at the same time as this international
FAVORING ELEMENTS IN THE SITUATION.
gathering are in a way an expression of the senti­
The
great advance which has occurred in values on
ments which the Hague conference has done much
the
Stock
Exchange during more recent months
to create.
seems
to
be
both perplexing and mystifying to the
Both of these inferences have been adopted in a
average
investor
apd the general public. The present
recent article on the last international conference by
week
there
have
been repeated sharp breaks, and the
Professor Westlake in the London “ Quarterly Review.”
market
at
times
has acted as if it were experiencing
Professor Westlake’s description of the popular senti­
a
serious
set-back.
Nevertheless, even after this
ment underlying the demand for these international
marked
reaction,
prices
in general stand higher than
conferences sums up the matter clearly and concisely:
“ The burden of taxation caused by vast armaments they have been for twelve or eighteen months past,
and the cost of keeping them abreast with invention; and in numerous instances in an even longer period
the fear of the still greater losses which would attend of time. Except that the course was interrupted in
even a short war; armies increasing automatically by February, the forward movement in values has been
the general liability of bloody battles and devastating in progress ever^since the first of the year, and the up­
invasion on a scale increasing with the increase of ward swing has carried prices back not only to where
armies— all this has been more acutely felt as manners they were before the panic last October and Novem­
have become simpler and life easier, and therefore ber, but also above the level prevailing prior to the
great break in August last year and also above the
more valuable.”
The value of the Hague conference unquestionably level ruling prior to the tremendous collapse which
lay, as the same author has pointed out, in “ the light occurred in March of that year.
What makes the movement particularly noteworthy
which it has thrown on the disposition of certain
governments towards the principle of neutrality in and particularly difficult to understand is that, as far
naval war and the attitude of the British Government as the state of trade and the course of railroad earnings
in defense of those principles.” In other words, the are concerned, there is apparently no sound basis for
mere fact that proposals of so startling a novelty have the improved tone and the sharp rise in prices. Up to
been thrown into the arena of peaceful diplomatic the present time there has been not the slightest sign
discussion was of itself an achievement of the first of any revival in business. On the contrary, through
importance. They might not be unanimously ap­ nearly the whole range of the country’s industries—
proved; but it must not be forgotten that when a barring an occasional announcement of the resumption
humane proposal of this sort has been placed before a of work here and there— the depression has become
responsible diplomatic body, the real burden rests on steadily more pronounced and the gloom pervading
those who oppose it— a very different situation from business circles (as far as surface indications go) has
what has existed heretofore. On almost all previous been growing deeper. The latest report on the state
occasions it was possible to say that the diplomat or of employment of the freight equipment of United
the nation advocating innovations of this sort was States railroads, issued last week, and giving the sta­
placed in the attitude of a dreamer, regarded with pity tistics for April 29, indicated a larger number of idle
and incredulity by practical diplomats of other States. freight cars than at any previous date, the aggregate
It is only by comparing the mental attitude in matters of such idle cars being no less than 413,338. As far
of this sort, at one time and at another, That we can as returns of railroad gross earnings are concerned,
realize what is actually accomplished through such the ratios of decline seem to keep increasing instead
conferences, even when seemingly barren of results. of diminishing, having been for the month of April
In the agreement of the Hague conference for arbitra­ nearly 20% and for the first week of May 21.02%
tion of disputed foreign debts of such States as the and for the second week of May 20.62%.
To what, then, must the wonderful change for the
South American republics— an arrangement which
ought to put an end to the dangerous episodes of better in security values be ascribed? That there has
foreign men-of-war threatening American ports— it been manipulation, and a great deal of it, admits of
will be seen that one awkward factor in recent no question. Evidences of it have been visible on
diplomacy has been disposed of. The fact that bom­ every side. And yet, the v e r y circumstance that finan­
bardment of undefended cities was in this conference cial interests with the necessary capital and power to
, for the first time forbidden by the agreement of all effect their purpose have been engaged in an undertak­
the States is a further illustration of real progress. ing of this kind is itself strong evidence that under­
Furthermore, all students of the work of the recent lying reasons exist that seem to warrant a higher level
conference have reached the conclusion that a long of values— certainly recovery from the extremely low
preliminary step was taken at the Hague toward se­ basis reached in the closing months of last year. It
curing the immunity of peaceful trade during inter­ appears to us, too, that if a broad and general survey
of the situation be taken, many causes can be found
national hostilities.
Such results, taken together with the tendency of the for regarding the future with greater hope and con­
larger States to reach between themselves explicit fidence than a short time back. We do not mean to
agreementlon possible matters of dispute and friction, assert that the height to which prices have now been
indicate a tendency toward guaranty of peace in any raised is a safe one. It is quite likely that the move­
but the most extraordinary conditions, which bids fair ment has been or will be carried too far. That usually
in time to become irresistible. We know of no stronger happens in the speculative arena. Improvement to
illustration of this tendency than the amicable progress come is discounted too fast and too confidently. In the
of the negotiations for the treaty between this country present instance there has been altogether too much
and Japan at the very moment when the outcry was whirl and swirl to make it wise to disregard the ordi­
loudest over a coming breach between the two nations. nary rules of prudence and caution. At the same time,



THE CHRONICLE

May 23 1908.j

1 2 5 5

it w o u ld b e e q u a lly a m is ta k e , in o u r j u d g m e n t , e ith e r

a n ti-r a ilr o a d

to ta lly

F ederal

upon

to

th e

d is r e g a r d

or

to

in flu e n c e s

and

p la c e

to o

a g e n c ie s

lo w

at

an

w ork

e stim a te

te n d in g

to

p r o d u c e a g re a t c h a n g e fo r th e b e tte r .
To
b le s
no

has

been

p o litic a l.

c a r e fu l s t u d e n t

th a t

e le m e n ts

p e r c e p tib ly

of

of

e v e n ts

danger

in flu e n c e s

in te r e s ts .
in g

w ith

A

can

fro m

d im in is h in g

in

s o l o n g s in c e it s e e m e d
p o litic a l

A c c e p tin g

at

fa il t o

th a t

recen t

th e re

h y p o th e s is ,
have

sou rce

be

n o tic e d

have

m o n th s.

c o u ld

w ork

th is

S ta te

le g is la tu r e s

S ta te

and

and

F e d e r a l.

th a t

su ch

d e s c r ip tio n ,

o ffic ia ls ,

tre m e n d o u s

b o th

headw ay

d id

w ith

e n fo r c e

by

th e m ,

th e

su ch

even

la w s.

and

fa c t

w as

e s ta b lis h e d

th e

error

of

th e

b e fo r e

m ade

cou rse

ap­

a c tio n

The m om ent

S o u th e rn

th e ir

th e

it

G overn m en t

w e r e h u r t in g t h e S o u t h its e lf m o s t o f a ll.
th is

re tr a c e th e ir s t e p s .

and

c o n flic t s

to

c r is is — q u ic k l y

le g is la tio n

th e

b u s in e s s

in to

e ffo rts

fin a n c ia l

n o lim it to

G overn m en t

Such

parent

th e

k n o w le d g e d

to

got

th e

e a r n in g s s u s ta in e d
of

not

craze h a d sw e p t o v e r th e c o u n try ca rry ­

it p o litic ia n s o f e v e r y s h a d e

advent

is

d e tr im e n ta l

It

been

and

in

B u t th e s u ffe r in g e n d u r e d b y t h e r a ilr o a d s — t h e h e a v y
lo s s e s in

o u r m in d , th e c h ie f s o u r c e o f th e c o u n t r y ’s t r o u ­

la w s

co u rts

p e o p le

and

ac­

began

to

T h e d e c is io n s o f t h e U n i t e d S t a t e s

S u p r e m e C o u r t h a v e s in c e r e n d e r e d m u c h o f th e h o s tile
le g is la tio n

o f la s t

w ish

to

im p r e s s

lo n g

b e fo r e

su m m er

upon

th ese

n u g a to ry ,

th e

m in d

d e c is io n s

of

but

th e

th e

fa c t

p u b lic

is

we

th a t

w ere a n n o u n ced , c o m p ro ­

m is e s h a d b e e n r e a c h e d b e tw e e n m o s t o f th e S o u th e r n

t h e m o v e m e n t m a k e t h a t m a n y b e g a n t o e n t e r t a in fe a r s

S ta te s

even

f a c t o r y r a te s t h a n t h o s e w h ic h t h e S t a t e s in t h e ir e a r lie r

of

r e g a r d in g

o u r ju d g e s

c a ta stro p h e

th e

s ta b ility

and

and

c o u rts.

w h ic h

cam e

c o n tin u e d s o u n d n e s s

B ut

la s t

th e

o v e r w h e lm in g

a u tu m n ,

to g e th e r

t h e in d u s tr ia l c o lla p s e t h a t h a s fo llo w e d
proved

an

th e

la tte r

is

b ility

th e

seem ed

at

tim e s

ra th e r

are

th a n

A lb a n y

and

b e g in n in g

to

The

s o le

a im

in

c h a n g in g .

th e

a cts

of our

W a s h in g to n ,
act

of

The

as if th e y

t h e p o litic ia n

e x e c u tiv e

but

even

had

seen

is t o

th e se
a

new

p le a s e t h e

depended
v e ste d
The

upon

$ 2 9 ,0 0 0 ,0 0 0
O il

d u r in g

th e

c isio n s

fro m

th e

r o a d s a n d o th e r in d u s tr ia l a g e n c ie s a re n o lo n g e r m e e tin g

w o u ld

have

been

w ith

tic u la r ly

Let

h im o n c e

becom e

p o p u la r

a p p r o v a l,

deem ed

h u r tfu l, a n d

T h is

th e sta g e

is

a w a r e t h a t h is

are

in

a s s a u lt s

fa c t

r a il­

d e p re c a te d

h e w ill q u ic k l y c h a n g e

to w a rd

on

w h ic h w e a p p e a r

and

th a t

assu ran ce

be

of

it

n o t a h o p e fu l s ig n

O k la h o m a

L e g is la t u r e
exp ress

v e to in g

o f th a t

grou n d

n e w s o f th is
say

th a t

a n ti-tr u s t

S ta te

th a t

w eek

an

w h e n w e fin d t h e

and

th e

G overn or

m easu re

H a s k e ll

b ill p a s s e d

p u ttin g

t e lls u s w a s

G overn or

h is

goes

v e to

to o

done?

o b je c te d

sa tis ­

our

p r o te c t

have

p a n ic

as

we

U n ite d

a

in

tim e

to

fin a l

upon

d is tu r b

e v e n t.

a

s e r ie s

of

Su prem e

C ourt

w h ic h

an y e v e n t, an d

be

w as

d e c la r in g in v a lid
gross

de­

par­

e s s e n tia l
c o m p le te

r e lia b ility

tr ib u n a l.

m e n t th is w e e k

B ut

are

so

and

a b s o lu te

ju d ic ia l

The

a T e x a s la w

of

1905

th e

on

th e

o n th e g r o u n d t h a t th is w a s a n e ffo r t to r e g u la te in te r ­

as th e

p a r tic u la r ly

to

sta te

com m erce

S ta te ,

is

o f in te r -S ta te

of

ju d g ­

by

d is p a tc h e s

e a r n in g s

it

q u ie te d

th e

th e

c o n fid e n c e

s in g le

w hen

s h o u ld
as

sa fe g u a rd

had

have

S ta tes

n o ta b le
at

any

it
be

m a n d a te s.

A u gu st

to

year

lo n g e r

r ig h ts,

in

m uch

year

g iv e n

r a ilr o a d

r e lia ­

c o n s titu tio n a l

im p o se d
as

c o u ld

p ro p e rty

u p h o ld

th e

and

th e

danger

ta x in g

fa r ,

The

h ig h e s t

r e g a r d in g
p o litic a l

no

a p p r e h e n s io n s

th a t

of

c o u rts

if

presen t

be

fe a r s

tim e

as

d id

n o ta b le

now

d r iftin g .
Is

p r e c ip ita te

h is c o u r s e .
to

m ore

L ast

fin e

and

c a p ita ls .

of

g r o u n d le s s .

C o.

h as b ee n d o n e at W a s h in g to n an d

S ta te

in

and

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th e

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is t h a t

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con cern ed

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A n o t h e r fa c t o f th e h ig h e s t im p o r ta n c e a s fa r a s th e

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change

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a
of

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t h a t fa ith in th e in h e r e n t s o u n d n e s s o f t h a t C o u r t h a v e

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th e

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10

and

June

th e

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m ay
on

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1

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of

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o r d in a r y fa ir n e ss a n d ju s t ic e .

r e s tr ic t th e

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th e

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27

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1898

a r e c e i v e r is n a m e d — w h i c h o b v i o u s l y w o u l d b e m e r e l y
It

n o te ,

Jan.

in

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fo r C o n g r e ss to

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of

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very

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fe w

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been

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M r.

and

a ll t h i s w e a d d c e r t a in f a v o r a b l e

v e l t , s o b i t t e r in t o n e a n d s o i n t e m p e r a t e in e x p r e s s i o n ,

guage

[VOL. LXXXYI.

THE CHRONICLE

1 2 5 6

1895,
th is

a p p o in te e s

are

a lr e a d y

p r o p o s itio n ,

n in e ty

a fte r it to o k e ffe c t.

of

days

M r.

th re e

and

and

R o o s e v e lt .

w ith in

a llo w e d

a p p o in te d

th e m

a p p o in te d

th e

c o n d itio n s

if it w e re n o w
th e m

th e
The

a la w

fo r r e s ig n a tio n

T h e d a te n a m e d fo r t a k in g e ffe c t

is J u ly o f n e x t y e a r , s o t h a t , if t h e ]b ill w e r e a la w ^ th e

M ay 23 1908. J

THE CHRONICLE

n e x t P r e s id e n t w o u ld h a v e o p p o r tu n ity t o r e -c o n s titu te
m ore

th a n

fo u r

th ir d

d e c id e d

It
on

a

is ,

of

th e

and

to

a b ility ,
n o t to

tra ry ,

a ll
in

q u ite

as

m uch

c o u n s e l.”

w e ll

w eakened

in c r e a s e s

not

as

by

and

a ll

m e n t;

nor

has

th e

b o d ily

im p a r tia lity ,

b ility ,

in

tim e

in sig h t,

been

it,

m a k in g

real

sen se

te n d

to

fo u n d

necessary

age
con­

th e re

is

m e n fo r
be,

th e

w h ic h

of

th e

in c r e a s in g

th e

su c c e s s iv e

any

life c a n

w hen

it

is

dow n

o f r e sp o n si­
ju d g ­

p r o v id e

e le c tio n

m o d e o f d e s ig n a tin g m e n
has

m e r its

and

p e r fe c tio n s in
nam ed

by

a fa ir ly

b o th

had

fo r th e b e n c h ;

a d v o ca te s,

r e s u lts .

have

and

B ut

each

w hen

c o m p e te n t

tr ia l

each

ju d g e

a

m e th o d

is s u b je c t

a

as

to

has

im ­
been

E x e c u tiv e , u n d er a du e

p r e p a r in g

w o u ld

it

is

S e r v ic e C o m m is s io n

have

been

b u r ie d

cared

w ay

go,

fo r

ste p

have

sch em e

and

in

to

a

th a t

th e

by

sta rte d

a ll

next and

ste p ,
back

up

or

had

th e

F o r a fo r c ib le e x a m p le
th a t

as w e n o w

sto rm

ta k e

m any

it

of

if

th e

P u b lic

h a v e it in

p u b lic

s e r io u s ly .

a n o th e r

th is

p r o te st,

Y et

a g g r e s s iv e

we

had

have

m o n s tr o s ity

it
is

e m b o d i e d in la w o r is p r o p o s e d , w i t h o u t e v e n a t t r a c t i n g
m uch

m e n tio n ,

ju s t

becau se

it

has

a ll

com e u p on us

a b i t a t a t i m e a n d wre h a v e g r a d u a l l y g o t w o n t e d t o i t .
I t is n o t t o b e d o u b t e d t h a t w e s h a ll w o r k o u t o f t h is
and

th e re

Y e t,

is i t n o t t i m e

is

no

real

cau se

fo r

p e s s im is tic

fo re c a sts.

fo r s o b e r -m in d e d p e o p le

to

r e s o lv e

t h a t t h e ju d ic ia r y s h a ll b e k e p t u n im p a ir e d , c o m e w h a t
m ay?

The

w ay

fo u n d a tio n s
and

to

keep

a lo n e .

The

b u lw a r k .

If th a t

n o th in g le ft b u t to

h e is p r o t e c t e d b y a life t e n u r e

fo u n d a tio n s .

person al d ep en d ­

sa y in g

S t a t e h a d b e e n p r o p o s e d , o n ly te n y e a r s a g o , it w o u ld

s e n s e o f th e m o tiv e s w h ic h o u g h t t o g o v e r n , a n d w h e n
fro m

th e

M en

at once.

hand,

b e c o m e s s u d d e n ly
of

or g o o d , com e b y g ro w th , each

e a s ie r .
th e y

m an
w ay

in d is p u ta b le

at

now ,

a ls o

sta g e

no

a te rse

w h o le b e e n p r e s e n te d

p a r t i c u l a r l y f o r r e t i r e m e n t wTh e n s u p e r a n n u a t i o n c o m e s ,

and

th a t

o n ly

r ig h t

age

to

sa y in g
is

w here

anybody

sou nd

a

th a t

fa c u ltie s

fo r m e n r e c o g n iz e th e fa c t a n d s te p d o w n o f th e m s e lv e s .
A p p o in tm e n t

is

w h ic h

s e r v ic e

on

“ o ld

T h ere
base,

c h a r a c te r a n d life , b a d

be

a c t io n ,”

of

decay,

q u a litie s
it

part

th e

te m p e r

years

if th e r e
fo r

of

ju d ic ia l

se v e n ty

m en

of

r e m a in .

years

th e

a n y th in g

to

and

te n

th a t

o th e r

up

som e

im p a ir e ith e r ;

proves

th e

th a t,

th a t

im p r o v e

“ young

in

As

a s c e r ta in e d
are

m o tto

u n le s s

p e n a lty

a tta in in g

does

e x p e r ie n c e
th e

th e

to

th a t

and

C o u rt,

o b v io u s

ought

and

ought

th e

accept

cou rse,

ben ch

tru th

of

1251

th a t

u n im p a ir e d

ju d ic ia r y

is

is t o

our

le t

la s t

its

resort

w e re im p a ir e d , th e r e w o u ld

go b a ck

a n d re co n stru ct

be

fro m

th e

e n c e o n p o l i t i c a l f l u c t u a t i o n s , h e is a s f a r r e m o v e d f r o m
e m o tio n a l
m uch

cu rren ts

in

th e

ju s tic e ,

as

g re a te st

ju d g e

p a r tia lity
to

keep

and

is

a tta in a b le
i s 's t i l l

are r e la tiv e ;

w h o lly

th ere

is

by

m ay
no

la s t

b e tte r

have

resort

th e m

The

p o lit ic a l
once

C o m p le te

im ­

U n ite d S ta te s

w ay

is g o i n g o n

th e

e ffe c ts

r ig h t

d e v is a b le ;

and

h e ld
in

if

fir m

th is

in t h e

(p e rh a p s

of a

cou rse

a n d ju s t.
tru th

and

th ro u g h

m an n er,

Y et
r ig h t

tr ib u n a ls

we

cannot

to

m a k in g

p a r tly
cou rse

fitn e s s

and

its

a

th e

on

c o n s id e r a tio n s

ow n

w ith

som e

p a r tic u la r
m o tiv e s

c o m p o sitio n

to

p a r tic u la r

e x c lu s iv e ly
years,

and

becom es
we

have

of

th e

th e

very

and

m ean s,

w ith

su ch

k n o w n in o u r p o lit ic a l h i s t o r y .

as

to

a
we

E x e c u tiv e

in

m a k in g th e m

ra th e r

m uch

has

th a n

to

g re a te r.
d r iv e n

a

w ere

as

is

a

and

we have an

new ;

cou rses
w o u ld

one

we

have

w h ic h

he

is

h u m a n ly

c e r e ly in t e n d e d t o

fu ll

even

seen

is

c e r ta in ly

d e te r m in e d

im p o s s ib le

c e n tr a liz in g

E x e c u tiv e

to

have

W hen

a d o p te d ,

fo r h im , e v e n

it

if h e s in ­

m a k e im p a r tia l s e le c tio n s , t o

and

as if th e

W e

have

th o se

cou rses.

In

a v o id

th e n a tu ra l

in g s
th e

of

no

435

th e

is , th e r e fo r e , o n e t o m a k e u s p a u s e .

th o u g h t




of

fo r c in g

m ore

v a c a n c ie s

T h ese

le ss

M arch

of

are

e x c e e d in g ly

un­

tim e s

to

g r o w in g s te a d ily

th e

fa c t.

cu rren t

c a le n d a r

U n fo r tu n a te ly , to o ,
th a t

presen t

cu rrent

th e

e x h ib it

in d ic a tio n s

m o n th

M arch

of

roads sh ow

th a n

re tu rn s

it

of M ay

b o th

gross

a lo s s in

$ 2 1 ,5 3 1 ,6 8 1 ,

m o n th

of

m ile s o f r o a d

m ile s ,

fo r

lo o k s
w o u ld

and

net

of

la s t

as

gross ea rn ­

com p ared

year.

In

w ith

a d d itio n

3 4 ,3 7 7 m ile s m o r e o f r o a d s w h ic h

gross

a lo n e .

C o m b in in g

th e

tw o

exact

m ile a g e

it

is

o f e ig h t
d u r in g

o f o n ly

a tr ifle le s s

fig u r e s

$ 2 4 ,9 4 0 ,2 6 1 .

of

w ith in

th e
th e

c o u n try
m ark

to

th a n

25

As

is , r o u g h ly ,
say

th a t

m illio n

th e

to ta l

2 2 0 ,0 0 0

if w e

c o u ld

h a v e t fig u r e s fo r t h e o t h e r 3 4 ,0 0 0 m ile s o f r o a d , t h e lo s s
fo r t h e e n tir e r a ilr o a d s y s t e m

o f th e c o u n tr y w o u ld

be

s h o w n t o b e n o t le s s t h a n $ 3 0 , 0 0 0 , 0 0 0 , w h ic h is a t t h e
ra te

o f $ 3 6 0 ,0 0 0 ,0 0 0

r e m a r k a b le
at th e
had

in a sm u c h

som e

of

r e s u lt

is t h e

m ore

co u n try

1st

b e g u n — in
w as

of

of

have

a s in

The

b itu m in o u s c o a l m in e s t h r o u g h o u t t h e
in

p ro se cu te d

th e

sto p p a g e
That

reach ed

reverse

fa c t,

A p r il.

c ir c u m s ta n c e

th e

year.

o f w ork

d is tr ic ts

th e

a

M a r c h s u s p e n s io n

not yet

th a t

a term

of

e a r n in g s

of

several

has been

b e lie v e

to

fo r

w e h a v e re tu rn s fr o m
fu r n is h

s h o u ld

yea rs;

are

o c c a s io n

th e
to

fo r th e

c o r r e s p o n d in g

a re lia b le t o

a P r e s id e n tia l t e r m

net

r o a d s c o m p r is in g a n a g g r e g a te o f 1 5 2 ,0 5 8

m ile s o f lin e .

c o u r s e o f e v e n t s , s e v e r a l v a c a n c ie s in th e h ig h e s t C o u r t
o c c u r d u r in g

of

reason

re tu rn s

a n tic ip a tio n

to

r e s u lts

had

a c c o r d in g

e a r n in g s fr o m

on

resp ect

and
m o n th

b e w o r s t o f a ll.

c o n s id e r in g h o w m e n s u g g e s te d fo r th e b e n c h a re lik e ly
w ith

th e

b e g in n in g

r e s u lts

to

act

gross

fo r

A p r i l , w h e n f u ll r e t u r n s s h a ll b e r e c e iv e d , w ill b e e v e n

r a ilr o a d

can n ot sta n d .

th e

every

un­

th e

th e

th e

have

c o r r o b o r a tio n

th e re

fo r m e r ly

E x e c u t i v e w h o c o m m i t s h im s e lf t o s p e c ific

w h ic h
be

s in c e

d o lla r s — in

p u b lic ly c r itic is in g a d e c is io n o f a F e d e r a l c o u r t a s b e in g
w ron g

w orse

th e

t e n d e n c y , a n d t h e r e is a c e n t r a l i z i n g a c c o m p l i s h m e n t ,
su ch

and

W e

E A R N IN G S

y e a r , a n d t h e fig u r e s fo r M a r c h n o w s u b m it t e d fu r n is h

of

T h e r e is a

of

r a ilr o a d s

a v a ila b le

N E T

w e g e t a lo s s in g r o s s e a r n in g s o n a n a g g r e g a t e o f 1 8 6 ,­
w ith

n o tio n

A N D

M A R C H .

p o in t o u t t h a t th e s h o w in g

of

W hen

of

q u e s tio n s

“ p o lic ie s ,”

d e te r m in a tio n ,

ju s tify in g

re fe re n c e

s u b je c t .

a p p o in t m e n t s , th e lik e lih o o d

la te

pow er

a p p a r e n tly

sh aped
on

c o n s id e r

re fe re n c e

now

retu rn s

fa v o r a b le .

poorer,

case,

GROSS
• FO R

The

and

b e w h o lly u n s w a y e d

in tr in s ic a lly

e x p e d ie n c y ,

been

com e

end

w hat

R A IL R O A D

life .

ju d g m e n t

T h e S u p r e m e C o u r t h a s o n c e r e v e r s e d it s e lf

p a r tic u la r

O f

as

s tr ic t

a ll.

a m e m o r a b le

w ith

h is

and
of

tr a c e o f h u m a n im p e r fe c tio n , h o w e v e r , m u s t b e

a cc e p te d .
in

im p e r fe c t

by

c o n s titu te d

at

th is

c o n s id e r in g

deem

c a n n o t b e e s ta b lis h e d
of

p o s s ib ility

it is n o t q u i t e p o s s i b l e f o r h i m

u n a ffe c te d

u n c o n s c io u s ly )
he

in

p a s s io n s ,

and

hum an;

c o u n tr y , o r, p e rh a p s, to

w h ic h

tem p o ra ry

e n v ir o n m e n t

under

w ith

w h ic h

th e

su ch

a tte sts

th a t

lo s s

la r g e
th e

wrh i c h

la b o r in g a t th e p r e s e n t t im e .

m o n th

in

v ig o r

in

e s p e c ia l
a c t u a lly

occu rred

in

reven u es

gross

p r o p o r tio n s

ex te n t

th e

m in in g

and

r a ilr o a d

d e s p ite

m a g n itu d e
in d u s tr y

is

If,

h ow ever,

r a ilr o a d

th e

tr a ffic

tr a n s p o r ta tio n

and

lin e s

gross

have

revenues

not

been

of

our

im p r o v in g

in t h e s lig h t e s t d e g r e e — h a v e , in f a c t , b e e n g o in g fr o m
b a d to w o r se — th e m a n a g e r s h a v e a t le a s t b e e n g e ttin g
b e tte r

c o n tro l

of

th e ir

exp en se

o f th a t

fa c t th e s h o w in g as to

it

fo r

w as

Jan uary

or

a c c o u n ts.

B y

n e t is m u c h

F ebru ary.

W e

reason

b e tte r th a n

have

a lr e a d y

s t a t e d t h a t fo r th e r o a d s r e p o r tin g b o t h

gross a n d n et

e a r n in g s

road ,

in

and

gross

o ffse t

e a r n in g s

by

d o lla r s

c o v e r in g

a

been

in

net

As
is

a

th e

1 3 .2 3 % .

be

r a tio

In

of

le a v in g

to

of

$ 2 1 ,5 3 1 ,6 8 1 .

a

con sequ en ce

fo u n d

h e a v ie r t h a n

m ile s

exp en ses

( $ 1 4 ,9 8 8 ,0 5 0 ) ,

th e

is

1 5 2 ,0 5 8

had

sa v in g

$ 6 ,5 4 3 ,6 3 1 .
in

o n ly

lo s s

in

or

th e

of

of

w as

m illio n

net

1 4 .4 0 % ,

w ith

15

r a tio

o f d e c r e a s e in

Jan u ary,

1 h is

a lm o s t

th e

th e lo s s

o n ly

d ecrease
but

little

g r o s s , w h ic h

$ 2 0 ,0 2 5 ,6 2 4

lo s s

in

g r o s s , t h e s a v i n g in e x p e n s e s w a s o n ly $ 8 ,5 2 9 ,2 7 8 , a n d
in

F ebru ary,

r e d u c tio n
happens
has

in

w ith

$ 1 7 ,7 1 3 ,0 0 9

exp en ses

th a t

been

been

w h ile

risin g ,

th e

In

3 0 %

( 2 9 .9 3 % ),

in

( 2 5 .1 0 % ),

w h ile

o ff

in

decrease

o n ly

r a tio

of

now

net

d ecrease
o f lo s s

Jan uary

F ebruary

th e

th e

fo r

fig u r e s

|

in

th e

w as

has

about
sta te d ,

1 4 .4 0 %

+ 1,190
157,837
159,027
+ 1,133
152,0581
150,925
$
$
$
$
$
$
141,193,819462,725,500 — 21,531,681 427,633,577 490,416,831 -62,783,254
— 30,965,123
O p. exp 101,865,296 116,853,346 — 14,988,050 330,229,305 361,194,428
Net earn 39,328.523 45,872,154 — 6,543,631 97,404,272 129,222,403 — 31.818.131

I
The

$ 6 ,5 4 3 ,6 3 1
sta te d ,

road .

For

S ta tes
we

th e

lo s s

on

th e

in fn e tffo r

an

w h o le

am ount

s h o u ld ju d g e

r a ilr o a d

w o u ld

th a t

above

th e

lo s s

of

th e

h a v e t h e ir f ig u r e s ,w o u ld
to

net

fo r

to

$ 1 2 ,0 0 0 ,0 0 0

to

$ 1 7 ,0 0 0 ,0 0 0 .

b ased ,

as

m ile s

be

of

of

th e

U n ite d

in c re a se d ,

road s,

if

we

c o u ld

For

F ebru ary

we

e stim a te d

at

a b o u t $ 1 1 ,0 0 0 ,0 0 0

fo r J a n u a r y

at

a b o u t $ 1 6 ,0 0 0 ,0 0 0

th e

and

fo llo w in g

we

fu r n is h

a

n e t e a r n in g s fo r M a r c h

gross

In

a c t u a lly

fu r n is h in g

ta b le s ,

re tu rn s

of

b o th

gross

Year
Preceding.

Mch.
S
$
52 .393.093 51,,220,449
1896
1897
56 ,662,338 55,,792,864
65 ,920,850 57, ,313,697
1898
71 ,322,133 66,,789,833
1899
81 ,946,098 72, 318,540
1900
96 ,738.826 88,,084,673
1901
97 ,290,104 92, 943,633
1902
1903 106 ,208,702 91, 541,576
1904 110 ,945,055 110, 657,629
1905 120 ,507,724 110, 277,421
1906 129 ,838,708 116, 861,229
1907 141 ,580,502 128, 600,109
1908 141 .193,819 162, 725,500
Ja n. 1 to March\ 31.
1896 187 ,860,091 176, 103,1S1
1897 191 ,633,794 190,,101,448
1898 219 ,038,430 193, 521.603
1899 236 ,635,578 226, 392,721
1900 266 ,398,148 228, 312,362
1901 322 ,090,725 295, 345,495
1902 313 ,512.310 296, 876,621
1903 355 ,484,590 313, 419,809
1904 364 .827,074 367, 987,332
1905 361 ,025,970 345, 876,504
1906 391 .485.S77 331. 015,271
1907 442 ,936,751 409, 492,775
1908 427,,633,577 490, 416,831

fo r

and

net

N et Earnings.
Year
Given.

Inc. ( + ) or
Dec. (— ).
+ 1,172.644
+ 869,474
+ 8,607,153
+ 4.532.300
+ 9,027,558
+ 8.654,153
+ 4,346.471
+ 14,667,126
+ 287.426
+ 10,230,303
+ 12,977,479
+ 12,980.393
— 21,531,681
+ 11 ,756,910
— 1,467,654
+ 25 ,516,827
+ 10 ,242,857
+ 38 .085,786
+ 2 6 ,745,230
+ 16 ,635,6,89
+ 42 ,064,781
— 3 ,160,258
+ 15 ,149,466
+ 60 ,470,606
+ 3 3 ,443,976
— 62 .7S3.254

16,004,390
17,992,125
21,833,910
23.576.797
26,782,183
32,780,439
31,299,387
33,406,751
30.628.797
36,878,227
40,349,748
40.967,927
39,328,523

Inc. ( + ) or
Year
Dec. (— ).
Preceding.
10,051,229
16,507,339
18,045,866
21,872,713
23,895,780
2S,903,196
30,736,551
28,846,908
34,291,160
31,654,402
35,312,906
40,904,113
45,872,154

55,394,
56,934,
67,170,
71,270,
82,973,
105,065,
95,975,
103,184,
90,083,
92,964,
115,425,
117,437
97,404

— 46,839
1,424,786
3,788,044
1,704,0.84
2,886,403
3,877,243
+ 562,836
+ 4,559,843
— 3,602,303
+ 5,223,825
+ 5,036,842
+ 63,814
— 6,543,631
+
+
+
+
+

682,440 + 4,711,815
579,727 + 1,355,060
270,329 + 9,900,576
+933,112
336,906
809,533 + 15,163,855
752.955 + 12,312,211
924,096 +3,051.348
398,412 + 6,786,454
345,748 — 10,262,677
810,698 + 4,154,299
,117,302 + 30,308,422
,775,830 —2,337,934
,222,403 — 31,818,131

N ote.—Includes for March 141 roads In 1896; 127 In 1,897; 137 In 1898; 123 In 1899:
126 In 1900; 123 In 1901: 126 In 1902; 107 In 1903: 101 In 1904; 101 In 1905; 90 In 1906
91 In 1907 and 103 In 1908. And from Jan. 1 to March 31, 178 roads In 1896; 171
In 1S97; 168 in 1898; 157 In 1899; 154 In 1900: 149 In 1901; 145 In 1902; 143 In 1903:
127 In 1904; 118 In 1905: 110 in 1906: 112 In 1907 and 122 In 1908. Neither the
Mexican roads nor the coal-mlnlng operations o f the anthracite coal roads are In­
cluded In any of these totals.
The
to
th e

say,

fig u r e s fo r t h e
are

m o n th

th e

reached

lo s s

lo s s

fo r

th e

p e r io d

1 5 9 ,0 2 7

m ile s

in

e a r n in g s

in

gross

net

of

$ 3 1 ,8 1 8 ,1 3 1 .

o f t h e c o u n t r y t h e lo s s in

$ 8 0 ,0 0 0 ,0 0 0

and

th e

lo s s

in

th e

fa c t

th e

s ig n ific a n c e

s h o u ld

not

be

of

th is

y e a r ’s

o v e r lo o k e d

th a t

lo s s

a lo s s la s t y e a r , t o o , in t h e s e t h r e e m o n t h s , b y
o f th e g re a t a u g m e n ta tio n

o f e x p e n s e s w h ic h

at

ta b le

th a t

tim e .

seen th a t
our

From

th e

fo r M a r c h

c o m p ila tio n

gross, b u t

th e

in

o n ly

road s

1907

fir s t

sh o w ed

$ 6 3 ,8 1 4

g a in

M arch

in g s

w as

of

$ 3 3 ,4 4 3 ,9 7 6

jo s s o f $ 2 , 3 3 7 ,9 3 4
The
been

s u ffe r e d
are

a

a b le

so

how ever,

in

fa r

la r g e

to

exp en ses
th a t

fa c t,
of

h a v in g

an

in

fo r

a g a in in g r o s s

th e

by

an

is

p resen t

road s,

gross

in c r e a s e

th is

is

to
in
th e

earn ­
a ctu a l

th e

in

e a r n in g s
th e

case,

year have

th o u g h h a v in g
fo r M a r c h ,

n e t.

G e n e r a lly ,

exp en ses

la s t

year

T h e S o u th e r n R a ilw a y , b y rea so n

a b le

$ 2 3 7 ,3 4 0

$ 8 0 8 ,5 9 5

rep ort
th e

The

a

in c r e a se

to
in

b e h in d .

s u ffe r e d

$ 7 4 ,0 6 4

d ecrease

n e t.
in

M arch

th o u g h

A tla n tic

r e d u c tio n
in

fo r

n e t,

C oast

gross,

S o u th e rn

has

an

gross

L in e ,

o f $ 1 7 4 ,7 3 0

The

1908
its

in

th o u g h

gross,

P a c ific ,

$ 1 2 5 ,8 8 3

in ­
fe ll

has
w ith

in c r e a s e

in

T h e N e w Y o r k C e n tr a l, t h o u g h h a v in g s u s ta in e d

a

d ecrease

to

its n e t;

th e

be

g a in

w h ile

a tte n d e d

c e r ta in

d ecrease

sh o w

w h ere

$ 6 9 2 ,0 1 6

n e t.

w ill

a n e x c e p t i o n a l s c a l e , a s is n o t a b l y t r u e o f t h e

th a t

crease

it

re tu rn s

in n e t.

e c o n o m ie s
c a r r ie d

n e t,

reason

occu rred

$ 1 2 ,9 8 0 ,3 9 3

in

th r e e [m o n th s e n d in g w ith
th e n

above

c o n tr ib u tin g

in

th e re w as

of

$ 6 9 7 ,5 4 1

N ew

in

gross,

th e s a m e re m a rk

has

a p p lie s

added

to

th e

C e n tr a l S y s t e m , c o m p r is in g

Y ork

$ 1 1 7 ,4 0 7
r e s u lt

fo r

b e s id e s

th e

C e n t r a l it s e lf t h e v a r io u s a u x ilia r y r o a d s o w n e d o r c o n ­
tr o lle d ;

in

a m o u n ts

th a t

to

o f $ 9 2 ,5 1 8

case

th e

$ 1 ,9 4 1 ,0 4 8 ,

in t h e n e t .

lo s s

in

w h ile
The

gross

fo r

th e

m o n th

t h e r e is a c t u a l l y

a g a in

P e n n s y lv a n ia R a ilr o a d o n

th e

lin e s

d ir e c tly

o p e ra te d

E ast

and

W est

fo r

th e

m o n th

lo s t

no

le s s

th a n

gross,

but

in

net

th e

lo s s

by

exp en ses

w as

cu t

$ 2 8 7 ,5 8 5

d ecrease

th e

dow n

to

$ 6 3 9 ,8 0 0 .

of

P itts­

$ 3 ,5 3 0 ,0 0 0

reason

of

in

lo w e r

S im ila r ly

th e

___________ _
Gross Earnings.

Year
Given.

and

th e

1908
of

sum ­

and

c o v e r in g th e r o a d s

e a r n in g s .

have

c o n s id e r in g

net

th e

our

m ile a g e

$ 6 2 ,7 8 3 ,2 5 4

m u st

p a st,

in

th is

a g g re g a te

n e t in t h e n e ig h b o r h o o d o f $ 3 7 ,0 0 0 ,0 0 0 t o $ 4 0 ,0 0 0 ,0 0 0 .

t h e t h r e e m o n t h s e n d in g w ith M a r c h fo r a s e r ie s o f y e a r s
r e g is te r e d

an

each q u a rte r b u t n o t

fo r

F o r t h e w h o le r a ilr o a d s y s t e m

bu rgh

as

retu rn s

sta te m e n t

covers

road , and on
reaches

fu r n is h

Our

but

road s

In

m a r y o f th e gross

cou rse

is

1 5 2 ,0 5 8

m ile a g e

m is s in g

a ll t h e

and

of

n o t r a is e t h e a g g r e g a t e o f lo s s

$ 1 0 ,0 0 0 ,0 0 0 .

in

M arch

a g g re g a te

m e n tio n e d

of

road

a lr e a d y

roads

r o a d s in t h e S o u t h .

Inc. or Dec.

1907.

1908.

Inc. or Dec.

of

m o n th .

w ere on

Januaru 1 to March 31.
(122 roads.)

1907.

num ber
each

gross

net

as ju s t

o n ly

th e
th u s

fe ll o f f a l m o s t

d ecrease

out

It

in t h e

net

M arch ,

March.
(103 roads.)
1908.

in g r o s s ,

$ 8 ,9 3 8 ,4 0 7 .

p e rce n ta g e

d im in is h in g .

fa llin g

w as

th e

2 5 %
th e

[VOL. LXXXVI.

THE CHRONICLE

1 2 5 8

a lw a y s
of




M arch

m ore

M arch

q u a r t e r , i t is w e l l e n o u g h

c o m p r e h e n s iv e th a n th o s e fo r

a lo n e ,

th e

reason

b e in g

th a t a

in

n e t.

In

th e

fo llo w in g w e

sh ow

a ll c h a n g e s fo r t h e s e p a r a t e r o a d s f o r a m o u n t s in e x c e s s

P R I N C I P A L C H A N G E S IN G R O SS E A R N I N G S IN M A R C H .
In c r e a s e s .
$18 1,04 5
P a c lfic C o a s t -------- -----------$ 4 0 ,5 7 5
176,737
"D ecrea ses. M inn St P aul A S S M . . .
174,730
R e n n s y l v a n l a ( 2 ) _______ „ - i / $ 3 , 5 3 0 , 0 0 0 A t la n t lc C oast L in e ---------.■
aboard
A
ir
L
i
n
e
.
.
.
.
.
iA
i l
P a l t l m o r e & O h i o ________
1 ,1 8 2 , 6 2 8
St L ou is S o u t h w e s t e r n ..
138,199
A tch T op ek a A S a n ta F e
1 ,0 3 2 ,1 8 5
N o r t h e r n C e n tra l------------112,000
U n i o n P a d H e ___________ _ _
8 5 4 ,7 8 6
103,442
S o u t h e r n P a c l l l c ____________
8 0 8 , 5 9 5 C lev Cine C h ic A St L ou is
102,704
E r i e __________________________
7 9 2 , 8 0 1 C h ic In d A L o u i s v i l l e . ..
78,515
C h ic a g o & N o r th W e s te r n
7 7 0 , 4 8K6ansas C ity S o u t h e r n ....
7 6 ,900
L o u i s v i l l e & N a s h v i l l e ____
7 6 8 , 3 9 0 P h lla Ila lto A W a s h ------71,524
N o r f o l k A W e s t e r n . _____
7 1 8 , 0 8 1 W h e e lin g A L a k e E r i e . . .
A
la
b
a
m
a
G
t
S
o
u
th
e
r
n
.
.
.
68,973
C a n a d i a n P a c l l l c ---------------7 0 7 ,9 7 9
68,845
N V C ent & H u d R iv e r ..
a 0 9 7 ,5N
4 1 V C h ica go A St L o u is .
. ..
62,399
S o u t h e r n R a i l w a y ............ ...
6 9 2 , 0 1 6 W isconsin Central
58,979
L e h i g h V a l l e y . ......... ..............
6 6 0 , 4 2 1 D elaw are A H u d s o n ____
56,445
I l l i n o i s C e n t r a l -------------------6 5 1 , 1 7 5 G ulf A Ship I s la n d _______
53,459
P h ila d e lp h ia & R e a d i n g .
* 6 3 2 , 7C
6o
7 lo ra d o A S o u th e r n ____
53,409
S t L o u i s A S a n F r a n _____
5 1 9 , 6 3 4 G eorgia S outhern A F la .
50,219
G r a n d T r u n k ’ ( 4 ) ..................
4 8 0 , 3 2 4 L a k e E rie A W e s te rn ___
T
e
x
a
s
C
e
n
tra
l____________
45,791
L a k e S h o r e & M ic h S o u . .
4 1 0 ,7 5 3
4 5 ,435
M o K a n s a s & T e x a s _____
3 8 0 , 6 8 6 Cine N ew Orl A T e x P a c .
4 3 ,380
R o c k I s l a n d -------------------------3 6 6 , 3 9 8 C o lo ra d o M id la n d _______
3 9 ,016
D e n v e r A R i o G r a n d e ____
3 6 2 , 3 1 2 N Y O n tario A W e s te rn .
37,077
C h e s a p e a k e A O h i o ............
3 0 3 , 8 6 2 T o le d o St Louis A W est
36,742
P it t s b u r g h A L a k e E r ie .
2 9 7 , 4 3B5a n go r A A r o o s t o o k ____
3 4 ,500
C e n t r a l o f N e w J e r s e y ____
2 8 5 , 3 2 1 W e s t Jersey A Sea S hore
33,021
M i c h i g a n C e n t r a l ---------------2 6 9 , 3 2 3 K an a w h a A M ich ig a n ___
32,979
M o b i l e A O h i o -------------------2 5 1 , 3 0 6 D ul So Sh A A t l a n t i c . . . .
W a b a s h ____________
2 2 8 ,2 2 3
N a s h v C h a tt A S t L o u is .
2 1 5 , 0 9 3 R e p re se n tin g 61 road s
o m rp -----------ila t io n s . 2 1 ,2 6 6 ,-9 0
C e n t r a l o f G e o r g i a ...............
1 8 5 ,3 4 3
- In ou—r c------N o t e . — F i g u r e s In p a r e n t h e s i s a f t e r n a m e o f r o a d I n d i c a t e t h e n u m b e r o f
l i n e s o r c o m p a n i e s f o r w h i c h s e p a r a t e r e t u r n s a r e g i v e n In o u r c o m p i l a t i o n s .
a T h e s e fig u re s c o v e r m e r e ly th e o p e r a t i o n s o f t h e N e w \ o n e c e n t r a l
I t s e lf.
I n c lu d in g t h e v a r io u s a u x ilia r y a n d c o n t r o ll e d r o a d s , lik e t h e M ic n ig a n C e n tr a l, th e L a k e S h o r e , th e " B i g F o u r ,” th e " N i c k e l P la te .
,
w h o l e g o i n g t o f o r m t h e N e w Y o r k C e n t r a l S u s t e m , t h e r e s u l t is a m s s o i
$ 1 ,9 4 1 ,0 4 8 .
C h i c a g o & A l t o n ____________

THE CHRONICLE

M a y 23 1908.

x Th ese figures are fo r the R a ilr o a d C o .; the C oal & Ir o n C o . r e p o r ts a
decrease o f $95 8,45 2.
V T h ese figures co v e r the lines d ir e ctly o p e ra te d e a st a n d w est o f P it t s ­
bu rgh an d B rie. T h e gross on E astern lines d ecreased $ 2 ,1 6 9 ,8 0 0 a n d the
gross on W e s te rn lines decreased $1 ,3 6 0 ,2 0 0 .
P R I N C I P A L C H A N G E S IN N ET E A R N I N G S IN M A R C H .
lYlCTCdSC.
D ecrea ses.
S ou th ern R a il w a y ...........
$23 7,34 0 P h i l a d e l p h i a & R e a d i n g - $a:214,339
S ou th ern P a c ific ________
125,883 U n i o n P a c i f i c __________ ____
205,107
2 0 0 ,4 3 2
C h ica go & A lt o n _____ . .
123,892 M o K a n s a s & T e x a s _______
198,223
N Y Cent & H ud R i v e r .« 1 17,407 N o rfo lk & W e s te rn _____
1 6 5 ,4 7 8
T o le d o & O h io C e n tr a l._
75,107 D e n v e r & R i o G r a n d e ____
1 0 9 ,2 9 1
A tla n tic C oast L in e _____
74,064 S t L o u i s & S a n F r a n c i s c o
9 7 ,7 9 3
P h lla B a lto & W a s h ____
73,100 D e l a w a r e A: H u d s o n _____
9 4 ,9 9 5
B u ll R o c h e s te r & P i t t s ..
66,417 C h i c a g o & N o r t h W e s t e r n
7 7 ,5 4 2
H o ck in g V a lle y _________
60,919 C h i c I n d & L o u i s v i l l e ____
7 6 ,8 5 2
Cincinnati N o rth e r n ____
50,006 K a n s a s C i t y S o u t h e r n ____
7 5 ,2 0 8
Cine N ew Oi l & T P c . . .
40,862 P i t t s b u r g h Ac L a k e E r i e - .
N Y C h icago & St L o u is .
37,100 M o b i l e Ac O h i o _____________
7 2 ,1 3 1
Vv s c o n s m C e n t r a l . - ___
Y a z o o & M ls s ls s V a l l e y . .
C e n t r a l o f G e o r g i a ________
S t L o u is S o u t h w e s t e r n ..
W h e e lin g & L a k e E r i e . . .
P a c i f i c C o a s t _________________
C o l o r a d o & S o u t h e r n _____
C h e s J i p e a k e & O h i o _______
N Y Ontario & W e s t e r n .
P e o r i a & E a s t e r n ______________
G u l f & S h i p I s l a n d ____________
N ew Y o rk S u sq & W e s t.
L a k e E r i e & W e s t e r n ____

R ep resen tin g 12 roads In
our c o m p ila tio n s _____ $ 1 ,082,097
D ecrea ses.

In

to

1 3 .3 7 % .
a lr e a d y

w ay

th e

am ount

of

th e

The

covered

m ile a g e

in d ic a te d

th a t

if

in g r o s s fo r t h e

w h o le

th e

net

fo r

fo r

lo s s

th e

gross

m o n th

th e m o n th

th e e x p e n se s.

in

in t h e c a s e o f e v e r y

and

th e

th ree

m o n th s.

is a n i n c r e a s e in

b y rea so n o f th e c u ttin g d o w n o f

O u r s u m m a r y b y g r o u p s is a s f o l l o w s :
SUM M ARY B Y GROUPS.

G ro s s E a r n i n g s .
S e c t io n o r
G rou p .

—

M a rch .

lfi07.

$
40,552,202
9,54.5,296
4,302,120
9,340,456

$

T k . Lliics(l l)
Anth.Coal (0)
E . Ac Mid.(14)
M id. W e s . (16)
No. W e s t &
No. P. (13) 18,627,300
So. W e s t Ac
S o . I>. (1 4 ) 31,490,555
Southern (26) 21,203,824
Total (103)
Mexican (5 ).
1 to M c h .
T k . T.lnes(14)
Anth.Coal (8)
E. & Mid.(30)
M id. W e s . (17)
No. West. &
No. P. (13)
So. W est. At
So. P. (14)
Southern (20)
.1 a n .

N e t E a r n in g s .

1908.

1908.

1907.

$
10,740,012
3,105,708
860,035
2,553,274

54,337.017
11,246,843
4,660.101
10,550,415

I n c . ( + ) o r D c c .(— ).

$
S
12,572,050 — 1,832,038
4,201,209 — 1,095,501
095,542
+ 104,403
3,125,194
— 571,920

%
14.56
26.08
23.64
18.30

21,457,215

6,297,256

7,753,698

— 1,456,442 18.78

35,321,505
25,152,404

9,756,260
0,015,978

10,S99,972
6,024,489

— 1,143,712 10.49
— 608.511 9.20

141,193,819 162,725,500
5,745,7GS
5,848,239
31.
132.178.73C 154,020,798
31,335,803 34,719,314
36,484,66? 40,890,194
26,149,711 30,738,838

39,328.523
2,188,780

45,872,154
2,058,943

— 6,543,631 14.40
— 129,837 6.33

25,892,222
9,958,179
2,393,783
6,030,082

34,424,596 — 8,532,374 24.79
12,106,065 — 2,148,486 17.75
6,853,125 — 4,459,342 65.10
8,401,077 — 2,364,995 28.15

50,705,461

50,693,010

14,403,395

17,829,148

91,093.441 102.079,462
59,625,702 70.669,215

24,792,100
13,928,511

31,697,330 — 6,905,230 21.79
17,910,402 — 3,981,951 22.23

— 3,425,753 19.21

UK

Total (122) 427,633,577 490,416,831 97.404,272 129,222,403 — 31,818.131 24.62
Mexican (5 ). 17.106.741 16.509.815
5.726.345
5,437.625
+ 288,720 5.31
M i l e a g e . — The. mileage of the above group lor .March is as follows: Trunk Lines,
29,801 miles, against 29,724 miles In 1907; Anthracite Coal, 4,713, against 4,713;
Eastern Ac Middle, 3.701, against 3,694; Middle Western, 10,538, against 10,488;
Northwest & North Pacific. 28,596, against 28,126; Southwest Ac South Pacific,
43,731, against 43.353; Southern, 30,978, against 30,827; grand total, 152,058,
against 150,925; Mexican, 6,763, against 6,738.
The

fo r e g o in g

covers

s im p ly

fu r n is h e d

retu rn s o f b o th

a d d itio n ,

as

w h ic h
som e
th e

a lr e a d y

s u p p ly

G reat

S ta r tin g

o n ly

c o m p a n ie s

N o rth e rn ,

w ith

sta te d ,

fig u r e s

im p o r ta n t

gross

th e

th e

to ta l

th e

road s

and

n e t e a r n in g s .

th ere
of

is a

th e

lik e

th e

gross

body

gross,

of

have
In

roads

c o m p r is in g

N o rth e rn

M ilw a u k e e

o f th e

w h ic h

P a c ific ,

&

S t.

P a u l,

& c.

in

th e

above,

we

a d d o n t h e s e o t h e r r o a d s in t h e t a b l e w e n o w p r e s e n t .
R O A D S R E P O R T IN G
M a rch .

1008.

G R O SS B U T N O T N E T .
1007.

$
$
Rem u-ted a b o v e (103 roads) 141,193,819 162.725,500
A la N ew O rl Ac T e x P a c—
N ew Orl & N or E ’n ____
262,650
226,533
A la b a m a Ac V ic k s b u r g -138,048
132,572
V ick s Sh revc Ac P a cific138,137
121,853
154,716
B u ffa lo Ac S u sq u eh an n a___
189,202
15,406
C h a tta n oog a S ou th ern -----7,181
770,837
Cole,ago G reat U e s t e r n .- ..
666,039
5,035,811
C h ica go MUw A: St Paul —
4 ,777,616
1,147,276
C h icago St P aul M inn Ac O m
1,042,033
135,939
C h icago T erm in al T ra n sfer.
138,542
342,203
D etroit T o le d o & I r o n t o n ..
268,747
4,440,155
3,2 9 7 ,5 0 2
M on tan a C en tra l---------- J
673,422
524,090
In tern ation al Ac G t N orth ’ ll
15,279
M acon & B irm in gh am ------13,402
08,085
82,562
M idlan d V a lle y -----------------3 ,981,000
3 ,5 1 1 ,0 0 0
M o P a cific Ac Iron M tn ------147,000
129,000
144,944
124,470
M obile J ack son &. lin n C ity
5,455,049
4,7 3 2 ,1 1 6
24,566
29,779
Sierra R a ilw a y _____ _______
129,504
183,778
S outhern In d ia n a _________
1,029,439
1,402,633
T e x a s A; P a cific . _______
72,704
80,260
T o r o n to H am Ac B u ff a lo ..
T o ta l (126 r o a d s )---------- 162,495,089 187,435,350
_______ _ .
N et decrease ( 1 3 .3 7 % ).
186,135
184,629
Miles o f road .
. __________




In crea se.

$
21,531,681

34,516

2,603

36,117
5,476
16,284
" * ' 8 ,225
104.798
258,195
105,243
” 73*456
1,142,593
148,432
1,877

14,477
* *4*7*0*.566
18,000
20,474
723,833
5,213
54,274

1 11 ,083
_________
1,806

have

gross

o ff

1 8 6 ,4 3 5 .

sy ste m

s a le
B A N K S— N ew Y ork .
4 A m e r ic a , B a n k o f ________
*500 C o m m e rce . N a t. B ank o f . .

S lia rcs .

27 M ech an ics’ N ation a l B a n k . 232

W e

is

b e in g
have

re tu rn s

fo r

of

th e

c o u n try

occu rred .

H ig h .

y2

C lo se.

527
527 3<*
166
166
311 V3 31
238
238 3-2
299 3 299 3a

m

4

L o s t p r e v io u s s a le .

M ch .
M ay
A p ril
N ov.
F eb.

H M ay

1908— 497
1908— 172
1908— 295
190 6— 245
1908— 251

202

F eb.
Aug.

1908 — 100
1908— 186
1907 — 247

399

D e c.

1906—

160

160
167

202
399

100 H

♦ S old at the S to c k E x ch a n g e .

a

th e

ITEMS ABOUT BANKS, BANKERS AND TRUST CO'S.
—The public sales of bank stocks this week aggregate
556 shares, of which 500 shares were sold at the Stock
Exchange and 56 shares at auction. The transactions
in trust company stocks reach a total of 163 shares. A
large lot, 500 shares, ofj[stock Qf the National Bank of
Commerce was sold at the Stock Exchange at 166. A sale
of 10 shares of Mutual Bank stock was made at auction at
2 9 9 an advance of 48 points over the price paid in Feb-

fo r th e E a s te r n a n d M id d le G r o u p th e r e

b o th

is

is

in

fa llin g

$ 3 0 ,0 0 0 ,0 0 0 .

T h e s a m e r e m a r k a p p lie s t o t h e n e t e a r n in g s , e x c e p t t h a t

grou p,

th ere

lo s s
of

c o u ld

r a ilr o a d

w o u ld b e n o t le s s t h a n

18 G u ardian T ru st C o ___ . . ___ 167
5 L a w ye rs’ T itle In s .& T r . C o 202
T R U S T CO M P A N Y — B r o o k l y n .
10 B r o o k ly n T ru st C o ________ 399

grou ps

r a tio

we

I t is n e e d l e s s t o s a y t h a t w h e n t h e r o a d s a r e a r r a n g e d
in

th e

$ 2 4 ,9 4 0 ,2 6 1 ,

th e r o a d s s till u n r e p r e s e n t e d , t h e a g g r e g a t e o f t h e lo s s

7 1 .9 4 1
6 4 ,8 9 4
6 3 ,0 4 2
6 1 ,0 3 4
5 6 ,8 7 4
5 5 ,0 0 4
5 3 ,3 2 5
5 1 ,1 5 0
4 0 ,3 6 5
3 9 ,3 7 0
3 8 ,3 0 0
3 8 ,2 4 5
3 5 ,7 5 2

.
$944,706
C a nadian P a clflc .
Illlnols C en tra l.
.
645 ,840
P en n sy lv a n ia ( 2 ) ____ . . .
2/639,800
B a ltim ore & O h i o .............
469 ,127
427 ,677
E rie _____________________
L ou isville & N a sh ville____
400 ,962
Leh igh V a lle y _____ ______
394 ,474
Central o f N ew J ersey ____
3 10 ,285
R o c k Is la n d _
291 ,290
A tch is o n T o p e k a & S B e .
287,585
G ra n d T ru n k ( 4 ) ..............
235,051 R e p re se n tin g 41 ro a d s In
W a b a s h ______
227,123
ou r c o m p ila t io n _______ $7,5 3 1 ,2 0 7
a T h ese figures c o v e r m ere ly the o p e ra tio n s o f th e N ew Y o r k C entral Itself.
F o r the N ew Y o r k C entral S u s t c r n the resu lt Is a gain o f $92 ,518 .
x T h ese figures are fo r th e R a ilr o a d C o .; the Coal & Ir o n C o . re p o rts a
decrease o f $10 9,00 0.
// Th ese figures co v e r lines d ir e ctly op e ra te d cast a n d w est o f P ittsb u rg h
an d E rie. T h e n et on Eastern lines decreased $54 4,50 0 an d th e n e t on
W estern lines decreased $95 ,3 0 0 .

th is

r a ise d

1 2 5 9

'A

410

—The Senate and House conferrees at Washington who
have been seeking to reconcile the conflicting views between
the two branches of Congress on currency matters, as ex­
pressed in the Aldrich and Vreeland bills, held a number
of meetings this week, but found themselves unable to reach
an agreement.
It was finally decided to abandon efforts
at currency legislation for this session.
It was agreed,
however, to report to the respective houses that section of
the Aldrich Bill providing for the creation of a national
monetary commission, to be composed of nine Senators and
nine Representatives, to be appointed by the .Vice-President
and Speaker. In accordance with this decision a joint
resolution providing for the appointment of such a com­
mission was reported by Senator Aldrich from the Com­
mittee on Finance and passed by the Senate on Thursday.
Similar action was taken Friday by the House Banking and
Currency Committee.
—An opinion as to the constitutionality of the tax on
transfers of stock was submitted by the Supreme Judicial
Court of Massachusetts to the House of Representatives
on Thursday. The decision was given in answer to the
following questions asked by the House:
1. W h e th e r it is w ith in th e co n stitu tio n a l p o w e r o f th e L egislatu re t o
e n a c t a law im p o sin g a ta x on all shares o r certificates o f s to c k In a n y do­
m estic or foreign a sso cia tio n , c o m p a n y o r c o r p o r a tio n , u n d e r th a t clause
o f the co n stitu tio n w h ich a u th orizes th e L egislatu re t o le v y p ro p o rtio n a l
an d reasonable assessm ents;
,
2. W h e th e r such a ta x m ay be Im posed u n d er the legislative a u th o r ity
t o Im pose reasonable du ties an d e x cise s ;
3. W h e th e r su ch a ta x m a y be Im posed u n d er a n y o th e r pro visio n o f
th e co n s titu tio n .

The Justices unanimously returned a negative answer
to the first and third questions. On the second question
there was a difference of opinion, a legal majority, however,
answering it in the negative.
—A Clearing-House Association has been formed, and is
now in operation, in Trenton, N. J . The question of estab­
lishing such an organization was considered by the banks last
November, but no definite action was taken at that time.
For the coming six months the main office of the association
will be the Trenton Banking Co- The other banks in turn
will carry on the business, each serving for a period of six
months.
—-The organization of the First Security Co. of New York,
which is to serve as an adjunct to the First National Bank
of this city, was perfected at a meeting this week. One of
the principal steps in connection with the formation of the
new concern was the declaration on Tuesday of a special divi­
dend of 100% on the capital of the bank, which is to apply
as payment toward the S10,000,000 capital of the proposed
institution. As was announced in this department on
Feb. 29, when the plans of the company’s organization were
fully set out, the company has been projected in part for
the purpose of transacting “ certain lines of profitable busi­

1 2 6 0

THE CHRONICLE

ness, which though often transacted by bankers, are not
expressly included within the corporate power of national
banks” —including the acquiring and holding of real estate,
securities, stocks and other properties owned by the bank.
The arrangement is similar to that existing between the First
National Bank of Chicago and the First Trust & Savings
Bank, although in the case of these institutions, the business
of the auxiliary organization is of a banking and trust nature.
The management of the First Security Co. is to be identical
with that of the bank; its stock is to be held by six trustees—
the President, four Vice-Presidents and Cashier of the
bank. Their formal election occurred on Tuesday, on which
day the directors were also elected. The trustees are: George
F. Baker, Henry C. Fahnestock, F. L. Hine, Henry P.
Davison, George F. Baker Jr. and Charles D. Backus. The
directors, all of whom are members of the board of the
bank, are: F. A. Baker, George F. Baker, James A. Blair,
Henry P. Davidson, H. C. Fahnestock, James J . Hill, F. L.
Hine, A. Curtis James, John J . Mitchell, William H. Moore,
J . P. Morgan and George F. Baker Jr . The First National,
according to its statement of Feb. 14 last, carried bonds,
securities, &c., to the amount of $60,696,651. On that date
its surplus and profits, out of which provision is made for the
$10,000,000 capital of the new company,were over $20,­
000,000. Seven years ago, in 1901, when the bank increased
its capital from $500,000 to $10,000,000, it declared a divi­
dend of 1,900% , which was used as payment for the addi­
tional stock.
—The Legislative Committee of three appointed last
fall to represent the New York State Bankers’ Association
in such legislation as would affect its interests submitted
its report to the Association under date of the 4th inst.
A digest of the various changes in the banking law made
by the 1908 Legislature is appended as part of the report
of the committee, which consists of F. E . Lyford, Ledyard
Cogswell Jr . and Edmund D. Fisher, Chairman. There
is also incorporated the address of Charles Elliot Warren,
President of the Association, delivered on February 17
before the Council of Administration, outlining the pro­
cedure followed by the legislative committee in relation to
both State and National legislation. The remarks of Chair­
man Fisher, made before the House Committee on Banking
and Currency on April 14, in opposition to the Aldrich Bill,
are likewise embodied therein, together with a sketch which
Mr. Fisher presented, comparing the essential features of
the present law governing the issuance of bank notes, the
Aldrich Bill, the Fowler Bill, the plan of,'the American Bank­
ers’ Association and a plan suggested by Mr. Fisher. In
presenting its report the committee offers the suggestion
that an address on the subject of the guaranty of deposits,
as provided in the Fowler Bill, would be an interesting
feature at the annual convention in July.
—The deposits of the Hanover National Bank of this city
have increased nearly ten million dollars since the last
official call of February 14 1908. The statement just
issued shows total deposits of $94,788,700 89, as against
$85,877,896 26. Aggregate resources are reported at $ 1 1 1 , ­
135,431 19, as against $103,463,409 06.
—Albert H. Gross, Exchange member of the firm of
Gross & Kleeburg, of 25 Broad Street, which assigned on
October 16 1907, was reinstated to membership in the New
York Stock Exchange on Thursday.
—Group V III of the New York State Bankers’ Association
comprising the bankers of New York City, held its annual
meeting at the Clearing House on Wednesday. James G.
Cannon, Vice-President of the Fourth National Bank of
this city, is the newly elected President of the Group, and
B. H. Fancher, Cashier of the Fifth Avenue Bank, has
become Secretary. The following is the Executive Com­
mittee elected: William H. Porter, President of the Chemical
National Bank; H. M. Kilborn, Vice-President of the Na­
tional City Bank; H. P. Davidson, Vice-President of the
First National Bank; E . H. Ferry, Vice-President of the
Hanover National Bank; Gates W. McGarrah, President of
the Mechanics’ National Bank; Albert H. Wiggin, Vice­
President of the Chase National Bank, and Z. S. Freeman,
Cashier of the Merchants’ National Bank.
—Samuel H. Miller, for many years Assistant Cashier of
the Chase National Bank of this city,has been appointed




[VOL. LXXXVI.

Cashier to fill the vacancy caused by the resignation of E . J .
Stalker. Mr Stalker retires to enjoy a period of needed
recuperation, free from routine duties and responsibilities.
Mr. Miller started with the Chase as a boy, 20 years ago, and
has advanced step by step until he now holds the important
position of Cashier. Henry M. Conkey and Alfred C.
Andrews have been made Assistant Cashiers.
—Walter M. Bennett, Cashier of the Bank of America,
of this city, has been ejected a Vice-President of the insti­
tution; he will also continue in the cashiership. Albert G.
Havens has become Assistant Cashier of the bank.
—The National Copper Bank of this city,which has just
completed the first year of its existence, reports deposits
of $17,049,077 under the call of the Comptroller of the Cur­
rency for May 14. The bank’s cash resources now amount
to $12,700,281. It has a capital and surplus fund of $2,­
000,000 each and undivided profits of $361,537. The
growth which the bank has experienced in deposits in its
first year, is said to be larger than that of any other national
bank in the city for a like period.
—Some facts concerning the history of the Greenwich
Savings Bank of this city, which has reached the seventy"
fifth anniversary of its existence, were presented at the regu­
lar meeting of the board of trustees on Thursday, the 14th
inst. The bank was incorporated by an Act of the Legis­
lature of the State of New York passed April 24 1833, or­
ganized May 29 1833 and began business Ju ly 1 1833. The
incorporation of the bank was by thirty-three men well
known in the city, who served without compensation. Its
quarters were at 10 Carmine Street. It was at first opened but
two days a week for the receipt of deposits—on Mondays
from 5 to 7 p. m. and on Fridays (for women only) from 4 to 6
p . m.
During the first week 119 persons deposited $18,000.
Six months later the assets were $71,800. In 1839 the bank
was obliged to secure larger quarters, and the premises at 1 1
Sixth Avenue were purchased, which cost, after being fully
renovated, $6,940. In 1842 the deposits had reached $180,­
000 and on June 8 of that year it was found necessary to
open the bank for business on Monday, Wednesday and
Friday. In 1846 the bank bought the property at the
northwest corner of Sixth Avenue and 4th Street; the de­
posits then amounted to nearly $400,000. During the fol­
lowing four years the deposits rose to $1,015,000. In 1853
the bank secured quarteis at the southwest corner of Waverly Place and Sixth Avenue, which it occupied the following
year. It was then decided that the hours of business should
be each business day from 10 to 2, and also on Mondays,
Wednesdays and Fridays from 5 to 7. In 1874 the evening
hours were abolished, and an hour each business day was
added to the earlier session, the bank having since been
opened daily from 10 to 3. The deposits in 1874 reached
about $10,000,000. In February 1892 the bank removed
to its present building, at the southeast corner of Sixth Ave­
nue and Sixteenth Street. The deposits were then $22,567,­
000 and the surplus on the par value of securities $2,518,000.
At the present time it reports assets belonging to 91,300 de­
positors of $61,750,000, of which $4,000,000 is surplus over
deposits
—Thomas A. McIntyre, of the failed firm of T. A. McIntyre
& Co. of this city, was indicted by the Grand Ju ry on Wednes­
day on a charge of grand larceny. Mr. McIntyre, who for
the past two weeks has been in a sanitarium, appeared be­
fore Judge Rosalsky in General Sessions, where he was re­
leased on $25,000 bail. The indictment grew out of the com­
plaint of a customer, who alleged that the firm had failed
to transfer, as directed, 10 shares of United States Steel
stock, but had instead placed the stock with the Metropoli­
tan Trust Company as security for a loan.
Mr. McIntyre was again arrested on Thursday in a civil
suit involving $30,000 of securities. He was released on
bail to the amount of $5,000, as was his brother, John G
McIntyre, who was also made a defendant in the case. Ar­
thur H. Peck, one of the receivers of the firm, issued a state­
ment on Thursday showing its assets (including exchange
memberships valued at $90,000) as $316,750 and its liabili­
ties as $1,575,000.
Judge Hough in the U. S. District Court on Monday
granted the application of the receivers of the firm directing
the banks and trust companies from which the firm had ob-

May 23 1908. |

THE CHRONICLE

tained loans to surrender immediately the surplus cash and
securities remaining after the liquidation of these loans.
—At meetings held on Monday last, the stockholders of the
Northern Bank, the Riverside Bank and the Hamilton Bank
unanimously ratified the merger argeement referred to in
these columns May 9. The three banks will unite under the
name of the Northern Bank of New York, and the consoli­
dated institution will have a capital of $1,000,000; the names
of its officers have not as yet been announced.
—An order was signed on the 16th inst. by Judge Lacombe,
in the U. S. Circuit Court, discontinuing the suit brought by
Receiver Hanna of the National Bank of North America
against Charles W. Mcrse, to recover $405,673 alleged to
have been obtained by him through dummy-loan transac­
tions. Mr. Morse and his friends recently turned over to
the bank about $250,000 in cash and securities in settlement
of the claim.
A new company, through which, it is understood,
Mr. Morse’s debts other than those of the National
Bank of North America arc to be adjusted, has been incor­
porated in Maine with a capital of $10,000,000. The con­
cern has been organized under the name of the Morse Securi­
ties Company. Its purpose, according to the incorporation
certificate, “ is to acquire and hold as investments any shares
of capital stock, bonds, securities or other evidence of in­
debtedness created by any other corporations of the State of
Maine or any other State.”
—In accordance with the reorganization plans, the
directors of the Williamsburgh Trust Company of Brooklyn
Borough yesterday elected Bray ton Ives as President.
Mr. Ives is head of the Metropolitan Trust Co. of this city,
which is to advance the Williamsburgh Trust Co. the sum
of $1,500,000 cash to aid in its re-opening. Arguments on
the question of the removal of the receivers of the latter
institution were heard this week; considerable differences
were shown to exist, however, between the directors and
the receivers over matters pertaining to the reorganization,
one of which involved the fees of the receivers, and the court
directed both sides to agree upon an order for resumption
within a week. It is understood that under the reorgan­
ization arrangements the affairs of the company are to be
administered by a board of trustees until the repayment
of the loan to the Metropolitan Trust Co. These trustees
will be Brayton Ives, J . Edward Simmons, Vice-President
of the Fourth National Bank; and William N. Dyckman,
Attorney for the depositors.
—Announcement was made last week of contemplated
action to reorganize the Brooklyn Bank of Brooklyn Borough.
The movement was started by S. Stanwood Menken of the
law firm of Philbin, Beckman & Menken. As the bank has
been closed since Oct. 25, and a dividend of 40% in liquida­
tion was expected to have been paid shortly, reorganization
proceedings were rather unlooked for. The bank has a capi­
tal of $300,000 (in $50 shares), of which $168,000 is held
by the International Trust Co. While the latter is under­
stood to have approved the plan, its consummation depends
upon the unanimous consent of the minority holders and also
on the question as to whether the bank is a separate institu­
tion or a part of the International Trust Co. A decision on
this question is expected to be given by Justice Betts to-day.
Mr. Menken’s plan provides for the sale at par of the minority
stockholdings to the International Trust Co., the latter to be
given two years in which to complete the payment of the
same, the stock in the meantime being deposited with a trust
company as security for its payment. A loan of $250,000
from a trust company has been arranged for, under an agree­
ment that during the time such loan is outstanding the af­
fairs of the bank shall be conducted by an advisory committee
on which representatives of such trust company will have
a membership. In a circular sent out by Mr. Menken to
the minority stockholders, the following statement as to the
cash resources of the Brooklyn Bank and the International
Trust Co. is shown:
C a s h In t l i e h a n d s o f t h e r e c e i v e r s o f t h e B r o o k l y n B a n k — ............
C a s h In t h e h a n d s o f t h e r e c e i v e r s o f t h e I n t e r n a t i o n a l T r u s t C o ,
B r o o k ly n B a n k q u ic k a s s e ts (e a s ily r e a liz a b le
u p o n . In t h e
fo r m o f lo a n s t h a t ca n b e c a lle d , s e c u r e d b y S t o c k E x c h a n g e
c o lla te r a l a n d b o n d s a n d s t o c k s s a la b le o n th e S t o c k E x c h a n g e .
L o a n h e r e a f t e r r e f e r r e d t o __________________________________________________

$ 7 2 5 ,0 0 0
7 5 ,0 , 0

> 1 0 0 ,0 0 0
2 5 0 ,0 0 0

T o t a l ........................... .............................. .. ................................................................................1 , 4 5 0 , 0 0 0




1 2 6 1

—E. S. A. De Lima has been elected President of the
Hungarian-American Bank of this city, to succeed W. H.
Bryan, who retired at a directors’ meeting this week. Mr.
De Lima is a member of the firm of D. A. De Lima & C o.
and a cousin of E . A. De Lima, head of the Battery Park
National Bank.
—At the annual meeting of the Waterbury Trust Co.
of Waterbury, Conn., on the 11th inst., three new members,
namely, Cornelius Tracy, T. H. Hewitt and E . J . Daly,
were added to the board. The re-elected members are C. L.
Holmes, M. L. Sperry, W. T. Woodruff, H. S. Rowland,
H. H. Hem inway and H. S. Seeley. The officers were
re-elected as follows: C. L. Holmes, President; M. L. Sperry,
Vice-President; H. S. Seeley, Secretary and Treasurer.
—The criminal charges against Adolph Segal, William
F. North and Marshall S. Collingwood; arising from the
suspension in 1906 of the Real Estate Trust Co. of Phila­
delphia, were dismissed on the 18th inst. by Judge Carr,
in Quarter Sessions Court, at the request of the directors
of the institution, and with the consent of the District Attor­
ney. George H. Earle, Jr. formerly receiver, and now
President of the reorganized company, who had been author­
ized to submit the petition for the discharge of the men,
stated that the institution had received full satisfaction
for all damages or losses suffered.
—The Allegheny National Bank of Pittsburgh, which
suffered through the defalcation of its Cashier, failed to
open its doors on Monday, following a decision reached
the previous day, to wind up its affairs. While there had
been announcements a week ago that arrangements had
been made for the raising of a guaranty fund of $500,000
and a reorganization was to occur immediately, the affairs
of the bank appear to have been in so confused a state that
it was finally decided to discontinue these proceedings.
Another contributing factor was the notice issued by the
Clearing House on the 16th inst. to the effect that no clear­
ings would be made by the Association for the bank on
Monday, and that each bank would be obliged to collect
its own claims against the institution. The statement
given out by the bank on Sunday night with regard to the
closing up of its affairs is as follows:
A c o m m i t t e e o f r e p r e s e n t a t i v e s o f s o m e o f t h e la r g e s t b a n k s in t h e c i t y
p r e p a r e d t o le n d a ll a s s i s t a n c e r e q u i r e d , s p e n t a l m o s t a ll d a y t o - d a y In
m a k in g a t h o r o u g h e x a m i n a t i o n o f t h e b a n k ’ s a f f a ir s , b u t fi n d i n g t h e m In
s u c h a s ta te o f I n e x tr ic a b le c o n f u s io n , c a m e t o t h e c o n c lu s io n t h a t th e w is e
t h i n g t o d o In t h e I n t e r e s t o f b o t h d e p o s i t o r s a n d s t o c k h o l d e r s u n d e r t h e
c i r c u m s t a n c e s Is t o l e t t h e a f f a i r s o f t h e b a n k b e c l o s e d u p b y t h e U n i t e d
S ta te s a u th o r itie s .
T h e b a n k ’ s d e p o s it s a re s m a ll, n o t t o e x c e e d $ 3 0 0 ,0 0 0 , o u t s id e o f th e c i t y
a n d S t a te a c c o u n t s , b o t h o f w h ic h h a v e b o n d s m e n f o r t h e ir s e c u r it y .

The city’s deposit amounts to about $1,500,000 and
that of the State to $532,222. The funds of the city are
secured by two bonds of $500,000 each; the State funds
arc protected by bonding companies and by the bonds of
some of the directors of the bank. City Treasurer Steel
entered judgment on the city’s bonds on the 18th inst.
One is entered against Joshua Rhodes, John Caldwell Jr .,
Walter Chess, Robert McAfee and Cashier William Mont­
gomery, and the other is directed against William Stewart,
Walter Chess, William Montgomery, Thomas Evans, Wil­
liam H. Latshaw and Robert McAfee. Mr. McAfee, who is
a director of the bank, is Secretary of the Commonwealth
of Pennsylvania. Mr. Montgomery, ex-Cashier of the
bank, who had been held under $100,000 bonds on the specific
charge of embezzling S469,000 of the bank’s funds, was
arraigned on the 16th inst. on a new charge of appropriating
to his own use $125,000 of securities held by the bank.
When additional bail to the extent of $25,000 was asked
for under the new charge, the $ 100,000 bonds which had
been furnished by George E . Tener and Richard R . Quay
were withdrawn, and the accused was taken to the Alle­
gheny County Jail. The Allegheny National was organized
in 1857 and became a national institution in 1865. In
its last statement to the Comptroller of the Currency (Feb­
ruary 14) it reported a paid-in capital of $500,000; a surplus
fund of $700,000; undivided profits of $129,461; deposits
of $2,444,863, and total resurces of $4,243,124. Robert
Lyons has been appointed temporary receiver. According
to the Pittsburgh “ Dispatch” of the 17th the gross amount
of the shortage will be in the neighborhood of $2,000,000,
against which, however, there is $750,000 worth of property
and recoverable securities, reducing the net loss to $ 1 ,­
250,000.

1 2 6 3

THE CHRONICLE

—The well-known Pittsburgh Stock Exchange House of
James Carothers & Co., was placed in receiver’s hands this
week, as a result, it is stated, of the closing of the Allegheny
National Bank. An involuntary petition in bankruptcy
was filed against the firm on Monday, in response to which
Charles F. Patterson, its counsel, was named as receiver.
Mr. Patterson caused the following statement to be issued
concerning the failure:
T h e fa ilu r e o f J a m e s C a r o t h e r s & C o . w a s c a u s e d e n t ir e ly b y t h e fa ilu r e o f
th e A lle g h e n y N a t io n a l B a n k .
T h e U rm h e ld a la r g e a m o u n t o f t h e b a n k ’ s
s t o c k a s c o lla t e r a l a n d w h e n t h e b a n k c l o s e d , t h e s t o c k w a s n o lo n g e r a v a il­
a b l e In t h e f i r m ’ s l o a n s , a n d a s It w a s f o u n d I m p o s s i b l e t o p r o c u r e c o l l a t e r a l
t o s u b s t i t u t e f o r t h e A l l e g h e n y N a t i o n a l B a n k s t o c k . It w a s d e e m e d b e s t
f o r t h e in t e r e s t s o f a ll t h e fir m ’ s c r e d it o r s t o c o n s e n t t o t h e a p p o in t m e n t
o f a r e c e iv e r .
O n ly a c o m p a r a t i v e l y s m a ll n u m b e r o f th e c r e d ito r s h o ld
t h e b a n k s t o c k a s s e c u r i t y a n d t h e o t h e r lo a n s o f t h e fir m a r e w e ll s e c u r e d .
T h e c o u r t h a s m a d e a n o r d e r r e s t r a in in g t h e a u d i t o r o f t h e fir m , w h o h o ld s
c o l l a t e r a l , f r o m d i s p o s i n g o f t h e s a m e w i t h o u t t h e c o u r t ’ s p e r m i s s i o n , a n il
a s s o o n a s t h e r e c e iv e r c a n o b t a in a w o r k in g k n o w le d g e o f t h e llr m ’s c o n ­
d i t i o n , s t e p s w ill b e t a k e n t o liq u id a t e t h e llr m ’ s lia b ilit ie s s o t h a t n s m u c h
a s p o s s ib le ca n b e o b t a in e d f o r t h e u n s e c u r e d c r e d it o r s .

The firm was a most prominent one in Pittsburgh and is
composed of James Carothers and Wm. E . von Bonnhorst.
Mr. Carothers had at one time been President of the Pitts­
burgh Stock Exchange and had been prominently connected
with the Pittsburgh Life & Trust Co. Mr. von Bonnhorst,
prior to entering the firm, had been with the old Merchants’
& Manufacturers’ National Bank, and had served as Cashier
of the Marine National.
—An amalgamation which will unite two important bank­
ing institutions of Cincinnati, namely, the Fifth National and
the Third National, has been arranged, and it is expected
will be carried to completion by June 1. The proposition
to merge was ratified by the directors of the respective
banks at meetings held on the 16th inst., and now awaits
only the approval of the shareholders. The bank growing
out of the union is to be known as the Fifth-Third National
Bank, and it will have a capital of $2,500,000 and surplus of
$1,000,000. The Third National, which is to be placed in
liquidation, has a capital of $1,200,000 and surplus and
profits of about $644,000. The Fifth National has a capital
of $1,000,000 and surplus of $770,637; it is the intention of
the Fifth National to increase its capital tp $1,300,000, de­
claring for the purpose a stock dividend of 30% . Under this
arrangement the stockholders of the Fifth National will
receive $1,300,000 of the stock of the new bank and those
of the Third National $1,200,000. Of the $1,000,000 surplus
of the proposed institution, $600,000 will be contributed by
the Third National and $400,000 by the Fifth National. The
stock of the new bank is to be placed on a dividend basis of
10% per annum. The rate paid by the Fifth National is
10 % , with 2% additional, while the Third National pays 9%
yearly. Charles A. Hinsch, President of the Fifth National
Bank, will be at the head of the new Fifth-Third National.
Edward Seiter, Cashier of the Fifth National^ and W. A.
Lemmon, Vice-President of the Third, will be tha Vice­
Presidents of the enlarged bank, while Monte J . Goble,
Assistant Cashier of the Fifth, will be the new bank’s Cashier.
The Assistant Cashiers of the latter will be C. T. Perin
(Cashier of the Third National), Charles H. Shields (Assistant
Cashier of the Fifth), Fred. J . Mayer and Louis E. Van
Ausdol, now Assistant Cashiers of the Third. Charles H.
Kellogg, President of the Third National, and Stewart
Shillito, Chairman of the Board of that bank, will be identi-,
tied with the continuing bank as directors, as will also James
M. Glenn, who retires as Vice-President of the Fifth National.
The enlarged bank will have deposits of about $13,000,000, of
which about $5,000,000 represents those of the Third
National.
.
—The immediate cause of the suspension last week of the
Reserve Trust Co. of Cleveland is reported to have been
heavy withdrawals and the refusal of the Union National
Bank to clear for it on the old basis. The bank, it is said,
served notice on the company on the 13th stating that’
unless it received $200,000 cash as surety within twenty-four
hours, it would no longer clear for it. A fruitless effort to
organize a syndicate to put up the required money resulted in
the turning over of the trust company to an assignee, which,
as stated last Saturday, occurred on the 14th inst. The
company w'as a city depositary, having funds of the city
amounting to $240,991
In its last statement to the State
Auditor on Dec. 5, the company’s deposits were reported as
$2,239,214, and the total liabilities as $2,631,279. It has
a capital of $300,000.



[VOL. LXXXVI.

—The American Savings Bank Co. of Cleveland, which, as
stated last week, closed its doors on the 14th inst., filed a
deed of assignment on the 15th inst. E. M. Buel, Secretary
and Treasurer of the institution,, is the assignee. The liabili­
ties and assets are placed at $307,000. The bank found itself
unable to withstand a run which had followed the notifica­
tion by its clearing-house representative that it would no
longer clear for it. It is stated that an offer of a larger insti­
tution to take over the bank and guarantee its deposits was
made, but the terms were such that the directors were
unable to raise the money necessary to accept the offer, th e
bank has a capital of $50,000.
—The sixteen national banks of Chicago, in their pub­
lished statements of May 14, show a gain of $9,000,000 in
deposits over their status on Fcbruray 14, when the last
Government call was made. This means a record for
several banks. The Continental National shows an increase
of 5)^ millions, $70,256,616 56 being high-water mark for
this institution. The Bankers’ National has increased
its deposits since February $1,700,000; the National City
Bank $1,300,000; the Fort Dearborn National $1,100,000; the
Corn Exchange $700,000; the National Bank of the Republic
and Prairie National $500,000 each and the Hamilton
$400,000.
—The May 12th published statements of the Chicago
State banks show an increase of deposits over the state­
ments of February 15th of over $40,000,000, or 12.8 per
cent, although both deposits and total resources fall below
the figures of August 20 1907. The financial outlook in
Chicago and throughout the West is highly encouraging.
The banks showing the greatest gain in deposits since the
last previous statement are as follows:
H a r r i s T r u s t & S a v i n g s B a n k ________________________ ___________________
A m e r i c a n T r u s t & S a v i n g s B a n k _____________________________________
F i r s t T r u s t & S a v i n g s B a n k ___________________________________________
U n io n
T r u s t C o m p a n y ______________________
________________________ _
S t a t e B a n k o f C h i c a g o ___________________
_ _______________________
C e n t r a l T r u s t C o m p a n y ___________________________________________ . ______
M erch a n ts’ L oan & T ru st C om p a n y
_ _
________________
I l l i n o i s T r u s t & S a v i n g s B a n k ________________________________________ _

5 4 ,0 2 2 ,0 5 4
2 ,8 7 8 ,0 7 5
2 ,8 6 2 ,3 0 0
1 ,8 3 2 ,1 8 0
1 ,5 0 8 ,3 2 0
1 ,5 5 7 ,3 3 7
1 ,1 7 3 ,3 4 7
1 ,0 2 1 ,0 2 0

The exceptional increase recorded by the Harris Trust &
Savings Bank is accounted for by the item of “ special de­
posits” , amounting to nearly $3,000,000. '
—The Mississippi Bankers’ Association, at. its annual
convention held at Brookhaven on the 13th and 14th inst.,
unanimously passed a resolution providing for the appoint­
ment of a committee which is to co-operate with a similar
committee from the Farmers' Union of Mississippi in sug­
gesting plans for detailed co-operation by the bankers with
the farmers in the marketing of the crops of the State;
the committee is further instructed to take up the matter
of a uniform negotiable cotton-warehouse receipt. The
resolution follows:
W h e r e a s , I t Is w is e a n i l p r o f i t a b l e t h a t t h e b a n k e r s a n i l f a r m e r s s h a l l c o ­
o p e r a t e In t h e h a n d l i n g a n i l m a r k e t i n g o f c o t t o n a n i l o t h e r f a r m p r o d u c t s ;
and,
. . .
i
,
W h e r e a s , I t Is d e s i r a b l e t h a t a p r a c t i c a l p l a n b e d e v i s e d f o r t h e e x p r e s s i o n
o f t h e d e s i r e t o b r i n g a b o u t a w i s e a n d p r o f i t a b l e c o - o p e r a t i o n In h a n d l i n g
c o t t o n ; t h e r e f o r e , b e It
R e s o lv e d , T h a t th e p r e s id e n t o f th is c o n v e n t io n a p p o in t a s p e c ia l c o m ­
m i t t e e , t h e d u t i e s o f w h ic h s h a ll b e :
, .
A — T o d r a w a n d s u g g e s t a u n ifo r m n e g o t ia b le c o t t o n - w a r e h o u s e r e c e ip t ,
u p o n w h ic h lo a n s m a y b e m a d e w it h m a x im u m o f s a f e t y a n il t h e m in im u m
o f re d t a p e , e x p e n s e a n d t r o u b le .
. ,
B — T o c o - o p e r a t e w it h a s im ila r c o m m i t t e e a p p o i n t e d b y t h e f a r m e r s
U n i o n o f M i s s i s s i p p i , In d r a f t i n g a n d s u g g e s t i n g a u n i f o r m s e t o f b y - l a w s ,
ru le s a n d r e g u la tio n s fo r th e g o v e r n m e n t o f c o t t o n w a r e h o u s e s t h r o u g n o u t
th e S ta te .
, T. .
C — T o c o - o p e r a t e w it h a s im ila r c o m m i t t e e f r o m t h e F a r m e r s
u n io n
In s u g g e s t i n g f u r t h e r p l a n s f o r d e t a i l e d c o - o p e r a t i o n b y t h e b a n k e r s w i t n
t h e f a r m e r s In m a r k e t i n g t h e c r o p s o f t h e S t a t e .
, ^
,
■
R e s o l v e d f u r t h e r . T h a t t h e s a lil c o m m i t t e e b e r e q u e s t e d t o m a k e a p r e ­
lim in a r y r e p o r t o n o r b e fo r e A u g . 1 1008 b y c ir c u la r Is s u e d a t t h e e x p e n s e
o f th e a s s o c ia t io n a n d a fin a l r e p o r t a t th e n e x t m e e t in g o f t h is a s s o c ia t io n .

In an address delivered by Sol. Wexler, of the
Whitney Central National >Bank of New Orleans, the bankers
were urged to take an active part in the coining primaries,
and to see to it that an uninstructed delegation is sent from
Mississippi to Denver, to the end that some one other than
W. J . Bryan, shall be nominated for the Presidency. At
the close of the convention the bankers started on a tour
of various cities, including Cincinnati, Washington, New
York, Buffalo, Niagara Falls, Detroit and Chicago.
—The Missouri Bankers’ Association held a two-days’
session at Joplin this week, the occasion being its eighteenth
annual meeting. Among those contributing to the pro­
gram were Francis B. James, of the Cincinnati Bar,
and President of the Ohio State Board of Uniform State
Laws, who delivered an address presenting the “ Legal and
Commercial Aspect of Bills of Lading,” and Secretary of
State John E . Swanger, who spoke on “ GeneraliBanking
Interests.”
.

May 23 1908 j

THE CHRONICLE

1 3 6 3

D E B T S T A T E M E N T A P R I L 30 1908.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
English Financial Markets—Per Cable.
figures issued April 30 1908. F o r statement of M arch 31 1908,
see issue of A p r il 18 1908, page 958; that of A p r il 30 1907, see
The daily closing quotations for securities, &c., at London,
M a y 18 1907, page 116 1.
as reported by cable, have been as follows the past week:

.

I N T E R E S T -B E A R IN G D E B T A P R I L 30 1908.
A m oun t
--------------- A m o u n t Outstanding----------Issu ed .
Interest
R egistered.
C oupon.
Total.
T itle o f L oa n —
P a yab le.
$
S
$
$
2 s , C o n s o ls o f 1 9 3 3 ................. Q . - J .
0 4 (3 ,2 5 0 .1 5 0 6 4 0 ,8 8 0 ,3 5 0 5 ,3 6 9 ,8 0 0 6 4 6 ,2 5 0 ,1 5 0
3 s. L o a n o f 1 9 0 8 - 1 9 1 8 .- - . Q . - F .
1 9 8 ,7 9 2 ,6 0 0 4 0 .1 0 9 ,5 0 0 2 3 .8 3 5 .9 0 0 6 3 ,9 4 5 ,4 0 0
4 s . L o a n o f 1 9 2 5 ...................... Q . - F .
1 6 2 ,3 1 5 ,4 0 0 9 7 ,0 0 8 .1 0 0 2 1 ,4 8 1 ,8 0 0 1 1 8 ,4 8 9 ,9 0 0
2s, P a n a m a C an al l o a n . . . Q . - N .
5 4 ,6 3 1 ,9 8 0 5 4 ,5 9 9 ,5 2 0
3 2 ,4 6 0 5 4 .6 3 1 ,9 8 0
3 s, C erts, o f I n d e b te d n e s s -M a t.
1 5 ,4 3 6 ,5 0 0 1 4 ,1 8 6 ,5 0 0
1 4 ,1 8 6 ,5 0 0
A g g r e g a t e in t . - b e a r l n g d e b t - - l , 0 7 7 , 4 2 6 , 6 9 0

8 4 6 ,7 8 3 ,9 7 0 5 0 ,7 2 0 ,0 2 0 8 9 7 ,5 0 3 ,9 9 0

N o te .— D e n o m in a t io n s o f b o n d s a r e :
O f J 1 0 , o n l y r e f u n d i n g c e r t ific a t e s : o f ? 2 0 , l o a n o f 1 9 0 8 , c o u p o n a n d r e g is t e r e d .
O f $ 5 0 . a ll Issu e s e x c e p t 3 s o f 1 9 0 8 : o f $ 1 0 0 , a ll Issu es.
O f $ 5 0 0 , a ll e x c e p t 5 s o f 1 9 0 4 , c o u p o n ; o f $ 1 ,0 0 0 , a ll Issu es .
O f $ 5 , 0 0 0 , a ll r e g is t e r e d 2 s , 3 s a n d 4 s ; o f $ 1 0 ,0 0 0 , a ll r e g is t e r e d b o n d s . ’ ’
O f $ 2 0 , 0 0 0 , r e g i s t e r e d 4 s , l o a n o f 1 9 0 7 ; o f $ 5 0 ,0 0 0 , r e g is t e r e d 2 s o f 1 9 3 0 .
DEBT

ON

W H IC H

IN T E R E S T ^ H A S C E A S E D

S IN C E

M A T U R IT Y .

M a rch 3 1 .
F u n d e d l o a n o f 1 8 9 1 , c o n t i n u e d a t 2 % , c a lle d M a y 18
1 9 0 0 , I n t e r e s t c e a s e d A u g . 18 1 9 0 0 ..............- ....................
$ 3 2 ,0 0 0 0 0
F u n d e d lo a n o f 1 8 9 1 , m a tu r e d S e p t . 2 1 8 9 1 . . ...................
2 4 ,5 0 0 0 0
L o a n o f 1 9 0 4 , m a t u r e d F e b . 2 1 9 0 4 ..........................................
7 3 ,6 0 0 0 0
F u n d e d lo a n o f 1 9 0 7 , m a tu r e d J u ly 2 1 9 0 7 ______________ 3 ,6 0 9 ,5 0 0 0 0
R e f u n d i n g c e r t if i c a t e s , m a tu r e d J u ly 1 1 9 0 7 ................ ..
1 8 ,4 9 0 0 0
O ld d e b t m a t u r e d a t v a r io u s d a t e s p r io r t o J a n . 1 186 1
a n d o t h e r I t e m s o f d e b t m a t u r e d a t v a r io u s d a t e s
s u b s e q u e n t t o J a n . 1 1 8 6 1 ................ - ......................................
9 1 7 ,1 2 5 2 6

A p r il 3 0 .
$ 3 2 ,0 0 0
2 4 ,5 0 0
7 3 ,6 0 0
3 ,4 3 5 ,0 0 0
1 8 ,4 7 0

00
00
00
00
00

9 1 7 ,1 2 5 26

A g g r e g a t e o f d e b t o n w h ic h I n te r e s t h a s c e a s e d 's i n c e
m a t u r i t y ..................................................- .................... - ............ $ 4 ,6 7 5 ,2 1 5 2 6

$ 4 ,5 0 0 ,6 9 5 2 6

D E B T B E A R IN G N O IN T E R E S T .
U n it e d S t a t e s n o t e s ................................................. - ...................... ............ ................. $ 3 4 6 ,6 8 1 ,0 1 6
O ld d e m a n d n o t e s ................................................. - ......................... ..............................
5 3 ,2 8 2
N a t i o n a l b a n k n o t e s — R e d e m p t io n a c c o u n t - .....................................................
7 1 ,1 6 2 ,4 2 5
F r a c t io n a l c u r r e n c y , le s s $ 8 ,3 7 5 ,9 3 4 e s t i m a t e d a s l o s t o r d e s t r o y e d - .
6 ,8 6 2 ,8 1 4

00
50
00
28

A g g r e g a t e o t d e b t b e a r in g n o I n t e r e s t ................ ............................................$ 4 2 4 ,7 5 9 ,5 3 7 7 8
R E C A P IT U L A T IO N .
C lassification—
A p ril 30 1908.
M a rch 3 1 1 9 0 8 .
I n t e r e s t - b e a r i n g d e b t .............. $ 8 9 7 ,5 0 3 ,9 9 0 0 0
$ 8 9 7 ,5 0 3 ,9 9 0 0 0
4 ,5 0 0 ,6 9 5 2 0
4 ,0 7 5 ,2 1 5 2 6
D e b t I n te re s t c e a s e d . ..............
D e b t b e a r in g n o I n t e r e s t ------4 2 4 ,7 5 9 ,5 3 7 7 8
4 2 0 ,1 5 0 ,3 2 1 8 8
T o t a l g r o s s d e b t .. . . $ 1 , 3 2 0 , 7 6 4 , 2 2 3
0 4 $ 1 ,3 2 2 ,3 2 9 ,5 2 7 14
C a s h b a l a n c e In T r e a s u r y * - 4 0 1 ,5 9 6 ,9 8 7 5 5
4 1 2 ,6 0 8 ,1 9 0 7 0
T o t a l n e t d e b t ....................... M $ 9 2 5 ,1 6 7 ,2 3 5 4 9

$ 9 0 9 ,7 2 1 ,3 3 6 3 8

In crease ( + ) or
D ecrease ( — ) .
— $ 1 7 4 ,5 2 0 0 0
+ 4 ,6 0 9 ,2 1 5 9 0
+ $ 4 ,4 3 4 ,6 9 5 90
— 1 1 ,0 1 1 ,2 0 3 21

L on d on .
W e e k ending M a y 2 2 .
S at.
S il v e r , p e r o z .............................. d 2 4 '$
C o n s o ls ., n e w , 2 }$ p e r c e n t s . 8 0 } $
F o r a c c o u n t ................ ............
8 6 7 -1
F r e n c h R e n t e s (in P a r is ) , f r . 9 6 .8 5
R u s s ia n I m p e r ia l 4 s ................ - 84
do
do
N e w 5 s _______ _______
A m a lg a m a t e d C o p p e r C o . .
70
ft A n a c o n d a M in in g C o ..............
9 }$
A t c h i s o n T o p e k a & S a n t a F e 8 5 >4
P r e fe r r e d ............
94 u
B a lt i m o r e & O h i o ______ _________9554
P r e fe r r e d ------------------------------ S 6 }$
C a n a d ia n P a c i f i c ............................ 163
C h e s a p e a k e & O h i o ...................... 4 0 }$
C h i c a g o G r e a t W e s t e r n _____.
6 }$
C h i c a g o M llw . & S t . P a u l . . . 1 3 7 }$
D en v er & R io G ra n d e, c o m . 2 7 H
P r e fe r r e d ....................
6 5 }$
E r i e , c o m m o n ..............................
21 }$
F ir s t P r e fe r r e d ........................... 3 9
S e c o n d P r e fe r r e d ...................... 2 8
I ll in o i s C e n t r a l................ ............ 141
L o u is v i ll e & N a s h v i ll e ------------1 1 1 }$
M e x ic a n C e n t r a l........................... 1 7 }$
M is s o u ri K a n s a s & T e x . , c o m 3 0
• P r e fe r r e d
..........................
63
N a t io n a l R R . o f M e x i c o ------- 4 9
N . Y . C e n tr a l & H u d . R i v e r . 109
N . Y . O n t a r io & W e s t e r n —
43
N o r f o l k & W e s t e r n , c o m ------- 7 3 } $
P r e fe r r e d ........................ ..........8 2
N o r t h e r n P a c i f i c .................... - . 1 4 1
a P e n n s y l v a n l a .........................
6 2 }$
({ R e a d in g C o ..................................... 6 0 } $
a F I r s t P r e f e r r e d ............. ..
4 3 }$
a S e c o n d P r e f e r r e d ------- . . . 4 2 } $
R o c k I s la n d C o ............................ 19
S o u t h e r n P a c i f i c - - . ...................... 8 9 } $
S o u t h e r n R a i l w a y , c o m m o n . 1 8 }$
P r e fe r r e d ..........
4 6 }$
U n io n P a c if i c , c o m m o n ........... 1485$
P r e fe r r e d .................................. 8 6
U . S . S te e l C o r p ., c o m m o n . 395$
p -of— re d ____________
1 0 5 }$
W abash
------------------------------- 13
P r e fe r r e d ----------------------------- 25
E x t e n d e d 4 s .................................1 5 5 }$

T h u r s.
F r l.
2 4 1 1 -1 6 2 4 1 3 - 1 6
8 6 }$
8 6 9 -1 6
8 6 9 -1 6 8 6 } $
9 6 .8 0
9 6 .8 5
8 5 }$
8 5 }$
9 5 }$
9 5 }$
68
69
85$
m
8 3 }$
8 4 }$
95
95
92
93
87
87
162%
164 14
47}$
4 7 }$
1 40
2 7 }$
69
2 2 }$
42
30
143
1 12
1 6 }$
3 0 }$
6 4 }$
50
1 08
42
72
82
1 3 8 }$
62
5 85 $
45
44
1 8 }$
8 8 }$
1 8 }$
4 7 }$
1 5 0 }$
8 6 }$
39 y,
1 05
1 3 }$
2 6 }$
5 6 }$

142
27}$
69
24
44}$
31
144
•
113
17
31
64}$.
49}$
108}$
42
■
73
82
139}$
63
595$

45
44
19
90}$
19}$

•

4 7 }$

154}$ 1
8 6 }$
3 9 }$

105}$
14}$
29
59

+ $ 1 5 , 4 4 5 , 8 9 9 11
a P rice p e r sh a re ,

♦ I n c l u d i n g $ 1 5 0 ,0 0 0 ,0 0 0 r e s e r v e

M on.
T u es.
I Ved.
24H
24 %
2 4 }$
8 6 7 -1 6 8 6 5 -1 6 8 6 3 -1 6
8 6 }$
8 6 }$
8 6 }$
9 6 .8 0
9 6 .8 7 } $ 9 6 .8 7 } $
8 4 }$
8 4 }$
85
_____
95
69
7 1 }$
9
9 }$
9 }$
8 4 }$
86
8 6 }$
9 4 }$
9 5 }$
9 5 }$
94
9 6 }$
9 5 }$
87
87
87
164
165
1 6 3 }$
4 4 }$
4 5 }$
45 H
7
7 }$
1 4 0 }$
1 4 2 }$
1 4 0 }$
27
2 7 }$
2 7 }$
6 6 }$
72
6 9 }$
2 2 }$
235$
2 15 $
41
4 3 }$
43
2 8 }$
30
3 0 }$
1 4 5 }$
1 4 5 }$
1 45
114
1 1 5 }$
1 1 2 }$
—
17
17
2 9 }$
30
30
—
64
6 4 }$
—
4 9 }$
50
1 0 9 }$
1 0 9 }$
1 0 8 }$
4 2 }$
43
4 1 }$
7 4 }$
7 4 }$
7 3 }$
_____
82
82
_____
142
1 42
6 2 }$
6 2 }$
635 $
6 0 }$
5 9 }$
6 1 }$
___ _
45
45
_____
44
44
_____
19
19
8 9 }$
895 $
9 1 }$
1 8 }$
1 8 }$
1 8 }$
48
47
4 7 }$
1 5 2 }$
1 5 4 }$
1 5 1 }$
___
87
87
3 95 $
3 9 }$ .
3 85 $
1 0 4 }$
1 06
1055$
13
1 3 }$
1 3 }$
26
25
2 6 }$
—
56
5 6 }$

b £ s t e r lin g .

fu n d .

The foregoing figures show a gross debt on April 30 of
$1,326,704,223 04 and a net debt (gross debt less net cash in
the Treasury) of $925,167,235 49
T R E A S U R Y CASH AND DEMAND L IA B IL IT IE S .—
GOVERNMENT R E V E N U E AND E X P E N D IT U R E S .—
The cash holdings of the Government as the items stood Through the courtesy of the Secretary of the Treasury, we
April 30 are set out in the following:
are enabled to place before our readers to-day the details of
ASSETS.
L IA B IL IT IE S .
Government receipts and disbursements for the month of
T ru st F u n d H old ing s—
$
T ru st F u n d Liabilities—
$
April. From previous returns we obtain the figures for
G o l d c o i n . ............................. 8 4 6 ,9 1 0 ,8 6 9 0 0 G o ld c e r t if i c a t e s ........... ..
8 4 6 ,9 1 0 ,8 6 9 0 0
S il v e r d o l l a r s ........................ 4 6 3 ,7 7 8 ,0 0 0 0 0 S il v e r c e r t if i c a t e s .............. 4 6 3 ,7 7 8 ,0 0 0 0 0
previous months, and in that manner complete the statement
S il v e r d o lla r s o t 1 8 9 0 . - 5 ,1 5 2 ,0 0 0 0 0 T r e a s u r y n o t e s o f 1 8 9 0 . 5 ,1 5 2 ,0 0 0 0 0
for the ten months of the fiscal years 1907-08 and 1906-07.
T o t a l t r u s t f u n d ........... 1 ,3 1 5 ,5 4 0 ,8 6 9 0 0
F o r statement of A p r il 1907 see issue of M a y 25 1907, page 12 19 ,
T o t a l t r u s t li a b i li t ie s . 1 ,3 1 5 ,8 4 0 ,8 6 9 0 0

Commercial and

D ee.
ft
3
F eb.
M ch.
1
Total
T en
M os.

S
w
Vj
©
fO

N ov.

£1 * 8 3
Ot A.tOM
M OtfOCn
M 1 WM(J1

Oct.

—
o o o o c ^ -o w ^ u
►UOOCOcOOk*-*»-i
< o to * -to q tc o
akCON-cOeO^Jk.

v,
ft

| S ep t.

Cn
W
to
o
»- 1

h*COO«

0 0 0 s om itted.

5 2 .2 9 9 5 6 .0 0 7 5 1 ,4 9 7 5 7 ,2 4 2 5 5 .6 0 2 5 5 .8 1 3 5 5 .2 3 7 5 3 ,9 2 6 5 4 ,2 2 2

>—

o ® c o o o o » -io o
OOCtOOk-sJOOO

CO**!*-

R eceipts 1 9 0 7 -0 8 —
$
S
S
$
$
$
$
$
$
$
$
C u s t o m s . ......................... 2 8 ,8 3 6 2 9 ,7 1 6 2 5 ,6 0 4 2 8 ,1 5 8 2 1 ,9 0 9 2 1 ,7 4 6 2 3 ,2 7 2 2 2 ,4 7 6
2 1 ,1 5 5 2 0 ,5 6 2 2 4 3 , 4 3 4
I n t e r n a l r e v e n u e ______ 2 2 ,8 4 0 2 2 ,2 3 2 2 2 ,2 9 4 2 5 ,0 0 6 1 9 ,2 1 3 2 0 ,8 1 6 1 9 ,7 4 5 1 8 .4 9 6 1 9 ,5 4 4
1 8 ,5 8 5 2 0 8 ,7 7 1
M i s c e l l a n e o u s ................
4 .2 3 0 6 ,2 7 8 3 ,5 4 0 5 ,8 6 4
4 ,4 0 7 4 ,7 2 4 6 ,4 1 8 7 ,3 5 3 3 ,9 1 8 4 ,7 7 2 5 1 ,5 0 4

.

5 8 ,8 1 8 5 6 ,7 3 0 5 3 ,2 0 1 5 9 ,8 8 9 5 5 5 ,3 5 4

►-

T o t a l r e c e i p t s ........... 5 5 .9 0 6 5 8 ,2 2 6 5 1 ,4 3 8 5 9 ,0 2 8 4 5 ,5 2 9 4 7 ,2 8 6 4 9 ,4 3 5 4 8 ,3 2 5
4 4 ,6 1 7 4 3 ,9 1 9
R eceipts 1 9 0 6 -0 7 —
C u s t o m s ........................... 2 6 ,1 7 7 2 9 ,0 1 2 2 7 ,2 8 0 2 7 ,7 7 6 2 5 ,9 2 1 2 8 ,6 4 1 2 9 ,1 8 0 2 7 ,5 5 4
2 8 ,4 6 7 2 7 ,5 5 1
I n t e r n a l r e v e n u e ........... 2 2 ,1 0 2 2 1 ,8 5 3 2 1 ,4 9 1 2 4 ,7 3 0 2 4 ,8 6 0 2 3 ,5 8 5 2 0 ,0 7 6 2 0 ,5 0 5 2 2 ,5 5 7
2 1 .2 3 4
M i s c e l l a n e o u s .................
4 ,0 2 0 5 ,1 4 2 2 ,7 2 6 4 ,7 3 6 4 ,8 2 1
3 ,5 8 8 5 .9 7 5 5 .8 6 7 3 .1 9 8 4 ,4 7 6

.

4 8 ,5 3 9 5 8 ,5 4 4 4 2 ,3 6 2
C’»
Oi
oo
>—
co

1 4 ,8 9 8 1 0 ,2 4 9 1 0 ,8 0 2 1 4 ,8 8 8 7 ,6 6 5 1 2 ,2 0 5 1 5 ,4 2 6 1 1 ,5 6 3 1 0 ,8 1 0
1 4 ,2 1 8 1 0 ,3 3 3 8 ,1 9 3 8 ,8 3 1
5 ,5 0 0 8 ,4 1 3 8 ,8 3 2 9 .6 9 2 1 0 .1 1 2
9 ,2 7 3 9 ,1 1 !
8 ,5 6 5 1 0 ,4 2 6 9 ,6 9 9 1 1 ,5 5 1 9 ,0 3 1 1 0 ,2 8 6 9 .9 0 1
1 ,5 1 3
1 ,4 6 7
1 ,1 6 2
1 ,3 4 3
939
1 ,3 6 6
5 1 0 1 ,2 0 3 1 ,4 3 6
1 2 ,1 3 3 1 4 .0 5 4
1
1
.6
7
0
1
3
,1
8
4
1
2
.8
9
8
1
1
.4
7
2
1
2
,3
8
5
1
5
.7
5
7
1
3
,2
67
1 1 ,1 2 2 7 ,7 5 ? 7 .9 6 6 8 .6 7 3 3 .6 2 2 8 ,8 9 9 9 ,3 4 3 6 ,5 5 1 7 ,5 0 3
3 ,6 5 6
1 ,6 6 4
181 3 ,3 1 5
1 ,6 3 5
201 3 .2 9 1
1 .6 7 9
172

6 6 ,8 1 3

*■*
J k iU C O H C W
oi ax. cr>w rf*. oo rfk

T o t a l r e c e i p t s ...........
D isbu rsem en ts 1 9 0 7 -0 8 —
C iv il a n d m ls c e l ..............
W a r ........................ ............
N a v y ...................................
I n d i a n s ..............................
P e n s i o n s ....... ..................
P u b l i c W o r k s . ...............
I n t e r e s t . ............................

Oi
C*3
&

1 1 ,3 0 7 1 0 ,0 8 3 8 ,8 5 1 1 0 ,8 7 0 1 0 6 .1 3 8
7 .9 1 0 7 ,5 9 6 7 ,6 1 8 8 ,0 5 0 8 7 ,9 4 9
8 ,7 1 5 6 ,5 0 2 7 ,9 8 4
8 ,1 7 7 7 9 ,8 7 6
6 9 6 1 ,0 0 9 1 .0 4 3
1 ,2 0 9
1 3 ,1 2 5
1 0 ,4 6 4 1 3 ,4 6 0 1 1 ,0 2 0 1 0 ,2 8 5 1 1 5 ,7 8 6
7 ,3 3 6 5 ,9 7 9 6 ,7 2 8 7 ,2 0 3 6 2 ,7 3 1
1 ,3 9 9 1 .0 9 1
3 5 8 2 ,2 7 7 2 3 ,0 2 5




H* 1+ K3lo bo hi
* W m ,1»05CaJ(/)
w o>
9 ,1 3 1 1 3 ,6 3 2 1 0 ,2 8 1
8 .3 3 6 1 1 ,0 5 6 7 ,5 9 5
7 .0 4 1 8 ,1 3 1
7 ,7 8 1
6 5 9 1 .2 6 2
1 .6 1 0
1 0 ,8 9 4 1 0 ,1 2 4 1 3 ,6 6 6
4 ,0 3 4 6 .3 6 S 5 ,6 4 2
175 4 ,0 4 5
1 .7 4 S

a " C h i e f l y d is b u r s in g o ff ic e r s ’ b a l a n c e s .”
d I n c l u d e s $ 5 , 9 7 0 , 4 3 5 s ilv e r b u ll io n a n d $ 2 ,7 9 4 ,4 3 7 m ln o r ^ c o in , & c ., n o t I n c lu d e d
In s t a t e m e n t “ S t o c k o f M o n e y .”
•

1 5 ,5 6 1
1 4 ,2 5 7
1 0 ,5 4 7
1 ,9 8 7
1 1 ,9 6 1
7 .4 6 0
4 .0 4 1

2 5 1 ,5 9 6 ,9 8 7

2 8 ,3 6 5
2 0 ,5 0 6

A v a il a b le c a s h b a l a n c e ................2 6 0 ,4 1 7 .3 0 1 2 6 8 .8 4 5 ,8 0 4 2 6 2 .6 0 8 ,1 9 1

4 ,7 2 9
2 ,5 3 5

N e t C a s h In b a n k s , S u b - T r e a s .3 8 4 ,2 8 0 .1 5 9 3 8 7 ,7 3 7 .5 7 3 3 8 3 .5 6 9 ,8 3 2 3 7 3 ,2 0 9 ,4 9 3
l l a b l l l t l e s . a .............1 1 7 .8 6 2 ,8 5 8 1 1 8 ,8 9 1 ,7 6 9 1 2 0 ,9 6 1 ,6 4 1 1 2 1 ,6 1 2 ,5 0 6

Deduct c u r r e n t

4 ,2 8 3
2 ,2 1 5

C a s h b a l a n c e In S u b -T r e a s u r ie s 1 4 2 .0 8 5 .9 4 8 1 5 4 .2 2 5 ,1 6 0 1 7 6 ,8 4 2 ,8 4 2 1 6 9 .1 2 9 ,8 5 3
C a s h In n a t io n a l b a n k s ........................2 3 8 .1 9 0 ,0 4 2 2 3 0 ,5 1 5 ,4 4 3 2 0 2 ,6 6 2 .6 2 3 2 0 0 ,7 1 3 .2 1 9
4 ,0 0 4 ,1 6 9
2 .9 9 6 ,9 7 0
4 ,0 6 4 ,3 6 7
3 ,7 6 6 ,4 2 1
C a s h In P h il ip p i n e I s l a n d s ...............

3 ,5 6 0
2 .7 2 1

T o t a l c a s h In S u b - T r e a s u r i e s - - 2 9 2 .0 8 5 ,9 4 8 3 0 4 ,2 2 5 ,1 6 0 3 2 6 ,8 4 2 ,8 4 2 4 3 1 9 ,1 2 9 ,8 5 3
L e s s g o l d r e s e r v e f u n d ........................1 5 0 .0 0 0 ,0 0 0 1 5 0 .0 0 0 ,0 0 0 1 5 0 ,0 0 0 .0 0 0 1 5 0 ,0 0 0 ,0 0 0

T o t a l d i s b u r s e d _____
D isbu rsem en ts 1 9 0 6 -0 7 —
C i v i l a n d m ls c e l _______
W a r ................... ..................
N a v y ___________________
I n d i a n s ................... ..........
P e n s i o n s ......... ..................
P u b l i c W o r k s . _________
I n t e r e s t ..............................

T R E A S U R Y N E T fio iD I N G S .
F e b . 1 ’ 0 8 . M c h . 1 ’ 0 8 . A p r . 1 '0 8 . M a y 1 '0 8
H old in g s In S u b-T rea su ries—
$
$
$
$
N e t c o i n a n d g o ld b u l l i o n ................ 2 1 7 ,4 7 5 .1 0 0 2 1 0 ,3 8 2 .5 1 8 2 0 4 ,4 9 2 .0 8 0 1 9 3 ,7 7 2 ,0 1 7
4 7 ,2 9 7 ,0 4 0
3 5 .1 4 5 ,5 2 5
N e t s i lv e r c o i n a n d b u l l i o n .............. 2 4 ,1 9 5 ,1 5 0
4 2 .0 6 6 ,0 4 2
1 4 ,2 5 6
1 0 ,4 9 9
N e t U n it e d S t a t e s T r e a s u r y n o t e s
7 ,5 1 6
1 2 ,7 3 5
1 3 ,1 6 7 ,7 0 7
7 .5 0 9 ,3 6 1
N e t le g a l- t e n d e r n o t e s --------- ----------9 ,6 2 7 ,7 0 1
1 0 .4 4 9 .4 3 7
4 0 .5 8 1 ,5 6 1
N e t n a t io n a l b a n k n o t e s ................... 3 0 ,4 0 1 ,4 4 4
3 0 ,9 5 5 ,1 5 6
4 9 ,7 0 7 ,3 4 3
N e t fr a c t io n a l s i l v e r ........................... 1 0 ,8 1 6 ,7 3 8
1 8 ,4 5 3 ,3 1 3
1 6 ,0 7 5 ,7 1 1
2 0 ,2 6 7 ,8 4 2
2 ,8 3 7 ,8 8 5
M in o r c o i n , & c ........................................
1 ,6 8 0 .6 3 9
2 ,0 2 8 ,0 5 0
2 ,7 9 4 ,4 3 7

3 .1 4 4
2 ,9 2 9

corresponding dates in previous years w ill be found in our
issue of M a y 18 1907, page 116 1.

T o t a l d i s b u r s e d _____ 6 5 ,8 1 4 4 7 ,8 4 8 4 0 .2 7 0 5 4 ,6 1 8 4 8 .3 2 3 4 6 ,5 3 7 2 7 ,8 2 7 4 5 ,7 2 0 4 3 ,6 0 2 4 8 ,0 7 1 4 8 8 ,6 3 0
N a t . B a n k R ed . F u n d —
R e c e i p t s 1 9 0 7 - 0 8 ...........
2 .5 0 3 1 .4 8 ? 2 .4 8 2 2 ,1 3 9
1 ,0 6 7
1 ,4 7 8 8 ,5 7 9 1 3 ,9 9 2 8 ,8 0 8 9 ,3 3 8 5 1 ,8 6 8
R e c e i p t s 1 9 0 6 - 0 7 ...........
3 ,0 0 3 2 ,3 1 0 2 .9 8 9
1 ,1 5 2 2 ,3 0 4 2 ,3 4 4
1 ,7 3 1 3 .2 9 2 5 ,2 5 6
1 ,9 5 2 2 6 .3 3 3

G r a n d t o t a l .......................1 ,8 3 0 ,0 5 0 ,3 6 2 7 3

T R E A S U R Y CU RREN CY HOLDINGS.—The following
compilation, based on official Government statements, indi­
cates the currency holdings of the Treasury on the first of
February, March, April and May 1908. Statements of

917
1 ,8 9 4 2 ,7 0 5
1 .1 3 6 • 1 ,9 7 2 : 1 ,6 3 3

G r a n d t o t a l ......................1 ,8 3 9 ,0 5 0 ,3 6 2 7 3 1

1 ,9 3 4
2 .4 6 5
2 .0 5 0 8 1 ,6 1 1

T o t a l In b a n k s ................
2 0 0 ,7 1 3 ,2 1 9 471
i n T r e a s . o f P h ilip p in e I s la n d s —
C r e d it T r e a s u r e r o f U . S .
1 ,7 8 3 ,4 3 8 9 7 1 Cash balance and Reserve—
C r e d it U . S . d l s . o f f i c e r s .
1 ,5 8 2 ,9 8 1 6 7 (T o t a l c a s h la n d r e s e r v e - - 4 0 1 ,5 9 6 ,9 8 7 5 5
------------------------------ 1 M a d e u p o f —
T o t a l In P h i l i p p i n e s - .
3 .3 6 6 ,4 2 0 6 4 1A v a il a b le 2 5 1 .5 9 6 ,9 8 7 5 5
—--------------------------I
and
Reserve Fu tul H old ings—
IR e s e rv e F u n d —
G o ld c o i n a n d b u l l i o n . . . * 1 1 5 0 ,0 0 0 .0 0 0 0 0 1G o ld & b u ll 1 5 0 ,0 0 0 ,0 0 0 0 0

RE CE IPTS AND DISBU RSEM EN TS (000s om itted).

2 ,7 3 4
1 .7 0 4

G en . F u n d Liabilities—
34 N a t io n a l b a n k 5 % f u n d .
2 5 ,9 5 2 ,1 2 8 4 7
0 0 O u tsta n d in g ch e c k s a n d
00
d r a f t s ................... ...............
1 1 ,9 6 2 ,5 0 4 6 5
0 0 D is b u r s in g o f f i c e r s ’ b a l­
02
a n c e s ..................................
7 5 .6 9 7 ,4 4 7 7 7
00 P o s t O ffic e D e p a r tm e n t
001.
4 ,0 8 0 ,4 9 6 6 5
a c c o u n t .............................
3 ,9 1 0 ,9 2 8 6 4
0 0 1M is c e lla n e o u s I t e m s ____
961
---------:-------------------7 4 I T o t . g c n 'l li a b i li t ie s _____ 1 2 1 ,6 1 2 ,5 0 6 18
06|
501
I
T o t . In S u b - T r e a s ’ I e s . 1 6 9 ,1 2 9 ,8 5 3 621
I n N a t . B a n k D e p o s it a r ie s
C r e d it T r e a s u r e r o f U . S 1 8 8 ,6 7 0 .8 6 2 8 2 1
C r e d it U . S . d l s . o f f i c e r s .
1 2 ,0 4 2 ,3 5 6 651
1 4 ,1 8 7 ,6 2 7
2 9 ,5 8 4 ,3 9 0
1 7 ,5 2 0 ,0 1 9
1 8 ,5 6 9 ,5 8 8
5 ,9 7 6 ,4 3 5
1 0 ,4 4 9 ,4 3 7
1 2 ,7 3 5
4 9 ,7 6 7 ,3 4 3
2 0 ,2 6 7 ,8 4 1
116
2 ,7 7 1 .5 8 3
2 2 ,7 3 7

D is b u r s e d 1 9 0 7 -0 8 . . .
D is b u r s e d 1 9 0 6 -0 7
..

General F u n d H old ing s—
G o ld c o in a n d b u l l i o n .. .
G o ld c e r t i f i c a t e s ................
S liv e r c e r t if i c a t e s .
S ilv e r d o l l a r s ........................
S ilv e r b u l l i o n ........................
U n it e d S t a t e s n o t e s ------T re a su ry n otes o f 1 8 9 0 -N a t io n a l b a n k n o t e s _____
F r a c t io n a l s i lv e r c o i n ___
F r a c t io n a l c u r r e n c y ------M in o r c o i n ............................
B o n d s a n d In te re st p a ld .

iscellauccms Jl cuis

IMMIGRATION INTO TH E UNITED STATES —The
subjoined statement, compiled from the monthly statements
issued by the Bureau of Immigration and Naturalization of
the Department of Commerce and Labor, shows the number

of immigrant aliens admitted into the United States during
April and the ten months of the fiscal year 1907-08, and
for purposes of comparison corresponding figures for 1900-07
and 1905-00 are appended:
A u slrla M o n th s —
H ungary.
J u l y _________________2 1 ,8 1 3
A u g u s t ----------------- 2 4 ,7 6 5
S e p t e m b e r ---------- 2 0 ,6 2 9
O c t o b e r ----------------- 2 8 ,1 8 7
N o v e m b e r ----------3 1 ,1 6 6
D e c e m b e r ------------ 1 7 ,6 9 2
J a n u a r y -------------4 ,0 2 3
F e b r u a r y ..............
3 ,7 6 0
M a r c h ----------------3 ,7 0 1
A p r i l ____________
4 ,2 8 0
1 0 m o s . 1 9 0 7 - 0 8 .1 6 0 ,0 1 6
A p r i l 1 9 0 7 --------- 3 9 ,0 0 7
1 0 m o s - 1 9 0 6 - 0 7 .2 5 0 ,9 1 6
A p r i l 1 9 0 6 ------- . 3 5 ,2 6 1
1 0 m o s . 1 9 0 5 - 0 6 .2 0 9 ,4 2 0

R u ssia & U nited
F in la n d . K in gd om .
I ta ly .
8 ,4 7 9
2 3 ,9 7 1
1 9 ,4 7 7
2 1 ,6 4 9
1 0 ,7 6 8
1 6 ,2 8 8
1 2 ,9 7 2
1 7 ,2 0 6
1 9 ,3 1 6
1 4 ,6 9 8
1 6 ,8 4 1
1 8 ,4 7 8
8 ,7 7 7
2 5 ,2 1 3
1 8 ,5 7 2
4 ,4 2 3
1 7 ,4 6 2
8 ,3 7 7
2 ,4 0 6
8 ,2 8 3
2 ,8 3 3
3 ,3 1 1
3 ,5 9 2
4 ,5 8 7
4 ,6 2 9
5 ,4 9 0
6 ,6 1 2
9 ,1 8 0
5 ,9 2 1
6 ,5 6 0

Other
E u rope.
1 4 ,9 6 2
1 5 ,8 9 3
1 9 ,3 2 4
2 3 ,4 3 4
2 2 ,9 1 9
1 0 ,6 5 0
4 ,7 8 6
3 ,6 6 1
6 ,2 3 4
8 ,3 6 8

A ll
Other.
8 ,4 3 0
9 ,4 6 2
9 ,2 4 7
9 ,8 7 5
1 0 ,8 2 9
7 ,9 7 0
4 ,S S 9
4 ,4 7 0
5 ,8 4 5
6 ,9 6 5

T o ta l
9 7 ,1 3 2
9 S .8 2 5
9 8 ,6 9 4
1 1 1 ,5 1 3
1 1 7 ,4 7 6
6 6 ,5 7 4
2 7 ,2 2 0
2 3 ,3 8 1
3 2 ,5 1 7
4 1 ,2 7 4

7 9 ,6 4 3
1 5 ,6 5 5
8 3 ,0 2 3
1 6 ,2 8 5
7 7 ,5 6 1

1 3 0 ,2 3 1
2 8 ,1 3 3
1 4 5 ,9 9 0
2 3 ,3 3 2
1 2 3 .6 1 8

7 7 ,9 8 2
7 ,1 4 8
6 8 ,3 5 8
5 ,4 0 9
6 9 ,5 8 3

7 1 4 ,6 0 6
1 4 5 ,2 5 6
9 4 5 ,7 2 9
1 5 0 ,3 9 7
8 3 2 ,1 5 3

1 2 0 ,1 0 5
3 6 ,0 7 2
2 0 6 ,1 1 4
3 9 ,3 0 4
1 9 4 ,0 1 7

1 4 6 ,6 2 9
1 9 ,2 4 1
1 9 1 ,3 2 8
3 0 ,8 0 6
1 5 7 ,9 5 4

Auction Sales.—Among other securities the following, not
regularly dealt in at the Board, were recently sold at auction:
B y Messrs. Adrian H. Muller & Son:
S to c k s .
$ 7 3 ,0 0 0 N e w l 'o u n d l a n d S y n d i ­
c a t e 1 0 -y e a r c o ll, tru s t & c o n .
7 s ___________________________________ 3 6 6
)
1 0 M u t u a l H a n k o£ N . Y ____2 9 9 X
i
2 7 M e c h a n ic s ’ N a t. U k . 2 3 2 -2 3 8 H
5 0 0 A m e r . Q u a r t z M i n . C o ____3 1 3
4 H a n k o f A m e r i c a __________ 5 2 7 M.
1 U n it e d N . J . H R . & C a ­
n a l C o _______________________2 4 5 X
9 C a t a v v ls s a R a i l r o a d C o . . 1 0 6
0 W a r r e n R a i l r o a d C o -------- 1 7 0 X
R e c e ip t b y C o m m , o f M i­
n o r it y S t o c k h o ld e r s fo r
110 p r e f. N . Y . A N o r .
R v . C o . , w it h a ll r ig h t s
o f h o ld e r t o a c c o u n tin g
b v C o m m i t t e e ------------------- $ 7 1 o
: 1 0 0 G o 'i b e r t M f g . C o -------- $ 7 p e r s .
[
10 I n d u s t r i a l s . C o . o f P r o v 2 0 0
15 C o m E x c h a n g e H a n k ..3 1 1 1 5
'
1 0 B r o o k l y n T r u s t C o ---------- 3 9 9
2 0 0 C o n tin e n ta l
C a rb o n a to r
C o . , c o m m o n ______________ $ 5 0 0

S to c k s .
5 L a w y e r s ’ T it le In s . C o — 2 02
30 H a rtfo rd
S tea m
H o lle r
I n s p e c . & I n s u r . C o . . 2 2 6 Vt
2 0 0 L e h ig h & W .- B . C o a l C o .
o f P e n n s y l v a n i a . ---------- 100J-5
8 0 G e o . L . M c K a y & C o --------4 7 5
4 ,4 7 0 M u l t ip h o n e O p e r a t i n g C o .7 0 0
’ 18 G u a r d i a n T r u s t C o . . 1 6 7 - 1 6 9
1 30 C a r n e g ie T r u s t C O ..1 3 0 H - 1 6 0 %
14 U . S . G y p s u m , C o . , p r e f .
$10 p e r sh .
50 N . Y . M tg e . A S e c . C o . . 132 y :
10 T it l e I n s u r . C o . o f N . Y . . 1 12
lio n ets
$ 1 ,0 0 0 S t a t e o f I n d ia n a . W a b .
& E r ie C a n a l L o a n 5 % s t o c k ,
J u l y 1 8 7 3 c o u p o n s o n ------------- $ 3
$ 5 ,0 0 0 P a r k & T ll f o r d d e b . 6s
1 9 3 6 , .1. * P - ................... . 9 0 ft l n t .
$ 2 ,0 0 0 S a n t a F e R a t o n A E a s t .
R R . C o . 1st 5 s, 1 9 3 5 , M . A S . 63
$ 3 ,0 0 0 A m e r . S c h o o l F u r n it u r e
C o . 6 s , 1 9 2 9 , A . & 0 ..................... 7 8 15

BA N K NOTES—CHANGES IN TOTALS OF, AND IN
D EPO SITED BONDS, & c —We give below tables which
show all the monthly changes in bank notes and in bonds and
legal tenders on deposit. The statement for A p r il 1907 w ill
be found in our issue of M a y 18 1907, page 116 3 .
B on d s anil Legal-T en ders
on D ep osit for
B a n k C irculation.

[

Circulation A floa t U nder

1 9 0 7 -0 8 .

A p ril
M ch.
F eb.
Jan.
D ec.
N ov.
O et.
S ep t.
Aug.
J u ly
June
M ay

3 0 ------3 1 ------2 9 ------3 1 -------3 1 ------3 0 ------3 1 ------3 0 ------3 1 ------3 1 ------3 0 ------3 1 --------

B o n d s.

LegalT en ders.

B o n d s.

LegalTen ders.

$
6 2 8 ,8 3 9 ,4 3 0
6 3 2 .4 2 2 ,5 7 0
6 3 6 ,4 2 6 ,6 6 0
6 4 6 ,8 2 8 ,8 2 0
6 4 6 .7 8 3 ,0 0 0
6 1 8 ,3 9 1 ,3 1 0
5 6 6 .9 9 4 .9 1 0
5 5 9 ,6 2 4 .7 6 0
5 5 9 ,3 1 9 ,7 1 0
5 5 8 ,5 8 2 ,5 5 0
5 5 8 .4 4 2 .9 1 0
5 5 6 ,9 3 7 ,3 0 0

S
7 2 ,2 2 0 .3 2 3
6 7 ,5 7 3 ,0 1 9
6 3 ,2 1 5 .8 0 7
5 3 .4 8 3 ,0 9 8
4 6 ,6 7 0 ,9 9 6
4 6 ,0 6 2 ,1 8 8
4 7 ,2 5 2 .8 5 2
4 7 .8 8 5 .7 S 5
4 7 ,1 1 0 ,4 3 4
4 8 ,3 7 2 ,5 9 6
4 8 ,2 1 7 ,8 0 9
4 8 ,3 2 5 ,9 7 6

S
6 2 5 .4 2 5 ,3 7 5
6 2 8 ,8 3 4 ,3 3 6
6 3 2 .4 5 8 ,7 1 2
6 4 1 ,9 1 9 ,6 6 4
6 4 3 ,4 5 9 ,8 9 9
6 1 0 ,1 5 6 ,0 0 8
5 6 2 ,7 2 7 ,6 1 4
5 5 6 .1 0 1 ,3 2 9
5 5 0 ,9 4 5 .8 8 7
5 5 5 ,0 2 3 ,2 9 0
5 5 5 ,5 7 0 ,8 8 1
5 5 3 ,0 1 4 ,5 7 4

*
7 2 ,2 2 0 ,3 2 3
6 7 ,5 7 3 .0 1 9
6 3 ,2 1 5 ,8 0 7
5 3 ,4 8 3 ,0 9 8
4 0 ,6 7 0 ,9 9 6
4 6 ,0 6 2 ,1 8 8
4 7 ,2 5 2 ,8 5 2
4 7 ,8 8 5 ,7 8 5
4 7 ,1 1 0 ,4 0 4
4 8 ,3 7 2 ,5 9 6
4 8 ,2 1 7 ,8 0 9
4 8 ,3 2 5 ,9 7 6

Tota l.
$
6 9 7 ,0 4 5 ,6 9 8
0 9 6 ,4 0 7 ,3 5 5
6 9 5 ,6 7 4 ,5 1 9
6 9 5 ,4 0 2 ,7 6 2
6 9 0 ,1 3 0 ,8 9 5
6 5 6 ,2 1 8 .1 9 6
6 0 9 ,9 8 0 ,4 6 6
6 0 3 ,9 8 7 ,1 1 4
6 0 4 .0 5 6 ,3 2 1
0 0 3 ,3 9 5 ,8 8 6
6 0 3 ,7 8 8 ,0 9 0
6 0 1 ,9 4 0 ,5 5 0

The following shows the amount of each class of bonds held
against national bank circulation and to secure public moneys
in national bank depositories on April 30.
U . S . B on ds H eld A p r il 3 0 to Secure—
•

[VOL. LXXXYI.

THE CHRONICLE

1 2 6 4

B on d s on D ep osit
A p r il 3 0 1 9 0 8 .

2 p e r c e n t s , P a n a m a C a n a l _________
4 p e r c e n t s , 1 8 9 5 , d u e 1 9 2 5 ---------------3 p e r c e n t s , 1 9 0 8 - 1 9 1 8 ..............- ............
2 p e r c e n t s , c o n s o ls 1 9 3 0 - - ...................
3 p e r c e n t s , c e r t if ic a t e s o f I n d e b t ’ s s .
3 .6 5 s , D is t r ic t o f C o l u m b i a , 1 9 2 4 . . .
S t a t e , c i t y a n d r a ilr o a d b o n d s ...........
H a w a iia n I s la n d s b o n d s - - ...................

B ank
Circulation.

Public D eposits
in B a n k s.

$ 3 5 ,6 5 2 ,7 8 0
1 5 ,4 7 0 .7 5 0
9 ,2 6 5 ,7 0 0
5 5 4 ,2 6 3 .7 0 0
1 4 ,1 8 6 .5 0 0

$ 1 7 ,7 7 6 ,0 1 0
8 .1 9 8 ,4 5 0
8 ,0 7 0 ,7 0 0
4 7 ,6 7 5 ,7 0 0
2 .6 3 8 .0 0 0
1 3 0 ,4 9 3 ,3 5 0
2 .0 0 4 .0 0 0
8 .9 1 1 .0 0 0
7 7 0 ,0 0 0

P o r t o R i c o ........... - ...............- .......................
T o t a l o n d e p o s i t A p r il 3 0 1 9 0 8 —

$ 6 2 8 ,8 3 9 ,4 3 0

$ 2 2 6 ,5 4 3 ,2 4 0

Total
H eld .
$ 5 3 ,4 2 8 ,8 2 0 1
2 3 ,6 6 9 .2 0 0
1 7 ,3 4 2 ,4 0 0
6 0 1 ,9 3 9 ,4 0 0
1 4 ,1 8 6 ,5 0 0
2 .6 3 8 .0 0 0
1 3 0 ,4 9 3 ,3 5 0
2 .0 0 4 .0 0 0
8 .9 1 1 .0 0 0
7 7 0 ,0 0 0

Jan. 1.

Legal-T en ders.

F eb. 1.

M a y 1.

A p r il 1.

! M a rch 1.

$
$
$
$
D e p o s its by—
$
6 9 9 ,3 6 2
7 5 7 .5 6 4
8 7 9 ,2 3 9
6 5 4 ,1 9 4
7 1 9 ,8 0 4
I n s o l v e n t b a n k s ........... ..........
1 3 ,7 6 8 ,7 9 9 1 3 ,6 3 0 ,5 6 4
L iq u id a t i n g b a n k s -------------- 1 3 ,8 3 1 .9 0 5 1 3 ,6 4 0 .3 2 1 1 3 .8 1 G .4 6 0
R e d u c in g
under A c t ol
5 3 ,0 4 6 ,6 5 6 5 7 ,8 9 0 ,3 9 7
1 8 7 4 * ................ ....................... 3 2 ,1 1 9 ,2 8 7 3 9 ,1 8 2 ,5 8 3 4 8 ,5 2 0 ,1 0 8
6 7 ,5 7 3 ,0 1 9 7 2 ,2 2 0 .3 2 3
T o t a l ---------------------------------- 4 6 ,6 7 0 ,9 9 6 5 3 .4 8 3 ,0 9 8 6 3 ,2 1 5 ,8 0 7
>« A ct. o f J u n e 2 0 1S74 a n d J u ly 12 1 88 2

DIVIDENDS.
The following shows all the dividends announced for the
future by all large or important corporations:
.
D ividends announced this week are printed in italics.
P er
C en t.

N a m e o f C om p a n y.

B ook s C losed.
D a y s In clu sive.

W h en
P a ya b le.

R a ilr o a d s ( S t e a m ) .
H o ld e r s o f r c c .
June
2X
A t c li. T o p . A S a n ta F e . c o m . (N o . 1 5 ).
to
J u n e 23
I n ly
215
Atluntlc Coast L in e R R ........ ............... ............
Holders o f r e c .
June
B oston & A lb a n y (quar. ) ...............................
2X
M ay 25
J u ly
4
B oston A Loicell................ .................................
H o ld e r s
June
1
B u l l ■ A S u sq ., pref. (quar.) ( N o . 2 4 ) —
M ay 1
M ay
Calawlssa, pre/erred stocks - ........... ...............
215
H o ld e r s o f r e c
June
C h e s t n u t II111 ( q u a r . ) ........... , ........................
IX
to
M a y 17
Junc
C l n . N . O . & T e x . P n c ., p r e f. ( q u a r . ) . m
M a y 23
to
M ay
4
M
a
y
4
b
M e x i c a n , 1 st p r e f e r e n c e . ...............................
M a y 23
to
M ay
4
2H b M a y
S e c o n d p r e fe r e n c e ..........................................
H o ld e r s o f r e c . M a v 15
Juno
6
N e w Y o r k P h ila d e lp h ia A N o r f o l k ...........
M
a y 29
o
f
r
e
c
.
H
o
ld
e
r
s
J
u
n
e
N o r f o l k & W e s t e r n , c o m m o n _____________
to
M a y 19
M a y 14
M ay
N o r t h P e n n s y lv a n ia ( q u a r . ) ..........................
5
H o ld e r s o f r e c . M a y
M ay
P e n n s y l v a n i a ............. ..........................................
3
H o ld e r s o f r e c . M a y 2 0
June
3
P h ll a . G e r m a n t o w n & N o r r is t o w n (q u a r )
H o ld e r s o f r e e . M a y 15
June
P i t t s . B e s s e m e r & L a k e E r ie , p r e f ______
3
J u ly
S o u t h e r n P a c if i c , c o m . ( q u a r .) ( N o . 7 ) - IX
J u ly 14
to
J u ly
1
P r c f e r r e d ( N o . 8 ) -------------------------------------315 J u ly
J u n e 16
M ay 28
U n io n P a c if i c , c o m m o n ( q u a r . ) ...................
215 J u ly
S tre e t a n d E le c t r ic R a il w a y s
30 to
June
4
June
15 M a y
A m erica n R ailw ays (q u a r.).............................
IX
June
1 H o ld e r s o f r c c . M a y 15
C o l u m b u s ( 0 .) R y . , c o m . ( q u a r . ) ( N o . 2 0 )
IX
M
a
y
10
t
o
M
a
y
2
0
M
a
y
20
Georgia R y . A K le e ., com m on (q u a r.)------l>5
June
‘ H o ld e r s o f r e e . M c h . 15
1
Grand R apids R y .. com m on (q u a r.).............
M ay
20 to
M a y 31
K a n s its C it y R y . & L ig h t , p r e f . ( q u a r .)
I X June
M ay
26 to
June
5
N o r talk Railway A Ligh t..................... ............
I X June
H o ld e r s o f r e e . M a y 2 5
June
Rochester R y . A L I ., pref. (q u a r.)..............
IX
M is c e lla n e o u s .
M ay
19 t o
M ay 31
June
A d a m s E x p r e s s ........... ........................................... $4
H o l d e r s o f r e e . A p r i l 23
M ay
A m a lg a m a t e d C o p p e r ( q u a r . ) ..................... ..
X
J
u
n
e
12
t
o
J
u ly
1
A m erica n Caramel, pre/erred (q u a r.)------J
u
ly
2
M ay
17 t o
Juno
1
A m e r ic a n C o t t o n O H , p r e fe r r e d ...................
June
3
H o ld e r s o f r e c . M a y 2 9
J u ly
A m e r ic a n E x p r e s s ...................- .........................
3
M ay 27
M a y 15
M ay
A m e r ic a n L o c o m o t i v e , c o m . ( q u a r . ) ____
IX
June 30
J u n e 21
Juno
A m e r ic a n R a d i a t o r , c o m m o n ( q u a r . ) . .
1
June
1
M a y 19
June
1
A m e r ic a n S h i p b u il d i n g , c o m . ( q u a r . ) . - June
1
M a y 23
June
A m e r . S m e lte r s S e c u r it ie s , p r e f. A ( q u a r .)
June
1
M a y 23
June
P r e fe r r e d B ( q u a r .) ( N o . 1 2 ) ...........
IX
J u ly
2
June
3
J
u
ly
A m e r ic a n S u g a r R e f ., c o m . A p f . ( q u a r .)
IX
H o ld e r s o f r e c . M a y 1 5
A m e r i c a n T o b a c c o , c o m m o n ( q u a r .)
2 X June
H o ld e r s o f r e e . M a y 15
June
C o m m o n ( e x t r a ) .........................................
5
M ay 28
to
June
1
J
u
n
e
A ssociated M erchants, com m on ( q u a r .)-IX
M a y 14
to
Juno
2
June
2
B a r n e y A S m it h C a r, p r o f. ( q u a r . ) - - . . .
June
6
to
J u n e 15
B o r d e n ’ s C o n d e n s e d M ilk , p r e f. ( q u a r . ) .
1J-5 Ju n e
H o ld e r s o f r c c . M a y 2 0
Ju n e
B u t t c r l c k C o m p a n y — ....................................
X
H o ld e r s o t r e e . M a y 2 0
June
C o n s o li d a t e d G a s o f N . Y . ( q u a r . ) _______
1
June
1
to
J u n e 15
June
D i a m o n d M a tc h ( q u a r . ) ...............................
2X
M ay 30
to
J u n e 15
J u ly
K astm an K o d a k , com m on (q u a r.)........... ..
2X
M ay 30
to
J u n e 15
J u ly
Pre/erred (quarterly)................................. ..
IX
H o ld e r s o f r e c . M a y 2 9
I Une
Federal M in in g <4 Sm elting, pref. (quar.)
IX
H
o
ld
e
r
s
o
f
r
e
c
.
M
a y 22
Funo
1
G e n e r a l C h e m ic a l, c o m m o n ( q u a r . ) . . .
M a y 19
to
M ay 25
M ay
I n d e p e n d e n t B r e w in g , P i t t s . , p f . ( q u a r .)
IX
M ay 22
to
M a y 31
June
K in g s C o u n t y E l e c . L t . A P o w e r ( q u a r .)
June 7
to
J u n e 15
June
Laclede G as Light, com m on (q u a r.)_______
IX
June
7
to
J u n e 15
June
P r e fe r r e d .................. ........................ ..................
2X
H
o
ld
e
r
s
o
f
r
e
c
.
A p r il 3 0
M
a
y
L e h ig h C o a l & N a v ig a t io n ( N o . 1 2 1 ) . - 4
M a y 17
to
M a y 31
June
2
M a s s a c h u s e t t s G a s C o m p a n ie s , p r e f ____
M a y 17
to
June
1
2
June
M ic h ig a n S t a te T e t e p h ., c o m . ( N o e . l A 2 )
H o ld e r s o f r e e . J u n e 2 0
J
u
ly
N a t i o n a l B i s c u i t , c o m m o n ( q u a r . ) ..............
I X
H o ld e r s o f r e e . M a y lS n
M ay
P r e fe r r e d ( q u a r .) ( N o . 4 1 ) ..................... ..
IX
June U
to
J u ly
1
J u ly
N a t i o n a l E n a m . & S t a m p ., p r e f. ( q u a r .)
I X
J u n e 13
to
J u n e 16
J u ly
N ational Lead, com . (quar.) ( N o . 1 8 ) ____
I X
M ay 23
to
M ay 20
June
N a t i o n a l L e a d , p r e f. ( q u a r .) ( N o . 0 6 ) - I X
H o ld e r s o f r c c . M a y
2
M ay
P e o p l e ’ s G a s L ig h t A C o k e ( q u a r . ) _______
I X
M ay 23
to
June
l
June
P h il a d e lp h ia E l e c t r i c .........................................
2X
M ay
7
to
M ay 30
M ay
P r e s s e d S t e e l C a r , p r e f. ( q u a r .) ( N o . 3 7 ) .
IX
H o ld e r s o f r c c . J u l y
3
J
u
ly
Q u a k e r O a t s , c o m m o n ( q u a r . ) . ........... .......
I X
H o ld e r s o f r e c . J u ly
3
J u ly
C o m m o n ( e x t r a ) ...............................................
X
H o ld e r s o t r e e . M a y 2 0
M ay
P r e fe r r e d ( q u a r . ) ............................................
I X
M ay 26
to
June
3
J
u
n
e
Q u in c y M i n i n g ................ ...................................... $1
J u n e 11
to
J u n e 21
June
R a il w a y S te e l S p r in g , p r e f. ( q u a r . ) . _____
IX
1 H o l d e r s o f r e c .M a y 2 5 «
J
u
n
e
S loss-S heffleld Steel A Iro n , com . (quar. )
1
H o ld e r s o f r e c . M a y 2 0
Juno
$9
S t a n d a r d O il ( q u a r . ) ..........................................
H o ld e r s o t r e c . M a y 2 9
June
U n it e d C ig a r M fr s ., p r e f. ( q u a r . ) ______ _
I X
M a y 12
to
M a v 31
J
u
n
e
U . S . C a s t I r o n P ip e A F d y . , p f . ( q u . ) - I X
J
u n e 11
to
June 30
June
U . S . S te e l C o r p .. c o m . ( q u . ) ( N o . 1 8 ) . X
M av
7
to
.Tune
1
June
P r e fe r r e d ( q u a r .) ( N o . 2 8 ) .................—
IX
H o ld e r s o f r c c . J u n e 10
J u ly
W altham W atch, com m on _________ ________
X
H o ld e r s o f r e e . M a y 16
June
3
P r e fe r r e d ...............................................................

1

f?

U5

a T r a n s fe r b o o k s n o t c l o s e d ,

b L ess In co m e ta x .

Imports and Exports for the Week.—The following are
the imports at New York for the week ending May 16; also
totals since the beginning of the first week in January:

$ 8 5 5 ,3 8 2 ,0 7 0
j

F o r w eek.

The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits April 1 and
May 1 and their increase or decrease during the month of
April.
N a tiona l B a n k N otes— Total A flo a t—
. . ..
Am ount a f lo a t A p r il l 1 9 0 8 ........ ................................................... — V . T A t ' m r
M ,4 0 7 ,3 5 °
A m o u n t I ssu e d d u r in g A p r i l . ................................................................. S l 5 , 4 3 l , 0 3 o
Amount retired during April________ ______________________ 14, t j j .obj
1 238 313
A m o u n t o f b a n k n o t e s a f lo a t M a y 1 1 9 0 8 ................... - ............ ............ ............ $ 6 9 7 ,6 4 5 ,6 9 8
L eg a l-T en d er N otes—
A m o u n t o n d e p o s i t t o r e d e e m n a t io n a l b a n k n o t e s A p r i l 1 1 9 0 8 - - - - - - $ 6 7 ,5 7 3 ,0 1 9
A m o u n t d e p o s i t e d d u r in g A p r i l ..................... ....................................A m o u n t o f b a n k n o t e s r e d e e m a b le In A p r i l ..................................
4 ,7 2 9 .1 1 7
---------------------4 ,6 4 7 .3 0 4

The portion of legal-tenders deposited (i) by banks be­
coming insolvent, (2) by banks going into voluntary liqui­
dation and (3) by banks reducing or retiring their circulation
was as follows on the first of each of the last five months.

1900.

1907.

1908.

1905.

$ 3 ,5 2 3 ,3 5 4
1 4 ,4 8 7 ,9 5 1

$ 2 ,5 4 4 ,5 2 4
1 1 ,1 1 9 ,0 4 7

$ 1 ,9 2 4 ,7 6 9
1 0 ,0 4 4 ,1 3 0

$ 1 3 ,4 3 7 ,6 8 4

$ 1 S ,0 1 1 .3 0 5

$ 1 3 ,6 6 3 ,5 7 1

$ 1 1 ,9 6 8 ,8 9 9

3 5 0 .6 S 3 .8 0 3
1 8 0 ,5 5 8 ,4 5 9

$ 7 7 ,5 5 6 ,6 8 2
2 7 9 ,5 9 2 ,5 2 0

$ 6 6 ,4 1 3 ,9 5 9
2 3 2 ,4 2 7 ,5 3 7

$ 5 7 ,0 1 8 ,7 0 2
2 3 2 ,1 2 7 .8 8 0

D r y G o o d s .......................................
G e n e r a l M e r c h a n d i s e , ..............

$ 1 ,6 6 8 ,6 6 7
1 1 ,7 6 9 ,0 1 7

T o t a l ............. ..............................
S ince J a n . 1.
D r y G o o d s .................. ------------- - ­
G e n e r a l M e r c h a n d is e - -............

$ 3 6 7 ,1 4 9 ,2 0 2 $ 2 9 8 ,8 4 1 ,4 9 6 $ 2 8 9 ,1 1 0 ,5 8 8

T o t a l 2 0 w e e k s ..................... -

The following is a statement ot tne exports ^exclusive oi
specie) from the port of New York to foreign ports for the
week ending May 16 and from Jan. 1 to date:
EXPORTS

FROM

A m o u n t o n d e p o s i t t o r e d e e m n a t io n a l b a n k n o t e s M a y 1 1 9 0 8 ...................$ 7 2 ,2 2 0 ,3 2 3




!

F o r th e w e e k ..................... ............
P r e v io u s ly r e p o r t e d ...................

NEW

YORK

FOR

THE

W EEK.

1908.

1907.

1906.

1905.

$ 1 0 ,3 8 9 ,5 7 1
2 4 3 ,7 9 4 ,0 0 5

$ 6 ,4 5 6 ,0 6 7
2 3 2 ,8 6 2 .8 7 5

$ 1 1 ,9 4 0 ,0 6 7
2 3 7 ,1 7 5 ,1 5 4

$ 1 0 ,0 1 4 ,8 0 8
2 0 2 ,1 4 4 ,9 7 4

$ 2 1 2 ,1 5 9 ,7 8 2
T o t a l 2 0 w e e k s ........................ $ 2 5 4 ,1 8 3 ,6 6 6 $ 2 3 9 ,3 1 8 ,0 4 2 $ 2 4 9 ,1 2 4 ,2 2 1

May 23 1908. j
EXPORTS AND

THE CHRONICLE
IM P O R T S O F S P E C IE

AT

NEW

YORK.

E x p o r ts.
W eek.
G r e a t B r i t a i n ........................... ...................
F r a n c e ...... ...................................................... $ 0 ,7 9 2 ,8 3 4
G e r m a n y ______________________ ________
W e s t I n d i e s .......................................... ..........
5 0 4 ,3 0 0
M e x i c o ............................................................
S o u t h A m e r i c a .............................................
A l l o t h e r c o u n t r ie s _________ ___________

Im p o rts.

S in ce J a n . 1
$ 2 ,5 2 0 ,4 1 2
1 5 ,8 0 3 ,5 8 9
8 6 0 ,4 9 0
2 ,3 0 0
5 6 6 .4 7 5
9 ,7 3 5

W eek .

$ 4 8 2 ,5 0 0
6 0 ,0 8 6
5 2 ,5 4 7
4 0 ,2 9 0

S in ce J a n . 1
$ 3 ,4 2 2 ,8 0 3
6 8 1 ,3 1 5
1 5 ,7 8 5
3 ,0 4 0 ,9 3 6
2 0 6 ,8 7 2
1 ,1 7 1 ,3 0 8
1 ,4 3 8 ,8 4 0

N o te .
I n t h e c a s e o f t h e C l e a r in g -H o u s e b a n k s , t h e d e p o s i t s a r e " n e t ’ ’ b o t h f o r
t h e a v e r a g e a n d a c t u a l fig u re s : in a ll o t h e r c a s e s " g r o s s ” d e p o s i t s a r e s h o w n
The
C l e a r in g -H o u s e a c t u a l fig u re s I n c lu d e d U n it e d S t a t e s T l e p o s f t s ^ o u n t l w T t o S 3 1 6 5 2 ,2 0 0 ; a d e c r e a s e o f $ 5 ,5 8 7 ,5 0 0 f r o m la s t w e e k ? a v e r a & f I n c l u d e d u S t e d 8 t a t £
d e p o s i t s o f $ 3 1 ,6 9 8 ,4 0 0 , a d e c r e a s e o f $ 7 ,4 6 7 ,6 0 0 f r o m t e s t w e e k
R eiser v e un d e p u H lts" in c lu d e s , fu r b o t h t r u s t c o m p a n i e s a n d S t a t e b a n k s n o t
o n l y ca s h I te m s b u t a m o u n t s d u e fr o m r e s e r v e a g e n t s , a n d In t h e c a s e o f t r u s t c o m ­
p a n ie s in c lu d e s lik e w is e m u n i c ip a l b o n d s .
S t a t e b a n k s In N e w Y o r t c i t y a r e
q u lr e d b y la w t o c a r r y a r e s e r v e a m o u n t in g t o 1 5 % o f d e p o s i t s w h lle o n ts lr fe o f
N e w Y o r k C it y o n l y 1 0 % Is r e q u i r e d , w h ic h r e s e r v e In b o t h c a s e s ’n e e d n o t b e m o r e
U ian o n e -h a l f In c a s h .
T r u s t c o m p a n i e s In G r e a t e r N e w Y o r k a r e r e a u lr e d t o k e e p
a re s e rv e o f 1 5 % . o f w h ic h o n l y 5 % n e e d b e In c a s h a n d 5 % m o r e m a y b e l n m i m i c ?
p a l b o n d s , w h ile In t h e c a s e o f th e t r u s t c o m p a n i e s In t h e r e s t o f t h e S t a t e t h e r e m t l c . p ra rb o Vn d s . 1 0 % ’ ° f

T o t a l 1 9 0 8 ....................................... .......... $ 7 ,2 9 7 ,1 3 4 $ 1 9 ,8 2 3 ,0 0 1
$ 6 3 5 ,4 2 3
T o t a l 1 9 0 7 ......................- ............ ............
1 ,0 0 0
1 .8 6 3 ,4 4 0
1 1 2 ,1 9 5
T o t a l 1 9 0 0 ..................................................
0 ,0 0 0
4 ,9 4 0 ,5 2 2 1 5 ,1 9 3 ,6 3 2
S ilv e r .
G r e a t B r i t a i n . - ..............- ............... ..........
$ 4 0 3 ,0 9 0 $ 1 4 ,4 4 8 ,7 1 5
F r a n c e ............................................................
2 7 ,0 0 0
7 6 7 ,0 0 0
2 ,8 9 5
G e r m a n y ----------------------------------------------3 ,0 0 0
W e s t I n d i e s ....................................................
2 8 ,5 0 0
1 9 7 ,3 4 9
5 3 ,8 8 5
M e x i c o ------------------------------------ --------------1 ,5 7 9
S o u t h A m e r i c a -------------- --------------- -------3 ,0 0 0
5 3 .1 3 0
A l l o t h e r c o u n t r ie s - - . — ...................350
T o t a l 1 9 0 8 ------------------------------------------T o t a l 1 9 0 7 ................ .................................
T o t a l 1 9 0 0 - ...............................................

1 2 6 5

^

3%

^

b e ln Cash ^ 3 % m o r e T a y ^ m

The State Banking Department also furnishes the follow­
ing report for State banks and trust companies outside of
Greater New York.
STATE

BANKS

& T R U S T C O ’S O U T S ID E O F G R E A T E R

M a y 16 1908.
. .
,
L o a n s.
D ep osits.
$ 7 9 ,9 0 3 ,1 0 0
S t a t e b a n k s ........... ............................................$ 7 8 ,3 2 7 ,3 0 0
„
.
— 1 9 3 ,7 0 0
+ 2 2 2 ,8 0 0
T r u s t c o m p a n i e s .............................................1 1 7 ,7 8 4 ,0 0 0
1 2 3 ,9 5 4 ,6 0 0
________
+ 1 9 1 ,2 0 0
— 8 2 5 ,6 0 0
W eek

$ 5 1 9 ,1 9 0 $ 1 5 ,4 1 6 ,4 1 4
5 9 0 ,0 1 2
1 5 ,4 4 7 ,2 1 9
1 ,1 0 3 ,1 7 3
2 1 ,8 4 9 ,3 8 4

+

I n c r e a s e o v e r la s t w e e k .

NEW

YO RK.

ending

R eserve.
$ 1 4 ,7 0 9 ,4 0 0
— 2 1 3 .6 0 0
2 0 ,4 6 7 ,3 0 0
— 4 4 4 ,6 0 0

% of
R es.
1 9 .0
1 6 .7

— D e c r e a s e fr o m la s t w e e k .

Of the above imports for the week in 1908, $54,792 were
Reports of Non-Member Banks.—The following is the
American gokFcoin and $57,263 American silver coin. Of statement of condition of the non-member banks for the
the exports during the same time, $20,000 were American week ending May 16, based on average daily results:
gold coin and $25,000 were American silver coin.
Statement of New York City Clearing-House Banks.L o a n s,
Legal
D e p o s it with
detailed statement below shows the condition of the
D isc'Is
Tender
B a n k s.
C a p i­
Sur­
York City Clearing-House banks for the week ending May 16.
and
S pecie
and
Clear­
Other
N e fl
tal.
p lu s.
In vest­
Bank
ing
The figures f
’
B a n k s D ep osits
m en ts.
N o te s.
A g e n t.
& c.
daily results.
N . Y . C ity
was made with the statement for Feb. 8, so that in addition Borough
s o,
to the averages for the week the actual figures at the end of M a n .& B r x
$
$
$
$
$
$
$
W a s h . H g ts
100.C
1 8 5 ,0
9 2 7 .0
the week are now given.
1 3 ,0
5 3 ,0
1 2 8 ,0
8 4 8 ,0
C e n t u r y ___
W e om it two ciphers (0 0 ) in all cases.

B a n k s.
0 0 * om itted.

Bank of N . Y - M a n h a ttan C o .
M e r c h a n t s ’ ____
M e c h a n ic s ’ ____
A m e r i c a ..............
P h e n l x _________
C i t y .....................
C h e m i c a l ..............
M erch a n ts’ E x .
G a lla t in . . . . . . .
B u tch , & D rov
G r e e n w i c h ------A m er. E x c h .-C om m erce— - M e r c a n t i l e ------P a c if i c ................
C h a t h a m ..............
P e o p l e ’ s -----------H a n o v e r -----------C it iz e n s ’ C e n t . .
N a s s a u -------------M a rk e t & F u lt’ n
M e t r o p o l it a n . .
C orn E xch an ge
Im p . & T raders’
P a r k .....................
E a s t R i v e r ------F o u r t h . . . _____
S e c o n d ........... ..
F ir s t -----------------I r v in g N a t . E x .
B o w e r y .............
N . Y . C ou n ty - .
G erm a n -A m e r .
C h a s e . ...................
F ift h A v e n u e ..
G erm a n E x c h -.
G e r m a n i a ...........
L in c o ln _________
G a r f i e l d ................
F if t h ____________
M e t r o p o l i s _____
W e s t S id e . . . . .
S e a b o a r d -----------L ib e r t y -------------N . Y . P rod . E x .
S t a t e .....................
1 4 t h S t r e e t _____

C apital.

S u rp lu s.

L o a n s.
A verage.

$
2 ,0 0 0 ,0
2 ,0 5 0 ,0
2 ,0 0 0 ,0
3 ,0 0 0 ,0
1 ,5 0 0 ,0
1 ,0 0 0 ,0
2 5 ,0 0 0 ,0
3 ,0 0 0 ,0
6 0 0 ,0
1 ,0 0 0 ,0
3 0 0 ,0
5 0 0 ,0
5 ,0 0 0 ,0
2 5 ,0 0 0 ,0
3 ,0 0 0 ,0
5 0 0 ,0
4 5 0 ,0
2 0 0 ,0
3 ,0 0 0 ,0
2 ,5 5 0 ,0
5 0 0 ,0
1 ,0 0 0 ,0
2 ,0 0 0 ,0
3 ,0 0 0 , 0
1 ,5 0 0 ,0
3 ,0 0 0 ,0
2 5 0 ,0
3 ,0 0 0 ,0
1 ,0 0 0 ,0
1 0 ,0 0 0 ,0
2 ,0 0 0 ,0
2 5 0 ,0
5 0 0 ,0
7 5 0 ,0
5 ,0 0 0 ,0
1 0 0 ,0
2 0 0 ,0
2 0 0 ,0
1 ,0 0 0 ,0
1 ,0 0 0 ,0
2 5 0 ,0
1 .0 0 0 ,0
2 0 0 ,0
1 ,0 0 0 ,0
1 ,0 0 0 ,0
1 ,0 0 0 ,0
1 ,0 0 0 ,0
1 ,0 0 0 ,0

i
3 ,1 6 8 ,7
3 ,2 8 8 ,9
1 ,6 1 3 ,3
3 ,7 0 4 ,8
4 ,6 0 6 .1
5 3 0 ,0
2 4 ,8 8 6 ,9
5 ,6 0 6 ,3
5 2 8 ,3
2 ,4 1 1 ,4
1 4 1 ,8
7 4 0 ,4
5 ,1 3 6 ,8
1 4 ,9 5 6 ,3
2 ,4 3 5 ,4
8 2 9 ,4
1 ,0 0 0 ,4
4 6 4 ,1
9 ,2 8 6 ,3
1 ,1 9 0 ,0
3 6 6 ,4
1 ,5 7 1 ,7
1 ,0 9 0 ,3
5 ,0 6 8 ,9
7 ,2 5 8 ,7
9 ,2 6 5 ,0
1 1 8 ,8
3 .3 2 1 ,3
1 ,6 2 9 ,2
2 0 ,0 8 5 ,4
1 ,2 6 7 ,0
7 7 2 ,7
1 ,0 7 9 ,8
6 1 7 ,6
4 ,9 9 1 ,1
1 ,9 8 7 ,4
8 7 0 ,2
9 3 3 ,4
1 ,1 7 5 ,9
1 ,2 2 7 ,2
4 4 2 ,5
1 ,8 9 3 ,9
7 1 3 .0
1 ,5 7 2 ,9
2 ,3 9 4 ,4
6 7 0 ,8
7 0 5 ,6
3 6 6 .1

2 1 ,3 1 7 ,0
2 4 ,1 0 0 ,0
2 1 ,4 8 0 ,0
2 4 ,2 8 5 ,0
2 6 ,3 6 7 ,2
7 ,3 4 8 ,0
1 8 4 .7 7 1 ,3
3 1 ,9 2 7 ,5
6 ,6 9 2 ,7
9 ,0 5 4 ,6
2 ,0 5 5 ,6
5 ,3 9 4 ,7
3 3 ,9 2 3 ,2
1 6 2 ,1 1 4 ,0
9 ,9 2 2 ,7
3 ,4 5 6 ,9
6 ,5 1 3 ,4
1 ,7 0 8 ,8
6 1 ,2 8 3 ,3
2 0 ,2 6 0 ,6
4 ,5 7 2 ,9
7 .3 6 8 ,0
1 1 ,9 6 0 ,8
4 3 ,6 9 0 ,0
2 0 ,5 4 5 ,0
7 8 ,9 7 5 ,0
1 ,1 8 2 ,6
2 1 ,7 9 2 ,0
1 0 ,0 1 6 ,0
1 0 8 ,4 4 2 ,9
1 7 ,6 0 8 ,5
2 ,3 3 5 ,5
7 ,0 3 9 ,6
3 ,8 3 5 ,1
7 5 ,8 7 4 .0
1 2 .3 4 3 .1
3 .8 2 5 .8
4 ,8 7 1 ,3
1 2 ,6 9 5 .9
6 ,8 0 3 ,1
3 ,1 1 3 ,5
1 2 ,1 1 0 ,0
4 .2 3 4 ,0
1 9 ,1 1 8 ,0
1 4 ,7 5 2 ,7
6 ,3 1 5 ,6
1 0 ,6 7 8 ,0
4 ,3 8 4 ,0

S

S pecie
A verage.

L cgals.
A verage.

5
$
4 ,5 5 5 ,0
1 ,1 3 8 ,0
1 6 ,0 5 0 ,0
1 ,4 7 0 ,0
4 ,4 5 6 .0
1 ,8 1 3 ,0
4 ,5 6 6 ,0
1 ,9 0 2 ,0
5 ,9 5 0 ,5
2 ,0 0 1 .0
1 ,5 4 7 ,0
3 8 4 ,0
8 1 ,5 3 9 .2 4 ,3 3 0 .0
6 ,4 7 8 ,9 2 ,0 1 3 ,0
1 ,6 0 7 ,3
2 1 0 ,1
1 ,3 4 0 ,5
7 1 1 ,2
4 0 9 ,5
9 5 ,9
1 ,3 7 5 ,0
2 5 0 ,0
5 ,5 7 0 ,8
1 ,3 8 5 ,8
2 7 ,8 1 7 .5 1 3 ,3 8 6 ,3
1 ,2 1 9 ,5
2 7 2 ,1
7 0 2 ,0
5 0 5 ,7
9 7 5 ,3
8 9 5 ,0
5 7 ,0
6 9 5 ,3
1 0 ,7 8 8 ,5 9 ,7 4 0 ,6
5 ,0 6 4 ,9
3 2 3 ,3
3 8 5 ,0
8 3 5 ,7
2 ,3 8 2 ,1
7 7 4 ,8
3 ,1 0 6 ,3
1 3 7 ,9
1 0 ,9 9 4 ,0 3 ,0 6 3 ,0
5 ,5 1 3 ,0
1 ,5 8 4 ,0
2 0 ,5 1 1 ,0 3 ,3 1 5 ,0
3 7 8 ,7
1 3 4 ,3
4 ,3 1 5 ,0
1 ,9 0 0 ,0
2 ,4 5 3 ,0
5 0 8 ,0
2 7 ,8 7 2 ,0
1 ,2 0 8 ,9
3 ,8 5 1 ,3
9 2 0 ,0
6 7 3 ,0
6 7 ,0
1 ,3 3 0 ,0
6 0 7 ,4
7 8 1 ,0
1 6 8 ,4
2 0 ,8 2 8 ,2 2 ,9 7 5 ,3
3 ,0 0 5 ,2
1 ,2 1 2 ,6
2 7 5 ,0
7 8 0 ,0
8 7 3 ,6
6 0 3 ,4
2 ,6 4 4 ,6
7 3 5 ,5
1 ,7 0 5 ,2
2 2 8 ,5
5 7 0 ,6
4 0 0 ,4
1 ,6 8 2 ,5
1 .4 7 2 ,1
1 ,0 1 5 ,0
2 7 5 .0
4 ,8 4 6 .0
1 ,2 0 7 ,0
3 ,9 7 6 ,3
5 5 4 ,8
1 ,7 2 4 ,1
1 7 8 ,7
2 ,9 0 2 ,0
2 0 7 ,0
0 7 2 ,1
5 4 1 ,6

D ep osits.
A vera ge.

R es 've .

$
%
2 0 ,9 8 6 ,0 2 6 .5
3 7 ,4 7 0 ;0 4 4 .7
2 3 ,0 7 2 ,0 2 6 .6
2 4 ,8 9 7 .0 2 7 .1
2 0 ,0 9 8 ,1 2 6 .3
6 ,5 6 2 ,0 2 5 .7
2 1 4 ,3 5 6 ,1 3 2 .3
3 2 ,3 6 3 .0 2 6 .9
7 ,1 2 2 ,4 2 5 .0
7 .7 9 0 ,9 2 6 .6
2 ,0 7 2 ,8 2 1 .2
5 ,9 1 9 ,8 2 7 .7
2 7 ,7 7 9 ,1 2 5 .1
1 4 9 ,3 2 6 ,2 2 6 .3
5 ,6 4 0 ,8 2 8 .1
3 ,5 9 9 ,2 3 0 .7
6 ,8 5 1 ,2 2 6 .4
2 ,2 3 6 ,7 2 3 .3
7 3 ,2 7 7 ,0 2 6 .5
2 0 ,0 1 3 ,2 t 2 0 .3
4 ,8 4 9 ,6 2 7 .8
8 ,4 8 8 ,3 3 1 .3
1 2 ,4 8 3 .3 2 0 .7
5 2 ,3 4 0 ,0 2 6 .3
2 4 ,9 0 3 .0 2 7 .9
9 0 ,3 0 0 ,0 2 5 .8
1 ,4 4 9 ,3 2 6 .4
2 2 ,6 1 4 ,0 2 7 .8
1 0 ,9 7 1 ,0 2 6 .5
1 0 0 ,5 6 3 ,9 2 9 .6
1 8 ,3 9 9 ,7 2 5 .9
3 ,3 5 0 ,0 2 5 .7
7 ,5 3 6 ,5 V 6 .0
3 ,6 6 1 ,9 2 6 0
8 7 ,0 2 3 ,5 2 6 .2
1 4 ,2 6 4 ,7 2 8 .5
4 ,2 1 9 ,4 i 3 . 0
5 ,7 1 1 ,2 2 5 .6
1 3 ,2 8 9 ,1 2 4 .3
7 ,0 3 7 ,1 2 8 .7
3 ,4 2 0 ,4 2 9 .0
1 2 ,4 8 7 ,6 2 5 .7
4 ,7 9 7 ,0 2 3 .9
2 2 ,6 2 9 ,0 2 7 .6
1 4 ,6 0 7 ,3 2 7 .4
7 ,3 5 7 ,6 2 6 .7
1 2 ,4 5 3 ,0 2 2 .0
4 ,5 6 7 ,7 2 4 .3

T o t a l s , A v e r . 1 2 4 .3 5 0 .0 1 5 9 ,9 8 4 ,0 1 2 0 1 ,1 2 0 ,0 3 1 3 ,9 8 0 ,5 0 9 .0 8 1 ,9 1 2 7 6 ,2 2 0 ,6 3 0 .0
A c tu a l fig u re s

M ay I 6 --

................

1 2 0 8 ,8 7 9 .8 3 1 6 ,3 7 1 ,1 6 9 .2 4 9 .5 1 2 8 6 ,4 7 7 ,5 2 9 .8

O n t h e b a s is o f a v e r a g e s , " c i r c u l a t i o n ” a m o u n t e d t o $ 5 7 ,2 0 6 ,2 0 0 a n d U n it e d s t a t e
d e p o s i t s (I n c lu n e d In d e p o s i t s ) t o $ 3 1 ,6 9 8 ,4 0 0 ; a c t u a l fig u re s M a y 10 c i r c u la t io n $ 5 7 , 0 4 1 , 7 0 0 ; U n it e d S t a t e s d e p o s i t s , $ 3 1 ,0 5 2 ,2 0 0 .
’
’

The statements compiled by the State Banking Depart­
ment, together with the totals for the Clearing-house banks,
both the averages for the week and the actual figures at the
end of the week, are shown in the following table. In the
figures for State banks and trust companies all of these insti­
tutions in Greater New York are included.
N E W Y O R K C IT Y B A N K S A N D T R U S T C O M P A N IE S .
W eek ending M a y 16 1 9 0 8 .
I Mans and
R eserve on P .C .
S pecie.
0 0 s om itted.
Investm ents.
D ep osits.
Legale.
D e p o s its, o f R e $
$
$
$
$
serve.
C le a r in g - H o u s e
3 1 6 ,3 7 1 ,1
B a n k s — A c t u a l 1 ,2 0 8 .8 7 9 ,8
1 ,2 8 6 ,4 7 7 ,5
6 9 ,2 4 9 ,5
3 8 5 ,6 2 0 ,6
— 8 3 6 ,4
+ 1 0 ,9 6 5 ,2
+ 9 ,8 5 3 ,2
+ 1 8 8 ,2
— 6 4 8 ,2
C le a r in g -H o u s e
3 1 3 ,9 8 0 ,5
6 9 ,6 8 1 ,9
1 ,2 7 6 ,2 2 0 ,0
B a n k s — A v g e . 1 , 2 0 1 , 1 2 0 ,0
3 8 3 ,6 6 2 ,4
+ 0 7 6 ,0 + 1 ,5 2 1 ,7
+ 4 ,7 7 7 ,8
+ 5 ,8 9 5 ,7
+ 2 ,1 9 7 ,7
S ta te B a n k s—
5 7 ,0 2 3 ,1
2 0 ,1 2 1 ,0
3 1 6 ,7 4 2 .4
A v e r a g e .............. 2 0 5 ,7 8 2 ,4
9 6 ,1 7 7 .1
+ 4 ,2 3 4 ,4
— 1 0 ,1
+ 1 ,4 7 4 ,9
+ 3 ,6 2 0 ,8
+ 4 ,8 2 0 ,8
T r u s t C o m p a n ie s —
4 4 ,9 7 4 ,3
5 ,7 2 8 .6
A v e r a g e .............. 7 8 1 ,9 8 4 ,5
8 0 3 ,0 7 5 ,0
2 5 8 ,1 8 4 ,2
+ 8 2 1 ,7
+ 8 ,2 8 9 ,4
— 2 8 0 ,2
+ 8 ,8 4 8 ,8
+ 5 5 8 ,4
S ta te H anks a n d
T r u s t C o ’ s— n o t
4 9 ,1 6 0 ,5
1 1 ,9 0 0 ,9
In C le a r .- H o u s e
8 0 1 ,5 5 6 ,2
2 8 4 ,5 3 6 ,1
8 9 7 ,1 6 0 ,3
— 1 7 6 ,2
+ 1 ,1 5 0 .8
+ 8 ,8 0 5 ,3
+ 1 0 ,3 0 1 ,7
+ 1 ,5 9 0 ,7
+ I n c r e a s e o v e r la s t week
— D e c r e a s e fr o m la s t w e e k .
• I n clu d e s b a n k n o te s.
6 A f t e r e lim in a t in g th e I te m " D u e fr o m r e s e r v e d e p o s i­
t o r ie s a n n o t h e r b a n k s a n d t r u s t e o m r>,' rd e s In N e w Y o r k u t v . " d e p o s i t s a m o u n t t o
$ 7 1 1 , 3 2 4 , 7 0 0 , a n I n c r e a s e o f $ 1 2 ,8 0 8 ,6 0 0 o v e r la s t w e e k ’ s fig u re s .




2 0 0 ,0
C o l o n i a l ___
1 0 0 ,0
C o lu m b ia . .
3 0 0 ,0
f i d e l i t y ___
2 0 0 ,0
J e f f e r s o n ___
5 0 0 ,0
M t. M o r ris.
2 5 0 ,0
M u t u a l _____
2 0 0 ,0
1 9 th W a r d .
3 0 0 ,0
P la z a ______
1 0 0 ,0
23d W a r d ..
1 0 0 ,0
U n io n E x c h
7 5 0 ,0
Y o r k v llle . .
1 0 0 ,0
C o a l& I .N a t .
5 0 0 ,0
N e w N e t h l’d
2 0 0 ,0
B a t t .P k .N a t
2 0 0 ,0
B orough of
B rooklyn .
B roadw ay .
1 5 0 ,0
M f’ rs N a t . .
2 5 2 ,0
M e c h a n ic s ’ . 1 ,0 0 0 ,0
N assau N a t.
7 5 0 ,0
N a t. C i t y ..
3 0 0 ,0

1 38,1
4 S 9 .2
4 5 2 ,3
1 69 ,4
6 6 9 ,6
2 5 7 ,2
3 0 7 ,2
4 6 8 ,5
3 8 4 ,9
1 7 6 ,0
8 3 3 ,8
3 8 5 ,0
6 6 8 ,6
2 0 8 ,5
1 2 9 ,8

1.4 5 9.C
3 ,8 6 7 ,7
5 ,0 7 9 ,0
9 5 4 ,4
3 ,2 6 1 ,7
2 ,2 1 9 ,2
3 ,1 2 9 ,0
4 ,1 0 6 ,2
3 ,6 2 7 ,0
1 ,6 2 7 ,5
5 ,4 6 8 ,4
3 ,3 9 8 ,8
3 ,9 3 3 ,0
1 ,3 6 2 ,0
9 1 6 ,0

16,8
3 1 4 ,9
4 4 5 ,0
4 0 .2
3 0 .3
2 3 1 ,9
1 9 ,9
5 2 ,9
2 2 1 ,0
1 7 3 ,3
6 7 6 ,4
5 1 ,0
5 6 4 ,0
1 0 3 ,0
1 2 6 ,0

1 2 1 .3
1 6 1 ,0
4 1 5 .0
2 6 ,2
2 2 5 ,3
4 0 ,4
3 2 4 ,1
3 7 1 ,7
2 4 0 ,0
5 4 ,5
2 7 5 ,0
6 5 4 ,1
2 3 9 ,0
1 5 ,0
3 6 ,4

3 7 9 ,6
7 5 5 ,2
7 6 7 ,4
9 2 8 ,1
5 5 1 ,7

2 ,3 3 2 .0
5 ,5 7 6 ,5
9 ,6 1 5 ,8
6 ,6 2 1 ,0
3 ,6 5 5 ,0

1 6 ,3
7 1 5 ,8
3 2 8 ,5
3 1 8 ,0
1 2 5 ,0

4 8 5 ,0
1 4 7 ,2
9 8 4 ,0
6 4 0 ,0
6 3 4 ,0

3 4 8 ,5
1 ,0 2 5 ,1
1 ,5 3 5 ,7
1 ,2 0 7 ,0
7 1 3 ,0

1 0 9 ,2
4 2 2 ,1
7 9 9 ,0
1 9 3 ,1
2 3 9 ,7
5 6 0 ,3
6 4 5 ,6
1 3 0 ,5
6 1 0 ,0
2 1 6 ,2
7 6 5 ,3
3 5 1 ,2
9 4 6 ,0
2 4 3 ,0
4 9 ,3

2 8 5 ,9
8 3 8 ,3

1 2 6 ,5
7 4 ,2
5 ,0
5 4 1 ,4

3 0 0 ,0
3 8 ,0
1 5 ,0

2 3 7 ,8
8 3 .5
1 2 9 ,6

1 ,8 2 3 ,0
5 ,1 0 8 . 6
6 ,1 5 3 l o
8 6 5 ,5
2 ,9 7 1 ,3
2 ,9 6 8 , 6
3 ,6 6 8 , 6
4 ,7 5 9 , 5
4 ,1 9 0 , 0
li8 9 8 ,4
5 ,9 4 1 , 2
4 ,2 8 0 , 9
4 ,4 7 3 , 0
1 ,3 0 5 ^ 0
76L0

4 2 2 ,0

3 ,0 8 5 . 5
6 ,4 8 2 , 8
1 2 ,4 1 6 ,1
6 ,8 7 2 i 0
5 ,1 7 8 1 0

F ir s t N a t . .
H u d .C o .N a t
T h ir d N a t . .

4 0 0 ,0
2 5 0 ,0
2 0 0 ,0

1 ,1 9 9 ,5
7 3 7 .0
3 0 0 ,6

4 ,2 2 8 ,5
2 .3 5 8 .1
1 .7 4 3 ,7

2 0 5 ,9
1 2 9 .3
4 4 ,3

3 0 0 ,6
4 1 ,9
1 0 7 ,0

2 ,1 3 5 ,6
2 4 9 ,4
5 0 5 ,1

1 ,0 4 5 ,0
3 0 4 ,4
4 3 ,8

6 ,3 1 7 , 7
2 ,2 0 6 ,1
2 ,0 4 1 ,4

F ir s t N a t . .
S econ d N a t.

2 2 0 ,0
1 2 5 ,0

6 9 7 ,2
1 9 7 ,1

2 ,2 7 1 ,9
1 ,8 0 1 ,5

1 2 1 ,2
7 0 ,4

3 3 ,6
6 5 ,6

1 4 5 ,0
6 1 ,8

2 0 5 ,6
9 4 ,5

2 ,0 6 1 ,1
1 ,9 3 5 ,1

1 2 3 9 6 ,5 8 5 .6 0 0 ,5
1 2 3 9 6 ,5 8 5 ,3 8 2 ,6
1 2 3 9 6 ,5 ,8 4 ,0 5 7 ,4

5 ,1 6 0 ,3
5 .1 8 7 .0
5 ,3 4 3 ,9

6 ,6 9 6 ,9
6 ,4 2 3 ,9
6 ,1 7 1 ,1

1 4 ,3 3 4 ,7
1 5 ,8 2 0 ,8
1 3 ,5 9 2 ,1

T o t . M a y 16 7 ,7 4 7 .0
T o t . M a y 9 7 ,7 4 7 ,0
T o t . M a y 2 7 ,7 4 7 ,0

4 ,7 9 0 ,5 1 0 0 6 1 2 ,0
4 ,3 6 5 ,9 1 0 ,0 7 3 ,7
4 ,3 9 0 .5 9 7 ,9 2 2 ,9

New York City, Boston and Philadelphia Banks.—
Below is a summary of the weekly totals of the Clearing­
House banks of New York City, Boston and Philadelphia.
The New York figures do not include results for non-member
banks.
W e om it heo ciphers i n all these figures.

B a n k s.

N ew Y ork
A p r. 1 8 ..
A p r. 2 5 ..
M ay
2 ..
M ay
9 ..
M ay 1 0 .iln « fn ii.
A p r. 2 5 ..
M ay
2 ..
M ay
9 ..
M ay 16. .
P h il*
A p r. 2 5 ..
M ay
2 ..
M ay
9 ..
M ay 1 0 ..

Capital
and
S u rp lu s.

L o a n s.

S pecie.

Legale

D ep o sits, a

C ircu­
lation

$
2 8 4 ,3 3 4 ,0
2 8 4 ,3 3 4 ,0
2 8 4 .3 3 4 ,0
2 8 4 ,3 3 4 .0
2 8 4 ,3 3 4 ,0

%
1 1 9 5 ,7 2 8 .9
1 1 9 0 ,6 1 8 ,2
1 1 9 0 ,4 5 5 ,2
1 1 9 6 .3 4 2 ,2
1 2 0 1 ,1 2 0 ,0

%
2 0 6 .6 7 6 .7
3 0 4 ,7 3 8 ,1
3 0 8 ,0 4 5 .0
3 1 3 ,3 0 4 ,5
3 1 3 .9 8 0 ,5

$
6 4 ,6 9 9 ,2
6 6 ,9 7 2 ,6
6 8 ,7 4 7 ,7
6 8 ,1 6 0 .2
6 9 ,6 8 1 ,9

$
1 2 4 5 ,6 0 9 .9
1 2 5 0 .9 0 3 .8
1 2 5 7 ,7 5 9 ,2
1 2 7 0 ,3 2 4 ,9
1 2 7 6 ,2 2 0 ,6

$
5 9 ,4 9 9 ,3
5 9 ,3 6 5 ,5
5 8 ,2 4 8 ,6
5 7 ,3 3 7 .6
5 7 ,2 0 6 .2

1 .1 6 9 .7 0 1 .1
1 .1 5 6 .5 5 4 .2
1 ,6 6 0 ,6 4 1 ,4
1 ,5 3 1 ,4 9 6 .6
1 ,5 4 8 ,3 1 0 ,0

4 4 .0 3 6 ,0
4 4 .0 3 6 ,0
4 4 ,0 3 6 .0
4 4 ,0 3 6 ,0

1 8 0 ,2 8 9 ,0
1 8 4 ,4 6 4 ,0
1 8 7 .3 6 1 ,0
1 8 7 ,8 7 5 ,0

2 1 ,8 0 2 .0
2 1 ,5 4 9 ,0
2 1 .3 9 2 .0
2 1 ,5 0 7 ,0

2 ,5 1 6 ,0
2 ,6 1 4 ,0
2 ,5 6 8 ,0
2 ,6 8 8 ,0

2 2 0 ,4 3 2 ,0
2 2 3 .8 5 2 ,0
2 2 1 ,9 0 1 ,0
2 2 8 .0 4 6 ,0

1 0 ,6 6 0 ,0
1 0 ,6 8 2 ,0
1 0 ,5 5 1 ,0
1 0 ,5 9 6 ,0

1 1 2 .3 4 0 .8
1 5 0 .3 9 2 .7
1 3 7 .3 0 0 .0
'1 4 1 .6 5 0 . 4

5 4 ,4 4 0 ,0
5 4 ,4 4 0 ,0
5 4 ,4 4 0 .0
5 4 ,4 4 0 ,0

2 2 2 ,2 8 6 ,0
2 2 3 ,5 5 5 ,0
2 2 5 .0 7 3 ,0
2 2 4 ,4 0 8 ,0

2 5 7 .3 8 7 ,0
2 5 8 .3 0 2 ,0
2 5 9 .4 2 3 .0
2 6 4 ,0 8 0 ,0

1 7 ,4 1 0 ,6
1 7 ,3 7 9 ,0
1 7 ,2 9 5 ,0
1 7 ,2 8 3 .0

1 1 1 .6 3 9 .0
1 1 7 ,3 6 9 .2
1 1 7 .0 3 7 .0
1 2 3 .5 1 8 .9

6 8 .8 3 5 .0
6 8 ,9 4 2 ,0
6 8 ,0 3 3 .0 J
7 0 ,9 2 6 ,0

Clearings

a I n c l u d i n g G o v e r n m e n t d e p o s i t s , a n d f o r B o s t o n a n d P h il a d e lp h ia t h e I te m
" d u e t o o t h e r b a n k s " . A t N e w Y o r k G o v e r n m e n t d e p o s i t s a m o u n t e d t o $ 3 1 ,6 9 8 ,4 0 0
o n M a y 16 a g a in s t $ 3 9 ,1 6 6 ,0 0 0 o n M a y 9 ; a t B o s t o n t o $ 3 ,7 4 2 ,0 0 0 o n M a y 16 a n d
$ 4 ,2 8 1 ,0 0 0 o n M a y 9 .

gunklug anti financial.
Wc shall be pleased to mail to institutions and investors copies
of the 4th edition of our special circular giving statistics covering
27 of the better class of Railroad and Industrial Stocks listed
upon the New York Stock Exchange.

Spencer Trask & Co*.
WILLIAM AND PINE STS..
NEW YORK
Branch offices: Chicago, III., and Albany, N. Y.

M

o

f

f

M em b ers
6 NASSAU

a

STR E E T.
DEALERS

t

N ew

&
Y ork

W
S tock

h

H A N O V E R
IN

IN V E S T M E N T

i t

e

E x ci& n g e .
B vN K

S E C U R IT IE S

C o m m i s s i o n O r d e r s E x e c u t e d f o r C a s ta O . u »

B U IL D IK O

[VOL. LXXXYI.

THE CHRONICLE

1 2 6 6

^ m

in e r s ’

( B a - a e t t i . ____ ___

W all Street, F rid a y N ight, M ay 22 1908.
The Money Market and Financial Situation.—Although
the volume of business in the shares department at the
Stock Exchange has been larger this week than at any time
in more than a year, or since the latter part of March and
early April 1907, values much of the week have yielded
easily to the slighest evidence of increasing offerings, and
the transactions in bonds have steadily diminished.
From these facts the natural inference is that the larger
business referred to is not due to an investment demand.
It is interesting to note, however, that there is somewhat
more inquiry for pig iron,and that prices for that metal will
be maintained for the present as decided by leading representa­
tives of the iron and steel industry at a meeting yesterday.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1 % to 1 % % ■ To-day’s rates on call were 1 ® 1 H % ■
Commercial paper quoted at 3% @ 4% for choice GO to 90day endorsements and for 4 months best single names; 4@
4 y 2 % for a slightly lower grade of 4 to G months’ single names.
The Bank of * England weekly statement on Thursday
showed an increase in bullion of £542,010, and the per cent
of reserve to liabilities was 51.77, against 5 1.12 last week.
The rate of discount remains unchanged at 3% , as fixed
March 19. The Bank of France shows an increase of 35,­
1 0 0 , 0 0 0 francs gold and 3,750,000 francs silver.
NEW

YORK

C I T Y C L E A R IN G -H O U S E

1908.
A verages tor
week ending
M a y 16.
S
1 2 4 .3 5 0 .0 0 0
C a p i t a l ................ ...........
1 5 9 .9 8 4 .0 0 0
S u r p l u s ...........................
1 ,2 0 1 ,1 2 0 ,0 0 0
L o a n s a n d d isc o u n ts
5 7 ,2 0 6 ,2 0 0
C i r c u l a t i o n ...................
1 ,2 7 6 ,2 2 0 ,6 0 0
N e t d e p o s i t s ............. 3 1 ,6 9 8 ,4 0 0
U . S . d e p . (I n c l. a b o v e )
3 1 3 ,9 8 0 ,5 0 0
S p e c i e ....... ............................
6 9 ,6 S 1 ,9 0 0
L e g a l t e n d e r s .....................

D lf/eren ces
from
previous w eek.
5

In c.
D ec.
In c.
D ec.
In c.
In c.

4 ,7 7 7 ,8 0 0
1 3 1 ,4 0 0
5 ,8 9 5 ,7 0 0
7 ,4 6 7 ,6 0 0
6 7 6 ,0 0 0
1 ,5 2 1 ,7 0 0

R e s e r v e h e ld
2 5 % o f d e p o s i t s ..............

3 8 3 .6 6 2 .4 0 0 I n c .
3 1 9 ,0 5 5 ,1 5 0 I n c .

2 ,1 9 7 ,7 0 0
1 ,4 7 3 ,9 2 5

S u r p lu s r e s e r v e
S u r p lu s e x c l u d i n g U . S .
d e p o s i t s .....................

6 4 .6 0 7 ,2 5 0 I n c .
7 2 .5 3 1 ,8 5 0 D e c .

BAN KS.

1907.
A verages tor
week ending
M a y 18.

1906.
A verages 1or
week ending
M a y 19.

5
S
1 1 7 ,4 7 2 ,7 0 0
1 2 9 ,1 0 0 ,0 0 0
1 4 8 ,4 6 0 ,3 0 0
1 6 0 ,4 1 4 ,5 0 0
1 ,1 2 4 ,8 0 8 ,7 0 0 1 ,0 4 0 ,7 2 2 ,1 0 0
5 0 ,4 4 0 ,4 0 0
5 0 ,0 1 1 ,8 0 0
1 ,1 0 6 ,1 0 0 ,9 0 0 1 ,0 2 6 ,8 3 2 ,9 0 0
2 7 ,3 2 9 ,4 0 0
3 1 ,6 5 7 ,0 0 0
1 8 5 ,4 4 1 ,6 0 0
2 1 5 ,0 6 0 ,2 0 0
8 1 ,3 9 5 ,9 0 0
7 2 ,9 3 7 ,7 0 0
2 8 7 .9 9 7 ,9 0 0
2 7 6 ,5 2 5 ,2 2 5

2 6 6 ,8 3 7 ,5 0 0
2 5 6 ,7 0 8 ,2 2 5

7 2 3 ,7 7 5

1 1 ,4 7 2 ,6 7 5

1 0 ,1 2 9 ,2 7 5

1 ,1 4 3 ,1 2 5

1 9 ,3 8 6 ,9 2 5

1 6 ,9 0 1 .6 2 5

iwoie.—- m e u i e a r u ig n u u s c u u w w au ca
v^**-**
o f t h e a c t u a l fig u r e s o n S a t u r d a y m o r n i n g .
T h e s e fig u r e s , t o g e t h e r w ith th e r e t u r n s
o f s e p a r a t e b a n k s , a ls o t h e s u m m a r y Is s u e d b y t h e S t a t e B a n k in g D e p a r t m e n t
s h o w in g th e c o n d it io n o f S ta te b a n k s a n d tru st c o m p a n ie s n o t re p o rtin g t o th e
C le a r in g H o u s e , a p p e a r o n t h e p r e c e d in g p a g e .

The upward tendency of Union Pacific shares caused an
active demand for the convertible bonds, in which the
transactions were on a large scale, at advancing prices,and
they close with a net gain of 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.

2s,
2s,
3 s,
3s;
3 s,
4s,
4 s,
2 s,

1 93 0 ______
1 9 3 0 --------- ..............c o u p o n
1 9 0 8 - 1 8 . - - ------- r e g is t e r e d
1 9 0 S -1 S - 1 9 0 8 - 1 8 - - - -s m a l l c o u p o n
1 92 5 . - - - ------- r e g is t e r e d
1 9 2 5 --------1 9 3 6 .P a n a m a C a n a l re g ls

Interest
P eriods

M ay
16

M ay
18

M ay
19

M ay
20

M ay
21

M ay
22

Q — Jan
Q — Jan
Q — F eb
Q — F eb
Q — F eb
Q — F eb
Q — F eb
Q — N ov

* 1 0 3 )3
*1 0 3 5 3
*10053
*10053
* 1 0 0 )3
*120
*122
*102

* 1 0 3 )3
*10353
*1005!
*10053
* 1 0 0 )3
*120
*122
*102

* 1 0 3 )3
*10353
*10053
*10053
* 1 0 0 )3
*120
*122
*102

* 1 0 3 )3
*10353
*10053
*10053
* 1 0 0 )3
*120
*122
*102

* 1 0 3 )3
*10353
* 1 0 0 )1
* 1 0 0 )<
* 1 0 0 )3
*120
*122
*102

* 1 0 3 )3
*10351
*10051
*10051
* 1 0 0 )3
*120
*122
*102

♦ T h is Is t h e p r ic e b id a t t h e m o r n i n g b o a r d ; n o sale w a s m a d e .

Railroad and Miscellaneous Stocks.—The transactions
in stocks have been on a larger scale than for a long time
past. They aggregated over 1,400,000 shares on Wednes­
day and averaged about 1,250,000 per day throughout
t-he week. The market has been decidedly irregular, prac­
tically all the active issues having covered a range of from
4 to 7 points. The advance which had been in progress
for two or three weeks, continued with slight interruptions
until Tuesday, when the highest quotations of the year
were generally reached.
Among the exceptional features is Missouri Pacific, which
advanced over 13 points,and has held nearly all the gain.
North West covered a range of 7)4 points and closes with
a net loss of 1)4- Union Pacific has been notably strong,
selling up to 15 1)4 , an advance of 6)4 points, a large part
of which it retains. St. Paul shows a net gain of 2)4 points,
N. Y . New Haven & Hartford 2 % and Illinois Central 2)4On the other hand, Reading declined 6 points, only a
small part of which it has recovered, and Baltimore & Ohio
made a similar record.
Smelting & Refining has been weak, declining over 9
points and recovering slowly. Consolidated Gas advanced
sharply on hopes of a favorable ruling by the U. S. Court
in the 80-cent case now pending. The U. S. Steel issues
have been active with fractional net change in prices.
F o r d aily volume of business see page 1276.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
_
W w k e/iiihuj 5 Itiy ——•

Sales
W eek.

Range tor W e e k .
Low est.

H igh est.

R ange sin ce J a n . 1 .
L ow est.

H ig h est.

Foreign Exchange.—The market was generally strong
Apr
4 )4 F e b
M a y 21
OH
6
6
M a y 21
this week in response to a good demand for remittance. A mPerre feS ter reeld Ftrduy s ttrruesett rs e- -c 3100
F e b 3 4 )4 M ay
0 0 34
M a y 16 3 4 ) 4 M a y 16 2 7 ) 4
J a n 1 6 )4 M a y
No sterling bills were offered against gold exports, such B e t h le h e m S te e l C o r p . - . 1 ,7 0 0 15 M a y 16 16 M a y 16 12
M ay
F e b 44
M a y 16 2 7 )4
1 ,9 0 0 40
M a y 16 4 2
exports being effected chiefly through the medium of francs B uPf rf ae lofe r Ir teodc h. —A P................
M ay
J a n 91
M a y 20 7 5 H
it t s .-10 91
M a y 20 91
M ay
M a y 105
arid marks. Gold shipments during the week, $13,455,000
P r e f e r r e d --------------------M a y 19 105
M a y 19 105
100 105
C a n a d ia n P a c s u b s c r ip ' n
to Paris and Berlin.
M c h 1 5 6 )4 M a y
r e c t s 2 d I n s t a ll 't p a i d .
M a y 20 140
M a y 20 154
4 0 0 154
To-day’s (Friday's) nominal rates for sterling exchange C e n t r a l C o a l A C o k e ------- 100 70 M a y 20 7 0 M a y 20 60 M ch 7 0 M a y
Apr
44c.
2
9
c
.
C
o
m
s
t
o
c
k
T
u
n
n
e
l
.............
M
a
y
16
4
0
c
.
M
a
y
21
3
,4
0
6
3
5
c
.
were 4 8 6 for sixty day arid 4 8 8 )£ for sight. To-day's G e n e r a l C h e m i c a l............. 306 6 5 M a y 20 65 M a y 20 50 MF ch
M ay
eb 65
Apr
(Friday’s) actual rates for sterling exchange were 4 8525@
M ay 90
M a y 21 8 9
P r e fe r r e d ..........................
M a y 21 8 9
15 8 9
M ay
Jai; 7 5
M a y 16 07
M a y 16 75
100 7 5
4 8535 for long, 4 8710@4 8720 for short and 4 8735 @ IHlloinmoei ss t Ca ke ne t rMa li nr iing gh .t------4 )4 M a y
•in M a y
s . - - 7 ,7 5 0
4 )4 M a y 21
4 « M a y 20
4 8740 for cables. Commercial on banks 4 8490@4 85 K a n A M ic h t r u s t r e c t s - - 4 00 41 M a y 16 4 1 H M a y 21 2 9
M ay
J a n 42
M ay
J a n 180
M a y 10 105
M a y 16 180
2 180
and documents for payment 4 84 % @4 84%. Cotton for M o r r is A E s s e x .............
M ay
M a y 49
M a y 19 49
N a t o f M e x , p r e f tr r e c t s .
M a y 19 49
100 4 9
payment 4 84)4(314 S F % , cotton for acceptance 4 8490@ O n t a r i o S ilv e r M i n i n g . . . 5 .9 7 0 5 M a y 18 6 M a y 21 2
M ay
Jan
6
M ch
M
a
y
13
M
a
y
21
1
8
)4
4 85 and grain for payment 4 84%@4 84% . To-day’s S t . J o s e p h A G r a n d I s l 'd . 100 13 M a y 21 13
M ay
M a y 42
M a y 16 3 8
F ir s t p r e fe r r e d ------- . . .
300 38
M a y 21 4 2
(Friday’s) actual rates for Paris bankers’ francs were 5 12)4
M ay
M a y 21
M a y 2 2 20
S e c o n d p r e f e r r e d ------M a y 22 21
1 00 21
@ 5 16 % a for long and 5 1 5 % d @ 5 1 5 % for short. Germany S t L A S F — C A E 111
M ay
A p r 53
M a y 18 50
53
bankers' marks were 94%@94 15-10 for long and 95 7-163 SNeeawr s s, tRo coke btur uc ks t Ac e rCtolfi, cp’ sf 3 0150 8526 ) 4 MM aa yy 18
M a y 20 8 6 ) 4 M a y 9 0
16 90
@95 7-16 for short. Amsterdam bankers’ guilders were U n it e d C ig a r M fr s . p r e f . 2 00 8 8 M a y 16 n o M a y 16 SO J a n
101
M a y 18 1 0 0 )4 M a y 21 0 5
U S L e a t h e r , p r e f ..............
9 0 0 100
40 23@40 25 for short.
Exchange at Paris on London 25f. 12c., week’s range
Outside Market.—Trading in “ curb securities at the open­
25f. 12c. high and 25f. 1 2 c. low.
The week’s range for exchange rates follows
ing of the week was in reduced volume, though the market
-C a bles
-L o n g -------------------------------------- Short­
maintained a strong tone, substantial advances being re­
Sterling Actual— -------------------------------------------------------- ^ , „ „ „
corded in quite a few instances. In the later dealings a con­
@ 4 8755
© 4 8535
14 8 7 2 0
@ 4 8 7 2 54 8 7 5 0
H i g h ............ 4 8 5 3 0
@ 4 8735
L o w _______ 4 8 5 1 0
@ 4 8515
14 8 7 0 5
@ 4 8 7104 8730
siderable selling movement developed, which caused a gen­
P a ris Ba nkers' F ra n cs—
.
eral recession in prices. Boston Consolidated Copper rose
H i g h _______5 1 7 ) 4 «
@ 5 16?*
15 15 Y»d
@ 5 1 5 )4
L o w .............5 17 ) 4 «
@ 5 1 7 )4
|5 1 5 ) 4 d
@ 5 155-3
from 1 2 to 14J4> dropped to 12)4 and closed to-day at 12)4'.
G erm an y Bankers' M a r k s—
Butte Coalition sank from 25 to 2 2 % , the final transaction
H i g h ........... 9 4 )4
@ 1 )5
| 95 7 -l0 d @ 9 5 )3
L o w .............. 0 4 H
@ 9 4 )4
1 9 5 7 -1 6 d @ 9 5 7 -1 0
to-day being at 23. Greene Cananea was prominent, ad­
A m sterdam B a nkers' Guilders—
vancing a point to 1 0 )4 , fell back to 9)4 and ends the week
@ 4 0 5 -1 6
H i g h ........... ................
@
---------- 1 4 0 H
@ 4 0 25
at 9 % . Nevada Consolidated Copper from 13)4 advanced
L o w ...........................- - i
@
............ 1 4 0 2 3
to 13 % , moved down to 1 1)4 and closed to-day at 12. Cum­
L e s s : a 1 -1 6 o f 1 % .
d 1 -3 2 o f 1 % .
A 3 -3 2 o f 1 % .
berland Ely went up from 8)4 to 8)4 and down finally to 8 .
P lu s :
k 1 -1 6 o f 1 % .
x 1 -3 2 o f 1 %
y 3 -3 2 o f 1 % .
The following were the rates for domestic exchange on Nevada Utah fell from 4)4 to 3 5-16, recovering finally to
New York at the under-mentioned cities to-day: Savannah 3 1 4 . United Copper common moved up from 7)4 to 8)4 and
buying 50c. per $1,000 discount; selling 75c. per $1,000 down to 7)4 >. but sold up finally to 7)4- Goldfield Consoli­
premium; Charleston selling $ 1 per $1,000 premium; New dated advanced from 5)4 to 6 , but weakened to 5 7-16.
Orleans bank 50c. per $ 1 , 0 0 0 discount; selling 75c. ;per Goldfield Daisy was conspicuous for a loss from $1 23 to
$1,000 discount; Chicago 25c. per $ 1 , 0 0 0 premium; St. Louis 9 7 cents, and a recovery to $1 08. Nipissing weakened from
65c. per $1,000 premium; San Francisco 75c. per $1,000 7 to 6)4, rose to 7 )4 and ends the week at 7 . In the special­
ties notable strength was displayed at first by Standard Oil,
premium.
State and Railroad Bonds.—Sales of State bonds at the which moved up from 612 to 620, though later it reacted to
Board include $10,000 Tennessee settlement 3s at 96, $10,000 603, with a final recovery to 604)4- Chicago Subway, in­
ditto, small bonds, at 95, and $45,000 Virginia 6 s deferred fluenced by reports of financing arrangements, advanced from
19)3 t ° 23, and closed to-day at 2 2 % . In the bond depart­
trust receipts at 39 to 41.
Transactions in the market for railway and industrial ment the new Tidewater 6 % notes were traded in for the
bonds steadily diminished, as noted above, from nearly first time at from 98)4 to 99. Adams Express 4s moved up
6)4 millions, par value, on Monday, to about half that from 8 8 to 89)4 and Central Foundry 6 s from 55 to 57. Allis^
amount on Thursday. To-day's market was slightly more Chalmers 5s sold up from 66)4 to 67)4Outside quotations will be found on page 1276.
active and prices, as on preceding days, irregular



New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y ! NU
STOCKS— HIGHEST AND LOWEST SALK PRICES
Saturday
May 16

Monday
May 18

Tuesday
May 19

Wednesday
May 20

Thursday
May 21

TW O

1
'
Sales o)

Friday
. May 22

I'A U K S

STOCKS
N E W Y O R K STOCK
EXCHANGE

Week
Shares

Range Since Jan. 1 1908.
On bash ol 100-share to. j

Range 1or Freidous
Year (1907)

Highest

t Railroads
847*
8234 847,
813* 825, 48,550
80*8 827{
80
831
66 Feb 14 847g May 18
tch Topeka & Santa Fe
663* Nov
92
92
1,700
92
921
92*.
92*4 921'
92
921
Do pref............... ..
9234 M ayl5
83-1* Feb 17
78 Nov
92
92-I4 5,700 Atlantic Coast Line B K . .
931.,
91
93
93
94
92
91
591? Mch 2 94 May 19
58 N ov
8S3
4
50,250
877g
90-1.
90
941
92
94
B altim ore & Ohio___
91*4
9014
9414 M ay!8
75*8 N ov
70*2 Feb 10
*84
*84
87
87
100
85
*83
87
87
*33
Do pref_____
85*4 Jan 21
80 Jan 3
75 Nov
5134 125,080 Brooklyn kapld Transtt.
50
521?
4934 5U?
49*4 54
54 M ayl9
4914 H2U
2G*4 Nov
3711 Feb 10
+
65 ft
65 * . _ - . 05
65 +
Butfalo & Susquc, p r e f..
74 U Nov6434Mch 21
64:4 Mch 21
1591* l.W
159 161
157*4 159*4 1573* 15SU 15834 1001 ., 26,000 O anadian Pacific
138 Nov
140 Feb 17 161 MaylO
*02
63
*62
63
6.3 I4
*63
6.3I4 *03
631.1 *61
C an ad a S o u t h e r n ...! ! !
52 Nov
63*8 May 11
54 Mch 4
n.^nt.ral
Manr
--~
*182
135
*183
400
ISO
185 185
190
185 186 *1S5
160 Feb 11 188 May 15 144 Nov
44.I4 4953 441* 40 148,585
44
4fil-| 4314 451*
42*4 451?
251 ? Feb 19 46** May21 x2314 Nov2214 22 I4 22 U 20*4 213., 20*4 2 1 ** 2012 2134 215* 2134 2,200
2318 May 6
81* Nov
in Feb 13
*55
00
*55
CO
80
60
60
*55
*55
60
$60
60
48 Sep
47 Mch 24
60 May 6
67*
634
d2
07*
6
71*
63*
71* 22,600 Chicago Great W estern ..
6*4 ~38
7
7*8
678 Nov
8*s Jan 3
31* Feb 8
*50
55
*50
ICO
55
55
50
50
*44
45
*44
45
*50
Do 4 % debentures___
33U Mch 19
46 Dec
50 M ayl6
25
*23
400
♦17
27
23
Do 5 % pref “ A ” ____
23
25
23
24
23U 23U +23
21 Dec
15 U Feb 15 31 Jan 6
97*
8** 8U
9
Do 4 % pref “ B " ____
*S*4
8*4
81*
9*4
« ‘4 5,300
8*2 9** *8
5 Feb 11
8 I4 Dec
10 Jan ft
136 1387* 317,000
134*4 138** 1345* 139
134L 1361* 1361? 1381* 137 140
103*2 Jan 2 140 M ayl9
93*2 Nov
1541?
1541?
1531?
1531?
*153U
165U
1,720
153 153
Do
pref______________
155L
157
154 155
138 Jan 3 157 May 19 130 Nov
1237* 1257* 127 1277* 128 1297* 127 1277* 1257* 128
129 129
5,305
Do com ctfs 4 5 % paid
98i2 Jan 3 1297* M ayl9 r85 Nov
1443* 146
I 4 .1 I3 14534 6,157
145 145U 145U 14.8
145*j 146U 1451* 146
Do pref ctfs 4 5 % paid 1255s Jan 2 148 M ayl8
111 Oct
152U 15434 153 154
154 1551? 157 160
26,000
155*2 158*4 153 156
135i2 J<m 2 160 M avl8
126 Oct
100
Do pref............................. $185 Jan 11 204*2 M aylS 185 Oct
♦203 210
204U 204U *203 205 *200 205 *200 205 *200 205
1,710 hie St P Minn & Omaha 114 Feb 25 138 MaylQ
134 134
134 137*4 136 138 *135 138 *132 135 *133 138
106 Oct
105 1C5
100
♦160 165 *160 165 ♦ICO 165 *160 165 +160 165
Do pref________________ 140U Jan 3 165 M ayl5
137U Dec
*3
10
5
5
8
200 hlcago Tcrmin’l Transfer
10
8
*3
*3
10
10
*3
1*4 Feb 18
8 M ay 2 2
3*2 Oct
15
15
*15
25
25
*10
*10
♦ 10
25
100
20
Do pref.............................
*10
25
87* Mch 14
15 May20
!• Mch
4
4
3**
4
334
4
2,700
31?
3-14 4
3*4
hlc Un Traectfs of dep.
3*4
*8 Apr 3
4 M ayl8
134 Oct
*13U
1434
141?
*131? 151?
14
13*4 14
14
14
900
13*4 13*4
4 Apr 10
Do pref ctfs o f dep___
14*4 May 13
8 Dec
58
595*
597* 60*s 591? 601* *501* 60
59-1.1 593,
59*4 59*4
1,900 - Icve CIn Chic & St L ___
481* Feb 19
62 Jan 15
48
Nov
*97
100
100
*98
*97
100
*9.8
♦90 100
88
88
100
200
851* Feb 19
Do pref________________
94 Apr 9
86 Dec
3031 32
31
31** 32**
323* 32*4
32-1* 327,
31*2 317* 13,290
21 Feb 19
33 May 14
17 Nov
595*
59
59-l4 69"?
59 ‘4 597*
5914 59U
5934 60
3,005
5912 59*|
503* j an
Do 1st preferred_____
6034 Apr 23
41 Nov51
4934 497*
61
$50l.i 60*4 *50
49
50
51
♦50U 51
1 ,1 1 0
39*4 Feb 19 51U Apr 25
Do 2d preferred_______
291? NovIO2 I4 1641* 1621? 1633,
163*4 1647? 164-1* 165U 164*4 166*4 lfi214 164
5,170|
14 1 U Feb 10 168 Jan 10 1235* Oct
♦520 540 *520 510 *520 540 *300 540 +500 540 *500 540
420 Jan 6 540 M ay 8 36912 Oct
2OI4 27
26U 271? 2634 2734
26U 267*
26
2634 20
267*
5,657
2734 M ayl9
14*4 Feb 19
16 Nov
6712 G834 6612 67
04U 641? 66-1* 70
67
07
641* 66
2,250
Do pref.
3914 Mch 2 70 MaylS
53 Nov
42
*35
42
*35
*35
42
42
*33
40
...........
*35
*35
42
32U Apr 15
3134 Dec
38*4 Jan 8
14
14
$127*
131*
$13*1
127* *12
14
*1134 14
520
13*2 14
6 Feb 11
0i4 Oct
10*4 Apr 28
23
22
231.1 $221 ? 22U
241?
♦23
21-3.1 22U
2 1 U 22
1,235
Do p r e f ...................
U *4 Feb 13 26 Apr 24
10 Nov
2210 221* 231? 21*4 23
21
223* 233* G4.585 ? r l e ................................
2134 23U
20** 21
:2i 4 Nov
12 Mch 6 235* May22
40.14
39
14
397*
41
42U
381* 38-34
21,790 -4 Do 1st pref________
41/*
41U 43
Jl'.l 44
243* Mch 4
44 May 19
28 Nov
2 7->* 2712 29
27
2912 301?
29
30 >i
287* 3o
29U 301? 11,830
Do 2d p r e f________
16 Mch 6
30'? May 19
20 Nov
75
*o 2
62U *62
62
75
*02
75
*62
75
*02
75
400 vansvllle & Terre Ha
60 M ayl5
62*? May 16
*80 100
*80 100
♦80 100
*80 100
*80 100
*80 100
Do pref____________
80 Mch 19
85 Mch 26 "•JO Apr
132 132<’g 132*4 13334 131*4 1341* 130 1321? 12912 1317* 1301* 1317* 122,500
113*4 Feb 10 1341* M ayl9
107l2 Oct
0 012 63*8 60
00l4 01
631.| COI4 62*4
60
617*
42,810
0012 62
48U Jan 633* M ayl8
37 Oct
* ____ 80 ♦____ 80 *
80
........... I ?reen Bay & W .d e b c t f A
* ____ 80 * - 85
77U Apr 6
71 Mch 19
75 Oct
* 11
12
♦ 11
12
12
12
12
1214 133* 14
199
1214
143*
Do
deb ctf B
8 Jan 14
14*3 May22
534 Oct
____ +22
__ *22U
* 221 ? ____ *23 '
♦ 22 ____ *22
100
20 Mch24
avana Electric...........
241 ? Oct
23 May 6
797* *70
79/* *70
♦70
*70
77
*70
77
*70
77
$70 Jan
71 34 May 13
72 Apr
Do pref__________
92
*87
♦87
95
89
S9I2 89U *80
100 1
*80
90
62 Feb 10 90 May 14
63 Nov
90
♦82
*82
90
85
85
*85
90
85
85
*82
200 locking Valley tr rects.
90
69 Mch 19
85 M ayl4
64 Nov
Do pref______________
141 142
140U 142
I38U 141
139L 141
138U 1397* 140 14134 17,730
1221* Feb 17 142 May 18 116 Nov
1 1 »* 12
1 U* H34 1 U2 12*4 17,350
117* 12 M 11*4 1214
IH 4 1134
6*t Jan 4
12*4 MaylS
47* Oct
3U? 321? 31
30
301?
30*4 311?
32
29-l.t 31
21,580
31
33
Do pref.
171* Feb 19 33 May22
14 Nov
1634 17*4
10U 1734 $ 17*2 17U 10,705 1
16
17
1712 18
1712 19
10 Feb 19
19 May 19
0i2 N ov
34*4 35**
35 I4 *341? 351? 35U 35U 5,140
35
35-1* 3514 3 OI4 35
Do pref________________
27*i Feb 19 363s Apr 27
29 Dec
♦64
66
*64
65
67
*031? 68
66
*62
CO
*04
100
68
597* Feb 19
C F t S & M , tr cts prel
7u Jan 13
60 Oct
2434 2514
25
25
25/*
24*2 251*
243j 25
25**
2512 26
4,770 J Kansas City Southern..
26 May 13
18 Feb 25
18 Mch
56U 57
60U 6714
5714 57/*
57
*561? 67U
57
2,000 .
Do pref____________
sou 57
577* Mayl9
46 Feb 19
45 Mch
193,| 1912 19*4
20
600 1
19
19*4 19*4 *17
*17*2 191* *1712 20
1934 May 16
12 Jan 4
1 1 Nov
J
*42
50
*42
*42
*42
50
*42
50
60
*42
50
50
34 May 2
45 May 12
39*4 N ov
►37
44
*38
*38
43
*37
43
43
*37
43
*37
43
Long Island________ . .
30 Feb 6
26 Doc
40 Apr 24
108*2 113
109 i i u 2 111 112
108*? 1093. 10734 1091.1 109*1 110
13,000 Louisville <Jc N a s h v ille ...
8714 Feb 19 113 Mayl9
85*2 Nov
138-lj 139U 137 I4 1381* 136 13814 1361? 137
8.265 \ fa n h a tta n Elevated___ 120 Jan 4 139*2 May 16 1007* Oct
137 137U $1375, 1373*
*26
35
*26
35
*20
34
*25
35
*23
35
*24
32
^Metropolitan Street____
15 Feb 24
35 Apr 13
23 Dec
161?
103,
1«W*1 163(
10*2 17
161* 1012 *161, 16U
2,400 Mexican Central_________
14 U .Tan 2 2flU Jan 28
16i2 10’ s
12*4 Nov
161 ? 17
1612 17**
16
163*
163* 171a
161* 161?
6,100
16i2 167*
14U May 1
Do Trust Co cc-rtf*____
171* MaylO
3034 3034 *30
*30
33
*29
293* 293*
715 Minneapolis & St Louis. .
30
80
20 Meh 2
32 May 14
23U Dec
*67
091- 6914 *67
70
*67
200 i Do pref........................ ..
69
69
*67
70
61 Feb 29
69*2 MaylG X62U Dec
11234 114
114 115
113*8 H 5
I I 2 I4 112?4 +112
114
112 113
5,816 Minn St P & S S M arie.. .
7-9*4 Jan 2 115 MaylS
60 Oct
*134 140
134U 135l2 134 134 *1341? 138 *134 138
135*4 13514
Do p r e f ................. ......... 1231? Feb n 136*4 Mch 2 5 110 Oct
500
201?
307*
283*
30
2834 29-%
29
303*
291, 303,
291, 301* 50,135 Mo Kansas & Texas_____
171? Mch 2
307* MaylO
20*4 Nov
623( 633*
0U2 63
621? 62-1)
621? 62:
623, 623.1 3,520
*61
621g
Do pref_______________
46 Feb 19
635* M ayl9
53 Nov
591? 6314 58
517* 59*4
611* 03!, 139,610 Missouri Pacific
5U 2 52
6412 GO'S 63
2812 Feb 19
64U May20
441* Dec
120 *110 120 *110 120 *110 120 '
*110 120 *110 120 * 110
ash Chatt & St Louis,
0734 Jan 2 114*4 Jan 14
97 Dec
49
49
* ____ 49 * ____ 49
100
at of Mex. non-cum pf
43*4 Jan 0
52 Mch 28
39U Nov
17
17
*1512 17
*1512 17
*17
...
*17
...
100
*17
.
17
M
ayl2
Do 2d pref_________
17 M ayl2
13U Oct
105U 1077* 104*4 1063* 104 106
1043, 106
29,845 N Y Central & H u d so n ..
IOOI4 106»3 1063* 107
901* Jan 2 1077* MaylO x83 Dec
3934 40-14
3934 401*
40
407*
*38U 40
39
39 I4 38
391
3,015 N Y Chic & St Louis____
24U Jan 8
40-8 M ayl4
1934 Oct
*95 102
*93 102
*95 102
*95 102
*92
94
*95 102
Do 1st pref-----------------90 Jan 14 102 May 12
85 Nov
*73
76
*72
76
*72
76
*71
76
*70
76
*70
75
Do 2d pref____________
60 Feb 8
75 May 14
41 Oct
J13fil2 13612 136*2 141*4 139 141
139*2 139*2 138 13834 1375, 13814 7.525
. , — N Y N Haven & Hartford 128*3 Jan ( 141*4 MaylS 1273* Nov4012 417*
4114 42
411* 42
40*2 4134 403, 411? 20,000 N Y Ontario & W estern ..
39
41U
29*8 Feb 19
43*4 May 11
28 Oct
72
7234 7H? 7214
72
7231
71
71
6912 71
69I2 71
6.700 Norfolk & W estern.............
58 Feb 19
7234 MaylO
56 Oct
*70
80
*70
80
*70
80
Do adjustment pref___
74 Mch 24
81 Jan 9
70 Oct
133 1361* 1335* 1361, 201,175 Northern Pacific_________
13714 138*8 1377* 13S34 13514 1387* 1341* 137
11678 Jan 2 1387* MaylO 10012 Oct
12312 1243, 124*4 1251* 123*4 1251
12234 1241? 122 123*4 1221? 12334 16,350
Do subscrip rects_____
103 Feb 10 1251? MaylO
911? Nov79
8112 801? 817*
1,650
79
79
80
SOI* *70*2 8012 *79U SOU
acific Coast Co________
71l2 Apr 2
93*? Jan 14
66 Nov
*85 100
*80 100
*80 100
*85 100
*80 100
*90 100
Do 1st pref_________
65 Nov
89
89
*80 100
*60
90
*85 100
*83 100
200
*80
90
Do 2d pref_________
79 Mch27
97 Jan 13
85 Dec
121 1227* 175,284 Pennsylvania................. ..
12134 123»,, 12H? 12412 1203* 1227* 1203* 123
1213* 122
108*4 j an 2 124U M ayl9 xl03l* Nov
*70
75
*70
74
200 PlttsbCln Chic & St L . . .
71
7H
*70
74
*70
71
*70
74
69 Jan 7
72 Apr 25
51 Oct
*90
98
92
02
*90
98
+90
98
*91
92
100
*90
98
Do pref_____________
8 H3 Mch 3 93 May 14
09l2 Oct
1137* 1171* 1085776 R e a d i n g .............................
117 I I 8I4 11734 1191* 116 I I 9I4 II.3 I4 117*4 113U 116
92ig Feb 17 119*4 MaylO
70'? Oct 8612 87
85
86
*82
82
1,810 MV 1 st pref........................
8512 87*2 *861? 88
*81U 86
78 Jan 2
87*2 MaylS
73 Oct
8514 85*4
8412 8512
85I2 8612 851? 86
*84
8534 *801? 851.
3,300
2d pref........................
76 Jan 6
861? MaylS
67 Nov
1812 19
1S12 183., 14,610 Rock Island Company___
18*g 187*
181* 187*
177a 18U
17*4 18U
19U Mayl4
lOUFeb 3
IP 4 Nov
37U 383, 26,965
401*
38U 3912 39
3912 39
36** 3834 37*8 381?
Do pref_________ ______
20*4 Feb 3 405* May 13
26 U Nov
*55
60
*50
55
*50
56
*55
58
*55
58
55
55
100 St L & San Fr. 1st p r e f..
45 Feb 1C 61*4 Jan 15
58 Oct
3234 33
30
31
33*8 33»g
32
33
31*4 32
3,675
31
32
Do 2d pref............... .......
34 May 14
19*4 Feb 19
24 Nov
161, 17
*15N 16*2
167* 177*
163( I&I4
18
2,100 St Louis Southwestern.. .
16*4 16*4 *16
10 Mch
177* MaylS
11 Nov
*37
39
39
41
397, 41
39*4 407g 40*, 405*
40
407*
4,600
Do p r e f............................
24*? Feb 19
41 M avl8
25 Nov
87
871j
86 I4 88 290,455 Southern Pacific Co_____ : 66i4 Feb 17 8931 MaylO
871* 8912 861? 8934 857, 883*
8.531 88
63*4 Oct
120 12012 119 120
119U
120
1191J 120
4,410
Do p r e f........... ................ 106*8 Jan 2 125U MaylS
118-34 US's II 8 I4 119
100 Oct
1734 I 8I4
1734 181*.
181, 187, 28,030 Southern v tr cfs stamped
18
19
I 8 I4 1912
17*? 18*2
19 U M ayl9
9*8 Jan 10
10 Nov
45U 453'i 45
46
45U 47U
46*4 47
4612 471.
46*4 467*
5,713
Do pref
do
251? Mch ?.
4712 MaylO
29l2 Nov
2334 247*
233, 237/.
24
U
25-^
24*2
253,
24
25U
24
26
21,080
exas & Pacific............ ..
12*4 Feb 29 26 May20
17*2 Nov
321? 337*
327, 333/
32*? 3212 32
33
34
32U 3314
33
6,225
hlrd Avenue (N Y ) ___
39 Apr 13
15*2 Mch22
16 Nov
107* 11
107* HI*
10U 10I2
lU , 1H'
10*4 ’10*4
10*4 IOI4
1.400 Toledo Railways & Light
87g Apr 9
15*4 May 2
9 Dec
21
21
2031 203j
1934
103,
*191? 21
19
19-Ti
, 20
20I4
1,000 Toledo St L <St w e ste rn ..
12 Feb 6 21 May 18
16*4 Dec
451g 4512 45*4 4534 4534 46
45
4512
45
451,
4 5 453*
2,500
Do pref_______________
33 Feb 3
46 May 15
2934 Nov
92
9214 90*2 9 H4 $91
00
91*2
80S* 90
91
91
91
1.725 Twln City Rapid Transit.
9 / i4 M ayl9
78*4 Feb 7
68*4 NOV
la iim ? 1475, 1503.
146 140.1, 146 ,fW)'?| 148 1511, 105475 Un'-m Pacift"..... ................ I n n u vfeb ? 15 11 ? M avl9
ion Oct,
831*
*91
901.|
927*
♦S3
50*4
* __
159
*62
♦185
44
22 I4
♦57

84
92<*
92U
9312
87
521*
65
150*4
63
li.O
457*

83S*
9234
93
93
85
52

H

N

P

T

B AN K S
Banks

Hid

Ask

Banks

Chemical . .
- - - - Citizens’ Ctl
___ City...............
Coal & Iron
225
125
Colonial U. .
Columbia 11335
. . . . Commerce 155
Consol’ t’d - .
185
Copper . . . .
—
Corn Ex H-..
Chatham . . 3071? 312i: East River.
—
Fidelity 'l ..
CbeUciEx T 200
N ew Y ork
A e tn a ..........

170

AmericaH-. t.i2712
A
m
erry
KxPch
B
a
tte
k
.. 320
118
320
B
o
w
e
ry
V
-•
BronxBorol, 300
150
Butch
D
170
C
tury&U
-.i 230
Cehnase_

at this price.




Hid

AND
Ask

410
___
2971205
200
___
700
400
500
_____
T166
120
115
195
200
1311*' __ _
135 ‘ 145
160
185
400
140
292

TR U ST

C O M PAN IES— B R O K E R S'

IOSI4 Jan
1015 * Jan
1331* Jan
122 Jau
94U Jan
S35* Jan
85*4 Feb
195U Jan
651 ? .Tan
220 Jan
56 Jan
27i2 Jan
69 Jan
18 Jan
79 Feb
711- Feb
261* Jau
157U Jan
165U Jan
141 Jan
149 Jan
205 Jan
234 Jan
170 Jan
165 Jan
9*4 Feb
25 Jan
3-i4 May
17 J’ly
927* Jan
108 U Jan
387* Jan
69<? Jan
581? Jan
227U Jan
610 ' Jan
427* Jan
837* Jan
SON Jan
19 1 ? Jan
39 Jan
44*4 Jan
757* Jan
67 Jan
92 Apr
189*4 Jan
85 Jan
75 Oct
14U Jan
47 Jan
sou Jan
114 Mch
94 Jan
172 Jan
39 Jan
75*4 Jan
287* Jan
51 Jan
80 Jan
30*j Jan
61*4 Jan
28U Jan
C7l2 Apr
67U Jan
1451* Jan
146 Feb
107 Jan
275. Jan
59 Jan
90 Jan
I 40I4 Jan
168 Jan
445* Mch
72*4 Jan
92*4 Jan
147 Jan
59*s Jan
27 Feb
134*4 Jan
6 3 U Jan
110 ' Jan
91*4 Jan
1S9 Jan
4X-i* Jan
92*4 Jan
90i2 Jan
189l2 Jan
134 Feb
1241* Jan
76 N ov
125 Mch
1413* Jan
78 Jan
1051* Jan
1391* Jan
92 Jan
94 Jan
30ig Jan
64U Jan
70 Jan
48** Jan
25U Jan
62U Feb
96U Jan
1181* Jan
34 Jan
94U Jan
3 7 1 * Jan
123 Jan
29 Jan
33*4 Jan
547* Apr
10 8 U Jan
183 Jan

Q UOTATIONS.

Ask.
Bid
Bid
Banks
Ask
Banks
Bid
Ask
Banks
4S5
Metropolis t 375
Hanover . . 465
Oriental U- Fifth AvcU. 3700 3850
530
Imp & Trad 520
Metropol’ nt 162
256
168" Pacific U___ 230
F i f t h .......... 300
350
180
Irving N E x 173
Mt Morrlst!. 220
P a rk ___
235
405
415
__
F irst.......... 4 650
180
Mutual t ___ T299U
JelTerson 11 .. 170
People’s 11-. 300
14th StU . . 175
465
185
435
N
assau
H___
Liberty____
200 ” 205
P h en lx____ 140
145
Fourth ____ 180
525
185
L in c o ln ___ 475
New A m st.
Plaza t ____ 575
G alla tin ___ 315
285
325
New N eth’d 20b" 220"" Prod Exch t 140
Manhattanf. 275
145*
1 Garfield . . .
325
240
Mark’ t&Ful
NewYorkCo C500
Riverside 11- 200
Germ Am f 125
13212 Mechanics’ . T232 12381: New York . 280
29o" Seaboard . . 340
350
Germ’ n Ext 475
__
500
. . . . V h t A D ayt
M cch&Trat
325
Second____ 6350
____ Mercantile . 1371?
Germania tl 500
19th W ard t 500 i
State U____ 325
. . . . Mereh Exrh 165
Greenwich 1! 250
170” North Amer
| : : : : 12th W a rd t
300
Hamilton If. —
____ Merchants’ . 1521? 1*7121 N c-th em . J1 . . . . I 160
23d W ard t 190 ’
1 day. i lii-rlgh ts. $ Less than 100 shares U State banks a Ex-dlvidend and rights. 6 New stock
c For new stock, previous price was^ou old capitalisation, /t 1st Installm’t paid, n Sold at private sale
Banks

Bid

H ig h e s t

a sk

STOCKS— HIGH ESI AND LOWEST SALE PRICES
Saturday
May 10

Monday
M ay 18

8434
83
21
*22
22V
41
*40
*40
127ft
12V 13
24 l.t 2178 2 -lV
1 2 V 15*8 14V
*8
8V
»l2
*10
17
17
*10
11
107ft
18
18
18V
*307s 41V
411;
83

Tuesday
May 19

8434

847ft
22
211 .,
41
*40
133ft
13V
257ft 25
10
137ft
9V
9
19
19
12
111;
19
19
42
421;

*108 180 *164 184 j 165
978
91"
9V
9*8 97,
2514 257ft 2134
23*4
66*8
77S 08*8 077ft 69V
20*4 21V
20*4 21
203ft
*80
80
86
80
*80
221"
22
21
211; 221"
777S 77V *75
82
*75
*5
5
5
5*3
5V
*55!" 57
56
56
50 V
373.1 38V
37
37% 38
98
*061" 97V
97V 9/V
311"
31V
30*4 303,1 31
90
*S0
90
*S0
*S0
*185 205 *185 205 *185
8
SV
734
*7V
*7V
4
4
*37S 4
4V
*19
20
19V
19V 19L
27
27V 28
27V 28
11*4 11*4
11
* io v 1134
20
*24
*241; 25V *23
50V
50V 51V
50*8 61
*1011; 103V 103V 1031; 1031;
*512
0
67ft
6
5*8
32
33
*32
34
32V
S2
* so
811" 8134 82
77*8 77V 78V
77
7212
991;
99V 99*4
99V 101
*180 220 *180 220 *180
*90 100
*90
*90 ion
*G-34
0's
07ft * 6^4
7V
38
*31V 38
*34
*34
130*4 13178 131 1321ft 1291;
*125 130 *120 130 *126
117V 117V 11734 117*.i 117V
92l4 92l.| 923ft 923ft 92
22
23
22V
22V 23%
89
89
89
89
90V
45*8 44-*4 40V
45
43
33ft 3V
31"
3*2
31ft
*9
523
91*.,
23V
21V
121V
17V
721;
357s
*70
*71
137*8
*92
*8
221.1
10*4
58
23
72l»
64V
67*i
*85*4
*115
10V
*72
64
*99*4
*7V
70
021"
30®s
92
13
43
29V
*85
1587s
37V
*84
19V
70*i
*51
38V
*50
*35
27."
751"
*75
401;
*91"
3011
251"
91
557
38*s
102
30V
251"
99V
*54*4
*250
56
52
071"

[VOL. LXXXVI.

JNeW York Stock fiecord—Concluded— Page 2

1268

12
23V
27L
943,
2S7,
23V
122
17V
72*|
36V
80
77V
139*4
95
834
23V
111"
59*4
23V
7334
641;
0734
8034
110
103s
80
043ft
100
71"
7H"
627,
3U"
92*8
13*8
441"
291"
88
1587s
371"
92
20
71V
52

*10
24
20*4
04*i
28V
23
121
17
73
361;
80
*71
1397s
*90
*8
23
11V
59

2.334

12
21
27
95
29t?
233ft
124V
17V
731.1
371"
80
773.
142
95
83,i
23V
11V
60
241;
743,
651;
66V
8.8
1151;
103.i
80
641;
100-3.1
73.|
721;
62*|
313ft
93
13V
44
2934
88
159V
39*8

85

84V

84V

39
123.1
25
137ft
91"
20
19
111"
12
191"
18V
43V *41

403.i
133,
277,
14V

22

411"
137,ft
27V
14V
9

21

21

10
201;

13
1S34
44

Thur. day
May 21

Friday
M ay 22

8 H4 841.1
22
*21

8434 85V

40V 401;
13
14V
253., 2S34
133ft 14
9V 10V
19*4 20
127ft
12
18*4 183.1
42
42

Sales ot
die
Week
Shares

29
761"
85
451"
15
34
26
95
60V
39V
1031"
33
2534
100
58
305
61V
511"
67

*9
*20
25
95V
28V
21*g
rl21V
16V
71
35
*70
*71
139
*90
*sv
2234
lov
57
2210
72V
65
*64
35
*110
10
*72
61V
100
73ft
691"
59V
27V
911;
*12
45V
28V

*80

159
37
91
18V
68V
49V
*02
36V
*60
28
75V
*70
*44
*11
30
24V
92V
60
3773
102
31V
24
9SV
50
*250
5S
50V
*68

*9

*9
11
231"
21V
2434
26
95V
91V
31*.|
29*4
215ft
23
127
126
16V
16*ft
71V *70
36
35
80
80
75*| 74V
140*4 137V
05
*90
9
*8V
22*4 *21
nv
10 V
50
59
22V *22V
721; *72
651" *64V
*04
66
85
84
110 *110
10
10V
*72
80
641,1 62U
100
100V
73,
7*8
71
70
59
60's
293,
271»
93V
92V
12
13V
45V *42
28
29
*85
88
159 *158
373.1 30
*88
91
17
19V
70
60
4!)3ft
50V
*92
37
30
621" *00

11
22
25V
94V
313ft
23
129
16V
72
30V
80
741;
138V
95
9
23
1012
57
23V
73
68
67
85
116
10
80
64 V
1001"
73ft
70V
00
29
927ft
12V
40
2834
88
100
30V

37V
64

20V
25V
*95
2S34
223s
126V
16
+70V
35V
+70
747g
13G34
92
*8V
22-V
10V
56
*22
*71
05
*64
*84
+110
934
*72
03
2100
73ft
69
603ft
27V
92
12V
*42
28
}85
159
3034
+89
17V
67V
50
*92
3634
*00

2734
74
*72
45
12
*27
25V
92V
00
377ft
101V
31V
24V
*99
*49
*250
58
51V
*00

283,
75
85
45
12
33
26 V
93
00 V
39
1023.1
32
25
100
51
305
58
52V
68

2334
75
*72
45
*10
*26
26
92V
61
38V
102*4
31V
2>v
97V
*50
*250
*58
51
66

28
75V
85
46
15
31
265s
93V
00
38V
103 V
321"
243,,
99
51
305
59V
53
08

BANKS

AND

1834
69V
51V

liaruje Since Jan. 1 1998.
On basis ot 100-share lots

STOCKS
N E W Y O R K STOCK
EXCHANGE

Lowest

1.250 Union Pacific, pref------ . .
22
22
2,200 Unit Rys Inv’ t ot San Fr.
4034 403.,
600
Do pret_______________
137ft 14V 11,900 XXI a b a sh -----------------------44,950 VV
Do pref....................
27V 29
12V 13L 15,980 Western Maryland_______
10V
10
5,525 Wheeling & Lake Erie___
19
19
3,900
Do 1st p r e f ............ ......
123ft 13V
3,540
Do 2d pref____________
18
18
1,600 Wisconsin Central_______
*41L 43
1.S00
Do p r e f .._____ _______

TR U ST

10 V
20V
26
96
303s
23
12834
16-14

73
361?
80
747ft
138V
92
9
23V
10V
50
23V
73V
05
60
85
110

934

78
0534
100
7V
69
61V
32
923ft
12V
40
28
88
159
37
93
183ft
071?
50
___
37V
021*
287ft
75
85
48
13
30
261.,
93V
61
39
102*8
32
25
97V
52
305
60
5234
00

79V Apr 2
15 Jan 24
27V Jan 22
6-V Mch 3
13 Mch 3
5 Mch 14
4V Mch 7
12V Apr 16
0 Feb 27
13V Feb 28
33 Feb 19

llangt tor Previous
Year <1007)
Highest

Highest

86V Mny 22

241" Apr 28
Apr 25
14V M ay 21
29 May22
16 MaylH
10V May22
20V May20
13V May22
19V M ayl9
43V Jan 20

43

75
10V
20
8
14V
6
0
13
8
11
28

Aug
Nov
Nov
Oct
Nov
Oct
Oot
Oct
Oct
Nov
Oct

90 May
Jan
71*s Jan
1H1» Jan
381" Jan
30»i Jan
1031 Jan
373.1 Jan
2134 Jan
2578 Jan
511; Jan

02

164 Jan S §185 Jan 18 5150 Ait" 330 J’no
107s Jan
A uk
97s M a y lr
5 Mch 6
Jan
M Nov
257ft May 18
14 Mch 0
121V
Jan
093.1
May
19
z4Y\\
Oct
45V Feb 19
Jan
10 Oct
13 Jan 4 22 M ayl4
li.V ' Feb
86 Apr 23
75 Oct
781" Jan 4
23 I" Jan
73.! Nov
91- Feb 10 247ft Apr 23
to " Jan
78 Apr 29
05 Jail 23
75 Mch
Do pref_______I'
71 " Apr
ftl.Jan 11
3 Oct
■1 Feb 20
American Can_____
5634 MayKi
001" Apr
44 Jan 4
34 N
Do pref............ ..
S;i3 May 19
243S1 Oct
25V Feb 13 3c
45V Jan
98 M ayl9
103 Jan
78 Oct
Do pref________
.
84V Mch 4
34-V Jan 14
21 Nov
N
3<U" J’ly
24-V Feb 19
American Cotton Oil___
.fan
70 Nov
$80 Jan 10 §82 Mch 14
Do pref_________
175 Oc
Oct 247 Jan
American Express______ 5171' Feb 20 §224 May 11
>
t2
Apr
14
3 <
Oct
8I4 Jan
3's .1an 8
American Grass T w in e ..
-11 " Apr 14
r,i4 Jan
212. fNov
234 Feb 20
10 “' OC
3 i)to Jan
y d - M ayll
ct
Do pref............ ..
121. Mch 4
28 M ayl;
8V. Occt
88 'J a n
121" Feb s
American Ice .Securities..
i Oct
12 May / :
19 I4 Jan
iAh
26V May 14
111 12. Oct
30 Jan
Do pref_______________
17 Mch 5
5'..-'ift May 7
3211 N ov
7531 l-’cb
31»s Feb 25
American Locomotive___
lilt* Jan
83 Occt
85V Jan 2 1031. May 12
Do pref.............................
212 J’ne
5 /u Apr
3 Mch 2 O-'u Mch 27
17 Nov
34U Mch 27
21 Jan 13
40 Feb
Do pref..... .......................
93 ij; Jan
r,o Oct
821., May 19
70 Jan 17
Amer Smelters See pref B
79VJan 15
5SV Nov *165. Jan
AmerSmeltlng & Refining
55V Feb 17
813j Oct 117*3 Jan
87-V Feb 20 10 1 M aylS
Do pret_______________
200 Apr 30 200 Apr 30 150 Oct 205 Jan
06 Apr 30 §70 Nov 102 J ’ne
80 Mch 23
lOV Jan
4*s Nov
7 Jan 13
American Steel Foundries
4V Feb 14
471* Jan
•>0 Nov
35 Mayl'..'
Do pref_____ __________
20V Feb 14
0;>3| Dec 1871" Feb
0S34 Jan 2 132V M ayis
American Sugar Refining
105 Feb is 125V M ayl5 rlOli Nov 131 ' Jan
133 Jan
mh Oct
American Teleph & Telcg KH Jan 0 126 ’ Apr -.’4
9S34 Jan
00 Oct
American Tobac (new), pf
72V Jan 2 991. M a y ll
71H" Jan
1 1 Oct
V4 Mayl'.
American W oolen...............
15V Feb 17
<w Nov 1027ft Jan
Do p re f.. .................
7SV Feb 19 9UV M ayl-JAnacondaCopper 7*/irS25 $27V Feb 19 $40V M ayi9 $25>* Oct 80231 Feb
•'0V May
53 Oct
$5 Mch 20
/UiatoplIasMInlng 7’<ir$20
S2l;Jan 23
t0 Nov 125 May
Od X c u >1
141 " Jan
<> Oct
100 *>ninswlck Dock&C Imp
1114 M ayl4
« Jan 3
745
27 Oct
49V Jan
510 Feb 7 §26 .Ian 15
40 Feb
8,175 /'Central Leather . _ ..........
U78 Nov
27V M ayll
15V Feb 10
«8 Nov 102 Feb
1,050 Vy Do pref_____________
75*.i Jan 2
95V M ayll
577ft Jan
14 Nov
73.750 Colorado Fuel & Iron____
3 Hi May20
15*3 Feb 11
283ft Apr
14 Dec
12,560 Col A Hock Coal & Iro n ..
14*4 Mch 6 24 May 19
74 Oct
140V Melt
45,0.30 Consolidated Gas (N Y ) _ .
90 Jan 3 *129 May21
243j Jan
8 Oct
6,553 Corn Products Refining...
18V M ay 13
10*4 Feb 10
88 Jan
40 Oct
1,040
73V M ayl8
Do pref.............................
50 Jan 2
25 Dec
78 Feb
17,930 Distillers’ Securities Corn
3734 Mayi'J
27V Feb 19
50 Oct 183 Jau
200 Federal Mining A Smelt’g
80 Apr 30
80 Apr 28
9 / Jan
47 Oct
400
Do pref............ .............
70i» M ayl4
59 Feb 10
183 Jan
sou Oct
6,840 General E le c tric ............
111 Jan 2 142 MaylS
152 Feb
00 ” Oct
300 Granby Cons M S A p .
78*4 Jan 2
<J8V Mch30
41
.
Oct
SV J,ne
9
M
a
y
ll
f nt Mer Marine stk tr ctfs
7 Mch 11
10 Nov
24 Apr
400 I
Do p r e f .;_________
2334 May 7
16 Feb 25
181" Jan
7*2 Nov
5,250 International Paper..........
12V Jnn 18
8 Apr 1
51 Nov
81 Feb
2,750
Do p r e f .............. ...........
65 Jan 10
8 Oct
41 Jan
1,065 Interna* Steam P u m p ..
20 Mch23
13 Jan 2
81 Jan
50 Oct
900
7434 May 18
Do pref................. .........
05 Jan 10
40
Oct
1,500 Mackay Com panies___
75V Jan
60
May
19
52 Feb 25
300
50 Oct
71 Jan
Do pref_____________
073.1 May 10
68U Oct
2,310 \Tatlonal Biscuit_______
881.1 Jan
88 M ayis
6.3 J an 3
200
DO ’ Nov 117*8 Melt
Do pref.................
102 Jan 2 110 Apr 22
1.350 Nat Enamel'g A Stamp's
0V Nov
15-V Jan
11 M ayl4
71. Feb 14
____
87 Feb
Do pref...............
§70 Feb 25 {so .inn 18 575 Sep
33 N ov36,087 National Lead..........
70V Jan
SO Feb 10 0; .'i.i Mayl’2
1,110
80 Oct
103 Jan
Do pref.................
1003.1 MaylS
55 I)oc 520*1 Apr
2,100 Newhouse M A 3 . Par $16
$9-8 Jan 20
Shift Apr 13
471j Dec- 1411" -Ian
4,590 New York Air B r a k e ...
7 3 1 - Apr 14
50 Jan 2
89?' Jan
6,255 North American Co. new
37 Nov
42V Mch 5 04 Mayl-1
41ij Jan
19 Nov
17,850 I3aclttc M all____
33'" Mch24
24 Apr 20
70>4 Oct
9,s*3 Jan
7,475 A eople’s (1 L A C (Chic)
03*4 MaylO
80 Jnn 2
7 Nov
107ft Jan
1,500 Pittsburgh Coal Co____
143ft May 19
&V Mch 17
37 Nov
00*8 Jan
800
Do pref..... ............. ..
47 1- M ayl9
36V Feb H
67 Jan
15V Nov
3,985 Pressed Steel Car.
17V Feb 10 3 1 May 6
84 Nov
99is Jau
80 Apr 28
00
Do p r e f ............ ..
69 Jan 3
800 Pullman Company_______ 147 Jan 3 lniV Apr 29 135V Nov 181V Jan
2 1 U Oct
671" Jan
4,170 l > all way Steel Spring..
233< Feb 8 31 i'm May 18
72 Nov
you Fob
91 May 19
310 I v
Do pref.................
75 Jan 29
41 Jau
13 Oct
12,505, Republic Iron A Steel.
1434 Feb 11 2<:V MaylS
100
Jan
50>2 Oot
74 Mch 16
10,425
Do pret...................
04 Apr 2C
2(1 Oct
77*4 Jau
7,300 OloftS-SheftlcId SteelAIrn
30 Jan 2
52V Mayl*
80
Oct
(107
Jan
D
3
Mch
30
G) Do pref..........
87V Jan 7
8,700 -fTcnnesseeCopper P a rt25 S25V Feb 17 s 42-1.1 Mch30 $17 Oot S53i» Moll
43 Dec
85 Jan
00 Apr 24
-Texas Pacific Land Trust
45 Feb 11
4 Oot
8V Jan
6*8 Apr 14
300
4 Feb 21
31134 Nov
01 Jan
58 May 4
17 Oct
20 MaylS
49V Jan
4,875 U S Cast 1 Pipe A Foundr
17V Feb 20
49 Nov
89 Jan
76 May 15
1,212
Do pref________________
50*8 Jan 2
70 Nov 5117 Jan
........... United States E x p re s s ...
00 Jan 0
70 Feb 18
38
Nov
Jan
901*
■
-IS
May22
2,100 (7 S Realty A Improvem't
30V Feb 5
51 -* Nov
30V Jan
13V M ayis
000 U S Reduction A Refining
4 Feb 21
1.3V Dec
08 Jan
•
333-1 May 10
1,500
Do pref.............................
16 Feb 10
13V Nov
52 V Feb
15,820 United States Rubber___
1734 Feb 10 20*8 MaylS
02 Oct
1097, Jan
95 May 19
4,500
Do 1st pref........ .............
7o Feb 19
39 Nov
OlU Jnn 2-(
78V Jan
2,910
42 Feb 21
Do 2d pref......................
217* Oct
503, ,Jan
1.89,760 United States Steel-------2534 Jnn 2 393s MaylS
79V Nov 1073., Jan
.
35,735
Do pref________________
87V Jan 2 10334 MaylS
S13 Oct $391" Mch
20,500 dUtah Copper___ Par $10 S20 Jan 2 $34'" Mch27
12 -V Nov
2634 M ayl4
39*8 -Jan
3,850 Vlrglnla-Carollna C h e m ..
16 Feb 27
75 Nov 108 Jan
1,000
Do pref________________ *87 Jan 2 1001- Mayll'
31 Oct
50 May 15
97 Jan
400 Virginia Iron Coal A Coke
43 Jan 7
VlTells Fargo A C o-------- 5250 Feb 13 1200 Mch 30 250 May 300 J’n«
64 Dec
0 1 V May 19
85 Jan
6,980
extern Union T e lc g ..
41 Feb IS
82 Nov 154 Jan
58 Mch 20
10,674 Westlngh’seEl AM fg assen
38 Mch 11
(lo Dec <100 Mai
902
58 Mch 2 4 80 Mch 30
Do 1st nref........ ..............

105 *165 1S1 *105 181 *16612 181
5
93.,
9
5,005
85ft
97ft
8*ft 9
9V
23V
24
253.,
2334 2434 23
24V
7,625
6U34 65
073ft
esv 671.1 64V 66V 312,050
21
19
20
3,000
19V 20V *1912 21
80
86
*85
*80
SO
86
*80
100
20
22
20V *20
2U2 4,300
19V 20V
81
*75
*75
81
82
81
*75
100
*5
638
*5
500
5V
5V
5V
5V
55
*54*4 56
55
1,450
86V
55V 50
377ft 15,300
37
38^
30*4 3734
30V 37V
97
9,3
98
97
*97
*9612 98
432
3034 313ft
32
30V 31
30V 3034 8,150
__
90
90
90
*80
*80
90
*80
205 *185 205 *185 205 *190 205
...........
*7
220
7V
7*1 *7
7V
7V
7V
*334 4
4
*334 4
4
1,500
J 's
19*4
18
19
19
19
*18
20
675
20*8 27
2734 16,540
28
27
26 V 27
11
11
111-2 *1012 111?
600
n v *10
*22
26
2oV
*211" 25
25V *22
52
49
49
49
491" 15,310
50 V
50V
103 103
1,600
103V 103 103 *102 103
1,000
5*ft
5V
5V
5V
5V
5V
»v
32
32V
32
33
*31
31
31
92-1
82V *_ - - 82
+78
79
1,430
79V 80
783ft 691» 73V
093, 73V
713ft 74 398,800
9034
973ft
97
97
101
7,350
95*4
961;
220 *180 220 *180 220 *180 220
*90 100
*90 100
100
*90 100
*634
*03.1
*0>4
150
7V
61?
7V
7V
*341" 35
38
38
100
*31
*341; 38
132
13,400
128V 130V 128 130V 12SV 130
130 *125 130 *125 130 *125 135
1173, US
1,610
1187s 117'ft 118 *117 118
90V 911,900
91
92
91
91V 911;
215ft 22
217ft 217ft
5,300
24
22
23V
89
*86
1,922
89
*85
87
87
89V
46 V
41*4 43
41V 42V 50.750
42V 443,
35ft *3
*>s
2,400
33ft
3»ft
3\s
3V

1134 1l»i
237« 2378
203.1
20
94*ft 95
281; 2934
22-34 24
12212 1243,1
16-3J 17V
72*,
72
35*8 373,
80
*70
76
70
140 141
99
*92
9
*81.t
227s 23V
11*4 117ft
591.1 60
23*s 233ft
*72V 74V
66
65
65
65
84V 84*4
*110 116
10*4 107ft
*72
80
61V 64V
100*4 100-34
8
7*8
70V 72V
59
62
281" 31V
92V 933.|
13V 143ft
■16
47V
2834 291"
*85
87
1597,
159
38V 3831
91
91
18V 197,
691" 713,
4934 52V
*93
37V 383,
*58
641"
Cl*
61;

73V
*03
66V
86
rl 15
IOS4
*72
03 V
100
7V
713ft
02
31
92V
13V
44
29V
*85
169
38
*90
19*ft 20 V
71V 72
50*4 511;
*93
377ft 381,
381.i
641"
64
*58
dg
«V
60
2734
29
27
271;
*7534
76
75*4 76
85
*70
*70
85
45
401"
45
45
12
12
13V *11
3.33ft
33
*30
20
25
25*4 26*,
92
9Hft 941;
921"
57
00
61
60
387ft 383ft 303ft 38
1023.1 103 103-3.1 102V
3 OJ4 311" 3 IV
31
27)3,,
24
251* 2.5-3,
991"
1001" *100 101
57
54*4 5434 *53
305 *250 305 *250
57V
50V 60V
58V
50
52
53
55
70
681"
70
f\7

Wednesday
May 20

A dams Express____ - AVnis-Chalmers_________
Do pref_________ _
Amalgamated C o p p e r.-Amer Agricultural Chem.
Do pref............ .... ...........

COM PANIES— B A N K E R S '

Q UOTATIONS

Ask
Trust Co’ s Bid
Trust Co’ s Bid
ISO
Brooklyn
Mut A ll’nce 160
___ Brooklyn Tr t399
N Y Llfc&Tr 1000
510
Jltlzens’ . . 115
410
140
120
N Y Trust. 490
___ Flntbush ; . 240
270
T109
240
Standard Tr 325
__ Franklin . . 180
300
275
TltlcG u& Tr 360
270
340
Hamilton . . 250
320
375" Tr Co of Am 260
lo tn c ____
105
t202 ” ____ Union Trust 1100 1200
70
155
____ 130
385
200
Ktnks Co . . 435
190
US Mtg &Tr
400
350
L a fa yette.. 100
Unit States. 1080* tllO
305
825
L I si L & Tr 240
775
VanN’ d’nTr 295
____ N assau____ 150
510
495
Washington 400
275
150
420
400
People’s ___ 260
Westchester
165
—
435
460
Windsor . .
105
95
Wllllamsb z
* lild and asked prices; no sales on tills day. $ Less than 100 shares, t Ex-rlgats, b New stock, e E x-dlv. and rights, d Now quoted dollars per
t Sale at Stock Exchange or at auction this week, s Trust Co. certificates H Banks marked with a paragraph ('ll) arc State banks.

Hid
Ask
Banks
175
Brooklyn
____
230
Montauk . .
____ N assau____
500
400
425
Nat C ity___
North Slde|
llrooklyn
Prosp’ ctP k !
150
Borough li­ 120
Terminal H.
____
ft roadway 11 4oo
____ Trust Co’s
F irst............. 130
____
Home Bk 11 - ___
N Y City
425
Manufac’rs’ 390
A s t o r _____
200
Mechanics’ll 250
Bankers’ Tr
Banks
Union ExeH
U SE xchH .
W ash H ’ tsfl
W est Side 1|
Yorkvllle §].




Bid

Ask

Trust Co’ s
N Y City
Bnwl’g Gr’n
B’vvay T r ..
Carnegie . .
Central T r .
Columbia . .
Commercial
Com’wealth
Empire —
Eqult’ ble Tr
Farm Lo AT
F id e lity ___

Bid

Ask

Trust Co’ s
Fifth A v Tr
390
315
F u lto n ____
120
____ Guar'ty T r .
11301" 110034 Guardian Tr
____ H u d s o n ___
1500
210
200
Knlckerb’kr
150
160
Law T I &Tr
100
125
Lincoln T r .
____ Manhattnn.
335
375
415
Morcantlle .
1050 tlOJ
Vtetropol’ tn
___ Morton T r .
185
M utual____

Bid

24 0"
390
1167
110

Ask
415

■xsk
....
130
260
210
275
85
455
__ _
260
190
280
....

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
O O C U l'Y I N fi
a* O

B O N D ?'
M. Y . STOCK E X C H A N G E
W bbk E nding MAY 22

Price
Friday
M ay 23

Week’s
Range or
Last Sale

FO U R

^ ..
Range
Since
§ O
s: January 1

Low
H i«//1 Mo
103 *2 May’ OS
10334 104*2
104*8 Jaii ’ (18
'. 04 *» 104*8
101 y Mar’i)8
101*4 101*4
lO ly May’08 ___ 10 1
10 2
107 J’ne’02
10 1 >2 10 1*2
o -F 10 0 *2 ......... 10 1*2 Eeb’08
Q- F 12 0 120*4 120 *2 Mar’08
118*5 122*4
123 A p r ’ 08
y-F 122 123
120*4 123*9
103 *4 M ar’08
103*4 103*2
Q-N 102 103
Q .f
Hia
A etc
103*2 104
10334 104 V
1UU*» 101>a
y-E 1 0 b *4 101*4

LI, S . lio v ciiim ^ iu
O S 2s oonsol registered.dl930
O 3 ‘2 s consol coupon___ til930
■ 8 3s registered..............fcl91‘
D 8 3s coupon..................... *1918
C 8 3s reg small bonds..fcl91b
B 8 3s cou small bonds..fcl91 8
0 8 4s registered................. 19‘2ti
B 8 4s coupon.................... ..
B 8 Pan Can 10-30 yr 2s.fcr.t3d
Philmpino islands 48.1014-34
Pub wks and Imp reg 4s 193b

Q.J
y .j

Foreign < *«v ern in «iit
Imperial Japanese Governm't
Sterling loan 4*28 ............ 1926
2 d series 4 *28 . . . . ...........1925
Sterling loan 4 s .............. 1931
Repub ol Cuba 5s exten debt..
B 8 or .Mexico R f g 6s of 1899
Gold 4s of 1904................. 1954

F-A
J-J
J-J
M-S
y-J
J -D
IT

X 87*2 Sale
874
88*4 73 85
91
87*8
88 1 .7 83 7, 89
. 87*2 88
1 75
78*2 Sale
78*4
78*5
80
1103*4 Sale 103*4 103*4 51 100*4 104
98*4......... 1*8 *e A p r’08
96
99 *v
93*4 Sale
9334
93*>4 45 90*2 94*2
hese are pr Ices n the 0 asis of $5 to £ .

S t a t e a n d C ity S e c u r it ie s
07 .........
Alabama ourr fund 4s ....1 9 2 0
Dlst of Columbia 3 -05a___ 1924
97 .........
bonisiana new consol 4 s ..1914 J -J
New York C i t y M-N 109*, Sale
M-N 104 Sale
M-N 109 *2 Sale
M-N ♦104*4 106
N e w Y o r k State— Highway
M-S ......... 109>a
97 .........
A-O 114 .........
S o C arolina 4 *28 20-4 0 ........193; J J 103 .........
95 .........
T en ii new s ettlem en t 3 s ..1 .1 . J-J
01*2 92
V irg in ia fund d e b t 2 -8 s . . . l 9 9 i J J
39 Sale
6 s d eferred B row n B ros ctfs .

9

111 Mar’02
117*2 J’ ne’06
106 *2 D ec’04
109
104
109*2
104*«

111
104 h,
110
104*s

1378 iOSOglll
220 10 1 *4 104*2
269 105 110
23 102 104*2

109 *2 M#y’08
100*4 A p r’07
126
I 20
96

00

39

109

Mar’07
Mar’UO
90
10
M at’08
42
65

109*4

94
98
90
90
22*2 43

R a il r o a d
A lubam a C en t (bee 8 0 lty

con v g

A t l K n o x <fe N

6s

See

&

73*2 81*2
957,101*5
95*2 100
83
88*4

107
156

82*9 89
85*4 93*«
9 4 S 103

.
___

96*a 96*2

86*4 Sam 86*2
M-N
86S4
9234 Sale
92*,
9334
J-B
J - B 102*4 Sale 10 J*4 103
F-A ..................... 9 3 38 May’ 07
96*2 M ai’08
FA
98*2 Nov’04
FA
94 Nov'OH
96
96
90*4 96
MS

......... 1 9 1'

L

78 A p r’Ob
93*2
99** 208
90 A p r ’Ob
30*2
88
V
86 A p r’07

M

MS
J-J
A-O
A-O
M-N

18

10

96** 96

186 80
93
92*4 sale
91
93
12 0 .
111*2111*5
109 ......... 1 1 1 * 2 Mar’08
104 .......... 112*8 J a n ’04
lUO^
1 140„ N or’OB
13

82*4 Sale
HO

82*4
83
114 J’l y ’07

93

Sale

99

Sale

93
93
10
90 A p r’Ob
98'*,
99
84
96 *, Mar’OS . . .

OO

1 0 -year

y -j
80
82*4
98 Si Sale
A-O
A-O •......... 98
Nov
87*2 89

-4
**•

A U eg.

A tla n tic <& G a n r S e e S outh By
A u s t i n * N W .NeeSou.
J-J
V-J
A-O
y-J
J -J
M-N
M-N
J -J
y -J
FA
M-S
Cl Bor * W c o n 1st g f>s 1931 A-O
J-B
A-O
AO
J-J
J-D
B at C reek * 8 S e e M ich Con l
B eecli C reek S e e N Y C * H
B ellev * Car S e e IB lnuisC eu

Ba

B u llalo N Y * B rio

See

Eno

M-S
A-C
J-J
F-A
J -0

Buitalo * Southwest-.

J-J
M-S
M-S

C

93*2
90
102
96*2

si
.........
9 0 4 00*2 90
90
7 87
1*2*2
......... 89 *v 89
89*5 62 83*4 89*4
33 Oct ’01
1 0 1 ......... I 0 6 Feb ’ 07
96 .........
104*8......... 109*4 J’ ne1>7
106 ......... 110 May’oS
no
110
103*2
. 100*4 May’Ob
1*0*4 100*4
107 ......... 119*2 Mur'04
90 ......... 88 *4 Oct ’07
100 N ov’04 —
..................

10 0 * 2 ......... 110 *2 A p r ’08

96 .........
104 ......... 103 A p r’07
1 1 6 " , ......... 116*4 A p r’01
120 ......... 117 Mur*0b

J-J

B u r G K * N See C It 1 * P
lan So 1st ex
/ 2 d 6 s ...........

90
89*,
96*2
95*2

108

Sale
1 0 1 *2 Sale

91

F eb’08

108

108

101*2 101*5
100*4 May’07

....

108

1 1 0 's

114
l 17

116*4
117

91

91

65 107 m o 8
1 98 y 101*5

G arb * Sliaw u S e e XU Cent
•Carolina Cen t see S cab A ir I.
Ced If In K * N
Cen Branon lty
E-A
. M-N
M-N
Oct

S ta m p e d ......................
2 m «>re> in c o m e ? 6 s ___ »194.r Oct

1 1 2 * 8 ......... 112
104 S, Sale

70*4 71*2
71 ^ Slain
46*2 48*4

104*4

May’08
105 **

7l
71*2
47

*71
71*48*-j

112

112

is

97*4 107

10

55
<35
45

7

57

73
7 Ma
60

I’ A G E S

RONDS
. Y. STOCK E X C H A N G
WffiKK E.NTMNH M a y 22
Cent of Ga U K —(Cun)
2d pref Income g 5s stamped
Id pret income g 5 s ....p l 9 4 t
3d pref income g 5s stampe
Clialt Hi v pur 111011 g 48.1951
Mac * N or D lv 1st g 5s. 1946
Slid Ga * A tl Div 5s___ 1947.
Slobile Blv 1st g 5s........ 1940
Cen U K * B of Ga col g 6s 1937
Cent of N J gen’ l gold 5s. 1987
Hegistered................... A1987
A m D o c k * Imp gu 5 s .. 1921
L a * Hud K gon g u g S s 1920
Leh & W ilks B Coal o s ..1912
Con ext guar 4>2H___ ffl910
N Y * Long Br gen g 4s 1941
Cent Pacillo See 80 Pacific Co
CentVermont 1st gu 9 4s.el920
Clias & Sar Nee A tl Coast Line
Clies * Ohio g Os ser A ..A 1 9 0 8
Gold Os................................o l 9 U
1st consol g 5s................... 1939
Hegistered.......................1939
General gold 4*28 ..............1992
Hegistered.......................1992
Craig Valley .1st g 6s___ 1940
H * A B it 1st con g 4 s .. 1989
2d consol g 4 s................. 1989
Warm Spr Val 1st g 5s. .1941
Greenbrier Ky ls tg u g 4s ’40
Clue * A lt HH ret g 3 s ...1 9 4 9
Kailway let. lien 3>28...1 9 5 0
Hegistered....................... I960
Chic Burl * Q— Deny B 4s 1922
Illinois Blv 314 s ............... 1949
Hegistered.......................1949
Gold 4 s ..............................1949
Iowa Biv sink fund 5 s . . 1919
Sinking fund 4s.............. 1919
Nebraska Extension 4 s .1927
Registered.......................1927
Southwestern B1y 4 s ___ 1921
Joint bonds See Great North
Bebenture 5s..................... 1913
H a n * StJoscx)iisol08..1911
Chic & K 111 ref * imp g 4s 1955
let consol g 6s................... 1934
General consol 1st 5s___ 1937
Registered.......................1937
C h i c * lu d O lty 1st 68.1936
C h ic a g o * Erie N’<>« Ene
Cine I n * Igmisv ret 6 s ...1 9 4 7
Refunding gold 5s........... 1947
L ouisy N A *>C1i 1st Os. 191o
Chic M i l * St P term g 6s 1914

MO
d z

Oct*
j-i.)
j -j
j-j
j -j
V1. N
J-J
Q-J
J-J
r - J1
•J
M-N
Q-M
M-S

Price
Friday
M ay 22
Ilia
a A*i
......... 49 *2
36*2 38
......... 38*8

10 2

88

A-O 10 0 s, .........
A-O 102*4.........
VI-N 112 Sale
M-N
M-S i l ' 0 ’4 Sale"
a*VI- 0
►
JS
J-J iiio .........
96
98*5
JJ
91
95
J-J
M-S 10 0 .........
M-N
72*2.........
A-O
67 *2 Sale
J-J
J-J
F-A 100 Sait"
88*2 89*4
J-J
J - J * ......... 88*2
J-J 1 0 1 * , .........
A-O 1 0 5 * ,.........
98*2.........
A-O
99’ 101
M-N
97 .........
M-N
93*8.........
M-S

A p r’08 . . . .
May’08

Low H igh
44
60
27
40
27
4( **2
89«s 8 9 s,

100*2 100 >2

......
___ __
*92
117

......
......
io o "
124s,

107

108*4

120*8 12 2

98
98
98*2 10U

May’07

100*4 May’08

100*2 103
May’08 . . . . 102 105*,
6 107*2 114*4
112
101 *2 Dec ’07
100*2 101*4 84 96 101*4

•103

112

112 F eb’ 06
96 *9 May’.)r
92 *2 May’08
113*4 i e b ’06
99*4 F eb’06
70 A p r ’Ob
67*2
67*a
W0‘, Mny’05
lo o
10 0
89*4
90
90 Sep ’06
100*4 I 0 1 l4
106 Jan ’08
98 A p r ’08
101*2 101*4

10 1* 2
90

10 1* 2

Oct ’07

1 0 1 s, 101*4
1 0 4 * ,......... 104*, A p r’Ob
93 A p r’07
82
92
1 1 7 0 ,......... 116 D ec’07
112
112 Sale 1 1 2
118*2 Feb ’06
ioa ......... 109*4 J a n ’08

10 10 ,10 2

Range
Since
=?*§ Jan’iary 1

Low
Jta/h Ao
47*8
47 **
6
37
38 *4 38
37*2
37*5
4
89*8 P eb’O."
100*2 Eeb’ 08
115 N ov’05 ___
105 D ec’07 ___
97 Mar’ll*
124*, 124 s* "23
12 2 A p r'08
107 F eb ’08 . . . .

.........
. . . . . . .........
107 *9 .........
97*2 102
124 124s*
1 2 1 .........
108*4.........
10 2 hi
9 7*2......... 98
99 Hj ......... 100
.........

Q.xr

VI-N
M-S
T*J
M
M
AO
A*
M-N
M-N
J-J

Week’s
Range or
Last Sale

....
___

91*2 97*4
89
92*a

"* i

67*4
60

1
2

97

86

78
67*2
100*2
90*2

67 97*8 1 0 1 s,
. . . 106 106
96
99*2
4 99 10 1*,
6 10 1*2 1 0 1 Si
13 97*4 103*2
•••• 104*, 105s,

1 106*2 1 1 2 **
....
. . . . i*09»4 109*4

117*4 134
J-J 124 125 124 May'OS
................... .
J-J 103*4......... 105 Oct ’07
J-J 102*4......... 100*4 Mar’08 . . . . i ii b " ib’ ”*i
J-J 105 ......... 106 May ’08 ... 103*2 106
103
1 U)0 103
J-J 103 Sale 103
104 *2 Oct ’06
0 .J
88 ......... 88*4
89*4 1 1 85*4 90*4
J-J
C lno * L Su B lv g 5 s . . ! . 1921 J-J 1 0 9 * ,.. ... 115=4 Oct ’ 06
A p r’08
110
111
J-J 111*4 112*4 1 1 1
104 IOI*.
J-J 1 0 4 * ,......... 104*a May'08
C h i c * P W 1 s t g 5 e ........1921 J-J 1 1 0
......... l l o May ’08 . . . . li)8 \ l l . )
D ak * G t S o g b n ............. 1910 J J 105*8......... 104s8 A p r’ u8 . . . . 104*4 10u*2
................
Ear * Sou assn g 6 s ........1924 J-J 1 2 b *s......... 137*2 J’l y ’oo
J-J 106*4......... 1 0 '.’ *u Jan ’08 . . . . 102*2 102*2
101*8 101*4
J-J 1 0 2 * , ......... l u l *4 A p r ’08
182*2 A pr’06
J-J
106», 108*8
J-J 1 0 8 * ,......... 108 s. May ’06
J-J 1 0 2 * , ......... K)0 *» . c o ’08 . . . . too*, 100*4
So M in n B lv 1st 6 s____
IOA*, Apr ’0 8
J-J 101 105
100*4 104 S
S o u t h w c s t D iv 1 s t 6 a . ..
... 103*8 lo3*» *“ i 101 103*2
J-J 103*«
W ls A M inn B lv g b s ___ 1921 J-J 109 *2......... 108*4 A p r’Ob
108 108*2
U)6»s 105*8
J -B 1 0 5 * ,......... H05 *8 A p r’08
J-B 108 *8 ....... 108*4 J ail ’08
108*» 108*2
y-F 116*, 117*, 117 .May’08 ___ 116 118*2
98 ........
93*4> « p >07
E-A
.
. ... .
97 lOO*, 98 >2 A p r ’08
F-A
98*2 98*4
91*4 0 2
91*4
92
G eneral gold 3*«s............. 1987 M-N
90
92*4
.........
00
R e g is le r e d .................i)1987 U-E
95 Feb’07
SO?*, 109*2
S in k in g fo n d O s ...1879-1929 A-O 111 ......... lO'JW. Apr *08
108*2 Jan ’06 . . . . 108*2 108*2
A-O
A-O 107 ......... 109 M a i’OB ___ 108 109
. . . . 104 N ov’o7
A O .........
M-N 100®8 Salt 100*2 10 0 s, "V i 106 *i ib*2 ti
10l*i Mar’08 . . . . 101*5 101*5
1 M-N
D eben tu re 6 e ....................1921 A-O 104 ........ 106 Eeb’08 ___ 105 105*8
103 J’ne’ 07 . .. .
Registered..................... 1921 A-O
; m - n 108 ......... 109 May’08 __ 108*2 109*
107 Mar’03 . . . . 107 107
1 M-N
1 0 1 *4 3 101*4 101*4
I M-S 101*2......... 101*4
1 M-S 101 ......... 100*8 May’07
. M-N 118 ......... l i b -4 A p r’ 06
118 118*4
» F-A 111*8......... 111 A p r'08 ___ 110 111
> M-S 121*8......... 142*2 Eeb’02 ___ . . . . . . . . . . . .
1 J -J 121*8......... 128M Feb.’OB
97 ......... 109 8ep ’03
. M-N
f J -J 114*8 116*5 1 13*, A p r ’08 . . . . i'1 2 " i i S S
' J -J 113*2......... 116 A p r ’Ob
115 116
99 8ale
I J-J
98
99 ” 43 94 100*2
1 J -J
96*2 97
92’ S e p ’07
, A-O
87*4 Sale
87 *4
88 222 83*2 88
1 M-N
97 J ’ l y ’04
J 4 s ................................... 19111 M-N ......... 94
92*2 N ov’06
M i s ................................... 191f >M-N
90*4 Jan ’07
N 4 s ................................... 19H 1M-N
93 May’ 01
O 4 e.................................... 1917’ M-N
90*4 Feb’07
1 M-N
84 A u g’07
: M-N
67 Sale
67
68*, n s
50*4 69
62*4 Jan '08
!M N
62*4 62*4
"5 1 69*2 76
1 M-S
7 2 s,
75
73 Sale
Bur Ced K * N o rth e rn —
106 111
1 A-O 112 ......... 110 *« Mar’08
R e g iste re d .
120*2 Mar'li3
1 A-O
111 Nov’05
LA-O ki o i .
1 J-B

M IH C E IiIiA N E O U aJ R O N D S —C o n tin u e d o n N e x t P a g e .
su -u ei R n llw n y
Brooklyn lia p T r g 5 a ..__ 1945
1st refund conv g 4 s ___ 2002
B kCily lstco n 5 s .1916.1941
Bk u coiSb Scon g u g 6 s .1941
Bklvn Un El 1st g 4-5S.1950
Stamped guax 4 -5 S ....1 9 5 0
KiiU's Co El 1st g 4 s . . ..194 9
stamped guar 4 s ......... 1949
N issau Elec gu g 4 s ___ 1951
Conn ity<fc L i s t * r e f g 4 * 2 8 ’61
stamped gu ar4*2S......... 1951
Don Con Tr Co 1st g 6 s ...1 9 3 3
D et United 1st con g 4*28.1932
Havana Elec consol g 68.1952
Im or-M et coll 4*28 .............1956
3 y 1 conv notos 6 s ......... 1911
luiernacT rac coll tr 4 s ..1949
Manila Eloo 1st A coll 58.1953

A-O
J-J
J-J
M-N

F-A
F-A
K-A
F-A
J-J
J-J
J- J
A-O
J-J
F-A
A-O
M-N
J-J
M -S

S treet R a ilw a y
......... 100 May'08
M et S t R y g e n co l tr g 6 s . 1997
91 100
7 3 ',
74*5 iiss 65*2 75
R e f g 4 s ...............................2002
Sale
......... 100 A p r’08
B w a y * 7 t h A v l s t o g 6 8 1943
99 7s 100
95 V, Oct ’07
C o l * 9th A v 1st gu g 6 s. 1993
109
L ex A v & P E 1 st gu g 5s 1993
99*2 100*2 30 93*2 101*4
98 A p r ’08 . . . . 98
T h ird A yo U R co n g u 4s 2000
98
81 *2 May’08 ___ 81*2 81*2
C e n t T r C o c c r t fs s tra p d ...
81
81*2 19 77
......... 81
T h ir d A v e Hy 1st g 5 s ..1937
82*2
79*5 Sale
M et W S E l (C hic) 1st g 4 s . 1938
16 75
80
79 *2
80
98*4......... 95 Mar’08
95
95
M il E l lty * L 30-yr g 5s. 1926
98*4......... 94 Mar’08 . . . . 93*2 95
M in n S t lty 1st c o n g 5 s ..1919
95 J ’ne’OO
N O rl Hy & L t g e n 4 >28 ..1 9 3 5
.........
79 *2 D ec’07 . . . .
St J o s H y L t H & P 1st g 5s ’ 37
St P a u l C ity Cab c o n g 6a_1937
......... 8 8 " 94 J a n ’08
"9 4 ” " 9 4 "
67 *2 Sale
O6 S1
6 7 7, is2i 4 9 7g 63
U ndergrou n d o f L o n 5 s ...1 9 0 8
100*, Sale 100*4 IOO3, 285 100 100*, U nion K1 (Chio) 1st g o s . .1945
* 63
64
60
65
62 May’08
U n ite d H R s Sau E r s f 4 s . 1927
98 May’08
U n ited B y s S t L 1st g 4 s .1934
99
73*2
102
88
99

*NopriceEnduy; latestpricethisweek. aBuoJau



d DueApr

F-A
A-O
J-D
M-S
M-S
J -J
....
J -J
F-A
F-A
J -J
J -J
M-N
J -J
J -D
A-O
A-O
J -J

78*4 Sale
50
100 1 0 2
95
98
97
58
6 6 *2 Sale
...... 110

78*4
79
85
33 68
50
50
56
1 0 40
99 M ay’ OS
93 1 0 2
97 >,
97*2 " 3
99
95
90
96 M ay’ 08
93
57
57
" 2 6 49*2 63
06
67
15 50
62
104 *2 A p r ’08
1 0 1 106
9 3 *2 J 'iy ’06
10 1* 4
109 J ’l y ’06
09
107*2 F e b ’ 06
90*2 Sep ’ 06
__ ♦
103*4 O ct ’0 6
99
110 * 2 N o v ’MB
41 *2 A p r ’ 08
41*2 41*2
ml
1 0 1 ” ‘ i 1007a 101
101
.......... 72*8 72
73*8 98 59
7 3 s,
82
82*2
82*2 1 0 76
85

«DuoMay pBueJ’ue ADuoJ’ly (cDaeAag oBaeOct pBueNor »Option Sal*

J-rtce
Friday
May 22

Week’s.
Ranqe or
Last Sale

High
Htn
A3h Son
Clue Kook j. * Pac—(Con)
Choc UK & G gen g 5a .01919 J-J 1 0 2 V ......... 104 V J a n ’o8
111 May’06
Consol gold 6s.............. 1952 M-N 103 109
KeoK <» D esM 1st o s ....1 9 2 9 A-O
99 V ......... 99 V Jan ’08
Glue 'i
N O See ill Cent
Clue 81 L & Pitts see Penned
127 A p r’C8
Clue St P M * O con 6 s ...1 9 3 0 J-D 128 131
93 D ec’03
Cons 6s reduced to 3 V s.193 0 J-D
Ch St P * Minn ls t g 6 a 1913 M-N m v : : : : : : 124 Jan ’08
Nor Wisconsin 1st 6 s ...1 9 3 0 J-J 125 V ......... 129V Mar'04
St P * S City 1st g 6 s ...1 9 1 9 A-O 1 1 5 V ......... 116 May’08
112 May’08
C lu e * t\ est Ind e en g b S 9l9 32 q-M
95
94V
94V
Consol oO-year 4 s ............1952 J . J
Clue & \V Mien see Pere Marq
Choc O * Gulf See C B I 4 P
113 Oct. ’00
Cln H & D 2d gold 4*33...1937 J-J
102 J’ ne’07
Cm Dili 1 1st gu g 6 s ...1941 M-N
C Find * Ft W 1st gu 4s sr.’ 23 M-N
75
83 Jan ’07
Cln 1 & W 1st gu g 4 s . 1953 J-J
98V Oct ’07
Ind Dec * W 1st g 5 s . . .1936 J-J
107 V Dec 02
1st guar gold 5 s..............1935 J-J
C lS tL * >
See C C O * S t L
Gin S & C see C O O S t h
Uiearileld & M ah See B B & P
97
97
97 V .
Clev Gin C * s t L gen g 4s 1993 J-[)
96 .
99V J a n ’ 07
Cairo D lv 1st gold 4 s -----1939 J-J
91 .
95 Sep '07
Cln W & M Div 1st g 4s. 1991 J-J
91 .
93 A p r’08
8t L Dlv 1st col tr g 4 s . .1990 M-N
91 O c t ’07
Registered....................... 1990 •Vl-N
92 F e b '08
Sur & Col D iv 1st g 4 s ..1940 M-S
85 V ...
98 Sep ’06
W W Val Div 1 st g 4 s . . .1940 J-J
05 Jan ’U4
C 1 St L & C consol 6 s .. 1920 M-N 101 V 93
97 V 06 V A p r ’08
1st gold 4 s-----. . . . . . . . * 1 9 3 6 Q -I
98V Oct ’07
B egistered............fcl93b
104
109 J’ne’07
Cm S * Cl eon 1st g 6s. .1928
114 A p r ’08
C C C A 1 cousol7s..........1914 J-D 113V
Consol sin K fund 7 s ___ 1914 J-D
121 A p r’08
General consolgoldOs.1934 J-J 121V .
Itegiatered................... 1934 J-J
95 May’03
Ind B l '* VV 1st prer 48.1940 A-O ......... 95
O Ind & \V 1st pi 5 s ...<(1938 Q-J
89
90
89 May’08
Peo * East 1st con 4 s ...1 9 4 0 A-O
45
48
48
48
Income 4s.........................1990 Apr
Clev * Marietta Nee Penn Bit
Clev & Pitts See Penn Co
61
62 V
Col Midland 1st g 4 s..........1947 J-J
62 V 62
90
90 Sale
»9V
Colorado <fc sou 1st g 4 8 ...1 9 2 9 F-A
80 Sate
80
80V
Belund * ext 4 V s ......... 1936 M-N
Colum * Greeuv See So By
Col * H ock Val See Hook Val
Col & Tol See Hock V al
Col Coim * Term See N & W
Conn <te Pas Kivs 1st g 48.1943 A-O
91 A p r’08
92
Cuba R K 1st 50-yr 5 g . .. .l 9 5 2 J-J
uk oe G t so see C M * St P
alias * Waco See M K * 1
Del Lack & W e s t e r n 117V M ar’ (>8
M o rris* Esses I s t 7 s ...l9 1 4 M-N 114V
120 V
1st consol guar 7 s . . . . .1915 J-D 120 V Sal* 120V
127 J ’ne’05
Begistered................. 1916 J-l> 1 18
8t534
1st re! gu g 3 4 s .......... 2000 J-D
117 Mar’08
N Y L a c k * \V 1st 6 s . . .1921 J-J 119V
109 A p r’08
. Construction 6 s........... 1923 F-A 108 V
99 May ’08
94 V 100
Term * Improve 4 s___ 1923 M-N
102 F eb’03
Warren 1st ref g u g 3 V s .2000 F-A
121V A p r’ 08 - . H
Del * Hud 1st Pa Div 7s. 1917 M-S 121
140 Aug’Ol
Registered....................... 1917 M-S 119 V
100
100
10-yr conv deb 4s........... 1910 J-D 100
97 Mar’ 08
98
1st lien equip g 4 Vs — 1922 J-J
96
06 V 95 V
Alb & su s couv 3 Ve........1946 A-O
128 V Feb ’08
Kens * Saratoga l s t 7 « .1 9 2 i M-N 125 V
Del Btv B B Bridge SeePaR R
92
92 Sale
92
Denv * B Gr 1st con g 48.1930 J-J
98 Jan ’08
Consol gold 4 4 8 . . . .......... 1936 J-J
ioe J a n ’ 08
95 V 98
Improvement gold 5 s ...1 9 2 8 J-D
98 F eb’ Oa
98 V
Bio Gr Juno 1st gu g 5 s. 1939 J-D
76 D ec’06
Bio gr So 1st gold 4 s ... .1940 J-J
85 M ar’08
Guaranteed..................... 1940 J-J
JO
89 May’ 08
91
Bio Gr W est 1st g 4 s ___ 1939 J-J
72 V
72
-72 V
M go and col trust 4sA .19 49 A-O
97 Jan ’o2
86
Utah Cent 1st gu g 4s «1917 A-O
Des 51 oi * Ft D See M * St L
Sep ’04
ho
Des Mol Un B y 1st g 6 s ..1917 M-N
90
92 Mar’ 07
Det * Mack 1st lien g 4s. 1996 J-D
85 A p r '08
......
Gold 4 s..................................1995 J-D
Detroit Southern—
77 V Jan '08
78
Ohio Sou D lv 1st g 4 s ...1 9 4 1 M S
100
D u l * Iron Range I s t S s ..1937 A-O ib ov 109 108
lo o v M a r ’os
Begistered...........................1937 A-O
2d 6s..................................... 1916 J-J
Dul Short Line See N or Pao
108 Mar’08
Dal So Shore * A tl g 5 s ..1937 J-J 109
lA astof Minn See St P M * M
Tjast Ten Va & Ga See So B;
106 V May’08
Elgin Jol * East 1st g 5 s .194 M-N 107
Elm Cort * N o ; See L e h * N Y
99 V May’08
99V
Ene 1st ext gold 4s..............1947 M-N
1 0 4 ^ A n r’08
2d ext gola 6s..................... 1919 M-S 104 V
99 Mar’08
99 V
3d ext gold 4 V s................. 1923 M-S
104 May’OS
4th ext gold 5s................... 1920 A-O 104
93 Dec ’07
93 V
6th ext gold 4s................... 1928 J-D
n o May’08
1st consol gold 7 s...........1 9 2 0 M-S 119
120 Jan *08
IstcousoLg fund 7s........1920 M-S
90
90
90
E n e 1st con g 4a prior..1996 J-J
79 Jan ’08
Begistered.......................1996 J-J
71
72
70V
*73
1 st consol gen lien g 4 s ..1996 J-J
85 V F e b ’07
R egistered..................... 1996 J-J
82
83
86
38
Penn coll tr g 4 s . . . .........1951 F-A
68
61 237
61 Sale
60-year conv 4s A ......... 1953 A-O
60 V Sale
66 313
53V
do
Series B ...1 9 6 3 A-O
118 Jan ’08
B uttN Y * Erie 1 s t 7 s ..1916 J-D
104 V F eb’OU
Butt & S W gold 6s..........1908 J
108 V M»y’ 08
C h ic * E n e 1st gold 5s. .1982 M-N n o
116 V Jan ’05
C le v * Mahon Val g 6 s .1938 J-J 103 V
98 V A p r ’08
Jett' B B 1st gu g 5 s ....a l9 0 9 A-O
98 V
124 F eb’08
Long Dock consol g 6 s ..1935 A-O 122
118 S e p ’06
C o a l* B B 1st cur gu 6s. 1922 M-N
106 Mar’08
Dock * Imp 1st cur 6 s . . 1913 J-J
100 Eeb’ 08
N Y * Green L gu g 63.1946 M-N . . . . . .

Aanqe
Since
January l
Low Hiqh
104 V 104~i
98 V 100
121

127

-24

124

116
112
91

117 V
113
95 V

92V

98

95 V 95 V

120

121

95

95

85
90
42 V 60
65 V 82 V
82
90V
73
82V

91

91

114 V 118V
120 V 120 V
1 1 6 V 117
1 0 8 V 109
97 V 99
i 'j i v m
94 V 100
96
97
91V 97 V
128 V 128 V
90 V
93
100
97

95 V
98
100
98

"8 5 ” "8 5
83V 9uV
70
75

80

85

77 V 77V
102 109
106 V 106 V
167 V 109
106V 100V
99 105
1 0 1 V 104 V
93V 100V
104 106V
117
120
82
79
55

122
120 V
90
79
72 V

67V 83
43
61
40
56
118 118
108 V 112,
08 V 98;V
121 124
106
100

iH liib K U ^ A K O U s

103
50 V
130
97 V
95

106
100




E n e —r Con)
S Y Sus & W 1st ref 68.1937 J-J
2d gold 4 Vs..................... 1937 F-A
General gold 5 s............. 1940 F-A
Terminal 1st gold as. ..1 9 4 3 M-N
Regis 85,000 each...1 9 4 3 M-N
Mid R Rof N J 1st g 6 s . 1910 A-O
W i l k * Ea 1st gu g 5 s . 1942 J-D
Eras Ind 1st con gu g 6 s ..l 9 2 6 J-J
Erie & Pitts See Penn (Jo
Evans & T H 1st cons 68.1921 J-J
1st general gold os..........1942 A-O
Alt Vernon 1st gold 6 s .. 1923 A-O
Sull Co Branch 1st g 5 s .1930 A-O
L'argo * So See Oh M * St P
1 l i n t * Pere M See Pere Mar
Fla C & Penm See Sea Air Line
Fort St U D Co 1st g 4V 8-1041 J-J
Ft W * Den O 1st g 6 s___ 1921 J-D
Ft W * Rio Gr 1st g 4s. ..1 9 2 8 J-J
I ' al Har & S A See So Pac Co
' I a l H * H o f 1882 1 st58.1913
Georgia & A la See Sea A Line
Ga C a r * Nor See Sea A Line
Georgia Pacitio See So By
GUa V G & Nor See So Pao Co
Gonv * Oswegat See N Y Cent
Grand B a p * Ind See Penn BB
Gray’s Pt Term See St L S W
Gt Nor—C B * Q coll tr4s 1921
Registered. A ..................... 1921
Greenbrier B y See Ches * O
Gulf * s 1 1st r e t * t g 5s 61952
an * St Jo See C B & Q
ousatonio SeeN Y N H * H
Hock Val ls tc o n s o lg 4 V s .l9 9 9 J-J
Begistered.......................... 1999 J-J
Col & H V 1st ext g 4 s .. 1948 A-O
C o l * Tol 1st ex 4 s ........1955 F-A
Houst E & W T ex See So Pac
Houst * Tex Cen See So Pao Co
1 llinoia Central 1st g 4 s . . 1951 J-J
I- Begistered...................... 1951 J-J
1st gold 3V a.......................1U51 J-J
Begistered.......................1951 J-J
Extended 1st g 3 V s........1951 A O
1st gold 3s sterling......... 1951 M-S
Coll Trust gold 4 s........... 1952 A-O
Begistered.......................1952 A-O
L N O * Tex gold 4s ...1 9 5 3 M-N
Registered.......................1953 M-N
Cairo Bridge gold 4s___ I960 J-D
Louis vDlv&Term g3 Vs. 1953 J-J
Middle D iv r e g 5 s ........... 1921 F-A
Omaha D iv 1st g 3 s........1951 F-A
St Louis D lv *te rm g 3 s.l951 J-J
Begistered.......................1951 J-J
Gold 3 Vs........................ 1951 J-J
Begistered................... 1951 j - J
Spring D iv 1st g 3 V s ...1961 J-J
Western Lines 1st g 4 s ..1951 F-A
Bellev & Car 1st 6s........1923 J-D
Carb * Shaw 1st g 4 s . . .1932 M-S
Chic St L & N O g 5 s . . .1951 J-D
Registered.......................1951 J-D
Gold 3 V s.......................... 1951 J-D
Begistered................... 1951 J-D
Memph D iv 1st g 4 s . . .1951 J-D
St L Sou 1st gu g 4 s ....1 9 3 1 M-S
Ind B1 * W est See C G O * St L
Ind I U & la 1st g 4 s......... 1950 J-J
I n t * Great N or 1st g 6 s ..1919 M-N
2d gold 5 s . . .........................1909 M-S
3d gold 48............................ 1921 M-S
Iowa Central 1st gold 5 s ..1938 J-D
Gold 4 s................................195 1 M-S
Jetteraon B B See Erie
al A * G Ii See L S & Al S
an * Mich See Tol * O O
K C Ft S & At See St L * S F
KC’ & .M B & B See St L * S F
Kan O * Pacitio See M K * T
Kan City Sou 1st gold 3 s . . 1950 A-O
Begistered................» ....'.1 9 5 0 A-O
Kentucky Cent See L * N
Keok * Dos Mo See O K I * l’
Knoxville * Ohio See So By
ake Erie & W 1st g o s .. 1937 J-J
2d gold 6 s . . . . . .......... ...1 9 4 1 J-J
North Ohio 1st gu g 5 s ..1945 A-O
L Slio & AUch S See N Y Cent
Leh Val N Y ls t g u g 4 V s-1 9 4 0 J-J
Registered.......................... 1940 J-J
Lehigh Val (Pa) cons g 4 s .2003 M-N
Leh V Ter By 1st gu g 68.1941 A-O
Registered.......................... 1941 A-O
Leh V Coal Co 1st gu g 5s. 1933 J-J
Leh * N Y 1st guar g 4 s . . 1945 M-S
Begistered.......................... 1945 M-S
El C & N 1st pf 6 s ........1914 A-O
Gold guar 5s................... 1914 A-O
Leh * Hud It See Cent ot.N J
Leh * Wilkesb See Cent of N J
Leroy * Caney Val See Mo P
Long Dock See Erie
Long Isl’d—1st con g 5s. A1931
1st consol gold 4 s......... A1931
General gold 4 s................. 1938
Ferry gold 4 Vs................. 10 2 2
1932
Gold 4 s....................
Unllied gold 4 s ................. 1949
Debenture Rold 5 s......... .1934
Guar ref gold 4 s............... 1049
Bklyn * Mont 1st g 6 s ..1911
1st 6s................................. i o n
X Y B * Al B 1st con g 5 s 1935
N Y & B B 1st g 5 s . . . . .1927
Nor Sli B 1st cou g guSs ol932
L o u isia n a * Ark 1st g 5s. 1927

103
aaic 103
1 »2 V 103 ,
54 May’08
54
00 V
08
Sale 123V 130V 553 103 130V
97 May’l)8
99
9 3V 97
......... 10O A p r’07

Range
Since
January J

Hid

A sk Low
H xqIk A'© Low Uigli
103 D e c ’07
..
100V D ec’06
90
90
......... 90
“ 3 " o b " 94 V
110 110
107 V ......... 110 J a n ’08
100 V ......... 101
95 100V 100
110
....... 110

May’08
101
100
‘ 2 100
AIar’08
no

102V
10]
no

112 112
107 ......... 112 J a n ’08
102
" 6 06 102
101V ......... 102
................. .
114 A p r ’05
106 V F eb’06

105
110
84
90

96V sale

Mar’98
10 4
May’08
"* 6 74
85
D eo’ 07

96V
»GV 289
05 V May’03
93

no
85

92V
9 2V

08V
96V

N o*’07

......... 103V
"V i"* ***"*

103 V 103 V
09 Oct ’07
98V N ov’Oli
93 Dec ’07

1 0 2 V ......... 102 May’08
100 ......... 107 V A pr’ 07
9 1 V ......... 0 IV Mar’08
96 V J ’l y ‘06
•
91 Hi 89 N ov’07
70 Oct ’04
" o s " i b b " 98 A p r’ 08
08 May’07
101 A p r ’08
95 iO l
*
9 7 ^ 97 May’07
102V Jan ’07
84 ......... 85 F eb’08
123 Muy’90
78 V A p r’06
76 V May’Oo
7 9 V 80

2

102
....
....
....

.........

93

10 0

....... 00V
103 V 106
80 V Sale
* ......... 50
105 V .........
76V Sale

ibb
97

103V

91V *91V

" 97" ib i V
98 V 101

.... "8 5 " '8 5 "

8 7’ V A p r ’08
l o l VOut ’90
100 N'ov’OO
......... 1 0 1 V 97 V Aug’07 : : : :
122 D eo’05
109
97 Mar’07
90
98
1 1 •>
106 Dec ’07
119V Mar’04
88 V Feb’07
86

08 V 103 V
.....................

76V

76V

87V

87V

100

M ar’08
Mar’07

mo.

93 A p r’08
95
95
104
104 " 2 n il 109
2 70
80 V
80 V
00V
60 O c t ’Oi
103 V A p r’08
lo b v lb s V
78
75V
75V i i 70

K

L

G u* and Electric Light
ac Gas L o t St L 1st g5s.«1919
Ref and ext 1st g 6 s........1934
Milwaukee Gas L 1st 4 s .. 1927
N Y G E L H * P g 5s. ..1 9 4 8
purchase money g 4s. ..1 9 4 9
Ed El 111 1st couv g 5 s ..1910
1st consol gold 5s......... 1995

103

......... 79
121V bale

Week's
Range or
Last Sale

69 V 70 V 70
63

70 V
Oct ’00

6

69

71

109V . . . . . . 109 V A p r’Qo
106V 110V
102 V ......... 101 Mar’ 08
100 101
105 V ......... 105 Apr ’08 : : : : 105 105
105
105 Sale 105
•102 ......... 106 M uy’ 07
......... 94*3 95 A p r’08
113 4 ......... 108 J a n ’08
109 V Dot.’99
107 V .......... 107 V M ay’08
94 4 ____ - 95 V Apr ’08

1 102 V 105
8 7 V 95 :
108 108
i b i " i'o7V
95 V 05 V

1 0 a .......... 113V J»n ’00
1 0 1 4 ........ 106V Juu '06

c 105 110V
110»4 Sal* 110 V 110 V
954
.
1 83V 92 V
92 V
9 1 V ......... 92 V
91 ......... 102 Nov’06
99 V Oct ’06
82 J a n ’ u8
* 8 1 " *8 2 “
110 J’ ue’04
95 May’Os . . . . 90
92
96
95V
1 0 1 .........
9J ......... 09V Sep ’ 07
.....................
i o i ......... 110 V N ov’06
105 A p r’o7
* 8 8 “ " " ! ! 109 N ov”J6
98 A p r’08
. . . . . . 90
9*8" " 9*8 “

U O N D »— COUtiliUeil 011 -Next P age.

96 Mar’06 __
96
96
6 1V Oct ’01
79 A p r’08
7*9
80
120 V 122 "75 106 V 122
107V Dec ’00
'"9li V 104*' 101V A p r ’08
lo iv ib iv
90 . . . . .
99 Duo’OO
98 .........
107 V 112
107 May’08
103 107
83
83
- ....... 88V 83 Mar’08
•No price Friday; latest bid and asked this week, a Due Jan
100

Frxce
Friday
M a y '42

H

D

G n * and Electric Light
Atlanta G L Co 1 s t g 5 s ... 1947
Bklyn U Gas 1st cou g 5 s .l9 4 5
Buttalo Gas 1st g 5 s .... .. .1 9 4 7
Consol Gas conv deb 6s___1909
Detroit City Gas g 5s.........1923
D et Gas Co con 1st g 6 s . . .1918
E d E llU B k n A e e K C o E L & P
EdE111 SeeN Y U * E L H * P
Eq G L N Y 1st con g 5 s . . 1932
G a s * Elec Berg Co c g 5s. 1949
Gen Electric dob g 3 V s ..l9 4 2
10-yr g deb 5 s .................... 1917
Gr Bap G L Co 1st g 5 s ...1915
Hudson Co Gas 1st g o s .. 1949
Kan City (Mo) Gas 1st g 5s 1922
Kings Co E l L * P g 5 s ... 1937
Pure base money 6s..........*997
Ed El 11 Bkn 1st cou g4s 1939

BONDS
N . Y. STOCK E X C H A N G E
w k k k Ending M a y 22

•
•
1

B(I.N1)>
N . Y. STUCK E X C H A N G E
u ' kkk ending m a y 2 ‘3

[VOL. LXXXVI.

New York Bond Record— Continued—Page 2

ccc
HO

1270

Pat & Pas u * K con g 5s. 1949
Peo Gas & O 1st con g 6 s .1943
Refunding gold 5 s ...........1947
C h G -L * Cke ls t g u g d s 1937
Cou G Co of Cb l s t g u g 5 s .’36
Mu Fuel Gas 1st g u g os. 1947
Syracuse Lighting 1st g 5 s .’51
Trenton G A El 1st g o s ..1949
Westchester Light’ * g os.1950

Q-F • 1 0 1 V ......... 1.01 May’08
99 102
102 Fob’07
A-O
M-N
84 ......... 9 1 V Jan ’07
J-D 1U0V — . .. 100 V 102
4 88 102
81
F-A
12 76
82
81 ......... 81
M-S
0 9 V 1 0 1 V 09 A p r’08
98V 100V
113 V J’ne’OO
J-J 103V 108
95 A p rO i
F-A
103 N ov’05
M-N
M- S
104V Nov’05
107 V i 13 V
A-O 112 ......... 112 V Mar ’08
M-S 100 ......... 10OV A p r’08 . . . . 94 100V
98 104
J-J 103 ......... 104
104
95
J-D 100 ......... 95 A p r’08 . . . . 95
92 100
M-N
96 V ......... 99 Feb’Os
95 ..........
J-D
M-S
i l b May’05
J-D
10IV F eb’07
07 102
Aug o Due Oct q Dae Don j Option

M ay 23 1908.]
y C
Z't

JSonds
sold

U ()M »
N. Y . STOCK E X C H A N O K
W ebk Espino m a t 22

New York Bond Record “■"Continued— Page 3
Lange
Since
January 2

119MUS
N. Y. STOCK E X C H A N G E
W eek E nding m a y 22

It 1 a
ASl Low
Hint No
1 10 ....... n o
n r,
) J-I
112**8 117
M-N 109*4....... 110 O c t ’0 ' . ..
98*2 99
) J -.
9S k
99
43 95 100
1 J -.
10 I k J’ l y ’0
1 A-( ................... 107 DeC’O,
Sink tiluit gold O s....
10 1 Fob’O;
M-r 102 105
Coll trust gold o s ....
104 105
93*2 Sale
93
OB*A-C
6 88
94
......... 111 N ov'o’ . . . .
J-C 1 1 2
M-r 10 2 * 2 ......... 104 Mar'oi . . . . 103*4 104
J-J 117 ......... 115 *.| Jan 'Ot . . . . 115a4 117
.................... 122*4 Mar'oi .
j -.i
M-S ..................... 107*4 Aug’OI . .
St L Div 1st gold Ss........1921 M-S 108 ......... 117 May’u”
M-S
92*2 Aug’O' t
M-N
88 Sale
87
88
14 86
89*2
A ll Knox <to Nor ln tg 5 s l9 4 P .1
J -0
-O 103 ......... 119 J’l y ’Of
M-S
108*2 Jan ’0(
92 ......... 90 A p r ’08 . . . . 88
Kentucky Centgold 4 s ..198' J-J
92
95 ......... 108 J’ ly ’01
M-S
80
82 *2 87 Jan ’08
J-J
87
87
N Fla * S 1st gu g 6 s ...193 ' F-A 108 ......... 113*2 Mar’O’
J-J
F-A 10 2 ......... 113 J a n ’08 . . . . 113 113
F-A 10 2 * 4 ......... 111 May’ or
M-S ..................... 91*2 J a h ’08
91*2 01*2
L N A <fc Ch See t! left U
I ahon Coal See U S & M 8
P5 34 Sale
A-O
95\
96
31 92
08
A-<
J . J i b a S ......... 102°8 1 0 2 ^ 18 99**4 102«b
M cK ’pt <& B V See N Y Cent
Metropolitan El S«« M an Ky
Mox Cent consol gold 48..1911 J-J
84 Sale
8334
8434 261 74*4 F5
1st consol income g 3a.al939 J’ly
17 Sale
19*4
17
19 14*2 20*2
2d consol income g 3 s ..a l9 3 9 J ’lv
14*2 16*2 16*4
19*2 12 10
18*2
Mex intermit 1st con g 4 s .1977 M-S
90*^, J’ly ’01
Stamped guaranteed___ 1977 M-S ..............
80 F o b’08
80
80
Mex .North 1st gold 8s___ 1919 J *D
Midi Cent See N if Cent
Mid ol N J See Erie
Mil L S A W See Chic * N W
Mil <fc .North See Oh M & St F
Minn & St 1. 1st gold 7 s ..1927 J-D 127 *2 130 128 A p r’08
i25*4 128
Iowa Ex 1st gold 7 s ........1909 J-I) 10 2 * 2 ......... lo3 Mar’Ot
103 103
Pacific Ex 1st gold (is. ..1921 A-O
South W est Ex l s t g 7 s .1919 J-D
113*4 Mar’05
......... 101 May’08
1st consol gold 6s............. 1934 M-N 1 0 1
100 1 0 1
80 Mar’08
1st and refund gold 4 s ..1949 M-S ......... 80
80
82
97 A p r’OO
Dos M * Ft L) 1st gu 4 s ... ’35 J-J
Minn <& St L gu See B O into N
9
9*2.........
97 May’08
M StPiSj S S M c o n g 4 in t g u ’3<> J-J
97
97
102 J’na’u?
Id S S M <fe A 1st g 4 int gu 1929 J-J ......... 99
Minn Un See St P M <fcM
98*4
Sale
98*4
9 8 9 193 94
Mo Kun ife Tex 1st g 4 s ...1 9 9 9 J-I)
09
83 Sum
83
83a4
2d gold 4 s..........................0i999 F-A
a 77*2 84
lo l
65 05 101
1st ext gold 6s................... 1944 M-N 1 0 o *2 Sale 10 0
7
6
*4
.........
70
79*4
17 7 4 7 8
1st <fe refund 4s.................2094 M-S
81 *2 Sale
81
81 *2 17 71
Gen s f 4*118.....................1939 J- J
82
80 *« May’08
83
83
St L DiV 1st ref g 48----- 2991 A-O
102
>2
Apr
’08
10
0
.........
Dal & Wa lso g u g 5 s ...194 9 M-N
- --8- 102*11 102*2
89*4 89 *e 87 A p r’08
Kan C .to Pao 1st g 4 s ...1 9 9 9 F-A
87
87
Mo K <fe E 1st gu g 6 s ...194 2 A-O 109 *2 ......... 109 May'08
i loSi’a 109
104
M K .to Ok 1st gu 6s........1942 M-N 10 2 34 1 0 l*» 1 0 1
2 102 104
M K & T of T 1st g u g 6s. 11 42 M-S 102 4 ......... 109*2 109*2
07*2 106*2
Shor Sli <& So 1st g u g 5a. 194o J-D 1 0 a ......... 105 Aug’07
103 May'08
Texifc O k l a l s t g u g S s ...1943 M-S
103 i ‘0‘3
Mo Pacific ls tc o u g tis ...1 9 2 0 M-N ioo ion
109
107*2 1 1 104*2 110
Trust gold 5s stam ped.al917 M-S
99
97
90
99*4
4 89
09
Registered...................al917 M-S
104*2 Fob’07
93 ......... 96
1st coll gold 5 s................... 1929 F-A
99
1 ST’S 08
40-year gold loan 4s........1945 M-S
72*4 Sale
71
738 123:1 08
79*2
Sd 7s extfl at 4% ................1938 M-N ......... 90*2 95 Mar’08
95
05
82*4 90
85 Feb ’08
Cent Ur My. l«t gu g 4 s .1919 1*-A
86
85
81*4 Jan ’08 ___ 83*2 84*4
Cen Branch U P l s t g 4 a .l 9 4 s J-J) ......... 90
Leroy <toC V A L 1st g 5s 1929 J-J
99*4 F eb’08
Pae U of Mo 1st ex g 4s. 1938 F-A ......... i o i
00*4 00*4
112 D ec’07
2d extended gold o s ...193 8 J-J .........
8t L Ir M<& Sgen con g 5sl931 A-O 108 Sale I07>s 108
65 103 110
Gen con stamp gtd g 6s 1931 A-O
70
Unified <fc ref gold 4 s ..1929 j - j
79*2 80*4 79
2 68
70*2
83
84
82*2 81
Itiv <& G D lv 1st g 4 s .. 1933 M-N
21 79
86*4
107 *2 A p r’OO
Verdi V I A W 1st g 5 s .1929 M-S ...............
MobJ cfc K C is t c o n s g 6 s .1953 J-J *......... 73
98 D ec’06
119 May’08 --Vi 113 119
Mob <fc Ohio new gold Os..1927 J O 119 .
1st extension gold 0 s ../tl9 2 7 Q-J 107*2......... 105 *2 Jan ’us
105*2 105 *s
80 ......... 84*4 F eb'08
General gold 4s............. ..193 8 M S
84*4 84*4
Montgom Dlv 1st g 6 s ..1947 F-A 105 ......... 102*2 102*2
7 102 >a 102*2
78
82
75
75
8t L .to Cairo ooli g 4s..«19 30 Q-F
6 75
76
101 N ot ’04
Guaranteed g 4 s........... 1931 J-J
M & O coll 4s See Southern
Mohawk <fe Mai A '« N Y C & l i
Monougahoja Hlv See B & O
Mont Cent See St P M <fc M
Morgan’s Ln <fc T See S P Co
Morris & Essex See Del Life W
ash Chat .to St L 1st 78.1913 J-J 1 1 4 k ......... 113*2 May’O?
112*4 114
1st consol gold 5s..........192e A-O 108 k Sale 1 08's 108**
1 105*2 108>s
Jasper Branch l s t g 9 s ..1923 J-J
.19*2 May’07
McAl M W .to A l 1st 9 s ..1917 J-J
17*4 Mar'05
T .to P Branch 1st Os. ...1 9 1 7 J-J
13 J’l y ’04
Nash Flor .to ShOf See L & N
9 9*2......... 100 A p r’08
Nat of Mex prior lien 4 k s .l9 2 0 J-J
99 100**
1st consol 4s.......................1951 A-O
79*2 81
81*2
81*2
5 77
82
New It <fc D See N Y N ii <&ii
N J Juno UK See N Y Cent
Msw * Cin Bdgo See L o u & N
N Y Bkln A Alan Bell See 1. I
00 V, 26 87*, 91
N V Cent Jo H U ivg 3*us.l997 J-J
90
90*2 90
ltogmtered.......................1997 J -J
89 ><
89*4 lu 88*2 89*4
Doben g 4 s...................... .1934 M-N
01*4 95
92 May'08
91
95
Lake Shore collg 3 k s ...l 0 9 8 F-A
8 1a4 Sale.
80*2
82
38 75
82
Itegtslered.......................1998 F-A
77 _____ 79*2
80*2 12 73
80*2
Mich Cent coll g 3 k s ___ 1998 F-A * 79 ......... 78 May’08
74*2 81
Registered.......................1998 F-A
79 A p r’08
79
70
Beech Creek l s t g u g 4 s . 1939 J-J
.02
Feb’07
96 V ; . - . .. ;
Uegistored.......................li»;ju J-J
.02 Mar’04
2d gu gold Os................. 1939 J-J io2 ......... ..................., ,
Beech Cr Ext ) st g 3 *->■>//ltifJl A-O .................... .......................

N .Y Ceut <fc H K—( Continueu

thrice
Friday
H ay 22

Week's
Lange or
Last Sate

N Y .to North 1st g 5 s ...1 9 2 ’
N V .to Pu 1st con gu g 4 s 199:
Nor A Mont ls tg ti g 58.1911
Pine Creek reg guar 98,193*.

Sr l*aw A Aitir l s t g o s .1 9 9 9
2d gold tis........... ........ luge

*1 ISC K I.l, 4N K O U S
C 0 11 I mid Iron
Col F A 1 Co gen s f g 5 s ..1943
Convertible dob g 5 s___ 1911
Col Fuel Co gen gold 9 s .1919
Gr liiv Coal A C latgOiflOlU
Clearr B it C o a l l s t s t 4 s ...l 9 4 0
Col Indu 1st A coll 6s g u .,1934
Contln’ talC l s t s f g n 6 s g .l9 5 2
Jolt A Clear C A r l s t g 6 s . 1929
Kau A H C A C 1st s fg 5 s . 1951
Pleas Val Coal 1 s tg s f 5s. 1928
Sunday Creek Co g 5s. ...1 9 4 4
Tenn Coal gen 5 s , . , ......... 1951
Tenn D lv 'i s t g t is ...... al017
Birm D lv lstconsol 9 s ..1917
Call C At Co 1st gu g Os.1922
Do Bar C A 1 Co gu g 9 s .1910
V a l ron Coal A C o ls t g 5s. 1949
Victor Fuel 1st a f 5 s ......... 1953

F-A
F-A
M-N
A-O
J-J
F-A
F-A
J-D
J-J
J-J
J-J
J-J
AO
J-J
J-D
F-A
M-S
J-J

Price
t'ridav
M ay 23

Week’s
Lange or
Last Sale

.§ c

Lange
since
January 1

Bid
Ask Low
JJigl No Low JiiyK
...................
...................
99 .......
98 Mar’Of ....
98
98
85*2____
100 .......
97 100

101 *2 J’ ly ’(It
110 *2 May’07
101 *4 Dec'Of

i i s v ......... 107
110 112
110
. ................... 105

, . . . . .........
109 *2 .........
... .. . ....
100 .........
92*4 93
8 7*4 .........
93
93a<
92 >2 Sale
110*4. .
105 .
98 ........
120 . . . .
115 . . .
106 . . .

Nov ’07 ___
May’Ua
103 7g 1 1 1 *2
Jan ’ 08
105 105

109 *8 Oct ’06
87 F eb’08
S4a4 87
85 J a n ’0»
85
85
122 J an ’09 . . . .
125 F eb’Oi
125 125
0934 A p r’08
99*4 99*4
93 May’Uf
89a4 04
92 *2 May'08
90
92*2
88 7* 95*2
95
95
92*t
93*2 52 8 8 y4 Si
109

Oct ’07

MS
5 s ....................................... 1931 M-S 10838......... 106 D e c’07
Hegistered.................. 1931 Q-M
4 s.................................... .
92 ......... 10 0 a4 Jan ’07
j-J
J-J
109*2N ov ’00
J Life S l s t g 3 k s ........... 1951 M-S
86 ......... b8 A p r’08
l 8 t g 3 k s ............................ 1952 M-N
88
88
.........
.
.
.
i
Bat C A Stur 1 st gu g 3a. 1989 J-D
.......
101
N Y O h io* St L 1st g 4 s 1937 A-O 101 101*4 iOl
1 9 6** 101
ltegiatered.......................1937 A-O
102*4 Mai ’07
103
16 98 103
W est Shore 1st 4s g u ...2361 j - j 103 Sale 102
31 99** 102
ltegiatered...................... 2361 j - j 101 *2 Sale 101*2 102
N Y .to Green w Lake See Erie
N Y <fe B ar See N Y C A Hud
N Y Lack A W See D L A W
N Y L E A W See Erie
N Y <& Long Br See Cent of N J
127 Sale 123*2 127*i, 202 115k 127**
N Y N H A H—Conv 9s subs..
89*2 8 7 34 88
88to 50 87Q 88*4
Conv doben 3 k a ............. 1;*5G j - j
Houaatouic H con g 5 s .. 1937 M-N li-JSb......... 112 Mar '08 -aA 112 112
1023.
N H A Derby con cy 6a.l918
N Y A Nortli See N Yr C A H
fc 9 2 k 98
071*1.
96*4 97»8 97
i f Y O d i W ref l s t g 4a..</1992 M-S
Itegia $5,000 only......... erl992
......... 09
N Y .to Put See N Y C & U
N Y <fc K B See Long Island
N Y S ifc W See Erie
N Y Tex A Al See So Pac Co
Nor <fc South 1st g 5 s ......... 1941 M-N ......... 100
100 Oct ’07
Norf A W est gen gOa........1931 M-N 1173. ......... 120 ** Jan ’08 . . . . 120 120**
Improvem’t A ext g 9a..1934 F-A 120 ......... 117 *2 Jan ’08
117k 117*a
N ew Itiver le t g 6 s........1932 A-O 118 ......... 127 Oct ’00
9 4 *4 Sole
N A W Ky 1st con g 4a. 1999 A-O
9 4 a4
9 4 a4
8 92*4 0 7 k
Hegistered......... ............ 1990
D iv’ l 1st 1& gen g 4 a ... 1944 J-J
88*4 8 9 ®8 80
89
1 8 4 k 90
8 0 S Sale
u s 78
10-25 year conv 4 a . . . . 11*32 J-D
89**
87
87
89 ......... 86 ■*
86*8 64 77
Pocah 0 A C Joint 4 s .. 1941 J-D
89«b
C C A T let gu g 5 s......... 1922 J-J 100*2......... lt)9 *2 F e0’06
Scio V A N E 1st gn g 4s 1989 M-N
93
07*4 91 *2 Muy’08
87 k 95
North Illinois See Chi A N W
Nortli Ohio See L Erie A W
Nor Pac—Prior lien g 4 s ..1997 Q J 101 ** Sale 101*4 101®f, 63 99 lO lk
Hegistered.......................1997 Q-J 100 .
99 *2 May’08
07*4 100 V
General lien gold 3s___ «2047 Q-F
71 *4 Sale
71*4
72*4 46 68
73
Hegistered ...................a2047 Q-F
68*2 A p r’()«
70
t-8k 70
St Paul-Dul Dlv g 4 s___ 1999 J -D . . . . . . . . . . . . 99*2 J an ’ 08
89
96 k
Dul Short L 1st gn 5a.. 1919 M-S
C B tfc Q coll tr 4a A'eeGtNor
St P A N P gen g 6 s ....1 9 2 3 F-A 117*2......... 116 M ar '08
116 117
Hegistered certlUc’a ..l9 2 3 O-F 119*4 . . . . 119 May’08
116 116
___ 117*4 J’l y ’ 07
St Paul A Dul 1st 6a ....1 9 3 1 F-A 106
2d 6 a ................................. 1917 A O
102
102
i
1st consol gold 4s......... 1998 J-D ............
98 *2 Oct '06
81 .........
W ash Cent 1st g 4 s......... 1948 Q-M
Nor Pao Tor Co 1st g 9a. .1933 j - j 113*4......... 115 Muy’08
1 1 2 " 116 "
Nor liy Cal See So Pac
Nor Wia See C St P M A O
Nor A Mont See N Y Cent
lnil A W See C C C A St L
hlo liiv HR See Balt A O
Oro A Cal See So Pao Co
Ore Short Line See Un Pac
Oswego A Home See N Y C
O C F A St P See C A N W
ao Coast Co 1st g 5 s___ 1946 J-D 106
1 1 0 1 k 103
105
105
ac of Missouri See AIo Pac
Penn K K 1st real eat g 4 s .1923 M-N 102*4 . . .
105 Jan ’08
102 105
Consol gold os................... 19 1 9 M S 107 ......... 106 Nov'O /
Consol gold 4a................... 1943 M-N 100 ......... 101 D ec’07
Consol gold 4s (w 1J....1948 M N 101 Sale 1007* 101** 3ri3 LOO 101V
Couverti ble g 3 ka.. .........1912 .VI-N
05
0 5 1* 95
95 8
91*4 9 0 k
Convertible g 3 ka........... 1915 J-D
93 *3 Sale
93
93»* 595 88
93*8
Uo . . .
Allog Val gen gu g 4 a ... 1942 M-S
99 J’ne’uV
D K It It A Bge 1st gu 4s g .’30
PliilaB alA W 1st g 4a..1943 M-N
107 *2 Oct ’Ol
Sod Bay A So 1st g 6 a ... 1924 J -J
U N J KR A Can gen 4 s .1944 M-S i o i *2 .........
Penn Co—Gnar 1st g 4 k a .1921 J-J H 04*ii......... 105 May’08 __ 102*4 105*8
Regis tered.......................1921 J-J ......... 104
[03 7* J ’ly ’07
Guar 3*118 coll trust reg.1937 M-S
8 i *2.........
G uar 3 *i28Colltr ser B ...1 9 4 1 F-A
6 8 6 *, 86*2
8038......... 86*2
86 s
T r Co certif’a gu g 3*28.1919 M-N
92*4......... 92*2 Feb VS
92 k 92 k
Gu 3 4 8 tr ctfs 0 : .............. 1942 J -D
8 5 * « ......... 84*4 Feb’ 08
84*4 8 4 k
Gu 3*28 tr ctfs D ................1944 J-D
83*2......... 90 S Mar’OO
Guar 15-25 year g 4 s ___ 1 9 3 1 A-O
9 2 S A p r ’08
90
96
Cl A Alar 1st gu g 4*2S..1935 M-N
97 ......... ilO J a n ’05
Cl A P gen g u g 4 *aa ser A . ’42 J-J 105**......... 108*4 Aug’03
Series B ............................ 194 2 A-O 104*8.........
Series C 3*28 ................... 1949 M-N
85 ......... 98*2 D ec'05
Senes D 3*28 ................... 1950 F-A
9o 9ale
90
90
3 90
90

O

P

DONDM— Continued on Next Page

82*4 May'08
79 k
65 Mar’08
50
107 *2 Oct ’04
102*8 A p r’OO
96 A p r’02
02 Sale
60
93 401 38*4
107*8 D ec’04
107 Atay’97
105*2 D ec’09
106 O c t ’ 00
78 F o b’07
......... 80
94 A p r’08
9 7*2.......
82k
105 V, 107
105*4 Alay‘08
100
107*2
107 May’08
99
100 108
102 A p r’rt*
102
101 ........ 100 Jan ’08
100
......... 88
80
87
"2
80
9J *9 Fob’07

no

J-C
J-L
M-S
F-A
M-N
A-O
A-O
A-O
J-D
A-O
F-A
M-N
j -j
J-.T
J-J
J-J
A-O
J-J
J-I)
j-r:
M-S
M-N
J- J
A-O
J-J
J-J

Ma

N

s l

1271

8S
05

63

94
105*4
107
103
100
88 k

T elegraph and Telephone
Am Telep A Tel coll tr 4s 1929
Cbtnm Cable Co 1st g 4 s ..2397
M<>t T A T 1st s f g 5 s ....,1 9 1 8
M ich. Stato Telep. 1st 5 s .1924
N Y A N J Tel gen g 5 s .. 1920
West Union col tr cur 5s. 1938
Fd and real est g 4*2S...195o
Conv 4s, Senes A ........... 1936
Alut U u T e l s fund 6 s ...1911
M unulnctuiing A- Industrial

J-J
83 ......... 83*4 May’OS
Q-J
8 5 3« Mar ’08
M-N
104 F eb'07
F-A
92 k Feb’08
M-N
105 U JMv’ ilS
J-J
86 ......... 85
85
8
M-N
85 SaJc
84
85*8 40
MN
7 9 78 Sale
79
797. 37
M-N * ......... 103
104 A p r’Oi

Am Cot OH ext 4*28 ............1916
Am Hide A L 1st s f g 9 s ..1919
Amer Ico Secur deb g 6 s .. 1925
Am Spirits M fg 1st g 9 s .. 1916
Am Thread 1st col tr 4 s ...191 9
A m Tobacco 40-yr g 9 s___ 1944
4s..................................... ....1 9 5 1

Q.F
At-8
A -0
M-S
J-J
A-O
F-A

......... .
..4... ___

....

917,
82
70
97
89k
105*4
71**

02
92
92
20
82
Sale
82
26
Sale
97
70
19
99k 97 Mar’08
- ....... 86 May’OS .
Sale 1017* 106*. 237
Sale
7 2 k 242
71k

76k
35*4

85 *>4

02*4 ' 9 2 4
81
75

" li T '
88
7U Y

88
92>*
75 k 82
58 k 70
91 100
83
86
96\
60 k

*NopneeFrtday; latesthidandasked. aDuoJan 6DuoFeb cDuo.uur UDueApr ADueJ’lyleDo*Aog 0DaeGet pDueNov(Da»Oe« (Option



BONDS
N . Y. STOCK E X C H A N G E
W eek e ndin g m a y 22
Penn Co—< Continued)
E r i e * P i t t s g u g 3 *28 B .1940 J - j
Series C .. .7 . ...................1940 J-J
Gr It A I ex 1st gu g 4 *2 8 l 941 j . j
Pitts F t W & C 1st 7 s . . .1912 j . j
2d 7s................................... 1912 j . j
3 d 7 s ...............................ft1912 A-O
Pitts V A Asli 1st con 68.1027 M-N
P C C A St l i g u 4 1as A ...1 0 4 0 A-O
Senes B guar................. 1942 A -0
Series C guar................. 1942 M-N
se n e s 1) 4 sgu ar........... 1946 M -N
Series E 3*2 guar g . .. .l 9 4 9 F-A
Series F 4s g u a r ......... 1953 J-D
C St L & P 1st con g 5 s .1932 A-O
Pensacola & A tt See L A N ash
Peo A Efjst Aw C O C A St L
Peo A Pek Un 1st g 6s ___ 1921
2d gold 4 S s ...................... 61921
Pere Alarq— Cli A W M 6 s 1921 J - D
F l i n t * P M g 68................1920 A - O
1st consol gold 5s.......... 1939 M-N
Pt Huron D iv 1st g 58.1939 A-O
SagTus A H 1st g a g 48.1931 F-A
Phil B A W See Penn HU
P liila A Reading cons 7 s .1911 J-D
Philippine R y 1st 30-yr s f 4 s’37 J -J
Pitts <jin A sc Li See Penn Co
Pitts Cleve A Tol See B A O
Pitts Ft W A Ch See Penn Co
Pitts M cK ees A Y 6’w N Y C e n
Pitts Sli A Li E 1st g 6 s ...1940 A-O
1st consol gold 5s..............1943 J-J
Pitts A W est See B A O
L> eading Co gen g 4s........ 1997 J-J
EV Registered.......................1997 j . j
Jersey Cent coll g 4 s . . .1961 A 0
Rensselaer A Sar See D A H
Ricli A Dan See Soutli Ry
R icliAM ecIc See Southern
Rio Gr W est See Ben A Rio Gr
Roch A Pitts See B R A P
Rome Wat A Og See N V Cent
Rutland See N Y Cent
< a g Tus A H See Pere Marq
O t Jo A C r Isl 1st g 4 s . . .1947 J-J
St L A Cairo See Mob A Ohio
8 t L A Iron Mount See M P
St L K C A H See Wabash
St Li M Br See T R R A ot St L
St Louis A San F r a n cisco General gold 6 s . . .............. 1931 J-J
General gold 5 s................. 1931 J-J
St L A S' F R R cons g 4 s .. ’96 J-J
Soutliw D ir 1st g 6 s ..1947 A-O
Refunding g 4 s ..............1951 J.J
Siyear gold notes 4 S . . 1908 J-D
S t L M A S o East gu 4 S g l9 0 9 J-D
K C Ft S A Ai cong 6s .. 1928 M-N
K C Ft S A M Rv ref g 4s 1936 A O
K C A M R A B 1st gu 6s. 1929 A-O
Oz’ rk A Ch C 1st gu 5s g.1913 A-O
St Louis So See Illinois Cent
St L S W 1st g 4s bd ctfs.1989 M-N
2d g 4s uio bond c t fs ...p l9 8 9 J -J
Consol gold 4 s................... 1932 J-D
Gray’s P tT er l s t g u g 5 s 1947 J-D
St Paul A C ul See Nor Pacific
St Paul M A Man 2d 6 s ...1 9 0 9 A-O
1st consol gold 6s ..............1933 J .J
Registered.......................1933 J .J
Reduced to gold 4 *28 ..1 9 3 3 J-J
Registered.................. 1933 J-J
Dakota ext gold 6 s ..........1910 M-N
Mont ext 1st gold 4 s___ 1937 J-D
Registered....................... 1937 J-D
ISMinn Mor D iv l s t g 4 s l948 A-O
Minn Union l s t g 6 s___ 1922 J-J
Mont C 1st gu g 6 s ..........1937 J-J
R e g is t e r e d ................. 1937 J-J
1st guar gold 6s ........... 1937 J-J
W ill A S F 1st gold 5 s ..l 9 3 e J-D
St P A Mor Pao See Mor Pao
St P A S’x C lty See C St P M AO
S A A A Pass 1st g u g 4 s ... 1943 J-J
S Fo Pres A Ph 1st g 6 s ...l9 4 v M-S
8 F A M P 1st sink f g 68.1919 J-J
Sar F A W est See A tl Coast L
Scioto Val A M E A’e«Mor A VV
Seaboard A ir Line g 4s . .. i 9 6 0 A-O
Coll tr refund g 6 s ......... 1911 M-N
Atl-Birm 30-yrlst g 4s.«1933 M-S
Car Cent 1st con g 4 s . . .194! j . j
Fla Cen A Pen 1st g 6s . 1918 j . j
1st land gr ext g 5s ...1 9 3 0 j . j
Consol gold 5s................1943 j - j
Ga A A la Ry 1st eon 6s o 1945 J-J
Ga Car A Mo 1st gu g 6s 1929 j - j
Seab A Roa 1st 6 s........... 1926 j - j
Bher Shr A So See M K A T
811 Sp Oca A G See A tl Coast L
So Car A Ga See Southern
Southern Pacttto Co—
Gold 4s (Cent Pao coll). &1949 J-D
Registered................... £1949 J-D
Cent Pao 1st ref gu g 4s 1949 F-A
Registered....................... 1949 F-A
Mort guar gold 3 S s .. £1929 J-D
Through St L 1st gu 4s ’ 54 A-O
Gal H ar A 8 A 1st g 6 s . . 1910 F-A
M ex A Pao 1st g o t ___ 1931 M-N
Gila V G A M 1st gu g os. 1924 M-N
Hons E A W T 1st g 5s. 1933 M-N
1st guar 6 s red........... 1933 M-N
H A T C 1st g 6 s lnt g u ..l9 3 7 J-J
Consol g 6s lnt g u a r...1912 A-O
Gen cold 4s lnt g u a r ..1921 A-O
W aco A M W div 1st g 6s ’ 30 M-N
A A N W 1st gu g 5 s . . ..194 1 J-J

3:5

Price
tYtdav
M ay ■I'J

Weed's
Range or
Last Sate

BicL
Ask
85 *8.........
80 i s .........
101*2.........
1 1 0 * 8 .........
109 .........
109*8.........
104 .........
10734 Sale
107*2.........
101*2.........
98
91
93
93
112

Low
High
92 A p r’07
9S34 A p r’04
108 Sep ’06
127 "s Oct ’02
119 J’ne’06
119 A p r’ 04
116 May’05
10734 107*4
108 F eb’08
1 12 * 2 J’ ne’05
1003 t Mar’07
91 May’08

103
97
105

.

ibo‘*i:

112

1
10
06
8*21
10
08
8

May’ 08

123 *s J a n ’05
10034Dec’05
109 A p r’02
112*2 Aug’07
10034 A p r’07
100 *2 May’OS

9S*t Sale
94*4 ....... .
9334 Sato

841*.

115 ........
107 *2 Sale

&Alo

113
73

Mar’03
73

04

90

Dec ’07

88*a.........
70 .........
68 Sale
102 7g 104 V,
123*4........
127*4........
107 ........
105«8........
104 *« Sale
98 ........
80
110
125
11*2*2.__
1 1 2 * 2 ....
86

61
87

86

82

tl4 S A p r * 0 8
107*2 107*2
90 Jan ’08
192*4 Aug’06
73«s
7 4 ',
98 N ov’06

14
73

88*2

113
103
90

26

88*2

94*2

86

1143,
107*4
90

111
66*4

114*2
7 i B8

84*2 90
65
70
56
63*4
102*4 104 “s
126** 128*,

10 2

108

18 104*4 1054|

124 Majr’06
130 A p r ’08
136*4 M»y’06
1 t l *2 A p r ’ 08
115*2 D eo’06
85*2
86
102 Sep ’07
110 Oct ’05
61
90

99
96*4

67*4 75

70 May’ OS
67*4
68*4 148
H ll S A p r ’07
102*4 A p r ’08
128*4 128*4
134 D ec ’06
108
108
116*« A p r’Ol
104
104*2
99 A p r’08
100*4 Oct ’06

112

93
90

May’08

Sale

109

109*4 109*4

09
95*4 A p r’08
93*2
94

93
74

91

96*2 96*2

98"b

85

90

100*210034

109*4 F e b ’08
3 3 7a J’iy ’97

109*s.

Range
Since
January
Low H igh

115*2 Mar’06
96*2 96*2 A pr’08

96

84
100

2'

6 1 7«
D ec’07

94

99

128

130

111*2111*2

78

86

43*2 66

88 J a n ’07
96*2 Mar’06

107*4 Aug’ oe
96 100
9634 100
97*2........

109 *2 Mar’06
94*2
9t*»
110 J a n ’05
106 Mar’07

8 S«s 87*,
88
84 J’ne’07
97 Sale
96*2
97
93*s J’ ne’07
......... 94
8 5 S M a y ’0;<
> 87 ........
* 90 ........
90*4 May’08
101*4........ 103 Si A p r ’07
102*a........ 107 J a n ’08
106*4 J ’l y ’OU
100*a 105
101 J a n ’08
♦......... 106*4 104 Aug’OU
111*4......... 110** Felt’08!
109 ......... 107«8Nov’07
89*a......... 87 *2 A p r’08
116 D c c ’06
109*2 F eb’06

J-J
A-O
F-A
A-O
F-A
J.J
J-J
A-O
M-N
J-J
M-N
A-O
d-N
J-J
M-N
M-N
A-O
J .J

......... 95
96 Aug*06
95 S 61
95 Sale
94*4
72
2
70 ......... 72
72
74 3, 270
74 S Sale
10 2
10 2
......... 10 2
4
81
8O3,
81 Sale
38
V»37» ......... 93 *8 May’08
VI
'2 3
9 0 S 9 1 S 90
78 ......... 83 S A uk’07
70 A p r’07
94 S 565
91
9 234 Sale
95
B
93 ......... 93 S
106
106
106 107
6
80
80 Sale
78
84
96 3b 1146
96*8 Sale
96*8
960b
9 6 ‘a 9636 96 *8
6
98 ......... 94 S Mar 08
80
•81
8 0 S Sale
63

N o price Friday; latest bid and asked this week.




BONDS
M. Y. STOCK E X C H A N G E
W eek E nding m a y 2 2

Price
Friday
M ay 23

southern Pao Co—(Continued)
Morgan’s La * T 1st 7 s.l9 1 S A v
1st gold 6s .......................1920 J-J
No of Cal guar g 5 s.......... 1938 A-O
Ore & Cal 1st guar g 5 s .1927 J-J
So P of A r gu 1st g 6s . . ,cl9 09 J-J
1st guar g 6s ............... clOlO J-J
So Pacific of Cal—
l s t g 6 s series E & F ...1 9 1 2 A-O
1 st gold 6s .......................1912 A-O
1st con guar g 5s.......... 1937 M-N
8 P acotN M ex l s t g 6 s ..1911 J-J
SoPaoCoast ls t g u 4s g .1937 J-J
Tex& N O Sab D ivlst g 6s.l912 M -S
Con gold 5 s.....................1943 J.J
do Pac RR 1st ref 4 s ......... 1955 J-J
■Southern—1st con g 5s___ 1994 J-J
Registered....................... 1994 J -J
Develop & gen 4s Scr A . 1956 A-O
Mob <fc Ohio coll tr g 4 s ..1938 M -S
Mem Div 1st g 4*a -6s...1996 J.J
St Louis div 1st g 4 s___ 1951 J-J
A la Cen R 1st g 6s ......... 1918 J-J
A tl * Danv 1st g 4 s ........1948 J-J
2d 4 s ................................. 1948 J-J
A tl A Yad 1st g guar 4s. 1949 A-O
Col & Greenv 1st Os........1916 J.J
E T Va & Ga D iv g 5 s ..1930 J-J
Con 1st gold 6s ............. 1956 M-N
E Ten reor lien g 5s........1938 M-S
Ga Midland 1st 3s........... 1946 A-O
Ga Pao Ry 1st g 6 s..........1922 J.J
Knox & Ohio 1st g 6 s . . .1925 J-J
Mob & B ir prior lieu g 5 s 1945 J-J
Mortgage gold 4s......... 1945 J-J
Rich <fc Dan con g 6s___ 1915 J-J
Deb 5s stamped..............1927 A-O
Rich & Meok 1st g 4 s ... 1948 M-N
So Car <fc Ga 1st g 6 s ___ 1919 M-N
Virginia Mid ser O 6s. ..1 9 1 6 M-S
series D 4-6s................. 1921 M-S
Series E 6 s.......................1926 M-S
General 6 s.......................1936 M-N
Guar stamped........... 1936 M-N
W O & W 1st cy gu 4 s .. 1924 F-A
W est N C 1st con g 6 s ..1914 J.J
S & N A la See L <& N
Spok Falls <fc Nor l s t g 6 s. 1939 J - j
' I >er A of St L 1st g 4*as.,1939 A-O
1 1 s t con gold 6s . . ..1894-1944 F-A
Gen refund s f g 48.......... 1953 J.J
St L M B g e 'l’e rgu g 6 s. 1930 A-O
T ex & N O See So Pac Co
Tex«fc Pac 1st gold 5 s........2000 J-D
2d gold inc 5 s................... o2000 Mar
Da D iv B D 1st g 5s........1931 J-J
W Min W<fcN W i s t gu 5s ’30 F-A
Tol & O C 1st g 5s............... 1935 J .J
Western Div 1st g 5 s ...1 9 3 5 A-O
General gold 5s................. 1935 J-D
Kan & M 1st gu g 4s___ 1990 A-O
Tol P * W 1st gold 4 s ....1 9 1 7 J-J
Tol St Life W pr lien g 3 *28.1925 J-J
50-year gold 4 s................. 19 50 A-O
Ter Ham <6 Butt l s t g 4S.A1946 J-D
later & Del 1st con g 5 s 19 28 J-D
1st refund g 4 s ........... 19 52 A-O
U n Pao R R & 1 gr g 4s ...1 9 4 7 j . j
Registered.......................194 7 J-J
20-yr conv 4 s .....................19 27 J-J
Ore R y <fc Nuv con g 4s. 1946 J-D
Ore Short Lino l s t g 6 s .. 1922 F-A
1 st consol g 6 s ............... 1946 J-J
Guar refund 4 s .............1929 J-D
Registered................... 1029 J-D
Utah & Nor 1st 7 s......... 1908 J-J
Gold 5s..............................1926 J-J
Uni N J RR <fc C Co See Pa RR
Utah Central See ltlo Gr Wes
Utah <fc North See Un Pacific
Utica <S> Black K see N Y Cent
andalia cousol g 4 s ___ 1956 F-A
era C ruz«& Plstgu 4 S s l 934 J-J
Ver Val ln.1 & W See Mo P
Virginia Mid See South Hr
Va & Southw’t 1st gu 5 8.2003 J-J
abash 1st gold 6 s........1939 m -N
2 d gold os................... 19 3 3 F-A
Debenture series A ........1939 J-J
Series B............................ 19 3 9 J-J
1st lion equip s fd g 5 s .. 1921 M-S
1st Hen 50 yr g term 4 s .1954 J-J
1st ref and ext g 4s ___ 19 56 J-J
D e t & C li E x t l s t g 6 s .. 1941 J-J
Des Moin D iv 1st g 4 s ..1939 J.J
Om D iv 1st g 3*28 ............1941 A-O
Tol «fc Ch D iv l s t g 4 s .. .1941 1M-S
St Chaa Bridge 1st g 6 a .1908 A-O
W ab Pitts Term 1st g 4s. 1954 J-D
2d gold 4 s ............................1954 J-D
W arren See Del Lac <& W est
W ash Cent See N or Pac
W ash O & W See Southern
W ash Terml 1st gu S *28 . . 1945 F-A
W est Maryland I s t g 4 s . .. l 9 6 2 A-O
Gen & conv g 4 s .............1952 A-O
W V a C e n t * P 1st g 6« 1911 J-J
W e s tN Y * Pa l s t g os. .1937 J-J
Gen gold 3-4s.....................1943 A-O
Income 6 s........................ R1943 Nov
W est N o Car See South Ry
Wheel’g & D E 1st g 5 s ... 1926 A-O
Wheel Div 1st gold o s ..1928 J .J
Exten * Imp gold 6 s ...1 9 3 0 F-A
R R 1st consol 4s............... 1949 M-S
20-year equip a f os ...1 9 2 2 J-J
W ilkes & East See Erie
W il * Sioux F See St P M & M
W is Cent 60-.vr 1st fen 4s 1949 J-J

U

92

96

83*4 86
94

99

80
88

86
90*4

197

107

100

101

109*4 110**
37

88

85 S 9 6 S
62
72 S
64
76
1 0 1 105
79
86
90
94 7&
84
91

Weelc’s
Range or
Last Sale

§-2
2A /3

iianqt
j>tnc6
January 1

JHigh. So Sow Hum
AsK Low
......... 127 Sep ’06
......... 116 N ov’06
112 F e b ’O"
102 1 0 2 S
102 103 102 A p r ’08
103 * " i 98 S 103
1 0 2 4 ......... 103
1014
101 D eo’07

Bia
118

112

103

.......... 104*2 Mar'OS

104 S 104 S
......

106
164

......... 116
......... 104

ib’i

1 0 1 * 2 ......... 114Ha Dec *04
Mav’O?
A p r’ 08

ib'4 "*

107 *2 Feb ’07 ___
98*2 A p r’08
■floss 9 8 S
92
93*2 i 62 87 s 93 S
22 82 S 103
10 1*2 10 2
114 N ov’06
75 Sale
75
76*t 2 ib
83
80*2 83*2 80*9
u 75
82
10.3*8......... 99 A p r ’(>8
96 1 0 2 S
82 ......... 80 *2
80S
80 *v *“ 2 69
113 J a n '06
96 J’ uo’06 . . . . ......... ..........
92 J’ne’Ob

......... 105
♦ 99 105
9 2 4 Sals
lO l^ S a lo

106 1 08s*
10 0 .........
104*2.........
♦102*9 104*2
......... 68
1 0 S .........
108 ..........
.......... 80
105*2 108*2
96
104
99
99
103
103
85
104
i '0'3
109

10 0

.........
.........
.........
.........
107
107
.........
..........

111 F eb’07 . . . .
l l O ^ J ’l y ’O-,
10434 10434
1
99 May'os ___
65 Sep ’07 . . . .
106*4 Fel>’( 8
108 Jan ’08
1153# A p r’OO
96 Oct ’06
103 Mar’Os . . . .
99 >2 Oct ’07
98 F eb’05
97 A p r’08
112 O c t ’06
108*2 Deo'Ob
113 D eo’05
10 1* 2 May1*08
107 May’07
96 »* J a n ’ 07
106 D Sep ’ 07 —

117 J’ l y ’OO
......... 105 May’08
......... llo * * F e b ’08
93*2
93*2
......... 111 D eo’06

I l l *4 Sal**
......... -90

110 *2

112

......... .........
105 n8
99
.........
i'oo” 107
107 108

102

97

103
95 S

107
97 °8

1 0 1 S 103

102
5

20

92 N ov’OO
l IU
uo
......... 106*2 N ov’04
i 0 6 " " " " 102*2 F eb '08
10 2 ......... 111 May’04
98 : : : : : : 97*4 May’OS
86 ........
89 .1 an ’08
82 M ay'os
SI
83
84 ......... 81 Muy’US
73
"e
72 ......... 7 2 3,
95 D ec’OH
106 ......... IOO Apr 08
93 Sep ’06
101** Sale 10 1* 8 1 0 l »6 12 1
99 A p r ’08
......... 10 0
90H,
Wl3, 3963
91*2 Sale
97 *9
1
97 ......... 97 Hi
12 2
6
119 ......... 1 2 1
113 *8 51
I I S 's Sale 113
91*2
93
79
92 Hi Sale
87:,4 M at’o7
io s ......... 100 Oct ’07
10 « \ ......... 105*9 J’l y ’07

105
109*4 1 1 1
9 0 S 93 *»
99

112 S

i b l i " ib*3»i
95 S
84
7U34
8>
67

93
89
93
87
73

104

105

99
98
83
91
115
106
85*2

10 2
100*4
91 S
9 7S .
1 V2
114*4
93

94 *9 Oct ’07
98 Sep ’00

V

W

iH IM C ED D AN KO U S

flnnutacturiiig & Industrial
Beth Steel 1st ext s f 5 s .. 1926
Cent Leather 20-year g os. 1925
Consol Tobacco 50-yrg 4s. 1951
DistU Sec Cor conv 1st g 5 s .’27
ln t Paper Co 1st con g 6 s .1918
Consol conv s f g 5 s .. . 1935
ln t St Pump 10-yr conv. 6s T 3
Lackavv Steel 1st g 5s___ 1923
Nat Starch M fg C o ls t g 6s 1920
Nat Starch Co s I deb 5 s .. 1925
N Y A ir .iirako 1st conv 6 s ’ 28
R e p u b l& S 1 s t * coltr 5s. 1934
U ia Lealli Co 8 tdeb gO s.,1913
U S Realty & 1 conv deb g 5s ’24
U S Steel Corp— f coup .41963
Sf 10-60 yr 5s. ( reg ..4 1 9 0 3
Va-Csr Chem col ir 5s g ..l9 1 2
VVentini: house E <& M s ! os ’31

[VOL. LXXXVI.

New York Bond BeCOrd— Concluded— Page 4

1212

108 1 1 1
......... 10 6 '*,
93*4 bale

110

110

105*2 10534
92*3
93*4
90 J’ne’07
54 May’Os
9 2 * 3 ......... 102 F e b ’08
93 Mai ’06
54 *2
6B3«
58*i Salt
102 ......... 100 A p r ’os
97 Nov’04
80 H'eU’07
......... 85
......... 11.1
96a8 J’lio’ iD
100 May’07
47*4
51*2
60 Male
ii
IBS
14*4 Salt

8 7 S J 'ly ’ *>7
72
76
40 May’08
1 0 8 S Aug’oe
114*2 Sale 114 S 1 14 S
.......... aj**, 8 7 34 Jan ’Os
34 F e b ’07
"H "
38*2.........

......... 105

6 99 n o
1 1 10 2 10934 .
20 84 *a 94
37
LOO

370
1174

25

Salb

* 86

Sale

102
103

May’OS
M ai’Os

69
104

69
"5
Oct ’07

83 S

86

V i " "6 b "1
8», 19

49
30

79
47

6 108S 114*2
87*8 87*4

98*4 Jan ’08

69

56
102

783 37 S 5S»«,
. . . . 100 100

100
103
98*4
60

107
103
98*4.
72S

31

80

86

16

83

90*4

BON D.S—Concluded.
M iscellaneous
Adams E x col tr g 4 s ..........1948
A m S S C o s f W V a g 5 8 ....1 9 2 0
B 'kl’ n FerryCo Is t cons g 5s ’48
ChicJe*fc St Yard col g 5 s .1915
D otM ifcM ld gr incom es..1911
ln t Mercan Marine 4*28 ..192 2
ln t Navigation 1st s 1 5 s .1922
Man Bch H. & D gen g 4 s ..1940
Newp N e Ship & D D 5 s 41990
N Y Dock 60-yr l s t g 4 s .. 1951
Providence Seo deb 4 s— 1907
Provident Loan S o c 4 *2 S.10 2 1

M-S
M-N
F-A
J-J
AO
A-O
F-A

M-N
J .J
F-A

88 S
88 S
lo o 3, J’no’02
41 Oct ’06
100 J a n ’ t!8
46
47 A p r ’08
70
7<ja,
Sale
......... 82 May ’08
50 F eb ’ 02
.........
......... 88 A p r ’08
85 Oot ’07
82
99 May’ 06
100 S Sep ’00

83*4 Sale

.........
70 S
82 S

97

10 0
62

42S
63
76

10 0
47
72
82

86
89
88
M-N . . . .
91
94
92 S 95
M -S
......................
i OI
J-J
107
64 *2 80
______ ___________year______ _ J-D
85 S 97 S
8 5 3, V60g S Yuba W at Co con g 6 s . . 1923 J-J
i 12 j ’ l y ’(>4
...............
89
113S J’ l y ’OO —
94 S Sp Val W at W orks 1st 6s. 1906 M-S
78
85
U S Red * Ref 1st s f g 6s . 1931
67
81
86 ......... 85 A p r’08
o D u eJ a n B D u eFeb 4 Due Apr «D ueM ay j D n e J ’ ne ADueJM y p D n e N o r lOntlon Oal*

OHIOAQ-O STOCK EXOHAl^GrE Stock Record—Daily, Weekly and Yearly
STOCKS— HIGHEST A N D LOW EST SALE PRICES
Sa tu rd a y
M a y 10

M onday
M a y 18

T u e sd a y
M a y 19

W ed nesday
M a y 20

Thursday
M ay 21

Sales

0/ the

Week
Sharec

Friday
M ay 22

STOCKS
C H IC A G O S T O C K
EXCHANGE

Range Since
Jan. 1 1908
Highest

_
R a ilroads
C h icago C ity K y _____ 100
*2
2*2 2 *?
C h icago & O ak P a rk . 10 0
*8
10
*8
10
H o p r e f....................... 10 0
21*2 22
19*2 197,
C h icago S u b w a y _____ 10 0
334
334
Chic U nion T r a c tio n . 10 0
18
July’07
D o p r e f____________ 10 0
♦__
44
44*5
44
43 *
42
43
*43
44
K ans C ity R y & L t -.lO O
7578 757,
74*4 74*.
7378 737,
7512 77
*76
80
D o p r e f...................... 10 0
* __
18
17
17
18 * ____ 20 *- 18
M etrop ol VV S E le v _ _ _ 10 0
+_ _
*50
55
51
51
54 * ____ 55
*52
55
D o p r e f...................... 10 0
*44
45
*44
45
45
*14
45
*44
May’08
N orth C h icago S tre e t . 10 0
*
2 1 1 - *_
21*2 20 20
2 U2 * __
21*2
50 N orth w estern E le v ___ 10 0
.
2U
68 *54
58
*54
*53
58
*54
58
Last Sale
May’08
D o p r e f...................... 10 0
*62
63
03
*62
*62
63
62
*60
62
62
"*2S Sou th Side E levated
62
10 0
2734 277,
28
287),
28
28*8
2814 283s
27*4 277,
610 Streets W S table C L . 1 0 0
28i2
92
*90
92
91
91
*90
*90
92
22
92
D o p r e f____________ 10 0
*29
29L *28
29*2 *28
2912 '2 9 f2 2912
2912 *28
15 W est C h icago S tre e t . . 1 0 0
29l2
M iscella n eou s
*5
5*4
5*8
5*8
*5
6*8
5*8
5*s
61.1 *5
560 A m erican C a n _____
5
5
10 0
*50
60
60
5012 55*8 56*4
6512 6512 *5473
66*8 56
65l2
597
D o p r e f-------- --------- 10 0
*140
*145
*145
Last Sale 145
*145
Apr’08
A
m
erican
R
a
d
ia
t
o
r
..
10 0
126 * 1 1 0
126
Last Sale 11612 M ay’08
* 1 1 0 1 2 12 0 * 110 *2 126 * 1 1 0
D o p r e f................. . . 1 0 0
40*4 46*4 *4512
*46
4678 40
46
44I2 441*
3,180 A m e r S h ip b u ild in g ___ l o o
46
45
*98
*98
1
0
1
1
0
1
—
Last Sale 94
*97 1 0 1
A pr’08
D o p r e f____________ 10 0
Last Sae 42
Jan’OS
A m e r Straw U oa rd ___
*29
30
*29
30
2914 2914 *2914 30
30
30
*26*2 30
37 B o o th (A) & C o ___
16 6
*99
100
*90
98
100 100
*98*2 100
60
*96
98
D o p r e f------------------- 10 0
50
50*4 50*4 * ____ 50*2 * __ _ 501- *491*2 SO*' *483)
50
50
150 Cal & C h ic Canal & D . l o o
Last Sale 147 M ay'08
Central Trust H ank . . 1 0 0
I m s I Sale 16
Mch'06
C h icago A u d it o r iu m ...
*1
Last Sale 1
1*8 * 1
1*8 * 1
1*8 * 1
1*8
O ct’07
C h ic B re w ’g A M alt’g .,
4
*3*2
4
4
*3*2
4
Last
Sale
*3*2
*3*2
4
Ap r’08
D o p r e f________________
29*4 30
* 2 S1., 30
*28
*27
30
30
*27
30
100 C h ic P n eu m a tic T o o l 1100
*27
29
12 2 123 12 2 122*2 12 2 123
122*4 12 2 1 * 122*4 123
770 C h icago T e le p h o n e ___ 10 0
12 2
12214
i M S t Sale 2U
Moh’08
D > r i g h t s ____________
*
109 1 1 0
110 110
1 1 0 *109 1 1 0 *109 110 *109
110
" 7 7 C h ic T itle & T r u s t___ 100
94*4
94
94
93*2 93 *2
94*4
94
94
04
94 14
94
94 14 1,478 C om m on w ’ t h -E d ls o n . 10 0
130*4 130*4 130 13034 130 13012 *130 131
130 131
562 D iam on d M a tch .......... 100
13014 13H.
*3034 31
*30-34 31
*3012 31*4 *30*2 31
31
31
100 Illinois B r i c k ........... . . 1 0 0
3112
3112
Last Sale 31U N o v ’05
K n ick e rb o ck e r I c c ___ 10 0
Last Sale 80
Feb’06
D o p r e f____________ 10 0
I msI Sale 41
Aug’07
M asonic T e m p le ______
Last Sale 21* June’07
MIlw & Clrlc B re w in g .,
Last Sale 26 I4 July'07
D o p r e f___ _________
*80*4 80-34 8 5 I4 86
85
85
*84
85
84
85
*84
85
337 N ational B iscu it_____ 10 0
*114 115
11412 115
114*2 11434 111*4 114*2
296
D o p r e f____________ 10 0
62*4 62*4
62*s 0 21 ,
62*4 02*2 *61
62*2 *61
6212 02**
282 N ational C a rb o n _____ 10 0
64
* 1 1 0 1 1 2 * 1 1 0 115 * 1 1 0
* 1 1 2 115
112 1 12“ *110
26
115
D o p r e f____________ 10 0
ImsI Sale 5^4
M ay’05
Page W o v W ire F e n ce ___
Last Sale 90i2 M ay’08
P e o p le ’g G a sL & C o U c.. 10 0
__
*30
*30
*30
40
40
*30
40
*30
40
25 S e a rs -R o e b u ck c o m . . 1 0 0
87*2 S712
88*2 8.810 88
88-34 *88
*88
90
*8 8
90
242
D o p r e f____________ 100
102*2 10234 10 2
0278 10 2
l()23s 10034 10178 100 10212 1 0 U2 10214 5,015 S w ift & C o ____________ 100
130
__
30
+12512 128 *130
*126
130
5 T h e Q uaker O ats C o . .1 0 0
9812 99
*981*
99
99
99
99
99
*96I2 99
84
D o p r e f____________ 100
1
1
1
1*8 1*8
*78
*7s
1*8
1
1
2,200 U nit B o x Bd & P C o .1 0 0
7
6*4 7*4
712
7*4
7*4
7*8
7*4
7
7
3,185
D o p r e f____________ 100
*14
*14*2
16
15
1412 *14
14
*14
15
38 W estern S t o n e _______ 100
„
M in in g
Last Sale 32i2 r Jan’07
B ingh am Con M in in g . 50
Last Sale 10
N ov’06
B la ck M o u n t a i n .._______
Last Sale 16
M ay’07
D a ly -W e s t ______________ 20
ImsI Sale
N ov’06
------H u b b a r d -E lllo t t _________
---— - .... ....
...................
*160 190
3
* 2*2
*S
10
I 9 I4 19*4

105

165

*10 0 190
* 2 I2
3
10
*8
221 20

*160

190
3

*160 190
*2*2
3
Last Sale
2134 225,
334
33.1
Last Sale
*44
45
70
76
*17
18
*53
55

*160
190
*2*2
3
J
M ay’08
23
22*4

5
10U
__
4,380
200
____
510
170
14.;
150

Chicago Bond Record
In t e r
e it
P e r io d

P r ic e
F rid a y
M a y 22

W e e k ’s
R a n ge or
L a s t S a le
H ig h

H Iqhcst

Jan 27
2*4 F e b 13
9i2 M ch 27
23 M ay22
384 M ay20

160 Jan 24
1*8 F e b 3
7 M ch l6
15 F e b 10
2 l2Mch27

175

39I2 M ch 9
68*4 Jan 4
15 A p r 29
42 Jan
44 M ay 5
20 J an 31
53 M ay 5
52^4 A p r 30
26i2 A p r 16
85 A p r 20
25 A p r 13

46 Jan 14
79 Jan 20
19 Jan 22
54 M a yl8
44 M ay £
20 Jan 31
50 M ay 14
71 Jan 13
29i2 F e b 21
94 M ay 4
31 M ay 4

Mch
N ov
O ct
O ct
D ec
Apr
N ov
6884 N o v
17 D ec
43 N o v
34*2 A p r
20 Sep
58 A p r
60 N o v
28 O ct
95 A p r
20 Mch

4 F e b 13
5i2 Jan 11
41l2 J an 2
56*2 M a yl2
125 Jan 10 145 A p r 22
116 A p r 22 127 A p r 13
37 M ch 19
551. Jan 16
91 Jan
95i2 F eb
42 Jan 9
42 Jan
24 Jan
30 Jan 11
90 Jan 10 100 M ayl3
40 F e b 20
51 A p r 28
147 M ay 6 147 M ay 6

3 O ct
34*2 N o v
120 D ec
1 1 2 N ov
: 0 N ov
86 N ov
30 Jan
25 D ec
90 D ec
45 O ct
165 F eb

4
21
106

Apr
Feb
Jan
34 F eb
100 Jan
80 Jan
113 Jan
30 Jan

13
4
A p r 13
26
30 M a yl9
3 124 M a yi4
25
234 F e b 21
4 111 F e b 4
3
93 M ch 25
2 13H2 M ayl5
22
39 Jan 14

70 Jan 3
10134 J an 2
51 M ch 3
91 M ch23

86 1 2 A p r 28
116*4 M ay 15
64 M ay 22
112 M a y 19

80i2 Jan 3
24 Jan 24
72 Jan 16
8 Si2 Jan 2
11434 Jan 3
87 Jan 3
1 M a y l8
6*4 M ayl4
14 A p r 25

91**Apr 15
40 May20
S834 M ayl9
103 M ay 14
134 Jan 29
99 M a y l6
134 Jan
12 Jan 15
17 A p r 1 1

150

205
5
16
46*.

Apr
Jan
Apr
Jan
6*4 A p r
19*4 Jan
65 J an
87 Jan
28 Jan
72 Jan
47 J ’ly
25*2 Jan
66 J ’ly
90 Jan
34 Jan
99 M ay
35 A p r

134

10
11
2*4
14
28

7*4 A p r
69 A p r
140*s Sep
130 A p r
8012 Jan
1 0 :) Jan
40 M ch
40 J ’n e
111 F eb
54 Jan
165 Feb

1
5
21
15

Jan
Aug
D ec
O ct

1 Jan
(if* J ’ne
51 " F eb
13412 A p r

95
77
108*2
34

O ct
O ct
N ov
N ov

112*.
s75,
129*.
57

41
21.
25
68*8
91
60

Aug
Jan
F eb
O ct
N ov
N ov
N ov

46 Jan
2i2 Jan
27 M ch
86 Jan
117^4 Jan
84*4 Jan
120 Jan

72
20
67
75*.
100
85

NovNovNovNovNovO ct
N ov
Jan
D ec

9734

34

6
16

M ay
O ct
M ay
M ay

92*3

Apr
57 Jan
95 Jan
113*2 Jan
173*2 M ay
10234 J an
2*4 A p r
1234 A p r
30 F eb

32i2 Jan

32i2 Jan

10*4

2u

Apr

Jan

Chicago Banks and Trust Companies

BONDS

C H IC A G O S T O C K
EXCHANGE
W e e k e n d i n g M a y 22

Range lor Precious Year
(1907)

D 'd s
S o ld

N o.

Range
S in c e
J a n . 1 100fc
Low

H ig h

NAME,

O u ts ta n d ­
in g
S to c k

T

Surplus

and
Prollts
T

D iv id e n d R e co rd
In

1 In
1906 | 1907

Perle d

L a st P a id

%

B ankers N a t io n a l _______
C a lu m et N u tlo n & l_______
C h ica go C i t y . ............... .......
C om m ercia l N a t io n a l ___
C on tin en tal N a t io n a l ___
C o o k C o S tate S a v in g s ..
Corn E x ch a n g e N ational
D re xcl S t a t e ......................
D rovers D ep N a tio n a l___
E n g le w o o d S t a t e ________
F irst N a t io n a l ___________
First Nat E n g le w o o d ___
F orem an B ros B ’ k ’g C o .
F o r t D e a rb o rn N a tio n a l.
H a m ilto n N a tio n a l_____
H ibernian B ’ k ’ g A s s n ___
K as p a r S tate B a n k _____
L i v e s t o c k E x ch a n g e N at
M on roe N a tio n a l________
M utual b a n k ___________
N at B a n k o f R e p u b lic ___
N ation a l C i t y . ....................
N ational P r o d u c e _______
N o rth A v e n u e S t a t e ____
N orth Side S tate Savings
O akland N a tio n a l_____
P rairie N a tio n a l________
P rairie S ta te ____________
R a ilw a y E x c h a n g e ____
S e c u r i t y ................... .........
S o u th C h icago S a v in g s .
S tate B ank o f C h ic a g o ..
S to c k Y a rd s S a v in g s____
U n ion Bank o f C h ic a g o ..
U n ion S to c k Y ard s State
A m erican T ru st A Savgs
Central T ru st Co o f III___
C h icago S av B k A T r ____
C h icago T itle A T r u s t ..
C itizens T ru st A Savings
C olonial T ru st A Savings
D rovers T ru st A Savings
F arw ell T ru st C o ________
First T ru st A S a v in g s___
H arris T ru st A S a v in g s ..
Illinois T rust A S a v in g s .
K e n w o o d T ru st A S a v g s .
L ako V iew T ru st A Savgs
M erch ants' L oa n A T r Co
M etrop olitan T rust A Sav
N orth ern T ru st C o . .
.
N orth w est T ru st A Savgs
P eop les T ru st A S a v in g s .
P u llm an T ru st A Savings
R o y a l T ru st C o _________
S to c k m e n ’s T ru st A S a v .
U nion T ru st C o _________
U nited S tates T r u s t ____
W estern T rust A Savings
W est Side T r A Sav Bank
W o o d la w n T r A Sav B k . .

$2,000,000
8
8
s
i)-J Mch ’08, 2
100,000
0
5
6
An Dee M7. (»
100 Mch’07
500.000
5
10
10
j - j Jan 'oh. r>
3.000.
000
6
12
12
Cj-J Apr ’08.
lOllgMay’08
99*2 101*8
4.000. 000
8
8
Q-J Apr (TS. "
100 May’07
50.000
5
6
fi
Q-J Apr '08. 11.
H)l3j 1011
*'«*47g l*0*l*7j
3.000. 000 04.924 02:
12
12
Q-J
Apr '08, :<
103 Apr’04
200,00*
r>
6
Q-J Apr ’08 1168 Aug’07
x
600.000
X
Q-J Apr ’08. 2 > z
96*4 Jan’06
200,000
3
6
Q-J Apr '08, 11s . 000.000
12
12
Q-J Moh '0.8 3
*87* Feb’06
15-0,000
10
10 + 10
Q-J M c ll’08. 212
500.0'JO
I-riv ate Ba nfc
1.000. 000
6
8
Q-J Apr '08. 2
71*8
7212
68
721.
500.00:
5
J-J J'ln '08. 2*2
99*s 101S„
95*4 101*8
x
1.600,000
X
Q-J
A p r ’08. 2
79 Nov'04
200.000
10
10
J-J Ian '08. 5
80 Apr’04
1.250.000
____
....
Q-J Apr ’08 21*
Q .f May -08, 1
300.000
4
3
100*«Vay’08
100 100*4
250.000
____
41; Jan. Jan ’08, 41 *98*4 100
97 100
2.000,000
6
Q-J Apr ’08. 2
8
98*4
99
98*4 99
1.600.000 0457,201 Regan busine
Feb 5 i»07
1007a 10()7S
93
101*4
250.000
Bega - busine
Aug 20 1907
90 D cc’06
200.000
Regan busine
Dec 8 1906
93*8 Apr*08
*93* *9*3*78
50.000
0
6
Q-J A p r ’08. 1 1 *
80 A pt’OS
85*8 86
100,000
0
6
Q-J Apr '08. 112
250.000
85
85
80
88*:
•500,000
(0.3.
d 'S S
8
Q-J Mch '08. 2
16 May’06
250.000
....
4
J^f Jan 'OS. 2
300.000
Orga nlzed Oct 12 1906
87*2 88*4
8 U 4 88*4
200.000
534
6
Q-J Apr 'OS. 11*84*4
85
80
85
1.000,00'!
8
9 + 1 Q-J J u ly '08. 3
90 D cc’06
250.000
0
J-D Dec ’07. 3
6
200.000
6
6
M-.N May ’08. 3
Aug’00
200.000
6
6
Q-J Apr ’08. 11*
F eb’07
3.000.
000
8
8
Q-J Mch '08, 2
2.000.
000
7
7
Q-J Apr '08. 1»4
90
90*8
8(1
901.
n500.000 4100,434
93
93
80*4 93
5.000.
000
6
41.277.047
6
Q-J Apr ’ OS, 1I2
100*.Meh’06
50.000
3
3
A-O Apr '08. 2
95 Apr’ 08
*95* 9*5**
600.000
4538.801
10
10
Q-J
Apr '08. l2
96 Apr’ 08
96
96
§86,974
200,000
(S
0
<1-J Apr ’08. 2
971«JA).’ 08
07*2 971.
55,663
1.500.000
Orga nlzed Aprl 13 1907
112 Mar’ 08
109*2 112
2.000.
000
§1.623.445
- --.... ....
101l2May’<i8
94 101*4
1.250.000 4469,559 . . . .
____ Apr ’08, 2
102*. 102).
971. 103
5.000.
000
§8,297.191
12 + 4 16 + 4
M ch '08, 4
Q
lOOijMay’OS
9434 100*4
200,000
43,469 ---- 6
Q-J A pr '08. 1*»
100 May’ 08
98 100
200.000
34.759 . . . .
2
Q-J Apr ’08. 1
945,8
95
93*4 961.
3.000.
000
44.522.183
12
12
Q-J Apr '08. 3
99*4
993,
93 100
750.000 4351.221
6
0
Q-J Apr ’08. 1U
90 Feb’08
90
90
1.500.000 41.830,622
8
8
Q-J Apr 08. 2
114 N0V’<>4
200.000
45.081
....
0
J-J Jan '08. 3
66 Apr’ OS
*60* *6*8**
200,000
477.093
6
6
J-J Jan '08. 3
9<> Moy’07
*500,000 4159,219
8
k 8
Q-J Apr '08. 2
08*. 8ep’U5
£00,000 §577.367
8
8
Q-F May ’08. 2
73 June’07
200,000
11,125 . . . .
J-J Ian '08. 21;
5
78
80
721. SO
1.000. 000 41.054,08! ____
Q-J Mch '03 2
87 D ec’00
200,000
§25,000 Forme rly Jen mas ■H E' L & Tr
70 M ay’08
70
70
1 .000.000 4 125.181 6 + 1
6
Q-J Apr '08. 1**
200.900
443.358 Began busine
Sept 5 1906
N o t e .— A ccru ed Interest m ust be a d d ed to all C h icago
bon d prices
200.000
6
28.177
6
Q-J A p r '08. lie
* B id and asked prices; n o sales w ere m a d e on tills d a y
-■-■- - - - - a**d 1-eu. 15 fo r S tate Institutions.
J N o p rice F r id a y
latest price this w eek, a D uo D e c. 31. b D uo Juno, id,l In
I n clu
. d e s special
..
d iv id e n d o f 30 % paid D e c. IS 1 9 0 6 .
fc Capital Increased from S 3 0 0
a
s t o c k d iv id en d o f 33 1-3 % being d eclared In part p a y m e n t therefor
q D ividen ds are paid
Q -J . w ith e x t r a
p a y m en ts Q -F .
v A s o f M ay 14 19J8.
x A s o f M ay 11 1903.
4 As o f MnayCapltaland
1 2 1308 surplus to be Increased
A m erican IllBcuit 6 s . . 1 0 1 0 F - A
A m er Stravrb’d 1st 6 s . 1 0 1 J - J
Caas A v o & F G (St L) —
100 101le
5s.................................... 1912 J C h ic B oard o f T rad e 4 sl0 2 7 J C h icago C ity R y 5 a . . . 1027 P 10 Ds Sale
C h ic C on sol B r& M lt 6 s ____ J C h ic Consol T ra c 4 J is . 1030 J Chic A u ditoriu m 1st 8sl92i) F Chlo D ock Co 1st 4 s . .1 9 2 9 A - O
C h ic N o Shore E lec 6 s . 1912 A - O
C h ic & Mil E lec R y 5 s . 1010 J •
C h ic l ’ nouin T o o l—
1st 5S........................ 01921 J 71*2 72*.
C h ic R y 58 __________ .1927 P - A tlOHg Sale
Chic R I A P R R 4 s . . 2 0 0 2 M - N
C oilat T rust g 0 8 ...1 9 1 3 M - S
C om m on w’ a lth -E d lson
____
Chic E dison d e b 6 s l9 1 3
J100
o o ij 10 0
1st g 5 s ____ July 1926
D eben tu re 5s____ 1926
99
Sale
C oim n on w E lect 5s611)4,1 M - S 100*4 101
Illinois T u nnel 6 s____ 1928
D
K an C ity R y & L tC o 6 s 1913 M - N
K n lc k ’ b'k er Ice 1st 5 s . 1928 A - O
L a ko Street El—
1st 5s______________ 1928 J - ,
85
Sale
In com e 5s___________1925 F eb
M etr W Side E l—
1st 4 s...........................1938 F - A
87*2 88
84
E x ten sion g 4s_____ 1938 J 8U2
N orth Chic St 1st 5 s . .1 0 0 9 J 1st 5s.........................1 9 1 6 J R efu n d in g g 4 1 $ s ..l0 3 1 A
N o Chic C lty R y 4 T<sl 027 M - N
N orth W estern El—
1st 4 s............................1911 M- S S012 90
O gden Gas 8 s __________ 1945 M - N
93
Sale
P ea rson s-T a ft 5s_____ 1016
99
.
- D
4.40s .................................... M - S
4.60s Scries E ___________ M - N
96*2 I
4.80s Scries F _____ ____ M - N
97
.
P e o Gas L&C 1st 6 s . .1 9 4 3 A - O
R efu n d in g g 5s____ 1947 M - S
1*oT«8
C h ic Gas L A C 1st 5s 1937
- J I10212 103
C onsum Gas 1st 5 s . 1936
- D 1 0 0 * 4 ____
M u t’ l Fuel Gas Is t5 sl0 4 7 M - N
Sou th Side Elev 4 « s . l 9 2 4
- J *95* Sale*
S w ift A Co 1st g 5s___ 1914
- J 99*4 100*4
U nion El (L oop ) 5 s ___1945 A - O 188
_
U nion P a cific c o n v 4 s . 1911 M - N
U nited B ox B oard col 6 s ’26
W est C h ic St 1st 5s___1928 n - n
T u nnel 1st 5s_______1909
- A
D eben tu re 6 s _______1914
- D
Consol g 5s rets____ 1 0 3 6 M - N 80 Sale
W o s D lv C lt y R y 4 TSslOSJ •I - J
W ostorn Stone Co 5 s . . 1909 A - O




000

BOSTON STOCK EXCHANGE—-Stock Record, Daily, Weekly and Yearly
SHARE PRICES— HOT PER CENTUM PRICES
Saturday
May 1(5

Monday
May 18

Tuesday
May 10

Wednesday
May 20

Thursday
May 21

Friday
May 22

Sales
o1 the
Wecl:
Shares

STO C K S
B O ST O N S T O C K
EXCHANGE

Range Sines
Jan. 1 1908-

Range lor Previous Year

H ig h e st

(1907).
H ig h e st

R a ilro a d s
671; N ov 1071* Jan
841; M a yl9
673,s F eb 11
720 A tch T o p & San ta F e .1 0 0
82
82
8012 83
SII4 82?.:
8412 841*
793.1 N ov 101*3 Jan
93 M ay 18
8334 841.4
831; Meh 3
831" 831;
10
D
o
p
r
e f------------------- 100
*92i4
93i.f
180 Dec 240 F eb
20034 A p r 22
*92*8 93's *921.1 9314
03
lN
li;
Jan
2
*92la •J318 03
67
B
oston
&
A
lb
a
n
y
------100
2031» 2031; 2031; 2031; 2031* 203*
IL/34 N ov 152 Jan
20-U; Uli's 20 l's 205
27 B oston E le v a t e d ........... 10 0 125 F e b 17 140 Jan 20 200
134
134
J ’ ne 231 Jan
135U 13514 135 135U 1351.1 135*4 134 13514 134 134 4:210
1 Boston & L o w e ll--------- 100 200U F eb 11 210*8 A p r 16 129 N ov 170 M ay
210
1____ 210
!■____ 210
_ 210
1291* M ay 16 140 Jail 28
+
210 * ____210
560
B
oston
&
M
ain
e...........
100
130
130
130 130
130 130
165 Jan
150 O ct
Jail
22
156
136
F
e
b
13
12 0 1" 13012 13034 131
12912 130
D o p r e f-------------------100
301 Feb
Last Salt. 150 M ay'08 .
ct
32 B oston & P r o v id e n c e . 100 284 Jan 10 292 A p r 16 2858 O
15 Feb
290 * . . . 290
J ’ly
285 285
2S5
13 M ch 27
9 M ch 4
285* 285 *
1
200
B
oston
S
u
b
u
rban
E
l
C
o
s
.
65 Jan
12
12
* 11
12
12
50 Aug
11
56 M ay 19
_- - 45 Jan 31
1 1 1 4 lU.i * 1 1
508
D o p r e f . . . - - - - - - ------*52
*52
50
28*4
-Ian
56
55
56
N
ov
16
Jan
25
55
17
*52*2
10 F e b 28
*521; 55
75 B oston & W o r E lec C o s . .
80 j a n
11
* 10
* 10
11
55 N ov
601* J i n 10
11
11
50 F e b 27
10
10
100
D o p r e f.............................
55
*52
5 5 " *52
55
128 D ec 160 Jan
M
ay
19
54
145
54
Jan
2
126
*53
54
26 Chic Jun e R y & U S Y . 100
120 Jan
*145
9934 O ct
____ 145' 145 *145
*144
— - - *144
121
D o p r e f------------------- 100 102 Jan 10 1131; May22
113
113!_
18S F eb
*112
1131; 1131; *113
170 O ct
—
*113
------ *113
C on & M on t, Class 4 . . 100 163*4 M ch 5 165 M cll 4 152 J ’ly
Las' Sal( 105 Apr'OS
156 Men
A
p
r
21
—
138
A
p
r
21
___- ------ —
C onn & Pass R lv p r e f . 100
I.ast Sal 138 Apr’08
A p r 22 244 D ec 280 Jan
244 Jan 14
------ ---- - ------ —
___100
C
o
n
n
e
cticu
t
R
iv
e
r
A
pr’OS
253
I.ast Sak
116 N ov 135 .nil)
A p r 21
117
Jan
2
132
F
itch
bu
rg
p
r
e
f.............100
125
125
125 125
114 A’ ch
123
123 123
691; D ec
Jan 27
67 A p r 27
*1111 12*3” *123' 125”
S Ga R y & E le ctric____ 100
____
____
70
691* G912
70
88 Atch
73 O ct
6SI4 68I4
* ____
70
D o p r e f------------------- 100
O ct’07 _
I.ast Salt 73
85
*78
85
190 A u g 198 Jan
*78
85
*78
85
Sep’07 . I I I M aine C e n tra l________100
201* Jan
Last Salt 190
D ec
7
121*
Jan
8'4
Jan
15 Mass E le ctric C os-------100
- ___
____
Vli£ Jan
10
10
10
*9*2 10
37 O ct
601* Jan
*0
40 Jan
124
D o p r e f .................- .1 0 0
44
44
44U
44
25*4 Jan
4312
4414 44U
14 N ov
19 M ch 31
153; A p r 25
43
Last Sale 15*3 Apr’OE ____M exican C en tral............. UK) 128 Jan 6 140*4 M aylS 1271; . N ov 1901* Jan
13734 138if 1,269 N Y N H & H a rtfo rd -1 0 0
160 Jan
13834 13914 13S 139
145 D ec
13712 1403.1
‘
135 136
143 A p r 7 145 A p r 1
Last Salt 113 ATay’08 ____N orthern N H __________100 200
F e b 26 205 Nov 220 F eb
Apr 6
Api-’OS ____N orw ich & W o r p r e f - 100
Last Sal: 200
2001.1
nan
O
ct
175
A
p
r
1
175 Jan 11
120 O ld C o lo n y ................... 100
184
183
46 Jan
'
183 183 *184 185 *183 185
Apr 2
25 N ov
1821" 183 *182 184
25 Jan 15
May’OS ____R u tlan d p r e f----------------- 100
I.ast Salt 29
29
94 Jan
*26
Aug
*26
29
29
82
*26
F
e
b
11
*20
20
70
F
e
b
17
Seattle E le c t r ic ______ 100
Apr’08 . .
Last Salt 70
*70
____
*70
...
83*4 N ov 103 Jan
95 F eb 8
*70
____ *70
8838 Jan 2
100
11
D
o
p
r
e
f------------------90*4
9034
1
Jan
1821
*901.1 ____
*90l.i . . .
1601* O ct
OOli 9014 *9014
MaylO
14SU 151 18,300 U nion P a cific------------- 100 l i d * M ch 2 15158
93 .ian
783j N ov
8 4'; M ay22
7834 A p r 4
145 14714 1473$ 150*8 143*4 151"s M 6I4 149*4 1401* 150
100
D o p r e f............... — to o
847g
847S
155 F eb 11 145*8 N ov- 170 oan
*S312 S412 *S412 Sol2 *84!2 S51 *S418 851* *S41s 85*8 155
Apr’OS ____V erm on t & M ass----------100 150 Jan 13
Last Soli
95 Jan
74 D ec
873.1 M cllo 1
Jan
2
76
323
W
est
E
nd
S
t
--------------50
8312 831;
84
84
84
84
851* 851
8412 851"
94 N ov 110 M ch
96 Jan 2 105 A p r 7
841; 85
’ 67
D o p r e f......................... 50
*99
100
Jau
100
100
Aug
147
140
100
100
100 100
*100 101
139 M ch30 140 M ch 30
Last Sak 14o" " Apr’OS ____W o re Nash & R o c h -.lO O
M iscella n eou s
Jan
20
10
O
ct
2134
M
ayl4
3
Jan
3
530 A n ier A g ricu l C h e m .-lO O
191; 191;
191; 201;
95 Feb
721; N ov
20*s 20*<
87 M ay 9
211.1 2 1 U
21
2H7 M ch 17
647
D o p r e f.....................-1 0 0
85
86
80
86
85
14*4 J a n
85
85
853|
31* N ov
81* AIayl9
4 F eb It)
8512 8.V4 8M 1 86
8,195
Araer
P
n
cu
S
e
r
v
ic
e
.
50
7*8
7*8
714
736
8
33 Jan
7*8
734
81;
91* O ct
91; F eb 25
71* 8
7l2
734
2 1 May 19
D o p r e f....................- 50
18
1834 3,879
18
1834
1S14 lOlfl
1371.J F eb
19
21
93 D ec
17*4 193.
132*4 M ay 18
00*4 .Jan
1714 173j
129
13014 5,965 A m er Sugar R e lln -------100
13 13 4 Jan
129 M ay 10 105 D ec
106
F
eb
18
131 1313, 131l2 13214 129*4 1313 129 1303S 128 129U 127
202
D
o
p
r
e
f..........
............
100
1271;
1201* 1261;
126 1271; 1261* 127
89*4 N ov 1341* Jan
99 Jan 2 120*3 A p r 24
125 129
128 129
117*8 11838 1171; 11734 9,457 A m er T e le p & T e le g -.lO O
361; Jhll
12*4 N ov
24 AIayl9
16 Jan 2
11711 117*; 1173s 11S12 118 11S7| 1171; 1181; *22
22*8
221g 1 320 A m erican W o o le n -------100
23
231.1
23
1021; Jan
23
24
9oi; M aylS
69 O ct
7734 F eb 19
221* 2314
221" 221'
........
..........100
1,342
D
o
p
r
e
f
.
.
87
87
86
87
8S3.i
4 Jan
80
89
90
3
Mcll
3
•
)
in
7
3
Jan
7
8834
9012
87
88
B oston L a n d .....................10
Jan’OS
Last Sal: 3
33£
*3
*3
33.
931* N ov 116 Jan
961* Jan u 111)78 F e b 3
*3
334
*3
334
C um berl T elep & T e l . 100
Last Sale 110 May’O:
25 Feb
. . . *109 110
ISI4 A p r 15
121* O ct
143.4,Tan
6
■ 4V_ 1 1 0 *109
*10914 m
D
om
in
ion
Iro
n
&
SteelMay’OS
Last Sale 17
9(4 Jan
19
♦ IS
*18
19
3*2 O ct
6 M aylS
414 M ch 13
*18
19
*18
19
1,025 East B o sto n L a n d —
♦51*
53,
554
534
57
201 M ch 17 214 A p r 29 185 N ov 230 Jan
51* 6
*5
512
214
45 E dison E lec Iliu m — 100 111 Jan 2 141 M aylS
2131* 2131; 214
214 214
162 J « u
91 O ct
214 " 214 * ____214
214 214
G
eneral
E
le
c
tr
ic
-------100
824
138
1381* 1401; 137*8 13312 138
140 1401
66*8 J8,1
43 O ct
49 M ch23
68>; AlaylS
137 1393; 1391* 141
551; 4,007 M assachusetts Gas CoslOO
55Ig
55
55
57
861; A p r
57
57
571
871* A p r 22
75 N ov
501* 581
77 Jan
541" 55
D o p r e f------------------- 100
8412
468
851;
85
85
85
86
86
185 N ov 215 Mcll
192 A p r 16
S512 86*4
84
84
M
ergenthaler
L
i
n
o
.
.1
0
0
16
434 Jan
*198
200
200
200
■
____200
11
4
D
ec
200
200
2
Jan
23
1 M ch 2
200 200
M exican T e le p h o n e .. 10
*11*
2
*11.
2
75 J 'iy
40 J ’ne
H*
H;
591* Jan 14
40 Meh 6
*1U
2
* 112
2
N E C o tto n Y a r n — .1 0 0
A pr’08
Last Sol: 13
90 Jan
*40 ‘ 50
*40
50
80
O
ct
75
80
Jan
14
*40
50
Mch
23
*40
“
D o p r e f------------------- 100
32
*75
SO
80
*75
80
80
U6 N ov 126 Jan
105 Jan 4 119 Jan 20
*75
80
80
*75
112
431 N E T e le p h o n e ----------- 100 147 Jan 2 16134 A p r 29
112
____112*4
113 113
11234 113
37 N ov 182 Jan
113 1131
113 113
297 P u llm an C o ------ : --------- 100
159*s
1 1 Jail
159 15931 159
15S34 159
Nov1591,1 100
9
A
p
r
10
lo
F
e
b
2
1
150! 159U 159 1591
220 R ecce B u t t o n - H o le .. 10
*91*
931
934
93
9'a
97g
761*
Nov 113 Jau
88*2 Jan 2 1031; MaylO
*91 . 934 . *91* 10
943 S w ift & C o . .....................100
1011; 102
22 1* Jah
1001* 102
20 J ’ ne
20 Jan 3
22 F eb 6
T
orrin
gton
,
Class
A
.
.
25
, 103 10314 10 2 1* 10314 102 1031* 101 102
May’08
Lest Sale 201*
271; J ’iy
*21
241* N o v
*21
22
23 May22
26 Jan 14
22
22 . *21
*21
o*
**
D o p r e f--------------------- 25
Gts- Jan *23
25
1 O ct
*23
TM
Vf’ iT
21; Jail 28
*23
25
1*4 M eh23
25
25- *23
*23
U nion C op L
’d A
&. M
g. 2
May’OS
Last Sak 11"
120 D ec
1011* O ct
1431; M ayl5
l
U
i
;J
a
n
2
U
nited
F
ru
it..................100
1,053
140 140!;- 14034 141
69 Jau
1401* 11()3,| 5140 141
36 O ct
38>;
Jan
4
65);
M
ay
2
14U* 142
142 143
Un
S
hoe
M
ach
C
o
r
p
5334 4,957
53
53
531;
29 Jan
531
54
54 , «53
281; Eeb 26
2478 Jan 3
23*8 N ov 52
53?4
53
53
DO p r e f------------------72(,
2734 28
28
28
22 O ct
60*8 Jan
20 Jan 2
2734 28
39's M aylS
277S 28
. 28 ■ 28
'381*4
3 9 " 18,355 U S Steel C o r p - - „ - - - 1 0 0
37~8
387s
3773
383:
107*1
Jan
79i2
N
ov
87i*
Jan
2
103*8
M
aylS
;
38ls
391S
3812
391{
38*4 . 383
D o p r e f - ---------- -— 100
1027g 1,599
U J an ’
102 102b 102
8 ja H 3 1
4 N ov
4 F eb 3
10212 10 2 1* 1033g 1033; 1031s 103*8 103 1Q3
W
est
T
elep
&
T
e
lc
g
--1
0
0
M
ay’OS
Las' SaL 61-1
82-’ Jan
59 Jan 9 ■70 Jan 10
50 N ov
*6's
61*
*6*8
0*2
*6*8
61
*6
61
D
o
p
r
e
f
-----------------109
781* Jan
Last Salt OM3 May.’OS
*06
.
26i4 N ov
■197g F e b 18 •271; A p r n
*65*2
*651" 661" ♦651a 6d
W estin g E l & M fg —
Last SaL 27.1* Apr’OS
80 ' F e b
76 M aj
347s F e b 19 347g F e b 1J
D o p re f-,---------- -- - - 50
Last Sak 3478 Feb'OS
Aim ing
61; F eb
3
Jan
18
*8
N
ov
II;
F
e
b
21
210 A d ve n tu re C o n ------------- 25
*2
21'
7-4>4 Jan
2*4
*2
331* Jan 20
20 O ct
24 A p r 23
*2
21;
21*
2i2
21
21;
25
555 A llo u e z ..............
28
29
2SU 29 "
1 2 1 Jan •
28
28
695s
M
ayl9
30
42*8
D
ec
45
F
eb
19
30
A
m
algam
ated
C
op
p
er
100
291* 301£ 291* 30
67 78,001
6518 671.8 647g
6 5I4 67*8
63 Jan
2S34 MaylO
66'g 09*8
2034 Jail 13
19 Nov0 8 “ 693s
• 68
083s
28*4 5,517 A m Z in c L ea d & S m . . 25
2Si.i
75 F eb
2812 271.4 ■2S“i;
2834 27
20 O ct
28 F eb 19
46*4 MaylD
261; 281S 28
2414 26
517 A n a c o n d a -------------------- 25
42lg
421g
44
46*4
15*8 Jaa
234
O
ct
G
Jan
15
314
A
p
r
29
447g 45l2 45
-------------------2
A
r
c
a
d
ia
n
334 1,400
/ 33;
" 3 3 4 "rf4
281; M ay
2034
Jan
29
4
414
734
O
ct
14
Jan
4
'*33.1 *.V?
4U
181; 3,532 A rizon a C o m m e r c ia l-- 25
I 8I4
18
18
2 Jan
1SU.
19l2
19
.36 Sep
.40 F eb 14 .46 A p r 15
1S34 ' 1934
19U 1934
A
r
n
o
l
d
_____
'-------------2
‘
A
pr’OS
Last Sale .5ft
1 1 * Jan
* .40 ,
+ .40
1 * May
.40
*.4 0
____
Ash B e d ---------------------- 2
Aug’07
Last Sale .50
22
“ F eb
61;
O
ct
19U
M
ayl9
8 A p r 22
25
18 17,858 A tla n tic --------18
18 ’ 183;
1734 19
37 Jan
4*8 D ec
‘ 171*4 1914
6*4 J an 2.0
i4
A
p
r
29
171* 19
1612 173g
Bingham
Con
Alin
&
S
50
1,510
.90
.90
.80 Jan
.90
.90
1
.90
.35
Sep
,74i2
F
e
b
27
1
.35
F
e
b
19
.75
* ____ .50
B
on
anza
(D
e
v
C
o
)
___ir
100
*.40
.00 '*.*40 **.40
3314 Jan
.60
.60 + .40
8*8 -N ov
17 Jan 29
10i4 Apr 13
.60 *.40
.40
.60
* .40
127S 8,705 B ostonC onC & G (rets) V
123.J
123g 13
1334
13
16i; May21
143S 137S 141;
IU 4 A p r 14
13
121* 123’
161* 12,760 Bos & C orb Cop & SU M
16
151* 161;
■39 ^8*j “ b
155s 16ig
153s 16*8
10
O
ct
1534 161,|
25*4
M
ayl4
151*Jan
2
153g in *
227g
23 >2 8.945 B u tte C o a li t io n ..------23
231
198 F eb
23*4 24U
89 O ct
24*4 2434.
93 F e b 20 116 Jan 20
24*s 25
243g 251
1,307 C alum et & A r iz o n a ___10
10012 110
11134 11214 10912 H U* 1091* HO
35 O ct 1000 F’cb
Jan 15
i n i 2 1 1 1 1 * 11U2 112
S9 C alum et & H e c l a -------25 x565 M ch 5 700
685
F eb
685
680 685
685 690
16 O ct
685 691
28*4
Jan
15
675 675
2
1
F
e
b
10
670 t>7()
165 C en ten nial------------------ 2
24
24
241
.52 Jan
24!
25 O ct
25 * . . . .
41 M ayl4
25
25
.25 M ch 6
*25
26
_ Jan
.40 1,850 Cons M ercur G o ld -----.40
.40
.40
.40
.40
44*4 O ct
40
'74i2 M ay 14
.40 . .40
55*s
F
e
b
18
*.3 9
.41
C
op
per
R
a
n
g
e
Con
C
o.
100
4,902
7134
20i2 Jan
72
7 1; D ec
715.8 72U
7134 73
im * MaylO
74
7 Jan 3
731* 733;
73U 743;
687 D a ly - W e s t - ......................2C
1014
103.8 103;
KH4
40 O ct
10
10
101;
61*; M ay 7
10*8
10
47*8 M ay 4
912 10
D om in ion C o a l---------- l o t
Last Sail 5U2 'M ay’OS
85 N o v 1 1 1 ‘ Jan
96
M
a
y
l5
941*
A
p
r
22
D o p r e f------------------- 160
41,8 Jan
May’OS
Last Salt 98
34 N ov
2 J a n 18
.99 M ch 6
29 I4 Meh
135 Elm R iv e r
1
1
6 O ct
1
101* Jan 27
1
61* A p r 22
1
1
*1
11*
_.
. „
151 F eb
812 9
65 O ct
'834 " ® 4 4,302 Franklin —
9*8
9
91;
95
M
ch27
9
93S
80
Jan
2
9
81*
G
ra
n
by
C
on
so
lid
a
te
d
-1
0
(
&?f
55
17*s Apr
92
92
00
00
92
6*4 O ct
*90
95
10ig M aylS
*90
678 Jan 2
95
95
*90
95
514 Jan
93s
93;
9*8
97c 12,019 G rce n e -C a n a n e a -------2 D ec
934
91;
934 10*8
21g Jan 22
2 F e b 26
61;
9*8 I d s
914
G u an aju ato C o n s o l—
361* Jail
Last Salt 23S May’OS
111* O ct
26*4
J
a
n
27
173,
F
e
b
17
1,420 Isle R o y a le (C o p p e r ).
30 F eb
20
20
20
20
8
O
ct
20
1*
191*
2lV*
T
T
17*4
J
an
14
_2
i
'
12*4 Jan 2
*2138 2U- *21*
914 Jan
2,851 La Salle C o p p e r— - - - 25
15
147g 147;
15
is u
2*s N ov
15
4i4 Jan 18
15*4 157g
15*8 1534
2*4 M ch 6
15l£ 16
1*4 Jau
668 Mass C o n so l___________25
*3
.40 N ov
314
3I4
3*4
33;314
314
.25 Jan 10 .50 Jan 22
3*4
3 I4
3L
100 M a y flo w e r____________
15*4 Jan
"45'
*45
.50
*.45
534
N
o
v
.50
*
.45
.50
8
Jan
18
*
.45
47g F eb 19
.60
.50 * .40
*.4 0
M
exico
Cons
M
&
S
1,015
241*
Jan
61
6I4
634
O
ct
6*4
63s
6I4
G33
61;
1234 Jan 20
61*
(3.
f)7f;
714 F eb 25
634
961; Jan
10
IOI4 IOI4
10lg 2,585 M lc h lg a n ____ _________
37 O ct
10 1* 101?
58 Jan 18
101S 1034
10*4 1034
45 F e b 19
10b
10
2,00S M ohaw k ---------------------54
31*
M ay
54
54
54
1
Nov
541
4
55
57
1
*
*
8
Jan
24
563.
53*2
56
1; M ay 6
551* 56
1,820 M ontana C on sol C & C
20 1* Jan
.60
534 N ov
*.50
.60
.60
.70
13*4 M ch 2 5
.60 * .50
83S J an 2
.50 “ .50
.50
1214 *1*214 5,233 N evada C o n so lid a te d .
120 " Jan
1238 12 1$ 121.:
30 O ct
12
121.4 131.;
66*4
AIayl5
4034
F
e
b
19
13b
13
131.4 131*
2 t~ Jan
65 23,047 N orth B u tte -------------63*8
631* 65
i2 Sep
631* 651.J
85 A p r 2 1
633g G6I4
.50 Jan 15
66'/
641* 65
100 Old C o l o n y . . ...............
.50
.50
63 ’ F eb
.95
18 O ct
*.50
.99
.95 *.50
40 Jan 28
.95 * .50
28 Jan
* .50
.95 * .50
351,4
351; 2,632 O ld D o m in io n ________
181 F eb
7 1 O ct
351; 351;
351* 36
95
M
ay
14
77
F
eb
19
*37
371 * 3534 3714
371;
37
89
23' O s c e o l a ---------------- -—
90
35 Jan
88
834 O ct
88
90
88
93
23 M ayl4
101; Jan 1 1
93
94
92
94
94
2134
213 1,807 Parrot (Silver & C opp)
*2134 22
e3 Jah
1 * D ec
2U4 22
22/g
1*4 Jan 25
22
1. Mch 11
221; 221*
22*4 227,,
P h oen ix C on solidated
Mch’OS
148 F eb
Last Sail
70 O ct
.99
.95 * .50
931; Jan 15
77
F
e
b
19
* .50
.95 * .50
.95 * .50
*285
c
l 2*4 Jan
2
O
ct
84
80
871;
85
41* J an 20
88
87
2 Mch
87
88
87
88
635 R h od e Island - - - - - ­
7i2 J an
33;
31.4
3*4
11* N ov
33g
31*
33g
4
33;
*312
2*s Jan 20
1*8 A pr
*314
4
3*4
575 Santa Fe (G o ld & Cop)
243.8 Jan
21*2
7's
O
ct
*2
9*4
F
eb
19
2U
14*4
M
aylS
2*4
21"
23s
21*
21.1
21.|
S h a n n o n -------------- : —
10,796
131;
137;
13?£
131*
14*4
14 A p r
191; M ay 2
14314
143S 143,
13*8 143/ , 13*s
18
680 S u p e rio r ----------- ---------18
1734 173j
170 Jan
*173.4 18
61 O ct
18
77 Jan 20
18
18
50 M ch 20
18
18»4 18V.
60
576 T a m a r a c k -----------------60
42*4 Jan
61
60
9*8 Nov
61
03J4 61
18*4 Jan 14
62
1218 F eb 19
61
62
641*
61
1,955
14
14
77U Mch
13*4
14
14
7 D ec
14
14*4 15b
141* 15
81* Jan “
141* 141*
4*8 M ch 24
U
nited
C
o
p
p
e
r.............100
1,165
73.
.
73;
91 M ay
75;
S38
22 O ct
8
8
83,
8I4
26 .tan
23*4 A p r 16
8
S38
8
D
o
p
r
e
f........1
0
0
1 3 I4 Jan
Last Sale 213.1 Feb’OS
71;
N
ovc*n4ocr,/)oiA>nll
25*s
May22
9
Mch31
2414
253; 6",951 U nited StatesCoal &OH
70 Jan
231.4 25
2434 O ct
231*
23
221; 231*
231* 23b
28 M ch 0
39>2 M ayl4
221S 223
50
U
S
Sm
elt
R
e
f
&
M
ln
.
2.4S2
3S1*
39
49 Jan
381; 38.34
39
391.1
27'g O ct
•39*s
39
4314 AIayl8
39
391.
39*s
37
F
eb
10
39
50
1,789
421*
79 Jan
43
421* 43
4234 43
251* O ct
421; 423
4 212 431
431; M ayl5
291; Jan _
421* 421;
411;
421,( 7,479 U tah (Consolidated—
42U
42
4134 421;
421; 431.
42*4 431
33 MaylO
42*4 43
2878 M ay 8
32
31*8
313; 1,370 U tah C op per C o . . - ­
32
11*8 F eb
3134 33
313| 32
3*2
O
ct
31
2l2
A
p
r
16
31*4 3U.
5*4
Jan
14
31
41*
43.) 2,135 V ic t o r ia ................. .........
3l2 M ch
412
41
41*
5
41;
1 May
5
43<
5*4
5
3*8
W a s h in g to n ....................
14 Jan
Last Sail I.OOI4 J’ly’07
c2i* N ov
f6*4
Feb
41;
Jan
W
in
on
a
—
.................
514
51
2*240
*534
53j
198 F ob
' “6*
6*
6‘f ' 534 "534
93
'
O
ct
138
M
aylS
1151;
Jan
**51** " 5V
110 W o lv e r in e -----------------3 *g Jan
135 135
136 130
136 136
.10
N ov
136 136
n o "* 136
.55 M ay 8 1.06*4 Jan 29
410 W y a n d o t ............
.60
.60
.60 * .60
.75
.60
.60
.55
.00
.60
e A s s ’ t p a id , ft E x -rlg h ts. u E x -d lv . an d N g c ts .
0 E x -s to c k d l*
c lielv ro p a y ’ t or asoes.*’ ts calleu In 1 J o t .
* B i d and asked prices,
d N ew sto ck .




200 Jan18

47
105
701*Meh

Quincy------.......

121 5

Boston Bond Record.

May 23 1908
n o.> u .*»
B O ST O N S T O C K K X C H ’G E
W k e k K k d in o M a y 2 2

A m B ell T e le p h o n e 4 s ___ 1908
Am T olen <fc T e l c oll tr 4s. 1929
C o n v e rtib le 4 s . .................193H
A m W rit P aper l e t s f 5s g 1019
A ten Tot) & S b e g e n g 4 s .. 1096
A d ju s tm e n t g 4 » ___ J ’ ly 1006
S t a m p e d ................ J ’ ly 1095
B oston E le c t L tgllt 1st 0s . 1008
C on sol 0 s ............................ 1024
B oston & L ow ell 4 s ........... 1016
Boston ess M aine I t a s ......... 1944
Boston T erm in al 1st 3*as. 1047
Bur <& M o ltiv o x 6 s ........... 1018
N on -ex em p t 0 s ................. 1918
Sluicing fu n d 48................1010
B u tte ,4> B oston 1st 0 s . . ..1 9 1 7
Oodar Uap & M o It 1st 7 s .1016
2d 7 s . . : . ..............................1900
Cent V ernit 1st g 4 s ..M a y l 9 2 0
0 B & Q Iow a D iv 1st 5 s . 1010
Io w a D tv 1st 4 s ................ 1010
D ebenture 5 s ..................... 1013
D en ver E x te n 4 s ............. 1022
N ebraska E x te n 4 s ........1027
B & S W s t 4 s ................... 1021
Illin ois D tv 3 *138................1040
J o in t bonus S e e G t N orth ern
Ohio J o K y <fc Stic Y d s 5s .1015
C oll tru st re fu n d in g g 4 s l9 4 0
Ch MU * S t P D ub D 6 s .. 1020
Oh M <& S t T W 1 h V dtv 6s 1.920
Qhic & N o M ien 1st gu 5 a .l 9 3 i
Ohio & W M ich gen 6 s . ...1 0 2 1
C on cord & M ou t con s 4 s . .1920
Conn & Pass It 1st g 4 a . .. 1943
C u rren t E lv e r 1st 5 s ......... 1927
D et G r Hap & \V 1st 4 s . .. 1946
D om inion Coal 1st s f 6 s .. 1040
F itch b u rg 6 s ......................... 100b
4 s ...........................................1015
4 s ...........................................1027
F rem t E lk & M o V 1st 0 s .. 1033
U nstam ped 1st 6 s ........... 1033
G t N or C B & Q c oll tr 4s 1021
R eg istered 4 s ..................... 1921

JFiwfc’ s

P r ic e
t r id a y
M a y 22
A sk

m u

l o o ........
85 Sale
85 \ Sale

J -J

j

.j

id -s
J .J
A-O
Nov
M-N
MS
M-S
J .J
J -J
F-A
J -J

R ange
S in c e
Ja n u a ry

R ange or
L a s t S a le

T O ” Sale
86*11 87
86*12 87

How

H ig h

100
82 *n

100
83

84*4

Low

J -J
A-O
M-N
J-D
Q -F
A-O
A-O

117
7 9*4

M-N
F-A
M-N

M-S
J.J

Illin o is Stool d eben 5 s___ 1910
N o n -c o n v e rt do ben 6 s . .. 1913
l a F alls <&Sioux C is t 7 s .. 1917
K an C Clin & Spr 1st 5 s .. .1925
K an C F t S cfc G u lf 1st 7 s .. 1908
K an C F t S co tt & M Os. ...1 9 2 8
K an C M <fc B ge n 4 s ........... 1934
A s s e n te d in oom e 5 s ........1034
K an C & M R y <fc B r 1st 5 s l0 2 0
M ain e C ent eons 1st 7 s . ..1 9 1 2
C ons 1st 4 s .........................1012
M ara H o u g h & O n t 1st Os. 1925
M exica n C en tral co n s 4 s ..1011
l s t c o n s i n c 3 s ........... Jan 1939
2d co n s tno 3 s ........... Jan 1939
97
98*s
M ich T e le p ls t 5 s ................. 1017
M in n e G en E le c c o n g 5s 1929
N e w E n g C ot Y arn 5 s ....1 9 2 9
70
80*4 N e w E n g T e le p h 6 s ........... 1008
6 s ...........................................1015
5 s .................
1916
N e w E n g la n d co n s g 5 s ... 1045
100 100
B oston T e rm 1st 4 s ........1030
9838 983b N Y N I I & I I co n d eb 3 *isl95 6
Old C o lo n y gold 4 s ..............1024
O reg R y
N a v con g 4 s .. 1040
86 1 ( 8 9
D reg Sh L in o 1st g 6 s ........1022
99 102*1 R e p u b V a lle y 1st s t 6 s . .. 1910
85
8 a*i R u tlan d 1st co n g e n 4 * o s .l9 4 1
R u ttand-C anadlan 1st 4 s l9 4 9
Savannah E lec ls t c o n s 58.1952
S eattlo E le c 1st g 5 s ......... 1930
96
96
T e r r e H a u te E le c g o s ___ 1029
97 100
T o r r in g to n 1st g o s ........... 1018
U n io n P a o RR<fe 1 g r g 48.1047
20-year co u v 4 s ................. 1927
82 7e U n ited F ru it c o n v g e n 5 s . 1911
U S Steel C orp 10-60 y r 5s. 1963
00
W e st E n d S tre e t R y 4 s ___ 1015
G old 4 * is .............................. 1914
G old d o o e n tu r e 4 s ........... 1010
00
90
G old 4 s ..................................1917
128 128*1
W e ste rn T e le p h & T e l 5s. 1932
92*411973,, W isc o n s in C en t 1st ge n 4 s l0 4 0
02
0 0 7s W isc o n s in VaU ey 1st 7 s ..1 0 0 0

1i7b»4 M a r’08
» S B8
09
K37 A p r '0*5
8588 J’ n e ’07

F o b ’ 04
1 0 1 S e p ’ 06
114 M ar '0 0
1 1 2 * 1 J a n ’03
101 O ct ’07
102 Sep ’ 05
08*12 A p r ’08
100 J ’n o ’Ol
......... 123*4 N o v ’ 06
111*8 J ’l y ’05
Sale
70*4
70 *v
1[103 O c t ’ 07
08 O ct ’ 07
100 A p r ’ OS
9 7 78 J’ ne’07
083s A p r ’ 08
07*i M ay’ O?
K80
K80

J-D

J-D
A-O
A-O
A-O
M-N

M-N
M-S
M-S
A-O
A-O

J.J

tJ-J

N o t e — Buyer pays a ccru ed in terest in a d d itio n to the p urchase prloe for all B o sto n B onds.

W e e k 's
R ange or
L a st S a ls

P r ic e
t r ia a y
M a y i2

H ig h

98*8 10 0

1 0 2 * i......... 101*1 102*1
S7*i 8 8 *i 88*12 M ay’Ob
122 A p r ’ OG
126 F e b ’05
06 A p r ’ OS
......... 00
0 9 78 A p r ’OS
00 100*1 91 D e c ’ 07
1 1 2 * 4 J a n ’ 03
104 N o v ’06
82 re A p r '0 8
00 F e b ’ OS
98 A p r ’07
103*8 A pt ’06
06 A p r ’ Ob
I2 8 *i A p r ’ OS
140 A p r ’ OS
05*s Sale
04*8
95*8
9 4 A ......... 04 M ay’Os

J
A-O
J -J
J -J
M-N

1

78*i 85
8 0 7, 80 **#
K7834 1178*4
06*8 09*4
85 H87

85*i

110

J.J

BONDS
B O ST O N S T O C K E X C H ’ G E
W e ek E ndin g m a y 22

B id

j .j

A sk

9 8 * , .........
9 / .........

A-O
A-O
A-O
J-D
M-N
M-S

85

M-S

00

A-O
A-O
A-O
A-O
J .J
J ’ ly

Low

R a n ge
S in c e
Ja n u a ry

H i ah

Low

07*4 99
05
9 73»
117 117
90
96
100 100*4
1094116*4
8 7 4 90
88*i S8*i

08*4
98N
97*8 May’08
117 A p r ’Oi
90 M ar’ 08
100*4 A p r ’ 08
116 ** 1 1 0 *,
90 A p r ’ 08
8 8 *i May*08
90 M ay’ 07
l'l3 °a N o v ’ OO
10 1 * 4 Sep ’ 05
118 MaT’ 04
82*4

8 2 3.j

74
K 16

IflO A p r ’O1(15*4 A p r ’0 8

J-J
M-S
J -J
J .J
M-S
M-N
F -A
M -8

91

Sale

M-N
F-A
J -J
J -J
J -J

93
LOO

1187
H87»b
10l*a Sep ’ 00
1l027e Jan ’ 05
112 1* 8 M ar’ 06
102 A u g ’ 07
107*1 N o v ’ 05
102 M ai *02
98 *i M ay’OO
100*i 100 S
07 A p r ’ 07
90 *i N o v ’ OO
K9978 F e b ’ 08
91
91
U O J a n ’ 08
1(90*4 M ay’ 08
06*4 F e b ’OS
95 N o v ’07
102** Jan ’ 00
09 *i M ay’ 07
04
94 *j
1(04*1 Sep ’ 05
109*8 A u g ’ 05

* N o p rice F r id a y -, latest bid and asked.

«4
K i d 's

1 (1 5 * 4 1 (1 5 * 4

102 *1 A u g ’ 04
97
97
100 F e b ’08
100 >e J a n ’ 07

J .J
F-A
A-O
A-O
A-O
J -J
A-O
J -J
F-A
J-D
F-A
J -J
J -J
J -J
J -J
F-A

1

H ig h

97
100

88

79*i

1 0 0 4 1 0 0 *i
K99 K » ? 7e
1(84*8 91
116 117
K80 K973,
06*4 06*4

70

05

K F la t price.

Philadelphia and Baltimore Stock Exchanges— Stock Record, Daily, Weekly, Yearly
'litil-e Pi-icon—Not Pur Centum Price*
o a i u ) '< a i,
M a y

V i

M o n d ay
M a y IS

T u e sd a y
M a y 19

W ed nesday
M a y JO

S a le s
the
W eek
Sh a re s

01

T h u rso a y
M a y 21

t r id a y
M a y 22

R a n ge

A C T IV E S T O C K S

H ig h e st

Baltimore

6*»
6*8
* 12*« . ..
•iO . . .

80*1
6*1
12*8

80*i
7
13

10*i 10*i

90

00

6>i
6 7g
12*4 12*,
•10*a 11

00
00
6*i
6*i
12>i 12*i
•10*i 11

00*4 90*4
*0*4 . . .

10

*i

10

*i

•22
*74

25
75

00

00

‘ 6*4
•12*4
• I0 *a

Con. G as EL L . <fe P o w .1 0 0
D o p r e f..................... 100
250 N o rth e rn C e n tr a l......... 60
780 Seaboard ( n e w ) .............. 100
107
D o 2d p r e f.............. 100
2 -3 5 U nited R y <& K le c t r io .. 60

0 *4
12h
10*4

20
05
80

Jan 15
M ar2o
Jan 2
F eb 1
F eb 18
J an 8

4

10
lo

I’ liilndelphln

44«8 44 \
31*4 31 *4
0**1.) y*5 i«
•1
4*.
22*4

5:h
86*4
62*8

22*4

6

M

6 2 *i

44*4
3 I

44?4

*8 31 *v

0**1,
’ 4 -j
22
5**18
8J
63 *s

9**18
, 5
22>i
0*8
00*8
63*1

1* 1
1*1
00**10 61*8
00»4 0 1
30“, * 3 0 - 4 30*4
♦30
8*8 8 * * 1 8
8«* 8 *l ie
10*i 10J4
UP* 1 7
50»t
5J
58*>10 50*8
42
42
421*16
42 3„ 42
5 4 *i
5 4 :,4 65
85*i
8 o*i 8 5 *i
I 'll I L A D K L l’ II IA
I n a c t iv e S t o c k s
A U eghcny V a l p r o f .. ..5 0
A m erica n C em en t........50
A tu er l ’ lpo M fg ......... 1O0
B oll T elep h on e ( P a ) . 100
C am bria I r o n ............. ,.5 0
Cen tral Coal <& C ok e. 100
C o h s o lT r a o o f N J .. . 1 0 0
D iam ond State S t e e l.. 10
P r e f e r r e d .............. , .. .1 0
E aston Con E le c tr ic 6.50
E lec S torage B a tt ....1 0 0
P r e fe r r e d ................... 100
Ft W a yn e & W V ........l o o
G erm an tow n P a ss....... 50
Indian ap olis S t ........... 100
Indiana U n ion T r ___ 100
IUHuraiice Co of N A . . 10
In te r S m P ow ifc C hem .50
K eyston e T elep h on e ..5 0
P r e f e r r e d ..................... 50
K eyston e W atchC aso.100
Lit B r o th e r s ................... 10
L ittle S c h u y lk ill........... 50
MtbellUJ & S cliu yl I I . .50
N H a v en Iron Jfc s t o o l . 6
N orth ern C en tra l......... 50
N orth P e n n s y lv a n ia ..5 0
P en n sylva n ia S a lt........50
P en n sylva n ia s i e e l.. 100
P r o t e r r e d ................... 100
PHtlU C o (P itts ) p r o f ...5 0
Phil G e r m a n * N o r r is .60
PUUa T r a c tio n ............... 50
R ailw ays G en era l....... 10
S usqueu Iron & S t e e l..5
T id ew a ter S te e l........... l o
P r J u r r e d ..................... 10
T oiiopah 51n ilng ot N e v l
U n ion T r .o l I n d ......... 10 0
U nited N J H R <13 C .. 100
U nit T r a c P itts p r e f .. 50
W arw ick Iroiitfe S teel, l o
W est Je rs e y A S ea S li.5 0
W estm orelan d C oa l....5 0
W ilk e s Gas .fc E le c ..100

41*8

44*8

31
31*8
- 0 78 10
*4
22*4

4*i
22

78

5 7s
5 7s
00
92
02
63>i
1*8
Cl >-4 02
39*8

30*i

8*8 8*1,8
15 7g 16-1
583:o 50*8
42*8
53
84*8

B id

43
64*i
85*i

A sk

214 A m erican R a il w a y s .... 60
44*8 4 4 * 8
4 4 *8 44«s
3t
3L*t 5,300 C am bria S t e e l ................. 60
30*4 31
10
504 K le ctrio Co o f A m e r ic a 10
10
10
10
4*4
500 G en A sp h a lt tr c tfs ... .1 0 0
4 *v
-4
4 *-j
•4
4*4
D o p re f t r ctfs ... .1 0 0
23
468
22
22*4 *21
22 *4 22*4
730 Lako S u p e rio r C o r p ....1 0 0
•6*4
6 7S 0
0*4
*
91
4,118 L eh igh C & N a v t r ctfs . 60
•90
80*1 90
88 *i 91*8
01*4 62*-. 26,207 L eh igh V a lle y ................. 60
61*4 62 S
61*t 62*i
i *i 1,103 M arsden C o .......................100
1*1
1 *i l* i
0 0 7xa 6 l*t 8 60*4 615ta 0,165 P e n n sy lv a n ia R R .......... 60
6 0 * 8 C 1*1 6
70 PhUadelp’a C o (P it t s b ) . 50
30*8 3038
•39
30 .
•30
O
8 * 1 8 uta 4,017 Ph iladelphia E l e c t n c f. 25
° t a S 'ite
15
15 * 1 20,723 Phila R a pid T r a n s i t * .. 50
15
16
15 78 1*1 *4
6 6 7s 53*x6 5 0 1 3 t a 5 7 l 8 i e 57 M 7 t« 7 0 ,7 7 l R e a d in g ............................ 60
5
D o 1st p r e f............. 50
42»i« 42*4 1,645
D o 2d p t e f............... 60
52® g
53
50 1 51*. 8,102 U n ion T r a c t i o n ............. 50
60
62
84*i 85
0,044 U nited G as I m p t........... 50
85
84
83*i 84*4
W elsb ach C o ................... 100
•2 1
25

• 44 *i

44*4

30*8 31
10
10

5*4 6*4

0 -4
8*1 8*8 8

P H IL A D E L P H IA

42*4 M ar 9
26 7s F e b 10
8*i J an 25
3*i J an 0
1 9 7a J an 6
3*8 F e b 20
78*4.Tan 2
52*8 F e b 2 9
16ia Jan 20
5 i°l e J a n 2
34 *i Nlar 3
5*i F e b 27
1 » 78 Jan 22
4G3la F e b 17
30 Jan 3
37*i Jan 2
47 7s M ar 6
73>*Jan -3

Ask

33
V7
45
71

' 30 k
.........

21
5
23
16

100*4
lo o

0 0 '1

41*4

01

7*8

"V is
48
87

A1 V a l E e x t 7s 1910 A-O
A l t & L V E le c l* is ’ 33.F -A
A m lt y s c o n v S s 1 01 1. J-D
A tl C ity 1st 5s g ’ 1 0 .5 I-N
Balls T e r 1st 5s 1020. J-D
BergJfcEBrw ls tO s ’ 21 J-J
B ethlo Steel Os 1 0 0 8 .Q -F
C h o c * M o 1st 5s 1040 J-J
Ch O k <&G gen 5s TO J-J
Col St R y 1st co n 5s 1032
" 3 2 " C o n T r R c o l N J 1st 5 s .’ 33
K & A 1st M 5s 1020 M -N
E loc ifc P c o T r stk tr ctfs
Kq II G as-L 1st g 5s 1028
......... 11 & B T o p c o n 5 s ’ 25 A-O
Indianap olis lty 4 s . 1033
In te rsta te 4s 1043 ..F - A
22
L elilgh N a v 4*aa T 4 .Q -J
B i t s 4s g ........1 9 1 4 .Q-F
" f
G en M 4*is g . 1 9 2 4 .Q-F
Leli V C 1st 5s g ’ 3 3 ..J-J
Leh V ext 4s 1st 1048. J-D
16
2d 7s 1 0 1 0 . . . . . .........M-S
C on sol Os 102 3........J-D
A n n u ity Os............... J-D
.........
G en co n s 4s 2 0 0 3 .M -N
Leh V T ran eon I s ’35 J-D
N e w C o n G as 5s 1048 J-D
100*4 N e w a rk Pass co n 3s 1030
N Y Ph<fc N o 1 s t 4 s ’ 30 J-J
In co m e 4s 1 0 3 0 ..,M -N
41*4
N o O h io T ra c co n e s ’ 10. J-J
0 1 *-„ P en n gen Os r 1 9 1 0 ..V a r
C on sol 5s r 1 0 1 0 ... V a r
P en n <fc M d Steel co n Os.
Pa dfc N Y Can 5s ’ 30. A-O
Con 4s 1030............. A-O
8
P en n S teel 1st 5s T 7 M -N
P e o p le ’ s T r tr ce rts 4s ’ 43
P Co l«t<fc co l tr 5s’ 49 M-S
Condi col tr 5s 1051 M-N
Ph il E lec gold tru st c tfs .
T r u s t c e r tlfs 4 s ..............
P di E gei* M 5 g ’ 20. A-O
G 011 M 4s g 1 9 2 0 ..A & O
.......

......

|| f7.5 d paid

loo*. 110*4

105*a 100
08*

"9 6

100*4
105

105*1

105*1

02

*i

02*4

100
37*i

38

108*4 1 0 8 S

100

12 0

03*, ’ 03A

105"

90
103
00
100
71*4

10 0

00*1
103*1

0 0 *i
100*4
7 1*4
110

100*1

f 312

E x Im p M 4s g ’ 47. A-O
T e rm in a l 5s g 1941. Q -F
P W & B co l tr 4s ’ 21. J-J
P o rtla n d R y 1st 5s L030.
K och Ryifc L e o n 5s ’54 J - J
U T r a c In d g e n 5 s’ 19.J-J
U 11 U ys T r c t fs 4 s ’ 49J<feJ
U n ite d lty s I n v 1st c o ll tr
8 tos 1026................. M-N
U T ra o P it g e n 5s ’ 07 J-J
W olsb a ch s f 6 s 1030. J-D
W lks-B G < & K con 5s’ 55J-J
B A L T I1 U O R E
I m ic l iv e S t o c k s
A la C ons Coahfc Iro n . 100
P r o f .............................. 100
A t l a n t a * C h a rlo tte .. 100
A tla u C oast L in o R R .1 0 0
A tla n Coast L (C on n ) 100
Canton C o ..................... 100
Cons C ot D u ck C orp . ..5 0
P r e f e r r e d .....................50
G eorgia S ou & F la ...1 0 0
1 st p r o f.......................1 0 0
2 d p r o f.........................1 0 0
G-B-S Browing........... 100
B onds
A n a co stla & P o t 5 s ...........
A tl <& Ch e x t 4 Sis T O .J J
A tla n C L KU 4sL952M -S
A tl Coast L (C t)c tfs 5s J-D
C tfs o f inclobt 4 s . . . . J J
5-20 y r 4s 1 02 5......... J-J
B a lt C l’ ass l s t 5 s ’ l l M-N
B a lt F u n d g 6 s .1910 M -N
E x ch a n g e 3 * 18 1030 J-J
B a lt& P l o t Os m l ’ l l A-O
B a lt T r a c 1st 5 s . . ’2 0 M -N
N o Balt D iv 5s 1042 J-D
C en t’ l U y c o n 5 s l0 3 2 M -N
E x t * Im p 58.1032 M-S
C h a s C ity R y l s t 5 s ’ 23 J J

*4 paid,

t 310 n:uiL l 335 uaia

00*i
99*4
97*,
08
60
72*i 73
104 s I05*i
72
73

23
65

7i

02
210
.........
17
82
.........

.......
20
4*i

03
02*i " 0 3 "

i o i " ib is
bs"
i'1 2 "
io'3

- .......

a R eceip ts.

27 *1 M a y l3
76 A p r 23
90*4 51av21
7 M a yl8
13 M a y l8
1 1 78 M ar28

Range tor Previous
Year (1 9 0 ?)
L ow e st

6

H ig h e st

33*i Jan
80 51uy
78*i N ov
10 N ov
24 D ec
8 7s O ct

35 Jan
85 Jan
07 Jan
23*4 Jan
48 Jan
15 J 'n e

44*4 A p r 24 4 3*4 D ec
31*8 51 ay 10 22 O ct
IO** Muy 9
7 7a Got
6 Jan 20
3 O ct
26 Jan 18 13*4 N ot
0*4 A p t 16
4 D oc
02 M sylO 09 O ct
63 *i M aylfc 48 *i O ct
2 7s A p r 24
*8 N ov
02 M aylO *52 N ov
41 ‘1 A p r2 4 33s, N ov
t 8 7a51ay 8 0*te N ov
183, M a r l 8 <il2 N ot
50*8 M a y l8 35*8 O ct
42 Jan 20 30 *1 N ov
43 M aylF 3 2 >i O ct
56*4 A p r 23 4 1 78 Nov
87*s May 8 06*i O ct
25 May

51 Jan
47 *1 Jan
11 \ Jan
8 Jan
30 Jan
16 J a n
103 Jan
7 8 7s Jan
2 4 J an
70*iie J a n
4 8 ‘4 Jan
0 A pr
$20*e May
6 0 ’S Jan
45*8 Jan
47 Jan
60*8 Jan
00*8 Jan
30 F eb

Rid

B A L T IM O R E

Bonds

* B id and asked; no sales on tins day. K E x-riglits.




B id

A sk

B id

S in c e

J a n 1 190$

( t o r R o n d s a n d In a c t iv e
S t o c k s se e b e lo w )

Chas R y G & E l 6 s ’ 00 M S
Cliarl C * A e x t 5 s . ’00 J J
2d 7 s ................ 1010 A-O
C ity & Sub 1st 5 s. . ’22 J-D
C i t y * S u b (W a s ) ls t 5 s ’ 4S
Coal <fc 1 R y 1st 5 s ’ 20F -A
C o l& G r n v ls tO s.1 0 1 6 J-J
Consol G as O s...1 0 1 0 J-D
5 s .......................1030 J-D
Ga<fc A la 1st con 5s ’ 45 J-J
G a Car & N 1 st 5s g ’ 20 J - J
G eorgia P 1st O s ...’ 22 J-J
GaSo <& F la 1st 5s 1045J-J
G -B -8 B rew 3-4s 1951M -S
2d in com e 6 s 1051 M -N
K n o x v T r a c 1st 5s ’2 8 A -0
LakoK B l 1st g u 5 s ’42M -S
M a c o u R y & L tls t S s ’ o y j-J
-Memphis S t 1st 5 s ’ 45 J-J
M etS t( VV'ash) 1 st5 s’25 F A
M t V e r Cot D u ck 1st 5s.
NptNJfcO P 1st 5s’38 M-N
G eneral 5 s .'...1 0 4 1 M -S
N orfolk St 1st 5s ’ 4 4 . .J-J
N orth C ent 4 *48 1925 A-O
Series A 5s 19 2 6 __ J-J
Series B 5s 1 9 2 0 __ J-J
P itt U n T ra c 5s 1 0 0 7 .J-J
P oto V a l 1st 5s 1 0 4 1 ..J-J
Sav F la & W est 5s ’ 34 A-O
Seaboard A L 4 s 1050 A-O
S cab & R oan 5s 192 6. J-J
South B ou n d 1st 5 s ..A -O
UE1 L<feP l s t 4 * i s ’ 29 M-N
Un Ky & E l 1st 4 s ’40 M-S
In com e 4s 10 4 0 ....... J-D
F u n d in g os 1 0 3 0 ...J-D
Va M id 2d ser Os ’ l l . M - S
3d series Os 1 0 1 0 ..M -S
4th ser 3-4-5s 1 0 2 1 .M-S
5th series 5s 1 0 2 6 .i f-S
Va (State) 3s n e w ’ 3 2 .J-J
Fund debt 2-3s 1901 .J-J
W est N C con 6 s 1914 J-J
W esV a C<*>P 1st Og’ l 1 J J
W il & W eld 5 b . .19.35.J-J
325 pa n l

« 330 paid.

Ask
00

102*4
104
i'0'7 ’
09*1

i*08
08
100
103
44
15»s
103

74*4
10 6 4
105

110

*i
110 H

ios"
107
5 l* ,

10 2 * 1
08

103

00

"so” ’ 86*4
61*4 52
70*, 79*4
103

103*4
108*! 112

ti3 1 2 * ip a id

Volume of Business at Stock Exchanges
TRANSACTIONS AT T H E N EW Y O R K STOCK EXCHANGE
D A IL Y , W E E K L Y AND Y E A R L Y .
„
Stocks.
W e e k e n d in g
A l a v 2 2 1908.

r a r v a lu e .

Sh are s.

R a ilr o a d ,
d ie . .
B onds.

570,785 $50,101,200
1,128,255 102,140,750
1,301,107 117,511,700
1,418,737 127,712.900
1,123.0S9 101,347,400
86.016,200
983,325

Saturday ___________
Monday ____________
Tuesday_____________
Wednesday ________
Thursday.___________
F rid a y ______________

6,525,358 $584,830,150

Total

W e e k e n d in g M a y

S a le s at
N e w Y o rk Stock
Exchange.

U . S.
Bon ds.

51,087,500
383.500
98,000
127.500
229.500
316.500

523,807,500^ 52,242,500

22.

22.

J a n . 1 to M a y

1907.

1908.

S ta le
B o n ds.

52,171,500
5.804.000
5.238.000
3.450.000
3,069,500
4,07-1,500

6,525.358
4.481,625
Stocks— No. shares—
Par v a lu e __________ 5584.S30.150 5385,842,750
550.000
53.200
Bank shares, par--------

1908.
70,655,942
56,313,080,325

5101.000

103.427.725
58,S29,396,685
5175,000

Bon ds.

Government bonds. - ­
State b o n d s ..................
R R . and mlsc. bon d s-Total bonds .

52.242.500
23.807.500

57,000
925,500
7,239,700

S342.S20
53,135,000
320,971,000

5363,500
22,871,400
184,202,200

526,050,000

58.172.200

$374,449,420

$207,437,100

D A IL Y TRAN SACTIONS AT TH E BOSTON AN D P H ILA D E LPH IA
EXCH AN G ES.
P h ila d e lp h ia .

B o sto n .
W e e k e n d in g
M a y 22 1908.

.

L ist e d
sh a re s.

Total ................. ..

U n lis t e d
sh a re s.

Bond
sa le s.

L ist e d
sh a re s.

U n lis t e d
sh a re s.

Bond
sa le s.

28,393
68,704
52,787
43.739
27,245
19.809

16,694
20,957
22,734
25,968
22,418
20,521

$33,000
.84,500
85.000
01.000
111,000
11,800

15,73!)
29,388
33,894
33,964
23,146
33,126

5,751
12,220
19,678
9,383
11,262
5,377

240,077

129,292

$386,300!

169,257

63,671j

Saturday......................
Monday........................
T u e sd a y ......................
W ednesday......... ........
T h u rsd a y __________
Friday..........................

$26,200
79,200
53,700
02,100
77.000
36.000
$334,200

Outside Securities
A

w e e k l y r e v i e w o l O u t s i d e M a r k e t w il t b e t o u n r i o n a p r e c e d i n g p a g e .

Street R a ilw a y s
N ew

[VOL. LXXXVI.

THE CHRONICLE

1376

Y o r k C it y

B leeck St A Ful F s tk .1 0 0
e 1st m tge 4s 1 9 5 0 .J -J
c B ’ y A 7th A v e s tk ._ 1 0 0
e 2d m tge 5s 1 9 1 4 ..J -J
Con 5s 1943 See S tock
B ’w ay Surf 1st 5s pu 1924
e C en t’ l Crosst’ n stk __100
« 1st m tge 6s 1 9 2 2 .M-N
e C c n P k N & E R s t k 100
« C h r’ t’ r & 10th S t s t k 100
C ol & 9th A v e 5s S e e S tock
D ry D E B A B—
e 1st gold 58 1932__J -D
e S crip 5s 191 4____ F -A
E ighth A ven u e s t o c k . 100
« Scrip 6s 1914____ F -A
« 42<1 A Gr St F’ y s t k .1 0 0
42d St M & S t N A v e . 100
s 1st m tge 6s 1 9 1 0 .M-S
2d Incom e 6s 1 9 1 5 .J-J
In ter-M et — S e e Stk E x ch
L e x A v A P a v F 5s S e e Stk
M etrop ol St R y — S e e Stk
N in th A ven u e s t o c k . . 100
S econ d A ven u e s t o c k . 100
e 1st m tge 5s 1 9 0 9 .M-N
C onsol 5s 1948____ F-A
e Sixth A venue s to c k -1 0 0
Sou B ou lev 5s 1 9 4 5 . . J-J
S o Fer 1st 5s 191 9___ A-O
T h ird A v en u e — S e e S tock
T a rry W P A M 5s 1928
Y k cr s S tR R 5 s 1946 A-O
28th A 29th Sts 1st 5s '96
« T w en ty -T h ird S t s t k 100
U nion R y 1st 5s 1942 F-A
W estch est 1st 5s '43 J-J

15
76
115
93
Exc
100
100
100
100
100
Exc

25
85
130
100
list
105
200
110
130
130
list

Street R a ilw a y s
P u b S crv Corn N J (Con)
J C H o b A Paterson —
4s g 19 4 9 _______M-N
So J G as El A T r a c . l 00
Gu g 5s 1 9 5 3 ...M - S
N o H ud Co R y 0 s ’ 14 J-J
5s 1928.........
,J-J
E x t 5s 10 2 4 ____ M-N
P a t C ity co n 6s ’ 3 1 . J-D
2d 6 s . .1 9 1 4 o p t A-O
S o Side El (Chic)
S e e Ch
S yracu se R T 5s ’ 4 6 . M A S
T ren t P A H 5s 1 9 4 3 .J-D
U n ited R y s o f St L—
C om v o t tr c t fs ____ 100
e P r e f e r r e d ________ 100
Gen 4s 1 93 4. . S e e Stock
U n ltR y s S an F ran S e e Stk
W ash R y A El C o ____ 100
P referred __________ 100
4s 1951.......................J-D
e W e s t C h ica go S t ___100
eC on g 5 s 1036 rets M-N

H id

A sk

§ 67*2 68*2
115 118
95
§94
___
§105
§104

§100

T c ie g r & T eleph on e
A sk
H id
75
60
eA m cr T e le g A C a b le . 100
eCentral A So A m e r . .1 0 0 100 110
C o m m ’l Un T el ( N Y ) . 25 100
lib "
50
E m p A B a y State T el 100
50
40
F r a n k li n ......................... 100
90 100
eG old A S to ck T e le g .1 0 0
40
35
H udson R iv e r T eleph 100
eN Y A N J T e l e p h .. .1 0 0 105 n o
95 105
^N orthw estern T e l e g . . 50
65
P a cific A A tla n t ic _____ 25
65
85
89
Southern A Atlan t ic . .2 5
Ferry C om pa n ies
1
B rook lyn Ferry s to ck 100
3
90
B A N Y 1st 0s 1011 J-J
§85
N Y A E R Ferry s tk .1 0 0
60
50" 70
1 st 5s 1922.............M-N
93
N Y A H o b 5s M ay 46 J-D §90
H o b Fy 1st 5s 1946M -N §101
N Y A N J 5s 1 94 6____ J-J §90
25
10th A 23d Sts F e r r y .100
1st m tge 5s 1 9 1 9 ..J -D §60
7
eU nlon F erry s t o c k . .1 0 0
e ls t 5s 1920_______ M-N
67
Short-Term Notes
A m C lg s e r A 4s 'l l . . M - S §943i 951)
Ser B 4s M ch 15 ’12M S §9134 94
A m T el A T el g 5s 10 J-J §oyss 993s
A tlan Coast L 5s ’ 1 0 . M -S §98*4 981
B a lt A O h io 5s 1 9 0 9 .M -S § 100I8 icon
Ches A O hio 6 s J ’e 28 ’08 §100 1001­
6 s, July 1 1 9 1 0 ____ J-J § 10033 100%
Chic R I A P a c 0s ’ 09 A-O §9914 99*8
C h ic A W Ind 5s ’ 1 0 .F A A §9»78 10014
52
58
Cln H a m A D 4 H s ’08 M -S
C C C A St L 5s, June ' l l §1)9*2 too
Consol Gas 6 s 1 9 0 9 .-F -A §10034 101%
§98
Erie 6 3 , A pr 8 1 9 1 1 ..A - O
981"
Interb R T g 6 s 1911 M -N §10018 10038
5s M ch 1910..............M -S §9738 973.1
K an C So g 5s A p r T 2 .J -J §91
95
L ack Steel g 5s 1909.A1-S §13
94
5s g 1010.................. M -S §90
95
Lake Sh A M So 5s’ 10 F A §100% 100S8
Lou A Nash g 5s ’ 1 0 . M -S §995s 9978
M ex Cent 5s J u ly 1 1910 §9,34 9734
M ich Cent 5s 1 9 1 0 .. . F - A §100i8 10G38
Minn A St L g 5s ’ l l . F - A §92
95
M issouri P a clllc—
6 s F c b lO ’ l 0 co n v o p F -A §98 99
N a to fM e x S s e x tto ’ OO A-O §991.1 100
N Y C ent 5s 191 0____ F-A §100l8 100%
N Y O L ines E q p 5 s ’08-12 65% 4*2%
N Y N H A H 5s ’OS-’ II §10018 10U2
N o rf A W e st 5S 1910M -N §99% 99%
Pa R R 5s M ch 15 ’ 10 M -S §100l8 100%
S tL M S ’cast 4 H s '0 9 . J-D J92U U312
S t L A S F g 4 J$s ’O S .J -D §94
95*2
S o u th ’n coll tr 5s '0 9 . A-O §90
08
S ou th R y g 5 s 1 9 1 0 ..F - A §SO
90
T l d :w at •rOs, T 3, •;ua r w 1 §98
99
U S R u bltcr g 5s ’0 9 .M -S §9V!„ 97U
W abash 5s, M ay 10 1909 §85
91
W e»t!n gh El AM 6 s 1910 §87
90
W h eel’ ! A L E 5s '0 8 . F -A §93
95
R ailroad

___ C h ic P e o A St L p r e f.1 0 0

12 0

D ep o site d s t o c k _______
2
U n deposlted s t o c k ____
2
§ 10 0 ___
P rior lien g4 T§s’ 30M AS
80
90
Icago list
Con m tg g 5s 1 9 3 0 .JA J
45
00
§99*4 101*4
In
com
e
5s,
J
u
ly
1
9
3
0
..
5
10
§95 100
C ldc S u b w a y __________ 100
22
23
94
90
20
98
207S F t W A Den Cy s t d ._ 1 0 0
56
50
G
t
N
o
rth
’n
O
re
6
’e«
Stk
E
x
c
5944 60
list
225 300
N Y N H A H a r tfo r d E x c list
100 105
Con d e b e iit’s— S e e Stck Exc list
E x c list
225 300
112U
N
o
rth
’
n
Securities
S
tu
b
s
.
32*2
34
125
75
50
P a R R n e w -Is ’ 48 '— S e e Stk Exc list
83*4 84
$94
97
Pitts Bess A L E _______ 50 *30
82*2 33
50
33
35
Preferred
___________
50
*164
29
29*2
a n g c list
67
— i8 0
eR a llroa d Securities C o —
E x c list
111 O stk tr cfs ser A ’52
E x c list
84*2
Gas
Securities
S
eaboard
C
o
m
p
a
n
y
—
130
l ib
N ew Y ork
1 st pre fe rre d _______ 1 0 0
25
30
95 105
Cent U nG as 5s g ’ 2 7 .J A J
Com A 2d p re l-S e e Balt E x c list
97
91
95
90
leaboard A ir U n e —
Con Gas <N Y ) — See Stk E x c list
89
84
Coll 5s e x t May ’ l l M-S §87
e M utual G as__________100
130 150
115 130
N ew A m sterdam Gas—
Industrial anti M iscci
§00 100
A d am s E x p g 4s 1947 J -D §87i2 899
1st co n so l 5s 1 9 4 8 ..J -J
93
95
§90 100
A h m eek M ining_______ 25 *»73
N Y A E R G a s 1st 5s’ 44 J-J
75'
95 10 0
E xc list
A lliance R e a lt y _______100
C on sol 5s 194 5_____ J-J
no
95
90
88
§70
N Y A R ic h m o n d Gas 100
Allte-C halm crs Co 1st m tg
45
33
85
§75
s f 5s 30 o p t ’ 16___ J-J §67
N or Un 1st 5s 1927__M-N
08
82
92
87
§83
A m erican B o o k _______l o o
130 HO
e S tand ard Gas c o m . .1 0 0
75
250 325
A m erican B rass_____ 10 0
105 115
e P r e f e r r e d ________ 100
93
70 100
§87
cA m erica n C a n -S ee S tock E x c list.
1st 5s 1930................M -N § 10 2
85
105
§75
A m erican Chicle C o . .1 0 0 185 190
O th e r C it ie s
B r o o k ly n
A m e r L igh t A T r a c t . 100 104 106
95
92
P referred __________ l o o
100
A tla n A ve 5s 1 9 0 9 . . .A -O §96
P referred .................. 100
A m G ra ph oph on e com 100
93*2 95
Con 5s g 1931.......... A-O § . . . . 102
40
B a y State G a s__________50 15-10
Preferred
_________100
95 100
B B A VV E 5s 1 9 3 3 .. A-O
1 *?
B ln gh ’n Gas 5s ’3 8 . A AO
103 n o
A m e r H ardw a re______10 0
85
95
B rook ly n C ity s t o c k ___ 10 187 192
B ro o k lyn U nion Gas deb
100 103
A m M a ltln g 6 s 1 9 1 4 ..J - D
Con 5s— S e e Stk E xch E x c list
6s 1909 c o n v 1 9 0 7 .M-S 1 1 0
A m er Press A s s o c ’ n .-lO O
93 102
118
Bkln C rosst’n 5s 1 9 0 8 .J-J
B u ffalo C ity G as stoclrlOO
6 A m Soda F ou nt c o m .1 0 0
4U
95"* 100
Bkn H gts 1st 5s 1941 A-O
1st 5s 1947 — S e e S tock E x c list
20"
1st pre fe rre d _______ 10 0
B kln Q Co A Sub S e e Stk E x c list
Con
Gas
o
f
N
J
5s
'3
0
.J-J
2
2d p re fe rre d _______ 100
§85
90
B k lyn R a p T ra n — S e e Stk E x c list
C on sum ers’ L H A P o w —
94
A m St F ou n d 6s '35 A A O § 90
50 100
e C on ey Isl A B k l y n . . 100
5s 1938.......................J-D §98
A m erican S u r e ty ______50 145 155
80
70
1st con s g 4s 1 9 4 8 ..J -J
E
lizabeth
Gas
L
t
C
o
._
1
0
0
A m erican T h rea d p r e f . . 5
275
*312
90 100
4*2
Brk C A N 5s 1 9 3 9 .J-J
Essex A H udson G a s .100 115 120
A m T o b a c (new ) c o m . 100 340 350
G r ’ p tA L o r S t 1st 6 s .M A N
F ort W a y n e 6s 1 9 2 5 ..J -J
34
A m er T y p c fd e r s co m .1 0 0
38
27
35
K in gs C El 4s — S e e S tock E x c
Gas
A
El
Bergen
C
o
.
.
100
94
Preferred ...................10 0
55
97
60
Nassau Elec p r e f____ 100
e Gr R a p G 1st 5s Y 5 .F -A
§961, 9912 A m e r W ritin g P a p e r .100
2 '8 2*2
93 100
5s 1944....................... A-O
H udson C o G as-----------100 107 109
20
P referred __________ 100
17
1st 4s 1951 — S e e Stock E x c list
In dian a N at A 111 G as—
1st s 1 g 5s 10 o p ’ OO.J-J
82
85
N W ’ b g A F la t 1st c x 4 )-$s
1st 0s 1908................M-N
B a rn ey A S m ith C a r .100
60
10
17
S tein w a y 1st 6s 1 9 2 2 .J-J §95
Indian ap olis G as---------50
P r e fe r r e d ___________ 100 100 120
40
50
O th e r C it ie s
1st g 5s 1952----------- A-O §821S 90
e B e th l'm Steel C orp — 100
13*4 lo*2
B u ffalo Street R y —
Jack son Gas 5s g ‘3 7 . A-O §85
e P r e fe r r e d __________ 100
3914 43
90
1st consol 5s 1 9 3 1 ..F - A §103 106
K ansas C ity G as---------100
50
Bliss C o m p a n y c o m — 50 115 125
D eb 6s 191 7..............A-O §103*2 106
e L aclede G as------------- 100
P referred ___________ 50 110 125
71l2 76
92
95
C olum bus (O) St R y .1 0 0
__
75
B o n d A M tge G u a r . . . 100 295 305
Preferred __________ 100 10412 107
L a fa y ’eG as 1st 6s’ 24_M -N
B o r d e n ’s C on d M il k ..1 0 0 134 137*?
23
30
C olum R y con 5s— SeePhl la list
L o g A W a b V 1st 6s ’ 25 J-D
25
P referred __________ 100 102 105
30
C rosst’ wn 1st 5s ’ 33 J-D §100 103
*.|7, 5
M adison Gas 6s 1 9 2 6 . A-O §99*2 106
British C ol C o p p e r .......... 5
«C on n R y A L t g c o m .1 0 0
70
68
N ew ark Gas 6s 1 9 4 4 ..Q -J § 124 128
B u tte C oa lition M ining 15 *22*2 23*4
e P referred --------------- 10 0
70
75
N ew ark C on sol G a s . .1 0 0
85
Casein C o o f A m c o m .1 0 0
3
87
1
G ra n d R a pid s R y ____ 100
70
60
e Con g 5s 1948-------J -D §103
60
P referred --------------- 100
104
P referred __________ 100
80
C asualty C o o f A m e r . 100
130
e L o u ls v St 5s 1 9 3 0 ._JA J §104
10312 N o H u d son L H A P o w —
5s 193 8....................... A-O § 98
. . . . C elluloid C o .....................100 120 125
L y n n A B os 1st 5s '24 J-D §99 101
C ent F irew orks c o m . .1 0 0
8
15
e N ew Orl R y s A L g t .1 0 0
115s 1134 e O A In d C N a t A I ll-1 0 0
1st 6s 192 6................J-D
15
P referred __________ 100
60
65
e P r e f e r r e d ________ 100
301S 3014
70
G en M g 4 H a '35 S e e S tk Ex list P at A Pas G asA E l e c . 100
Central F o u n d r y ---------100
2*4
1*4
e Con g 5s 194 9-----M S §100
102
Preferred __________ 100
N o rth Chic S treet S e e Ch Icago list
8*2 12
St Josep h Gas 5s 1 9 3 7 -J-J §80
53
D eb 6s 1919 o p ’ 01 M -N
90
60
P u b S erv C orp o f N J .1 0 0
85
90
C en tu ry R e a lt y _______ 100 1.80 190
T r c tfs 2 % to 6 % perpet
6914 701.
Electric Companies
C h escbrou gh M fg C o .1 0 0 100
C oll 5s g n otes 0 9 . M-N §9512 90*4
C h icago E d ison C o S e e Ch Ic a g o list
55
C ity In v e stin g C o . . - - 1 0 0
25
60
N orth Jersey St R y 100
eClaflln (It B ). c o m . .1 0 0
95
1st 4s 1948______M -N §68
70" e K in gs C o El L A P C o 100 Z114 116
N a rra ga n (P rov) El C o . 50 *86
90
90
95
e ls t p r e fe r r e d ______100
70
Cons 'Tract o f N J . .1 0 0
50
N Y A Q E l L A P o w C o .1 0 0
90
30
1st 5s 1933...........J-D §103 104
e2d p re fe rre d _______ 100
55
65
P referred __________ 100
Col A Flock C o a lA I p f 100
75
N e w 'k P a s R y 5s ’30 J-J §105i2 107
60
U nited E lec o f N J ___ 100
86
93
1st g 5s 1917..............J-J
R a p id T ran S t R y .1 0 0 235 245
67'
1st g 4s 1 94 9______ J-D 506
101
Col tr 6s O ct 1 9 5 6 ..J ’ —
1st 5s 1921...........A-O §102
* Per share.
§ B u yer pays accru e d Int
a E x -rlgh ts.
e Sells on Stk. E x ., but not very a ctiv e.
iN e w sto ck .




§116

Vo"

Industrial and Mi see
C on sol Car H e a t i n g .. 100

B id

A sk

25
30
1>2 2*a
3
6
20
22
27
*10
9
11
E x c list
678
6
41
*8
8*8
130*4 131
*1*4
Ha
*Ho
5*4

Preferred
Cons Steam sh ip Lines
Coll tr 4s 1057____JAJ
C o m Prod R e f S e e Stock
eCrucIble S te e l_______100

C u m berland E ly C cp p e r.5
^ D iam ond M atch C o .1 0 0
D om in ion C o p p e r--------- 10
D ou gla s C o p p e r------------- 5
E c o n ’y L t A P (J o lie t, 111)
98
1st M s f g os 1 9 5 6 .J-D § 97
15
25
E lectric B o a t_________190
Preferred __________ 10 0
3
E lectric V e h icle ______100
5
P referred __________ 10 0
10
5
Em pire S teel__________ 100
55
45
P referred __________ 1 0 0
70
45
eF ederal Sugar o f N Y 100
91
88
e P r e fe r r e d __________ 10 0
65
eG cn cral C h e m ica l___ 100 x50
86*2 100
e P r e fe r re d __________ 10 0
6*2
G nldlleld C o n s d iVllnes-lO^ *53s
*lo
%
G old H ill C o p p e r_________1
’3034 9^8
G reene C a n an ea_______ 20
*78
1
G reene C on sol G o ld ___10
* 14
G reene G o ld -S ilv e r____ 10
%
G uggenheim K x p lo r' 100 150 ICO
e lln c k e n s a c k W ater Co
R e f g 4s ’52 o p T 2 . . J - J
87
83
Hall Signal C o _________100
35
30
H avan a T o b a c c o C o . .1 0 0
10
8
P r e fe r re d ___________ 100
17
20
1st g 5s June 1 2 2 . J-D
45
50
H e ck cr-Jon es-Jew cll Mill
1st 6s 192 2 ................ M -S 10 0
104
H cr’ g-H a li-M a r, n c w .1 0 0
35
45
H oboken Land A Im plUO
c5s 1910..................... M-N §100
H ouston O il__________ 100
7*2 9
25
P referred __________ 10 0
35
H udson R e a lt y _______ 100 101) 110
60
elngersoll-R anrt c o m .100
85
eP referred _________100
____ 115
ln te rn a t’ l B a n k ’ g C o .1 0 0
E x c list
In t’nl Mer M ar S e e Stk
.85
In tern at’ l N ic k e l____ 100
95
75
P referred __________ 10 0
10
19
In ternation al S a lt___ 100
52
60
1st g 5s, 1951______A-O
5
In te m a t’ l S liv e r______100
10
49
P referred __________ 100
54
1st 6s 1948________ J -D 103*2 105
36
L a ck aw an na S te e l___ 10 0
38
Lanston M o n o ty p e -----20
*9% 10
Law yers' M tge C o -------100 ISO 185
80 s 100*2
eLeh A W ilk e s-B Coal 50
Lord A T a y lo r ----------- 100 ____ 130
95 100
Preferred ...................100
el.orlllard (P> p r e f . . 100 115 135
M adison Sq G a r d e n -.1 0 0
07*2 105
70
2d 6s 1 9 1 9 ...............M-N
86
2
eM anhat B ea ch C o — l o o
6
*21 *> 2*4
M anhattan T r a n sit-------20
1.
M itchell M in in g .............10 *
%
M onougah ela It C o a l- -5 0 * 414
Preferred ___________ 50 * 2534 —
M ortgage B on d C o . . . 1 0 0
N at Bank o f C u b a -----100 100
fib N ational S u r e ty ...........100
ho
147*2
N e va d a C on s’d C o p p e r .5 *12*8 12*4
N e v-U ta h Min A S m ._ 1 0
*3%
3*2
eN ew C entral C o a l-------20
25
50
N J T er D o ck A I m p . 100
N Y A ir B rak e «s S e e Stck E x c 1st
N Y B iscu it 6s 1 0 1 1 -M -S 100
N Y M tge A S e c u r it y .100 ------ s 13212
eN ew Y o r k D o c k -------100
20
e P r e fe r r e d --------------- 100
73
N Y T r a n sp o rta tio n ___ 20
*3*2 4
N ile s-B e m -P o n d c o m . 100
90 100
N lplsslng M ines------------- 5
■*7
7*8
eO ntarlo S ilve r------------100
6
S78
O tis E leva tor c o m -----l o o
36
38
P referred __________ l o o
K7
92
P ittsbu rgh B rew in g-----5o *20*2 201*4
P referred ___________ 50 *10*2 40 %
P ittsbu rgh C o a l-S e e Stk E x c list
P op e M a n u fa ctu rin g . 100
l8
l2
1st p re fe rre d ----------- 100
15
30
2d p re fe rre d ----------- 100 ____
1
P ratt A VVhltn p r e f . . 100
90 100
R e a lty A ssoc (B k ly n )
115 1IS
R o y a l Bak I’ ovvd co m 100 130 140
P ro ! e r r e d ----------------- l o o
94
97
Safety Car H eat A L t.1 0 0 112 117
Seneca M in ing---------------35 * S 50
Singer M fg C o ----------- 100 350 400
S tand ard C o r d a g e .. . 100
1
h
1st M g 0s ’31 r e d .A -O
22
24
A d ju s t M 5s A p r 1 1931
3
4
S tan d ard C ou pler com lOO
35
40
Preferred __________ 100 10 0
no
S tan d ard M illing C o . . 100
8
Preferred ----------------100
30
35
1st 5s 1930_______ M-N
76
79
S tan d ard Oil o f N J . .1 0 0 zeoo 605
S w ift A C o - S e e H ost Stk E x c list
1st 5s 1 9 1 0 -1 0 1 4 .. . J - J
9914 100*4
e T c x a s A P a clllc C o a l-1 0 0
75
85
T itle Ins C o o f N Y -----100
____ s i 12
T o u o p a h Min (N e v a d a ).1
*712
8
Trenton P o tte rie s com lO O
7
12
P referred , n e w -------100
55
65
T row D ir e c to ry _______ 100
30
40
52
55
102 110
100 10.8
U nited Bk N ote C o r p ..
*50
53
P referred __________
*50
63
90
92
71*4 8*4
200
25
89
U S S te e l C o rp o ra tio n —
C ol tr s f 5s '51 o p t ’ l l §109
Col tr s f 5s ’ 51 n o t o p t § 109*.,
U S T it Gu A I n d e m .l
eU tah C o p p e r C o - S e e S
Exc
W a te rb u ry C o , c o m _ _ l
140

215
91
110
110*4
75
list

160

...

♦ 99

n N o m ln a l.

* Sale p rice ,

xx

E x c list
*>a
*4
*1
1*4
10 0 105
Ex
x -d
-d lv
lv
E

May 23 1908.j

THE CHRONICLE

1211

a m i R a i l r o a d | u t e iiig c u c je .

tn v z stm m t

R AILRO AD

GROSS

EARNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
<;an 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.
July 1

L a te st G ro s s E a r n in g s .
C u rre n t
Y e a r.

W eek or
M on th .

H O A D S .

Ala G reat S outhern — See Sout
A la N O & T e x P a c.
U 0 4 N E a s t - .r A p r i l ..........
A la & V lc k s b -----r A p r i l ..........
V icks Sh A P a c .r A p r i l ..........
A la T on n A N o r t h - , M a r c h ____
fc A tc h T o p & S Fe M a r c h -----A tla n ta 13lrm A A tl M a r c h ____
A tla n tic Coast Cine M a r c h ------B altim ore A O h i o . . A p r i l -------B angor A A ro o s to o k M a r c h ____
A p r i l -------B ellefon to Central
M a r c h ------B oston & M a in e ..
B rid geton A S aco it M a r c h ------B u ll ito c h A P it t s .r 2d w k M ay
B uffalo & Susci------ M a r c h -----C anadian N orthern - 2d w k M ay
C anadian P a cific — 2d w k M ay
Central ot G eorg ia . - 2 d w k M ay
Central ot N J e rs e y . M a r c h ------C h atta n ooga S o u th . 2d w k A p r
Chesapeake & O h lo . M a r c h ____
Ctlesterfteld A Banc M a r c h ------C h ic A A lto n i t y - - r M a r c h ------C h ic Burl A (Julncyr M a r c h ____
C h ic G reat W c s t - . r 2d w k M ay
C h ic In d A L o u ls v . 2d w k M ay
C h lc Ind A Southern — See New
C h ic M llw A St Paul M a r c h ____
C h ic & N orth W e s t . M a r c h ____
Clilo St P M & O . -r M a r c h ____
C h ic T erm T ran B it 2d w k M ay
Cln H am & D a y t - . r M a r c h ____
«Cin N O * T exa s P — Sec Sout
"Cincinnati N orthern — See New
C lev Cln Chic A St L — See New
C olorad o M id la n d .r M a r c h ____
n Col A Sou th S y s .r 2d w k MajCol N ew h A E a u r .. I-'e b ru a ry ..
C op p er lta n g e .......... M a rch ;____
Cornwall ................... M a r c h ____
Cornw all A B cbanon F eb ru a ry .
M a r c h ____
C uba R a ilr o a d -----. l D elaw are & H u d - .M arch____
Del Back A \ V est-. M a r c h ____
D en vcr A R io G r._ 2d w k M ay
D etrolt A M acklna.. 2d w k M ay
1)et T o l & Iron t Sys 2d w k M ay
Dul & Iron R a n g e .r Febru ary .
D ul S o Sh A A tl — r 2d w k M ay
E r i e ________________ M a r c h -----E vansville A T e r II — See R o c k
F a irch ild A N E ' n . . M a r c h ____
F o n d a J o h n s & G lov \ n r il _____
G eorgia R a ilr o a d .. M a r c h ____
-Georgia South A Fla — See Sout
G rand T ru n k S y s t . . 2d w k May
Gr T ru n k W e s t .. 1st w k May
D et Gr H av A MU 1st wIt M ay
Canada A tla n tic . 1st w k May
G reat N orthern Syst A p r i l _____
■•Gult & Ship Island 1st w k May
Hocking Valley------- M a r c h ____
Illinois C en tral------ A p r i l _____
Inter A G reatN orth 2d w k M ay
a ln te r o ce a n lc (M cx) 2d wit M ay
Iow a C en tra l---------- 2d w k M ay
K anaw ha A M ic h .. M a r c h ____
K ansas C ity S o u th . April _____
Bake Eric A W e s t’ n — Sec New
Bake Shore A M Sou — See New
B chlgh V a lie v ------ r M a r c h ____
B ex ln gton A E a s t .. M a r c h ____
B on g Is la n d ________ M a r c h ____
B ou lslana A A rk n n . M a r c h ____
Boulsv A N a s h V -.r 2d w k May
M acon A B lrm ln g’ m A p r i l ..........
Maine C en tral____ r M a r c h ____
M a n lstlq u c_________ A p r i l ..........
M aryland A P e n n .. A p r i l ..........
a M exican C e n tr a l.. M a r c h ____
a M exican In te r n a t. 2d w k May
■■a M exican R a ilw a y . 4th w k A p r
a M exican Southern 4th w k A nr
M ichigan C e n tr a l.. — Sec New
M idland V a lle y ____ A p r i l _____
M ineral R a n g e ____ r 2d w k M ay
M ln ncap A St B ___r 2d w k M ay
M inn St P A S S M . id w k M ay
M o K ansas A Texas M a r c h ____
M o P a c A Iron M t.r 2d wlc May
Central B r a n ch .c 2d w k May
T ota l s y s te m ___ < 2d w k .May
b M obile J a ck A IC C W k M av 2.
N asliv O hatt A St E M a r c h ____
•a N at R R o f M exico 2d w k M ay
H id a lgo A N E . . 2d w k M av
N cv u da-C al-O revon 1st w k M av

P r e v io u s
Y e ar.

to L a t e s t D a t e .

C urren t
Y e ar.

$
5
hern Rail w ay.
203,141
208,391
112,954
137,548
99,043
130,834
3,810
3,877
7,401,519 3,433,704
133,659
142,066
2,442,022 2,616,752
5,024,786 7,107,070
2 8 8 ,3S0
325,122
4,530
4,679
2,883,615
3,323
3,733
124,523
188,645
189,202
154,746
178,900
150,200
1,209,000 1,038,000
161,600
211,300
1,790,611 2,075,932
1,333
4,053
1,946,931 2,250,793
7,100
0,503
1,053,072 1,012,497
6,255,194
128,788
152,533
85,488
109,524
Y ork Ccn tral.
4 ,777,616 5,035,811
4 ,935,610 5,706,105
1.042,033 1,147,276
31,224
33,919
552,606
hern Rail w av.
Y o r k Ccn tral.
Y o r k Cen tral.
142,708
186,088
237,438
247,051
24,929
28,384
56,666
69,114
20,354
4.460
18,832
38,015
203,444
235,415
1,012,865 1,571,844
2 ,4 1 4 ,1 3 5
388,200
322,100
25,312
21,810
58.246
86,591
_______
89,215
68,187
45,357
3,768,160 4,560,901
Island S ystem .
1,699
1,649
66,686
66,621
264.063
285,256
hern Rail w ay.
718,184
880,062
96,892
96,556
24,133
24,877
39,535
34,138
3,437,175 4,923,598
29,589
57,035
446,480
425.455
3,884,587 4,741,286
151,000
112.000
137,007
149,700
38,976
00,747
141,198
174.219
632,417
865,045
Y ork Ccn tral.
Y ork Cen tra l.
2,315,894 2,976,315
34,921
55,480
Dec. 23. 999
93,293
95,031
749,690
027,107
10,473
11,260
670,592
6,459
5,132
35,545
34,217
3,000,548 2,940,208
150,193
188,600
172,700
179,500
33,807
30 ,SG8
Y ork Cen tral.
61,373
87,691
15,488
16,258
55,823
71,132
182,939
257,175
1,785,691 2,160,377
697,000
869,000
27,000
27,900
724,000
896,000
21,015
31,433
924,825 1,139,918
288,436
329,127
17,243
18,400
6.233
0.442

2,!j04 ,012
1,312 ,778
1,275 ,613
35 ,422
70,210 ,374
1,357 ,764
10,883 ,212
03,080 ,036
2,220 ,438
51 ,397
30,154 ,191
40 ,258
7,400 ,308
1,647 ,802
7,990 ,000
62,693 ,031
10,168 ,443
20,371 ,130
88 ,107
20,383 ,365
50 ,767
9,445 ,602
60,750 ,238
7,085 ,323
4,524 ,039

561,401
303,193
310,002
35,770
392,962
158,744
057,337
,676,088
378,015
48,486
35,514
,207,941
,346,205
,009,700
,489,110
,766,516
,449,508
129,079
,705 620
39,133
,692,056
7 ,810,004
5 ,ISO,070

44,189,501 4 5 ,740,305
49,544,408 51,720,815
10,097,708 10,694,367
1,462,529 1,467,131
0,246,699

1,727,030
12,715,3
205,533
612,816
102,220
222,491
1,510,627
15,156,408
25,359,669
17,950,671
1,037,880
3,473,153
5,290,062
2,650,065
38,179,385

2,758,856
39,402,811

14,196
649,24
2,324,236

13,728
643,404
2.349,239

36,635
5,197
1,490
1,675
47,582
1,847
4,842
46,050
6,112
6,735
2.632
1,590,
7,686,

1,859,339
11,599,764
210,690
595,680
103,940
320,379
1,360,889
13,423,532
17,962,484
1,125,676
3 ,733,334

,698,016
136,935
,544,397
,657,952
142,397
,123,755
950,231
865,034
812,380
227,977
759,108
712,614
490,258

20,557,849
393.658
I n c . 201,
857,176
39,434,201
126,641
6,575,370
49,954
322,209
27,378,953
7,286,712
6,685,900
1,091,895

20.031,009
416,580
•538
863 646
11,667,027
147,052

916,277
701,433
3,391,098
10,253,449
18,547,453
38.449.188
1,358,000
39.807.188
1,200,495
8,411,619
13,850,290
858,573
•>89.970

658,573
677,853
3,337,474
10,878,650
19,772,003
40.728.254
1,438,000
12.160.254
1,288,379
8 ,871,888
13,543,523
864,021
222.564

03,728
297,629
22,575,135
7,2 8 3 ,4 7 6
0,279,200
1,079,432

July 1.

iM te sl G r o s s E a r n in g s .
R O A D S .

C urren t
Y e ar.

W eek or
M o n th .

N Y C A H u d R iv e r
Bake Shore A M S
B ake Erie A W est
Chic Ind A South
Michigan Central.
C levo C C A St B .
P eorla A Eastern
Clnlcn N o r t h ____
P itts A Bake Erie
R u t l a n d _________
N Y C h ic A St B .
T o ta l all lin es____
N e va d a C en tral____
N Y O u t A W estern
N Y N II A H a r t - .r
N Y Susq A W e s t ..
N orfolk A W e s te rn .
N orthern C e n tr a l..
N orth ern P a c ific ___
P a cific C oast C o ____
P e n n sylva n ia C b - . r
d P e n n — E ast P A E
d W est o t P A E .
Pere M a rq u e tte ___r
Phlla B alt A W a s h .
Pitts Cln C h ic A StB
P itts A Bake Erie
R a leigh A S ou th p ort
R e a d in g C o m p a n y
Coal A Iro n C o . .
T o ta l b o th cos.
R ich Fred A P o to m
R io G rande J u n e ___
R io G rande S o u th .
R o c k Island System
e S t B A San Fran
f E v a n sv A T e r H
T o ta l o f all lin e s.
R u t l a n d _________
St Joseph A Gr Is l_
St Bouls A San Fran
St Bouts S o u th w .
S eab oard A ir B in e .
Sierra R y ___________
S outhern I n d ia n a ..
c S outhern P a c C o . .
S outhern R a ilw a y .r
M obile A O h lo - .r
Cln N O A T P__r
A la G reat Sou th r
G eorgia Sou AF la
T e x a s C en tral____
T e x a s A Pact lie ___
T id e w a te r A W est
T o le d o A O h io Cent
T o le d o P e o A W est
T o le d o S t B A W est
T o m b lg b e e V a lle y . _
T o r H am A B u ffalo
U n ion P a cific S y s t.
V a n d alla ...................
V irginia A S o W e s t.
W a b a s h ____________
W estern M a rly a n d .
W Jer A S e a s h o r e ..
W h eel A Bake E rie .
W iscon sin C entral'.r
W rtgh tsv A T e n n ..
Y a x o o A Miss V a l . .
V a r io u s F isc a l

to L a t e s t

M a r c h ____ 7,116,622
M a r c h ____ 3,289,941
355,180
M a r c h ____
M a r c h ____
266,847
M a r c h ____ 2,081,381
M a r c h ____ 1,911,079
M a r c h ____
210,935
M arch ____
71,546
M a r c h ____
779,612
M a r c h ____
208,995
M a r c h ____
889,840
M a r c h ____ 17181978
M a r c h ____
4,833
M a r c h ____
607,402
.M a rch ____ 3 ,874,618
M a r c h ____
249,890
M a r c h ____ 2,059,373
899,910
M a r c h ____
A p r i l .......... 5,098,666
453,811
M a r c h ____
M a r c h ____ 2.930.174
M a r c h ____ 109 97169
M a r c h ____ D e c . 1,36
M a r c h ____ 1.142.174
M a r c h ____ 1,285,807
A p r i l .......... 1,888,318
— See N ew Y o r k Ccn
A p r i l ..........
10.844
M a r c h ____ 3,068,634
M a r c h ____ 1,603,782
M a r c h ____ 4,672,416
147,487
M a r c h ____
41,391
F ebru ary
10,324
2d w k M ay
M a r c h ____ 4,904,292
M a r c h ____ 3,874,887
187,966
M a r c h ____
M a r c h ____ 8,067,146
— See N ew Y o rk Cen
139,512
M a r c h ____
— See R ock Island S
.’d w k M ay
143,988
M a r c h ____ rl4 4 4 ,5 9 6
M a r c h ____
29,770
A p r i l _____
99,122
M a r c h ____ 9,450,949
2d w k M ay
841,375
159,696
2d w k M ay
2d w k M ay
132,182
51,531
2d w k M ay
34,716
2d w k May
S9.456
1st w k M aj­
206,135
i d w k M ay
6,748
V la rch ____
336,394
M a r c h ____
18,975
2d w k May
2d w k M ay
60,467
5,408
M a r c h ____
67.845
A p r i l _____
M a r c h ____ 5,345,264
748,278
M a r c h ____
72,090
A p r i l _____
407,363
2d w k May
350,998
Febru ary .
364,310
M a r c h ____
78,486
2d w k M ay
591,390
M a r c h ____
26,692
M a r c h ____
720,466
A p r i l ---------

$
7,814,163
3,700,694
405,399
271,456
2,350,704
2.014.521
231,870
76,586
1,077,047
221,901
058.085
19123026
6,540
646,418
274,933
2,777,454
1,011,910
6,268,326
637,856
13166 969
0,200

115016 582
800

1,362,707
2,747,074
tral.
9,334
3,701,401
2,582,234
6,203,635
171.085
58,485
10,276
5,270,690
4.394.521
175,701
9,840,972
tral.
142,409
ystem .
iuu,685
01615557
24,566
125,092
10259 544
1,080,278
189,479
172,303
72,403
43,294
23,759
289,578
8,513
341 ,998
26,937
96,094
6,503
80,578
6,200,050

12,281,201
5 ,055,321

90,947
529,015
407 049
398,810
127,737
653,789
31,671
768,386

102,495
32,155,521
28,407,863
00,563,384
1,424,197
509.,629
528,846
45,950,184
37.264,843
1,728,436
84,943,405

82,238
,543,579
,889,082
.432,662
,366,224
561,598
525,353
,044,148
,926,494
,726,684
,297,326

1,242,037

1,302,857

8,5 1 9 ,9 7 5 8 ,9 6 3 ,2 7 7
r 12008930 O12206058
1,594,
96,350,
17,04 5
8,546
0,945
3,111
1,950
927,
13,039
68,
3,415
I ,069
3,391
45
724
58,094
7,251,
893
22,569
3,968,
4,366,
4,742
5,676,
225,
8,432,
C urren t
Y e ar.

Y e a rs.

B ellefon tc C e n tra l______________
D elaw are A H u d s o n ____________
M a n ls t lq u c ____________ __________
M exican R a ilw a y ________________
M exican S o u t h e r n .................. ......
N ew Y o r k C e n tra l______________
Bake Shore A M ich S o u t h e m .
E akc-E rie A W e s te rn _________
C h icago Indian a A S o u th e rn .
M ichigan C e n tra l.......... .............
C levc Cln C h ic A St B o u ls____
P eoria A E a ste rn _____________
Cincinnati N o r t h e r n _________
P ittsbu rgh A B ake E r ie _____
R u t l a n d ............... .................. .......
N ew Y o r k C h icago A St Bouls
T o ta l all lin es_________________
N orthern C e n tra l_______________
d P en n — E ast o f P itts A E rie ___
( I W est o f P ittsbu rgh A E r i e ..
Phlla B a lto A W a s h i n g t o n ____
Pitts Cln C ld c A St I .c i.Is_______
R io G rande J u n c tio n ____________
T exa s A P a c i f i c _________________
West. Jersey A S e a sh o re ...............

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
•Jan
.Tan
Jan
Jan
Ian
Jan
Dec
Ian
Ian

D a le .

P re v lo ti s
Y e ar.

1
1

to
to

1
1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to

A p ril
M ch
Anr
A p ril
A pril
M ch
M ch
M ch
M ch
Mch
M ch
M ch
M ch
M ch
M ch
M ch
M ch
M ch
M ch
M ch
M ch
A p ril
F eb
M ay
M ch

,315,819
,306,970
,392,258
,228,950
,132,826
,408,822
,982,441
,076,716
,667,995
66,144
,588,664
,103,291
,618,879
48,420
696,828
>0,272,577
867",061
13,703,386
3 ,527,239
4,0 0 9 ,9 7 0
5,178,954
5 ,508,903
220 ,650
8 ,061,839
P r e tio u s
Y e a r.

18,101
30
19,403
31 4 ,327,077 4 ,217,388
17,148
30
18,424
30 2,685,400 2 ,665,400
431,248
4 54,679
30
31 19,798,654 21,788,770
31 9,157,364 10,429,137
31 1,022,006 1,192.070
733 ,956
755,062
31
31 5.823,911 6,718,518
31 5,500,649 5 ,664,572
31
698,978
674,335
31
222,660
177,703
31 2 ,012,516 3,191,511
561,911
31
593,839
31 2,471,849 2 ,583,297
31 47,961,960 53,817,315
31 2,559,725 2 ,907,725
31 31,375.441 37,203,541
31 D e c . 4,30 9.400
31 3,590,863 3 ,775,563
30 7,984,178 10,317,296
198,068
173,025
29
14 4,761,281 6 ,3 5 6 ,8 7 5
924.964
31
951,064

AGGREGATES OF GROSS EARNINGS—Weekly and Monthly.
Weekly Summaries.
1st
2d
3d
4 th
1st
2d
3d
4 th
1st
2d

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

M ch (44
Mch (43
M"h (40
Mch (47
A p r (42
A p r 142
A p r (44
A n r (45
M ay (43
M ay (40

ro a d s )-----r o a d s )____
r o a d s )------ro a d s )------r o a d s )-----ro a d s )____
r o a d s )------r o a d s )------r o a d s )____
r o a d s )____

Cur'nt Year Prev's Year Inc. or Dec.
$
8,274,107
8,501,487
8.554,987
12,037,773
8,229,104
8,138,475
8,247,202
10,827,078
7,811 ,943
7,911 ,081

S

0,470,700
0,754.748
0,649,584
14,840,617
9,469,719
9,870,161
10,067,732
14,207,506
9,891,307
10,092.555

$
— 1,196,623
— 1,253,261
— 1,094,597
— 2,208,844
— 1.240,555
— 1,731,686
— 1,820,470
— 3,380,428
— 2,079,364
— 2,181,474

%
12.63
12.85
11.34
14.88
13.10
17.54
18.08
23.79
2H 02
20.62

Monthly Summaries.
M onth
M onth
M onth
M onth
M onth
M onth
M onth
M onth
M onth
M onth

July
Aug
Sept
O ct
N ov
D ec
Jan
Feb
M ch
Anr

1907
1907
1907
1907
1907
1907
1908
1908
1908
1908

(116
(121
(118
(120
(120
(123
(122
(123
(126
( 53

r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
r o a d s ).
roads) .
r o a d s).

Cur'nt Year Prev's Year Inc. or Dec.
$
187,069,790
197,288 033
192 548,022
213,697,727
189,988,564
174,422,451
151.758,406
141,256,206
162,495,089
4 6 .398,330

t,
163,685,258
175,726,323
175 505 039
196,843,678
184,197,391
184 893,810
172,283,006
160,150,610
187,435,350
57,884,380

$
+ 23,384.532
+ 21 561,710
+ 17.042.983
+ 16.854,049
+ 5,791 173
— 11,471,359
— 21,524,600
— 18,894,404
-2 4 ,9 4 0 ,2 6 1
— 11.486,050

14.28
12.27
9.71
8.56
3.14
6.20
12.49
11.79
13.37
19.85

a M exican curren cy,
b Inclu des earnings o f G u lf A C h icago D ivision ,
c Inclu des the H ou ston A T e x a s Central and Its su bsid iary lines In b oth
years, d C overs lines d ire ctly o p era ted , e Inclu des the C h icago A Eastern Illinois In b o th years.
1 Inclu des E vansville A Indiana R R .
a In clu d es
earn in gs o f Col. A S ou th ., F t. W orth A D en ver C ity and all affilia ted lines, ex ce p tin g T r in ity A Brazos V alley R R .
i: includ es In both rears e a r n i n '»
of D enver Enid A G u lf R R .. Pecos V a lley System and Santa Fe P re sco tt A P h oen ix R y .
IThe.sc figures d o n o t Include receipts from sale o f c o a l.
o Figures here are on the old
basis o f .accou nting— n ot the new o r Inter S tate C om m erce Com m ission m e th o d , r These figures are on the new
4>asls proscribed b y the Inter-S ta te C om m erce C o m m ission , s D ecrease d u e to su spen sion ot business since A p ril 16 on a c c o u n t o f w a sh o u t.




Latest Gross Earnings by W eeks.—In the table which
follows we sum up separately the earnings for the second
week of May. The table covers 40 roads and shows 2 0 .6 2 %
decrease in the aggregate over the same week last year.

T o ta l (40 r o a d s ) _______________
N et decrease (2 0 .6 2 ,?,) ________

S
51.531
124.523
150,200
1,20 0 ,0 0 0
161,600
128,788
85,488
31,224
132,182
237,438
322,100
21,810
58,246
4 5,357
34,716

$
72,403
188,645
178,900
1 ,638,000
211,300
152,533
109,524
33,919
172,303
247.051
388,200
25,312
86,591
08,187
43,291

718,184

880 ,062

161,878

112,000
137,097
38,976
749 ,690
150,193
15,488
55,823
182,939
697,000
27,000
159 ,696
288,436
17 243
10,324
143.988
8 41 ,375
206 ,135
18,975
60,467
407 ,363
78.486

151,000
149,706
60,747
927 ,107
188,600
16,258
71,132
257,175
869 ,000
27.000
189,479
329,127
18,400
10,276
190,085
1,080.278
280,578
26.937
90,094
529,015
127,737

39,000
12,609
21.771
177,417
38,407
770
15,309
74,236
172,000

S
' •_____ _

S
20,872
64,122
28,700
429 ,000
49,700
23,745
24,036
2,685
40,121
9,613
66,100
3,5 0 2
28,345
22,830
8,578

-

-

29,783
40,691
1,157
48

___ ___
—

7,911,081 1 0 ,092,555
--------------..................

—

46,697
238,903
74,4 13
7 062
35,627
121,652
4 9,251

48 2,181,522
2,181,474

'm

For the first week of May our final statement covers 43
roads and shows 2 1 .0 2 % decrease in the aggregate over the
same week last year.
1907.

1908.

F ir s t w eek of M a y .

P re v io u sly rep orted (40 roads) .
C h icago T erm in a l T ra n sfe r -------G u lf A S h ip I s l a n d - ____________
T e x a s C e n tr a l____________________
T o t a l (43 r o a d s ) ----------------------N et decrease (2 1 .0 2 % ) ------------

In c r e a s e .

D ecre ase .

S
7 ,7 4 3 ,6 9 9
29,199
29,589
9,456

S
9 ,7 7 7 ,3 3 (
33,183
57,035
23,759

S
s
1,474 2,03 5 ,1 0 5
3,984
27,446
14,303

7 ,8 1 1 ,9 4 3

9.89 1 ,3 0 7

1.474 2,080,838
2,079,364

Net Earnings Monthly to Latest D ates. —-The Jfolio wing
shows the gross and net earnings to latest dates of all STEAM
railroads furnishing monthly statements. The compilation
includes every road from which we can get a return of this
character, and in that form is given once a month. Early
returns are published from wdek to week, as soon as issued,
but for the convenience of our readers all the roads making
returns are brought together here in the week in which we
publish our monthly article on net earnings— say, about the
20t.h of the month. Besides the companies furnishing monthly
returns, we have added this time the roads ivhich make quarterly
returns.
—

— — G ro ss E a r n in g s P r e v io u s
C u rren t
Y e a r.
Y e a r.

— N et E a r n in g s
Prem
C u rre n t
Y e ar.

S
S
S
R oa d s.
2,2 8 6
6.503
7,1 0 0
C h esterfield & L a n c .b . - M c h ,
14,378
3 9 ,133
50,767
J u ly 1 to M ch 3 1 _______
S457.103
1 ,0 1 2 ,4 9 7
i 1,05 3 ,0 7 2
9 ,6 9 2 ,0 5 6 S 3,118,539
9 ,4 4 5 ,6 6 2
_______
2 .3 0 3 ,4 2 7
l 6,25 5 ,1 9 4
_______ 19,815,474
J u ly 1 t o M ch 3 1 . .......... .60,750,238
1 0 8 ,9 9 5
19,335
643 ,857
551,957
C h icago G reat W e s t . b . . F e b i
1 ,7 4 9 ,0 8 6
953 ,036
6
,1
3
8 ,0 8 4
J u ly 1 to F e b 2 9 _______ 5,507,205
149,689
7
2
,147
502
,636
i
399
,932
C h ic In d & L o u is v .a ____ M ch
1 ,3 5 3 ,0 1 6
9 32 ,406
4 ,4 5 2 ,5 2 2
3 ,9 4 4 ,2 5 2
1
,7
3
9
,6
8
6
5,03 5 ,8 1 1
i 4 ,7 7 7 ,6 1 6
44,189,591 4 5 ,7 4 6 ,3 9 5 16,010,784
2 ,0 7 3 ,9 8 9
1,978,994
5 ,7 0 6 ,1 0 5
i 4 ,9 3 5 ,6 1 9
16,719,954
1720
[954 1
2 0 ,8 1 55 10^719
,49,5 44,408 5 1 ,7
381 ,999
1,14 7 ,2 7 6
1,042,033
__________
C h ic St P M inn & O . b . - M c hi 1
,042,033
J u ly 1 to M ch 3 1
10,097,708 10 ,6 9 4 ,3 6 7
3 ,3 9 9 ,0 0 ,;
x Cine H am A
D a y t o n .b M ch
552,606
----------17,843
J u ly 1 to
M ch 3 1
6 ,2 4 6 ,6 9 9
9 14 ,590
Cln N O A T P — See un d er S o u th ern R y . S y s te m b e lo w .
3 1,269
31,122
186,088
142,708
C o lo ra d o M id lan d . a ____M ch
46 7 ,6 2 9
33 0 ,6 8 5
1 ,8 5 9 ,3 3 9
J u ly 1 to
M ch 3 1 1,727.036
3
30 ,890
2
77
,565
1
,1
0
8
,5
9
5
C o lo ra d o & S o u t h e r n .b .M c h 1 ,0 5 5 ,1 3 6
3 ,3 4 1 ,4 8 6
3 ,8 8 1 ,5 2 6
1 0 ,0 5 2 ,1 1 4
4,792
28,384
2,877
C o lu m N ew b & L a u r .a . - F e b
24,929
19,468
4,506
210 ,690
J u ly 1 t o F e b 2 9 _______
205,533
1 7,865
15,803
69,114
56,666
C o p p e r R a n g e . b ...............M c h
2 07 ,501
168,835
595 ,680
612,816
J u ly 1 t o M ch 3 1 _______
10,586
20,354
d e f 790
C o rn w a ll. a _______________ M ch
4,460
70,471
3 7 ,765
163,940
J u ly 1 to M ch 3 1 . ...........
102,220
1 8,976
3 8 ,015
4 ,5 8 0
C ornw all & L e b a n o n . b .- F e b
18,832
164,083
7 1 ,804
320 ,379
J u ly 1 t o F e b 2 9 .............
222,491
8 9 ,5 8 5
105,874
203,444
235 ,415
C u b a R R ........ ..............- - - M c h
4 2 2 ,4 5 0
521,184
1,36 9 ,8 8 9
J u ly 1 t o M ch 3 1 ________ 1,510,627
r 6 1 4 ,57 5
r 5 l6 ,7 8 2
1 ,571,844
D elaw are & H u d s o n .a -.M c h 1,512,865
4 ,2 1 7 ,3 8 8 r l ,447,295
Jan 1 t o M ch 3 1 ............. 4 ,3 2 7 ,6 7 7
D el L a ck & W estern — L eased L ines In N ew Y o r k S ta te — b
1 ,6 0 8 ,1 3 3
1 ,258,245
Jan 1 t o M ch
2,757,979
3 ,0 3 2 ,1 0 1
5 ,2 0 5 ,1 1 8
____ 9,96 5 ,1 3 2
4 ,9 2 3 ,1 1 3
J u ly 1 t o M ch
9 ,5 9 5 ,3 3 2
Syracuse Blngha:
A N Y— b
14 2 ,3 3 6
Jan 1 t o M ch
67,198
201,285
3 22 ,666
41 2 ,0 8 2
J u ly 1 to M ch
3 34 ,744
733,527
1 ,0 9 3 ,2 6 7
C568.041
M ch 1,310,319 c l . 672.631
402 ,563
5 ,0 9 7 ,6 9 6 C5,2 04 ,188
1 5 ,8 9 0 ,4 7 1 cl5 ,4 6 6 ,7 8 4
19,590
3 1 ,617
M ch
100,403
125,360
169,969
2 13 ,746
898,627
956 ,779
d e f .4 9 ,420
.F e b
89,215
____ 5,290,062
_______
3,28 7 ,1 3 1
Ju ly
7 0 ,6 1 5
62,080
252,870
M ch
219,891
7 33 ,657
594,123
2 ,3 4 5 ,3 9 3
2,33 7 ,0 8 0
D u n k irk Alleg V a l & Pitts— b
10,868
d e flO .0 8 2
62,346
51,048
Jan 1 t o M ch 3 1 .......... ..
2 2,164
d e f 13,185
223 ,787
202,148
J u ly 1 t o M ch 3 1 .............
1
,1
3
5 ,0 3 8
707,361
1,560,061
E r ie .a -------- --------- --------- M ch 3,768,160
J u ly 1 to M ch 3 1 .'.'____ 38,’ 1 79 ,385 39,’462,811 0 .4 8 1 ,0 1 4 10 ,7 7 3 .5 0 6
d ef 355
499
1,649
F a irch ild & N orth ea st b .M c h
1,699
d e f 2,080
d e f 106
13,728
J u ly 1 to M ch 3 1 _______
14,196
3 5,822
38,313
66,621
F o n d a Joh n s & G l o v . a . - A p r
60,686
3 28 ,582
332 ,650
643.464
J u ly 1 t o A p r 3 0 .............
649,247
_

A la b a m a G reat S o u t h e r n ............
B u lla lo R o c h e s te r A P itts b u rg h
C anadian N o r t h e r n ___________
C anadian P a c ific ------------------------C entral ot G e o r g ia ----------------------C h icago G reat W e s t e r n --------------C h icago In d A L o u is v ille ----------C h icago T erm in a l T r a n s fe r ------C ine N ew O rl & T e x a s P a c ific ...
C olora d o & S o u t h e r n ------------------D en v er & R io G ra n d e ....................
D etroit A M a c k in a c --------------------D etroit T o le d o A I r o n to n — . . .
D u lu th .South S h ore A A t la n t ic .
G eorgia S ou th ern A F lo r id a ------G ra n d T r u n k o f C a n a d a .............1
G rand T r u n k W e s t e r n -----------)
D et G ra n d H a v e n A M l l w .. i
C a n ada A t la n t ic ----------------------J
I n t e r n a t ’ l A G reat N o r t h e r n ...
I n te r o c e a n lc o f M e x ic o ..................
Io w a C e n t r a l -------------------------L ou isv ille A N a s h v ille .......... .
M exica n I n te r n a tio n a l---------M in eral R a n g e ---------------------- M in n ea p olis A St L o u is -------M in n eapolis St P aul & SS M ___
M issouri P a cific A Iron M t n . . .
C en tral B r a n c h ...........................
M ob ile A O h i o . . _____ __________
N a tion a l R R o f M e x ic o .......... .......
H id a lg o A N o rth e a ste rn _____
R io G rande S o u th e rn ............... ....
St L ou is S o u th w e s te r n ...............
S ou th ern R a i l w a y . . ................. ..
T e x a s & P a c ific _________________
T o le d o P eoria A W e s t e r n _______
T o le d o St L ou is A W e s t e r n . . . .
W n b a s h ................. .........................
W h e e lin g A L ake E r ie .............

Increase Decrease.

1907.

1908.

S e c o n d w eek of M a y .

G ro ss E a r n in g s—
C u rren t
P r e v io u s
Y e a r.
Y e a r.

:

— — N e t E a r n i n g s ------C u rre n t
P r e v io u s
Y e ar.
Y e ar.

R oa d s.
S
: A la b a m a G t S ou th — See u n d er S o u th ern
3,810
. M ch
3 5,422
J u ly
.M ch 7 .4 0 1 ,5 1 9
_____ 7 0 ,2 1 0 ,3 7 4
133,659
M ch
1,35 7 ,7 6 4
.M ch 2 ,4 4 2 ,0 2 2
19,883,212
.A n r 5 .0 2 4 .7 8 5
____ 63,08 0 ,0 3 6
288 ,380
.M c h

S
S
$
R y . S y ste m b e lo w .
1,843
3,877
2,311
17,713
35,770
20,517
c 8 ,433 .704 (12,938,914 rt3.226.499
c6 9 ,392,9 6 2 d 2 1 ,631,154(126, 2 6 0 ,221
142,066
46,572
3 0 ,9 5 7
1 ,1 58,744
410,687
2 8 0 ,4 7 0
2,61 6 ,7 5 2
781,799
7 07 ,735
19,057.337
4,44 3 ,9 0 4
5,07 1 ,8 7 0
7 .1 0 7 ,6 7 0
1,104,560
2 ,4 3 8 ,7 4 5
0 7 ,6 7 6 ,9 8 8 16,830,066 2 2 ,4 6 3 ,9 7 7
3 25 ,122
126,758
111,099
2 ,3 7 8 ,0 1 5
669,990
788 ,610
4,6
7
9
1,296
720
4,5 3 0
19,403
1.048
4,013
18,101

B ellefon te Central . 1 .A p r
Jan 1 t o A p r 30
B oston & A lb a n y — b
Jan 1 to M ch 3 1 ............. 2 ,3 6 9 ,6 0 2
i J u ly 1 t o M ch 3 1 . . ____ 8 ,9 1 1 ,6 0 3
B o s to n & M a i n e .b —
Jan 1 to M ch 3 1 -............. 8 ,1 5 9 ,4 4 6
J u ly 1 to M ch 3 1 ............... 30,154,191
B oston R ev ere B e c a h 1* L y n n —
Jan 1 t o M ch 3 1 .............
17,579
J u ly 1 t o M ch 3 1 ............
53,381
B rid ge & S a co R iv e r .b .M c h
3 ,3 2 3
J u ly 1 to M ch 3 1 _______
4 0 ,258
B u ff R o c h & P i t t s .b ____M ch
693 ,658
J u ly 1 to M ch 3 1 ............. 6 ,8 2 3 ,2 5 9
625 ,300
C a n a d ia n N orth ern ____ M ch
J u ly 1 to M ch 3 1 ............. 6 ,9 9 7 ,0 0 0
C anadian P a cific a _____ M ch 5,424,931
J u ly 1 t o M ch 3 1 _______54,938.031
C en tral o f G e o r g ia .a ------ M ch £96 1 ,8 4 2
J u ly 1 to M ch 3 1 .............£ 9 ,1 1 5 ,6 4 3
C entral N ew E n g la n d -b —
Jan 1 t o M ch 3 1 .............
436 ,266
J u ly 1 to M ch 3 1 ---------- 1,582,857
C e n tr a lo f N e w J e r s e y .b .M c h 1,790.611
.July 1 to M ch 3 1 ..............20,371,130
C h a tta n o o g a S ou th . a . . .F e b
5,341
J u ly 1 t o F eb 2 9 _______
78,018
C h esapeake A O h l o - b - .M c h 1,946,931
J u ly 1 to M ch 3 1 _______ 2 0 ,3 8 3 ,3 6 5




[VOL. LXXXVI

THE CHRONICLE

1278

2,685,301
d e f2 0 1 ,639
8 ,9 7 0 ,6 0 2
530,588

283,041
1 ,3 8 1 ,0 2 7

9 .2
. 0 3 ,7 7 4
30 ,6 2 5 ,9 5 4

1,482,134
7,098,091)

1,276,478
7,29 0 ,2 0 9

15,769 z d c f7 .6 4 6 *
d e fl3 ,7 7 l)
17,105
£ 38 ,756
£ 3 0 ,? 2 4
3,7 3 3
543
857
35,514
13,078
11,167
668,613
296,251
229,83ft
6,17 7 ,7 8 4
2 ,6 45,325
2 ,3 4 8 ,8 4 3
4 88 ,800
t 7 1 ,900
9 4 ,00f>
5 ,0 8 9 ,5 0 0
1,979,700
1 ,3 2 2 ,3 0 o
6 ,1 3 2 ,0 1 0
1,301,030
2,245,736
5 2 ,0 7 1 ,1 1 6 16,713,139 18,001,918
1 ,1 4 7 ,1 8 5
£24 2,12 2
3 05 ,764
9 ,4 1 6 ,8 1 6 £2 ,1 1 2 ,1 6 5
2 ,2 4 4 ,3 3 9
49 8 ,8 9 6
1,51 4 ,8 3 0
.2.,0
. 7 5 .9 3 2
10,44 9 .5 6 8
12,958
106,426
2 ,2 5 0 ,7 0 3
1 8 ,765,620

59,901
71,344
251 ,746
259,574
8 51 ,247
540,962
9 ,0 3 8 ,8 7 5
8,568,993
232
d e f. 1,641
d e f .386
d e f. 1,340
672,776 ffl 72 3 ,9 2 6
6,876,171 £ 6 ,6 4 8 ,0 4 9

G enesee & W y o m in g , b Jan 1 to M ch 3 1 .............
J u ly 1 t o M ch 3 1 ----------

248
5,292
19,635
24,494
18,721
90,637
R y . S y ste m b e lo w .
54,985
6 0 ,5 0 7
2 85 ,256
Georgia R R . a ---------------- Mch
264,063
381,601
4 6 8 ,0 9 7
2 ,3 4 9 ,2 3 9
July 1 to Mch 3 1 . .......... 2,324,236
Grand Trunk of Canada—
589,333
7 7 4 ,7 4 7
2,720,880
Grand Trunk R y -------- Mch 2,314,507
6,074,851
6 ,7 1 8 ,2 0 2
July 1 to Mch 3 1 .............24,588,963 2 4 ,7 5 8 ,3 1 7
109,010
9 9 ,2 7 6
544.561
Grand Trunk Western Mch
527.042
631,453
600 ,433
4,52 0 .1 1 1
July 1 to Mch 3 1 ---------- 4,830,751
d
e
f2
5
,7
9
2
3
3 ,5 7 9
160,108
Det Gr H av & M llw ..M ch
103,656
204,953
31 9 ,1 5 9
1,38 5 ,9 4 4
July 1 to Mch 3 1 ............. 1,355,178
N il
7 ,7 8 6
145,508
Canada A tla n tic _______ Mch
160,594
d e f4 4 ,5 8 6
113,098
1,49 1 ,3 5 2
July I to Mch 3 1 _______ 1,575,027
985 ,380
£ Great N orthern .b_____ Mch 3,218,293
July 1 to Mch 3 1 _______43,609,662
Greenw & Johnsonvllle.b—
10,982
7,0 5 9
21,078
Jan 1 to Mch 3 1 .............
26,175
27,826
2 2,263
66.278
July 1 to Mch 3 1 . ..........
74,863
37,104
75,404
223,863
167,418
Gulf A Ship Isla n d .a ____ Mch
35 7 ,5 5 5
521,130
1,83 4 ,9 2 8
July 1 to Mch 3 1 _______ 1,672,402
121,903
60,984
42 5 ,4 5 5
Hocking V alley_a________Mch
446,480
1,336,733
1,46
4 ,8 1 2
4,95
0
.2
3
1
July 1 to Mch 3 1 _______ 4,842,940
1,134,117
1,779,957
5.07
6
,6
3
0
Illinois C entral.a_________ Mch 4 ,425,455
4 2 ,1 2 4 ,3 4 8 10,057,254 12,390,918
3 3 ,496
673 ,422
Intern & G t N o rth , b . . .M c h
524,990
304,222
_______
6 ,8 4 5 ,3 8 0
J u ly 1 t o M ch 3 1 . .......... 5 ,3 9 5 ,9 8 2
223,610
207,768
648,000
g In te ro ce a n lc o f M e x ico M ch
665,283
1 ,6 94,689
1,375,208
5 ,3 3 3 ,0 0 5
J u ly 1 to M ch 3 1 ............. 5 ,8 4 0 ,1 1 7
/)6 7 ,294
1)90,688
256,353
Io w a C e n tr a l.a
........-M c h
259,06'0
h734 ,8 8 1
1)750,728
2 ,3 9 4 ,2 9 5
J u ly 1 to M ch 3 1 _______ 2 ,3 5 3 ,8 8 6
25,338
174,219
23,909
K a n a w h a A M ic h ig a n .a . M ch
141,198
136,550
374,728
J u ly 1 to M ch 3 1 ____ _
1 ,5 9 0 ,5 0 . 1,712,614
192,710
86 5 ,0 4 5
353 ,215
K an sas C ity S o u . a ...... A p r
632,417
2 ,3 82,157
7 ,4 0 6 ,2 5 8
2,855,787
J u ly 1 t o A p r 3 0 ----------- 7 ,6 8 6 ,2 5 2
L eh igh & H u d s o n R i v e r . b —
187,482
48,870
6 0 ,134
Jan 1 to M ch 3 1 .............
172,319
559,346
168,547
20 9 ,5 1 0
J u ly 1 to M ch 3 1 _______
645,468
c 2 ,9 76 ,315
736,753 C l.131,227
;2 6 ,0 3 1 ,009 9,09 0 ,3 5 4 c 9 ,760,641
55,480
8,785
27,164
34,921
L e x in g to n & E a s te r n .b .M c h
4 16 ,586
126,334
171,607
393 ,658
J u ly 1 to M ch 3 1 _______
L ittle Falls & D olg e v llle — b
13,226
3 ,327
4,873
12,100
Jan 1 t o M ch 3 1 .............
45,314
17,545
17,623
49,186
J u ly 1 t o f il c h 3 1 ____ _
!3 ,999
In c .
;>7.069
L o n g I s l a n d .b ------------ . .M c h
2,860
I n c . 128,176
Jan 1 to'.M ch 3 1 _______
95,031
3 0,502
93,293
32,751
L ou isian a A v f c r k . a . . . . . M c h ,
255,769
8 63 ,646
253,341
:
J u ly 1 to* M ch 3 1 _____ _ ; 857 .176
c 4 ,3 17 ,156
900 .282 Cl .370,244
8 ,4 4 4 ,8 2 0 c l l , 544 ,107
c35.836.601
___v.
182,825
zM aln e C e n t r a l.b ________M ch
670,592
_______
2,11 9 ,8 6 3
J u ly 1 t o M ch 3 1 _______ 6 ,5 7 5 ,3 7 6
d e fl ,055
5,132
2,718
M a n ls t lq u e .b ...................... A p r
6,459
d e f 2,195
2,618
18,424
Jan 1 to A p r 3 0 .............
17,148
13,618
13,583
35,545
M arylan d A P e n n a ______ A p r
34,217
99,641
104,582
J u ly 1 t o A p r 3 0 .......... ..
322 ,209
297,029
1,07 6 ,0 3 5
1,149,031
(/M exican C e n tra l________M ch 3 ,0 0 0 ,5 4 8
2,94 6 ,2 0 8
6 ,6 6 3 ,0 7 5
. J u ly 1 t o M ch 3 1 .............27 ,3 7 8 ,9 5 3 22,57 5 .1 3 5 8 ,0 1 4 ,2 1 0
261,203
273.080
g M exica n In te rn a t’ l _____ M ch
657,322
763,623
1,072,381
2.09 3 ,2 0 4
J u ly 1 to M ch 3 1 ............. 6 ,3 8 0 ,2 7 6
6 ,0 66,707
16,679
3,678
70,693
M ineral R a n g e . b _________ M ch
68,425
144,128
03,829
J u ly 1 to M ch 3 1 _______
605,108
578,197
14,886
72,183

— Gross E a rn in g s ----C u rrent
P revio u s
Year.
Y ear.
$
$

R oads.
M in n e a p &
J u ly 1
M in n e a p S t
J u ly 1
M o K an sas
J u ly 1

S t L o u is .a -.M c h
3 0 0 ,0 8 0
3 3 2 ,5 0 2
2 ,8 7 7 ,0 0 2
t o M c h 3 1 .............. 3 ,0 0 0 ,2 7 0
L & S S A f_ b .M c h
8 2 4 ,1 1 8
1 ,0 0 0 ,8 5 5
t o M c h 3 1 . ............ 0 ,0 3 0 ,0 0 2
0 ,2 1 0 ,0 2 1
& T e x a s . b - - M c h 1 ,7 8 5 ,0 0 1
2 , 1 0 6 ,3 7 7
t o M c h 3 1 .............1 8 ,5 4 7 , 4 5 3 1 0 ,7 7 2 ,0 6 3

N ew Jersey & N ew Y o r k — b
Jan 1 t o M ch 3 1 _______
124,607
100,040
453 ,081
353,018
J u ly 1 t o M ch 3 1 _______
N ew L o n d o n N orth ern — b
Jan 1 to M ch 3 1 _______
104,205
215,030
J u ly 1 t o M ch 3 1 .............
745 ,7 3 8
782,007
N Y C ent & H R l v ____ M ch 7 ,1 1 0 ,6 2 2
7,814,163
Jan 1 to M ch 3 1 ..............1 0 ,708,654 21,788,770
L a k e Sh & M S o u ____ M ch 3 ,280,041
3 ,700,604
Jan 1 to M ch 3 1 _______ 0,1 5 7 ,3 0 4 10,420,137
J u ly 1 t o M ch 3 1 _______ 3 2,521,301 3 2 .3 6 0 ,4 2 0
L a k e E rie & W e s t e r n .M c h
355 ,180
405 ,390
Jan 1 to Alch 3 1 _______ 1 ,0 2 2 . 0 0 6
1,102,070
C h ic Ind & S o u t h e r n ..M c h
260,847
271 ,456
Jan 1 t o M ch 3 1 _______
7 5 5 ,0 6 2
7 3 3 ,0o6
M ichigan C en tra l______M ch 2,081,381
2 ,350,704
Jan 1 to M ch 3 1 _______ 5,823,011
6 ,7 1 8 ,o l8
C le v C ln c C h lc & St L .M c h 1,011,070
2,014,521
Jan 1 to M ch 3 1 _______ 5 ,506,640
0,664,07*,
210 ,035
231 ,870
P eoria
E a s te r n ------- M ch
Jan 1 to M ch 3 1 ----------674 ,335
008 ,078
Cine
N o rth e r n ............ M ch
70,586
Jan l to M ch 3 1 ----------177,703
2 -2 ,6 6 0
P itts & L ake E i l e _____ M ch
770 ,612 1,0 7 7 ,0 4 7
Jan 1 to M ch - 3 1 ............ - 2 ,0 1 2 ,5 1 0 3 ,101,511
R u tla n d
M ch
208 ,0 0 5
221,001
Jan 1 to M ch 3 1 .............
501,011
503,830
J u ly 1 t o M ch 3 1 ............. 2 ,2 3 3 ,5 0 0
2 ,1 2 5 ,1 8 0
N Y C h ic & St L o u is ..M c h
8 80 ,840
058 ,6 8 5
2 ,5 8 3 ,2 0 7
Jan 1 to tM c h 3 1 _______ 2,4 7 1 ,8 4 0
T o ta l all lin es................. M c h l7 ,1 8 1 ,078 10,123,026
Jan 1 to M ch 3 1 _______ 4 7 ,0 6 1 ,0 6 0 5 3,817,315
N Y Susa & W e s t .a --------M ch
240 ,800
274,933
J u ly 1 to M ch 3 1 _______ 2,5 0 3 ,7 0 0
2,2 7 6 ,3 0 5
N Y N II
H a rtford . b —
Jan 1 t o Mch 3 1 _______10,013,741 1 2 ,070,010

&

71,64,6

&

C u rrent
Y ear.
$

£ 1 0 3 ,5 5 3
£ 1 2 7 ,5 7 4
£ 0 4 3 ,8 5 2 £ 1 ,0 1 8 ,0 2 2
3 3 3 ,8 3 3
3 1 2 ,2 3 0
3 , 0 7 0 ,6 5 6
3 ,5 5 4 ,0 8 7
6 2 2 ,7 5 8
4 2 2 ,3 2 0
7 ,4 4 4 ,4 4 7
0 ,0 4 0 ,3 2 6
0 9 3 ,3 2 0
0 , 3 1 5 ,8 3 8
2 3 0 ,0 0 4
1 ,8 6 2 ,8 0 6
4 0 3 ,7 0 3
4 ,1 3 1 ,8 5 5
2 0 ,1 4 4
2 0 1 ,3 8 4
2 ,7 7 2
1 1 1 ,2 5 7
3 ,0 0 6
1 8 ,8 4 4

1 2 ,0 7 3
7 3 ,5 2 1

d e f 1 5 ,2 8 2
1 4 ,7 3 2

d e f 1 8 ,4 3 3
4 ,8 8 2
1 , 4 8 2 ,6 6 2
3 ,3 0 3 ,8 5 8

d e f4 2 ,0 7 8
2 0 ,0 5 7
1 , 3 6 5 ,2 5 5
3 , 5 8 5 ,8 0 8
0 0 2 .0 5 8
2 , 7 0 0 ,7 7 2
8 ,3 8 2 ,3 6 8

0 1 0 ,8 7 5
2 , 5 0 1 ,0 4 8
7 , 6 4 0 ,6 0 0
4 0 ,2 8 3
1 2 0 .4 8 4
0 5 ,0 1 4
2 7 0 ,8 0 8
4 2 6 ,5 9 8
0 0 0 ,9 0 3
3 6 6 ,8 0 3
8 9 0 ,3 0 1
8 ,1 7 1
0 7 ,4 2 5
2 3 ,2 4 0
3 6 ,2 4 6

8 5 ,0 3 5
2 6 7 ,8 0 1
1 0 1 ,1 8 4
2 4 0 ,7 5 7
4 0 4 ,0 6 7
1 ,2 3 3 ,6 5 4
3 4 5 ,7 3 8
0 7 0 ,4 7 8
4 7 ,5 4 1
1 0 5 .0 5 8
d e f 2 6 ,7 6 0

12,020

2 4 4 ,6 0 2
7 2 4 ,6 0 6
4 8 ,3 0 8
5 5 ,4 0 6
1 0 2 ,5 7 1
1 5 5 ,5 1 6
5 6 0 ,4 4 2
5 7 7 ,6 8 5
2 2 7 ,7 4 4
1 0 0 ,6 4 4
4 6 8 ,1 5 2
481 ,7 4 7
3 ,8 0 8 ,2 7 2
3 ,7 1 5 ,7 5 4
8 , 2 2 3 ,1 8 8 1 1 ,5 5 7 ,2 0 7
4 2 ,6 0 4
8 0 ,0 0 0
5 8 8 ,8 2 4
6 5 1 ,2 2 0
1 6 0 ,3 0 4
4 3 2 ,2 5 2

0 4 6 ,4 1 8
6 ,0 7 3 ,5 4 2

3 , 1 7 0 ,3 6 5
1 3 ,5 0 2 ,7 2 0
1 8 9 ,5 0 4
1 ,0 4 7 ,0 7 4

N ew Y o r k & P e n n .b — •
J a n 1 t o M c h 3 1 ________
2 7 ,5 3 6
2 6 ,7 8 2
8 2 ,0 7 0
8 5 ,7 0 4
J u l y 1 t o M c h 3 1 ..............
N o r f o l k & W e s t e r n . b - - - M c h 2 ,0 5 0 ,3 7 3
2 ,7 7 7 ,4 5 4
J u l y 1 t o M c h 3 1 ________ 2 2 ,8 0 8 ,7 3 4 2 2 ,8 6 1 ,1 7 5

0,202
1 7 ,0 2 1
8 0 5 ,4 7 3
7 . 9 0 8 ,3 7 0

8 ,7 7 8
2 6 ,7 6 3
1 .0 0 3 ,6 0 6
8 ,4 4 8 ,5 5 7
1 1 3 ,0 0 6
3 0 1 ,2 0 8

1 t o M ch 3 1 . . . . .4 0 ,4 2 4 , 8 5 2 , 4 0 ,0 0 6 ,9 3 8

N o r t h e r n C e n t r a l . b _____M c h
8 9 9 ,9 1 0
J a n 1 t o M c h 3 1 . - _____ 2 , 5 5 0 ,7 2 5

1 , 0 1 1 ,9 1 0
2 ,9 0 7 ,7 2 5

1 3 5 ,5 9 6
2 8 0 ,3 0 8

2 ,2 0 2 ,3 3 1
^ N o r t h e r n P a c i f i c . b ___ J .M c h 4 ,7 3 2 ,1 1 4
5 , 4 5 5 ,9 4 0
J u l y 1 t o M c h 3 1 ________ 5 3 ,6 0 5 ,0 1 0 4 0 , 5 0 3 , 3 0 2 2 3 ,5 0 1 ,0 5 5
P e n n s y lv a n ia — L in e s d i r e c t l y o p e r a t e d —
E a s t o f P i t t s & E r i e _ b .M c h 1 0 , 9 0 7 , 160 1 3 ,1 0 0 ,9 6 9
J a n 1 t o M c h 3 1 _______ 3 1 ,3 7 5 ,4 4 1 3 7 , 2 0 3 ,5 4 1
W e s t o f P itts & E r i e ..M c h
D ec . 1 ,3 6 0 ,2 0 0
J a n 1 t o M c h 3 1 . . _____
D e c . 4 ,3 0 0 ,4 0 0
x P e n n s y lv a n ia
C o . b - . M c h 2 ,0 3 0 ,1 7 4
-----------J u l y 1 t o M c h 3 1 ________ 3 4 ,3 4 8 ,3 0 2
. .....
______ 1 0 ,5 0 0 ,0 5 7
.A lc h

1 ,2 8 5 ,8 0 7

1 ,3 6 2 ,7 0 7
3 ,7 7 5 ,5 0 3

P it t s C ln C h ic * S t L l A p r 1 ,8 8 8 ,3 1 8
J a n 1 t o A p r 3 0 . ______ 7 ,9 8 4 ,1 7 8

2 ,7 4 7 ,6 7 1
1 0 ,3 1 7 ,2 9 6

Jan

1 t o A lch 3 1 .

•- b —

Jan
J u ly

1 t o M c h 3 1 . ............
1 t o M c h 3 1 . ______
..A p r
............

R a q u ettc L ake— b
Jan 1 to M ch 31.
J u l y 1 t o A lch 3 1 .
R e a d in g C o m p a n y —

T ota l b oth c o s .b - -

J u ly 1

3 , 1 5 3 ,8 0 9
8 ,0 8 5 .3 1 7

D e c . 0 5 ,3 0 0
D ec. 7 3 0 ,7 0 0
8 3 6 ,2 3 0
1 0 ,4 1 3 ,1 0 0
1 8 3 .3 0 0
2 ,1 4 7 ,5 8 4
2 6 8 ,4 1 8
5 0 0 ,4 1 4
3 8 5 ,0 0 0
1 ,8 0 0 ,2 4 4

6 0 3 ,2 5 7
2 ,1 0 0 ,9 0 2

1 9 5 ,3 1 8
4 3 0 ,1 1 4

2 0 4 ,4 4 3
6 7 0 ,3 5 7
1 0 ,8 4 4
1 0 2 ,4 0 5

2 8 2 ,6 4 0
7 4 8 ,7 6 2
0 ,3 3 4
8 2 ,2 3 8

d c fl0 ,9 8 8
878
2 ,3 9 4
2 3 ,2 7 7

0 2 ,4 0 8
1 7 3 ,4 4 4
2 ,3 0 6
2 1 ,3 2 7

1 0 ,5 7 4
3 4 ,8 3 0

8 ,4 3 9
3 7 ,0 0 8

7 ,8 1 4
3 ,8 5 0

2 ,2 1 8
8 ,9 2 8

. . A l c h 3 ,0 6 8 ,6 3 4
............3 2 ,1 5 5 ,5 2 1

3 ,7 0 1 ,4 0 1
3 1 ,5 4 3 ,5 7 9

1 ,1 1 0 ,4 0 8
1 1 ,8 5 5 ,2 0 8

. . M c h 1 , 6 0 3 ,7 8 2
...2 8 ,4 0 7 ,8 6 3

2 ,5 6 2 ,2 3 4
2 7 ,8 8 0 ,0 8 2

. . A f c h 4 , 6 7 2 ,4 1 0
............6 0 ,5 6 3 ,3 8 4

6 ,2 6 3 ,6 3 5
5 9 ,4 3 2 ,6 6 2

d c f 4 4 ,601
2 ,0 5 7 ,5 6 0
1 ,0 7 4 ,7 1 7
1 3 ,9 1 2 ,8 5 8

1 ,3 3 3 ,7 4 7
1 1 ,4 0 5 ,1 2 8
6 4 ,3 0 9
1 ,4 7 0 ,3 5 3
1 ,3 9 8 ,0 5 0
1 2 ,0 3 5 ,4 8 1
1 2 6 ,5 6 0
1 ,1 7 1 ,2 0 1

_____
. .

..A lc h
----------

_________
--------------

..A lc h

_________

..A lc h

1 4 7 ,4 8 7
1 ,4 2 4 ,1 0 7

..F e b
______

4 1 ,3 0 1
1 7 3 ,0 2 5

..A lc h
4 4 ,4 5 8
______
4 0 4 ,9 5 7
. . M c h 4 ,0 0 4 ,2 9 2
............4 5 ,9 5 0 ,1 8 4
a -A lc h 3 ,8 7 4 ,8 8 7
____ 3 7 ,2 6 4 ,8 4 3
i A lch
1 8 7 ,0 6 6
. . 1 ,7 2 8 ,4 3 6
. . A l c h 8 , 9 6 7 ,1 4 6
..8 4 ,0 4 3 ,4 6 5
..A lc h
.

- b—
J u l y 1 t o M c h 31




2 ,6 0 9 ,3 0 0
0 ,5 3 4 ,6 1 7

a -A fc h

1 3 0 ,5 1 2
1 ,2 4 2 ,0 3 7
1 2 2 ,3 8 7

7 2 0 ,0 8 3
7 ,5 5 4 ,5 7 6
. M c h 1 .4 4 4 ,5 9 6

,

1 2 3 ,8 3 9
1 ,1 4 7 ,6 3 5
1 ,1 0 8 ,5 5 0
1 5 ,0 6 0 ,4 9 3

1 ,5 2 4 ,6 2 5
1 4 ,1 0 0 ,0 8 2
4 8 ,0 0 0
3 0 5 ,7 3 0

3 6 ,3 0 7
3 5 0 ,2 0 0
n 1 2 , 4 17
Ml 7 ,5 4 0
n 5 1 .0 0 7
M 5 9 .4 2 0
1 5 ,0 4 5
5 0 ,3 4 9
1 7 ,7 4 7
1 0 7 ,7 4 8
1 8 7 ,2 0 3
4 6 1 ,5 7 0
1 ,1 0 2 ,7 9 8
1 ,4 8 4 ,0 8 8
5 ,2 7 0 ,6 9 0
4 4 ,6 4 4 ,1 4 8 1 1 ,4 1 0 ,0 3 2 1 4 ,0 4 8 .2 2 8
1 ,2 9 3 ,1 0 2
4 ,3 0 4 ,5 2 1
1 .4 0 2 ,4 8 0
3 6 ,0 2 6 ,4 0 4 1 0 ,2 3 5 ,5 4 3 1 2 ,2 6 3 ,7 0 8
7 3 ,4 8 0
1 7 5 ,7 0 1
5 0 ,0 4 0
5 7 0 ,5 0 1
1 .7 2 6 ,6 8 4
6 4 7 .4 7 0
2 ,5 5 0 ,4 7 8
0 ,8 4 0 ,9 7 2
2 ,0 4 3 ,5 2 0
8 3 , 2 0 7 ,3 2 0 2 2 ,2 1 7 ,0 6 8 2 6 , 0 5 0 ,4 0 5
6 5 ,2 3 6
1 4 2 ,4 0 9
5 8 ,1 7 2
4 0 0 ,0 2 3
1 , 3 0 2 ,8 5 7
5 3 0 ,0 1 7
1 7 1 ,0 8 5
1 ,3 0 0 ,2 2 4
5 8 ,4 8 5
1 0 8 ,0 0 8

9 5 ,7 4 5
8 5 0 ,1 8 2
7 ,7 7 1 ,3 1 7
1 ,6 1 5 ,5 5 7
1 2 ,2 0 6 .0 5 8

6 3 ,5 8 6
1 1 0 ,3 2 3
1 ,0 0 4 ,0 6 7
4 1 8 ,9 3 0
2 ,8 8 0 ,0 4 6

C urrent
Year.

P reviou s
Y ear.
3

2 , 0 3 3 ,6 2 4
1 1 ,1 3 3 ,0 7 0
1 4 9 ,1 3 0
1 ,7 7 7 ,5 8 1

N Y O n t a r io & W e s t . a . - M c h
6 0 7 ,4 0 2
J u l y 1 t o M c h 3 1 ............- 0 , 0 2 3 ,1 0 0

----- G ross E a rn in g s ----- — — X e t E a rn in g s -----------

------ X e t E a rn in g s -------

7 1 6 ,5 3 2
M is s o u r i P a c i f ic S y s t . b . - J a n 3 ,2 4 3 ,8 6 7
3 , 8 3 0 ,6 2 0
7 , 3 2 0 ,8 3 1
J u l y 1 t o J a n 3 1 ________2 8 ,4 3 1 ,1 8 8 2 8 ,5 3 0 ,2 5 4
M o b i le & O h io — S e c u n d e r S o u t h e r n R y . S y s t e m b e l o w .
2 2 0 ,1 3 1
N a s h v C h att & S t L . b . - M c h
0 2 4 ,8 2 5
1,130,018
1 ,8 1 2 ,1 6 1
J u ly 1 to M ch 3 1 _______ 8 ,4 1 1 ,6 1 0
8 ,8 7 1 ,8 8 8
5 2 1 .4 8 4
0 N a t R R o f M e x ic o ____ M ch 1 ,345,030
1,407,074
4 ,2 0 7 ,0 8 0
J u ly 1 to M ch 3 1 _______ 1 2 ,005,446 1 1,401,053
2 1 ,5 7 5
H id a lg o & N or E ’ n ___M c h
7 7 ,5 8 5
82,374
1 7 0 ,4 5 2
J u ly 1 to M ch 3 1 . ..........
7 4 6 ,7 5 5
740,403
1 0 ,5 0 8
N e v a d a -C a l-O r e g o n . b . - M c h
24,150
12,348
1 2 8 ,7 7 4
J u ly 1 to M ch 3 1 _______
257 ,0 2 0
106,421
606
N e v a d a C e n t r a l.b _______M ch
4 ,8 3 3
6,540
7 ,4 0 5
J u ly 1 t o M ch 3 1 _______
57,761
56,072

J u ly

1219

THE CHRONICLE

May 23 1908 |

4 5 ,7 0 7
1 7 1 ,3 5 7
2 ,1 1 8 ,1 7 5
3 9 6 ,8 2 8
2 , 5 8 0 ,0 7 0

R oads.

S ou th ern
J u ly

5
P a c i f i c . a ______ A lch 9 , 4 5 0 ,9 4 9
1 t o A lch 3 1 . . _____0 6 ,3 5 0 ,5 3 7
R a i l w a y C o . a . A fch 4 .3 2 1 ,5 1 1
1 t o M c h 3 1 . . _____4 1 ,4 0 5 ,1 6 0

S ou th ern
J u ly
7 4 3 ,6 9 5
M o b i le & O h i o . a ______ A lch
J u l y 1 t o A lch 31 _ . _ _ _ _ 7 ,5 2 9 ,2 0 8
6 0 1 ,0 7 7
C in e N O & T e x P a c . a A lch
6 , 0 6 8 ,1 6 2
J u l y 1 t o A lc h 3 1 . .
2 4 6 ,0 0 5
A l a G t S o u t h e r n . a ___ A fch
2 , 7 5 5 ,8 9 8
J u l y 1 t o A lch 31 .

P rev io u s
Y ear.

F u rren t P revio u s
H cv r.
Y ea r.

$
5
$
1 0 ,2 5 9 ,5 4 4
2 ,7 0 9 , 3 0 9
2 ,8 3 5 ,1 0 2
0 3 ,3 0 6 ,0 7 0 2 0 , 7 0 1 , 7 7 1 3 3 , 8 3 3 , 8 5 7
5 ,0 1 3 ,5 2 7
8 1 2 ,6 9 2
1 ,0 5 0 ,0 3 2
4 2 ,4 5 4 ,2 5 4
8 ,2 1 6 ,0 0 4
9 ,1 9 3 ,9 5 3
9 9 5 ,0 0 1
3 3 2 ,4 5 3
2 6 0 ,3 2 2
7 ,8 8 9 ,9 4 0
2 ,4 7 7 ,3 4 6
2 ,0 5 1 ,0 7 2
6 4 6 ,5 1 2
1 4 9 ,7 9 3
1 0 8 ,9 3 1
6 ,0 8 5 ,0 0 8
1 ,2 0 0 ,7 2 4
1 ,1 2 6 ,7 7 8
3 1 4 ,9 7 8
4 6 ,0 * 3
6 0 ,6 7 7
4 3 4 ,; 5 )
2 ,9 3 0 ,3 4 7
5 5 5 ,2 2 3
2 7 ,9 4 2
2 5 4 ,0 7 3

G e o r g ia S o u & F l a . a . A fch
1 6 1 ,1 6 0
1 552 060
2 ,1 6 2
1 1 3 ,5 2 5
2 0 ,8 5 7
6 7 ,7 3 4
A lch
T e x a s C e n tr a l.a . .
2 5 2 ,3 0 4
9 3 0 ,2 8 0
3 0 7 ,1 8 6 .
J u l y 1 t o A lch 3 1 . .
8 8 0 ,5 8 0
1 1 5 ,1 0 6
1 ,4 0 2 ,6 3 3
T e x a s & P a c i f i c , b _______ A lch 1 , 0 2 0 ,4 3 9
3 ,1 3 9 ,4 1 6
J u l y 1 t o A lch 3 1 . . ____ 1 1 ,6 0 2 ,2 0 3
1 2 ,7 7 3 ,2 8 0
194
2 ,3 8 5
8 ,5 1 3
T i d e w a t e r & W e s t e r n , b . A lc h
6 ,7 4 8
3 ,9 2 5
J u ly 1 to M ch 3 1 . .
6 6 ,1 4 4
6 ,1 6 0
6 8 ,8 6 7
1 3 3 ,4 6 8
5 8 ,3 6 1
T o l e d o & O h io C e n t . a . A lch
3 4 1 ,9 9 8
3 3 6 ,3 9 4
1 ,0 1 1 ,0 3 2
1 ,0 8 9 ,9 7 1
J u l y 1 t o A lch 31 .
3 , 5 8 8 ,6 6 4
3 , 4 1 5 ,1 3 3
434
1 0 ,1 9 8
T o l P e o r ia & W e s t .b . . . A p r
0 6 ,4 4 5
8 1 ,4 5 1
2 2 5 581
1 8 1 ,8 7 4
J u ly 1 t o A p r 3 0 . .
1 ,0 3 7 .5 3 6
1 ,0 5 5 ,2 6 2
p >5,761
p 3 0 ,733
T o l .St L o u is & W e s t _ a . A lch
2 8 4 ,4 6 5
3 2 1 ,5 4 2
J u l y 1 t o A lch 3 1 . .
p s 4 4 ,2 7 5
3 ,0 3 0 ,3 4 0
p '5 8 9 ,6 8 5
3 ,1 0 0 ,3 4 2
T o m b l g b e e V a l l e y C o ___ A fch
1 ,6 9 8
5 ,4 0 8
2 ,1 1 0
6 ,5 0 8
J u l y 1 t o A lch 3 1 . . _____
1 4 ,8 6 9
4 5 ,4 3 8
1 0 ,8 4 1
4 8 ,4 2 0
U ls t e r & D e la w a r e . b —
J a n 1 t o A fch 3 1 . .
1 3 4 ,7 3 1
3 ,2 0 2
1 3 5 ,2 4 8
d e f 1 1 ,5 2 2
J u l y 1 t o A lch 3 1 . .
6 8 0 ,0 4 6
1 6 5 ,9 2 1
6 5 4 ,5 2 0
1 2 4 ,7 7 1
6 ,2 0 0 ,0 5 0
2 ,4 0 0 ,5 7 3
U n io n P a c i f i c . a ------- -------- A lch 5 ,3 4 5 ,2 6 4
2 ,1 9 5 ,4 0 0
J u l y 1 t o A lcli 3 1 . _____5 8 ,0 9 4 ,5 0 6 5 6 ,2 7 2 ,5 7 7 2 3 ,3 6 4 ,5 1 3 2 6 , 1 6 5 ,4 6 0
7 4 8 ,2 7 8
A fch
197 459
7 ,2 5 1 ,9 3 3
1 ,7 5 9 | 5 0 4
7 2 ,0 9 0
9 0 ,9 4 7
V i r g i n ia & S o u t h w ’ n . b . A p r
1 0 ,2 2 7
3 0 ,3 8 3
8 6 7 ,0 0 1
8 9 3 ,2 3 7
J u l y 1 t o A p r 30
2 5 2 ,0 4 2
2 7 3 ,6 0 8
A lch 1 ,9 7 0 ,1 3 0
2 ,2 0 4 ,3 5 3
3 3 0 ,9 9 7
W a b a s h , b ------ —
5 6 7 ,1 2 0
5 ,4 7 6 ,5 9 0
J u l y 1 t o A lch 31 . ____ 1 9 ,9 2 6 ,3 4 8 2 0 ,4 4 1 .3 1 2
6 ,0 0 7 ,2 4 3
3 0 8 ,8 1 0
6 ,9 1 8
3 6 4 ,3 1 0
21 ,8 1 8
W J e rse y & S e a sh o re , b M ch
9 2 4 ,9 6 4
9 5 1 ,0 6 4 d f . 1 4 8 ,4 0 4 d f . 1 7 8 ,0 9 4
J a n 1 t o A lch 3 1 . .
3 5 0 ,9 9 8
4 0 7 ,0 4 0
7 5 ,4 0 5
1 2 5 ,1 2 1
W estern .M a r y la n d a .. .F e b
1 , 3 2 5 ,9 1 4
3 ,5 2 7 ,2 3 0
1 , 1 3 2 ,7 9 9
J u ly 1 to F e b 2 0 . .
3 , 9 6 8 ,2 0 3
W estern N Y & P e n n . b
1 , 6 4 1 ,2 6 7
J a n 1 t o A lch 3 1 .
6 , 6 8 3 ,7 0 4
J u l y 1 t o A fch 3 1 .
3 9 0 ,1 0 0
W h e e lin g & L a k e E r i e , b A fch
4 ,3 4 7 ,4 6 3
J u l y 1 t o A fch 3 1 .
5 9 1 ,3 0 0
^ W is c o n s i n C e n t r a l , a . . . M c h
5 ,6 7 6 ,3 7 4
J u l y 1 t o A lch 3 1 .
2 2 6 ,6 0 2
W r lg l i t s v & T e n n l l l e . b .A l c h
2 2 2 5 ,1 1 4
J u l y 1 t o A lc h 3 1 .
8 8 0 ,8 0 0
Y a z o o & AUss V a l l e y . a . .A l c h
7 ,7 1 2 ,3 5 3
J u l y 1 t o A lch 3 1 .

1 ,9 2 6 ,1 2 8
6 , 0 0 8 ,8 7 9
4 0 1 ,7 1 4
4 ,4 1 3 ,1 1 8
6 5 3 ,7 8 0
5 ,5 0 8 ,0 0 3
Z 3 1 ,671
3 2 2 0 ,6 5 0
8 6 6 .8 8 4
7 .2 0 3 ,4 5 3

d e f . 3 0 ,0 3 8
8 6 0 ,3 9 0
7 2 ,2 1 0
9 0 5 ,8 8 5
1 3 7 ,4 0 0
1 ,5 3 6 ,5 8 0
8 ,2 7 1
6 6 ,1 4 8

2 8 2 ,5 2 8
1 ,3 1 5 ,4 7 0
1 2 0 ,0 8 4
1 ,4 3 1 ,8 4 1
2 0 9 ,4 3 1
1 , 6 2 6 ,0 9 0
1 2 ,9 4 3
5 7 ,0 3 1

1 2 0 ,6 7 2
l 0 5 7 ,1 3 8

1 8 5 ,5 6 6
1 ,2 1 9 ,4 5 7

a N e t e a r n in g s h e r e g iv e n a r e a f t e r d e d u c t i n g t a x e s .
b N e t e a r n in g s h e r e g i v e n a r e b e f o r e d e d u c t i n g t a x e s .
c F ig u r e s r e v i s e d to r p r e v i o u s y e a r s o a s t o a c c o r d w it h t h e n e w c la s s ifi­
c a t io n o f e a r n in g s a n d e x p e n s e s n o w r e q u ir e d b y t h e I n t e r -S t a t e C o m m e r c e
C o m m i s s io n .
<1T h e c o m p a n y n o w I n c lu d e s t h e e a r n in g s o f t h e D e n v e r E n id & G u lf R R . ,
P e c o s V a ll e y s y s t e m a n d S a n t a E e P r e s c o t t & P h o e n ix R y . in b o t h y e a r s .
F o r A la rch t a x e s a n d r e n t a ls a m o u n t e d t o 5 2 4 1 ,7 0 5 , a g a in s t 3 1 9 0 ,0 2 5 In
1 0 0 7 ; a f t e r d e d u c t i n g w h ic h , n e t f o r M a r c h 1 0 0 8 w a s $ 2 ,0 0 7 ,1 4 0 , a g a in s t
5 3 ,0 3 0 ,4 7 4 la s t y e a r .
F o r p e r i o d f r o m J u l y 1 t o A la rch 3 1 , t a x e s a n d
r e n t a ls w e r e 5 2 ,1 4 3 .7 8 1 in 1 0 0 8 , a g a in s t 5 1 ,7 4 1 ,5 1 3 In 1 9 0 7 .
g T h e s e r e s u lt s a r e In M e x ic a n c u r r e n c y .
h F o r A la r c h 1 9 0 8 a d d it i o n a l I n c o m e s h o w e d a d e f ic i t o f $ 8 1 6 , a g a in s t a
c r e d it o f $ 0 ,7 8 1 In 1 9 0 7 , a n d f o r p e r i o d f r o m J u l y 1 t o A la r c h 31 w a s $ 2 9 ,2 3 2
in 1 9 0 8 , a g a in s t 5 4 5 ,5 0 4 la s t y e a r .
£ F o r M a r c h 1 9 0 8 a d d it i o n a l I n c o m e w a s $ 3 3 ,4 3 0 , a g a in s t 5 1 2 ,1 4 5 In
1 9 0 7 , a n d f o r p e r io d f r o m J u l y 1 t o M a r c h 31 w a s $ 1 5 5 ,6 4 3 In 1 0 0 8 , a g a in s t
$ 1 7 0 ,3 7 5 la s t y e a r .
n T h e s e fig u re s r e p r e s e n t 3 0 % o f g r o s s e a r n in g s .
p F o r A la rch m is c e lla n e o u s c h a r g e s a n d c r e d it s t o I n c o m e w a s $ 8 8 3 ,
a g a in s t $ 0 1 4 in 1 9 0 7 , a n d f o r p e r io d f r o m J u l y 1 t o A la r c h 31 w a s 5 5 7 ,0 3 2
In 1 9 0 8 , a g a in s t 5 2 5 ,6 4 1 In 1 9 0 7 .
r F o r A la rch 1 0 0 8 n e t f r o m C o a l D e p a r t m e n t w a s $ 1 0 5 ,4 5 0 , a g a in s t
5 1 0 2 ,4 3 0 la s t y e a r , a n d f r o m J a n . 1 t o M a r c h 31 w a s $ 2 4 5 ,8 5 7 In 1 9 0 8 ,
a g a in s t 5 3 0 6 ,5 9 8 la s t y e a r .
s A f t e r a l lo w i n g f o r m is c e lla n e o u s I n c o m e , w h ic h w a s a d e b i t I t e m f o r
t h e m o n t h o f M a r c h 1 9 0 8 , t o t a l n e t e a r n in g s w e r e $ 4 3 6 ,5 4 6 in A la rch 1 0 0 8 .
a g a in s t 5 3 2 0 ,5 0 3 la s t y e a r , a n d f o r p e r i o d f r o m J u l y 1 t o A la rch 31 w e r e
5 3 ,0 1 8 ,5 4 1 th is, y e a r , a g a in s t $ 3 , 3 5 3 ,0 9 9 .
v In a c c o r d a n c e w i t h t h e c o n t r a c t o f N o v . 1 1 9 0 7 b e t w e e n t h e A t l a n t i c
& B ir m in g h a m C o n s t r u c t i o n C o . a n d t h e A t l . B lr m . <5c A t l . R R . C o . , t h e
C o n s t r u c t i o n C o . , a s t h e p a r t o f e x p e n s e s c h a r g e a b le t o It o n a c c o u n t o f t h e
u n fin is h e d c o n d i t io n o f t h e w o r k a n d t h e I n t e r fe r e n c e b y Its w o r k w it h t h e
o p e r a t i o n , p a y s e a c h m o n t h t o t h e R a il r o a d C o . s u c h p o r t io n o f t h e o p e r ­
a t i n g e x p e n s e s a s e q u a ls t h e e x c e s s o f t h e t o t a l o p e r a t i n g e x p e n s e s a b o v e
7 0 % o f th e to ta l o p e r a tin g r e v e n u e .
x T h e s e fig u re s a r e o n t h e b a s is o f a c c o u n t i n g r e q u i r e d b y t h e I n t e r - S t a t e
C o m m e r c e C o m m is s io n .
z I n c lu d e s $ 5 5 o t h e r I n c o m e f o r A la rch 1 0 0 8 .a g a in s t $ 3 9 8 In 1 0 0 7 , a n d f o r
p e r io d f r o m J u l y 1 t o A la rch 31 I n c lu d e s 5 7 9 2 in 1 0 0 8 , a g a in s t $ 4 ,0 6 0 la s t
y e a r ; b e g i n n i n g J u l y 1 , t h e e a r n in g s o f t h e D u b lin & S o u t h w e s t e r n R R . a r e
I n c lu d e d In b o t h y e a r s .

I n t e r e s t C h a r g e s a n d S u r p lu s .
— I n t., R entals, & c .— — B a l. o j N e t E 'n g s .—
C u rr e n t

Y ear.
R oads.
B a n g o r & A r o o s t o o k — A fch
J u l y 1 t o M c h 31 —
B e l l e fo n t e
C e n t r a l_____ . A p r
Jan
1 to A p r 3 0 . .
B o sto n & A lb a n y —
J a n 1 t o M c h 31 _ .
J u l y 1 t o A fch 31 .

5
' 8 4 ,1 7 0
6 8 9 ,1 0 0
257
1 ,0 2 8
8 3 0 ,4 9 1
2 ,4 3 6 ,3 4 0

P reviou s
Year.
$
6 7 ,0 7 6
5 0 1 ,0 2 2
303
1 ,2 1 2

C urrent
Year.
$
4 2 ,5 8 8
d e fio .n o
1 ,0 3 9
20

P reviou s
Y ear.
$
4 4 ,0 2 3
1 0 6 ,6 8 8
417
2 ,8 0 1

8 8 5 ,3 3 0 x d e f9 3 6 ,8 fl6 a :d e f 5 0 5 ,4 4 5
2 , 6 0 5 , 0 0 2 £ d f l 5 8 1 ,3 7 5 £ d f 1 0 3 3 ,4 6 8

B o s t o n & A fa ln e —
2 . 3 7 2 ,6 0 6
2 , 0 7 5 , 6 0 2 j - d e f0 7 1 ,9 6 3 r d e f 4 2 4 ,3 6 0
J a n 1 to M ch 3 1 .
6 , 1 2 8 ,9 7 2
£ 4 3 8 ,0 1 0 £ 1 , 4 6 8 . 3 5 9
J u l y 1 t o A fch 3 1 . . _____ 7 ,2 7 0 ,6 9 6
B oston R e v e re B ea ch & L y n n
1 7 ,5 7 9
1 5 ,7 6 9 x d e f .7 ,6 4 6 d e f . £ l 3 , 7 7 0
J a n l t o A lch 31 _
5 3 ,3 8 1
4 7 ,1 0 5
£ 3 8 ,7 5 6
£ 3 0 ,2 2 4
J u ly 1 t o A fch 3 1 . . _____
593
543
314
d e f5 0
B r id g e t o n & S a c o R i v e r . A fch
5 ,3 4 0
4 ,8 0 0
6 ,2 7 7
J u l y 1 t o A fch 3 1 . .
7 ,7 3 8
C e n tr a l N e w E n g la n d —
1 0 8 ,5 3 3
6 3 ,8 5 0 x d f .3 5 ,2 1 2
J a n 1 t o A fch 31 .
£ 2 7 ,2 5 5
3 5 4 ,2 7 9
1 7 0 ,2 3 2 a r d f.4 4 ,7 3 5
J u l y 1 t o A fch 3 1 . .
£ 1 1 8 ,3 2 9
5
5
8 2 ,2 9 4
A
lch
6 7 2 0 ,4 6 2
C e n tr a l o f N e w J e r s e y —
d e f 4 1 ,3 3 2
1 2 1 ,7 8 5
J u l y 1 t o A lch 3 1 . . _____0 4 ,5 6 5 ,8 2 3 6 5 ,6 3 7 ,0 7 8
4 , 0 0 3 ,1 7 0
3 ,4 0 1 ,7 9 6
3 1 ,3 5 0
3 0 ,0 4 6
c 3 4 ,0 3 0
e d e f5 ,3 1 5
C o l o r a d o A l l d l a n d _______
2 7 8 ,6 3 0
2 7 5 ,8 2 0
C 2 9 .6 8 5
Cl 6 2 ,9 9 0
J u l y 1 t o A lch 3 1 . . .
2 4 0 ,0 0 9
C o l o r a d o & S o u t h e r n — A lch
2 2 0 ,1 3 3
C 8 7 ,7 0 3
Cl 1 5 ,0 1 2
1 , 0 4 9 ,2 5 9
1 ,7 3 3 ,0 9 8 c l ,9 5 6 ,0 6 4 C l , 5 9 7 ,8 3 4
J u l y 1 t o A fch 3 1 . .
1 2 ,8 3 7
5 ,4 2 7
1 2 ,4 3 8
2 ,9 6 6
C o p p e r R a n g e . ------------- .A fch
1 2 1 ,1 3 7
9 9 ,5 6 3
J u ly 1 t o A fch 3 1 . .
1 0 7 ,9 3 8
5 6 ,6 9 8
3 ,4 5 0
1 5 ,5 6 0
3 ,4 1 0
£ 2 ,1 8 0
C o r n w a ll & L e b a n o n — . F e b
2 8 ,1 7 3
1 3 4 ,0 0 0
3 0 ,0 8 3
£ 5 2 ,7 4 1
J u ly 1 t o F e b 2 9 . .

—

Roads.

Int., Rentals, &c.—
Current
Previous
Year.
Year.
$

Bal. of Net E'ngs.—
Current
Previous
Year.
Year.

N ew Jersey & N ew Y o r k —

Jan

1 t o M ch 3 1 .............

J u ly 1 t o
London
Jan 1 to
J u ly 1 to

M c h 3 1 ________
& N o rth e rn —
M c h 3 1 ..............
M c h 3 1 . ............

$

$

$
6 1 ,2 5 6
1 8 1 ,5 0 8
9 9 3 ,3 6 7
3 , 3 5 6 ,8 9 8
1 1 3 ,0 6 1
3 0 7 ,2 3 8
d 3 8 9 ,4 5 0
< 1 2 ,9 5 1 ,8 6 8
2 7 ,4 4 2
2 1 2 ,5 1 3
2 d e f 2 1 ,8 9 7
2 d e f 3 7 ,6 1 6
d e f l ,3 4 4
3 ,8 5 8
2 9 ,3 7 8
2 9 ,7 9 0
2 2 ,6 7 3
2 9 ,0 0 1
2 d e f5 ,4 8 t
£ 1 ,1 3 0 ,3 1 5
£ 3 ,8 3 1
£ 1 8 5 ,1 9 6
£ 1 , 6 1 8 ,1 0 7
£ 5 ,6 8 8 ,7 3 7
1 3 ,6 8 9
£ 8 0 ,9 2 5
1 ,0 0 2
1 0 ,1 2 0
9 ,6 3 5
5 9 ,7 8 3
£ d e f2 ,1 2 8
£ 2 8 ,9 1 8
£ 1 2 9 .2 6 7
£ 3 ,1 6 1 ,1 4 9
8 1 ,8 8 6
5 1 8 ,3 5 4
£751
£ 9 5 ,0 8 7

1 5 1 ,6 6 0

1 5 ,4 9 6 2 d e f 3 5 , 6 9 9 2 d e f 2 9 ,1 2 8
4 6 ,4 8 8 2 d e f 7 5 ,1 7 7 2 d e f 2 6 ,2 3 6

5 0 ,9 8 8
1 7 7 ,6 2 1

5 0 ,9 8 8 2 d e f 6 2 ,9 2 2 2 d e f 8 6 ,6 2 8
1 7 6 , 6 4 4 2 d e f 1 5 1 ,3 2 8 2 d e f 1 2 3 ,7 7 7

48,254

N Y N H &H a r tfo r d —
3 , 4 0 8 , 1 8 3 2 d e f 6 6 8 ,8 3 7
2 3 4 9 ,1 0 9
Jan
1 t o M c h 3 1 .............. 4 ,4 7 3 ,0 2 3
J u l y 1 t o M c h 3 1 _______ 1 3 ,8 1 9 ,8 1 8 1 0 ,3 9 1 ,7 9 9 2 3 , 5 5 7 , 1 8 7 2 4 , 9 0 0 , 1 1 6
7 5 ,9 1 7
1 1 3 ,5 8 7
5 4 ,8 9 5
N Y O n t a r io & W e s t e r n . M c h
9 4 ,2 4 4
6 6 9 ,4 0 2
1 , 2 7 7 ,6 7 2
1 , 0 2 4 ,4 8 5
J u l y 1 t o M c h 3 1 ________
7 5 3 ,0 9 6
N e w Y o r k & P e n n s y lv a n ia —
Jan 1 to
M c h 3 1 .............
6 ,2 0 7
J u ly 1 t o
M c h 3 1 _______
1 7 ,8 9 9
N o r f o l k & W e s t e r n ---------M c h
4 4 0 ,7 2 7
J u l y 1 t o M c h 3 1 ________ 3 , 9 2 9 , 3 0 0
P ltts b S h a w m u t & N o r—
Jan
1 to
M c h 3 1 ---------J u ly 1 to
M c h 3 1 ----------

4 5 ,3 3 3
1 3 4 ,8 7 4

R a q u ette L a k e—
„ „. „
Jan 1 to
M c h 3 1 ---------3 ,3 1 2
J u ly 1 t o
M c h 3 1 ---------1 1 ,3 5 2
R e a d i n g C o m p a n y -------- M c h
8 8 7 ,5 0 0
J u l y 1 t o M c h 3 1 ------------ 7 ,9 8 7 ,5 0 0
8 ,3 3 4
R io G ra nde J u n c t io n . ___ F e b
2 5 ,0 0 0
D e c 1 to F eb 29

R to G ra nde S o u th e r n — M ch
18,206
J u ly ’ to M ch 3 1 ----------167,193
R u tla n d R R —
„ ,
..v ^ J a n 1 to M ch 3 1 .............
182,424
•I J u ly 1 to Mch 3 1 . ...........
560,475
S t Josep h & Gr I s l_____ M ch
20,867
J u ly 1 to M ch 3 1 _______
188,579
St L a w r & A d ir o n d a ck —
___
Jan 1 t o M ch 3 1 _______
20,223
St L ou is
S o u th w c s t’n .M c h
162,234
J u ly 1 to M ch 3 1 _______ 1 ,490,619
T ex a s C en tral___________ M ch
2,583
23,247
J u ly 1 t o M ch 3 1 .............
T o le d o & O h io C e n tr a l..M c h
39,476
J u ly 1 to M ch 3 1 .............
367 .410
T o le d o P eoria & W estern A p r
23,959
J u ly 1 t o A p r 3 0 _______
238 ,7 3 9
U lster & D elaw are—
Jan 1 to M ch 3 1 ______
49,753
J u ly 1 to M ch 3 1 ______
160,286
W estern N Y & lP e n n —
Jan 1 to M ch 3 1 ...........
463,343
J u ly 1 t o M ch 3 1 ............ 1,590,068

&

5 ,6 6 5
1 7 ,4 7 0
4 0 1 ,8 7 4
3 ,4 7 8 ,7 5 0

3 6 4 ,7 4 6
4 , 0 3 9 ,0 7 0

3 ,1 1 3
9 ,2 9 3
6 0 1 ,8 2 2
4 , 9 6 9 ,8 0 7

2 3 ,8 6 6 2 d e f l 1 ,4 6 3
5 7 ,2 8 1
2 6 7 ,8 9 9

6 8 ,5 4 2
1 1 6 ,1 6 3

d e f .5

22

3 ,8 2 4
1 1 ,4 9 3
8 8 5 ,4 7 8
7 ,9 6 9 ,2 9 9

2 4 ,7 2 8
2 d c f6 ,7 8 6
3 1 1 ,0 5 6
7 , 0 7 2 ,0 9 3

8 ,3 3 4
2 5 ,0 0 0
1 8 ,6 3 3
1 6 5 ,2 4 4

2 d e f2 ,2 3 9
2 2 5 ,1 0 8

1 8 3 ,2 5 9
5 4 8 ,3 4 4
2 1 ,6 6 6
1 8 5 ,4 2 9

4 ,0 8 3
2 6 ,9 0 7

d e f l . 359

2 d e f l ,8 1 2
6 3 9 ,1 4 7
6 ,1 3 7 ,3 8 3
9 ,2 1 2
3 4 ,4 2 0
2 d e f8 8 6
2 3 0 ,4 6 3

2 d e t 6 8 ,4 6 8 2 d e f 1 5 ,7 0 9
2 3 6 ,4 9 7
2 6 6 ,5 4 0
4 4 ,3 6 0
3 6 ,5 0 8
3 1 1 ,3 4 4
3 4 4 ,5 8 8

1 9 ,7 7 1
2 4 4 ,0 1 5
2 2 6 ,5 8 1
1 5 0 ,0 9 2
2 1 0 ,4 8 8
2 5 7 ,7 6 1
1 .3 4 5 ,7 1 4
2 7 3 7 ,2 9 4 2 1 , 0 6 6 ,5 4 6
2 ,5 8 3
d e t .4 2 1
2 7 ,2 7 4
2 3 ,2 4 7
2 2 9 ,1 4 7
3 7 3 ,9 3 9
2 1 1 3 ,3 3 3
3 6 ,9 2 0
2 2 1 ,7 1 4
2 8 0 6 ,6 7 9
3 3 2 ,4 0 6
2 7 6 4 ,5 1 4
2 4 ,1 6 6 2 d e f 2 2 ,5 2 5
d e f l 3 ,9 6 8
2 4 1 ,7 6 2 2 d e f 1 8 .7 7 4
d e f 1 6 ,1 8 1
4 1 ,5 0 0 2 d e f 6 0 , 3 2 5 2 d e f 3 7 ,2 8 3
1 2 4 ,5 0 0 2 d e f 2 7 ,7 9 6
2 4 4 ,0 2 9
2 7 6 ,8 1 5 d e f . 4 9 3 ,3 8 1
1 ,1 2 9 ,9 3 0 d e t .7 2 9 ,6 6 9

2 9 ,4 9 0
2 1 8 9 ,3 1 7

b I n c lu d e d

In f ix e d c h a r g e s a r e e x p e n d it u r e s f o r r e n e w a ls , a d d it i o n s a n d
I m p r o v e m e n t s a m o u n t i n g t o nil f o r M a rch 1 9 0 8 , a g a in s t $ 7 9 ,0 2 6 In 1 9 0 7 ,
a n d f r o m J u l y 1 t o F e b 29 w e r e $ 8 6 2 ,3 9 7 In 1 9 0 7 .
c A f t e r a l lo w i n g f o r m is c e lla n e o u s c h a r g e s a n d c r e d it s t o I n c o m e .
d T h e s e fig u re s a r e a f t e r a l lo w i n g f o r o t h e r I n c o m e a n d f o r d i s c o u n t a n d
exch an ge.
T h e s u m o f $ 1 0 ,0 0 0 Is d e d u c t e d e v e r y m o n t h f r o m s u r p lu s a n d
p la c e d t o t h e c r e d it o f t h e R e n e w a l F u n d .
2 A f t e r a llo w i n g f o r o t h e r I n c o m e r e c e iv e d .

Miscellaneous Companies.
— Cross Earnings-----Current
Previous
Companies
A b in g to n & R o c k la n d E le c t
L ig h t & P o w e r C o . a - . F e b
J a n 1 t o F e b 2 9 _______
C u m b T el & T el C o .b — A p r
J a n 1 t o A p r 3 0 ..............
E d is o n E l e c C o (B r o c k ) a F e b
J a n 1 t o F e b 2 9 -----------F a ll R i v e r G a s W o r k s . a . F e b
J a n l t o F e b 2 9 ..............
H o u g h to n C o E le c L t .a .F e b
J a n 1 t o F e b 2 9 -----------H u d R tv E le c P o w C o .a .M c h
J a n 1 t o M c h 3 1 -----------K e y s to n e T e le p C o . a . - M c h
J u l y 1 t o M c h 3 1 ------------




$ '

$

5 ,0 3 8
1 1 ,1 1 3
5 1 1 ,3 7 8
,0 4 9 ,2 5 7
1 8 ,6 0 4
4 0 ,9 5 5
3 1 ,3 2 5
7 0 ,5 9 7
2 1 ,9 1 0
4 6 ,9 8 0
1 0 5 ,4 0 9
3 2 4 ,5 5 4
8 9 ,1 5 3
7 8 7 ,9 7 5

4 ,1 9 0
9 ,0 1 2
4 8 6 ,1 4 9
1 ,9 2 6 ,7 0 0
1 5 ,3 0 7
3 4 ,3 8 0
2 9 ,4 6 7
6 7 ,7 1 9
2 3 ,0 5 4
5 0 ,9 0 6
7 9 ,6 8 9
2 5 6 ,9 5 9
8 5 ,3 9 5
7 3 2 ,4 8 0

—Gross Earnings-----Current Previous
Year.
Year.

—

31,845
2 8 ,3 2 9
7 4 ,0 2 9
C u b a R R --------------------------- M c h
2 6 0 ,7 2 5
2 4 0 ,9 4 2
J u ly 1 t o M ch 31 .
2 5 1 ,4 5 9
D e l L a c k & W e s t e r n — L e a s e d L in e s In N e w Y o r k S t a t e J a n 1 t o M c h 3 1 ..............
6 0 1 ,0 6 3
6 1 4 ,7 6 6
2 6 5 1 ,6 2 7
J u l y 1 t o M c h 3 1 , ............ 1 ,7 9 9 ,1 1 0
1 ,8 4 8 ,2 2 0 2 3 , 1 2 8 ,6 2 4
S y ra cu s e B in g h a m to n & N ew Y o r k —
2 4 ,1 2 5
J a n 1 t o M c h 3 1 ..............
2 9 ,2 7 5
2 1 0 1 ,0 9 3
J u l y 1 t o M c h 3 1 .............
7 2 ,0 6 8
1 0 4 ,8 4 4
2 4 8 1 ,1 0 0
D e n v e r & R io G r a n d e .- M c h
2 9 7 ,7 9 3
2 8 5 ,4 8 9
dZ4 2 ,1 6 2
J u l y 1 t o M c h 3 1 _______ 2 ,8 0 9 ,4 7 7
1 ,6 5 1 ,9 4 3 d2 , 7 7 2 ,4 1 7
D u n k ir k A lle g h e n y V a l & P itts —
J a n 1 t o M c h 31
3 ,5 4 6
2 d e f 1 3 ,4 8 5
3 ,5 4 6
J u l y 1 t o M c h 3 1 ________
1 0 ,0 1 3
2 d e f 2 2 ,1 3 8
9 ,9 9 0
9 7 ,1 3 6 2 d e f 2 0 , 3 8 5
D u lu t h S o S h & A t l _____M c h
9 3 ,0 9 2
J u l y 1 t o M c h 3 1 _______
87R 226
8 2 2 , 8 9 9 £ d e f 2 0 8 ,1 9 9
G en esee & W y o m in g —
Jan
1 t o M c h 3 1 _______
6 .6 3 6
d e f 6 ,8 5 2
7 ,1 0 0
J u ly
1 t o M c h 3 1 _______
2 0 .6 3 6
d e f 2 ,2 2 9
2 0 ,9 5 0
5 1 ,7 2 2
2 1 ,7 4 3
G e o r g ia R R _______________M c h
5 3 ,6 2 6
4 6 4 ,9 9 7 2 d c f 1 2 2 ,7 8 0
J u l y 1 t o M c h 3 1 ________
5 1 1 ,7 4 9
G r e e n w ic h & J o h n s o n v ll l e —
4 ,6 9 9
4 ,8 0 1
2 6 ,5 3 1
J a n 1 t o M c h 3 1 ________
1 4 ,0 9 9
1 4 ,4 0 3
2 1 4 ,5 6 2
J u l y 1 t o M c h 3 1 -----------6
7
,4
8
0
8
4
,9
8
4
2
7
9 ,0 1 7
H o c k i n g V a l l e y __________ M c h
5 7 4 ,6 8 2 £ l ,3 7 7 ,8 7 4
J u l y 1 t o M c h 3 1 ..............
7 1 2 ,1 9 7
2 2 ,6 8 1
2 0 ,5 1 6
K a n a w h a & M ic h i g a n . _ .M c h
£ 1 7 ,9 7 7
1 9 4 ,2 5 3
J u ly 1 to M ch 3 1 ..
1 9 9 ,8 5 6
£ 9 7 ,6 2 4
L a k e S h o r e & M ic h ig a n S o u t h e r n —
J a n 1 t o M c h 3 1 _________ 2 ,3 1 0 ,0 0 1
2 ,0 6 6 ,6 6 6 £ 1 ,1 6 6 ,9 4 7
6 ,1 7 2 ,1 3 6 £ 5 . 5 3 5 ,0 6 5
J u l y 1 t o M c h 3 1 . ........... 6 ,8 4 7 ,0 5 1
L e h ig h & H u d s o n R i v e r —
4 6 ,4 4 5 d e f . 1 1 ,6 1 4
J a n 1 t o M c h 3 1 ____
6 0 ,4 8 4
1 3 2 ,6 6 2 £ d e f . 3 ,8 7 4
J u l y 1 t o M c h 3 1 ____
1 7 4 ,5 4 2
L i t t le F a lls & D o lg e v ilt e —
J a n 1 t o M c h 3 1 ____
2 ,3 2 5
1 ,8 7 5
£ 3 ,5 4 5
7 ,5 3 3
7 ,4 2 5
J u l y 1 t o M c h 3 1 ____
£ 1 0 ,6 5 7
3 ,9 8 3
3 ,9 7 9
9 ,6 0 4
M a r y la n d & P e n n a ______ A p r
3 9 ,8 5 8
6 4 ,7 2 4
J u l y 1 t o A p r 3 0 ________ 3 9 ,8 5 8
1 8 ,8 9 2 £ d e f l l , 1 6 5
1 7 ,8 5 4
M in e r a l R a n g e ____________ M c h
J u l y 1 t o M c h 3 1 ________
1 1 4 ,9 9 9
1 1 6 ,9 2 9 £ d e f 1 8 ,3 1 4
5 0 8 ,2 5 2 £ d f . 9 1 ,4 6 5
M o K a n s a s & T e x a s _____M c h
5 3 5 ,6 7 1
4
,4
1 6 ,1 5 3 £ 1 ,4 7 3 ,8 0 3
J u l y 1 t o M c h 3 1 ________ 4 , 8 7 4 ,2 1 4
7 0 ,6 8 4
1 4 9 ,0 1 8
1 4 9 ,4 4 7
N a s h v C h a t t & S t L _____M c h
4 3 7 ,8 9 0
1 ,3 4 4 ,4 5 2
J u l y 1 t o M c h 3 1 ________ 1 ,3 7 4 ,2 7 1
£
8 ,5 5 0
3 ,3 0 2
N e v a d a - C a l - O r e g o n ---------M c h
3 ,8 6 7
£ 1 0 9 ,1 0 8
2 9 ,1 7 5
J u l y 1 t o M c h 3 1 ..............
3 6 ,2 8 8

N ew

[VOL. LXXXVI

THE CHRONICLE

1280

------- Net

Earnings-------Current
Previous
$
2 ,0 9 8
4 ,8 8 1
2 0 6 ,8 4 6
8 5 2 ,0 4 7
6 ,7 1 6
1 6 ,0 9 7
6 ,6 6 8
2 0 ,9 8 7
1 1 ,4 8 4
2 5 ,2 9 6
5 0 ,3 2 3
1 6 4 ,6 3 8
4 4 ,6 6 1
3 7 3 ,8 4 0

$
2 ,0 9 9
4 ,3 8 1
1 9 0 ,0 8 5
7 4 8 ,4 5 9
5 ,8 4 5
1 4 ,2 7 2
. ' ■ 7 ,1 1 2
1 [ 2 3 ,7 1 1
1 3 ,0 3 6
2 9 ,2 8 4
2 5 ,7 7 8
1 0 1 ,7 1 5
4 3 ,5 3 6
3 4 1 ,6 1 6

RoaSs.

- - Net Earnings----Current Precious
Ycur.
Year.
$
1 0 ,0 8 3
2 1 ,9 7 1

5
1 1 ,6 8 0
2 3 ,3 3 3

4 3 ,0 0 3
7 9 ,4 4 8
M ln neap G en E lec C o . a . F e b
84 .5 8 4
9 2 ,4 3 5
1 6 3 ,7 1 5
J an 1 t o F e b 2 9 _______
1 7 8 ,5 2 0
5 3 ,8 9 4
6 3 7 ,8 5 6
P a cific C o a st___________ M ch
4 5 3 ,8 1 1
8 7 3 ,8 0 6
July 1 t o M ch 3 1 ________ 5 . 6 4 0 ,4 3 6 5 ,3 8 3 ,8 8 9
P ittsb u rg h Coal C o—
5 1 5 ,9 9 2
Jan 1 to M ch 3 1 ________
1 6 ,0 0 7
P o r tla n d (Me) E le ct C o..M ch
2 2 .6 3 0
2 5 ,2 2 1
Jan 1 t o M ch 3 1 ________
7 4 ,6 7 5
8 2 ,9 8 6
9 ,4 0 7
T a c o m a Gas L ig h t C o ___Jan
1 9 ,1 1 0
1 5 ,5 6 5
4 9 ,7 1 7
U n ited M o R lv P o w C o .a .F e b
6 3 ,0 3 3
Jan 1 to F e b 2 9 ________
9 9 ,9 0 6
1 2 6 ,7 7 2
V ic t o r F u el C o . b _______ M ch
3 4 ,0 5 3
1 6 8 ,1 3 8
2 4 6 ,9 9 4
J u ly 1 to M ch 3 1 _______ 1 ,9 9 5 ,1 3 7
4 4 5 ,8 6 0
1 ,9 0 7 ,7 1 1
a N et earnings here given are after d e d u ctin g taxes,
b N et earnings here give n are b e fo re d e d u ctin g taxes.

3 8 ,8 4 2
8 0 ,6 4 1
1 0 8 ,8 9 8
1 ,1 0 2 ,5 8 8

L o w e l l E l e c I.t C o r p . a . - F e b
J a n 1 t o F e b 2 9 _______
M a ss L ig h t in g C o s .............. F e b

5
2 5 ,9 8 5
54 ,7 3 2

5
2 8 ,9 0 6
6 0 ,2 4 0

3 5 ,3 6 0
2 6 4 ,6 3 6

3 8 ,4 8 1
3 0 2 ,7 5 5

1 , 0 2 5 ,4 2 9
1 0 ,3 7 5
6 ,5 3 7

5 3 ,6 2 1
4 4 5 ,1 2 5

Interest Charges and Surplus.
— In t., R entals, & c.—

Companies.
A b i n g t o n & K o c k la n d E le c t
L i g h t & P o w e r C o ____ F e b
J a n 1 t o F e b 2 9 ________
C u m b T e l & T e l C o ______ A p r
J a n 1 to A p r 3 0 . . .
E d is o n E l C o ( B r o c k t o n ) .I -'e b
J a n 1 t o F e b 2 9 _______
F a ll R i v e r G a s W o r k s ___ F e b
J a n 1 t o F e b 2 9 ________
H o u g h to n C o E le c t L t . - F e b
J a n 1 t o F e b 2 9 _______
L o w e ll E l e c t L t C o r p n . . F e b
J a n 1 t o F e b 2 9 _______
M ln n e a p G e n E l e c t C o . . F e b
J a n 1 t o F e b 2 9 _______
P itts b u r g h C oa l C o —
J a n 1 t o M c h 3 1 _______

Current
Year.

Previous

$

$

104
413
3 7 ,5 8 2
1 5 1 ,5 2 7
770
1 ,4 6 2
331
532
2 ,5 5 5
5 ,1 4 9
1 ,5 2 5
3 ,1 2 5
2*3,354
4 9 ,7 4 2

’

150
300
3 8 ,3 1 3
1 6 4 ,2 9 7
688
1 ,3 9 6
118
266
2 ,1 8 8
4 ,3 7 5
1 ,0 5 0
2 ,2 3 1
1 8 ,2 4 6
2 7 ,1 3 3

— D al. of N et E ’ ngs.—

Current

Previous
Year.
$

$
1 ,9 9 4
4 ,4 6 8
1 6 9 ,2 6 4
7 0 0 ,5 2 0
5 ,9 4 6
1 4 ,6 3 5
6 ,3 3 7
2 0 ,4 5 5
8 ,9 2 9
2 0 ,1 4 7
8 ,5 5 8
1 8 ,8 4 6
1 7 ,6 4 9
4 2 ,6 9 3

6 4 1 ,3 8 1
6 9 8 ,0 9 9 d e f . 1 2 5 ,3 8 9
U n it e d M o R l v P o w C o . . F e b
2 3 ,0 3 8
2 6 ,6 7 9
Jan
t t o F e b 2 9 _______
5 5 ,9 2 4
4 3 ,9 8 2
V i c t o r F u e l C o ------------------ M c h
1 7 ,0 4 1
£ 2 2 ,4 5 3
2 0 ,7 6 7
J u l y 1 t o M c h 3 1 _______
1 7 2 ,5 2 6
£ 3 3 3 ,5 4 1
1 6 9 ,1 8 8
2 A f t e r a llo w in g f o r o t h e r I n c o m e r e c e iv e d .

'

1 ,9 4 9
4 ,0 8 1
1 5 1 ,7 7 2
5 8 4 ,1 6 2
5 ,1 5 7
1 2 ,8 7 6
6 ,9 9 4
2 3 ,4 4 5
1 0 ,8 4 8
2 4 ,9 0 9
1 0 ,6 3 0
2 1 ,1 0 2
2 0 ,5 9 6
5 3 ,5 0 8
3 2 7 ,3 3 0

£ 4 2 ,5 6 9
£ 3 4 9 ,8 4 8

STREET RAILWAYS AND TRACTION COMPANIES.
Name of
Road.
A m e r i c a n R y s C o _____
c A u r E lg in & C h lc R y
B a n g o r R y & E l C o ._
B l n g h a m t o n R y ______
B lr m R y L t & P o w e r
B r o c k to n & P ly S t R y
C a p e B r e t o n E le c C o .
C e n tr a l P e n n T r a c t . .
C h ari C on R y G as& E i
(/C h ic a g o & O a k P a rk
C le v e P a in e s v A E a st
C le v e S o u t h w &C o l . .
C o lu m b u s E l e c t r ic C o
D a lla s E l e c t r ic C o ___
/ D e t r o i t U n it e d R y . .
D u lu t h S t r e e t R y ___
E a s t S t L o u is & S u b .
E1 P a s o E l e c t r i c ______
F t W a y n e & W abash
V a ll e y T r a c t i o n C o
G a lv - H o u s E l e c C o _ .
G r a n d R a p id s R y C o .
H a v a n a E l e c t r ic R y .
H o n o lu lu R a p id T r a n
& L a n d C o _________
H ou g h ton Co St R y . .
I llin o is T r a c t i o n C o . .
J a c k s o n v il l e E l e c C o .
K a n s C i t y R y & L ig h t
K n o x v ille R y & L t C o
L a k e Sh ore E le c t r ic ..
L e x & In ter R y s C o . .
L it t le R o c k R y & E I C o
M e m p h is S t r e e t R y . .
M e t W e s t S id e E l e v . .
M ilw E le c R y & L t C o
M liw L t H t & 'l 'r a c C o
M o n tre a l S treet R y _ _
N a s h v llle R v & L ig h t
N J 4 H R R y & F y Co
N o r t h O h io T r a c & L t
N o rth T e x a s E le c C o .
N o r f <& ?Portsm T r C o
N o W e s tch e s te r L t C o
N orth w estern E l e v ..
O k la h o m a C i t y R y . .
P e e k s k ill L ig h t & R R
P e n s a c o la E l e c t r ic C o
P o rtla n d R y L t & P C o
P u g e t S o u n d E le c R y
R i o d c J a n e ir o T r a m
L ig h t & P o w e r ------S t J o s e p h (M o ) R y L t
H eat & P ow er C o ..
S a o P a u lo T r L t & P .
S a v a n n a h E l e c t r ic C o
S e a t t le E l e c t r ic C o . .
S o u t h S id e E le v a t e d
S o u W is c o n s in R y C o
S p r ’ g tle ld R y & L t C o .
S vracu es R a p T r R y .
T a m p a E l e c t r ic C o . .
T o le d o R y s & L ig h t.
T o r o n t o R a i l w a y ------T w i n C it y R a p T r a n .
k U n d e r g r o u n d El R y
of
L o n d o n , t h re e
t u b e lin e s — ...........
M e t r o p o li t a n D Ist .
U n it e d T r a m w a y s .
U n it e d R R o f S a n F r .
U n it e d R y s o f St L . .
W h a tcom C o R y & Lt

Jan. 1 to latest date.
Latest Gross Earnings.
Previous Current Previous
Week or
Year.
Year.
Year.
Month.
Year.
$
8 2 3 ,8 9 2
3 7 3 ,2 4 4

$
8 5 3 ,9 1 5
3 7 9 ,4 4 7
4 2 ,3 0 8

1 5 ,9 2 7
5 6 ,2 8 2
5 5 ,3 2 4
7 2 ,7 2 1
1 9 ,4 7 0
4 9 ,5 5 8
2 5 ,6 2 1
7 8 ,0 7 2
121 ,428
1 5 ,2 4 4
1 6 2 ,2 3 4
3 6 ,5 5 9

4 3 ,7 9 9
5 2 2 ,0 9 0
1 2 ,9 2 8
3 8 ,8 8 8
2 0 9 ,7 6 8
2 4 2 ,3 4 5
2 7 0 ,0 5 6
7 4 .2 6 1
5 2 ,8 1 1
5 9 ,2 7 6
1 7 3 ,8 0 1
2 ,1 2 9 ,9 3 9
2 9 4 ,3 8 2
6 5 1 ,3 8 5
9 0 ,6 6 5

1 1 ,6 8 0
3 5 ,6 6 1
2 1 7 ,2 5 4
2 1 9 ,2 7 t
2 8 5 ,7 0 0
71 ,5 4 3
4 9 ,5 5 8
5 2 ,2 7 4
1 0 5 ,3 9 6
2 ,1 5 0 ,4 1 0
2 7 4 ,0 6 5
6 4 0 ,3 8 0
7 3 ,6 0 2

9 7 ,7 6 0
7 4 ,7 1 5
6 8 .8 2 5
3 6 ,8 8 2

9 2 ,5 0 0
6 8 ,7 1 5

2 9 8 ,2 3 5
1 5 5 ,3 3 0

2 6 7 ,0 1 8
1 4 4 ,3 5 6

32 > 9 5

7 2 7 ,7 4 1

6 6 0 ,5 8 6

M a r c h _____
F eb ru a ry .
A p r i l ______
F eb ru a ry .
M a r c h _____
M a r c h _____
M a r c h _____
M a r c h _____
M a r c h _____
M a r c h _____
A m l l ............
M a r c h _____
M a r c h _____
W k M a y lfl
F e b r u a r y ..
A p r i l ............
A p r i l ______
F eb ru a ry .
A p r i l ______
M a r c h _____
A p r i l ______
M a r c h _____
M a r c h _____
F eb ru a ry .
M a r c h _____
F eb ru a ry .

3 0 ,6 6 3
1 7 .3 3 5
3 1 8 ,8 6 7
3 1 .3 7 8
4 8 8 ,7 4 1
4 6 ,5 2 1
6 1 .8 6 4
4 6 ,7 3 5
5 6 ,5 5 2
1 2 8 ,8 5 7
2 1 9 ,9 5 6
3 0 4 ,8 9 9
5 4 ,4 6 9
6 8 .1 6 8
1 1 9 ,8 3 8
3 9 ,3 4 9
1 2 9 ,8 0 4
71 .311
1 4 3 ,4 6 5
9 ,4 1 3
1 5 5 ,3 5 4
1 9 ,5 5 6

3 0 ,9 0 9
1 5 .2 0 5
2 7 7 ,7 2 4
3 0 ,0 0 6
4 7 8 ,4 6 4
4 8 ,6 6 9
6 4 ,1 1 1
4 1 .7 3 8
5 0 .1 0 0

8 8 ,9 9 2
3 1 ,1 4 9
1 ,1 0 5 ,3 2 4
6 1 ,7 3 3
1 ,3 8 0 ,9 9 4
1 3 3 ,8 6 2
1 7 9 ,5 7 6
1 1 6 ,7 1 9
1 4 5 ,9 1 6

1 3 5 ,2 0 1
1 9 ,0 1 2
1 ! ,891
1 7 ,3 6 9
2 9 9 ,6 3 0
1 0 5 ,7 7 5

9 0 ,5 7 9
3 6 ,0 1 3
1 ,2 0 9 ,0 5 4
6 4 .2 3 8
1 ,4 4 9 ,1 8 0
1 2 8 ,0 1 7
1 7 5 ,9 3 7
1 2 8 ,7 0 9
1 6 3 ,5 0 9
3 6 0 .2 6 3
8 6 8 ,2 5 3
9 0 6 ,9 6 5
1 5 8 ,4 8 5
1 ,27!) ,9 2 6
2 4 3 ,6 7 3
1 3 1 ,9 6 1
5 0 4 ,8 8 9
1 4 5 ,5 1 3
5 5 8 ,9 1 7
2 9 ,4 1 7
6 1 3 ,8 6 7
5 3 ,4 8 5
3 6 ,0 9 5
3 3 ,5 3 4
1 ,0 0 9 ,2 6 3
2 4 0 ,4 7 9

M a r c h _____

5 7 0 ,6 6 5

..............

1 ,6 3 8 ,0 8 5

...............

A p r i l ............
M a r c h ____
F eb ru a ry .
F eb ru a ry .
A n r l l ...........
. A p r i l ...........
A p r i l ............
A p r i l ______
F eb ru a ry .
M a r c h ____
W k M a y 16
2d w k M a y

6 4 ,6 9 9
1 9 9 ,2 9 9
4 3 ,7 1 8
3 4 6 ,1 2 7
1 7 6 ,8 2 8
1 1 .8 2 5
6 7 ,6 6 6
1 0 3 ,7 1 0
4 8 .5 6 8
2 0 1 ,1 2 9
6 5 ,9 0 9
1 1 4 ,8 9 7

6 3 ,0 5 7
1 8 3 ,7 1 3
4 3 ,9 4 7
2 8 8 ,1 6 5
1 5 4 ,7 2 8
1 1 ,5 0 0
0 4 ,0 4 4
9 8 ,0 5 4
3 8 ,6 9 3
2 1 3 ,7 6 6
0 1 .5 9 7
1 0 9 ,8 6 4

2 6 8 ,2 6 4
5 7 7 ,7 1 9
9 0 ,0 3 9
7 1 0 ,3 3 0
0 8 6 ,3 0 2
4 5 ,6 0 0

2 6 1 ,2 8 7
5 3 0 ,5 2 5
89 389
5 8 0 ,9 8 1
5 8 7 ,8 4 6
4 5 ,6 7 6

4 0 8 ,0 2 3
9 3 ,8 6 1
6 2 5 ,9 6 7

3 8 7 ,6 9 1
8 2 ,6 8 7
6 3 4 ,6 5 7

2 , 1 2 2 ,7 1 7

2 , 0 3 4 ,6 5 3

W k M a y 9 £ 1 1 ,8 4 5
£8 ,9 7 0
W k M ay 9
£ 6 ,3 6 4
W k M ay 9
F e b r u a r y . M 9 5 .2 4 G
A p r i l ............ 8 6 5 ,6 9 1
2 7 .5 6 9
F eb ru a ry .

£ 6 ,4 4 0
£ 7 ,7 5 9
£ 6 ,8 13
5 0 9 ,5 0 4
8 8 4 ,9 2 3
2 5 .7 0 7

£ 2 2 1 ,0 0 0
£ 1 6 8 ,5 3 4
£ 1 0 2 ,3 2 6
9 0 5 ,0 1 6
3 ,3 2 7 ,4 5 1
6 0 ,1 0 0

£161 ,4 5 5
£ 1 5 0 ,0 5 8
£ 1 0 4 ,9 7 0
1 ,0 4 7 .4 9 8
3 .3 7 9 ,0 8 5
5 4 .7 7 0

$

A p r i l ............
A p r i l ______
A p r i l ............
F e b r u a r y ..
M a r c h _____
F eb ru a ry .
F eb ru a ry .
A p r i l ______
A p r i l ______
A p r i l ______
A p r i l ______
J an u ary . .
F eb ru a ry .
F eb ru a ry .
1st w k M a y
2d w k M a y
A p r i l ______
F eb ru a ry .

2 1 4 ,2 3 9
9 7 ,9 3 4
3 3 ,6 6 8
2 1 ,3 6 4
1 7 7 ,0 0 3
6 ,3 4 1
1 8 ,0 2 4
5 3 ,6 1 7
6 1 ,0 4 8
6 9 ,5 0 2
2 0 .1 1 4
5 2 ,8 1 1
2 8 ,8 4 4
8 4 ,1 8 5
1 1 6 ,8 5 1
1 5 ,9 2 0
1 4 8 ,7 9 4
4 3 .8 6 3

M a r c h ____
F eb ru a ry .
A p r i l ...........
W k M a y 17

11,688
1 5 .3 7 8
3 3 6 ,1 5 2
1 1 7 ,5 0 1

5
2 2 3 ,0 8 2
1 0 1 ,1 9 8
3G 143
2 0 ,2 2 9

2 3 4 ,4 12
3 0 5 ,4 19
5 4 ,2 0 5
6 6 ,8 1 9
1 0 9 ,4 9 8
3 4 ,1 4 1
1 3 2 ,8 4 4
6 7 ,2 9 2
1 8 7 ,0 9 7

9 2 3 ,3 1 2
8 8 7 ,6 8 1
1 5 0 ,2 7 9
1 ,2 1 2 ,3 8 9
2 3 2 ,4 4 3
1 1 6 ,0 0 2
5 0 8 ,7 2 7
1 4 2 ,2 4 4
6 2 9 ,0 1 3
5 3 4 ,8 7 7
4 7 ,9 2 4
3 5 ,4 8 7
3 4 ,0 7 7
8 3 6 ,4 4 5
2 1 3 ,2 9 1

c T h e s e fig u r e s a r e f o r c o n s o l id a t e d c o m p a n y , d T h e s e a r c R e su lts f o r
m a in lin e ,
f N o e a r n in g s f o r D e t r o it J a c k s o n & C h ic a g o R y . Cor J a n . 1U07
I n c lu d e d In t h e s e fig u r e s ,
h D e c r e a s e d u e t o s t r ik e a n d b o y c o t t , k D o e s
n o t in c lu d e t h e C h a r in g C r o s s E u s t o n & H a m p s t e a d R y . f o r la s t y e a r . i u

May -3 1908

T H E

Street Railway Net Earnings.—The following table gives
the returns of STREET railway gross and net earnings
reported this week. A full detailed statement, including all
roads from which monthly returns can be obtained, is given
once a month in these columns, and the latest statement of
this kind will be found in the issue of May 2 1908. The
next will appear in the issue of May 30 1908.
------ Gross Earnings------

Current
Year.

Roads.
$
0 7 ,9 3 4
A u r o r a E lg in « C h i c a g o . A p r
J u l y 1 t o A p r 3 0 _______ 1 ,1 5 6 ,4 6 7
5 3 ,6 1 7
C e n tr a l P e n n a T r a c t C o - A p r
2 0 9 ,7 6 8
J a n 1 t o A p r 3 0 ----------6 1 ,0 4 8
C h a r l’ n C o n s R y G a s & E I . A p r
1 2 2 ,5 4 6
M e n 1 t o A p r 3 0 ..............
2 0 ,1 1 4
C le v P a ln e s v & E a s t ’ l l . a A p r
7 4 ,2 6 1
J a n 1 t o A p r 3 o ----------3 1 8 ,8 6 7
I ll i n o i s T r a c t i o n C o . a — A p r
J a n 1 t o A p r 3 0 ----------- 1 ,2 6 9 ,6 5 4
6 1 ,8 6 4
L a k e S h o r e E le c R y C o a M c h
1 7 5 ,9 3 7
J a il 1 t o M c h 3 1 _______
2 8 0 ,7 3 6
M o n t r e a l S t R y . . ------------- A p r
O c t 1 t o A p r 3 0 _______ 2 ,0 2 7 ,8 7 3
N ia g a r a G o r g e R R . b 9 ,6 7 5
J a n 1 t o M ch 3 1 ______
1 4 3 ,1 6 5
N o r f & P o r t s m T r a c C o . ..A p r
5 5 8 ,9 1 7
J a n 1 t o A p r 3 0 _______
1 2 0 ,8 0 4
N o r t h O h io T r & L t _____A p r
5 0 4 ,8 8 9
Jan
1 t o A p r 3 0 -----------8 6 5 ,6 9 1
U n it e d R y s o f S t L o u is a - A p r
J a n 1 t o A p r 3 0 . ........... 3 ,3 2 7 ,4 5 1

Previous
Year.

-------- Net

Earnings-------Current
Previous
Year.
Year.

$
1 0 1 ,1 0 8
1 ,0 8 0 ,2 5 4
5 6 ,2 8 2
2 1 7 ,2 5 4
5 5 ,3 2 4
111 ,4 6 J

$
4 0 ,5 5 6
5 1 4 ,9 5 8
8 ,5 5 1
2 8 ,1 7 1
2 1 ,4 5 0
4 2 ,2 8 3
8 ,3 8 7
3 0 ,5 8 4
1 2 2 ,6 7 8
5 1 2 ,0 1 1

1)1,470
7 1 ,5 4 3
2 7 7 ,7 2 4
1 ,1 0 5 ,3 2 4
6 4 ,1 1 1
1 7 0 ,5 7 0
2 7 4 ,6 3 5
1 ,8 7 3 ,0 8 4
7 ,1 4 7
1 8 7 ,0 9 7
6 2 9 ,0 1 3
1 3 2 ,8 4 4
5 0 8 ,7 2 7
8 8 4 ,0 2 3
3 ,3 7 9 , 0 8 5

2 2 ,7 1 9
6 4 ,4 7 9
1 1 0 ,5 9 5
7 1 1 ,8 6 0
d c f 6 ,2 6 3
5 0 ,7 7 7
2 0 0 ,2 0 8
4 7 ,5 5 2
1 8 1 ,0 0 6
2 9 5 ,0 2 8
1 , 1 2 3 ,7 5 5

$
4 2 ,7 0 5
4 8 9 .2 3 8
1 1 ,5 4 4
3 0 ,2 2 5
2 0 ,2 3 3
3 9 ,2 3 9
8 .1 2 1
3 0 ,0 5 4
1 1 7 ,6 2 4
4 7 5 ,3 0 5
2 5 ,0 3 1
6 7 ,9 7 6
1 0 8 ,2 1 3
0 3 3 ,0 0 5
d e f l0 ,9 6 2
6 9 ,9 0 5
2 1 7 ,8 5 1
4 9 ,9 5 5
1 9 0 ,3 3 2
3 0 1 ,8 8 4
1 ,0 7 3 ,4 5 1

a -Vet e a r n in g s h ere g iv e n a r e a f t e r d e d u c t i n g t a x e s ,
N e t e a r n in g s h e r e g iv e n a r e b e f o r e d e d u c t i n g t a x e s .

b

Interest Charges and Surplus.
—Int., Rentals, & c . —
current
Previous
Year.
Year.

Roads.
A u r o r a E lg in & C h i c a g o . A p r
J u l y 1 t o A p r 3 0 ----------C h a r l’ n C o n s R y G a s & E I . A p r
M c h 1 t o A p r 3 0 ----------C l e v P a ln e s v & E a s t ’11 _ . A p r
J a n 1 t o A p r 3 0 ______
L a k e S h o r e E l e c R y C o . . M ch
J a n t t o M c h 3 1 ------ -M o n t r e a l S t R y C o .............. A p r
O c t 1 t o A p r 3 0 _______
N ia g a r a G o r g e R R —
J a n 1 t o M c h 3 1 _______
N o r t h O h io T r & L t ___ A p r
Jan 1 to A p r 3 0 .
U n it e d R y s o f S t L o u i s . . A p r
J a n 1 t o A p r 3 0 . _____

x A fte r

$
2 8 ,3 3 0
2 7 7 ,7 2 3

—Bal. of Net E’nas.—
Current
Previous
Year.
Year.

7 ,2 4 0
2 8 ,8 9 2
2 5 ,7 2 8
7 0 ,8 5 2
5 1 ,3 4 5
3 2 3 ,9 8 7

$
2 7 ,5 8 8
2 6 4 ,8 9 7
1 3 ,5 1 7
2 7 ,0 3 3
7 ,2 1 3
2 8 ,8 5 1
2 4 ,6 5 1
7 1 ,22.1
4 5 ,3 1 8
2 8 4 .1 0 6

1 4 .4 3 3
4 4 ,0 2 9
1 7 2 ,8 8 9
2 3 2 ,2 7 4
9 3 2 ,4 3 7

1.1,209 x d e f l 8 . 4 4 6 a d e f2 4 ,2 .1 8
4 2 ,4 0 2
3 ,52.1
7 ,5 5 3
1 6 6 ,4 3 1
8 ,1 1 7
2 3 ,9 0 1
2 3 0 ,8 9 2
6 2 ,7 5 4
7 0 ,9 9 2
9 2 4 ,6 2 7
1 9 1 ,3 1 8
1 4 8 ,8 2 4

1 3 ,8 1 7
2 7 ,0 3 3

$
1 2 ,2 2 6
2 3 7 ,2 3 5
7 ,6 3 3
1 4 ,6 5 0
1 .1 4 7
1 ,0 9 2
d c f 3 ,0 0 9
d e f 1 2 ,3 7 3
5 9 ,2 4 9
3 8 7 ,8 7 8

$
1 5 ,1 1 7
2 2 4 ,3 4 1
6 ,7 1 6
1 2 ,2 0 6
008
1 ,2 0 3
980
d e f 3 ,2 4 7
6 2 .8 9 6
3 4 9 ,4 0 9

a l lo w i n g f o r o t h e r I n c o m e r e c e iv e d .

A N N U A L 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
n o t include reports in the issue of the “Chronicle''’ in which
it is published. The latest index will be found in the issue
of April 25. The next will appear in that of May 30.
Pennsylvania Company.
Y e a r e n d i n g D e c . 31 1906.)
President Janies McCrea, under date of Pittsburgh,
March 25, says in substance:
(R e p o rt fo r F is c a l

General Results. — T h e

I n c o m e a c c o u n t a g a in s h o w s la r g e I n c r e a s e s In
b o t h g r o s s a n d n e t e a r n in g s .
A fte r d e d u c tin g th e ren ta l o f th e ro a d s o p e r ­
a t e d o n t h e b a s is o f n e t e a r n in g s , t h e r e r e m a in e d n e t o p e r a t i n g e a r n in g s o f
$ 1 0 ,9 6 0 ,4 17, a n I n c r e a s e o f $ 7 7 1 ,5 4 0 o v e r t h e p r e v i o u s y e a r .
T h e in c o m e
f r o m I n v e s t m e n t s a n d f r o m r e n t s w a s $ 1 1 ,8 5 .1 ,9 0 3 , a n I n c r e a s e o f $ 2 , 6 0 7 , ­
8 2 2 . m a k i n g t h e g r o s s I n c o m e $ 2 2 ,8 1 5 ,3 2 0 , a n I n c r e a s e o f $ 3 ,3 7 9 ,3 6 2 o v e r
1 0 0 6 ; a f t e r d e d u c t i n g a ll fix e d c h a r g e s , I n t e r e s t a n d o t h e r l ia b ilit ie s , t h e r e
w a s a n e t I n c o m e o f $ 9 ,8 0 6 ,4 8 7 , a n I n c r e a s e o f $ 9 6 2 ,5 9 9 .
O u t o f t h is n e t
I n c o m e t h e r e w e r e p a id c o n t r ib u t i o n s t o s i n k i n g f u n d s a g g r e g a t i n g $ 3 4 2 ,9 6 6
$ 1 , 3 3 4 ,0 0 0 g o l d lo a n c e r tK I c a t e s o f 1901 d r a w n f o r r e d e m p t io n N o v . 1 1 9 0 7 '
$ 2 6 7 ,9 9 0 o n a c c o u n t o f p r in c ip a l o f c a r t r u s t s a n d a d i v i d e n d o f 7 % u p o n
t h e c a p i t a l s t o c k , l e a v i n g a b a l a n c e o f $ 3 ,7 5 1 ,5 3 1
f r o m w h ic h t h e r e w a s
t r a n s fe r r e d t o t h e e x t r a o r d i n a r y e x p e n d it u r e fu n d ' $ 2 , 500 ,0 0 0 t o p r o v i d e
f o r e x p e n d it u r e s n o t p r o p e r l y c h a r g e a b le t o c a p i t a l a c c o u n t , a n d t h e b a l ­
a n c e o f $ 1 ,2 5 1 ,5 3 1 w a s t r a n s fe r r e d t o t h e c r e d it o f t h e p r o fit a n d l o s s .

TRAFFIC STATISTICS IN 1907 AND INCREASES OVER 1906.
Freight Tonnage—Lines operated—
1907
----------- Increase________
D ire ctly b y P en n sy lv a n ia C o m p a n y , . t o n s .
I’ ltts . C ine. Ch. <fe S t. L . - t o n s .
U n d er th eir o w n org a n iza tion s.............t o n s .

89,2,SO,143
4 2 ,952,701
2 3 ,6 6 7 ,5 2 2

A g g reg a te fo r entire s y s te m ............... t o n s .
155,900 426
A g g reg a te ton m ilea g e--------------------------------- 12,948,354,’539

Passengers Carried—On lines operated—

D irectly b y P e n n s y lv a n la lC o m p a n y .-N o
“
" P itts. Cine. C h. & S t. L . N o . .
U n d er their o w n o rg a n iza tion s------------ N o .

13,121 982
11,567 791
8 ,3 1 1 ,6 1 7

7,532 92 6 — 9 23 %
3 ,4 6 1 ,0 0 3 — 9 .1 0 %
2 ,3 0 8 ,0 2 7 — 1 1 .3 1 %
13,361,956— 9 .5 0 %
1,3 8 5 ,3 7 1 ,4 7 1 — 1 2 .0 1 %
1.073,156— 8 .9 1 %
7 7 0 , 7 4 0 - 7 .1 4 %
7 16 ,987— 9 .8 3 %

A g g reg a te fo r entire s y s te m .......... . . N o .
3 3 ,6 0 1 ,3 9 3
2 ,5 6 0 ,S83— 8 .5 1 %
1,0 1 9 .3 2 6 ,9 7 1
110 ,179 ,41 0— 1 2 .1 2 %
A g g reg a te passenger m ilea g e................... ..
T h e a v e r a g e r a t e r e c e iv e d p e r t o n p e r m ile o n a ll lin e s o f t h e s y s t e m w a s
6 .3 m ills , a d e c r e a s e o f 1 -1 1»a m ill; t h e r e w a s a n I n c r e a s e in t h e c o s t o f m o v e ­
m e n t 1 -1 0 o f a m ill, s o t h a t t h e n e t c a r n l n g s f p e r t o n w e r e 1 .6 m ills a s
c o m p a r e d w it h 1 .8 m ills In 1 0 0 6 , a d e c r e a s e o f 2 -1 0 o f a m ill.
T h e a v e r a g e r a t e r e c e iv e d p e r p a s s , p e r m ile o n a ll lin e s o f t h e s y s t e m
w a s 1.91 c e n t s , a d e c r e a s e o r 1 .2 m ills , w h ile t h e c o s t w a s 1 .0 9 c e n t s a d e ­
c r e a s e o f 2 .2 m ills , s o t h a t t h e n e t loss p e r p a s s e n g e r p e r m ile d e c r e a s e d 1 m ill.
T h e I n c r e a s e In e x p e n s e s w a s d i r e c t l y d u e t o t h e la r g e I n c r e a s e In t h e v o l ­
u m e o f t o n n a g e a n d n u m b e r o f p a s s e n g e r s c a r r ie d , t o t h e I n c r e a s e d r a t e s o f
p a y p r e v a i l in g In a ll d e p a r t m e n t s t h r o u g h o u t t ile y e a r a n d t o h ig h e r c o s t
o f m a t e r ia ls .
Improvements. <%c.— T h e w o r k o n t h e e l e v a t io n o f t r a c k s o n t h e P i t t s ­
b u r g h P o r t W a y n e & C h ic a g o F ly . In C h ic a g o w a s c o n t in u e d t h r o u g h o u t
t h e y e a r , a n d I n v o l v e d t h e r e b u i ld in g o f t h e e n g in e h o u s e a n d s h o p s a t
55 th S t.
A b l o c k o f p r o p e r t y o n t h e e a s t s id e o f C a n a l S t . . C h ic a g o , a n d
e x t e n d i n g f r o m M a d is o n S t . t o W a s h i n g t o n S t . , w a s p u r c h a s e d t o r e p l a c e




1281

C H R O N IC L E

t h e s t r ip o f p r o p e r t y b e t w e e n M a ld 6 o n a n d V a n B u r e n s t r e e t s t a k e n b y t h e
S a n it a r y D is t r ic t o f C h ic a g o In o r d e r t o w id e n t h e r iv e r .
A p a r t f r o m t h e t in is h ln g o f w o r k In p r o g r e s s , v e r y lit t l e w a s d o n e o n t h e
tra cie e l e v a t i o n o f t h e C le v e la n d & P i t t s b u r g h K B . In C l e v e l a n d , b u t a
la r g e a m o u n t w a s e x p e n d e d n e a r B e d f o r d . O h i o , In t h e e s t a b l is h m e n t o f
a n i n t e r c h a n g e y a r d f o r h a n d lin g t h e L a k e c o a l a n d o r e s .
V e r y la r g e e x ­
p e n d it u r e s w e r e a ls o m a d e o n t h e P i t t s b u r g h Y o u n g s t o w n & A s h t a b u l a R y .
f o r in c r e a s e d d o c k s a n d o r e a n d c o a l -h a n d l in g a p p li a n c e s a t A s h t a b u l a
H a r b o r , t o t a k e c a r e o f t h e In c r e a s e d b u s in e s s a t t h a t p o r t .
T he e x p e n d it u r e s c n '.th e S o u t h w e s t S y s t e m w e r e l a r g e ly f o r t h e e x t e n s i o n
o f s e c o n d t r a c k b e t w e e n U r b a n a a n d J o r d a n s , O h io , o h t h e P i t t s b u r g h C in ­
c in n a t i C h ic a g o & S t . L o u is B y .
Car Fern/ . — T h e c a r f e r r y , w h ic h w a s e s t a b lis h e d e a r l v In t h e s u m m e r
o f 1906 t o o p e r a te b e tw e e n A s h ta b u la H a r b o r , o n th e A m e r ic a n s id e , a n d
P o r t B u r w e ll o n t h e C a n a d ia n s i d e o f L a k e E r l e , a s m e n t io n e d In t h e r e p o r t
f o r 19U 6, w a s in o p e r a t i o n f r o m A p r il 1 1 9 0 7 t o t h e e n d o f J a n u a r y 1 9 9 8 ,w it h
v e r y s a t i s f a c t o r y r e s u lt s , o v e r 6,000 c a r s , c o n t a i n in g o v e r 2 6 0 ,0 0 0 t o n s o f
c o a l , h a v in g b e e n t h u s t r a n s p o r t e d I n t o t h e D o m i n i o n o f C a n a d a .
Rolling Stock—Financial Depression.— T h e l o c o m o t i v e s o n b o t h s y s t e m s
w e r e I n c r e a s e d In n u m b e r s a n d c a p a c i t y , w h ile t h e f r e i g h t c a r e q u i p m e n t
o n th e N o r t h w e s t S y s t e m w a s I n c r e a s e d 650 e a r s .
It s h o u ld b e n o t e d , h o w e v e r , t h a t , o w in g t o t h e c h a n g e d c o n d i t i o n s
b r o u g n t a b o u t b y t h e fin a n c ia l p a n ic , w h ic h o c c u r r e d In N o v e m b e r l a s t ,
t h e r e h a s b e e n a v e r y la r g e f t l n g otr s in c e t h a t d a t e In t h e t r a f f i c a n d
reven u es o f y o u r sy stem .
T h is h a s r e s u lte d In t h e e n f o r c e d I d le n e s s o f a
h e a v y p e r c e n t a g e o f y o u r e q u i p m e n t a n d a m a t e r ia l r e d u c t io n In y o u r o p e r ­
a tin g fo rc e s .
^
Pu rchase T h e e n t ir e c a p i t a l s t o c k a n d h c n l s o f t h e C h ic a g o I n d i a n a
<v E a s t e r n I t y . C o . w e r e p u r c h a s e d b y y o u r c o m p a n y d u r i n g t h e y e a r , a n d

~ — , ...... j

7o uuimicrai i i u j n e m e u t

n o t e s Issu e d M a y 1 1 9 0 6 , w e r e p a id a t m a t u r i t y , N o v . 1 1 9 0 7 , o u t o f c a s h
o n h a n d a n d t h e p r o c e e d s o f t h e ( $ 3 6 ,3 0 3 ,1 3 2 ) O r e g o n S h o r t L in e R R . n o t e s
w h ic h w e r e h e ld In y o u r t r e a s u r y .
Telegraph Contracts. — V a r i o u s c o n t r a c t s w it h t h e W e s t e r n U n io n T e l e ­
g r a p h C o . , c o v e r i n g t h e le a s e o f t h e t e le g r a p h p r i v il e g e s o n t h e lin e s a s s o ­
c ia t e d In y o u r s y s t e m , h a v in g e x p i r e d s e v e r a l y e a r s s i n c e , a n d t h e p r o v i s io n s
t h e r e o f h a v i n g b e e n c o n t in u e d f r o m y e a r t o y e a r b y m u t u a l u n d e r s t a n d in g
u n t il S e p t . 23 1 0 0 7 , n e w c o n t r a c t s w e r e t h e n e n t e r e d I n t o p r o v i d i n g f o r
t h e o p e r a t i o n o f th e t e le g r a p h o n th e s e lin e s f o r 2 0 y e a r s f r o m O c t 1 1 9 0 7
a n d t h u s a d j u s t in g a ll q u e s t i o n s a t Issu e c o n n e c t e d t h e r e w i t h .

STOCK HOLDINGS OF THE PENNSYLVANIA COMPANY DEC. 31 1907
AGGREGATING (AT PAR) $ 1 8 0 ,3 0 7 ,4 1 2 .
Name o / company—
Total par: \tUNamc o/ company—
Total par.

B a lto . & O h io U K ., p r e fe rr e d .$5,0 0 0 ,0 0 0 P en n sy lv a n ia S teel C o ., c o m . .$ 7 ,3 8 8 ,9 0 0
B a lto . & O h io U K ., c o m ........... 13.451.200 P itts. C ine. C h ic. & S t . L ou is
C a m b ria S teel C o . ......................... 22 ,5 0 4 ,1 0 0
R y .. p r e f...................... ............. 2 2 ,4 7 0 ,7 0 0
C en tral In d ia n a I t y ......................
6 0,000 P itts . C ln. C h i. & S t. L .. c o m . 1 6,6 3 0 .5 0 0
C lev ela n d & M arietta R y _____ 1.788,500 P ltts b . F t . W a y n e & C h icago
C lev ela n d A k ro n & C ol. I t v . - 2 ,2 3 7 ,5 0 0
R y . C o ., g u a r, sp ecia l---------- 3 4 ,8 7 5 ,3 0 0
C in e. H Ichm . & F t . W a y n e . - . 1,257,900 P it t s . Y ou n g stow n & A sh ta C in e. L eb a n on & N or. R y
. ____ 1,098,000
.
bu la R y . C o ., p referred ------ 5 ,7 7 5 ,0 0 0
C h ic. In d . & E a stern R y . . . - . 1.000.000 P itts. Y ’ tow i) & 4 s h .U y ..c o m . 2 ,1 0 0 ,0 0 0
E rie & P it t s . U R ., g u a r. s p e c .
607,250) P itts . Join t S tock Y a rd s C o . . .
500 ,0 0 0
G ra nd R a p id s & In d ia n a R y . . 2 ,9 0 2,600 S outh C h le. & Sou th ern U R . .
842 ,5 0 0
L ou isv ille Bridge C o ....................
900 ,300 T o l. P eoria & W estern R y ------- 1 9 .922.650
N orfolk & W estern R y .. p r e f . . 5 ,0 0 0 ,0 0 0 T o le d o W a lh on d in g V a lley &
N orfo lk & W estern R y ., c o m . . 1,500,000
O h io R R ....................................... 3 .2 3 5 ,0 0 0
O h io C on n ectin g R y . ................. 2 ,0 0 0 ,0 0 0 Vandal la R R . .......... ...................... 1 9 .633.400
P e n n sy lv a n ia Steel C o ., p r e f .. 7 ,0 0 0 ,0 0 0 W h eelin g T erm inal R y ________ 2.0 0 0 ,0 0 0
|M iscella n eou s.................................. 2 .6S 6.112

BONDS OWNED BY THE PENNSYLVANIA COMPANY DEC. 31 1907,
AGGREGATING (AT PAR) $ 6 5 ,4 0 9 ,2 6 5 .
Name of company—
Total par. \ Name o / company—
Total par.
C ln . L e b . & N o r. C on sol. M . 4 % $ 4 0 0 ,0 0 0 1P en n . Steel R o ll’ g S tk . T r . 4 % $ 2 ,4 0 0 ,0 0 0
Ch c . In d . & E ’ n 1st M . 5 % - . .
5 0 0 ,0 0 0 1P
„ en n . S t’ l F rt. Car T r . 4 %
% g
g oo ld
ld 8
8 .3
,3 0
00
0 .0
.0 0
00
0
C h le. In d . & E n G en. M . 6 %
100,000 P en n . S t’ l E q . I m p . T r . 4 % . . 9 ,0 0 0 ,0 0 0
C en . In d . R y . 1st M . 4 % g o ld .
7 50 ,000 P en n . G en. F rt. E q . T r . 4 % . . 19,9 1 8 ,0 0 0
O r. R a p . & In d . R y . 2d M . 4 % 2 ,9 8 7 ,0 0 0 P en n . R R . W a ter S u p p ly T ru st
I n d . & S t . L . R y . 1st M . 6 %
4 % ........................ ......... ..............10.0 0 0 ,0 0 0
g old C ou p on ................................
5 00 ,000 T o le d o P eoria & W e s t. R y . 1st
L o n g Isla nd U R . E q u ip . T ru st
M . 4 % .........................................
1 .0 4 4 ,0 0 0
4 % ce rtifica te s ................. ......... 2 ,6 0 0 ,0 0 0 M iscellaneous b l o c k s - _____ . 6!91o|265
T o ta l nar value o f stock s, $ 1 8 0 ,3 0 7 ,4 1 2 ; par va lu e o f b on d s. $ 6 5 ,4 0 9 ,2 6 5 ; to ta l,
$ 2 4 5 ,7 1 6 ,6 7 7 ; c o s t as per g en era l b a a n ce sh eet $ 1 8 8 ,6 6 3 ,7 5 9 . O f the foreg oin g
secu rities there are d ep osited as collateral w ith the v a riou s m ortg a g es and trust
o b lig a tion s stock s o f a par value o i $ 1 1 3 ,1 2 3 ,0 9 0 .

FISCAL RESULTS OF PENNSYLVANIA COMPANY.
1907.
1906.
1905.
1904.
M ile s o p e r a t e d d i r e c t l y
D e c . 31 ________________
1 ,4 1 4
1 .4 1 1
1 ,4 1 4
1 ,5 2 6
E a r n in g s —
$
3
F r e i g h t .............. .................._ 4 0 ,6 2 6 ,8 6 8
3 6 ,3 2 3 ,4 0 5
3 1 ,2 4 2 ,5 3 9
2 7 ,4 8 5 ,1 7 1
P a s s e n g e r s . . _______________
7 ,5 7 4 ,3 2 4
7 ,0 7 8 ,9 2 7
6 , 1 7 4 ,7 6 0
5 ,8 6 8 ,7 2 2
E x p r e s s ...............
1 ,1 1 7 ,7 4 1
9 0 6 ,0 3 1
8 1 2 ,0 2 9
7 4 6 ,0 2 0
M a l l s ____________________ _
9 4 6 ,1 1 8
8 7 5 ,4 15
8______
7 4 ,5 3 9
8 8 0 ,6 7 0
K e n t s ------------------------------( N o w I n c lu d e d In o t h e r I n c o m e .)
1 , 2 7 9 ,7 5 2
M i s c e l l a n e o u s . - ....................
1 ,0 7 2 ,3 8 2
8 5 .1 ,0 2 8 8 5 6 ,1 6103 0 ,2 4 6

t

T o t a l ................................... 5 1 , 3 3 7 , 4 3 3
Expenses —
M a ln t . o f w a y , &e_______ .
6 ,9 6 6 ,3 5 4
M a ln t . o f e q u i p m e n t ___
9 , 0 7 8 ,6 1 8
C o n d u c t i n g t r a n s p o r t a ’ n 1 8 .4 9 8 .2 6 3
G e n e r a l ___________________
861 ,6 7 3
T a x e s _____________ _______
1 ,5 3 0 ,7 2 1

4 6 , 0 3 6 ,8 0 6

3 9 . 9 6 0 ,0 3 0

3 6 ,3 9 0 ,5 8 2

6 ,2 0 8 ,0 4 6
7 , 7 9 9 ,5 8 7
1 6 ,6 8 1 ,6 6 8
7 9 1 ,2 8 5
1 ,4 0 8 ,5 4 3

5 ,3 5 4 ,7 3 4
6 .4 1 6 ,4 3 1
1 5 .2 8 7 .9 7 8
7 3 0 ,8 8 1
1 ,2 4 8 .7 6 3

3 ,8 4 2 ,1 4 4
5 , 8 2 9 ,5 7 3
1 4 ,4 3 9 ,8 1 8
7 2 2 ,2 4 1
1 ,2 0 9 ,5 8 0

3 6 .9 3 5 ,6 2 9
incc e a r n i n g s _____________
1 4 .4 0 1 .8 0 4
R e n t a ls p a id r o a d s o p e r .
o n b a s is o f n e t e a r n s . .
3 , 4 4 1 ,3 8 6

3 2 , 8 8 9 ,1 2 8
1 3 ,1 4 7 ,6 7 8

2 9 ,0 3 8 .7 8 8
1 0 ,9 2 1 ,2 4 8

2 6 ,0 1 3 ,3 6 2
1 0 ,3 4 7 ,2 2 0

2 ,9 5 8 ,8 0 0

1 .9 7 0 ,1 9 5

2 ,0 5 4 ,3 5 1

1 0 ,9 6 0 .4 1 7
1 1 .7 9 1 ,8 0 1

8 ,9 5 1 ,0 5 3
6 ,7 5 6 .0 0 3

8 ,2 9 2 , 8 6 9
7 ,1 2 0 , 3 4 9

6 3 ,1 0 2

1 0 ,1 8 8 ,8 7 7
7 , 6 3 4 ,2 7 1
1 , 4 9 3 ,6 9 6
1 1 9 ,1 1 4

2 2 ,8 1 5 ,3 2 0

1 9 ,4 3 5 ,9 5 8

1 6 .3 4 3 .4 5 9

I n t e r e s t o n b o n d s _______
I n t e r e s t o n c a r t r u s t s ___
C a r t r u s t s , p r i n c i p a l ------In te re s t, general a c c ’ t . .
A d v a n c e s to r a ilr o a d s ..
H ir e o f e q u i p m e n t ---------

6 ,5 3 3 ,7 7 1
4 , 9 8 4 ,7 6 0
3 1 8 ,8 5 6
2 6 7 ,9 9 0
8 2 5 ,0 5 5
2 .1,5 08
2 3 2 ,8 8 4

6 ,3 3 9 ,0 7 9
4 ,0 1 4 ,5 6 9
1 4 5 ,2 0 1
2 6 7 ,9 9 0

N e t I n c o m e f o r y e a r -------

1 3 , 1 8 6 ,8 2 3
9 , 6 2 8 ,4 9 7

1 0 ,7 7 0 ,0 6 0
8 ,6 6 5 ,8 9 8

In te r e s t, general a c c ’ t . .
R e n t s ........ .......................

Deduct—

Distribution—

3*221

" 6 3 6 ,4 0 3

6 ,3 6 9 ,8 6 0
2 , 4 7 8 ,9 9 2
1 5 7 ,7 7 1 \
2 6 7 ,9 9 0 j
1 ,0 0 3 ,5 4 7
1 0 ,8 6 8
1 0 ,2 8 9 ,0 2 8
6 ,0 5 4 ,4 3 1

1 5 ,4 1 3 .2 1 8
5 ,7 9 6 ,7 6 7
2 ,2 1 3 , 4 1 7
4 3 8 ,4 9 5
1 , 6 9 7 ,0 2 4
7 9 ,5 8 4
1 0 ,2 2 5 ,2 8 7
5 , 1 8 7 ,9 3 0

A d d e d to “ e x tr a o r d ln ’ y ”
e x p e n d it u r e s f u n d ___
2 .5 0 0 ,0 0 0
2 , 5 0 0 ,0 0 0
2,000.000
b
S i n k i n g f u n d , & e ----------1 ,6 7 6 ,9 6 6
1 .6 7 7 ,4 8 1
1 .6 5 6 ,1 6 4
1 ,6 2 7 ,9 1 0
D i v i d e n d s ____________( 7 ’ ; > 4 ,2 0 0 ,0 0 0 ( 6 ) 3 ,6 0 0 ,0 0 0 ( 5 ) 2 ,0 0 0 ,0 0 0 ( 5 ) 2 ,0 0 0 ,0 0 0
S u r p lu s

b F rom

1 ,2 5 1 ,5 3 1

8 8 8 ,4 1 7

3 9 8 ,2 6 8

1 , 5 6 0 ,0 2 0

t h e p r o fit a n d lo s s a c c o u n t $ 2 ,0 0 0 ,0 0 0 w a s a p p r o p r i a t e d In 1 0 0 4
t o t h e " e x t r a o r d i n a r y e x p e n d it u r e f u n d . ”
N ote.— The fin e s " o n e r a t e d d i r e c t l y b y t h e P e n n s y lv a n ia C o m p a n y ”
a g g r e g a t i n g 1 ,4 1 3 .8 0 m ile s D e c . 31 1 9 0 7 , t h e g r o s s a n d n e t e a r n in g s o f w h ic h ,
a s s h o w n a b o v e , I n c lu d e :
PAer-,’in,irf le,n^,T
Miles. I Controlled by stock or oth'wise Miles
P l t t s b . F t . W . & C h i c a g o ------- 4 7 0 .0 5 IC le v e la n d &M a r ie t t a _________ 103 .1 3
M a s s illo n A C l e v e l a n d -------------- 1 2 .2 3 | P ltts. O h io V a ll e y & C i n e ____ 15.09

[VOL. LXXXVI,

THE CHRONICLE

1282

BALANCE SHEET PENNSYLVANIA COMPANY DEC.

31.
1007.
1006.
1005.
$
^
^
S e c u r it ie s ............- .................. - ........................1 8 8 .6 H 3 .7 5 0 2 2 2 ,3 2 1 ,3 2 1 1 1 6 ,4 7 6 ,6 7 6
8
,3 5 6 ,1 4 4
8 , 3 5 6 ,1 4 4
8 ,3 5 6 ,1 4 4
---------------E q u i p m e n t ----------------------------------------------8 0 6 ,7 2 3
9 5 6 ,7 4 8
1 ,0 0 0 ,2 9 5
R e a l e s t a t e ---------------- -------------------------------3 0 ,5 9 1
1 5 6 ,4 7 4
3 0 ,5 0 1
R e a l e s t a t e In t r u s t — - - ............................
1 ,2 3 8 ,5 7 3
1 ,2 3 8 ,5 7 3
1 ,2 3 8 ,5 7 3
S t e u b . E x t e n s i o n R R . l e a s e -----------------2 ,8 2 0 ,6 0 2
4 , 2 2 7 ,2 5 5
5 ,1 1 0 ,0 3 7
L e a s e d r o a d s , b e t t e r m e n t s .........................
2 ,7 7 8 ,8 1 3
2 , 3 1 4 ,2 0 5
2 , 0 1 8 ,7 7 5
7 ,2 4 6 ,5 0 8
2 ,6 9 2 ,1 8 1
3 ,6 6 3 ,9 2 8
1 ,4 2 0 ,1 8 6
1 ,0 8 0 ,1 9 9
1 ,3 4 3 ,0 5 3
S t a t i o n a g e n t s , & c ------------------ ---------- - ­
5 4 6 ,1 0 3
5 0 6 ,4 7 0
5 0 7 ,8 4 3
B ills r e c e i v a b l e ---------------------------------------2 , 3 9 8 ,1 3 6
2 ,5 6 1 ,8 4 6
3 ,2 0 4 ,0 9 2
M a t e r ia l o n h a n d — --------- --------------------7 ,8 1 6 ,3 0 0
3 ,5 9 6 ,4 8 2
7 ,6 3 1 ,0 0 9
2 ,9 9 0 ,4 0 4
2 , 9 7 8 ,5 2 3
3 ,0 8 6 ,6 8 2
C a s h w it h T r e a s u r e r ------------------------------1 5 ,6 1 3 ,7 3 3
3 ,3 6 0 , 3 2 5
4 8 3 ,1 1 5
4 6 8 ,0 * 0
C a s h l o r I n t e r e s t o n b o n d s _____________
4 7 1 ,1 2 2
3 , 6 2 0 ,2 7 0
3 ,7 5 8 ,6 2 0
S i n k i n g f u n d s ( ln c l . le a s e d r o a d s ) _____
3 ,9 5 3 ,1 7 9

Assets—

T o t a l a s s e t s ____________________________ 2 3 2 ,2 7 1 ,7 0 0 2 8 0 ,3 7 0 ,8 4 5
Liabilities—
6 0 ,0 0 0 ,0 0 0
C a p it a l s t o c k ----------------------------------------------- 60 ,000,000
F u n d e d d e b t --------------------------------------------- 128 ,6 4 5 ,5 4 8 1 3 0 ,2 0 3 ,5 4 8
C o l l a t e r a l b a t t e r m e n t n o t e s ___________
_
5 0 ,0 0 0 ,0 0 0
C o lla t e r a l I m p r o v e m e n t n o t e s _________
.
8 0 3 ,4 1 1
8 0 3 ,4 1 1
L e s s o r c o m p a n i e s f o r s u p p l i e s _________
2 ,6 4 2 ,6 0 1
D u e s In c u r r e n t a c c o u n t ________________
2 ,7 6 3 ,8 3 0
4 , 2 2 3 ,5 1 2
C u r r e n t e x p e n s e s , le a s e d r o a d s ____________ 3,4 0 4 ,1 1 6
6 ,4 0 0 ,3 1 4
M is c e lla n e o u s l ia b il i t i e s ________________
4 0 0 3 ,0 5 1
1 ,0 6 7 ,6 8 0
1 0 5 6 ,2 8 2
I n t e r e s t o n d e b t _________________________
3 ,6 3 6 ,6 7 2
E x t r a o r d i n a r y e x p e n d it u r e f u n d _____
4 3 2 7 ,4 0 2
8 6 0 ,4 6 3
T a x e s c h a r g e d o u t _______________________
0 1 4 ,0 7 0
C a r t r u s t p r l n c . c h g d . o u t In a d v a n c e .
3 , 2 5 4 ,0 3 5
R e s e r v e f u n d , le a s e d r o a d s ____________
3 ,4 2 5 ,5 1 0
1 0 ,2 8 0 ,4 2 8
S i n k i n g f u n d s _______________________________ 12 ,0 8 1 ,8 6 6
7 ,8 3 0 ,7 4 3
P r o f it a n d l o s s _______ ____________
a 8 ,9 8 7 ,1 3 5

1 5 5 ,5 5 0 ,0 0 4

T o t a l l i a b i l i t i e s _____________ __________2 3 2 ,2 7 1 ,7 0 0 2 8 0 ,3 7 0 ,8 4 4

1 5 5 ,5 5 0 ,9 0 4

6 0 ,0 0 0 ,0 0 0
6 3 , 4 0 6 ,0 0 0
5 ,0 0 0
8 0 3 ,4 1 1
2 , 1 7 0 ,7 8 5
3 , 1 7 8 ,2 9 0
3 , 7 8 3 ,3 0 3
7 9 3 ,0 8 6
2 , 7 7 2 ,1 1 8
3 , 1 4 9 ,5 7 9
8 , 5 1 0 ,5 3 8
6 ,8 7 0 ,7 0 4

a A fte r

d e d u c t i n g $ 1 0 4 ,1 3 9 p a i d In s e t t le m e n t o f s u n d r y o l d a c c o u n t s , & c .
— V . 85, p . 1647.

Sao Paulo (Brazil) Tramway, Light & Power Co., Ltd.
( R e p o r t f o r F i s c a l Y e a r e n d i n g D e c . 31 1907.)
President Wm. Mackenize, Toronto, April 29 190S, said:

General Results.— T h e g r o s s e a r n in g s w e r e $ 2 , 1 1 1 , 5 2 3 , a s c o m p a r e d w it h
$ 2 , 0 1 8 ,7 0 4 f o r th e p r e v i o u s y e a r , a n I n c r e a s e o f $ 9 2 ,8 1 9 , a n d t h e n e t e a r n ­
in g s w e r e $ 1 , 3 0 5 , 8 7 3 , c o m p a r e d w it h $ 1 ,3 6 8 ,1 6 3 d u r i n g 1 0 0 6 .
A fte r th e
p a y m e n t o f b o n d I n t e r e s t, t a x e s , A c . , $ 3 5 9 ,4 2 2 , a n d t h r e e q u a r t e r l y d i v i ­
d e n d s o f 2 % e a c h a n d o n e o f 2 * 4 % . $ 6 0 1 ,4 7 6 , th e r e r e m a in e d a b a l a n c e o f
$ 3 4 4 ,9 7 5 , o f w h ic h t h e r e w a s p l a c e d t o t h e c r e d it o f c o n t i n g e n t a c c o u n t
$ 1 0 0 ,0 0 0 a n d t o t h e c r e d it o f p r o f it a n d lo s s $ 2 4 4 ,0 7 4 .
F r o m t h e c o n t i n g e n t a c c o u n t $ 1 3 2 ,0 7 4 w a s e x p e n d e d In r e n e w in g s e c ­
t io n s o f t h e tr a n s m is s io n lin e , p o r t io n s o f t r a c k , b v e r h e a d lin e s , A c . , le a v ­
in g t o t h e c r e d i t o f t h is a c c o u n t $ 7 4 ,0 9 7 .
I n a d d it i o n t h e c o m p a n y h a s
m a i n t a in e d Its s y s t e m In e x c e l le n t c o n d i t i o n .
T h e d e m a n d f o r lig h t a n d p o w e r Is I n c r e a s in g r a p i d l y .
T h ere a re n o w
In u s e 4 5 , 5 7 0 a r c a n d I n c a n d e s c e n t l a m p s , c o m p a r e d w it h 3 8 ,1 1 9 In 1 0 0 6 ;
a n I n c r e a s e o f 1 0 . 5 % , w h ile t h e n u m b e r o f c u s t o m e r s s h o w s a n I n c r e a s e o f 5 7 .
T h e n u m b e r o f p o w e r c u s t o m e r s a t t h e c lo s e o f t h e y e a r w a s 3 1 0 , a s a g a in s t
2 4 5 D e c . 31 1 9 0 6 ; t h e m o t o r s I n s ta lle d I n c r e a s e d b y 1 0 8 , t h e h o r s e - p o w e r
c o n t r a c te d f o r s h o w s a n In crease o f 1 1 0 2 H h . p .
Capital Expenditure.— C o n t i n u i n g t h e c o n s t r u c t i o n o f t h e S a n t o A m a r o
r e s e r v o ir , e n la r g in g th e p o w e r s t a t io n a n d a d d it i o n s t o t h e h y d r a u l i c p l a n t
a t P a r n a h y b a , e x t e n s i o n s t o t r a c k s , A c . , n e c e s s it a t e d t h e e x p e n d it u r e
o f $ 7 4 3 ,8 7 2 .
,
, ,
. . .
t.
W o r k o n t h e S a n t o A m a r o r e s e r v o ir w a s s o m e w h a t d e l a y e d , b u t t h e
r e s e r v o ir w ill b e r e a d y f o r t h e s t o r a g e o f w a t e r b y J u n e 1 n e x t .
A c o n t r a c t h a s r e c e n t l y b e e n p l a c e d f o r t h e s e v e n t h u n i t o f t h e h y d r a u li c
p l a n t , w h ic h s h o u l d b e r e a d y f o r o p e r a t i o n b e f o r e D e c e m b e r 1 9 0 8 ; a ls o f o r
t h e n e c e s s a r y t r a n s fo r m e r s a n d o t h e r a p p a r a t u s r e q u ir e d f o r t h e u t i li z a t io n
o f t h e c u r r e n t f r o m th is s e v e n t h u n i t , b o t h a t P a r n a h y b a a n d a t t h e s u b ­
s t a t io n a t S a o P a u l o .
,
.
..
,
.
T w e l v e c a r s w e r e c o n s t r u c t e d d u r i n g t h e y e a r In t h e c o m p a n y s s h o p s
a n d o r d e r s h a v e b e e n p l a c e d f o r t h e n e c e s s a r y m a t e r ia l f o r 25 a d d it i o n a l .
Santa Anna Railway.— 'T h e c o m p a n y a c q u i r e d b y p u r c h a s e t h e r ig h t s
a n d p r o p e r t y o f t h e S a n t a A n n a R a i l w a y , a n a r r o w -g a u g e m u le lin e e x ­
t e n d i n g f r o m t h e t e r m in u s o f o n e o f o u r t r u n k lin e s a t P o n t e G r a n d e t o
S a n t a A n n a , a d i s t a n c e o f b e t w e e n o n e a n d t w o m ile s .
W h i le a l r e a d y
p r o f i t a b l e , a s s o o n a s t h e lin e Is e l e c t r i c a ll y o p e r a t e d m u c h la r g e r r e t u r n s
w il l b e o b t a i n e d .
,
Municipality of Sao Bernardo.— T h e c o m p a n y h a s r e c e n t l y s e c u r e d a n
e x c l u s i v e 3 0 - y e a r c o n c e s s io n f o r t h e d i s t r i b u t i o n o f lig h t a n d p o w e r In t h e
m a n u f a c t u r in g m u n i c ip a li t y o f S a o B e r n a r d o , I n c lu d in g t h e t o w n o f t h a t
n a m e d i s t a n t 10 m ile s f r o m S a o P a u lo .
T h e c o m p a n y h a s a lr e a d y s e cu re d
f a v o r a b l e c o n t r a c t s f o r p o w e r In th is l o c a l i t y a n d a la r g e I n c r e a s e In t h e
d e m a n d s e e m s r e a s o n a b l y c e r t a in .
Increase in Capital.— A t a s p e c ia l m e e t in g o f s h a r e h o ld e r s h e l d o n D e c . 27
a b y - l a w w a s r a t ll l e d a u t h o r i z in g t h e I n c r e a s e o f t h e c a p i t a l s t o c k f r o m $ 8 , ­
5 0 0 ,0 0 0 t o $ 1 0 ,0 0 0 ,0 0 0 ; t h e Issue t o b e u s e d f r o m t im e t o t im e a s t h e d e ­
m a n d s o f t h e c o m p a n y r e q u ir e .
Rate of Exchanije.— I n o u r la s t a n n u a l r e p o r t a t t e n t io n w a s c a l l e d t o t h e
f a c t t h a t l e g ls l a t o n w a s p a s s e d b y w h ic h t h e G o v e r n m e n t h o p e d t o m a in ­
t a in t h e r a t e o f e x c h a n g e a t a b o u t 1 5 d . f o r t h e m llr e ls .
D u r in g t h e y e a r
e x c h a n g e h a s r e m a in e d p r a c t i c a l l y c o n s t a n t a t 15 t o 1 51 4 p e n c e .
OPERATIONS AND FISCAL RESULTS.

Lamps, &c., Dec. 3 1 —
N u m b e r o f l a m p s _______
N u m b e r o f m o t o r s ______
H o rs e -p o w e r m o to rs c o n ­
n e c t e d - ................. .............
Receipts from—

1007.
4 5 ,5 7 0
506

1906.
3 8 ,1 1 9
308

1004.
3 3 ,0 1 0
270

1005.
3 4 ,4 0 7
336

4 ,0 0 0

4 ,0 7 6

3 ,2 0 7

L ig h t a n d p o w e r .

$ 1 ,4 8 8 ,8 1 6
6 2 2 ,7 0 7

$ 1 ,4 5 8 ,4 1 3
5 6 0 ,2 0 1

$ 1 ,3 5 7 ,0 2 6
5 5 0 ,4 8 0

$ 1 , 0 2 0 ,0 0 7
3 0 9 ,3 3 2

O p e r . e x p . A m a l n t . c h g si.

$ 2 , 1 1 1 ,5 2 3
7 1 5 ,6 5 0

$ 2 ,0 1 8 ,7 0 4
6 5 0 ,5 4 1

$ 1 , 9 0 8 ,4 0 6
6 3 4 ,5 7 3

$ 1 ,4 1 0 ,3 3 9
4 6 0 ,5 5 8

P . c. o f o p . e x p . t o earn s.
A ll e x p e n s e s a n d ch a rg e s

$ 1 ,3 0 5 ,8 7 3
(3 3 .0 )
3 5 9 ,4 2 2

$ 1 ,3 6 8 ,1 6 3
(3 2 .2 )
3 5 0 ,8 8 2

$ 1 , 2 7 3 ,8 3 2
(3 3 )
3 1 1 ,2 0 5

$ 9 5 8 ,7 8 0
(3 2 .4 )
3 1 0 ,7 7 9

$ 1 ,0 3 6 ,4 5 1
( % ) 6 0 1 ,4 7 6

$ 1 ,0 0 8 ,2 8 1
( 8 )5 0 0 , 9 7 0

$ 9 6 2 ,6 2 7
$ 6 4 8 ,0 0 1
(8 ) 5 9 9 , 5 0 4 ( 7 ^ ) 5 2 0 , 0 2 7

$ 3 4 4 ,0 7 5

$ 4 0 8 ,3 1 1

B a la n c e , S u r p lu s .
1907.
$

6 ,0 0 2 H

1906.
$

Assets—
H y d ra u lic
p la n t,
transm ls’ n lines,
ra ilw a y , real es­
ta te an d b u ild ­
ings, A c ________ 1 6 ,032,672 1 5 ,288,800
Stores In h a n d ____
514,668
755,073
A c c o u n ts r eceiv ­
a b le _____________
127,699
2 32 ,895
Cash o n h a n d ..........
208,444
327,681

$ 3 6 3 ,0 3 3

Liabilities—
C a pital s t o c k ..........
B on d s s o ld .............A c c r ’ d Int. charges
A c c ts .A w a g e s p a y .
U nred’ m ed tick ets
D iv i d e n d .......... —
|R eserve fu n d -------|Bills p a y a b le ..........
(Suspense ex ch a n g e
(C on tin g en t a c c t - .
(In su ra n ce fund —
1F ro flt A loss su r p .

T o t a l .......... ......... 17,229.083 1 6 ,2 5 8 .8 4 8 1
— V . 86. p . 1160, 53.

1907.
$
8 ,5 0 0 .0 0 0
6 ,0 0 0,000
25,000
131,159
1,620
189,229
1,000,000
389,333
247,808
74,097
13,938
656,899

$ 1 2 7 ,0 7 4
1906.
$
8 ,0 2 6 ,6 3 7
6 ,0 0 0 ,0 0 0
2 5,000
2 71 ,008
489
149,996
1 ,0 0 0 ,0 0 0
257 ,810
106,171
9,813
411,924

T o t a l ..................... 17,229.083 16,2 5 8 ,8 4 8

United States Rubber Co.
(R e p o r t f o r F i s c a l Y e a r e n d i n g M a r c h 31 1908.)
President Samuel P. Colt, May 19 1908, writes in substance:

United States Rubber Co.— I t Is a s o u r c e o f s a t i s f a c t i o n t h a t , In s p i t e o f
t h e g r e a t b u s in e s s d e p r e s s io n t h r o u g h o u t t h e c o u n t r y , t h e b u s in e s s o f t h e
c o m p a n y c o m p a r e s f a v o r a b l y a s It d o e s w it h t h a t o f t h e p r e v i o u s y e a r —




t h e la r g e s t In Its h i s t o r y , e s p e c i a ll y a s d u e c o n s i d e r a t io n Is t o b e g iv e n
t o t h e f a c t t h a t o u r lls c a l y e a r e n d s M a r c h 3 1 , t h u s I n c lu d in g s i x m o n t h s
l a r g e ly a f fe c t e d b y t h e f in a n c ia l d e p r e s s i o n .
F o r t h e fir s t s i x m o n t h s —
A p r i l t o S e p t e m b e r 1 9 0 7 — t h e b u s in e s s w a s l a r g e ly In e x c e s s o f t h e c o r r e ­
s p o n d in g p e r io d fo r th e p r e v io u s y e a r .
, ,,
. . ._
Funding Notes.— T h e f u n d i n g n o t e s w h ic h m a t u r e d M a r c h 15 1 9 0 8 w e r e
p r o v i d e d f o r b y t h e s a le o f a n e w Issu e o f lik e n o t e s f o r t h e s a m e a m o u n t ,
p a y a b l e S e p t . 15 1 9 0 0 .
iC . m p a r e V . 8 6 , p . 6 0 6 .)
, .
. ,
Boston Rubber Shoe Co. Debentures.— A r r a n g e m e n t s h a v e b e e n m a d e f o r
p a y m e n t o f t h e Issue o f $ 4 , 8 0 0 ,0 0 0 d e b e n t u r e b o n d s o f t h e B o s t o n R u b b e r
S h o e C o . , w h ic h m a t u r e s A u g . 1 1 0 0 8 , t h r o u g h t h e s a le o f a n e w Issu e o f
$ 4 , 5 0 0 , 0 0 0 o f s im ila r d e b e n t u r e b o n d s , p a y a b l e S e p t . 15 1 0 1 0 , the: b a l a n c e
t o b e p r o v i d e d f o r b y c a s h In t h e t r e a s u r y .
(S e e V . 8 6 , p . 1 1 0 3 .— E d .)
Profits and Prices.— 'i h e n e t p r o f it s o f t h e c o m p a n y f o r t h e p a s t y e a r ,
n o t I n c lu d in g t h e c o m p a n y ’ s p r o p o r t i o n o f s u r p lu s e a r n in g s o r s o m e o f
Its s u b s i d i a r y c o m p a n ie s n o t a c t u a l ly r e c e iv e d In d i v i d e n d s , a r e $ 3 , o o J , 5 5 6 ,
w h ic h a r e c o n s i d e r e d s a t i s f a c t o r y In v i e w o f t h e m a n u f a c t u r in g a n d s e llin g
c o n d i t i o n s w h ic h h a v e e x i s t e d d u r in g t h e y e a r , a n d t a k i n g i n t o a c c o u n t
t h e c o n s e r v a t iv e p r ic e s a t w h ic h m a t e r ia ls o n h a n d h a v e b e e n I n v e n t o r i e d
In o u r b a l a n c e s h e e t o f M a r c h 31 1 0 0 8 .
T h e c o m p a n y d i d n o t a d v a n c e t h e s e llin g p r i c e o f Its m a n u f a c t u r e d
g o o d s In c o m p a r is o n w it h t h e a b n o r m a l l y h ig h p r i c e o f c r u d e r u b b e r w h ic h
p r e v a i l e d e a r ly In t h e y e a r , a n d t h e lo w e r p r i c e n o w p r e v a i l in g f o r t h is I m ­
p o r t a n t I te m In t h e c o s t o f o u r g o o d s s h o u l d e n a b le t h e c o m p a n y t o r e c e i v e
a la r g e r , y e t r e a s o n a b l e , p r o f it o n Its p r o d u c t f o r t h e c o m i n g y e a r , a s o u r
s e llin g p r ic e s r e m a in u n c h a n g e d .
T h e c o m p a n y h a s p a i d t h e r e g u la r 2 % q u a r t e r l y d i v i d e n d s o n Its fir s t
p r e f e r r e d s t o c k a n d 1 K % q u a r t e r l y d i v i d e n d s o n Its s e c o n d p r e f e r r e d s t o c k .
Export Business.— - I m p o r t a n t c h a n g e s h a v e b e e n m a d e In t h e c o n d u c t o f
o u r e x p o r t b u s in e s s w h ic h , w h ile m a t e r ia l l y r e d u c i n g t h e e x p e n s e In t h e
o p e r a t i o n o f t h is d e p a r t m e n t , s h o u l d t e n d t o s a t i s f a c t o r y r e s u lt s .
Rubber Goods Manufacturing Co.— T h e b u s in e s s o f t h is c o m p a n y h e ld u p
r e m a r k a b l y w e ll d u r in g t h e c a l e n d a r y e a r 1 0 0 7 .
T h e n e t r e s u lts o b t a i n e d ,
c o n s i d e r in g t h e g e n e r a l t r a d e c o n d i t io n s d u r i n g t h e l a t t e r p a r t o f t h e y e a r ,
a r e a ll t h a t c o u l d r e a s o n a b l y b e e x p e c t e d .
Outlook.— T h e p r o m p t n e s s w it h w h ic h t h e e n t ir e b u s in e s s o f t h e c o m p a n y
w a s a d j u s t e d t o t h e d i f f i c u lt c o n d i t io n s p r e v a i l in g d u r in g t h e la s t s i x
m o n t h s r e fle c t s c r e d it o n o u r v a r i o u s d e p a r t m e n t s a n d s u b s i d i a r y c o m ­
p a n ie s , a n d , c o u p l e d w it h t h e f a c t t h a t w c h a v e k e p t o u r m ills In e x c e l le n t
p h y s i c a l c o n d i t i o n , w a r r a n t s u s In a n t i c ip a t i n g t h a t , w it h a r e t u r n o f
g e n e r a l p r o s p e r i t y , w e m a y l o o k f o r I m p r o v e d r e s u lt s .

CONSOLIDATED INCOME ACCOUNT OF THE UNITED STATES
RUBBER CO. AND ITS SUBSIDIARY COMPANIES.
< 11007-08.
a l9 0 6 -0 7 .
a l9 0 5 -0 6 .
1 0 0 4 -0 5 .
G r o s s s a le s a n d m l s c _____$ 6 2 ,6 9 6 ,1 0 6 $ 6 0 ,5 6 8 ,8 5 2 $ 5 4 ,7 2 3 ,7 5 7 $ 5 7 ,0 3 0 ,9 0 5
L e s s d i s c o u n t s ,, a l l o w ­
a n c e s .r e b a t e s d cretu rn s 2 0 ,8 3 5 ,6 8 0
2 0 ,8 5 3 ,1 2 1
2 1 ,8 5 5 ,1 6 3
2 4 ,0 0 0 ,6 0 4
N e t s a le s a n d m l s c ___ $ 4 1 ,8 6 0 ,4 2 6 $ 3 0 ,7 1 5 ,7 3 1 $ 3 2 ,8 6 8 ,5 0 4 $ 3 2 ,9 3 1 ,2 1 1
C o s t o f g o o d s s o l d ------------ 3 5 ,4 6 2 ,3 0 4
3 3 ,1 2 5 ,0 2 2
2 6 , 4 8 2 ,3 2 0
2 6 , 1 1 0 ,3 3 2
M a n u f a c t u r in g p r o fit s $ 6 ,3 0 8 ,0 3 2
F r e ig h t,
ta x e s,
In su ra n c e , s e llin g & g e n . e x p . 1 ,0 1 3 ,1 2 7

$ 6 , 5 8 0 ,8 0 0

$ 6 ,3 8 6 ,2 6 5

1 ,0 3 1 ,7 4 6

1 ,4 8 0 ,7 6 0

$ 6 ,8 2 0 ,8 7 0
_
1 ,8 0 0 ^ 1 5 4

O p e r a t in g p r o f i t s _____$ 4 ,4 8 4 ,0 0 4
R u b■»be
ber G
s M fg . d i v i ­
~ o o d.........................
d e n d a s a d j u s t e d _____
8 9 0 ,7 3 3
O t h e r I n c o m e -----------------1 7 8 ,0 3 8

$ 4 ,6 5 8 ,0 6 3

$ 4 ,9 0 5 ,5 0 5

$ 5 ,0 2 0 ,7 2 5

6 8 9 ,3 0 8
8 7 2 ,0 3 2

2 7 6 ,7 7 0
1 0 2 ,7 0 8

1 6 1 ,3 0 2

N e t I n c o m e ---------------------$ 5 , 5 5 3 ,6 7 5
I n t e r e s t o n l o a n s ----------- $ 1 ,3 2 0 ,5 8 7
In t. on B. R . Shoe d e b s.
2 4 0 ,0 0 0
I n t . a l lo w e d c u s t o m e r s .
2 9 7 ,4 8 1

$ 6 ,2 1 9 ,4 0 3
$ 1 ,2 2 8 ,0 5 4
2 4 0 ,0 0 0
0 3 ,5 3 2

$ 5 , 2 8 5 ,0 7 3
$ 9 0 0 ,7 9 0
2 4 0 .0 0 0
1 0 3 ,7 8 6

$ 5 ,1 8 2 ,1 1 7
$ 1 , 0 4 0 ,0 3 2
2 4 0 ,0 0 0
1 0 2 ,5 3 0

$ 1 ,8 5 8 ,0 6 8
N e t I n c o m e t o s u r p lu s $ 3 ,6 9 5 ,6 0 7
A d d i t i o n s t o s u r p l u s ___
_________

$ 1 ,5 6 2 ,4 8 6
$ 4 , 6 5 6 ,9 1 6

$ 1 ,3 3 4 ,5 7 6
$ 3 ,9 5 0 ,4 9 7

$ 1 ,4 7 3 ,4 6 2
$ 3 , 7 0 8 ,6 5 5
8 8 ,8 5 2

$ 3 ,6 9 5 ,6 0 7
1 4 2 ,0 5 1

$ 4 , 6 5 6 ,9 1 6
6 6 ,5 3 3

$ 3 ,9 5 0 ,4 0 7
6 0 ,2 2 7

$ 3 ,7 9 7 ,5 0 7
3 5 ,5 8 4

B a d d e b t s , A c -------

B a l a n c e ------------------------ $ 3 ,5 5 3 ,5 5 6
$ 4 ,5 9 0 ,3 8 3
D i v i d e n d o n 1 st p r e f _ . . ( 8 ) 2 , 9 0 1 , 0 4 0 (8 )2 ,0 0 1 ,0 4 0 1
D iv i d e n d o n 2 d p r e f _____ ( 6 ) 5 0 4 ,4 0 8
(6 )5 8 4 ,0 1 6 ]
S u r p lu s f o r y e a r ______
P r e v i o u s s u r p l u s . . ...........

$ 5 8 ,1 0 8
6 ,1 2 6 ,7 0 6

T o t a l s u r p l u s _________ $ 6 ,1 8 4 ,8 1 5

$ 3 ,8 8 1 ,2 7 0

# 3 , 7 6 1 ,0 2 3
( 8 ) 1 ,8 8 2 ,0 4 0
_____ l . ____

b2,8 4 0 ,0 0 2 ]

ZL111Z1

$ 1 ,1 0 4 ,4 2 7
5 , 0 2 2 ,2 7 9

$ 1 ,0 3 5 ,1 7 8
3 ,9 8 7 ,1 0 1

$ 1 ,8 7 0 ,8 8 3
2 ,1 0 7 ,2 1 0

$ 6 ,1 2 6 ,7 0 6

$ 5 ,0 2 2 ,2 7 9

$ 3 , 0 8 7 ,1 0 2

a D o e s n o t I n c lu d e e a r n in g s o f R u b b e r
b I n c lu d e s 8 % o n first p r e fe r r e d s t o c k

G o o d s C o . o r Its s u b s id ia r ie s .
a n d d iv id e n d s a t ra te o f 6 % o n

s e c o n d p r e fe r r e d Issu ed d u r in g t h e y e a r .

CONSOLIDATED BALANCE-SHEET MARCH 31 OF UNITED STATE*.1
RUBBER CO. AND ITS SUBSIDIARY COMPANIES
1008.
1907.
1908.
1907.
Liabilities—
$
$
Assets—
$
$
P ro p e rty A p la n ts 74,734,540
In v en tories, m anu fa c t’d g ood s
an d m aterials 13,533,170
Cash ....................
2,723,381
B ills r e c e iv a b le .
994,251
A c c o u n ts receiv­
a b le .................... 8 ,4 04,235
S ecurities ow ned 8,174.730
M iscellaneous as­
sets — ..........
612,721

74 ,4 5 5 ,7 6 3 1st p ref. s t o e k - - 3 6 ,2 6 3 .0 0 0 3 6 ,2 6 3 ,0 0 0
2 d n re f. s t o c k . . 9 ,9 6 5 ,0 0 0
9 ,8 4 8 ,6 0 0
C o m m o n s t o c k . 2 5 ,0 0 0 ,0 0 0 2 5 ,000,000
4 ,8 0 0 ,0 0 0
18,404,727 B R S h o e C o .d e b . 4 ,8 0 0 ,0 0 0
8 ,0 0 0 ,0 0 0
2,061,401 U S R .fu n d .n o t e s 8 ,0 0 0 ,0 0 0
8 ,1 3 4 ,8 4 9
3 ,6 8 1 ,1 2 9 F ix e d su rp lu ses. 8 ,1 3 4 ,8 4 9
2 .4 4 0 ,0 7 8
6 ,8 2 1 ,0 7 8
L oa n s p a y a ■
b•
le . 36 2 ,6 3 5
7 37 ,385
8 ,6 87,631 A c c t s . p a y a b le .
7 ,1 6 4 ,1 1 2
7 ,2 69,441
7 ,3 1 7 ,7 5 9 D u e G en . R . C o .
77,804
594,282
D e f’d lia b ilitie s.
8 59 ,020 R eserv ed for d e1,000,000
p rec’ n s e c u r ’ s .
874,735
8 72 ,989
R e s ’ v ’ d for d l v .
6 ,1 2 0 .7 0 6
S u rp lu s.................. 0 ,1 8 4 ,8 1 5 _____________

T o ta l ............... 109.267,027 1 1 5 ,468 ,33 0i
— V.

86,

p.

1163, S63.

T o ta l .................1 09 ,267 ,02 7 1 1 5 ,468 .33 0
.

_

Waltham Watch Co.
( B a l a n c e S h e e t o f M a r c h 31.)
The balance sheet ofMarch 31 last compares with that cf
the previous year and that of the predecessor company, the
American Waltham Watch Co., of the same date in 1906 as

Assets—
1908.
R e a l e s t a t e ______________ _______________$ 1 ,0 3 7 ,1 0 7
F u r n it u r e a t A d a m s H o u s e ____________
6
O t h e r r e a l e s t a t e a n d b u i l d i n g _______
I 3 2 ’0” }
M a c h i n e r y __________________________ i-____
2 , 6 2 4 ,2 2 6
M e r c h a n d i s e _____________________________
1 ,0 5 4 ,8 4 2
E n g lis h a n d C a n a d ia n c a s e s ........... ........
8 4 ,0 3 5
S u p p l i e s __________________________________
1 ,2 0 7 ,2 2 5
M o v e m e n t s In p r o c e s s ___________________
1 ,6 7 2 ,6 0 5
P a t e n t r ig h t s , t r a d e m a r k s , A c _______ * 4 , 5 0 1 ,0 0 0
1 0 2 ,5 9 7
D u e fro m a g en ts a n d L o n d o n o f fic e . _
2 4 ,3 9 8
A c c o u n t s r e c e i v a b l e ______________ .
1 1 0 ,8 2 3
C a s h ----------------------------------- ------------ --. , —
3 5 ,7 2 0
V a lu e o f I n s u r a n c e p o l i c i e s _______ : . . .
Liabilities—
"
____
P r e f e r r e d s t o e k ____________ _ _________ $ 4 ,5 0 0 ,0 0 0
C o m m o n s t o c k -----------------------------------------7 ,0 0 !M ™
B ills p a y a b l e _____________________________
3 0 0 ,0 0 0
A c c o u n t s p a y a b l e ----------------------------------2 0 ,6 4 4
S u r p l u s -----------------------------------8 5 3 ,0 5 4
T o t a l ...............................

$ 1 2 ,6 8 3 ,5 0 8

1907.
$ 0 7 6 ,3 0 3
6 ,0 5 0
1 2 7 ,3 3 0
2 ,4 3 5 ,5 9 1
8 8 6 ,6 3 2
3 1 ,5 2 5
1 ,2 2 2 ,8 3 5
1 ,5 8 5 ,8 7 0
* 4 ,5 0 1 ,0 0 0
2 4 7 ,5 5 5
2 9 ,9 5 4
8 1 ,7 7 0
3 5 ,7 2 0

1006.
$ 7 0 4 ,1 7 5
6 ,0 5 0
1 2 6 ,8 3 0
2 ,2 8 6 ,7 3 5
8 4 6 ,9 0 0
3 6 ,5 5 3
1 ,0 9 7 ,4 8 0
1 ,4 4 6 ,0 8 1
1 6 7 ,8 3 2
8 0 ,5 3 0
2 8 ,2 2 0
2 1 0 ,0 2 8
2 9 ,3 7

$ 1 2 ,1 6 8 ,2 3 4

$ 7 ,1 5 8 ,6 7

$ 4 , 0 0 0 ,0 0 0
7 ,0 0 0 ,0 0 0
3 6 0 ,0 0 0
8 7 ,2 7 3
7 2 0 ,0 6 1

$ 4 ,0 0 0 ,0 0

$ 1 2 ,1 6 8 ,2 3 4

$ 7 ,1 5 8 ,6 0

77.0.)-*
3 ,0 8 1 ,5 5 3

♦ T h is Ite m I n c lu d e s In 1 9 0 7 a n d 1 0 0 8 , “ p a t e n t s , p a t e n t r ig h t s , t r a d e ­
m a r k s , t r a d e n a m e s a n d g o o d - w i l l ” ; t h e I t e m s s h o w n In t h e e a r lie r y e a r
w ere te rm ed “ p a te n t r ig h t s ."
,

As to reduction of dividend payable in July, see item on
another page.—V. 85, p. 528.

May 23 1908.j

THE CHRONICLE

Diamond Match Co.
(iO f f i c i a l S t a t e m e n t —“27 Y e a r s , 1881 to 1908,” & c .)
In a handsomely illustrated work of 05 pages, 12x9
inches, President O. C. Barber describes the status of the
enterprise and its prospective need for new capital:

Plants.—Wo h a v e c o n c e n t r a t e d o u r o p e r a t i o n s in a s f e w p l a n t s a s p o s s i b le ,
a n d a t o n e f a c t o r y 0 0 % m o r e m a t c h e s w e re p r o d u c e d In t h e y e a r I 9 u 7 t h a n
t n e D ia m o n d M a t c h C o . o f C o n n e c t i c u t m a n u f a c t u r e d a t a ll o t Its p la n t s In
t h e y e a r 1 8 8 1 ; a n d t ills w a s a c c o m p li s h e d w it h t h e e m p l o y m e n t o f o n e s ix th ot th e to ta l n u m b e r o f m en e m p lo y e d b y th e C o n n e c tic u t C o.
T h e m a t c h f o c t o r l e s o f y o u r c o m p a n y In t h e U n it e d S t a t e s a r e a t
B a r b e r t o n , O h io .
|D e t r o i t , M ie n .
P o r t l a n d , M e.
O s h k o s h VVls.
O sw ego, N . Y .
IC h ic o , C a l.
T h e B a r b e r t o n f a c t o r y h a s a c a p a c i t y f o r p r o d u c i n g 2 2 5 ,0 0 0 ,0 0 0 m a t c h e s
per d a y .
A t B a r b e r t o n , O h io , w e h a v e a m a c h in e s h o p c o m p l e t e l y e q u i p p e d
w it h s p e c ia l t o o ls f o r t h e c o n s t r u c t i o n ot m a t c h - m a k in g a n d o t h e r m a c h in e r y
u s e d In o u r f a c t o r i e s .
,
,
......
, , , , , , ,
Timber Supplu — W i t h t h e e x h a u s t io n o f t h e t im b e r s u p p l y In M ic h ig a n
atut W i s c o n s in a t t e n t io n w a s d ir e c t e d t o t h e N o r t h w e s t e r n p in e f o r e s t s ,
n m l s o m e v e a r s ’ a g o p u r c h a s e s w e r e m a d e o f la r g e t r a c t s o f la n d In C a lif o r n ia ,
•tml is r e c e n t ly a s a y e a r a g o a l o t o f a b o u t « 5 ,0 0 u a c r e s , a p a r t o f w h ic h
a d j o i n s t n e la n d w id e n h a d , p r io r t o t h a t t im e , b e e n a c q u i r e d b y t h e c o m ­
pany
w as b o u g h t.
T h e s e p u r c h a s e s w e re m a d e In c o n j u n c t i o n w it h
B r y a n t ft M a y L t d . , a n d r e p r e s e n t a t t h e p r e s e n t t im e h o ld in g s o f u p w a r d
o f 180 0 0 acre’s o f la n d , o n w id e n It Is c o n s e r v a t i v e l y e s t im a t e d t h e r e a r e
3 5 0 0 000 o o o fe e t o f t l m o e r .
T h e la n d s He In B u t t e a n d s u r r o u n d i n g c o u n ­
t ie s In C a lif o r n ia , s o m e 3 5 t o 4 5 m ile s t o t h e w e s t a n d n o r t h w e s t o f C h ic o .
A t a p o in t 32 m ile s l r o m C h ic o t h e t o w n o f S t i r li n g w a s l o c a t e d a n d an
e x t e n s i v e s a w -m ill w a s b u ilt t h e r e , a n d f r o m t h is p o i n t a b o u t 20 m ile s o f
l o d g i n g r a i lr o a d , o w n e d b y t h e c o m p a n y , e x t e n d s t h r o u g h Its f o r e s t s , a n d is
b e in g a im e d t o f r o m t im e t o t im e as th e la n d s a r e c u t o v e r .
A r a ilr o a d 32
m ile s l o n g w a s b u .lt t o c o n n e c t S t ir lin g w it h t h e t o w n o f B a r b e r , b u t o n Us
c o m p l e t i o n It w a s s o l d t o t h e C l d c o N o r t h e r n H i t . C o . , f r o m w h o m It w a s
le a s e d id t h e B u t t e C o u n t y H R . C o . f o r a t e r m o f y e a r s ; a ll p r o llt s a c c r u in g
f r o m Its o p e r a t i o n a re p a id t o y o u r c o m p a n y .
A t B a r b e r t h e s a s h , d o o r , b lin d a n d v e n e e r f a c t o r i e s , p l a n l n g - m ll ls a n d
m a tch fa c o r y are lo ca te d .
T h e s e p a in t s a r c ( a m o n g ) t h * b e s t o f t h e ir
k i n d in t h e U n it e d S t a t e s a n d a r e m o s t f a v o r a b l y l o c a t e d f o r t h e m a n u ­
f a c t u r e o . lu m b e r I n t o u s v a r i o u s p r o d u c t s .
T o p r o v i d e f o r m a r k e t in g th e
p r o d u c t s o f th e m ills a t B a r b e r a n d S t i r li n g , r e t a il y a r d s a r c m a in t a in e d
b y tn e c o m p a n y a t C h ic o , Y u b a C i t y , M a x w e ll, B ig g s , W o o d l a n d , C o r n in g ,
G rld le y , O rla n d .
T h e s e y a r d s w e r e a c q u i r e d a y e a r a g o a t t h e t im e
y o u r c o m p a n y b o u g h t t n e s i e r r a L u m b e r C o . 's t r a c t , a n d t h e y h a v e p r o v e d
s o a d v a n t a g e o u s t h a t It h a s b e e n d e t e r m in e d t o r e t a in t h e m , n o t w i t h s t a n d ­
i n g u u u In th e n e i g h b o r h o o d o f 5 1 u J ,0 0 o t o 3 5 3 0 ,0 0 0 a r e e m p l o y e d b y t h e m
In a c c o u n t s a n d b ills r e c e iv a b le , a n d l u m b e r o n h a n d .
T h e t im b e r h o ld in g s
o f y o u r c o m p a n y In C a li f o r n ia w e re b o u g h t a t a l o w p r i c e , a n d in v ie w
o f t h e r a p id ly d i m in is h in g s u p p l y o f t im b e r in th e U n it e d S t a t e s , I c a n n o t
b u t b e lie v e t h a t in t h e m y o u h a v e a m o s t v a l u a b l e a s s e t .
In a d d it i o n t o its h o ld in g s In C a lif o r n ia , y o u r c o m p a n y o w n s t im b e r
r ig h t s In a n d t o a b o u t 2 5 ,0 0 o a c r e s o f la n d in M a s s a c h u s e t t s a n d M a in e , a n d
o p e r a t e s m ills a t B U ld e fo r d , M e ., a n d A t h o l , M a s s ., a t w h ic h p o i n t s b l o c k s
o u t o f w h lc a t h e m a t c h s p lin t s o r s t ic k s a r e m a d e a r e p r o d u c e d , a n d W h ere
s h o c k s a r e m a n u f a c t u r e d f o r t h e c a s e s In w h ic h t h e m a t c h e s a r e p a c k e d .
A t .S o u t h fo r d , C o n n ., a p la n t Is lo c a t e d w h e r e b o x b o a r d is m a d e , a n d
f r o m w h ic h b o a r d Is slilprk.J, t o o u r a d j a c e n t f a c t o r i e s a n d u se d f o r t h e
b o x e s In w h ic h t a e m atene.-j .ire p a c k e d .
Forcinn Business. - T n e c o m p a n y is a ls o I n t e r e s te d In t h e m a t c h b u s in e s s
In t h e f o ll o w i n g c o u n t r ie s ; E n g la n d , S w it z e r l a n d , G e r m a n y , S o u t h A f r i c a ,
P e r u , C a n a d a a n d M a n ila .
,
in Output, Iexpenses, Ac.— Y o u r c o m p a n y h a s s o u g h t n o t o n l y
t o r e d u c e th e c o s t o f m a n u fa c tu r e b u t c o n s ta n tly to I m p r o v e th e c h a r a c te r
o f Its p r o d u c t .
N o t w i t h s t a n d i n g tn e e c o n o m ie s t h r o u g h I m p r o v e d m a ­
c h i n e r y a n d m e t h o d s , It h a s b e e n I m p o s s ib le t o e l i e c t a n y r e d u c t io n in
c o s t , o w in g t o th e c o n s t a n t l y a d v a n c in g p r i c e s o f m a t e r ia l a n d M o o r .
D u r in g t h e p a s t t e n v e a r s , p r a c t ic a l l y e v e r y a . etc e m p l o y e d In m a k in g
m a t c h e s h as g r e a t l y a d v a n c e d . In v a l u e , a n d m a c e t h e c o s t o t m e t o n e s
hn s ris e n y e a r b y y e a r
N o I n c r e a s e , h o w e v e r , h a s b e e n m a d e In s e llin g
p r ic e s
' T h e p r o l lt , t h e r e fo r e , p e r u n it is c a o n y e a r g r o w i n g le s s; n e v e r ­
t h e le s s o u r a g g r e g a t e p r o fit s e a c h y e a r a re I n c r e a s in g b y re a s o n o f t h e
In crea sed v o lu m e .
A l t h o u g h t h e p o p u la t i o n o f t h e U n it e d S t a t e s s h o w s a n
I n c r e a s e in t h e la s t i f y e a r s o f o n l y ic .., t n e v o lu m e o f t h e c o m p lin ;. s
s a le s s n o w s a n I n c r e a s e In t h e s a m e p e r i o d o f 1 4 0 % .
Prospective Neals lor New Capital, it t h e a n n u a l c u t f r o m t h e t im b e r
h o l d i n g s o f t h e c o m p a n y In C a lifo r n ia b e l n c r e a s .i l t o a m in im u m o f 1 0 0 ,­
0 0 0 ,0 0 0 f e e t p e r a n n u m , t h e c o s t o f o p e r a t i o n s c a n b e r e d u c e d a n d t h e
p r o llt s I n c r e a s e d ,n o t o n l y b y r e a s o n o f t h e la r g e r c u t , h u t a ls o b e c a u s e o f
lo w e r co s ts .
T o a c c o m p li s h tills o b j e c t , h o w e v e r , a d d it i o n a l i n v e s t m e n t
w ill b e r e q u ir e d a n d y o u r d i r e c t o r s w ill In t im e , n o d o u b t , g i v e d u e c o n ­
s i d e r a t io n t o tills q u e s t i o n .
.
N e a r S t ir lin g C i t y , G a l., w e h a v e a w a t e r - p o w e r w h ic h it Is e s t im a t e d
w ill d e v e l o p a m in im u m o f (I. a “ j h. >., a n d w e h a v e r e c e n t ly a c q u i r e d
a n o t h e r w a t e r - p o w e r w h ic h w ill d e v e l o p s e v e r a l t h o u s a n d h o r s e - p o w e r .
T h e s e w a t e r - p o w e r s c a n h e s u c c e s s fu l l y u t iliz e d In c o n n e c t io n w it h t h e
w a s t e fr o m
t h e s a w -m ills In t h e m a n u f a c t u r e o f p u l p , p a p e r a n d
p a p e r b o a r d , o f w h ic h w e u se la r g e q u a n t it i e s e a c h y e a r .
A n e la b o r a te
r e p o r t w a s p r e p a r e d s o m e m o n t h s a g o o f t h e c o s t o f a p la n t f o r p r o d u c i n g
t h is m a t e r ia l.
A r e p r o d u c t io n o f t h e d r a w in g s o f t h e p r o p o s e d p la n t w ill
b e f o u n d In th e f o l l o w i n g p a g e s a n d m a y b e o f I n te r e s t t o y o u .
(f, a fte r
f u r t h e r c o n s i d e r a t io n , y o u r b o a r d c o n c lu d e s It w o u ld b e p r o f it a b l e t o e n g a g e
In t h is b u s in e s s , v o u w ill b e n o t l h e d .
A d d it i o n a l m a n u f a c t u r in g fa c ilit ie s a r e p e r e m p t o r il y n e e d e d t o s u p p l y
th e d e m a n d fo
o u r m a t c h e s ; a n d a c t io n w ill n o d o u b t h e t a k e n b y y o u r
b o a u l In t h e n e a r f u t u r e , a u t h o r i z in g t h e c o n s t r u c t i o n o f a la r g e a d d it i o n
t o o n e o f o u r e x is tin g fa c to r ie s .
I f y o u r c o m p a n y c o n t in u e s t o g r o w In t h e f u t u r e as It h a s In t h e p a s t , It
w ill u n d o u b t e d l y b e c o n s id e r e d d e s ir a b le t o In c r e a s e t h e c a p i t a l f r o m t im e
t o t im e as n e w p la n t s a r e b u ilt a n d t h e b u s in e s s e x t e n d e d , a n d o p p o r t u n i ­
tie s w ill t h u s ho a f fo r d e d s h a r e h o ld e r s t o a d d t o t h e ir h o ld in g s t h r o u g h t h e
p u r c h a s e a t p a r o f t h e ir p r o p o r t io n a t e s h a r e o f t h e n e w is su e .

1283

T h is w ill a m o u n t t o a b o u t $ 2 ,2 5 0 ,0 0 0 a s o f D e c . 31 1 9 0 7 ;o f t h is s u m $ 5 0 0 ,0 0 0
t o b e e v i d e n c e d b y o u r n o t e s , p a y a b le f o u r y e a r s h e n c e , a n d t o p r o v i d e
f o r th e p a y m e n t o f w h ic h t h e p r e fe r r e d n o n - v o t i n g s t o c k o f B r y a n t ft M a y ,
L t d . , o w n e d b y u s , w o r t h a b o u t $ 5 0 0 ,0 0 0 a n d y i e l d i n g a b o u t 5 H % p e r
a n n u m a t p r e s e n t m a r k e t p r i c e s , t o b e s e t a s id e a n d s o l d , a n d t h e p r o c e e d s
a p p li e d t o w a r d t h e r e d u c t io n o r p a y m e n t o f t h e n o t e s In q u e s t i o n ; t h e
r e m a in d e r o f t h e p u r c h a s e p r i c e , n a m e l y , $ 1 , 7 5 0 , 0 0 0 , t o b e p a id In s e m i­
a n n u a l i n s t a ll m e n t s , t h e la s t p a y m e n t t o b e m a d e J a n . 15 1 9 2 3 , In t e r e s t
a t 5 % t o b e p a id s e m i- a n n u a l ly .
T h e d i r e c t o r s h a v e u n a n im o u s l y v o t e d In f a v o r o f a c c e p t i n g t h e p r o p o s i ­
t io n ; t h e y b e l ie v e It d e s ir a b le t o a c q u i r e B r y a n t ft M a y ’ s I n t e r e s t In C a li­
f o r n ia ( o n e - h a lf o f w h ic h m a y b e s a id t o b e l o n g t o u s t h r o u g h o u r o w n e r s h ip
o f o n e - ii a l t o f t h e c o m m o n s t o c k o f B r y a n t ft . d a y . L t d . ) .
In p e r f e c t i n g a
m a c h i n e o n w h ic h w e h a v e b e e n w o r k in g f o r a n u m b e r o f y e a r s w e h a v e
f o u n d t h a t w e c a n m o s t a d v a n t a g e o u s l y e m p l o y lu m b e r f r o m C a lifo r n ia In
t h e m a n u f a c t u r e o f m a t c h e s In a w a y t h a t w a s n o t t h o u g h t o f u n t il a s h o r t
t im e a g o a n d t h e r e s u lt s s o fa r a c c o m p li s h e d j u s t i f y m y a s s u r in g y o u t h a t
In c o n n e c t io n w it h t ills o p e r a t i o n a lo n e y o u r C a lif o r n ia t im b e r la n d s w ill
p r o v e o f g r e a t v a lu e t o y o u r m a t c h b u s in e s s .
)M
T h e c o n d i t i o n o f y o u r c o m p a n y Is m o s t s a t i s f a c t o r y ; its o r g a n i z a t io n s In
a ll d e p a r t m e n t s a r e w o r k in g e n e r g e t i c a ll y a n d h a r m o n i o u s l y , a n d a t n o
t im e h a s t h e o u t l o o k a p p e a r e d m o r e p r o m is in g .
■
i l n h is I n fo r m a l r e m a r k s , P r e s id e n t B a r b e r Is r e p o r t e d a s s a y i n g : “ i n
1881 t h e D ia m o n d M a t c h C o . w a s o r g a n iz e d w it h 3G f a c t o r i e s In t h e
U n it e d S t a t e s , e m p l o y i n g 5 ,0 0 0 p e o p l e .
E v e r y p la n t h a d a s e p a r a t e
o r g a n i z a t io n .
I n l.')0 7 o n e f a c t o r y m a d e 6 0 % m o r e m a t c h e s t h a n w e r e
c o n s u m e d In t h is c o u n t r y in 1 8 8 1 , a n d It e m p l o y e d o n l y 8 5 0 p e o p l e . — E d .)
— V . 8 6 , p. 7 1 9 , 111.

Anaconda Copper Mining Co.

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDING DEC. 311
1905. ^
1906.
1907.
Receipts—
$
S
S a le s o f c o p p e r , s i lv e r a n d g o l d ___ .
R o y a l t i e s _____________ _________ ______
D iv id e n d s o n I n v e s t m e n t s
__________
R e n t a l o f w a t e r r i g h t s . - _________ _
M is c e lla n e o u s r e c e i p t s . . . _ ________
N e t p r o l lt s o f s u b s l d . d e p t s a f t e r d e d u c t i n g d e p r e c i a t io n -------------------- -C o p p e r , s ilv e r a n d g o l d o n h a n d ( c o p p e r a t c o s t , s i lv e r a n d g o l d a t s e llin g
p r i c e ---------------- ------------------ . . -------

1 2 ,0 3 8 ,7 1 5
3 8 ,8 3 1
3 3 ,5 5 3
5 0 ,0 0 0
6 ,1 1 0

2 0 ,9 5 5 ,5 3 3
6 0 ,63 1
3 6 ,1 0 0
5 0 ,0 0 0
1 7 2 ,9 8 9

1 7 ,4 2 9 ,0 9 8
6 5 ,4 4 1
3 2 ,1 0 0
5 0 ,0 0 0
9 6 ,2 8 5

5 8 1 ,2 8 2

3 8 7 ,6 1 5

3 0 0 .1 7 4

6 ,0 0 2 ,6 4 3

5 ,3 0 6 ,0 0 3

5 ,7 6 1 ,1 0 5

T o t a l r e c e i p t s . . . _ ________ — ___ 1 8 ,7 5 1 ,1 3 4
Ilisbu rsemerits—
5 , 3 0 6 ,0 0 3
C o p p e r , s ilv e r a n d g o l d o n h a n d J a n . l
5 , 2 4 1 ,7 0 4
M in in g e x p . , I n c l. d e v e l o p 't ft t lc p r e c .
O r e , m a t t e a n d c o p p e r p u r c h a s e s ( in c l .
2 1 0 .0 3 0
t r a n s p o r t a t i o n ) __________ —
- ..
1 5 3 ,1 4 0
T r a n s p . o f o r e t o r e d u c t io n w o r k s
._
3 ,6 4 0 ,2 9 5
R e d u c t . e x p . a t A n a n c o n d a , In cl d e p .
T r a n s p . o f m e t a ls t o E a s t , r e fin in g
E9 9 7 ,9 3 9
& s e llin g e x p e n s e s . _______ _ ______
5 3 ,6 4 9
A d m i n i s t r a t i o n e x p e n s e s _______________

2 6 ,0 6 8 .8 7 1

2 3 ,7 3 4 ,2 0 3

5 , 7 6 1 ,1 0 5
5 ,8 7 0 ,4 3 9

6 , 3 3 6 .4 2 7
5 , 4 0 3 ,5 8 5

3 1 5 ,0 9 2
2 3 4 ,1 5 0
4 , 4 2 4 ,2 7 8

3 4 9 ,2 5 8
2 2 6 ,5 1 5
4 ,0 4 6 ,8 2 2

1 ,7 2 1 ,9 6 6
5 7 ,6 7 2

1 , 7 2 9 ,1 7 5
5 4 ,6 9 9

T o t a l d i s b u r s e m e n t s _________ . . . . 1 5 ,6 0 3 .3 6 1
3 ,1 4 7 ,7 7 3
B a l a n c e .................................................................
2 3 0 ,4 4 7
________

1 8 ,3 8 4 ,7 0 2
8 , 5 8 4 ,1 6 9
2 5 8 ,5 0 0

1 8 ,1 4 6 ,4 8 1
5 , 5 8 7 ,7 2 2
1 3 1 ,1 0 6

3 ,3 7 3 ,2 2 0
6 ,3 0 0 ,0 0 0
(2 1 % )

8 , 8 4 2 ,6 6 0
6 ,9 0 0 ,0 0 0
(2 3 % )

5 , 7 1 8 ,8 2 8
3 ,4 5 0 , 0 0 0
U1 H % )

B a la n c e , s u r p lu s f o r y e a r __________ d e f . 2 , 9 2 1 ,7 8 0

1 ,9 4 2 ,6 6 9

2 ,2 6 8 ,8 2 8

Add I n t e r e s t ____________________

T o t a l n e t I n c o m e . ____________ _____
D iv i d e n d s . . ........ .............. ........ ...........

Increase

BALANCE SHEET DEC.

31

1906.
1907.
1906.
|
1907.
$
Liabilities—
$
Assets—$
$
C apital s t o c k . - - -3 0 .0 0 0 ,00C 3 0 .0 0 0 ,0 0 0
M ines, in in 'g cla im s.
la n d , & c ______ .2 0 .7 3 8 ,3 2 4 2 0 ,5 1 4 ,7 0 7 ! A c c ts . and w ages
p a y a b le ft ta x es
B id es,.sa w m ills.ftc 3 ,7 4 6 ,5 9 0 3,923,0571
a ccru ed — - . - - 1,705,908
In v estm en ts In sun1 ,670,239
d ry co m p a n ie s. 534 ,113
5 3 1 ,5 6 0 1D iv id en d w arrants
In su r. u n cx p lred 53,9-14
48,4601
not p r e s e n te d -12,210
10,951
M a t’ ls and supplies 2,4 7 0 ,8 5 5 1 ,4 3 8 ,5 8 7 1D iv id en d p a y a b le .
M dse, for s a le -- 6 3 1 ,SCO
5 6 5 ,9 2 6 ! J a n u a r y - - . - . .
6 0 0 ,000 2 ,1 0 0 ,0 0 0
9 ,1 8 3 ,2 4 2
C op p er, sIlver& golil*6,002,G 43 5 ,3 0 6 ,0 0 3 1Surplus — ............... 6 ,2 6 1 ,4 6 2
L o ins ft a c c ts . rnte lv a b le ft c a s h . 4 ,4 0 1 ,2 4 0 10,636,132|
T o t a l assets____ 3 8 ,5 70,581 4 2 ,9 6 4 .4 3 2 1

T o ta l lla b llltle.s.38,579 ,581 4 2 ,9 6 4 ,4 3 2

A lte r d ed u ctin g $ 10 3,10 5 loss on realization o f c op p er on h a n d .— 1 . 80. p. 54

GE N ER AL I N V E S T M E N T

NEW"*

RAILROADS, INCLUDING STREET ROADS.
Alaska Central R y. —R e c e i v e r s h i p .—A cable dispatch from

Fairbanks, Alaska, states that on May 21 Judge Reid, upon
petition of John E. Ballaine, representing Seattle and Eastern
interests to the amount of $3,000,000 of bonds, appointed
John F. Goodwin receiver of the Alaska Central Ry. Co.
and the Tanana Railway Construction Co. A. C. Frost of
Chicago and H. O. Osborne of Toronto were leading spirits
in the enterprise.—V. 84, p. 1112.
Atlanta & Carolina (Electric) R y. —The company in­
At the annual meeting held in Chicago on May 6 the share­ corporated on Aug. 17 1900 with $5,300,000 authorized
holders unanimously approved the proposition to purchase (common) stock, in S100 shares, has filed a mortgage to the
the interest of Bryant & May (V. 79, p. 2590) in the Califor­ Chicago Title & Trust Co. of Chicago, as trustee, to secure
nia timber property (see below). President Barber on this an issue of $0,000,000 of 5% 30-year gold bonds, dated
occasion, commenting on the results for the year (which March 24 1908. The Atlantic & Carolina Construction Co.
was incorporated in May 1905 with $1,000,000 stock to
were given in V. 80, p. 719), etc., said in part:
T h e o p e r a t i o n s o f t h e c o m p a n y fo r t h e y e a r 11)07 w e r e v e r y s a t i s f a c t o r y ,
build the proposed road, between Atlanta and Augusta. Ga.,
t h e h u g e s t p r o llt s In o u r h i s t o r y h a v i n g b e e n r e a l iz e d , n o t w it h s t a n d i n g
about 200 miles. The contract for construction m Atlanta
t h a t In t h e la s t t w o m o n t h s o f t h e y e a r t r a d e fe ll o i l s h a r p l y , d u e t o t h e
was awarded in Oct. last and active construction, it is said,
d i s t u r b e d fin a n c ia l c o n d i t io n s t h e n p r e v a i l in g .
T h e d e p r e s s io n In o u r
b u s in e s s , h o w e v e r , w a s o f s h o r t d u r a t i o n ; In J a n u a r y a n d F e b r u a r y o u r
will begin in June next.
s h ip m e n t s s h o w e d a la r g e g a in o v e r t h e c o r r e s p o n d i n g m o n t h s o f 1 0 0 7 ,

a n d e v e r y I n d ic a t io n a t t h is t im e (M a
d 1 9 )8 ) p o i n t s t o t h e v o l u m e f o r
t h e y e a r 1 9 9 8 b e in g e q u a l t o If n o t in e x c e s s o f la s t y e a r . S o r a p i d l y h a s
o u r t r a d e g r o w n d u r in g t h e p a s t fe w y e a r s a n d s o a c t iv e Is It a t t h e p r e s e n t
t im e t h a t t h e m a x i m u m p r o d u c t i v e c a p a c i t y o f o u r p la n t s Is t a x e d t o t h e
u t m o s t t o e n a b le us t o (ill o u r o r d e r s .
A t a r e c e n t m e e t in g o f t h e d ir e c t o r s
It w a s d e c i d e d t o I m m e d ia t e l y b u ild a la r g e a d d it i o n t o t h e B a r b e r t o n
w o r k s , w h ic h It Is h o p e d w ill b e c o m p le t e d b y t h e e n d o t t h e y e a r .
T h is
a d d i t i o n , It Is s a id , w ill c o s t a b o u t $ 1 5 0 ,0 0 0 . — E d .)
A t v o u r m e e t in g In M a y 11)07 .vou w e re in fo r m e d o f t h e p u r c h a s e f r o m
t h e S ie r r a L u m b e r C o . o f a b o u t 0 0 ,0 0 0 a c r e s o f t im b e r la n d In C a lif o r n ia fo r
$1 0 0 0 0 0 0 , a n d In a d d it i o n t h e r e t o l u m b e r , m e r c h a n d is e a n d s u p p lie s a t
I n v e n t o r ie d v a l u e .
I n c lu d e d In th e p ro p e r t;.- th u s a c q u i r e d w e r e e ig h t
r e t a il y a r d s s it u a t e d In d iff e r e n t t o w n s in t h e S a c r a m e n t o R i v e r V a ll e y ,
W h ic h , w it h s t o c k s o f lu m b e r , m e r c h a n d is e a n il s u p p lie s o n h a n d , r e p r e ­
s e n t e d ’ an a g g r e g a t e I n v e s t m e n t o f a b o u t $ 4 5 0 ,0 0 0 .
T h e p e r io d d u r i n g
w h ic h w e h a v e o p e r a t e d t h e S ie r r a p r o p e r t ie s h a s d e m o n s t r a t e d t h a t w e
w e re m o s t f o r t u n a t e In h a v i n g a c q u i r e d t h e m .
B r y a n t ft M a y , L t d . , w h o J o in e d ns In m a k i n g t h e fir s t p u r c h a s e s In
C a lif o r n ia , a n d t e n t a t iv e ly p a r t i c i p a t e d In th e l a t e r a c q u i s i t i o n s , h a v e b e e -’
m o s t I n s is t e n t t h a t a s e p a r a t e c o m n a n y b o o r g a n iz e d t o t a k e o v i r a n d
o D e ra te t h e e n t ir e C a lifo r n ia p r o p o s i t io n e m b r a c in g o u r I n t e r e s ts a s w e lb a s
t h e ir o w n In o r d e r t h a t t h r o u g h t h e sa te o f t h e b o n d s o r d e b e n t u r e s o f s u c h
c o m p a n y ’ ll c o n s i d e r a b l e p o r t io n o f t h e ' - I n v e s t m e n t m ig h t b e r e t u r n e d t o
t h e m a n d u sed In th e d e v e l o p m e n t o f t h e 'r m a t c h H u s 'n e s s .
\s an a l t e r n a t iv e , t h e y h a v e o ffe r e d t o se ll u s a ll o f t h e ir I n t e r e s ts In
C a 'i f o r n l a a t c o s t , p lu s In t e r e s t a t 5 % p e r a n n u m , c o m p u t e d a n n u a l ly .




T h e b o n d s a r e d u e J u l y 1 193 8 b u t a r e s u b je e t t o c a ll a t p a r , b e g in n in g
w it h 1 9 1 2 , $ 1 4 0 ,0 0 0 a n n u a l ly , o r 2 1 - 3 % o f a ll b o n d s Is s u e d .
In te re st
p a y a b le J a n u a ry a n d J u ly a t A tla n t a , G a .
T h e tru st d e e d p r o v id e s th a t
b o n d s m a y b e Issu e d a t $ 2 8 ,0 0 0 tier m ile , w ith a d d it i o n a l a m o u n t s f o r
d o u b le - t r a c k in g , e x t e n s i o n s , & c .
T h e m o r t g a g e c o v e r s a ll p r o p e r t y n o w
o w n e d o r h e re a fte r a cq u ire d .
T h e c o m p a n y h a s t h e r ig h t t o u se e it h e r
s t e a m o r e l e c t r i c p o w e r , b u t e l e c t r i c it y h a s b e e n a d o p t e d .
O ff ic e r s : P r e s i­
d e n t , J . W . E n g lis h ; V i c e - P r e s id e n t a n d G e n e r a l M a n a g e r . M . M a s o n ; S e c ­
r e ta ry , M . T . K d e e rto n ; T re a su re r, J n o . K . O tle y .
O f f i c e , P r u d e n t ia l
B u il d i n g , A t l a n t a , G a .

Atlantic Coast Line R R . —

C ash

D iv id e n d

R esu m ed,

w ith

6% to 5% .—The directors on Thursday
declared a semi-annual dividend of 2)^% on the common
stock ($48,537,600), payable in cash July 10 to holders of
record June 22. The dividend last January amounted to
8%, and was paid in Atlantic Coast Line RR. 4% certificates
of indebtedness.

R a te R ed u c e d

fr o m

Annual Cash Dividend Record Prior to

D IV ID E N D S ( % ) —

1908.
’ O ". *01. '0 2 . '0 3 . '0 4 . '0 5 . '0 6 . ’ 0 7
2 >4 3
5
5
5
6
6
- .............................. 2'A 5
5
5
5
5
5
5

C u n m o n (In c l. C la ss “ A " ) - .............. ..........
p r e f e r r e d (M ft X )
— V . 8 5 , p . 1576.

[VOL. LXXXVI

THE CHRONICLE

1284

PIBullfrog-Goldfield RR.—N e w M o r t g a g e — C h a n g e i n C o n ­
Tonopah & Tidewater R y., below.—
V. 85, p. 1461.
Camden & Trenton (Electric) R y.— N o t i c e to B o n d h o l d e r s .
—The protective committees, A.M .Taylor, Chairman, repre­
senting severally the general mortgage bonds of the Camden
& Trenton Ry., the first mortgage bonds of the Trenton &
New Brunswick RR. and the New Jersey Short Line RR.,
have issued a final notice that all bonds must be deposited
with the depository, the West End Trust Co., Philadelphia,
before May 25 1908. A Philadelphia paper says:
t r o l — H o l d i n g C o . —See

I t Is s t a t e d t h a t m o r e t h a n 9 0 % o f t h e g e n e r a l m o r t g a g e b o n d s o f t h e
C a m d e n & T r e n t o n , o v e r 7 5 % o f t h e T r e n t o n & N e w B r u n s w ic k b o n d s
a n d o v e r 7 0 % o f th e N e w J e rs e y S h o r t L in e b o n d s h a v e b e e n d e p o s ite d .
[ Tt w a s a n n o u n c e d a m o n t h a g o t h a t a b o u t $ 4 5 0 ,0 0 0 o f t h e fir s t m o r t g a g e
b o n d s o f t h e C a m d e n & T r e n t o n h a d b e e n d e p o s i t e d w it h t h e U n io n T r u s t
C o . , P h il a d e l p h i a ,a t t h e r e q u e s t o f t h e c o m m i t t e e , o f w h ic h E d w a r d P o w e l l
Is C h a ir m a n .— E d . “ C h r o n ic l e . ” ]— V . 8 6 , p . 8 5 6 , 7 9 3 .

F r o m e v e r y s t a n d p o i n t ^ h e £ c x c h a n g e Is a n a d v a n t a g e o u s o n e f o r t h e
b o n d h o ld e r s o f t n e I llin o is T u n n e l C o ,
T h e C h ic a g o S u b w a y b o n d s h a v e t h e a d d i t i o n a l s e c u r it y o f t h e C h ic a g o
W a r e h o u s e & T e r m i n a l C o . , w h ic h f a c t w o u ld w a r r a n t t h e e x c h a n g e w it h o u t
a n y o t h e r I n d u c e m e n t , a s t h e T e r m in a l C o . o w n s a ll t h e le a s e s m a d e w it h
th e r a ilr o a d s a n d p r i v a t e p r o p e r t y w it h w h ic h t h e t u n n e l Is c o n n e c t e d .
T h is c o n t r o l o f t h e e x it s f r o m t h e 't u n n e l u n d e r l o n g - t i m e le a s e s Is a v e r y
g r e a t p r o t e c t i o n t o t h e p r o p e r t y a n d Its s e c u r it ie s .
T h e p a r t ie s In c o n t r o l a ls o p la n t o e x t e n d t h e lo a n s a l r e a d y m a d e t h e
T u n n e l C o . .p e n d i n g t h e ir o f fe r in g f o r s a le t h e S u b w a y b o n d s , a n d t o a d v a n c e
S I , 0 0 0 ,000 m o r e f o r c o n s t r u c t i o n a n d e q u i p m e n t p u r p o s e s a s r e q u i r e d b y
t h e g r o w t h o f t h e b u s in e s s .
W e e a r n e s t l y h o p e t h e h o ld e r s o f b o n d s w ill a t o n c e f o r w a r d t h e m f o r
d e p o s i t u n d e r t h e p la n t o t h e U n it e d S t a t e s M o r t g a g e & T r u s t C o . , 55 C e d a r
S t . , N e w Y o r k C i t y , b e i n g c a r e fu l n o t t o d e t a c h t h e J u n e 1 1 90 8 c o u p o n
f r o m t h e b o n d s , a s t h e T r u s t C o . w ill r e m it its c h e c k f o r a ll J u n e 1 1 90 8
c o u p o n s a tta c h e d t o b o n d s d e p o s ite d .
F o r s u ch b o n d s as m a y b e p le d g e d
a s c o ll a t e r a l t o l o a n s , k i n d l y s ig n a n d f o r w a r d t h e e n c l o s e d “ a g r e e m e n t t o
d e p o s i t , ” w h ic h a g r e e m e n t s h o u l d b e m a r k e d " c o n f i r m e d , ” a n d a ls o s ig n e d
b y t h e p a y e e o f t h e l o a n t o w h ic h t h e y a r e p l e d g e d .
A ll e x p e n s e s f o r e x p r e s s o r In s u r e d r e g is t e r e d m a ll c h a r g e s w ill b e b o r n e
b y th e S u b w a y C o.

Proposed

Summary of Plan Promulgated May 18 1908.

“ First

Lien” lionets.—-T h e

C h ic a g o S u b w a v C o . p r o n o s e s

to

Canadian Pacific R y.— N e w D i r e c t o r . —Hon. James Duns- a u t h o r iz e a n I n d e n t u r e o f m o r t g a g e a n d p le d g e t o s e c u r e a n is su e o f 2 0 - y e a r
lie n b o n d s , ” d a t e d J u n e 1 1 9 0 8 , r e d e e m a b le a t 1 0 5 , a n d c o n t a i n in g
muir, Lieutenant-Governor of British Columbia, has been 5p %r o v“i sfirst
io n s f o r s u b s e q u e n t Issues o f a d d it i o n a l seller, o f b o n d s b e a r in g a l o w e r
elected director to succeed Clarence Mackay, who retired, r a t e o f I n t e r e s t a n d m a t u r in g l a t e r t h a n J u n e 1 1 9 2 8 . S a id I n d e n t u r e s h a ll
o n t a i n p r o v i s io n s f o r t h e r e le a s e f r o m t h e Hen o f t h e m o r t g a g e o f t h e
owing to his inability to attend the meetings of the board.— cI llin
o is T u n n e l C o . a n d t h e s a le , le a s e o r o t h e r d i s p o s it i o n o f t h e t e le p h o n e
V. 86, p. 720, 601.
p r o p e r t ie s a n d r ig h t s o f s a id T u n n e l C o . , o r o f a n y I n t e r e s t t h e r e in b y v i r t u e
Carbon County (Pa.) Street R y.— S o l d . —At the receiver’s o f (tThhee dpelap ons pt erdo v Ti duens n tehl a bt o n" nd os m a x i m u m o f t h e a m o u n t o f b o n d s t o b e
sale in Mauch Chunk on May 17, this property, including the is s u e d ” u n d e r t h e n e w I n d e n t u r e , " s h a l l b e f ix e d , t h e m a t t e r b e in g c o v e r e d
i t in g t h e p u r p o s e s f o r w h ic h b o n d s m a y b e a u t h e n t i c a t e d
trolley road from Mauch Chunk to Lehighton, power house, bb yy pt hr oe v ti sr iou sntse elim
. ” — E d .)
&c., was bid in for $20,000 by J. M. Dreisbach and Lafayette
Pur in New Ronds fir Illinois Tunnel Bonds—June Coupon to Be Purchasd
Cash.— T h e S u b w a y C o . w ill p u r c h a s e a ll first m o r tg a g e , b o n d s o f t h e
Lentz of Mauch Chunk and Andrew S. Keck of Allentown, for
I llin o is T u n n e l C o . , d a t e d D e c . 1 1 9 0 3 , w h ic h m a y b e d e p o s i t e d In a c c e p ­
representing a majority of the bondholders.—V. 80, p . 1362. t a n c e o f t h is p la n o n o r b e f o r e J u l y 1 1 9 0 8 ( o r s u c h la t e r d a t e a s Its d i r e c t o r s
Chesapeake Western Ry. Co.— N e w O f f i c e r s . —W. E. D. sme aq yu esnptel yc i, f yo n) , tahc ec ofmo lpl oawn ii en dg bt eyr mt hse: c Fo uo rp ot nh se mp rai nt uc ripina gl oJ fu na lle s1u1c 9h0 T8 ,u annnde l sCu ob ­
Stokes, 100 Broadway, New York City, has been made b o n d s a n e q u a l a m o u n t , p a r v a l u e , o f S u b w a y C o . b o n d s w ill b e p a id In
c o u p o n p e r t a i n in g t o s u c h d e p o s i t e d T u n n e l
President, succeeding Robert McM. Gillespie, resigned, and eb xo cnhdasn wg eill, abned ptuhrec hJausneed 1f o1908
r cash a t par.
A. H. Gleason has been elected Vice-President in place of
Directors Map Declare Plan Operative or Abandon It—June Coupon Pur­
chased in Any Case.—T h is p la n a n d a n y p r o v i s io n t h e r e in c o n t a i n e d s h a ll
Mr. J. J. Vatable, resigned. See V. 86, p. 1041, 980.
b e c o m e o p e i a t i v e o n l y If a n d w h e n . In t h e o p i n i o n o f t h e b o a r d o f d i r e c t o r s
Chicago Consolidated Traction Co.— P u r c h a s e o f C o u p o n s do fe psoasidi t e dc o. m pI af nt hy ,e ap lasnu fsfihcaiell nbt e naubma nb de ro noefd ,Taulln nd eelp oCs iot.e’ sd sbeocnudr sit iehsa vseh a blle ebne
o f U n d e r ly in g C o m p a n i e s b y C h ic a g o R a i l w a y s C o .—E x p l a n a ­
r e t u r n e d w it h o u t c h a r g e , e x c e p t t h a t s a id J u n e 1 1 9 0 8 c o u p o n s o p u r c h a s e d
s h a ll r e m a in t h e a b s o l u t e p r o p e r t y o f t h e S u b w a y C o . o r Its a s s ig n s .
t i o n . —The “Chicago Economist” of May 16 said:
T h e r e h a s b e e n s o m e q u e r y c o n c e r n in g t h e a n n o u n c e m e n t o f t h e c o m p a n y
t o t h e b o n d h o ld e r s o f t h e u n d e r l y i n g c o m p a n i e s , n a m e l y , t h e C i c e r o &
P r o v i s o S t r e e t R y . , O g d e n S t r e e t R y . , N o r t h S id e E l e c t r ic a n d C h ic a g o &
J e ffe r s o n U r b a n , t h a t t h e C h ic a g o R a il w a y s C o . w ill b u y t h e c o u p o n s m a ­
t u r in g M a y 1 1 9 0 8 , d e t a c h e d f r o m t h e b o n d s In t h e c a s e o f a ll b o n d h o ld e r
w illin g t o s e ll o n t h e u n d e r s t a n d in g t h a t t h e c o u p o n s a r e t o b e k e p t a liv e
a s t h e p r o p e r t y o f t h e C h ic a g o R a il w a y s C o .
F o r m e r ly , t h e U n io n T r a c t i o n
p a i d t h e d e f ic it s o f t h e C o n s o li d a t e d T r a c t i o n a n d t h e c o u p o n s w e re c a n c e l e d ,
b u t , u n d e r t h e n e w o r d i n a n c e , t h e o p e r a t i n g a g r e e m e n t b e c o m e s m o r e In ­
d e f in it e a n d u n c e r t a i n a n d a d v a n c e s t o t h e c o m p a n y a t t e n d e d w it h g r e a t e r
r is k .
C o n s e q u e n t l y , t h e C h ic a g o R a il w a y s C o . Is h o l d i n g t h e c o u p o n s a liv e
a g a in s t Its a d v a n c e s t o t h e C o n s o li d a t e d f o r t h e p u r p o s e o f p a y i n g t h e c o u ­
p o n s o f th e u n d e rly in g b o n d s .
I f a t a n y t im e In t h e f u t u r e t h e o p e r a t i n g
a g r e e m e n t s h o u l d b e a n n u ll e d , t h e s e c o u p o n s w o u l d b e a lie n o n I n c o m e
p r i o r t o t h e c o u p o n s c u r r e n t a t t h a t t im e .
T h is w o u l d p r o b a b l y r e s u lt In
p l a c i n g t h e c o m p a n y In r e c e iv e r s h i p u n t il t h e a d v a n c e s m a d e b y t h e C h ic a g o
R a i l w a y s C o . a g a in s t t h e c o u p o n s o f t h e u n d e r l y i n g b o n d s s h o u l d b e m e t .
C u r r e n t c o u p o n s c o u l d n o t b e p a i d u n t i l c o u p o n s b o u g h t b y t h e C h ic a g o
R a i l w a y s C o . w e r e r e -p u r c h a s e d a n d c a n c e l e d . — V . 8 6 , p . 1 1 5 9 .

Chicago & Eastern Illinois RR.— O f f e r i n g o f E q u i p m e n t
Salomon & Co., New York, &c., are
offering by advertisement on another page, at prices to yield
5>£%, equipment trust 5% gold notes of $1,000 each, series
“G,” dated Oct. 1 1907. Amount of issue, $2,480,000; out­
standing, $2,356,000; due in 19 semi-annual installments of
$124,000 each, from Oct. 1 1908 to Oct. 1 1917, inclusive.
Bankers’ Trust Co., New York, trustee. Interest coupons
payable April 1 and Oct. 1. A circular says:
T r u s t N o t e s . —William

T h e s e n o te s a re a d ir e c t o b lig a t io n . Issu ed fo r th e p u r c h a s e o f 2 ,0 0 0 n e w
s t e e l- f r a m e d u m p c a r s o f 1 0 0 ,0 0 0 lb s . c a p a c i t y e a c h .
T h e c o s t o f th e cars
w a s $ 2 , 7 3 7 , 9 1 2 , o f w h ic h t h e r a i lr o a d c o m p a n y p a i d $ 2 5 7 ,9 1 2 In c a s h a n d
$ 1 2 4 ,0 0 0 o n t h e m a t u r i t y o f t h e fir s t I n s t a llm e n t , t h e r e b y g i v i n g a t o t a l
m a r g in o f 1 6 % o n t h e p a r v a l u e o f t h e n o t e s n o w o u t s t a n d i n g .
T i t le t o
t h e e q u i p m e n t Is v e s t e d In t h e t r u s t e e u n t il a ll o f t h e n o t e s a r e p a i d .
The
c o m p a n y h a s p a i d a n n u a l d i v i d e n d s o f 6 % p e r a n n u m d u r in g t h e p a s t 15
y e a r s o n Its p r e f e r r e d s t o c k , o f w h ic h $ 8 , 8 3 0 ,7 0 0 Is n o w o u t s t a n d i n g , a n d
d u r i n g t h e p a s t 10 y e a r s d i v i d e n d s r a n g in g f r o m 2 % t o 1 0 % o n Its c o m m o n ,
o f w h ic h $ 7 , 2 1 7 ,8 0 0 Is o u t s t a n d i n g . — V . 8 6 , p . 9 1 7 .

Chicago Railways. — R e l a t i o n s w i t h C h i c a g o C o n s o l i d a t e d
T r a c t io n C o .— R e a s o n f o r P u r c h a s e o f C o u p o n s o f It s U n d e r ­
l y i n g R o a d s . —See Chicago Consolidated Traction Co. above—
N e w S e c u r i t i e s R e a d y . — A s s e s s m e n t . —The Chicago Title
& Trust Co. and the Harris Trust & Savings Bank, both of
Chicago, have received and are ready to deliver in exchange
for the certificates of deposit of the Harris Trust & Savings
Bank and the Farmers’ Loan & Trust Co., the appropriate
securities in engraved form of the Chicago Railways Co.,
in respect of stock of the following companies:
North Chicago City Railway
Chicago W est Division Railway.

IWest Chicago Street Railroad.
|Chicago Union Traction Co.

N o r t h C h ic a g o S t r e e t R a i l r o a d .

jC h l c a g o

P a ssen ger

R a ilw a y .

Extension of Loans— $ 1 ,0 0 0 ,0 0 0 New Money.— T h e S u b w a y C o . w ill a r ­
r a n g e , f r o m t im e t o t im e , f o r an e x t e n s i o n o f t h e lo a n s m e n t io n e d In t h e
a f o r e s a id a g r e e m e n t s o f S e p t . 17 1 9 0 6 a n d J u n e 3 1 9 0 7 , f o r s u c h p e r io d s
a n d o n s u c h t e r m s a n d c o n d i t io n s a s t h e d i r e c t o r s o f t h e S u b w a y C o . m a y
a p p r o v e , It b e i n g c o n t c m n la t e d t o o b t a in e x t e n s i o n s o f s u c h lo a n s , If n e c e s ­
s a r y , t o M a y 31 1 9 1 0 ; a n d t h e S u b w a v C o . w ill a l s o a r r a n g e t o le n d t o t h e
I llin o is T u n n e l C o . a n d t h e C h ic a g o W a r e h o u s e & T e r m in a l C o . s u c h f u n d s
a s m a y b e r e q u ir e d b y t h e m f o i c o n s t r u c t i o n a n d e q u i p m e n t p u r p o s e s a n d
f o r t h e p u r c h a s e o r p a y m e n t o f m a t u r in g o b l i g a t i o n s , p r i n c ip a l a n d I n te r e s t
(t h e a g g r e g a t e o f w h ic h Is e s t im a t e d t o b e $ 1 ,0 0 0 ,0 0 0 t o N o v . 3 0 1 9 0 8 ).
Depositary.— T h e U n it e d S t a t e s M o r t g a g e * T r u s t C o . Is t o a c t a s d e p o s i ­
t a r y u n d e r a n a g r e e m e n t d a t e d M a y 12 1 9 0 8 . g r a n t i n g t o s a id S u b w a y C o .
fu ll p o w e r t o t a k e a ll p r o c e e d i n g s n e c e s s a r y t o c a r r y o u t t h e p r o p o s e d
arra n g em en t.
C o m p a r e c ir c u l a r in V. 8 6 , p . 7 2 0 . — V . 8 6 , p . 7 9 4 .

Columbus Delaware & Marion (Electric) R y.— P r e f e r r e d
company filed on May 19 a certificate of reduc­
tion of capital stock from $2,500,000 to $2,100,000, and
increase to $3,000,000 by issuance of $500,000 “A” preferred
6% cumulative dividend stock and $400,000 “ B” preferred,
entitled to cumulative dividends of 1%, first year, one
additional per cent each year to sixth year, and 6% there­
after.—V. 86, p. 546.
Delaware Lackawanna & Western RR.— B u i l d i n g S o l d .—
This company has sold to the Farmers’ Loan.& Trust Co.
the building at the southeast corner of William St. and Ex­
change Place for a price said to be about $700,000.—V. 86,
p. 546, 543.
Denver Northwestern & Pacific R y.—R e p o r t e d S a l e o f
T e r m i n a l B o n d s . —The “ Railway Age” of Chicago states
that a block of $1,800,000 bonds on this company’s Denver
terminal property has been sold in London.
S t o c k . —The

T h e N o r t h w e s t e r n T e r m in a l R R . w a s o r g a n iz e d In J u l y 1 9 0 4 w it h
$ 2 ,5 0 0 ,0 0 0 c a p it a l s t o c k , t o b u ild t e r m in a ls In D e n v e r f o r t h l s c o m p a n y a n d
a n y o t h e r r o a d o r r o a d s w h ic h m ig h t w is h t o c o n n e c t w it h It.
(C o m p a r e
V . 7 9 , p . 1 7 0 5 ; V . 8 1 , p . 1 3 1 5 ; V . 8 2 , p . 1 2 1 1 .) — V . 8 6 . p . 167.

Denver & Rio Grande RR.—N o t e s . —The new notes re­
ferred to in our last issue, which have been sold to finance
the completion of the Western Pacific R y., will be dated
Aug. 1 and mature Aug. 1 1911 or 1913; interest dates
Feb. 1 and Aug. 1, on which dates they may be converted
into the new first and refunding mortgage 5% bonds of the
Denver & Rio Grande at the rate of 110 for the bonds.
These bonds will bear date July 1 1908 and $22,500,000 of
them will be deposited as collateral to secure the $15,000,000
of Denver & Rio Grande 6% convertible notes.—V. 86, p.
1224, 1159.
Detroit Flint & Saginaw R y.—F o r e c l o s u r e S a l e J u n e 18.—
The Detroit Trust Co., the mortgage trustee, gives notice
by advertisement on another page that the sale of this
property will take place June 18 1908 at Flint, Mich.

The time for the payment of the assessments in respect
of the stock of the West Chicago Street RR. Co., North
Chicago Street RR. Co. and Chicago Union Traction Co.
expires at the close of business June 17 1908. The assess­
T h e c o m p a n y w a s o r g a n i z e d t o b u i l d a n e l e c t r i c r a ilw a y b e t w e e n S a g in a w
ments must be paid before the new securities will be issued.
a n d F l i n t , M ic h . , o f w h i c h 12 m ile s f r o m S a g in a w s o u t h t h o u g h t h e v illa g e
—V. 86, p. 1223, 1159.
o f B r i d g e p o r t t o t h e v i ll a g e o f F r a n k e n m u t h Is n o w b e i n g o p e r a t e d b v a
er.
P o w e r -h o u s e a n d c a r b a r n s l o c a t e d a t B r i d g e p o r t .
F r a n c h is e s
Chicago Subway Co.— N e w B o n d I s s u e — P r o p o s i t i o n to rf oe rc e iv
c o m p le t e r ig h t o f w a y f r o m S a g in a w t o F l i n t w ill b e s o l d w it h t h e
H o l d e r s o f $17,000,000 B o n d s o f I l l i n o i s T u n n e l C o . —J. B.
p h y s i c a l p r o p e r t ie s o f t h e r o a d a s a n e n t i r e t y ,
" h e r o a d , w h e n c o m p le t e d ,
Russell &Co., N.Y.,Chicago, etc., who as fiscal agents placed w o u l d c o n s is t o f o n l y a b o u t 3 5 m il e s .— V . 8 6 , p . 8 5 6 .
$17,000,000 bonds of the Illinois Tunnel Co. (the remaining
Illinois Central RR.— N e w S t o c k , & c . — A u t h o r i z e d . —The
$13,000,000 of the authorized issue having been pledged to shareholders at their special meeting on May 18 approved
secure loans aggregating $9,500,000), are sending to the the following propositions:
holders of these bonds a circular dated May 18 containing a
T o In c r e a s e t h e c a p i t a l s t o c k $ 2 8 , 5 1 2 , 0 0 0 , m a k in g a t o t a l o f
$ 1 2 3 ,­
summary of the proposition made by the Chicago Subway 5 5 2 ,0 0 0 . (T h e v o t e In t h is c a s e w a s 6 3 3 ,7 8 5 a g a in s t 48 In o p p o s i t i o n .)
T o r a t i f y t h e p u r c h a s e o f t h e K e n s in g t o n & E a s te r n a n d t n e M e m p h is &
Co. to exchange said bonds for an equal number of bonds S t a t e L in e R a il r o a d c o m p a n i e s .
of the Chicago Subway Co., bearing the same rate of inter­
As stated in a circular cited in the “Chronicle” of April 18
est. The firm says:
(p. 981) shareholders of record May 28 will be permitted to
The parties now In control of the company realize the Importance of
subscribe
at par until July 7 for $14,256,000 of the new
having but one mortgage covering the whole property to provide means
for its entire future financing, and permit of the full development of
stock to the extent of 15% of their respective holdings,
Its present departments, and the acquiring of such other Interests as will
materially augment the strength and importance of the company’s position subscriptions payable 50% July 7 and 50% Sept. 17.—V. 86,
and largely Increase Its earning power.
p. 720, 981, 1042.



Ma y 23 1908.J

THE CHRONICLE

Illinois Tunnel Co.— Proposition to Bondholders.— See Chi­
cago Subway Co. above — V. 8(5, p. 794, 720.
Maine Central R R .— Offering of New Guaranteed Bonds for
Refunding.— See Portland & Ogdensburg Ity. below.— V. 86,
p. 229.
Interborough-Metropolitan Co., New Y o rk .— Extension for
Two Years of 6 % Notes Issued in M a y 1907.— Arrangements
have been made to extend at the same rate of interest until
May 27 1910 the time for payment of the principal of the
remainder, $4,545,000, of the issue of $8,000,000 6 % notes
which were issued a year ago and which, as extended last
November, would otherwise have matured May 27 1908.
(See collateral, A c., V. 84, p. 1248; V . 85, p. 1401).— V . 86,
p. 1159, 475.
International & Great Northern R R .— Judgments Entered.
— Seven judgments, aggregating $4,929,098, were entered
against the company in the Fourteenth District Court at
Dallas on May 14, in favor of the following plaintiffs:

Plaintiffs—

J ml(Jin en

1285

Judicial Court, referred to last week, holding illegal the con­
trol of six trolley roads in Massachusetts, was given in full
in the “ Banker and Tradesman” of Boston of May 16. The
opinion concludes as follows:
“ Directly or Indirectly subscribing for, taking and holding or guaranteeing
the bonds and dividends of another corporation In this Commonwealth,
by a railroad corporation organized under our laws, Is the exercise of that
which would be a franchise If authority to do It had been granted by the
Legislature.”
(The opinion points out that the necessary legislative per­
mission was not obtained.— Ed.)
“ It Is within the provision of the Stat.
1906, Chap. 372, and m ay be restrained by Injunction under this statute.”
Compare Item In last week's “ Chronicle,” page 1225.

Suit by Government.—The Government yesterday filed a
petition in the U. S. Circuit Court at Boston alleging that
the control of the various electric railways and the Boston &
Maine constitutes a monopoly within the meaning of Sections
1 and 2 of the Sherman Anti-Trust Act, and praying that it
be prevented from exercising the same.— Y.86, p. 1225, 110 1.
Northwestern Elevated R R ., Chicago.— Sale of Equipment
Bonds.—The company has sold to N. W . Halsey & Co. and

Russell, Brewster & Co. $140,000 6% equipment trust notes
dated Feb. 1 1908 and due $14,000 each six months until
Feb. 1 19 13. These notes cover new equipment acquired
at a cost of about $185,000, to meet the requirementsarising
from the opening up of the Ravenswood branch.—V. 86,
p. 421.

F ran k J . G ou ld on o n e -y e a r 5 % n o te m ade in 1800 b y C alvert
W a c o & D iazus V a lle y R R ., T h e In ternation al & G reat N o r t h ­
ern havin g a b s o r b e d th e lo a d , on F eb . 21 11)08 en dorsed the n o t e $ 1 8 1 ,941
M issouri P a cltlc Ity . on (1% n otes d ated F e b . 21 1908
— ------- 101,633
P a cific E x press C o. on s ix n o te s , bearin g 4 % Interest until Ja n . 1
1008, th erea fter 6 % , three n otes aggregatin g 530 0,00 0 d a te d In
1901, on e fo r 8 2 0 ,0 0 0 d a te d 1003, t w o a ggregatin g 875 ,000
_____________
401,271
dated 1 9 0 6 ........... - _______ _________________________
G eorge J. G ou ld on th ree n o t e s , on e dated 1003 fo r 8 2 5 ,0 0 0 , on e
d a ted 1904 fo r 8 2 4 ,0 0 0 , o n e d a ted Feb. 21 1908 for 870,751
128,531
H elen M. G ou ld on 0 % notes fo r 517 0 ,1 0 4 , d a ted F eb . 21 1908 .
172,9(58
E d w in G ould on p rom isso ry n o te fo r 8170,104 ....................................
172,908
G eorge J . G ou ld , E dw in G o u ld , H ow a rd G ould a n d Miss H elen M .
G o u ld , ex e c u to r s o f the will o f J a y G o u ld , o n 29 n o te s , e x e c u te d
t o J a y G ould an d now past d u e -------------------------------- —
- - - - - -3,5 8 9 .7 8 8
— V . 80, o . 1159. 1042.

Pittsburgh Youngstow n & Ashtabula R R .— Bonds A u ­
thorized.—The stockholders on May 21 ratified the proposi­

Lehigh & Hudson River R y .— Issue of Bonds Authorized.—
The Public Service Commission, Second Division, on May 18
granted the application of the company to issue additional
general mortgage bonds, $270,000 of the $800,000 requested
being allowed. The new bonds arc to be issued for sidings,
bridges, engine, car-house and machine shop. These bonds,
when sold, will make the total amount of the issue outstand­
ing, $1,590,000.

offering at 104% % and interest,, yielding 4 .15 % , the unsold
portion of a new Issue, limited to $2,119,000, or less than
$20,000 per mile, of first mortgage 4 /x 2% bonds, dated Nov.2
1908 and due Nov. 1 1928, guaranteed principal and interest
by endorsement on each bond by the Maine Central R It. Co.
Interest payable May 1 and Nov. 1. A circular says:

'Clio Commission lays down the rule that an Issueof stock or bonds cannot
be permitted to reimburse the treasury of the applicant for Improvements
previously paid for out of earnings. The statute, It is held, permits capi­
talization for four purposes only, namely, the acquisition of property, the
construction, completion, extension or Improvement of facilities, the Im­
provement or the maintenance of service and the discharge of lawful re­
funding obligations.— V . 85, p. 1513.

Marietta Columbus & Cleveland R R .— Agreement Can­
celed.— The Toledo & Ohio Central Ity ., which on Feb. 1
began operating this road as agent, recently gave notice of
its intention to relinquish the arrangement.— V. 86, p. 480.
Metropolitan Street R y ., New Y ork.— Appellate Court
Affirms Order Authorizing Receiver’s Certificates.— The
United States Circuit Court of Appeals in this city on
Wednesday affirmed the decision of Judge Laeombe in March
last authorizing the issue of $3,500,000 6 % receiver’s certifi­
cates having a lien prior to the $16,604,000 refunding 4s
and $12,500,000 general collateral trust 5 % bonds with
modifications noted below. Compare V. 86, p. 857, 668.
The appeal was taken by the trustees of the two mortgages and other
creditors who were opposed to the certificates being made a Hen prior to the
mortgages and other claims against the .Metropolitan Street and New York
City R y. companies.
J u d g e W a r d , w h o w rites th e o p in io n , says:
"T h e Justification of displacing Hens Is the preservation of the property,
and when but one common debtor Is Involved the preference affects only
the Hen creditors, because the debtor, owing all his debts alike, Is Indifferent
to the order In which they are paid.
W hen, however, as here, there Is a
lessee defendant and owner defendant, both Insolvent, though It m ay be
proper to displace for the common benefit liens on both properties, It Is
also proper to determine whether, inter se, the debt of the lessee should
be imposed on the lessor or the liens on the lessor’ s property he displaced
for the benefit of strangers to the lien creditors, viz.: the lessee and Its
creditors.
"T h e rights to be adjusted are those of: (a) the lessee’ s creditors, of
whom the four-month creditors claim a preference: (b) the lessee’ s stock­
holders; (c) the lessor’ s Hen creditors; (d) the lessor’ s general creditors;
(e) the lessor’ s stockholders.
“ VVe think the dllTerenccs of the parties can be reconciled by a modifica­
tion of the order providing that the certlllcates shall be Issued by the
receivers In their capacities as receivers or both companies and shall be
given a preference out of the net Income and property of the lessee and
out of the net income of the lessor, In case It shall operate the property,
and out of all other property owned or leased by the lessor covered by
both mortgages aforesaid, In order to Insure the marketability of the cer­
tificates. The ascertainment of the rights and priorities, inter se, of all
persons Interested In the premises are reserved, to be finally' adjudicated as
provided in the modified order, and the form of certificate Is to be amended
In accordance with this opinion.— V . 80. p. 1159, 1042.

New York & Long Island R R .— Decision Affirmed.— The
Court of Appeals on Tuesday affirmed the decision of the
lower courts, which refused to grant an injunction restraining
the city from interfering with the construction of the tunnel,
pending trial of the action brought to determine the validity
of the company’s charter. Compare V . 85, p. 1339, 1518.
— V . 86, p. 669.
New York City R y .— Appellate Court Affirms Order for
Receiver’s Certificates.— See Metropolitan Street lly . above.
Decision as to Car Rentals.— The Appellate Division of
the Supreme Court in this city on May 15 sustained the
decisions of the lower court holding that the company is
liable for car license fees of $50 per car per year used at any
time during such year on the 6th, 8th and 9th Avenue lines.
Compare V . 85, p. 1339.
The company contended that the license fees should apply to the average
number of cars In dally use and paid what It conceded to be due. The
city brought suit for the additional amount claimed to be due since 1902.
The actions Involve about $80,0 0 0 , but the decisions will, If affirmed by
the Court of Appeals, control suits Involving about 8500,000 and will
permit the city to collect approxim ately $ 100 ,noo additional revenue
annually from the system for car-license fees.— V . 86, p. 1043, 808.

New York New Haven & Hartford R R .— Decision of Massa­
chusetts Court.— The opinion of the Massachusetts Supreme




tion to issue $15,000,000 4% bonds for refunding and other
purposes. Compare V. 86, p. 795; V. 85, p. 95.

Portland & Ogdensburg R y .— Offering of Guaranteed
Bonds.—Lee, Higginson & Co., Kidder, Peabody & Co.,
R . L. Day & Co., Estabrook & Co., all of Boston, A c., are

To be Issued to refund an equal amount of bonds maturing N ov. 1 1908.
Secured by a first mortgage on the entire property, consisting of 109.10
miles of road extending from Portland, M e., through the W hite Mountains
to Lunenburg, V t ., comprising the main line of the Maine Central R R . to
northern Verm ont, and giving this system Its outlet to Quebec and the
W est. W e are prepared to deliver negotiable Interim receipts of the Maine
Central R R . Co. discounted at the rate of 4 yt % per annum to N ov. 2 1908
and exchangeable on N ov. 2 for the engraved bonds.— V . 81, p. 1551.

Public Service Corporation of New Jersey.— Bond Issue
Authorized,. —At the shareholders’ meeting on May 18 the

proposition to authorize an issue of $50,000,000 5% gold
bonds was duly approved. The present issue will be only
$3,725,000. See official statement by President McCarter
in “ Chronicle” of May 9, p. 1160.
Rio de Janeiro Tramway Light & Power Co.— New Direc­
tors.—The following additions have been made to the board

of directors to represent the group of French and Belgian
bankers which is handling the company’s issue of .second
mortgage debenture bonds:
Edouard Ouellenec. a leading consulting engineer of Paris; Jean Javal, a
well-known engineer connected with many leading electrlc-llght and tram ­
way companies In France, and Th . Vcrstraeten of Brussels, President of
the Lisbon Gas Co. and having large Interests In several Continental elec­
tric and gas enterprises.

Offering of Second Mortgage Debentures. —Of the $17,500,­
000 5% second mortgage debentures, running 50 years
from April 1 1908, but subject to sinking fund drawing be­
ginning April 1 19 18 , $4,450,000, or 22,250,000 francs,
were offered on May 12 in Paris, Brussels and Liege at 82,
the list closing on May 18.
A t Paris subscriptions were received at the Banque Transatlantlque,
at the Credit Foncler et Agricole d’ Algerie and b y Razsovlch et Gers.

Status.—A circular issued from the London office May 4
says in part:
All the construction work In Brazil, which has been In hand for several,
years. Is nearing completion. A t Rio das Lages, where the hydro-electric
Installation Is located, the work Is well advanced. The large dam should
be completed within the next 30 days.
In the power station at the present time there are three generators In
commission, with an aggregate capacity of 26,000 h. p ., which will be ample
for the requirements of the business for the next six months. A fourth
generator, of 8,700 h. p. capacity, will he ready for operation In 30 days.
The last two generators have been shipped, and all the work at the power
station In connection with the erection of the generators, transformers
and switchboards should be finished by Sept. 1.
The company was supplying on April 1 to the City of Rio de Janeiro;
Motors, 4,732 h. p .; arc lamps, 1,353; Incandescent lamps, 19,945; venti­
lating fans, 538. Contracts have been closed for additional motors, 3,246
h. p .; arc lamps, 110; lncandescents, 8,867. There Is likely to be a large
Increase. The tramway system comprises of 130 miles of which 37 are oper­
ated by electric and 93 by animal traction. It Is expected that 30 more
miles will be converted and In operation by the end of the year, and that
within two years the whole system will he operated.electrically. |
(The advcrtUem m t of the Paris bankers states that the gross receipts
of the company in 1907 were 3 2 ,550,909 francs (say, $ 6 ,5 1 0 ,1 8 2 .— Ed.)
and the net receipts were 11,017,692 francs (or about $ 2 ,2 0 3 ,5 3 8 .— E d .).
The Income from the sale of electric energy, It Is stated. Is Increasing at the
rate of 200,000 francs ($40,000) a month, while the Installation of electric
service on the part of the tram way system still operated with animal power
Is expected to reduce the cost of operation thereof from 6 3 % , as at present,
to about 4 0 % .
The com pany’s franchise for telephone service runs until
1928. for lighting till 1945, for tramways until 1970, and for electric energy
for lighting and power service till 1990.— Ed.)
Compare balance sheet,
A c ., Ill V . 86, p. 920, 1044, 1101.

San Francisco Oakland & San Jose Consolidated R y .—
New Bond Issue.— The shareholders have authorized a con­
solidated mortgage to secure $7,500,000 bonds, of which
$4,500,000 will be reserved to meet the present debt of the
old San Francisco Oakland A San Jose Railway, consisting
of $3,000,000 first mortgage and $1,500,000 second mortgage
5s due in 1933. See V. 86, p. 722.
Seaboard Air Line R y .— Receivers’ Certificates Over-Sub­
scribed.— A syndicate, with the National City Bank of New
York as manager, has purchased $3,000,000 6 % receivers’

THE CHRONICLE

1 2 8 6

certificates running for three years from June 1, but subject
to call at any time after six months. The syndicate was
oversubscribed. Receiver Warfield states that the issue is
made to provide for the interest payments on underlying
bonds, to pay the interest and principal matured and about
to mature on the various car trusts, for certain new construc­
tion, and a number of other purposes designated in the decree
of the Court.— V. 86, p. 1160, 1101.
Seattle (W ash.) Electric Co.— Bonds Offered.— N. W .
Harris it Co., New York and Boston, and Lee, Higginson &
Co. and Estabrook & Co., Boston, are offering at 93)^ and
interest, by advertisement on another page, $2,500,000
“ consolidated and refunding mortgage” sinking fund 5 %
gold bonds dated Aug. 1 1907. Authorized issue, $25,000,­
000; outstanding (including the aforesaid $2,500,000), $ 5 ,­
000,000; reserved to refund outstanding bonds and notes,
$9,249,000; remainder reserved under stringent provisions
for future requirements. The company operates substan­
tially all the street railways and does the greater part of the
electric lighting and power business of the city of Seattle, the
population of which has increased from 3,535 in 1880 to
42,837 in 1890, to 80,671 in 1900 and 240,000 (estimated)
in 1907
C r o s s E a r n i n g s o f S y s t e m f o r C a l.

1907.
54,104,794

1906.
$3,239,074
In com e

C a l. Y e a r .

A ccoun t

G ross.

Y e a r s ( P u g e t S o u n d P o w e r t o . in c lu d e d .)

1905.
$2,683,223
(P u get

S ound

N e t a fte r T a x e s .

1907_____ $4,104,794
1906
3,239,074

1904.
$2,348,034

$1,457,070
1.333,972

1903.
$2,096,725

P ow er C o.

In t e r e s t .

$ 5 9 5 ,6 )0
487,552

1902.
$1,878,101

in c lu d e d .)

S i n t ;. F u n d .

$87,360
90,056

B a t.. S u r .

$774,110
756,364

The net earnings in 1907 were substantially double the present Interest
chance ($735,800), although no benefit had then been received from ttie
additions, extensions, A c ., on account of wide) these $2,500,000 bonds
were Issued
The company has paid dividends of 6% p er annum on Its
preferred stock continuously since October 1901, and up to March 31 1908
had accumulated a surplus of $1,5 1 2 ,9 0 4 , which h-' s been p rtb ack ln to the
properties: 5564,000 first mortgage bonds have al o been retired at a cost
of $586,006.
Further particulars regarding the bonds, property, A c .,
were given last July in connection with the olfer'ng by the same linns of
51,500,00(1 bonds secured by the mortgage, but having a conversion
feature not possessed by the later Issues. Sec V. 85, p. 222.

Southern Railway.— Offering of $15,000,000 Convertible
Cold Notes Dated M ay l 1908 and Payable on or Before
M a y 1 1911.— J. P. Morgan & Co. announce, by advertise­
ment on another page, on behalf of the syndicate which has
purchased the above-mentioned notes, that applications
for the same at the price of 9 8 1 4 % and accrued interest,
will be received, payable at their office, 23 Wall St., New
York, as follows: On application, $50 per $1,000 note; on
June 1 1908, $935 per $1,000 note and accrued interest.
As stated last week, holders of "tw o-yea r 5 % sterling notes maturing
June 1 1908 and July 2 1908” m ay deposit their notes and will receive
preference In allotment to the extent of the notes so deposited, and deposi­
tors of notes maturing June 1 1908 will receive a cash payment of $35 per
note and depositors of notes maturing July 2 1908 will receive a cash pay­
ment of $30 per note in adjustment of difference In price and Interest.
Preference In allotment will also be given to registered holders of stock
trust certificates making application on the special form enclosed.
Subscriptions will also be received and sterling notes maturing June 1
and July 2 m ay be deposited at the offices of J. S. Morgan & C o., 22 Old
Hroad S t., London, E . C.
A b s tr ac t of Letter from President W . W . Finley, New Yo rk , Alay 14 1938.
The proposed Issue of $15,000,000 6 % convertible gold notes, payable
on or before May 1 1911, are to be secured by pledge under trust agreement
with New York Trust C o., trustee, of the following collateral:
$20,000,000 Southern R ailw ay “ development and general mortgage” 4 %
bonds, series “ A .”
2,500,000 Tennessee Central R R . prior Hen mortgage 4 % bonds.
2 ,000,000 Virginia & Southwestern R y. first consol, mtge. 5 % bonds.
The holders of notes are to have the right at their option at any time,
upon five days’ pr« 'dons notice to convert their notes at par Into the
pledged Southern Railway “ development and general mortgage” 4 %
bonds, series " A , ” at the following rates: Until and Including May 1 1909
at 8 0 % thereafter until and Including May 2 1910 at 8 2 > 3 % , and there­
after until and Including May 1 1911 at 8 5 % , Interest In each case, and
upon both notes and bonds, being allowed and adjusted.
Subject to the prior exercise of the foregoing option, the railway com ­
pany Is to have the right at any time to withdraw any or all of said collateral
by payment therefor In cash at the following prices: “ Development and
general mortgage” 4 % bonds, series “ A . ” at the same prices and for the
same periods as provided above for conversion of the notes: Tennessee
Central prior lien mortgage 4 % bonds at not less than 8 5 % ; Virginia &
Southwestern first consol, mortgage 5 % bonds at not less than 90% ,, with
accrued Interest In each case. Such cash Is to be applied by the trustee
to the purchase or redemption of the notes as provided In the trust Indenture
It Is proposed to apply the proceeds of these notes substantially as follows
To provide for c pltal obligations accrued and to accrue, repre­
senting generally the retirement of equipment obligations, the
purchase of steel rail, construction now under contract, and
additional betterments and Improvements to the properties
covered by the "developm ent and general mortgage,” say _ .$ 8 ,5 0 0 ,0 0 0
To provide for the redemption of the sterling notes which will
41 mature on June 1 and July 2 next, s a y . . . ..... ......... - ....................... 3,000,000
The balance to be used to reimburse the treasury to that extent
for moneys heretofore expended for construction and capital
account, sa y _______________________________________________________ 3,500,000
The retirement of the sterling notes and of capital and equipment obli­
gations during the year 1908 will extinguish present fixed charges of the
company to the extent of $375,000 per annum.
The above-mentioned $2,500,000 of Tennessee Central prior lien bonds
are part of the total Issue of $4,014,000 of said bonds wnleh are secured by
an absolute first lien at the rate of $13,700 per mile upon the property of
the Tennessee Central R R . C o., extending from Nashville to Harrlman,
Tenn., with branches, and from Nashville to Hopkinsville. Ivy., being In
all 292 miles of railroad.
The above-mentioned $2,000,000 first consolidated mortgage 5 % bonds
of the Virginia & Southwestern R y. Co. arc part of a total authorized Issue
of $ 7 , 0 00 ,0 00 , of which, however, only $ 3 , 000 , 0 00 , Including those herein
described, are to be Immediately Issued, the remainder being reserved
under strict provisions for the retirement of first mortgage bonds, outstand­
ing equipment obligations and for completion of lines now under construc­
tion. The $2,000,000 of such bonds herein described were Issued for the
recent acquisition of the Hlack Mountain R y. (23.35 miles) and the Holston
River R y. (3 1.8 m iles), and they are secured by a first lien upon those lines
comprising 55.15 miles and also by a second Hen, subject only to the
$2,000,000 outstanding first mortgage bonds, upon the main line and
branches of the Virginia & Southwestern R y. C o., aggregating 138 miles
In operation and about 18 miles under construction.
(V . 86, p. 1102.)
The above-described $20,000,000 “ development and general mortgage”
4 % bonds are part of the total authorized Issue of $200,000,000 of such
bonds, of which, Including the said $20,000,000 of bonds now to be pledged,
there will have been Issued and certified bonds aggregating $40,000,000.




[V O L . L X X X V I

E q u i t y in the P r o p e r t y , S u b je c t to th e “ D e v e l o p m e n t a n d G e n e r a l M o r t g a g e ”
A b o v e the A m o u n t o f S u c h B o n d s N o w O u t s t a n d in g .

Total book value of the property covered by the “ develop­
ment and general mortgage” Dec. 31 1907_________________ $ 3 54 ,65 4,09 5
Deduct all prior Hen bonds outstanding________________________ 1 8 9 ,062 ,500
Deduct "developm ent and general mortgage” bonds_________
4 0 ,0 0 0 ,0 0 0
Net book value of said property above “ development and
general mortgage” bonds outstanding_____________________ $125,502,495
This book value has been approved by certified public accountants from
year to year. The total capital assets of the com pany on Dec. 31 1907 were
$441,000,000.
The "developm ent and general mortgage” Is a lien ranking ahead of the
entire capital stock and of all unsecured obligations. Thus while only
$20,000,000 of development bonds out of the $40,000 ,000 above mentioned
have been sold, and while a large part of such development bonds were
Issued to fund the cost of property acquired prior to Jan. 1 1906, there has
been actually spent on the property In enhancement of the security of the
development mortgage bonds since Jan. 1 1906 to March 31 1908, or since
the development mortgage was created, $32,280 ,702 .
Tills was made
possible through the sale in 1907 of $ t5 ,0 0 0 ,0 0 0 of unsecured notes and of
the application upon the property of a large part of the proceeds of the
$3,000,000 sterling notes. This net security of the development mortgage
bonds will be further enhanced by the application upon the mortgaged
property as above stated of at least $ 8 ,500,000 of the proceeds of the 6 %
convertible gold notes which It Is now proposed to Issue.— V .8 6 , p .1226,1101

Tennessee Central R R .— Bonds Pledged.—See Southern
Raihvay above.— V. 86, p. 1228.
Third Avenue R R ., New York.— Receiver’s Certificates A u ­
thorized.—Judge Lacombe in the U. S. Circuit Court on
Wednesday a ahorized Receiver Whitridge to issue $2,500,­
000 of one-year 6% certificates to purchase equipment and
make repairs and improvements on the lines of the system.
The certificates will rank after the $5,000,000 first mortgage
but prior to the $37,5)0,000 first consolidated mortgagebonds. Compare remarks in report of receiver given last
week, page 1221.
(The) Tidewater Company.— Offering of $17,000,000 6%
First Lien 5- Year Notes, Guaranteed by I I . II. Rogers.— Red­
mond & Co., New York and Philadelphia, and the Equitable
Trust Co., New York, by advertisement on another page,
announce that they will receive applications for subscrip­
tions at 98L6 and interest for an issue of $17,000,000 first
lien 5-year 6% guaranteed gold notes, guaranteed, principal
and interest, unconditionally, by Henry H. Rogers. These
notes are dated June 1 1908 and are due June l 19 13, but are
convertible at par at the option of the holder for first mort­
gage 5% 50-year gold bonds of the Virginian Ry. Co. at any
time before April 1 19 13, or, in case of notes called for re­
demption, within 30 days after notice of such call, all or
any of the notes being redeemable at company’s option at
10 1 and interest when drawn by lot Interest payable June 1
and Dec. 1. Equitable Trust Co. of New York, trustee.
Denomination $1,000 (c*).
The application list will be opened May 27 at 10 a. m.
and may be closed at any time without notice. A deposit
of 5% must accompany all subscriptions for the neAV notes.
T h e h o l d e r s o f t h e o u t s t a n d i n g S IO .O O J.O O O n o t e s o f t h e T i d e w a t e r C o m ­
pany
w h ic h a re t o h e c a lle d to r p a y m e n t
m a y d e p o s i t w it h t h e fir m s
n a m e d t h e i r n o t e s o r C e n t r a l T r u s t C o . c e r t i f i c a t e s o f p a r t i c i p a t i o n In s u c h
n o t e s a n d r e c e i v e n e w n o t e s In e x c h a n g e t o t h e e x t e n t o f 5 0 % o f t h e f a e e
a m o u n t o f th e n otes so d e p o s ite d .
U p on n o te s so e x c h a n g e d , In terest
w i l l b e a d j u s t e d t o J u l y 1 a n d a b o n u s In c a s h o f $ 1 5 p e r $ 1 , 0 0 0 n o t e w i l l
be p a id .
'1 'lils p r i v i l e g e m a y b e w i t h d r a w n b y t h e b a n k e r s w i t h o u t n o t i c e .
O w in g t o a d v a n c e s u b s c r ip tio n s h a v in g b e e n r e c e iv e d fo r m o re th a n th e
e n t ir e $ 1 7 ,0 0 0 ,0 0 0 n o t e s , t h e h o l d e r s o f t h e o ld n o t e s a r e o f f e r e d t h e r ig h t
t o s u b s c r ib e fo r o n ly 5 0 % o f th e fa c e a m o u n t o f t h e ir p r e s e n t h o ld in g s .

Abstract o f Letter fro m Cteorgc H . [Church, Treasurer o f T h e Tidewater
Company, Dated May 21 1908.
The proposed Issue of the Tidewater C o.’s "first lien 5-year 6 % guaran­
teed gold notes” will he unconditionally guaranteed, as to both principal
and Interest, by Mr. Henry H. Rogers, and will ultimately ho seemed by de­
posit of collateral with the Equitable Trust Co. of New York, as trustee, as
follows:
F ir s t m o r t g a g e 5 %

5 0 -y e a r g o ld b o n d s o f t h e V ir g in ia n

R y . C o.

(owning the railroad generally known as the Tidewater R o a d ),
face value - _____________ ___________ ________________ ___________ $33,5 0 0 ,0 0 0
First mortgage 5%, 50-year gold bonds of the Virginian Terminal
R y . C o . ( o w n i n g t h e t e r m i n a l s of t h e T i d e w a t e r R o n d a t b e w ____
ell’s Point, Virginia), face v a lu e .________ ______ ________
3 ,0 0 0 ,0 0 0
To be deposited with the trustee by Henry H . Rogers, as guar­
antor of the notes, income-producing stocks and bonds now
yielding an annual income of about $ 7 0 0 ,0 0 0 , and having an
aggregate value of over_________ _______ _______ _______________ 10,000,000
T o t a l .............................................................................................................$46,500,000
Of the proceeds of the notes, $10,000,000 are to he used In retiring the
Tidewater Company’s existing Issue of notes and approximately $ 6 ,OOP,U)0
are to be deposited with the trustee to be paid out from time to time against
actual expenditures In the completion of the Tidewater Road and Its termi­
nals.
(The existing $10,000,000 notes, which are not due until I-ebruary
1009, will be willed and paid off at once.)
.,
.
T h e V irginian R y . C o. Is en title d to Issue u p on the c o n s tr u c tio n o f Its
m ain line o f 4 12 m iles, from D eepw ater In W est V irgin ia t o Sew ell s P o in t
on H a m p to n R o a d s , V irgin ia , Its first m o rtg a ge 5%) 5 0 -ye a r g o ld b on d s
to the a ggregate a m o u n t o f 5 3 3 ,5 0 0 ,0 0 0 , all o f w hich have been o r will he
Issued t o the T id e w a te r C o m p a n v and w ill be p led ged as s e c u r ity fo r these
n otes.
O ver $ 2 5 ,000 ,00 0 o f these b o n d s h a ve a lre a d y been Issued and w ilt
be lo d g e d w ith the trustee.
The Virginian Terminal R y. Co. Is entitled to Issue upon the construc­
tion of the coal-loading pier upon Its terminal property at .Sewells Point,
its first mortgage 5%, 50-year gold bonds to the aggregate amount of 8 3 ,­
0 00,000 , all of which have been, or will be, Issued to the Tidewater Company
and will be pledged as securltv for these notes: $500,000 of these bonds
have .already been Issued and will be deposited with the trustee.
Iiy reason of the pledge of all the first mortgage bonds of the Virginian
R y. Co. and of the Virginian Terminal R y. C o., the notes Will be a first
Hen upon all the property of these companies. In respect of which, after
the application of the proceeds of the notes, there will have been expended
In cash more than $36,000,000.
T h e line o f the V irginian R y . C o. fro m D e e p w a te r, o n th e K an aw h a R iv e r ,
In W e s t V irgin ia , t o P rin ce to n , near th e V irginia line, a dista n ce o f a b o u t
92 m iles, passes d ir e ctly th rou gh th e P o ca h o n ta s -N e w R iv e r coal fields.
At P rin ce to n w ill be loca ted assem bling y a rd s, fro m w h ich p o in t t o th e te r ­
m inals at Sew ells P o in t, 350 m iles, the grade Is p r a c tic a lly all In th e d ir e c ­
tio n o f th e haul, there being o n lv on e e x c e p tio n o f nine m iles, u p on W hich
the grade Is b u t six-te n th s o f 1 % , o r a b o u t 30 feet t o th e m ile.
O v e r th is
s e ctio n o f nine m iles an assisting en gine will be u se d , w hich will e n a b le the
c o m p a n y t o ta k e an unbrok en train o f 80 loaded 50-ton co a l cars fro m
P rin ceton t o th e .Atlantic O cean w ith a single lo c o m o tiv e .
Construction Is In accordance with the most approved standards, wltn
steel rails, minimum weight of 85 lbs. per yard, and stone ballast,
ln e
two draw-bridges over the Elizabeth River at Norfolk are heavy, donmetraek, steel structures, operated by electricity, and on the W est Virginia
division a number of the structures are built for double tracks at places
where It Is known that the additional track willfhe first required. Con­
crete and cast-iron pipe culverts have been used under alllheavylbanKS

Ma y 23 1908.J

THE CHRONICLE

and the steel bildges and viaducts are designed for the heaviest weight
which they can possibly be required to sustain.
I'rom the commencement of construction the work has been prosecuted
with all possible energy and dispatch consistent with economical and lastJb® 1results. The grading and tunneling have been completed upon about
!)->/(> ami rails laid upon about 7 5 % of the total mileage; about one-half of
the line (a portion at each end) Is now In operation. Practically all the
steel work for the completion of the railway and a large portion of that re­
quired for the coal pier Is all ready for erection.
It Is expected that the
entire line will be In operation before May 1 1909.

? £ W i L not kerct0f0!C raised, on which the m atter will be resisted In
e m u™ -th coults/ ovtv which the Federal courts have no Jurisdiction. Inwhn
A ° nt l.hat the tax ls unreasonable and excessive. Justice D alv,
laid down it,h o°P.In‘ 0n %says that the case ls virtually decided by the rule
i f r lt r !n J
Railway Co. vs. New Orleans, which holds that because a
c t - fnr 1 ^ , COn?.pa n y,ha! agreed to pay for the use of the streets of the
Which Win
11 ™c - 11 (,oes not thereby create an Inviolable contract
uhleh will prevent the exaction of a license t a x .— V 8 6 , p. 1 1 0 2 .

Virginian Railway.— Bonds Pledged— Status of Enterprise.
bee official statement under heading “ Tidewater Company”
above.— V . 86, p . 722.

The bankers add that the engineers have endeavored everywhere to
eliminate grades arid curvature, with the result that over practically all of
the line the maxim um grade Is only two-tenths of 1 % .
It Is expected
that, owing to this extraordinary construction, It will be possible to move
a train load of 4,000 tons with one locomotive, as against an average train­
load on the Norfolk <fc Western, Its principal competitor, of 700 ton’s. The
track has been laid with a minimum of 85-lb. steel rails; the bridges and
culverts are all built of steel or concrete, and the draw-bridges throughout,
are operated by electricity. Something over 200 miles of the road are at
present In operation, and of the remaining 225 miles about 95°;, has been
graded and track has been laid on about 7 5 % . Competent engineers pro­
nounce the road a marvel of modern construction. — V . 84, p . 627.

Virginia & Southwestern R y .— Bonds Pledged— See South­
ern Railway above.— V. 86, p. 1102.
Western p acifjc R y .— Extension of Syndicate.— Blair & C o .,
William Salomon & Co. and William A . Read & Co., rnannnnr« ° '
syndicate ‘which in 1905 underwrote the $5 0,000,UUO first mortgage bonds, have requested the members of the
syndicate to defer the date for the expiration of the syndicate
agreement from July 1 1908 until July 1 1909.
btiitus of Enterprise.— See circular issued bv President
v or W f T
f the Denver & Rio Grande Ry. onp. 1224.—

Tonopah & Tidewater R R .— Holding Company.— See
Tonopah & Tidewater R y. below.— Y . 80, p. 722
Tonopah & Goldfield R R .— Not Included in Amalgam­
ation.— Change in Control of Bullfrog-Goldfield R R .— See
Tonopah & Tidewater Railway below.— V. 86, p. 795, 109.

V . 00, p.

Tonopah & Tidewater R y .— New Holding Company —
This company is being organized under the laws of Delaware
with $5,280,000 of authorized capital stock in shares of $100
each, all having voting nower, consisting of $8,040,000 “ A
stock and $1,640,000 “ B ” stock (“ A ” having no preference
over B ) it haying been arranged to acquire in exchange
for the “ A ” stock the entire $1,500,000 capital stock of the
lonopah & lidewatcr Railroad and in exchange for the “ B ”
stock the entire outstanding share capital ($2,000,000) of
the Bullfrog-Goldfield R R .

l ract was really Purchased by the Am algam ated Oil C o., the control
of which company Is owned by the Associated Oil Co. The price for the
property named ls about correct, and Is to be paid in cash. W hether the
property will be operated as a part of the Amalgamated Oil Co. or under a
aliierent Incorporation we have not yet determined.

Dividends Now Paid Monthly.— We are informed that the
Amalgamated Oil Co. paid a dividend of $1 per share(1 % ) ,
or $50,000, per month, in March, April and May 1908, and
the officers intend to make monthly distributions from this
time o n .— V. 83, p . 92.

° n0pah & Golflftelcl not being embraced In the

The new holding company will maintain corporate exist­
ence of its two proprietary companies acquired as aforesaid,
il;n i j Cn0ndan Ce with the plan agreed upon the Bullfroguoldneld R R . Co. will make a consolidated mortgage to the
fidelity Trust Co. of Philadelphia, as trustee, to secure an
issue of $2,000,000 5 % 30-year gold bonds dated July 1 1908
which will be applicable as follows:
P u rp oses fo r

1227.

IN D U S T R IA L , GAS A N D M ISCELLAN EO U S.
Amalgamated Oil Co., California.— A cquisition. — Touch« 7no^fooe?i0rt
^
Associated OB Co. had purchased for
$ /0 0 ,0 0 0 the Picot Ranch oil propertv of 200 acres lying
just across the Los Angeles-Pacific R y . tracks from the
wells of the Union and Amalgamated companies, W S Por­
ter, General Manager of the Associated Oil Co., replying
under date of April 7 tojjour letter of inquiry, said:

The lust-named company was organized with the expectation that Its
line now In operation from Bullfrog to Goldlleld 83* miles, would be
controlled by the Tonopah & Goldlleld R R . C o., but the two properties
present amalgamaOon

1287

American Telephone & Telegraph C o.— Earnings— For
the first four months of 1908 and 1907:
Four Months endiiiv April 3 \—
19 0 8 .
Income from dividends___________________
*5 «nft 3 fto
Interest and other revenue from associated "and * '
’

190 7

; otr
*
’

Which $2,000,000 C o n s o ls of B u l lfr o g -G o ld fie ld RR. Man
Be

rssu ed .

T o lie Issued at once to take up the $1,250,000 of Bullfrog-Goldllcld R R . C o.’s first mortgage 6 % bonds which arc held by
sy n d ica te.---------------------------- ------------- --------------------------------?50 ooo
Sold as below stated to provide for obligations of the Bullfrog’
’
‘ Goldlleld R R . Co. Incurred for construction, equipment, &c
350 000
R e.eserved
ow VI.m to
... take
VOVV. up as presented Uli:
Ulll TUg-1.101(111CK
the $250,000 Bullfrog-Goldlleld
P
D
b
n
n
d
c
IrPTruilnder
rtf
th
n
<1
(toil
mwt
nt.4U
«ui
i\
.
.
.
R R . bonds (remainder of the $1,500,000 authorized) held by
the public-----------------------------------------------------250 000
Reserved for new construction and equipment, or other legal
’
150.000
p u rp o se s__________________ ________________ _______________________

The Tonopah & Tidewater Railroad Co., the controlling
interests in which dominate the new holding company, owns
a hue 108 miles in length extending from Ludlow, Cal., on
the Atchison Topeka & Santa Fe Ry. to Beatty, N ev .,168
miles, with a branch to Ryan, 7 miles. On account of
this mileage £500,000 debenture certificates were issued in
190o, bearing the guaranty of the Borax Consolidated, Ltd.,
™ e great borax corporation. In Feb. 1908 it was proposed
(V . 86, p. 722) to issue a further £175,000 of 5 % sterling
bonds bearing a similar guaranty for the purpose of extending
the line to lonopah, N ev., 110 miles. A further extension
from Goldfield to E ly, 200 miles, is believed to be in con­
templation. Further particulars follow:
An agreement between the holding company and the two railroad com­
panies provides that the earnings of the two operating companies shall be
own
T ,p,lr™ 0 acS°,uVt s ’ antl * ,at oach 10,1(1 shall have the benefit of Its
own local traffic and fair proportionate rates on Joint traffic; also that if In
?. ^ , yFa . n h<‘ earnlnKS, of e'V icr l:o,ul Proy e Insufficient to cover Its fixed
charges, then any surplus of the other road for that year, after the payment
of Axed charges, shall be devoted to make up the defirlenrv nf the oth^r
V.
M. Smith (who built the Tonopah & Tldcw -U iuVagrcestom
$350,000 bonds mentioned above, as sold, and to give therefor hte promis­
sory notes, $185,000 payable Aug. 1 1908 and the balance $185 000 in
two years the notes bearing 0 % Interest
The collateral for these notes
will be the $350,000 bonds and the stock received together with 1 500
shares of Oakland Traction Co. 6 % preferred stock.
*

I.udlow,

Cal.-

w

R

Albergcr'
^m erger,

Underground Electric Railways Co. of London, L td .—
^ O v e r a h v e .-U n d e r date of London, May 15 1908 Socretary W E. Mandelick. by order of the board announces that
the holders of over 9 0 % of the 5 % ‘profit-sharing secured
notes having deposited their notes, and hav;ng assented
to the plan of readjustment dated April 14 1908, the company
will proceed with the readjustment pursuant to said plan.”
See plan, &c., in V. 86, p . 10 39, 1044, 1101.
United Railways Co of St. Louis.-S u p r em e Court Up­
holds One-Mill r a x .— A he United States Supreme Court on
Monday, reversing the lower courts, handed down a decision
sustaining the right of the city of St. Louis to levy a tax of
one mill per passenger on the street railways, payable quar­
terly, under the ordinance of March 25 1903, which sup­
planted a former ordinance under which the city collected
a license fee of $25 per car per year.
The amount of back taxes due under the decision from Jan. 1 1904 to
Jan. 1 19081 Is about $850,000. On the basis of present earnings the annual
ta x w o u ld be about $220,000. Counsel for the company contend that the
decision embraces only one feature of the law, namely the question whether
the ordinance Impaired a contract obligation, and say that there are other




D cd u ctT n te re ft I I I I --------------------------------------------------

Dividend for 3 months; 2

$9,078,324
679,125

April* i 511 1 1 1 A1 1 f I 3 M o d o

1:63?: 028

_ v f ^ ^ p . S1227US10'45'--------------------------------------------- $ 4 ,4 0 9 ,5 1 6

$ 3 ,4 6 5 ,4 8 0

Bryant & M ay, L td .— Sale of Interest m California Timber
I roperty.—See Diamond Match Co. under “ Annual Reports”

on a preceding page.—V. 83, p. 494.

Commonwealth-Edison Electric Co., Chicago.— Descrip­
tion of Plant.— See illustrated article in “ Electrical World”

of New York for May 16 .—V. 86, p. 796.

Consolidated Gas Co. of New Y o rk .— Appeal in 80-Cent
Gas Case Set Down for Argument.—The United States Su­

preme Court on Monday, on application of former Judge
Alton B. Parker, set down for argument on Oct. 13 the appeal
of the city from the decision of Judge Hough in the 80-cent
gas case. Compare V. 86, p. 983, 670, 283; V. 85, p. 1579
— V. 86, p. 983, 796.
F
Detroit Steamship Co.— Bonds Offered.— Otis & Hough,
Cleveland, are offering at 98 and interest a block of the total
issue of $140,000 first mortgage 5% gold bonds of $1,000 each,
dated Dec. 2 1907 and due in ten equal annual installments
on Dec. 1 from 1909 to 1918, both inclusive. Interest pay­
able June 1 and Dec. 1 at the Detroit Trust Co., Detroit,
Mich., trustee.
,

The officers of the holding company are:
F . M. Sm ith. Oakland, Cal., President; D . W . Van Busklrk First VlcedeTnh1an iHI,ayr
,Artkur
? rockVice-President
citipnia,
F a ., C.nn«C’
R. /abrlsk le,
Secretary
and Treasurer
New York' Phllan itv
J ° 1111 u -v ,ln■ General Superintendent,
Traffic Manager, Los Angeles, Cal.

F . net ° ‘ a’ lncorae..................- ----------- --------------------------$10,755,823
e x p e n s e s -------- --------------- --------------------------------- ---------719,112

A

m o rtg a g e on s team er Chas. VV. K o t c h .r , le n g th . 440 fe e t, to n n a g e .

W alsh ’o f 1 D

e t ' m anager! ' di*ZC<* a t * 1

5

p

a

I

d

u »-

H.

Diamond Match Co.— Capital Requirements— Purchase of
Bryant & M a y ’s Interest in California Timber Property— New
Plants Proposed.—See official statement under “ Annual

Reports” on afpreceding page.—V. 86, p. 719, 1 1 1 .
^General Asphalt Co.—Report.—Results for the year end­
ing Jan. 31 were:
Fiscal
3? V

80

A’et
other
Total
Pref. D ir.
Balance
Profits.
income. Charges.
(2?:,).
Sur or Dot
51,693,890 $151,457 $822,391 $262,793 sur.$76t ),253
p *'7 9 7 * 2 8 8
887,856
1R".4 6 5
834,749
262,793 def. 29,222

Total
r .Kncome-

General Gas Securities Co.— Incorporated.—This com­
pany was incorporated under the laws of Maine on Mav 1 1
with $2,500,000 authorized capital stock. Officers at time
of organization, President, R . T. Partridge; Treasurer,
G. R . Bassett, Augusta, Me.
Indiana Harbor & East Chicago Electric Co.— Officers.__

Ihe C. H. Geist Co., a gas and electric syndicate of Chicago,
which recently purchased the electric light plant at East
Chicago and Indiana Harbor, Ind., formerly owned and
operated by the city of East Chicago, has organized the
Indiana Harbor A East Chicago Electric Co., with the fol
lowing officers: C. H. Geist. President; C. H. Weak, Vice-

THE CHRONICLE

1288

President; C. W . Fox, Secretary and Treasurer. See V
85, p. 1405.
Jersey City W ater Supply Co .— Decision Awarding Com­
pensation for Water Furnished.— Vice-Chancellor Stevens at
Newark on May 2 handed down a lengthy opinion in the
suit brought by the city on Aug. 1 1905 to compel specific
performance of the contract for construction of water works.

[V O L . L X X X V I.

discontinue thejoperatlonipf thejworksAwhlch have since remained closed.
The company defaulted on the Interest due N ov. I 1907 on its flrst mortgage

The Court holds that the company Is entitled to receive payment for the
water furnished and to be furnished at the contract rates, averaging about
534 per million gallons, until the city shall have completed the purchase of
the plant b y the payment of the amount awarded by the Court.
The contract price for the works Is $7,595,000, from which amount the
cltv Is allowed rebates amounting to, approximately, $175 ,00 0, for the esti­
mated expense of bringing the plant up to contract requirements, and the
Court also deducts the contract penalty of $500 per day for delay In com ­
pletion of the works from Dec. 25 1003 to May. 23 1904, when the water
was turned on, less six days, during which the company was retarded by
the Injunction proceedings brought by the city.

capital stocks of which are owned by the .Steel Com pany, *vive defaulted
In the payment of Interest, rentals and royalties due under ceitam of the r
respective mortgages and leases. The necessity of a prompt reoiganlzatlon is therefore apparent.
Properfles of Company and Subsidiaries and Alonthly Capacity. (Tons)
T ot.Cap. M thly. !
T<t.C a p . M thly.
W lie fc rod mill, s a y -- 6,500 wire
|6 coal mines - - - J
*
nri.
|3 brown ore m ln es.25,000 biown ore
Steel plant____________12,000 steel
4 fu rn aces__________ 22,000 pig Iron |5 red ore mines----------,9,000 red ore
1918 coke-ovens _____ 30,000 coke
!3 limestone quarries, ample for iurn s

Real Estate Owned and Controlled.

Plant sites______________ 2,090 acres 1Red ore lands and rights 21,142 acres
Coal lands and rights__ 43,613 acres 1Brown ore lands and rts.2 0 .o 8 0 acres
W ith further development work, the output of both the coal and ore mines
can be considerably increased, so that there will be surplus coal for sale.
A rule to show cause, obtained by the city, why the suit
Indebtedness of the Company and its Subsidiaries to be Provided for.
should not be re-opened was returnable on May 5. Com­ Southern .Steel Co. first mortgage 25-year 5s---------------- ---------------Collateral trust 5 % gold notes-----------------------------------------------------734 ,000
pare V . 81, p. 1103; V . 80, p. 1974.
Georgia Steel Co. first mortgage 5 % bonds-------------------------------------- 1 , 000.000
Second mortgage 5 % gold notes--------------------------------------------------370,000
Mexican Petroleum Co., L td. (of Delaware), Los Angeles.
450,000
L acey-Buek Iron Co. first mortgage gold 6 s ---------------------------------— Bond Issue.— The “ Los Angeles Times” of April 30 said:
Chattanooga Iron & Coal Co. Jlrst mortgage 6 s................................-•
600.000
A t a stockholders’ meeting yesterday afternoon It was decided to Issue
General creditors (estimated)----------------------------------- ---------------------- 2 , - 0 0 ,000
bonds of the Mexican Petroleum C o.. L td ., and Its sub-corporation, the
It being impossible to effect an exchange of the outstanding bonds oi
Huasteca, to the amount of $1,000,000, bearing Interest at 6 % and running
the subsidiary companies, It necomes necessary to provide for the payment
20 years. The Issue will be sold next week, but It Is very largely subscribed
of the interest, principal, sinking funds and royalties due thereon.
already, says President Doheny. The proceeds go for the Improvement of
Estimated Cash Requirements of Reorganization as of July 1 1908.
the Huasteca property.
. ,
. ^ _
. .
Georgia Steel Co.— Interest due April 1 1008 ($34,250) anel sink­
The Mexican Petroleum C o., L td ., Is paying dividends to the amount of
ing funds (estimated $130,000, being $40,000 for bonds anel
about $1,000,000 a year.
Its wells at Ebano hold up excellently, the big
$90,000 for notes)-------------------------------------------------- -— - $164,250
gusher In particular pouring out Its product for four years, and is now giving
■
1,600 barrels a day. Asphalt made from Its oil Is being exported In large Lacey-Buek Iron Co.— Interest due July 1 1908 ($27,000) anel
quantities to England, Germany, Prance, Denmark and Austria,
(h e com ­
estimated sinking fund ($25,000) -------------------------------- ----------52,000
Chattanooga Iron & Coal Co.— Interest due July 1 1908 ($30,000)
pany Is delivering over the minimum of 6,000 barrels for fuel to the Mexican
and sinking fund (est. $ 1 0 ,0 0 0 )-------- -----------------------------------------l i S ’SSn
Central, and more for road sprinkling.
Indebtedness of subsidiary companies (estlmateel)- - - - - - - - - - - luo.ooo
President Edward I;. Doheny, to whom the foregoing was Secured loans and prior liens ($550,000) anel taxes ($ 5 0 ,0 0 0 ).
bOO.OOO
Repairs and Improvement of properties (estim ated)---------------------- J .000,000
submitted, reports:
,
Working capital______________________________________________________ 1 >750,000
Capital stock authorized, $38,000 ,000 common and $12,000 ,000 8 % nonTrustees’ fees, reorganization expenses, & c., any bal. to new co.
cumulatlve preferred stock: Issued, $ 2 6 , 000,000 common and * 1 0 , 000,000
preferred.
Par of all shares, $100.
Authorized bond Issue, sinking fund
p o t a l ____________ __________________________________________________ $4,000,000
debentures,” $ 1,000,000, dated April 1 1908 a m lilu e 19 2 8 , but subject to
Estimated materials and goods on hand, accounts receivable, & c _ __7 5 0 ,000
call In 1914 at 106: denominations $1,000 and $
1
0
0
, J?er K ™ :
payable O ct. 1 and April 1 at Southern Trust C o., Los Angeles. Sinking
Balance to be provided through reorganization-------------------------- $3 ,250,000
fund, 5 % per annum. There are no prior liens outstanding. The com ­
To provide for the aforesaid cash requirements or other requirements
pany owns and controls about 700,000 acres, having: acquired_ practically
of the new company, the reorganization committee will have at its disposal
the entire ranltal stock of the old Mexican Petroleum C o., Huasteca Pcapproximately) $688,000 bonds, $4,976,600 preferred stock and $6,70u,uuu
troleum C o., the Tamlahua Petroleum Co. and the Tuxpan Petroleum C o.
:ommon stock of H e new company.
,
,
, .
— V . 84, p. 1432, 629.
It Is prouv,s-o io <n.’envoi to raise $2,500,000 of the cash requirements
New York Independent Telephone Co.— Franchise.— See by giving the deposit, ng s W c hi lders of the Southern Steel Co. the privilege
purchasing a portion oi t h . new securities through subscribing $10 per
United States Independent Telephone Co. below.— V . 85, of
share on account of each share of the stock of the Southern Steel c o . ownta
by them , receiving on account of such subscriptions new preferrea stocit
p. 108.
to the amount of 150% and new common stock to the amount oi - o u / 0
Pacific Lighting Corporation.— Listed in San Francisco — for the amounts so subscribed by them .
Securities to Be Authorized by New Company.
Balance Sheet, &c.— The San Francisco Stock and Bond E x ­
(D $10,000,000 First and Refunding Mortgage 20- Year Cold Bonds.
change has listed this company's 41,620 shares of preferred
Denomination $1,000. Subject to call at company’s option on anj m ic i­
stock, $100 paid, and 48,000 shares of common, $20 paid.
est date after 60 days’ notice at 105 and Interest.
Interest rate, 4 /o per
annum for 5 years and 5 % thereafter until maturity.
Issue to be seemed
The Pacific Lighting Corporation was organized lM t year W
j o o o OO
by a llrst mortgage on all the properties, rights and privileges now owned
to succeed the Pacific Lighting Co. Auth d capital $ 2 0 ,000,000 In 200,000
by the Southern Steel Co. and a mortgage on such of the properties oi tne.
shares of a par value of $100 each; l W ° . share3„ f° ‘ % Sr.b„e L d 40 000
stock and 100,000 shares common; 4 0 , ° 0 0 s h a r e s o f prefeired and 40,000
subsidiary companies as shall be acquired by the new com pany, ana a
pledge of the capital stock of such of said subsidiary companies whose p iopshares of common were Issued In exchange foi the 40,000 shares or tne oiu
erty shall not be so acquired, subject only to the outstanding bonded (lent
corporation, being one share of preferred and one share common for each
share of old stock. Stockholders were a ls o showed to subscribe f.fr att
of said subsidiary companies, for the payment of which bonds of the new
dltlonal shares of preferred stock at $60 and common at $10. On t
Issue shall be reserved. Issue, $ 1 0,000 ,090 , applicable as follows:
»nvmo i ki ^ qnArpq of nrefpircd rind K,o00 sliflrcs common were soicl.
Reserved for underlying liens (after redemption through sinklng f u n d s ) ----------------------------------------------------------------------------------------$ 2 ,<-55,000
preferred stock is limited to cumulative d
!
o
f
5 0 per
Exchange for Southern Steel 5s and coll, trust notes at par---------- 3 ,7 3 4 ,uuu
annum and has preference as to assets In case of lh lulf!'U w ,j
PresidentThe officers and directors are as follows: C. O . G • ^ 'Ile r ’ p w Van
Accrued Interest on outstanding bonds and coll, trust notes to
Geo. H . Collins, Vice-President: Chas. H o 1btook, A . Schilling, 1 . W , van
date of new bonds, estimated to July 1 ------------------------ ---------------- . “ “ “ ’/.A,,
Slcklen and C. O. G. Miller. The Secretary.ls H . H v Miller.
General creditors (estimated)______________________________________
1 ’i 2 2 ’ oan
Reorganization expenses and general purposes of new com p an y-­
Reserved for extensions, betterments and Improvements, to be
Issued only to the par or principal amount of 7 5 % of the actual
cost of such extensions,
_______________________________________ 2 ,ooo,uuu
ConsV<Gas Co and Eureka Lighting 5 o ., and owes $480,000 In time loans.
(2)
$7,000,000 Nan-Cumulative 6 % Preferred Stock ( Par of Shares $ 10 0 ).
Entitled In preference and priority over the common stock to n<iu-cumulatlvc dividends In each and every year at such rate up to but not exceed­
ing 6 % per annum, payable out oi the net profits of the ne\\ company, as
shall be determined and declared by the board of directors, such di vidends
to be non-cumulatlve, limited to 6 % per annum, and said D^cferieclI s;ock
1 The President’s report for the year 1007 shows the following balance
to be entitled to no other or further share of.^he prolits.
Ill e v ^ t of t
sheet:
dissolution of the new company and the distribution of
'fu'n^o the
stockholders, the preferred stock shall be entitled to
The Preferred
4 0 d)0 0 *shares L. A . Gas & Electric C o ------ ---------------------------------- $ 4 ,4 , 4 ’ n3 i
par value thereof before the common stock shall participate. Jlie prt
- - - Pasadena Cons.
74,931
9 ,980 shares out of- 9,985
Lons. Gas C
c o----------------------o —
------------and common stock shall have equal voting rights, except as m ay be
"
...................
~ o----------36,240
Balance due on sale of 1,510 shares Eureka
Lighting C
qulred by law.
Issue, $ 7,000,000, applicable as foHows.
« 373 400
698,250
735 bonds L . A . Gas & Electric at 9 5 -------------------- --------- -----------To the holders of llrst mortgage bonds and coll, tiust notes (10% ) 9
,
213,750
225 bonds Eureka Lighting Co. at oo -----------------------------------------‘
‘
To general creditors (75 ‘ of their claim s).
24.000
Accrued Interest on above bonds-------------------------------------------------S
m S S S K i m S o m M bV w S l l o f i l c n .- .
On account of cash
500
Coupons cashed------------ ------------------v - - p : --------------------------------------For general purposes
17.000
Am ount due from Pasadena Con. Gas C o-------------------------------------„
(3) $
C a s h __________________________________________________________________
26,453

a

t r

T o t a l _______________________________________

4 1^

? y; “ -

$5,525,079

0 <sharerpreferred and 48,000 shares common stock----------- $3,897,400

Pro lit and loss-------------------------- --------------------------------------------- ----------Dividend accrued on preferred------------------------------------------------Bills payable-----------------------------------------------------------------------------------Due Eureka Lighting C o . - . -------Due Los Angeles Gas & Electric-------------------------------------------------Uncollected dividends------------------------------------------------------------------------

o34,683
5 ’Ii2s
350,000
367
000
2 l 4 ,V»7
00‘

T o t..i
____________ ______ ___________ $5,525,079
[Los Angeles' Gas & 'Electric Co. Is S lid to have earned during the year
1907 a profit of $518,224. which Is equivalent to almost 6 % on an Invest­
ment of $8,740,512; gns sold 2 ,Oo 1,715,900 cubic feet.— h d .] — V . 8 4 .
p. 1311; V . 85, p. 806; V . 86. p. 984.

Sloss-Sheffield Steel & Iron C o.— Quarterly Dividend on
Common Stock Reduced from 1M t e l % . — The directors on
May 19 declared a quarterly dividend of 1 % on the $10,­
000,000 common stock, payable June 2 on stock of record
May 25. This corresponds to a reduction in the annual
rate from 5 % maintained ever since distributions \v~"~
begun in 1905, to 4 % . — V. 86, p. 859, 665.i
Southern Steel C o . - - Flan of Reorganization Dated M ay 15
1908.— Announcement is made by advertisement on another
page of the terms of a plan of reorganization which is sub
mitted by the following committee:
James T . W oodward, Cnairman, Otto T . Hannard, Robert T3. \ an
Cortlandt, W alter T . Rosen, Franklin Q . Brow n, W . P. G . Harding,
Cornelius Vanderbilt. Counsel. Ilornblower. MUlei & Potter.
Secretary, D. G. Boissevaln, 30 Pine Street, New \ork City.

A pamphlet containing the plan says in substance:
Receivers In bankruptcy proceedings were appointed O ct. 24 1907 and
trustees In bankruptcy Feb. 3 1908. The receivers found It necessary to




To K
preferred stockholders of Southern Steel
Co. to amount
_____________
______ oi 2,500,000
T o common stockholders' of So'u'th'ernSte'e'l Co. to amount of 5%
750.000
of old stock-------- ----------------------- --------- ------------------------------------------500.000
For general purposes_________________________ ______ _______ ______ __

Terms of Exchange.
Holders of Southern Steel Co.

_ WiU Receive_______

& Ref
Bonds.
1st mtge. bonds, for each $1,000 of principal. . $ 1 ,000
For overdue and unpaid Interest------------------For adjustment of Interest---------------------- -- - - ,
—
Coll, trust notes, for each $1,000 of principal. -$ l ,oou
For overdue and unpaid Interest____________
o-i.io
For adjustment of Interest-------------------------- ----------General creditors, for each $1,000 In proved
$500
c la im s .......... ....................... ................................... ..
Preferred stock, per share of $100--------------------Additional on payment of $10 per share-----Common stock, per share of $10 0 _______________
Additional on payment of $10 per snare. - -

Prcf'd
Stock.

Common
Stock

$100

$750
'$ 1 5

$25
$25
$5
$25

Estimated Results of Operation of New Com pany under the Reorganization.
The reports received by the committee give an estimate for
average•
net earnings of the combined properties of $1..-00,000 l,er,
which the security holders and creditors are referred to the letter from t •
trustees In bankruptcy .
. . „.... n,w»
Estimated average annual net earnings from operations---------------- $ 1 ,2un,
Deduct— Interest on funded debt:
_ .
,, n
$960 000 Ga. St. Co. 5 % h d s.$ 18,000 i$590,000 Chatt. Ir. & Coal 6s $35.4C0
280 000 Ga. St. Co. 5 % 2dM.
*$5,745,000 bonds of n e w 800
company at 4 % •-............... . . ‘•zu.ouv
mtge. no tes_____ __________ 14,0001
425,000 Lacey-Buek 6s------ 2 5 ,5 0 0 :
*3 52 700
Total Interest on funded d e b t-------------- --------- --------------------------------- *420 000
Dividends oil the $7,000,000 6 % preferred stock------ ----------- ----------- ---------------

Balance, surplus, being equal to 1.27% on new common stock--$U 7;3P,I)
* \ftcr 5 years the Interest on the new bonds will be ndvancea t
/<>•
Th’s estimate takes no account jof£carnlngsitolbojderlved from tne .
of coal In the open market.

May 23 1908.]

THE CHRONICLE

The board of directors of the new company will be named by the reor­
ganization committee, and In order to insure a continuation of their man­
agement for a reasonable time It Is proposed to classify the boaid so that
not more than one-fourth of the niembers shall be elected In each ' ’ear
A man accompanies the plan of reorganlzatlon. showing the location of
tbe various propertes and plants of the company and their close relation­
ship for economical operation.
Deposits under the plan must be made on or before June 15 1908 (1)
first mortgage bonds, collateral trust notes and certificates of stock- with
the New York Trust C o., 20 I)road Street, New York C it y (2) promissory
notes or other obligations of the Steel Co. with the First National Hank
Illrmlngham, A la ., or the New York Trust C o.. New York City - V 86
p. 4 85, 424.

United States Smelting, Refining & Mining Co.— Report.__
For calendar year:
’
Calendar Total net I n t .,D e p ., IHrs. on
Year—
Income. Reserve,Ac. R rrf.(7",',)

Dividend on
Common Stock

Balance
Sur or Def

T .f f iiS !
The undistributed surnlus as per balance sheet Dee 31 m oo was Si non 573; deducting reserve to write down book value of metals unsold at end
n ec.«5i
^ t bT
?- 3
2and deficit
IInP > tfrom
f SS and
In olu stocks
jj<
u<, *57.J.J,<soo,
operations
of 11)07to
ns market
nhnvp «values
7 nn qi aat

lccives undistributed surplus as per balance sheet Dec. 3 1 19 0 7 of $ 557,00 3

New Direetors. A t the annual meeting on Thursday,
Frank G. Webster, B. Preston Clark, Robert J. Edwards and
otepnen L. Bartlett were added to the board, also two other
men whose names arc not announced,and who are probably
to be replaced later.— V. 86, p. 55.
United States Steel Corporation.— Prices Stand— Meetings
of Manufacturers Discontinued for Summer.— After the ad­
journment of the meeting of leading steel manufacturers
from fill sections of the country, held in the offices of the
United States Steel Corporation on Thursday, Judge E . H .
Gary, who presided, gave out the following:

1289
£ x m
r

COMMERCIAL

x z .

EPITOME.

Friday Night, M a y 22 1908.
A more confident feeling is noticeable in trade, despite un­
favorable weather. No very marked improvement has occurrea, but the outlook generally is considered more hope­
ful than in the recent past.
LA
° n tbe sPot bas beon firmer, though without
marked change in prices. The demand has continued slow
S I l 'L ref eiptu of live hogs at Chicago have been small and
nnH rsfv irwQ°i/UCtST! aY° been Jigh t- Western 8 .4 5 @ 8 .5 5 c .
and City 8 @ 83^ 0 . Refined lard has been firmer for Conti­
nent and steady for other grades. Trade has been quiet and
confined to local jobbers. Refined Continent 9c ., South
American 9.60c. and Brazil in kegs 10.85c. The specula­
tion m lard futures at the W est has been moderately active,
l ices have been firm as a rule, influenced by sm alf receipts
of ive hogs, firm prices at the stock yards and light offerings.
houses18
times, through various commission
D AITA

C LO SING P R IC E S O F L A R D F U T U R E S IN C H I C A G O .

May delivery. -------------- * '* 7 %
July delivery----------------- 8.40
September d e liv ery ------8.57 i*

8.42J3

8.00

* .5 ™ '

sX t'

8 .5 7 14 8 5 7 k
8 . 7 2 vt 8 67 k

8^“

'

s^o'
v i s ,.

8 -5 2

P O R K on the spot has ruled firm. There has been a small
jobbing trade. Dulness has been offset by light offerings
and the firmness of other hog products and the small movebvf stock. Mess $14 5 0 @ $ 1 5 25, clear $16 5 0 ®
,:r « t J n ! uiecUiig to-day of representatives of the principal manufacturers
$1/ -5 and family $ 1 7 @ $ 1 8 .
Beef has been firm. Trade
th» nrt™. tnis country,the opinion was expressed by each one present that
has
been
quiet,
but sales would be larger exept for the small­
stc<; 1 ;lrc reasonable andshould not be reduced; that reduced
ness of stocks. Mess $ 1 3 @ $ 1 3 50, packet $ 1 4 ® $ 1 5 , flank
. not
crnn0t '.ncyease purchases; and that most of their customers
L f,1?8Lre any changes. The opinion was unanimous that
$ 1 3 @ $ 1 3 50, family $1 6 @ $ 1 6 75 and extra India mess $ 2 3 @
•
i
be, discontinued for the summer months unless the
$24 50. Cut meats have ruled firm. There has been a good
d ^ n o 'r 'n U ha
p
j ; ' 8 * 6 ^ 0 9 6 ? o ™ !? at any t,nw for « " « « « . which
inquiry during the week, and sales would have been larger
Welsbach Company, Philadelphia. — Neiv Director.— Mor­ but for the smallness of supplies, the demand at times being
ris L. Clothier has been elected a director, to succeed W . W . larger than the production; pickled hams, : Western, 1 0 @
I 0 y 8c. pickled bellies, 1 4 @ 1 0 lbs., 9 @ 9 3 7 c . Tallow has
Gibbs, who resigned.— Y. 85, p. 669.
been quiet but firm on small supplies; City 5 ^ @ 5 % c .
W altham Watch Co — Balance Sheet.— See “ Annual Re­ Stearines have been quiet and steady; oleo 11c. and lard 10@
ports” on a preceding page.
r ^ ^ or bas been fluief and firmer; creamery extras
Dividend on Common Stock Reduced.— The semi-annual 23 H c . Cheese has been quiet and steady; State, f. c., small,
colored, fancy 1434c.; white 14 % c . Eggs have been quiet
dividend declared May 15 on the common stock ($7,000 000)
payable July 1, was only % of 1 % , as against 13^ % previous­ and steady; Western firsts 17@ 173^c.
G IL .— Cottonseed has been active and higher; prime sum­
ly paid each six months since the re-incorporation in 1907.
mer yellow 48 @ 4 9 c .; winter 4 9 @ 5 0 c .
Linseed has been
The “ Boston News Bureau” says:
firm, with trade fairly active, the demand being limited to
The action of the directors lit reducing the common stock dividend was
due to a 40 /0 reduction In sales In the past six months.
Up to last N ovem ­
small lots. Crushers show little disposition to book orders
ber the sales of the company were showing a large Increase, but since tin
aheaxl. City, raw, American seed, 4 4 @ 4 5 c .; boiled 4 5 @
,
v
f
3 dePresslon there has been a steady accumulation
46c., Calcutta, raw, i0c. Lard has been quiet and firm“
'y*utchcs' .wh|ch has tied up a considerable amount of
prime 6 7 @ 7 0 c . and No. 1 extra 5 3 @ 5 5 c .
Cocoanut has
schedule with full K s . - v L s
^ 5 2 ™ ^ rUn 0n a Ave-day-a-wcek
been firm, with a fair demand for small lots for immediate
use. Cochin 7 ^ @ 7 3 4 c . and Ceylon 6 A @ 6 y 2c. Olive has
Harnessing the Clouds” is the title of a well-prepared been quiet and steady; yellow 6 5 @ 7 5 c ., green nominal.
booklet covering the development of water power by the Peanut has been quiet and steady; yellow 6 5 @ 8 0 c . Cod
Commonwealth Power Co. for the distribution of high-tension har'^nerT^loderatcly activc and steady; domestic 4 2 @ 4 3 c .
COb FE E on the spot has been quiet and easier. Rio No. 7
electric current over their large territory in southern MichiWest India growths have been quiet and steady; fair
San for municipal and commercial purposes, lighting, trans­ 634c.
portation and manufacturing, in connection with which to good Cucuta 9 @ 1 0 c . th e speculation in future contracts
huge concrete dams have been built across the Grand and has been on a small scale with narrow fluctuations. Early in
Kalamazoo rivers. Copies will be mailed on application to the week the tendency of prices was upward, owing to buying
VVm Hughes Clarke, dealer in investment securities and bank by prominent dealers and Wall Street interests.' Of late,
however, weakness in the European markets, reports that
stocks, 415 Ford Building, Detroit Mich.
valorization coffee was to be offered for sale and liquidation
— Beginning with the issue of June 5, the “ Railroad have imparted an easier tone to the market.
Gazette and
I he Railway Age” will be issued as a single
The closing prices were as follows:
combined periodical under the name “ Railroad Age Gazette.” M a y ---------------------0.10c. |September________ C.05c. (January
« roe
0 00c.
The general offices of the consolidated paper wifi be in New P 'P e .................... - - 6.05c. O ctob er--------------- 6.01c. i February. .
.)u i> -------------------- 0.10c. November _______ O.COc.l March
0 05c
York, but it will have an editorial and business force in the A
u g u s t.---------------6.05c. i D ecem ber________ 6.00c. jApril . . .
_______ 0.05c!
Chicago office of the same calibre, size and importance as
SU G AR . Raw has been dull and easier. Centrifugal
that at the office of publication, and it will also have a
96-degrees test, 4.24c., muscovado, 89-degrees test, 3.7 4c.,
branch office at Pittsburgh.
and molasses, 89 degrees test, 3.49c. Refined has been quiet
— Jose, Parker & Co., 78 Devonshire Street, Boston call and steady. Granulated 5.40c. Teas have ruled firm, with
attention to the fact that the new issue of New York ’New a better demand from distributers. Spices have been quiet
Wool has
Haven & Hartford (Harlem & Port Chester) 4s are selling and steady. Hops have been dull and steady.
to-day at 99 and interest, to net only 4 .0 5 % , while the New been more active and firm.
1 E 1 R O L E U M . Refined has been in good demand and
lo rk New Haven & Hartford debenture 4s, due 1956 (legal
firm. Freight room has been engaged for 180,000 cases
to1' iief84 45<^ettS savings banks) are sclIinS at 91 and interest
for export to Java. Refined barrels 8.75c., bulk 5c. and
cases 10.90c. Gasoline has been moderately active and firm— Samuel K . Phillips and Edgar H . Scnsenich have formed 86 degrees in 100-gallon drums 20c., drums $8 50 extra!
a Pa,dnerf hlP l' nderT the name of Phillips, Sensenich & Co., Naphtha has beon in fair demand and firm; 7 3 @ 7 0 degrees in
4 "1 Chestnut St., Philadelphia, to continue the bond and 100-gallon drums 17c., drums $8 50 extra. Spirits of tur­
commercial paper business heretofore conducted by Samuel pentine has been quiet and easier at 45 @ 4 53 ^ c . Rosin has
k . 1 hilling. Mr. Sensenich was connected with the Mer­
been dull and easier; common to good strained $3 10.
chants’ National Bank of Philadelphia for nine years.
TO B AC C O .— There has been a somewhat better inquiry
— Effingham Lawrence & Co., members New York Stock for domestic leaf, though the sales during the week have as
Exchange and Chicago Board of Trade, have removed from a rule been limited to small lots to fill immediate needs. A
1 Nassau Street, corner Wall Street, to new offices in the more cheerful feeling, however, has prevailed of late, partly
Trinity Building at 111 Broadway. Effingham, Lawrence because'of reported improvement in other branches of trade.
Ha­
and Robert H . Simpson are members of this firm, which has A larger business also has been reported in Sumatra.
private wires to the principal cities.
vana has been quiet. Prices have as a rule been steady.
COPPER has been quiet and steady; lake 1 2 % @ 1 2 Z 4 c .;
— Messrs. W in. A . Read & Co., Bankers, New Yrork are
electrolytic \ 2 % @ l 2 A c .
Load has been quiet and easy at
offering in another column a choice list of municipal’ and
4 .2 2 3 ^ @ 4 .2 7 J^c. Spelter has been quiet and steady at
railroad bonds which are legal investments for savings
4 .5 0 @ 4 .60c. Tin has been dull and easy; Straits 293^c.
banks and trust funds in New York State; several of the
Iron has been easier and more active. ‘ No. 1 Northern
issues arc exempt from taxation.
$16 5 0 @ $ 1 7 and No. 2 Southern $15 7 5 © $ 1 6 25.




[V O L . L X X X V I .

THE CHRONICLE

1290

On Shipboard, Not Cleared for
C

O

T

T

O

N

Friday Night, M a y 22 1908.
T H E M O V E M E N T OF T H E CROP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
53 008 bales, against 50,379 bales last week and 59,120
bales the previous week, making the total receipts since
the 1st of September 1907, 7,708,277 bales, against 9,434,142
bales for the same period of_ 1900-07, showing a decrease
since Sept. 1 190/ of 1,005,805 bales.
Receipts at—

Sat.

M on .

Tues.

Wed.

Thurs.

Great
Britain. France

M a y 22 atNew Orleans..
G a lv e sto n ___
Savannah —
Charleston----M o b ile _______
Norfolk ______
New York _ - .
Other p o r ts ..

4,070
12,185
460

5,255
7,151

626

2,800

Total 1908.
Total 1907.
Total 1006.

18,941
29,364
34,916

4,291
4,82b

2,400
600

10,717
16,847
44,001

19,551
21,724
20,628

Total.

Leaving
stock.

24 ,974
34,511
1,624
500
3,676
13,502
3,700
2,500

01,219
23,554
45,461
12,212
5,604
5,371
80,600
25,319

20,572 84,987
19,840 95,552
24,419 150,879

292,370
401,607
375,193

478
5,842

10,881
4,507
1,164

800
800

500
1,100
15,206
7,977
26,915

CoastOther
Foreign wise.

Ger-

___

500
250
13,502

___
—

F ri.

Speculation in cotton for future delivery has been ess
active, but the week has been characterized by not a httie
1,318 15,819
irregularity, the swing of prices at times being violent,
4,102
1,956
4,852
1,991
2,327
196
72
127
1,287
171
first a further rise occurred under the stimulus of continuec
'4 8
strength and activity in Liverpool, unfavorable private crop
48
8019
2343
762
1,229
,136
1,226
1,323
reports from the Southwest, where heavy rains were reported
to have caused considerable damage in some localities, him
" 628
123
" 61
‘ l27
56
'20C
“ 55
20
20
spot markets at the South and aggressive buying by promin­
4,735
1,328
344
952
658
594
839
ent Wall Street people and large spot interests. Increasing
4,235
746
622
721
921
556
069
strength of the statistical position was also a factor in the
99
rise. But the weather news, as officially reported, has been
lit
9
919
919
in the main favorable, and leading Wall Street and local
50
interests sold heavily on the rise, causing a sharp break.
Room traders hammered aggressively and uncovered stop­
7.251
7,797
9,304 53,068
6,283 13,071
9,362
T o t. this week
loss orders, the execution of which accelerated the decline.
The following shows the week s total receipts, the total Liverpool,too, became surprisingly weak,and the spot sales
since Sept. 1 1907, and the stocks to-night, compared with there fell off. Heavy selling orders were received from the
English market. New Orleans sent large selling orders.
Wall Street interests were credited with having taken a
Stock.
1906-07.
1907-08.
bearish position on the market. There were rumors of
Receipts to
private settlements of shorts and the premium on July over
This Since Sep This Since Sep
M a y 22.
1907.
1008.
t 1906.
week.
1 1907.
week.
October was materially reduced. A large Chicago house
87,433
announced a cut in dry goods prices. On Thursday, how­
58,065
19.678 3,797,298
Galveston________ i 16,055 2,344,040
_____
_
_______
132,823
108,500
_____
ever, came a sharp rebound.
Well-known Wall Street in­
Pott A rth ur— . _______
7t .016
261
37,825
______
Corp. Chrlstl, & c.
111,347
terests, it was reported, covered their shorts and again took
119,193
2,213,770
New O r le a n s .-..) 15,819 1,862,8 59 10,855
10,989
9,280
249,805
1,155
313,617
the long side. Apparently they are merely scalping the
2,327
Mobile -------------- 4
139,598
154 ,835
_____
.............
.............
Pensacola----------- l
market, only on a large scale. Prominent spot interests,
7,520
8,294
48
Jacksonville, 4 cj
45,284
47,085
too, bought freely, and local and Southern shorts covered.
8,019 1,448,754 10,306 l ,433,223
-Savannah. --------.
913
657
170.389
1 ,265
197,656
_____
Brunswick . - Commission houses were good buyers of the new crop
8,497
12,712
146,162
359
1 93,396
028
C harleston---------- 1,145
months. There was a fear of bad weather and the spot
498
20
Georgetown —
10,444
10,757
320,674
1,160
481,560
4,735
Wilmington ------markets at the South showed noteworthy firmness, wRli
19,239
18,873
553,822
5,933
510,762
4,235
Norfolk..... .. .........
______
309
38,669
reports of a good inquiry and the offerings light. Another
328
6,569
_____
N ’ port News, Ac
178,791
84,300
21,788
171
3,658
99
factor which had not a little influence was the report from
New Y o r k .. —
10,132
6,501
70,553
92
12,699
111
Boston ...................
11,015
Fall River that the operatives had voted to accept a reduc­
7,874
57.513
73,563
919
Baltimore ------------2,736
2,030
7,974
104
9,192
tion in wages and that the mills would resume full time as
50
Philadelphia------soon as possible. Reports from the local dry goods market
497,159
377,357
9,434,142
T otal.................... 53,068 7,768,277 51 ,882
were favorable. New England spinners on the declines are
buying from the local stock. They are said to have taken
Sept. 1.
considerable of the low grades during the week and the
In order that comparison m ay be made with other years, supply of certificated cotton is steadily diminishing, a tact
we give below the totals at leading ports foi six seasons.
which tends to restrain short selling. To-day prices ad­
vanced at first. The Liverpool advices were surprisingly
1903.
1905.
1906.
1907.
1908.
Receipts atstrong. Large spot interests bought July and October, Wall
34 .246
5,547
13,904
19,678
16.055
Galveston —
Street bought and shorts covered. Liverpool and New
10,264
1,876
261
P ’ t Arthur Ac.
>,947
25,969
Orleans sent buying orders. Later on came a decline under
17,468
10,855
15,819
New Orleans4,311
197
4,414
1,155
2,327
heavy liquidation attributed largely to prominent Wall
Mobile _______
1,520
19,876
20,004
10,306
8,019
Savannah —
Street interests. Room traders hammered and commission
2,982
1,847
1,265
Brunswick—
1,788
’
"
50
1,676
359
648
houses sold. The weather was favorable in the main. July
Charleston, Ac
5,846
55
7,011
1,160
4,735
W ilm ington..
was relatively strong throughout the day, closing 6 0 points
2,095
16,134
8,601
5,933
4,235
N o r f o lk ____
238
987
427
328
over October. Spot cotton has been quiet.
Middling
N ’ port N .. Ac
1,954
4,062
1,702
582
f,2
3
0
All others___
uplands closed at 11.10c., showing an advance for the week,
21,903
126,587
78,802
51,882
53,068
of 10 points.
T o ta l this wk

G a lv esto n --------Port A rth ur----Corp. Chrlstl, &c
New Orleans—
Mobile ------------P en saco la----------Jacksonville, &c.
Savannah —
Brunswick
Charleston . .
G eorgetow n ------W ilm in g to n ------N o r fo lk ............. ..
N ’ port News, &c
New Y o rk---------Boston — ...........
B altim ore----------Philadelphia------

4,280

,667

4,029

1,963

1,833

2,274

8,955,495 6,974,221
Since Sept. 1 . 7,768,277 9,434,142 7,349.210

The exports for the week ending this evening reach a total
of 77,632 bales, of which 23,408 were to Great Britain,
6 205 to France and 48,019 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1907.
Week ending May 22 1908.
Exported to—

From. Sept. 1 1907 to May 22 1908.
Exported to—

Exports
from—

Conti­
Greal
Conti­
Great
nent.
Total.
iritaln. Fr’nce nent. Total. Britain, jFrance.
26,950 26,950 884,6721323,341 879.987 2,088,000
Galveston
60,476 108,500
48,024 - -----_____
—
Port Arthur__
2.895
2,895
Corp.Chrlstl.Ac
12,6o3 31,067 816.189227,999 654,980 1,699,108
New Orleans-- 19,064
238,405
1 1 0 ,0 6 2
60,934
07,409
5,643
5,643
Mobile
-----0 7 ,4 4 4
159,787
43,729 48,014
-------Pensacola------ _____
—
Fernandlna - ­
861 918
608,293
89.821
163,S04
5,830
4,806
1,024
Savannah -----174 ,915
87,707 _____
Brunswick____
44 158
34,050
10,408
—
Charleston-----.........
.........
313,007 464 ,344
28,520
122,757
Wilmington__
34 ,094
6,709
27,385 _____ 1
Ill
Ill
Norfolk--------1 ,636
1,636
Newport News
544
,090
275,201
32,2GCj
236,563
3.218
562 2,899 6.679
New York - ­
11,570 144 ,819
1,352 133.249
1,250
102
B o sto n -----63,192 109 ,011
41,770 V,049!
Baltimore - ­
54 202
14,072
40,130
Philadelphia - 1
1
Portland, Me48 .622
48,622
_____
____
:
:
:
:
San Francisco
70 ,472
70,172
Seattle -------30,708
30 708
Tacom a--------1 050
1,050
:::::
Portland, Ore,
Pembina — - ­ I - - 2.111
2
,
1
1
1
Detroit-- ijo,88;
8 3 ,2 6 0
815,544 3 ,3 4 0 , 17SjO,8
T o ta l........... 23,40.8 6,205 48,016 77,632 2,727,544

87,208

Total 1906-07.

25,163 7,706

23,660! 56,526 (3 ,618.5371887,692 3,495,1468,001,375

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared at the ports named. W e ja d d similar figures for
New York.




The rates on and off middling, as established Sept. H 1907
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
F a ir ........................ c.1.75 on
Strict mid. fair--------1-50 on
Middling fair............. 1.25 on
Strict good mid------- 0.75 on
Good middling------- 0.50 on
Strict middling------- 0.25 on

Middling..................
Basis Good mid. tinged.. Even
mid .tinged c.0.20 off
Strict low inld___c.0.30 off Strict
M iddling tinged - -0.30 oil
Low middling_____ 1.00 off
Strict good ord____1.50 oft Strict low mid. ting.1.00 off
mid. tinged---1.50 off
Good ordinary--------2.00 off Low
Middling stained..-1.25 off
Strict g'd mid. tgd.0.35 on

The official quotation for middling upland cotton in the
New York market each day for the past week has been.
M a y 16 to M a y 22—
Sat.
Middling upland - - _____ _______ 11.00

M on.
11.00

Tu es.T W e d .
10.0o
10.90

Iluirs. I ri
11.00
n .i u

N E W Y O R K Q U O TA TIO N S F O R 32 Y E A R S .
The quotations for middling upland at New York on
May 22 for each of the past 32 years have been as follows:
11.10 11900-C ___
1908-C12.2511 899_____
1 9 0 7 -- ­
■
-*
11.90 11898_____
1 9 0 6 -- ­
8 .45 11897_____
1 9 0 5 -- ­ "
13.1511 896_____
1 9 0 4 --­
12.05
11895-------1 9 0 3 -- ­
1 9 0 2 .- ­ “ ■ 9 .5 0 1 1 8 9 4 _____
8 .12118 93-----1 0 0 1 -- -

MARKET

7.38 [1 8 8 4 -C -.
. 8.04 11883 ____
,1 2 .3 8 I 1882____
- .1 1 .1 2 (1 8 8 1 ____
10.00 11880____
. _11.00| 1879------9.25 11878 ____
11.00 |1877-------

AN D SA LES A T N E W

Spot Market
Closed.
S a tu rd a y .M onday—
Tuesday - Wednesday
Thursday Friday-------

9 .6 2 |1892 .C -.
6.25 11891-----6.44 11890-----7.75 U 8 8 9 ____
8.12 11888-----7.31 11887-----7.19 ! 1886____
7.75 i 1885------

Q u i e t ---------------------Quiet 10 pts dec-----Steady 10 pts adv - .
Steady 10 pts adv . .

Futures
Market
Closed.
Very steady Steady----------Barely steady
Barely steady
F i r m ------------Steady----------

11.56
_ . l 1.00
- .1 2 .1 2
. .10.7 5
. .11.81
-1 3 .3 8
.1 1.06
_ . 10.88

YORK.

Sales of Spot and Contract.
Export
—

1,600

3,000

1,017
425

200
300

'lOO
1,817
725

3,542

2,100

5,642

1,400

" Ido

May 23 1908, j

T H E CHRONICLE

F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:
M ay—
R ange
C losing
Ju n e—
R ange
C losing
J u ly —
R ange
C losing
A u g u st—
R ange
C losing
S e p t .—
R a n ge
C losing
O ct .—
R ange
Closing
.Vo v .—
R a n ge
C losing

R ange
C losin g

D e c .—

R ange
C losing

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ft O'

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toS
p-

T o ta l G reat Britain s t o c k ______
S to c k at H a m b u r g ________________
S to c k a t B r e m e n _________
S to c k at A n tw e r p _______ __ ______
Stock a t H a v r e _____ ____________
S to c k a t M arseilles________________
S to ck a t B a rcelon a _____ ____
S to c k at G e n o a _________________ _
S to ck a t T r i e s t e ___________________

8 38 .000 1 ,3 31,000 1 ,0 2 5 ,0 0 0
20,000
S>,000
13,000
4 22 .000
301 ,000
240 ,000
198 ,000
4,000
4 6 .0 0 0
17.000
21.000

277 ,000
3 .000
10,000
71 ,000
21,000

146,000
4.000
10,000
4 0,000
8.000

8 88 ,000
11,000
356 .000
1,000
115.000
3.000
33.000
51.000
5.000

728 ,000

701,000

470 ,000

575,000

T o ta l E u rop ean s t o c k s _________ i ,56 6,000 2 ,1 2 2 ,0 0 0
1 ,4 05,000 1 .4 03,000
In d ia c o t to n a floa t fo r E u r o p e .'__ tOH ,o o o
230 .000
157,000
0 4,000
A m erica n c o t to n a floa t fo r E u ro p e 2 40 ,953
2 53 ,703
2 04 ,040 340 ,000
E g yp t,B ra zil,& C .,a floa t fo r E u rop e 04,000
3 0,000
2 0,000
2 0,000
S to c k In A le x a n d ria , E g y p t _____
173 ,000
124.000
1 05 ,000
170,000
S to c k In B o m b a y , I n d i a _________ 5 0 0 , 0 0 0
7 05 .000 1 ,0 20,000
012 ,000
S to c k In U. S. p o r t s ____ . ____ . 377 ,357
4 07 ,150
5 20 ,072 5 8 2 ,7 5 2
S t o c k In U . S. Interior t o w n s ____ 3 21 ,423
202.781
201 ,278 330 ,826
U . S. e x p o r ts t o - d a y ____ __________
551
6,644
5 ,542
32,182
T o ta l visib le s u p p ly
_
.3 ,3 9 9 ,2 8 4 4 ,3 6 3 ,3 4 7 3 ,8 3 3 ,5 3 2 3 , 9 5 0 , 7 6 0
O f the a b o v e , tota ls o f A m erican an d o th e r d e scrip tio n s are as fo llo w s :
A m e r ica n —
L iv e r p o o l s t o c k ____________ b a le s . 638,000 1,080,000
831 ,(100
743 ,000
M anch ester s t o c k _____ ______ _____
03,000
80,000
58,000
4 5,000
C on tin en tal s t o c k ____ _____ _____
646,000
710 ,000
418,000
542 .000
253,763
204,640
3 10 ,000
407 ,150
526,072
582,752
U . S. Interior s t o c k s . ____________ 321,423
202,781
201,278
330 ,8 26
U. S. e x p o r ts t o -d a y . ____________
551
6,644
5,542
32,182
2 296,284

2,020.347

2 ,334,532

2,015,760

L iv e rp o o l s t o c k _______
1210 0 0
London stock_____________
8 000
M anch ester s t o c k _________
8 00 0
C on tinental s t o c k .
_____
. ____
8 2 ’ ono
In d ia a floa t fo r E u r o p e ._______._ 108 0 0 0
E g y p t . B razil, dsc., a flo a t. .
’
34'000
S to ck n A le x a n d r ia , E g y p t ....... .. 175,000
S to c k In B o m b a y , I n d ia _________
560,000

137,000

110,000

78,000

16,000
81 ,000
236,000
36,000
124,000
705,000

10,000

1 1 0 3 000 1,434,000
2,296i284 2 ,0 20,347

12,000
10,000

52,00(1
157,000

33,000
94,000

1,020,000

105,000

176,000
912 ,000

1,409,000
2 ,334,532

,335,000
2,615,760

T o ta l visible s u p p l y . . ______ 3 3 9 9 284 4 .3 6 3 ,3 4 7 3 ,833.532
M iddling U p la n d , L iv e rp o o l ____ ’ 6 .3 5 d .
7 .1 0 d .
6.20d.
M id d lin g U p la n d , N ew Y o r k ........
I I . 10c.
12.35c.
11.00c.
E g y p t . G ood B r o w n , L iv e rp o o l _ 8 9-10d
lo u n .
11
H(\.
P e r u v ia n . H ough G ood , L iv e rp o o l
9.50.1
11.15d.
8 .6 5 d .
Broach, Fine, Liverpool_________
5 '^ d ,
6d.
5M d.
T ln n e v e lly , G ood . L iv e rrp
p o o l . . . 5 6 -lO d !
5H d.
5 9 -1 6d.

1,950,760
4 .6 t d .
8 .5 0 c .
7 H£d.
10.00(1.
4*45(1.
4 5-16d.

20.000

bales.
The above figures for 1908 show a decrease from last week
of 157,342 bales, a loss of 964,003 bales from 1907, a de­
crease of 434,248 bales from 1906, and a loss of 551,476
bales from 1905.




oc —»to x
H*|
H. 4k c»»-*,_* © h*to' X to 4- hj !
hjoo© © © hj 4*coO' o o a o ' i o o a a o o , 4^4»Ohjoo I
X0C©HjXSOtoto*kM3O' n* -HOt0X4»-*O«slt0l ■g. © © ~ -d I
© © .-»-^ -*N W —• -J co t^c o o sa y e CI Cl Cl C 4* o to
!3CCi»5S>-->30OOi^tOC)C X*m- © MC» X* h( to OSto
iw c o im o - a i k ^ c « o a b b b » b b b > b b b b b o o x Oto-*HlO oo X to v<!4 00t*'llo44iM »»UiiLH ‘ 0350JiC!>«lt)-)»l*4a roX tocat.
O I MMgSn* -d X to TOfl Cl to » Cl i—4» x 4* toO to 4. ti rOto to 00 O X O 4* Hi X X ■»

X

20,000

.3 a
5 3 ?
3 ;f3

*-* to io cato to O ^alo © © X* O to £k © © **. ~* oec •
© 3c Go cs © t\s© m* rj m* *. m*. © u
- j © © ~* © x. © © >
O m Q Q m W J 0 -d ffl* 4 ts 0 0 ‘ I C “ r4^i ,vi © no © i
p,
to 4. -vj to o -* O © © © -d —■.u toto>-M.UiU©woo©tototo j
| Min o c i o m o "aoiuoo'-i'oiub’t o b s ic b o b XkLib(oboM*VjMM© |

1905.
821 ,000
12,000
55,000

T o ta l East In d ia , A c _________
T o ta l A m erican ................

CS
-J H* «U
13U.M ,
d -*-»»■* to
OM Ow -*0900CI»»slU-4 MCi
W
~ ‘
© tj —•go£- ooro© © (o © GoCc © oc v- gc t\: hi 10 ;
•« X raca© m 'o ojmm © io t\a©'©b *-»M*x'bb»b cob © " b o b b to xluV*® !
-'^^.►40Mi\jtoMeaiLoaMio^jM©osooociti'i55U*d:ji>5*i«rjc
5 1 •- - 1
I -1 - l C - 1—i: r ; i; © © - © to is -* <- to u C -* ^1© © -T 5S ;

!

16,000

I

® ® •£»© •-*fo Ca>-*r,3i\arvj to •-»>-»Vi © i
Vi b
C
* ‘-‘ f.C SM -vJO C^C SO CiC lC M SC0.2l,
ffl, — zl
© fS
©£ 2
CTCgA->‘v|^3cC»toCJ^OOOro^lfN3o-.2
©n
h

I■ g
o . » c c o c o y ci c w c 4 c c «i ~ o n ci vi 1,4 ►
*c ----C o I O C ti -t C O - Ci y ^ 4 » j OOiOM Ot3M t>H!00^ ioto Cl

1006.
0 41 ,000
16,000
68,000

0,000

* *2

ft w
^ fti

1008.
1007.
7 59 ,000 1,226,000
8,000
0,000
71,000
06,000

T o ta l A m e r i c a n ___________

o
■O 5 K*
■O & *<

.0 ,0 ,

M a y 22 —
Stock a t L iv e r p o o l_________ bales.
S to c k a t L o n d o n ________
S to ck a t M anch ester .................

Jsast I n d i a n , B r a z i l , A c . —

O X
•a

m

sss: 5.

T H E V IS IB L E SU P P L Y OF CO TTO N to-night,ras’ madc
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week’s returns, and con­
sequently 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.

T o ta l C on tin en tal s t o c k s ___

.g if S g
« *n> 5H £3*2 :

00

roci

'Z'zt
XX

co|
©
9^
1^
X
PI
H* 1

i „
I®

qohi

A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week and since Sept. 1, the shipments
for the week and the stocks to-night, and the same items
for the corresponding period for the previous year— is set
out in detail below.

T h u rsd a y,
M a y 21.

||

ci co

m

cs
1©
X
to |
00 |

W ednesday,
M a y 20.

||

X I

J a n .—

R ange
C losin g

XX
m 'h
CTW
1©
XX
roio
-d CI

J©

XX
Mb
oooo
1©
XX
co to
O t

F e b .—

R ange
C losing

M arch —

R ange
C losin g

A p ril—

I 1

1291

U.
U
U
►
"*© H» t\SH* ©
fflOCOM d 4* to 00© to H*o *sl © b M
-*© M1© toh*©
—0oi:00>rd2.-iO'OOOHi©©i-»as©toOO“d
ji-tqiJkjkCiOHj>-»eot->03oo>cicoQoooOHi3ecaxxoocixo
Co>
w 90M6ocati4,ci 4k co-vicsto OtOk-ca
-- W© b O 00 cab to M«d x M 4 b 4*b ton *
I MM. H-, coM3oo » m w w o » « o ® c S w m 5 c m S 5 i« o ® m 5.
i tax, >-*i to cs cs Oo© © 30to >-*h* o © © tootOM»caoox-kicocoto>-*i-*

^ 3 Co

t>Co

<

«t *• ;

The above totals show that the interior stocks have de­
creased during the week 26,059 bales and are to-night 28,642
bales more than at the same time last year. The receipts
at all the towns has been 5,656 bales less than the same
week last year.
O V E R L A N D M O V E M E N T FO R T H E W E E K AN D
SINCE SE P T. 1.— W e give below a statement showing the
overland movement for the week and since Sept. l/ffa s
made up from telegraphic reports Friday night. The
results for the week and since Sept. 1 in the last two years
are as follows:
1 9 0 7 -0 8 -------

M a y 22—
S h ip p e d —

V ia
V ia
V ia
V a
V ia
V ia
V ia

S in ce
W eek .

S t. L o u is ....................
9,019
C airo . _ _____
3,721
R o c k I s l a n d ___________________
703
L o u is v ille _____________________ 1,330
202
C incinnati. .....................................
V irginia p o in t s ________________
087
ot her ro u te s , & c ____________ _
576

S e p t . 1.
3 0 5 ,6 0 0
187.389
3 2 ,086
4 8 ,6 4 7
4 5 ,073
87,564
2 07 ,830

16,547 1,005,197

S in ce
W eek .

7 ,7 8 0
1 ,238
7 55
1 .009
247
0 67
130

S ep t. 1
7 49 ,280
200,821
70,388
8 0 ,1 7 5
51,049
116 G2
304 ,002:

12,126 1 ,5 8 9 ,8 6 7

D e d u c t s h ip m e n ts —

O verlan d t o N . Y . . B o s to n ,

--

1,182
263
850

.

2.301

.-1 4 ,2 4 6

In la n d , & c ., fro m S o u t h I . . .
T o ta l t o be d e d u c t e d .......... ..caving to ta l n e t o v e rla n d * ___

0 9 ,1 1 2
61 ,816
5 7 ,0 3 8

582
648
1,024

137,828
9 2.526
55,534

2 1 7 ,9 6 6

2.254

303 ,888

7 87 ,231

9,8 7 2 1,283,979

* In c lu d in g m o v e m e n t b y rail t o C a n a d a .

The foregoing shows the
ment has been 14,246 bales,
week last year, and that for
gate net overland exhibits a
496,748 bales.
I n S ig h t a n d S p in n e r s ’
T a k in g s .

week s net overland move­
against 9,872 bales for the
the season to date the aggre­
decrease from a year ago o f

--------- 1 0 0 7 -0 8 ---------W e e k‘ .

S in ce
S e p t . 1.

R e ce ip ts a t p o r ts t o M ay 2 2 ________ 53,068 7 ,7 6 8 ,2 7 7
N et o v e rla n d t o M ay 2 2 __________
14,246 787,231
S outhern co n s u m p tio n t o M ay 2 2 . 4 0,000
1,740.000
T o a ti m a r k e te d _____ _
In te rio r s to ck s in e x c e s s .

-1 0 7 ,3 1 1 1 0 ,301,508
-* 2 6 ,0 5 0
240 ,810

Came into sight dm lng week
81 255
Total In sight May 2 2 . ______ _ .
’
North, spinners’ takings to May 22 31.161

Id 512 3 18
1 ,’576,188

--------- 1 9 0 6 -0 7 ---------S in c e -

—
W ee•
k.
5 1 ,882
0 ,8 7 2
4 8 ,000

S ep t. 1
0 ,4 3 4 ,1 4 2
1 ,2 83.070
1 ,8 02,000

100,574 12,520,121
*31.313
196.505
78,441 ____________
- 12,716.6265,851
2 ,1 6 0 .0 8 0

* D ecrease d u r in g w eek .

Movement into sight in previous years:
,
1006— May
1005— May
1904— May
1903— May

Bales.
o.
B a le s• I S i n c e S e p t . 1 2 5 ......................
109,175
11905-06— Mav____
2 5 ______
1 0 ,1 7 2 ,5 2 7
26 -------------------------- 153,676 11004-05— May 26
11,970.712.
2 7 ------------------------- 52,007 j 1903-04— Mav 27.
0 .6 0 0 ,4 2 6
2 9 ------------------------- 62,034 |1902-03— May 2 9 ____ -------10,221 ,498.

1292

T H E CHRONICLE

[VOL. L X X X VI.

Longview, Texas.—We have had showers on three days
of the past week, the rainfall reaching fifty-four hundredths
of an inch. Average thermometer 77, highest 90, lowest 04.
Luling, Texas.— We have had rain on one day during the
week, the precipitation being thirty-four hundredths of an
inch. The thermometer has averaged 80, the highest being
Closing Quotations for Middling Cotton on—
93 and the lowest 66.
Week endingThursd’
y.
Friday.
Tuesday.
Wed’day.
Monday.
Sat’day.
■ M ag 22.
Nacogdoches, Texas.—We have had rain on two days of
11 3-16
11 3-16
the week, the rainfall reaching one inch and twenty-five
11 3-16
11)4
11)4
11
Galveston ___
11
3-16
11
3-16
11
3-16
t
l
3-16
11
3-16
11
New Orleans. .
hundredths. The thermometer has averaged 75, ranging
10)4
10)4
10)4
10)4
10)4
10M
M o b ile ________
11
11
11
11
11)4
from 63 to 86.
Savannah ____
10 5s
11
10
H
10)4
10)4
10)4
10)6
Charleston____
Palestine, Texas.—We have had heavy rain on two days
11
11
11.
11
11
105-6
W ilm in g to n .. .
of the week, the rainfall being one inch and thirty-six hun­
11)4
11 Vs
tl)4
11)4
11)4
11H
N o r fo lk ...........
10.00
l
i
.
u
o
11.00
11.00
10.00
11.00
Boston ---------dredths. The thermometer has ranged from 64 to 88,
11)4
11)4
11)4
11 Vs
11)4
11)6
Baltimore —
averaging 76.
11.35
11.15
11.25
11.25
11.15
11.25
Philadelphia .
11)4
11)4
11 3
A @ H 11)4
11)4
11K
Paris, Texas.—We have had rain on one day of the past
A u gu sta--------11)4
11)4
11)4
11)4
11)4
11 >6
M em p h is------week, the rainfall reaching eighteen hundredths of an inch.
11)4
11)4
11
11)4
11)4
11)4
St. Louis------11
3-1
6
11
3-16
11
ll
11
11
Average thermometer 78, highest 92, lowest 64.
H o u s t o n ------10)4
10)4
1054
10)4
1054
Louisville —
10M
San Antonio, Texas.—We have had a trace of rain on two
days during the week,. The thermometer has averaged 83,
N E W O R L E A N S O PTIO N M A R K E T — The highest, the highest being 96 and the lowest 70.
lowest and closing quotations for leading options in the New
Taylor, Texas.—Rain has fallen heavily on two clays
Orleans cotton market for the past week have been as follows: of the week, the precipitation being one inch and ninetyeight hundredths. Thermometer has averaged 77, ranging
M o n d a y , T u e s d a y , W e d ’ d a y , T h u r s d ’ y , Friday,
S a t’ d a y .
from 62 to 92.
M ay
16. M a y 18. M a y 19. M a y 20. M a y 21.
Weatherford, Texas.—We have had rain on two days
during the week, the precipitation reaching one inch and
M a y—
_ ^ _ 10.61-.70 — 56 — _
@ — @ — — 55. .88
R a n g e ----------five hundredths. The thermometer has ranged from 63
10.76 —
10.45 * 10.65 Closing:------ - 10.53-.60 10.70 — 10.55 to 94, averaging 79.
June—
R a n g e ............ — 55 — — 55 — — 55 — — ® — — <a — - @ —
Ardmore, Oklahoma.— We have had rain on two days of
C losing. . — 10.50 * 10.64 — 10.40 — 10.45 * 10.64 — 10.75 - the past week, the rainfall being eighty-three hundredths
J u ly —
Range ..........- 10.46-. 55 10.50- . 7 1 l0 .4 t-.5 4 10.34-.49 10.25-. 56 10.63-.75
of an inch. The thermometer has averaged 75, ranging
C lo s in g .------ 10.46-.50 1 0 .6 0 .61 10.45-.46 10.34-.35 10.55-.57 10.65-.67
from 62 to 88.
A u g u s t—
— 55 — — 55 ' — 1 0 .1 7 .2 4 — 55 — — @ —
Range .
.
Holdenville, Oklahoma.—It has rained on two days of the
Closing............ 10 20 * 10.44 * 10.15-.18 10.13 * 10.25 —
week, the rainfall reaching fifty hundredths of an inch. The
S ep tem b er—
— 55 — - 55 — — m —
thermometer has ranged from 61 to 87, averaging 74.
Range . . . . . . — 55 — — 55 — — @ —
9.30 — 0 .53 — 9 46 —
Closing............ --------------- —
Marlow, Oklahoma.—There has been rain on one day dur­
ing the week, the precipitation reaching thirty hundredths
9 .2 5 -.4 2 0.41 .56 9.28 -.3 9 9.15 -.3 0 0 . 06-.34 9 .2 3 -. 40
C lo s i n g ___ . 0.3 5 --3 6 0 .40-.50 9 .29-.30 0 .1 5 -.1 6 0.32 -.3 3 9 .26-.27
of an inch. Average thermometer 76, highest 92, lowest 60.
__
__ — (w --- — @ — - C® —
Oklahoma, Oklahoma.—There has been rain on two days
R a n g e _____ - — 55 — — <a> —
9.3 3 -.3 4 0.40 — 9.2 9 -.3 0 9 .1 3 -.1 5 0.32 — 9.26 —
Closing
of the week, the rainfall being thirty-eight hundredths of
inch. The thermometer has averaged 75, the highest
0 .2 1 -.3 5 9.36-.51 0 .24-.34 0.08 -.2 5 8 .9 9 -. 25 9 .1 5 -. 3-1
Closing. — . 0.30-.31 0.4 5-.46 0.2 5 -.2 6 9.08- .00 9 . 23-.24 9.1 7 -.1 8
being
89 and the lowest 61.
J a n u ary —
New Orleans, Louisiana.—There has been rain on three
— 55 — — 55 — 9 .2 9 - 3 6 ---(tt> ------ — up — ■- 55 .28
0.32-.34 9.4 7 -.4 9 0 .26-.28 0.10-.1 1 9 .2 5 -. 27 9 .1 9 .2 1
C losing-----days during the week, the rainfall reaching eighty-six hun­
Tone —
dredths of an inch. Average thermometer 76.
Quiet.
Steady. Steady.
Firm.
Steady.
Steady.
Options ______ Ba’ ly sty Steady. Steady. Steady. Steady. Steady.
Shreveport, Louisiana.— We have had rain on four day
during the week, the rainfall reaching one inch and fifty* N om in a l.
five hundredths. The thermometer has averaged 76, the
W E A T H E R R EP O R TS B Y T E L E G R A P H .— Our tele­ highest being 88 and the lowest 64.
Alexandria, Louisiana.—It has rained on four days the
graphic advices this evening from the South denote that rain past week, the rainfall being two inches and eighty-five
has fallen in most localities the past week, and at some points hundredths. The thermometer has averaged 75, ranging
the precipitation has been excessive. The temperature has from 62 to 89.
Amite, Louisiana.—We have had rain on four days of the
been seasonable. Complaints that recent heavy rains have
week, the rainfall being eleven inches and sixteen hundredths.
retarded the development of cotton come from portions of The thermometer has ranged from 61 to 89, averaging 75.
Texas and some districts elsewhere. At a number of points
Columbus, Mississippi. —There has been rain on four days
during the week, the rainfall reaching one inch and twentyimprovement in the crop is noted.
eight hundredths. Average thermometer 76 highest 90,
Galveston, T e x a s— The crop has been retarded by recent
lowest 62.
heavy rains and lack of sunshine except in Southwest lexas,
Leland, Mississippi. — We have had rain during the past
where the crop is doing well.
Hail storms have caused week, the precipitation being two inches and two hun­
damage in a few localities in Central and North lexas. dredths. The thermometer has averaged 68.9, the highest
It has rained on two days of the week, the rainfall being
being 81 and the lowest 59.
inappreciable. The thermometer has averaged <7, the
Vicksburg, Mississippi. —Rain has fallen on four days
highest being 82 and the lowest 72.
during the week, the rainfall reaching two inches and fiftyAbilene, T e x a s— It has rained on one day the past week, six hundredths. The thermometer has averaged 72, rang­
the rainfall being twenty-four hundredths of an inch. ^ lhe
ing from 61 to 85.
.
.
thermometer has averaged 79, ranging from 60 to 98.
Meridian, Mississippi. —We have had rain on four days
Rrenham, T e x a s— W e have had heavy rain on one day during the week, the precipitation reaching two inches and
during the week to the extent of one inch and sixty-nine forty-four hundredths. The thermometer has ranged from
hundredths. The thermometer has ranged from 66 to 90,
64 to 88, averaging 76.
„ , . .
averaging 78.
Helena, Arkansas.—Cotton is doing well, but is rather
Corpus Chrisli, Texas.— W e have had no rain the past rank. Some land outside the levees is overflowed.
\ve
week, Average thermometer 79, highest 86, lowest 72.
had rain on two days the past week, the rainfall reaching
Cuero, Texas.— W e have had rain on one day during the one inch and seventy-two hundredths. Average theipast week, the precipitation being ninety-nine hundredths
mometer 72, highest 85, lowest 61.
of an inch. The thermometer has averaged 76, the highest
Little Rock, Arkansas.—We have had rain on four days
being 91 and the lowest 61.
during the week, the precipitation being twenty-nine hun­
Dallas, Texas.— Rain has fallen on one .day during the dredths of an inch. The thermometer has averaged 76,
week, the rainfall reaching twenty-three hundredths of an
the highest being 88 and the lowest 64.
inch. The thermometer has averaged 77, ranging from
Eldorado, Arkansas.—Rain has fallen on three days of
62 to 92.
the week, the precipitation being one inch and twenty-nine
Fort Worth, Texas.— W e have had rain on two days during hundredths. Thermometer has averaged 76, ranging from
the week, the precipitation reaching sixty hundredths of an
/
■
inch. The thermometer has ranged from 64 to 90, averaging 62 to 90.
Fort Smith, Arkansas.—We have had rain on three days
77.
.
.
during the week, to the extent of one inch and ninety-four
Henrietta, Texas.— We have had rain on one day during hundredths. The thermometer has ranged from 60 to 90,
the past week, to the extent of seventy-five hundredths of
averaging 75.
_
an inch. Average thermometer 80, highest 94, lowest 65.
Mobile, Alabama.—Heavy rains in the intreior the early
Huntsville, Texas.— We have had rain on one day during
part of the week caused a suspension of farm work, but
the week, the rainfall being one inch and eight hundredths
weather was fine the latter portion. Crop reports are im­
The thermometer has averaged 79, the highest being 91
proving but there are a number of complaints about delay
and the lowest 65
and damage from previous cool wet weather. The TomKerrville, Texas — We have had no rain the past week
bigbee River is still above the flood stage but falling. W(>
The thermometer has averaged 83, ranging from 67 to 98
have had rain on one day during the week, the precipitation
Lampasas Texas.— We have had excessive rain on three
reaching ninety-seven hundredths of an inch. The ther­
days during the week, the precipitation reaching three
mometer has ranged from 64 to 80, averaging 77.
ehes and three hundredths. The thermometer has ranged
Montgomery, Alabama. The crop outlook is favorable.

Q U O T A T IO N S F O R M ID D L IN G COTTON AT O TH E R
M A R K E T S .— Below are the closing q notations of middling
cotton at Southern and other princip al cotton markets for
each day of the week.
____________________________

cm 60 to 96, averaging 78.




M ay 23 1908. J

T H E CHRONICLE

Spot holders are letting go more freely. We have had rain
on three days during the past week, to the extent of one
inch and six hundredths in the early part of the week. Since
hot and dry. Average thermometer7 9 ,highest8 9 ,lowestG4.
Selma, Alabama.— Rain has fallen on four days during
the week, the rainfall reaching one inch and ninety hun­
dredths. The thermometer has averaged 75.5, ranging
from 65 to 88.
Memphis, Tennessee.— Weather conditions arc now per­
fect and planting is completed. We have had rain on two
days of the past week, the rainfall reaching ninety-five
hundredths of an inch. Weather now dry and hot. Aver­
age thermometer 73.7, highest 84.1, lowest 63.6.
Madison, Florida.— We had rain on two days the past
week, the rainfall reaching seventy hundredths of an inch.
Average thermometer 79, highest 95, lowest 67.
Tallahassee, Florida.— We have had no rain during the
week. The thermometer has averaged 80, ranging from
66 to 93.
Augusta, Georgia,.— We have had rain on four days the
past week, the rainfall reaching forty-three hundredths of
an inch. Average thermometer 76, highest 91, lowest 62.
Atlanta, Georgia.— We have had rain on four days of the
week, the rainfall reaching one inch and twenty-nine hun­
dredths. The thermometer has averaged 74, ranging from
61 to 86.
Savannah, Georgia.—There has been rain each day the
past week, the rainfall reaching sixty-four hundredths of an
inch. The thermometer has averaged 78, ranging from
67 to 92.
Washington, Georgia.— Rain has fallen on four days during
the week, the precipitation reaching one inch and nine hun­
dredths. The thermometer has ranged from 60 to 93,
averaging 77.
Charleston, South Carolina.— We have had rain on five
days during the past week, the rainfall being one inch and
thirty-eight hundredths. Average thermometer 75, highest
87, lowest 67.
Greenwood, South Carolina.— It has rained on one day
of the week, the rainfall being fifty hundredths of an inch.
The thermometer has averaged 74, the highest being 85
and the lowest 64.
Charlotte, North Carolina.— Ruin has fallen during the
week, the precipitation reaching one inch and fifty-seven
hundredths. The thermometer has ranged from 59 to 88,
averaging 70.
Greensboro, North Carolina.— We have had rain on five
days during the past week, the rainfall being one inch and
ninety-two hundredths. Average thermometer 74, highest
91 and lowest 58.
Raleigh, North Carolina.— Rain has fallen on five days
of the week, to the extent of one inch and fifty hundredths.
The thermometer has averaged 74, the highest being 90
and the lowest 58.
GOVERNMENT W E E K LY W EATH ER REPORT.—
Mr. James Berry, Chief of the Climatological Division of (he
United States Weather Bureau, made public on Tuesdav
the telegraphic reports on the weather in the various States
for the week ending May 18, summarizing them as follows:
The temperature conditions during the week ending May 18 1!)08 were
unfavorable in the Pacllle Coast States and Plateau regions.
Freezing
temperatures occurred over a large part of the last-named districts and
light to heavy frosts were general.
Highly favorable temperatures pre­
vailed In the principal agricultural districts east of the Rocky Mountains
Freezing temperature occurred In the Interior of northern New Knglarid and
frosts In northern New York during the latter part of the week
A large
part of the west Gulf States and portions of the upper Missouri Valiev
suffered from heavy rains and overflows, while portions of the South A t ­
lantic States need moisture.
Destructive local storms occurred in portions
o ' the central valleys and west Gulf States. The sunshine was below the
average on the Paclllc Coast, generally In the northern districts east of tne
Rocky Mountains, and In the central and west Gulf States. There was
ample sunshine In the lower Missouri, central Mississippi ami Ohio valleys
and generally throughout the Atlantic Coast States.

INDIA COTTON MOVEMENT FROM ALL PORTS.—
The receipts of cotton at Bombay and the shipments from all
India ports for the week and for the season from Sept. 1 for
three years have been as follows:
M a y 21.

1907-08.

Receipts at—
Week.
B o m b a y .. _______

Exports from—

1900-07.

Since
Sept. 1.

Week.

37,000 1,735,000

68,000 2,587,000

For the Week.
Great
Conti­
Britain. nent.

Since
Sept. 1.

Total.




26,000
27,000
54,000

27,000
31 ,000
55,000

Week.

Since
Sept. 1.

39,000 2,370,000

Since September 1.
Great
Britain.

Hombay—
1 9 0 7 -0 8 _____ . . .
18,000 18,001
20,000
1906-07. _______. - 3,666 17,000 20,001
51,000
190506 _________
_____________
1,000
48,000 49,000
51,000
Calcutta—
1997-08 . _____
1,000
1,000
3,000
190607 .- i ‘,d(36
2,000
3,000
7,000
1905-06 ______
—
3.000
3,000
5,000
Madras—
_
_
19070 8 __________ . .
5,000
1905-07 . . . . . - - - -____
3,000
1 9 0 5 -0 6 .______ - —
2,000
- -All others- 1907-08......... _
1,000
7,000
a ,ooo
13,000
1006-07
. ...
8,000
—
8,000
8,000
190506 ----------------------------------------------------3,000
3,000
12,000
-Total all—
1 000
1907-08 ... . . .
4,000
19060 7 . ................
t.ooo
1905-06. .............

1905-06.

Conti­
nent.

Total.

517,000
912,000
099,000

537,000
963,000
750,000

18,000
102,000
88,000

21,000
109,000
93,000

25,000
22,000
30.000

30.000
25,000
38,000

174,000
135,000
105,000

187.000
143,000
1 17,000

41,000
775,000
731 000
69,000 1 ,171,000 1,240,000
70,000
928,000
998,000

1393

WORLD S SUPPLY AND TAKINGS OF COTTON
Cotton Takings.
W eek and Season.

1907-08.
Week.

Visible supply May 15
Visible supply Sept. 1.............
American in sight to May 2 2 . . .
Hombay' receipts to May 21
Other India shlp’ts to May 21.
Alexandria receipts to May 20.
Other supply to M ay 20 * _____

Season.

Week.

3,556,626

4,456,184

2 ,2 9 1 ,844
81,255 10,542.348
37,000 1.736,000
9.000
238.000
3.000
935.000
5.000
230.000

Total supply_________________

1,784,156
78,441 12,716,626
60,000 2,579,000
277.000
11 ,000
913.000
700
16,000
268.000

3,691,881 15,916.192 4 ,622,325 18,537,782

Deduct—
Visible supply May 2 2 .......... ..

3,309,284

Total takings to M ay 2 2 ____
Of wh eh American .
Of which otliei___ ___
*

1996-07.

Season.

3,399,284 4,363,347

292.597 12,546,908
198.597 9 58 l ,908
91,000 2,965,000

4,363,347

258,978 14.174.435
193,278 10.684.435
65,700 3,490,000

braces receipts! n Europe from Brazil, Sm yrna, West Inoies, « c .

I*ALL R I\E R WAGE SCALE.— Fall River cotton mill
operatives, as we intimated last week would be the case,
have assented to the new wage schedule which goes into
ellect on Monday next. The new scale under the sliding
agreement will be on the basis of 19.66 cents per cut for
weaving, or a reduction of 17.94% from the wage prevailmg during the past six months, and will be in force until
November next, when a new agreement will be entered into
in precisely the same manner as the present adjustment has
been made. It is currently reported that with the view
ot offsetting as far as possible the important reduction in
wages the new scale entails, the managers of the mills will
put them on a full-time schedule as soon as they can find
warrant for doing so.
A LE XA N D R IA

RECEIPTS

AND

SHIPMENTS.

Alexandria, Egypt,
M a y 20.

1907-08.

1906-07.

1905-06.

Receipts (cantars) —
This w e e k .......... ..............
Since Sept. 1___________

22,090
7 ,009,495

4,500
0 ,846,745

2,500
5,860,310

This
Since
week. Sept. 1.

This
Since
week. Sept. 1.

This
Since
week. Sept. 1.

Liverpool_____________
M anchester________
C o n tin e n t____________
Am erica____

4,250 206,094
182,034
4,000 313 670
2,750 6 ;,7 1 1

3,000 199,095
185,261
5,000 313,805
1,500 105,474

300 189,928
3,250 160.798
3,000 293,704
300 67,369

Total e x p o rts_________

1 1,000 782,509

9,500 803,635

6,850 711,799

Export (bales; —
To
To
To
To

OUR CO 1 ION ACREAGE REPORT.— Our cotton acre­
age report will probably be ready about the 1st of June.
Parties desiring the circular in quantities, with their business
card printed thereon, should send in their orders as soon as
possible, to ensure early delivery. ,
MANCHESTER M AR K E T.— Our report received by
cable to-night from Manchester states that the market
is quiet for both yarns and shirtings. Merchants are not
willing to pay present prices. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1908.
32* Cop
Twist.
d.
Apr.
10
17
24
May
1
8
15
22

1907.

8 X lbs. Shirt- Cofn
lags, common Mid
to finest.
U p fs
d. s. d.

s. d.

8M
@
7 15-16®
7 13 16@

5 0
9W 5 0
4 11
9

@8
®8
@8

3.
1
0

7 11-16®
7H
®
SK
@
8M
a

87
A 4 10H @ 8 0
8 ’A 4 1 0 H @ 7 1 0 ^
9 H 6 00 @ 8 0
9 H 5 00 @ 8 0

d.

8 X lbs. Shirtings, common
to finest.

32* Cop
Twist.
d.

d.

Mid
U pTs

d.

5.66 $ Vs
5.57 10
5.31 10X

(S>
@
@

11
6
11H 6
11M 6

5.40 10H
5.69 W H
6.08 1 0 H
6.35 1 0 H

@
®
@
a

U H 6 10 @ 9 11
U H 6 1 0 H @ 9 10
10
6 11 @ 1 0 00
11*4 6 11 @10 0

8 @9 9
8^@ 9 9
9 @ 9 10

6.16
6.28
6.39
6.63
6.75
6.96
7.10

SHIPPING N E W S.— As shown on a previous page, the
exports of cotton from the United States the past week have
reached 77,632 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
. .
Total bales.
N E U \ O R K — I n Liverpool— May 20— Ccdrlc, 651 upland.244 foreign 895
To Hull— May 20— Toronto. 910 . . . . ___. . . ... .
_
9 io
To M adehestcr- May 1 5 -C an ning, 838 upland, 500 Sea 1si. 1 3 3 3
ro London— May 15—-Minnetonka, 8 0 ______________ _____________
so
To Havre— May 21— Hudson. 300 upland, 262 foreign________ .
562
To Bremen— May 20— Barbarossa, 3 3 3 __________ ________ . . .
333
To Genoa— May 15— Duca degll Abruzzl, 100___-M ay 15 —
Friedrich, 1 ,5 6 6 ._____________ __________ _______ __________ _______ 1 066
To Naples— May 15— Friedrich, 9 0 0 _____________ ________________
poo
G A L V E S T O N — To Bremen— May 18— Irak, 19 ,9 9 5
May 20—
Sontrn, 4 ‘ 4 0 3 ......... ............................. .....................
24 398
To Hamburg— May 20— Sontra, 8 1 7 ____________
’3 1 7
To Antwerp— May 15— Thurlnnd Castle, 1 ,4 8 5 ..
" 1 485
To Christiania — May 1 6 - Thelm a, 2 5 0 ._________ _______
250
N E W O R L E A N S — To Liverpool— May 20 — \Vm. Cliff, 4,666
May 21— Custodian, 15,064 .......................................... ....................._ _ ig 064
To Bremen— May 16— Royal Prince, 10 ,4 8 8 ________
_ 10 -188
To Ham burg— May 20 — Altanburg, 1 ,365 . . . . . .
..
1 365
To Rotterdam — May 16— Royal Prince, 1 50_______ ____________
150
M O n il.E — To Havre— May 14 — Almerlan, 5,643 . _______ _____________ 5,643
S A V A N N A H — To Liverpool— May 1 8 — Cistleventry, 1 ,0 2 4 ____ II
l 024
To Bremen - May 18— Tbem isto, 3 .3 0 6 _____ ______
3,306
To H am burg— May 18— Zeeburg, 3 0 0 _________
300
To Rotterdam — May 16— SmlthOeld.
1 0 0 . . . May 18— Zeeburg. 1 0 0 -------------------------- ------------, ........... .....................
____
200
To Am sterdam — May 18— Zeeburg, 1 00_______
..
100
To Gothenburg— May 16— Smlthiield, 1 0 0 . ..M a y 18 — Them l s t o .3 0 0 ._____ ______ ___________ __________ ______ ___________
400
To St. Petersburg— May 1 8 — Them lsto, 5 0 0 . ...................................
500
N O R F O L K —-To Rotterdam— May 22 —Am steldyk, 111_____________
111
B O S TO N — To Liverpool— May 15- •W lnffredlan, 1 0 2 _____ ______ . .
102
To Genoa— May 15 — Canopic, 1 ,250__________________________ _
1,250
Total

T ,632

T H E CHRONICLE

1294

L IV E R P O O L .— B y cable from Liverpool we have the
lowing statement of the week s sales, stocks, & c., at that port:
M ay l.
Sales of the week________bales- 10,000
Of which speculators t o o k -2,000
Of which exporters took------2,000
Sales, American__________________ 41,000
Actual export----------------------------Forw arded------------------------------ - 57.000
Total stock— E stim ated----------- 888,000
Of which Am erican— E s t-----757,000
Total Import of the w eek--------- 17,000
Of which Am erican-------------- 12,000
Am ount alloat- — -------------- - 103.000
Of which A m e r ic a n ---........
81,000

M a y 8.
97,000
2,000
3,000
90,000
15,000
58,000
842,000
712,000
26,0e0
18,000
118,000
95,000

M ay 15 .

100,000
5,000
8,000

93,000
12,000
76,000
823,000
696,000
57,000
12,000
66,000
37,000

M a y 22.
87,000
3.000
4 000
7.) ,000
10,000
68,000
759,000
038,000
14,000
6,000
01,000
57,000

The tone of the Liverpool n r k e t f o r s .p o t s a n d f u t u r e s
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday A Monday.

Spot.
Market
12:15
P. M.

Large
1
1 business
J doing.

Hardening.

Tuesday.

Wednesday. Thursday.

Good
demand.

Large
business
doing.

Good
demand.

Friday.
Good
demand.

Mld.Upl’ds

6.26

6.38

6.28

6.15

G.10

6.35

Spec.&exp.

12,000
1,000

18,000
2,000

12,000
1,000

14,000
1,000

12,000
2,500

10.000
1,000

Steady at
4@G pts.
decline.

Quiet at
4 @ 6 pts.
decline.

Firm at
17® 18 pts.
advance.

Steady at Steady at
Firm at
F mures.
Market
1 3 @ 5 pts. 6)4 @ 8 pts. 2 @ 3 pts.
advance.
decline.
opened
J advance.
Market
4
P. M.

1 Irregular at Feverish at Quiet at Barely sty: Steady at
6 4 @ 8)4
at 8 ® 12
8 ® 12 pts.
! 3 pts.dec.to 9)4 @ 13
pts. dec.
pts. dec.
decline.
1 3 pts. adv. pts. adv.

Steady at
15)4 @ 19
pts. adv.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of uplands, good Ordinary
clause, unless otherwise stated.
The prices are (liven in pence and 100tlis.
May 16
May 22.

Mav

Sat.
12M
p.m.

..

M c h .-A p r . —

124
p.m .

5
5
5
5
5
5
5
5
5
5
5
- 5

(L
68
67
63 4
60 4
41
23
10
06
03
01
01
014

Mon.

Tucs.

Thus: 5 68 means 5 68-100d.
W ed.

Thurs.

Fri.

4
4
12 4
124
4
124
124
4
p.m. p.m. p.m. p.m . p.m. p.m. p.m. p.m.

124

84
83
79
76
54 4
364
23 4
19
154
14
14
14

81
80
76
73
51 4
34
21
16
12 4
It

11
11

d.
89
68
65
62 4
41
25
18 4 1 2 4
08
14
It
14 4
09 4 )3
>9 4 >3
to
>3

d.
73 4
72 4
69
66 J4
45
30

a.
59 V.
58
54 4
52
29
14 4
03 4
90
96
91 4
94 V,
94 4

a.
61
00
56 4
54
31
13
03 4
98 4
95
93 4
93 4
93 4

B R E A D S T U F F S .

d.
d.
d.
52
53 4 75
51
52 4 72 4
67
47 4 49
45
16 4 64
40 Yi
2 1 4 2a
04 4 06 4 23 4
124
9 4 4 96
)7
89 4 91
»a Yt
86 4 87
U v.
84 4 85
8 1 4 85
01 4
•l M
84 4 85

4
d.
<6 4
73
68
04 Yt
42
24 Yi
12
07
oa

00 4
00 v*>
00 4

[VOL. L X X X V I .

uniformly bearish. During much of the time the cash trade
has been rather quiet. The Argentine shipments continue
on an unexpectedly liberal scale. To-day the market was
quiet with narrow changes. Early in the day a slight de­
cline occurred on disappointing cables, liberal Argentine
shipments, generally favorable weather and crop reports
and liquidation. Later a rally took place on buying by cash
interests and commission houses and covering of shorts.
D A I L Y C L O SIN G

PR ICE S OF W H E A T F U T U R E S IN N E W YO R K
Sat. M on. Tues. Wed. Thurs.
Fri.
_______Vrt'A l o /
10/15 “,|9 iU * 100
yOVa
N o. 2 led w in ter.---------_______1 0 6 q 106
106 >5 107 'A t o / m 107J-5
May delivery In elevator
98
97 Vi 99 H
98?$
99 M 99
July delivery in elevator-------Sentember delivery In <levato
•Late July shipment.
D A I L Y C LO SIN G P R IC E S OF W H E A T F U T U R E S IN C H I C A G O .
Sat.
M on. Tucs. Wed. Thurs.
Fri.
M a y delivery In elevator___________ 100
1 0 0 )4 1 02 tii 1 9 1 )1 l o 2
1 02 Vi
July delivery In elevator________ - 88 %
89 q
90 %
89 H
1 0 "4
9 <>'A
8oV i
8 0 “,
September delivery In elevator____ 8 5 % 8 5 Vi 6 7 'A 8 6

Indian corn futures have been strong, in the main, influ­
enced by manipulation of the May option at the W est, which
made a new high record for the bull movement. The re­
ceipts have continued light, as the weather at times has been
unfavorable for marketing, and shorts have covered. There
have been rumors of private settlements with May shorts,
but there is believed to be a considerable short interest still
outstanding. Efforts arc being made to get large quanti­
ties of corn to Chicago before the end of the month. The
bull leader, however, continues to dispose of his cash hold­
ings. The weather of late has been more favorable, and this
has caused selling of the distant months. To-day prices
weakened under favorable weather, expectations of large
receipts, liquidation and pressure on the new-crop months.
D A I L Y C LO SIN G P R IC E S OF N O . 2 M IX E D CORN IN N E W Y O R K .
Sat. M on. Tucs. Wed. Thurs. F r i.
78
78
76
78
78
Cash corn--------------- ------------ — . . 76
77 4
76 4
M ay delivery In elevator------------ . 76 4
77
77 4
77 4
74 4
75 4
74
75 4
7 5 .4
Julv delivery In elevator-----------74 4
72 4
73
73
September delivery In elevator.- ... 73
73
73 4
D A I L Y C L O S IN G PRICES OF CORN F U T U R E S IN CH IC AG O .
Fri.
Sat. M on. Tues. IFcrf. 7 Vi urs.
77 4
78
May delivery In elevator------------- - - 74 4
75 4
76
77 4
65 4
66
66
66 4
July delivery In elevator------------05 4
66 4
c- 3 4
September delivery In elevator. . . . 63 4
64 4
64 4
63 4
64 4

Oats for future delivery in the Western market have been
extremely dull. Prices, however, have been firm in the
main in sympathy with corn. There has been some cover­
ing by May shorts. Commission houses have sold the next
crop months in a small way at times on favorable crop ac­
counts. The receipts have been rather liberal, but stocks at
Chicago have decreased materially of late, owing to liberal
shipments by the principal bull. The cash market has been
firm. Elevator people have sold the distant months to some
extent. To-day prices were dull and easier, owing to depres­
sion in corn, favorable weather and crop accounts, the nar­
rowness of the speculation and dulness of the cash market.

rpr*. '^vTTTvTTrn'-T
• r,
F riday,"M a y 22 1908.
Prices for wheat flour have d e c l in e d , though the changes
have not as a rule been very important.
Ihere has been
■ " d a i l y c l o s i n g p r i c e s o f OATS IN N E W Y O R K .
some improvement in the demand of late as a result of the
Sat.
M on .
Tues.
Wed.
Thurs.
Fri56
56
56
56
55
concessions, but the sales have been limited to fill lots tor N o.2m lxcd 56
W
h
i
t
e
immediate use. Export trade has continued cjuiet. At the
clpped,
large milling centres at the Northwest and the Southwest
32 to 34
11)3 - - - 58)4-60
5 7 ^ -5 9
57)4 -5 9
57)4-59
57V5-59
5 7 )4 -5 9 )4
a somewhat better business has been done of late, though
D A I L Y C LO SIN G P R IC E S OF O A T S IN C H IC AG O .
there is still much room for improvement. The output of
Wed.
Thurs.
Fri.
Sat. M on . Tues.
the three spring-wheat mills for the past week was larger Mav delivery In elevator . ..................5 1
55
55
54 3
A
51 y,
54 U
46
H
46
H
46J*
..........
47
4
6
%
4
6
%
than in the previous week. A t Minneapolis a somewhat July delivery In elevator.
better export demand is reported. Rye flour and corn meal
The following are closing quotations:
have been more active and firmer.
FLOUR.
$4 65 @ $4 80
$3 75 @ ? 4 60 Kansas stralghts.
W heat has shown irregularity, but of late the tone has Low g r a d e s -----5 20 @ 5 39
3
@
3
10 Blended clears—
Second
clears.-■
been stronger in the main, owing in no small measure to
5 50 @ 6 30
4 10 @ 4 25 Blended p a ten ts..
C le a r s ...................
4 69 @ 5 1 5
aggressive buying by leading elevator interests at the W est. Straigh ts.---------5 l 5 @ 5 4 ' Rye Hour...............
. Nominal
Buckwheat
Hour5
35
@
6
35
Patent,
spring-.
There have been numerous reports in circulation, too, of
N om inal.
4 75 @ 5 10 Graham flour____
Patent, w inter-.
. 3 70 ® 4 35
damage to the crop in Kansas by Hessian fly. Moreover,
----------@ -------Corn m eal..............
Kansas patents
the export demand has increased and Minneapolis and
G R A IN .
Duluth have reported a brisk demand from the mills at strong W heat, per bush.—
Corn (new ), per bush
c.
f.o .b . 74
1
1
4
34
No. 2 m ix e d ..........
N
.
D
uluth,
N
o.
1
..........
prices, while stocks at the two Northwestern markets have
Nominal
N o. 2 y e l l o w ------; 12 H
N . Duluth, N o. 2 .......... .
Nominal
shown a noteworthy diminution. The foreign market ad­
Red winter, N o . 2 .......... f.O.b. M O Ji
N o. 2 white----------Rye
per
bush.—
vices have on the whole been favorable to bullish interests,
113H
Hard “
.......... .
88
No. 2 Western . - ­
per bush.
especially those from Liverpool. Unfavorable weather has Oats,
Noml nal
State and Jersey-Natural white ............... .57 >4 @59
Norm
nal
.
55
been reported in Roumania and Bulgaria as well as in some
“
m i x e d .......... ..
Barley— M a lt in g ----Nominal
.57 J4 @59 Yi
Feeding___________
other parts of Europe, a fact which has not been without a
certain effect on sentiment. Reports in regard to the winter•Late July.
wheat yield in Russia, too, have been favorable, and official
The statement of the movement of breadstuffs to market as
estimates of the yield in India make it clear that the crop indicated below are prepared by us from figures collected by
will fall considerably short of the previous one. The yield in the New York Produce Exchange. The receipts at Western
the Punjab is estimated at only 82,560,000 bushels, against
lake and river ports for the week ending last Saturday and
120,800,000 last year. This, with the estimated crop in the
since A u g. 1 for each of the last three years have been:
United Provinces nearly two-thirds of the total grain area
of India, points to a yield for the two districts of 145,536,000
Barley.
Rye.
Oats.
Wheat. j Corn.
Flour.
bushels, as compared with 212,164,000 last year, or a de­ Receipts at—bblsA'Fdbs. bush. 60 lbs.' bush. 56 lbs. bush. 32 lbs. t tshAHlbs. bu. 56 lbs.
crease of over 66,000,000 bushels. The sensational strength
12,000
2,205,030
260,502
156.319
213.000
929,042
of the corn market at Chicago has also had a bracing effect Chicago-----21,600
139,200
146,400
60,550
77,000
25,000
Milwaukee- 13,434
7,072
87.506
140.S02
on wheat. Large commission houses have bought and shorts Duluth__ 14,180
192,070
41,080
1,084,740
17,970
have covered freely. Supplies in the world continue to Mlnneapolls.
1,000
53,000
____
174,000
45,000
14,509
16,404
1,600
33.350
diminish at a rapid rate. During the past week the decrease
1
u
65,883
1,464
46,799
25.467
was over 5,000,000 bushels as compared with a decrease in
1,144
339,200
15,600
50,365
197,986
513.300
1,000
231,000
23,100
the same time last year of less than 300,000 bushels. On the
10,480
11,000
195,800
75,200
301,350
242,000
...........
" ”T other hand, the weather has been more favorable, and at Kansas City.
50,924
501,604
times prices have reacted sharply under heavy liquidation.
3,389,126
374,284
2,263,081
2,020,929
11*4,2*12
734,853
3,811,769
342,878
4,008,270
2,886,533
The crop accounts moreover have in the main been favorable.
371.396
2,419,429
•126.568
1,778,163
2,253,679
Same
wk.
’06
It is not believed that the Hessian fly has caused any wide­
spread damage in the Southwest. The receipts, too, have Since Auer. 1
0,060,139
1907-08 -- 14,850,642 18S.900,145 151,461,311 159,070,675 57,256,270 0,947,517
increased at "times. Cutting of new winter wheat, it is
1906-07 - - - 17,185,210 208,523.405 170.041.76fl 172.423,487,62,339,407
stated, will commence in parts of the Southwest on June 1.
1905-06.-- 16,554,638 202,501,246 150,234,473 190,038,924 70,713.157
The reports in regard to spring wheat have been almost




May 26 1908. |

TH E CHRONICLE

Total receipts of flour and grain at the seaboard ports for
the week ended May 16 1908 follow:

Receipts at— -

New Y ork ------B oston..................
Portland, Me-Philadelphia . . . Baltimore
Richmond------New Orleans * —

141,742
54,979
_____

.
-

78,581
3.244
12,690
2,368
1,509

-

l ,600
16,777

Galveston----------Montreal......... —

Wheat,
bUsh.

Flour,
bbls.

.
-

Corn,
bush.

Oats. Earley,
bush. bush.

088,300
512,380
350,079
193,800
132,106
43,250

290,700
15,505

715,500
60,730

12,000
19,184
29,836
52,700

91,703
54,183
26,600
185,000
3,716

19,000

5,000
0,486
33,516

1,896,345

27,911

20,400
818

Rye,
bush

3,901

S,87t
11,042

66,639

390,416 3,835,260
Total week— 470,987 1,165,403
23,821
■87,857
401.050 3,310,354 1.478,883 1,606,024
Week 1907.------31,034
57,429
Since .Jan. t 1908 -6.694,793 25,648,770 24,702,312 15,700,593 1983,998 1184,054
Since Jan. 1 1907- -7,569,123 29,703,711 50,958,313 20,548,831 2271,119 731,273
* Receipts do not Include grain passing through New Orleans tor foreign ports
on through bills of lading.

The exports from the several seaboard ports for the week
ending May 16 1908 are shown in the annexed statem ent:'

Wheat,
bush.

Exports /rotn—

New Y o rk ._____ . 247,945
Portland, Me
;;; o 079
B oston___ __
2I4./21
Philadelphia
. 141,000
Baltimore........... 16,000
New Orleans__ .
2,674
Newport News. - -. ______
G alveston.--. .
Mobile...................
Montreal.. ___
366,665
Norfolk_________
Total week__
Week 1907____

Corn, Flour,
bush. bbls.

6.232

58,271

371
25,957
3,567
3,191
2,36.8
673
1,600
8,081
1,569

1,080
69,463
687
6,486

1,359,087
83,948 105,648
1,702,093 1,990,771 217,787

Oats,
ye. Peas, Harley
bush. buR
sh. bush. bush.

5,900

17,514

.........

552

12,857
54
912
3,716
12,840
13,455
10,700

10,582 30,371
146.210 133.568

The destination of these exports for the week and
July 1 1907 is as below:
------- —
Flour—

-Wheat-----------Since
ince
Week July 1 Week JS
uly 1
Exports torweekandMayU>. 1907. May 10.
1907.
sinceJuly l to—
bbls.
bbls. bush.
bush.
United Kingdom. . 53,528 5,804,599
Continent . . . ____
.So. & Cent. Amer.
West I ndlcs_____
B rlt. No. Am. Cols
Other countries. . -

15,986 2,274,054
10,072
072,238
25,450 1,223.468
100
73,153
500
253,094

Great Britain____________
Other European_________

83.850

Wheat.
Week
Since
May16. July 1.
Eushots. Esuhcls.

Corn.
,1 9 0 6 -0 7 .

1907-08.

Since
Week
Since
July 1. May16. July i.
Eushels. Eushels. Eushels.

North Amer. 2.615.000 181,464,000 147,634,000
55,000 44.586.000
Russian-----272.000 58.184.000 82.856.000 1,02,8,000 24.043.000
Danublan - - 1.024.000 25.611.000 61.768.000
119,000 45.016.000
Arucntlne - - 3.592.000 105,031,000 89.024.000 3,238,000 48.705.000
Australian - 96,000 15.828.000 19.928.000
Oth.coimtr's.
112.000 23.804.000 26.432.000

1906-07.

Since
July 1.
Eushels.

64.560.000
15,71 1,000
21.688.000
77,379,000

Total......... 7,711,000 409,922,000 427,642,000 4,440,000 162,350.000 179,338,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows :

Wheat.
Corn.
Ufilled
U
n
ited
Kingdom,i Continent. Total. Kingaom. Continent. Total.
Eushels. Eushels. Eushels. Eushels. Eushels. Eushels.
23.040.000 16,160,000 39.200.000 5.440.000

May 16 1908-May 9 1908.- 24.320.000 16.240.000 10.560.000 3.740.000
May IS 1907-. 27.520.000 21.360.000 48.880.000 4.880.000

7.055.000 12.495.000
6.205.000

9.945,000

5.480.000 10.360.000

The visible supply of grain, comprising the stock in
granary at the principal points of accumulation at lake and
seaboard ports May 16 1908 was as follows:
New York_____________
B<S.sttm------- --------1’ hlliidclphla-------------Baltimore--------- ---------New Orleans
Galveston
Montreal
Buffalo . . .
Toted0 .............................
Detroit....................
Chicago............................
Milwaukee ...............
Fort William -----Port Arthur....................
Duluth.........................
Minneapolis....................
St. Louis......................
Kansas C i t y ..............
Peoria_______ ________
Indianapolis..................
On Lakes - .................
•On Canal and River.Total
Total
Total
Total
Total
Total
Total

May
May
May
May
May
May
May

16
9
18
19
20
21
23

Wheat,
bush.

764,000
290,000
148,000
213,000

243,Q0(j
116,000
3.649,000
233,000
2.331,000
2,770,000
5,065,000
4,798,000

1908 20,487,000
1908._2S,046,000
1007 50.993,000
1906 33,613,000
1905--22,420,000
1904.-24,111,000
1903.-27,208,000

T H E

D R Y

4.175.000
4.368.000
6.644.000
2.258.000
4.321.000
5.164.000
4.396.000
G Q fiM D S

T R A D E .

New York, Friday Night, M a y 22 1908.
The primary cotton goods market has been the scene of
much greater activity during the past week than for some




DOM ESTIC COTTON G O O D S .— The exports or cotton
goods form this port for the week ending May 16 were 3,111
packages, valued at §250,601, their destination being to the
points specified in the tables below:

Ncw York to May 16.

The world’s shipments of wheat and corn for the week
ending May 16 1908 and since July 1 in 1907-08 and 1906-07
are shown in the following:

1907-08.

time, owing mainly to the laige influx of buyers attracted
by the Arnold Print Works auction sale and the many special
offerings of seasonable fabrics by other houses. Generally
speaking, the auction sale was regarded as a success in that
all offelings were disposed of, and while some of the prices
realized did not come up to expectations, this was due prin­
cipally to the fact that the stylings were in many instances
over a year old and consequently more or less out-of-date.
The sale was viewed with satisfaction by other houses, as it
served to distribute a large quantity of goods which had been
hanging over the market and had been a constant menace.
Ihe result of other special sales of wash goods was mostly
also regarded as satisfactory, and a large volume of goods was
disposed of. Another interesting development during the
week was a revision in the price of prominent lines of bleached
goods, which was followed by such heavy buying that the
market almost immediately became firmer and prices were
advanced ]/%e. a yard. Little attention was paid to a circu­
lar issued by a laige Western jobbing house, offering to sell
goods at much below agents’ lowest pi ices, as it was u garded
as an advertising scheme more than anything else. The
volume ot business throughout the market generally contin­
ued to show signs of improvement, and further advances
Mere recorded in print cloths and heavy brown cotton goods.
Export business was steady, with the outlook for the future
blighter,
the new wage schedule in the cotton mills at Fall
K ivei, under the sliding-scale agreement which goes into
effect next Monday, calls for a reduction o f 1 7 . 9 4 % - it has
been accepted by the 1extile Council.
Business in men’s
wear woolen and worsted goods has been of moderate di­
mensions, but dress goods have been very quiet.

---------1908---------

891,001 55,171,051
459,251 44,406,409
8,832
399,497
...........
19,007

Total
....... 105,048 10301,500 1,359,087 100141,074
83,948 45 170 450
Total 1900-07-.217,787 10097.504 1.702,093 80,028,910 1,990,771 Cs! 102/938

Exports.

1295

.

ince.
Week. S
Jan. 1.
37

100
. 426
23
. 333
1,222
.
61

254
433
11,978
3,481
11,340
2,330
8,470
805
5,585
17,047
6,743

T o t a l .................................................................33,111
,111

68,475

India .
Arabia

.

-

.

909

-__

-1907Since.
E I**H
Jan. 1.
939
8 4
47
508
8,949
25
4,429
805
1,875
50
3,577
237
9,479
954
45
273
6,295
303
18,847
46
13,671

Week.

1,835

86,401

The value of these New York exports s nee Jan. 1 has been
§4,485,327 in 1908, against §5,492,032 in 1907
A very large business was concluded in bleached goods,
following the announcement of price reductions, and as these
applied only to slocks of goods on hand, the market cfuickly
became firmer and values were advanced. Further advances
were named on certain lines of sheetings, and there was a
better feeling in heavy goods as a result of purchases as far
distant as September delivery. Light-weight sheetings
were finner and in fairly good lequcst. Export business
included some further sales of 3.50-yard sheetings to the Red
Sea, 4.70-yard sheetings to China and standard drills to India;
in almost all cases the level of prices is slightly higher than
what would have been accepted a few weeks ago. There
has been some moderate advance ordciing of wide sheetings,
sheets and pillow cases, and jobbers have shown more inter­
est in cotton linings. Staple duck has been more active
and firmer, and coarse, colored cotton goods have moved
somewhat more freely. Domets have met with an improved
demand for fall from jobbers. The expected revision of
staple print and gingham prices has not yet materialized, and
in the meantime goods are being shipped on memorandum.
1 rmt cloths have been advanced from % c . to 3^c., the latter
on 39-inch 68x72s, and steady sales have been made for de­
livery up to August.
W O O L E N G O O D S.— Duplicate ordering of men’s wear
heavy-weight woolen and worsted goods lias continued on a
fairly heavy scale again during the week, but, as in the past
few weeks, it has again been very unevenly distributed, with
the result that, while some mills have been able to start
machinery running full time, others find themselves in a
very unsatisfactory position. Most of the orders so far re­
ceived have been for (he better class of cutteis-up, and while
they have been fairly numerous, they have been mostly for
smaller yardages than had been expected, and for the more
popular fabrics ranging from §1 to §2 rather than for the
higher-priced goods. While there are reports of some busi­
ness for the new spring season having already been taken,
there is a decided disposition to withhold openings beyond
the usual time, owing to the lateness of the heavy-weight
season. There is a good deal of discussion as to how woolens
are faring as compared with woistcds, and it would seem that
while orders for the latter are by far the more numerous,
the former are doing relatively better than in the past.
Dress goods continue very inactive, and it is too early as yet
to expect otherwise. In the meantime, there arc reports of
some lines being sold up, but this is only in exceptional casss.
F O R E IG N D R Y G O O D S.— Higher grades of imported
woolen and worsted dress goods are meeting with a fair de­
mand. Silks and ribbons show some signs of improvement.
The demand for linens for fall is more active. Spot burlaps
are steady, but prices for future delivery are slightly easier.

TH E CHRONICLE

1296

N e w s Ite m s.
Bayou Terre-aux-Boeufs Drainage District (P. 0 . St.
Bernard), St. Bernard Parish, L a .— Bonds Declared Valid
by District C ou rt— On May 7 Judge N. H . Nunez of the
Twenty-ninth Judicial District Court upheld the validity of
the $100,000 bonds voted in April 1907 for the purpose of
establishing a modern drainage and irrigation system in the
interior district of St. Bernard from Poydras to Lachinche.
The decision was rendered in a friendly suit instituted by
Charles Esteves, a property tax-payer, to test the legality
of the bond issue and the levying of a special tax of 5 mills
for the payment of the same. According to New Orleans
papers the decision of Judge Nunez was based, on the failure
of the plaintiff to commence suit within six months after
the election was held, as provided by law.
Henrylyn Irrigation District, Col.— Purchase of Water
Rights.— According to the Denver “ Republican” of April 29,
this district completed arrangements on April 28 with the
Intermountain Water Co. for the purchase of certain water
rights of that company in the counties of Grand and Clear
Creek. The price paid for these rights is $112,000, payable
in bonds of the irrigation district. The amount of water
transferred, including the storage of out-of-season water, is
capable of irrigating 200,000 acres. This amount supple­
mented by the original Platte River filing of 50,000 makes
a total of 250,000 acres subject to irrigation. It is also
stated that only 120,000 acre feet will be utilized at present;
20,000 acres to be applied between Golden and Denver and
the remaining 100,000 to be placed in the neighborhood of
Hudson and Keene, on the Burlington R R ., in the southern
part of Weld Gounty. Hudson is 29 miles from Denver and
Keene 37 miles, being not quite half way between Denver and
Fort Morgan.
New York City.— Arrangements Made for the Sale of $7 ,­
000,000 4 % Corporate Stock.— During the past week arrange­
ments were made with J. & W . Seligman & Go. of this city,
whereby that firm is given an option running into June on
$7,000,000 4 % corporate stock at par and interest. These
securities are the unsold portion of the $13,000,000 4 % stock
offered, together with $2,000,000 4 % assessment bonds, on
Aug. 12 1907. Owing to the financial conditions at that
time, the city was successful in disposing of only $2,573,000
of the 50-year stock and $140,425 of the assessment bonds.
See V. 85, p. 428. The bonds were subsequently offered
over the counter and a number of small lots were disposed of
to private investors. Still further amounts were sold to the
sinking fund and to contractors in payment of their claims
against the city for work done.

Bertrand School District (P. O. Bertrand), Phelps County,
N eb.— Bond Offering.— Proposals will be received until
May 28 for $12,500 6 % school-house bonds. Authority
vote of 173 to 25 at election April 21.
Maturity May 1
1928. Hans Rasmussen is Secretary of the School Board.
Bessemer, Jefferson County, A la .— Bond Sale.— On May
5 the $25,000 bonds (the unsold portion of the issue of
$50,000 5 % 30-year gold coupon school-house bonds men­
tioned in V. 80, p. 495), were purchased by the Bessemer
National Bank of Bessemer. Denomination $1,000.
Date
Sept. 1 1908. Interest semi-annual.
Big Spring Township, Seneca County, Ohio.— Bond Offerng.— Proposals will be received until 1 p. m . May 25 by
Joseph Wetzel, Township Clerk (P. O. New Riegel), for
$12,000 4 j ^ % coupon road-improvement bonds. Author­
ity page 550, Vol. 97, Ohio Laws.
Denomination $500.
Date Sept. 1 1908. Interest semi-annual. Maturity $1,000
each six months from Sept. 1 1914 to March 1 1920 inclusive.
Boston, M ass.— Loan Bill Passed.— The Mayor’s “ emer­
gency” loan bill, recommending the following loans, aggre­
gating $304,500, was passed by the Board of Aldermen on
May 18:
.

B o n d C a l ls a n d R e d e m p t io n s .
Hartford, Conn.— Bond Call.— Payment will be made
July 1 at the Phoenix National Bank of Hartford of $200,­
000 4 % reservoir-construction bonds issued Aug. 1 1893.
Maturity July 1 1918, subject to call after July 1 1908.
The official notice of this bond call will be found among the
advertisements elsewhere in this Deportment

B o n d P r o p o s a l s a n d N e g o t ia t io n s this week
have been as follows:
Albany County (P. O. A lbany), N . Y .— Bond Offering.—
Proposals will be received until 12 m . June 1 by William
P. Hoyland, County Treasurer, for $79,0004 % highwayimprovement bonds.
Interest semi-annual.
Maturity
$1,000 yearly on June 1 from 1909 to 1927 inclusive and
$60,000 on June 1 1928.
Allegheny County (P. 0 . Pittsburgh), Pa — Bond Sale.—
On May 19 the $1,000,000 4 % 30-year coupon road-andhighway-improvement bonds offered without success on
May 14 (V. 86, p. 1237) were sold to a syndicate composed
of the Municipal & Corporation Securities Co., the I ittsburgh Bank for Savings and the Colonial Trust C o.,all of
Pittsburgh, at par and accrued interest.
Allen County (P. O. Fort W ayne), In d .— Bond Sale.—
The $2,946 41 6 % coupon assessment bonds for the unpaid
cost of the construction of the D. C Smith Ditch ( \ . 86,
p . 1176), were sold on May 13 to D .W itm er at 1 0 0.(5 and
accrued interest. Maturity 10 bonds on May 15 in each
of the years 1910 and 1911 and 9 bonds on May 15 1912.
Anna, Shelby County, Ohio.— Bond Sale.— On May 11
$1 500 6 % light bonds were awarded to the Farmers’ & Mer­
chants’ Bank of Anna for $1,510 (100.666) and interest. A
bid of $1,505 was also received from the First National Bank
of Barnesville. Authority Section 2835, Revised Statutes.
Denomination $300.
Date April 1 1908. Interest annual
Maturity $600 April 1 1909 and $900 on April 1 1910.
Belmar, Monmouth County, N . J — Bonds Not Sold.—
Up to May 13 this borough had not yet. succeeded in msposing of $20,000 5 % 30-year gold coupon registered waterextension bonds proposals for which were asked until Apni
16.
Denomination $1,000. Date July l 1908. Interest
semi annually at the Borough Collector’s office. Bonds
are exempt from all taxes.




[V O L . L X X X V I .

Bath Department—-Bathhouse, North E n d, a d d itio n a l----------------------$20,000
Children’s Institutions Departm ent— School building, Parental
School, W est Roxbury_______________________________________________ 50,000
Consumptives’ Hospital D ept.— Hospital for Consumptives, add’ l . _ 25,000
engineering Department—
Chelsea Bridge__________________
$75,000
Huntington Avenue Bridge______________________ _______ .. _ 55,000
Massachusetts Avenue Bridge-----------------------40,000
Congress Street Bridge----------------------------------------------------------- 35,000
--------------205,000
Fire Department— New flre-boat, additional-------- -------------- ------------ 20,000
Hospital Dept,
emergency Hospital, East Boston,equipment____ 13,000
I.aw Dept. -W ashington S t..W e st Roxbury (Chap.574, Aetsof 1907)25,000
Public Buildings D e p t .- City building, Adam s and Arcadia S t., add’ n 0,500

A bill providing for a loan of $055,000 for sewer purposes
was also passed by the Board of Aldermen.
Brookland School District No. 1, Henrico County, V a .—
Bond Election.— The question of issuing $30,000 bonds
for building a school-house at Glen Allen and one at High­
land Park will be submitted to a vote of the people on

May 20.
Bruce, Rusk County, W is .— Bond Sale.— On May 1 the
$7,800 5 % coupon water-works, electric-light and sewer
bonds offered but not sold on March 30 (V . 80, p. 933) were
awarded to the Thomas J. Bolger Co. of Chicago at 98 and
accrued interest. The purchaser also agrees to furnish
blank bonds.
Cape May City, Cape May County, N . J .— Bond Offering.—
Proposals will be received until 8 p. m . May 20 by S. H .
Moore, Chairman Finance Committee, for $105,000 5 %
30-year coupon bonds and $45,000 2-year bonds. Said
securities are known as sewer and water bonds. Interest
May 1 and Nov. 1. Certified check for $1,000, payable to
I. H . Smith Jr., City Treasurer, is required.
Carrollton, K y .— Bond Sale.— On May 14 the First Na­
tional Bank of Carrollton was awarded $20 000 5 % 1-20year (serial) bonds at 103.505 and accrued interest— a basis
of about 4 .5 7 0 %
No other bids were received. Denom­
ination $1,000.
Date Jan. 1 1908. Interest annual.
Cleveland, Ohio.— Bond Sale.— On May 18 the $500,000
4 ^ % 22-year intercepting-sewer bonds described in V . 80,
p . 1239, were awarded to N. W . Harris & Co. of New York
City at 101.818 and accrued interest. Following are the
bids:
N W . Harris & C o., N . Y . .$ 5 0 9 ,0 9 0 |Breed & Harrison, Clncln .1
&|
Cleveland Trust C o., C le v e .)
|Provldent Savings Bank <
S
First National Bank, Cleve- 1
| Trust C o.. Cincinnati - - ,
land
___________________1 508,350 |H ayden, Miller & C o., Clcv )$508,3o0
Seasongood & M ayer, C ln -1
|A. B. Leach & C o ., Chicago
■innatl.............- ...................I
[Rhoades & C o., New Y orkis & Hough, C le v e la n d --!
|E. H . Rollins & Sons, Chlc.J

Interest semi-annually in April and October.
C o llin w o o d S c h o o l D is t r ic t (P . O . C o llin w o o d ), C u y a h o g a
C o u n t y , O h i o . — Bond Sale.— According to thepapers the I n s t

National Bank of Cleveland was the successful bidder on.
May 21 for the $90,000 4 j ^ % coupon school-building bonds,
described in V. 86, p. 1239. It is reported that the p r i c e
paid was 103.55. Maturity $3,000 yearly on Oct 1 from
1910 to 1939 inclusive.
C r a w f o r d C o u n t y ( P . O . D e n i s o n ) , I o w a . — Bond Sale.—
On May 14 the $50,000 4J ^% funding bridge warrant bonds
offered on that day (V. 86, p. 1178) were awarded to the
Crawford County State Bank of Denison at 102.60. Fol­
lowing are the bids:
Crawford County State
|E. H . Rollins & Sons, C h i.$51,100 00
Bank, Denison---------------$51.300 00 |Gco. M. Bechtel & C o.,
N w Halsey & C o., Chic. 51,278 50]
D a ven p ort..------------ 81,0 lo 00
Devltt Tremble & C o.,
|A . B. Leach & C o., C ld c -- 51,005 00
Chicago
________- - 51,276 5 0 1Emery, Anderson & C o.,
Mason, Lewis & C o., Chic. 51,165 00 | C lev elan d---------------- 50,533 00

Denomination $1,000. Date June 1 1908. Interest semi­
annually in April and October at the County Treasurer’s
office in Denison. Maturity $4,000 each six months begin­
ning April 1 1916.
C r a w f o r d C o u n t y ( P . O . B u c y r u s ) , O h i o . — Bond Sale.— O n
May 19 the $25,000 5 % coupon Road District No. 1 bonds
described in V . 86, p. 1239, were awarded to the Second Na­
tional Bank of Bucyrus at 103.356 and accrued interest.
Following are the bids:
Second National Bank,
|New First N at.B k . ,Colum .$25,030>50
Bucyrus
________ $25,839 00 |Seasongood & Mayer, Cln- <25,41o 00
Otis & Hough. Cleveland- 25,755 00 Bucyrus City Bunk, BuW ell, Roth & C o., Clncln- 25,703 00]
cyrus ....................- ............ 25,030 00

May 23 1908.]

THE CHRONICLE

1297

Craven County (P. 0. New Bern), N. C .— Bond, Sale.— The
Fo rt Pierre Independent School D istrict (P. O Fort
Security Trust Co. of Spartanburg was recently awarded Pierre),
Stanley County, S. D .— Bond Offering.— F. G.
$20,000 5% 30-year steel bridge-construction bonds. De­
nomination $1,000. Date July 1 1908. Interest semi-an­ theC 8°iq Chanm an Board of Education, is offering for sale
fm wd,1;9 )?00 5% ,10-2°-year (optional) school bonds, bids
nually at the National B ank P ark in New Y o rk City.
foi which were rejected (V. 86, p. 123) on Sept. 30 1907.
Dennison, Tuscarawas County, O hio .— Bond Offerin'/.__
Fremont, Sandusky County, Ohio.— Bond Offering.— Pro­
posals will be received until 12 m. M ay 26 b C. F Bell
Authority -----------..---------- , „„„„
tuJU-,ou Clerk of City Council for the $24,500 4 ^ % coupon refunding
153G-28G, 153G-288 and 153G-289, Revised Statutes. De­ bonds voted on April 15. Authority Section 2701, Revised
In ­
nomination $500. Date M ay 18 1908. Interest semi-annual. statutes. Denomination $500. Date M ay 20 1908
M aturity $500 every six months from M a y 18 1909 to terest April 1 and Oct. 1 at the office of the Sinking Fund
Nov. 18 1932 inclusive. Certified check for 5 % of bonds IQ rfa n H ^ ^ n o 017! 82’500 0,1 A Pril 1 1917 >$2 ,000 Oil O ct. 1
bid for, payable to the Village Treasurer, is required
Bonds 109 -a 1 • >500 °ach S1X months from April 1 1918 to Oct. 1
, Bld m ust be unconditional and accompanied
to be delivered within ten days from time of award
A c­ j*92*
by a ceitified check on some bank of Fremont for $1,000
crued interest to be paid by purchaser.
Purchaser to pay accrued interest.
Detroit, Mich. Bond Sale. Ihe following bids were
7, G f y School District (P. O. Gary), Lake County, In d .—
™
‘ on May. 20 for the $249,000 public-school and the
f l i f r . 3!1 M,ay 15 $37’500 g°ld coupon Emerson
$100,000 contagious-disease-hospital '£%% 30-year coupon schooLbuikhng
bonds were awarded to E. H. Rollins A Sons
(with privilege of registration) bonds described in V 86
of Chicago at 102.141 and interest for 4 K s . Following
p. 1239:
are the bids:
.
“
6
$249,000 $100,000
school
hospital
bonds.
bonds.
Standard Life & Aop. Ins. C o., Detroit (for $50 000
school bonds) ---------- --------------------’
$50,187 it
50>
K. H. Rollins A Sons, Chicago.. _
240 sso
880 00
00
Sinking Fond, Detroit__________
249
par
par no
Peoples’ State (lank, Detroit (for $ 1oo.ooo'sch Axis Y 100,100
ion inn
00
.............
W . K. Moss A C o., Detroit (for $10,0( 0 se ool u d
'
$ 10,000 hospital bonds)___
’
scnooi and
par
par
H. VV. Noble * Co , Detroit (for 5 8 ,000’ school'bondsi
par
C. P. Nash, Detroit (for a $1 ,oo<> school bond)
„„r

r na n ^ IaL i Ch^ H D l/St/wCft N o ‘ 27 ' P - °- Douglas), Cochise
County, Ariz. Bond Offering.— Proposals will be received
unid i p. m. M ay 25 by It. L. Scott, Clerk Board of School
trustees, for S -0.000 6 % gold coupon school-building bonds.
A u .h o n ly Chapter 6, School Laws. Denomination $1,000.
Date M ay -5 1908. Interest is payable at the County
treasurers office. M aturity M ay 25 1928. Bonds are
tax-exempt. Certified check for 10% of bid, payable to
the County treasurer, is required.
« o ? n o Snd e «n > M uskingum County, Ohio .— Bond Sale.— The
/fr o . ‘1 /2% 8-year water-works bonds voted on April 4
(V. 8G, p. 993) were awarded on M ay 11 to Otis & Hough of
Cleveland at 103.7G and accrued interest— a basis of about
3.948%. Denomination $500. Date M ay 1 1908
Interest
semi-annual.
E ast Cleveland School District (P. O. Station J Cleveland),
Ohio.— Bond Sale.— On M ay 21 the $9,000 4 ^ % 20-year
school bonds described in V. 8G, p. 1240, were purchased,
it is stated, by the First National Bank of Cleveland for
$9,4G3 75 or 105.152— a basis of about 4.12%.
Erie School District (P. O. Erie), Erie County, Pa.— Bond
Sale — We see it stated that the $57,000 4 % coupon school­
building-completion and ground-purchase bonds described
in V . 8(», p 1178, were awarded on M ay 18 to a Philadelphia
investor at par. Maturity on July 1 as follows: $2,000 in
in to
y(;‘u,a 1919 and 1911; $7,000 in each of the years
inl/Y 19V5’ . 914 find 1915, and $5,000 yearly from 191G to
1920 inclusive.
E sse x County (P. O. Salem), M a ss.— Note Offering.—
Proposals will be received until 10 a. m. M ay 25 by David
I. Robinson, County Treasurer, for the discount of $150 000
notes issued in anticipation of taxes. Authority, Chapter
21, Section 39, Revised Laws. Loan will be dated M a v ”5
1908 and mature Dec. 15 1908.
y
Bond Sale.— On M ay 18 the $100,000 1-20-year (serial)
highway and the $178,000 bridge 4 % coupon (with privilege
of registration) county loan bonds described in V. 86 p
1240, were awarded to Blake Bros. & Co. of Boston at 104 41
and accrued interest. The $178,000 bridge loan bonds ma­
ture $8,000 on March 1 1915, $15,000 on March 1 1916
f 22,000 yearly on March 1 from 1917 to 1923 inclusive and
$15,000 on March 1 1924
Everett, M a ss.— Temporary Loan.— On M av 19 a loan nf
$100,000 in anticipation of the collection of tiixes" was
negotiated with Blake Bros. & Co. of Boston at 3 5 3 % dis­
count. A list of the bids follows:

w ’ 3 0ll,ns & Sons, Chicago ( f o r J j ^ s ) ..
o ' h ’ CnffP,,b e rm Com 7,any . Indianapolis (for 4 rjs)

C. H. Coffin, Chicago (for 4f s)______

s.3 S im on
..........

f L A - K ean - Chlc;i» ° (for 5s>-----------------------------: : : : : : : : :
a Also furnish blank bonrls.

V

75
a37.'f527
37 511 nr!
so

A n offer at par plus the cost of blank bonds was also re­
ceived from Emery, Anderson A Co. of Cleveland. We are
not advised, however, as to what rate of interest this bid
was based upon. Denomination $100. Date June 1 1908
Interest semi-annually at the First National Bank of H am ­
mond
Maturity $12,500 on June 1 1917 and $25,000 on
June 1 1918. Bonds are exempt from all taxes.
Glen Ridge School D istrict (P. O. Glen Ridge), E ssex
County, N. J. Bond Offering.— Proposals will be received
until 8 p. m. M ay 26 by S. Raym ond Roberts, Clerk Board of
Education, for $30,000 4 ) ^ % coupon school bonds. De­
nomination $1,000. Date March 1 1908. Interest semi­
annually in New Y o rk exchange at the B ank of Montclair.
Maturity $3,000 yearly on Sept. 1 from 1929 to 1938 inclu­
sive. Bid to be made on form furnished by Board of E d u ­
cation and accompanied by a certified check for 2 % of bonds
bid for, and made payable to the “ Glen Ridge Board of
Education.” Purchaser to pay accrued interest. Bonds
to be delivered on June 2 1908.

rl he official notice of this bond offering will be found among
the advertisements elsewhere in this Department.
Graham Tazewell County, V a .— Bond Offering.— Pro­
posals will be received until 12 m, M ay 25 by J. M. Smith
<Moynnn f°r ^ 10>099 side-walk and street-improvement and
$10,000 water-supply 5 % coupon bonds. Authority Acts
CS nf rar
of t1891 and 1892. Denomination
$500. Date July 1 1908. Interest semi-annual. Maturity
“u]y 1 194,
13011(18 are exempt from taxation. Total
debt, including these issues, $37,000. Assessed valuation
for 1907 $350,483.
Grand Rapids, M ich.— Bond Sale.— Perry, Coffin A Burr
of Boston have bought $96,000 4 }■£% street-improvement
bonds at par. Denomination $1,000. Date M ay 1 1907.
lo le ? l8t semi-annual. M aturity $51,000 on M ay 1 1910 and
$45,000 on M ay 1 1911.
Great Faffs, Cascade County, M ont.— Bond Offering.—
W. P Wren City Clerk, will offer at public auction at 10
a. m. M ay 29 $100,000 4 % coupon refunding bonds. De­
nomination $1,000
Date July 1 1908. Interest semi­
annually at the City Treasurer's office or in New Y o rk City
at option of purchaser
M aturity July 1 1928, subject to
call after July 1 m g . Certified check drawn on some
bank in Great balls for $1,000, made payable to the Citv
treasurer, is required.

Green Bay, W is. Bond Offering.— Proposals will be
received until 10 a. m. M ay 27 for $30,000 D/,% coupon
Blake Brothers & C om pany, Boston-------------- ---------------;>, 5 3 % rtlscmlnt
street-paving bonds. Authority Sub-Chapter X V “Finance
f’ prV' m
olnYT, * Tupper, B oston-------------------------------- 1
3 54%
sco
t
and Expenditures” of Chapter 40a, Wisconsin Statutes
I'list National Bank. B o s t o n ___________ / $ 3 0 .0 0 0 _______ i l s . n s discount
of 1908 as amended in 1907. Denomination S I, 000. Date
Bond & Goodwin. Boston
! 3 0 ,° 0° ------------ 3.;6£ /S ,
Jan. 1 1908. Interest semi-annual. Maturity $2 000
American Banking Com pany. Boston -3 .7 5 % dlsconnYand $ 27 nremlum
yearly on Jan. I from 1913 to 1917 inclusive and $4 000
Capital Savings Bank * Trust C o.. Montpelier_______. . t % discount
Loan matures as follows: $30,000 Oct. 20 1908- $30 000 yearly on Jan. 1 from 1918 to 1922 inclusive. Certified
Nov. 20 1908; $20,000 Dec. 21 1908 and $20,000 Jan! 20 check for $250 on some Wisconsin national bank is required
Bonds to be delivered within fifteen days from date of sale'
1 urchaser to furnish blank bonds
Official circular states
Farmington, St. Francois Cpunty, M o.— Bond Sale.__A n there has never been any default in the payment of prin­
^suc of $25,000 5 % 5-20-year (optional) electric-light bonds cipal or interest and that there is no litigation pending or
dated M ay 1 1908 was purchased on M ay 1 by the Win II
threatened affecting the validity of these bonds
W L
W t o n Bond A Mortgage Co. of St. Louis. Denomination Kerr is City Clerk.
‘ ‘
$500. Interest semi-annual.
Greene County (P. O. Greeneville), Term.-B id s Rejected.
Fitzgerald, Ben Hill County, Ga.— Bond Sale.— Mac
-All bids (the^ughest of which was 103.50) received on
Donald, McCoy A Co. .of Chicago were the successful bidders M ay 7 for $100,000 6 % 12-20-year (optional) road-im­
on M ay 15 for the $20,000 5 % 30-year coupon funding bonds provement bonds offered on that day were rejected
De­
described in t . 86, p. 1178. The price paid was 102 072 nomination $500. Date July 1 1907. Interest is payable
and accrued interest— a basis of about 4.868%.. Following at the County Treasurer’s.
are the bids:
6
Gresham, Y o rk County, Neb.— Bond Offering.— Proposals
^ Chicoim'*’ McCoy & C o IJ- IV. Dlckcy, A u gusta. .$ 2 0 ,2 0 5 00
will be received until 8 p. m. M ay 25 by J. E. Hart, Village
r it rvwo;,' oV i................. *20,414 50 Seasongood* Mayer, Cln. 2 0.000 00
C. II. CQffln, Chicago------- 20,301 00|S. A . Kean, Chicago____ 10,800 00
Clerk, for the $8,500 6 % coupon water-works bonds voted



1298

THE CHRONICLE

(VOL. LXXXVI.

Ligonier, Noble County, Ind.— Bids — On M ay 14 the
Denomination $100. Date Common Council received the following bids for the $16,500
M av l k 1908
Interest annually in New \ o r k City. Ma- 41^ % coupon electric-light-plant-construction bonds de­
tiiritv M av 15 1928, subject to call after M ay 15 1913. Cer­
scribed in V. 86, p. 1179:
tified check for 1 % , payable to the “ Village of Gresham,
Citizens’ Bank. Ligonier-.5 1 7 ,5 1 0 00 |C H ^ n
C h ^ g o - --5 1 0 ,8 6 6 00
is required. dotal debt, this issue.
Uir , ^ H ardson, Clne.n-17
63
16.758 75
Hamilton, Ohio.— Bond Sale.— On M ay 20 the $2,500 4 /q
The
City
Clerk
writes
us
that
no
action
will
be
taken
on
in vp .ir South D Street storm-sewer-construction bonds,
dated July 1 1907 and described in V. 86, p 1241 were the above bids until a $500 bond now outstanding uis )(' c‘
boueht by the Miam i Valley National Bank of Hamilton at canceled, it having been discovered that the city is about
nar and accrued interest. This was the only offer received. $200 in excess of the debt limit allowed by law.
11 Bonds Not Sold.— The two issues of 4 K % 10-year samtary- Lockw ood School District, Alameda County, Cal.— Bond
sewer construction bonds, aggregating $4,268 32, offered on Sale — On M ay 11 the First National B ank of Oakland
purchased $30,000 5 % 1-20-year (serial) building and im ­
the same day, failed to attract any bidders.
Hartford (Conn.) W ashington School District.— Bond provement bonds for $30,158— the price thus being 100.5-6.
Offering.— Proposals will be received until 11 a. m. June 6 Denomination $1,500. Date July 1 1908. Interest annual.
Madisonville (P. O. Independent Station M , Cincinnati),
by Walter L. Wakefield, District Treasurer, for $100,000 4 %
school bonds. Denomination $1,000. Date July 1 1907. Ohio — Bids — Wc are informed that the following bids were
Interest semi-annual. Maturity July 1 1932. 1 urchaser to received on M ay 13 for the $20,000 4 % coupon water-works
iay accrued interest. A s stated in V. 85, p. 4-6, these plant-improvement bonds maturing Dec. 31 1932 and tne
«o 500 4 % 25-vear coupon town-hall-improvement bonds
c► onds were offered without success on Aug. 1^ 1J07.
Havre School District No. 16 (P. O. Havre) Chouteau awarded on that day (V. 86, p. 1242) to the Western Ger­
County, M ont.— Bond Offering.— Proposals will be received man B ank of Cincinnati.
est -Gcr Bk
Clncln .5 2 2 ,6 4 0 0 0 1Scasongooil* Mayer, £ i n . $22,550 50
until 2 p. m. M ay 25 by L. K . Devlin, Chairm an, for $15,000 W
W ell, Roth & Co , Clncin 2 2 ,6 2 1 5o| cen .T .& Safe D .C o .. C ln .a2 0.12 5 00
coupon school-building bonds at not exceeding b/0
a for $20,000 water bonds.
>
Authoritv election held April 4 1908. Denomination $1,000.
Malden School D istrict (P. O. Malden), D u nklin County,
Date M ay 25 1908. Interest semi-annually m Dort Benton.
Maturity M ay 25 1928, subject to call after ten years. M o .— Bond Sale.— On M ay 1 the W m R . Compton Bond^&
Bonds are tax-exempt. Bonded debt, including this issue, Mortgage Co. of St. Louis was awarded $20,000 5A % 5-20year (optional) high-school bonds. Denomination $500.
$30,000. Assessed valuation for 1907 $l,o/4,uuu.
^
Holyoke, M a ss.— Temporary Loan — This city has bor Date July 1 1908. Interest semi-annual.
Manistee, Manistee County, M ich.— Bond Sale — On
rowed, it is stated, $75,000 from Bond &
as follows: $50,000 due next November at 3 .8 5% discount M ay 5 $16,200 4 ^ % paving bonds wore disposed of to^the
Manistee County Savings B ank of Manistee for $16,205 t
and $25,000 due next February at 3 .4 5 % discount.
price thus being 100.03. Denomination $500, except one
H ot Springs School District (P. O. H ot Springs), Garland
of $700. Date June 1 1908.
County A r k .-Bond S a le.- This district on M ay 1 awarded bond
Maturity part in each of the years 1924, 1925, 1926 and 1927.
arjn non 5 er/ hieh-school-construction and equipment bonds
M arion County (P. O. Indianapolis), Ind.— Bond Offering
to the W m R. Compton Bond & Mortgage Co of St Louis
at 91
Denomination S500. Date April 1 1908
Interest — Proposals will be received until 12 m. M ay 28 by Albeit
Sailm. County Auditor, for $100,000 8 K % bmlge-construcsemi-annual.
tion bonds. Denominations: 50 bonds of $1,000 each an 1
Kalisnell School District No. 5 (P. O. Kalisepll), Flathead 100 bonds of $500 each. Date M ay 1 1908
County,P M o n t .-Bond S a le .- On May 11 $14 500 coupon
Interest semi-annual. M aturity M ay 1 L R S . Ce ti
school-building bonds were awarded to the State Board of fied check for 3 % of the bonds bid for, made payable to the
Land Commissioners at par for os. D c n o im n a t io n S . O ) - Board of County Commissioners, and drawn on some reliab c
Date July 1 1908. Interest semi-annually m Kalispell. bank of Indianapolis, is required. Bid must be nun e on
M aturitv July 1 1928. subject to call after July 1 *9.
printed form furnished by the County Auditor and be ac­
Bonds are exempt from taxation
Bonded debt mclu<hng companied by an affidavit of non-collusion, as provided y
this issue, $58,500. Assessed valuation $1,960,064. i oi law. Purchaser to pay accrued interest, 'these bonds were
lowing are the bids:
00 originally offered on April 11. No award was made, oce
State Board of Land Commissioners (for 5 s ).................................... T l 535 00
V. 86, p. 996.
W ells & Dickey Co..Minneapolis [lor 5 « s ............................................ 14.825 00
M arshall School District No. 16 (P. O. Marshall), Clark
I f K . L * " ::::::::::::::::::: 15.405 00 County, 111.— Bond Sale.— The following bids were received
E . H . Rollins & Sons, Denver (for 5t4s)
----------------------1 4 ;606 00
on M ay 16 for $8,000 5 % coupon building bonds offered on
Union Bank & Trust C o .. Helena (for 5 H s>-------------------------1 4 ,5 1 1 0 0
First National Bank. Cleveland (for o y $ s ............... _ 14,017 00
- *,.! 03
15.377 00 that day:

(V 86 n 994') on April 7.

A . B . Leach & C o .. Chicago (for 6s) .............
Cutter. May & C o ., Chicago (for M - - - - - - .................................
First National Bank. Barnesvllle (for 6 s )...................... —

15’ li)7 0 o
14,701 00

MacDonald. M cCoy& Co.,Chl.a$8.108lCole &
Khi™in/>8 027
Dulaney N at. B k .. M arshall,- 8,160 Chas. S. K dder & O o ., ChlcagobS,0 2 V
D evltt, Tremble & C o., C hlc.a8.101 Thos. J. Bolder & C o., C h ic .- 8 ,iu o
Cutter,
& C o., C h lcago..a8,0 83| S , A . Kean, C h icago................ a '.uuo

May
Ohio.— Bond Sale.— On
L^w ood
a also pay accrued Interest and furnish blank bonds. 0 and accrued In t
M ay I f the f ,509 5/0 l241, were awarded to the First Denomination $1,000. Date M ay 1 1908. Interest annuabonds described m V ^P -^- ^ $ 7 / 7 l 7 _ t h e price thus ally at the Dulaney National B ank in Marshall. _ a*
beingni02 8 9 3 - a basis of about 4.4 45 % , Maturity $750 turitv $1,000 yearly on M ay l from 1909 to 1916 lnclusAi .
Total debt, including this issue, $14,000. Assessed vu ua
yearly on Oct. 1 from 1909 to 1918 inclusive.
tion for 1907 $293,774.
.
T nuoaster Erie County, N. Y . — Bond Sale.— On M ay 18
Medina, Orleans County, N. Y . — Bond 0//en«5f."~ 'V
the $150 000 12-41-year (serial) coupon (with privilege of
registration) sewerage-system-construction bonds described posals will be received until 8 p. m. M ay 26 by ia % •
Kearney, Village Clerk, for $30,000 reg stored villagc-ha iin V 86, p. 1178, were awarded to A. B. Leach & Co. of
coh'struction
bonds at not exceeding 5 % n , ' 1(,r
m .,_
New Y o rk City at 100.216 and accrued interest for 4.40s.
nomination $1,000. Interest annually on J b > . ' j • ‘
Following arc the bids:
turity $2,000 yearly on July 15 from 1913 to L > 1 / , ‘ ‘the
A . B. Leach, New Y o r k i£orf4/ 1« « n -5 ..................
S r t if e d check (or cash) for 5 % of bonds,
'»
Bank of Lancaster f 50,000 at
;
___
par
< 50,000 at 4.35
, - .............
Village Treasurer, s required. ^
^
'y ”
150,000 at 4 .5 0 % J
150,405
within ten days from date of sale. 11 ; ' ....
N . W . Harris & C o., New York (for 4.50s)
. ..5 1 5 ),2 ,..>
offered without success (V. SG, [). l ‘- l) o '1
* ._ '
‘
Fenwick & Rogerson, New f o l k ( l o r l^oOs) - . . . 15),216
150,034
Middlesex County (P. O. Cambridge), ,
^
W a 7 H * v e s 'V i S on s: Cksveland (for 4 . 5 0 s ) -------------porary Loan.— Reports state that tins cou
1;
j.g_
L a s Cruces, Dona A n a County, N. M ex.— Bond Sale.— $100,000
Bond <fc Goodwin of Bfiston at • ■ /0
The $10 000 6 % 20-30-year (optional) street-improvement count andfrom
$1.50 premium. Maturity Nov. 6 1908. _
bonds voted M aich 12 (V. 86, p. 1055) were awarded on
Middletown, Newcastle County, DeljL.,^°28 bv^G im ^V
M av 14 to W . A.Flem ing Jones of Las Cruces at 101. De­
Proposals will be received until 12 in. M ay 28 by Geo. v.
nomination $1,000. Interest semi-annual
Peverley, President, at the office of the Board o I own ComAu­
Lawrence, M ass. Bond Sale.— O
q S^ 11 o-ye^ar m iss’oners, for 811,000 5 % coupon refunding bonds.
& Burr of Boston purchased the $80,000
1 1U year thority an Act of the General Assembly approved March 14
fserial) coupon sewer-extension bonds described in V. 86, 1907
Denomination $500. Da.te June 1 1908.
f
n 1241 at 101.915 and accrued interest a basis of about semi-annual. Maturity June 1 1928. Certified check lor
3 6 1 3 % ’ ' Following is a list of the bids received:
1 0 % of bonds bid for is required.
.4 .0 1 o / 0 .
->
W Harris & C o., Boston 101.171)
Perry, Coffn & Burr, B o s - - - 1 0 1 , 0 1 o UN. W . H an
H os.101.178
M ishaw aka School City (P. 0. M ishaw aka) In d . - f io » 4
H . W . Poor & C o.. B oston .. . . 6 1
& C o., B o s to n .. . 101.17
R. H . Rollins & Sons. B o s .--1 0 1 .5 7
Blake ro? . ^
Bo3ton
101.0!)
Offerin'i — Proposals will be received until 7.30 p. m. >■ <>
Parkinson & Burr. B o s t o n .--1 0 t .3 3 1 ,L a m s & C o ., B oston ________101.02
b
i '. Partriage,
Partridge, Treasurer,
% egold
hvf Ff A.
ireasurm. for *35,000 4wo
y - coupon
1(;n8
i o u X 0 Br&osC? N ^ T o r k : : : i 0 i : 2 C j Blanchard & C o ., B oston. . . . 100.87
building bonds. Denomination $500. Date J llly
^ l
Interest
semi-annually
at
the
office
Liberty School District, Tulare C<™n$ ’(
v ^ o n lT t o
— This district on M ay 4 disposed of
,000 7 % bonus to turity $3,500 yearly on July 1 from 1909 to 1918 | .
W. F. Johnston at 110.842. The following bids weie rc- Bonds are exempt from taxation. Certified choc
of bid, payable to the School City o M isluiw ak , ^ ? ufttioll
Bonded debt at present $ l i , 000. Assessea
7 5 1First § r X - . - O a k i a n d : : $77 :3
o i 52 50
$4,184,420. Bid must be made on blank foims turnumec
VVm.R.Staats C o.. Pasad’a. 7,4 5 7 0 0 1
by’the’school city.
L- 681
Securities are dated M ay 1 1908.




May 23 1908.J

THE CHRONICLE

M t. Clemens, M ich.— Bond Sale. — On M a y 18 this city
sold $15,000 5-9-year (serial) engine-house-construction
bonds to W. E. Moss & Co. of Detroit at 100.175 for 4 ^ s .
Following are the bids:
W . 13. Moss

&C o., D e t r o i t ________________________ /for 4 433________$15,026 25
(for 5s.................. 15,315 00
&C o., C in cin n ati_____________________ jfo r 4 4 3 s _______ 15,020 00
Uor 5s--------------- 15,102 10
MacDonald, McCoy & C o., C h icago________________for 5s_________ 15,386 00
First National Hank, Cleveland ____________________ for 5s_________ 15,327 00
S. A . K ean, C h ica g o ----------------for 5s...........15,315
00
Seasongood & Mayer, Cincinnati -----------------------------for 5 s . .............. 15,267 00
M t. Clemens Savings Bank, M t. C le m e n s ---------------for 5s------------Par
W ell, Roth

Denomination $1,000. Date June 1 1908. Interest semi­
annual.
M t. Oliver (P. O. Pittsburgh), Allegheny County, Pa. Bond Sale.— The $15,000 4 %% 5-14-year (serial) bonds
offered but not sold on April 13 (V. 86, p. 996) have been
awarded at private sale to W. Bell for $15,010 (100.066) and
accrued interest.
M ontgom ery County (P. O. Dayton), Ohio.— Bond Sale.—
On M ay 21 the $50,000 4 j ^ % restoration-bridge bonds
described in V. 86, p. 1242, were awarded, according to
reports, to the Dayton Savings & Trust Co. of Dayton at
103.77— a basis of about 3.88%. Maturity $5,000 yearly
on Dec. 1 from 1910 to 1919 inclusive.
New Lexington School District (P. O. New Lexington),
Pearry County, Ohio. -—Bond Sale.— On M ay 21 the $30,000
5 % bonds described in V. 86, p. 1242, were awarded, it is
stated, to the Somerset Bank of Somerset for $32,725 23—
the price thus being 109.084. Maturity $500 each six
months from March 1 1909 to Sept. 1 1938 Inclusive.
New Richmond, Clermont County, Ohio.-— Bond Offering.
— Proposals will be received until 12 m. M ay 25 by C. T.
Bainum, Village Clerk, for $3,000 4 % sidewalk-construction
(village’s portion) bonds. Authority an Act of the Legisla­
ture passed April 26 1904. Denomination $200. Date
M ay 25 1908. Interest annual. Maturity M ay 25 1933.
Bid must be unconditional and accompanied by a certified
check for $100 made payable to the Village Treasurer. Pur­
chaser to pay accrued interest and furnish blank bonds.
Bonds will do delivered within ten days from time of award.
Newton Falls, Trumbull County, Ohio.— Bond Sale.—
On M ay 15 the $20,000 4j/6% 4-23-year (serial) coupon
water-works-system bonds described in V. 86, p. 1179,
were awarded to Otis & Hough of Cleveland at 102.13 and
accrued interest— a basis of about 4.291%. Following
are the bids:
Otis & Hough, C le v e la n d ..$ 2 0 .4 2 6 1First N at. B k ., Cleveland ..$ 2 0 ,0 5 7
New First N at. B k .. Columb. 20,338 First N at. Bank, Port AlleW ell, Roth & C o., Cincinnati 20,202|
gheny, P a ...................... ......... a par

a tor ten

bonds.

^N orthfield, W ashington County, V t.— Bonds Awarded
in Part.— Under date of M ay 21 we are informed that $500
of the $7,000 3)/2% coupon water bonds recently offered
without success (V. 86, p. 997,) have been disposed of at
par and accrued interest. The remaining $6,500 bonds
of this issue are being offered at par and accrued interest.
They are exempt from all taxation.
North Dakota.— Bonds Purchased by the State during
March and April.— We are advised that the followingdescribed bonds, aggregating $148,800, were purchased by
the State of North Dakota with endowment funds of educa­
tional institutions during the months of March and April,
“ all such purchases having^been made direct from munici­
palities and school districts issuing same. All bonds bear
interest at 4 % and were bought at par.” “ No purchase
subject to call.”
Brander School District No. 42, Bottineau County— $£,000 bonds dated
Jan. 2 1908 and maturing Jan. 2 1923.
Oarrlngton Special School District N o. 10, Foster County— $10,000 bonds
dated Feb. 1 1008 and maturing Feb. 1 1928.
Colgrove School District No. 2, Hettinger County— $4,500 bonds dated
Jan. 2 1908 and maturing Jan. 2 1928.
>
Conway School District No. 64, W alsh County— $2,000 bonds dated N ov. 1
1907 and maturing Nov. 1 1917.
Ellcndalc School District No. 2, Stutsman County— $1,000 bonds dated
Oct. 1 1007 and maturing Oct. 1 1917.
Elm Grove School District No. 13, Stark County— $6,000 bonds dated
Feb. 1 1908 and maturing Feb. 1 1928.
BMin Grove School District No. 64, Grand Forks County— $1,000 bonds
dated Feb. 1 1008 and maturing Feb. 1 1913.
Exeter School District N o. 13, Emmons County— $1,500 bonds dated
March 2 1008 and maturing March 2 1023.
Fort Lincoln School District N o. 34, Morton County— $250 bonds dated
Feb. 1 1008 and maturing Feb. 1 1918.
Freltag School District N o. 65, McLean County— $2,000 bonds dated Jan. 2
1908 and maturing Jan. 2 1023.
Gilson School District N o. 47, W ard County— $2,100 bonds dated Feb. 1
1908 and maturing Feb. 1 1928.
Hannaford Special School District N o. 22. Griggs County— $9,000 bonds
dated Feb 1 1008 and maturing Feb. 1 1928.
Harmony School District No. 25, Benson County— $2,500 bonds dated
July 6 1906 and maturing July 6 1916; also $4,500 bonds dated July 1
1907 and maturing July 1 1017.
Hettinger County— $20,000 bonds dated Jan. 15 1008 and maturing Jan. 15
1918.
Hettinger School District No. 2, Adam s County— $7,000 bonds dated Jan. 2
1908 and maturing Jan. 2 1018.
Iowa School District No. 3 , Hettinger County— $5,500 bonds dated Jan. 2
1908 and maturing Jan. 2 1028.
Knife River School District No. 10, Merocr County— $2,100 bonds dated
Feb. 1 1908 and maturing Feb. 1 1018.
Knox School District No. 14, Benson County— $11,500 bonds dated
March 2 1008 and maturing March 2 1028.
Llileheff School District N o. 20, Ramsey County— $4,006 bonds dated
Feb. 1 1008 and maturing Feb. 1 1928.
Linden School District N o. 28, Burleigh County— $1,800 bonds dated
March 2 1908 and maturing March 2 1918.
Lund School District N o. 68, McLean County— $1,100 bonds dated March 2
1908 and maturing March 2 1923.
Marie School District N o. 17, Emmons County— $2,006 bonds dated
March 2 1908 and maturing March 2 1918.
Mercer County— $10,000 bonds dated March 2 1908 and maturing March 2
1918.




1299

New England School District No. 9, Hettinger County— $9,000 bonds dated
Jan. 2 1908 and maturing Jan. 2 1928.
Odessa School District No. 1, Hettinger County— $6,000 bonds dated
March 2 1908 and maturing March 2 1928.
Pembina (city), Pembina County— $2,000 bonds dated March 2 1908 and
maturing March 2 1918.
P
° 2 1 District N o. 60, McLean County— $1,300 bonds dated Feb 1
1908 and maturing Feb. 1 1923.
Rei?ro1^
Uls,trlct N o - 12> Williams County— $1,000 bonds dated
March 2 1908 and maturing March 2 1918.
Rural School District N o. 2, Morton County— $600 bonds dated Jan 2 1908
o « nd maturing Jan. 2 1918.
School District N o. 10, Ransom County— $1,200 bonds dated Feb 1
1908 and maturing Feb. 1 1923.
ShMrL £ r%e^on«h° 0!, Dlstrlct No. « r>, W ard County— $2,800 bonds dated
March 2 1908 and maturing March 2 1928.
St? 1oZnr a > D lstr,lct N o - 21. stark County— $1,000 bonds dated March 2
1908 and maturing March 2 1928.
S tFebm i ?908°an
d*maturing Feb W " Coun^ -»7'800 bonds dated
SW
aC
ndemanuring'March¥ m 3.16 C° Unty~ ,40° bonds dated March 2 1908
V1andSma°turlngjiC
n. 2°i922. ^ °°UIlty'_S600 b0nd3datedJan‘ 2 1908
W 1oSs and m f t u d ^ M arcl" 2 m l ™

b0nds dated March 2

W !ngF F e ^ l ^ O H aSS C ouaty— *1 .6 5 0 bonds dated Feb. 1 1008 and matur-

Omaha, D ouglas County, Neb.— Bond Offering.— In addithe 850,000 intersection-paving and the $50,000 park
4 ^ % bonds to be offered at 3 p . m. M a y 28 (V. 86, p 1243
proposals will also be received at the same time and place
tor $45,000 4 > $ % 6 % -ye a r (average) coupon special assess­
ment bonds dated April 1 1908. Interest annually at the
Nebraska fiscal agency in New Y o rk City. Certified check
or cashier's check on a national bank for $3,000 made
payable to the “City of Omaha,” is required. Official cir­
cular states there has never been any default in the payment
of principal or interest. Frank A. Furay is City Treasurer.
Palisades Park School District (P. O. Palisades Park)
Bergen County, N. J .— Bond Offering — Proposals will be
received until 8 p . m. June 6 by W. It. Romaine, District
Clerk, for $35,000 5 % coupon school-building bonds. De­
nomination $1,000. Interest semi-annually in February
and August at the Palisades Trust & Guaranty Co. in Engle­
wood. Maturity $1,000 yearly from 1913 to 1947 inclusive.
Bonds are free of all taxes. Bonded debt, including
this issue, $48,500. Floating debt $5,600. Assessed valu­
ation for 1907 $1,280,041.
Paris, O nt.— Debenture Sale.— An issue of $40,000 4 ^ %
school debentures due June 1 1928 has been awarded to
Wood, Gundy & Co. of Toronto.
Park City (P. O. Knoxville), Tenn.— Bonds Voted.— Bond
Offering.— The election held M ay 14 (V. 86, p. 997) resulted
m a v2^Q1ofnn5n79c‘^ ° r onto 148 .“against” the proposition to
issue $131,000 5 % 30-year improvement bonds. These
securities will be offered on June 10.
Pitt County (P. O. Greenville), N. C .— Bond Sale.— The
Security Trust Co. of Spartanburg recently purchased $50 000
5 % 30-year steel-bridge-construction bonds. Denomination
$1,000. Date July 1 1908. Interest semi-annually in New
Y o rk City. Total bonded debt, including this issue
$100,000. Assessed valuation, $8,700,000. Real valua­
tion (estimated), $15,000,000.
Pittsburgh, Pa. Bond Blection Proposed.—-An ordinance
providing that an election be held to vote on the issuance of
$1,000,000 bonds has been introduced in the City Council.
Pittsfield, Berkshire County, Mass.— Description of Bonds
— We are informed that the four issues of 4 % coupon bonds’
aggregating $442,000, awarded on M ay 12 to Blake Bros &
Co. of Boston at 103.79 and interest (V. 86, p. 1243 mature
as follows:
♦ iuu . uuu iiiira uuuua maturing
VV
1933 Inclusive.
$132,000 school bonds maturing $6,000 on Dec. 1 1909 and $7 000 venri^
„„
on Dec. 1 from 1910 to 1927 Inclusive.
* ' U yearly
72,000 refunding bonds maturing on Dec. 1 as follows: $1,000 In 1909

“ d ‘ w °° ■» «“ » *
“ ■00°
Denomination $1,000. Interest semi-annual. Bonds are
exempt from taxation.
Poik School District No. 72 (P. O. Polk), Polk County,
Neb. — Bond Sale.— On M ay 18 an issue of $3,800 5 % build­
ing bonds was awarded to J. E . Barkley for $3 812 50 the
price thus being 100.329
Denomination $500,'except one
Sr0n.d s .*0f
SeP V 1 1907. Interest annual.
Maturity Sept. 1 1917, subject to call, however, before
that date.
Portland, Ore.— Bond Sale.— The following bids were
recei
eceived on M ay 12 for $100,683 34 improve!
improvement bonds
offered on that day:

J. H . Albert ($50,000) .1 _a l0 2 .7 0
A .H .M aegly (for $25,183 34).a l02.484
W . P. Connoway ($10,000) .a l 0 5 . 00
Stusloft Bros, (for $ 1 0 ,0 0 0 )_ a l0 3 .00
Mrs. Lute Pease ($3,500)___ 0102.25
A . T lc h n o r /$ 2 ,0 0 0 )............... 0102.25
1 $1 8 ,0 0 0 )............. 102.001
Sec. S. & Tr. C o., Port­
land (entire Issue)_____ _
par
United States Na-1 $25,000,102,125
tlonal
Bank, }• 25,000. 102.00
P o rtla n d ............. J 10,000. 102.00

Water Bd.of Portl’d($48.500)
A . O . U . W . ($15,000)
A . E. Jackson (for $10,000) '
Seth L. Pope (for $6,000)
T . W . Jenkins (for $ 3 , 5 0 0 ) "
Em m a M . Drake (for $250) .1

-1 0 1 .6 0
.1 0 2 .0 0
par
-1 0 2 .0 0
.1 0 1 .2 5
-1 0 1 .2 5

a Successful bidders.

All bidders offered accrued interest in addition to their bids.
Port Clinton Special School D istrict (P. O. Port Clinton/
Ottawa County,\Ohio. — Bond Offering.— Proposals will be
received until 12 m. M ay 25 by F. J. Hopfinger, Clerk Board
of Education, for $25,000
coupon school-house bonds
Authority j,Sections 3991, 3992 and 3993, Revised Statutes-

fVoL. LXXX'Vl.

THE CHRONICLE

1300

Richmond, Que.— Debenture Offering.— Proposals will be
also election held March 3 1908. Denominations $1,000,
$1,500 and $2,000. Date April 1 1908. Interest semi­ received until 4 p. m. M ay 28 by E. F. Cleveland, Secretaryannual. M aturity on Oct. 1 as follows: $1,000 yearly from Treasurer, for $25,000 4 ^ % water-works debentures dated
1911 to 1916 inclusive; $1,500 yearly from 1917 to 1922 in­ M ay 1 1907. Maturity one debenture yearly for forty
clusive and $2,000 yearly from 1923 to 1927 inclusive. Cer­ years. These debentures were offered without success
tified check for $250, payable to the Clerk Board of Educa­ (V. 86, p. 501) on June 15 1907.
tion, is required. Accrued interest to be paid by purchaser.
Richm ond School D istrict No. 13 (P. O. Richmond),
Bonds to be delivered within ten days from time of award.
M ich.— Bond Sale.— A n issue of $6,000 5 % bonds, proposals
Posey County (P. O. M t. Vernon), In d .— Bonds Not Sold. for which were asked until M ay 9, has been awarded to the
— No sale was made on M a y 15 of the following bonds Bumpus-Stevens Co. of Detroit at 101.50. Denomination
offered on that day:
$600. Date M ay 15 1908. Interest annual.
$ '1 7 , 9 4 0 4 V j % g i a v e i - r o a d b o n d s .
D e n o m in a tio n $ 5 8 8 .
Rockford, Ohio.— Bond Sale.— On M ay 19 the $13,100
11,840 4 >4% gravel-road bonds.
D enom ination $148.
27.200 4 14% gravel-road bonds.
Denomination $340
5 % 1-10-year (serial) Market Street improvement assess­
The above bonds are dated M ay 15 1908. Interest is ment bonds described in V. 86, p. 1180, were awarded to
payable at the County Treasurer's affice. Two bonds of Hoehler & Cummings of Toledo at 102.347 and accrued
each issue mature eaeh six months from M ay 15 1909 to
interest. The bids received were as follows:
Nov. 15 1918 inclusive.
Preston, Ontario.— Debenture Sale.— This town, we are
informed, has awarded to Wood, Gundy & Co. of Toronto
$56,066 4 j ^ % water-works debentures maturing part yearly
for twenty-nine years.
Rapid C ity School District No. 124 (P. O. Rapid City),
M an.— Debenture Sale.— On M ay 1 the $2,700 5 % coupon
debentures for heating and ventilating the school, described
in V. 86, p. 1057, were awarded to Geo. A. Stimson & Co. of
Toronto for $2,450— the price thus being 91.111. Maturity
part yearly on Dec. 1 for twenty years.
Rhode Island.— Bond Sale.— On M ay 20 the $250,000
3 H % 50-year gold coupon or registered “Metropolitan Bark
L o a n ” bonds, a description of which was given in V. 86,
p . 11S0, were awarded to M ackay & Co. and O ’Connor &
Kahler, both of New Y o rk City, at their joint bid of 105.21
and accrued interest— a basis of about 3.288%. The bids
were as follows:
M a ck ay & C o. a n d O ’C on n or
1 N . W . H a r r is & C o ., N . Y . . 1 0 2 . 6 2 5
&
K a h l e r , N e w Y o r k ____ 1 0 5 . 2 1 I E . H . R o l l i n s & S o n s a n d
R e d m o n d * C o ., N e w Y o r k
J
B l a k e B r o s . & C o . B o s . o n . 1 0 2 .5 5 6
( f o r $ 5 , 0 0 0 ) ____________________1 0 5 . 1 2 5 | M !lle r & G e o r g e ............................... 1 0 2 . 4 1 7
B a l c h & S t r a n a h a n ____________1 0 5 . 1 0 |I n d u s t r i a l T r u s t C o ....................1 0 2 . 1 2 5
K o u n t z e B r o s ., N e w Y o r k _ _ 1 0 4 .2 1
j L e w l s H a l l ------------------------------------1 0 1 . 6 5 3 9
E s t a b r o o k & C o . , B o s t o n . , . 1 0 4 . 0 7 9 |R u s s e l l H . H a n d y . .................. 1 0 0 . 1 4
H.
W . P o o r & C o ., B o s t o n . .1 0 3 ,4 3 9 IS a m s o n A l m y (fo r $ 3 ,0 0 0 ) - .1 0 0
P r o v i d e n c e B a n k i n g C o -------- 1 0 3 . 1 4
le

NEW

I I o e h I e r & C u m m ’ g s . T o l . $ 1 3 , 4 0 7 5 0 |W e l l , R o t h & C o . , C l n c l n .$ 1 3 , 3 4 2 , 0 0
T h e F a rm ers S a v . & B a n k I'T he F ir s t N a t . B k . , C l e v e . 1 3 ,2 8 1 00
ln g C o ., R o c k f o r d . . .
1 3 ,4 0 0 0 0 | N e w F i r s t N a t . B k . , C o lu m 1 3 ,2 7 9 ,0 0
O t is & H o u g h , C l e v e l a n d - 1 3 ,3 8 3 0 0 |Sec. S a v . B k .& T r . C o . , T o l 1 3 ,1 0 8 0 0

Roff, Okla.— Bond Sale.— This city has sold the $20,000
5 % 25-year school-house bonds voted on Feb. 25. See
V. 86, p. 936.
St. Louis, M o.— Bond Offering.— Attention is called to
the official advertisement elsewhere in this Department of
the $5,500,000 4 % 20-year gold coupon bonds to be offered
at 12 m. June 10. Details of bonds and terms of offering
were given in this Department last week, page 1243.
St. Paul, M inn.— Bond Sale.— On M ay 6 the three issues
of 4 % coupon (with privilege of registration) bonds aggre­
gating $250,000, offered without success on April 15 (V. 86,
p. 998), were disposed of as follows: $125,000 29-year sewer
bonds, $50,000 30-year refunding bonds and $55,000 of the
$75,000 30-year school bonds, to H. W. Poor & Co. of Bos­
ton at par and interest, while the remainder of the school
bond issue ($20,000) was taken at par by local investors.
Saugerties Union Free School District No. 10 (P. O.
Saugerties), Ulster County, N. Y . — Bond Sale.— T his dis­
trict on M ay 4 sold $25,000 4 J ^ % school-house bonds to
local investors at prices ranging from par to 103. Denomina-

NEW

LOAN S.

^

$ 5 ,5 0 0 ,0 0 0 .0 0

GLEN

C IT Y OF ST. LOUIS
P u b lic B u ild in g s a n d P u b lic I m p r o v e m e n t

4%

T W

E N T Y -Y E A R

G O L D

B O N D S

ST . L O U IS , M ay 12th, 1908.
By virtue of Ordinance No. 22,674, the undersigned are authorized to Issue and sell for the City
of St. Louis live million live hundred thousand dollars ($5,500,000 00) of St. Louis I ubllc Buildings
and Public Improvement Bonds, and scaled proposals for the purchase of said bonds. Issued for the
following purposes, and hereinafter described, will bo received at the Mayor s Office, In the City of
St. Louis, until 12:0 0 o’ clock, noon, of the 10th day of June, 1908, and publicly opened by the unde­
signed at said place and hour:
M U N IC IP A L B R ID G E , and purchase of land for approaches-----------$ 500,000 00
H O S P IT A L S and purchase of sites______________________________________
800,000 00
F I R E D E P A R T M E N T (Engine Houses and L o ts)-----------------------------130,000 00
P O L IC E , C IV I L , C R IM IN A L A N D O T H E R C O U R T S A N D
P O L IC E H E A D Q U A R T E R S A N D H E A L T H D E P A R T M E N T
H E A D Q U A R T E R S and purchase of s i t e s ----------------------------- —
2,000,000 00
B R ID G E S A N D V IA D U C T S and purchase of lan d ---------------------------400,000 00
K I N G ’S H I G H W A Y B O U L E V A R D , C ity’s share of cost......................
500,000 00
P U B L IC S E W E R S and purchase of land........................................................
500,000 00
670,000 00
P U B L IC P A R K S — Purchase of land............. — .............................................
T o ta l.......................................................................................................................... '$5,500,000 00
o.| ri hnnds will be dated Julv 1st, 1908, and will each be of the denomination of $1,000 United
States Gold Coin payable twenty (20) years after their date, and will bear Interest from their date
at the rite of four U) per cent per annum. Semi-annual Interest coupons, payable on the 1st day of
jin n a r v and j S w rip e c U v e lv will be attached to each bond, and both bonds and coupons will be
January ana JUiy, respectively, nil y
y
V „ « rtn„| nnnlr nf C nm m m n In M ™ York In Tint tori

nolind Sterling
The bonds will contain the condition that In payment of principal and Interest,
the United S tates Gold Dollar and the Pound Sterling will be;calculated a t tfie present standard of
weight and llnencss. The bonds m ay be exchanged for registered bonds at any time.
Bidders AreRequested to state In their proposals the price, offered per bond, the par and premium
to be stated as one amount.
Comptroller
subject to forfeiture to the City In event of failure on the part of the bidder to comply with his pro­
posal, or, In case of compliance, to be retained as part of the purchase money. A tleposlt In the re­
quired amount to the credit of the City of St. Louis, In the National Bank of Commerce, In New
York, on or before Tuesday. June 9th, 1908, will be accepted as full compliance with the requirements
relating to deposits. No Interest will be allowed on earnest money deposited.
Proposals will be subject to all the conditions and reservations of this advertisement, and must
refer to same as a portion of the agreement on the part of the bidder.
Proposals should be enclosed and addressed to the undersigned and endorsed ‘ Proposal for Pur­
chase of St. Louis City Bonds.”
,, . , ,
The undersigned reserve the right to reject any or .all bids.
.
.
»!**'Yrhe Bonds will be delivered against payment therefor In current funds, at the office of the Comp­
troller In the City of St. Louis, or, If the bidder so elects In his proposal, at the National Bank of
Commerce, In New York, on the 1st day of July, 1908.
n
The opinion of Messrs. Dillon & Hubbard, Attorneys and Counselors at Law New York City,
as bo the validity of the bonds, will be furnished the successful bidders by the City.
A sample bond can be seen and further Information obtained at the office of the Comptroller
R O L L A W E L L S , Mayor.
JA M E S Y . P L A Y E R , Comptroller.




3

LOAN S.
0

, 0

0

0

RIDGE,

N. J.

4 H % S C H O O L BONDS
Sealed bids will be received by the undersigned
until eight o’ clock p. m . May 26, 1908, atShls
office in Glen Ridge, N . J ., for the purchase of
all or any part of $30,000 4 y. % coupon School
bonds, dated March 1, 1908, and due $3,000
September 1, 1929, and $3,000 annually there­
after until ali have matured.
A certified check for 2 % of the face value of
bonds bid for, payable to the Glen Ridge Board
of Education, must accompany each bid. The
right Is reserved to reject any or all bids.
For further Information and blank bid, address,
S. R A Y M O N D R O B E R T S ,
District Clerk.
The bonds will be prepared under the super­
vision of and certified as to genuineness by the
Columbia Trust Co. of New York City.

*

#

1

0

0

, 0

0

0

C ity o f L y n c h b u r g h , V a .

W A TER BONDS.
The undersigned will receive sealed proposals
until 12 o’ clock noon, JU N E 1 S 1 , 1908 for $100,­
000 Thirty-four-year non-taxable W ater Bonds
of the City of Lynchburg, Virginia.
Ihcse bonds
will be Issued In denominations of $1,000 each,
dated August 1st, 1907, bearing Interest at the
rate of four and one-half per cent per annum,
payable February and August at the office of
the Treasurer of the City of Lynchburg, Virginia.
A check for two per cent of the par value of
the bonds bid for must accompany each bid.
Said check payable to the order of the Treasurer
of the City of Lynchburg, V a ., and certified to
by a responsible bank and deposited as a guaranty
of good faith.
The right Is reserved to reject any and all bids.
It. C. Q U IN N , Chairman,
Finance Committee of Board of Aldermen.
JA M E S R . G IL L IA M , Chairman,
Finance Committee of Common Council.

bonds

to

be

called

C IT Y OF H A R T F O R D ,C O N N .
Notice Is hereby given to the holders of the
Reservoir Construction Bonds of the City of
Hartford, Issued August 1, 1893, maturing July
1, 1918, and redeemable at any time after July 1,
1908, with Interest at 4 per cent, that the C ity,
exercising Its option, will call in, pay and redeem
said Reservoir Construction Bonds on July 2 ,
1908, and that Interest thereon will cease on and
after said date.
The Phoenix National Bank of Hartford will
nav face value on above bonds on the first day o f
July, 1908.
.
C H A R L E S H. SLOCU M .
City Tteasurer.
Hartford, C onn., April 15, 1908.

May ‘J3 1908.1

THE CHRONICLE

tion $1,000. Date M ay 4 1908. Interest, semi-annual.
M aturity $1,000 yearly on Oct. 4 from 1908 to 1932 inclusive.
Saskatoon Public School District No. 13, Sask.— De­
benture Offering.— Proposals will be received until M ay 26
by W illiam P. Bate, Treasurer (P. O. B ox 7, Saskatoon),
for $»i5,000 debentures. M aturity part yearly for twentyfive years.
Scottdale School D istrict (P. O. Scottdate), Westmore­
land County, Pa.— Bond Sale.— This district has awarded
the $24,300 4
bonds described in V. 86, p. 998, to the
First National Bank of Scottdale at par.
Shelby County (P. O. Shelbyville), K y .— Bond Election.— A t the general election next November the question of issu­
ing $100,000 court-house-construction bonds will be voted
upon.
Sidney School District No. 5 (P. O: Sidney), Daw son
County, M ont.— Bond Sale.— The State of Montana on
M ay 16 purchased the $3,300 5-10-year (optional) coupon
school-house bonds described in V. 86, p. 1181 at par for
5s. Bids were also received from the First National Bank
of Barnesville and the Union Bank & Trust Co. of Helena.
Sidney School D istrict (P. O. Sidney), Ohio.— Bonds De­
feated.— A vote of 83 “for” to 552 “against” the question of
issuing $15,000 high-school-building-addition bonds was the
result, it is reported, of an election held April 7.
South Orange, E sse x County, N. J.— Bond Sale.— The
highest bid received on M ay 18 for the $48,000 4 3 ^ % 37-40year (serial) coupon (with privilege of registration) sewer
bonds described in V 86, p. 1244, was one at 105.271 and
interest— a basis of about 4.222%, submitted bv Blodeet
Merritt & Co. of New Y o rk City.
Spokane County School District No. 81, W ash.— Bond
Sale On M ay 18 the $250,000 20-year school-building
and site-purchase bonds described in V. 86, p 1181 were
awarded to N. W. Halsey & Co. of Chicago for $260,063
(104.025) for 43^s— a basis of about 4.201%.
Stoddard County Drainage District No. 7 (P. O. Bloom ­
field), Mo.— Bond Sale.— On M ay 6 the $80,563 20 6 % It. L.
Snider et al drainage-system-construction bonds described in
V.;86, p. 1117, were awarded to John Nuveen A Co. of Chi-

WHEW L O A N S .

NEW

$ 1 5 ,0 0 0

$

T e r r ito r y o f N e w M e x ic o

4% BONDS

1

Borough

1301

^ o atoP.a r- Bonds are dated M »y 1 1908 and mature
1910’ $4,000 yearly from 1911 to 1919 inclusive
and $4,500 yearly from 1920 to 1928 inclusive.
Stonington, New London County, Conn .— Bond Sale —
On M ay 1 the $100,000 4 % 20-year coupon (with privilege
? L f 1Pg,sfcratlon) refunding bonds mentioned in V. 85 I d
160L, were disposed of at 98 to N. W. Harris & Co. of Boston
Denomination $1,000. Date M ay 1 1908. Interest semi­
annual.
Stratford, Ont. — Debenture Sale.— The Dom inion SeCorporation has been awarded, it is stated, $11,000
4 ^ % debentures due Jan. 1 1938.
ii^0^?d0’
— Bids Rejected.— The City Auditor rejected
all bids received on M ay 6 for the $87,000 4 % 10-year coupon
refunding bonds described in V. 86 p. 1058.
Tro7» N - Y .— Bond Sale.— On M ay 19 the $200,000 1-40year (serial) water-works and the $30,000 1-20-year (serial)
irospcct 1 ark 4 > £ % coupon or registered bonds described in
v , v P ’ 1244> wero awarded to H. W. Poor &
A Co. of New
\ ork City at 106.077 and accrued interest, The following
bids were also received:
$200,000
$30,000
Water- Works
Park
Bonds.
N . W . Harris & C o., New Y o r k ..
103.104
Rlodget, Merritt & C o .. Boston
............. .... ................
102.78
R . L . Day & C o.. Boston_____ I I .......................... ...................i n ^ ] 7
102.58
A . B . Leach & C o., Boston........ ..................................................
102.178
N . VV. Halsey & C o., New Y o r k ".......... ............................“ "In '.H i’o
102.318
SJpvmnnr A- f'o Mo«r York
103.18
Union National Bank,t,T
Trov
.............................................. i n ? '? ,
r° y .......................................
102.57
Ferris & W hite, New Y
Y oork
r k...............
. . . ! ” : -.............................
............
1
0
5
'na?
........................................ 105.032
102.532
...........................
105 03
Kountze Bros., New York
105.03
Mackay & C o., New York
~ .........................
103.04
Adam s & C o., Boston_______I I I ............................................... I 0 4 fi7 t
104.673
Fenwick & Rogerson, New Y o r k . . . : : : " : .......... ............. 1 0 4 - 55 3
l o l 'i s
W m . A . Head & C o.. New Y o r k . . . .
............................. 1 0 3 1 7
1 0--------218
Maniifaetnrpro* Bank,
Dani, Trov
1'
Manufacturers’
............... i n ? ‘on
Thos. O ’Connor, W a t e r f o r d . . " " " " " " " " " " " iq o .OO
Jose Parker & C o., Boston.

ThoV

Denomination
annual.

-----------Par! Koehler & Cum mines, ToIedo7*Jp!S
m n ' ' P n 1U e,Is*Dleke> C o ., Minn. (forfis) $7,025

$1,000.

LOAN S.
0

, 0

102.323

Wabasso, M in n.— Bond Sale.— On May 16 F. E . Magraw
o bt. Paul purchased $7,000 5 3 ^ % 10-year water-works
bonds at par
I he bids received were as follows:

0

of

Date

July

1

1908.

Interest

IN V E S T M E N T S .

0

Norwood

BERGEN C O U N T Y , N. J.

R. L. DAY & CO.,

87 W a ll S t .
Sealed proposals will he received by the under­
5 P U B L IC S C H O O L IB O N D S
signed Treasurer of the Territory of New Mexico
NEW YO R K
BOSTON
at Santa Fe, New Mexico, until MAY 30T11
Sealed bldslwlll Oclreceived unth W E D N E S ­
1908, AT 10 O’CLOCK A Al., for the followingD
A
Y
,
M
A
Y
27T
H
,
1008,
at
8
p.
m
.,
by
the
Board
described bonds of the Territory of New Mexico
Delivery to be made at New York. Chicago. St. of Education, for the whole or any part of the
following bonds, dated July 1st, 1008, and bear­
Louis or Denver.
$15,000 00 Armory Building Bonds of the Ter­ ing Interest at 5 % per annum , payable 'sem i­
ritory of New Mexico, to be dated April 1st, annually October 1st and April 1st at the Closter
National Bank of Closter, N . J .,
1004, due In 30 years from that date, and optlona
One at $500 dueO ct. 1 1 9 1 8 1
on and after 20 years from date of Issue, payable
’ ’ ” 500 .................
1910
In New York, bearing Interest at the rate of four
IHembero N ew Y ork and
” ” 500
1920/
per cent per annum, payable semi-annually In
Bouton S tock E xchanges
” ” 500
New York.
1«21|
” ” 700
1922/
No bids for less than par and accrued Interest
’ ’ ” 750
1923
from date of last matured coupon will be enter­
” ” 750
1924|
tained; the right being reserved to reject any or
” ” 750
1925
all bids.
”
”
750
1926
The Acts of the Territorial Legislative Assem­
” 750
1927
bly authorizing the above-described Issue of bonds
” ” 750
1928
were approved by A ct of Congress entitled "A n
” ” 700
1929
A ct to validate certain Acts of the Legislative
B' ” 700
1930
Assem bly of the Territory of New Mexico with
” ” 700
1031
reference to the Issuance of certain bonds,”
B” ” 700
1932
approved March 2d, 11)07.
J. H . V A U G H N ,
Total, 0$1O,OOO
Treasurer of New Mexico.
Certified check to the order of J.'Earnest’ Crane
District Clerk, lor 10% of bonds b id ,6s required
1 he-purchaser to pay accrued Interest.
rhe assessed valuation of •property In said
Boroughds $500,000 more or less.
I he only other bonded Indebtedness carried
at present Is $2,500.
wl11 ,bu opened on W ednesday’, May 27
at>8.30 p. m ., In the school building.
llie right to reject anytor all bids Is reserved.
H E N R Y / E L L IN G ,
W M . F. H AR R A ,
W M . DEM AREST,
bc rccc'ved for $30,000 S IN K ­
2 W A L L S T ., N E W Y O R K
IN G L U ND L O A N OF W IL M IN G T O N , D E L .,
Financial Committee..
until 12:00 o’ clock M ., M O N D A Y J U N E 1ST
1008.
Bonds will date from June’ 1st, 1008, in’
denomination of 5o0 00 or multiples thereof and
bear 4 %
interest, payable semi-annually on
W E O FFER
April 1st and October 1st, and will mature
$8,700 on the Hist day of October, 1030- and
$21,300 on the first day of April, 1031 *A1I of
said Issue lor use of the B O A R D o f S T R E E T
A N D SK IVE R C O M M ISS IO N E R S, to p a y 'fo r
BA N KERS,
the curbing, guttering, grading, widening, paving
and Improving of T E N T H S T R E E T , between
M A R K E T and T A T N A L L S T R E E T S ,In the Cltv
of W ilm ington, Del.
All proposals must be accompanied by certified
3 0 NASSAU S T R E E T , N E W Y O R K
check payable to the order of “ T H E M A Y O R 31 N assau St.,
N ew Y ork
A N D C O U N C IL O F W IL M IN G T O N ” for 2 %
S T A T E , C IT Y & R A IL R O A D B O N D S
of I*1.0 amount of bonds bid for, the same to be
forfeited If the bidder falls to accept and pay
lor the bonds awarded. The successful bidder or
bidders will be required to settle for the bonds
with accrued Interest from June 1st, 1908, on
b l a c k s t a f f
or before 12;00 o ’clock noon, June 10th 1908.
1 he right to reject any and all bids Is reserved.
LIST ON AP PLICA TIO N .
Address all bids In scaled envelopes to Howard
3?- Ross, City Treasurer, marked ’ ’P R O P O SA L S
1332 W alnut Street
I OR S IN K I N G FU N D L O A N .”
H O W A R D ROSS,
P H IL A D E L P H IA
City Treasurer.
m e r c a n tile L ib r a r y B u ild in g ,
Wilm ington. Del.
C IN C IN N A T I.

35 Congress St.,

HIGHGRADE INVESTMENT BONDS
Municipal and Railroad

COLORADO SPRINGS AND
CRIPPLECREEK DIST. RY.
Co. 1st MTG. 5% BONDS

$ 1 3 0 ,0 0 0

W ILM IN G TO N ,

DEL.,

SINKING FUND LO A N .




T.

NEW JERSEY MUNICIPAL
BONDS

R. M.

G R A N T

&

C O .,

W.

STEPHEN S

&

B lo d g e t , M e r r itt &

00.

C o .,

60 Stato Stre*t, Boston

M UNICIPAL AND R AILR O A D
BON DS.

&

CO.

IN V E S T M E N T S

SE A S0N G 00D & M A TE R ,

LIST OF SPECIALTIES ON REQUEST

[VOL. LXXXYI.

THE CHRONICLE

1302

W ilm ington, Del.— Bond Offering .— Proposals will be re­
W ashington Township, Adam s County, In d .— -Subsidy
Voted.— This township, it is stated, has voted a subsidy of ceived until 12 m. June 1 by Howard D. Ross, City Treas­

$5,000 for the proposed extension southward of the Fort urer, for $30,000 4 % “sinking fund loan " bonds. DenoniT
Wayne & Springfield Traction line.
{nations: $50 or multiples thereof. Date June 1 1908.
W ashington Township (P. O. Centerville) Montgomery Interest semi-annually on April 1 and Oct. 1. M aturity
County, Ohio.— Bond Sale - - A bid of 106.88 and interest, $8 700 on Oct. 1 1930 and $21,300 on Oct. 1 1931. Certi­
submitted on M ay 16 by Weil, R oth & Co. of Cincinnati for fied check for 2 % of the bonds bid for, payable to “tlie
the $10,000 5 % coupon township-hall bonds described in M ayor and Council of W ilm ington," is required. Bonds
V. 86, p. 1182, was accepted by this township. A list of the
will be delivered on June 10 1908. Successful bidder to
bids follows:
pay accrued interest.
,
,
r ,rt*h * rn Cln $ 1 0 ,6 8 8 1Seasongood & Mayer, Cln— $10,457

The official notice of this bond offering will be found among
the advertisements elsewhere in this Department
Yonkers, N. Y .— Bond Sale.— On M ay 18 the *300,000
M aturity $500 yearly on M ay 16 from 1910 to 1915 inclus­ 4 V>% l-10-year (serial) refunding bondsi described in V.^ 8b,
ive and $1 000 yearly on M ay 16 from 1916 to 1922 inclusive

C leve. 1 0 , 5 1 7 Denison & F arnsw ort h ,C1. & B _ 10.451
Cleve
1 0 , 5 1 1 1New First N at. Bank, C olum . 10,252
O u l & H ou gh , Cleveland- "
1 0 ,5 0 0 1D ayton Sav. A Tr. C o .. D ay.par& ln

^ elrrt^0 Miiipr & ’Co

p. 1183, were sold to Rhoades & Co. of New Y o rk City at
101.4011 and interest— a basis of about 4.213%. Following

M a ss.— Bond Sale.— This town on M ay 20
disnosed of $9,225 4%^9-year coupon municipal-loan bonds
to ^Parkinson;& B urr of Boston at 102.58— a basis of about
3 6 6 2 % . Following are the bids:
W a te rto w n

a r e t h e &bGid
S ;New Y ..............................O
Rhoades
o.,
o r k --1 0 1 .4 0 1 1 h , M . Hahn. New Y o r j.-IO O .J T
Louis H a l l .................................. 101.0139 N . W . Harris & C o .. N . Y _ . 100.418
Fenwick & Rogerson----------Parkinson & Burr. B oston. .1 0 0 .7 7 1
H . S. Warren & Co - - - - - - - 1 0 0 . 3 1 7
O’Connor <& Kataler, N . Y , . 100.77
Blodget, Merritt & C o ., Bos -100 .3 1 3
Kountze Bros., New Y o r k --1 0 0 .6 3 1

& Burr, B o sto n .. 102.58 |R. L. Day & C o., B oston----- 102.29
Crocker & FlsheriBoaton______102.57 [Blodget.M erritt & C o .. B ost.102.125

Denominations $5,000 and $4,225. Date M ay 1 1908.
Interest semi-annually at the Fourth National Bank of
Boston.
Westboro, Worcester County, M a ss.— Temporary Loan.—
a loan of $10,000 dated M ay 21 1908 and maturing Nov. 21
1908 has been negotiated with Bond & Goodwin of Boston
at 3 .0 4 % discount.
W hite County (P. O. Monticello), In d .— Bond Offering —
Proposals will be received until 12 m. M ay 29 by M. B.
Spencer, County Treasurer, for $10,000 4 ^ % coupon bonds,
for the construction of the James D. Brown macadam road
in Jackson Township. Denomination $500
Date Dec. lb
1907. Interest M ay 15 and Nov. 15 at the White County
Loan, Trust & Saving Co. in Monticello.^ M aturity $500
each six months from M ay 15 1909 to Nov. 15 1918 inclusive.
Certified check for $500, payable to the City Treasurer, i
required. Bonds to be delivered within thirty days from
date of award.
____ _

Yorkton, S a sk .— Debenture Sale.— On M ay 8 the $45,000
water-works and the $15,000 sewage-disposal 40-year
debentures dated Aug. 1 1907, and described in V. 86, p. 503,
were sold to N ay & James of Regina at par for 6>2s. A s
already stated in V. 86, p. 877, this firm, offering 87.385 and
accrued interest, was the successful bidder on March 6 for
the $10,000 5 % debentures also described in V. 86, p. 503.
Yorkville, Y o rk County, 3. 0.— Bond Offering.— Proposafs
will be received until 12 m. M ay 25 by the Commissioners ol
Public Works, M. C. Willis, Chairman, for the $25,000 5 %
sewerage and water-works-extension bonds voted (V. 85,
p. 1419) on Nov. 20 1907. Date Jan. 1 1908. Interest
semi-annual. Maturity Jan. 1 1948, subject to call after
Jan. 1 1928.
..
Zelienople, Butler County, Pa.— Bond Sale.— The citizens
of this town have purchased the $7,500 4 X
A % 2-16-year
(serial) main-sewer-extension and water-works-improvement
bonds, proposals for which were asked until April 25. See
V. 86, p. 1000, for a description of these securities.

M ISCELLANEOUS.

IN V E S T M E N T S .

OFFICE OF TH E

HUNT, SALTONSTAll & CO.,

A T L A N T IC

M U T U A L IN S U R A N C E

M em ber* o f N ew Y o rk S tock E x ch a n g e
I n v e s tm e n t
60

S e c u r itie s

S T A T E

S T R E E T

B O S T O N

C O M PAN Y*

New Y ork, January 21st, 1908.
The Trustees, in conformity with the Charter of the Company, submit the following statcmentof its affairs
on the 31rt of December. 1907.
Premiums on Marine Risks from 1st January, 1907, to 31st December, 1907...................... 53,440,427 08
090,719 oe
Premiums on Policies not marked oil 1st January. 1907.......................................................... .......
Total Marine Premiums................................................................... - ............................................................. $ 4 ,131,140 39
Premiums marked off from 1st January. 1907, to 31st December, 1 9 0 7 . . . ............................$ 3 ,3 8 7 ,7 5 7 38

A lb e r t K le y b o lte &

C o.

Interest received during the year........................................................™
1 ™ ,«
R ent less Taxes and Expenses_________________________________ 124,935 79 ^ $473H 70_1 0

KSS/Afadi-ndiiidM M o,::::::::;::::: moSS!2
T^*s3 Salvages
__________ __________- $126,595 24
Re-insurances-------------------------- -------------- 302,387 06

M unicipal,
County,
and

P u b lic

S e r v ic e

S e c u r itie s
C orresp on d e n ce Soliotted

INVESTM ENT

BONDS

L is ts n p o n r e q u e st.

D enison

&

Farnsworth

b o s t o n

CLEVELAND

and

~TH E

P H IL A D E L P H IA

SOUTH.

Property and Investments of every
K in d in all Southern States.
M E T R O P O L IT A N IN V E S T M E N T CO.
QEO. B. EDWARDS. President. Charleston. S. C.

New York Office, Beaver Bldg

READY

8 »-92 Beaver Sf.

FEBRUARY

25

F I N A N C IA L R E V IE W .
1908 IS S U E .
320 Pages.
P R IC E , T W O D O L L A R S .
Commercial & Financial Chronicle,^
76




ItreetT Hew* iTorkT*

428, 982 90
$1,579,084 29

S ta te,

H i« li-O r a d e

»

Losses paid during the year which were estimated In 1906

4 0 9 W a l n u t S tr e e t,
O IK C IN N A T I, O .

Returns of Premiums....................................... --------------------------- ----------- 542,971 10
Expenses, Including officers’ salaries and clerks’ compensation, stationer* ,
newspapers, advertisements, etc...............................................................................
ASSETS.
United States & State of New York
Stock, C ity, Bank and other Sccurltles_____________________________ $5,483,622 00
Special deposits In Banks ATrustCos.
650,000 00
Real Estate cor. W all & Wllllam Sts.,
& Exchange P lace.$4.299.000 00
Other Real Estate &
claims due the com­
p a n y ...........................
75.000 00 4 ,374,000 00
Premium notes and Bills Receivable
Cash In the hands of European
Bankers to pay losses under pollcles payable In foreign countries.
Cash In Bank________________________

1,376,916 51

$348,884 so

L I A B IL IT IE S .
Estimated Losses and Losses Un-

00

Prem lum son Untefminated'mslraCertlllcates of Profits and Interest

7 4 3 ’380 01
^
^

R e V u T p r e m i u m r u Y p a i d .:::::::

m .e o o i e

^deem ed? W l t f f l

for

Unpaid

C e K ^ V -P T O ^ ;O u ^

^
?

R ea?E state Reserve Fund---------------

^

^

;M 0 00
270,000 00

185,005 17
595,353 43

Aggregating............................. ........ $12,664,897 11

.$ 1 0 ,8 0 7 ,7 4 3 47

Aggregating -

A dividend of Six per cent Interest on the outstanding wrtlflrates rf ^ o ftts wm be p ^ to the ho d
thereof, or their legal represen tatives, on and after T u e s d a y th e f o a r t l i ot e b r u a r y next^
The outstanding certificates of the .ssue of 1902 will be adeemed 1 and p a ^ t o ui^noiaera tnereoij
or their legal representatives, on and after Tuesday the fourth of Feme ofVt>avment and canceled
Interest thereon will cease. The certificates to be produced at the
. o f tli<?ComSSSy fo rth e year
A dividend of Forty per cent Is declared on the net earacd premiums of the C o m p l y lor the year
ending 31st December, 1907, for which, upon application, certificates wll1 bo issued on and alter

1

era

Toe,Ay the MU. o, May »■*..
G U S T A V A M S IN C K ,
F R A N C IS M. B AC ON ,
JO H N N . B E A C H ,
W I L L IA M B , B O U L T O N ,
VER N O N H. BRO W N ,
W A L D R O N P. B R O W N .
JO SE PH H . C H A P M A N .
JO H N C L A F L IN ,
G E O R G E O. C L A R K .
C LEV EL AN D H . DODGE.
C O R N E L IU S E L D E R T ,
R IC H A R D H . E W A R T .

TRU STEES.
H E R B E R T L . G R IG G S .
C L E M E N T A . G RISC O M ,
A N SO N W . H A R D .
M O R R IS K . JE SU P .
L E W IS CASS L E D Y A R D ,
F R A N C IS H . L E G G E T T ,
C H A R L E S D . L E V E R IC H .
LE AN D ER N . LO VELL.
GEORGE H. M ACY,
CHARLES H. M ARSH ALL,
W . H . H . MOORE,

N IC H O L A S F . P A L M E R ,
H E N R Y P A R IS H .
DALLAS B. PR ATT,
G E O R G E W . Q U IN T A R D ,
A . A. RAVEN,
JO H N L R IK H R .
D O U G L A S R O B IN S O N ,
G USTAV H . SC H W AB ,
W IL L IA M S L O A N E ,
ISA A C S T E R N .
W I L L IA M A . S T R E E T ,

A . A . R A V E N . President.
,
C O R N E L IU S K L D E R T , Vice-President.
S A N F O R D E . C O B B , 2d Vice-President.
C H A R L E S E . F A Y . 3d Vice-President.