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CLEARINGS—FOR APRIL 1903 AND 1902.
ALSO

S IN C E J A N U A R Y

1903

AND

1003.

In. or
Dec.

503,004,010
20,880.500
12,202,008
7.050,103
7,721,028
7.440,344
6,380.132
4,000,2.54
1.080,641
2,752,016
1.708.210
075,348,065

SAM E

W E E K

1002.

1903.

1903

619,873,508 -M 2 2,331,082,840 2,356,598.440 —11
31,820.800 —01 122,007,700 120,734,500 + 1 1
48,244,239 —1-3
47,038,029
12,413.215 -1-2
7.587,203 64-0
29,777,735
28,581,301 +4-1
h
28,850,970
29,951,377 - 3 7
7.118.852 L -5
28,392,783
0,885.874
20,391,880 + 7 0
24,717,150
23,570,610 4-4-8
5^805.538
4,417,959 -7 3
17,380,776
18,551,338 —0-3
8,208,443
2.525,303 21-0
0,751,192 -15-8
9,506,071
0,104,530 +5-4
2,043.867
0,098.809
1,711.171 f t i
0,328.563 4-5-8
702,899,410 - 3 0 2,655,011,368 2,677,816,978 -0 -8

Chicago.............. 7-25,313.050 726,745.536
92,268,000
08,535,200
■Cincinnati...........
63,495,273
09,001,020
Cleveland...........
40,337,398
41.738,220
Detroit................
27,220,277
28,510,318
Milwaukee.........
21,127,359
25.254,250
Indianapolis.......
17,697,500
18,844,500
Columbus...........
11,331,309
11,131,584
Peoria................
11.075,07
12,052.409
Toledo.................
6,531,059
7.690,521
Grand Rapids...
0,518,808
7.009,105
Dayton................
4.827,328
5,863,142
Evansville.........
2,789,100
3.498,300
Akron..................
2,648,118
2,957,413
Springfield, 111...
2,449,530
2,426.875
Lexington..........
2,599.144
2.709,235
Youngstown._
_
2,120,157
2,915,864
Kalamazoo........
2,535,700
2,500.552
Canton................
1,848,434
1.872,356
Rockford............
1,551,901
1,750,204
Springfield, Ohio
1,222,163
1,303,682
Bloomington —
1,281.944
Quincy................
1,313,038
978,435
900.962
D ecatur.............
1.089,401
1,046.328
Mansfield...........
800,278
855,054
Jacksonville, 111
.
742,401
820,574
Jackson, Mich...
362,081
360,213
Ann A rb or........
Total M. W est. 1,079.705,570 1,054,226,335

W h eelin g....................
Bingham ton..............
Greensburg.................
Chester........................
Utica............................
Erie .............................
Total M iddle...........

+4-9
-4 0
—8*8
+101
+7-1
—60
+9-2
—3-3
—0-3
-1 2 0
+284
—350
+ 100
+48

Kansas Cttv................
M inneapolis........ ...
Omaha..........................
St. Paul........................
St. Joseph....................
D enver........ ...............
Des Moines..................
Sioux C ity...................
T opeka........................
D avenport..................
W ichita........................

—4 5 613,515,412 861,030,003
-2-2 256,902,774 234,790,120
+ 5 3 187,278,060 165,529.076
+11-0 113,721,183
94,674,552
—0*7
75,280,500
63,157,000
-18-6
66,112,824
73,923,881
-2 2
62,097,562
52,400,124
-18-4
08,133,823
55,048,574
H
50,543,423
42,087.728
1-18-1
-57(1
42.872,331
29.472,070
H
27.205,416
24,539.739
+1-0
4-3
20,964,15S
21,800,844
-17-0
26,554,261
22,427,083
-330
22,299,049
18,050,837
-30'5
18,242.294
15.150,592
-42‘7
16,008,420
12,122,410
+7-0
14,186,000
11,816,000
+43-4
11,371.010
8,745,123
+0-E
8,255,409
0,828.586
—4-3
6,858.054
6,819.395
+ 1 0 1.918.753,176 1.821,868,682
12-3 38,721,836.390 38,627.333,011
+ 1-8 14,345,933,610 13,689,321,241

-5 -6
+9-5
+13-1
4-jo-i
+19'2
-10-6
--19-5
- -21 "8
--20-1
-45-5
--10-0
- -374
--18-4
- -235
- -20*4
--37-5
- -20*1
- -30'0
- -20.9
+0-6
T“5*3
—0-3
+ 4-8

+16-8
+o-i
+ 12-4
-0-8
4-13*7
4-9-2
+2-2
-0-9
+2-0
+7-1-7
-3 7 5
+144
+6"5

- a b l e C lea rin g s by T eleg ra p h

D ec.

IDOL

1900.

ft
%
*
—28-4 2.464,025,093 1.158,701 032
—13 8 123.304.650 100.323 803
35.877.103
+ 20 4
47.702.350
—4'3
25,793.826
20.009,070
5,140.735
—3-6
5,831,204
—2-0
3,502,941
2,087.249
3 824.058
—70
8,032.943
—10-5
3,110,343
2.490.484
1,570,580
+ 12-6
1.232.563
+1-8
1.812.144
1,338,569
—1*4
1,085,764
755,449
—1*9
—8*2
078,520
+24 5
393.100
421,000
+0-3
580.610
408 082
317,003
+340
330,015
d in to taL
d in tn tal.
—25-8 2,683.214.398 1,340,035.661

178,258,741
21,463.100
14,897.250
9,588.200
6.205 039
6,022.847
4,348.100
2,746,540
2,718,583
2,109.242
1.076,651
950.174
823,000
614 414
588,371
730,020
432.938
487.343
3ri9,953
348,021
337.905
310.480
251,584
201,535
351,144
200,000
101.245
257,139,620

336,663,629 320,885,302
213,740,345 205,451,483
130,178,050 119,516,446
98,221,814
S9,28S,024
86,304.934
80,682,275
71,408.398
75,877,374
38,058,797
34,860,224
20,066.325
26,954,194
23,849,235
23,925,414
18,307,301
20,802,852
14,330,850
11,162.126
7,912.619
12,165,803
3.264,254
2,967,579
1,008,322,260 1,024,045,096

92.309,008
79,056,054
50,527,630
50,407,627
30,129,867
33.800,710
23,380,068
23,191,714
21.391,499
18,820,719
19,973,735
18,289,646
9,078,853
0.327,723
7,036,781
0,882,007
5,951.103
5,359,899
5,301,826
5,237,043
3,901.782
2,272,753
1,909,511
3,051,000
669.025
585,106
274,800,503 253,200 040

*
1.925 350,240
188.140.184
44.402,763
23,985,355
5 998.008
4.201.766
4.146.655
3,135,075
1,500.000
1.341.022
1,190,572
805,100
888.119
375,600
378.651
814.918
Not include
N t iDClurty
<
2,151,304,829

139.951.858
0,689.300
2.448,777
1.419 838
1.370 650
1.420,845
1,152.110
1,050,149
539,163
447,559
418.220
156,917.463

San Francisco...........
LOs Angeles..............
Salt Lake City.............
Seattle.........................
Portland......................
Spokane......................
T acom a.......................
H elen a ........................
Fargo............................
Sioux Falls_________
Total Pacific...........

Kansas City.......
Minneapolis......
Omaha................
st. Paul..............
St. Joseph..........
Denver...............
Des Moines........
Sioux City..........
Topeka...............
Davenport.........
Wichita............
Colorado Spring
Fremont.............
To. other West

*
1.378,981.566
114.732,807
54,200,002
22,964,800
5,784,947
4,417,843
3,855,253
2,805,678
1,688,975
1,304,961
1,174,004
878,153
815,830
407,700
413,733
421,165
2,024.892
420,421
1,596,607,381

/ nc. o)

181,364,488
7.892,600
2.768,230
1,566,622
2,144.478
1,503,257
1.309.344
831,638
088.882
488.830
397,035
200.955.413

+17-3
4-28-7
-14-7
- -20-7
- -270
- -290
- -63-3
—8*5
+15-8
-8 -0
+18-2

500,719.202
98,225,700
48,108,020
62,519,143
56,812,537
33,058,071
33,203,257
8,885.697
8,004.390
4.128.705
853,755,806

1902.

140,188,607 150,244,826 —10-3
6,669,400 —2-4
0,509 900
2.980.040
2,968.199 +0-4
2,092.091
1,832,339 +14-2
2,150,024
1,578 598 +36-3
1,811.256
1.753,078 - -50
1.461.O
0W
1.309.392 - -0-7
930,140
878,477 --5-0
413.770
670,40-i -39-3
630,097
748,805 —158
431,498
518,600 —10-6
159,629,721 175,238,916 —8-9

426,919,718
76,340,435
56.395,522
50,959,270
44,743,632
25,505.413
20,390,258
0,712,873
6,909,851
4,533,866
722,410,838

+9-7
+200
10-2
- 10-2
21-3
31-2
55"1
+7-8
+ 142
-6-7
+12-3

1003.

B o s to n ........................
Providence...............
H a rtford .....................
New H a v en -..............
W orcester ..................
Springfield..................
Portland......................
Kail River...................
Low ell.........................
New Bedford..............
H olyoke......................
Total New England.
Chicago........................
Cincinnati...................
C leveland....................
D etroit........................
Milwaukee ..............
Indianapolis................
Columbus........ ..........
P eoria..........................
T oled o..........................
Grand Rapids.............
D ayton ........................
E vansville.............. ..
Akron...........................
Springfield, i l l ...........
Y oungstow n........ ......
Kalamazoo..................
L ex in g to n ..................
Canton..........................
R ock ford .....................
Springfield. O..............
B loom in gton .............
Ouincy .......................

116,437.006
20,689,775
14,320,429
13,914,907
11,260.096
7,198,870
5,264.100
2.194,877
1,493,670
1,195,271
103,075,901

il

New Y o rk ...................
Philadelphia..............
Pittsburgh...................
Baltim ore...................
B u ffalo........................
W ashington................
Albany.........................
R ochester.............—
Scranton.....................
Syracuse .....................
W ilm ington................

+1-9
+12-4
+174
-8 -0
+13-2
4-18-5
4-10-7
—3-4
-1 8 0
-20*8
--40-8
-259
--148
-15-7
+7-9
4-8-9
+ 352
—1*5
+9-5
+17-0
4-11-2
+1-7
+1-5
—1-4
+12-4
4-14-1
+3-5
+4-8

127,788,494
20,187,473
11,997,216
15,338,038
13.071,186
9,444,079
8,102.021
2.300,212
1.705,293
1.115.72C
217.770,582

St. Louis............. 210 985,609 220,925,627
New Orleans_
_
56,115,366
54,852,500
1Louisville..........
40,233.102
43,894,489
Houston.............
20,880.425
24,100.527
Galveston..........
15.077,500
15.183.500
Richmond.........
19,749,841
10,071,055
Nivanmih...........
12,720,758
13,004,405
Memphis............
10,195,030
12,828,882
Atlanta...............
11,190,720
0,475.478
1Nashville...........
11,362,541
7,230.742
Norfolk..............
6,582,217
6,481,7i!4
Augusta.............
5,241,107
5,040,442
i Fort Wort h........
O.OTJ.OOf
5,701,118
Birmingham ....
5,510,405
4.124,077
Little Hock........
4.783,120
3.504.533
4,352,346
3,049,903
S e v i l l e . ..........
Macon.................
2.896,001
2,707.000
0.1S3.698
2,220,000
Chattanooga. .. .
Beaumont.........
2,055.405
1,877,516
1.640,304
Jacksonville. Fla
1,714,798
Total South... 463,487,208 458,954.580
Total all.......... 9,581.808,829 10,926.088.593
Outside N. Y . 3,637,507,558 3,573,441.010

Clearings at—

-0 -2 2,868,411,783 2.815.326,696
F6-8 390.736,150 347,600,100
h8-8 270,438,310 230,280,047
+ 3 ’5 100,979,335 181,518,573
+4*7 124,540,805 110.067,707
+10-5
98,503.064
83,174,739
+6-5
74,350,400
62,107,050
-1-7
47,299,541
48,081,002
14-2
52,883,015
44,818,950
17-8
25,559,311
30,878,209
17+
28,572,470
23,858,845
22-0
20,823,029
16,537.500
254
12,437,900
10,831,900
11-7
12,317,815
10,643,673
-0 -0
10,809,741
10,020,553
+0-5
10,710,750
9,838,612
+30-0
11,080,786
8,194,897
4-1-0
8.307,922
8,404,501
7,531,301
6,876,825
f l '3
+13-2
6,144,958
7,227,039
7,057,118
4-0*0
0.3-44.665
4-2-0
5.040,297
5,552,258
—0-0
4,391,974
4,325,542
3,581,773
3,632.057
+4M
-0 0
3,727,054
3,315,477
+1P7
3,345,370
2,031,364
+1-0
1.564.240
1.513,147
+ 2 3 4,284,288,539 4,0S8,612,958

San F rancisco...
Los Angeles......
Salt Lake City...
Seattle................
Portland.............
Spokane..............
Tacoma..............
Helena...............
Fargo.................
Sioux Falls........
Total Pacific...

, 1903.

1902, 1901, 1900.

Week mditiQ May 2.
In. or
Dec.

8
f
*
%
%
New Y o r k ......... 5,944,360,971 7,352,647,588 19-1 24,375,902,780 25,138.011,770 - 3 0
Philadelphia___ 502.582.821 518,411.808 -3 2 1,959,141,329 1,892.205,855 +8-5
Pittsburgh.......... 2-34.370,747 188,256,700 +•19-2 818.069,728 700,452,335 1-10-9
011,242,308 100,307,590 -\ro 385,773,070 303.28S.94h —1-0
Baltimore..........
24,055,724 -9-5 102,197 755
93,979,117 +8-7
20,331,814
Buffalo................
01,222,158 + 14-6
70,101,023
10,892,130 -5-7
17.857.020
Washington.......
00,907,704
50,047,390 + 8 7
13,878,123 -0-2
15.152,305
Albany................
44.023.070
44,501,408 + 0 8
11,926 915 -C0
12,140.182
Rochester..........
28,832,073
24,948,459 + 15-0
0,002,152 -5-0
7,038,778
Scranton. ..........
22,012.821
5,714,821 -1-2
22,238,010 + 17
5.045.107
Syracuse.............
10.048,855
4,820.905 -7 5
17,825,103 +10-3
5.187.108
W ilmington. ...
3,095,518 -2’0
15,529,293
14,058,552 ■f 10'5
3.804 234
Wilkes Barre___
12,903,745
13,343,528 + 5 3
3,303.592 -f-1'8
3.301.074
W h eelin g ..........
7,436,200
1,732,000 +18-4
0,147,500 +210
2,050,500
Binghamton.......
7,742,283
0,520,492 4-18-7
1,043,288 -1-2
1.010,040
Greensburg........
0,784,988
5,631,925 + 20 5
1,656,102
1,605.000
Choster..............
2.993,810 +0-7
855.091 f t ?
3,010,00(1
007,552
Frederick...... .
Total M iddle.. 6,870,030,095 8,262,827,136 10-8 27,941,705,231 28,492,478,459 —1-9
Boston................
Providence........
Hartford.............
New H a v e n .......
Worcester..........
Springfield.........
Portland.............
Pall R iver..........
Low ell................
New Bedford_
_
Holyoke..............
Total N. Eng...

CLEARINGS— WEEK ENDING M A Y 2
ALSO

1902.

Four Months.

April.
Clearings at

NO. 1976.

SATURDAY, MAY 9, 1903.

VOL. 7(1

Mansfield ...................
Jacksonville......... .
Jackson........................
Ann A rb or.................
Total Mid. Western

Fremont ..’ ..................
Total other W est’rn

183,152,486
19,124.550
15.215.691
9,836,058
6.712.242
5.533,806
3.750.000
2,605.102
2.338,923
1,728.031
1,572.049
879.026
578.000
503,828
508,878
477 564
498,870
410.559
376.003
353,007
336.302
246,997
234,230
203.597
194.558
136,541
53,080
257,620,668

—2-7
+12-2
—2-1
—25
—7*0
+8-8
+15-9
+5-4
J-10-2
+22-0
+60
+8-8
+42-4
+9-0
+15-0
+ 53 0
—13-2
+18 8
—1-6
—1-4
+0-4
+25-7
+7-4
—1-0
+805
+46-5
+90-7
—0-2

100 S26.795
20.692,200
12.846,967
10.334.093
0,283.070
3.516.719
3,575.050
2.689,232
2,191.103
1,797,830
1,348,867
780,703
588.000
578.057
412.906
404.153
535.653
331.214
304.062
268.908
217.002
202,617

149.842.839
15,042,500
9.909,091
8.005.452
6,220,052
3,012,347
2,890.300
2.456.914
2.087,823
1,773.206
1.205.552
1,000,935
417.000
427.615
305.038
385.133
440.272
265.638
295.085
263,855
109.524
240,000

80.000
292,183
143.514
84.017
237,416,295

60,000
150.362
151,026
207,708,759

31,854,298
5.837,750
2.918,347
3,098.004
2.597.228
1,850.000
1,742,425
5i)3,3t W
360,683
262.842
51,674,955

28,305,952
4.091,830
2,974,400
3.022.207
2,798.472
1.450,000
1.203,518
497.483
802.205
218.305
45,334 832

+125
+24-4
—1-9
+22-4
—7'2
+ 276
-M4-8
+11-2
+19-3
+20-2
+13-9

24,996,379
3.545.261
3,588,305
2,074,229
2.084,170
974,364
1.118,120
436,321
248,950
201.270
39,267.459

22,210,846
1.800,317
2,532.869
1,819.787
1,700,000
1,071.730
995.278
468,753
222,496
177.518
32,930,594

19,805,792
10.327,858
8.036,549
5.750,006
4,608,990
4.807,211
1.900,000
1.500,507
1.124,657
1,007,847
802.207
384.041
175,878
02.382,037

17.259.49S
14,881,177
0.829.420
6.081.785
4.844,836
3.782 105
2.129.516
1.797,952
903,401
1.452.500
602,714
650,000
159.150
60,939,164

+14-7
+0-7
+ 17-7
-5 4
+6*1
+27-1
—10-8
—18-2
+ 16-3
-24M
+33-2
—40 9
+10-5
+2M

18,205.284
11.017,b37
6,571,586
5,077.937
4.818.00(4
3,811,823
1.672.529
1,486,839
879,741
1.054,645
573,024
600,324
147.849
57,117.864

15,883,451
15.731.452
6.294.571
5,459,141
4,184.246
4.190,902
1,753,856
1,421.485
483.546
982,517
491,447

St. Louis......................
43.149.852
01,662,422
New Orleans .............
11.921.245
13.034,505
10.739.50-4
Louisville...................
10,974.520
Houston .....................
6.100.000
6,676,227
G alveston...................
3.731,500
4,004,000
Richm ond...................
3 902,870
4.469.305
Savannah.....................
2.581.871
3.509,228
M em phis.....................
3.398,003
8,212.970
Atlanta.................. ...
2,300.000
2,220,069
2.108,918
Nashville.....................
1.503,610
N orfolk........................
1.391.687
1,498.432
943 941
A ugusta......................
1,042,756
1,410.760
Fort W orth.................
1.480,068
1,102,340
1.271.700
Birm ingham..............
859.155
Little Rock..................
854.088
655.505
K noxville...................
1,079.046
Macon...........................
642.000
500,000
510.000
751.189
Chattanooga..............
328,603
Beaumont...................
409.934
898,689
363,697
Jacksonville...............
797,572 Not include
Charleston..................
Total Southern.......
99.247,083 119.712.240
Total a ll............. ... 2.220.740,747 2.810.200.649
Outside New York.. 847,759.181 884.S30.403

d C a n a d i a n . C l e a r i n g s on page 1 0 0 8 . !

115.528
50,942 142

-3 0 0
33.298.300
46,964,985
8,314.234
10,380.948
“ 8*5
9.549.0S9
—20
10,160.370
3.145.274
-s -e
4,500.000
2.701.500
—0-8
3,378.000
3,500,761
—12-1
4.103.017
8,401,462
—20-4
3,289.858
2,210,865
4-5*8
21461.403
1,037,089
+3'6
T.S72.003
1,573.840
1,592,491
+36-1
1,531.064
-7-1
1,745,150
+10-4
1,452.413
833.511
1,202,400
+o-i.
1,360.582
900,000
800,000
+15-S
574.094
—0-6
520.747
+64G
682.225
549,203
563.000
—12-2
532.000
405.000
420.000
+4PP
4-520
—8-8
250,000
268,370
d in to lal
00,493.277
—171
76.1S6.971
—208 3.314.404.700 1.870.730.590
—4-2 850,430,613 712,029,658

THE CHRONICLE.

998

ch an ge

T E E F IN A N C I A L S IT U A T IO N .

[V ol . LXXVI.

c o u ld

be

lik e ly to r e a ch

e v e ry w h e re

som e s u ch

secu red.

r e s u lt in

M e x ic o

is

th e n ea r fu t u r e .

T h e d e c id e d te n d e n c y s ilv e r b u ll io n has sh o w n to

A n id e a p r ev a ils, t o o , m o r e o r less w id e ly , th a t th e

r e c o v e r so m e p o r t io n o f its lo ss in v a lu e has le d t o an

p r o b le m o f a fix e d r a tio o f silv er f o r C h in a is n o t b e ­

in q u ir y as t o th e c a u s e ,r u m o r c la im in g th a t a c o r n e r has

yon d hope

b e e n e ffe c te d . T h is c o n c lu s io n is n o t at all n e e d fu l to

haps w ith th e h e lp o f o th e r g o v e r n m e n ts .

a c c o u n t f o r th e a d v a n c e . O n th e c o n tr a r y th e rise seem s

i f t o o h ig h a v a lu e s h o u ld b e p la c e d o n th e m e ta l, its

of

b e in g e sta b lish e d

t o b e an o b v io u s a n d n a tu r a l r e a c t io n fr o m th e r a p id

p r o d u c t io n

r e c e n t d e c lin e a n d lo w p r ic e th e m e ta l t o u c h e d , a id e d

m an d.

b y w ell k n o w n c ir c u m s t a n c e s fa v o r in g a b e tt e r m ar

by th a t n a tio n , p e r­
O f cou rse

be s tu d ie d a n d a v o id e d .

k e t.

w o u ld

in cre a s e

beyond

th e c u r r e n t de­

T h a t is th e b e s e tt in g e v il w h ic h w ill h a v e to

I t s h o u ld n o t be fo r g o t t e n th a t th e m o r e r e c e n t

d o w n w a rd m o v e m e n t has

been

p r e c ip it a te a n d

not

T h e c h a n g e s in b o n d s o n d e p o s it f o r n a tio n a l b a n k

f u lly ex p la in a b le by th e k n o w n fa c t s as t o n e w su p p ly

cu rren cy and fo r G overn m en t

and cu rren t dem and.

by th e first o f M a y T r e a s u r y

I n 1900 th e a v e ra g e p r ic e was

d e p o s its , as in d ic a te d
fig u r e s, are q u ite in te r ­

28 6 16, th e h ig h p r ic e b e in g 3C£ a n d th e lo w e st 27d.

e stin g

T h e a v e ra g e in 1901 was 27 3 16d . a n d th e h ig h p r ic e

S h a w ’s b o n d -r e fu n d ia g p r o p o s a l.

w as 29 9 16d . E v e n in th e first w e e k o f J a n u a r y 1902

b e re d th a t

th e L o n d o n q u o t a tio n was h o v e r in g a r o u n d 2 6 d . p e r

tota l o f b o n d s h e ld

in v iew

of

th e

a c c o r d in g

r a p id p rog ress
to

fo r

th ese

d ecrea se in J a n u a r y 1 903, a n d

th e 2 7 th o f last N o v e m b e r it h a d fa lle n to 21 11 1 6 d .;

loss d o w n t o th e

first

of

S ecreta ry

m o n th ly fig u r e s

cu rren cy

o u n c e , b e in g o n th e 3 rd o f th a t m o n th 2 6 £ d . w h ile on

of

I t w ill b e rem em ­

c o n t in u e d

A p r il.

the

p u r p o s e s b e g a n to
to sh ow a

T h a t d eorease has

t h e r e a fte r it flu c tu a te d to a m o d e r a te e x t e n t , to u c h in g

n ow n o t o n ly b e e n arrested , b u t th e b o n d s o n deposit

a g a in , h o w e v e r, th e lo w r e c o r d o f 2 1 1 1 16d . o n th e 29th

f o r b a n k n o te s h av e in A p r il

o f Jan u ary

e n la r g e m e n t.

1903.

S in c e th a t

d a te th e r e h a v e b e e n

W e sta te d

a g a in s h ow n a material

a w e e k a g o th a t th e appli

v a rio u s c h a n g e s in p r ic e , b u t th e te n d e n c y has been

c a tio n s f o r e x c h a n g e o f th e o ld

u p w a r d s ; th e L o n d o n q u o t a tio n o n th e 2 8 th o f A p r il

cen ts in th e la s t-n a m e d m o n th ( A p r il) w ere $57,287,

w as 25 1 16d.

650,

A s we

h ave

a lre a d y s a id , th e r e is

t r ib u t in g th is r e c o v e r y t o
m a n ip u la tio n .
was d u e .

A fte r

in th e d e m a n d f o r

less
th e

was te m p o r a r y , a n d

n e e d f o r a t­

a c o r n e r o r to a n y sp e cia l

so sh a rp a

T h e d e c lin e , to o , w as

w h ic h w ere m o r e or

no

d e c lin e a r e a ctio n
fu rth e r* d by cau ses

te m p o r a r y .
m e ta l

T h e fa llin g o ff

fr o m I n d ia a n d C h in a

it was th e

r e s u m p t io n

b y th o se

and

th a t th e

b of’ ds in t o th e 2 pei

actual c o m p le t e d ch a n g e s

m o n th w ere $ 5 3 ,6 8 1 ,8 0 0 .

In

c o n n e c t io n w ith

tha
thes«

figu res, a p o in t o f in te r e s t w h ic h w e d esire t o ca ll at
te n tio n t o is th a t

th e

bank

n o te

c ir c u la t io n afloa

u n d e r b o n d s in cre a s e d in A p r i l — th a t is, fr o m
31 to A p r il 30— $ 9 ,2 H , 641.
n o t In c lu d e

M arcl

T h is to ta l, h o w e v e r, doe

all th e a d d itio n a l 2 p e r c e n ts w h ich wen

Im m e d ia te ly p u t in t o u se b y th e b a n k s in m a tters re

c o u n t r ie s o f th e ir p u r c h a se s th a t

g a v e t o th e b u llio n

la tin g t o th e

m a r k e t its first u p w a rd im p u lse .

N e w s o f th e c lo s in g

show s m o r e fu lly w here th e n ew b o n d s , so fa r as the

T r e a s u ry D e p a r t m e n t.

T h e follow ing

b y S lam o f h e r M in t t o silv e r ca m e in N o v e m b e r 1 9 (2 ,

h av e c o n t in u e d in s ig h t, h av e g o n e :

w h e n th e d e p re s s io n was at its h e ig h t , a n d h e n c e it

Total April exolianges Into 2 per cen ts.................................. $53,681,8(1
Increase o f 2 per cents held by Treasury in April—
On deposit for olroulation ..............................$17,157,350
On deposit for Government deposits............ 19,800,500

ca st a b ig g e r s h a d o w o v e r
p o r ta n c e

w a r r a n te d ;

s ig n ific a n c e o f
be o f

th is

th e

a ft e r

m ark et

th e

th a n

recovery

its im ­

se t in , th e

e v e n ts.

The

Total traceable.. ......................................... ............... 36,957,8f

S la m I n c id e n t was r e c o g n iz e d to

m u c h less m o m e n t , e sp e cia lly in v ie w o f o t h e r
a c tio n

of

C o n g re ss w ith

rega rd

to a

c u r r e n c y f o r th e P h ilip p in e Isla n d s at first e n c o u r a g e d

Leaving as not in sight May 1........................................... $16,523,081

I t is q u it e

p o ssib le

th a t

th e a b o v e to t a l n o t ye

tr a c e a b le , th at is n o t y e t in s ig h t ($ 1 6 ,5 2 3 ,9 5 0 ), ms

b e lie f in th e a d o p tio n by C o n g re ss o f

a p o li c y o f d is ­ in c lu d e m or e o r less b o n d s w h ic h are in p rocess o
and le g a l b e in g d e p o s ite d f o r n ew c ir c u la t io n , b u t w ith th at e:
t e n d e r as th e c u r r e n c y f o r th o se I s la n d s ; b u t in M a rch c e p tio n th e a b o v e p r o b a b ly c o v e rs th e p resen t lodj
c a r d in g

silv e r

and

u sin g

A m e r ic a n g o ld

la st th e g o ld p e so , c o n t a in in g

g o ld t o th e a m o u n t o f

m en t o f th ese e x c h a n g e d se c u r itie s , th e last ite m (e:

60 c e n ts o f A m e r ic a n c u r r e n c y , was m a d e th e u n it o f

c e p t as a ssu m ed a b o v e ) s h o w in g c h it fly p e r h a p s tl

v a lu e , a n d a s ilv e r p e so o f th e w e ig h t o f th e M e x ic a n

p ortion s in p r iv a te h o ld e r s ’ h an d s.

silv e r d o lla r was m a d e

th e

s ta n d a rd

u se , to b e k e p t at 50 ce n ts in
th e c o in a g e

and

m a in ta in in g

th e

th a t silv e r w o u ld
v a lu e o f

th e

c o lle c t in g
p a r ity .
be

in a ctu a l

g o ld v a lu e b y lim itin g

a g o ld re se rv e f o r u se in
N o doubt

d is c a r d e d

m e ta l, a n d

c o in

th e

th e e a rly b e lie f

h e lp e d to

lo w e r th e

s u b s e q u e n t a c tio n p r o

T h e T ran sv a a l lo a n

in L o n d o n has h e ld a p ro®

n e n t p la c e in th e ev e n ts o f th e w eek .
th e

to n e

m a rk et

and
and

ten d en cy

to

has a ffe c t e d

our

I t has givt

fo r e ig n

exchaD f

a lso m o n e y .

N ot

T h u r sd a y w ere th e p a r tic u la r s a n n o u n c e d .

unt!

I t seen

v id in g fo r th e f u ll u se o f silv e r re m o v e d th is ca u se o f

th a t £ 3 0 ,0 0 0 ,0 0 0 o f

d e p r e s s io n , w h ile th a t a ctloD , a n d la te r th e p u rch a se s

be issu ed at par w ith in te r e s t at 3 p e r c e n t , red eer

of

a b le in 1953, th e G o v e r n m e n t

b u llio n

c a r r y in g

by th e

G overn m en t

th e C o n g re s s io n a l

fo r

th e

Is la n d s, in

a c tio n in to e ffe c t , h av e

g iv e n s u b sta n tia l a n d a d ir e c t s u p p o r t t o th e m a rk e t.
A n o t h e r a n d e v e n m o r e im p o r t a n t in flu e n c e o p e r ­

th e

£ 3 5 ,0 0 0 ,0 0 0
of

a u th o r iz e d w

th e T r a n sv a a l r 1

s erv in g th e r ig h t to pay o ff s t o c k at an y tim e a f t ’
M ay 1 1923 s u b je c t t o six m o n th s n o t ic e .

a tin g t o th e a d v a n ta g e o f silv e r is th e b e lie f th a t th e

p lica tio n ,

d is c a r d in g o f th e m e ta l by th e w o r ld has r e a c h e d its

d is tr ib u te d fr o m J u n e t o D e c e m b e r .

lim it , a n d

also a n n o u n c e d th a t o n

th a t

th e

s ilv e r sta n d a rd c o u n t r ie s o f t o ­

T h e instt

m en ts on s u b s c r ip tio n s are p a y a b le 3 per c e n t on a7

per c e n t on M ay 2 2 ; th e b a la n ce to

>

I t is, howevt,

M * y 22 th e in sta lm e n ts m '

d a y are lik e ly t o a d o p t so m e m e t h o d f o r r e in s ta tin g

a ll be p a id u n d e r a d is c o u n t o f 2 per c e n t .

T n e 11

th e m e ta l w ith in

clo se s o n o r b e fo r e M ay 12.

loan wl

th e ir b o r d e r s

in

a p e r m a n e n t way.

No

doubt

th e

O u r c u r r e n c y p o lic y in th e P h ilip p in e s has g iv e n an

be v ery la r g e ly o v e r -s u b s c r ib e d , b u t

im p u lse to th is id e a .

in b e h a lf o f A m e r ic a n s w ill n o t b e so im portan t*

O f c o u r s e it w o u ld be a g re a t

b e n e fit to in te r n a tio n a l c o m m e r c e i f a fixed r a tio o f e x ­

th e

ap p lica tios

fe a tu r e as o n o th e r p r e v io u s r e c e n t sim ila r occasions

1

THE

May 9, 1903.J

CHRONICLE.

999

v o lv e d th e q u e s t io n o f

r e la t iv e r a te s t o D a u v llle a n d

m a in ly t h r o u g h Its e ffe c t o n fo r e ig n e x c h a n g e , le a d in g

L yn ch bu rg,

C o m m is s io n

t o th e a n t ic ip a t io n o f g o l d e x p o r t s a n d

r e a d ju s t m e n t s o f r a te s , w h e r e u p o n th e S o u th e r n R a il­

T h is

lo a n

h as,

as

s ta t e d ,

in flu e n c e d a ffa ir* h e r e
so t o a d r a f t

Va.

The

ord ered

c e r t a in

o n o u r b a n k rese rv e s a n d t h e n c e to th e m o n e y m a r k e t.

way C o m p a n y file d a p e t it i o n f o r r e h e a r io g , c la im in g

A s , h o w e v e r , th e first p a y m e n t a c c o r d i n g t o th e a b o v e

th a t o n th e basis o f th e tr a ffic a c t u a lly h a n d le d d u r in g

th e a p ­ th e c a le n d a r y e a r e n d in g D e c e m b e r 31 1899 t h e c h a n g e s

( o t h e r th a n th e 3 p e r c e n t d e p o s it m a d e w ith
p l i c a t io n )

is 7

p e r c e n t o n M a y 22 (w h e n

a ll o t h e r

m o v e m e n t,

If

th ere

is

in ra te s n e c e s s it a t e d b y th e

p r o p o s e d c h a n g e s in th e

g o ld

D a n v ille ra te w o u ld in v o lv e a r e d u c t io n o f r e v e n u e s to

be any o n th a t a c c o u n t,

th e c o m p a n y in th e s u m o f $ 4 3 3 ,5 9 4 . T h e C o m m is s io n

in s t a lm e n ts c a n , If d e s ir e d , b e a n t ic ip a t e d ) , t h e
to

w o u ld b e lik e ly t o fa l l la r g e ly in th e la tt e r h a lf o f

d e n ie d

n e x t w eek .

P r o u t y w h o c r it ic iz e d th e c a p it a liz a t io n a n d r e o r g a n ­

A s o u r m o n e y m a r k e t s ta n d s to -d a y , th e

loss o f a lit t le g o l d

w o u ld

h a r d ly b e fe lt .

in c id e n t w h ic h s e e m e d in la r g e p a r t t o
o f th e d e c lin e in th e s t o c k m a r k e t o n
b e e n th e n o t

very

A n o th e r

b e th e c a u se
T h u rsd a y

has

p a c ific o u t l o o k in E u r o p e .

The

th e m o t io n in a n

o p in io n

by

C o m m is s io n e r

iz a t io n o f th e S o u t h e r n R a ilw a y C o m p a n y , s a y in g it d id
“ n o t a p p e a r th a t th e p e r s o n s t o w h o m th is s t o c k w as
o r ig in a lly is s u e d e v e r p a id o n e d o lla r in a c t u a l v a lu e f o r
i t , " a n d d e c la r in g th a t “ it d o e s n o t reBt in th e w h im o f

c r it ic is m a n d r e a c t i o n by B u lg a r ia o f th e P o r t e 's n o te

a r e o r g a n iz a t io n

was

p ose a p e r p e tu a l ta x o n t h a t w h o le S o u t h e r n c o u n t r y . "

a

d is q u ie t in g

gen era l

n o t ic e

L an sdow ne

fa ct.

g iv e n

in

th e

B e s id e s th a t th e

to

th e

H ouse

w o r ld

th rou g h

L ord

L ords

of

T uesday

w ith

r e fe r e n c e t o a n y e n c r o a c h m e n t in
w
bb c le a r ly

m ean t

G overn m en t

fo r

B r it a in

th e

P e r s ia n

c o m m it t e e

W e s h o w e d a t th e tim e (se e

in

W a ll

Chronicle o f

1 1900, p a g e 1 0 8 8 ,) th a t ih e

h a d e v e r b e e n p a id in o n S o u t h e r n R a ilw a y C o m p a n y

“ s h o u ld

regard

th e

in d e c o r o u s n a t u r e o f th e la n g u a g e u se d b y th e C o m ­
m iss io n .

case o a m e u p in th e D is t r i c t C o u r t

m en ace

to

P ow er

as a v e r y g r a v e

B r it is h in te r e s t s , a n d w e s h o u ld c e r t a in ly

resist it w ith a ll th e m e a n s at o u r d i s p o s a l ."
n o t ic e , t a k e n

to g e th e r

D ecem ber

s t o c k was u t t e r ly fa ls e , a n d a ls o c o m m e n t e d u p o n th e

G u lf

o th e r

im ­

G u lf

P e r sia n

any

to

s ta t e m e n t t h a t n o t h in g

e s ta b lis h m e n t o f a n a v a l b ase o r a fo r t if ie d p o r t in th e
by

S treet

H a s ta t e d th a t th e

R is s ia .

G reat

of

v ig o r o u s

w ith K i n g

That

E d w a r d 's v is it to

I t re m a in s t o say

now

o n ly t h a t w h en th e
th e

d e c is io n w as

a d v e r se t o t h e C o m m is s io n , a n d th a t th is a d v e r se d e ­
c is io n was o n T u e s d a y o f th is

w eek

a ffir m e d b y th e

U n i t e d S ta te s C ir c u it C o u r t o f A p p e a ls fo r th e F o u r t h

F r a n c e , n o d o u b t e x p re s se s firm n e ss o f p u r p o s e w i t h ­

C ir c u it , s it t in g

o u t a n y o f th e d ip lo m a t ic s u a v lte r in m o d o .

C ou rt

at

R ic h m o n d .
by

The

D is t r i c t

o p in io n

o f th e

Judge

B oyd, w ho

g a v e h is o w n c o n c lu s io n s in th e f o l l o w i n g
T h e n e g o t ia t io n s f o r a lo a n b y th e M e x ic a n M in is te r

w as d e liv e r e d

s ta te m e n t.

“ I t b e in g t h e r e fo r e a s c e r t a in e d t h a t

th e lo w ra tes t o

o f F in a n c e , M r . J o s e y L im a n t o u r , w e r e b r o u g h t t o a

L y n c h b u r g a n d R ic h m o n d a re d u e t o a c t iv e le g it im a t e

s u c c e s s fu l c o n c l u s i o n th is w e e k , a n n o u n c e m e n t b e in g

c o m p e t i t io n , a n d t h a t th e lo c a l ra te s

m a d e o f a s a le t o S p e y e r & C o ., s u b je c t t o r a t ific a t io n

S o u th e r n R a ilw a y C o m p a n y f r o m L y n c h b u r g t o D a n ­

by th e M e x ic a n C o n g r e s s , o f
g o ld

$ L 2 ,6 0 0 ,0 0 0 4 £ p e r c e n t

tw o -y e a r

tr e a s u r y

n o te s

of

th e

M e x ic o .

T n e p r o c e e d s o f th e lo a n a re t o be a p p lie d

to p a y in g f o r p u b lio im p r o v e m e n t s .
ers, in c o n n e c t io n w ith th e

R e p u b lic

of

T h e sa m e b a n k ­

O ld C o lo n y

T ru st C o. of

B o s to n , h a v e u n d e r w r it t e n o n e h a lf o f a lo a n o f

£7,-

v ille a re n o t w ith in th e m s e lv e s

c h a r g e d b y th e

u n r e a s o n a b le , w e a re

o f o p in io n t h a t th e p r in c ip le s o f

la w as a b o v e

a p p ly , a n d th e j u d g m e n t o f th e

C ir c u it

fir m e d .”

I t is a p it y th e C o m m is s io n

seen th e m a t te r in th e sa m e lig h t

s ta t e d

C o u r t is a f ­

c o u ld n o t have

and

a v o id e d a lo t

o f t r o u b le f o r it s e lf a n d e v e r y o n e e ls e .

0 0 0 ,0 0 0 6 p e r c e n t p r o fit -s h a r in g n o te s o f th e U n d e r -

i g r o u n d E l e c t r i c R a ilw a y s C o . o f L o n d o n .

, h alf o f th e lo a n was u n d e r w r it t e n b y

T h e o th e r

W e r e fe r r e d In o u r Issue o f A p r il 25 t o t h e B u s in e s s

S p e y e r B r o s , in

M e n 's o r g a n iz a t io n s w h ic h w e r e t h e n b e in g f o r m e d in

£ \ , 5 0 0 ,0 0 0

O m a h a a n d o t h e r p a r ts o f th e c o u n t r y as a p r o t e c t io n

a llo t te d t o th is c o u n t r y ( r e p r e s e n t in g o v e r $ 1 7 ,0 0 0 ,0 0 0

a g a in st th e h a r sh a n d a r b itr a r y a c t io n o f la b o r u n io n s .

in o u r m o n e y ) was o v e r -s u b s c r ib e d .

T h e m o v e m e n t h as b e e n m a k in g c o n s id e r a b le .p r o g r e s s

; Lon don .

I t is a n o t e w o r t h y f a c t th a t th e

tra cts a tt e n t io n
| been c u r r e n t

in v ie w

h e re t h a t

of

T h e m a t te r a t-

t h e r e p o r ts

m any

w h ic h

have

b a n k in g s y n d ic a t e s in

s in c e t h e n in

v a r io u s p a r ts o f

th e o r g a n iz a tio n s

th ey c o u ld fin d n o m a r k e t .

e ffe c t iv e

is

D en ver,

! th is c o u n t r y w e re l o a d e d u p w it h s e c u r it ie s f o r w h ic n

w h ere

th e c o u n t r y .

w h ic h
w h ic h

th a t

p r o m is e s t o
took

d iffe r e n c e s

fo rm

O ne of

b e p a r t ic u la r ly
on

A p r il 27

a n d d iffic u lt ie s

at

b e tw e e n

e m p lo y e r s a n d e m p lo y e e s h a v e b e c o m e v e r y p r o m in e n t
The

I n t e r -S t a t e

j s u sta in ed

a n oth er

C om m erce
s ig n a l

C o m m is s io n

d e fe a t

in

seem s s tr a n g e th a t th is b o d y , w h i c h
|s tr u m e n t f o r so

m u ch

h as ju s t

th e c o u r t s .
c o u ld be

g o o d in a r r a n g in g

a u in

d if f ic u l t ie s

i b e tw e e n s h ip p e r a n d c a r r ie r , c a n n o t le a r n t o c o n d u c t
affairs in s u c h a m a n n e r as t o
p r o v a l.

c o m m a n d ju d i c i a l a p ­

W e all k n o w th a t ju d g e s

in n e a r ly a ll b r a n c h e s o f

tr a d e .

T n is

lik e t o u p h o l d th e

d erstood
m en .

to

The

o ffic ia lly

em brace

n ow

o b je c t s

of

in fo r m e d

a re

som e

th e
(l)

6 ,0 0 0

to

o r g a n iz ad o r u n o r g a n iz e d , b y e n c o u r a g in g f r ie n d ly
d is c o u r a g e s tr ik e s , lo c k o u t s , b o y c o t t s

j p resen t ca se w o u ld n o t

c a ll

fo r

I th e C o m m is s io n is o v e r r u le d s o

Tne

s p e c ia l c o m m e n t , as
o f t e n , e x c e p t th a t in

a re

s ta b ilit y

o f b u s in e s s a n d s te a d y e m p lo y m e n t o f la b o r , w h e t h e r

j v io la t in g le g a l p r in c ip le s

ju s tic e .

we

p r o m o te

r e la t io n s

ru le s o f

b u s in e s s

A llia n c e

i acts o f G o v e r n m e n t b o d ie s , i f th is ca n b e d o n e w it h o u t
or

C it iz 3ns’ A l l i ­

It a n c e w as s ta r t e d w ith a m e m b e r s h ip o f 90 0 a n d is u n ­

b e tw e e n

e m p lo y e r s a n d e m p lo y e e s , a n d t o

m e n ts w h ic h sa v o r o f

a n d a ll m o v e ­

p e r s e c u t io n ; ( 2 ) t o p r o t e c t its

m e m b e r s a n d th e c o m m u n it y at la r g e , a n d a ll p e r s o n s

{th is In sta n ce th e C o m m is s io n in its R e p o r t a n d F in d -

w h o d e s ir e w o r k , f r o m u n la w fu l in t e r f e r e n c e a n d th e

j l o g (a n n o u n c e d in 1 9 0 0 ) w e n t o u t o f its w ay t o m a k 9

e v ils o f s tr ik e s a n d

a w h o lly u n c a lle d f o r a t t a c k u p o n t h o s e w h o h a d b e e n
| prom in en t in o r g a n iz n g th e
was th e d e fe n d a n t in
1 f
o

th e

C it y

Ith e

S o u th e r n

of

r a ilr o a d c o m p a n y w h ic h

th e a c t i o n .
D a n v ille

T h e ca s e w as th a t

and

R a ilw a y C o m p a n y a n d

o th e rs

a g a in s t

o th e rs, an d in ­

oth er

s im ila r

m o v e m e n t s w h ic h

u n n e c e s s a r ily a n d u n r e a s o n a b ly in t e r f e r e

w it h t r a d e

a n d b u s in e s s, a n d ( 3 ) t o p r o t e c t I cb m e m b e r s in t h e ir
r ig h t s t o m a n a g e t h e ir b u s in e s s in

s u c h la w fu l m a n ­

n e r as th e y d e e m p r o p e r , w it h o u t d o m in a t io n o r c o ­
e r c io n b y a n y o r g a n iz e d m o v e m e n t s a g a in s t s u c h r ig h ts

JO O
O

THE CHKONICLE.

W e are su re m a t tn r o u g n th is a n d o th e r lik e o r e a n iz
a tio n s , m u c h g o o d w ill b e a c c o m p lis h e d .
la b o r in g m e n m u s t b e

ta u g h t

th a t

M is g u id e d

e m p lo y e r s

have

fVoL. LXXVI.

a b le in th ree eq u a l a n n u a l l u a i a l u i u n i s , w .jic h loa n
w o u ld be s e c u r e d b y th e assets o f th e T r a n sv a a l a n d
w o u ld n o t b e g u a ra n te e d b y th e B r itis h G o v e r n m e n t,

r ig h ts as w e ll as e m p lo y e e s , a n d th a t tra n sg re ssio n s o f

t h o u g h th e la tte r h a d u n d e r ta k e n t o u n d e r w r ite £ 1 0 ,-

th e law w ill b e v is it e d w ith s te rn p u n is h m e n t.

0 0 0 ,0 0 0 o f th e loa n .

b u sin ess m e n th u s u n it e d it
m ake

m ore

red ress
du ct

fre q u e n t

of

on

a p p e a ls

u n la w fu l

th e

seem lik e ly

p art
to

w ill a lso

a c ts

of

to

and

la b o r

p o in t , th e a c t io n

of

b e p o s s ib le to

th e

Judge

c o u r ts

re p r e h e n s ib le

u n io n s.

b e s u c c e s s fu l,

W it h

S u ch

too.

in

con ­

a p p e a ls

B e a r in g o n th a t

M unger

o f th e U n it e d

T h is issue w o u ld , th e S e cre ta ry

said, be at a lo w e r ra te o f in te r e s t th a n 4 p e r c e n t,
p r o v id e d

T r a n sv a a l

c o n d it io n s

a t th e

em ission w o u ld ju s t if y a low er ra te.
g u a ra n te e d

3 per

c e n t lo a n

tim e

of

th e

T h e £ 3 5 ,0 0 0 ,0 0 0

w o u ld b e

a p p lie d , th e

S e cre ta ry sa id , £ 1 5 ,0 0 0 ,0 0 0 t o th e p u rch a se o f

th e

e x is tin g ra ilw a ys o f S o u th A fr ic a , £ 5 ,0 0 0 ,0 0 0 t o th e

S ta tes D is t r i c t C o u r t at O m a h a o n M a y 6 in g r a n tin g

d e v e lo p m e n t o f th e se ra ilw a ys a n d £ 4 ,5 0 0 ,0 0 0 o n la n d

a te m p o r a r y in ju n c t i o n r e s tr a in in g th e s t r ik in g u n io n

s e ttle m e n ts a n d

te a m sters o f O m a h a f r o m in t e r fe r in g in a n y w ay w ith

d e c la r e d th a t th e p resen t lo a n was c lo s e ly c o n n e c t e d

n o n -u n io n te a m s te rs m a y b e c it e d .

w ith th e p r o p o s e d fu t u r e issu e, t h o u g h th e r e s o lu tio n

th e

i n ju n c t i o n , w e

are in fo r m e d

T h e p e t itio n f o r
in

th e

p o in ts w it h o u t

p o r t a t io n o f s u c h f r e ig h t fr o m w a re h o u se t o
th e h a u l.

In

th e

r a ilr o a d

r e s tr a in in g o r d e r

is s u e d b y J u d g e M u n g e r m o r e th a n

300 m e m b e r s o f

th e T e a m s te r s ' U n io n , w e are t o l d , are n a m e d .
T h e m en are

re s tr a in e d

The

S e cre ta ry

A s s o c ia te d

Banks

la st w e e k

w as th e

about

g a in o f

T h is is th e first im p o r t a n t in ­

crea se in th is ite m s in c e F e b r u a r y 2 1 , a n d it was d u e
to

e x c e p tio n a l

ca u ses, c h ie fly th e n e g o tia t io n s i n c i ­

d e n t t o th e p a y m e n t o f $ 8 ,5 0 0 ,0 0 0 f o r E r ie c o n v e r t i­
b le b o n d s a n d loa n s o f a c c u m u la tio n s

f r o m c o n g r e g a t in g

th e

T h e n o ta b le fe a tu r e o f th e s ta te m e n t o f th e N e w
Y ork

th e S ta te is in te r -S t a t e c o m m e r c e , a n d th a t th e tr a n s ­ $ 1 3 ,4 5 3 ,9 0 0 in loa n s.
d e p o t is p a r t o f

w ork s.

g u a ra n te e d issue.

c o a l, lu m b e r a n d im p le m e n t co m p a n ie s , a n d th e c la im
to

p u b lic

p re ss d e s ­ b e fo r e th e H o u s e o f C o m m o n s d e a lt o n ly w ith

p a t c h e s , w as s ig n e d b y fift e e n o f th e le a d in g tr a n s fe r
w as m ad e th a t all f r e ig h t d e s t in e d

on

o f M ay

d isb u rse m e n ts

fo r

in te r e s t

in a n t ic ip a t io n
and

d iv id e n d s .

t h e tea m s, w a g o n s o r e m p lo y e e s o f th e p la in tiffs , fr o m

T h e ca sh reserv e was in cre a s e d $ 4 ,7 3 5 ,6 0 0 , b u t o w in g

in c it in g t o

t o a ga in

in t im id a t io n o r v io le n c e , f r o m

fo llo w in g

of

th e e m p lo y e e s t o th e ir h o m e s , a n d f r o m v a r io u s o t h e r

q u ir e m e n ts

in d e fe n s ib le a n d

o n ly

c a n t p a rt

d a m a g in g a cts .

The

o f th e o r d e r , h o w e v e r , is

m o s t s ig n ifi­

th a t r e s tr a in in g

a n d e n jo in in g t h e T e a m D r iv e r s ' I n te r n a tio n a l U n io n ,
L o c a l 71,
m ent

in

d e p o s its th e reserv e r e ­
by

t o re stra in

com m erce

b e tw e e n th e

con cert o f

a c tio n t o

S ta te s b y

prevent

th e

m o v in g o f f r e ig h t a n d m e r c h a n d is e w h ile in tr a n s it as
a r tic le

p u te d

u p o n th e basis o f

all d e p o s its

of

I n te r-S ta te

is $ 2 0 ,4 9 8 ,9 5 0 .
r e fle c t th e

The

fr o m c o n ­ d a y o f la st w e e k a n d

com m erce, and

$ 5 0 0 ,0 0 0

su ch

m o v in g o f

m e r c h a n d is e

w h ile in tr a n s it, in c o u r s e o f s h ip m e n t, b e tw e e n
w ith in th e C it y
of

th e

of

N ebrask a,

in te r -S t a t e

O m aha

and

any

p o in t

th e

th rou gh

S a b -T r e a s u r y ,

on

M onday.

p a rtly o ffs e t

te le g r a p h ic tr a n s fe r ,

of

b y th e
$ 7 5 ,0 0 0

fr o m S an F r a n c is c o .
T h e a p p lic a tio n s at th e T r e a s u r y in W a s h in g t o n f o r

e m p lo y e r s , w h ile

e n g a g e d in

th e e x c h a n g e o f r e fu n d a b le b o n d s fo r th e

r e s tr a in in g

co n so ls a m o u n te d at th e c lo s e o f bu sin ess o n T h u r sd a y

fu r t h e r o r d e r o f

t o $ 6 2 ,3 2 1 ,3 6 0 , o f w h ic h $ 5 1 ,8 4 6 ,2 5 0 w ere 4 p er cen ts.

I t h as lo n g s e e m e d th a t la b o r o r g a n iz a ­

T h e a c tu a l e x c h a n g e s e ffe c t e d w ere $ 5 9 ,7 3 3 ,0 5 0 and

com m erce,

so

any

r e c e ip t,

th rou gh

S a tu r­

in te r fe r in g

of

in

B a en oB

w ay

b u sin e ss

or

any

to

th e tr a n s fe r o f $ 5 0 ,0 0 0 t o N ew

O rlea n s,

prevent

g o ld

A y r e s o n W e d n e s d a y , $ 4 0 0 ,0 0 0 to C a n a d a o n

T h e s e o u tw a r d m o v e m e n ts w ere

w ith

C om ­

s u r p lu s is

s ta te m e n t o f th is w eek s h o u ld

s h ip m e n t o f

t in u in g a n y c o m p a c t o r a g r e e m e n t b e tw e e n th e m s e lv e s

o u ts id e

th e

$ 1 1 ,1 8 1 ,8 5 0 ; c a lc u la te d u p o n th e basis o f d e p o s its less

t o restr a in o r
p o in ts

$ 4 ,5 3 9 ,2 2 5 , le a v in g

$ 1 9 6 ,3 7 5 as th e g a in in s u rp lu s reserv e.

“ fr o m c o n t in u in g in c o m b i n a t i o n o r a g r e e ­ $ 3 7 ,2 6 8 ,4 0 0 o f th o se o f th e G o v e r n m e n t, th e s u rp lu s

any agreem en t or
an

$ 1 8 ,1 5 6 ,9 0 0

w ere a u g m e n te d

lo n g

as

th is

o r d e r re m a in s in f o r c e , o r u n t il th e
th is C o u r t .”

2 per oen t

tio n s o p e r a t in g in d iffe r e n t S ta te s, a n d is s u in g o r d e r s

th e a m o u n t p a id f o r p r e m iu m s was $ 2 ,6 1 3 ,3 1 3 .

b e a r in g o n c o m m e r c e

a p p lic a tio n s

b e tw e e n th e

S ta tes, w e re a c t ­

in g in r e s tr a in t o f c o m m e r c e a n d c o u l d b e p r o c e e d e d

fo r

exch an ge

r e p o r te d o n

The

F r id a y w ere

a b o u t $ 1 ,5 0 0 ,0 0 0 .

a g a in st as u n la w fu l c o m b in a tio n s in th e sam e m a n n e r
as c o m b in a tio n s o f m a n u fa c tu r e r s o r p r o d u c e r s .
a c t io n in

th is

T h e office r s
C ou rt on

in s ta n c e

of

is

th e U n io n are t o

M a y 20 a n d

The

e v id e n t ly a lo n g th a t lin e .
a p p e a r b e fo r e th e

sh o w ca u se w h y a p e r m a n e n t

F o u r m or e w ith d r a w a ls o f tr u st c o m p a n ie s f r o m th e
C le a rin g H o u s e are a n n o u n c e d , m a k in g w ith th a t
th e

U n io n

T rust

five in

a ll.

The

U n it e d

of

S tates

M o r t g a g e & T r u s t C o . serv ed n o t ic e o n S a tu r d a y of
la st w e e k th a t it w o u ld cea se t o c le a r c h e c k s th r o u g h

in ju n c t io n s h o u ld n o t b e issu e d .

its C le a rin g H o u s e b a n k o n a n d a fte r M a y 11 a n d the
T h e r e was n o c h a n g e in th e o ffic ia l ra tes o f d is c o u n t

C o n tin e n ta l T r u s t C o m p a n y , w h ic h n o w clea rs th rou g h

it

th e M a n h a tta n B a n k , w ill cease t o c le a r o n M a y 16.

w as q u ite c o n fid e n t ly e x p e c t e d th a t th e B a n k o f E n g ­

T h e N e w Y o r k S e c u r it y & T r u s t C o. w ill cle a r ch eoks

la n d

o v e r its ow n c o u n t e r in stea d o f th r o u g h th e N a tion a l

b y any o f
ra te

th e E u r o p e a n
w o u ld

be

b a n k s th is w e e k , t h o u g h

r e d u c e d c o n c u r r e n t ly w ith

a n n o u n c e m e n t o f th e T r a n sv a a l lo a n .

th e

T h e p r o s p e c tu s

C ity B a n k , a ft e r M ay 16, a n d th e M e r c a n tile T r u s t Co.

o f th is lo a n , w h ic h was m a d e p u b lic o n T h u r s d a y , w e

w ill p u rs u e a sim ila r c o u r s e a fte r M a y 18; th is oom

h a v e r e fe r r e d t o

p a n y n o w clea rs t h r o u g h th e W e s te rn N a tio n a l Banli

h ere

th a t th e

in a p r e v io u s ite m .
issue

p r ic e

is p a r;

We
th a t

o n ly
a

add

s in k in g

o f th e U n it e d S tates.

I t m a y b e n o te d th a t th e re ar<

f u n d o f 1 p e r c e n t w ill b e a p p lie d t o th e p u r c h a s e o f

n o w n in e tr u s t c o m p a n ie s e n tit le d t o C le a r in g Housii

th e s t o c k w h e n b e lo w p a r ; a n d th a t th e lo a n is g u a ra n ­

p r iv ile g e s w h ic h d o n o t cle a r th r o u g h m e m b e rs o f the

te e d b y th e B r itis h G o v e r n m e n t.

A s s o c ia tio n ; th e la rg e s t o f th e se in s t itu tio n s are th

The

B r itis h C o lo n ia l

S e c r e ta r y o n W e d n e s d a y a n ­

n o u n c e d in th e H o u s e o f C o m m o n s th a t a fu t u r e lo a n
o f £ 3 0 ,0 0 0 ,0 0 0 w o u ld be m a d e to th e T r a n s v a a l, p a y ­

F a r m e r s ’ L o a n & T r u s t C o ., th e C e n tra l,

th e U nitei

S ta tes a n d th e N e w Y o r k L if e & T r u s t c o m p a n ie s .

THE CHRONIGLB

May 9, 1903.]
M oney

ou

ca ll

r e p r e se n tin g

b a n k e rs'

u ala u ces

c e n t , a v e r a g in g

about

a d v a n ta g e o f

s u b s c r ip tio n s , w h ic h

lo a n e d at th e S t o c k E x c h a n g e d a r in g th e w e e k at
p e r c e n t a n d at 2 p e r

s p e c u la tiv e

1001

2 per
4

be 1£ p e r c e n t .

th e

p r e m iu m

p r e m iu m was

on

th e n

m e lo a n

re p o rte d to

O n e fe a t u r e o f th e m a r k e t o b s e rv a b le

O n M o n d a y lo a n s w ere

a t 24 p e r c e n t a n d at

o n T h u r s d a y was th e re m a r k a b le s c a r o lty o f all k in d s

2 p er c e n t, w ith th e b a lk o f

th e b u sin e ss a t 2 j p e r

of

c e n t.
c e n t.

O n T u e s d a y tr a n s a c tio n s w ere a t 2 f c e n t a n d

at 2 p e r c e n t , w ith th e

m a jo r ity at 24 p e r c e n t .

W e d n e sd a y loa n s w ere a t 2$ p e r c e n c

On

a n d at 2| p e r

c e n t, w ith th e b u lk o f th e b u sin e ss a t 24 p e r c e n t . O n

b ills , a n d

e s p e c ia lly

c o m m e r c ia l d r a fts ,

b a n k e rs

B tating th a t'r a r e ly h as th e r e b een so g r e a t a d e a rth o f
s u c h e x c h a n g e a t th is season o f th e y ea r.

O ne reason

a ssig n e d f o r th is c o n d it io n o f th e m a r k e t

is th a t t h e

c o t t o n -e x p o r t m o v e m e n t is h e ld in c h e c k b y th e h ig h

T h u r sd a y tr a n s a ctio n s w ere at 2 f p a r ‘ cen t^ a n d at 2 p rio e s f o r th e sta p le .

T h e dem and

f o r b a n k e r s ’ b ills

p e r c e n t , w ith th e m a jo r ity at 24 p a r c e n t . O n F r id a y

seem s t o b e , as has r e c e n t ly b e e n th e

lo a n s w ere a t

r e m itt a n c e f o r m a t u r in g loa n s, a n d th is in q u ir y a b ­

2 per
4

c e n t a n d at 2 p e r o e n t, w ith th e

b u lk o f th e b u sin ess at 2} p e r c a n t.

B a n k s a n d tr u s t

co m p a n ie s lo a n a t 24 p e r c e n t as th e m im lm u m .
lo a n s are

fr e e ly

o ffe r e d

fo r

all

m o n th s , b u t f o r lo n g e r d a te s
d a n t.

T h e dem and

is

p e r io d s

up

T im e
to

six

th e s u p p ly is n o t a b u n

m o d e r a te a n d ra te s o n g o o d

m ix e d S t o c k E x c h a n g e c o lla t e r a l a re

3 | @ 4 per cen t

f o r s ix ty days t o th r e e m o n th s , 4 4 p e r c e n t f o r f o u r to
six m o n th s

a n d 5 p e r c e n t f o r n in e m o n th s .

C om ­

so rb s all o ffe r in g s .

T h e r e was an e x p o r t o f $ 5 0 0 ,0 0 0

g o ld c o in on W e d n e s d a y to B u e n o s A y r e s b y G e o r g e
O.

G o r d o n , a g e n t o f th e L o n d o n & R iv e r P ia te B a n k ,

L td .
tic

T h e A ssa y O ffice p a id $ 7 9 4 ,6 8 7 92 f o r d o m e s ­
b u llio n .

d u r in g

G o ld

th e

N o m in a l
fo r

s ix ty

r e c e iv e d

and

4 8 8 ® 4 884

m a rk e t was firm o n

is sm a ll, th e b a n k s h a v in g

m e r c a n t ile

c h a n g e d c o m p a r e d w ith

cu stom ers

p e r c e n t f o r s ix ty t o n in e t y -d a y e n d o r s e d b ills
a b le, 6 @ 5 4 p e r c e n t

fo r

ab­

p r im e

and

r e c e iv ­

6 4 @ 6 per cen t

th e

C u s to m

fo r

M on d a y , th o u g h
F r id a y o f

s ig h t.

la st w e e k , e x c e p t

f o r 8 h o r t,?w h ich a d v a n c e d 5 p o in ts , t o 4 8 7 8 0 @ 4 8 7 8 5.
O n T u e s d a y th e m a r k e t w as

a g a in firm

a lte r a tio n in ra tes w as a rise o f 5

re m a in s u n c h a n g e d at 4 p e r c e n t .

ra te o f d is c o u n t
T h e c a b le r e p o r u

d is c o u n t s o f s ix t y t o n in e t y -d a y b a n k b ills in L o n d o n

a n d th e o n ly

p o in ts in s h o r t, t o

On W ednesday

th e

s tr o n g , w ith
T h e B a n k o f E n g la n d m in im u m

The

ra tes w ere u n ­

4 8 7 8 5 @ 4 8790.

f o r g o o d f o u r t o six m o n th s s in g le n am es.

M o u se

q u o t a tio n s f o r e x c h a n g e are 4 8 5 @ 4 854
day

th e s u p p ly o n th e m a r k e t
Q u o ta tio n s a re 4 £ @ 5

at

w e e k , $ 2 0 7 ,0 8 6 .

m e r cia l p a p e r is q u ie t a n d

s o r b in g m ost o f th e o ffe r in g s .

ca se, c h ie fly f o r

advan ce

p o in t s

an

of

4 8 4 9 0 ® l 8 5 ; o f 15 p o in ts
and o f

3 0 , p o in ts in

25

to n e was q u it e
in

lo n g ,

to

in s h o r t , t o 4 8 8 @ 4 8 8 1 0 ,

ca b le s , t o

T h u r s d a y th e to n e w as firm

4 8 8 5 5 @ 4 8865.

w it h lo n g a n d

On

sh ort u n ­

8 4 @ 3 £ p e r c e n t . T h e o p e n m a r k e t ra te a t P a ris i s 2 f @

c h a n g e d , w h ile ca b le s w ere 10 p o in ts h ig h e r at 4 8 8 6 5 ®

2£ p e r c e n t a n d at B e r lin a n d F r a n k fo r t it is 3 4 @ 3 i p e r

4 8875.

c e n t. A c c o r d in g t o o u r s p e c ia l c a b le fr o m L o n d o n , th e
B a n k o f E a g la n d g a in e d £ 1 0 ,6 7 6 b u llio n
w e ek a n d h e ld £ 3 5 ,3 5 8 ,1 6 2 a t th e c lo s e
Our

corresp on d en t

was

due

to

fa rth e r

im p o r ts

of

d u r in g th e

exch an ge
w hen

net t o th e in te r io r o f

m a r k e t w as q u ie t a n d firm
it

grew

m ore

a c tiv e

an d

s tr o n g , w ith an a d v a n c e in rates to a b o u t th e h ig h e s t
fig u res o f th e y e a r. E a r ly in th e w e e k it was e x p e c te d
th a t m o r e o r less g o ld w o u ld b e s h ip p e d b y th e F r e n c h
stea m er t o P a ris o n T h u r s d a y , a n d th e r e fo r e bu sin ess
in

exch a n ge

was

d u ll.

sh arp a d v a n c e in

th e

Fb l .
May 1.

On

ra te

W e d n e s d a y th e r e was a

fo r

e x c h a n g e at P a ris o n

Brown B ros.......
Baring,
( 60 days
M « o i m * C o . . i S ig h t..
Bank B rltlih
(60 days
No. A m erica .. (8 lg h t ..
Bank o f
<60 days
M on treal.........(S ig h t..
Canadian Bank (6 0 days
o f Com m erce.. ( S ig h t..
neldelb a ch , Ick- (60 days
elhelm er 4 Co. ( S ig h t..
L a .a r d F r e r e ... { § ? * £ •
M erchants’ Bk. (6 0 days
o f Canada....... ( S igh t..

The

m ark et

4 8 8 ® 4 8810
ca b le s.

M o n .,
May i.

TUE8.,
M ay 5

W e d .,
May 6.

486
4 88*
4 85
4 88
4 86
4 88)4
4 85
4 88
4 86
488
4 86
4 88*
4 85
4 88*
4 85
4 88

£ 4 8 9 ,0 0 0 , o f w h ic h £ 5 0 ,0 0 0

G rea t B rita in .

W ednesday,

D A I L Y PO S TE D B A T E S Y O B F O R E IG N E X C H A N G E .

a d v ise s us th a t th e g a in

and t o s h ip m e n ts o f £ 4 7 8 ,0 0 0

T h e fo r e ig n

b y so m e o f t h e le a d in g d raw ers.

o f th e w eek .

fr o m E g y p t a n d £ 4 3 9 ,0 0 0 b o u g h t in th e o p e n m arket*

u n til

T h e m a r k e t w as ste a d y o n F r id a y .

T h e fo llo w in g sh ow s d a ily p o s te d ra tes f o r e x c h a n g e

86
88*
86
88
85
88*
86
88
85
88
85
88*
86
88*
85
88

86
88*
85
88
85
88*
86
88
85
88
86
88*
86
88*
86
88

86*
88*
86*
88*
86*
86*
86
88
85
88
86*
88*
85*
88*
86
88

c lo s e d

fo r

at

sh ort

C o m m e r c ia l

86*
83*
85*
88*
85*
88*
86*
88*
86
88
85*
88*
86*
68*
85
88

banks

85*
8o*
85*
88*
85*
88*
85*
88*
86
88
86*
88*
86*
88*
36
88

fo r

4 8 5 @ 4 8510
and

on

T h c r ., r * i „
May 7 May S.

lo n g ,

4 8 8 6 5 ® 4 8875

fo r

4 844® 4 84f

and

L o n d o n t o 25 fr a n c s 19 c e n tim e s , fr o m 25 fr a n c s 164

d ocu m en ts

c e n tim e s

p a y m e n t 4 8 4 @ 4 844, c o t t o n f o r a c c e p t a n c e
4 84£ a n d g r a in f o r p a y m e n t 4 8 4 £ ® 4 85.

on

th e

p r e v io u s

d a y , w h ic h a d v a n c e p r e ­

c lu d e d th e p o s s ib ilit y o f a m o v e m e n t o f g o ld t o P a ris,

fo r

paym ent

4 8 4 @ 4 85.

C o tto n

fo r

4 844®

as an a r b itr a t io n o p e r a t io n . C a lc u la tio n s th e n Bhowed
th a t u n less P a ris e x c h a n g e o n L o n d o n s h o u ld d e c lin e ,
d ir e c t e x p o r ts o f g o ld t o
e ffe c te d w ith m o r e
p r o v id e d

th e r e

e x ch a n g e

p r o fita b le

s h o u ld

to o n e -h a lf a c e n t

th e B r itis h c a p it a l c o u ld b e
be

a

re su lts th a n t o P a ris,
rise

of

o n e -q u a r te r

p e r p o u n d s te r lin g in N e w Y o r k

on L on don .

I t w as r e g a r d e d as p r o b a b le ,

h o w e v e r, th a t th e P a ris ra te w o u ld

fa il

o ff a ft e r th e

d e m a n d in c id e n t t o th e T r a n sv a a l lo a n s u b s c r ip tio n s
b y F r e n c h b a n k e r s h a d b e e n sa tisfie d , in
if ste r lin g re m a in e d firm , g o ld
sh ip p ed

to

lin g , t h o u g h

P a ris
firm

to rates e x c e p t

fo r

next
on

w ea k .

w o u ld

w h ic h case,

T h u r s d a y , was u n c h a n g e d as
w ere h ig h e r in re ­

sponse t o a d e m a n d I n c id e n t t o th e issue o f th e T r a n s ­
vaal

lo a n .

T h is

in q u ir y ,

it

m ay

W u k M ndint May 8,1808.
Oarrenev....................................
»C14.........................................................
T otal gold and legal ten d ers.......

B***iv*4 by B h itts* by
y . T. Banks N. T . Banks.

y*t In U r itr
Mbvtmsnt.

$6,688,000
1,194.000

18,792.000
814,000

Gain. 82,816,00#
Gain.
810,000

17,762,000

14,606 000

Gain. 13466.000

W it h th e S u b -T r e a s u r y o p e r a t io n s th e r e s u lt is as
fo llo w s

m o st lik e ly be

T h e m a r k e t f o r ste r­

ca b le s , w h ic h

T h e fo llo w in g g iv e s th e w e e k ’ s m o v e m e n ts o f m o n e y
to a n d fr o m th e in t e r io r b y th e N e w Y o r k b a n k s.

be

n o te d ,

was

t h o u g h t to b e s tim u la te d c h ie fly b y a d e sire t o ta k e a

*V»tk M ndint May 8.1008

In i*
Banks.

Cttt *f
Banks.

i f f . Chant* in
Bank B e ltin g .

Banks Interior m ovem ent, as above
Sub-Treas. operation s........................

17.762.000
23.900.000

84.600.000
24.200.000

Gain. (3,166,900
L oss 1,000.000

T o U l gold and legal ten ders.......

130.962,000

828,800,000

Gain. 12.156,000

T h e fo l lo w in g t a b le I n d ic a te s th e a m o u n t o f b u llio n
In t h e p r in c ip a l E u r o p e a n b a n k s .

THE CHRONICLE.

1002
M ay

May

7. 1903.

th e C le a r in g

8. 1902.

B ank o f
S ilv e r .

Gold.

S ilv e r .

T o ta l

Gold.

£

£

£
8 6 ,3 6 8 1 6 2

8 5 .7 6 8 .8 8 0

■B ffl& B d .........
r r a r .e e ..........

8 6 .3 6 8 .1 6 2

G e r m a n y ™ ....

3 2 .3 6 6 0 3 0 1 1 ,8 7 2 .0 )0

£

T o ta l

£

3 5 ,7 6 8 .8 9 0

9 9 ,7 8 0 142 4 4 4 6 0 .6 3 3 1 4 4 .9 4 0 .7 7 5 1 0 2 ,7 9 7 ,1 3 0 4 4 .4 4 4 8 5 5 1 4 7 .2 4 1 .4 8 6
4 3 ,7 3 7 ,0 0 0

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

61 9 8 9 .0 0 0

ft m i l s ..........
A B l .- H n n ( ? ’ T,

8 0 7 8 ,1 0 0

8 8 ,6 4 6 ,0 0 0

7 8 .7 8 6 , )00

8,432.001

3 2 ,2 1 8 ,0 0

45 9 0 5 000 IS 0 8 8 300

6 8 9 0 8 0 00

4 4 ,1 7 9 300 1 9 ,4 4 2 . W

5 6 .6 2 1 .0 0

S p a i n ...............

1 4 .4 1 6 J00 2 0 ,8 5 5 .0 0 0

3 4 .8 5 1 ,0 0 0

32 6 0 7 ,0

I t a l y .............

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

7 6 ,4 7 3 000

1 7 .6 9 9 000

2 .2 6 6 4 ' 0

1 9 ,9 6 6 4 0 0

H a t h a r la n d i .

8 984 9 0

6 ,6 3 8 ,7 0 0

1 0 ,4 6 8 ,6 0 0

H at

8 0 4 4 .6 6 7

1 ,6 2 2 3 8 3

B e le ’m ..

1 8 ,803 500

4 ,7 8 2 ,0 0 0

6 ,5 7 8 ,1 0 0

1 1 .8 6 0 .1 0 0

8 .2 8 ,0 0 0

4 ,5 6 7 , W O
O

H o u s e C o m m it te e

1 ,6 0 9 .0 0 0

4 8 2 7 0 00

T o u t h l i w e e k 3 2 8 .0 6 4 .8 7 1 1 0 7 6 7 1 0 6 6 4 8 5 .7 2 6 ,9 3 7 3 8 2 ,7 8 4 ,5 2 0 1 0 8 2 0 0 8 6 6 4 4 0 ,9 3 5 4 7 6
T o t . n r e r . w ’ k 3 9 9 ,9 6 8 ,7 8 1 * 0 8 0 6 1 4 0 9 1* 8 8 .0 2 5 ,1 9 0 8 8 8 7 4 2 9 8 5 1 0 8 0 6 0 3 iO .4 0 8 0 3 8 0 6

b e ca m e

a pow er in

the c o m m u n it y su oh as has n o t o ft e n b een w itn e sse d
in th e h is to r y o f b a n k in g .

£

...........

[VOL. LXXVI.

T h is o ffic e it c o u ld h a r d ly

have fille d b u t f o r th e c h a r a c te r a n d

s a g a c ity

o f th e

m en w h o m a d e u p th e a c tiv e m e m b e r s h ip In its c o m ­
m itte e .
T h e e v o lu tio n w h lo h is at w o r k in p r e tty m u c h
d e p a rtm e n ts
failed to

all

o f A m e r ic a n tr a d e a n d in d u str y has n o t

a ffe c t th e

b a n k in g

in d u str y , a n d

fa sh io n e d b a n k , as M r. W illia m s fo u n d

th e o ld -

th e C h e m ic a l

w hen h e a ssu m ed its P r e s id e n c y , is g r o w in g m o r e a n d
m ore e x c e p tio n a l.

W e d o n o t b e lie v e , h o w e v e r , th a t

the tim e w ill ev er c o m e w h en th e b u sin ess c o m m u n it y

D E A T H OF GEORGE G. W ILLIAM S.
P r e s id e n t G e o r g e
N a tio n a l

Bank,

G.

W illia m s

w h o se

d e a th

of

th e

w as

will n o t n e e d e x a c t ly th e k in d o f s o b e r , q u ie t a n d re­

C h e m ic a l

a n n ou n ced

on

stra in in g

in flu e n c e

w h ic h

w as

e x e r t e d , d u r in g

h is

w hole ca r e e r , b y M r . W illia m s .

T h e p r o g r e s siv e , n o t

T h u r s d a y at th e r ip e a g e o f s e v e n ty -s e v e n , a n d w ith

to say a d v e n tu r o u s , in s t in c t is

u n q u e s tio n a b ly d o m i­

th e

n an t In A m e r ic a n

u n u s u a lly

b a n k in g

lo n g

c a r e e r o f s ix ty years In a s in g le

in s t it u t io n ,

w as o n e

g ro u p o f b an k ers, w h o

of

th e

o ld -fa s h io n e d

d u r in g m a n y years

t h e tr a d itio n s o f th is c i t y ’ s b a n k in g .
p la c e

in

th e

h is t o r y

of

m o d e le d

M r. W illia m s ’ s

A m e r ic a n b a n k in g w ill be

s im ila r t o th a t o f th e la te F r e d e r ic k I ) . T a p p e n
th e la te G e o r g e S. C o e .

and

L i k e th e m , h e was m o r e or

less a p a rtis a n o f th e o ld -t im e “ o n e -m a n b a n k ” id e a .

fin a n c e a n d

and it is w ell th a t it is so.
as a w h o le

in c lin e

m ore n ecessa ry is
co n se r v a tis m

s h o u ld

fin a n cia l tr u s t.
we sa id

of

to

n o v e lt y

it th a t

in d u s tr y o f th e d a y ,

B a t th e m or e o u r p e o p le
and

e x p e r im e n t, th e

th e v o ic e o f o ld -fa s h io n e d

be

h eard

fr o m

p o s itio n s

of

W e m ay say o f M r. W illia m s , t o o , as

M r. T a p p e n , th a t th e p la c e w h ic h h e o c ­

c u p ie d o n th e fin a n cia l s c e n e , at th e tim e o f h is d e a th ,

T h a t is t o say, h e h e ld t o th e b e lie f th a t th e P r e s id e n t

fairly d is p r o v e s th e

fa m ilia r

a s su m p tio n th a t

o f a b a n k s h o u ld b e m a ste r o f

a c c u m u la te d years a n d a c c u m u la t e d

e x p e r ie n c e h av e

a ll

th e

d e ta ils o f

its

b u sin ess, a n d s h o u ld b e a b le t o o v e rse e its d a ily w o r k ,
as th e

h ead

of

sim ila r lin e s,

a m e r c a n tile

w o u ld

do.

con cern , fo u n d e d

N a t u r a lly ,

n o p la c e in p r e s e n t-d a y in d u str ia l e x p a n s io n .

on

as a d v a n c in g

THE K IN G OF E N G L A N D ’S TOUR.

years p ressed u p o n h im , a n d as th e m e th o d s o f N ew
Y o r k b a n k in g c h a n g e d t o s u it th e c h a n g in g c o n d it io n s
o f com m erce and

fin a n c e , It

r a th e r

becam e

im p o s s ib le fo r

M r. W illia m s t o c o n t in u e th e sa m e in d iv id u a l
v is io n o f all d e p a r tm e n ts o f h is b a n k .

su p e r

N e v e r th e le ss

N o t lea st in te r e s t in g a m o n g th e in c id e n t s o f
past

f o r t n ig h t has b e e n th e v is it o f

th e

E n g la n d to v a rio u s fe llo w ru le rs o n th e

I t has b een s o m e w h a t th e fa s h io n in th is c o u n t r y to
regard

an e x a m p le o f th e b e st t y oe o f th e o ld -fa s h io n e d b a n k e r .

socia l fu n c t io n o n th e p a rt o f r e ig n in g fa m ilie s .

O ld fa s h io n e d , as a p p lie d t o M r. W illia m s , was v ery
He

was as q u ic k as

th ese

royal

to u r s

as a m e r e a m u s e m e n t

B a t a s o v e r e ig n

no m o r e d iv e st h im s e lf w h o lly o f

Ideas a n d m e t h o d s

a cte r th a n ca n a d ip lo m a t is t.

of

b a n k in g
sid e

of

m a n a g e m e n t.
c o n s e r v a tis m

th a n e x p e r im e n t was u n d o u b t e d ly

fo r t u n a t e

in d u s t r y w ith w h ic h h e w as c o n n e c t e d .
c h ie f tit le t o
M r.

p u b lic re m e m b r a n c e

T a p p e n ’ s— h is

c o n n e c t io n

That
ra th e r
f o r th e

M r . W illia m s ’ s

w as t h e

w ith

sam e as

th e

C le a rin g

H o u s e a n d h is in flu e n c e in m a k in g o f th a t o r g a n iz a ­

a n e ig h b o r

governm ent

th at th e p e o p le p a r t ic ip a t e s p o n ta n e o u s ly in th e w e l­
T h e y d o n o t m ea n , c e r t a in ly , th a t im p o r t a n t a lli­
d o u b t th is

Y ork

C le a rin g

tio n s elsew h ere.

N o s u ch w e ig h t a n d p o w e r

is e x e r­

m ean s s o m e t h in g ; th e fa c t

co m e m ay m ean a g r e a t d ea l.

n ess c o m m u n it y .

H o u s e has b e e n a n d is c o m p a r e d w ith s im ila r in stitu

I n th e o n e case as in

th at h e is w a rm ly r e c e iv e d m ea n s m o r e , a n d th e f a c t

a n ces o r S ta te p o lic ie s

h o w u n iq u e th e s itu a tio n o f th e N e w

apon

th e m .

are b e in g c o n s u m m a te d .

in te r p r e ta t io n w ill so m e tim e s
It

has

u su a lly b e e n

p la c e d

w o r l d ; in L o n d o n , f o r in sta n ce , it

w o u ld

in to a s o rt o f p o litic a l is o la tio n , a n d

in c o n c e iv a b le .

u n u su a l

T h e reason f o r th e

w h ic h th e in s t itu tio n has o o o u p ie d in

p o s itio n

N o w Y o r k has

b e e n th e c le a r d is c e r n m e n t w ith w h ic h

su ch

m e n as

No

p la c e d

upon

th e

n o te w o rth y th a t th is s ort o f e m p h a s 's was c h ie fly la id
on th e m b y

w h o lly

be

C zar’ s o c c a s io n a l visits to P a r is ; th o u g h it was alw ays

c is e d b y th e C le a rin g H ouse In an y o th e r c it y o f th e
be

can

h is p o litic a l c h a r ­

the o th e r , th e fa c t th a t h e g o e s at a ll to th e c a p it a l o f

t io n a g e n u in e p o w e r f o r g o o d In th e N e w Y o r k b u s i­
I ; h as n o t alw ays b e e n a p p re cia te d

or

I t is

u n d o u b te d ly tr u e th a t th e p u r e ly s o c ia l sid e o f th ese
e x cu rsio n s is n o t o v e r lo o k e d .

a n y o th e r b a n k in g o ffic e r t o a d o p t a n d a p p ly im p r o v e d
h is in s t in c t was o n th e

of

C o n tin e n t .

h e r e m a in e d , p r a c t ic a lly u p t o th e e n d o f h is ca r e e r ,

fa r fr o m m e a n in g o u t o f d a te .

th e

R in g

fin a n ce

th e F r e n c h th e m se lv e s, w h o h a d g r o w n

a g e n ts ,

to

w hom

m a rk et f o r lo a n em ission s.

P a ris

b y th e R u ssia n

was

a c o n v e n ie n t

B u t in g e n e ra l s u c h visits

s ig n ify e x a c t ly as m u c h a u d as lit t le as P r ia c e H e n r y ’ s

M r . W illia m s , M r. C o e a n d M r. T a p p e n r e c o g n iz e d its

visit to th is c o u n t r y a c o u p le o f years a g o .

u t ilit y

in g r u le r m ay b e r e c e iv e d w ith th e m a r e o iv ilit y su ite d

th e

as

a

m e d iu m

g e n e ra l b a n k

w h ic h

th e y

u s e fu l

or

e q u a lly

d ir e c t e d
to

have

its

To

h av e

and

s tr e n g t h e n in g
th e

e n e rg ie s

have

u se d

im p a ir e d

th e in s t it u t io n .

th e

p o s it io n ,

p u rp o s e s .

m u ch ,

fo r

th e

firm n e ss w ith
to

u se d

th e m

its

too

v a lu e

of

proper

and

p o w e rs

to o

lit tle ,

and

w o u ld

p r e s t ig e

oi

B u t g iv in g t o th e C le a r in g H ju s e ,

to h is r a n k ; h e

T h e v is it­

m a y b e g r e e t e d w ith r e s p e c t f o r his

personal c h a r a c te r o r a c h ie v e m e n t; h e m a y be re g a rd e d
with s im p le

s ta r in g c u r io s it y ; o r , fin a lly , h e m ay be

w e lco m e d w ith th e p o p u la r e n th u sia sm horn o f a p p re­
cia tio n f o r th e c o u r te s y a n d o f fr ie n d lin e s s f o r th e p eo­
ple h e rep resen ts.
w ould g ra n t

h ers in an e m e r g e n c y , th e y a lso

R u ssia, th e S u lta n o f T u r k e y o r th e E m p e r o r o f

u p o n it a r ig h t o f
s o le ly f o r

g r a d u a lly

s u p e rv is io n w h ic h

re str a in t a n d

c o n fe r r e d

s h o u ld

c o n se r v a tis m .

o p e r a te

I u th e e n d ,

m any w o u ld

to

T h e r e c e p tio n w h ich o u r p eop le

as th e y d id , th e p o w e r t o h e lp o u t u n fo r tu n a t e m em

th e

v a ry

K in g o f B e lg iu m , th e C zar o f

a c c o r d in g

t o a ll th ese

G e r­

shades o f

p o p u la r fe e lin g . B u t th e n a tu r e o f th e p o p u la r d e m o n ­

10 0 3

THE CHRONICLE

Mat 9, 1903.J

stratio n w o u ld sh o w v e ry q u ic k ly w h ic h m o t iv e p r e ­ in g te n d e n c y o f g o v e r n m e n t s t o r e o o g n lz e th e v a lu e
o f c u lt iv a t in g p e r so n a l g o o d

d o m in a te d .
K iD g E d w a r d 's

to u r , w h ic h

e n d e d th is w e e k , has

b e en w isely p la n n e d — p a r tic u la r ly aa r e g a r d s
flcia l v isit t o P aris.
an

in te r n a tio n a l

stu d y th e

rea l

hla o f

T h e F r e n o h p e o p le are im p u ls iv e ,

b u t as sh rew d as th e y are
ate

im p u ls iv e .

c o u r te s y , b u t

m o t iv e

T h e y a p p r e c i­
not

alow to

th e c o u r te s y .

b e h in d

are

I t is a

THE L A K E SHORE A N N U A L R EPO R T .
T h e a n n u a l r e p o r t o f th e L a k e S h o re & M ic h ig a n
S o u th e rn R a ilw a y C o m p a n y is alw ays an I n te r e s tin g

c o m m o n BayiDg th a t th e F r e n c h ca n n e v e r u n d e r sta n d

docu m en t.

th e E n g lis h .

F ir st, b e c a u s e

The

w ays in c lin e d
a p e r sis te n t

to

tr u t h

of

th is m a x im w e h av e a l­

T h is
of

fo r

a num ber

n o t a b le

of

rea son s.

p r o s p e r ity w h ic h th e

r o a d has e n jo y e d f o r

g o o d years a n d b a d y ea rs a lik e ; s e c o n d ly , b e c a u s e o f

d e v e lo p in g

o p e n c o llis io n , has

te n d e n c y t o

m isr e p re ­
A p o lit ic a l

th e e x c e lle n t

a lo n g

o p e r a t in g

p e r io d o f t im e , th r o u g h

re s u lts

th a t

are b e in g a t­

in t o p o lit ic a l h o s t ilit y and

ta in e d , e a ch y e a r s h o w in g an im p r o v e m e n t in th is r e ­

u n h a p p ily m a r k e d a g o o d p a rt o f

s p e c t o n its p r e d e c e s s o r s ; a n d , t h ir d ly , b eca u se a la r g e

th e tw o n a t io n s ' h isto r y .

It

was c e r t a in ly in

la rg e

mass o f sta tis tic a l ta b le s

d e g r e e a c c id e n t a l. T h e m a rr ia g e o f an E n g lis h p r in c e ,

a n n u a l r e p o r ts o f

six

n in g ,

h u n d r e d years a g o , t o

F renoh

so

d o u b t , e x c e p t in so fa r as it re fle cts

se n t ea ch n a tio n in th e eyeB o f th e o th e r .

k in g , c o u l d

as th e o r ig in o f

is
th e

u n fo r tu n a t e

and

r iv a lr y , o ft e n

fe e lin g , f o r o t h e r th a n

p u r e ly In te re s te d m o t iv e s , b e tw e e n riv a l p ow ers.

th e

h a r d ly

fo u rth

have

a o e n t u r y -lo n g

c h ild

been

of

a

c o n c e iv e d

f e u d ; y e t th is s e e m ­

m a k in g

has

p o s s ib le

c o v e r in g a lo n g te r m o f years.
T h e In c o m e re su lts f o r th e 12 m o n th s (th e c o m p a n y
has th e

f o r th e subs* q u e n t c la im o f

a c c u r a te ly fo r e s h a d o w e d

B r it is h r o y a l fa m ily

th e v e ry b e g in ­

c o m p a r is o n s a n d d e d u c t io n s

in g ly n o t at all s ig n ific a n t r o y a l m a to h w as th e g r o u n d
th e

b e e n fu r n is h e d in th e

th e c o m p a n y fr o m

c a le n d a r y e a r as its fisca l y e a r ) w ere p r e tty
in th e p r e lim in a r y e x h ib it

t o th e F r e n c h s u c c e s s io n a n d f o r a c e n tu r y o f in t e r n a ­

w h ic h it is a lw ays th e c u s t o m o f th e c o m p a n y to g iv e

tio n a l w a rfare.

one m an,

o u t to w a rd s th e c lo s e o f D e c e m b e r . T h e d e ta ile d r e p o r t

N a p o le o n B o n a p a r te , c r e a t e d th e s e c o n d fe u d b e tw e e n

The

Ideas a n d p o lic ie s o f

n o w at h a n d , h o w e v e r , serv es t o g iv e em p h a sis t o its

E n g la n d an d its n e ig h b o r a cross th e o h a n n e l— a fe u d

e x tr e m e ly fa v o r a b le c h a r a c te r .

w h ic h w o u ld

a d im in u t io n o f

s c a r c e ly h a v e

been

provoked

e v e n by

th e ex cesses o f th e F r e n c h r e v o lu tio n is ts .

The

p o o r c r o p y ie ld o f 1901, a n d a lso

Y e t , f o r all th is, th e re a lly h a r m o n io u s I n te rn a tio n a ]
te n d e n c ie s o f F r a n c e a n d E n g la n d h a v e b e e n

in a n th r a c ite

sy stem

s u ffe re d

Its g r a in to n n a g e b y r e a so n o f th e
a c o n s id e r a b le

loss

c o a l to n n a g e b y r e a s o n o f th e m in e r s '

sh ow n

s tr ik e , b e sid e s w h ic h p a sse n g e r r e c e ip ts d id n o t m eas­

b y th e read in es* w ith w h ic h , at th e in te r v a ls o f th ese

u re u p t o th e to t a l o f th e p r e v io u s y e a r , s in c e In th is

m e m o ra b le c o llis io n s , th e tw o n a t io n s m o v e d

p r e v io u s y e a r th e P a n A m e r io a n

E x p o s it io n

fa lo h a d y ie ld e d a la r g e a m o u n t

of

m ony.

It

is L o r d

R osebery, if

our

c o r r e c t , w h o a r g u e d th a t E n g la n d
a c tu a l m o tiv e f o r
N e it h e r w ish es
th e

s u s p ic io n
th e

w ith

w ere

P o w e rs e x is t w h ose

trav el.

th e

o th e r — even

flash in -t h e -p a n

of

a n d e m p ty p ie c e o f

O f g r a in b y I ts e lf th e to n s m o v e d in 1902 was o n ly
to n s , as a g a in st

of

1 9 0 i, th e

1 ,6 1 3 ,6 2 3 to n s

fa llin g c f l

th e F r e n c h a n d E n g lis h are ra re b e c a u s e o f th e d iffe r

was a d e c re a se

h en ce

4 2 6 ,4 4 7 to n s , o r o v e r 25 p e r c e n t .

en t d ir e c tio n s
a p p lie d .

w h ic h

th e ir

e n te r p r is e

has

b een

D iffe r e n c e s , w h ic h o n c e o r t w ic e o f la te h av e

r e a ch e d d im e n s io n s a n n o y in g i f

not

re a lly

o m in o u s ,

in

to n n a g e a n d a lso a lo ss in
to n n a g e .

T h e d ecre a se

a p e r so n a l

tr a ffic o f a ll k in d s rose

a g o o d d ea l o f

The

v is it

of

K in g

c o r d ia lly r e c e iv e d , w ith

real e n th u sia sm

and

g r a t ific a t io n on

th e m o v e m e n t o f a n th r a -

T h o u g h th e

th e p e o p le 's part, w ill g o a lo n g w ay to re m o v e th e se

rea d y s ta te d , r e d u c e d

elem en ts o f fr ic t i o n .
T h is m ay be d e e m e d a t r iv ia l f a c t o r t o b e r e c k o n e d

c o a l to n n a g e

w ith c a lc u la t io n s o f S ta te a ffa irs.

to n s , a n d

B u t S ta te a ffa irs,

I n fa c e o f a ll th is , fr e ig h t

f r o m 2 1 ,6 3 2 ,4 2 5 to n s in 1901

t o 2 4 ,0 6 9 ,4 7 5 to n s in 1902.
en ough:

B e sid e s th is , th e r e

th e liv e s t o c k a n d a n im a l

in

o it e c o a l was 6 5 3 ,4 1 5 to n s .

m is u n d e r s ta n d in g .

in th e 12

h a v in g b e e n

so m e JJother ite m s o f a g r ic u lt u r a l

w ere in th e m a in th e o u t c o m e o f w h a t m ig h t be ca lle d
E d w a rd , c o r d ia lly m a d e a n d

ea rn ­

in g s rose $ 1 ,1 7 6 ,6 1 7 .

m o n th s

in

d ecre a se in p a s­

$ 3 4 4 ,1 1 4 , b u t th e a c t iv it y

f r e ig h t tr a ffic la r g e ly in c r e a s e d a n d to ta l g ross

sou rce

d is t u r b a n c e , cla sh e s b e tw e e n

rea ch ed

The

a n d p r o s p e r ity o f all in d u s t r ia l In terests was su o h th a t

its

1 ,1 8 7 ,1 7 6

and

B u f­

se n g e r r e v e n u e s

N e it h e r c o u n t r y sta n d s p o lit ic a lly in

f r ic t i o n

at

p a sse n g e r

T h u s , c o n d it io n s w ere n o t a lto g e th e r fa v o r a ­

b le d u r in g th e tw e lv e m o n th s .

th e w ay o f th e o t h e r ; e v e n In tr a d e affairs, a fr e q u e n t
of

e x tra

je a lo u s y is s lig h te r .

ji n g o fe e lin g , was a m o st a b s u r d
s e n tim e n ta lism .

F ran ce

is

of

or

te r r ito r y

F a s h o d a in c id e n t ,

h ar

r e c o lle c t io n

and

n a tu r a l a llies ; a n d su re ly n o tw o

in

T h e e x p la n a tio n Is s im p le

a n th r a c ite
6 5 3 ,4 1 5

to n n a g e w as, as a l­

to n s , th e

b itu m in o u s

In cre a se d 1 ,0 6 4 ,0 5 2 to n s , o o k e to n n a g e

rose 3 3 0 ,9 4 5 to n s , th e to n n a g e in ores a d v a n c e d 7 2 7 ,9 4 4
in

sto n e , sa n d

and

lik e

a r tic le s

7 5 6 ,8 6 3

as o u r p e o p le h a v e le a r n e d in r e c e n t y e a rs, m a y be

to n s , b e sid e s w h ic h th e r e w as a lo n g lin e o f in crea ses

o fte n it flu e n o e d a n d s o m e tim e s d o m in a t e d b y se e m ­

in th e d iffe r e n t ite m s o f m a n u fa c tu r e s .

in g ly tr iv ia l fa c to r s .

In te r n a tio n a l g o o d f e e lin g m ay

be c u ltiv a t e d b y lit t le a c ts a n d
surely as p erso n a l g o o d
basBador,
strain

ev en

n ation a l

f e e lin g .

a c y n ic a l to n g u e d
a firm

c o u r te s ie s q u it e

A n u n t a c t fu l am

f o r e ig n

in te r n a tio n a l

as

m in is te r ,

f r ie n d s h ip ;

W e h av e o n p r e v io u s o c c a s io n s d ir e c te d a tt e n t io n t o
th e tr a n s fo r m a tio n w h io h has b e e n e ffe c t e d in th e c h a r ­
a cte r o f th e r o a d 's to n n a g e , a n d th a t fe a tu r e is fu r t h e r

m ay

e m p h a size d in th e fig u r e s f o r 1902, w h e n , as w e h av e

w h ile

a lre a d y seen , th e sy stem h a d t o c o n t e n d w ith th e c r o p

re p re se n ta tiv e s, s u c h as M r. W h it e at B e rlin

s h o rta g e o f 1901, w h ic h ra n k s as o n e o f th e m o s t s e r i­

o r th e la te L o r d P a u n c e fo t e at W a s h in g t o n , ca n im ­

o u s d isasters

p e r c e p tib ly o v e r c o m e a d v e rse in flu e n c e s w h ic h seem

W h a t w e h av e In m in d Is th a t th e

at th e tim e to be a lm o st irre s is tib le .

tu ral to n n a g e n o w fo r m s a m u c h

T h e K in g o f E o g la n d 's v is it, t o th e p e o p le as w ell

ago.

is m erely a ty p ic a l in o id e n t o f th e tim e s .

r e s p o n d in g ly

n ifica n t in c id e n t in so fa r as it Illu s tra te s t h e g r o w ­

th e

c o u n t r y 's

o f th e to ta l to n n a g e th a n

as th e g o v e r n m e n t s o f th e v a r io u s C o n tin e n t a l S ta tes,
I t is a sig

in

it

e ffe c t

g r a in a n d a g r ic u l­
sm a lle r p r o p o r t io n

d id o n e o r tw o d e c a d e s

A s a con seq u en ce a poor
sm a lle r

a g r ic u lt u r a l h is t o r y .

crop

upon

y ie ld has a c o r ­
e a rn in g s— alw ays

s u p p o s in g th a t it d o e s n o t le a d t o b usin ess d e p r e s s io n

THE CHRONICLE.

1004

or is not coincident with the same. To illustrate this
change in the composition of the company’s freight
traffic, we bring forward a table previously published by
us, but with the figures for 1902 added on. We have,
it w ill be noticed, arranged the items of traffic under
three heads. In Class I we include grain, agricul­
tural products generally, and animals and provisions.
In Class I I we group items like petroleum and lum ­
ber, which are governed by conditions peculiar to
themselves—the lumber shipments bearing some re­
lation to the area of standing timber available for cut­
ting and transportation, which area is getting smaller
every year, and the petroleum shipments being af­
fected by the movements through the pipe lines. I t
is proper to say that for 1902, 1901 and 1900 some of
the items do not exaotly correspond with those taken
for 1890 and 1880, the company having made various
changes; but the differences on that account are not
sufficient to affect materially the general conclusion,
and therefore need not be mentioned.
1901.
Tons.
1,613,623
02?.' 47
041,511

1900.
Tons.
1,600,296
601,519
P45.264

1890.
1880.
Tons.
Tons.
1,157,633 1,727,045
419.5 !7
478.033
308,039
296.057

Total agriculture........ 2,449,638 ” 2^878,711
525,782
491,285
Animals.............................
407.838
390,827
Provisions, etc..................

2,907,079
500,258
430,436

1,872,117 2,513,717
477,630
087,794
881,525
314,468

Total Class I ............... 3,331,750
Glass II.
392,743
Petroleum ........................
Lum ber and forest prod’ts 847,803

3,812,381

3,843,773

2,741,328 3.465,930

419,073
783,095

350.923
721,027

1902.
Tons.
Class J.
G rain................................. 1,187,176
Flour and mill products.. 698,870
Oth. agricultural products 063,692

Total Class IX..............
Class I II.
Iron ore .........................
Pig, bloom and railroad
Iron................................
Other iron and castings...
Coal and coke....................
Stone, sand, etc................
Manufactures, merchan­
dise..................................

1,240,546 T*02,168

605,899
930,493

327,953
801,058

1,071,950 "M80.882 1,129,011

3,585,120

2,837,176

2,504,344

1,177,561

057,260
1,088,018
6,858,073
2,513,853

684,164
1,468.855
0,116,491
1,750,990

410,953
1,177,144
6,929.471
1,609,243

235,801
369,310
588,333
207,331
2,385,294 1,290,047
203,000
904,871

134,016

4,200,255

3,759.200

3,241.597

2,001,040 1.490,375

Total Class III............ 19,487,179 10.517,870 14,932,752 ” 73293,550 3,754,745
Grand Total................'24,059,475 21,582,425 19,848,475 11,531,200 8,360,330

I t w ill be seen from the foregoing that in 1902 the
oompany actually had a smaller tonnage in agricul­
tural products than it had 22 years before, in 1880,
and that the live-stock movement was also smaller.
Taking the total of all items comprised in Class I,
which includes agricultural freight and such other
articles as depend more or less on crop conditions, it
is found that the amount [for 1902 was only 3,331,750
tons, as against 3,465,980 tons 22 years previously in
1880. Of grain alone only 1,187,176 tons were moved,
as against 1,727,645 tons. The tonnage in Class II.
(embracing petroleum and lumber) also shows rela­
tively little change, being 1,240,546 tons for 1902 and
1,129,611 tons for 1880. On the otherihand the ton
nage in Class I I I . , comprising ^manufactures, mer­
chandise, minerals and miscellaneous articles (items
which are dependent apon the course of trade and
the growth and development of the country), has
multiplied more than five-fold, having risen from
3,754,745 tons in 1880 to 19,487,179 tons in 1902. In
brief, while in 1880 the tonnage in Class I., which
varies with the yield of the crops, formed over 40 per
cent of the freight traffic, in 1902 it formed only about
14 per cent of the same. No doubt if we could make
-similar comparisons for the other large systems in
trunk line territory, the showing would be much the
same.
Average freight rates were somewhat better in 1902
than in 1901, being 5*17 mills per ton per mile, as
against 4’89 mills in 1901 and 5*05 mills in 1900.
Despite the improvement in 1902, however, there
have been only four years in the one-third of a cen­

[Yol.

l x x v i.

tury of tbe company’s existence in which the average
rate received was smaller than in 1902.
While gross earnings in 1902 increased $1,176,617,
as already stated, over 1901, net earnings fell off
$602,217, owing to an augmentation in expenses of
$1,778,835. This is a repetition of the experience of
the preceding year, when with $2,806,161 gain in gross
income there was an expansion of $2,902,434 in ex­
penses, leaving $96,273 loss in net. In a word, in the
two years expenses increased roughly 4 million dol­
lars, while net earnings diminished $700,000. The
augmentation in expenses in 1901 had been due to
the extent of 1£ milllon dollars ($1,264,337) to enlarged
outlays for new equipment, new construction and side
tracks. The further expansion in 1902 did not follow
from this cause. The distribution of these extraordi­
nary expenses during 1902 differed greatly from that
for 1901, but the aggregate amount appropriated for
the purpose was substantially the same in the two
years, having been $4,395,605 for 1902 and $4,336,336
for 1901. In 1901 $3,689,079 was spent for new
equipment and $747,257 for side-tracks and new con­
struction. In 1902, on the other hand, the call for
new equipment was only $1,423,673, while the out­
lays for side-tracks and new construction were $2,971,932. As far as the ordinary expenses are concerned,
the increase in the volume of tonnage moved naturally
added tojthe cost of conducting transportation, and in
addition higher wages and higher prices for fuel, ma­
terials and supplies were Important features in the
results.
The exceptionally large outlays for new equipment
and new construction, amounting as we have seen for
the 12 months of 1902 to $4,395,605, serve to indioate
the strength of the company’s situation. For even
after this large appropriation out of earnings the
company still had available income of $6,735,523 on
the operations for the 12 months, while the call for
the 7 per cent dividends paid on the stock amounted
to only $3,462,655, leaving a surplus in the sum of
$3,272,868. In brief, with dividends only 7 per cent,
the amount available was almost 14 per cent, and
this, too, after the extraordinary outlays of $4,396,605
already referred to.
Two things mainly explain these marvelously pros­
perous results. One is the policy which has been
pursued in the management of the property almost
ever since it has been under Vanderbilt control—we
mean in the matter of the distribution of profits to
the shareholders. A fter the suspension of dividends
In 1885, dividend payments, when subsequently re­
sumed, were kept very small in order that earnings
might be applied to the improvement of the property;
in recent years, though dividends have been on a
larger scale, the rate has never been allowed to go above
7 per cent and large appropriations have been made
directly out of earnings each year, and further large
amounts carried over In the shape of surplus to be
applied in the same way. By this process the road
has been double-tracked and enormous additions made
to the equipment without any charge to capital ac­
count. As indicating the extent of the appropria­
tions in that way, it may be noted that during the
last three years alone almost 12 million dollars ($11,803,940) has been specifically appropriated out of
earnings for new equipment and new construction.
Besides this, over 10 m illion dollars ($10,161,113) of
surplus, over and above the dividend payments and
these extraordinary outlays, has been carried forward

rH E

May 9, 1903.]

CHRONICLE

1005

dariog the same three years.
result is aB follows.
I n c o m e a p p l ie d t o
e q u ip ., c o n s tr u c tit > n ,
tlT ea r.

aide tr a c k s , e t c .

1900 ..................... $3,071,999
1901 ..........................
4,336,336
1902 ........................ 4,395,605
3

years...........$11,803,940

In tabular form the w ith the result th at the fre ig h t tra in mileage fo r
1902 was the smallest th at it has been in any year
S u r p lu s a v a ila b le
T o t a l a p p l ie d ]
since 1887. We have brought together in the follow ­
a fte r su ch a p p r o p r i’s
out of
ing table a few figures to show the road's very decided
l a n d d iv id e n d s .
in c o m e .
$3,195,775
$6,267,774 advance in operating economy.
3,698,470
3,272,868

$10,161,113

8,028,806
7,668,473

$21,965,053

No such achievement as the above record discloses
would have been possible except fo r the policy already
referred to. I f since 1885 the company had distribu ­
ted profits in fn ll to the shareholders, making it
necessary to provide the funds fo r the large outlays
incurred for new equipment and new construction by
additions to capital account, instead of meeting them
out of earnings, fixed charges would now be on a
totally different and vastly larger scale, and the final
net result be correspondingly reduced.
In the more recent years a fu rth e r step forward has
been taken in the matter of this policy of applying
surplus earnings. Instead of employing the money
merely for new equipment and new construction, it
has been used for the purpose of acquiring stock in
affiliated and connecting roads. In the report for
1900 the purchase of large amounts of the capital
stock of the Lake E rie & Western and the Cleveland
Cincinnati Chicago & St. Louis was noted. The cost
of these securities in th a t year aggregated $12,958,082, of which $6,958,082 was paid out of surplus
earnings. In the report fo r 1901 the acquisition of
$3,200,000 of the capital stock of the Lehigh Valley
Railroad Company, at a cost of $1,920,000, was re­
ported. In the present report, covering the year
1902, the purchase of $4,800,000 of the stock of the
Indiana Illin o is & Iowa Railroad, $750,000 of the
stock of the D etro it Milwaukee & Toledo Railway
Company and an additional m illio n dollars of stock
of the Pittsburgh & Lake Erie Railroad Company,
the whole costing $5,678,000, is noted.
Surplus earnings, large though they have been,
have not been sufficient to provide fo r all these ac­
quisitions, and hence the balance sheet fo r December
31 1902 shows $5,000,000 of bills payable outstanding,
which is a m illio n dollars more than on December 31
1901. These various acquisitions are adding greatly
to the company's income from investments from year
to year, this income for 1902 having been $1,668,564,
against $1,329,289 fo r 1901 and but $749,620 fo r 1900,
the amount thus having more than doubled in two
years. No reference is made in the report to the
company's purchase of the stock of the Reading Com­
pany, fo r which a one-year loan of 25 m illio n dollars
has been made, as this occurred subsequent to the
closing of the period covered by the report.
S till another circumstance has played a very prom ­
inent part in the excellent income returns w hich the
Lake Shore is able to make. We refer to the increas
ing efficiency w ith which the property is being admin­
istered. The Lake Shore had a record fo r a heavy
train-load long before this m atter was generally taken
up by railroad officials. Nevertheless a fu rth e r im
provement in th at particular has been established in
every recent year; th at is to say, notw ithstanding the
prosperity of the system and the large earnings at
command, great care has been taken to m aintain the
utmost economy in operations. Since 1897 the tonnage
of the system and also the tonnage movement one
mile has steadily risen, but there has not been a year
when the train-load has not been greatly added to,

T ea r.

1893
1894
1895
1896
1897
1898
1899
1900
1901
1902

T ons m oved
o n e m ile .
N o.

M iles r u n b y
f r e i g h t t r a in s ,
N o.

......... 2,427,692,020
......... 2,196,244,568
......... 2,475,757,176
......... 2,377 034,118
...........2,473,436.580
...........2,771,978,098
........... 3,414.880,381
...........3,620,829,452
...........4,006,554,001
......... 4,053,501,252

8,805,512
9,218,912
7,773.337
7,391,380
7,703,105
7,866,833
7,991,932
7,963,835
7,552,961
7,031,614

R a t e r e c e iv e d T r a i n
A vera ge
per to n
ea rn s
t r a i n lo a d , p e r m il e .
p . m ile .
T ons
M ills .
f

276
267
318
322
321
352
427
455
530
576

5*87
5 ’72
561
549
5 45
502
471
5 05
4 89
5 17

1 65
150
1 82
180
1 78
178
2 02
2 30
2 60
99

Thus while in 1893 the road moved 2,437 m illio n
tons one mile on a fre ig h t tra in mileage of 8,805,512
miles, in 1902 though the tons moved one m ile had
risen to 4,053 m illion tons, the fre ig h t tra in mileage
required to do the work was but 7,031,614 miles. In
the nine years the train-load has been more than
doubled, being increased from 276 tons to 576 tons,
and the earnings per fre ig h t tra in mile have been
brought up from $1 65 per m ile run to $2 99, n ot­
withstanding th a t the average receipts per ton per
mile in the interval declined from 5*87 m ills to 6-17
mills. V e rily the Lake Shore is a remarkable prop­
erty, both in its management and results.

ITEMS ABOUT BANK8, BANKERS AND TRUST CO’S
—The public sales of bank stocks this week aggregate 500
shares, of which 340 shares were sold at auction and 160 at
the Stock Exchange. The transactions in trust company
stocks reach a total of 62 shares. The first sale of Leat her
Manufacturers’ National Bank stock since Dec. 1901, when
the quotation was 263}£, was made this week at 349
and
the stock of the Manufacturers’ National Bank of Brooklyn,
the last previous sale of which was made in March 1902 at
300, sold at 351. The only sale made in the curb market was
of 4 shares of Corn Exchange Bank stock at 400. The price
paid last week for 50 shares of Fourth National Bank stock
was incorrectly stated in this column to have been 285, in­
stead of 225, the report made to us of the sale having been
erroneous.
Snares

B a n k s — New

York.

Price.

4 American Exch. Nat. Bank... 265
*30 City Bank, National................ 300
*130 Commerce,National Bank o f.. 365—374
8 Fourth National Bank........... 230%
13 Gallatin National Bank.......... 428
6 Leather Mfra.’ Nat. Bank....... 349%
6 Mechanics’ National Bank— 281 %
122 Mercantile National Bank...... 302-306%
7 Merchants’ Exoh. Nat. Bank.. 1701$
ION. Y. National Exoh. Bank... 271
96 North America, Nat. Bank of. 225
22 Oriental Bank.......................... 250%
37 Park Bank, National............... 480-48058
B a n k — Brooklyn.

9 Manufacturers’ Nat. Bank_
_
T r u s t C o m p a n i e s —New

York.

351

4 Central Trust Co..................... 2500
33 Colonial Trust Co..................... 379
5 Guardian Trust C o................... 200
15 United 8tates Trust Co........... 1680
6 Windsor Trust Co..................... 230

Last previous sale.

Apr.
Apr.
May
Apr.
Apr.
Deo.
Apr.
Apr.
Mar.
Apr.
Max.

1903—
19031903—
1903—
1903—
190119031903—
19031903—
1903—
Not. 1 9 0 2 Apr. 1 9 0 3 -

260
290
370
225
419
263%
276%
820
170%
275
255
237
485

Mar. 1 9 0 2 - 300
Apr.
Mar.
Mar.
Apr.
Jan.

1903— 2500
1903— 396%
1903— 200ifl
1 9 0 3 -1 6 7 2
1903— 265*8

* Bold at the Stock Exchange.

—Mr. James Speyer gave a dinner last evening at his
house, 257 Madison Avenue, in honor of Senor Jose y Limantour, the Minister of Finance of Mexico. Those present inclnded ex-Secretary Gage, ex-Secretary Fairchild, Hamilton
Fish, Sub-Treasurer of the United States in New York; Ed­
ward King, James Stillman, Effingham B. Morris, President
of the Girard Trust Company; A. B. Hepburn, Richard A.
McCurdy, Gustav H. Schwab, Valentine P. Snyder, Hon.
Chandos Stanhope, James H. Hyde, Adolph S. Ochs, George
F. Baker, Emil S. Boas, Hermann Ridder, William G.
Raoul, President of the National Railroad Co. of Mexico, and
Henry W . Taft.
—Mr. George G. Williams, President of the Chemica
National Bank of this city, died at his residence, 34 West
58th Street, Thursday night. During his lifetime Mr. W il­
liams occupied a prominent position in the] financial com-

1006

THE

CHRONICLE.

m unity. He was twice President of the Clearing House
Association, one of these occasions being at the time of the
1893 panic, when he appointed the celebrated Loan C om m it­
tee; and in various other capacities he rendered im portant
services. As chief executive of one of the c ity ’s foremost
banks, his record was marked by conspicuous success.
H is connection w ith the Chemical’extended over sixty years,
he having entered its service at^the age of fifteen as assistan t
paying teller. Five years later he became the paying teller.
His advancement to Cashiership occurred in 1855, and in
1878 he assumed the Presidency. Mr. W illiam s was the
Chemical’s fourth President, his predecessors having been
John Mason, its first head, who was followed by Isaac Jones,
the latter in tu rn having been succeeded by his nephew, John
Q. Jones. M r. W illiam s was a trustee of the Union Trust
Company of this city, and was represented on the board of a
number of other financial institutions. In an editorial ar­
ticle on a previous page some comments on Mr. W illiam s’s
services w ill be found.
—Several more tru st companies have announced th e ir
intention to sever th eir connection w ith the New York
Clearing House Association because of the new reserve re­
quirements. They are the United States Mortgage & Trust
Company, which w ithdraws on the 11th inst.; the Continen­
ta l Trust, which w ill discontinue on the 15th inst.; the New
Y ork Security & Trust Company, w hich w ill cease to clear
on the 16th inst., and the Mercantile Trust, which retires on
the 18th inst. Sim ilar action, i t is expected, w ill shortly be
taken by some other tru st companies. The Union Trust
Company was the first to abandon Clearing House connec­
tions, having w ithdraw n on A p ril 15. The follow ing did not
hold membership in the Clearing House Association, and
therefore have not had to consider the question of the ad­
v is a b ility of w ithdraw ing: The Farmers’ Loan & T rust,
the U nited States Trust, the New Y o rk L ife Insurance &
Trust, the Central Trust, the Bowling Green Trust, the
Guaranty Trust, the Merchants’ T rust, the N orth American
T rust and the Realty Trust.
—A portrait of the late Frederick D. Tappen, President of
the G allatin N ational Bank of this city fo r a number of years,
has been presented by the bank’s directors to the New Y o rk
Clearing House.
—M r. Dick S. Ramsay was elected a Vice-President of the
Mercantile National Bank of this city on Thursday of this
week.
—I t is expected to open in about a month a new bank in
this c ity in the v ic in ity of 59th Street and 8th Avenue, to be
known as the Bank of Discount, w ith a capital of $100,000
and surplus of $5D,000. The bank w ill have a B ro o klyn
branch to be located near the Borough H all. M r. Joseph G.
Robin w ill be the President, Cassius M. W icker and James
P. Wood Vice-Presidents, and Jame3 Duane L iv in g ston
Cashier. Mr. Livingston was u n til recently Vice-President
of the Trust Company of the Republic of this city.
—The Real Estate T rust Company of 30 Nassau Street, this
city, has issued a circular in which are offered choice invest­
ment securities.
—I t is reported that M r. Charles J. Fisk, senior member of
the firm of Harvey Fisk & Sons, bankers of this city, is seri­
ously i l l at his home in Plainfield, N . J.
—Messrs. Spencer Trask & Co. removed yesterday from
their old quarters in 29 Pine Street to larger offices in the
Kuhn, Loeb B uilding at W illia m and Pine streets.
—The Chelsea Exchange Bank at 259 W. 34th Street,
which commenced operations on Thursday, the 30th u lt.,
reported $105,000 deposits as the net result of its first week’s
business. The stock of the Ijbank is now 160 bid and 175
asked. The management consists of Irv in g M. Shaw, Presi­
dent; H. H, Tyson Jr. and P. A. Geoghegan, Vice-Presi­
dents, and A. E. Stilger, Cashier.
—The Hanover Safe Deposit Co., in the Hanover Bank
Building (to which reference wa3 made in these columns a
week ago), was form ally opened for public inspection this
week. The company has a model establishment for safe de­
posit, complete and perfect in every detail. The vault,
situated on the ground floor of the Hanover Bank Building,
in close p ro xim ity to the street, measures seventy feet in
length and tw enty in w idth , and contains accommodations
for 2,500 safes. Two massive circular doorways guarding

[V o l . L X X V I .

the entrance and e xit (one at each end of the vault) weigh
sixty tons apiece. The va ult is constructed of four layers of
chrome steel (together five inches in thickness) and is also
fu rthe r reinforced by six inches of fireproof covering. The
company has given particular attention to the com fort and
convenience of its patrons. Besides a reception room and
private coupon booth, a refrigerating plant cools and venti­
lates the vault. The Hanover Safe Deposit Co. w ill be
operated in conjunction w ith the Hanover Bank. The Safe
Deposit Co.’s directors are Messrs. Vernon H. Brown, H ud­
son Hoagland, Charles H. Marshall, W illia m Logan and
Henry R. Carse.
—A certificate of incorporation of the Monroe Bank of this
city has been filed at Albany. The bank is to have a capital
of $200,000, w hich may be increased to $1,000,000. M r. K a uf­
man Mandell w ill be the President and Herman Heidelberg
the Vice-President. The bank is to locate on Canal Street.
—Messrs. Lawrence Barnum & Co., bankers, of 27 and 29
Pine Street, New York, have opened a branch office in the
Philadelphia Bank Building, No. 421 Chestnut Street, P h ila ­
delphia, w ith M r. F. E. W arner of th at c ity as resident man_
ager. Mr. W arner is w ell and favorably known in Phila.
delphia as a successful bond man, and under his manage­
ment the success of the new office is assured. This is the
second branch offioe established by this enterprising banking
house, the other being located in Providence, R. I.
—The West Hudson Trust Company of Harrison, N. J., has
secured a plot of ground on Harrison Avenue, where i t w ill
erect a new bank building.
—M r. Emmor Roberts was on the 28th u lt. elected VicePresident of the National State Bank of Camden, N. J.
—The Bergen & Lafayette Trust Company of Jersey C ity is
now in possession of its own building, ju s t completed, at
Monticello Avenue and Brinkerhoff Street. The structure
is one story high, and has been provided w ith every fa c ility
neoessary in a w ell appointed banking institutio n. The bank
began in May 1902, and during its first year of existence was
located at 96 Monticello Avenue.
—Messrs. G. Sidenberg & Kraus removed this week from
their old offices at 20 Broad Street to more spacious quarters
in the B lair Building, 24 Broad Street. The firm consists of
Messrs. G, Sidenberg, H a rry Kraus and Max W. Kraus. M r.
Sidenberg and M r, Kraus represent the concern on the Stock
Exchange.
—An assessment of $53,000 has been levied by the Comp­
troller on the $100,000 capital of the F irs t N ational Bank of
Asbury Park, N. J. Since the bank’s failure in February
tw o dividends fo r 25 per cent each have been paid to the de­
positors, in whose interest this assessment is made.
—State Superintendent of Banks, F. D. K ilb u rn , has
authorized the Security Safe Deposit Company of Troy, capi­
tal $50,000, to begin business.
—The New England T rust Company of Providence, R. I.,
has opened a branch in Pawtucket, R. I., at 233 Main Street.
The company has ju s t completed its firs t year, having begun
business on May 1 of last year.
—The Rhode Island Hospital T ru s t Company of P ro vi­
dence, R. I., has considerably enlarged its building and has
located its main offices in the new and spacious rooms on the
first floor. An excellent cut of the building, which is a
model one, is made the frontispiece of a book issued by the
company, and w hich outlines in brief its history. The com­
pany was organized in 1867, and was the pioneer of in s titu ­
tions of its kind in Rhode Island, and, in a certain sense, the
book tells us, in New England. I t owed its existence to the
desire of a few public spirited men to create what should be a
financial institutio n of high credit and powerful resources and
at the same time prove a pecuniary helper to the Rhode
Island Hospital, a benevolent in stitu tio n then in its infancy.
Business began in a modest way; at first in the private office
of its President; then in the building of the Mechanics’ N a­
tional Bank, then in its own building purchased from the
Mauran Estate, remodeled and refitted, and now i t finds
itself conveniently housed fo r its rapidly increasing business
in its handsome building on Westminster Street. The com­
pany has never failed from the commencement to pay regu­
la rly a dividend on the stock. Its capital stock at the start
was less than the permitted amount of $500,000, but i t now
has a capital, granted by later legislation, of $1,000,000 and

M ay 9, 1903,]

THE CHRONICLE.

1007

eurplus of like amount. The deposits aggregated on March The stock has been sold at $125 per share, giving a surplus of
31 last $19,253,988. Besides the general functions of a trust $200,000, so that the working capital will be $1,000,000. Mr.
company the institution issues letters of credit on Messrs. John W. Garland has been elected President of the bank and
Brown, Shipley & Co. of London, and receives deposits “in W. C. Magee has resigned as Vice-President of the Frick
participation”—that is, on the savings bank plan. The ex­ Coal Company to take the Vice-Presidency of the new institu­
ecutive staff is composed of: Mr. H. J. Wells, President; tion. Some of the directors are: Mr. L. A. RobiBon, Gen­
Samuel R. Dorrance, Vice-President; E. S. Clark, Secretary; eral Passenger Agent of the Pittsburgh & Lake Erie RR.;
William A. Gamwell and P. H. Gardner, Assistant Secre­ B. C. Vaughn, Assistant to the Vice-President of the Pitts­
burgh & Lake Erie; J. G. Patterson, Treasurer of the Pitts­
taries .
burgh Terminal Railroad & Coal Co.; George L. Peck, Gen­
—The stockholders of the Commercial National Bank of
Providence, R. I., have decided to place the institution in eral Manager of the Pennsylvania Lines West of Pittsburgh;
voluntary liquidation, although formal ratification will not John F. Newmeyer, President of the Washington Coal &
be given the matter until June 6. The back has a capital Coke Co.; James A. Henderson, President of the Pittsburgh
of $500,000. It is stated that heavy losses sustained in the & Cincinnati Packet Line, anu E. C. Kleinman, President of
past few years have led to the liquidation. The Union Trust the First National Bank of McKees Rocks.
Company of Providence has already taken over the bank’s —A charter has been granted to the Mt. Washington Sav­
business. Mr. Abram Barker, the Cashier, will hold a re­ ings & Trust Company of Pittsburgh. The company, which
has a capital of $150,000, is understood to be a branch of the
sponsible position in the trust company.
the
—Mr. Seth L. Larrabee has been elected President of the Colonial Trust Company. &The latter has purchased forAve
Mt. Washington Savings Trust a site at Grandview
Chapman National Bank of Portland, Me., to sucoeed the and Shiloh St. The Colonial also has a branch in Castle
late C. C. Chapman. Mr. Larrabee, who was Vice-Presi­
dent, has in turn been succeeded by Mr. Adam P. Leighton. Shannon—the Castle Shannon Savings & Trust Company.
—Mr.
President of
—Mr. E. G. Reyenthaler, who, for over forty years had Bank of James M. Bailey, on the 6th inst.the Fourth National
Pittsburgh, died
been connected with the Union National Bank of Philadel­
phia, has retired as Vice-President and disposed of his hold­ Mr. H. L. Borland has been elected Secretary of the Iron
ings in the institution. Mr. Reyenthaler, it.is stated, favored City Trust Company of Pittsburgh.
the merger of the bank with the Corn Exchange National —The newly organized Manchester Savings Bank & Trust
Bank, negotiations for which were abandoned several weeks 1Company of Allegheny, Pa., expects to begin business about
ago.
July 1. Mr. James P. McKinney has been elected Presi­
—Wednesday, the 6th inst., was the last day for meeting dent, Anthony H. Trimble, Vice-President and Secretary,
the payment of $225 per share on the new stock of $500,000 and Edward Herr, Treasurer.
of the Girard National Bank of Philadelphia. This increased —Th9 Comptroller on April 28 approved the application to
the capital to $2,000,000. The remainder of the total of organize the Farmers’ & Merchants National Bank of Johns­
$1,125,000 realized will be divided as follows: $500,000 to town, Pa., with a capital of $200,000.
surplus and $125,000 to undivided profits.
—A certificate of consolidation of the Mercantile Safe De­
—The customary 5 per cent semi-annual dividend of the posit & Trust Company and the Ohio Savings Bank & Trust
Philadelphia National Bank of Philadelphia was declared on Company, both of Toledo, has been filed with the State au­
the 1st inst. The bank has also added $250,000 to the surplus, thorities. The name of the latter institution has been re­
making the amount now $2,000,000. The addition to surplus tained and the capital increased to $600,000. The safe de­
within a year has been half a million dollars.
posit company was organized in January by interests identi­
—Payment on the additional $500,000 capital of the Market fied with the company which has absorbed it.
Street National Bank of Philadelphia, $150 per $100 share, —According to the local papers, the merger of the State
was due on Thursday, the 7th inst. The capital is thus in­ National and Colonial National banks of Cleveland will not
creased to $1,000,000.
take place, various obstacles having arisen which it has been
—The West End National Bank of Washington, D. C., found impossible to overoome.
went into voluntary liquidation on April 23. The bank was —The National City Bank of Akron, Ohio, succeeded on
taken over by the Citizens’ National Bank of Washington.
the 2d inst. the City National Bank, whose charter expired
—The banking firm of Sperry, Jones & Co., of Baltimore, on May 1. The capital remains $100,000. Mr. N. C. Stone,
suspended on the 6th inst., and was placed in the hands of who had held the cashiership in the bank, is now President.
Vernon Cook as receiver. Mr. Richard B. Sperry, one of the The other officers are E. A. Oviatt and E. S. Day, Vice-Presi­
members of the firm, states that the firm has valuable assets dents, and Harry Williams, Cashier.
and prospectively profitable contracts, which, if the firm is —The Dayton Savings & Trust Company of Dayton, Ohio,
permitted to work them out, will pay every dollar owed and has been incorporated with a capital of $300,000. The com­
leave a large cash surplus.
pany expects to begin business in September, at which time,
—Formal ratification was given by the stockholders on as required by law, its capital stock must be paid in. Mr. A.
April 30 to the proposed increase from $200,000 to $400,000 in J. Conover, Vice-President of the Dayton National Bank, is
the capital of the Metropolitan National Bank of Pittsburgh. interested in the projected company, and it is understood
The shareholders also authorized the increase in the number will become its President.
of directors from nine to fifteen. The new 2,000 shares, par —Although its banking rooms are yet in an unfinished
$100, will be disposed of at $200 each, adding the sum of state, the Commercial Savings Bank of Grand Rapids,
$200,000 to the surplus. Work will soon be started on the Mich., began business on Monday. The work of remodeling
building to be put up by the bank at 41st and Butler streets. the building will be pushed rapidly and will probably be
—Mr. F. A. Griffin has been advanced from the position of completed within the next two months. The bank has a
Cashier to Vice-President of the Columbia National Bank of capital of $200,000 and is under the management of Charles
Pittsburgh, while Mr. H. M. Landis has become Cashier. B. Kelsey, President; Edgar G. Maxwell, Robert Shanahan
Mr. Landis has for a number of years been Cashier of the and Lyman W. Welch, Vice-Presidents, and Herbert N.
Tradesmen’s National Bank of Pittsburgh, which, with the Morrill, Cashier.
Columbia, recently came under the control of the American —The stockholders of the Merchants’ Loan & Trust Com­
Trust Company.
pany of Chicago will, at a special meeting on June 9, act on
—The Germania Savings Bank of Pittsburgh, which also the directors’ recommendation to increase the capital from
was recently acquired by the American Trust Company of $2,000,000 to $3,000,000. The stock will be offered to the
Pittsburgh, and which will serve as the company’s savings shareholders at $200 per share, so that a like addition of $1,bank branch, will, it is understood, erect an eighteen-story 000,000 will be made to surplus. Subscriptions are to be
office building on its present site at Wood and Diamond payable on July 1.
streets.
—H. C. Speer & Company (Incorporated), Chicago dealers
—When the Industrial National Bank of Pittsburgh begins in Investment Securities, have removed their offices from
business about the first of the coming month, it will have a 226 LaSalle Street to the seventh floor of the new National
capital of $800,000, and not $500,000 as was at first intended. Life Insurance Building, No. 159 LaSalle St.

1008

THE

CHRONICLE.

—The name chosen fo r the new West-Side State bank to be
organized in Chicago (to w hich reference was made in these
columns last week) is the Mechanics’ T ru st & Savings Bank
instead of the N orthw est T ru st & Savings Bank. The State
A u d ito r of P ublic Accounts has issued a p e rm it fo r such or­
ganization, w ith a capital of $200,000.
—Messrs. Feder, Holzman & Co.—sucoessors to Charles
H enrotin in Chicago—have removed th eir Chicago office to
m uch larger quarters on the ground floor of the National
L ife Insurance B uilding, 159 La Salle Street. T heir C incin­
n a ti offices in the Union T ru st B u ild in g are among the finest
and best equipped to be found in the West.
—M r. Marc H ubbert of Chicago has been appointed Man­
ager of the travelers’ guaranteed draft-check departm ent of
the U nited States F id e lity & G uaranty Company of B a lti­
more, w ith headquarters in the la tte r city. M r. H ubbert was
fo r some years Assistant Secretary of the Columbia Finance
& T ru st Company, Louisville, K y., and later Treasurer of the
G uardian T ru st Company, Chicago.

[VOL. l x x v i .

number of 2,C O were issued and sold at $175 each, the $75
O
per share being placed to surplus. The bank is officered by
Mr. A. Chilberg, President; A. H. 8oelberg, Vice-President;
J. F. Lane, Cashier; George R. Fisher and William Tnaanum, Assistant Cashiers.
—We learn from the Seattle “ ‘ Post-Intelligencer” that the
Bank of Cape Nome, at Nome, Alaska, is to be converted
into a national bank, and the name changed to the First Na­
tional Bank of Alaska. Mr. James D. Hoge Jr., President
of the First^National Bank of Seattle, is President also of
the Alaska bank.
—Mr. James Swann, President of the Atlanta National
Bank of Atlanta, Ga., died in this city at the Hotel Bucking­
ham on the 1st inst. As a member of the mercantile firm of
Inman, Swann & Co. of this city, Mr. Swann was as well
known here as in the South. He was also at one time
President of the Spartanburg & Asheville RR. Co. Mr. Swann
was born in Dandridge, Tenn., sixty three years ago.

—In response to our inquiry regarding the increase in the
—Charles T. A tkinson has become associated w ith the C hi­ capital of the National Bank of Jacksonville, at Jacksonville,
Fia., Vice-President Bion H. Barnett writes us as follows :
cago stock and bond house of F inley B arrell & Company.
—H oward, Small & Company, Chicago dealers in Invest “ The increased capital stock of this bank, $150,000, has all
ment Securities,have removed from 159 La Salle Street to the been paid in, and the stock will be issued May 1st, making
the capital on that date $300,000, surplus $200,000 and un Royal Insurance B u ild ing , 169 Jackson Boulevard.
divided profits of about $12,00). Par value of ktock is 100,
—E, H , R ollins & Sons of Boston, Denver and San F ra n ­ and 225 has been paid for the new stock.”
cisco, have opened an office in Chicsgo fo r the sale of high—The original plans of the organizers of the new bank in
grade investment bonds. M r. G. H . T aylor, fo r seven years
Jacksonville, Fla., have been materially faltered. The name,
in charge of the Denver office, and before th a t for several
years in the buying department of the firm in Boston, w ill be it has been decided, will be the Atlantic National Bank, and
Chicago manager. R ollins & Company have secured an en­ not the Duval National, as at first announced. The capital
tire floor in the Counselman B u ild ing on L a Sallo Street, will be $350,000, or $50,000 more than at first proposed. It
opposite the Board of Trade, being the suite ju s t vacated by had been expected that Mr. W . F. McCauley would be the
the George D. Cook Company. The la tte r firm has trans­ President, but he finally decided to continue as Cashier of
the Savannah Bank & Trust Company of Savannah. The
ferred a ll its business to the New Y o rk office.
officers chosen last week are: President, Mr. Edward W .
—The fiftie th anniversary of the organization of the M il­ Lane, Vice-President of the Merchants’ Bank of Valdosta;
waukee National Bank of Wisconsin, at M ilw aukee, was Vice President, F. W . Hoyt, President of the First National
reached on the 1st inst. The bank was o rig in a lly know n as Bank of Fernandina.
the State Bank o f Wisconsin, aud was reorganized as a na­
tio na l bank under its present name in 1865. M r. George F.
Strohmeyer has been the President since January 1899. His
Canadian Bank Clearings —The Clearings of the Can
associates are J. P. M urphy, Vice President; W . F. F ilte r,
adian Banks for the month of April, 1903, show a de­
Cashier, and John F. Strohmeyer, Assistant Cashier.
crease from the same month of 1902 of 14‘4 per cent, some
—The Adams County Bank of Hastings, Neb., organized in cities recording heavy losses. For the four months of 1903
1886 w ith a capital of $60,000, has been absorbed by the F irs t there is a gain over the like period of 1902 of 6 0 per cent.
N ational Bank of th a t city.
—The stockholders of the U nion Bank & T ru st Company
o f Helena, M ont., on the 18th u lt. voted to increase the
capital from $100,000 to $250,000. The entire issue has been
taken by the existing shareholders, each being e ntitle d to
two-and a-half shares in proportion to every share held. Pay­
ments were due May 1. M r. George L . Ramsey, fo rm e rly
Cashier of the company, has been elected Seoond Vioe-Presi
dent, a new ly created office. M r. F ra n k Bogart, previously
Assistant Cashier, has become Cashier.

A p ril.
Clearings a t—

1803.

Four Months.
In . or
D ec.

1902.

M o n tr e a l............
T o r o n t o ..............
W in n ip eg............
H alifax................
Ottaw a................
Quebec...............
H a m ilto n ............
V a n co u v e r.........
St. .John............
V ictoria ..............

$
83,681,127
66,595,780
17,21)0,498
7,236,773
8,270,134
5,850,947
3,799,087
4,940,36b
3,495.473
1,926,468

T o ta l Canada.

203,086,659

1903.

1902.

In . or
Dec.

%
-2 1 -4
—198
+ 3 f0
-9 -5
+3-1
+15-4
-9 -8
+3C7
+6-7
-1 3 6

S
841.916,660
275,393,845
65,940,724
28,619,160
32,157,876
22,905,943
15,963.339
17,898,433
13,628,684
8,809,956

$
338,318,925
261,927,471
48,337,776
29,703,905
29,033,499
19,523,376
14,555,781
14,041,568
12,242,165
8.767,121

237,248,207 - 1 4 '4

823,243,620

776,446,587 +6-0

?
106,427.525
83,057,2=>7
13,199,815
8,004,'■'32
8,023,608
5,069,074
4,212,350
3,750,906
3,275,026
2,228,314

-»1
+51
+36'4
—3-6
+10-8
+17-3
+9-7
+27-5
+11-3
+0-5

—President D avid H . M offat of the F irs t N ational Bank of
Denver, Colo., has made arrangements to increase the bank’s
The cleariDgs for the week ending May 2 make a rather
circulation $500,000, m aking the to ta l amount the same as unfavorable exhibit, the decrease in the aggregate from 1902
the capital, namely, $1,000,000.
having been 4 6 per cent.
—The Bank of Commerce of Salt Lake C ity has been ab­
W eek ending Mau 2.
sorbed by the Commercial N ational Bank of Salt Lake, the
Clearings at—
In c. or
1902.
1901.
1903.
1900.
Dec.
transfer having been made on the 1st inst. The Bank of
J
1
*
t
Commerce was organized in 1890 and had a capital of $100.20,691,054 - 3 0
19.940,622
12,776,914
16,543,773
M o n tr e a l......................
9,853,853
000. I t had deposits in the neighborhood of h alf a m illio n T o ro n to ......................... 14,920.089 18,201,237 —180 13.015.902
3,188,439 + 3 8 2
1,843.589
4,406.646
2,012,777
W innipeg ....................
1,934, 17 - 1 0 9
1,723.025
1,343,239
1,523,509
dollars.
H a lifa x .........................
Ottawa...........................

1,671,314

1,715.194

-2 6

1,348,186
1,085.511 +24-2
—Mr. A. R. Metcalfe has been elected President of the V an cou v er .................
1,089.452
756,556 +44*0
759,066
732,746
830,073 +3-8
S61.673
900.384
1,095.395
ilton ......................
F irs t N ational Bank of Pasadena, Cal., to succeed the late H a mo h n ........................
799,120
657.498 + 2T 6
694,154
705,841
St. J
397,068
375.973 —1-9
427,696
482,567
P. M. Green; Mr. Ernest H . May, fo rm e rly Cashier o f the V ic t o r ia ........................
846,916 N ot include d in to tal.
L o n d o n .......................
bank, has been appointed Vice-President, succeeding M r. W .
47,157,195
49,439,552
-4 -6
28,768,073
35,943,322
T o ta l C anada..........
R. Barnes, resigned, w hile M r. H. I. S tua rt has been elected
to the office of Cashier.
C learings by T elegraph.—Saies o f Stocks, Bonds, &e.—
—The N ational Bank of D. O. M ills & Co. of Sacramento, The subjoined table, covering clearings for the current week,
w ith a capital of $500,000 and surplus and profits of $312,231, usually appears on the first page of the C hronicle , but on ac­
has been purchased by the Bank of C alifornia, San Francisco. count of the length of the other tables is crowded out once a
—The Scandinavian Am erican Bank of Seattle, Wash., has month. The figures are received by telegraph from the lead­
increased its capital fro m $100,000 to $300,000. The in ­ ing cities. It will be observed that as compared with the
creased capital was voted at the annual meeting in J anuary corresponding week of 1902 there is a decrease in the
and became effective on the 1st inst. New shares to the aggregate of 18’2 per cent. So far as the individual cities are

May 9, 1903.]

THE

CHRONICLE.

s
ooncerned New York exhibits a loss o f 30 '3 per cent, Boston
i
4’0 per cent. Philadelphia 14'7 per cent, B altim ore 2'4 per
cent, St. Louis 3’9 per cent and New Orleans 8-2 per cent.
Chicago records a gain o f 4’2 per cent.

1009

fJTouctiixuil (Co w w cvciit l £ n gtisli 3} curs
l F r o m o u r o w n c o r r e s p o n d e n t .!

L ondon , Saturday, A p r il 25th, 1903,
FeeliDg, not only on the Stock Exchange but a ll over the
JUw York..............................................
11,664,042,828
-80-3 c ity, is much more cheerful this week than fo r a long tim e
91,088,241,201
Soiton.....................................................
117,290,229
112.677,2^0
-4 -0 past, and people in general are beginning to hope th a t busi­
114,199,881
Philadelphia..........................................
97.390,172
-14-7
ness is about to improve steadily. One cause o f this is th a t
Baltimore...............................................
18,914,925
19,872,^53
-2 4
Chloaiio...................................................
144.< 02,673
180,182,510
+4-2 the heavy revenue having ceased, money is somewhat more
48,412,902
St. L oot!.................................................
44,002,470
-3 9
11.832.410
-874 abundant and easy than i t was. .The second is th a t the pro­
Hew Orleans..........................................
10,806.870
Beren oltlei. 6 d a n ........................ 11,517,774 407
|2.l 07,903,020
-24-4 duction of gold in 8outh A fric a is slow ly but steadily in ­
Other oltlea. 6 day*...............................
279,241,827
252,190,487
+10*7
creasing. I t is now about h alf w hat i t was when the w ar
11,797,010,294
12,200,000.113
Total all oltlei. 6 day■....................
—2 :-5
805,908,741
881,080,277
All oltlei, 1 day.....................................
-4*7 broke out. A t th a t tim e the m onthly output was at the rate
Total all oltlei (o r w eek................ 12,102,925,035
«2,014,080,320
-18-2 of 20 m illions sterling per annum . Now i t is at the rate of
10 m illions sterling per annum, and every e ffo rt is being
Onr usual m onthly detailed statement o f transactions on
made to increase the supply of labor, apparently w ith fa ir
the various New Y o rk Exchanges is appended. The results
prospects of success.
for the fo ur months of 1903 and 1902 are given below.
Beyond this, the budget has been received generally w ith
F o u r M on th s. 1908.
F o u r M on th s, 1902.
favor. The new Chancellor of the Exchequer estimates his
to ta l expenditure at £143,954,000, and his to ta l revenue at
A c tu a l
A v e r ’ oe P a r V a lu e
DuertyMcn. P a r V a lu e
A c tu a l
A v e r ’ gt
or Q u a n tity
V a lu e.
P r ic e . o r Q u a n tity
V alu e.
P rice.
£154,770,000, leaving an available surplus of £10,816,000.
64,811.003 4,072.193,894
00,291,3 IR 4,927,416,013
793
jtoe* {
E ig ht and a-half m illions of this surplus he gives away by
78 5
15180,231,075
•'277,120,876
7303.h30.3u0 *275,807.760 78-0
RR. bonds.. 1281.6 8 ,0 0 (214.744,251 92 7
reducing the income tax from 15d. to lid . in the £, and tw o
7329,200
*5 -6,02k 114-2
*5 1285)
Gor’t bonds
(Se-UhS i l l 9
*200,500
(98,537 35-9
(4M.157 42-3
*1 138,500
State bonds
m illions more he gives away by repealing the grain duty.
*022,071 310-3
*190,850
*235,2(10
Bankitocks
*888,082 377 9
Thus, 1 0 % m illions ste rling are disposed of. I t may perhaps
0082,069,975 6,205,023,718 ?h-6
Total — *6308.808,476 4,288,241,979 79-9
Grain, bush. 103,734,950 118,930,818 72%C. 240,314,000 188,024,225 78Hc.
be w ell to add here th a t 4d. income tax really yields a little
14.407,192,297
Total r&lne.
5,393,047.P43)
under 1 0 % m illion s sterling, b u t only a portion of the income
The volume o f transactions in share properties on the New tax is collected w ith in the year. There are always consider­
Fork Stock Exchange each m onth since January 1 in 1908 able arrears. The Chancellor o f the Exchequer therefore
estimates th a t his real loss th is year w ill be only 8 % m illions
and 1902 is indicated in the fo llo w in g :
sterling and th a t 2 m illion s more w ill fa ll upon next year.
SALE8 OF STOCKS AT NEW TO B K STOCK EXCHANGE.
The surplus is much larger than was generally expected,
1903.
1902.
and n a tu ra lly has created a very favorable impression,
though many th o u g h tfu l people would have preferred th a t
V a lu e s .
Values.
Month. N u m b er
N u m b er
i / Shares.
o f S hares.
the Chancellor of the Exchequer had s till fu rth e r increased
P a r.
A c tu a l.
P a r.
.Actual.
the sinking fund. As a m atter of fa ct he has increased the
*
*
«
*
Jan.... 10,001.222 1.515,204,950 1,204,568,219 14,770,223 1,380,108,000 1,039,682,010 sinking fund, raising i t fro m somewhat over 4 m illions, as
reb.... 10,922,017 1,045,847.225 885,098.704 12,986,943 1,827,630,050 1,010,947,208
He
March. 16,095,300 1,424.484,400 1,132,487,004 11,957,409 1,148,409,750 870,941,808 at present, to somewhat over 6 % m illion s in future.
does th is in a way, however, w hich does not show the in ­
lltqr. 42,018.646 3,985,608,575 3.172,154,077 39,723,575 8.757,048,400 8,927,470,432
crease very plainly, since he fixes the whole charge fo r in te r­
April... 12,293,058 1,150,035,100 900,041,217 20,507,743 2,530,078,475 1,998,940,211
est and sinking fund of the debt at 27 m illion s sterling.
Over and above a ll this, the K in g ’s visit, first to Rome and
The fo llo w in g com pilation covers the c lo s in g s by months
then to Paris, is m aking an exceedingly favorable impression
lince Jan. 1,
both at home and abroad. In spite of the distracted state o f
MONTHLY CLEARINGS.
the Balkan Peninsula and of Morocco, people are convinced
th a t there is no danger of serious troubles. Better relations
C lea rin gs, T o ta l A ll.
C learings O u tsid e N e w Y o r k .
Month.
now exist between this country and France than have ex­
1903.
1902.
P .C t.
1903.
1902.
P .C t
isted since France w ith d re w from the dual control in Egypt,
1
1
(
(
January. .. 11,088,982,021 10,059,488,839 +4-0 3,902,801.668 8,730.020,128 +4-0 and when the relations between this country, France and Ita ly
February
8,408,707,404 8,359,075.922 +1-8 3.227.490,453 3,010,105,940 +T-2 are all so happily good as at present, and when Russia and
March...... 9,582,278.070 8,882,070,052 +7-9 8,678,007,741 8,375,754,157 + 0-0 Austria-H ungary, moreover, are co-operating fo r localizing
1st quar.. 29,189,907,601 27,901,244,413 -H A 10,708,426,75* 10,115,880,231 + 5 9
the disturbances in the Balkans, everybody feels satisfied
April......... 9,581,803,829 10,920,088,598 -1 3 -3 3,087,507,868 8,573,441,010 +1-8 that peace w ill be maintained, and therefore th a t new enter­
prises of every k in d can be engaged in.
The course o f bank clearings at leading cities o f the country
Lastly, there is a very strong feeling in Franoe th a t the
!or the m onth of March and since January 1 in each of issuing of cheap B ritish Government loans w ill come to an
end w ith the bring ing out of the coming Transvaal loan, and
the last fo u r years is shown in the subjoined statement.
therefore at present the prospeot is that the French subscrip­
BANK CLEARINGS AT LEADING CITIES IN APRIL.
tions to the loan w ill be on an enormous scale. I f so, th a t
-------- A pril. -----w ill tend to increase the supply of capital in London and so
-------- Join. 1 to April J
50.------(0 0 0 ,0 0 0 1
1903. 1902. 1901. 1 90 0 . 1903. 1902. 1901. 1900.
make money fo r the tim e being at a ll events cheap. In ­
omitted.j
$
$
$
$
$
$
*
*
■ew Y ork... 5 ,9 4 4 7 ,3 5 3 8 ,6 3 7 4 ,7 1 6 2 4 ,3 7 6 2 5 ,1 3 8 2 8 ,5 4 8 1 8 .1 8 3 deed, the impression is grow ing that the placing of th is loan
w ill be the beginning of a general improvem ent in a ll the
Thloago........
641
725
727
5 4 8 2 .8 6 8 2 ,8 1 5 2 ,3 9 2 2 ,2 1 6
Boston.........
593
620
690
5 2 3 2 ,3 3 2 2 ,3 5 7 2 ,4 6 9 2 ,1 1 1
stock markets.
Philadelphia
518
4 0 1 1 ,9 5 9 1 ,8 9 2 1 ,7 4 5 L 5 5 7
503
483
In Paris itse lf business is quiet, but in spite of the noise
221
It.Louie. .. .
211
183
137
814
861
695
544
made by the Nationalists the Government is strong. K in g
221
Pittsburg.. .
206
188
153
818
700
701
526
112
Ian Fran’oo.
128
98
75
501
Edward’s v is it to Paris is a triu m p h fo r the Republic, and
427
362
308
92
Dlnolnnati...
99
83
68
391
348
328
2 7 0 generally the success w hich has attended the foreign policy
96
106
Baltimore...
126
105
386
393
418
3R2
of France during the past few years is consolidating the
92
79
tansas Oitv.
73
62
337
321
272
224
Republic. Tnerefore there is a very good undertone in
Jlavelaiui...
69
63
53
43
270
230
179
218
Jew Orleans
56
55
34
257
48
235
213
1 8 5 France, though business is restricted on account of the
M inn eapolis.
51
41
50
39
2 4
205
162
162
Balkan and Moorish troubles. The best opinion in Paris,
44
46
lonlsvlile...
40
35
187
166
152
156
40
42
Detroit........
41
34
1 82
167
158
1 3 9 however, is th a t as soon’ as there is a recovery in London,
29
dllwankee..
27
24
23
110
101
In Germany the same feeling exists.
125
1O0 Paris w ill fo llo w suit.
30
Provldenoe..
32
29
27
121
122
116
1 03 The crisis is completely over now ;'there is a steady improve­
J m aha..........
34
30
26
130
120
25
106
100
ment going on; confidence is reviving; money is in stronger
Buffalo..........
26
24
25
102
21
94
93
82
't. P a u l ........
23
23
20
89
18
98
79
7 5 demand; the banks are lending more freely, and particula rly
k d la n a p o lls
25
21
15
61
51
12
99
83
the large American purchases of iro n are benefiting the
) « n v e r ........
20
18
20
16
71
76
73
7 3 country.
17
ilohmond..
16
20
15
66
74
66
63
Money s till continues scarce and dear, although the ex­
demphls....
15
13
12
68
56
50
5 1
11
le a tt le . . .
15
14
10
62
3 2 ceptional revenue collections are at an end and the produc­
8
51
38
l a r t f o r d ___
12
12
12
10
45
45 tio n of gold in South A fric a is steadily increasing.
48
48
To a
i. L a k e Olty
12
14
12
10
36
56
46
37
considerable extent this is due to the w ithd ra w al of balances
T o t a l .......... 9 ,1 3 7 1 0 ,5 4 8 1 1 ,7 0 2 7 ,2 0 0 3 6 ,9 1 6 3 7 .3 7 3 2 8 .0 4 5 3 9 .8 4 5
by German banks from London; firstly, because of the very
•theroltles..
445
301
378
263
1 ,8 0 6 1 ,4 5 4 1 ,0 6 9 1 ,2 1 4 large applications fo r the new German loan of 1 4 % m illions
Total a l l . . . 9 ,5 8 2 1 0 ,9 2 6 1 2 ,0 0 3 7 ,4 6 3 3 8 ,7 2 2 3 9 ,8 2 7 2 9 ,1 3 4 4 1 ,0 5 9 sterling w hich was as great a success as was expected, hav­
ing been covered between 30 and 40 times, and, secondly,
'n t s ld e N .Y . 3 ,6 3 8 3 ,5 7 3 3 ,3 6 6 2 ,7 4 7 1 4 ,3 4 6 1 3 .6 7 9 1 0 ,9 7 1 1 2 ,5 1
Olsaringe— ib tu n u by Telegraph.
W eek E n d in g M a y 9.

1903.

1903.

P . C ent

THE CHRONICLE

1010

because trade is improving in Germany, and therefore,
there is more demand for banking accommodation. It is
estimated by competent authorities that from half to threequarters of the exceptional balances employed in London by
German bankers have been withdrawn during the past
month. In addition gold as usual has been going from Lon­
don to both Scotland and Ireland. This money of course
will come back by and by, but for the time being it lessens
the supply. Meantime, the French banks have not added to
their balances, but they are likely to do so now, for, as
already said, the French subscriptions to the loan are ex­
pected to be on an immense scale; and the banks of course
will have to provide themselves with the funds necessary to
make the deposits. Upon the whole the best opinion seems
to be that money will become somewhat more plentiful and
cheap for some weeks; but there is little expectation that
the market will become actually cheap, firstly, because it is
so largely dependent upon foreign supplies, and secondly
because the production of gold is not yet sufficient to war­
rant ease. The directors of the Bank of England therefore
have abstained from putting down their rate of discount.
Yet many people hope that they will do so next week.
The India Council continues to sell its drafts well. It
offered for tender on Wednesday 50 lacs, and the applications
exceeded 2,183 lacs at prices ranging from Is. 3 15-I6d. ‘to
Is. 4 l-32d. per rupee. Applicants for telegraphic transfers
at Is. 4 1 32d. and for bills at Is. 3 31-32d. were allotted
about 17 per cent of the amounts applied for. Applicants at
higher rates were allotted in full.
T h e fo llo w in g re tu rn sh o w s th e p o sitio n o f th e B a n k o f
E n g la n d , th e B a n k r a te of d is c o u n t, th e p r ic e o f c o n s o ls , «Sso.
com p ared w ith th e la st th ree years :
19C8.
A p r. 88.

1908.
A p r. 28,

£

£

28,928,008
28,819,320
8.606 029 11.010,889
39,S0?,S7S
88,796.774
O t t e r d e p o s i t s .......................
14,804.157
G o v e r n m e n t s e o u r i t l e f ................. 14,624,291
28,807,063
O t h e r s e c u r i t i e s . - ..................
£6,184,074
2 5 J « 3 ,8 t 8
B e e e r r e o t n o t e * a n d o o l n .......... 24,481,097
86,36 5.228
C o in & b u l l i o n ,b o t h d e p a r t i n ’ t » . 84,920.017
49 13-10
P r o p .r e s e r v e ; o l i a b i l i t i e s . d . c .
6159
3
B a n k r a t e ...... ...............p e r c e n t . .
4
94 7-10
C o n s o le , 294 p e r c e n t ....................... 9 1 1 1 -1 0
S ilv e r .....................................................
*3 7 -1 0 d
2SJ9d.
C le a r in g -H o u s e r e t u r n s ............. 204,i95,0uu 178,897,000
O l r o u l s t i o n . . .....................................

1*05110 deposits...........................

1900
.A pr. 26.
M
29,032,765
8,002,018
41,981,925
14,378,083
82,088,880
21,410.700
82,668,465

19 01.
A pr. 24.
A
29.168,725
8,271.341
48.420,554
18.817.471
81.809,007
22.029,800
86,873,214
47 8-10

ioc%

94X

2 i%d.

27 1 - I6d.

159.3O0.oOO 149,196,000
T h e r a te s f o r m b n e y h a v e b e e n a s f o l l o w s :

L tn io n .

Sank

£
e
s

8 M o n th s.

3$4@3 1S-16
8 7-16@8%
8 7-10
S%@3 £<-10
3 7-16@8%

M a r. 28 4

A pr.
“
“

4
11
18
26

I n t e r e s t a llo x e ti
t o r d e p o s its h i

O p en M a r k e t B a t e s .

3
as

4
4
4
4

Zrade

S ills .

0

4 M o n th s.

M o n th s.

3

M os.

8 11-16@3& 3 X ® 3 %
4
3 7-10@3%
cH
3X
3%@3 7-10
8 7-10
8% © i
3x® 9%
3% @ 3*
3 7-ie@3>*
3X

D i s ’t H 's
J o in t
S to ck A t
7-1*
4 M o s . B a n k s C all D a pi
S ills .

4

2X

3X
3%@8Ki
SJ4@4

2%

3
3

8*
8*
3*
3%
8%

3
3

iX

2%
2*

8

T h e B a n k r a te o f d is c o u n t a n d o p e n m a r k e t r a t e s a t th e
o h ie f C o n t i n e n t a l o i t l e s h a v e b e e n a s f o l l o w s :
A p r il 24.

'.A p r i l 17.

A p r i l 10.

A p r il S

B a tes o f
In te rest a t

O pen

Bank

O pen

Bank

O pen

Bank

O p en

B a te.

P a r i s ...............
B e r l in ...................
H a m b u r g ...........
F r a n k f o r t ..........
A m s t e r d a m .......
B r u s s e ls .............
V i e n n a ...............
S t. P e t e r s b u r g ..
M a d r i d .................
C o p e n h a g e n . ..

Bank

M arket

R a te .

M arket

B a te.

M arket

B a te.

M arket

a 15-10

3

ex

354
354
354
3
3

*54
254
254
s%

3

ex

3

ex

3

3*
8%
8*
8*
8

iH

3*

m

3X

2«

9X

m

SX

ex

314

2X

m

3X

3

254
8
nom .
s
4

814
S
S

3X
*X

4
4

M e ssrs. P ix le y

8*6
2%
3
nom .
8
4

3X
*X

4
4

314
iX

4
4

254
254
254
354
254
254
nom .
3
4

354
454
4
4

254
8
nom .
3
4

& A b e ll w r ite as fo llo w s u n d e r d a te o f

A p r il 2 3 :

G o ld - F a ilin g outside orders, nearly a ll th e ’a rrlv a ls have gone to the
B a nk o f E ngla nd w hich has bought £417,000 in bars, and has also r e ­
ceived £12,000 fro m A u s tra lia , m aking £429,000 in a ll. £45.000 has
been w ith d ra w n , ch ie fly fo r South Am erloa. A r r iv a ls : A u s tra lia ,
£ 1 4 1 ,0 0 0 ; S tra its. £ 8 ,0 0 0 ; Bom bay. £77,000; Cape Tow n. £122,000;
R iv e r P late. £ 16,000; W est Indies. £ 26 ,00 0 ; to ta l. £489,000. Ship­
m en ts: Bom bay, £23,000 ; Colombo, £ 6 ,0 0 0 ; Madras, £ 7 ,5 0 0 ; to ta l,
£36,500.
S ilv e r—The silv e r m a rke t continues to show g re a t’ stren gth. There
is a sca rcity of spot silve r, ow ing to the continuance o f the Am erioan
G overnm ent purchases and th e fillin g o f the French M in t te nd er ;
b u t the co ve rin g o f shorts fo r the end o f tb e m o n th has aggrava­
ted the p osition , and in a d d itio n In d ia has been a buyer. We have
risen to-day to 23 %d. fo r cash, and close firm w ith no sellers. The
In d ia n ra te 1s Rs. 60 per lOo Tolahs. A r r iv a ls : N ew Y o rk , £94,000; A u s tra lia , £8.000; W est Indies. £4,000; to ta l, £106,000. S h ip ­
m en ts: Bom bay. £132,510; H ong K ong, £11,306; Shanghai, £ 5 ,000;
M a d ra s,'£7.500; to ta l, £156,316.
M exican D o lla rs —D ollars have risen w ith S ilv e r and rem ain a t th e ir
m e ltin g p a rity .
T h e q u o t a tio n s fo r b u llio n a r e r e p o r te d a s f o l l o w s :
GOLD.

London

S ta n d a r d .

B a r g o ld , fin e — oz.
U. S. g o ld c o in ...o z .
G e rm ’n gold coln.oz.
F re n ch gold ooin.os.
Japanese y e n ___ 0 1 .
'N o m in a l.

A pr.

A pr.

SIL V E R .

A pr.

23.

16.

A pr.

L o n d o n S ta n d a r d .

23

16.

s.
77
76
76
76
76

d.

9%
4%
5%*
5*
4%*

t.

77
76
76
76
76

d.

d.

d

9% B&r s ilv e r , fln e ...o z . 23% 221516
D o 2 m o. d e liv e ry 2S®,6 2213,8
4%
5% B ar s ilv e r, o o n ta ln ’ g
5
do 5 g rs . g old.oz. 24% 237,8
do 4 g ra . g old.oz. r 4 i 16 23%
4%
do 3 g rs . g old.oz. 2 3 78 231,8
Cake s ilv e r ........ .oz. 26 % 247,6
M exican d o lla rs . 0 *.* 221B10 923,6*

[Y ol.

l x x v i,

T h e f o llo w i n g s h o w s th e im p o r ts o f c e r e a l p r o d u o e in t o th<
U n ite d K in g d o m d u r in g th e th irty -th re e w eeks o f th e seasor
c om p a red w i t h p r e v io u s s e a s o n s :
IMPORTS.

1908-03.
1901-02.
1900-01.
Im p ’ ts o f w heat, owt.51,392,525 40,402,046 43,503,100
iia r la y ..........................19,444,722 17,218,204 15,005,90'J
O a ts..... ....................... 9,291,302 11,111,300 13,671,000
Peas............................. 1,234,619
1,764,830
1,368,384
1,139,241
1,149,040
Beans.................
1,195,795
In d ia n c o r n . . . . ......2 4 ,9 8 7 ,6 0 2 29,087,577 35.586.600
f l o u r ..................
12,328,992 13,067,260 14.023.600
S u p p lie s a v a il a b l e fo r c o n s u m p t io n ( e x c lu s i v e
on S e p te m b e r 1 ):

1899-00.
36,040,401
11,153,50*
11,285,30*
1,883,20*
1,219,80*
37,380,10*
13,307,00

of stock

1902-03.
1900-01.
1901-02.
W heat im p o rte d , c w t 51,392,525 40,402,046 43,503,100
im p o rts o f flo u r ........ 12,328,992 13,067,260 14,023,600
S alesof h o m e -g ro w n .16,670,980 18,630,952 17,310,858

1899-00
36,040,40
13,307,00
21,938,20

74,837,558
26B. 5fl,
27 b . i d .

71,285,60
258. l i d .
269. Od.

T o t a l.................... 80,392,467 72,100,258
s.ver.price w h e a t,w e e k .2 5 s . 6d. 27a. 7d.
A v e ra g e p rlo e , se aso n.2 5 s. 6d. 2 68 .10 4

T h e fo llo w in g s h o w s th e q u a n tit ie s o f w h e a t , flo u r
m a ize a flo a t to t h e U n i t e d K i n g d o m :
T h is w e e k .

L a st w eek .

W heat................q r s ...1,918,000
F lo u r,e q u a l to q rs ... 292,000
ICaise_______ . . q r s . . . 525,000

1,938,000
327,000
460,000

Snelish fin a n sM

an

1901.
3.475,00
385.00
440.00

1902.
4.005,000
275.000
415.000

Klarktts-Fcr Cable.

T h e d a ily c lo s in g q u o ta tio n s f o r s e c u r i t i e s ,e t o .,a t L o n d o
are r e p o r te d b y o a b le as fo llo w s fo r th e w s e k e n d in g M a y 9:
liOHBOB.

S a t.

S ilver, p e r ounce....... d.
C onsols.,new ,2% p.cts.
F o r a c c o u n t...............
F r’c h re n te s d n P a ris lfr.
anaconda M in in g .........
Atoh. Top. & Santa Pe..
P re fe rre d ............... .
B a ltim o re <6 Ohio . . . . . .
P re fe rre d ............... .
Canadian P a c ific .......
Chesapeake & O h io ...,
Ckica. G reat W e ste rn ..
Ohio. M il. & Bt. P a u l...
Den. & R io G r.,o o m ....
Do
do P referred.
Erie, c o m m o n ....... .......
1st p re fe rre d ..............
3d p r e fe r r e d ............
Illin o is C e n tra l. . . . . . . . .
L o u is v ille & N ashville.,
M exican C e n tra l..........
Mo. K a n . & T e x .,o o m ..
P re fe rre d ................... .
N a tio n a l RR, o f M e x...
P re fe rre d ....................
W. Y . C ent’l & Hudson..
W. Y . O n ta rio & W est’ll
N o rfo lk & W e ste rn .......
Do
do
p re f
N orth ern S e c u ritie s ....
P e n n s y lv a n ia ..............
'P h ila . & R e a d ............
•P hila . & R e a d .,ls tp re f,
•P h ila .& R e a d .,2d p re f
Southern P a cific...........
South’n R a ilw a y , com ..
P r e fe r r e d ..............
U nion P a c ific .. . . . . . . . .
P re ferred ....................
U. S. Steel C orp., com..
Do
do
p re f..
Wabash................. .........
Do
p re fe rre d ..........
Do
Deb. " B ” ........

2514

9 1 isre
9115,6
97-82**
5%
x82%
100
953s
95
13508
46
2 3 14

1655*
37
89
36
69
56%
140
121
28
26ts
57
2214
41
134%
30is
72is
92
101
7014
283s
43
34%
57^8
32
95
93%
93is
36%
8514
28*4
48is
78

M en*

247e
927,8
9211,6
98'12*s
5is
S2is
;00
9 5 14

95
I3 5 7a
46
2314
166
S7
89
3614
69is
57
140
12114
28i«
26is
57is
2278
4 l%
1341s
30is
72%
92
101
70is
•283s
43
3 4 14

57%
32
95
93%
93%
36%
87%
28%
48%
77%

T u ts.

24%
92%
92%
98-30
5%
83%
101%
9578
95%
136%
46%
23%
166%
38
89%
36%
70%
58%
140%
122
29
28
60%
24%
427e
135
31
73%
92
101%
70%
28%
43%
34%
58%
32%
95%
94%
93%
36%
87%
29
49%
78%

m d.

T h u rs.

25
92%
9211,6
SS'30
5%
83%
100%
95%
95%
136%
46%
23%
166%
37%
89%
36%
70%
58%
141%
122
28%
27%
59%
2378
42%
134%
31
73%
92
10 1%
70%
28%
43%
35%
57%
32%
95
94
93%
36%
87
29
49
78%

24%
92%
92%
98-22%
5%
82%
100
95%
95%
136%
46%
24
166%
36%
89%
36%
70%
59
141%
121%
28
27
23%
42
135
30%
73%
91%
101
70%
28%
43%
35%
57%
32
95
93%
93%
36%
87
29
49%
78%

* P rice per share.

fftri.

2416,
921,
92%
97-85
5%
82
100
94%
95%
135%
46
23%
166
37
89%
36
70%
59%
141%
121%
28
27
58%
24
43
134%
30%
737a
91%
.... j
70%
28%
43%
36
567s
32
95
927e
93%
36%
87
28%
49
78

.1

Commercial and i*XisccUaucous Jlcxo

National Banks.— T h e f o l l o w i n g i n f o r m a t i o n regardiE
n a t io n a l b a n k s is f r o m th e T r e a s u r y D e p a r t m e n t .
NATIONAL BANKS ORGANIZED.

,

C ertificates Issued A p r il 27 to M ay 2 1903

.

6.744— The F irs t N a tio n a l B a n k o f L ln o o ln to n , N o rth Carolln
C apital, $30,000. J. A . A b ern eth y, President; Claude B a r
sanr. Cashier.
6.745— The F irs t N a tio n a l B a nk o f M o rris o n v llle , Illin o is . Capita
$25,000. H. H . H erdm an, P re s id e n t;----------------- , Cashier.
6.746— The Farm ers' N a tio n a l B a n k o f M ontrose, Pennsylvani
C ap ital, $50,000. A. H . M cC ollum , President; C. F. Prosi
Cashier.
6.747— The C itizens’ N a tio n a l B a n k o f O rto n v illa . M innesota. Capita
$ 2 5 ,0 0 0 .---------------- .P re sid e n t; R. M. W ells,Vice-Preslden
R. W. Green, Cashier.
r * * -* .^
6.748— The People’ s N a tio n a l B a nk o f Manassas, V irg in ia . Capita
$25,000. W m. H . B ro w n , President; G. Raym ond Ratcliff*
Cashier.
6 .749— The Am erican N a tio n a l B a n k o f Long Beaoh, C aliforni
C ap ital, $50,000. Stephen Townsend, President; Frederic
R ohrer, Cashier.
6.750— The F irs t N a tio n a l B a n k o f L im e Springs, Io w a . Capita
$ 2 5 ,0 0 0 .----------------- . President; D. H. Thomas. Cashier.
6.751— The F irs t N a tio n a l B ank o f Augusta, Illin o ie . C apita), $60,00
Jacob K le pp er, President; L. H. D e xte r, Cashier.
6.752— The C itizens’ N a tio n a l B a n k o f A n th o n y , Kansas. Capita
$ 5 0 .0 0 0 .----------------- , President; Chas. E. M orris, Cashier.;
6.753— The F irs t N a tio n a l B a n k o f H a rris o n , Oklahoma T e rrlto r
C ap ital, $25,000. A. J. D un lap , P re sid en t; -------- -----Os shier.
6.754— The F irs t N a tio n a l B a nk of W eiser, Idaho. C ap ital, $50,00
E d w a rd Shalnw ald, President; C. J. SelwyD, Cashier. Conve
slon o f State B a n k o t Idaho, L im ite d , Weleer.
6.755— The F irs t N a tio n a l Bank o f P ra irie C ity. Iow a. Capita
$25,000. J . D. Whlsenand, President; Frederic S. Rle*.
Cashier.

May 9, 1903.]

THE

O H hONIOLR

i;756—The First National B ank o f D erry, P ennsylvania. C apital,
u
$ 0 0 ,0 0 0 . E. L. B row n , President. B. W. B row n . Casiner.
■ 18,757—The C itizens’ N ational Bank o f B allinger, T exas. C apital,
»
id j
$75,000. Tom Ward, P resident; Jo. W ilineth, Cashier
3 ,7 5 8 —The F irst National Bank o f N ew p ort. A rkansas.
C apital,
$30,000. 8 . Wolff, P resid en t; W. A B illingsley, Cashier.
i3,759—The Sheffield National Bank, Sheffield, A labam a. Canltal,
«
$50,000. J. J. G ray Jr.. P resident; 8 . M oG aughy. Cashier.
J ‘3,760—The City N ational Bank o f T ip ton , Io w a C apital, $50,000.
------------------ . P resident; W. J. M oore, Cashier.
' 8,761—The P eop le'e National Bank o f Salisbury. M aryland. C apital,
$50,000. V . P erry. P resident; 8 . K in g W hite, Cashier.
'3,762—The F irst N ational Bank o f Dalhart, T exas. C apital, $ 23,000.
H. J. H am m on d, P resident.
:'3 ,7 6 3 —The Natlonul C ity Bank o f A kron , Ohio. C apital. $ 1 0 0 ,0 0 0 .
N. C. Stone. P resid en t; H arry W illiam s, C ashier; E. A
:1 |
‘
O vla tt and E 8 . D ay, V ice-P residents.
8,764—The First N ational B auk o f B o o n , Iow a . C apital, $ 2 5 ,0 0 0
O. P. M iller, P r e s id e n t :------------------ , Cashier. C onversion o f
The B o o n Savings Bank.
5

LIQUIDATIONS.

1 1 687—The N ation al B roadw ay B suk o f Now Y ork , N ew Y o rk , has
gon e Into v olu n ta ry liq u id a tion b y resolu tion o f Its s to c k ­
holders dated A p ril 21, 1903, to take effeot Im m ediately.
. 1,195—The W est E nd N ational Bank o f W ashington, D istrlot o f
C olom bia, has gon e iuto v o lu n ta ry liq u id a tion b y resolu tion
o f Its stock h old ers dated A p ril 2 3 , 1903, to take effeot
$| _____ Im m ediately.
Bank

N o tes— C h anges

D e p o s it e d
all the
t a o n th ly ch a n g es in B a n k N o te s and in B o n d s and L e g a l
•Tenders on D ep osit.
T h e statement f o r A p r i l , 1902, w ill b e
found in the C h r o n i c l e o f M ay, 1902, page 969.
in

T otal o f, and

in

I Bo n d s , Etc.— W e g iv e b elow tab les w h ic h sh o w

Ipr.
Har.
Feb.
ran.
Deo.
H .
ot
Dot
3ept
lo g .
Inly
lone
Kay

30.. 352.696.120
31.. 342.160.770
28.. (342,164,670
31.. 342,903,520
31.. 844.252.120
29.. 343,018,020
31.. [338.452,670
30.. 326.052.770
31.. 822,941,680
31.. 318,588,480
30.. 317,163,530
31.. 316,196.180

C ircu la tion A float U nder

B onds.

43,587,373
44,169,444
44,138,484
43,385,607
42,801,940
43.754.103
44,693,145
43,150,454
41.875.104
42,369,417
42,433,280
43,137,347!

347,564,355
338,849,814
338.660,361
340,587,939
342,127,844
341,100,411
335,783,189
323,843,144
319,407,587
316,614,767
314,238,811
313,609,837

L egallenders.

T otal.

of

oney

in

ountry

h r o n ic l e

i -S t o c k o f M oney May 1.—
>
190s.
r-M o n ey <n C ircu la tio n .-.
In the U nited iH eld <n
M ay 1,
M ay 1,
States.
Treasury.
1903.
1902.

I

I

G old c o in (In o.b u l’ n In Treas.)l,287,308,679 262,61)9.660
•Gold ce rtlA cu te s .....................
.............
......... ..
Standard s ilv e r d o lla r s ........... 653,2^8,058 19,037,932
.............
.............
'S liv e r certiQ ca tes....................
Subsidiary s ilv e r....................... 101,141,553
8,881,087
Treasury n otes o f 1890...........
20.796,000
124.261
4,807,767
U nited States n o t e s ................ 848,681,016
•Cnrr’oy cert., A c t J u n e S , '72
.............
.............
N ational bank n o t e s ................ 391,151,738
9,845,6 6

•

623.132,4 60
881,631.469
73.sbfl.478
419,243,646
92 309.166
2ii.670.740
8 )2 078.249

687,432.962
303.274,169
*19,403.830
449.183,604
82.854,699
82.648,573
838.108,111

831.306.122

348,004,681

T o t a l....................................... 2,679.340,933 804,987,212 2,374,358,720 2,260,750,242
P op u la tion o f th e U n ited S tates M ay 1,1908, estim a te d a t 80,267,000; clro u latton per ca p ita , $29 58.
• F or red em p tion o f ou ts ta n d in g certifica tes an e x a c t e q u iv a le n t In a m o u n t
o f th e app ropria te kinds o f m on ey Is h eld in th e T rea su ry, a nd Is n o t tn olu ded
In th e a cco u n t o f m on ey held as a ssets o f th e G ov e rn m e n t.
+ T h is sta tem en t o f m on ey h old In th e T reasu ry as a ssets o f th e G o v e r n ­
m en t d o e s n o t In clud e d e p o s its o f p u b lic m on e y In n a tio n a l bank d e p o s i­
taries to th e cre d it o f th e T reasu rer o f th e U n ited States, a nd a m o u n tin g to
$142,961,610 28.

T
C
H
. — The following compila­
tion, based on official Government statements, indicates the
currency holdings of the Treasury on the 1st of February,
March, April and May, 1903. S tatem ent fo r C orresp on d in g
dates in 19G2 w ill be fo u n d in C
o f M ay, 10, 1902,
p a g e 969.
reasury

urrency

o l d in g s

43.587,373 391,151,728
44,169,444 382,519,258
44,138,484 382,798,845
43,385,607 383,973,546
42,801,940 384,929,784
43.754.103 384,854,514
44,693,145 380.476,334
43,150,454 [366,993,598
41.875.104 361,282,691
42,369,417 358.984.184
42,433,280 356,672,091
43,137.347 356.747.184

V. 8 . B onds H eld A p r il 3 0 , 19 0 3 , to S e e u r r Public D eposits
in B a n k s.

B ank
C ircu la tion .

$4,018,450
7,776,950
9,437,750
8,198,320
104,304,600
1,671,000
17,998,900
$153 ,4 0 5 ,9 7 0

$ 7 0 1,400
3 ,994,950
2 ,0 1 0 , 1 0 0
3,078,920
3 42,910,750

Total H eld
* 4 ,7 1 9 ,8 5 0
11,771,900
11,4 47,850
11,277,240
4 4 7 ,2 1 5 ,3 5 0
1,671,000
17,99 8 ,9 0 0

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

net

h o l d in g b

.

Feb. 1 ,1 8 0 3 M ch.1,1008 d p r . l , 1003 M ap.1,1003

Total.

For full explanation of the above table see Chronicle Dec,
14,1901, page 1382, first item in Financial Situation.
The followine shows the amount of each class of bonds
le ld against national bank circulation and to secure public
nonevs in national bank depositories on April 80.

$p. o ts., 1 8 9 4 , due 1904
1 per ots., fu n d e d 1 9 0 7 ..
4 p. ots., 1 8 9 5 , due 1925
3 p. ota.,’98, due 1908-18
2 p. ots., 19 0 0 due 1930.
3 65s D iet. C o l., 1 9 2 4 ...
tate & C ity.......................

tock

treasury

L egaltenders.

B onds on D eposit
A p ril 30, 1903.

S
M
C
. — The following table
shows the general stock of money in the country, as well as
the holdings by the Treasury, and the amount in circulation
on the dates given. The statem en t fo r A p r il 1, 1903, will be
fou n d in the C
o f A p r il 18, 1903, p a g e 844; fo r
th at o f M ay 1, 1902, see M ay 10, 1902, p a g e 970.

h r o n ic l e

B o n d sa n d
Legal Tender! on Deposit
1902-03 fo r B a n k C ircu la tion .
B onds.

1011

H oldings in S u b -T r e a s u r ie s t
*
•
$
N et g o ld o o ln a n d b u llio n ............. 447,783,747 45 **,661,782 276,815,804 262,530.680
N et s ilv e r o o ln a n d b u llio n ........... 18,009.004 10.300.286 16,602,002 21,681,807
106,001
8 7,522
N et U . 8 . T r e a s u ry n o t e s ................
80,828
124,260
6.473,608
Net le g a l-te n d e r n o t e s ....................
4,2>-8,22H
2,408,884
4,007,707
0,738,404
0,845,606
N et n a tio n a l b a n k n o t e s ......... . . . 2l.6H0,208 16.011.286
8,624,730
8,500,678
8,020,708,881,987
Net f r a c t io n a l s i l v e r .......................
Cash In S a b -T r e a s u r ie s ................ 301,043,164 807,080,216 314,220,046 807,481.147
Cash In n a t io n a l b a n k s .............. 150,008, Sit 150,562,66) 150,160.48k) 150,889,772
8,688,431
Cash In P h ilip p in e Is la n d s..........
C a s h In b a n k s , s u b -tr e a s ..e tc .. 162.042,081 468,541,86- 464,370,531 4H1,469,850
D e d u c t c u r r e n t l i a b i l i t i e s .* . . . . 88,606,126 83,008,3»7 91,457,646 88,183,163

G old r e s e r v e f u n d ............................

468,846, «*8 374,548,470 372,021,989 373,340.187
150,000,001 150,000,000 150,000,000 150,000.000

A v a ila b le ca s h b a la n c e ........... 218,845,0118 224.543,470 224,921.089 '223,326,187
• ’ ’ C h iefly d isb u rsin g o ffice r s ’ b a la n ces.”

U I T I D E N
N a m e ol C om p a n y.

Ok.

P er
W hen
Cent P ayable

B o o k s C losed.
( D a y s I n c lu s iv e .)

Railroads (Steam).
Cleveland & Pittsburgh gnar. (quar.)
1% J’ne 1 Holders of rec. May 9
N. Y. Philadelphia * Norfolk.............. 3 J’ne 16 Holders of reo. May 30
Rich. Fred. & Pat. & Rloh. & P. Conn.. 4 May 1 Holders of reo. Apr 20
Street Railways.
to
May 1
Coney Island Brooklyn (quar.)...........
4 May 1 Apr 28
ay
Dayton Spring. & Urbana, pf. (quar.).. 1% .M 15 Apr 30
to
May 2
Sacramento Eleo. Gas & Ry. (mthly).. 15c. May 1
Hanks.
to
People's, Brooklyn.............................. 4 May 15 May 6
May 15
IVlUcell&iiaeoee.
to
Brooklyn Union Gas (quar.)................ 2 J’ne 1 May 16
May 31
to
May 1
Centra! Oil (quar.)............................... 1 May 1 Apr 24
to
Chicago Edison (quar.)........................ 2 May 1 Apr 24
Apr 30
Consolidated Gas of N. Y. (quar.)....... 2 J’ne 15 May 28
to
J’ne 15
to
May 25
Greene Consolidated Copper................ 2 May 25 May 10
Lehigh Coal < Navigation.................. 3 May 27 Holders of rec. May 6
fc
May 15
National Carbon, pref. (quar.)............. i% May 16 May 6 to
Niles-Bement-Pond, pref. (quar.)....... i% May 16 May 10
to
May 16
Peoples’ Gas Light & Coke (quar.)...... i% May 25 May 14
to
May 25
May 15 May 10
to
Pratt* Whitney, pref. (quar.)...........
May 15
Railway Equip. Corp. (monthly)......... lb. May 15

The foregoing does not include the bonds held in the
New York Sub-Treasury against deposits in banks. There
were so held on Apr. 80 $10,704,000 bonds, making the whole Auction Males.—Among otner securities the following, not
amount at that date in possession of the Government ae regularly dealt In at the Board, were recently sold at
auction,
security for deposits $164,109,970.
The following shows the amount of national bank notes By Messrs. Adrian H. Mailer <fc Son: Bonds.
Stocks.
afloat and the amount of the legal-tender deposit Apr. 1 15 U nited States T ru st Go.. 1,630 $5,000 N. Y . C ity 3% s (new
and May 1, and their increase or decrease during the 37 Nat. P ark B a n k ....... 480 4803s b u ildin gs fo r D e o ’ t o f C or­
month of April.
96 Nat. Bk. o f No. A m erica .225
re ctio n ), 1928 (M & N )..102 & ln t.
n a tio n a l B a n k N otes—Total a flo a t—
Amount afloat A p ril 1 ,1 9 0 3 ....................
Amount Issued d u rin g A p r i l.................
Amount r e tir e d d u rin g A p ril..................

$13,732,862
4,100,392

A m ou n t bank n otes afloat M ay 1 ,1 9 0 3 ..

$382,519,258
8,632,470
$391,151,728

L ega l T end er N otes—
Amount o f d e p o s it t o red eem n a tio n a l bank
notes April l , 1 9 0 3 .......................................
jlm o a n t d e p o s ite d d u rin g A p r il.....................
Amt. o f bank n o te s red eem ed In A p ril..........

$2,098,072
2,680,143

A m ou nt o f d e n o s lt t o re d e e m n a tio n a l
I ____ bank n o te s M ay 1 ,1 9 0 3 ...... ..................

$44,169,444
582,071
$ 43,587,373

The portion of legal tenders deposited (1) by banks becom­
ing insolvent, (2) by Oanks going into voluntary liquidation,
and (8) by banks reducing or retiring their circulation,
was as follows on the first of each of the last five months.
Legal Tend’s.

Jan. 1.

Feb. 1.

Meh.

1

.

A p r il 1.

M ay. 1.

Deposits by—
$
$
$
$
$
iM o lv ’n tbks.
913,651
840,798
721,688
786,548
715,428
L iquld’g bks. 11,648,893 11,449,330 12,135,079 11,871,11b 11,926,693
R ed’o’ gu nd.*
u o t o f 1874. 30,239,396 31,095,479 81,216,857 81,582,906 30,938,992
T o t a l .... 42,801,940 43,385,607 44,138.484 44.169,444 43,587.373

13 Gallatin Nat. BaDk......... 428
8 F ourth Nat. BaDk........... 230%

6 M echanics’ N at B a n k ...281%
40 Am erioan
B ank Note
Go..... .............$>6% per share
4 Am er. Exoh. N at. B k ___ 265
33 C olonial T ru s t Go............379
9 M anufact'ers’ N at. Bank
o f B r o o k ly n ................... 351
5 G uardian T ru s t Go......... 200
6 L eather M an u fa ctu re rs’
N at. B a n k ...................... 349%
4 C en tral T ru s t Co............. 2,500
200 Am erioan Soda F o u n t’n
Go. 2d p re f ..................... 19%
122 M ercantile Nat. B k..302-303%
7 M erchants’
Exohange
N at. B a n k .......................170%
10 N .Y Nat. Exchange Bk..271
30 2d N at. B a nk o f P a te r­
son. N. J ......................... 376
5 W in dso r T ru s t Co........... 230
6 4-10 Law yers’ M tg. Ins.Co.182%
22 O rie n ta l B a n k . . ......... 2504a
100 U 8. Ship B ’ld ’g Go., p f. 18%

B onds

$5,000 N. Y. C ity 3*98 (docks,
1927, M & N ............103% and ln t.
$10,000 N .Y .O ity3% s (schoolhouses and sites), 1928,
M & N ................. 102 and in te re s t
$10,000 N .Y. C ity 3%B(dooks
6 fe rrie s), 1929,M &N. 102% & ln t.

$5 ,0 0 0 N ew Y ork City 3%s
(bridges o v e r track s N Y .
O. & H. K. R R ) , 1928,
M & N .....................102 and in terest
$5 ,0 0 0 N. Y. C ity 3 >98 (bridge
at 145th S treet). i9 2 9 ,
M & N .................102% and in terest
$ 16,000 N. Y. City 3% s (new
E ast R iver B ridge). 1920,
M & N ............... 102% and Interest
$9 ,0 0 0 N. Y . C ity 3% s (re­
p a v in g o f streets). 1940,
M&N ...............102% and Interest
$5 ,0 0 0 N. Y . C ity 3% s (street
and park op en in gs), 1941,
M & N ................. 102% and Interest
$ 1 0 ,0 0 0 Selma R om e & D alton
R R 2d 7s, 1900; Jan ., 1876,
oon p on s o n ............................ $2 lot
$ 95,000 E m pire 8tate Sugar
Co. is t tis . 1 9 1 5 .........*18,350 lot
$16,000 E m pire State Su*1
gar C o.1st tis.Jnly, 1902
oon p on s o n ....... .............. $1,000
$24 0 C oupons due Ju ly,
lot
1902, and Jan.. 1903,
Prm E m pire State Sugar
Co. 1st 6 s.....................
$5 ,0 0 0 N .Y . City 3% s (B ’klyn
lo ca l Im p rovem ents), 1914
J & J ................. 1 0 0 % and Interest
$ 5 , 0 0 0 N.Y. City 3%s (B ’klyn
s c h o o ls ),1 9 3 8 ,J & J ..100*8 & ln t

r H E

1 0 1 2

New York City Clearing House Banks.—Statement of
condition for the week eliding May 2, based on average of
daily results.
W e o m it tw o c ip h e r s ( 0 0 ) i n a l l cases.
BANKS.

B k. of N . Y .
M a n lia t. Co.
M e rch a n ts’
M e c h a n ic s ’ .
A m e r i c a ___
P h o e n ix . . .
C i t y ..............
C h e m ic a l ..
M erck . E x .
G a l l a t i n ___
B u t.
D rov
M ech .cfcT ra.
G r e e n w ic h .
L e a ,th .M frs.
A m e r .E x c h .
C o m m e r c e ..
M e r c a n tile .
P a c i f i c ..........
C h a th a m .. .
P e o p le ’ s . . .
N . A m e r ic a
H an over ...
I r v i n g ........
C it iz e n s ’ . .
N a s s a u ___
Mar.cfc F u lt.
S h o e A L tlix .
C o rn E x c li .
O r ie n ta l . . .
I m p . & T rad
P a r k ............
E a s t R iv e r
F o u r t h ___
C e n tr a l ___
S e c o n d ___
F ir s t ..........
N -Y .N t .E x .
B ow ery ...
N . Y . Co ...
G erm an A m
C h a s e ............
F ift h A v e ..
G e rm a n E x .
G e r m a n ia ..
L i n c o l n ........
G a r f i e l d ___
F i f t h ..........
B k . o f M e t ..
W e s t S id e ..
S e a b o a r d ..
1 st N .E k ly n
L ib e r t v ........
N . Y .P r .E x
N e w A m s t.
A s t o r ..........
W e s t e r n ___

S u r p lu s .

C a p ita l.

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

L o a n s.

S
$
2 ,4 1 1 ,2 1 6 ,8 3 9 ,0
2 ,2 9 0 , U 1 9 ,9 0 2 ,0
1 ,3 5 5 ,4 1 2 .4 0 7 ,1
2 ,7 u 9 ,0 1 3 ,0 1 3 ,0
3 ,4 1 7 ,8 1 9 ,2 3 2 ,5
4 ,3 1 6 ,0
3 1 6 /i
1 6 ,8 0 3 ,5 1 2 8 .9 7 1 ,0
7 ,4 0 9 ,3 2 3 .6 4 4 ,6
5 ,0 9 3 ,9
3 3 3 ,9
7 ,8 5 7 ,4
2 ,1 2 0 ,5
2 ,5 9 8 ,3
1 0 4 ,5
3 ,8 4 4 ,0
3 4 6 ,7
2 ,2 6 9 ,2
5 2 1 ,7
5 ,5 9 5 ,0
5 4 7 ,2
3 ,9 1 8 ,0 2 9 ,3 1 0 ,0
8 ,3 1 5 ,2 7 1 ,9 5 0 .5
5 ,0 0 0 ,0 2 4 ,2 3 8 ,7
3 ,2 5 6 ,4
5 6 6 ,7
5 ,7 6 2 ,7
1 ,0 4 7 ,0
2 ,1 6 6 ,7
3 8 4 .5
2 ,0 4 7 ,6 1 6 ,1 4 1 ,0
6 ,3 3 9 ,1 4 5 ,5 2 4 ,3
6 .6 5 2 ,0
1 ,0 4 5 ,6
6 ,5 6 5 ,7
6 4 9 ,2
2 ,7 2 6 .9
3 1 0 ,5
1 ,0 6 3 ,6
6 ,5 8 3 ,8
3 4 5 ,0
5 ,7 2 8 ,8
3 ,2 0 0 ,2 2 5 ,1 7 3 ,0
4 ,3 0 8 ,0
S 2 0 ,9
6 ,5 1 1 ,9 2 2 ,7 2 6 ,0
6 ,6 4 3 ,0 5 5 ,4 7 9 ,0
1 ,1 6 3 ,8
1 5 4 ,0
2 ,9 5 6 ,2 1 7 ,8 0 7 ,1
8 ,8 1 9 ,0
5 9 2 ,3
9 ,4 1 7 ,0
1 ,2 8 2 ,4
1 3 ,2 2 7 ,0 7 5 ,5 1 2 ,0
3 8 5 ,3
5 ,8 2 6 ,6
2 ,8 5 6 ,0
7 7 2 ,3
6 3 1 ,7
4 ,1 5 8 ,5
3 ,4 6 4 ,4
4 6 6 ,4
3 ,6 6 7 ,6 3 8 .1 7 6 ,1
1 ,6 2 1 ,9
9 ,1 7 4 ,4
2 ,8 9 5 ,0
6 4 1 ,6
8 4 3 ,5
3 ,6 3 0 ,6
1 ,2 4 9 ,1 1 0 ,9 7 3 .6
1 ,2 7 6 ,9
7 ,5 6 5 ,9
3 7 0 ,6
2 ,5 5 3 ,3
1 ,3 4 4 ,1
8 ,3 0 1 ,5
3 ,2 6 5 ,0
4 9 6 ,8
1 ,2 8 8 ,5 1 2 ,7 1 9 ,0
4 ,4 6 6 ,0
5 5 6 ,8
9 ,9 1 4 ,3
1 ,8 / 3,5
4 9 u ,5
4 ,2 6 0 ,0
5 5 1 .6
6 ,8 1 0 ,5
4 ,5 0 5 ,0
5 2 3 ,3
3 ,0 1 6 ,7 5 5 ,9 6 7 ,9

S p ecie.

L e g a ls .

f D e p o s its R e ­
s' ve.

P .C .
$
$
1 ,4 8 7 ,0 1 5 ,4 4 5 .0 27*2
2 ,0 5 7 ,0 2 2 ,6 0 0 ,0 2 6 5
1 ,1 1 8 ,3 1 4 ,110,1 26*7
1 ,3 5 3 ,0 1 2 ,7 3 2 ,0 24 *3
2 ,0 8 1 ,4 2 1 ,6 3 9 .2 27*7
3 2 7 ,0
4 ,0 4 5 ,0 26*4
5 ,9 4 4 .2 1 1 3 ,8 6 0 .0 27*3
2 ,1 5 7 ,8 2 3 ,1 0 6 ,3 28*7
5 ,3 5 9 ,8 25*6
5 4 0 ,8
5 9 6 ,5
5 ,3 4 7 ,5 2 6 0
3 ,0 4 7 ,9 22*8
3 2 ,8
3 4 1 ,0
3 ,9 0 2 ,0 2 0*4
1 9 3 ,3
1 ,6 0 9 ,8 2 5 ’ 5
6 ,2 5 6 ,0 31*5
1 6 7 ,9
2 ,2 1 9 ,0 2 2 ,0 0 2 ,0 24*1
4 ,2 0 2 ,0 5 8 ,0 7 2 ,5 24*8
1 ,2 6 1 ,9 2 0 ,7 6 8 ,2 23*7
4 ,1 2 7 .1 23*7
4 4 3 ,1
8 3 4 .9
5 ,6 2 6 ,3 25*3
4 1 5 ,9
2 ,5 3 0 ,9 24*4
1 ,3 6 9 .6 1 3 ,0 8 1 ,3 23*9
6 ,5 7 8 ,8 5 2 ,2 3 1 ,4 24*8
4 7 4 .0
5 ,9 3 9 ,0 24*1
3 9 5 ,0
7 ,6 3 7 ,3 25*6
4 0 0 ,0
3 ,2 2 5 ,0 22 0
7 4 6 ,2
6 ,9 9 6 ,9 27*8
1 7 4 ,2
6 ,7 2 1 ,4 24*9
3 ,0 5 2 ,0 2 9 ,7 3 5 ,0 24*7
3 ,9 0 9 .0 28*9
9 8 0 ,8
1 ,3 0 8 ,0 1 9 ,9 3 7 ,0 25*2
4 ,1 4 2 ,0 6 4 ,0 3 1 ,0 28*7
1 9 8 ,9
1 ,3 0 4 ,8 28-0
2 ,9 9 0 ,2 1 9 ,2 5 5 ,6 26*5
9 9 7 ,0 1 0 ,4 0 0 ,0 24*6
1 ,3 8 7 ,0 1 0 ,3 7 7 ,0 26*0
1 ,8 7 8 .3 6 6 ,0 8 2 ,3 29*8
4 5 8 ,8
5 ,9 0 8 ,8 25*7
3 3 9 ,0
3 ,2 7 5 .0 22*1
3 5 9 ,7
4 ,7 o S ,8 22*7
2 5 0 ,9
3 ,2 9 5 ,4 23*7
1 ,8 9 3 ,8 4 5 ,2 4 0 ,4 26*0
2 2 4 ,8
9 ,9 9 6 ,7 25*7
7 7 5 ,0
3 ,6 7 5 ,3 27*2
6 2 9 ,3
5 ,5 0 7 ,0 18*9
2 ,3 6 9 ,0 1 2 ,2 5 4 ,4 2 4-8
3 1 9 ,0
7 ,i)Ob,o 24*0
1 4 0 ,7
2 ,6 0 2 ,5 23-7
8 8 6 ,9
9 ,5 4 9 ,9 2 3-8
2 9 0 ,0
3 ,4 7 5 ,0 23*4
1 ,6 5 1 ,0 1 4 ,9 1 3 ,0 26*7
4 8 9 ,0
4 ,4 6 8 ,0 21*3
3 2 7 ,8
8 ,5 7 6 ,1 2 4 8
3 0 9 .6
4 ,l£ '0 ,6 26*4
5 8 6 ,8
7 ,5 6 9 ,6 25*0
2 0 0 ,0
4 ,4 1 2 ,0 22*3
2 ,8 3 5 ,7 5 7 ,5 1 3 ,6 26*1

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

[VOL. L X X V 1

C H R O N IC L E

T o t a l . . . 1 0 9 ,8 2 2 ,7 1 2 9 ,1 8 1 ,3 9 1 4 ,0 7 9 ,0 1 6 7 ,4 3 8 ,3 7 0 ,1 8 3 ,6 1 9 0 5 7 6 0 2 26-2
t T o t a l U n it e d S ta te s d e p o s it s in c lu d e d $ 3 7 /2 6 8 ,4 0 0 .

Reports of Non Member Banks.—The following is the
statement of condition of the non-member banks for the
week ending May 2, based on average of the daily results.

New York City. Boston and Philadelphia Banks.—B elo \

is a summary of the weekly returns of the Clearing Hous
Banks o f New York City. Boston and Philadelphia. The Ne\
York figures do not include results for non-member banka
W e o m it tw o c ip h e r s ( 0 0 ) in a l l th ese fig u res.
C a p ita ls

BANKS S u r p lu s.
N. Y.

$

A p r 11 2 3 3 ,4 1 4 .6
A p r 1S 2 3 6 .4 8 9 ,2
A p r 25 239,004,0
M a y 2 2 3 9 ,0 0 4 ,0

L o a n s.

S p ecie.

$
$
9 0 2 ,7 7 9 ,5 1 5 8 ,9 5 4 ,7
9(»5,207,3 1 6 0 ,9 7 2 ,5
9 0 0 ,6 2 5 ,1 1 6 4 /275,1
914,079,0 1 6 7 ,4 3 8 ,3

5 2 ,3 2 2 ,0 182,766,0
5 2 ,3 2 2 ,0 1 8 3 ,7 8 8 ,0
5 2 ,3 2 2 ,0 1 8 4 ,8 2 7 ,0

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

S u r­
p lu s .

N . Y . C it y .
B orou g h s oj
J I a n A B r 'n x
$
C o l o n i a l ___
1 0 0 ,0
C o lu m b ia . .
3 0 0 ,0
1 4 th S t r e e t .
1 0 0 ,0
G a n s e v o o r t.
2 0 0 ,0
H a m ilt o n ..
2 0 0 ,0
M t. M o r r is
2 5 0 ,0
M u t u a l ___
2 0 0 ,0
1 9 th W a r d .
2 0 0 ,0
P l a z a ............
1 0 0 ,0
1 0 0 .0
R iv e r s id e . .
S ta te ..........
1 0 0 ,0
1 2 th W a r d .
2 0 0 ,0
2 3 d W a r d ..
1 0 0 ,0
Y o r k v i l l e ..
1 0 0 .0
F i d e l i t y ___
2 0 0 .0
V a r i c k ___
1 0 0 ,0
J e ffe r s o n . .
4 0 0 .0
C en tu ry . . .
1 0 0 ,0
W a sh . H g ts
1 0 0 ,0
U n it e d N a t. 1 ,0 0 0 ,0

S
1 9 4 ,1
2 5 6 ,0
9 8 ,0
5 5 ,7
1 1 1 ,0
1 1 6 ,2
1 8 4 ,4
1 8 5 ,3
2 3 4 ,3
1 0 6 ,8
4 2 1 ,4
S 8.7
8 8 ,7
2 5 3 .6
107.1
5 9 ,8
2 2 5 .8
5 2 ,9
1 1 2 .3
2 2 3 ,2

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

$
3 8 ,1
1 6 8 ,0
6 1 ,9
29,1
1 1 7 ,5
1 2 9 ,1
3 1 ,8
2 5 ,4
2 0 5 ,0
18,7
4 0 9 ,0
3 2 ,0 ,
4 9 ,7
3 2 ,6
9 ,6
4 ,3
1 3 .5
3,1
9 ,8
2 3 7 ,9

$
1 8 3 ,0
1 0 7 ,0
8 2 ,1
9 5 ,2
9 7 ,8
9 5 ,4
1 7 8 .3
1 4 8 ,8
1 9 4 ,0
8 9 ,6
2 0 5 ,0
1 7 1 .0
1 2 8 ,0
1 9 0 ,6
3 7 ,9
5 8 ,7
8 3 ,2
1 0 ,4
15,5
4 9 ,7

S
2 0 1 ,7
2 1 6 ,0
2 1 6 ,0
4 8 ,7
1 5 3 .7
2 8 4 ,1
1 0 1 ,8
3 6 7 ,4
1 0 3 ,0
7 1 ,2
1 2 2 ,0
8 9 ,0
1 4 3 ,0
1 4 7 ,3
5 2 ,2
8 2 ,1
171.1
2 6 ,9
5 9 ,7
6 5 ,8

B orou gh ol
B r o o k ly n .
B roadw ay .
B r o o k ly n ..
8 th W a r d .. .
M f r s .’ N a t ..
M e c h a n ic s ’
M erch a n ts’ .
N a ssa u N at
N a t . C ity . .
N o r t h s id e .
P e o p le s ........
1 7 th W a r d .
S p ragu eN at
U n i o n ............
\v a lia b o u t .

2 2 9 ,3
1 6 4 .0
2 0 ,0
5 1 4 .5
3 5 6 ,9
40.1
6 3 3 ,5
5 8 0 ,7
1 6 1 ,4
1 5 5 .3
8 0 ,3
2 6 4 .4
1 1 7 ,9
6 7 ,0

1 ,9 2 8 ,0
1,54 2 ,1
3 8 6 ,0
3 ,2 9 3 ,4
6 ,6 8 4 ,5
8 6 3 ,7
3 ,9 5 7 ,0
3,U 83,0
1,04 9 ,1
1 ,4 4 2 ,2
6 3 7 ,1
1 ,0 6 9 .6
1 ,3 0 7 ,9
7 7 6 ,6

13,5
1 0 2 ,2
4,0
3 4 6 ,4
1 6 4 ,2
13,2
1 7 5 ,0
1 2 4 ,0
11,7
5 3 ,0
9,2
1 0 5 ,6
41,1
3 9 ,6

1 7 3 ,0
5 7 ,7
3 0 ,6
6 4 ,0
3 5 7 ,9
5 6 ,8
2 9 2 ,0
2 3 7 ,0
6 2 ,0
1 1 8 ,3
42,1
7.5
8 2 ,2
2 9 ,3

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

B orou gh oj
B ic h m o n d .
B k . o f S t. I s .
1 s t N a t .,S .I .
O th er C ities.
I s t N t . , J . C.
H u d s o n Co.
N a t ., J . C .
2 d N a t., J .C .
3 d N a t., J.C .
I s t N t ., H o b
2 d N a t .,H o b

1 1 2 ,0
3 0 0 .0
1 0 0 ,0
2 5 2 ,0
5 0 0 ,0
1 0 0 ,0
3 0 0 ,0
3 0 0 ,0
1 0 0 ,0
1 0 0 ,0
1 0 0 ,0
2 0 0 ,0
2 0 0 ,0
100,0

2 5 ,0
1 0 0 ,0

7 4 ,7
1 0 3 ,S

571.1
14 3 ,5

2 3 ,1
3 2 ,8

4 0 0 ,0 1 ,0 3 1 ,9

4 ,5 6 9 ,1

2 5 8 ,2

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

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

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

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

1 5 .0
1 0 ,0

101,1
1 0 9 ,6

$
1 5 0 ,0
3 ,0
ii,o
5 ,0
5 3 ,8
1 8 ,9
66,4
4 5 0 ,0
3 0 ,2
1 ,8
1 7 ,7
1 5 ,3
2,7
..........

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

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

2 ,1 4 6 ,0
1 ,6 8 9 ,3
'4 5 6 ,0
3 ,7 4 2 ,0
7 ,3 4 S '0
'9 ^ ,3
4 ,3 9 5 ,0
3 ,4 7 4 ,0
l| 0 0 3 ,9
1 ,5 7 7 ,7
637^5
910^0
1 ,3 3 1 ,6
7 6 7 ,2

1 2 ,3

6 4 0 ,3
6 9 1 ,8

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

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

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

$
43.1 *26.4
4 3 ,4 9 5 ,0
4 3 .5 3 8 ,0
4 3 ,5 8 6 ,0

8
l,1 8 fi,7 S 7 ,
1 ,453.074,
1.3 1 1 /2 8 2 ,
1 ,378,981,

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

6 ,5 0 5 ,0
6 ,5 3 4 /
6 ,4 5 4 ,0

147 ,9 4 4 .
124 ,0 7 2 .
140 ,1 8 8 ,

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

126 /2 6 2 .
120 ,4 5 3 .
114,732.

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

2 1 1 ,8 1 7 ,0
2 1 3 /2 3 0 ,0
2 1 2 ,7 2 8 .0

t I n c lu d in g f o r B o s t o n a n d P h ila d e lp h ia th e it e m “ d u e t o o t h e r b a n k s , j
a n d a ls o G o v e r n m e n t d e p o s its .
F o r B o s t o n th e s e G o v e r n m e n t d e p o s it
a m o u n te d o n M a y 2 t o $ 6 ,2 9 5 ,0 0 0 ; o n A p r i l 2 5 to $ 6 ,3 1 4 ,0 0 0 .

Imports and Exports lo r the Week.—The following ar
the imports at New York for the week ending for dry good
April 30 and for the week ending for general merchandis.
May 1; also totals since beginning first week January.
F O R E IG N
F o r w eek.

IM P O R T S .
1902.

1903.

1901.

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

$ 2 ,0 2 5 ,0 8 1
9 ,9 5 1 ,8 5 0

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

$ 1 ,6 2 3 ,1 2 3
8 ,8 6 4 ,4 1 6

T o t a L .............................
S in c e 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

$ 1 1 ,9 7 6 ,9 3 1

$ 1 1 ,7 4 2 ,4 6 1

$ 1 0 ,4 8 7 ,5 3 9

$ 1 0 ,3 7 9 ,3 5 '

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

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

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

$ 5 0 ,9 7 9 ,4 1
1 5 5 ,6 0 4 .0 7

T o t . M ay 2 8 ,3 7 4 ,0 9 ,6 1 0 .3 8 0 .4 9 9 ,1 3 .5 1 8 .4 4 .3 6 8 ,9 9 ,1 7 0 ,2 2 .7 3 6 .7 8 8 ,5 9 2 .0
T o t . A p r 25 8 ,3 <4,0 9 ,6 1 0 .3 7 9 .3 3 3 .4 3 .6 0 4.S 4 .4 1 6 .S 8 ,0 5 2 ,5 2 ,4 4 0 ,0 85.
T o t . A p r 18 8 ,4 7 4 ,0 9 ,6 2 0 ,6 7 9 ,0 9 1 ,9 j3 ,6 5 9 ,5 4 ,4 7 6 ,4 8 ,9 6 2 ,1 2 ,3 8 5 , S 8 5 ,8 1 8 ,5

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

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

The imports o f dry goods for one week later will be foun
in our report of the dry goods trade.
The following is a statement of the exports (exclusive c
specie) from the port of New York to foreign ports for th
week ending May 4, and from January 1 to date.
E XPO R TS FROM

NEW

YORK

FOR TH E

1903.
$ 9 ,1 4 9 ,6 8 4
1 7 1 ,8 9 4 ,6 1 4

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 ..

1902.
$ 9 ,6 3 7 ,9 4 0
1 6 0 ,1 8 2 ,3 6 -

|

W EEK.

1901.

1900.

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

$ 9 ,5 8 2 ,6 3
177,0 5 2 ,8 7 .

T o t a l 1 8 w e e k s .......... $ 1 8 1 ,0 4 4 ,2 9 8 $ 1 6 9 ,8 2 0 ,3 0 8 $ 1 8 2 ,8 0 5 ,0 6 4 $ 1 8 6 ,6 3 5 ,5 1 !
N o t e .—A s t h e fig u r e s o f e x p o r t s a s r e p o r t e d b y th e N e w Y o r k C nstoill
H o u s e fr o m w e e k to w e e k f r e q u e n t ly s h o w d iv e r g e n c e fr o m t h e m on th li
to ta ls , a ls o c o m p ile d b y th e C u s t o m H o u s e , w e sliaU fr o m tim e to tim e adju>
th e to t a ls b y a d d in g to o r d e d u c t in g fr o m th e a m o u n t “ p r e v io u s ly re p o rte d .,

The following table shows the exports and imports o
specie at the port of New York for the week ending May
and since Jan. 1,1903, and for the corresponding periods ii
1902 and 1901.
E X P O R T S A N D IM P O R T S O F S P E C IE A T N E W Y O R K

W eek .

G r e a t B r ita in . . . . . _____
F r a n c e ...................................
G e r m a n y .............................
W e s t I n d ie s .......................
M e x i c o ...................................
S o u th A m e r i c a .................
A l l o th e r c o u n t r ie s ........

I m ports.
W eek.

S in ce J a n . 1.

S itice J a n . -

$ 1 9 3 ,0 0 0

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

60 0
1 4 ,5 4 4
2 ,3 9 4

9 0 ,7 6
73,731
209,6:.’ ,
27,22,

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

5 3 0 ,0 0 0

T o t a l 1 9 0 3 ....................
T o t a l 1 9 0 2 ....................
T o ta l 1 9 0 1 ....................
S ilv e r .
G r e a t B r it a i n .....................
F r a n c e ..................................
G e r m a n y .............................
W e s t I n d i e s .......................
M e x ic o .................................
S o u th A m e r i c a .................
A l l o t h e r c o u n t r ie s ..........

$ 2 ,2 3 0 ,1 1

$ 1 ,0 9 0 ,4 0 4
1 0 ,2 8 0
1 ,9 2 8 ,8 5 5
300

$ 4 ,0 0 0

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

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

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

$ 1 1 ,4 8 1 ,3 1 0
7 0 7 ,9 9 4
600
9 4 ,9 8 0
C,S15

............|
$ 1 5 ,7 8
4 1 1 ,2 4
14,26,
2,70

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

. . . . . . . .

T o t a l 1 9 0 3 ....................
T o t a l 1 9 0 2 ....................
T o t a l 1 9 0 1 ....................

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

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

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

Of the above imports for the week in 1903, $328 wer<
American gold coin. Of the exports during the same timJ
$534,000 were American gold coin and #6,000 were America!
silver coin.
Auction Sales.—See page preceding.

Ranking and ffiiiaucial.
Spencer Trask & Co.,
BANKERS,

W IL L IA M

A: P I N E

S T R E E T S ,

-

-

N E W

YORK,

T ra n s a c t a general banking business; act as Fiscal
Agents for corporations, and negotiate security
issues of railroads and other companies. Execute
commission orders and deal in
INVESTMENT SECURITIES.
M e m b e rs N. Y . S to ck E x c h a n g e .

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

1900.

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

7 ,9 4 5 ,1

62,2
11,2
77,1
2 1 ,8
5 0 ,0

$
6 5 ,9 9 4 ,3 8 8 4 ,8 3 0 . v
00,So i 7 8 8 7 ,2 9 0 ,2
,
6 8 ,6 1 1 /2 8 * 7 ,6 0 3 ,3
70,183,6, 9 0 5 ,7 6 0 /2

E xports.

L oans &
L eg . T.
N et
I n v e s t­ S p e c ie . & B a n k C le a r 'g O ther D e p o s its
m en ts.
N o tes. A g e n t. B k s .& c

C lea rin g s \

Phila.
A p r 18
A pr25
M ay 2

G o ld .

| D e p o s it w ith
C a p i­
ta l.

C ircu ­
la tio n .

15os.
A p r 18
A pr25
M ay 2

W e o m it tw o c ip h e r s ( 0 0 ) i n a l l cases.
BANKS.
0 0 s o m itte d .

D e­
p o s it s A

L eg a ls.

M

o

f

f

a

t

m em b ers N ew

B ra n ch O ffice. 05 S ta te St., A lb a n y
&

W

a

h

i

t

e

,

7

Y o rk S to ck E xch an ge,

1 NASSAU STREET, CORN ER W A LL ,

Dealers in Investment Securities.
T e l. 5820-5821 C o rtla n d t.

T e le p h o n e S t o c k s a S p e c ia lty #

THE

M a y 9, 1903.]

( aet*
G te
z

y & m x k z x s7
e r

CHRONICLE

F o r D iv id e n d s s e e p a g e ro/ r.

W A L L N T K K K 'I1 F R I D A Y , M A Y M, I B 0 3
,

3 P. »l.

The M oney M ark et aud F in a n c ia l S it u a t io n .— T he even ts
o f the w eek have stim u lated b u t little a c tiv ity in W a ll
Street, and the secu rity m ark ets have con tin u ed g e n era lly
dull and n arrow . T here w a s a d em a n d fo r som e o f the
anthracite co a l stock s d u rin g th e early p a rt o f the w eek ,
and later the ru m ored absorp tion o f St. L ou is & San F ranjcisco by the R o ck Island earned som e a c tiv ity in th e stock s
of both com p an ies, th ou g h the a n n o u n ce m e n t w as receiv ed
w ithout an y apparent etfeot. A sid e fro m these features th e
market has been p ra ctica lly v o id o f in terest an d th e tra d in g
of a routine ch a ra cter
The foreig n e x ch a n g e m a rk et has a ttra cted a tte n tio n on
accou nt o f th e high rates n o w p re v a ilin g in th a t d e p a rt­
ment. N otw ith sta n d in g these rates, w h ich are a b ov e the
point at w h ich g old has som etim es been shipped across th e
A tlan tic, th e ex p orts th is w e e k are lim ited to $500,000 sent
to South A m e rica on W ed n esd a y . C onsiderable in terest has
(been m an ifested at th e p rin cip a l E uropean fin a n cia l cen tres
in the Transvaal loan n o w b e in g o ffered in L o n d o n . A l­
though th e a m ou n t o f th is loan is $175,000,000, the ca b le
announces th at a large o v er su b scrip tion is a lrea d y assured.
The lo ca l m on ejr m a rk et con tin o e s d u ll and easy, ca ll-loa n
rates h a v in g av erag ed fra ctio n a lly lo w e r than last w eek .
The open m ark et rates fo r c a ll loan s on th e S to ck E x c h a n g e
during the w eek on stock and b o n d o olla tf '-Wls h ave ran ged
from 2 to 2% per cen t. T o -d a y ’s rates on c a ll w ere 2 to
2% per cen t.
P rim e co m m e r c ia l paper c.nutea at 4 % to
!5% per cen t.
The B ank o f E n glan d w e e k ly sta tem en t on T h u rsd a y
showed an in crease in b u llio n o f £10,676, and th e p e r c e n t­
age o f reserve to lia b ilities w as 52T7, a g a in st 48’90 last w eek ,
the d iscou n t rate rem a in in g u n ch a n g ed a t 4 per c e n t.
The
Bank o f F ra n ce sh ow s a decrease o f 850,000 fran.'A ,tn
gold and an in crease o f 4,700,000 fra n o s in silver.
K R W Y O R K C IT Y O L K A R IN G -H O U 8 B B A N K S .

Differences
from
previous week

1903
M ay 2

Capital________
Surplus .............
Louis <6 discounts
Circulation.........
Net d e p o sits.........
Specie...............
Legal ten d ers.......

Reserve h eld .........

15 p. o. of deposits

$
109.822,700
129.181.300
914,079 000
48,586,000
*905,760.200
167.438.300
70,183.600

$
In c 13,453.900
Inc
48,000
Ino 18,156,900
Ino 3,163,200
Ino 1,572,400

237,621,900 In c
226.440,050 Ino

4,735,600
4,539,225

1902

M ay 3

1901
M ay 4

$
83,622,700
103.655,700
904,162,500
31,049,300
963,189,600
173.850.400
75,681,000

$
75,022,700
98,366,000
890,450,400
31,132,900
973,111,600
182,302,700
71,965 800

249.531.400
242.047.400

254,258,000
243,277,900

196 375
7,484,000
11,181,850 Ino
10,880,100
Surplus reserve
* 837.26S.A00 U nited States d eposits in clu d ed , again st 837,283,200 last
ireek. W ith these U nited States deposits elim inated, th e su rp lu s r e serv e
irould be $20,498,950 on M ay 2 and $20,306,275 o n A p ril 25.
WOT*.—R etu rn s o l separate banks appear o n th e p re ce d in g page.

F oreign E x c h a n g e .— T he fo re ig n e x c h a n g e m a rk e t w as
inactive, th o u g h firm , this w eek. T h ere w as a g o o d dem an d
for rem ittan ce fo r m a tu rin g loans, and the p e n d e n cy o f the
Transvaal loan in L o n d o n had som e in flu en ce; $500,000 was
shipped to B u en os A y res.
T o-day’s (F rid a y ’s) n om in a l rates fo r ste rlin g e x ch a n g e
were 4 85@ 4 85% fo r six ty day and 4 88@4 88% fo r sigh t. T o ­
day’s (F rid a y ’s) a ctu a l rates fo r ste rlin g e x ch a n g e w ere
4 85®4 8510 fo r lo n g , 4 88@4 8810 fo r sh ort an d 4 8865@
4 8875 for cables. C om m ercia l on banks, 4 8 4 % @ 4 8 4% , and
docum ents fo r p a y m en t, 4 84@4 85. C otton l o r p a y m e n t,
484@4 84% ; co tto n fo r a ccep ta n ce , 4 84 % @ 4 8 4 % , and grain
for paym en t, 4 8 4% @ 4 85.
T o-d ay’s (F rid a y ’s) a ctu a l rates fo r P aris b a n k e rs’ fra n cs
were 5 18% *@ 5 18% fo r lo n g and 5 15% *@ 5 1 5 % f fo r short.
Germ any bankers’ m arks w ere 94 18-i6@ 94% fo r lon g and
95 5 16@ 95% t fo r sh ort. A m sterd a m bankers' g u ild ers w ere
39 15-16ia39 15-16^ fo r lo n g and 40%1T@40 5-16 fo r short.
E xch an ge at Paris on L on d on to-d a y , 25 f. 18% c .; w e e k ’s
range, 25 f. 19 c. h igh and 25 f. 16 c. low .
The w e e k ’s range fo r e x ch a n g e rates fo llo w s :
------------L o n g . ----------- ----------S h o r t . ----------. ---------- C a ttle s . ---------S te rlin g A c t u a l—
H ig h ... |4 85
9 4 8510 I 4 88
9 < 8810 I
4 8865 9 4 8875
how___ I 4 8465
'9 4 8475 |4 8780
9 4 8785 | 4 8825 9
48835
P a r is B a n k e r s ’ F r a n c s —
H ig h ... I 6 18 V
'3 5 1 8 4
I 5 1 5 V 9 6 154 |
..............................
l o w . . . . |5 1 8 4 *

® 5 18>«

| 6 15 V

O trm a n y B a n k e r s ’ M a r k s —
H ig h ... 1 941*16 9 9 4 7a
I
95*ia
h o w .... | 94 1b* 9 9 4 18ie 1
95V
A m sterd a m B a n k e r s ’ G u ild ers—
H ig h ... I 40
9 40He
| 40V
| 39 i«ie
9 S9i*ieTll
40*4

® 5 15 V

I

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

95V
954

1
|

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

9
9

40»ia
4 0 »,8
Dess : * h a ol 1%. t 4 s o f 1%. t sal o f 1%. P l u s : U h e o f 1%. ** 4 t o f 1%.
9
9

The fo llo w in g w ere th e rates fo r d o m e s tic e x c h a n g e on
New Y o rk at th e u n d er-m en tio n e d oitie s to -d a y : S a v a n n a h ,
buying 50c. per $1,000 d isco u n t, s e llin g 75c. p er $1,000
prem ium ; C h a rleston , b u y in g t>ar, sellin g $1 per $1,000
premium ; N ew O rleans, ban k , 45@40o. per $1,000 d iscou n t;
com m ercial, 60c. per $1,000 d is c o u n t: C h ica g o , 10c. per
$1,000 d iscou n t: St. L ou is, 15c. per $1,000 p rem iu m ; San
F rancisco, 2c. per $100 p rem ium .
State anrt R a ilr o a d B o n d s — Sales o f S tate b on d s a t the
Board are lim ited to $100 T ennessee se ttle m e n t 3s at 94%.
The railw ay bond m ark et has been som ew h a t m ore a ctiv e
than last w eek , a lth ou g h th e v olu m e o f business is still fa r

1013

b elow the average. N a tion a l R ailroad o f M e x ico issues have
been prom in en t fo r a c tiv ity and an a d va n ce o f 2 % points in
th e fir s t« on. 4-<. A fe w oth er issueH show fra ctio n a l net gain s,
S ou th ern P a cific 4s w ere w eak in sym p a th y w ith the shares.
U nited S ta te s B o n d s .—Sales o f U o v e rn m e n t bonds at
the Board in clu d e $2,C0J 2s, co u p ., at 106%; $30,0.0 2s, reg .,
a t 106; $5,300 3 J, c o u p ., a t 107% to 107%; $L,500 3s, re g ., at
107%, and $1,000 4s r e g ., 1925, a t 136. T ne fo llo w in g are
closin g q u o ta tio n s; f o r ye irly ru n g? th ird naye follow in g.
In te rest
P er io d s

2s,
3s,
2s,
3»,
3s,
3a,
3b,
3b,
4s,
4s,
4s,
is ,
5s,
5b.

1930............ registered
1930..................ooupou
1930 .sm aJ.registered
1930 .smaU___ coupon
1918............ registered
1918.......... . . . oonpon
1918, em all.regtstered
1918, sm a ll___ coupon
1907............ registered
19 07..................oonpon
10 25............ registered
1925..................oonpon
19 04............ registered
1 9 04..................oonpon

M ay
4

Q —Jan *106
<4—Jan *106
.............. .........
<4—F eb •107 V
,
Q —Feb -1 07 V
,
t j —Feb
< — Feb *106 H
4
i
Q —Jan *1104
Q —Jan *110*,
Q —Feb *136
< — Feb *136
4
<4— Feb *102 H
i
Q —F eb *102 4

M ay
4

M ay

M ay

M ay

6

«

7

106
• 106 4 106 •106
1 0 6 4 •1064 •1064 •106
.......
......... .........

M ay

6
*106
•106

1 0 7 4 *107 4 *1074 •1074 *107 4
*107 4 *107 4 •1074 107 4 * 1 0 7 4
'1 0 6 4 * 1 0 6 4

1074 *1084 *1064

*1104 *110*, "1104 110*4 *1 1 0 4
*110*, -1 1 «»« •1104 •1104 *1 1 0 4
136
*136
*1 0 2 4
*1 0 2 4

*136
*136
■ 1024
*1024

•136
*136
*102 4
•102 4

•136
•136
*1 0 2 4
•102 4

*1364
*1354
*1024
*1024

'T h is la the prloe bid at the morning board; no sale v u made

R a ilr o a d and M isc e lla n e o u s S to c k s.— The s to c k m arket
has been d n il an d irreg u la r. D a ily tra n sa ction s averaged
on ly about 415,000 shares, and w h ile a fe w issues are n ota b ly
h igh er, a b o u t as m a n y clo se low er th an last w eek. Ot th e
ra ilw a y list the a n th ra cite co a l shares e n jo y e d th e m ost
con sp icu ou s ad v a n ce, led by D elaw are & H udson, w h ich
w hen a t its h igh est sh ow ed a g a in o f n early 10 poin ts. St.
L ou is & San F ra n cisco a d v a n ce d o v e r 4 poin ts on its m erg er
w ith th e R ock Island system . R ock Island issues h a ve been in
dem and at a d v a n cin g prices, and oth er S ou th w estern stock s
w ere strong-, in c lu d in g M issouri P a c ific , M issouri K an sas &
T exas, M exican C entral an d th e N ation al o f M e x ico . A t ­
ch ison and P en n sy lv a n ia h ave d e clin e d a b o u t 2 p oin ts and
several oth er issues are fr a c tio n a lly low er.
T he m iscella n eou s list has again been n e g le cte d . W e stin gh ou se E le ctric & M a n u fa ctu rin g m ade a sen sational u p ­
w ard m o v em en t on M on d a y, su b seq u en tly lo sin g 7 poin ts o f
its a d v a n ce. T h e cop p er stock s a d v a n ced 3 p oin ts or m ore.
C olorado F uel & Iron , N e w Y o r k A ir B rake and th e N a tion a l
L ead issues h ave been n o ta b ly w ea k . U n ite d S tates S teel
and A m e rica n S ugar R e fin in g w ere re la tiv e ly steady.
F o r d a ily volum e o f business see page 1022.
The fo llo w in g sales h a ve o o o u rre d th is w e e k o f sh ares n o
represen ted in ou r d eta iled list on th e Daces w h ich fo llo w .
STOCKS
Week Ending M ay 8

Sales
for
Week

Range fo r Week

A llls-C halm ers C o............
75 1 6 4 M a y 5 1 6 4 M a y 7
117 84 M a y 6 84 M a y 6
P referred .........................
Araer A g rlc u l Chem, p f.
25 8 0 M a y 6 8 0 M a y 5
A m erican B eet S u g a r ...
100 3 0 4 M a y 4 3 0 4 M a y 4
A m . S teel F oun dries....... 1,450 15 M a y 7 16 M a y 5
P referred .........................
22 60 M a y 7 6 0 4 M a y 6
A m er T e le g & C able.......
2 0 0 8 0 M a y 6 81 M ay 7
100 92 M a y 2 92 M a y 2
A ssoc M erchants 1st pref
C leveland & P ittsbu rgh .
100 191 M a y 6 191 M a y 6
D en ver & S outhw est, pf.
100 10 M a y 8 10 M a y 8
2 00 6 9 4 M a y 7 6 9 4 M a y 7
G eneral C hem ical............
200 100 M a y 7 100 M a y 7
P referred ........................
395 3 3 4 M a y 6 3 3 4 M a y 8
N at Enatn & S tam p .........
225 87 4 M ay 4 87 4 M a y 4
P referred ........................
27 5 0 M a y 2 5 0 M a y 2
N Y D ock, p ref.................
390 164 M a y 5 165 4 M a y 7
N Y & N J T e le p h o n e ...
S4M ay 4
34M ay 5
P en n sylva n ia righ ts....... 48,170
400 134 4 M a y 4 134 4 M a y 4
C ertificates.....................
Philadelphia Co. (P itts.) 1,800 8!>*8May 2 91 4 M a y 6
P lttsb F t W ayne & C hic 112 188 4 M a y 7 189 M a y 8
100 9 0 4 M ay 5 9 0 4 M a y 5
R ft S ecurities “ A ” .........
2 5 0 l 0 6 4 M a y 2 ! 0 6 s8M ay 2
U nited F r a u .....................
300 3 0 M a y 5 3 1 4 M a y 5
U S R ed n c < R efin in g ..
fe
300
U S S hip bu ild ing ..........
2 M ay 8
2 M ay 8

Range sines Jan. 1.
16 A p i
23 F e b
84 M i]
87 ta F e b
8 0 M u; 83 W a n
2 6 Jan
3 11 A p r
-!
14 A p i
20 Jan
69 M ai 6 9 4 F e b
80 M aj 92 J an
92 A p r 96 A p r
185 M ai 191 M a y
10 A p r 20 M ar
6 0 q Jan
72 F e b
| 93^Mai 101 J a n
33 A p r 36 Mar
8 7 V M a j 93 M a r
49 A p r 6 7 F e b
161 A p r l 6 5 4 M a y
2®gApr
3 3« M a r
134 4 M a y 1 3 4 1 a y
sM
HO^May 0 l 4 M a y
188 4 M a y 191 F e b
85 M a i 92 W e b
1104 la A p r l l O 's F e b
"9 M ar 35 V, F e b
2 M ay
2 M ay

O u tsid e M a rk et.— D ea lin g s in th e m a rk e t fo r u n listed se­
cu ritie s h a ve con tin u ed on a sm all scale th is w eek : b u t
a lth ou g h som e irre g u la rity w as d isp la y ed on T hu rsday and
to -d a y , the g en era l ton e has been firm . T ra n sa ction s in
N orthern S ecu ritie s sto c k h ave been sm a ller th an h e r e t o ­
fore. T he p a c e a d v a n ce d fro m 98% to 99% , bu t to-d ay
w eakness d ev elop ed and the sto ck sold d o w n to 98; th e close
w as at 98% . A n in c id e n t o f th e tr a d in g has been th e
a c tiv ity and stren g th in In te rn a tio n a l M ercan tile M arine
issues. T he co m m o n a d v a n ced fro m 11% to 12%, b u t closed
to -d a y at 12; th e p referred a fte r a g a in o f 4 p oin ts to 34% ,
rea cted on T h u rsd ay to 33% ; th ere w e re n o sales o f th e p re­
ferred shares to-da y. U n ite d States Steel n ew 5s (w . i.)
h ave been stea d y b e tw e e n 84% an d 85. U . x . S hip­
b u ild in g 1st s. f. 5s d e clin e d to 44% on T hu rsd ay, h u t
to-d a y sold up to 49%. On T h u rsd a y, w h ile th e bon d s
w ere sellin g a rou n d 44% and 45
on th e c u rb , a
tra n sa ction w as m ade on the S tock E xch a n g e at 55; subse­
q u e n tly , h ow e v e r, the bon ds sold on th e B oard at 49. St tndard Oil was stron g early in the w eek and advanced fro m 673
on Saturday to 690 on T uesday: on T h u rsd a y it reacted to
684. A m erica n L ig h t & T ra ctio n issues con tin u ed to m ove
u p w a rd . T he co m m o n gain ed 10 poin ts to 80, b u t on W e d ­
nesday fell o ff to 78% , at w h ich it closed to d a y : the p re­
ferred a d va n ced fr o m 97% to 100%, bu t lost % o f a p oin t on
W edn esd ay; n o sales w ere m ade in these shares on T h u rsd ay
or to-d a y . H a ck en sa ck M eadow s m ov ed up fro m 10 to 17
and closed th e w eek a t 16%. T he cop p er stock s h ave been
m od era tely a ctiv e . G reene C onsolidated has been firm be­
tw een 22% and 23. U n ited C opper sold d ow n fr m 19% to
18%, w h ile W h ite K n o b a d v a n ce d fro m 12% to 14% ; the
close to-d a y w as at 14.
O utside qu ota tion s w ill be fo u n d on page 1022.

New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G

TW O

S T O C K S —H IG H E S T A N D L O W E S T S A L E P R IC E S
S a tu r d a y
M ay 2
*32
36
*62
66
82
82%
97*4 97*2
92*2 83
*93
94
6 6

66*2

1 4 4 3j 1 4 4 34
* 1 5 0 15 6
1 3 1 34 132*4
*70*2 72
* 1 7 3 17 5
*44
4 4 34
3 0 s4 3 0 34
70*8 7 0 %
*135

14 0

22*2 22*2

89
*8 8
*75*2 7 6
37*2 37*2
1 6 0 78 161*2
*182*2 183
• 1 7 9 182*4

T u esd a y
M ay 5

M onday
M ay 4
*32
*6 2
82*4
97 78
9 2 34
§94*4
6638
*135
*150
132
70*2
175
4 4 34
31*8
70*4

*32
*6 2
x81
9 7 78
93*8
§93*4

36

66
83*8
98
9 3 34
94*4
67
137*2
156
132%
71*i
1 7 6 7b
45*.
31*2
701

66*4

144
150
1 3 2 34
7 1 34
177
45*4
31*4
70*2

36

66
81*2
98*8
93%
94*2
67
147*2
156
133%
71 7j
177
45*2
31%
70*2

§115
115
135
135
2 2 78 2 3
223s 2 2 7b
*8 7
89
*8 8
89
*75
78
75
75
38
38
*37*2 38
163*4
161*8 162*4 162
*182*2 184
183 183
182 1 8 3
181*4 182

*135 140
1 40
* 1 8 5 195
195
17*4 17*4
17*,
29
29*2 30*4
*6
6*2
5*4
5*2
*28
31
91
91
91*4
*88
* 1 1 5 117
11 7
*1 1 5
24*8 2 4 3&
24*4 24*4
65 *2 65 *s
*65
66
*36*2 37*2 *36*a 37*2
1 7 2 173*4 1 7 3 1 8 0
253 253
2 5 4 *2 256*2
3 5 34 363s
*35*2 36*2
8 6 34
8 6 34
* 8 5 58 87
*40
42
*40
42
15*4 15*4
*15
16
30*8 31*4
*30
31
*8 1 % 82% *8 1 % 83
*14*2 15*2 *14*4 15
*21*2 22*4 * 2 134 2 2 34
35
3 5 34
3 4 7e 35*8
6 7 34 6 8 *%
67*4 67*8
5 5 % 57*4
55*2 5 5 34
* 6 6 * 2 67*2 * 6 6 * 2 67*2
90
90
*85
90
62
*5 8
*60
....
*1 8 5 200
•185 2 0 0
*135
*185
*16
29

135 1 4 0
1 8 5 195
17
17
29*8 30

6

6

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T hu rsd ay
M ay 7

PAGES

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L r id a y
M ay 8

R a n g e jo r Y ea r 19 0 3
R a n g e f o r P rev to
S a les 01
On b a s is o f 1 0 0 -s h a r e lots
Y e a r (1 9 0 2 ;
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W eek
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334*4 135*8 | 1 3 0 34 1313 s P e n n s y lv a n ia ........................ 1 3 8 ,5 9 6 i l 3 0 34 M ay 8 1 5 7 % J a n 10 147 Jan 1 7 0 ip
100 2 9 34 A p r 9 39 J a n 8 3 0 N o v 47*2 pi
31
34
P e o r ia
E a s t e r n ................
4 ,6 6 0 7 8 *2 A p r 14 91 * 2 M a y 7 71 F e b 85*209
91
91*2
90*4 90*2 P c r e M a r q u e t t e ....................
8 0 Ma> 93 ;p
D o p r e f ...........................
80
*7 5
*75
80
100 75 A p r 18 94 J a n 7 80*8 Jan 105*2 T
P itts b . C in . C h ic. & S t. L.
82
*78
*78
82
10 4 F e b 26 115 J a n 17 113 M a i 1 2 8 ax
D o p r e f ...........................
105
100
100 105
55*4 56*4
55*8 5 5 7i [ l e a d i n g , v o t ’ g tr. c t f s .. 1 3 5 .7 5 0 51 *4 A p r 1 3 69 *4 J a n 2 52*4 M a i 78*2 ip
i , m o 81 *2 A p r 13 89 7b F e b 5 7 9 % M a r 9 0 * 4 ;p
I V 1 s t p r e f. v o t . tr . c t f s . . .
8 3 78 8 3 7s *81*4 85
80 V P
60 J a n
Jan 6
7 ,2 9 0 6 6
A p r 13 81
2 d p r e f. v o t ’ g tr. axis.
71
70
7 o *2
7 1 *2
4 4 34 46
443s 45*4 R o c k Is la n d C o m p a n y .... 1 5 8 ,5 5 0 ^ 0 * 8 A p r 13 5 3 5s J a n 9 3 3 * 2 D e c 50*8^0
D o p r e f ........................... 1 0 ,9 3 5 74 .A .p rl3 86 J a n 9 71 N o v 85*> ox7 6 34 77
77*4 78
5 5 A p r 6 72 J a n 28 64*2 D e c 125 pr
R u tla n d , p r e f .......................
4l**e
1 0 * 2 A p r 14
15*4 J a n 2 1 0 D e c 2 4 1
t. J o s e p h & G r ’ d I s la n d .
*11
12
"10*2 U 4
4 8 A p r 14 58 J a n 5 4 9 34 D e c 81 V P
D o 1 s t p r e f ....................
*47*2 50
*47*2 5 0
18 A p r i l ‘2 4 7S J a n 19 24*2 N o v 42
Do
2 d p r e f ....................
*19
20*2 *19*2 2 0 *2
32
§32
68
"6 5
7 9 34 81*8
9 7 * 4 97 7(
9 2 * 8 93*8
*93*2 9 4

66

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36

A

66

D

t

K

L

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P

S

BANKS AND TRUST COMPANIES—BROKERS’ QUOTATIONS
B anks
NEW

YORK

A m e r ic a . . .
A m e r E x c h ..
A s t o r ..............
B o w e r y l i ___
B a t c h ’s & Di
C e n t r a l..........
C e n t u r y 1]___
C h a s e ............
C h a t h a m ___
C h e ls e a E x c *
C h e m ic a l___
C itiz e n s ’ ........

R id
540
U265
7 5u
380
155
165
175
700
340
160
4250
180

A sk
550
1000
395
165
175
360
175
4325
185

B anks
C ity
C o lo n ia lH . . .
C o lu m b ia ^ . .
C o m m e r c e ...
C o n s o lid a te d
c ’ rn E x ch g e ^
E a st R i v e r ..
E q u ita b le . . .
F e d e r a l *J___
F id e lit y 4; ___
F ifth A v e i j ..
F ilt h ...............
F ir s t ...............

A sk
B id
13 0 0
405
..........
375
1365 13 7 4
194
198
395
405
160
n o
120
2 00
190
3 7 5 0 4000
375
750
780

B anks
14 th S t r e e t ^ .
F o u r t h ___ _
G a lla tin
G a n s e v o o r tl,
G a r f i e l d ........
G e rm a n A m i,
G e rm a n Ex*
G erm ania*! ..
G r e e n w ic h ',j
H a m ilto n '! -H a n o v e r ........
Luiu & T r a d .
I r v i n g ..........

R id
270
t230*4
1428
140
500
160
410
625
5320
170
615
650
235

A sk
300

B a ilie s
J e f f e r s o n ^ ...
L e a th e r M fr .
.......... L ib e r t y ........
L i n c o l n ..........
.'Manhattan*|.
.M arket A FuJ
170
M e c h a n ic s ’ .
M e c h cfe Tra*,
M e r c a n t i l e ..
335
M ere'll E x c h .
M e r c h a n t s ’ ..
625
M e ir o n new*
670
M t M oiT lfcl!..
250

R id
155
+349*2
600
1050
330
26 0
+2Slh
150
1302
n :o * 2
170
400
225

A sk
165

Banks
M u tu al^ ]........
N a ssa u ij ___
N e w A m ster
N e w Y o rk Co
. . .. .. N Y N at E x.
N e w Y o r k ...
2 70
1 9 th W a r d lj.
N orth A m er.
165
130634 N o r t h e r n ___
. m m m O r ie n ta l^ ___
mm
P a c i t i c l ] ........
180
405
P a r k ( n e w ) ..
P e o p le ’ s1]___
250

R id
290
195
540
1 500
1271
310
150
1225
150
t250*2
2 40
148 0
2 80

A sk
205
57 0
......
......
320
......
. . ••••
160
. .....
......
t4S0%
300

B anks
P h e n i x ..........
P la z a l!............
P r o d E xchU .
R iv e rs id e !] ..
S e a b o a r d ___
S e c o n d ..........
S h o e & L e tii.
s t at el i ............
3 4 th Street*,
1 2 th W a r d !].
2 3 d ^ Y ard!]..
U n ite d ............
Y a r ic k !] ........

ik
R id
1 20 1
60 0 i
170

29 0
625
650
180
700
215
120
125
120
21 0

r

I;
*

t

* B id a n d a s k e d p r ic e s ; n o s a fe s w e re m ade o n th is d ay. g L e s s th in i j j s n a re s. 1 cix r ig h ts , -j S ta te b a n k s, a E x d iv id e n d a n d n g n e s . O N e w s t o c /
c I n c lu d e s , p r io r t o M a y 17, d e a lin g s in o ld M e x . N a t . m i s t r e c e ip t s
f S a le a t S t o c k E x c h a n g e o r a t a u c t io n th is w e e k . s T r u s t Co. c e r t ilic a t e s .

M a y 9, 1903.]

S tO G K

S T O C K S --H 1 U H E S T A N D L O W E S T
Saturday
May 2

M onday
M ay 4

T u esd a y
M ay 5

T hu rsd ay
M ay 7
79 4
1 *81
714
1 *2 4 4
55
55 4
3 0 4

924
93 4
36
*121

814
84
714
244
55
56 4
314
924
93 4
364
122

.......... 3 3 4
254 264
42 4 44
1124113
* J54
169
904 914
914 9 i4
IS 4
18 4
564 664
*274 284
47 4 4 8 4
*2 3
23 4
57
58
•33
34
24 4 2 4 4
4 7 4 48
*

*225 235
6 4 4 65 4
40
40 4
914 914
42 4 4 2 4
*9 5
97
33
33
*202 212
-1 5
16
*74
74
*29 4 30 4
9 4 10
36
364
154 154
*40
45
27
27
$94
94
34
4
*19
20
604 504
95 4 95 4
* ..........125
95
95
126 4 1 2 7 4
*120 4 1 2 1 4
159 4 100
*12
134
*76
78
*1 0 4
106
*210 220
"1 1 4 1 2 4
*49
52
64 4 6 4 4

$225 225
6 .>4
664
40
40
914 914
$42 4 4 2 4
"9 5
97
*30
35
21 0 210
15
15
*7 4
74
*29 4 30 4
9 4 10
35 4 35 4
* 1 5 4 16
$38
38
♦27
28
93 4 9 3 4
4
4
*1 8
20
50
51
954 954
* ......... 125
* 9 3 4 96
125 4 1 2 6 4
-1 2 0
121
15941594
"1 2
134
77
77
105 105 4
*210 220
*114 124
-4 9
52
614 644

*20
20
20
1 9 4 20
20 4
20 4 204
•2104211 4 2 1 1 4 2 1 1 4 2 1 1 4 2 1 2 4 2 1 1 4 2 1 1 4
’ 114 4 1 1 5
*1144115
• 1 1 4 4 115
1144U 44
3 2 4 32 4
32 4 3 2 4
32 4 3 2 4
-3 2 4 324
8 0 4
8 0 ‘g
81
81
$814 814
• 8 0 4 Hi
"1 3 6
137
*1 3 6
137
•135 137
•136 137
29
29
294
29
29
29
294 294
1934194
193 4 194
1 9 3 4 1 9 3 4 193 4 194
154
15
16
184
184 184
1 5 a4 l o ’ e
70
70>4 *70
704 724
714 714
704
*44
4 4 4 *4 4
45 4 45 4
444
444 454
*45 4 4 6 4 •46
"4 6 4 4 6 4
464
464 464
85
*804
- 8 0 4 85
- 8 0 4 83
* 8 0 4 85
•9
12
11
11
*10
12
* 1 0 ” 15
$44 4 44 4 $ 4 3 4 4 3 4
4 3 4 44
•434 434
*1054196
106 10 6
106
106
105 4 105 4
20
22 4
2 3 4 24
23
24
2 4 4 24 4
92
*9 0
*90
92
*9U
92
88 4 90 4
166
166
1 6 5 4 1 6 6 4 $ 165 4 1 6 5 4
'1 6 5 17 0
*9 7
100
10 0 100
*97
100
9 9 4 994
35
-3 3
*33
35
33 4 3 3 4
1 0 4 4 19 5 4 104 4 1 9 5 4 1 0 4 4 1 0 4 4 1 0 4 4 1 0 4 4
61
61
4
61
61
61
6 1 4 0*601 0 0 4
92
92 4
9 2 4 92 4
92 4 92 4 -9 2 4 9 2 4
21 9
"2 1 7
220
21 9
219 219
*215
219
*3 2
33
33
" 3 2 4 33 4
3 3 4 33 4 " 3 2
87
*86
87
80 4 HO 4 * 8 6
$87 4 87 4
19 4 1 9 4
194 194
18^4 1S34
1 8 4 19 4
78
78
784
784
78 4 78 4
* 77 4 7 8
2 5 4 2 5 7g
2 5 4 26
2 5 4 26
25*8 2 5 4
81
81
8 1 4 HI 4
80 4 80 4
8 0 4 8 O4
62
62
62
62 4
* 6 0 4 92 4 - 6 0 4 6 2 4
*90
93
*90
93
*90
93
*90
94
"4 4
6
-4 4
0
•5
6
*44
54
644 644
64 4 66
6 4 4 64 4
644 944
*36
40
39
*35
40
*34
*36
40
104 104
11
11
$ 1 2 4 12 4
•1 0 4 1 1
72
72
*70
75
$724 724
* 7 2 ~ 75

* 1 9 4 19*4
2 1 0 210
115
115
3 2 4 32 4
* 8 0 4 SI
*136 138
29
29
193 4 193 4
184 194
*71
72
45
45
"4 6 4 4 6 4
*81
85
•11
12
434 434
1064 1064
1 9 4 20
884 «s4
$16041604
*9 7
100
83
38
104
104-4
60
604
92 4 9 2 4
2174 2174
314 314
*8 6
87
19
19 4
784 784
254 254
80 4 80 4
60
61
*90
93
-4 4
54
64
644
-3 5
40

•225 2 8 5
6 3 4 04 4
3 9 4 40 4
•904 9 1 4
•414 4 2 4
•96
97
•35
..........
•202 2 12
*15
IS
74
74
•284 294
10
104
364 364
•15
16
38
38
264 264
*934 934
"3
34
*19
20
50
60
954 954
• ..........125
-9 5
96
\'1$\ 12H3*
* 1 1 9 > a l2 1
4160 160
*123» 13S,
774 774
101
104
* 2 1 0 22 5
• I lia l - 1
-*
*4 9
62
*63
65

$ 225 22 5
*225 235
6 4 4 65 4
64
644
3 9 4 40
3 9 4 40
914 914
914 914
*42
43
*4 2
43
•95
•95
97
97
*3 0
35
*31
34
20 7 2 07
*206 212
*15
18
74
74
74
74
•••••• . . . . . . ••••••
10
94
9 4
104
36
364
36 4 3 6 4
* 15
16
$ 1 4 4 H 7b
•38
43
40
42
27
27 4 2 7 4
274
93 4 9 3 4
93 4 9 3 4
4
-3
4
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20
*19
20
50
60 4
50 4 50 4
95
95 4
9 5 4 95 4
*
♦..........125
125
*9 5
96
"9 5
96
12 6 4 1 2 7 4 1 2 6 4 1 2 7 4
121
121
'1 1 9 4 121
*157 1 5 8
*157
159
-1 2
134
$134 134
*76
78
*77
774
*1 0 0 10 5
*1 0 4
106
•210 22 6
-2 1 0 225
* 1 1 4 1 2 4 " 1 2 4 13
"4 9
52
-4 9
52
6 4 4 65 4
$ 6 4 4 64 4

* 1 2 5 ^ 1 3 5 ^ * 1 2 5 ” 13 5
134 134
134 134
9 4 ' 944
94 4 9 4 4
214 2 1 4
2 1 4 22 4
674 67v
684 684
*15
16
1 5 4 15 4
50*4 5 0 >4
504 504
35 4 3 5 4
35 4 33 4
ft/l 3.
ft.t 8
o** s.. o'* 8
•62
63
624 634
*122
1 2 5 125
12 5
34
34
284 284
284 284
79 4 7 9 4
* 2 0 5 ‘ 222
♦202 22 2
85
85
854 854
2 0 5 21 0
213 2 2 0
* 2 0 0 21 0
* 2 1 3 21 7

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135
14
144
96
95 4
22 4
214
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1 5 4
1 5 4
51
51
504
354
35 4 3 5 4
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63
634
63 4
*122
124 4 * 1 2 2
33
3 3 4 •33
2 8 4 2 3 76
*125
134
944
2 1 7s
OSS?

— Concluded— Page

S A L E P RICES

W ed n esd a y
M ay 6
*

76
~ 76^ 76^
764 774
764
77 4 8 0 4
*80
-8 0
S3
82
83
82
*83
83
714 724
72
72
•704 7 1 4 •704 714
2 4 4 25
24 4 2 4 4
2 3 4 24
*22 4 2 4 4
56
57
*5 5
56 4
*64
67
5 5 4 56
56 4 5 6 4
6 f>7a 5 8 4
6 6 4 564
664 664
31
31 4
314 314
3 1 4 314
314 314
92 4 9 2 4
924 924
92 4 9 2 4
92 Hi 9 2 \
*9 3
95
93 4 9 3 4 *93
93 4
*1*3
94
364 364
38
36 4
36 4 364
3 6 4 97 4
*1 20
122
*121
123
123
121
1214 *1 2 0
33
33
•......... 3 4 4 * .......... 3 4 4
33 4 3 3 4
26
2 7 4 *26
27
26
26
25 4 2b
*42
44
43
434
*4 2 4 44
113 1 1 3 4 113
1134
1 1 2 4 H 2 4 1 1 2 4 113
*1 5 4
159
* 154
159
*1 5 4
159
•154 169
91
914
9 1 4 92 4
9 1 4 92 4
90*e 0 1 l4
9 0 4 91
•91
92
91
914
914 914
18
1 8 4
134
1 8 4
I 8 7g
184
184 184
5 6 4 564
6 6 4
564
67 4 67 4
564 574
28
28
28
28 4
284 284
•27 4 28 4
47 4 48
474 484
474 484
23 4 2 3 4
234
23 4 2 3 4 * 2 3
23 4 2 3 4
*5 4
57
55
*52
55
•62
55
*52
*3 3
34
*32
34
*32
34
•32
34
244 244
♦24
24 4
24 4 2 4 4
24 4 2 4 4
48
48 4
48
484
47 4 4 8 4
• 4 7 4 47 4

R ecord

"6 9
72
...... ......

*125
135
132
14
144
144
95 4 96
96 4
21
22 4
224
684
6 8 4 6s 4
154 154
16
5 0 4 * 5 0 4 52
3 5 4 35 4
35 4
^5

634
034
1 2 4 4 *120
33
34
284
79 4
♦203
*2 0 2 2 2 2
♦202 2 2 2
85 4
85 4 8 5 4 $ 8 5 4 8 5 4
*210
217 217
2 1 6 217
*210
* 2 1 3 220
$212 212

634
124
33
284
79 4
222
85 4
213
217

I

LYiday
May 8

STOCKS
N E W Y O R K STOCK
EXCHANGE

7 8 4 7 9 4 * t . L o u is A S an F r a u ........
*8 1
83
D o 1 at p r e f .................
70 4 7 0 4
D o 2 d p r o f ....................
*2 2 4 25
s t . L o u is S o u t h w e s t e r n ..
*5 4
564
D o p r o f ...........................
5 4 4 5 5 4 S o u th e r n P a c ific C o .........
3 0 4 3 1 4 ls o u t l ie r n v .t r . cfa . Htiuped
924 924
D o p re f.
do
M . tie ( ) . a to ck tr. c t f s . . .
9 3 4 93 4
35 4 36
'I 'e x u s
P a c ifi c ...............
-1 2 1
123
1 b ir d A v e n u e ( N . Y , ) . . .
3 1 4 T oled o H a llw a y s ifc L ig h t
* ..........
fe
2 6 4 2 6 4 T o l. S t. L . < W . v. tr. c tfa
*4 2
43 4
D o p re f. v o t . tr. c tfa .
1 1 2 4 1 1 2 4 T w in C ity R a p id T r a n s it.
•154 159
D o p r e f ...........................
9 0 4 9 0 4 1 f m o n P a c ifi c ............... ..
$91
91
U D o p r e f ...........................
18
1 8 4 L nit K y s l n v ’ t o f S a n F ran
57 4 57 4
D o p r e f ...........................
*2 7 4 2 8 4 \ \ f a b a s h ...............................
47 4 4 7 4 » » D o p r e f .......................
$23
23
W h e e lin g & l^ake E r i e . . .
56
56
D o 1 st p r e f ...................
D o 2 d p r e f ...................
3 2 4 -124
*2 3
2 4 4 W is c o n s in C e n t. v . tr. cfa.
4 / 4 47 4
D o p r e f. v o t . tr. c t f s .
I n d u s t r ia l iV H i s c e ll
*225 233
4 d a m s E x p r e s s ...............
lu a lg a m a te d C o p p e r ...
6 a4
6 /4
40
40
A m e r ic a n C a r <& F o u n d r y
•914 914
D o p r e f ...........................
4*2 4 42 4 A m e r ic a n C o tto n O il........
*95
97
D o p r e f ...........................
*80
35
A m e r ic a n D is t.T e le g r a p h
*205
220
A m e r ic a n E x p r e s s ..............
12
1*2 A m e r ic a n G r a s s T w i n e ..
*74
7 4 A in e r H id e & L e a t h e r ___
*29 4 30
I)e p r e f ..........................
94
9 4 A m e r ic a n I c e .......................
*3 5
36
D o p r e f ...........................
*15
15 4 A m e r ic a n L in s e e d ..............
*40
45
D o p r e f ...........................
2 6 4 2 6 4 A m e r ic a n L o c o m o t i v e .. .
93
93 4
D o p r e f ...........................
*4
4 4 A m e r ic a n M a lt in g ..............
*1 8
20
D o p r e f..
5 0 4 5 0 4 A m e r . S m e lt ’ gtfc R e tin ’ g .
934 934
D o p r e f ...........................
* .......... 1 2 5 A m e r ic a n S u u ft...................
* 9 3 4 96
D o p r e f ...........................
125 4 1 2 6
A m e r ic a n S u g a r R e fin in g
121
121
D o p r e f ...........................
*157
1 5 9 4 A m e r . T e le p h . <fc T e l e g . . .
*12
13 4 A m e r ic a n W o o le n .............
*76
78
D o p r e f ...........................
1 0 5 1 0 7 4 d A n a c o iid a C o p p e r ............
*210 220
l i r o o k l y n U n io n G a s ___
- 1 1 4 1 2 4 I > ru n e w . D o c k & C . I m p ’ i
*49
52
B u t t e n c k C o ..
6 1 4 6 2 4 / C olorado F u e l tfc I r o n . . .
* > D o p r e f..
1 9 4 19 4 C ol. dfc H o c k . C o a l <k I r o n .
2 0 9 4 209 4 C o n s o lid a te d G a s (N . Y .) .
115
115
C o n t in e n t a l T o b a c c o , p r e f
32 4 32 4 C o rn P r o d u c t s .....................
81
81
D o p r e f ...........................
........ . . . . . . . D ia m o n d M a t c h ................
$29 4 2 9 4 D is tille r s S e c u r it ’ s C orp .
1 9 3 4 1 9 3 4 G e n e r a l E l e c t r i c .................
18
1 8 7g I n te r n a tio n a l P a p e r ........
*7 1
72
i D o p r e f ...........................
4 3 4 4 4 4 I n te r n a tio n a l P o w e r ........
4 6 4 4 6 4 I n t e r n a t ’ l S te a m P u m p ..
*8 L
85
D o p r e f ___
*1 1
12
M a n h a tta n B e a c h ..............
* 4 2 4 42 4 V a tio n a l B is c u it ..............
31064106s
D o p r e f ...........................
2 0 4 2 0 4 N a t io n a l L e a d .................
D o p r e f ...........................
$894 894
166 4 1 6 6 4 N e w Y o r k A i r B r a k e ........
96
99
N o r th A m e r ic a n C o., n ew
32 4 3 2 4 1 )a c i lic M a il.........................
101
1 0 4 4 1 e o p . Gas-L.cfc C. (C h ic .)
6 0 4 6 0 \ P r e s s e d S te e l C a r ................
9 1 4 92
D o p r e t ...........................
♦217
220
P u llm a n C o m p a n y ..............i
-3 1
32
1 > a il w a y S te e l S p r in g ...
$86
87 4 i V D o p r e f...........................
* 1 8 4 1 9 4 R e p u b lic I r o n tfc S t e e l ..
*7 8
7y
D o p r e f .........................
2 5 4 2 5 4 R u b b e r G o o d s M f g ..............
81
81
D o p r e f ...........................
$ 5 8 4 5 8 4 O loss-S h eltield S t. A Iro n
-9 0
93
•O D o p r e f ............
5
5
S ta n d a rd R o p e
T w in e ..
63
64
T e n n . C oa l, I r o n A H R . . .
*3 5
40
T e x a s P a c ific L a n d T r u s t
*1 0
11
I n io n B a g < P a p e r ..
fe
*70
72
D o p r e f .......... .’ ...............
. . . . . . . . . . . . U. S. C a st 1. P ip e A F o u n .
D o p r e t ........................
*125
135
U n ite d S ta te s E x p r e s s ...
13 4 14 4 U n ited S ta te s L e a th e r ___
D o p r e f ...........................
9 5 4 954
2 0 -4 21
U S R e a lt y A C o n s t r u c t io n
D o p r e f ...........................
67
67 4
1 5 4 1 6 4 U n ite d S ta te s R u b b e r ___
D o p r e f ...........................
51
52 4
35
3 5 4 U n ite d S ta te s S t e e l............
D o pret
84 4 8 4 4
6 3 4 6 3 4 V ir g im a -C a r o lin a C h e m ..
D o p r e t ...........................
*120
1244
-3 2
34
V ir g in ia I r o n C o a l <fc C o k e
2 8 4 2 9 4 V u lc a n D e t in n in g ..............
D o iir e t ...........................
\ \ /e l l s , 'F a r g o <fc C o ........
♦205 2 2 2
85 4 85 4
e s t ’ n U n io n T e le ’ g p h
210
213
W e s t’ g h ’ s e E l& M f g a s s e n
D o l s t p r e f ...................
*210
217

2

1 01 5

Ranye tor Year j y o j
Range for Previous
Hales of
fen basis of IOO-share Lots
Year (JifO /j
the
Week,
Shares
Lowest
| Highest
• Lowest
Highest
3 1 ,4 1 0
3 lo
2 ,40u
1 .0 0 0
3 ,4 0 0
2 9 ,6 3 0
1 8 ,9 0 0
1 ,6 2 i
3 00
7 ,6 0 0
4 00
300
2 ,3 0 0
750
2 ,2 7 9
......
8 9 ,4 1 0
3 ,2 5 8
1 ,9 0 0
1 ,7 0 0
70 0
1 7 ,6 0 0
400
6 00

5 5 4
6 3 4 A p r 1 4 | 9 0 4 F e b 24
78 A p r 16 j 8 8
F e ll20
77
64 4 A p r 13 | 78
F e b 24
65 4
21 4 A p r 14 3 0 J a n 7 i 2 4 4
4 8 A p r 13 6 6 J a n 7 1 55 4
5 3 4 A p r 28 68 4 M a rlO
56
28 4 A p r 13 3 6 4 J a n 9 2 8
9 0 A p r 13 9 6
Feb 9 8 9 4
9 3 A p r 29 9 6 4 M a r 3 | 9 0
3 0 A p r 14 43%, F e b l o
37
l 1 7 4 A p r 17 1 2 8 4 J a n 2 122
29
M a r2 8 3 7 4 J a n 12 i 32 4
2 3 4 A p r 14 31 4 J a il 9 I 1 8 4
40 4 M a r 9 4 . 8 J a n 8 ! 35
1 0 7 4 M a r 31 1 2 2 4 J a n 23 107
158 J a n 12 159 J a u 12 1 5 6 4
8 6 4 A p r 13 104 4 J a n 9 | 9 3 4
87 4 A p r 13 95 4 F e b 11
864
1 6 7a A p r 15 22*8 J a n 13 2 0
50 A p r 14 6 4 4 J a n 6
60
2 4 4 A p r 14 32*4 F e b 27 2 1 4
4 2 4 A p r 1 » 5 5 4 F e b 24
37
21
A p r 13 2 7 4 F e b 9
17
51
A p r 3 6 1 4 F eb 9 49 4
100
3 0 4 A p r 13 3 8 4 F e b 10 2 8
1 .5 2 5 2 2 4 A p r 14 2 9 4 F e b 9 19 4
3 ,0 0 0 46 A p r 14 55 4 F e b b 39 4
*

30 $ 2 0 4 J a n 30 2 3 5
F e b 11
133.9 70 6 0 A p r 13 7 5 4 M a r l 2
3 ,4 2 5 3 5 7g J a n 3 4 1 4 J a n 19
65 9 8 9 4 A p r 13 9 3
Jan 6
22 5 3 9 4 A p r 14 4 6 4 F e b 20
96
F eb 3 98
F e b 13
1 00
3 3 M a y 6 41 4 J a n 2
2 5 0 2 0 0 A p r 13 235
F eb 5
3 0 0 12 M ay 8 2 9 4 J a u 7
3d0
7 4 A p r 15 1 1 4 J a u 2
. . . . . . 29 4 M a r2 7 3 7 r J a n 6
4
3 ,5 1 5
5 4 M a rlO l l 34 J a u 2
1 ,8 0 0 2 6
M a rlO 4 2 4 J a u 30
1 1 0 1 4 4 M a r l 6 1 9 34 J a u 6
62 0 3 8 M ay 2 4 8 4 J g n 6
1,521 25 4 A p r l:
3 1 4 F e b 17
1 ,3 8 7 92 4 A p r 13 9 5 34 F ell 17
310
2 4 M a rlO
5 4 F e b 26
19 A p r 14 2 4 4 J a n 10
2 ,9 4 0 4 2 4 J a n 3 5 2 4 F e b 17
3 ,1 2 3 9 1 4 A p r 13 9 9 4 F e b 16
. . . . . . 1 2 2 4 A p r 2 7 126 M a r 4
100 95 A p r 15 9 8 4 J a n 20
1 5 ,0 5 0 119 A p r 6 1 3 4 3 sJ a n 8
28 5 119 A p r 16 122 F e b 13
4 0 0 154 A p r 16 169
F e b 18
15 12 4 A p r S 14-’ 8 * 'e b 2 5
31 5 7 6 4 A p r 13 8 0
J a n 31
2 ,7 0 0 95
J a n 21 125 4 F e b 25
. . . . . . 2 0 6 A p r 15 22 5 J a n 21
10 J a n 5 15 4 J a n 29
49
M a r 2 5 5 .Tan 6
6 ,4 3 0 5 4 A p r 3 8 2 4 J a n 6
122 J a n 3 122 J a u 3
5 0 0 19 J a n 26 2 2 4 F ell 18
2 ,4 0 0 201
M a r io 222 Ja n 7
60 0 1 1 1 4 A p r i l 119 J a n 2
1 ,9 9 2 3 0 4 J a n 2 3 5
M a r2 3
2 ,9 2 1 8 0 A p r 13 8 5 4 J a n 19
. . . . . . 1 3 7 4 J a n 7 14 0 J a n 19
1 ,1 7 9 2 8 A p r 28 3 4 34 J a n 6
3 ,9 2 0 179 A p r i l 2 0 4 F e b 16
1 6 ,4 7 5 15 A p r 13 1 9 7s J a n 5
1 ,8 1 0 7 0 4 A p r 25 7 4 4 F e b 6
1 ,2 2 0 4 0 A p r 27 7 3 J a n 19
2u0 4 0 4 M a r lO 4 6 4 M ay 8
82 4 A p r 14 8 9 4 J a n 12
2 0 0 11
J a n 7 12 4 F e b 24
82 5 4 1 4 A p r 13 4 7 4 F e b 17
64 7 103 J a n 3 1 0 6 4 M a y 7
1 4 ,4 6 6 1 9 4 M a y 7 2 9 4 F e b 5
811 8 8 4 M ay 6 9 5
F e b 10
78 5 1 5 5 4 A p r 13 177 J a n 2
4 0 0 93 A p r i l 1 2 4 4 J a n 7
3 0 0 3 1 4 A p r i l 4 2 34 J a n 7
7 ,8 7 0 9 9 4 A p r 13 1 0 8 4 1 e b 10
2 ,1 9 5 60 M a r 6 6 5 34 J a n 26
1 ,3 6 0 9 1 4 A p r 29 9 5
F e b 20
693 21 5 A p r i l 2 3 5 4 J a n 14
2 7 0 3 0 A p r 13 3 7
F eb 9
5U 8 0 4 M ay 2 9 0 F e b 25
3 ,1 0 0 1 8 A p r 13 22*4 F e b 18
1 ,6 2 5 7 3 7q A p r 13 80*4 F e b 13
1 ,300 2 1 4 J a il 5 3 0 F e b 16
9 1 0 7 2 4 J a n 2 8 4 4 F e b 17
830 53
M a r3 1 72 F e b 25
9 0 4 J a n 2 97 4 F e b 18
10U
5 A p r 13
6 4 F e b 11
4 ,1 7 0 5 9 4 J a n 2 683® M a r2 1
. . . . . . 3 4 A p r 13 4 0 3 J a n 7
4
262 1 0 7g M ay 6 15 J a n 19
125 7 2 ‘ M a y 6 7 9 34 J a n 8
12 A p r 25 15 F e b 20
5 0 A p r 21 5 5 F e b 25
125 A p r 13 150 4 F e b 4
2 9 ,8 1 5 12 M a rlO 15 l4 F e b 11
1 3 ,8 3 0 8 8 4 J a n 16 9 6 4 M a y 6
2 5 ,6 9 5 1 8 4 A p r 13 2 8 4 J a n 2
2 ,9 5 6 6 4 4 A p r 13 73 J a n 2
1 ,5 1 8 14 A p r 14 1 9 4 F e b 10
1 ,5 3 0 4 8 A p r 13 5 8 F e b 10
2 7 ,4 7 9 3 3 4 A p r 14 3 9 78 F e b 5
83
A p r 13
2 ,7 0 0 5 8 7e A p r 14 6 6 4 F e b 19
150 121 A p r 13 1 2 8 4 F e b 18
2 0 0 3 0 A p r 13 3 9 78 F e b 25
2 ,2 0 0 2 7 4 A p r 13 3 3 34 J ail 9
60U 7 8 4 A p r 13 81 J a n 19
. . . . . . 2 0 0 A p r 13 2 4 9 4 F e b 6
1 ,7 8 0 8 4 A p r 3 9 3 J a n 14
A p r 15 22 1 J a n 7
2 , 6 6 1 191
22 19 5 A p r 15 22 4 J a n 7

......

Jan
D ec
D ec
D ec
Mur
D ec
D ec
D ec
May
D ec
Jan
N ot
Jan
Jan
Jan
Aug
Dec*
M ar
D ec
D ec
Jan
D ec
Jau
Jan
Jan
Jau
J an

854
90
804
39
80
81 4
41 4
98 4
93
544
134
38
33 4
494
129
159 4
1134
95
244

J ’ ly
J ’ ly
J ’ ly
Aug
S ep
8ep
A ug
A pr
N ov
S ep
F ell
S ep
O ct
Hep
Aug
F eb
Aug
Aug
O ct
66
N ov
3 8 4 S ep
54
S ep
30 4 S ep
6 6
A pr
42 4 S ep
31
Aug
5 7 4 Aug

54
1 20

$ 240 O c t
79
Feb
37 4 O c t
9 3 4 O ct
574 A pr
99 4 A p r
4 2 4 M ay
26 5
Aug
62 4 A u g
1 3 4 O ct
43 4 S ep
3 1 4 J an
67 J a n
28 A p r
58 M ar
3 6 4 A pr
100 4 A p r
7 4 M ay
29
S ep
4 9 4 M ay
1 0 0 4 J ’ ne
135 O c t
101
O ct
135 4 51a r
12 2 A u g
186 A p r
17 4 J a n
8 0 4 S ep
146 F e b
253 A ug
14 4 A pr
53
S ep
11 0 4 A p r
$140 M ar
2 4 4 O ct
2304 A pr
1 2 6 4 J ’ iie
3 8 4 M ar
90 M ar
1 3 9 7s J a n
33
D ec
334 A p r
2 3 4 M ar
7 7 4 Jan
199 A p r
57 4 M a r
95
O ct
19 A p r
5 3 4 M ar
109 4 A p r
32
S ep
96
O ct
19 6 A p r
134
S ep
4 9 4 M ar
109 4 S ep
63 4 O ct
96 4 O ct
250 A p r
3 8 4 S ep
9 0 4 O ct
2 4 4 S ep
8 3 4 S ep
25 4 A pr
7 4 4 M ar
83
S ep
9 5 4 S ep
8 4 A pr
7 4 4 A pr
4 4 4 F eb
l s 4 A pr
85 A p r
17 O ct
59
Set*
160 A u g
1 5 4 S ep
9 1 4 S ep
32 O c t
7 5 4 O ct
1 9 4 O ct
64 M ar
4 6 4 Jan
9 7 4 J an
D ec 7 6 4 A p r
D e c 1 3 4 4 S ep

29 4
784
$185
844
169 4
180

N ov 33 4
81 4
O ct
Jau $ 2 5 5
J ’ ly 1 97 4
J a n 123 3
J a n ' 234

$ 1 9 8 J ’ ly
53 N o v
2 8 4 A pr
85 4 Jan
3 0 4 Jan
86
Feb
32 4 J a n
2 lo
Jan
27
D ec
8 4 D ec
34
I>ec
9 4 J ’ ly
3 2 J ’ ly
14
D ec
39 4 D e c
23 4 D ec
89 J a n
5 Jan
21 J a n
37
N ov
87 4 N ov
4 0 4 J an
8 5 Jan
113
N ov
115 Jan
1 6 0 4 Jan
12
D ec
73 A p r
USO D e c
210 Jan
7 78 D e c
41
.T’ lie
7 3 4 A ug
$130 Jan
14 4 J a n
205
D ec
114
D ec
2 6 4 D ec
7 9 4 D ec
130 4 J a u
27
D ec
01704 G et
1 6 4 D ec
70
D ec
49
D ec
40
D ec
82
D ec
9 O ct
40 N ov
1 0 1 4 D ec
15 4 J an
7 8 4 Jan
148 M a r
88 Jan
37
N ov
9 8 4 Jau
39 J a n
8 2 4 F eb
215 Jan
24 A p r
80 A p r
1 5 5g J a n
68 Jan
1 7 4 F eb
63. J ’ly
2 9 4 J au
8 0 4 M a)
4 Jan
49 4 D ec
35 Jau
1 1 4 -Nov
72 Jan
1 0 4 M a%
4 2 M ay
9 7 Jan
1 0 4 D ec
79 7g J an
20
N ov
64 4 N ov
14 Jan
4 9 4 D ec
2 9 4 D ec

N ov
D ec
Aug
A ug
S ep
A pr

BANKS AND TRUST COMPANIES—BROKERS’ QUOTATIONS
H ank*
W nsli TT’ litsA
W e s t S id el ..
W e s te rn n ew
Y o r k v ille ! ..

B id
A sk
*>(){)
56 0
387 4 3 9 2 4
37 5

BROOKLYN

B o r o u g h ? ___
B roadw av^ ..
B ro o k ly n * ..
C o n ,y I & B B ,
8 tli W a r d ’,! ..
F ir s t ...............

125
300
135
140
80
38 0

Banks

B id

A sk

rrooklyx

M a n u fa c tr s ’ .
M e c h a n ic s ^ .
M e r c h a n ts ’ ..
N a s s a u ..........
N a t C it y ........
N o r th side* .
P e o p le ’ s ! ___
17tli W a rd !].
S p r a g u e ........
S tu y v ’ t H ts!
U n ion l, ..
W a lla b o u C i .

t3 5 1
225
115
360
305
315
215
220
215
140
200
175
150
140

A sk | T ru st C o’s
E xchange T r
N. Y . CITY
F arm L o& T T
F ift h A v e T r
B a n k ers’ T r . 300
G u a r a n ty T r
245
B o w i’ g G re e u 2 4 0
B r o a d w a y T r . 152 4 162 4| G u a r d ia n T r
5 9 5 I lv u ic k ’ r b ’ k ’ r
C ’ lK ’ tyBcViTr 0 i 0
L in c o ln 'T r ...
C e n tr a l T r ’ st ♦2500
3 8 0 I M c V ’ c k ’ r R ty
C ity T r u s t . . . 3 6 0
M a n h a tta n ..
C o lo n i a l ........ 1379 _
. 690
•- • M e r c a n t il e ..
175
M e r e h a n ta ’ . .
E a s te r n T r .. 170
M e tr o p o lita n
E m p ir e S ta te 1 1 5
185
M o r to n T r u s t
E q u it a b le T r 7 0 0
T ru st C os.

(Continental

B id

B id

A sk

1450
585
715
12 0 0
840
370
260
500
1100
300
645
1040

1500
600
740
..
^50
J85
275
1175
310
665
i9 6 0

T ru s t C o ’s
M u t. A llia n c e
N Y L ife & T r
N Y S e c A- T r
N orth A m er.
R ea l E s t T r ’ t
S ta n d a r d T r ’ t
Tr Co of A m .
T rC oof R pbc
U n io n T r u s t
U S Mtgcto T r
U n it S ta te s .
V a n N ’d e u T i
W a s h in g to n .

B id
24 0
1210
1325
2 95
390
370
280
lo o
1420
47 5
tltoO
250
400

A sk
T r u s t C o 's
W in d s o r ........
260
1240
BROOKLYN
1375
B r o o k ly n T r
30 5
F la t b u s h ___
410
F r a n k l i n ___
390
___
*287 4
K in g s C o ___
n o
1440 L Is i L 6c T r .
49u 1|N a s s a u ..........
. . . . . . P e o p le ’ s ........
| illia m s b ’ g .
W
410 |
1

Hamilton

B id
t ‘ 30
2

A sk

47 0
175
370
32 5
430 4
3*204
260
380
270

185
......
......
••m m
mm
......
......
2 (5

* B u l a m i a s k e d p r ic e s ; n o s a le s o n th is d a y . $ L e s s chan l o o sn a re s, r E x r ig h ts , d S in c e M a r c h 3 1, 1 9 0 2 , q u o te d p e r c e n t in s te a d o i d o lla r s p e r sh a re .
1 S ale nr s t o c k E x c h a n g e o r a t a u c tio n th is w e e k , o E x s t o c k d iv id e n d , s T r u s t C o. c e r tific a t e s .
B a n k s m a rk e d w ith a p a r a g r a p h ( 4 ) a re S ta te b a n k a

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
O C C U P Y IN G
P r ic e
F r id a y
M ay 8
B id
Q -J

106

Q-J

1 06

Q -J

W eek 's
R an ge or
L a s t S a le

A sk L ow
106*2 1 0 6
106*2 106*4

H ig h A o
106
106*4

Q-J
Q -F
Q -F
Q -£
Q -F
Q -J

Q-J
Q-F
Q-F
Q -F
Q -F

107*4 108*4 107*4 107*4
1U738 108 *2 107*2 107*2
107 J ’ n e ’ 02
106 * 2 .......... 107*4
1 07*i
11U34 U 1 3 * 110 78 A p r *03
1 1 0 34 1 1 1 ^ 111 * 8 M a y ’ 03
1 3 5 34 1 3 6 34 136
136
I o 5 34 13 o;,4 137 *2 M a r ’ 03
102*2 103 *2 1 0 3 34 D e c ’ 02
1 0 2 * 2 103*2 103*4 M a r ’ 03

F o r e ig n G o v e r n m e n t
94
F r a n k fo r t-o n -M a in 3 * 2 9 s e r 1 .. M -S
.......... 95 * 2 F e b ’ 02
T h ese a r e p r ic e 5 on th e b a s i s of fo u r m a r k s
XJ S o f M e x i c o s 1 g 5 s ot 1800 Q-J
06
.......... 0 8 A p r ’ 03
T h ese a r e p r ices 0 n V ie b
S ta te S e c u r itie s
A la b a m a c la s s A 4 to 5 ____1 0 0 0 J - J
1043s S ep ’ 02
C la ss -B 5 s ..............................1 0 0 0 J - J
1 0 0 * 4 O c t ’ 00
C la ss C 4 s .............................. 1000 J - J
1 0 2 * 2 M a r ’ 02
C u r r e n c y lu n d in g 4 s ___ 1 0 2 0 J -J
111 M a r ’ 0 2
D i s t o f C o lu m b ia 3 '0 5 s ____1 0 2 4 F -A 1 2 1
.......... 121 M a r ’ 03
L o u is ia n a n e w c o n s o l 4 s . .1 0 1 4 J -J
1 0 6 A p r ’ 03
8 m a l l ................................................
1 0 0 * 2 F e b ’ 00
M is s o u r i f u n d in g ___ 1 8 0 4 -1 0 0 5 J - J
N o r t h C a r o lin a c o n s o l 4 s . 1010 J - J
1 0 4 N o v ’ 02
6 s ............................................... 1 9 1 0 A-O
136*2 J ’ly ’ 0 1
120 M a r ’ o o
S o C a ro lin a 4 * S 2 0 -4 0 ......... 1033 J -J
2
T e n n n e w s e tt le m e n t 3 s . .1 0 1 3 J - J
05
97
95 A p r ’ 03
S m a ll................................................ J - J
9 4 * 4 Sale
94*4
94*4
V ir g in ia fu n d d e b t 2 - 3 s . . . 1001 J - J
9 8 * 2 O c t ’ 02
J -J
6 s d e fe r r e d B r o w n B r o s c t f s .
8 * 2 A p r ’ U3
......
9*2
K ailioad
la b a m a C e n t s e e S o B y
la b a M u ll b e e 8 a v F la cfe \Y
A lb a n y cfe S u s q b e e D e l cfe H u d
A lle g h e n y V a lle y b e e P e n n K K
A l l e g cfe W e s t b e e B utt K & l
A m D o c k cfe 1m b e e C e n t o f X J
A n n A r b o r 1 s t g 4 s .......... /<1995
A t c h X cfe 8 F e g e n g 4 s . . . 1005
R e g i s t e r e d ............................ 1005
A d ju s t m e n t g 4 s ............ /<1995
R e g i s t e r e d .................... /i l 0 9 5
S t a m p e d ...................... /< l0 0 5
C lu e 6c S t B o u is 1 st O s ..1 0 1 5
A t l K n o x 6c X o r 1 s t g 5 s . . 1 0 4 0
A t l a n t i c C o a st 1 s t g 4 s .7 t l0 5 2
A t la n t i c 6c D a n v b e e S o u th R y
A t la n t i o 6c Y a d k b e e S o u th R y
A u s t in 6c X W b e e S o u P a c ific
a t C r e e k 6c S b e e M i d i C e n i
a lt 6c O h io p r io r 1g 3 H j s . 1925
R e g i s t e r e d ......................./i l 9 2 5
G o ld 4 s .............................. / i l 0 4 s
R e g i s t e r e d ................... (<1048
C o n v d e b 4 s .........................1011
P Jiu icfe M D i v l s t g 3 * 2 S l 9 2 5
R e g i s t e r e d ...................p i 0 2 5
P L E t f e W V a S y s r e f 4 s l0 4 1
S o u th w D iv 1 s t g 3 ^ s . . . 1 0 2 5

A

Q-J
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C o l cfe Oth A v 1 s t g u g 5 s . 1003
L e x A v cfe P F 1 st g u g 5 s 1003
T h ir d A v e R R c o n g u 4 s 2 0 0 0
T h ir d A v e R y 1 s t g 5 s . . 1 0 3 1
M e t W 8 E l (C lu e ) 1st g 4 s . 103.M il E l R y cfe L 3 0 -y r g 5 s . 1026
M in n S t R y 1 st c o n g 5 s . . 1010
S t J o R y l i t H cfcP 1 st g 5 s . 1037
S t P a u l C ity C a b c o n g 5 s . 1937
U n ion E l (C liic ) 1 st g 5 s . . 1045
U n ite d R R s S a n F r s f 4 s . 1027
U n ite d R y s S t L 1 st g 4 s . 1034
W C h ic S t 4 0 -y r c o n s g 5 s . 1036

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98
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Bond Record — Continued— Page 2

M a y 9, 1903.]

N. Y. STOCK E X C H A N G E

W

eek

E nding M a y 8

C h ic A W e s t I m l g e n gGs<?1932
C h ic A W e s t M ic h R y 5 s . . 1921
C h o c O k A O g e n g o s ...0 1 9 1 9
C ui H t f c D c o n s o l s f 7 s . . . 1905
2d g o ld 4*2®........- ...............1H37
C in L> A L 1 st g u g 5 s . . . 11141
C I S t L ifc C S ee C C C & S t L
C in S So C S ee C C C S t L
C le a rlie id A M a li s e e B H A P
C le v e la n d C in C h ic A S t L o in s
G e n e r a l g 4 s ........................ 11*93
C a iro D iv 1 st g o ld 4 s ___ 1939
C in W A M D iv 1 s t g 4 s . 1991
S t L D iv 1st c o l t r g 4 s . . 1990
R e g is t e r e d ........................ 1 9 9 0
S p r do C ol D iv 1 s t g 4 s . . 1940
W W V a l D iv 1 s t g 4 s . . . 1 9 4 0
C 1 S t L A C c o n s o l t5 s ..l9 2 0
1 s t g o ld 4 s ...............
AT930
R e g i s t e r e d ................./c l9 3 0
C in S do C l c o n 1 st g 5 s . . 1 9 2 s
O C C & I c o n s o l 7 s .......... 1914
C o n so l s in k fu n d 7 s ___ 1914
G e n e ra l c o n s o l g o ld 6 s . 1934
R e g is t e r e d .................... 1934
I n d B l A W 1st p r e f 4 s . 1 9 4 0
O In d So W 1 s t p f 5 s . ..r f l 9 3 8
P e o A E a st 1st co n 4 s . . . 1940
I n c o m e 4 s .......................... 1990
C l L o r So W h c o n 1 st g 5 s . 1933
C le v So M a r ie tta See P e n n H R
C le v So M ah on V al g 5 s . ..1 9 3 8
R e g is t e r e d ........................ 1938
C le v So P itts See P e n n C o
C ol M id la n d 1st g 4 s ..........1947
C o lo ra d o So S ou 1 st g 4 s . . .1 9 2 9
C olu in So G r e e n v S ee S o R y
C ol & H o c k V a l See H o c k Val
C ol C o n n So T e r m See N So W
C on n So P as R iv s 1 st g 4 8 .1 9 4 3
a k So G t S o S ee C M So S t P
a lia s So W a c o S ee M X So T
D e l L a c k So W e s te r n 7 s . . . 1907
M o r r is So E s s e x 1 s t 7 s . . . 1914
1 s t c o n s o l g u a r 7 8 ......... 1915
R e g is t e r e d .................... 1915
1 s t r e f g u g 3 V s ............ 2 0 0 0
1 T Y L a ck Sc W 1 st 6 s . ..1 9 2 1
S
C o n s t r u c t io n 5 s ............1 9 2 3
T e r m So im p r o v e 4 s ___ 1923
S y r B in g A A' Y 1 s t 7 s . . 1 9 0 6
W a r r e n 1 s t r e f g u g 3 V s .2 0 0 0
D e l So H u d 1 s t P a D iv 7 s . 1917
R e g is t e r e d ........................1917
A l b So S u s 1 st c o n g u 7 s . 1906
R e g is t e r e d ........................ 1 9 0 6
G u a r g o ld 6 s .................... 1 9 0 6
R e g is t e r e d .................... 1 9 0 6
R e n s So S a ra to g a 1 st 7 s . 1921
R e g is t e r e d .................... ..12121
D e l R iv R R B r id g e S ee P a R R
D e n v So R G r 1 st c o n g 4 s . 1 9 3 6
C o n s o l g o ld 4 V s ................ 1 9 3 6
I m p r o v e m e n t g o ld 5 s . ..1 9 2 8
R io G r S o g u S ee R io G r So
D e n So S W e s t g e n s f g 5 s 1929
D e s M o l So F t D S ee C R Sc 1 P
D e s M So M in n See Oil So A W
D e s M o i U n R y 1 s t g 5 s . .1 9 1 7
D e t M So T o l See L S So M S o
D e t So M a c k 1 s t lie n g 4 s . 1995
G o ld 4 s ................................... 1995
D e t S o u l s t g 4 s .................. 1951
O h io S o u D iv 1 s t g 4 s . . . 1941
D u l So ir o n R a n g e 1 s t 5 s . .1 9 3 7
R e g is t e r e d ............................ 1937
2d 6 s ....................................... 1 9 1 6
D u l S o S h o re So A t l g 5 s . .1 9 3 7
L 'a s t o f M in n S ee S t P M So M
J -ja s t T e n V a So G a S ee S o R y
E lg in J o l So E ast 1st g 5 s . 1941
E lm C o rt So N o S ee L e h A A Y
E r ie 1st e x t g o ld 4 s ...............1947
2 d e x t g o ld 5 s ...................... 1 9 1 9
3d e x t g o ld 4 V s .................. 1 9 2 3
4tli e x t g o ld 5 s .................... 1920
5th e x t g o ld 4 s .................... 1 9 2 8
1 s t c o n s o l g o ld 7 s ...............1 9 2 0
1 s t c o n s o l g fu n d 7 s ........ 1 9 2 0
E r ie 1st c o n g 4 s p r i o r . . 1 9 9 6
R e g is t e r e d ........................ 1 9 9 6
1 st c o n s o l g e n lie n g 4 s . .1 9 9 6
R e g is t e r e d ........................ 1 9 9 6
P e n n c o ll tr g 4 s ...............1951
B u t! A’ Y So E r ie 1 s t 7 s . . 1 9 1 6
B u t ! So S W g o ld 6 s .......... 1 9 0 8
S m a ll....................................1 9 0 8
C h ic A E r ie 1 s t g o ld 5 s . . 1982
J e ll R R 1 st g u g 5 s ___ <zl909
L o n g D o c k c o n s o l g 6 s . . 1935
C oal A R R 1 st c a r g u 6 s . 1 9 2 2
D o c k So Im p 1 st c u r 6 s . .1 9 1 3
N Y So G r e e n L g u g 5 s . 1 9 4 6
M id R R o f ATJ l s t g 6 s . 1 9 1 0
N Y S u s A W 1 st r e f 5 s . 1937
2 d g o ld 4 4 s ...................... 1937
G e n e r a l g o ld 5 s ...............1 9 4 0
T e r m i n a l l s t g o ld 5 s . ..1 9 4 3
R e g is 8 5 ,0 0 0 e a c h . . . 1 9 4 3
W U k A Ea 1 st g u g 5 s. 1942
E r ie So P it t s S ee P e u n C o
E v a n s So T H 1st c o n s 6 s . 1921
1 s t g e n e r a l g o ld 5 s .......... 1942
M t V e r n o n 1 st g o ld 6 s . . 1923
S u ll C o B ra n c h 1 st g 5 s . 1 9 3 0
E v So In d 1 s t c o n g u g 6 s . . 1 9 2 6
L 'a r g o So S o See Cli M So S t P
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BONUS
N . Y. STO C K E X C H A N G E

W eek E nding M a y 8

~ £

Price
PYidati
May 8
B id

F la C eil So P e n 1 s t g 5 h. . . 1918
1 st lan d g r e x t g o ld 5 8 .. 1930
C o n s o l g o ld 5 s ................... 1943
P o rt S t U D C o 1 st g 4 V s . 1941
F t W So D e n C 1 s t g 6 s -----1921
Et W So R io G r 1st g 3 -4 8 .1 9 2 8
i ta l H a r So S A S ee S o P a c C o
V T al l i
H o f 1 8 8 2 1 s t 5 s . 1913
G a So A la R y 1 st c o n 5 s . . o 1945
G a C a r So N o 1 s t g u g 5 s . . 1929
G e o r g ia P a o ilio S ee S o R y
(; ila V G So N o r See S o P a c Co
G o u v So o s w e g a t S ee N Y C ent
G ra n d R ap A In d s e e P e n n lU i
G r a y ’ s P i T e r m See S t L s W
G t N o r — C B So Q c o ll t r 4 s 1921
R e g is t e r e d , h ...................... 1921
G r e e n b r ie r R y See d i e s So u
G u lf So S I 1 st r e f So t g 5 s 5 1 9 5 2
an So S t J o S ee C B Sc Q
o u s a t o m c S ee A' Y N H So H
H ock V al ls t c o u s o lg 4 V 3 .1 9 9 9
R e g is t e r e d ............................ 1999
C ol So H V 1 st e x t g 4 s . . 1948
H o u s t K So W T e x S ee S o P a c
H o u s t So T e x C e n S ee S o P a c Co
llin o is C e n tr a l 1 s t g 4 s . . 1951
R e g is t e r e d ........................ 1951
1 s t g o ld 3 V s ........................ 1951
R e g is t e r e d ........................ 1951
1 st g o ld 3 s s t e r l in g .......... 1951
R e g is t e r e d ........................ 1951
C oll T r u s t g o ld 4 s ............1952
R e g is t e r e d ........................ 1952
L N O <fc T e x g o ld 4 s ___ 1 953
R e g is t e r e d ........................ 1953
C a iro B r id g e g o id 4 s ___ 1950
L o u i s v il le D iv g o ld 3 V s . 1953
R e g is t e r e d ........................ 1953
M id d le D i v r e g 5 s ............1921
S t L o u is D iv g o ld 3 s ___ 1951
R e g is t e r e d ........................ 1951
G o ld 3 V s ............................1951
R e g i s t e r e d .................... 1951
S p r in g D iv 1 s t g 3 V s .. .1 9 5 1
W e s t e r n L in e s 1 s t g 4 s . . 1951
R e g is t e r e d ........................ 1951
B e ile v So C a r 1 s t 6 s ........1 9 2 3
G a rb So S h a w 1 s t g 4 s . . . 1932
C h ic S t L So N O g 5 s . . . 1951
R e g i s t e r e d ........................ 1951
G o ld 3 l* S............................1951
2
R e g is t e r e d .................... 1951
M e m p li D iv 1 st g 4 s . . . 1951
R e g is t e r e d .................... 1 951
S t L S o u 1 s t g u g 4 s ___ 1931
I n d B l So W e s t S ee G C C S o S t L
I n d D e c So W 1 s t g 5 s ........ 1 935
1 s t g u a r g o ld 5 s .................. 1935
I n d III So l a 1 s t g 4 s .......... 1 9 5 0
I n t So G r e a t N o r 1 s t g 6 s . .1 9 1 9
2 d g o ld 5 s ..............................1909
3d g o ld 4 s ..............................1921
I o w a C e n tr a l 1 s t g o id o s . . 1938
R e fu n d in g g 4 s ...................1951
J e ffe r s o n R R s e e E r ie
a l A So G R S ee L S So M .8
an So M i d i See T o l So O C
K C F t S So M S ee S t L So S F
K C & M R So B 1 s t g u g 5 s . 1 929
K a n C So P a c ific S ee M K So T
K a n C ity S o u 1 st g o ld 3 s . .1 9 5 0
R e g is t e r e d ............................1950
K e n t u c k y C e n t S ee L So N
K e o k So D e s M o See C R I & P
K n o x v il le So O h io See S o R y
a k e E r ie So W 1 s t g 5 s . . 1937
2 d g o ld 5 s .......................... 1941
N o r t h O h io 1 s t g u g 5 s . .1 9 4 5
L S h o So M ic h S S ee N Y C ent
L e h ig h V a l (P a ) c o ll g 5 s . 1997
R e g is t e r e d 5 s ...................... 1997
L e h V a l N Y 1 st g u g 4 V s . 1 9 4 0
R e g i s t e r e d ............................1940
L e h V T e r R y 1 s t g u g 5 s . 1941
R e g is t e r e d ............................ 1941
L e h V C o a l C o 1 s t g u g 5 s. 1933
R e g is t e r e d ............................ 1933
L e h So N Y 1 s t g u a r g 4 s . . 1945
R e g is t e r e d ............................ 1945
E l C A N 1 s t g 1 s t p f 6 8 .1 9 1 4
G o ld g u a r 5 s .................... 1914
L e h So l l u d R S ee C e n t ot A’ J
L e ii So W ilk e s b S ee C e n t o f N J
L e r o y So C a n e y V a l S ec M o P
L o n g D o c k S ee E r ie
L o n g Is la n d 1 s t c o n g 5s.Zi.1931
1 s t c o n s o l g o ld 4 s .......... A 1931
G e n e r a l g o ld 4 s .................. 1 938
F e r r y g o ld 4 V s .................. 1922
G o ld 4 s ....................................1932
U n ilie d g o ld 4 s .................. 1 949
D e b e n t u r e g o ld 5 s ............ 1 934
B k ly n So M o n t 1 s t g 6 s . . 1911
1 s t 5 s ................................... 1911
N Y B So M B 1st c o n g 5 s 1935
N Y So R B 1 s t g 5 s ........ 1927
N o r S h B 1 s t c o n g g u 5 s o l9 3 2
L o u is v So N a s h v g e n g 6 s . 1 9 3 0
G o ld 5 s .......... ........................ 1937
U n ifie d g o ld 4 s .................. 1940
R e g is t e r e d ........................ 1 9 4 0
C o ll t r u s t g o ld 5 s ...............1931
C e c ilia n B r a n c h 7 s ..........1907
E H So N a s h 1 s t g 6 s ___ 1919
L C in Sc L e x g o ld 4 ^ s . . . 1931
N O So M 1 s t g o ld 6 s ___ 1930
N O So M 2 d g o ld 6 s ........ 1930

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135*2 1 3 6
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31
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4 U IS C E L L A N E (M J >
( i a s a n d E le c t r ic L ig h t
B u lla lo G a s 1 st g 5 s ............... 1947
CU vj L So C C o S ee P G So C C o
C o lu m b u s G a s 1 st g 5 s ____ 1932
C on G a s C o S ee P G Sc C C o
D e t r o it C ity G a s g 5 s ............ 1923
D e t G a s C o c o n 1st g 5 s . . . l 9 1 S
E d El ill B kn £< ?< ?K C oE L & P
E d E 111 See N Y G So E L H < P
fc
E q G LiN Y 1st c o n g 5 s . . 1932
E q G So F u e l See P G So C C o
G a s A E le c B e r g C o c g 5 s . 1949
G r R ap G L C o 1 s t g 5 s . . . 1915
K in g s C o E l L So P g 5 a ...1 9 3 7
P u r c h a s e m o n e y 6 s ..........1997
E d E l 11 B k n 1 st c o n g 4 s 1939
L a c G as L o f S t L 1 st g 5 s . i l 919
M ilw a u k e e G a s L 1st 4 s . . 1 9 2 .
M u t F u el G a s C o S ee P e o p Gas

80

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125
96 *2
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1

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X Y G E L H & P g 5 s . . . 1948
P u r c h a s e m o n e y g 4 s . . . 1949
E d E l 111 1 st c o u v g 5 s . . 1 9 1 0
1st c o n s o l g o ld 5 s ............ 1995
N YcfcQ E l L A P 1st c o n g 5 s l 9 3 0
P a te r so n So P G & E g '5s. 1949
P e o G a s A C 1 st jtu g 6 s . . 1904
2d g u a r g o ld 6 s .
..
1904
l s i c o n g o ld Gs ........................ 1943
R e fu n d in g g o l d 5 s . .
1947
Ch G - L & C k o 1 st g u g 5 s 1937
C o n G C o o f C h 1 st g u g 5 s . ’ 36
E q G A F Ch 1st g u g 6 s. 1905
M u F u e l G a s 1st g u g 5s .1 9 4 7
S y r a c u s e L ig h t in g 1st g 5 x .’ 51
T r e n t o n G A E l l s t g 5 s . . 1949
U tic a E L So P 1 s t s i s 5 s . 1950

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......

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BON DS
N. Y. STOCK E X C H A N G E
W

eek

E n d in g M

at

8

P r ic e
F r id a u
M aif 8

W eek's
R a n g e or
L a st Sale

R ange
Since
3: G J a n u a r y 1
c
© C

A s k L ow
H ig h H o L ow H ig h
L o m s v & N a s h v —(C o n tin u e d )
B id
1163s M a r ’ 02
P en sa cola D iv g old 6 s . . .1 9 2 0 M-S
St L D iv 1 st g o ld 6 s ........ 1921 M-S * 1 2 2 *2
125*2 A u g ’ 02
75 J ’ n e ’ 02
2d g old 3 s . . . .................. 1980 M-S
113 N o v '9 9
H e n d e r B d g e 1st s f g 6 s. 1931 M-S
100 A p r ’ 03
. . . . 100
K e n tu c k y C ent g old 4 s .. 1987 J -J
9838 100
L & N & M «fc M 1 st g 4 v*s 1945 M-Sl ..........108V 110V> M a r'0 2
28 8 9 34 92
92
92
L & N -S ou tli M jo in t 4 s . 1 9 5 2 J -J
113 M a r ’03
113 1143*
N F la & S 1st g u g 5 s . . .1 9 3 7 F-A
l l l * 8 M a r ’ 03
1 1 0 5g ] 13
P e n s & A t l 1 s t g u g 6 s . . 1921 F-A 111*4
115 D e c ’ 01
S & N A la co n gu g 5 s . .1 9 3 6 F-A 109
110 M a r ’03
S in k fu n d g old 6 s ......... 1 9 1 0 A -0
110 111
100 M a r’ 01
L & J e d B d g e Co g u g 4 s .. 1945 M-S
L N A & C li See C I & L
ah on C oal See L S & M S
150 101 104*2
an h attan R y c o n s o l 4 s . 1990 A -0 1 0 1 34 Sale 101 v2 101
1 0 3 7s D e c ’ 02
R e g is te r e d ....................1990 A -O
1103s
M e tro p o l E l 1st g Gs___ 1908 J - J
H O ^ 110%
109*2 111
M an S W C olon iz g 5 s ___ 1934 J- D
M c K ’ p t & B V See N Y C ent
M etro p o lita n E l See M an R y
3 76
80
M e x C en t c o n s o l g o ld 4 s .. 1911 J -J
........ 79*2 79
80
26i8
2 7 V 477 24
1 st co n s o l In com e g 3 s .a l9 3 9 . J ’ ly I 26% Sale
28*8
137 1 4 34 1 8 3
17v> i s
4
17^
2d c o n s o l in co m e g 3 s . .a l9 3 9 J ’ iy
18*4
E q u ip & c o ll g old 5 s ........1917 A-O,
2d se rie s g o ld 5 s ........... 1919 A - O
92 93 7& 97
9 4 78 Sale
C oll t r g 4 * * 1 st S e r ___ 1907 F-A
2
9 3 78
95
M e x In te rn a t 1st co n g 4 s . l 9 7! M-S
9 0 % J ’ l y ’ 01
S tam p ed g u a ra n te e d ___ 1977 M-S
105 M ay’ 00
M e x N o r th 1 st g o ld Gs___ 1910 J -D
M ich C e n t See N Y C en t
M id o f N J See E rie
M il L S 6c W See C h ic & N W
M il & M ad See C h ic & N W
M il & N o rth See Ch M & S t P
M in n & St L 1 st g o ld 7 s . .1 9 2 7 J -D 1 4 4 *4147
144*2 A p r ’ 03
144*214538
1 1 6 34 F e b ’ 03
I o w a E x 1 st g o ld 7 s ........1909 J -D
11634 1 1634
1 2 i>
123 * 2 A p r ’ 03
P a c ific E x 1st g o ld G s .,.1 9 2 1 A -0
123*2 123*2
121
J a n ’ 02
S ou th W e st E x 1 st g 7 s. 1910 J -D 118%
4
117 A p r ’ 03
1 st c o n s o l g o ld 5 s .............. 1934 M-N 1 1 5 a
117 120*8
1st a n d re fu n d g o ld 4 s . .1 9 4 9 M-S
100
100*2 10 98 1 0 3 3
4
M in n & St L g u See B C R <fe N
M & P 1st 5 s s t p d 4 s i n t g u 1936 J -J
M S S M & A 1 st g 4 in t g u 1926 J -J
100*2 103 N o v ’ 01
98 A p r ’ 01
M S t P S S M c o n g 4 i n t g u ’ 38 J -J
M in n U n See St P M & M
57 97*2 100*8
1 0 0 S ale
M o K a n & T e x 1 st g 4 s . . .1 9 9 0 J -D
99*2 1 0 0
82*4 8 2 a 82*8
4
2d g old 4 s ...........................^1990 F -A
62 *2 52 80
85
1st e x t g o ld 5 s ...................1944 M-N 102 Sale 101
102*2 13 101 104*2
O c t ’ 02
S t L D iv 1 s t r e f g 4 s ___ 2001 A -0 ' .......... S 5 78 8 6
106 S ep ’ 02
D a l & W a 1 st g u g 5 s . . . 1940 M-N
88
A p r ’ 03
88*2
90
K a n C & P a c 1st g 4 s . ..1 9 9 0 M -S
87*2 90
103 M a y ’ 03
M K & T o f T 1 st g u g 5 s .1942 J -D 102 103
102 105*2
1 0 5 *2 J ’l y ’ 02
S h e rS h
S o l s t g u g 5 s. 1943 F -A
T e b o & N e o s h o 1 st 7 s . . . 1903 J -D
108 A p r ’ 03
M o K & E 1st g u g 5 s ........1942 A -0 108*2
107*2 111
109
111*2 A p r ’ 03
M iss o u ri P a c ific 3 d 7 s ........1906 M-N
109*2111*2
120 120*2 A p r ’ 03
1 s t c o n s o l g o ld 6 s .............. 1920 M-N i ’l 8
120 122
33 1 0 2 34 1073 s
T r u s t g o ld 5s s t a m p e d .a l917 M-S 105 Sale 104*4 105
R e g i s t e r e d ....................a l9 1 7 M-S
119 103 107*2
1 st c o ll g o ld 5 s ....................1920 F-A 105 Sale 104*2 105
5 89
90
90
C e n t B r R y 1st g u g 4 s . 1919 F -A
94*2
M ay ’ 0 1
9 8 ........ . 1 0 0
L e r o y & C V A L i s t g 5s 1926 J -J
P a c R o f M o 1 st e x g 4 s . 1938 F -A 1 0 3 * 2 ........ . 10358 103%
102*2 105*4
112% ...... . 112 A p r ’ 03
112 113
2d e x te n d e d g o ld 5 s . . . 1938 J -J
11 110*2115
S t L I r M & S g e n co n g 5 s l9 3 1 A -0 1 1 2 *2113
112*2 113
1 1 2 * 2 D e c ’ 02
G e n c o n stam p g td g 5s 1931 A -0 r........ 112
U n ifie d & r e f g o ld 4 s .. 1929 J -J
88*4 Sale
88
88*4 138 87
91*2
V e r d i V I & W 1 st g 5 s . 1926 M-S
1 1 0 * 4 J ’l y ’oo
M o b & B irm p rio r lie n g 5s 1945 J -J 112*2
93 A p r ’ 02
93
M o r tg a g e g o ld 4 s .............. 1945 J -J
102 J ’ l y ’ 02
M ob J a c k & K C 1 st g 5 s .1946 J -D
124 A p r ’ 03
M o b & O h io n e w g o ld 6 s . . 1927; J D 124*4
124 127*2
1 st e x te n s io n g o ld 6 s ..7 il9 2 7 l Q J
1243s A p r ’ 03
124
12438 125*2
93
97 V
94
G e n e ra l g o ld 4 s .................1 9 3 8 ;M -S
93*2
93*2
114 M a r ’ 03
M o n tg o m D iv 1 st g 5 s . .1 9 4 7 F -A
114 115*2
93
93
93 F e b ’ 03
S t L & C airo c o ll g 4 s . . e l 930 Q -F
1 0 1 * 2 J ’ n e ’ 02
G u a ra n teed g 4 s ........... 1931 J -J
99
M & O c o ll 4s See S ou th ern
M oh a w k & M ai 6 'e e N Y C & H
M on on g a h ela R iv See B & O
M o n t C e n t See S t P M & M
M o r g a n ’ s L a & T See S P Co
M orris & E s s e x See D e l L A W
1223 ...... 1 2 2 34 A p r ’ 03
4
1 2 2 3 123%
4
ash C hat & S t L i s t 7 s . 1913
112 115
1 st c o n s o l g o ld 5 s ..........1928
1123s Sale 1123s 1 1 2 * 2
113 D e c ’ 99
J a s p e r B ra n ch 1 st g 6 s . .1 9 2 3
M c M M W & A l 1 st 6 s . .1 9 1 7 J -J
116 J ’ l y ’ 02
111 D e c ’ 99
T A P B ra n ch 1st 6 s ___ 1917 J -J
N a sh F lo r A S h ef See L A N
N a t o f M e x p r io r lie n 4 * $. 1926 J - J 103*4 Sale 102
2
103*4 6 6 100*2103
78V2 Sale
78*2
78*2 370 73
1 st co n s o l 4 s ....................... 1951 A -O
7 6 34
N ew H A D
See N Y N H A H
N J J u n e R R See N Y C en t
N e w A C in B d g e See P e n n Co
N O A N E p r io r lie n g 6 s p l9 1 5 A - 0
N Yr B k ln A M an B c h See L I
11 101 104
103
N Y C en t A H R i v g 3 ^ s . 1997 J -J 103
Sale 102
102 105*4
102 M a r ’ 03
R e g is t e r e d ....................... 1997 J -J 101*4
10130 1 0 1 3*
.
101 1 0 3 78
D e b e n tu r e 5 s o f . . .1 8 8 4 -1 9 0 4 M-S 1013a
1 0 2 % N o v »0 2
R e g is t e r e d ........... 1884-1904 M-S
R e g is t d e b 5s o f . ..1 8 8 9 -1 9 0 4 M-S
109*2 Sep ’ 97
10058 10058
1005s Jan ’ 03
D e b e n tu re g 4 s ___ 1 8 9 0-1905 J -D 1015 8
99 D e c ’ 02
R e g is te r e d ............1890-1905, J-D
io o ^ 1 0 0 %
100% A p r *03
D e b t ce r ts e x t g 4 s ......... 1905 M-N 1 0 0
9 9 * 2 N ov ’0 2
R e g is t e r e d ....................... 1905 IVI-N
4
L a k e S h ore c o l l g 3 v^s... 1998 F-A
92
91*8
92*8 27 8 9 3 9 4 7,
91
16 8 9
90
91
90 Sale
R e g is t e r e d ....................... 1998 F-A
8 89 9 2 7,
M ic h C e n t c o ll g 3 * S___ 1998 F-A
2
90*2
90*2 90*8
91
91
91 Jan’03
R e g is t e r e d ....................... 1998 F-A
107*2 Mar’03
107*4 107*2
B e e ch C reek 1 s t g u g 4 s . 1936 J -J 1 0 8 1 1 0
R e g is t e r e d ....................... 1936 J -J
106 J ’ne’98
2 d g u g o ld 5 s ..................1936 J -J 114
B e e c h C r E x t 1 st g 3 * S 51951 A - 0
2
C art A A d 1 st g u g 4 s . ..1 9 8 1 J -D
95 A p r ’ 02
C le a rf B it C oal 1 s t s f 4 s . 1940 J -J
G o u v A O s w e l s t g u g 5 s 1942 J -D
107*2 J’ly ’00
M o h A M a i 1 st g u g 4 s . . 1991 M-S
110*4 D ec’01
In c o m e 5 s .........................1992 Sep

M

N

3

[VOL. L X X V I

BONDS
N . Y . STOCK E X C H A N G E

W eek E nding May 8

*N
*S

P r ic e
J ^ id a v
M ay 8

W eek's
R a n g e or
L a st S ale

B onds
S old

Bond Record— Continued— Page

1018

R ange
S in ce
J an u a ry 1

B id
A s k Low
JHqh A o Low H ig h
N Y C en t & H II— (C o n tin u e d )
105 O ct ’ 0 2
N J J u n e R g u 1 st 4 s . ..1 9 8 6 ! F -A
R e g is te r e d ....................... 1986 F-A
105 v2 N o v ’ 01
N Y & P u 1st c o n g u g 4s 1993 A -O
N o r & M o n t 1 st g u g 5 s .1 916 A-O
7 109 11134
W e s t S h ore 1 st 4s g u . ..2 3 6 1 J -J * ......... 1 1 0 34 110*4 H 0*2
48 109 111*2
R e g is t e r e d ....................... 2361 J -J *1 0 9 *2 ......... 109*2 1 1 0
1 0234 103
L a k e S h ore c o n s o l 2 d 7 s. 1903 J -D 103 V ,......... 103 J a n ’ 03
1 0 2 34 J a n ’ 03
102*4 102%
R e g is te r e d ....................... 1903 J -D
101
.......... 101 A p r ’ 03
101 105*2
G o ld 3 * S...........................1997 J -D
2
105 J a n *03
105 105
R e g is te r e d ................... 1997 J -D
D e t M on & T o l 1 st 7 s .1906 F-A 109 .......... 114 F e b ’ 02
..........
K a A < f e G R 1 st g u c 5 s. 1 938 J -J 117
124 J an ’ 03
124 124
M ah on C ’ l R R 1 st 5 s . .1 9 3 4 J -J
135 ......... 139 o a n ’ 03 . . . . 139 139
P itts M c K & Y l s t g u 6 s. 1932 J -J
132 ..........
2d g u a r 6 s ........................ 1934 J -J
122
..........
M c K e e s & B V 1 s t g 6 s 1918 J -J
1 1 2 * H 2 *€
8
M ic h C en t 1 st c o n s o l 6 s. 1909 M-S l l l ss ......... 112 *8 M a r’ 03
5 s ......................................... 1931 M-S 1 2 1 * 8 ......... 123V2 M a r’ 03 — 123*2125*2
127 J ’ n e ’ 02
R e g is te r e d ................... 1931 Q-M
110 D e c ’ 01
4 s ......................................... 1940 J -J
1 0 6 *2 N ov ’ 00
R e g is te r e d ................... 1 940 J -J
J L & S 1st g 3 * * ............ 1951 M-S
2
B a t C & S tu r 1 s t g u g 3 s . 1989 J -D
1 1578 M ay’ OO
N Y & H a rlem g 3 * S. . . 2 0 0 0 M-N
2
R e g is te r e d ....................... 2 0 0 0 M-N
119 *2 D e c ’ 02
N Y & N o r t h 1 st g 5 s . . . 1927 A -O
R W<& O co n ls t e x t5 s ./e -1 9 2 2 A - 0 119 .......... 118*2 A p r ’ 03 . . . . 118 122*4
1133 J a n ’ 02
4
O sw e & R 2d g u g 5 s. . . f 1915 F -A
R W & O T R l s t g u g 5 s. 1918 M-N
1 0 7 % 107*2
10738 F e b ’ 03
U tic a < B lk R iv g u g 4 s .l 9 2 2 J -J
fc
N Y C h ic & S t L 1 st g 4 s . 1937 A -O 103 103*2 103% 103*2 14 102 105
103 A p r ’ 03
102 1 0 3 34
R e g is te r e d .......................... 1937 A -O ..........103
N Y & G r e e n w L a k e See E rie
N Y <fc H a r See N Y C & H u d
N Y L a c k & W See D L < W
fc
N Y L E & W See E r ie
N Y & L o n g B r See C en t o f N J
N Y & N E See N Y N H & H
100 D e c *01
N Y N H & H a r 1 st r e g 4 s . 1903 J -D
2 06 2 2 1
200 206 A p r ’ 03
C o n v e r t d e b c e r ts $ 1 ,0 0 0 ........ A -0
218 r e b *03
218 218
Sm all c e r ts $ 1 0 0 .....................
1 3134 A p r ’ 03
1283 1 3 1 34
4
H o u s a to n ic R c o n g 5 s .. 1937 M-N 129*8
N H & D e r b y co n g 5 s .. 1918 M-N
105 106
106
106
105*4
N Y & N E 1 s t 7 s ........... 1905 J -J
1 0334 A p r ’ 03
10334 1 0 3 3
4
l 8 t 6 s ................................. 1905 J -J 104
N Y & N o r th See N Y C & H
45 99 103*2
N Y O & W r e f 1 st g 4 s . . 01992 M-S 100 *2 Sale 100*2 101
100«8 100«*
U)0*QM a r’ 03
R e g is $ 5 ,0 0 0 o n ly ......... 01992 M-S
N Y & P u t See N Y C & H
N Y & R B
See L o n g Isla n d
N Y S& W
See E r ie
N Y T e x & M See S o P a c Co
114 115*4
114 F e b ’ 03
N o r & S o u th 1st g 5 s ..........1941 M-N
133 133*2
133*2 A p r ’ 03
4
N o r f & W e s t g e n g 6 s ........1931 M-N 1 3 0 3 . . . .
128 128
1 28 A p r ’ 03
I m p r o v e m ’ t & e x t g 6 s . . 1934 F -A ..........131
132 132*4
132*4 J a n ’ 03
N e w R iv e r 1 st g 6 s ........1932 A -0
4
9 9 * 2 Sale
98*2
99*2 117 9 7 3 1 0 1 7s
N & W R y 1 st c o n g 4 s. 1996 A -O
1 0 0 *2 J a n ’ 02
R e g is te r e d ....................... 1996 A -O
79 90
94
93
94
9 4 Sale
P o c a h C & C jo i n t 4 s . . 1941 J -D
107 *2 J ’l y ’ 01
C C & T 1st g u g 5 s ..........1922 J -J
100 101
9 8 * i ! ‘ III 100*2 100*2
S cio V & N E 1 st g u g 4 s 1989 M-N
N o r th Illin o is See C hi & N W
N o r th O h io See L E r ie & W
1023s 160 101*2 104
N o r P a c— P r io r lie n g 4 s . . 1997 Q -J 102 102*4 102
5 100 1 0 3 ^
102*4
R e g is te r e d ....................... 1997 Q-J 102 Sale 102
7 3 78
71*4
7 1 78 85 71
7 1 34 Sale
G en era l lie n g o ld 3 s ___ a2047 Q -F
70*2 M a r’ 03
70*4 72*4
R e g i s t e r e d ....................a2047 Q -F
C B & Q co il tr 4 s See G t N o r
1 0 2 * M ay’ 0 2
2
96*2
S t P a u l-D u l D iv g 4 s ___ 1996 J -D
R e g is te r e d ....................... 1996 J -D
125 127
125 A p r ’ 03
S t P & N P g e n g 6 s ___ 1923 F-A
132 J ’ l y ’ 99
R e g is te r e d c e r tific ’ s . .l 9 2 3 Q-F
118 N o v ' 0 2
St P a u l & D u l 1st 5 s . . ..1 9 3 1 F -A
110 O ct ’ 02
2d 5 s .................................. 1917 A -O
96*2 98
96*2 M a r’ 03
9 6 * 2 ........
1st c o n s o l g o ld 4 s ..........1968 J-D
94 *2 F e b ’ 02
W a sh C en t 1 st g 4 s ..........1948 Q-M
115*4 116*2
N o r P a c T e r C o 1 st g 6 s . .1 9 3 3 J -J i l 6 *a Sale 116*2 116*2
N o r R y Cal See S o P a c
N o r W is See S t P M & O
N o r & M o n t See N Y C en t
In d <fc W See C C C & S t L
114 114*2
114
114
114*2
O , ln o R iv e r R R 1 st g 5 s. 1936 J -D
L08*2J’l y ’ 02
G en era l g o ld 5 s .................1937 A -0
O re & Cal See S o P a c Co
O re R R & N a v See U n P a c
O re S h ort L in e See U n P a c
O s w e g o tfc R o m e See N Y C
O C F & S t P See C & N W
107 111
108*2 1 1 0
107*2 M a r’ 03
a c C oa st Co 1 st g 5 s ___ 1946 J-D
a c o f M is s o u r i See M o P a c
102 102
102 A p r ’ 03
P anam a 1 st s fu n d g 4 V 8 . . 1917 A -O
2
102 A p r ’ 0 2
97
S in k fu n d su b sid y g 6 s . . 1910 M-N
1 0 7 34 110
1073 A p r ’ 03
4
P e n n C o g u 1 st g 4 * S........ 1921 J -J *109*4
2
106 109*2
106 M a r’ 03
R e g is te r e d ...........................1921 J -J
102 N o v ’ 98
G u a r 3 * 2 8 c o ll tr u s t r e g . 1937 M-S
96
97
96 M a r’ 03
G u a r 3 * S c o ll tr se r B ...1 9 4 1
2
122*4 123
122*4 F e b ’ 03
C S t L & P 1st c o n g 5 s .1932 A -O 116
R e g is t e r e d ....................... 1932 A -O
114*2114*2
121 O ct ’ 00
Cl & P g e n g u g 4 * s s e r A . ’ 42 J -J 114*4
2
S e rie s B ............................ 1942 A -O 113
S c r ie s C 3 * S...................1948 M-N
2
S e rie s D 3 * S...................1950 F -A
2
102
N ov’0 0
E r ie & P itts g u g 3 * S B . 1 940 J -J
2
S e rie s C ............................ 1940 J -J
N & C B d g e g e n gu g 4 * 3 1945 J -J 105
2
114*2 Jan ’ 03
P C C < S t L gu4V>s A . . . 1 9 4 0 A-O *113*s
fc
110*0 112
110*8 A p r ’ 03
S e n e s B g u a r .................1942 A -0
116*2 F e b ’ Ol
S e rie s C g u a r .................1942 M-N
106*4 N o v ’ 02
S e rie s D 4 s g u a r ........... 1945IM-N
96
96
96 J a n ’ 03
96
S e rie s E 3 * 2 s u a r g ___ 1949 F-A
127 58 O ct ’ 02
P itts F t W «fe C 1 st 7 s. ..1 9 1 2 J -J
i.28 * 3.28
128 J a n ’ 03
2 d 7 s .................................... 1912 J -J
130 A p r ’ 01
3d 7 s ................................ A1912 A -0
104 104
P en n R R 1 st rea l est g 4 s .l 9 2 3 M-N 1 0 0 *2 ........ 104 A p r ’ 03
C o n so l s te r lin g g 6 s ........1905 J -J
96*4
96*2 66 9 6 *8 i o 7 *8
96 *4 Sale
C o n v e r tib le g 3 * 2 3 ............1912 M-N
Con c u r r e n c y 6 s r e g . . .0 1 9 0 5 Q-M
C on sol g o ld 5 s ....................1919 M-S i l i ” III”

M ISCELLANEOUS BONDS—Continued on Next Pasre
Coal and Iron
96*2 A p r ’ 03
9 6 ^ 100 *2 A p r ’ 02
1 0 0 * 2 O ct ’ 00
109 O ct ’ 99
114 N o v ’ 02
108*4 A p r ’ 03
A p r ’ 03
1 0 2 5e
A p r ’ 03

10S*4 108*4
109
42 102
109

110
105
109

Coal and Iron
Cah C oal M in See T C I & R
C lea rf B it C oal See N Y C & H
55 N o v ’ OO
C ol C & I D e v C o g u g 5 s. 1909 J - J
112 112
112 A p r ’ 03
C ol F u e l Co g e n g old 6 s ...1 9 1 9 M-N 107
* N o p r ic e F rid a y ; la te st b id and a sk ed th is w eek , a D u e J a n 5 D u e F e b

C o n v e r tib le d e b g 5 s -----1911
G r l i i v C oal & C 1st g 6 s . . 1919
J e ff
C lea r C & 1 1st g 5 s . 1926
2d g old 5 s ............................1926
K a n & H C & C l s t s f g 5s. 1951
P lea s V a l C oal 1st g s f 5 s. 1928
R o c li& P it C < I p u r m 5 s. 1946
fc
T e n n Coal T D iv 1st g 6 s .a l 9 1 7
B irm D iv 1st c o n s o l 6 s ..1 9 1 7
Cali C M C o 1st g u g 6 s . 1922
D e B a r C & I Co g u g 6 s. 1910
V a Ir o n C o a l& C 1st g 5 s . 1949
W h L E & P C C o 1 st g 5 s. 1919

A -O
J -D
J -D
J -J
J -J
M-N
A -0
J -J
J -D
F-A
M-S
J -J

.M a n u fa c tu r in g dc I n d u s t r ia l
A raer B ic y c le s f d e b e n 5s 1919 M-S
A m C ot O il e x t 4 *2 S........... 1915 Q-F

e D u e M ay

g D ue J ’ne

h D u e J ’ ly

102*2.......

102*2 A p r ’ 03
83%
85*4
115 J ’ n e’ 02
107 M ay’ 97
80 M ay’ 97
1 0 6 * 4 F e b ’ 02
105 O ct ’ 00

1 0 2 34

107
108
105
102
78*4
32

M a r’ 03
M a r’ 03
F e b ’ 00
A p r ’ 03
78*4
J an ’ 00

34
98

F e b ’ 03
98

S33 sale
*

110

101

102

9 6 34

p D ue N ov

80

....
: i**

109 1 1 0 3 110
4
102*4 1 0 2 3 102
4
109

F-A
96*2 96*2 C ol F & 1 Co gen s f g 5 s ..1 9 4 3 F A

€ O p tion sale.

102
79

105
96%

106*2 10734
105 *8 10S
101

102

77

81

j

97

<1 !

Telegraph and Telephone
A m T e le p <fe T e l c o ll tr 4 s 1929> J - J
C om m C a b le Co 1st g 4 s .. 2397 Q-J
R e g is te r e d .......................... 2397 Q-J
E rie T & T c o l tr g s f 5 s . . 1926 J - J
M et T & T 1 st s f g 5 s ........1918 M-N
M u t U n T e l Co See W e s t n U n ,
N Y & N J T e l g e n g 5 s .. 1920 M-N
N o W e s tn T e le g See W e s t U n
W e s t U n ion c o l t r c u r 5 3 .1 9 3 8 J -J
F d an d real e s t g 4 * 2 S ...1 9 5 0 M-N
M u t U n T e l s fu n d 6 s . ..1 9 1 1 M-N
N o r th w e s te r n T e l 7 s ----- 1904 J -J

34
42*2
9 6 7s 101

BONUS

P r ic e
J Y id a y
M ay 8

N . Y. STOCK E X C H A N G E

W kkk Ending M ay 8
P e n n H R — ( C o n tin u e d )
C o n so l g o ld 4 s .................... 1 9 4 3
A lle g V a l g e n g u g 4 a . . . 1942
C l A M a r 1st g n g 4 4 8 . . 193ft
n u K i t d c B g e 1 st g u 4 s g . ’ 30
O r R db l e x 1st g u # 4 4 8 1041
8 u o d b L e w is 1st g 4 s . ..1 9 3 0
U i N J H R db C an g e n 4 s . 1 9 4 4
P e n s a c o la db A t l S ee L db N a sh
P e o do E a s t S ee C 0 C db S t L
P e o do P e k U n 1 st g Os___ 1921
2d g o ld 4 4 s ........................61921
P e r u A ia r q — F & P M g 0 8 .1 9 2 0
1st c o n s o l g o ld 5 s ...........1 9 3 9
P t i l u r o u D iv 1 st g 6 s . 1939
S a g T u s d s H l s t g u g 4 s . 1931
P in e C re e k r e g g u a r Os. ..1 9 3 2
P itt s C in < S t L S e e P e n n C o
fe
P itts C le v db T o l 1 st g O s .. 1922
P itts F t W db C h S ee P e n n C o
P itts J u n o 1 st g o ld Os........1 9 2 2
P itt s db L E r ie 2 d g 6 s . . . a l 9 2 8
P itt s M c K e e s Sc V S ee N Y C eil
P itts S li db L E 1st g 5 s . . .1 9 4 0
1 s t c o u s o l g o ld 5 s ............. 1 9 4 3
P itt s db W e s t 1 s t g 4 s ........ 1917
J P M db C o c e r t f s .....................
P itt s Y db A s h 1 s t c o n 5 s . 1 9 2 7
|> en d in g C o g e n g 4 s ........ 1997
JLV R e g is t e r e d ....................... 1 9 9 <
J e r s e y C e n t c o ll g 4 s . ..1 9 5 1
R e n s s e la e r db Sar S ee 1> db U
R ic h db D a n See S o u th Ky
R ic h db M e e k See S o u th e r n
R io G r W e s t 1 s t g 4 s .......... 1939
C o n s o l an d co l tr u s t 4 s .1 9 4 9
U ta h C e n t 1 st g u g 4 s . a l 9 1 7
R io G r J u n c 1st g u g 5 s . .. 1 9 3 9
R io g r S o 1 st g o ld 4 s .......... 1 9 4 0
G u a r a n te e d .......................... 1940
R och
P itt s See B K db P
R o m e W a t db O g S ee N Y C ent
R u tla n d 1 st c o n g 4 4 s ____1341
R u L C a n a d 1 s t g a g 1 4 8 .1 9 4 9
^ a g T u s db H See P e r e M a rq
O a l t L a k e C 1 s t g s f O s .. 1913
S t J o db G r 1st 1 st g 3 -4 8 ..1 9 4 7
S t L a V db A ilir o u l s t g 5 s . 1990
2d g o ld Os.............................. 1990
S t L lie C a iro s e e M o b db O h io
S t L db I r o n M o u n t See M P
S t L K C db N See W a b a s h
S t L M B r S ee T R K A ot S t L
8 t L db S F ra u 2d g Os C l B 1 9 0 0
2 d g o ld Os C la ss C ............ 1 9 0 0
G e n e r a l g o ld Os.................. 1931
G e n e r a l g o ld 5 s .................. 1931
S t L db S F U R c o n s g 4 s . . ’ 90
S o u th w D iv l s t g 5 s . .1 9 4 7
R e fu n d in g g 4 s ...............1951
K C F t S db M c o n g O s.. 1 9 2 b
K C F t S db M R y r e f g 4 s 1 9 3 0
R e g is t e r e d ........................ 1 9 3 0
S t L o u is S o S ee I l lin o is C e n t
S t L S W 1 s t g 4 s bd c t f8 .1 9 8 9
2 d g 4 s in c b o n d c t l s . . . p l 9 8 9
C o n s o l g o ld 4 s .................... 1 9 3 2
G r a y ’ s P t T e r l s t g u g 5 s 1947
S t P a u l & D u l S ee N o r P a c itic
8 1 P a u l M db M a n 2 d O s ... 1 9 0 9
1 s t c o n s o l g o ld 0 s ...............1933
R e g i s t e r e d ........................ 1 9 3 3
R e d u c e d t o g o ld 4 4 s . . 1 9 3 3
R e g i s t e r e d ................... 1 9 3 3
D a k o t a e x t g o ld 0 s .......... 1 9 1 0
M * n t e x t 1 s t g o ld 4 s ___ 1 9 3 7
R e g is t e r e d ........................ 1937
E M in n 1 s t d iv 1 s t g 5 s . .1 9 0 8
R e g is t e r e d ........................ 1 9 0 8
N o r D iv 1 st g o ld 4 a ___ 1 9 4 8
M in n U n io n 1 s t g 0 s ___ 1 9 2 2
M o n t C 1 s t g u g o s .......... 1 9 3 7
R e g i s t e r e d ........................ 1937
1 s t g u a r g o ld 5 s ............ 1 9 3 7
W il l db S F 1 s t g o ld 5 s . .1 9 3 8
S t P db N o r P a c S ee N o r P a o
S tP d b S ’ x C i t y ^ C S t P M & O
S F e P r e s & P h l s t g 5 s . . .1 9 4 2
S A <fc A P S ee S o P a c C o
8 F db N P 1 s t s in k 1 g 5 a . 1 9 1 9
S a v F & W 1 s t g o ld 0 s ___ 1934
1 s t g o ld 5 s ............................ 1934
S t J o h n ’s D i v l s t g 4 s . . . 1934
A la M id 1 s t g u g o ld 5 s . . 1928
B r u n s db W 1 s t g u g 4 s . . 1 9 3 8
SU S o O ca <fc G g u g 4 s . .1 9 1 8
S c io t o V a l db N E S ee N o rd b W
S e a b o a rd A i r L in e g 4 s . . . 1 9 5 0
C o ll t r r e fu n d g 5 s .......... 1911
S e a b db R o a 1 s t 5 s .................1 9 2 0
C ar C e n t 1 s t c o n g 4 s . . . 1 9 4 9
S lie r S lir & S o S ee M K So T
S il S p o c a & G S ee S a v F db W
8 o d B a y So S o 1 s t g 5 s ........ 1 9 2 4
S o C a r db G a S ee S o u th e r n
S o P a c C o— CoU tr g 4 4 s . . 1 9 0 5
G o ld 4 s (C e n t P a c c o ll).A ;1 9 4 9
R e g i s t e r e d ..................../c l 9 4 9
A So N W 1 s t g u g 5 3 ____1941
C e n t P a c 1 st re f g u g 4 s 1 9 4 9
R e g is t e r e d ........................ 1949
M o r t g u a r g o ld 3 4 s . . A;1929
R e g i s t e r e d ................A 1 9 2 9
:
G a l H a r So S A l s t g 0 s . .1 9 1 0
2 d g o ld 7 s .......................... 1905
M e x d b P a c l s t g 5 s ___ 1931
G ila V G So N 1 st g u g 5 s . 1924
H o u s E So W T 1 s t g 5 s . 1 9 3 3
1 s t g u a r 5 s r e d ............1 9 3 3

J -J
J -J
J -J
AO

1
0

c

R ange
S in ce
J an u ary 1

BONDS

P r ic e
J Y id a y
M ay 8

N. Y . STOCK E X C H A N G E
W e e k E n d in g M a y 8

B id
A sk
S o u th e r n P a c C o— (C o n tin u e d )
111
112
H So T C 1 st g 5 h l n t g u . . l 9 3 7 J - J
108 ..........
102 N o v ’ 97
C o u s o l g Os m t g u a r . . . 1912 a n
1 1 2 4 M a r ’ OO
9 H a ..........
G e n g o ld 4 s ln t g u a r .. 1921 A-O
W a c o J b N W d i v l s t g O s ’ 30 M-N •••••• ••••••
102 4 ..........
D e c ’ 02
1 0 8 .......... 111
M o r g a n ’ s L a db T 1 st 7 8 .1 9 1 8 A -O 1 2 7 4 .........
1 s t g o ld Os....................... 1920
117 M a y ’ 0 0
N Y T d b M e x g u 1 st g 4 8 .1 9 1 2
N o o f C al 1 st g u g Os-----1907
G u a r a n te e d g o ld 5 s ----- 1938
116
.......... 1 2 5 4 124 4 A p r ’ 03
O re db C a l 1 s t g u a r g 5 s . 1927
1244127
101
O c t ’ 00
8 0 4 S ale
S A db A P a ss 1 st g u g 4 s . 1 943
S o P o t A r g u l s t g Oh . . . c l 909
. . . l 2 0 \ 120 A p r ’ 03
119 1 2 i 4
1 s t g u a r g Oh................ c l 9 l O
107
......... 110 4 M a r ’ 03
1104111
n o
.......... 1 1 1 4 A p r ’ 03
S P o f C a l 1st g 0 s ............1 9 0 f
103 4
1114113
1 ht g Os s e r ie s B ............1905
104 4
137
N o v ’ 97
1 st g Os s e r ie s C db D ...1 9 O 0
1004
1st g 0 s s e r ie s E db F .. .1 9 1 2
110
107 4 O c t ’ 98
1 st g o ld 0 s ........................ 1912
1 st c o n g u a r g 5 s ..........1937
1074
110
.......... 1 2 0 O c t ’ 01
S t a m p e d ........ 1 9 0 5 -..1 9 3 7
107 4
S P a c o f N M e x 1st g 0 s . . 1911
1 0 9 4 .......... 1 1 2 4 D e c ’ 02
S P C o a s t 1 st g u g 4 s ----- 1937
119 N o v ’ 02
10 5
T e x db N O 1 st 7 s ...............1905
9 8 J ’ l y ’ 97
S a b in e D iv l s t g Os___ 1912
10 4 ........
C o n g o ld 5 8 ...................... 1943
1 0 0 4 .......... 1 0 0 4 M a r ’ 03
1004 1004
1 0 0 4 F e b 9)3
110 4 S a le
1 0 0 4 1 0 0 4 S o u t h e r n —1 st c o n g 5 s ___ 1994
R e g is t e r e d ........................ 1994
i 1 2 4 ......... 1 2 0 4 D e c ’ 02
9 7 4 S a le
9 4 4 S a le
M o b de O h io c o ll tr g 4 s . . 1 9 3 8
974
9 7 4 92 9 5 4 9 8 4
1 96
96
96
M e m D iv 1 s t g 4 4 - o s . . . 1990
96
11 3 4 ........
9 2 4 S a le
924
9 2 4 10 9 1 4 9 6
S t L o u is d iv 1 s t g 4 s ___ 1951
9 5 4 97
110 ........
A la C e n R 1 s t g Os.......... 1918
9 5 ........
A t l db D a n v 1 s t g 4 s ........ 1948
A t l db Y a d 1 s t g g u a r 4 8 .1 9 4 9
97
99
31) 9 4
97
98
C o l db G r e e n v 1 s t Os........ 1910
99
89
90
894
8 9 4 15 8 8
E T V a & G a D iv g 5 s . . 1930
92
1 1 G 4 ........
97 J a n ’ 02
C o n 1 st g o ld 5 s .............. 1 9 5 0
1 1 0 117
1 1 0 4 F e b ’ 03
E T e n r e o r lie n g 5 s ........ 1 9 3 8
.......... 114
1104 1124
8 0 4 J ’ l y ’ 02
.......... 8 1
G a P a c R y 1 s t g 0 s .......... 1922
1 2 2 4 ........
92
M a r ’ 03
K n o x db O h io 1 s t g 6 s . . . 1 9 2 5
92
92
11 8
R ic h db D a n c o n g 6 s ___ 1 9 1 5
99
E q u ip s in k fu n d g 5 s . . 1909
D e b o s s ta m p e d ...............1927
1084
1 0 1 4 N o v ’ Ol
R ic h db M e e k 1 st g 4 s . . .1 9 4 8
100
S o C ar db G a 1 s t g 5 s ___ 1 919
11 4 ____
V ir g in ia M id s e r C 6 s . . .1 9 1 0
1 1 0 ____
87 M ar*03
S e r ie s D 4 -5 s .................. 1921
87
94
111 ___
* 87
S e r ie s E 5 s ........................ 1 9 2 0
..........
G e n e r a l 5 s ........................ 1 9 3 0
-1 1 2 4 1 1 5
G u a r s ta m p e d ............ 1 930
* 1 1 2 4 ____
89
____
W O de W 1 s t c y g u 4 s . .1 9 2 4
W e s t N C 1 s t c o n g 0 s . .1 9 1 4
1 1 6 4 ____
S db N A la S ee L db N
105
5 105
123
S p o k F a lls db N o r 1 s t g 6 s . 1 939
106
1 0 3 4 .......... 1 0 5
1 1034106
S ta t I s l R y 1 s t g u g 4 4 s . . 1 943
1 0 3 4 .......... 1 0 3 4
103 4
S u n b db L e w S ee P e n n R R
1 2 7 4 15 1 2 7 4 1 2 9
1 2 7 4 .......... 127 4
1134114
114
1 1 4 4 14 1 1 0 1 1 4 4 S y r a B in g So N Y S ee D L & W
9 5 4 J a n ’ 03
9 6 4 9 5 4 ' I 'o b o d b N See M K db T
100 J a n ’ 02
1 e r A o f S t L 1 s t g 4 4 s . . 1 939
1 1 1 4 S a le
1 s t c o n g o ld 5 s ........ 1 8 9 4 -1 9 4 4
87
8 7 4 410 3 5 4 9 D 8
8 7 4 S a le
1 2 4 M a r ’ 03
S t L M B g e T e r g u g 5 8 .1 9 3 0
124 1 2 4
8 6 4 S a le
86
8 6 4 41 8 5
8 8 4 T e x db N O S ee S o P a c C o
T e x So P a o E D iv 1 s t g 6 s . . 1 905 M-S 1 0 2 S a le
1 s t g o ld 5 s ............................2 0 0 0 J -D
118 S a le
14 9 3 4 9 7 4
2 d g o ld in c 5 s .................... ? 2 0 0 0 M ar
87
96
9 3 4 S a le
934
94
81
1 81
L a D iv B L 1 s t g 5 s ........ 1931 J - J
81
8 2 4 81
864
8 1 M a y ’ 03
T o l db O C 1 s t g 5 s ................ 1 9 3 5 J - J
81
86
11241134
W e s t e r n D i v 1 s t g 5 s . ..1 9 3 5 A -O
G e n e r a l g o ld 5 s .................. 1 9 3 5 J -D
n o
.......... 1 1 3 4 F e b ’ 03
K a n db M 1 s t g u g 4 s . .. . 1 9 9 0 A-O ' 9 0 4
11341134
894 904
1 3 3 4 S a le 1 3 2 4
1 3 3 4 ‘ 14 1 3 1 4 1 3 6 4 T o l P db W 1 s t g o ld 4 s . .. .1 9 1 7 J - J
T o l S t L<fe W p r lie n g 3 4 8 .1 9 2 5 J - J
1 4 0 M a y ’ 02
844
5 0 -y e a r g o ld 4 s .................. 1 9 5 0 A-O
111
111
75
76
2 109 l l i 4
i 1 64 iii
1 1 6 4 A p r ’ 01
T o r H a m So B u ff 1 s t g 4 S .A 1 9 4 6 J -D
95
98
iii
.......... 1 1 3 4 A p r ’ 03
ls t e r db D e l 1 s t c o n g 5 s 1 9 2 8 J -D 1 1 0 4 ........
1134114
n P a o R R db 1 g r g 4 s . . 1947 J - J
1 02
1 0 2 4 1024
104
1 0 2 4 S a le
102 4 " 1 1 0 2
R e g i s t e r e d ........................ 1 9 4 7 J - J
1 0 0 M a y ’ 01
102 1 0 4
104
104
l e t lie n c o n v e r t 4 s .......... 1911 M-N
9 9 4 S a le
5 10341054
R e g i s t e r e d ........................ 1911 M-N
O re R y db N a v c o n g 4 s . 1 9 4 6 J -D 1 0 1 4 ........ .
1 2 8 A p r ’ 02
O re S h o r t L in e l s t g 6 s . .1 9 2 2 F -A 1 2 5 12 7
132
.......... 1 3 4 M a r ’ 03
1 s t c o n s o l g 5 s .................1 9 4 6 J - J
1134114
134 1 3 4 4
4 s db p a r t ic ip a t in g . . . . 1 9 2 7 F-A
1 1 5 A p r ’ 97
9 3 4 S a le
U ta h db N o r 1 s t 7 s .......... 1 9 0 8 J - J
110
........
1 1 8 4 1 1 9 4 1 1 8 4 M a y ’ 03
11841184
1 2 6 4 F e b ’ 02
G o ld 5 s ................................1 9 2 6 J - J
U n i N J R R db C C o S ee P a R R
U ta h C e n tr a l S ee R io G r W e s
U ta h db N o r t h S ee U n P a c ific
1 1 1 A u g ’ 01
U t ic a db B la c k R S ee N Y C e n t
\ l e r V a l l n d db W S ee M o P
1 1 3 4 B e e ’ 01
▼ ir g in ia M id S ee S o u th R y
1 2 6 .......... 1 2 8 O c t *02
V a db S o u t h w ’ t 1 s t g u 5 s . 2 0 0 3 J - J *102 .......
1 1 3 4 .......... 1 2 3 D e c ’ 99
a b a sh 1 s t g o ld 5 s ........ 1 939 M-N 1 1 5 4 S a le
9 5 4 N o v ’ Ol
2 d g o ld 5 s .................... 1 9 3 9 F -A 1 07 4 1 0 8
1 0 9 4 .......... 111 A p r ’ 03
ill
1124
D e b e n t u r e s e r ie s A ........ 1 9 3 9 J - J
87 A u g ’ 01
S e r ie s B ..............................1 939 J - J
7 5 4 S a le
* 93
9 4 4 9 6 4 F e b ’ 03 . . . .
95
964
1 s t lie n e q u ip s fd g 5 s . .1 9 2 1 M -S
8 2 78 33
D e t db C h E x t 1 s t g 5 s . .1 9 4 1 J - J
22 7 9
844
82 4
83
108 110
102
102
D e s M o in D iv l s t g 4 s . .1 9 3 9 J -J
1 0 1 4 1 0 2
4 10141034
........ 95
111
1 11141114
.......... 1 1 1 4
Oin D iv 1 s t g 3 4 s .............1941 A O
1114
8 3 4 85
* 94
T o l So C h D iv 1 s t g 4 s . . . 1941 M -S
.......... 9 5 4 F e b ’ 03
97
........
964 964
S t C h a s B r id g e 1 s t g 6 s . 1 9 0 8 A -O
W a r r e n See D e l L a c db W e s t
W a s h C e n t S ee N o r P a c
102 102
1 0 2 J a n *03
W a s h O db W S ee S o u th e r n
W e s t N Y & P a 1 s t g 5 s . . 1937 J - J
994100
100
100
14 9 8 1 0 0
1 1 7 4 ..........
G e n g o ld 3 -4 s ...................... 1 943 A-O
9 0 4 S a le
61 8 8
924
904
91
9 64 974
I n c o m e 5 s .......................... eI1943 N o v
9 5 A p r ’ 02
3 0 ..........
W e s t N o C a r S ee S o u th R y
1 0 5 4 F e b ’ 03
10541054
W e s t S h o r e S ee N Y C e n t
9 9 4 S ale
102
984
9 9 4 87 9 3
99 4 M a r ’ 03
99 4 9 9 4 W V a C e n t db P 1 s t g 0 s . .1 9 1 1 J - J
&
87
10 84
8 8 4 W h e e l’ g < L E 1 s t g 5 s . . . 1920 A O
112
1144
8 7 4 .......... 8 7
W h e e l D iv 1 s t g o ld 5 s ..l9 2 8 | J - J
.......... 11 3
E x t e n db im p g o ld 5 s . . .1 9 3 0 F -A .........112
1 1 0 4 1 1 2
1 1 0 4 F e b ’ 03
1 s t c o n s o l 4 s ........................ 1949 M -S .......... 9 2 4
105
105
105
F e b ’ 03
104
.......... 1 0 9 78 J a n ’ 03
1 0 7 4 1 0 9 7s W ilk e s ds E a s t S ee E r ie
1 0 9 4 F e b ’ 03
1 0 9 4 1 0 9 4 W il db S io u x F S ee S t P M ifc M
W in o n a db S t P See C db N W
103 A u g*0 2
........ * . .
W is C e n t 5 0 -y r 1 st eren 4 s . 1 9 4 9 J - J
1 0 2 4 D e c ’ 02
9 1 4 92

B id

J -J
J -J

W eek 's
R a n g e or
L a s t S a le

A 8k L ow

H ig h N o

L ow

H ig h

.....

U

MS

J-J
AO

AO

J -J
M-N
J -J
J -J
AO

M-N
J -J
J -J
J -J

W

1
U

m a n u f a c t u r i n g A I n d u s t r ia l
A m H id e So L 1st s f g 6 s . . 1919
A m S p ir its M t g l s t g 6 s . .1 9 1 5
A m T h re a d 1 s t c o l tr 4 s . ..1 9 1 9
B a r db S C a r C o 1st g 6 s . . . 1942
C o u s o lT o b a c c o 5 0 -y r g 4s. 1951
D is til S ec C or c o il v 1 st g 5 s . *27
D is t ill o f A m e r c o i l t r g 0 8 .1 9 1 1
111 S te e l C o d e b 5 s .................1910
N o u -co u y d e b e n 5 s ...........1913
l n t P a p e r C o 1st c o n g 6 s . 1 9 1 8
K m c k e r Ice (C h ic ) 1st g 5 s . ’ 2S
N a t S ta rch M fg C o l s t g 6 s 1 9 2 0
N a t S ta r c h C o s t d e b 5 s . . 1925
S ta n R o p e So T 1 st g 6 s . . . 1 9 4 6
I n c o m e g o ld 5 s ...................1946
U S L ea th C o s f d e b g 6 s . . 1913
U S S h ip b ld g c o ll db m g e 5 s . ’ 22
1 st 8 I 5 s g “ A ” ...................1932

1019

Bond Record— Concluded— Page 4

M a y 9, 1903.J

M
M
J
J
F
A
J
J
A
F
A
M
J
F

S

s

J
J
A
O
J
J
O
A
O
N
J
A

M N
F A
J J

I S C E L .I 4A N E C U S

91
9 1 4 10 1 9 0 4 9 3
90
89
6 88
944
80
80
SO J a n ’ 03
Jan ’00
105
62
S ale
617
e
02 4 215 6 0 4 6 7 4
77
6 8 3 118 67
-i
6 8 4 6 8 4 68
100 M a r ’ 03
9 8 4 1 00
99
J a n ’ 99
100
M u v ’ 02
1 0 6 4 S a le 1 0 6 4
1 0 6 4 10 1 0 6 4 n o
.
93
93
93
F e b '0 3
95
95
94
.......... 95
M a r ’ 03
80
75
73
S a le
71
60 69
68
62
63
62
2 60
624
9 4 35
9 S a le
9
84 134
112
1144
1 1 1 4 .......... 113 4 A p r ’ 03
91
91
91 J a n ’ 03
80
49
S ale
49
55
96 49
9 1 4 ..........
9 0 S a le
78
79

N o p r ic e F r id a y ; la te s t bid and a sk e d ,

a D u e Jan

b D ue Feb

Week* s
R a n g e or
L a st S a le
L ow
111
111
92
127 4
130

H i ah
A p r ’03
M a r ’03
92
F e b ’ 02
N o v ’ 02

113
105 4
80 4
110 4
111 4
103 4
108
1054
1194
119
107
110
112

No
....

J a n ’ 01
N o v ’ Ol
81
A p r ’ 03
A pr ’0 3
103 4
D e c ’ 01
A p r ’ 03
F e b ’ 03
M a r ’ 03
N o v ’ OO
M a r ’ 03
D e c ’ 02

108
111 4
105
116
117
944
112 4
95 4
120
95

R ange *
S ®| | s i n c e
< r\'J a n u a ry 1
A

M ay ’ 02
O c t ’02
A p r ’ 03
LI 6 7e
F eb n
9
A p r ’ 03
A p r ’ 0.,
M ar
D e c ’ 02

49

1 1 1 4

111

4
....
—

Low
n o

112

904

H ig h
94 4

80 4 86 4
1104 1104
111
1114
103
1054
10541054
119 4 1 1 9 4
119
1194

109 4 n o

101
105
4U n i 4 n * 4
1 16 117
93 4 9 7 4
11241194
95 4 98 4

’01

120

S e p ’ 02
1 1 5 4 A p r ’ 03
117
1164
114 J a n *03
122 M a r ’ 03
1 2 4 4 F e b ’ 03
118 A p r ’ 03
1 0 1 4 J ’ l y ’ 00
1 0 9 4 A j> r’ 03
92
S e p ’ 02
108 A p r ’ 03
123
F e b ’ 02
112 F e b ’ 03
115 J a n ’ 03
1124
1124
110 D e c ’ 01
93
F e b ’ 03
1 1 5 4 M a r ’ 03

-.1 1 5
1154
16 1 1 6 4 1 1 9 4
- - - 114
1154
...1 1 2 2
124
. . . 12 3 1 2 4 4
. . - 1 1 6 4 11 8
109

1114

106

10 8

112

112

115 115
11241104
93
93
115

1154

117 J ’ l y ’ 00
1 0 4 4 S ep ’ 02

1114
1114
1 1 6 4 A p r ’ 03
117 7e M a r ’ 0 3

102

11 6
1073
4
1014
754
104 4
1094
97
81
98
1094

1 1 64 11 8

1173811778

102

118
118
87
87
111
J a n ’ 03
113
113
1 1 3 78 N o v ’ 02
107
F e b ’03
9 2 A p r ’ 03
894
904
8 5 4 A p r ’ 03
744
754
9 8 A p r ’ 03
1 1 0 A p r ’ 03
1024
102 4
1024
1 02 4
994
1004
1 0 5 4 J a n ’ 03
1 0 1 4
102
1 2 4 M a y ’0 3
1134
1134
924
934
11 6 N o v ’ 02
1 1 4 4 A p r ’ 02

102

11141124

102
115
87

111

91

111

1114113

8
30
238
20
798

To
’ *2
162

10 7 10 7
90
97
89
92
834 854
74
80
98
98
109 1 1 0 4
10141034
1014 1034
994 1074
10541054
99 4 1 0 2
12 3
1274
1114114
90
984

1 10 1 1 0 2 4
62 115
11 8
13 1 0 4 4 1 1 1

30 2
1154
10 8
A p r ’ 03

1 0 0

844
1094

81

D e c ’ 02
10 9 4
M a y ’ 02
A p r ’ 03
M a r ’ 02
M a r ’ 03

1 0 1 4

67
103

7 6 4 995

854

i c s r i ’0

1 1 7 4 A p r ’ 03
9 8 4 A p r ’03
4 0 M a r ’ 01
1144
112
113
110
91

102
118
100

9 4

11741184
974 1014

J a n ’ 02
A p r ’ 03
S e p ’ 02
M a r ’03
A p r ’ 03

11 2
n o
90

23

914

1164
110

90

9 3 4

924

B O N D S —C o n c l u d e d .
M is c e lla n e o u s
A d a m s E x c o l tr g 4 s .......... 1 948
A m Dkdb I m p 5 s See C e n t N J
A m SS Co of W V a g 5 s
1920
B ’ k l ’ n F e r r y C o 1 st c o n s g 5 s ’4 8
C h ic J c So St Y a rd c o l g 5 s . 1915
D e t M db M hi g r in c o m e s .. 1911
H o b o k e n L db I g o ld 5 s . ..1 9 1 0
51 ad Sq G a r d e n l s t g 5 s . .1 9 1 9
M a n B c h H db L g e n g 4 s . . 1940
X e w p N e S h ip So 1) 1) 5 s d l 9 9 0
N Y D o c k 5 0 -y r l s t g 4 s . .1 9 5 1
St J o s e p h S tk Y d s 1 st 4 4 s . 1930
S t L T e r C u p p le s S t a t ’ 11 Sr P rop
C o l s t g 4 4 s 5 -2 0 y e a r .. 1917
S Y u b a W a t C o c o n g 6 s . . 1923
S p V a l W a t W o r k s 1 st 6 s 1906
U S R e d db R e f 1st s f g 6 s . 1931

c D u e M a r d D u e A p r j D u e J ’ n e h D u e J ’ ly

M -S

1 0 3 4 S a le

1034

26' 10 3

104

106

1 0 0 4 J ’ n e ’02
M-N
F-A
7 3 M a r ’ 03
73
76
M a r ’ Ol
...... ......
103
.......... 111
J -J
95 4
AO
87 S ale
85
8 7 4 16 8 5
M-N
M N
50
F e b ’ 02
M-N
...
......................
J -J
F -A * 90 4 .......... 9 1 4
9 1 4 1Ui 8 9 >2 9 5
..........................
J -J * 1 0 1
J -D
J -J
M -S

..........................
101
F e b ’ 97
1 0 1 4 ! ........ 113 4 J ’ ly ’ 0 0
82 A p r ’ 03

H

t D u e A n g p D u e N o v <7 D u e D e o

32

85

s O p t io n sal*

BOSTON STOCK EXCHKNOE-Stock Record, Daily, Weekly and Yearly
Share Prices—Not Per Centum Prices
S a tu r d a y
M ay 2
S2
9734

82b
973
4
2 55
146b
246
17 6
175
301
15 0
12 0
196

255
146
2 43
176
1 73
298
150
11 9
19 4
1 68
2 8 0 2S 6
1 4 0 b 141
*42
45
*31

16 5
228
206
*87
78
*22
..........
1 00

8 2 b S3
97b 98b
*255 2 5 6
14 6 b 1 4 6 b
*2 4 3 2 4 6
] t 5 17 5
*1 7 3
175
300 300
1 5 0 151
* ..........1 2 0
*194 196
*163
..........
*280 286
14 0 b 1 4 0 b
*42
45

T u esd a y
M ay 5
81b
98
255
140 b
*243
175
"1 7 3
*29S
150
120
"1 9 4

25
78

........

101

31

,t22
* ..........
* 1 0 0

25
7S
101

81b
98
255
146b
246
173
175
300
151
120
196

" 2 8 0 281
140 b 140 b
"4 2
45

32
31b
8 8 b
8 Sb
8 Sb
-2 7 b
*27b 28b
197 b
201
2 0 0
2 0 0 b
"1 0 5
170
*165
17 0
*228 232
*228
232
'2 0 5
2 0 6 b 205
206
86 b
8 6
83
87 b
79b
* .......... 80
78

..........
8 8
SSb
*27*o 2 S b

2 0 0

M onday
M ay 4

*22
* ..........
-1 0 0

32
8 8 b
28b
200
170
232
206
87 b
79b

25
78
101

91b 91b
9 0 7« 9 0 7e
9 1 b 82
9 0 b 9 0 *> 91
<
91
9 0 7s 9 l b
.......... * 1 7 0
..........
"1 7 0
17 0
92
92 b
92
92
92
9*2
113
11*2 11 3
1 1 2 5s 1 1 2 b * 1 1 1

* 2 0

22

77b 78b
*5
..........
* 2 0

21

1 2 6 b 1*26 b
1 2 0 b 1 20 b
1 5 8 b 160
12 b
12 H
i
77b 77b
..........
4 34
1 2 0

122

29
*7
273
194
42 34
85b
184
*2 1 i6
*79
1 38

30 b
7b
2 74
194
42 34
85 b
186
2 b
S3
..........

*1 0

b
78
..........
*2 0
2 1 H
2
126 b 1 2 7 b
1 2 0 b 121
15 7 7§ 1 5 8
12 b
12 b
77 b 7 7 b
* ..........
4b
'1 2 0
1 2 2 "
30
303s
*7
7b
* .......... 2 7 2
193
194
43b 43b
85 b 8 5 b
"1 ^ 4
..........
* 2 1ie
2 b
‘ 79
83
*T3S ..........
2 0

b

2 0

78
*5

64
*•25
..........
*25
*ob
*•50

9*.

9

5s
64 b
64b
*•25
1
l i b - ..........
26
*25b
4
3b
*•50
1
6 34

12

12

31

31
*70

*•60

121

158

159

1 2 b
77 b
* ..........

b
77 b
4b
*1 20
1 2 1 b
3 0 b 31
6 b
6 b
*270 273
1 9 3 b 193 b
43
43 b
8530 8 5 3s
* 1 8 4 b ..........
‘ - 118
^ 4
*79
S3
*138
..........

2 1 5 217
218
9
* 9 b ..........
1 1 1 b H 2 b *112
*2 5
26
"2 6
*29
30
*29
4
4 b
*4b
10 7 b 107 b 1 0 6
4S
48
48
29 b
-9 b 29b
13 b
13b 13b
95 b

49b 49b
0 0 b
35 b
35 b 3 5 %
So
So
3 4 b 85
*•60
*90
*•60
*90
*19
20
*19
*20
96
96
96
96
106 1 0 6 b

6 34

1 21

.1 2

216 216
* 9 b ..........
1 1 2 b 112 b
*25
26
*29
30
*4b
4 34
1 0 5 b 107
4 7 34 4 7 b
2 9 7g ‘ 9 b
2

*9

2 0 b
2 0 b
* 7 7 b 79
5 b
5b
*20 “
2 1 b
126b 127b

A4 b
5b
>520 52 5
*•08
*10
25
25
" 6 7s
7

6

12

5lib
35 b
84 7s
*•60

1 2

W ed n esd a y
M ay 6

*2 0

2

2 0

97

2 0

96b
*96

9
6 7s
b
64b
64 b
*-25
1
l i b * ..........
26b *25b
3b
4
1
*•50

9
9
7
7
65b
64b
1
*•25
l i b * ..........
2 ob
*25b
3b
3b
*•50
1

12

12

6

30b 31b
* 60
*70
*4 b
5b
520 525
••08
*10
25
26
*6 b
7

12

2

51) b .......... : : : : : :
3 5 34 : 3 5 b 35 b
8 4 7s
S 4 78 85
*90
*•60
*90

2 0

9

22

* 7 7 b 79
5b
5b
2 0 b
2 0 b
1 2 6 b 127 b
1 2 0 b 1 2 0 b
1 5 S b 159
*12 b 1 2 b
77b 77b
* ..........
4b
1 2 1 b 1 2 1 b
30
30b
*7
7b
270 270
193
194
43b 43b
8 5 b 85 b
*185
..........

30b 31b
*65
*65

12

31
*•60

20

97
98
9
7b
65 b
1
1 1 b
26b
3b
1
12

31
*70

*4 b
5 \.
5
5b
* 5 2 0 525
520 525
*•08
*10
*•08
-1 0
25b 25b
2 5 b 25 b
0 '8
6 b
*6 b
7

lb
lb
l 3e
1 ^
lb
l 7i6
1 5 10
l 5ie
* 1 4 b 16
* l 4 b 16
* l 4 b 16
* 1 4 b 16
63
63 b
6 3 b 65
64
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BOSTON

H r id a y
M ay 8

STOCK

e x c h a n g e

S a tes 1
>r the\
W eek

M a n g e j o r Y ea r
1903
L ow est

H ig h e s t

R a ilr o a d s
A tch T op
S a n ta F elO O 1 ,0 3 0 7 7 b A p r 13 8 9 78 J a n l O
D o p r e f ................. 100
1 04 9 6 A p r 14 1 0 3 1 J a n 10
4
B o s to n < A l b a n y ___ l o o
fe
41 25 5 A p r o 26 2 b F e b 4
B o s to n E le v a t e d ........100
2 4 4 142 A p r * 154 J a n 5
2
2 2 4 0 J a n 19 250 A p r 8
B o sto n & L o w e l l ........ 100
1 5 9 ;1 7 5 A p r 2 7 | l9 5
B o s to n
M a in e ........100
Jan 5
.......... 17 3 A p r 2 7 177
A p r 22
D o p r e f ................. 100
B o s to n < P r o v id e n c e lO U
fe
4 2 (2 9 9 J a n 291305 M a r l3
3 3 5 1 4 8 b A p r 28 157 J a n 6
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3 191 M a r
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191205 M a y 5 21 2 b F e b 13
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1 ,3 2 9 78 A p r 14 9 0 b M ay
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117 75 A p r i l 8 5 J a n 9
D o p r e f ................. 100
50 A p r 7 7 1 J a n 20
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25 J a n 12 25 J a n 12
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91
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24 *4 M a r2 8 2038 J a n 15
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2 6 0 2 0 A p r l 4 2 6 F e b 11
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1 9 » 77 b A p r 13 8 6 b F e b 14
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77b 78b
77b
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174
7 M ar 2
5
5
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77b 77b
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2 8 34
29
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8 ‘b J a n 23
7
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270 271
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193
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85 b 85 b
85 b
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Jan 2
83
N E C o tto n Y a r n p r e f 100
7 8 b 7 8 b *79
7135
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.......... 1 3 3
138
9 A p r 24 20 J a n 6
L a s t S a l e 10
M a y ’ 0 3 P la n t C o m p n e w c o m .10 0 ..........
1 0 9 21 1 A p r 14 237 J a n 9
218b 213b 218b
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70
9
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113 b 114
114
114
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L a s t S a l e 26 b
2 a b ^ a n 1 a 2 6 34 J a n 15
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2 9 J a n 21 2 9 3 J a n 5
4
L a s t s a l e 29*4
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33
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57 3 103 ^ A p r 13 111 J a n 10
105 b 107 b 105 b
1 0 5 b U n ite d F r u i t ................100
3 3 0 4 7 A p r 17 5 3 J a n 2
U n ite d S h o e M a c h . . . 25
43
48
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271 2 9 A p r i l 31 H F e b 5
i
D o p r e f .................. 25
2 9 5e 3 0
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30
6 5 0 1 1 78 M a r 31 1 5 b F e b 11
U S L e a t h e r ................. 100
20
8 9 b J a n 19 9 5 Hi M ay 6
D o p r e f ..................10 0
15 A p r 21 1 8 b F e b 16
L a s t S a l e 15
A p r ’ 03 U S R u b b e r ................. 10 0
30 48^2 A p r 16 57 H J a n 9
i
D o p r e f ........ ........ 10 0
79 5 3 3 7S A p r 14 3 9 78 F e b
35 a4
3 5 b U S S te e l C o r p ............10 0
35b 35b
9 8 6 8 3 b A p r 13 89 J a n
84 7s 8 4 7
s
D o p r e f ................. 10 0
84 b
84 b
•50 J a n 14 •80 M a r 4
L a s t S a l e 80
A p r ’ 03 W e s t E n d L a u d .......... 25
* 1 9 b -O b * 1 9 b
2 0 H W e s t T e le p Sc T e le g .1 0 0 ” 202 19 A p r 16 2 8 J a n 12
i
18 0 9 5 A p r 7 102 F e b 2 8
D o p r e f ................. 100
96b 96b
96
96
5 9 6 M a y 1 10 8 F e b 2
W e s t in g E l 6c M f g . . . 50
8 101 M a r l9 110 J a n 29
D o p r e t .................. 5 0
104 b
104 b
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250
9 A p r 21 18 J a n 2
* 8 34
9b *
..
9 b A d v e n t u r e C o n ........ . 25
S b M ar 9
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7
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67 b A m a lg a m a t e d C op p erlO O 2 3 ,9 0 2 60 b A p r 13 7 5 5s M a r l 2
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■50 F e b 9
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F e 0 ’ 03 A m e r G o b i D r e d g i n g
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6 J a n 2 1 2 b M a r 21
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11
A m Z m c L e a d <fc S m . 25
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A p r ’ 03 A n a c o n d a ....................... 25
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27 5
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A r c a d i a n ....................... 25
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4
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L a s t S a l e 75
A p r ’ 03 A r n o ld ........................... 25
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A t l a n t i c ......................... 25 '*4 2 7
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303 4
31
B in s h a m C o n Min<fe S 50 1 ,3 4 5 2 8 H A p r 14 3 9 H F e b lO
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100 •65 J a n 14 *90 M a r lS
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B o n a n z a ( D e v C o ) . . . 10
*•60
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L a st Sale 5
A p r ’ 02 B o s to n (Q u ic k s ilv e r ) 10
4 *o J a n 20
8
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250
5
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39 4 9 8 “ J a u 6 55 1 M a r l2
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C a lu m e t 6c H e c l a ___ 25
523
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100 •OS F e b lO •10 F e b 11
*•08
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C a ta lp a ( S i l v e r ) .......... 10
•08
-08
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26
26
C e n t e n n i a l .................... 25
25 b
26
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6 l4 J a n 31
C e n tr a l O il................... 25
* 6 34
7
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L a s t S a l t •30
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l b A p r 2 7 12732 J a n 2
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F e b l3
C o p p e r R a n g e C o n C olO O 1 i j i o f 5 6 A p r 13 75
64 b 65 as
64 b
66
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4 8 b D a l y - W e s t ................... 20 1 ,2 6 0 3 6 b J a n 20 4 S b M ay
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F e b 14 I I 8 H F e b 6
D o p r e f ................. 100
L a s t S a l e 22 7 b M a y ’ 03
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1 0 b f r a n k l i n ......................... 25
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l b A p r 14
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260
938
93s M a ss C o n s o l................. 25
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490
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M o h a w k t ...................... 25 1 ,0 7 2 b 4 3 H iJ a n 8 f 5 8
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M arl 3
825
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1 Jan 2
l b J a n 23
100
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lb
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l b N a t io n a l......................... 25
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15
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lb
lb
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739 59 H M a i b 79 F e b 9
67
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113
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Q u in cy............................. 20
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4 F e b ll
2 ^ Jan 6
210
R h o d e I s la n d ................ 25
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3
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3
l b Jan 2
3 J a u 23
710
2b
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141
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L a s t s a l e 50
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1 7 3 J an 28 3 3 34 M a r 12
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210 87 A p r i l 106 Hi F e b 20
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4 3 4 6 6 J a n 8 77
72
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1 Jan 8
100
W y a n d o t ....................... 2 0
2
2
"lb
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813s
7934 8 0 b
9 7 b 98
9 7 b 9S
255 b 2 5 5 b , * 2 5 5 2 5 6
146 b 1 4 6 b 1 1 4 6 b 1 4 6 b
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L ast S ale
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151
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118 120
113
118
192
192
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196
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.......... L a s t S a l e
L ast Sale
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1 4 0 b l 4 0 b 140 b 140 b
*42
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L a st Sale
...... ...... L a st S a le
32
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3 2 b 32 b
8 8 b
8 8 b
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197
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L ast Sale
230 230
*228 232
205 205
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90
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87
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79
79
79
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L a st Sale
Last S a le
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25
*.......... 7 8
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101
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L a st Sale
L ast S ale

79
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47 b 47 b
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97

2 'h u r s a a y
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STOCKS

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146
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175
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206
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146
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151
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B e fo r e p a y ’ t o la s s e s s ’ ts c a lle d

1111903.

" B i d a n d a s k e d . J N e w s to c k - f A s s t p a u l .
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R a n g e l o r H r ev io u i
Y ea r (1 9 0 2 )
L ow est

H ig h e s t

7430 J a n
9 5 Hi M a r
256 H D ec
i
149 Hi D e c
2 3 6 J ’ ue
1 9 0 b N ov
171
O ct
29 7 b J ’ ne
15 0 S ep
123 N o v
196 N o v
16 0 J ’ ne
2 8 0 O ct
141 D e c
47 J ’ ly
172
Jan
33 D ec
92
Jan
22 Hi D e c
210 Jan
1 70 J a n
2 3 0 Jau
206 D ec
68 M ay
79 H M ay
i
6 4 7e D e c
25 N o v
5 8 Jan
103 O c t
93-*>8 D e c
S 6 5s M a r
172
Jan
92 Hi O ct
111 Hi D e c
19 Hi Jan
3 9 38 J an
145 N o v

96 H S ep
z
106 S ep
2 66 M ay
173 Hi M a r
248 A p r
209 A p r
183 A p r
307 M a r
M ar
172
136 M a r
202 J a n
166Hi F e b
2 95
F eb
14 8 M a r
50 J ’n e
1 7 8 H J ’ ly
2
4 5 7s A p r
99 J ’ n e
31 M a r
254 A p r
175 J a n
238 A p r
217 A pr
85 *4 S ep
9 1 J ’ ly
125b A pr
31 J ’ ly
90 M ay
110 M a r
1 13 A u g
94 b A u g
1 7 8 J ’ ly
99 M a r
117 J ’ n e
3 4 78 J ’ly
55 H S ep
i
15 2 H M ay
i

19 D e c
7 6 b D ec
4 Jan
21 J ’ ne
1 1 2 7q N o v
11 5 J a n
155 M a r
12 D ec
73 A pr
3 34 M ay
122 b A p r
25 Jan
7 N ov
244 Jan
!!17134 O ct
3 6 b N ov
82 N o v
170 Jan
1 78 D e c
87 N ov
135 J a n
21 D e c
2 16 J a n
6 Jan
100 J a n
26 O c t
28 Jan
1 *4 A u g
85 H J a n
i
46 Jan
29 J a n
l i b Jan
SO H J a n
i
13 Hi J a n
49 Jan
29 H D e c
i
79 H D e c
i
•72 Hi M a i
22 D ec
91 F e b
8 6 Hi J an
89 Jan

32 H J’ ly
i

J ’ ly
M av
M ay
135 b M a r
123 S ep
1853s A p r
17 b J a n
8 0 34 J a n
4 b M ay
1 3 0 34 A p r
7 9 7s A u g
9 b M ar
28 5 M a y
3 3 2 34 A p r
4 1 34 N ov
87 b O ct
1 90 S ep
3 3p A p r
9 3 b J ’ ne
151 A p r
4 1 b S ep
2 5 0 J ’ ly
10 b O c t
177 J ’ ly
27 J a n
30 O ct
2 b M ar
11 7 S ep
5 7 b M ay
33 b A p r
1 5 1 S ep
4
9 1 b S ep
19 b O c t
62 b M a r
46-\ J a n
97 b J a n
1 12 b A p r
33 b A p r
10 6 b A p r
115 b A p r
117 A p r

12 H D ec
i
2 Aug
53*8 N o v
1 Hi N o v
6
D ec
21 N o v
3 H J an
i
•37 Hi D e c
6
D ec
2 0 Hi J a n
•40 J ’ ly
2 Jan
5 Hi S ep
420 D ec
•10 A p r
11 J a n
6 b D ec
•25 A p r
1 3 8 J an
15
O ct
4 3 34 M a r
1 3 b M ar
54 Jan
113 D e c
1H> J a u
7 Hi D e c
2 H D ec
i
9 3 4 D ec
12 H D e c
z
l b S ep
7 N ov
<121 J a n
3 J ’ ly
l 7e J ’ ly
1 Jan
*75 D e c
14Hi N o v
4 7 Hi N o v
21
N ov
3 D ec
10 0 N o v
lH i J ’ n e
1 Hi S ep
8
N ov
14 0 D e c
50
Jan
1 3 3 3 M ar
<234 J a n
8 D ec
27
S ep
1 3 1 Jan
4
13 N o v
1 9 H iJ ’ ly
4 D ec
d 1 Jau
42 Jan
*50 N o v

d ‘ 4b A pr
2
4 b M ar
7 s 78 F e b
3 34 A p r
1 6 b J ’ ly
35 J a n
1 3 b M ar
1
Jan
9 D ec
3 9 34 A p r
112 0 M a r
5 A pr
10 b M a r
65 0 F e b
•12 J a n
28 M ar
8 b M ay
2 Jan
2 b J ’ ly
1 9 34 J ’ ly
65 b O c t
56 J ’ ly
146 b S ep
11 9 J a n
5 b M ar
1 5 34 F e b
5 7g J a n
25
F eb
2 1 b M ay
3 38 M a r
(113 b M a r
4 9 b S ep
6
O ct
4 34 M a r
1 34 J a u
4 b M ar
25 F e b
893 F eb
4
34 F eb
5 M ay
147
F eb
3 b M ar
4 F eb
18 M ay
281 F eb
3 b J ’ne
1 8 b J ’ ly
125 F e b
18 b M ar
3 5 3 g j ’iy
23 D ec
3 8 b J ’ ly
27 b F e b
7 O ct
6
Aug
65 D e c
1 34 J ’ly

91

9 34
3 7 34

M ay

9,

Boston Eond Record

1 9 0 3 .]

BOND#

P r ic e
F r id a y
M ay 8

BOSTON STOCK E X C H ’GB

W eek ending M ay 8
Sell
A m Be T e le p h o n e 4 a . . . . 1 0 0 8
L'elep A T e l c o ll tr 4 s . 10*20
Am T
A tch A N e b r a s k a 1st 7 a .. 1008
A t o li T o p A S F e g e n g 4 s . . 1005
A d ju s t m en t tr 4 a ___ J ’ ly 1005
B o s to n i t L o w e ll I s ............1 0 0 7
B o s to n A; M arne 4 '-.s...........1041
Im p ro v e m e n t 4 s ...
..1 0 0 6
B o st As M o n Oil is s u e 7 s . . . 1004
B o s to n T e r m in a l 1st 3 * 8 . 1 0 4 7
2
B o stU n G as 1st 5s t r r e c t s -1 9 3 9
2d 5s tr u s t r e c e i p t s ........1 0 3 0
B u r e t M o R iv e x Os............1 0 1 8
N o n -e x e m p t 6 s .................. 1018
S in k in g fu n d 4 s .................1010
B u tte it B o s to n 1st (is ___ 1017
C ed ar Hap ct M o K 1 s t 7 s . 1010
2d 7 s ....................................... 1 0 0 0
C e n t V e r m 1 1st g 4 s . .M a y 1 0 2 0
C lu e B u r l i t Q 1st 7 s ..........1 0 0 3
I o w a D i v 1st 5 s .................1010
I o w a D lV 1st 4 s ................. 1010
D e b e n t u re 5 s ...................... 1 0 1 3
D e n v e r E x t e n 4 s ...............1 0 2 2
N e b r a s k a E x t e n 4 s ........1027
B «fe S W s t 4 s .....................1021
I l lin o is D i v 3 s .................1 0 4 0
J o in t b o n d s See G t N o r t h e r n
C h ic J c R y tt 8 tk Y d s o s . 1015
C o ll tr u s t r e fu n d in g g 4 s l 9 4 0
Ch MU i t S t P D u b D 6 s . . 1920
Ch M ct S t P W is V d iv 0 s l9 2 0
C h ic tfe N o M i d i 1 st g u 5 s . 1031
C h ic A W M ic h g e n 5 s ___ 1021
C o n c o r d tt M o n t e o n s 4 s . . 1 0 2 0
C o n n <fe P a ss R 1st g 4 s . . . 1043
C u r r e n t R iv e r 1st o s ..........1927
D e t G r R ap i t W 1 st 4 s . . . 1040
D o m in io n C oal 1 st 6 s ........ 1013
E a s te rn 1 st g o ld 6 s ...............1 9 0 6
F it c h b u r g 4 s .......................... 1004
4 s .............................................1027
F r e m t E l k A M o V 1st 6 s . . 1 9 3 3
U n sta m p e d Let 6 s ........... 1 9 3 3
G t N o r C B ct Q ©oil tr 4 s 1921
R e g i s t e r e d 4 s ...................... 1921

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

M-N
F -A
J -J
J -J
J-J
J-J
J -J
A-0

M-N

J-l)

?:5

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

W eek's
R ange or
L a st .s a le

Jllt/h
litd
A 8A L ow
0 9 S a le
9 6 4 96*2 96*4
96*2
113*2 F e b ’ 03
0 0 a4
100
91
0 0 ‘ 2 0 1 4 91
104 *2 A p r ’ 00
1 2 6 34 A p r ’ 01
9 9 78 J a n *02
101
M a r ’ 03
113*2 J an ’ 03
113
F e b ’ 03
90*2 F e b ’ 03
155j
1 17*8 i » c 'O
<
105 *2 J ’ l y ’ 02
00*4 F e b ’ 03
100 J ’ n e ’ 01
132*4 M a r ’ 03
117*4 F e b ’ 03
S a le
84
84
84
lOO^a
10038 M a y ’ 03
no
A p r ’ Ol
105*4
101*4 A p r ’ 03
95
105 J4 F e b *03
08
98
100
09
106
D e c ’ 02
1 0 5 *2
08*2
08 4
0 5 * 2 S ale
05
0 5 *2

JCange
S in c e
1 January 1
1

98«a 99

J -J

107

........

A O

J -J
J -J
M-N
J -D
J -D

1 2 5 * 2 ____
125
........
rm n i o f

A-O

A -O

........
97
98
108*2 H O
106 *2 S a le

1 0 0

A-O

M -S
M -S
M-S
M-S
A -O
A -O
J -J

136*4...
136*4...

02*4 Sale

02^, Sale

Q-J

107
107
07 M a v ’ 03
127*4 M a r ’ 03
125 *2 A p r ’ 03
104 *2 A p r *03
106
106
100*4 M a r ’ 02
112*4 J a n *03
1033* F e b ’ 03
08 A p r ’ 03
1 0 8 34 A p r ’ 03
106*2 106*2
1 0 0 78 M a r ’ 02
111*4 M a y ’ 02
137 A p r *03
137
M a r ’ 03
92*2
93'
\
92*4
923

ISOMIS

I

2

'
| a

W eek Ending May 8

101 101
1 13*21 1 3»1 0 2 :*b 1 1 3
80
01
00*4

132*4 132*4
117*4117*4
88
84
1 U0 *» 1 0 1 * 4
101*4 1 0 2 *2
1 0 5 a4 1 0 5 3 4
08
100*6
1

3

20

08* * 9 9 * ’
03*2 06*2
105 *
2
07
127
125*0
104*2
106

10734
08*2
128
127*2
107
107*2

112*4112*4
1 0 2 * o l0 3 3 4
08
1 00
108*2 1 1 0
106*2 107*4

1101
1

137 1 3 8
137 137*2
89*2 04*2
023, 9 4

l*r\ce
F r id a y
M ay S

\ *-z\

BO S T O N S T O C K E X C H '

Lo w H i g h
07* i 09*8
04 *2 9 8 V
113 *2 113 >2
09*4 101 >
4
88
02 * »
•

00*4

1021
^
1 ■sa»|

W eek's
R ange or
Jm s L s a l e

High
AsL L ow
100
1 00
..........100
OS * 2 100
130 F e b ’ 03
1 00
__ 1102 M a y ’0 3
112
. . . 1112 *2 F e b ’ 03
118 121
110
119
00
08
M ar’ 0 3
97
S a le
80
0 0
90
108 *2 M a r ’03
.......... n o
109*2 A p r ’ 03
i o i ’ * i'0’ 3 102 A p r ’ 03
123*4 A p r ’ 03

B id

......... 10U

Illin o is S te e l d e b e n 5 « . . . . 1 9 1 0 J - J
N o n -c o n v e r t d e b e u 5 s . . . 1013 A O
la F a lls tt S io u x C 1st 7 s . . 1017 A -O
K a n C ( Mill tt S p r 1st 5 s . . .1 0 2 5 A -O
K an C F t S A G u lf 1 s t 7 s . . 1 0 0 8 J-J)
K an C F t S c o t t i t M 6 s ___ 1 9 2 8 M-N
K a n C M tt B g e n 4 s ............1 931 M -S
Sp
I n c o m e 5 s .............................. M a r 1034l
K a n C tt M B y tt B r 1 st 581 0 2 0 A O
K a n C S t J o c t C B 1st 7 s . . 1007 J -J
L lt c t F t S m id g r 1 st 7 8 ...1 9 0 5 J -J
M a in e C e n t c o n s 1 st 7 a ...19121 A -O
C o n s 1st 4 s ......................... 1 9 1 2 1 A -O
M a r q H o u g h <t O u t 1 st Os. 1025 A -O
M e x ic a n C e n t r a l c o n s 4 s . . 101! J - J
1 st c o n s i n c 3 a ............ J a n 1030 J ’ly
2 d c o n s in c 3 s .............J a n 1 9 3 0 J ’ ly
M ic h T e le p c o n s 5s tr r e c .1 9 2 9 j - j
M in in ' G e n E le c c o n g 5 s 1920 J - J
N e w K n g C o t Y a r n 5 s ___ 1020 F -A
N e w E u g T e l e p h 6 s ............1006
6 s ............................................. 1007
6 s ............................................. 1008
5 s ............................................. 1 9 1 5
N Y ct N E n g 1st 7 s ............1905
1 st 6 s ..................................... 1 9 0 5
O ld C o lo n y g o ld 4 s ............... 19*24 F -A
(Dreg lt y tt N a v c o n g 4 s . . 1 046 J -D
O r e g s h L in e 1 st g 6 s ........1 022 F-A
Ite p u b V a lle y 1 st s f 6 s . . . 1 010 J - J
R u tla n d 1 st 6 s ........................ 1 902 M-N
B u tla n d -C a n a d ia n 1st 4 s l 0 4 9 J -J
S a v a n n a h E le c 1 st c o n s 5 8 .1 9 5 2 J -J
S e a ttle E le c 1 st g 5 s ..........1 9 3 0 F -A
T o r r in g t o n 1 s t g 5 s ............1 918 M -S
U n io n Pa© R R i t l g r g 4 s . 1947 J - J
1 s t lie n c o n v 4 s ................. 1911 M-N
U n it e d F r u it c o n v g e n 5 s . 1911 M S
V e r m o n t tt M a s s 5 s ............1 003 M-N
W e s t E n d S tr e e t R y g 5 s . . 1 9 0 2 M-N
G o ld 4 4 s ................................1 9 1 4 M -S
G o ld d e b e n tu r e 4 s ............1916 M-N
G o ld 4 a ....................................1917 F -A
W e s t e r n T e le p li A T e l 5 8 .1 9 3 2 J - J
W is c o n s in C e n t 1 s t g e n 4 s l0 4 0 J - J
W is c o n s i n V a lle y 1st 7 s . .1 0 0 0 J -J

N o t e — B u y e r p a y s a c c r u e d in t e r e s t in a d d it io n to th e p u r c h a s e p r ic e fo r all B o sto n B o n d s.

105*4 Muv’O
]

7*2 8 0

10 5

S o |Lww H i g h
4 100
lo o
13 9 8
101*2
. . . . 1 130
130
. . . . 101 a4 104
112 H 112*2
i
124*4
i 117
98
99
7
K8
91
__ 108*2 108*2
i
■ * 109 H 1 1 1 4
101
104
—
123*4 123*4

118 A p r ’ 03
118
118
0
75*2 ? 8 3*
T.sa*
78*4
26 J a n *03 * *• • 2 6
26
2 1 * 2 J ’ ne* 02
104

M ar’ 0 2

101

10 3

R ange
S in ce
!? l
^ * 1January 1

101

3

A p r ’ 03
105
F e b ’ 02 . . . .
104 N o v ’ 0 2
106 le M a r ’ 03
105 A p r ’ 03 . . . .
104*4 105
1 0 2 * 4 ____ 1 0 2 * * 4 A p r ’ 03 . . . .
112
M ay’ 0 1
1 0 0 * 8 O c t ’ 02
....
105
O c t ’ 1)2
100
J ’ n e ’02
102
M a r ’ 02
.......... 9 8 *2 95 A p r ’ 03 . . .
105H
i
1 05 105*2 103 *2
107
F e b ’ 03
101
M a r ’ 03
1003,
i o <)34
1
10 5 * 2 A p r ’ 03 * - •
•
100 S ep ’ 02
101 O c t ’ 0 2
108
J a n ’ 03
1 0 2 34 A p r ’ 03
1 0 4 * 4 F e b ’ 03
10 3 34 S ale 1 0 3 * 2
10 4
11
8 7 * 4 J ’ l y ’ 01
1 1 4 * 2 A p r ’ (>3 . . . .

T oo" iu ;T

102

* N o p r ic e F r id a y ; la t e s t b id a n d a s k e d .

......................
166*8 106*8
104106
1 0 2 34 103* i
......................

95
96*2
104*2 1 0 6
107
107
101
101
10 0 ff8 106
105 111
106*2
102*4
1037*
102 34

108
1 0 2 34
104*4
105

114 * 11 4
2

*2

1} T r u s t Co. e tis .

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
S l m r e 1'r i c e s — N o t P e r C e n t u m
S a tu r d a y
M ay 2

T u esd a y
M ay 5

W ed n esd a y
M ay 6

70

70
*25°8
12*8

*243a
7 * ,«
28*4
*724
42*2

70*4 70*4 * 7 0
7 0 *,
114 '4
m o ' 1 1 4 34 * 1 1 0
2 5 ?8 2 6 *h
26
26*4 2 6 ,3
8
42 \
43
43
4 2 « b 42 \
13
13
*1 2 * 2

24 A
7-V
29*4
73
42 4

6S34
* 4 4 *2 4 4 3.,
7
7*s
12*4 1 2 k,
2 7 71u 27 ^
-4 1 *2 42
*33
33 4
46^ 46^
107 * 1 0 7 3a
2
6 8

Monday
May J

5s

24*2 2 4 ^
8
7 3s
29*2 3 2 34
73
73><,
42
43
3
i{116

24*2
7*16
29 *«
73*4
42\
3

:i4
69 > x 6 7 *2
4 4 34 45 *4
45Y
7
7
7*8
123a
27
28 H
.
28
42
*41*2 42
*34
34*-? * 3 4 34
4 6 5«
* 4 6 58 47
10 8 34
1 0 7 34 108

68**10

F H lI iA D E L B H lA
In a c tiv e S to c k s
A m e r ic a n C e m e n t. . 10
A m e r I r o n ct S t e e l ___ 50
A ui e r 1ca n It a il vva v s . . . 5 0
B e ll T e le p h o n e .......... 50
C a m b ria i r o n ................. 50
C a m d en & T r e n t o n . . . 1 0
C e n t r a l C oal & C o k e .l o u
P r e f e r r e d ................... 100
C o n s o l T r a c P i t t s ..........50
P r e f e r r e d ..................... 50
D a n v ille B e s s e m e r
l* o
D ia m o n d StaTe ste*‘ l
P r e fe r r e d ...........................
E a s to n C on E l e c t r i c ...5 0
E l e c t r i c o f A m e r i c a .. .5 0
E le c S to r a g e B a t t ___ l o o
P r e f e r r e d ....................l o o
G e r m a n t o w n P a s s ........50
H a r r is o n B r o s p r e f . . . 1 0 0
In d ia n a p o lis s t ........... l o o
I n t e r S m P & D v n a r a ..o O
K e y s t o n e T e le p h o n e .. 5 0
P r e fe r r e d ..................... 50
l it B r o t h e r s ................... 10
L it t le S c h u y l k i ll............50
M iu e h ill iU S c h u y l 1 1 ..5 0
N e s q lie h o n in g . . . .
50
N H a v e n I r o n & St e e l. 5
X o r t li P en 11 s y lv a n ia . . 50
P e n n s y lv a n ia S a lt ........50
P e n n s y lv a n ia S t e e l. 100
P r e f e r r e d ................... l o o
P lu la C o ( P it t s ) p r e t ...5 0
P h il G e rm a n Jc N o r r is . 50
P h ila T r a c t i o n ...... .........50
R a ilw a y s G e n e r a l........ 1 0
S u s q u e h I r o n A- S t e e l . . 5
T id e w a t e r s t e e l .......... 10
U n it e d N J H it & C .. 100
U n it P o w <fc T r a n s ___ 25
U n ite d T r a c P it t s ........50
P r e f e r r e d ...................... 50
W a r w ic k I r o n A S t e e l .10
W est J e r s e y A S ea S h . 50
• W estm orelan d C o a l . . . 50

B id
7 78
*49

12*2

2 8 3s
42^8
35*.j
4 6 34
1 0 S 78
A sk
8
49

*2

47

*2

"i^H
8 7b

9

.. .
62*2
6 4 *v ..........
50*v
5
5*4
108*4
50
92
48*4

93
48*o
165
*97*4 9 7 ^
3*4
276
51
5*8
68
81

278

5*4
70

........

A C T IV E

T h u rsd ay
M ay 7

STOCKS

( F o r B o n d s a n d In a c tiv e
S to ck s see b e lo w )

F r id a y
M ay 8

S a les
o f th e
W eek
S h a res

B a ltim o r e
*
71
7 0 L 7 0 1 t C o n s o lid a te d G a s ............ 1 0 0
* 1 1 2 *o n 6
* 1 1 3 ‘ 114
*1 10
N o r t h e r n C e n t r a l .......... 50
.
26*4 S e a b o a r d A i r L i n e ........ 1 0 0
‘J O3* 2 6 3r
26**8 JO3? * 2 6
D o p r e f ..................... 1 0 0
b
*43*8 4 3 3b *4 2 78 4 3 ;* * 4 2 34 4 3 *4
U n ite d R y <t E l e c t r i c .. 50
13
13
13
13
13
13
70

67*2
45 7e
7^16
*12*4
2 8 3i0
4 2 *2
35 *8
46*2
107 7s

24*2
7 3 i0
30*2
* 7_2
4 2 53

24*2
7 7, b
31*o
73
4 2 5b

34
67 5e
45*2
7*8
1238
1 2 30
12*2
2 7 58 2831 0
2 « 5io
'1 2 *2
4 1 78 421s
3531h *35
35 *2
4 6 j4
4 o34 4 6 y4
1 0 8 34 1 0 8
108 M
6 7 34
45 7r
;7 310

67*8
45*4
*7

P H IL A D E L P H IA
B onds
A l V a l E e x t 7s 1 9 1 0 A -O
A s p h a lt C o 5 s 1 9 4 9 tr c tfs
A t l C ity 1 st 5 s g ’ 1 9 . M -N
B a lls T e r 1 st f>s 1 9 2 6 J -I)
Berg<& E B r w 1st 6 s ’ 2 1 .J-.)
B e tiile S te e l 6s 1 9 9 8 .Q -F
C h e <fc D C a n 1 s t 5 s ’ 16 J-J
C h o c A M e 1 st 5 s 1949 J-J
Cli O k <fc G g e n 5 s ’ 19 J -J
C it S t R y ( i n d ) c o n 5 s '3 3
O ol S t R y 1 st c o n 5 s 1932
E & A 1 s t M 5 s 1 9 2 0 M -N
E le c A P e o T r s t k tr c tfs
E lm
W il 1 s t 6 s ’ 1 0 .J-J
I n c o m e 5 s ___ 2 8 6 2 . A -O
Eq 11 G a s -L 1st tr 5s 1928
H A B T o p c o n 5s ’ 25 A -O
In d ia n a p o lis R y 4 s . 1933
L e h ig h N a v 4*os ’ 1 4 .Q-J
R R s 4 s g ........1 9 1 4 .Q -F
G e n M 4**>s g . 1 9 2 4 .Q -F
L e h V C 1 st 5 s g ’ 3 3 . . J-J
L c li V e x t 4 s 1 s t 1 9 4 8 . J -I)
2 d 7 s 1 9 1 0 ................. M -S
C o n s o l 6s 1 9 2 3 ........ J -D
A n n u it y Os
J -D
L e li V T r a c 1 st 4 s ’ 2 9 . J -D
N a t A s p h a lt 5 s 1 9 5 1 . J-J
X e w C oil G a s 5s 1 9 4 8 J -I )
N e w a r k P a s s c o n 5s 1930
X Y P li i t N o 1 s t 4 s ’3 9 J -J
I n c o m e 4 s 1 9 3 9 . . . M -N
N o P e n n 1 st 4 s ’ 3 6 . . M -N
D e b e n 6s 1 9 0 5 ........ M -S
P e n n tren 6s r 1 9 1 0 ..V a r
C o n s o l 6s c 1 9 0 5 .. . V a r
C o n s o l 5s r 1919
Var
P e n n A M d S te e l c o n 6 s.
P a A X Y C a n 7 s ’ 0 6 . J -D
C o n 5s 1939
........A -O
C o n 4 s 1939
\ -()
P e n n s t e e l 1 s t 5 s ’ 17 M -N
P e o p le ’ s T r tr c e r t s 4s ’ 43
P C o 1 st A c o l t r 5 s '4 9 M -S

* B id a n a a s k e d p r i c e s ; n o sa le s o n th is d a y .

|
1

R a n g e Jor Y ea r
1903
L o w est

49 6

69 *>A p r
<
1133 A p r
4
1 ,4 8 5 23*4 A p r
8 5 0 3 8 *2 A p r
1 ,2 7 9 1 1 7e A p r

70

24 **2
24*2 2 4 *2
7*8
7 9 ir,
7 5b
30
313,
324
x72
73*2
72*2
4 2 78
42 7s 42 7e
3
3
3
6 7 34
4 5 7g
7 3ic

P r ic e s

H ig h e s t

R a n g e to r l* rev io u s
Y ea r(1907)
L ow est

22 72* 2 J a n 5 62 *4
s 118 J a n 12 104
14 28*4 J a n 2 2 3 58
13 4 5 J a n 2 4 0 * 4
10 1 4 *4 J a n 3 13

H ig h e s t

74 *8 S ep
Jan
J a n 125*4 J ’ ly
D e c 3 4 34 A u g
D e c 55*8 A u g
17 M a r
O ct

P h ila d e lp h ia
*s S ep
1 A pr
A m e r ic a n A l k a l i ............ 50
* 8 J a n 10
* 8 J a n 10
D o p r e f ..................... 5 0
2434 243, C a m b ria *SteeL.................
1,191 2 3 38 M a rlO 2 6 34 J a n 5 23
May 2 9 *s S ep
C o n s o l L a k e S u p e r io r .. 1 0 0 2 9 ,8 4 8 3 *3 , 0 M a r l 1 9yie J a n 2
6
D e c 36 A p r
7 »io
D ec 80*4 A p r
31
3 1 3,
D o p r e t ..................... 1 0 0 u , : ; t
15 *2 M a r 12 4 0 3i J an 2 33
601 72 J a n 7 7 9 3, F e b 5 65 N o v 7 9 3 4 S ep
72*4 72*o L e h ig h C oa l i t N a v ___ 50
29*4 N o v 38*2 D e o
42*8 42*2 L e h ig h V a l l e y .................. 50 1,631 3 7 7b J a il 3 4 5 7e J a n 30
2 7b A p r 14
4 Jan 0
2 78 F e b
3*8 M a rsd e n C o ....................... 1 0 0 1 ,6 1 7
*4 A u g
N a t A s p h a lt T r C o r e c t s 50
20
34 J ’ ly
2s F e b 6)
* 2 F e b 18
**8
*-. J a n 7
134 J ’ ]\1 F e b 10
5 iq O ct
D o ‘ p ref T r Co rects 50
7 3 34 J a n
85
S ep
t 6 5 9io 6 5 7g P e n n s y lv a n ia K B .......... 50 3 ,4 7 5 t65e i 6 M a y 8 7 8 y4 J a n 6
*45*8 453« P ln la d e lp ’ a C o (P it t s b ) 50 3 ,1 1 1 43 78 A p r 13 4 7 3 4 F e b 10 4 3 * 2 D e c 50^8 A p r
9 Jan 8
3*8 J a n
9 *2 S ep
7
7*4 P h ila d e lp h ia E l e c t r i c .. 25 3,51 8
6 * 4 M a r l3
8 * 4 J ’ ne
1 S 78 O c t
*12*4 1 2 h P liila R a p id T r a n s i t . . . 50 1,34S 1 2 * 4 M ay 2 17 7g J an 5
J
26*4 M a r 3 9 3 , 0 S ep
27*^ ‘ 7 7b R e a d i n g ............................. 50 4 2 ,4 1 7 25'*b A p r 13 :i41 1 ,0 J a n 2
331 4 0 3b A p r 14 4 4 *1 , 0 F e b 0
40
M a r 45*8 S ep
*4 2
D o 1 s t p r e f .............. 50
4 2 *2
D o 2 d p r e f ................ 50
3 0 J a n 40*16 O c t
* 3 5 *2 36
36 0 3 3 A p r 10 4 0 *s J a n 6
4 8 34 F e b
4 6 5a 4G*b U n io n T r a c t o n ................ 50 1 ,1 6 3 4 6 A p r 13 473., F e b 16 3 2 J a n
t 9 4 34 953* U n ite d G a s I n ip t............ 50 9 ,5 9 2 1 9 4 34 M ay 8 1 1 6 * 2 J a n 31 101 *2 M ay 12 6 M ay
31
40*2 S ep
W e is b a ch C o ................... 1 0 0
2 4 J a n 8 31
M a r 11 2 4 Jan
*26
A sk

B id
117*2
22*2

23
......

93

113
109
105

121
50
114
109 4
*2

110 4
9 S 38 9 8 4
1134
1074,
85
84
1OS
104
n o 3,
110
109 4 1 1 0
115
i ‘2 i
120
121
i38*^
65
67
7
6
109
108

____

••••••
91

111
......
104
115
105*2
115
1123.,
110 4
111
^8
i ( ) 3 4 104
1OS3, 109

L o w e s t is e x -d iv id e n d .

P H IL A D E L P H IA

1B id

A sk

B A L T IM O R E '

C lias B y G <t E l 5 s ’ 0 9 M -S
C h a ri C tt A e x t 5 s . ’ 0 9 J-J
2(1 7 s ................. 1 9 1 0 A -O
.......... C ity tt S u b 1 s t 5 s . . ’ 22 J -D
io i
C ity tt S u b ( W a s ) l s t 5 s ’ 48
123*4
1 24 ” 1 2 4 4 C o l i t G r n v 1 s t 6 s. 1 9 1 6 J-J
C o n s o l G a s 6 s . . . 1 0 1 0 J -D
1164
5 s .........................1 9 3 9 J -D
10 4
lo 7
Ga<fe A la 1 st c o n 5 s ’ 45 J-J
103
106
G a C ar ct N 1 s t 5 s g ’ 20 J -J
G e o r g ia P 1st 6 s . . . ’ 2 2 J -J
106
107
G a S o tt F la 1st 5 s 1 9 4 5 J -J
1 0 9 L 111
G -B -S B r e w 3 -4 s 1 9 5 1 M -S
112*4
2d in c o m e 5s 1 9 5 1 M -N
64
0 4 34 K n o w T r a c 1 st 5s ’ 2 8 A -0
L a k e R E l 1st g u 5 s*4 2 M -S
M e tS t (W a s h ) 1 st 5 s ’ 2 5 F A
B A L T I > !O R E
Alt V e x C o t D u c k 1st 5 s .
In a c tiv e S to ck s
I n c o m e s .............................
A 11 All la 0 5 L/Jiai It m l K . JL U 16 0
s.
U
N e w O r! <la s 1 st 5 s .. V a r
A lla n C o a s t L (C o n n )lO o 2 5 0
300
N p t N <t O P 1st 5 s ’ 3 8 M -N
t
1 <
1................. ..J.UU
99
y.i
vjeoi g ia o o u a r la . . . iu u
4•
) ■* ••*• N o r f o lk S t 1 st 5 s ’ 4 4 . . J -J
N o r t h C e n t 4 *2 8 1 9 2 5 A -O
100
jlsl p r e r .. . . . . . . . . . . . l u o
90
6 s 1 9 0 4 .......................... J-J
75
j u p r e r . . . . . . . . . . . . . .i u u
/0
S e r ie s A 5 s 1 9 2 6 ___ J-J
b r e w i n g ............ 1 0 0
1 J J4
S e r ie s B 5s 1 9 2 6 ___ J -J
3
4
P itt TJn T r a c 5s 1 9 9 7 .J -J
U n it E le c L A P p r e f . 50
3 7 4 33
P o t o V a l 1 st 5s 1 0 4 1 .. J-J
S e c A v T ( P i t t s ) 5 s ’ 34 J -D
B onds
S a v F la <fcW e s t 5s ’ 34 A -O
99
A n a c o s t ia A P o t 5 s ............
97
A t l A C h 1 st 7 . . . 1 9 0 7 J-J 1 1 1 4 1 12 4 S e a b o a rd A L 4 s 1 9 5 0 A -O
S c a b <t R o a n 5s 1 9 2 6 . J -J
A t l C oa st li(C t )c t fs 5 s J -D 1 12
113
S o u th B o u n d 1 st 5 s ..A - O
C tfs o f in u e b t 4 s ___ J -J
91
93
U E l L & P 1 st 4*28*29 M -N
B a lt C P a s s 1 st 5 s ’ l l M -N
U u B y ct E l 1 st 4 s ’ 49 M -S
B a lt F u n d g 5 s . 1 9 1 6 M -N 1 2 3 4 124
I n c o m e 4s 1 9 4 9 ......... T-D
E x c h a n g e 3 4 s 1 9 3 0 J-J 1 10 4 111*4
Yu H id 1st 6 s : 9 0 6 . . M-S
R e fu n d in g 3 4 s 1952J-J 112
2 d s e r ie s 6 s 1 9 1 1 . . . M -S
B a lt A P I st 6s m 1 ’ 11 A -O
3 d s e r ie s 6 s 1 9 1 6 ..M -S
1 s t 6s tu n n e l 1 9 1 1 J-J
4 th s e r 3 -4 -5 s 1 9 2 1 . M -S
117
B alt T r a c 1 st 5 s .> 2 9 M -N
1 15
5tli s e r ie s 5 s 1 9 2 6 .M -S
121
X 0 B al t D iv 5 s 1 9 4 2 J -I ) 120
V a (S ta te ) 3 s n e w ’ 3 2 . J-J
C o n v e r t ib le 5 s ’ 0 6 M -N 10 0
F u n d d e b t 2 -3 s 1 9 9 1 . J-J
C e n tr a l R y 6s
1 9 1 2 J-J
W e s t N C co n 6 s 1 9 1 4 J - J .
C o n s o l 5 s ___ 1 9 3 2 M -N
115
W e s V a C A P 1 st 6 g ’ l l J-J
E x t A Im p 5 8 .1 9 3 2 M -S 117
W il <t W e ld 5 s . .1 9 3 5 . J-J 1
C lias C ity R y 1 st 5 s ’ 2 3 J -J 1 0 8
108
P h il E le c g o ld t r u s t c t f s .
T r u s t c e r t if s 4s
P A E g e n lM 5 g ’ 2 0 . A -O
G e n M 4 s g 1 9 2 0 ..A A O
P li A R ea d 2 d 5 s »33 A -O
C o n M 7 s 1911
.J -D
C on M 6s g 1 9 1 1
.J -D
l-.x Im p AL 4s it ’ 47 A -< >
C o n M o f ’ 8 2 4 s ’ 3 7 . J-J
T e r m in a l 5s er 1941 .Q -F
P W A B c o l tr 4 s ’ 2 1 . J-J
1&ocli< s1 ( r R y eon 5 s 1930
S R E S id e 1 st 5s g ’ 35 J -D
U T r a c P it tren 5 s ’ 9 7 J-J
W e ls b a c h s f 5 s 1 9 3 0 . J -D

t E x -a U o tm e n ts .

10 0
66

100 4
664

B id

A 8k

90
92
115
1124
11 4
ilG
99
97
117
118
1104 111
1 1 2 34 113*4
111
1114
1 0 9 34 110*4
121

115
51
363e
101

117
119
693s
234

51*4
3 6 58
102

69=8
24

i0 5 ’ * io s ”
10 7
L104
1 10

i o : ’> 4
3
120
1 20

117
114
111

114
S*i78
111
1 1 0

864
93*4
6 S *4
104

83 4
112 4
111
8 6 34

93 4
‘*a

6 8

110

115
112

11 3
114
9 1 4 93
92
93
114
112
1124
120

1022

THE

C H R O N IC L E .

Volume of Business at Stock Exchanges
T R A N S A C T IO N S A T T H E N E W Y O R K STO C K
D A IL Y . W E E K L Y A N D Y E A R L Y
S to c k s

W eek e n d in g
M ay 8
1903

S ha res

P a r v a lu e

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

S a tu r d a y . . .
M onday .. . .
T u e s d a y ___
W edn esday.
T h u r s d a y ...
F r i d a y .........

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

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

T o ta l

R a ilr o a d d c
B onds

B onds

$ 1 4 ,5 0 0
2 0 ,3 0 0
5 ,0 0 0

$100
$ 3 9 ,8 0 0

$100

$ 1 0 ,0 8 2 ,5 0 0

J a n u a r y 1 to M a y 8

1902

1903

Vs

S ta te
B onds

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

W e e k e n d in g M a y 8

S a les a t
N ew Y o r k S to ck
E x ch a n g e

EXCHANGE

1902

1903

4 .4 8 4 ,8 6 0
5 6 ,6 7 6 ,3 2 2
2 ,1 4 8 ,4 7 6
7 2 ,5 6 0 ,6 8 8
S t o c k s — N o. sh a re s
P a r v a l u e .......... $ 2 0 0 ,2 0 4 ,1 5 0 $ 4 1 2 ,4 4 8 ,2 5 0 $ 5 ,3 5 7 ,6 2 7 ,2 7 5 $ 6 ,8 5 9 ,8 1 6 ,1 2 5
$ 4 3 ,6 0 0
$ 2 0 9 ,5 0 0
$ 3 1 0 ,3 0 0
$ 1 6 ,0 0 0
B a n k sh ares, p a r ..
BONDS

G overn m en t bonds
S ta te b o n d s ___
R R . a n d m is. b o n d s

$ 3 9 ,8 0 0
100
1 0 ,0 8 2 ,5 0 0

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

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

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

T o t a l b o n d s ___

$ 1 0 ,1 2 2 ,4 0 0

$ 1 9 ,3 3 0 ,4 0 0

$ 2 4 3 ,8 4 4 ,8 5 0

$ 3 8 0 ,4 8 6 ,7 0 0

D A IL Y T R A N S A C T IO N S A T T H E B O STO N A N D P H IL A D E L P H IA
EXCHANGES
W eek e n d in g
M ay 8
1903

B o s to n
L is te d
sh a r e s

P h ila d e lp h ia

U n listed
sh a res

B ond
s a le s

L is te d
sh ares

U n listed
sh a res

B ond
s a le s

S a t u r d a y ........
M o n d a y ..........
T u e s d a y ..........
W edn esday. .
T h u r s d a y ........
F r i d a y .............

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

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

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

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

767
9 ,5 6 6
8 ,7 7 9
9 ,0 2 3
4 .8 S 9
5 ,9 1 9

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

T o t a l............

7 6 ,6 3 4

3 7 ,8 3 5

$ 2 6 8 ,7 1 0

1 0 6 .0 0 5

3 8 ,9 4 3

$ 3 1 3 ,8 9 5

Outside Securities
A W e e k ly R e v ie w o f O u tsid e M a r k e t w i l l be f o u n d o n a p r e c e d i n g p a g e .

Street R ailw ays
NEW YORK CITY
B le e c k S t & F u l F s t k 100
U l s t m o r t 4 s 1 9 5 0 ..J - J
U B’ y & 7 th A v e s t k . . 100
U l s t m o r t 5s 1 9 0 4 .. J - D
U 2 d m o r t 5 s l 9 1 4 . . .J - J
C o n 5 s 1 9 4 3 S ee S to c k
B ’ w a y S u r f 1st 5 s g u 1924
2d 5 s in t a s r e n t a l 1 9 0 5
U C en t’ l C r o s s t ’ n s t k . . 1 0 0
U l s t M 6s 1 9 2 2 . . . M - N
U C e n P k N <fc E R s t k .1 0 0
U C hr’ tT«fe 1 0 th S t stk 100
C o l& 9 th A v e 5 s S ee S to c k
U D ry D E B & B s t k . 1 0 0
" U ls t g o ld 5 s 1 9 3 2 . . . J -D
iJS crip 5s 1 9 1 4 ___ F -A
U E ig h th A v e n u e s t . . . 1 0 0
U S crip 6s 1 9 1 4 . . . . F - A
U 4 2 d & G r S t F ’ y s t k . . 100
U 42d S t M & S t N A v 1 0 0
U l s t m o r t 6 s 1 9 1 0 .M -S
U2d in c o m e 6 s 1 9 1 5 J -J
L e x A v & P a v F 5 s S ee St
M e t r o p o l S e c u r it ie s S ee
M e t r o p o l S t r e e t R y S ee
N in t h A v e n u e s t o c k . 1 0 0
S e c o n d A v e n u e stock lO O
U ls t m o r t 5 s 1 9 0 9 M -N
C o n s o l 5 s 1 9 4 8 ........ F -A
U S ix th A v e n u e s t o c k 100
S o u B o u le v 5s 1 9 4 5 ..J-J
S o F e r 1 s t 5 s 1 9 1 9 ...A - O
T h ir d A v e n u e S ee S to c k
T a r r y W P & M 5s 1928
Y k e r s S t R R 5 s 1 9 4 6 A -G
2 8 th & 2 9 th S ts 1 s t 5 s ’ 96
U T w e n t y -T h ’ d S t s t k 1 0 0
D e b 5 s 1 9 0 6 ................J -J
U n io n R y 1 s t 58 1 9 4 2 F -A
W e s t c lie s t 1 s t 5 s ’ 4 3 J-J

B id
35
100
247
100
107b
E x c li
§112
8101
265
8123
210
185
E xch
115
116
103
405
105
410
70
111
96
k E xc
S tk E
S tk E
190
215
§104
§116
175
§110
§105
E xch
107
108
115
408
102
115
108b

A sk
36
101
248
100b
109
lis t
113
101b
270
124
215
190
lis t
120
118
103b
415
109
415
75
112
100
List
x lis t
x li s t
205
217
106
117
180
111
108
lis t
108
109
116V
415
104
118
109

Street R ailw ays
G ra n d R a p id s R y ___ 100
P r e f e r r e d ....................100
I n d ia n a p o lis S t R y See
J C H o b & P a t e r s o n .. 100
4 s g N o v i 1 9 4 9 .. . M -N
L a k e S t (C h ic ) E l s t k .1 0 0
1 s t 5 s 1 9 2 8 ..................J-J
If L o u is v S t 5s 1 9 3 0 .. J & J
Lynn<fc B o s 1 s t 5 s ’ 2 4 . J -D
M in n e a p S t R y 5 s S ee S tk
N e w O r l R y s C o .......... 100
P r e f e r r e d ....................1 0 0
4 b s 1 9 5 2 ..................... J -J
N o r t h C h ic S tr s t o c k . 100
1 s t 5 s 1 9 0 9 ................J -J
N o r t h J e r s e y S t s to ck lO O
4 s 1 9 4 8 ......................M -N
P a t R y c o n 6s 1 9 3 1 ..J -D
2 d 6 s 1 9 1 4 ..................A -O
R o c h e s t e r R y ................1 0 0
P r e f e r r e d ................1 0 0
C o n 5 s 1 9 3 0 S ee P h ila
2 d 5s 1 9 3 3 ..................J -D
S o S id e E l (C h ic ) s t k .1 0 0
S y r a c u s e R a p T r 5s 1 9 4 6
T o le d o R y s & L ig h t See
U n it R y s (S t L T r a n s ) 100
P r e f e r r e d ....................10 0
G e n 4 s 1 9 3 4 ___ See S tk
U m t R y s S a n F r a n S e e S tk
U W e s t C h ic a g o S t ___ 100
U Con g 5s 1 9 3 6 ___ M -N

A sk
60
97b
lis t
19
7 7V
5b
101
117
118
list
15b
41b
82
120
99
23
84
130

106
107
104
x lis t
27
78b
lis t
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C o n G a s (N Y ) s t k . S ee St
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103
1 st 5 s 1 9 1 0 -1 9 1 4 .. . .J - J §101
T e n n e s s e e C o p p e r ........ 25 t 2 8 b 29
98
IJTexas & P a c ific C oa l 10 0
90
1 s t 6 s 1 9 0 8 ................ A -O §1 0 5
107b
485
T it l e G u a r & T r (n e w ) 100 4 65
155
T it le I n s C o o f N Y . . 100 150
T r e n t o n P o t t e r ie s com 100
20
23 b
P r e fe r r e d n e w .......... 100
94
90
T r o w D ir e c t o r y n e w . . 100
70
U n io n C o p p e r .................. l o t
2
2b
U n io n S w it c h & S ig n a l 5 0 t 85
P r e f e r r e d ....................... 50 1 .......... 105
U n io n T y p e w r c o m . . 100 11 5
11 8 b
1 s t p r e fe r r e d ...............100 119
121
2d p r e fe r r e d ...............100 11 9
123
U S C o tto n D u c k ........ 100
4
U s E n v e lo p e c o m . . . 100
28
U P r e fe r r e d ...................10 0
75
70
U S L ig h t & H e a t ___ 10
10b
1JU S R e d & R e f i n i n g . 100
33
31
U P r e fe r r e d .................. 100
52
50
UU S S h i p b u i l d i n g . . . 1 0 0
lb
U P r e fe r r e d ...................100
50
5
B o n d s — S ee S t o c k E x c h l i s t
U S S ilv e r C orp 6 s ( w i) .
92 b
U S S te e l C o rp o s (w li iss ) § 8 4 34 85
C o lt r 5 s S e r B & D 1951 110
5
U n iv e r s a l T o b a c c o . . . 100
3
P r e f e r r e d .................... 10 0
lb
b
W e s t in g h A i r B r a k e ..5 0 \1 62
133
4 14V
W h it e K n o b M i n i n g . 100
W o r t h in g P u m p p r e f.1 0 0 x l l 7
120

U S e lls o n S t o c k E x c h a n g e , b u t n o t a v e r y a c t iv e s e c u r it y

2

1023

THE CHRONICLE

M a y 9, 1903.]

fm rjestm jent a n d R a ilr o a d In te llig e n c e *
RAILROAD GROSS EARNINGS.

The following table shows the gross earnings of every Steam railroad from which regular weekly or monthly returns
be obtained. The first two colnmns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from J u l y 1 to and including such latest week or month.

ean

The returns o f the street railways are brought together separately on a subsequent page.
Latest U-ro*t Earnings
ROADS

Current
Year

Ween
or Month.

A la G t S outhern. 3d w k A pr
A la N O «fc Texas Pacific.
N O & N o E ast. 2d w k A p r
A la Aj V loksb’ g 2d w k A p r
V lck sb 8h A P. 2d w k A pr
A lle g h e n y V alley F ebruary.,
A nn A r b o r ........... -itli w k A p r
A nn W ash A B al. F eb ru a ry ..
A tell T o p A S Fe. M arch. ,
A tlan ta A C har.. F eb ru a ry ..
A tl K u o x v A No. M arch .......
A tla n tlo A Btrm M arch .......
Mar o h .......
A il C oast Line
B a it A A nn S L .. F ebru a ry .
B alt A O h io......... M a rch .......
B a n gor A A roosl F ebruary .
Bath A H am ’ d sp ’ t M a rch .......
B eU efonte Cent'J M arch .......
B rid g t A Saco U. F ebruary..
Butt K och A Pitts Lth w k A p r
Buttalo A S u s q ... M arch . .
C anadian North.. 2d w k A pr
C anadian P a cllk it h w k A p r
C an e B e l t ........... F ebru ary..
C eutT o t G eorgia •Ith w k A p r
C ent’ i o f N Jersey M a rch .......
C entral P a cific.. F eb ru a ry ..
C hattan SoutlTn. 1th w k A p r
C h esap A O h io ... Tth w k A p r
C hic A A lto n R y . M a rch ____
Chic G t W estern. 1th w k A p r
Ohio In d A L ’ v . . . I th w k A p r
Chic M ilw A St P M arch ____
Chic A N orth W’ n M a rch .......
Ohio St P M A O. M a rch .......
Ohio T erm T r HR 4th w k A p r
C ln N O A T P ac. 3d wk A p r
Cl Cin Cli A St L. 4th w k A p r
P eoria A East*!• I th w k A p i
C olorad o A South *th w k A p r
C ol N ew h A Lau. F eb ru a ry ..
C o p p e r R a n g e.... F eb ru a ry ..
C o r n w a ll............. F e b ru a ry ..
C orn w all A L e b .. F ebru ary .
C u m beiT d V ailej M arch ___
D en v. A R io Gr. > Ith w k A p r
R io G r. W est. £
D et A M ackin ac M arch ___
D etroit Southern ith w k A p r
D ul So Sh A A t l.. i t n w k A p r
E r i e ........................ M a rc h .......
E v a n sv A Indian Ith w k A p r
E v a n s v A T H . . . Ith w k A p r
F ’rcliild A N’ r ’e’ u M arch ____
F arm v A P ow hat F ebru a ry .
F t W A D en v City M a rch ____
G eorgia R R ......... M a r c h .. . . .
G a South A F la .. M arch .......
G ila V a l G A N . . M arch ___
G r T run k System Ith w k A p r
G r T r. W est’ u. 3d w k A p r
D e t Gr H A M . . id w k A pr
G reat N orth ern .. A p r il.........
M on tan a C en t’J A p r il.........
T o ta l system . A p r il.........
G u lfA S h ip Isla n d M a rch ____
H ock in g V a lley .. it h w k A p i
H ou s A T e x Cent F e b ru a r y ..
Illin ois C en tra l.. M arch ........
Illin ois Southern A p r i l .........
In d 111 A I o w a ... M arch ___
In t A G t N orth ’ n Itli w k A p r
J ln te ro c (M e x ).„. W k A p r lb
Io w a C en tra l___ Ith w k A p r
Iron R a ilw a y ___ M arch ___
K an aw h a A Mich I th w k A p r
K an C ity S outh’ ll I t h w k A p r
L a k oE n eA W estn A p r il.........
L ehigh V al R R .. M arch .......
L e x in g A E a st’n. M arch ........
L o n g Isla n d . . M a rch .......
L ou H en d A St L. F e b r u a r y .
L ou isv A N ashv. Ith w k A p r
M acon A B ir m .. M a r c h .....
M an 'teeA Gr. Rap M a rch .......
Mania A N o East M arch ........

inly 1 to Latest Date•

Previous
Year

Current
Year

*
49,187

$
2,101,318

4 1 .0 0 0
12 ,0 0 0
22,000
i
20.000
22,000
l nc. 15,971
19,156
60,012
5,620
5,257,313 1,7 9 1 ,2 7 0
218.051
230,961
51 ,0 1 0
02,151
20,930
12.527
<1885,300 <1628394
7,1 3 0
8,917
5 ,3 0 1 ,5 1 0 4 ,631,301
129.333
139,072
2.333
2,250
7,511
1,015
3.333
3.170
122,579
213.591
05 ,5 9 0
85.72b
28,000
13,500
1,108,000 1,050,000
10,020
11,331
193,718
159,573
1,500,102 1,138,071
1,170,835 1,321,945
2,725
3,311
5 01.052 432,572
8 71,007 7 5 0 ,9 5 0
157,012
198,791
130,27C 118,955
3,995,709 3 ,710,309
111119309 3.471,204
99 0 ,0 2 0 9 8 2 ,0 0 2
41 ,1 9 0
11,010
110,011
101,381
5 59,375 131 .8 7 0
59.810
85,809
114,105
120.508
15.080
10,707
15.298
27.918
5,151
7,074
13,750
20.589
88.127
137 .5 1 0
4 2 1 ,1 0 0 3 9 8 ,1 0 0
93 ,2 8 2
103,217
29,720
33 ,9 5 0
93,599
7 2 ,1 3 0
3,905,950 3,3 0 1 ,9 2 3
9,501
8,290
39,165
15,128
3,027
3,051
3,152
5,871
169,017
171,009
218,001 179,380
97,108
159,092
28.128
30,001
839 ,1 3 2 750,777
98,910
101.333
19,179
19.573
2,910,011 2,639,337
180.990 170,621
3 ,091.010 2,809,901
113,730
111,105
103,802
121,061
373,795 359 ,3 1 5
3 ,509,110
9,915
10,910
100,517 145,385
138.510 130.522
100,300 109 ,0 9 0
51,301
53,115
7,9 4 9
8.7 5 0
38.919
28.589
118,890
176,127
110 ,2 9 8 367 .8 7 0
2,973.061 1,950,570
35.081
50,768
In c . 56 ,323
51,775
60,090
881 ,8 3 0 769 ,1 9 0
8.170
12,740
13.580
7,658
28,972
33 ,1 7 0

Previous
Year
*
2,005,089

1,796.641

*
55,138

1,595,005
819,599
1,002.002
817 ,0 8 1
i nc. 310,710
1,600,834 1,583,732
54,181
55,388
17,158,511 44,8 2 6 ,1 7 0
2,107,131 1,989,094
519,850
100,301
190,252
9 8 , 118
<13,981081 <12301911
7 8 ,1 11
7 l 5)Jl
10,321,809 12,939,028
1,127,111 1,091,651
28,791
20 ,8 0 0
18,589
12,720
31,108
29,099
0,0 7 1 ,7 1 0 5 ,110,027
7 1 0 ,7 05
029,237
3 5 ,8 0 9 ,1 0 0
155,813
7,8 5 1 .3 0 7
12,510.103
11,018,110
100,818
13.081.054
7 ,6 8 3 ,4 2 2
0,4 0 0 ,5 1 3
4,101,723
36,063,241
U37003842
9 ,2 8 8 ,8 2 2
1,144,230
1,7 2 3 ,5 5 9
16,515.009
2.3 9 2 ,8 5 3
5,050,168
120,118
238,593
59,211
158,481
1,107,811
11,180,039
692,615
1 ,196,552
2 ,254,735
3 3 ,0 6 8 ,0 7 0
335,659
1,139,825
30,691
51,050
1 ,923,333
1,805,119
1,223,218
232,586
27,5 rC,265
1 ,0 1 1 ,2 7 0
990,627
3 3 .1 7 1 .7 1 0
1,718,681
3 4 ,9 2 0 ,1 2 1
1,203,305
4,7 5 1 ,4 8 5
3,732,010
33,116,781
121,000
1,320.293
4 ,058,928
4 ,028,900
2,010,711
05,623
970,157
5 .312,152
1.0 0 0 ,8 6 0
19.272.055
101,029
Inc. 392
539,715
29,3 3 2 ,2 1 1
110,151
108,049
2 6 4 ,8 3 2

3 1,085,999
111,208
6 ,6 3 5 .1 1 8
12,355,312
13.727.099
79.911
13,887,082
7,1 3 2 ,1 1 0
0,3 9 1 ,3 2 5
3,751,937
31.8 1 7 .1 0 0
3 1,998,672
9,1 2 7 ,1 9 0
1,310,412
1 .128.590
15,526.910
2 ,090,528
1,573,371
118,832
117,830
78.911
229,? 2 9
890,072
11,170,058
G10.215
1,033,490
2 .2 1 0 .5 9 0
3 0,738,351
285,878
1,237,918
27,293
10,111
1,070,011
1 ,552,518
952 ,1 7 0
271 ,5 8 2
2 1,550,815
3,5 1 0 ,7 9 0
937,390
29,387.321
1,103,210
30,8 5 0 .5 7 0
1,012,523
1,283,508
3 ,721,329
30,752,000
112,139
1,287.153
4,3 3 1 ,8 0 0
3 ,321,975
2,1 2 7 .2 7 2
01,321
918,550
l,7 6 0 ,5 b 5
3,7 7 2 .5 5 0
L9,577,791
297,185
,129
101,705
2 5,124,758
95,908
90 .9 0 5
251,511

V A R IO U S
ROADS

A lleg h en y V a lle y ................
A tlan ta & C hari A ir L in e ..
B ellefon te C en tral.............
C anadian N orth ern .............
C entral o f N ew J e r s e y .......
C hicago & N orth W estern .
Chic St P M inn <fc O m a h a ..
C um berland V a lle y .............
In tern ation al & G t N orth ’ n
L ake E rie < W estern .........
fc
M anistee <fc N orth E astern
M a n istiq u e .............................
M issouri P a cific....................
C entral B r a n c h ................
T ota l..................................
^M exican Central t .............
\M exican In tern ation a l .

Gross E arn ings

Apr.
Jan.
J an.
Jan.
June
Jan.
Jan.
Jan.
Jau.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jam

1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Feb.
Feb.
Mar.
Apr.
Mar.
Mar.
Mar.
Mar.
Apr.
Apr.
Mar.
Mar.
Apr.
Apr.
Apr.
Apr.
Mar.

Latest Cross Earnings
II er.K
or Month

Current
Year

M a n istiq u e .......... v*aroh____
M aryl’ d
Penn.. M a r c h .....
JM extoanC ent’ l.t 4th w k A p i
; VIexican In tern . M a rch ____
; M exican R y ....... Wk A pr. 18
[ M exican South* u 3 d wk A pr
M ilieu A S o 'w ’ n. M aroh____
M ineral R a n g e .. 1th wk \pi
Min n eap
8 t L . 1th w k A p r
M 8 t P < 8 S t M. Itli w k A p r
&
Mo Kan
'le x at- 1th w k A p i
Mo P a c & Iron Mi 11 h wk Ap i
C entral B ranch Itli w k A p r
T o t a l............... 1th w k A p r
M ob J a ck A K C. Wk. A pr. 25
M obile A O h io ... A p r i l.........
Nash Ch A St L .. Ith wk A p r
;N a t’ l R R o f M cx 1th w k A p r
N ev-C al-O regon M a roh ........
N evada C e n tra l.. F eb ru a ry ..
N Y 0 A H ud Riv A p r i l ........
N Y O u t A W est. M a rch ____
N Y Susq A West M arch.......
N orfolk A W est’ ll I tn w k A p r
N orthern Central M a rch .......
N orth’ n P a cific.. M arch ........
Nor S hore (C a l).. M aroh........
Ohio R lv & W est.. F e b ru a ry .
P acific C oast Co. M a r c h .. . .
c P e n n —E a stP A E M aroh.......
eW est P A E .... M arch........
Pere M arqu ette to 1th w k A p r
Phila B a lt A W ’ sh M arch .......
Phila A E r ie ........ F e b ru a ry .
P ine B lf A rk R . M a rch ____
P it t s b C C A St L M a r c h ....
R eadin g R a ilw a y M a r c h ....
C oal A I r C o ___ viarch.
Rich F r’ ksb A P . D ecem ber
Rio G ran d e J e t .. F e b ru a ry ..
Rio G ran d e S o ... 4th w kA pr
R o ck IsT d S y st’ m M a rch .......
R u tla n d ............... 3d w k A pr
St J o s A G r I ....... M a rch ___
St L A San Fran g 1th w k A p i
St L S ou th w est... 1th w k A p r
S t L Van A T H . . M arch ........
San A n t A A P . . . M a rch .......
San F ran A N P . . M a r c h ____
S eaboard A ir L .. 1th w k A p r
Southern I n d ___ A p r il.........
S o P a cific C o b . . . M a rch .......
C entral Pacific. F ebruary.
Gal H a r A S A . F e b r u a r y ..
G al H ou s A No F e b ru a ry ..
G u l f W T A P . . February.
H ou s E A W T . F e b r u a r y ..
H o u s A S hrev.. F eb ru a ry..
H ou s A T e x C e n F e b r u a r y ..
L ou is’ a W e s t ... F e b ru a ry ..
M org a n ’s L A T F ebru ary.
N Y T A M e x .. F e b ru a ry ..
O regon A C alif. F eb ru a ry,.
So P a c C oa st.... February.
So P a o R R C o.. F eb ru a ry.
T e x A N O rl....... F e b ru a ry ..
Southern R a ilw ’ y 1 th w k A p r
T erre H A Iu d . . . M a rch .......
T erre H A P e o r .. M a rch .......
T e x a s C entral . . . 3d w k A pr
T e x a s A P a c ific .. 1th w k A pr
T e x S V A N W .. M a rch .......
T ol A O hio C e n t . 4th w kAp^
T ol P A W est . . . . Ith w k A p r
T ol St L A W ........ 1th w k A p r
T o r H am A Butt . 3d w k A p r
U n P a c p r o p e r ... 4th w k A p i
On P ac S y s te m .. M a rch ........
W a b a s h ................. 4 th w k A p r
W J ersey A Sea e M a rch .......
W heel A L E ........ 1th w k A p r
Wm’ sport A N .B r. M a rch -----, W iscon sin C e n t.. 1th w k A p r
W rightsv A T ’n .. M a rch ........
Y a zoo A M iss. V. M aroh........

FISCAL

Current Year Previou s Year

Inc.
28
$2,7 8 3 ,2 0 9
28
31
18,070
11
5 7 0 ,9 5 0
31
4 .8 3 5 ,2 7 9
T
31 1 1 1 .0 0 4 .2 1 0
31
2,786,501
3 9 0 ,8 1 0
31
l,GvSl ,288
30
1,510.280
30
31
103,013
11.709
31
30
13,113,987
30
118,131
30
1 3.832,118
30
8,300,1 131
1 ,927,805

ROADS

$
2 ,1 70
25.177
707,;; 16
0 9 2 ,8 9 8
1 05.700
23,209
3,003
1 1 ,3 8 5
09.713
118,317
495,381
1.457.000
37 ,0 00
1.491.000
7 ,4 4 4
7 0 5 ,0 5 9
25 0 .1 00
29 0 ,9 29
12,012
2,200
6 ,5 6 5 ,8 05
557,227
27 5 ,5 78
5 91.067
86 9 ,2 10
3 ,500,513
10 .8 30
12.751
4 2 1 ,1 1 3
10138501
I n c . 61
28 0 ,0 03
1,090,307
16 2 ,0 31
2,993
2 ,108,930
3,105,731
1,098,011
105,191
36,709
10,838
03880185
1 3 ,3 0 0
12 8 ,0 53
£ 8 3 9 ,2 53
177,198
2 11,393
100.101
81,893
2 95,151
90,219
6 .881.510
1,170,835
17 7 ,2 87
84,090
8,118
08,785
17,577
37 3 ,7 95
131,911
350,791
28,765
27 5 ,1 23
61 ,7 31
2 ,192,857
2 15,167
1,081,819
102,120
47,870
8,463
3 1 1 ,6 9 1
9 ,7 00
99,015
33,131
71,171
11,858
55 3 .0 68
1,099,133
506,161
28 3 ,9 10
111,013
11,333
183,000
15.260
523,070

Ju.y 1 to lAilest Dates

Drev lous
Year

Current
Year

Drev tons
Year

*

$

3,407
20.022
550,019
540.373
90,700
18,065
3,011
20,015
80.291
111,088
439,773
1.137.000
32.000
1.109.000
3,730
557,622
211,202
211,057
8,550
2,700
5,783,793
402,428
190,117
467,498
0 7 1 ,310
3,102.010
33.587
12,331
309,394
8,686.101
0,100
2 5 b ,097
9 0 3 ,007
118,085
3,211
1,870,175
2,410,129
1,772,280
87,800
37,805
15,128
40,133
107,931
0 0 93,301
179,030
181,531
173,282
70.560
293,251
51,210
6.520.001
1,321,945
5 1 8 ,377
25,685
7,511
68,722
18,316
359,315
118,064
428,237
20,130
237,621
51,570
2,223,739
220,077
905,199
145,227
39,251
8,314
313.950
11.000
06 ,6 9 0
25,067
62,911
10,037
4 8 1 ,300
3,476,959
415.010
285,710
100.011
6,521
157,137
12,785
555,855

65,072

50.219

19,087.938
5.360,312
1,231,100
790,230
30,859
458,907
2,705,309
5,985,601
14,714,850
3 3 ,081.615
1,037,93b
3 1 ,119,553
207,011
6,111,974
7 .- 18,459
8,510.317
142,09b
20,315
01,108,529
4.357.911
1,814,181
17,203,127
0,807,879
3 5 ,020,693
381,999
129.997
4.117,024
87 ,1 7 8 ,5 2 0
In c. 3,9
8,800,935
9,008,701
1,414.768
27,148
17,362,916
22,831,595
14,281,913
574,782
389,101
402.050
031758054
1,829,916
1.001.911
020085072
0,210,980
1,774,197
1.910.311
960,575
10,570,189
754,307
05,785,502
14,018,110
1,491,306
7 8 0 ,297
115,071
623,786
162,126
3,732.016
1,300,075
3,361.092
3L7.027
2.619.312
626,895
20.125,571
2,132.886
35,532,012
1,410,524
114,182
500,556
9,903,191
122,200
2,697,176
1,027,167
2,653,065
401,301
23,800,778
38.235.080
17,502,210
3.00 9 ,8 7 0
3,432,319
139,530
5,143.253
143.010
5,573,428

15,17 1,929
4.00 0 .1 9 5
3,019,500
7 1 1 ,780
29,189
4 9 7 ,275
2 ,9 1 0 ,8 4 5
5,090,072
13.880,749
30 .4 0 5 .1 8 2
1,021,580
31 ,4 2 0 ,7 0 2
131,039
5 ,3 7 1 .7 2 9
0.583.231
0,57 4 ,7 1 1
111.910
20.081
59.032,521
2,08 9 ,0 3 7
11,508,953
0 . 3 2 7 .779
3 2 ,025.118
3 3 1 ,075
1 2 0 .900
3 ,7 7 0 .7 4 0
77 .7 0 0 ,5 2 0
58,300
6.10 5 ,0 2 0
8.783.701
1.08 8 .7 0 2
28,275
16,217,117
2 2 .298.182
2 1 ,928,905
5 1 9 ,6 1 5
1 0 3 ,168
1 7 3 ,776
1, G 6 2 ,2 li
1,037,117
0 2 3 131910
0 ,1 8 0 ,8 2 7
1,591,892
1,925,210
837,803
9 ,0 1 1 ,2 1 9
5 0 1 ,1 7 1
03,495,318
13,727,099
4.91 3 .3 2 9
3 0 6 ,7 7 0
100,183
6 4 5 ,923
158,791
3.721.329
1,281,452
3 ,9 0 4 .9 1 7
250,768
2,28 3 ,2 7 7
617,510
19,470,032
1,969,288
31 ,7 7 9 ,9 9 4
1,275,779
1 1 9 ,9 5 1
5 1 4 ,087
9 ,9 3 9 ,7 6 2
121,091
2 ,3 5 7 ,2 8 0
9 1 8 .912
2,22 7 ,1 9 3
393.911
22,983,781
36.189.109
10.027.109
2,838,570
2,603.830
96,231
1,93 4 ,0 7 7
1 15,033
5,113,370

YEARS.
ROADS

$ 8 1 ,0 6 0 *M ex ica n R a ilw a y ............. .
2 ,634,986 ♦ exica n S o u th e r n .............
M
13,218 tN ational R R o f M e x ic o ...
373 ,3 7 5 N orthern C e n tra l.................
3 ,0 6 5 ,4 6 2 North S h ore...........................
38,9 1 1 .7 7 1 eP ennsy., E a st o f P
E ...
2 7 5 5 ,2 9 2
4West o f p <fc E ..................
253,918 P ere M a rq u e tte ....................
1 ,540.083 Phila B a ltim o re & W a s h ..
1 ,165,295 P h iladelph ia & E r ie ...........
99 ,1 4 2 P itts Cin C hic & St L o u is..
15,020 R io G ran de J u n c t io n .........
11,1 8 1 ,3 6 0 St L V an d alia & T erre H ..
312,175 T erre H au te & In d ia n a p ..
11,193,561 T erre H au te & P e o r ia ........
0,5 6 1 ,6 2 1 T ex a s & P a d ti c ....................
1,575,809 ! W est J e rse y & S e a sh o re ...

Gross E arn in gs

Jan.
Apr.
Jan.
Jan.

1 to
1 to
1 to
1 to

A pr.
Apr.
Apr.
Mar.

18
21
30
31

Jam
Jam
Jam
N ov.
Jan.
Jam
D ec.
N ov.
N ov.
N ov.
Jam
Jan.

1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to
1 to

Mar.
Mar.
A pr.
Mar.
Feb.
Mar.
F eb.
Mar.
31 ar.
Mar.
A pr.
Mar.

31
31
30
51
28
31
28
31
31
31
30
31

C urrent Year P reviou s Year

$ 1 ,6 5 5 ,2 0 0
02.211
3,531,392
2,413,725
40,830
27,935.202
Inc.
3,503,762
5.173.625
1,009,996
5,012,000
121,830
969.309
771 ,2 4 9
239,554
3.885,200
693 .7 0 1

$1 ,1 9 9 ,5 0 0
57,076
2,776,605
2,01 1 .5 2 5
33.587
2 4 ,822.202
1,2 1 3 .1 0 0
3,22 7 ,5 1 2
1,053,725
883,729
5,313,819
128,308
858,129
700,103
2 1 8 ,050
3,717.291
0 5 2 ,5 6 1

t M ex ica n cu rren cy , t R esults on M on terey
M ex ica n G u lf are in clu d ed fro m M arch 1 , 1902. e c o v e r s lines d ire ctly op era ted . '> In clu d e
th e H oust.
T e x . Cent, and its subsid. lines.
a In clu d e s th e C hicago
E astern Illin o is in b oth years.
t In clu d in g Sav. F lor. A W est, in b o th
years, v O ther in com e n o t in clu d ed in th e gross eith er fo r m ou th o r from J u ly 1. w In clu d es Lake Erie & Det. R iv. R y. from Jau . 1 b oth years.
IT In olu d es trans-M issouri lines in 1903, b eg in n in g .March 1, m a k in g lon g th o f ro a d on w h ich ea rn in g s a re re p o rte d 7 ,3 5 7 in 1903, a g a in st
5,876 m iles in 1902.

1024

THE CHRONICLE

[V O L . L X X V I ,

Latest Gross Earnings by Weeks.—In the table whioh
follows we sum up separately the earnings for the fourth
week of April. The table oovers 52 roads and ihows 17 02 per
cent inorease in the aggregate over the same week last year.
4th week o f A p ril.

1903.

1902

$
$
60,612
49,156
122,579
Buffalo Rooh. < PtttBb’ g
B
213,594
Canadian P a olflo--------1,168,000 1,050.000
Central o f G eorg ia...........
159,573
193,748
3.31)
C hattanooga S on th ern ...
2,725
Chesapeake A O h io ___ _
432,57*
504,652
198,794
Chloago G reat W estern
157,612
Ohio. In d ’plls & Loulsv..
136,276
118,95?
Chic. Term . T ra n s fe r—
44.346
41,496
Clev. Cin. Chic. A St. L ..
5 5 9 ,3 7 '
431,876
P eoria A E astern .........
85,809
59,816
C olorado A S ou th ern ...
114,10?
126,508
4 2 1 ,40C
D enver A R io G r a n d e '.
393,100
D etroit Southern..............
31,950
29,720
Duluth So. Shore A A tl..
S3,599
72,136
E van sville A In d la n a p ..
8,290
9,564
E vans. A Terre H a u te ...
39,465
45,42b
Grand T r u n k ................ >
G rand Trunk W e s t.. >
839,132
750,777
Det-Gd. H av. & M ilw. )
124,061
103,862
H onking V aliev - -----in tern a tion a l A G t. N o..
133,510
130,522
Iow a C e n t r a l....................
53,445
51.301
Kanaw ha A M ich ig a n ...
38,949
28.589
K ansas City S ou th ern . . .
148,890
176,427
L ouisville A N ash ville..
769,19c
881.830
M exican C entral......... .
707.346
556,019
26,615
14,385
M ineral R a n g e ___ . . . . . . .
69.743
M inn. & 8t. L om e __ __ ..
_
80,291
Minn. St. P. A S . Ste. M..
143.347
141,688
439,773
Mo. Kansas A T e x a s ___
495,381
Mo. Pacific A Iro n M t.... 1,457,000 1,137,000
Central B ra n ch .............
32.000
37.000
Mob. Jackson A K. City 1
7,444
3,736
Naahv. Chat. A St. Louis.
211,202
250.406
214,057
N ational R R o f M e x ico .
290,92
N orfolk A W e s t e r n ....,
591,067
467,498
258,097
Pere M arqn ettet..............
280,003
R io G rande S o u th e rn ...
15.126
10.83b
8t. Louis A 8an F ra n .. )
693,364
839,253
C hicago A East. 111., j
177,198
179,630
8t. L ouis Southw estern.
295,154
293,254
Seaboard A ir L in e...........
Sonthern R a i l w a y ___
1,081,849
965,199
314,694
Texas < P acin o____ „. _
f
e
313,950
99,01?
T oledo A O hio C e n tra l..
66,690
25,06:
T oledo Peoria A W eet’n .
33,131
62,941
Tol. St. L. A W e st............
74,471
484,366
U nion Paolflo p r o p e r ....
553,068
4 45,01)
566,161
W a b a s h _____ _ ___ .....
111,013
100,011
W heeling A L ake E r ie ..
183,000
157,437
W isconsin C e n t r a l.......
A n n A rbor................ ........

T otal (52 road s) ........ 14,818,053 12,662,794
Net inorease (17 02 p.c.).
* In clu d es R io G rande W estern,
R iv er R y. t W eek ending A p ril 25.

In crease.
$
11,456
91,01t
118.00C
31,175
586
72,080
41.182
17.321
3,150
127,499
25,993
12,403
23,300
4,230
1,274
5,963
88,355
20,199
7,988
2,144
10,360
27,537
112,640
151,327
6 659
55,608
320,000
5,000
3,708
39,204
76,872
123,569
21,906
145,889

____ __
1,900
116,650
744
32,32?
8,064
11.530
68.702
121,150
11,002
25.563
2,206.222
2,155,25&J

1903.

$
$
G ross earn in gs (57 roads) 54,292,389 17,675.147

Increase.
$
8,617,242

P er Cent.
13-83

It will be seen that there is a gain on the roads reporting in
the amount of $6,617,242 or 18’88 per cent.
Net Earnings Monthly to Latest Dates.—The table follow­
ing shows the gross and net earnings of S
railroads
reported this week, A full detailed statement, Including all
roads from whioh monthly returns can be obtained, Is giver
once a month in these columns, and the latest statement of
this kind will be found in the C
of April 18,
1908, The next will appear In the issue of May 23, 1903
team

h r o n ic l e

Gross E a rn in g s .— . -------- Net E a rn in g s. ------- ,
C urren t
P reviou s
C urren t
P reviou s
Year.
Year.
Year
Year.
$
$
$
$
2,333
2,250
836
683
28,794
26,800
11,905
12,778
65,590
85.728
t3 5 ,7 5 9
t2 5 ,4 0 0
746,765
t2 7 7 ,3 4 0
629,237
t336 ,0 1 8
677,566
209,526
631,575
175,848
5,842,592 5,844,792 1,656,614 1,632,095
459 391
452,690
<158,911 <1115,097
4,588,277 4,140,305 d l0 4 1 ,3 5 1 d l l l 0 , 5 0 0

—

1 loads.
B a th A H a m m ’ ds.bM ar.
Ju ly 1 to Mar. 3 1 . . . .
B u ffa lo & 8 ’ squ eh .aM ar.
July 1 to Mar. 3 1 . . . .
C h ic. G t. W e st’ n .b .M a r .
Ju ly 1 to Mar. 3 1 . . . .
Co! o r ’ d o & South, b . Mar.
July 1 t o Mar. 3 1 . . . .
D el. L a ck . & W est.b —
N. Y . leased lin es—
Jan. 1 to Mar. 3 1 . . . . 2,399,856 1,798,265
July 1 to Mar. 3 1 . . . . 5,723,186 6,654,696
S y r. B in g. & N. Y . b —
272,375
230,568
Jan. 1 to Mar. 3 1 __ _
750,557
673,694
Ju ly 1 to Mar. 3 1 . . . .
U D e->.A R lo G ’ de b Mar. 1,352,985 1,227,777
July 1 to Mar. S t . . . 13,145,239 12,864,558
201,021
226,352
Dill. S o .S h .A A t l.b Mar.
Ju ly 1 to Mar. 3 t . . . . 2,039,545 1,968,793
169,017
174,069
F t.W .A D e n . C ity .b M a r .
Ju ly 1 to Mar. 3 1 . . . . 1,923,333 1,670,644
179,886
218,664
G e o r g ia .a .............. Mar.
July 1 to Mar. 3 i . . . . 1,805,449 1,552,518
28,428
30,601
G ila V al. G lob e A N .aMar.
271,582
232,586
July 1 to Mar. 3 1 ___
113,736
144,165
G u lf A Ship I s )...a .M a r .
Ju ly 1 to Mar. a l . . . . 1,263,365 1,012,523
145,385
160,517
Ind. 111. A Io w a .a ..M a r .
Ju ly 1 to Mar. 3 1 . . . . 1,320,293 1,237,153
L. C ham plain * M oriah—
14,036
21,948
Jan. 1 t o Mar. 3 1 . . . .

N e te a rn ln g s h e re g iv e n a re a f t e r d e d u o tln g t a x e s .
b N et ea rn in g s h ere g iv e n a r e b e fo r e d e d u o tln g t a x e s ,
c These figures are in M ex ica n cu rre n cy , and are c o n v e r tib le in to
g o ld at the cu rren t ra te o f e x ch a n g e .
d Net, a lter ded u ctin g ta x e s , Is $40,853 and $98,039 fo r 1903
and 1902 re sp e ctiv e ly lo r th e m onth, and $878,822 and $952,481 from
J u ly L
1 These figures in clu d e H o u sto n A T e x a s C entral and Its su bsid iary
lines and also Steam ship L ines.
k These figures in clu d e in b o th years resu lts on K ansas C ity F ort
Sootrt & M em phis R R . and F o rt W orth A R io G ran de RR.
q In clu d in g rem itta n ces fr o m co n n ectin g roads, tota l net in com e fo r
eignt m onths is $ 7 2 4,889 this year, a gain st $642,287 last year.
n In clu d es P aduoah & M em phis D iv ision fro m J u ly 1 In both y ea rs.
E xpenses fo r M arch. 1903, in clu d e $130,284 paid fo r addition s to
p rop erty , against $76,391 in M arch , 1902. F o r p eriod from J u ly 1,
1902, to M arch 31, 1903, the am ount so exp en ded w as $7 6 6 ,6 5 4 ,
against $216,184.
t A fte r a ddin g $1 0 ,5 1 0 oth er Incom e fo r M arch, 1903, and $ 3 ,8 0 2
for M arch, 190‘i , to ta l n et Inoom e a m ou n ts to $46,269 and $29,202,
resp ectively. F rom J u ly 1 oth er in oom e am ounts to $72,276 and
$26,632, m aking to ta l n e t in oom e $408,294 and $ 303,978, re sp e c­
tively.
z Other inoom e w h ich w e fo rm e rly Included in the gross and n et is
no longer included either fo r the m on th or fo r p eriod from J u ly 1. but
appears in the surplus a b o v e fixed ch arges, A c. (see n e x t table, In ­
terest C harges and Surplus).
a

t In clu d e s L ak e E rie & D e tro it

1902.

— Net E arn in gs. -----C urren t
P revious
Year.
Year.
$
$

L ong Is la n d ......... b Mar.
Deo. 6,366
July 1 to Mar. 3 1 ....
D eo. 96,561
Decrease. L ouisian a & A r b a n .—
Jan. 1 to Mar. 3 1 . . .
133,079
120,815
36,980
44,110
$
July 1 to Mar. 3 1 ___
3 76,210
355,272
110,587
144,842
M anistee A Gr. R ap. Mar.
13,580
7,658
1,189 def.2,019
_____
Ju ly 1 to Mar. 3 1 ....
108,049
96,905 d ef.7,261
16,353
M anistee & No. E .a.M ar.
33,170
28,972
7,642
14,312
Jan. 1 to Mar. 3 c ___
103,643
99,442
47,817
60,728
e M ex. lD tern a t’l...M a r.
692,898
540,373
312,303
2 2 0 ,2 0 4
Jan. 1 to Mar. 3 1 .. .. 1,927,836 1,575,809
784,278
637 ,8 1 2
M ineral R a n g e .b ...M a r .
48,696
46,124
11,607
8,484
July 1 to Mar. 3 1 ___
413,007
435,423
66,985
64,075
M. St. P. A 8. 8. M .b .M a r.
562,735
450,347
278,493
207,734
July 1 to Mar. 3 1 ___ 5,452,013 4,620,585 2,733,257 2,511,087
S a sh . Ch. A S t.L . b . .M ar. n 8 5 2 ,6 4 1 11676,610 n 2 0 8 ,7 6 2 n l6 8 ,1 4 4
Ju ly 1 to Mar. 3 1 ___ n 7 0 6 4 ,3 5 4 115919,119 112025,509 111799,912
21,463
c N a t’ l R R . o f M ex..M a r. 1 007,683
717,921
407.624
223,013
Jan. 1 to Mar. 3 1 ___ 2,640,472 2,031,365
890,071
649,036
12,612
N ev.-C al.-O regon.a.M ar.
8,656
3,627
2,590
July 1 to Mar. 3 1 . . . .
142,698
111,910
61,609
40,331
N . Y . Chic. A St. L ou is b —
Jan. 1 to Mar. 3 1 . . . . 2,145,812 1 ,7 5 4 ,6 1 5 .
492,826
444,337
July 1 to Mar. 3 1 ___ 5,922,745 5,657,515 1,428,911 1,323,037
N. Y . A O tta w a —
Jan. 1 to Mar. 3 1 . . . .
2 5,480
22,657 d e f.2,872 def. 3,553
July 1 to Mar. 3 1 . . . .
87,593
81,866
4,814
3,238
N o rfo lk A W est’ n .a Mar. 1,915,995 1,486,865
759,242
588,443
12,230
July 1 to Mar. 3 l . . . . 15,333,153 12,958,414 6,068,170 5,469,962
10,518 N orthern C en tra l.b M a r.
8 69,210
671,310
192,496
174,79 6
Jan. 1 to Mar. 3 1 . . . . 2,443,725 2,011,525
479,608
548,803
N orth Shore (Cal.) bMar.
40 ,8 3 0
33,587
12,243
7,796
424,113
369,394
Pacific C oa st C o ..a M a r .
102,522
63,047
Ju ly 1 t o Mar. 3 1 .__ 4 ,117,024 3,770,740
802,836
773 ,8 7 0
T.r P hi). Balt. <fcW asli.bM ar 1,090,307
963,607
251,618
286,218
Nov. 1 to Mar. 3 1 ___ 5,173,625 4,653,725 1,251,713 1,348,713
P ine Bluft A rk. R ...M a r.
2,993
3,211
1,373
1,735
27,148
28,275
July 1 to Mar. 3 1 . . . .
11,525
12,930
4,290
z 3 8 ,1 9 4
Z40.557
R io G ra n d e 8 ou th .b M a r.
z l7 ,2 3 5
z l7 ,7 1 2
z4 2 9 ,2 4 4 z 2 1 6 ,0 i4
July 1 to Mar. 3 1 . . . . z i2 4 ,5 0 7
z i8 7 ,S 8 4
2,432 k 8 t. L. A San Fr. (lnclu d.
Ohio. & E . HI >b..M ar. 2 ,693,261 2,336,642
899,010
814,659
July 1 t o Mar. S I ----- 24,11 4 .0 5 4 21,242,254 9,173,464 8,929,287
San A n t. & A ra n . P.aM ar.
166,161
173,282 d ef.13,969 d ef.2 .1 1 0
July 1 t o Mar. 3 1 . . . . 1,910,311 1,925,210
417,933
521,512
I S on th ern P a o .a ...M a r . 6,881,516 6,520,001 1,336,387 1,488,950
July 1 to Mar. 3 1 ....6 5 ,7 8 5 ,5 0 2 63,495,348 19,493,798 21,490,452
W .Jersey A S eash .bM ar.
283,910
285,710
44,718
84,518
Jan, 1 to Mar. 3 1 . . . .
693,764
652,564
38,106
73,706
W m s p ’r t A N o.B r.aM ar.
14,333
8,521
1,880
2,781
July 1 to Mar. 3 1 . . . .
139,530
98,299
41,083
41,157
60,963

For the month of April 57 roads (all that have fur­
nished statements for the full month as yet) show as follows:
M onth o f A p ril.

Gross E arn in gs .— ,
C urren t
P reviou s
Year.
Year.
$
$
Ino. 56,328
In o. 392,129

.—

1,325,518
2,228,122

822,349
3,254,983

138,867
221,871
524,895
5,236,892
87,795
742,364
27,483
447,278
68,006
q 6 3 6 ,8 0 6
19,849
139,390
53,290
4 6 3 ,6 8 4
5 6,207
375,337

97,357
343,413
4 60,600
4 ,839,103
71,023
711,415
43,345
4 54,546
60,985
q 554,204
15,322
141,663
41,290
3 11,563
46 ,6 2 6
3 8 0 ,9 9 6

1,039

4,0 9 7

Interest Charges and Surplus*—The following roads,
addition to their gross and net earnings given in the fore­
going, also report charges for Interest, &o,, with the surplus
above or deficit below those charges,
Inf.. Rentals, etc.— .
C urrent
P reviou s
Year.
Year.
$
$

,—

E at. o f Net E a rn ’gs.—
,
C urrent
P reviou s
Year.
Year.
$
$

Roads.
D el. L aok. A W estern —
N. Y . leased lin es—
616,429
713,311
612,207
Jan. 1 to Mar. 3 1 . . . .
205,920
390,670 1,408,916
July 1 to Mar. 3 1 . . . . 1,837,452 1,846,067
Syr. B in g. A N . Y .—
46,405
46,405
92,462
Jan. 1 to Mar. 3 1 . . . .
50,952
143,643
138,110
83,761
July 1 to Mar. 3 1 . . . .
199,770
332,354
316,883 t "200,033 t*145,940
, D sn . A R. G ran d e..M ar.
’
July 1 to Mar. 3 1 ___ 2,952,808 2,790,220 t *2443,822 t* 2 1 9 9 ,4 l7
93,642
78,642 "d e f.5,284 "d ef.7 ,0 2 4
Dul. So. Sh. A A tl...M ar.
785,275
707,775 "d f.37,068
July 1 to Mar. 31
'7 ,5 0 8
116,912
12,937
G ila V a l.G lob e & N.Mar.
TT61.670
77,720
July 1 to Mar. 3 1 ___
17,982
12,691
35,298
28,599
G u lf A Ship I s l....... Mar.
138,448
139,120
325,236
172,443
Ju ly 1 to Mar. 3 1 . . . .
17,833
39,874
17,871
28,755
In dian a 111. A la ....M a r .
160,500
July 1 to Mar. 3 1 . . . .
154,083
214,837
226,913
L. C ham plain A M oriah—
673
420
Jan. 1 toJMar. 3 1 . . . .
673
3,463
L ouisian a A A rk a n .—
20,920
"22,674
Jan. 1 to Mar. 3 1 ___
13,631
30,479
6,050
6,050
1,592
M anistee & N o. £ ...M a r .
8.262
18,152
18,152
29,665
4 2 ,5 7 6
Jan. 1 to Mar. 3 1 . . . .

May

9, 1903.J

THE CHRONICLE
R e n ta ls , etc .— >/—Bo/, o f .Vel l.a r n 'g s .—s
P r e v io u s
Cu rren t
p r e v io u s
C u rren t
T ear.
Y ea r.
Y ea r.
i'eu r .

,— I n t .,

$
$
8,147
9.197
M in era l Range........Mar.
72,872
82,770
J n ly 1 to Mar. 3 1 ....
152,510
151,448
Nashv. C h a t.* H t.L.M ar.
J u ly 1 to Mar. 3 1 .... 1,358,266 1,372,489
1,875
2,192
Nev.-C al.-O regon.. Mar.
19,412
17,890
J u ly 1 to Mar. 3 1 ....
N. Y. Chlo. & 8 t. L .—
313,985
325,432
Jan. 1 to M ar. 3 1 ___
949,835
J u ly 1 to Mar. 3 1 .... 1,006,612
N. Y. & O tta w a —
5,940
7,800
Jan. 1 to Mar. 31 —
8.340
10.910
J u ly 1 to Mar. 31 —
201.605
216,224
N o rfo lk A We«t,n....M ar.
J u ly 1 to Mar. 3 1 .... 1,916,864 1,753,275
7,953
13,448
N o rth Shore (C al.)..M ar.
483
608
Pine B lu ff A rk . R .. M ar.
4.486
5,473
J u ly 1 to Mar. 3 i . . . .
18,033
19,033
R i o G rande S o u th .. Mar.
163,277
173,043
J u iy 1 to Mar. 3 1 ....
8t. L .A San F r a n ( l D 0 l n d .
Chlo & East 111.) . Mar. V815.923 v729,5S0
J u ly 1 to Mar. 8 1 ... y7067,792 y 6 ,183,220
X80.893
San A n t. A A r P ...M a r.
J n ly 1 to Mar. 3 1___ X656.454
S3.078.677
J u ly 1 to Mar. 31___I &28057257
2,405
2,629
W u is p o rt A No. B r. Mar.
23,189
21,638
J u ly 1 to Mar. 3 1 .. ..
H o a d s.

........

$
$
*2,668
*417
*df. 13,841 *def.8,015
15,634
57,314
427.123
667,243
715
1,435
20,919
43,719
175,551
447,818

136,182
3a9,016

def. 10,732
def.6.090
543,018
4,151,306
def. 1,2 05
765
6,052
*d ef.l,77 3
*62,606

def.9,498
def.5,102
386,838
3,716.687
def. 157
1,252
8,444
*def.236
*31,523

95,752
99,120
2.458,049 2,963,046
def.94.862
d f.238,521
* d f.l,781,372
*df.7.%4,062
376
def.749
17,894
19,519

* A fte r a llo w in g fo r o th e r Incom e re o e lve d .
t These figures are a fte r a llo w in g fo r o th e r lnoom e and fo r dlsoount
and exohange. A fte r d e d u ctin g #10,000 fo r Renewal F un d In
M arch, 1903, and $10,000 In M arch, 1902, th e su rp lu s fo r the m onth
Is $190 033 against $135,940 a ye ar ago. S im ila rly , a fte r deducting
$90,000, the surplus fro m J u ly 1 ,1 9 0 2 , to date Is $2,353,822, against
$2,109,417 a year ago.
| In clud es Rio Grande W estern fo r b o th years.
t These figures lno lud e $604 a p p ro p ria te d fo r b ette rm e n ts and
a dd itio ns to pro pe rtie s and e q u ip m en t in M ar., 1903, and $4,895
fro m J u ly 1 to date.
$ These figures Include $1,728,739 a p p ro p ria te d fo r b etterm ents and
a dditions to properties and e quipm ent LaMar., 1903, and $16,001,168
fro m J u ly 1 to M ar. 31.
x In te re s t on advanoes b y S outhern Paolfio n o t taken in to acoount,
b u t figures lnolude #17,893 a p p ro p ria te d fo rjb e tte rm e n ts and addi
tlo n s to p ro p e rtie s and e q u ip m en t In M ar., 1903, and $89,454 from
J n ly 1 to date.
y Inoludes guaranties on oertlfloates Issued fo r Ohio. A E. 111. stook,
on w hloh dividends are being paid e qu iva len t to a ra te o f 10% on the
oommon and 6% on the preferred fo r the c u rre n t year, as compared
w ith fc% on both the oommon and p re fe rre d la s t year.

STREET RAILWAYS AND TRACTION COMPANIES.
The fo llo w in g ta b le sh o w s th e gross e a r n in g s fo r th e la te st

period o f a ll s t r e e t ra ilw a y s fr o m w h ic h w e are a b le to o b ­
ta in w e e k ly or m o n th ly r e tu rn s. T h e a r r a n g e m e n t o f th e
ta b le Is th e sa m e as th a t fo r th e s te a m roads— th a t is, tb e
first tw o c o lu m n s o f figures g iv e th e gross e a r n in g s fo r the
la te st w e e k or m o n th , a n d th e la s t tw o o o lu m n s th e earn in g s
for th e oa len d a r y e a r fr o m J a n u a r y 1 to a n d in o lu d in g s u e !
la te st w e e k or m o n th .

STR EE T R A IL W A Y S A N D T R A C T IO N C O M P A N IE S .

G ross

L atest G rots E a rn in g s.

E a r n in g s .

Week o r Mo

Our’ ni Prev’ ut
Year.
T ear.

A m erloan R’ys. Co ||.
Bingham ton R R ........
B u rlin g t’n (V t.)T rao .
Chicago & M il. Eleo.
Cln. D ayton A T o l.T r.
C ln.N ew p. & Coving.
L ig h t & T ra o tlo n ...
C ity Eleo.( Rom e,Ga)
Cleveland E le c tric ...
Clave. & So. W. lr.C o .
Cleve. Palnsv. < E . ..
fe
D a rt. & W’p o rt St.Ry
D e tro it U nited Ry. u
D uluth-Sup. T ra o t...
East. Ohio T ra ctio n ..
E lg in A u ro ra & Sou..
Galveston C ity ..........
H a rrisb u rg T ra ctio n
H avana Eleo. Ry. Co.
In dia na p A E -ist. Ry.
In te rn a t’l T ra ct. Co.
System (B u ffa lo )...
Jacksonville Eleo.Co.
K n o x v ille T ra c tio n ..
Lake Shore Elec. Ry
Lake Street Elevated
Lehigh 'ira o tio n ......
Lehigh Val. Trao. Co.
Street B y. D ep.......
K le ctrio L ig h t Dep.
L e x in g to n R y............
LondonS t. Ry.(Oan.)
Mad. (Wls.) T raotion
Met. West Side Elev..
MU. Eleo. B y.A L l.C o .
MU. L t. H e a t A T r. Co.
M ontreal stre e t R y..
M usk. T r. & L ig h t. Co.
8 tre e t Ry. D e p a rt..
E le otrlo L ig h t Dep.
Gas D e p a rtm e n t...
New London Bt. R y..
Nor. O h lo T r. & Lt. Co.
N orthw estern K ie v ..
Oakland Trans. Cone
Clean St. R a ilw a y ...
Orange Oo. T ra ctio n .

A p r il.........
M arch.......
M arch.......
M arch.......
Maroh.......

$
95,285
16,975
5,177
13,355
37,851

$
79,612
14,610
4,650
11,215
33,541

Jan. 1 to Latest Date
Our ren t Previous
F ear.
Tear.
i*
859,826
48,763
14.592
36,034
101,388

$
309.447
42.230
12,863
31,691
86,948

275.304
250.447
M arch....... 94,830 86,238
9,276
9,593
3,042
2,977
M arch.......
615,846
548,810
M arch....... 215,208 194,070
83,729
157,081
M arch....... 31,546 t22,071
33.862
38,036
M arch....... 14,359 13,600
22,53!*
8,871
M a r c h ___
8,342
23 218
96,990 83,994 1,242,900 1,129,334
4 thw k Apr.
182,585
162,181
4th w k A p r 14,982 12,157
192,252
152,908
13,025
1 2 ,1 1 2
D ecem ber
96,100
87.825
M arch....... 32.824 30.53.*
31,072
18,492
8,362
F e b r n a r y . 1 6 ,2 8 1 38.352
31,947
J a n u a ry ... 38,352 31,947
Wk. M ay 3 128,388 ! 23,241 *456,874 5389,041
M a r c h ....
9,562
.............
.............
...........
260,730
859,473
74S.069
M arch....... 295,916
35,407
26,567
F e b r u a r y . 17,802 12,927
46,430
59,048
M arch....... 2 1 , 0 2 2 16,865
66,779
54,368
F e b r u a r y . 32,030 24,621
69,677 65,268
28,254
28,929
M arch .......
9,781 10,039
M aroh___
60,636 43,330
M arch....... 12,698 12,501
M arch....... 21,081 15,508
Maroh....... 11,63» 10,233
M aroh.......
5,416
6 ,2 0 i
A pril......... 176,397 163.862
M arch ....... 236,4s& 215,608
M a rch ....... 27,392 23,004
M arch___ 171,902 156,876

164,844
40,981
57,49)
34.33*
18,199
694.629
698,070
81,318
485,346

183,400
38,634
43,582
29.245
15,757
6 *0 , 0 1 0
624,205
67,818
445,560

March.......
5,609
M a r c h ___
2,997
n a rch .......
3,991
March.......
3,995
M arch....... 61,609
A p iil......... 107,009
March....... 88,526
March.......
6,370
M arch-----6 ,6 6 8

17,291
10,522
13,646
11,239
175,097
419,269
245,109
17,243
18,095

16,935
8,407
8.864
11,545
141,133
886,236
209,267
11,222
16,562

5,85*.
2,476
3,064
4,049
51,204
93,145
76,699
3,994
6,019

1025
L atest Gross E a rn tn g s.

Jan. 1 to Latest Hate

G

ross
E a r n in g s.

Philadelphia O o.. ..
A ffiliated Corpora's.
P ueblo A Suburban
T ract. A Llglit’ g Co.
Rya O o.G en.—R oads.
L igh t Go’ s ................
Rochester R a ilw a y ..
R ock ford B eloit A
J a n e sv ille ................
St. Joseph Ry. Light
H eat A P ow er ..
At. L ouis T ra n s it___
8 ao
P aulo (B razil)
Train. L ’t & Po. Co.
South Side E lev a ted .
Springfield (111.) Oon.
Syracuse R a p .T r.R y .
Tol. B ow l.G r. A So.Tr.
Toledo Rye. A L igh t.
T oronto R ailw ay
Twin C ity Rap. i'ra n .
Union (N. B e d fo r d )..
Union Trao. o f In d ..
United K R ’s o f San
F r a n c ls o o ................
M elted T ra o.—(A lb.)
W ashington A lex . *
ML V. R y. Oo...........

Week o r Mo Our’ nt
Tear.

Prev’ ui
Tear.

C u rren t
Tear.

P reviou s
Tear.

i
S
9
$
M arch....... 429,660 384,708 1,422,079 1,258,620
M arch....... 882,649 78L 519 2,607,968 2 ,2 7 9 ;0 7 l
F ebrnary . 34,988
M arch....... 21,209
1,922
M arch.......
Maroh....... 100,051
M arch.......

17,460
1,630
91,676

73,509
57,265
0,099
296,959

a •• <

48,361
5.416
203,959

20,048

9,783

45,20**
45.208
J a n u a ry ..
M a r c h .!... 568;731 500,117 1,573/263 1,380,251
312,887
M a r c h ..... 1 1 1 , 0 0 0
525|922 479,797
Api 11......... 13R 329 121,513
49 834
M aroh....... 17,386 13,32t
40,278
IE 6,703
March....... 63,352 60,253
171,973
51,512
M arch....... 22,434 19,14?
61,238
M arch----- 127,012 111,174
367,654
325,238
Wk. M ay 2 37,038 30 989
ith w k Apr 94^483 79.554 1,229,460 1,057,778
74,478
M arch....... 25,095 23.110
66,158
202,092
Maroh....... 82,638 73,531
225,639
M aroh___ 497,947 473,346 1,415,935 1,285,595
Vlaroh....... 129,136 114,974
376,910
844,910
F ebruary .

14,260

16,180

32,827

29,528

I These arc results fo r p ro p e rtie s ownea.
u These earnings lnolude the D e tro it U n ite d R y., D e tro it A P o rt
H uron Shore L in e and the Sandwich W indsor A A m h e rstb u rg Ry.
t F igures fo r 1902 oover o n ly th e Clev. E ly ria A W estern R y. Co.
t Spanish silver.
S t r e e t R a i lw a y N e t E a r n in g s .— T h e fo llo w in g ta b le g iv e s
the re tu rn s o f S tr e e t r a ilw a y gro ss a n d n e t e a r n in g s re ce iv ed
th is w e e k . In r e p o r tin g th e s e n e t e a r n in g s fo r th e str e e t
ra ilw a y s , w e a d o p t th e sa m e p la n a s th a t fo r th e ste a m
roads— th a t la. w e p r in t e a c h w e e k a ll th e re tu rn s re o e lv e d
th a t w e e k , b u t o n c e a m o n th (o n th e th ir d or th e fo u r th
S a tu r d a y ), w e b r in g to g e th e r a ll th e ro a d s fu r n ls n m g re ­
tu rn s, a n d th e la te s t s ta te m e n t o f th is k in d w ill be fo u n d
in th e C h ronicle o f A p r il 1 8 ,1 9 0 3 , T h e n e x t w ill appear
in th e issu e o f M a y 2 3 ,1 9 0 3 .
,— Gross E a rn in g s.— — —Net E arn in gs.------.
C urren t
P reviou s
C urren t
P reviou s
Tear.
Tear.
Tear.
Tear.
Roads.
$
$
$
$
B rook lyn H eights b —
Jam. 1 to Mar. 3 1 . . . . 2,821,248 2,625,591
833,392
645,929
July 1 to Mar. 3 1 ___ 8 ,998,690 8,470,537 3,426,734 2 ,6 0 4 ,5 2 7
B klyn Queens Co. & 8 .—
Jan. 1 to Mar. 3 1 ___
195,745
181,428
85,447
79,731
July 1 to Mar. 3 1 ___
628,250
609,005
303,536
28 4 ,4 8 1
Buff. A W llllam fiv. E leo. bJan. 1 to Mar. 3 1 . . . .
3,071
2,579
726
182
Ju ly 1 to Mar. 3 1 . . . .
12,822
11,426
5,391
4,621
C oney Isl. & B ’ klyn b —
Jan. 1 to Mar. 3 1 ___
305,524
282,566
78.589
69,292
Ju ly 1 to Mar. 3 1 ___ 1,165,605 1,079,850
412,251
40 0 ,4 8 5
*Cln. N ew p .A C ov. L igh t
A T r a c t io n .a ....... Mar.
94,830
86,238
38,534
36,321
Jan. 1 t o Mar. 3 1 ___
2 75,304
250,447
109,828
101,630
C o r n in g * P a in t’ d P o s tb Jan. 1 to Mar. 8 1 . . . .
8,548
7,743
3,333
2,746
D ulnth-Sup. T ra o ..M a r.
47,890
41,140
19,275
17,193
Jan. 1 to Mar. 3 1 ___
131,324
111,261
46,873
43,375
G en eva W a terloo S eneca
Falls & C ayu ga L a k e b Jan. 1 to Mar. 3 1 ___
13,907 '
4,680
11,230
2,304
J u ly 1 to Mar. 8 1 ___
54,421
24,187
Ind’ p ’lis A East. Ry.M ar.
9,562
4,696
L ond. 8 t.R y .(C a n .)a M a r.
10,233
11,534
3,935
3,542
Jan. 1 to Mar. 3 1 ___
34,382
29,245
10,508
8,918
R ichm ond Lt. A RR. C o .b Jan. 1 to Mar. 3 1 ___
40,689
t4,370
Ju ly 1 to Mar. 3 1 . . . .
86,991
114,842
R o ch e ste r R y. b —
Jan. 1 to Mar. 3 1 ___
315,785
264,659
117,727
141,436
Ju ly 1 to Mar, 3 1 . . .
962,891
785,012
448,536
353,702
S ch eneotady R y .b —
Jan. 1 to Mar. 3 1 ___
121,411
69,508
9,456
25,025
Ju ly 1 to Mar. 3 1 ___
3 63,469
190,606
118,021
59 ,7 1 8
8 p rin gti’d (111.) Con.M ar.
17,386
13,320
2,227
1,823
Jan. 1 to Mar. 3 1 . . . .
49,834
40,278
12,183
4,532
Staten Island M idl’ d b —
Jan. 1 to Mar. 3 1 ___
24,120
20,550
4,260 def. 1,172
Ju ly 1 to Mar. 3 1 .. .
111,151
24 ,1 3 2
101,679
47,056
S yracuse R ap T r . b —
Jan. 1 to Mar. 3 1 . . . .
185,479
170,333
73,061
78,571
July 1 to Mar. 3 1 . . . .
5 54,052
513,871
24 4 ,6 7 6
228,313
U tic a & M ohaw k Val. R y .b
Jan. 1 to Mar. 3 1 . . . .
133,194
94,884
41,995
29,870
J u ly 1 to Mar. 3 1 ___
441,353
307,109
171,030
118,808

a N e t earnings here g iven are a fte r d educting ta re s ,
b N e te a rn ln g s h a re g lv e n a re b efo re d e d u c tin g ta x e s .

♦ Inoludes o the r lnoome.
* R esults fo r 1902 are fo r C in c in n a ti N e w p o rt

&

C ovington Ry.

Interest Charges and Surplus*—The following Street
ailways, In addition to their gross and net earnings given In
the foregoing, also report charges for interest, &o., with the
mrplus or deficit above or below those charges,
.— Int., Jlentats, etc.— - s—
Ral. o f X ct E a m ’g s ,
C urren t
P reviou s
C urrent
P r e v io u s
Tear.
Tear.
Tear.
Tear.
H o a d s.

$

$

$

$

B ro o klyn H e ig h ts —
Jan. 1 to Mar. 3 1 .... 1,060,890 1,061,767 df.*188990'df.*348467
J u ly I to Mar. 3 1 .... 3,190,268 3,195,881
*422,714 df.*3S9152

THE

1026

,—/ - »J n t R e n t a l s_________•tc .— * r - B a l . o f .N e t
, e
..................................
________ ___
......................*
i
a

O u rren t
T ea r.
$

R oads.
B k ly n Q ueens Co. & 8 .—
Jan. 1 to M ar. 3 1 . . . .
J u ly 1 to M ar. 3 1 . . . .
Buff. & W illiam av. E le c .—
Jan. 1 to M ar. 3 1 ----J u ly 1 to Mar. 3 1 ----C ln . N ew p . < C o v . L ig h t
fe
& T r a c tio n ............ Mar.
Jan. 1 to M ar. 3 i ----C o n ey Isla n d
B ’ k ly n —
Jan. 1 to Mar. 3 1 . . . .
J u ly 1 t o Mar. 3 1 . . . .
C o rn in g & P a in t’ d P o s t Jan. 1 to M ar. 31 . . .
G e n e v a W a te rlo o S en eca
F a lls & C a yu g a L ak e—
Jan. 1 to M ar. 3 1 . . . .
J u ly 1 to M ar. 3 1 . . . .
I n d ’ p ’lls A E a st.R y .M a r.
L o n d . 8 t.R y. (C a n .).. Mar.
Jan. 1 t o M ar. 3 1 . . . .
R o c h e s te r R y .—
Jam 1 to M ar. 3 1 . . . .
J u ly 1 to Mar. 3 1 . . . .
S c h e n e c ta d y R y .—
Jan. 1 to Mar. 3 1 . . . .
J u ly 1 to M ar. 3 1 . . . .
S taten Isla n d M id la n d —
Jan. 1 t o M ar. 3 1 . . . .
J u ly 1 to Mar. 3 1 . . . .
S y ra cu s e R a p id T r.—
Jan. 1 t o M ar. 3 1 . . . .
J u ly 1 to M ar. 3 1 . . . .
U t io a A M oh aw k V a l. R y .
Jan. 1 to M ar. 3 1 . . . .
J u ly 1 to M ar. 3 1 . . . .

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

P re v io u s
Year.

CHRONICLE

E a r n 'g s .—*

C tirren t
Year.
$

A
P rev io u s
Year.
$

9 2 ,8 8 6 * d f.l3 ,5 0 1 * d f.1 2 ,4 3 3
*6,433
*2 6 .2 8 5
2 7 9 ,2 6 7

2 95
6 24

388
7 88

*510
*5,349

* 4 ,6 4 8

22,608
60,848

21 ,1 4 1
6 2 ,8 2 0

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

1 5 ,1 8 0
3 8 ,8 1 6

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

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

1 ,7 5 6

*86

-1 2 ,1 6 2
*2 1 0 ,7 1 7

-d e f.1 4 6
*19 1 ,8 1 0

1 ,5 7 7

857

1 ,8 8 8

*d e f.4 8 0 *d ef.2 ,3 4 8
*8,963
2 ,3 1 7
1,230
1 ,7 0 5
2,358
4 ,1 5 3

5 ,2 0 7

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

7 4 ,3 7 4
2 2 8 ,3 5 5

*52,861
*2 0 1 ,0 8 7

43 ,3 5 3
*13 3 ,9 2 1

31,611
9 8 ,7 8 6

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

*3 0 ,0 3 3
*123.771

*1 0 ,4 5 5
*64,154

1 2 ,5 0 0
41,001

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

5 7 ,0 7 5
1 7 1 ,2 2 5

5 7 ,0 7 5
1 7 1 ,1 7 1

*2 2 ,7 2 0
*7 7 ,2 3 4

*17,620
*6 1 ,9 1 4

3 7 ,2 1 0
108 ,8 6 5

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

*8,507
*64,239

*d ef.6 5 9
*50,703

2 ,3 1 2
0 ,5 6 0

*d e f.7 ,4 8 5 d e f.1 3 ,6 7 2
*4,861 d e f.1 7 ,1 1 6

* In clu d e s o th e r in co m e .

ANNUAL REPORTS.

Reports.

Annual
— T h e fo llo w i n g is a n in d e x to a ll a n n n a l
re p o rts o f ste a m r a ilr o a d s , str e e t r a ilw a y s a n d m is c e lla n e o u s
c o m p a n ie s w h ic h h a v e b e e n p u b lis h e d sin c e th e la s t e d itio n s
th e I n v e s t o r s ’ a n d S t r e e t R a i l w a y S u p p l e m e n t s .
T h is in d e x does not in c lu d e r e p o r ts in t o -d a y ’ s C hronicle ,

of

RAILROADS, ETC.—

PoQ€.

St r e e t Ra i l w a y s —

C h ic a g o

Pave.

CONDENSED BALANCE SHEET d e c . 31.

1901.
1902.
A ssets—
$
$
R o a d and e q u ip m e n t.........................5 7 ,0 61,568 5 4 ,8 2 9 ,1 8 1
1 ,1 8 3 ,0 0 0
E q u ip m e n t co m p a n ie s......................
8 9 0 ,o o o
1 ,4 1 0 ,4 9 2
In v e s tm e n ts .......................................... 1 ,4 2 1 ,0 2 7
7 3 4 ,9 0 4
Cash. & b ills & a cco u n ts r e c e iv ’ ble
780,471
M a teria l o n h a n d ................................
5 5 0 ,0 2 4
3 9 7 ,7 0 0
O pen a c c o u n t s .....................................
7 5 5 .1 1 3
8 0 7 ,0 9 9
T ru ste e s’ e q u ip m e n t c o m p a n ie s ...
44 ,6 5 9
60 ,9 5 9
B on d s in tr e a s u r y .....................................................
M isce lla n e o u s.......................................
272
T otal a sse ts ................................... 6 1 ,5 0 3 ,1 3 4

L ia b ilitie s—

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

A m e r i c a n C a n C o .................................. 9 6 9
G e n e r a l E l e c t r i c C o ......................... 9 1 7 , 9 2 4
G r a n d T r u n k R y . o f C a n a d a ...
. 916
H u n t .A B ro a d T o p M o u n ta in R R .
& C o a l ........................................................9 1 6
L a k e E r i e & W e s t e r n . ....................
916
M e x i c a n T e l e g r a p h ...........................9 7 0
N o v a S c o t i a S t e e l & C o a l ............. 9 7 0
P e n n s y lv a n ia S te e l C o . o f N . J . . . . 917
S a n F r a n . G a s & E l e c t r i c , .............. 9 7 0
T a m a r a c k M in in g
.................................. 9 7 1
U n i t e d S h o e M a c h i n e r y ................. 9 7 1

[VOL. L X X V I

Str ee t R a i l w a y s —

Pane.

L o u i s v i l l e R a i l w a y ..................................
M a c o n ( G a . ) R a i l w a y & L i g h t ...........
M e t r o p . S t. R y . o f N . Y . (r e p o r t o f
p u b l i c a c c o u n t a n t s ) ............................
M e t r o p W e s t S id e E l. o t C h ic a g o .
N o r t h J e r s e y S t r e e t R y ..........................
S t . L o u i s T r a n s i t ......................................
S a o P a u lo T r a m w a y L . & P o w e r ..
U n i t e d R R ’ s o f S a n F r a n c i s c o .........
U n it e d R y s . & E le c , o f B a lt im o r e .
U n i t e d Rys. o f S t . L o u i s ( a p p l i c a ­
t i o n t o l i s t . ) ...............................................
W a s h i n g t o n R y . & E l e c t r i c ...............

477
750
978
806
862

750
017
917
702
980
703

C i t y R a i l w a y .......................4 7 6

Fere Marquette Railroad.

( R tp ort for the fiscal year ending D ec .

1902J

T b e re m a r k s o f P re s id e n t F . H . P r in c e a n d V ic e -P r e s id e n t
and G e n e r a l M a n a g e r M . J . C a r p e n te r , to g e th e r w ith th e i n ­
c o m e a c c o u n t, p ro fit a n d lo s s a c c o u n t, a n d g e n e r a l b a la n c e
s h e e t, f r o m th e t h ir d a n n u a l re p o r t, are g iv e n in fu ll on
p a g e s 1034 to 1036 ; a lso th e d e ta ils o f th e b o n d e d d e b t.
T h e re su lts o f o p e ra tio n s, e a r n in g s, e t c ., fo r a series o f
y e a r s h a v e b e en as fo llo w s :
O PERATIONS, EARNINGS, EXPEN SES, CHARGES, ETC.

1902.
1901.
1900.
M iles op e ra te d D eo. 3 1 ...................
1 ,8 2 8
1 ,8 3 8
1 ,8 2 1
P a ssen g ers o a rrie d ..........................
3 ,5 9 3 ,4 5 4
3 ,3 8 2 ,4 4 3
2 ,8 5 3 ,4 9 5
P a ssen g ers ca rrie d 1 m ile .............1 3 0 ,0 4 9 ,3 8 4 1 2 3 ,7 3 9 ,8 4 9 1 0 5 ,7 6 0 ,3 7 8
E arniD gs p er p a se n g e r p e r m ile .
2*04 ots.
2*01 ots.
2 1 8 cts.
E a rn in g s p er p ass’ g ’ r tra in m ile. $0*8045
$0*7761
$0*7937
T o n s re v e n u e fre ig h t c a r r ie d ,...
7 ,2 0 3 ,6 3 9
6 ,4 3 9 ,2 4 7
5 ,6 7 5 ,5 9 9
T o n s reven u e, fre ig h t car. 1 m lle .9 0 6 ,0 0 3 ,7 8 4 7 9 1 ,0 3 9 ,9 3 6 6 3 9 .3 29,323
E a rn in g s p er rev . ton per m ile ... 0*703 cts.
0*727 cts.
0*802 ots.
T o n s per fre ig h t train m ile .........
239*91
222*06
207*00
E a rn in g s per fre ig h t tra in m ile ..
$1*686
$1*615
$1*59
G ross ea rn in g s p e r m ile o f r o a d .
$ 5 ,4 4 5
$ 5 ,0 0 3
$ 4 ,5 5 5
.C
ti
1902.
1901.
1900.
1899.*
E a rn in g s $
$
$
$
F reigh t;....................................6 ,3 6 7 ,0 4 9 5 ,7 5 3 ,5 3 3 5 ,1 2 6 ,5 5 1 4 ,4 5 6 ,8 8 0
P a s s e n g e r s ............................ 2 ,6 5 8 ,5 9 4 2 ,4 9 4 ,1 3 6 2 ,3 4 7 ,1 0 5 2 ,1 1 3 ,8 4 4
M all, e x p r e s s an d m lso e l. 3 7 9 ,4 8 6
3 6 5 ,5 3 9
3 * 7 ,4 5 4
3 3 5 ,9 0 3
M a r in e ..................................... 5 5 0 ,2 4 5
5 8 7 ,9 0 7
4 8 5 ,0 0 1
4 6 2 ,1 6 7
T o ta l e a rn in g s ............. 9 ,9 5 5 ,3 7 4
E xp en ses—
M a in te n a n ce o f w a y , e t c . 1 ,4 8 0 ,4 2 2
M a ln ten ’ c e o f e q u ip m e n t. 1 ,0 4 0 ,4 7 4
C o n d u ctin g tra n s p o r ta ’ n .3 .9 0 6 ,6 7 3
T a x e s ........... .......................- . 3 8 9 ,6 6 5
G en eral e x p e n s e s ............... 2 3 0 ,4 7 4
M arin e e x p e n s e s ................. 4 6 2 ,8 2 5

9 ,2 0 1 ,1 7 5

8 ,2 9 6 ,1 1 1

7 ,3 6 8 ,7 9 4

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

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

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

T o ta l e x p e n s e s .............7 ,5 1 0 ,5 3 3
P. o. o f ex p en ses to earn s. (75*44)
N et ea rn in g s.........................2 ,4 4 4 ,8 4 1
A d d la n d r e c e ip t s ...................................

7 ,1 1 0 ,2 1 2
(77-27)
2 ,0 9 0 ,9 6 3
5 0 ,5 1 9

6 ,3 3 0 ,5 9 2 5 .6 6 7 .8 2 7
(70 31)
(76*92)
1 ,9 0 5 ,5 1 9 1 ,7 0 0 ,9 7 3
.....................................

T o t a l.................................2 ,4 4 4 ,8 4 1
D e d u c t— In terest................ 1 ,4 5 1 ,7 0 5
D iv . o n pref. s to c k (4 % )..x 4 2 0 ,4 1 6
E q u ip , sin k , f n n l p a y ’ ts. 1 5 9 ,2 4 4
T ran s, to im p ’ o v ’ t fu n d . 2 0 0 ,0 0 0

2,141,482
1,356,389
1420,446
152,500

1,965,519 1,700,973
1,319,330 1,289,420
X420.000
.............
...................................

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

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

* R esu lts fo r 1899 are p r io r to co n so lid a tio n , x E x c lu d in g d iv id e n d s
o n 14,878 shares In h and s o f tru stees u n d er rea d ju stm en t plan .

5 9 ,4 2 3 ,9 9 6

1900.
$
5 3 ,1 0 2 ,7 0 3
4 1 6 .0 0 0
7 7 7 ,0 8 5
9 1 0 .5 1 2
4 0 6 ,3 0 0
9 0 8 ,9 7 8
13 ,0 0 0
1 7 5 .0 0 0
5 6 ,7 6 9 ,5 7 9

C a p ita l stock , c o m m o n ..................... 1 6 ,0 0 0 ,0 0 0 1 6 ,0 0 0 ,0 0 0
C a p ita l sto ck , p r e fe r r e d ................... 1 2 ,0 0 0 ,0 0 0 12 , 000,000
F u n d ed d e b t .........................................3 1 ,1 7 3 ,3 3 7 2 9 ,4 4 7 ,9 7 8
A ccru e d in te r e st.....................* ..........
3 2 5 ,5 7 0
3 6 4 ,5 5 5
40 ,4 6 9
U n p a id c o u p o n s .................................
51 ,5 1 2
U n p a id v o u ch e rs a n d p a y - r o ll s ... 1 ,0 2 8 ,2 3 2
1 ,0 8 0 ,9 9 5
2 5 6 ,0 5 7
U n p a id ta x e s ........................................
3 5 5 ,7 0 4
U n p a id d iv id e n d s ...............................
2 1 3 ,158
211,908
S in k in g fu n d s, e q u ip m e n t b o n d s ..
4 4 ,6 5 9
6 0 ,9 5 9
Bills p a y a b l e .......................................
5 8 ,5 0 0
In c o m e a c c o u n t............................ .
2 1 3 ,1 7 7

1 6 ,0 0 0 ,0 0 0

T o ta l lia b ilit ie s ............................6 1 ,5 0 3 ,1 3 4
—V . 76, p. 9 1 9 , 8 6 6 .

5 6 ,7 6 9 ,5 7 9

5 9 ,4 2 3 ,9 9 6

12,000,000
2 0 ,7 9 3 ,0 7 1
2 9 9 ,9 2 9
39,108
9 1 2 ,4 0 4
2 3 2 ,0 0 7
4 8 0 ,0 0 0
13,000

Lake Shore & Michigan Southern Railway.

( Report for the year ending Dec. 31,1902. j
The report says in substance:
B o n d s —T he fu n d e d d e b t n o w sta n d s at $ 4 9 ,9 4 2 ,0 0 0 . D u rin g th e
fisca l y e a r $ 2 1 4 OOO secon d g e n e ra l m o rtg a g e 7 p. c. b o n d s w ere su r­
re n d ered in e x c h a n g e fo r 3 ^ p. o. g o ld b on d s. 8 in oe Ju n e 1 ,1 8 9 7 ,
d a te o f g o ld b o n d m o rtg a g e , tb e to ta l a m ou n t o f o ld b on d s retired has
b e e n $ 3 7 ,0 9 4 ,0 0 0
T he n e t re su lt is an ia orea *e o f $ 6 .7 5 0 ,o 0 0 in th e
b o n d e d d eb t and a sa v in g in an nu al in terest ch a rg es o f $ 1 ,0 6 2 ,0 4 0 .
G e n e r a l R e s u l t s — c o m p a r e d w ith the p re v io u s y e a r th e e a r n ­
in g s fr o m fre ig h t tra ffic in cre a se d $ 1 ,4 0 0 ,2 9 4 . o r 7*14 per o e n t ; th e
earn in gs from p a ssen g er tra ffic d e o re a s°d $ 3 4 4 ,1 1 4 , o r 5*06 p er o e n t;
th e n u m b e r o f to n s m o v e d , r e v e n u e freig h t, in cre a se d 11*74 p er ce n t,
a n d th e n u m b er o f p a ssen g ers ca rrie d d ecrea sed 0*68 p e r c e n t . T he
to n m ilea g e, re v e n u e fre ig h t, in crea sed 1*17 p er ce n t, th e a v e ra g e
h au l p er ton (108*5 m iles) b e in g lo w e r th an th e a v era g e d u rin g th e
p re ce d in g ten yea rs, du e m a in ly to a d eorea se in a n tk ra o ite o o a l and
grain shipm en ts. T h e a v e ra g e lo a d p er fre ig h t tra in m ile, re v e n u e
fre ig h t, w a s 5 7 6 5 ton s, in cre a se 8*67 p er oen t. T he a v era g e rate per
ton m ile w as 0*517 c e n t ; la st y e a r 0*489 cen t. P a ssen g er m ilea g e d e ­
cre a se d 16*95 p e r cen t. T he a v e r a g e rate p er p assen ger m ile w a s 2*07
cen ts a g a in st 1*81 c e n t la st y e a r. In 1901 there was a la rge m o v e ­
m e n t o f p assen gers to th e P an A m e rioa n E x p o sitio n .
I m p r o v e m e n t s . E tc —O p era tin g e x p en ses in 1 9 0 1 in clu d e d th e f o l ­
lo w in g ch a rg e s fo r e x tr a o r d in a r y e x p e n d itu r e s : F o r n e w e q u ip m en t
p u rch a sed , $ 1 ,4 2 3 .6 7 3 ; fo r n e w side traok s. $ 2 0 3 ,1 4 4 ; fo r c o n s tr u c ­
tion and b e tterm en ts, $ 2 ,7 6 3 ,7 8 8 , w h ich la tte r e x p e n d itu re m a y b e
e u m m a iized as f o l l o w s : N ew sh op s, O o liiu w o o a , $ 9 5 5 ,9 5 7 ; n e w p a s s ­
e n g e r d e o o t a t C h ica g o a n d o th e r sta tion bu ild in gs. $ 3 7 9 ,1 9 9 ; n ew
fr e ig h t houses, C h ica go, $ L 7 5 ,4 3 0 ; lo w -g ra d e lin e. P ly m o u th to
D ou g h ton , $ 1 3 4 ,4 6 8 ; d o c k s, s lip s ,o r e and co a l h a n d lin g p la n t. A s h t a ­
b u la H a rb o r, $ 3 3 2 ,9 7 2 ; sep a ra tion o f g ra d es, $ 1 1 0 ,2 7 6 ; n ew b rid g es,
tra ck ta n k s and o th e r b e tte rm e n ts, $ 130,486.
A n ew p a ssen g er sta tio n has, d u rin g th e y ea r, b e e n in p ro o e s s o f
e r e c tio n on th e site o f th e f armer station . V a n B a ren St.. C h icag o.
T his w o r k Is d on e jo in t ly w ith the C h ica g o R ook Isla n d < P a cific R y .
fc
C o. T h e train sh ed , w a itin g ro o m s, eco., w ill b e re a d y b y th e ffrsc o f
J u n e n e x t and th e en tire b u ild in g w ill b e com p leted d u rin g 1903.
T he co n stru ctio n o f a n e w lo w -g r a le lin e on the F ra n k lin D iv is io n ,
e x te n d in g fr o m P ly m o u th to D o u g h ton , 47*6 m iles, bu ilt jo in t ly b y
th is oom p a n y and th e M a h on in g G oal R R . C o., has b een p u shed r a p id ly ;
a p a rt o f it is n o w in use and the w h o le w ill be in th e fall o f 1903.
A c q u i s i t i o n s . - A s w ill b e seen b y th e b alan oe sheet, b i l l s p a y a b l e
h a v e b een in crea sed d u rin g the y e a r $ 1 ,0 0 0 ,0 0 0 . A g a in s t th is i n ­
cre a se th e c o m p a n y h as a cq u ire d o w n ersh ip s as fo l lo w s ; 96 p er oen t
o f the en tire ca p ita l scook or $ 5 ,0 0 0 ,0 0 0 o f the In d ia n a Illin o is & Io w a
R R . C o . ; 50 p e r c e n t o f th e en tire ca p ita l sto ck o f $ 1 ,5 0 0 ,0 0 0 o f th e
D e tr o it T o le d o < M ilw au kee R R C o., and at par 50 per c e n t o f $ 2 ,0 0 0 ,fc
0 0 0 n ew stock o f th e P ittsbu rgh < L ak e E rie R R . C o.—a t a to ta l o o s l
fe
o f $ 5 ,6 7 8 ,0 0 0 . S uch c o s t w a s $ 4 ,6 7 8 ,0 0 0 in e x c e s s o f th e in cre a se in
b ills p a y a b le , and w a s p a id o u t or th e c o m p a n y ’ s cu rre n t m ean s. T h e
D . T. <fc M . lin e, 133 m iles in le n g th , ru n s fro m A lle g a n . M ich , o n
th is co m p a n y ’ s G ran d R a p id s b ra n ch , v ia H om er, J ero m e and T eoum 8 eh to D u n d ee, M ich., w h ere it co n n e o ts w ith och er road s.
Statistics.— The comparative statistics for four y e a r s , com ­

piled for the Chronicle, are as follows:
OPERATIONS AND F I8C A L RESULTS.

1900.
1902.
1901.
1899.
1,411
1,411
1,411
1,413
M iles o p e r’ d D eo. 31.
31
E q u ip m en t—
544
L o o o m o tiv e s . . ____
6 16
582
524
431
431
430
P assen ger care
430
....
19,958
19,892
F re ig h t c a r s .............. 23 ,1 5 3
2 1 ,5 6 4
801
W o rk in g ca rs..
781
670
585
O peration s—
5 ,5 5 3 ,9 3 0
5 ,9 5 1 ,3 4 1
4 ,9 6 4 ,6 3 4
4 ,6 6 2 ,4 5 5
P ass, c a r r ’ d ( N o ,) ...
P a sse n g e r m ile a g e .3 1 2 .3 4 2 ,6 0 7 3 7 6 ,0 8 4 ,7 3 9 2 6 4 ,5 6 2 ,6 8 6 2 3 3 ,2 3 2 ,8 5 4
R ate p er pass. p. m . 2*069 cts.
1*809 ots.
2*035 ots.
2 0 7 9 ots.
P a ssen g er ea rn in g s
$1*4833
$1*5481
$1*6876
p e r tra in m ile ___ $1*5908
R ev. f r ’ ht ton s m o v . 2 4 ,0 5 9 ,4 7 5 2 1 ,5 3 2 ,4 2 5 1 9 ,8 48,475 1 8 ,0 8 7 ,6 9 4
*3 ,4 1 4 .8 8 0
F r ’ g h t(to a) m ileage. *4 ,053,501 *4 ,0 0 6 ,5 5 4 *3,620,829
0*471 ots.
0*505 cts
0*489 Cts.
A v. ra te p. to n p. m . 0*517 ots.
T o n s o f re v . fre ig h t
427*3
530-5
454*7
576*5
p s r tra in m ile .......
$ 2 3001
$2 016 5
$2*5971
F r e ’ h t ea rn s.p .tr.m . $2*9888
E arns, p. m . o f road.
$ 1 8 ,7 5 3
$ 2 0 ,7 4 4
$ 2 1 ,5 7 7
$ 1 0 ,7 0 7
E a r n in g s —
$
$
$
$
6 ,4 0 1 ,0 9 4
5,38 2,787
6 ,8 0 5 ,2 0 8
4 ,8 4 9 ,1 2 9
P a ssen g er..................
2 1 ,0 1 6 ,3 9 1 1 9 ,6 1 6 ,0 9 7 1 8 ,3 1 7 .4 2 7 1 6 ,1 1 5 .6 9 0
fr e ig h t ........................
2 .8 5 1 ,3 7 0
2 ,7 0 6 ,3 0 0
2 ,6 4 9 ,1 2 7
2 ,9 7 1 ,8 0 7
M ail, e x p ., ren ts,& o.
T ot. gross earns. 3 0 ,4 4 9 ,2 9 2 29,272,075 26,466,514 23,613,946
E xpen ses—
M a in .of w ay& struo. 3 ,2 3 6 ,6 0 8
21282.202} 4»l 66,033
4,137,018
2 ,6 8 7 ,2 7 5
M aint. o f e q u ip .......
y)803io52
9,090,305 8,635.812
O o n d a ct’ g tra n sp ’ n . 1 0 ,6 6 0 ,9 2 9
402,596
362,579
340,752
G e n e r a l.......................
4 0 8 ,3 9 9
707,918
709,134
710,489
T a x e s .........................
803 ,3 9 1
E x p s. and ta x e s.
N ew eq u ip m en t.......
C o n st’ ll &' b ett’ m ’ ts.

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

T o ta l e x p e n se s.. 2 1 ,9 8 9 ,0 6 4
P. c. o f e x p . to earn s. (72-22)
N et e a rn in g s.............
8 ,4 6 0 ,2 2 8
* T h ree cip h ers o m itte d .

2 0 ,2 1 0 ,2 2 9
(69*04)
9 ,0 6 2 ,4 4 0

14,328,051 1 3 ,8 2 4 ,0 7 1
2 ,2 6 7 ,8 2 5
1,8 6 5 ,8 1 7
7 1 1 ,9 1 8
142 ,2 5 7
1 7 ,3 0 7 ,7 9 4
(05*39)
9 ,1 5 8 ,7 1 9

1 5 ,8 3 2 ,1 4 5
(67*04)
7 ,7 8 1 ,8 0 1

M ay 9, 1903.J

THE CHRONICLE
INCOME ACCOUNT.

Receipts—
N et ea rn in g s...........
In t., d lvs., e to .........
T otal ln c o m o ...
R entals p a id ...........
In terest on b on d s..
In t o n bills p ayable
D lvs.on guar, stook

1902.
*
8,400,228
1,668,665

1901.
9
9,062,446
1,329,290

^ R A T IO N S A N D F IS C A L R E S U L T S .

1900.
$
9 ,1 5 8 ,7 1 9
749,621

1899.
*
7,781,801
376,052

9,908,340
10,129,793 10.391,730
9 23,247
916,605
1,042,667
2,037,526
2 ,041.165
^ 2,278,312
229,131
266,087
53,350
53,350
53,350

8,157,857
732,488
2,314,753
63,850

3,393,269
8,230,611
3 ,249,909
3,100,591
T otal d lsbu F ts.
0 ,735,524
7 ,155,125
6,058,431
5.057,200
Bar. for d iv id en d ...
D iv id e n d s........... . (7)8,462,655 (7 )8,462,655 (7 )3,462,655 (7)8,462,655
S u rplu s...............

3 ,272,869

3 ,0 9 2 ,4 7 0

3 ,195,776

1,694,611

G EN ERAL BALANCE SHEET DEO. 3 1 .

A ssets—
R R .,blgs.,equ ip ., Ao
R eal esta te ...............
Stocks ow n ed , cost.
B on d s ow n ed, cost.
In v ’t In leas’d lines.
M aterials, fuel, eto.
C ash...........................
U n colleo’d e a r n s .*
other open aoots.

1902.
1901.
9
9
89,344.809 89,344,809
997,185
663,759
*32,478,357 26,80 0 ,3 5 7
t291 ,2 3 5
281.235
[2,323,847 2 ,3 9 6 ,8 0 2
1,961,043 1 ,343,586
1,159,393
3,630,653
1,751,762

1,507 ,5 6 9

1027

1900.
1899.
9
9
8 9 ,280,836 89.320,836
486,008
486,008
24,93 7 ,6 2 5 11,899,494
2 91,235
2 90,980
2,447,151 2,808,553
1,068,911
967,202
3 ,7 2 3 ,7 2 0 4,069,072
1,433,413

1,238,255

1902.
1901.
1900.
1899.
M iles o p e ra te d ........
1,663
1,658
1,635
1.658
E q u ip m en t—
461
481
461
L o co m o tiv e s............
461
377
377
381
Passenger eq n lp m ’t
364
F reigh t equ ip m en t
13,969
14,431
14,450
14,383
O perations—
3,400,075
Passengers ca rried .
3,741,312
3,012,293
2,878,008
P assenger m ile a g e .2 25,702,912 228.293,565 177,330,729 166,057,169
2 194 ots.
2-181 Ots.
2 034 ots.
R ate per pass p erm . 2 091 cts.
F r’ ht (tons) m o v e d . 11,648,111 11,243,211 10,367,518 10,212,988
F r'h t (tons) m ileage tl.9<-:5,108 t2 .079,658 12,006,102 11.950,614
0-592 ots.
0 564 ots.
A v .r a te p ton p.m ile 0 676 ots.
0-618 Ots.
» Three olphers om itted.
E arn in gs $
9
3,88 9 ,7 5 6
8,600,025
4,644,290
Passenger..................
4 ,719,068
F reigh t....................... 1 3 ,2 7 9 ,2 2 0 12,858,455 11,876,037 11,000,685
964,338
903,352
M all, express, e t o ...
1,046 ,7 9 5
987,588
T otal gross earns. 1 9 ,0 4 5 ,0 8 3 1 8,490,273 16,730,131 15,504,062
Operating exp en ses—
M alnt. o f w a y. e t o .
3 ,7 6 8 ,1 4 0
8 ,4 4 2 ,2 9 0
2 .6 4 3 ,6 1 7 2,334,395
M alnt. o f eq n lp m ’ n t
2 ,3 8 0 ,6 5 4
2,764,762
2,40 6 ,8 8 0
2,161,394
T ra n sp orta tion .......
8,368,837
7,753,993
7 ,3 6 8 .6 0 9
6,784,183
G en era l.......................
4 01,311
276.787
3 4 3 ,1 7 9
287,483
T a x e s ..........................
5 4 9 .0 6 2
508,132
467,208
426,691
Total o p e r .e x p s .,1 5 ,4 6 7 ,5 0 4
P . 0 , op. e x p . to earns. (81-22)
Net ea rn in g s.............
3 ,5 7 7 ,5 7 9

1 4,745,964 13,229,491 12,004,116
(79 75)
(79 08)
(77-43)
3,744,309
3,500,641
3,499,946

T otal a s s e t s .... 130,307,132 125,9 7 8 ,2 7 0 123,658,900.*110,780,400
IN C O M E A C C O U N T .
Liabilities—
1902.
1901.
1900.
1999.
C apital s t o c k ......... 5 0 ,0 0 0 ,0 0 0 5 0 ,0 0 0 ,0 0 0 5 0 ,0 0 0 ,0 0 0 50,000,000
Funded d eb t............ 51,26 6 ,0 0 0 50,76 5 ,0 0 0 6 0 ,7 2 5 ,0 0 0 48,562,000
R eceipts—
9
9
9
9
B ills p a y a b le...........
5 ,0 0 0 ,0 0 0
4 ,0 0 0 ,0 0 0
6,000 .0 0 0
......... e a r n in g s ...........
N et
8 ,5 7 7 ,5 7 9
3,744,309
3,500,641
3,499,946
D ivid en d s p a y a b le
1,768,003 1,758,003
1,758,003
1,758,003 In c. from ln vestm ’ ts
5 4 ,0 1 3
69,739
45,094
44,678
A ocru ed ln t., e to ...
374,092
2 5 9 ,4 2 7
2 6 2 ,2 3 4
.........
A ud ited p a y -r o lls *
T ota l in c o m e .,..
3 ,6 3 1 ,5 9 2
3,814,048
3,5 4 5 ,7 3 5 3,544,624
vou ch ers ...........
Disbursements—
3 ,303,839
1,754,469
1 ,6 9 3 ,7 3 6
1,287,896
281,467
5 5 4 ,0 8 5
4 0 7 ,5 2 6
232,920 R entals p a id .............
184,810
184,264
184.310
184,310
D u e ra ilroa d s.........
M lsoellane’s acots..
288,593 2 ,1 0 2 ,5 2 0
1,563,769
550,099 In terest on d e b t . ...
2 ,0 2 6 ,4 6 3
2,271.250
2,219,908 2,229,975
In com e a c c o u n t ....
1 8 ,0 3 5 , 1 39 1 4 ,7 9 4 ,6 6 7 11,248,632
8,389,482 Can. Southern share
3 10,168
375,238
300,852
300,574
N ew secon d t r a c k ..
.............
210 ,0 0 0
80,000
65,000
T o ta l................... 180,3 0 7 ,1 3 2 125,978,270 1 2 3 ,6 5 8 ,9 0 0 110,780,400 M isce lla n e o u s .........
.............
.............
4,401
10,326
D ividen ds (4 p . c . ) .
7 4 9 ,5 2 0
749 ,5 2 0
74 9 ,5 2 0
749,520
M n olu d es $1,9 2 0 ,0 0 0 In L ehigh V alley R R . stook , $ 5 ,8 4 7 ,0 1 7 Lake
E rie & W est, stock , $7,111,065 C leve. Cln. Chic. & 8 t. L stook, $ 8 ,T o ta l...................
3 ,2 7 0 ,4 6 6
3,790,272
3,5 3 8 ,9 9 1
3,539,705
447,746 N. Y . Chlo. & St. L. R R. stock , 8 3 ,675,696 Pitts. & Lake Erie
3 6 1 ,1 2 6
23 ,7 7 6
6,744
4,919
R R ., $200,000 Term inal R y. o f B uffalo, $ 5 7 6 ,7 0 0 M erchants’ Des- Surplus......................
Traus. Co., $450 Mah. State L. R R . stock . $ 1 6 0 ,0 0 0 Det. T ol. & Mil.
BALANCE S H E E T D E C E M B E R 31.
R R . stook, $4,518,000 Ind. 111. & _Iow a R R . stock , $ 22,682 P itts. &
IP 0 2 .
1901.
1902.
1901.
W heel. C oal Co., eorlp.
Assets—
l
$
Liabilities—
*
t
♦ Pitts. Ch. A Y ough . gen. m ort., $ 2 8,980, and Ter. R y. o f Buff, C o n s t r u c t , a c c ’ n t s . 4 5 ,9 6 8 .6 5 9 4 4 .9 2 4 .7 F 5 C a p i t a l ........................... 1 8 .7 3 8 ,0 0 0 1 8 .7 8 8 ,0 0 0
i n v e s t m e n t s ............ 1 ,1 8 7 ,3 7 3 1 ,0 1 8 ,6 8 4
B o n d s ( s e e S U P P .) ,2 1 ,2 7 5 ,0 0 0 2 1 ,1 0 1 ,0 0 0
bon ds, $262,255.
J Jam estow n A Franklin R R . stook, $349,6 5 7 ; J a m estow n A F ra n k ­ F u e l a n d s u p p l i e s . 1 ,8 2 3 .8 2 5 1 ,3 P .2 3 2 A c c o u n t s p a y a b l e . 2 ,9 1 8 .8 6 8 2 ,1 8 4 ,4 0 4
c u d I
e s t..
2 7 3 ,5 9 5
3 0 6 ,3 2 5
Ac n
ec i
23
7 9 ,1 7 «
lin R R bonds, $732,400; Jam estow n A Franklin op eu a ccou n t, $673,- U n c ’o itl sd r e a e nvi a b lse. 1 ,2 2 1 ,2 7 1 1 ,2 8 0 ,8 0 6 A c v rd een d s n t e r........... 8 7 4 ,7 6 0
Di i
3 7 4 ,7 6 0
c
’
r ng
4 9 3 ,3
2
209; M ahoning Coal R R . sto ck , $ 5 6 8 ,5 8 5 .—V . 76, p. 2 6 6 ,1 5 8 .
N e w s e c o n d t r a c k .....................
2 1 0 ,0 0 0
C a s h ...............................
5 1 0 ,2 6 2 1 ,3 6 8 ,2 5 7

Mexican Central Railway.

(Results for the year ending Dee. SI, 1902.J
T h e resu lts fo r th e calen d a r year 1903, as reported b y te le ­
g ra p h , com p are w ith th ose fo r earlier yea rs as fo llo w s :

I n c o m e a c c o u n t . . . 7 ,6 2 4 ,5 0 0
T o t a l ..................... 5 1 ,2 0 4 ,7 1 3 5 0 ,1 7 6 ,8 6 3
- V . 7 0, p . 8 1 1 , 102 .

New York Chicago &

7 ,2 6 3 ,3 7 4

T o t a l . . . * ............. 5 1 ,2 0 4 ,7 1 3 5 0 ,1 7 0 ,8 6 3

S t.

Louis Railroad.

( Report for the year ended Dec. 31, 1902, J

T h e report, signed by P resid en t C a n n iff and C h a irm a n D e ­
p ew , says in s u b s t a n c e :
1902.
1901.
1900.
1899.
I m p r o v e m e n t s . E tc —T here has b een an in crease fo r th e year In
length o f iron brid ges o f 208 fe e t an d a d ecrease in length o f w ood en
2,0 5 4
2,016
A v ’ ge m iles op era ted .
(1)
2,135
brid ges o f 2,003 feet. The iron bridges n ow a ggregate 4 m iles and the
$
$
$
G ross earn., M ex.ou r.21,132,226 17,493,873 17,223,878 15.602,065 w ood en brid ges abou t 3-15 m iles iu len gth . T he w ork o f re p la cin g
Oper. e x p ., M ex. o u r .16,170,620 12,607,010 11,860,195 10,402,970 Iron bridges w ith h eavier and m ore m od ern stru ctu res has been c o n ­
tin u ed ; fo r this p u rp ose $ 2 2 5 ,0 0 0 w as ch arged to op era tin g e x ­
N et earn., M ex.onr. 5 ,9 6 1 .6 0 6
4 ,986,663
5 ,373,683 5 .1 9 9 ,0 9 5 penses.
T here w as ballasted 0-62 m ile o f traok w ith g ra v el, 206,367 cro s s N et earn ,D 8 . onr. 2 ,5 1 3 ,3 8 4
2 ,384,598
2,628 ,5 7 7 2,516,961
F ix ed charges, n e t ... 3 ,0 0 9 ,7 8 7
2 ,754,760
2 ,6 2 2 ,4 8 4 2,417,763 ties w ere placed in th e traok, and 4,904 to n s o f n ew 65-pou n d steel
rails (45-6 m iles) w ere laid, m a terially im p ro v in g the con d ition o f the
B alan oe................ d ef.498,403 d ef.3 7 0 ,1 6 1
sur.6,093 sur 99,198 tra ck .
The ten n ew con solida tion fre ig h t engines and five new sw itch in g
Subs’ y ao’ tln U .S .ou r. 6 00,000
5 4 5 ,0 0 0
N one
4 9,223
engines, con tra cted fo r du rin g 1901, w ere reoeived , and a oon traot
R esu lt,su r ,U. 8 C ur. 3,597
0,093
148,421 has been m ade fo r fifteen new con solid a tion en gin es,to be d eliv ered in
174,839
S eptem ber, 1908, at a oost o f $ 225,000. w h ich am ou n t has been
T h e m ile a g e in sy ste m in 1903 w as 2,685 o f m a in track and
oharged to op era tin g expen ses. F o r ad dition al tracks at S ton y Isla n d ,
298 m ile s o f s id e t r a c k . Since J a n . 1, 1903, there has been
B eilevue and C onneaut, there has been a p p rop ria ted $->0 ,0 0 0 , and fo r
en largem en t o f shops at Oonneaut, O hio, there has been ap p rop ria ted
added to th is 228 m ile s o f m a in tr a c k .— V . 76, p , 7 05 , 543.
$ 70,000 b oth am ounts bein g oharged to op era tin g exp en ses.
E arnings —The gross earnings fo r th e year deoreased $346,585, or
4*6 1 p e r c e n t as com p a red w ith the p reviou s year. * fh e earn in gs from
freig h t traffic deoreased $276,796, or 4 56 p er oent, attribu table to the
( Report for the year ended Dec. SI, 1902. J.
m iners’ strike in the anthraolte ooa l region s, and also to the p artial
fa ilu re o f th e grap e orop. The a v era ge rate reoeived per ton per m ile
T h e re p o rt says in su b sta n c e:
w as -476 oent, as again st -453 oent fo r th e previou s year, b ein g an in orease o f - 0 2 2 oent The earnings from p assen ger traflio decreased
B o n d s , E tc .—On M ay 1 ,1 9 0 2 , $3,000,000 7 p er cen t and $2,000,000 $ 8 7 ,1 9 5 , o r 6-69 per oent, this deorease bein g a ccou n ted fo r b y the
5 p. o. oonsols beca m e due. T o p ro v id e fo r th eir p a y m e n t and fo r Im ­ large P a n-A m erican business o f the p reviou s year. T he o p e ra tin g e x ­
p rov em en ts and betterm en ts, an Issue o f $18,000,000 1st m ortgage 50- penses, including ta x es, rental o f term in als and b etterm en ts, sh ow a
y ea r 31s p. o gold bonds, secured by a m ortga ge on the m ain lin e, w as deorease o f $348,373, o r 5-84 per oent.
authorized. On M ay 1, 1902. $ i 0,000,000 o f these bon ds w ere Issued
T h e p ercen ta ge o f op era tin g exp en ses, ex olu d in g b etterm en ts, to
to m eet the paym en t o f the con solid a ted b on d s a b ov e referred to. On gross earnings was 70 52 p er oen t for th e cu rren t y e a r , a g a in st 69-62
M ay 1, 1902, $274,000 M ichigan C entral D etroit A B ay C ity first p er cen t fo r the previou s year, w hile the p ercen ta g e o f o p e r a tin g e x ­
m ortgage 5s w ere Issued to rep la ce $274,000 D etroit A B ay City 8 per penses, in clu d in g betterm ents, w as 78-71 p e r c e n t fo r th is year against
cents, due May 1, 1902. D u ring the year the trustees o f the land gran- 79 72 per ce n t fo r the p reviou s y ear. The oost o f a ll b e tt e r m e n ts and
fund o f the Jack son L ansing A Saginaw R R . Co. purchased and c a n ­ additions to the p rop erty w as ch a rged to exp en ses, the *‘ C on stru ction
celed $100,0t0 In the M ichigan C entral-Jaokson L a n s i n g * Saginaw- and E q u ip m e n t” aooou n t rem ainin g th e sam e as at th e clore o f the
first m ortgage 3 k p er ce n t bonds. B y agreem ent w ith th e J o lie t A p reviou s year.
N orthern In dian a R R Co. the ren ta l paid fo r Its roa d has been re
Statistics.— T h e sta tem e n t o f op eration s, e a r n in g s and
dnoed fro m $89, OOP p er annum to $71,000 per annum from Jan. 10,
ch arges has been com p ile d fo r the C hronicle as fo llo w s :
1902.
C o n stru ctio n . - Tbls acoou n t has been Increased b y expen ditu res
O P E R A T IO N S A N D F IS C A L R E SU LTS.
aggregatin g $869,904, viz.: G rade redu ction s, m ain line. $ 1 6 3 057;
1902.
1901.
1900.
1899.
grade redu ction s. A ir lin e, $ 124,594; seoon d traok . Jaokson to M ar­
shall, 32 0 ' m iles, $179,397; new shops, J a ck so n , $ 1 3 3 ,4 1 0 ; land at M iles o p e r a te d .........
513
513
513
513
G ibsons, $ 6 9 ,4 «9 .
O perations—
The con stru ction o f a secon d traok from B ism ark to R tdgetow n on Passengers ca rried ..
6 2 0 ,7 6 7
662,250
577,784
563,758
the Canada Southern R a ilw a y , a dlstanoe o f abou t 1 8 k m iles, referred Pass, oarrled 1 m ile. 7 3 ,3 1 0 ,3 9 0 83,048.712 6 6 ,5 4 8 ,4 5 1 6 8 .8 0 7 ,0 9 4
to In last year’ s rep ort, w as com p leted .
R ate p er pass. p. m .. 1-66 ots.
1 5 7 ots.
1-70 ots.
1 6 0 cts.
E arnings —The gross earnings h a v e in creased $554,800. The E arnings p er pas­
freight tratfio show s a deorease In ton s m ov ed on e m ile o f 114,545,820,
senger train m ile.
$1-097
$1-173
$1-015
$ 0 '9 8 9
bu t lnorease In earnings o f $ 1 20,7^5. T he rate per ton p er m ile In
F r’ h t.(tons) oarrled.
4 ,5 1 2 ,1 2 0 4,623,086
4 ,0 6 9 ,3 5 9
4.275,908
creased In cen ts from 0-61 1 to 0-676. T he passen ger traflio show s a F r’ t (tons) oar’ d 1 m .1219576176 133954597L 12 10172317 1 220486233
deorease o f $2,590,653 In passengers m o v e d on e m ile, and an lnorease R ate per ton per m . 0 475 cts.
0-453 ots.
0 478 ots.
0-463 ots.
o f $74,838 In earnings. The ra te per p a ssen ger per m ile show s an In­ E arnings ner freight
crease in oents from 2 034 to 2*091, or 0 057, caused b y the low rates
train m ile ...............
$1-538
$1-389
$1-335
$1-074
In foroe last year du rin g the P an-A m erloan E xp osition . A ll exp en d l
E arnings per m ile ..
$ 13,649
$ i 4 ,3 I 2
$ 1 3 ,4 2 8
$13,231
tures fo r betterm ents and fo r add ition s to the p ro p e rty , e x o e p t the
E a rn in g s—
$
$
$
$
Items show n under the head o f con stru ction , are Included in operating P a ssen g ers................ 1 ,216,911
1,304,105
1 ,1 3 0 ,0 9 2
1,104,198
expenses.
F r e ig h t ...................... 5,791,033
6,067.828
5,7 85,206 5,713,492
M all, express, e t o ...
130,955
118,550
1 0 8 ,0 6 1
102,294
C o m p a ra tiv e statistics fo r fo u r y ea rs, c o m p ile d fo r th e
C h r o n i c l e , are a s fo llo w s :
T ota l e a rn in g s.. 7,138,899
7 ,4 8 5 , 4 8 3
7,0 2 3 ,3 5 9
6,919,985
INCOME ACCOUNT.

Michigan Central Railroad.

THE

1028
1901.
$

1902.
E xpen ses—
$
M aintenance o f w ay
and stru ctu res.......
654,260
591,113
Malnt. o f equ ipm en t
C onduct, tran sp ort’ n 3,320,597
114,216
G en eral......... ...........
250,073
T a x e s ................ ..........
103.994
R en t o f t e r m in a l....

1900.
$

GHBONTCLF
1899.
$

1
1

646,008
682.076 ) 5,365,543
■
3,458,075 1
105,593 J
225,962
230.486
96,231
93,912

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

[V ol. LXXVI.
BALANCE SHEET DEC.

$

A ssets—

31. 1902.

L ia b ilitie s—

$

P lant, franchises, <fco_2 ,358,956
P referred stock ............... 1,000,000
Bonds in trea su ry ........... 100,OCO Com m on Btook......... . . . . 1,000,000
P rep aid ln sn ra n ee..........
4,519 B ond a ooou n t.................... 550,000
A coou n ts r e ce iv a b le .......
66,936 A ooonn ts p ayable, a o­
M a t e r i a ls ..,............ 106,494
oru ed interest, e to .....
32,509
U ndlstrlb. organ, e x p e n .
4,765 S u rplu s................................ 108.555
C ash ............................ 227,094
P rofit & loss (see ab ov e) 177,700

5,034.253
(70 52)
2,101,645
40,125

5,211.626
(69-62)
2,273 858
32.291

5,692.265
(3 1 0 4 )
1,331.094
26,721

5 ,717,452
(82 62)
1 ,202,533
11,351

T ota l..................... 2,144,770
P aym en ts 777.000
In terest on b o n d s...
185.649
E q u ip m ’t pavuients.
D iv. on 1st pf. stook (5)250,000
D lv. on 2d p f. stock (3)330,000

2,306,149

1,357,815

1 ,2 1 3 ,8 8 4

CReport for the year ending Dec. 31, 1902. J

7 77,000
154,217
(")2 5 0 ,0 0 0
(3 )030,000

77 7 ,0 0 0
104,092
(5)250,000
(2 ) 2 2 0 , 0 0 0

7 7 7 .0 0 0
103,242
(5 )2 5 0 ,0 0 0
.............

1,542,649
602,121
535,000

1,511,217
794,927
7 56,000

1,351,09 3
6,723
3 9 8 ,5 8 7

1 ,1 3 5 ,2 4 2
78,642

T he a n n u al report says in su b sta n ce:
T he dom estic sales record ed in the regu lar lines o f m an u factu re
w ere $367,971 g rea ter in 1902 than 1901. T here w as $356,903 m ore
cash c o lle cte d than du rin g th e yea r 1901. The percen tage o f p a y ­
m ents m ade fo r g ood s sold , in n otes, sch ool bon ds, etc., w as 15"9 p er
cen t.
T he cash b a la n ce Jan. 1 ,1 9 0 3 , w as greater by $83,554 than on Jan,
1, 1902 The in v e n to ry , in clu d in g g ood s on hand and In prooess o f
m anufacture, raw m aterial, eto., w as also greater b y $72,493, the bills
and aooonnts re ce iv a b le b y $135,488 and the p rop erty a coon n t by
$ 1 0 8 ,1 9 0 The bills and aooounts have Increased $92,154. There has
been an increase o f the issue o f com m on stook am ou n tin g to $5,500;
also an in crease o f $ 6 8 ,5 0 0 in the Issue o f preferred stock . T he au­
th orized bon d issue o f $ 1 ,5 0 0 ,0 0 0 rem ains the sam e.

T otal ....................
P. o .o f e x p to earns.
N et earn in g s.............
Other ln oom e.............

T otal.....................
S u rplu s........................
A dd ition s & bet’ m ’ a.

B a la n oe.................. sur.17,121

eur.38,927 d ef.3 9 1 ,8 6 4
31.

G E N E R A L B A LA N C E SH E E T D E C E M B E R
1002.
1001.

Assets—

i

$

C o s t o f r o a d ............ 4 6 ,0 8 6 ,1 5 3 1 0 ,0 8 8 .1 5 8
C o s t o f e q u i p m 't . . 8 ,7 2 0 H47 a ,7 2 0 .8 4 7
M a t e r ia ls a n d f u e l
2 6 6 2 82
2 01 ,66 1
C a s h ................... . . . . 1 ,0 7 4 ,7 9 3 2 ,0 8 7 ,7 3 2
B ills r e c e iv a b l e ...
5 0 0 ,S72
72
A g e n t s , e t c ............
6 1 6 ,5 2 9
8 1 7 ,9 '2
O t h e r c o m p a n ie s ..
6 0 8 ,3 6 5
4 8 4 .0 1 5
7 ,8 2 5
7 .8 2 4
P . O . D e p t .................
M i s c e l l a n e o u s .........
8 2 ,8 6 6
5 2 ,2 3 2

T o t a l .........................5 2 .8 1 7 ,1 1 6 5 2 ,9 0 9 .3 5 4
— V . 7 6, p . 8 0 8 .

1 90 2 .
1 90 1 .
L ia b ilitie s —
$
2
S t ’ k ( s e e I n y .S U P .)8 0 ,0 0 0 ,0 0 0 3 0 ,0 0 ',0 0 0
F u n d e d d e b t ..........1 9 ,4 2 5 ,"0 0 1 9 ,4 2 5 ,0 0 0
U n p a id v o u c h e r s ..
5 3 7 .5 7 3
5 5 7 ,0 7 8
U n p a id p a y - r o l l s ..
2 5 4 ,8 7 9
2 '6 .3 7 3
D u e c o s . & I n d iv ..
2 7 3 .1 2 4
9 1 2 ,6 8 4
R e n e w a l * im p .a c .
6 3 5 .0 0 0
6 9 ,7 2 3
I n t . d u e —n o t p a i d
1 0,~ 20
11,2 80
I n t . a c c 'd .n o t d u e .
1 9 4 ,25 0
1 9 4 .26 0
E q u ip , a c c o u n t . . . .
30,0.38
4 4 ,0 8 3
D i v i d e n d s ......................
5 8 0 .2 0 9
6 8 0 , '8 i
S in k , f u n d a c c t . . .
5 » 1 .8 a 7
5 4 1 .8 0 7
I n c o m e a c c o u n t ...
3 6 4 ,0 2 3
3 ) 6 ,9 0 1
T o t a l .....................5 2 ,8 4 7 ,1 1 8 5 2 ,9 0 9 ,3 5 4

( Statement f o r the 13% months ending Dec. 31. 1902J
A c ircu la r sig n ed by P resid en t J . J . H ill says under d a te
o f M a y 4, 1903 :
In d istrib u tin g to y o u th e six th q u a r te rly d iv id e n d , o c c a ­
sion is ta k en to present a certified sta te m e n t m a d e by th e
A u d it C o m p a n y o f N e w Y o r k o f th e in c o m e and d isb u rse ­
m e n ts o f the N o r th e rn S e c u ritie s C o. fr o m its o rg a n iza tion
to D ec. 31, 1902, and a balan ce sheet as o f th a t date ; also, to
state th a t th e tria l o f th e sn it b ro u g h t b y the A tto r n e y -G e n ­
eral in th e C ircu it C o u rt o f th e U n ited S ta te s in M a rch ,
1902, has resu lted in a decree a gain st y o u r c o m p a n v ’s h o ld ­
in g the sto ck s o f th e N o r th e rn P acific and G r e a t N o r th e r n
r a ilw a y com p a n ies, a n d restrain in g th e tw o r a ilw a y c o m ­
panies fr o m p e rm ittin g y o u r c o m p a n y to v o te upon the
shares and fro m p a y in g to it d iv id e n d s th ereon . So m u c h o f
the decree as restrains the tw o r a ilw a y com p an ies fr o m p a y ­
in g over to v o n r com p a n y divid en d s up on shares o w n ed by
it h as been suspended b y the C o u rt d u rin g th e app eal o f th e
case to th e Su prem e C o n r t o f th e U n ite d S tates. T h is appeal
has been tak en b y y o u r c o m p a n y and w ill be a rg u e d as
p r o m p tly as possible.
T h e suits b ro u g h t a g a in st y o u r c o m p a n y b y the States o f
M in n eso ta and W a s h in g to n , re sp e ctiv ely , h a v e n o t y e t been
tried .
T h e earniE gs o f y o n r p rop erties h a v e since th eir p u rch ase
la rg ely increased, and th eir a ctu a l v a lu e h as been m a te r ia lly
enhanced a n d can n o t be im p a ired even th o u g h th e decisions
in an y o f these su its shou ld be ad verse to y o u r c o m p a n y .
T h e in com e a cco u n t fr o m N o v . 13, 1901, to D ec. 31, 1902,
and th e b alan ce sheet o f th e la st-n a m e d d ate fo llo w :

13, 1901,

TO

DEC. 31, 1902.

D ivid en d s receiv ed on 'stooks o w n e d ...................................... x $ 1 5 ,3 6 4 ,2 6 2
Deduct—
E xp en ses o f adm inistration ............................
$ 93,578
In terest and e x ch a n g e ....................................................................
258,418
T a x e s ......................................................................................................
190,514
D ividen ds paid on N orthern Securities stock (4 p. c . ) ......... 14,063,645
T otal d ed u ction s......................................................................... $14,606,154
B alan ce, surplus, carried to profit and loss a c c o u n t............. $ 7 5 3 ,1 0 7
x lh e com p an y holds a b ou t 99 p. o. o f th e stock ($1 5 5 ,0 0 0 ,0 0 0 ) o f
the N orthern Paoitio R y. C o., on w hioh dividen d s a g g re g a tin g 5Lj p. o.
w ere paid during i f 02, and abou t 75 p. o o f the stock o f the G reat
N orthern R.v. (total issue abou t $ 1 2 4 ,0 0 0 ,0 0 0 ), on w hich d ividen d s to
a to ta l o f 7 p. e. w ere paid In 1902; also other secu rities o f m in o r
im p ortan ce.—E d . j

BALANCE

SHEET DEC.

fi SRP.tfi—

31, 1902.

L ia b ilitie s—

Charter a cco u n t........
$35,043
In v est’s —R R. stock s 360,3 4 3 ,3 3 3
Other in vestm ents.
5,214,951
A ccou n ts receiv a b le
811
Cash..............................
32,797

C apital s to c k ............. $ 3 6 4 ,8 6 7 ,8 4 9
V ouohers p a y a b le ...
50,461
A oorued ren tal offices
523
P rofit and loss—Surslus (as a b o v e ) ___
7 58,107

T ota l assets.........$ 3 65,6 7 6 ,9 4 0
T ota l lia b ilitie s ..$ 3 6 5 ,6 7 6 ,9 4 0
“ H a v in g m ade an a u d it o f th e a cc o u n ts fr o m th e o r g a n i­
zation o f the co m p a n y to D e c . 31. 1902, w e c e r tify th a t in our
opinion th e ab ove b alan ce sheet and related in c o m e a ccou n t
are correct. T h e A u d it C o m p a n y o f N e w Y o r k , T h o m a s L .
G re e n e . V ic e -P r e sid e n t.” — ^V. 76. p. 919, 811.

American Caramel Company.

('Statement for the year ending Dec. 31, 1902J ■
A n official sta tem e n t affords th e fo llo w in g :
P rofit and loss (net fo r 1902,) as per balan ce sneet

Deduct—

$ 1 7 7 ,7 0 0

In terest and prem ium on b o n d s ..................................... $29,751
1,592
2 0 per cen t org an ization e x p e n s e s................................
8 p er oent on p referred s to c k ........................................... . 80,000
4 1 per cen t on com m on sto ck ......................................... . 45,000 —156.343
*
N et s u rp lu s .............................................. .......... ............ . . . . . . . . . $ 2 L ,3 o 6
T o ta l surplus to Deo. 3 1 , 1 9 0 2 ....................................... . ...............$ 1 2 9,911

%

T o ta l.............................2,868,765

American School Fnrniture Company.

T h e earn in gs, e tc ., fo r th e year w e re :
T o ta l shipm ents....................................................................................$2,981,627
A ll expen ses o f the e x e cu tiv e , au d itin g and sales d ep t’ s ___ 2,596,492
N et ea rn in gs....................................................................................
S ix per oent lo te re st on b o n d s ........... .......................... $90,000
Sundry Interest ch a rg ee..............................................
4 3 ,3 3 7
N et ch a rg e fo r d ep recia tion ........................................... 17,949

$385,135
151,286

B alan ce, su rp lu s........................................................................

$ 233,849

Total surplus JaD. 1,1903.........................................................

Northern Securities Company.

IN C O M E A C C O U N T , N O V .

T o t a l ............................2,86 8 ,7 6 5
- V . 72, p. 676.

$1,226,148

T h e balan ce sheets o f D e c . 31, 1902, and M a rch 1, 1901,
com p are as fo llo w s :
D e c . 3 1 , ’ 0 2 . J tfa r.1 ,’ 01.
D e c . 81, ’ 0 2 .
J s s e fs —
*
%
L ia b ilities—
*
P l a n t , g o o d w i l l , &c 9 ,9 3 3 ,4 1 2 9 ,8 1 9 ,5 5 6 C o m m o n s t o c k ......... 4 ,8 8 3 ,° 0 0
B ills a n d a c c o u n t s
P r e f e r r e d s t o c k . . . 4 ,< i«6,30 0
r e c e i v a b l e .............. 1 ,0 1 4 ,2 9 3
B o n d s (3 0 y r . 6 s ) . . . 1,500,1,00
5 7 7 ,5 1 8
I n v e n t o r y .................... 1 ,0 4 9 ,2 0 0 1 ,0 0 2.62 1
C o n t i n g ’ t c o m 's i o n
4 2 .8 0 0
1 5 7 ,3 2 3
0 5 ,3 2 0
L o a n s ............................
7 7 4 ,0 0 0
C a s h ................................
In su ra n ce
(u n e x ­
F a c t o r y p u r c h .a c c ’t
7 2 .1 0 0
p i r e d ) ........................
8 ,8 4 9
...............
B ills & a c c t ’ s p a y ..
2 2 7 .1 0 4
O r g a n iz a tio n e x p ..
3 ,2 8 9
...................u s ......................... 1 ,2 2 6 ,1 4 8
S u rp l
T o t a l ...................... 1 2 ,7 7 2 ,3 7 2 1 1 ,4 8 4 ,9 2 0
— V . 76, p . 812.

Dfar.1,’01.
?
4 ,8 7 8 ,8 0 0
3 ,0 7 7 ,8 0 0
1 ,6 0 0 ,0 0 0
...............
...............
...............
2 7 4 ,3 2 3
8 3 4 ,4 9 7

T o t a l ...................... 1 2 ,7 7 2 ,3 7 2 1 1 ,4 0 4 ,9 2 0

Central & South American Telegraph Co.
( Report for year ended Dec. 31, 1902.J

P resid en t J a m es A . S c ry m se r sa y s :
The v a lu e o f cable used In rep a irs and Im provem ents during the past
yea r haB been ch arged to the surplus fu n d , w h ich at end o f the present
q u a ite r it Is estim ated w ill still am ount to $724,937. A n additional
sum o f $41,787 (par valne $ 50,000) has been Invested In first-class
railroad securities. On M av 1 st n e x t the com p a n y w ill rem ove from
th e a b ov e address to n ew offices at No. 6 6 B road w ay , N ew Y ork.
T h e resu lts fo r th e y ea r 1902 and the b alan ce
D eo. 81, 1902 and 1900, fo llo w :

sheets of

B U S IN E S S

FOE 1902.

G ross re ce ip ts.............. $1,002,571 | R enew als o f c a b le s .............$94,192
O perating e x p e n s e s ...
388,031 | D ividends ( 6 p. o .) ............. 463 536
N et re c e ip ts ..

$ 6 1 4 ,5 4 0

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

A dd ition to su rp lu s . . . $56,812

BALANCE SH EET DEC.

Assets—

1902.
$

1 90 0 .

S

P l a n t ............................. 8 ,2 5 2 ,5 5 0
8 7 ,8 5 9
S p a r e c a b l e ..............
1 0 0 ,0 4 7
C a s h in b a n k s ..........
In v estm en ts—
7 9 ,3 0 0
C o .’ s s t o c k a t p s r
2 9 4 ,8 8 8
R K . b o n d s ..............
2 7 4 ,4 0 0
T rea s. sto ck at par
S u n d r y d e b t o r s ........ 1 6 6 ,1 8 7

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

T o t a l .................... 9 ,3 2 1 ,2 3 7
— V . 7 5, p . 1304.

9 ,2 1 3 ,9 1 1

7 9 .3 0 0
144,101
2 7 4 ,4 0 0
2 3 0 ,9 8 9

31.
1902.
f

Liabilities—

C a p ita l s t o c k .
8 ,0 0 0 ,0 0 0
E a r n in g s in v e s te e
I n p l a n t ....................... 514,800
S u n d r y ...........................
10,231
• la n u a r y d i v i d e n d . . 1 1 5 ,8 8 4
S u r p l u s r e v e n u e . . . . 680,321

T o t a l ......................

1900.
*

8 ,0 0 0 ,0 0 0

514.800
50,898
653,213

9,321,237 9,218,011

Consolidated Rubber Tire Co.

( Statement for year ended Dec. 31, 1902,J
P resident C a rtm e l sa y s in a c ir c u la r:
N otw ithstanding th e a p p a ren t d iscou ragin g aspeot o f this state­
m en t, th e business o f the yea r 1902 w as all that cou ld be reason ably
e x p e cte d , and in m any resp ects w as enoouraglng. The loss fo r the
yea r is n o t on acoou nt o f any grea t d ecrease In the volu m e o f business,
but b y reason o f m ore than $ 50,000 o f unusual and extraord in ary e x ­
penses. These w ere oaused b y the d o s in g o f ou r Paris branch, w h ich
has a lw a ys been a losin g fa ctor; ch an gin g our C hloago branch so as
to preven t the reourrenoe o f frequ en t losses; the heavy exp en se in
con n ection w ith the issue o f th e d eben tu re bonds; the d ep recia tion in
the valu e o f rubber on hand at our branches, w here th e p rice o f sam e
w as red u ced 3 cen ts per p ou n d In J a n e, 1902, and the loss o f ou r
p a ten t suit.
The n et loss, $62,535, as show n b y the statem ent, is m ore than offset
b y the undivided profits o f the B uckeye R u bber Co. for the year 1902,
w hich, sin ce the close o f the co m p a n y ’ s fiscal year, h ave been ascer­
tained to be $83,892. W ith our expen ses cu rtailed and there bein g
no reasonable possib ility o f the recu rren ce o f the unusual losses above
enum erated, the business o f 1903 should sh ow m u ch better results.

in­

F o r th e year 1902 n o net in com e w as a v a ila b le fo r the
terest coupons m a tu r in g A p r il 1, 1903, fr o m th e d ebenture
in co m e bon d s, and th e directore h a v e so an n ou n ced .
T h e c ircu la r sh o w s:
G ross sales, in clu d in g r o y a lt y .....................................................
$966,593
In terest and oth er ln o o m e.................
15,634
T o ta l..................................................................................................
T ota l e x p e n se s..............................................................................
N et lo s s ..................

$982,277
1,044,812
$62,535

IHE

M a y 9, 1903.]

CHRONICLE

C U R R E N T ASSETS A N D L IA B IL IT IE S D E O . 3 1 , 1 9 0 2 .

D u e f r o m b r a n o h e s . s t o o k , a o o o n n t a a n d c a s h ...........................
A c c o u n t s ( § 1 1 8 , 3 4 8 ) a n d n o t e s ( $ 3 1 , 1 1 3 ) r e c e i v a b l e .........
B u c k e y e R u b b e r C o . s t o c k ($ 1 0 ,0 0 0 ) a n d b o n d s ($ 1 0 0 ,0 0 0 )
C a s h o n h a n d .......................................................................................................
M a c h i n e r y l o a n e d t o U o e n s e e s ..............................................................
T o t a l .......................................................................................................................
C u r r e n t lia b ilit ie s —
A o o o u n t s p a y a b l e .........................................................................................
E x c e s s o f c u r r e n t a ssets o v e r

l i a b i l i t i e s ...............................

$ 3 1 8 ,5 1 8
1 4 9 ,4 6 1
l l o .O O O
4 9 ,4 2 5
1 4 .0 9 1
$ 6 4 2 ,3 9 4
4 3 ,9 9 5
$ 5 9 8 ,3 9 9

N o te — O n D e o . 3 1 , 1 9 0 2 , th e h a la u o e s h e e t s h o w e d a s u r p lu s o f
$ 6 3 ,1 8 5 ; to th is w a s a d d e d $ 2 8 ,9 0 6 fr o m c a p ita l; t o t a l. $ 9 2 ,0 0 1 . D e ­
d u c t 3 p. o. p a id A p r i l ) . 1 9 0 2 , o n In o o rn e b o n d s , $ 8 4 ,9 1 5 ; e x p e n s e o f
b o n d Issu e . $ 7 ,1 7 6 ; lo s s f o r y e a r 1 9 0 2 . a s a b o v e . $ 6 2 ,5 3 5 ; b a la n c e d e ­
f ic it t o d e b it o f ln o o m e D e o . 3 1 . 1 9 0 2 , $ 6 2 ,5 3 5 .— V 7 6 , p . & 44.

Eastman Kodak Company.

f Report for the Gmonths ending Dec. 31, 1902.)
The report of the directors says :

The results for the half-year and the balance sheet of Dec.
31, 1902, follow :
in c o m e a c c o u n t .

P r o fits o f c o m b in e d c o s . f o r th e 6 m o n th s t o D e o . 3 1 ,1 9 0 2 .$ 1 ,4 8 8 ,2 9 5
L e s s — 3 p e r c e n t o n p r e f e r r e d s t o o k ...........................................................$ 1 5 1 , 0 7 1
“
5 p e r c e n t o n o o m m o n s t o o k ..............................................................
8 0 6 ,1 2 3
1 1 ,2 9 5
”
I n t e r e s t o n p r e f e r r e d w a r r a n t s (6 p e r c e n t ) ..........................
5 0 ,6 9 7
“
I n t e r e s t o n c o m m o r w a r r a n t s ( 1 0 p e r c e n t ) ..........................
“
O n s t o o k o f o u t s t a n d i n g c o m p a n i e s .............................................
116
T o t a l ...................................................................................................................... $ 1 , 0 1 9 , 2 9 6
$ 4 6 3 ,2 9 6

EASTMAN KODAK CO. OF NEW JERSEY AND SUBSIDIARY COMPANIES COMBINED BALANCE SHEET DEC. 3 1 , 1 9 0 2 .

Assets—

t

American L igh t * T raction Co.—New Btock.— The share­
holders of record May 12 are offered the right to Bnbscribe
at par until 3 P. M . May 20, to the amount of 5 per cent of
their present holdings, for $680,000 of preferred stock with a
bonus of $99,000 of common stock. The company has re­
cently, it is stated, purchased a considerable amount of the
outstanding stock of its subsidiary companies.— V. 75, p. 550.
A nthracite Coal Roads .—Conciliation Committee.— The
anthracite coal operators have selected the following as their
representatives on the board of conciliation, in conformity
with the recommendations of the Anthracite Coal C om m is­
sion, v iz.: R. C. Luther, W . L , Connell and Samuel D.
WarriDer. The board is to consist of seven members, of
which the miners are to appoint three; the seventh member
is to be eleoted by the six appointees.— V . 76, p. 918, 703.
A tlan tic Coast Line Co. o f C on necticut.— New Stock Op­
of record have the privilege until May
20, inclusive, of subscribing at $250 per $100 share for $500,000 new stock to the amount of one share for every twenty
shares now held, subscriptions being payable June 10.— V .
75, p. 1146.

tion.— Shareholders

A t p r e s e n t t h e c o m p a n y Is o n l y a s h a r e - h o l d i n g c o m p a n y , t h e b u s i ­
n e s s b e i n g d o n e b y s u b s i d i a r y c o m p a n i e s In w h l o h t h i s o o m p a D y
o w n s a ll o r s u b s t a n t ia lly a ll t h e s h a r e s , v i z ; E a s tm a n K o d a k C o . o f
R o c h e s te r , A m e r ic a n A r ls t o t y p e C o . o f J a m e s to w n , M . A . S e e d D r y
P l a t e C o . o f S t. L o u i s , C a n a d i a n K o d a k C o . ( L i m i t e d ) o f T o r o n t o , K o ­
d a k (L im ite d ) o f L o n d o n . E a s t m a n K o d a k 8. A . F . o f P a r is a n d K o d a k
G e s e iln o h a ft. m . b . H , o f B e r lin .
m
In t h e b a la n c e s h e e t b e lo w t h e e a r n in g s o f a ll t h e s n b s ld la r y
c o m p a n ie s a r e in o lu d e d fo r th e p e r io d m e n t io n e d . T h e b a ta n o e s h e e t
s h o w s c a r r ie d t o s u r p lu s f o r th e s ix m o n t h s t h e a m o u n t o f $ 4 6 8 ,9 9 9 ,
a fte r p a y in g q u a r t e r ly d iv id e n d s fr o m d a te o f o r g a n iz a t io n a t th e
r a t e o f tt p . o . p e r a n n u m o n I t s p r e f e r r e d s t o c k a n d w a r r a n t s a n d 1 0
p . o . o n I ts c o m m o n s t o c k a n d w a r r a n t s , a n d a f t e r c h a r g i n g l i b e r a l
a m o u n t s f o r d e p r e o l a 'l o n o n t h e v a r i o u s p l a n t s . D u r i n g t h i s p e r i o d
t h e c o m p a n y h a s p a id d i v i d e n d s u p o n a l a r g e a m o u n t o f c a p i t a l w h ic h
w a s p a i d I n b u t n o t I n v e s t e d . S u c h n e w c a p i t a l a s w a s i n v e s t e d In
t h e p u r c h a s e o f o t h e r b u s in e s s e s d u r in g t h e p e r io d c o v e r e d b y th e
a c c o u n t s n e t t e d a t t h e r a t e o f 6 p . o. o n t h e a m o u n t p a id f o r t a n g ib le
a s s e ts a n d 2 2 -6 9 p . o. o n th e a m o u n t p a id f o r g o o d w ill. T h e a m o u n t
u n in v e s t e d a t t h e c l o s e o f t h e p e r io d w a s a b o u t $ 3 ,0 0 0 ,0 0 0 .
D u r in g th e p a s t s ix m o n th s e x t e n s iv e I m p r o v e m e n ts h a v e b e e n
m a d e t o t h e p r m o l p a l p la n t s , s o t h a t t h e y a r e In a h ig h e r s t a t e o f
e t tlo le n o y th a n e v e r b e f o r e . N e w g o o d s a r e b e i n g i n t r o d u c e d w h lo h
th e d ir e c t o r s th in k w ill a d d m a te r ia lly to th e c o m p a n y ’ s e a r n in g s ,
n o t a b ly th e film -d e v e lo p in g m a c h in e , th e n e w n o n -o u r lln g , o rth o c h r o m a t ic film a n d k o d o t d p la t e s (o u t -s h e e t film s ).
L i t i g a t i o n .— K o d a k . L i m i t e d , h a s j u s t h a d a d e o l s l o n f r o m t h e
H ig h C o u r t o f J u s t i c e in E n g la n d u p h o ld in g Its t r a d e - m a r k s “ K o d a k .”
" B u l l 's - E y e ” a n d “ B r o w n ie .” T h is s a m e c o m p a n y h a s a ls o o b t a i n e d
a d e o l s l o n In I t s f a v o r f r o m t h e C o u r t o f A p p e a l s i n r e g a r d t o a c l a i m
f o r r e t u r n o f ln o o m e t a x . w h lo h , u n le s s r e v e r s e d b y t h e H o u s e o f
L o r d s , w i l l r e s u l t In t h e r e t u r n o f a b o n t £ 3 8 , 0 0 0 a l r e a d y p a i d .

S u r p l u s ........................................................................................................................

1029

Liabilities—

f

R eal estate, buildings, plant,
m achinery, patents, g o o d ­
will, eto
.............................. 16,817,956
M erch., m a te r ia ls * su p p lie s. 2,207,432
A cco u n ts * bills receiv a b le..
892,290
R y. bon ds & other in v estm ’ts 1,428,286
Call loans ......................... — .
&i'0,000
Cash at banks a n d on h a n d .. 3,513.445

P r f.s t k .16,184,066 ( L ess )
<$978,962 > 24,000,701
Com.stklS.795,606 ( u n p a id .)
S tock sub. cos. o u tsta n d in g ..
2,000
A cco u n ts p ayable....................
366.972
Prer. d ivid en d Jan. 1,1 903 ...
83,665
Com . d ivid en d Jau. 1,1903...
487.0H8
Surplus.........................................
468,999

T ota l a ss e ts...................... 125,359,409
— V . 75, p. 1402.

T o ta l lia b ilit ie s ..................25,359,409

U nited Gas Im provem ent Co.

( Report for the year ended Dec. SI, 1902. J
President Dolan in his report says in part:
T h e n e t p r o fits o f y o u r c o m p a n y f o r th e y e a r e n d in g D e o e m b e r 3 1 .
1 9 0 2 , a m o u n t e d t o $ 3 ,4 7 7 4 ,6 4 4 , a n l n o r e a s e o f $ 9 3 8 , 3 5 5 o v e r t h e
p r o fit s o f t h e p r e v io u s y e a r , a n d f r o m c a r e fu l e s tim a te s w e b e lie v e
th e n e w c a p ita l a s k e d f o r to -d a y o a n b e a s p r o fit a b ly e m p lo y e d a s
t h a t n o w i n v e s t e d . A l l o f t h i s n e w c a p i t a l , a m o u n t i n g t o $ - < ,4 7 5 ,0 0 0 ,
is r e q u ir e d f o r e x t e n d i n g t h e p la n ts a n d e q u ip m e n t s o f t h e v a r io u s
c o m p a n i e s In w h i c h y o n a r e n o w i n t e r e s t e d .
T h e g r o w t h o f o u r b u s io e s s in a ll d e p a r t m e n t s h a s b e e n la r g e , a n d
p r o m i s e s t o c o n t i n u e . D a r iD g 1 9 0 2 t h e g a s c o m p a n i e s i n w h i c h w e
a r e in t e r e s te d s o ld 9 5 ,8 6 8 g a s r a n g e s a n d o t h e r a p p lia n c e s , a n d th e
s a l e s o f g a s . w h i c h is o u r c h i e f b u s i n e s s , i n o r e a s e d 2 2 < « p e r c e n t In
v o l u m e o v e r t h e s a le s o f I 9 0 i . T h e b u s in e s s o f t h e e le o t r lo - lig h t a n d
t r o l l e y c o m p a n i e s in w h lo h w e a r e i n t e i e s t e d in o r e a s e d 11 p e r c e n t ,
a n d 7 t* p e r c e n t r e s p e c t iv e ly . W e m u s t g r o w w it h t h e c it ie s w h o s e
in h a b ita n ts d e p e n d o n u s f o r lig h t, fu e l a n d t r a n s p o r ta t io n . T h is m e a n s
e x p e n d it u r e s f o r e x t e n s io n s a n d Im p r o v e m e n ts .

B ristol & P la ln v ille (C on n.) T ram w ay.— Bonds.— The
remaining $65,000 of the issue of $200,000 5 p. c. gold bonds
were recently offered to the shareholders.
Buffalo & N iagara R R . & T erm in al
Pere Marqnette R R . below.

Bonds.—See

Co.—Guaranteed

B affalo Rochester & P ittsbu rgh R y.— Quarterly.—Earn­
ings for the quarter and the 9 mos. ending M arch 31 were:
3 mos. end.
Mar. 3 1 .
Gross earn.
1 9 0 3 ...........................$ 1 , 7 3 0 , 3 6 4
1 9 0 2 ............................ 1 , 3 4 4 , 5 6 2
9 mos.
1 9 0 2 - 3 ........................ 5 , 4 4 1 , 5 1 0
1 9 0 1 2 ........................ 4 , 6 9 2 , 0 3 4
- V . 76, p. 5 9 3 , 381,

Net earn. Olh. inc. Int.,taxes etc. B al.,su r.
$ 7 0 1 ,9 4 5
4 4 6 ,5 3 7
2 ,3 1 8 ,3 2 4
1 ,9 7 5 ,8 5 2

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

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

$ 3 3 6 ,8 9 0
8 6 ,5 2 2

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

Canada Southern R y .— Meeting.— The shareholders wil 1
vote June 3 on a new agreement with the Michigan C entral
RR. Co. and on “ empowering the directors to create and is­
sue bonds and debentures” for the purpose o f retiring exist­
ing bonds ($20,000,000 due in 1908 and 1913) and to provide for
betterments and additions. The new agreement with the M ich­
igan Central has not yet been finally drawn.— V . 76, p. 918.
Canadian Pacific Rv.— Purchase,— The purchase of the
Calgary & Edmonton R y. announced this week was accom ­
plished per plan in V . 76, p. 434.— V . 76, p. 809, 479.
Chicago Rock Islan d & P acific R y .—'Frisco Alliance.—
George W . Perkins of J. P. Morgan & Co. gave out the fol­
lowing statement on Thursday afternoon :
I t i s t r u e t h a t P r e s i d e n t Y o a k u m o f t h e S t . L o u i e <fe S a n F r a n c i s c o
R R . C o. w a s t o -d a y e le o te d a d ir e c t o r o f th e C h ic a g o R o o k I s la n d &
P a c ific R a ilw a y C o m p a n y w h lo h o f c o u r s e m e a n s t h a t th e h a r ­
m o n io u s r e la tio n s w h ic h h a v e e x is t e d f o r s o m e t im e b e t w e e n t h e t w o
ro a d s a re to c o n tin u e .

Rumors are current that negotiations have been resumed
for the purchase of the Frisco, and it is even asserted that
for each share of common stock of that road the Rock Island
Company will pay $60 in its common stock and $60 in col­
lateral trust 5 per cent bonds to be secured by the common
stock so purchased (compare Rock Island Co., V . 76, p. 480,
and St. Louis & San Francisco, V . 76, p. 866).— V . 76, p. 751.
Chicago Union Traction Co.—Committees for Subsidiary
Companies.— A ll interest falling dne M ay 1 on the bonds of
the W e st and North Chicago street railroad companies was
paid at maturity, but the shareholders, in view of possible
default on their guaranteed dividends, elected the following
oommittees:
W e s t C h i c a g o B t r e e t R R . , T e m p o r a r y C o m m i t t e e : W . A. B i r k , J a m e s
J . T o w n s e n d , O. H . G o u ld , F . H . R a w s o n a n d W . H . G r a y , w ith S y d n e y
S te in a s S e c r e t a r y .
N o rth C h to a g o , M a jo r it y C o m m it te e (r e p r e s e n t in g 3 3 ,4 3 8 s h a r e s ):
H e n r y A . B l a i r , A. T . G a l t , N . B. C o r w i t h , F . H . R a w s o n a n d C . L .
R aym ond.
N o r t h C h io a g o , M i n o r it y C o m m it t e e ( r e p r e s e n t in g 9 ,8 1 8 s h a r e s ):
G . P . B r a u n , J. J . T o w n s e n d , M a u r i o e R o s e n f e l d a n d S i m o n W . S t r a u s .

Loan.— Jndge Grosscnp authorized the receivers to borrow
$2(0,000 to meet the interest dne M ay 1.
D ep o sits.— The time for deposit o f shares of the Chicago
Union Traction Co., North Chicago Street R R . Co. and W e st
The results for four years past compare as below, the profits Chicago Street R R . Co., under call of Jan. 20, has been ex­
for 1901 and 1902 being wholly from the “ regular oper­ tended to and including June 15. See advertisement on an­
ating business,” instead of, as in the earlier years, includ­ other page.— V . 76, p. 918, 754.
Dayton Springfield & U rbana E lectric R y .— D iv id en d
ing larger profits on sale of securities of controlled properties.
Increased.— The quarterly dividend on preferred stock, pay­
1902.
1901.
1900.
1899.
able May 15, was made
per cent as against 1 per cent
N e t e a r n i n g s ...................$ 3 , 4 7 3 , 6 4 3 $ 2 , 5 3 5 , 2 8 3 $ 1 , 7 1 4 , 3 4 7 $ 1 , 5 4 8 , 9 2 3
S a l e o f s e c u r i t i e s .................................................................
1 ,6 7 2 ,3 2 4
3 , 4 0 0 , OO o
paid Feb. 15.— V . 76, p. 751, 653.
Dayton & Troy E lectric Ry .—Option — M. J. Mandelbaum
T o t a l n e t I n c o m e . . .$ 3 ,4 7 3 ,6 4 3
$ 2 ,5 3 5 ,2 8 8
$ 3 ,3 8 6 ,7 7 1
$ 4 ,9 4 8 ,9 2 3
D i v i d e n d s , 8 p . 0 .........$ 2 , 0 1 8 , 2 3 8 $ l , 7 b 7 , 7 2 8
$ 1 ,5 5 3 ,7 6 8
$ 1 ,1 9 4 ,3 5 2
& Co. have an option on this property which expires on
The increase in the capital stock from $28,250,060 to $36,- June 1 — V. 76, p. 751, 653.
725,000 and the change in directors are mentioned on page
D elaw are & Hndson Co.—President to Retire.— President
1038.— V . 76, p . 756, 33-1.
Olyphant has announced his intention to resign from the
presidency at the annual meeting to be held next week. It
is generally believed ihat his successor will be David W illcox, now Vice-President.— V . 76, p. 538, 477.
Delaware L a ck aw an n a * W estern R R .— Q u a r te r ly .— Earn­
R A IL R O A D S , IN C LU D IN G ST R E E T R OAD S.
Alabam a New Orleans Texas & Pacific Junction R a il­ ings of this company’s leased lines in N ew York State for the
ways Co.— Coupons.— The coupons dne May 1 from £1,050,- quarter ending March 31 were:
000 £5 per cent “ B” (income) debentures were paid on and 3 mos. en d .M ar.3 l. Gross ca m . Net earnings. Int., taxes,etc. Bal.,sur.
$ 1 ,3 2 5 ,5 1 8
$ 6 1 2 ,2 0 7
$ 7 1 3 ,3 1 1
1
...............................$
after that date by G-lyn, Mills, Currie & Co., 67 Lombard 1 9 0 3 ................................. 21,,3 9 9 ,,8 3 6
8 2 2 ,3 4 9
6 1 6 ,4 2 9
2 0 5 ,9 2 0
902
796 265
S t,, London, E , C .— V . 76, p. 592 434,
- V . 7 6, p. 9 1 8 , 5 11.

GENERAL INVESTMENT NEWS.

THE CHRONICLE

1030

E a sto n C o n so lid a ted E le c tr ic Co.— A director is quoted as
follow s, tou ch ing the appointm ent o f receivers for the L eh ig h
V a lle y Traction C o, noted b e low :
W e are now In position to demand onr property, the com pany having
defaulted upon the interest on onr bonds on May 1 last. That interest
w as paid but not by the Lehigh V alley Traotion Co. The m oney cam e
partly from the treasury o f the Easton C onsolidated and partly from
p rivate sources. A bout three-fourths o f the rental due M arch 1 has
been paid so fa r.—V. 76, p. 972, 653.
F a ir m o n t & C la r k s b u r g E le c tr ic R j.—Purchased.— C. W .
W a ts o n and associates identified w ith the m an agem en t of
th e Consolidation Coal Co. and th e F a irm o n t Coal C o. (V . 76
p. 830. 105) have purchased this prop erty, it is said, in their
o w n interest. A n exchan ge sa y s:
The consideration nam ed is $1,200,000. D uring the past year the
road has paid 6 per cen t on $ 2 , 0 0 0 ,0 0 0 , the profit in the year being
$72,000. A t present on ly 17 miles have been built, and when the full
32 miles 'connecting Clarksburg and Fairm ont are constructed, it is
estim ated that the earnings w ill total over $100,000. A t present the
road runs from Clarksburg Avenue to Union Park and from F airm ont
A venue to MonoDgah. The line runs along the western bank o f the
M onongaheia River, the B. & O. o ccu p y in g the east bank.
H a v an a (C u b a ) E le c tr ic K y .— Bonds .— T h e shareholders
w ill vote June 4 on authorizin g for con stru ction, equipm ent,
or im provem ents the issue o f $253,000 o f the $2,500,000 con­
sols reserved fo r im p ro v em en ts.— V . 76, p. 864, 705.
H u d son V a lle y R y .— P u r c h a s e .— T his com pan y has pu r­
chased the stock o f the N o rth R iv e r R a ilw a y C o ., w hich w as
organized to build an electric railw ay fro m Saratoga to
Soh uvlerville and w h ich ow ns a va lu a b le franchise and prop­
erty consents in Saracoga. It is proposed to build the line
and for th a t purpose to issue and guarantee bonds o f the
N o rth R iver C om pan y. T he officers o f the latter are:
A ddison B. Colvin, President; Joh n W. H erbert, V ice President;
A rthur O. Tow nsend, Secretary, and D r. John P. M ann, Treasurer.—V.
75, p. 1031.
I n te r n a t io n a l & G r e a t N o r th e r n R y .—New Line .— On
A p ril 29 the first passenger train w as run over the c om p an v’s
new line betw een F o rt W o r th and H o u sto n .— V . 76. p. 654, 649.
L ak e S h o re & M ic h ig a n S o u th e r n R y .—New Director.—
W m . R ockefeller has been elected a director to su coeed C h as.
M . R eid , resigned.
Report.—See page 1026.— V . 76, p. 266, 158.
L e h ig h V a lle y T r a c tio n Co.— Receivers.—A t Philadelphia
on M a y 4, on petition of T o m L . Johnson, A . I D upont and
John B , H o efgen , Judge M cP h erson , o f the U n ite d States
C ircu it C ou rt, appointed as receivers:
F or the Lehigh V alley Traotion Co : R obert E. W right (President), C
M. Bates (Secretary and Treasurer), and G eorge W. Norris, o f E. BSmith < Co. o f Philadelphia.
fc
For the Philadelphia & Lehigh V a lley Traotion Co : C. M. B ates,
R obert E. W right and R obert W. Leslie, President o f the Am erican
Cement Co.
T he petitioners report loans as fo llo w s : F ro m the estate
o f his brother. A lb e rt Johnson, T o m Johnson advanced $16,648, A le x is I. D upont advanced $100,000 and John B , H o e f­
gen , $296,050.
R ob ert E . W r ig h t , P resident, m ade the fo llo w in g sta te ­
m en t:
The gross receipts o f the Lehigh V alley Traotion Co., exclu d in g the
Philadelphia line, In the past three months w ere 23 per oent greater
than in the best corresponding three m onths in the road’s history,
w hile the same m onths on the Philadelphia line show an ln oreaseover
last year o f ov er 1 0 0 %. with, o f course, some Increased m ileage on the
latter line. This indicates a total increase o f receipts this year over
last o f n ot less than $250,000. On the other hand, the expense o f
operation w ill be very m uch less than last year. The chapter o f d is­
asters that came upon the com pan y last year—wreok, floods, fire, ooal
fam ine—Involving the loss of $250,000. cou ld hardly recur In a single
y ea r again in a lifetim e.—See Easton Consolidated Eleotrlo Co. above;
also see V. 76, p. 973, 705, 654, 593.
L it t le K a n a w h a R R . —See W a b a s h
p. 1302.

RR.

b e lo w .— V . 75,

M e tr o p o lita n S e c u r itie s C o., N ew Y o r k .—Instalment
directors on M a y 5 voted to call an in stalm en t
o f 25 per cent upon subscriptions to the co m p a n y ’s stock,
payable June 10. T h is w ill m ake the $30,000,003 stock 50
per cent paid .— V . 76, p. 973.

Called.— T he

M e tr o p o lita n S tr e e t R y ., N ew Y o r k .—Suit Dismissed.—
M agistrate B arlow on M ay 2 dism issed the com p lain t of
crim in al libel preferred against President H . H . V re ela n d by
W illia m N . A m o ry .
No Ground for Action.—D istric t-A tto rn e y Jerom e, w ho
em ployed A rth u r W . Teele, the expert accoun tant, to e x ­
am ine the books o f the com pany, announced on Tuesday that
M r. T eele had found the charges o f W illia m N . A m o r y to be
e n tirely w ith ou t foundation so fa r as they related to crim in al
w rongdoing or to a m isstatem en t o f the com pan y’s actual
financial standing. M r. Jerom e says in part:
“ Mr. Teele's report is v ery oiear and fa ll and takes up eaoh and
every finding o f Messrs. Hertie and Teiehmann and eaoh charge m ade
b y Mr. A m ory to Mr. Soburman. This report is on file in m y otHoe.
and access m ay he had to It at any proper tim e by any one. One o f
Mr. Teeie’ s findings is as follow s:
“ ‘ (C) The reports by the M etropolitan Street R y. Co. to the R ail­
road Oommlsrioners are not fu ll and com plete statements o f their
flnauoial con d ition .’ This, read in connection w ith Mr. T eele's fu ll
report, means that their m ethods o f m aking their quarterly and
annual statements are faulty and are properly the su bject of criticism
from the standpoint ol oorporate accounting; b a t his inves igation
has clearly show n that it Is the m ethod that is at fault, and that the
final results shown so far as the actual present financial con dition o f
the oom pany is con cern ed are not affsoted b y the course adopted.
Mr. Teele finds that the specific conclusions of Messrs. H ertie and
Teiehm ann and the speolflo charges o f Mr. A m ory are entirely w ith­
ou t loan dation so fa r as they Involve crim inal w rongdoing, and In
this view Mr. Schurm in and I oononr.
It m ust be rem em bered that the follow in g subjects w ere not gener­
ally Investigated:

[Vol. LXXV1

F irs t—W hether dividends have been paid o n to ! capital by oharglng
to oonstruotlon acoount w hat should have been paid o ut of operating
expenses.
Second—Whether an o vervaluation has been placed npon securities
at the tim « of th e ir purohase.
Third—W hether excessive am ounts have been paid in construction
fo r labor and services rendered and m aterials furnished.
F o u rth -W h eth er charges have been made for legal and other ex­
penses where the expenditures w ere in fa ot n ot m ade fo r such p u r­

poses.

* I do n o t mean to say th a t any or a ll of these fo u r things were done.
I have no evidenoe th a t any o f them was done. The relations of the
M etropolitan Street Ry. Co., the In te rn rb a n Company, and the M e tro ­
p olitan Securities Co. were n ot Investigated, exoept as oovered by
Mr. Teeie’s report, as there were no other charges in respeot to these
m atters.”
A sum m ary o f A c co u n ta n t Teeie’s findings fo llo w s :

(a) The deficit claimed b y Messrs. H e rtie and Teiehmann is n ot sub­
stantiated either In p rincip le or in faot. The lla o illtie s whioh have
been om itted from the balance sheet, other than taxes, w ould when
brought in to the balanoe sheet add asse's of a corresponding value.
(b) The theory upon whioh i t is claim ed th a t dividends paid were
unw arranted or unearned is e n tire ly wrong in orinolple.
(0) The reports by the M etropolitan 8treet Ry. Co. to the R ailroad
Commissioners are n ot fu ll and complete statements o f th e ir financial
condition.
(d) The stooks and bonds whioh i t is claim ed were Issued w ith o u t
consideration were issued fo r value and in aooordanoe w ith the a p p li­
cations fo r lnorease of capital made to the State R ailroad Commis­
sion.
•
(e) I t is not to be expected th a t a statement of cash reoeipts and
disbursements w ill agree w ith the balanos sheet or inoome aooonnt.
(f.) Marked differences do exist between the balanoe sheets o f M arch
31,1902. as rendered to the State R ailroad Commission and to the
New Y o rk Stock Exchange. Taese differences arise from an evident
lack o f u n ifo rm ity and care in the stating of balanoe sheets and the
method, w hile open to c ritic is m fo r not g ivin g a fa ll and complete
presentation of the company’s fin an cia l condition, does n ot resu lt In
any apparent advantage to the oompany or d etrim e nt to Its stock­
holders.
(g ) The difference between the n et Inoome as shown by the q ua r­
te rly reports and the application to the Stock Exchange and the d if­
ference between the affidavit of M r. Vreeland In the Wormser suit
and the q u a rte rly reports Is due to the adjustm ent of Items n ot dire o tly chargeable to the c u rre n t period reported. These adjustments
are n ot unnsnal and are of little consideration when explained. The
differences between the items of the inoome in the tw o reports are dae
e n tire ly to rep orting tn one oase gross figures and In the other oase
p a rt gross figures and p a rt net.
(h) The lnoreass in the investm ents a t the various dates speolfled is
due to actual transactions.
(1) The changes noted in the balanoe sheets of the several q ua rte rly
reports referred to of the T h irty -fo u rth Street Cross-Town RR. r<o. and
of the Twenty-eighth < T w enty-ninth Streets Cross Town RR. Co. are
fc
due to regular transactions.
(j) The increase of $3,000,000 In the “ balanoe due from lessor com­
panies June 30,1901,” Is due to re g u la r transactions n ot specifically
reported.
(k) The $7,000,000 Second Avenue RR. Co. bonds have been issued
in accordance w ith the provisions of the deed of trust.
(l)
. The $350,000 south F e rry RR. Co. bonds and the $2,500,000
Broadway Surface Ry. Co. bonds were om itted from the balanoe sheet
on advioe e f oounsel on the ground o f there being a question o l the
direct lia b ility o f the M etropolitan Btreet Ry. Co. fo r tne same. The
$350,000 South F erry RR Co. bonds have, since been brought on
to the M etropolitan Street Ry. Com pany’s books, and. In m y opinion,
the $2,500,000 Broadway Surface Ry. Company’s bonds shonld be
brought on w ith the asset o f corresponding value.
M y exam ination has been confined s tric tly to the points raised in
the findings or oonolnsions reaohed by Messrs. H ertie and Teiohm ann,
and in the questions subm itted to me by y o u ; fo r thlspnrpose the
offloers o f tne company have afforded me every fa c ility .
Com pare report of Stephen L ittle and others in last w eek’s
C h r o n i c l e , page 978.— V . 76, p. 973, 864.
M e x ic a n C e n tra l R y .—New Director.— A t the annual m eet­
in g on M ay 6 the old board (see V . 74, p. 938,) w as re­
elected, w ith the exception o f R ichard O ln ey, w ho was su c­
ceeded by E nrique C. Creel. M r. Creel is the head o f the
B anco Central m M exico C ity and the B anco M inero in C h i­
huahua, M exico. T h e executive com m ittee now includes:

H. Clay Pleroe, Chairman o f the Board. Breoklnridge Jones, A. A.
Robinson, Gabriel M orton, W. L. Stow, F. H. Prlnoe, C. D. Simpson,
Eben Richards, E. N. Foss and J. C. V an Blaroom.
T h e old officers were re-elected.— V . 76, p. 705, 543.
M id la n d P a c ific R y .— B o n d s Offered.—K e lle y , E u d ico tt &
Co. of Boston offer, at 101 and interest, $2,000,000 o f the
present issue o f $3,000,000 tw en ty -y ea r first m ortgage 5 p. c.
gold bonds. T otal authorized issue $5,000,000; interest pay­
able F eb ru ary and A n g n st; principal payable F eb ru ary, 1923.
T h e above bonds are a first m ortgage on 200 m iles o f m ain
track and sidings to b9 constructed iu C aliforn ia, and on all
equipm ent, buildings, etc. belonging thereto. See V . 76, p.
973, 864.
N a s h v ille (T e n n .) R y .— S a le .— A decree for the sale o f this
property under foreclosure o f the consolidated m ortg a g e o f
1900, b u t subject to the u n d erlyin g bonds, w as entered in the
U n ited States Circuit C ourt at N ash v ille on M ay 2. T h e u p ­
set price is $500,000, In addition the purchaser m u st m eet
the costs and com pensation o f receivers, receivers’ certifi­
cates am ou nting to $512,000 and the fu rth er sum of $346,000
jo in t certificates o f N ash ville R y . receivers and the C u m b er­
land Electric L ig h t & Pow er Co. There is d a e on the con­
sols, for principal $2,384,000.— V . 76, p. 919, 543.
N o r th J ersey S tr e e t R y .— See P a b lic S ervice Corporation
b e lo w .— V . 76, p. 919, 865.
N ew Y o r k P h ila d e lp h ia & N o r fo lk R R .— Increased Divi­
sem i-annual dividend o f 3 per cen t has been de­
clared , payable June 15. T h is contrasts w ith 2% per cent
paid in each sem i-annual period in 1902— Jan e 1 and D ec. 1.—
V . 76, p. 486, 159.

dend.—A

P e n n s y lv a n ia R R .— Called Bonds.— Su nbu ry H a zleto n &
W ilk e sb a rre R y . first m ortg a g e Series A bonds o f 1878 to the
am ou nt o f $15,700 have been called and w ill be redeem ed at
pax and interest on M ay 31 by the F id e lity T ru st Co o f P h ila ­
d elp h ia.— V . 76, p. 811, 752.

May 9, 1903.J

THE

CHKONICLE

P e o r ia & E astern R y .— Incom e Ron<t In terest.— G ra n ger
F arw ell & Co. and M illett, R oe Sr H agen, h a v in g secured the
eignatnrf s o f the holders o f a m a jo rity o f the in co m e bonds,
have petitioned the d irectors o f the C leveland C in cin n a ti
C h icag o & St Lnuis R y. Co. to pay the interest on paid
bonds sem i-annually instead o f an nu ally on A p ril 1st, as
h eretofore. T h e rem ainin g holders are requested to aid in
the m ovem en t by com m u n ica tin g w ith the a b ove-m en tion ed
f i r m s .- V . 76, p. 811, 480.
P e re M a rq u ette H R .— M eetina.— A t the annnal m eetin g
this w eek G eorge II. N orm a n c f N e w p o rt w as elected a m em ­
ber o f the board, and resoln tion s w ere adopted ra tify in g the
recen t acquisitions and a u th orizin g the gu aran ty o f bonds to
be issned fo r th e B u ffa lo term in a ls; also th e C h ica go exten ­
sion and the L ak e Erie* & D etroit R iv e r bond.
New B on d s.— T he B uffalo & N ia ga ra R R . & T erm in a l C o.,
w h ich was in corp orated d u rin g M arch w ith $450,000 a u th or­
ized capital stock , it is proposed shall m ake an issue o f
$1,000,000 bonds to c o v e r th e B u ffa lo term inals. T hese
bonds w ill be gu aranteed as a b ov e stated, b u t the details o f
the issue have n ot been decid ed n pon.
T he com p an y is
authorized to bnild a road fro m N iagara Falls southeast via
T on aw an da to B nffalo, 22 m iles, w ith a b ra n ch fro m a point
on the N iagara R iv e r near B n ffa lo, east to D epew , 23 m iles.
T h e C hronicle o f A p r il 25, page 919, g a v e the fa cts r e ­
gard in g the bonds o f the P ere M arquette R R . o f Indiana,
w h ich cov er th e C h ica go extension. T h e L a k e E rie & D e ­
troit R iv er 5 per cen t bonds fo r $3,000,000 w ere a cq u ired in
b lo ck by the P ere M arquette, w h ich w ill n o w endorse its
gu a ra n ty npon th e bon ds b efore sellin g th em . (See V . 76,
p. 273.)
A ll Standard G a u ge.— T he A lm o n t b ra n ch , 83 m iles in
len gth , and the last n a rrow g a u ge p ortion o f the system , w as
on Sunday last ch anged to standard ga u ge.
R ep o r t.— See the rep ort fo r 1902 at m u ch len gth on pages
1034 to 1036.— V . 76, p. 919, 8 6 6 .
P h ila d e lp h ia C om p a n y, P it t s b u r g h .— E a r n in g s .— The re­
p ort fo r the year ended M arch 31, 1908, sh ow s the fo llo w in g
results, im p rovem en ts a g g re g a tin g $572,227 and $570,629,
resp ectively, b ein g in clu d ed w ith th e o p e ra tin g expenses o f
the tw o years:
F is c a l
Gross
yea r.
earnings.
1902-8...........t8,0HU,lU8
1001-2........... 8,503.194

Net
earnings.
tl.59e.019
1,876,000

Other
income,
$1,547,684
843.704

Fixed
D iv id e n d s , Balance.
charges, etc.
etc.x
surplus.
$981,905
f2.O87.40a *128.290
771,045
1,105,035
252,000

x Includes In 1901-02 dividends on preferred, $350,080; o n c o m m o n . $896,023;
organization expenses charged off, $58,381.

B on d s.— A n issue o f $1,000,000 o r m ore bon ds, it is u n d er­
stood, is con tem p lated on a n ew trolley line, p rob a b ly the
M ount W a sh in gton Street R y .— V . 76, p. 480, 48.
P h ila d e lp h ia A L e h ig h V a lle y T r a c t io n C o.— R eceivers.—
See L eh igh V alley T ra ctio n Co. a b o v e .—V . 76, p. 973, 7C6.
P itts b u r g h C a rn eg ie & W e ste rn R R .— See W abash R R .
b e lo w .— V . 76, p. 973.
P u b lic S e r v ic e C o r p o r a t io n o f N ew J e r s e y .— In c o r p o r a ­
tio n .— Tbi8 com p a n y filed a rticles o f in co rp o ra tio n in N ew
Jersey on W ed n esd ay, the a u th orized ca p ita l stock being
$25,000,000, to ca rry o u t the plan fo r am algam atin g the
street ra ilw a y and lig h tin g com pan ies o f N orth ern N ew Jersey
(See N orth Jersey Street R y . in V . 76, p. 865). T h e par value
o f th e shares is $100. T hom as N. M cC arter has been elected
President.
Leases.—P rop osition s h ave been m ade to lease the H udson
C oun ty, Essex & H u dson and P aterson & P assaic gas c o m ­
panies (see V 76, p. 865), and it is th o u g h t th ey w ill be ac­
cepted. T he leases, it is ru m ored , m ay guarantee the stock
o f the aforesaid com pan ies d ividen d s as fo llo w s : F irst year,
3/4 Per cen t; second year, 4 per c e n t; th ird year, 5 per ce n t;
fou rth year, 6 per ce n t; fifth yea r, 7 per c e n t; th erea fter 8
per cen t y e a rly .— V . 76, p. 978, 919.
B o ck Is la n d Co.— A llia n ce.— There h a ve been ru m ors this
w eek that the n egotiation s fo r th e pu rchase o f the St.
L ou is & San F ra n cisco R R ., w h ioh w ere recen tly dropped
(V . 76, p. 8 6 6 ), have been resum ed. On T h u rsd a y the state­
m ent g iv en a bove nnder C h ica g o R o c k Island & P a cific R y .
w as Issned, and term s o f ex ch a n g e were talked o f . —V . 76,
p. 480, 883.
St L o u is I r o n M o u n ta in & S o u th e rn R y .— New S to ck .—
T o co n fo rm w ith the State law rega rd in g the relative
am ounts o f stock and bon ds, the au th orized issue o f capital
stock has been increased fro m $69,000,000 to $119,000,000.
In P ossession .—T h e com p a n y on M ay 3 took form a l p o s ­
session o f the St. L ou is V a lley R a ilw a y , w h ich w ill h erea fter
be k n ow n as the Illin ois D ivision. T he so-called East & W est
L in e, w h ich w as con stru cted by W illia m E. G u y fro m F o rdyce, the term inus o f the V a lle y lin e, to a p oin t betw een
W illia m son and Franklin cou nties, 111., a d ista n ce o f a b cu t
26 m iles, was also recen tly acq u ired . T h e “ St. L ou is G lobeD em ocrat” says:
T h e t a k in g -o v e r o f t h e 8 t. L o u is V a lle y a n d t h e E a s t & W e st R o a d
g i v e s t h e Sr. L o u i s I r o n M o u n t a i n A S o u t h e r n a d o u b l e t r a c k f o r
f r e i g h t t r a t llo f r o m P o p l a r B lu ff. M o , t o S t. L o u i s . T h e o r o s s l n g o f
th e M is s is s ip p i R iv e r a t T h e b e s . I l l , w ill b e m a d e b y m e a n s o f t r a n s ­
f e r b o a t u n t i l t h e b r i d g e a t t h a t p o i n t s h a ll h a v e b e e n o o m p l e t e d . A t
P o p l a r B l u f f t h e m a l a l i n e o f t h e S t. L o u i s A I r o n M o u it a t a t o T e x a s
is r e a c h e d . T h e n e w l i n e is 1 3 5 m i l e s l o n g a n d Is t h e f i r s t lin k i n t h e
p r o p o s e d l l ^ e o f t h e G o u l d s f r o m S t. L o u t s t o N e w O r l e * n s v i a
M e m p h is . W o r k o n t h e lt n e s o u t h f r o m M e m p h i s t o N e w O r le a n s
Is b e i n g p u s h e r ! r a p i d l y . T h e c o n t r a o t s w e r e l e t s o m e w e e k s a g o f o r
t h e b n l l d l n g o f t h e lt n e f r o m M e m p h i s t o M a r i a n n a , A r k . , b u t t h is
w o r k h a s b e e n I n t e r f e r e d w i t h m a t e r i a l l y b y t b e h ig h w a t e r s . O n l y

1031

a b o u t 1 0 m ile s o f t r a o k h a v e b e e n o o m p l e t e d . f r o m M a r i a n n a t o M o G e h e e , a b o u t 6 0 m il e s . W o r k Is p r o g r e s s i n g s a t i s f a c t o r i l y . T h e l i n e
f r o m M em p h is t o St. L o u i s is a l r e a d y a n a c c o m p l i s h e d f a o t a n d th e
l i n e f r o m M e m o h l s t o N e w O r le a n s Is r e g a r d e d a s b e i n g a l m o s t e q u a l l y
s o . —C o m p a r e V . 7 6 , p . 5 4 3 . 2 1 3 .

St. L onls & San F r a n c isc o R R . — A llia n ce.— See C h ica g o
R o c k Island & P acific R y . a b o v e .
B ond s.— A pp lica tion has been m ade to the N ew Y o rk S tock
E xch an ge to list $2,528,600 a ddition al 4 p. o. refu n d in g m o r t­
ga g e bonds o f 1951, m a k in g the total listed $48,186,000,— V .
76, p. 973, 920.
U m lerg rou m l E le c tr ic R a ilw a y s Co. o f L o n d on , L im ite d .
— Sale o f P rofit-S h a rin g N otes.—T o co m p le te the c o n s tru c­
tion and equ ipm en t o f its lines, th is co m p a n y has a u th orized
an issue o f £7,000,000 o f “ £ 5 p, o. P rofit S h arih g S ecu red
N otes,” all o f w h ich have been u n d erw ritten at a p rice near
to par, h a lf o f this am ou n t th rou gh Speyer & Co. o f th is c it y
and the Old C olon y T ru st Co. o f B oston. T h e first in ten tion
w as to put o u t at present on ly £6,000,000 o f the issue, b u t th e
notes w ere in su ch dem and that the en tire am ou n t w as dis­
posed o f, large b lo ck s beiDg taken b y leading banks, tru st
com panies, insurance com pan ies and oth er in stitu tions.
T he shareholders, th rou gh Speyer & Co. and Speyer B ros.,
w ill have the rig h t to su b scrib e in p rop ortion to th eir h old in g s
to £5,000,000 o f the issue. T h e notes w ill be to bearer w ith
cou p on s attached, in d en om in ations o f £109, £200, £500 and
£1.000 each, or $500, $1,000, $2,500 and $5,000 each , p a ya b le
in L ond on in sterlin g o r in N e w Y o r k in d ollars in a cco rd ­
ance w ith th e term s o f the note. T hey are due on Ju n e 1,
1908, b u t the co m p a n y has th e rig h t to redeem th e w h o le or
any part th ereof by d ra w in g s at any tim e a t par and a ccru ed
interest, or to p u rchase in the m a rk et.
The notes w ill be secu red b y a trust deed to th e L on d on &
W estm in ster Bank, L im ited , as trustee. T h is deed w ill p r o ­
vid e that the proceeds o f the notes shall be h eld by th e tru s­
tee, and shall o n ly be paid o v e r to th e com p a n y as and w h en
an equal am ou n t o f the fo llo w in g trnst securities, tak en at
their deposit valu es, fixed b y th e deed, w h ich d ep osit valu e
w ill in the a ggregate be at th e rate o f a b ou t 70 p. c. o f th e
qu otations nam ed b e lo w , shall be deposited w ith the tru stee,
v i z .:
£ 1 , 7 4 6 . 0 0 0 M e t r o p o l i t a n D i s t . R y . o r d i n a r y B to o k , a t 4 0 . .
9 0 .0 0 0
E x t e n s i o n p r e f e r e n c e a t o o k a t 7 6 ........................
1 8 2 ,9 2 7
( B o w E x t e n s i o n ) 2 d g n a r s t o c k a t 8 2 .............
6 0 0 ,0 0 0
S e c o n d p r e f e r e n c e Btook a t 6 5 ................................
5 0 ,0 0 0 o r d in a r y s h a r e s o f £ 1 0 e a c h , L o n d o n U n ite d
T r a m w a y s ( 1 9 0 1 ) L i in ., f a l l y - p a i d ................
£ 7 ,7 5 0 ,0 0 0 s t o c k o f th e f o l l o w i n g “ T u b e C o m p a n ie s :”
G r e a t N o rth e rn P ic c a d illy & B r o m p to n R y .
C o ., B a k e r S ’ r e e t A W a t e r l o o R y . C o .,
C h a iin g C r o s s E u s to n A H a m p s t e a d R y .
C o ., a t p a r .......................................................................

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

7 ,7 5 0 ,0 0 0

T o t a l ........................................................................................................... £ 1 0 , 0 5 6 , 8 0 0

Note.—T h e com pany has agreed to accept the £600,000 second preferen ce
st«'ck when issued in part paym ent fo r electrifyin g and equipping the M etro­
politan l)i>trlct Kailway, and a bill is before Parliam ent to authorize Its crea­
tion. in the event o f the bill n ot passing, other securities satisfactory to the
trustee will be deposited, or the total am ount o f the notes correspondingly
reduced.
A s and when notes are redeem ed or surrendered to the trustee by the com ­
pany, trust securities may be released to the com pany to an am ount which,
taken at their deposit value, shall be equal to the fa ce value o f the notes re­
deem ed or surrendered.

It is provid ed th a t “ in case o f a n y sale b y the com p a n y at
above 95 p. c. o f any o f the deposited ord in ary shares o f th e
“ T u b e C om p anies,” th e am ou n t o f the net profits a b ov e such
price shall be determ ined b y the A u d ito r o f the com p a n y ,
w h ose certificate th ereof shall be final, and on e-h a lf o f the
net profits o f su ch sale shall be set apart fo r the equal pro
rata benefit o f the notes ou tstan d in g at the tim e o f snoh sale,
and, on the m a tu rity or earlier p a ym en t o f any n ote, the
profits to w h ich such n ote shall be en titled shall be paid to
tbe holder th e re o f su rren derin g the sam e fo r ca n ce lla tio n .”
T h e interest is payable h a lf-y e a rly , fre e o f B ritish in c o m e
tax, on Ju ne 1 and D ec. 1 in each year, in sterlin g, at the
L ond on & W estm in ster Bank, L im ite d , L on d on , or in dollars
at the offices o f Messrs. Speyer & C o., N ew Y ork .
S tatu s.— T he com p a n y is establishing an exten sive sy stem
o f u n d ergrou n d and su rfa ce e le ctric ra ilw a ys in the c it y o f
L on d on , its operations b ein g con d u cted th ro u g h th e m e d in m
o f several com pan ies w h ich it con trols th ro u g h traffic a g ree­
m ents and ow n ersh ip o f ju n io r securities. A n official sta te ­
m ent says :
T h e b u l k o f t h e c a p i t a l t o d e f r a y t h e o u s t o f o o n s t r u o t l o n Is t o b e o b
t a ln e d t h r o u g h th e s a le o f g u a r a n t e e d , o r s e n io r , s e c u r it ie s o f t h e s u b ­
s id ia r y c o m p a n ie s , th e In te r e s t o r d iv id e n d s b e in g g u a r a n t e e d b y th e
paren t oom p an y.
T h e la r g e c a p it a l o f t h e p a r e n t c o m p a n y [£ 5 ,0 0 0 ,0 0 0 , o f w h ic h 5 0
p. o. p a i d a n d t h e r e m a i n d e r s u b je o u t o o a l l ] is r e q u i r e d t o f i n a n c e t h e
s u b s i d i a r y c o m p a n i e s in t h e i r i n i t i a l p r o c e s s e s , a n d u n t i l t h e i r r e ­
s p e c tiv e s e c u r itie s h a v e b e e n m a r k e te d ; a n d to g iv e th e p r o p e r s ta b il­
ity to t h e p a r e n t o o m p a n y in o r d e r to m a k e it a s a t is fa c t o r y g u a r a n t o r
o o m p a n y . T h e p a r e n t o o m p a n y n o w c o n tr o ls th e M e tr o p o lita n D is ­
t r ic t R y ., w h ic h is a s h a llo w s n b w a y a n d s u r fa o e r o a d , o w n in g its
r i g h t o f w a y in f e e . T h e U n d e r g r o u n d E l e o t r l o R a i l w a y s C o . is b a l l d ln g t h r e e d e e p l e v e l t u b e r o a d s , n a m e l y t h e B a k e r S t r e e t A W a t e r l o o ,
th e G r e a t N o r t h e r n , P ic o a d llly & B r o m p to n a n d th e C h a r in g C ro ss
E u s to n & H a m p s te a d . I t a ls o o o n t r o ls t h e U n ite d T r a m w a y s C o . w it h
m a n y m il e s o f s u r r a c e r o a d s r u n n i n g in a g e n e r a l w e s t e r l y d i r e c t i o n
f r o m S h e p h e r d ’ s B u s h a n d H a m m e r s m it h .
T h e M e t r o p o l i t a n D i s t r l o t R a i l w a y h a s b e e n In o p e r a t i o n f o r m a n y
y e a r s . O v e r o n e - h a l f o f its o r d i n a r y s t o o k w i l l b e , o n t h e c o m p l e t i o n
o f th e w o r k u n d e r w a y , o w n e d b v th e p a re n t o o m p a n y , a n d th e v o t in g
p o w e r o f a la r g e a m o u n t [a b o u t £ 4 0 0 .0 0 0 ] o f th e p r e fe r e n c e s t o o k h a s
b e e n s e o u r e d u n d e r a g u a r a n t y w h i c h is c o n s i d e r e d v e r y a d v a n t a g e ­
o u s f o r t h e p a r e n t c o m p a n y [s e e V . 7 o . p . 3 S 3 ]. T h e g u a r a n t y b e g in s
a t 1 p. o. p e r a n n u m fo r th e fir s t y e a r o n th e o e p o s it e d s to c k , a n d r u n s
u p to a lim it o f 3
p. o. a lte r s o m e s ix y e a rs . S u r p lu s e a r n in g s a b o v e
th e g u a r a n te e d a m o u n t , o t h e r w is e d u e th e p r e f e r e n c e s to o k s o d e ­
p o s i t e d , g o t o t h e p a r e n t o o m p a n y . T h e r o a d is n o w b e i n g e l e o t r l o a l l y
e q u i p p e d , a n d w h e n t h i s is d o n e t h e e a r n i n g s w i l l b e m n o h In e x c e s s o f
th e g u a r a n ty ,
i t is e x p e o t e d t h a t t h 's w o r k w i l l h e fi n i s h e d b e f o r e
t h e e n d o f 1 9 0 4 . [S e e e a r n i n g s in V . 7 6 , p 5 4 4 , a u d c a p i t a l i z a t i o n
b e l o w .]

1032

THE CHRONICLE

[VOL. LXXVI.

The Baker Street & Waterloo tubs road will probably be oomnleted
in 1904, but it is not expected that It will be open before the end of
that year, when the power house which Is to operate all the tube
roads and the District road will be completed.
The Great Northern Piccadilly & Brompton [see V. 76. p. 383] is a
consolidation of the Brompton < Picoadllly and the Great Northern &
fe
Strand. A connecting link is to be built between the two roads. It is
expeoted that the road will be ready for operation during 1906. The
ChariDg Cross Euston & Hampstead will probably be completed during
the same year.
The London United Tramways is owned by the parent oompaoy
through oash purchase of the controlling Interest In the company’s
shares. It has 23 ^ miles open for traffic and a further 521 miles
*
authorized. It Is now carrying at the rate of 40 million passengers
per annum, and feeds the District Railway at Hammersmith. Com ­
pare Y. 76, p. 383, 436.
Praotioally all the necessary legislation has been secured from Par­
liament and the construction work on all the lines Is progressing sat­
isfactorily. Tne power house will haye a oa p a olty of 100,000 H. P.
and will be thelargest power house in the world. It will cost [upwards
of £ 1,000,000] somewhat less than the estimate. The oontrams already
let for the oonstruotton of the other roads indloate that the estimates
made were conservative. The question of fares has been satisfactorily
settled, and the prospects of business seem to lnorease.

option o f holder in to com m on stock at any tim e prior to Jan.
1, 1910, at par. The total issue is lim ited to $3,500,000, o f
w hich $2,500,030 is outstanding, the balance being reserved
for the con stru ction o f additional wharves, warehouses and
other im provem ents. The m ortgage covers in the B orough
o f B rooklyn, C ity o f New Y ork .'a n area o f sixteen city block s,
w ith im provem ents thereon; included in this property are
eight blocks o f w aterfront, fa cin g on a fo rty foot G overn m en t
channel. See letter o f President Bush in last w eek’s C h r o n ­
i c l e , p. 974.
C a lifo r n ia & O regon S team sh ip C o .—M ortgage.— This
com pany has m ade a m ortgage to the C entral Trust Co. o f
San F rancisco, as trustee, to secure an issue o f $500,000 o f 6
p e r c e n t gold bonds, dated Jan. 15, 1933, and due Jau. 15,
1923, but the m ortgagor has the option o f paying pro rata on
the principal o f all the bonds each quarter (Jan. 15, e tc.,)
when the interest is due. Capital stock authorized $503,000;
outstandiog $268,30), all com m on ; par o f shares, $100. The
m ortgage covers all the com p an y’s shipping p roperty, in ­
The directors were given last week (page 974).— V . 76, p.
cluding its eigh t steamships, viz : Nom e City, Prentiss, F a l974, 920.
ton, A lliance, R a th , N avarro, Despatch. G aalala and A b e r­
U n ion E levated R R ., C h ica g o.— A dverse D ecision .— The deen; total value, $510,000.
Tne P resident is G eo. D, G ray;
Suprem e Court o f Illnois in the case o f Owen F. A ld is and Secretary, G eo. C. L ake; Treasurer, G eo. D, G ra y & C o.;
others, representing the ow ners o f the M onadnock b lock , has office 421 Market St., San F rancisco.
reversed the decision o f the C ircu it C ourt and held the c o m ­
C h icago C on solid a ted B r e w in g & M a ltin g Co.— Deposits.
pany liable for dam ages fro m the operation o f its road in the — This com pany, the A m erican operating concern o f the
street a d join in g the building. A num ber o f suits have, it is City o f Chicago B rew in g & M alting C o., L im ited , o f L o n ­
said, been held in abeyance pending this d e cisio n .—V. 72, p. don, has sent out a circu la r regarding the plan described last
1083.
week for the refunding o f the $3,166,000 six psr cent bonds at
U n ited R a ilro a d s o f San F ra n cis co .— Official S ta tem en t.— 5 p. c. interest. H olders o f three-fourths o f the bonds have
On pages 1036 am! 1037 w ill be fou n d the official statement re ­ agreed to the exchange, and all the holders are requested to
c e n tly made to the N ew Y o rk Stock E xchange in connection deposit them w ith the N orthern Trust Co. o f C hicago. The
w ith the listing o f the U nited Railroads o f San F ra n cisco new bonds w ill be dated Jan. 14,1903.— Com pare V . 76, p. 975.
fo u r per cen t bonds. The statem ent show s in detail the se­
C in cin n a ti Gas & E le c tr ic Co.—New S tock. —The share­
cu rity b ack o f the bonds, together w ith the incom e accou nt holders have voted to increase the capital stock from $29,for the year 1903 and the balance sheet o f D ec. 31, 1902, and 000,000 to $31,000,000, to provide fo r im provem ents, in clu d in g
m uch other in form ation respecting the p roperty.— Y . 76, especially in the W est End, T he new stock , it is said, w ill
p. 917, 595.
n ot be issued at once.
W abash R R .—New Bonds A u th orized .— A t the m eeting on
D irectors.— M. E. Ingalls and G eorge B u llock have retired
M ay 5 the proposition to authorize an issue o f $10,000,000 o f from the board, w h ich n ow includes:
5 p. c term inal bonds fo r th6 purposes already announced
A n d r e w H l o k e n l o o p e r , S t e p h e n R . B u r t o n , J . T. O a r e w , B r i g g s S .
(V . 76. p. 753], was approved b y the favorable vote o f about C u n n in g h a m , W illia m A . G o o d m a n , R. A. H o l d e n J r .. A. H o w a r d
H i n k l e . N o r m a n G . K e n a n . M . E. M o o h , C a s p e r H . R o w e , C h a r l e s P.
80 p. c. o f the stock and debenture bonds. O nly about
a ft J B.
rak er
.
$3,500,000 or $4,000,001 o f the new issue w ill, it is stated, oe Ti a m , C .. P r oF oe r .— V .J r ., ,Jp . G7. 08 o h m i d l a p p , M o r r is M . W h it e a n d W il­
l
ct
76
7.
needed fo r tbe com pany’s requirem ents o f the next year or so.
C itizen s’ T elep h on e Co., T e r r e H a u te, I n d .— New M o r t­
C onstruction .— The forces that have been at w ork on the
gage.— A m ortgage has been filed to the U nited States T ru st
L ittle Kanaw ha R R . betw een Parkersburg and BeliugtoD,
Co , as trustee, to secure $200,003 o f 5 per cen t g old bon d s
W . V a .. have been taken off and sent in part to a point be
due Jan. 1, 1923, A m ortgage fo r $100,000 was discharged of
tw een Zanesville and Marietta, O hio, to finish the extension
record on A pril 25. Capital stock at last accounts, $150,000.
to the Ohio R iv er, and in part to the Buckhannon & N orth ­
President, W . P. Ijam s.
ern R R ., orders having been given for the com pletion o f
that line and the Greene C ounty R R . The tw o roads la9t
City o f C h icago B re w in g & M a ltin g Co.—See C h icago
m entioned w ill together form a line extending fro m a point Consolidated B rew in g & M alting Co. a b ov e.—V . 76, p. 975.
on the Pittsburgh Carnegie & W estern near H ick ory. Pa., to
C oastw ise T r a n s p o r ta tio n Co .—New C om p a n y.— This
a connection at Balington w ith the W est V irg in ia Central.
com pany, organized in N ew Jersey on M arch 9 w ith $3,000,It w ill cu t throu gh a tract o f coal o f 57,000 acres ju s t p u r­
000 ot authorized capital stock , o f w h ich one-half is 6 p. c.
chased by the G ou ld interests.
cum ulative preferred, par value o f shares $100, has taken
President Joseph Ram sey Jr. is quoted as sayin g:
over the fleet o f schooners k n ow n as the C row ley Fleet, in ­
Our bridge over the Ohio River Is not sufficiently far advanced to
make it necessary that we should continue work on the Little Kanawha clu d in g the seven-masted schooner Tnom as W . L aw son and
RR. at present, and, further, our bridge plans in that district liw e eight other schooners. These vessels range fro m 1,400 to
not yet been passed by the Government. We have removed these 8,000 tons capacity: the total valuation placed upon them was
contractors to other work, which will give us connections with our $697,000. The preferred stock is su b je ct to call at any tim e
new coal fields in West Virginia ard in the Hooking Valley distriot,
after five years at $110 per share and accum ulated dividends,
and also hasten our entrance into Pittsburgh.
It is not true that we have finally abandoned work on the Little provided it becom es necessary to increase the capital stock
Kanawha extension. We have only postponed it. We are devoting to enlarge the fleet. There are no bonds ; the stock is all
our efforts to getting quickly into touch with the coal districts, but we
are not neglecting any work neoessary to complete our trunk line to outstanding. The ow ners o f the vessels received preferred
stock to an am ount equal to their interest in the vessels on a
the seaboard as soon as possible.
Our purchase of the Fairmont (W. Va.) coal lands was completed basis o f the above valuation and an equal am ount o f com ­
quite recently and involved a sum reaching some millions of dollars, mon stock for good -w ill. The President is Thom as W . L aw but I do not oaieto say how many.—V. 76, p. 974, 812.
son and the Treasurer is J. G . C row ley. The office is in
W estern O hio R y.— In terest P aid at M a tu rity .— The in te r ­ the B oard o f Trade B uilding, Boston.
est on the first m ortgage honds ($2,160,030) was paid at m a ­
C on solid a ted Gas Co., New Y o r k .— Bill K illed .— M ayor
tu rity, Mav 1, at the Savings and T rust Co. in C levelan d .—
L ow on Thursday vetoed tbe b ill recently passed by the L eg ­
V . 76, p. 160.
islature givin g tbe East R iv er Gas Co. enlarged pow ers.—
V . 76, p. 921, 656.
IN D U S T R IA L . GAS A N D M ISCELLANEOU S.
A m erica n C otton O il Co .— New D irecto r.— Jam es B, Me
M ahon, Second V ice-P resident o f the N. K . Fairbank Co., has
been elected a d irector of the A m erican C otton Oil Co. to fill
a va can cy.— V . 75, p. 1085, 1101.
A m erica n Grass T w in e Co.— Officers.—J. F. O 'Shaughnessy
and ex-President S. H. Chisholm have retired from the board,
w h ich n ow includes:
Thomas K. Ottls (President), Jaoob Rnblno, S. Tarek, G. W. Graff,
who represents D. O. Mllle, and H. E. Miller and C. G. Gardner, who
represent Mr. Haggin,

Charles P. H ow lan d o f H ow land & M urray,'M ills Building,
this c ity , is the Secretary.
New Books, E tc.— A new system o f book-keeping has been
ordered to be in trodu ced on July 1, the A udit Co. o f N ew
Y o rk having fou n d the present m ethod so fau lty as to give
n o clear idea as to m anufacturing costs or the financial status
o f the com pany. The floating debt, it is stated, is ow ed
chiefly to D. O. M ills and Jam es B. H a g g in .— V. 76, p, 437, 214
B ush T erm in a l C o.—Bonds Offered,.— F. J. Lisman & Co
and D om inick & D om inick are offering at 91J^ and interest by
advertisement on another page $2,500,000 o f this com pany’s
first m ortgage 4 p, c. fifty-year gold bonds, con vertible at

C on solid a ted Gas & L ig h t Co , T iffin, O.—New M ortgage.
— A m ortgage on the com pan y’s gas w orks at Tiffin was re­
cently filed to the Security Trust Co. o f T oledo, as trustee, to
secure an issue o f $125,000 o f 5 p. c. $500 gold bonds due in
1918, but su bject to call for paym ent on any interest day;
sinking fo n d $4,000 yearly.
No prior liens, it is stated, re­
main outstanding. Stock authorized, all com m on, $500,000;
par o f shares $100. President, R G K erlin, o f K erlin Bros.
Co., Toledo. O .; Secretary, W m . H. Dove, Tiffia, O h io;
Treasurer, E. M. Kerlin, T oledo, O hio.— V . 75, p. 1149,1158;
V. 73, p. 233.
C on solid a ted Lake S u p e rio r Co.—Offices M oved.— T he
general offices have been m oved to Sault Ste. M arie, O n ­
tario.
S ta tu s — D irector Sam uel R ea [F ou rth V ice-P resid en t o f
the Pennsylvania R R .], having returned from a visit to the
plant at Sault Ste. M arie, m akes the fo llo w in g statem ent:
W e a r e e n t i r e l y s a t is f ie d w i t h t h e w a y P r e s i d e n t S h ie ld s h a s t a k e n
h o ld a n d w e b e l i e v e t h a t a m o r e e x p e r i e n c e d m a n c o a i d n o t h a v e b e e n
s e le c t e d . U n t il h e h a s fin is h e d h is e x a m i n a t i o n o f a ll t h e v a r i e d i n ­
t e r e s t s a n d r e p o r t e d th e r e o D , r e l i a b l e f o r e c a s t s o f t h e o u t c o m e o f t h e
c o m p a n y c a n n o t b e m a d e . W e a re , h o w e v e r , e n o o n r a g e d in t h e b e l i e f
th a t, w ith th e a d v a n c e d s ta te o f d e v e lo p m e n t o f th e p r o p e r t ie s a n d
u n d e r t h e v i g o r o u s a n d e o o n o m i o a l m a n a g e m e n t o f M r. S h ie ld s , a
p la n o f fin a n c in g th e c o m p a n y m a y s o o n b e fo r m u la te d a n d c a r r ie d
o u t —V . 7 6, p . 7 5 4 ,7 0 7 .

May 9, 1903.]

THE CHRONICLE.

C onsolid ated R u b b e r T ir e Co.— New D irecto r.— Samuel
W . Ebricta has been succeeded as d irector by R ussell H
Landale.—V . 76, p. 544.

1033

N orth G erm an L lo y d (S te a m s h ip C o .).—R e p o r t.—An E n g ­
lish financial paper says:

In the oourse of the report for 1902 of the North German Lloyd
Steamship Co., which, as previously stated, is unab e to propose any
dividend for that year, as compared with 6 per o«nt in 1901 and 8*i
C onsolidated T ob a cco Co. — See B ritish-A m erican Co.
per cent n 1900, reference is made to the continued depression in
above.— V. 76, p. 921, 869.
freights daring the vear. and It is mentioned that 1903 opened with a
slow improvement in freights, whi'st the pas»enger tratflo oontinnes
C anard (S tea m sh ip ) C o.—R ep y r t.— At the recent annual to be very aotive. With regard to the Morgan Trust, the report states
that the agreement oarne into foroe at the beginning of this year. The
meeting L ord In verclyde, the Chairman, said:
arrangemen's made In this direction have so far proved to be suita­
The past year was a very bad one far freights. From the United ble for the object in view, as they have simplified negotiations with the
States the rates were very low during the entire year, but beyond this Anglo American steamship lines united in the combination, bnt they
there was a great falling olt'ln the quantities carried and very few have hiiherto not contributed towards an iaorease in the oabtn pas­
ships of any line came with full cargoes. The passenger business senger fares, the reason being the standing aloof of the companies
showed no great change from 1901, except In emigration, which e x ­ not Interested n the combination. The ooal strike in the United
hibited a considerable Increase over the prevlons year The total States proved dlHanvantageous to the German oompany, as the ves­
revenue shows a failing oil of about £70,000, due mainly to reduoed sels transporting English ooal to the Stvtes considerably depressed
freight earnings, but also to some extent to reduced receipts from the return freights. At present the Lloyd has seveE new steamers In
transports. On the other hand, working expenses were reduoed by eonrse of conbtruotlon, and in order to render itself Independent of
about £100,Oi 0, the saving running through most of the Items of e x ­ the German ooal syndicate the company and the ttrm of F. Krupp
penditure, bnt being more particularly notioeable In ooals and wages. have acquired the Emsoher-Lippe coalfields, whioh are now in process
The results fo r the fou r years past as com p iled by the of being developed.

O hio F u e l S u pp ly Co.— New Stock.— The stock having
been increased from $2,500,009 to $4,000,090, the new shares
are offered at par ($25) to shareholders o f record, one share for
each tw o held, subscriptions payable one-half on May 15
and the balance on July 20, on w h ich dates certificates w ill
be issued. A n in ju n ction obtained by the c it y o f C olu m b u s
The com pany’s vessels have a total tonnage o f 127,006, in ­ to prevent the com pany from taking ov er the property o f the
clu din g the Carpathia n ow building.
Federal Gas & F uel Co. was made returnable on M ay 30.—
See F airm ont & C la rk sville E lectric See V . 76, p. 814,
Pacific Packing St N a viga tion Co.— New C om m ittee.— A
R y. under “ R ailroads” above.—V . 76, p. 333, 105.
com m ittee consisting o f J. C raig H avem eyer, C hairm an; A l­
(T h e ) G ilc h r is t T r a n s p o r ta tio n C o,—New S tock.—This fred C. Barnes, T heodore W . Morris, Stow e Phelps and
com pany has increased its stock from $1,000,000 to $10,000,000, Jam es T alcott, w ith E dw ard S. A v e ry as Secretary, an­
and taken in the steam ers o f the Lake Shore Transit C o., nounces that an agreem ent bearing date A pril 28th, 1903, has
the Steel Steamship Co. (V.75, p.796.), the G lobe Steamship Co. been filed w ith the V an N orden T rust C o., as depositary, No.
(V . 75. p. 1149), the Merida Steamship Co. and the Inland 751 F ifth A ve., N ew Y ork C ity, and that holders o f deben­
Star Transit Co. J. C. G ilch rist is President; F. M. Osborne, ture bonds, shares o f stock or v otin g trnst certificates, are
V ice-P resident; A. J. G ilchrist, S ecretary; F . R . G ilch rist, invited to co-operate w ith the com m ittee b y d ep ositin g their
Treasurer. General office, M entor, O, R edu ction s o f stock securities w ith ou t delay with the said trnst com pan y in e x ­
have been made as fo llo w s :
change fo r negotiable receipts. The m em bers o f “ the c o m ­
I n l a n d S t a r T r a n s it O o . f r o m $ 5 0 0 ,0 0 0 t o $ 1 0 , 0 0 0 ; L a k e S h o r e T r a n ­ mittee are holders o f substantial am ounts o f every class o f
the com pany’s securities, and they believe that the tim e has
s i t C o . f r o m $ 5 0 0 ,0 0 0 t o $ 1 0 , 0 0 0 ; M e r id a H te a m s lilp O o . f r o m $ 3 0 0 ,0 0 0 t o $ 1 0 ,0 0 0 , G l o b e S t e a m s h ip C o . f r o m $ 1 , 0 0 0 ,0 0 0 t o $ 1 0 ,0 0 0 ; S te e l arrived when, in view o f existing and increasing co m ­
8 t e a m e h lp C o . $ 1 , 0 0 0 ,0 0 0 t o $ 1 0 ,0 0 0 .
plications, the interests o f security holders should be repre­
T he com pany n ow con trols eighty ships sailing on the sented and protected by a com m ittee w h o have had no co n ­
Great L a k e s — V . 73, p. 239,; V . 72, p. 285.
nection w ith the past m anagem ent or responsibility for the
com pany’s con dition or com p lica tion s.” A n y plan o f reorg an ­
E le c tr ic L ig h t
D ividend Increased. ization proposed by th ecom m ittee v /illb e su b ject toa ccep tan ce
— A quarterly dividend o f 2 per cent has been declared, in­ by the depositor, the righ t bein g reserved to any depositor
creasing the rate from 7 to 8 per cen t per annum. The stock w h o dissents to w ith draw his deposited securities w ith ou t
is $1,050,000; par $100.— V. 73, p. 447.
expense. Copies o f the agreem ent m ay be obtained from the
N otice to Security depositary, or from the N ation al B ank o f N orth A m erica,
H olders.— A ustin
W a rr, representing $260,000 o f the No. 35 W illia m St., N ew Y o rk C ity, w here deposits w ill also
bonds, requests the holders o f first m ortgage bonds, bond be received on a ccou n t o f said depositary. See advertise­
scrip and stock to com m unicate w ith him regarding certain ment on another page; also Crane C om m ittee in V. 76, p. 545.
facts in connection w ith the affairs o f the com pany, “ w hich —V . 76, p. 976, 869.
in form ation w ill afford an opportunity o f takin g steps that
P itts b u r g h S p rin g & S teel Co.— Status.— This com pany,
m ay inure to the benefit o f the bon dholders,” Mr, W a rr’s w h ich was incorporated under the laws o f Pennsylvania in
address is care o f K ou n tze B ros.. 120 B roadw ay. See adver­ 1902, w ith $500,000 [com m on j stock, all outstanding, in $100
tisem ent on another page.—V . 74, p. 154.
shares, as successor o f the Iron C ity Spring C o., has co m ­
E arnings o f Other pleted the instalm ent o f its m achinery in the 53d Street plant
Com panies.—See Cunard Co. above and N orth G erm an L loy p in Pittsburgh, purchased fro m the Pressed Steel Car C o.,
and is n ow ready to receive orders fo r all classes o f eliptic
b elow .— V . 76, p. 975, 922.
and co il springs fo r locom otive, oar and oth er service. T he
In te r n a tio n a l S ilv e r Co.—New D irecto rs.— E. R . Thom as, com pany’s office is ia the Farm ers’ Bank B uild in g, P itts ­
E .N .P ost, and O F .T h om as have been su cceeded as directors burgh, Pa. N o bonds. D irectors:
D. C. Noble, President (formerly Seo’ y and Treas. A. Frenoh Spring
by A n d rew A n d rew s, C. Berry Peets and L. E, Stevens. The
Co.); T. H. Given, Vice-President (Prest. Farmers’ Dep. Nat. Bank,
board now includes:
“ L ondon S tatist” sh ow :

dross.
Net.
Dividends.
1902...................... £1,339,527 £66,822 (1%) £61.000
1901....................... 1,409.359
25,650 ( 1 %) 64,000
1900...................... 1,623,574 308,858 (8%) 128,000
1899...................... 1,331,239
81,864 (5%) 80,000

Balance.
snr. £2,822
def. 38,450
sur. 180.858
snr. 1,864

Fairmont Coal Co.—

Hartford (Conn.)

Co.—

Helena (Mont.) Water Works Co.—
W.

International Mercantile Marine Co.—
Co.

S a m u e l D o d d . O. H T l b b i t s , G e o r g e H . W i l c o x . 8 . L B a r b o u r , G e o r g e
E d w a r d s , W. J . M i l l e r , O. A. H a m i l t o n . G e o r g e D . M u n s o n , F. P .
W i l c o x . O. E . B r e c k i n r id g e , G e o r g e M. C u r t is , G e o r g e R o c k w e l l , C .
B e r r y P e e t s , A n d r e w A n d r e w s a n d L . E . S t e v e n s .— V . 7 6 , p . 7 0 3 , 5 9 7 .

O.

C. Jntte& Co., P itts b u rg h .— New B onds.— The shareholders
have authorized an increase o f the bonded debt from $1,000,-

Pgh.); L. C. Noble, Vice-President (formerly Western Mgr. A. Frenoh
Spring Co., Chicago); Henry Aiken. Prest. Hvdrauito Machine Co..
Pittsburgh; James Neale, Seo’ y Brown & Co. Ino . Pittsburgh; H. K.
Porter, Prest. H. K. Porter Oo.. Pittsburgh; T. N. Motley, Prest. T. N.
Motley Co., New York. W. H. Gardner Is Secretary.

The French Spring Co. was absorbed by the R a ilw a y Steel
Spring Co. See page 163 o f I n v e s t o r s ’ S u p p l e m e n t ,
R a ilw a y S teel S p rin g Co,—See P ittsb u rgh Spring & Steel
000 to $1,600,000, to provide fo r new steam boats and m ines in
connection w ith the com pany’s large ooal and coke business. Co. above.—V . 76, p. 651.
The particulars regardin g the new bond issue have not yet
Rochester (N . V.) Gas & E le c tric Co.—Stock Issu e— E arn ­
been definitely settled, A . S. G u ffey is Treasurer.
ings.— The $700,000 preferred stock recen tly offered was
largely over-subscribed fo r at par. T he proceeds w ill be
Gas &
E x tra Dividend. used fo r extensions and im provem ents. T he actual earnings
— W ith the regular quarterly distribution o f 2% p. c. there for the year ending M arch 31, 1903, w e r e : T otal receipts,
has been declared an extra dividend o f ^5 p. c. on the $575,- $1,262,811; operating expenses, $720,070; net earnings, $542,000 capital stock from the accnm nlated surplus, w h ich on 741: interest charges, $242,713; surplus, $300,027.
June 30, 1902, was $518,507. On M ay 1 the price o f gas w ss
C orrection .— The statement on page 599 o f the cu rren t
voluntarily reduced from $1 to 90c per 1,000 feet. The new volum e that this com pany controls the entire gas and electric
plant, fo r w hich the com pany increased its stock b y $75,000, business o f the city should be changed in that a sm all
is nearing com p letion .—V . 70, p, 86.
am ount o f electric-lighting business is done by the R ochester
M ilw nnkee St C h icago B re w e rie s , L im ite d .— R eduction o f L igh t & P ow er C o., recen tly organized (V . 76, p. 386).—V .
Stock.— A plan w h ich has been approved by the leading share­ 76, p. 598.
holders. and on w hich a form al vote w ill p robably soon be
R och ester L ig h t & P o w e r Co.—See R och ester G as &
taken, is described on official au th ority as follow s:
E lectric Co. a b ove.— V . 76, p. 386.
T o re d u c e th e co m m o n eto o k fro m £ 1 0 sh a res t o £ 1 sh a res, th en to
S p rin g V a lle y W ater Co., San F ra n c isc o .— D irectors.—
c o n s o l i d a t e t h e p r e f e r r e d a n d o o m m o n s t o c k in a s in g l e Iss u e , t e n The d irectors o f tais new com pan y, the proposed successor
e le v e n th s g o in g t o th e p re s e n t p r e fe r r e d a n d o n e -e le v e n t h t o th e
p r e s e n t c o m m o n . T h e c a p i t a l i z a t i o n w i l l t h e n b e a s f o l l o w s : C o n s o li d ­ o f the Spring V alley W ater W ork s, are :

Lvnn (Mass.)

Electric Light Co.—

a t e d s t o c k . £ 8 5 2 ,5 0 0 , e q u a l t o $ 4 ,1 5 1 ,6 7 5 ; p r e s e n t fir s t m o r t g a g e 5 s ,
$ 3 ,5 0 0 ,0 0 0 ; t o t a l c a p i t a l i z a t i o n , $ 7 , 6 5 >,6 7 5 .

Six per cent, it is expected, w ill be paid on the consolidated
stock.—V. 75, p. 1357.

Montreal L igh t,

Power Co.—

H eat St
Bonds Sold.— All the
$8,400,000 o f 5 p. c. bonds offered by N.
Harris & Co, and
the Bank o f M ontreal have been sold .— V. 76, p. 923, 657.

W.

William Alvord, C. De Gulgne, R. J. Tobin, M. B. Kellogg, j . M.
Allen. E. 8. Heller and W. F. Hlllegass. President. William Alvord;
Vice President, Ohaa. He G ulgne: Secretary, J. M. Buke ; Treasurer,
Bank of California.—V. 76, p. 977.

S teel S team sh ip Co.— See G ilch rist T ransportation Co.
above.—V . 75, p. 796.
G T In v e stm e n t N e w i C on tin u ed on P age 1 0 3 8 .

THE CHRONICLE.

1034

[V ol. LXXVI.

Sports nn& documents.
PERE MARQUETTE RAILROAD COMPANY.
T H IR D

ANNUAL

R E PO R T—FOR TH E

F ISC A L

YEAR

ENDING

DECEMBER

B oston , A pril 17, 1903.

31, 1902.

D etroit , M ic h ., March 31, 1903.

To the Stockholders o f the Pere M arquette Railroad]Com pany:

To the B oard o f Directors o f the Pere M arquette RR. Co:

In presenting the statem ent o f the operations o f the C om ­
pany for the year 1902, I take occasion to point out that the

Herewith is presented the statem ent o f the operations of
the Company for the year ending D ecem ber 31, 1902.

Net earnings from operations w e re............$993,136 79
A n increase over the preceding year of. .. 258,562 35
notw ithstanding an increase in taxes o f $107,492 91, and a
charge against operating expenses fo r cost o f actual b etter­
ments and certain equipm ent, am ounting to $114,641 08, co v ­
ering items w h ich are properly chargeable to property a c ­
count.
The new w ork begun in 1901, now alm ost com pleted, was
intended to so im prove the physical condition o f your
property that the cost o f operation m ight be consider­
ably reduced.
This expectation is now being realized,
and w ill be further reflected in the results o f operation
in 1903.
W hile the taxes for the year were larger, and the cost o f
fuel during the months o f Novem ber and D ecem ber very
m aterially increased, and wages in certain departm ents
raised, there was an increase o f on ly $292,828 79 in operating
expenses, ag;ainst an increase o f $754,199 87 in gross revenue.
The addition o f fifty tw o m odern heavy engines to the
C om pany’s equipm ent during the past tw o years has resulted
in a substantial increase o f the train tonnage and a corres­
ponding reduction in the cost per train mile, fu lly ju stify in g
the expectation that further econom ies w ill result when the
additional m otive power, already ordered, shall have been
received.
The rapid developm ent and the industrial progress in the
territory served by your Com pany is alm ost phenom enal.
These appear to be o f a character g iv in g in dication o f
perm anency and substantiality.
The Company has been unable to m eet the demands o f
patrons for cars, the local shortage being at tim es m ore than
six thousand cars in a single day.
W h ile it is true
that a car shortage was and is more or less general,
this con dition on your road was m ore acute and the re­
quirements greater in proportion to the total o f actual
equipm ent owned.
In Decem ber the Com pany entered in to a con tract fo r the
purchase of the Lake Erie & Detroit R iver Railw ay Com
pany for $2,870,000, issuing in paym ent therefor its Collateral
Trust Tw enty-Y ear Bonds, bearing interest at the rate o f 3
per cent for the first three years and 4 per cent thereafter.
The road extends from Port H uron and W in dsor to St.
Thomas, w ith branches to Port Stanley and Rond Eau, on
Lake Erie, and to London, all in the P rovince o f Ontario,
and having a total of 230 miles. From St. Thomas to B u f­
falo the traffic o f the Company w ill be carried under an
agreem ent w ith one o f the existin g lines. The net earnings
from the local business o f the road are more than sufficient
to pay the interest on the above bonds, and the acquisition
being self-sustaining involves no burden upon you r prop
erty.
The purchase was taken over January 1, 1903. The o b ­
je c t o f acquiring the properties is to increase the length o f
haul on business w hich the Pere M arquette creates and
controls. Y ou r Com pany is a large originator o f freight,
w hich in the past it has been turning over to its connections,
obtaining therefrom only the short haul. The result has
been a profit on its freight business inconsistent w ith its
position.
By carrying this business over our ow n lines,
lengthening the haul, the earnings w ill thereby be largely
increased, and at the same tim e our property w ill be
strengthened.
A contract has been entered into, to be effective in April,
1903, w ith the Bessemer & Lake Erie R ailroad Company,
ow ned by U nited States Steel Corporation, for the jo in t
purchase o f the docks and car ferry o f the United States
& Ontario Steam N avigation Company, and w itn a con tract
for the interchange o f traffic across the lakes betw een the
railroad com pany named and your com pany fo r a period o f
ninety nine years. To the property thus jo in tly acquired
w ill be added a new steam collier, and the tonnage inter­
change already con tracted for should give a large and
profitable revenue to your Company.
The business across Lake M ichigan gives every evidence of
continued steady development and appears to be limited only
by our marine capacity for handling it.
The opening o f the through lines created, as well as the
increasing local requirements, necessitates a larger addition
to the Company’s equipment and marine, for w hich p ro­
vision has been in part already made.
F. H. PRIN CE,
President,

MILEAGE.

The mileage o f railroads ow ned and operated is as fo l­
low s :
Miles of road owned................................................... 1,742-81 Inc. 87-32
Miles of road leased....................................................
32 90 Dec. 72 04
Trackage rights over lines owned by other Com­
panies.............................................................. ..........
Owned jointly with other Companies........................

1,775-71 Inc. 1528
18 97
-26

Total mileage operated........................................ 1,794 94 Inc. 15-28

The increase in m ileage owned is on accou n t o f the con ­
struction o f A llegan Extension, 1-84 m iles, certain ch a n g e s
at Ludington and P lym outh, and changes caused b y re­
classification.
EARNINGS AND EXPENSES.
G ross................................................................
$9,955,375 07
Operating Expenses including Taxes..................................... 7.510,53372
Net..................................................................................................$2,444,84135
Interest on Bonds..................................... . .......................... 1,451,704 56
Surplus..........................................................................................

$993,136 79

Comparative Statement , E arnings and E xpenses , Y ears
1901 AND 1902.

1902.
Gross Earnings.............$9,955,375 07
Operating Expenses... 7,120,868 39

1901.
$9,201,175 20
6,828,039 60

Increase.
$754,199 87
292,828 79

Net Earnings............... $2,834,506 68
Taxes............................
389,665 33

$2,373,135 60
282,172 42

$461,371 08
107,492 91

Net Earnings............... $2,444,841 35
Interest charges.......... 1,451,704 56

$2,090,963 18
1,356,388 74

$353,878 17
95,315 82

$258,562 35
$993,136 79
$734,574 44
Decrease.
1902.
1901.
Percentage of Expenses to Earnings
2-68
(exclusive of Taxes)......................... 71-53
74-21
Percentage of Expenses to Earnings
1-83
(including Taxes)...... ...................... 75-44
77-27
EARNINGS AND EXPENSES.

The gross earnings fo r the year 1902 aggregate $9,955,375 07, an increase o f $754,199 87 over the year 1901, equal to
8-19#, and the expenses, exclusive of taxes, increased $292,828 79, or 4-29$, show ing an increase in net earnings from
operations o f $461,371 08, or 19-44$.
EXPENSES.
Maintenance

of

Way

and

Structures .

The amount expended for maintenance o f w ay and stru c­
tures was $1,480,422 42, a decrease o f $106,574 10, or 6*72$
fro m 1901.
A summary o f the w ork done is shown herew ith :
N e w R ail .

,— Miles track.— .
New rail on hand January 1,1902................................... 28-358
Received during the year 1902........................................ 27-568
Total..............................................................................
Disposed of as follows:
Laid on Detroit & Grand Rapids division..................... 11-286
“ “ Toledo Division...............
..17-532
“ “ Ludington “
21-378
“ “ Saginaw
“
.............................................. . "408
“ “ Petosky
“
-379
“ “ Bay City
“
779
On hand Deo. 31,1902.................................................... 4-164
Total...........................................................................

55-926

55-926

Relaying R ail .

Relaying rail on hand Jan. 1,1902..................................38-300
Released by laying of new 75-lb steel............. _ ............ 51-760
Side tracks taken up...........................................................23-500
Total. .........................................................................
113-560
Disposed of as follows:
Laid in new sidings........... .............................. 52-110
“ “ main t r a c k . .. . .. . .. . .. . .. . ........ .......... 2-270 54-380
Sold to Sanilac Center RR...............................
6-890
.Scrapped and sold............................................
15-350
On hand Deo. 31,1902: Relay rail................. 33-380
Sorap......................... 3-560 36-940
Total........................................................................................ 113-560
TRACKS.

176-36 miles o f tracks were im proved by reballasting; 2'27
miles relaying rail were used in additions to the main track,
including the A llegan Extension, and m inor ch anges on
L udington and Detroit divisions; 52-11 miles o f new sidings

May 9, 1903.]

THE

OHKONICLE

1035

CONDUCTING TRANSPORTATION.
and business-producing track s w ere laid w ith rela y in g rail
T he cost o f co n d u ctin g transportation was $3,906,673 40,
and 93 50 miles o f sidings and business-producing tracks
were taken up, m aking a net in cre ise o f 28*66 m iles o f these an increase over 1901 o f $325,404 89 or 9 09 p .c. This increase
is caused by increased cost o f m aterial and labor and the
tracks. 722,847 new cross-ties w ere put in the tracks.
The grade changes at P lym ou th , N orthville-N ovi, G rand increase in tonnage. The increase in co st o f fuel for lo co ­
Blanc and Evart-Sears, under w ay at close o f last year, w ere m otives alone was $145,615 36 or 22*31 p. c. The in crease in
com pleted, and the changes in grade at F lint, H orton and freig h t train m ileage was 216,965 m iles or 6*09 p. o ., an d the
Canton were opened and com pleted d u rin g this year. The revenue tons per m ile was increased 115,023,848 ton s or
A llegan E xtension was also com p leted and put in se rv ice 14*54 p. c. The increase in passengers ca rried one m ile is
6,309,535 or 5 1 p. c ., and the increase in passenger train
during the year.
New in terlock in g d evices w ere erected at G rand J u n ction , m iles is 84,548 or 2*63 p. o.
H oyt, Vassar and O tter Lake, and h eavy repairs put on in ­
MARINE EQUIPMENT.
te r lo ck e d at Delray, W a sh in gton A ven u e, Saginaw an d
The m arine equipm ent consists o f three steel car ferries
Grand Rapids.
Nos. 15, 17 and 18, o f th irty cars ca p a city each, one w ood en
BUILDINGS.
car fe rry No. 16, o f tw en ty six cars ca p a city and fou r c o m ­
N ew w ater tanks were con stru cted at Manistee, Saginaw , bination break-bulk aud passenger boats, Nos. 2, 3, 4 and 5.
On Jan. 17, 1902, break-bulk boat No. 3 stru ck a sand bar
New R ich m on d and Sharon, and substructures for tank at
Ionia, and a new coalin g station at Grande L edge. N ew near L udington, disabling her for a b ou t fou r m onths.
The cost o f repairs w as covered by insurance.
engine house was con stru cted at Manistee, in nlace o f one
The follow in g items, sh ow in g a total o f $114,614 08 on a c­
destroyed by fire, and the engine houses at Bay C ity and
P lym outh, and the roundhouse at S agin aw , com m en ced in cou nt o f betterm ents, w ere ch arged to operating expenses:
1901, w ere com pleted.
New Hidings...................................................... ............... ............$63,819 04
Passenger and freig h t stations were erected at B la in e, Steam shovel.................................................................................. 4,875 00
Iron pipe for renewal of timber culverts.................................
35
A llegan, Mears and B reckenridge, and the n ew passenger Evart depot buildings................................................................... 5,350 27
2.383
station at Bay City was com m en ced and is n ow in process o f Removal of East Paris station..................
........................... 1,150 00
New telegraph line, New Buffalo—Grand Rapids..................
2,506 97
com pletion .
BRIDGES.

N ew bridges w ere bu ilt during the year as fo llo w s: One
on the Bay City Division north o f C row Island and fo u r on
the A llegan Extension.
T he fo llo w in g bridges have been rebuilt as perm anent
structures: R iverside, M ilford, N ew aygo, E vart, Salem,
Eagle, W adsw orth Street, cu lvert at Saginaw . A plate
girder draw span at Benton H arbor was substituted fo r a pile
trestle bridge. T h irty -fou r new cu lverts were con stru cted ,
using cast-iron pipe, and sixteen using vitrified pipe.
MAINTENANCE OF EQUIPMENT.

The cost o f m aintenan ce o f equ ipm en t am ounted to $1,040,473 87, an increase o f $2,270 02 as com pared w ith year 1901.
LOCOMOTIVES.

Nineteen new locom otives were purchased du rin g the year.
One 'sw itch engine was sold and tw o lig h t eigh t-w h eel
engines scrapped, m ak in g a net increase to the lo co m o tiv e
equipm ent o f sixteen engines, sh ow in g a total o f 266 engines
D ecem ber 31, 1902, as against 250 D ecem b er 31, 1901.
PASSENGER CARS.

There w ere thirteen new passenger cars pu rchased during
the year, in clud ing one officers’ car, tw o parlor observation
cars, tw o ca fe coaches, six first-class coach es, tw o co m b in a ­
tion cars and one com bination car built at the C om pany’s
shops, m aking a total addition o f fourteen. One com b in a ­
tion ca r was changed to a caboose car, w h ich m ade a net in ­
crease to passenger car equipm ent o f thirteen cars, sh ow ing
285 cars D ec. 31, against 272 at close o f previous year.
FREIGHT EQUIPMENT.

There w ere 731 freight cars and 27 caboose cars added to
the freigh t equipm ent during the year.
A .—CONDENSED GENERAL

Rogers ballast cars
..................................... ........................... 15,120 00
Stickley Bros, o a r s.................. ..................................................... 2,160 00
Applying wide vestibules to 8 passenger oars......................... 10,609 78
P. M . Transportation Oo. Bonds.—Steamer No. 15................
6 ,6 6 6 6 7
..................................................... .$114,64108
Total...........................
CONSTRUCTION AND EQUIPMENT ACCOUNT.

The sum o f $2,238,622 27 was added to this a cco u n t fo r the
year, fu ll detail o f w h ich appears in table E o f th is report.
GENERAL IMPROVEMENT ACCOUNT.

There was ch arged to this a cco u n t du rin g the year the
sum o f $141,480 62, in clu d in g the cost o f three new sw itch
engines. F or details o f this a cco u n t see table F in pam ph let
report.
INVESTMENT ACCOUNT.

There is an a d dition to this a cco u n t o f $17,202 27, on
a cco u n t o f the purchase o f g o lf grou nds at O ttaw a B each
and im provem ents to the hotel at th a t p oin t.
BONDED DEBT.

The bonded d ebt w as increased b y the sale o f th e 4 per
ce n t con solidated gold bonds o f this C om pany a m ou n tin g to
$2,105,000, the proceeds b e in g used to purchase n ew eq u ip ­
m en t and to pay fo r the various oth er item s w h ich g o t o
m ake up the additions to con stru ction and equ ipm en t in 1902.
The bon ded debt was reduced by paym en t o f th e balance
o f the bonds o f the M ichigan E quip m en t C om pany w h ich
were not provid ed fo r b y the sin k in g fu n d , a m ou n tin g t o
$143,000.
These bonds m atured June 1, 1902, and w ere p aid .
F or fu rth er in form a tion in regard to the finan cial affairs
o f the C om pany, y ou are resp e ctfu lly referred to the A u d i­
to r’s statem ents accom p a n y in g th is report.
M. J. C A R P E N T E R ,
V ice P reat. and Qen'l M gr.

BALANCE SHEET DECEMBER 31,

1902.

Capital A ccounts.

Property A ccounts.

Cost of Road, Construction and Equipment.................... $57,061,567 67
Equipm ent: Equipment Companies..................................
890,000 00
Investm ents.................... ......................................................
1,421,027 43

Common Stock........................................... $16,000,000 00
Preferred Stook......................................... 12,000,000 00 $28,000,000 00
Funded D ebt..........................................................................

31,173,337 43

C urrent L iabilities .
A vailable A ssets.

Cash and Bills Receivable..................................................
Material on b a n d ..................................................................
Open Accounts........................
Trustees, Equipment Companies........................................
D. G. R. & W. RR. Preferred Stock Scrip.........................

780,470
550,023
755,113
44,659
271

82
85
93
48
60

Acorued Bond Interest.........................................................
Unpaid Coupons.....................................................................
Unpaid Vouchers and Pay-Rolls.........................................
Unpaid T axes...........................................
Unpaid Dividends (including Feb. 16, 1903)....................
Siuklng Funds, Equipment Bonds......................................
Bills Payable...........................................................................
Income Account.....................................................................

$61,503,134 78

B . —INCOME ACCOUNT FOR THE

Balanoe, being net income for year ending Deo. 31,
1902, carried to Profit and Loss Account.......... '..........

$61,503,134 78

FISCAL YEAR ENDING DECEMBER 31, 1902.

$7,12U,868 39
1,451.704 56
389,665 33

Operating Expenses
Interest Charges___
Taxes.........................

Gross Earnings

$9,955,375 07

$8,962,238 28
993,136 79
$9,955,375 07

C .-P R O F IT
Dividend No. 4, Aug. 1 5 ,1 9 0 2 ............................................
Dividend No. 5. Feb. 16, 1903 ................................... .......
Payments on account of Equipment Notes............ .....
Transferred to Improvement Fund....................................
Carried to General Balance Sheet......................................

364,555 16
51,512 45
1,028,231 64
355,703 53
213,158 00
44,659 48
58,500 00
213,477 09

$9,955,375 07

AND LOSS ACCOUNT.

$210,206
210,210
159,243
200 000
213.477

00
00
70
00
09

$993,136 79

Balanoe brought forward

$993,136 79

$993,136 79

THE

1036

[V ol .

CHRONICLE

LXXVI.

i> .-B O N D E D DEBT, DECEMBER 31, 1902.
Date.

When due.

Description.

Amount.

J a n . 2 , 1 9 0 1 Jan. 1 , 1 9 5 1 P e r e M a r q u e t t e R a i l r o a d C o . C o n s o lid a te d M o r t g a g e G o ld B o n d s . A u t h o r ­
iz e d issu e $ 5 0 ,0 0 0 ,0 0 0 . F ir s t m o r tg a g e u p o n a ll th e m ile a g e a n d p r o p e r ty
o f th e P e r e M a r q u e tte R R . C o . su b je c t to tn e f o llo w in g b o n d s is s u e d b y th e
C o n s titu e n t C o m p a n ie s
O c t 1 , 1 8 8 0 O c t 1 , 1 9 2 0 F l i n t & P e r e M a r q u e t t e R a i l r o a d C o . A u th o r iz e d issu e , $ 5 ,0 0 0 ,0 0 0 . F ir s t
m o r tg a g e u p o n 2 7 9 9 0 m ile s . M o n r o e to L u d in g to n , F lin t R iv e r B r a n c h an d
S a g in a w & B a y C ity B r a n c h .
O c t 1 , 1 8 8 0 O ct. 1 , 1 9 2 0 F l i n t & P e r e M a r q u e t t e R a i l r o a d C o . (R e d u c e d ). S a m e a s n e x t a b o v e d e ­
sc r ib e d , e x o e p t th a t in te r e s t is re d u c e d to 4 p e r ce n t.
M a y 1 , 1 8 8 9 M ay 1 , 1 9 3 9 F l i n t & P e r e M a r q u e t t e R a i l r o a d C o . (C o n s o lid a te d ). A u th o r iz e d issu e ,
$ 2 ,8 5 0 ,0 0 0 . F ir s t m o rtg a g e o n 1 1 9 '7 2 m ile s o f b ra n ch e s, a n d s e c o n d m o r t­
g a g e u p o n m ile a g e c o v e re d b y F . & P. M . F ir s t m o r tg a g e n o te d a b o v e
A p r . 1 , 1 8 9 9 A pr. 1 , 1 9 3 9 F l i n t * p e r e M a r q u e t t e R a i l r o a d C o . (P t . H u r o n D i v . i A u th o r iz e d is s u e ,
$ 3 ,5 0 0 ,0 0 0 . F ir s t m o r tg a g e o n P o r t H u r o n D iv is io n , 2 3 5 - 0 2 m ile s .
J u ly 1 , 1 8 9 7 J u ly 1 , 1 9 3 7 F l i n t * P e r e M a r q u e t t e R a i l r o a d C o . (T o l e d o D i v .) A u th o r iz e d is s u e ,
$ 4 0 0 ,0 0 0 . F ir s t m o r tg a g e o n T o le d o D iv is io n , 1 8 - 7 0 m ile s ; a ls o c o v e r s le a se
fo r tr a c k a g e a n d te r m in a ls w ith A n n A r b o r R R . a t T o le d o , O h io .
$ 2 0 ,0 0 0
P e r e M a r q u e t t e T r a n s p o r t a t i o n C o . O r ig in a l is s u e , $ 2 0 0 ,0 0 0 . F ir s t m o r t ­
O c t 1 ,1 8 9 7
gage on Car F erry N o. 15.
a n n u a lly .
D e o. 1 , 1 8 8 1 D e c . 1 , 1 9 2 1 C h i c a g o * W e s t M i c h i g a n r y . C o . A u th o r iz e d issu e , $ 5 ,7 5 8 ,0 0 0 . F ir s t m o r t­
g a g e o n th e m ile a g e fo r m e r ly o w n e d b y th e C. & W . M . R y ., 4 8 0 T 3 m ile s ,
e x c e p t a s s ta te d n e x t b e lo w .
J u n e 1 , 1 8 7 5 J u n e 1 , 1 9 0 5 G r a n d R a p i d s , N e w a y g o & L a k e S h o r e R a i l r o a d C o . F ir s t m o r tg a g e o n ten
m ile s N e w a y g o to W h it e C lo u d .
A u th o r iz e d is s u e , $ 1 ,6 6 7 ,0 0 0 .
M a y 1 , 1 8 9 1 M a y 1 , 1 9 3 1 Ch i c a g o & N o r t h M i c h i g a n R a i l r o a d Co .
..................... 7 9 0 2 m ile s
F ir s t m 'o rtg a g e o n lin e B o a r d m a n J o t. to B a y V i e w ..
W illia m s b u r g to E lk R a p i d s .................................................................................. 9 -5 1
“

Rate

496

$ 4 ,6 0 5 ,0 0 0 0 0

Annual
interest.
$ 1 8 4 ,2 0 0 0 0

4 ,0 0 0 ,0 0 0 0 0

6%

2 4 0 ,0 0 0 0 0

1 ,0 0 0 ,0 0 0 0 0

4%

4 0 ,0 0 0 0 0

2 ,8 5 0 ,0 0 0 0 0

596

1 4 2 ,5 0 0 0 0

3 ,5 0 0 ,0 0 0 0 0

596

1 7 5 ,0 0 0 0 0

4 0 0 ,0 0 0 0 0

596

2 0 ,0 0 0 0 0

1 0 0 ,0 0 0 0 0

6%

6 ,0 0 0 0 0

5 ,7 5 8 ,0 0 0 0 0

5%

2 8 7 ,9 0 0 0 0

1 9 ,0 0 0 0 0

1 ,3 3 0 0 0

5%

8 3 ,3 5 0 0 0

5 ,3 7 9 ,1 0 2 4 3

4%

2 1 5 ,1 6 4 1 0

1 ,0 0 0 ,0 0 0 0 0

4%

4 0 ,0 0 0 0 0

2 6 0 ,0 0 0 0 0

8 8 -5 3
“
A p r . 1 , 1 8 9 7 A p r. 1 , 1 9 4 6 D e t r o i t G r a n d R a p i d s & W e s t e r n R a i l r o a d C o . A u th o r iz e d is s u e , $ 5 ,3 8 0 ,
0 0 0 . F ir s t m o r tg a g e o n lin e f o r m e r ly o w n e d b y th e D . G . R . & W . R . R .,
3 7 9 -7 3 m ile s.
F e b . 1 , 1 9 0 0 A u g . 1 , 1 9 3 0 S a g i n a w T u s c o l a & H u r o n R a i l r o a d C o . A u th o r iz e d is s u e , $ 1 ,0 0 0 ,0 0 0 . F ir s t
m o r tg a g e o n lin e o f S. T . * H . R . R ., 6 5 - 7 9 m ile s.
M ar. 1 , 1 8 9 9 M ar. 1 , 1 9 2 4 G r a n d R a p i d s B e l d i n g & S a g i n a w R a i l r o a d C o . A u th o riz e d is s u e , $ 2 6 0 ,0 0 0
F ir s t m o r t g a g e o n lin e o f G . R B . & S. R . R . 2 8 m ile s .
A p r . 1 , 1 8 8 9 A p r. 1 , 1 9 0 9 T h e W e s t e r n E q u i p m e n t C o ., L t d . S e c u re d b y 1 0 0 fla t c a rs a n d 1 0 0 r e f r ig ­
e ra to r ca rs.
O c t 1, 1 9 0 0 O c t 1 , 1 9 1 0 T h e M a r q u e t t e E q u i p m e n t C o ., L t d . S e c u re d b y 9 0 0 b o x oa rs, 2 0 0 c o a l c a r s ,
1 0 c a b o o s e o a rs a n d 1 7 lo c o m o t iv e s .
C h i c a g o & W e s t M i c h i g a n R y . C o . C o u p o n S c r i p . T h is S c rip h a s b e e n a ll
V a r io u s .
c a lle d in an d in te r e s t o n s a m e h a s c e a s e d .

7%

1 ,6 6 7 ,0 0 0 0 0

5%

1 3 ,0 0 0 0 0

9 3 ,0 0 0 0 0

6%

5 ,5 8 0 0 0

7 9 7 ,0 0 0 0 0

5%

3 9 ,8 5 0 0 0

5 ,2 3 5 0 0

$ 3 1 ,4 3 3 ,3 3 7 4 3

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

UNITED RAILROADS OF SAN FRANCISCO.
A P P L IC A T IO N T O N. Y . S T O C K E X C H A N G E TO L IS T T H E F O U R P E R C E N T S IN K IN G F U N D BOND S.
S a n F r a n c i s c o , C a l ., Jan uary 22, 1903.
A p p lica tion is h ere b y re s p e ctfu lly m ade b y th e U n ited
R ailroads o f San F ra n cisco fo r the listin g o f $20,000,000 F ou r
per C ent S in k in g Fund G old B onds, secu red b y F irst G e n e ­
ral D eed o f T ru st, d ated th e 7th d a y o f Ju ne, 1902, g iv e n b y
th e said U n ited R ailroads o f San F ra n cisco to th e U n ion
T rust C om p an y o f San F ra n cisco , as T rustee, d u ly e x e cu te d
an d re cord ed in th e office o f th e C ou n ty R e c o r d e r in the
C ity and C ou n ty o f San F ra n cis co an d th e C o u n ty o f San
M ateo, S tate o f C alifornia.
T he said bon d s fo r w h ich this a p p lica tion to list is m ade
are n u m b e re d from 1 to 20.000, b oth in clu siv e , an d are fo r
$1,000 ea ch , m atu rin g on th e 1st o f A p ril, 1927, b e a rin g in ­
terest fro m th e 1st o f A p ril, 1902, payable sem i-a n n u a lly on
th e 1st o f A p ril and the 1st o f O cto b e r, e ith e r in San F ran ­
c is c o or N ew Y o r k , at th e op tion o f the h old er. T h e y are in
co u p o n bearer form , b u t ca n b e registered as to p rin cip a l at
th e office o f th e C om p a n y in San F ra n cisco.
T he U n ited R ailroad s o f San F ra n cis co is a co rp o ra tio n
d u ly organ ized u n d er the law s o f the S tate o f C a liforn ia , b y
C ertificate o f In corp ora tion dated th e 29th d ay o f M arch,
1902, and filed w ith th e S ecreta ry o f th e S tate o f C a liforn ia
the 29th d a y o f M arch , 1902.
T he tota l C apital S tock o f th e U n ite d R a ilroa d s o f San
F ra n cisco is $40,000,000, d iv id e d as fo llo w s : P re fe rre d S tock
F ou r p er C ent, and n o t m ore, cu m u la tiv e , p referred as to
d ividen d s and cap ital, $20,000,000; C om m on S to ck , $20,000,000; all o f w h ich has been issued and is n o w ou tsta n d in g .
D iv id en d s are cu m u la tiv e on the P re fe rre d S tock a n d are
p ayable sem i-annually.
T he total a m ou n t o f bonds a u th o rize d u n d er the F irst G en ­
eral D eed o f T ru st o f the U n ite d R a ilroads o f San F ra n cisco,
b ea rin g the d ate o f Ju n e 7, 1902, is $35,275,000, and o f w h ich
th ere are:
Reserved for underlying lien s................................................... $14,591,000
Less amount to be discharged by operation o f the Sinking
Funds o f tne existing underlying M ortgages...................... 4,725,000
$9,866,000
Reserved for future betterments, im provements and acqui­
sitions........ ................................................................ - ................
5,109,000
Issued in part paym ent for the stocks o f the constituent
companies below named.......................................................... 20,000,000
$35,275,000

A S in k in g F u n d eq u a l to T w o per C ent o f th e en tire gross
earn in gs, b u t n ot less th an $100,000 per y ea r, b e g in s J a n u a ry
1, 1905.
A ll surplus in co m e a b o v e F iv e per C en t on th e C om m on
S to ck o f th e U n ited R ailroads o f San F ra n cis co oth erw ise
ap p licable to the p a y m e n t o f d iv id en d s th ereon m u st also be
app lied as a S in k in g Fund or fo r im p ro v e m e n ts.
T he U n ited R a ilroa d s o f San F ra n cis co has p u rch a sed fo r
$20,000,000 F ou r per C en t S in k in g F u n d G old B on d s, $20,000,000 C om m on S to ck , $20,000,000 P re fe rre d C u m u la tive
F ou r per C ent S tock , shares o f co n s titu e n t S treet R a ilw a y
C om p an ies as fo llo w s :

Shares
acquired to
Dec. 31. 190S.

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

10,000

Name of Company.

P ar

nnlue.

Market Street Railway Company $100
Sutter Street Railw ay Com pany... 100
Sutio Railroad C om pany. ................... 1 0
San Fran. & San Mateo Elec. R y Co. 100

Total
issued
shares,
1 8 6 ,1 7 0

20,000
2 3 ,1 0 8

Shares
not
acquired.
2 4 0 -7 3
1 1 2 ,0O
2 6 2 -0 0

..........

2 3 9 ,2 7 8

2 3 8 ,6 6 3 - 2 7

10,000

6 1 4 -7 3

Cash has been d ep osited w ith th e U n io n T ru st C om p an y
o f S an F ra n cisco an d w ith th e B ank o f C a liforn ia to tak e up
th e u n a cq u ired shares o f th e c o n stitu e n t com p a n ies, as p re­
sen ted , in a cco r d a n c e w ith term s o f sale to U n ited R a ilw a y s
In v estm en t C om pany.
T he U n ite d R ailroads o f San F ra n cisco h a ve also a cq u ired
b y deeds o f c o n v e y a n c e d a ted M arch 1 3 ,1902-M arch l a ,1902,
a ll th e lin es o f railroad ow n ed an d op era ted , all o f th e
rig h ts, p riv ileg es and fra n ch ises, an y an d all rea l estate,
in c lu d in g all im p ro v e m e n ts, all ra ilroa d cars, e q u ip m en t
an d m a ch in ery , and a n y an d all p erson a l p rop erty o f th e
fo llo w in g S treet R a ilw a y C om p anies, w h ose shares w ere
p u rch ased as a b o v e , v iz .:
Name o f Comp any.—
Miles o f Track.
Market Street Railw ay Com pany........................................................176 39
Sutro Railroad Com pany.......... ......................................................... 10'34
San Francisco & San Mateo Electric Railw ay Com pany.............. 29-36

and all th e p rop erty , righ ts and fra n ch ises, e t c ., o f th e S u t­
te r S treet R a ilw a y C om p a n y (12-86 m ile s ), w ith th e e x c e p ­
tion o f th a t p o rtio n o f its ro a d w a y , ro a d b ed , rails a n d fra n ­
ch ises e x te n d in g fro m th e c it y fr o n t a lo n g M arket S treet to
S u tter S treet.
A ll o f the said railroad properties, rig h ts a n d fra n ch ises,
in c lu d in g th e shares o f stock s m en tion ed ab ov e, are
co v e re d b y th e F irst G en eral D eed o f T ru st o f th e U n ited
R a ilroa d s o f San F ra n cisco , su b je c t o n ly to th e o u t­
sta n d in g fu n d e d d ebts o f th e c o n stitu e n t com p an ies, as
h erein stated.
T he presen t ou tsta n d in g fu n d ed d eb ts o f th ese several
com p a n ies are as fo llo w s :
When
Maturity.
Amount. Rate. Redeemable.
N a m eMarket St. Ry. Co. C on-) *$6,641,000
^Msepti.msl 8 ^ - 1 - 1 9 2 4
solidated M ortgage. )
Market St. Cable Ry. Co.
6% Jan. 1 ,1 9 1 3 Jan, 1,1 913
000
First Mortgage.............. 3.000.
The Omnibus Cable Co.
6% Apr. 2, 1918 Apr. 2,1918
2.000.
000
First M ortgage.......
Powell St. Ry. Co. First
700.000 6% Mar. 1, 1912 Mar. 1,1 912
M ortgage.................... .
Ferries & Cliff House Ry.
650.000 6% Mar. 1 ,1 9 1 4 Mar. 1, 1914
Co. First Mortgage.......
Park * Cliff House Ry.
350.000 6% Jan. 1,1 913 Jan. 1 ,1 913
Co. First Mortgage
Park & Ocean RR. Co. 1
250.000 6% { JanAfl,ei8 9 8 \ Jan'
1914
First M ortgage. — $
Sutter St. Ry. Co. F ir s t) 1,000,COO
5?° ( Ma A T 61900 } May 1’ 1918
M ortgage.................... S
$14,591,000
Of these bonds $1,500,000 are still in the treasury of the Company.

M ay 9, 1903.]

TH E

1037

CH R O N IC LE

T h e proceeds of all sales o f real estate or other property
sold are to be deposited w ith the T rustee as a Special Fund
to be used in the acq uisition o f other property, real or per­
sonal, for the R ailroads C om pany as shall be determ ined by
its Board o f D irectors; all o f w hich property so acquired
forth w ith falls into the M ortgage E state, or such proceeds
m ay be transferred a t the discretion of the D irectors to the
Sinking Fund for the redem ption o f the bonds. N o such
transfer is to relieve the R ailroads C om pany fro m its d u ty
to pay into the S in k in g F un d the yearly sum s above pro­
vided.
The U n ited R ailroads o f San F rancisco con trols and
operates a total m ileage o f 214-36, as fo llo w s: C able, 56-27;
electric, 170’2 5; horse, 3-94; ste a m , 8-10; to ta l, 241-50 m iles.
INCOME ACCOUNT FO R Y E A R EN DING DECEM BER 31, 1901,
OF T1IE CONSTITUENT COMPANIES NOW INCORPORATED
INTO THE UNITED R A IL R O A D S OF SAN FRANCISCO.

Net Income for year ending Decem ber 31, 1 9 0 1 ............... $2,083,155 49
Interest on underlying b on d s............................... $723,200
Sinking F u n d ...............................................................
84,000
Interest on $20,000,000 Four per Cent B onds.. 800,000
-------------- 1,007.200 00
S u rplu s..................................................................................

$475,955 49

UNITED R A IL R O A D 3 OF SAN FRANCISCO—INCOME ACCOUNT
FOR Y E A R ENDING DECEM BER 31, 1902.
Earnings—Passenger........................................ $5,489,622 15
A d v e rtisin g ....................................
18,874 25
7 ,7 6 1 6 9
M a ll..................................................
Street sw eepin gs..........................
12,672 64
Sales o f p o w e r ..............................
4,972 92
Total earn in gs............................................................................. $5,533,903 65
Operating e x p e n se s.................................. $2,870,791 26
T axes a ocru ed................. .................. ........
403,337 45
Total operating expenses and taxes

3,274,128 71

Gross earnings.............................................................................$5,125,882 97
Operating expen ses and t a x e s . .. .......................................... 3,059,957 71

Net earnings................................................................................ $2,259,774 94
Other in c o m e ...............................................................................
31,312 39

Net e a rn in g s................................................................................. $2,065,925 26
Other inoorne.................................................................................
19,377 31

Total in com e................................................................................. $2,291,087 33
D eductions Irom In com e...........................................................
2,406 59

Total earnings and other in com e................ .......................... $2,085,302 57
Deductions from in com e...........................................................
2,147 08

Net Inoorne................................................................................... $2,288,680 74
F ixed charges—
* Interest on bonded d e b t................... $1,324,049 88
Sinking Fund reserves........................
114,000 33

Net in com e.....................................................................................$2,083,155 49
Fixed charges : Interest on bonded debt............$723,200
M ortgage Sinking Funds..........
84,000
807,200 00
Surplus........................ ...................................................................$1,275,955 49
Based on the operations as above certified to, the surplus
u n der consolidation w ou ld have been as fo llo w s:

Total tixed charges....................................................................... 1,438,050 21
Surplus for p e r io d .......................................................................

‘ Includes interest fo r one year on $13,091,000 U nderlying B onds
assumed, and interest from A p ril 1, 1902, on $20,000,000 oin k in g
Fund F our per Cent G old Bonds.

G E N E RA L BALAN CE SHEET

D ECEM BER 31, 1902.

ASSISTS —

L IA B IL IT IE S —

Railroads, properties and fran ch ises.................................$71,610,669 47
Additions and betterments to p ro p e rty .............................
1,125 516 13
Market Street R y. Co. 5 % Bonds in treasury...................
1 ,5 0 0 , 0 0 0 0 0
653,642 50
M ortgage Sinking Funds in v ested ..................... ................
Fund for im provem ents and betterm ents..........................
930,314 29
S i n k i n g F o n d 4 % G o l d B o n d s R e s e r v e d :—

F or future betterments, im provem ents
a n d a c q u i s i t i o n s ..................................................... $ 5 , 4 0 9 , 0 0 0

For underlying lien s......................................

9,866,000

Total Sinking Fund 4% G old Bonds reserv ed .........
•Special deposits for purchase o f outstanding stocks
Market St., Sutter and Sutro Cos. (See c o n tra ).........
Stock pro rata lnterost in assets o f constituent c o s .......
Materials ana supplies............................................................

15,275,000 00
53,897 69
66,970 00
357,362 04

Cu r r e n t A ssets—

Cash with T r e a s u r e r ................................... $517,210
Cash on deposit to pay m t.......................... 145,607
Cash on deposit to pay bon d coupons due
5,140
Bills r e c e iv a b le .............................................
15.435
A ccounts receivable...... .............................
41,801
Unadjusted accou n ts...................................
6,024

Capital Stook: C om m on................................................... . $20,000,000 00
P referred...................................................... 20,000.000 00
Sinking Fund 4% G old B on d s............................................... 35,275,000 00
U n d e r l y in g B o n d s

Total underlying bonds assum ed...............................
•Constituent com p a n ies:
L iability to outstanding
stocks o f M arket St., Sutter and Sutro cos. (see c o n t: a)
A ccou n ts p ayable...........................................$334,612
Pay rolls.......................................................... 133,36-*
Unclaim ed w ages.........................................
1,888
E m ployees’ deposits......... ...........
43,942
Em ployees’ H ospital F un d........................
4,187
Tickets sold, unredeem ed...........................
1,692
B ond interest, due and unpaid................. 130,025

Total deferred assets

53,897 69

74
28
04
00
90
00
00

T otal current liabilities................................................
$4,491 57
30,960 47
100 00

649,716 96

D e f e r r e d L ia b il it ie s —

35,552 04

Interest on bonds, accrued n ot due..........$351,016 56
Sinking funds, accrued not due____. . . . .
60,000 33
Misc. Interest, accrued not due.................
705 36
Total deferred liabilities...............................................
R eserve lo r M ortgage Sinking F u n d ...................................
R eserve fo r in su ra n ce ......................................................... .
R eserve fo r dividends..................................................... .
Protit and loss (surplus D ecem ber 3 1 , 1 9 0 2 ) . . . . . . . .......

Total assets,

14,591,000 00

731,218 75

ssets—

Insurance premiums paid, n ot a ccru e d ..
T axes paid, not a ccru ed .............................
Coupons paid, not m atured.......................

assu m ed —

M arket Street Ry. Co. 6% ............................. $6,641,000
M arket Street Cable Ry. Co. 6% ................. 3.000,000
Omnibus Cable Co. 6 % ................................... 2,000,000
P ow ell Street R y. Co 6 % .............................
700,000
Ferries & Cliff H ouse R y. Co. 6 % ................
650,000
Park & Cliff House Ry. Co. 6 % ...................
350.000
Park & Ocean RR. Co. 6 % ............................
250,000
Sutter Street R y. Co. 5 % ............................... 1,000,000

C u r r e n t L ia b il it ie s —

81
00
00
00
82
12

Total current assets.......................................................
Deferred A

$850,630 53

Total liabilities.

$92,340,142 91

411,722
771,449
176,238
41,845
369,272

25
54
17
97
33

$92,340,142 91

* In the purchase o f the several constituent railroads the United R ailroads o f San F rancisco set aside, in cash, a pro rata o f the purchase
money for the unacquired Capital Stock o f the constituent com panies, o f whioh there remains at the present time the above sum o f $53,897 69.

The U n ited Railroads o f San F rancisco is also n o m in a lly
indebted to the con stitu en t com panies for th e pro rata part
o f the purchase m oney a ccru in g to it as the holder of the
acquired stock. The liab ilities have not been canceled and
are as fo llo w s :
$18,580,792 31
To the Market Street R ailw ay C om pany...................
2,674,880 00
To the Sutter Street R ailw ay C om pany..................... .
228,510 00
To the Sutro R ailroad C om p an y...................................
1,650,000 00
To the San Franoisoo & San M ateo E lectric R y. Co
$23,134,182 31
A s th ey do n o t represent an a ctu a l lia b ility or an a ctu al
asset, these item s have been om itted fro m both sides o f this
General B alance Sheet in order to show th e true financial
con dition o f the C om pany.
T he principal office o f the C om pany is in the R ialto B u ild ­
ing, N e w M o n tg o m ery and M ission S treets, in San Francisco.
Its officers a re : President, A rth u r H o lla n d ; V ice-P resi­
dent, Charles H o lb ro o k ; Treasurer, G eorge E. S ta r r ; S ecre­
tary, George B . W illc u t t; G en eral C ounsel, T irey L . F o rd ;
G eneral M anager, George F. Chapm an.

D irectors: A rth u r H o lla n d , I. W . H e ilm a n , W illia m A l vord, A n to in e Borel, Charles H o lb ro o k , Joseph S. T o b in ,
Jam es M av D uane, A le x . B. W illia m so n and Charles
E ells.
W e herew ith su b m it copies o f th e fo llo w in g : C ertificate
and A rtic le s o f In corporation, B y -L a w s o f the C om p an y,
Opinion o f C ou nsel, E n g in e e r’s C ertificate o f P h y sica l C o n ­
dition o f P roperties w ith M ap o f R a ilw a y L in es, D eed o f
T ru st certified by T ru stee , Certificate o f T rustee, C ertificate
o f T ru stee ’s C ounsel, R ecord ers’ C ertificate o f record in g
D eed o f T ru st, and S p ecim en B on d w ith coupon sheet a t ­
tached.
A R T H U R H O L L A N D , P resident.

P.

G e o . B. W i l l c u t t , Secretary.
T h is C om m ittee on S to ck L ists recom m en ds th a t the a b o v edescribed $20,000,000 Four per C en t Sin k in g F u n d Coupon
B onds of 1927, for $1,000 each , Nos. 1 to 20,000 in clu siv e , be
a d m itted to the list.

Adopted by the Governing Committee, March 11, 1903.

1038

THE

U n ited B o x B oa rd & P a p e r
R oberts is quoted as saying :

llo.—S ta tu s.— President

The oompeny has suffered iinoe Its organization through a lack of
proper ■working capital. The proceeds from the sale of serial bonds
was net d prlr ctpaliy to meet the pressing liabilities of the subsidiary
companies. We still lack a suitable working capital and th“ re will be
no dividends until a proper working oapltal Is provided. We have a
floating debt of between $800,000 and $900,000, against which are
quick assets, consisting largely of bills receivable, of $ l , 700.010
The past winter has been a hard one, owing to the exceedingly high
manufacturing costs, and I cannot say that we are now showing
earnings at the rate of 7 p. o. upon our preferred stook; but r expeot
to show such earnings for the full year. We anticipate no difficulty In
mettlng our serial bond obligations as they fall due. The com pany is
in easy financial circumstances.
The output of our mills is sold three months ahead. We have been
having hard lack in oar strawboard department, whioh constitutes a
large part o f our product. There have been but ten days in the last
three months when the American Strawboard Co. has been able to
secure a supply of strawboard, owing t o the difficulties attending the
gathering of the straw and the transportation to the mills. In oonsequenoe many of the plants have been idle.
We are operating the company upon an economical basis, and under
the trade conditions existing I am satisfied with the results.—V. 76,
p. 977, 756.

U n ite d Gas Im p r o v e m e n t Co.— New S tock —T h e sh are­
holders voted on May 4 to increase the capital stock by $8 475,000, v iz ., fro m $28,250,000 to §30 725,000
Shareholders
o f record on May 9 w ill be perm itted to sa b scrib s to tbe n ew
stock at par, |50, in the p rop ortion o f 30 per cen t o f their
h old in gs
F u rth er fa cts:
The ligh t to snbsoribe w ill be evidenced by negotiable allotment
certificates, exchangeable for subscription oertlflcar.es at any time
prior to June 15. 1903. Subscriptions will be payable In five instal­
ments, as follow s: first Instalment of $ 1 5 p e rsh * re on Jane 15, 1903;
seoond, $10 on Aug. 1, 1903; third; $10 on Oot. 1, 1903; fourth, $10 on
Dec. 1, 1903; fifth, $5 on Jan. 1, 1904, for which negotiable receipts
w ill be issued bearing Interest at the rate o f 5 peroenr, per annum from
the eate of payment until Deo. 31. 1903. Anticipation of the payment
o f all Instalments may be made at any time between May 18 and
June 15,1903. and In such event, upon adjustment ol Interest, stook
certificates will be i-sued participating in dividend payable July 15,
1903, to shareholders of record Jane 30, 1903.

M r. Wtder<er N o L on ger a D ir e c to r.— Because o f a disagree­
m en t betw een the P resident, T hom as D olan , and P . A, B.
W id en er, the latter was n ot re elected as a d ire cto r, his s u c ­
cessor being R an d all M organ, V ic e P residen t o f th e com p a n y.
T he board n o w in clu d es:
Thomas Dolan, President; Clement A Grlscom , George Phlller.
William L Eiklns, Samuel T. Bodlne, W, W. Gibbs and Randall Morgan,

R ep o rt — Hee page 1029.
O u tp u t.— T h e statem ent o f gas sc Id in the c ity o f P hiladel­
ph ia fo r the qu arter en d in g M ar. 31, 1903, as filed in the
C om p troller’ s cffice, show s ou tp u t, e tc ., as fo llo w s :
Cubic ,eet gat—
1903.
3 mos end Mar. 3 1 ....... 1,906.405.590
3 mos. gross revenue—
$1,906,405
Of which city receives..
190,640
— 76, p. 756, 334.

United

[V ol . LXXVI.

CHRONICLE

1902.
1901.
1,403,872,050 1,272.294,800
$1,403,872
$1,272,295
140,387
127.229

Cotton Back Corporation.—

S tates
C on cen tra tion .
— T his com p an y , like m ost o f the leading industrial co n so li­
dations, is con cen tra tin g its m a n u fa ctu rin g at the plants
w h ich can be m ost econ om ica lly operated, T he three sm all
m ills at, L aurel, F ran k lin v ille and Pi oeoix, M d ., em p loyiu g
altogeth er abou t 325 operatives, have been closed and the
m ach in ery w ill be tran sferred to th e larger M aryland m ills,
o f w h ich nine or ten w ill con tin u e in op era tion .— V . 76, p,
977, 439.
United States Steel Corporation. — D irector. — U n ited
States Senator Joh n F .D r y d e n o f N ew Jersey has been e le cttd
a d irector in place o f the late A b ra m S, H -w itt. N o ch a n ges
w ere m ade in tbe com m ittees or officers, Charles M. S ch w a b
beiDg re-elected P residen t,— V . 76, p. 977, 928,

Tobacco Co.

U n iv e rs a l
— Official C ircu la r.— P resident W i l ­
liam H Bat.'er, in a o ircu la r to the stock h old ers, says in p art:
The operations of the com pany dm ing the past year have not
reaehed expectations, •
‘■wing to many setbacks, partly oaused by the
aotlons of dirrotors who are no longer on our bi ard. These gentle­
men, by ihtir promises to fun n h the company with the money reqnir id oaa«ed us to parohase the Harry Weissinger Tobaoco Go.,
and by their failure to fam ish the money compelled us to dispose of
it. The same promises caused us to make large purchases and do
large advertising, whioh was unnecessary, compelling us to ask for
loans and m a h i D g the trade suspicions of our intentions.
The discrediting statements and the oppressive methods employed
against the sale of our goods by ihe Tobacco Trn»t have also pre­
vented the placing of onr products freely among the trade, and, as we
are assured that some of these methods are illegal, your directors
have engaged the services of an attorney to investigate these methods
ard take the necessary legal proceedings to prevent them by all legal
meane.
The syndicate whioh organized this company has not furnished all
the m onsy which it agreed to do, and we have caused salt to be
brought for the balance due. Your President has loaned the com ­
pany large snru« of money, which are still due, and has not received
his salary for his services. In view of these facts it Is considered best
not to publish at the present time any detailed statement uf the com ­
pany's affairs, though It is the Intention to do so in the near future
and to submit some plan by which the company oan pay off its loans
and iuoreaee its wording capital.—V. 75, p. 1403.

V ir g in ia l a r o lin a C h e m ica l C o .—Denied. —W e are o f ­
ficially in form ed that the com p a n y has n o t purchased tbe
V aldosta G-aano C o., w h ich , m oreover, is one o f the sm allest,
n o t on e c f the largest, o f its kind In the South, It is also
u n tru e that n egotiation s are pending to obtain G erm a a kali
or potash beds by tbis com p an y. T he report possibly g ro w s
ou t o f the purchase last year o f G erm an porasn m m -s w uioh
w ere paid fo r on t o f secu rities issued last year - V . 76. p. 598.
— D enver Tram ways, M etropolitan d ire ct and U uiou W ater
and bonds o f com panies in oth er cities are wanted oy Y ates,
R itch ie & P ope, 11 Pine Street. See their advertisem ent on
page viii.

IJ
’hr Commrraal Times.
C O M M

e

r

c

E p I T O M

1 a l

£ ~

F r id a y N i g h t . M ay 8. 1908.
A s a general rule a h ealth y con d ition o f business has been
experienced. Seasonable a ctiv ity has been reported in m est
lines o f m erchandise, and has been reflected in a steady call
from jo b b e rs and dealers fo r shipm ents on con tracts. R eports
fro m tne p ig iron m arket speak o f a saggin g tendency to prioes,
w ith buyers as a r a le h o ld in g e ff fr o m con tra ctin g for th eir
w ants fo r to e secon d h a lf o f the y ea r. Business in the lo ca l
m arket fo r b u ild in g m aterials has been h andicapped b y
la b or trou bles, tra d in g h a v m g been redu ced to a m inim um .
In the specu lative m arkets an ad van ce in prices for cotton
to a new high re co rd fo r the season has been the feature, th e
bull interests appearing to be in com p lete con trol o f the
m arket.
May 1,
19U3

Stocks o f Merchandise.
Lard...........................
Tobacco, domestic .
Ooffee, R io...............
Jo See, other.............
Joffee, Java, <So___
Sugar........................
4ugar........................
Molasses, fo re ig n ...
H ides.... .................
JOttOU......................
Rosin..........................
Spirits turpentine. .. ______ bbls.
Car............................. .........bbls.
Rice,E. I ..................
Sice, dom estic.........
L in seed .......... .
Saltpetre..................
Manila hem p............
31sal hemp................
Jute butts....... ........
Flour...................bbls.and sacks

5,052
12,08b
2,029,43V
175.205
120,4t7
466
337,533
None
14,900
82,882
22,199
S47
2,284
2,0C0
19,000
None
247
1,800
410
None
77,200

A pril 1.
1903.

May 1,
1902.

6,636
9,1 «5
2,054,465
155,577
13/,993
None.
159.6-.9
None.
41,000
57,443
26,861
386
1,300
4,100
22, 00
None.
542
500
1.698
None.
79,700

7,647
5,400
1,8 8',1 31
210,913
107,831
500
292.203
None.
20,300
19 7,584
23,806
1.130
2,348
10,200
7,400
None.
1.000
7,448
479
None.
90,700

Lard on the sp ot has con tin u ed to sh ow an easier ten d en cy,
and despite lo w e r prices th ere has been no m aterial im ­
provem en t in the dem and, b oth refiners and exporters still
h olding o ff as buyers. T he close was d u ll at 9 50c. for p rim e
W estern and 8 75@9*25c. fo r prim e C ity. Refined lard has
been quiet and easier, clo sin g at 9 75c. fo r refined fo r th e
Continent. S peculation in the m ark et fo r lard fo r fu tu re
d e liv -r y has been m oderately a ctiv e at d eclin in g prices. The
in d fferent trade dem and and in creasing stock s have been th e
depressing fa cto r. T h e close w as easy.
» A I L Y CLOSING PRIOES OP

Bat.

May del’y.............. 9 15
July del’y...... ....... 9*55

September del’v ...

9 30

L

a

B JD

/ OTU BE8 IN CHICAGO.
Wed
T A * -r,
Pri.

Mon

Tun

9 22*

9*o5

9-10
917*

8 90
9 00

9 02*
9 12*

9 17*

9 00
9 12*
9 20

8 90
9 00

9*12*

P ork has had o n ly a sm all jo b b in g sale in the local m ark et,
b u t prices have not ch a n g e d fro m $18 25®18 75 fo r mess.
C ut meats have been d u ll at u n ch an ged prices. T a llo w has
been quiet and easy, clo sin g at 53>^c. CottoD-eeed oil has been
d u ll but steady at 4 3 @ 4 3 ^ c . fo r prim e y e lio w . Butter has
weakened slig h tly in prices, b u t at the close, on d ecreasin g
receipts, the tone o f the m arket was firm, Cheese has been
in m oderate dem and and steady. Fresh eggs have been fa ir ly
a ctiv e and firm.
B razil grades o f c o ffe e have been dull. L arge stocks, a
d isappoin tin gly sm all-decrease in the w o r ld ’s visible supply
du rin g A p ril and a con tin u ed fa ll cro p m ovem en t have dis­
cou raged b u y in g , and the m a rk -t has d ragged
T ne close
w as d u ll at 5i^c. fo r R io N o 7 and 0c for Santos, N o. 4.
W est In dia grow th s have been in increased su pply qu iet and
slig h tly easier, closin g at 8 % ‘a9c. fo r g ood C ncu ta. Specula­
tion in the m arket fo r c o n t r « c s has been dull. P rices are on
to o lo w a ba^is to w arrant a g gressive operations by bear in ­
terests and there have been n o developm ents o f a ch aracter
to en cou rag e bayin g. T h e close was easier, F o llo w in g are
closin g asked prices*:
May................... 3*80o. iSent______ ____ 4*20o. Doe .........
4*65o,
____ 3*906 |
Oot. .................. 4 25o Jan ................... 4*75o.
July
A ugust ............ 4*05o. IN o v . . . . ______ 4 30o. March ........... 4*85o.
R a w sugars have been dull and u nchanged at 3 11 16c. fo r
cen trifu ga ls, 96 deg. test, and 3 3 16c. fo r m u scovad o, 89-deg,
test. Rrfiued has been dull and easier, clo sin g a t 4 80@ 5c.
fo r granulated. Teas have been well held.
K en tu ck y tob a cco has been qu iet and local stock s have
been gradu ally increasing. Prices have been u n ch an ged and
steady. T he dem and fo r seed leaf tob a cco has been ligh t,
on ly a fe w sm all transactions being reported. P rices have
b ten w ith ou t change. ForeigD grades o f to b a cco have been
qu iet but steady.
T h e m arket fo r Straits’ tin has held steady and a m oderate
v olu m e o f business has been transacted d u rin g the w eek at
a b .u t ui ch anged prices, closiu g at 3(H 0@ 30 1 2 ^ e
In g ot
cop p er has been qu iet and easy at 14*75® 15c. for Lake. L ead
has been u nch an ged and steady at 4*37^o. Spelter has been
qu iet bnt steady at 5 75c. P ig irou nas beeu qu iet and
easier, closin g at $21 75@22 25 for No. 1 N orthern.
Refined petroleum has e~n steady, closin g at 8*35c. fo r
hols , 10'50c. in cases and 5'65c. in b u 'k . N aphtha has been
firm at li'2 0 c . C redit balances have been steady, closin g at
$1 53o. Spirits turpentine has been in better dem and and
firm er, closin g at 49®49*>£c. R osin s have been w eaker, clos­
in g quiet at $2 00(a2 05 fo r com m on and g o o d strained. H ops
have been quiet. W o o l has been firm but quiet.

M ay 9, 1903.]

THE
C O T T O N .

F b i d a y N i g h t , Ma y 8, 1903.
Xna Movement op the Chop , as in d io a te d b y o u r telegram s
from th e South to - n ig h t, Is g iv e n b e lo w . F o r the w eekending
th is e ven in g th e t o t a l re c e ip ts have reached 08 615 bales
against 82,785 bales la s t w eek and 59,639 bales th e previom
week, m a k in g th e to ta l re ce ip ts since th e 1st o f Sept., 1902
7,873,884 bales, a g a in s t 7,190,8 0 bales fo r th e same period of
1901-2, s h o w in g an inoreaae since Sep.1,1902, o f 182,574 bales.
T k u rt.

w ea.

Sat.

Mon.

G a lv e s t o n ........
B ab. P a s s , A c
Clew O r l e a n s ..
M o b i l e ------------

2 044

3 ,3 1 2

7 ,4 1 5

3 ,5 5 1

. . . . . .

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

5 ,0 8 1
61

3 ,8 8 6
5

4 ,1 2 6
112

3 .2 3 9
202

S a v a n n a h ------B r u n s w ’ k .A o
C h a r le s t o n ....
P t . B o y a l .A o
W il m i n g t o n ... .
W a sh ’t o n .A c
N o r f o l k ---------N ’p ’ t N e w s , A c
N ew Y o r k —
B o s t o n .......
B a ltim o r e . . . .
P h lla d e r a , A c

1 ,3 2 5

1 ,3 9 4

1 ,2 1 3

1 ,1 0 5

973

. . . . . .

. . . . . .

1

6

...........

T o t. th is w e e l

. . . . . .

r««*.

. . . . . .

58
......
58
......
44
178
50

6
......
1 ,8 1 0
......
740
306
......
100

6 ,0 2 3 1 0 ,1 4 2

1 4 ,9 8 4

237
. . . . . .

109
90
523

......

. . . . . .

49

.........

. . . . . .

..........

. . . . . .

—

s s s .>

3
312

..........
324
87
........ .
94
468
305

3 ,3 4 3
87
87 4
2 ,0 5 4
468
455

9 .6 8 0 1 7 .2 5 8

6 8 ,5 1 5

903

644

..........
......
710
......

..........
..........
238
......

1 0 ,5 2 8

2 2 ,8 9 0
7 ,9 8 6
2 0 ,6 6 4
520
1 ,3 5 0
6 ,5 0 5
789
210

1 ,3 5 0
495
789
130
3
11

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

21

3

to ta l

2 43 3
7,<*86
2 ,7 8 3

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

1 ,5 4 9
14 0

S ri.

4 ,2 3 5

. . . . . .

Meeeip i* a t -

T he fo llo w in g shows the week’s to ta l receipts, the to ta l since
Sept. 1,1902, and th e stocks to -n ig h t, com pared w ith la st year.
Btotk.

1 9 0 1 -0 2 .

1 9 0 2 -0 3 .

Seotiptt to
Hay 8

Thii
%oetk.

Tkil Sine* Sep.
w e k . 1 ,1 9 0 2 .

Since Sep.

1903.

1 , 1901.

G a l v e s t o n .. . 2 2 ,8 9 0 2 .0 4 5 ,6 9 1
1 4 7 ,6 0 3
S a b . P ., A c .
7 ,9 8 6
N e w O r le a n s 2 0 ,6 6 4 2 ,1 7 6 ,0 7 0
2 0 7 ,0 7 6
520
M o b i l e ..........
1 5 2 ,9 7 6
1 ,3 5 0
P ’s a c o l a . A o .
S a v a n n a h ...
6 ,5 0 5 1 ,2 7 6 ,6 3 5
1 2 9 ,1 1 7
789
B r ’ w lc k , A c .
2 0 9 ,0 9 4
210
C h a r le s t o n ..
334
3
P .B o y a l .A o .
3 2 9 ,1 5 6
312
W ilm in g t o n .
387
W ash ’n , A c .
4 8 7 ,8 1 9
3 ,3 4 8
N o r fo lk . . . . .
2 2 ,0 4 6
87
I T p o r t N .,A o
2 9 ,9 8 9
874
N ew Y o r k ...
9 5 ,2 3 4
2 ,0 5 4
B o s t o n ..........
4 0 ,4 8 7
468
B a ltim o r e . .
2 4 ,2 3 4
455
P h lla d e l.A c .
6 8 ,5 1 5 7 ,3 7 3 ,3 8 4

6 4 ,6 4 2

8 0 ,6 6 4
1 ,4 5 8

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

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

2 8 ,5 5 7

5 ,7 0 9

1 7 ,0 6 6

9 ,0 4 8
188
1 0 4 ,5 1 4
2 4 ,0 0 0
3 ,5 2 0
2 ,2 9 2

2 7 ,2 2 7
244
1 9 5 ,7 7 1
2 5 ,0 0 0
1 1 ,1 5 5
2 ,1 4 7

8 2 3 ,8 1 8

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

T o t a l s ........

1902

6 2 ,0 8 5

1 5 ,6 7 1 1 ,9 9 9 ,0 6 0
8 1 ,5 4 2
798
2 4 ,3 6 5 2 ,1 6 0 ,3 4 9
188
1 5 0 .6 7 1
2 1 6 ,1 8 2
4 ,5 9 5
6 ,7 4 5 1 ,0 8 9 ,1 7 8
1 3 4 ,2 6 7
2 6 2 ,5 0 2
469
1 ,5 5 3
2 7 4 ,5 7 9
714
332
4 3 8 ,4 0 5
3 ,7 6 2
8 5 ,0 0 4
528
1 0 8 ,6 6 5
120
1 1 7 ,1 9 7
625
9 1 ,6 8 9
408
2 9 ,5 8 5
380

5 6 2 ,2 7 4

1 ,9 8 0

I n o rd e r th a t co m p arison m a y be m ade w ith o th e r years,
E seeip t* a t—

1899

1900.

1901,

1902.

1903.

1898

3 0 ,8 7 6
2 0 ,6 6 4
520
6 ,5 0 5
213
312
3 ,3 4 8
87
5 ,9 9 0

1 6 ,4 6 9
2 4 ,3 6 5
188
6 ,7 4 5
469
714
3 ,7 6 2
528
6 ,1 2 8

2 8 ,5 1 0
2 8 ,7 5 6
271
8 ,1 4 2
599
378
3 ,0 6 4
449
1 0 ,0 9 1

8 ,6 9 3
1 1 ,0 5 4
728
1 ,7 6 8
313
407
1 ,2 0 4
238
6 ,0 1 9

1 0 ,3 6 1
2 3 ,1 0 3
1 ,0 9 0
7 ,1 8 1
10 2
115
6 ,4 5 1
403
1 4 ,0 0 2

2 .3 2 2
1 2 ,5 29
1 ,4 7 6
3 ,6 7 0
544
2 ,0 3 3
4 ,9 2 0
329
8 ,7 1 0

l o t . t h i s w k . _ 6 8 ,5 1 5

5 9 ,3 6 8

7 5 ,2 6 0

2 5 ,4 3 9

6 2 ,8 1 8

3 6 ,5 9 3

G a lv e s ’ n .A o .
N e w O r le a n s
M o b ile ......
S a v a n n a h ...
Oh a s’ t o n , A c .
W ilm ’ t o n , A c
N o r f o l k .........
N . N e w s, A c.
A ll o t h e r s ...

S ln e e S e p t . 1 7 3 7 3 ,8 8 4 7 1 9 0 ,8 1 0 6 9 2 5 ,7 7 9 6 2 6 1 ,1 2 3 8 0 5 7 ,1 8 7 8 3 6 4 ,5 5 7

The exports fo r the week ending th is evening reach a to ta l
of 94,369 bales, o f w h ic h 41,420 were to G rea t B rita in , 5,225
to France and 47,724 to th e rest o f th e C on tine nt. Below
are the exports fo r the w eek and since Sept, 1, 1902,
SasperU
tram—

G reat
B rU ’ n .

G a l v e s t o n ........

C h a r le s to n . . . .
P o rt R o y a l....
W ilm in g t o n ...
N o r f o l k ..............
N ’ p o r t N ., & o..
N e w Y o r k ........

F ran ce

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

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

3,831
..........

4,186
1,350

..........

7,010
..........

..........

..........
..........
..........
191
1,700

B a ltim o r e . . . .
P h i l a d e l p h i a ..
S a n F r a n ., A c ..

1,093
7

T o t a l ...............

41.420

T o t a l 1901-02.. "26.760

iJ

7,6 3 1
65,670
4,1 8 0
1,350
7,010
..........

671 430 310,650
33,756
905,611 320,868
48.897
80.307
195,941

..........
12,397
49,110

;« t a i

6 88 S87 1.570,973
70,832
10^,990
719.227 1 951,834
56 170
104 373
62,5 6
141.800
783,905
0,800

979,330

88,528

101,835
15,500

1C8.6' 5
104,083

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

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

..........
133.702

.....
8,242

182.433

300

270

2,171
3,603
2.351
1,098

13,078
10,328
231,370

13.485
985
14,633
..

14,034
760
180,091
5,007
34,313

652

57

138,957
79,294
80,255
35161

2,080
i;i2 7 ,0 O l

142.054
109,007
3 J,311
162,706

47,724

94,369 2,709,474 788,704 2.878,651 0,824,832

40,443

07,233 12,911,881 082,143 IM Si.SSO O 028,293

Ger­ Other OoaitGreat
Britain Wr’ nct many. For’gyt vriit.

Leaping
*lock.

Total.

.

few Orleans.
lalveston .. ..
la v a n n a h .. ..
Jharleston. . .
d o b lle ............
Norfolk..........
4ew Y ork ___
ither p o r t s .

1,094 2,480 1,925 11,663
7,350 10,674 10,000 2.0u6
......
7,800

Total 1903..

10,744 18,154 13,445 21.419

8,213

66,975

256,843

Total 1902..
Total 1901..

25,626 15,936 28,318 11,012
83,407 20,597 19 33H 18,440

7,836 88.728
9.408 101,180

473,546
470,666

...... ...... ......
__ 820
......

......

.....

......

......

......

......

... „ -

300
2,000

450

700

17.162
33,405
8,400
59
419
8,200
1,570
................. 2,700

3,435
1,100
59
419
3,200

63,502
28,620
14,063
3,451
1,039
5.846
102,944
36,778

Speculation in co tto n fo r fa tu re d e liv e ry has been fa ir ly
active and a t h ig he r prices. Tne advance has been m ost
pronounced in th is -c ro p deliveries, new high-record figures
fo r the season being made, M ay d e liv e ry on F rid a y selling
up to ll-0 1 c . per pound. The N ew O leans m a rk e t has led
the advance, the rise in values in th a t m a rk e t being even
more rapid th an lo c a lly . Shorts have been steady buyers to
cover contracts, and according to the reports c u rre n t in the
trade the largest sh o rt in te re st in N ew Orleans was Earopean
exporters w ho had hedged there against cotton th e y had
shipped abroad. L o c a lly there has been a lim ite d a m o u n t
o f co tto n received and tendered on M ay contracts, w h ich has
been p ro m p tly taken up by spot houses. The b u ll cliqu e has
been a steady seller a t advancing prices. Increasing p u b lic
interest has been show n in the new crop deliveries, b u t
i t has been la rg e ly on the bear s ile o f the m a rk e t.
W eather reports fro m the South d u rin g the week have been
q u ite generally o f a fa vo ra b le character, and th is , coupled
w ith a know ledge o f th e increased acreage planted in cotton,
has made sh o rt selling o f the new -crop deliveries in the
neighborhood o f 8%(§)8%c. per pound an a ttra c tiv e ve n tu re to
m any. To-day there was an irre g u la r m a rk e t. Prices fo r
th is crop advanced on shorts c o verin g , w h ile values fo r th e
new -crop deliveries h eld s lig h tly easier under the fa vorab le
weather co nd itio ns rep orte d fr o m the South. The close was
q u ie t b u t steady, w ith prices 7 points h ig h e r to 3 points lo w e r
to r the day. C otton on the spot has advanced, closing at
ll'1 5 c . fo r m id d lin g uplands.
The rates on ana oft m id d lin g , as established N o v . 20, 1902,
oy th e R evision C o m m itte e , a t w h ic h g ra d e s o th e r th a n
x d d d lin g m a y be d e liv e re d on o o n tra o t, a re as fo llo w s .
Fair............... ........... ..........c. 1 3 0 on Good Middling Tinged ..o.
Eve*
Middling F a ir . . ___ . . . . . . . 0 96 on
itrlot Good M id d lin g ...... 0-62 on
Stood M id d li n g ............. 0-44 on
Strict Low M iddling.........0 1 4 oil
Low M id d li n g .............. 0 88 off
Strict Good O rd in a ry .......0 72 off
Stood Ordinary....................1-00 off

Strict Good Mid. T in ged.. 0-80 on
Strict Middling T in g e d ... 0 06 off
Middling Tinged.................0 1 * off
Strict Low Mid. T in g ed ... 0 84 off
Middling S ta in e d ............. 0 50 off
8trlct Low Mid. Stained... 1 06 off
Low Middling Stained___ 1-50 off

On th is basis th e o ffic ia l prloes fo r a fe w o f th e g rades fo r
ihe past w e e k —M a y 2 to M ay 8 —w o u ld be as fo llo w s
U PLANDS.

S a t.

9 75 9-75
10 37 10- 37
jO M iddlin g..—
w
fid d lin g .. . . . ______. . . . . . . . . . . . 10 75 1 0 7 5
*ood M iddling_____ _____ _
11-19 11- 19
fiddling Fair___—.................... 11 71 11-71
GULP.

S a t.

4ood O rd in a ry ...— . . — . __
jO M iddling..—
w
____ . . .
diddling.......... ......................—
food Middling........ . . . . . . . .
liddlln g F a ir .................
STAIN E D .

10-00
10-62
11 00
11 41
11 96
S a t.

T h . |F ri.

M on T aos W ed

500 d Ordinary________

9-85
10 47
10 85
11-29
11 81

9-85
10-47
10 85
I f 29
1181

9 95
1010 95
1111 91

1015
10-57
11 15
11-39
12 11

Th.
10-20
10 82
11 20
11 64
12-16

1011 02
11 40
1112-36

M on T ues W ed

Th.

F r l.

9 25 9-25 9 35 9 35 9-45 9-65
diddling........ ........... ........... — 10 25 10-25 1 0 3 5 10 30 10-45 10 65
itrlot L o w Middling T in ged ... 10 41 10-41 10 51 10-51 10-01 10 81
1 0 75 10-75 10-85 10 85 10 95 11 15
tood Middling T inged..........

fh e q u o ta tio n s fo r m id d lin g u p la n d a t N ew Y o r k on
May 8 fo r eaoh o f th e past 82 years have been as fo llo w s .
1 9 0 3 . . . . c . 1 1 -1 5
1 9 0 2 . ........ 98s
1 9 0 1 . ........ 81le
1 9 00. ........ 9 ?8
1 8 99. . . . . . 6*4
L898.
18 9 7 . ........ 7 i*
1 8 96. . . . . . 85le

1 8 9 5 . . . •0.
1 8 9 4 ...
1 8 9 3 . . . . . . 71316
73s
1 8 9 2 ...
1 8 9 1 ...
1 8 9 0 ...
1 8 8 9 ... ~ i u «
1 8 8 8 ...
10

1 8 8 7 . ...C .1 0 1 5 ie
1886.
1 8 8 5 . ____ 107„
1 8 3 4 . ........ 111*18
1883.
1882.
1 8 8 1 . ........ 10018
1880.

1879 ....0 .1 2 7 l8
1878........ 10»8
1877.........1078
1876.........127,6
1876........ I d a

1874........ 17 7g

1873.........19*4
1872.........23 “b
No t e . —On Got. 1 ,1 8 7 4 , grades o l ootton as q u o te d w ere ch a n g ed .
Aooordlngto the new olaaaifloatlon M iddling w as on that da y qu oted
*80 . low er than M iddling o f the old classifica tion .
MARKET AND SALES.
Spo t Ma b k b t
Closed
•nirday . Dull.....................
<on<la> .. Quiet...................
(biesday... Qnlet, lO pte.ad.
Vedneaday Dull.....................
-hursday.. Dull, 10 pts. ad.
•'rlday___ Nom , 20pta. ad.
Total____

•••••••••■•■■■■•■a

77
59

F rf.

10-10 10 10
10-72 10 72
11 10 11 10
l t '5 4 lt -5 4
12-06 12-06

M on T ues W ed
10-00
: o 62
11 00
11 44
11 96

„ow M iddling_______- ____ . . .

40,507
12,043
429,741

5,000

OH SHIPBOARD, HOT CLEARED FOB—
Hay 8 at—

319,977

800
..........

60
5,225

8,951

C o n ti­
n e n t.

I n a d d itio n to above e x p o rts , o u r te le g ra n u c o -n ig b i also
give us th e fo llo w in g a m o u n ts o f c o tto n on sh ip bo ard not
sleared, a t th e p o rts n am ed. W e add s im ila r fig u re * fo r
Hew Y o rk , w h lo h are pre pa re d fo r o u rs p e o la l use by Messrs.
L a m b e rt A B a rro w s . P ro d u c e E xch a n g e B u ild in g .

FUTURES
Ma r k e t
Closed
Quiet---------S tea d y .........
Quiet............
Steady .........
Very steady.
Quiet............
mmmmmmmm>■■■■■

S ales
Ex­
port.
« 1« « ( 1

1,710
3,003

OanH- I # t « i G r e a t
F ran c.
item. W ith. B ritain.
2,8 3 9
7,531
23.538

6.112

S ab . P a ss. 4 c ..
N e w O r l e a n s .. 28,800
M o b i l e ................
P e n s a c o l a ........
S a v a n n a h . ...
B r u n s w ic k . . . .

From Sept. 1, 1902, to May 8. 1908,
Exported to—

Wee\ Ending May 8. 1908.
Exported to—

1039

CHRONICLE

of

Sp o t

a

Ooh tr a ot

Oon- Con­
sump. tract.

to ta l.

11,000 11,000
"d i

6,100
6,900

6 ,m
6,900

21 24,000 24,021

40
84

THE CHRONICLE

1040

Futures.—Highest, lowest ana closing prices at New York.

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The V isible supply of Uotton to-night, a a made up 10
5
cable and telegraph, is as follows, Foreign stocks, as web
as the afloat, are this week’s returns, and consequently all
foreign figures are brought down to Thursday evening
But to make the total the complete figures for to-night
(May 8), we add the item of exports from the United States,
including in it the exports of Friday only,
C
D

2

[VOL. LXXVI.

A t the I nterior T owns the movement—that is the receipts
for the week and since September 1, the shipments for the
week and the stocks to-night, and the same items for the
corresponding period of 1901-02—is set out in detail below.

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Continental imports past week have been 156,000 bales
The above figures for 1903 show a decrease from la9t week
of 175,289 bales, a loss of 403,725 bales from 1902, a decrease o f
514,413 bales from 1901 and a gain of 365,463 bales over 1900.

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1

190S.
1902.
1901.
1900.
Slock a t L i v e r p o o l b a l e s . 686 0001,032,000 758,000 653,0C0
Stoek a t London___ ____ . ___
8.000
8,000
8,000
4,000
T o ta l G reat B r ita in stook. 694,000 1,040,000 766,000 657,000
Stock a t H am burg___________
17,000
17,000
20,000
16.000
Stock a tB re m e n __________
315,000
179,000 225,000 347,000
Stock a t A m ste rd am ..*. . . . . . .
......
..............
1,000
Stock a t R o tte rd a m ............ ....
...........................
300
20C
Stock a t A n tw e rp .............
4,000
5,000
6,000
3,000
8took a t H a v re _______
209,000
192,000 171,000 204,000
Stock a t M arseilles...............
3,000
2,000
3.000
2,000
Stock a t B arcelon a ............... *.
40 000
47,000
32,090
48,000
Stook a t G e n o a ..*................
38,000
21,000
36,000
69,000
Stook a t T rie s te . . . . . . . . . . . ___
12,000
4,000
10,000
3,000
T o ta l C ontinental stocks.. 638,OOP 457,000 603,300 693,2 0 C
T o ta l European stocks___ 1,332,000 1,507,000 1,269,300 1,350,20C
In d ia cotton afloat lo r E uro j e 157.000 110,000 104.000
31.000
Am er. o otrto na floa tlor E’ro re . 199.000 237.000 351.000 209.000
Rgy p t. B ra zil, Aa.,aflt. fo r E*pe
28.000
51.000
41,000
37,000
Stock In A le xan dria, E g y p t...
79.000 147.000 171.000 134,00C
Stock in Bombay, In d ia ......._ 718.000 572.000 564.000 328.000
Stock In U n ite d States p o rts .. 323,818 562,274 571,846 356.184
Stook In U. 8. In te rio r to w ns.. 138,745 238,623 449,800 204,150
16,601
8,992
8,631
U nited States exports to-day..
9,167
T o ta l Visible supply . ...^.3 ,0 1 5 ,1 6 4 3,423,889 3,529,577 2.649,701
Of the above, totals o l Am erican and other descriptions are as lo llo w s:
American—
L ive rp o o l stock_______ bales. 603,000 909,000 632.000 545,000
C ontinental s to c k s ......
572.000 423,000 440.000 667,000
Am erican afloat fo r E u ro p e ... 199,000 237,000 354.000 209,000
U nited States stock........ ......... 323,818 562,274 571,846 356.184
U nited States In te rio r etooke. 138,745 233,623 449,800 204,150
8,631
9,167
U nite d States e xp o rtsto -d a y.. 16.601
8,992
T o ta l A m erioan.................. 1,853,164 i1,378,889 2,456,277.]L,990,501
M a tt I n d i a n , B r a s i l , Ac.—
83,000 133,000 126,000 108,000
L iv e rp o o l s to o k ....* .___
8.000
8,000
4,000
8,000
London stock..... .......................
68.000
44.000
26.200
63,300
C ontinental s to c k s ..* .______
31,000
In d ia afloat fo r E u ro p e . . . . . . 157.000 110.000 104,000
61,000
41,000
37,000
28,000
Egypt, B ra s il, Ac., a flo a t....*.
79,000 147,000 171,000 134,000
Stook In A lexandria, E g y p t...
Stock In Bom bay, In d ia ...—. . 718,000 572,000 564.000 328,000
T o ta l East In d ia , AC...— 1,162,000 1,045,000 1,073,300 659 200
T o ta l A m erican..............„ 1 , 853,164 2,378,889 2,456,277 1,990 501
.8,015.164 3,423.889 3,529.577 2,649,701
T o ta l visib le su p p ly..
M id dlin g U pland, L iv e rp o o l..
5 62d.
5333d.
4 11321.
57J6d.
M id d lin g Upland. New Y o rk ..
ll*1 5 o .
90bo.
83,ao.
978e.
E g yp t Good B row n, L ive rp o o l
Okd.
6 i&10 d,
6 33 1.
8 iied .
Pernv. Bough Good, L ive rp o o l
8 -6 0 d.
7d.
73|61.
7^3.
Broach Fine, L iv e rp o o l...—
6318d.
4781.
43gi,
5B
g(?.
Tlnnevelly Good, L iv e rp o o l...
5 ii« d .
4i&19< .
5
4 i i ed.
55ied.

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The above totals show that the interior stocks have Jeduring the week 24,697 bales, and are to-night 99,878
bales than same period last year. The receipts at all the
towns have been 21,862 bales m ore than same week last year.
Overland Movement fob the W eek and Since Sept . 1 .—
Ve give below a statement showing the overland movement
for the week and since Sept. 1, as made up from telegraphic
reports Friday nighti The results for the week endiDg
May S and since Sept. 1 in the last two years are as follows.
ereased
less

1901-02

1903-03.
M ay

8.
W ttk .

S h ip p ed —

Via
V ia
Via
Via
V ia
V ia
V ia

St. Louis.................................
C airo.......................................
Paducah......... ....................
Rook Is la n d ...........................
L o u is v ille ...............................
C in c in n a ti..............................
other routes, Ao................. .

T otal gross overland................

10,375
2,336
""2 0
3,387
642
2,397

W ttk .

6,690
2,017

706,499
201,968
2,091
29,550
147,731
35.803
249,325

614
1,078
1,300
1,163

S in e s
S ept. 1.

773,312
141,347
1,192
32,658
186,295
88,644
336,096

19,167 1,372,967 12,862 1,559,534

D ed u ct sh ip m e n ts —

1,533
47
1,405

347,136
62,182
52,636

3,851
2,524
754

189,974
44,011
52,796

7,129

286,781

2,985| 461,954

12.0281,086,186!

9,877ll,097,680

O verland to N. Y., Boston, A o ..
Between in te rio r tow ns..............
In lan d, Ao., fro m South..............
T otal to be dednoted........ .
Leaving to ta l net overland___

S in e s
8 t p t . 1.

Tha foregoing snows that the week's net overland movement
shis year has been 12,028 bales, against 9,877 bales for the
week in 1902, and that for the season to date the aggregate net
jverland exhibits a decrease from a year ago of 11,394 bales.
190S-03
I n Sight a n d S p in n e r s
T a k in g s,

Receipts a t ports to M ay 8 ............
Net overland to May 8 ...................
Southern consumption to May 8 ..

„

,

W ttk .

1 S in e s
| ggVt 1

1901-02.
W ttk .

S *n c*
kepi. 1.

68,515 7,373,384 59,368 7,190,810
12,028 1,086,186
9,877 1,097,5S0
41,000 1,451,000 37,000 1,286,000

T otal m arketed.......................... 121,543 9,910,570 106.245 9,574,390
In te rio r stooks in exocss................ *24,697
75,667*39,0u5| 109,318
Came Into sight durin g w eek.. 96,846!
.......
T otal In sight M ay 8................
........ 9,086,237

68,210

9,683,708

N orth’n spinners’ ta k’ gs to M ay 8.. 34,0421.988,9521 8,8701,933,347
* Decrease during week.
M o v e m e n t in t o s ig h t in p re v io u s y e a rs ,
W eek —

1 90 1-M a y
1 9 0 0 -May
1 89 9-M a y
1 898-M ay

B a le s.

10.................
11...............
12...................
13........... — »

S in c e S ept. 1 —

82,338 1 90 0 -0 1 -May
47.713 1899-00-M ay
78,750 1898-99—May
44,185 1897-98-M ay

B a le s .

10---9,469,036
11....... 8,500,618
12........ 10,510,441
13-------10,520,145

May 9, 1903.J
Q

u o t a t io n s

fob

THE CHRONICLE
M

id d l in g

C otton

at

Oth

er

M

arkets

.-

Below are dosing quotations of m id d lin g ootton a t .Southern
and other principal ootton markets fo r eaoh day of the week,
Week ending
May 8
G a l v e s t o n ...
N e w O r le a n s
M o b i l e ..........
S a v a n n a h ...
C h a r le s to n .
W ilm in g to n .
N o r f o l k ........
B o s t o n ..........
B a ltim o r e . .
P h ila d e lp h ia
A n g a s t a ___
M e m p h i s ....
St. L o o t s . . . .
H o u s t o n ___
O la o ln n a tl..
L it t le R o o k .

CLOSING QUOTATIONS FO R MIDDLING OOTTON ON—

Balur.
1 0 ‘s
1 03le
10
10
10
10
1038
10 7 5
10%
11-00
10%
10
1 0 ‘s
1 0 ‘s
10%

Mon.
10%
10%
lO
10
10
10
103 8
10-75
10%
11 0 0
10%
10
10%
10%
10%

Tuet.
10%
10 *8
10
101 ,8
10
10
10 %
10 75
10%
1110
10%
101 ,8
10%
1(1%
10%

Wednes.

T hu n .

1 0 3 18
1 0 b , tt
10%
10%
10%
10
10%
10 85
10%
1110
10%
101,e
10%
10%
10%

10%
10%
10%
10%
10%
10
10%
10-85
10%
11-20
10%
101 ,8
10%
10%
10%

Fri.
10%
10%
103a
10%
10%
lo
10%
10-95
11
11-40

10 %

10%
10%
105 ,8
10%
9%

The closing quotations to-day (Friday) a t other im p o rta n t
Southern markets were as follows.
A t h e n s . . . . . . . . . 10%
A t l a n t a . . . ........ U & 19
C h a r l o t t e .......... 1 0 ‘s
C o lu m b u s , O a . 10

C o lu m b u s , M is s
9%
E u l a u l a ______________
L o u i s v i l l e ... ................. .
M o n t g o m e r y .. . 1 0

N a s h v i l l e ..........
9%
N a t c h e s ............ 1 0 7 ,6
R a l e i g h ............. 1 0 ‘s
S h r e v e p o r t .... 10

N e w O r l e a n s O p t i o n M a r k e t . — The highest, lowest and
dosing quotations for leading options in the New Orleans
cotton m arket the past week have been as follows.

Bat’day.
May 2
atR an ge....
C lo s in g ...
JU LT—
R an ge....
C lo s in g ...
A u gust—
R a n g e ....
C lo s in g .. .
Oc t o b e r —
R a n g e ....
C lo s in g ...
D e c ’b e r —
R a n g e ....
C lo s in g ...
T ome—

Monday, Tuesday, Wed’day, Tkursd'y
May 4
May 5 .
M ay 6.
M ay 7

Friday,
May 8.

M

1 0 -2 5 ® -2 8 1 0 -2 7 ® -3 9 1 0 -3 9 ® 59 1 0 0 2 ® 77 1 0 7 1 ® 82 1 0 7 5 ® 85
1 0 2 8 * -2 9 10 3 7 ® 38 1 0 64 ® 55 1 0 -7 2 ® -7 4 1 0 70 9 -7 2 1 0 76 ® 78
1 0 -3 0 ® 33 1 0 3 0 ® -4 0 1 0 4 3 ® 60 10 6 1 ® -8 2 1 0 -7 9 ® 90 1 0 90 ® 00
1 0 S4 ® 36 10 40® -41 1 0 -5 7 ® 58 1 0 -7 8 ® -79 1 0-8 4 ® -85 10 9 4 ® 95
9 - 7 8 A - 8 2 9 - 7 5 W 8 4 9 - 8 3 ® - 9 3 9 - 9 2 ® - l l 10-19 9 43 1 0 4 2 ® 51
9 8 2 ® 8 3 9 - 8 l ® '8 2 9 - 8 6 » - 8 7 i o -i o ® — 1 0 -3 6 ® 37 1 0 45 9 46
8 -4 9 W 5 3 4 -4 8 ® 6 0 3 -5 8 W 6 4 8 5 5 9 6 0 3 -5 7 0 -6 3 3 -6 1 0 -6 7
8 5 1 9 5 2 8 -5 8 ® -5 9 3 -6 9 ® 6 0 8 5 8 ® - 5 « 3 -6 0 ® -6 1 8 -6 3 0 - 6 4
— » - 4 0 3 - 4 0 9 - 4 7 8 -4 7 ® -5 1 8 - 4 5 0 - 6 0 3 -4 6 0 * 5 2 8 - 5 0 0 - 5 6
8 - 3 9 ® - 4 0 9 - 4 6 ® - 4 7 8 ' 4 8 » ' 4 9 8 4 7 ® "48 8 - 4 9 9 - 5 0 8 - 5 2 0 5 3

S p o t s ........ S te a d y .
O p t i o n s ... V e r y d u ll

F ir m .
Q u ie t.

F irm .
S te a d y .

F irm .
V ’ y et’ d y

F ir m .

F ir m .

S te a d y .

S te a d y .

W eather R eports by T elegraph,—Reports to us by tele­
graph from the South this evening are generally of a more
favorable character, Beneficial rains have fallen ia most
sections, and on the whole planting operations have made
good progress. There are a few complaints of cool weather
at night. From Texas we are advised th a t the rains w ill en­
able farmers to finish preparing lands and planting.
G a lv esto n , T e x a s , —Since last F rid a y there have been good
rains over the greater part of the State, whioh enable farmers
to finish preparing land, and planting. There has been rain
on tw o days of the past week, the ra in fa ll reaching tw entyone hundredths of an inch. The therm om eter has averaged
68, ranging from 57 to 80.
A b ile n e, T e x a s .—We have had rain on one day o f the week,
the ra in fa ll reaching sixty-six hundredths of an inch. The
thermometer has ranged from 46 to 78, averaging 63.
B r e n h a m , T e x a s.— There has been rain on tw o days during
the week, the precipitation being one inch and forty-seven
hnndredthe. Average thermometer 66, highest 82 and low ­
est 49.
C o r jm s C h r is ti, T e x a s, —There has been lig h t rain on tw o
days of the week, the precipitation reaching six hundredths
of an inch. The therm om eter has averaged 66, the highest
being 78 and the lowest 54.
C u e r o , T e x a s .— There has been rain on three days of the past
week, the ra in fa ll reaching tw o inches and fifteen hundredths.
The thermometer has averaged 64, ranging from 46 to 82.
D a lla s, T e x a s .— I t has rained on one day during the past
week, to an inappreciable extent. The thermometer has
ranged from 39 to 83, averaging 61.
H e n r ie tta , T e x a s. —We have had rain on one day of the
week, the precipitation reaching sixty-tw o hundredths of an
inch. Average thermometer 59, highest 84, lowest 34.
H u n tsv ille , Texas.—There has been rain on one day daring
the week, the precipitation reaching eixty-eight hundredths
of an inch. The thermometer has averaged 63, the highest
being 83 and the lowest 43.
L a m p a s a s, T e x a s . —We have had rain on ore day of the
week, the precipitation being tw enty-tw o hundredths of an
inch. The thermometer has averaged 60, ranging from
37 to 87.
K e r r v ille , T e x a s. —We have had rain on one day of the
week, the ra in fa ll reaching th irty -tw o hundredths of an
inch. The thermometer has ranged from 42 to 80, aver­
aging 61.
L o n g v ie w , T e x a s ,— W e have had rain on three days the past
week, the ra in fa ll reaching one inch and eighty hundredths.
Average thermometer 60, highest 87, lowest 42.
T id in g , T e x a s. —There has been rain on three days during
the past week, the precipitation reaching seventy hundredths
of an inch. The thermometer has averaged 61, the highest
being 79 and the lowest 43.
P a r is , T e x a s .— Beneficial rains in this section during the
week. There has been rain on three days, the ra in fa ll reach­

1041

ing eighty hundredths of an inch. The thermometer has
averaged 05, ranging from 45 to 84.
P a lestin e, T e x a s . —We have had rain on one day of the
week, the ra in fa ll reaching th irty -e ig h t hundredths o f an
inch. The thermometer has ranged from 46 to 80, averaging 03.
S a n A n t o n io , T e x a s, —Rain has fallen d a rin g the week, to
the extent o f fourteen hundredths of an inch, on tw o days.
Average thermometer 64, highest 80, lowest 48.
W e a th e r fo r d , T e x a s .— W e have had ra in on one day of the
week, the ra in fa ll being eleven hundredths of an inch. The
thermometer has averaged 62, the highest being 83 and the
lowest 41.
N ew O rleans, L o u is ia n a .— There has been rain on tw o days
the past week, the ra in fa ll being eighty-three hundredths of
an inch. The thermometer has averaged 69.
V ick sb u rg , M is s is s ip p i. — We have had rain on tw o days
d arin g the week, tbe precipitation reaching one inch and five
hundredths.
The thermometer has averaged 65, ranging
from 46 to 78.
G r ee n v ille , M is s i s s i p p i .—There has been beneficial rain
this week, but the weather is rather cool.
C o lu m b u s, M is s is s ip p i.— I t has rained on tw o days of the
week, the ra in fa ll reaching th irty -fiv e hundredths of an inch,
Average thermometer 51, highest 65, lowest 37.
Z,tftie R o ck , A r k a n s a s .— P lanting is v irtu a lly finished and
farmers are hopeful. We have had rain on tw o davs of the
past week, the ra in fa ll being one inch and tw enty-nine hun­
dredths. Average thermometer 60, highest 77, lowest 39.
H ele n a , A r k a n s a s . —The rain this week has been of much
benefit. Crops had not been doing w ell on account of lack
of moisture. The riv e r is fa llin g rapidly. Ovei flowed lands
w ill do as w ell as uplands. There has been splendid ra in on
tw o days d urio g the week, the ra in fa ll being one inch and
tw o hundredths. The thermometer has averaged 62’4, the
highest being 78 and the lowest 42.
N a sh ville, T en n essee.— There has been rain on one day
during the week, to the eatent of one hundredth of an inch.
The thermometer has ranged from 40 to 77, averaging 58.
M e m p h is, T ennessee. —P lanting and replanting are active.
The weather has been too cool, the season is backward, and
rain is needed. I t has rained on one day of the week, to the
extent of one hundredth o f an inch. The therm om eter h a B
averaged 61*3, ranging from 39 6 to 78.
S elm a , A la b a m a . —The week’s ra in fa ll here has been fo rty
hundredths of an inch, on tw o days. The therm om eter has
averaged 63, ranging from 55 to 77.
M o b ile, A la b a m a .— The weather in the in te rio r was d ry and
cool the early part of the week, but la tte rly there have been
beneficial rains. Considerable replanting has been necessary.
The crop is very backward, but conditions are im proving.
There has been rain on fo u r days of the week, the p re c ip ita ­
tion reaching one inch and fifteen hundredths. Average
thermometer 68, highest 81 and lowest 53,
M o n tg o m e r y , A la b a m a .— Needed rains have fallen and
planting is m aking good progress. The weather has been
rather too cool, especially at night.
We have had rain on
three days d urin g the week, the ra in fa ll reaching sixty-nine
hundredths of an inch. The therm om eter has averaged 66,
the highest being 80 and the lowest 52.
M a d is o n , F lo r i d a , —We have had rain on three days the
past week, the ra in fa ll reaching three inches and seventeen
hundredths. The therm om eter has ranged from 64 to 88,
averaging 75.
S a v a n n a h , G e o r g i a .— I t has rained on tw o days of the week,
the precipitation reaching sixty-six hundredths o f an inch.
W eather now m ild. Average therm om eter 67, highest 82
and lowest 59.
A u g u s ta , G e o r g ia . —The sta rt is late.
We have had rain
on three days of the past week, the ra in fa ll being sixty-six
hundredths of an inch.' The thermometer has averaged 66,
the highest being 78 and the lowest 57.
C h a rlesto n , S ou th C a r o lin a . —We have had rain on five
days during the week, the precipitation reaching seven h u n ­
dredths of an inch. The thermometer has averaged 66, ran g ­
ing from 53 to 74.
C o lu m b ia , S ou th C a r o lin a . —Farm w ork and replanting are
progressing actively here as w ell as around Stateburg.
There has been rain on tw o days of the week, the ra in fa ll
reaching th ir ty nine hundredths of an inch. The therm om e­
te r has ranged from 53 to 76, averaging 64.
The fo llo w in g statement we have also received by telegraph,
showing the height of the rive rs at the points named, at
3 o’clock May 7. 1903, and May 8, 1902.
May 7, ’ 0 3 .
Feet.
N ew O r le a n s .... . ^ . . . .A b o v e s e r o o l g a u g e .
M e m p h is .............. .............A b o v e s e r o o l g a n g e .
N a s h v i l l e . . . . . . . . .......... A b o v e zero ol g a u g e .
S h r e v e p o r t . . . . . . . . ___ A b o v e s e r o o l g a n g e .
v i e k s b u r g ------ -------------- A b o v e » e r o o l g a u g e

May 8, 0 3 .
Feel.
11-4
1 4-4
1 3-8

18 0
3 3 -8
7 0
3-9
4 4 -5

SO

2 3 -5

J ute Butts, Bagging, &c.—The market for jute bagging
has been very quiet the past week and prices are as last
quoted, viz., 5%c. for \% lbs. and 6c. for 2 lbs., standard
grades. Jute butts continue dull at l$£@l%b. for paper
quality and 2 2^c. for bagging quality.
@ 3
I ndia Cotton Movement from all Ports.
i von-OS.

Sectipts at—
B o m b a y ............

Ttaek.

Bines
Bspt. 1 .

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

1 9 0 1 -0 2 .
F llit .

Bines
Btpt. 1.

5 0 .0 0 0 1 ,8 8 6 ,0 0 0

1 9 0 0 -0 1 .

Wstk.

Bines
ie p t. 1 ,

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

1042

THE
f o r the W eek.

from —

Great
Britain.

B om bay—
1902 0 3 ..
1 9 0 1 -0 2 ..
1 9 0 0 -0 1 ..
C a lc u t t a —
1 9 0 2 0 3 ..
1 9 0 1 -0 2 ..
1 9 0 0 -0 1 ..
M ad ra s1 9 0 2 -0 3
1 9 0 1 -0 2 .
1 9 0 0 -0 1 ..
A ll o t h e r s —
1 9 0 2 -0 3 ..
1 9 0 1 -0 2 ..
1 9 0 0 -0 1 ..
T o t a l a ll—
1 9 0 2 0 3 ..
1 9 0 1 -0 2 ..
1900 0 1 ..

fin e *

B epiem ber 1 .

Total.

3 9 ,0 0 0
3 1 .0 0 0
1 6 ,0 0 0

3 9 ,0 0 0
3 1 ,0 0 0
1 7 ,0 0 0

6 6 ,0 0 0
5 ,0 0 0
6 2 ,0 0 0

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

6 9 2 .0 0 0
8 7 2 .0 0 0
5 0 9 ,0 0 c

1 ,0 0 0
3 .0 0 0
3 ,0 0 0

1 ,0 0 0
3 ,0 0 0
3 ,0 0 0

4 .0 0 0
2 .0 0 0
3 ,0 0 0

2 5 .0 0 0
2 2 .0 0 0
2 3 ,0 0 0

2 9 .0 0 0
2 4 .0 0 0
2 6 .0 0 0

5 .0 0 0
1 .0 0 0
7 ,0 0 0

1.0 C 0

Conti­
nent.

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

1 5 .0 0 0
6 ,0 0 0
1 9 .0 0 0

C reat
B r ita in .

C o n ti­
n en t.

T ota l

6 ,0 0 0
6 ,0 0 0
4 ,0 0 0

A l e x a n d r ia

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

1 4 ,0 0 0
1 .0 0 0
8 ,0 0 0

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

1 0 4 .0 0 0
5 2 000
7 5 .0 0 0

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

__ __
i,o o o

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

8 9 .0 0 0
9 ,0 0 0
8 0 .0 0 0

7 5 1 .0 0 0
4 4 5 .0 0 0
5 4 9 .0 0 0

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

and

s h ip m e n t s

R ec e ip ts

o r C otton .

Through arrangem ents we made w ith Messrs. Davis,
Banaohi & C o., o f L iverpool and A le x a n d r ia , we now
receive a w eekly cable o f the movem ents o f co tto n at
Alexandria, E gypt. The fo llo w in g are the reoeipts and
shipments fo r the past week and for the corresponding
week o f the previous tw o years.
A leu a n d ria .B a y V i,
M ay 6 .
R e c e ip t s (c a n t a re * ) T h is w e e k ................ ..
S ln o e S e p t . 1 . . . ........

1 9 0 2 -0 3

2 ,0 0 0
5 ,7 3 3 ,0 0 0

[V ol .

CHRONICLE.

1 9 0 1 -0 2 .

1 9 0 0 -0 1 .

6 .0 0 0
6 ,4 4 8 ,0 0 0

LXXVI.

T b e co tto n is, w h en sam pled, in the cu sto d y o f w arehouses
licensed by the E xch a n g e, and w ill be graded and certificated
in a ccord a n ce w ith the sam ples, su ch grades, as in the case
o f the N ew Y o r k E xch a n ge, being guaranteed by the E x ­
change. The co m m itte e believe th eir plan to be a feasible
one and w h en o n ce in operation they ex p ect the Sonthern
cotton exchanges w ill co-op era te. T he com m ittee w ill n ot
make p u b lic the details o f th eir plan b e fo re it has been acted
upon b y the m anagers at th eir regu lar m on th ly m eetin g in
M ay.
New Y ork Cotton Exchange Items.—Messrs M a lcolm
T. Maine J r. and W illia m S. R ay w ere adm itted to the firm
o f G eorge C opeland & Co. on May 1st.
Three deaths h ave been reported th e past w eek, v iz .:
Messrs. James S w an n , F red erick R V a n R ip er arid H or­
ace C. F fou lk e. M r. Sw ann was a m em ber c f the firm o f
Inm an, Swann & Co. and had been con n ected w ith the E x ­
change sin ce J a n e , 1875. M r. V an R ip er, a lth ou gh a m em ­
ber on ly sin ce 1895, had p rio r to jo in in g been in the office o f
Fatm an & Co, fo r som e th irty years. A t th e tim e o f his
d ea th , w h ich o ccu rre d T hu rsday even in g at 11 p m , he was
Secretary o f the B oard o f M anagers, o f w h ich board he had
been a m em ber fo r three years. M r. F fo u lk e ’s con n ection
w ith the E xch a n g e is o f recen t o rig in .
I mportations of A merican Cotton.—T h e C ym ric fro m
L iv erp ool b rou g h t in to this p ort 575 bales o f cotton this week.
S h ip p in g n e w s .— A s m o w n o n a p r e v io u s p a g e , the
• sp orts o f o o tto n fr o m th e U n i t e d S t a t e s t h e p a si w eek have
ieaoh ed 91,359 o a le s . T h e s h ip m e n ts In d e t a il as m a d e up
isom m a ll a n d te le g r a p h ic r e t u r n s . a r e a s f o l l o w s :

6 0 ,0 0 0
5 ,0 9 9 ,0 0 0

Total bales.

New y o b x - T o Liverpool, per steamer Bovlo, 251...................
251
To Hall, per steamer Colorado, 1073.....................................
1,073
To Manchester, per 6teamers Canova, 355 upland and 31
This
B in e s
B in e s
T h it
I k it
B in es
Sea Island................................................................................
w eek. Sept. 1. w eek. Sept. 1. w eek. Sept. 1
386
To Havre, per steamers Bordeaux, 125___La Gasoogne
(additional), 66. . . . ................................................................
E x p o r t s (b a le s )—
191
To Antwerp, per steamer Vaderland, 220..............................
220
3 ,0 0 0 3 3 1 .0 0 0 3 .0 0 0 2 9 4 .0 0 0 2 ,0 0 0 2 8 3 .0 0 0
T o L i v e r p o o l . . . . ___
To Genoa, per steamer Weimar, 60.......................... ...........
50
T o C o n t i n e n t t . . . . . . 1 0 ,0 0 0 3 4 9 .0 0 0 1 2 ,0 0 0 4 3 7 .0 0 0 1 0 ,0 0 0 2 4 7 .0 0 0
New Orleans To Liverpool—
May 2 —
Steamers Civilian,
12,500; Navigator, 3,243
May 7—
Steamer Wm. Cliffe,
T otia i E u r o p e . . . . . 13 0 0 0 16 80,0 00 1 5 ,0 0 0 7 3 1 ,0 0 0 1 2 ,0 0 0 5 3 0 ,0 0 0
200_ May 8 Steamers Indian, 5,900; Senator, 5,139... 27,032
_
* A e a n ta r le 98 p o u n d s .
To Belfast—May 4—Steamer Bray Head. 1,768..............
1,763
f Of w h ic h t o A m e r lo a In 1 9 0 2 -0 3 ,7 7 ,1 4 9 b a l e s ; In 1 9 0 1 -0 2 , 9 2 ,9 3 2
To Havre—
May 1—Steamer Campana. 3.334........ ............. 3.334
b a le s ; in 1 9 0 0 -0 1 , 4 2 .0 6 1 b a le s .
To Bremen—May 5—Steamer Louisiana, 12.997.................. 12,997
To Antwerp-M ay 6 —
Steamer Mathilda, 1,011..................... 1,014
M a NOH e s t e b M a b e e r , —Our report received by cable
To Barcelona—
May 1—Steamer Miguel M. Pinlllos, 6,150
to-night from Manchester states th at the market is firm
_ May 2 -Steamer Jonde Wilfredo, 2,115........................
_
8,265
for yarns and quiet for shirtings. The demand for China is
To Trieste—
May 4—
Steamer Aqulleja, 689............................
~ “
6 i9
To Venloe—
May 4 -Steamer Aqulleja, 57 l ............................
571
improving, We give the prices for to-day below and leave
Galveston To Liverpool-M ay 7—Steamer Scholar. 1,610_
_
1,610
t h o s e for previous weeks of
this and last year for
To Manchester—April 29—Steamer Asuncion de Larrlnaga,
comparison.
4,502...............................................................................
4,502
2,839
To Hamburg—April 30—Steamer Alexandria, 2,839...........
1903.
1902.
Sabine Pass—To Bremen—
May 2 —
Steamer Teodor a de i-arrlnaga. 7,531........................................................................... 7.531
8*s tbe. S k irt­ OotCn
8 H lbs. Bflirt­ Oott’n
Mobile —To Bremen-M ay 6—Steamer St. Oswald. 4.186........ 4,186
3 2 s Cop. in gs, com m on Mid. 3 2 s Cop. in g t, com m on Mid
Pensacola- T o Genoa—May 7—Steamer Balllla, 1,350............. 1,350
. .
_______
Twist.

s.
5
A p r . 3 7B8
• 10 7 U la n 8 H 5
•
,. , 7 7H16®814 5
“ 2 4 70s o 8 i e 5
M a y 1 7% 0 8 * 4 5
“
8 718i* nSSjo 5
d.

d.
084

to fin est.

Uplde

Twist.

d.
d.
d.
8. d.
d.
48)1*8 1
5 3 6 7*4 ® 8
481*8 1
5-4 0 7 i* « 8 i «
4 i * * 8 It* 5 -4 2 7t* o 8 8je
4**® 8 li* 5 44
5 5 6 7?8 * 8 * 4
41*08 2
5 -6 2 73) 0 8 1 *
4 i« o 8 2

to fin est.

s.
5
5
5
5
5
5

d.
4
5
5
6
7
6

s. d .
0 7 11
08 0
08 0
0 8 li*
03 2
0 8 Us

Uplde

8 a v a n n a h —To Bremen—May 7 -S tea m er Oriel, 2,860 ..............

d
429SS

Ss

No b f o l e —To A n tw erp -M a y 6 —Steamer Wllhelmlna. 300. ...
Bo s t o n —T o Liverpool—May 1—Steamer Commonwealth, 1,335

514
514

Ba l t im o r e —To H avre—April 24—Steamer Fitzclarenoe, 1,700

5332

~
—
- - - - - - To Antwerp, etc.—May - —Steamer Oriel. 4,150....................
7 _

May 4 —Steamer Saxonla, 2,260...............................................
To M anchester-A pril 29—Steamer Bostonian. 9 7 ....... ......

To Bremen—May 6 —
Steamer Neokar. 65 ..............................
P h il a d e l p h ia —To Liverpool—May l —8tr. Haverford, i,0 9 8 ..
Po r tlan d , M e .—T o L iv erp ool—May l —Steamer Taarlo. 7 ___
S e a tt l e -T o Japan—May 2—Steamer Shluano Maru, 5 0 ..........

2.860
4,150
300

3,596
97
1,700
6->2
1,098
7
50

G overnm ent W e e k l y
C otton
R e p o r t .— Mr. James
Berry, Chief of the Climate and Crop Division of the United
Total---- ------- ------— ........... — ................. — ........ ...................... 94.369
States Weather Bareau, made public on Tuesday the fol
Exports to Japan since Sept. 1 have been 127,604 bales from
lowiDg telegraphic reports on the crops in the Southern
States for week ending May 4, summarizing them as follows: the Pacific Coast, 5,733 bales from New York and 400 bales
Early planted cotton on lowlands in Northern Texas and Oklahoma from Norfolk.
w a s killed by the freeze of April 30 and May 1, and throughout the
Liverpool,—By cable from Liverpool we have the follow ­
cotton belt low temperatures have proved seriously detrim ental In re­ ing statement of the week’s cables, stocks, &c., at that port.
tarding germ loatlou and growth, while drought continues in northern
Texas and in the Central Gulf States. Poor stands are very generally
reported. In the eastern districts planting has been vigorously pushed
and Is nearing completion.
S o u t h e r n C o t t o n S p i n n e r s ' A s s o c ia t io n C o n v e n t io n .—

A p r il 17. A p ril 2 4
ta les o l t h e w e e k . . . . . . . b a l e s .
O f w h ic h e x p o r t e r s t o o k . . .
O f w h ic h s p e c u la t o r s t o o k .
•ales A m e r lo a n ___ _. . . . . . . . . .
A ctu a l e x p o r t ...............................
f o r w a r d e d ................ ........... . —
r o t a l s t o c k —E s t im a t e d ...........
O f w h ic h A m e r lo a n — E s t ’ d .
co ta l Im p ort o f th e w e e k ... ..
O f w h le h A m e r i c a n . . . . . ___
......
A m ou n t a f io a t ............ ..
O f w h le h A m e r i c a n ............ ..

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

47,001
2 ,0 0 0
3 ,0 ck
4 2 ,0 0 0
10 , 00c
6 5 .0 0 0
746 000
656 000
9 5 <HH
7 9 .0 0 0
1 4 2 ,0 0 0
9 0 ,0 0 0

May 1.
4 9 .0 0 0
4 Of>n
3 ,0 0 0
4 5 .Out)
15 00 0
7 3 00 0
7 2 6 ,0 0 0
641 000
6 8 OOO
5 5 00 0
1 1 3 00 0
6 7 ,0 0 0

M ay 8
64 000
5 000

The seventh annual convention of the Southern Cotton
4 ,0 0 0
5 8 ,0 0 0
Spinners’ Association will be held at the County Court
6 ,0 0 0
House, Charlotte, N. C,, May 14 and 15. Aside from the
6 5 .0 0 0
regular order of business there will be addresses on the first
6 8 6 ,0 0 0
day by General W. F. Draper of the Draper Company, Hope6 0 3 .0 0 0
3 1 .0 0 0
dale, Mass., on “ The Development of Rapidly Running or
18 0 0 0
Yielding Bearing Spindles;” E, W. Thomas, of Charlotte, N.
120 000
C., on “ The Advantage of Diversifying Manufactures in the
8 7 ,0 0 0
South;” T. V. Bolan, General Electric Company, Baltimore,
Xne cone of the Liverpool market for spots and future
Md., on “ The Electric Drive in Cotton Spinning and General
xaoh day of the week ending Hay 8 and the daily closing
Driving in Cotton Mills;” E l ward Atkinson, on “ Mutual
Fire Protection.” The speakers on the second day will be prices of spot ootton. have been as follow*
W . D. A. Ryan, General Electric Company, Lynn, Mass., and
Bat’d ay. M onday. Tuesday. Wed’d a y . Ik u r td 'y F rid a y.
Spot.
Hen O J. Wilson, Secretary Department of Agriculture,
Fair
Fair
Washington, D. C. (Subjects to be Darned later); H. J. W eb­
M a r k e t, f
Quiet. Moderate Moderate business Harden’g. business
demand. demand.
2 :8 0 p . M. |
ber, U. 8. Department of Agriculture, Washington, D. C.,
doing.
doing.
on “ Breeding and Cultivation of Cotton Producing Better
6-5 2
5 52
5-5 6
6 -5 4
5*62
5-5 8
Fibre;” and Lauris Loomis, of Catlin& Company, New York, < ld . D p l’ ds.
N, Y., on “ Southern Cotton Mills and How Tneir Export ta le s........ ..
1 0 ,0 0 0
5 ,0 0 0
1 0 ,0 0 0
1 0 ,0 0 0
12,000
10.000
500
500
2 ,0 0 0
1 ,0 3 0
2,0 )0
5,000
>peo. A e x p .
Trade May Be Increased.”
f u tu r e s .
N e w Y o r k C o t t o n E x c h a n g e .— Proposition [to License
Quiet at Steady al Steady at Steady at Steady at
Qnlet.
M arket (
Warehouses m South Being Considered.—The members of the
X pt.
2@1 pts. partially 1 8 2 pts.
2 pt*.
o p e n e d . J unchang’d decline. advance. 1 pt. adv. advance. advance.
New York Cotton Exchange are now considering a plan pre­
pared by a special committee for extending the safeguards of
Easy at Steady at Q’t& st’dy Quiet at Steady at Near firm
M a r k e t, l
pU.3s&4fe pts. 1 pt. adv. 114-414 Pta. diet.quiet*
Pts.
trading on the Exchange. It is proposed that the Exchange
4 P. M. j deollne.
deollne advance to lK p do. advance. H fl p. ad’
shall license warehouses and samplers at the larger centers of
The prices of futures at Llverpoo for each day art given
cotton accumulation throughout the South. Tne cotton at
these points is to have samples drawn, and these samples are oeiow, Prices are on the basis of Uplands, Good Ordinary
to be forwarded to New York for classification as to grade jlaase, unless otherwise stated,

IH E

M a y 9, 1903.]
t y

The p rices are given in pence and 100IA.

Following are the closing quotations:

T hu s: 4-07 m eant

4 07-lOOd.

1043

C H R O N IC LE
nne___ ___ ....... $2 SO

M on.
May 4.

T a ti.
May 5

W ert.
May 6

T k u r*
May 7

♦ 'ri.
May 8

12i* 4 12i* 4 12 ** 4 121* 4 12i* 4 121* 4
i
L
.
P.M P.M P.M. P.M. P. M. P. u P M P. M P. H P M P. M P. M
L
M ay..............
May-Jnne.
J nne- July...
Jnly-Aug . ..
A ug.-S ept...
8ept.-Oot.
O ot.-N ov..
N ov.-D ec...
Deo.-Jan —
J a n .-F e b ...

<
1
6 36
6 34
6 34
5 33
6 22
4 86
4 68
4 60
4 5*
4 68

d
a.
5 31 5 32
5 34 5 32
5 33 5 32
5 33 5 31
5 22 5 21
4 86 4 80
4 67 4 67
4 tO 4 60
4 ' 8 4 59
4 67 4 58

....

<.
1
5 30
5 30
5 30
5 30
5 20
4 86
4 67
4 60
4 59
4 58

d.
5 32
5 82
5 32
6 31
5 22
4 89
4 70
4 63
4 62
4 61

A
5 34
5 34
5 34
5 34
5 23
4 90
4 71
4 64
4 63
4 62

d
5 35
5 36
6 85
5 34
5 24
4 89
4 71
4 64
4 03
4 62

ft
5 35
5 35
5 36
5 36
5 24
4 88
4 70
4 63
4 62
4 61

4
5 39
5 39
5 3*
5 87
5 26
4 80
4 7l
4 64
4 63
4 62

—

1

5 40
5 39
5 39
6 88
6 27
4 90
4 72
4 66
4 64
4 63

d.
5 43
6 43
5 42
5*1
5 30
4 91
4 73
4 0s
4 65
4 64

....

d.
5 46
5 45
5 45
5 43
6 31
4 91
4 3
4 00
4 65
4 61

0 2 65
Patent, w in te r ___$3 85 0 4 15
0 2 75
Olty m ills, patent. 4 60 f»4 86
Jnperflne* _______ 2 70
Extra, No. 2 . . . . . . 2 75 0 2 80
Rye floor.soperflne 2 75 OS 50
Buokwheat flou r..
0 2 95
extra, No. 1 . ._ 2 90
_
Nom inal
Corn m eal—
Hears.
8 20 0 3 40
Western, e t c . . . .
Itralghta------ . . . . 8 50 0 4 00
W e s te r n ,e tc ..... . 2 80 0 2 90
Brandyw ine
Brandyw ine . . . .. 2 95 0 3 00
’ •tent, sp rin g .. . . 4 10 0 4 85
(Wheat floor in tacks sells at prlnes below th ose fo r barrels.)

o.

Vheat, per buan —
Bard D al., No 1 ..
N'tbern DuL, N o.l
Red winter. No. 2
Nort’n Dul No. 2.
ats- M ix’ d,p busb.
White ...........
Mo. 2 mixed. . . . . . .
No 2 white______

o.

grain

Oorn, per bash.—
e.
o.
Western m ixed............ 51 0 6 5
f. o. b.52%
No. 2 m ix ed ------No. 2 y ellow
f. o. b.64
No. 2 w hite............... . . f. o. b.54
Rye, per bush—
W estern . . . . . . ____ ....6 3 % » B 9
State and J e r s e y . .. . .. 56 » 6 8
Barley—W est..................5 2 0 6 1
F e e d in g .......
... 51 % »64 %

f. o. b 89
f. o. b.87%
f. o. b.81%
f. o. b.86%
37 0 4 0
38 0 4 5
38 * 3 9
40% »41%

.

S a t.
M ay 2

Exports o f Grain and F loor from Pacific P orts.—The
exports of grain and flour from Pacific ports for the week
ending May 8, as received by telegraph, have been as
8 RE ADSTUFFS.
follows: From San Francisco, May 4, to China, 39,000 bbls.
F r i d a y . May 8, 1903.
of flm r; from San Francisco, May 8, to Q-reat Britain,
An unsettled market has been experienced for wheat flour, 108,000 bushels of wheat.
especially for spring patents. On the basis of quoted prices
Combining these figures with those for previous weeks, we
the demand from jobbers has been flat, and during the past have the following, which covers the exports to foreign
few days there have been persistent rnmcrs of purchases of countries for the period since July 1, 1902.
fairly large lines at concessions of from 10c. to 15c, per bbl.
Exports
Flour,
Wheat,
Oorn,
Oats,
Barley,
Bye,
from quoted prices. Winter-wheat flour has had a moderate
from ,—
bbls.
bush.
bush.
bush.
bush.
bush.
sale at slightly lower prices. City mills have been in moder­ San Fran. 800,177 8,3 ')-,7 2 3
37,722
10,749 6,263.079 215.107
6,554 818,223 223,441
25
ately active demand and steady. Rye flour has been quiet Puget 8’ d .l.5 0 5 ,578 7,674,897
94,837 974,034
.........
but steady. Corn meal has been unchanged and steady for Portland.. 612,351 7,83 467
the better grades.
T o ta l....2,918.106 23 .-2 2 ,0 8 7
44.276 923.809 7,460,554 215.132
Speculation in wheat for future delivery has been moder
G o v e r n m e n t W e e k l y G r a i n , E t c , R e p o r t —Mr. James
ately active and the tone of the market has been unsettl-d. Berry, C h i^ f of the Cnmate a u d Crop Division of the United
Early in the week the reports of damage to the growing States Weather Bureau, made public on Tuesday the tele­
winter-wheat crop by the recent cold weather sufficed to graphic reports on the grain crops in the various States
bring about a fractional advance in prices, shorts being for the week ending May 4, summarizing them as follow s :
nervous, and they bought to cover contracts. Subsequently,
W e a t h e r .—The week ending May 4 was unseasonably oool ov er
however, the market turned easier and the improvement was nmoh the greater part o f the oonntry. Generally light rainfall or
more than lost. Cable advices from Europe reported absence of rain h is been favorable for farm ing operations, but the
weather conditions for the grow ing grain crops more favor unseasonably low tem peratures h ave oheoked the grow th of all vegeta­
tion, and heavy frosts and freezes have causedm aoh dam age D rought
able and advices from the interior were of the return of sea has been relieved over Southeastern Texa-> and ov er lim ited areas in
eonable weather and indicated that no serious damage was the Central G ulf States, but continues over the greater part o f the lastdone by the frosts reported last week. The Cincinnati Price m entloned districts and In Northern Texas, and rain Is needed In.
Is generally
Current, in its weekly summary of the crop situation, says Florida. Rainearly-planted needed on the Paolflc. Coast. b y the freeze
Co r n .—The
corn was exten sively killed
that wheat condition was further lowered moderately, but daring the latter part o f the wet-k In Missouri, K ansas, Oklahoma and
that the general average remains good. The spot market Texas, and the crop has suffered from cold weather throughout the
has been unsettled with futures. Only a very moderate v ol­ Southern States. PreparationsAfo r planting have progressed favorably
In the Ohio V alley aDd Middle tlan tic 8tates, but little progress haa
ume of business has been transacted, as there has been no been made In the States o f the upper Missouri V alley and Lake region.
extensive buying by exporters. To-day there was a firmer The present season to date has been very unfavorable fo r oorn, plant­
market, due to the absence of sellers, and shorts covering. ing being greatly delayed.
W in e r W e a
appears to have esoaped m aterial
The spot market was moderately active. The sales for ex injury tduringhthe t —W inter w heater the western p >rtion of the wtntsr
recent freeze ov
port here and at outports were 400,000 bushels.
w heat belt and the general outlook fo r this orop continues very prom ­

M ch.-A prll..

::::

2 BHD W I N T E R W H E A T I S N E W T O R &
TA«r i
Wed
mi
Mon.
Tuet.
P'i.
82%
81%
84%
83%
83% * 82%
82%
82%
81%
81%
81 %
82%
77%
77%
77%
77%
70%
77%
74%
76%
75%
75%
75
75%
OP NO. 2 SPRING WHEAT IN C H H A U O .
Wf
A
Thurt
Frt.
gat.
Mon.
Tuts
78%
7S%
78%
78%
78%
77%
72%
73*8
72%
73%
71%
72%
70%
70%
69%
70
7078
70%

B A I L T O L O S IN G P R IC E S O F N O .

Cash wheat ( o b ...........
May delivery In elev.......
Ju ly delivery to elev .......
Sept, delivery In e le v ....
DAILY CLOSING PRIORS
May delivery in elev .......
Ju ly delivery In elev.......
Sept, delivery in e l e v ....

Indian corn futures have received only a limited amount
of speculative attention, and there has been a gradual sag­
ging of prices. Weather conditions in the corn belt toe pa-t
week have been more favorable, and it is understood that
the planting of corn has progressed more favorably, although
it is still backward. These reports of more rapid progress in
planting and freer country offerings of corn have been the
principal depressing factors. Business in the spot markets
at the seaboard has been quiet, only a limited demand beiog
reported from exporters, and advices from interior spot mar­
kets have reported only a moderate trade demand. T oda y
the market was firmer on stronger advices from the West,
where shorts were reported buying to cover contracts. The
spot market was quiet.
DAILI OLOSING PRICES OP NO. 2 MIXED (JORN IN N E W F O R fe .
Fri.
Sfon.
fu e l.
Wed. Thurt.
Sat.
52%
53%
53
63
53%
Oaoli oorn t. o. b ............ 53
54
53
55
54
May delivery In elev....... 54%
52%
51%
51%
51%
51%
July delivery In e le v ___ 51%
51%
50%
50%
50%
50%
50%
Sept, delivery In elev....... 50%
D A I L Y G LO B IN G P R I O R S OP N O . 2 M I X E D OORN IN C H IC A 140.
W*d
Thu f t
Sat.
M on.
Tuts.
43%
44
43%
May delivery in elev....... 44%
43%
43%
44“
*
44%
44%
July delivery In elev ___ 45%
44%
44%
44%
44
44%
Sept, delivery in e le v ___ 4 4 %
44%
44%

ising, although a slight deterioration Is indicated in portions o f th e
central Mississippi and Ohio valleys. On the Paolflo Coast the ou tlook
is less favorable, esoeelally In C alifornia.
Sp r in g W h e a t .—V ery little se> ding o f spring w heat could be done
over the northern portion o f the spring-w heat region during the past
week. The reports Indicate that no serious damage has been done to
early-sown over the sou hern portion . On the North Paolflo Coast th e
crop Is now In nee 1 o f rain.
O ats .—Oats sustained m ore or less Injury from cold in the States o f
the Missouri Valley, and slow grow th I s generally reported la the
oentrsl Mississippi and Ohio valleys. D ecreased acreage Is reported
from Illinois and Indiana and n n e' en stands in Ohio. Where unfin­
ished, seeding Is progressing slow ly.

Tne movement o f breadstnffs to market as Indicated in tb©
ttatements below is prepared by ns from figures collected
• the New York Produoe Exchange. The reoelpte at
jy
Vestern lake and river ports for the week ending May 2
nd since Aag, 1, for eaob of the last three years have been:
deeeivts at—

Wheat.

F lo w .

Oorn.

Barley.

Oats.

Rye.

B b h .l9 6 H > s Bush.00 lbs B u s k . 56 lbs Bush. 32 lbs B u s k . 48 lbs JBii.56 lb$.
ftH iaffO .,
114 .55 2
4 90 560
1,419 2 50
7 1 3 ,78 2
2 3 5 ,02 0
138 .80 0
5 8,440
1 2,350
1 0 1 .20 0
5 0,7 60
n iw a a k a e
142 ,50 0
1 0,800
106 ,06 2
3 2,724
» ln tk .. ..
7 3,4 00
790
4 7 95
..........
38.010
057 .15 0
107,640
8 ,7 4 0
H n n a s p o lU .
8 3 .9 0 0
1,500
3,3 0 0
88.000
0 4 .0 50
o ia d o ...
I f 9,0 0 0

.

.

• t r o lt . . .

4,1 0 0

80,801

a v a ia n d

15 218

3 1,057

52,8 01
102.018

101 289

2 7 FLO

211,021

883 ,12 0

219.610

11.0 00

1 ,8 0 0

9,426

12.400

3 3.000

2 9,700

4 0 00

4 9 2 ,00 0

2 7 9 ,20 0

1 05,' 00
100 .80 0

296355

2 .1 7 3.84 0

2 ,1 2 3 820

2 .6 8 7,09 0

4 2 7 .1 s i

1 ,7 7 0 663

1,997 074

4 12 936

2 ,6 5 5 ,8 8 0

2 ,9 9 9 361

2 ,0 9 2 064
3 .2 7 2 ,i>95

'*

L ou t* ...

• o n e ........
« « • » « C it y
3 t .w k .lP n 8

am#

w k . OS

’• a « w k .'O l
N<*ac# A uo. 1 .
IS 0 2 -0 S ............

ISO -02...,.
*
1000-01.

7 0,127

1 5.8 01 570 219.02 9 .0 3 1 124,19 5 ,0 0 6 1 51.800,242
1 0 ,4 41 ,2 5 8 2 0 1 4 4 3 983 100 904 .05 2 1 1 0 ,26 0 328

... .

...........
4 5 4 .48 2
863 ,16 0

178 2 35

267 ,91 9

1 0 1 .4 5 8

4P .7 0 0.98 3

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

8 8 .3 7 3 .9 4 3

4 3.701

Oats for future delivery have been quiet and prices have
1 5 ,4 2 ’- 240 1 91,800,005 It 4 ,8 0 7 .0 1 0 1 34 ,00 3 .9 2 6 3 7 ,4 :0 090 8 ,4 6 8.00 1
been irregular. Some deliveries show a slight improvement
Tne receipts jl flour *n<. giaiL at he aeano»r
tu n
for the week, while others show a slight decline. Tne spot tne week ended May 2, 1908 follow
month was higher on scattered buying by shorts to cover
J f * #.
(1 «
n it
> c («
>!*• a
h. p
♦
L i
a tt u th
contracts. July showed a slight decline, but the more dis­ N i * f o r k ..............
06 3 8 6
7 5 0 ,75 0
5 3 7 ,00 0
5 2.8 75
139.307
7 2 7 050
tant months were steadier on unsatisfactory crop news. Lo­ 8 n o n .......... . . .
1,430
177,174
130 ,24 9
320 4 '0
1,0' 0
0 0 .0 50
10,0 12
1 1 4 ,19 0
12,031
f),HA5
cally the spot market was quiet but steady. To-day the VI l a t r s u l ................ ,
....
75 721
1 * 9 .6 7 9
8C0
105 487
81 408
P ' i l a J a l p a '. s .
market was firmer but quiet.
115 810
....
47,3 54
1 7 9 -9
618 3 i 7
B .-t it lm o r * ........ .
...............
.............
38.072
10 074
3 * 980
8 ,7 2 0
te h n io o p .
oauli o losing p&ioaa o r oats m N E W Y O R K ..
2 3 1 ,38 5
1C8 0t 0
312 400
12.237
aw O r l « a n t , * „ .
NO. % m ix e d in e l e v .........
Vo. 2 w h ite in e l e v .........

DAILY

gat.
88

M on.

33

T ue*.

38

Wed.
38
40%

Tnurt.
38
40%

F ri.

40%
40%
40%
0LO8IBO PRIORS OP NO. 2 M IX E D OATS IN C H I C A G O •

May delivery in elev__
J u l y delivery In elev....
Sept, delivery In elev....

gat.

M on,

I u e i.

Wr.o,

33%
32%

33%

33%

31%
29%

31%
29%

34%
31%

th u rs
34%
31%

29%

29%

29%

Pr\

m u t t o n ...
r tla n d . H a
M o b i l e ....................
'* ' o b n , N B . . .

P

514
8 ,8 0 7

35%
32%
29%

102>13
5 o ,3 » 7

65 216

38

40%

week,.

T ota ,
1 9 0 8 .. ..

tfaak

.

3 0 3 .1 8 4

62< ,600
0 1 ,7 0 8

2 1 8 ,06 0

8 3,202
108,000

2 5 /0 0

2 ,1 2 2 ,2 7 2
8 2 6 1 ,41 4

880
....
6 7,472

2 .4 1 3 .8 4 0 1 .800.057
3 6 0 .74 2 1,1 4 8,91 9

1,3 0 7
•* . .
..............

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

0 7 .0 9 4 1 1 4 ,10 0
1 6,770 144 5 08

[VOL. LXXVI.

THE CHRONICLE.

1014

Total receipts at ports from Jan. 1 to May 2 compare ae goods division has also been quiet, but the general tone is
steady. New lines of carpets are being opened for fall and
follows for four years:
1901.
1900.
1908.
B ectiyt o f—
prices, to be named next week, are expected to show a general
1903.
7,312.172
0,908,3S9
7,480,750
flo u r — .. ... ... ..
advance.
22 816,158
85,840 860
29.167,140
W h e a t ...................
Domestic Cotton G oods,—The exports o f cotton goods
63 777,953
00,688 659
7,159,245
C o r n ....................... .
from this port for the week ending May 4 were 7,078
22.128,347
38,708.830
28.113.995
■'
18.787,563
O a t s ......................... . . . .
6,415,899
2.188.168
1,305,604
•
•
1.836.025
B a r l e y ................... ____
packages, valued at $321,585, their destination being to the
018.976
958,869
716,408
B y e ..........................
points specified in the tables b e lo w :
T o t a l s tr a ta .. . . . .

"

98,547,894

52.138,738

114,887,331

127,751,£51

W heat,
B s p e r t * from - bush.
N e w Y o r k ........ 750,791
B o l t o n ...............
32,125
P o r tla n d , M e .
0 1 .7 0 3
P h ila d e lp h ia ..
24,000
B a l t i m o r e .....................
N e w O r l e a n * , . 432,108
V r v r f n l k ...............................
M o b i l e - .........................
« t . J o h n .N .B .
82.2«2
Quebec,
108,000

C orn,
bush.

fl o u r ,
bbls,

O atl,
bush.

bush.

Feas,

103,978
29,301
514
£9,890
68,«e6
89,702

107,628
2,200
S20

88,206

6,725

81,085

8,585

’ " 0 ,3 0 7

■ '" o d o
96

'0 7 ,1 4 8

1902.
ffreefc. S in c e fa n . 1

Ma t 4.

to

.Sari**

b'tsh-

335,333
628,519
218,050
111,132
405,816
44.417
50,347
102,918

Ne w Y o b k

1903.
Week. U n c c f a n . l

The exports from the several seaboard ports for the weeM
ending May 2, 1908, are shown in the annexed statement:

85,210
'338
1,860
8,307

163,713
89,030

25.7C0

T o t a l week.. 1,023,047 1,935 732
92.399
S a m e t l m e ’ 0 2 ..2,775,090

h»l$h

57,478

305,966
337,807

B ye,

..............
153 348
73,449

15.310
6,070

Great B r it a in ..^ ..
___
15
Other K uropean .
......
89
China— „.
..........
200
99
In d ia .. . . . . . . . . . . . . . . . . .
Arabia______________
3,600
A frica ..,....... ............. .............
926
829
West In d ies............ ,....... . . . . .
M exico............ . ............ ..
59
220
Central A m erica.______ ....
sou th A m erica______
787
331
O th erG on ntrles.__ _. . . . ___

916
526
96,357
5,484
14,870
3,818
11,562
1.C04
3.728
22,700
3,840

20
26
3,221
76
115
499
15
78
661
125

920
583
46,998
7,954
7,259
3,830
9,158
929
2,731
17,435
4,399

7,078

164,805

4,836

102,198

27.3 42
11,170

T o ta l______—_____ ___ _

The destination of these exports for the week and sines
July 1,1903, is as below:

The value o f these New York exports since Jan. 1 to date
has been $6,820,636 in 1903, against $4,675,644 in 1902,
The market for heavy brown sheetings and drills has ruled
slow this week. Jobbers and converters have placed small
U n it e d K i n g d o m 108,103 8,724,908
683,794 50,309,291 1,098,816 29.078,067
orders only, and the export trade is still inactive. The bulk
C o n t in e n t ............. 103.864
2.382,059 1,039,253 *3,087,758
745,758 29,114,373
of Contracts placed for China in December and January has
S , a O, A m e r i c a ,
20,680
83L.97S
19,o47
28,100
139,878
W i l t I n d i e * ........
33,390
1,007,750
250
21,818
678.210
been worked off and goods are accumulating in some hands.
B r .N .A m . C o l o ’ l
325
168,278
..............
1,000
822,706
In such instances the tone is easy and prices somewhat irreg­
O U S T o o n n tr le *
83.1C6
834,418
1,098,784
41,213
891341
ular. Bleached muslins are firm in medium and fine grades,
T o t a l ................... 868.800 18,979,889
1,023,047 101,077,530 1,935.733 00,125.228
but some of the low qualities tend in favor of buyers. The
T o t a l 1 9 6 1 - 0 2 ..., 887,807 12,041,S 3j
2,776.090 110,704,218
92,399 24,872.882
The visible supply of grain, comprising the stocks to demand is quiet. There is no change to note in wide sheet­
granary at the principal points of accumulation at lake and ings, sheets or pillow cases. Denims continue soarce, some
important mills manufacturing on orders only. Prices are
seaboard ports, May 2,1908, was as follows:
firm. Ticks, plaids and other coarse, colored cottons are
Wheat,
0 *rn ,
0 < tl,
B s r i« t
firm, with a quiet demand. Dacks selling in limited quan­
bush.
bush.
h i i i r u i bush.
bush,
bush.
N e w Y o r k ...................
748,000
039,000
59,090
73,000
tities and are barely steady. Kid-finished cambrics are dull
Do
a f l o a t . . . .__
and occasionally j| c. lower. In staple prints a moderate
■ O ltO O . .....................
189,000
212,000
18,009
31,000
253, ulO
P h i l a d e l p h i a ............. » .
l o r .o o o
3,000
-*•••« 1
business is doing at steady prices. Stocks continue light.
173,000
B a l t i m o r e ....................
559,000
150,000
42.00U
Fancy calicoes show no change this week. The production
170,000
N ew O r l e a n * ..,...» »
795,000
9 a i T e * t o n ................ . . . 1.039,000
- - - - »»
of these in fall lines is unusually small. Fine wash fabrics
057,000
M o n t r e a l ........... . . » —
194,000
282,000
5,000
52.000
are dull for both quick delivery and next season. Ginghams
4,000
T o r o n t o . . . .............
240,000
1,135,000
B u f l a l o ..........................
175,000
438.000
continue quite firm. The demand for print cloths is on a
•••*
Do
a f lo a t .. ..
limited scale, but prioes show no change.
821,000
280,100
T o l e d o .......................
12,000
3,000
. .. . . .
Do
a f l o a t .......
F oreign D r y G oods .— Imported woolen and worsted dress
N c t r o l t . . ....................
17,000
21,000
23,000
7.000
Do
a flo a t ....
•. . .
goods have ruled quiet outside of a few high-class specialties,
2,218,000
418,000
C h i c a g o .......................
440,000
8ilks and ribbons have sold to a moderate extent at previous
560, obd
37,000
M i l w a u k e e .................
' 7,000
124.000
prices. There has been no change in the market for linens
or burlaps.
...
f t - W l l l ’m * P t . A r t h u r 3,035,000
>
------------flo u r, ------------, ,---------- Wheat, -----------. ,------------ Corn,------------.
Mxyorts fo r
Week Since July
Week Sinee July
Week Since July
%esek and since M a y s.
1 ,1 9 0 2 .
May 2
1, 1902.
May 2.
1 ,1 9 0 2 .
July 1 to—
bbis,
bble.
bush,
bush.
bush,
bush

h u l u t h ..........................
Do
a flo a t ....
M i n n e a p o l l * ............. . . . I l .6 i 9 . b 6 6
042,^0*
S t . L o u l * ..................... ^
Do
a f l o a t . . . e -e .a
51,000
694 POO
K a m a * C i t y ..............., .
858.000
P e o r i a . ......................... . .
217.000
I n d l a n a p o ll * .................
on M i* * i» » ip p l S l y e r .....................
O n L a k e * ..................... . . . 1,285,000
64,000
O n ea n a l a n d r lr e r . ..
T ota l
T otal
T otal
T otal
T ota l

M a y 8 ,1 9 0 3 . .
A p r £5, 1908.
M a y 8 ,1 9 0 2 . .
M a y 4 ,1 9 0 1 , ,.
M a y 5 ,1 9 0 0 .

83.460.000
36,500,000
88 328,OOP
49 688,COO
49,826,000

1,000
,,, . .
8,000
161,000

014,000

110,000

85,000

Im portations and W arehou se W ith d r a w a ls o l Dry Goods

413 000
121,000

20 O0C
29,000

205,00'
6,000

isB i.ooo
02,000
71,000

83 000
2 33.000
23,000

-- -,,,
40 000
1,008

The importations and warehouse withdrawals of dry goods
at this port for .the week ending May 7, 1903, and since
January 1, 1903, and for the corresponding periods of last
year are as follows:

1,037,000

776.000
212,000

187,000
84,000

800,000

6,459.000
7,784,000
0 ,8 )3 ,0 0 0
18 665,000
18,137,000

8,226,000
6,605,000
2,930,000
12,586,000
7.038.000

1,149.000
i,i» 7 ,o r o
1,611.000
240.000
1,143,000

1,242,000
1,355,00,
993,000
095 000
1,195,000

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

a

DRY

GOODS

TRADE.

Si

i

Sr

i

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p
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H
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w

a
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5,031,019

15,224,849

4,111,334

:

20

1,271,449

964,816

2,009,378

2,086

01
01

W

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5,989,778

i*Hl^©©
OCO ©C
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C
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18,106,729

tom
©tf*>to

996,976

1,300,978

782,695

1,720,8«2

999,187

2,054,662

6,858,384

42,876,918

i

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to if* com •
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48,463,2091

2,898,058

1,555,040

M
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WAREHOUSE WITHDRAWALS THROWN UPON THE MARKET.

49,019

110,019

4,420

6,033

4.194

4,730

124,385

242,789

143.762

Id
©
©

M
-q

2,406,409

150

to to® O'*®C < ®
O
VT-*b<®®
oaeao

C hM
O O
©
© t3 if*
« 0©
0
© ©O
&
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136,369

©
©
I *
F

C
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268,584

©

<
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f-

0
0

b*

<
3
to
m

ODMHW
H
h m© y*oo
*
©CO^©<3

1,706,110

M

tow
m
m<i^3i^©
•^f* O©

mo<;m h
*
©©mtOM

967,076

H
*
M
V
|
©
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C

q
M
m

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1,053,938

s
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a
■
a
s
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M
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4,530

C
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f *
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7,239

©
1

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39,614

©

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• ■ • * •

60,805

k0

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a
a
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8,880,521

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© © ao © m
©©©«►©

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48,463,209

8

M

tO O <**300
C
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C*

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187,994

1,670,911

1,857,180

2,894,887

1,606,116

7,239 1,706,110

2,804 I 356,541

0 ©^
0 ©1

0
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274,725

I omoomc
*
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395,526

M
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10,715 1,491,130

S3© ©M tO
coco tom©

1,221,561

8,650,655

10,043 '2,062,651 1 386,551

if*
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230,916

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48,463,209

M

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274,725

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11,016

0
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121,730

to

i

175

4
-4
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350

0
0

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139

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3,198

O
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IMPORTS ENTERED FOR WAREHOUSE DURING
AME PERIOD .

M

s

»i

A

0

2
z
-2
2 4
0 2
S 0
5 0 2 01 1 p
5
m
Ze

s

! i t

si

1 505,641

There is no sign of any change in the disposition of buyers.
This week’s business in all departments at first hands has
been on a decidedly moderate scale, few orders comiDg for­
ward for other than quick deliveries to meet hand-to-mouth
requirements. The jobbing trade also has been quiet and
aggregate results are below the average for the first week in
May. In the cotton goods division few sellers are making
any determined effort to attract hnyers, bnt in occasional
quarters the tendency towards irregularity is more noticeable.
It is seen chiefly in connection with heavy brown cottons, in
which goods are accumulating in some quarters. The con­
tinued strength of raw material acts as a restraining influ­
ence over sellers, without apparently causing buyers {any
alarm, and to that extent business in cotton goods is held up
by the speculative [cotton market. How far the latter is
affecting the production of goods is indefinite. The reports
coming to hand of mills shutting down are mostly of a vague
character, but there has undoubtedly been some curtailment
up to the present time, with indications of a further reduc­
tion of output in the near future.
* W oolen G oods .— Sellers of
men’s-wear woolens and
worsteds are not able to report any improvement in general
conditions. The demand has not expanded and has again
been mainly confined to small orders to meet immediate re­
quirements on the part of wholesale clothiers, The latter
have now got their sample garments on the road and should
soon be in a position to form an estimate of their future needs
and to come into the market for goods to meet them, Upon
the character of this supplementary demand much depends.
If it is liberal, it may correct present irregularities to a great
extent. Meanwhile a number of manufacturers, particularly
of worsted goods, are allowing their machinery to lie idle and
stocks on hand are being pressed for sale. Taere has been a
quiet demand for overcoatings and cloakings. The dress

Si

4,161
320,998
10,715 1,491,130

N h w Y o b s , F r id a y , P. M „ May 8, 1903.

A

a!

-

S
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May

THE

0, 1903.]

CHRONICLE.

S tats AT'i® C ity JJ ep /W msnt .
Index.
An Index to all the news matter appearing In this Depart­
ment for the period from Jan. 3, 1903, to March 28, 1903, inolnsive. was published in the Chronicle of April 4, 1903,
pages 774, 775 and 776.
MUNICIPAL BOND SALES IN APRIL.
T h a t the total of m unicipal bonds sold during April
reached the large sum of $1 4 ,9 6 2 ,0 7 0 — an aggregate
never

attained

in

the

corresponding

m onth

of

previous years— was due to the fact that the figures
for the m onth were augm ented by nearly

million

dollars of New Y o rk City bonds, of which $ 4 ,7 3 2 ,8 3 9
were sold to the c itj's Sinking Fun d Commission.
W ith the $ 4 ,7 3 2 ,8 3 9 elim inated, the total taken by
the

m arket would be reduced

to $ 1 0 ,2 2 9 ,2 3 1 , and

sinking fund purchases in other cities would still fu r ­
ther reduce the

am ount.

A t $ 1 4 ,9 6 2 ,0 7 0 , the grand

aggregate for A pril compares with $ 9 ,1 6 5 ,0 4 6 put out
in March 1903 and with $ 6 ,7 3 5 ,2 8 3 , the disposals for
A p ril 1902.

T h e average for A p ril of the previous

eleven years is $ 8 ,6 17,231.
Prices for some m onths past have been tending
downwards, as monetary conditions have not
such as to induce active com petition.

been

Close observers

have not been surprised, therefore, that such desirable
securities as Minneapolis 3£s and Indianapolis school
district 3^3, besides numerous other issues, failed to
induce acceptable tenders, and further, that quite a
num ber of offerings did not m eet with even a single
bid.

A s m oney has become easier, this situation, it

may be expected, will soon be changed now.
New Y o r k City on A p ril 9 disposed of 2£ millions
of

corporate

stock

at

being 3 364 per cent.

public

sale,

Buffalo, N . Y . ,

the

basis

on A p ril

11

sold $875,960 31 per cent bonds, of which $850,000
brought only par and interest.
on A p ril

16

offered

Minneapolis, M inn.,

$915,000 3-J
-

per cent bonds,

but sold only $200,000 at a little over par.

North

Carolina was the only

South

D akota

disposed

of

State to sell bonds;

$200,000

one-year

which we do not count in our sales.

warrants,

T h e N orth Car­

olina bonds were taken by Baltim ore houses at 103-692
and interest— a basis of about 3*55^ per cent.
T h e num ber of m unicipalities em ittin g bonds and
the num ber

of

separate issues m ade during

1903 were 160 and 257, respectively.

April

T his contrasts

with 125 and 166 for M arch 1903 and with 145 and
187 for A p ril 1902.
In the follow ing table we give the prices which were
paid for A pril loans to the am ount of
issued by 143 m unicipalities.

$1 4 ,2 4 2 ,5 0 6 ,

T h e aggregate of sales

for which no price has been reported is $719,564, and
the total bond sales for the m onth $14,9 6 2 ,0 7 0 .

In

the case of each loan reference is made to the page of
the Chronicle where a fu ll account of sale is given.
A p b il B o n d
P age.

N a m e.

R a te.

9 8 9 .. A kro n. Ohio (10 la .).. 5
9 3 6 .. A lexandla. 8 . D a k _ 5
9 8 9 .. A lle n Co . O (5 is .) ... 6
8 7 7 .. A lle n to w n , Pa.......... 31*
877.. Appanoose Co., l a ___ 4
9 3 6 .. A rg yle , M in n ............ &i*
8 2 3 .. A rizo n a ...................... 5
9 3 6 .. A von-by-the Sea, N J. 5
1 0 4 6 .. B a rbe rto n . O hio...... 5
9 8 9 .. Barnesville, O hio__ 4 1 *
9 8 9 .. B arnesvllle, O hio.... 4 1
*
936. .B ay C ity . M ich ........... 4
8 2 3 .. Benton Co., In d ....... 6
8 2 3 .. Bond H ill, Onio....... 4
1 0 4 6 .. Boston, M ass............ 8 !$

sales.

M a tu rity.

t l 9 t 3-1923
1903 1S04
U 908-1933
11908-1923
1918
1904-1938
1904 1908
1904-1918
1904-1918
1907-1911
1808-1910
1923

A m o u n t.

P ric e.

$48,400 100-28
10,000 100
5,151 100-24
164,700 101-576
75,000 100
5,600 100
25.0C0 109 484
35,000
1,285 in 00
6,226 301-20
4,930 101-156
49,500 1 0 0 - 1 0 1
27,000 110 038
40,000 102-63
50o,400U100

loo-io

P a ge.

9 3 6 ..

N a m e.

1045
1talc.

B ritto n (8 . Dak.) Soh.
D iet.............................. 5
8 7 8 ..
B uffalo, N. Y .......... 3**
8 7 8 ..
Buffalo, N. Y ......... 30*
936.. B u tle r Co , O h io ........ 4
9 3 6 .. B u tle r Co., O h io ... 4
936. O arlstadt (N. J.) Soh.
D ls t............................... 4
8 7 8 ..
Case f'o. (Neb.) Boh.
D H t. No. 3 2 ............... 5
8 7 8 ..
Chokio (M inn.) Soh.
D ls t............................... 4
9 9 0 ..
College H ill (O ) 8 th.
Dlst. No. I S . .............. 5
9 9 0 ..
C ollins, N. Y .......... 4
1047.. Coll in wood, O h io ....... 4
1 0 4 7 .. Columbus, O. (5 is ) . . 4
9 9 0 ..
Com pton (Cal,) Soh.
D ie t............................... 5
4
9 9 0 ..
Coshocton. O. (2 is .) .. 1 *
8 7 8 ..
Davis (W. Va.) School
D ls t............................... 6
4
8 2 3 .. D ayton (O.) Sell. Diet.
1 0 4 7 .. D elray, M ii h ............ 4
9 9 0 .. D yerebnrg, T e n n .. 5
9 9 0 .. E ast Orauge. N. J _ 3**
879. .E dg erto n (M inn.) Soh.
D ls t............ ................. 4
8 7 9 ..
E tow ah Co . A la ... 4
879.. F airha ven l Wash.) Sob.
D lst. No. 4 ................... 3%
8 2 3 .. F o rt Dodge, Io w a _ 4
1 0 4 7 .. F ra n k lin Co. (W ash)
8 eh. Diet. No. 4 ..........
6
1 0 4 7 .. F ra n k lin Co. (Wash.)
Seh D ls t. No. 9 .......... 6
8 2 4 ..
Freeport, O hio....... 6
9 3 7 ..
F rem ont, O hio....... 4
9 3 7 ..
F rem ont. O hio....... 4
9 9 0 ..
G allon, O hio.......... 40e
*
9 9 0 ..
G allon, O h io .. ....... 4 1
8 7 9 ..
Geary, 061a............ 6
9 9 0 ..
G lenv)lle, Ohio...... 5
9 9 0 .. G le n v llle , Ohio...... 5
7 7 1 ..
G lo versvllle . N. Y . 402
8 2 4 ..
G reenville, O h io ... 5
9 9 1 ..
Grenada, M iss....... 5
1047.. Gun Plains T w p., M ich 409
8 2 4 ..
H am blen Co., T e n n ...
5
8 7 9 ..
H a rtfo rd (Conn.), 8 0 .
Soh. D ls t...................... 3A«
879 .H e n ry Oo.. O (5 1e.).. 4
991 .H oboken, N. J ............ 4
1 04 7.. H o lly Beach, N. J ... 5
9 9 1 ..
H yde Park. Mass... 4
8 7 9 ..
H yde P a rk, O h io ... 5
8 7 9 ..
H yde P a rk, O hio... 4
991 H yde P a rk, O hio......... 4
9 3 7 ..
1 .le t. N. Y ............... 5
3
9 9 1 ..
1.dia na po lis, I n d . . . . . 19
1 04 8.. Jackson Co., O hio_ 4
9 9 1 ..
Jefferson Co.. O h io ...
5
7 7 2 ..
Jersey C ity , N. J ... 4
937.. Johnstow n, O hio......... 40*
824.. Jonesboro (Ind.) Soh.
D ls t............................... 4ia
8 2 4 ..
Kansas C ity , M o ... 7
937. K in g Co. (Wash.) Soh.
D lst. No. 3 ................... 40*
8 7 9 ..
K n o x Co., In d ........ 6
9 3 7 ..
K dox Co., Ohio.... . 5
104 8.. L a Granee, G a......... 4
9 3 7 ..
Leonard (Texas) Soh.
D ls t.............................. 4
9 3 7 ..
L e x in g to n (K y.) Soh.
D ls t............................... 4
8 7 9 ..
L itc h v ille <N. D.) Soh.
D lst. No. 52................. 4
9 3 8 .. L o u is v ille , K y ....... 30*
9 9 1 ..
L y n n , Mass............. 30*
9 9 1 ..
L y n n , Mass............. 30*
8 8 0 ..
McComb, M iss...... 5 i*
1 0 4 8 .. M cG regor, T exa s.... 4
8 2 4 ..
M adison, M iu n ....... 5
9 3 8 ..
M anchester, Io w a _ 40*
9 3 8 ..
M anchester, Iow a- 4 i* f i
8 2 4 ..
M ansfield (Ohio) 8 oh.
D ie t............................... 4
9 9 1 ..
M a rtin s F e rry (Ohio)
Sch. D ls t...................... 5
*
8 8 0 ..
M assillon, O hio..... 4 1
5 2 4 ..
M a y v llle , M lob....... 5
9 3 8 .. M Ulvale. Pa. (2 i s ) . . .4
8 8 0 ..
M inneapolis. M in n _ 30*
9 3 8 ..
Modesto (Cal.) Ir r ig a ­
tio n D ie t...................... 6
9 9 2 ..
Monroe, L a .............
9 9 2 ..
M o n ta n a ............. ... 3
9 9 2 ..
M t. Y e rn o n .N . Y ... 4
9 9 2 ..
New H aven, C onn_ 3 i*
9 9 2 ..
New H aven, Conn_ 8 0
*
992.. New H aven, C onn___ 3o*
880. New Rochelle, N. Y .. 4
4
8 8 0 ..
New Rochelle, N. Y ..
8 2 5 ..
New Y o rk C ity (3 Is.).
1048.. New Y o rk C lty (311s )3
9 9 2 ..
N o rfo lk , Y a ........... 4
9 6 2 ..
N o rth C arolina...... 4
9 3 8 ..
N o rw a lk , O hio....... 5
9 3 8 ..
N orw alk, Ohio....... 5
8 2 5 ..
N orw ich , N. Y ....... 4
9 3 8 ..
0 .eanside, C al...... 5
9 3 8 ..
0.eanside, C al....... 5
9 3 8 ..
0 .a n g e Co.. Texas_ 30*
9 9 2 ..
0 .r v llle , Ohio........ 5
9 9 8 ..
Parsons (Kan,) Seh.
D ist............................... 40*
8 2 5 ..
Paterson, N. J ...... 4
8 2 5 ..
Paterson, N. J ....... 4
9 3 8 ..
Petersburg, Y a ...... 4
8 8 0 ..
P itts b u rg h (Pa.). L in ­
coln Sub. Soh. D ls t... 4
1 0 4 9 .. P la in C ity , O h io ..... 5
lO »9..P .'ain C ity. O h io ......... 5
8 8 1 ..
P ortland, O re........ 4
8 9 1 ..
P u la ski Co., I n d ... 6
9 3 8 ..
Kamsey Co., M in n _ 31*
9 9 3 ..
Ramsey Co . M in n ... 4
8 2 6 .. Rteh H ill, Mo......... 4
3
8 8 1 ..
R ichm ond, Ya. (2 is.). o*

M a tu r ity.

11918-1923
1904-1913
1923
1917
1918

A m o u n t.

P ric e .

*5.000
8 10,000
)
25,960
20,000
20,000

102-05
100
102 18
103-72
103-95

1933

15,000

102-50

1905-1913

11,000

100

7,000

100

1904-1933
1901-1918
1928
1904-1923
1904-1913
1905
1913
1933
1933

15,000 103-50
15,000 100-69
15,000 100-35
126,000 H100
15,000
5,500

104-843
100

15,000 100
15.000 100
75.000 100
33,000 104
350,000 100

1908-1914
1913

4,000
10,000

100
8612

t l9 1 3-1923
t 1913-1923

35,000
25,000

100
101*10

2,500

101*60

750
4,OCO
1 0 ,01.0
10,000
7,500
2,400
43,000
45,000
60,000
4,600
3,000
55,000
20,000
50,000

100
104-35
100-03
100*05
1102 083
UOO'541
100
104-79
101-485
101-27
102-10
100
101
106-01

200,000
52,000
36,000
9,000
40,000
13,218
4,500
2 ,f 00
10,000
100,000
50,000
22,000
25,000
12,000

100
100
100
105
102-179
100-34

104-463
100-24
100-30
103-19
100-55
102-333

1917

13,000
80,378

100
100-75

U913-1923
1904-1908
1904-1911
1909-1913

8,000
4,500
40,000
20,000

101-01
103-55
104-25
100-50

1908-1915
1901-1913
1933
1912
1903-i912
1904-1908
1904-1908
1904-1917
1952
1908
1918
1904-1913
1905-1913
1933
1923
1904-1913
1933
1927-1929
1904-1911
1933

loo-ent
102186

1,700
1933

100

75,000

102-57

1943
1913
1913
U 908-1923
11913-1933
1913
H918-1923
11908-1918

3,250
197,000
30,000
55.000
25.000
6,500
10,000
20,000
3.500

100
1 01 09
; 100-16
|
UOO
100
101-55
100
100

1905-1914

40,000

100-70

1904-1946
19041910
1908-1912
1904-1933
1933

60,000
26,000
5,000
75,000
200,000

101-695
101-29
103-10
100-59
100037

1923

149,000
60,000
25,000
40 000
20,000)
50,000

100
103
100
100’17

U 913-1923
1906
1905-1924
1907-1922
1922
1S08-1932
1905-1927
1952
1952
1933
1913
1904-1907
1903-1907

100-63
io,oco! 100-08
94,000

1904-1913

69,O j O
2,500 000
4,732,839
21.000
300,000
8,000
5,0C 0
£9,130
15,000
10,000
33,500
5,000

1904-1911
1923
1928
1943

36,825
25,000
40,000
190,000

1904-1943
1904-1923

1933
1928
1923
1904-1908
1915

100-072
103-28
100
102 25
103-592
101-31
10087
103 03
1C4 103
101-53
100
104-508

100
104
103-50
103-59

100,000 104
6,000 103-333
15,000 103-173
56,500 101-65
7,354 104-42
40,000
96-25
120,000 100
55,000 100
60,000

moo

THE CHRONICLE

1046
Page.

Name.

Rate.

M a tu rity .

8 3 9 ..

5 . o C it y ( I o w a ) S c h .
D i s k . .................................. 4 ifl
8 8 1 . . 5 . g i n a w . M i c h .......... 3»a
9 9 3 . . 5111.m, M a s s ................ 3 1*
*
9 9 3 . . 5 . l e m , M a s s ................ 3 1
8 2 6 . . 5 . l e m , O h io (4 K ) . . „ . 5
8 2 6 ..S a l e m , O h io (2 Is ) ___
5
9 3 9 . . 5 . l e m , O h io (3 Is ) _ 5
9 9 3 .. 5 .o B u en a V en tu ra ,
C a l. (5 i s s u e s ) ............... 5
9 9 3 . . 5 . n J u a n C o . (W a s h .)
8 o h . D ie t . N o . 6 ............ 33*
9 9 4 . . 5 . l m a , A l a .................. 4
9 3 9 . . 8 0 1 . e y , N . Y ................ 4 i*
9 9 4 ..
5 0 . O m a h a , N e b .(2 is .) 6
1 0 * 9 . .S o u t h S h a r o n (O h io )
S e h D i - t ..................
4 1"
9 3 9 . . 5 .r l D g l i e l d . O h i o ...... 4
9 3 9 . . 5 .r a f b u r g . O h i o ........
5
8 8 2 . . 5 . m m i t , N . J ............ 4
8 2 7 . . T a u n t o n , M a e s ...... ..
3 i*
8 2 7 . . T a u n t o n , M a e s .......... 31*
9 4 0 . .T i p t o n C o ., I n d .............
5
1 0 5 0 . . T r o y , O h i o ................... 5
1 0 5 0 . . T r o y , O h i o .................. 5
9 9 5 . . W a r r e n C o ., O h io .... 5
8 8 3 . . W a y n e s b u r g , P a ...... 4
9 4 0 . . W e l ls C o ., I n d ...................
9 9 5 . . W e l ls C o .. I n d ............ 6
9 9 5 . . W e s t o n , O h i o ............ 4 **
9 9 5 . . W e s t o n , O h io ............. 5
8 8 3 . . W h it e S p r in g s , F l a . . . 6
9 9 5 . . W i l b a r g e r C o . T e x . . . S i*
8 8 3 . . W i n c h e s t e r . M a s s ... 3 * 3
9 9 5 . . W o o d C o ., O h i o ............. 5
8 8 3 ..
W y o m i n g , O h i o ........ 4
8 8 8. . Y a k i m a C o. (W a s h )
S c h . D i s t . N o . 6 2 ......... 3 %
9 9 5 . . Y o n k e r s , N. Y .......... 4
8 8 3 . . Y o u n g s t o w n , O . (4 is .) 5

A m o u n t.

P r ic e .

tl908-1923
11906-1933
1908-1932
1933
1908 1911
1908-1918
1928
1923
1912

$20,000
10.000
20 000
9,0<>0
32,250
5.250
56,500

10075
10005
100
100
103-75
102
103-63

25,000

U908-1913
1923
1904 1913
1904-3 906
1904 1913
1904-1908
1904-1913

102-972

2,700 100
25,000 100
50,000 100
3,250 100

1904 1916
1904 1908
1933

30,500 UOL
20,000 100-475
10,000 100-25
37,000 101083
10,000) 1100-653
8,000 j
15,000 101-066
20,000 107-75
23,000 103-70
12,000 101-571
40.000 100 25
3,500 104 762
3,500 104 762
13,500 100-407
850 100 588
5,000 1100 20
27,000 100-37
52,000 100 08
100.000 100147
3,000 101-666

♦1911-1918
1905
1904 1908

1,000 100
5,000 100 85
18,110 102-43

1904-1906
1904 1932
1905-1908
1904-1911
1904-1907
1913

Total (143 municipalities, covering 228
separate issues)........................................
$14,242,506
Aggregate of sales for whioh no price has
been reported (17 municipalities, cover­
ing 29 separate issues).................................
719,564
Total bond sales for April 1903............. ($14,962,070
* Average of dates o f maturity, t Subject to call in and after the
earlier year and mature in the later year. (N o t including $824,000
o f temporary loans reported and which do not belong in the list;
•Iso does not lnolude Canadian loans, nor does it inolude the Philpplne Islands loan. fi Taken by sinking fund as an investment,
f And other considerations.

Ia addition to the above bonds of municipal cor­
porations we have recorded daring the month of April
the following sales by municipalities outside the
United States.
B onds

P a g e.

of

N a m e.

9 8 8 ..Philippine Islands... . . .
B o n d s So l d

by

8 8 0 ..North Toronto, Ont. . . .
8 8 0 ..North Toronto. Ont. . . .
8 8 0 ..North Toronto, Ont. . . .
827..8trathroy, Ont.........
9 9 5 ..Westmotint, Ont...... . . .

A m e r ic a n P o s e s s s io n s .

R a te ,

4

M a tu r ity .

1904

A m o u n t.

$3,000,000

P r ic e

102 513

C a n a d ia n M u n ic ip a l it ie s .

41*
4
41*
3i*

1904-1933
1904-1923
1904-1913
1904-1933
1943

2,635 100
3,345
95
965 100
50,000
97-23
100,000
95

T otal..................................................................... ...$156,945
REVISED TOTALS FOR PREVIOUS MONTHS.

The following items included in our totals for
previous months should be eliminated from the same,
as the sales have not been carried to completion. We
give in each case the page number of the issue of our
paper in which the reason for the failure to consum­
mate the sale may be found.
Page.
Name o f Municipality.
Amount.
9 3 6 .. Cambridge, Ohio (March list).............................................
$8,000
€ 2 3 ..Fort Dodge, Iowa (February list)......................................
25,000
8 2 4 .. Martins Ferry (O ) Soh. Diet. (February list).............
60,000
9 9 2 .. Memphis, Tenn. (January list)......................................*1,250,000
8 8 8 .. Milwaukee, Wls. (February list)..................................... 210,000
* The reduction in January oaused by the Memphis bonds is offset by
Boston. Mass., bonds issued to its own sinking funds and not here­
tofore included.

We have also learned of the following additional
sales for the month of March.
A

P a ge.

8 2 3 ..

N a m e.

d d it io n a l

M arch B ond Sa l e s.

R a te.

Dover and Foxorolt
Water Diet., Me........ 3i*
9 9 0 .. Grant City (Mo.) Soh.
Diet.............................. 5
8 2 5 .. Pomeroy, W ash....... 3%
826.. Saratoga, Wyo.............. 6
8H2..Sioux City, Iow a.......... 4>s
82 7.. Wapakoneta, Ohio....... 4*s
827.. Wapakoneta, Ohio....... 5

M a tu r ity .

1913-1933
U903-1923
1913-1918
fl9 1 3 -l9 3 8
1918
1908-1917
1903-1908

A m o u n t.

$140,000
25,000
19,000
20,000
204,500
10,000
7,650

Total additional sales for March......................$426,150

P r ic e .

98-25
103652
100
J102-005
100-44
100 25
100

These additional issues (after deducting $8,000
Cambridge, Ohio, bonds refused by the firm to which
they were awarded) will make the total sales (not In­
cluding the temporary loans) for March 1903 $9,165,046.

[V ol. LXXYI,

N ew s

Items.

A rka nsa s.—L e g :s la t u r e A d j o u r n s . —The S ate L egislature
adjourned A p ril 30.
La Crosse, W is .— B i ll V e to e d b y G o v e r n o r .— See W isconsin
below.
New Y ork C ity .— W a t e r D e b t O u ts id e L im it.—One of the
Acts of the State L eg isla tu re p rio r to ad j ju rn m a n t was the
passage of a concurrent resolution proposii g an amendment
to Section 10 of A rtic le 8 of the C on stitu tion (re la tin g to the
debt lim it of counties, c itie s towns and villages) by except­
in g from the 10-per-cent lim it of indebtedness a ll debts in ­
curred by the c ity o f N ew Y o rk a fte r Jan, 1, 1904, to pro­
vide fo r the supply of w a te r. T his section of the C on stitu ­
tion is given in l u ll as i t now stands on pages 89 and 40 o f
our State and Cit y Supplement fo r A p r il, 1903. The par­
agraph marked fl w ill read as fo llo w s a fte r the proposed
amendment is incorporated, the proposed change being in ­
dicated by means of fu ll-fa ced brackets £ J
(6) All certificates of indebtedness or revenue bonds issued in an­
ticipation of the collection of taxes, which are not retired within five
years after their date of issue, and bonds issued to provide for the supply
of water, and any debt hereafter incurred by any portion or part of a
city, if there shall be any such debt, shall be included in ascertaining
the power of the city to become otherwise indebted.; n^Acept that
debts incurred by the olty of New York after the first day of January,
1904, to provide for the s apply of water shall not be so Included. J

T his resolution, haviDg passed the Legislature in 1901, w ill
be subm itted to the voters a t the general election to be held
in 1905,
New Y o rk S tate.—H a n f o r d S a v i n g s B a n k B i l l S ig n e d .—
The G overnor on May 6 signed the H a n fo rd b ill amending
the savings bank investm ent law . This b ill, as already
stated, amends Subdivision 4, Section 116, of the banking la w
by a d d in g ‘ -interest-bearing o b lig a tio n s ” of any “ to w n o r
village ” o f th is State to the permissible investments;
“ stocks or bonds” of such to w n or villa g e are a lrta d y on
the permissible list.
O h io .- C u r a t i v e L a w D e c i s i o n D o e s N o t A p p l y to B o n d s .—
A ccording to the C incinn ati “ Com m ercial T rib u n e ,” A tto r ­
ney-General Sheets gave out an in fo rm a l opinion recently
In w h ich he holds th a t the recent decision of the Cine n n a ti
Superior C ourt, fin ding the cu ra tive clause of the code u n ­
constitu tion a l, does n o t apply to bonds issued by cities, b u t
m erely to the fifty -y e a r franchise A ct.
This opinion of the Attorney-G eneral was b ro u g h t fo rth
by a rum o r th a t the decision rendered by the Superior
C ourt w ou ld affect m unicipal bonds. W e referred to th is
decision in our R ailroad D epartm ent on page 971 of the
C h r o n i c l e M ay 2 under the head of C in c in n a ti (Ohio) T ra c ­
tio n Co.
Texas.—L e g is la t u r e A d j o u r n s . —The e xtra seesion o f the
State Legislature w h ic h convened on A p r il 2 adjourned M ay
1, a fte r passing the general appro priatio n b ill fo r the tw o
ensuing fiscal years. A b ill p ro v id in g fo r the re fu n d in g o f
$288,000 State bonds m a tu rin g M arch 4, 1904, also passed the
Legislature and was signed by the G overnor on A p r il 30.

Sond Proposals and N e g o tia tio n s

week have been as follows :

this

A fto n (Io w a ) School D is tr ic t.—R id * R e je c t e d .— A ll bids
received by this d is tric t up to May 1 fo r the $5,000 5% 5-10year (optional) school-building bonds described in the C h r o n ­
i c l e A p r il 11 have been rejected.
Alam ance C ounty (P . 0 . B u r lin g to n ) , N. C.— B o n d S a le.
—On May 4 the $50,000 5£ 30-year bonds described in V . 76,
p. 877, were awarded to N . W . H a rris & Co., New Y o rk , at
104 72. F o llo w in g are the bids :
N. W . H a rris & C o., N . Y ...... *62,S60 00 Chas. H . Coffin, C h ic a g o ....... $51,60100
F ed er. H oizm an A C o.. Cln..*62,6C0 00 D en ison, P rior A Co., Cleve­
la n d & B o s t o n ........................ 51.465 00
C. A . W e b b & C o ....................... 62.116 00
S tod d ard , M eyer & C o ............ 62.060 00 L am precbt B ros. C o.. Cleve.. 51,287 00
l M acD onald, M c C o y * Co.. Cht. 61,800 00
F . M. Stafford & C o., C hatta­
Co.,
nooga
............................... 51,766 00 R o b in so n - H u m p h re y
A tla n ta
.......... ................. 61,185 00
J D. M urphy & C o .................. 51.700 00
H easongood A M ayer, C i n ... . 61.070 00 E. H . R ollin s & Sons. Boat . 51.076 00
J n o . N u v e e n & C o., C h ica go.. 61,650 00 I E. D. S hepard * C o.. N. Y . . . . 61.000 00
Duke M. F arson & Co.. C h ic .. 60,276 00
* B id sent In b y teleg ra p h w ith o u t ce rtifie d ch e ck and w as re je cte d .

Bonds are issued to pay off the outstanding debts o f the
county in cu rre d fo r necessary expenses. Tney are dated
May 1, 1903.
A m ity (T o w n ), A lle g a n y C ounty, N. Y . - B o n d S a l e .— T his
to w n has sold an issue o f bridge bonds to the State.
B a ld w in T o w n sh ip School D is tric t, A legheny C ounty,
P a.— B o n d s N o t S o l d .— The $60 000 4# school bonds e fftre d
fo r sale on A p r il 15 were not sold. F o r description o f bonds
see V 76, p. 716.
B a rb e rto n , O hio.—B o n d S a l e .— The T h ird Street and the
Creedmoor Avenue sewer bonds w h ic h we stated in the
C h r o n i c l e A p ril 11 had been taken b y the sinking fu n d at
par aggrrgate $1,285 20, being fo u r bonds of $250 each
a n d one fo r $285 20.
Date, A p r il 1, lfiO S .glnterest five
per cent, payable sem i-annually. M a tu rity ,
one bond
yearly.
B e lle fo n ta in e (O h io ) School D is tr ic t.—B o n d O ffe r in g .—
Proposals w ill be received u n til 2 p . m .. May 16, at the office
of W est & West in Bellefontaine, fo r $4,000
coupon re­
fu n d in g bonds. Denom ination, $500. Date, May 15, 1903.
Interest annually on J u ly 1 at the offise o f the C ity Treas­
u re r. M a tu rity , $1,000 yearly on J u ly 1 fro m 1904 to 1907,
inclusive. A u th o rity , Section 2834, Revised Statutes of Ohio.

May 9, 1903. J

THE CHRONICLE.

1047

and attorney's lees, made by Seasongood < Mayer, Cincin­
fe
nati, The Board postponed action c n the bid, but it is lik e ly ,
B irnuniw ood, W la .— A c t io n c n B id s P o s t p o n e d — W e are we are advised, th a t i t w ill be rejected.
F lin t, M ich.— B o n d O ffe r in g . - Proposals w ill be received
advleed ih a t action on the bids received A p ril 28 fo r the
$5,000 15-year water bonds has been postponed u n til M ay 12. u n til May 18 by D. E. Newcombe, C ity Clerk, for $33,000 47
funding bonds. Denom iuation, $500. Date, March 2, 1903.
F or description <f bonds see V. 76, p. 823.
4
B loom field (Io w a ) School D is tric t.—B o n d S a le .— This M a tu rity , $8,000 yearly on March 1 from 19f> to 1912, inclus­
ive, and $10,000 on March 1, 1913, Certified check for 27
district has sold an issue of school-house bonds.
Boston, Mass.— B o n d S a les .—Since the first of January the required w ith bids. Of the above issue, $33,6:6 74 is on ac­
fo llo w in g bonds, aggregating $1,750,4C0, have been taken by count of water, $49,090 48 account of electric lig h t, $18,391 09
account of streets and $901 69 account of sewers.
|
local funds at par :
F oster T ow nship (P . O. Sawyer C ity, Pa.,) School D is­
B y th e B o a r d o f C o m m is s io n e r t ’ o f S i n k i n g f u n d s .
t r ic t . —B o n d S a le.— On May 2 an issue of $2,000 0# 4-5 year
1800.000 3!<SX 4 0-year Sapid Transit bonds, dated Jan. X, 1903.
6,' 00
30 year C harlestown Street bonds dated Jan 1, 1903.
(serial) school bonds, dated May 1, 1908, were awarded to
2fi,00n 3 k * 80-year B righton Park bonds, dated Jan. 1, 1903.
James Nugent of Sawyer C ity at 102’50.
60.' 00 3t$!t 21 -year m unicipal bonds, dated Jan. 1. 1901.
Xi ,000 8 ti» 2('-y ar bath house bonds, dated Jan. 1, 1903.
F ra n k lin County (W ash.) School D is tric t No. 4. — B o n d
80.000 8V4% 20-year public park bonds, dated Jan. 1. 1903,
26,00'
20 year playground bonds, dated Jan. 1. 1903.
S a le .— On A p ril 27 $2,500 bonds of this d is tric t were awarded
M.000
20-year m unicipal bonds, dated Jan. 1, 1 < 3.
W
to the F ra n k lin County Bank of Connell at 101 00 fo r 6 per
680,5' o
2d year m unicipal bonds, dated Jan. X, 1903.
49,300
10-year m unicipal bi nils, b aled Jan. 1. 1903.
cents. F ollow in g are the bids :

John E. West is President and M. (J. BoalaCiorK ol tUe Board
of E location.

6*4,40u 38s$

5-year M etropolitan Park assessm ent b onds, datod Jan. 1, 1933.
B y P u b lic S ch ool

Franklin County Bank, fo r 6s .. $2,510 I W . D. Perkins, fo r 5)^s................... $2,500
T hom pson , T e n n e y & C raw ford
8. A . Kean, fo r 6s................................2,600
Co., fo r 6s ..................................... 2,613 |U . E. N oble, P o rtla n d ...................*2,655

T each ers’ R e tir e m e n t F u n d .

13.000 3M% 10 year m unicipal bonds, dated Jan. 1,1003.
B y W ebb F r a n k li n S c h o o l F u n d .

1,000

3HX m unicipal bonds, dated Feb. 1, 1903, and m aturing Oct. 1,1922.

Brock Ti lie , Out . — D eb en tu re O fferin g . —Geo. McLean,
Town Treasurer, is <tie ring fo r sale $44,984 92 4% debedtures
to m ature part yearly for tw enty years.
Broctou, Chautauqua County, N. Y.— B o n d S ale — On May
2 the $10,000 4% e li-ctrlc-lig h t bonds described in V. 76, p. 878,
were awarded to Isaac W. S herrill of Poughkeepsie at 100’50
and blank bonds Tee of charge.
Calhouu Com ity (P . 0. R ockw e ll C ity), Iow a.— B o n d
O fftr tv g - Proposals w ill be rtceived u n til 2 p. m ., May 18,
by B. E. Sebern, County Treasurer, fo r $5,090 6% drainage
bends D- n< ruination, $500. Date, A p ril 15,1903. Interest,
annual. M -tu iity , $2,500 Dec. 10, 19C4, and $2,500 Dec. 10,
1905. C ertifii d check fo r 5% o f issue required.
C a rro ll co uu ty, Io w a .—Bond Safe.—This county has sold
to N. W H arris & Co., Chicago, au issue of $20,000 4% 5 10
year (optional) funding bonds. Denom ination, $1,000. Date,
A p ril 1, 19n8. Interest, semi-annual.
C ollluw oo il, Ohio.—B o n d S a le .— On A p ril 13 the $15,000
47 vt ater bonds, described in V. 76, p. 668, were awarded to
Seasongood & Mayer, C incinnati, at 100 35.
Columbus, Ohio.— B o n d S a le s .— The Sinking Fund Comm issioters have purchased a t par the fo llo w in g bonds :
$42,090 4* 10-30 year (op tion al) m ain -tru n k sew er b onds, dated A u g . 1,1902.
60.C00 4X 10-3t>- year (option al) work h ou se bonds, dated A ug. 1 , 1902.
4,010 4X 4-1 • year (op tion al) K elnh art A v e n u e im p rovem en t bonds, dated
Sept. 1, 1*02.
10,000 i% 4 10-year (op tion al) Jefferson’ A v en u e im p rovem ent bonds, dated
M arch i, 1903.
10,000 4% 4 -lo -y e a r (op tion al) F ourth 8treet im provem ent b on d s, dated Mar.
■ 1, 10 3.

D a li us, Ore.— B o n d s A u t h o r iz e d . —The C ity Council has
passed an ordinance providing fo r the issuance of $15,600 20year water-works bonds.
Deflunce (O hio ) School D is tric t.— B o n d O ffe r in g .— Pro­
posals w ill be received u n til 1 p. m ., May 14, by M B. G o r­
man, Clerk Board of Education, for $15,000 4)^7 building
bonds. A u th o rity , Sections 3991, 8992 and 3993, Revised
Statutes of Ohio. Denomination, $500. Date, May 14, 1903.
Interest, semi-annual. M a tu rity , one bond each six months,
beginning five years after date of issue
D elray, M ich.— B o n d S a le .— On A p r il 16, $75,000 47 10-year
school bonds were awarded to Seasongood < Mayer, Cincin­
fe
nati, at par.
D ie te r (Tow n), Rossean Couuty, M in n .— B o n d O ffe r in g .—
Proposals w ill be received u n til 3 p. m ., May 23, by E. A.
Aaee, Town Clerk (P. O. Roes), fo r $6,000 road bonds. An
th o rity . Chapter 86, Laws of 1903, and election held A p r il
21,19(3. Date, June 10, 1903, Interest not to exceed 67
and w ill be payable annually. M a tu rity , 15 years,
D illo n , M o n t.-B o n d S a l e . - O a May 2 the $65,000 57 10-20year (cptional) water bonds described in V. 76, p. 771, were
aw arded to the State Board of Land Commissioners at 107.
F ollow in g are the bids :
State Board o f Land C om m ’rs. .$69,610 |First N ational Bank, D illon.......$66,000
U nion Bank & T r. Co., H elen a 69,525 |

East Syracuse, ft. ¥.—B o n d O ffer in g . —Proposals w ill be
received u n til 4 p. m ., June 15, by M a rtin Canton, V illage
Treasurer, fe r $55,000 57 sewer bonds. Denomination, $2,500.
Date, J u ly 1, 1903, Interest payable at the T ru st & Deposit
Co. of Syracuse. M a tu rity , $2,600 yearly on J u ly 1 from
1908 to 1929, inclusive, a ll bonds unpaid, however, being sub­
je c t to call a fter 15 years. Securities w ill be certified to as
to th e ir genuineness by the United States Mortgage & T rust
Co. of New Y o rk C ity. Certified check on a national bank
fo r 67 of the par value of bonds bid fo r, payable to M a rtin
Canton, V illage Treasurer, required.
T he

official n o tic e o f

th is

b on d

o ffe r in g

w ill

be f o u n d

a m o n g the a d v e r tis e m e n ts elsew h ere in th is D e p a r tm e n t

F a rm in g to n Tow nship, T ru m b u ll Couuty, Ohio.— B o n d
w ill b e received U D t i l 12 M ., May 22, by
the T rustees-C . H. Pixley, C lerk—fo r $0,500 67 tow n-hall
bonds. Denomination, $500. Date, June 1, 1903. Interest,
semi-annual. M a iu rity, $500 each six months, beginning
June 1, 1904. A u th o rity , election held A p ril 6,1903.
F in d la y (O hio) School D is tric t.—B i d .— O nly one bid was
received May 1 for the $27,000 4% refunding bonds described
in V. 76, p. 717. This bid was par, less $400 fo r blank bonds
O ffe r in g . —Proposals

* N ot advised as to th e rate o f Interest on w hich this bid was based.

F r a n k lin County ( W ash.) School D is tr ic t No. 9.— B o n d
A p r il 27 $750 bonds o f this d is tric t were awarded
to the F ra n k lin County Bank of Connell at par fo r 6 per
cents. F ollow in g are the bids :
S a le .— On

Franklin C ounty Bank, fo r 6s......... $160 I j . M cCabe, fo r 7s..................................$760
H . E. N oble, f o r 7s............................. 758 |

F ra n k lin (P a .) School D is tr ic t.— B o n d Stole.—This dis­
tr ic t has sold an Issue o f $25,000 4%? 5 30-year (optional)
school bonds to the Johnstown Savings Bank.
Geneva, N. Y.—B o n d O f f e r i n g —Proposals w ill be received
u n til 8 P M., M ay 18, by John H. R igby, Chairman Finance
Committee, fo r $35,500 4% street-improvement and $11,000
3 Ycffo fire-department bonds. These bonds were offered b u t
not sold on A p ril 23.
G lassport (B o ro u g h ), Pa.— B o n d O ffe r in g .— Proposals w ill
be received u n til 3 p . m ,, May 15, by Robert F. Graham,
attorney at-law, 421 F ric k B uilding, P ittsburgh, fo r $60,000
4 7 general and perm anent-im provem ent bonds. Denomina­
tion, $500. Interest, Jane 1 and Dec. 1, free of State tax.
M a tu rity , 30 years.
Gloucester, Mass.—L o a n N e g o tia te d .— This c ity has ne­
gotiated a $75,000 11 months’ loan w ith the Cape Ann
N ational Bank at a discount of 4’467. Lean is made in an­
ticipation of taxes.
G rafton, W. Ya.—B o n d S a le .— On May 2 the $90,000 4% %
improvement bonds described in V. 76, p. 824, were awarded
at ICO'277.
G randview , Texas.— B o n d Bale.—The $10,000 w ater bonds
recently approved by the Attorney-General have been sold to
the State Permanent School Fund,
G ra n v ille County (P , O. O xford), N. C ar.— B o n d O ffer­
in g .— Proposals w ill be received u n til June 1, t y the Board
o f County Commissioners, fo r $20,000 4% 20-year road bonds
dated J u ly 1, 1903. Interest, semi-annual. County has no
bonded debt. Assessed valuation, $3,816,284.
A t the same tim e and place proposals w ill be received fo r
$16,000 4% refunding bonds of O xford and Salem Townships,
this county. Date, J u ly 1, 1903. Interest, semi annual.
M a tu rity , th ir ty years, subject to call $2,000 yearly after
ten years. The above refunds the o nly bonded debt of the
townships. Assessed valuation, $1,300,000. B. S. Royster is
Connty A ttorney.
Gan P la in s Tow nship, M ich .— B o n d S a le .— On A p ril 27
$20,000 4%7 bridge bonds were awarded to N. W. H arris &
Co , Chicago, at 101. Denomination, thirteen of $1,500 and
one fo r $5(0. Date, May 10, 1903. Interest, annually on
March 1. M a tu rity , $500 March 1, 1904, and $1,500 yearly
thereafter.
H o lly Beach, Cape May Couuty, N. J .— B o n d Bale.—This
place has sold at 105 $9,000 57 gold bonds fo r a borough h a ll
and for the b uilding of jetties along the beach fro n t. Bond3
were taken $7,000 by J. Reese of Philadelphia and $2,000 b y
Capt. Frank Downs of H o lly Beach. Denomination, $500.
Interest, February and August. M a tu rity , 1918.
Homestead, Allegheny County, Pa.—B o n d O ffer in g .— Pro­
posals w ill be received u n til May 20 by W m . A. Kessler,
Chairman Finance Commmittee, fo r $164,000 4% bonds. De­
nom ination, $1,000. Date, J u ly 1, 1902. Interest semi-annu­
ally, free of tax.
Hudson County (P . 0. Jersey C ity ), N. J .—Bond S a le .—
Cn May 7 the $37,000 4% 1-10-year (serial) gold tu rn pike
bonds described in V. 76, p. 991, were awarded to E im und Sey­
m our & Co., New Y ork, at 100’76—a basis of about 3'84%7.
Follow ing are the bids :
Edm und S eym our & Co.. N. Y ..1 0 0 ’76 I F arson,L each & Co., New Y o rk . 100’375
Jno. D. K verltt * Co., N. Y .........100‘ 67 |

In d ia n a p o lis ( In d .) School D is tric t.— B o n d O ffer in g .—
Proposals w ill be received u n til 12 M ., May 28, by John E.
Cleland, Baeiness D irector of the Board of School Commis­
sioners, fo r $250,000
school, real estate and improvement
bonds. Denomination, $1,000. Date, June 1,1903. Interest,
Jan, 1 and J u ly 1 at W inslow . Lanier & Co., New Y o rk C ity.
M a tu rity, $50,000 yearly on J u ly 1 from 1931 to 1935, inclus­
ive. Certified check on some bank or tru s t comi any in In ­
dianapolis fo r 37 of the par value of the bonds bid fo r, pay­
able to the Board of School Commissioners of the c ity o f
Indianapolis, required. Bids m ust be m ailed in envelopes
printed and furnished by the School Board. Bonds w ill he

THE CHRONICLE.

1048

[V O L .

l x x v i

.

delivered June 15, 1903. These securities are p a rt o f the issue $150,000 6? 9-montbs certificates o f indebtedness to the F irs t
N a tio n a l Bank o f G reenville.
o f $300,000 tonds offered b u t not sold on M arch 81.
Jackson C ounty (P . 0. Jackson), O hio.—Bond Sale.—On
M itc h e ll School D is tr ic t, M erced C ounty, C al.— B o n d
A p r il 1 the $50,000 4$ tu rn p ik e bonds described in V . 76, p. O ffe r in g . — Proposals w ill be received u n til 10 a . m ,, June 3,
<
611. were awarded to the Com m ercial Bank of Jackson at by W . B. Croop, C lerk Board of Supervisors, fo r $5,500 5 S
100-30.
1-11-year (serial) gold bonds. D enom ination, $500. A u ­
Ja spe r C ounty, In d .— B o n d S a le .— On M ay 6 $16,000 5 { th o rity , vote 89 to 2 at election held A p r il 18, 1903.
2-9-year (serial) South B arkley gravel road bonds were
N ew p ort Academy and Graded School D is tric t, N ew p o rt,
awarded to H . E .C o n krig h t o f N ew L exing to n at 103-94. Y t .— b o n d O ffe r in g .—Proposals w ill be received u n til 2 p .m .,
May 15, by J. W . Redmond, C hairm an Board o f Trustees,
F o llo w in g are the bids :
H E .C on krigh t,N ew L e x ' t o D . 116.631 00 I R . K le jb o lt e A Co.. C ln c ln ....116.400 00 fo r $30,00(J 4% school bonds as follow s :

J. K. W ild & Co., ln d la n a ’ lis.. 16,630 00 |S ea son g ood at M ayer, C ln
li ,286 00
E. L. H o llin g s w o r t h , K e n s T r . 16.626 00 S. A . K ean, C h ica go. ............16.G86 00
E . M . C am pbell A C o .J n d ’lls.. 16.435 00 | W. J. H a y es A Sons, C le v e ... 16,035 00

120,000 45 b on d s o f 11/ 00 ea ch , m a tu rin g in 20 years;
years.
10,000 45 bon d s o f 1500 ea ch , p a ya b le o n dem and.

Jersey C ity , N. J . — B on d. Sale.—This c ity on M ay 7 sold
the $500,000 4% re fu nd ing w ater and the $400,000 4% w ater 30year bonds, a t 100 80, the first-nam ed issue beiDg taken by
Samuel B. H ow ard of N ew Y o rk C ity and the second by the
F irs t N ational Bank of N ew Y o rk C ity. These bonds have
been advertised fo r sale several times, b u t no satisfactory
bids were received.
Kalam azoo, M ich .— B o n d O ffe r in g .— Proposals w ill be re­
ceived u n til 5 p. m ,, May 18, by John De Yisser, C ity C lerk,
fo r $100,000 8 * 4 $ paving bonds. In te re st a nn ua lly on A ug. 1.
M a tu rity , $10,000 ye arly on Aug. 1 fro m 1914 to 1923, in c lu ­
sive. C ertified check fo r 5£ of bid re q u ire !.
L ackaw anna'iC ounty
O. S cra nto a), Pa .— B o n d S a le .—
On May 7 the $150,000 4% 10, 20 and 30-year bonds described
in V . 76, p. 991, were awarded to D ick & Robinson, New
Y o rk , at 106-20. F o llo w in g are the bids :

Interest sem i-annually at the N ational Bank of N ew port.
A u th o rity , Chapter 237, Law s of 1902. D is tric t has no other
bonded debt. Assessed va lu a tio n , $654,725; real value about
$654,725.
N ew p ort News, Ya . — B i d s R e je c t e d .—A ll bids received
May 4 fo r the $56,000 4% 40 year coupon bonds described in
V. 76, p. 880, were rejected.
New Y o rk C ity . — B o n d I s s u e s .—The fo llo w in g issues of
corporate stock o f New Y o rk C ity were taken by the s in k ­
ing fu n d as investm ents d u rin g the m onth of A p r i l :

(P.

D ick A R o b in s o n . N. T ......... 1159,300 00 I H a rrin g ton A E llis. N. T .. . .1166,390 TO
W . J. H ayes A Sons, C le v e . 169,237 00 n. L. F u ile r A C o ., C le v e ...... 166.150 00
L a w re n ce B a rn u m A C o.,N .Y . 157 990 00 |Joh n D. E v e ritt & Co.. S . Y . 156.000 00
E am p rech t B ros. Co.. C ie v e . 157,8i6 50 G raham . K err & C o.. N. V .. 156.000 00
N ew b u rg erB ros. A H e n d e rM. A . S teinA C o.„N ew Y ork 155.415 00
son. P h ila d elp h ia ................ 157.C35 00 |D en ison . R rior A C o ..C le v e W . E. H u tto n A C o .,N . Y . . . 176,900 00 I la n d A B o s t o n ....................... 154.925 00
R . K le y b o lte A Co., N . Y . . . . 166.685 03 SeasODgood A M ayer, O in ... 154,810 9S
E. D. Shepard A Co., N. Y . .. 156,495 00 I M ason. L ew is A C o.. C h ic ... 164,’ 00 00
T itle G u aran ty A T ru stC o .,
I N. W . H a rris A C o.. N. Y . .. 153.713 00
S cra n to n ................................. 156,365 00 | F arson. L ea ch & Co., N. Y . . 168,256 00

La Grange, Ga.— B o n d S a le — On A p r il 25 the $20,C O 4%
O
school bonds, described in V . 76, p. 717, were awarded to Jas.
G. T r n itt o f La Grange, a t 100-50.
Lakewood H a m le t Special School D is tr ic t, O hio — R o n d
S a l e .—On May 1 the $75,000 4>£f bonds described in V . 76, p.
879, were awarded to the N ew F irs t N ational Band o f Columbns a t 100*75.
L atrob e ,
B o n d O ffe r in g .—Proposals w ill be received
u n til 8 p . m ., M ay 11, by H. H . Sm ith, Borough Treasurer,
fo r $17,500 4% % 80-year fu n d in g and im provem ent bonds.
Denom ination, $500. Date. J u ly 1, 1903. In te re st semi-an­
n u a lly in New Y o rk C ity. C ertified check fo r $1,000, payable
to the Borough o f Latrobe, required.
L isb on , O hio .— B o n d S a le .—On M ay 2 $2,000 5g 1-10-year
(serial) P a rk Avenue assessment bonds were awarded to C.
S. Speaker o f Lisbon at par. A n offer of $30 prem ium was
received too late to be considered fro m P. S. Briggs & Co.,
C incinnati. Denom ination, $100. Date, May 2, 1903. I n ­
terest, annual. A u th o rity , Section 2705, Revised Statutes o f
Ohio.
Los Angeles, C al . — B o n d O ffe r in g .—Proposals w ill be re­
ceived u n til 11 a . M., Jane 1 (tim e extended fro m May 15),
by H . J. Lelande, C ity C lerk, fo r $2,180,000 8% % bonds issued
fo r the fo llo w in g purposes: $480,000 fo r pub lic schools,
$200,000 fo r Polytechnic H ig h School, $1,000,000 fo r o u tfa ll
sewer, $400,000 fo r storm dra in and $100,000 fo r bridges.
Denom inations, 2,160 bonds o f $1,000 each and 40 o f $500
each. In te re st sem i-annually a t office of C ity Treasurer.
M a tu rity , $54,500 yearly. Date, Oct. 1,1903. C ertified check
fo r 2i on each bid o f $500,000 or less or 1% on bids over $500,000 is required.
M cG regor, Texas . — B o n d S a le .—The $6,500
street-im ­
provem ent bonds m entioned in V . 76, p. 938, were sold at par
on A p r il 16 to the State Perm anent School Fund. D enom i­
nation, $500. Date, A p r il 15, 1903. M a tu rity , 30 years; sub­
je c t to ca ll a fte r 10 years.
M a rs h a ll, Mo .— B o n d O ffe r in g .—Proposals w ill be received
u n til 8 P. m ,, May 12, by A. R. James, C ity C lerk, fo r $40,000
4% bonds issued fo r the purpose of purchasing the w a te r­
w orks p la nt now in operation in the c ity . D enom ination,
$500. Interest, January 1 and J u ly 1. M a tu rity , 20 years;
subject to ca ll a fte r 5 years. C ertified check fo r 5ft o f bid
required.
M edina C ounty
0. H ondo). T e x .— B o n d O ffe r in g . —Pro­
posals w ill be received u n til 12 m ., June 1, by EL E. Haass,
C ounty Judge, fo r $14,000 4% 5-40-year (optional) bridge
bonds, dated N ov. 15, 1902. Secnrities are p art of an issue
of $30,0C0 authorized fo r th is purpose. D enom ination, $500.
Interest, annually on A p r il 10. C ertified check fo r $150 re ­
quired. Bonded debt of county at present, $22,000 c o u rt­
house bondj. Assessed valu atio n 1902, $3,438,203.
M id la n d , O n t .— D e b e n tu r e S a le .—On M ay 4 the $20,000
debentures, bids fo r w hich were received on A p r il 27, were
awarded to Giazebrook & Becher,Toronto, at 104-75. The
only other bid received;was iro m G eo . A . S tim sonof Toronto,
who offered 104 625. F o r description of bonds see V. 76, p.
938.
M innesota.— C e r tific a te S a le .— The State C apitol Commis­
sion on M ay 5 sold $300,0C0 8% C apitol certificates ot indebted­
ness to the State Investm ent Board at par. Date, May 1,
1903. Interest, January and J u ly. M a tu rity , $100,000 yearly
on J u ly 1 fro m 1915 to 1917, inclusive
M is s is s ip p i Levee D is tr ic t
0. G re e n v ille ), M iss.—
T e m p o r a r y C e r tific a te s S o l d . —This d is tric t sold on A p r il 21

Pa.—

(P.

(P.

P u r p o se .

s u b je ct to ca ll a fte r

In t e r e s t R a t e . M a t u r i t y .

A tla n tic A v e n u e im p rovem en t, B r o o k ly n .........
D e p a rtm e n t S treet C lea n in g..................................
D ep a rtm en t S treet C le a n in g...................................
D e p a rtm e n t Street C lea n in g...................................
D o ck bonds .......................
C olleg e o f th e C ity o f N ew Y ork . ........................
B ridge o v e r H a rlem R., b e t. 1st A W illis aves.
Steam H e a t, a c d L igh t, p lan t. K in g s C o. H o s .
C o n s t’ n d o rm ite rv . M e d ica l C ollege, M a n h a t..
C rim inal C ourt H o u s e c o m p le tio n .......................
D ep artm ent H uollc C harities, b u ild in g f u n d ...
Im p ro v e m e n t o f parks, I M anh at. and R ic h ___
p arkw ays and d rives S B ro o k ly n and Q u eens
H e s te r Street P ork fu n d ..........................................
E x te n s io n R iv e rsid e D r iv e ........... .......................
M etrop olita n M useum o f A r t .................................
M useum o f A rts and S cien ces, B r o o k ly n ..........
N. Y. Z o o lo g ic a l G arden f u n d ...............................
N ew H arlem H ospita l .............................................
P u b lic bath fu n d , B ro o k ly n ..................................
C o n s tr’n aDd e q u ip P ub. C om . S ta tlo n .B ro o k .
C om . o f E n gin eers f o r E xam , o f w a ter sup p ly.
W a te r co n stru ctio n , B ro o k ly n ...............................
B ridge o v e r E ast R iv er, b et. M an. and B r o o k .
N ew tow n Creek B rid g e .............................................
A ssessm en t b o n d s ..........................................
S ch ool b u ild in g Jund (a ll b o ro u g h s) ..................
W a te r iu n d , B ro o k ly n ...............................................
W a t e - f u n d . Q u een s..................................................
A d d itio n a l w a te r f u n d .............................................
F u n d f o r stre e t and park o p e n in g s .....................

3
3
3
3
3
3

8
3
3
8
3
3
3
3
8

3
8
3
3
3

8
3

3
3
3
a
3
3
3
3

3

1962
1852
1959
1952
1962
lr5 2
1962
1952
1962
1952
1962
1952
1952
1952
1952
1952
1962
1952
1852
1952
1932
1952
1932
1962
1952
1952
1962
1952
1952
1952
1952

10

A m ount

•

$ 110,000 0 0
3,6120°
29,71800
119,14325
1 , 000,03000
200,00000
194.00000
140,00000
30,00000
4\0000°
70,000 00
36.00000
56,60000
75,00000
13,0 0 00
4,00000
49,60000
10,10000
13,00000
72,00000
50,00000
27,00000
29,000 00
380,00000
250,00000
5 0 0 /0 0 CO
600,00 0 00
140,00000
71,00000
140.OCO00
373,26612

T o t a l...................................................................................................................*4,782,839 37

announced last week, th is c ity is o ffe r­
in g fo r sale, M ay 12, $3,000,000 8% % gold corporate stock.
In view o f the im provem ent in money m arket conditions
and the fa c t th a t reports c re d it bond brokers w ith saying
th a t they have few N ew Y o rk C ity bonds on hand, better
prices are looked fo r at th is sale than at other recent offerings.
These bonds were fu lly described on page 992 o f last week’s
C h r o n i c l e , and the official advertisem ent w ill be found else­
where in the c u rre n t issue.
N o rth P la in fie ld , N. J . — B o n d S a le .—On M ay 1 the $10,000
4ft fire-departm ent bonds described in V . 76, p. 825, were
awarded to the P la in fie ld T ru s t Co. a t 101 and interest—a
basis of about 3-90£. F o llo w in g are the bids ;
B o n d O ffe r in g .— A s

P lain field T r u s t C o ........................ 101-00* I W . J. H a y e s A S o n s,C le v e la n d . 99-CO
Dick A R ob in son , New Y o r k ___10013 |

Bonds m ature Jan. 1, 1915.
Ohio State U n iv e rs ity .—B o n d Sale.—On May 5 the $10,000
4% % refu nd ing bonds described in V . 76, p. 880, were awarded
to the Hayden C linton N a tio n a l Bank o f Columbus at 109-22.
F o llo w in g are the bids :
H a y d e n C lintonN at.. B an k........ 109'22
; L a m p rech t B ro s. C o., C le v e ....... 104-42
O h io N a t. Bank, C olu m b u s.........1C6’60
S eason g ood A M ayer, C in o tn ....l0 S 286
W . J . H a yes A Sons, C levelan d.104’47 | N ew I s t N a t. B ’k ,C o lu m b u s ....... 10*676

O liv e r C ounty (P . 0 . C enter), N. D a k . — B o n d O ff e r in g .—
Proposals w ill be received u n til 10 a . m ., May 25, by W m . V.
K ie o e rt, County A u d ito r, fo r $3,000 4% 20 year court-house
bonds. D enom ination, $500. In te re st, semi-annual.
Omaha, Neb.—B o n d S a l e .— On May 7 the $200,000 (tw o is­
sues) o f 4% re fu nd ing bonds, described in V . 76, p, 992, were
awarded to Spitzer & Co , Toledo, a t a price said to be 100*58,
O xfo rd and Salem Tow nships, G ra n v ille C ounty, N.
Car.—B o n d O ffe r in g . —See G ra n ville C ounty above.
Passaic C ounty (P . O. P aterson), N. J .— B o n d S a le . —On
May 5 $25,000 4i court-house bonds were awarded to John D.
E v e ritt & Co., N ew Y o rk C ity , a t 105-09—a basis of about
3-58^. F o llo w in g are the b id s :
J o h n D. E v e ritt A C o.. N. Y . . . .105-09
D ick A R o b io s o n , N ew Y o r k ___104 852
N. W . H alsey A Co., N ew V ork.103‘ 81
F arson. L ea ch AICo.. New Vors.103-63
M. A . S tein A Co., New Y ork ...102-47

|T h om p son . T e n n e y A C ra w fo rd ,
I New Y o r k ,...................................... 101*81
i W . R. T o d d A C o ., New Y o r k ....101-76
O ’C on n or A K ahler, N ew Y ork .1 0 1 ‘62
I

Denom ination, $1,000. Date, May 1, 1903. In te re st semi­
annually at the F irs t N a tio n a l Bank o f Paterson. M a tu rity ,
M sy 1, 1919.
Paterson, N. J .— B i d s R e je c te d — B o n d O ffe r in g . —A ll bids
received May 4 fo r $35,000 4% renewal bonds were rejected.
They were as follow e :
D en ison, P rio r & C o., C lev elan d
| E dm u nd S eym ou r A Co., N. Y . .100-25
and B o s t o n .................... ..............101"57
Juo. D . E v e ritt A Co.. N. Y ..........100-18
W . K. T o d d A C o „ N ew Y o r k . . . 100-28 |

Bonds w ill be re-advertised again fo r M ay 18. Denom ina­
tio n , $1,000. Date, May 1, 1903. Interest, semi-annual.
M a tu rity , May 1, 1923.
Payne, O hio.— B o n d S a l e — On M ay 1 the $12,900 5% 1-10year (serial) street-im provem ent bonds described in V . 76,

M a y 9, 1903.J

THE CHKONICLE

p. 988, were awarded to the Pajue State Savings Bank, at
102-428.
Pendleton, Ore.—Bond O ffering.— Proposals will be re­
ceived nntil June 1 (to be opened at 7‘30 Jane 2) by Thomas
Fitzgerald, City Recorder, for $30,OCO 5g sewer bonds. Certi­
fied check for 5% of the amount of bonds bid for required.
Pierpout TowiiBhip School District, Ashtabula Coanty,
Ohio.—Bond O ffering.—Proposals will be received until 8
p. M., May 25, by VV. H. Curtice, Clerk Board of Education,
for $2,600 6% school bonds. Denomination, $500. Interest,
annual. Maturity, $500 in one year, $1,000 in two years and
$1,000 in three years.
Pluin City, Ohio.—Rond Sale.— On April 24 the $15,000 5%
sewer-assessment bonds and the $8,000 6£ water and light
bonds described in V. 76, p. S^O, were awarded to the Bank
of Plain City at 103-173 and 103 333. respectively.
Plain Township (Ohio) School District.—B ond E lection.
—An election will be held to day (May 9) to vote on the ques­
tion of issuing $4,500 high-school bonds.
Portland, Me.—Tem porary L oan .—Oa May 5 the $200,000
temporary loan notes maturing Oct. 1, 1903, were awarded
to LoriDg, Tolman & Tupper, Boston, at 4'33£ discount. A
bid of 4*60# was also received from Bond & Goodwin of
Boston.
Portsmouth, Va.—A w ard N ot Yet M ade.—We are advised
that several bids were received April 28 for the $100,000 4%
grading and paviDg bonds described in V. 76, 825, but that
no award has yet been made.
Remington, Ind.—B ond Sale.—The Citizens’Bank of Rem­
ington was the highest bidder on May 1 for $3,000 10-year
funding and refunding bonds, offering 111-111 for the same.
Following are the bids :
Citizens’ Bank o f Rem ington.*8,333 83 I P. S. Briggs & Co.,Ctncln_ *t$3,122 60
_
Spitzer A Co., T oledo.............. *3,222 00 Duke M. Farson A Co.. C hic.. 3.005 00
------I S. A. Kean, Chicago................ +3,015 00
* And accrued Interest. + And blank bonds.

Denomination, $1,CO . Date, May 1,1903. Interest, annual.
O
“ Richfield, Utah.—B ond O ffering.— Proposals will be re­
ceived until May 20 by Peter ChristenseD, City Treasurer,
for $14,000 6g 10-20-year (optional) gold water bonds. De­
nomination, $1,000. Date, Jan. 1, 1903. Interest, semi­
annually at the State Bank of Utah, Salt Lake City, or at
the banking house of Henry Clews & Co., New York City.

1049

Certified check for $280 required. City has no other indebt­
edness.
Rock port, Mass.— T em porary L oan .—This town has nea
f otiated of temporaryatloan of $20,000 with Loring, Tolman &
upper, Boston, 4-70*. Loan is dated April 16, 1903,
and will mature Oct. 16, 1903.
St. Paul, Minn.—Roads to be Issued.— An issue of $99,0(0
4% bonds will be put out to refund the $99,000 1% park bonds
maturing July 1, 1903.
Salem, Ohio.—No B ids.— Oa May 1 the$22,000 4 i 1-22-year
(serial) refunding bonds, described in V. 76, p. 826, were not
sold, no bids being received for the same.
Sandusky, Ohio.—Bond O ffering.— Proposals will be re­
ceived until 12 M., May 29, by Alex. M. Wagner, City Clerk,
for $8,000 4% refunding water bonds. Denomination $1,000.
Date, April 1, 1903. Interest, semi-annual. Maturity, four
years. Certified check for $1,000 required.
Schenectady, N. Y.— Bond Offering .—Proposals will be re­
ceived until 11 A . M., May 27, by J. H. Bernardi, City Treas­
urer, for $125,000 4% sewer and $60,000 41 deficiency and im­
provement bonds. Authority, Chapters 120 and 118, Lawsof
1903. Denomination, $1,000. Date, May 1, 1903. Interest
semi-annually at the office of the City Treasurer. Maturity,
$5,000 sewer bonds yearly on Mav 1 from 19C6 to 1930, in­
clusive, and $5,000 deficiency bonds yearly on May 1 from
1903 to 1919, inclusive. Certified check for 5<t of the total
amount of bonds bid for, payable to the City Treasurer, re­
quired.
Sevier County, Tenn.—Bond Sale.—The County Court has
sold $24,000 funding and $16,000 pike bonds to N. W. Harris
& Co., Chicago.
Smithfleld, Va.—Bond O ffering.— Proposals will be re­
ceived until 12 m. May 15 by, J. W. Holloway and John I.
Cofer, Committee, for $5,000 5% street-improvement bonds.
Denomination, $500. Interest. January 1 and July 1. Ma­
turity, 1933, subject to call after 1913, Authority, Chapter
127, Laws of 1903, Certified check for 10$ of bid required.
South' Sharon (Pa.) School District.—B ond Sale.— On
April 22 this district sold an issue of $30,500 4 (tax free)
80 year school bonds to Dick & Robinson, New York, at 101
and election expenses amounting to about $75. Interest,
May 1 and Nov. 1 at the Colonial Trust Co. of South Sharon.

N E W LO ANS.

N E W LO AN S.

§ 8 1 5 ,0 0 0
CITY OF MINNEAPOLIS

MUNICIPAL BONDS.

$3 ,000,000

O f f ic e

NEW YORK CITY 3^%
Tax Exempt Gold Bonds
(P ayable in F ifty Years)
TO BE SOLD TU E S D A Y , M AY 12,

OFFERED DIRECT
'■

1903

TO INVESTORS
-----

A legal Investment f o r trust funds, exempt from taxation
except for State purposes. No “ all or n o n e ” bids received,
thus giving Investors the same advantages as dealers. Bonds
w e awarded to bidders offering the highest premium.
A bid o f 1 0 8 .7 0 yields 3 .1 6 per cent, income
A bid o f 10 7.44 yields 3 .2 0 per cent. Income
A bid o f 10 6 .1 4 yields 3 .2 5 per cent. Income
Send bids in a sealed envelope, enclosed in the addressed envelope. TW O PER CENT. OF
VALUE MUST ACCOMPANY BID. It must be in cash or certified check on S ta te or
H * d o n a ] bank of New York City
This deposit will, if requested, be returned day of ta le to
■ ■ • u ccea a fu l

Wtek.

bidders.
C an .alt

For fuller information see “ City Record," published at a City H a ll
any

Bank

ot

Trust

Com pany,

N ew

or a d d re s s

EDWARD M. GROUT, Comptroller City ol New York
285 Broadway,

New York

---------------------- 0------------------------------ _____—

IOWA AND M INNE SO T A
Sf MUNICIPAL.

BONUS,

New York.

IN V E ST M E N T B R O K E R S ,

Correspondence Invited.
11AH K Y B . P O W E L L A
W o o d s to ck , V erm ont.

VICKERS <& PHELPS,

29 Wall Street

CO.

H IG H E S T

GRADE R A IL R O A D

B O N D S .

of

Cit

y

Co m

ptroller

.

Minneapolis. Minn.. April 28tb, 1903.
Sealed proposals and popular subscriptions will be
received by the Committee on Ways aud Means o f
the City Council o f the City o f Minneapolis. Minne­
sota, at the office o f the Ci>y Comptroller o f said
City, until 2 O’ CLOCK P.M . ON SATURDAY, THE
23KD DAY OP MAY, A. D. 1903, for the whole or
any part o f the Eight Hundred aDd Fifteen Thou­
sand Dollars ($815 000) o f municipal bonds o f said
City o f Minneapolis authorized to be issued by the
City Council ot said City by resolution passed April
17th, 1903. and April 24th, 1£03. and approved April
25th, 1903, and April v7tb, 11:03. respectively, and
said bonds will be sold at said time by said Commit­
tee on Ways and Means to the highest responsible
bidder or bidders therefor, ana the actual residents
o f .vicneupnlis shall be prelerred to all other per­
sons upon such sale.
Said bonds will be in denomination o f $50, $100,
$500. and $1,000, and will be dated April 1st, 1903,
payable April 1st, 1933. These bonds are Issued for
the following purposes and am ounts:
For building, constructing, widening,
enlarging,extending and repairing bridges
within the corporate limits o f said city.
“ Bridge Bonds” ............................................. $215,000 00
For defraying the cost o f making cer­
tain local Improvements in intersections
o f streets and in iront o f property ex ­
empt by law from special assessments.
"Permanent Improvement Ronds,” .......... 150,000 00
For defraying the cost o f making cer­
tain local im provem entsinadvanceof the
coliec’ Ion o f tnespecial assessment levied
therefor, and to provide for ascertaining,
reporting and supplying any impairment
or depletion o f the fund into which the
proceeds o f said Bonds come. "Permanent
improvement Revolving Bonds” ............. 350,000 00
For the purpose o f extending the water
works system o f said city. "W a te rw o rk s
Bonds” ............................................................. 10 0 .0 0 0 0 0
T o ta l....................................................... $8l5,00u 00
and will bear interest at the rate o f three and oneiiaif (3>^) per cent per annum, payable semi-unDually
October 1st and April 1st or each year, principal and
.m erest payabla at the fiscal agency ot tne C'ty o f
Minneapolis In the City o f New York.
Each proposal or subscription must state tb etota l
amount o f bondsbid for.the denominations thereof,
and the total amou nt offered for the same. Including
the premium and accrued interest thereon, and each
proposal or subscription must be addressed to the
Committee on Ways and Means, care o f Joshua
Rogers. City Comptroller, Minneapolis, Minnesota,
marked on envelope Proposal lor " Bridge Bonds,’’
Proposal for " Permanent Improvement Bonds,”
Proposal for “ Permanent Improvement Revolving
Bonds.” Proposal for “ W ater Works Bonds,” and
each proposal or subscription must be accompanied
by a certified check on a national bank, payable to
C. 3. Hulbett, City Treasurer, fo r a sum equal to two
per centum o f the par value o f the bonds bid for as
a guaranty.
No proposal or subscription will be entertained
f o r a snm less than the par value o f the bonds and
accrued i merest to date o f delivery o f said bonds.
The right to reject any or all bids is hereby reserved.
Bonds will be delivered to the purchasers tbereof
at the office of the City Comptroller in Minneapolis,
Minnesota, on or before June 15th, 1903, or at the
office o f the Untied States Mortgage & Trust Com­
pany in New York City on June 29th. 1903, at the
option o f the purchaser. By order o f the Committee
on Ways aud Means o f the City Council.
JO ?U U A ROliERS, City Comptroller.

THE

1050

CHRONICLE.

Swampscolt, Mass.—B on d O ffering.— Proposals will be re
ceived. until 2 p. M,, to-day (May 9) by the Chairman of the
Board of Sewer Commissioners, for $60,000 3^£ 1-40-year
(serial) sewer bonds. Denominaticn, forty of $1,000 and
forty of $500 each. Date, Sept. 1, 1902. Interest, semi-an­
nually at the Colonial National Bank of Boston.
Troy, Ohio—B on d Sale.— On April 27 an issue of $20,000
5$ 13}^ year (average) sewer bonds was awarded to Weil,
Rcth & Co., Cincinnati, at 107-75; also an issne of $23,000 5%
-year (average) sewer bonds at 103’70.
Turtle River, Beltrami County, Minn.—B on d O fferin g .—
Proposals will be received until 8 . m., May 25, by S. R
Moorhead, Village Recorder, for $2,000 5<£ 10-year municipal
bonds. Denomination, $500. Interest, semi-annual.
Tyler (Minn.) School District.-Rond O ffering.—Propo­
sals will be received until 8 P. M , May 18, by T. T. Gronlund, Clerk, for $20,000 15-year bonds to carry interest at
not exceeding 5g. Denominations to suit purchaser. Inter­
est, semi-annual.
IJtica, N. Y.— B on d s A u th o riz e d .— T h e Mayor and City
Clerk have been authorized to sell $36,442 57 1-6-year (serial)
paviDg bonds to bear not exceeding 5%interest.
Tenango County (P. O. Franklin), Pa.—N o B id s.— No
bids were received May 1 fcr $120,000
bonds of this
county offered for sale on that day. Denomination, $500.
Interest May 1 and Nov. 1, free from State tax. Maturity,
Nov. 1. 1914; subject to call after Nov. 1, 1904.
Wallace, Idaho.—B on d s D efe a ted .— The proposition to
issue $25,000 city-hall, jail and fire department bonds failed
to carry at the election held April 7.
Washington, Ohio.—B ond O fferin g.— Proposals will be re­
ceived until 12 M., June 1, by J. M. Baker, City Clerk, for
$3,000 5% emergency bonds. Denomination, $500. Date,
March 1, 1903. Interest, semi annually at the office of the
City Treasurer. Maturity, $500 each six months from March
1, 1904, to Sept. 1, 1906, inclusive. Certified check for $200,
payable to City Treasurer, required.
Watertown, Mass.— T em p ora ry L o a n .— On May 4 the $50,000 temporary loan to mature Nov. 1, 1903, was awarded to
Geo. Mixter of Boston at 4’39£ discount.
Wellsville, Ohio.—Rond E lectio n .—An election will be
held June5tovote on the issuance of $20,000 light plant bonds.
6

p

N E W LOANS.

NEW

SEWER

F A R S 0N LEACH & 00.

Public Securities,
C H IC A G O .

NEW Y O R K .

BOSTON.

P H IL A D E L P H IA .

$1,760 5t L iverpool Street b on d., maturing one bond o f $852 yearly on Dee. I
from 1903 tO 19e7, Inclusive.
4,600 5 j Maple A lley bonds, maturing one bond o f $920 yearly on May 1 from
1904 to 1903, inclusive.

Date, first issue, Deo. 1, 1902; second, May 1, 1903. Inter­
est, annual. Check or cash for $300 required with bids,
Wichita, Texas.—Rond Rale.—The State Board of Educa­
tion on May 1 purchased at par an issue cf $31,000 4% bonds
of this city.
Wood county (P. 0. Bowling Green), Ohio.—B id s.— Fol­
lowing are the bids received April 27 for the $100,000 5%
highway bonds described in V. 78, p. 827:
W eil, Roth & Co , C in c ln ....$100,147 00 I Denison, Prior 4 Co., Cleve­
Security Trust Co.. T oledo.. 10 0 ,1 2 4 00 I land and B oston ..................$100,083 85
New 1st Nat. Bk..Columbus. ICO.lOl 76 I Robinson-H um phrey Co.,
State Savings Bank, T oledo. 1C0.100 75 | Atlanta................................. 100,008 O
O

As stated last week, Weil, Roth & Co. were the successful
bidders.
York, Pa .— B on d O ffering.— Proposals will be received
until 12 ai., May 27, by Ralph S, Cannon, Chairman of the
Finance and Ways and Means Committee of the City
Councils, for $20,000
fire-department bonds. Denomi­
nation, $1,000. Date, May 1, 1903. Interest, semi-annual.
Maturity, thirty years, subject to call after 20 years. Se­
curities will be certified to as to genuineness by the Security
Title & Trust Co. of York, and their legality has been ap­
proved by Townsend, Elliott & Townsend of Philadelphia.
Proposals must be made on blanks furnished by the city,
and must be accompanied by a certified check for 5g of the
par value of bonds bid for, payable to Ralph S. Cannon,
Chairman of the committee named above. Bonds are ex­
empt from all taxation. Accrued interest to be paid by pnrnnflsflr,
Sork (Pa.) School District.—B on d s A u th o riz ed .— The
School Bjard has decided to issne $50,000 building bonds.
Youngstown, Ohio.—B on d ^ate.— On May 4 the $4,700 5%
sewer bonds described in V. 76, p. 827, were awarded to the
Mahoning National Bank of Youngstown at 103'19. Fol­
lowing are the bids :
Mahoning Nat. B ’k,Youngstown.$4 850 1Firemen’s Pen. F ’d, V,gst’wn..$4,847

WATER

$ 1 0 1 ,8 0 0

BONDS.

STATE, CITY

&

RAILROAD BONDS.

H

GEN. REFUNDING BONDS.

Sealed proposals will be received by the under­
signed. Treasurer o f the Territory o f New M exico
at Santa Fe. New M exico, until M AY 30TH, 1903, A T
10 O’CLOCK A . M.. for the entire issne o f the above
described bonds, delivery to be made at New York,
Chicago, St. Louis or Denver. No bids for less than
par will be entertained; the right being reserved to
reject any or all bids.
Issue is made under Council Bill 23 o f the 35th
Legislative Assem oly o f the Territory o f New M ex­
ico in the manner prescribed by Chapter 58. Sections
l to 12, Laws o f 1899. fo r purpose o f retiring one
hundred and one thousand, eight hundred ($101,800)
dollars o f Casual Deficit tonas.
Bonds to be dated June 1st. 1903, and becom ing
absolutely due and payable thirty years after fa te
and optional in twenty veurs a lter date o f issue;
payable In New Y oik, bearing interest at the rate o f
four per cent per annum, interest payable semi­
annually in New York.
J. H. VA U G H N ,
Treasurer o f New M exico.

^ 2 3 ,0 0 0 .

M U N IC IP A L

CITY OF OPELIKA, ALA.,
S C H O O L BONDS.
Sealed bids will be received by th e Mayor o
Opelika, until 12 O’ CLOCK M „ M A Y 11th, 1903, for
$22,L0u o f 30-year 5 p e rce n t School Building cou­
pon bonds o f the City o f Opelika. Ala. The bonds
are exem pt tr< m State, County and Municipal tsxa
tion, and payable in gold . All bids to be uncondi­
tional and accompanied by certified check fo r $200,
payable to S. S. Black, City Treasurer. D enom ina­
tion o f the bonds and place o l payment o f interest
will be fixed to suit th e purchaser
Right to reject
all bios is reserved.
J. G. P A L M E R . Mayor.

$50,000 FIRST MTG. 5* GOLD BONDS
OF T H E

AND

Public Service Corporation
BONDS.
E. H. R O L L IN S & SONS,
B O ST O N .
Denver.

San F ran cisco.

T . B. P O T T E R ,
M U N I C I P A L and

S t e r l i n g (III.) Gas &
C O R PO RA TIO N
E le c tr ic L i g h t Company.
172 Washington
Net earnings three times the interest charge*.
Send for circular.

LA

SALLE

STREET,

IN VESTMENT 13UJNDS.
8EN D

FOR

LIS T.

D E N IS O N , P R IO R & CO,
CLEVELANO .

•

C H IC A G O ,
L IS T

ON

•

c n K in Q

Street,
-

IL.L.S.

A P P L IC A T IO N .

C H IC A G O .

BANKERS

3 6 N A SSA U S T R E E T , N E W Y O R K ..

N E W LOANS.

Sealed proposals will be received by the under­
signed until 12 0 CLOCK NOON. M A Y 18TH, 1903,
for the purchase ol $8'\o00 3^% coupon bonds o f the
City o f Norwalk issued for W ater W orks purposes,
being part o f an authorized Issue o f $100,000.
Bids will be opened May 19th. 1903, at 8 o ’clock
P. M.
Bonds to be o f the denomination o f $1,000 each,
to be dated June 1st. 1903, and to mature 25 years
afterd a te, with the option o f redem ption 20 years
after cate.
Inrerest payable semi-annually on
December 1st and June 1st. Both principal and
Interest payable at the Fairfield County National
Bank, Norwalk, Conn.
A certified check for one per cent o f bonds bid
for, payable to the order o f Charles L. Glover,
Mayor, m ustaccc m panj eacn bid.
The bonds will be engraved under the supervision
o f. and certified as to their genuineness by, the
United States M ortgage & Trust Company.
The right is reserved to reject any and all bids.
C H A RLES L. G LOVER, Mayor.
Norwalk, Ct., A ptil 28d. liOit.

184

16 Congress Street, Boston.

I J. R. D avis’ Sons, YouLgst’n .. *4,810 O
O

LOANS.

C H A S . S. KIDDER & CO.,

B lodget, M erritt & C o.,

11

------* And accrued Interest.

CITY OF NORWALK, CT., Territory of New Mexico,

BONDS.

Sealed bids will be received by the undersigned,
Treasurer o f the Village o f Hast Syracuse, New
Fork, for the purchase o f Fifty-live Thousaud Dol­
lar ($55,000) Sewer Bonds o f the Village, the same
being tw en ty-tw o (22) in number o f Tw enty-live
Hundred Dollars ($2,500) each, until JUNE 16,1803,
A T FOUR O'CLOCK P. M.
Said bonds will bear interest at five p e r ce n t per
annum from the date th ereof, until the principal
sum sh 1 be paid, and they shall be dated July 1st,
1
1903, and numbered consecutively from one ll) to
twenty two 122 ).
i be first o f the series will be
payable five years from date, and the remainder,
one each year thereafter, according to consecutive
number, until the whole number be paid, principal
and interest payable at the Trust & D eposit Com­
pany Bank o f Syracuse. N. Y.
The Village reserves the right to redeem any o f
said bonds at the expiration o f fifteen years from
date of same, i rany time thereafter before maturity,
on payment <f principal and interest due tn said
bona to that time. Such proposal for the purchase
o f said bonds may be for one. or any part o f said
series. The bonds will be engraved under the super­
vision of, and their genuineness certified bv, tbe
United States M ortgage & Trust Company. ’ Each
proposal fo r the purchase o f tb e bonds must be
accompanied by a certified check on a National
Bank, payable to the order o f Martin Canton.
Trea urer o f the Village o i East Syracuse, fc r five
per cent o f the par value o f amount bid for.
Delivery o f tb e bonds will b - made on July 1st,
1903, at the office o f the tn ite d s-ta'es Mortgage J;
Trust Company. No. 55 Cedar Street, New York.
For printed form s o f proposal and circulars, ad­
dress the undersigned, or said Trust Company.
Dated May 1.1903.
M A R TIN CANTON, Village Treasurer.
East Syracuse, New York.

LXXVI.

Bond O ffering.— Proposals will be received until 12 m., June 3, by J. W. McQueeD, City Clerk, for the following
bonds:

^ 8 0 ,0 0 0

^ 5 5 ,0 0 0

Village of East Syracuse,N.Y.

[V o l .

BO S TO N .

MacDonald, McCoy & Co.,
HUH IClPAL AMD

C0RP0RAT

SOS

B ON DS.
X7X L a Salle Street, Chicago.